Bochumer Philosophisches Jahrbuch Fur Antike Und Mittelalter, 2001



%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP



(9$0$5,$ (1*(/(1  

=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ RGHU :DUXPLVW'LRWLPDHLQH)UDX"

    'LHHLQVFKO½JLJH3DVVDJH]XP/LHEHVEHJULEHL3ODWRQLVWGHU%HULFKWGHV6R NUDWHVLP6\PSRVLRQ'LHX¸HUXQJHQLP'LDORJYHUUDWHQQLFKWQXUZDV3OD WRQ DOV GLH HLJHQWOLFKHQ %HVWDQGWHLOH GHU :LUNOLFKNHLW DQVLHKW 6LH HQWKDOWHQ DXFKHLQHQLFKWVLQQOLFKH$XDVVXQJYRQ/LHEHXQGHLQHPHWDSK\VLVFKH9LVL RQGHV9HUK½OWQLVVHVYRQ/LHEHXQG(UNHQQWQLVXPGLHVHQLFKWVLQQOLFKH$XI IDVVXQJYRQ/LHEHDQGHUHQ%LOGXQJGLHVLQQOLFKH/LHEHGXUFKDXVWHLOKDW]X IRUPXOLHUHQ(VGDUIDOVRQLFKWYHUNDQQWZHUGHQGD¸3ODWRQVHLQH$XIIDVVXQJ YRQ/LHEHYRUGHP+LQWHUJUXQGGHUVLQQOLFKHQ/LHEHHQWZLFNHOW,QGHQIRO JHQGHQ 8QWHUVXFKXQJHQ VROO GDKHU JH]HLJW ZHUGHQ LQZLHIHUQ GDV ZDV GHU 'LDORJ ]XU VLQQOLFKHQ /LHEH DXVVDJW IÕU GLH $XVIÕKUXQJHQ ]XU QLFKWVLQQ OLFKHQ /LHEH YRQ %HGHXWXQJ LVW :HQQ GDV 9HUK½OWQLV YRQ VLQQOLFKHU XQG QLFKWVLQQOLFKHU /LHEH YRQ (URWLN XQG LKUHU HSLVWHPLVFKHQ 'LPHQVLRQ JH NO½UW LVW ZLUG HLQH $QWZRUW DXI GLH )UDJH PÏJOLFK VHLQ ZDUXP 3ODWRQ GLH 5ROOHGLH'LRWLPDLP'LDORJLQQHKDWPLWHLQHU)UDXEHVHW]WKDWrHLQH%H VHW]XQJ GLH XP VR HUVWDXQOLFKHU LVW DOV ]X %HJLQQ GHU *HVSU½FKH ÕEHU GLH /LHEHDOOH)UDXHQGHV6DDOHVYHUZLHVHQZXUGHQ(VZLUGLPIROJHQGHQ]X]HL JHQVHLQGD¸HVJXWH*UÕQGHGDIÕUJLEWZDUXP'LRWLPDHLQH)UDXLVWXQG GD¸HVYRQ%HGHXWXQJIÕU3ODWRQV%HJULGHU/LHEHLVW  3ODWRQEHULFKWHWLP6\PSRVLRQZDVGLH6HKHULQ'LRWLPD6RNUDWHVÕEHUGHQ %HJULGHU/LHEHJHOHKUWKDW,QGHP3ODWRQGHQNWLYHQ%HULFKWGHU'LRWLPD HLQIÕKUWJLEWHUHLQH$QWZRUWDXIGLH)UDJHLQZLHIHUQGLH/LHEHGHQ:HJ]XU :DKUKHLW XQG GDPLW ]XU (UNHQQWQLV HUPÏJOLFKW :DV PDQ ÕEHU GLH /HKUHQ GHU'LRWLPDHUI½KUWJLEWGHP*HVSU½FKVYHUODXIGHUELVGDKLQJHIÕKUWHQ'LD 



 :HJZHLVHQG IÕU PHLQH µEHUOHJXQJHQ LVW ' 0 +DOSHULQ ”:K\ LV 'LRWLPD D :R  PDQ"…LQGLHV2QH+XQGUHG&&6/@ S VR”$OWKRXJKLWLVQHFHVVDU\WKDWKHPRYHVIRUZDUGDWWKHWLPHZKHQKH ZDONV…,QVHLQHP.RPPHQWDULELG6 LQWHUSUHWLHUWHUGLH1RWZHQGLJNHLWGDKLQ JHKHQGGDVVGDV3U½GLNDWwPRYLQJIRUZDUGkORJLVFKLP3U½GLNDWwZDONLQJkHQWKDOWHQVHL ”1HFHVVDULO\ZDONLQJLQYROYHVPRYLQJIRUZDUGe…'RFKVFKHLQHQPLUIÕUGLH:DKOGHU :RUWIROJHwJUDGLWXULQFHGHUHkHKHUVWLOLVWLVFKH*UÕQGHPDVVJHEHQGJHZHVHQ]XVHLQ'DV 6FKUHLWHQ HLQHV 0HQVFKHQ LVW QRWZHQGLJ GDQQ ZHQQ HU VFKUHLWHW YJO %RHWKLXV 3KLOR VRSKLDHFRQVRODWLROLE9FDS&&6/ S”eVRORULHQVHWJUDGLHQV KRPRTXDHGXP XQWQRQHULQRQSRVVXQWHRUXPWDPHQXQXP>VFLOGDV$XIJHKHQ GHU6RQQH@SULXVTXRTXHTXDP HUHWQHFHVVHHUDWH[VLVWHUHDOWHUXP>VFLOGDV6FKUHLWHQ HLQHV0HQVFKHQ@XHURPLQLPH…   'LHVJHKW]%DXV%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S   KHUYRU ”1HF PLUXP LQTXLW >VFLO GLH *ÏWWLQ 3KLORVRSKLD@ VL TXLG RUGLQLV LJQRUDWD UDWLRQH WHPHUDULXP FRQIXVXPTXH FUHGDWXU VHG WX TXDPXLV FDXVDP WDQWDH





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

%RHWKLXV DUJXPHQWLHUW GDIÕU PLW GHP %HJUL GHU ”UDWLRQDOHQ 1DWXU… (LQHP UDWLRQDOHQ:HVHQ GLHOLEHUWDV DUELWULL DEVSUHFKHQ KLHVVH VHLQH5DWLRQDOLW½W DXI KHEHQ 'LH $XIJDEH GHV 3KLORVRSKHQ EHVWHKW DOVR GDULQ KHUDXV]XQGHQ LQ ZHOFKHP 6LQQH NRQWLQJHQWH (UHLJQLVVH ]XJOHLFK QRWZHQGLJ VLQG $XI GHU *UXQGODJHGHU$UJXPHQWDWLRQVVFKULWWH,9,,NÏQQWHPDQ%RHWKLXVn$QWZRUW YLHOOHLFKWVRHUO½XWHUQ8P]XYHUVWHKHQGDVVNRQWLQJHQWH(UHLJQLVVHQRWZHQ GLJVLQGZHQQPDQVLHDXIGHQLQWXLWXVGLYLQXVEH]LHKWPXVVPDQVLFK]XHUVW GDUÕEHU LP NODUHQ VHLQ GDVV NRQWLQJHQWH (UHLJQLVVH LQ HLQHP XQSUREOHPDWL VFKHQ6LQQYRQwQRWZHQGLJkQRWZHQGLJVLQGQ½POLFKGDQQZHQQYRQDOWHUQD WLYHQ0ÏJOLFKNHLWHQGLHHLQHUHDOLVLHUWXQGGDGXUFKGLHDQGHUHDXVJHVFKORVVHQ ZLUG 6FKULWW 9  %RHWKLXV YHUZHQGHW GLHVHQ *HGDQNHQ GHU 1RWZHQGLJNHLW XP GHP $UJXPHQWHQWJHJHQ]XWUHWHQ GDVV ZHQQ *RWW EH]ÕJOLFK HLQHV NRQ WLQJHQWHQ(UHLJQLVVHVZHLVVZHOFKHUPÏJOLFKH9HUODXIHLQHV*HVFKHKHQVUHDOL VLHUW ZHUGHQ ZLUG VLFK GLHVHV *HVFKHKHQ ”DXV 1RWZHQGLJNHLW… YROO]LHKHQ ZLUG GLHVH 1RWZHQGLJNHLW QHQQW HU ”HLQIDFK… XP VLH YRQ GHU ”EHGLQJWHQ… 1RWZHQGLJNHLW]XXQWHUVFKHLGHQGLHHUDOOHLQGHU6DFKHIÕUDQJHPHVVHQK½OW 'LHV HUVFKHLQW DEHU DOV SUREOHPDWLVFK GD GLH DOOJHPHLQH )RUPXOLHUXQJ GHU ,PSOLNDWLRQ]HLJWGDVVHVVLFKEHLGHUIUDJOLFKHQ1RWZHQGLJNHLWXPHLQHQHFHV VLWDVFRQVHTXHQWLVKDQGHOW:HQQ$ZHLVVGDVVSGHU)DOOLVWGDQQLVWSQRWZHQ GLJHUZHLVHGHU)DOO'HU3XQNWXPGHQHV%RHWKLXVJHKWWULWWEHLJHQDXHUHU %HWUDFKWXQJGHV%HLVSLHOVDW]HV”:HQQ$ZHLVVGDVV%VSD]LHUWGDQQVSD]LHUW % QRWZHQGLJHUZHLVH…  GHXWOLFKHU KHUYRU :HQQ Q½POLFK GDV DQWHFHGHQV QLFKW ODXWHQZÕUGH”$ZHLVVGDVV%VSD]LHUW…VRQGHUQ”$VLHKWGDVV%VSD]LHUW… GDQQ]HLJWHVLFKGDVVHLQHGHU%HGLQJXQJHQIÕU$V:LVVHQGLHLVWGDVV%LQ GHU *HJHQZDUW YRQ $ VSD]LHUW +LHU OLHJW YHUPXWOLFK IÕU %RHWKLXV GHU HQW VFKHLGHQGH 3XQNW GHQQ IÕU *RWWHV :LVVHQ VLQG DOOH 'LQJH JHJHQZ½UWLJ  GLVSRVLWLRQLVLJQRUHVWDPHQTXRQLDPERQXVPXQGXPUHFWRUWHPSHUDWUHFWHHULFXQF WDQHGXELWHV…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eQH TXHHQLPIXHULWXOODUDWLRQDOLVQDWXUDTXLQHLGHPOLEHUWDVDGVLWDUELWULLe…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eH[ QHFHVVLWDWHFRQWLQJHUHe…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”3OXUD HWHQLP GXP XQW VXELHFWD RFXOLV LQWXHPXU XW HD TXDH LQ TXDGULJLV PRGHUDQGLV DWTXH HFWHQGLVIDFHUHVSHFWDQWXUDXULJDHe 1XPLJLWXUTXLFTXDPLOORUXPLWD HULQHFHVVLWDV XOODFRPSHOOLW"…%RHWKLXVEHQXW]WGDV%HLVSLHOGHV=XVFKDXHUVEHLHLQHP:DJHQUHQQHQ DOV$UJXPHQWIÕUGLH9HUHLQEDUNHLWYRQ”9RUKHUZLVVHQ…SUDHVFLHQWLD PLWGHU.RQWLQJHQ] ]XNÕQ LJHU (UHLJQLVVH ”1DP VLFXW VFLHQWLD SUDHVHQWLXP UHUXP QLKLO KLV TXDH XQW LWD SUDHVFLHQWLDIXWXURUXPQLKLOKLVTXDHXHQWXUDVXQWQHFHVVLWDWLVLPSRUWDW…%RHWKLXV3KL ORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S =XP%HJULGHUSUDHVFLHQ WLDVLHKHDXFK$QP   'DULQOLHJWQDFK+XEHU'LH9HUHLQEDUNHLW6GLH”2ULJLQDOLW½WXQG]XJOHLFKGLH3UR





$QGUHDV%½FKOL

$EHUDXFKVRZ½UHGLH)ROJHUXQJ”:HQQ$VLHKWGDVV%VSD]LHUWGDQQVSD]LHUW %QRWZHQGLJHUZHLVH…GHP(LQZDQGDXVJHVHW]WGDVV$V6HKHQXQG%V6SD]LH UHQYRQHLQDQGHUYHUVFKLHGHQVLQGGDVVDOVRDXV$V6HKHQQLFKWGLH1RWZHQ GLJNHLW YRQ %V 6SD]LHUHQ IROJW 'LHVHP 3XQNW VFKHLQW %RHWKLXVn $UJXPHQW QLFKW 5HFKQXQJ ]X WUDJHQ ZHQQ HU VDJW GDVV ”LQ GHUVHOEHQ :HLVH… LQ GHU DXV $V :LVVHQ GLH 1RWZHQGLJNHLW YRQ %V 6SD]LHUHQ IROJH DXFK IROJH GDVV ZHQQ GLH 3URYLGHQ] HWZDV DOV JHJHQZ½UWLJ VHKH GLHVHV QRWZHQGLJ VHL 'HQQ ZLHNDQQ$V:LVVHQYRQ%V6SD]LHUHQPLWGHPGLYLQXVLQWXLWXVEH]ÕJOLFKGHV VHOEHQ*HVFKHKHQVYHUJOLFKHQZHUGHQGD*RWWDOOHV*HVFKHKHQDOVJHJHQZ½U WLJ VLHKW" :HQQ DEHU *RWW DOOHV *HVFKHKHQ DOV JHJHQZ½UWLJ VLHKW GDQQ NDQQ QLFKWVLP8QLYHUVXPJHVFKHKHQRKQHGDVV*RWWHVZHLVVGK*RWWHV:LVVHQ XPIDVVWDOOHVZDVMHLQGHU9HUJDQJHQKHLWJHVFKDKLQGHU*HJHQZDUWJHVFKLHKW XQGLQGHU=XNXQ JHVFKHKHQZLUG'LH6FKZLHULJNHLWKLHUEHWUL$%RHWKL XVn$XIIDVVXQJGHUQHFHVVLWDVFRQGLFLRQLV(UYHUZHQGHWGLHVHQ%HJULPLW%H]XJ DXIGDV:LVVHQNRQWLQJHQWHU(UHLJQLVVHDQVFKHLQHQGRKQH5Õ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n %HLVSLHO IÕU GLH EHGLQJWH 1RWZHQGLJNHLW VL DOLTXHP DPEXODUH VFLDV HXP DPEXODUH QHFHVVH HVW  VFKHLQW GHQ 6FKOXVV DXI GLH JÏWWOLFKH w,QWXLWLRQk QLFKW ]X]XODVVHQ 'LH )UDJH LVW GDQQ RE %RHWKLXVWDWV½FKOLFKGLHVHQ6FKOXVV]LHKW  EOHPDWLNGHU/ÏVXQJGHV%RHWKLXV…  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eHRGHP LJLWXUPRGRe…   9JO %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”e VFLHQWLDTXRTXHHLXV>GK*RWWHV@RPQHPWHPSRULVVXSHUJUHVVDPRWLRQHPLQVXDHPD QHWVLPSOLFLWDWHSUDHVHQWLDHLQQLWDTXHSUDHWHULWLDFIXWXULVSDWLDFRPSOHFWHQVRPQLDTXD VLLDPJHUXQWXULQVXDVLPSOLFLFRJQLWLRQHFRQVLGHUDW…s+XEHU'LH9HUHLQEDUNHLW6 VFKUHLEW PLW %H]XJ DXI %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”$WTXL VL HVW GLXLQL KXPDQLTXH SUDHVHQWLV GLJQD FROODWLR XWL XRV XHVWUR KRF WHPSRUDULR SUDHVHQWL TXDHGDP XLGHWLV LWD LOOH RPQL VXR FHUQLW DHWHUQR…  ”:HQQ PDQ ÕEHUKDXSW JÏWWOLFKH XQG PHQVFKOLFKH *HJHQZDUW YHUJOHLFKHQ GDUI GDQQ HUNHQQW *RWW GLH JDQ]H :LUNOLFKNHLW RPQLD  LQ VHLQHU HZLJHQ *HJHQZDUW JHQDX VR ZLH GLH 0HQVFKHQ HLQHQ 7HLO GHU :LUNOLFKNHLW TXDHGDP  LQ ]HLWOLFKHU *HJHQZDUW HUNHQQHQ… +XEHUVLHKWGLH”3UREOHPDWLN…YRQ%RHWKLXVn/ÏVXQJVLHKH$QP GDULQGDVVHUGLH HZLJH XQG GLH ]HLWOLFKH *HJHQZDUW ]XHLQDQGHU LQ %H]LHKXQJ EULQJW 1DFK PHLQHU $XDVVXQJYHUVXFKW%RHWKLXVJHUDGHGLHVHU3UREOHPDWLNJHUHFKW]XZHUGHQ 





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

 %RHWKLXVPHLQWRHQEDUGDVVMHPDQGHPGHUEHKDXSWHW3URYLGHQ]VHLPLW GHU .RQWLQJHQ] GHV *HVFKHKHQV XQYHUHLQEDU GLH (LQVLFKW LQ GLH 6LQJXODULW½W GHVJÏWWOLFKHQ:LVVHQVIHKOW'HU*HJQHUDUJXPHQWLHUW:HQQ*RWWZHLVVGDVV HWZDVJHVFKHKHQZLUGGDQQLVWHVXQPÏJOLFKGDVVHVQLFKWJHVFKLHKWGKHV JHVFKLHKW QRWZHQGLJ %RHWKLXV O½VVW VLFK ”DQ GLHVHQ 1DPHQ GHU 1RWZHQGLJ NHLW ELQGHQ… r HLQH )RUPXOLHUXQJ GLH QDKHOHJW GDVV HU DG KRPLQHP DUJX PHQWLHUW XQG GHP 2SSRQHQWHQ NRQ]HGLHUW GDVV NRQWLQJHQWH (UHLJQLVVH LQ JHZLVVHP6LQQHQRWZHQGLJVLQG)ÕU%RHWKLXVVLQGVLHQRWZHQGLJSHUFRQGLFLR QHPGLYLQDHQRWLRQLVQLFKWMHGRFKLQ$QEHWUDFKWLKUHU”1DWXU…6LHVLQGVRPLW QXUQRWZHQGLJPLW%H]XJDXIGHQLQWXLWXVGLYLQXVRGHUDQGHUVJHVDJW'DVDQWH FHGHQVGHV%HLVSLHOVDW]HV”:HQQ$ZHLVVGDVV%VSD]LHUW…KDWQLFKWGLHVHOEH%H GHXWXQJZLH”ZHQQ*RWWZHLVVGDVV%VSD]LHUW…w*RWWkNDQQQLFKWIÕUw$kVWH KHQGDHVQRWZHQGLJLVWGDVV*RWWZHLVVGDVV%VSD]LHUWQLFKWDEHUGDVVHLQH EHOLHELJH 3HUVRQ $ GLHV ZHLVV 'RFK GDVV w*RWWk IÕU w$k HLQJHVHW]W ZHUGHQ NDQQ OHJW %RHWKLXVn HLJHQH )RUPXOLHUXQJ QDKH (U VFKHLQW VLFK DOOHUGLQJV GHV3UREOHPVEHZXVVW]XVHLQJODXEWMHGRFKQLFKWGDVVHVGHUVROLGLVVLPDYHULWDV EH]ÕJOLFK GHU 1RWZHQGLJNHLW GHV .RQWLQJHQWHQ $EEUXFK WXW 9ROONRPPHQ NODUXQGNRQVHQVI½KLJZ½UHGLH6DFKHQXUIÕUGLHVSHFXODWRUHVGHV*ÏWWOLFKHQ DXIHLQHU6WXIHGHV(UNHQQHQVGLHGHU$GUHVVDWGHV$UJXPHQWVGHU3KLORVRSKLD QRFKQLFKWHUUHLFKWKDW  'HU*HGDQNHGHU1RWZHQGLJNHLWGHV.RQWLQJHQWHQNRPPWZHQLJHUWHFK QLVFK GDULQ ]XP $XVGUXFN GDVV DOOHV LQVRIHUQ HV GHP 5HJLPHQW GHU 3URYL GHQ]XQWHUVWHKWDQHLQH2UGQXQJJHEXQGHQLVW”2UGRHQLPTXLGDPFXQFWD FRPSOHFWLWXU XW TXRG DGVLJQDWD RUGLQLV UDWLRQHGHFHVVHULW KRF OLFHW LQ DOLXP WDPHQ RUGLQHP UHODEDWXU QH TXLG LQ UHJQR SURXLGHQWLDH OLFHDW WHPHULWDWL… 'LHVZLUGPLW%H]XJDXIGHQ%HUHLFKGHV,QVWDELOHQYRQ%RHWKLXVVREHJUÕQ GHWGDVVDOOHVGHUQHFHVVLWDVIDWLXQWHUVWHKW0HLQ6SD]LHUHQJHKHQZ½UH]%HLQ *HVFKHKHQ GDV GHU 1RWZHQGLJNHLW GHV )DWXPV XQWHUVWHKW LQVRIHUQ HV GLHVH RGHU MHQH 8UVDFKHQ KDW $EHU %RHWKLXV PHLQW DXFK GDVV PHLQH (QWVFKHL GXQJVSD]LHUHQ]XJHKHQIUHLLVWYRQGHUQHFHVVLWDVIDWL'DVVPHLQH(QWVFKHL GXQJ wIUHLk LVW VFKHLQW ]X EHLQKDOWHQ GDVV LFK PLFK DXFK K½WWH HQWVFKHLGHQ  

 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”ePHTXH DGKRFQRPHQQHFHVVLWDWLVDGVWULQJDVe…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eFXPXHUR LQVXDQDWXUDSHUSHQGLWXU…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”(R GHPLJLWXUPRGRe…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S   'DV KHLVVW VHLQH SURSULDH FDXVDH YJO %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   >&&6/@S VLHKHDXFK$QP





$QGUHDV%½FKOL

NÏQQHQ QLFKW VSD]LHUHQ ]X JHKHQ +½WWH PHLQ 6SD]LHUJDQJ DOVR DXFK QLFKW VWDWWQGHQNÏQQHQ",QZLHIHUQXQWHUVWÕQGHLQGLHVHP)DOOPHLQ6SD]LHUHQGHU QHFHVVLWDV IDWL" 2EZRKO GLHV %RHWKLXVn PHLQHV :LVVHQV QLUJHQGV DXVGUÕFNOLFK VDJWLVWHVZRKOVRGDVVGLH(QWVFKHLGXQJVSD]LHUHQ]XJHKHQXQWHUGLH8UVD FKHQ ]X UHFKQHQ LVW GLH GDV *HVFKHKHQ LP 6LQQH GHVIDWXP QRWZHQGLJ PD FKHQ ,P +LQEOLFN DXI %RHWKLXVn .RQ]HSWLRQ GHV IDWXP DOV FRQH[LR FDXVDUXP E]ZDOVVHULHVGLHHUDOVPRELOLVEH]HLFKQHWNÏQQWHPDQDUJXPHQWLHUHQGDVV PHLQ 6SD]LHUJDQJ VRZHLW HU YRQ PHLQHU (QWVFKHLGXQJ DEK½QJW HEHQVRJXW DXFKQLFKWK½WWHVWDWWQGHQNÏQQHQ'HU*HGDQNHGHU”0RELOLW½W…GHV)DWXPV VFKHLQW GHU 9DULDELOLW½W GHV *HVFKHKHQV LP %HUHLFK GHV ,QVWDELOHQ 5HFKQXQJ ]XWUDJHQXQGHLQZLFKWLJHU*HVLFKWVSXQNWXQWHUGHPGDV*HVFKHKHQDOVYD ULDEHO EHWUDFKWHW ZLUG VFKHLQW HEHQ GLH 5HDOLW½W GHVOLEHUXP DUELWULXP ]X VHLQ *HP½VVGHUREHQHUÏUWHUWHQ3DVVDJHLVWGDV)DWXPGHUPRGXVGXUFKGHQGLH 3URYLGHQ] GDV *HVFKHKHQ LP %HUHLFK GHV ,QVWDELOHQ IHVWOHJW 'LHVHU PRGXV ZXUGHREHQLQWHUSUHWLHUWDOVNRPSOH[HNDXVDOH$EK½QJLJNHLWGHV*HVFKHKHQV 'HPZ½UHKLQ]X]XIÕJHQGDVVGLH5HDOLW½WGHVOLEHUXPDUELWULXPDOVHLQ$VSHNW GLHVHU .RPSOH[LW½W DQJHVHKHQ ZHUGHQ NDQQ 'HQVHOEHQ 0RGXV EH]HLFKQHW %RHWKLXVDOV3URYLGHQ]LQVRIHUQHUDXIGLH6WDELOLW½WGHVJÏWWOLFKHQ*HLVWHVEH ]RJHQZLUG0DQNÏQQWHGLHVH8QWHUVFKHLGXQJDPJHZ½KOWHQ%HLVSLHOHWZDVR H[SOL]LHUHQ ,  :DV PHLQH (QWVFKHLGXQJ EH]ÕJOLFK GHV 6SD]LHUJDQJV DQJHKW VR K½WWH LFK PLFK DXFK DQGHUV HQWVFKHLGHQ NÏQQHQ ,,  0HLQ 6SD]LHUJDQJ PXVVWHVWDWWQGHQXQG]ZDUQLFKWGHVKDOEZHLOHVVLFKGDEHLLQ:DKUKHLWQLFKW XPHLQNRQWLQJHQWHV(UHLJQLVKDQGHOWHVRQGHUQZHLOHLQHNRPSOH[H9HUELQ GXQJYRQ8UVDFKHQXQWHUGHQHQDXFKPHLQH(QWVFKHLGXQJJXULHUWGDV(LQ WUHWHQ GLHVHV (UHLJQLVVHV QRWZHQGLJPDFKWH ,,,  0HLQ 6SD]LHUHQLVW QLFKW LQ GHPVHOEHQ 6LQQH QRWZHQGLJ ZHQQ HV DXI GLH 3URYLGHQ] EH]RJHQ ZLUG ZLH ZHQQ HV DXI GLH VHULHV IDWL GK DXI GLH 9HUNQÕSIXQJ YRQ 8UVDFKHQ EH]RJHQ ZLUG GLH ]X GHP *HVFKHKHQ JHIÕKUW KDEHQ GHQQ DQGHUQIDOOV ZÕUGH HV LQ GHPVHOEHQ6LQQHYRQGHU3URYLGHQ]YHUXUVDFKWZLHYRQGHUNRPSOH[HQ5HLKH YRQ8UVDFKHQGHP)DWXP:ROOWHPDQMHGRFKGDV(UHLJQLVDOVYRPGLYLQXVLQ WXLWXVYHUXUVDFKWDQVHKHQGDQQPÕVVWHPDQEHLGHVYRQHLQDQGHUXQWHUVFKHLGHQ NÏQQHQ'LHVVFKHLQWDEHUQXUPLW%H]XJDXIGLH8QWHUVFKHLGXQJYRQ(ZLJ 



 )ÕU GLHVH $XDVVXQJ NÏQQWH PDQ VLFK DOOHQIDOOV DXI %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE9FDS&&6/ EHUXIHQVLHKH$QP    9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S ZRGLHIDWLVHULHVPRELOLVGHUVWDELOLVVLPSOLFLWDVSURYLGHQWLDHJHJHQÕEHUJHVWHOOWZLUG”(DVHULHV FDHOXP DF VLGHUD PRXHW HOHPHQWD LQ VH LQXLFHP WHPSHUDW HW DOWHUQD FRPPXWDWLRQH WUDQVIRUPDWHDGHPQDVFHQWLDRFFLGHQWLDTXHRPQLDSHUVLPLOHVIHWXXPVHPLQXPTXHUH QRXDWSURJUHVVXV+DHFDFWXVHWLDPIRUWXQDVTXHKRPLQXPLQGLVVROXELOLFDXVDUXPFRQH [LRQHFRQVWULQJLWe…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

NHLWXQG=HLWPÏJOLFK,QVRIHUQGLH.DXVDOLW½WGHV)DWXPV]HLWEH]RJHQLVWXQG PHLQ6SD]LHUHQGXUFKGDV)DWXPEHVWLPPWLVWNDQQHVDOVRNHLQHNDXVDOH%H ]LHKXQJ]ZLVFKHQGHU3URYLGHQ]XQGPHLQHP6SD]LHUHQJHEHQ*RWWKDWPHLQ 6SD]LHUHQ wYRUk GHP (UHLJQLV E]Z wYRUk PHLQHP (QWVFKOXVV QLFKW JHVHKHQ :½UH3URYLGHQ]HLQw9RUKHUVHKHQkLQGLHVHP6LQQHGDQQZ½UHGDV(UHLJQLV LQGHP6LQQHXQDXVZHLFKOLFKJHZHVHQGDVVPHLQH(QWVFKHLGXQJQLFKW]XVHL QHQ8UVDFKHQJHUHFKQHWZHUGHQNÏQQWHZDVGLH.DXVDOLW½WGHV)DWXPVVXVSHQ GLHUHQ ZÕUGH 'HQQ ZHQQ GLH 3URYLGHQ] ]HLWOLFKHV *HVFKHKHQ YHUXUVDFKWH ZDV NÏQQWH GDQQ ÕEHUKDXSW DOV ]HLWOLFKH 8UVDFKH DQJHVHKHQ ZHUGHQ" 9LHO  

 6LHKH %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”,WDTXHVLSUDHXLGHQWLDPSHQVDUHXHOLVTXDFXQFWDGLQRVFLWQRQHVVHSUDHVFLHQWLDPTXDVL IXWXUL VHG VFLHQWLDP QXPTXDP GHFLHQWLV LQVWDQWLDH UHFWLXV DHVWLPDELV 8QGH QRQ SUD HXLGHQWLDVHGSURXLGHQWLDSRWLXVGLFLWXUTXRGSRUURDUHEXVLQPLVFRQVWLWXWDTXDVLDE H[FHOVRUHUXPFDFXPLQHFXQFWDSURVSLFLDW…%RHWKLXVHUO½XWHUWSURYLGHUHKLHULP.RQWUDVW ]XSUDHYLGHUHYRUKHUVHKHQ GXUFKSURVSLFHUHGKPLW%H]XJDXIGHQTXDVL]HLWORVHQw%OLFN YRQ REHQk 7KRPDV GH $TXLQR 6XPPD 7KHRORJLDH , HG 3&DUDPHOOR (G 0DULHWWL 5RP TXDHVWDUWDGSEKDWVS½WHUIÕUGLH]HLWORVH6LFKW*RWWHVIRO JHQGHQ9HUJOHLFKEHQXW]W”6LFXWLOOHTXLYDGLWSHUYLDPQRQYLGHWLOORVTXLSRVWHXPYH QLXQW VHG LOOH TXL DE DOLTXD DOWLWXGLQH WRWDP YLDP LQWXHWXU VLPXO YLGHW RPQHV WUDQV HXQWHVSHUYLDP…s6KDUSOHV&LFHURRQ)DWH6HUKHEWJHJHQGLHVHQ9HUJOHLFKIRO JHQGHQ(LQZDQG”eHYHQDZDWFKHULQDKLJKSODFHFDQQRWVHHZKLFKZD\VRPHRQHLV JRLQJWRWXUQDWDMXQFWLRQWKH\KDYHQRW\HWUHDFKHGe7KHDWWHPSWWRUHSUHVHQW*RGnV WLPHOHVVNQRZOHGJHE\DQDQDORJ\LQWHUPVRI VSDFHDQGWLPHEUHDNVGRZQDVLWPXVW DQG LW EUHDNV GRZQ ZKHQ DQ DWWHPSW LV PDGH WR LQWURGXFH WKH QRWLRQ RI IUHH KXPDQ FKRLFH…6KDUSOHVn.ULWLNEHUXKWZRKODXIHLQHUDOO]XZÏUWOLFKHQ$XVOHJXQJYRQ7KRPDVn *OHLFKQLV 'HQQ 7KRPDVn *HGDQNH VFKHLQW GHU ]X VHLQ GDVV GHUMHQLJH GHU DXI HLQHP :HJYRUZ½UWVJHKWQLFKWGHQJDQ]HQ:HJYRU$XJHQKDEHQNDQQ'HQQZ½UHGLHVGHU )DOOV½KHHUVLFKVHOEVWYRUEHLJHKHQ'HUwJDQ]H:HJkNÏQQWHHQWZHGHUIÕUGLH/HEHQV VSDQQHHLQHV,QGLYLGXXPVVWHKHQGDQQZ½UHQGLH”9RUEHLJHKHQGHQ…GLH(UHLJQLVVHGLH VHV /HEHQV RGHU HU NÏQQWH IÕU GDV /HEHQ DOOHV w7UDQVHXQWHQk VWHKHQ ,Q EHLGHQ )½OOHQ Z½UHQ GLH YRQ 6KDUSOHV PRQLHUWHQ w9HU]ZHLJXQJHQk LPwJDQ]HQ /HEHQk GHU ,QGLYLGXHQ PLWJHGDFKW   %RHWKLXVLVWQLFKWGHU0HLQXQJGDVV]HLWOLFKH8UVDFKHQE]Z=ZHLWXUVDFKHQGKYRQ GHUwHUVWHQ 8UVDFKHk E]Z *RWW YHUVFKLHGHQH 8UVDFKHQ NHLQH JHQXLQHQ 8UVDFKHQ VLQG %RHWKLXVLVWNHLQ2NNDVLRQDOLVW6LHKH]XU3UREOHPDWLN$-)UHGGRVR”0HGLHYDO$ULV WRWHOLDQLVP DQG WKH &DVH DJDLQVW 6HFRQGDU\ &DXVDWLRQ LQ 1DWXUH… LQ 7 9 0RUULV >+UVJ@ 'LYLQH DQG +XPDQ $FWLRQ (VVD\V LQ WKH 0HWDSK\VLFV RI 7KHLVP >,WKDFD r /RQGRQ @6 $OOHUGLQJVZLU %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS &&6/   S  LQ GLHVHU +LQVLFKW )UDJHQ DXI ,Q VHLQHU 'LVNXVVLRQ GHV =X IDOOVEHJULVEHWUDFKWHW%RHWKLXVGDVIROJHQGHNODVVLVFKH%HLVSLHO-HPDQGPÏFKWHVHLQHQ $FNHU XPJUDEHQ XQG VWÏVVW EHLP *UDEHQ ]XI½OOLJ DXI HLQHQ YHUJUDEHQ HQ 6FKDW] ”+RF LJLWXUIRUWXLWXTXLGHPFUHGLWXUDFFLGLVVHXHUXPQRQGHQLKLORHVWQDPSURSULDVFDXVDV KDEHW TXDUXP LQSURXLVXV LQRSLQDWXVTXH FRQFXUVXV FDVXP XLGHWXU RSHUDWXV 1DP QLVL FXOWRUDJULKXPXPIRHGHUHWQLVLHRORFLSHFXQLDPVXDPGHSRVLWRUREUXLVVHWDXUXPQRQ





$QGUHDV%½FKOL

PHKU VFKHLQW %RHWKLXV ]X PHLQHQ GDVV PHLQ 6SD]LHUHQ LQVRIHUQ QRWZHQGLJ LVWDOVHVXQPÏJOLFKLVWGDVVGDVZDVVLFKHUHLJQHWGHPGLYLQXVLQWXLWXVYHUERU JHQVHLQNDQQ,FKNDQQKLHUVHLQH'LVNXVVLRQGHU6FKZLHULJNHLWHQGLHGLHVH w/ÏVXQJk GHP 9HUVW½QGQLV ELHWHWQLFKWLP 'HWDLO YHUIROJHQVRQGHUQ ZHUGH LPIROJHQGHQ$EVFKQLWWGHU)UDJHQDFKJHKHQZDVHVKHLVVWGDVVGHUFRPSUHKHQ VLR*RWWHVQLFKWVHQWJHKW  'LHwFRPSUHKHQVLRk*RWWHVXQGGLHwUDWLRKXPDQDk  (LQ ZLFKWLJHU *HVLFKWVSXQNW GHU 8QWHUVFKHLGXQJ YRQ 3URYLGHQ] XQG )DWXP LVWGHUGDVVGLH$QQDKPHYRQ=ZHLWXUVDFKHQQRWZHQGLJLVWIÕUGLH(UNO½UXQJ GHV *HVFKHKHQV LP %HUHLFK GHV ,QVWDELOHQ *HP½VV GLHVHU $XIIDVVXQJ ZÕUGH GLH $QQDKPH *RWW VHL GLH DOOHLQLJH 8UVDFKH DOOHV *HVFKHKHQV LP 8QLYHU VXPEHGHXWHQGDVVGLHIHVWVWHOOEDUHQ8QWHUVFKLHGHLQGHQ:LUNXQJHQQLFKW  HVVHWLQXHQWXP…%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S   %RHWKLXV JLEW GDQQ GLH IROJHQGH 'HQLWLRQ GHV =XIDOOV FDVXV  ”/LFHW LJLWXU GHQLUHFDVXPHVVHLQRSLQDWXPH[FRQXHQWLEXVFDXVLVLQKLVTXDHREDOLTXLGJHUXQWXU HXHQWXP…%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S  'LH 7HUPLQL FRQFXUVXV E]Z FRQX[XV EH]HLFKQHQ GLH ,QWHUDNWLRQ GHUMHQLJHQ 8UVDFKHQ GLH]XP]XI½OOLJHQ(UHLJQLVIÕKUHQGKGHUSURSULDHFDXVDH(LQ2NNDVLRQDOLVWZÕUGHDU JXPHQWLHUHQGDVVGLHVHSURSULDHFDXVDHQLFKW8UVDFKHQLPHLJHQWOLFKHQ6LQQHVLQGXQGLKU ”=XVDPPHQODXIHQ…PLW%H]XJDXIGLH.DXVDOLW½W*RWWHV]XYHUVWHKHQLVWGHUDOOHLQLPHL JHQWOLFKHQ6LQQHGHV:RUWHVw8UVDFKHkGHV(UHLJQLVVHVLVW'LHVLVWQLFKW%RHWKLXVn$XI IDVVXQJGRFK]HLJWGHUDXIGLH'HQLWLRQIROJHQGH6DW]GDVVKLHUVDFKOLFKHLQ3UREOHP OLHJW”&RQFXUUHUHXHURDWTXHFRQXHUHFDXVDVIDFLWRUGRLOOHLQHXLWDELOLFRQH[LRQHSUR FHGHQVTXLGHSURXLGHQWLDHIRQWHGHVFHQGHQVFXQFWDVXLVORFLVWHPSRULEXVTXHGLVSRQLW… %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S :HQQGD PLWJHVDJWVHLQVROOGDVV*RWWGLHHLJHQWOLFKH8UVDFKHGHV”=XVDPPHQODXIHQV…GHU8UVD FKHQLVWGDQQLVWHVMHGHQIDOOVQLFKWJDQ]OHLFKW%RHWKLXVn3RVLWLRQYRQGHUGHV2NNDVLR QDOLVWHQJHQDXDE]XJUHQ]HQ   6LHKH %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”$LXQW>VFLOTXLGDP@HQLPQRQLGHRTXLGHVVHHXHQWXUXPTXRQLDPLGSURXLGHQWLDIXWX UXP HVVH SURVSH[HULW VHG H FRQWUDULR SRWLXV TXRQLDP TXLG IXWXUXP HVW LG GLXLQDP SURXLGHQWLDP ODWHUH QRQ SRVVH HRTXH PRGR QHFHVVDULXP KRF LQ FRQWUDULDP UHODEL SDU WHP1HTXHHQLPQHFHVVHHVVHFRQWLQJHUHTXDHSURXLGHQWXUVHGQHFHVVHHVVHTXDHIXWXUD VLQW SURXLGHUL e… 'LHVH w/ÏVXQJk GHV 3UREOHPV ZLUG ]XQ½FKVW YRQ %RHWKLXV GHP *H VSU½FKVSDUWQHU GHU 3KLORVRSKLD YHUZRUIHQ ”1HTXH HQLP LOODP SURER UDWLRQHP TXD VH TXLGDPFUHGXQWKXQFTXDHVWLRQLVQRGXPSRVVHGLVVROXHUH…%RHWKLXV3KLORVRSKLDHFRQVR ODWLROLE9FDS>&&6/@S 'RFKZLUGVLHYRQ%RHWKLXVGHP9HUIDV VHUYRQ3KLORVRSKLDHFRQVRODWLRVS½WHUYHUWHLGLJW”4XDHURHQLPFXULOODPVROXHQWLXPUDWLR QHPPLQXVH"FDFHPSXWHVTXDHTXLDSUDHVFLHQWLDPQRQHVVHIXWXULVUHEXVFDXVDP QH FHVVLWDWLVH[LVWLPDWQLKLOLPSHGLULSUDHVFLHQWLDDUELWULLOLEHUWDWHPSXWDW…%RHWKLXV3KLOR VRSKLDHFRQVRODWLROLE9FDS>&&6/@S    6LHKH$QP





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

DXI 8QWHUVFKLHGH DXI 6HLWHQ GHU 8UVDFKHQ ]XUÕFNIÕKUEDU VHLHQ ZDV HLQ IXQ GDPHQWDOHV3ULQ]LSGHU$ULVWRWHOLVFKHQ:LVVHQVFKD LQ)UDJHVWHOOWHGHP]X IROJHYHUVFKLHGHQH:LUNXQJHQGLH$QQDKPHYHUVFKLHGHQHU8UVDFKHQYHUODQ JHQGLHDXIJUXQGLKUHU:LUNXQJHQHUNDQQWZHUGHQNÏQQHQ:LVVHQEH]LHKW VLFKQDFK$ULVWRWHOHVDXIGDV$OOJHPHLQHGDVQDFK%RHWKLXVn,QWHUSUHWDWLRQGHU $ULVWRWHOLVFKHQ /HKUH YRP ,QWHOOHNW HUNDQQW ZLUG LQWHOOHJLWXU  DXIJUXQG GHU KQOLFKNHLWVLPLOLWXGR GHUXQWHUGHQDOOJHPHLQHQ%HJULIDOOHQGHQ(LQ]HOGLQ JHVLQJXODULD 'LHVHKQOLFKNHLWLVWQDFK%RHWKLXVVRZRKOVLQQHQI½OOLJVHQVLEL OLV DOVDXFKLQWHOOLJLEHOLQWHOOHJLELOLV ZREHLVLHYRP,QWHOOHNWHUNDQQWXQGXQL YHUVDOZLUG'LHVH([SOLNDWLRQVWHKWLP+LQWHUJUXQGHLQHVNQDSSHQ+LQZHL VHV DXI GLH 8QWHUVFKHLGXQJ YRQ XQLYHUVDOH XQG VLQJXODUH GLH ]XU /ÏVXQJ GHV 3URYLGHQ]SUREOHPVHUZ½KQWZLUG ”+DXGLJLWXULQLXULDGL[LPXVKDHF>GKGLH(UHLJQLVVHGLHYRQGHUSRWHVWDVIDFLHQWLXP DEK½QJHQ@ VLDGGLXLQDPQRWLWLDPUHIHUDQWXUQHFHVVDULDVLSHU VH FRQVLGHUHQWXUQH FHVVLWDWLVHVVHQH[LEXVDEVROXWDVLFXWLRPQHTXRGVHQVLEXVSDWHWVLDGUDWLRQHPUHIH UDVXQLYHUVDOHHVWVLDGVHLSVDUHVSLFLDVVLQJXODUH…

'LHVH3DVVDJHHQWK½OWHLQH6FKZLHULJNHLW%RHWKLXVPHLQWGDVVHLQXQGGDV VHOEHNRQWLQJHQWH(UHLJQLVQRWZHQGLJLVWPLW%H]XJDXIGLHGLYLQDQRWLWLDQLFKW DEHULQVRIHUQHVSHUVHEHWUDFKWHWZLUG'LH3DUDOOHOLW½WGLHVHU8QWHUVFKHLGXQJ PLW GHU 8QWHUVFKHLGXQJ ]ZLVFKHQ XQLYHUVDOH XQG VLQJXODUH VFKHLQW GDQQ DOOHU GLQJVREHU½FKOLFKGHQQVLHOHJWQDKHGDVVHLQXQGGDVVHOEHPLW%H]XJDXIGLH 9HUQXQ UDWLR XQLYHUVDOHLVWSHUVHEHWUDFKWHWDEHUVLQJXODUH'LHVMHGRFKZÕUGH JHP½VVGHUREHQHUO½XWHUWHQ([SOLNDWLRQEHGHXWHQGDVVGDVYRP,QWHOOHNWE]Z GHU9HUQXQ (UNDQQWHXQLYHUVDOHrQ½POLFKGLHVLPLOLWXGRGHUVLQJXODULDGLHLQ  

 ,FK YHUZHLVH KLHU JHQHUHOO DXI GHQ $XIVDW] YRQ )UHGGRVR ”0HGLHYDO $ULVWRWHOLDQLVP… VLHKH $QP   $OV %HLVSLHO IÕU HLQH 9HUWHLGLJXQJ GHU $ULVWRWHOLVFKHQ :LVVHQVDXIIDV VXQJVLHKH7KRPDVGH$TXLQR6XPPDFRQWUDJHQWLOHV(G/HRQLQD;,95RP OLE ,,,FDSS   9JO%RHWKLXV,Q,VDJRJHQ3RUSK\ULL&RPPHQWDHG6%UDQGW/HLS]LJUHSU/RQGRQ r1HZ&&6/@S    9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S   'LH)DOOLELOLW½W*RWWHVLVWHWZDV”TXRGQRQVHQWLUHPRGRQHIDVHVWVHGHWLDPXRFHSURIHU UH…%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S    9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S





$QGUHDV%½FKOL

YRQGHUPHQVFKOLFKHQ9HUQXQ DXIGLHJÏWWOLFKH3URYLGHQ]VFKOLHVVHQ]XNÏQ QHQEHGDUIHVHLQHU3U½PLVVHGHU]XIROJHHLQH(UNHQQWQLVQXUPLW%H]XJDXI GLH1DWXULKUHV*HJHQVWDQGHVEHVWLPPEDULVW'LHVH3U½PLVVHLVWQDFK%RHWKL XVIDOVFKKLQVLFKWOLFKGHUPHQVFKOLFKHQ9HUQXQ XQGGDPLWDIRUWLRULDXFKKLQ VLFKWOLFKGHUJÏWWOLFKHQ3URYLGHQ]'HQQGDUDXVGDVVGHU*HJHQVWDQGGHUUDWLR GDVLQWHOOHJLELOHE]ZXQLYHUVDOHLVWIROJWQLFKWGDVVGHU(UNHQQWQLVPRGXVGHUUDWLR LQGHP6LQQHGXUFKGDVLQWHOOHJLELOHEHVWLPPWLVWGDVVGDVVHQVLELOHDXVVHUKDOEGHV %HUHLFKVLKUHUFRPSUHKHQVLROLHJW:HQQGLHVVRZ½UHGDQQNÏQQWHGLHPHQVFK OLFKH 9HUQXQ  LP %HUHLFK GHV 6LQQHQI½OOLJHQ QLFKW ]X :LVVHQ LP 6LQQH GHV $ULVWRWHOLVFKHQ8UVDFKHQ:LVVHQVJHODQJHQ  µEHUGLH8UVDFKHGHV,UUWXPVGHUGHP$UJXPHQW]XJUXQGHOLHJWGDVGLH ,QNRK½UHQ] GHV 3URYLGHQ]*HGDQNHQV DXI]HLJHQ ZLOO ½XVVHUW VLFK %RHWKLXV PLWIROJHQGHQ:RUWHQ ”&XLXVHUURULVFDXVDHVWTXRGRPQLDTXDHTXLVTXHQRXLWH[LSVRUXPWDQWXPXLDWTXH QDWXUD FRJQRVFL DHVWLPDW TXDH VFLXQWXU 4XRG WRWXP FRQWUD HVW RPQH HQLP TXRG FRJQRVFLWXU QRQ VHFXQGXP VXL XLP VHG VHFXQGXP FRJQRVFHQWLXP SRWLXV FRPSUH KHQGLWXUIDFXOWDWHP…

1DFK%RHWKLXVEHVWHKWGHU,UUWXPLQGHU0HLQXQJGDVVGLH'LQJHDXVVFKOLHVV OLFKDXVLKUHU1DWXUKHUDXVHUNDQQWZHUGHQZREHLGLH1DWXUGHV(UNHQQHQ GHQE]ZGDV9HUPÏJHQIDFXOWDV GHU(UNHQQWQLVDXVVHUDFKWJHODVVHQZHUGHQ 'LHVWULWWLQGHUIROJHQGHQ)RUPXOLHUXQJNODUKHUYRU”1DPFXPRPQHLXGL FLXPLXGLFDQWLVDFWXVH[VLVWDWQHFHVVHHVWXWVXDPTXLVTXHRSHUDPQRQH[DOL HQDVHGH[SURSULDSRWHVWDWHSHUFLDW…)ÕUGLH$XIIDVVXQJGLH'LQJHZÕU GHQ DOOHLQ DXV LKUHU 1DWXU KHUDXV HUNDQQW VFKHLQW %RHWKLXV GLH VWRLVFKH (U NHQQWQLVWKHRULHYHUDQWZRUWOLFK]XPDFKHQ1DFKVHLQHU&KDUDNWHULVLHUXQJGLH VHU7KHRULHYHUK½OWVLFKGHUPHQVFKOLFKH*HLVWUHLQSDVVLYEH]ÕJOLFKGHU(LQ GUÕFNHGLHHUYRQGHQ½XVVHUHQ'LQJHQHPSI½QJWHLQHDNWLYH5ROOHGHV*HL VWHVLP3UR]HVVGHV(UNHQQHQV]LHKHVLHQLFKWLQ%HWUDFKW,QGHPQXQ%R 



 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S=XU +HUNXQ  GHV *HGDQNHQV GDVV GDV ZDV HUNDQQW ZLUG QLFKW JHP½VV GHU 1DWXU GHV (U NDQQWHQ VRQGHUQ JHP½VV GHP 9HUPÏJHQ GHV (UNHQQHQGHQ HUNDQQW ZLUG YJO +XEHU 'LH 9HUHLQEDUNHLW YRQ JÏWWOLFKHU 9RUVHKXQJ PLW PHQVFKOLFKHU )UHLKHLW 6 /2EHUWHOOR ”3URFOXV $PPRQLXV DQG %RHWKLXV RQ 'LYLQH .QRZOHGJH… LQ 'LRQ\VLXV 9   6   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  ,Q%RHWKLXVnZRKODEVLFKWVYROOHU.DULNDWXUGHUVWRLVFKHQ(UNHQQWQLVOHKUHYHUK½OWVLFKGHU *HLVW]XGHQ(LQGUÕFNHQGHUPDWHULHOOHQ*HJHQVW½QGHZLHHLQ6SLHJHO VLHKHGD]X%RH WKLXV3KLORVRSKLDHFRQVRODWLROLE9FDSPHWU,9&&6/ S”6HGWDQ WXPSDWLHQVLDFHWQRWLVVXEGLWDFRUSRUXPFDVVDVTXHLQVSHFXOLXLFHPUHUXPUHGGLW LPDJLQHVe…





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

HWKLXV LQ GLHVHU :HLVH GLH HUNHQQWQLVWKHRUHWLVFKHQ 9RUDXVVHW]XQJHQ GHV $U JXPHQWV JHJHQ GLH 3URYLGHQ] LQ %HWUDFKW ]LHKW EHKDQGHOW HU GDV 9HUPÏJHQ GHUKXPDQDUDWLRXQWHU]ZHLYHUVFKLHGHQHQ*HVLFKWVSXQNWHQ8QWHUGHPHLQHQ *HVLFKWVSXQNW VWHOOW HU GHU KXPDQD UDWLR GLH GLYLQD LQWHOOHJHQWLD JHJHQÕEHU ,Q GLHVHU+LQVLFKWEHVWHKWGHUGHP$UJXPHQW]XJUXQGHOLHJHQGHw,UUWXPkLQGHU $QQDKPH”TXRGKXPDQDUDWLRGLXLQDPLQWHOOHJHQWLDPIXWXUDQLVLXWLSVDFR JQRVFLWQRQSXWDWLQWXHUL…+LHUEHLEHWUDFKWHW%RHWKLXVGLHKXPDQDUDWLRDOV IDFXOWDV FRJQRVFHQWLVGKXQWHUGHP%HJULGHQHULQGHUREHQ]LWLHUWHQ)RU PXOLHUXQJYHUZHQGHWKDW8QWHUGHP]ZHLWHQ*HVLFKWVSXQNWEHKDQGHOWHUGLH UDWLRQLFKWLQGLHVHUDOOJHPHLQHQ6SUHFKZHLVHDOV9HUPÏJHQGHVPHQVFKOLFKHQ (UNHQQHQVVRQGHUQVSH]LVFKDOV9HUPÏJHQGHUPHQVFKOLFKHQ(UNHQQWQLVI½ KLJNHLWIDFXOWDVFRJQRVFHQGL DOVGDVGLVNXUVLYH'HQNHQGHPVHQVXVXQGLPDJLQD WLRXQWHUXQGLQWHOOHJHQWLDÕEHUJHRUGQHWVLQG   



9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S %RHWKLXVYHUZHQGHWGHQ7HUPLQXVIDFXOWDVFRJQRVFHQGLQLFKWGRFKGU½QJWVLFKGLH8QWHU VFKHLGXQJ]ZLVFKHQ IDFXOWDVFRJQRVFHQWLVXQGIDFXOWDVFRJQRVFHQGLDXVIROJHQGHP*UXQGDXI ,QGHU3DVVDJH%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S EHKDQGHOW%RHWKLXVGLH IDFXOWDWHVFRJQRVFHQGLQ½POLFKVHQVXVLPDJLQDWLRUDWLRXQG LQWHOOHJHQWLD 'LH 8QWHUVFKHLGXQJ ]ZLVFKHQ UDWLR XQG LQWHOOHJHQWLD LQ GLHVHP $EVFKQLWW LVW QLFKWGLHVHOEHZLHGLH]ZLVFKHQKXPDQDUDWLRXQGGLYLQDLQWHOOHJHQWLDLQ3KLORVRSKLDHFRQVROD WLROLE9FDS&&6/ SZLH*5DOIV”'LH(UNHQQWQLVOHKUHGHV %RHWKLXV…LQ0)XKUPDQQXQG-*UXEHU+UVJ  %RHWKLXV'DUPVWDGW 6 GLHVQDKH]XOHJHQVFKHLQW”'HURUJDQLVFKH$XIVWLHJGHU(UNHQQWQLV]XKÏKHUHQ)RUPHQ GHU(LQVLFKWVFKHLQWQDFKGHP:RUWODXWGHU6WXIHQOHKUH]XQ½FKVWLQGHU UDWLRGHV0HQ VFKHQVHLQHQ$EVFKOX¸]XQGHQZ½KUHQGGLHKÏFKVWH(LQVLFKWXQG)RUPNUD GLHLQWHO OLJHQWLDDXVGUÕFNOLFKGHPJÏWWOLFKHQ*HLVWHYRUEHKDOWHQEOHLEW…)DOOV VLFK5DOIVZLHHV VFKHLQWDXI%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDSEH]LHKWO½VVWVLFKVHLQH ,QWHUSUHWDWLRQQLFKWVWÕW]HQGHQQGLHLQWHOOHJHQWLDZLUGKLHUQLFKW”DXVGUÕFNOLFK…JÏWWOLFK JHQDQQW$OOHUGLQJVKHLVVWHVLQ%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/  S”5DWLRXHURKXPDQLWDQWXPJHQHULVHVWVLFXWLQWHOOHJHQWLDVRODGLXLQL… $EHUVRIHUQGDPLWJHPHLQWLVWGDVVUDWLRGDV6SH]LNXPGHV0HQVFKHQJHVFKOHFKWVLVWVR EHVDJW GLHV MD QXU GDVV GLH LQWHOOHJHQWLD QLFKW VSH]LVFK PHQVFKOLFK LVW ZDV QLFKW DXV VFKOLHVVW GDVV GLH 0HQVFKHQ ÕEHU LQWHOOHJHQWLD DOV wIDFXOWDV FRJQRVFHQGLk YHUIÕJHQ 1DFK %RHWKLXVYHUIÕJHQZLUDOVYHUQÕQ LJH:HVHQÕEHUHLQ”.ULWHULXP…LXGLFLXP ]XU%HXU WHLOXQJGHVJÏWWOLFKHQ*HLVWHV%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/  S”6LLJLWXUUDWLRQLVSDUWLFLSHVVXPXVLWDGLXLQDHLXGLFLXPPHQWLVKDEH UH SRVVXPXV VLFXW LPDJLQDWLRQHP VHQVXPTXH UDWLRQL FHGHUH RSRUWHUH LXGLFDXLPXV VLF GLXLQDHVHVHPHQWLKXPDQDPVXPPLWWHUHUDWLRQHPLXVWLVVLPXPFHQVHUHPXV…%RHWKLXV VSULFKW LQ GLHVHP 6DW] GHU GHQ IDFXOWDWHV FRJQRVFHQGL JLOW QLFKW YRQ GHU LQWHOOHJHQWLD XQG 5DOIVn'HXWXQJVFKHLQWDXIGHQHUVWHQ%OLFNDXFKGXUFKGHQXQPLWWHOEDUDQVFKOLHVVHQGHQ 6DW]LQ%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ SEHVW½ WLJW]XZHUGHQ”4XDUHLQLOOLXVVXPPDHLQWHOOHJHQWLDHFDFXPHQVLSRVVXPXVHULJ DPXU LOOLFHQLPUDWLRXLGHELWTXRGLQVHQRQSRWHVWLQWXHULeTXRQDPPRGRHWLDPTXDHFHUWRV



$QGUHDV%½FKOL

 'DV PHQVFKOLFKH (UNHQQWQLVYHUPÏJHQ IDFXOWDV FRJQRVFHQWLV  LVW EHVWLPPW GXUFKVHLQHVSH]LVFKHQ(UNHQQWQLVYHUPÏJHQIDFXOWDWHVFRJQRVFHQGL YRQGHQHQ MHGHV GLH LKP ]XJHRUGQHWHQ *HJHQVW½QGH wDQGHUVk DOLWHU  HUNHQQW 'HU *H VLFKWVVLQQ QLPPW GLH 5XQGXQJ HLQHV .ÏUSHUV DQGHUV ZDKU DOV GHU 7DVWVLQQ EH]ÕJOLFKGHU(UNHQQWQLVHLQHV0HQVFKHQLVW]XXQWHUVFKHLGHQREGHU0HQVFK *HJHQVWDQGGHU6LQQHVZDKUQHKPXQJVHQVXV LVWIÕUGLHHUHLQNRQNUHWHVNÏU SHUOLFKHV:HVHQLVWREHU*HJHQVWDQGGHU(LQELOGXQJVNUD LPDJLQDWLR LVWGLH QXUGLH*HVWDOWJXUD XQGQLFKWGLH0DWHULHEHUÕFNVLFKWLJWREHU*HJHQVWDQG GHVGLVNXUVLYHQ'HQNHQVUDWLR LVWGDVGLHXQLYHUVDOH$UWVSHFLHV GLHGHQHLQ ]HOQHQ0HQVFKHQLQQHZRKQWHUNHQQWRGHUREHUVFKOLHVVOLFK*HJHQVWDQGLQ WHOOHNWXHOOHU (LQVLFKW LQWHOOHJHQWLD  LVW ZHOFKH GLH )RUP IRUPD  DOOHLQ IÕU VLFK JHQRPPHQGKZHGHUDOVw*HVWDOWkQRFKDOVGHQHLQ]HOQHQ,QGLYLGXHQLQQH ZRKQHQGH w$UWk VRQGHUQ VR]XVDJHQ DOV *HJHQVWDQG LP HLJHQHQ 5HFKW EH WUDFKWHW'LHVHYLHU(UNHQQWQLVYHUPÏJHQGHV0HQVFKHQVLQGLQDXIVWHLJHQ GHU 5HLKH JHRUGQHW GK 'DV MHZHLOV KÏKHUH 9HUPÏJHQ wWUDQV]HQGLHUWk GDV MHZHLOVQLHGULJHUHXQG]ZDULQGHU:HLVHGDVVGDVKÏKHUH9HUPÏJHQDOOHVHU NHQQWZDVGDVQLHGULJHUH9HUPÏJHQHUNHQQWDEHUQLFKWXPJHNHKUW:HQQ 

H[LWXV QRQ KDEHQW FHUWD WDPHQ XLGHDW DF GHQLWD SUDHQRWLR e… $EHU %RHWKLXV GHXWHW KLHUDQGDVVGHU0HQVFKLQGHU/DJHLVWGLHUDWLRGKGDVGLVNXUVLYH'HQNHQIDFXOWDVFR JQRVFHQGL ]XÕEHUVWHLJHQZDVGRFKQXUPÏJOLFKLVWZHQQHUÕEHUHLQHJHJHQÕEHUGHUUD WLRKÏKHUHIDFXOWDVFRJQRVFHQGLYHUIÕJWHEHQGLHLQWHOOHJHQWLD  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”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…  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”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e,PDJL QDWLR TXRTXH WDPHWVL H[ VHQVLEXV XLVHQGL IRUPDQGLTXH JXUDV VXPSVLW H[RUGLXP VHQVX WDPHQDEVHQWHVHQVLELOLDTXDHTXHFROOXVWUDWQRQVHQVLELOLVHGLPDJLQDULDUDWLRQHLXGLFDQGL…





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

QXQGDVKÏFKVWHGHUPHQVFKOLFKHQ9HUPÏJHQGLHLQWHOOHNWXHOOH(LQVLFKWDOOHV HUNHQQWZDVGLHLKUXQWHUJHRUGQHWHQ9HUPÏJHQHUNHQQHQGDQQLVWHVQDKHOLH JHQGDQ]XQHKPHQGDVVGLHJÏWWOLFKHLQWHOOHJHQWLDDOOHVHUNHQQWZDVGLHPHQVFK OLFKHLQWHOOHJHQWLDHUNHQQW$EHUGLH:HLVHLQGHUGHUJÏWWOLFKH*HLVWGLH'LQJH HUNHQQWLVWYHUVFKLHGHQYRQGHU:HLVHGHVPHQVFKOLFKHQ(UNHQQHQVLQVRIHUQ *RWWHV(UNHQQHQw]HLWORVkLVWGDVPHQVFKOLFKHMHGRFK]HLWJHEXQGHQ(LQH0ÏJ OLFKNHLWGLHVHQ8QWHUVFKLHGDXV]XGUÕFNHQLVWGLHGDVVGLHLQWHOOHJHQWLD*RWWHV DOVIDFXOWDVFRJQRVFHQWLV]XYHUVWHKHQLVWGLHPHQVFKOLFKHLQWHOOHJHQWLDMHGRFKDOVID FXOWDVFRJQRVFHQGLGKQLFKWDOVGDV(UNHQQWQLVYHUPÏJHQVFKOHFKWKLQGHV0HQ VFKHQLQVRIHUQQ½POLFKGLHPHQVFKOLFKH(UNHQQWQLVGHUHQJOHLFKVDPRUJDQL VFKHQ $XIEDX %RHWKLXV GDUVWHOOW PLW GHU 6LQQHVZDKUQHKPXQJ DQI½QJW $XV JHKHQGYRQGLHVHU8QWHUVFKHLGXQJVROOGLH)UDJHEHDQWZRUWHWZHUGHQZRULQ VLFK GHU 0RGXV GHU FRPSUHKHQVLR *RWWHV YRP PHQVFKOLFKHQ (UNHQQHQ XQWHU VFKHLGHW  9RQGHUPHQVFKOLFKHQLQWHOOHJHQWLDVDJW%RHWKLXVGDVVVLH”LSVDPLOODPVLP SOLFHPIRUPDPSXUDPHQWLVDFLHFRQWXHWXU…'LH”HLQIDFKH)RUP…LVWZHGHU *HJHQVWDQG GHU VLQQOLFKHQ :DKUQHKPXQJ NHLQ wNRQNUHWHVk (LQ]HOQHV QRFK GHU (LQELOGXQJVNUD  GK QLFKW GLH YRQ GHU 0DWHULH DEVWUDKLHUWHJXUD RGHU GHUUDWLRVRPLWQLFKWGDV8QLYHUVDOHE]ZGLHVSHFLHVGLHLQGHQ(LQ]HOGLQJHQ LVW'LHLQWHOOHNWXHOOH(LQVLFKW”HUNHQQW…FRJQRVFLW MHGRFKVRZRKOGDV8QLYHU VDOHGHUUDWLRDOVDXFKGLHJXUDGHULPDJLQDWLRXQGGDVVLQQOLFKZDKUQHKPEDUH (LQ]HOQHPDWHULDOHVHQVLELOH ZREHLVLHZHGHUYRQGHUUDWLRQRFKYRQGHULPDJL QDWLRRGHUYRQGHQVHQVXV*HEUDXFKPDFKW”VHGLOORXQRLFWXPHQWLVIRUPDOLWHU XWLWDGLFDPFXQFWDSURVSLFLHQV…:LHNDQQDEHUGLHLQWHOOHNWXHOOH(LQVLFKW ]% GDV VLQQOLFK ZDKUQHKPEDUH (LQ]HOQH HUNHQQHQ RKQH YRQ GHU 6LQQHV ZDKUQHKPXQJ*HEUDXFK]XPDFKHQ"%RHWKLXVDQWZRUWHWGDVVGLHLQWHOOHNWX HOOH(LQVLFKWGDVPDWHULDOHVHQVLELOHQLFKWDOVVROFKHVHUNHQQWGHQQDOVVROFKHVLVW HV*HJHQVWDQGGHU6LQQHVZDKUQHKPXQJ'LHLQWHOOHJHQWLDHUNHQQWGDVPDWHULDOH VHQVLELOH QLFKW LQ GHU :HLVH LQ GHU HV GLH 6LQQHVZDKUQHKPXQJ HUNHQQW VRQ GHUQLQGHU:HLVHLQGHUGLHLQWHOOHNWXHOOH(LQVLFKWGLHIRUPDEHJUHL ”HRPR GRTXRIRUPDPLSVDPTXDHQXOOLDOLLQRWDHVVHSRWHUDWFRPSUHKHQGLW…,Q ZHOFKHU%H]LHKXQJVWHKWDEHUGLHIRUPD]XPPDWHULDOHVHQVLELOH"'LHVSHFLHVYHU K½OWVLFK]XP,QGLYLGXXPDOV8QLYHUVDOH]XP3DUWLNXO½UHQRGHUDQGHUVJHVDJW 'LH UDWLR HUNHQQW ]% GHQ LQGLYLGXHOOHQ 0HQVFKHQ LQVRIHUQ HU 0HQVFK LVW XQG XQWHUGLH 'HQLWLRQ w]ZHLIÕVVLJHVUDWLRQDOHV /HEHZHVHQk I½OOW 'LHIRUPD DEHULVWQLFKWLQGLHVHPORJLVFKHQ6LQQHDOOJHPHLQXQGVLHVWHKWRQWRORJLVFK KÏKHUDOVGLHVSHFLHV'DV9HUK½OWQLVGHUIRUPD]XP,QGLYLGXXPLVWIROJOLFKQLFKW  

9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S 9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S 





$QGUHDV%½FKOL

LGHQWLVFK PLW GHP 9HUK½OWQLV GHUVSHFLHV ]XP 3DUWLNXO½UHQ 0DQ NÏQQWH GHQ 8QWHUVFKLHG]ZLVFKHQIRUPDXQGVSHFLHVYLHOOHLFKWVRFKDUDNWHULVLHUHQGDVVGLH UDWLRYRQDOOHQ(LJHQVFKD HQGLHNRQNUHWHQ0HQVFKHQ]XJHVSURFKHQZHUGHQ NÏQQHQ QXU GLHMHQLJHQ EHWUDFKWHW GLH GHP 0HQVFKHQ DXIJUXQG VHLQHU 'HQLWLRQ]XNRPPHQZ½KUHQGGLHLQWHOOHNWXHOOH(LQVLFKWLQGHPVLHGLHIRU PDEHWUDFKWHWQLFKWQXUGLHQRWZHQGLJHQVRQGHUQDXFKGLHPÏJOLFKHQ(LJHQ VFKD HQ GHV 0HQVFKHQ XPIDVVW 8QWHUGHUIRUPD Z½UH DOVR GHU ,QEHJUL DOOHU (LJHQVFKD HQ GHV 0HQVFKHQ ]X YHUVWHKHQ 'LHFRPSUHKHQVLR GHU )RUP GXUFK GLH LQWHOOHNWXHOOH (LQVLFKW LVW IÕU GDV PHQVFKOLFKH (UNHQQHQ XQDEGLQJEDU ,Q GLHVHP 6LQQH ZRKO KDW %RHWKLXV LQ HLQHP IUÕKHUHQ =XVDPPHQKDQJ JHVDJW GDVV PDQ QRFK O½QJVW QLFKW ZHLVV ZDV HLQ 0HQVFK LVW TXLG HVW KRPR  ZHQQ PDQQXUZHLVVGDVVHUHLQwUDWLRQDOHVVWHUEOLFKHV/HEHZHVHQkLVW&RPSUHKHQ VLREH]ÕJOLFKGHU)RUPVFKHLQWGDKHUVRHWZDVZLHHLQLQWXLWLYHV%HJUHLIHQGHV :HVHQVGHU'LQJH]XEH]HLFKQHQGDVGHUUDWLRQLFKW]XJ½QJOLFKLVW  +LQVLFKWOLFKGHUFRPSUHKHQVLRGHUUDWLRLVWGLH6DFKHNRPSOL]LHUWHU”eUDWLR TXRTXH FXP TXLG XQLXHUVDOH UHVSLFLW QHF LPDJLQDWLRQH QHF VHQVLEXV XWHQV LPDJLQDELOLD XHO VHQVLELOLD FRPSUHKHQGLW… 'HU 7HUPLQXV FRPSUHKHQGHUH EH ]HLFKQHWKLHUHLQH%H]LHKXQJ]ZLVFKHQGHUUDWLRDOVIDFXOWDVFRJQRVFHQGLXQGGHQ LPDJLQDELOLD XQG VHQVLELOLD GK GHQ 2EMHNWHQ GHU LPDJLQDWLR XQG GHV VHQVXV 'LHVH%H]LHKXQJLQYROYLHUW]ZHLYHUVFKLHGHQH5HODWLRQHQHLQHUVHLWVGLHORJL VFKH E]Z RQWRORJLVFKH 5HODWLRQ ]ZLVFKHQ GHP XQLYHUVDOH XQG GHQ VLQJXODULD XQG DQGHUHUVHLWV GLH HKHUPHWDSK\VLVFKH 5HODWLRQ GHUUDWLR ]X GHQLKU XQWHU JHRUGQHWHQ(UNHQQWQLVYHUPÏJHQGHULPDJLQDWLRXQGGHVVHQVXV,Q$QEHWUDFKW GHUDP$QIDQJGLHVHV$EVFKQLWWVHUÏUWHUWHQ6WHOOHZR%RHWKLXVGDV9HUK½OW QLVGHVXQLYHUVDOH]XPVLQJXODUHLQ3DUDOOHOH]XP9HUK½OWQLVGHVJÏWWOLFKHQ:LV VHQV ]X GHQ FRQWLQJHQWLD IXWXUDVHW]W HUVFKHLQW HV QDKHOLHJHQG GLHFRPSUHKHQVLR *RWWHV YRQ GHUFRPSUHKHQVLRGHU UDWLR KHU]X EHJUHLIHQ 'DEHLLVW DOOHUGLQJV ]X EHDFKWHQGDVVGLHUDWLRKLHUQLFKWDOVIDFXOWDVFRJQRVFHQWLV]XP:LVVHQ*RWWHVLQ %H]XJJHEUDFKW ZLUGGHQQGLHKXPDQD UDWLR LVW DOV VROFKH GHPLQWXLWXV GLYLQXV QLFKWNRPPHQVXUDEHO9LHOPHKUZLUGKLHUDOOHLQQDFKGHUFRPSUHKHQVLRGHUUDWLR DOV IDFXOWDV FRJQRVFHQGL JHIUDJW 'LH FRPSUHKHQVLR GHU UDWLR LVW NRPSOH[HU 1DWXU Z½KUHQGGDV%HJUHLIHQ*RWWHVGXUFK(LQIDFKKHLWFKDUDNWHULVLHUWLVW'LH.RP SOH[LW½WEHVWHKWGDULQGDVVGLHUDWLRLQGHPVLHGDVXQLYHUVDOHHUNHQQWEH]RJHQ LVW DXI GLH LKU XQWHUJHRUGQHWHQ (UNHQQWQLVYHUPÏJHQ GHU LPDJLQDWLR XQG GHV 



9JO %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE , FDS   &&6/   S  3KLORVRSKLDVLHKWKLHUGHQ*UXQGIÕU%RHWKLXVn/HLGHQLQGHU8QNHQQWQLVVHLQHUVHOEVW TXLGLSVHVLVQRVVHGHVLVWL GKLQGHU(QWEHKUXQJGHUKHLOVDPHQ.HQQWQLVGHV*XWHQGHU SURSULDERQD   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

VHQVXV 9RQ GHQ PHQVFKOLFKHQ (UNHQQWQLVYHUPÏJHQ VLQG GLH KÏKHUHQ LQ GHU :HLVH DXI GLH QLHGHUHQ EH]RJHQ GDVV VLH VLH ”XPIDVVHQ… DPSOHFWLWXU  'DV EHGHXWHW GDVV DXFK GLH FRPSUHKHQVLR GHV KÏFKVWHQ PHQVFKOLFKHQ (UNHQQWQLV YHUPÏJHQV GHU LQWHOOHJHQWLD GLH GLH wUHLQH )RUPk EHWUDFKWHW LQ GLHVHP 6LQQH NRPSOH[LVW'HQQIÕUGLHUDWLRKXPDQDLVWHVFKDUDNWHULVWLVFKGDVVVLHQLFKWGLH VLPSOH[ IRUPD EHWUDFKWHQ NDQQ RKQH GLH YRUJ½QJLJH $NWLYLW½W GHU 9HUPÏJHQ GLH GHU LQWHOOHNWXHOOHQ(LQVLFKW XQWHUJHRUGQHW VLQG 'LHVYHUK½OW VLFK PLW GHU FRPSUHKHQVLR*RWWHVDQGHUV:LHNDQQGDQQDEHUGLHUDWLRKXPDQDHWZDVYRQLKU EHJUHLIHQ" $QGHUVJHIUDJW:LH O½VVW VLFK GLH %HKDXSWXQJ EHJUÕQGHQ GDVV LQ *RWWHV (UNHQQHQ GLH FRQWLQJHQWLD IXWXUD KLQVLFKWOLFK LKUHU 1DWXU NRQWLQJHQW VLQGREZRKOVLHLQVRIHUQVLHYRQ*RWWJHZXVVWZHUGHQQRWZHQGLJVLQG"'LH )UDJH EHWUL$ GLH %HVWLPPWKHLW FHUWLWXGR  GHV JÏWWOLFKHQ :LVVHQV %RHWKLXVn $QWZRUWGDUDXILVWGLHGDVVGLH'LQJHQLFKWJHP½VVLKUHU1DWXUVRQGHUQJH P½VVGHP9HUPÏJHQGHV(UNHQQHQGHQHUNDQQWZHUGHQ ”4XDUH KDHF GLXLQD SUDHQRWLR QDWXUDP UHUXP SURSULHWDWHPTXH QRQ PXWDW WDOLDTXH DSXGVHSUDHVHQWLDVSHFWDWTXDOLDLQWHPSRUHROLPIXWXUDSURXHQLHQW1HFUHUXPLX GLFLD FRQIXQGLW XQRTXH VXDH PHQWLV LQWXLWX WDP QHFHVVDULH TXDP QRQ QHFHVVDULH XHQWXUDGLQRVFLWVLFXWLXRVFXPSDULWHUDPEXODUHLQWHUUDKRPLQHPHWRULULLQFDHOR VROHPXLGHWLVTXDPTXDPVLPXOXWUXPTXHFRQVSHFWXPWDPHQGLVFHUQLWLVHWKRFXR OXQWDULXPLOOXGHVVHQHFHVVDULXPLXGLFDWLV,WDLJLWXUFXQFWDGLVSLFLHQVGLXLQXVLQWXL WXV TXDOLWDWHP UHUXP PLQLPH SHUWXUEDW DSXG VH TXLGHP SUDHVHQWLXP DG FRQGLFLR QHPXHURWHPSRULVIXWXUDUXP…

(QWVFKHLGHQG IÕU %RHWKLXVn /ÏVXQJ LVW KLHU GDVV *RWW LQGHP HU PLW HLQHP %OLFNXQRTXHVXDHPHQWLVLQWXLWX QRWZHQGLJHVXQGNRQWLQJHQWHV*HVFKHKHQHU NHQQHQG XQWHUVFKHLGHW GLQRVFLW  QLFKW GLH UHUXP LXGLFLD FRQIXQGLW GK GDVV LQ *RWWHV (UNHQQHQ QRWZHQGLJHV *HVFKHKHQ QRWZHQGLJ XQG NRQWLQJHQWHV *H VFKHKHQ NRQWLQJHQW LVW :LH NDQQ DEHU GLH PHQVFKOLFKH 9HUQXQ  EHJUHLIHQ GDVVLP*HLVWH*RWWHVGLHUHUXPLXGLFLDGLH”0HUNPDOH…GHU'LQJHXQWHUVFKLH GHQVLQG"'LH$QWZRUWGDUDXIOLHJWLQGHP6DW]”VXSHULRUFRPSUHKHQGHQGLXLV DPSOHFWLWXU LQIHULRUHP… *RWW ZHLVV DOOHV ZHLO GLH 3URYLGHQ] DOOHV ”XP JUHL …”3URXLGHQWLDQDPTXHFXQFWDSDULWHUTXDPXLVGLXHUVDTXDPXLVLQQLWD FRPSOHFWLWXU…'LHVLVWDEHUQRFKQLFKWGLH$QWZRUWDXIGLH)UDJHZLHGLH UHUXP LXGLFLD LP :LVVHQ *RWWHV XQWHUVFKLHGHQ VLQG GK LQZLHIHUQ GLHVHV HLQ EHVWLPPWHV:LVVHQLVW%RHWKLXVVFKHLQWQ½POLFKDQ]XGHXWHQGDVV*RWWLQ  

%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eQDPVX SHULRUFRPSUHKHQGHQGLXLVDPSOHFWLWXULQIHULRUHPe…  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S  2EHUWHOOR”3URFOXV$PPRQLXVDQG%RHWKLXVRQ'LYLQH.QRZOHGJH…6VDJW”'L





$QGUHDV%½FKOL

GHPHLQHQ %OLFN VHLQHV *HLVWHV QLFKW QXU DOOH w'LQJHk XPJUHL  VRQGHUQ DXFK DOOH0RGLGHV(UNHQQHQVGLHVLFKPLW%H]XJDXIGLH]HLWJHEXQGHQHUDWLRKXPD QDDOVYHUVFKLHGHQHIDFXOWDWHVFRJQRVFHQGLXQWHUVFKHLGHQODVVHQ6RZHQLJZLHLP PHQVFKOLFKHQ (UNHQQHQ GLH 8UWHLOH LXGLFLD  GHU YHUVFKLHGHQHQ (UNHQQWQLV YHUPÏJHQ GXUFKHLQDQGHUJHUDWHQ VR ZHQLJ ZHUGHQ LP JÏWWOLFKHQ (UNHQQHQ GLHLXGLFLDUHUXPGXUFKHLQDQGHUJHEUDFKW%RHWKLXVPDFKWDOVRJHOWHQGGDVVGLH %HVWLPPWKHLWGHVJÏWWOLFKHQ:LVVHQVYHUNQÕS LVWPLWGHP%HJULGHUFRPSUH KHQVLR'LHVHU*HGDQNHJHKWYLHOOHLFKW]XUÕFNDXI3URNORVn'HQLWLRQGHV*H QDXHQWsÎNULEjZ LQVHLQHP.RPPHQWDU]XGHU6WHOOHGHV3ODWRQLVFKHQ'LD ORJV3DUPHQLGHVZRGLHSDUDGR[H%HKDXSWXQJHUZRJHQZLUGGDVVGDV:LV VHQ*RWWHVDOVGDV”JHQDXHVWH:LVVHQ…ÎNULEHVWeWK?SLVW`PK YRQGHU:HOW GHU0HQVFKHQQLFKWVZHLVV1DFK3URNORVLVWGDV*HQDXHGDVZDV”DOOHVXP IDVVWXQGQLFKWVDXVVHUVLFKO½VVW…'LH([SOLNDWLRQGLHVHU9HUNQÕSIXQJYRQ FHUWLWXGRXQGFRPSUHKHQVLRLVWVRZHLWLFKVHKHGDV:HUNGHV%RHWKLXV 



 $XVJDQJVSXQNWGLHVHU8QWHUVXFKXQJZDU%RHWKLXVn$XIIDVVXQJGDVVPDQYRP :LVVHQ *RWWHV QXU HWZDV EHJUHLIHQ NDQQ ZHQQ PDQ GHQ 6WDWXV VHLQHU 6XE VWDQ]ULFKWLJHLQVFK½W]W:LHLVWDEHU%RHWKLXVn%HJULGHUJÏWWOLFKHQ6XEVWDQ] VHOEVW HLQ]XVFK½W]HQ E]Z KLVWRULVFK HLQ]XRUGQHQ" ,P HUVWHQ $EVFKQLWW KDEH LFK]X]HLJHQYHUVXFKWGDVVGHU%HJULGHV%HVLW]HVGHULQ%RHWKLXVn'HQL WLRQGHU(ZLJNHLWYRUNRPPWGHQ*HGDQNHQHLQHU%HJUHQ]XQJRGHU%HVWLP PXQJGHV%HVHVVHQHQLQYROYLHUW'LHVLVWQDFKGHUQHXSODWRQLVFKHQ+\SRVWD  YLQHNQRZOHGJHLVQHFHVVDU\DQGGHWHUPLQDWHRUEHWWHUGHWHUPLQDWLYH LQVRIDUDVLWEH VWRZVEHLQJRQDOOWKDWH[LVWV…,ELG6KHL¸WHV”WKHUHLVQRGLHUHQFHEHWZHHQ WKHFRJQLWLYHDQGWKHSURGXFWLYHRUFUHDWLYHFDSDFLW\RI'LYLQLW\…'LHVLVWVLFKHUULFKWLJ WU½JW DEHU GHU HSLVWHPLVFKHQ .RQQRWDWLRQ GHU %HVWLPPWKHLW QLFKW 5HFKQXQJ GLH LP =HQWUXPYRQ%RHWKLXVn$UJXPHQWDWLRQVWHKW  9JO3ODWRQ3DUPEH  3URFOXV&RPPHQWDULXP LQ3ODWRQLV3DUPHQLGHP HG9&RXVLQ 2SHUDLQHGLWD3DULV UHSU )UDQNIXUW D 0   6S   ”WRxWR JeU?VWLQ ÎNULEkZ Ws?PSHULODP EeQRQSeQWDNDnPKGkQMY»DXWRxNDWDOLPSeQRQ…  'LH 9RUVWXIH YRQ %RHWKLXVn ([SOLNDWLRQ LVW ZRKO 3URFOXV 'HFHP GXELWDWLRQHV ,  S ”eXWVXEVLVWLWXQXPTXRGTXHwVHFXQGXPXQXPVLFHWFRJQRVFLW>VFLOGLH3URY L GHQ]@XQXPTXRGTXHkVHFXQGXPXQXPHWQHTXHGLYLVDHVWFRJQLWLVFRJQ LWLRQHTXHFRQ IXVDVXQWFRJQLWDSURSWHUXQDPXQLRQHPFRJQLWLRQLV8QDDXWHPH[LVWHQVRPQHPTXL GHP LQQLWDWHP FRJQRVFLELOLXP FRPSUHKHQGLW RPQL DXWHP HD TXH LQ LSVLV XQLRQH VXSHUXQLWD HVW… (LQH DQJHPHVVHQH (UÏUWHUXQJ GHV %HJULV GHU FHUWLWXGR HUIRUGHUWH HLQH $XVHLQDQGHUVHW]XQJ PLW GHQ DQWLNHQ .RPPHQWDUHQ HLQVFKOLHVVOLFK GHP GHV %RHWKLXV  ]X$ULVWRWHOHVn'HLQWZRGLHVHUGLH$XDVVXQJYHUWULWWGDVV$XVVDJHQÕEHU]XNÕQ LJH NRQWLQJHQWH6DFKYHUKDOWHQLFKWZDKURGHUIDOVFKVLQG





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

VHQ/HKUHGLH)XQNWLRQGHV*HLVWHVXQGQLFKWGHVKÏFKVWHQ3ULQ]LSVGHV(L QHQ GDV ÕEHU GHP *HLVW VWHKW ,P ]ZHLWHQ $EVFKQLWW ZXUGH GLH /ÏVXQJ GHV 3URYLGHQ]3UREOHPVEHWUDFKWHWGHUJHP½VVNRQWLQJHQWH(UHLJQLVVHLKUHU1D WXU QDFK NRQWLQJHQW PLW %H]XJ DXI GLH 3URYLGHQ] *RWWHV MHGRFK QRWZHQGLJ VLQG +LHU JLQJ HV XP GDV 3UREOHP GHU w1RWZHQGLJNHLWk GHV .RQWLQJHQWHQ GHP QXU GXUFKGLH$QQDKPHHLQHV UDGLNDOHQ8QWHUVFKLHGHV ]ZLVFKHQ JÏWWOL FKHPXQGPHQVFKOLFKHP:LVVHQ]XHQWNRPPHQLVW'DPLWVWHOOWHVLFKIÕUGHQ GULWWHQ$EVFKQLWWGLH)UDJHZLHGLHPHQVFKOLFKH9HUQXQ HWZDVYRPJÏWWOL FKHQ:LVVHQEHJUHLIHQNÏQQH'LH$QWZRUWO½X GDUDXIKLQDXVGDVV%RHWKLXV *RWWHV %HJUHLIHQ FRPSUHKHQVLR  GHU PHQVFKOLFKHQ 9HUQXQ  DQ LKUHQ HLJHQHQ (UNHQQWQLVYHUPÏJHQEHJUHLLFKPDFKHQZLOOYRQGHQHQGLHREHUHQGLHXQWH UHQwXPJUHLIHQk,QGHUVHOEHQ:HLVHwXPJUHL k*RWWDOOH'LQJHRKQHLKUHGL VWLQNWHQ0HUNPDOHGXUFKHLQDQGHU]XEULQJHQ'DPLWLVWDQVDW]ZHLVHHLQH$QW ZRUWDXIGLHLPHUVWHQ$EVFKQLWWDXIJHZRUIHQH)UDJHJHJHEHQLQZLHIHUQGHU w%HVLW] XQEHJUHQ]EDUHQ /HEHQVk HLQH %HJUHQ]XQJ RGHU %HVWLPPXQJ GHV %H VHVVHQHQLQYROYLHUW     $EVWUDFW 

%RHWKLXVnDWWHPSWWRFODULI\WKHQRWLRQRIGLYLQHSURYLGHQFHLQWKH 3KLORVRSKLDHFRQVRODWLRLV EDVHG RQ WKH FRQFHSWLRQ RI GLYLQH VXEVWDQFH DV wHWHUQLW\k &RQFHUQLQJ KLV GLVWLQFWLRQ EH WZHHQwSURYLGHQFHkDQGwIDWHkWKLVHVVD\UHFRQVLGHUVDQGPRGLHVWKHYLHZRIVRPHPRGHUQ UHDGHUVDFFRUGLQJWRZKLFK%RHWKLXVnVDFFRXQWHQWLUHO\GHSHQGVRQ3URFOXV7KHIDFWWKDW %RHWKLXVDVVRFLDWHVWKHQRWLRQRIWKH2QHRUWKHVXSUHPH*RRGZLWKWKHQRWLRQRIHWHUQLW\ VXJJHVWV D UDWKHU IUHH XVH RI 3URFOXVnV LGHDV $OWKRXJK WKH VROXWLRQ RI WKH SUREOHP RI WKH wQHFHVVLW\kRIIXWXUHFRQWLQJHQWHYHQWVKHSURSRVHVLVQRWQHZZKDWKHKDVWRVD\RQGLYLQH wFRPSUHKHQVLRQkGRHVQRWVHHPWRFRQVLVWPHUHO\LQDSUHVHQWDWLRQRIYLHZVRIKLV1HRSOD WRQLFSUHGHFHVVRUV 





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP

   

*5$=,(//$ )('(5,&, 9(6&29,1,

/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9 1XRYLDSSURFFL 

    $OOD IRUWXQD R DOOD VIRUWXQD GHOOD VWRULRJUDD ORVRFD GHO 0HGLRHYR PROWR KDQQR FRQWULEXLWR DOFXQL IDWWRUL FKH SRWHYDQR DSSDULUH HOHPHQWL SRVLWLYL DG HVHPSLRODULQDVFLWDGHJOLVWXGLQHRWRPLVWL&RPHKDQQRDYXWRPRGRGLRVVHU YDUHDOFXQLVWXGLRVL$QGUÂGH0XUDOWHDOWUL ODULQDVFLWDGHOQHRWRPLVPRVH FRQFHQWUË OnDWWHQ]LRQH VXOOD ORVRD PHGLHYDOH QHOOR VWHVVR WHPSR DFFUHGLWË OnLGHDFKHWXWWDODORVRDPHGLHYDOHFRLQFLGHVVHFRQODORVRDGLVDQ7RP PDVRPHQWUHLQYHFHVDSSLDPRFKHVWRULFDPHQWHTXHVWRQRQDFFDGGH IHFHUL WHQHUH FKH HVVD IRVVH LQWHUDPHQWH XQD WHRORJLD R WXWWD WHRORJL]]DQWH /nLQWHU SUHWD]LRQHGHOODORVRDPHGLHYDOHFRPHORVRDVFRODVWLFDLQROWUHLQFHQWUD WDVXOWHPDGHOUDSSRUWRDFFRUGRRGLVDFFRUGR WUDIHGHHUDJLRQHYHULW¹ULYH ODWDHORVRDGL$ULVWRWHOHGLVFXVVRQHOODVHGHLVWLWX]LRQDOHGHOOD6FXRODGLODWË TXHVWDWHPDWLFDQRDGDVVRUELUHWXWWLJOLDOWULDPELWLGHOOHULFHUFKHGHLORVR PHGLHYDOL FKH SXU VL HEEHUR LQ GLYHUVL VHWWRUL ,QQH OnLQWHUSUHWD]LRQH GHOOD ORVRDPHGLHYDOHSUHVHQWDWDGDOODVWRULRJUDDORVRFDGL+HJHOFRPHORVR D FULVWLDQD VH SRUWË SLÒ R PHQR GLUHWWDPHQWH XQR VWXGLRVR FRPH (WLHQQH *LOVRQDVRVWHQHUHFKHQRQVRORWXWWDODORVRDPHGLHYDOHHUDORVRDFULVWLD QDEHQVÅOnLQWHUDVWRULDGHOODORVRDRFFLGHQWDOHWUDVFXUËWXWWLTXHJOLDVSHWWL GHOSHQVLHURPHGLHYDOHFKHHUDQRLOULVXOWDWRGHOOnLQFRQWURGHOODORVRDFRQOH UHOLJLRQL GLYHUVH VLD OD PXVXOPDQD FKH OnHEUDLFD $ OLYHOOR LVWLWX]LRQDOH SRL YHQQHUR SULYLOHJLDWL JOL LQVHJQDPHQWL H OH GRWWULQH GHOOH )DFROW¹ GL 7HRORJLD WHQHQGRDLPDUJLQLVHQRQWUDVFXUDWHOHRSHUHGHLPDHVWULGHOOH)DFROW¹GLLQ VHJQDPHQWR PRQGDQR FRPH OH )DFROW¹ GHOOH $UWL )LORVRD H 0HGLFLQD $W 

 4XHVWDULFKHUFDÁVWDWDQDQ]LDWDFRQLIRQGLHGHO0,85  $GH0XUDOW/nHQMHXGHODSKLORVRSKLHPÂGLÂYDOH¢WXGHVWKRPLVWHVVFRWLVWHVRFFDPLHQQHVHWJUÂ JRULHQQHV/HLGD S   ¢%UÂKLHU”HG * &DQ]LDQL H *3DJDQLQL )LUHQ]H @  LG (WLFD H UHOLJLRQH QHOOD FULWLFD OLEHUWLQD 1DSROL   3HU OnDVSHWWR wPRQGDQRk ELRORJLFR R VLFR GHOOD ORVRD GL %LDJLR 3HODFDQL GD 3DUPD PL VL SHUPHWWDGLULQYLDUHDOPLRODYRUR$VWURORJLDHVFLHQ]DFILQSDUWLFRODUH*)HGHULFL9HV FRYLQL ”,O SUREOHPD GHOOnDWHLVPR GL %LDJLR 3HODFDQL GD 3DUPD GRFWRU GLDEROLFXV… LQ )1LHZÏKQHUH23OXWDHG $WKHLVPXVLP0LWWHODOWHUXQGLQGHU5HQDLVVDQFH:LHVEDGHQ  S6X3LHWURGn$EDQRHODQHJD]LRQHGHOOnHVLVWHQ]DGHLGHPRQLFIODPLD QXRYDLQWURGX]LRQHDOOD DHGL]LRQHGL3HWUXVGH$EDQR 7UDWWDWLGL$VWURQRPLD/XFLGDWRU GXELWDELOLXPDVWURQRPLDH'HPRWXRFWDYDHVSKDHUDHHDOWUHRSHUH3DGRYD    * )HGHULFL 9HVFRYLQL ”,O SHQVLHUR VFLHQWLFR GHO 0HGLRHYR H OnHPHUJHUH GHOOH VFLHQ]H DUDEH…LQ3DUDGLJPL5LYLVWDGLFULWLFDORVRFD S





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

JOL VWXGL VX TXHVWH GLVFLSOLQH wULVFRSHUWHk LQVLHPH D TXHOOR GHO TXDGUR LVWLWX ]LRQDOH H DOOD YLWD LQWHOOHWWXDOH FKH OH DOLPHQWË OR VWUDRUGLQDULR UHSHULPHQWR GHOOHIRQWLFDWDORJDWHSHUVHWWRULORVWXGLRGHLOHVVLFLHGHLYRFDERODULLQSDUWL FRODUHXQDYHUDDWWHQ]LRQHDOSUREOHPDGHOODOHVVLFRORJLD6LÁRVVHUYDWRLQIDWWL FKHVHVLFRQVLGHUDQRLOLEULUHGDWWLVRSUDWWXWWRQHOFDPSRGHOOHVFLHQ]HHGHOOD ORVRD GL TXHVWR SHULRGR VHQ]D DYHUQH XQD TXDOFKH FRQRVFHQ]D WHUPLQROR JLFD VL ULVFKLD FRPH Á JL¹ VXFFHVVR GL WURYDUVL GL IURQWH D WHVWL LQFRPSUHQ VLELOL3HUWDQWRDEELDPRDYXWRXQnDWWHQ]LRQHSDUWLFRODUHGDSDUWHGHJOLVWXGL GLTXHVWLXOWLPLDQQLDLOHVVLFLGHLJUDQGLWUDGXWWRULHDLSUREOHPLGHOODWUDVPLV VLRQH GHL ORUR WHVWL LQ WUDGX]LRQL GDOOnDUDER GL *HUDUGR GD &UHPRQD GL (U PDQQRGL&DULQ]LDGL*LRYDQQLGL6LYLJOLDGL$GHODUGRGL%DWKHGLDOWUL RGDO JUHFR GL 5REHUWR *URVVDWHVWD GL 5XJJHUR %DFRQH GL 3LHWUR Gn$EDQR  WUD L PDJJLRULRGDOOnHEUDLFR$EUDPR6DYRVDUGDH$EUDPR,EQ(]UD $WXWWRFLË KDGDWRLPSXOVRDQFKHOnLQL]LDWLYDGLXQDULFRVWUX]LRQHGHOODWLSRORJLDGHLJH QHULOHWWHUDULQHOOHIRQWLWHRORJLFKHORVRFKHPHGLFKHGDSDUWHGL/ÂRSROG *HQLFRWFKHD/RYDQLRRUJDQL]]ËXQD7DEOH5RQGHVXLJHQHULOHWWHUDULQHO0H GLRHYRFKHXVFÅQHOYROXPH/HVJHQUHVOLWWÂUDLUHV  ,  /nDWWHQ]LRQHGHJOLVWXGLGLTXHVWLXOWLPLDQQLVXOODORVRDPHGLHYDOHGHOODVH FRQGDPHW¹GHOVHFROR;,,,VLÁGLQXRYRFRQFHQWUDWDVXJOLDVSHWWLGHOODSHQH WUD]LRQH GHOOD ORVRD GL $ULVWRWHOH QHL JUDQGL FHQWUL XQLYHUVLWDUL H LQ SDUWL FRODUHVXOFDUDWWHUHGHOOHFRQGDQQHGHOVRSUDWWXWWRDQFKHLQUHOD ]LRQHDTXHOOHSDULJLQHGHO6HFRQGRQXPHURVHULFHUFKHUHFHQWLÁDSSDUVR GDSLÒSDUWLFKHXQDVWRULDGHOODORVRDPHGLHYDOHGHOVHFROR;,,,SRWHVVHPH JOLRFRPSUHQGHUVLQHLVXRLULVYROWLPROWHSOLFLDWWUDYHUVRXQDULFRVWUX]LRQHGHL GRFXPHQWLGHOOHFRQGDQQHGHOODORURFRQVHUYD]LRQHHGHOODORURGLVVHPLQD]LR QHHFLËWUDOnDOWURSHUVWDELOLUHLOFDUDWWHUHDXWRULWDULRGRJPDWLFRRPHQRGL TXHVWHFRQGDQQH3DUWLFRODUPHQWHLQVRGGLVIDFHQWLHUDQRRUPDLVHPEUDWHOHLQ WHUSUHWD]LRQL FKH HUDQR VWDWH GDWH VLD GDO *LOVRQ FKHGD 3LHUUH 'XKHP GHOOH FRQGDQQHGHOVRVWDQ]LDOPHQWHSRVLWLYHSHUODQDVFLWDGHOODORVRDHGHOOD VFLHQ]D PRGHUQD QHOOH ORUR FRQVHJXHQ]H GRWWULQDOL 4XHVWnXOWLPD SRVL]LRQH 



 &IODFROOH]LRQHw&LYLFLPDkRVVLDw&RPLWÂLQWHUQDWLRQDOGXYRFDEXODLUHGHV,QVWLWXWLRQV HWGHOD&RPPXQLFDWLRQLQWHOOHFWXHOOHDX0R\HQ›JHkGLFXLWUDJOLDOWULVLULFRUGDLOYR OXPH9,,'-DFTXDUWHG /DIRUPDWLRQGXYRFDEXODLUHVFLHQWLTXHHWLQWHOOHFWXHOGDQVOHPRQGH DUDEH7XUQKRXW S   &I/HVJHQUHVOLWWÂUDLUHVGDQVOHVVRXUFHVWKÂRORJLTXHVHWSKLORVRSKLTXHVPÂGLÂYDOHV'ÂILQLWLRQFULWL TXHHWH[SORLWDWLRQ$FWHVGX&ROORTXH,QWHUQDWLRQDOGH/RXYDLQOD1HXYHPDL/R YDQLROD1XRYD S   ( *LOVRQ /D ORVRD QHO 0HGLRHYR GDOOH RULJLQL SDWULVWLFKH DOOD QH GHO ;,9 VHFROR WUDG GL





*UD]LHOOD)HGHULFL9HVFRYLQL

IXDVVDLFULWLFDWDGD$OHVVDQGUR.R\UÂVHEEHQHHVVDVLDDQFRUDDFFHWWDWDFRQ TXDOFKHVIXPDWXUDGDVWXGLRVLDQJORVDVVRQLFRPH(GZDUG*UDQWDQFKHQHOVXR XOWLPRODYRURGHGLFDWRDOODFRVPRORJLDGDLVHFROL;,,,DO;9,,  $YHYDVRVWHQXWR'XKHP”6nLOQRXVIDXWDVVLJQHUXQHGDWH¹ODQDLVVDQFHGH ODVFLHQFHPRGHUQHQRXVFKRLVLULRQVVDQVGRXWHFHWWHGDWHGHRÒOn(Yà TXHGH3DULVSURFODPDVROHQQHOOHPHQWTXnLOSRXYDLWH[LVWHUSOXVLHXUVPRQGHVHW TXHOnHQVHPEOHGHVVSKÁUHVFÂOHVWHVSRXYDLWVDQVFRQWUDGLFWLRQÃWUHDQLPÂGnXQ PRXYHPHQWUHFWLOLJQH…HDYHYDFRPPHQWDWRLO.R\U”$VVHUWLRQFXULHXVHTXL PHW ¹ OnRULJLQH GH OD VFLHQFH PRGHUQH OD SURFODPDWLRQ SDU On(YÃTXH GH GHX[ DEVXUGLWÂV…$QFKH*LOVRQHEEHEHQUDJLRQHDVRWWROLQHDUHFKHLO9HVFRYRQRQ VLSUHRFFXSDYDGHOOHVFLHQ]HPDVHPSOLFHPHQWHGLTXHVWLRQLWHRORJLFKH2UDL ODYRULGLTXHVWLXOWLPLDQQLGDJOLVWXGLGL5RODQG+LVVHWWHGDTXHOOLSDUWLFR ODUPHQWHSUHFLVLVXOSLDQRGRFXPHQWDULRHVWRULFR GL:LOOLDP&RXUWHQD\GL -RKDQQHV00+7KaVVHQGL-RKQ):LSSHOGL/XFD%LDQFKLHVRSUDWWXW WRGL$ODLQGH/LEHUDKDQQRFHUFDWRGLVWDELOLUHSULPDGLWXWWRLOFDUDWWHUHLVWL WX]LRQDOH R PHQR GL TXHVWH FRQGDQQH VH IXURQR R QRQ IXURQR YHUH FHQVXUH DXWRULWDULHVHQRQIXURQRLQYHFHOnHVHPSLRGLXQFRQLWWRGLSRWHULDOOnLQWHUQR GL RULHQWDPHQWL WHRORJLFL GLYHUVL QRQ DQFRUD FRQVROLGDWL VH IX XQD ORWWD WUD ORVRHWHRORJLVHIXURQRFRHUHQWLRVFRQFOXVLRQDWH4XHVWRVHQ]DGXEELRÁ VWDWRXQRGHJOLDUJRPHQWLJHQHUDOLWUDWWDWRQHOOnXOWLPR&RQYHJQR,QWHUQD]LR QDOHGLORVRDPHGLHYDOHGL(UIXUWWHQXWRVLQHOVHWWHPEUH  5RODQG+LVVHWWHQHOODVXD(QTXÃWHVXUOHVDUWLFOHVFRQGDPQÂV¹3DULVDYHYD VRVWHQXWRFKHTXHVWHFRQGDQQHHUDQRLQFRHUHQWLVXSHUFLDOLHGDSSURVVLPDWL 

0$GHO7RUUH)LUHQ]H S3'XKHP/HV\VWÁPHGXPRQGH3DULJL  YROSYROS   $.R\U”/HYLGHHWOnHVSDFHLQQLDX;,9HVLÁFOH…LQ$UFKLYHVGn+LVWRLUH'RFWULQDOHHW/LW WÂUDLUHGX0R\HQ›JH SULVWDPSDWRLQLG (WXGHVGn+LVWRLUHGHOD3HQVÂH 3KLORVRSKLTXH3DULJL SVLYHGDDQFKHLOPLRVWXGLR”.R\UÂHODVFLHQ]DPH GLHYDOH…LQ&9LQWLHG $OH[DQGUH.R\UÂOnDYYHQWXUDLQWHOOHWWXDOH5RPD S    ( *UDQW HG  3ODQHWV 6WDUV DQG 2UEV 7KH 0HGLHYDO &RVPRV  &DPEULGJH  LQSDUWLFRODUHLG”7KHFRQGHPQDWLRQRI*RGnV$EVROXWH3RZHUDQG3K\VL FDO7KRXJKWLQWKH/DWH0LGGOH$JHV…LQ9LDWRU S6XFLËLQSDUWL FRODUH - ( 0XUGRFK ”3LHUUH 'XKHP DQG WKH +LVWRU\ RI /DWH 0HGLHYDO 6FLHQFH DQG 3KLORVRSK\LQWKH/DWLQ:HVW…LQ5,PEDFKH$0DLHUÒHG *OLVWXGLGLORVRDPHGLH YDOHWUD2WWRH1RYHFHQWR5RPD S   -$$HUWVHQH$6SHHUHG :DVLVW3KLORVRSKLHLP0LWWHODOWHU"4XnHVWFHTXHODSKLORVRSKLH DX0R\HQ›JH":KDWLV3KLORVRSK\LQWKH0LGGOH$JHV"$NWHQGHV;,QWHUQDWLRQDOHQ.RQJUHVVHV IÕUPLWWHODOWHUOLFKH3KLORVRSKLHGHU6RFLÂWÂ,QWHUQDWLRQDOHSRXUOn¢WXGHGHOD3KLORVRSKLH0ÂGLÂYDOH $XJXVWLQ(UIXUW%HUOLQRr1HZHG@7KH5HQDLVVDQFH3KLORVRSK\RI0DQ3HWUDUFD9DO OD)LFLQR3LFR3RPSRQD]]L9LYHV6HOHFWLRQVLQ7UDQVODWLRQ&KLFDJR F;,9S )RUWKH/DWLQWH[WVHH3HWUXV3RPSRQDWLXV7UDFWDWXVGHLPPRUWDOLWDWHDQLPDHLQ3LHWUR 3RPSRQD]]L $EKDQGOXQJ ÕEHU GLH 8QVWHUEOLFKNHLW GHU 6HHOH ÕEHUV XQG PLW HLQHU (LQO KUVJ YRQ %0RMVLVFK ODWGW +DPEXUJ   F ;,9 S FI 3LHWUR 3RPSRQD]]L 7UDFWDWXV GH LPPRUWDOLWDWH DQLPDH HG DQG WUDQVO LQWR ,WDOLDQ E\ *0RUUD %RORJQD   SVHHFULWLFLVPRQ VRPHSDVVDJHVRILWIRUPXODWHGE\%1DUGL”'LXQDQXRYD HGL]LRQHGHOw'HLPPRUWDOLWDWHDQLPDHkGHO3RPSRQD]]L…LQ5DVVHJQDGLORVRD  S  , ZLOO UHIHU WR WKH HGLWLRQ RI % 0RMVLVFK LWV QRWHV SURYLGH WKH EDVLV IRU WKH FRPPHQWDU\ JLYHQ E\ 9 3HUURQH &RPSDJQL )LUHQ]H   LQ KHU ,WDOLDQ WUDQVODWLRQ ZKLFKIROORZV1DUGLVXJJHVWLRQVIRUWKHWH[WDQG3RPSRQD]]LnVHUUDWDFRUULJHRI, DP KRZHYHU XQKDSS\ ZLWK LWV LQWURGXFWLRQ DQG FRPPHQWDU\ ZKLFK GRHV QRW GHDO ZLWK 3RPSRQD]]LnV UVW TXHVWLRQV RQ WKH VRXO QRU ZLWK FRQWHPSRUDU\ ,WDOLDQ $ULVWRWHOLDQV



3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

3RPSRQD]]L FRQFOXGHV WKDW DFFRUGLQJ WR $OH[DQGHU RI $SKURGLVLDn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n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nV7UDFWDWXV ZKLFKDUHHVVHQWLDOIRUWKHWUHDWLVHLWVHOI   7KLVZDVDOUHDG\QRWLFHGE\%XVVRQLQKLVLQWURGXFWLRQWR3RPSRQD]]L/HVFDXVHVS 6HHDOVR3RPSRQD]]LnVXQSXEOLVKHGODWHUZRUN4XDHVWLRGHDOFKLPLDLQ3=DPEHOOL”3RP SRQD]]LVXOOnDOFKLPLDGD(UPHWHD3DUDFHOVR"…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…   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWD OLWDWHDQLPDHHG0RMVLVFK F;,9S





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

RQO\WRWKRVHZKRKDYHDYLUWXRXVQDWXUHDQGDVZHKDYHVHHQWKHVHDUHDYHU\ VPDOOPLQRULW\ ”:KHQFH LW KDV EHHQ QHFHVVVDU\ WR SURFHHG E\ RWKHU GHYLFHV 1RU LV WKLV XQWWLQJ VLQFHKXPDQQDWXUHLVDOPRVWHQWLUHO\LPPHUVHGLQPDWWHUDQGSDUWLFLSDWHVYHU\OLWWOH LQ LQWHOOHFW ZKHQFH PDQ LV IDUWKHU IURP WKH ,QWHOOLJHQFHV WKDQ D VLFN PDQ IURP D KHDOWK\RQHDER\IURPDPDQDQGDIRROIURPDZLVHPDQ…

7KHUHIRUH ZH VKRXOG QRW EH VXUSULVHG LI WKH SROLWLFLDQ KDV HPSOR\HG WKHVH PHDQV,ZRXOGOLNHDWWKLVSRLQWVLPSO\WRXQGHUOLQHDQRWKHUDVSHFWRI3RP SRQD]]LnV GHQLWLRQ RI WKH PLFURFRVP +HUH .ULVWHOOHU GHVHUYHV UHFRJQLWLRQ EHFDXVHDVHDUO\DVLQDQDQWKRORJ\GHGLFDWHGWRWKHSODFHRIPDQLQWKH XQLYHUVHDQGSXEOLVKHGZLWK(UQVW&DVVLUHUDQG-RKQ+5DQGDOOKHKDGQRWHG WKDW WKH $ULVWRWHOLDQ 3RPSRQD]]L ZDV YHU\ XSWRGDWH RQ GLVFXVVLRQV DERXW WKHPLFURFRVPKHOGDPRQJWKH)ORUHQWLQH3ODWRQLVWV,QWKHYHU\UVWFKDS WHU RI 'H LPPRUWDOLWDWH WKHUH DUH SDJHV ZKLFK UHFDOO 3LFRnV 2UDWLR GH GLJQLWDWH KRPLQLV ”1RZ,KROGWKDWWKHEHJLQQLQJRIRXUFRQVLGHUDWLRQVKRXOGEHPDGHDWWKLVSRLQW 0DQLVFOHDUO\QRWRIVLPSOHEXWRIPXOWLSOHQRWRIFHUWDLQEXWRIDPELJXRXVDQFLSL WLV  QDWXUH DQG KH LV WR EH SODFHG DV D PHDQ EHWZHHQ PRUWDO DQG LPPRUWDO WKLQJV 7KLVLVSODLQWRVHHLIZHH[DPLQHKLVHVVHQWLDORSHUDWLRQVDVLWLVIURPVXFKRSHUD WLRQVWKDWHVVHQFHVDUHPDGHNQRZQ)RULQSHUIRUPLQJWKHIXQFWLRQVRIWKHYHJHWD

 

 3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S   .ULVWHOOHU DQG 5DQGDOO ”*HQHUDO ,QWURGXFWLRQ… LQ 7KH 5HQDLVVDQFH 3KLORVRSK\ RI 0DQ S”(YHQWKHIRUPRIKLVZULWLQJVUHYHDOVZKDWKH>3RPSRQD]]L@KDVDEVRUEHGIURP WKH+XPDQLVWVDQGWKH3ODWRQLVWV+HHPSOR\VWKHWUHDWLVHQRWWKHFRPPHQWDU\RQ$ULV WRWOH7RWKH3ODWRQLVWVKHRZHVKLVTXRWDWLRQVIURP3ODWRnVGLDORJXHVDQGIURPRWKHUDQ FLHQWSKLORVRSKHUVDQGSUREDEO\KLVFRQFHSWLRQRIPDQDVWKHPHDQEHWZHHQHDUWKDQG KHDYHQ+HTXRWHVIURP3LFRDQGLQKLV $SRORJLDJLYHVDQDFXWHFULWLTXHRI)LFLQRnVDU JXPHQWIRULPPRUWDOLW\EDVHGRQWKHDSSHWLWXVQDWXUDOLV…&IZKDWZDVZULWWHQSUHYLRXVO\ E\%XVVRQ/HVFDXVHVSVHHDOVR$&RUVDQR”,O3RPSRQD]]LQHOODVWRULDUHOLJLRVDGHO 5LQDVFLPHQWR…LQ1XRYDULYLVWDVWRULFD;,; SWRSURYH ”FRQFKHVHULHW¹ 3RPSRQD]]L PHGLWDVVH OD GRWWULQD GHO )LFLQR EDVWD LO FKDS ;,,, GHO 'H LPPRUWDOLWDWH LQ FXLÁULFRUGDWRLOIRQGDPHQWDOHDUJRPHQWRFLQLDQRFKHVHOnXRPRIRVVHPRUWDOHODVXD FRQGL]LRQH VDUHEEH SHJJLRUH GL TXHOOD GL TXDOXQTXH EHVWLD… &I DOVR 1DUGL ”,O SUHWHVR GHVLGHULRQDWXUDOHGHOOnLPPRUWDOLW¹…LQLG 6WXGLVX3LHWUR3RPSRQD]]L)ORUHQFH  S'3:DONHU6SLULWXDODQG'HPRQLF0DJLFS”3RPSRQD]]LKDGUHDG)L FLQRDQGTXRWHVDORQJSDVVDJHIURPWKH7KHRORJLD3ODWRQLFDe6LQFHKRZHYHU3RPSR QD]]LnVWKHRULHVDUHLQVRPHUHVSHFWVFORVHWR)LFLQRnVDQH[DPLQDWLRQRIWKHPKHUHZLOO EHQRWLUUHOHYDQW…:DONHUGHDOVZLWK”YLVLPDJLQDWLYDWUDQVPLWWHGE\VSLULW…RQWKDWWKHPH VHH DOVR 3 =DPEHOOL ”/nLPPDJLQD]LRQH H LO VXR SRWHUH… LQ HDG /nDPELJXD QDWXUD GHOOD PDJLD9HQLFH S





3DROD=DPEHOOL

WLYHDQGRIWKHVHQVLWLYHVRXOZKLFKDVLVVDLGLQ'HDQLPD%RRNLLDQGLQ'HJHQHUD WLRQHDQLPDOLXP%RRNLLFKDSWHUFDQQRWEHSHUIRUPHGZLWKRXWDERGLO\DQGSHU LVKDEOH LQVWUXPHQW PDQ DVVXPHV PRUWDOLW\ +RZHYHU LQ NQRZLQJ DQG ZLOOLQJ e PDQLVWREHQXPEHUHGDPRQJWKHLPPRUWDOWKLQJV…

3RPSRQD]]LZDQWVWRHPSKDVL]HWKDW$ULVWRWOHnVIRUPXODWLRQVDUHQRWXQLYRFDO GHQLWLRQV ”+RZHYHULQNQRZLQJDQGZLOOLQJRSHUDWLRQVZKLFKWKURXJKRXWWKHZKROH'HDQL PDDQGLQ'HSDUWLEXVDQLPDOLXP%RRNLFKDSWHUDQGLQ'HJHQHUDWLRQHDQLPDOLXP ERRNLLFKDSWHUDUHKHOGWREHSHUIRUPHGZLWKRXWDQ\ERGLO\LQVWUXPHQWVLQFH WKH\SURYHVHSDUDELOLW\DQGLPPDWHULDOLW\DQGWKHVHLQWXUQSURYHLPPRUWDOLW\PDQ LVWREHQXPEHUHGDPRQJWKHLPPRUWDOWKLQJV)URPWKHVHIDFWVWKHZKROHFRQFOX VLRQFDQEHGUDZQWKDWPDQLVFOHDUO\QRWRIDVLPSOHQDWXUHVLQFHKHLQFOXGHVWKUHH VRXOV VR WR VSHDNr WKH YHJHWDWLYH WKH VHQVLWLYH DQG WKH LQWHOOHFWLYHr DQG WKDW KH FODLPVDWZRIROGQDWXUHIRUKLPVHOIVLQFHKHH[LVWVQHLWKHUXQTXDOLHGO\VLPSOLFLWHU  PRUWDOQRUXQTXDOLHGO\LPPRUWDOEXWHPEUDFHVERWKQDWXUHV_7KHUHIRUHWKHDQ FLHQWV VSRNH ZHOO ZKHQ WKH\ HVWDEOLVKHG PDQ EHWZHHQ HWHUQDO DQG WHPSRUDO WKLQJV IRUWKHUHDVRQWKDWKHLVQHLWKHUSXUHO\HWHUQDOQRUSXUHO\WHPSRUDOVLQFHKHSDUWDNHV RIERWKQDWXUHV…

7KLVREVHUYDWLRQRQWKHQDWXUHRIPDQLVWKHEDVLVRIDOOWKHK\SRWKHVHVZKLFK PDNH XS WKH 'H LPPRUWDOLWDWH %XW LW LV LQWHUHVWLQJ WRQG DW WKH HQG RI WKH ZRUNDPRUHLOOXVWUDWLYHGHQLWLRQRIWKHPLFURFRVPDFFRUGLQJWRWKHDERYH PHQWLRQHGPRUDOWKHRU\ZKLFKFORVHO\IROORZHGWKH6WRLFV ”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e…

 

 3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF,S3RPSRQDWLXV'HLPPRUWDOLWDWHDQL PDHHG0RMVLVFK F,S   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF,S3RPSRQDWLXV'HLPPRUWDOLWDWHDQL PDHHG0RMVLVFK F,S   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

 7KHLGHDRIWKHODGGHURIQDWXUHZDVGHDUWRWKH3ODWRQLFVFKRRORIWKH5HQ DLVVDQFH+HUH)LFLQRDQG3LFRFRXOGEHFLWHGDVZHOODVRXWVLGH,WDOLDQFLU FOHV SKLORVRSKHUV VXFK DV &KDUOHV GH %RYHOOHV DQG -XDQ /XLV 9LYHV 7KH PRWLIRIWKHFRQWLQXLW\RIWKHODGGHURIQDWXUHLVLQDQ\FDVHZHOONQRZQDQG ZLGHO\GLXVHG7KLVLVVXJJHVWHGHYHQLQ'LRQ\VLXVWKHSVHXGR$UHRSDJLWH LQ&KDSWHU9,,RI'HGLYLQLVQRPLQLEXVDWH[WZKLFKLQFLGHQWDOO\3RPSRQD]]L UHDGLQWKH/HIÁYUHGn(WDSOHVHGLWLRQ ”7KH %OHVVHG 'LRQ\VLXV e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…

7KLVLV+HUPHV7ULVPHJLVWXVnGHQLWLRQDQGWKHZRUGV3RPSRQD]]LHPSOR\V DVKHJRHVRQOHDYHOLWWOHGRXEWDVWRKLVXVHRI3LFRnV+HUPHWLFRUDWLR ”7KHUHIRUH VRPH KDYH VDLG WKDW PDQ LV D JUHDW PDUYHO VLQFH KH LVWKH ZKROH ZRUOG DQGFDQFKDQJHLQWRHYHU\QDWXUHVLQFHWRKLPLVJLYHQWKHSRZHUWRIROORZZKDW HYHUSURSHUW\RIWKLQJVKHPD\SUHIHU7KHUHIRUHWKHDQFLHQWVZHUHWHOOLQJWKHULJKW

 

 )LFLQR7KHRORJLDSODWRQLFD,S  &DUROXV%RYLOOXV/LEHUGHVDSLHQWHHG5.LEDQVN\ LQ(&DVVLUHU,QGLYLGXXPXQG.RV PRVLQGHU3KLORVRSKLHGHU5HQDLVVDQFH/HLS]LJr%HUOLQ SFILG,OOLEURGHO VDSLHQWHWUDQVOLQWR,WDOLDQDQGZLWKDQLQWURGE\(*DULQ7XULQ  LG/HOLYUHGX VDJHWH[WHHWLQWURGSDU30DJQDUG3DULV    -/9LYHV)DEXODGHKRPLQHLQ2SHUD%DVHO SFIWKH(QJOLVKWUDQVODWLRQLQ &DVVLUHU.ULVWHOOHUDQG5DQGDOOHGV 7KH5HQDLVVDQFH3KLORVRSK\RI0DQS   ,Q$UWKXU/RYHMR\nVZHOONQRZQERRN7KH*UHDW&KDLQRI%HLQJ&DPEULGJH0DVV  WKHFKDSWHUGHDOLQJZLWKWKH5HQDLVVDQFHGRHVQRWJRLQWRPXFKGHSWKRQWKHKLVWRU\RI WKLVLGHD   3RPSRQD]]L 2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRU WDOLWDWHDQLPDHHG0RMVLVFK F;,9S 





3DROD=DPEHOOL

IDEOHZKHQWKH\VDLGWKDWVRPHPHQKDGEHHQPDGHLQWRJRGVVRPHLQWROLRQVVRPH LQWR ZROYHV VRPH LQWR HDJOHV VRPH LQWRVK VRPH LQWR SODQWV VRPH LQWR VWRQHV DQGVRRQVLQFHVRPHPHQKDYHDWWDLQHGLQWHOOHFWVRPHVHQVHVRPHWKHSRZHUVRI WKHYHJHWDWLYHVRXODQGVRRQ… 

,W VHHPV WR PH WKDW RQH FDQQRW GHQ\ WKDW LQ WKHVH SDVVDJHV RI 3RPSRQD]]LnV ZRUN WKHUH LVHYLGHQFHRI D YHU\ DWWHQWLYHUHDGLQJ DQG FRQVLGHUDWLRQ RI *LR YDQQL 3LFRnV 2UDWLR DQG KLV LGHD RI WKH PLFURFRVP , ZLOO QRW DQDO\]H WKHVH WKHPHVLQWKHWZRWUHDWLVHVRIDOWKRXJKLWZRXOGEHSRVVLEOHWRGHPRQ VWUDWH WKDW HVSHFLDOO\ LQ'H IDWR WKLV YHLQ WKLV LQWHUSUHWDWLRQ RI WKH G\QDPLF PLFURFRVP ERUURZHG IURP 3LFR LV VRPHKRZ PRGLHG 7KH HSLORJXH RI 'H IDWR LV PXFK PRUH 6WRLF DQG SHVVLPLVWLF DQG ZRXOG QRW DGPLW D WRQH RI WKLV NLQG +RZHYHU WKHVH DUH VXEWOH GLHUHQFHV ZLWKLQ WKH VDPH SRVLWLRQ LQ'H IDWR3RPSRQD]]LZULWHV ”*LYHQWKDWXQGHUWKHVSKHUHRIWKHPRRQDOOWKLQJVWHQGWRZDUGGHDWKHYHU\WKLQJLV IHWLGDQGLQFOLQHGWRURW$VLQGHHGLQOLYLQJEHLQJVVRPHSDUWVDUHQHFHVVDULO\QREOH DQGRWKHUSDUWVYLOHVRWRRWKHZRUOGLVRQHOLYLQJEHLQJDQGWKHUHPXVWDOVREHQHF HVVDULO\WKRVHWHUUHVWULDOIHWLGURWWLQJSDUWV…

 

 3RPSRQD]]L 2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S&I3LHWUR3RPSRQD]]L([SRVLWLRVXSHUOLEURVGHSDU WLEXVDQLPDOLXP0V3DULVODWIROYHG*UDLLQ”$VSHWWL…S ”3RWHVW HQLPKRPRWUDQVPXWDULHWHULEHVWLDODSLVHWKXLXVPRGLVHGQRQTXRDGVXEVWDQWLDPVHG TXRDGPRUHVHWRSHUDWLRQHVXWYHUELJUDWLDTXLDVLKRPRHVWUDSD[HWPDOLJQXVHWOX SXVVLKRPRYHURHULWLQHUVH"FLHWXUWHUUDHWODSLVHWKRFPRGRGHEHWLQWHOOLJLTXDQGR GLFLPXVTXRGwKRPRWUDQVJXUDWXULQGHXPHWEHVWLDVHWXWUXPTXHIDFHUHHVWLQSRWHVWD WHKRPLQLVk…7KLVSDVVDJHFHUWDLQO\UHIHUVWR3LFRnV2UDWLRGHGLJQLWDWHKRPLQLVDQGDLPVWR DGMXVWKLVGHQLWLRQRIWKHGLYLQHQDWXUHRIPDQFI3RPSRQD]]LnVRWKHUSDVVDJHVRQWKH WKHPHRIWKHPLFURFRVPLQ'HLQFDQWDWLRQLEXVSDQGHVSHFLDOO\S”eKR PRHVWPHGLXVLQWHUDHWHUQDHWJHQHUDELOLDHWFRUUXSWLELOLDHWQRQWDQWXPSRQLWXUPH GLXP SHU KRUXP H[FOXVLRQHP YHUXP HW SDUWLFLSDWLRQHP 4XDUH SDUWLFLSDUH SRWHULW GH RPQLEXVH[WUHPLVHWVLFDOLTXLVKRPRDVVLPLODWXUXQLH[WUHPRUXPDOLTXLVDOWHULe>S@ XQGHKRPRGLFWXVHVWSDUYXVPXQGXVTXRQLDPWRWDQDWXUDWDPVXSHULRUXPTXDPLQIH ULRUXPLQQDWXUDKXPDQDHVWFRPSUHKHQVDTXDPYLVHWREDOLDVFDXVDVVLFQXQFXSHWXU… &I DQ XQSXEOLVKHG SDVVDJH IURP FODVV QRWHV IURP D FRXUVH RQ 'H JHQHUDWLRQH 0V 9DW 5HJODWIUHG)*UDL7HPLHSUREOHPLXPDQLVWLFLHSODWRQLFLLQ33RPSRQD]]L >WKHVLV )ORUHQFH @S  DQG XVHG E\ ( *DULQ /R]RGLDFR GHOOD YLWD 5RPH r %DUL SQ”+RPRHVWPLFURFRVPXVLGHVWSDUYXVPXQGXVXQGHYLGHPXV LQ KRPLQH TXRG HVW XQXP SULPXP PHPEUXP D TXR RPQLD PHPEUD OLFHW GLYHUVD PD[LPHVLQWGHSHQGHQWeTXDUHDGKDQFVLPLOLWXGLQHPDOLDVH[LVWLPDYLPXQGXPKXQF JXEHUQDULDFRUSRULEXVFDHOHVWLEXVTXRQLDPFRUSRUDFDHOHVWLDVXQWVLFXWFRUeHWHO H PHQWD VXQW VLFXW PHPEUD ,GHR WDOLD IDFLXQW GLYHUVRV PRWXV WDPHQ RPQHV WDOHV PRWXV VXQWDFRUGHVFLOLFHWFDHOR…   3RPSRQD]]L'HIDWR(SLORJXVVLYHSHURUDWLRS”eLQIUDDXWHPJOREXP/X





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

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nV'LVSXWDWLRQHV DGYHUVXV DVWURORJLDP %XW LW LV SUHFLVHO\ WKLV DELOLW\ WR UHDFW WKDW SHUPLWV PH WR FRQFOXGHWKDW3RPSRQD]]LLVQRWDQHFOHFWLF,WLVWUXHWKDWRQWKHHYHRIKLV ZULWLQJ 'H LQFDQWDWLRQLEXV KH HQXQFLDWHV LWV IXQGDPHQWDO WKHVHV DWWULEXWLQJ WKHPQRWWR$ULVWRWOHEXWUDWKHUWRWKHYHU\GLHUHQWGRFWULQDOJXUHZKRLQ VSLUHG)LFLQRnVDQG3LFRnVLGHDRIQDWXUDOPDJLF”+HUPHV7ULVPHJLVWXVWULHGWR UHGXFHHYHU\WKLQJPDJLFDODQGQHFURPDQWLFWRQDWXUDOFDXVHV…  3RPSRQD]]L LV D WKLQNHU ZKR ZKLOH VWLOO FRQVLGHULQJ $ULVWRWOH WKH LQWHU SUHWHURIQDWXUDOUHDVRQGHIHQGVKLVRZQSRLQWRIYLHZ7KLVSRLQWRIYLHZLV FHUWDLQO\UHQHZHGXSGDWHGDQGJUHDWO\PRGLHGLQUHODWLRQWRPHGLHYDO$ULV WRWHOLDQVFKRODVWLFLVPEXWLWLVDOVRLQP\RSLQLRQDQRULJLQDOSRVLWLRQZKLFK ZLOOSURIRXQGO\LQWHUHVWWKHOLEHUWLQV$ HUWKHLQWHUSUHWDWLRQRHUHGE\+HQUL %XVVRQ WKH FRQWLQXRXV UHIHUHQFHV PDGH E\ 5REHUW /HQREOH 5HQÂ 3LQ WDUGDQG/XFLHQ)HEYUH DQGWKHVWLPXODWLQJVXJJHVWLRQVE\(XJHQLR*DULQ DQG7XOOLR*UHJRU\,ZLOOQRWSUHVVWKHSRLQWE\DQDO\]LQJHYHU\SDJHRIWKH 

QDH FXP RPQLD WHQGDQW DG LQWHULWXP IHWLGD VXQW HW SXWUHQWLD 9HOXWL HQLP LQ DQLPDOL DOLTXDHSDUWHVVXQWQRELOHVGHQHFHVVLWDWHHWDOLTXDHLJQRELOHVVLFPXQGXVHVWXQXPDQL PDOHWGHQHFHVVLWDWHKDEHWLVWDVXEOXQDULDWDQTXDPVWHUFRUD…   3HWUXV 3RPSRQDWLXV 'HIHQVRULXP LQ LG 7UDFWDWXV DFXWLVVLPL XWLOOLPL HW PHUH SHULSDWHWLFL 9HQLFHr6FRWR IROUD   /HQREOH0HUVHQQHSDQGSDVVLP   53LQWDUG/HOLEHUWLQLVPHÂUXGLWGDQVODSUHPLÁUHPRLWLÂGX;9,,HVLÁFOH3DULV    /)HEYUH/HSUREOÁPHGHOnLQFUR\DQFHDX;9,HVLÁFOH/DUHOLJLRQGH5DEHODLV3DULV    (*DULQ/nHW¹QXRYD1DSOHV S7*UHJRU\7KHRSKUDVWXVUHGLYLYXV(UXGL]LRQH HDWHLVPRQHO6HLFHQWR1DSOHV S%HVLGHVFRQVLGHULQJWKHSHUVLVWLQJFODQ GHVWLQHLPSDFWRI3RPSRQD]]LLQWKHXQLYHUVLWLHVZKHUHPDQ\FRSLHVRIKLVUHFROOHFWDFLU FXODWHG IRU D ORQJ WLPH  DQG DPRQJ OLEHUWLQV RQH VKRXOG DOVR FRQVLGHU ZKDW LQTXLVLWRUV DQG FHQVRUV ZURWH DERXW 3RPSRQD]]L FI IRU H[DPSOH 0DUWLQ 'HO 5LR 'LVTXLVLWLRQXP PDJLFDUXP OLEUL 9, 9HQLFH   S ”3RPSRQDWLL 'H LQFDQWDWLRQLEXV RSXVFXOXP FHUWH PLUDWXVIXLWDPGLXWROHUDULDE(FFOHVLDQXQFUHFHQVHWPHULWRLQ5RPDQR,QGLFHGDPQD WXU YHULVVLPXP HQLP TXRG DE $QWRQLR 0LUDQGXODQR VFULSWXP wKRF RSHUH 3RPSRQD WLXP VH QHF SKLORVRSKXP ERQXP QHF TXRG IRHGLXV FKULVWLDQXP ERQXP H[KLEXLVVH FXPHHFWXVRPQHVPLULFRVFRHORUXPLQX[LEXVDGVFULEDWDGHRXWYHOLWHWUHOLJLRQHVHW OHJHVHDUXPODWRUHVDELLVGHSHQGHUHk4XRGSURUVXVLPSLXP…7KHVHDQGRWKHUSDVVDJHV





3DROD=DPEHOOL

VKRUW FODQGHVWLQH WUHDWLVH 'H LQFDQWDWLRQLEXV 7KHUH KDV EHHQ QR DWWHPSW WR FRPSDUH KLV LGHDV ZLWK WKH 4XDHVWLR DQ FDHOXP VLW DQLPDWXP ZULWWHQ E\ 1LFROHWWR9HUQLDLQZKLFK$QWRQLR)UDFDQ]LDQRDQGSUREDEO\DOVR3RP SRQD]]L NQHZ ,W LV WUXH WKDW 9HUQLD IROORZLQJ $OEHUWXV 0DJQXVn FLWDWLRQV IURP*UHHNSKLORVRSKHUVTXRWHV$SXOHLXVDQGHYHQ+HUPHV7ULVPHJLVWXVRQ GHPRQVEXWGHVSLWHDIXQGDPHQWDOSUHPLVH3RPSRQD]]LODWHUVKDUHGZLWKKLP DQG ZLWK DO.LQGL WKDW IRU $ULVWRWOH WKHUH ZHUH QR GHPRQV  3RPSRQD]]LnV PHWKRG DQG TXHVWLRQV DUH DW ERWWRP YHU\ GLHUHQW DQG VKRZ QRW RQO\ WKDW WKLUW\ \HDUV KDYH JRQHE\ EXW WKDW WKHVH TXHVWLRQV KDG EHHQ UHIRUPXODWHG E\ 3LFR$FORVHDQDO\VLVRI'HLQFDQWDWLRQLEXVZRXOGEHYHU\FRPSOH[DQGZRXOG SXW LQWR TXHVWLRQ LQWHUSUHWDWLRQV RI DOO RI 3RPSRQD]]LnV ZRUN , KDYH KDG FRQUPDWLRQRIWKLVIURPWKHIUXLWIXOUHVXOWVDVWXGHQWRIPLQH)UDQFR*UDL LQ D WKHVLV RQ3RPSRQD]]LnV WZR XQSXEOLVKHG VHULHV RIOHFWXUHV RQ 'H JHQHUD WLRQHHWFRUUXSWLRQH DQG0HWHRUD  

IURP$QWRQLR%HUQDUGLGHOOD0LUDQGRODHVFDSHG*=DQLHU5LFHUFKHVXOODGLXVLRQHHIRUWX QDGHO”'HLQFDQWDWLRQLEXV…GL3RPSRQD]]L)ORUHQFH    7KH4XDHVWLRZDVSXEOLVKHGE\5DJQLVFR”'RFXPHQWLLQHGLWL…S7KHSURE OHP RI ZKHWKHU WKH VRXOV RU FHOHVWLDO ,QWHOOLJHQFHV KDYH LQGLYLGXDO FKDUDFWHULVWLFV LV IUH TXHQWO\ WUHDWHG LQ WKH WK FHQWXU\ FI 3 =DPEHOOL 7KH ”6SHFXOXP DVWURQRPLDH… DQG LWV HQLJPD>'RUGUHFKW@S +HUH9HUQLDS H[SRXQGVWKHGLHUHQW WKHVHVRI$OEHUWXVDQG$TXLQDV”eQHTXHTXRGGLFLW6DQFWXV'RFWRUDGPHQWHP$ULVWR WHOLVHVWTXRGSHULQJHQHUDELOHLQWHOOLJLWGDHPRQHPVLF〈XW〉D3ODWRQHGLFWXPTXHPGL[LW $OEHUWXV wFRUSXV DÄUHXP WHPSRUH DHWHUQXPk XW $SXOHLXV UHIHUW OLEUR 'H GHR VLYH JHQLR 6RFUDWLV6LFKRFQLKLOHVWDSXG$ULVWRWHOHPFXPLSVHQHJHWGDHPRQHVXWSDWHWŠ0HWD SK\VLFDH QRQ HQLP HVW VXEVWDQWLD VHSDUDWD HW DEVWUDFWD VHFXQGXP LSVXP TXDH RUEL QRQ DSSDUHWXUXW$OEHUWXVUHIHUW+XLXV HQLPVHQWHQWLDHYLGHWXUIXLVVH-XGDHXVPDJQXVLP IROJHQGHQ ]LWLHUW DOV w$ 2WWRk@ 



'LHVHV 0DWHULDO ZXUGH QDFK 2WWRV 7RG PLW GHQ %XFKVWDEHQ wPk XQG w&k EH]L HUW 'HU wPk6WR¸ VWDPPW JUϸWHQWHLOV DXV GHQ .ÏQLJVEHUJHU -DKUHQ GLH w&k0DQXVNULSWH ZXUGHQ LQ GHU 1DFK NULHJV]HLW NRQ]LSLHUW ,Q GHQ -DKUHQ QDFK GHP =ZHLWHQ :HOWNULHJ ZDU HLQ %XFK PLW GHP 7LWHO w6RNUDWHV XQG .DQWk EHLP +DPEXUJHU 6FKUÏGHU9HUODJ NXU] YRU GHP (UVFKHLQHQ YJO $ 2WWR 6 %XFKHQDX DQ 2WWR DP  ZR YRQ HLQHP ”9HUODJVYHUWUDJ… VRZLH YRQ HLQHU ”µEHUZHL VXQJ LQ +ÏKH YRQ 50 r DOV ¹ FRQWR=DKOXQJ IÕU GDV +RQRUDU DXI w6RNUDWHV XQG .DQWk… GLH 5HGH LVW XQG DP  ”'DUI LFK KHXWH DQ 6LH GLH )UDJH ULFKWHQ ]X ZHOFKHP =HLWSXQNW XQJHI½KU GDV 0DQXVNULSW >6RNUDWHV XQG .DQW@ VDW]IHUWLJ ZHUGHQ ZLUG" ,FK ZÕUGH ,KUH $UEHLW



GDQQ VRIRUW QDFK (LQWUH HQ GHV 0DQXVNULSWHV LQ GLH +HUVWHOOXQJ JHEHQ e… )HVW]XVWHOOHQ LVW DXFK GDV %HGDXHUQ YRQ +HOPXW .ÕSSHU DP  ”6R VHKU LFK PLFK ÕEHU GLH VFKÏQH (QWZLFN OXQJ IUHXH GLH ,KUH *HGDQNHQ ]XP 7KHPD w6RNUDWHVk JHQRPPHQ KDEHQ VR LVW HV GRFK IÕU PLFK JHUDGH]X HLQ 6FKPHU] GDVV GLHVHV %XFK QXQ QLFKW EHL PLU HUVFKHLQHQ NDQQ…  $XV ]ZHL ZHLWHUHQ %ULHIHQ JHKW KHUYRU GD¸ 2WWR ]ZDU PLW GHP ,QKDOW VHLQHU 0RQRJUDSKLH ]XIULHGHQ ZDU VLH DEHU IÕU QRFK QLFKW DEJHVFKORVVHQ KLHOW ”6R VWHKW GLH $XIJDEH GDV 6RNUDWHVEXFK ]X VFKUHLEHQ VFKRQ VHLW ]ZHL -DKUHQ YRU PLU RKQH GD¸ DXFK QXU HLQ 7HLO GDYRQ VHLQH HQGJÕOWLJH $XVIÕKUXQJ JHIXQ GHQ K½WWH $EHU ZLH MHGH VFKLFNVDOKD H 9HUELQGXQJ QDFK XQG QDFK HLQHQ WLHIHUHQ 6LQQ HQWKÕOOW VR ELQ LFK DXFK LQ GLHVHP )DOOH GDQNEDU YRQ HLQHU 9RUHLOLJNHLW EHZDKUW ZRUGHQ ]X VHLQ 'HQQ ZHQQ LFK DXFK QLUJHQGV ]X (QGH JHNRPPHQ ELQ VR KDEH LFK GRFK VR YLHO (QWVFKHLGHQGHV LQ GHU =ZLVFKHQ]HLW JHIXQGHQ XQG HUNDQQW GD¸ GLH $UEHLW e YLHO JHKDOWYROOHU ZHUGHQ ZLUG DOV LQ GHP HUVWHQ 3ODQ ODJ…  DQ :LOO\ 7KHLOHU $ 2WWR  ”,P +LQWHUJUXQGH VWHKW QRFK HLQ %XFK ÕEHU 6RNUDWHV DXI GDV HLQ +DPEXUJHU 9HUODJ VFKRQ VHLW  -DKUHQ ZDUWHW GDV DEHU JHZLVV LQ GLHVHU 6FKZHLJH XQG :DUWH]HLW DQ *HKDOW JHZRQQHQ KDW XQG QRFK JHZLQQHQ ZLUG…  DQ .DUO .HUÂQ\L $ .HUÂQ\L 





(LQOHLWXQJ

HUVWDUEKLQWHUOLH¸HU]ZDUNHLQGUXFNUHLIHV%XFKDEHUPHKUHUHDXVJHDUEHLWHWH(LQ ]HODEVFKQLWWHZHOFKHVLFK]XHLQHU0RQRJUDSKLHKDUPRQLVFK]XVDPPHQIÕJHQODVVHQNÏQQ WHQ 'LH YROOVW½QGLJHQ 6FKUL HQ XPIDVVHQ FD  0DQXVNULSWVHLWHQ rGDUXQWHUEHQGHQ VLFKDXFKÏ HUÕEHUDUEHLWHWH$EVFKQLWWHGDUÕEHUKLQDXVOLHJHQHLQLJH)UDJPHQWHFD 6  XQG ]DKOUHLFKH 1RWL]HQ VRZLH ([]HUSWH DXV DQWLNHU XQG PRGHUQHU 6RNUDWHV/LWHUDWXU YRUFD6 (LQH8QWHUWHLOXQJGHUYROOVW½QGLJHQ0DWHULDOLHQQDFK9HUZHQGXQJV]ZHFN XQG,QKDOWJLEWHLQHNODUHµEHUVLFKWÕEHULKUHQ$XIEDX   'LH1RWL]HQXQG([]HUSWH]HXJHQYRQHLQHUXPIDQJUHLFKHQ4XHOOHQDUEHLWZHOFKHGLH ]HLWJHQÏVVLVFKHQ6WXGLHQQLFKWXQEHUÕFNVLFKWLJWO½¸W=XGLHVHQ]½KOHQLQHUVWHU/LQLHGL H 6FKUL HQGHUEHLGHQ5HSU½VHQWDQWHQGHUw6FKRWWLVFKHQ6FKXOHk%XUQHWXQG7D\ORU GHQHQ VLFK2WWRLQPHKUHUHQ3XQNWHQDQVFKOLH¸W 'DV8UWHLOÕEHUGLHGHXWVFKHQ*HOHKUWHQVHL QHU=HLW=HOOHU1DWRUS0DLHUXQG6WHQ]HO I½OOWGDJHJHQHKHUQHJDWLYDXV PLW$XVQDKPH  

/HLGHU PL¸ODQJHQ GLH 9HUVXFKH YRQ 2WWRV 7RFKWHU (YD 6]DEÌ2WWR LP /DXIH GHU HU XQG HU -DKUH IÕU GLHVH 6FKUL HQ HLQHQ +HUDXVJHEHU ]X

QGHQ %LV DXI HLQHQ  LQ .ÏQLJVEHUJ JHKDO

WHQHQ 9RUWUDJ : ) 2WWR ”6RNUDWHV XQG GLH (WKLN (LQ 9RUWUDJ… LQ 6FKHLGHZHJH  >@ 6  r YRP 6FKZHL]HU *U½]LVWHQ %HUQKDUG :\¸ PLW HLQHP *HOHLWZRUW ”=X :DOWHU ) 2W WRV 6RNUDWHV9RUWUDJ… >6 @ KHUDXVJHJHEHQ VLQG ELV ]XP KHXWLJHQ 7DJ V½PWOLFKH 0DQX





VNULSWH XQYHUÏ HQWOLFKW JHEOLHEHQ



'LH 9RUOHVXQJV XQG 9RUWUDJVPDQXVNULSWH XPIDVVHQ FD  6HLWHQ 'DUXQWHU EH QGHQ VLFK DE JHVFKORVVHQH PHLVW DXIHLQDQGHU EH]RJHQH 7H[WH ]X IROJHQGHQ 7KHPHQ ”/HEHQ XQG /HKUH GHV 6RNUDWHV… MHZHLOV       XQG  6  ”6RNUDWLVFKH w:LVVHQVHWKLNk…      6  ”]YGœ… XQG ”ƒKEU³R…    6  ”6RNUDWHV XQG GLH JULHFKLVFKH 5HOLJLRQ…    6  ”'LDORJ XQG ,GHHQOHKUH…   6  ”HEMQ³RMSR…  6  ”1LHW]VFKHV .ULWLN DQ 6RNUDWHV…  6  ”u)V[N… XQG ”*MPfE…  6  'LH IÕU GLH 0RQRJUDSKLH YHUID¸WHQ $EVFKQLWWH EHWUDJHQ LQVJHVDPW FD  6HLWHQ ”w:LVVHQVHWKLNk…         6  ”6RNUDWHV XQG .DQW…       6  ”6RNUDWHV XQG .LHUNHJDDUG…  6  ”ƒKEU³R…    6  ”]YGœ…   6  ”,GHHQOHKUH…



  6  ”/HEHQ XQG /HKUH…  6  9JO - %XUQHW ”7KH 6RFUDWLF 'RFWULQH RI WKH 6RXO… LQ 3URFHHGLQJV RI WKH %ULWLVK $FDGHP\   2[IRUG   6  GHUV ”6RFUDWHV… LQ - +DVWLQJV HG  (QF\FORSHGLD RI 5HOLJLRQ DQG (WKLFV %G ;,, (GLQEXUJK   6  GHUV 3ODWRQLVP %HUNHOH\   $ ( 7D\ORU 9DULD 6RFUDWLFD 2[IRUG   GHUV $ &RPPHQWDU\ RQ 3ODWRnV 7LPDHXV 2[IRUG   GHUV 6RFUD WHV (GLQEXUJK   0LW GLHVHQ IÕU LKQ JUXQGOHJHQGHQ 6FKUL HQ VHW]W VLFK 2WWR LQ VHLQHQ 6RNUDWHV6WXGLHQ DXVIÕKUOLFK DXVHLQDQGHU ]X %XUQHW YJO EHV P 6  ]X 7D\ORU P 6



 XQG 6   9JO & 6  ”,FK QHLJH GD]X GHQ *HOHKUWHQ GHU VFKRWWLVFKHQ 6FKXOH ]X]XVWLPPHQ %XUQHW 7D\ORU e… XQG & 6  ”1DFK PHLQHU 0HLQXQJ VLQG GLH *HOHKUWHQ GHU VFKRWWLVFKHQ 6FKXOH LP :HVHQWOLFKHQ LP 5HFKW ,KUH $UJXPHQWDWLRQ EHUXKW QLFKW QXU DXI GHU JUÕQGOLFKVWHQ .HQQW QLV XQG VRUJI½OWLJVWHQ ,QWHUSUHWDWLRQ GHU 3ODWRQLVFKHQ 6FKUL HQ XQG GHU JDQ]HQ µEHUOLHIHUXQJ



VRQGHUQ KDW YRU GHQ PHLVWHQ DQGHUHQ GHQ 9RU]XJ GHU HLQIDFKHQ 1DWÕUOLFKNHLW… 9JO ( =HOOHU ”6RNUDWHV XQG GLH XQYROONRPPHQHQ 6RNUDWLNHU… LQ GHUV 'LH 3KLORVRSKLH GHU *ULH FKHQ LQ LKUHU JHLVWLJHQ (QWZLFNOXQJ 7 ,, $EW , ”6RNUDWHV XQG GLH 6RNUDWLNHU 3ODWRQ XQG GLH DOWH  $NDGHPLH… /HLS]LJ   6  3 1DWRUS ”8HEHU 6RNUDWHV… LQ 3KLORVRSKLVFKH 0RQDWV KH H    6  GHUV 3ODWRV ,GHHQOHKUH (LQH (LQIÕKUXQJ LQ GHQ ,GHDOLVPXV /HLS]LJ   + 0DLHU 6RNUDWHV 6HLQ :HUN XQG VHLQH JHVFKLFKWOLFKH 6WHOOXQJ 7ÕELQJHQ   - 6WHQ]HO 6WXGLHQ ]XU (QWZLFNOXQJ GHU 3ODWRQLVFKHQ 'LDOHNWLN YRQ 6RNUDWHV ]X $ULVWRWHOHV %UHVODX   GHUV ”6RNUDWHV… LQ * :LVVRZD : .UROO XQG . 0LWWHOKDXV +UVJ  3DXO\V 5HDOHQF\FORS½GLH GHU FODVVL VFKHQ $OWHUWXPVZLVVHQVFKD  %G ,,  6WXWWJDUW   6  GHUV 3ODWRQ GHU (U]LHKHU /HLS]LJ





: ) 2WWR ]XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

YRQ -DHJHU r GHP GDV 9HUGLHQVW ]XJHVSURFKHQ ZLUG GLH ;HQRSKRQWLVFKH µEHUOLHIHUXQJ ZLHGHU DXIJHZHUWHW ]X KDEHQ  :LH ZLFKWLJ 2WWR GLHVHV =HXJQLV ZDU LQVEHVRQGHUH GLH 0HPRUDELOLHQ JHKW DXV GHU ]DKOUHLFKHQ 6HNXQG½UOLWHUDWXU ]XU (FKWKHLW XQG =XYHUO½VVLJ NHLW ;HQRSKRQV KHUYRU GLH LKQ VHKUEHVFK½ LJWH(VGDUIGHVKDOEQLFKWYHUZXQGHUQGD¸GLH HKHUwVNHSWLVFKHQk7KHVHQHLQHV*LJRQEHL2WWRNHLQHQ1DFKKDOOQGHQNRQQWHQ  :DVYLHOHJHOHKUWH/LWHUDWXUDXVGHP%OLFNYHUORUHQKDWWHZDUQDFK2WWRJHUDGHGLHXQ JHKHXUH:LUNXQJZHOFKHGLH6RNUDWLVFKH/HKUHGHVw7XJHQGZLVVHQVkDXIVHLQH6FKÕOHUVR ZLHDXIGLHDEHQGO½QGLVFKH1DFKZHOWDXVÕEWH,QVHLQHQ *ÏWWHUQ*ULHFKHQODQGVKDWWHHUEH UHLWV JH]HLJW GD¸ GDV UHOLJLÏVH 9HUK½OWQLV GHU *ULHFKHQ ]XU :HOW LQ HUVWHU /LQLH YRQ GHU (LQVLFKW EHVWLPPW ZDU 6½PWOLFKH +DQGOXQJHQ XQG (QWVFKHLGXQJHQ GHU +HOOHQHQ r YRQ +RPHUELV]XUNODVVLVFKHQ=HLW rVHLHQQLFKWDXIVXEMHNWLYH:LOONÕUVRQGHUQYLHOPHKUDXI    6  (LQ ]XVDPPHQIDVVHQGHV 8UWHLO ÕEHU GLHVH YLHU *HOHKUWHQ JLEW 2WWR LQ P 6  ”>,Q GHU /RJLN@ GLH HLJHQWOLFKH %HGHXWXQJ GHU 6RNUDWLVFKHQ /HKUH ]X VHKHQ ZLH 1DWRUS XQG

GLH

0DUEXUJHU

6FKXOH 

GHQ

6RNUDWHV

ZHVHQWOLFK

DOV

GHQ

w%HJUÕQGHU

GHU



%HJUL V

3KLORVRSKLHk ]X YHUVWHKHQ ZLH DXFK ] % =HOOHU *HVFK G JU 3KLORV  LVW HEHQVR YHUNHKUW ZLH LQ 5HDNWLRQ GDUDXI + 0DLHU 6RNUDWHV VHLQ :HUN XQG VHLQH *HVFKLFKWOLFKH 6WHOOXQJ  LKQ QXU DOV GHQ 3URWUHSWLNHU GHQ 3URSKHWHQ GHU VLWWOLFKHQ $VWURQRPLH JHOWHQ O½¸W e :HQLJ IÏUGHU OLFK DXFK ZDV LP $QVFKOX¸ DQ + 0DLHU - 6WHQ]HO 6WXGLHQ ]XU (QWZLFNOXQJ GHU 3ODWRQLVFKHQ 'LDOHFWLN YRQ 6RNUDWHV ELV $ULVWRWHOHV  X EHVRQGHUV LQ GHP $UWLNHO w6RNUDWHVk LQ 3: DXV IÕKUW… 'HU )HKOHU GLHVHU ,QWHUSUHWDWLRQHQ OLHJW QDFK 2WWR GDULQ QLFKW HUNDQQW ]X KDEHQ GD¸ GLH



/HKUH GHV 6RNUDWHV GLH XQWUHQQEDUH (LQKHLW YRQ /RJLN XQG (WKLN GDUVWHOOW YJO P 6   9JO : -DHJHU 3DLGHLD 'LH )RUPXQJ GHV JULHFKLVFKHQ 0HQVFKHQ %HUOLQ   ZRUÕEHU 2WWR VFKUHLEW ”(V LVW HLQ JUR¸HV 9HUGLHQVW YRQ -DHJHU 3DLGHLD ,,  GHQ ;HQRSKRQ JHJHQ GLH XQJODXE OLFKHQ 9RUXUWHLOH GHU QHX]HLWOLFKHQ .ULWLN LQ 6FKXW] JHQRPPHQ XQG DOV =HXJHQ IÕU 6RNUDWHV



ZLHGHU ]X (KUHQ JHEUDFKW ]X KDEHQ… & 6   9JO . -RÄO 'HU HFKWH XQG GHU ;HQRSKRQWLVFKH 6RNUDWHV %HUOLQ   $ 'ÏULQJ 'LH /HKUH GHV 6R NUDWHV DOV VRFLDOHV 5HIRUPV\VWHP 1HXHU 9HUVXFK ]XU /ÏVXQJ GHV 3UREOHPV GHU 6RNUDWLVFKHQ 3KLORVRSKLH



0ÕQFKHQ   8 YRQ :LODPRZLW]0RHOOHQGRU  'LH ;HQRSKRQWLVFKH $SRORJLH %HUOLQ   + YRQ $UQLP ;HQRSKRQV 0HPRUDELOLHQ XQG $SRORJLH GHV 6RNUDWHV .RSHQKDJHQ   . YRQ )ULW] ”=XU )UDJH GHU (FKWKHLW GHU ;HQRSKRQWLVFKHQ $SRORJLH GHV 6RNUDWHV… LQ 5KHLQLVFKHV 0X VHXP IÕU 3KLORORJLH    6  =X 2WWRV 6WHOOXQJQDKPH ]XJXQVWHQ YRQ ;HQRSKRQV %TSQRLQSRI»QEXE

 ”'LH 0HPRUDELOLHQ HQWKDOWHQ GHQ ZHUWYROOVWHQ 6FKDW] YRQ 0LWHUOHEWHP

XQG *HKÏUWHP e ,FK KDOWH GLH 0HPRUDELOLHQ IÕU HLQHV GHU JHKDOWYROOVWHQ %ÕFKHU GHU $QWLNH e :½KUHQG ZLU EHL 3ODWRQ LPPHU NXQVWYROOH &RPSRVLWLRQHQ YRU XQV KDEHQ VSULFKW KLHU GLH



VFKOLFKWH 5HDOLW½W ]X XQV… & 6   9JO 2 *LJRQ 6RNUDWHV 6HLQ %LOG LQ 'LFKWXQJ XQG *HVFKLFKWH %HUQ   'D]X 2WWR ”HLQH JHLVW ORVH X XQIUXFKWEDUH 6NHSVLV… & 6   (V VHL KLHU ]XP 9HUJOHLFK DXI GLH QHXHVWH /LWHUDWXU ]XU )LJXU GHV 6RNUDWHV KLQJHZLHVHQ $ *RWWOLHE 6RFUDWHV 1HZ 6RQVWZ½UHHVQLH]XGHUJÏWW OLFKHQ*HVWDOWVFKDXGHU*ULHFKHQJHNRPPHQ@(UEOLFNWDOVRQLFKWLQVLFKK½OWVLFKQLFKW DQVHLQ*HIÕKOUHJWQLFKWVHLQHQ:LOOHQDXIVRQGHUQEOLFNWKLQDXVLQGLH:HOWLQGDV*ÏWWOL FKH(UVLHKWHVMDDOVGDVVHOEH]XJOHLFKLQGHUDX¸HUPHQVFKOLFKHQRUJDQLVFKHQXQGDQRUJD QLVFKHQ 1DWXU PLW $XJHQ XQG DOOHQ 6LQQHQ  (V Z½UH DEHU QLFKW GDV *ÏWWOLFKH ZHQQ HV QLFKW .UD  XQG 0DFKW K½WWH ZLH GDV *HGHLKOLFKH ]X EHZLUNHQ VR GDV 6WÏUHQGH DE]XZHKUHQ ]X YHUIROJHQ KHLP]XVXFKHQ 6R ZHQGHW VLFK GLH (fOL VHOEVW JHJHQ GHQ1LFKWDFKWHQGHQ GLH (ULQ\VYHUIROJWGHQ6WÏUHUGHU2UGQXQJGLH)LGHVGHV&DWXOO U½FKWVLFKDQGHP9HUJH¸OL FKHQ 8QG HV Z½UH QLFKW GDV *ÏWWOLFKH JHVWDOWKD PHQVFKHQ½KQOLFK %HJHJQHQGH ZHQQ VHLQH*HJHQZLUNXQJQLFKWDOV6WUDIHXQG+HLPVXFKXQJYHUVWDQGHQZHUGHQPÕ¸WHrZHQQGLHV DOOHVQLFKWDXIGLH$OOJHVWDOWGHV*ÏWWOLFKHQ]XUÕFNJHIÕKUWLQLKUDQJHVFKDXWZÕUGHGKLQ =HXVDOV:DOWHUGHUHfOLTfWXMNGHVVR$JDPHPQRQLQGHU,OLDVXQGDQGHUHVEHL+RPHU 6RORQQHEHQUISf $EHUZLHÕEHUDOOLP*ULHFKLVFKHQGDV*ÏWWOLFKHQLFKWVDQGHUHV LVW DOV GDV 1DWXUKD :LUNOLFKH XQG GDKHU GDV ZDV YRUJHKW DXFK JDQ] VDFKOLFK wUHDOLVWLVFKk DXVJHVSURFKHQZHUGHQNDQQYRQXQVDXVJHVSURFKHQZHUGHQwPX¸k VRVDJWVS½WHU $ULVWRWH





:DOWHU )ULHGULFK 2WWR

OHVDP6FKOX¸GHV%XFKHVGHU0HWDSK\VLNYRQGHPVHOEHQ6DFKYHUKDOWX‡µRXESºFS» PIXEMTSPMXI»IWUEMOEOÏN  'LHVHVw:LVVHQkZDUXUVSUÕQJOLFKQLFKWVDOVGDV $QVFKDXHQHLQHV9ROONRPPHQHQVRZLHGHU .ÕQVWOHUDXIGDVYRUVHLQHP*HLVWDXI OHXFKWHQGH%LOGEOLFNWGHVVHQYROONRPPHQH*HVWDO WXQJ VHLQ 6FKDHQ LQ %HZHJXQJ VHW]W GDV $QVFKDXHQ HLQHV w*XWHQk ZHLO 1RWZHQGLJHQ XQGGXUFKVLFKVHOEVWYRQVHLQHU5LFKWLJNHLWµEHU]HXJHQGHQ(UZDUQLFKWDOOHLQIÕUVLFK (UZDUQXUHLQ%HVWDQGWHLOGHVYRUQHKPHQ&KDUDNWHUVXQGVHLQHUVWRO]HQ9HUSLFKWXQJ]X VHLQHPDQJHERUHQHQ$GHO  8QGGLHVHU&KDUDNWHUVHOEVWVRVWRO]XQGVHOEVWEHZX¸WHUVHLQPRFKWHZDULQVHLQHU*H VDPWKHLWHEHQIDOOVHLQ:LVVHQXQG]ZDUYRQHLQHUYROONRPPHQHQJRWW½KQOLFKHQ :HVHQKHLW w0HQVFKkRGHUV[N GLHGHP*ÏWWOLFKHQQDKHZDUMDJHZLVVHUPD¸HQVHOEVW*RWW'DVHLJHQ WÕPOLFKH9HUK½OWQLVGHVJUR¸HQ 0HQVFKHQ]XU*RWWKHLWYHUVWHKHQZLUHUVWKLHUJDQ]ZDV LQLKPEHLMHGHU(QWVFKOX¸IDVVXQJYRUVLFKJHKWXQGYRQXQVLKPVHOEVWVHLQHPw:LOOHQk ]XJHVFKULHEHQZLUG LVWHEHQGDV*ÏWWOLFKHDEHUQLFKWVRZLHEHL/XWKHUGD¸HVGHQ0HQ VFKHQVHLQHQ:LOOHQDOOP½FKWLJXQWHUZLU LKQDOVRJ½Q]OLFKXQIUHLPDFKW HVWULWWYRULKQ DOVGDVKÏKHUH6HLQGLHHZLJH:DKUKHLWKLQXQGLP$QVFKDXHQZLUGVHLQ:LVVHQHUOHXFK WHWXQGZLHGDV:LVVHQXQGGDV*HZX¸WHHLQVVLQGVRLVWHUJHEXQGHQXQGGRFK]XJOHLFK IUHL GDV *ÏWWOLFKH GDV YRU LKQ KLQWULWW LVW HU LQ GLHVHP $XJHQEOLFN JHZLVVHUPD¸HQ VHOEVW GLH (QW VFKHLGXQJPLWGHP:LVVHQXQPLWWHOEDUJHJHEHQXQGLGHQWLVFKXQGwHUVHOEVWkGHU6LFKHQW VFKHLGHQGH%HLVSLHO$WKHQHYRU$FKLOOLQ,OLDV$ s'DGDV*HVFKDXWHXQG(UNDQQWHGDV KÏKHUH 6HLQ GHU 'LQJH HLQ *ÏWWOLFKHV LVW WU½JW HV GLH XQEHGLQJWH µEHU]HXJXQJVNUD  LQ VLFKVHOEVWXQGEHGDUINHLQHVZHLWHUHQ1DFKGHQNHQVLQ%H]XJDXISUDNWLVFKH5LFKWLJNHLW ZÕQVFKHQVZHUWHQ (UIROJ 1ÕW]OLFKNHLW 'DV DOOHV LVW LQ GHP QDWÕUOLFKHQ 9HUWUDXHQ DXI GDV *ÏWWOLFKHEHVFKORVVHQ$XFKZRGHUw(GOHkNHLQ%HZX¸WVHLQGHV*ÏWWOLFKHQPHKUKDWLVWLQ GHPZDVHUDOV,GHDOGHU+DOWXQJYRUVLFKVLHKWGDVIHVWH9HUWUDXHQEHVFKORVVHQGD¸VROFKHV 7KXQLQMHGHP)DOOHZLHHVDXFKDXVVFKODJHQPDJULFKWLJXQGJXWXQGKHLOVDPVHL'DVLVW KLHUVHKUYLHOZHLWHUDXV]XIÕKUHQLQGHP6LQQHGD¸DXFKEHLXQVGHU(GOHGDVw(GOHkZHQQDXFK LQVHKUDEJHEOD¸WHU:HLVHDOVJÏWWOLFKYRUVLFKVLHKWXQGHVNHLQHV:LOOHQVDNWHVEHGDUIrGHQQ ZLUDFKWHQXQGYHUHKUHQGRFKGHQDOVGHQ+ÏKHUHQXQGZDKUKD (GOHQw*XWHQkGHUJDU NHLQH :LOOHQVDQVWUHQJXQJ EUDXFKW JDU NHLQH :DKO KDW JDU QLFKW DQGHUV NDQQ +DQGHOW ,SKLJHQLHEHL*RHWKHGXUFKGHQ:LOOHQ"   :LU NÏQQWHQ GDV *ULHFKLVFKH JDU QLFKW HLQPDO DKQHQG YHUVWHKHQ ZHQQ GDVVHOEH QLFKW DXFKLQXQVZHQLJVWHQVDQJHOHJWZ½UHXQGPLQGHVWHQVXQEHZX¸WPDQFKPDOXQGEHLPDQ FKHQ3HUVRQHQ VRJDUJDQ]NODUVLFKJHOWHQGPDFKWH  *ODXEHQ ZLU GHQQ WKDWV½FKOLFK DQ GHQ :LOOHQ UHFKQHQ ZLU DXI LKQ" 'HU (GOH LVW DXFK XQVHLQHUGHUJDUQLFKWDQGHUVNDQQMDZRZLUHLQH:DKOQRFKVHKHQHLQHµEHUOHJXQJLVW XQVHUH $FKWXQJ QLFKW YROONRPPHQ ]ZDU YRU GHP w:LOOHQk DEHU QLFKW YRU GHP w0HQ VFKHQk 1XUEHLEHGHXWHQGHQ&ROOLVLRQHQZRDXFKGHU(GOHLQHLQHQ=ZLHVSDOWJHU½W6R *RHWKHV,SKLJHQLHLQGHUHVYRQ3\ODGHVIDVWÕEHU]HXJHQGGDUJHOHJWZLUGGD¸GLH:DKUKHLW LQGLHVHP)DOOHXQVLWWOLFKZ½UH$EHUDXFKEHL,SKLJHQLHLVWHVQLFKWGHU:LOOH9LHOPHKULVW GDVw*XWHkVRP½FKWLJGD¸VLHJDUQLFKWDQGHUVNDQQ6LHVLHKWHVJHZLVVHUPD¸HQLQVHLQHU *ÏWWOLFKNHLWOHXFKWHQGYRUVLFKXQGLQGLHVHP6HKHQLVW]XJOHLFKDXFKGDVw9HUWUDXHQkGD GD¸ HV GHQQRFK ]XP +HLO IÕKUHQ PÕVVH 'DV LVW WURW] GHU PRGHUQHQ )RUP LP *UXQGH JDQ]JULHFKLVFKXQGHVIHKOWQXUGLHJULHFKLVFKHYROONRPPHQH*HVWDOWKD LJNHLWGHV*ÏWWOL FKHQGHVVHQw(UVFKHLQXQJkGHUKHURLVFKH*ULHFKHLQGLHVHP$XJHQEOLFNHUOHEWK½WWH





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

 9HUIROJHQ ZLU GDV ZHLWHU VR JHODQJHQ ZLU ]X HLQHP ZHVHQKD HQ 8QWHUJUXQG XQVHUHV 9HUK½OWQLVVHV ]XP 6HLQ GHU XQV GXUFK GLH *ULHFKHQ GHXWOLFKHU ZLUG 'DV ZDKUKD  w0HQVFKOLFKHkKLQWHUDOOHPGXUFK&KULVWHQWXPXVZ$XVJHELOGHWHRGHUGXUFKGHQQRUGL VFKHQ+LPPHO9HUGÕVWHUWH :LUNÏQQHQYRQGHQ*ULHFKHQOHUQHQ6RQVWZ½UHQMDDXFKDOOHVRO FKH8QWHUVXFKXQJHQEOR¸KLVWRULVFKXQGPÕ¸LJ  *RHWKH]X(FNHUPDQQ$SULO,,,6 ”w:LHGDV6LWWOLFKHLQGLH:HOWJHNRP PHQ"kIUDJW(FNHUPDQQw'XUFK*RWWVHOEHUkHUZLGHUWH*RHWKHwZLHDOOHVDQGHUH*XWH(V LVW NHLQ 3URGXNW PHQVFKOLFKHU 5HH[LRQ VRQGHUQ HV LVW DQJHVFKDHQH XQG DQJHERUHQH VFKÏQH1DWXU(VLVWPHKURGHUZHQLJHUGHQ0HQVFKHQLP$OOJHPHLQHQDQJHVFKDHQLP KRKHQ*UDGHDEHUHLQ]HOQHQJDQ]YRU]ÕJOLFKEHJDEWHQ*HPÕWHUQ'LHVHKDEHQGXUFKJUR ¸H7KDWHQRGHU/HKUHQLKUJÏWWOLFKHV,QQHUHRHQEDUWZHOFKHVVRGDQQGXUFKGLH6FKÏQKHLWVHL QHU (UVFKHLQXQJ GLH /LHEH GHU 0HQVFKHQ HUJULXQG ]XU 9HUHKUXQJ XQG 1DFKHLIHUXQJ JH ZDOWLJIRUW]RJ'HU:HUWGHV6LWWOLFK 6FKÏQHQXQG*XWHQDEHUNRQQWH GXUFK(UIDKUXQJXQG :HLVKHLW]XP%HZX¸WVHLQJHODQJHQLQGHPGDV6FKOHFKWHVLFKLQVHLQHQ)ROJHQDOVHLQVROFKHVHU ZLHV ZHOFKHV GDV *OÕFN GHV (LQ]HOQHQ ZLH GHV *DQ]HQ ]HUVWÏUWH GDJHJHQ GDV (GOH XQG 5HFKWHDOVHLQVROFKHVZHOFKHVGDVEHVRQGHUHXQGDOOJHPHLQH*OÕFNKHUEHLIÕKUWHXQGEHIH VWLJWH6RNRQQWHGDV6LWWOLFK 6FKÏQH]XU/HKUHZHUGHQXQGVLFKDOVHLQ$XVJHVSURFKHQHVÕEHU JDQ]H9ÏONHUVFKD HQYHUEUHLWHQk…  ,QGLHVHQ:RUWHQLVWDOOHV]XVDPPHQJHID¸WZDVÕEHUGLH6LWWOLFKNHLWLPZHLWHVWHQ6LQQH ]X VDJHQ LVW DOOHV ZDV IÕU GLH (LQIDOW GHU QRFK NLQGOLFKHQ 0HQVFKKHLW ZLH IÕU LKUH YROO NRPPHQH%LOGXQJJLOWQXUQLFKWIÕUGLHPLWVLFKXQGGHU:HOW=HUIDOOHQHQGLHVLFKXQWHU GHU 6WUHQJH HLQHV DEVROXWHQ *HVHW]HV IÕKOHQ %HGHXWVDPHU :HLVH VSULFKW *RHWKH YRQ ”VFKÏQHU1DWXU…YRP”6LWWOLFK6FKÏQHQ…YRQGHU”6FKÏQKHLWGHU(UVFKHLQXQJ…YRU]ÕJOLFK EHJDEWHU*HPÕWHUZLHHUMDDXFKLP$QEOLFNGHU5DDHOLVFKHQ6FKÏQKHLWHLQHV%LOGHVGHU KHLOLJHQ$JDWKDZÕQVFKWHVHLQH,SKLJHQLHQLFKWVVDJHQ]XODVVHQZDVGLHVHQLFKWJHVDJWKD EHQNÏQQWH  6FKÏQLVWZDVPLWVLFKVHOEVWLQYROONRPPHQHU+DUPRQLHLVW0DQNDQQDEHUQLFKWPLW VLFKVHOEVWLQ+DUPRQLHVHLQZHQQPDQHVQLFKWPLWGHUXPJHEHQGHQ:HOWLVW6RVLQGGLH =ÕJHXQG*HE½UGHQGHU0HQVFKHQREVLH]XGHQ(LQIDFKVWHQRGHU]XGHQ+ÏFKVWJHELOGH WHQJHKÏUHQVFKÏQZHQQLKU,QQHUHVYRQHLQHUQDWÕUOLFKHQ)UÏPPLJNHLWJHDGHOWLVW'LHVH QDWÕUOLFKH)UÏPPLJNHLWEHGHXWHWDEHUQLFKWVDQGHUHVDOVGD¸LKU/HEHQPLWGHP:HVHQGHU 'LQJH GHP JHKHLPQLVYROOHQ :DOWHQ GHU *HVFKLFNH XQG HEHQ GDPLW DXFK PLW VLFK VHOEVW HLQLJLVW6LHEUDXFKHQQLFKWLQVLFKVHOEVW]XIRUVFKHQXQGPLWVLFKVHOEVW]XULQJHQ6LHZL V VHQ RKQH %HJUL XQG µEHUOHJXQJ YRQ HLQHP LQQLJHQ =XVDPPHQKDQJ HLQHU KHLOLJHQ 2UGQXQJ DOOHU 'LQJH YRQ HLQHP *HLVW GHU PLW JÏWWOLFKHU 6WLOOH LQ LKQHQ ZDOWHW XQG VLH PLWHLQDQGHU]XP*DQ]HQYHUELQGHWXQGGHUJHJHQDOOH0HLQXQJHQXQG:ÕQVFKHGHV(LQ ]HOQHQLPPHUUHFKWEHK½OW8QGGLHVHVDQJHERUHQHRGHUGXUFKHGOH9RUELOGHUHLQJHSDQ]WH :LVVHQVFKOLH¸WLKQHQDXFKGDVHLJHQH,QQHUHDXIXQGYHUOHLKWLKPGLH5XKHXQG2UGQXQJ GHVKÏKHUHQ6HLQVGHU:HOW:DVVLFKKLHUDOVGDV6LWWOLFK6FKÏQHHQWIDOWHWUHLFKWYLHOZHLWHU DOV GLH 5HFKWVFKDHQKHLW (V ]HLJW VLFK QLFKW QXU LP 9HUNHKU PLW 0HQVFKHQ VRQGHUQ LP 8PJDQJPLWDOOHQ'LQJHQXQGLQGHU+DOWXQJGHP*OÕFNZLHGHP8QJOÕFNJHJHQÕEHU µEHUDOOLVWHVHLQ$XVGUXFNGDIÕUGD¸GLH:HOWPLWDOOLKUHU0DQQLJIDOWLJNHLWLKUHQ9HU NHWWXQJHQ XQG LKUHQ VFKHLQEDUHQ =XI½OOHQ LKUHU /XVW XQG LKUHP 6FKPHU] HLQ VLQQYROOHV *DQ]HVLVW'LHVHV:LVVHQLVWHLQ:LVVHQYRP*ÏWWOLFKHQLQGHU:HOWGDKHUGLH6FKÏQKHLW GLH DOOH (PSQGXQJHQ *HE½UGHQ XQG +DQGOXQJHQ DGHOW PÏJHQ VLH IUHXGLJHU RGHU OHLG YROOHU$UWVHLQ





:DOWHU )ULHGULFK 2WWR

 (VLVWZLH*RHWKHVDJW”NHLQ3URGXNWGHU5HH[LRQVRQGHUQDQJHVFKDHQHXQGDQJH ERUHQH VFKÏQH 1DWXU…$EHU GLH6FKÏQKHLWGLHVHU 1DWXU LVW LP *UXQGH QLFKWV DQGHUHV DOV OHEHQGLJH(PSI½QJOLFKNHLWXQGXQPLWWHOEDUHV9HUVW½QGQLVIÕUGDV*ÏWWOLFK6LQQYROOHGDVLQ GHU JDQ]HQ 6FKÏSIXQJ ZDOWHW XQG VLFK LP 0HQVFKHQJHLVWH VSLHJHOW (LQ 9HUVW½QGQLV DOVR HLQ :LVVHQ YRQ GHP ZDV LVW XQG EHVWHKW XQPLWWHOEDU XQG XQUHHNWLHUW DEHU GRFK HLQ VLFKWVYROO XQG NODU VR ZLH +ÏOGHUOLQ LQ VHLQHP $XIVDW] ÕEHU GLH 5HOLJLRQ VDJW GD¸ GHU 0HQVFKZHQQHUVLFKÕEHUGLH1RWGXU DOVRÕEHUGLHDXJHQEOLFNOLFKH%HGÕU LJNHLW6RUJH XQG$QJVWHUKHEH”HUNHQQHQ…NÏQQH8QGZHQQ*RHWKHGLHVYRQ*RWWKHUOHLWHWVRK½W WHHUDXFKVDJHQNÏQQHQGD¸HVHLQ8USK½QRPHQVHLZLHHUHLQDQGHUPDODXFKYRQVLWWOL FKHQ8USK½QRPHQHQVSULFKW KLQWHUGHPXQPLWWHOEDUGLH*RWWKHLWVWHKWHLQ8USK½QRPHQ GHVPHQVFKOLFKHQ6HLQVXQG]XJOHLFKGDPLWGHV6HLQVGHU:HOW8QGDXFKGDVIHKOWEHLLKP QLFKWGD¸HV”GXUFK(UKHEXQJXQG:HLVKHLW ]XP%HZX¸WVHLQJHODQJHQ…XQGVHLQH:DKU KHLWGXUFKVHLQHw)ROJHQkEHZHLVHQNÏQQH'LHVLWWOLFKVFKÏQH1DWXULP6LQQH*RHWKHnVKDW HVQLFKWQÏWLJDXIGLHVH)ROJHQ]XUHHNWLHUHQ,KU:LVVHQKDWDQGHU(UNHQQWQLVGHUVLWWOL FKHQ1RUPHQDXVGHQHQGHU:HOWJHLVW]XLKUVSULFKWJHQXJXQGPLWLKPLQ(LQLJNHLW]X EOHLEHQ LVW LKU HLJHQWOLFKHV $QOLHJHQ $EHU GXUFK LKQ KDW VLH ]XJOHLFK HLQ :LVVHQ GDYRQ GD¸GLHVH1RUPHQ]XPWKDWV½FKOLFKHQ*UXQGEHVWDQGGHV'DVHLQVJHKÏUHQXQGLKUHµEHU WUHWXQJ VLFK QLFKW QXU DQ GHP %HWURHQHQ VRQGHUQ DXFK DQGHP 7K½WHU VHOEVW PLW 1RW ZHQGLJNHLWU½FKHQPX¸:½KUHQGGHUMHQLJHGHUVLFKGXUFKVHLQH%HIDQJHQKHLWLP$XJHQ EOLFNOLFKHQQLFKW]XMHQHU(LQLJNHLWHUKHEHQNDQQXQZLVVHQGXQGEOLQGGDKLQOHEW  6R LVW GDV 6LWWOLFKH ZHQQ HV QLFKW EOR¸ $QJHZÏKQXQJ (KUJHIÕKO RGHU HPSQGVDPH 7HLOQDKPHLVWYRP5HOLJLÏVHQJDUQLFKW]XWUHQQHQ0DJLKPGLH*RWWKHLWDXFKQLFKWYRU $XJHQVWHKHQHVLVWLPPHUHLQKÏKHUHV6HLQGHU:HOWDXVGHPHVVHLQH$QWULHEHHPSI½QJW :HOFKHV9HUKDOWHQDXFKLPPHULP$XJHQEOLFNHLQHU(QWVFKHLGXQJDOVGDVDOOHLQJXWHXQG HKUHQZHUWHVLFKXQVGDUELHWHQPDJHVLVWLPPHUYRQHLQHP*ODQ]HUIÕOOWGHUGDYRQ]HXJW GD¸ HV PHKU LVW DOV 6DW]XQJ XQG3LFKW Q½POLFK 6\PERO RGHU 2HQEDUXQJ GHV DOOXPIDV VHQGHQ:HOWJHLVWHV8QGGDVLVWGDV*ÏWWOLFKH  6RLVWGHU8QWHUJUXQGDXFKEHLXQVQRFK 8QGYRQKLHUDXVYHUVWHKHQZLUGDV*ULHFKLVFKHZR MHQHVEHLXQVQXU]XDKQHQGHRGHUwJHJODXEWHk *ÏWWOLFKHXQPLWWHOEDUXQGJHVWDOWKD KHU YRUXQGDQGHQ0HQVFKHQGHQKHURLVFKHQKHUDQWUDW  'HUKHURLVFKH0HQVFKEHL+RPHUIÕKOWHVHLQH8QIUHLKHLWQLFKW'DVEHJHJQHWXQVDEHU HWZDEHL 6LPRQLGHVEHLGLHVHP]HLJWVLFKGHXWOLFKGLHVFKZLQGHQGH1½KHGHV*ÏWWOLFKHQ  'HQQGHUKHURLVFKH0HQVFKEHL+RPHUNDQQNHLQ OEO³NVHLQHUEOHLEWƒQ»Q[RDXFKLP 8QJOÕFNrWURW]GHPZDV(XPDLRVYRQGHQ8QIUHLHQVDJWHULVWMDVHOEVWHLQHUXQGXQWDGH OLJ(UEOHLEWwHGHOkDXFKQDFKVFKOLPPHUWDGHOQVZÕUGLJHU7KDWGHUHQ)ROJHQHUDXI VLFK QHKPHQ PX¸ ZHLO VHLQH *HVDPWKDOWXQJ GHP *ÏWWOLFK:DKUHQ ]XJHZDQGW LVW 6R QRFK $GPHWRVEHL(XULSLGHVDXFKVHLQ+HUDNOHVXQGGHU$LDVGHV6RSKRNOHV6LHKDEHQWURW]DO OHPGDV*ÏWWOLFKHQHEHQVLFK6R NDQQHUDXFKQLHJDQ]XQJOÕFNOLFK VHLQZHQQDXFK HLQ XQYHUVFKXOGHWHV6FKLFNVDOLKQQLHGHUZLU XQGVRJDUYHUQLFKWHWZLH+HNWRUGHULQGLHYHU VFKXOGHWH.DWDVWURSKHGHU6HLQHQKLQHLQJH]RJHQZLUG=HXVJLHEWLKPYRUGHP(QGHDXFK *ODQ]XQGQDFKGHP7RGHVRUJHQGLH*ÏWWHUIÕULKQ'DVDOOHVLVWQLFKWVRZRKOÕEHU]HX JHQG QDFKZHLVEDUH w(UIDKUXQJk DOV w9HUWUDXHQk DXI *UXQG GHU XQPLWWHOEDUHQ 1½KH GHU *ÏWWHU:LHJDQ]DQGHUVLVWHVEHL6LPRQLGHVGHUYRQHLQHPEÏVHQ6FKLFNVDOEHWURHQHLVW MHW]W ZLUNOLFK XQJOÕFNOLFK XQG GDPLW DXFK OEO³N GLH DOOHV IÕJHQGH 0DFKW GHU *RWWKHLW XQGGHV*HVFKLFNHVZLUGQXQDOVGUÕFNHQGHPSIXQGHQZHLOGLH*RWWKHLW QLFKWPHKUVRQDKH LVWGD¸GHU*HVFKODJHQHDXFKLP8QJOÕFNQRFKwJUR¸kVHLQNÏQQWHGD¸VHLQH*HVDPWKDOWXQJ





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

DXFKZHQQHUGXUFKLUJHQGHLQH7KDWWDGHOQVZÕUGLJVHLQVROOWHLKQLP6WDQGHGHVƒQ»Q[R KLHOWHGHU]ZDUGLH)ROJHQWUDJHQPX¸DEHUGHQQRFKVRJHVÕQGLJWKDWDOVK½WWHHUQLFKW JHVÕQGLJWXQGGDKHUDXFKQLFKWZDKUKD XQJOÕFNOLFKVHLQNDQQLQGHPGDV*ÏWWOLFKHLKP LPPHUQRFK]XU6HLWHVWHKWXQGVHLQHw7XJHQGkWURW]DOOHPDXFK]XP+HLOHDXVVFKO½JW rVHL HVDXFKLQHLQHPHGOHQEHJQDGHWHQ7RGXQG1DFKOHEHQ   'DV5HOLJLÏVHLVWLQVRIHUQHQWVFKHLGHQGDOVHVVFKOLH¸OLFKQLFKWDXIHLQ]HOQH1RUPHQDQNRPPW VR ZDKU XQG ZLFKWLJ VLH VHLQ PÏJHQ  VRQGHUQ DXI MHQHV KÏKHUH 6HLQ GHP GHU w(GOHk LP *DQ]HQ ]XJHZDQGW LVW VR GD¸ ZLH HEHQ JHVDJW DXFK )HKOWULWWH DXV 9HUEOHQGXQJ HWF DP *DQ]HQQLFKWV½QGHUQNÏQQHQ 'LHVKÏKHUH6HLQ RHQEDUWVLFKHEHQLQGHQ*ÏWWHUQGLH LKPVROHEKD HUVFKHLQHQ   6FKZLQGHQGHU1½KHGHV*ÏWWOLFKHQ(LQ*HKHLPQLV  (V]HLJWVLFKGHXWOLFKLQGHPµEHUJDQJYRQ+RPHUXQG6RORQ]X7KHRJQLV'HQQGLH .ODJHÕEHU8QJHUHFKWLJNHLW]HLJWGDVVFKZLQGHQGHRGHUJHVFKZXQGHQH9HUWUDXHQXQGGDULQ]HLJW VLFK DQ GD¸ GDV %HZHJHQGH LP PRUDOLVFKHQ 6LQQ  QLFKW PHKU RGHU VHKU VFKZDFK  YRP *ÏWWOLFKHQHUIÕOOWLVWGKGD¸HVVLFKQLFKWPHKUDOV*ÏWWOLFKHV*RWWKHLW YRUGHQ0HQ VFKHQKLQVWHOOWXQGGDVEHGHXWHWGD¸GLH7LHIHGHV6HLQVXQGGHU1DWXUQLFKWPHKUÕEHU ]HXJHQG]XP0HQVFKHQUHGHWH'HQQVRQVWZ½UHGDV9HUWUDXHQGDXQGGDVEHGHXWHWGLH XQUHHFWLHUWH *HZL¸KHLW GD¸ HV ]XP *XWHQ VHLQ ZLUG E]Z EHL µEHUWUHWXQJ ]XP 6FKOLPPHQ  RE VLFK GLHV IUÕKHU RGHU VS½WHU ]HLJHQ PDJ XQG ZHQQ VHOEVW HUVW EHL 1DFK NRPPHQGD¸DXFKGDVVLQQYROOXQGUHFKWLVW  'HU +LVWRULNHU WKXW VLFK OHLFKW PLW VHLQHP 1DFKZHLV GD¸ GLHV YRQ 6WXIH ]X 6WXIH PLW 1RWZHQGLJNHLWVLFKVRwHQWZLFNHOQkPX¸WHLQGHPGHU0HQVFKPHKUXQGPHKU(UIDKUXQ JHQ PDFKWH XQG LPPHU PHKUGHQNHQ PLW (QHUJLH GHQNHQ OHUQWH $EHU PDQ YHUOLHUW GLH XQPLWWHOEDUH*HZL¸KHLWQLFKWLQGHPPDQwGHQNWkVRQGHUQPDQKDWVLHVFKRQ YHUORUHQr XQGGDVLVWHEHQGDV*HKHLPQLVrHKHPDQ]XGHQNHQDQQJ'LH0HWKRGHGHV+LVWRUL NHUV VHW]W XQEHZX¸W YRUDXV GD¸ ZLU +HXWLJHQ ZLVVHQ ZDV ZLU WKDWV½FKOLFK QLFKW ZLVVHQ ZLHHVLQGLHVHQ'LQJHQZLUNOLFK]XJHKWGD¸HVQ½POLFKMHQH*HUHFKWLJNHLWGHV*HVFKHKHQV WKDWV½FKOLFKQLFKWJLHEWVRQGHUQGD¸VLHHLQPHQVFKOLFKHV,GHDOLVWGDUXPLVWHVLKPVRQD WÕUOLFK VLFK YRU]XVWHOOHQ GD¸ GDV DXIZDFKHQGH XQG VLFK wHQWZLFNHOQGHk 'HQNHQ GLHVHQ 6DFKYHUKDOW QRWZHQGLJ HUNHQQHQ wPX¸WHk XQG GLH IUÕKHUH µEHU]HXJXQJ QXU QRFK DOV w*ODXEHk DQ MHQVHLWLJH :DKUKHLWHQ ZHLWHU OHEHQ NRQQWH $EHU GDV LVW HLQ 9RUXUWHLO r XQG 6RNUDWHVKDWVHLQJDQ]HV/HEHQGDUDQJHZDQGWHVDOVVROFKHV]XÕEHUZLQGHQ'LHwZLVVHQ VFKD OLFKHk *HVFKLFKWVVFKUHLEXQJ LVW JHUDGH]X GDUDXI DQJHOHJW GLH ZDKUHQ *UÕQGH GHU 'LQJHDXV]XVFKDOWHQXQGDQ6WHOOHGHVVHQZDVLQVHLQHP8UVSUXQJXQG)RUWJDQJLPPHU JHKHLPQLVYROO EOHLEHQ PX¸ HWZDV UDWLRQDO OHLFKW 9HUVW½QGOLFKHV ]X VHW]HQ LQGHP VLH GDV 9HUK½OWQLVYRQ8UVDFKHXQG:LUNXQJHLQIDFKXPNHKUW(VEOHLEWGDEHLGD¸GDV6FKZLQGHQ GHU1½KHGHV*ÏWWOLFKHQGLHZDKUH8UVDFKHGHU9HUWUDXHQVORVLJNHLWGHU(LJHQZLOOLJNHLWGHV 5DWLRQDOLVPXVLVWXQGQLFKWXPJHNHKUWXQGGD¸GLHV6FKZLQGHQ rZLHMDGRFKDXFKGLH 1½KHVHOEVWrQXULP*HKHLPQLVGHV*ÏWWOLFKHQVHOEVWEHJUÕQGHWLVWDOVRYRQXQVQLFKWHU NO½UWZHUGHQNDQQ rDPZHQLJVWHQGDGXUFKGD¸PDQZLHGLH+LVWRULHHVWKXW VHLQH:LU NXQJQ½POLFKGHQ8QJODXEHQGDVVRXYHU½QH'HQNHQHWF]XU8UVDFKHPDFKW   1XQNDPHQGLH/HXWHGLHrZLHGLH6RSKLVWHQXQG7KUDV\PDFKRVrJDQ]DXIVLFKVHOEVWJH VWHOOWVHLQZROOWHQXQJHPHLQNÕKQXQGVFKDUIVLQQLJ]XJOHLFKMDJHLVWUHLFKGDV'DVHLQLKUHP YRUXUWHLOVORVHQ 'HQNHQ XQWHU]RJHQ 6LH ZDUHQ wYRUXUWHLOVIUHLk GK KLHU GDV 'DVHLQ VSUDFK QLFKW PHKU DOV HLQ *ÏWWOLFKHUIÕOOWHV ]X LKQHQ GDV *ÏWWOLFKH ZDU QLFKW PHKU GHU WUDJHQGH *UXQGLKUHV'HQNHQVHVZDUQLFKWPHKUGDULQYHUZXU]HOWYRQMHQHPXQHQGOLFK)UXFKWED





:DOWHU )ULHGULFK 2WWR

UHQ XQG 6FKÏSIHULVFKHQ DOV $XVJDQJVSXQNW XQG )ÕKUXQJ JHOHLWHW VRQGHUQ QXU QRFK YRQ GHU 6HOEVWKHUUOLFKNHLW GHV ORVJHOÏVWHQ 0HQVFKVHLQV 'DV EHGHXWHW GLH :LUNOLFKNHLW VSUDFK QLFKWPHKULQw8USK½QRPHQHQk]XLKQHQ'DVw*HUHFKWHkHWFZDUQLFKWPHKUDOV8USK½QRPHQ XQPLWWHOEDUÕEHU]HXJHQGZHLOJÏWWOLFKGXUFKOHXFKWHW  %HLGLHVHU/DJHGHU'LQJHVWHKHQQXQ]ZHL:HJHRHQXPGDV8USK½QRPHQ]XUHWWHQ 'HUHLQHZ½UHGDVw*HUHFKWHkHWFDOVwVLWWOLFKHV8USK½QRPHQk]XHUNO½UHQDOVRGHUXUVSUÕQJOL FKHQ1DWXUGHV0HQVFKHQHLQJHERUHQXQGLQGHU ƒPœUIMEDXI]XGHFNHQ'LHVHQ:HJKDW .DQWHLQJHVFKODJHQXQGLQGHU1DFKIROJHGHV&KULVWHQWXPVVRZLHGHVQHX]HLWOLFKHQ6HH OHQ9HUQXQ JODXEHQVZDUHUIÕULKQGHUJHJHEHQH'HQQGHUNDWHJRULVFKH,PSHUDWLYLVWHL JHQWOLFKHLQ8USK½QRPHQ 6RKDW.DQWDOV3KLORVRSKPLWGHUJDQ]HQ6FK½UIHVHLQHU.ULWLN GLHUHOLJLÏVH8UDQVFKDXXQJ JHUHWWHW'HQQKLQWHUGHP8USK½QRPHQVWHKWLPPHUXQPLWWHO EDUGLH*RWWKHLWZLHMDDXFKKLHUQLFKWQXUGDVUHOLJLÏVH3DWKRV.DQWVDQ]HLJWVRQGHUQVHLQ DOVXQHUODXEWJHWDGHOWHUXQGGRFKLQQHUOLFKQRWZHQGLJHU 6SUXQJYRQKLHULQnV0HWDSK\VL VFKHXQG*ÏWWOLFKH  6RNUDWHV GDJHJHQ ZDU DOV *ULHFKH LQ GHU 7UDGLWLRQ YRQ +RPHU KHU XQG GHV DOWJULHFKL VFKHQ*ÏWWHUJODXEHQVGHULKPLPPHUKHLOLJZDU DXIHLQHQDQGHUHQ:HJJHZLHVHQ(UPX¸ WHDXIGLH1DWXUGHU'LQJHEOLFNHQ6RZDUHVHFKWJULHFKLVFKGD¸HUGDVw*XWHkDOV8U SK½ QRPHQLQGHU1DWXUGHUPHQVFKOLFKHQ'LQJH]HLJWH'DVNRQQWHQLFKWDQGHUVJHVFKHKHQDOVLQ GHPHUQDFKZLHVGD¸HVIÏUGHUOLFKXQGIUXFKWEDUDOVRwQÕW]OLFKkLVWGHQQGDVPX¸HVVHLQ ZHQQHV]XU1DWXURUGQXQJJHKÏUW   'DVZLUGJDQ]GHXWOLFKLQGHP;HQRSKRQWLVFKHQ*HVSU½FKZRHUDXVJHKHQGYRQGHU (PSIHKOXQJGHU7UHXHJHJHQGLH6WDDWVJHVHW]HDXIGLH †KVEJSMR³QSMNRPPWXQGQDFK ZHLVW GD¸ VLH GLH (LJHQWÕPOLFKNHLW KDEHQ GD¸ VLH QLFKW QXU JHELHWHQ VRQGHUQ GD¸ GLH µEHUWUHWXQJVLFKXQPLWWHOEDUXQG]ZDUJDQ]HYLGHQWU½FKW6LHPÕVVHQDOVRJÏWWOLFKHU+HU NXQ VHLQ  6R UHWWHWHUZLH.DQWGLHUHOLJLÏVH8UDQVFKDXXQJGXUFK+LQZHLVDXI GDVLQGHU1DWXU %HJUÕQGHWHDOVR8USK½QRPHQDOHGHUVLWWOLFKHQ1RUP





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP

  

 

$1219HQHGLJ  1DFKGU +LOGHVKHLP r 1HZ VL@ELOLEXVLQVFULSVLW,WHPDSXG*UHJRULXP $ULPLQHQVHP OL>EUR@  GLVWLQ>FWLRQH@  T>XHVWLRQH@  HW GLV>WLQFWLRQH@  T>XHVWLRQH@     

&I 3VHXGR'LRQ\VLXV $UHRSDJLWD 'H GLYLQLV QRPLQLEXV 9,,  HG % 5 6XFKOD &RUSXV 'LRQ\

VLDFXP , %HUOLQ r 1HZ 27@ 9,, 6W %RQDYHQ WXUH 1 XHVWLRQH@SURO>RJLR@ SDU>WH@GLDOHFWLFH VXH FDSLWXOR  HW VHTXHQ>WL@ LQ OLEHOOR 'H VDFUDPHQWR DOWDULV ,WHP *UHJRULXV $ULPL QHQVLVOL>EUR@GLV>WLQFWLRQH@T>XHVWLRQH@DU>WLFXOR@HWT>XHVWLRQH@DU>WLFXOR@ (WVWLSXODWXU-RDQQHV*HUVRQWUDF>WDWX@;,6XSHU0DJQLFDW1DPLOORUXPVHQWHQWLDQXOOD PDJQLWXGRFRQVWDWLQGLYLVLELOLEXVQHFDOLTXRGLQGLYLVLELOHLQWULQVHFXPHVWPDJQLWXGLQLOL QHHVXSHUFLHLFRUSRULHWFXLTXHTXDQWLWDWLFRQWLQXHGLVWLQFWXPVHGXQLYHUVLVKLVQRPLQL EXV wSXQFWXVk wOLQHDk wVXSHUFLHVk wFRUSXVk HDQGHP UHP GLYHUVR PRGR VLJQLFDUL (RGHP >PRGR@ UHWRUTXHQWXU KHF >QRPLQD@ wWHPSXVk wLQVWDQVk wPRWXVk wPXWDWLRk +LV FRQVHQWLW $QVKHOPXVLQOLEUR'HFDVXGLDEROLFRFD>SLWXOR@HWVHTXHQWL  1XOOXPHVVHFRPSOH[HVLJQLFDELOHLGHVWUHPVLJQLFDELOHPWRWDSURSRVLWLRQHHWQXOOD HLXVSDUWHXWRSLQDWLVXQW*UHJRULXV$ULPLQHQVLVHW+HQULFXVGH+DVVLDT>XHVWLRQH@SUR OR>JR@ DU>WLFXOR@   SRWHQWHU HW H"FDFLWHU FRQUPDQW &DUGLQDOLV &DPHUDFHQVLV OL>EUR@  T>XHVWLRQH@DU>WLFXOR@,&HWDU>WLFXOR@KK,WHPLQWUDFWDWXLQVROXELOLXP0DUVLOLXV  

&I %DUWKRORPHXV GH 8VLQJHQ 3DUYXOXV SKLORVRSKLH QDWXUDOLV /HLS]LJ   WUDFW  IRO UU s LELG IRO U ”(VW FRPPXQLV >RSLQLR@ VFROH YLH PRGHUQH TXRG PRWXV QRQ VLW UHV VXFFHVVLYD

    

DE RPQLEXV SHUPDQHQWLEXV UHDOLWHU GLVWLQFWD… *XLOOHOPXV GH 2FNKDP 6FULSWXP LQ OLEUXP SULPXP 6HQWHQWLDUXP 3URORJXV HW GLVW SULPD HG * *ºO HW 6 ) %URZQ 27 , 6W %RQDYHQWXUH 1 EUR@  GLV>WLQFWLRQH@  T>XHVWLRQH@  HW &DUGLQDOLV &DPHUDFHQVLV 'H SHUIHFWLRQH OL>EUR@T>XHVWLRQH@DU>WLFXOR@SXQFWR  1XOODPUHPHVVHQXPHUXPYHOPXOWLWXGLQHPGLVWLQFWDPVXEVWDQWLLVHWTXDOLWDWLEXVPXO WLVHWQXPHUDWLVXWYROXLW7KRPDV$TXLQDVS>DUWH@T>XHVWLRQH@DU>WLFXOR@ LQWHQWLV   1DFKGU )UDQNIXUW D 0   OLE , TXDHVW  DUW  & IRO FYD ”6HFXQGR GHFODUDQGXP HVW TXLG VLW YHULWDV 8QGH GLFR TXRG RPQLV YHULWDV XW KLF VXPLWXU HVW SURSRVLWLR YHUD $G FXLXV SUREDWLRQHP SRQR DOLTXDV SURSRVLWLRQHV 3ULPD HVW TXRG QXOOD YHULWDV HVW GLVWLQFWD D SURSRVL

FDELOH VHX SURSRVLWLRQLV VLJQLFDWXP WRWDOH 3DWHW TXLD VL HVVHW WDOLV YHULWDV VHX WDOH FRPSOH[H VLJQLFDELOH QHF HVVHW VXEVWDQWLD QHF DFFLGHQV QHF GHXV QHF WLRQH TXH VLW TXRGGDP FRPSOH[H VLJQL

FUHDWXUD LPPR RPQLQR QLKLO HVVHW XW FRQFHGXQW LOOL TXL VLF SRQXQW e… LELG OLE , TXDHVW 

FDELOH FDWXP WRWDOH FRQFOXVLRQLV GHPRQVWUDWH QRQ HVW RELHFWXP VFLHQWLH SURSULH GLFWH 3DWHW H[ SULPR FRUROODULR VLFXW SUHFHGHQV ,WHP TXLD LVWH GRFWRU FRQFOXGLW TXRG WDOH FRPSOH[XP VLJQL 

DUW  KK IRO HYE ”7HUWLR VHTXLWXU FRQWUD *UHJRULXP T  DUW  TXRG FRPSOH[XP VLJQL VHX VLJQL

FDELOH WRWDOH QLKLO HVW HW TXRG QLKLO HVW HVW RELHFWXP VFLHQWLH 6HG QXOOXP YLGHWXU SRVVH PDLXV LQ FRQYHQLHQV FRQFOXGL QHF UDWLRQHV VXH FRQYLQFXQW VHG HDV GLPLWWR TXLD DG ORJLFDP HW PHWDSK\VL

 

FDP VSHFWDQW… /RFXV QRQ LQYHQWXV ,RDQQHV *HUVRQ ,Q 1DWDOL 'RPLQL HG 3 *ORULHX[ lXYUHV FRPSOÁWHV YRO  3DULV   S  ”4XR SDFWR LJLWXU HQWLWDV FRPSOH[H VLJQL

FDQWLEXV

WULEXLWXU TXRUXP DOLTXD QXOOXP KDEXHUXQW

DXW KDEHUH SRWXHUXQW IDFWLRQLV LQLWLXP HR LSVR TXDVL LQVDQLHQV GLFHUH DXGHW 0DQLFKHXV D 'HR WH QHEUDUXP IDFWD HVVH PXOWD TXDH 'HXV LSVH QRQ FRQGLGLW FXP DXGLDW TXRG SHU 'HL 9HUEXP

         



RPQLD IDFWD VXQW

……

*XLOOHOPXV 6XPPD ORJLFDH SDUV , FDS  S  *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO 9,, TXDHVW  S  *XLOOHOPXV GH 2FNKDP 6FULSWXP LQ OLEUXP SULPXP 6HQWHQWLDUXP 3URORJXV HW GLVWLQFWLR SULPD HG * *º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”(W HDGHP UDWLRQH FXP GLFXQWXU UHV PXOWDH PXOWLWXGR VLF DFFHSWD VLJQL

FDW UHV LO

ODV FXP LQGLYLVLRQH FLUFD XQDPTXDPTXH HDUXP s 1XPHUXV DXWHP TXL HVW VSHFLHV TXDQWLWDWLV

   

SRQDW TXRGGDP DFFLGHQV DGGLWXP VXSUD HQV HW VLPLOLWHU XQXP TXRG HVW SULQFLSLXP QXPHUL… *XLOOHOPXV 6FULSWXP LQ OLE , 6HQW 'LVW   GLVW  TXDHVW  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU , 6HQW 'LVW   GLVW  TXDHVW  DUW  S  *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO ,9 TXDHVW    S  *XLOOHOPXV GH 2FNKDP 7UDFWDWXV GH TXDQWLWDWH HG & $ *UDVVL 27 ; 6W %RQDYHQWXUH 1 5RP @ 6   OLE , QRW  GXE  ”… HW VXQW GXDH RSLQLRQHV H[WUHPDH 8QD SRQLW TXRG RPQLV UHV H[WHQVD HVW VXD H[WHQVLR

… +DHF HVW RSLQLR SUREDELOLV s 6HFXQGD RSLQLR

GLFLW FRQWUDULXP TXRG RPQLV H[WHQVLR VXEVWDQWLDH VLW UHV GLVWLQFWD D VXEVWDQWLD HW SUREDW SULQFL SDOLWHU TXLD DOLWHU QRQ SRVVHW RVWHQGL TXLG LQ YHVLFD FODXVD DHUH UHSOHWD UHVLVWLW FRPSULPHQWL 4XLD QRQ VXEVWDQWLD DHULV YHO PDWHULD YHO IRUPD HLXVGHP FXP WDOLD QDWD VXQW SHU PRGLFXP PRWXP OR FDOHP PXOWXP FRQGHQVDUL

… QHF FDOLGLWDV QLVL IRUWH LQTXDQWXP FRQVHUYDW GLPHQVLRQHV QHF DOL

TXLG DOLXG QLVL GLPHQVLR GLVWLQFWD D VXEVWDQWLD 7HQHDV RSLQLRQHP TXDP YLV HJR FUHGR KDQF HV VH SUREDELOLRUHP (W VROYLWXU UDWLR DOWHULXV RSLQLRQLV SHU KRF TXRG QHFHVVH HVW SRQHUH TXDQWLWD WHP H[WHQVDP UHVLVWHUH FRPSULPHQWL…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

 3HUVHHWIRUPDOLWHUHVW>TXDQWXP@TXRGKDEHWSDUWHPH[WUDSDUWHPTXRFXPTXHH[WULQVH FRFLUFXPVFULSWRLGHVWVHLSVR(WVLFVRODTXDQWLWDVVHLSVDHVWTXDQWDTXLDKDEHWSDUWHP H[WUDSDUWHPTXRFXPTXHDOLRFLUFXPVFULSWRHWVXSHUDGGLWRDEODWR4XDUHLOOLFRQYHQLWGLYL VLELOLWDVIRUPDOLWHUHWSHUVH  3HUDFFLGHQVHWPDWHULDOLWHUHVW>TXDQWXP@TXRGKDEHWSDUWHPH[WUDSDUWHPQRQVHLSVR VHGSHUTXDQWLWDWHPVXSHUDGGLWDPXWPDWHULDIRUPDEUXWDOLVDOEHGRHWVLFGHDOLLV(WLOOXG TXDQWXP QRQ HVW SHU VH GLYLVLELOH VHG SHU TXDQWLWDWHP VXSHUDGGLWDP PDWHULH LQKHUHQWHP XQLFDH[WHQVLRQHH[WHQGHQWHPPDWHULDPHWRPQHVIRUPDVLQPDWHULDH[WHQVDVXWHVWIRUPD EUXWDOLVDOEHGRQLJUHGRHWF  6HGLQGHFODUDQGRLOODPRSLQLRQHPDFSUREDQGRGXSOLFLYLDLQFHGXQW  ,,,9LDSULPD HVWTXRUXQGDPGLFHQWLXPPDWHULDPYHODOLXGTXDQWXPSHUDFFLGHQVFLUFXPVFULSWDTXDQWL WDWHFRQWLQXDDFDEODWDTXDFXPTXHSRWHQWLDHVVHSHQLWXVLQGLYLVLELOHLGHVWQXOODPKDEHUH SDUWHPHVVHQWLDOHPHWLQWULQVHFDP4XDUHVLSHUSRWHQWLDPGLYLQDPDEVROXWDPDEDOLTXRWDOL TXDQWRUXPDXIHUHWXUTXDQWLWDVLOOXGPDQHUHWLQORFRGL"QLWLYHVROXPVLFXWHVWDQJHOXVYHO DQLPDUDWLRQDOLV'LFXQWFRQVHTXHQWHUWDOHHULGLYLVLELOHLGHVWDFTXLUHUHSDUWHVSHUTXDQ WLWDWHPHLUXUVXVXQLWDPVL'HXVUHXQLUHW(WLOOLXVYLHYLGHWXUIXLVVH7KRPDV$UJHQWLQHQVLV FLUFDTXDUWXP6HQWHQWLDUXPGLV>WLQFWLRQH@;,,,XELGLFLWTXRGVXEVWDQWLDVHFXQGXPVHDF FHSWDVLWLQGLYLVLELOLVVHGDOWHULDGLXQFWDLGHVWTXDQWLWDWLHVWGLYLVLELOLV6LPLOLWHULOOLXVYLH YLGHWXUIXLVVH0DJLVWHU:HVDOLDLQGLVSXWDWLVVXSHUSULPXP3KLVLFRUXPFXLXVIDPDFHOHEULV HVWLQ(UXUGLHQVLJ\PQDVLR XELGLFLWTXRGDEODWDTXDQWLWDWHDVXEVWDQWLDQRQKDEHDWSDU WHVVHGSULXVKDEXLW(WFRQVHTXHQWHUGLFLWVHQWHQWLDOLWHULOOXGTXRGSULXVHUDWSDUWHVPD QHW LQ VXEVWDQWLD 6HG WDOLV SRVW VHSDUDWLRQHP TXDQWLWDWLV DPSOLXV QRQ HVW VHX QRQ YRFDWXU SDUWHV(WUHSUREDWLELGHPRSLQLRQHPLOORUXPTXLGLFXQWTXDQWLWDWHDEODWDSDUWHVVXEVWDQWLH FRQXHUHLQXQXPSXQFWXPTXRGQRQRFFXSDWORFXP 4XDUHFRQFOXGLWTXRGWXQFWDOLV VXEVWDQWLDVLWLQORFRGL"QLWLYHVROXPVLFXWLQWHOOLJHQWLDXELFODUHSDWHWLQWHQWLRVXD  ,,,9LDVHFXQGD HVWTXRUXQGDPDOLRUXPGLFHQWLXPTXDQWXPSHUDFFLGHQVDEODWDTXDQWLWDWHHVVHGLYLVLELOHLQ SDUWHV HVVHQWLDOHV HW LQWULQVHFDV VHG QRQ H[WUD VH H[LVWHQWHV HW H[WHQVDV XW SDWHW LQ OLJQR FXLXV SDUWHV VXQW H[WHQVH DQWH DEODWLRQHP TXDQWLWDWLV VHG SRVW DEODWLRQHP SDUWHV LOOH VXQW RPQHVVLPXOLQHRGHPXELGL"QLWLYHWDQWXP6LFXWGHFUHGLPXVGHFRUSRUH&KULVWLVXE  

7KRPDV GH $UJHQWLQD 6FULSWD VXSHU TXDWWXRU OLEURV 6HQWHQWLDUXP OLE ,9 GLVW  DUW  FRQF SULP IRO // U ”6XEVWDQWLD HQLP VHFXQGXP VH HVW LQGLYLVLELOLV OLFHW H[ KRF VLW GLYLVLELOLV TXRG HVW VXE LHFWXP UHL SHU VH GLYLVLELOLV VFLOLFHW LSVLXV TXDQWLWDWLV (W LGHR VHFXQGXP VH VXEVWDQWLD QLKLO UHSOHW



QHF RFFXSDW QLVL PHGLDQWH TXDQWLWDWH TXH LSVDP LQIRUPDW… ,RDQQHV GH :HVDOLD

〈4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV〉 0ÕQFKHQ 8QLY ELEO  &RG PV

  OLE , IRO Y ”$G VHFXQGXP UHVSRQGHWXU TXRG DEODWD TXDQWLWDWH VXEVWDQFLD FHUWD QRQ KD



EHW SDUWHV KRPRJHQLDV HW FRQFHGLWXU TXRG SULXV KDEXLW HW QXQF QRQ KDEHW… ,RDQQHV GH :HVDOLD

〈4XDHVWLRQHV〉



IRO U ”4XLGDP WDPHQ GLFXQW TXRG LEL VLW YDFXXP HW TXRG

SDUWHV LOOLXV VXEVWDQFLH FRQ X[HUXQW LQ XQXP SXQFWXP TXRG QRQ RFFXSDW ORFXP TXRG QRQ UH



SXWDWXU YHUXP

……

,RDQQHV GH :HVDOLD

〈4XDHVWLRQHV〉 IRO Y ”5HVSRQGHWXU HFLDP DG WHUFLXP TXRG SRVVLELOH HVW DOL

TXDP VXEVWDQFLDP PDQHUH LQ HRGHP ORFR LQ TXR SULXV HUDW HW DXIHUUL TXDQWLWDWHP (W FRQVH TXHQWHU GLFLWXU TXDOLWHU HVW LQ ORFR SRVWHULXV TXDP SULXV HUDW 3ULXV HQLP HUDW FLUFXPVFULSWLYH

"QLWLYH… &I *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO , TXDHVW  DUW  S 

QXQF DXWHP VROXP GL





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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”4XDQWLWDWL QLKLO HVW FRQWUD ULXP…HUJRTXDQWLWDVQRQHVWTXDOLWDVFXLDOLTXLGHVWFRQWUDULXPXWSDWHWLQSUHGLFDPHQ WRTXDOLWDWLV  ,WHPSURSULXPHVWTXDQWLWDWLVHFXQGXPHDPHTXDOHYHOLQHTXDOHGLFLHUJRQRQFRQYHQLW VXEVWDQWLHQHFTXDOLWDWLHWSHUFRQVHTXHQVTXDQWLWDVQHFHVWVXEVWDQWLDQHFTXDOLWDV  1HFYDOHWVROXWLR2FNDPTXLGLFLWSULPDPSURSULHWDWHPTXDQWLWDWLVOR\FHGHEHUHH[SR QLLGHVWGHWHUPLQLVXWELFXELFRQLKLOHVWFRQWUDULXPLGHVWLOOLWHUPLQRQXOOXVDOLXVWHUPL QXVFRQWUDULDWXUTXLDFRQWUDULHWDVWHUPLQRUXPRUWXPKDEHWH[FRQWUDULHWDWHUHUXP4XLD SURWDQWRWHUPLQLYRFDQWXUFRQWUDULLH[HRTXRGIDFLDQWIRUPDVJUDGXDOLWHUGLVWDQWHVHWF6HG VLDOEHGRHVWELFXELFDQLJUHGRYHURWULFXELFDLOOLWHUPLQLwELFXELFXPkHWwWULFXELFXPkYLGHQ WXUYHUHFRQWUDULLXWSDWHWH[GL"QLWLRQHWHUPLQRUXPFRQWUDULRUXP 



&I 3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH V O   SDUV 9, FDS  IRO  U ”4XDUWD FRQFOXVLR 0DWHULD GHQXGDWD D TXDQWLWDWH QRQ DFWX VHG DSWLWXGLQH YHO SRWHQWLD HVW TXDQWLWDWLYH GLYLVLELOLV 3D WHW TXLD WDOLV PDWHULD DFWXDOLWHU QRQ KDEHW SDUWHP H[WUD SDUWHP VHG HVW DSWD QDWD KDEHUH SDUWHP H[WUD SDUWHP SHU DGYHQWXP TXDQWLWDWLV H[WHQGHQWLV LSVDP

  

…

4XLD OLFHW PDWHULD QRQ VLW TXDQWD

KDEHW WDPHQ SDUWHV TXDUXP TXHOLEHW SRWHVW HVVH TXDQWD HW H[WUD DOLDP… $ULVWRWHOHV 3K\V ,  E *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO 9, TXDHVW  S  TXDHVW  S  3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV 9, FDS  IRO U ”$ULVWRWHOHV DUJXHEDW FRQWUD DQWL TXRV QRQ TXLD SRQHEDQW SOXUDOLWDWHP QXPHUDOHP TXLD EHQH VFLHEDQW VHLSVRV KDEHUH PXOWDV SDU WHV VHG TXLD QHJDEDQW SOXUDOLWDWHP GLYHUVDUXP UDWLRQXP TXDP $ULVWRWHOHV GHPRQVWUDW LQ VXE

  

VWDQWLD HW TXDQWLWDWH… $ULVWRWHOHV &DW 9, E $ULVWRWHOHV &DW 9,,, E *XLOOHOPXV GH 2FNKDP ([SRVLWLR LQ OLEUXP 3UDHGLFDPHQWRUXP $ULVWRWHOLV HG * *º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



&I *XLOOHOPXV 7UDFWDWXV GH TXDQWLWDWH TXDHVW  DUW  S 



%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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

3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV 9, FDS  IRO Y ”$G SULPXP QHJDWXU FRQVHTXHQ WLD TXLD TXDQWLWDV GHQRPLQDW VXEVWDQWLDP PDWHULDOHP XW IRUPD LOOLXV HW TXDOLWDWHP XW VXELHFWXP LOOLXV 4XDQWD HQLP IXHULW VXSHU

FLHV WDQWD DOEHGLQHP LOOLXV GLFHV HVVH VHFXQGXP 3KLORVRSKXP

LQ 3UHGLFDPHQWLV 8QGH QRQ HVW LQFRQYHQLHQV TXDQGRTXH VXELHFWXP GHQRPLQDUH IRUPDP 1DP SRWHQWLD YLVLYD GHQRPLQDW YLVLRQHP HR TXRG YLVLR VL SRQHUHWXU LQ ODSLGH QRQ HVVHW YLVLR VHG TXDOLWDV (FRQWUD DXWHP YLVLR GHQRPLQDW SRWHQWLDP TXLD SRWHQWLD YLVLYD QRQ DFWXDOLWHU YLGHWXU VL QH YLVLRQH (W DG H[HPSOXP GH DOEHGLQH GLFLWXU TXRG QRQ HVW VLPLOLWXGR TXLD DOEHGR QRQ HVW IRUPD UHFLSLHQV VLFXW TXDQWLWDV $G VHFXQGXP FRQFHGR FRQVHTXHQV HW FRQVHTXHQWLDP GLFHQGR TXRG IRUPH PDWHULDOHV JHQHUDELOHV HW FRUUXSWLELOHV QRQ VROXP GXR \PR WULD VXELHFWD KDEHQW VFL OLFHW LQKHVLRQLV HW KRF HVW PDWHULD GLVSRVLWLRQLV HW KRF HVW TXDQWLWDV HW GHQRPLQDWLRQLV TXRG HVW FRPSRVLWXP e…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

,,,$GPRWLYDSULPHRSLQLRQLV (WSULPRDGDXWRULWDWHVLQJHQHUDOLSRVWKRFLQVSHFLDOLHWXOWLPRDGUDWLRQHVUHVSRQGHWXU 8ELQRWDQGXPTXRGDUJXPHQWXPDEDXFWRULWDWHGXSOH[HVWVFLOLFHWWKHRORJLFXPHWSKLOR VRSKLFXP  7KHRORJLFXPHWIRUWLVVLPXPTXLDLQWKHRORJLDIRUWLXVVWDWXUDX〈F〉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

 

&I  .RU   3KLO   *UHJRULXV

〈0DJQXV〉

+RPLOLDH LQ HYDQJHOLD HG 0 )LHGURZLF] )RQWHV &KULVWLDQL  )UHLEXUJ

  KRP  -RK    S  ”6HG VFLHQGXP QRELV HVW TXRG GLYLQD RSHUDWLR VL UDWLRQH FRPSUHKHQGLWXU QRQ HVW DGPLUDELOLV QHF

 

GHV KDEHW PHULWXP FXL KXPDQD UDWLR SUDHEHW H[SH

ULPHQWXP… $ULVWRWHOHV (WK 1LF 9,,  D &LFHUR 'H QDWXUD GHRUXP HG 2 *LJRQ HW / 6WUDXPH=LPPHUPDQQ =ÕULFK r 'ÕVVHOGRUI   OLE ,  S  ”1RQ HQLP WDP DXFWRULWDWLV LQ GLVSXWDQGR TXDP UDWLRQLV PRPHQWD TXDHUHQGD VXQW SUR

TXLQ

HWLDP

REHVW

SOHUXPTXH

LLV

TXL

GLVFHUH

YROXQW

DXFWRULWDV

HRUXP

TXL

VH

GRFHUH

WHQWXU GHVLQXQW HQLP VXXP LXGLFLXP DGKLEHUH LG KDEHQW UDWXP TXRG DE HR TXHP SUREDQW

LXGLFDWXP YLGHQW QHF YHUR SUREDUH VROHR LG TXRG GH 3\WKDJRUHLV DFFHSLPXV TXRV IHUXQW VL TXLG DG

UPDUHQW LQ GLVSXWDQGR FXP H[ LLV TXDHUHUHWXU TXDUH LWD HVVHW UHVSRQGHUH VROLWRV wLSVH GL[LWk

LSVH DXWHP HUDW 3\WKDJRUDV WDQWXP RSLQLR SUDHLXGLFDWD SRWHUDW XW HWLDP VLQH UDWLRQH YDOHUHW DXF WRULWDV…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

〈,,,$GDXFWRULWDWHVHWUDWLRQHVSURYLDVHFXQGDSULPHRSLQLRQLVLQFDSLWXOR,,,DOOH JDWDV〉 $GSULPXPUHVSRQGHWXU 4XLD$ULVWRWLOHVLELORTXDWXUFRQGLFWLRQDOLWHUXWVLVXEVWDQWLDHVWHWTXDQWLWDVHWFDFVLGL FHUHWXWKDEHWRSLQLRPXOWRUXPQHFHVVDULRSOXUDVXQWTXDPXQXPHUJRQRQRPQLDVXQW XQXPHLXVGHPUDWLRQLVXWDQWLTXLYROXHUXQW6HGQRQORTXLWXULELGHWHUPLQDWLYHTXLDQRQ GHWHUPLQDWLWDHVVHQHFSUREDWVLFHVVHVHGTXDVLVXSSRVLWLYHORTXLWXUVHFXQGXPRSLQRQHP PXOWRUXP(WVROXWLR2FNDPQRQSODFHWVLFXWEHQHDUJXLW3DXOXV9HQHWXVTXLDQRQHVWDG LQWHQWLRQHP3KLORVRSKL6HGDXFWRULWDWHVH[SRQHQGHVXQWDGLQWHQWLRQHPDX〈F〉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〈Q〉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

$ULVWRWHOHV $QDO SRVW ,  D &LFHUR 'H QDWXUD GHRUXP ,  S  ”$ULVWRWHOHVTXH LQ WHUWLR GH SKLORVRSKLD OLEUR PXOWD WXUEDW D PDJLVWUR VXR 3ODWRQH GLVVHQWLHQV PRGR HQLP PHQWL WULEXLW RPQHP GLYLQLWDWHP PRGR PXQGXP LSVXP GHXP GLFLW HVVH PRGR DOLXP TXHQGDP SUDH





FLW PXQGR HLTXH HDV SDUWLV WULEXLW XW UHSOLFD

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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



JHQV FDHOXP PXQGL HVVH SDUWHP TXDP DOLR ORFR LSVH GHVLJQDYLW GHXP… 0DUVLOLR )LFLQR /HWWHUH , (SLVWRODUXP IDPLOLDUXP OLEHU , HG 6 *HQWLOH )LUHQ]H   HS  S  ”6XQW PXOWL QRVWULV VHFXOLV QRQ SKLORVRSKL VHG SKLORSRPSL TXL VHQVXP $ULVWRWHOL FXP VH WHQHUH VXSHUEH QLPLXP SUR

WHQWXU &XP WDPHQ $ULVWRWHOHP LSVXP UDUR DGPRGXP DWTXH

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

OLL QRQ OHJLWLPL LG HVW RSLQLRQHV

DEVXUGH LQWHU SKLORVRSKRV RULDQWXU 3URER LJLWXU WH DPLFH TXRG SXHULOHV KRUXP LQHSWLDV HW YDQD VWXGLD QRQ HPXOHULV TXL QHTXH IRQWHV KDXULXQW VHG ULYXORV ODPEXQW QHTXH YHULWDWLV OXFHP VHG RSLQLRQLV XPEUDP VWXOWH VHFWDQWXU



……



%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

QRQSRWHQWLXPHWF(WVLFGLFLWTXDQWLWDWLQLKLOHVVHFRQWUDULXPUHFWHVLFXWVXEVWDQWLHHWKRF PRGRFDSLD3KLORVRSKRLQ3UHGLFDPHQWLV$OLRPRGRFRPPXQLWHUSURUHEXVDTXLEXVVX PLELOHV VXQW GHQRPLQDWLRQHV LPFRPSRVVLELOHV VLPXO SRWHQWHV WDPHQ VXFFHVVLYH HLGHP FRQYHQLUHXWORFXVVXUVXPHWGHRUVXPWHUPLQXVDTXRHWDGTXHPLQPRWX(WVLFGLFLW3KL ORVRSKXPFDSLTXDQGRGLFLWRPQHPPRWXPHVVHGHFRQWUDULRLQFRQWUDULXP(WTXDQGR DUJXLWXU3KLORVRSKXVSULPR3KLVLFRUXPGLFLWSULQFLSLDUHUXPQDWXUDOLXPHVVHFRQWUDULDD TXLEXVWDPHQGHQRPLQDWLRQHVLQFRPSRVVLELOHVVLPXOQRQSRVVXQWVXFFHVVLYHHLGHPFRPSH WHUHXWSDWHWGHIRUPDHWSULYDWLRQHs5HVSRQGHW〈XU〉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

,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 6WDGW XQG 5HJLRQDOELEOLR WKHN :LVVHQVFKD

OLFKH 6RQGHUVDPPOXQJHQ 0V 4   OLE 9 TXDHVW  IRO UY ”$G

VHFXQGXP UHVSRQGHWXU TXDPYLV FRPPXQLWHU FDSLW 3KLORVRSKXV LEL >VFLO 0HWDSK , @ FRQWUDULH WDWHP FDSLW HQLP LEL SUR UHSXJQDQFLD TXH HFLDP LQFOXGLW LQ VH GHVSHUDWLRQHP KLF DXWHP FDSLW FRQWUDULHWDWHP FHUWR PRGR SUR UHSXJQDQFLD HRUXP TXH HLGHP VXFFHVVLYH FRQYHQLUH >FI 8QLYELEO 0ÕQFKHQ 0V  IRO U 0V (UIXUW 4  KLF KDEHW FRQWUDULH@ SRVVXQW VLFXW FDSLWXU FRQWUD ULHWDV LQ 3UHGLFDPHQWLV

$G WHUFLXP UHVSRQGHWXU QHJDQGR SULPDP FRQVHTXHQFLDP DG SUREDFLR

QHP HW VLF GLFLWXU TXRG LOOD VXQW FRQWUDULD FRPPXQLWHU GLFWD D TXLEXV VXPXQWXU GHQRPLQDWLR QHV LQFRPSRVVLELOHV 'LFHQGXP HVW TXRG QRQ VX

"FLW

DG FRQWUDULD FRPPXQLWHU GLFWD HVVH WDOLD

TXRG DE HLV VXPXQWXU GHQRPLQDWLRQHV LQFRPSRVVLELOHV >DGG 8QLYELEO 0ÕQFKHQ 0V   U 6HG XOWUD UHTXLULWXU TXRG WDOLD VLQW VLF VH KDEHQFLD TXRG DE HLV VXPDQWXU GHQRPLQDWLRQHV LQFRPSRVVLELOHV @ SRWHQWHV WDPHQ HLVGHP >DGG 8QLYELEO 0ÕQFKHQ 0V  IRO U VXFFHVVLYH@ FRQYHQLUH 0RGR D QXOOLV VXEVWDQFLLV VXPXQWXU GHQRPLQDWLRQHV LQFRPSRVVLELOHV SRWHQWHV VXFFHVVLYH HLGHP FRQYH QLUH… FI ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 6WDGW XQG 5HJLR QDOELEOLRWKHN :LVVHQVFKD

OLFKH 6RQGHUVDPPOXQJHQ 0V 4   OLE , TXDHVW  IRO Y

”6FLHQGXP TXRG FRQWUDULHWDV XW HVW SDVVLR UHUXP XW LSVD FRQVLGHUDWXU LQ VFLHQWLD QDWXUDOL FDSLWXU GXSOLFLWHU 8QR PRGR SURSULH HW VLF FRQWUDULHWDV HVW UHSXJQDQFLD GXDUXP IRUPDUXP JUDGXDOLWHU GLVWDQFLXP QRQ SRWHQFLXP VLPXO LQHVVH HLGHP VHG VXFFHVVLYH (W VLF FDOLGLWDV HW IULJLGLWDV H[FH GHQWHV QXPHUR GHQDULXP JUDGXXP VXQW FRQWUDULH $OLR PRGR FRPPXQLWHU HW VLF TXHOLEHW GXD UXP UHUXP UHSXJQDQFLD TXDUXP QRPLQD GH HRGHP VLQJXODUL VLPXO HW VHPHO HW GLYLVLP QRQ SRV



VXQW YHUL

FDUL VHG EHQH VXFFHVVLYH (W VLF WHUPLQL PRWXV FRQWUDULL VXQW…

,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 4   OLE 9 TXDHVW  IRO Y ”$G TXDUWXP UHVSRQGHWXU TXRG SURSWHU KRF DG VXEVWDQWLDP QRQ HVW PRWXV TXLD QRQ KDEHW FRQWUDULXP FRPPXQLWHU FDSLHQGR FRQWUDULHWDWHP 7DOHP DXWHP KDEHW LSVD TXDQWLWDV 1RQ PDLRU HW PLQRU KDF FHUWD GDWD LOOR PRGR VXQW FRQWUDULD >8QLYELEO 0ÕQFKHQ 0V  IRO U 1DP

SDUYXP HW PDJQXP LOOR PRGR VXQW FRQWUDULD@ (W DG 3KLORVRSKXP LQ 3UHGLFDPHQWLV GLFLWXU TXRG LEL FDSLWXU FRQWUDULHWDV SURSULH…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

VXEVWDQWLDTXRGVXFFHVLYHHVWPLQRUHWPDLRUSURSULDH[WHQVLRQHVLQHTXDQWLWDWHVXSHUDGGLWD VLFXWSHUTXDQWLWDWHPVXSHUDGGLWDPHWF4XDUH3KLORVRSKXVFDSLWLELFRQWUDULHWDWHPSURUH SXJQDQWLDVHXLQFRPSRVVLELOLWDWHDOLTXRUXPUHVSHFWXVXELHFWLWUDQVPXWDWLRQLVTXRGHVWKRF DOLTXLGSHUVHH[LVWHQVHQVLQDFWX(WWDOLVFRQWUDULHWDVQRQUHSHULWXULQVXEVWDQWLLVWRWDOLEXV VHGLQTXDQWLWDWHTXDOLWDWHHWXELTXLDVXELHFWXPIRUPHVXEVWDQWLDOLVWRWDOLVHVWHQVLQFRP SOHWXPTXLDPDWHULD6HGVXELHFWXPDXJPHQWDWLRQLVDOWHUDWLRQLVHWORFLPXWDWLRQLVHVWWR WXPFRPSRVLWXPDGLOOXPVHQVXPTXRGPRWXVORFDOLVHVWLQWRWRFRPSRVLWRQRQTXLGHP SHULQKHVLRQHPVHGSHUFRQWLJXDPFLUFXPVFULSWLRQHP(WVLFGHQRPLQDWFRPSRVLWXPPR YHUL ORFDOLWHU 6HG PRWXV DOWHUDWLRQLV LQHVW SHU UHDOHP LQKHUHQWLDP HW XEL FRPSRVLWXP HVW GXHVXEVWDQWLHH[WHQVHLQHVWWRWLSHQHWUDWLYHXWSDWHWLQDTXD6HGXELXQDQDWXUDVROXPH[ WHQVDHVWXWLQKRPLQHLQHVWPDWHULHWDQWXPGHQRPLQDWWDPHQWRWXPFRPSRVLWXPSHUVL QRGR\FDPORFXWLRQHPXELSURSULHWDVSDUWLVGHQRPLQDWWRWXP6HGDXJPHQWDWLRTXHQRQ HVWTXDOLWDVDXWHVWLQPDWHULDWDPTXDPSDUVLQWHJUDOLVDXWLQIRUPDXWEUXWDOLWDPTXDP SDUVTXDUXPXWUDTXHGHQRPLQDWWRWXPFRPSRVLWXPPRYHULHWDXJPHQWDULTXLDQRQFRQ WLQJLWIRUPDPDXJHULXWVLFVLQHPDWHULD6HGIRUPDVXEVWDQWLDOLVWRWDOLVQRQKDEHWVLFDOLDP IRUPDPVLELUHSXJQDQWHPTXRGSRVVLQWVXFFHVVLYHGHQRPLQDUHLGHPVXELHFWXPTXRGHVW WRWXPFRPSRVLWXPTXRGIDFLWPDLRUHWPLQRUTXDQWLWDVDOLDHWDOLDFDOLGLWDVDOLXGHWDOLXG XEL  $GVH[WXP 4XRGEHDWXV$XJXVWLQXVQRQDOLXGYHOLWTXDPTXRGQLKLOHVVHQWLDOLWHUHVWPDJQXPPDJQL WXGLQHPROLVLGHVWH[WHQVLRQLVVHGDFFLGLWUHLVLFHVVHPDJQDPTXLDDFFLGLWHLKDEHUHSDU WHPH[WUDSDUWHPVHGQRQDFFLGLWUHLVXXPHVVH6LFXWLQVLPLOLORTXLWXUGHUHODWLRQLEXVLQ PXOWLVORFLVDFVLGLVWLQJXHUHQWXUDEDEVROXWLVHWWDPHQQRQQHFHVVDULRVLFHVW  6HGVLTXLVGL[HULW$XJXVWLQLYHUEDYHOOHPDJQLWXGLQHPPROLVHVVHUHPGLVWLQFWDPDUHPD JQD5HVSRQGHWXUGDWRTXRGYHOLQWUHFHGHQGXPHVVHDVHQWHQWLDVXDVLQHLQFRQYHQLHQWLVL FXWLSVHPHWDWWHVWDWXUTXRGVXDVFULSWDVLPLOLWHUDOLRUXPVDQFWRUXPSRVVXQWTXDQGRTXHOL FLWH QHJDUL HW LPSUREDUL HW KRF DQWHTXDP SHU HFFOHVLDP VLQW DSSUREDWD 4XLD LSVH PXOWD VFULSVLW TXHSRVWHD UHWUDFWDYLW HW XQXP VSHFLDOHP OLEHOOXP IHFLWTXL LQWLWXODWXU 5HWUDFWD WLRQXP(WTXLUHWUDFWDQWVXRVHUURUHVKRQHVWHDJDQWQHGHQWFHWHULVHUUDQGLRFFDVLRQHP XWGLFLW4XLQWLOLDQXVLQOLEUR'HLQVWLWXWLRQHRUDWRULDSRQHQVLELH[HPSOXP&LFHURQLVTXL QRQ GXELWDYLW LDP DOLTXRV OLEURV HGLWRV DOLLV SRVWHD VFULSWLV LSVH GDPQDUH 6HG YLGHDQWXU SURSULD$XJXVWLQLWHVWLPRQLD'LFLWQDPTXHLQHSLVWRODDG)RUWXQDWXP1HTXH>HQLP@TXR UXPOLEHW GLVSXWDWLRQHV TXDPYLV FDWKROLFRUXP HW ODXGDWRUXP KRPLQXP YHOXW VFULSWXUDV FDQRQLFDVKDEHUHGHEHPXVXWQRELVQRQOLFHDWVDOYDKRQRULFHQWLDTXHLOOLVGHEHWXUKRPL QLEXVDOLTXLGLQHRUXPVFULSWLVLPSUREDUHDFUHVSXHUHVL>IRUWH@LQYHQ>HU@LPXVTXRGDOLWHU VHQVHULQW TXDP YHULWDV KDEHW >GLYLQR DGLXWRULR YHO DE DOLLV LQWHOOHFWD YHO D QRELV@  (W DG 9LQFHQWLXPGLFLW1HJDUHQRQSRVVXPPXOWDHVVHLQRSXVFXOLVPHLVTXHSRVVXQWLXVWRLXGL

  

0DUFXV )DELXV 4XLQWLOLDQXV ,QVWLWXWLRQLV 2UDWRULDH /LEUL 'XRGHFLP HG 0 :LQWHUERWWRP 2[IRUG   OLE ,,, FDS  Q  S    $XJXVWLQXV (SLVWXOD  HG $ *ROGEDFKHU &RUSXV 6FULSWRUXP (FFOHVLDVWLFRUXP /DWLQRUXP  :LHQ ‡ /HLS]LJ   FDS  S 





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

FLRHWQXOODWHPHULWDWHFXOSDUL(WLQSOXULEXVDOLLVORFLVLGHPWDQJLW$XJXVWLQXVXWFRSLRVH QDUUDW2FNDPLQ7UDFWDWXGHVDFUDPHQWRHWF  6LDUJXLWXU%HDWXV7KRPDVHWDOLLVDQFWLSDWUHVWHQXHUXQWSULPDPRSLQLRQHPVHGFXP VDQFWLWDWHQRQYLGHWXUSRVVHVWDUHHUURULQGRFHQGRHWVFULSWDHRUXPSHUHFFFOHVLDPDSSUR EDWDVXQWHWDVVXPSWDLJLWXUQRQOLFHWFRQWUDVHQWLUHr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

$XJXVWLQXV 'H QDWXUD HW RULJLQH DQLPDH OLEUL TXDWWXRU HG & ) 8UED HW - =\FKD &6(/  :LHQ r /HLS]LJ   OLE ,9 FDS  S  *XLOOHOPXV 7UDFWDWXV GH FRUSRUH &KULVWL FDS  S 

*DO   &I $XJXVWLQXV 'H EDSWLVPR OLEUL VHSWHP HG 0 3HWVFKHQLJ &6(/  :LHQ ‡ /HLS]LJ   OLE 9, FDS  S  OLE 9, FDS  S  &I $XJXVWLQXV 'H ERQR FRQLXJDOL HG - =\FKD &6(/  :LHQ r /HLS]LJ   FDS  S   FI  7LP   7LW  

'HFUHWXP *UDWLDQL *ORVVD DG '  F  IRO Y ”3RVW EDSWLVPXP QRQ GLFLW YHUXP TXLD PDWUL PRQLXP QRQ VROYLWXU LQ EDSWLVPR

 

…

'HLQGH HW PDOH VHQWLW KLF +LHURQ\PXV XQGH $XJXVWLQXV

HXP FRUULJLW LQ SUR[LPR F… &I  6DP    &KURQ   &I %RQDYHQWXUD &RPPHQWXP LQ OLEUXP ,, 6HQWHQWLDUXP 2SHUD 2PQLD  (G &ROOHJLL 6 %RQDYHQ WXUDH &RPPHQWDULD LQ ,9 OLEURV 6HQWHQWLDUXP WRP ,, $G &ODUDV $TXDV >4XDUDFFKL@   SUDHOR FXWLR S  GLVW  GXE  S 





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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”4XHFXPTXHGLVWLQ JXXQWXUSUHGLFDPHQWDOLWHUGLVWLQJXXQWXUUHDOLWHU…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”QXOOXVKRPRHVWLUUDWLRQDOLV…”QXO OXVDVLQXVHVWUDWLRQDOLV…9HOGLFDWXUGDWRTXRG$ULVWRWLOHVSRQDWLOODPSURSRVLWLRQHPLQ VHQVX DUJXPHQWL WDPHQ LSVD QRQ HVW YHUD QLVL FXP VLJQR VSHFLYRFDWLYR XW VXEVWDQWLD LQ TXDQWXPVXEVWDQWLDQRQHVWUHODWLRHWFLGHVWWHUPLQLVXEVWDQWLHHWUHODWLRQLVGDWRTXRGVLJQL FHQW LGHP QRQ WDPHQ VLJQLFDQW LGHP VLQRQLPH TXLD DOLD UDWLRQH DOLTXLG YRFDWXU VXE VWDQWLDHWDOLDUDWLRQHLGHPYRFDWXUUHODWLRYHOTXDQWLWDVXWSDWHWFLUFDSUHGLFDPHQWDODFLXV  $GFRQUPDWLRQHPGLFLWXU$ULVWRWLOHPYHOOHLOODPHVVHSHUDFFLGHQVYHUDPHWQRQSHUVH ”DOEXPHVWTXDQWXP…(WQRQFDSLWLEL3KLORVRSKXVSURSRVLWLRQHPSHUVHHWSHUDFFLGHQVVLF XWLQSULPR3RVWHULRUXP4XLDSURSRVLWLRSHUVHLQSURSRVLWRHVWSURSRVLW>L@RYHUDLQTXD SUHGLFDWXPQRQFRQQRWDWDOLWHUTXDPVXELHFWXPXW”OLQHDHVWTXDQWLWDV…TXDUHLOODXWVLFHVW SHUDFFLGHQVYHUD”DOEXPHVWTXDQWXP…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



,RDQQHV 'DPDVFHQXV &DSLWD SKLORVRSKLFD FDS  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU ,, 6HQW 'LVW   GLVW  TXDHVW  S  &I *XLOOHOPXV 6XPPD ORJLFDH SDUV , FDS  S  $ULVWRWHOHV $QDO SRVW ,  E



%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

$GQRQXP 4XRGORQJLWXGRDHULVHWORQJLWXGRDTXHVXQWHLXVGHPVSHFLHLLQSUHGLFDPHQWRTXDQWLWDWLV VHGGLYHUVDUXPVSHFLHUXPLQJHQHUHVXEVWDQWLHSDWHWSULPXPTXLDHTXDOLWHUH[WHQVHVXQW SDWHWVHFXQGXPTXLDVXQWHQWLDGLYHUVDUXPSHUIHFWLRQXP6LFXWLQVLPLOLUHODWLRQHVTXD UXPIXQGDPHQWDGLVWLQJXXQWXUVSHFLHSRVVXQWHVVHHLXVGHPVSHFLHLXWSDWHWGHDOEHGLQHHW GXOFHGLQH TXH LQTXDQWXP IXQGDPHQWD VXQW VXQW UHV GLYHUVDUXP VSHFLHUXP VHG LQTXDQ WXPYRFDQWXUVLPLOLWXGLQHVHWUHODWLRQHVVXQWHLXVGHPVSHFLHLTXLDXWUDTXHTXDOLWDWXPYR FDWXUVLPLOLWXGR(WLOODVROXWLRVDWLVIDFLWPRGHUQR6HGGHDQWLTXRQRQHVWFXUDTXLGLVWLQ JXLWUHODWLRQHPDVXRIXQGDPHQWRTXRQLDPLOOLXVSRVLWLRVX"FLHQWHULPSUREDWXUDOLELPR GHUQLVGRFWRULEXVGHTXRKLFWUDQVHR  $GGHFLPXP 1HJDQGRVXEVWDQWLDPQRQHVVH QLWDPSHUVHORTXHQGRGHQLWDWHLQWULQVHFDHWHVVHQWLDOL TXLDVHLSVDWHUPLQDWDHVW6HGORTXHQGRGHQLWDWHH[WULQVHFDLGHVWH[WHQVLYDTXHDFFLGLW UHLKHFQRQHVWSHUVHVHGSHUDFFLGHQVYHUD”VXEVWDQWLDHVWQLWD…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wPDJQLWXGRkVLJQLFDQWXUTXDOLWDWHVVHQVLELOHVGLYHUVLVVHQVL EXVH[WHULRULEXVXWPDJQLWXGRFRORULVRGRULVFDOLGLWDWLVHWF(WTXRGLWDQHFHVVDULRKDEH DQW ORTXL VLJQDQWHU PRGHUQL SDWHW TXLD QXPHUXV HVW VHQVLELOH FRPPXQH TXHP LSVL WDPHQ LGHPSWLFDQWUHEXVQXPHUDWLV4XDUHQXPHUXVQRQHVWVHQVLELOHFRPPXQHDGLVWXPVHQ VXP TXRG VLW DOLTXD XQD HQWLWDV TXH YRFHWXU QXPHUXV HW VHQWLDWXU SOXULEXV VHQVLEXV 6HG 





&I $ULVWRWHOHV 3K\V ,9  DE



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

&I $ULVWRWHOHV 'H JHQ HW FRUU ,  E ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 0V 4   OLE 9 TXDHVW  IRO U ”/LFHW HQLP LSVXP DXJPHQWDELOH TXRG HVW LQ DFWX SULXV VLW VXEVWDQWLD >0ÕQFKHQ 0V  IRO Y ”LQ SRWHQWLD…@ HW SRVWHD DFTXLUDW DGKXF DOLTXLG VXEVWDQWLH WDPHQ KHF VXEVWDQWLD TXH SULXV HUDW QRQ KDEHW VH XW DFWXV LPSHUIHFWXV UHVSHFWX WRFLXV VXEVWDQWLH TXH SRVWHD HVW WDP TXDP DFWXV SHUIHFWL TXLD >DGG 0V 0ÕQFKHQ O F ”VLFXW…@ 6RUWHV SULXV >0V 0ÕQFKHQ ”SDUYXV…@ LWD SHUIHFWH >0V 0ÕQFKHQ O F ”EHQH…@ HVW VXEVWDQWLD VLFXW PDJQXV VLF HWLDP %UXQHOOXV LQ XWHUR PDWULV LWD SHUIHFWH HVW DVLQXV VLFXW LQ GHFLPR DQQR VXR >RP 0V 0ÕQFKHQ O F@…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

 $G FRQUPDWLRQHP GLFLWXU QHJDQGR VHTXL FRQWUDGLFWLRQHP TXLD QRQ RPQLV JHQHUDWLR HVWPXWDWLRLQVWDQWDQHDTXRQLDPKRFVROXPYHUXPHVWGHJHQHUDWLRQHWRWDOLVHGQRQSDUWLD OLTXLDLOODHVWVXFFHVVLYDTXRQLDPVLFXWFRUSXVLQDXJPHQWDWLRQHDVLQLVXFFHVVLYHH[WHQGL WXUHWDXJPHQWDWXUVLFHWLDPIRUPDHLXV(WFRUSXVDXJHWXUSHUDOLPHQWXPTXRGFRQYHUWL WXULQVXEVWDQWLDPUHLDOLWH3HUTXLGDXWHPIRUPDEUXWDOLVLQFRUSRUHDXJHDWXUGXELXPHVW TXRGGHWHUPLQDWXUSHUGXDVRSLQLRQHVTXHVXQWGHLOORH[TXRIRUPDTXHHGXFLWXUGHSR WHQWLLVPDWHULHSURGXFDWXUHWFDXVHWXU  2SLQLR SULPD HVW TXRG PDWHULD VX"FLHQWHU GLVSRVLWD SUR IRUPH JHQHUDWLRQH QDWXUDOLWHU FDXVHWIRUPDPLQHDQLKLOLSVLXVPDWHULHFRQYHUWHQGRLQIRUPDPQHFFRQYHUWHQGRDOLTXDP TXDOLWDWHPLQPDWHULDLQLSVDPIRUPDPQHFFRQYHUWHQGRDOLTXRGDJJUHJDWXPH[SDUWHPD WHULH HW TXDOLWDWXP YHO SUHH[LVWHQWLV IRUPH HWF VHG TXRG PDWHULD VX"FLHQWHU GLVSRVLWD LEL RULDWXUHWUHVXOWHWIRUPD(WKXLFRSLQLRQLFRQFRUGDWLOOXGTXRGGLFLWXUFRPPXQLWHUIRU PDP DQWH VXL JHQHUDWLRQHP QXOOXP HVVH KDEHUH LQ PDWHULD 4XDUH VLPLOL PRGR HUHW VLF DXJPHQWDWLR 2SLQLRVHFXQGDHVWTXRGDJHQWLDQDWXUDOLDLQPDWHULDFRQYHUWDQWDOLTXDPSDUWHPPDWHULH YHODJJUHJDWXPH[SDUWHPDWHULHHWTXDOLWDWXPYHOSUHH[LVWHQWLVIRUPHLQIRUPDPQRYDP(W KXLF FRQFRUGDW GLFWXP 3KLORVRSKL SULPR 3KLVLFRUXP FXP GLFLW ([ QLKLOR QLKLO W 4XRGWDPHQGHSULPDRSLQLRQHH[SRQXQW([WUDVXELHFWXPQLKLOW(WKXLFVHFXQGHRSL QLRQL FRQFRUGDW LOOXG TXRG FRPPXQLWHU GLFLWXU TXRG TXDQGR IRUPD QRQ UDWLRQDOLV FRU UXPSLWXU UXUVXV WUDQVLW LQ SRWHQWLDV PDWHULH H[ TXLEXV HGXFWD IXLW SHU DJHQWLD QDWXUDOLD TXLD DOLDV PDWHULD HVVHW FRUUXSWLELOLV TXRG HVW FRQWUD 3KLORVRSKXP SULPR 3KLVLFRUXP (W VLFVLPLOLPRGRGLFHUHWXUHULDXJPHQWDWLRQHP6HGGHKLVODWLXVDOLELYLGHULKDEHW+HFDG SURSRVLWXPVX"FLXQW  (WVLDGKXFLQVWDWXU+HFVROXWLRQRQHVWH[LQWHQWLRQH$ULVWRWLOLVTXLD$ULVWRWLOHVYLGHWXU VHQWLUHRPQHPJHQHUDWLRQHPHVVHPXWDWLRQHPLQVWDQWDQHDP(WLGHRFLUFDTXLQWXP3KLVL FRUXPGLFLWLSVDPQRQHVVHPRWXPs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



$ULVWRWHOHV 3K\V ,  D /RFXV QRQ LQYHQWXV /RFXV QRQ LQYHQWXV



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

WLV YHO GHSHUGLWLRQHP VHG XQW SHU VROXP PRWXP ORFDOHP 4XLD LQ UDULIDFWLRQH SDUWHV TXDQWLSOXVGLVWDQWTXDPSULXVHWRFFXSDQWPDLRUHPORFXPTXDPDQWHSHUGLODWDWLRQHPHW UHFHVVXPHDUXPDELQYLFHP(WLQFRQGHQVDWLRQHSURSLQTXLXVLDFHQWTXDPDQWHHWPLQR UHPORFXPRFFXSDQWTXDPSULXV (WLWDHULWDOHVPXWDWLRQHVHYLGHQWLVVLPHGRFHW*UHJR ULXV$U\PLQHQVLVFLUFDVHFXQGXP(WFRQFRUGDQWLELSOXUHVDQWLTXLXW3DXOXV9HQHWXVHW 3HWUXV 1LJUL PXOWLTXH DOLL 6HG DUJXPHQWXP IXQGDWXU LQ PRGR ORTXHQGL %XULGDQL HW 0DUVLOLLTXRUXPQHXWHUYLGHWXUSRVVHVXEVLVWHUHLQYHULWDWH  0RGXV%XULGDQLGHUDULIDFWLRQH QRQYDOHWTXLDLQUDULIDFWLRQHYHOWRWXPGHQVXPUDULWYHOVROXPSDUVHLXV6LWRWXPTXHUR LQTXLGUHFLSLDWXUQRYDTXDQWLWDV(WKDEHWXUTXRGLQWRWXPGHQVXPTXDUHUHFLSLWXULQLGHP VXELHFWXPFXPSULRULTXDQWLWDWHTXHSUHIXLW(WVLFGXHTXDQWLWDWHVHUXQWSUHFLVHLQHRGHP VXELHFWRHWLQHDGHPSDUWHVXELHFWLTXRGQDWXUDOLWHUQRQHVWSRVVLELOHTXLDDOWHUDHDUXPLEL IUXVWUDHVVHW6LYHURSDUVGHQVLUDULWVHTXLWXULGHPTXRGSULXV(WSURSWHULOODPUDWLRQHP UHFHVVLW0DUVLOLXVDERSLQLRQH%XULGDQL  6HGUHVSRQGHQWKLFTXLGDPQRQHVVHLQFRQYHQLHQVGXDVTXDQWLWDWHVHVVHVLPXOLQHRGHP VXELHFWRLQUDULIDFWLRQHTXDUXPXQDDOWHULXQLWDH[WHQGLWVXELHFWXPHWUDULIDFLWVLFXWLQLQ WHQVLRQHXQDTXDOLWDVXQLWXUDOWHULHWHUXQWLQXQRVXELHFWRTXRGLQWHQVLXVUHGGXQWTXDP DQWHHUDWs,OODUHVSRQVLRQXOODHVWTXLDQRQHVWVLPLOHGHLQWHQVLRQHHWUDULIDFWLRQHVXSSR QHQGRTXRGLQWHQVLRDWSHUXQLRQHPJUDGXVDGJUDGXPTXLDYHOQRYDTXDQWLWDVHVWHTXH H[WHQVD FXP SULRUL YHO PDLRU YHO PLQRU 6L HTXH H[WHQVD VHTXLWXU UDULIDFWLRQHP HUL SHU PRGXP GXSODWLRQLV FRQWLQXH 6HG VLF QRQ W LQWHQVLR DOLDV VHTXHUHWXU TXRG XQXV JUDGXV FDOLGLWDWLVDGGLWXVTXLQTXHIDFHUHWFDOLGLWDWHPXWGHFHP6LPDLRUIUXVWUDSRQLWXUSUHFHGHQV UHPDQHUHFXPVHFXQGDSRVVLWVHVRODTXRGSRWHVWFXPSULRUL6LPLQRUVHTXLWXUTXRGQRQ WRWXPFRUSXVUDULDWTXRGHVWFRQWUDVXSSRVLWLRQHPTXHGHEHWVXSSRQLLQKDFUDWLRQH6L YHURGLFLWXUTXRGWRWXPFRUSXVGHQVXPLQSULQFLSLRQRQSRVVLW VLPXOUDULHULVHGSULXV XQDSDUVGHLQGHDOLDTXRXVTXHWRWXPUDULDW4XHULWXUHRGHPPRGRGHLOODSDUWHVLFXWGH WRWRHWTXRFXPTXHGDWRVHTXLWXULQFRQYHQLHQVXWSULXV(W:HVDOLDFLUFDTXDUWXP3KLVLFR UXPGLFLWPRGXPUDULIDFWLRQLVVHFXQGXP%XULGDQXPHVVHSUREDELOLRUHPPRGR0DUVLOLL  

*UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 6HFXQGXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS /HFWXUD

VXSHU 3ULPXP HW 6HFXQGXP 6HQWHQWLDUXP 9 %HUOLQ   GLVW  TXDHVW  DUW  FRQF  S 



 3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV 9, FDS  IRO  U ”$G WHUWLXP GLFLWXU TXRG TXDQGR DHU FRQGHQVDWXU PDQHW WRWD TXDQWLWDV SUHFHGHQV HW SUHFLVH LOOD TXH SULXV IXLW HW TXRG HDGHP TXDQWLWDV HVW QXQF PLQRU TXDP SULXV SHU KRF TXRG SDUWHV TXDQWLWDWLV SURSLQTXLXV LDFHQW 6HG QRQ SRQLWXU TXDQWLWDV VROXP SURSWHU FDXVDP LVWDP VHG XW H[WHQGDW PDWHULDP TXRQLDP VL QRQ IRUHW UDULWDV QHF GHQVLWDV LQ PDWHULD DGKXF LQGLJHUHW TXDQWLWDWH H[WHQGHQWH SDUWHP PDWHULH H[WUD

UPR VLF TXRG HUL HW FRQGHQVDUL TXDQWLWDWHP LQFOXGLW 3DWHW TXLD UDUHIDFWLR HW FRQGHQVDWLR XQW VH

VH LQYLFHP… 3HWUXV 1LJUL &O\SHXV 7KRPLVWDUXP TXDHVW  IRO YUD ”4XDUWR FRQ SRWHVW UDUH

FXQGXP DSSUR[LPDWLRQHP HW GLVWDQWLDP SDUWLXP LQFOXGHQWLXP TXDQWLWDWHP VHG VXEVWDQWLD ODSLV SRWHVW UDUH

HUL HW FRQGHQVDUL VHFOXVR RPQL GLVWLQFWR D VH UHDOLWHU TXLD SDUWHV VXEVWDQWLDOHV SRVVXQW

KDEHUH HVVH DSSUR[LPDWXP VHFXQGXP PDJLV HW PLQXV LJLWXU WDOLV VXEVWDQWLD LQFOXGLW TXDQWLWDWHP

 

VHG QRQ LQFOXGLW DOLDP TXDQWLWDWHP TXDP VHLSVDP LJLWXU VXEVWDQWLD HULW TXDQWLWDV… 9JO $QP  XQG  ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV 0ÕQFKHQ 8QLYELEO &RG 0V   OLE ,9 TXDHVW  IRO Y ”'H TXLEXV PRGLV FRQWUDULH \PDJLQDQWXU 0DUVLOLXV HW %LULGDQXV LOOD WDPHQ VXSSRVLWLRQH KDELWD TXRG TXDQWLWDV FRQWLQXD VLW UHV GLVWLQFWD >(UIXUW 0V 4  IRO





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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”GLVWLQFWD D UH TXDQWD VHX…@ D VXEVWDQWLD 8QGH 0DUVLOLXV RSLQDWXU TXRG UDUHIDFWLR

DW SHU KRF

«

>(UIXUW 0V 4  O F ”KRF PRGR @ TXRG FRQWLQXH QRYD PDLRU HW PDLRU TXDQWLWDV JHQHUHWXU

(W VXR PRGR GH FRQGHQVDFLRQH >RP (UIXUW O F@ VLF TXRG SUHFHGHQV FRUUXPSDWXU 6HG %LULGDQXV RSL QDWXU TXRG UDUHIDFWLR

DW SHU KRF TXRG FRQWLQXH DOLTXD QRYD TXDQWLWDV JHQHUHWXU TXH FXP SULRUL

VHFXP SHUPDQHQWH IRUPDW >(UIXUW O F ”SHUPDQHQV IDFLW…@ PDLRUHP TXDQWLWDWHP TXD LSVXP VXE LHFWXP SRVWHULXV HVW PDLXV TXDP SULXV IXLW >(UIXUW O F ”HUDW…@ (W VXR PRGR GH FRQGHQVDFLRQH RSSRVLWR PRGR SUHGLFWL VHQWLXQW 9LGHWXU WDPHQ SUREDELOLRU >(UIXUW O F ”SUREDELOLWHU…@ PRGXV %LULGDQL TXDP >DGG (UIXUW O F ”PRGXV…@ 0DUVLOLL TXLD FRQVRQDW LQWHQVLRQL LQ TXDOLWDWLEXV ,WHP

QRWDQGXP >(UIXUW O F ”6FLHQGXP…@ TXRG H[ H[SHULHQFLLV GHYHQHUXQW SKLORVRSKL LQ FRJQLFLRQHP



UDUHIDFLRQLV HW FRQGHQVDFLRQLV… ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 6WDGW XQG 5HJLRQDOELEOLR WKHN :LVV 6RQGHUVDPPOXQJHQ 0V 4   OLE , TXDHVW  IRO U ”6HFXQGR VXSSRVLWR VH FXQGXP KDQF SUREDELOHP RSLQLRQHP TXRG LQ FRQGHQVDFLRQH HW UDUHIDFFLRQH VHPSHU QRYD TXDQ WLWDV DFTXLUDWXU DE HDGHP QXPHUR VXEVWDQWLD TXLD HW WDPHQ TXDQWLWDV HDGHP QXPHUR QRQ PDQHW 6HG IRUWH DGYHUVDULXV QHJDUHW LOODP VXSSRVLFLRQHP WXQF DUJXLWXU DOLWHU VLF 6XEVWDQFLD PDQHW HD GHP QXPHUR HW LQ FRQGHQVDFLRQH HW UDUHIDFFLRQH QRQ PDQHW TXDQWLWDV HDGHP QXPHUR VHG

HUUHW DE DXJPHQ WDFLRQH LSVD UDUHIDFFLR 1HF SHU LQJUHVVLRQHP VXEVWDQFLH SULRULV TXLD WXQF QRQ GL HUUHW FRQGHQ PDLRUDWXU YHO PLQRUDWXU QRQ SHU LQJUHVVXP QRYH VXEVWDQFLH TXLD DOLDV QRQ GL

VDFLR D GLPLQXFLRQH…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

7KRPDV GH $UJHQWLQD 6FULSWD VXSHU TXDWWXRU OLEURV 6HQWHQWLDUXP OLE ,9 GLVW  DUW  IRO // Y ”$G VHSWLPDP TXRDG SULPDP LQTXLVLWLRQHP GLFR TXRG TXDQGR GH GHQVR

W UDUXP LEL HULW QRYD

TXDQWLWDV 4XDQWXP DG VHFXQGDP LQTXLVLWLRQHP GLFR TXRG VL WRWD VXEVWDQWLD GHQVL WUDQVPXWDWXU WXQF WRWD TXDQWLWDV HULW QRYD VL SDUV WXQF SDUV TXDQWLWDWLV HULW QRYD $G WHUFLDP LQTXLVLWLRQHP TXDQGR SHWLWXU GH VXELHFWR LOOLXV QRYH TXDQWLWDWLV GLFR TXRG VL WRWD VXEVWDQWLD UHL GHQVH WUDQV PXWDWXU WXQF QRYD VXEVWDQWLD JHQLWD H[ LOOD WUDQVPXWDWLRQH HULW VXELHFWXP LOOLXV WRWLXV QRYH TXDQWLWDWLV 3XWD VL UDUHIDFWLR HW FDOHIDFWLR LQ WDQWXP LQWHQGXQWXU TXRG H[ WHUUD JHQHUDWXU LJQLV WXQF H[ TXDQWLWDWH XQLXV SXJLOOL WHUUH JHQHUDQWXU PLOOH SXJLOOL LJQLV VHFXQGXP SURSRUWLRQHP TXDP IDFLW $ULVWRWHOHV LQ OLEUR 0HWHRURUXP (W WXQF VXELHFWXP LOOLXV TXDQWLWDWLV SXWD PLOOH SX JLOORUXP HULW VXEVWDQWLD LJQLV TXH H[ XQR SXJLOOR WHUUH JHQLWD HVW 6L YHUR SDUV WUDQVPXWDWXU WXQF LOOXG TXRG H[ LOOD SDUWH JHQHUDWXU HULW VXELHFWXP LOOLXV QRYH SDUWLV LSVLXV TXDQWLWDWLV 6HPSHU HQLP LQ RPQL UDUHIDFWLRQH DOLTXLG FRUUXPSLWXU GH LSVR FRUSRUH GHQVR H[ TXR JHQHUDQWXU LSVD FRUSRUD VXEWLOLD TXH LQJUHGLXQWXU SRURVLWDWHV FRUSRULV SULRULV LSVXP GLODWDQGR LQ TXLEXV VXEWLOLEXV FRU SRULEXV VXELHFWLYH IXQGDWXU SDUV TXDQWLWDWLV GH QRYR JHQLWD (W TXRFXPTXH LVWRUXP GDWR QRQ



VHTXLWXU TXRG GXH TXDQWLWDWHV VLQW VLPXO LQ HRGHP VXELHFWR XW SDWHW H[ LDP GLFWLV… &I 3HWUXV /RPEDUGXV 6HQWHQWLDH LQ ,9 OLEULV GLVWLQFWDH OLE ,9 GLVW  FDS  S  ”$OLD 'LFXQW HQLP 6L KDQF SRWHQWLDP >VFLO SRWHQWLDP GLPLWWHQGL SHFFDWD r +8 :@ DOLFXL GDUH SRWXLW SRW XLW HL GDUH FUHDUH FUHDWXUDV TXLD QRQ HVW KRF PDLRULV SRWHQWLDH TXDP LOOXG… &I 3HWUXV GH $OOLDFR

4XDHVWLRQHV VXSHU OLEURV 6HQWHQWLDUXP OLE ,9 TXDHVW  DUW  IRO ]YD]UE ”8WUXP SRVVH FUHDUH VLPSOLFLWHU UHSXJQHW FUHDWXUH"…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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

…

*UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU ,, 6HQW 'LVW   GLVW  TXDHVW  DUW  S  ”

VFLHQGXP TXRG DOLTXL SXWDYHUXQW &RPPHQWDWRUHP SRVXLVVH GXSOH[ JHQXV GLPHQVLRQXP TXD UXP TXDVGDP YRFDEDW GLPHQVLRQHV LQWHUPLQDWDV HW GLPHQVLRQHV VLPSOLFHV HW HWLDP DOLTXDQGR GLPHQVLRQHV LQ SRWHQWLD HW LVWDH HUDQW LQVHSDUDELOHV D PDWHULD HW FRPPXQHV JHQHUDWR HW FRUUXSWR

… 6HG LVWDP LPDJLQD WLRQHP QHF SXWR IXLVVH &RPPHQWDWRULV HW HVWR TXRG IXLVVHW QRQ SXWR HVVH YHUDP …… 4XDVGDP YHUR DOLDV YRFDEDW GLPHQVLRQHV WHUPLQDWDV HW GLPHQVLRQHV LQ DFWX



$YHUURHV &RPPHQWDULD LQ OLEURV 3K\VLFRUXP 2SHUD RPQLD ,9 9HQHGLJ   OLE ,9 WH[W FRPP

…

 IRO U ”

TXRQLDP FXP DEVWXOHULV D PDWHULD XOWLPXP HW

JXUDP QLKLO UHPDQHELW LQ HD

QLVL GLPHQVLR QRQ GHWHUPLQDWD VFLOLFHW TXDH HVW FRUSXV LQ SRWHQWLD (W FXP VDOWHP GHWHUPLQDWXU SHU XOWLPD VFLOLFHW SHU VXSHU

FLHV W FRUSXV LQ DFWX (W GHEHV VFLUH TXRG YLGLW $ULVWRWHOHV TXRG

GLPHQVLR QRQ VHSDUDWXU D PDWHULD LQ LPDJLQDWLRQH QHGXP LQ HVVH TXRQLDP TXDQGR D PDWHULD DXIHUXQWXU VXSHU

FLHV QLKLO UHPDQHW LQ HD QLVL GLPHQVLR VHG LVWD GLPHQVLR LQ HD HVW LQ SRWHQWLD FLHV W GLPHQVLR LQ DFWX VFLOLFHW FRUSXV (W FXP DXIHUXQWXU VX

(W FXP GHWHUPLQDWXU SHU VXSHU SHU

FLHV W GLPHQVLR LQ SRWHQWLD HUJR SURSULXP HVW PDWHULDH XW KDEHDW GLPHQVLRQHP LQ SRWHQ

WLD HW ORFXV DQWHTXDP LQ HR H[LVWDW ORFDWXP VHFXQGXP $ULVWRWHOHP LQ YHULWDWH HVW GLPHQVLR LQ SRWHQWLD

……

LG 'H VXEVWDQWLD RUELV 2SHUD RPQLD 9 9HQHGLJ   FDS  IRO U ”(W TXLD LQ

YHQLW >VFLO $ULVWRWHOHV@ RPQHV IRUPDV FRPPXQLFDUL LQ GLPHQVLRQLEXV QRQ WHUPLQDWLV VFLYLW TXRG SULPD PDWHULD QXQTXDP GHQXGDWXU D GLPHQVLRQLEXV QRQ WHUPLQDWLV… LELG IRO Y ”(W TXLD LO OD IRUPD VFLOLFHW GLPHQVLRQHV QRQ WHUPLQDWDH H[LVWLW LQ SULPD PDWHULD SULPLWXV





……

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

H[WHQVLRQHPVXETXDIRUPDHVWLQPDWHULDVLFHWLDPKDEHWVLELGHSXWDWXPFHUWXPQDWXUDOL WHUFRQGHQVDQVXWDHUSHUIULJXVQDWXUDOLWHUHWQRWDELOLWHUFRQGHQVDWXUHWSRWHVWDEHRLQWDQ WXPFRQGHQVDULTXRGH[LWVSHFLHPHWWUDQVPXWDWXULQDTXDPXWSDWHWH[SHULHQWLDOLWHU6HG KRFQRQFRQYHQLWFRQGHQVDQWHYLROHQWRTXRQLDPLOOXGSRWHVWTXLGHPDHUHPDOLTXDQWXOXP FRQGHQVDUHXWSDWHWGHKRPLQHDPEXODQWHTXLFRQGHQVDWDHUHPDQWHVHLELFHGHQWHPVHG QRQSRWHVWQRWDELOLWHUFRQGHQVDUHHWLQWDQWXPTXRGFRUUXPSHUHW$HUHQLPSHUPRELOHOR FDOLWHUQRQQRWDELOLWHUFRQGHQVDWXUVHGSHUDOWHUDWLRQHP6LFVLPLOLWHUHVWGHIROOH4XRQLDP LQ FDVX DUJXPHQWL VL TXLV ODWHUD QLWLWXU FRPSULPHUH DOLTXDQWXOXP FRPSULPLW HW DHU FRQ GHQVDWXUVHGTXLDDHULQRQSDWHWH[LWXVQHFSHUWDOHFRQGHQVDQVSRWHVWFRUUXPSLHWPXWDUH VSHFLHPDHUUHVLVWLWXOWHULRULFRQGHQVDWLRQL6LFXWLQVLPLOLSDWHWGHDTXDLQORQJRYLWURXEL TXLVWHPSWDWGLVFRRULFLRYLWULHTXDWRFRQGHQVDUHDTXDPXELFXPDTXHQRQSDWHDWORFXV LQTXHPGHFOLQHWH[VXDQDWXUDUHVLVWLWTXLDQRQSRWHVWFRQGHQVDULQRWDELOLWHUDWDOLHWF,G FLUFRVXDGHRVLFDUJXHQWLEXVTXDWHQXVIROOHP%XULGDQLLQFRTXLQDUHOLQTXDQWHWSKLORVRSKL FLVWHOLVLQFHUWDPHQSURGHDQWVLTXHKDEHQW  $GGHFLPXPVH[WXP 4XRGLQWDOLH[SHULHQWLDFRQWLQJLWPLQRUDWLRH[SDUWHTXDQWLWDWLVQRQTXRGDOLTXLGHLXVGH SHUGDWXU VHG TXLD SDUWHV HLXV VH FRQWUDKXQW LQ DUFWLRUHP ORFXP TXH SULXV H[WHQVH HUDQW RFFXSDQWHQLPVLFPLQRUHPORFXPSRVWTXDPDQWHDGPRGXPVXSHULXVGLFWXPGHUDULIDF WLRQHHWFRQGHQVDWLRQH6HGTXDQGRTXHFRQWLQJLWDOLTXRGWRWXPGLYLGLLQSDUWHVHWWDPHQ QXOODPSDUWHPLQGLYLVRHVVHPLQRUHPTXDPHUDWLQFRPSRVLWRXWSDWHWLQGLYLVLRQHOLJQLLQ GXDVPHGLHWDWHVHWF,OODDXWHPTXDQWLWDVQRQHVWTXLGGLVWLQFWXPDVXEVWDQWLDHWTXDOLWDWHXW DUJXPHQWXPYLGHWXUSUHWHQGHUHHWF  $GGHFLPXPVHSWLPXPTXRGHVWWKHRORJLFXP &RQFHGHQGR LOOD UHDOLWHU GLVWLQJXL TXRUXP XQXP YDGLW LQ QLKLOXP UHOLTXR PDQHQWH VHG QHJHWXUTXDQWLWDWHPSDQLVLQVDFUDPHQWRUHPDQHUH4XLDVLFXWVXEVWDQWLDSDQLVQRQPDQHW VLFQHFTXDQWLWDVHLXVVHGTXDQWLWDVTXDOLWDWLVLOODPDQHW  6HGFXPGLFLWXUKRFHVVHGHLHWFs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s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





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

KDELWD4XRPRGRHUJRWXDXGHVHDWDPDSHUWHIDOVLWDWLVDUJXHUHHWDEHLVGHVFLVFHUHs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s 5HVSRQGHR TXRG LOOR VWDQWH QRQ VHTXLWXU SUR WDQWR QRQ HVVH YHUXP TXLD DGKXF KRGLH PXOWH VXQW YHULWDWHV WKHRORJLFH HW QDWXUDOHV QRQGXP H[SUHVVH GHFODUDWH DE DXFWRULEXV QHF LGHRPLQXVYHUHVXQW8QGHQHFVDQFWLRSSRVLWXPGLFXQWTXRVQRQOLFHDWQHJDULLQHDSDU WH,WHPVDQFWLVQRQSDWXHUXQWRPQHVYHULWDWHVQHF'HXVUHYHODYLWHLVRPQLDXWSDWHWFODUH 4XLDLDPTXDVLWRWDHFFOHVLDFDWKROLFDWHQHWEHDWDPYLUJLQHPIXLVVHFRQFHSWDPVLQHFRQWD PLQDWLRQHRUJLQDOLVPDFXOHHWWDPHQIUHTXHQWHUVDQFWLGL[HUXQWHWVFULSVHUXQWRSSRVLWXP XWSXOFUHGHFODUDW*UHJRULXV$U\PLQHQVLVFLUFDVHFXQGXP3DWHWHUJRTXRGVLFXWLOODHVW YHUDVXEVWDQWLDSDQLVFRQYHUWLWXULQFRUSXV&KULVWLVLFVLPLOLWHULOODHVWYHUDTXDQWLWDVSDQLV FRQYHUWLWXU LQ FRUSXV &KULVWL TXLD YDOHW WDQWXP SDQLV KDEHQV SDUWHV VLWXDOLWHU GLVWDQWHV FRQYHUWLWXULQFRUSXV&KULVWL6WDWWDPHQLQFDVXSRVVLELOLSULPDPHVVHYHUDPHWVHFXQGDP IDOVDPYLGHOLFHWTXRGRPQLVSDQLVVLWVROXPLQORFRGL"QLWLYHHWQXOOXELFLUFXPVFULSWLYHHW WXQF FRQYHUWDWXU LQ FRUSXV &KULVWL 6LF HQLP SULPD HVVHW YHUD XW SDWHW FODUH VHG VHFXQGD IDOVD4XLDXQDD"UPDWLYDFXLXVVXELHFWXPSURQXOORVXSSRQHUHWFXPGHFLHQWHFRQQRWD WRGHFLDWVXSSRVLWLRQHWHUPLQLLX[WDFRPPXQHPUHJXODP  



,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 0V 4   OLE , TXDHVW  IRO U ”$OLL DXWHP TXL GLFXQW HVVH SRWHQFLDP LQ VHFXQGD VSHFLH TXDOLWDWLV GLFXQW SRWHQ FLDP HVVH TXDQGDP TXDOLWDWHP VXSHUDGGLWDP LSVL PDWHULH SHU TXDP GLFDWXU PDWHULD SRWHQV 8QGH WDOHV GLFXQW RPQLD FLWUD GHXP HVVH FRPSRVLWD H[ DFWX HW SRWHQFLD (W GH KDF RSLQLRQH HVW



EHDWXV 7KRPDV LQ SULPD VXD 6XPPD WKHRORJLFD… 7KRPDV GH $TXLQR 6XPPD WKHRORJLDH , TXDHVW  DUW  DG  S D ”$G VHFXQGXP GLFHQGXP TXRG DFWXV DG TXHP HVW LQ SRWHQWLD PDWHULD SULPD HVW VXEVWDQWLDOLV IRUPD (W LGHR SRWHQWLD PDWH

 

ULDH QRQ HVW DOLXG TXDP HLXV HVVHQWLD… 9JO *XLOOHOPXV 7UDFWDWXV GH FRUSRUH &KULVWL FDS  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 6HFXQGXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS HW 9 0DUFROLQR /HFWXUD VXSHU 3ULPXP HW 6HFXQGXP 6HQWHQWLDUXP 9, %HUOLQ   GLVW  DUW  S 





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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w4XDQWLWDVFRUSRULV&KULVWLHVWVXEKRVWLDLGHVWHQVKD EHQV SDUWHP H[WUD SDUWHP QRQ LEL VHG LQ FHOR HVW VXE KRVWLDk VHFXQGD w4XDQWXP HVW VXE KRVWLDLGHVWHQVKDEHQVSDUWHVVLWXDOLWHUGLVWDQWHVXWLQFHORHVWVXEKRVWLDkWHUWLDw&RUSXV &KULVWL VXE KRVWLD HVW TXDQWLWDVk LQWHOOLJH wQRQ LEL VHG LQ FHORk s (W HLXV FRQYHUWHQV HVW w4XDQWLWDVHVWFRUSXV&KULVWLVXEKRVWLDkTXDUWDw&RUSXV&KULVWLVXEKRVWLDHVWTXDQWXPk LQWHOOLJH wQRQ LEL VHG LQ FHORk s &XLXV FRQYHUWHQV HVW w4XDQWXP HVW FRUSXV &KULVWL VXE KRVWLDk  6HG IDOVH VXQW LOOH SULPD w&RUSXV &KULVWL VXE KRVWLD HVW TXDQWXPk VHFXQGD w&RUSXV &KULVWLHVWTXDQWXPVXEKRVWLDkWHUFLDw&RUSXV&KULVWLHVWTXDQWLWDVVXEKRVWLDkTXLDFRQ YHUWHQWHV VXQW IDOVH 3DWHW GH LOOD w4XDQWXP VXE KRVWLD HVW FRUSXV &KULVWLk TXLD 〈LOOD HVW〉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

9JO *XLOOHOPXV 7UDFWDWXV GH TXDQWLWDWH TXDHVW ,,, S  LG 7UDFWDWXV GH FRUSRUH &KULVWL FDS  S  





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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〈,,,(SLORJXV〉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

 



&I *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO ,9 TXDHVW  S  LG 7UDFWDWXV GH FRUSRUH &KUL

VWL FDS  HW  S   6LGRQLXV (SLVWRODH HG & /XHWMRKDQQ 0RQXPHQWD *HUPDQLDH +LVWRULFD $XFWRUXP $QWLTXLVVLPRUXP WRP 9,,, %HUOLQ   OLE 9,,,   S 





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP  

)UDJHQDQe7+20$6/(,1.$8)

    7KRPDV /HLQNDXI JHE  VWXGLHUWH 3KLORVRSKLH .XQVWJHVFKLFKWH XQG *HVFKLFKWH LQ )UHLEXUJXQG0ÕQFKHQZXUGHHUPLWHLQHU$UEHLWÕEHU.XQVWXQG5HH[LRQ8QWHUVX FKXQJHQ]XP9HUK½OWQLV3KLOLSS2WWR5XQJHV]XUSKLORVRSKLVFKHQ7UDGLWLRQ0ÕQFKHQ SUR PRYLHUWIROJWHGLH+DELOLWDWLRQPLWGHU6FKUL 0XQGXVFRPELQDWXV8QWHUVXFKXQJHQ]XU 6WUXNWXUGHUEDURFNHQ8QLYHUVDOZLVVHQVFKD DP%HLVSLHO$WKDQDVLXV.LUFKHUV6- %HUOLQ  9RQZDU7KRPDV/HLQNDXI+HLVHQEHUJ6WLSHQGLDWXQG*DVWSURIHVVRUDQ GHU.DUOV8QLYHUVLW½WLQ3UDJ6HLWLVWHU3URIHVVRUIÕU3KLORVRSKLHDQGHU8QLYHUVLW½W 0ÕQVWHU XQG 'LUHNWRU GHU GRUWLJHQ /HLEQL])RUVFKXQJVVWHOOH 6FKZHUSXQNWH VHLQHU )RU VFKXQJHQXQG3XEOLNDWLRQHQVLQGGLH3KLORVRSKLHGHU6S½WDQWLNHGHU5HQDLVVDQFHXQGGHU IUÕKHQ1HX]HLW1LNRODXVYRQ.XHV0DUVLOLR)LFLQR)UDQFHVFR3DWUL]L VRZLH/HLEQL]XQG GHU'HXWVFKH,GHDOLVPXVYJO6FKHOOLQJDOV,QWHUSUHWGHUSKLORVRSKLVFKHQ7UDGLWLRQ=XU5H]HSWLRQ XQG7UDQVIRUPDWLRQYRQ3ODWRQ3ORWLQ$ULVWRWHOHVXQG.DQW>0ÕQVWHU@ =XU=HLWDUEHLWHW 7KRPDV/HLQNDXIDQHLQHP)RUVFKXQJVSURMHNW]XP%HJULGHU1DWXULQGHUIUÕKHQ1HX ]HLW   XQG DQ GHU 5HNRQVWUXNWLRQ GHU 7UDGLWLRQ GHU *HLVW0HWDSK\VLN LP  XQG-DKUKXQGHUW'DUÕEHUKLQDXVLVWHUIHGHUIÕKUHQGHU+HUDXVJHEHUHLQHUQHXHQNULWL VFKHQGHXWVFKHQ$XVJDEHGHU6FKUL HQ*LRUGDQR%UXQRV'DV,QWHUYLHZIDQGLP-XQL LQ0ÕQVWHUVWDWW ,KUHSKLORVRSKLHJHVFKLFKWOLFKH$UEHLW]HLFKQHWVLFKGXUFK9LHOIDOWXQG%UHLWHDXV6LHKDEHQVLFKQLFKWQXU PLW3ORWLQVRQGHUQDXFKPLW0DULXV9LFWRULQXVEHVFK½ LJWQLFKWQXUPLW&XVDQXVVRQGHUQDXFKPLW /OXOOQLFKWQXUPLWPLW/HLEQL]VRQGHUQDXFKPLW.LUFKHUQLFKWQXUPLW6FKHOOLQJVRQGHUQDXFKPLW 5XQJHrDXFKPLW*HVWDOWHQDOVRGLHQLFKWXQPLWWHOEDU]XGHQEHNDQQWHQ*UϸHQJHKÏUHQ$XVZHO FKHP*UXQGKDEHQ6LHDXFKXQGJHUDGHGLHVHELVKHUZHQLJHUEHUÕFNVLFKWLJWHQ'HQNHUEHKDQGHOW" (V JHKW PLU HLQIDFK GDUXP ZHL¸H )OHFNHQ DXI GHU SKLORVRSKLVFKHQ /DQGNDUWH HLQ ZHQLJ HLQ]XI½UEHQ XQG LKQHQ HLQH .RQWXU ]X YHUOHLKHQ ,FK ELQ VHKU VNHSWLVFK LP %OLFN DXI GLH XQJODXEOLFKH 3XEOLNDWLRQVXW KLQVLFKWOLFK GHU JUR¸HQ $XWRUHQ 0DQ PX¸ VDJHQ GD¸ GLH )RUWVFKULWWH GHU 'HXWXQJ PLNURVNRSLVFK VLQG LP 9HUK½OWQLV ]X GHU 4XDQWLW½W GHVVHQ ZDV JHVFKULHEHQRGHUDXI.RQJUHVVHQEHKDQGHOWZLUG'DUDQPÏFKWHLFKPLFKQLFKWXQEHGLQJW EHWHLOLJHQXQGZHQQLFKHWZDVÕEHU6FKHOOLQJJHVFKULHEHQKDEHGDQQKDEHLFKEHVWLPPWH )UDJHVWHOOXQJHQDXIJHJULHQYRQGHQHQLFKJODXEHGD¸VLHQRFKQLFKWVRLQWHQVLYWUDNWLHUW ZRUGHQVLQGVRHWZDVHLQHLQWHQVLYH$XVHLQDQGHUVHW]XQJPLW$ULVWRWHOHVLPVS½WHUHQlX YUH%HL5XQJHKDWPLFKLQWHUHVVLHUWGD¸KLHUHLQ0DOHUDXVGHU5RPDQWLNrHLQKRFKUH HNWLHUWHU.RSIOHLGHUVHKUIUÕKYHUVWRUEHQrHLQLJHZHQLJH6FKUL HQKLQWHUODVVHQKDWGLH DXFK YRQ 3KLORVRSKHQ DQDO\VLHUW ZHUGHQ VROOWHQ r EHVRQGHUV LP %OLFN DXI LKUH 9RUDXVVHW ]XQJHQDXILKUH.RQWH[WXDOLW½WXQGDXIGLH%H]LHKXQJ]ZLVFKHQ.XQVW1DWXUSKLORVRSKLH 5HH[LRQ DXI .XQVW XQG 3KLORVRSKLH %HL $WKDQDVLXV .LUFKHU LVW HV GLH 7DWVDFKH GD¸ LQ GLHVHU*HVWDOWrDQGHUVDOVEHL/HLEQL]rHLQH.RQGHQVLHUXQJDOOGHVVHQJHVFKLHKWZDVVLFK ÕEHUHLQHEHVWLPPWH(QWZLFNOXQJGHV0HWKRGHQGLVNXUVHVGHU*HLVWPHWDSK\VLNVDJHQO½¸W XQGDXFKÕEHUGLH(QWZLFNOXQJHLQHU:LVVHQVIRUPGLHDXIEHVWLPPWHQDQWKURSRORJLVFKHQ

0LVFHOODQHD *UXQGJHGDQNHQ EDVLHUW =X /HLEQL] LVW VFKRQ VR YLHO JHVFKULHEHQ ZRUGHQ HV ORKQW VLFK .LUFKHU HLQPDO KHUDXV]XVWHOOHQ XQG GDPLW DQ HLQHP $XWRU XP GHQ GLH 3KLORVRSKLHJH VFKLFKWHELVKHUHLQHQJUR¸HQ%RJHQJHPDFKWKDW]X]HLJHQGD¸GLH3KLORVRSKLHGHUIUÕKHQ 1HX]HLW DXFK HLQH JDQ] DQGHUH *HVWDOW KDEHQ NDQQ DOV GDV ZDV ZLU HWZD YRQ -RKQ /RFNH 'HVFDUWHVRGHU6SLQR]DNHQQHQ0LWGHUSKLORVRSKLVFKHQ%HGHXWXQJGHUHLQ]HOQHQ$XWR UHQKDWGDVQLFKWV]XWXQ(VJHKWGDUXPGLH%UHLWHXQG9DULDQ]GHUJHGDQNOLFKHQ$QV½W]H HLQHU(SRFKH]XHUDUEHLWHQXPVLHGDGXUFKEHVVHU]XYHUVWHKHQXQGXPGDGXUFKDXFKGLH /HLVWXQJGHUVRJw*UR¸HQkULFKWLJZÕUGLJHQ]XNÏQQHQ:DVLFKGDYHUVXFKWKDEHXQGYHU VXFKH LVW DEHU JHUDGH]X KDVDUGHXUKD  JHZHVHQ LQ EH]XJ DXI GLH %HUXIXQJVDXVVLFKWHQ DQ GHXWVFKHQ,QVWLWXWHQIÕU3KLORVRSKLH0DQ QGHWZHQLJ$QHUNHQQXQJXQWHUGHQSKLORVR SKLVFKHQ .ROOHJLQQHQ XQG .ROOHJHQ µEHU PHLQH $UEHLWHQ KDEH LFK YLHO PHKU $XVWDXVFK PLW *HUPDQLVWHQ 0XVLNZLVVHQVFKD OHUQ .XQVWKLVWRULNHUQ r XQG PLW 3KLORVRSKHQ LQ )UDQNUHLFKXQG,WDOLHQ $XI GHQ 6WDWXV GHU 3KLORVRSKLHJHVFKLFKWH DQ GHXWVFKHQ 8QLYHUVLW½WHQ ZHUGHQ ZLU VS½WHU ]X VSUHFKHQ NRPPHQ$OV6LHEHLXQVHUHQ9RUEHVSUHFKXQJHQHWZDVÕEHUHLQH9RUOHVXQJVUHLKHDQGHXWHWHQKDWWHLFK GHQ(LQGUXFNGD¸6LHDXFKDQHLQHU*HVFKLFKWHGHU3KLORVRSKLHDUEHLWHQ7UL$GLHVHU(LQGUXFN]X" 6RHWZDVZ½UH]XDQVSUXFKVYROO ,FKELQVHKUYRUVLFKWLJPLWGHQ]XVFKQHOOJHVFKULHEHQHQ 3KLORVRSKLHJHVFKLFKWHQ(VLVWVRGD¸LFKPLW]ZHLDXVIÕKUOLFKHUHQ9RUOHVXQJHQYHUVXFKHQ PÏFKWH HLQ *UXQGSUREOHP ]X UHNRQVWUXLHUHQ GDV 9HUK½OWQLV ]ZLVFKHQ HLQHP PHWDSK\ VLVFKSKLORVRSKLVFKHQGKSULQ]LSLHQWKHRUHWLVFKHQRQWRORJLVFKHQ =XJULDXIGLH:LUN OLFKNHLWXQGGHPZDV7KHRORJLHHLQHUVHLWVLQ$EK½QJLJNHLWYRQGHU0HWDSK\VLNEHGHXWHW XQGDQGHUHUVHLWVrGXUFKHLQHQ3UR]H¸GHU$EOÏVXQJXQG9HUVHOEVW½QGLJXQJrLQGHU=HLW VHLW 3KLORQ EHGHXWHQ NRQQWH 'HQ KLVWRULVFKHQ 5DKPHQ PX¸ LFK HLQJUHQ]HQ XQG ZHUGH PLWGHP1HXSODWRQLVPXVHQGHQ'LHJHQXLQMÕGLVFKFKULVWOLFKHQ7KHRORJHQEHGÕU HQHL QHU HLJHQHQ 9HUDQVWDOWXQJ ,FK KDEH ]XQ½FKVW QXU 3KLORQ EHKDQGHOW HU VWHKW VR VWDUN PLW GHP 0LWWHOSODWRQLVPXV LQ =XVDPPHQKDQJ GD¸ HU QLFKW XQEHUÕFNVLFKWLJW EOHLEHQ GXU H $EHUHULVWDQGHUHUVHLWVHLQVHKUVHOEVW½QGLJHU'HQNHUXQGSKLORVRSKLHKLVWRULVFKDXFKGHV KDOELQWHUHVVDQWZHLOHUVHOEVWNHLQ+HEU½LVFKNRQQWHVLFKGDV$OWH7HVWDPHQWLQGHU6HS WXDJLQWDµEHUVHW]XQJ DQHLJQHQ PX¸WH XQG ZHLO GHP]XIROJH DXFK GLH JDQ]H VS½WHUH ([ RGXV0HWDSK\VLNrGLHVLFKDXI([”zKÉIeQM±ËR…”LFKELQGHULFKELQ…RGHU”LFKELQ GHU6HLHQGH…EH]LHKWrGDUDXIEHUXKW'LHVHV7KHPDNRPPWDQPHKUHUHQ6WHOOHQEHL3KL ORQYRUYHUNÕU]WDEHUVFKRQGHQKHEU½LVFKHQ+LQWHUJUXQG,QGLHVHP6LQQHLVW3KLORQVR HWZDVZLHHLQH6FKDOWVWHOOH +DWWHQ 6LH EHUHLWV EHL GHU3ODQXQJ GLHVHU 9RUOHVXQJHQ GLH (QWVWHKXQJ HLQHU WKHRORJLVFKHQ 0HWDSK\VLN RGHU HLQHU 3ULQ]LSLHQZLVVHQVFKD  DXV GHU DQWLNHQ 3KLORVRSKLH E]Z GHU 3ODWRQLVFKHQ 3KLORVRSKLH LP %OLFN" -DVRLVWHV'DUÕEHUKDQGHOWHLQJUR¸HQ7HLOHQGHUHUVWH'XUFKJDQJLPOHW]WHQ6HPHVWHU ,FKGHQNHDEHUGD¸DXFKGLHYRUVRNUDWLVFKH3KLORVRSKLHGLHHUKDOWHQHQ)UDJPHQWHXQGGR [RJUDSKLVFKHQ %HULFKWH JDQ] GHXWOLFK ]HLJHQ GD¸ GDV +LQGHQNHQ DXI HLQ 6HLQVSULQ]LS r RGHUDXILUUHGX]LEOHZLUNOLFKNHLWVNRQVWLWXWLYH(OHPHQWDUVWUXNWXUHQrLPPHUVFKRQWKHROR JLVFKH $VSHNWH DXI]HLJW 6HOEVW GDV 6LFK$EVHW]HQ YRQ HLQHU WULYLDOHQ 0\WKRORJLVLHUXQJ ]HLJW GD¸ GHQQRFK LP +LQWHUJUXQG DOV 2ULHQWLHUXQJVSXQNW GLH 9RUVWHOOXQJ HLQHV HUVWHQ 3ULQ]LSVVWHKW'LHVZLUGGDQQXQPLWWHOEDUGDQDFKEHL3ODWRQXQG$ULVWRWHOHVGLUHNWWKH PDWLVLHUW3ODWRQV0\WKHQNULWLNHWZDGLH)UDJHQDFKGHQX»TSMTIViUISPSKfENLQGHU3ROL





)UDJHQDQe7KRPDV/HLQNDXI WHLDZLHPDQQRFKÕEHU*ÏWWHUUHGHQNDQQ]HLJWMD GD¸PDQÕEHU*RWWUHGHQNDQQVROO XQGGDUIQXUQLFKWLQGHU$UWGHU'LFKWHUVRQGHUQHEHQSKLORVRSKLVFK'DVDEHUEHGHXWHW GD¸PDQLKQDOVGDV*XWHEH]HLFKQHQPX¸DOVHLQHQQLFKWEHWUÕJHQGHQ*RWW:LUKDEHQ KLHU JHZLVVHUPD¸HQ HLQH 9RUZHJQDKPH GHU $UJXPHQWDWLRQ GHV 'HVFDUWHV ,QWHUHVVDQWHU ZHLVHLVWGLHVHUHLQHJXWH*RWWEHL3ODWRQDOVGHUDXVJH]HLFKQHWGHUQLFKWIDOVFKVHLQNDQQ GHUQLFKWEHWUÕJHQNDQQXQGGDUIrHLQH=XYHUO½VVLJNHLWVIRUGHUXQJGLHJOHLFKVDPDXFKRQ WRORJLVFKH+LQWHUJUÕQGHKDW'DVDOVRKDEHLFKGDUJHVWHOOWGDQQQDWÕUOLFKGLHVRJ7KHROR JLHGHV$ULVWRWHOHVYRUDOOHPLP%XFKGHU0HWDSK\VLNGLHVLFKMDDOVZLUNXQJVJHVFKLFKW OLFKKRFKEHGHXWVDPHUZLHVHQKDWrLQVEHVRQGHUHLQGHU9HUELQGXQJGLHGLH1HXSODWRQLNHU PLWGHP3ODWRQLVFKHQ(LQHQDXVGHP3DUPHQLGHVXQGGHUDEVROXWHQ6HOEVWUHH[LRQGHV$UL VWRWHOLVFKHQ*RWWHVJH]RJHQKDEHQ$OOGLHVH'LQJHVLQGNHLQH,QQRYDWLRQHQVRQGHUQHKHU 9HUNQÕSIXQJHQGLH]ZDULQGHU)RUVFKXQJSUREOHPDWLVLHUWLQGHUXQLYHUVLW½UHQ/HKUHDEHU VHOWHQWKHPDWLVLHUWZHUGHQ :HOFKH5ROOHVSLHOWGDQQGLHDOH[DQGULQLVFKH5HOLJLRQVSKLORVRSKLHLQGHU(QWZLFNOXQJGLHVHU7UDGLWLRQ" 6LHKDEHQJHUDGHYRQ3KLORQDOVHLQHU6FKDOWVWHOOHJHVSURFKHQ 3KLORQLVWHLQH]HQWUDOH*HVWDOWGLHIÕUGLH(QWZLFNOXQJVJHVFKLFKWH:HLFKHQJHVWHOOWKDWHU LVWHLQH6FKDOWVWHOOHGXUFKGLHVLFKEHVWLPPWH%HJULVIHOGHUÏQHQHWZDw3HUVRQDOLVLHUXQJ GHVHUVWHQ3ULQ]LSVkwEHVWLPPWH7UDQV]HQGHQ]kRGHUw:LOOHk,FKGHQNHLQGHU3ODWRQLVFKHQ 7UDGLWLRQVHOEVWNDQQPDQQXUPLWJUR¸HQ9RUEHKDOWHQYRQHLQHU3HUVRQDOLVLHUXQJGHVHU VWHQ 3ULQ]LSV UHGHQ (V O½¸W VLFK ZRKO NDXP ]HLJHQ ZR GDV JHVFKULHEHQ VWHKW ZHGHU EHL $ONLQRRVE]Z$OELQRV RGHU3OXWDUFKQRFKEHL$SXOHLXVRGHU1XPHQLXVVFKRQJDUQLFKW EHL3ORWLQ0DQNÏQQWHYLHOOHLFKWVDJHQEHL3ORWLQJLEWHVGHQ9HUVXFKGHP(LQHQDXFKHL QH,QWHQWLRQDOLW½W]X]XVFKUHLEHQrFS»PLWMNrDEHUGDVZLUG]XJOHLFKDXFKZLHGHU]XUÕFN JHQRPPHQ(VPX¸LKPVR]XVDJHQDOOHV]XJHVFKULHEHQZHUGHQDXFKGLH)UHLKHLWDEHUHV PX¸DXFKZLHGHU]XUÕFNJHQRPPHQZHUGHQZHLOPDQ]ZDUDOOHVDXVVDJHQNÏQQHQPX¸r LQHLQHUÕEHUVWHLJHUWHQVXSHUODWLYLVFKHQ)RUPrZHLOPDQGDGXUFKDEHU]XJOHLFKHLQH%H VWLPPWKHLW]XHWZDVKLQ]XVHW]WGDVMHQVHLWVMHGHU%HVWLPPWKHLWXQGGDPLWDXFKMHQVHLWVMH GHU3HUVRQDOLW½WDQJHVLHGHOWLVW,QJHZLVVHU:HLVHJLEWHVDOVRSHUVRQDOH*ÏWWHULP1HXSOD WRQLVPXV XQG ]ZDU HUVW LP QLHGHUHQ 5DQNLQJ LQ G\QDPLVFKHQ 6WUXNWXUHQ HWZD EHL 3URNORV:DVZLUKDEHQLVWHLQHVHKUNRPSOL]LHUWH$XVGLHUHQ]LHUXQJHLQHV3ULQ]LSVVRJDU HLQHU3ULQ]LSLHQPDQQLJIDOWLJNHLWDXIGHUHLQHQ6HLWHLQ3ODWRQV3DUPHQLGHVE]ZLP%HJUL GHV(LQHQXQGGHV*XWHQXQGDXIGHUDQGHUHQ6HLWHGXUFKGHQ'HPLXUJHQLP7LPDLRV 6LQGGLHVDEHUQLFKWJHUDGH0ÏJOLFKNHLWHQYRQ3HUVRQDOLW½WGLHGHPVRNRQ]LSLHUWHQ8UJUXQGWURW]GHU JHQDQQWHQ=XUÕFNQDKPHQGHQQRFK]XJHVFKULHEHQZHUGHQ" -DDEHUGHU'HPLXUJDOVHLQKDQGHOQGHV3ULQ]LSrDOVXIGRfXLNrLVWEHLGHQ$XVGLHUHQ]LH UXQJHQDXIGLHLFKJHUDGHKLQVWHXHUQZLOOLPPHULQGLH]ZHLWH3HUVRQDOVRDQGLH]ZHLWH 6WHOOHJHUÕFNWZRUGHQVRGD¸PDQSOÏW]OLFKHLQH3ULQ]LSLHQ7ULDVKDWZDVMDGHQ0LWWHO SODWRQLVPXVDXV]HLFKQHW'LHVKDEHQ-RKQ'LOORQXQGDQGHUHLPPHUZLHGHUKHUDXVJHVWHOOW DXFK )HVWXJLÁUH LQ GHU 5ÂYÂODWLRQ Gn+HUPÁV 7ULVPÂJLVWH r HLQHP KHUYRUUDJHQGHQ XQG DQUH JHQGHQ%XFKGDVOHLGHUYLHO]XZHQLJVWXGLHUWZLUG,QGLHVHU3ULQ]LSLHQ7ULDVDOVRwHUVWHU *RWWr]ZHLWHU*RWWr:HOWkRGHUwGDV(LQHrGHU'HPLXUJrGLH:HOWk ZLUGGDVZRPÏJ OLFK3HUVRQDOHQLHPDOVDQGLHHUVWH6WHOOHJHVHW]W'DVDEHULVWEHL3KLORQDQGHUV'DVOLHJW QDWÕUOLFK GDUDQ GD¸ HU 7H[WH DXVOHJW GLH VHOEVW VFKRQ HLQHQ *RWW WKHPDWLVLHUHQ GHU HLQ 9HUK½OWQLV]XVHLQHU6FKÏSIXQJKDW%HL3ODWRQNDQQPDQQLFKWYRQw6FKÏSIXQJkLP6LQQH





0LVFHOODQHD HLQHU FUHDWLR H[ QLKLOR VSUHFKHQ DEHU LQ GLHVHU 'LVNXVVLRQ JDE HV LPPHU VFKRQ GLH )UDJHQ ”0X¸PDQDQQHKPHQGD¸GLH:HOWJHVFKDHQLVW",VWVLHHZLJ",VWVLH]ZDUJHVFKDHQDEHU GXUFKHLQYRUOLHJHQGHVHZLJHV6XEVWUDW"…'LHVHVDOOHVZLUGGLVNXWLHUWXQGGLH$QWZRUWGLH OHW]WOLFKGDEHLKHUDXVNRPPWLVWGLHGD¸GLH:HOW]ZDUKHUYRUJHEUDFKWLVWDEHUDXVHLQHP .RQWH[WGK'LH,GHHQDXIGLHGHU'HPLXUJVFKDXWVLQGVFKRQGDVLHVLQGHZLJHTEVE HIfKQEXE DXFK GDV 6XEVWUDW GLH GÉVE LVW LPPHU VFKRQ GD µEHU GDV =XVWDQGHNRPPHQ GLHVHU9RUEHGLQJXQJHQREGLHVHDXFKLUJHQGZLHJHVFKDHQVLQGHUKDOWHQZLUNHLQH$XV NXQ 'LH:HOWLVWKHUYRUJHEUDFKWDEHUDXVHZLJHQ9RUDXVVHW]XQJHQVLHNDQQDXFKLPPHU ZLHGHUKHUYRUJHEUDFKWZHUGHQXQGVLHZLUGLP6HLQJHKDOWHQGXUFKHLQHQLQQHUHQ6HOEVW YROO]XJ GHU GXUFK GHQ 'HPLXUJHQ VHOEVW LQ GLHVH :HOW KLQHLQJHVHW]W ZRUGHQ LVW LQ GHP GDQQGLH]YGŸ XSÁ TERX³NJHVFKDHQZLUG 'DV VLQGJDQ]DQGHUH6WUXNWXUHQDOVGLHGLH ZLULPMÕGLVFKHQ.RQWH[WKDEHQ$OVRPX¸PDQGLHVH'LQJHVDXEHUDXVHLQDQGHUKDOWHQYRU DOOHQ'LQJHQDXFKXPGLH3ROHPLN]ZLVFKHQ&KULVWHQXQG1LFKWFKULVWHQ]XYHUVWHKHQGLH VLFKLQGHU6S½WDQWLNHHQWZLFNHOWKDWEHLGHUHVLPZHVHQWOLFKHQXPIROJHQGHVJLQJ”:DV NDQQ HV EHGHXWHQ HLQH 6FKÏSIXQJ DXV GHP 1LFKWV HLQHQ SHUVRQDOHQ *RWW HLQHQ :LOOHQ XVZDQ]XQHKPHQ"…'LHNULWLVFKHQ)UDJHQGHUJULHFKLVFKHQ$XWRUHQVWDPPHQDOVRDXVGHP )XQGDPHQWHLQHU7UDGLWLRQGLHDOOGLHVH9RUDXVVHW]XQJHQrGLHJOHLFKVDPGXUFKGLH6FKUL  H[HJHVHGXUFKGDV$OWHXQGQDWÕUOLFKDXFKGXUFKGDV1HXH7HVWDPHQWLQGHQ'LVNXUVHLQ JHEUDFKWZRUGHQVLQGrJDUQLFKWPLWPDFKW(VLVWDXFKGLH)UDJHLQZLHIHUQGLH'LHUHQ ]LHUXQJ HLQHV 3ULQ]LSV LQ HLQH JHVWX H )ROJH GUHLHU 3ULQ]LSLHQ GDQQ HLQH (QWIDOWXQJVVH TXHQ] PLW VLFK EULQJW 'DV (LQH GDV ]ZHLWH KHUYRUEULQJHQGH GHPLXUJLVFKH (LQH r GHU ]ZHLWH *RWW GHU HI»XIVSN UI³N E]Z RSÁN GHU XQWHU =XKLOIHQDKPH GHV $ULVWRWHOLVFKHQ KÏFKVWHQ*RWWHVDOVUHLQH6HOEVWUHH[LRQJHGDFKWZLUGrXQGGDVGULWWHDXVGLHVHQEHLGHQ IROJHQGHGLH:HOWRGHUGLH6HHOH'DVHKHQ6LHGDQQVFKRQZLHVLFK GDV3ORWLQLVFKH6\ VWHPYRUEHUHLWHWLQGHPGDQQGDV(LQHDOV(LQHVLQGLHUHLQH7UDQV]HQGHQ]ÕEHUIÕKUWZLUG :LHEHXUWHLOHQ6LHGDV%HGÕUIQLVQDFKHLQHU3HUVRQDOLVLHUXQJGHVHUVWHQ3ULQ]LSVLP+LQEOLFNDXIHLQH GHUDUWLJHWKHRORJLVFKH0HWDSK\VLN",VWGDVHLQJHQXLQSKLORVRSKLVFKHV%HGÕUIQLVRGHULVWHVHKHUUHOLJLÏV EHGLQJWXQGLQVRIHUQDX¸HUSKLORVRSKLVFK" ,FK GHQNH HV LVW NHLQ SKLORVRSKLHH[WHUQHV %HGÕUIQLV HV K½QJW GDYRQ DE ZDV PDQ XQWHU w3KLORVRSKLHkYHUVWHKWGDVJHQDXLVWGDV+DXSWSUREOHP,FKGHQNH5HOLJLRVLW½WLVWQLFKW]X WUHQQHQ YRQ HLQHP SKLORVRSKLVFKHQ *UXQGYROO]XJ (V JLEW MD LQ GHU VS½WHUHQ 7UDGLWLRQ LPPHUZLHGHU9HUVXFKHGHQ%HJULw5HOLJLRQkDXVVLFKVHOEVWKHUDXV]XHUNO½UHQDOVwUHOLJD UHk wUHOLJDWLRk XVZ DOVR DOV w]XUÕFNELQGHQGk 5HOLJLRQ DOV JOHLFKVDP QRWZHQGLJHV 6LFK =XUÕFNZHQGHQ]XVHLQHP3ULQ]LSJHKÏUWGDQQLQWULQVLVFK]XU6WUXNWXUGHV0HQVFKHQ6R KDWHVHWZD0DUVLOLR)LFLQRJHVHKHQ5HOLJLRLVWLXGLFLXPKXPDQLWDWLV'LHVZ½UHHLQVHKUDOO JHPHLQHU ]XJOHLFK SKLORVRSKLVFKHU 5HOLJLRQVEHJUL GXUFK GHQ LQ GHU IRUPDOHQ 6WUXNWXU VRJDUHLQ=XVDPPHQKDQJPLWGHPVWRLVFKHQ%HJULHLQHU±VQœHLQHV7ULHEHVKHUJHVWHOOW ZHUGHQ NÏQQWH r VR ZLH DXFK GLH 1HXSODWRQLNHU PLW GHP %HJUL GHU }JIWMN YHUIDKUHQ VLQG'DVLVWVLFKHUOLFKHLQH8PGHXWXQJGHUVWRLVFKHQ±VQœDOVRGHU7DWVDFKHGD¸HWZDV ZHQQHVDXVHLQHP3ULQ]LSKHUYRUJHKWHUVWGDQQ]XVLFKVHOEVWNRPPWZHQQHVVLFK]X UÕFNK½OWXQGLP0HQVFKHQLQHLQH*HVWDOWJHID¸WZLUG6RZÕUGHVLFKLQHLQHPGHQNHQGHQ :HVHQ GDV ,QHLQH*HVWDOW)DVVHQ JHUDGH GDULQ ]HLJHQ GD¸ HV VLFK JOHLFKVDP ]XUÕFNEH ZHJW1XQNÏQQWHPDQVDJHQGD¸HLQHUHHNWLHUHQGHUHLQEHJUL#LFKHGHQNHQGH5ÕFN ZHQGXQJ w3KLORVRSKLHk JHQDQQW ZLUG XQG GD¸ HLQH ]XJOHLFK UDWLRQDOH XQG HPRWLRQDOH 5ÕFNZHQGXQJDOVw5HOLJLRQk]XEH]HLFKQHQZ½UHrGXUFKGHQ%HJULGHV}V[NDXFKGXUFK





)UDJHQDQe7KRPDV/HLQNDXI DXVLP3ODWRQLVFKHQ6LQQH:HQQDEHUGLH7KHRORJLHGLHUHHNWLHUWH'XUFKGULQJXQJGLHVHU )RUPYRQ5HOLJLRVLW½WLVWPÕ¸WHPDQVDJHQGLH7KHRORJLHVHLLQVLFKVHOEVWDXFKSKLORVR SKLVFK'HU8QWHUVFKLHGOLHJWGDQQEOR¸GDULQXQGGDVLVWGHU8UVSUXQJDXFK,KUHU)UDJH GD¸GDVZRUDXIPDQVLFK]XUÕFNZHQGHWGDVHLQH3ULQ]LSLVWGDVGDGXUFKGD¸HVDOVUHLQHV (LQHVrRGHUDOVGDVQLFKWDOVGHU*XWHrLQGLH7UDQV]HQGHQ]JHUÕFNWZLUGGHP%HGÕUIQLV GHU$QVSUHFKEDUNHLWQLFKWJHUHFKWZLUGGLHPDQHLQHPVROFKHQ3ULQ]LSJHJHQÕEHUKDEHQ NDQQrHLQH$QVSUHFKEDUNHLWGLHDXIGHUHLQHQ6HLWHDXV/LHEHXQGDXIGHUDQGHUHQ6HLWH DXV)XUFKWEHVWHKW :LHK½QJWGLHVH7KHPDWLNrGLH$QVSUHFKEDUNHLWGHVHUVWHQ3ULQ]LSVrPLWGHUJHVFKLFKWOLFKHQ6LWXDWLRQ GHU3KLORVRSKLHLQGHU6S½WDQWLNH]XVDPPHQ" 'LH(QWZLFNOXQJHQGHUVS½WHUHQ7UDGLWLRQNXU]]XVDPPHQ]XIDVVHQLVWVFKZLHULJHVLVWMH GHQIDOOVGHXWOLFKGD¸rZLHHWZD'RGGVJH]HLJWKDWrGLH%HQGOLFKNHLWHQGHVVS½WDQWLNHQ 0HQVFKHQVLFKVHKUVWDUNJH½QGHUWKDEHQLQEH]XJDXIGLH3ROLVZLUNOLFKNHLWDOV/HEHQVZHOW LQ GHU NODVVLVFKHQ =HLW LP  -DKUKXQGHUW :DV DEHU KDW VLFK JH½QGHUW" (V KDW VLFK GDV *HIÕKO GHV $XVJHVHW]W6HLQV JH½QGHUW GDV *HIÕKO ]XP 6SLHOEDOO XQNDONXOLHUEDUHU SROLWL VFKHU XQG ZLUWVFKD OLFKHU =XVDPPHQK½QJH JHZRUGHQ ]X VHLQ 'DV %HGÕUIQLV QDFK 5HOL JLRVLW½W LVW XQJODXEOLFK DQJHVWLHJHQ XQG GDV VSLHJHOW VLFK DXFK LQ SKLORVRSKLVFKHQ 7H[WHQ ZLGHUrGDUXPJLQJHVPLU,FKKDEH]ZDUNHLQHVR]LRORJLVFKH8QWHUVXFKXQJGXUFKJHIÕKUW GDLVWDXFKQRFKYLHO]XWXQVRQGHUQDQKDQGGHU7H[WHHUIRUVFKWZLHVRSOÏW]OLFKGHU%H JUL w*RWWk w*RWWKHLWk HLQH LPPHU VW½UNHUH 5ROOH VSLHOW ZLHVR LQ 4IVi O³WQSY LQ HLQHU 6FKUL GLHHLQPDODOV$ULVWRWHOLVFKJDOWGLHDEHU(QGHGHV-DKUKXQGHUWVQ&KUHQWVWDQ GHQ LVW SOÏW]OLFKJHVDJW ZHUGHQ NDQQ HV VHL HLQH SºWfE WYRIOXMOœ GLH GLH :HOW LQ LKUHU *UXQGVSDQQXQJLQGHU+HUDNOLWHLVFKJHGDFKWHQ*HJHQVDW]VSDQQXQJ]XVDPPHQID¸WGLHVH SºWfEWYRIOXMOœDEHUVHLHLQ*RWWGHUVR]XVDJHQÕEHUDOOHPWKURQWXVZ0DQNDQQVLFK GDEHLQDWÕUOLFKDXI6WHOOHQDXV+RPHUEHUXIHQDEHUKLHUKDEHQZLUQXQHLQHQDQGHUHQ*RWW DOVGHQ+RPHULVFKHQrHVLVWHLQ*RWWGHUVFKRQKLVWRULVFKJHVHKHQDXIGHP5ÕFNHQ3KL ORQV VLW]W 'LHVH 6DFKHQ LQWHUHVVLHUHQ PLFK ZLH VLFK SKLORVRSKLVFKHV 3ULQ]LSLHQGHQNHQ JOHLFKVDPLQWHUQWKHRORJLVLHUW :HQQVLFKGLHVHYLHOI½OWLJHQ9HUZDQGOXQJHQLQGHU6S½WDQWLNHPLWSULQ]LSLHQWKHRUHWLVFKHQµEHUOHJXQJHQ YHUELQGHQODVVHQVROOWHQ6LHYLHOOHLFKWHWZDV]XP6WDWXVGHUXQJHVFKULHEHQHQ/HKUH3ODWRQVVDJHQ (LQKHL¸HV(LVHQ,FKELQGDVHKUYRUVLFKWLJREZRKOLFKPLFKVFKRQZ½KUHQGPHLQHU6WXGL HQ]HLWLQ)UHLEXUJEHVRQGHUVPLWGHQ$UJXPHQWHQYRQ*DLVHURGHU.U½PHUEHVFK½ LJWKD EHGLHVLFKLPÕEULJHQGDULQXQWHUVFKHLGHQGD¸*DLVHUV5HNRQVWUXNWLRQSKLORORJLVFKPL QX]LÏV DXV GHQ 3ODWRQLVFKHQ 7H[WHQ XQG DXV GHQ GR[RJUDSKLVFKHQ %HULFKWHQ KHUYRUJHKW Z½KUHQG .U½PHU GLH :LUNXQJVJHVFKLFKWH DOV $UJXPHQW PLW LQ GLH 'LVNXVVLRQ HLQEULQJW 'LHVH)UDJHQNRPPHQMDQLFKWDXVGHP1LFKWV0DQPX¸IUDJHQ:HOFKH3HUVSHNWLYHKD EHQZLUDOVKHXWLJH3ODWRQH[HJHWHQRGHUDOVMHPDQGGHUYHUVWHKHQZLOOZLHHVGD]XNRPPW GD¸3ODWRQLP0LWWHOXQG1HXSODWRQLVPXVVRLQWHUSUHWLHUWZHUGHQNRQQWHZLHHVGHU)DOO ZDU'DQQPX¸PDQIHVWKDOWHQGD¸HVVLFKHUOLFKLP3ODWRQLVFKHQlXYUHVHOEVW+LQZHLVH DXI HLQHQ QLFKW GLUHNW ]XU 6SUDFKH NRPPHQGHQ XQG DXFK ZDKUVFKHLQOLFK YRQ 3ODWRQ EH ZX¸WRHQJHKDOWHQHQWKHRUHWLVFKHQ+LQWHUJUXQGJLEWGHQPDQLQJHZLVVHU:HLVHDOVXQ JHVFKULHEHQH/HKUHEH]HLFKQHQNÏQQWH1XUGDUIPDQGDPLWQLFKWHLQIHUWLJHV6\VWHPYHU ELQGHQ'DVZLGHUVSULFKWGHU$XIIDVVXQJGLHLFKYRQ3ODWRQKDEHrJHUDGHDXFKLQEH]XJ DXI VHLQH HLJHQH (QWZLFNOXQJ EHVRQGHUV YRQ GHQ PLWWOHUHQ ]X GHQ VS½WHQ 'LDORJHQ r VL





0LVFHOODQHD FKHUOLFKDXFKVFKRQXQWHUGHP(LQX¸GHV$ULVWRWHOHVXQGDQGHUHUXQPLWWHOEDUHU6FKÕOHU GLHVS½WHUGDV6FKRODUFKDWÕEHUQRPPHQKDEHQ8QGHVLVWHLQH(QWZLFNOXQJEHLGHUPDQ GDYRQDXVJHKHQGDUIGD¸HUVLHQLFKW]X(QGHJHEUDFKWKDW$OVRVHOEVWZHQQHVHLQHQLFKW GLUHNW]XU6SUDFKHJHNRPPHQHXQJHVFKULHEHQH/HKUHDOV2ULHQWLHUXQJVV\VWHPDOVHLJHQH 'HQNDQVWUHQJXQJJHJHEHQKDWZDVLFKVHKUVWDUNYHUPXWHGDQQELQLFKGHQQRFKNHLQ7Õ ELQJHU LQ GHP VWDUNHQ 6LQQH GD¸ LFK VDJHQ ZÕUGH HV JLEW HLQHUVHLWV GLH S\WKDJRUHLVFKHQ *HJHQVDW]SDDUHXQGDQGHUHUVHLWVKDEHQZLU|RXQGƒ³VMWXSNHY„NXQGDOOGDVLQHLQHPV\ VWHPDWLVFKHQ FRQQLXP 0DQ PX¸ GDYRQ DXVJHKHQ GD¸ DOO GLHV GLVNXWLHUW ZRUGHQ LVW XQG GD¸ 3ODWRQ VLFKHU YHUVXFKW KDW GHP 3UREOHP GHV $XIEUHFKHQV HLQHV PRQROLWKLVFKHQ QXU IÕU VLFK VWHKHQGHQ *XWHQ ]X HLQHP G\QDPLVFKHQ =XVDPPHQKDQJ PLW GHQ ,GHHQ VHOEVW QDFK]XJHKHQXQGGLHVHV9HUÕVVLJHQGLHVHV$QJHKHQJHJHQHLQHQLPPDQHQWHQLQWHUQHQ (OHDWLVPXVEHLLKPVHOEVWQGHQZLUMDHEHQLP6RSKLVWHVRGHU3DUPHQLGHV3ODWRQLVWMHPDQG GHUVLFKLPPHUJHJHQHLQHVROFKH6\VWHPDWLVLHUXQJZHQGHW:HQQPDQGDKHU3ODWRQVS½WHU V\VWHPDWLVLHUHQZROOWHIXQNWLRQLHUWHGDVQXUGXUFKHLQH5HLKHYRQ6WHOOHQGLHPDQDQ]HKQ )LQJHUQ DE]½KOHQ NDQQ PHKU QLFKW 'LHVH 6WHOOHQ ZHUGHQ VW½QGLJ ZLHGHUKROW r YRQ $O NLQRRVELV3ORWLQrGLHNÏQQHQVLHIDVWDXVZHQGLJXQGNÏQQHQVLHGDKHUZLH%DXVWHLQHYHU ZHQGHQ'DVLVWQDWÕUOLFKIÕUGLH,QWHQWLRQHQGHUPLWWOHUHQ3ODWRQLNHUXQGYRUDOOHPIÕU3OR WLQJDQ]ZLFKWLJJHZHVHQDEHU3ORWLQXQGGLHDQGHUHQ3ODWRQLNHUVLQGQLFKW3ODWRQVLHKD EHQ VLFK MD DXFK DOV ([HJHWHQ EHWUDFKWHW :LU NÏQQHQ ]X 5HFKW VDJHQ GD¸ VLH LKQ LQ GHU :HLVHDQJHPHVVHQLQWHUSUHWLHUWKDEHQGD¸HLQ%HJULZLHGLH±QSf[WMNUIÚOEX‡X¶HYRE X³RHLQVHKUGHXWEDUHU%HJULLVWrDXFKVFKRQEHL3ODWRQ(ULVWQLFKWELVLQV/HW]WHEHVWLPPW HUJLEWQXUHLQH5LFKWXQJYRU'DV6LFK$QJOHLFKHQDQ*RWWNDQQVHKUXQWHUVFKLHGOLFKJH GHXWHWZHUGHQHV]HLJWDEHUDQGD¸HVHLQ3ODWRQLVFKHU*UXQGJHGDQNHLVWGD¸ZLUXQVLQ GHU 3KLORVRSKLH DXFK LQ HWKLVFKHU +LQVLFKW DQ HLQ 3ULQ]LS DQJOHLFKHQ VROOHQ XQG ]ZDU GXUFK HLQH LPPHU VFKQHOOHUH ,QWHQVLYLHUXQJ XQVHUHV 'HQNHQV GLH VLFK ] % PLWWHOV GHU X{GRLHMEPIOXMOœXQGDQGHUHU6WUDWHJLHQHUUHLFKHQO½¸WrDEHULQKDOWOLFKLVWGDQLFKWVEH VHW]W:HQQLFKQXQHLQHDQGHUHPHKUVFKLFKWLJH2QWRORJLHKDEHZHQQLFKGLHTIVMEK[Kœ XQGƒR„FEWMNDXVGHU3ROLWHLDPLWLKUYHUELQGHrZLHLQGLHVHU7KHDLWHWRV6WHOOHrGDQQNDQQ LFKGRFKDXVHLQHUVROFKHQ±QSf[WMNSOÏW]OLFKHLQH*UXQG$GKRUWDWLR]XHLQHP$XIVWLHJKHU DXVOHVHQGLHQLFKWJDQ]XQSODWRQLVFKLVWDEHUÕEHU3ODWRQKLQDXVJHKW8PHVNXU]]XVD JHQ +LQWHU 3ODWRQV 'HQNHQ VWHFNW VLFKHUOLFK HLQH $UW *HUÕVW DXI GDV HU LPPHU JHEOLFNW KDW GDV DEHU QLFKWV 6WDWLVFKHV LVW LP 6LQQH HLQHV 6\VWHPV GDIÕU DEHU r XQG GDPLW IÕU ]X VWDUNrKDOWHLFKGLH9HUVXFKHYRQ*DLVHUXQGWHLOZHLVHDXFKGLHYRQ.U½PHU ,KUHU 0HLQXQJ QDFK LVW DOVR GLH 7ÕELQJHU ,QWHUSUHWDWLRQ GHU XQJHVFKULHEHQHQ /HKUH HWZDV ]X VHKU DP 1HXSODWRQLVPXVDQ3ORWLQXQG3URNORVXQGGDPLWDQHLQHUIHVWJHOHJWHQNRVPRORJLVFKHQ6WUXNWXURULHQ WLHUW" 3ORWLQLVWQLFKWVRV\VWHPDWLVFKZLH3URNORVGDVLVWZLHGHUHLQ8QWHUVFKLHG'HVKDOELVWPLU 3ORWLQV3ODWRQLPPHUQ½KHUDOVGHUGHV3URNORVrVRVHKULFK3URNORVDXFKVFK½W]HrZHLOLFK JUXQGV½W]OLFK GHQNH GD¸ IÕU 3ODWRQLVFKHV 3KLORVRSKLHUHQ RKQHKLQ GDV 1LFKW)HVWJHOHJWH FKDUDNWHULVWLVFKLVWGDVw6LFKQLFKWDXIHLQHEHVWLPPWH3RVLWLRQIHVWOHJHQ/DVVHQkLP6LQ QHGHU(LQ]HODXVVDJHHLQHUVFKOHFKWHQ.RQNUHWLVLHUXQJPÏFKWHLFKPLW+HJHOVDJHQ3OD WRQLVFKHV'HQNHQLVWHLQHSHUPDQHQWH$QVSDQQXQJRGHU$XVULFKWXQJDXIGHQ9HUVXFKHLQ /HW]WHV(LQHVXQG+ÏFKVWHV]XGHQNHQRKQHGD¸PDQGHVZHJHQDQGHP$QGHUHQGDVQXU GHU$XVGUXFNGLHVHV(LQHQE]ZGDV1LFKW(LQHLVWYRUEHLGHQNWRGHUHV]XU6HLWHVFKLHEW 'DVLVWJOHLFKVDPHLQ6LFK9HUPLWWHOQPLWGHUYLHOI½OWLJVWUXNWXULHUWHQ:LUNOLFKNHLWKLQDXI





)UDJHQDQe7KRPDV/HLQNDXI HLQHQ 8UVSUXQJ GLHVHV 9LHOI½OWLJHQ r HLQ SHUPDQHQWHU 3UR]H¸ 'HVKDOE KDEH LFK 3ODWRQ QLFKW]XP6\VWHPDWLNHUJHPDFKWDEHUPDQNDQQLKQDXINHLQHQ)DOODOVHLQHQQXUDPIRU PDOHQP³KSNDPGLDOHNWLVFKHQ6SLHODQGHUEOR¸HQ$SRULH,QWHUHVVLHUWHQGDUVWHOOHQZLHHV LQDOOGLHVHQ½X¸HUOLFKEOHLEHQGHQ/HVDUWHQGLHVHQ'HSRWHQ]LHUXQJHQYHUVXFKWZRUGHQLVW XQG ]ZDU DXV HLQHP DQDFKURQLVWLVFKHQ %OLFN HWZD DXV GHP OHW]WHQ -DKUKXQGHUW ZR PDQ 3ODWRQVR]XVDJHQQXUQRFKVSUDFKDQDO\WLVFKGHXWHW 9HUVWHKHQ6LHXQWHUVROFKHQw'HSRWHQ]LHUXQJHQkDXFKGDV%LOG3ODWRQVDOV'LDORJWKHRUHWLNHU" ,P%OLFNDXI3ODWRQDOV'LDORJWKHRUHWLNHUQLPPWGHU7LPDLRVHLQHQHLJHQWÕPOLFKHQ3ODW]LP *HVDPWZHUN3ODWRQVHLQZLUNXQJVJHVFKLFKWOLFKLVWHUHLQHUGHUZLFKWLJVWHQ'LDORJHJHZH VHQDEHUHULVWJDUNHLQ'LDORJ :DUXPQLFKW":DUXPLVWGHU7LPDLRVNHLQ'LDORJ" (ULVWMDQXUDP$QIDQJHLQ'LDORJHULVWHLJHQWOLFKHLQHPRQRORJLVFKH'DUVWHOOXQJHLQHU .RVPRORJLHNDQQPDQVDJHQ $EHUPHLQH)UDJHJHKWLP*UXQGHWLHIHU:RUDQHUNHQQWPDQHLQHQ3ODWRQLVFKHQ'LDORJDOV'LDORJ" 'DVLVWHLQHQRFKEHVVHUH)UDJHDOVGLHQDFKHLQHP'LDORJÕEHUKDXSW(LQHQ3ODWRQLVFKHQ 'LDORJ HUNHQQHQ 6LH GDUDQ GD¸ HU HLQH *HVWDOW KDW HLQIÕKUHQ NDQQ XQG DXFK PX¸ (LQH *HVWDOWZLH6RNUDWHVZHQQDXFKDOVNWLRQDOH*HVWDOWPLWUHDOHP+LQWHUJUXQGGLHLQHLQHU EHVWLPPWHQ:HLVHGDV*HVSU½FKVRIÕKUWGD¸VLHVLFKLP*HVSU½FKDXFKVHOEVWUHHNWLHUWr GXUFK ,URQLH GXUFK GDV /RVODVVHQ GHU *HVSU½FKVIÕKUXQJ GXUFK GLH µEHUWUDJXQJ DXI GHQ DQGHUHQGLHDEHUDXFKZLHGHU]XUÕFNJHQRPPHQZLUGZHLOGDV/RVODVVHQJHQDXVRYRQVWDW WHQJHKWGD¸GHUDQGHUHJDUQLFKWLQGHU/DJHLVWGLH*HVSU½FKVIÕKUXQJDQVLFK]XUHL¸HQ (VLVWDOVRHLQ6SLHOHQPLWGHPZDVLP'LDORJVWDWWQGHWrPLWHLQHU:HFKVHOUHGHGLHVLFK XQWHUVFKLHGOLFKVWUXNWXULHUWGXUFK(LQZÕUIHGXUFK)UDJHQGXUFK3RVLWLRQHQ*HJHQSRVL WLRQHQ5ÕFNIUDJHQ.ULWLNXVZ'HU6RNUDWLVFKH'LDORJLVWHLQHUGHUGLHVH6WUXNWXUHQDXFK VHOEVWLQGLHVHUUD"QLHUWHQ)RUPLQGHUMHGHV:RUWJHQDXJHVHW]WLVWQRFKPLWUHHNWLHUW XQVGDEHLDEHUQLFKWGDUDXIYHUZHLVWGD¸ZLUGDQQLQGLHEOR¸H,URQLHLQGLH8QHLJHQWOLFK NHLWNLSSHQVRQGHUQGDUDXIGD¸GDV*HVSU½FKGHU0RGXVLVWLQGHPZLUDXFKLQXQVVHOEVW SKLORVRSKLHUHQJOHLFKVDPDOV*HVSU½FKGHU6HHOHPLWVLFKVHOEVWÕEHUGDVZDVVLHWDWV½FKOLFK LQWHQGLHUW,FKGHQNHLQGHU+LQVLFKWLVW3ODWRQLVFKHV3KLORVRSKLHUHQLQGHU:XU]HOGLDOR JLVFKXQG]ZDULP5DKPHQHLQHUGLDOHNWLVFKHQ6WUXNWXUGLH3RVLWLRQHQKHUDXVDUEHLWHWGLH LP*UXQGHGHQ$XVJDQJVSXQNWGHVVHQZDVYHUPHLQWOLFKLQWHQGLHUWLVWYROOVW½QGLJXPGUH KHQNÏQQHQXPGDQQ]X]HLJHQGD¸GHUGHUDQI½QJW]XUHGHQGDVHLJHQWOLFK$QJHVWUHEWH DQIDQJVJDUQLFKWJHZX¸WKDWVRQGHUQGD¸GLHVPLWWHOVGHUX{GRLQEMIYXMOœDXVLKPKHU YRUJHKROW ZLUG 'HU 3ODWRQLVFKH 'LDORJ LVW DOVR JDQ] YLHOVFKLFKWLJ (U LVW HLQ 'LDORJ ]ZL VFKHQ *OHLFKEHUHFKWLJWHQ HU LVW HLQ 'LDORJ GHU DXFK ]ZLVFKHQ QLFKW *OHLFKUDQJLJHQ VWDWWQGHWXPDEHUGHQDQGHUHQQLFKW]XGHSRWHQ]LHUHQVRQGHUQXPLKQ]XVLFKVHOEVW]X EULQJHQrDOV.XQVWLPDQGHUHQGLHIUDJOLFKH6DFKH]XU*HEXUW]XEULQJHQ,QGHU+LQVLFKW LVW 3ODWRQ HLQ GLDORJLVFKHU $XWRU GHU DXFK PLW VLFK VHOEVW LP 'LDORJ VWDQG QLFKW QXU PLW VHLQHQ 6FKÕOHUQ XQG GDGXUFK DXFK NHLQ DEJHVFKORVVHQHV 6\VWHP LQ SHMRUDWLYHP 6LQQH  HQWZLU  VRQGHUQ RHQ LVW IÕU ZHLWHUH (QWZLFNOXQJHQ .XU] JHVDJW 3ODWRQ LVW LQ VHLQHP 'HQNHQGLDORJLVFKXQGGHU3ODWRQLVFKH'LDORJLVWHEHQVHKUYLHOVFKLFKWLJ:DVLKQDEHUEH VRQGHUVDXV]HLFKQHWLVWGD¸HUVLFKDQYLHOHQ6WHOOHQDOV'LDORJLP9ROO]XJVHOEVWPLWWKHPD WLVLHUW





0LVFHOODQHD 6LHKDEHQDXFKJHVDJWGDV'LDORJLVFKHEHL3ODWRQVHLGLDOHNWLVFKXQGGLH3ODWRQLVFKH'LDOHNWLNNDQQ PDQDOVGLH%HZHJXQJYRQHMEfVLWMNXQGWYREK[KœEHJUHLIHQ:LHLVWGLH'LDOHNWLN]XYHUVWHKHQLQ GHU 7UDGLWLRQ GHV 3ODWRQLVPXV LQ GHU GLH %HZHJXQJ YRQ 3UR]HVVXDOLW½W XQG 5ÕFNNHKU HLQH ]HQWUDOH 5ROOHVSLHOWrHWZDEHL3URNORV'LRQ\VLXV3VHXGR$UHRSDJLWD&XVDQXV)LFLQRRGHUDQGHUHQ" 'LH'LDOHNWLNLVWHLQH0HWKRGHHLQ:HJ0HODQFKWKRQHWZDGHXWHWQ{USHSNDOVX{GRL±HS TSMLXMOœDOVRDOVHLQH.XQVWIHUWLJNHLWGLHGHQ:HJEHUHLWHW'LH'LDOHNWLNLVWJHQDXGLHVHV LP3ODWRQLVFKHQ3KLORVRSKLHUHQ6LHLVWDOV0HWKRGHQLFKWGLH6DFKHVHOEVWVRQGHUQGLH0H WKRGHGLH]XU6DFKHKLQIÕKUWXQGHV]HLJWVLFKGD¸GDVZLUNOLFKZDKUKD H6HLQGDVµRX[N µRLQVLFKVHOEVWGLDOHNWLVFKYHUID¸WLVWGK'LH0HWKRGHGHV'HQNHQVHUDUEHLWHWVLFKHL QHQ+RUL]RQWGHULKUJOHLFKVDPLPVW½UNVWHQ6LQQH½KQOLFKLVW´QSMSRGLH±QSM³XLNVSLHOW MDHLQHJUR¸H5ROOHXQGHVLVWJDQ]LQWHUHVVDQW]XVHKHQGD¸]%&XVDQXVGLHPHQVKXPD QDRGHUVRJDUGLH PHQVÕEHUKDXSWDOVHLQHLQQHUHJHLVWLJH(LQKHLWDOVHLQH YLVDVVLPXODWLYD EHVWLPPWKDW9RUDOOHP,GLRWDGHPHQWHZLUGJHQDXJHVDJWGD¸GLHPHQVHLQHYLVDVVLPXODWLYD LVWGDVPHLQWrJDQ]3ODWRQLVFKJHGDFKWrOHW]WOLFKGHQ6HOEVWYROO]XJGHV'HQNHQV&XVDQXV VDJWDQHLQHU6WHOOH,QGHPGDV'HQNHQVLFKHQWIDOWHWIDOWHWHVLPVHOEHQ9ROO]XJGLH:LUN OLFKNHLWLQVLFKHLQ:LHWXWHVGDVZLHLVWGLHVHFRPSOLFDWLR]XYHUVWHKHQ",QGHPGDV'HQNHQ VLFK GHP ZDV HV GHQNW JOHLFKVDP DQJOHLFKW $EHU wVLFK DQJOHLFKHQk KHL¸W HEHQ DXFK wEHL VLFK VHOEVW EOHLEHQk 'DV 'HQNHQ ZLUG QLFKW ]X GHU 6DFKH VHOEVW GLH HV GHQNW VRQGHUQ HV ELOGHW HLQ KQOLFKNHLWVELOG XQG GLHVHV NDQQ LPPHU QRFK LQWHQVLYLHUW ZHUGHQ 'DV LVW HV ZDVEHL&XVDQXVDXFKGHU3ODWRQLVFKHQ,QWHQWLRQJDQ]HQWVSULFKWGLHVHV1LFKW)HVWJHOHJWH GLHVHV%HWRQHQGHUSURGXNWLYHQ2HQKHLWGD¸GDV'HQNHQLQGHU*HQDXLJNHLWEHLGHU(U IDVVXQJ GHV *HJHQVWDQGHV GHQ HV GHQNW LPPHU QRFK ZHLWHUNRPPHQ NDQQ RKQH GD¸ HV PLW GHP *HJHQVWDQG LQ LUJHQGHLQHU :HLVH ]XVDPPHQHOH 'DV ZÕUGH LFK ]% DOV HLQHQ JHQXLQ3ODWRQLVFKHQ*UXQG]XJDXFKEHL&XVDQXVVHKHQXQGGLH.UD GD¸GDV'HQNHQHL QH(LQKHLWDXV*HJHQV½W]HQLVWGLHLPPHUVFKRQYHUPLWWHOWVLQGGDVVWHFNWMDLQGHP3ODWR QLVFKHQ *HGDQNHQ GHV TERXIPÏN µR DXV GHP 6RSKLVWHV LP *UXQGH JHGDFKW DOV OSMR[RfE XÏRIeHÏRGLHGXUFKGLHQ{KMWXEK{RLVWUXNWXULHUWLVWDEHUJHQDXVRKDWHUHVHEHQQLFKW JHVDJW3ORWLQHWZDVDJWGDQQGD¸GHURSÁNJHQDXVRVHLXQGGDVVLQGGDQQGLH(SLWKHWDRU QDQWLDGHV3ORWLQLVFKHQRSÁN 1XQ VLQG ZLU EHL 1LNRODXV YRQ .XHV JHODQGHW 'LH 'LDOHNWLN LVW GLH 6HOEVWYHUPLWWOXQJ GHV *HLVWHV .DQQPDQGDVDEHUIÕU3ODWRQVHOEVWJHOWHQODVVHQ" (VLVWQLFKWXQSODWRQLVFKZHQQPDQEHL3ODWRQ8QDXVJHVSURFKHQHVDXVVSULFKWXQGGDGXUFK ]XHWZDVNRPPWZDVZLUNXQJVJHVFKLFKWOLFKJDQ]DQGHUV]XP7UDJHQJHNRPPHQLVW'HU %HJULHLQHVLQVLFKYHUPLWWHOWHQ*HLVWHVKDWQDWÕUOLFKHLQHXQJODXEOLFKH)DV]LQDWLRQDXVJH ÕEWXQGDXIGLH*HLVW0HWDSK\VLNGHUIUÕKHQ1HX]HLWJHZLUNWrPLWGHULFKPLFKLQWHQVLY EHVFK½ LJH,FKGHQNHKLHUQLFKWQXUDQ&XVDQXVVRQGHUQDXFKDQ)LFLQRPLWVHLQHQJHQLD OHQ µEHUVHW]XQJVOHLVWXQJHQ XQG DQ GLH )ORUHQWLQHU $NDGHPLH 'XUFK GHUHQ %HJUL GHU PHQVDOVHLQHULQVLFKGLDOHNWLVFKYHUPLWWHOWHQ(LQKHLWGHUMDOHW]WOLFKDOV%LOGGHVYHUEXPGLYL QXP]XGHQNHQLVWZLUGHLQHVROFKH3KLORVRSKLHHEHQNHLQHSKLORVRSK\RIPLQGLP6LQQHHL QHU%HZX¸WVHLQVWKHRULHVRQGHUQVLHLVWLPPHUVFKRQLQHLQHQRQWRORJLVFKPHWDSK\VLVFKHQ XQG DXFK WKHRORJLVFKHQ +RUL]RQW JHVWHOOW 'HU RSÁN%HJUL XQG GHU %HJUL GHV O³WQSN RSLX³NrGLHZLUDXFKVFKRQEHL3KLORQKDEHQDXFKZLHGHU3KLORQGDVLVWZLFKWLJ3KLORQ KDWDOVHLQHUGHUHUVWHQGHQ%HJULGHVO³WQSNRSLX³N rVLQGWKHRORJLHJHVFKLFKWOLFKJOHLFK VDP LP 6LQQH GHU $XVGLHUHQ]LHUXQJ GHV 7ULQLW½WVJHGDQNHQV DOV 6WUXNWXU GHV YHUEXP GLYL QXPE]ZPXQGXVLQWHOOLJLELOLVEHVWLPPWZRUGHQ'LHVHUPXQGXVLQWHOOLJLELOLVLVWGLHVDFKKDOWLJH





)UDJHQDQe7KRPDV/HLQNDXI 6WUXNWXUGHVHUVWHQSHUVRQDOHQ0RPHQWHVGHUDXVGHPJÏWWOLFKHQ8UJUXQGKHUYRUJHKWDXV GHPHLQHQ9DWHU'HU9DWHUVSULFKWVLFKLPP³KSNLPYHUEXPDXVXQG]ZDUVRGD¸LPVHO EHQ0RPHQWGLH*HVDPWKHLWDOOHU,GHHQDOVPXQGXVLQWHOOLJLELOLVPLWJHVHW]WLVWGLHVHUPXQGXV LQWHOOLJLELOLVLVWGLH9RUIRUPGHU:HOWGLHGDQQTXD6FKÏSIXQJKHUYRUJHKW,FKVDJHGDVGHV KDOEZHLO$XWRUHQZLH&XVDQXV)LFLQR3DWUL]L5HXFKOLQXQGYLHOHPHKUGLHVH7UDGLWLRQ QDWÕUOLFKNDQQWHQGK'LHPHQVKXPDQDLVWHLQ%LOGGHUPHQVGLYLQDDXVGHUPHQVGLYLQDLVW GLH:HOWKHUDXVJHVHW]WZRUGHQrGDVLVWGDV.RRUGLQDWHQJHIÕJH'HVKDOENDQQPDQVDJHQ GD¸ GLH PHQV KXPDQD HLQHQ %H]XJVSXQNWKDW HLQ RELHFWXP HLQHQ *HJHQVWDQGVEHUHLFK GHU ZLUNOLFKDX¸HULKUOLHJWXQGQLFKWVLHVHOEVWLVWGHULKUDEHUVFKRQYRUGHUKDQGD"QLVW'LHVH *UXQGD"QLW½WGLHVHV*UXQGYHUWUDXHQGD¸HLQVROFKHV6HLQGDLVWGD¸XQVHU'HQNHQD"Q LVWGDVNÏQQHQ6LHQXUYRUGHP+LQWHUJUXQGGLHVHVJUR¸HQ6]HQDULRVEHJUHLIHQ6RQVWO½X  PDQ *HIDKU LQ &XVDQXV HLQH SURWRNDQWLVFKH 7UDQV]HQGHQWDOSKLORVRSKLH KLQHLQ]XOHVHQ 'DVDEHUZ½UHIDOVFKVRHWZDVLVWDXFKIÕU)LFLQRYHUVXFKWZRUGHQ$EHUGDVLVWDQDFKURQL VWLVFKZHLOQLFKWEHUÕFNVLFKWLJWZLUGGD¸GLHVH$XWRUHQVLFKVHOEVWLQHLQHPDQGHUHQ.RQ WH[WYHUVWDQGHQKDEHQ :RULQVHKHQ6LHGDVZLUNOLFK,QQRYDWLYHDP&XVDQLVFKHQ'HQNHQLQVHLQHPHLJHQHQ.RQWH[W" 'DV,QQRYDWLYHLVWVHKUYLHOVFKLFKWLJEHL&XVDQXV(VLVWQDWÕUOLFKDXIGHUHLQHQ6HLWHVHLQH 3ULQ]LSLHQOHKUH'DVZDVLQVHLQHQQHXHUGDFKWHQ*RWWHVQDPHQ]XP$XVGUXFNNRPPWr HWZDLPSRVVHVWLQGHU=XVDPPHQ]LHKXQJYRQSRVVHXQGHVWRGHULPQRQDOLXGrI½OOWQDWÕU OLFKQLFKWHLQIDFKVRYRP+LPPHO6LHVWHKHQLP=XVDPPHQKDQJPLWGHUVS½WPLWWHODOWHUOL FKHQQRPLQDOLVWLVFKHQ3KLORVRSKLHXQG6SUDFKWKHRULHHQWVWDPPHQDEHULP*UXQGHVHLQHU $XVHLQDQGHUVHW]XQJPLWGHP3ODWRQLVFKHQ'HQNHQrYRUDOOHPPLWGHPGXUFK0RHUEHNH ÕEHUOLHIHUWHQ 3DUPHQLGHV.RPPHQWDU PLW GHU 6FKXOH YRQ &KDUWUHV PLW %RQDYHQWXUD XQG PLW0HLVWHU(FNKDUW'LH:HQGXQJwQRQDOLXGHVWQRQDOLXGTXDPQRQDOLXGkDOV*RWWHVGHQL WLRQ]%LVWHLQHJHQLDOH/ÏVXQJVLH]HLJWGD¸GDVVHOEHYROOVW½QGLJGXUFKVLFKVHOEVWLQHLQHU GUHLI½OWLJHQ :LHGHUKROXQJ GHQLHUW ZHUGHQ NDQQ r XQG GDGXUFK JOHLFKVDP DXFK GLH GUHL 3HUVRQHQ DOV IXQNWLRQDOH (LQKHLW HLQHU QLFKW DXV GHU 8UVSUXQJVGHQLWLRQ KHUDXVIDOOHQGHQ %HVWLPPXQJ 'DV LVW LQQRYDWLY ZHLO HV VR QRFK QLFKW JHGDFKW XQG DXVJHVSURFKHQ ZXUGH $XFKGLH9HUELQGXQJYRQSRVVHXQGHVVHE]ZJHUDGHQLFKWYRQHVVHVRQGHUQYRQHVWrGDKD EHQZLUZLHGHUGHQ+LQWHUJUXQGGHU([RGXV0HWDSK\VLN'DV.ÏQQHQ,VWZLHHVMDÕEHU VHW]WZRUGHQLVWLVWDXFKHLQH6\QWKHVLVEHUHLWVYRUKDQGHQHU*HGDQNHQÕEHUGLHSRWHQWLDGHL ÕEHUGDVSRVVHGDVQLFKWQXUGLHUHLQH3RWHQWLDOLW½WLP6LQQHHLQHVQRFKQLFKW9HUZLUNOLFK WHQLVWVRQGHUQHEHQDXFKHLQH0½FKWLJNHLWHWZDV]XWXQRGHU]XVHW]HQ'LHVHV.ÏQQHQ GLHVH0DFKWXQG3RWHQWLDOLW½WKDW&XVDQXVLQVHLQwLVWkKLQHLQJHVHW]WVRGD¸LPPHUVFKRQ EHYRUHWZDVDXVGHPHUVWHQ3ULQ]LSr*RWWrKHUDXVNRPPWHLQHYRUJUHLIHQGHDEVROXWH6\Q WKHVLVYRQDOOHPSRVVHPLWGHP([LVWLHUHQ.ÏQQHQJHVWL HWLVW$EHUQDWÕUOLFKLVW&XVDQXV QLFKWQXUEHLGHQ*RWWHVQDPHQLQQRYDWLYJHZHVHQ(VLVWDXFK$XVGUXFNVHLQHUVSHNXODWL YHQ 'LDOHNWLN ]XPLQGHVW GHQ 9HUVXFK XQWHUQRPPHQ ]X KDEHQ DOV KRKHU .LUFKHQPDQQ XQG:ÕUGHQWU½JHUGLH9LHOIDOWGHU5HOLJLRQHQVRZHLWHVGDPDOVPÏJOLFKZDUDQ]XHUNHQ QHQMDVLHLQHLQHJHZLVVH*OHLFKUDQJLJNHLW]XVWHOOHQ'HSDFHGHLLVWHLQVROFKHU9HUVXFK QDWÕUOLFKLVWNODUGD¸GLHILGHVFDWKROLFDGLH/HLWIXQNWLRQKDWrPDQNDQQMDQLFKWYRQHLQHP 0HQVFKHQYHUODQJHQYROOVW½QGLJDXVVHLQHU=HLWKHUDXV]XVSULQJHQ$EHUHUKDWYHUVXFKW]X GHQNHQGD¸GLH9HUVFKLHGHQKHLWGHUUHOLJLÏVHQ3UDNWLNHQLP9HUK½OWQLV]XGHPZDVVLHLQ WHQGLHUHQQLFKWGDVZLUNOLFK:LFKWLJHLVW]XPLQGHVWQLFKWVRZLFKWLJGD¸DOOHLQHLQHULWX HOOH 'LHUHQ] ]X HLQHU 'LVWDQ]LHUXQJ XQG ZRPÏJOLFK NULHJHULVFKHQ $XVHLQDQGHUVHW]XQJ





0LVFHOODQHD IÕKUHQGDUI'DQQQDWÕUOLFKVHLQH$XIIDVVXQJGHV0HQVFKHQr]%LQ'HFRQLHFWXULVXQGLQ DQGHUHQ6FKUL HQrGLHQDWÕUOLFKPLWGHP%HJULGHUPHQVLQ=XVDPPHQKDQJVWHKW,FK PHLQHGLH'HXWXQJGHUPHQVQLFKWQXUDOVYLVDVVLPXODWLYDVRQGHUQYLHOPHKUDOVYLVLQQLWD DOVRGLH(LQVLFKWGD¸XQVHU'HQNHQHLQXQHQGOLFKHV3RWHQWLDOKDWVRGD¸ZLUHLJHQWOLFKGD YRQDXVJHKHQNÏQQHQXQVQLFKWQXUGDVHLQ]HOQH,QGLYLGXXPVRQGHUQGLH0HQVFKKHLWLQ LKUHQYHUVFKLHGHQHQ5HSU½VHQWDQWHQHLQHQGHU0ÏJOLFKNHLWQDFKXQHQGOLFKHQ6DFKJHKDOW YRQ:LUNOLFKNHLWLQ$QQ½KHUXQJVFKULWWZHLVHDXFKGXUFK7UDGLHUXQJDQ]XHLJQHQ'DVLVW HLQ*HGDQNHGHUVLFKGDQQDXFKEHL$XWRUHQZLH)LFLQR&KDUOHVGH%RYHOOHVXQG3DWUL]L ]HLJHQO½¸W&XVDQXVJHKÏUW]XGHQHUVWHQGLHGDVXPKHUXPVRNRQ]LSLHUWKD EHQ $OVRLVW&XVDQXV9RUUHLWHUGHVwPRGHUQHQ*HLVWHVkLQVRIHUQVLFKGLHVHUDXIGLH 8QHQGOLFKNHLWEHZX¸W HLQO½¸W" -D9RUUHLWHUHLQHUIUÕKQHX]HLWOLFKHQ*HLVWPHWDSK\VLNGLHDEHUQRFKJDQ]DQGHUVLVWDOVGDV ZDVGDQQLQGHQ6\VWHPHQGHV-DKUKXQGHUWVHWZDLPVRJ5DWLRQDOLVPXVDXVGHP%H JULGHUPHQVJHPDFKWZLUGrHLQHUHVFRJLWDQV]%EHL'HVFDUWHV:HULP-DKUKXQGHUW GLHJUϸWH$"QLW½W]XGLHVHU7UDGLWLRQKDWLVWPHLQHU0HLQXQJQDFK/HLEQL],FKZÕUGH VDJHQ/HLEQL]KDWGLH*HLVWPHWDSK\VLNLQYLHOHQ3XQNWHQDXFKWDWV½FKOLFKYHUVXFKW]XUHDOL VLHUHQXQGHUKDWYHUVXFKWGHUYLVLQQLWDYRQGHU&XVDQXVXQG)LFLQRVSUHFKHQDOVRGHU PHQVLKUHQ2UWLKUH:LUNVW½WWHLQGHQ$NDGHPLHQ]XYHUVFKDHQ'DVKDWLKQDQGHQYRU DXVJHKHQGHQIUDQ]ÏVLVFKHQ*UÕQGXQJHQIDV]LQLHUWGDVZROOWHHUDXFKLQ'HXWVFKODQGKD EHQHUZROOWHHLQ1HW]YRQ$NDGHPLHQGXUFKGLHHLQ$XVWDXVFKGHUEHVWHQ.ÏSIHGHU=HLW DXIGHQYHUVFKLHGHQHQ:LVVHQVJHELHWHQPÏJOLFKZHUGHQVROOWHLFKNDQQQXUVDJHQVRZHLW VLQGZLUKHXWHHLJHQWOLFKQRFKQLFKW 6LHPHVVHQDOVR/HLEQL]nSKLORVRSKLHKLVWRULVFKH%HGHXWXQJQLFKWQXUDQVHLQHQ6FKUL HQVRQGHUQDXFK DQVHLQHQ7½WLJNHLWHQEHLGHU*UÕQGXQJYRQ,QVWLWXWLRQHQ:DUXP" 6HLQH$NWLYLW½WHQYRUGHU*UÕQGXQJVSLHOHQHLQHJUR¸H5ROOH(UKDW-DKUHE]Z-DKU]HKQWH GDUDQJHDUEHLWHWZDUVHOEVW0LWJOLHGGHU)UDQ]ÏVLVFKHQ$NDGHPLHGHU:LVVHQVFKD HQXQG VWDQGLQHQJHP.RQWDNW]XGHULQ/RQGRQJHJUÕQGHWHQ5R\DO6RFLHW\0DQNDQQrHWZDV ÕEHUVWHLJHUWrVDJHQGD¸HLQ1HW]YRQ$NDGHPLHQLQ(XURSDGLH,GHDOJHVWDOWZDUGLHLKP YRUVFKZHEWH,QHLQHUNOHLQHQ6FKUL VDJWHUPDQGDUIVHLQHQ5XKPQLFKWDXIGHQ5XLQHQ GHUDQGHUHQHUULFKWHQrIÕUPLFKDXFKHLQ$XVGUXFNVHLQHU*UXQGLQWHQWLRQGHUXQEHGLQJ WHQ$QHUNHQQXQJGHVDQGHUHQLQVHLQHU(LJHQVW½QGLJNHLW'LHDQJHVWUHEWH=XVDPPHQDUEHLW GHU$NDGHPLHQVROOWHHLQ$XVWDXVFKXQWHU*OHLFKUDQJLJHQVHLQGLHDQGHU6DFKHGHV:LV VHQV DUEHLWHQ 'DV WKHRUHWLVFKH )XQGDPHQW VHLQHV $NDGHPLHJHGDQNHQV LVW QDWÕUOLFK VHLQ 9HUVXFKHLQH8QLYHUVDOVSUDFKH]XNRQVWLWXLHUHQZHOFKHGLH'LHUHQ]HQGHU(LJHQVSUDFKH ÕEHUZLQGHWrJOHLFKVDPDOVFODYLVXQLYHUVDOLVGHU0LWWHLOXQJ'LHVH8QLYHUVDOVSUDFKHVROOWHMD QXQQLFKWQXUHLQ3URGXNWGHUDEVWUDNWHQ6SLHOHUHLHLQHV*HOHKUWHQLQWHUHVVHVVHLQGDVPDQ LUJHQGZLH PDO HQWZLFNHOW GDQQ DEHU QLFKW QXW]W HV VROOWH HLQ 1XW]HQ HUEUDFKW ZHUGHQ $XFKZLFKWLJLVWGLHSDUDOOHOHQWZLFNHOWH$XVDUEHLWXQJHLQHUXQLYHUVDOHQ/RJLNGLHDXIHLQHU EHVWLPPWHQ=HLFKHQVSUDFKHHLQHU.ÕU]HOVSUDFKHEHUXKWPLWGHUNRPSOH[H)RUPHQrZLH HWZDLQGHQ$OJRULWKPHQXVZrGXUFKHLQH$UWYRQ6XEVWLWXWLRQVWKHRULHYHUHLQIDFKWZHU GHQNÏQQHQXPGDQQLQVHLQHU7KHRULHGHUXQLYHUVDOHQ:LVVHQVFKD GHUVFLHQWLDJHQHUDOLV HLQH5ROOH]XVSLHOHQrXQG]ZDUDXIGHP6RFNHOGHVVHQZDVGDVXQGGDVIUÕKH-DKU KXQGHUWVFKRQJHOHLVWHWKDEHQ,P%OLFNDXIGLH9LHOIDOWVHLQHU,QWHUHVVHQPX¸PDQDOVRHL





)UDJHQDQe7KRPDV/HLQNDXI QHQ*UXQGJHGDQNHQVHLQHU=HLWEHUÕFNVLFKWLJHQGHULKQLPPHUDQJHWULHEHQKDW,FKPHL QHGHQ9HUVXFKIRUPDOLVLHUHQGH6WUDWHJLHQ]XHQWZLFNHOQLP6LQQHGHU0ÏJOLFKNHLWNRP SOH[H6WUXNWXUHQRKQH9HUOXVWDXIHLQIDFKHUH]XUHGX]LHUHQXQGGLHVFLHQWLDJHQHUDOLVLVWHLQ VROFKHU9HUVXFKGHU5HGXNWLRQRKQH9HUOXVWDQ*HKDOWXQG,QIRUPDWLRQGHUDXIYHUVFKLH GHQHQPHWKRGRORJLVFKHQ:XU]HOQUXKW =XP6WLFKZRUWwVFLHQWLDJHQHUDOLVk:HURGHUZDVKDW/HLEQL],KUHU$QVLFKWQDFKDXIGLHVHQ%HJUL JHEUDFKWXQGZDVKDWHUGDUDXVJHPDFKWrLP8QWHUVFKLHG]X.LUFKHUHWZDÕEHUGHQ6LHDXFKYLHOJHDU EHLWHWKDEHQ" 'HU%HJULwVFLHQWLDJHQHUDOLVkLVWVLFKHUOLFKHLQH:HLWHUHQWZLFNOXQJGHV%HJULVGHUDUVPDJQD GHVNDWDODQLVFKHQPLWWHODOWHUOLFKHQ$XWRUV5DLPXQGXV/XOOXVGHUPLWVHLQHU.RPELQDWRULN DOVHUVWHUYHUVXFKWKDWHLQHVROFKHQLFKWUHGXNWLRQLVWLVFKH)RUPDOLVLHUXQJ]XHUUHLFKHQ'LHVH KDWGDQQZHLWHUJHZLUNWLP3DULVHU/XOOLVPXV]ZLVFKHQXQGGXUFK/HXWHGLH &XVDQXVLQ3DULVHGLHUWRGHU)LFLQREHNDQQWJHPDFKWKDEHQGLHVH6\QWKHVLV]ZLVFKHQ/XOO XQG 3ODWRQLVPXV LVW ZLFKWLJ 6LH WULWW DOV ZHLWHUH :XU]HO IÕU /HLEQL] KLQ]X XQG DXFK IÕU .LUFKHUGHUGLH'LDOHNWLNGHV3HWUXV5DPXVUH]LSLHUWXQG]ZDUDOVHLQHGLFKRWRPLVFKYRU JHKHQGH.XQVWGHU%HJULVEHVWLPPXQJrTXDVLGHU3ODWRQLVFKHQHMEfVLWMNHQWVSUHFKHQG 'HU5DPLVPXVDOVGLFKRWRPLVFKGLKDLUHWLVFKH.XQVWXQG]XV½W]OLFKGLHVLFKDXIGHP6RFNHO GHV+XPDQLVPXVXQGGHV$ULVWRWHOLVPXVGHV-DKUKXQGHUWVHUKHEHQGH5HIRUPGHU/R JLNGHV3DGXDQHU*HOHKUWHQ=DEDUHOODrGDVVLQGGLHIÕU.LUFKHUXQGGDPLWDXFKIÕU/HLEQL] ]HQWUDOHQ (LQÕVVH ,Q VHLQHP :HUN $UV PDJQD VFLHQGL YHUVXFKW .LUFKHU VHLQH )RUP HLQHU VFLHQWLDJHQHUDOLVYRU]XVWHOOHQ/HLEQL]KDWWHVLFKVHKUYLHOGDYRQYHUVSURFKHQZDUGDQQDEHU HQWW½XVFKWXQG]ZDUGHVKDOEZHLO.LUFKHUQXUGLH*UXQGLGHHQGHUXQLYHUVDOHQ.RPELQD WRULNXQGGHU%LOGXQJYRQ0DWUL]HQYRQ5DPXVXQG/XOOÕEHUQRPPHQKDWWH'LH(QGJH VWDOWGLHVHUORJLVFKHQXQGPHWKRGRORJLVFKHQ)RUPVLQGGLH0RQDGHQEHL/HLEQL]'LH0R QDGHQVHW]HQVR]XVDJHQIÕUVLFKGLHJDQ]H:HOWXQWHULKUHQ,QGH[MHGH0RQDGH'DVLVWGHU *UXQGJHGDQNHGLH0RQDGHDOVHLQHUHIRUPLHUWHIRUPDVXEVWDQWLDOLV'LHQSR„NLVWJHQDXGD GXUFKGHQLHUWGD¸VLHGLHJDQ]H:HOWRGHUGLHJDQ]H:LUNOLFKNHLWLQVLFKHLQVFKOLH¸W :HQQ PDQ ,KUH $QVLFKWHQ ]XVDPPHQID¸W VFKHLQW GDV 1HXH EHL /HLEQL] GDULQ]X OLHJHQ GD¸ HU GLH 8QLYHUVDOZLVVHQVFKD GXUFKGLH7KHRULHGHU0RQDGHQYHUYROOVW½QGLJW ,FKPHLQWHGD¸GLH.RPELQDWRULNZLH/XOOVLHHQWZLFNHOWKDWVRIXQNWLRQLHUWGD¸HLQ6HW YRQ(OHPHQWHQLQ%H]LHKXQJ]XHLQDQGHUVWHKW$XIGLHDEVROXWH6SLW]HJHWULHEHQZLUGGLH XQLYHUVDOH.RPELQDWRULN]XU0RQDGRORJLHRGHU]XUPRQDGLVFKHQ9HUID¸WKHLWGHU:LUNOLFK NHLWZLHVLH/HLEQL]VFKLOGHUWQXULVWGDVQDWÕUOLFKEHL/HLEQL]YLHOUD"QLHUWHUXQGSKLORVR SKLVFKGLHUHQ]LHUWHUDOVLQHLQHPVROFKHQJODVSHUOHQVSLHODUWLJHQ=XVDPPHQVHW]HQYRQ7HL OHQ(VLVWGDVYROOVW½QGLJH=X(QGH'HQNHQGHVVHQZDVLQHLQHPVROFKHQ)RUPDOLVPXVLP SOL]LHUW LVW XQG GDV IÕKUW ]X HLQHU PRQDGLVFKHQ .RQ]HSWLRQ YRQ :LUNOLFKNHLW 0DQ LVW GDQQJH]ZXQJHQ]XVDJHQGD¸HWZDVGDVZLUNOLFKLVWDOOHDQGHUHQ0ÏJOLFKNHLWHQPLWXP ID¸WXQWHUVHLQHQVLQJXO½UHQ,QGH[VWHOOWrGDVZDUGLH.RQVHTXHQ]'DVEHGHXWHWQLFKWGD¸ /HLEQL]VHLQH0RQDGRORJLHQXUDOVHLQH:HLWHUHQWZLFNOXQJGHU.RPELQDWRULNYHUVWHKWGDV LVW VLH DXFK DEHU VLH LVW QDWÕUOLFK DXFK HLQH :HLWHUHQWZLFNOXQJ GHV %HJULV GHU (LQKHLW 0DQPX¸DXFKJDQ]NODUVHKHQGD¸/HLEQL]LQGLHVHU+LQVLFKW3ODWRQLNHULVWXQGLPPHU GHQ 9HUVXFK JHPDFKW KDW GLH 9LHOKHLW YRU GHP +LQWHUJUXQG HLQHU GLHVH 9LHOKHLW LQ GHU :XU]HO]XVDPPHQELQGHQGHQ(LQKHLW]XVHKHQ'DHUDEHUQXQGDUDQLQWHUHVVLHUWZDUGHQ JUϸWPÏJOLFKHQ $PELWXV DQ 9LHOKHLW QLFKW QXU ]X EHKDXSWHQ VRQGHUQ DXFK WDWV½FKOLFK





0LVFHOODQHD GHPPHQVFKOLFKHQ=XJUL]XHUVFKOLH¸HQHQWZLFNHOWHHUGLH6WUDWHJLHQGHUVFLHQWLDJHQHUDOLV XQGGDEHLNRQQWHHUDXIGLHJHLVWWKHRUHWLVFKHQ:XU]HOQ]XUÕFNJUHLIHQGLHLFKJHVFKLOGHUW KDEH ,Q GHU +LQVLFKW LVW VHLQH 3KLORVRSKLH GLHJUR¸H 6\QWKHVLV HLQHU *HVDPWHQWZLFNOXQJ GHV IUÕKQHX]HLWOLFKHQ 'HQNHQV r YRQ GHU =HLW XP 0LWWH GHV  -DKUKXQGHUWV ELV KLQ ]X LKPVHOEVW(UV\QWKHWLVLHUW9RUJDEHQGLHHU]XPJUR¸HQ7HLODXFKZRKOJHNDQQWKDWPDQ NDQQHVLPHLQ]HOQHQQLFKWLPPHUQDFKZHLVHQDEHUHUKDWGRFKZRKOYLHOHVGDYRQJHNDQQW XQGEULQJWHVJOHLFKVDPLQHLQHRULJLQ½UH)RUPGLHHLQHUDQGHUHQJUR¸HQTXDVLNRQNOXVL YHQ/HLVWXQJrQ½POLFKGHU6SLQR]DVrHWZDVJDQ](LJHQWÕPOLFKHV]XU6HLWHVWHOOWYÏOOLJDQ GHUVNRQ]LSLHUWrDXFKYÏOOLJDQGHUVDOVGLH:HOWGHV'HVFDUWHVDEHUQDWÕUOLFKLQLQWHQVLYHU $XVHLQDQGHUVHW]XQJPLW'HVFDUWHV(V]HLJWVLFKMD]%GD¸HUVLFKLQVHLQHUVFLHQWLDJHQHUDOLV rHLQHPZRUNLQSURJUHVVr*HGDQNHQÕEHUHWZDV1HXHVPDFKWXQGVRDXIHLQH5HIRUPDXFK GHU-XULVSUXGHQ]JHNRPPHQLVW /DVVHQ6LHXQVQRFKHLQDQGHUHV7KHPDDQVFKQHLGHQGDVDQHLQHPHLQHU(LQJDQJVIUDJHQDQNQÕS rDQ GLH)UDJHQDFK,KUHQ/HKUYHUDQVWDOWXQJHQ0LWZHOFKHP7H[WZÕUGHQ6LHHLQH(LQIÕKUXQJLQGLH3KLOR VRSKLH3ODWRQVEHJLQQHQ"0LWGHU)UDJHGHU(LQIÕKUXQJKDWVLFKMDEHUHLWV$OELQRVDXVHLQDQGHUJHVHW]W -DDEHUQDWÕUOLFKDXFK)LFLQRGDQQ3DWUL]]LLP-DKUKXQGHUW(UIUDJW”:LHLVWGLHLQQH UH2UGQXQJGHU3ODWRQLVFKHQ'LDORJH"*LEWHV(LQIÕKUXQJVGLDORJH"…XVZ'HUHLQ]LJH'LD ORJGHUIÕUPLFKDOV(LQIÕKUXQJVWH[WLQ)UDJHNRPPWLVWGHU 3KDLGRQrVSH]LHOOIÕU/HXWH GLH]XPHUVWHQ0DOÕEHUKDXSW3ODWRQLQGLH+DQGQHKPHQJHUDGHZHQQLFKQLFKWQXUGHQ 3ODWRQLVFKHQ6RNUDWHVXQGGLH)UDJHQDFKGHU0ÏJOLFKNHLWGHV7XJHQGZLVVHQVWKHPDWLVLH UHQZLOOVRQGHUQDXFKDXI3ODWRQLVFKH.HUQJHGDQNHQKLQDXVZLOOGLHLQGHQVS½WHQ'LDOR JHQDXVIRUPXOLHUWZHUGHQ 0LWZHOFKHQ%HJUÕQGXQJHQHPSIHKOHQ6LH,KUHQ6WXGLHUHQGHQHLQH$XVHLQDQGHUVHW]XQJPLWGHUDQWLNHQ 3KLORVRSKLHÕEHUKDXSW" 'DJLEWHVYLHOH*UÕQGHGLH)UDJHLVWHLJHQWOLFKZHQQ6LHVLHQLFKWVREHJUHQ]HQZROOHQ PLWGHQ)UDJHQLGHQWLVFKZDUXPPDQÕEHUKDXSW3KLORVRSKLHJHVFKLFKWHEHWUHLEWXQGZDU XP GLH $QWLNH ZRPÏJOLFK HLQHQ JUR¸HQ 9HUELQGOLFKNHLWVJUDG KDW 1DWÕUOLFK JHUDGH GHV KDOEZHLOMHPDQGPLWSKLORVRSKLHJHVFKLFKWOLFKHP,QWHUHVVHDXFKDQGHU*HQHVHYRQ3UR EOHPHQYRQ)UDJHVWHOOXQJHQLQWHUHVVLHUWVHLQPX¸XQGGDQQIÕKUHQDOOH:HJH]XUÕFN]XP 8UVSUXQJ HLQHU )UDJHVWHOOXQJ 'LHVHU NDQQ GDUÕEHU DXINO½UHQ ZDV PÏJOLFKHUZHLVH LQ GHU VS½WHUHQ%HDQWZRUWXQJrRGHUVRJDUVFKRQLQGHU)UDJHVWHOOXQJrQLFKWPHKUEHUÕFNVLFKWLJW ZLUG-D,FKNDQQQXU DXVGHU3KLORVRSKLHJHVFKLFKWHE]ZDXVGHU*HLVWHVJHVFKLFKWHDXFK HWZDVÕEHUPHLQHLJHQHV)UDJHQOHUQHQ 'DPLWNRPPHQZLU]XP9HUK½OWQLV]ZLVFKHQ3KLORVRSKLHXQG3KLORVRSKLHJHVFKLFKWH8QWHU%HUXIXQJ DXI6FKQ½GHOEDFKZLUGQHXHUGLQJVYRQPHKUHUHQ6HLWHQIRUPXOLHUWGLH3KLORVRSKLHVHLNHLQH*HLVWHVZLV VHQVFKD NÏQQHQ6LHGLHVHQ6WDQGSXQNWYHUVWHKHQ" 1HLQ,FKZHL¸ZDV6LHPHLQHQ:DVVROOHVGHQQKHL¸HQGD¸GLH3KLORVRSKLHV\VWHPDWLVFK LVWGLH*HLVWHVZLVVHQVFKD DEHUQLFKWXQGGD¸6DFKIUDJHQ6DFKSUREOHPHQLFKWLQGHU*HL VWHVZLVVHQVFKD  YHUKDQGHOW ZHUGHQ" ,FK KDEH GLHVH $XVIÕKUXQJHQ QLFKW YHUVWDQGHQ ,FK ZÕUGHMHGHQIDOOVVDJHQ3KLORVRSKLHNDQQJDUNHLQ%HZX¸WVHLQYRQVLFKVHOEVWKDEHQRKQH DXFKLKUHJHVFKLFKWOLFKHQ:XU]HOQ]XUHHNWLHUHQ'HVKDOEPX¸PDQDEHUQLFKWLQGHUJH VFKLFKWOLFKHQ2ULHQWLHUXQJVWHKHQEOHLEHQ'LH3KLORVRSKLHLVWHLQVRJUR¸HV)HOGGD¸ZLU HLQ .RQ]HUW PÏJOLFKVW YLHOHU 3RVLWLRQHQ EUDXFKHQ GLH VLFK LQ JHZLVVHU :HLVH ÕEHU VLFK





)UDJHQDQe7KRPDV/HLQNDXI VHOEVWYHUVW½QGLJHQPÕVVHQ'DVNÏQQHQVLHPLWJUR¸HP*HZLQQWXQLQGHPVLHVLFKDXIGLH XUVSUÕQJOLFKHQ)UDJHVWHOOXQJHQHWZDGHUDQWLNHQ3KLORVRSKLHRGHUGHUIUÕKHQ1HX]HLW]X UÕFNEHVLQQHQ XQG GDQQ JOHLFKVDP GLH 'LHUHQ] IHVWVWHOOHQ NÏQQHQ HLQH 'LHUHQ] GLH HQWZHGHUDOV=XJHZLQQRGHUDOV9HUOXVWGDUVWHOOEDULVW rZHQQQ½POLFK HLQXUVSUÕQJOLFKHV HUVWHV)UDJHQQRFKZHLWHUH+RUL]RQWHKDWWHGLHPLWWOHUZHLOHYHUVFKÕWWHWZRUGHQVLQG-DLQ GHU+LQVLFKWZÕUGHLFKVDJHQLVWGLH3KLORVRSKLHE]ZGLH7DWVDFKHGD¸EHVWLPPWH3UR EOHPHÕEHUKDXSW]X3UREOHPHQZHUGHQDXFKVFKRQKLVWRULVFKLQGL]LHUWrJDQ]DEJHVHKHQ YRQGHU7DWVDFKHGD¸DOOH%HJULHGLHZLUYHUZHQGHQDXFKVFKRQLKUHHLJHQH*HVFKLFKWH KDEHQXQGGD¸HVHLQYÏOOLJDEVWUDNWHV'HQNHQLVW]XJODXEHQPDQNÏQQHGLH%HJULHJH JHQLKUHKLVWRULVFKHVHPDQWLVFKH6½WWLJXQJQXUUHLQIRUPDORGHUQHXWUDOHLQVHW]HQ,QGLHVHU +LQVLFKW ZÕUGH LFK PHLQHQ LVW GLH %HVFK½ LJXQJ PLW 3KLORVRSKLHJHVFKLFKWH HWZDV ZDV HUKDOWHQZHUGHQVROOWH6LHVROOWHQLFKWGDVHLQ]LJHVHLQDEHUVLHVROOWHQLFKWVRZLHHVVHLW  -DKUHQ GHU )DOO LVW DXV GHP DNDGHPLVFKSKLORVRSKLVFKHQ 'LVNXUV VFKULWWZHLVH KLQ DXVJHGU½QJW ZHUGHQ (V JLEW NDXP QRFK &6WHOOHQ IÕU *HVFKLFKWH GHU 3KLORVRSKLH PDQ KDWGDVEHUÕKPWHXQGrZRKOJHPHUNWrHLQ]LJH,QVWLWXWIÕU3KLORVRSKLHGHU5HQDLVVDQFHXQG GHV+XPDQLVPXVLQ0ÕQFKHQ]XP7RGHYHUXUWHLOWLQGHPPDQGXUFKGLH6WUHLFKXQJGHV /HKUVWXKOVGDV,QVWLWXWJOHLFKVDPGHNDSLWLHUWKDWGDVVLQGDOOHV'LQJHGLHLQNHLQHPDQGH UHQ/DQGVWDWWQGHQZÕUGHQrLFKNHQQHZHGHULQ(QJODQGQRFKLQ)UDQNUHLFKRGHU,WDOLHQ YHUJOHLFKEDUH 9RUJ½QJH :HQQ PDQ DOVR VDJW 3KLORVRSKLHJHVFKLFKWH LVW ZLFKWLJ GDQQ VFKOLH¸WGDVZLHEHPHUNWGDV9HUIROJHQGHV=XVWDQGH.RPPHQVYRQ3UREOHPXQG)UD JH]XVDPPHQK½QJHQ HLQ XQG GDQQ ZLUG PDQ LPPHU ZLHGHU DXI GLH DQWLNH 3KLORVRSKLH YHUZLHVHQ 'HUHQ %HGHXWXQJ ]HLJW VLFK DXFK GDULQ GD¸ VLFK VFKRQ GLH 3KLORVRSKHQ GHU 6S½WDQWLNHGHV0LWWHODOWHUVrVRZHLWVLHNRQQWHQrGHU5HQDLVVDQFHGHV-DKUKXQGHUWV GLHGHXWVFKHQ,GHDOLVWHQrGD¸VLHVLFKDOOHLPPHUZLHGHUDXIDQWLNH$XWRUHQEHUXIHQKDEHQ VRGD¸HVHLJHQWOLFKDOOHLQVFKRQYRPJXWHQSKLORVRSKLVFKHQ+DQGZHUNKHUQRWZHQGLJLVW DXIGLH$QWLNH]XUHNXUULHUHQ 6LH VSUHFKHQ JDQ] XQYHUEOÕPW YRP 9HUVFKZLQGHQ GHU 3KLORVRSKLHJHVFKLFKWH DXV GHQ GHXWVFKHQ +RFK VFKXOHQ:HOFKH*UÕQGHJLEWHV,KUHU0HLQXQJQDFKIÕUGLHVHVYHUEOÕHQGH(UHLJQLV" (LQ*UXQGOLHJWGDULQGD¸0HLQXQJHQZLH3KLORVRSKLHLVWwV\VWHPDWLVFKkXQGwVDFKEH]R JHQkLP:LVVHQVFKD VUDWEHLHQWVFKHLGHQGHQ/HXWHQGRPLQLHUHQ'DQQKDEHQZLUQRFKGDV 3UREOHP GD¸3KLORVRSKLHJHVFKLFKWHK½XJ QXU GD ]XP7UDJHQ NRPPW ZR ZLU .RQNRU GDWVOHKUVWÕKOHKDEHQGKXQWHUWKHRORJLVFKHU6XSHUYLVLRQrDQVRQVWHQJLEWHVQXUHLQLJH 6WHOOHQIÕUDQWLNH3KLORVRSKLH:DVIHKOWLVWZHQLJVWHQVHLQ/HKUVWXKOIÕUGLH3KLORVRSKLH GHU5HQDLVVDQFHGHQJDEHVZLHJHVDJWLQ0ÕQFKHQGHULVWDEJHV½JWZRUGHQXQGGDUDQ KLQJGDV 1DFKIROJHLQVWLWXW GHVGXUFKGLH1DWLRQDOVR]LDOLVWHQ H[LOLHUWHQ:DUEXUJ,QVWLWXWHV DXV+DPEXUJ )ÕU6LHLVWHVDOVRVRQQHQNODUGD¸PDQ3KLORVRSKLHJHVFKLFKWHEHWUHLEHQPX¸XPDG½TXDWSKLORVRSKLH UHQ]XNÏQQHQ:DVVHKHQGLHDQGHUHQQLFKWRGHU:DUXPVHKHQVLHHVQLFKW" :HLO GLH 3KLORVRSKLH GXUFK GDV $EVFKQHLGHQ GHV PHWDSK\VLVFKHQ WKHRORJLVFKHQ +LQWHU JUXQGHV PLW GHP VLH ELV LQV  -DKUKXQGHUW LQWHQVLY YHUEXQGHQ ZDU LQ HLQHU :HLVH DXI VLFK]XUÕFNJHZRUIHQZXUGHGLHZLUMDVFKRQLP+LVWRULVPXVKDEHQ,QGHU$XVELOGXQJGHU *HLVWHVZLVVHQVFKD HQQGHQZLUGDVLP1HXNDQWLDQLVPXV QGHQZLUVFKRQGLH:XU]HOQ GDIÕU GD¸ GLH 3KLORVRSKLH VLFK LPPHU ZHQLJHU ]XWUDXW GD¸ VLH VLFK IRUPDOLVLHUW KLQWHU )RUPHOQYHUVFKDQ]WXQG]XUJOHLFKHQ=HLWDXIGHUQLFKWIRUPDOHQQLFKWORJLVFKHQQ½POLFK





0LVFHOODQHD DXIGHUHWKLVFKHQ6HLWHYHUVXFKW3UREOHPH]XWUDNWLHUHQGLHDQJHEOLFKXQVHUXQPLWWHOEDUHV /HEHQ EHWUHHQ 1XQ ]HLJW VLFK DEHU GD¸ GLHVH 3UREOHPH PHLVWHQV HEHQ QLFKW QXU XQVHU XQPLWWHOEDUHV/HEHQEHWUHHQVRQGHUQXQVLQGLHDOOJHPHLQH)RUPPHQVFKOLFKHQ'DVHLQV ]XUÕFNYHUZHLVHQ 'LHVH )RUP PHQVFKOLFKHQ 'DVHLQV NDQQ LFK DEHU QLFKW LUJHQGZLH wYRQ 1XOO DXI +XQGHUWk EHJUHLIHQ VRQGHUQ GD NRPPW GLH 3KLORVRSKLHJHVFKLFKWH GLH JHVDPWH *HLVWHVJHVFKLFKWHLQV6SLHO,QGHU/LWHUDWXULQGHU.XQVWDEHUHEHQDXFKLQGHU3KLORVR SKLH LVW VFKRQ VHLW -DKUWDXVHQGHQ DXI GDV UHHNWLHUW ZRUGHQ ZDV w0HQVFK6HLQk KHL¸W VR GD¸ ZLU PLW JUR¸HP *HZLQQ ]DKOUHLFKH 7H[WH HLQEH]LHKHQ NÏQQHQ :HQQ LFK GDV DOOHV ZHJODVVH GDQQ PX¸ LFK PLFK DXI GLH 3V\FKRORJLH DXI GLH 6R]LRORJLH DXI GLH 3ROLWRORJLH YHUODVVHQ ,FK VHOEVW DOV 3KLORVRSK EHKDQGOH *UXQGIUDJHQ 6DFKIUDJHQ 6DFKSUREOHPH XQG LFKIUDJHPLFKREGLHVH6DFKSUREOHPHVRYHUVFKLHGHQVLQGYRQGHQHQGLH3ODWRQPLWHLQHU 0HLVWHUOHLVWXQJLQGHQ$QDO\VHQGHU%HQGOLFKNHLWGHU6HHOHXQGGHV*HLVWHVVFKRQDQJH VSURFKHQKDW'DVVLQG'LQJHGLHSKLORVRSKLVFKDQJHJDQJHQZHUGHQPÕVVHQ 6LHHUNO½UHQGHQ5ÕFNJDQJGHU3KLORVRSKLHJHVFKLFKWHXQWHUDQGHUHPGDPLWGD¸VLFKGLH3KLORVRSKLHLP PHUZHQLJHU]XWUDXW*OHLFKZRKOHUOHEHQZLUKHXWHQDWLRQDOH(WKLNU½WH(WKLNLQ6FKXOHQ(WKLNLQGHU 0HGL]LQrGDZHUGHQVHKUJUR¸H$QVSUÕFKHDQGLH3KLORVRSKLHJHVWHOOWGLHPLWVHKUKRKHQ(UZDUWXQJHQ YHUEXQGHQVLQG.DQQPDQGLHVHQ(UZDUWXQJHQÕEHUKDXSWJHUHFKWZHUGHQGLHMHW]WDQGLH(WKLNJHVWHOOW ZHUGHQr(UZDUWXQJHQGLHDOOHUGLQJVDXFKPLW.ULWLNDQGHUXQLYHUVLW½UHQ,QVWLWXWLRQw3KLORVRSKLHk]X VDPPHQK½QJHQ" ,FKZHL¸QLFKWJHQDXREGLH(UZDUWXQJHQGLHPDQDQHLQHQ(WKLNUDWKDWPLWGHU.ULWLN DQ GHU ,QVWLWXWLRQ GHU 3KLORVRSKLH ]XVDPPHQK½QJHQ LFK JODXEH GDV VLQG ]ZHL JDQ] YHU VFKLHGHQH6DFKHQ,FKGHQNHYRQDX¸HQJHVHKHQKDWGLH3KLORVRSKLHLPPHUQRFKHLQHUH ODWLYJUR¸H5HSXWDWLRQrZHQQDXFKQLFKWÕEHUDOO0DQHUZDUWHWHWZDV%HVRQGHUHVZHQQ PDQHLQHQ3KLORVRSKHQLQHLQHQVROFKHQ5DWKROWGDPDQMDDXFKVFKRQHLQHQ7KHRORJHQ XQG HLQHQ +XPDQELRORJHQ XQG GHUJOHLFKHQ PHKU LQ HLQHP VROFKHQ *UHPLXP KDW 0DQ HUZDUWHWHLQH6DFKNRPSHWHQ] GLH ÕEHUGLH%HUHLFKHGHV 3K\VLVFKHQ GHV 0DWHULHOOHQ GHV %LRORJLVFKHQKLQDXVUHLFKWXQG]ZDULQV0HWDSK\VLVFKHLQV0HWDELRORJLVFKHLQGDVZDVMD HLJHQWOLFKQLFKWPHKUVHLQVROO$EHUGDYRQZROOHQGLH/HXWHJHUDGHHWZDVZLVVHQVLHZRO OHQ6LQQIUDJHQEHDQWZRUWHWKDEHQDXFKZHQQGLH3KLORVRSKLHJHUDGHVDJWZLUVROOHQNHLQH 6LQQIUDJHQ PHKU EHDQWZRUWHQ VRQGHUQ YRU DOOHQ 'LQJHQ 6DFKIUDJHQ :DV VROO GDV GHQQ KHL¸HQ" 6LQG GLH SKLORVRSKLVFKHQ 6DFKIUDJHQ QLFKW JHUDGH GDUDXV JHERUHQ GD¸ ZLU HLQHQ XQHQGOLFKHQ0DQJHODQ6LQQYHUVSÕUHQHLQH6LQQ%HGÕU LJNHLWGLHQLFKWPLWNXU]IULVWLJ DXV GHP %RGHQ JHVWDPS HQ TXDVLUHOLJLÏVHQ 1HRP\WKRORJLHQ EHDQWZRUWHW ZHUGHQ VROO VRQGHUQPLWUHHNWLHUWHQ$QWZRUWHQ"'DVLVWXQGZDULPPHUVFKRQGLH$XIJDEHGHU3KLOR VRSKLHXQGLFKIUDJHPLFKZLHMHPDQGGHUGDUDXINHLQH5ÕFNVLFKWQLPPWSOÏW]OLFKDXV GHP1LFKWVKHUDXVQXUZHLOHUKHXWHOHEWHLJHQWÕPOLFKHWUDJI½KLJH$QWZRUWHQQGHQZLOO DXI GLHVHV YRQ DX¸HQ DQ GLH 3KLORVRSKLH KHUDQJHWUDJHQH %HGÕUIQLV QDFK VDFKJHP½¸HU VWLFKKDOWLJHUWUDJI½KLJHU$XVNXQ ÕEHUHWZDVZDVÕEHUGHQNRQNUHWHQ9ROO]XJHLQHUHLQ]HO QHQ:LVVHQVFKD rZLHHWZDGHU+XPDQJHQHWLNrKLQDXVJHKW+LHUJHKWHVXP6LQQIUDJHQ 8PZHOFKH6LQQIUDJHQKDQGHOWHVVLFKGHQQ" ”:DVKHL¸W/HEHQ"…”:DVKHL¸WPHQVFKOLFKHV/HEHQ"…”:DQQI½QJWHVDQ"…”.DQQPDQÕEHU KDXSWHLQHQ=HLWSXQNWIÕUGHQ%HJLQQDQJHEHQ"…0DQNDQQVLFKIUDJHQREHVGHU3KLORVR SKLHÕEHUKDXSWPÏJOLFKLVWGDUDXI]XDQWZRUWHQ'LHVH)UDJHQXQGGLH(UZDUWXQJHQGLH PDQGDPLWKDWVLQGVLFKHUOLFKVHKUYLHOJUϸHUDOVGDVZDVGLH3KLORVRSKLHDOV$QWZRUWOHL





)UDJHQDQe7KRPDV/HLQNDXI VWHQNDQQXQG]ZDUZHLOVLHVLFKHEHQPHWDSK\VLVFKH)UDJHQXQG$QWZRUWHQQLFKWPHKU ]XWUDXWZHLOVLHPHWDSK\VLVFKH)UDJHQ]ZDUQLFKWYHUELHWHQVLFKDEHUDOV3KLORVRSKLHQLFKW ]XJHVWHKHQZLOO0HWDSK\VLVFKH)UDJHQZHUGHQGDQQVR]XVDJHQH[LOLHUWXQGLQGLH7KHROR JLHRGHULQHLQHQSULYDWHQ6LQQQGXQJVEHUHLFKYHUVFKREHQ3KLORVRSKLHLVWGDQQQXUQRFK JHVFKLFKWOLFKH3KLORORJLHRGHUHLQHV\VWHPDWLVFKHXQJHVFKLFKWOLFKHIRUPDOUHGXNWLRQLVWLVFKH %HVFKUHLEXQJWULYLDOHU:DKUKHLWHQ 'DQQKDEHQZLUHLQHGRSSHOWH*HI½KUGXQJSKLORVRSKLVFKHU)UDJHVWHOOXQJHQVRZRKOYRQLQQHQDOVDXFK YRQDX¸HQ 5LFKWLJ :LU ZLVVHQ MD JDU QLFKW PHKU ZHU ZLU ÕEHUKDXSW VLQG LQ GHU 3KLORVRSKLH (V LVW GRFKVR(VJLEWNHLQHQYHUELQGOLFKHQ.RQVHQVLQGHU)UDJHZDVHVKHL¸W3KLORVRSK]XVHLQ RGHU3KLORVRSKLH]XEHWUHLEHQ(VNDQQVHLQGD¸GDVLQWULQVLVFKPLWGHUKHXWLJHQ%HGLQ JXQJGLHGLH3KLORVRSKLHVLFKMDDXFKLQJHZLVVHU:HLVHVHOEVWJHVFKDHQKDW]XVDPPHQ K½QJW(VK½QJWQDWÕUOLFKDXFKGDPLW]XVDPPHQGD¸VLFKDXVGHU3KLORVRSKLHVRYLHOH'LV ]LSOLQHQDXVJHJOLHGHUWKDEHQYRUDOOHQ'LQJHQLQGHU)ROJHGHU8PZ½O]XQJHQGLHVFKRQ LP-DKUKXQGHUWVWDWWJHIXQGHQKDEHQGD¸VLFKGLH3ROLWLNGLH3V\FKRORJLHGLH¯NRQR PLHrGDVZDUHQDOOHV7HLOEHUHLFKHGHU3KLORVRSKLHrDXVJHJOLHGHUWYHUVHOEVW½QGLJWXQGLKUH HLJHQHQ 6WUDWHJLHQ HQWZLFNHOW KDEHQ /XKPDQQ XQG +DEHUPDV VLQG 6R]LRORJHQ VLH HQW ZLFNHOQHLQHQSKLORVRSKLVFKHQ=XJULDXIHWZDVZDVVLHGDQQDEHULP*UXQGHDOVVR]LROR JLVFKH3UREOHPVWHOOXQJHUDUEHLWHQ :HOFKHV VLQG ,KUH HLJHQHQ 9HUVXFKH HLQH YHUELQGOLFKH %HVWLPPXQJ GHU 3KLORVRSKLH ]XPLQGHVW YRU]X VFKODJHQ ]XU 'LVNXVVLRQ DQ]XELHWHQ GLH GLHVHU $XÏVXQJ GHV 3KLORVRSKLHEHJULV HQWJHJHQZLUNHQ NÏQQWHQ" ,FKYHUVXFKHQLFKWQXUKLVWRULVFKH%ÕFKHUYRU]XVWHOOHQLFKOHVHXQGGLVNXWLHUHVLHPLW.RO OHJLQQHQXQG.ROOHJHQVRZLHLQGHQ6HPLQDUHQPLWGHQ6WXGLHUHQGHQXQGLQGHU$UWXQG :HLVH ZLH LFK GDV WXH ELQ LFK GRFK SKLORVRSKLVFK ZHLO LFK QLFKW QXU SKLORORJLVFK H[DNW HWZDVQDFKEXFKVWDELHUHRGHUÕEHUVHW]WHXQGZLHGHUKROHVRQGHUQZHLOLFKHVLQWHUSUHWLHUH,Q GLHVHU+LQVLFKWQGHLFKGD¸HLQKHUPHQHXWLVFKHV9HUK½OWQLV]XU:LUNOLFKNHLWrGDVMDLP *UXQGH HLQH GHU JUR¸HQ 2SWLRQHQ JHZHVHQ LVW GLH LP  -DKUKXQGHUW PLW GHP ,GHDOLV PXVDEHUDXFKLQHLQHUJHZLVVHQ'LVWDQ]LHUXQJYRQGHQIHVWHQ6\VWHPELOGXQJHQGHV,GHD OLVPXVYRUDOOHPLP6LQQH+HJHOVrHLQHQHXH2SWLRQHUÏQHWKDW(VLVWHLQKHUPHQHXWL VFKHU =XJUL GHU GLH :LUNOLFKNHLW DOV HLQHQ +RUL]RQW GHV 'HXWEDUHQ DXIID¸W r LP 6LQQH HLQHV XQDEVFKOLH¸EDUHQ 'HXWXQJVSUR]HVVHV GHU QLFKW EOLQG VRQGHUQ UHHNWLHUW JHVFKLHKW QDFKEHVWLPPWHQ9RUJDEHQXQG0HWKRGHQ(VJLEWHLQHJHQXLQSKLORVRSKLVFKH)UDJHVWHO OXQJGLHHEHQrREPDQGDVKHXWHKÏUHQZLOORGHUQLFKWrQDFKHLQHPOHW]WHQ6LQQJUXQG XQG QDFK HLQHP OHW]WHQ *UXQG GHU :LUNOLFKNHLW IUDJW QDFK GHP ZDV GLH 1HXSODWRQLNHU GDV(LQHJHQDQQWKDEHQ $OVRGRFKSULQ]LSLHQWKHRUHWLVFKHµEHUOHJXQJHQ" -D$EHUGDV(LQHLVWMDQLFKWQXUHLQDEVWUDNWHV(LQHVHVLVWMDQLFKWLUJHQGHWZDVGDVYÏOOLJ XQ]XJ½QJOLFKLVWVRQGHUQGDV(LQHVHW]WXQVLQHLQ9HUK½OWQLV]XGLHVHU]XGHXWHQGHQ:LUN OLFKNHLW LQ GHU LFK EHLGLHVHQ 'HXWXQJVSUR]HVVHQ LPPHU DXI 6WUXNWXUHQ XQG )RUPHQGHU (LQKHLWKLQEOLFNHXQG]ZDUQLFKWLP6LQQHGHU%LQQHQSHUVSHNWLYHHLQHUEHVWLPPWHQ:LV VHQVFKD rGDQQNÏQQHQ6LHQDWÕUOLFKVDJHQJXW'DVNDQQPDQGHU/LWHUDWXUZLVVHQVFKD  RGHU GHU 3V\FKRORJLH ÕEHUODVVHQ r VRQGHUQ LP 6LQQH HLQHU :LVVHQVFKD  GLH GLHVH YHU





0LVFHOODQHD VFKLHGHQHQ3HUVSHNWLYLHUXQJHQPLWEHUÕFNVLFKWLJWRKQHDQGHUH]XHUVHW]HQ,FKKDEHLQGHU 3KLORVRSKLHHLQHDQGHUH0ÏJOLFKNHLWGLHLQGHU'HXWXQJGHUVHOEHQ:LUNOLFKNHLWVXLJHQHULV XQLYHUVDOHULVWDOVGLHGHU(LQ]HOZLVVHQVFKD HQ,QGLHVHU+LQVLFKWLVWPHLQH9RUVWHOOXQJYRQ 3KLORVRSKLHJHUDGH]XXPJHNHKUW]XGHUGLHVDJW3KLORVRSKLHEHVWHKHDXFKGDULQVWDWWGHU (LQKHLWQXUGLH9LHOKHLWGHQ8QWHUVFKLHGGDV'LVSDUDWHGDV$XVHLQDQGHUVHLQXQGGDV8Q YHUPLWWHOWH]XEHWRQHQ,FKYHUVXFKHQLFKWJHZDOWVDPJHJHQGDV'HQNHQ]XGHQNHQRGHU HWZDVKHUDXV]XVWHOOHQGDVrRQWRORJLVFKRGHUJDUPHWDSK\VLVFKJHGDFKWr]XHLQHU.DWDVWUR SKH IÕKUHQ ZÕUGH GDV UHLQ 'LVSDUDWH O½¸W VLFK MD QRFK QLFKW HLQPDO PLWWHLOHQ MHGHU 6DW] Z½UHMDXQPÏJOLFKYLHOPHKUNDQQLFKVROFKH8QWHUQHKPXQJHQZHOFKHGLH9LHOKHLWEHWR QHQHLJHQWOLFKLPPHUQXUYHUVWHKHQDOVUHJLRQDOH9HUVXFKHPLWHLQHUXQHQGOLFKHQ/L]HQ] ]XU'HXWXQJrXPHVPLW)ULHGULFK6FKOHJHO]XVDJHQrGLHDEHUHLQDXIGLHQLFKWDEVWUDN WH (LQKHLWKLQRULHQWLHUWHV'HQNHQHUIRUGHUW6REHWUHLEHLFKOHW]WOLFK3KLORVRSKLHJHVFKLFKWH DOVV\VWHPDWLVFKH$XIDUEHLWXQJPHKURGHUZHQLJHUVWDUNV\VWHPDWLVFKHU3RVLWLRQHQVHLWGHU $QWLNHXQGYHUVXFKHVLHLQV.RQ]HUWGHV6FKÏQHQHLQ]XEULQJHQPLWGHPZLUMDXQVHUHL JHQHV/HEHQEHZ½OWLJHQ3KLORVRSKLHLVWVRZRKODNDGHPLVFKH3KLORVRSKLHDOVDXFK/HEHQV IRUPrZLUVLQGQLFKWQXUGDQQSKLORVRSKLVFKW½WLJZHQQZLU8QLYHUVLW½WVSURIHVVRUHQVLQG ZHQQ ZLU 8QLYHUVLW½WVWÕUHQ ÏQHQ XQG DP 6FKUHLEWLVFK VLW]HQ 'DV 3KLORVRSKLVFKH K½OW (LQ]XJLQPHLQHQ/HEHQVYROO]XJGLH3KLORVRSKLHNDQQGRFKPHLQ/HEHQQLFKWXQEHUÕKUW ODVVHQVRKDEHQHVDXFK/HXWHZLH3LHUUH+DGRWJHVHKHQ$XFKIÕU3ORWLQLVW3KLORVRSKLH HLQH /HEHQVIRUP QLFKW HLQ 6LFK+LQDXV]LHKHQ DXV GHP /HEHQ HU KDW VHLQ JDQ]HV /HEHQ ODQJ0ÕQGHO:DLVHQNLQGHUYHUVRUJWGLHLKPYRQUHLFKHQ5ÏPHUQDQYHUWUDXWZXUGHQ'DV LVWMDHLQH=XZHQGXQJ]XU:LUNOLFKNHLW]XHLQHUJHEUHFKOLFKHQSUHN½UHQ)RUPYRQ:LUN OLFKNHLWGLHHLQJUR¸HV0D¸DQ9HUDQWZRUWXQJ]HLJWGDV+HUDXVVWHOOHQGHU)OXFKW]XP(L QHQGDVw†JIPIT„RXEkwOD¸DOOHVZHJkwOD¸DOOHVIDKUHQkGDVPX¸PDQULFKWLJrXQG]ZDU QLFKWDEVWUDNWrGHXWHQLP6LQQHYRQw,FKVWHKHLP/HEHQLFKÕEHUQHKPH9HUDQWZRUWXQJ REZRKOLFKVDJHGDV(LJHQWOLFKHLVWQLFKWGLHVHV/HEHQVHOEVWk 'DVNDQQGHU(LQ]HOQHYLHOOHLFKWHLQVHKHQGHUVLFKDXIHLQHGHUDUWLJH/HEHQVIRUPHLQO½¸WDEHUGLHJH JHQZ½UWLJH .RQWURYHUVH XP GLH XQLYHUVLW½UH 3KLORVRSKLH IUDJW DXFK ZDV GLH 3KLORVRSKLH GHQ 1LFKW 3KLORVRSKHQEULQJW 'LH3KLORVRSKLHLVWNHLQ*HEUDXFKWZDUHQODGHQLQGHQPDQKLQHLQJHKHQNDXIHQRGHUWDX VFKHQNDQQGLH3KLORVRSKLHO½¸WVLFKQLFKWXQWHUVRHLQH1XW]HQRGHU=ZHFNUHODWLRQVWHO OHQGLHHLQGHXWLJ]HLJWZDVGLH3KLORVRSKLHHLQHP1LFKW3KLORVRSKHQwEULQJWk:HUGDVZLV VHQZLOOPX¸HVHLJHQWOLFKVHOEVWYROO]LHKHQ0DQPX¸HVVWXGLHUHQ0DQNDQQJDQ]3ODWR QLVFKVDJHQ:HQQGXZLVVHQZLOOVWZDVGLH3KLORVRSKLHGLUEULQJHQNDQQPX¸WGXDQIDQ JHQ ]X SKLORVRSKLHUHQ GLH QXU ½X¸HUH DQ GLFK KHUDQJHWUDJHQH 'DUVWHOOXQJ QÕW]W QLFKWV ZHQQLKUQLFKWYRQLQQHQLP$NWGHV/HVHQVRGHUGHV3HU]LSLHUHQVVFKRQHLQHSKLORVRSKL VFKH(LQVWHOOXQJEHJHJQHW$OOGDVZDVLFKVFKUHLEHNDQQPDQQDWÕUOLFKDXFKYHUVWHKHQDOV DNDGHPLVFKHV*HVFKUHLEHHLQHV6SH]LDOLVWHQIÕU6SH]LDOLVWHQGDVGLH3KLORVRSKLHJHVFKLFKWH DXVHLQHUEHVWLPPWHQ6LFKWDXI]XKHOOHQXQG]XYHUVWHKHQYHUVXFKW'DVLVWQLFKWIDOVFKDEHU GDVLVWQLFKW3KLORVRSKLHVRQGHUQHLQ3URGXNWHLQHUSKLORVRSKLVFKHQ'HXWXQJGHU7UDGLWL RQGLHDXFKQXUYRQMHPDQGHPYHUVWDQGHQZHUGHQNDQQGHUVLFKVHOEVWXPGLH$XIDUEHL WXQJGLHVHU7UDGLWLRQEHPÕKW'LH3KLORVRSKLHDOVDXIGDV/HEHQGXUFKVFKODJHQGH)RUPLVW HWZDVZDVLFKLP6HPLQDUÕEHQNDQQGDV6HPLQDULVWHLQH3DQ]VW½WWHHLQ2UWGHV*HVSU½ FKHV'LHVH)UHLU½XPHJLEWHVLQXQVHUHU]HLWOLFKGLFKWEHVHW]WHQ:LUNOLFKNHLWXQGLQXQVH UHUVRQVWLJHQKHNWLVFKHQ8PJHEXQJMDNDXPQRFK,QGHU+LQVLFKWO½¸WVLFKGLH)UDJHZDV





)UDJHQDQe7KRPDV/HLQNDXI GHQ 1LFKWSKLORVRSKHQ GLH 3KLORVRSKLH EULQJW QXU GXUFK GLH $XIIRUGHUXQJ EHDQWZRUWHQ w,KUPÕ¸WVHOEVWKLQJHKHQXQGDQIDQJHQ3KLORVRSKLH]XEHWUHLEHQk'LH3KLORVRSKLHJHKÏUW r ZLH DXFK GLH 3RHWLN r QLFKW ]X GHQ 'LQJHQ GLH PDQ GDGXUFK LQ LUJHQGHLQHU )RUP IÕU VLFKEHGHXWHQGPDFKHQNDQQGD¸PDQVLHQXUDXIID¸WLKUDEHULQQHUOLFKIUHPGXQG½X¸HU OLFKEOHLEW6FKLH¸OLFKLVWGDV6FKÏQHDQHLQHP3ODWRQLFXVGD¸HUHLQHQZHLWHQ+RUL]RQWKD EHQGDUIHVJLEWLPPHUGDV:LGHUVWUHEHQJHJHQ7HQGHQ]HQVLFKLQLUJHQGHLQH(FNHVWHOOHQ XQG V\VWHPDWLVLHUHQ ]X ODVVHQ s :DV LFK LQ GLHVHP =XVDPPHQKDQJ YLHOOHLFKW QRFK HU Z½KQHQVROOWHLVWGD¸ZLUHLQH3ODWRQLVFKH$NDGHPLHJHJUÕQGHWKDEHQ:LVVHQ6LHGDYRQ" -DGLHw$FDGHPLD3ODWRQLFD6HSWLPD0RQDVWHULHQVLVk6DJHQ6LHGRFKHWZDVGD]X 'LHVH$NDGHPLHGLHZLUKLHULQ0ÕQVWHUJHJUÕQGHWKDEHQLVWrZLHDXFKGLH)ORUHQWLQHU $NDGHPLHGHU5HQDLVVDQFHrNHLQH8QLYHUVLW½WVDQJHOHJHQKHLWVLHZLUGYRQGHU8QLYHUVLW½W NDXPZDKUJHQRPPHQXQGVLHZLUGÕEHUKDXSWYRQGHQ.ROOHJHQLQ'HXWVFKODQGGHQ3KL ORVRSKHQQLFKWZDKUJHQRPPHQ:LUEHVFK½ LJHQXQVQLFKWYRUQHKPOLFKPLWGHQ6FKULI WHQ3ODWRQVVRQGHUQPLWGHQHQVHLQHU,QWHUSUHWHQYRQGHU$QWLNHELVLQGLH5HQDLVVDQFH 0LWJOLHGHU VLQG -RKQ 'LOORQ /XF %ULVVRQ 'RPLQLF 2n0HDUD 0DWWKLDV %DOWHV KLHU DXV 0ÕQVWHU0LFKDHO(UOHU-HQV+DOIZDVVHQ$QGUHZ6PLWKDXV'XEOLQGHUGLH3RUSK\ULXV $XVJDEH JHPDFKW KDW'DYLG 5XQLD DXV /HLGHQ XQG DQGHUH (KUHQPLWJOLHGHUGLH ZLU IUHL DGRSWLHUHQ VLQG 3LHUUH +DGRW XQG :HUQHU %HLHUZDOWHV HV VLQG VFKRQ GLH HXURS½LVFKHQ 6SLW]HQIRUVFKHUGHU3ODWRQLVPXVJHVFKLFKWH 'LHVH$NDGHPLHLVWDOVRRHQJHQXJXPHLQHQ3ODWRQLNHUDXI]XQHKPHQGHUQLFKWDXIHLQHSODWRQLVFKH 6\VWHPDWLNKLQGHQNHQPÏFKWH" -DGDVLVWGDV6FKÏQH-HGHQIDOOVKDEHQZLUVLHEHZX¸WJHJUÕQGHWXPXQV]XWUHHQXQGLQ HLQHUDQGHUHQ:HLVHDOVEHL7DJXQJHQLP6LQQHHLQHUWYRSYWfEHLQHVLQWHQVLYHQ%HLVDP PHQVHLQV7H[WHJHPHLQVDP]XOHVHQXQG]XGHXWHQRGHUXP3URMHNWHXQVHUHU6FKÕOHULQ QHQXQG6FKÕOHUYRU]XVWHOOHQ'DVQGHLFKHLQHVHKUJXWH,GHHGLHHWZDVYRQGHU/HEHQ GLJNHLWHLQHVSKLORVRSKLVFKHQ9ROO]XJHVDQGHXWHWXQGDXFK$XVGUXFNHLQHU/HEHQVIRUPLVW GHQQQLHPDQG]ZLQJWXQVGD]XHLQHVROFKH$NDGHPLH]XJUÕQGHQrVLHLVW$XVGUXFNHLQHV JHPHLQVDPHQ:LOOHQVEHVWLPPWH'LQJH]XYROO]LHKHQJHPHLQVDP]XSKLORVRSKLHUHQXQG GDIÕU]XVRUJHQGD¸3KLORVRSKLHQLFKWQXULQGHQ6HPLQDUU½XPHQEOHLEW

 

7KRPDV/HLQNDXIVSUDFKPLW2UULQ)6XPPHUHOOYRP%RFKXPHU3KLORVRSKLVFKHQ-DKUEXFK





0LVFHOODQHD

7KH6LJQLFDQFHRI5LFKDUG)LVKDFUHnV6HQWHQFHV&RPPHQWDU\

 )RU WKH GHFDGH RI WKH V DQG LQWR WKH WZHQW\UVW FHQWXU\ DQ LQWHUQDWLRQDO JURXS RI VFKRODUVrWZR$PHULFDQVWZR$XVWULDQVD&DQDGLDQDQ(QJOLVKPDQDQGD*HUPDQrKDYH EHHQDWZRUNSUHSDULQJDFULWLFDOHGLWLRQRIWKH6HQWHQFHV&RPPHQWDU\RI5LFKDUG)LVKDFUH 23)LVKDFUHn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nVSLRQHHULQJHRUWVZRXOGVXEVHTXHQWO\EHFRPHDW2[IRUGDUHTXLUHGWH[WDORQJ ZLWKDERRNRIWKH%LEOHIRUDQ\RQHSURFHHGLQJWRDQDGYDQFHGGHJUHHLQVDFUHGGRFWULQH  *LYHQWKLVSULYLOHJHGVWDWXVLWZDVZLGHO\FRPPHQWHGRQGHYHORSLQJLQWRWKHSUHHPLQHQW ORFXVIRUVSHFXODWLYHWKHRORJL]LQJIRUWKHUHVWRIWKH0LGGOH$JHV  7RWKHEHVWRIRXUNQRZOHGJH)LVKDFUHZDVWKHUVW2[IRUGPDVWHUWRKDYHFRPSRVHGD 6HQWHQFHV&RPPHQWDU\+HGLGVRIXUWKHUPRUHLQVSLWHRIWKHYLJRURXVRSSRVLWLRQRI5RE HUW*URVVHWHVWHWKHELVKRSRI/LQFROQZKRKDGMXULVGLFWLRQRYHUWKH2[IRUGVWXGLXP7KH

 

5 - /RQJ DQG 0 2n&DUUROO 7KH /LIH DQG :RUNV RI 5LFKDUG )LVKDFUH 23 3UROHJRPHQD WR WKH (GLWLRQ

RI KLV &RPPHQWDU\ RQ WKH w6HQWHQFHVk 0ÕQFKHQ   

7KH QH[W YROXPH WR JR WR SUHVV LV WKH VHFRQG ERRN WKH RQH GHDOLQJ ZLWK FUHDWLRQ DQG WKDW RQH LV P\ UHVSRQVLELOLW\ %RRN WKUHH LV QHDULQJ FRPSOHWLRQ WKH UHVSRQVLELOLW\ RI $OH[DQGHU (L FKLQJHU *HUKDUG /HLEROG DQG .ODXV 5RGOHU 0\ JXHVV LV WKDW ERRN IRXU XQGHU WKH HGLWRUVKLS RI -RVHSK *RHULQJ DQG 0DXUD 2n&DUUROO ZRXOG EH QH[W LQ OLQH 7KH 6WHSKHQ %URZQ ZRXOG WKHQ EH WKH



QDO YROXPH LQ WKH VHULHV

UVW

ERRN LQ WKH FDUH RI

,Q  WKH 2[IRUG PDVWHUV SDVVHG WKH IROORZLQJ VWDWXWH %DFKHORUV FRXOG OHFWXUH HLWKHU RQ D ERRN RI WKH %LEOH RU RQ WKH 6HQWHQFHV RI 3HWHU /RPEDUG RU RQ WKH +LVWRULHV RI 3HWHU &RPHVWRU 6WDWXWD DQWLTXD XQLYHUVLWDWLV 2[RQLHQVLV >HG 6 *LEVRQ 2[IRUG @ S   %\  KRZHYHU 2[IRUG KDG FDSLWXODWHG WR WKH 3DULVLDQ FXVWRP DQG PDQGDWHG XVH RI WKH 6HQWHQFHV DV WKH RQO\ WH[W LQ DGGLWLRQ WR D ERRN RI WKH %LEOH WR EH FRYHUHG LQ WKH WKHRORJ\ IDFXOW\ VHH 5RJHU %DFRQ 2SXV

PLQXV LQ )U 5RJHUL %DFRQ 2SHUD 4XDHGDP +DFWHQXV ,QHGLWD HG - 6 %UHZHU /RQGRQ  UHSU 1HQGHOQ /LHFKWHQVWHLQ   S  (YHQ D

HU 7KRPDV Gn$TXLQR KDG IRXQG WKH 6HQWHQFHV

ZDQWLQJ DV D WKHRORJ\ WH[W IRU EHJLQQHUV DQG FRPSRVHG KLV RZQ WKH 'RPLQLFDQV WKHPVHOYHV FRQWLQXHG WR PDQGDWH XVH RI WKH /RPEDUG LQ WKHLU FRQYHQWV VHH 0 0 0XOFKDKH\ ”)LUVW WKH

%RZ LV %HQW LQ 6WXG\ … 'RPLQLFDQ (GXFDWLRQ EHIRUH  7RURQWR   S  ,W ZDV QRW XQWLO WKH WK FHQWXU\ LQ IDFW WKDW WKH 6XPPD WKHRORJLDH ZRXOG UHSODFH WKH 6HQWHQFHV DV WKH IULDUVn VWDQ GDUG WH[WERRN RI WKHRORJ\ LELG S  



6HH 0 &ROLVK 0HGLHYDO )RXQGDWLRQV RI WKH :HVWHUQ ,QWHOOHFWXDO 7UDGLWLRQ  1HZ +DYHQ r /RQGRQ   S 

 

/RQJ DQG 2n&DUUROO /LIH DQG :RUNV S  -DPHV *LQWKHU KDV UHFHQWO\ GLVSXWHG WKH FODLP WKDW *URVVHWHVWH ZDV RSSRVHG WR WKH QHZ WKHRORJ\ UHSUHVHQWHG E\ WKH 6HQWHQFHV DQG WKH FRPPHQWDULHV WKHUHRQ EXW PHUHO\ WR LWV SODFH LQ WKH SURPL QHQW SODFH LQ WKH FXUULFXOXP ”7KHRORJLFDO (GXFDWLRQ DW WKH 2[IRUG 6WXGLXP LQ WKH 7KLUWHHQWK





5-DPHV/RQJ)LVKDFUHnV6HQWHQFHV&RPPHQWDU\ ELVKRSnVRSSRVLWLRQIRXQGH[SUHVVLRQLQDOHWWHUWRWKH2[IRUGPDVWHUVLQZKLFKKHLQVLVWHG WKDWDOOWKHLUOHFWXUHVYHVWUDVOHFWLRQHVRPQHV HVSHFLDOO\WKRVHLQWKHPRUQLQJKRXUWKHWLPH VHWDVLGHIRUZKDWZHUHWHUPHGRUGLQDU\OHFWXUHVEHEDVHGRQWKHFDQRQLFDOERRNVZKDWKDV KDSSHQHGFRPSODLQHG*URVVHWHVWHLVWKDWWKH KRUDPDWXWLQDZDVEHLQJJLYHQRYHUWRRWKHU ERRNVWKH6HQWHQFHVDUHQRWPHQWLRQHGE\QDPH ZKLFKZHUHQRWIRXQGDWLRQDOLQWKHVDPH VHQVHDV6FULSWXUHZDV)RU*URVVHWHVWHWKHRORJ\ZDV6FULSWXUH:KHWKHUWKLVZDVDUHDF WLRQDU\RUDSURJUHVVLYHVWDQFH,OHDYHWRWKHUHDGHUnVMXGJHPHQW  7KHSRSHKRZHYHULQWHUYHQHGRQ)LVKDFUHnVEHKDOIDOHUWHGWRWKHVLWXDWLRQSHUKDSVE\ +XJKRI6W&KHURUDQRWKHURIWKH'RPLQLFDQVDWWKHSDSDOFRXUW)ULDU5LFKDUGZDVQRWWR EHSURKLELWHGIURPOHFWXULQJRUGLQDULHRQWKHERRNVRIWKH6HQWHQFHVFRPPDQGHG,QQRFHQW EXWHQFRXUDJHGLQHYHU\ZD\”VLQFHLQLW>LHWKHERRNVRI6HQWHQFHV@DUHWREHIRXQGWHV WLPRQLHVE\&DWKROLFWHDFKHUVZRUWK\RIEHOLHIZKLFKDVVHUWWKHWUXWKWKDWPXVWEHDGKHUHG WRE\EHOLHYHUVZKHQWKHGDUNQHVVRIHUURUKDVEHHQGLVVLSDWHG…  *URVVHWHVWHORVWWKLVEDWWOHDQG)LVKDFUHnVPHWKRGRORJLFDODSSURDFKEHFDPHWKHZD\RI WKHIXWXUH,WPD\KDYHEHHQKLVDZDUHQHVVRI*URVVHWHVWHnVREMHFWLRQVKRZHYHUWKDWFDXVHG )LVKDFUHWRMXVWLI\WKHUHDGLQJRIWKH6HQWHQFHVDVSDUWRIWKHRUGLQDU\FXUULFXOXPrDMXVWL FDWLRQQHYHUGHPDQGHGRIQRUJLYHQE\DQ\RIWKH3DULVLDQPDVWHUV:LWKJUHDWDVWXWHQHVV )LVKDFUHPDGHWKHDUJXPHQWWKDWOLPLWLQJWKHUHDGLQJRIWKH6FULSWXUHVWRPRUDORUVSLULWXDO TXHVWLRQVLPSOLHGWKDWGRFWULQDOLVVXHVZHUHXQUHODWHGWRWKHFDQRQLFDOERRNV)DUIURPGL PLQLVKLQJWKHVWXG\RI6FULSWXUHWKHUHDGLQJRIWKH6HQWHQFHVVHUYHGDVDQRFFDVLRQWRXQLI\ WKH PRUDO DQG WKH GRFWULQDO DQG WR UHWHWKHU ERWK WR WKHLU ELEOLFDO DQG SDWULVWLF VRXUFHV 

 &HQWXU\ $ 5HDVVHVVPHQW RI 5REHUW *URVVHWHVWHnV /HWWHU WR WKH 2[IRUG 7KHRORJLDQV… LQ )UDQFLV

FDQ 6WXGLHV  >@ S   EXW , UHPDLQ XQFRQYLQFHG E\ *LQWKHUnV DUJXPHQWV VHH /RQJ DQG 2n&DUUROO /LIH DQG :RUNV S 



5REHUWL *URVVHWHVWH TXRQGDP HSLVFRSL /LQFROQLHQVLV (SLVWRODH HG + /XDUG /RQGRQ   QR  S  6HH /RQJ DQG 2n&DUUROO /LIH DQG :RUNV S 

 

& 7URWWPDQQ 7KÂRORJLH HW QRÂWLTXH DX ;,,,H VLÁFOH $ OD UHFKHUHFKH GnXQ VWDWXW 3DULV   S  * $EDWH ”/HWWHUH wVHFUHWDHk Gn,QQRFHQ]R ,9 H DOWUL GRFXPHQWL LQ XQD UDFFROWD LQHGLWD GHO VHF ;,,,… LQ 0LVFHOODQHD )UDQFLVFDQD    S  Q 



5 - /RQJ ”7KH 6FLHQFH RI 7KHRORJ\ DFFRUGLQJ WR 5LFKDUG )LVKDFUH (GLWLRQ RI WKH 3URORJXH WR +LV &RPPHQWDU\ RQ WKH 6HQWHQFHV… LQ 0HGLDHYDO 6WXGLHV    S  ”'LYLVLR DXWHP KXLXV VFLHQWLDH VLF HVW TXLD LQ QDWXUD PHGLD GXR VXQW VFLOLFHW YLUWXV PRWLYD HW DSSUHKHQVLYD TXDH GL FXQWXU DOLLV QRPLQLEXV D

HFWXV HW DVSHFWXV 1DWXUD DXWHP VXSUHPD HVW ERQLWDV VXPPD HW VXPPD

YHULWDV ,GHR KDHF VFLHQWLD TXDH HVW GH XQR H[ GXREXV KDEHW SDUWHV GXDV XQD HVW GH XQLWDWH D

HFWXV

DXWHP D

FXP VXPPD ERQLWDWH HW DOLD HVW GH XQLWDWH DVSHFWXV FXP VXPPD YHULWDWH _ 8QLWDWHP

HFWXV

FXP VXPPD ERQLWDWH LQ YLD FRQFRPLWDWXU LQ PHGLHWDWH VLFXW SHU VH DFFLGHQV

VXXP SHU VH VXELHFWXP VDQFWLWDV PRUXP LQ SDWULD YHUR IUXLWLR RPQLXP ERQRUXP 8QLWDWHP YH UR DVSHFWXV HW VXPPDH YHULWDWLV VLFXW SRVVLELOH HVW LQ YLD FRQFRPLWDWXU LQ PHGLHWDWH VLFXW SHU VH SDVVLR VXELHFWXP

GHV YHO FUHGXOLWDV DUWLFXORUXP GHL HW LQ SDWULD LQWHOOHFWXV e ,GHR KXLXV VFLHQ 

WLDH SDUV LOOD TXDH HVW GH XQLRQH D HFWXV FXP VXPPD ERQLWDWH LQ YLD LQVLVWLW PRULEXV LQVWUXHQGLV SDUV YHUR D OLD TXDH HVW GH XQLRQH DVSHFWXV HW VXPPDH YHULWDWLV LQ YLD TXDHVWLRQLEXV GL

"FLOLEXV FLUFD DUWLFXORV GHL GLVFX

WLHQGLV e _ 8WUDTXH IDWHRU KDUXP SDUWLXP LQ VDFUR 6FULSWXUDH VDFUDH FDQRQH r VHG LQGLVWLQFWH r FRQWLQHWXU  9HUXPWDPHQ WDQWXP DOWHUD SDUV VFLOLFHW GH PRULEXV LQVWUXHQGLV D PDJLVWULV PRGHUQLV FXP OH JXQWXU VDQFWL OLEUL GRFHWXU $OLD WDPTXDP GL GL

"FLOLRU

"FLOLRU GH FDQRQH VDFUDUXP 6FULSWXUDUXP H[FHUSWD LQ LVWR OLEUR TXL 6HQWHQWLDUXP GLFLWXU SRQL HUW KLF OHJHUH HW GLVSXWDUH… HPSKDVLV PLQH 

WXU 8QGH QRQ GL



GLVSXWDWLRQL UHVHUYDWXU +DHF DXWHP SDUV



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

 

"FH :KHQ GLVFXVVLQJ WKH LPPXWDELOLW\ RI *RG LQ WKH UVW ERRN IRU H[ QGV RFFDVLRQ WR LQYHLJK DJDLQVW UHOLJLRXV ZKR RZLQJ SHUKDSV WR D KDUVK ZRUG

$ IHZ H[DPSOHV ZLOO VX DPSOH )LVKDFUH

RQ WKH SDUW RI D SUHODWH FKDQJH FRQYHQWV RU HYHQ ZRUVH FKDQJH UHOLJLRXV RUGHUV 7KH WRSLF RI *RGnV VLPSOLFLW\ LQ WKH VDPH GLVWLQFWLRQ XUJHV WKH UHDGHU WR DGKHUH WR WKH 6LPSOH WKDW LV WR *RG ZKR LV ZLWKRXW IROG VLQH SOLFD  )LVKDFUH UHFDOOV 6W 3DXOnV ZDUQLQJ WKDW KH ZKR FOHDYHV WR D KDUORW EHFRPHV RQH ERG\ ZLWK KHU WKH VDPH KROGV WUXH IRU WKRVH ZKR FOLQJ WR WKHLU SRVVHVVLRQV WR WKHLU FDWWOH KRUVHV ODQGV YLOODV WR WKHLU JROG DQG VLOYHUDWWDFKPHQWV WKDW DUH HYHQ PRUH HJUH JLRXV 7KH PDQ LQ WKH SDUDEOH >/XNH  @ ZKR VD\V ”0\ VRXO \RX KDYH SOHQW\ RI JRRG WKLQJV ODLG E\ IRU PDQ\ \HDUV WR FRPH WDNH WKLQJV HDV\ HDW GULQN KDYH D JRRG WLPH… )LVKDFUH FRQ GHPQV DV HQMR\LQJ KLV SOHQW\ DW WKH H[SHQVH RI WKRVH ZKR ZDQW HYHQ WKH QHFHVVLWLHV RI OLIH r $QG ZKDW LV WKH GHVWLQ\ RI WKRVH ZKR DUH DWWDFKHG WR WKH WKLQJV RI WKLV ZRUOG" 7KH PHVVDJH LV KDUVK ”7KHVH PRQVWHUV ZKR KDYH EHHQ WKXV HQULFKHG DQG GLVVLSDWHG DQG PDGH IDW ZKLWKHU DUH WKH\ ERXQG" 7R WKH NLQJGRP RI KHDYHQ" 1R EHFDXVH &KULVW LV SRRU DQG ZHDN e KDYLQJ QRZKHUH WR OD\ KLV KHDG >/XNH  @ e %XW +H LV WKH ZD\ >-RKQ  @ e DQG WKH JDWH >-RKQ  @ $QG QDU URZ LV WKH JDWH >0DWWKHZ  @… HWF )LVKDFUHnV FRPPHQWDU\ RQ GLVWLQFWLRQ  RI /RPEDUGnV

UVW

ERRN SURPSWV KLP WR UHPLQG KLV UHDGHUV RI WKH SURSHU RUGHU RI WKLQJV $V LPSRUWDQW DV NQRZO HGJH LV JRRGQHVV LV WR EH VRXJKW

UVW ”,QGHHG ZH NQRZ… KH VD\V ”WKDW PDQ\ ZLVH PHQ KDYH

SHULVKHG HWHUQDOO\ DPRQJ WKHP /XFLIHU 3ODWR $ULVWRWOH DQG SHUKDSV HYHQ 6RORPRQ :LVGRP SUR

WV WKH VDOYDWLRQ RI RWKHUV JRRGQHVV RQHnV RZQ :KDW SURW LV WKHUH WKHQ LQ SXUVXLQJ ZLV

GRP WR WKH QHJOHFW RI JRRGQHVV"… FLWHG LQ 5 - /RQJ ”7KH 0RUDO DQG 6SLULWXDO 7KHRORJ\ RI 5LFKDUG )LVKDFUH (GLWLRQ RI 7ULQLW\ &ROO 06 2… LQ $UFKLYXP )UDWUXP 3UDHGLFDWRUXP  >@ S   $QG VR RQ WKURXJKRXW WKH IRXU ERRNV



7KH GLYLVLRQ RI WKHRORJ\ LQWR GRJPDWLF RU IXQGDPHQWDO DQG PRUDO WKHRORJ\ ZDV WR KDUGHQ QRW DOZD\V WR WKH EHQH

W RI HLWKHU )RU ,JQDWLXV (VFKPDQQ 7KH (WKLFV RI 6DLQW 7KRPDV $TXLQDV 7ZR

&RXUVHV HG ( $ 6\QDQ 7RURQWR   S  IDPRXVO\ EHOOLFRVH LQ KLV GHIHQVH RI $TXL QDVnV SUXGHQWLDO HWKLFV WKLV GLYLVLRQ ZDV QRWKLQJ VKRUW RI GLVDVWURXV KLV XQFRPSURPLVLQJ ZRUGV FXOOHG SRVWKXPRXVO\ IURP KLV OHFWXUHV DUH ZRUWK UHSHDWLQJ ”7KHUH LV QR JUHDWHU KDUP HYHU GRQH WR DQ\

QH DQG QREOH WKLQJ LQ KLVWRU\ WKDQ WKH KDUP GRQH WR WKHRORJ\ ZKHQ WKH wWKHRULVWV RI WKH

*ROGHQ $JHk GHFODUHG WKDW LW ZDV WR EH GLYLGHG DV WKRXJK LW ZHUH D SLHFH RI FDNH LQWR VSHFXODWLYH DQG SUDFWLFDO WKHRORJ\ WKH ODWWHU EHLQJ VRFDOOHG PRUDO WKHRORJ\…





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV

0LQGLQJ2QHnV0DQQHUV 2QWKHw0RUDO$UFKLWHFWXUHkRI6KD HVEXU\nV&KDUDFWHULVWLFNV

 ,WLVVWULNLQJWKDW&KDUDFWHULVWLFNVRI0HQ0DQQHUV2SLQLRQV7LPHVWKHWLWOHRIWKHSULQFLSDO ZRUNE\$QWKRQ\$VKOH\&RRSHU7KLUG(DUORI6KD HVEXU\ ZRXOGEHHTXDOO\ VXLWDEOHIRUDKLVWRU\RIWKDWZRUNnVUHFHSWLRQ$OWKRXJKWKH&KDUDFWHULVWLFNVPHWZLWKDOLYHO\ UHVSRQVHLQWKHHLJKWHHQWKFHQWXU\HVSHFLDOO\LQ*HUPDQ\DQG)UDQFHDPRQJLWVDGPLUHUV ZHUH/HLEQL]+HUGHUDQG'LGHURW LWVLQXHQFHZDQHGE\WKHHDUO\QLQHWHHQWKFHQWXU\ WKHZRUNKDGDOOEXWIDOOHQLQWRREOLYLRQ,WZDVZUHVWHGVRPHZKDWIURPWKLVVWDWHHDUO\LQ WKHWZHQWLHWKFHQWXU\E\QHZHGLWLRQVRI6KD HVEXU\nVZULWLQJV%XWLWLVRQO\LQWKHSDVW WZRGHFDGHVWKDWKLVZRUNKDVEHJXQWRQGDUHVRQDQFHDPRQJUHDGHUVDSSURDFKLQJZKDWLW HQMR\HGRULJLQDOO\,QIDFWLWZRXOGQRWEHDQH[DJJHUDWLRQWRVD\WKDWDWOHDVWLQRQHUHVSHFW WKH&KDUDFWHULVWLFNVKDVUHFHLYHGDQXQSUHFHGHQWHGDPRXQWRIDWWHQWLRQWKHZRUNKDVFRPH WRKDYHZKDWVRPHPLJKWFRQVLGHUDVXUSULVLQJwUHOHYDQFHkLQDFDGHPLFFLUFOHVDQGLQFUHDV LQJO\VRZKLFKLVDWWHVWHGE\WKHFRPSDUDWLYHRRGRIVWXGLHVGHYRWHGWR6KD HVEXU\,WLV GL"FXOW WR VD\ ZKHWKHU KH ZRXOG KDYH EHHQ SOHDVHG E\ UHFHQW GHYHORSPHQWV r HVSHFLDOO\ VLQFH 6KD HVEXU\ KLPVHOI OLNH WKH PDMRULW\ RI KLV FRQWHPSRUDU\ UHDGHUV PRYHG LQ WKH ZRUOGDQGQRWLQWKHDFDGHP\rEXWRQHVXVSHFWVKHZRXOGDWOHDVWKDYHEHHQHQFRXUDJHG E\WKHSURVSHFWRIQGLQJDPRQJKLVQHZO\ZRQUHDGHUVDIHZZKRZHUHDEOHWRPDWFKWKH FDUHKHSXWLQWRKLVZULWLQJVDQGWKHLUSUHVHQWDWLRQ:KLOHWKHUHDUHQRGRXEWVHYHUDOUHD VRQVIRUWKHUHVXUJHQFHRILQWHUHVWLQKLVZRUNWRGD\FKLHIDPRQJWKHPKDVWREHWKHSXEOL FDWLRQ RI WKH UVW YROXPHV RI WKH 6WDQGDUG (GLWLRQ RI 6KD HVEXU\nV ZULWLQJV WKH HHFW RI ZKLFKKDVEHHQKHLJKWHQHGE\WKHDSSHDUDQFHRIVWLOOPRUHUHFHQWHGLWLRQVRIWKH&KDUDFWHU LVWLFNV 0RUH WKDQ DQ\WKLQJ HOVH LQ WKH SUHVHQW DJH RI WH[WXDOLW\ WKHVH HGLWLRQV FRQIURQW 6KD HVEXU\nVUHDGHUVZLWKWKHQHFHVVLW\RIFRPLQJWRWHUPVZLWKKLVWKRXJKWOHVVE\ZD\RI KLVWLPHVWKDQE\ZD\RIKLVWH[W

 

1DPHO\ - 0 5REHUWVRQnV HGLWLRQ RI &KDUDFWHULVWLFV RI 0HQ 0DQQHUV 2SLQLRQV 7LPHV /RQGRQ r 1HZ VLF@ PXVW UHFRQFLOH IRU KLPVHOI… ,Q ZKDW IROORZV LW VKRXOG EHFRPH FOHDUHU ZK\ WKHUH LV LQ IDFW QR WHQVLRQ EHWZHHQ WKHVH WZR VSKHUHV IRU 6KD HVEXU\ r WKDW LV VR ORQJ DV RQH GRHV QRW WU\ WR UHGXFH RQH WR WKH RWKHU EXW OHDYHV WKHP GLVWLQFW





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV VHOIRUDV6KD HVEXU\VD\V”5(&2*1,=( DQG@DQ(QG…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r$/HWWHUFRQFHUQLQJ(QWKXVLDVP DQG6HQVXV&RPPXQLVDQ(VVD\RQWKH )UHHGRPRI:LWDQG+XPRXU rSUHSDUHWKHZD\WRWKHODVWr6ROLORTX\RU$GYLFHWRDQ$X WKRU rE\EULQJLQJKRPHWKHQHHGIRUWKHUHDGHUnVWXUQLQZDUGDQGKLVFRQVHTXHQWLQ VSHFWLRQRIKLPVHOIWKHPHWKRGRIZKLFKLVDUWLFXODWHGLQDQGDV6ROLORTX\7RWKLVHQGWKH /HWWHUDQG6HQVXV&RPPXQLVDUHJLYHQWKHPRVWDFFHVVLEOHWKHHSLVWRODU\IRUP(DFKLVDG GUHVVHGQRWWRDQLQGHWHUPLQDWHSXEOLFEXWWRDIULHQGZKLFKDOORZV6KD HVEXU\QRWRQO\ WRZULWHZLWKDGLUHFWQHVVWKDWZRXOGRWKHUZLVHEHLPSROLWHEXWDOVRWRDGGUHVVHDFKRIKLV UHDGHUVDVDIULHQG)RUE\OLVWHQLQJLQRQWKHwSULYDWHkWKRXJKWV6KD HVEXU\LVUHOD\LQJWRKLV IULHQGHDFKUHDGHULVGUDZQLQWR6KD HVEXU\nVUHHFWLRQVDQGDVLWZHUHVXEWO\LQGXFWHG LQWRWKHJHQWOHPHQnVFOXEDQGLWVJRRGKXPRUHGGHEDWHV%\WKLVPHDQV6KD HVEXU\PDNHV FOHDUWKHQHFHVVLW\RIVFUXWLQL]LQJRQHnVSDVVLRQVHVSHFLDOO\HQWKXVLDVP DQGWKHEHKDYLRUV

 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  &I 6KD HVEXU\ ”3ULQWHG

1RWHV… S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  Q  &KDUDFWHULVWLFV HG .OHLQ  S  Q  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  Q  r ZKHUH 6KD HVEXU\ DSSHDOV WR



$ULVWRWOHnV GH QLWLRQ RI WKH ZKROH LQ 3RHWLFV E





0LVFHOODQHD WRZKLFKWKH\JLYHULVH:LWKWKHDLGRIUDLOOHU\RU”WKH7HVWRI5LGLFXOH…WKLVVFUXWLQ\LV FDUULHGRXWWRGHWHUPLQHKRZPXFKRIZKDWRQHEHOLHYHVLVWDLQWHGE\LPSRVWXUH+XPRULV WKHNH\WRWKLVXQGHUWDNLQJWREHVXFFHVVIXORQHPXVWEHRIJRRGKXPRUIRUJUDYLW\RULOO KXPRU EOLQGVRQHWRWKHWUXWKFDXVLQJRQHLQVWHDGWREHLQWROHUDQWDQGVHOVK*RRGKX PRULVWKHSURGXFWRIOLEHUW\$QGLWLVOLEHUW\QHYHUSURWHFWLRQLVPWKDW6KD HVEXU\UHJDUGV DVWKHHOHPHQWRIUHDVRQDQGWKXVRIWUXWK”$OO3ROLWHQHVVLVRZLQJWR/LEHUW\:HSROLVK RQHDQRWKHUDQGUXERRXU&RUQHUVDQGURXJK6LGHVE\DVRUWRIDPLFDEOH&ROOLVLRQ7RUH VWUDLQ WKLV LV LQHYLWDEO\ WR EULQJ D 5XVW XSRQ 0HQV 8QGHUVWDQGLQJV n7LV D GHVWUR\LQJ RI &LYLOLW\ *RRG %UHHGLQJ DQG HYHQ &KDULW\ LWVHOI XQGHU SUHWHQFH RI PDLQWDLQLQJ LW… :KLOH VXFK FROOLVLRQV DUH DQLPDWHG E\ ”FRPPRQ VHQVH… RU ”WKH .QRZOHGJ RI 3XEOLFN *RRG…6KD HVEXU\VHHNVWRVKRZWKDWWKH”UVW.QRZOHGJ…LVRIRXUVHOYHVrWKDWWKLVLV ZKHUHRQHKDVWREHJLQ7KHPHWKRGIRUDFKLHYLQJVHOINQRZOHGJHLVDJDLQZKDW6KD HV EXU\WHUPVwVROLORTX\k,WLV”WKH%XVLQHVVRI6HOI'LVVHFWLRQ…ZKHUHE\RQH”EHFRPHVWZRGLV WLQFWSHUVRQV+HLV3XSLODQG3UHFHSWRU+HWHDFKHVDQGKHOHDUQV…)RU6KD HVEXU\WKLVLV SUHFLVHO\ZKDWLVFDOOHGIRULQWKH'HOSKLFRUDFOHnVw.QRZWK\VHOIkrZKLFKLQ6KD HVEXU\nV WKRXJKWQRWRQO\UHDGV”5(&2*1,=( 93RQFH DJDLQ@… $XVJHKHQGYRQGHQLQGHU 9LWD3ORWLQLGHV3RUSK\ULRVEHVFKULHEHQHQXOWLPDYHUED 3ORWLQVHUÏQHWHVLHHLQH'LVNXVVLRQÕEHUGLHYRQ-HDQ3ÂSLQYHUWUHWHQH$XIIDVVXQJGLHVHU 6WHOOH ZRQDFK KLHU DXI GLH 5ÕFNNHKU GHU ,QGLYLGXDOVHHOH LQ GLH JÏWWOLFKH 6HHOH DQJHVSLHOW ZHUGH'n$QFRQD&RVWDZLHVLP5HNXUVDXI]HQWUDOH3ORWLQLVFKH7H[WHDXISKLORVRSKLVFKH 3UREOHPH LP .RQWH[W GHU )UDJH KLQ RE HWZDV ,QGLYLGXHOOHV LQ GDV ,QWHOOLJLEOH HLQJHKHQ NÏQQH8PVWULWWHQLVWELVKHUREHVIÕU3ORWLQHLQH$UWw,GHHGHV,QGLYLGXXPVkJLEWVRGD¸ HLQH GHUDUWLJH 5ÕFNNHKU GHU LQGLYLGXHOOHQ 0HQVFKHQVHHOH PÏJOLFK Z½UH 'LH $XVVDJHQ





.RQJUH¸EHULFKWH 3ORWLQV ]XU ,GHHQOHKUHEDVLHUHQ ]ZDU DXI GHU $QQDKPH GD¸ ,GHHQ NHLQH ,QGLYLGXHQ VLQG GRFKELHWHWHUHLQH/ÏVXQJGHV3UREOHPVDQZHQQHUHLQHNRQWLQXLHUOLFKH9HUELQGXQJMH GHUrVHOEVWGHULQNRUSRULHUWHQrPHQVFKOLFKHQ6HHOH]XULQWHOOLJLEOHQ5HDOLW½WEHWRQW-HGH 6HHOHKDEHVRPLWHLQHQ7HLOGHUQLFKWDEJHVWLHJHQVHL'LHVHVLQJXO½UHGHQJÏWWOLFKHQ&KD UDNWHUGHU6HHOHVRZLHGHUHQ(LJHQVW½QGLJNHLWLQUHOLJLÏVHQ%HODQJHQEHWRQHQGH0HLQXQJ 3ORWLQV OÏVWH KH LJH .ULWLN LQ GHQ 5HLKHQ GHU VS½WHUHQ 1HXSODWRQLNHU YRU DOOHP EHL 3URNORVDXV  %HVRQGHUHV$XJHQPHUNDXIGLHYLHOGLVNXWLHUWHQUHOLJLÏVHQ$VSHNWHLQQHUKDOEGHVVS½WHUHQ 1HXSODWRQLVPXV OHJWH $QQH 6KHSSDUG ”,PDJH DQG $QDORJ\ LQ /DWHU 1HRSODWRQLVP…  6LH ZLHVGDUDXIKLQGD¸RQWRORJLVFKH%HJULHGXUFKDXVLQXQWHUVFKLHGOLFKHQ.RQWH[WHQYHUZHQ GHWZHUGHQ6RLVWGLH9HUZHQGXQJPHWDSK\VLVFKHU7HUPLQLZLHwIeOÉRkwTEV„HIMKQEkXQG wƒREPSKfEk  DXV 3ODWRQV 7LPDLRV  EHL $XWRUHQ ZLH 3URNORV GHP DQRQ\PHQ 9HUIDVVHU GHU 3UROHJRPHQDLQ3ODWRQHPVRZLHEHL2O\PSLRGRUIÕU6DFKYHUKDOWHYRQ.XQVWXQG/LWHUDWXUHU NHQQEDU'LHPHWDSK\VLVFKH.RQQRWDWLRQGLHVHU%HJULHEOHLEWMHGRFKZHLWHUKLQEHVWHKHQ (LQGHUDUWLJHU7UDQVIHUZLUGQXUYRUHLQHP+LQWHUJUXQGYHUVW½QGOLFKGHU3KLORVRSKLH5H OLJLRQ/LWHUDWXUXQG.XQVWQLFKWDOVVHSDUDWH(LQ]HOZLVVHQVFKD HQVRQGHUQDOVXQWHUVFKLHG OLFKH )DFHWWHQ HLQ XQG GHUVHOEHQ 7KHRULD EHJUHL  (LQH EHVRQGHUV HQJH 9HUELQGXQJ YRQ 3KLORVRSKLHXQG5HOLJLRQO½¸WVLFKDQKDQGHLQHU3DVVDJHEHL3VHXGR'LRQ\VLRV$UHRSDJLWHV EHOHJHQLQGHUVLFKGXUFKGLH9HUELQGXQJPHWDSK\VLVFKHUXQGUHOLJLÏVHU$VSHNWHGHU%H JULH wIeOÉRk wTEV„HIMKQEk XQG wƒREPSKfEk GHXWOLFKH 6SXUHQ GHV (LQXVVHV GHU 3URNOL VFKHQUI[VfE]HLJHQ6RVWHOOWVLFKLQGHUSODWRQLVFKHQ7UDGLWLRQYRQ3ODWRQELV3URNORVGDV 9RUKDQGHQVHLQ ]ZHLHU QHEHQHLQDQGHU H[LVWLHUHQGHU .RQ]HSWH GHV *ÏWWOLFKHQ GDU s (V KDQGHOWVLFKKLHUZLH/OR\G*HUVRQ”7KH3UHVHQFHDQGWKH$EVHQFHRIWKH'LYLQHLQWKH 3ODWRQLF7UDGLWLRQ… GDUOHJWHXPNRQNUHWHZLHDEVWUDNWH)RUPHQGHU7KHRORJLHGLHLQXQ WHUVFKLHGOLFKHU:HLVHGLH3U½VHQ]XQGGLH$EVHQ]GHV*ÏWWOLFKHQIRNXVVLHUHQ%DVLHUHQGDXI GHU$QQDKPHEHLGHQ*ÏWWHUQKDQGOHHVVLFKXPDX¸HURUGHQWOLFKH3HUVRQHQIXQJLHUWGDV *HEHW DOV 0LWWHO GHU .RPPXQLNDWLRQ (V VFKD$ GLH 3U½VHQ] GHV GXUFKDXV NRQNUHW QLFKW PHWDSK\VLVFK YHUVWDQGHQHQ *ÏWWOLFKHQ *HJHQV½W]OLFK KLHU]X HUVFKHLQW GLH 9RUVWHOOXQJ QDFKGHUGLH*ÏWWHUQLFKWSHUVÏQOLFKJHGDFKWZHUGHQ'LH3U½VHQ]E]Z$EVHQ]GHV*ÏWWOL FKHQPDQLIHVWLHUWVLFKYLHOPHKULQGHUHQWVSUHFKHQGHQ$QRGHU$EZHVHQKHLWGHV,QWHOOLJL EOHQLP9HUK½OWQLV]XUVLQQOLFKHQ:HOW'LHGHQNRQNUHWHQSUDNWLVFKUHOLJLÏVHQ$VSHNWGHV *HEHWHVXPIDVVHQGHVRZLHGLHUHLQPHWDSK\VLVFKH.RQ]HSWLRQGHV*ÏWWOLFKHQrEHLGHVLQG LQGHUSODWRQLVFKHQ7UDGLWLRQGXUFKZHJEHOHJEDUrVLQGVRPLWDOVNRPSOHPHQW½U]XEHZHU WHQs$XFK-RKQ'LOORQWKHPDWLVLHUWHGLH5ROOHGHV*HEHWVXQGGHU5HOLJLRQIÕUGLHQHX SODWRQLVFKHQ3KLORVRSKHQ”7KH1HRSODWRQLF3KLORVRSKHUDW3UD\HU… $XVJHKHQGYRQGHU LQ GHQ 'LDORJHQ 3ODWRQV JUHLIEDUHQ UHOLJLÏVHQ 3UD[LV GHV 6RNUDWHV XQWHUVXFKWH HU 3ORWLQV ZHLWHUJHID¸WH9RUVWHOOXQJYRQw*HEHWkGLHQLFKWDOVNRQNUHWHVUHOLJLÏVHV'HQNHQXQG+DQ GHOQVRQGHUQYLHOPHKULP6LQQHYRQUI[VfEXQG.RQWHPSODWLRQ]XYHUVWHKHQVHL,QGHQ 9RUGHUJUXQG UÕFNHQ GDEHL PHGLWDWLYH $VSHNWH GHV *HEHWV HLQ 3K½QRPHQ GDV LQ $QOHK QXQJDQ3LHUUH+DGRWGHQwH[HUFLFHVVSLULWXHOVk]XJHRUGQHWZLUG2EJOHLFK3ORWLQVLFKPLW VHLQHU $XDVVXQJ DXI 3ODWRQ VHOEVW EH]LHKW IÕKUW GLHVH GHQQRFK LP VS½WHUHQ 1HXSOD WRQLVPXVYRUDOOHPEHL,DPEOLFK]XHLQHP.RQLNWWKHRUHWLVFKHUXQGWKHXUJLVFKHU7HQ GHQ]HQ $QGHUV DOV 3ORWLQ VHW]W Q½POLFK ,DPEOLFK LP =XJH VHLQHU WKHXUJLVFKHQ *UXQGOH JXQJHQ HLQH VWXIHQDUWLJ JHELOGHWH *HEHWVKLHUDUFKLH YRUDXV ZHOFKH GLH 3KLORVRSKLH QXU PHKUDOVUHOLJLÏVHQ$NWHUVFKHLQHQO½¸W





0LVFHOODQHD  ,Q $XVHLQDQGHUVHW]XQJ PLW GHU QHXSODWRQLVFKHQ 6\QWKHWLVLHUXQJ XQG +LHUDUFKLVLHUXQJ YRQ3KLORVRSKLHXQG5HOLJLRQHQWZLU $XJXVWLQHLQHIÕUGHQFKULVWOLFKHQ%HUHLFKEHGHX WHQGH .RQ]HSWLRQ :LH 7KHUHVH )XKUHU ”$XJXVWLQ XQG GLH 3UD[LV GHV SKLORVRSKLVFKHQ 'LDORJV… GDUOHJWHGLHQWLKPGLHSODWRQLVFKH2QWRORJLHDOVSKLORVRSKLVFKHV)XQGDPHQWGHU FKULVWOLFKHQ7ULQLW½WVOHKUH'DEHLUHSU½VHQWLHUWGHU%HJULwSKLORVRSKLDkGLHJHLVWLJH*RWWHV YRUVWHOOXQJ=XJOHLFKLQWHJULHUW$XJXVWLQDEHUDXFKGLH9RUVWHOOXQJYRQUHOLJLRDOVNRQNUHWHU *RWWHVYRUVWHOOXQJ XQG YRONVWÕPOLFKHU *RWWHVYHUHKUXQJ ZLH ]% GHU $QEHWXQJ &KULVWL 'LHVH .RQ]HSWLRQ YRQ LQWHOOHNWXHOOHP (UNHQQHQ XQG YRONVWÕPOLFKHP *ODXEHQ HUVFKHLQW MHGRFK QDFK $XJXVWLQ QXU LP &KULVWHQWXP PÏJOLFK QXU KLHU IDOOHQ SKLORVRSKLD XQG UHOLJLR QLFKW DXVHLQDQGHU 'HUHQ (LQKHLW LP 'HQNHQ $XJXVWLQV IÕKUW )XKUHU XQWHU %HUÕFNVLFK WLJXQJGHUOLWHUDULVFKHQ(LQNOHLGXQJDQKDQGGHUGUHL)UÕKGLDORJHYRU,QGLHVHQLQV]HQLHUW $XJXVWLQYRUGHU.XOLVVHYRQ&DVVLFLDFXPGDVDOV6]HQHULHGHULGHDOHQWYRSYWfEGLHQWGLH JHOHEWH9HUELQGXQJYRQSUDNWLVFKHU)UÏPPLJNHLWrLQ)RUPYRQ*HEHWHQXQG*HV½QJHQr ZHOFKHGLHJHLVWLJHQ9RUDXVVHW]XQJHQIÕUSKLORVRSKLVFKHV6XFKHQXQG(UNHQQHQHUVWVFKD$ XQGGHULQWHQVLYHQ%HVFK½ LJXQJPLW3KLORVRSKLH'DEHLZHLVHQDXFKRQWRORJLVFKH)UDJHQ LPPHUHLQHQGLUHNWHQ%H]XJ]XU/HEHQVZHOWDXI6RPLWZLUGGLHKDUPRQLVFKH6\QWKHWLVLH UXQJYRQ3KLORVRSKLHXQGSUDNWLVFKHU5HOLJLRQDOVYRUELOGOLFKHU/HEHQVIRUPEHVFKULHEHQ GLHIUHLOLFKQXU0LWJOLHGHUQGHUFKULVWOLFKHQ*HPHLQGHRHQVWHKW  'HQ JOHLFKHQ *HGDQNHQ YHUIROJWH 7KHR .REXVFK EHL VHLQHU 8QWHUVXFKXQJ GHV 6HOEVW YHUVW½QGQLVVHVGHUFKULVWOLFKHQ3KLORVRSKLH”&KULVWOLFKH3KLORVRSKLH'DV&KULVWHQWXPDOV )RUPSUDNWLVFKHU0HWDSK\VLN… 'LHVHYHUVWHKWVLFKDOV 9ROOHQGXQJGHUDQWLNHQYRU DOOHP GHUSODWRQLVFKHQ3KLORVRSKLH3KLORVRSKLHZLUGGDEHLHQWVSUHFKHQGGHPDQWLNHQ9HUVW½QG QLVDOV6HOEVWVRUJHLP6LQQHSUDNWLVFKHU$XVÕEXQJYHUVWDQGHQ'LHVLFKDE]HLFKQHQGH6\Q WKHVH YRQ SKLORVRSKLVFKHU 7KHRULH XQG OHEHQVZHOWOLFKHU 3UD[LV ELHWHW GHQ &KULVWHQ GLH 0ÏJOLFKNHLW DQ GHQ DOV ZHOWIHUQ VWLJPDWLVLHUWHQ 3ODWRQLNHUQ XQG GHUHQ (OLWHEHZX¸WVHLQ .ULWLN]XÕEHQ$N]HQWXLHUWZLUGGLHQHXDUWLJH5ROOHGHV&KULVWHQWXPVDOVHLQHVSKLORVR SKLVFKHQ $QJHERWHV IÕU DOOH 0HQVFKHQ RKQH GHUHQ QDWLRQDOH RGHU VR]LDOH =XJHKÏULJNHLW RGHU LKUH LQWHOOHNWXHOOH %HJDEXQJ LQ $QVFKODJ ]X EULQJHQ %HUHLWV GHU %HJUL w&KULVWHQ WXPkZHLVWDXI1DFKDKPXQJGHU3ODWRQLVFKHQ±QSf[WMNUIÚGHV*RWW½KQOLFKZHUGHQVKLQ :LHEHUHLWV3ORWLQEHLVHLQHU.ULWLNGHV$ULVWRWHOLVFKHQ0HWDSK\VLNEHJULHVGLH/HKUHYRQ GHU (LQVZHUGXQJ PLW GHP *ÏWWOLFKHQ YHUWUHWHQ KDW VR YHUVWHKW VLFK DXFK GLH FKULVWOLFKH 0HWDSK\VLNDOVw(SRSWLHk0HWDSK\VLNLVWVRPLWLP6LQQHYRQ0\VWDJRJLH]XYHUVWHKHQDOV HLQHGDV,QQHUHGHV0HQVFKHQWUDQVIRUPLHUHQGH6FKDXGHV*ÏWWOLFKHQGLHrQDFK*UHJRU YRQ1\VVDHLQHHQWVSUHFKHQGH8PJHVWDOWXQJGHU6HHOH]XU)ROJHKDW'DKHULVWQDFK.R EXVFKGHULQGHU6S½WDQWLNHPD¸JHEOLFKUHOHYDQWH$VSHNWGHUJHOHEWHQ3UD[LVGHPFKULVWOL FKHQ9HUVW½QGQLVYRQ0HWDSK\VLNYRQMHKHULQK½UHQW  'LH 5LYDOLW½W ]ZLVFKHQ FKULVWOLFKHQ XQG SDJDQHQ QHXSODWRQLVFKHQ .RQ]HSWLRQHQ EH OHXFKWHWH-HDQ3ÂSLQLQVHLQHP%HLWUDJ”$XJXVWLQHW3RUSK\UHVXUODYUDLHHWODIDXVVHFRQ YHUVLRQ…'LH.RQ]HQWUDWLRQDXIGHQEHUÕKPWHQ&KULVWHQJHJHQHU3RUSK\ULRVXQGDXI$X JXVWLQGHUQHXSODWRQLVFKH9RUVWHOOXQJHQFKULVWOLFKHQ/HKUHQHQWVSUHFKHQGPRGHOOLHUWXQG WUDQVIRUPLHUW HUZHLVW VLFK DOV EHVRQGHUV IUXFKWEDU $QKDQG ]DKOUHLFKHU 7H[WVWHOOHQ ]HLJWH 3ÂSLQDXIZLH$XJXVWLQXQG3RUSK\ULRVMHZHLOVÕEHU%HNHKUXQJKDQGHOQXQGZRULQLKUHU $XIIDVVXQJQDFKGDV:HVHQHLQHUZDKUHQXQGHLQHUIDOVFKHQ.RQYHUVLRQEHVWHKWs3KL OLSSH +RPDQQ XQWHUVXFKWH GLH IÕU 6LPSOLNLRV ZDKUH %HNHKUXQJ ”$VSHFWV UHOLJLHX[ GX FRPPHQWDLUHGH6LPSOLFLXVDX'HFDHORGn$ULVWRWH… $QKDQGYRQ6LPSOLNLRVn.RPPHQWDU ]XU6FKUL 'HFDHORGLHGLHVHU$ULVWRWHOHV]XVFKUHLEWDUEHLWHWH+RPDQQGLHLP*HQUHGHV





.RQJUH¸EHULFKWH .RPPHQWDUVJUHLIEDUHQUHOLJLÏVHQ(OHPHQWHKHUDXV(LQWKHRORJLVFKHU'LVNXUVZLUGQDFK YROO]LHKEDUGHUVRZRKO6XFKHQDFK:DKUKHLW^œXLWMNDOVDXFKGHUHQ(LQÕEXQJ†WOLWMN XPID¸W'LHVHU.RPPHQWDUÕEHUVFKUHLWHWMHGRFKGLHHWDEOLHUWHQ*UHQ]HQGHU*DWWXQJLQ GHPHUVLFK]XJOHLFKDXFKDOV+\PQXVDXIGHQ.RVPRNUDWRUXQGGHQ'HPLXUJHQSU½VHQ WLHUW6RPLWHUZHLVWVLFK6LPSOLNLRVn.RPPHQWDUDOVZHVHQWOLFKHUJHLVWLJHU$NWGHUUHOLJLÏV IXQGLHUWHQOHW]WOLFKSKLORVRSKLVFKHQ.RQYHUVLRQs'LH9HUELQGXQJYRQSUDNWLVFKHU$XV ÕEXQJUHOLJLÏVHUE]ZWKHXUJLVFKHU5LWHQXQG3KLORVRSKLHLP.RPPHQWDUGHV6LPSOLNLRV ]XP(QFKHLULGLRQ(SLNWHWVVHW]WH,OVHWUDXW+DGRWLQ%H]XJ]XGHQLQWHQGLHUWHQ$GUHVVDWHQ GLHVHU6FKUL ”'LH6WHOOXQJGHV1HXSODWRQLNHUV6LPSOLNLRV]XP9HUK½OWQLVGHU3KLORVRSKLH ]X 5HOLJLRQ XQG 7KHXUJLH…  $OV 9HUPLWWOXQJ VLWWOLFKHU *UXQGKDOWXQJHQ LVW GLHVHU .RP PHQWDUIÕU$QI½QJHULQGHUQHXSODWRQLVFKHQ3KLORVRSKLHNRQ]LSLHUW'DKHUZLUGGHUGRJ PDWLVFKH+LQWHUJUXQGLQ)RUPHLQHVKLVWRULVFKHQ$EULVVHVGDUJHERWHQVRZLHGDV9HUK½OWQLV GHU 3KLORVRSKLH ]XU 0DQWLN DOOJHPHLQ HUO½XWHUW (V QGHQ VLFK MHGRFK LP (SLNWHW.RP PHQWDU GHV 6LPSOLNLRV GHXWOLFKH .RQYHUJHQ]HQ PLW GHU WKHXUJLVFKHQ/HKUH GHV ,DPEOLFK GLH DQKDQG YRQ %HJULHQ ZLH w(UOHXFKWXQJk RGHU w$XIQDKPHI½KLJNHLWk VRZLH GXUFK GHQ +LQZHLV DXI GLH ZHFKVHOVHLWLJH :LUNXQJ YRQ 2SIHU XQG 2SIHUQGHP DXIVFKHLQHQ (QW VFKHLGHQGLVWGLH%HGHXWXQJGHULQQHUHQ+DOWXQJGHV2SIHUQGHQIÕUGLH:LUNVDPNHLWGHV 2SIHUV 'HU GLH VWUHQJHQ 5LWHQ 9ROO]LHKHQGH EUDXFKW (KUIXUFKW )UÏPPLJNHLW XQG QLFKW ]XOHW]W zTMWXœQL 'DEHL KDQGHOW HV VLFK QDFK +DGRW XP SKLORVRSKLVFKHV :LVVHQ GD DXFK QDFK,DPEOLFK+LHURNOHVXQG'DPDVNLRV7KHXUJLHRGHU7HOHVWLNRKQHGLHVHVZLUNXQJVORV VHLHQ%HUHLWVYRQ,DPEOLFKZDUGLH*HVDPWKHLWGHUKHLGQLVFKHQ.XOWHrDOVXQWHUVWH6WXIHr LQGDVWKHXUJLVFKH6\VWHPLQWHJULHUWZRUGHQZHOFKHV6LPSOLNLRVLQHLQHUIÕUGLH6WXGLHQDQ I½QJHUJHHLJQHWHQ:HLVHDGDSWLHUWXQGPRGL]LHUWKDWWH'DVHUNHQQEDUH=LHOGLHVHV(SLN WHW.RPPHQWDUVOLHJWLQGHU$QHLJQXQJGHUSROLWLVFKHQ7XJHQGHQDOVGHUHUVWHQ6WXIHGHV QHXSODWRQLVFKHQ 7XJHQGNDQRQV 'DEHL LVW GLHVH $QHLJQXQJ HQJ YHUEXQGHQ PLW GHU $XV ÕEXQJYRQ.XOWULWHQ$OVZLFKWLJHV(UJHEQLVDUEHLWHWH+DGRWKHUDXVGD¸GHQQRFKIÕUGLH LP .DQRQ QHXSODWRQLVFKHU /HKUHQ VS½WHU EHKDQGHOWH 0HWDSK\VLN GLH 3KLORVRSKLH DOV *UXQGODJHXQHUVHW]OLFKEOHLEWPDJDXFKGLH7KHXUJLHLQGHQ9RUGHUJUXQGJHWUHWHQVHLQ  0LW JUR¸HP *HZLQQ IÕU GDV 9HUVW½QGQLV YRU DOOHP GHU UHOLJLÏVHQ 3KLORVRSKLH GHV 3URNORVXQWHUVXFKW'RPLQLF-2n0HDUDGLH)XQNWLRQGHUSUDNWLVFKHQ5HOLJLRQLP5DK PHQ GHU LVODPLVFKHQ 3KLORVRSKLH DO)DUDELV ”5HOLJLRQ DOV $EELOG GHU 0HWDSK\VLN =XP QHXSODWRQLVFKHQ +LQWHUJUXQGGHU /HKUH DO)DUDELV…  'HVVHQ $XIIDVVXQJ 5HOLJLRQ VHL HLQ $EELOGGHU3KLORVRSKLHZLHVLHLQVHLQHP:HUN*UXQG]ÕJHGHU$QVLFKWHQGHU%ÕUJHUGHUYROO NRPPHQHQ6WDGW]XP7UDJHQNRPPWXQWHUVXFKWH2n0HDUDKLQVLFKWOLFKLKUHU7UDGLWLRQDOL W½W'RUW]HLJWVLFKHLQH'LHUHQ]LHUXQJ]ZLVFKHQGHQw/HLWHUQkGHU6WDGWGLHrDQDORJ]X 3ODWRQV3KLORVRSKHQNÏQLJHQrYROONRPPHQH(UNHQQWQLVKDEHQXQGDOV3URSKHWHQ2HQ EDUXQJHUIDKUHQXQGGHUHQw+LOIVOHXWHQkrHQWVSUHFKHQG3ODWRQV:½FKWHUQrGLHDQGHUSKL ORVRSKLVFKHQ(UNHQQWQLVLKUHU/HLWHUWHLOKDEHQXQGGLHVHVLFKDQHLJQHQNÏQQHQVRZLHGHQ ÕEULJHQ%ÕUJHUQGLHQLFKW]XUSKLORVRSKLVFKHQZRKODEHU]XUV\PEROLVFKHQ(UIDVVXQJYRQ *UXQGZDKUKHLWHQLPVWDQGHVLQG$O)DUDELVFKUHLEWGLHVH/HKUHGHUw7KHRULHGHU$OWHQk]X :LH2n0HDUDSODXVLEHOPDFKWHVFKHLQWDO)DUDELVLFKKLHUEHLDXI3URNORV]XEH]LHKHQGHU GLH %HOHKUXQJ GXUFK 6\PEROH LQ HLQHU EHUÕKPWHQ 3DVVDJH VHLQHU 7KHRORJLD 3ODWRQLFD ,   YRUIÕKUW GRUW DEHU NHLQH VFKDUIH 7UHQQXQJ ]ZLVFKHQ V\PEROLVFKHU XQG DEELOGHQGHU 8Q WHUZHLVXQJYRUQLPPW,Q$QOHKQXQJDQ3ODWRQGLHQHQLKPGLHrDXFKSKLORVRSKLVFKNRU UHNWHQr0\WKHQGHUUHOLJLÏVHQ(U]LHKXQJGHVJHPHLQHQ9RONHV(V]HLJWVLFKDOVRGD¸5H OLJLRQQLFKWQXUDOV$EELOGGHU3KLORVRSKLHJHOWHQVRQGHUQDXFKHLQHZLFKWLJH(U]LHKXQJV





0LVFHOODQHD IXQNWLRQLP6WDDWÕEHUQHKPHQNDQQ'LH5HOLJLRQYHUPLWWHOWELOGKD SKLORVRSKLVFKH:DKU KHLWHQ XQG LVW DXFK 3KLORVRSKHQ GLH NHLQH ELOGKD H %HOHKUXQJ EUDXFKHQ EHLP $XIVWLHJ ]XP*ÏWWOLFKHQGLHQOLFK  =XP'LVNXUVXPGDVUHFKWH9HUK½OWQLVYRQ3KLORVRSKLHXQGUHOLJLÏVHU3UD[LVJHVHOOWVLFK LQGHU6S½WDQWLNHYRUDOOHPVHLWGHP-DKUKXQGHUWQ&KUGHU'LVNXUVXPGLHSKLORVR SKLVFKGRJPDWLVFKH$XVHLQDQGHUVHW]XQJ]ZLVFKHQVS½WDQWLNHP1HXSODWRQLVPXVXQG&KUL VWHQWXP 'LH YLHOGLVNXWLHUWH =XJHKÏULJNHLW GHV 3ODWRQLNHUV &DOFLGLXV ]XP &KULVWHQWXP ZDU*HJHQVWDQGGHU8QWHUVXFKXQJYRQ*UHWFKHQ5H\GDPV6FKLOV”&DOFLGLXV&KULVWLDQXV" *RG0DWWHUDQG%RG\… 6HLQH6RQGHUUROOHPDQLIHVWLHUWVLFKQLFKW]XOHW]WGDULQGD¸HUDOV GXUFKDXVHLJHQVW½QGLJHU$XWRUZHGHUHLQGHXWLJDOV&KULVWQRFKDOVRUWKRGR[HUSODWRQLVFKHU 3KLORVRSKLGHQWL]LHUEDULVW5H\GDPV6FKLOVVWHOOWHGDVSDUDGR[H(UJHEQLVYRUGD¸&DOFL GLXVDOV3ODWRQLNHUHLQHQ'XDOLVPXVYHUWUHWHQXQGGHP]HLWJHQÏVVLVFKHQ3ODWRQLVPXVHQW VSUHFKHQGYRUDOOHPDQ 0HWDSK\VLNLQWHUHVVLHUWVHLQPX¸&DOFLGLXVHQWIHUQWVLFKDEHULP /DXIHVHLQHUSKLORVRSKLVFKHQ'DUVWHOOXQJVFKULWWZHLVHYRP'XDOLPXVGHUVRJDUUHJHOUHFKW PLQLPLHUWZLUG6RGHQLHUWHUGLH5ROOHGHV.ÏUSHUVGHU0DWHULHQLFKWDOV3ULQ]LSVRQ GHUQOHGLJOLFKDOV'HULYDW$QGHUVDOVFKULVWOLFKH3KLORVRSKHQMHGRFKVXFKW&DOFLGLXVQLFKW QDFKHLQHU9HUELQGXQJGHUGUHLKÏFKVWHQ3ULQ]LSLHQGXUFKHLQXQGGDVVHOEHJÏWWOLFKH3ULQ ]LSXQGHUNO½UWGLHQLHGHUHQJÏWWOLFKHQ.U½ HQLFKWDQDORJ]XP/RJRV  0DWWKLDV %DOWHV XQWHUVXFKWH DQKDQG GHU WKHRORJLVFKHQ 6FKUL HQ GHV0DULXV 9LFWRULQXV GHVVHQ$XVHLQDQGHUVHW]XQJPLWGHP$ULDQLVPXV”=XU3KLORVRSKLHGHV0DULXV9LFWRULQXV LQVHLQHQWKHRORJLVFKHQ6FKUL HQ… $OVNWLYHU%ULHISDUWQHUGHUGLH6DFKHGHU$ULDQHUYHU WULWW IXQJLHUW &DQGLGXV %HL VHLQHU $UJXPHQWDWLRQ EHGLHQW VLFK 0DULXV QHXSODWRQLVFKHU /HKUHQXPGLHHLJHQH3RVLWLRQ]XYHUGHXWOLFKHQ$QKDQGGHU7ULQLW½WVOHKUH]HLJWH%DOWHV GLHJUR¸HµEHUHLQVWLPPXQJGHUEHLGHQ3RVLWLRQHQKLQVLFKWOLFKGHU/HKUHYRQ*RWW9DWHU DXIPDJDXFK0DULXVGLH7UDQV]HQGHQ]GHVVHOEHQVW½UNHUEHWRQHQ(LQPD¸JHEOLFKHU8Q WHUVFKLHG EHVWHKW IUHLOLFK LQ GHU )UDJH QDFK GHU =HXJXQJ GHV 6RKQHV :½KUHQG &DQGLGXV GLH=HXJXQJGHV6RKQHVGXUFKGHQ9DWHUOHXJQHWGHULQVHLQHU8QYHU½QGHUOLFKNHLWGXUFK HLQHQ =HXJXQJVDNW HLQH 9HU½QGHUXQJ HUIDKUHQ ZÕUGH XQG VRPLW IÕU HLQH w6FKDXQJ GHV 6RKQHVDXVGHP1LFKWVkSO½GLHUWYHUWHLGLJW0DULXV9LFWRULQXVGLH=HXJXQJGHV6RKQHV,Q GHPHUKLHUDXIGLH6XEVWDQ]JOHLFKKHLWFRQVXEVWDQWLDOLWDV  YRQ 9DWHUXQG 6RKQ KLQZHLVW GH PRQVWULHUWHUVHLQQHXSODWRQLVFKHV=HXJXQJVYHUVW½QGQLV'HP]XIROJHJHKWGDV9HUXUVDFKWH DXVVHLQHU8UVDFKHKHUYRUZHOFKHVHOEVWMHGRFKXQYHU½QGHUOLFKEOHLEW$XII½OOLJLVWEHLGLH VHU'LVNXVVLRQ]ZLVFKHQ&DQGLGXVXQG0DULXVGLHXQEHGHXWHQGH5ROOHGHUGULWWHQ+\SR VWDVHGHVKHLOLJHQ*HLVWHV'DVLFKEHL0DULXVnµEHUWUDJXQJGHUQHXSODWRQLVFKHQ7ULDVHV VH YLYHUH LQWHOOHJHUH  DXI GLH 7ULQLW½W DEHU 'LVNUHSDQ]HQ KLQVLFKWOLFK GHU6XEVWDQ]JOHLFKKHLW XQG GHV 9HUK½OWQLVVHV YRQ %LOG XQG $EELOG HUJHEHQ VWHOOWH %DOWHV GLH HLJHQWÕPOLFKH 3U½ JXQJ GHV YRQ 0DULXV ]XJUXQGHJHOHJWHQ QHXSODWRQLVFKHQ 0RGHOOV KHUDXV 'DEHL HUJHEHQ VLFK YLHOH *HPHLQVDPNHLWHQ PLW GHP 0RGHOO 3ORWLQV XQG 3RUSK\ULRVn DEHU DXFK HLQLJH 8QWHUVFKLHGH%DOWHVZHLVWKLHUDXIGLH1XPHQLRV$QNO½QJHVRZLHDXIGLHÕEHUDXV]DKOUHL FKHQµEHUHLQVWLPPXQJHQPLWGHUQHXSODWRQLVFKHQ3KLORVRSKLHGHVDQRQ\PHQ.RPPHQ WDUV]XP3ODWRQLVFKHQ3DUPHQLGHVKLQGHULQHLQHP7XULQHU3DOLPSVHVWHUKDOWHQJHEOLHEHQ LVW=HLWOLFKNDQQGDVYRQ0DULXVEHQXW]WH0RGHOOPLWJUR¸HU6LFKHUKHLW]ZLVFKHQ3RUSK\ ULRVXQG6\ULDQDQJHQRPPHQZHUGHQs0LW½KQOLFKHP$QVDW]XQWHUVXFKWH&ODXGLR0R UHVFKLQL(LJHQDUWXQG)XQNWLRQQHXSODWRQLVFKHU3KLORVRSKLHLQGHQWKHRORJLVFKHQ6FKULI WHQ GHV %RHWKLXV ”)LORVRD SDJDQD H WHRORJLD FKULVWLDQD QHJOL 2SXVFXOD 7KHRORJLFD GL %RH ]LR…  'LH LQ GLHVHQ 6FKUL HQ EHKDQGHOWHQ SKLORVRSKLVFKHQ 3UREOHPH ZLH ]% GLH FKUL





.RQJUH¸EHULFKWH VWRORJLVFKH)UDJHVRZLHGLH/ÏVXQJVYHUVXFKHGHV%RHWKLXVVLQGHQWJHJHQGHUK½XJHQ$Q QDKPH QLFKW YRU GHP +LQWHUJUXQG YRUDXVJHJDQJHQHU WKHRORJLVFKHU 'LVNXVVLRQHQ LQQHU KDOEGHUFKULVWOLFKHQ.LUFKHVRQGHUQYLHOPHKULP=XVDPPHQKDQJPLWGHUSDJDQHQJULH FKLVFKHQ3KLORVRSKLH]XEHZHUWHQ0RUHVFKLQLXQWHUVWULFKGDEHLGLHK½XJH%H]XJQDKPH GHV%RHWKLXVDXIGLH$UEHLWHQGHV0DULXV9LFWRULQXV'RFKDX¸HUHLQHP5ÕFNJULDXISOD WRQLVFKH .RQ]HSWLRQHQ ZLH ]% KLQVLFKWOLFK GHU ,GHQWL]LHUXQJ GHV SODWRQLVFKHQ µRX[N ËRPLWGHPFKULVWOLFKHQ.RQ]HSWDXV([”LFKELQGHULFKELQ… LVWQLFKW]XOHW]WGLH 9HUZHQGXQJDULVWRWHOLVFKVWRLVFKHU0LVFKXQJVWKHRULHQDXIVFKOX¸UHLFKZLH%RHWKLXVVLHDXI GLH&KULVWRORJLHGHV1HVWRULXV DQZHQGHW'LHLQGHU$XVHLQDQGHUVHW]XQJPLWGHP3ODWR QLVPXV HUNHQQEDUH 3UREOHPDWLN KLQVLFKWOLFK GHV .RQ]HSWHV GHU VXEVLVWHQWLD GLH LP ]HLWJH QÏVVLVFKHQ3ODWRQLVPXVIÕU¹T³WXEWMNYHUZHQGHWEHL0DULXV9LFWRULQXVKLQJHJHQPLWwDE VROXWHU([LVWHQ]kJOHLFKJHVHW]WZLUGERW0RUHVFKLQL5DXPIÕUHLQHJUÕQGOLFKH%HWUDFKWXQJ OH[LNDOLVFKHU3UREOHPHEHL%RHWKLXV'DEHLXQWHU]RJHUEHVRQGHUVGLH6HPDQWLNGHV6HLQV HVVH  HLQHU HLQJHKHQGHQ :ÕUGLJXQJ s $XI SKLORVRSKLHJHVFKLFKWOLFK EHGHXWVDPH 0R GLNDWLRQHQKLQVLFKWOLFKGHU%HVWLPPXQJGHVKÏFKVWHQ3ULQ]LSVKRE7KRPDV/HLQNDXIDE ”'DV KÏFKVWH 3ULQ]LS DOV UHLQHV 6HLQ >3RUSK\ULRV@ 9LFWRULQXV %RHWKLXV…  :½KUHQG EHL $ULVWRWHOHVGDV(LQHQRFKOHGLJOLFKDOV+LOIVPLWWHOJLOWXPZLUNOLFK6HLHQGHVLQ%H]LHKXQJ ]XHLQDQGHU ]X VHW]HQZLUG HV LQ GHU VNHSWLVFKHQ  $NDGHPLH XQG YRU DOOHP LP 0LWWOHUHQ 3ODWRQLVPXVÕEHURGHUMHQVHLWVGHV6HLQVDQJHVLHGHOWXQGHUI½KUWVRPLWHLQHXQJHKHXHUEH GHXWVDPH$XIZHUWXQJ'LHQHXSODWRQLVFKH%HVWLPPXQJGHV(LQHQZLUGGXUFK3ORWLQPD¸ JHEOLFKJHSU½JWGHUGDV(LQHDOV8UJUXQGVFKDUIYRP6HLQDOVHUVWHP +HUYRUJHJDQJHQHP DEVHW]W:LH/HLQNDXI]HLJWHZLUGHUVWKLHUGHUVXEVWDQWLYLHUWH ,QQLWLYw6HLQkIREM ]XU %HJULVEHVWLPPXQJLQGLH'LVNXVVLRQHLQJHIÕKUW'LHVHUNDQQIÕUHLQG\QDPLVFKHVRQWR ORJLVFKHV3RWHQWLDOHLQVWHKHQ)UDJOLFKEOHLEWDOOHUGLQJVREGHUSODWRQLVFKDULVWRWHOLVFKH%H JUL wSºWfEk WUDJI½KLJHU LVW 'LHVH 3UREOHPDWLN YHUIROJWH /HLQNDXI DQKDQG GHV DQRQ\PHQ 3DUPHQLGHV.RPPHQWDUHVGHV7XULQHU3DOLPSVHVWHVDQKDQGGHU3KLORVRSKLHGHV0DULXV9LF WRULQXV VRZLH GHU GLHUHQ]LHUWHQ 'DUVWHOOXQJ EHL %RHWKLXV XQG GHU PLWWHODOWHUOLFKHQ (QW ZLFNOXQJGHV%HJULVYRPKÏFKVWHQ6HLQGDVVWHWVPLWGHPHUVWHQ3ULQ]LSYHUEXQGHQLVW $OV(UJHEQLVNULVWDOOLVLHUWVLFKGLH(UNHQQWQLVKHUDXVGD¸GLH(LQVHW]XQJGHV,QQLWLYVwVHLQk GXUFKDXVGLH,QWHQVLYLHUXQJGHU8QEHVWLPPWKHLWXQG8QEHJUHQ]WKHLWGHVJÏWWOLFKHQ:H VHQVZLGHUVSLHJHOWs(LQH½KQOLFKH$EVSLHJHOXQJGHV/RJRVLPVSUDFKOLFKHQ$XVGUXFNOLHJW DXFK GHP .RPPHQWDU GHV 2ULJHQHV ]XP -RKDQQHVHYDQJHOLXP ]XJUXQGH :LH 3DGUDLJK 2n&OHLULJKGDUOHJWHVWHKHQLQGLHVHP7H[WGLHUKHWRULVFKGLDOHNWLVFKHQ6WUXNWXUHQLQHQJ VWHP%H]XJ]XPGDUJHVWHOOWHQ,QKDOW$QKDQGGHUH[HPSODULVFKHQ)RUPHQGHVw9HUJOHLFKHVk XQG GHU w'LJUHVVLRQk ]HLFKQHW VLFK GLH (EHQELOGOLFKNHLW YRQ 6SUDFKH XQG /RJRV JDQ] LP 6LQQHGHU6SUDFKSKLORVRSKLHDE:½KUHQGPLWw9HUJOHLFKkHLQ0HGLXPEH]HLFKQHWZLUGGDV 9LHOIDOWVXEVXPLHUHQVROOVROOw'LJUHVVLRQk9LHOIDOWHU]HXJHQ2n&OHLULJKDUEHLWHWHLQHLQHU JUÕQGOLFKHQ 6WLODQDO\VH GLH LQ GHU )RUVFKXQJ ELVKHU QLFKW EHUÕFNVLFKWLJWHQ OLWHUDULVFKHQ 6WUDWHJLHQGHV2ULJHQHVKHUDXV'DEHLZLHVHUGDUDXIKLQGD¸2ULJHQHVVHLQH*HGDQNHQLQ GHU6HW]XQJHLQHVEHVWLPPWHQ6WLOVUHHNWLHUWXQGGDULQGLH:HLVKHLWGHU%LEHOQDFKDKPW  'HULQGHU*HQHVLVEHVFKULHEHQHSDUDGLHVLVFKH%DXPGHU(UNHQQWQLVV\PEROLVLHUWGLH(U NHQQWQLVSUREOHPDWLN GHV &KULVWHQWXPV &DUORV 6WHHO KLQWHUIUDJWH LQ VHLQHP $EHQGYRUWUDJ ”'HU%DXPGHU(UNHQQWQLVGHV*XWHQXQG%ÏVHQ&KULVWOLFKHXQGQHXSODWRQLVFKH'LVNXV VLRQHQÕEHUGHQ8UVSUXQJGHV%ÏVHQ… ZHOFKH$UWGHU(UNHQQWQLVYRQ*RWWYHUERWHQXQG ZDUXPGLHVH(UNHQQWQLVGHV*XWHQXQG%ÏVHQPLW6ÕQGHJOHLFKJHVHW]WZLUG'DEHL]HLFK QHW VLFK HLQH 9HUELQGXQJVOLQLH ]XP 6WXU] GHU 6HHOH DE ZLH HU LP 1HXSODWRQLVPXV YRU





0LVFHOODQHD DXVJHVHW]WZLUG1DFKSODWRQLVFKHUµEHU]HXJXQJLVWw6ÕQGHkMHGRFKQLFKWVDQGHUHVDOV8Q ZLVVHQKHLW 6RPLW ZLUG HLQ PD¸JHEOLFK ZLFKWLJHU 8QWHUVFKLHG ]ZLVFKHQ FKULVWOLFKHU XQG QHXSODWRQLVFKHU$XIIDVVXQJHUNHQQEDU:LH$XJXVWLQOHKUWUHVXOWLHUW%ÏVHVDXVGHUIUHLZLO OLJHQ $EZHQGXQJ GHU0HQVFKHQ YRQ *RWW PLWKLQ DXV HLQHU 3HUYHUVLRQ GHV :LOOHQV 'LH 0RWLYDWLRQ YRP YHUERWHQHQ %DXP ]X HVVHQ EHVWHKW IÕU GLH 0HQVFKHQ DOOHLQ LP 9HUERW GHVVHOEHQGHU*HQX¸OLHJWLQGHUµEHUWUHWXQJVHOEVW'DUDXVHQWZLFNHOW$XJXVWLQGDV.RQ ]HSWGHU(UEVÕQGH=DKOUHLFKH0RWLYHGLHHU]XU'DUVWHOOXQJGHV)DOOHVGHU6HHOHLQVHLQHU 6FKUL 'HWULQLWDWHYHUZHQGHWJHKHQDXI3ORWLQ]XUÕFNZHQQJOHLFKVLFKDXFK8QWHUVFKLHGH DE]HLFKQHQ )ROJHQUHLFK LVW GHU HUVW GXUFK GDV 9HUERW H[LVWLHUHQGH 8QWHUVFKLHG ]ZLVFKHQ *XWXQG%ÏVHE]Z]ZLVFKHQ*HKRUVDPXQG8QJHKRUVDP1RFKIÕU+HJHOLVWGLH(UEVÕQ GHPLWGHP*HLVWZHUGHQGHV0HQVFKHQGXUFKGDV(UNHQQHQYHUEXQGHQGDVMHGRFK6ÕQGH EOHLEW 1DFK $XIIDVVXQJ $XJXVWLQV JHKW GHU 0HQVFK QLFKW GXUFK GLH WDWV½FKOLFKH 6ÕQGH VRQGHUQ GXUFK GDV JÏWWOLFKH 9HUERW YRP YRUPRUDOLVFKHQ LQ GDV PRUDOLVFKH 6WDGLXP ÕEHU 'DEHL GLHUHQ]LHUW HU ]ZLVFKHQ GHU EHJULVP½¸LJHQ (UNHQQWQLV GHV %ÏVHQ XQG GHU (U IDKUXQJVHUNHQQWQLVGHV%ÏVHQ6WHHOIÕKUWHLQGLHVHP.RQWH[WDXFK$VSHNWHGHUSV\FKROR JLVFKHQ$QDO\VH.LHUNHJDDUGVÕEHUGLH(UEVÕQGHYRU5HOHYDQWVHLDEHUQLFKWGLH)UDJHQDFK *XW XQG %ÏVH VRQGHUQ GLH QDFK GHP :DKUHQ XQG )DOVFKHQ %HVRQGHUV DXII½OOLJ LVW GLH $PELYDOHQ] LQ GHU 6SUDFKH GHU ELEOLVFKHQ 6FKODQJH GLH PLW LKUHQ DQ $GDP XQG (YD JH ULFKWHWHQ:RUWHQ”LKUZHUGHWVHLQZLHGLH(ORKLP…DXIGLH5LFKWHUDQVSLHOWGLH]ZLVFKHQ *XWXQG%ÏVHXQWHUVFKHLGHQPÕVVHQ6WHHOERWVRPLWHLQHDXIGHUNRUUHNWHQ,QWHUSUHWDWLRQ GHVKHEU½LVFKHQ:RUWODXWHVEDVLHUHQGHNRQNXUULHUHQGH(UNO½UXQJ]XUHWDEOLHUWHQ0HLQXQJ DQGHU]XIROJH$GDPXQG(YDHLQw*RWWVHLQkLQ$XVVLFKWJHVWHOOWZXUGH  'DV GXUFK GDV &KULVWHQWXP PD¸JHEOLFK PRGL]LHUWH 9HUVW½QGQLV YRQ 3KLORVRSKLH XQG 0HWDSK\VLN HU]HXJW HLQ SKLORVRSKLHJHVFKLFKWOLFK EHGHXWVDPHV XQG IROJHQUHLFKHV 6SDQ QXQJVYHUK½OWQLV YRQ :HLVKHLW XQG 7KHRORJLH LP 0LWWHODOWHU $QGUHDV 6SHHU ”:HLVKHLW r 0HWDSK\VLNr7KHRORJLH(LQH$QIUDJHDXVPLWWHODOWHUOLFKHU6LFKW… XQWHUVXFKWHLQVHLQHP %HLWUDJ]XQ½FKVWDXVGHU3HUVSHNWLYHGHUODWHLQLVFKJHSU½JWHQRN]LGHQWDOHQ9RUVWHOOXQJGLH LQQHUH6SDQQXQJLP%HJULw:HLVKHLWkVHOEVW(UPDUNLHUWHPLWGHUVHLWGHU0LWWHGHV -DKUKXQGHUWVHLQVHW]HQGHQ$ULVWRWHOHVUH]HSWLRQHLQHQZLFKWLJHQ(LQVFKQLWWGDIRUWDQHLQH QHXH9HUVW½QGLJXQJÕEHUGHQ3KLORVRSKLHXQGGHQ7KHRORJLHEHJULQRWZHQGLJJHZRUGHQ ZDU8QWHU(LQEH]LHKXQJGHU1LNRPDFKLVFKHQ(WKLN%XFK; GHV$ULVWRWHOHVHUVFKHLQWHLQH GLUHNWH9HUELQGXQJYRQ:HLVKHLWXQG*OÕFNDOVRGLH3KLORVRSKLHVHOEVWDOVGLHHLQ]LJULFK WLJH /HEHQVIRUP 'LHVH QDFK 3LHUUH +DGRW GHQ ZDKUHQ *HLVW DQWLNHU 3KLORVRSKLH ZLGHU VSLHJHOQGH $XIIDVVXQJ LVW HUVW JHJHQ (QGH GHV  -DKUKXQGHUWV EHL %RHWKLXV YRQ 'DFLHQ JUHLIEDU 6SHHU ZLHV MHGRFK GDUDXI KLQ GD¸ DXFK LP IUÕKHQ 0LWWHODOWHU GLHVHV KLHU DXI VFKHLQHQGH6HOEVWYHUVW½QGQLVGHU3KLORVRSKLHDOV:HLVKHLWVS½GDJRJLNLPPHUVFKRQYRUKDQ GHQZDU)ÕU%RHWKLXVYRQ'DFLHQKDWZLHVFKRQEHL$ULVWRWHOHVGLH7KHRORJLHLKUHQ2UW LQGHUWKHRUHWLVFKHQ3KLORVRSKLH6LHVWHKWGRUWDQGHU6WHOOHGHU0HWDSK\VLN6RPLWZHUGHQ 2HQEDUXQJVZHLVKHLWHQDOV9HUQXQ ZDKUKHLWHQDOVRLQHLQHPXQLYHUVDOZLVVHQVFKD OLFKHQ .RQWH[WDXVJHVDJW'LHVHUXQJHNO½UWH7KHRORJLHEHJULLVWDEHUSUREOHPDWLVFKIÕUHLQ0LW HLQDQGHUYRQ0HWDSK\VLNXQG5HOLJLRQZLHHVGLHYRUDOOHPQHXSODWRQLVFKJHSU½JWH6S½W DQWLNHDXV]HLFKQHWHGHQQGDV&KULVWHQWXPEHDQVSUXFKWVHLWGHU6S½WDQWLNHGHQ5DQJHLQHU WKHRUHWLVFKIXQGLHUWHQ7KHRORJLH'LHELVLQV-DKUKXQGHUWDXI$XJXVWLQXQG%RHWKLXV ]XUÕFNJHKHQGH9HUNQÕSIXQJYRQVS½WDQWLNHU3KLORVRSKLHXQG&KULVWHQWXPGLHQDFK%R QDYHQWXUDDOV0RGHOOHLQHUVDSLHQWLDFKULVWLDQDIXQJLHUWEULFKWPLWGHUHLQVHW]HQGHQ$ULVWR WHOHVUH]HSWLRQ DXVHLQDQGHU (LQH 6\QWKHVH GHVFKULVWOLFKHQ 1HXSODWRQLVPXV HLQHV 3VHXGR





.RQJUH¸EHULFKWH 'LRQ\VLRV $UHRSDJLWHV PLW GHP DXWKHQWLVFKHQ 1HXSODWRQLVPXV HLQHV 3URNORV IÕKUW 6SHHU DQKDQG%HUWKROGVYRQ0RRVEXUJYRU'LHGDQQEHL0DUVLOLR)LFLQRJUHLIEDUH.RQNRUGDQ] YRQ 3KLORVRSKLH XQG 7KHRORJLH LVW MHGRFK DOV EHZX¸WHU 5ÕFNJUL DXI GHQ VS½WDQWLNHQ 1HXSODWRQLVPXV]XEHZHUWHQ$OVZLFKWLJH.RQVHTXHQ]IÕUGDV$EHQGODQGHUJLEWVLFKGDU DXVGLH)UHLVHW]XQJGHU7KHRORJLHDOV:LVVHQVFKD VRZLHHLQQHXHV9HUVW½QGQLVYRQ3KLOR VRSKLHDOV:LVVHQVFKD GLHVLFKMHGRFKQLFKWPHKUZLH]XYRUGXUFKHLQLQWHJUDWLYHV:HLV KHLWVYHUVW½QGQLV DXV]HLFKQHWs(LQ7DJXQJVEDQGGHUGLHJHKDOWHQHQVRZLHGUHLZHLWHUH %HLWU½JH XPID¸W ZLUG (QGH  LQ GHQ %HLWU½JHQ ]XU $OWHUWXPVNXQGH LP 6DXU9HUODJ HU VFKHLQHQ  ,UPJDUG0½QQOHLQ5REHUW:ÕU]EXUJ     1LFRODXV&XVDQXV]ZLVFKHQ'HXWVFKODQGXQG,WDOLHQ 1LFFROË&XVDQRWUD*HUPDQLDH,WDOLD  :LVVHQVFKD OLFKHV6\PSRVLRQDXV$QOD¸GHV*HEXUWVWDJHVGHV1LFRODXV&XVDQXV &RQYHJQRVFLHQWLFRLQRFFDVLRQHGHOVHLFHQWHVLPRDQQLYHUVDULR GHOODQDVFLWDGL1LFFROË&XVDQR 

&HQWUR,WDOR7HGHVFRw9LOOD9LJRQLk/RYHQRGL0HQDJJLR>&RPR@0½U]$SULO   &XVDQXV ZDU HLQ 'HXWVFKHU GHU IUÕK (XURS½HU ZXUGH VHLQHQ 0LWWHOSXQNW LQ 5RP KDWWH DEHU VHLQH +HUNXQ QLFKWYHUORUs.DUO-DVSHUV1LNRODXV&XVDQXV0ÕQFKHQ 6  'HUVHFKVKXQGHUWVWH-DKUHVWDJGHU*HEXUWGHV3KLORVRSKHQDXV.XHVKDWLQGHU3UHVVHJUR¸H %HDFKWXQJ JHIXQGHQ -H VFKZHUHU HV I½OOW DXV GHQ %HJULHQ YRQ 7ROHUDQ] XQG 5HVSHNW JDQJEDUH:HJHGHU9HUVW½QGLJXQJ]XJHZLQQHQGHVWRVHKQVÕFKWLJHUK½OWPDQQDFKJUR¸HQ *HVWDOWHQ $XVVFKDXGLHDOV/HLWELOGHUGLHQHQVROOHQ$EHUVROFKH)HLHUWDJHGHV*HZLVVHQV O½XWHQ QLFKW XQEHGLQJW HLQH YHUWLH H $XVHLQDQGHUVHW]XQJ PLW GHQ :HJHQ HLQ DXI GHQHQ (UQHXHUXQJLP'HQNHQKLVWRULVFKJHZRQQHQZXUGHRGHUPLWGHQ8PVW½QGHQXQWHUGH QHQGLHVHUKRKH)XQNWLRQ½UGHU.LUFKH]XGHQ]DKOUHLFKHQ%HW½WLJXQJHQGLHVHLQ$PWYRQ LKPYHUODQJWHZLHVHOEVWYHUVW½QGOLFKVWUHQJHV1DFKGHQNHQXQGLQWHQVLYHV(LQJHKHQDXIGLH %HVWUHEXQJHQVHLQHU8PZHOWKLQ]XIÕJWH,P*HJHQWHLO0HLVWKDWPDQHVQDFKGHU.DWKDU VLVGHV*HGHQNHQVVHKUHLOLJ]XU7DJHVRUGQXQJ]XUÕFN]XNHKUHQ  +LHUVROOWHGDVYRP*UDEPDQQ,QVWLWXWGHU8QLYHUVLW½W0ÕQFKHQYHUDQVWDOWHWH6\PSR VLRQ HLQHQ .RQWUDSXQNW VHW]HQ *HIUDJW ZXUGH :DV KDW GLH 3KLORVRSKLHKLVWRULH LP $XV JDQJYRQ&XVDQXV]XP1DFKGHQNHQÕEHU(XURSDEHL]XWUDJHQ"%HVFKU½QNWDXIGHQ$VSHNW GHU GHXWVFKLWDOLHQLVFKHQ %H]LHKXQJHQ LVW HV =HLW IÕU HLQH ”6\QWKHVH… GLH QDFK 0DUWLQ 7KXUQHU0ÕQFKHQ ,GHDWRUXQG2UJDQLVDWRUGHU9HUDQVWDOWXQJ”QLFKWQXUPÏJOLFKVRQ GHUQDXFKDXIVFKOX¸UHLFKXQGJHIRUGHUW…LVW  *HSODQW ZDU DOVR QLFKW HLQH )HLHU VRQGHUQ HLQH $UEHLWVWDJXQJ 'HU 2UW KLHUIÕU K½WWH QLFKWJOÕFNOLFKHUJHZ½KOWZHUGHQNÏQQHQ9LOOD9LJRQLDP&RPHU6HHLVWHLQ9HUP½FKWQLV GHV OHW]WHQ (UEHQ GHU )DPLOLH 9LJRQL DQ GLH %XQGHVUHSXEOLN XQWHU GHU $XI ODJH GRUW GLH 7½WLJNHLWGHV9HUPLWWHOQV]ZLVFKHQ,WDOLHQXQG'HXWVFKODQGZLHVLHLQGLHVHU)DPLOLH7UD GLWLRQKDWWHIRUW]XIÕKUHQ6HLWGHPWUHHQVLFKKLHUQLFKWQXU9HUWUHWHUGHUVFKÏQHQ.ÕQ VWH VRQGHUQ HEHQVR DUEHLWHQ 'HOHJDWLRQHQ EHLGHU /½QGHU DXV 3ROLWLN XQG $UEHLWVZHOW .RPSURPLVVHDXV]XYLHOHQGHU$NWLYLW½WHQNRRUGLQLHUWGXUFKGLH+LVWRULNHULQ&KULVWLDQH 



0LVFHOODQHD /LHUPDQQEULQJWGDVw&HQWUR,WDOR7HGHVFR9LOOD9LJRQLkHLJHQH3XEOLNDWLRQHQKHUDXV0LW GHU:DKOGLHVHV7DJXQJVRUWHVPDFKWHQGLH9HUDQVWDOWHUGHXWOLFK*HUDGHKLHUZR(XURSDLQ NOHLQHQXQGR PÕKVDPHQ6FKULWWHQJHPDFKWZLUGZROOHQZLUXQVGHU)UDJHQ½KHUQZLH ]XU=HLWGHV&XVDQHUVwHXURS½LVFKkJHGDFKWZXUGH  'HU(LQOHLWXQJVYRUWUDJYRQ&HVDUH9DVROL)ORUHQ] rDXV*HVXQGKHLWVUÕFNVLFKWHQPX¸WH VHLQ$XWRUGHU9HUDQVWDOWXQJIHUQEOHLEHQrKREKHUYRUGD¸GLH(LQEH]LHKXQJGHV&XVDQXV LQGLH%HWUDFKWXQJGHULWDOLHQLVFKHQ3KLORVRSKLHGHU5HQDLVVDQFHQRFKMXQJHQ'DWXPVLVW (U ZÕUGLJWH GLH %HLWU½JH GLH KLHU]X LQVEHVRQGHUH 3DXO 2VNDU .ULVWHOOHU XQG .XUW )ODVFK JHOHLVWHWKDEHQ'LH]XPJUR¸HQ7HLOQRFKXQEHNDQQWHQ:HJHGLHVHUZHFKVHOVHLWLJHQ(LQ X¸QDKPHHUIRUGHUQHLQHHUQHXWH9HUWLHIXQJLQGLH9HUHFKWXQJHQ]ZLVFKHQGHQ%LRJUD SKLHQYRQ3HUVRQHQMHQHU=HLWXQGLQGLH%H]ÕJH]ZLVFKHQLKUHQ6FKUL HQrHLQHYLHOYHU VSUHFKHQGH$UEHLWGLHHUODXEHQZLUGGDVUHLFKH3DQRUDPDGHU(SRFKHQHX]XOHVHQ  1DFK%HJUÕ¸XQJXQG(LQOHLWXQJIROJWHHLQJHGU½QJWHV3URJUDPPVWRUHLFKHU9RUWU½JHr JDQ]LP6LQQHHLQHUw$UEHLWVWDJXQJk'D¸VLFKGLHGDPLWYHUEXQGHQH(UVFKÏSIXQJGHU7HLO QHKPHUXQG*½VWHLQ*UHQ]HQKLHOWZDUGDV9HUGLHQVWHLQHUSHUIHNWHQ2UJDQLVDWLRQHLQHU H[TXLVLWHQ *DVWOLFKNHLW XQG HLQHU PÕKHORV ]X YHUIROJHQGHQ VLPXOWDQHQ µEHUVHW]XQJ GHU 9RUWU½JH  (LQHHUVWH*UXSSHYRQ%HLWU½JHQVWDQGXQWHUGHP7LWHO”(LQX¸GHUGHXWVFKHQXQGLWD OLHQLVFKHQ .XOWXU DXI &XVDQXV… +LHUEHL ZXUGH GHU )ODPH +HLPHULFK YDQ GHQ 9HOGH PLW HLQHU JHZLVVHQ *UR¸]ÕJLJNHLW XQWHU GLH wGHXWVFKHQk (LQÕVVH JH]½KOW ,Q VHLQHP 9RUWUDJ ”'LH%DVOHU6FKUL HQGHV+H\PHULFKGH&DPSRXQGGHU$QIDQJGHU3KLORVRSKLHGHV1LNR ODXVYRQ.XHV…GU½QJWH5XHGL,PEDFK3DULV GDUDXIGLHVHQ'HQNHUQLFKWO½QJHUDOVEOR¸HQ w9RUEHUHLWHUkGHU.RLQ]LGHQ]OHKUH]XVHKHQVRQGHUQZHLWHUHQVHLQHU6FKUL HQGLH(KUHGHU NULWLVFKHQ(GLWLRQ]XWHLOZHUGHQ]XODVVHQ6HLQHPDWKHPDWLVFKHQ6SHNXODWLRQHQVHLQHUH JHOUHFKWH w%HZHLVZXWk XQG GLH JUR¸H %HGHXWXQJ GLH HU GHU GHPRQVWUDWLR DG LPSRVVLELOH EHL PL¸WODVVHQYHUPXWHQGD¸HUIÕU&XVDQXVQLFKWQXUHLQJHOHJHQWOLFKHU,GHHQJHEHUVRQGHUQ HUQVW]XQHKPHQGHULQQHUHU*HVSU½FKVSDUWQHUEHLGHU(QWZLFNOXQJGHU.ULWHULHQYRQ:LVVHQ XQG1LFKWZLVVHQZDUs*UHJRULR3LDLD3DGXD HUZRJGLH6FKOÕVVHGLHVLFKGDUDXV]LHKHQ ODVVHQ GD¸ GHU 9RUWUDJ GHV &XVDQXV ÕEHU GLH VRJHQDQQWH .RQVWDQWLQLVFKH 6FKHQNXQJ YRU GHP %DVOHU .RQ]LO r ZHQLJH -DKUH YRU GHU EHUÕKPWHQ $EKDQGOXQJ /RUHQ]R 9DOODV r PLW JUR¸HU:DKUVFKHLQOLFKNHLWGXUFKGHQ3DGXDQHU-XULVWHQ5DDHOH)XOJRVLREHHLQX¸WZXU GH8QWHUGHP7LWHO”7UDLO)XOJRVLRHLO9DOODODFULWLFDFXVDQLDQDDOODw'RQDWLRk…YHUJOLFK 3LDLD GLH $QV½W]H GHU GUHL $XWRUHQ XQG NDP DXIJUXQG HLQHU DUJXPHQWDWLRQVDQDO\WLVFKHQ %HWUDFKWXQJGHU6WUDWHJLHGHV.XVDQHUV]XGHP6FKOX¸GHU-XULVW&XVDQXVKDEHHLQHUKLVWR ULVFKHQ .ULWLN DQ GHU 6FKHQNXQJ JHJHQÕEHU GHU MXULVWLVFKHQ .ULWLN GHQ 9RU]XJ JHJHEHQ XP HLQH HLQVHLWLJH 3DUWHLQDKPH IÕU GLH NDLVHUOLFKHQ ,QWHUHVVHQ ]X YHUPHLGHQ s :DOWHU +DXJ7ÕELQJHQ PDFKWHXQWHUGHU7KHPHQVWHOOXQJ”1LFRODXV&XVDQXV]ZLVFKHQ0HLVWHU (FNKDUWXQG&ULVWRIRUR/DQGLQR'HU0HQVFKDOV6FKÏSIHUXQGGHU:HJ]X*RWW…GHQ9RU VFKODJEHL&XVDQXVHLQHQ:HQGHSXQNWLQGHU%HWUDFKWXQJGHUVFKÏSIHULVFKHQ7½WLJNHLWGHV 0HQVFKHQ ]X VHKHQ &XVDQXV JHZLQQW GLH NUHDWLYHQ )½KLJNHLWHQ GHV 0HQVFKHQ DXV GHU w:HOWEHWUDFKWXQJkLQZHOFKHUGHU0HQVFKHQWZHUIHQGW½WLJLVWXQGOÏVWVLHGDPLWDXVGHU %LQGXQJDQGLH/HKUHYRP0HQVFKHQDOVLPDJR'HLs3DVTXDOH$UIÂ1HDSHO VSUDFKÕEHU ”1LFFROË&XVDQRHOnw$VFOHSLXVk…XQGGLH:HQGXQJZHOFKHGLHYRQ$OEHUWXV0DJQXVJH SU½JWHGXUFKGHQ$VFOHSLXVLQVSLULHUWH)RUPHOYRP0HQVFKHQDOVQH[XV'HLHWPXQGLEHL&X VDQXVQLPPW





.RQJUH¸EHULFKWH  'HQ ]ZHLWHQ WKHPDWLVFKHQ 6FKZHUSXQNW ELOGHWH GLH ”+DQGVFKUL HQ XQG %LEOLRWKHNV NXOWXUGHV-DKUKXQGHUWV…'LHEHLQDKHXQJHVFKP½OHUWHUKDOWHQH%LEOLRWKHNLQ.XHVVWHOOW HLQPRQXPHQWDOHV9HUP½FKWQLVDQXQVGDUGDVLQVHLQHU%HGHXWXQJQRFKO½QJVWQLFKWDXV JHVFKÏS LVW,QGLHVHP=XVDPPHQKDQJVWHOOWH+HUPDQQ6FKQDUU7ULHU HLQHZHVHQWOLFKH 9RUIUDJH XQWHU GHP 7LWHO ”)UÕKH %H]LHKXQJHQ GHV 1LNRODXV YRQ .XHV ]X LWDOLHQLVFKHQ +XPDQLVWHQ…:HOFKH$XVELOGXQJKDWWH&XVDQXVJHQRVVHQGLHLKQEHI½KLJWHHLQHVRYLHO VHLWLJH%LEOLRWKHNDXI]XEDXHQXQGLKPEHLNHLQHQJHULQJHUHQDOV]ZHLwIÕKUHQGHQ+XPDQL VWHQGHVEHJLQQHQGHQ-DKUKXQGHUWVkrQ½POLFK3RJJLR%UDFFLROLQLXQG1LFFROË1LFFROL rGLH)DPDYHUVFKD$HHLQwLQGHQ$XWRUHQGHUNODVVLVFKHQODWHLQLVFKHQ/LWHUDWXUVHKUEH ZDQGHUWHU0DQQk]XVHLQ"s0DULDURVD&RUWHVL3DYLD ZLGPHWHLKUHQ9RUWUDJ”7UDGL]LRQH GHL3DGULHVXJJHVWLRQLXPDQLVWLFKHQHOODELEOLRWHFDGL1LFFROË&XVDQR…HLQHPELVKHUYHU QDFKO½VVLJWHQ7HLOGHU%LEOLRWKHN'LH:HUNH]DKOUHLFKHU.LUFKHQY½WHUEH]HXJHQVRZRKOGDV LQKDOWOLFKH ,QWHUHVVH GHV &XVDQXV DQ LKUHQ 6FKUL HQ DOV DXFK VHLQH 9HUWUDXWKHLW PLW GHQ .ULWHULHQ QDFK GHQHQGLH KXPDQLVWLVFKHQ +HUDXVJHEHUGLHVHU :HUNHEHL LKUHQ (GLWLRQHQ YRUJHJDQJHQZDUHQs0LWGHU)UDJHGHU3U½VHQ]GHV&XVDQXVLQGHQ%LEOLRWKHNHQVHLQHU 0LWZHOWXQGXQPLWWHOEDUHQ1DFKZHOWEHVFK½ LJWHQVLFKZHLWHUH]ZHL%HLWU½JH0DLNH5RW ]ROO +HLGHOEHUJ  DQDO\VLHUWH ”&XVDQXV+DQGVFKUL HQ LQ GHU %LEOLRWKHN GHV 0HGLFL /HLEDU]WHV 3LHUOHRQH GD 6SROHWR… r HLQ ZLFKWLJHU 6FKULWW DXI GHP :HJH ]X HLQHU EHVVHUHQ .HQQWQLVGHU5ROOHGLH&XVDQXVIÕUGHQ)ORUHQWLQHU+XPDQLVPXVVSLHOWH/HDQGUR3HULQL )ORUHQ] YHUWLH HGDV%LOGGDVGLH/HVHUGHUIUÕKHQ(GLWLRQHQGHU:HUNHGHV.DUGLQDOVr YRQ6WUD¸EXUJ ELV%DVHO rYRQGHUHQ$XWRUJHZLQQHQNRQQWHQXP”GLH]X NQDSSH 'DUVWHOOXQJ GHV 7KHPDV EHUHLWV LP IHUQHQ -DKU  GXUFK GHQ YHUGLHQWHQ GHXW VFKHQ+HUDXVJHEHUGHU:HUNHGHV&XVDQXV3DXO:LOSHUW]XHUJ½Q]HQ…  'LHNRPSOH[H3UREOHPDWLNGHU”:LUNXQJHQGHV&XVDQXVDXIVHLQHGHXWVFKHQXQGLWDOLH QLVFKHQ=HLWJHQRVVHQ…ZDUGLH7KHPHQVWHOOXQJGHUGULWWHQ6LW]XQJ'LH)UDJHZXUGHXQWHU VHKU GLYHUJHQWHQ *HVLFKWVSXQNWHQ DQJHJDQJHQ 7KHRUHWLVFKH 0RPHQWH XQWHUVWULFKHQ GLH 9RUWU½JHYRQ0DUNXV(QGHUV)UHLEXUJL%U”'DV8QHQGOLFKNHLWVYHUVW½QGQLVGHV&XVDQXV LQ'HGRFWDLJQRUDQWLDXQGLQ'HYLVLRQH'HLXQWHU%HUÕFNVLFKWLJXQJVHLQHU]HLWJHQÏVVLVFKHQ 5H]HSWLRQLQ'HXWVFKODQG… XQG*LXVHSSH*LUJHQWL0DLODQG”&XVDQRHOHIRQWLGHOQHR SODWRQLVPRULQDVFLPHQWDOH… ,QGLHVHQ%HLWU½JHQNDPLQVEHVRQGHUHGLHPHWDSK\VLVFKH,Q WHUSUHWDWLRQ GHU 0DWKHPDWLN LQ XQWHUVFKLHGOLFKHQ .RQWH[WHQ ]XU *HOWXQJ s :LOKHOP %DXP.ODJHQIXUW”1LNRODXVYRQ.XHVXQG(QHD6LOYLR3LFFRORPLQL>3LXV,,@rHLQH+X PDQLVWHQIUHXQGVFKD "… ZLHGHUXPIUDJWHNULWLVFKQDFKREGLH%H]LHKXQJ]ZLVFKHQ&XVD QXV XQG 3LXV ,, ZLUNOLFK MHQH YLHOEHUXIHQH )UHXQGVFKD  JHZHVHQ VHL XQG QLFKW YLHOPHKU GLH VSDQQXQJVUHLFKH %H]LHKXQJ ]ZHLHU 3HUVÏQOLFKNHLWHQ PLW VHKU XQWHUVFKLHGOLFKHQ )½ KLJNHLWHQXQG,QWHUHVVHQs-DQ3LHSHU$DFKHQ”'HU.LUFKHQEDX3LXVn,,LQ3LHQ]DXQG VHLQH %H]LHKXQJHQ ]XP 'HQNJHE½XGH GHV &XVDQXV…  VFKOLH¸OLFK IÕKUWH VHLQ 3XEOLNXP LQ GLHYRQ3LXV,,JHJUÕQGHWH6WDGW3LHQ]DXPGLH8PVHW]XQJLQGHU$UFKLWHNWXUYRQ.RQ ]HSWHQZLH.DOHQGHUUHIRUPXQG7ROHUDQ]HUNHQQHQ]XOHKUHQ  ”1LFRODXV&XVDQXV]ZLVFKHQ'HXWVFKODQGXQG,WDOLHQ…rXQWHUGLHVHP7LWHOZXUGHQ)UD JHQYHUWLH ZLHXQWHUVFKLHGOLFKH6WUÏPXQJHQXQG(QWZLFNOXQJHQVLFKQDFKZHLVEDUNUHX] WHQXQGZHFKVHOVHLWLJEHIÏUGHUWHQXQGJHPHLQVDPH$XVJDQJVSXQNWHYHUVFKLHGHQDXVJHOHJW ZHUGHQ )UDQFHVFR 6DQWL /HFFH  YHUIROJWH GLH :HJH GHU 0XVLNWKHRULH LQ VHLQHP %HLWUDJ ”&RQJHWWXUHVXQXPHURDUPRQLDHIHGH&XVDQRHODWUDWWDWLVWLFDPXVLFDOHGHOVXRWHPSR… 'LH)ÏUGHUXQJGHU0XVLNXQWHU3DSVW1LNRODXV9XQGGLHVSHNXODWLYHQ%HPÕKXQJHQGHU 0XVLNHUXPGLH5DWLRQDOLW½WGHU2NWDYHXQGGHV+DOEWRQVUHJWHQ&XVDQXV]XHLJHQHU%H





0LVFHOODQHD VFK½ LJXQJPLWGLHVHP7KHPDDQs+DUDOG6FKZDHW]HU7ULHU ]HLJWHZLHREHU½FKOLFK ½KQOLFKH$QWKURSRORJLHQZLHGLHGHV&XVDQXVXQGGLHGHV*LRYDQQL3LFRGHOOD0LUDQGROD VHKUXQWHUVFKLHGOLFKH7LHIHQVLJQDWXUHQDXIZHLVHQNÏQQHQ8QWHUGHP7LWHO”6HPHQXQLYHU VDOHrGLH$QWKURSRORJLHEHL1LNRODXVYRQ.XHVXQG*LRYDQQL3LFRGHOOD0LUDQGROD…HUPLW WHOWH HU GLH 'LHUHQ] GHU $XVJDQJVSXQNWH EHL &XVDQXV GLH VSH]LVFKHQ w)½KLJNHLWHQkGHV 0HQVFKHQEHL3LFRGLHw2UWORVLJNHLWks$OHVVDQGUD7DUDERFKLD&DQDYHUR0DLODQG NRQ ]HQWULHUWHLQ”1LFFROË&XVDQRH)LFLQRDOODFDFFLDGHOODVDSLHQ]D…LKUHQ9HUJOHLFK]ZLVFKHQ GHQEHLGHQ'HQNHUQDXIGHQ%HJULGHVVSLULWXVXQGNRQQWH]HLJHQZLHVHOEVWEHLJHPHLQ VDPHP $QNQÕSIHQ DQ SKLORVRSKLVFKH 7UDGLWLRQHQ GHUHQ %HDUEHLWXQJ LQ FKUDNWHULVWLVFKHU :HLVHGLYHUJLHUWs(LQHHUVWDXQOLFKH.RQYHUJHQ]KLQJHJHQQRWLHUWH:DOWHU$QGUHDV(XOHU 7ULHU IÕU”'DV5HOLJLRQVYHUVW½QGQLVYRQ&XVDQXVXQG)LFLQR…$XVJHKHQGYRQGHUFRQQD WXUDWDUHOLJLRNRPPHQEHLGH]XGHQVHOEHQ6FKOÕVVHQZRPLWVLFKGLH)UDJHVWHOOWRE)LFLQR GXUFKGDV:HUN'HSDFHGHLGHV&XVDQHUVEHHLQX¸WZRUGHQLVWs)ÕU3DXO5LFKDUG%OXP %XGDSHVW  YHUZHLVW GDV 7KHPD ”'HU 5HOLJLRQVIULHGHQ YRQ &XVDQXV ELV &DPSDQHOOD… DXI HLQHEOHLEHQGHXQGJHGDQNOLFKQRFKHLQ]XKROHQGH/HLVWXQJGHU5HQDLVVDQFH3KLORVRSKLH 'LH YRQ XQWHUVFKLHGOLFKHQ $XWRUHQ r %OXP EHUÕFNVLFKWLJWH &XVDQXV )LFLQR 3LFR 0D FKLDYHOOL6XºUH]XQG&DPSDQHOODrHQWZLFNHOWHQ9RUVFKO½JH]XP8PJDQJPLWGHUw3OXUDOL W½W GHU 7KHRORJLHQk HQWKDOWHQ QDFK %OXP YHUPXWOLFK ”HLQHQ YROOVW½QGLJHQ 6DW] PÏJOLFKHU /ÏVXQJHQ ZHQQ .RQNXUUHQ] GHU 5HOLJLRQHQ QLFKW LQ .ULHJ DXVDUWHQ VROO… s 6WHSKDQ 0HLHU2HVHU %HUOLQ  EHVFKULHE ”'LH &XVDQXV5H]HSWLRQ LP GHXWVFKHQ 5HQDLVVDQFH +XPDQLVPXV…'LHVHHUZHLVWVLFKDOVHEHQVRYLHOJHVWDOWLJZLHHVGLHYRQ&XVDQXVJHERWH QHQ$QNQÕSIXQJVSXQNWHVLQGGDUÕEHUGDUIMHGRFKGLH$XVVWUDKOXQJGHU*HGDQNHQGHV&X VDQXVÕEHUGLH*UHQ]HQ'HXWVFKODQGVKLQDXVDXIGHQ3DULVHU+XPDQLVWHQ]LUNHOXP-DFTXHV /HI ÁYUH Gn¢WDSOHV QLFKW YHUJHVVHQ ZHUGHQ s 'HU EHUÕKPWHVWH )DOO HLQHU &XVDQXV 5H]HSWLRQ LQ ,WDOLHQ LVW GHU GHV *LRUGDQR %UXQR ,Q ”%UXQR H &XVDQR RYYHUR FRPH LO 9HUER GLYHQQH DQLPD PXQGL… IUDJWH 0DXUR )DOFLRQL 3HUXJLD0ÕQFKHQ  QDFK PÏJOLFKHQ (OHPHQWHQGHU.RQWLQXLW½W]ZLVFKHQGHQEHLGHQ'HQNHUQGRUWZR+DQV%OXPHQEHUJGHQ %UXFK]ZLVFKHQLKQHQKHUDXVJHVWHOOWKDWWHXQGVWHOOWHLQGHU”7UDQV]HQGHQ]GHUDQLPDPXQ GL…HLQVROFKHV(OHPHQWKHUDXVs'HQ$EVFKOX¸GHV7KHPHQVFKZHUSXQNWVXQG]XJOHLFK GHV6\PSRVLRQVELOGHWHGHU9RUWUDJYRQ+DQV*HUKDUG6HQJHU+HLGHOEHUJ.ÏOQ GHUEH VRQGHUH 9HUGLHQVWH XP GLH NULWLVFKH (GLWLRQ GHV &XVDQXV HUZRUEHQ KDW (U VSUDFK ÕEHU ”1LFKWZLVVHQ DOV :LVVHQVIRUP ,JQRUDQ]NRPSHQVDWLRQHQ YRQ 3HWUDUFD ELV (UDVPXV… 'LH )UDJHVWHOOXQJGHV1LFKWZLVVHQVO½¸WVLFKGXUFKGLHJHVDPWH3KLORVRSKLHJHVFKLFKWHYHUIROJHQ XQG LVW ]ZLVFKHQ  XQG  EHVRQGHUV SURGXNWLY 6HQJHU HQWIDOWHWH GDV EUHLWH 6SHN WUXPGHU%HDUEHLWXQJHQGHV7KHPDVDQ3HWUDUFD&XVDQXV$JULSSDXQG(UDVPXV  'LH (UJHEQLVVH GHV 6\PSRVLRQV ZHUGHQ GXUFK GDV *UDEPDQQ,QVWLWXW YHUÏHQWOLFKW ZHUGHQ r HUJ½Q]W XP %HLWU½JH GLH JHHLJQHW VLQG GLH EHDUEHLWHWHQ 7KHPHQVFKZHUSXQNWH DE]XUXQGHQHLQ%DQGDXIGHQPDQJHVSDQQWVHLQGDUIGDHUQLFKWVRVHKUEHDEVLFKWLJWHL QH9LHO]DKOYRQ6WLPPHQ]X*HKÏU]XEULQJHQDOVYLHOPHKUIÕUHLQHHUZHLWHUWH'HEDWWH IHVWH*UXQGODJHQ]XELHWHQ  &KULVWLDQH6FKXOW]%RFKXP 





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP  

5H]HQVLRQHQ

    -2+1 - &/($5V@FHQGHQWDO,PDJLQDWLRQ…S[YL SUHVXPD EO\DQWLFLSDWLQJWKHUHVWULFWLRQRIWKHSOXUDOO\FRQFHLYHG3ODWRQLFWUDGLWLRQVKHUHSRUWUD\HG WRWKHVSDQEHWZHHQ3ODWRDQGWKH1HRSODWRQLVPRIODWHDQWLTXLW\  7KH OXVWHU RI WKLV YROXPH UHVHPEOHV WKDW RI WKH IRUHJRLQJ SURGXFW RI &OHDU\nV UHFHQW HRUWVLQEULQJLQJWRJHWKHUUVWUDWHZRUNRQSUHPHGLHYDO3ODWRQLVPERWKLQJHQHUDOFRQ WHQW DQG LQ WKH RXWVWDQGLQJ TXDOLFDWLRQV RI LWV FRQWULEXWRUV ZLWK WKH RSSRUWXQH DGYDQ WDJHIRUWKHPRVWSDUWRIWKHLUEHLQJDEOHWRSURYLGHVRPHZKDWPRUHH[WHQVLYHDQGLQQRYD WLYH WUHDWPHQWV RI WKHLU WRSLFV 7KH KRQRUDQG VKRXOG EH SOHDVHG ZLWK WKH UHVXOW ZKLFK PDNHVXSDFRPSHOOLQJLQVWDQFHRIZK\WKHUHVKRXOGEHVXFKDWKLQJDVD)HVWVFKUL DWDOODQG KRZVXFKFDQVHUYHWRKLJKOLJKWDQGDGYDQFHVSHFLFDQGGHVHUYLQJUHVHDUFKLQWHUHVWV  7KH YROXPH HGLWHG E\ -RKDQQHV 09DQ2SKXaVHQ 3ODWRDQG 3ODWRQLVP WKH VPDOOHVW RI WKHVHWKUHHDQWKRORJLHVFRQWDLQVHVVD\VRIWKUHHVRUWVDOWKRXJKWKHGLYLVLRQLVQRWPDGH H[SOLFLWLQWKHWDEOHRIFRQWHQWV7KHUHDUHWKRVHIRFXVVLQJRQLQGLYLGXDOGLDORJXHVRQHHV VD\HDFKRQWKH3URWDJRUDV5($OOHQ WKH(XWK\SKUR5%XUJHU WKH&ULWR.3ULW]O DQG WKH3KLOHEXV65RVHQ DQGWZRHDFKRQWKH 7LPDHXV'07UHVV7$'UXDUW DQGWKH 6WDWHVPDQ.'RUWHU00LOOHU WKHVHUDQJLQJIURPVXPPDU\FRPPHQWDULHVWRQDUURZHU H[DPLQDWLRQVRIWRSLFVRUSDVVDJHV7KHQWKHUHDUHWKRVHWUHDWLQJWKHPHVUDQJLQJDFURVVVHY





5H]HQVLRQHQ HUDOGLDORJXHVH[DPLQDWLRQVRI3ODWRRQWKHSDUWVRIWKHVRXO)'0LOOHU-U 3ODWRQLFOLE HUDOLVP&/*ULVZROG-U DQGIRUPVDQGSUHGLFDWLRQLQWKHODWHUGLDORJXHV$0:LOHV  )LQDOO\ WKHUH DUH WKRVH HVVD\V GHDOLQJ ZLWK VRPH DVSHFW RI WKH HQVXLQJ 3ODWRQLF WUDGLWLRQ WKURXJKODWHDQWLTXLW\GLVFXVVLRQVRIPRUDOPRWLYDWLRQ-05LVW WKHQRWLRQRIWKHSKL ORVRSKHUNLQJ'-2n0HDUD DQGGLDOHFWLF-09DQ2SKXaVHQ   7KHUHLVQRSRLQWRIFRQFHQWUDWLRQLQWKLVFROOHFWLRQLWLVKDSKD]DUGDQGQRWUHDOO\XSWR WKHGHPDQGVRILWVJHQHULFWLWOHDVZDVVHHPLQJO\WKHOHFWXUHVHULHVDWWKH&DWKROLF8QLYHU VLW\RI$PHULFDRIZKLFKSURYLGHGLWVRFFDVLRQDQGDVWKHHGLWRURSHQO\VWDWHVLQ KLV LQWURGXFWLRQ 1RQHWKHOHVV LQ YLHZ RI WKH ULFKQHVV DQG GLXVLRQ RI 3ODWRnV WKRXJKW WKHUHLVQRUHDOKDUPLQWKDW7KHUHDGHUZLOOSLFNDQGFKRRVHZKDWLVRILQWHUHVW/DXGDEO\ QRHRUWKDVEHHQPDGHGHVSLWHWKHUHVWULFWHGIRUPDWWRSURPRWHDVLQJOHwVFKRROkRILQWHU SUHWDWLRQDQGVRPHVPDOOVWHSVDUHWDNHQrDQGQRWMXVWLQWKHFKRLFHRIFRQWULEXWRUVrWR ZDUGEUHDNLQJGRZQWKHKLJKO\DUWLFLDOHYHQVXSHUFLOLRXVGLYLVLRQEHWZHHQ$QJOR$PHUL FDQ DQG &RQWLQHQWDO (XURSHDQ SKLORVRSK\ ZKLFK DW WLPHV VWLOO PDUV 3ODWRQLF VFKRODUVKLS HYHQ DV (QJOLVKODQJXDJH UHIHUHQFHV GRPLQDWH 7KH DQWKRORJ\ LV KRZHYHU ELEOLRJUDSKL FDOO\XQHYHQHPSOR\LQJERWKLQGHSHQGHQWUHIHUHQFHVDVLQPRVWRIWKHHVVD\VZKRVHVWDQ GDUGVDUHYDULDQWDQGDFROOHFWHGELEOLRJUDSK\PDNLQJQRSUHWHQVHWRV\QRSWLFTXDOLW\DQG FRQWDLQLQJVXFKIULYRORXVHQWULHVLQWKHLUHQWLUHW\DV”(SLFWHWXV'LVFRXUVHV…RU”.DQW,P PDQXHO&ULWLTXHRI3XUH5HDVRQ…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rLWLVWREHKRSHGZLWKGHHSLURQ\rE\WKHHGLWRUWKDW ”ZH VKRXOG QRW WDNH LW IRU JUDQWHG WKDW UHDGLQJ 3ODWR LQ WUDQVODWLRQ ZLWK QR PRUH *UHHN WKDQ LV UHTXLUHG IRU VSRWWLQJ WKH RGG WHFKQLFDO WHUP LQ D SDUDOOHO WH[W LQYROYHV QR JUHDWHU ULVNV RI GLVWRUWLRQ WKDQ UHDGLQJ $TXLQDV ZLWKRXW /DWLQ RU .DQW ZLWKRXW *HUPDQ… S  'DQJHUVDERXQG



2UULQ)6XPPHUHOO%RFKXP 

   67$9526 76,76,5,',63ODWRQV0HQH[HQRV(LQOHLWXQJ7H[WXQG.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH 6WXWWJDUWr/HLS]LJ6DXU6úr,6%1;  =X GHQ 0HUNZÕUGLJNHLWHQ GHU XQWHU GHP 1DPHQ 3ODWRQV ÕEHUOLHIHUWHQ 6FKUL HQ JHKÏUW PLW6LFKHUKHLWGLH/HLFKHQUHGHGHV6RNUDWHVDXIGLH*HIDOOHQHQHLQHVQLFKWQ½KHUEHQDQQWHQ $WKHQLVFKHQ)HOG]XJHVLQGHUHUQHEHQHLQHPLGHDOLVLHUWHQ$XIUL¸GHU*HVFKLFKWH$WKHQV HLQH'DUVWHOOXQJGHUYRUWUH#LFKHQ+HUNXQ VHLQHU%HZRKQHULKUHU7DWHQVRZLHLKUHUSR OLWLVFKHQ9HUIDVVXQJOLHIHUWXQGGLHQDFKGHP*HVSU½FKVSDUWQHUGHUHLQUDKPHQGHQ'LDORJ SDVVDJHQ ]X %HJLQQ XQG DP (QGH GHU $QVSUDFKH w0HQH[HQRVk EHWLWHOW LVW 'LHVH LQ SKL ORVRSKLVFKHU3HUVSHNWLYH]XPLQGHVWYRUGHUJUÕQGLJLQKDOWVOHHUH6FKUL ZLOOVLFKDOVOLWHUDUL VFKHU$XVZHLVUKHWRULVFKHU$PELWLRQHQ3ODWRQVVRJDUQLFKWPLWVHLQHUVRQVWR PDOVJH½X ¸HUWHQDEOHKQHQGHQ+DOWXQJJHJHQÕEHUGHU5HGHNXQVWYHUWUDJHQ 



5H]HQVLRQHQ HUDOGLDORJXHVH[DPLQDWLRQVRI3ODWRRQWKHSDUWVRIWKHVRXO)'0LOOHU-U 3ODWRQLFOLE HUDOLVP&/*ULVZROG-U DQGIRUPVDQGSUHGLFDWLRQLQWKHODWHUGLDORJXHV$0:LOHV  )LQDOO\ WKHUH DUH WKRVH HVVD\V GHDOLQJ ZLWK VRPH DVSHFW RI WKH HQVXLQJ 3ODWRQLF WUDGLWLRQ WKURXJKODWHDQWLTXLW\GLVFXVVLRQVRIPRUDOPRWLYDWLRQ-05LVW WKHQRWLRQRIWKHSKL ORVRSKHUNLQJ'-2n0HDUD DQGGLDOHFWLF-09DQ2SKXaVHQ   7KHUHLVQRSRLQWRIFRQFHQWUDWLRQLQWKLVFROOHFWLRQLWLVKDSKD]DUGDQGQRWUHDOO\XSWR WKHGHPDQGVRILWVJHQHULFWLWOHDVZDVVHHPLQJO\WKHOHFWXUHVHULHVDWWKH&DWKROLF8QLYHU VLW\RI$PHULFDRIZKLFKSURYLGHGLWVRFFDVLRQDQGDVWKHHGLWRURSHQO\VWDWHVLQ KLV LQWURGXFWLRQ 1RQHWKHOHVV LQ YLHZ RI WKH ULFKQHVV DQG GLXVLRQ RI 3ODWRnV WKRXJKW WKHUHLVQRUHDOKDUPLQWKDW7KHUHDGHUZLOOSLFNDQGFKRRVHZKDWLVRILQWHUHVW/DXGDEO\ QRHRUWKDVEHHQPDGHGHVSLWHWKHUHVWULFWHGIRUPDWWRSURPRWHDVLQJOHwVFKRROkRILQWHU SUHWDWLRQDQGVRPHVPDOOVWHSVDUHWDNHQrDQGQRWMXVWLQWKHFKRLFHRIFRQWULEXWRUVrWR ZDUGEUHDNLQJGRZQWKHKLJKO\DUWLFLDOHYHQVXSHUFLOLRXVGLYLVLRQEHWZHHQ$QJOR$PHUL FDQ DQG &RQWLQHQWDO (XURSHDQ SKLORVRSK\ ZKLFK DW WLPHV VWLOO PDUV 3ODWRQLF VFKRODUVKLS HYHQ DV (QJOLVKODQJXDJH UHIHUHQFHV GRPLQDWH 7KH DQWKRORJ\ LV KRZHYHU ELEOLRJUDSKL FDOO\XQHYHQHPSOR\LQJERWKLQGHSHQGHQWUHIHUHQFHVDVLQPRVWRIWKHHVVD\VZKRVHVWDQ GDUGVDUHYDULDQWDQGDFROOHFWHGELEOLRJUDSK\PDNLQJQRSUHWHQVHWRV\QRSWLFTXDOLW\DQG FRQWDLQLQJVXFKIULYRORXVHQWULHVLQWKHLUHQWLUHW\DV”(SLFWHWXV'LVFRXUVHV…RU”.DQW,P PDQXHO&ULWLTXHRI3XUH5HDVRQ…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rLWLVWREHKRSHGZLWKGHHSLURQ\rE\WKHHGLWRUWKDW ”ZH VKRXOG QRW WDNH LW IRU JUDQWHG WKDW UHDGLQJ 3ODWR LQ WUDQVODWLRQ ZLWK QR PRUH *UHHN WKDQ LV UHTXLUHG IRU VSRWWLQJ WKH RGG WHFKQLFDO WHUP LQ D SDUDOOHO WH[W LQYROYHV QR JUHDWHU ULVNV RI GLVWRUWLRQ WKDQ UHDGLQJ $TXLQDV ZLWKRXW /DWLQ RU .DQW ZLWKRXW *HUPDQ… S  'DQJHUVDERXQG



2UULQ)6XPPHUHOO%RFKXP 

   67$9526 76,76,5,',63ODWRQV0HQH[HQRV(LQOHLWXQJ7H[WXQG.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH 6WXWWJDUWr/HLS]LJ6DXU6úr,6%1;  =X GHQ 0HUNZÕUGLJNHLWHQ GHU XQWHU GHP 1DPHQ 3ODWRQV ÕEHUOLHIHUWHQ 6FKUL HQ JHKÏUW PLW6LFKHUKHLWGLH/HLFKHQUHGHGHV6RNUDWHVDXIGLH*HIDOOHQHQHLQHVQLFKWQ½KHUEHQDQQWHQ $WKHQLVFKHQ)HOG]XJHVLQGHUHUQHEHQHLQHPLGHDOLVLHUWHQ$XIUL¸GHU*HVFKLFKWH$WKHQV HLQH'DUVWHOOXQJGHUYRUWUH#LFKHQ+HUNXQ VHLQHU%HZRKQHULKUHU7DWHQVRZLHLKUHUSR OLWLVFKHQ9HUIDVVXQJOLHIHUWXQGGLHQDFKGHP*HVSU½FKVSDUWQHUGHUHLQUDKPHQGHQ'LDORJ SDVVDJHQ ]X %HJLQQ XQG DP (QGH GHU $QVSUDFKH w0HQH[HQRVk EHWLWHOW LVW 'LHVH LQ SKL ORVRSKLVFKHU3HUVSHNWLYH]XPLQGHVWYRUGHUJUÕQGLJLQKDOWVOHHUH6FKUL ZLOOVLFKDOVOLWHUDUL VFKHU$XVZHLVUKHWRULVFKHU$PELWLRQHQ3ODWRQVVRJDUQLFKWPLWVHLQHUVRQVWR PDOVJH½X ¸HUWHQDEOHKQHQGHQ+DOWXQJJHJHQÕEHUGHU5HGHNXQVWYHUWUDJHQ 



5H]HQVLRQHQ  7URW]GHVLQGLHVHP=XVDPPHQKDQJ]XJOHLFKQRWZHQGLJHQ(LQJHVW½QGQLVVHVGD¸LQDQ GHUHQ7H[WHQ3ODWRQVPLWXQWHUHEHQIDOOV*ODQ]VWÕFNHDQWLNHU5KHWRULNSU½VHQWLHUWZHUGHQ HVVHLLQGLHVHP=XVDPPHQKDQJHWZDDQGLH$SRORJLDGHQ3KDHGUXVRGHUDXFKGHQ3URWDJRUDV HULQQHUW  XQG WURW] GHU KLHU ZLHGHUXPGHP 6RNUDWHV LQ GHQ 0XQG JHOHJWHQ .RNHWWHULHQ HWZDGXUFKGLH=XZHLVXQJGHU8UKHEHUVFKD GHU5HGHDQGLHDXVGHUDWWLVFKHQ.RPÏGLH EHNDQQWH]ZHLWH)UDXGHV3HULNOHV$VSDVLD EH]HXJWGLHKLHUHUIROJHQGH.RQ]HQWUDWLRQDXI HLQH :LUNXQJ EHDEVLFKWLJHQGH $QVSUDFKH XQG GLH QDKH]X SUDKOHULVFKH $QNÕQGLJXQJ GHV 6RNUDWHVHVDXIGHP*HELHWGHU5HGHNXQVW]XPLQGHVWHQVHEHQVRJUR¸HU0HLVWHUVFKD ZLH GLHEHUXIVP½¸LJHQ5HGQHU]XEULQJHQFD HLQHQ3ODWRQGHUVLFKVHOEVWDOV9HUIDV VHUYRQVSUDFKOLFKHQ0L¸EUDXFKXQGVRSKLVWLVFKH(ORTXHQ]JHL¸HOQGHQ'LDORJHQZLH3URWD JRUDVXQG*RUJLDVJDQ]]XVFKZHLJHQYRQ7KHDHWHWXVXQG6RSKLVWHV]XZLGHUVSUHFKHQVFKHLQW  9RUGLHVHP+LQWHUJUXQGYHUZXQGHUWHVZHQLJHUGD¸GHP0HQH[HQXVK½XJGLH$XWKHQ WL]LW½WDEJHVSURFKHQZXUGHGD¸GLHVDOOHUGLQJV]XPHLVWDXVDQGHUHQ*UÕQGHQJHVFKDKKLQ JHJHQ MHGRFK PHKU (V ZDUHQ Q½POLFK YRUQHKPOLFK ZHQLJHU LQKDOWOLFKH 0RWLYH GLH ]XP =ZHLIHODQUHJWHQDOVYLHOPHKU½X¸HUHSKLORORJLVFKRULHQWLHUWH0RPHQWHZLHXDGLH6WLP PLJNHLWGHUKLVWRULVFKHQ3DVVDJHQXQG½VWKHWLVFKH8UWHLOHHWZDEH]ÕJOLFKGHUUHODWLYVWDWL VFKHQ=HLFKQXQJGHU)LJXUGHV6RNUDWHVGHU0DQJHODQGHUVRQVWW\SLVFKHQ'LDOHNWLNXQG 0½HXWLNRGHULQVJHVDPWGDV)HKOHQMHJOLFKHUGUDPDWLVFKHU(QWZLFNOXQJHQGLHGLH(FKWKHLW EHGHQNOLFKHUVFKHLQHQOLH¸HQ  *HUDGHGLHVH]XOHW]WJHQDQQWHQ$QVDW]SXQNWHQLPPW6WDYURV7VLWVLULGLVLQVHLQHUQXQLQ (UZHLWHUXQJ SXEOL]LHUWHQ 'LVVHUWDWLRQ 3ODWRQV 0HQH[HQRV (LQOHLWXQJ 7H[W XQG .RPPHQWDU ]XP$QOD¸XPPLWGHP6FKZHUSXQNWSKLORORJLVFKHUXQGKLVWRULVFKHU$QDO\VHGHU(FKW KHLWVIUDJHGHV0HQH[HQXVQDFK]XJHKHQXQGVLHVFKOLH¸OLFKSRVLWLY]XEHDQWZRUWHQ(LQHVRO FKH ”DXVIÕKUOLFKH (UÏUWHUXQJ GHU JHJHQ GLH (FKWKHLW YRUJHEUDFKWHQ $UJXPHQWH… VR JLEW 7VLWVLULGLVDOV=LHOYRUJDEHNXQGVROO”QLFKWQXUIÕUGLH*HVFKLFKWHGHUSKLORORJLVFKHQ)RU VFKXQJYRQ,QWHUHVVH…VHLQ”VRQGHUQNDQQDXFKGDV9HUVW½QGQLVGHV:HUNHVVHOEVWIÏUGHUQ LQGHPVLHGLH$XIPHUNVDPNHLWDXIYHUVFKLHGHQH$VSHNWHGHV:HUNHVVHOEVWULFKWHWXQGGLH *HOHJHQKHLW]XU$XINO½UXQJHWOLFKHU6FKZLHULJNHLWHQELHWHW…6 'DEHLJHOLQJWHV7VLWVL ULGLV ]XQ½FKVW GLH (LQZ½QGH JHJHQ HLQH 3ODWRQLVFKH 8UKHEHUVFKD  GHV 'LDORJHV ]X HQW NU½ HQ 6R NRQVWDWLHUW HU GHQ YRUKDQGHQHQ ELVZHLOHQ MHGRFK QXU XQWHUVFKZHOOLJ ZDKU QHKPEDUHQ:LW]GHVKLHUDX UHWHQGHQ6RNUDWHVXQGHQWNU½ HWGLHPRQLHUWHIHKOHQGHOLWH UDULVFKH 9LUWXRVLW½W GHU 6FKUL  GXUFK GHQ 9HUZHLV DXI DQGHUH HEHQIDOOV ZHQLJHU JODQ]YROO JHVWDOWHWH'LDORJH3ODWRQVZLHHWZD$SRORJLDXQG&ULWLDVKLHUNDQQHU]XGHPDXFKGLHYHU PHLQWOLFKHQ8QJHUHLPWKHLWHQGHUKLVWRULVFKHQ$QJDEHQGXUFKGLH+LQ]X]LHKXQJYLHOI½OWL JHQ4XHOOHQPDWHULDOVDXÏVHQ  'LHLP$QVFKOX¸GDUDQDXIJHIÕKUWHQSRVLWLYHQ$UJXPHQWHIÕUGLH=XVFKUHLEXQJGHU$X WRUVFKD EHVLW]HQIÕULKQDOOHUGLQJVJUϸHUHV*HZLFKW+LHULVWHV]XQ½FKVWYRUDOOHPGLH5HL KHGHU7HVWLPRQLHQrXQGGDEHLLQVEHVRQGHUH$ULVWRWHOHVGHULQVHLQHU5KHWRULN]ZHLPDODXI GHQ0HQH[HQXV%H]XJQLPPWrGLHIÕU7VLWVLULGLVGHQVFKODJHQGVWHQ%HZHLVIÕUGLH$XWKHQ WL]LW½WGHV0HQH[HQXVOLHIHUW6 'D¸7VLWVLULGLVLQGLHVHP=XVDPPHQKDQJQLFKWLQJOHL FKHP0D¸DXI&LFHURDEKHEWQDFKGHVVHQ%HULFKW'HRUDW GHUzTMX„JMSNYRQGHUDWKH QLVFKHQ%HYÏONHUXQJGHUPD¸HQEHJHLVWHUWDXIJHQRPPHQZXUGHGD¸HUDOOM½KUOLFKÏHQW OLFKUH]LWLHUWZXUGHHUGLHVHQYLHOPHKUDQVS½WHUHU6WHOOHIÕUGDVWUDGLWLRQHOOH0L¸YHUVW½QGQLV GHUQDFK7VLWVLULGLVn'HXWXQJQLFKWJ½Q]OLFKD"UPDWLYNRQ]LSLHUWHQ6FKUL DQIÕKUW6  PX¸rZRHVDOOHLQXPGHQ(UZHLVGHU(FKWKHLWJHKWrDOVHLQHNOHLQHDUJXPHQWDWLYH6FKZ½





5H]HQVLRQHQ FKH DQJHVHKHQ ZHUGHQ EHJLEW VLFK 7VLWVLULGLV GRFK KLHU GHU 0ÏJOLFKNHLW GXUFK GHQ 9HU ZHLVDXIKLVWRULVFKH)DNWL]LW½WGLH%HZHLVSLFKWGHUDEVSUHFKHQGHQ3DUWHL]X]XZHLVHQ  $EHUDXFKZHLWHUH)DNWRUHQZLHGLH6SUDFKHXQGLQKDOWOLFKH$QNQÕSIXQJVSXQNWHrHW ZDµEHUVFKQHLGXQJHQPLWGHUGULWWHQ5HGHGHU$SRORJLDWKHPDWLVFKH9HUELQGXQJHQ]XP *RUJLDVrEHVW½WLJHQQDFK7VLWVLULGLVQLFKWQXUGHQ%HIXQGE]ZOLHIHUQ”NHLQHUOHL$QOD¸GLH (FKWKHLW GHU 6FKUL  LQ )UDJH ]X VWHOOHQ… 6  VRQGHUQ HUODXEHQ HV LKP GDUÕEHU KLQDXV DXFK HLQH FKURQRORJLVFKH XQG ]HLWOLFKH (LQRUGQXQJ GHV 0HQH[HQXV YRU]XQHKPHQ 'DEHL VWHOOWHU]XQ½FKVWIHVWGD¸GLH6SUDFKH”HLQZDQGIUHLSODWRQLVFK…LVW6 XQGrZLHDXFK ZHLWHUH VWLORPHWULVFKH 5HVXOWDWH r DXI ”HLQH VS½WHUH 3KDVH GHU HUVWHQ 3HULRGH… YHUZHLVW 6 LQGHUVR7VLWVLULGLVZHLWHUDXFK(XWK\GHPXV&UDW\OXV6\PSRVLXPXQG3KDHGRDQ]X VLHGHOQ VHLHQ HEG  $OV NRQNUHWHQ $EIDVVXQJV]HLWUDXP GHV 0HQH[HQXV PDFKW 7VLWVLULGLV KLHUEHLGLH=HLWVSDQQHXP”RGHUZHQLJVS½WHU…6 DXVZREHLGHULQGHDOV(Q GHGHU*HVFKLFKWH$WKHQVHUZ½KQWHVRJ.ÏQLJVIULHGHY&KU IÕULKQGDV.ULWHULXP LP6LQQHHLQHVWHUPLQXVDTXRGDUVWHOOW'LH9HURUWXQJGHU6FKUL ]ZLVFKHQ*RUJLDVHQWVWDQ GHQ]ZLVFKHQXQG XQG6\PSRVLXPFD EHUXKWKLQJHJHQDXILQKDOWOLFKHQ)DN WRUHQ6RVLQGHV]XPHUVWHQZLHGHUXPGLHJUR¸H$Q]DKOLQKDOWOLFKHUµEHUHLQVWLPPXQJHQ XQG :LHGHUDXIQDKPHQ GLHGHQ0HQH[HQXV VR 7VLWVLULGLV PLW GHP *RUJLDV YHUELQGHW EH ]ÕJOLFKGHV6\PSRVLXPHUNHQQW7VLWVLULGLVLQVEHVRQGHUHGLH'LRWLPD5HGHDOV8PIRUPXQJ GHU/HLFKHQUHGHGHV0HQH[HQXVVRGD¸GLHVHU'LDORJIÕULKQDOVWHUPLQXVDQWHTXHPIXQJLHUHQ NDQQ1DFKGHP7VLWVLULGLVLQHLQHPZHLWHUHQ.DSLWHOVHLQHU(LQOHLWXQJw$XIEDXk HLQH(LQ RUGXQJGHUGUDPDWLVSHUVRQDHYRUJHQRPPHQKDWrGLH)LJXUGHV0HQH[HQRVLVWDXVGHP/\VLV XQGGHP3KDHGRDOVUHODWLYMXQJHU$QJHKÏULJHUGHV6RNUDWHV.UHLVHVEHNDQQWNÏQQWHDEHU ]XJOHLFKDXFKDOVKLVWRULVFKH3HUVRQPLW3HULNOHVYHUZDQGWVHLQ$VSDVLDDOV=LHOVFKHLEHGHV 6SRWWHV GHU DWWLVFKHQ .RPÏGLH JDOW LQ KLVWRULVFKHU 3HUVSHNWLYH ]XJOHLFK DOV )ÕKUXQJVJXU GHUVRSKLVWLVFKHQ%HZHJXQJXQWHU3HULNOHVrHUZHLVWHUGHQ$XIEDXGHVzTMX„JMSNDOVGHQ DOOJHPHLQHQ *DWWXQJVW\SHQ HQWVSUHFKHQG $XFK ZHQQ HU LQ GLHVHP =XVDPPHQKDQJ HLQ U½XPHQ PX¸ GD¸ HLQ QRUPDWLYHV 5HJHOZHUN IÕU GLH 6WUXNWXULHUXQJ HLQHV zTMX„JMSN ]XU $EIDVVXQJV]HLWGHV0HQH[HQXVQRFKQLFKWEHVWDQGDOOHUGLQJVSDUWLHOOHµEHUHLQVWLPPXQJHQ PLWGHU]HLWOLFKQLFKWDOO]XHQWIHUQWHQ5KHWRULFDDG$OH[DQGUXPGHV$QD[LPHQHVYRU]XQGHQ VLQGNDQQGRFKHLQHUHFKWVWUHQJHXQGGHP7\SXVHQWVSUHFKHQGH'XUFKVWUXNWXULHUXQJGHU /HLFKHQUHGHYRUJHIXQGHQZHUGHQ6   $EJHVFKORVVHQ ZLUG GLH DOOJHPHLQH (LQRUGQXQJ GHV 'LDORJV GXUFK HLQ YHUJOHLFKVZHLVH XPIDQJUHLFKHV .DSLWHOGDV GHQ HWZDV XQJOÕFNOLFKHQ 7LWHO w6LQQ XQG %HGHXWXQJk WU½JW LQ GHP7VLWVLULGLVVHLQHJUXQGV½W]OLFKH,GHQWL]LHUXQJGHU6FKUL DOVGHP7\SXVGHU'DUVWHO OXQJVIRUPGHU3DVWLFKHHQWVSUHFKHQGYRUQLPPW'LHVHOLWHUDULVFKH*DWWXQJVWHOOHHLQHGHU 3DURGLH YHUZDQGWH 9HU]HLFKQXQJVIRUP GDU ”HLQH VSLHOHULVFKH 1DFKDKPXQJ… 6  GLH VXEWLOHUDOVGLHEOR¸H3DURGLHXQGLQNHLQHU:HLVHDXVVFKOLH¸OLFKXQHUQVWKD ZLHGLH6DWLUH VHLYLHOPHKULPELVZHLOHQXQXQWHUVFKHLGEDUHQ:HFKVHOYRQ(UQVWXQG6SLHOHLQH*DWWXQJ RGHUHLQHQ$XWRUHQLURQLVFKGLVWDQ]LHUH:LHHVGLH8QWHUVXFKXQJHQ]X6SUDFKH6WLOXQG ,QKDOWHUJ½EHQVHLKLHUYRUDOOHPDQGHQ6RSKLVWHQ*RUJLDVXQGVHLQHQUKHWRULVFKHQ6WLODOV ZDKUVFKHLQOLFKHV $QJULV]LHO ]X GHQNHQ 6   'DEHL VR VFKOLH¸W 7VLWVLULGLV VHL GHUzTMX„JMSNrGHUHLQHYHUJOHLFKVZHLVHJXWH5HGHGDUVWHOOHVRZLHDXIJUXQGVHLQHU7KH PDWLNGXUFKDXVHUQVWKD H=ÕJHWUDJHDEHUDXFKZHJHQGHUWUDGLWLRQHOOLGHDOLVLHUHQGÕEHU WUHLEHQGHQ 'DUVWHOOXQJVZHLVH GHU DWKHQLVFKHQ *HVFKLFKWH ZRKO NHLQ SRSXO½UHV :HUN VHL 6 rQLFKWDOVUHLQH%OR¸VWHOOXQJGHU*DWWXQJw/HLFKHQUHGHk]XYHUVWHKHQ6 YLHO ZDKUVFKHLQOLFKHU VHL HV PLW 8 YRQ :LODPRZLW]0RHOOHQGRU DQ]XQHKPHQ 3ODWRQ KDEH





5H]HQVLRQHQ VLFK KLHU LQIROJH GHU (UÏQXQJ VHLQHU HLJHQHQ 6FKXOH LQ HLQH 5LYDOLW½W PLW ,VRNUDWHV XQG GHVVHQ6FKXOHEHJHEHQ'HU0HQH[HQXVVHLVRDOVHLQ.U½ HPHVVHQPLWGHQSROLWLVFKHQ5HG QHUQ]XYHUVWHKHQLQGHPVLFK3ODWRQLP%HUHLFKGHU5KHWRULN.ULWLNVHLQHV'LDORJV*RU JLDVEHZHJWKDEHZREHLDXFKLQ$QEHWUDFKWGHULGHDOLVLHUHQGHQ6FKLOGHUXQJGHU7DWHQGHU $WKHQHUHLQH.ULWLNDQWDJHVSROLWLVFKHQ(UHLJQLVVHQ]XHUZ½JHQVHLrVWDQGGRFKGHUGXUFK GHQ.ÏQLJVIULHGHQJUHLIEDUJHZRUGHQH1LHGHUJDQJGHU6WDGWLQNUDVVHP*HJHQVDW]]XU3OD WRQLVFKHQ 6FKLOGHUXQJ LKUHU UXKPUHLFKHQ 9HUJDQJHQKHLW 'LH SRVLWLYH $XIQDKPH GHV zTMX„JMSN GXUFK QDFKIROJHQGH *HQHUDWLRQHQ VHL GHPQDFK DOV HLQ 0L¸YHUVW½QGQLV GHU HL JHQWOLFKHQ%HGHXWXQJGHV:HUNV]XZHUWHQ6   7VLWVLULGLVn (LQRUGQXQJ GHV 0HQH[HQXV LQ GDV 3ODWRQLVFKH &RUSXV LVW HEHQVR ZLH VHLQ .RPPHQWDUGHUEHWU½FKWOLFKH6HLWHQXPID¸WYRQHLQHPLPPHQVHQ.HQQWQLVUHLFKWXP VRZRKOLP+LQEOLFNDXIGLH6DFKHDOVDXFKKLQVLFKWOLFKGHU/LWHUDWXUJHSU½JWZDVLQVEHVRQ GHUH DQJHVLFKWV GHV UHODWLY VS½UOLFKHQ 8PIDQJV GHU 3ODWRQLVFKHQ 6FKUL  JUR¸H %HDFKWXQJ YHUGLHQW(EHQVRJUR¸H$QHUNHQQXQJYHUGLHQWGLHEHLJHIÕJWHNULWLVFKH1HXHGLWLRQGHVJULH FKLVFKHQ7H[WHV7URW]GHUELVZHLOHQLQV$XJHIDOOHQGHQKRKHQ$Q]DKOGHU6DW]IHKOHUHLQH /LVWHGHUw&RUULJHQGDkLVWEHLJHIÕJWHVIHKOHQKLHUDEHUYRUDOOHPGHU(LQWUDJ]X6ZR LPHUVWHQ6DW]GHUEHVWLPPWH$UWLNHOYRU0[IHKOWRGHUDEHU]X6ZRLPHUVWHQ6DW] GHV]ZHLWHQ$EVDW]HVGDV9HUEIHKOW PDFKWGDV%XFKHLQHQGHQ6WDQGDUGVHQWVSUHFKHQGHQ (LQGUXFN9HUVFKLHGHQH5HJLVWHUw,QGH[WHVWLPRQLRUXPkw,QGH[QRPLQXPHWUHUXPkw,Q GH[*UDHFLWDWLVk VWHLJHUQGLH%HQXW]HUIUHXQGOLFKNHLWVLQGDEHUPLWXQWHUHWZDVNOHLQJHUD WHQVRQGHWVLFK]%NHLQ(LQWUDJ]XGHPREHQHUZ½KQWHQXQGIÕUGLH$UJXPHQWDWLRQ QLFKWXQZLFKWLJHQ&LFHUR  'HU'HWDLOUHLFKWXPGHUIÕUGLHVHEHZX¸WSKLORORJLVFKNRQ]LSLHUWH$UEHLW6 LQHLQHP JHZLVVHQ8PIDQJGXUFKDXVDOVDQJHPHVVHQEHZHUWHWZHUGHQNDQQYHUVW½UNWDOOHUGLQJV]X ZHLOHQGHQ(LQGUXFNGHU8QÕEHUVLFKWOLFKNHLWLQVEHVRQGHUHLP.RPPHQWDUWHLOZDVGLH*H IDKUYRQ/½QJHQEHLGHU/HNWÕUHLQVLFKELUJW$OVYRUWHLOKD K½WWHVLFKHLQHVW½UNHUH.RQ]HQ WUDWLRQGHU,QIRUPDWLRQVIÕOOHHUZLHVHQ'HQQGLHKLHUIDVW]XMHGHPIUDJOLFKHQ3XQNWPLWDQ JHIÕKUWH6HNXQG½UOLWHUDWXUVRZLHGLHZHLWHUIÕKUHQGHQ]7YHU½VWHOWHQKLVWRULVFKHQXQGPLW XQWHUEHJULVJHVFKLFKWOLFKHQ(UNO½UXQJHQODVVHQELVZHLOHQGHQURWHQ)DGHQYHUPLVVHQGLHV YRUDOOHPDQJHVLFKWVGHU7DWVDFKHrZLH7VLWVLULGLVEHUHLWV]X$QIDQJHLQU½XPW6 rGD¸ HLQH $XIDUEHLWXQJ GHU HYWO QLFKW XQLQWHUHVVDQWHQ UKHWRULVFKHQ %HVRQGHUKHLWHQ GHV DQWLNHQ 7H[WHVDXVJHVSDUWEOHLEHQVROO]XGLHVHP%HKXIYHUZHLVWGHU$XWRUDXIGLH'LVVHUWDWLRQYRQ 7 %HUQGW DXV GHP -DKUH  6LFKHU GLH %HLEULQJXQJ GHU KLVWRULVFKHQ VRZLH SKLORORJL VFKHQ%H]XJVSXQNWHXQG9HUZHLVOLQLHQHLQHV3ODWRQLVFKHQ7H[WHVNÏQQHQQXUYRQ1XW]HQ IÕUHLQHHUQVWKD H%HVFK½ LJXQJPLWGLHVHP$XWRUVHLQ-HGRFKLVWHVJHUDGHGHU$XWRU3OD WRQGHUPHKUDOVGLHPHLVWHQDQGHUHQ6FKUL VWHOOHUEHLGHULQWHUHVVLHUWHQ/HVHUVFKD HLQH EHVWLPPWH (UZDUWXQJVKDOWXQJ ZHFNW Q½POLFK GLH )UDJH QDFK SKLORVRSKLVFKHQ 3UREOHP VWHOOXQJHQGLHLPPHUDXFKDXIGDVHQJVWHPLWGHUSROLWLVFKHQ7KHPDWLNGLHMDLQLKUHUDN WXHOOHQ5HOHYDQ]LPYRUOLHJHQGHQ'LDORJPLWDQJHVSURFKHQZLUGYHUEXQGHQLVW7VLWVLULGLV EOHLEW GLHVHQ%UÕFNHQVFKODJ VFKXOGLJ JLEW GDEHL DEHU VHOEVW r ] %GXUFK GDV $QVSUHFKHQ GHU 0RWLYH GHUKLHUJHOREWHQ wJHPLVFKWHQ 9HUIDVVXQJk 6  VRZLH GHV 'HXWXQJVPX VWHUVGHUYRQ3ODWRQLQGHU5HVSXEOLFDDOVSUREDWHV0LWWHOSROLWLVFKHU3UD[LVJHELOOLJWHQ/ÕJH 6 r$QNQÕSIXQJVSXQNWHGLHGXUFKDXVGHUZHLWHUHQ9HUIROJXQJORKQWHQ  /HW]WOLFK Z½UH QRFK KLQVLFKWOLFK GHV YRQ 7VLWVLULGLV VHOEVW JHJHEHQHQ 6WLFKZRUWHV w6LQQ XQG%HGHXWXQJk]XIUDJHQZRULQGDVVSH]LHOOH,QWHUHVVHGHU/HVHUVFKD EHVWHKHQVROOWHVLFK PLWHLQHU6FKUL ZLHGHP0HQH[HQXV]XEHIDVVHQ,VWHVHLQHUHLQKLVWRULVFKH,QWHQWLRQGLH





5H]HQVLRQHQ DXI9ROOVW½QGLJNHLWGULQJWRGHUELUJWGHU7H[WHLQHEHVRQGHUH%RWVFKD RULJLQHOOH*HGDQ NHQJ½QJHGLHVHLQHXPIDVVHQGH$XIDUEHLWXQJQRWZHQGLJPDFKHQ"7VLWVLULGLVO½¸WDXFKGLHVH )UDJHXQEHDQWZRUWHW$XFKKLHUPX¸YHUWHLGLJHQGHLQJHZHQGHWZHUGHQGD¸VLFKGDV%XFK ZLHXDDXFKGDV)HKOHQHLQHUµEHUVHW]XQJGHUYHUGLHQVWYROOHQNULWLVFKHQ1HXHGLWLRQGHV JULHFKLVFKHQ7H[WHVEHZHLVWPLW6LFKHUKHLWDQHLQHQDXVJHZ½KOWHQ6SH]LDOLVWHQNUHLVULFKWHW 'HQYRQGHU3KLORVRSKLHKHUNRPPHQGHQ3ODWRQOHVHUQLVWGDPLWDOOHUGLQJVQXUDQVDW]ZHLVH JHKROIHQ GULQJW VHLQ :LVVHQVGXUVW GRFK ÕEHU GLH .HQQWQLVQDKPH YRQ UHLQHP ,QIRUPDWL RQVPDWHULDOKLQDXV(UZLOOrZLH]XYRUEHUHLWVDQJHGHXWHWrYRUDOOHPDXFKHLQHQ'HQNHU HQWGHFNHQGHUVLFKÕEHUGLHEOR¸H7KHRULHKLQDXVXPGLHNRQNUHWH9HUZLUNOLFKXQJVHLQHU *HGDQNHQVRUJWrXQGVHLHVQXULQ*HVWDOWHLQHUNULWLVFKHQ%HVWDQGVDXIQDKPH  'HU /HVHU LVW DOOHUGLQJV ]XIULHGHQ ]X ZLVVHQ GD¸ HV HLQ %XFK JLEW GDV LKP EHL HLQHU PÏJOLFKHQ.RQIURQWDWLRQPLWGHP3ODWRQLVFKHQ7H[WGXUFKHLQHXPIDVVHQGH0DWHULDOIÕOOH VRZLHYHUO½¸OLFKH,QIRUPDWLRQHQHLQHVROLGH$UEHLWVJUXQGODJHDQGLH+DQGJLEW



0DWWKLDV%ORFK%RFKXP 

   &+5,67,$1 7251$83ORWLQ(QQHDGHQ9,>@(LQ.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH%G 0ÕQFKHQ.*6DXU6*HEúr,6%1 >]XYRU6WXWWJDUWr/HLS]LJ7HXEQHU'0r,6%1@  7KHREVFXULW\RIVRPHSDVVDJHVLQWKHGLDORJXHVZDVDSUREOHPIRUHYHQ3ODWRnVLPPHGLDWH VXFFHVVRUVZKRXQGHUWRRNDFRKHUHQW3ODWRQLFUHDGLQJRIWKHPLQWKHKRSHWKDWWKH\PLJKW VXFFRUFSLUIlR WKHRULJLQDOP³KSN7KHKLVWRU\RIWKHLQWHUSUHWDWLRQRIWKH7LPDHXVLVQR WRULRXVLQWKLVUHVSHFW,Q(QQ9,3ORWLQXVVXEMHFWVWZRRIWKHPRVWREVFXUHSDVVDJHV LQ 3ODWR WR VFUXWLQ\ 7LP DE DQG 3DUP E & 7RUQDXnV FRPPHQWDU\ RQ WKLV WUHDWLVHRULJLQDOO\VXEPLWWHGDVDGLVVHUWDWLRQWKHVLVDWWHPSWVWRVKHGOLJKWRQ3ORWLQXVnVLQ WHUSUHWDWLRQRIWKHVHWZRSDVVDJHV  7RUQDXnVGHFODUHGDLPLVWRH[SRXQG3ORWLQXVnVDUJXPHQWVLQ(QQ9,DQGWRHOXFL GDWH SUHFLVHO\ KRZ WKH\ DUH FDUULHG RXW +LV DSSURDFK UHVROYHV LQWR WKUHH SDUWV D PLQXWH FRQVLGHUDWLRQRIHDFKRIWKHDUJXPHQWVWKHGHWHUPLQDWLRQRIWKHLUUHODWLRQWR(QQ9, LQLWVHQWLUHW\DQGWRWKH*HVDPWV\VWHPRIWKH(QQHDGVDQGDFKDUDFWHUL]DWLRQRIWKHLUUHODWLRQ WRWKHWKRXJKWRI3ODWR$ULVWRWOHDQGWKH0LGGOH3ODWRQLVWVS 7KHUHDUHWKUHHIHDWXUHV RI7RUQDXnVFRPPHQWDU\WKDWVKRXOGPDNHLWYDOXDEOHWRWKHUHDGHURI(QQ9,HDFKRI ZKLFK,VKDOOEULH\GLVFXVVLQWXUQ  7KHUVWOHPPDRI7RUQDXnVFRPPHQWDU\WRHDFKFKDSWHUFRQWDLQVDVXPPDU\DFFRXQW RIWKHFKDSWHUDQGLWVUHODWLRQWRQHLJKERULQJFKDSWHUVVRPHWLPHVDVZHOODEULHIGLVFXVVLRQ RIWKHEURDGHUFRQWH[WRIWKHVXEMHFWPDWWHUDWKDQG7KHLQH[SHULHQFHGUHDGHUZRXOGEH ZHOODGYLVHGUVWWRUHDGWKURXJKWKHVHOHPPDWDLIKHZLVKHVWRSURWIURP7RUQDXnVERRN $JRRGH[DPSOHRIWKLVLV7RUQDXnVFRPPHQWDU\RQWKHUVWOHPPDRIWKHUVWFKDSWHUWKH

  

&I - 'LOORQ ”7DPSHULQJ ZLWK WKH w7LPDHXVk ,GHRORJLFDO (PHQGDWLRQV LQ 3ODWR… LQ $PHULFDQ -RXUQDO RI 3KLORORJ\    S  ,W LV QRW 3RUSK\U\ ZKR FKRVH WKH WLWOH RI (QQ 9,  DV 7RUQDX UHPDUNV S   LQ IDFW 3RU SK\U\nV WLWOHV DUH WKRVH ZKLFK ZHUH SUHGRPLQDQW DPRQJVW 3ORWLQXVnV VWXGHQWV FI 3RUSK\U\ 9LWD 3ORWLQL  



Ed H SÃR OVEXœWEWEM zTMKVEJEf IeWMR EgHI



 7KH\ VKRXOG WKXV EH FRQVLGHUHG

5H]HQVLRQHQ DXI9ROOVW½QGLJNHLWGULQJWRGHUELUJWGHU7H[WHLQHEHVRQGHUH%RWVFKD RULJLQHOOH*HGDQ NHQJ½QJHGLHVHLQHXPIDVVHQGH$XIDUEHLWXQJQRWZHQGLJPDFKHQ"7VLWVLULGLVO½¸WDXFKGLHVH )UDJHXQEHDQWZRUWHW$XFKKLHUPX¸YHUWHLGLJHQGHLQJHZHQGHWZHUGHQGD¸VLFKGDV%XFK ZLHXDDXFKGDV)HKOHQHLQHUµEHUVHW]XQJGHUYHUGLHQVWYROOHQNULWLVFKHQ1HXHGLWLRQGHV JULHFKLVFKHQ7H[WHVEHZHLVWPLW6LFKHUKHLWDQHLQHQDXVJHZ½KOWHQ6SH]LDOLVWHQNUHLVULFKWHW 'HQYRQGHU3KLORVRSKLHKHUNRPPHQGHQ3ODWRQOHVHUQLVWGDPLWDOOHUGLQJVQXUDQVDW]ZHLVH JHKROIHQ GULQJW VHLQ :LVVHQVGXUVW GRFK ÕEHU GLH .HQQWQLVQDKPH YRQ UHLQHP ,QIRUPDWL RQVPDWHULDOKLQDXV(UZLOOrZLH]XYRUEHUHLWVDQJHGHXWHWrYRUDOOHPDXFKHLQHQ'HQNHU HQWGHFNHQGHUVLFKÕEHUGLHEOR¸H7KHRULHKLQDXVXPGLHNRQNUHWH9HUZLUNOLFKXQJVHLQHU *HGDQNHQVRUJWrXQGVHLHVQXULQ*HVWDOWHLQHUNULWLVFKHQ%HVWDQGVDXIQDKPH  'HU /HVHU LVW DOOHUGLQJV ]XIULHGHQ ]X ZLVVHQ GD¸ HV HLQ %XFK JLEW GDV LKP EHL HLQHU PÏJOLFKHQ.RQIURQWDWLRQPLWGHP3ODWRQLVFKHQ7H[WGXUFKHLQHXPIDVVHQGH0DWHULDOIÕOOH VRZLHYHUO½¸OLFKH,QIRUPDWLRQHQHLQHVROLGH$UEHLWVJUXQGODJHDQGLH+DQGJLEW



0DWWKLDV%ORFK%RFKXP 

   &+5,67,$1 7251$83ORWLQ(QQHDGHQ9,>@(LQ.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH%G 0ÕQFKHQ.*6DXU6*HEúr,6%1 >]XYRU6WXWWJDUWr/HLS]LJ7HXEQHU'0r,6%1@  7KHREVFXULW\RIVRPHSDVVDJHVLQWKHGLDORJXHVZDVDSUREOHPIRUHYHQ3ODWRnVLPPHGLDWH VXFFHVVRUVZKRXQGHUWRRNDFRKHUHQW3ODWRQLFUHDGLQJRIWKHPLQWKHKRSHWKDWWKH\PLJKW VXFFRUFSLUIlR WKHRULJLQDOP³KSN7KHKLVWRU\RIWKHLQWHUSUHWDWLRQRIWKH7LPDHXVLVQR WRULRXVLQWKLVUHVSHFW,Q(QQ9,3ORWLQXVVXEMHFWVWZRRIWKHPRVWREVFXUHSDVVDJHV LQ 3ODWR WR VFUXWLQ\ 7LP DE DQG 3DUP E & 7RUQDXnV FRPPHQWDU\ RQ WKLV WUHDWLVHRULJLQDOO\VXEPLWWHGDVDGLVVHUWDWLRQWKHVLVDWWHPSWVWRVKHGOLJKWRQ3ORWLQXVnVLQ WHUSUHWDWLRQRIWKHVHWZRSDVVDJHV  7RUQDXnVGHFODUHGDLPLVWRH[SRXQG3ORWLQXVnVDUJXPHQWVLQ(QQ9,DQGWRHOXFL GDWH SUHFLVHO\ KRZ WKH\ DUH FDUULHG RXW +LV DSSURDFK UHVROYHV LQWR WKUHH SDUWV D PLQXWH FRQVLGHUDWLRQRIHDFKRIWKHDUJXPHQWVWKHGHWHUPLQDWLRQRIWKHLUUHODWLRQWR(QQ9, LQLWVHQWLUHW\DQGWRWKH*HVDPWV\VWHPRIWKH(QQHDGVDQGDFKDUDFWHUL]DWLRQRIWKHLUUHODWLRQ WRWKHWKRXJKWRI3ODWR$ULVWRWOHDQGWKH0LGGOH3ODWRQLVWVS 7KHUHDUHWKUHHIHDWXUHV RI7RUQDXnVFRPPHQWDU\WKDWVKRXOGPDNHLWYDOXDEOHWRWKHUHDGHURI(QQ9,HDFKRI ZKLFK,VKDOOEULH\GLVFXVVLQWXUQ  7KHUVWOHPPDRI7RUQDXnVFRPPHQWDU\WRHDFKFKDSWHUFRQWDLQVDVXPPDU\DFFRXQW RIWKHFKDSWHUDQGLWVUHODWLRQWRQHLJKERULQJFKDSWHUVVRPHWLPHVDVZHOODEULHIGLVFXVVLRQ RIWKHEURDGHUFRQWH[WRIWKHVXEMHFWPDWWHUDWKDQG7KHLQH[SHULHQFHGUHDGHUZRXOGEH ZHOODGYLVHGUVWWRUHDGWKURXJKWKHVHOHPPDWDLIKHZLVKHVWRSURWIURP7RUQDXnVERRN $JRRGH[DPSOHRIWKLVLV7RUQDXnVFRPPHQWDU\RQWKHUVWOHPPDRIWKHUVWFKDSWHUWKH

  

&I - 'LOORQ ”7DPSHULQJ ZLWK WKH w7LPDHXVk ,GHRORJLFDO (PHQGDWLRQV LQ 3ODWR… LQ $PHULFDQ -RXUQDO RI 3KLORORJ\    S  ,W LV QRW 3RUSK\U\ ZKR FKRVH WKH WLWOH RI (QQ 9,  DV 7RUQDX UHPDUNV S   LQ IDFW 3RU SK\U\nV WLWOHV DUH WKRVH ZKLFK ZHUH SUHGRPLQDQW DPRQJVW 3ORWLQXVnV VWXGHQWV FI 3RUSK\U\ 9LWD 3ORWLQL  



Ed H SÃR OVEXœWEWEM zTMKVEJEf IeWMR EgHI



 7KH\ VKRXOG WKXV EH FRQVLGHUHG

5H]HQVLRQHQ UHDGHULVJLYHQDFRQFLVHDFFRXQWRIWKHSUREOHPRISDUWLFLSDWLRQZLWKLWVUHODWHGSDVVDJHVLQ 3ODWRDQG3ORWLQXV  $QRWKHUYDOXDEOHIHDWXUHRIWKHFRPPHQWDU\FRQVLVWVLQLWVRFFDVLRQDOGLJUHVVLRQVVXFK DV WKRVH FRQFHUQLQJ WKH WUDGLWLRQ RI LQWHUSUHWLQJ 7LP DE S   WKH QRWLRQ RI WYREfWULWMNS WKHWULDG^SœRSÁNµRS WKHQRWLRQVIhH[PSRIeOÉRDQG hRHEPQE S   DQG WKH QRWLRQ RI P³KSN S   +RZHYHU LW LV XQIRUWXQDWH WKDW WKHVH GLJUHVVLRQV DUH VRPHZKDW VSRUDGLF DQG DUH WKXV KDUG WR QG $W WLPHV 7RUQDX HYHQFRQQHVKLPVHOIPHUHO\WRVNHWFKLQJRXWWKHSUREOHPDQGUHIHUULQJWRWKHYDVWVHFRQ GDU\ OLWHUDWXUH 7KH H[SHUW ZLOO EH JUDWHIXO IRU VXFK V\QRSWLF DFFRXQWV WKH LQH[SHULHQFHG UHDGHUPLJKWZHOOEHSHUSOH[HG  )LQDOO\,VKRXOGPHQWLRQRQHODVWIHDWXUHDQ\UHDGHURI(QQ9,ZLOOJUHDWO\DSSUHFL DWH ,QDVPXFK DV ,JDOnV HPHQGDWLRQV DQG WUDQVODWLRQV DUH FRPSOHWH RQO\ IRU (QQHDGV ,,9 RQHLVJUDWHIXOIRUDQ\FDUHIXODWWHPSWDWUHQGHULQJLQWHOOLJLEOH3ORWLQXVnV*UHHNEHIRUHDW WHPSWLQJWRLQWHUSUHWKLVWKRXJKW7KURXJKRXWWKHGLHUHQWOHPPDWD7RUQDXPDNHVVHY HUDOUHPDUNVRQWKHFRQGLWLRQRIWKH*UHHNWH[WDQGLWVJUDPPDWLFDOUHFRQVWUXFWLRQZKLFK KHXVXDOO\SUHIDFHVE\”6\QWD[7H[W…2QHZRXOGZLVKWKLVWREHDQHVVHQWLDOSDUWRIDQ\IX WXUH FRPPHQWDU\ RQ 3ORWLQXV VLQFH WKH LQVWDQFHV LQ ZKLFK WKH SUHFLVH UHFRQVWUXFWLRQ RI 3ORWLQXVnVDUJXPHQWGHSHQGVXSRQVXFKDSURFHHGLQJDUHQXPHURXV7KHUHDUHKRZHYHU WZRJRRGUHDVRQVZK\rLI7RUQDXKDGJDWKHUHGWKHVHUHPDUNVLQDVHSDUDWHVHFWLRQrWKH FRPPHQWDU\ZRXOGKDYHEHHQPXFKPRUHXVHIXO,WZRXOGEHPRUHDFFHVVLEOHQRWRQO\WR WKHLQH[SHULHQFHGUHDGHUDQGLWZRXOGHQDEOHWKHH[SHUWVFKRODUWRXVHVXFKDVHFWLRQDVD TXLFNUHIHUHQFHIRUUHFRQVWUXFWLQJWKH*UHHNRI(QQ9,1RWZLWKVWDQGLQJWKLVPLQRU DZ7RUQDXnVJUDPPDWLFDODQGWH[WXDOUHPDUNVDUHSHUKDSVWKHJUHDWHVWDFKLHYHPHQWRIWKLV FRPPHQWDU\WKH\FHUWDLQO\DUHDPRVWH"FDFLRXVPHDQVLQYLHZRIKLVRYHUDOOFRQFHUQ  *HQHUDOO\VSHDNLQJ7RUQDXnVFRPPHQWDU\LVFRQFLVHDQGKDVRQO\DIHZDZVKRZHYHU LWZRXOGE\IDUH[FHHGWKHVFRSHRIWKLVUHYLHZWRHQWHULQWRDGHWDLOHGGLVFXVVLRQRIWKHSKL ORORJLFDOYDVWQHVVRIWKLVERRN5DWKHUWKHMXGJPHQWDERXWWKHFRUUHFWQHVVRIVSHFLFLVVXHV PD\EHOH WRWKHOHDUQHGUHDGHUrWKHRQO\UHDGHUZKRZLOOEHFDSDEOHRIPDVWHULQJWKLV ZRUNZLWKRXWDOOWRRPXFKGL"FXOW\%HIRUH,YRLFHVRPHREMHFWLRQVFRQFHUQLQJWKHQDWXUH RIWKHDSSHDOWR7LPDEDQG3DUPELQ(QQ9,,VKDOOH[SRXQG7RUQDXnV FRQFOXVLRQDWHQSDJHDEVWUDFWFRQFHUQLQJZKDWKHWDNHVWREHWKH*UXQGJHGDQNHQRI(QQ 9,S   7KHVFRSHRI(QQ9,LVLQIDFWFRSLRXV,WVVWUXFWXUDOLQWHJULW\UHVXOWVIURPLWVWKRU RXJKJRLQJ FRQFHUQ ZLWK WKH FRQFHLYDELOLW\ RI WKH IRUPnV SDUDGR[LFDO FKDUDFWHUL]DWLRQ DV IRXQGDW3DUPEYL]WKDWLWLVRQH DQGWKHVDPHEHLQJVLPXOWDQHRXVO\SUHVHQWLQ PDQ\ VHSDUDWHG EHLQJV DQG WKXV DV LW ZHUH VHSDUDWHG IURP LWVHOI 7RUQDX FODLPV WKDW WKH VXEMHFWPDWWHURIWKHWUHDWLVHLVwWKHHVVHQFHRIEHLQJVk”GDV6HLQGHV6HLHQGHQ…S DQG WKDW3ORWLQXVLVFRUUHVSRQGLQJO\DWWHPSWLQJWRVKHGOLJKWRQWKHWUDQVFHQGHQFHRILQWHOOLJL EOHEHLQJRYHUDJDLQVWVHQVLEOHEHLQJ,QWKLVDWWHPSW3ORWLQXVFRQFHUQVKLPVHOIUDWKHUZLWK WKHQDWXUHRIWKLVUHODWLRQWKDQZLWKWKHIDFWXDOLW\RILWE\ZD\RIHQGHDYRULQJWRPDNHLQWHO OLJLEOH WKH SDUDGR[LFDO FKDUDFWHU RI WKLV YHU\ UHODWLRQ ,Q HHFW (QQ 9,  DUJXHV IRU WKH

 

D VKRUWKDQG IRU WKH UHOHYDQW GRJPDWLF SRVLWLRQ ZLWKLQ WKH VFKRRO RI 3ORWLQXV



- ,JDO 3RU ULR 9LGD GH 3ORWLQR r 3ORWLQR (QÂDGDV ,,, 0DGULG   DQG LG (QÂDGDV ,,,,9 0D GULG   )RU ,JDOnV HPHQGDWLRQV DQG WUDQVODWLRQV RI (QQHDGV 99, VHH QRZ - ,JDO (QÂDGDV 9 9, 0DGULG  





5H]HQVLRQHQ FRQFHLYDELOLW\ RI WKLV SDUDGR[LFDO FKDUDFWHU ZKLFK FRQVLVWV LQ WKH FDXVDOLW\ RI WKH )RUPV WKDWLVWKHLUFDXVLQJPXOWLSOLFLW\LQWKHVHQVLEOHUHDOPZKLOHUHPDLQLQJLQXQLW\LQWKHLQWHO OLJLEOHUHDOP  7RUQDXKROGVWKDWWKHSKLORVRSKLFDOLPSRUWRI7LPDEPD\EHHTXDWHGPXWDWLVPX WDQGLVZLWKWKDWRI3DUPE7LPDEWKHQIXQFWLRQVPHUHO\DVWKHSRLQWRIGH SDUWXUHIRU3ORWLQXVnVFRQVLGHUDWLRQVDERXWSDUWLFLSDWLRQGXHWRWKHIDFWXDOLW\RISDUWLFLSD WLRQLQWKHVRXOERG\UHODWLRQFIS ,QRWKHUZRUGVRQJURXQGVRIWKHSULPRUGLDO LW\RIWKHLQWHOOLJLEOH3ORWLQXVXQGHUWDNHVDQwRQWRORJLFDOUHGXFWLRQkRIWKH7LPDHXVSURE OHPWRWKH3DUPHQLGHVSUREOHP,QWKHFRQWH[WRIWKH3DUPHQLGHVSUREOHPDQGWKHSUREOHPRI SDUWLFLSDWLRQWKHSUREOHPRIWKHXELTXLW\RIWKHLQWHOOLJLEOHDULVHVWRZKLFKWKHUHDUHWZR SRVVLEOH DSSURDFKHV WKH QDÈYH DQG WKH 3ORWLQLDQ DSSURDFK &UXFLDO WR WKHVH GLHUHQW DS SURDFKHVLVWKDWWKH\ERWKLQYROYHDGLHUHQWXQGHUVWDQGLQJRIWKH3ODWRQLFFRQFHSWHVVHQ WLDOO\UHODWHGWRWKHLGHDRIXELTXLW\TERXEGSÁ7KHQDÈYHDSSURDFKWDNHVWKHwHYHU\ZKHUHk LQWKHSURSRVLWLRQ”WKHLQWHOOLJLEOHEHLQJLVHYHU\ZKHUH…WRPHDQWKDWLWLVHYHU\ZKHUHLQWKH VSKHUHRIVHQVLEOHEHLQJV7KH3ORWLQLDQDSSURDFKDWWHPSWVWRHVWDEOLVKDQXQGHUVWDQGLQJRI wHYHU\ZKHUHkLQWKHVHQVHWKDWLQWHOOLJLEOHEHLQJLVHYHU\ZKHUHLQLWVHOIDQGWKDWVHQVLEOHEH LQJVDUHWKXVHYHU\ZKHUHwLQkRUwWRkLWS 7KLVFKDQJHRISHUVSHFWLYHLVDFKLHYHGE\ WKLQNLQJRIWKHLQWHOOLJLEOHVWULFWO\LQWHUPVRIDWUDQVFHQGHQWDOXQLW\UHJDUGOHVVRIWKHSDUD GR[DVHWIRUWKLQWKHUVWSDUWRI3ODWRnV3DUPHQLGHV  $FFRUGLQJWR3ORWLQXVWKHUHDUHWZRDUJXPHQWVIRUWKHWUDQVFHQGHQWDOXQLW\RIWKHLQWHO OLJLEOHUVWWKHFDXVDOLW\RIWKH)RUPVLVFRQFHLYDEOHRQO\LILWLVFRQVWUXHGLQVXFKDZD\ WKDWLWDYRLGVWKHVDLOFORWKGLOHPPDS VHFRQGWKHIDFWXDOLW\RIWKHXQLW\RIVHQ VLEOH SHUFHSWLRQ WYREfWULWMN  H[KLELWV D GHULYHG IRUP RI XELTXLW\ YL] WKH XELTXLWRXV SUHVHQFHRIVRXOLQWKHERG\FI7RUQDXnVLQVLJKWIXOGLJUHVVLRQDWS 7RUQDXSRLQWV RXWWKDWWKHWUDQVFHQGHQWDOXQLW\RIWKHLQWHOOLJLEOHRXJKWWREHXQGHUVWRRGUDWKHUDVDIXQF WLRQDOWHUPrLHH[SODQDWRU\RIWKHUHODWLRQEHWZHHQWKHLQWHOOLJLEOHDQGWKHVHQVLEOHEHLQJ rWKDQDVKDYLQJDQ\H[SODQDWRU\SRZHULQYLHZRIWKHLQWHOOLJLEOHLWVHOI,QIDFWWKHQDÈYHDS SURDFK WR XQGHUVWDQGLQJ FRQFHSWV VXFK DV wWUDQVFHQGHQWDO XQLW\k FRQYH\V QRWKLQJ EXW WKH QHJDWLYLW\RURWKHUQHVVyXIV³XLN RIVXFKFRQFHSWVDVDSSOLHGWRWKHLQWHOOLJLEOHUHDOP)RU WKHWUDQVFHQGHQWDOXQLW\RIWKHLQWHOOLJLEOHLVHVVHQWLDOO\PDQLIROG|RTSPP„ rLWVPDQLIROG QHVVKRZHYHUEHLQJUDWKHUDIRUPDOWKDQDUHDOGLVWLQFWLRQS   $VLGHIURPWKHVWULFWWUDQVFHQGHQFHRIWKHLQWHOOLJLEOH7RUQDXHPSKDVL]HVWKDWWRWKLQNRI LWDVEHLQJVWULFWO\LPPDQHQWLVDQRWKHUHVVHQWLDODVSHFWRIWKHFRQFHLYDELOLW\RI3DUPE 3DUWLFLSDWLRQPD\WKXVEHWKRXJKWRILQWZRZD\VDVDVWULYLQJIRUIRUPµVI\MN DQGDVD SRWHQF\IRUIRUPDVDFWH»REQMN 6HQVLEOHEHLQJVPD\DWWDLQWRXQLW\RQO\UHODWLYHO\VLQFH WKH\ DUH SRWHQWLDOO\ LQQLWHO\ VHSDUDEOH 6WULYLQJ WKHQ WRNHQV SDUWLFLSDWLRQ VLQFH VHQVLEOH EHLQJVFRQVWDQWO\VWULYH IRUWKHXQDWWDLQDEOHXQLW\RIWKHWUDQVFHQGHQWLQWHOOLJLEOHS  7KHLGHDRISDUWLFLSDWLRQDVSRWHQF\LVEDVHGRQWKH$ULVWRWHOLDQ3ORWLQLDQWKHRU\RIWKH WZRIROGDFWLYLW\zR{VKIME RIHYHU\EHLQJWKHUVWRULQWHUQDODFWLYLW\RIHYHU\EHLQJFRQ

  

: %HLHUZDOWHV UHIHUV WR WKH WUDQVLWLRQ IURP WKH SUREOHP RI WLPH WR WKH SUREOHP RI HWHUQLW\ ZLWK WKLV WHUP VHH LG 3ORWLQ µEHU (ZLJNHLW XQG =HLW (QQHDGH ,,,  )UDQNIXUW D 0   S  ,W LV UHJUHWWDEOH WKDW 7RUQDX DSSHDUV QRW WR EH IDPLOLDU ZLWK 6WHYHQ 6WUDQJHnV YDOXDEOH GLVFXVVLRQ RI WKH VDLOFORWK GLOHPPD LG ”3ORWLQXVnV $FFRXQW RI 3DUWLFLSDWLRQ LQ (QQHDG 9,… LQ -RXUQDO RI



WKH +LVWRU\ RI 3KLORVRSK\  >@ S   3ORWLQXV IUHTXHQWO\ UHIHUV WR WKH $ULVWRWHOLDQ VFLHQFH DQDORJ\ LQ WKDW FRQWH[W FI 7RUQDXnV KHOSIXO DUWLFOH ”:LVVHQVFKD  6HHOH *HLVW =XU %HGHXWXQJ HLQHU $QDORJLH EHL 3ORWLQ (QQ ,9  XQG 9,





5H]HQVLRQHQ VLVWV LQ LWV VXEVWDQWLDOLW\ WKH VHFRQG RU H[WHUQDO DFWLYLW\ LV DQ DFWLYLW\ WR ZKLFK SHUWDLQV D FDXVDOSRWHQF\7KHH[WHQWRIDEHLQJnVFDXVDOSRWHQF\GHWHUPLQHVLWVGHJUHHRIEHLQJ([ WHUQDODQGLQWHUQDODFWLYLW\DUHIXUWKHUPRUHLQVHSDUDEOHZKLFKVHUYHVDVDVLJQIRUSDUWLFLSD WLRQDVSRWHQF\WKHLQWHUQDODFWLYLW\RIWKHLQWHOOLJLEOHFRQVLVWVLQLWVWUDQVFHQGHQFHLWVH[ WHUQDODFWLYLW\LQLWVLPPDQHQFH7KLVGLVWLQFWLRQLVKRZHYHUQRWKLQJEXWDIRUPDORQHGXH WRWKHXELTXLW\RIWKHLQWHOOLJLEOHWKHHVVHQFHRIVHQVLEOHEHLQJVrXQGHUVWRRGDVWKHLPPD QHQWH[WHUQDODFWLYLW\RIWKHLQWHOOLJLEOHrWKXVHQDEOHVDQXQGHUVWDQGLQJRIWKHH[WHUQDODF WLYLW\DVDSUHVHQFHTEVIlREM RIWKHWUDQVFHQGHQWDOSDQG   7KHFRQFHLYDELOLW\RI3DUPELVIXUWKHUDFFRPSOLVKHGE\WKHPHWKRGRIDEVWUDF WLRQƒJEfVIWMN 6LQFHWKHRXWFRPHRIWKHLGHDRISDUWLFLSDWLRQDVSRWHQF\LVWKDWWKHUHLVD WUDQVFHQGHQWDOXQLW\RIWKHFDXVDDQGWKHFDXVDWXPWKHHPSLULFDOPXOWLSOLFLW\ZKLFKLVDPHUH DGGLWLRQ RI QRQEHLQJ TVSWUœOL XSÁ QŸ µRXSN  PD\ EH XQGRQH E\ DEVWUDFWLRQ S DQG 7KHVSDWLDODQGWHPSRUDOOLPLWDWLRQVRIVHQVLEOHEHLQJDUHWKXVPDGHRE VROHWHLQOLJKWRIWKHXELTXLWRXVFKDUDFWHURIWKHWUDQVFHQGHQWSDQG   7KHGL"FXOWLHVRIWKHFRQFHLYDELOLW\RI3DUPEDUHIXUWKHUHOXFLGDWHGE\PHDQVRI WKHGRFWULQHRIwUHFHSWLRQDFFRUGLQJWRWKHFDSDFLW\RIWKHUHFLSLHQWk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nVP³KSM1XPHQLXV7KLVOHDGVXVWRWKHGHHSHUTXHVWLRQRIKRZZHDUHWRLQWHU SUHW w3ORWLQXV LQWHUSUHWLQJk RU UDWKHU WKH TXHVWLRQ RI 3ORWLQXVnV SKLORVRSKLFDO PHWKRG D PDWWHUIRUZKLFK7RUQDXIDLOVWRJLYHDVX"FLHQWDFFRXQW  (DUO\ RQ LQ WKH SRVW+HOOHQLVWLF SHULRG 3ODWRQLVWV DGRSWHG D PHWKRG RI LQWHUSUHWDWLRQ WUDGLWLRQDOO\HPSOR\HGE\3HULSDWHWLFVZKLFKWKHODWWHUGHULYHGIURP$ULVWDUFKXVnVPHWKRG RILQWHUSUHWLQJ+RPHU$FFRUGLQJWRWKLVPHWKRGWKHLQWHUSUHWHURXJKWWRFODULI\DQDX

 

 … LQ *ÏWWLQJHU )RUXP IÕU $OWHUWXPVZLVVHQVFKD

   S 

)RU D EULHI DFFRXQW RI 3ORWLQXVnV SKLORVRSKLFDO PHWKRG VHH 6 6WUDQJH ”3ORWLQXV RQ WKH 1DWXUH RI (WHUQLW\ DQG 7LPH… LQ / 3 6FKUHQN HG  $ULVWRWOH LQ /DWH $QWLTXLW\ :DVKLQJWRQ '&  



S  HVS S  &I & 6FK½XEOLQ ”+RPHUXP H[ +RPHUR… LQ 0XVHXP +HOYHWLFXP    S  3 'R QLQL ”7HVWL H FRPPHQWL PDQXDOL H LQVHJQDPHQWR OD IRUPD VLVWHPDWLFD H L PHWRGL GHOOD

ORVRD

LQ HW¹ SRVWHOOHQLVWLFD… LQ : +DDVH HG  $XIVWLHJ XQG 1LHGHUJDQJ GHU 5ÏPLVFKHQ :HOW ,, %HUOLQ r 1HZ Q@8QLYHUVLW½WVJHVFKLFKWH]ZLVFKHQGHQ e$UEHLWVIHOGHUQw%LOGXQJVJHVFKLFKWHkXQG w:LVVHQVFKD VJHVFKLFKWHk…6,; DQVLHGHOW6LHYHUIROJGHQ*HJHQVWDQGLKUHU8QWHUVXFKXQ JHQ LP +LQEOLFN DXI ODQJIULVWLJH 9HU½QGHUXQJHQ SURJUDPPDWLVFK ”ÕEHU DOOH (SRFKHQ KLQ ZHJELVLQGLHXQPLWWHOEDUH*HJHQZDUW…HEG 'HU%DQGJLQJDXVGHUHUVWHQLQWHUQDWLRQD OHQ7DJXQJGHU*HVHOOVFKD DXIGHP0RQWH9HULW¹LQ$VFRQDKHUYRUDOV7DJXQJVSUR GXNWJLEWHUGHQQDXFKYLHOPHKUYHUVFKLHGHQH,PSXOVHDOVHLQHQµEHUEOLFN(UUÕFNWÕEHU HLQHQ=HLWUDXPYRQVLHEHQ-DKUKXQGHUWHQGLHMHQLJH)DNXOW½WLQV=HQWUXPZHOFKHVLFKYRQ GHUJHPHLQKLQDOV2UWSURS½GHXWLVFKHU6WXGLHQJHOWHQGHQ$UWLVWHQIDNXOW½W]XGHQDXVGLH UHQ]LHUWHQ6WXGLHQJ½QJHQGHUKHXWLJHQJHLVWHVXQGQDWXUZLVVHQVFKD OLFKHQSKLORVRSKLVFKHQ )DNXOW½WHQHQWZLFNHOWH$UWLVWHQZHUGHQLQGLHVHP=XVDPPHQKDQJMHQH3HUVRQHQJHQDQQW GLHOHGLJOLFKDQGHU$UWLVWHQIDNXOW½WVWXGLHUWHQHQWVSUHFKHQGZHUGHQPLW3KLORVRSKHQGLH MHQLJHQEH]HLFKQHWGLHLKUH6WXGLHQDQHLQHUSKLORVRSKLVFKHQ)DNXOW½WDEVROYLHUWHQ  'HU%DQGJOLHGHUWVLFKFKURQRORJLVFKLQGUHL7HLOH7HLO,LVWGHP-DKUKXQGHUW 7HLO,,GHP-DKUKXQGHUWXQG7HLO,,,GHP-DKUKXQGHUWJHZLGPHW'LHHLQ ]HOQHQ7HLOHHQGHQMHZHLOVPLWHLQHU=XVDPPHQIDVVXQJVRZLHDP6FKOX¸GHV%XFKHV PLW .RPPHQWDUHQDXVLWDOLHQLVFKHU6LFKW$XIHLQ9RUZRUWXQGHLQH(LQIÕKUXQJGHV+HUDXVJH EHUV5&6FKZLQJHVIROJHQ7HLO,.:ULHGW”6WXGLXPXQG7½WLJNHLWVIHOGHUGHU$UWL VWHQ LP VS½WHQ 0LWWHODOWHU… &+HVVH ”/DQGHVKHUUOLFKH $PWVWU½JHU r $UWLVWHQ LP %HUXI… 3* 6FKPLGW ”*UDPPDWLN XQG 5KHWRULN DQ GHQ 8QLYHUVLW½WHQ GHV 6S½WPLWWHODOWHUV… 0-)0 +RHQHQ ”$UV DUWLXP HW VFLHQWLD VFLHQWLDUXP /RJLN DQ GHQ PLWWHODOWHUOLFKHQ 8QLYHUVLW½WHQ YRQ 3DULV XQG LP $OWHQ 5HLFK… &6FKÏQHU ”$ULWKPHWLN *HRPHWULH XQG $VWURQRPLH$VWURORJLHDQGHQ8QLYHUVLW½WHQGHV$OWHQ5HLFKHV3URS½GHXWLN+LOIVZLVVHQ VFKD HQGHU0HGL]LQXQGSUDNWLVFKH/HEHQVKLOIH…*57HZHV”'\QDPLVFKHXQGVR]LDO JHVFKLFKWOLFKH $VSHNWH VS½WPLWWHODOWHUOLFKHU $UWHVOHKUSO½QH… 06WDHKHOLQ ”0XVLN LQ GHQ $UWLVWHQIDNXOW½WHQGHXWVFKHU8QLYHUVLW½WHQGHVVS½WHQ0LWWHODOWHUV…5$0ÕOOHU”=X6WUXN

 

'LH HQJOLVFKH 9HUVLRQ LVW r VR ZLUG LP ”9RUZRUW… 3UHIDFH WR WKH (QJOLVK (GLWLRQ YJO 9RO , 6 9,,, DQJH]HLJW r JHJHQÕEHU GHU IUDQ]ÏVLVFKHQ (GLWLRQ YRQ  XQG GHU LWDOLHQLVFKHQ YRQ  GDGXUFK DXVJH]HLFKQHW GD¸ VLH XP ZLFKWLJH $UWLNHO HUJ½Q]W ZRUGHQ LVW IHUQHU GLH MHZHLOLJHQ EL EOLRJUDSKLVFKHQ $QJDEHQ r IDOOV HUIRUGHUOLFK r DNWXDOLVLHUW ZRUGHQ VLQG LQ GHQ $UWLNHOQ w'LRQ\ VLXV WKH $UHRSDJLWH 3VHXGRk XQG w1LFKRODV RI &XVDk YHUPL¸W PDQ DOOHUGLQJV +LQZHLVH DXI GLH 6WDQGDUG$XVJDEHQ w%HUOLQk E]Z w+DPEXUJk 





5H]HQVLRQHQ WXU XQG :DQGHO GHU $UWLVWHQ E]Z 3KLORVRSKLVFKHQ )DNXOW½WHQ DP %HJLQQ GHV  -DKU KXQGHUWV… 7HLO ,, :5ÕHJJ ”'HU +XPDQLVPXV XQG VHLQH JHVHOOVFKD OLFKH %HGHXWXQJ… 60%DXHU”'LH9HU½QGHUXQJYRQ/HKUI½FKHUQXQG/HKULQKDOWHQDQGHU3KLORVRSKLVFKHQ )DNXOW½WGHU8QLYHUVLW½W7ÕELQJHQLPXQG-DKUKXQGHUW…+0DUWL”3KLORVRSKLHXQ WHUULFKWXQGSKLORVRSKLVFKH'LVVHUWDWLRQHQLPXQG-DKUKXQGHUW…&(0F&OHOODQG ”*UHQ]HQ XQG 0ÏJOLFKNHLWHQ wDUWLVWLVFKHUk +RFKVFKXOHU]LHKXQJ LP VS½WHQ 5HLFK… XQG 1+DPPHUVWHLQ”9RP+XPDQLVPXV]XU$XINO½UXQJ)UÕKQHX]HLWOLFKH$VSHNWHGHU8QL YHUVLW½WVJHVFKLFKWH… 7HLO ,,, :3URVV ”$GHO XQG H[SHULPHQWHOOH 1DWXUZLVVHQVFKD  GLH 5ROOH GHU $NDGHPLHQ LP  -DKUKXQGHUW… :+ÏHFKQHU ”%HPHUNXQJHQ ]XU 'LHUHQ ]LHUXQJ GHV )½FKHUNDQRQV XQG ]XU 6WHOOXQJ GHU SKLORVRSKLVFKHQ )DNXOW½WHQ LP µEHUJDQJ YRPDXIGDV-DKUKXQGHUW…3/XQGJUHQ”([DPLQDXQG7½WLJNHLWVIHOGHUIÕU$EVRO YHQWHQ GHU 3KLORVRSKLVFKHQ )DNXOW½W %HUXIVNRQVWUXNWLRQ XQG 3URIHVVLRQDOLVLHUXQJ LP  -DKUKXQGHUW…56WLFKZHK”'LHVR]LDOH5ROOHGHV3URIHVVRUVGHUSKLORVRSKLVFKHQ)DNXOW½W (LQ )DOO YRQ 3URIHVVLRQDOLVLHUXQJ" 'HXWVFKODQG LP  XQG  -DKUKXQGHUW… +7LW]H ”'HU6WUXNWXUEUXFKLQGHUKÏKHUHQ%LOGXQJLP-DKUKXQGHUW…00RUHWWL”8QLYHUVL W½WVV\VWHPXQGw3URIHVVLRQDOLVLHUXQJkGHU+LVWRULNHULQ,WDOLHQ (LQNXU]HU*H VDPWÕEHUEOLFN…5YRP%UXFK”'LHUHQ]LHUXQJXQG3URIHVVLRQDOLVLHUXQJ9RQGHU3URS½ GHXWLN ]XP 0RWRU GHU PRGHUQHQ )RUVFKXQJVXQLYHUVLW½W… $EVFKOLH¸HQG DXV LWDOLHQLVFKHU 6LFKW$6RWWLOL”(LQH3RVWLOOH]XPDUWLVWLVFKHQ&XUULFXOXPGHULWDOLHQLVFKHQ8QLYHUVLW½WHQ LP9HUJOHLFK]XUPLWWHOHXURS½LVFKHQ$UWLVWHQIDNXOW½W…XQG,3RUFLQL”'HU)DOO,WDOLHQ…  %HNDQQWOLFKPDFKWHQGLH6WXGHQWHQGHUDUWLVWLVFKSKLORVRSKLVFKHQ)DNXOW½WHQLQGHQKLHU EHWUDFKWHWHQ=HLWHQGHQJUϸWHQ7HLODOOHU8QLYHUVLW½WVEHVXFKHUDXVLQGHUGHXWVFKHQ9RU PRGHUQHJDUGLHVHPTXDQWLWDWLYHQ$VSHNWVROOWHQGHP+HUDXVJHEHU]XIROJHPLW GHPYRUOLHJHQGHQ%DQGTXDOLWDWLYH$VSHNWHJHJHQÕEHUJHVWHOOWZHUGHQ'DEHLZLUGGLH)UD JHDXIJHZRUIHQREHVEHLP6WXGLXPDQGLHVHQ)DNXOW½WHQXP%LOGXQJXPLKUHUVHOEVWZLO OHQ  RGHU XP HLQH EHVWLPPWH $XVELOGXQJ 6WLFKZRUW w3URIHVVLRQDOLVLHUXQJk  JLQJ %HUHLWV KLHU]HLJWVLFKGLH6WR¸ULFKWXQJHLQHVJUR¸HQ7HLOVGHUYHUVDPPHOWHQ%HLWU½JH0LW4XDOLW½W LVWOHW]WOLFKGHUSUDNWLVFKH1XW]HQJHPHLQWGHULP5DKPHQHLQHV)RUWVFKULWWVNRQ]HSWHVDOV JHVHOOVFKD OLFK UHOHYDQW EHWUDFKWHW ZLUG GDPLW HUI½KUW GHU 4XDOLW½WVEHJUL DOOHUGLQJV HLQH ]HLWJHLVWLJH)L[LHUXQJ'LHVLVWPLWGHPDNWXHOOHQZLVVHQVFKD VXQGIRUVFKXQJVSROLWLVFKHQ .OLPD LQ =XVDPPHQKDQJ ]X EULQJHQ LQ GHP DXIJUXQG HLQVHLWLJHU QDWXUZLVVHQVFKD OLFK WHFKQLVFKHU4XDOLW½WVNULWHULHQGLH/HJLWLPDWLRQGHU*HLVWHVZLVVHQVFKD HQLQ)UDJHJHVWHOOW ZLUG,QGLHVHP/LFKWHVLQGZRKOGLHJUXQGV½W]OLFKH$XVULFKWXQJDXIGLH(UIRUVFKXQJLKUHV 1XW]HQV VRZLH GLH HQWVSUHFKHQG DGDSWLHUWH 7HUPLQRORJLH ]X VHKHQ DXIIDOOHQG R  LVW GLH 5HGHYRQ3URGXNWLRQ1DFKIUDJH/HLVWXQJ,QQRYDWLRQ9HUZHUWXQJ ,PIROJHQGHQVROOHQ DEHUJHUDGHDXFKGLHSRVLWLYHQ$EZHLFKXQJHQGDYRQEHVSURFKHQZHUGHQ  7HLO,,P+LQEOLFNDXI PÏJOLFKH7½WLJNHLWVIHOGHUYRQ$UWLVWHQK½OW.:ULHGWIHVWGD¸ YRQLKQHQGLHVH)DNXOW½WRKQH*UDGXLHUXQJYHUODVVHQKDEHQZREHLDOOHUGLQJVGHU ([LVWHQ]YRQVFKRODUHVYDJDQWHVGLHDQYHUVFKLHGHQHQ8QLYHUVLW½WHQVWXGLHUWKDEHQDEHUQLFKW DQ MHGHUJUDGXLHUW ZRUGHQ VLQG QLFKW 5HFKQXQJ JHWUDJHQ ZLUG  (U IÕKUW GLHV GDUDXI ]X UÕFNGD¸GHU,PPDWULNXODWLRQQLFKWQXUELOGXQJVRULHQWLHUWH0RWLYH]XJUXQGHODJHQVRQ GHUQDXFKKDQGIHVWH,QWHUHVVHQZLHPDWHULHOOH%HVVHUVWHOOXQJGDV.QÕSIHQYRQ%H]LHKXQ JHQXQGGHU(UZHUEYRQSUDNWLVFKHQ)HUWLJNHLWHQZLH/HVHQXQG6FKUHLEHQLQ/DWHLQGLH GHQ$UWLVWHQNRQNUHWH%HUXIVDXVVLFKWHQLQ/DWHLQVFKXOHQRGHU.DQ]OHLHQHUÏQHWHQ'LHVHQ 3XQNWIRNXVVLHUWDXFK&+HVVHZHQQHUHLQHODQJVDPH$NDGHPLVLHUXQJXQGGDPLWDXFK (QWNOHULNDOLVLHUXQJ HLQ]HOQHU9HUZDOWXQJVEHUHLFKHGXUFK$UWLVWHQIHVWK½OW$UWLVWHQÕEWHQLQ





5H]HQVLRQHQ GHU5HJHOXQWHUJHRUGQHWH7½WLJNHLWHQDXVZLHGLHGHV6FKUHLEHUVGLHKÏKHUHQ6WHOOHQEOLH EHQGHQ-XULVWHQYRUEHKDOWHQ)ÕUGLHMHQLJHQZHOFKHDQGHU$UWHV)DNXOW½WSURPRYLHUWHQ ZDUQLFKWHLQ8QLYHUVLW½WVDEJDQJVRQGHUQ:HLWHUVWXGLXPXQG/HKUHYRUJHVHKHQPDJLVWULUH JHQWHV 'LHVH0L[WXUEHVRQGHUVLPVRJHQDQQWHQ”5HJHQ]6\VWHP…9HUSLFKWXQJIÕUQHX SURPRYLHUWH0DJLVWHU]ZHL-DKUHDQGHU)DNXOW½W]XOHKUHQ K½OW5$0ÕOOHUIÕUGDVFKD UDNWHULVWLVFKH6WUXNWXUPHUNPDOGHU VS½WPLWWHODOWHUOLFKHQ8QLYHUVLW½W )HUQHUEHREDFKWHWHU YRP]XP-DKUKXQGHUWLP:DQGHOGHU$UWLVWHQE]Z3KLORVRSKLVFKHQ)DNXOW½WYRQ GHU.RUSRUDWLRQ]XU6WDDWVDQVWDOWHLQHVWDDWOLFKHXQGJHVHOOVFKD OLFKH”)XQNWLRQDOLVLHUXQJ… GHU8QLYHUVLW½W*HUDGHKLQVLFKWOLFKGHUSURS½GHXWLVFKHQ)XQNWLRQGHV$UWHV6WXGLXPVYRQ 0ÕOOHUDXFKDOV”LQQHUXQLYHUVLW½UHV*\PQDVLXP…EH]HLFKQHW HUZHLVWVLFKGHU%OLFNDXIGLH DQGHUV JHDUWHWHQ LWDOLHQLVFKHQ 9HUK½OWQLVVH DOV DXIVFKOX¸UHLFK DXFK ZHQQ GDPLW GLH DQJH VWUHEWH”HXURS½LVFKH3HUVSHNWLYH…QLFKWHLQJHOÏVWZLUG$6RWWLOLK½OWIHVWGD¸GDVDUWLVWLVFKH &XUULFXOXPNHLQHJ\PQDVLDOH)XQNWLRQEHVD¸GLH*UXQGDXVELOGXQJÕEHUQDKPGLH6FKXOH GHU +XPDQLVWHQ  XQG GLH DUWLVWLVFKHQ 6WXGLHQ QLFKW DXI 7KHRORJLH VRQGHUQ DXI 0HGL]LQ DXVJHULFKWHW ZDUHQ ,P  -DKUKXQGHUW VWHOOWH ]XGHP GDV $UWHV6WXGLXP QLFKW PHKU QXU HLQ 3URS½GHXWLNXP IÕU GLH 0HGL]LQ GDU VRQGHUQ ZDU DOV 3URPRWLRQVJDQJ XQG DOV %LO GXQJVZHJDXFKIÕUVLFKVHOEVWHUVWUHEHQVZHUW'LH)UDJHQDFKGHPSUDNWLVFKHQ1XW]HQXQG GHUDXVVHUXQLYHUVLW½UHQ9HUZHQGEDUNHLWGHV(UOHUQWHQOHLWHWDXFKLQKDOWVEH]RJHQH8QWHUVX FKXQJHQ]XU/RJLNXQG]XGHQ)½FKHUQGHV4XDGULYLXPV0+RHQHQJHKWYRQGHULQPLW WHODOWHUOLFKHQ7UDNWDWHQR YRUJHQRPPHQHQ8QWHUVFKHLGXQJ]ZLVFKHQORJLFDGRFHQVXQGOR JLFDXWHQVDXV,P5DKPHQGHV$UWHV6WXGLXPVZXUGHHUVWHUHGLHWKHRUHWLVFKH)RUPGHU/R JLNDOVVHOEVW½QGLJH'LV]LSOLQPLWGHU$UJXPHQWDWLRQDOVLKUHPHLJHQHQ*HJHQVWDQGXQWHU ULFKWHWZLHHVLQORJLVFKHQ7UDNWDWHQXQG.RPPHQWDUHQGRNXPHQWLHUWLVW'LHORJLFDXWHQV VWHOOWGLHLQDQGHUHQ:LVVHQVFKD HQrR QLFKWRKQH%HGHQNHQrDQJHZDQGWH.XQVWGHU$U JXPHQWDWLRQGDUVRLQGHU%HJULVELOGXQJRGHU$QDO\VHYRQ3UREOHPHQ+RHQHQPDFKWGD EHLDXIHLQHLP*UXQGHSOXUDOH/RJLNDXIPHUNVDPZHQQHUMHQDFK6FKXOHXQWHUVFKLHGOLFKH ORJLVFKH7KHRULHQYDULLHUHQGH3U½PLVVHQVRZLHGHQ=XVDPPHQKDQJPLWDQGHUHQ:LVVHQ VFKD HQEHWRQW'DEHLVSLHOWDXFKGHUwFRQWH[WXDODSSURDFKk/0GH5LMN GHU6XSSRVLWL RQVOHKUHHLQH5ROOH+RHQHQYHUZHLVWDXIGLHORJLVFKH'HEDWWHXPGLHYLUWXVVHUPRQLVGLHHL JHQWOLFKH%HGHXWXQJGHU:RUWHLQGHU%LEHOXQGDXWRULWDWLYHQ7H[WHQ(LQHQZHLWHUHQ(LQ EOLFNLQGLHDQJHZDQGWH/RJLNJLEWHUPLWGHP+LQZHLVDXI([DPHQVWUDNWDWHGLHDOV9RUEH UHLWXQJIÕU'LVSXWDWLRQHQGLHQWHQ,QHLQHUDQRQ\PHQ6DPPOXQJYRQSDUDGLJPDWLVFKHQ'LV SXWDWLRQHQGHP3URPSWXDULXPDUJXPHQWRUXPZHUGHQPLWGHQ$UJXPHQWDWLRQHQDXFKJOHLFK 6FKXOGLHUHQ]HQ]ZLVFKHQ7KRPLVWHQXQG$OEHUWLVWHQPLWJHOLHIHUW2EWDWV½FKOLFKJHUDGH GLH/RJLNGHU7KRPLVWHQDX¸HUKDOEGHU8QLYHUVLW½WSUDNWLVFKZHLWHUJHZLUNWKDWZLH+RH QHQ DP 6FKOX¸ YHUPXWHW GDUI DQJH]ZHLIHOW ZHUGHQ &6FKÏQHU NRQVWDWLHUW DQKDQG YRQ /HKUSODQDQDO\VHQ HLQH XQWHUJHRUGQHWH 6WHOOXQJ GHV 4XDGULYLXPV XQG VHLWHQV GHU $UWHV 6WXGHQWHQHLQJHULQJHV,QWHUHVVHGDUDQZHLOQLUJHQGZRVRQVWVRYLHOH6WUDIJHEÕKUHQZHJHQ 9HUV½XPQLVVHV YHU]HLFKQHW VLQG $QGHUHUVHLWV EHVWDQG HLQ EHWU½FKWOLFKHV ,QWHUHVVH YRQ DX ¸HQEHVRQGHUVDQGHU$VWURQRPLHE]Z$VWURORJLH0HGL]LQHUEHQÏWLJWHQVLHIÕULKUH'LD JQRVHXQG7KHUDSLHPHWKRGHQ)ÕUVWHQ]XUSROLWLVFKHQ3ODQXQJXQGHLQ*UR¸WHLOGHV9RO NHV IÕU -DKUHVSURJQRVHQ ,Q GLHVHU 'LVNUHSDQ] VLHKW 6FKÏQHU GLH 8UVDFKH GDIÕU GD¸ GHU 4XDGULYLXP8QWHUULFKWK½XJDX¸HUKDOEGHU8QLYHUVLW½WSULYDWVWDWWIDQG  ,PNXU]HQ7HLO,,VWHOOWVLFKJOHLFK]X%HJLQQGLH)UDJHZHVKDOEGHUHLQ]LJH%HLWUDJ]XP +XPDQLVPXV VLFK ZLH VHOEVWYHUVW½QGOLFK XQWHU ,,  -K  XQG QLFKW XQWHU ,  -K QGHW:HLWHUZLUGPLWGHP9RUWUDJYRQ:5ÕHJJGDV)HOGw+XPDQLVPXVkQXUHLQVHL





5H]HQVLRQHQ WLJ DQJHVSURFKHQ SDXVFKDO JHKDOWHQ XQG OHGLJOLFK DXI ,WDOLHQ EH]RJHQ HQGHW HU LQ HLQHU (ORJHDXIGLHKXPDQLVWLVFKH%LOGXQJIÕUGLHJHVHOOVFKD OLFKSROLWLVFKHQ(OLWHQrYHUVW½QG OLFKQXUDOV,PSHWXVVHLQHU*HQHUDWLRQ+HUYRU]XKHEHQLVWKLHUGHU%HLWUDJYRQ+0DUWL GHUIUÕKQHX]HLWOLFKH'LVSXWDWLRQHQXQG'LVVHUWDWLRQHQLQV%OLFNIHOGUÕFNWZRPLWHUHLQH ZLVVHQVFKD OLFKH3UD[LVKLQWHUIUDJWGLHOHGLJOLFKGLHNDQRQLVLHUWHQ*UϸHQEHUÕFNVLFKWLJW 0LWGHUH[WHQVLYHQ8QWHUVXFKXQJGLHVHUwGXUFKVFKQLWWOLFKHQkZLVVHQVFKD OLFKHQ7H[WHEH WRQW0DUWLLKUHQ:HUWIÕUYHUVFKLHGHQH$VSHNWHGHU*HVFKLFKWVVFKUHLEXQJ/RNDO.XOWXU 6R]LDOXQG0LQRULW½WHQJHVFKLFKWHVRZLH,PDJRORJLH 'LVVHUWDWLRQHQGHUSKLORVRSKLVFKHQ 'LV]LSOLQHQ VWHOOHQ DOV PRQXPHQWV ZLFKWLJH 4XHOOHQ]HXJQLVVH IUÕKQHX]HLWOLFKHU +RFKVFKX OHQ GDU GLH ÕEHU YHUVFKLHGHQVWH %HUHLFKH $XIVFKOX¸ JHEHQ ]% DXFK ÕEHU 8QWHUULFKWV IRUPHQXQGLQKDOWHVRZLH$XINRPPHQ5H]HSWLRQXQG$XVEUHLWXQJSKLORVRSKLVFKHU'HQN ULFKWXQJHQ 0DUWL YHUZHLVW DXI GHQ EOÕKHQGHQ 'LVVHUWDWLRQHQKDQGHO PLW 6SH]LDOELEOLR JUDSKLHQXQGVSH]LDOLVLHUWHQ9HUN½XIHUQZRULQVLFKGHU6WHOOHQZHUWXQGGLH%HOLHEWKHLWGLH VHU7H[WH½X¸HUQrQLFKW]XOHW]WDXFKZHJHQLKUHVS½GDJRJLVFKHQ*HEUDXFKVZHUWHVGDVLHJH OHKUWH.RQWURYHUVHQR JXWQDFKYROO]LHKEDUGRNXPHQWLHUHQ  'LH%HLWU½JHYRQ7HLO,,,ZLGPHQVLFKGHU3URIHVVLRQDOLVLHUXQJKLQ]X([SHUWHQWXPXQG %HUXIVNRQVWUXNWLRQ VRZLH HLQHU 1HXEHVWLPPXQJ GHU 5ROOH GHU 8QLYHUVLW½W :+ÏHFK QHU3/XQGJUHQ56WLFKZHKXQG+7LW]HWKHPDWLVLHUHQLQVWLWXWLRQHOOIRUPDOH$VSHNWH ZLH GLH 'LHUHQ]LHUXQJ GHV )½FKHUNDQRQV XQG GLH 9HUIDFKOLFKXQJ YRQ (LQ]HOGLV]LSOLQHQ GLH (QWZLFNOXQJ GHU SKLORVRSKLVFKHQ )DNXOW½W KLQ ]X HLQHU %HUXIVIDNXOW½W IÕU *\PQDVLDO OHKUHUXQG%HDPWHGLHGRSSHOWH$XIJDEHGHUQHXHQ8QLYHUVLW½WHQLQ)RUVFKXQJXQG/HKUH VRZLH$NDGHPLNHU]\NOHQ'HPJHJHQÕEHUPDFKWGHU%HLWUDJGHV*HUPDQLVWHQ:3URVVDXI HLQHQLQVWLWXWLRQHOOLQKDOWOLFKHQ$VSHNWDXIPHUNVDP'LH8QWHUVXFKXQJZLVVHQVFKD OLFKHU 3XEOLNDWLRQHQGLHVLFKGHUOLWHUDULVFKHQ)RUPHQw(ORJHkw*HVSU½FKkE]Zw%ULHIkEHGLHQHQ IÕKUWLKQ]XU$EVDJHDQGDVMHQLJH$UJXPHQWZHOFKHVHLQHQ.DXVDO]XVDPPHQKDQJ]ZLVFKHQ 'HPRNUDWLVLHUXQJ$XIVWLHJGHV%ÕUJHUWXPV XQGZLVVHQVFKD OLFKHP)RUWVFKULWWSRVWXOLHUW $OVHLQHYRQYHUVFKLHGHQHQ*UXSSHQGLHDP:DQGHOKLQ]XHLQHPQDWXUZLVVHQVFKD OLFKHQ :HOWELOGEHWHLOLJWZDUHQIRNXVVLHUWHUKLHUGHQ$GHOGHUVLFKLQ*HOHKUWHQDNDGHPLHQDX¸HU KDOE GHU 8QLYHUVLW½WHQ ]XVDPPHQIDQG XQG GHVVHQ JUXQGV½W]OLFK IUHLJHLVWLJH +DOWXQJ LQ )RUVFKXQJ XQG 0½]HQDWHQWXP IUXFKWEDU ZXUGH 'LHV EHOHJW 3URVV DQKDQG GUHLHU )UDJHQ NRPSOH[HLP6SDQQXQJVIHOGYRQH[SHULPHQWHOOHU1DWXUZLVVHQVFKD XQG2HQEDUXQJGLH XDYRQ(XOHU+HUGHUXQG/LFKWHQEHUJGLVNXWLHUWZXUGHQ00RUHWWLKHEWGLH3ROLWLVLH UXQJGHULWDOLHQLVFKHQ*HVFKLFKWVVFKUHLEXQJLP-DKUKXQGHUWKHUYRUrHLQ8PVWDQGGHU DXIGLHJUR¸H%HGHXWXQJGHUKLVWRULVFKHQ'LPHQVLRQLP5LVRUJLPHQWR]XUÕFN]XIÕKUHQLVW 'LH*UÕQGXQJGHV.ÏQLJUHLFKHV,WDOLHQPDUNLHUWHLQHQ:HQGHSXQNWVRZLUGKLQVLFKW OLFK8QLYHUVLW½WXQG%LOGXQJYRQYRUHLQKHLWOLFKHPE]Z”YHUVFKLHGHQH>Q@,WDOLHQ…6  XQGHLQHP,WDOLHQQDFKGHU(LQLJXQJJHVSURFKHQ'LHLP5DKPHQGHU7DJXQJYHUQDFKO½V VLJWH*HQGHU)UDJHVWUHL ,3RUFLQLPLWGHP+LQZHLVDXIGLH7DWVDFKHGD¸DQLWDOLHQLVFKHQ 8QLYHUVLW½WHQEHUHLWVLPOHW]WHQ9LHUWHOGHV-DKUKXQGHUWV)UDXHQJUDGXLHUWZXUGHQ  'HU VFKÏQ JHVWDOWHWH HUVWH %DQG GHU *8: LVW DXFK IÕU GLH 3KLORVRSKLHJHVFKLFKWH  YRQ ,QWHUHVVH'LHXQWHUVFKLHGOLFKHQ%OLFNHDXI$UWLVWHQXQGSKLORVRSKLVFKH)DNXOW½WHQDOVYRQ EHVWLPPWHQ6WUXNWXUHQJHSU½JWH,QVWLWXWLRQHQODVVHQDXFKLKUH.RQWLQXLW½WHQXQG'LVNRQ WLQXLW½WHQKHUYRUWUHWHQ'DEHLZHUGHQHLQ]HOQH:HJVWÕFNHHUVLFKWOLFKZHOFKHGDVPLWWHODO WHUOLFKH7ULYLXPE]Z4XDGULYLXPVRZLHGLHVWXGLDKXPDQLWDWLV]XUÕFNJHOHJWKDEHQrKLQ]X GHQJHLVWHVXQGQDWXUZLVVHQVFKD OLFKHQSKLORVRSKLVFKHQ)DNXOW½WHQ1HEHQ,QIRUPDWLRQHQ ]X%LOGXQJXQG$XVELOGXQJJLEWGHU%DQG$XIVFKOÕVVHÕEHUGLHJHVHOOVFKD OLFKHXQGLQVWL





5H]HQVLRQHQ WXWLRQHOOH.RQVWLWXWLRQGHV'HQNHQV(VLVW]XZÕQVFKHQGD¸6WXGLHQGD]XIROJHQZHOFKH QLFKWQXUGLHRVWZHVWXQGQRUGHXURS½LVFKH3HUVSHNWLYHHUZHLWHUQVRQGHUQDXFKGLHLQ GLHVHP %DQG IHVWVWHOOEDUHQ /ÕFNHQ XQG (LQVHLWLJNHLWHQ LP %HUHLFK GHU :LVVHQVFKD VJH VFKLFKWHDQJHKHQ9RQGHUHUVWHQ9HUÏIIHQWOLFKXQJGHU*8:ZLUGHLJHQWOLFKHLQH5HH[LRQ DXIGDV)HOGw:LVVHQVFKD VJHVFKLFKWHkXQGDXIGLH%HJULOLFKNHLWYRQ:LVVHQVFKD HUZDUWHW GLHVH KDW DEHU LP YRUOLHJHQGHQ 7DJXQJVEDQG NHLQHQ HLJHQHQ 2UW JHIXQGHQ REZRKO GDV 9RUZRUW GLH (LQIÕKUXQJ RGHU GLH =XVDPPHQIDVVXQJHQ VLFK GD]X DQJHERWHQ K½WWHQ (LQH NXU]H$EVDJHDQGLHYLHOGLVNXWLHUWH)RUPHOGHUw]ZHL.XOWXUHQk&36QRZ XQGGDV(LQWUH WHQ IÕU HLQHQ QLFKW HUO½XWHUWHQ ”KLVWRULVFK HLQKHLWOLFKHQ :LVVHQVFKD VEHJUL… 6 ,;  GHU *HLVWHVXQG1DWXUZLVVHQVFKD HQXPIDVVHQVROOVLQGDQJHVLFKWVGHU'HEDWWHQGDUÕEHUVRZLH GHU DNWXHOOHQ )RUVFKXQJVODJH XQEHIULHGLJHQG =XGHP Z½UH r JHUDGH ZHQQ GLH $UWHV E]Z SKLORVRSKLVFKHQ)DNXOW½WHQXQWHUHLQHPTXDOLWDWLYHQ%OLFNZLQNHOEHIUDJWZHUGHQrGLH$UEHLW DQ HLQHP GLHUHQ]LHUWHQ XQG SOXUDOHQ 4XDOLW½WVEHJULII ZLFKWLJ GHU VLFK QLFKW YRUUDQJLJ DQ HLQHUPDUNWRULHQWLHUWHQw:LVVHQVÏNRQRPLHkVRQGHUQDQHLQHPGLHYHUVFKLHGHQHQ)UDJHVWHO OXQJHQXQG0HWKRGHQEHUÕFNVLFKWLJHQGHQ9HUVW½QGQLVYRQ:LVVHQVFKD OLFKNHLWDXVULFKWHW



&KULVWLQH%O½WWOHU%HUOLQ    *8,//$80( 'n$89(5*1('HOn»PH9,, ,QWURGXFWLRQWUDGXFWLRQHWQRWHVSDU-HDQ %DSWLVWH %UHQHW 6LF HW 1RQ &ROOHFWLRQ GLULJÂH SDU $ODLQ GH /LEHUD  3DULV - 9ULQ  6.DUWú,6%1  9RQGHQ6FKUL HQGHV%LVFKRIVYRQ3DULV:LOKHOPYRQ$XYHUJQHVWHKWGHU)RUVFKXQJNHLQH ZLVVHQVFKD OLFKH (GLWLRQ E]Z µEHUVHW]XQJ ]XU 9HUIÕJXQJ 'LHVHV 0DQNR YHUVXFKW -% %UHQHWHLQZHQLJDXI]XKHEHQLQGHPHUHLQHPLWNULWLVFKHQ%HPHUNXQJHQYHUVHKHQHµEHU WUDJXQJGHV9,,.DSLWHOV7HLOGHVLP0DJLVWHULXPGLYLQDOHDFVDSLHQWLDOHHQWKDOWHQHQ7UDN WDWHV'HDQLPDELHWHW  'LH %HGHXWXQJ GLHVHU SDUWLHOOHQ (GLWLRQ OLHJW YRU DOOHP LQ LKUHU DXVIÕKUOLFKHQ (LQOHL WXQJ(VLVWLQGHU7DWGDV9HUGLHQVW%UHQHWVGLH(LJHQDUWGHV%HLWUDJV:LOKHOPVJHJHQÕEHU GHQ ]DKOUHLFKHQ PLWWHODOWHUOLFKHQ ,QWHOOHNWWKHRULHQ DXI]X]HLJHQ 'HU %LVFKRI YRQ 3DULV LVW NHLQ $QK½QJHUGHV VRJHQDQQWHQ ”$XJXVWLQLVPH DYLFHQQLVDQW… ZLH ¢WLHQQH *LOVRQ HV IÕU EH ZLHVHQKLHOWVRQGHUQHUGLVWDQ]LHUWVLFKHKHUEHZX¸WYRQMHQHU7KHRULHGHVHLQHQW½WLJHQ ,QWHOOHNWHVGLHLQVEHVRQGHUH,EQ6LQDÕEHU$ULVWRWHOHVKLQDXVJHSU½JWKDWWH0HKUQRFK(U OHKQWGLH1RWZHQGLJNHLWGHU6SDOWXQJGHV,QWHOOHNWVLQHLQHQPÏJOLFKHQXQGHLQHQW½WLJHQ ,QWHOOHNWDOVHLQ]LJH0ÏJOLFKNHLWGLH%LOGXQJYRQ%HJULHQ]XHUNO½UHQDE'LH,GHHHLQHV W½WLJHQ,QWHOOHNWVLVWYLHOPHKUÕEHUÕVVLJHVVHLGHQQHUZ½UHPLW*RWWLGHQWLVFK(VKLH¸H VRQVWQ½POLFKGLH6HHOHEHV½¸H7HLOH(EHQVRZHLVW:LOKHOPGLHSODWRQLVFKH7KHRULHHLQHU LQGHU6HHOHVFKRQYRUKDQGHQHQ:LVVHQVFKD ]XUÕFN)ÕULKQJLEWHVQXUHLQHQ,QWHOOHNWHL QH6HHOH GHUVRZRKOYRQXQWHQYRQGHQ6LQQHQXQGGHQVLQQOLFKHQ:DKUQHKPXQJHQ DOV DXFKYRQREHQYRP6FKÏSIHU HUOHXFKWHWZLUG6RPLWZLUGGHU6HHOHGLH0ÏJOLFKNHLWHLQ JHU½XPWHLQ]HOQHXQGQLFKWQXUDOOJHPHLQH:LVVHQVLQKDOWH*RWW]XHUPLWWHOQ(LQH,OOX VWUDWLRQGLHVHU7KHRULHELHWHWHEHQGDV9,,.DSLWHOYRQ'HDQLPD%UHQHWPDFKWDEHUDXFK GHXWOLFKLQZLHIHUQ:LOKHOPGLHQHXSODWRQLVFKHQ7KHRULHQPL¸YHUVWDQGHQKDWE]ZZLHHU VLH]XUHFKWJHUÕFNWKDWXPVLHWURW]DOOHU.ULWLNGRFKLQVHLQHPHLJHQHQ6\VWHPYHUZHQGHQ ]X NÏQQHQ $OOHUGLQJV PX¸ GLH :LGHUVSUÕFKOLFKNHLW HLQHU $XVVDJH %UHQHWV IHVWJHKDOWHQ ZHUGHQ6RHUZ½KQWHUGDV)HKOHQHLQHU7KHRULHGHU$EVWUDNWLRQEHL%RHWKLXV$ULVWRWHOHV 



5H]HQVLRQHQ WXWLRQHOOH.RQVWLWXWLRQGHV'HQNHQV(VLVW]XZÕQVFKHQGD¸6WXGLHQGD]XIROJHQZHOFKH QLFKWQXUGLHRVWZHVWXQGQRUGHXURS½LVFKH3HUVSHNWLYHHUZHLWHUQVRQGHUQDXFKGLHLQ GLHVHP %DQG IHVWVWHOOEDUHQ /ÕFNHQ XQG (LQVHLWLJNHLWHQ LP %HUHLFK GHU :LVVHQVFKD VJH VFKLFKWHDQJHKHQ9RQGHUHUVWHQ9HUÏIIHQWOLFKXQJGHU*8:ZLUGHLJHQWOLFKHLQH5HH[LRQ DXIGDV)HOGw:LVVHQVFKD VJHVFKLFKWHkXQGDXIGLH%HJULOLFKNHLWYRQ:LVVHQVFKD HUZDUWHW GLHVH KDW DEHU LP YRUOLHJHQGHQ 7DJXQJVEDQG NHLQHQ HLJHQHQ 2UW JHIXQGHQ REZRKO GDV 9RUZRUW GLH (LQIÕKUXQJ RGHU GLH =XVDPPHQIDVVXQJHQ VLFK GD]X DQJHERWHQ K½WWHQ (LQH NXU]H$EVDJHDQGLHYLHOGLVNXWLHUWH)RUPHOGHUw]ZHL.XOWXUHQk&36QRZ XQGGDV(LQWUH WHQ IÕU HLQHQ QLFKW HUO½XWHUWHQ ”KLVWRULVFK HLQKHLWOLFKHQ :LVVHQVFKD VEHJUL… 6 ,;  GHU *HLVWHVXQG1DWXUZLVVHQVFKD HQXPIDVVHQVROOVLQGDQJHVLFKWVGHU'HEDWWHQGDUÕEHUVRZLH GHU DNWXHOOHQ )RUVFKXQJVODJH XQEHIULHGLJHQG =XGHP Z½UH r JHUDGH ZHQQ GLH $UWHV E]Z SKLORVRSKLVFKHQ)DNXOW½WHQXQWHUHLQHPTXDOLWDWLYHQ%OLFNZLQNHOEHIUDJWZHUGHQrGLH$UEHLW DQ HLQHP GLHUHQ]LHUWHQ XQG SOXUDOHQ 4XDOLW½WVEHJULII ZLFKWLJ GHU VLFK QLFKW YRUUDQJLJ DQ HLQHUPDUNWRULHQWLHUWHQw:LVVHQVÏNRQRPLHkVRQGHUQDQHLQHPGLHYHUVFKLHGHQHQ)UDJHVWHO OXQJHQXQG0HWKRGHQEHUÕFNVLFKWLJHQGHQ9HUVW½QGQLVYRQ:LVVHQVFKD OLFKNHLWDXVULFKWHW



&KULVWLQH%O½WWOHU%HUOLQ    *8,//$80( 'n$89(5*1('HOn»PH9,, ,QWURGXFWLRQWUDGXFWLRQHWQRWHVSDU-HDQ %DSWLVWH %UHQHW 6LF HW 1RQ &ROOHFWLRQ GLULJÂH SDU $ODLQ GH /LEHUD  3DULV - 9ULQ  6.DUWú,6%1  9RQGHQ6FKUL HQGHV%LVFKRIVYRQ3DULV:LOKHOPYRQ$XYHUJQHVWHKWGHU)RUVFKXQJNHLQH ZLVVHQVFKD OLFKH (GLWLRQ E]Z µEHUVHW]XQJ ]XU 9HUIÕJXQJ 'LHVHV 0DQNR YHUVXFKW -% %UHQHWHLQZHQLJDXI]XKHEHQLQGHPHUHLQHPLWNULWLVFKHQ%HPHUNXQJHQYHUVHKHQHµEHU WUDJXQJGHV9,,.DSLWHOV7HLOGHVLP0DJLVWHULXPGLYLQDOHDFVDSLHQWLDOHHQWKDOWHQHQ7UDN WDWHV'HDQLPDELHWHW  'LH %HGHXWXQJ GLHVHU SDUWLHOOHQ (GLWLRQ OLHJW YRU DOOHP LQ LKUHU DXVIÕKUOLFKHQ (LQOHL WXQJ(VLVWLQGHU7DWGDV9HUGLHQVW%UHQHWVGLH(LJHQDUWGHV%HLWUDJV:LOKHOPVJHJHQÕEHU GHQ ]DKOUHLFKHQ PLWWHODOWHUOLFKHQ ,QWHOOHNWWKHRULHQ DXI]X]HLJHQ 'HU %LVFKRI YRQ 3DULV LVW NHLQ $QK½QJHUGHV VRJHQDQQWHQ ”$XJXVWLQLVPH DYLFHQQLVDQW… ZLH ¢WLHQQH *LOVRQ HV IÕU EH ZLHVHQKLHOWVRQGHUQHUGLVWDQ]LHUWVLFKHKHUEHZX¸WYRQMHQHU7KHRULHGHVHLQHQW½WLJHQ ,QWHOOHNWHVGLHLQVEHVRQGHUH,EQ6LQDÕEHU$ULVWRWHOHVKLQDXVJHSU½JWKDWWH0HKUQRFK(U OHKQWGLH1RWZHQGLJNHLWGHU6SDOWXQJGHV,QWHOOHNWVLQHLQHQPÏJOLFKHQXQGHLQHQW½WLJHQ ,QWHOOHNWDOVHLQ]LJH0ÏJOLFKNHLWGLH%LOGXQJYRQ%HJULHQ]XHUNO½UHQDE'LH,GHHHLQHV W½WLJHQ,QWHOOHNWVLVWYLHOPHKUÕEHUÕVVLJHVVHLGHQQHUZ½UHPLW*RWWLGHQWLVFK(VKLH¸H VRQVWQ½POLFKGLH6HHOHEHV½¸H7HLOH(EHQVRZHLVW:LOKHOPGLHSODWRQLVFKH7KHRULHHLQHU LQGHU6HHOHVFKRQYRUKDQGHQHQ:LVVHQVFKD ]XUÕFN)ÕULKQJLEWHVQXUHLQHQ,QWHOOHNWHL QH6HHOH GHUVRZRKOYRQXQWHQYRQGHQ6LQQHQXQGGHQVLQQOLFKHQ:DKUQHKPXQJHQ DOV DXFKYRQREHQYRP6FKÏSIHU HUOHXFKWHWZLUG6RPLWZLUGGHU6HHOHGLH0ÏJOLFKNHLWHLQ JHU½XPWHLQ]HOQHXQGQLFKWQXUDOOJHPHLQH:LVVHQVLQKDOWH*RWW]XHUPLWWHOQ(LQH,OOX VWUDWLRQGLHVHU7KHRULHELHWHWHEHQGDV9,,.DSLWHOYRQ'HDQLPD%UHQHWPDFKWDEHUDXFK GHXWOLFKLQZLHIHUQ:LOKHOPGLHQHXSODWRQLVFKHQ7KHRULHQPL¸YHUVWDQGHQKDWE]ZZLHHU VLH]XUHFKWJHUÕFNWKDWXPVLHWURW]DOOHU.ULWLNGRFKLQVHLQHPHLJHQHQ6\VWHPYHUZHQGHQ ]X NÏQQHQ $OOHUGLQJV PX¸ GLH :LGHUVSUÕFKOLFKNHLW HLQHU $XVVDJH %UHQHWV IHVWJHKDOWHQ ZHUGHQ6RHUZ½KQWHUGDV)HKOHQHLQHU7KHRULHGHU$EVWUDNWLRQEHL%RHWKLXV$ULVWRWHOHV 



5H]HQVLRQHQ XQG$YHUURHV6 HLQSDDU=HLOHQZHLWHUVWHOOWHUMHGRFKEHLO½XJIHVWGD¸:LOKHOP”GLH JULHFKLVFKDUDELVFKH'RNWULQGHU$EVWUDNWLRQ…ÕEHUQLPPW(UO½XWHUWZLUGDEHUZHGHUZLH GLHVH]ZHL7DWVDFKHQ]XVDPPHQSDVVHQQRFKZHUGLH9HUWUHWHUGLHVHU7KHRULHVLQG  $EVFKOLH¸HQGHLQLJH%HPHUNXQJHQ=XQ½FKVWHUVFKZHUHQGLHVLFKLQGHU(LQOHLWXQJK½X IHQGHQLQGHU(GLWLRQDOOHUGLQJVVHOWHQHUYRUNRPPHQGHQ6DW]IHKOHUGDV/HVHQ(LQLJH)X¸ QRWHQZ½UHQ]XHUJ½Q]HQJHZHVHQVRDXI6ZRHLQ$XWRURKQH$QJDEHQ]XP7LWHOVHL QHV%XFKHVJHQDQQW ZLUGrLQGHU%LEOLRJUDSKLHZLUGHULPÕEULJHQDXFKQLFKWPHKUHU Z½KQW$XI6ZLUG¢WLHQQH*LOVRQ]ZDUH[DNW]LWLHUWDOOHUGLQJVYHUV½XPWHVGHU+HUDXV JHEHU7LWHOXQG6HLWHQDQJDEHQLQGHUHQWVSUHFKHQGHQ)X¸QRWHQRFKHLQPDO]XYHUPHUNHQ =XUNULWLVFKHQ(GLWLRQVHOEVWLVWDQ]XPHUNHQGD¸]ZDU3DUDOOHO]LWDWHDXVGHQ6FKUL HQ:LO KHOPVLP$SSDUDWYHUPHUNWZHUGHQDQGHUH=LWDWHE]Z$QVSLHOXQJHQDEHUYRUDOOHPDXI 6FKUL HQGHV$ULVWRWHOHVVLQGQLFKWEHOHJWKLQWHUODVVHQMHGRFKEHLP/HVHUHLQ*HIÕKOGHV GÂM¹YX6WÏUHQGLVWDXFKGD¸GLHELEOLVFKHQ=LWDWHRGHU0RWLYHHEHQVRZHQLJDXIJHOLVWHWZHU GHQ XQG GLHV REZRKOVLH PHKUPDOV GLH *HVDPWDUJXPHQWDWLRQ PLWEHVWLPPHQ r HLQ 9HU IDKUHQGDVLP0LWWHODOWHUEHNDQQWOLFKJDQJXQGJ½EHZDU'LHVVWÏUWYRUDOOHPZHQQEH GDFKWZLUGGD¸GHU$XWRUGHU%LVFKRIYRQ3DULVLVWGHVVHQ,QWHQWLRQHVLVWGLH0ÏJOLFKNHLW GHU .HQQWQLV *RWWHV ]X HWDEOLHUHQ XQG GLH FKULVWOLFKH 7KHRULH GHU (LQKHLW GHU 6HHOH ]X ZDKUHQ'D¸GHU5DKPHQGHUµEHUOHJXQJHQ:LOKHOPVHLQWKHRORJLVFKHULVWKHEWÕEULJHQV GHU +HUDXVJHEHU VHOEVW PHKUPDOV KHUYRU (LQH $XVQDKPH QGHW VLFK DXI 6 DXI GHU ]ZHL %LEHO]LWDWH LGHQWL]LHUW ZHUGHQ 'DGXUFK ZLUNW MHGRFK GDV )HKOHQ DQGHUHU 4XHOOHQ XQG1DFKZHLVHXPVREHIUHPGOLFKHU



9LUJLQLH3HNWDV‘'RUWPXQG 

  1,&2/$86 '( &86$'LDORJXVGHOXGRJORELHGFRPPHQWDULLVTXHLOOXVWU,RKDQQHV*HUKDUGXV 6HQJHU 2SHUD RPQLD ,; ,XVVX HW DXFWRULWDWH $FDGHPLDH OLWWHUDUXP +HLGHOEHUJHQVLV DG FRGLFXPGHPHGLWD +DPEXUJ)HOL[0HLQHU;/,,6.DUWúr,6%1 



$P$XJXVWGHV-DKUHVEHULFKWHWHGHU7LUROHUKHU]RJOLFKH5DW/DXUHQWLXV%OXPHQDX ÕEHUGHQ.DUGLQDO1LNRODXVYRQ.XHV”,WHPGHUFDUGLQDOYRQ%UL[HQLVWLQXUEHYHWHUL2U YLHWR XQGGLHKHUF]RJHQYRQ%D\HUQVHLQEH\LPXQGKRUHQLPYDVWH…(EHQMHQH+HU ]ÏJHRGHUYLHOPHKUGHU+HU]RJQHEVWVHLQHQEHLGHQ6ÏKQHQVLQGHVJHZHVHQGLHGHP&X VDQHU LQ GHU GLDORJLVFKHQ $EKDQGOXQJ 'H OXGR JOREL GLH 'LVSXWDWLRQVSDUWQHU VWHOOWHQ 6LH KDWWHQGHPJHVSU½FKVJHVWDOWHQGHQ.DUGLQDODOV6WLFKZRUWJHEHUXQG5HNDSLWXODWRUHQ]XGLH QHQrPHKUQLFKW5ROOHQYHUWHLOXQJHQLQHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ0RQRORJYRQ S½GDJRJLVLHUHQGHU$EVLFKW  2EJOHLFKYRQLKPJHKDQGHOWZLUGEHLQKDOWHQGLH]ZHL%ÕFKHU'HOXGRJORELZHQLJHUHLQH (UO½XWHUXQJGHV*OREXVVSLHOVGLHYHUVFKLHGHQHQ6SLHODQOHLWXQJHQVLQGDXIGHQ6HLWHQ  GHU (GLWLRQ DEJHGUXFNW  'LH %HVFKUHLEXQJ GHV 6SLHOV YHUOLHUW VLFK QDFK GHP HUVWHQ %XFKVRJOHLFKXPHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ7UDNWDW]XZHLFKHQGHUHLQHORFNHUH =XVDPPHQVFKDX GHVVHQ ELHWHW ZDV &XVDQXV LQ VHLQHQ VS½WHQ -DKUHQ SKLORVRSKLVFK HU VFKORVVHQKDW$XFKZHQQGLH=DKOHQVSHNXODWLRQGLH/HKUHYRP0LNURNRVPRVGLH,QWHO

 

=LWLHUW QDFK : %UDXQ 1LNRODXV &XVDQXV LQ 7LURO 'DV :LUNHQ GHV 3KLORVRSKHQ XQG 5HIRUPDWRUV DOV )ÕUVWELVFKRI LQ %UL[HQ %R]HQ   6 





5H]HQVLRQHQ XQG$YHUURHV6 HLQSDDU=HLOHQZHLWHUVWHOOWHUMHGRFKEHLO½XJIHVWGD¸:LOKHOP”GLH JULHFKLVFKDUDELVFKH'RNWULQGHU$EVWUDNWLRQ…ÕEHUQLPPW(UO½XWHUWZLUGDEHUZHGHUZLH GLHVH]ZHL7DWVDFKHQ]XVDPPHQSDVVHQQRFKZHUGLH9HUWUHWHUGLHVHU7KHRULHVLQG  $EVFKOLH¸HQGHLQLJH%HPHUNXQJHQ=XQ½FKVWHUVFKZHUHQGLHVLFKLQGHU(LQOHLWXQJK½X IHQGHQLQGHU(GLWLRQDOOHUGLQJVVHOWHQHUYRUNRPPHQGHQ6DW]IHKOHUGDV/HVHQ(LQLJH)X¸ QRWHQZ½UHQ]XHUJ½Q]HQJHZHVHQVRDXI6ZRHLQ$XWRURKQH$QJDEHQ]XP7LWHOVHL QHV%XFKHVJHQDQQW ZLUGrLQGHU%LEOLRJUDSKLHZLUGHULPÕEULJHQDXFKQLFKWPHKUHU Z½KQW$XI6ZLUG¢WLHQQH*LOVRQ]ZDUH[DNW]LWLHUWDOOHUGLQJVYHUV½XPWHVGHU+HUDXV JHEHU7LWHOXQG6HLWHQDQJDEHQLQGHUHQWVSUHFKHQGHQ)X¸QRWHQRFKHLQPDO]XYHUPHUNHQ =XUNULWLVFKHQ(GLWLRQVHOEVWLVWDQ]XPHUNHQGD¸]ZDU3DUDOOHO]LWDWHDXVGHQ6FKUL HQ:LO KHOPVLP$SSDUDWYHUPHUNWZHUGHQDQGHUH=LWDWHE]Z$QVSLHOXQJHQDEHUYRUDOOHPDXI 6FKUL HQGHV$ULVWRWHOHVVLQGQLFKWEHOHJWKLQWHUODVVHQMHGRFKEHLP/HVHUHLQ*HIÕKOGHV GÂM¹YX6WÏUHQGLVWDXFKGD¸GLHELEOLVFKHQ=LWDWHRGHU0RWLYHHEHQVRZHQLJDXIJHOLVWHWZHU GHQ XQG GLHV REZRKOVLH PHKUPDOV GLH *HVDPWDUJXPHQWDWLRQ PLWEHVWLPPHQ r HLQ 9HU IDKUHQGDVLP0LWWHODOWHUEHNDQQWOLFKJDQJXQGJ½EHZDU'LHVVWÏUWYRUDOOHPZHQQEH GDFKWZLUGGD¸GHU$XWRUGHU%LVFKRIYRQ3DULVLVWGHVVHQ,QWHQWLRQHVLVWGLH0ÏJOLFKNHLW GHU .HQQWQLV *RWWHV ]X HWDEOLHUHQ XQG GLH FKULVWOLFKH 7KHRULH GHU (LQKHLW GHU 6HHOH ]X ZDKUHQ'D¸GHU5DKPHQGHUµEHUOHJXQJHQ:LOKHOPVHLQWKHRORJLVFKHULVWKHEWÕEULJHQV GHU +HUDXVJHEHU VHOEVW PHKUPDOV KHUYRU (LQH $XVQDKPH QGHW VLFK DXI 6 DXI GHU ]ZHL %LEHO]LWDWH LGHQWL]LHUW ZHUGHQ 'DGXUFK ZLUNW MHGRFK GDV )HKOHQ DQGHUHU 4XHOOHQ XQG1DFKZHLVHXPVREHIUHPGOLFKHU



9LUJLQLH3HNWDV‘'RUWPXQG 

  1,&2/$86 '( &86$'LDORJXVGHOXGRJORELHGFRPPHQWDULLVTXHLOOXVWU,RKDQQHV*HUKDUGXV 6HQJHU 2SHUD RPQLD ,; ,XVVX HW DXFWRULWDWH $FDGHPLDH OLWWHUDUXP +HLGHOEHUJHQVLV DG FRGLFXPGHPHGLWD +DPEXUJ)HOL[0HLQHU;/,,6.DUWúr,6%1 



$P$XJXVWGHV-DKUHVEHULFKWHWHGHU7LUROHUKHU]RJOLFKH5DW/DXUHQWLXV%OXPHQDX ÕEHUGHQ.DUGLQDO1LNRODXVYRQ.XHV”,WHPGHUFDUGLQDOYRQ%UL[HQLVWLQXUEHYHWHUL2U YLHWR XQGGLHKHUF]RJHQYRQ%D\HUQVHLQEH\LPXQGKRUHQLPYDVWH…(EHQMHQH+HU ]ÏJHRGHUYLHOPHKUGHU+HU]RJQHEVWVHLQHQEHLGHQ6ÏKQHQVLQGHVJHZHVHQGLHGHP&X VDQHU LQ GHU GLDORJLVFKHQ $EKDQGOXQJ 'H OXGR JOREL GLH 'LVSXWDWLRQVSDUWQHU VWHOOWHQ 6LH KDWWHQGHPJHVSU½FKVJHVWDOWHQGHQ.DUGLQDODOV6WLFKZRUWJHEHUXQG5HNDSLWXODWRUHQ]XGLH QHQrPHKUQLFKW5ROOHQYHUWHLOXQJHQLQHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ0RQRORJYRQ S½GDJRJLVLHUHQGHU$EVLFKW  2EJOHLFKYRQLKPJHKDQGHOWZLUGEHLQKDOWHQGLH]ZHL%ÕFKHU'HOXGRJORELZHQLJHUHLQH (UO½XWHUXQJGHV*OREXVVSLHOVGLHYHUVFKLHGHQHQ6SLHODQOHLWXQJHQVLQGDXIGHQ6HLWHQ  GHU (GLWLRQ DEJHGUXFNW  'LH %HVFKUHLEXQJ GHV 6SLHOV YHUOLHUW VLFK QDFK GHP HUVWHQ %XFKVRJOHLFKXPHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ7UDNWDW]XZHLFKHQGHUHLQHORFNHUH =XVDPPHQVFKDX GHVVHQ ELHWHW ZDV &XVDQXV LQ VHLQHQ VS½WHQ -DKUHQ SKLORVRSKLVFK HU VFKORVVHQKDW$XFKZHQQGLH=DKOHQVSHNXODWLRQGLH/HKUHYRP0LNURNRVPRVGLH,QWHO

 

=LWLHUW QDFK : %UDXQ 1LNRODXV &XVDQXV LQ 7LURO 'DV :LUNHQ GHV 3KLORVRSKHQ XQG 5HIRUPDWRUV DOV )ÕUVWELVFKRI LQ %UL[HQ %R]HQ   6 





5H]HQVLRQHQ OHNWWKHRULHXQGGLH6HHOHQOHKUHVRZLHGLH.RUUHNWXUHQDPDULVWRWHOLVFKHQ1DWXUDOLVPXVZLH DPSODWRQLVFKHQ,GHHQSOXUDOLVPXVGDULQ]XP7UDJHQNRPPHQrLP.HUQOLHJWKLHUYLHOPHKU HLQ7UDNWDWYRQGHUUHFKWHQ/HEHQVIÕKUXQJVNXQVWYRU'DV6SLHOPLWGHUXQZXFKWLJHQ+RO] NXJHOGLHNRQNDYXQGNRQYH[JHGUHFKVHOWLQV=HQWUXPYRQ.UHLVHQ]XUROOHQLVWrZDV LPPHU QXU XQWHU 5ÕFNVLFKWQDKPH DXI HLQH QLHPDOV JDQ] DXVNDONXOLHUEDUH .XUYHQNUÕP PXQJJHVFKHKHQNDQQrYHUTXLFNWGLH(WKLNGHV.DUGLQDOVPLWVHLQHU+RFKVFK½W]XQJGHU .ÕQVWH GLH VHLW 'H FRQLHFWXULV IHVW]XVWHOOHQ LVW 'DUVWHOOXQJHQ ]XU (WKLN VLQG VS½UOLFK LP :HUN GHV &XVDQXV PDQ ZLUG DOOHUGLQJV VHKHQ PÕVVHQ ZDV GLH 3UHGLJWHQ QRFK IÕU µEHUUDVFKXQJHQEHUHLWKDOWHQ (VLVWHLQHVSLHOHULVFKHµEXQJLXFXQGXPH[HUFLWLXP GHV*HL VWHV GHUHQ 9ROO]XJ 6DPHQNÏUQHU GHU :LVVHQVFKD  HLQV½W XQG ]XU 6HOEVWHUNHQQWQLV IÕKUW +DWWH &XVDQXV PLW GHP %HU\OO LQ 'H EHU\OOR HLQH ZLVVHQVFKD OLFKHUQVWH 6HKKLOIH HLQJH IÕKUW VR ZDU HV PLW GHP *OREXV GLH VSLHOHULVFKH 6HKKLOIH -HQH .XJHO EHVFKUHLEW HLQPDO JHZRUIHQDXIJUXQGLKUHU1DWXUVWHWVJHNUÕPPWH.XUYHQ]XP=LHOKLQ-HGH:XUIEDKQLVW VLQJXO½U QLFKWV SDVVLHUW ]ZHLPDO (UVW LQ GHU (LQÕEXQJ GHV :HUIHQV ZLUG HV PÏJOLFK GLH .XJHO]LHOJHQDXHULQGLH0LWWHGHU.UHLVH]XEHIÏUGHUQLQGHUHQ=HQWUXPGHU9ROOHQGHU GHV/HEHQVr&KULVWXVrVLW]W'HU*OREXVIROJWLQVHLQHU:XUIDEVLFKWGHP9RUELOG&KULVWL MHGHVLQGLYLGXHOOH6WUHEHQQGHWVRVLQJXO½UHVVHLQPDJVHLQH9ROOHQGXQJGDULQ'LH]HKQ ]HQWULHUWHQ.UHLVHZHOFKHGLH6WXIHQGHU*RWWHVVFKDXXQGGHVJOÕFNVHOLJHQ/HEHQVV\PER OLVLHUHQ ZRULQ GLH VHOEVWJHZ½KOWHQ /HEHQVEDKQHQ LKUHU 9ROOHQGXQJ ]XVWUHEHQ IXQJLHUHQ DXFKDOV*OHLFKQLVIÕUGLH(WDSSHQVWHWLJNRUULJLHUHQGHU7XJHQGHLQÕEXQJH[HUFLWLRYLUWXWLV  XPPLQLPLHUWDEJHOHQNWGXUFKYLHOHUOHL:LGULJNHLWHQ]XUZDKUHQ*OÕFNVHOLJNHLW]XJHODQ JHQ 'LH JXWH $EVLFKW LQWHQWLR  LVW HQWVFKHLGHQG VLH PX¸ *HZRKQKHLW ZHUGHQ &XVDQXV JLEW GDPLW GHU ,QWHQWLRQVHWKLN 5DXP GLH $EDHODUG r YRQ VWRLVFKHQ (LQÕVVHQ JHSU½JW r HLQVWLPIUÕKHQ0LWWHODOWHUIRUPXOLHUWH'LHVHU=XVDPPHQKDQJLVWVRZHLWLFKVHKHQNDQQ QRFKQLFKWHUIRUVFKWZRUGHQ  $P(QGHGHV%XFKHVSKLORVRSKLHUW&XVDQXVLQWHUHVVDQWHUZHLVHÕEHUGHQ:HUWYDORU r GHQ*HOGZHUWRGHU3UHLVGHV:HUWHVSUHWLXPYDORULV 'HU:HUWLVWHLQZLUNOLFK6HLHQGHVGDV ]ZDU GXUFK GHQ *HLVW HUNDQQW ZHUGHQ NDQQ GDUXP DEHU VHOEVW QRFK QLFKW ZHUWYROO ZLUG %HVVHUH(UNHQQWQLVGHV:HUWHVPDFKWDOVRQRFKNHLQHQPRUDOLVFKZHUWYROOHUHQ0HQVFKHQ $XFKZHQQGLH9HUQXQ GHP:HUWNHLQ6HLQJLEWrGDVNRPPWDOOHLQ*RWW]XrVROLHJW GHU:HUWGHU9HUQXQ LQLKUHUDOOHVÕEHUUDJHQGHQ.UD GLH:HUWH]XXQWHUVFKHLGHQ(VLVW GLHVZHLWZHQLJHUHLQHIUÕKH3KLORVRSKLHGHV*HOGHVVRQGHUQYLHOPHKUHLQH3KLORVRSKLHGHV XQEHJUHQ]EDUHQ 8QWHUVFKHLGHQV &XVDQXV VWHOOWH VHLW 'H FRQLHFWXULV GLHVH %HVRQGHUKHLW GHV UDWLRQDOHQ (UNHQQHQV LQ GHQ 9RUGHUJUXQG VHLQHU %HWUDFKWXQJ 'DUDQ DQVFKOLH¸HQG WKH PDWLVLHUW HU HUQHXW GLHVHV 9HUK½OWQLV YRQ GHU JÏWWOLFKHQ ]XU PHQVFKOLFKHQ 9HUQXQ  r DQ KDQGGHV%LOGHVGHU$EK½QJLJNHLWGHV*HOGZHFKVOHUVQXPPXODULXV ]XP0ÕQ]KHUUHQPR QHWDULXV :½KUHQGHUVWHUHPGHU0RGXVGHVXQWHUVFKHLGHQGHQ'HQNHQV]XNRPPWLVWHVEHL OHW]WHUHPGHU0RGXVGHV6HLQ6FKDHQV  'HU NULWLVFK JHVLFKHUWH 7H[W GLHVHV :HUNHV ZDU ODQJH =HLW HLQ 'HVLGHUDW 'LH 'UXFNH ZLHVHQ]DKOUHLFKH9DULDQWHQDXI$OV*HUGD YRQ%UHGRZIÕUGHQ0HLQHU9HUODJLKUH HUVWH µEHUVHW]XQJ YRQ 'H OXGR JOREL LQ $QJUL QDKP VDK VLH VLFK EDOG YRU GLH $XIJDEH JHVWHOOW GLH YHUIÕJEDUHQ +DQGVFKUL HQ ]X NRQVXOWLHUHQ XQG GLH ÕEHU GLH 'UXFNH KLQDXV JHKHQGHQ 9DULDQWHQ LP $QPHUNXQJVWHLO ]X YHU]HLFKQHQ *OHLFKZRKO NRQQWH PDQ VHKHQ ZLHWURW]GLHVHU%HPÕKXQJGHU7H[WDQHLQLJHQ6WHOOHQGXQNHOEOLHE+DQV*HUKDUG6HQJHU

 



'LH 5HVXOWDWH GLHVHU )RUVFKXQJVDUEHLW VFKODJHQ VLFK QXQ DXFK LQ HLQHU QHXHQ µEHUVHW]XQJ QLH



5H]HQVLRQHQ r XQVWULWWLJ GHU (GLWLRQVVSH]LDOLVW IÕU &XVDQXVWH[WH r KDW QXQ DOOH KHXWH EHNDQQWHQ 7H[W ]HXJQLVVHNROODWLRQLHUWXQGGDVVHLWODQJHPJHZÕQVFKWH7H[WNRUSXVKHUJHVWHOOW'LH+DQG VFKUL HQEDVLV LVW QLFKW VRQGHUOLFK EUHLW (U VWÕW]W VLFK LP ZHVHQWOLFKHQ DXI ]ZHL &RGLFHV GHQ&RGH[&XVDQXVIROUU DXVGHP%LEOLRWKHNVEHVWDQGGHV&XVDQXVKRVSLWDOV LQ%HUQNDVWHO.XHVXQGGHQ&RGH[&UDFRYLHQVLVGHU-DJLHOORQLVFKHQ%LEOLRWKHN]X.UD NDXZRULQGLH6FKUL DOVHUVWHIROUY YRQVHFKV&XVDQLVFKHQ:HUNHQHUVFKHLQW(LQ ZHLWHUHU &RGH[ +&   ELHWHW QXU ([]HUSWH 'HQ 'UXFNQDFKZHLVHQ IROJW GLH $XI OLVWXQJ GHU µEHUVHW]XQJHQ )HUQHU ZLUG GHU VFKZHU ]X EHDQWZRUWHQGHQ )UDJH GHU (QW VWHKXQJV]HLW QDFKJHJDQJHQ GHQQ &XVDQXV KDW ZRKO GLH EHLGHQ %ÕFKHU ]X YHUVFKLHGHQHQ =HLWHQNRQ]LSLHUWXQGQLHGHUJHVFKULHEHQ'LH$UEHLWHQGHVIÕUGLH&XVDQXVIRUVFKXQJYHU GLHQVWYROOHQ .ÏOQHU +LVWRULNHUV (ULFK 0HXWKHQ JHVWDWWHQ HV GLH EHLGHQ 7HLOH GHQ -DKUHQ ]X]XRUGQHQ'LH5H]HSWLRQGHV:HUNHVUHLFKWYRQ-RKDQQHV7ULWKHPLXVÕEHU/HR QDUGRGD9LQFL*LRUGDQR%UXQRELV*DOLOHR*DOLOHLXQG$WKDQDVLXV.LUFKHU'LH(UVWHOOXQJ GHU(GLWLRQLVWDXFKHLQ$XVGUXFNGHUHQJHQ=XVDPPHQDUEHLWGHXWVFKHUXQGSROQLVFKHU0H GL½YLVWHQ  'HU%DQGHQWK½OWQLFKWQXUHLQHQXPI½QJOLFKHQ4XHOOHQDSSDUDWPLW6WHOOHQDQJDEHQ]X GHQLQGLUHNW]LWLHUWHQ:HUNHQHUZLUGDEJHUXQGHWGXUFKGLHLQGLFHVQRPLQXPVFULSWRUXPDXF WRUXPXQGFRGLFXPHLQLQGH[OLEURUXPGHU,QWHUSUHWDWLRQHQ]XP*OREXVVSLHOXQG]X'HOXGR JORELDQIÕKUWXQGHLQLQGH[YHUERUXPVFKOLH¸HQVLFKDQ1HEHQGHUSKLORORJLVFKHQ(UVWHOOXQJ GHV7H[WHVLVWHVLQVEHVRQGHUHGLH$XIDUEHLWXQJGHU]LWLHUWHQ4XHOOHQrGDQNGHUYRUDQVFKUHL WHQGHQ 3UHGLJWHGLWLRQ NÏQQHQ DXFK GLH VS½WHQ 3UHGLJWHQ QXQPHKU YHUO½¸OLFK HLQEH]RJHQ ZHUGHQrGLHGHQ%DQGIÕUGLH)RUVFKXQJVRZHUWYROOPDFKW+LHUNRPPWGLHJUR¸H9HU WUDXWKHLWGHV(GLWRUHQPLWGHP:HUNGHV&XVDQXV]XUHFKWHU*HOWXQJ  'HOXGRJORELLVWLQDOOHQ)UÕKGUXFNHQGHU2SHUDGHV&XVDQXVYRUKDQGHQ6RZRKOLQGHU 6WUD¸EXUJHU,QNXQDEHOYRQrGLHGHP&RGH[&XVDQXVIROJWrLVWGHU7H[WHQWKDO WHQ DOV DXFK LP 3DULVHU 'UXFN YRQ  GHQ -RKDQQHV )DEHU 6WDSXOHQVLV YHUDQWZRUWHWH 'LHVJLOWHEHQVRIÕUGHQ0DLO½QGHU'UXFNJHQDXHU&RUWHPDJJLRUHEHL0DLODQG YRQ VRZLHIÕUGHQHUIROJWHQ%DVHOHU'UXFN,QEHLGHQ+DQGVFKUL HQrGLH)UÕKGUXFNHKD EHQ GLHV ÕEHUQRPPHQ r VLQG GHQ ]ZHL %ÕFKHUQ 'H OXGR JOREL MHZHLOV /REJHGLFKWH QDFK JHVWHOOW6LHVLQGQLFKWGHP&XVDQXVVHOEVW]X]XVFKUHLEHQZHUGHQDEHULQGHU(GLWLRQDXI JHIÕKUW6X ,QGHUQHXHQµEHUVHW]XQJYRQ'HOXGRJORELLVWIROJHULFKWLJDXIVLH YHU]LFKWHWZRUGHQ  'HU&XVDQXV)RUVFKHUZLUGGDQNEDUVHLQZHQQHUVLFKQLFKWO½QJHUKLQVLFKWOLFKGLHVHU 6FKUL DOOHLQPLWGHQ'UXFNHQEHKHOIHQPX¸GLHQRFKDPHKHVWHQYHUIÕJEDUZDUHQ KDWWH 3DXO :LOSHUW HLQHQ 1DFKGUXFN GHU 6WUD¸EXUJHU ,QNXQDEHO YHUDQOD¸W 'HQ ZHQLJHQ ([HPSODUHQGHV3DULVHU'UXFNVYRQQDFKGHPVRPDQVHLQHUKDEKD ZXUGHELVODQJ OLHEHU]LWLHUWZXUGHPX¸PDQQXQDXFKQLFKWPHKUQDFKMDJHQ'HUXQPLWWHOEDUH9HUJOHLFK PLWGHP3DULVHU'UXFNGHQGHU+XPDQLVW)DEHU6WDSXOHQVLVYRPwEDUEDULVFKHQ/DWHLQkJH V½XEHUWKDW]HLJWGHQQDXFKGD¸6WHOOHQLQGHP'LDORJGLHELVODQJIÕUUHFKWGXQNHOJDOWHQ DXIJHKHOOWZHUGHQNRQQWHQ  0LW GLHVHP %DQG GHU LQ GHU $EIROJH GHU &XVDQLVFKHQ 2SHUD RPQLD GLH 1XPPHU ,; WU½JWZLUGGHUYRUELOGOLFKHQKLVWRULVFKNULWLVFKHQ:HUNDXVJDEHHLQZHLWHUHUKHUYRUUDJHQ

 GHU 1LNRODXV YRQ .XHV *HVSU½FK ÕEHU GDV *OREXVVSLHO $XI GHU *UXQGODJH GHV 7H[WHV GHU NULWL VFKHQ $XVJDEH QHX ÕEHUVHW]W XQG PLW (LQOHLWXQJ XQG $QPHUNXQJHQ YHUVHKHQ YRQ * Y %UHGRZ +DPEXUJ  





5H]HQVLRQHQ GHU %DQG KLQ]XJHIÕJW 0DQ OLHVW GDULQ XQG VWDXQW QLFKW ZHQLJ GD¸ VROFKH /HLVWXQJHQ LQ GLHVHUVFKQHOOHELJHQ=HLWQRFKHUEUDFKWZHUGHQNÏQQHQ0DQPX¸VLFKYHUJHJHQZ½UWLJHQ GD¸YRUQLFKWDOO]XODQJHU=HLWGHU5RWVWL GHUDOOHU2UWHQ)RUVFKXQJVJHOGHU]XVDPPHQ VWUHLFKWDXFKYRUGLHVHP/DQJ]HLWSURMHNWQLFKWKDOWPDFKHQZROOWH:HQQHVHLQHVZHLWHUHQ %HZHLVHV EHGÕUIHQ VROOWH GLH 8QVLQQLJNHLW VROFKHU $UW 6SDUZXW EOR¸]XVWHOOHQ GDQQ OHJH PDQGLHVHVWXSHQGH*HOHKUWHQDUEHLWDXIGHQ7LVFKXQGVHKHVLFKXPZRHLQHVROFKHKHXWH QRFKJHIHUWLJWZHUGHQNDQQ  'LHVH*HVDPWHGLWLRQZ½FKVWODQJVDPJHZL¸DEHUXPHLQHVROFKH7H[WTXDOLW½WQHEVWGHQ PÕKVDP DXI]XVSÕUHQGHQ $QPHUNXQJHQ LQ HLQHU =HLW UHDOLVLHUHQ ]X NÏQQHQ GLH GHQ )RUVFKHUO½QJVWQLFKWPHKUQXUIÕUHLQVROFKHVXQLNDOHV3URMHNWDXI-DKUHKLQDEVWHOOWEHGDUI HVQHEHQGHPXQHUO½¸OLFKHQSKLORORJLVFKHQ6DFKYHUVWDQGHLQHULQVSLULHUWHQ9HUEXQGHQKHLW PLW GHP )RUVFKXQJVJHJHQVWDQG 0DQ NDQQ YRQ *OÕFN VDJHQ GD¸ LQ GHU 3HUVRQ 6HQJHUV SKLORORJLVFKH $NNXUDWHVVH XQG ZHUN XQG ZLUNJHVFKLFKWOLFKH 'HWDLONHQQWQLV PLW HLQHU ODQJHJHUHL HQ1HLJXQJ]XGHP:HUNGHV1LNRODXVYRQ.XHVHLQHJOÕFNOLFKH.RLQ]LGHQ] HLQJHJDQJHQVLQG  'LH'UXFNTXDOLW½WLVWrVLHKWPDQYRQHLQHU9HUZLVFKXQJEHLGHQ=HLFKQXQJHQDErKHU YRUUDJHQG+LHULVWGHP0HLQHU9HUODJ/RE]X]ROOHQ)UHLOLFKZ½UH]XZÕQVFKHQGD¸HV EHLGHPVWRO]HQrXQGVLFKHUJHUHFKWIHUWLJWHQr$EJDEHSUHLVGHP9HUODJLQ]ZLVFKHQPÏJOLFK VHLQPÏFKWHGLHVH%ÕFKHUEHQXW]HUIUHXQGOLFKPLWHLQHPUDQGVFKRQHQGHQ(UVWEHVFKQLWW]X YHUVHKHQ



1RUEHUW:LQNOHU0DQQKHLP 

  *,25'$12 %5812'LH.DEEDODGHV3HJDVXVÕEHUVXQGKUVJYRQ.DL1HXEDXHUPLWHLQHU (LQOHLWXQJ YRQ 0LFKHOH &LOLEHUWR 3KLORVRSKLVFKH %LEOLRWKHN %G   +DPEXUJ )HOL[ 0HLQHU6.DUWú,6%1  /D&DEDODGHOFDYDOOR3HJDVHRFRQOnDJJLXQWDGHOOn”$VLQRFLOOHQLFR…ÁXQWHVWRFKH%UXQRSXEEOLFD QHOD/RQGUDGLULWRUQRGD2[IRUGLQVHJXLWRDOOHSROHPLFKHFKHHUDQRLQVRUWHLQWRUQR DOOnDFFXVDGLSODJLRGHO'HYLWDFLQLDQRFKHJOLR[IRUGLDQLJOLDYHYDQRULYROWR$/RQGUDYLYH GDwJHQWLOXRPRkQHOODUHVLGHQ]DGHOOnDPEDVFLDWRUHIUDQFHVHRVVLDGDOLEHURLQWHOOHWWXDOHwDF FDGHPLFRGLQXOODDFFDGHPLDkFRPHOXLVLGHQLVFHLQDSHUWRFRQLWWRFRQOHULJLGHHLQHV VLELOLUHJROHDFFDGHPLFKHDWWHVHFRQGROXLDSURWHJJHUHVROROnDUURJDQ]DGHLSHGDQWLDVFD SLWRGHOYHURVDSHUH$TXHVWDGHOXVLRQHVLDJJLXQJHTXHOODSHULOPRQGRULIRUPDWRODFXLHYL GHQWHwDVLQLW¹kQRQÁGDPHQRGLTXHOODGHOFDWWROLFHVLPRHLQQHGHOFULVWLDQHVLPRWXWWR QHOVXRFLHFRULXWRGHOODYHULW¹HGHOODFRQRVFHQ]DUD]LRQDOH/nLQWHQWRVDWLULFRGHOWHVWRÁ HYLGHQWHHVLPDQLIHVWDJL¹GDOWLWRORFRPHDYYHUWHLOFXUDWRUHHWUDGXWWRUHQHOODSUHPHVVD GDOPRPHQWRFKHQRQGLFDEDODVLWUDWWDQHOWHVWRHFKHLOFDYDOORSHJDVHRVLULYHODHVVHUHLQ UHDOW¹VROWDQWRXQDVLQR$GHVVRVLDJJLXQJHXQDUJRPHQWDUHwDOWHUQDWRkFKHSURFHGHSHUUL SHWXWHQHJD]LRQLGLTXHOORFKHSUHFHGHQWHPHQWHVLHUDYHQXWRDHUPDQGRXQDQGDPHQWR FKH0LFKHOH&LOLEHUWRQHOOnLQWURGX]LRQHFKLDPDwWHFQLFDGHOODYDULD]LRQHkS;; /DQRWD DYYHUWHGHOOnDPELYDOHQ]DFKHQHVFDWXULVFHHFKHDYUHEEHSRUWDWRPROWLLQWHUSUHWLDOOD HUUDWDFRQFOXVLRQHFKHTXLVLWUDWWLGLXQDGHFODPD]LRQHGHOOHGRWLGHOOnDVLQRHQRQFRPHUL VXOWDGDOODOHWWXUDLQWHJUDOHGHOWHVWRGHOODVXDFULWLFD$QFKHLOORFRQGXWWRUHFKHQHJOLDO WULGLDORJKLÁGDWRGDOOnLQWHUORFXWRUHFKHLPSHUVRQDLO%UXQRHFKHTXLSUHQGHLOQRPHGL 6DXOLQR VXELVFH XQnLQWHUUX]LRQH FRQ OnLQWURGX]LRQH QHO VHFRQGR GLDORJR GHOOD JXUD GL 



5H]HQVLRQHQ GHU %DQG KLQ]XJHIÕJW 0DQ OLHVW GDULQ XQG VWDXQW QLFKW ZHQLJ GD¸ VROFKH /HLVWXQJHQ LQ GLHVHUVFKQHOOHELJHQ=HLWQRFKHUEUDFKWZHUGHQNÏQQHQ0DQPX¸VLFKYHUJHJHQZ½UWLJHQ GD¸YRUQLFKWDOO]XODQJHU=HLWGHU5RWVWL GHUDOOHU2UWHQ)RUVFKXQJVJHOGHU]XVDPPHQ VWUHLFKWDXFKYRUGLHVHP/DQJ]HLWSURMHNWQLFKWKDOWPDFKHQZROOWH:HQQHVHLQHVZHLWHUHQ %HZHLVHV EHGÕUIHQ VROOWH GLH 8QVLQQLJNHLW VROFKHU $UW 6SDUZXW EOR¸]XVWHOOHQ GDQQ OHJH PDQGLHVHVWXSHQGH*HOHKUWHQDUEHLWDXIGHQ7LVFKXQGVHKHVLFKXPZRHLQHVROFKHKHXWH QRFKJHIHUWLJWZHUGHQNDQQ  'LHVH*HVDPWHGLWLRQZ½FKVWODQJVDPJHZL¸DEHUXPHLQHVROFKH7H[WTXDOLW½WQHEVWGHQ PÕKVDP DXI]XVSÕUHQGHQ $QPHUNXQJHQ LQ HLQHU =HLW UHDOLVLHUHQ ]X NÏQQHQ GLH GHQ )RUVFKHUO½QJVWQLFKWPHKUQXUIÕUHLQVROFKHVXQLNDOHV3URMHNWDXI-DKUHKLQDEVWHOOWEHGDUI HVQHEHQGHPXQHUO½¸OLFKHQSKLORORJLVFKHQ6DFKYHUVWDQGHLQHULQVSLULHUWHQ9HUEXQGHQKHLW PLW GHP )RUVFKXQJVJHJHQVWDQG 0DQ NDQQ YRQ *OÕFN VDJHQ GD¸ LQ GHU 3HUVRQ 6HQJHUV SKLORORJLVFKH $NNXUDWHVVH XQG ZHUN XQG ZLUNJHVFKLFKWOLFKH 'HWDLONHQQWQLV PLW HLQHU ODQJHJHUHL HQ1HLJXQJ]XGHP:HUNGHV1LNRODXVYRQ.XHVHLQHJOÕFNOLFKH.RLQ]LGHQ] HLQJHJDQJHQVLQG  'LH'UXFNTXDOLW½WLVWrVLHKWPDQYRQHLQHU9HUZLVFKXQJEHLGHQ=HLFKQXQJHQDErKHU YRUUDJHQG+LHULVWGHP0HLQHU9HUODJ/RE]X]ROOHQ)UHLOLFKZ½UH]XZÕQVFKHQGD¸HV EHLGHPVWRO]HQrXQGVLFKHUJHUHFKWIHUWLJWHQr$EJDEHSUHLVGHP9HUODJLQ]ZLVFKHQPÏJOLFK VHLQPÏFKWHGLHVH%ÕFKHUEHQXW]HUIUHXQGOLFKPLWHLQHPUDQGVFKRQHQGHQ(UVWEHVFKQLWW]X YHUVHKHQ



1RUEHUW:LQNOHU0DQQKHLP 

  *,25'$12 %5812'LH.DEEDODGHV3HJDVXVÕEHUVXQGKUVJYRQ.DL1HXEDXHUPLWHLQHU (LQOHLWXQJ YRQ 0LFKHOH &LOLEHUWR 3KLORVRSKLVFKH %LEOLRWKHN %G   +DPEXUJ )HOL[ 0HLQHU6.DUWú,6%1  /D&DEDODGHOFDYDOOR3HJDVHRFRQOnDJJLXQWDGHOOn”$VLQRFLOOHQLFR…ÁXQWHVWRFKH%UXQRSXEEOLFD QHOD/RQGUDGLULWRUQRGD2[IRUGLQVHJXLWRDOOHSROHPLFKHFKHHUDQRLQVRUWHLQWRUQR DOOnDFFXVDGLSODJLRGHO'HYLWDFLQLDQRFKHJOLR[IRUGLDQLJOLDYHYDQRULYROWR$/RQGUDYLYH GDwJHQWLOXRPRkQHOODUHVLGHQ]DGHOOnDPEDVFLDWRUHIUDQFHVHRVVLDGDOLEHURLQWHOOHWWXDOHwDF FDGHPLFRGLQXOODDFFDGHPLDkFRPHOXLVLGHQLVFHLQDSHUWRFRQLWWRFRQOHULJLGHHLQHV VLELOLUHJROHDFFDGHPLFKHDWWHVHFRQGROXLDSURWHJJHUHVROROnDUURJDQ]DGHLSHGDQWLDVFD SLWRGHOYHURVDSHUH$TXHVWDGHOXVLRQHVLDJJLXQJHTXHOODSHULOPRQGRULIRUPDWRODFXLHYL GHQWHwDVLQLW¹kQRQÁGDPHQRGLTXHOODGHOFDWWROLFHVLPRHLQQHGHOFULVWLDQHVLPRWXWWR QHOVXRFLHFRULXWRGHOODYHULW¹HGHOODFRQRVFHQ]DUD]LRQDOH/nLQWHQWRVDWLULFRGHOWHVWRÁ HYLGHQWHHVLPDQLIHVWDJL¹GDOWLWRORFRPHDYYHUWHLOFXUDWRUHHWUDGXWWRUHQHOODSUHPHVVD GDOPRPHQWRFKHQRQGLFDEDODVLWUDWWDQHOWHVWRHFKHLOFDYDOORSHJDVHRVLULYHODHVVHUHLQ UHDOW¹VROWDQWRXQDVLQR$GHVVRVLDJJLXQJHXQDUJRPHQWDUHwDOWHUQDWRkFKHSURFHGHSHUUL SHWXWHQHJD]LRQLGLTXHOORFKHSUHFHGHQWHPHQWHVLHUDYHQXWRDHUPDQGRXQDQGDPHQWR FKH0LFKHOH&LOLEHUWRQHOOnLQWURGX]LRQHFKLDPDwWHFQLFDGHOODYDULD]LRQHkS;; /DQRWD DYYHUWHGHOOnDPELYDOHQ]DFKHQHVFDWXULVFHHFKHDYUHEEHSRUWDWRPROWLLQWHUSUHWLDOOD HUUDWDFRQFOXVLRQHFKHTXLVLWUDWWLGLXQDGHFODPD]LRQHGHOOHGRWLGHOOnDVLQRHQRQFRPHUL VXOWDGDOODOHWWXUDLQWHJUDOHGHOWHVWRGHOODVXDFULWLFD$QFKHLOORFRQGXWWRUHFKHQHJOLDO WULGLDORJKLÁGDWRGDOOnLQWHUORFXWRUHFKHLPSHUVRQDLO%UXQRHFKHTXLSUHQGHLOQRPHGL 6DXOLQR VXELVFH XQnLQWHUUX]LRQH FRQ OnLQWURGX]LRQH QHO VHFRQGR GLDORJR GHOOD JXUD GL 



5H]HQVLRQHQ 2QRULR OnDVLQR SHJDVHR  FKH QHOOD SULPD SDUWH VHPEUD VRVWLWXLUOR QHO ULSRUWDUH GRWWULQH wEUXQLDQHkVXOOnDQLPDGHOPRQGR  /D&DEDODGHOFDYDOOR3HJDVHRÁXQDwSLFFRODRSHUDkNOHLQHV:HUN DHUPDLO&LOLEHUWRDWWUL EXHQGRDOOnHVSUHVVLRQHEUXQLDQDGL”FDUWDFFLR…XQVLJQLFDWRSLÒRUJDQLFRGLTXDQWRVXJJH ULVFDLOWHUPLQHHVYLOXSSDQGRGDTXHVWRXQDVXDOHWWXUDGHOOn…RUJDQLFLVPR…EUXQLDQR$QFKH 1LFROD %DGDORQL IDFHQGR GHULYDUH OD SDUROD GDOOR VSDJQROR ”FDUWDFKR… H DJJLUDQGR FRVÅ XQ SUHVXPLELOHVHQVRGLVSUHJLDWLYRGHOODSDURODLWDOLDQDYLHQHDFRQIHUPDUHOnDFFH]LRQHSUHFH GHQWH1HOODSUHVHQWHWUDGX]LRQHWHGHVFDLQYHFHWDOHHVSUHVVLRQHÁUHVDFRQ”%O½WWHUKDXIHQ… FXPXORGLIRJOL FRQFXLLQYHFHVLWHQGHDVRWWROLQHDUHLOFDUDWWHUHFDVXDOHHDVLVWHPDWLFR GHOODFRPSRVL]LRQH7XWWDYLDWDOHGLVSDULW¹WHUPLQRORJLFDFKHPHULWDYDGLHVVHUHULOHYDWDSHU PRWLYLGLFKLDUH]]DFRQXQDQRWDQRQÁWDOHGDRVFXUDUHLOSHQVLHURGL%UXQRFKHODVRWWHQ GH1HOODVXDSURVSHWWLYDWRWDOL]]DQWHLQIDWWLHJOLQRQIDVRVWDQ]LDOHGLHUHQ]DIUDLOIUDPPHQ WRHXQDIRUPDFRPSOHWDHFRPSLXWDGDOPRPHQWRFKHDQFKHLOSLÒSLFFRORGHWWDJOLRSHUOD VXDLQWLPDUHIHUHQ]LDOLW¹FRQOnHVVHQ]DGHOWXWWRÁLQJUDGRGLUDSSUHVHQWDUORHULVSHFFKLDUOR  'nDOWUDSDUWHORVWHVVR&LOLEHUWRQRQQHJDFKHSHUFRPSUHQGHUHDSSLHQROD&DEDODVLDQH FHVVDULR ULIDUVL DO SULPR GHL GD *LRYDQQL *HQWLOH FRVÆ GHQRPLQDWL 'LDORJKL PRUDOL /R 6SDFFLRGHOODEHVWDWULRQIDQWH FKHORSUHFHGHHGLFXLVLODPHQWDJLXVWDPHQWHXQnD"GD ELOHWUDGX]LRQHFLÌFKHQRQSXÌQRQFRVWLWXLUHXQnXOWHULRUHGL"FROW¹SHULOOHWWRUHGLOLQJXD WHGHVFD,O&LOLEHUWRGHOLQHDODFRUUHOD]LRQHHVLVWHQWHIUDOHGXHRSHUHQHOVHQVRGLXQURYH VFLDPHQWR”8PNHKUXQJ…GHOODSURVSHWWLYDWHRUHWLFDFKHSURFHGHGDXQSULPDWRGHOODYRURH GHOOnLPSHJQR 0ÕKH  QHO SULPR D TXHOOR GHOOD SDVVLYLW¹ H GHOOnLJQRUDQ]D 8QZLVVHQKHLW  QHO VHFRQGRDFXLVLDJJLXQJHXQXOWHULRUHDVSHWWRHXQQXRYRURYHVFLDPHQWRLQFXLOn”DVLQLW¹…VL ULYROJHFRQWURGLVÂFRQXQDFULWLFDDWXWWHTXHOOHSRVL]LRQLORVRFKHFKHQHJDQRODOLEHUW¹ GLULFHUFDRODSRVVLELOLW¹VWHVVDGHOODFRQRVFHQ]DUD]LRQDOHGDOOnDULVWRWHOLVPRGRJPDWLFRDOOR VFHWWLFLVPR4XHVWRVXFFHVVLYRULYROJLPHQWRKDLQQHODIXQ]LRQHGLIRQGDUHRQWRORJLFD PHQWHXQQDWXUDOLVPRUDGLFDOHFKHRSSRQJDDOODYLVLRQH”DVLQLQD…FULVWLDQDGHOODVHSDUD]LRQH IUD'LR8RPR1DWXUDXQDVRVWDQ]LDOHLGHQWLW¹GHOUHDOH/DVSHFLFLW¹XPDQDQRQSURFHGH TXLFRPHLQYHFHHUDQHOOR6SDFFLRGDXQDSRWHQ]LDOLW¹UD]LRQDOHHVFOXVLYDGHOOnXRPRPDGD XQDGLYHUVD”FRPSOHVVLRQHPDWHULDOH…GHLFRUSLLQFXLORVSLULWRXQLYHUVDOHLQVHDQGRVLYLHQHD PDQLIHVWDUVL/DPDQRGLYLHQHLOVLPERORLOVHJQRPDDQFKHODFDXVDSULPDGHOODVSHFLFD XPDQDFRPSOHVVLRQHLQTXDQWRSUHFHGHOnLQJHJQR”7XWWRTXHVWRVHRFXODWDPHQWHJXDUGLVL ULIHULVFHQRQWDQWRSULQFLSDOPHQWHDOGHWWDWRGHOnLQJHJQRTXDQWRDTXHOORGHOODPDQR…VFUL YHLO%UXQR”$OOGLHVJHKWZHQQGXHVDXIPHUNVDPEHWUDFKWHVWQLFKWVRVHKUDXIGHQ,QWHO OHNWQF ]XUÕFNDOVDXIGLH+DQGGDV2UJDQGHU2UJDQH…S WUDGXFH.DL1HXEDXHUO¹ GRYHVLWUDWWHUHEEHGLGHWHUPLQDUHVHVLWUDWWLGLXQDSUHFHGHQ]DHPLQHQWHPHQWHWHPSRUDOHR DQFKH ORJLFD 'XEEL DEELDPR WXWWDYLD VXOOD WUDGX]LRQH GHO WHUPLQH ”LQJHJQR… FRQ ”,QWHO OHNW…GDOPRPHQWRFKHFRQ”LQJHJQR…VLGHVLJQDQHOODJQRVHRORJLDULQDVFLPHQWDOHXQDID FROW¹LQWHUPHGLDHFRPSOHVVDIUDHVSHULHQ]DVHQVLELOHFUHDWLYLW¹HLQWHOOLJHQ]DHFKHDWDOHGL VWLQ]LRQHWHUPLQRORJLFDVLDWWLHQHLO%UXQRDQFKHLQTXHVWHSDJLQH

  

* %UXQR &DEDOD GHO FDYDOOR SHJDVHR HG 1 %DGDORQL 3DOHUPR   S  &I *LRUGDQR %UXQR µEHU GLH 0RQDV GLH =DKO XQG GLH )LJXU DOV (OHPHQWH HLQHU VHKU JHKHLPHQ 3K\VLN 0DWKHPDWLN XQG 0HWDSK\VLN KUVJ YRQ ( YRQ 6DPVRQRZ +DPEXUJ   LQ FXL VL Á PDQWHQXWR LO WHUPLQH ”,QJHQLXP… 6WHSKDQ 2WWR KD IDWWR VSHVVR ULIHULPHQWR D TXHVWR SUREOHPD GL WUDGX]LR QH FDXVD GL HTXLYRFL QHOOD UHFH]LRQH GHOOH RSHUH ULQDVFLPHQWDOL SURSRQHQGR GL PDQWHQHUH DQFKH LQ WHGHVFR OD SDUROD ODWLQD ”LQJHQLXP… &I 6 2WWR *LDPEDWWLVWD 9LFR 6WXWWJDUW r %HUOLQ r .ÏOQ   LQ SDUW S 





5H]HQVLRQHQ  8QSUREOHPDVLPLOHVLSUHVHQWDFRQODORFX]LRQH”FRPSOHVVLRQH…FKHLO%UXQRFRQVHUYD FRHUHQWHPHQWHDQFKHTXDQGRJOLDSSRQHOnDWWULEXWR”PDWHULDOH…S 1HOODSUHVHQWHWUD GX]LRQHVLÁUHVRSHUHVLQDOFXQLSDVVLDOOHSDJLQHHLOFRQFHWWRFRQLOVRVWDQWLYR”.ÏU SHUEDX…FKHKDORVYDQWDJJLRGLIDUVFRPSDULUHTXHOORFKHDQRVWURDYYLVRÁXQWHUPLQHWHF QLFR EUXQLDQR GL QRWHYROH LPSRUWDQ]D 'DWR FKH LQ VHJXLWR VL Á LQQH DGRWWDWD OD YRFH ”.RPSOH[LRQHQ… QRQVLFRPSUHQGHLOPRWLYRGLTXHVWDVFHOWDGDOPRPHQWRFKHQRQQH YLHQHIDWWRFHQQRQHSSXUHLQQRWD7DOHSHUGLWDQRQVDUHEEHFRVÅJUDYHVHQRQFHODVVHXQD YHUDGL"FROW¹GLFRPSUHQVLRQHGLTXHVWRFRQFHWWRVXFXLVLEDVDLOSULQFLSLXPLGHQWLFDWLRQLV EUXQLDQR/DQRVWUDLPSUHVVLRQHÁFKHODGLQDPLFLW¹FRQQHVVDDOOnHVSUHVVLRQH”FRPSOHVVLRQH… FRQ FXL VL YXROH FRJOLHUH LO SURFHVVR GL UHFLSURFD SHQHWUD]LRQH GHOOR VSLULWR H GHOOH IRUPD FRUSRUHDQHOODVWDWLFLW¹GHOWHUPLQHWHGHVFR”.ÏUSHUEDX…YDGDSHUVD  0DOJUDGRODFRQWLQXLW¹WHPDWLFDGHOOR6SDFFLRHGHOOD&DEDODTXHOODFLRÁGLXQSURJHWWRGL XQLYHUVDOHUHQRYDWLRPRUDOHHSROLWLFDGHOODVRFLHW¹LO&LOLEHUWRVLGLVWDQ]LDGDOODWHVLEDGDOR QLDQDFKHFRQVLGHUDTXHVWnXOWLPDXQFRQVHJXHQWHFRPSOHWDPHQWRGHOODSULPDHQHPHWWHLQ ULOLHYRDQFKHOHGLHUHQ]HDHUPDQGRFKH”.DEEDODXQG6SDFFLRVLQGVHKUYHUVFKLHGHQH7H[ WH GLH QLFKW DOV ]ZHL RUJDQLVFKH 0RPHQWH HLQHV EHZX¸W JHSODQWHQ SKLORVRSKLVFKHQ 'LV NXUVHVDQJHVHKHQZHUGHQNÏQQHQGHUVLFKYRPHUVWHQPRUDOLVFKHQ'LDORJ]XP]ZHLWHQHU VWUHFNW…S;;,,, ,QEUHYHVLSRWUHEEHGLUHFKHQHOOD&DEDODSUHYDOJDLOPRPHQWRFULWLFR GLVWUXWWLYRHLOPRWLYRGHOODGHFDGHQ]DFKHQHOODYLVLRQHEUXQLDQDGHOOnDOWHUQDUVLGHOOHYLFLVVL WXGLQL QHFHVVDULDPHQWH DFFRPSDJQD TXHOOR GHOOD UHQRYDWLR /H UDJLRQL SXQWXDOL SHU FXL LQ XQnRSHUD SUHGRPLQL OnXQ DVSHWWR R OnDOWUR VDUHEEHUR GD ULQWUDFFLDUVL VHFRQGR LO &LOLEHUWR QHOOH FRQGL]LRQL VWRULFKH VRSUD DFFHQQDWH QHOOnDPELHQWH FRQWHPSRUDQHR QHOOR VIRQGR GL TXHOOHSROHPLFKHFKHDFFRPSDJQDURQRLOVXRVRJJLRUQRLQ,QJKLOWHUUDHFKHDQFRUDGHYHHV VHUHULFHUFDWRDIRQGRLQWXWWLLVXRLDVSHWWL  4XHVWD WUDGX]LRQH GHOOD &DEDOD GHO FDYDOOR SHJDVHR LQ WHGHVFR KD LO PHULWR GL ULFKLDPDUH OnDWWHQ]LRQHGHLOHWWRULGLTXHVWDDUHDOLQJXLVWLFDHSUHVXPLELOPHQWHOnLQWHUHVVHGHOULFHUFD WRUHSHUTXHVWD”SLFFRODRSHUD…SRFRGLXVDIUDLFRQWHPSRUDQHLQHOOHELEOLRWHFKHHXURSHH VRQRVWDWHULWURYDWLVROWDQWRHVHPSODULLQFRQIURQWRDLGHJOL(URLFL)XURUL DOXQJRWUD VFXUDWDGDLSRVWHULULFRPSDUHFLWDWDVROWDQWRQHO[L[VHFQHO1RXYHDX'LFWLRQQDLUH+LVWRUL TXH ULXWDWDGDOORVWHVVR%UXQRSHUODVXDHYLGHQWHSHULFRORVLW¹,OLPLWLROWUHTXHOOLFLWDWL OHJDWLDGLQHVSHULHQ]DFRQODWHUPLQRORJLDORVRFDLWDOLDQDULQDVFLPHQWDOHVRQRGLFDUDWWHUH HGLWRULDOH6LDYYHUWHLQIDWWLODPDQFDQ]DGLXQ1DPHQHGLXQ6DFKUHJLVWHUHOHQRWHDQ QXQFLDWHDSULVXOWDQRLQWURYDELOL$PSLHSXQWXDOLLQYHFHLPROWLULIHULPHQWLDOOHIRQWL LQFXLWURYDHVSUHVVLRQHOnHFOHWWLVPREUXQLDQR



0LUDQGD$OEHUWL5DSSPDQQVEHUJHU0ÕQFKHQ 

    

 

&I 1 %DGDORQL LQ * %UXQR &DEDOD GHO FDYDOOR SHJDVHR S  ”,O WHUPLQH Á IUHTXHQWLVVLPR QHO



OLQJXDJJLR EUXQLDQR 6WD D LQGLFDUH OnXQL FD]LRQH GHOOnDQLPD GHO PRQGR FRQ XQD SDUWLFRODUH

JXUD]LRQH /H VLQJROH ”FRPSOHVVLRQL… VRQR DFFLGHQWDOL OD ORUR ULSHWL]LRQH YLFLVVLWXGLQDOH LQGLFD SHUË XQ XVVR R ULXVVR FRVWDQWH GHL PRGL LQ FXL OnDQLPD XQLYHUVDOH VL UHQGH FRUSRUHD…





5H]HQVLRQHQ ./$86 -$&2%, +UVJ *HVSU½FKHOHVHQ3KLORVRSKLVFKH'LDORJHLP0LWWHODOWHU6FULSW2UDOLD  7ÕELQJHQ*XQWHU1DUU6*HEúr,6%1  'HUYRUOLHJHQGH%DQGELHWHWDQKDQGYRQ$QDO\VHQGHUZLFKWLJVWHQFKULVWOLFKHQODWHLQLVFKHQ 'LDORJHGHU6S½WDQWLNHXQGGHV0LWWHODOWHUVHLQHQµEHUEOLFNÕEHUGLH(QWZLFNOXQJGLHVHU OLWHUDULVFKHQ*DWWXQJ,PHLQ]HOQHQZHUGHQXQWHUVXFKW$XJXVWLQV'LDORJH:0HW] %R ÄWKLXVn3KLORVRSKLDHFRQVRODWLR3.XQ]PDQQ $ONXLQV'LDORJH.-DFREL (ULXJHQDV3HULSK\ VHRQ0YRQ3HUJHU GLH'LDORJHYRQ$QVHOPYRQ&DQWHUEXU\(6ZHHQH\ *LOEHUW&ULV SLQ.-DFREL 3HWUXV$OIRQVL75LFNOLQ 3HWHU$EDHODUG+:HVWHUPDQQ $GHODUGYRQ %DWK XQG :LOKHOP YRQ &RQFKHV $6SHHU  $HOUHG YRQ 5LHYDXO[ 3.XQ]PDQQ  (EHU KDUG YRQ <SHUQ .-DFREL  XQG 5DLPXQGXV /XOOXV )'RPÆQJXH]  GLH SKLORVRSKLVFKHQ 'LDORJSDUWLHQLQ'DQWHV'LYLQD&RPPHGLD5,PEDFKXQG60DVSROL VRZLHGLH'LDORJHYRQ 2FNKDP '/ÕGGHFNH  3VHXGR2FNKDP 0YRQ 3HUJHU  +HLQULFK 6HXVH 0(QGHUV  -HDQ*HUVRQ56FKÏQEHUJHU XQG1LNRODXVYRQ.XHV7%RUVFKH 9RUDQJHVWHOOWLVWHLQH ]XVDPPHQIDVVHQGH(LQOHLWXQJGHV+HUDXVJHEHUVGHQ$EVFKOX¸GHV%DQGHVELOGHWHLQw9RU O½XJHV 5HSHUWRULXP SKLORVRSKLVFKHU XQG WKHRORJLVFKHU 3URVD'LDORJH GHV 0LWWHODOWHUVk YRQ0LVFKDYRQ3HUJHU  'LHUHLQH=DKOGHUKLHUDXIJHIÕKUWHQ7H[WHLQVJHVDPWÕEHU XQG$XWRUHQ]%(ULX JHQD$QVHOP$EDHODUG/XOOXV&XVDQXV ]HLJWGLH%HGHXWXQJGHU*DWWXQJw'LDORJkIÕUGLH PLWWHODOWHUOLFKH *HLVWHVJHVFKLFKWH 'HXWOLFK ZHUGHQ GDEHL GLH ”*ODQ]]HLW… GHU *DWWXQJ LP  -DKUKXQGHUW 6FKÏQEHUJHU6  XQGGDV )HKOHQ YRQ 'LDORJHQ EHL GHQ PHLVWHQ EH NDQQWHQ0DJLVWHUQGHVXQG-DKUKXQGHUWVrRHQVLFKWOLFKHLQH)ROJHGHVµEHUZLH JHQVGHU'LVSXWDWLR/ÕGGHFNH66FKÏQEHUJHU6 $EGHP-DKUKXQ GHUW HUOHEW GLH *DWWXQJ w'LDORJk HLQHQ QHXHQ $XIVFKZXQJ SULP½U LP DX¸HUXQLYHUVLW½UHQ %HUHLFKGHUVLFKYLHOOHLFKWDOV*HJHQUHDNWLRQDXIHLQH]XVWDUNH”/RJLVLHUXQJ…GHU7KHROR JLHLQGHU6FKRODVWLNYHUVWHKHQO½¸W6FKÏQEHUJHU6   'LH*DWWXQJw'LDORJkZHLVWLP0LWWHODOWHUHLQHJUR¸H9LHOIDOWLQ)RUPXQG.RQVWHOODWLR QHQ DXI 'LH QDKHOLHJHQGH (LQWHLOXQJ LQ ]ZHL *UXSSHQ LQ GLH w/HKUHU6FKÕOHU'LDORJHk (ULXJHQD$QVHOP2FNKDP&XVDQXVXD XQGGLHwUHOLJLÏVNRQIHVVLRQHOOHQ'LDORJHk]ZL VFKHQ &KULVWHQ -XGHQ +HLGHQ RGHU3KLORVRSKHQ *LOEHUW &ULVSLQ 3HWUXV $OIRQVL $EDH ODUG&XVDQXVXD IÕKUWQLFKWLPPHU]XNODUHQ$EJUHQ]XQJHQXQGNDQQGHQ5HLFKWXP GHU )RUPHQ PLWWHODOWHUOLFKHU 'LDORJH NDXP DQJHPHVVHQ DXVGUÕFNHQ -DFREL 6  2E ZRKO GLH LQ GHU 5HJHO QJLHUWHQ *HVSU½FKVVLWXDWLRQHQ VHKU YLHOI½OWLJ VLQG VWDPPHQ GLH PHLVWHQ 'LDORJH QLFKW DXV HLQHP XQLYHUVLW½UHQ 8PIHOG -DFREL 6   GLH %H VFK½ LJXQJ PLW LKQHQ IÕKUW DOVR ]X HLQHU XPIDVVHQGHUHQ .HQQWQLV GHU 2UWH PLWWHODOWHUOL FKHQ3KLORVRSKLHUHQV  'LHSKLORVRSKLVFKH%ULVDQ]GHV7KHPDVw'LDORJkOLHJWLQGHU)UDJHLQZLHZHLWGLH)RUP GHV*HVSU½FKVDXFKGLHSKLORVRSKLVFKHQ,QKDOWHEHHLQX¸W'DEHLQGHWGLHPRGHUQH7KH VHGD¸(UNHQQWQLVÕEHUKDXSWHUVWLQGHU%HJHJQXQJPLWGHPDQGHUHQPÏJOLFKLVWLQGHQ PLWWHODOWHUOLFKHQ'LDORJHQNHLQH=XVWLPPXQJYLHOPHKUEH]LHKHQVLFKGLHPLWWHODOWHUOLFKHQ 'HQNHUDXIHLQH:DKUKHLWMHQVHLWVGHUJHVSURFKHQHQ:RUWHGLHLQGHQ*UHQ]HQPHQVFKOL FKHU 6SUDFKH QLFKW HLQKROEDU LVW0HW]6:HVWHUPDQQ6%RUVFKH6  'LH PLWWHODOWHUOLFKHQ 'LDORJH ELOGHQGDKHU NHLQH LQKDOWOLFK QHXH 3KLORVRSKLH DXV DEHU VLH NÏQQHQrJHUDGHDXFKLQLKUHUDOOJHPHLQHQ2HQKHLWrHLQH”'DUVWHOOXQJGHU:DKUKHLWV VXFKH…VHLQ-DFREL6 'LH'LDORJIRUPLVWEHLHLQLJHQ$XWRUHQ]XGHP$XVGUXFNHLQHU JUXQGV½W]OLFKGLDORJLVFKHQDQGLH$GUHVVDWHQJHULFKWHWHQ'HQNXQG'DUVWHOOXQJVZHLVHIÕU





5H]HQVLRQHQ $QVHOP6ZHHQH\6IÕU6HXVH(QGHUV6 'DVJLOWLQVEHVRQGHUHIÕU5DLPXQGXV /XOOXV GHVVHQ 'LDORJH VHLQH 9RUVWHOOXQJ HLQHU JHOXQJHQHQ *HVSU½FKVVLWXDWLRQ ]ZLVFKHQ 0HQVFKHQPLWYHUVFKLHGHQHQNXOWXUHOOHQ+LQWHUJUÕQGHQLOOXVWULHUHQKLHULVWGLH)RUPGHV SKLORVRSKLVFKHQ$XVWDXVFKHVOHW]WOLFKZLFKWLJHUDOVGDV(UJHEQLVGDVLPVFKUL OLFKHQ'LD ORJHU]LHOWZLUG'RPÆQJXH]6   :HVWHUPDQQV%HLWUDJ]X$EDHODUGV&ROODWLRQHVGHQLFKKLHUEHLVSLHOKD HWZDVDXVIÕKUOL FKHUEHKDQGHOQPÏFKWHVWHOOWGLHHUVWHOLWHUDWXUWKHRUHWLVFKH$QDO\VHGLHVHV:HUNHVGDU'D EHLZHUGHQPHKUHUH3XQNWHHUVWPDOVGHXWOLFK6RVSULFKW:HVWHUPDQQVLFKGDJHJHQDXVGLH :DKOGHU'LDORJIRUPDXV$EDHODUGV9HUIROJXQJVVLWXDWLRQ]XHUNO½UHQ9LHOPHKUKDEH$EDH ODUG]XU9RUVWHOOXQJVHLQHV)RUVFKXQJVSURJUDPPVGLH0ÏJOLFKNHLWHQQXW]HQZROOHQGLHLKP GLHVH*DWWXQJERW6 'HPLVWXPVRPHKU]X]XVWLPPHQDOV$EDHODUGDXFKVRQVW IÕURULJLQHOOHOLWHUDULVFKH)RUPHQRHQLVWVHLQ6FLWRWHLSVXPLVWMD]%GLHHLQ]LJHHWKLVFKH 0RQRJUDSKLHGHV0LWWHODOWHUV :LFKWLJLVWDXFK:HVWHUPDQQV1DFKZHLVGD¸GLHµEHUHLQ VWLPPXQJ GHU 'LDORJSDUWQHU LQ GHU $QQDKPH YRQ 0RQRWKHLVPXV XQG 1DWXUJHVHW] QLFKW KHL¸WGD¸GLHVH%HJULHYRQGHQHLQ]HOQHQ*HVSU½FKVWHLOQHKPHUQWDWV½FKOLFKLPJOHLFKHQ 6LQQYHUVWDQGHQZHUGHQ6 :LH0HZVPHLQW:HVWHUPDQQGD¸GHURHQH6FKOX¸ GHV*HVSU½FKVQLFKWGHVVHQIUDJPHQWDULVFKHQ&KDUDNWHUEHOHJH9LHOPHKUPDFKHGHU/HUQ SUR]H¸GHQGLH7HLOQHKPHULP/DXIHGHV*HVSU½FKVGXUFKPDFKWHQGDVDQIDQJV YHUODQJWH 8UWHLOGHV6FKLHGVULFKWHUVÕEHUÕVVLJGHVVHQVWXPPH$QZHVHQKHLWKHOIHDEHUHLQHQIDLUHQ *HVSU½FKVYHUODXI]XJDUDQWLHUHQ6 'LHVHµEHUOHJXQJHQVWHOOHQ]ZHLIHOORVZLFK WLJH%HLWU½JH]XRHQHQ3UREOHPHQEHLP9HUVW½QGQLVGHU&ROODWLRQHVGDU)ÕUHLQH*HVDPW LQWHUSUHWDWLRQGHV:HUNHVVFKHLQWHVPLUDOOHUGLQJVQRWZHQGLJGLHPHLQHV:LVVHQVHLQ]LJ DUWLJH 6WUXNWXU GHV $EDHODUGLVFKHQ 'LDORJHV VW½UNHU ]X EHDFKWHQ GLH GHP w3KLORVRSKXVk 9HUWUHWHUYRQ]ZHL6FKUL UHOLJLRQHQJHJHQÕEHUVWHOOWXQGLKPVRPHWKRGLVFKHLQH6FKOÕVVHO VWHOOXQJ]XZHLVW9RUGHP+LQWHUJUXQGYRQ$EDHODUGVDOOJHPHLQHU6WHOOXQJ]X3KLORVRSKLH XQG-XGHQWXPOLHJWGDV%HVRQGHUHGHU&ROODWLRQHVGDQQGDULQGD¸$EDHODUGLQLKUHU6WUXN WXUGDV9HUK½OWQLVYRQDXWRQRPSKLORVRSKLVFKHUXQGDXWRULWDWLYDXI2HQEDUXQJEH]RJHQHU :DKUKHLWDOOJHPHLQ]XP7KHPDPDFKWYRPSKLORVRSKLVFKHQ(UJHEQLVKHUNRPPWHUGD JHJHQrHEHQVRZLHHWZDLP5ÏPHUEULHINRPPHQWDUr]XHLQHUZHLWJHKHQGHQLQKDOWOLFKHQ(QW VSUHFKXQJYRQ&KULVWHQWXPXQG3KLORVRSKLHGLHGDV-XGHQWXPDX¸HQYRUO½¸W  'LHHLQ]LJDUWLJH6WUXNWXUGHV:HUNHVZLGHUVSULFKWDXFKGHU$QQDKPH%RUVFKHV$EDH ODUGV&ROODWLRQHVK½WWHQIÕUGHQLQWHUNRQIHVVLRQHOOHQ'LDORJWUDGLWLRQVELOGHQGJHZLUNW6  'DVLVWZHQLJSODXVLEHOZHQQPDQEHGHQNWZLHXQEHNDQQW$EDHODUGXQGVHLQ:HUNLPVS½ WHUHQ0LWWHODOWHUZDUHQ]XGHPUHLFKWGLH7UDGLWLRQGHVLQWHUUHOLJLÏVHQ'LDORJVZHLWÕEHUVHL QH=HLW]XUÕFNZLHVLFKDXFKDXVYRQ3HUJHUV”5HSHUWRULXP…DP(QGHGHV%DQGHVHUJLEW  ,QVJHVDPW O½¸W VLFK VDJHQ GD¸ GHU YRUOLHJHQGH %DQG LQ HLQ QHXHV )RUVFKXQJVIHOG HLQ IÕKUWDXFKGRUWZRUHFKWJXWEHNDQQWH7H[WHXQWHUVXFKWZHUGHQEULQJWGHUJDWWXQJVJH VFKLFKWOLFKH =XJDQJ QHXH (UNHQQWQLVVH 0LW LKP NRPPW HLQ IÕU GLH 3KLORVRSKLH QLFKW VHOEVWYHUVW½QGOLFKHU $QVDW] ]XP 7UDJHQ GHU MHGRFK LQVEHVRQGHUH IÕU GLH KLVWRULVFKH )RU VFKXQJGLHGLH3KLORVRSKLHMDQLFKWDOVLVROLHUWH*UϸHVRQGHUQLQLKUHPJHLVWHVJHVFKLFKWOL FKHQ .RQWH[W YHUVWHKHQ PX¸ YRQ JUR¸HU %HGHXWXQJ LVW ZLH GHU +HUDXVJHEHU H[HPSOD ULVFKDXFKVFKRQDQVHLQHQ$UEHLWHQ]XP7KHPDw.RPPHQWDUkJH]HLJWKDW   )ÕUGLHZHLWHUH)RUVFKXQJ]XP7KHPDw'LDORJkVFKHLQWPLUDXFKHLQHVW½UNHUGLDFKURQL VFKH %HWUDFKWXQJVZHLVH HUIROJYHUVSUHFKHQG GLH GLH HLQ]HOQHQ 'LDORJH DXFK PLWHLQDQGHU YHUJOHLFKW XQG GLH KLVWRULVFKH (QWZLFNOXQJ GHXWOLFKHU HUNHQQHQ O½¸W LQWHUHVVDQW Z½UH HV DXFK.RQWLQXLW½WXQG9HUVFKLHGHQKHLWPLWWHODOWHUOLFKHUXQGFKULVWOLFKVS½WDQWLNHU'LDORJH





5H]HQVLRQHQ ]X HUPLWWHOQ GLH LP YRUOLHJHQGHQ %DQG HLQIDFK QHEHQHLQDQGHUJHVWHOOW ZHUGHQ 'HUDUWLJH µEHUOHJXQJHQZHUGHQMHGRFKGXUFKGLHVHV%XFKHUVWDQJHUHJWXQGODVVHQVR VHLQHEHVRQ GHUH/HLVWXQJNODUHUNHQQHQQHXH)UDJHQ]XVWHOOHQXQGHUVWH$QWZRUWHQ]XJHEHQ



0DWWKLDV3HUNDPV-HQD  

  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1*9RQGHU:HOWVHHOHrHLQH+\SRWKHVHGHUKÏKHUQ3K\ VLN]XU(UNO½UXQJGHVDOOJHPHLQHQ2UJDQLVPXV +LVWRULVFKNULWLVFKH$XVJDEH, +UVJ YRQ -ÏUJ -DQW]HQ XQWHU 0LWZLUNXQJ YRQ 7KRPDV .LVVHU 9RUUHGH ]XU µEHUVHW]XQJ   +UVJ YRQ .DL 7RUVWHQ .DQ] XQG :DOWHU 6FKLHFKH 6WXWWJDUW%DG &DQQVWDWW )URPPDQQ +RO]ERRJ;,,6*HEúr,6%1; )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* (UVWHU (QWZXUI HLQHV 6\VWHPV GHU 1DWXUSKLORVRSKLH   +LVWRULVFKNULWLVFKH $XVJDEH ,   +UVJ YRQ :LOKHOP * -DFREV XQG 3DXO =LFKH 6WXWWJDUW%DG&DQQVWDWW)URPPDQQ+RO]ERRJ9,,,6*HEúr,6%1  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* %ULHIZHFKVHO  +LVWRULVFKNULWLVFKH $XVJDEH,,, +UVJYRQ,UPJDUG0ÏOOHUXQG:DOWHU6FKLHFKH6WXWWJDUW%DG&DQQVWDWW )URPPDQQ+RO]ERRJ;;;,;6*HEúr,6%1  ,PGULWWHQXQGOHW]WHQ7HLOGHUHUVFKLHQHQHQEDKQEUHFKHQGHQ*HVFKLFKWHGHV3ODWRQLV PXVVWHOOW+HLQULFKYRQ6WHLQIHVW”.HLQHUXQWHUDOOHQVS½WHUJHNRPPHQHQ3KLORVRSKHQYHU GLHQWLQVROFKHP0DDVVHZLH6FKHOOLQJGHQ1DPHQHLQHV]ZHLWHQ3ODWRQ:HQQDXFKHU LKQQLFKWLQGHUMHQLJHQ9ROONRPPHQKHLWYHUGLHQWLQZHOFKHUHLQHVROFKH1DPHQVÕEHUWUD JXQJÕEHUKDXSWPÏJOLFKLVWVROLHJWGLHVDOOHUGLQJVPHKUQRFKDOVLQLUJHQGZHOFKHQDQGH UHQ 8UVDFKHQ LQ GHP8PVWDQGH GDVV 6FKHOOLQJ GHU LKP ]XJHIDOOHQHQ $XIJDEH JHJHQÕEHU QLFKWJDQ]GDV*OHLFKHJHOHLVWHWKDWZLH3ODWRJHJHQÕEHUGHUVHLQLJHQ$EHUGLH$HKQOLFK NHLWGHU$XIJDEHVHOEVWEOHLEWDXFKGDEHLEHVWHKHQGLH$HKQOLFKNHLWGHU]XU/ÏVXQJDXIJH ERWHQHQ0LWWHOVRZLHDXFKGLH$HKQOLFKNHLWLQGHU*UÏVVHGHVPLWVROFKHQ0LWWHOQDXIEHL GHQ6HLWHQHUUHLFKWHQ(UIROJV…$XIJDEH0LWWHOXQG5HVXOWDWGHV6FKHOOLQJVFKHQ'HQNHQV EH]HXJHQrVRYRQ6WHLQr”HLQHWLHIDQJHOHJWH8HEHUHLQVWLPPXQJPLWGHP3ODWRQLVFKHQ… GLHEHUHLWVDQGHQSHUVÏQOLFKHQXQGOLWHUDULVFKHQ%H]LHKXQJHQGHUEHLGHQ3KLORVRSKHQKHU DXVWULWW XQG VLFK ELV ]XP =XVDPPHQVSLHO YRQ PÕQGOLFKHP XQG VFKUL OLFKHP 8QWHUULFKW HLQHUVLFKDQGHU,GHHQVFKDXRULHQWLHUHQGHQ'HQNZHLVHHUVWUHFNW  'HUUDVFKIRUWVFKUHLWHQGHQ)RUVFKXQJ]XPYLHOI½OWLJHQ%HLWUDJGHUDQWLNHQXQGVS½WDQWL NHQ 3KLORVRSKLH ]XU *HQHVH GHV VRJ w'HXWVFKHQ ,GHDOLVPXVk LP IUÕKHQ 'HQNHQ ) : -

 

+ / : YRQ 6WHLQ 6LHEHQ %ÕFKHU ]XU *HVFKLFKWH GHV 3ODWRQLVPXV 8QWHUVXFKXQJHQ ÕEHU GDV 6\VWHP GHV 3ODWR XQG VHLQ 9HUK½OWQLVV ]XU VS½WHUHQ 7KHRORJLH XQG 3KLORVRSKLH *ÏWWLQJHQ   7HLO  6  ]X 6FKHOOLQJV 3KLORVRSKLH LP HLQ]HOQHQ YJO HEG 6  )UÕKSKLORVRSKLH ELV ]XU

 

,GHQWLW½WVSKLORVRSKLH  6  6S½WSKLORVRSKLH  9RQ 6WHLQ *HVFKLFKWH GHV 3ODWRQLVPXV 6  'DUXQWHU YHUVWHKW 6FKHOOLQJ VHOEVW NHLQHQ (SRFKHQEHJUL

 XQG HUVW JDU QLFKW GDV HLJHQH 'HQNHQ

VRQGHUQ YLHOPHKU GLH 3KLORVRSKLH .DQWV XQG GLH )UÕKSKLORVRSKLH )LFKWHV 9JO ) : - 6FKHO OLQJ 'LH :HOWDOWHU (UVWHV %XFK LQ GHUV 6½PPWOLFKH :HUNH KUVJ YRQ . ) $ 6FKHOOLQJ %G  6WXWWJDUW r $XJVEXUJ   6 





5H]HQVLRQHQ ]X HUPLWWHOQ GLH LP YRUOLHJHQGHQ %DQG HLQIDFK QHEHQHLQDQGHUJHVWHOOW ZHUGHQ 'HUDUWLJH µEHUOHJXQJHQZHUGHQMHGRFKGXUFKGLHVHV%XFKHUVWDQJHUHJWXQGODVVHQVR VHLQHEHVRQ GHUH/HLVWXQJNODUHUNHQQHQQHXH)UDJHQ]XVWHOOHQXQGHUVWH$QWZRUWHQ]XJHEHQ



0DWWKLDV3HUNDPV-HQD  

  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1*9RQGHU:HOWVHHOHrHLQH+\SRWKHVHGHUKÏKHUQ3K\ VLN]XU(UNO½UXQJGHVDOOJHPHLQHQ2UJDQLVPXV +LVWRULVFKNULWLVFKH$XVJDEH, +UVJ YRQ -ÏUJ -DQW]HQ XQWHU 0LWZLUNXQJ YRQ 7KRPDV .LVVHU 9RUUHGH ]XU µEHUVHW]XQJ   +UVJ YRQ .DL 7RUVWHQ .DQ] XQG :DOWHU 6FKLHFKH 6WXWWJDUW%DG &DQQVWDWW )URPPDQQ +RO]ERRJ;,,6*HEúr,6%1; )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* (UVWHU (QWZXUI HLQHV 6\VWHPV GHU 1DWXUSKLORVRSKLH   +LVWRULVFKNULWLVFKH $XVJDEH ,   +UVJ YRQ :LOKHOP * -DFREV XQG 3DXO =LFKH 6WXWWJDUW%DG&DQQVWDWW)URPPDQQ+RO]ERRJ9,,,6*HEúr,6%1  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* %ULHIZHFKVHO  +LVWRULVFKNULWLVFKH $XVJDEH,,, +UVJYRQ,UPJDUG0ÏOOHUXQG:DOWHU6FKLHFKH6WXWWJDUW%DG&DQQVWDWW )URPPDQQ+RO]ERRJ;;;,;6*HEúr,6%1  ,PGULWWHQXQGOHW]WHQ7HLOGHUHUVFKLHQHQHQEDKQEUHFKHQGHQ*HVFKLFKWHGHV3ODWRQLV PXVVWHOOW+HLQULFKYRQ6WHLQIHVW”.HLQHUXQWHUDOOHQVS½WHUJHNRPPHQHQ3KLORVRSKHQYHU GLHQWLQVROFKHP0DDVVHZLH6FKHOOLQJGHQ1DPHQHLQHV]ZHLWHQ3ODWRQ:HQQDXFKHU LKQQLFKWLQGHUMHQLJHQ9ROONRPPHQKHLWYHUGLHQWLQZHOFKHUHLQHVROFKH1DPHQVÕEHUWUD JXQJÕEHUKDXSWPÏJOLFKLVWVROLHJWGLHVDOOHUGLQJVPHKUQRFKDOVLQLUJHQGZHOFKHQDQGH UHQ 8UVDFKHQ LQ GHP8PVWDQGH GDVV 6FKHOOLQJ GHU LKP ]XJHIDOOHQHQ $XIJDEH JHJHQÕEHU QLFKWJDQ]GDV*OHLFKHJHOHLVWHWKDWZLH3ODWRJHJHQÕEHUGHUVHLQLJHQ$EHUGLH$HKQOLFK NHLWGHU$XIJDEHVHOEVWEOHLEWDXFKGDEHLEHVWHKHQGLH$HKQOLFKNHLWGHU]XU/ÏVXQJDXIJH ERWHQHQ0LWWHOVRZLHDXFKGLH$HKQOLFKNHLWLQGHU*UÏVVHGHVPLWVROFKHQ0LWWHOQDXIEHL GHQ6HLWHQHUUHLFKWHQ(UIROJV…$XIJDEH0LWWHOXQG5HVXOWDWGHV6FKHOOLQJVFKHQ'HQNHQV EH]HXJHQrVRYRQ6WHLQr”HLQHWLHIDQJHOHJWH8HEHUHLQVWLPPXQJPLWGHP3ODWRQLVFKHQ… GLHEHUHLWVDQGHQSHUVÏQOLFKHQXQGOLWHUDULVFKHQ%H]LHKXQJHQGHUEHLGHQ3KLORVRSKHQKHU DXVWULWW XQG VLFK ELV ]XP =XVDPPHQVSLHO YRQ PÕQGOLFKHP XQG VFKUL OLFKHP 8QWHUULFKW HLQHUVLFKDQGHU,GHHQVFKDXRULHQWLHUHQGHQ'HQNZHLVHHUVWUHFNW  'HUUDVFKIRUWVFKUHLWHQGHQ)RUVFKXQJ]XPYLHOI½OWLJHQ%HLWUDJGHUDQWLNHQXQGVS½WDQWL NHQ 3KLORVRSKLH ]XU *HQHVH GHV VRJ w'HXWVFKHQ ,GHDOLVPXVk LP IUÕKHQ 'HQNHQ ) : -

 

+ / : YRQ 6WHLQ 6LHEHQ %ÕFKHU ]XU *HVFKLFKWH GHV 3ODWRQLVPXV 8QWHUVXFKXQJHQ ÕEHU GDV 6\VWHP GHV 3ODWR XQG VHLQ 9HUK½OWQLVV ]XU VS½WHUHQ 7KHRORJLH XQG 3KLORVRSKLH *ÏWWLQJHQ   7HLO  6  ]X 6FKHOOLQJV 3KLORVRSKLH LP HLQ]HOQHQ YJO HEG 6  )UÕKSKLORVRSKLH ELV ]XU

 

,GHQWLW½WVSKLORVRSKLH  6  6S½WSKLORVRSKLH  9RQ 6WHLQ *HVFKLFKWH GHV 3ODWRQLVPXV 6  'DUXQWHU YHUVWHKW 6FKHOOLQJ VHOEVW NHLQHQ (SRFKHQEHJUL

 XQG HUVW JDU QLFKW GDV HLJHQH 'HQNHQ

VRQGHUQ YLHOPHKU GLH 3KLORVRSKLH .DQWV XQG GLH )UÕKSKLORVRSKLH )LFKWHV 9JO ) : - 6FKHO OLQJ 'LH :HOWDOWHU (UVWHV %XFK LQ GHUV 6½PPWOLFKH :HUNH KUVJ YRQ . ) $ 6FKHOOLQJ %G  6WXWWJDUW r $XJVEXUJ   6 





5H]HQVLRQHQ 6FKHOOLQJV DP $XVJDQJ GHV  -DKUKXQGHUWV VWHKHQ QXQ GUHL ZLFKWLJH %½QGH ]XU 9HUIÕ JXQJ GLH KLVWRULVFKNULWLVFKH (GLWLRQ VHLQHU 6FKUL  PLW GHP HLQVFKO½JLJHQ 7LWHO 9RQ GHU :HOWVHHOH GLH EHUHLWV ]X 6FKHOOLQJV /HE]HLWHQ LQ GUHL $XI ODJHQ   XQG   HU VFKLHQHQ LVW VRZLH VHLQH GDUDXI DXIEDXHQGH HUVWH -HQDHU 9HUÏHQWOLFKXQJ JHQDQQW (UVWHU (QWZXUI HLQHV 6\VWHPV GHU 1DWXUSKLORVRSKLH YRQ  HLQVFKOLH¸OLFK GHU (LQWU½JH LQ GDV DXI GHP .DWKHGHU EHQXW]WH +DQGH[HPSODU XQG OHW]WOLFK GHU %ULHIZHFKVHO DXV GHU =HLW YRQ ELV'LHDXIVFKOX¸UHLFKHQ”(GLWRULVFKHQ%HULFKWH…LQ%DQG,XQGGHU$XV JDEH VWHOOHQ QLFKW QXU GLH 7H[WJHVWDOW GHU EHODQJYROOHQ QDWXUSKLORVRSKLVFKHQ :HUNH YRU VRQGHUQ HUO½XWHUQ GHUHQ (QWVWHKXQJVJHVFKLFKWH XQG XQPLWWHOEDUH 5H]HSWLRQ DXFK XQWHU (LQEH]LHKXQJ GHU LP %DQG ,,,  HGLHUWHQ EXQWHQ .RUUHVSRQGHQ] GLH  %ULHIH XPID¸W GDUXQWHU]HKQELVKHUQLFKWYHUÏHQWOLFKWH%ULHIH=XGHPWULWWPLW%DQG,HLQHGHU)RU VFKXQJELVODQJXQEHNDQQWHNXU]HYHUID¸WH9RUUHGH]XUµEHUVHW]XQJHLQHVIUDQ]ÏVL VFKHQPHGL]LQLVFKHQ:HUNHVDQV/LFKWGLHDEHULPIROJHQGHQÕEHUJDQJHQZHUGHQGDUI(L QH%LEOLRJUDSKLHVRZLH2UWV3HUVRQHQXQG6DFKUHJLVWHUUXQGHQDOOHGUHL%½QGHDE  =XUHSRFKDOHQ%HGHXWXQJGHU:HOWVHHOH6FKUL 6FKHOOLQJVLP=XVDPPHQKDQJGHUQDFK .DQWLVFKHQ 3KLORVRSKLH VHL DOV ]HLWJHQÏVVLVFKHU =HXJH ./5HLQKROG KHUDQJH]RJHQ (U VFKUHLEWDP6HSWHPEHUÕEHU6FKHOOLQJDQ),1LHWKDPPHU”6HLQH:HOWVHHOHKDW PLUGLHVHQ6RPPHUYLHO*HQXVVXQG%HVFK½ LJXQJJHJHEHQXQGLFKKDEHDXVGLHVHP%XFK ÕEHUGLHSK\VLVFKH1DWXUVRYLHOHXQGVRQHXH$XIVFKOÕVVHHUKDOWHQDOVGXUFKNHLQDQGHUHV DXVVHUGHQGXUFK)LFKWHV6LWWHQOHKUHÕEHUGLHPRUDOLVFKH1DWXU…YJO”(GLWRULVFKHQ%HULFKW… %G,6 5HLQKROGGRNXPHQWLHUWGLHGDPDOLJH%HJHLVWHUXQJIÕUGLHQHXH1DWXUSKL ORVRSKLH ZHOFKH LP $QVFKOX¸ DQ GLH :LVVHQVFKD VOHKUH )LFKWHV GLH ]XHUVW YRQ .DQW HU GDFKWHNULWLVFKH0HWDSK\VLNGHU1DWXUYHUZLUNOLFKHQVROOWH  ,P6\VWHPGHU6LWWHQOHKUHYRQYHUI½KUW)LFKWHQDFK3ULQ]LSLHQGHU:LVVHQVFKD VOHKUH XP.DQWVNULWLVFKH3KLORVRSKLHGXUFKGLHHLJHQWOLFKH'HGXNWLRQGHVNDWHJRULVFKHQ,PSH UDWLYVVRZLHGHUHLQ]HOQHQ3LFKWHQ]XÕEHUELHWHQZDV6FKHOOLQJZLHGHUXPÕEHUWUXPSIHQ ZLOOLQGHPHUGLHVHQYHUPHLQWOLFKEOR¸VXEMHNWLYHQ,GHDOLVPXVGXUFKHLQHQREMHNWLYHQHU J½Q]W GHU GDV ”%HIÕJQL¸ DOOH SRVLWLYHQ 1DWXUSULQFLSLHQ DOV XUVSUÕQJOLFK KRPRJHQ DQ]X QHKPHQ…SKLORVRSKLVFKDEOHLWHQVROO%G,6 'LH+RPRJHQLW½WGHU1DWXUEHJUHL  6FKHOOLQJDOVGLH:HOWVHHOHXQGHUVWϸWGDEHLDXIJUR¸H5HVRQDQ]$XFK&*&DUXVVWHOOW QDFKWU½JOLFKIHVW'HU”*HGDQNHYRQGHU:HOWVHHOHeNODQJeJOHLFK]HLWLJLQYLHOHQ*HLVWHUQ ZLHGHUZLHHVGHQQLPPHU]XJHKHQSHJWZHQQGLH0HQVFKKHLWLP.UHL¸HQOLHJWXQGHL QHQHXHJUR¸H,GHHLQLKUKHUYRU]XWUHWHQEHUXIHQLVWXQGVRIHKOWHHVGHQQGXUFKDXVQLFKW GD¸VHKUEDOGGLH)ROJHQGHUVHOEHQLQGHU%HKDQGOXQJGHU1DWXUZLVVHQVFKD HQVLFKJHOWHQG PDFKWHQ 'DEHL EOLHEHQ GHQQ IUHLOLFK DXFK NHLQHVZHJV YLHOI½OWLJH µEHUVWÕU]XQJHQ XQG µEHUWUHLEXQJHQ DXV… ]LWLHUW QDFK GHP ”(GLWRULVFKHQ %HULFKW… 6  1XU LQ HLQHU +LQVLFKWKDW&DUXV8QUHFKW6FKHOOLQJV”QHXHJUR¸H,GHH…LVWHLQHDOWH,GHHGLHVLFKDXVVHL QHU $XVHLQDQGHUVHW]XQJ PLW GHU DQWLNHQ XQG VS½WDQWLNHQ 3KLORVRSKLH EHVRQGHUV PLW GHU .RVPRORJLHGHV7LPDHXVHUJHEHQKDW  ,Q GHU YRUOLHJHQGHQ (GLWLRQ HUVFKHLQW GLH 6FKUL  9RQ GHU :HOWVHHOH VDFKJHP½¸ JHWUHQQW YRQ GHU VS½WHUHQ ”$EKDQGOXQJ ÕEHU GDV 9HUK½OWQL¸ GHV 5HDOHQ XQG ,GHDOHQ LQ GHU 1DWXU RGHU (QWZLFNOXQJ GHU HUVWHQ *UXQGV½W]H GHU 1DWXUSKLORVRSKLH DQ GHQ 3ULQFLSLHQ GHU 6FKZHUH XQG GHV /LFKWV… GLH 6FKHOOLQJ LKU LQ GHQ ]ZHLWHQ XQG GULWWHQ $XI ODJHQ EHLIÕJW /HW]WHUHLVWYRQGHULGHQWLW½WVSKLORVRSKLVFKHQ7KHRULHGHU(LQELOGXQJJHOHLWHWGLH,GHDOHV $OOJHPHLQHVXQG5HDOHV%HVRQGHUHVGXUFKGLH.UD QLFKWEOR¸GHVLPDJLQDULVRQGHUQYLHO PHKUGXUFKGLHGHVLPSULPHUHXQG]ZDUQLFKWQXULP6LQQHHLQHVFRQLXQJHUHVRQGHUQHKHU





5H]HQVLRQHQ HLQHVXQLFDUHYHUPLWWHOQO½¸W,QGHUHUVWHUHQ6FKUL LVW6FKHOOLQJQRFKQLFKWVRZHLWDXFK ZHQQHUHLQHUVHLWVGLH:HOWVHHOHDOV”GLH,GHHHLQHVRUJDQLVLUHQGHQGLH:HOW]XP6\VWHPELO GHQGHQ3ULQFLSV…GHXWHWDQGHUHUVHLWVGHQ”%LOGXQJVWULHEeDOV3ULQFLSDOOHU2UJDQLVDWLRQ… EHJUHL  ZHOFKHV VLFK ”GLH RUJDQLVFKH 0DWHULH DQJHELOGHW… KDW 6  'HQQRFK ZLOOHUGLH1DWXUDOVHLQ*DQ]HVEHWUDFKWHQXQGGHQ*HJHQVDW]]ZLVFKHQ0HFKDQLVPXVXQG 2UJDQLVPXVDXIKHEHQ'HQ%LOGXQJVJHGDQNHQKDW6FKHOOLQJMHGRFKQRFKQLFKWHLQKHLWOLFK YHUDEVROXWLHUWGLH%LOGXQJVHOEVWQRFKQLFKWDOV3UR]HVVXDOLW½WGHV(LQHQ$EVROXWHQJHGDFKW  6FKHOOLQJV .RQ]HSWLRQ 9RQ GHU :HOWVHHOH EHVWHKW DXV ]ZHL 7HLOHQ ”8HEHU GLH HUVWH .UD  GHU1DWXU…XQG”8HEHUGHQ8UVSUXQJGHVDOOJHPHLQHQ2UJDQLVPXV…,QGHQ”(UNO½UHQGHQ $QPHUNXQJHQ…GHU+HUDXVJHEHUGLHJXW6HLWHQXPIDVVHQZLUGGHUGDPDOLJH+LQWHU JUXQGGHU6FKUL GHXWOLFKKHUDXVJHVWHOOW'LH+HUDXVJHEHUEHVFKU½QNHQVLFKQLFKWEOR¸DXI GHQ1DFKZHLVYRQ=LWDWHQYLHOPHKUZHUGHQGLHSKLORVRSKLVFKHQXQGQDWXUZLVVHQVFKD OL FKHQ 4XHOOHQ DXV GHQHQ 6FKHOOLQJ VHLQ XPIDQJUHLFKHV :LVVHQ JHVFKÏS  KDW E]Z K½WWH VFKÏSIHQ NÏQQHQ DXVIÕKUOLFK ZLHGHUJHJHEHQ +LHU VLQG GLH HGLWRULVFKHQ /HLVWXQJHQ YRQ KÏFKVWHP 9HUGLHQVW (UXLHUW XQG LQ .XU]IRUP ]XJ½QJOLFK JHPDFKW ZHUGHQ GLH HQWVSUH FKHQGHQ6WHOOHQ]X6FKHOOLQJV.RQVWUXNWLRQHQHWZDGHV/LFKWVGHU(OHNWUL]LW½WGHV0DJQH WLVPXVXQGGHV2UJDQLVPXVQLFKWQXUDXV$&$(VFKHQPH\HU-:YRQ*RHWKH,.DQW *:/HLEQL] XQG ,1HZWRQ IHUQHU DXV $//DYRLVLHU *&/LFKWHQEHUJ &+ 3ID +%GH6DXVVXUHVRQGHUQGDUÕEHUKLQDXVDXV7&DYDOOR$)GH)RXUFUR\-67*HK OHU&*LUWDQQHU$YRQ+DOOHU+)/LQN0YDQ0DUXPXQG-3ULHVWO\XPQXUHLQHQ %UXFKWHLOGHUYLHOHQ1DPHQ]XQHQQHQ'DQNGHU$UEHLWGHU+HUDXVJHEHUJHZLQQWGLHKL VWRULVFKNULWLVFKHGLHUWH:HOWVHHOHGHQ&KDUDNWHUHLQHV½X¸HUVWZHUWYROOHQ+DQGEXFKVZHO FKHV HEHQGDV IÕU VLFK EHDQVSUXFKHQ NDQQ ZDV 6FKHOOLQJ IÕU VHLQH XUVSUÕQJOLFKH $EKDQG OXQJYHUODQJW6LHVROO”QLFKWEOR¸eJHOHVHQVRQGHUQeVWXGLUWeZHUGHQ…6   'HQ :HOWVHHOH%HJUL VHOEVW YHUELQGHQ GLH +HUDXVJHEHU PLW NHLQHU ”SKLORVRSKLHJH VFKLFKWOLFKID¸EDUHQ)L[LHUXQJ…ODVVHQVRJDUGLH)UDJHQRE6FKHOOLQJ”3ODWRQDXIHLQHGL UHNWH:HLVHLP6LQQKDW…E]ZLQZLHZHLWHU”PLWGHQ6WDWLRQHQGHV:HOWVHHOH%HJULVEHL &XVDQXVXQGGDQQLQGHU1DWXUSKLORVRSKLHXQG1DWXUHUNO½UXQJGHU5HQDLVVDQFHEHL*LR YDQQL3LFRGHOOD0LUDQGROD)LFLQR3DWUL]L&DUGDQR&DPSDQHOOD%UXQREHNDQQWXQGGD PLWXDDXFKPLWHLQHUwPDWHULHOOkRGHUwVWRLVFKkJHGDFKWHQ:HOWVHHOHYHUWUDXWLVW…GDKLQJH VWHOOW 6  'DIÕU OLHIHUQ VLH LP ”(GLWRULVFKHQ %HULFKW… HLQHQ DQPHUNXQJVUHLFKHQ XQG VHKU QÕW]OLFKHQ µEHUEOLFN ÕEHU GLH HLQVFKO½JLJH /LWHUDWXU ]XP 7LPDHXV ZLH HWZD )9/3OHVVLQJ :*7HQQHPDQQ '7LHGHPDQQ &0HLQHUV GLH 6FKHOOLQJ QDFKZHLV OLFKNDQQWHVRZLHÕEHUGLH”:LHGHUNHKUGHV%HJULVGHU6DFKHQDFKEHL6SLQR]DGLHNULWL VFKH'LVNXVVLRQEHL/HLEQL]GLH5HVWLWXWLRQEHL+HPVWHUKXLVVHLQH5ROOHLPVRJ3DQWKH LVPXVVWUHLW]ZLVFKHQ-DFRELXQG+HUGHUVHLQHNULWLVFKH(UZ½KQXQJEHL.DQWVHLQH5HFKW IHUWLJXQJ EHL 0DLPRQ XQG GDQQ 5HLQKROGV %OLFN DXI GHQ DQWLNHQ XQG QLFKW EOR¸ SODWR QLVFKHQ %HJUL GHU :HOWVHHOH… ZDV DOV +LQWHUJUXQG IÕU 6FKHOOLQJV %HJUL GHUVHOEHQ DQ JHQRPPHQZHUGHQGDUI6 

 

$OV +DQGEXFK LP VWUHQJHQ 6LQQ GDV ÕEHU GLH IDFKZLVVHQVFKD OLFKHQ 9RUDXVVHW]XQJHQ GHU QD WXUSKLORVRSKLVFKHQ 6FKUL HQ 6FKHOOLQJV ]ZLVFKHQ  XQG  EHULFKWHW OLHJW IUHLOLFK EHUHLWV LQ GHU KLVWRULVFKNULWLVFKHQ $XVJDEH YRU (UJ½Q]XQJVEDQG ]X :HUNH %DQG  ELV  :LVVHQVFKD VKLVWR ULVFKHU %HULFKW ]X 6FKHOOLQJV QDWXUSKLORVRSKLVFKHQ 6FKUL HQ  7KHRULHQ GHU &KHPLH YRQ 0DQ IUHG 'XUQHU 0DJQHWLVPXV (OHNWUL]LW½W *DOYDQLVPXV YRQ )UDQFHVFR 0RLVR 3K\VLRORJLVFKH 7KHRULH YRQ -ÏUJ -DQW]HQ 6WXWWJDUW%DG &DQQVWDWW  





5H]HQVLRQHQ  ,Q$QEHWUDFKWGLHVHU)ÕOOHEOHLEWGHU6WHOOHQQDFKZHLVLPHGLHUWHQ7H[WVHOEVWLQHLQLJHQ +LQVLFKWHQGHU3KLORVRSKLHJHVFKLFKWHHWZDVXQ]XUHLFKHQG'DVDQI½QJOLFKDQJHIÕKUWHHLQ GHXWLJQHXSODWRQLVFKNRORULHUWH3ULQ]LSGDV”ZHLOHVÕEHUDOOJHJHQZ½UWLJLVWQLUJHQGVLVWXQG ZHLOHV$OOHVLVWQLFKW%HVWLPPWHVRGHU%HVRQGUHVVHLQNDQQeGHVVHQ,GHHGLH½OWHVWH3KLOR VRSKLH ]X ZHOFKHU QDFKGHP VLH LKUHQ .UHLVODXI YROOHQGHW KDW GLH XQVULJH DOOP½KOLJ ]X UÕFNNHKUW QXULQGLFKWHULVFKHQ9RUVWHOOXQJHQXQVÕEHUOLHIHUWKDW…EOHLEWDXII½OOLJXQHUO½X WHUW 6  6FKHOOLQJV 9HUZHLVH DXI GLH ”DWRPLVWLVFKH 3KLORVRSKLH… ZHUGHQ DOV VROFKH QLFKW HUNO½UW6 %HL”EQSVJSR…DOV%HVWLPPXQJGHVXUVSUÕQJOLFKIRUPORVHQ/HEHQV SULQ]LSV ZLUG DXI 6FKHOOLQJV $XVIÕKUXQJHQ ]XU GÉVE LQ VHLQHU HLJHQHQ 7LPDHXV6FKUL  QLFKWMHGRFKDXIGHQ7LPDHXVVHOEVWYHUZLHVHQZ½KUHQG=HLOHQWLHIHUGDV”EJUEVXSR…r HLQHGXUFKDXV3ODWRQLVFKHE]Z3ODWRQLVLHUHQGH%HVWLPPXQJGHU]YGœYJO3KDHGUG  VRZLHGHUGÉVEYJO7LPD rÕEHUUDVFKHQGHUZHLVHQLFKWPLWHLQHU$QPHUNXQJ YHUVHKHQZLUG6 (EHQVRZLUGGLHVWLOOVWHKHQGH”%HWUDFKWXQJGHUDQRUJLVFKHQVRJXW ZLHGHURUJDQLVFKHQ1DWXUYRUMHQHP8QEHNDQQWHQeLQZHOFKHPGLH½OWHVWH3KLORVRSKLH VFKRQGLHHUVWH.UD GHU1DWXUYHUPXWKHWKDW…VWLOOVFKZHLJHQGÕEHUJDQJHQ6 'LHVH NOHLQHQ8QJHUHLPWKHLWHQVSLHJHOQVLFKELEOLRJUDSKLVFKZLGHU%HL&LFHUR'LRJHQHV/DHU WLXV/XNUH]6HQHFDXQGDQGHUHQZHUGHQQXU7LWHONHLQH$XVJDEHQJHQDQQWGLH6FKHOOLQJ HYHQWXHOO]XU9HUIÕJXQJVWDQGHQ'LHVH.ULWLNSXQNWHEHWUHHQGLH%HKDQGOXQJGHUDQWLNHQ XQG VS½WDQWLNHQ 3KLORVRSKLH GLH LQ PDQFKHU +LQVLFKW HKHU GDV 5DKPHQSURJUDPP GHU :HOWVHHOH DXVPDFKW VLH IDOOHQ DEHU DQJHVLFKWV GHU HUVFKÏSIHQGHQ HGLWRULVFKHQ %HKDQGOXQJ GHU]HLWJHQÏVVLVFKHQ3KLORVRSKLHXQG1DWXUZLVVHQVFKD DXI  'HUWH[WNULWLVFKH$SSDUDWLVWDXVIÕKUOLFKJHVWDOWHWXQGXQWHUVFKHLGHWVLFKHUKHEOLFKrYHU VW½QGOLFKHU XQG ]XP 7HLO QRWZHQGLJHUZHLVH r YRQ GHP HLQHV YRUPRGHUQHQ 7H[WHV (V OLHJWGHU(UVWGUXFNHLQVFKOLH¸OLFKGHVVHQ2UWKRJUDSKLHXQG,QWHUSXQNWLRQGHUKLVWRULVFK NULWLVFKHQ$XVJDEH]XJUXQGH6DW]IHKOHUZHUGHQNRUULJLHUWXQGHVZLUGMHGH$EZHLFKXQJ YRQGHQDQGHUHQ$XI ODJHQLQ7H[W7H[WJHVWDOWXQG*OLHGHUXQJDQJHPHUNW=ZHLIHOVRKQH LVW HV ZLFKWLJ ]X ZLVVHQ GD¸ HWZD LP ]ZHLWHQ XQG GULWWHQ 'UXFN GDV ”QRQ… LP 6HQHFD 0RWWR ”$G LQTXLVLWLRQHP WDQWRUXP XQD DHWDV QRQ VX"FLW… XQWHU GHP GHU HUVWH 7HLO GHU 6FKUL VWHKWIHKOW6 2EGHU$SSDUDWDXFKGDPLWEHODVWHWZHUGHQPX¸GD¸VWDWW”DOO P½KOLJ… ZLH LP HUVWHQ 'UXFN ”DOOP½KOLFK… LP ]ZHLWHQ XQG GULWWHQ 'UXFN VWHKW 6  RGHUGD¸”0LQLPXP…LPHUVWHQ]ZHLWHQXQGGULWWHQ'UXFNLQ$QWLTXDLQGHQ6½PPWOLFKHQ :HUNHQDEHULQ)UDNWXUHUVFKHLQWLVWZHQLJHUHLQOHXFKWHQG+LHUZLUGMHGHQIDOOVNRQVHTXHQW ELVLQVNOHLQVWH'HWDLODXI*UÕQGOLFKNHLWXQG9ROOVW½QGLJNHLWJHVHW]W  'LHVHOEHQ7XJHQGHQ]HLFKQHQGLH(GLWLRQGHU]X6FKHOOLQJV/HE]HLWHQQXUHLQPDODXIJH OHJWHQ6FKUL (UVWHU(QWZXUIHLQHV6\VWHPVGHU1DWXUSKLORVRSKLHDXVGLHDXFKGHQ7H[WLP(UVW GUXFNEULQJHQZLOO,QGLHVHP)DOOLVWHVDOOHUGLQJVZLFKWLJYRP”(GLWRULVFKHQ%HULFKW…]X HUIDKUHQ GD¸GHU (UVWGUXFN LQ $QWLTXD HUIROJWH ZLH IÕU QDWXUZLVVHQVFKD OLFKH 7H[WH GHU =HLWÕEOLFKZDUQLFKWZLHDP(QGHGHV-DKUKXQGHUWVIÕUSKLORVRSKLVFKH3XEOLNDWLRQHQ QRFKJHEU½XFKOLFKLQ)UDNWXU,6O 6FKRQVDW]WHFKQLVFKVWHOOWVLFKDOVRGHUNÕKQH$Q VSUXFK6FKHOOLQJVKHUDXVGHQGLH(GLWRUHQQRFKEULVDQWHU]XPDFKHQYHUVWHKHQLQGHPVLH GLH %HGHXWXQJ GHU 1DWXUZLVVHQVFKD HQ GLH 5ROOH GHU QDWXUZLVVHQVFKD OLFKHQ *HVHOO VFKD HQ XQG VFKOLH¸OLFK GLH %URZQ5H]HSWLRQ LQ -HQD XP  GHWDLOOLHUW VFKLOGHUQ ZDV GXUFK JXW  6HLWHQ ”(UNO½UHQGH $QPHUNXQJHQ… HUJ½Q]W ZLUG ZHOFKH GLH ZLFKWLJVWHQ

 





'HU 7H[W RULHQWLHUW VLFK DP (UVWGUXFN LQ GHP R HQEDU DOOH JULHFKLVFKHQ $N]HQWH IHKOHQ



5H]HQVLRQHQ 4XHOOHQ6FKHOOLQJVDXVIÕKUOLFKZLHGHUJHEHQ(EHQIDOOVHUODQJWGLHVH(GLWLRQ+DQGEXFKFKD UDNWHUVLHLVWKLVWRULVFKNULWLVFKLPZDKUKD HQ6LQQHGHVGRSSHOWHQ$GMHNWLYV  'HQ $QVSUXFK 6FKHOOLQJV LQ VHLQHP QDWXUSKLORVRSKLVFKHQ (QWZXUI GHVVHQ 9HUZDQGW VFKD PLWGHU6\VWHPDWLNGHU1HXSODWRQLNHU3ODWRQLFLUHFHQWLRUHV EHUHLWV'7LHGHPDQQ]XU .HQQWQLVQLPPWID¸W+6WHHQVGHUVHOEVWYRQHLQHU”3K\VLRORJLHGHV8QLYHUVXPV…WU½XP WHLP5ÕFNEOLFNDXIGLH9RUOHVXQJHQIÕUGLHGLHVHU7H[WYHUOHJWZXUGHIROJHQGHUPD¸HQ ]XVDPPHQ”(UVSUDFKYRQGHU,GHHHLQHU1DWXUSKLORVRSKLHYRQGHU1RWKZHQGLJNHLWGLH 1DWXUDXVLKUHU(LQKHLW]XIDVVHQYRQGHP/LFKWZHOFKHVVLFKÕEHUDOOH*HJHQVW½QGHZHU IHQ ZÕUGH ZHQQ PDQ VLH DXV GHP 6WDQGSXQNWH GHU (LQKHLW GHU 9HUQXQ  ]X EHWUDFKWHQ ZDJWH…6 'D¸DQGHU1DWXUSKLORVRSKLH6FKHOOLQJV9HUK½OWQLV]X)LFKWH]HUEULFKW VHL KLHU QXU DQJHPHUNW LQVRIHUQ GLHVH $XVHLQDQGHUVHW]XQJ ]XP $QIDQJ GHV QHXHQ -DKU KXQGHUWVJHKÏUW,QGHU$QWZRUWDXIHLQHQ%ULHI)LFKWHVLQGHPGLHVHUXPGLH%HGHXWXQJ GHV5HDOLVPXVIÕU GHQ,GHDOLVPXVULQJWVFKUHLEW6FKHOOLQJDQGHQHLQVWPDOV%HZXQGHUWHQ DP2NWREHU”6LHVDJHQwGLH6LQQHQZHOWeGLH1DWXULVWGXUFKDXVQLFKWV DOV(U VFKHLQXQJGHVLPPDQHQWHQ/LFKWHVk,VWHVPÏJOLFKGDFKWHLFKDOVLFKGLH¸ODVGD¸HV)LFK WHQ QLFKW HLQIDOOHQ NDQQ HEHQ GLH¸ ]X EHZHLVHQ NÏQQWH =ZHFN GHU 1DWXUSKLORVRSKLH VH\Q…6 6LQQHQZHOW(UVFKHLQXQJ/LFKWHLQHGLHDEVROXWH,GHQWLW½WYRQ,GHHOOHPXQG 5HHOOHPEHZHLVHQGH1DWXUSKLORVRSKLHrGLHVDOOHVEHJUHL 6FKHOOLQJDXVHLQHUSODWRQLVFKHQ 3HUVSHNWLYHLQGHPHU)LFKWHEHVVHU]XYHUVWHKHQPHLQWDOVGLHVHUVLFKVHOEVW  'HU7H[WGHU%ULHIHYRQXQGDQ6FKHOOLQJ]ZLVFKHQXQGGHQ%DQG,,,GHU $XVJDEHHQWK½OWVROO”LQGHUHUVLFKWOLFKOHW]WHQ%HDUEHLWXQJVVWXIH…ZLHGHUJHJHEHQZHUGHQ YRUKHUJHKHQGH6WXIHQ]%JHVWULFKHQHURGHUÕEHUVFKULHEHQHU7H[W ZHUGHQLPWH[WNULWL VFKHQ$SSDUDWDXVJHZHUWHWLQGHPDXFK]ZLVFKHQ7LOJXQJXQOHVHUOLFKJHPDFKW XQG6WUHL FKXQJXQWHUVFKLHGHQZLUGDOOHUGLQJVZHUGHQ6FKUHLEIHKOHUXQG9HUVHKHQrIDOOVHLQGHXWLJ XQG]ZHLIHOVIUHLrEHULFKWLJWJOHLFKZRKODEHUQGHWVLFKGLHXUVSUÕQJOLFKH6FKUHLEZHLVHLP $SSDUDW%G,,,6;;;;,    'LH%ULHIHWHLOHQYLHO+HLWHUHVJHOHJHQWOLFKDEHUDXFK%HWUÕEOLFKHVDXVGHPVWUHEVDPHQ /HEHQHLQHVDQJHKHQGHQ$NDGHPLNHUVPLW,QHLQHP6FKUHLEHQDQGLH(OWHUQYRP$SULO HULQQHUWVLFK6FKHOOLQJXQWHUZHJVQDFK/HLS]LJPLWVHLQHQEHLGHQ(OHYHQREHQGUHLQ DQ”7ÕELQJHQLQGHQDOWHQ*U½XHO]HLWHQGHV.ORVWHUVGDPDQHLQDQGHUPLW.QRFKHQZDUI XQGGHQ7DIHOSUHGLJHUDXIGHU.DQ]HOPLW%URGERPEDUGLUWH…6 $EHUDXFKGHQ(OWHUQ EHULFKWHW6FKHOOLQJDP0DLDXV/HLS]LJ”,Q*RWKDHLQHU6WDGWGLHPLUQLFKWYLHO 5HL]HQGHV]XKDEHQVFKLHQEHVXFKWHLFK*HQ>HUDO@VXSHU>LQWHQGHQW@/Ï#HUGHQµEHUVH]HU X&RPPHQWDWRU YRQ6RXYHUDLQnV3ODWRQLVPGHU.LUFKHQY½WHU,FKEHGDXHUWHGD¸LFKLKQ NUDQNDQWUDI(UZDUQLFKWVROHEKD DOVHURKQHGL¸JHZHVHQZ½UH,FKOLH¸LKPPHLQH'LV SXWDWLRQ>'H0DUFLRQHSDXOODUXPHSLVWRODUXPHPHQGDWLRQH@GLHHUVFKRQNDQQWH]XUÕN…6  ,P-DKUHKDW-)&/ÏOHUGDVIÕUGLH5H]HSWLRQGHV3ODWRQLVPXVLP-DKU KXQGHUWEHGHXWVDPH:HUN0DWWKLHX6RXYHUDLQV/HSODWRQLVPHGÂYRLOÂRX(VVDLWRXFKDQWOHYHU EH SODWRQLFLHQ .ÏOQ E]Z $PVWHUGDP   GDV 6FKHOOLQJ QDFKKDOWLJ EHHLQX¸W KDW LQV 'HXWVFKH ÕEHUWUDJHQ 'HU %HVXFK VRZLH GDV 0LWEULQJVHO EH]HXJHQ HWZDV YRP 6HOEVW EHZX¸WVHLQ6FKHOOLQJVGHQQGDV(LJHQWÕPOLFKHVHLQHUWKHRORJLVFKHQ$EKDQGOXQJOLHJWGDU LQGD¸VLH”GLH.ODJHQÕEHU0DUFLRQLWLVFKH9HUI½OVFKXQJHQQLFKWYRQZLUNOLFKHQ9DULDQWHQ RGHUZLUNOLFKHU0DQJHOKD LJNHLWGHV0DUFLRQLWLVFKHQ$SRVWROLFXPVPLW/Ï#HUXQG&RU URGL DEOHLWHWVRQGHUQJOHLFK$QIDQJVGLH)UDJHDXIZLU REGLHDOWHQ6FKUL VWHOOHUZLUNOLFK HLQHQ0DUFLRQLWLVFKHQ&RGH[JHVHKHQRGHUQLFKWGLHVH)UDJHDEHUYRQ,UHQ½XV7HUWXOOLDQ (SLSKDQLXV X V Z YHUQHLQW XQG ]XOHW]W GLH 9HUPXWKXQJ DXVVSULFKW GLH $QNODJH JHJHQ





5H]HQVLRQHQ 0DUFLRQ VHL DXV GHU XQVLFKHUHQ 6DJH YRQ HLQHP EHVRQGHUHQ &RGH[ GHV 0DUFLRQ HQW VWDQGHQGHULQ:LUNOLFKNHLWQXUHLQYRQ0DUFLRQIÕUVHLQH6FKÕOHURKQHNULWLVFKH$EVLFK WHQ ]XVDPPHQJHVWHOOWHU$XV]XJDXVGHQ%ULHIHQ3DXOLJHZHVHQ…3KLORVRSKLVFKHU6FKZHU SXQNWGHU.RUUHVSRQGHQ]6FKHOOLQJVELV]XU-DKUKXQGHUWZHQGHLVWMHGRFKVHLQ%ULHIZHFKVHO XDPLW*:)+HJHO),1LHWKDPPHUXQG-*)LFKWH  (V LVW 6FKHOOLQJV %HJHLVWHUXQJ IÕU GDV QHXHUH 'HQNHQ IÕU GLH )UHLKHLW GHV 6LFKVHOEVW 6HW]HQVDOV$QIDQJXQG(QGHGHU3KLORVRSKLHGLHIDVWÕEHUDOO]XP$XVGUXFNNRPPWXQG GRPLQLHUHQGLVW”:HUPDJVLFKLP6WDXEGHV$OWHUWXPVEHJUDEHQZHQQLKQGHU*DQJVHL QHU =HLW DOOH $XJHQEOLNH ZLHGHU DXI XQG PLW VLFK IRUWUHL¸W… r VR IUDJW HU +HJHO LP %ULHI YRP-XQL6 'HQQRFKEHÕJHOWHEHQGDVVWDXELJH$OWHUWXP6FKHOOLQJZHQQHU VLFKLPVHOEHQ%ULHIÕEHUVHLQ7ÕELQJHQNULWLVFK½X¸HUW”:LOOVW'XZL¸HQZLHHVEHLXQV VWHKW"r/LHEHU*RWWHVLVWHLQEYGQSNHLQJHIDOOHQGHUGHPDOWHQ8QNUDXWEDOGZLHGHUDXI KHOIHQZLUG:HUZLUGHVDXVM½WHQ"…6 +HJHOZLUGGLH$QVSLHOXQJDXI3ODWRQ0HQRQ FD”(VEUHLWHWVLFKJHZLVVHUPD¸HQHLQH'ÕUUHGHU:HLVKHLWDXVXQGGLH:HLVKHLW VFKHLQW YRQ GLHVHP /DQG ]X HXFK JHJDQJHQ ]X VHLQ… QLFKW HQWJDQJHQ VHLQ 6  6HOEVW )LFKWHGHQ6FKHOOLQJDOVGHQ”QHXHQ+HOGHQ…GHV=HLWDOWHUVIHLHUWKDEHJHVDJW”PDQPÕ¸H GHQ*HQLXVGHV6RNUDWHVKDEHQXPLQ.DQWHLQ]XGULQJHQ…DQVWDWW”DP%XFKVWDEHQVWHKHQ… ]XEOHLEHQZDV6FKHOOLQJ”W½JOLFKZDKUHU…QGH6   $EHU HEHQGHU *HQLXV GHV 6RNUDWHV PX¸ GHP *HLVW GHV 3ODWRQ ZHLFKHQ XQG VR LVW HV DXFKDP$XVJDQJGHV-DKUKXQGHUWVSDVVLHUW)LFKWHKDWWHHVJHDKQW”:HUZHL¸…IUDJWHU VLFKLQHLQHP%ULHIDQ6FKHOOLQJYRP'H]HPEHU”ZRVFKRQMHW]WGHUMXQJHIHXULJH .RSI DUEHLWHW GHU ÕEHU GLH 3ULQFLSLHQ GHU :LVVHQVFKD VOHKUH KLQDXV]XJHKHQ XQG GLHVHU 8QULFKWLJNHLWHQXQG8QYROOVW½QGLJNHLWQDFK]XZHLVHQYHUVXFKHQZLUG…6 DEHUHVLVW QLFKWVRJHNRPPHQZLH)LFKWHHVVLFKJHZÕQVFKWKDW-+2EHUHLWrHLQ”M½KULJHUVWLOOHU 3KLORVRSKDQWe>@HLQH$UW3RSXODU3KLORSKURQDEHUQLFKWHPSLULVFKYLHOPHKUUDWLRQDO SUDFWLVFK¹SULRULZRUDXIUHFKWH(PSLULHVLFKJUÕQGHQVROOXQGDEVROXWH5HDOLW½W]XPHU VWHQ*UXQGLQXQVKDW…rHUK½OWIROJHQGHKÏLFK$QWZRUWDXIVHLQHQNXU]DWPLJHQ6WUHLI]XJ GXUFKGLH3KLORVRSKLHJHVFKLFKWHGHU”WUDQVFHQGHQWDOVFLHQWLVFKeLQDFFH¸LEOH…EOHLEHQ XQG”DOOHVYROONRPPHQKÏFKVWPDWKHPDWLVFKYROOHQGHW…ODVVHQZLOOLQHLQHP%ULHIDQ6FKHO OLQJYRP-DQXDU6 ”(VIUHXWHPLFKVHKUGLHQHXH3KLORVDQHLQHP*HLVWHHU SUREW]XQGHQGHUGHP*DQJGHU3KLORVGXUFKPHKUHUH=HLWDOWHUKLQGXUFKJHIROJWODQJH :DKUKHLW PLW (LIHU JHVXFKW KDWW X VLH HQGOLFK GD JHIXQGHQ KDW ZR VLH VFKRQ O½QJVW GLH ZHLVHVWHQ0½QQHUG9RUZHOWDKQGHWHQe,FKJODXEHGD¸]XHLQHU1DWLRQDOHU]LHKXQJ0\ VWHULHQJHKÏUHQLQZHOFKHG>HU@-ÕQJOLQJVWXIHQZHLVHHLQJHZHLKWZLUG,QGLHVHQVROOWHGLH QHXH3KLOJHOHKUWZHUGHQ6LHVROOWHGLHOH]WH(QWKÕOOXQJVH\QGLHPDQG>HP@HUSUREWHQ 6FKÕOHU GHU :HLVKHLW ZLHGHUIDKUHQ OLH¸H ZHQQ VLH DQGHUV HWZDV LVW GDV PDQ YRQ DQGHUQ HPSIDQJHQ NDQQ X QLFKW VLFK VHOEVW YHUVFKDHQ PX¸… 6  'D¸ GLHVH SODWRQLVLH UHQGH 9LVLRQ HLQHU SKLORVRSKLVFKHQ 0\VWHULHQOHKUH ]XPLQGHVW ZLH6FKHOOLQJ VLH]XQ½FKVW LQ VHLQHU 1DWXUSKLORVRSKLH ]X UHDOLVLHUHQ YHUVXFKW QLFKW YRQ DOOHQ =HLWJHQRVVHQ XQG HUVW JDUQLFKWYRQ)LFKWHVRIHLHUOLFKJHWHLOWRGHUDOVVROFKHÕEHUKDXSWDQHUNDQQWZLUGO½¸WVLFK HLQHP%ULHIDQ6FKHOOLQJYRQ+6WHHQVYRP-XOLHQWQHKPHQGHUPLW(QWVHW]HQ EHULFKWHW”'HUJURVVH/LWHUDWRUr&XUW6SUHQJHOrIDQGGDVV6LHPHLQOLHEHU6FKHOOLQJHLQ JDQ]DXVVHURUGHQWOLFKHU6FKZ¿UPHUVH\QPÕVWHQZHLO6LHrLQXQVHUHQDXIJHNO¿UWHQ=HL

 

. ) $ 6FKHOOLQJ ”9RUZRUW GHV +HUDXVJHEHUV… LQ 6FKHOOLQJ 6½PPWOLFKH :HUNH %G  6WXWWJDUW r $XJVEXUJ   6 9,,,





5H]HQVLRQHQ WHQrGLH7U¿XPHUHLHQGHU$OFKHPLVWHQYRQHLQHU:HOWVHHOHZLHGHUDXIZ¿UPHQNÏQQWHQr XQGGLHJDQ]H*HVHOOVFKD IDQGGLHVH%HPHUNXQJVHKUNOXJWLHIXQGULFKWLJ:HOFKH0HQ VFKHQ… 6  6FKZ½UPHUHL r GDV LVW HLQ 9RUZXUI GHU YHUU½W GD¸ GDV 3KLORVRSKLVFKH DP SODWRQLVFKHQ3KLORVRSKLHUHQZHOFKHVGLHQDFK.DQWLVFKH3KLORVRSKLHWLHISU½JWQRFKQLFKW YHUVWDQGHQ ZRUGHQ LVW 8P GLHVHQ 9RUZXUI ]X HQWNU½ HQ ZLUG GHU QRFK MXQJH6FKHOOLQJ ZHLWHUKLQNU½ LJDUEHLWHQPÕVVHQ 2UULQ)6XPPHUHOO%RFKXP    (5167 &$66,5(5 /HLEQL]n 6\VWHP LQ VHLQHQ ZLVVHQVFKD OLFKHQ *UXQGODJHQ %HUOLQ   *H VDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ0DUFHO6LPRQ+DPEXUJ)H OL[0HLQHU;,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW(U VWHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ7RELDV %HUEHQ+DPEXUJ)HOL[0HLQHU;,,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW=ZHL WHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ'DJ PDU9RJHO+DPEXUJ)HOL[0HLQHU9,,6*HEúr,6%1  'LH HLJHQWÕPOLFKH SKLORVRSKLVFKH 3RVLWLRQ (UQVW &DVVLUHUV GLH VLFK YRU DOOHP LQ VHLQHP +DXSWZHUN 'LH 3KLORVRSKLH GHU V\PEROLVFKHQ )RUPHQ %HUOLQ   QLHGHUJHVFKODJHQ KDW GHUHQWKHRUHWLVFKH:XU]HOQDEHUVFKRQPLWVHLQHQ$QDO\VHQ]XP)XQNWLRQVEHJULJHOHJW ZDUHQLVWQLFKWQXULQGXUFKJHKHQGHUJUÕQGOLFKHU$XVHLQDQGHUVHW]XQJPLWGHU*HVFKLFKWH GHV'HQNHQVHQWZLFNHOWZRUGHQVRQGHUQKDWVLFKLPPHUDXFKEHZX¸WLQHLQHQ%H]XJ]XU *HVFKLFKWOLFKNHLWVHOEVWJHVWHOOW&DVVLUHUVORJLVFKPDWKHPDWLVFKH%LOGXQJXQGQHXNDQWLDQL VFKHSKLORVRSKLVFKH3U½JXQJr9RUDXVVHW]XQJHQGLHHLQHUKLVWRULVFKHQ*UXQGRULHQWLHUXQJ QLFKWHEHQJÕQVWLJZDUHQrNRQQWHQGLHVHUEHZX¸WYROO]RJHQHQOHW]WOLFKDXFKHLQ(UEHGHU KLVWRULVFKHQ:HQGXQJGHV,GHDOLVPXV:'LOWKH\ ELOGHQGHQ(LQEHWWXQJLQGHQ5HLFKWXP GHUDOVJHJHQZ½UWLJEHGHXWVDPHUNDQQWHQµEHUOLHIHUXQJQXULKUHEHVRQGHUH5LFKWXQJJHEHQ VLHMHGRFKQLFKWDOVVROFKHQHXWUDOLVLHUHQ&DVVLUHUQLPPWGDKHUGLHWUDGLHUWHQ$UJXPHQWH GHU3KLORVRSKLHXQGGHU:LVVHQVFKD VJHVFKLFKWHQLFKWHLQIDFKQXUDXIRUGQHWVLHQLFKWQXU KLQVLFKWOLFK LKUHU GRNXPHQWDULVFK EHOHJEDUHQ ]HLWOLFKHQ XQG VDFKOLFKHQ )ROJH VRQGHUQ VWHOOWVLHZLHYRUDOOHPVHLQPRQXPHQWDOHVYLHUE½QGLJHV:HUN]XP”(UNHQQWQLVSUREOHP… ]HLJW LQ HLQHQ V\VWHPDWLVFKHQ NULWLVFK YHUIROJWHQ XQG LQ VHLQHU *HQHVH UHNRQVWUXLHUWHQ +RUL]RQW 5HVXOWDW LVW JHUDGH LP OHW]WJHQDQQWHQ :HUN HLQH PXVWHUJÕOWLJH LQLKUHU 4XHO OHQNHQQWQLV IÕU GLH GDPDOLJH =HLW EHZXQGHUQVZHUW PDWHULDOUHLFKH VRXYHU½Q VWUXNWXULHUWH 3UREOHPJHVFKLFKWH HLQ r PDQ NDQQ XQG VROO HV VDJHQ r 0RQXPHQW SKLORVRSKLHJHVFKLFKW OLFKHU$QDO\VHXQG6\QWKHVH

  

9JO ( &DVVLUHU 6XEVWDQ]EHJUL  NHQQWQLVNULWLN %HUOLQ  





XQG )XQNWLRQVEHJUL  8QWHUVXFKXQJHQ ÕEHU GLH *UXQGIUDJHQ GHU (U

%G  6  ”:LH GLH *HVFKLFKWH GDV 3UREOHP JHVWHOOW KDW VR NDQQ QXU VLH VHOEVW GLH 0LWWHO ]X VHL QHU %HZ½OWLJXQJ GDUELHWHQ 0LWWHQ LQ GHQ JHVFKLFKWOLFKHQ (QWZLFNOXQJHQ XQG (UIDKUXQJHQ PÕVVHQ ZLU XQVHUHQ 6WDQGRUW Z½KOHQ XP YRQ KLHU DXV GLH *HVDPWHQWZLFNOXQJ ]X ÕEHUEOLFNHQ XQG ]X EHXUWHLOHQ…





5H]HQVLRQHQ WHQrGLH7U¿XPHUHLHQGHU$OFKHPLVWHQYRQHLQHU:HOWVHHOHZLHGHUDXIZ¿UPHQNÏQQWHQr XQGGLHJDQ]H*HVHOOVFKD IDQGGLHVH%HPHUNXQJVHKUNOXJWLHIXQGULFKWLJ:HOFKH0HQ VFKHQ… 6  6FKZ½UPHUHL r GDV LVW HLQ 9RUZXUI GHU YHUU½W GD¸ GDV 3KLORVRSKLVFKH DP SODWRQLVFKHQ3KLORVRSKLHUHQZHOFKHVGLHQDFK.DQWLVFKH3KLORVRSKLHWLHISU½JWQRFKQLFKW YHUVWDQGHQ ZRUGHQ LVW 8P GLHVHQ 9RUZXUI ]X HQWNU½ HQ ZLUG GHU QRFK MXQJH6FKHOOLQJ ZHLWHUKLQNU½ LJDUEHLWHQPÕVVHQ 2UULQ)6XPPHUHOO%RFKXP    (5167 &$66,5(5 /HLEQL]n 6\VWHP LQ VHLQHQ ZLVVHQVFKD OLFKHQ *UXQGODJHQ %HUOLQ   *H VDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ0DUFHO6LPRQ+DPEXUJ)H OL[0HLQHU;,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW(U VWHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ7RELDV %HUEHQ+DPEXUJ)HOL[0HLQHU;,,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW=ZHL WHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ'DJ PDU9RJHO+DPEXUJ)HOL[0HLQHU9,,6*HEúr,6%1  'LH HLJHQWÕPOLFKH SKLORVRSKLVFKH 3RVLWLRQ (UQVW &DVVLUHUV GLH VLFK YRU DOOHP LQ VHLQHP +DXSWZHUN 'LH 3KLORVRSKLH GHU V\PEROLVFKHQ )RUPHQ %HUOLQ   QLHGHUJHVFKODJHQ KDW GHUHQWKHRUHWLVFKH:XU]HOQDEHUVFKRQPLWVHLQHQ$QDO\VHQ]XP)XQNWLRQVEHJULJHOHJW ZDUHQLVWQLFKWQXULQGXUFKJHKHQGHUJUÕQGOLFKHU$XVHLQDQGHUVHW]XQJPLWGHU*HVFKLFKWH GHV'HQNHQVHQWZLFNHOWZRUGHQVRQGHUQKDWVLFKLPPHUDXFKEHZX¸WLQHLQHQ%H]XJ]XU *HVFKLFKWOLFKNHLWVHOEVWJHVWHOOW&DVVLUHUVORJLVFKPDWKHPDWLVFKH%LOGXQJXQGQHXNDQWLDQL VFKHSKLORVRSKLVFKH3U½JXQJr9RUDXVVHW]XQJHQGLHHLQHUKLVWRULVFKHQ*UXQGRULHQWLHUXQJ QLFKWHEHQJÕQVWLJZDUHQrNRQQWHQGLHVHUEHZX¸WYROO]RJHQHQOHW]WOLFKDXFKHLQ(UEHGHU KLVWRULVFKHQ:HQGXQJGHV,GHDOLVPXV:'LOWKH\ ELOGHQGHQ(LQEHWWXQJLQGHQ5HLFKWXP GHUDOVJHJHQZ½UWLJEHGHXWVDPHUNDQQWHQµEHUOLHIHUXQJQXULKUHEHVRQGHUH5LFKWXQJJHEHQ VLHMHGRFKQLFKWDOVVROFKHQHXWUDOLVLHUHQ&DVVLUHUQLPPWGDKHUGLHWUDGLHUWHQ$UJXPHQWH GHU3KLORVRSKLHXQGGHU:LVVHQVFKD VJHVFKLFKWHQLFKWHLQIDFKQXUDXIRUGQHWVLHQLFKWQXU KLQVLFKWOLFK LKUHU GRNXPHQWDULVFK EHOHJEDUHQ ]HLWOLFKHQ XQG VDFKOLFKHQ )ROJH VRQGHUQ VWHOOWVLHZLHYRUDOOHPVHLQPRQXPHQWDOHVYLHUE½QGLJHV:HUN]XP”(UNHQQWQLVSUREOHP… ]HLJW LQ HLQHQ V\VWHPDWLVFKHQ NULWLVFK YHUIROJWHQ XQG LQ VHLQHU *HQHVH UHNRQVWUXLHUWHQ +RUL]RQW 5HVXOWDW LVW JHUDGH LP OHW]WJHQDQQWHQ :HUN HLQH PXVWHUJÕOWLJH LQLKUHU 4XHO OHQNHQQWQLV IÕU GLH GDPDOLJH =HLW EHZXQGHUQVZHUW PDWHULDOUHLFKH VRXYHU½Q VWUXNWXULHUWH 3UREOHPJHVFKLFKWH HLQ r PDQ NDQQ XQG VROO HV VDJHQ r 0RQXPHQW SKLORVRSKLHJHVFKLFKW OLFKHU$QDO\VHXQG6\QWKHVH

  

9JO ( &DVVLUHU 6XEVWDQ]EHJUL  NHQQWQLVNULWLN %HUOLQ  





XQG )XQNWLRQVEHJUL  8QWHUVXFKXQJHQ ÕEHU GLH *UXQGIUDJHQ GHU (U

%G  6  ”:LH GLH *HVFKLFKWH GDV 3UREOHP JHVWHOOW KDW VR NDQQ QXU VLH VHOEVW GLH 0LWWHO ]X VHL QHU %HZ½OWLJXQJ GDUELHWHQ 0LWWHQ LQ GHQ JHVFKLFKWOLFKHQ (QWZLFNOXQJHQ XQG (UIDKUXQJHQ PÕVVHQ ZLU XQVHUHQ 6WDQGRUW Z½KOHQ XP YRQ KLHU DXV GLH *HVDPWHQWZLFNOXQJ ]X ÕEHUEOLFNHQ XQG ]X EHXUWHLOHQ…





5H]HQVLRQHQ  'LHV JLOW WURW] GHU 'H]LWH GLH VLFK HLQHU r DOOHUGLQJV YRP KHXWLJHQ GHP GDPDOLJHQ 4XHOOHQXQG)RUVFKXQJVVWDQGXQYHUJOHLFKEDUHQ%OLFNSXQNWDXVDUJXPHQWLHUHQGHQrNULWL VFKHQ /HNWÕUH ]HLJHQ &DVVLUHU YHUZHLVW LPPHU ZLHGHU DXI GDV ”JHVFKLFKWOLFKH ,QWHUHVVH… %G6 GDVHV]XEHDFKWHQJHOWHMDHUVSULFKWHWZD]XP%HVFKOX¸GHV]ZHLWHQ%DQ GHV ]XP (UNHQQWQLVSUREOHP YRQ HLQHU ”JHVFKLFKWOLFKHQ 0LVVLRQ… GHU 3KLORVRSKLH .DQWV %G  6  )ÕU GHQ GHU VR VSULFKW XQG GHQNW  LVW HV HLQGHXWLJ GD¸ HV LQ GHU (QW ZLFNOXQJGHV'HQNHQVNHLQHJOHLFKVDPJHVFKLFKWVIUHLH=RQHJHEHQNDQQNHLQHQ%HUHLFK ZRVLFK'HQNHQUHLQDOVVROFKHVRGHUUHLQDXVVLFKKHUDXV]XHLQHPQHXHQV\VWHPDWLVFKHQ $QVDW] DXIVFKZLQJHQ NÏQQWH GLH V\VWHPDWLVFKWKHRUHWLVFKH .UD  GHV 'HQNHQV ]HLJW VLFK YLHOPHKUJHUDGHHUVWLQGHU$XIQDKPH%HZX¸WPDFKXQJNULWLVFKHQ9HUDUEHLWXQJXQGDXI KHEHQGHQDOVRQLFKWQHJLHUHQGHQRGHUEHLVHLWHVFKLHEHQGHQµEHUZLQGXQJHLQHVVFKRQHU UHLFKWHQ6WDQGSXQNWHVGHUHEHQKLVWRULVFKrHJDODXVZHOFKHU)HUQHrÕEHUOLHIHUWLVW,QMH GHPZLUNOLFKHQ6WDQGSXQNWGHV*HGDQNHQVPX¸VLFKGDKHUQDFK&DVVLUHUVYRQ+HJHOKLHU QLFKWZHLWHQWIHUQWHU µEHU]HXJXQJGLH$UEHLWGHVµEHUZLQGXQJVSUR]HVVHVDOV*HJHQZDUW GHV$XIJHKREHQHQDOVKLVWRULVFKH6SXUXQG6LJQDWXU]HLJHQ$XIGLHVH6\QWKHVHYRQ*H VFKLFKWH GHU 3KLORVRSKLH XQG V\VWHPDWLVFKHP $QVDW] LVW EHL GHU /HNWÕUH GHU KLHU ]XU %H VSUHFKXQJYRUOLHJHQGHQ:HUNHLPPHU]XDFKWHQ&DVVLUHUVHOEVWKDWLQGHU9RUUHGH]XUHU VWHQ $XDJH ]X 'DV(UNHQQWLVSUREOHP GHXWOLFK KHUDXVJHVWHOOW GD¸ ”*HVFKLFKWH GHU 3KLORVR SKLH…IÕULKQ”:LVVHQVFKD …VHLXQG]ZDUDOV”HLQH0HWKRGH…GXUFKGLHZLUGLH7DWVDFKHQ QLFKWVDPPHOQXQG]XVDPPHQVWHOOHQVRQGHUQ”YHUVWHKHQOHUQHQ…%G6;,   &DVVLUHUV%XFK/HLEQL]n6\VWHPLQVHLQHQZLVVHQVFKD OLFKHQ*UXQGODJHQ0DUEXUJ %G  LVWQLFKWQXUGDVHUVWH'RNXPHQWVHLQHUHQRUPHQLQWHUSUHWDWRULVFKHQXQGZLVVHQVFKD V KLVWRULVFKHQ.RPSHWHQ]XQGVWHOOWGHQ$QIDQJVSXQNWHLQHV6SDQQXQJVERJHQVGDUGHUÕEHU GLH XPIDVVHQGHQ $QDO\VHQ LQ 'DV (UNHQQWQLVSUREOHP LQ GHU 3KLORVRSKLH XQG :LVVHQVFKD  GHU QHXHUHQ=HLW%GH ELVKLQ]XGHUVS½WHQ$EKDQGOXQJ,QGLYLGXXPXQG.RVPRVLQ GHU5HQDLVVDQFH UHLFKHQVROOWHVRQGHUQHVLVWVFKRQLP+DXSWWHLOIHUWLJJHVWHOOW XQGQDKH]X]HLWJOHLFKPLWGHQ/HLEQL]'HXWXQJHQ&RXWXUDWV  XQG5XVVHOOV   HUVFKLHQHQYRUDOOHP$XVGUXFNHLQHVVLFKLQVLJQLNDQWHU:HLVHDQGHU3HUVRQYRQ*: /HLEQL]IHVWPDFKHQGHQSKLORVRSKLVFKHQ,QWHUHVVHVLQGHPVLFKPDWKHPDWLVFKORJLVFKHHU NHQQWQLVWKHRUHWLVFKH QDWXUZLVVHQVFKD OLFKH XQG KLVWRULVFKH (OHPHQWH GXUFKGULQJHQ XP GLH”*HVDPWHQWZLFNOXQJGHV,GHDOLVPXV…GKHLQHUYRP*HLVW%HJULXQGGHU(UNHQQW QLVNULWLN DXVJHKHQGHQ3KLORVRSKLH GDU]XVWHOOHQ %G  6;,,  &DVVLUHU GHU VHLQHU /HLE QL],QWHUSUHWDWLRQ GLH  EHL +HUPDQQ &RKHQ LQ 0DUEXUJ YHUID¸WH 'LVVHUWDWLRQ 'HV FDUWHVn .ULWLN GHU PDWKHPDWLVFKHQ XQG QDWXUZLVVHQVFKD OLFKHQ (UNHQQWQLV DOV ”(LQOHLWXQJ… YRUDQ

 

9JO DXFK %G  6   ”(LQVLFKW LQ GDV HFKWH $SULRUL GHU *HVFKLFKWH… JHJHQ HLQH ”IDOVFKH DSULRULVFKH .RQVWUXNWLRQ GHU (LQ]HOWDWVDFKHQ… YJO DXFK %G  6  'D¸ GLH .DQWLVFKH 3KLOR VRSKLH GHQ 6NRSRV GHU &DVVLUHUVFKHQ $QDO\VHQ GDUVWHOOW LVW DXFK VFKRQ *UXQGODJH GHV /HLEQL] %XFKHV LQ GHP HV XP GLH ”(LQVLFKW LQ GLH PDWHULHOOHQ 9RUDXVVHW]XQJHQ XQG 9RUEHUHLWXQJHQ GHU



9HUQXQ NULWLN… JLQJ YJO %G  6 ; $OOHUGLQJV JLEW HV 3UREOHPVWHOOXQJHQ XQG GXUFK VLH PRWLYLHUWH ”*HGDQNHQULFKWXQJHQ … GLH ”YRQ DOOHU JHVFKLFKWOLFKHQ (QWZLFNOXQJ LQVEHVRQGHUH YRQ DOOHU 8PJHVWDOWXQJ GHV ZLVVHQ VFKD OLFKHQ 'HQNHQV VR JXW ZLH XQEHUÕKUW EOHLEHQ… %G  6   VR HWZD GHU *HJHQVDW] ]ZL



VFKHQ w,FKk XQG w:HOWk &DVVLUHUV $XVHLQDQGHUVHW]XQJ PLW EHLGHQ :HUNHQ LVW VFKRQ YRQ LKP VHOEVW DOV ”NULWLVFKHU 1DFK WUDJ… GHU HUVWHQ $XVJDEH DQJHK½QJW ZRUGHQ %G  6  ]X 5XVVHOO 6  ]X &RX WXUDW 6  





5H]HQVLRQHQ VWHOOW%G6 JHKWrLP8QWHUVFKLHG]X&RXWXUDWXQG5XVVHOOrYRQHLQHP”6WDQG SXQNWGHUKLVWRULVFKHQXQGV\VWHPDWLVFKHQ%HXUWHLOXQJ…DXV9RUUHGH>%G6L[@ GHVVHQ KLVWRULVFKH.RPSRQHQWHGLH%HJUÕQGXQJGHUPRGHUQHQ:LVVHQVFKD DOV,QLWLDOHLQHUKR PRJHQHQ(QWZLFNOXQJKLQ]X.DQWV(UNHQQWQLVNULWLNUHNRQVWUXLHUWXQGGHVVHQV\VWHPDWL VFKHU7HLOHLQH$QDO\VHGHUNRQVWLWXWLYHQ)DNWRUHQL GHV9HUK½OWQLVVHVw(LQKHLWr8QHQG OLFKNHLWkLL GHUG\QDPLVFKHQ7UDQVIRUPDWLRQGHU2QWRORJLHr6HLQHQWKÕOOWVLFKDOV7½WLJ VHLQ r XQG LLL  GHU 5HGXNWLRQ HPSLULVFKTXDOLWDWLYHU 'DWHQ DXI HLQHQ TXDQWL]LHUEDUHQ PDWKHPDWLVFKHQ+LQWHUJUXQGHQWK½OW'LHJDQ]H'DUVWHOOXQJVWHKWHEHQVRXQWHUGHP(LQ GUXFNGHV0DUEXUJHU1HXNDQWLDQLVPXVZLHVLHDXFKYRQ'LOWKH\V%HJULGHV”6\VWHPVGHU *HLVWHVZLVVHQVFKD HQ…EHHLQX¸WLVW9RUUHGH>%G6[L@   'LH(QWZLFNOXQJYRQ'HVFDUWHVÕEHU/HLEQL]]X.DQWZLUGrDXVKHXWLJHU6LFKWYHUNÕU ]HQGrXQWHUGHQ,QGH[”HUNHQQWQLVNULWLVFKHU,GHDOLVPXV…JHVWHOOWLQLKUHU”JHVFKLFKWOLFKHQ )XQNWLRQ…DQDO\VLHUWXQGHLQHP)RUWVFKULWWVPRGHOOYLQGL]LHUWw%HJUÕQGXQJr)RUWIÕKUXQJ r9ROOHQGXQJk%G6YJODXFK%G6 &DVVLUHUUHNRQVWUXLHUWGDV'HQNHQ 'HVFDUWHVnrXQGGLHVNDQQIÕUVHLQHJDQ]H9RUJHKHQVZHLVHDOVEHLVSLHOKD JHOWHQrLPPD QHQWDXVGHQ”*UXQGV½W]HQGHV6\VWHPVVHOEVW…%G6 'LHVHV6\VWHPEHVWHKWDXV GHU (LQVLFKW LQ GLH $SULRULW½W GHV ”VHW]HQGHQ… 'HQNHQV %G  6   GHU (LQVLFKW GD¸5HDOLW½WLGHQWLVFKVHLPLWGHP6HLQGHU'HQNJHVHW]HVRZLHGHU(LQVLFKWGD¸'HQNJH VHW]HHWZDLQGHU'DUVWHOOXQJSKRURQRPLVFKHU9RUJ½QJHTXDOLWDWLYH'LHUHQ]LQTXDQWLWD WLYH.ULWHULHQ*UϸH'LPHQVLRQ*OHLFKDUWLJNHLW DXÏVHQ%G6 =HQWUDO IÕU&DVVLUHULVWKLHUEHLGDV$XVHLQDQGHUIDOOHQYRQ6LQQOLFKNHLWVLQQOLFKHVHNXQG½UH4XDOL W½WHQ XQG5½XPOLFKNHLWUDWLRQDOHSULP½UHTXDQWLWDWLYH5HODWLRQHQ GLH7DWVDFKHGD¸IÕU GDV ZLVVHQVFKD OLFKH 'HQNHQ GLH KHWHURJHQH 3OXUDOLW½W DULVWRWHOLVFK JHGDFKWHU (LQ]HO VXEVWDQ]HQUDGLNDOUHGX]LHUWZLUGDXIGLHKRPRJHQHTXDQWL]LHUEDUHXQGJHRPHWULVFKGDU VWHOOEDUH0XOWLIXQNWLRQDOLW½WGHUU½XPOLFKGLPHQVLRQDOHQ6HLQV%HGLQJXQJHQYRQ6XEVWDQ] ÕEHUKDXSW%G6 $OV'H]LWYRQ'HVFDUWHVn$QVDW]K½OW&DVVLUHUIHVWGD¸HLQHU VHLWVGDV6HLQGHVEHVRQGHUHQ.ÏUSHUVGHUNRQNUHWHQ(LQ]HOVXEVWDQ]GXUFKGLHVHPHWKRGR ORJLVFKH5HGXNWLRQJHUDGHQLFKWHUID¸WZHUGHQNÏQQH%G6 XQGGD¸DQGHUHUVHLWV ”GLHDOOJHPHLQVWH*UXQGODJHGHVSK\VLNDOLVFKHQ6HLQV…GHU5DXPPDWKHPDWLVFK”QXUQRFK HLQ EHVRQGHUHV *HELHW YRQ 2EMHNWHQ EH]HLFKQHW… %G  6  (V IDOOHQ QLFKW QXU $Q VFKDXXQJXQG'HQNHQDXVHLQDQGHU%G6 QLFKWQXUVLQQOLFKHXQGUHLQHJHR PHWULVFKH  $QVFKDXXQJ %G  6  VRQGHUQ LP 'HQNHQ VHOEVW QRFK HLQPDO DOOJH PHLQHV*HVHW]=DKO*UϸHHWF XQGEHVRQGHUHU5HSU½VHQWDQW5DXPVXEVWUDW =XV½W]OLFK ”JHOLQJWHV 'HVFDUWHVQLFKWGDV6\VWHPGHU1DWXUHUNHQQWQLV]XEHJUÕQGHQZHLOHUeGLH *UXQGODJHGHUPRGHUQHQ'\QDPLNGHQ%HJULGHU=HLWYHUIHKOW…%G6   (V]HLJWVLFKVFKRQLQGLHVHQZHQLJHQEHLVSLHOKD KHUDXVJHJULHQHQ.ULWLNSXQNWHQHW ZDVGDVQLFKWQXUIÕUGDV/HLEQL]%XFKVRQGHUQDXFKIÕUGLH'DUVWHOOXQJGHU*HVFKLFKWH GHV(UNHQQWQLVSUREOHPVVLJQLNDQWLVW&DVVLUHULQWHUSUHWLHUWVHLQH$XWRUHQLPPHULP5DK PHQHLQHUYRUJHJHEHQHQ)RUWVFKULWWVJHVFKLFKWHXQWHUHLQHPVFKRQYRUDXVJHVHW]WHQWHOHRORJLVFK ZLUNHQGHQ=LHOSXQNWYRQGHPKHULKQHQGHU0D¸VWDEGHUNULWLVFKHQ5HNRQVWUXNWLRQ]X JHZLHVHQ ZLUG :LUG XP HV ]LHPOLFK KRO]VFKQLWWDUWLJ ]XVDPPHQ]XIDVVHQ GLH VXEVWDQ]

 

$XI 'LOWKH\V $UEHLWHQ QLPPW &DVVLUHU LPPHU ZLHGHU %H]XJ YJO HWZD %G  6  'LOWKH\V %HJUL



GHU ”*HLVWHVZLVVHQVFKD HQ … HEHQVR ZLH GLH DXV GHP ,GHDOLVPXV VWDPPHQGH %LOGXQJ

”*HLVWHVJHVFKLFKWH… ZHUGHQ D

"UPDWLY DXIJHJULHQ VR HWZD %G  6 ;,  %G  6   

 





5H]HQVLRQHQ WKHRUHWLVFKH 3KLORVRSKLH YRQ 0LWWHODOWHU XQG 5HQDLVVDQFH DP QHXHQ 0RGHOO PDWKHPD WLVFKIXQNWLRQDOHQ:LVVHQVJHPHVVHQ%G6 ZLUG'HVFDUWHVn0HFKDQLNVR ]XVDJHQDQGLH0H¸ODWWHGHU/HLEQL]VFKHQ'\QDPLNJHKDOWHQVRZHUGHQGLHOHW]WHUHQZLH GHUXPLQLKUHU*UXQGRULHQWLHUXQJDQHLQHUDQVLFKVHLHQGHQ1DWXUGHUHQw6HLQk2EMHNWL YLW½WXQG0D¸GHV%HJULVELOGHWGXUFK.DQWV.ULWL]LVPXVXQGGHVVHQWUDQ]HQGHQWDOSKLOR VRSKLVFKH 9ROOHQGXQJ ÕEHUERWHQ 'LHV ÕEHU]HXJW MHGRFK QXU ZHQQ PDQ RKQHKLQ GLH JUXQGV½W]OLFKHKHUPHQHXWLVFKH%OLFNIÕKUXQJPLWPDFKWGLHGLHVH$XWRUHQrYRUDOOHPDXFK LQ GHQ %½QGHQ ]XP (UNHQQWQLVSUREOHP r HEHQ YRQ GHU wHUNHQQWQLVNULWLVFKHQk 6HLWH KHU OLHVWXQGGLHw0HWDSK\VLNkPLW&DVVLUHUDOVHWZDV]XµEHUZLQGHQGHVXQGZRKOIÕULPPHU µEHUZXQGHQHV EHWUDFKWHW  'LH/HLEQL]'DUVWHOOXQJ%G JOLHGHUWVLFKLQHLQHQV\VWHPDWLVFKHQXQGHLQHQ KLVWRULVFKHQ7HLO,PV\VWHPDWLVFKHQ7HLOUHNRQVWUXLHUW&DVVLUHU]XQ½FKVWGLH*UXQGEHJULH GHU 0DWKHPDWLN /RJLN 4XDQWLW½W .RQWLQXLW½W 8QHQGOLFKHV  GDQQ GLH GHU 0HFKDQLN 5DXP=HLW .UD  XQG JLEW VFKOLH¸OLFK HLQH HLQJHKHQGH 'DUVWHOOXQJ GHU IXQGLHUHQGHQ 0HWDSK\VLN %HZX¸WVHLQ ,QGLYLGXDOLW½W %H]XJ ]X (WKLN *HVHOOVFKD  VWKHWLN 7KHROR JLH ,QHLQHU$UWKLVWRULVFKHU5HSULVHZLUGHQGOLFKGLHw(QWVWHKXQJkGHV6\VWHPVYRQGHQ -XJHQGVFKUL HQ r HWZD 'H SULQFLSLR LQGLYLGXL   r ELV KLQ ]XP 'LVFRXUV GH PÂWDSK\VLTXH YRQGDUJHVWHOOWDOVRELV]XUDEVFKOLH¸HQGHQ.RQ]HSWLRQHLQHVWUDQVIRUPLHUWHQ%HJULV

 

&DVVLUHUV GHXWOLFKH :HUWXQJHQ LQ GLHVHP =XVDPPHQKDQJ VHLHQ DQ IROJHQGHP %HLVSLHO GRNX PHQWLHUW 'DV 3UREOHP GDV 'HVFDUWHVn 7KHRULH PLW GHP 8QHQGOLFKHQ KDEH JLSIHOH LQ GHU ”8P GHXWXQJ GHV 8QHQGOLFKHQ DXV HLQHU 0HWKRGH LQ HLQH ([LVWHQ] e (V LVW GHU 3XQNW DQ GHP VLFK 'HVFDUWHVn 3KLORVRSKLH LQ GHQ 6SLQR]LVPXV YHUOLHUW LQGHP GDV 'HQNHQ GHU :DKUKHLW ]X HLQHP EOR¸HQ 0RGXV GHV DOOXPIDVVHQGHQ JÏWWOLFKHQ 6HLQV ZLUG $Q 6WHOOH GHU HUNHQQWQLVNULWLVFKHQ *UXQGJOHLFKXQJ ÃWUH

YÂULWÂ WULWW MHW]W GLH RQWRORJLVFKH XQG PHWDSK\VLVFKH UHDOLWDV

SHUIHFWLR…

>%G  6 @ KLHUEHL OLHJW QDWÕUOLFK LQ GHU XPVWDQGVORVHQ =XRUGQXQJ GHU YÂULW ]XU ”HUNHQQW QLVNULWLVFKHQ… 'LPHQVLRQ VFKRQ HLQH VWDUNH GHQ PHWDSK\VLVFKHQ :DKUKHLWVEHJUL



XQVWDWWKD

DXVEOHQGHQGH &DVVLUHUVFKH ,QWHUSUHWDWLRQ YRU  'DUDXV IROJH JHJHQÕEHU GHP 8QHQGOLFKHQ r JH PHLQW LVW KLHU QDWÕUOLFK PLW %OLFN DXI GLH PDWKHPDWLVFKH (QWZLFNOXQJ GDV PDWKHPDWLVFK 8Q HQGOLFKH GDV *DOLOHL YRU DOOHP /HLEQL] SURGXNWLY DQJHKHQ r HLQ ”6WDQGSXQNW GHU 5HVLJQDWLRQ… >HEG@ GHU UHOLJLÏV IXQGLHUW VHL XQG JOHLFKVDP YRU GHQ WDWV½FKOLFKHQ 3UREOHPHQ ”GHU UHLQHQ 0D WKHPDWLN XQG 1DWXUZLVVHQVFKD … NQHLIH XQG YHUVDJH 6FKDXW PDQ LQ GLH 'HVFDUWHV'DUVWHOOXQJ LP (UNHQQWQLVSUREOHP >%G  6 @ VR LVW GLHVH QHJDWLYH (LQVFK½W]XQJ GHV 8PJDQJV PLW GHP 8QHQGOLFKHQ GRFK GHXWOLFK ]XUÕFNJHQRPPHQ >YJO EHV %G  6  @ GDIÕU XP VR K½UWHU GDV 8UWHLO ÕEHU GHQ 3ULPDW GHV :LOOHQV LQ *RWW ”GDV *UXQGSULQ]LS GHV 5DWLRQDOLV



PXV LVW GDPLW DXIJHRSIHUW… >%G  6 @ 9JO %G  6  'HVFDUWHV JHKH HV ”QLFKW PHKU LQ HUVWHU /LQLH XP GLH :HOW GHU *HJHQVW½QGH VRQGHUQ XP GLH GHU (UNHQQWQLVVH e… YJO %G  6  (V LVW ÕEULJHQV DXIVFKOX¸UHLFK GD¸ 0 +HL  GHJJHU GHQ 7HUPLQXV w(UNHQQWQLVSUREOHPk LQ 6HLQ XQG =HLW 7ÕELQJHQ  6  DOV $XV GUXFN IÕU GLH XQDXVZHLFKOLFKH )UDJH QDFK GHP w(UNHQQHQk VHLQHU )XQNWLRQ YRU DOOHP DEHU VHL QHU %H]LHKXQJ ]X GHU 'DVHLQV$QDO\WLN DXIZHLVW LQ GHU ”(UNHQQHQ e DOV HLQH 6HLQVDUW GHV ,Q GHU:HOWVHLQV… JHGDFKW ZHUGHQ PÕVVH GLH MHGHP SKLORVRSKLVFKHQ RQWRORJLVFK VWUXNWXULHUWHQ



(UNHQQHQ YRUJUHLIH 9JO IROJHQGH %HPHUNXQJHQ LQ %G  6  *DVVHQGL VHL ”ZLHGHU GHU 0HWDSK\VLN YHUIDOOHQ…  6  GLH ”LQQHUH 6FKUDQNH… GHU 3V\FKRORJLH VHL HV JHZHVHQ ”GLH LPPHU YRQ QHXHP ]X HLQHU r VSLULWXDOLVWLVFKHQ RGHU PDWHULDOLVWLVFKHQ r 0HWDSK\VLN ]XUÕFNWULHE…  6  ]X %HUNHOH\  6  GD¸ %R\OH DEHU DXFK 1HZWRQ LQQHUKDOE LKUHU $UJXPHQWH VHOEVW QRFK HLQHQ *RWW DQVHW]HQ JLOW DOV JUXQGV½W]OLFKHU 0DQJHO  6 





5H]HQVLRQHQ YRQ6XEVWDQ]GHUDOV%DVLVIÕUGLH0RQDGHQ7KHRULHGLHQW)ÕU&DVVLUHULVWGHU%HJULGHU 0RQDGHEHGHXWHQGZHLOHU”GHUHUVWH9HUVXFK>VHL@GDV3UREOHPGHV,QGLYLGXXPVLQQHU KDOEGHV,GHDOLVPXVGDU]XVWHOOHQXQG]XU/ÏVXQJ]XEULQJHQ…%G6 GKLP5DK PHQHLQHV3ODWRQLVPXVGHUYRQGHU5HDOLW½WGHU,GHHLP6LQQHHLQHVWUDQV]HQGHQWHQWUDQV ORJLVFKHQ $OOJHPHLQHQ DXVJHKW GHQQRFK GDV ,QGLYLGXHOOH XQYHUNÕU]W V\VWHPDWLVFK DEJH OHLWHW]XKDEHQ”eGLH:LUNOLFKNHLWEHGHXWHWGLHNRQNUHWH%HVWLPPWKHLWDOV,QGLYLGXXP 'LH%HVRQGHUKHLWGHV(LQ]HOIDOOVGLHLQGHQZLVVHQVFKD OLFKHQ*HVHW]OLFKNHLWHQGHU1DWXU DXVJHOÏVFKW XQG DXIJHKREHQ LVW ELOGHW GHQ HQWVFKHLGHQGHQ *UXQG]XJ GHU :LUNOLFKNHLW… %G  6  6LJQLNDQW IÕU &DVVLUHUV 8QWHUVXFKXQJ LVW r QHEHQ GHU VWXSHQGHQ 7H[W NHQQWQLVGHPVRXYHU½QHQµEHUEOLFNÕEHUGLH(QWZLFNOXQJVOLQLHQGHUGXUFKJHKHQGHQ2UL HQWLHUXQJDQNODUGHQLHUWHQDXFKDXILKUH*HVFKLFKWOLFKNHLWKLQEHIUDJWHQ%HJULHQXQG GHUZLVVHQVFKD VJHVFKLFKWOLFKHQ.RPSHWHQ]rGHU9HUVXFK/HLEQL]n%HJULGHV,QGLYLGXXPV ”LP 6\VWHP GHU *HLVWHVZLVVHQVFKD HQ… ]X YHURUWHQ %G  6 YRU DOOHP 6  'LHMHQVHLWVGHU”ELRORJLVFKHQ…'LPHQVLRQZRHVDOVVLFKQDWXUJHVHW]OLFKHQWZLFNHOQGH (LQKHLWDEJHOHLWHWZRUGHQZDU]XYHURUWHQGHJHLVWLJH([LVWHQ]GHV,QGLYLGXXPVRGHU,FKDOV ”6XEMHNWGHU*HVFKLFKWH…HEG6 ZLUGDOV]HQWUDOHV$QOLHJHQXQG3UREOHPLQ/HLE QL]n'HQNHQHUNDQQW8PGDVVLFKLP+RUL]RQWYRQ*HVHOOVFKD 0RUDOLW½WXQG5HOLJLRVL W½W EHZHJHQGH IUHL HQWVFKHLGHQ NÏQQHQGH ,FK DOV LUUHGX]LEOHV 0RPHQW GHU :LUNOLFKNHLW DEOHLWHQ]XNÏQQHQPX¸WH/HLEQL]”HWKLVFKH9HUQXQ SULQ]LSLHQDOVGHQ4XHOOHLQHU9HU ELQGOLFKNHLWeGHQNHQGLHGDV%HZX¸WVHLQYRQ*RWWXQG0HQVFKJOHLFKP½¸LJXPVSDQQW… %G6YJO*:/HLEQL]7KÂRGLFÂH PX¸WHHUGHQ”=ZHFN]XPVFKÏSIHUL VFKHQ 3ULQ]LS GHU (UNHQQWQLV… PDFKHQ GLH GLH :HOW DOV ”YROONRPPHQVWH 9HUIDVVXQJ GHU *HLVWHU…VLHKWHEG6 MDPX¸WHHUHLQH”$XWRQRPLHGHU0RUDO…LQQHUKDOEDOOHUGLQJV QRFKGHU”WKHRORJLVFKHQ %HWUDFKWXQJVZHLVH…HEG6 DXIGHU%DVLVHLQHU3KLORVRSKLH NRQ]LSLHUHQ”GHUHQOHLWHQGHU*HGDQNHGLH$XWRQRPLHGHV%HZX¸WVHLQVLVW…HEG6   $Q VROFKHQ %HLVSLHOHQ GLH VLFK XP HLQLJH YHUPHKUHQ OLH¸HQ ]HLJW VLFK LPPHU ZLHGHU GHXWOLFKVRZRKOGHUQHX NDQWLDQLVFKHDOVHEHQDXFKGHUGXUFK'LOWKH\PLWJHSU½JWH+LQWHU JUXQG YRQ &DVVLUHUV SKLORVRSKLHKLVWRULVFKHQ 'HXWXQJHQ ,Q GHU %HWRQXQJ GHV *HLVW%H JULVGHU5HFKWVSKLORVRSKLHXQGYRUDOOHPGHU%HGHXWXQJGHU7KHRORJLHDOOHV0RPHQWH GLHJHUDGHLQGHPLKUH6WUXNWXUPLWGHU/RJLNGDUJHVWHOOWZLUGÕEHUGLH/RJLNKLQDXVJHKHQ XQWHUVFKHLGHW VLFK &DVVLUHUV /HLEQL]%XFK DXFK GHXWOLFK YRQ GHQ $UEHLWHQ 5XVVHOOV XQG &RXWXUDWVYJOGLH.ULWLNDQ5XVVHOOV9HUNHQQXQJGHVw,GHDOHQkGHUJHVFKLFKWOLFKHQ%HGLQJW KHLW GHV 6\VWHPV XQG GHU /R]LHUXQJ GHU 0RQDGHQ DOV ”3XQNWH LP 5DXPH… %G  6 VRZLHHWZDDQ&RXWXUDWVQXUORJLVFKHU$QDO\VHGHV=ZHFNEHJULV%G6 

  

/HLEQL] JHKÏUW IÕU &DVVLUHU HLQGHXWLJ LQ GLH 7UDGLWLRQ 3ODWRQV YJO %G  6    )ÕU &DVVLUHU ELOGHW /HLEQL]n ORJLVFKPHWDSK\VLVFK DEJHVWÕW]WHV .RQ]HSW VWULNWHU ,QGLYLGXDOLW½W HL QH ”JHVFKLFKWOLFKH 8UVSUXQJVVWHOOH IÕU .DQWV .ULWLN GHU 0HWDSK\VLN… GD ]XU WDWV½FKOLFKHQ KLQUHL FKHQGHQ (UIDVVXQJ GHV ,QGLYLGXHOOHQ HLQH )RUP YRQ 9HUVWDQG XQG HQWVSUHFKHQGHU (UNHQQWQLV



ZHLVH HUIRUGHUW ZHUGH GLH ”GHQ %HJUL HQ GHU LQWHOOHNWXHOOHQ $QVFKDXXQJ XQG GHV LQWXLWLYHQ 9HUVWDQGHV… NRUUHVSRQGLHUWHQ XQG GDV 3UREOHP GHV ,QGLYLGXXPV LQ GDV ”3UREOHP GHV w'LQJHV DQ



VLFKk… YHUZDQGOH YJO %G  6  9JO %G  6  ”:LU HUNHQQHQ LQ /HLEQL]n 6½W]HQ QDFK 6SUDFKH XQG *HVLQQXQJ GHQ .HLP IÕU GLH (WKLN GHV NDWHJRULVFKHQ ,PSHUDWLYV… 6  KHL¸W HV GDQQ DXFK GD¸ /HLEQL] GHU ”%HJUÕQGHU



GHV GHXWVFKHQ ,GHDOLVPXV… VHL DOVR GHU HLJHQWOLFKH 9RUEHUHLWHU YRQ .DQWV 'HQNHQ % 5XVVHOO $ FULWLFDO H[SRVLWLRQ RI WKH SKLORVRSK\ RI /HLEQL] :LWK DQ DSSHQGL[ RI OHDGLQJ SDVVDJHV &DP EULGJH   / &RXWXUDW /D ORJLTXH GH /HLEQL] GnDSUÁV GHV GRFXPHQWV LQÂGLWV 3DULV  





5H]HQVLRQHQ  &DVVLUHUVYLHUE½QGLJH'DUVWHOOXQJGHU(QWZLFNOXQJGHVw(UNHQQWQLVSUREOHPVkLQGHU3KL ORVRSKLHGHUwQHXHUHQ=HLWkrYRQGHUKLHUQXUGLHEHLGHQHUVWHQ%½QGHGLHMHGRFKLPPHU KLQVFKRQGHQEHHLQGUXFNHQGHQ+RUL]RQWYRQGHU3KLORVRSKLHGHU5HQDLVVDQFHDQJHIDQJHQ PLW1LNRODXVYRQ.XHVELV]XP(LQVDW]GHUwNULWLVFKHQk3KLORVRSKLHGXUFK,PPDQXHO.DQW XPID¸WEHVSURFKHQZHUGHQNÏQQHQrLVWGDVO½¸WVLFKQDFKHLQHUNULWLVFKHQ/HNWÕUHVD JHQ LPPHU QRFK HLQH ]XPLQGHVW LP GHXWVFKHQ 6SUDFKUDXP XQHUUHLFKWH 'DUVWHOOXQJ GHU NRPSOH[HQ *HQHVH GHV QHX]HLWOLFKHQ 3KLORVRSKLHUHQV ,QWHQWLRQ XQG $QVSUXFK &DVVLUHUV LVWHV”GLHZDKUHQJHGDQNOLFKHQ*HJHQV½W]HDXVGHQHQGLHQHXHUH3KLORVRSKLHHUZ½FKVW DQV/LFKW]XEULQJHQ…%G6 GLH(QWZLFNOXQJGHUQHXHUHQ3KLORVRSKLHOHW]WOLFKDOV HLQHVFKULWWZHLVH7UDQVIRUPDWLRQGHU6WUXNWXUHQGHV”UHDOHQ6HLQVLQHLQ6\VWHPQRWZHQGL JHU'HQNDNWH…HEG6YJODXFK6 GHU”RQWRORJLVFKHQ6XEVWDQ]…ZLHHWZDEHL /DYRLVLHU LQ HLQHQ ”.RUUHODWEHJUL ]XP *HGDQNHQ GHU TXDQWLWDWLYHQ (UKDOWXQJ… HEG 6 ]XUHNRQVWUXLHUHQDXI]X]HLJHQZLHGLH”*UHQ]OLQLH…]ZLVFKHQ”GHQDEVROXWHQ'LQ JHQwDX¸HUXQVkXQGGHQ(UNHQQWQLVVHQwLQXQVk…LPPHUPHKULQWHUQDOLVLHUWZLUGVLFKVFKOLH¸ OLFKVFKRQLQGHUYRUNDQWLVFKHQ'LVNXVVLRQHWZDEHL-RKDQQ1LNRODXV7HWHQVYJOGHVVHQ 3KLORVRSKLVFKH 9HUVXFKH ÕEHU GLH PHQVFKOLFKH 1DWXU /HLS]LJ   ”LP *HELHW GHU (UNHQQWQLV VHOEVW…IHVWVHW]W%G6 *UXQGODJHKLHUIÕUELOGHWQDFK&DVVLUHUQLFKWQXUGLH”PR GHUQH3K\VLN…GKGLHPLW*DOLOHLXQG.HSOHUHLQVHW]HQGHDQGHU0DWKHPDWLNXQGDQGHQ IRUPDOHQ 'HQNJHVHW]HQ RULHQWLHUWH H[SHULPHQWHOOK\SRWKHWLVFKH 1DWXUZLVVHQVFKD  %G 6 GLHVLFKDXVGHQVSHNXODWLYP\VWLVFKHQ3URMHNWLRQHQTXD OLWDWHVRFFXOWDHLQWHUQDUHUXPIRUPDHVXEVWDQWLDOHV>%G6@ ]HLWJHQÏVVL VFKHUVS½WUHQDLVVDQFLVWLVFKQHXVFKRODVWLVFKHU$QV½W]HKHUDXVGUHKWLQV/LFKWGHUUHLQHQJHL VWLJHQ”.RQVWUXNWLRQ…VRQGHUQDXFKrXQGGDVLVWGDVELVKHXWHWURW]DOOHUPÏJOLFKHQ.ULWLN 6SDQQHQGHrGLHSODWRQLVFKH*HLVW0HWDSK\VLNHLQHV1LNRODXVYRQ.XHVGLHIUHLOLFKNDQ WLVFK JHGHXWHW ZLUG XQG HLQHV &KDUOHV GH %RXYHOOHV &DUROXV %RYLOOXV  PLW GHUHQ 'DU VWHOOXQJGDV8QWHUQHKPHQEHJLQQW%G6 &DVVLUHUYHUZHQGHWLP.RQWH[WVHLQHU $QDO\VHQDXFKHLQHQ%HJULYRQ”/RJLN…%G6SULQ]LSLHOOORJLVFKHU&KDUDNWHUGHU PRGHUQHQ3K\VLN6”ORJLVFKH6WUXNWXUGHU(UIDKUXQJ…EHL.DQW GHUUHLQ HUNHQQWQLVWKHRUHWLVFKJHGDFKWLVW”ORJLVFKHe3ULQ]LSLHQGHV:LVVHQV…EHWUL$GLHYRUDO OHPLP'HQNHQGHV/HLEQL]GHUGDKHUYRQ$QIDQJDQIÕU&DVVLUHUZLFKWLJJHZHVHQLVWVLFK

 

'LH HUVWHQ EHLGHQ %½QGH XPIDVVHQ DFKW %ÕFKHU %G ,  'LH 5HQDLVVDQFH XQG GDV (UNHQQWQLVSUREOHP >1LNRODXV Y .XHV +XPDQLVPXV 6NHSWLFLVPXV %G  6 @  'LH (QWGHFNXQJ GHV 1DWXUEH



JUL V >1DWXUSKLORVRSKLH (QWVWHKXQJ GHU H[DNWHQ 1DWXUZLVVHQVFKD HQ %G  6 @  'LH *UXQGOHJXQJ GHV ,GHDOLVPXV >'HVFDUWHV 3DVFDO 0DOHEUDQFKH %D\OH %G  6 @ %G ,,  'LH $QI½QJH GHV (PSLULVPXV >%DFRQ *DVVHQGL +REEHV %G  6 @  )RUWELOGXQJ XQG 9ROO HQGXQJ GHV ,GHDOLVPXV >6SLQR]D /HLEQL] 7VFKLUQKDXV HQJOLVFKHU 5DWLRQDOLVPXV %G  6 @  'DV (UNHQQWQLVSUREOHP LP 6\VWHP GHV (PSLULVPXV >/RFNH %HUNHOH\ +XPH %G  6 @  9RQ 1HZWRQ ELV .DQW >0HWKRGH 5DXP=HLW 2QWRORJLH %HZX¸WVHLQ %G  6 @  'LH

 

NULWLVFKH 3KLORVRSKLH .DQW >(QWVWHKXQJ 9HUQXQ NULWLN %G  6 @ %G  6  'HU &XVDQHU NÏQQH DOV ”%HJUÕQGHU XQG 9RUN½PSIHU GHU QHXHUHQ 3KLORVRSKLH… JHOWHQ %G  6  ”(V LVW GDV &KDUDNWHULVWLNXP GHV UHLQHQ 9HUVWDQGHV GD¸ HU DXV HLJHQHU .UD

DOO VHLQH

,QKDOWH HQWZLFNHOW XQG EHJUÕQGHW GD¸ HU ]X LKUHU ORJLVFKHQ 5HFKWIHUWLJXQJ QLFKW ÕEHU GLH *UHQ ]HQ VHLQHV HLJHQHQ 0DFKWEHUHLFKV KLQDXV]XJHKHQ EUDXFKW 'LH JDQ]H )ÕOOH GHU (UNHQQWQLV LVW VDFKOLFK LQ GHQ HUVWHQ UHLQ LQWHOOHNWXHOOHQ 3ULQ]LSLHQ EHUHLWV HQWKDOWHQ XQG YRUJH]HLFKQHW… +LHULQ VDK &DVVLUHU HLQHQ $QIDQJ GHU LQ VHLQHQ $XJHQ PLW VDFKOLFKHU 1RWZHQGLJNHLW LQ GHU .DQWLVFKHQ 9HUQXQ NULWLN HQGHQ PX¸WH





5H]HQVLRQHQ ”]XP6HOEVW]ZHFN…ZHUGHQ%G6 6HLQH'DUVWHOOXQJLVWHLQHXPIDVVHQGHVXEWLOH LPPHUDXFKDXIDQGHUH.RQWH[WHrHWZDDXIGLH(LQÕVVHGHVDQWLNHQ$WRPLVPXVRGHUGHU 6NHSVLVrDFKWHQGH5HNRQVWUXNWLRQGHU(QWZLFNOXQJGLHVHU/RJLNGHV(UNHQQHQVGLHLPPHU DXIGLH”.UD XQG8QDEK½QJLJNHLWGHV*HLVWHV…DFKWHW%G9RUUHGH6,; GLH(UNHQQW QLVZLHHWZDDP%HLVSLHOYRQ.HQHOP'LJE\DOV”UHLQJHLVWLJHV7XQ…HUZHLVWDOV”HLQ/LFKW GDVGHU,QWHOOHNWDXIGLH'LQJHZLU QLFKWGDVHUYRQLKQHQHUVWHPSI½QJW…%G6  XQGGLHOHW]WOLFKYHUPLWWHOWGXUFKGHQQHX]HLWOLFKHQDQJHOV½FKVLVFKHQ ,GHDOLVPXV%HUNH OH\%G6+XPHHEG6EHV XQGÕEHUGLH0HWKRGHQGLVNXVVL RQ,QGXNWLRQVSUREOHP LQ.DQWVWUDQV]HQGHQWDOHU/ÏVXQJNXOPLQLHUWLQGHUGDV9HUK½OW QLV YRQ 1DWXU E]Z 'LQJHQ XQG ,FK E]Z (UNHQQHQ MHW]W DOV HLQ ”UHLQ ORJLVFKHV %HGLQ JXQJVYHUK½OWQLV…JHGHXWHWZLUGLQGHPGHUQLFKWVXEMHNWLYH9HUVWDQGDSULRULGLH*HJHQ VW½QGOLFKNHLWGHU'LQJHDOVVROFKHEHJUÕQGHW%G6   &DVVLUHUJHOLQJWHVLQEHZXQGHUQVZHUWHU:HLVHLQGHU'XUFKIÕKUXQJVHLQHUKLVWRULVFKHQ 5HNRQVWUXNWLRQ LPPHU ZLHGHU PLW ÕEHUNRPPHQHQ )HKOHLQVFK½W]XQJHQ XQG 9RUXUWHLOHQ DXI]XU½XPHQVRHWZDLQGHP1DFKZHLVGD¸GHU*HGDQNH”GD¸VLFKMHQVHLWVDOOHUXQVHUHU HPSLULVFKSK½QRPHQDOHQ(UNHQQWQLVHLQH:HOWXQHUNHQQEDUHUw'LQJHDQVLFKkYHUELUJWe GHQPDQVRK½XJDOV6XEVWDQ]GHU.DQWLVFKHQ/HKUHDQJHVHKHQKDW…”LQ:DKUKHLWQLFKWV DQGHUHV DOV GLH KHUUVFKHQGH µEHU]HXJXQJ GHU JHVDPPWHQ 3KLORVRSKLH GHV DFKW]HKQWHQ -DKUKXQGHUWV… JHZHVHQ LVW %G  6 YJO HEG 6  (V LVW r IRUVFKXQJVJH VFKLFKWOLFKrHEHQVREHGHXWVDPGD¸&DVVLUHU/HRQKDUG(XOHUHLQHJUÕQGOLFKH:ÕUGLJXQJ ]XNRPPHQ O½¸W ”GHU HLJHQWOLFKH XQG NODVVLVFKH =HXJH GHV *HLVWHV GHU PDWKHPDWLVFKHQ 1DWXUSKLORVRSKLH… GLHLP5DKPHQVHLQHVKHUPHQHXWLVFKHQ$QVDW]HVYROONRPPHQVFKOÕV VLJ LVW %G  6   GD¸ HU 5RJHU -RVHSK %RVFRYLFKV 1DWXUSKLORVRSKLH GLVNXWLHUWHEG6 GD¸HUGHQZLFKWLJHQ(LQX¸YRQ&KULVWLDQ$XJXVW&UXVLXV DXI.DQWKHUDXVDUEHLWHWHEG6EHV   'LH.DQW'DUVWHOOXQJGLHGDVJDQ]HDFKWH%XFKXPID¸WXQGGHQ$EVFKOX¸GHVKLHUYRU OLHJHQGHQ=ZHLWHQ%DQGHVYRQ'DV(UNHQQWQLVSUREOHPELOGHW%G6 LVWREZRKO .DQWKLHUDPrYRUO½XJHQGHUQ½FKVWH%DQGVROOWHMDHUVWHUVFKHLQHQ r(QGHVWHKW VRZRKODOV$QIDQJVZLHDOV(QGRGHU=LHOSXQNWGHUJDQ]HQSKLORVRSKLVFKHQ(QWZLFNOXQJ GHUQHXHUHQ=HLW]XVHKHQ&DVVLUHUJHKWVFKRQREJOHLFKHUDOVHUVWH$UEHLWHLQ/HLEQL] %XFKYRUJHOHJWKDWWHYRQ.DQWDXV'HVVHQ'HQNHQELOGHWVR]XVDJHQGHQ*ROGJUXQGDXI GHPDOOHVDXIJHWUDJHQLVWXQGGHUDOV5LFKWPD¸LPPHUZLHGHU]XP'XUFKVFKHLQHQJHEUDFKW ZLUG'HU)RUWJDQJLVWIÕU&DVVLUHUQXUPH¸EDUZHQQLFKHEHQHLQH”3RVLWLRQ…HLQJHQRP PHQKDEH6HLQHLVWGLHGHVNULWLVFKHQ(UNHQQWQLVEHJULVGLHGHU”/RJLN…GHU(UNHQQWQLV .DQW GLHV JLOW HV WURW] GLHVHU %HREDFKWXQJHQ IHVW]XKDOWHQ ZLUG MHGRFK QLFKW ZLOONÕUOLFK XQGLQ½X¸HUOLFKHU.RQVWUXNWLRQ]XP(QGSXQNWGHU(QWZLFNOXQJGHV(UNHQQWQLVSUREOHPV XQGGHUGDPLWYHUEXQGHQHQLQQRYDWLYHQ%HZ½OWLJXQJVOHLVWXQJHQGHUYRUDOOHPQDWXUWKHR UHWLVFKHQ *UXQGSUREOHPH 5DXPEHJUL %HZHJXQJ .UD  6FKZHUNUD  HWF  JHPDFKW VRQGHUQ&DVVLUHUYHUVXFKWGHXWOLFK]XPDFKHQGD¸GLH.DQWLVFKHNULWLVFKH3KLORVRSKLHHLQH LQQHUH QRWZHQGLJH XQG GHQQRFK GXUFK .DQW IUHL XQGJHQLDO YROO]RJHQH .RQVHTXHQ] GHU

  

%HVRQGHUV DXIVFKOX¸UHLFK LVW KLHU GLH KHUYRUUDJHQGH $QDO\VH GHU 3RVLWLRQ - /RFNHV LQ %G  6  *DQ] GHXWOLFK ZLUG GHU KHUPHQHXWLVFKH 9HNWRU GHQ &DVVLUHU VHLQHQ $QDO\VHQ ]XJUXQGH OHJW VFKRQ LQ GHQ HUVWHQ 3DVVDJHQ GHU ”9RUUHGH ]XU HUVWHQ $XI ODJH…   YJO %G  6 ,;; ”NUL WLVFKH $QDO\VH… YHUVXV ”'RJPDWLVPXV GHU JHZÏKQOLFKHQ $QVLFKW…





5H]HQVLRQHQ 'LVNXVVLRQVODJHGHUHUVWHQ+½O HGHV-DKUKXQGHUWVGHU”.ULVLVGHU2QWRORJLH…%G 6YJODXFK6]X.U9% GDUVWHOOW  'LH'DUVWHOOXQJ.DQWVrXQGGDPLWGLHGHUHUVWHQEHLGHQ%½QGHrHQGHWVLJQLNDQWHU ZHLVHPLWGHQ.DSLWHOQ]XP”%HJULGHV6HOEVWEHZX¸WVHLQV…%G6 XQG]XP ”'LQJDQVLFK…HEG6 LQGHQHQGLH”UHLQH)RUPGHVw%HZX¸WVHLQVÕEHUKDXSWk… 6 DXIGHUHLQHQXQGGLHwUHLQH)RUPGHU*HJHQVW½QGOLFKNHLWÕEHUKDXSWkDXIGHUDQGH UHQ 6HLWH DOV (FNSIHLOHU XQG $XVGUXFN HLQHV JHLVWLJHQ *UXQGSUR]HVVHV ]X VWHKHQ NRPPHQ 'LH7DWVDFKHGD¸HVIÕUXQVXQGGDPLWIÕUGDV6HLQGHU:HOWVRZLHZLUVLHQRWZHQGLJVH KHQPÕVVHQ”*HVHW]P½¸LJNHLW…JLEWGD¸6HLQDOVRLQVLFKUDWLRQDOVWUXNWXULHUWLVWLVW”HLQH NRQVWLWXWLYH 9RUDXVVHW]XQJ GHU )XQNWLRQ GHU (UIDKUXQJ VHOEVW… GLH LKUHUVHLWV HUVW ]XU (U NHQQWQLV”GHU*HJHQVW½QGHZLHGHVHLJHQHQ6HOEVWKLQIÕKUW…%G6 &DVVLUHUVLHKW ]ZDULQGHU(UNHQQWQLVGLHVHUHUNHQQWQLVWKHRUHWLVFKXQKLQWHUJUHLIEDUHQ*UXQGIXQNWLRQGHV 9HUVWDQGHVGLH”JHVFKLFKWOLFKH0LVVLRQ…GHU3KLORVRSKLH.DQWVHUIÕOOWHEG HUIÕJWDEHULQ VRXYHU½QHU(LQVLFKWGDEHLDXFKLQGLH%HJUHQ]WKHLWVHLQHUSUREOHPJHVFKLFKWOLFKHQHUNHQQW QLVWKHRUHWLVFKHQ *UXQGIUDJHVWHOOXQJ HLQGULQJOLFK KLQ]X GD¸ ”GHU HLJHQWOLFKH $EVFKOX¸… GHV .DQWLVFKHQ *HGDQNHQV ”DX¸HUKDOE GHU *UHQ]HQ GHU EOR¸ WKHRUHWLVFKHQ %HWUDFKWXQJ… Q½POLFKLQGHU(WKLNOLHJH%G6 (PSKDWLVFKKHL¸WHVDP%HVFKOX¸”'LHNULWLVFKH 3KLORVRSKLHLVWGLH3KLORVRSKLHGHU)UHLKHLW…HEG6   'LHYRUOLHJHQGHQ%½QGHJHVWDWWHQDXFKVFKRQHLQ8UWHLOÕEHUGLHVHQHXH&DVVLUHU$XV JDEHVRZLHÕEHUGLHHGLWRULVFKH4XDOLW½W=XOHW]WHUHULVW]XVDJHQGD¸GLH$XVJDEHVRZRKO YHUODJVVHLWLJKHUYRUUDJHQGSU½VHQWLHUWLVWr)RUPDWXQG6HLWHQVSLHJHOVLQGDXVJHVSURFKHQOH VHUIUHXQGOLFKGLHEHLJHIÕJWH3DJLQLHUXQJGHU(UVWDXVJDEHHUOHLFKWHUWGDV$XLQGHQYRQ]L WLHUWHQ7H[WVWHOOHQrDOVDXFKYRQGHQMHZHLOLJYHUDQWZRUWOLFKHQ%DQGEHDUEHLWHUQVRUJI½OWLJ EHWUHXWZRUGHQLVW%HVRQGHUVKHUYRU]XKHEHQLVWGDVMHZHLOVDQJHK½QJWHJXWUHFKHUFKLHUWH 6FKUL HQUHJLVWHU GDV VRZHLW QDFKZHLVEDU  GLH YRQ &DVVLUHU VHOEVW EHQXW]WHQ RGHU ]XPLQ GHVWLKPGRFK]XJ½QJOLFKHQ$XVJDEHQQHQQWXQG]XJOHLFKDXIGLH2NNXUUHQ]HQLP7H[W YHUZHLVW'HUwHGLWRULVFKH%HULFKWkLQIRUPLHUWMHZHLOVNQDSSÕEHUGLH]XJUXQGHJHOHJWHQRU WKRJUDSKLVFKHQ.ULWHULHQVRZLHÕEHUGHQ%DVLVWH[W/HLGHUZXUGHIÕU'DV(UNHQQWQLVSUREOHP MHGHQIDOOVZDVGLHHUVWHQEHLGHQ%½QGHEHWUL$DXIHLQ%HJULVXQGDXFK3HUVRQHQUHJLVWHU YHU]LFKWHW ZLH HV GRFK LP HUVWHQ %DQG ]X /HLEQL] YRUJHOHJW ZRUGHQ LVW 0DQ NDQQ GHQ +HUDXVJHEHUQQXUHPSIHKOHQGLHVZHQQHVGHQQQLFKWVFKRQJHSODQWLVWIÕUGHQOHW]WHQ YLHUWHQ%DQGQDFK]XUHLFKHQ'LHw+DPEXUJHU$XVJDEHkGLHDXI%½QGHDQJHOHJWLVWXQG LKUHQ$EVFKOX¸PLW7KH0\WKRIWKH6WDWHQGHQVROOZLUGVLFKHUOLFKQLFKWQXUIÕUGLHKRFK VSH]LDOLVLHUWH&DVVLUHU)RUVFKXQJEDOGXQHQWEHKUOLFKZHUGHQVRQGHUQVLHELHWHWHEHQVRIÕU 6WXGLHUHQGHXQGGHQDOOJHPHLQDQGHU*HVWDOW&DVVLUHUVLQWHUHVVLHUWHQ/HVHULQQHQXQG/H VHUQHLQHQRFK HUVFKZLQJOLFKH]XYHUO½VVLJH7H[WEDVLV



7KRPDV/HLQNDXI0ÕQVWHU 

 

'DV (UNHQQWQLVSUREOHP =ZHLWHU %DQG %G  6  ”*HVFKLFKWOLFK EHWUDFKWHW VWHKW .DQW KLHU DP =LHO HLQHU JHGDQNOLFKHQ %HZHJXQJ GHUHQ :XU]HOQ ELV LQ GLH $QI½QJH GHU PRGHUQHQ 3KLORVR SKLH VRZRKO ZLH GHU PRGHUQHQ :LVVHQVFKD

]XUÕFNUHLFKHQ (U ]XHUVW EULQJW GLHVH %HZHJXQJ ]X

LKUHP LQQHUHQ $EVFKOX¸ LQGHP HU GLH EHLGHQ (QWZLFNOXQJVUHLKHQ >VF GLH GHU REMHNWLYLVWLVFKHQ XQG GLH GHU VXEMHNWLYLVWLVFKHQ :LUNOLFKNHLWVGHXWXQJ 1DWXUWKHRULH XQG (UNHQQWQLVWKHRULH@ GLH ELVKHU JHWUHQQW YRQHLQDQGHU YHUOLHIHQ QXQPHKU PLW NODUHP %HZX¸WVHLQ LQ HLQV ID¸W…





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP  

1HXHUVFKHLQXQJHQ

    $8*867,1 µEHU 6FKDX XQG *HJHQZDUW GHV XQVLFKWEDUHQ *RWWHV 7H[WH PLW (LQIÕKUXQJ XQG µEHUVHW]XQJYRQ(ULFK1DDE0\VWLNLQ*HVFKLFKWHXQG*HJHQZDUW7H[WHXQG8QWHUVX FKXQJHQ$EW,%G 6WXWWJDUW%DG&DQQVWDWW)URPPDQQ+RO]ERRJ6*HE úr,6%1  (LQHUVHLWV EHKDXSWHW GLH +HLOLJH 6FKUL  QLHPDQG KDEH *RWW MH JHVHKHQ DQGHUHUVHLWV EH ULFKWHQYLHOH9½WHUVLHK½WWHQ*RWWLQHLQHUOHLEOLFKXPVFKULHEHQHQ*HVWDOWJHVHKHQ”wµEHU GLH *RWWHVVFKDXk KDEH LFK HLQ %XFK JHVFKULHEHQ LQ GHP LFK HLQH ]LHPOLFK VRUJI½OWLJH 8Q WHUVXFKXQJJHIÕKUWKDEHÕEHUGHQJHLVWLJHQ/HLEGHQHVLQGHU$XIHUVWHKXQJGHU+HLOLJHQ JHEHQZLUGRERGHUZLHw*RWWGHU*HLVWLVWkDXFKGXUFKVROFKHQ/HLEJHVHKHQZLUG…rVR $XJXVWLQ (S   'HU YRUOLHJHQGH YRQ (1DDE ]XVDPPHQJHVWHOOWH %DQG HQWK½OW XP IDQJUHLFKH(LQOHLWXQJHQLQGLH:HUNHw'HYLGHQGR'HRkw&RPPRQLWRULXPVDQFWRIUDWUL)RUWXQD WLDQRkXQGw'HSUDHVHQWLD'HLkIHUQHUGLHIRWRPHFKDQLVFKUHSURGX]LHUWHQODWHLQLVFKHQ7H[WH GHU&6(/(GLWLRQHQVRZLHGLHLKQHQJHJHQÕEHUJHVWHOOWHQGHXWVFKHQµEHUVHW]XQJHQ %2(7+,86'HFRQVRODWLRQHSKLORVRSKLDH2SXVFXODWKHRORJLFD(GLGLW&ODXGLR0RUHVFKLQL%L EOLRWKHFD6FULSWRUXP*UDHFRUXPHW5RPDQRUXP7HXEQHULDQD 0ÕQFKHQr/HLS]LJ.* 6DXU;;,6HLWHQ*HEúr,6%1   'DV+DXSWZHUN'HFRQVRODWLRQHSKLORVRSKLDHGHVHPLQHQWHQµEHUVHW]HUV.RPPHQWDWRUVXQG 9HUPLWWOHUVDQWLNHU3KLORVRSKLHXQG%LOGXQJVWUDGLWLRQDQGDV0LWWHODOWHUOLHJWQXQLQHLQHU QHXHQNULWLVFKHQ(GLWLRQYRU&0RUHVFKLQLKDW]XU(UVWHOOXQJGHVODWHLQLVFKHQ7H[WHVDOOH HUKDOWHQHQ+DQGVFKUL HQQHXNROODWLRQLHUWXQGZHLWHUH7H[W]HXJQLVVHDXVGHPXQG -DKUKXQGHUW KLQ]XJH]RJHQ 'HU 7H[W GHU 2SXVFXOD WKHRORJLFD LVW GLH HUVWH NULWLVFKH (GLWLRQ GLHVHU6FKUL HQÕEHUKDXSW$XIHLQH%LEOLRJUDSKLHZXUGHHEHQVRYHU]LFKWHWZLHDXIHLQHQ WH[WEHJOHLWHQGHQ 4XHOOHQDSSDUDW GHU %DQG HQWK½OW VWDWW GHVVHQ HLQHQ ,QGH[ IRQWLXP VRZLH IHUQHUGLH,QGLFHVQRPLQXPUHUXPXQGPHWURUXP %2(7+,86 'H $ULWKPHWLFD LQ $QLFLL 0DQOLL 6HYHULQL %RHWKLL 2SHUD 3DUV ,, &XUD HW 6WXGLR +HQULFL2RVWKRXWHW,RKDQQLV6FKLOOLQJ&RUSXV&KULVWLDQRUXP6HULHV/DWLQD $ 7XUQ KRXW%UHSROV;9,,6*HEúr,6%1   %RHWKLXVn$ULWKPHWLNHLQHµEHUVHW]XQJXQG%HDUEHLWXQJGHU,QWURGXFWLRDULWKPHWLFDGHV1LNR PDFKRV YRQ *HUDVD ZDU LP 0LWWHODOWHU LP 5DKPHQ GHV 4XDGULYLXPV GDV JUXQGOHJHQGH /HKUEXFK]XU=DKOHQOHKUH,QLKPEHKDQGHOW%RHWKLXVXDGHQ=DKOEHJULGLHPÏJOLFKHQ (LQWHLOXQJHQGHU=DKOHQJHUDGHXQJHUDGHHWF XQGGLHYHUVFKLHGHQHQ$UWHQYRQ=DKOHQ YHUK½OWQLVVHQ1DFKGHUODQJHPD¸JHEOLFKHQ$XVJDEHYRQ*RWWIULHG)ULHGOHLQDXVGHP-DKUH

1HXHUVFKHLQXQJHQ XQGQHEHQGHPLQ3DULVYRQ-HDQ