Andrea Felbinger Kohärenzorientierte Lernkultur
VS RESEARCH
Andrea Felbinger
Kohärenzorientierte Lernkultur Ein Mo...
144 downloads
759 Views
2MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
Andrea Felbinger Kohärenzorientierte Lernkultur
VS RESEARCH
Andrea Felbinger
Kohärenzorientierte Lernkultur Ein Modell für die Erwachsenenbildung
Mit einem Geleitwort von Prof. Dr. Rudolf Egger
VS RESEARCH
Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar. Dissertation Universität Graz, Österreich, 2009 Gedruckt mit freundlicher Unterstützung von
Amt der Steiermärkischen Landesregierung, Abteilung Wissenschaft und Forschung
Karl-Franzens-Universität Graz
Kulturamt der Stadt Graz Alfred-Schachner-Gedächtnisfonds in Graz 2. Vizebürgermeisterin der Stadt Bruck an der Mur 1. Auflage 2010 Alle Rechte vorbehalten © VS Verlag für Sozialwissenschaften | GWV Fachverlage GmbH, Wiesbaden 2010 Lektorat: Dorothee Koch / Dr. Tatjana Rollnik-Manke VS Verlag für Sozialwissenschaften ist Teil der Fachverlagsgruppe Springer Science+Business Media. www.vs-verlag.de Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürften. Umschlaggestaltung: KünkelLopka Medienentwicklung, Heidelberg Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier Printed in Germany ISBN 978-3-531-17202-6
*HOHLWZRUW 'DV9HUWUDXHQLQGLHHLJHQHQ)lKLJNHLWHQGHU*ODXEHGDUDQHWZDVHUUHLFKHQ]X N|QQHQLVWIUHUIROJUHLFKHV/HUQHQYRQHQWVFKHLGHQGHU%HGHXWXQJ(VLVWVWUXN WXUHOO JHVHKHQ JHQDXVR ZLFKWLJ ZLH GLH REMHNWLYHQ 9RUDXVVHW]XQJHQ YRQ 9RU ZLVVHQ RGHU ,QWHOOLJHQ] )RUPHQ GHU 6HOEVWZLUNVDPNHLW DOV (UP|JOLFKXQJ GHU VXEMHNWLYHQ *HZLVVKHLW QHXH RGHU VFKZLHULJH $QIRUGHUXQJVVLWXDWLRQHQ DXI *UXQGHLJHQHU.RPSHWHQ]HQ]XEHZlOWLJHQVLQGLQGLHVHP6LQQHYRQHQWVFKHL GHQGHU%HGHXWXQJIUGDV*HOLQJHQYRQ/HUQSUR]HVVHQ'LH7KHRULHGHU6HOEVW ZLUNVDPNHLWVHUZDUWXQJHQ JHKW GDYRQ DXV GDVV MHGHU 0HQVFK VXEMHNWLYH :DKU QHKPXQJHQEH]JOLFKVHLQHU)lKLJNHLWHQXQG5HVVRXUFHQKDWZREHLHEHQQLFKW QXUGLHWDWVlFKOLFKH.RPSHWHQ]GHU3HUVRQHQWVFKHLGHQGLVWVRQGHUQLKUHVXEMHN WLYH (LQVFKlW]XQJ GLH VLFK YRQ GHU ÄUHDOLVWLVFKHQ (LQVFKlW]XQJ³ GXUFKDXV HQW IHUQHQ NDQQ 6HOEVWZLUNVDPNHLWVHUZDUWXQJHQ EHHLQIOXVVHQ DOVR QLFKW QXU XQVHU 9HUKDOWHQVRQGHUQDXFKXQVHU'HQNHQXQG)KOHQXQVHUH0RWLYDWLRQXQGXQVHU 'XUFKKDOWHYHUP|JHQ )U GLH (UZDFKVHQHQELOGXQJ LVW GLHV YRQ JUXQGOHJHQGHU %HGHXWXQJ ZHQQ HV XP GLH 3ODQXQJ GLH 'XUFKIKUXQJ XQG GLH ELRJUDSKLVFKH Ä(YDOXDWLRQ³YRQ/HUQSUR]HVVHQJHKW =LHO GHV KLHU YRUOLHJHQGHQ %XFKHV KHUYRUJHJDQJHQ DXV HLQHP 'LVVHUWDWL RQVSURMHNW LVW GLH .OlUXQJ GHU 3UR]HVVH GHU (UPlFKWLJXQJ YRQ 3HUVRQHQ XQG HLQHGDUDXIDXIEDXHQGH0RGHOOLHUXQJXQG(LQEHWWXQJGHUGDEHLHLQJHQRPPHQHQ VXEMHNWLYHQ Ä6WHXHUXQJHQ³ LQ %LOGXQJVSUR]HVVHQ 'HQ KLHU JHVWHOOWHQ )UDJHQ QDFKGHP6LQQXQGGHP:HVHQGHUGLH6XEMHNWHLQLQWHJUDOHU:HLVH]XLKUHP %LOGXQJV+DQGHOQDQWUHLEWZLUGWKHRUHWLVFKYRUDOOHPDQKDQGGHU%HJULIIVVWUXN WXUHQÄ/HEHQVZHOWRULHQWLHUXQJ³XQGÄ.RKlUHQ]JHIKO³QDFKJHJDQJHQ9RUDOOHP GLH $XVIKUXQJHQ YRQ $ $QWRQRYVN\ ]X VHLQHP 0RGHOO GHU .RKlUHQ] VLQG GDEHL ZHJZHLVHQG ,Q $QDORJLH ]X GHQ HVVHQWLHOOHQ )DNWRUHQ IU GLH %HLEHKDO WXQJ YRQ *HVXQGKHLW ZHUGHQ GLH $QIRUGHUXQJHQ GHV /HEHQVODQJHQ /HUQHQV LQ +LQEOLFNDXIGLHHVXPJHEHQGHQJHVHOOVFKDIWOLFKHQ%HGLQJXQJHQEHVWLPPW$Q KDQG YLHOIlOWLJHU WKHRUHWLVFK DEJHVLFKHUWHU $VSHNWH ZLUG GDEHL GHP .RKlUHQ] HPSILQGHQGHU,QGLYLGXHQQDFKJHJDQJHQ'LHVHV9HUIDKUHQLVWGDEHLVHKUHUWUDJ UHLFKXQGZLFKWLJGHQQDOO]XODQJHKDWVLFKGLH(UZDFKVHQHQELOGXQJDXIQRUPD WLYH3RVWXODWHXQGGHUHQ%HJUQGXQJEHVFKUlQNWRKQHVLFKGHU*UXQGODJHQLKUHU 8PVHW]EDUNHLWGXUFKNRQNUHWHV+DQGHOQLQGHUUHDOHQ:HOW]XYHUJHZLVVHUQ6R H[LVWLHUWHLQLPPHUJU|HUZHUGHQGHU7HLOGHUHUZDFKVHQHQELOGQHULVFKHQ3URGXN
*HOHLWZRUW
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lUNHU EHUFNVLFK WLJWZHUGHQ)UDJHQQDFKGHP6LQQGHUGLH6XEMHNWHLQLQWHJUDOHU:HLVH]XLKUHQ /HUQ+DQGOXQJHQPRWLYLHUWQDFKGHQ$QHLJQXQJVVWUXNWXUHQXQGP|JOLFKNHLWHQ EHNRPPHQ GDGXUFK HLQH ZHVHQWOLFKH SURIHVVLRQVVSH]LILVFKH 'LPHQVLRQLHUXQJ 'LHVH +LQZHQGXQJ ]X GHQ VLQQJHEXQGHQHQ +DQGOXQJHQ GHU ,QGLYLGXHQ XQG GHUHQ (LQELQGXQJ LQ GLH LQWHUDNWLRQHOOHQ LQVWLWXWLRQHOOHQ .RQWH[WH XQG GLH XQ KLQWHUJHKEDUH ,QWHQWLRQDOLWlW GHU /HUQHQGHQ ZHUGHQ GXUFK GLHKLHU YRUJHVWHOOWHQ %HJULIIOLFKNHLWHQ GXUFK HLQH VHQVLEOH NRPPXQL]LHUEDUH VR]LDO DQVFKOXVVIlKLJH XQGKDQGOXQJVOHLWHQGHOHEHQVZHOWOLFKH3HUVSHNWLYHHUZHLWHUW'HPJHPlZHUGHQ GLH XQWHUVFKLHGOLFKHQ )RUPHQ ELRJUDSKLVFK NRPSOH[HU $QHLJQXQJ EHUFNVLFK WLJWXP /HKUHQ XQG/HUQHQDOVG\QDPLVFKH$VSHNWHGHU VXEMHNWLYHQ:HOW]XJH ZDQGWKHLWGHV0HQVFKHQEHJUHLIEDU]XPDFKHQ(VLVW GDV9HUGLHQVWGLHVHVKLHU YRUJHVWHOOWHQ0RGHOOVGDVVDXIGDV=XVDPPHQVSLHOGHUNRQNUHWHQ/HUQSUR]HVVH GLH IRUWZlKUHQG LQQHUKDOE XQG DXHUKDOE YRQ ,QVWLWXWLRQHQ VWDWWILQGHQ XQG HUVW GXUFK GLH 6LQQ XQG 2ULHQWLHUXQJ HQWVWHKHQ NDQQ KLQJHZLHVHQ ZLUG 'LH GDEHL VLFKSUlVHQWLHUHQGHQEHUJHRUGQHWHQJHQHUDWLYHQ+DQGOXQJVXQG:LVVHQVVWUXN WXUHQLP6LQQHYRQ6HOEVWXQG:HOWUHIHUHQ]HQJHKHQZHLWEHUHLQH(UP|JOL FKXQJVGLGDNWLNKLQDXVGDGDEHLDXFKDXIGHQ2UWGHUJHVHOOVFKDIWOLFKHQ9HUVWlQ GLJXQJ LQXQG GXUFK /HUQSUR]HVVH KLQJHZLHVHQ ZLUG(V ORKQWVLFK DQKDQG GHU KLHU YRUJHVWHOOWHQ %H]JH GLH ,QNRQVLVWHQ]HQ XQG %UXFKVWHOOHQ VRZRKO IU GLH GLGDNWLVFKHDOVDXFKIUGLHIRUVFKXQJVSUDNWLVFKH3HUVSHNWLYHVWlUNHU]XEHUFN VLFKWLJHQGDGLHVHGLHLQGLYLGXHOOHXQGDXFK GLHVWUXNWXUHOOH,QVWDELOLWlWLQLKUHU MHZHLOLJHQ VR]LDOHQ XQG JHVHOOVFKDIWOLFKHQ 5DKPXQJ HUUHLFKEDU PDFKHQ ,Q GHQ KLHUVLFKWEDUZHUGHQGHQ0|JOLFKNHLWHQXQG$PELYDOHQ]HQOLHJHQDXFKGLH.UlI WHYRQELRJUDSKLVFKVLQQYROOHQ/HUQSUR]HVVHQXQG/HEHQVHQWZUIHQLQLQVWLWXWL RQHOOHQ6WUXNWXUHQXQGOHEHQVZHOWOLFKHQ.RQWH[WHQ )U GLH (UZDFKVHQHQELOGXQJ LVW GLHVHV 0RGHOO GHVZHJHQ ZHUWYROO XQG HU JLHELJGDGLHXQWHUVFKLHGOLFKHQ/HUQZHOWHQGHU6XEMHNWHXQGGLHKLHULQHLQJHOD JHUWHQ/HEHQVXQG/HUQQDUUDWLYHLQLKUHP5LQJHQXPHLQHVLQQYROOH/HEHQVEH ZlOWLJXQJVWlUNHUEHUFNVLFKWLJWZHUGHQ 5XGROI(JJHU
9RUZRUW ,Q PHLQHU EHUXIOLFKHQ 7lWLJNHLW LQ XQWHUVFKLHGOLFKHQ )HOGHUQ GHU (UZDFKVHQHQ ELOGXQJ ELQ LFK KlXILJ PLW )UDJHQ QDFK HLQHP JHOLQJHQGHQ /HEHQ NRQIURQWLHUW 'LHVH )UDJHQ XPIDVVHQ LP 6SH]LHOOHQ 7KHPHQIHOGHU GLH PLW GHQ 6WLFKZRUWHQ %HZlOWLJXQJVP|JOLFKNHLWHQ /HUQIlKLJNHLW XQG %LOGXQJVRULHQWLHUXQJ 9HUlQGH UXQJVSHUVSHNWLYHQ XQG 5HVVRXUFHQDNWLYLHUXQJ VNL]]LHUW ZHUGHQ N|QQHQ 'LH 6XFKH QDFK $QWZRUWHQ DXI GLHVH )UDJHQ KDW PLFK ]XU LQWHQVLYHQ WKHRUHWLVFKHQ $XVHLQDQGHUVHW]XQJ PLW 0RGHOOHQ LQ GHU *HVXQGKHLWVELOGXQJ PLW 7KHRULHQ QHXHU/HUQNXOWXUHQIUGLH(UZDFKVHQHQELOGXQJXQGPLW6WXGLHQ]XJHVHOOVFKDIW OLFKHQ:DQGOXQJVSUR]HVVHQJHIKUW'LH)DV]LQDWLRQGLHVHU/HNWUHLQWHUHVVDQWH *HVSUlFKH DXI LQWHUGLV]LSOLQlUHQ 7DJXQJHQ HEHQVR ZLH GLH )UHXGH DP ZLVVHQ VFKDIWOLFKHQ (UNXQGHQ YRQ =XVDPPHQKlQJHQ JHVHOOVFKDIWOLFKHU *HJHEHQKHLWHQ LQYLHOIlOWLJHQ/HUQZHOWHQKDEHQGD]XEHLJHWUDJHQPLFKGLHVHP7KHPHQNUHLVLP 5DKPHQ HLQHV 'RNWRUDWVVWXGLXPV YHUWLHIW ]X ZLGPHQ 'LH LQWHUGLV]LSOLQlUH +H UDQJHKHQVZHLVH XQG GLH ,QWHJUDWLRQ GHV PHGL]LQVR]LRORJLVFKHQ .RQ]HSWHV GHV .RKlUHQ]JHIKOVYRQ$DURQ$QWRQRYVN\LQGLH(UZDFKVHQHQELOGXQJPQGHWLQ HLQHUHPDQ]LSDWRULVFKDXVJHULFKWHWHQ/HUQNXOWXU ,P /DXIH GHU (QWVWHKXQJVJHVFKLFKWH GLHVHU )RUVFKXQJVDUEHLW KDEHQ QLFKW ]XOHW]WPHLQHEHLGHQ%HWUHXHU*XQWHU,EHUHUXQG5XGROI(JJHUGXUFKLKUHLQKDOW OLFKH )DFKNRPSHWHQ] XQG LKUH ZHUWVFKlW]HQGH %HJOHLWXQJ HLQHQ ZHVHQWOLFKHQ %HLWUDJJHOHLVWHW'DUEHUKLQDXVKDWPHLQH7lWLJNHLWDOVZLVVHQVFKDIWOLFKH0LW DUEHLWHULQGD]XEHLJHWUDJHQPHLQ)RUVFKXQJVWKHPDYHUVWlUNWLPZLVVHQVFKDIWOL FKHQ'LVNXV]XSODW]LHUHQ,QGHUYRUOLHJHQGHQ%XFKSXEOLNDWLRQ]HLJWVLFKQXQ PHKU GHU (UWUDJ PHLQHU PHKUMlKULJHQ LQWHQVLYHQ %HVFKlIWLJXQJ LQ )RUP GHU (QWZLFNOXQJ HLQHV 0RGHOOV HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU IU GLH (U ZDFKVHQHQELOGXQJ $QGUHD)HOELQJHU
,QKDOWVYHU]HLFKQLV
(LQOHLWXQJXQG$XIEDXGHU$UEHLW
$OOJHPHLQH)RUVFKXQJVVLWXDWLRQ
$XVJDQJVSXQNWXQG3UREOHPVWHOOXQJ
0HWKRGLVFKHV9RUJHKHQ(UNHQQWQLVJHZLQQXQJLQGHU LQWHUGLV]LSOLQlUHQ+HUDQJHKHQVZHLVH
$XIEDXGHU$UEHLW
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
$XVJHZlKOWH%HLVSLHOHGHVJHVHOOVFKDIWOLFKHQ:DQGHOV
*OREDOLVLHUXQJDOVPDNURVWUXNWXUHOOHV3KlQRPHQ
3OXUDOLVLHUXQJDOV0HUNPDOGHU3RVWPRGHUQH
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW 3KlQRPHQHYRQ,QGLYLGXDOLVLHUXQJ )OH[LEHO±EHZHJOLFK±DQSDVVXQJVIlKLJHLQDQVSUXFKVYROOHU $XIWUDJ $XVZLUNXQJHQGHU:DQGOXQJVSUR]HVVHDXIGDV%LOGXQJVV\VWHP .RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP %LOGXQJLQGHU:LVVHQVJHVHOOVFKDIW /HEHQVODQJHV/HUQHQDOV5HDNWLRQDXI:DQGOXQJVSUR]HVVH 6FKOXVVIROJHUXQJHQ
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ /HUQNXOWXULQHLQHUVLFKYHUlQGHUQGHQ*HVHOOVFKDIW /HUQNXOWXUZDQGHO
,QKDOWVYHU]HLFKQLV
$XV$OWPDFK1HX9RQHLQHUWUDGLWLRQHOOHQ]XHLQHUQHXHQ /HUQNXOWXU %HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQNXOWXU8QVFKlUIHQLQGHU %HGHXWXQJ 9HUVXFKHLQHU%HJULIIVNOlUXQJ $XVJHZlKOWH0HUNPDOH /HUQHQ]ZLVFKHQ,QVWUXNWLRQXQGVHOEVWJHVWHXHUWHU (LJHQDNWLYLWlW $QIRUGHUXQJHQDQGLH3URIHVVLRQDOLWlWGHU/HKUHQGHQ (QWJUHQ]XQJGHU/HUQRUWHGXUFK%OHQGHG/HDUQLQJ.RQ]HSWH
$XIJDEHQXQG=LHOH /HUQHQIUGDV/HEHQhEHUOHJXQJHQ]XU/HEHQVEHZlOWLJXQJ /HUQIlKLJNHLWXQG:LVVHQVDQHLJQXQJ .RPSHWHQ]DOV*HJHQIROLH]X4XDOLILNDWLRQ $XVELOGXQJYRQ.RPSHWHQ]HQ
)D]LW
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
$DURQ$QWRQRYVN\±'HU%HJUQGHUGHV.RKlUHQ]JHIKO.RQ]HSWV
3DUDGLJPHQZHFKVHOYRQGHU3DWKRJHQHVH]XU6DOXWRJHQHVH (LQEOLFNHLQGDVELRPHGL]LQLVFKH0HQVFKHQELOG .HQQ]HLFKHQGHVVDOXWRJHQHWLVFKHQ3DUDGLJPDV 'DV*HVXQGKHLWV.UDQNKHLWV.RQWLQXXP 'DV.RQ]HSWGHV.RKlUHQ]JHIKOV6HQVHRI&RKHUHQFH %HGHXWXQJGHV%HJULIIHV 'LHGUHL.RPSRQHQWHQGHV.RKlUHQ]JHIKOV *HIKOYRQ9HUVWHKEDUNHLW6HQVHRI&RPSUHKHQVLELOLW\ *HIKOYRQ%HZlOWLJEDUNHLW6HQVHRI0DQDJHDELOLW\ *HIKOYRQ%HGHXWVDPNHLW6HQVHRI0HDQLQJIXOQHVV 8PJDQJPLW6WUHVVRUHQ %HZHUWXQJHLQHV6WUHVVRUV 6WUHVVRUHQXQG(PRWLRQHQ *HQHUDOLVLHUWH:LGHUVWDQGVUHVVRXUFHQ 'LH(UIDVVXQJGHU/HEHQVRULHQWLHUXQJPLWWHOV)UDJHERJHQ $XVSUlJXQJHQGHV.RKlUHQ]JHIKOV ,QGLYLGXHOOH.RKlUHQ]±*UXSSHQ62&±VR]LDOHV.DSLWDO 'LH9HUlQGHUEDUNHLWGHV.RKlUHQ]JHIKOV $QWRQRYVN\V$QQDKPHQ
,QKDOWVYHU]HLFKQLV
$NWXHOOH%HIXQGHXQG'LVNXVVLRQHQ 'LH:HLWHUHQWZLFNOXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOV *HVXQGKHLWVI|UGHUXQJLQ,QVWLWXWLRQHQ 3V\FKRWKHUDSLH&RDFKLQJXQG%HUDWXQJ
'LH(UIDVVXQJGHV.RKlUHQ]JHIKOVLQGHU(U]LHKXQJVZLVVHQVFKDIW
.RQVHTXHQ]HQIUGLH%LOGXQJVIRUVFKXQJ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU±HLQ0RGHOOIUGLH (UZDFKVHQHQELOGXQJ
0HQVFKHQELOGDQQDKPHQ
9RUJHKHQVZHLVHLP0RGHOOHQWZXUI 7KHRUHWLVFKHU5HIHUHQ]UDKPHQ .RQ]HSWLRQHOOH3HUVSHNWLYHQ 0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU 9HUVWHKEDUNHLWLP$QHLJQXQJVSUR]HVV 9HUQHW]WHV/HUQHQ /HUQHQDOVNRJQLWLYHU:LVVHQVDXIEDX 9HUVWHKHQGHV/HUQHQ 9RQGHU9HUPLWWOXQJ]XU$QHLJQXQJ (PRWLRQHQLP9HUVWHKHQVSUR]HVV %HZlOWLJEDUNHLWGXUFK5HVVRXUFHQYLHOIDOW 5HVVRXUFHQDXIGHUNRJQLWLYSV\FKLVFKHQ(EHQH 5HVVRXUFHQDXIGHUVR]LDOHQ(EHQH 5HVVRXUFHQDXIGHUJHVHOOVFKDIWOLFKHQ(EHQH %HGHXWVDPNHLWDOV+DQGOXQJVJUXQGODJH *HVHOOVFKDIW±6LQQVWLIWXQJ±,GHQWLWlWVDUEHLW /HUQHQXQG6LQQILQGXQJ 'DV3RWHQ]LDOGHU6HOEVWUHIOH[LYLWlW 'RSSHOIXQNWLRQYRQ'HXWXQJVPXVWHUQ 6LQQDOV6R]LDONRQVWUXNWLRQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXULPhEHUEOLFN
5HVPHHXQG$XVEOLFN /LWHUDWXU««««««««««««««««««««««««««««
(LQOHLWXQJXQG$XIEDXGHU$UEHLW $OOJHPHLQH)RUVFKXQJVVLWXDWLRQ /HUQHQ LVW LQ XQVHUHU *HVHOOVFKDIW HLQ 6FKOVVHOEHJULII ± VLFK PLW /HUQHQ DOV H[SOL]LWHP 7HUPLQXV GHU (UZDFKVHQHQELOGXQJ DXVHLQDQGHU]XVHW]HQ LVW LQ HLQHU =HLW LQ GHU HV DXFK GDUXP JHKW VLFK LQ HLQHP SHUPDQHQWHQ JHVHOOVFKDIWOLFKHQ :DQGHO]XUHFKW]XILQGHQXQDEGLQJEDUQRWZHQGLJ6RZHLVWGLH6HNWLRQ(UZDFK VHQHQELOGXQJGHU'HXWVFKHQ*HVHOOVFKDIWIU(U]LHKXQJVZLVVHQVFKDIWGDUDXIKLQ GDVVGLH(UIRUVFKXQJGHV/HUQHQVHLQÄ+HU]VWFNHLQHU(UZDFKVHQHQXQG:HL WHUELOGXQJVIRUVFKXQJ³ 6HNWLRQ GHU (UZDFKVHQHQELOGXQJ GHU '*I( 6 GDUVWHOOW /HUQHQ LVW ]XGHP HLQ ]HQWUDOHU *UXQGEHJULII LQ GHU (U]LHKXQJV XQG %LOGXQJVZLVVHQVFKDIW XQG ZXUGH LP =XJH GHU 'LVNXVVLRQHQ EHU 4XDOLWlW YRQ %LOGXQJ LQ XQWHUVFKLHGOLFKHQ 6HNWRUHQ GHV %LOGXQJVV\VWHPV ]XQHKPHQG ]X HL QHP ZLFKWLJHQ )RUVFKXQJVJHJHQVWDQG LQ YHUVFKLHGHQHQ 'LV]LSOLQHQ 'LH (UIRU VFKXQJ GHV /HUQHQV LVW QLFKW PHKU QXU *HJHQVWDQG GHU (U]LHKXQJVZLVVHQVFKDIW ]%6FKXOSlGDJRJLN(UZDFKVHQHQELOGXQJ XQGGHU3V\FKRORJLHVRQGHUQZLUG DXFK LQ GHU 1HXURZLVVHQVFKDIW GHU %LRORJLH XQG GHU :LUWVFKDIWVZLVVHQVFKDIW YRUDQJHWULHEHQ,QGLHVHQ:LVVHQVFKDIWVGLV]LSOLQHQZHUGHQGLHXQWHUVFKLHGOLFKHQ )RUVFKXQJVSHUVSHNWLYHQGLHGDEHLDQYLVLHUWHQ=LHOHGLHYHUZHQGHWHQ0HWKRGHQ ELVKLQ]XGHQGLIIHUHQWHQ(UJHEQLVVHQGHXWOLFK:lKUHQGVLFKEHLVSLHOVZHLVHGLH gNRQRPLH GLH )UDJH QDFK GHU (IIL]LHQ] YRQ /HUQHQ LQ ,QVWLWXWLRQHQ VWHOOW XQG 2UJDQLVDWLRQHQ ]XQHKPHQG DOV OHUQHQGH 6\VWHPH EHWUDFKWHW VWHOOW PDQ VLFK LQ GHU *HKLUQIRUVFKXQJ GLH )UDJH ZLH /HUQSUR]HVVH HQWVSUHFKHQG GHP QHXURORJL VFKHQ $XIEDX GHV *HKLUQV RSWLPDO JHVWDOWHW ZHUGHQ N|QQHQ ± LP 6LQQH HLQHU JHKLUQJHUHFKWHQ 'LGDNWLN $EJHVHKHQ GDYRQ GDVV GLH (UIRUVFKXQJ GHV /HUQHQV HLQLQKlUHQWSlGDJRJLVFKHU)RUVFKXQJVJHJHQVWDQGLVWZLUGGDPLWGHXWOLFKGDVV GDV 3KlQRPHQ /HUQHQ DXV XQWHUVFKLHGOLFKVWHU 3HUVSHNWLYH HUIRUVFKW XQG GDPLW ]XQHKPHQG ]X HLQHP LQWHUGLV]LSOLQlUHQ )RUVFKXQJVJHJHQVWDQG ZLUG 'DV 3Kl QRPHQ/HUQIRUVFKXQJUHLFKW YRQGHQOHUQHQGHQ=HOOHQGHU8QWHUVWW]XQJHLQHU JHVXQGHQ /HEHQVIKUXQJ YRQ HLQ]HOQHQ ,QGLYLGXHQ XQG GHUHQ ELRJUDILVFKHQ 6R KDW VLFK HWZD -RKDQQ $PRV &RPHQLXVEHUHLWV HLQJHKHQG PLW GHU )UDJH GHU GLGDNWLVFKHQ $XIEHUHLWXQJYRQ8QWHUULFKWXQGGDPLWDXFKPLWGHU)UDJHGHV/HUQHQVDXVHLQDQGHUJHVHW]WXQGLVW GDEHLYRPSlGDJRJLVFKHQ3ULQ]LSRPQHVRPQLDRPQLQR±DOOHVDOOHQDOOVHLWLJOHKUHQ±DXVJHJDQJHQ YJO&RPHQLXV
(LQOHLWXQJXQG$XIEDXGHU$UEHLW
/HUQSRWHQ]LDOHQEHUGLH*HVWDOWXQJYRQ/HUQSUR]HVVHQLQ7HDPVGHP/HEHQV ODQJHQ /HUQHQ LQ XQVHUHU *HVHOOVFKDIW GHU HIIL]LHQWHQ XQG UDVFKHQ :LVVHQVHU ZHLWHUXQJ ELV KLQ ]XU (UIRUVFKXQJ YRQ /HUQZLGHUVWlQGHQ XQG /HUQEHKLQGHUXQ JHQ VRZLH GHU (UIRUVFKXQJ GHU /HUQNXOWXU %HWUDFKWHW PDQ GLH /LWHUDWXU LQ GLH VHP)HOGHLQJHKHQGVRZLUGGHXWOLFKGDVVQHEHQGHP/HUQHQQDWUOLFKDXFKGDV /HKUHQ HLQH ]HQWUDOH 5ROOH VSLHOW XQG GDVV JHJHQZlUWLJ YLHOIlOWLJH .RQ]HSWH 0RGHOOH XQG 7KHRULHQ GHV /HUQHQV XQG /HKUHQV GLVNXWLHUW ZHUGHQ %HWUDFKWHW ZLUG LQ GHU /HKU/HUQ)RUVFKXQJ ± DEJHVHKHQ YRQ GHQ DQ GHQ /HUQSUR]HVVHQ EHWHLOLJWHQ 3HUVRQHQ /HKUHQGH XQG /HUQHQGH ± DXFK HWZD GLH VLWXDWLYH /HUQ XPJHEXQJGLH/HUQ]HLWHQXQGSKDVHQVRZLHGLHJHVWDOWHWHQ/HUQDQOlVVHXQGGLH LQVWLWXWLRQHOOHQ5DKPHQEHGLQJXQJHQ'DPLWLVWGHU%HJULIIGHU/HUQNXOWXUHLQJH IKUW PLW GHP VLFK DXFK GLH YRUOLHJHQGH )RUVFKXQJVDUEHLW LP .RQWH[W GHU (U ZDFKVHQHQELOGXQJDXVHLQDQGHUVHW]W $XVJDQJVSXQNWXQG3UREOHPVWHOOXQJ 'LH (UZDFKVHQHQELOGXQJ LVW HLQ VWHWLJ ZDFKVHQGHU 6HNWRU LQ GHU %LOGXQJVODQG VFKDIWXQGDXIÄGDV(QJVWHPLWGHQVR]LDOHQNXOWXUHOOHQUHJLRQDOHQXQG|NRQR PLVFKHQ%HGLQJXQJHQYHUEXQGHQ³1XLVVO6 'DVEHGHXWHWGDVVVLFK GLH JHJHQZlUWLJ DEODXIHQGHQ :DQGOXQJVSUR]HVVH LQ XQVHUHU *HVHOOVFKDIW LQ GHU (UZDFKVHQHQELOGXQJ GHUDUW ZLGHUVSLHJHOQ DOV HLQHUVHLWV GLH $QIRUGHUXQJHQ DQ GLH *HVWDOWXQJ YRQ /HUQ XQG %LOGXQJVSUR]HVVHQ VWHLJHQ XQG DQGHUHUVHLWV YRQ GHU (UZDFKVHQHQELOGXQJVIRUVFKXQJ DGlTXDWH $QWZRUWHQ DXI JHVHOOVFKDIWOLFKH 3UREOHPDWLNHQ HUZDUWHW ZHUGHQ QlPOLFK LQVRIHUQ DOV GXUFK GLH SURIHVVLRQHOOH *HVWDOWXQJ HLQHU /HUQNXOWXU GLH %HWHLOLJWHQ LQ GLH /DJH YHUVHW]W ZHUGHQ VROOHQ UDVFKQHXH,QKDOWH]XHUOHUQHQVLFKVWHWLJZHLWHU]XTXDOLIL]LHUHQXQGGXUFK/H EHQVODQJHV /HUQHQ GHQ JHVHOOVFKDIWOLFKHQ +HUDXVIRUGHUXQJHQ JXW DXVJHELOGHW XQG HUIROJUHLFK EHJHJQHQ ]X N|QQHQ 0LW %OLFN DXI GLHVH )RUGHUXQJHQ LVW HV MHGRFKHLQ,UUWXPGDYRQDXV]XJHKHQ ÄGDVV VFKQHOO HUZHUEEDUH XQG VFKQHOO HLQVHW]EDUH )HUWLJNHLWHQ ]XNXQIWVWUlFKWLJ VLQG« 'HULQQHQJHOHLWHWHNULWLNIlKLJH0HQVFKEHGDUIGHU5HVHUYHQGHULQQHUHQ /DJHUKDOWXQJGLHLKPVLWXDWLRQVXQDEKlQJLJH6HOEVWGHXWXQJHQLPJHVHOOVFKDIWOLFKHQ =XVDPPHQKDQJHUP|JOLFKHQ%LOGXQJLVWZHVHQWOLFKDXFKGLH(QWZLFNOXQJYRQ(L JHQVLQQYRQ:LVVHQVXQG8UWHLOVYRUUlWHQGLHQLFKWLPPHUJOHLFKDQZHQGXQJVIlKLJ VLQGXQGDXIJHEUDXFKWZHUGHQ³1HJW6
=X QHQQHQ VLQG KLHU EHLVSLHOVZHLVH ELRJUDILHRULHQWLHUWHV /HUQHQ QDFK $OKHLW'DXVLHQ GDV NRJQLWLYLVWLVFKH/HUQPRGHOOQDFK5HLQPDQQ5RWKPHLHU0DQGO NRQVWUXNWLYLVWLVFKH/HUQWKHR ULHQ HWZD QDFK 6LHEHUW D VXEMHNWZLVVHQVFKDIWOLFKH /HUQWKHRULH QDFK +RO]NDPS GDV /HUQHEHQHQPRGHOOQDFK%DWHVRQ XYD
$XVJDQJVSXQNWXQG3UREOHPVWHOOXQJ
,QIROJHGHVVHQ ]LHOW GLH YRUOLHJHQGH $UEHLW DXFK QLFKW GDUDXI DE GLH /HUQHQGHQ IU|NRQRPLVFKH$QIRUGHUXQJHQ]XIXQNWLRQDOLVLHUHQ9LHOPHKUVWHKWLP0LWWHO SXQNW GHV HUNHQQWQLVOHLWHQGHQ ,QWHUHVVHV GHU 0HQVFK DOV HLQ 6XEMHNW GHU PLW 0HXHOHUDOVÄIUIUHLKHLWOLFKHV )KOHQ 'HQNHQ :ROOHQ XQG +DQGHOQ« VHOE VWlQGLJH (QWVFKHLGXQJHQ³ 0HXHOHU 6 WUHIIHQGHV ,QGLYLGXXP EH]HLFK QHWZLUG 'HPHQWVSUHFKHQG OlVVW VLFK PHLQH )RUVFKXQJVIUDJH ZLH IROJW IRUPXOLHUHQ :LH NDQQ HLQH /HUQNXOWXU DXVVHKHQ GLH GLH ,QGLYLGXHQ VWlUNW LKUH 5HVVRXUFHQ DNWLYLHUW GDPLW VLH GLH JHVHOOVFKDIWOLFKHQ $QIRUGHUXQJHQ EHZlOWLJHQ XQG LKU /HEHQ VLQQYROO JHVWDOWHQ N|QQHQ GLH VRPLW LKUH JHVHOOVFKDIWOLFKH 3DUWL]LSDWLRQ I|UGHUW"'LHYRUOLHJHQGH)RUVFKXQJVDUEHLWOLHIHUWNHLQHLQIDFKHV.RQ]HSWXPGLH %UDXFKEDUNHLWGHU,QGLYLGXHQIUGLH*HVHOOVFKDIWKHU]XVWHOOHQYLHOPHKUJHKWHV GDUXPHLQWKHRUHWLVFKHV0RGHOOHLQHU/HUQNXOWXU]XHQWZHUIHQGDVGLH6XEMHNWH LQ LKUHU :LGHUVWDQGVIlKLJNHLW VWlUNW XP GHQ JHVHOOVFKDIWOLFKHQ $QIRUGHUXQJHQ JHZDFKVHQ ]X VHLQ XQG GDV VLH LQ LKUHQ /HUQ XQG %LOGXQJVSUR]HVVHQ XQWHU VWW]W 'DV'HQNHQLQ 0RGHOOHQLVWHLQLQWHJULHUWHU%HVWDQGWHLOZLVVHQVFKDIWOLFKHQ $UEHLWHQVLP%HVRQGHUHQVWHOOWHVHLQHQ]HQWUDOHQ7HLODVSHNWLQGHU 7KHRULHELO GXQJGDU0LWDQGHUHQ:RUWHQ$OVHLQH]HQWUDOH$XIJDEH ÄREOLHJWGHU3lGDJRJLNGHU(QWZXUIYRQ0RGHOOHQDXIJUXQGNRPSOH[HU7KHRULHQ JDQ]JOHLFKREVLHVLFKLQHLQHUEHVWLPPWHQ*HJHQZDUWUHDOLVLHUHQODVVHQRGHUQLFKW³ 7VFKDPOHU6
'LH 5HDOLVLHUXQJ LQ GHU 3UD[LV LVW LQ GLHVHU $UEHLW QLFKW GLH =LHOVHW]XQJ YLHO PHKUKDQGHOWHVVLFKXPHLQHQ%HLWUDJ]XU/HUQNXOWXUHQWZLFNOXQJLQGHU(UZDFK VHQHQELOGXQJ 0LWGLHVHP(QWZXUIVROO± XPPLW7VFKDPOHU]XVSUHFKHQ±ÄHLQ :LUNOLFKNHLWVEHUHLFK]XHLQHP0|JOLFKNHLWVKRUL]RQW³7VFKDPOHU6 HUZHLWHUW ZHUGHQ 'DPLW ZLUG HLQ 0RGHOO HLQHU /HUQNXOWXU YRUJHOHJW GDV LP 6LQQHHPDQ]LSDWRULVFKHU%LOGXQJGD]XEHLWUlJWGLH3HUVRQHQLQLKUHU/HEHQVRUL HQWLHUXQJ]XVWlUNHQ'DEHLGLHQHQGDV0RGHOOGHU6DOXWRJHQHVHXQGGDVGDPLWLQ 9HUELQGXQJ VWHKHQGH .RQ]HSW GHV .RKlUHQ]JHIKOV YRQ $DURQ $QWRQRYVN\ DOVJHHLJQHWHU7KHRULHUDKPHQ %HL GHU(QWZLFNOXQJ YRQ /HUQNXOWXUPRGHOOHQ GLH PLW KXPDQHQ /HKU XQG /HUQNRQ]HSWHQ QDFKKDOWLJH %LOGXQJVDUEHLW OHLVWHQ LVW HV QRWZHQGLJ GLH JHVHOO VFKDIWOLFKHQ*HJHEHQKHLWHQXQG:DQGOXQJVSUR]HVVHPLW]XEHUFNVLFKWLJHQ'LH YLHOIlOWLJHQ JHVHOOVFKDIWOLFKHQ $QIRUGHUXQJHQ WUHIIHQ QlPOLFK GLH ,QGLYLGXHQ LQ LKUHU/HEHQVRULHQWLHUXQJ'HU%HJULII/HEHQVRULHQWLHUXQJYHUZHLVWKLHUDXFKDXI
(UVWH9RUDUEHLWHQGD]XKDEHLFKLP-DKUSXEOL]LHUWYJO)HOELQJHU
(LQOHLWXQJXQG$XIEDXGHU$UEHLW
$QWRQRYVN\V$XVIKUXQJHQ]XP.RKlUHQ]JHIKOGDVHUDOVZHVHQWOLFKHQ)DNWRU IU GLH %HLEHKDOWXQJ YRQ *HVXQGKHLW EHWUDFKWHW :LH MHGRFK 0HQVFKHQ EHL VSLHOVZHLVHPLWGHU$QIRUGHUXQJGHV/HEHQVODQJHQ/HUQHQVRGHUPLWGHQJHVHOO VFKDIWOLFKHQ %HGLQJXQJHQ LQ GHQHQ VLH VLFK EHILQGHQ XPJHKHQ KlQJW DXFK GDPLW ]XVDPPHQ ZLH 0HQVFKHQ LKUH 6LWXDWLRQ NRJQLWLY YHUVWHKHQ XQG HLQRUG QHQ2EVLHLKUHLQGLYLGXHOOHQXQGELRJUDILVFKHQ/HUQSUR]HVVHLQHLQHQJU|HUHQ =XVDPPHQKDQJVWHOOHQN|QQHQREVLHLQGLHVHU6LWXDWLRQIlKLJVLQGDGlTXDW]X KDQGHOQXQGVLFKDOVDNWLYKDQGHOQGH6XEMHNWHZDKUQHKPHQLQZHOFKHU$UWXQG :HLVHVLH6LWXDWLRQHQ%HGHXWVDPNHLWHQEHLPHVVHQXQGREVLHSHUV|QOLFKHPRWLR QDO 6LQQ GDULQ ILQGHQ ± GLHV DOOHV VLQG )UDJHQ GLH IU GLH :HLWHUHQWZLFNOXQJ HLQHU/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ]XEHUFNVLFKWLJHQVLQG)UPHLQHQ WKHRUHWLVFKHQ (QWZXUI EHGHXWHW GDV GLH /HEHQV XQG /HUQLQWHUHVVHQ GHU DQ (U ZDFKVHQHQELOGXQJ 7HLOQHKPHQGHQ ]XP $XVJDQJVSXQNW ]X QHKPHQ XQG %LO GXQJVSUR]HVVHDOV(QWZLFNOXQJYRQ/HEHQVNRPSHWHQ]HQXQG%HZlOWLJXQJVVWUD WHJLHQ]XEHWUDFKWHQ 'LH YRUOLHJHQGH $UEHLW JUHQ]W VLFK YRQ SUDNWLVFKHQ $QZHQGXQJVPRGHOOHQ GHXWOLFK DE XQG LVW DOV WKHRUHWLVFKHU (QWZXUI ]X YHUVWHKHQ 'HPHQWVSUHFKHQG ZHUGHQDXFKNHLQHGLGDNWLVFKPHWKRGLVFKHQ3UD[LVKLOIHQ]XU9HUIJXQJJHVWHOOW 6HOEVWYHUVWlQGOLFKPXVVDEHUDXFKJHVDJWZHUGHQGDVVLQGHU3UD[LVEHUHLWVYLHO IlOWLJH $QVlW]H H[LVWLHUHQ GLH GDV /HKUHQ HEHQVR ZLH GDV /HUQHQ LQV =HQWUXP VHW]HQ XQG GLH VLFK PLW GHU NRQNUHWHQ SUDNWLVFKHQ 8PVHW]XQJ YRQ /HUQNXOWXU PRGHOOHQEHVFKlIWLJHQ 0HWKRGLVFKHV9RUJHKHQ(UNHQQWQLVJHZLQQXQJLQGHU LQWHUGLV]LSOLQlUHQ+HUDQJHKHQVZHLVH ,QHLQHUJOREDOHQ:HOWPLWZDFKVHQGHQ3UREOHPHQGLHVLFKQLFKWPHKUQXUGLV ]LSOLQlUGHILQLHUHQODVVHQ±GDVNRQVWDWLHUW-UJHQ0LWWHOVWUD ±VLQG)RU VFKXQJVSUD[HQ JHIUDJW GLH GLH *UHQ]HQ EHUVFKUHLWHQ HLJHQH XQG IUHPGH )RU VFKXQJVUHVXOWDWHWKHRUHWLVFKXQGSUDNWLVFK]XLQWHJULHUHQLQGHU/DJHVLQGXQGLQ GHQHQ YHUVXFKW ZLUGQHXH:HJHLQGHU:LVVHQVSURGXNWLRQ]X JHKHQ:lKUHQG ODQJH =HLW GLH 6SH]LDOLVLHUXQJ IU GHQ (UNHQQWQLVIRUWVFKULWW ZHVHQWOLFK ZDU LVW KHXWHDXIJUXQGGHU:DKUQHKPXQJNRPSOH[HU3UREOHPYHUQHW]XQJHQXQGLQWHJUD WLYHU=XVDPPHQKlQJHHLQHLQWHUGLV]LSOLQlUH)RUVFKXQJVDXVULFKWXQJQ|WLJ(VLVW PLWWOHUZHLOH HLQH DQHUNDQQWH ZLVVHQVFKDIWOLFKH 'HQNZHLVH GDVV 3UREOHPH GLH XQVHUH /HEHQVZHOW EHWUHIIHQ QLFKW PHKU QXU DXV HLQHU 3HUVSHNWLYH RGHU HLQHU 'LV]LSOLQ KHUDXV DXVUHLFKHQG HUNDQQW XQG JHO|VW ZHUGHQ N|QQHQ $XV GLHVHP
=XP %HLVSLHO )RUVFKHQGH /HUQZHUNVWDWW YJO )DXOVWLFK*UHOO 6HOEVWOHUQDUFKLWHNWXUHQ )RU QHFN6SULQJHUD %LRJUDILHDUEHLWYJO'UHVVHO/DQJUHLWHU XYD
0HWKRGLVFKHV9RUJHKHQ
*UXQG HUIROJW ]XQHKPHQG HLQH +LQZHQGXQJ ]XU ,QWHUGLV]LSOLQDULWlW 'LH (U]LH KXQJVXQG%LOGXQJVZLVVHQVFKDIWLVWHLQH'LV]LSOLQGLHYRQGHU.RPSOH[LWlWGHU )RUVFKXQJVIHOGHU KHU VFKRQ VHLW ODQJHP LQWHUGLV]LSOLQlU DXVJHULFKWHW LVW )ROJW PDQ GHP GDQQ HUIRUGHUW GLH KLHU ]X EHDUEHLWHQGH ZLVVHQVFKDIWOLFKH )UDJHVWHO OXQJ HEHQIDOOV HLQH LQWHUGLV]LSOLQlUH +HUDQJHKHQVZHLVH 0LW DQGHUHQ :RUWHQ 'LH )UDJH QDFK GHU (QWZLFNOXQJ HLQHU /HUQNXOWXU LQ GHU (UZDFKVHQHQELOGXQJ ZHOFKHGLH,QGLYLGXHQLP.RQWH[WJHVHOOVFKDIWOLFKHU9HUlQGHUXQJHQLQV=HQWUXP UFNWLPSOL]LHUWHLQHLQWHUGLV]LSOLQlUH9RUJHKHQVZHLVH8QGDXFKGLH)UDJHQDFK GHU%LOGXQJYRQ0HQVFKHQLQGHUJHJHQZlUWLJHQ6LWXLHUWKHLWLPVR]LRNXOWXUHOOHQ 8PIHOG YHUODQJW HLQH GLV]LSOLQEHUJUHLIHQGH %HDQWZRUWXQJ $XV GLHVHP 9HU VWlQGQLV KHUDXV UHVXOWLHUW GLH 1RWZHQGLJNHLW )RUVFKXQJVHUJHEQLVVH RGHU 7KHR ULHDQVlW]HRGHU]XPLQGHVW7HLOHGDYRQDXVDQGHUHQ:LVVHQVFKDIWVGLV]LSOLQHQGLH PLWGHUHU]LHKXQJVZLVVHQVFKDIWOLFKHQ)UDJHVWHOOXQJLQHQJHU9HUELQGXQJVWHKHQ 6R]LRORJLH0HGL]LQ3V\FKRORJLHXD IUGDV%HDQWZRUWHQYRQ)RUVFKXQJVIUD JHVWHOOXQJHQ ]X QXW]HQ $XFK PHLQH )RUVFKXQJVDUEHLW IROJW HLQHU LQWHUGLV ]LSOLQlUHQ +HUDQJHKHQVZHLVH LQ GRSSHOWHU +LQVLFKW =XP HLQHQ LPSOL]LHUW GLH 3UREOHPZDKUQHKPXQJ XQG GLH ZLVVHQVFKDIWOLFKH )UDJHVWHOOXQJ HLQH LQWHUGLV]L SOLQlUH 3UREOHPO|VXQJVVWUDWHJLH XQG ]XP DQGHUHQ NDQQ GLH NRQNUHWH 9RUJH KHQVZHLVHLQGHU:LVVHQVSURGXNWLRQ(QWZXUIHLQHV0RGHOOV DOVLQWHUGLV]LSOLQl UHV XQG GDPLW IlFKHUEHUJUHLIHQGHV $UEHLWHQ FKDUDNWHULVLHUW ZHUGHQ ,QWHUGLV]L SOLQlUHV)RUVFKHQKHLWLQGLHVHP=XVDPPHQKDQJQHXDUWLJH)UDJHVWHOOXQJHQ]X JHQHULHUHQDXFK PLWGHP =LHOGLH'LV]LSOLQGHU(U]LHKXQJV XQG%LOGXQJVZLV VHQVFKDIWZHLWHU]XHQWZLFNHOQXQGGLH)DFKJUHQ]HQ]XHUZHLWHUQ%H]JOLFKGHU )RUVFKXQJVSUD[LV LVW GDPLW HLQH JUHQ]EHUVFKUHLWHQGH GLDORJLVFKH 9RUJHKHQV ZHLVH JHPHLQW LQ GHU HLQ]HOQH 7HLODVSHNWH DXV DQGHUHQ 'LV]LSOLQHQ DOOHUGLQJV QLFKWDGGLWLYEHDUEHLWHWZHUGHQVRQGHUQLQWHJUDWLYLQHLQHPIUGLH/|VXQJVVWUD WHJLH DQJHPHVVHQHQ *HVDPW]XVDPPHQKDQJEHDUEHLWHW ZHUGHQ 'DIULVWHVQRW ZHQGLJGDVEHNDQQWH7HUUDLQ]XYHUODVVHQXQGVLFKPLWGLV]LSOLQIUHPGHQ'HQN VFKHPDWDE]Z7KHRULHNRQ]HSWHQLQWHQVLYDXVHLQDQGHU]XVHW]HQ$XIGLHVH:HLVH N|QQHQ QHXH 'HQNDQVlW]H LQ GHU (UZDFKVHQHQELOGXQJ HQWVWHKHQ 'LH NRQNUHWH KHUPHQHXWLVFKH9RUJHKHQVZHLVHHUJLEWVLFKJOHLFKVDPLPLQWHJUDWLYHQXQGLQWHU GLV]LSOLQlUHQ 'LDORJ LQGHP NRPSOH[H =XVDPPHQKlQJH VLFKWEDU JHPDFKW ZHU GHQXPGDPLW]XQHXHQ:LVVHQVEHVWlQGHQ]XJHODQJHQ =XVDPPHQJHQRPPHQ EHGHXWHW GLHV IU PHLQH )RUVFKXQJVDUEHLW VLFK DQ NRQNUHWHQ%H]XJVWKHRULHQDXVDXVJHZlKOWHQ)DFKGLV]LSOLQHQ]XRULHQWLHUHQYRU DOOHP ZHQQ VLH ]X HLQHU HUZHLWHUWHQ 6LFKWZHLVH ]X QHXHQ (UNHQQWQLVVHQ RGHU DEHU±ZLHLQGLHVHP)DOO±]XLQWHJUDWLYHU3UREOHPO|VXQJEHLWUDJHQ'LHVVHW]W YRUDXV)RUVFKXQJVSULRULWlWHQNODU]XVHW]HQXQGVLFKDXIIUGLHHLJHQH'LV]LSOLQ ELVODQJ XQJHZRKQWH RGHU IUHPGH 7KHRULHDQVlW]H HLQ]XODVVHQ ,QVEHVRQGHUH GLH $QQDKPHQ YRQ $DURQ $QWRQRYVN\ ]XP .RKlUHQ]JHIKO VWHOOHQ LQ GLHVHP =X
(LQOHLWXQJXQG$XIEDXGHU$UEHLW
VDPPHQKDQJ MHQH %H]XJVTXHOOHQ GDU GLH HLQ JHHLJQHWHV %HJULIIVLQVWUXPHQWDUL XP ]XU (UNHQQWQLVHUZHLWHUXQJ ]XU 9HUIJXQJ VWHOOHQ ZHOFKHV ]XU ,QWHJUDWLRQV OHLVWXQJ GLYHUJLHUHQGHU )RUVFKXQJVDQVlW]H IlKLJ XQG GDPLW ]XU /|VXQJ PHLQHU GLV]LSOLQEHUJUHLIHQGHQ )RUVFKXQJVIUDJH JHHLJQHW LVW ,QWHUGLV]LSOLQDULWlW DOV )RUVFKXQJVSULQ]LS LVW GDPLW DXI GDV (U]LHOHQ YRQ 6\QHUJLHHIIHNWHQ GXUFK GLH WHLOZHLVH,QWHJUDWLRQXQG9HUNQSIXQJ YRQ .RQ]HSWHQDXVDQGHUHQ7KHRULHPR GHOOHQDXVJHULFKWHW'LH,QWHUGLV]LSOLQDULWlW ÄOHLWHW 3UREOHPZDKUQHKPXQJHQ XQG 3UREOHPO|VXQJHQ DEHU VLH YHUIHVWLJW VLFK QLFKWLQWKHRUHWLVFKHQ)RUPHQ±ZHGHULQHLQHPIDFKOLFKHQRGHUGLV]LSOLQlUHQQRFK LQHLQHPKROLVWLVFKHQ5DKPHQ³0LWWHOVWUD6
'HU 5DKPHQ IU GLH YRUOLHJHQGH )RUVFKXQJVDUEHLW VLHKW ZLH IROJW DXV $XI GHU HLQHQ6HLWHELOGHQGLH0DUNLHUXQJHQGLHGHQ:DQGHOXQGGLH9HUlQGHUXQJVSUR ]HVVH LQ GHU *HVHOOVFKDIW GDUVWHOOHQ MHQH 6WUXNWXUHQ GLH IU GLH (QWZLFNOXQJ HLQHUQHXHQ/HUQNXOWXUPDJHEOLFKVLQG$XIGHUDQGHUHQ6HLWHELOGHWHLQ0RGHOO GHU 0HGL]LQVR]LRORJLH GDV GHQ 0HKUZHUW GLHVHV LQWHUGLV]LSOLQlUHQ 0RGHOOHQW ZXUIHV DXVPDFKW HLQH ZHVHQWOLFKH %H]XJVTXHOOH ,Q GHU (U]LHKXQJV XQG %LO GXQJVZLVVHQVFKDIW ± UHVSHNWLYH GHU (UZDFKVHQHQELOGXQJ ± VWHOOHQ GLH %H]JH DXIGHP*HELHWGHV/HUQHQVVRZLHGLH.RQ]HSWH]XUQHXHQ/HUQNXOWXUGLH%DVLV WKHRUHPH GDU 6RZRKO ]ZLVFKHQ GHQ .RQ]HSWHQ GHU (UZDFKVHQHQELOGXQJ DOV DXFK]ZLVFKHQGHQ%H]XJVWKHRULHQXQGGHQ.RPSRQHQWHQGHV.RKlUHQ]JHIKOV EHVWHKHQ :HFKVHOZLUNXQJHQ GLH LP 0RGHOOHQWZXUI DOV .HQQ]HLFKHQ GHU ,QWHU GLV]LSOLQDULWlWIUXFKWEDUJHPDFKWZHUGHQ 'LHVH )RUVFKXQJVDUEHLW XQWHUQLPPW ]XP HLQHQ HLQH hEHUWUDJXQJ GHV YRQ $QWRQRYVN\ HQWZLFNHOWHQ .RQ]HSWV GHV .RKlUHQ]JHIKOV LQ GLH %LOGXQJVIRU VFKXQJXQG]XPDQGHUHQZHUGHQ0RGHOOHGHU/HUQNXOWXULQGHU(UZDFKVHQHQELO GXQJXPGLHNRKlUHQ]RULHQWLHUWH3HUVSHNWLYHHUZHLWHUW=LHOPHLQHU)RUVFKXQJV DUEHLWLVWHVHLQHQLQQRYDWLYHQXQGLQWHUGLV]LSOLQlUHQ%HLWUDJGXUFKGLHhEHUWUD JXQJPHGL]LQVR]LRORJLVFKHU$VSHNWHLQGLH%LOGXQJVIRUVFKXQJ]XOHLVWHQ $XIEDXGHU$UEHLW 'LHYRUOLHJHQGH$UEHLWJOLHGHUWVLFKLQVHFKV.DSLWHOGLHLP)ROJHQGHQVNL]]LHUW ZHUGHQ ,PHUVWHQ.DSLWHO±(LQOHLWXQJXQG$XIEDXGHU$UEHLW±ZLUGQHEHQGHU$XV JDQJVVLWXDWLRQ GLH 3UREOHPVWHOOXQJ XQG GDPLW GDV HUNHQQWQLVOHLWHQGH )RU VFKXQJVLQWHUHVVHGDUJHOHJW'DPLWZLUGGLH3RVLWLRQLHUXQJGHU)RUVFKXQJVDUEHLW
$XIEDXGHU$UEHLW
LQGHU(U]LHKXQJVXQG%LOGXQJVZLVVHQVFKDIWJHNOlUWXQGDXIGLHLQWHUGLV]LSOLQl UH+HUDQJHKHQVZHLVHHLQJHJDQJHQ ,P]ZHLWHQ.DSLWHO±*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ± ZHUGHQDXVJHZlKOWH0HUNPDOHDOVGLYHUJLHUHQGH.HQQ]HLFKHQJHVHOOVFKDIWOLFKHU :DQGOXQJVSUR]HVVHHU|UWHUW,KUH$XVZLUNXQJHQDXIGDV,QGLYLGXXPLP.RQWH[W YRQ $UEHLW HEHQVR ZLH YRQ %LOGXQJ ZHUGHQ GDEHL XQWHUVXFKW XQG HV ZLUG LP 6SH]LHOOHQ DXI GLH 3KlQRPHQH YRQ *OREDOLVLHUXQJ 3OXUDOLVLHUXQJ )OH[LELOLVLH UXQJ,QGLYLGXDOLVLHUXQJXQG*HVFKOHFKWHUNRQVWUXNWLRQHQHLQJHJDQJHQ:LHVLFK JHVHOOVFKDIWOLFKH9HUlQGHUXQJVNUlIWHDXIGDV%LOGXQJVV\VWHPXQGGDPLWLQGLUHNW DXIGLH,QGLYLGXHQXQGDXFKDXIGLH)UDJHGHU%LOGXQJLQXQVHUHU:LVVHQVJHVHOO VFKDIWDXVZLUNHQGDVZLUGDP%HLVSLHOGHV/HEHQVODQJHQ/HUQHQVDOVHLQHU5H DNWLRQDXIGLH:DQGOXQJVSUR]HVVHHLQJHKHQGWKHPDWLVLHUW ,PGULWWHQ.DSLWHO±/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUW EHVWLPPXQJ±ZHUGHQDXVJHKHQGYRQGHU%HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQ NXOWXU XQG LKUHU 8QVFKlUIHQ VRZLH YHUVFKLHGHQHQ %HGHXWXQJHQ GLH NRQNUHWHQ $XIJDEHQXQG=LHOHHLQHUJHJHQZlUWLJHQ/HUQNXOWXUIUGLH(UZDFKVHQHQELOGXQJ EHVFKULHEHQ 'LH %HGHXWXQJ YRQ %LOGXQJ :LVVHQVDQHLJQXQJ XQG GHU (UZHUE YRQ/HEHQVNRPSHWHQ]HQELOGHQGLHLQWHJULHUHQGHQ%HVWDQGWHLOHGLHVHV.DSLWHOV ,PYLHUWHQ.DSLWHO±6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV± ZLUG ]XQlFKVW GHU 3DUDGLJPHQZHFKVHO YRQ GHU 3DWKRJHQHVH ]XU 6DOXWRJHQHVH VNL]]LHUW XP LQ ZHLWHUHU )ROJH GDV .RQ]HSW GHV .RKlUHQ]JHIKOV QDFK $DURQ $QWRQRYVN\DXVIKUOLFKGDU]XVWHOOHQ'DEHL ZHUGHQGLH.RPSRQHQWHQGHU9HU VWHKEDUNHLW%HZlOWLJEDUNHLWXQG%HGHXWVDPNHLWHEHQVRZLHMHQH$VSHNWHGLHGLH $XVSUlJXQJ GHV .RKlUHQ]JHIKOV EHHLQIOXVVHQ QlKHU HUOlXWHUW (V KDQGHOW VLFK GDEHLXPGLH%HGHXWXQJYRQ6WUHVVRUHQXQG6SDQQXQJV]XVWlQGHQVRZLHXPGLH JHQHUDOLVLHUWHQ:LGHUVWDQGVUHVVRXUFHQ$XIGLH%HGHXWXQJGHV.RKlUHQ]JHIKOV LP ,QGLYLGXXP ZLUG GLIIHUHQ]LHUW HLQJHJDQJHQ ZRPLW VLFK LQVEHVRQGHUH GHU =XVDPPHQKDQJ PLW GHQ $QIRUGHUXQJHQ JHVHOOVFKDIWOLFKHU :DQGOXQJVSUR]HVVH ]HLJW6NL]]LHUWZHUGHQ]XGHPXQWHUVFKLHGOLFKH)RUVFKXQJVIHOGHUXQGSUDNWLVFKH $QZHQGXQJVP|JOLFKNHLWHQ GHV VDOXWRJHQHWLVFKHQ $QVDW]HV 'DUEHU KLQDXV ZHUGHQ GLH (UIDVVXQJ GHV .RKlUHQ]JHIKOV LQ GHU (U]LHKXQJVZLVVHQVFKDIW XQG GLH.RQVHTXHQ]HQIUGLH%LOGXQJVIRUVFKXQJIRUPXOLHUW 'DV IQIWH .DSLWHO ± .RKlUHQ]RULHQWLHUWH /HUQNXOWXU ± HLQ 0RGHOO IU GLH (UZDFKVHQHQELOGXQJ ± ELOGHW GHQ .HUQ GHU YRUOLHJHQGHQ )RUVFKXQJVDUEHLW XQG ]HLJW ZHOFKH .RQVHTXHQ]HQ VLFK GXUFK GLH hEHUWUDJXQJ GHV PHGL]LQVR]LRORJL VFKHQ .RQ]HSWHV GHV .RKlUHQ]JHIKOV IU GLH (UZDFKVHQHQELOGXQJ LQ )RUP HLQHV QHX HQWZLFNHOWHQ /HUQNXOWXUPRGHOOV HUJHEHQ 'DV HPDQ]LSDWRULVFKH %LO GXQJVYHUVWlQGQLV ZLUG GDEHL ]XU 5DKPHQEHGLQJXQJ 'LH HLQ]HOQHQ %DXVWHLQH GLHGDVJHVDPWH0RGHOOELOGHQVLQGLP6SDQQXQJVIHOG]ZLVFKHQHLQHU8QWHUVWW ]XQJ]XHLQHULQGLYLGXHOOHQ/HEHQVEHZlOWLJXQJXQGGHQMHZHLOLJHQJHVHOOVFKDIW
(LQOHLWXQJXQG$XIEDXGHU$UEHLW
OLFKHQ+HUDXVIRUGHUXQJHQ]X VHKHQ0LWGHUhEHUWUDJXQJGHV.RKlUHQ]NRQ]HS WHVLQGLH(UZDFKVHQHQELOGXQJHQWZLFNOHLFKHLQ0RGHOOHLQHUNRKlUHQ]RULHQWLHU WHQ/HUQNXOWXULQGHUMHGHHLQ]HOQH.RPSRQHQWHGHV.RKlUHQ]JHIKOVOHUQXQG ELOGXQJVWKHRUHWLVFK NRQ]LSLHUW ZLUG 'XUFK GLH )RNXVVLHUXQJ DXI GLH HLQ]HOQHQ .RPSRQHQWHQ LQ LKUHP NRPSOH[HQ *HVDPW]XVDPPHQKDQJ HUJLEW VLFK XD )RO JHQGHV ,Q %H]XJ ]XU .RPSRQHQWH GHU 9HUVWHKEDUNHLW ZLUG HWZD YHUVWHKHQGHV /HUQHQEHVFKULHEHQXQGGHU%HLWUDJYRQ%LOGXQJ]XU/HEHQVEHZlOWLJXQJJHNOlUW ,QGHU.RPSRQHQWHGHU%HZlOWLJEDUNHLWZHUGHQGLH5HVVRXUFHQDXIXQWHUVFKLHG OLFKHQ (EHQHQ DXVILQGLJ JHPDFKW GLH GDV 6XEMHNW LQ VHLQHU /HEHQVRULHQWLHUXQJ XQWHUVWW]HQ GDEHL ZLUG EHLVSLHOVZHLVH DXFK DXI GLH 6FKOVVHONRPSHWHQ] %L RJUDSKL]LWlWHLQJHJDQJHQ)UGLH.RPSRQHQWHGHU%HGHXWVDPNHLWZLUGGLH6LQQ GLPHQVLRQ YRQ %LOGXQJVSUR]HVVHQ XQG GHUHQ %HGHXWXQJ IU GLH LQGLYLGXHOOH (QWZLFNOXQJ HLQ]HOQHU 6XEMHNWH EHOHXFKWHW (QWODQJ GLHVHU GUHL .RPSRQHQWHQ GHV .RKlUHQ]JHIKOV ZHOFKH GLH +DXSWSIHLOHU GLHVHV 0RGHOOHQWZXUIV ELOGHQ ZLUGDOVRGLH.RKlUHQ]RULHQWLHUXQJLQGHUNRPSOH[HQ*HVDPWKHLWHLQHU/HUQNXO WXU IU GLH (UZDFKVHQHQELOGXQJ NRQ]LSLHUW ,P %OLFN EOHLEW GDEHL QLFKW QXU GDV ,QGLYLGXXP LQ VHLQHU VR]LDOHQ 9HUDQNHUXQJ VRQGHUQ HV ZLUG EHU GDV HLQ]HOQH 6XEMHNWKLQDXVJHKHQGDXFKGLHVR]LDOH7HLOKDEHXQG3DUWL]LSDWLRQEHUFNVLFKWLJW =XVDPPHQJHQRPPHQLPSOL]LHUWGLHVHV0RGHOOHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQ NXOWXUHLQHLQWHUGLV]LSOLQlUH)RUVFKXQJGLH QLFKW QXU YHUVXFKW XQWHUVFKLHGOLFKH .RQ]HSWHLQVSH]LHOOHU $UW XQG:HLVH PLWHLQDQGHU]X YHUNQSIHQVRQGHUQGDU EHU KLQDXV ZLUG GLH .UDIW GHV 6SDQQXQJVYHUKlOWQLVVHV YRQ ,QGLYLGXXP XQG *HVHOOVFKDIW]XU,QWHJUDWLRQHLQHV*HVDPWHQWZXUIHVJHQXW]W ,PVHFKVWHV.DSLWHO±5HVPHHXQG$XVEOLFN±ZLUGHLQUHIOH[LYHU%OLFNDXI GLHHLQJDQJVIRUPXOLHUWH)UDJHVWHOOXQJXQGGLHLP)RUVFKXQJVSUR]HVVJHZRQQH QHQ (UNHQQWQLVVH JHZRUIHQ $EVFKOLHHQG ZLUG GLH +HUDQJHKHQVZHLVH NULWLVFK EHWUDFKWHW XQG HLQ $XVEOLFN DXI ZHLWHUH P|JOLFKH )RUVFKXQJVIUDJHQ JHWlWLJW
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH 0DUNLHUXQJHQ ,PDXVJHKHQGHQ-DKUKXQGHUWKDEHQVLFKLQLQHLQDQGHUIOLHHQGHQXQGJHJHQ VWU|PHQGHQ:HOOHQ7HFKQRORJLH:HUWHV\VWHPHXQG9HUJHVHOOVFKDIWXQJVSUR]HV VHKHUDXVGLIIHUHQ]LHUWGLHHUVWLPQDFKIROJHQGHQ=HLWUDXPNRQGHQVLHUHQ'DV -DKUKXQGHUW LVW JHSUlJW YRQ WLHIJUHLIHQGHQ JHVHOOVFKDIWOLFKHQ ZLUWVFKDIWOLFKHQ XQGSROLWLVFKHQ9HUlQGHUXQJHQXQG8PEUFKHQ0RGHUQLVLHUXQJV:DQGOXQJV XQG 9HUlQGHUXQJVSUR]HVVH ILQGHQ VLFK DXI DOOHQ (EHQHQ GHU *HVHOOVFKDIW ± DXI VWUXNWXUHOOHUZLHDXFKDXISHUVRQDOHU(EHQH'DJHVHOOVFKDIWOLFKH8PZlO]XQJHQ VWHWV DXFK 9HUlQGHUXQJHQ LP %LOGXQJVV\VWHP EHGLQJHQ LVW HV QLFKW P|JOLFK EHU%LOGXQJ]XUHIOHNWLHUHQRKQHDXFKHLQHQ%OLFNDXIJHVHOOVFKDIWOLFKH:DQG OXQJVSUR]HVVH ]X ZHUIHQ :DV LVW PLW GHP LPPHU UDVFKHUHQ JHVHOOVFKDIWOLFKHQ XQG WHFKQRORJLVFKHQ :DQGHO GHU PRGHUQHQ *HVHOOVFKDIWHQ YHUEXQGHQ XQG ZHO FKH.HQQ]HLFKQHQPDUNLHUHQGLHKHXWLJHJHVHOOVFKDIWOLFKH5HDOLWlW".ODULVWGDVV GHUJHVHOOVFKDIWOLFKH:DQGHOJOHLFKHUPDHQXQLYHUVHOOZLHEHJUHQ]WLVW-HQDFK %OLFNZLQNHO QDFK 6WDQGRUW XQG 3HUVSHNWLYH ZHUGHQ LQ GHU ZLVVHQVFKDIWOLFKHQ /LWHUDWXUXQWHUVFKLHGOLFKH/HLWEHJULIIHKHUDQJH]RJHQXPHLQHQVROFKHQ:DQGHO ]X EHVFKUHLEHQ ,Q MHGHP )DOO PDUNLHUHQ VLH GLYHUJLHUHQGH .HQQ]HLFKHQ JHVHOO VFKDIWOLFKHU 7UDQVIRUPDWLRQHQ XQG VHW]HQ GLH %HVWLPPXQJ GHU =HLWLQWHUYDOOH YRUDXV(VN|QQHQEHLVSLHOVZHLVH:DQGOXQJVSUR]HVVHDQKDQGGHU%HJULIIH'LIIH UHQ]LHUXQJ 5DWLRQDOLVLHUXQJ ,QGLYLGXDOLVLHUXQJ 6WDQGDUGLVLHUXQJ EHVFKULHEHQ ZHUGHQ 'HU %HWUDFKWXQJ HLQHV JHVHOOVFKDIWOLFKHQ :DQGHOV N|QQHQ DEHU DXFK %HJULIIHZLH3URGXNWLYLWlW'LJLWDOLVLHUXQJ4XDOLIL]LHUXQJ:HUWHZDQGHO*ORED OLVLHUXQJ)OH[LELOLVLHUXQJ1HXNRQVWUXNWLRQGHU*HVFKOHFKWHUUROOHQXDP]XJXWH NRPPHQ 1DFK HLQJHKHQGHP /LWHUDWXUVWXGLXP XQG LP :LVVHQ XP GLH 9LHOIDOW XQGGHQ8PIDQJGHU7KHPDWLNLVWHVRIIHQVLFKWOLFKGDVVHLQ:DQGHOGHU*HVHOO VFKDIWVWHWVQXULQ$QVlW]HQEHVFKULHEHQZHUGHQXQGHLQHP$QVSUXFKDXI9ROO VWlQGLJNHLWQLFKWQDFKJHNRPPHQZHUGHQNDQQ 'LH NRPSOH[HQ JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQJHQ VLQG ZHGHU OLQHDU QRFK DOV HLQ]HOQH 3KlQRPHQH ]X EHWUDFKWHQ XQG HUIRUGHUQ GDKHU DXFK ÄPXOWLNDXVDOH (UNOlUXQJHQ³/RR5HLMHQ6 'LHVKDW]XU)ROJHGDVVEHLGHU8QWHUVX
9JOEHLVSLHOVZHLVH/RR5HLMDQ%HFN%HFN*HUQVKHLP&DVWHO6HQQHWW
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
FKXQJ YRQ 9HUlQGHUXQJVSUR]HVVHQ HLQ PRQRGLV]LSOLQlUHV 9RUJHKHQ NDXP ]LHO IKUHQGLVW Ä6LQQYROOHU HUVFKHLQW HLQH PXOWL XQG LQWHUGLV]LSOLQlUH =XVDPPHQDUEHLW XP DXI GLHVHP :HJH XQG DQKDQG NRQNUHWHU 3UR]HVVH XQG *HVFKHKQLVVH ]X YHUIROJHQ ZLH VLFK GLH YHUVFKLHGHQHQ 7HLOSUR]HVVH JHJHQVHLWLJ VWLPXOLHUW RGHU EHKLQGHUW KDEHQ³ /RR5HLMHQ6
*HUDGH GLHVH LQWHUGLV]LSOLQlUH +HUDQJHKHQVZHLVH HUVFKHLQW PLU PLW %OLFN DXI PHLQ9RUKDEHQ±QlPOLFKGLH0RGHOOHQWZLFNOXQJHLQHUQHXHQ/HUQNXOWXU±YRQ 9RUWHLOLVWGRFKHLQH/HUQNXOWXUVWHWVHQJDQJHVHOOVFKDIWOLFKH:DQGOXQJVSUR]HV VHJHNQSIW:LUWVFKDIWOLFKHWHFKQLVFKHSROLWLVFKH9HUlQGHUXQJHQJHKHQ±]HLW YHUVHW]W ± PLW JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQJHQ HLQKHU ,Q GHQ ,QGXVWULHVWDDWHQ OHEHQZLUKHXWHLQHLQHUWHFKQLVFKHQGLJLWDOLVLHUWHQ=LYLOLVDWLRQ±VLHEHJOHLWHWGLH 0HQVFKHQDXIMHGHP6FKULWWXQGHVLVWLKUQLFKW]XHQWNRPPHQVLHXPJLEWXQVLQ DOOHQ/HEHQVEHUHLFKHQOHQNWXQVHU+DQGHOQ6RLVWHVHWZDNDXP P|JOLFK VLFK GHQ WHFKQLVFKHQ (UUXQJHQVFKDIWHQ ]X HQW]LHKHQ VLH JUHLIHQ LQ GLH SHUV|QOLFKHQ /HEHQVZHOWHQ GHU 0HQVFKHQ HLQ 'LHV YHUZHLVW DXI GLH VRJHQDQQWHQ ÄULVNDQWHQ )UHLKHLWHQ³YJO%HFN%HFN*HUQVKHLP GHQHQ0HQVFKHQKHXWHDXVJHOLH IHUWVLQGZREHLGHU'UXFNKRFKLVWGLH)UHLKHLWHQHLQ]XO|VHQXQGGDEHLGDV5LVL NR GHV LQGLYLGXHOOHQ 6FKHLWHUQV JHULQJ ]X KDOWHQ(LQ JHVHOOVFKDIWOLFKHU :DQGHO OlVVW VLFK DXFK DP 9HUVFKZLQGHQ YRQ (LQGHXWLJNHLWHQ HUNHQQHQ GLHV VWHOOW GDV ,QGLYLGXXP YRU QHXH +HUDXVIRUGHUXQJHQ LQ VHLQHU $OOWDJVEHZlOWLJXQJ 'LH 0HKUGLPHQVLRQDOLWlW JHVHOOVFKDIWOLFKHU 3KlQRPHQH ELOGHW HLQ ZHVHQWOLFKHV 0HUNPDO SOXUDOLVLHUWHU *HVHOOVFKDIWHQ (LQ (QWZHGHURGHU ZLUG DEJHO|VW GXUFK HLQ 6RZRKODOVDXFK RGHU ±PLW %HFN IRUPXOLHUW Ä'LH /RJLN GHU (LQGHXWLJNHLW « ZLUGGXUFKHLQH/RJLNGHU0HKUGHXWLJNHLW« HUVHW]W³%HFN6 'LHVH 0HKUGHXWLJNHLW XQG 3OXUDOLWlW LVW JHSUlJW YRQ :LGHUVSUFKHQ 6R HWZD VFKW]WEHLVSLHOVZHLVHK|KHUH$XVELOGXQJKHXWHQLFKWPHKUYRU$UEHLWVORVLJNHLW ZHQQJOHLFK GLH :DKUVFKHLQOLFKNHLW QDFK ZLH YRU JHULQJHU LVW 'LHV DOOHV KDW $XVZLUNXQJHQDXIGLH)UDJHZLH%LOGXQJXQG/HUQHQ]XRUJDQLVLHUHQVLQG'DV %LOGXQJVV\VWHPLVWHLQJHEHWWHWLQJHVDPWJHVHOOVFKDIWOLFKH9HUlQGHUXQJVSUR]HVVH XQGYRQGLHVHQPLWWHOEDUXQGXQPLWWHOEDUEHWURIIHQ,P:LVVHQXPGLH.RPSOH [LWlW GHU 7KHPDWLN HUVFKHLQW HV QLFKW VLQQYROO GLH HLQ]HOQHQ 0DUNLHUXQJHQ LP 'HWDLO ]X EHVFKUHLEHQ VHKU ZRKO LVW HV DEHU EHGHXWVDP PLW DXVJHZlKOWHQ %HL VSLHOHQ HLQ]HOQH :DQGOXQJVSUR]HVVH LQ GHU *HVHOOVFKDIW ]X VNL]]LHUHQ ,Q GHU )ROJHZHUGHQGDKHU]XGHQHLQ]HOQHQSUR]HVVKDIWHQ$EIROJHQE]ZVWUXNWXUHOOHQ UHJHOKDIWHQ9HUlQGHUXQJHQ%HLVSLHOHDXVJHZlKOWGLHIUGDV%LOGXQJVV\VWHPLP $OOJHPHLQHQ XQG IU GLH (UZDFKVHQHQELOGXQJ LP %HVRQGHUHQ YRQ %HGHXWXQJ VLQG
*OREDOLVLHUXQJDOVPDNURVWUXNWXUHOOHV3KlQRPHQ
$XVJHZlKOWH%HLVSLHOHGHVJHVHOOVFKDIWOLFKHQ:DQGHOV 'LH IROJHQGHQ %HLVSLHOH IU JHVHOOVFKDIWOLFKH :DQGOXQJVSUR]HVVH VLQG IU HLQH 'LVNXVVLRQ ]XU %LOGXQJ LP $OOJHPHLQHQ XQG ]XP /HUQHQ LP %HVRQGHUHQ QRW ZHQGLJ%HJRQQHQZLUGGDEHLPLWGHU%HVFKUHLEXQJGHU*OREDOLVLHUXQJDOVPDN URVWUXNWXUHOOHV3KlQRPHQ'LH3OXUDOLVLHUXQJYRQ'HQNZHLVHQZLUGLQGHU)ROJH HEHQVRVNL]]LHUWZLH'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFK KHLW ZHOFKH HQJ LP =XVDPPHQKDQJ PLW 3KlQRPHQHQ YRQ ,QGLYLGXDOLVLHUXQJ VWHKHQ ,Q ZHLWHUHU )ROJH ZHUGHQ $VSHNWH YRQ 0RELOLWlW XQG )OH[LELOLVLHUXQJ FKDUDNWHULVLHUW,P$QVFKOXVVGDUDQZHUGHQHLQLJH$XVZLUNXQJHQJHVHOOVFKDIWOL FKHU:DQGOXQJVSUR]HVVHDXI XQWHUVFKLHGOLFKH 6HNWRUHQLP %LOGXQJVV\VWHPDXI JH]HLJW'LHVIKUW]XVDPPHQJHQRPPHQ]XU.RQNUHWLVLHUXQJYRQ%LOGXQJLQGHU :LVVHQVJHVHOOVFKDIW XQG HV ZLUG GLH )RUGHUXQJ QDFK OHEHQVODQJHP /HUQHQ DOV HLQHU]HQWUDOHQ5HDNWLRQDXI:DQGOXQJVSUR]HVVHDXVIKUOLFKHUOlXWHUW *OREDOLVLHUXQJDOVPDNURVWUXNWXUHOOHV3KlQRPHQ *OREDOLVLHUXQJLVW]XP6FKODJZRUWGHV-DKUKXQGHUWVJHZRUGHQ+lXILJZLUG DXV PDNURVWUXNWXUHOOHU 3HUVSHNWLYH YRP =XVDPPHQZDFKVHQ GHU :HOW JHVSUR FKHQ XQG *OREDOLVLHUXQJ DOV 6\QRQ\P IU ZHLW UHLFKHQGH XQG UDVFKH 9HUlQGH UXQJHQ KHUDQJH]RJHQ $OOJHPHLQ JHVSURFKHQ EH]HLFKQHW *OREDOLVLHUXQJ GDV (QWVWHKHQ YRQ ZHOWZHLWHQ LQWHUQDWLRQDOHQ JUHQ]EHUVFKUHLWHQGHQ %HUHLFKHQ ± DOVRHLQH,QWHUQDWLRQDOLVLHUXQJ YRQ:LUWVFKDIW+DQGHO)LQDQ]PlUNWHHWF YRQ 3ROLWLN8PZHOWXQG.XOWXU$QWKRQ\*LGGHQV6 GHILQLHUW Ä*OREDOLVLHUXQJLP6LQQHHLQHU,QWHQVLYLHUXQJZHOWZHLWHUVR]LDOHU%H]LHKXQJHQ GXUFK GLH HQWIHUQWH 2UWH LQ VROFKHU :HLVH PLWHLQDQGHU YHUEXQGHQ ZHUGHQ GD (U HLJQLVVHDPHLQHQ2UWGXUFK9RUJlQJHJHSUlJWZHUGHQGLHVLFKDQHLQHPYLHOH.L ORPHWHUHQWIHUQWHQ2UWDEVSLHOHQXQGXPJHNHKUW³*LGGHQV6
'HPQDFK KDQGHOW HV VLFK EHL *OREDOLVLHUXQJ XP ZHOWZHLWH 9HUELQGXQJHQ XQG $EKlQJLJNHLWHQZREHLGLH(QWJUHQ]XQJGHU2UWHLP9RUGHUJUXQGVWHKW*OREDOL VLHUXQJLVWHLQNRPSOH[HV3KlQRPHQVLHPDFKWVLFKEHPHUNEDULQLQWHUQDWLRQDOHU $UEHLWVWHLOXQJ XQG GDPLW HLQKHUJHKHQG GHP $XIO|VHQ YRQ QDWLRQDOHQ $UEHLWV PlUNWHQLQGHU8QDEKlQJLJNHLWYRQEHWULHEOLFKHQ6WDQGRUWHQLQWHFKQLVFKHQXQG ZLVVHQVFKDIWOLFKHQ(UUXQJHQVFKDIWHQGLHJOREDOH9HUQHW]XQJHQ XQG.RPPXQL NDWLRQHUP|JOLFKHQLQHLQHPHUK|KWHQJOREDOHQZLUWVFKDIWOLFKHQ:HWWEHZHUELP :HJIDOO YRQ +DQGHOVVFKUDQNHQ LQ GHU JOREDOHQ 9HUQHW]XQJ DEHU DXFK LQ GHQ %LOGXQJVV\VWHPHQ LP 6LQQH YRQ :HWWEHZHUEVIlKLJNHLW YJO 2HONHUV 6 ,QGHUHQ*HIROJHOlVVWVLFKHLQH9HUQHW]XQJYRQ$EKlQJLJNHLWHQXQGYRQ
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
QLFKWPHKUEHVWLPPEDUHQ5LVLNHQZLHHWZDGLH9HUQDFKOlVVLJXQJVR]LDOHU$EVL FKHUXQJHQ NRQVWDWLHUHQ 3DUDOOHO GD]X HQWVWHKHQ JURH 6WDDWHQJHELOGH GLH LP LQWHUQDWLRQDOHQ :HWWEHZHUE PLWHLQDQGHU VWHKHQ 4XDVL DOV *HJHQVWU|PXQJ ]XP 0DLQVWUHDP ZHUGHQ MHGRFK QHXH 1DWLRQDOLVPHQ KHUYRUUXIHQ GK SROLWLVFKH *UHQ]HQZHUGHQDXIJHEURFKHQQHXH±XQVLFKWEDUH±*UHQ]HQXQG$EJUHQ]XQJHQ HQWVWHKHQ *OREDOLVLHUXQJEHWULIIWDEHUQLFKWQXU:LUWVFKDIWVEH]LHKXQJHQVRQGHUQDXFK GDV VR]LDOH /HEHQ ± VLH EHWULIIW DOOH 0HQVFKHQ XQDEKlQJLJ GDYRQ LQ ZHOFKHP VR]LDOHQ0LOLHXVLHOHEHQÄ'LH*OREDOLVLHUXQJVWUXNWXULHUWXQVHUH/HEHQVZHLVHLQ HLQHP DXHURUGHQWOLFKHQ 8PIDQJ QHX³ *LGGHQV 6 VHL GLHV QXQ LQ $UEHLWVSUR]HVVHQ LQ GHU %LOGXQJVODQGVFKDIW LQ GHU .XOWXU RGHU LQ VFKHLQEDU K|FKVW SULYDWHQ %HUHLFKHQ ZLH 5HOLJLRQ 6H[XDOLWlW (KH XQG )DPLOLH 'LH QHXH JOREDOLVLHUWH:HOWJHVHOOVFKDIWHUZHLVWVLFKMHGRFKDOVXQEHVWlQGLJGKYHUlQGHU OLFK XQGDQIlOOLJ IU ZHOWXPVSDQQHQGH.ULVHQ1DWLRQDOH *UHQ]HQWUHWHQLQGHQ +LQWHUJUXQGDQJHVLFKWVJOREDOHU3UREOHPHZLH]%GLH=HUVW|UXQJYRQ1DWXUGLH %HGURKXQJGXUFK7HUURULVPXVRGHUGLH)LQDQ] XQG:LUWVFKDIWVNULVHQ'LHJOR EDOLVLHUWH :HOW VFKHLQW NOHLQHU JHZRUGHQ ]X VHLQ /lQGHU *UHQ]HQ VLQG UDVFK EHUZLQGEDUGXUFK.RPPXQLNDWLRQVWHFKQRORJLHQLVW.RPPXQLNDWLRQLQ(FKW]HLW EHU=HKQWDXVHQGHYRQ.LORPHWHUQKHXWHHLQH6HOEVWYHUVWlQGOLFKNHLW*OHLFK]HL WLJ KDW GLHV ]X HLQHU 9HUJU|HUXQJ GHU :HOW JHIKUW LQ GHP 6LQQH GDVV HWZD %HGURKXQJHQ QLFKW PHKU DXI NOHLQH *HELHWH RGHU HLQ]HOQH (UGWHLOH HLQJHJUHQ]W VLQGVRQGHUQVLFK±ZLHHWZDGLH*HVFKHKQLVVHDPLQWHUQDWLRQDOHQ)LQDQ]PDUNW ±ZHOWZHLWDXVZLUNHQ'LHVHEHLGHQ6HLWHQ±9HUNOHLQHUXQJGHU:HOWEHLJOHLFK ]HLWLJHU9HUJU|HUXQJ±OlVVWVLFKDXFKVHKUJXWDQGHU(XURSlLVFKHQ8QLRQHU NHQQHQ(LQHUVHLWVZHUGHQ*UHQ]HQDXIJHO|VW±QlPOLFKMHQHGHUHLQ]HOQHQ1DWL RQDOVWDDWHQ (XURSDV ± XP VLH DXI GHU DQGHUHQ 6HLWH DQ GHQ (8$XHQJUHQ]HQ ZLHGHU]X VFKOLHHQ*OREDOLVLHUXQJLVWHLQ ÄHSRFKDOHU3UR]HVV³%HFN6 GHUGDV,QGLYLGXXPLQVHLQHQOHEHQVZHOWOLFKHQ(UIDKUXQJHQXQG)RUPHQGHV =XVDPPHQOHEHQVWULIIWXQGDXFKNXOWXUHOOH$XVZLUNXQJHQDXI7UDGLWLRQHQKDW Ä-HPDQG GHU HLQH WUDGLWLRQHOOH 3UD[LV EHIROJW PX QLFKW QDFK $OWHUQDWLYHQ VX FKHQ 7UDGLWLRQHQ VWHOOHQ ZLH VHKU VLH VLFK DXFK lQGHUQ P|JHQ HLQHQ +DQGOXQJV UDKPHQ]XU9HUIJXQJGHULQKRKHP*UDGHXQEH]ZHLIHOWEOHLEW³*LGGHQV6
:R7UDGLWLRQHQMHGRFK]XQHKPHQGLQGHQ +LQWHUJUXQGJHODQJHQ YHUVFKZLQGHQ DXFK 2ULHQWLHUXQJVKLOIHQ 'LHV EHGHXWHW GDVV GDV ,QGLYLGXXP ]XQHKPHQG DXI VLFK VHOEVW JHVWHOOW LVW LQ +LQEOLFN DXI GDV 7UHIIHQ YRQ (QWVFKHLGXQJHQ EHL VSLHOVZHLVHZDVGLHHLJHQH/HEHQVIKUXQJRGHUGHQ$XVELOGXQJVZHJDQEHODQJW
*OREDOLVLHUXQJDOVPDNURVWUXNWXUHOOHV3KlQRPHQ
Ä:RGLH7UDGLWLRQLKUH%HGHXWXQJHLQJHEWKDWVLQGZLUJH]ZXQJHQXQVHU/H EHQ LQ HLQHU RIIHQHUHQ XQG UHIOHNWLHUWHUHQ :HLVH ]X IKUHQ )UHLKHLW XQG 6HOEVWEH VWLPPXQJ EHUXKHQ QLFKW DXI GHU YHUERUJHQHQ 0DFKW YRQ 7UDGLWLRQHQ VRQGHUQ DXI RIIHQHU'LVNXVVLRQXQG'LDORJEHUHLWVFKDIW³*LGGHQV6
'LHV VWHOOW IU GHQ HLQ]HOQHQ JURH $QIRUGHUXQJHQ GDU :LH NDQQ LFK PLFK LQ HLQHU RIIHQHQ 'LVNXVVLRQ EHZHJHQ" :LH IKUH LFK 'LDORJH" :LH EHJHJQH LFK DQGHUHQ0HQVFKHQ"+LHUZLUGZLH%HFN GLHVDXVGUFNW Ä>G@HUHQWIHUQWH$QGHUH« ]XPLQQHUHQ$QGHUHQ±QLFKWDOV)ROJHYRQ0LJUDWL RQYLHOPHKUDOV)ROJHYRQJOREDOHQ5LVLNHQ'HU$OOWDJZLUGNRVPRSROLWLVFK0HQ VFKHQPVVHQLKUHP/HEHQ6LQQYHUOHLKHQLP$XVWDXVFKPLWDQGHUHQXQGQLFKWOlQ JHULQGHU%HJHJQXQJPLWLKUHVJOHLFKHQ³%HFN6
'XUFK GHQ :HJIDOO GHU 7UDGLWLRQHQ HQWVWHKHQ GHPQDFK DXFK QHXH +DQGOXQJV P|JOLFKNHLWHQ 'HU 5FNJDQJ DQ 7UDGLWLRQHQ XQG WUDGLWLRQHOOHQ +DQGOXQJHQ ZLUNWVLFKDXIGLH,GHQWLWlWXQGGDV9HUVWlQGQLVYRQVLFKVHOEVWLQ%H]XJ]XDQGH UHQ DXV :HLO 7UDGLWLRQHQ 6WDELOLWlW XQG +DOW GXUFK GDV 3UDNWL]LHUHQ YHUWUDXWHU *HZRKQKHLWHQ YHUPLWWHOQ XQG VLFK GDGXUFK HLQ *HIKO XQG GLH (UIDKUXQJ YRQ .RKlUHQ]HLQVWHOOHQPXVVGDV,QGLYLGXXPLQGLHVHUQHXHQ)UHLKHLWVHLQH,GHQWLWlW LPPHU ZLHGHU QHX HUVFKDIIHQ YJO *LGGHQV 6 7UDGLWLRQHQ VLQG LQ GLHVHP9HUVWlQGQLVGDKHUQLFKWPHKUDOVHLQHJUXQGOHJHQGH%DVLVGHULQGLYLGXHO OHQ,GHQWLWlWVELOGXQJ]XYHUVWHKHQ 'LH 3KlQRPHQH GHU *OREDOLVLHUXQJ EHWUHIIHQ DXFK GLH %LOGXQJVV\VWHPH LQ YHUVFKLHGHQDUWLJVWHU :HLVH %LOGXQJ LVW ]X HLQHP Ä:HWWEHZHUEVIDNWRU >JHZRU GHQ@ « GHU LQVWLWXWLRQHOO XQG QLFKW SHUV|QOLFK DXVJHWUDJHQ ZLUG³ 2HONHUV 6 (VZHUGHQ5DQNLQJVGXUFKJHIKUWPLWGHUHQ+LOIHHLQLQWHUQDWLRQD OHU9HUJOHLFKLQ+LQEOLFNDXI4XDOLWlWYRQ%LOGXQJP|JOLFKVHLQVROO'DPLWLVW JHPHLQW GDVV GHU PLW GHU *OREDOLVLHUXQJ YHUEXQGHQH :HWWEHZHUE DXFK EHL VSLHOVZHLVHGDV6FKXOV\VWHPWULIIWLQGHPHWZD PLWGHU3,6$6WXGLHLQ /lQ GHUQ ZHOWZHLW YHUVXFKW ZLUG PLWWHOV %HQFKPDUNV GLH 4XDOLWlWVVWDQGDUGV YRQ %LOGXQJ OlQGHUEHUJUHLIHQG ]X EHUSUIHQ XQG LQWHUQDWLRQDO IHVW]XOHJHQ 'XUFK %HQFKPDUNLQJZLUGQLFKW%LOGXQJDQVLFKDEJHELOGHWVRQGHUQYLHOPHKUZLUGLQ GLHVHQ VWlQGLJHQ 9HUJOHLFKHQ ÄSURGXNWRULHQWLHUW YHUIDKUHQ XQG SV\FKRORJLVFKH .RPSHWHQ]HQRGHU6FKOVVHOTXDOLILNDWLRQHQ>ZHUGHQ@LQGHQ0LWWHOSXQNW³2HO NHUV6 JHVWHOOW %LOGXQJEUDXFKW=HLWGLHVHLVWMHGRFKKHXWHNDXPQRFKYRUKDQGHQ*HLOHU SURNODPLHUW GDVV XQVHUH /HUQODQGVFKDIWHQ ]X Ä+RFKJHVFKZLQGLJNHLWV VWUHFNHQ³DXVJHEDXWZXUGHQXQGGLH:HLWHUELOGXQJVV]HQH]XQHKPHQGGHQÄ)DVW IRRG(UUXQJHQVFKDIWHQ XQVHUHU Ã(VV.XOWXU¶³ *HLOHU 6 I JOHLFKW %LOGXQJVDQJHERWH VROOHQ KHXWH HIIL]LHQW VHLQ LQ NU]HVWHU =HLW VROO GDV ULFKWLJH
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
:LVVHQ PLWJHJHEHQ ZHUGHQ XQG GLHVHV :LVVHQ VROOWH VRIRUW XPVHW]EDU XQG EHL %HGDUI ZHLWHU DXVEDXEDU VHLQ 6R ZLUNHQ VLFK GLH HUK|KWHQ 4XDOLILNDWLRQVDQIRU GHUXQJHQDP $UEHLWVPDUNWEHLVSLHOVZHLVHDXIGLH]DKOUHLFKHQXQWHUVFKLHGOLFKHQ /HKUJlQJHLQGHU:HLWHUELOGXQJDXV $XFKGLH6WDQGDUGLVLHUXQJYRQ%LOGXQJVNRQ]HSWHQLVWHLQH$XVZLUNXQJGHU *OREDOLVLHUXQJ $XI GHP XQLYHUVLWlUHQ 6HNWRU ZHUGHQ HWZD .RQ]HSWH IU QDFK KDOWLJH (QWZLFNOXQJ VXVWDLQDEOH GHYHORSPHQW LQ )RUP YRQ GLV]LSOLQ XQG OlQ GHUEHUJUHLIHQGHQ6WXGLHQSURJUDPPHQHLQJHIKUWZRPLWYHUVXFKWZLUGDXIGLH ZHOWZHLW ZDFKVHQGH .OLPDYHUlQGHUXQJ XQG 8PZHOW]HUVW|UXQJ ]X UHDJLHUHQ 6ROFKH SROLWLVFKH 9HUDQWZRUWXQJHQ ZHUGHQ DOVR DXFK DXI GHQ %LOGXQJVEHUHLFK EHUWUDJHQ XQG LP %HVRQGHUHQ ZLUG GDUDXI VSHNXOLHUW GDVV GLH QDFKNRPPHQGH *HQHUDWLRQYHUDQWZRUWXQJVYROOPLWGHU8PZHOWXPJHKW Ä'LH9HUDQWZRUWOLFKNHLWIU1DFKKDOWLJNHLWZLUGYRQGHQ5HJLHUHQGHQZHLWHUJH UHLFKW 6LH EHJQJHQ VLFK PLW LKUHU )XQNWLRQ GHP .DSLWDO EHVWP|JOLFKHQ %HZH JXQJVIUHLUDXPXQG:DFKVWXPVFKDQFHQ]XVLFKHUQXQGWXQVRDOVJlEHHVWURW]VWULN WHU:DFKVWXPVRULHQWLHUXQJ5HWWXQJVNRQ]HSWHIUGLHVLQNHQGH7LWDQLFXQGDOVN|QQ WHQGLHVHDXVJHUHFKQHWYRQGHQVFKZlFKVWHQ*OLHGHUQGHU*HVHOOVFKDIW.LQGHUQXQG -XJHQGOLFKHQ UHDOLVLHUW ZHUGHQ 'LH YRQ GHQ HUZDFKVHQHQ SROLWLVFKHQ 6XEMHNWHQ QLFKW HLQO|VEDUH 9HUDQWZRUWOLFKNHLW ]X ZLVVHQ GDVV GDV HLJHQH 9HUKDOWHQ .RQVH TXHQ]HQ IU GLH /HEHQVXPVWlQGH NRPPHQGHU *HQHUDWLRQHQ LQ DOOHU:HOW KDW ZLUG SlGDJRJLVLHUWXQGDQGLHQDFKIROJHQGH*HQHUDWLRQGHOHJLHUW³0HXHOHU6
3OXUDOLVLHUXQJDOV0HUNPDOGHU3RVWPRGHUQH 3OXUDOLVLHUXQJ LVW ]X HLQHP .HUQEHJULII LQ GHU JHJHQZlUWLJHQ *HVHOOVFKDIW JH ZRUGHQZHQQEHUGLH3RVWPRGHUQHJHVSURFKHQZLUG'LHVVROOMHGRFKQLFKW]X GHU $QQDKPH YHUOHLWHQ GDVV 3OXUDOLWlW HLQH (UILQGXQJ GHU 3RVWPRGHUQH VHL :HOVFKZHLVWGDUDXIKLQGDVV Ä3OXUDOLVLHUXQJVFKRQIUGLH0RGHUQHFKDUDNWHULVWLVFKZDUXQGGDGLH3RVWPR GHUQH GDULQ HLQH )RUWVHW]XQJ MD HLQH 6WHLJHUXQJ XQG 5DGLNDOLVLHUXQJ GHU 0RGHUQH GHV-DKUKXQGHUWVGDUVWHOOW³:HOVFK6
:HQQJHJHQZlUWLJEHUGLH3RVWPRGHUQHDOVHLQHYRQ3OXUDOLWlWGXUFKGUXQJHQH *HVHOOVFKDIW JHVSURFKHQ ZLUG GDQQ LVW GDPLW XD HLQH 9LHOIDOW DQ +DQGOXQJV XQG /HEHQVIRUPHQ DQ KHWHURJHQHQ VR]LDOHQ .RQ]HSWLRQHQ XQG DQ XQWHUVFKLHG OLFKVWHQ2ULHQWLHUXQJVV\VWHPHQJHPHLQW3RVWPRGHUQH'HQNHU,QQHQEHWRQHQLKUH DQWLWRWDOLWlUH+DOWXQJXQGWUHWHQRIIHQVLYIUGDV5HFKWDXI9LHOKHLWXQG+HWHUR JHQLWlW HLQ ± GLHV DXIJUXQG KLVWRULVFKHU (UIDKUXQJHQ XQG )UHLKHLWVPRWLYH YJO
3OXUDOLVLHUXQJDOV0HUNPDOGHU3RVWPRGHUQH
:HOVFK6 3RVWPRGHUQHV'HQNHQZLUGVRPLW]XHLQHP'HQNHQLQ9LHO IDOW 'LHVHV 'HQNHQ HUIRUGHUW QHXH 8PJDQJVZHLVHQ VRZLH ÄJHLVWLJH $XIJH VFKORVVHQKHLW XQG HLQH JURH 7ROHUDQ] LP +LQEOLFN DXI DEZHLFKHQGH :HUWH 1RUPHQRGHU6WDQGSXQNWH³/RR5HLMHQ6 (VJHKWMHGRFKQLFKWQXU XP 7ROHUDQ] ZHVHQWOLFK LVW GDVV HV QRWZHQGLJ LVW GLH HLJHQH 3HUVSHNWLYH ]X YHUlQGHUQDQGHUHXQJHZRKQWH6LFKWZHLVHQ]X]XODVVHQXP9LHOKHLWDQ]XHUNHQ QHQ XQG YRU DOOHP 9LHOIDOW DOV VFKlW]HQVZHUWHV XQG GDKHU I|UGHUXQJVZUGLJHV *XW]XEHWUDFKWHQ:HOVFKSOlGLHUWGDIUGDVVÄ>D@OOH%HVFKUHLEXQJHQDOOH6WUD WHJLHQ DOOH /|VXQJHQ « NQIWLJ YRP %RGHQ GHU 9LHOKHLW DXV ]X HUIROJHQ³ :HOVFK 6 KDEHQ :HQQ VLFK ± ZLH LP JHJHQZlUWLJHQ 'LVNXUV ± HLQVHLWLJH :DKUKHLWHQ DXIO|VHQ XQG JDQ]KHLWOLFKH 6LFKWZHLVHQ LQ GHQ 9RUGHU JUXQGWUHWHQVRHUIRUGHUWGLHVHLQ'HQNHQLQNRPSOH[HQ=XVDPPHQKlQJHQXQG GLH )lKLJNHLW ÄUDWLRQDOLVWLVFKH>Q@ $XVGLIIHUHQ]LHUXQJHQ GXUFK NRPSOH[H XQG EHUJUHLIHQGH3HUVSHNWLYHQ]XEHJHJQHQ,QWHUGHSHQGHQ]HQXQG,QWHUSHQHWUDWLR QHQ ]X EHUFNVLFKWLJHQ³ :HOVFK 6 'LHV ZLUG PLW GHP $XVGUXFN ÄÃ(QGH GHU JURHQ (U]lKOXQJHQ¶³ E]Z PLW GHU Ä9HUDEVFKLHGXQJ GHU 0HWD (U]lKOXQJHQ³:HOVFK6XQG6II DOV*UXQGWKHPHQLQGHU3RVW PRGHUQH EHVFKULHEHQ *HPHLQW LVW VLFK YRQ (LQKHLW XQG 6LFKHUKHLW ]X YHUDE VFKLHGHQ ± VWDWWGHVVHQ ULFKWHW VLFK GLH $XIPHUNVDPNHLW DXI 3OXUDOLWlWVNRQ]HSWH LP /HEHQ XQG SOXUDOH (UNHQQWQLVJHZLQQXQJHQ LQ GHU :LVVHQVFKDIW ,Q GLHVHU /HVDUWJUHLIW$QHUNHQQXQJGHU3OXUDOLWlWLQ]HQWUDOH%HUHLFKHHLQÄ'LH+HWHURJH QLWlW±GLHMHW]WHUVWPDOVLQLKUHU*UXQGVlW]OLFKNHLWHUIDKUHQXQGHUJULIIHQZLUG± OlWNHLQHQ(LQKHLWVERGHQXQEHUKUW³:HOVFK6 3OXUDOLWlWEHGHXWHW ZHGHU%HOLHELJNHLWQRFK2EHUIOlFKOLFKNHLWXQGVWHOOWNHLQ.RQ]HSWGDUVLFKGHU HLJHQHQ%HTXHPOLFKNHLW KLQ]XJHEHQ9LHOPHKUHUIRUGHUWGLH$QQDKPHYRQ3OX UDOLWlWDXFKGLH6FKlUIXQJGHUHLJHQHQ:DKUQHKPXQJXQGGLH$QHUNHQQXQJGHU DXIGLHVHP:HJHJHZRQQHQHQXQWHUVFKLHGOLFKHQ6LFKWZHLVHQGLHVVSLHJHOWVLFK LQGHU)ROJHDXFKLP'HQNHQXQG+DQGHOQZLGHU ,FKEOHLEH]XQl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|VH .RQVWUXNWLRQHQ :DV DEHU ZLUG XQWHU :HUWHQ YHUVWDQGHQ" 7LSSHOW 6 EHLVSLHOVZHLVH YHUVWHKW XQWHU :HUWHQ LQ GHU %LOGXQJVGH EDWWH]XPHLQHQLQGLYLGXHOOHXQG]XPDQGHUHQNROOHNWLYHJHLVWLJH*UXQGRULHQWLH UXQJHQ 'LHVH ELOGHQ GLH *HVDPWKHLW MHQHU VLQQVWLIWHQGHQ /HLWSULQ]LSLHQ XQG 2UGQXQJVDVSHNWHGLHGDVJHVHOOVFKDIWOLFKH=XVDPPHQOHEHQVWHXHUQYJO7LSSHOW
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
6 :HUWHJHEHQ2ULHQWLHUXQJVKLOIHQXQGXQWHUVWW]HQEHLGHU=LHOILQ GXQJ)ROJWPDQ+LOOPDQQVREHVWLPPHQ:HUWHDXFKÄZHLWJHKHQGZDVIU,Q GLYLGXHQX>QG@IUNROOHNWLYH$NWHXUHEHGHXWXQJVYROOVLQQKDIWX>QG@HUVWUHEHQV ZHUWLVW³+LOOPDQQ6 +lXILJVLQG:HUWHQLFKWEHZXVVW'DVHLJHQH +DQGHOQHEHQVRZLH:QVFKHXQG6LQQYRUVWHOOXQJHQVLQGJHSUlJWYRQLQWHUQDOL VLHUWHQ XQG JHOHUQWHQ :HUWYRUVWHOOXQJHQ :HUWHQ NRPPHQ XQWHUVFKLHGOLFKH )XQNWLRQHQ]X $OV2ULHQWLHUXQJV6WHXHUXQJVXQG/HJLWLPDWLRQVIXQNWLRQVWHO OHQVLHZHVHQWOLFKH%H]XJVSXQNWHLP+DQGHOQYRQ,QGLYLGXHQGDU Ä'DV ZDVDOV:HUWHYHUIDOOYHUWHXIHOW ZLUGHU]HXJW2ULHQWLHUXQJHQXQG9RUDXV VHW]XQJHQZHOFKHGLHVH*HVHOOVFKDIW±ZHQQEHUKDXSW±LQGLH/DJHYHUVHW]HQN|Q QHQGLH=XNXQIW]XPHLVWHUQ³%HFN6
)ROJWPDQGLHVHU6LFKWZHLVHVRKDQGHOWHVVLFKKHXWHQLFKWQXUXPHLQHQ:HUWH YHUOXVWVRQGHUQJOHLFK]HLWLJNDQQYRQHLQHP:HUWHSOXUDOLVPXVJHVSURFKHQZHU GHQ 3OXUDOLVPXV H[LVWLHUW GDUEHU KLQDXV DXFK LP %H]XJ ]X LQGLYLGXHOOHQ /H EHQVIRUPHQ *HPHLQW LVW KLHU GLH 0|JOLFKNHLW YLHOIlOWLJH /HEHQVHQWZUIH ]X JHVWDOWHQ ZRGXUFK HWZD KHWHURQRUPDWLYH /HEHQVIRUPHQ DXIJHEURFKHQ ZHUGHQ N|QQHQ -XWWD +DUWPDQQ VSULFKW LQ GLHVHP =XVDPPHQKDQJ YRQ YLHOIlOWL JHQ/HEHQVZHLVHQXQGPHLQWGDPLWGLH=XRUGQXQJ]X*HVFKOHFKWHEHQVRZLHGLH VH[XHOOH2ULHQWLHUXQJXQGDXFKGLH/HEHQVIRUPYJO+DUWPDQQ 'DPLWLVW GLH:DKOIUHLKHLWYRQ/HEHQVSDUWQHU,QQHQDQJHVSURFKHQGLHMHQVHLWVYRQKHWHUR QRUPDWLYHQ 9RUVWHOOXQJHQ OLHJHQ NDQQ 0LW +HWHURQRUPDWLYLWlW VLQG DOOWlJOLFKH *HVFKOHFKWHUNRQVWUXNWLRQHQ JHPHLQW GLH YRQ HLQHU 'XDOLWlW GHU *HVFKOHFKWHU DXVJHKHQ XQG DOWHUQDWLYH /HEHQVIRUPHQ XQG VH[XHOOH 2ULHQWLHUXQJHQ DXVVFKOLH HQ 0LW GHU 3OXUDOLVLHUXQJ ZHUGHQ GLHVH 1RUPYRUVWHOOXQJHQ DXIJHKREHQ GLH WUDGLWLRQHOOHQ 6LFKWZHLVHQ YRQ *HVFKOHFKWHUQ ZHUGHQ GHNRQVWUXLHUW XQG QHX NRQVWUXLHUW 'DUDXV IROJW HLQH 6LFKWZHLVH GLH YRQ HLQHU 9LHO]DKO YRQ 0|JOLFK NHLWHQYRQ*HVFKOHFKWDXVJHKWGLH(LJHQDNWLYLWlWGHUMHZHLOLJHQ6XEMHNWHEHWRQW XQGGDGXUFKGHUHQJHVHOOVFKDIWOLFKH=XVFKUHLEXQJHQWNUlIWHW'LHVH:DKOIUHLKHLW GLHVLFKPLWSOXUDOHP'HQNHQHLQVWHOOWIRUGHUWGDV,QGLYLGXXPDXIHLQHVSH]LHOOH $UW XQG :HLVH 'LH *HZLVVKHLW GDVV HV EHLVSLHOVZHLVH QXU ]ZHL *HVFKOHFKWHU JLEW ZLUG DXIJHKREHQ ZRGXUFK GDV ,QGLYLGXXP LQ VHLQHU ,GHQWLWlWVELOGXQJ ]XU HLJHQHQ *HVWDOWXQJ GHU *HVFKOHFKWHUUROOH DXIJHIRUGHUW LVW 0LW gIIQXQJ GLHVHU 3HUVSHNWLYH JHKHQ 9HUXQVLFKHUXQJHQ GHU 9HUOXVW YRQ *HZLVVKHLWHQ XQG GLH +HUDXVIRUGHUXQJHQ HLQKHU GLH 9HUDQWZRUWXQJ IU GLH HLJHQH /HEHQVJHVWDOWXQJ XQG *HVFKOHFKWHUUROOH ]X EHUQHKPHQ XQG JOHLFK]HLWLJ DEHU GLH TXHU ]XU 1RUP OLHJHQGHQ *HVFKOHFKWHUNRQVWUXNWLRQHQ ]X UHVSHNWLHUHQ XQG LQ GDV HLJHQH :HOW ELOG ]X LQWHJULHUHQ +HXWH OlVVW VLFK QLFKW PHKU DQ GHQ *HVFKOHFKWHUGXDOLWlWHQ
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW
IHVWKDOWHQ 9LHOPHKU VFKHLQHQ VLFK LQ %H]XJ ]X GHQ /HEHQVIRUPHQ OHW]WH YHU PHLQWOLFKH6LFKHUKHLWHQDXI]XO|VHQYJO%LOGHQ6II .XOWXUHOOHXQG WUDGLWLRQHOOH9RUVWHOOXQJHQ5ROOHQVWHUHRW\SHXQG0XVWHUYRQ:HLEOLFKNHLWXQG 0lQQOLFKNHLW YHUVFKZLPPHQ LPPHU PHKU $XFK ZHQQ KHXWH QRFK GLH1RUPLH UXQJHQ GHU *HVFKOHFKWHUYHUKlOWQLVVH ]X HLQHP JURHQ 7HLO ZLUNVDP VLQG VR N|QQHQ VLH ÄGXUFK LQGLYLGXHOOH 3HUIRUPDQ]HQ 8PGHXWXQJHQ XQG 9HUVFKLHEXQ JHQGXUFKDXVYHUlQGHUWZHUGHQ³)HOGHQ6 :LH QXQ 0HQVFKHQ DXI GLH JHQDQQWHQ YHUlQGHUWHQ %HGLQJXQJHQ LQ LKUHU /HEHQVZHOW UHDJLHUHQ GDIU ZHUGHQ ]ZHL 3ROH DQ 9HUKDOWHQVZHLVHQ HUNHQQEDU HQWZHGHU ÄHKHU DNWLY KDQGHOQG RGHU « HKHU SDVVLYDEZHKUHQG UHVLJQDWLY³ +RO]EUHFKHU 6 +RO]EUHFKHU LVW GHU $QVLFKW GDVV GLH ]ZHLWH GHU EHLGHQ+DOWXQJHQGHU]HLWLP9RUGHUJUXQGVWHKWXQGVLFKGDV,QGLYLGXXPLQDXWR ULWlUH *HVHOOVFKDIWVPRGHOOH IOFKWHW 'LH ZDFKVHQGH UHOLJL|VH XQG SROLWLVFKH )XQGDPHQWLHUXQJ VLQG IU LKQ ÄHLQH GHU JU|WHQ +HUDXVIRUGHUXQJHQ QLFKW QXU GHU3lGDJRJLN³+RO]EUHFKHU6 2EQXQGDV,QGLYLGXXP9HUlQGHUXQJHQHKHUDOV*HIDKUE]Z.ULVHRGHUDOV &KDQFHDQVLHKW±GDVLVWHLQHVHKU]HQWUDOH)UDJH'HU9HUVXFKHLQHU$QWZRUWDXI GLHVH )UDJH HUVFKHLQW DXV GHU 3HUVSHNWLYH YRQ $DURQ $QWRQRYVN\ YRU ZHJQHKPHQG P|JOLFK .RPSOH[H XQGXUFKVFKDXEDUH NULVHQKDIWH 6LWXDWLRQHQ N|QQHQ GHP ,QGLYLGXXP (UIDKUXQJVP|JOLFKNHLWHQ ELHWHQ VRZLH HV LQ GHU /DJH LVW IU VLFK VHOEVW HLQHQ HQWZLFNOXQJVI|UGHUQGHQ %HLWUDJ ]X VHKHQ XQG GLHVHQ $VSHNWHQKHUDXVIRUGHUQG]XEHJHJQHQ*OHLFK]HLWLJLVWHVDEHUP|JOLFKGDVVGDV ,QGLYLGXXPGHUDUWEHUIRUGHUWLVWXQG±PLW$DURQ$QWRQRYVN\JHVSURFKHQ±GLH 6LWXDWLRQVRXQGXUFKVFKDXEDULVWGDVVGDV,QGLYLGXXPGLHVH6LWXDWLRQDXFKQLFKW YHUVWHKHQNDQQXQGLQGHU)ROJHPLW6WUHVV2KQPDFKWXQG5HVLJQDWLRQUHDJLHUW YJO$QWRQRYVN\ (LQHUVHLWVNDQQDOVRGLHJHVHOOVFKDIWOLFKH3OXUDOLVLHUXQJ DOV/HUQDQODVVIUGLHLQGLYLGXHOOH6XEMHNWZHUGXQJZDKUJHQRPPHQZHUGHQXQG DQGHUHUVHLWV N|QQHQ IU GLH ,QGLYLGXHQ GLHVH lXHUHQ %HGLQJXQJHQ VR PDVVLY VHLQGDVVVLHVLFKXQJQVWLJDXIGLHSHUV|QOLFKH(QWZLFNOXQJDXVZLUNHQ*HQDX GLHVGHXWHWDXIGHQ=XVDPPHQKDQJ]ZLVFKHQJHVHOOVFKDIWOLFKHQ9HUlQGHUXQJHQ DXIGHU0DNURHEHQHXQGGHQP|JOLFKHQ$XVZLUNXQJHQDXIGHU0LNURHEHQHKLQ 'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW 9RUZHJHLQSDDU*HGDQNHQ]XU(QWVWHKXQJYRQ'LIIHUHQ]LHUXQJ'DV(QWVWHKHQ SROLWLVFKDXWRQRPHU6WlGWHGLH(UILQGXQJGHV%XFKGUXFNHVGLH5DWLRQDOLVLHUXQJ GHV *HOGYHUNHKUV GLH ZHLWH 9HUEUHLWXQJ GHV +DQGHOVZHVHQV XQG (QWZLFNOXQJ GHU 0DUNWZLUWVFKDIW HEHQVR ZLH GLH 6lNXODULVLHUXQJ ZDUHQ ZHVHQWOLFKH VWUXNWX UHOOH 0HUNPDOH GLH ]XU 0RGHUQLVLHUXQJ EHLWUXJHQ YJO /RR5HLMHQ 6
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
II XQGDOVZLFKWLJH'LIIHUHQ]LHUXQJVSUR]HVVHDQ]XVHKHQVLQG'XUFKGULQJHQ GHVWUXNWXUHOOH'LIIHUHQ]LHUXQJLVWHLQGHXWOLFKHV.HQQ]HLFKHQJHVHOOVFKDIWOLFKHU 0RGHUQLVLHUXQJ ZREHL VLFK 'LIIHUHQ]LHUXQJ ÄDXI GLH 6SDOWXQJ HLQHV XUVSUQJ OLFKKRPRJHQHQ*DQ]HQLQ7HLOHPLWHLJHQHP&KDUDNWHUXQGHLJHQHU=XVDPPHQ VHW]XQJ³ /RR5HLMHQ 6 EH]LHKW 'DUDXV IROJW HLQH 9HUVHOEVWVWlQGL JXQJ YRQ $NWLYLWlWHQ XQG )XQNWLRQHQ GLH ZLHGHUXP LQ GDV (QWVWHKHQ QHXHU 2UJDQLVDWLRQHQ PQGHW (V ELOGHQ VLFK QHXH 4XDOLWlWHQ KHUDXV GLH ]X HLQHU $XVZHLWXQJ YRQ )XQNWLRQHQ IKUHQ GLH LKUHUVHLWV ZLHGHUXP DXVGLIIHUHQ]LHUWH $XIJDEHQ EHUQHKPHQ N|QQHQ (LQH %HGLQJXQJ IU 'LIIHUHQ]LHUXQJ LVW QHEHQ HLQHUÄ]XQHKPHQGH>Q@3URIHVVLRQDOLVLHUXQJ« DXFKHLQHZDFKVHQGH%URNUDWL VLHUXQJ³ *UXEHU 6 XQG 6SH]LDOLVLHUXQJ 6R IKUW HWZD 'LIIHUHQ]LH UXQJDP$UEHLWVPDUNW]XZHLWHUUHLFKHQGHU6SH]LDOLVLHUXQJXQGKRKHU$UEHLWVWHL OXQJ$UEHLWHQZHUGHQLQNOHLQHUH$UEHLWVVFKULWWHDXIJHWHLOWXQGGLHVHLQZHLWHUHU )ROJHDQXQWHUVFKLHGOLFKH3HUVRQHQE]Z)LUPHQDXVJHJOLHGHUW=XU$EGHFNXQJ GHVHQWVWDQGHQHQ%HGDUIHVZHUGHQ]XQHKPHQGPHKU([SHUW,QQHQEHQ|WLJW±GLH ZLHGHUXP([SHUW,QQHQXQG%HUDWHU,QQHQSURGX]LHUHQ'LIIHUHQ]LHUXQJVSUR]HVVH ]LHKHQ DOVR HLQH Ä6WUXNWXULHUXQJ GHU *HVHOOVFKDIW LQ YHUVFKLHGHQH 5DQJRUGQXQ JHQXQG3RVLWLRQLHUXQJHQ³*UXEHU6 QDFKVLFK 'LIIHUHQ]LHUXQJVSUR]HVVHO|VHQVR]LDOH8QJOHLFKKHLWHQQLFKWDXIVRQGHUQ± LP *HJHQWHLO ± VLH N|QQHQ GLH 7HQGHQ] KDEHQ GLHVH ]X YHUVWlUNHQ YRU DOOHP GDQQZHQQHVQLFKWJHOLQJW*OHLFKVWHOOXQJVSROLWLNDXIEUHLWHU%DVLVXP]XVHW]HQ 'LH 'LIIHUHQ]LHUXQJHQ ODVVHQ VLFK LQ IROJHQGHQ .DWHJRULHQ ]XVDPPHQIDVVHQ VR]LDOH XQG HWKQLVFKH +HUNXQIW )DPLOLHQVWDQG 5HOLJLRQV]XJHK|ULJNHLW *H VFKOHFKW %HUXI XQG %HUXIVWlWLJNHLW (LQNRPPHQ E]Z :RKOVWDQG 6HKU KlXILJ VLQG PLW GLHVHQ 8QWHUVFKHLGXQJHQ DXFK 0RUDOYRUVWHOOXQJHQ XQG :HUWXQJHQ YHUEXQGHQ GLH ]X XQWHUVFKLHGOLFKHQ 5DQJRUGQXQJHQ LQ HLQHU *HVHOOVFKDIW IK UHQ $XFK ZHQQ DXIJUXQG YRQ ,QGLYLGXDOLVLHUXQJVSUR]HVVHQ GLH ÄOHEHQVZHOWOL FKHQ *UXQGODJHQ HLQHV 'HQNHQV LQ WUDGLWLRQDOHQ .DWHJRULHQ YRQ *URJUXSSHQ JHVHOOVFKDIWHQ KLQDXV ± DOVR VR]LDOHQ .ODVVHQ 6WlQGHQ RGHU 6FKLFKWHQ³ %HFN 6 DXIJHKREHQ ZHUGHQ EHGHXWHW GLHV MHGRFK QLFKW GDVV GDPLW DXFK VR]LDOH8QJOHLFKKHLWHQ]XP9HUVFKZLQGHQJHEUDFKWZHUGHQ9LHOPHKUNDQQYRQ HLQHPÄ)DKUVWXKO(IIHNW³JHVSURFKHQZHUGHQEHLGHPMHGH.ODVVHMHGH6FKLFKW HLQH(WDJHK|KHUQDFKREHQIlKUW%HFN6 'DVKHLWEHLVSLHOVZHLVH GDVV VLFK ]ZDU GHU %LOGXQJVJUDG LP $OOJHPHLQHQ HUK|KW KDW HV N|QQHQ MHGRFK 0HQVFKHQ DXV VRJHQDQQWHQ ELOGXQJVIHUQHUHQ 0LOLHXV QLFKW DQ MHQH &KDQFHQ JHODQJHQGLHGXUFK%LOGXQJYHUPLWWHOWZHUGHQ (LQH $XVQDKPH ELOGHW GHU =XJDQJ ]X %LOGXQJ DXV JHVFKOHFKWVVSH]LILVFKHU 3HUVSHNWLYH'LHVHUNRQQWHGXUFKGLH%LOGXQJVH[SDQVLRQVHLWGHQHU-DKUHQ LQIRUPDOHU+LQVLFKWZHLWJHKHQGDXVJHJOLFKHQZHUGHQ6RHWZDKDWVLFKGLH$Q ]DKO GHU ZHLEOLFKHQ 6WXGLHUHQGHQ GHXWOLFK HUK|KW DXFK GLH 0|JOLFKNHLW HLQHU
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW
%HUXIVDXVELOGXQJIU0lGFKHQXQGMXQJH)UDXHQLVWGHXWOLFKJHVWLHJHQ,QGLH VHP =XVDPPHQKDQJ VLQG VLFKHUOLFK %HPKXQJHQ XQG %LOGXQJVNRQ]HSWH YJO EHLVSLHOVZHLVH3UHQJHO ]XEHWUDFKWHQGLHGLH&KDQFHQJOHLFKKHLWLQV=HQW UXPVHW]HQ6R]LDOH*OHLFKEHUHFKWLJXQJXQGJOHLFKH7HLOKDEHDQGHU*HVHOOVFKDIW XQGLP%HUXINRQQWHGXUFKGLH%LOGXQJVH[SDQVLRQDEHUQLFKWHUUXQJHQ ZHUGHQ %HLVSLHOVZHLVH YHUGLHQHQ )UDXHQ KHXWH IU GLH JOHLFKH 7lWLJNHLW QDFK ZLH YRU ZHQLJHU DOV 0lQQHU HV ILQGHQ VLFK NDXP )UDXHQ LQ K|KHU TXDOLIL]LHUWHQ %HUHL FKHQ)UDXHQDUEHLWHQLP9HUJOHLFK]X0lQQHUQXPHLQ9LHOIDFKHVPHKULQ7HLO ]HLWMREVHWF+LHUZLUNHQDOVRLPPHUQRFK6HOHNWLRQVPHFKDQLVPHQGLHLQHUVWHU /LQLH )UDXHQ EHWUHIIHQ 1DFK ZLH YRU VLQG GDUEHU KLQDXV HWKQLVFKH PLOLHXEH GLQJWHXQGUHJLRQDOH+HUNXQIWQHEHQGHP*HVFKOHFKWZHVHQWOLFKH6HOHNWLRQVPH FKDQLVPHQXQG'LIIHUHQ]LHUXQJVIDNWRUHQXQGLP:HWWEHZHUEXPEHVVHUH4XDOL ILNDWLRQHQPDFKWVLFKHLQHVR]LDOH6HJUHJDWLRQEHPHUNEDU'LHVR]LDOH+HUNXQIW EHVWLPPWJHJHQZlUWLJLPPHUQRFKGHQ%LOGXQJVYHUODXIE]ZGLH%LOGXQJVEHWHL OLJXQJ HLQHU 3HUVRQ $Q |VWHUUHLFKLVFKHQ 8QLYHUVLWlWHQ KHUUVFKW QDFK ZLH YRU 8QJOHLFKKHLWEH]JOLFKGHUVR]LDOHQ+HUNXQIWYRQ6WXGLHUHQGHQ Ä'LH :DKUKHLW LVW DOVR GDVV ELOGXQJVIHUQH *UXSSHQ DQ GHQ 8QLYHUVLWlWHQ QRFK LPPHUGHXWOLFKXQWHUUHSUlVHQWLHUWVLQG« $Q8QLVEHJLQQHQDOVR.LQGHUYRQ0D WXUDQWHQXQG$NDGHPLNHUQGUHLPDOKlXILJHUHLQ6WXGLXPDOV.LQGHUDXVELOGXQJVIHU QHQ)DPLOLHQ³'HU6WDQGDUG6
%LOGXQJVLQVWLWXWLRQHQVLQGGHPQDFKDXFKKHXWHQRFKEHGHXWHQGH6HOHNWLRQVLQVWL WXWLRQHQ GLH HLQHU JHIRUGHUWHQ &KDQFHQJOHLFKKHLW QLFKW JHUHFKW ZHUGHQ YJO *HRUJ*LHVHNH:HQQLQJ 'DVKHLWGDVVGLH3ULYLOHJLHQHLQHU K|KHUHQ%LOGXQJVVFKLFKWHEHQVRZLHMHQHYRQVR]LDOHQ1HW]ZHUNHQDQGLHQDFK NRPPHQGH *HQHUDWLRQ YHUHUEW ZHUGHQ 'LHV JLEW $XIVWLHJVP|JOLFKNHLWHQ XQG 6LFKHUKHLWHQEHUGLHDQGHUHQLFKWYHUIJHQ'LHVH6LFKHUKHLWHQVLQG$XVGUXFN HLQHVÃVR]LDOHQ.DSLWDOV¶GDVVLFKGXUFKHLQ1HW]ZHUNYRQ$XVWDXVFKEH]LHKXQ JHQ XQWHUVFKLHGOLFKVWHU $UW DXV]HLFKQHW DXI GLH VLFK GLH HLQ]HOQHQ 0LWJOLHGHU GLHVHV1HW]ZHUNHVEH]LHKHQ0LWGHUJHVHOOVFKDIWOLFKHQ6WHOOXQJGLHHLQH3HUVRQ LQGLHVHP1HW]ZHUNHLQQLPPWVLQGDXFKGLHLQWHJUDWLYH9HUDQNHUXQJHLQHUVHLWV XQG GLH JHULQJHUH 0|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
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
EHUXIOLFKHU*HUHFKWLJNHLWXQG6LFKHUKHLW:HLWHUELOGXQJJDUDQWLHUWZHGHUK|KHUHV (LQNRPPHQ QRFK $XIVWLHJVFKDQFHQ DEHU GLH +RIIQXQJ DXI HLQ EHVVHUHV /HEHQ GXUFKYHUVWlUNWH/HUQDQVWUHQJXQJHQVWHLJW Ä'LH 8QJOHLFKKHLWHQ GLH 8QJHUHFKWLJNHLWHQ ZHUGHQ HUWUDJHQ ZHLO GLH 9HUKHL XQJ GXUFK GHQ %HVXFK YRQ %LOGXQJVYHUDQVWDOWXQJHQ PLWJHOLHIHUW ZLUG GDVV VLFK GLHVHGXUFK/HUQHQYHUULQJHUQZUGHQ³*HLOHU6
'LH %HUHLWVFKDIW ]X )OH[LELOLWlW 0RELOLWlW XQG $QSDVVXQJ YLHOHU %UJHU XQG %UJHULQQHQKDWDXFKHWZDV7UDJLVFKHV(LQHP3DZORZ¶VFKHQ+XQGJOHLFKODX IHQVLHGHQ9HUVSUHFKXQJHQYRQ(UIROJ9HUP|JHQ$XIVFKZXQJYRQGDXHUKDI WHQ$UEHLWVSOlW]HQKLQWHUKHU'DVVYLHOHGDEHLDXIGHU6WUHFNHEOHLEHQIlOOWKlX ILJHUVWLP1DFKKLQHLQDXI'DEHLÄZLUGVRJHWDQDOVZlUHQGLH8QJHUHFKWLJNHL WHQ GHU $UEHLWVZHOW /HUQGHIL]LWH GLH GHP (LQ]HOQHQ DQ]XODVWHQ VLQG³ *HLOHU 6 9LHOPHKUDEHUDFKWHWHLQQHROLEHUDOHV:LUWVFKDIWVV\VWHPQLFKWDXI GLHHLQ]HOQHQ0LWJOLHGHUVHLQHU*HVHOOVFKDIWVRQGHUQLP9RUGHUJUXQGVWHKWVWHWV GLH*HZLQQPD[LPLHUXQJ8QGKHXWHZRDOOHQ0HQVFKHQGLH9HUDQWZRUWXQJIU *HZLQQPD[LPLHUXQJ XQG (IIL]LHQ]VWHLJHUXQJ EHUWUDJHQ ZLUG ÄZHUGHQ JHVHOO VFKDIWOLFKH 9HUOLHUHU ]X LQGLYLGXHOOHQ /HUQYHUVDJHUQ XQG ]X /HUQXQZLOOLJHQ JHVWHPSHOW³*HLOHU6 'LH 2UGQXQJVNDWHJRULHQ *HVFKOHFKW VR]LDOH +HUNXQIW HWKQLVFKH =XJHK| ULJNHLWHWFVLQG*UXQGYRUDXVVHW]XQJIUHLQHDQVR]LDOHU*HUHFKWLJNHLWRULHQWLHU WHQ*HVHOOVFKDIW(JJHUVSULFKWYRQHLQHUÄJHUHFKWLJNHLWVRULHQWLHUWHQ%LOGXQJVSR OLWLN³ GHUHQ $XIJDEH LQ GHU Ä+HUVWHOOXQJ HLQHU JHUHFKWHQ 3DUWL]LSDWLRQ DQ %LO GXQJVXQGGHUHQ9HUZHQGXQJVFKDQFHQLP/HEHQVYHUODXI³(JJHU6 OLHJW'LHVIKUW]XHLQHP%LOGXQJVNRQ]HSWZHOFKHVDXIGLH9LHOIDOWLQGHU*H VHOOVFKDIW KLQZHLVW ZHOFKHV EHU,QWHJUDWLRQVYHUVXFKH KLQDXVJHKWXQGDXI6WUD WHJLHQ GHU ,QNOXVLRQ IRNXVVLHUW 'LH WDWVlFKOLFKH 5HDOLVLHUXQJ GHU &KDQFHQ JOHLFKKHLW GXUFK %LOGXQJ HUZHLVW VLFK LQ JHZLVVHQ JHVHOOVFKDIWOLFKHQ 7HLOEHUHL FKHQLPPHUQRFKDOV,OOXVLRQ'DV%LOGXQJVV\VWHPNDQQQLFKW ÄDOV VLFKHUHV 9HUWHLOXQJVLQVWUXPHQW IU /HEHQVFKDQFHQ DQJHVHKHQ ZHUGHQ RE ZRKOLQGHQOHW]WHQ-DKU]HKQWHQGLH&KDQFHQXQJOHLFKKHLWGXUFKHLQH'HPRNUDWLVLH UXQJGHV%LOGXQJV]XJDQJHV9HUPLQGHUXQJPDWHULHOOYHUPLWWHOWHU%LOGXQJVEDUULHUHQ $XVJOHLFKNXOWXUHOOHUXQGILQDQ]LHOOHU%HQDFKWHLOLJXQJHQ YHUULQJHUWZXUGH³0LNXOD 6
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW
3KlQRPHQHYRQ,QGLYLGXDOLVLHUXQJ 'HUDXINOlUHULVFKH*HGDQNHGDVVDOOH0HQVFKHQYHUQXQIWJHOHLWHWXQGIROJOLFKIU LKU6FKLFNVDOVHOEVWYHUDQWZRUWOLFKVHLHQWUXJZHVHQWOLFK]XHLQHU,QGLYLGXDOLVLH UXQJGHU*HVHOOVFKDIWEHL,QGLYLGXDOLVLHUXQJLVWHLQ Ä3UR]H LQ GHP VLFK GHU 0HQVFK DXV YRUJHJHEHQHQ VR]LDOHQ %LQGXQJHQ XQG 9HUVRUJXQJV]XVDPPHQKlQJHQ KHUDXVJHO|VW KDW XQG DOV IUHL KDQGHOQGHV 6XEMHNW HWDEOLHUWKDW³*UXEHU6
6RVWHOOW,QGLYLGXDOLVLHUXQJDXFKNHLQ3KlQRPHQGHV-DKUKXQGHUWVGDU,QGL YLGXDOLVLHUXQJ XQG $XWRQRPLH DOVR GDV 9HUIJHQ EHU GDV HLJHQH /HEHQ N|Q QHQDOV(UILQGXQJGHU0RGHUQHEH]HLFKQHWZHUGHQZREHL$XWRQRPLHDOVÄ%DVLV 3ULQ]LS³ YRUDXVVHW]W GDVV HV ÄWLHI LP %HZXWVHLQ GHU 0HQVFKHQ YHUDQNHUW LVW³ %HFN6 hEHUVHKUODQJH=HLWZDULQGLYLGXHOOHVDXWRQRPHV9HUKDO WHQ XQG +DQGHOQ LQ GHU *HVHOOVFKDIW NDXP DN]HSWLHUW YLHOPHKU ZXUGH GLHVHV KlXILJ ÄPLW DEZHLFKHQGHP RGHU VRJDU LGLRWLVFKHP 9HUKDOWHQ JOHLFKJHVHW]W³ %HFN6 +HXWHLVWGHU%HJULII,QGLYLGXDOLVLHUXQJXQPLWWHOEDUPLW9HUlQGHUXQJVXQG 0RGHUQLVLHUXQJVSUR]HVVHQ YHUEXQGHQXQG ZHLVWDXIGLHLQGLYLGXHOOH(EHQHKLQ GLH GLHVH 9HUlQGHUXQJHQ QDFK VLFK ]LHKHQ 'HU %HJULII ZLUG DEHU DXI DOOHQ JH VHOOVFKDIWOLFKHQ(EHQHQYHUZHQGHWXQGKDWHLQHEUHLWH$N]HSWDQ]:DUXPGLHVVR LVWGDIUN|QQHQXQWHUVFKLHGOLFKH(UNOlUXQJHQKHUDQJH]RJHQZHUGHQYJO*UX EHU6I ,QGLYLGXDOLVLHUXQJLVWHLQ%HJULIIGHUYLHO5DXPIU'HXWXQ JHQRIIHQOlVVWGDHUDQVLFKNHLQHHLQGHXWLJH$XVVDJHEHLQKDOWHW(UOlVVWJHQ JHQG 0|JOLFKNHLWHQ RIIHQ GLH ]DKOUHLFKHQ $XVZLUNXQJHQ GHU 0RGHUQLVLHUXQJ GLH HLQDQGHU KlXILJ GLDPHWUDO JHJHQEHUVWHKHQ ]X HUNOlUHQ 6R LVW HV P|JOLFK PLWGLHVHP%HJULII3KlQRPHQH]XEHVFKUHLEHQGLHVLFKDQWLQRPLVFK]XHLQDQGHU YHUKDOWHQ DXFK HLJQHW HU VLFK GDIU XQWHUVFKLHGOLFKH $OOWDJVSKlQRPHQH ]X HU NOlUHQ Ä,QGLYLGXDOLVLHUXQJVSUR]HVVHYHUIJHQGHPQDFKDOV (UNOlUXQJVPXVWHULQ :LVVHQVFKDIWZLH$OOWDJEHUHLQHJURH$N]HSWDQ]³*UXEHU6 hEHU GLH $XVZLUNXQJHQ GHU ,QGLYLGXDOLVLHUXQJ H[LVWLHUHQ ]DKOUHLFKH RSWL PLVWLVFKHHEHQVRZLHSHVVLPLVWLVFKH%HWUDFKWXQJVZHLVHQ:lKUHQGHWZDDXIGHU HLQHQ 6HLWH GDYRQ DXVJHJDQJHQ ZLUG GDVV GLH ,QGLYLGXHQ GXUFK ]XQHKPHQGH %URNUDWLVLHUXQJLQLKUHQ)UHLKHLWHQHLQJHVFKUlQNW ZHUGHQ KHUUVFKWDXIGHUDQ GHUHQ 6HLWH GLH $QVLFKW GDVV GDV /RVO|VHQ YRQ WUDGLWLRQHOOHQ %H]JHQ ]X YHU PHKUWHQ )UHLKHLWHQ IKUW 6R HUZHLWHUQ VLFK HWZD +DQGOXQJVP|JOLFKNHLWHQ LQ EHUXIOLFKHUVR]LDOHUHEHQVRZLHLQSULYDWHU+LQVLFKW(VHQWVWHKHQQHXH3HUVSHN WLYHQXQG)UHLKHLWHQGHUHLJHQHQ/HEHQVJHVWDOWXQJZDV%HUXIVZDKO*HVWDOWXQJ ]ZLVFKHQPHQVFKOLFKHU%H]LHKXQJHQ:RKQVLWXDWLRQHQXDPEHWULIIW
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
(V NRPPW DEHU DXFK ]XP +HUDXVO|VHQ GHV ,QGLYLGXXPV DXV VHLQHU DQJH VWDPPWHQVR]LDOHQ8PJHEXQJXQG]XHLQHU(UZHLWHUXQJGHUVR]LDOHQ1HW]ZHUNH VR GDVV GDV ,QGLYLGXXP VLFK JOHLFKHUPDHQ LQ %H]XJ ]X PHKUHUHQ 8PZHOWHQ EHILQGHW*HKWPDQGDYRQDXVGDVV,QGLYLGXDOLVLHUXQJ]XYHUPHKUWHQ:DKOIUHL KHLWHQ IKUW VRVWHOOWVLFKGLH)UDJHRE0HQVFKHQ]XPHLQHQWDWVlFKOLFKLQGHU /DJH VLQG ]X ZlKOHQ E]Z RE VLH DQGHUHUVHLWV DXFK ZlKOHQ ZROOHQ XQG ZlKOHQ N|QQHQ 'DVV,QGLYLGXDOLVLHUXQJDXFKEHIUHLHQGH$VSHNWHPLWVLFKEULQJWOlVVWVLFK QLFKW OHXJQHQ ,QGLYLGXDOLVLHUXQJ YHUPLWWHOW )UHLKHLW IUHL ]XVHLQ YRQ =ZlQJHQ 1HEHQ GHP $VSHNW GHU )UHLKHLW YRQ HWZDV JLEW HV QRFK GLH )UHLKHLW ]X HWZDV 'LHVH )UHLKHLWVJHIKOH N|QQHQ PLW *HIKOHQ YRQ 2KQPDFKW HLQKHUJHKHQ QlP OLFK GDQQ ZHQQ WUDGLWLRQHOOH 5DKPXQJHQ XQG :HUWH ]XQHKPHQG YHUVFKZLQGHQ XQG NHLQH YRUJHIHUWLJWHQ JHHLJQHWHQ $QWZRUWHQ DXI )UDJHQ ]XU 9HUIJXQJ VWH KHQ'DQQ ZLUGHVIUGHQHLQ]HOQHQ0HQVFKHQ]XQHKPHQGVFKZLHULJHUDQGHU HLJHQHQ,GHQWLWlW]XEDXHQ *HUDGHLQHLQHU=HLWGHU3OXUDOLVLHUXQJYHUOLHUHQ±ZLHEHUHLWVEHVFKULHEHQ± 7UDGLWLRQHQ ZLH VLH HWZD LQ IDPLOLlUHQ 9HUElQGHQ ]X ILQGHQ VLQG LKUH 9RU PDFKWVWHOOXQJ YJO %HFN 'HPQDFK NDQQ DXFK QLFKW GDYRQ DXVJHJDQJHQ ZHUGHQGDVVHLQPDOJHOHUQWH1RUPHQXQG:HUWHIUHLQJDQ]HV/HEHQLKUH*O WLJNHLWKDEHQGDDQGHUH9RUELOGHUDQGLH6WHOOHGHUWUDGLWLRQHOOHQWUHWHQ'LHVLVW DEHUQLFKW]ZDQJVOlXILJDOVQHJDWLY]XEHWUDFKWHQHVNDQQDXFK]XHLQHU%HIUHL XQJGHU,QGLYLGXHQDXVVWDUUHQ0XVWHUQIKUHQ6LHKDEHQQXQHKHUGLH0|JOLFK NHLWLKU/HEHQQDFKLKUHQ9RUVWHOOXQJHQ]XJHVWDOWHQ$EHU,QGLYLGXDOLVLHUXQJLVW DXFK HLQ 3DUDGR[ YRU DOOHP GDKLQJHKHQG GDVV HLQ GRSSHOGHXWLJHV 9HUKlOWQLV ]ZLVFKHQ GHP ,QGLYLGXXP XQG GHP .ROOHNWLY H[LVWLHUW 6R KDW VLFK GXUFK GDV /|VHQ HQJHU IDPLOLlUHU %H]LHKXQJVPXVWHU HLQ DEVWUDNWHU &KDUDNWHU YRQ %H]LH KXQJHQ HQWZLFNHOW GHU GLH ,QGLYLGXHQ KHXWH DXWRQRPHU PDFKW VLH VLQG ]XQHK PHQGEHIUHLWYRQHLQHQJHQGHQPDQFKPDODXFKXQWHUGUFNHQGHQ%LQGXQJHQXQG %HGLQJXQJHQ$XIGHUDQGHUHQ6HLWHZHUGHQMHGRFK6LFKHUKHLWHQGLHHWZDVR]LD OH(LQELQGXQJLQIDPLOLlUHHEHQVRZLHLQVR]LDOH*HJHEHQKHLWHQJHZlKUOHLVWHWHQ ]XUFNJHGUlQJW'LH)ROJHGLHVHU3UR]HVVHLVWGDVVQHEHQQHXHQ)UHLKHLWHQDXFK QHXH5LVLNHQHQWVWDQGHQVLQG Ä'HQQGLH0RGHUQLVLHUXQJKDWQLFKWQXUGLH.lILJHJH|IIQHWXQG0DXHUQQLHGHU JHULVVHQVLHKDWQLFKWQXUPHKU6HOEVWEHVWLPPXQJ6HOEVWlQGLJNHLWXQG$XWRQRPLH JHEUDFKWVLHKDWDXFKYLHOHGHU6FKXW]XQG+DOWJHEHQGHQVR]LDOHQ)RUPDWLRQHQXQG 1RUPHQEHVHLWLJW³*UXEHU6
'DV EHGHXWHW GDVV 9HUDQWZRUWXQJ EHUQRPPHQ ZHUGHQ PXVV IU GLH HLJHQH /HEHQVSODQXQJIUYLHOIlOWLJJHZRUGHQH(QWVFKHLGXQJHQ±LQGLHVHP6LQQHJLOW HV DXFK DE]XZlJHQ ]ZLVFKHQ &KDQFHQ XQG 5LVLNHQ 3UREOHPDWLVFK HUVFKHLQW
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW
GLHVH'LFKRWRPLVLHUXQJGHVKDOEZHLOGLH%HZHUWXQJHLQHUHLQPDOJHIlOOWHQ(QW VFKHLGXQJDOVULFKWLJRGHUIDOVFKHUVW PLWGHQJHPDFKWHQ(UIDKUXQJHQJHWURIIHQ ZHUGHQNDQQ %HWUDFKWHWPDQDOVR*HVHOOVFKDIWXQWHUGHP%OLFNZLQNHOGHU,QGLYLGXDOLVLH UXQJVRZLUGGHXWOLFKÄGD0HQVFKHQLQGHQJUXQGOHJHQGHQ)UDJHQLKUHUJHVHOO VFKDIWOLFKHQ XQG ELRJUDSKLVFKHQ (QWZLFNOXQJ LPPHU VWlUNHU DXI VLFK VHOEVW ]X UFNYHUZLHVHQZHUGHQ³$UQROG6LHEHUW6 ,QVWLWXWLRQHQGLHWUDGLWLRQHOOHUZHLVH$QWZRUWHQDXI)UDJHQJHJHEHQKDEHQ ZLHHWZD3ROLWLN5HOLJLRQRGHU:LVVHQVFKDIWJHZlKUOHLVWHQQXUPHKUYHUPHLQW OLFKH 6LFKHUKHLWHQ 'DUDXV IROJW GDVV DXFK ([SHUW,QQHQ EHL LKUHP 5LVLNRPDQD JHPHQWVFKHLWHUQYJO%HFN6 ,QGLHVHP=XVDPPHQKDQJZLUGYRQ HLQHUÄWUDJLVFKHQ,QGLYLGXDOLVLHUXQJ³%HFN6 GHUGLH0HQVFKHQLP -DKUKXQGHUW DXVJHOLHIHUW VLQG JHVSURFKHQ ,QVWLWXWLRQHQ GHQHQ JHWUDXW XQG YHUWUDXW ZXUGH LVW QXQ ]X PLVVWUDXHQ GD VLH 5LVLNHQ QLFKW PHKU NRQWUROOLHUHQ N|QQHQ'DGXUFKLVWGDVÄ,QGLYLGXXP« JH]ZXQJHQGHQ5DWLRQDOLWlWVYHUVSUH FKXQJHQ GLHVHU ,QVWLWXWLRQHQ ]X PLWUDXHQ³ $OV )ROJH GDYRQ ZHUGHQ GLH 0HQ VFKHQDXIVLFKVHOEVW]XUFNJHZRUIHQÄ(QWZXU]HOXQJRKQH9HUZXU]HOXQJ±GDV LVWGLHLURQLVFKWUDJLVFKH)RUPHOIUGLHVH'LPHQVLRQGHU,QGLYLGXDOLVLHUXQJGHU :HOWULVLNRJHVHOOVFKDIW³ %HFN 6 $P %HLVSLHO YRQ $UEHLWVORVLJNHLW OlVVWVLFKGDVVHKUJXWVNL]]LHUHQ,VW PDQ YRQGURKHQGHURGHUWDWVlFKOLFKHU $U EHLWVORVLJNHLWEHWURIIHQVRZLUGGLHVDOVLQGLYLGXHOOHU6FKLFNVDOVVFKODJJHGHXWHW DXFKZHQQEHVRQGHUVYLHOH0HQVFKHQYRPJOHLFKHQhEHOEHWURIIHQVLQG6WDWLV WLVFK ZHUGHQ GLHVH 0HQVFKHQ DOV .ROOHNWLY HUIDVVW JOHLFK]HLWLJ ZLUG LKQHQ ]X YHUVWHKHQJHJHEHQGDVVHVVLFKXPLQGLYLGXHOOH9HUDQWZRUWXQJXQGQLFKWNROOHN WLYH6FKLFNVDOHKDQGHOW )OH[LEHO±EHZHJOLFK±DQSDVVXQJVIlKLJHLQDQVSUXFKVYROOHU$XIWUDJ 'LH 0DUNLHUXQJ GHU )OH[LELOLVLHUXQJ LQ GHU JHJHQZlUWLJHQ *HVHOOVFKDIW ZLUNW VLFKDXIGLHYHUVFKLHGHQHQ6\VWHPHEHQHQ,QGLYLGXXP*UXSSHXQG2UJDQLVDWLRQ DXIXQWHUVFKLHGOLFKH:HLVHDXVXQGVWHOOWGLHVHGHPHQWVSUHFKHQGYRUPHKUGHXWL JH +HUDXVIRUGHUXQJHQ )U GDV ,QGLYLGXXP EHGHXWHW GLHV HWZD VLFK IOH[LEHO KLQVLFKWOLFK GHU /HEHQVIRUP KLQVLFKWOLFK GHV %HUXIVZHFKVHOV GHU UlXPOLFKHQ 9HUlQGHUXQJHQ YRQ $UEHLWVSOlW]HQ ]X SRVLWLRQLHUHQ $XI GHU VR]LDOHQ (EHQH ZLUNW VLFK GLHV DXI GLH XQWHUVFKLHGOLFKHQ =XJHK|ULJNHLWHQ ]X *UXSSHQ DXV ZLH HWZD LQ GHU VSRUWOLFKHQ )UHL]HLWJHVWDOWXQJ LQ ,QWHUQHWIRUHQ HEHQVR ZLH DP $U EHLWVSODW] 'HP $QVSUXFK GHU )OH[LELOLVLHUXQJ ZHUGHQ DXFK JHVHOOVFKDIWOLFKH )XQNWLRQVV\VWHPHZLHHWZDGDV%LOGXQJVV\VWHPJHUHFKWKLHUEHGHXWHWGLHVHWZD $QSDVVXQJHQ DQ GLH %RORJQD(UNOlUXQJ HEHQVR ZLH GLH (LQIKUXQJ YRQ 4XDOL
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
WlWVVWDQGDUGVLQ$XVXQG:HLWHUELOGXQJHQ$XI]ZHL%HLVSLHOHQlPOLFK/HEHQV IRUPHQXQG$UEHLWVPDUNWP|FKWHLFKLP)ROJHQGHQQlKHUHLQJHKHQ %HLVSLHO/HEHQVIRUPHQ $OVHUVWHV%HLVSLHOVHLKLHUHLQH$XVZLUNXQJYRQ0RELOLWlWLQ%H]XJDXI/HEHQV IRUPHQJHQDQQWIUGLHVLFKHLQ0HQVFKKHXWHLQHLQHUDQGHUHQ:HLVHHQWVFKHL GHQNDQQDOVIUKHU:DUELV]XU0LWWHGHV-DKUKXQGHUWVPHKURGHUZHQLJHU YRUJH]HLFKQHW LQ ZHOFKHU VR]LDOHQ 6FKLFKW EHLVSLHOVZHLVH HLQH /HEHQVJHPHLQ VFKDIW (KH HLQJHJDQJHQ ZHUGHQ NRQQWH RKQH GDV $QVHKHQ ]X YHUOLHUHQ YJO %HFN*HUQVKHLP VRLVWGLHVKHXWHLQGHQ+LQWHUJUXQGJHWUHWHQ XQGHVLVW PLWWOHUZHLOH ZHLWJHKHQG DN]HSWLHUW IU ZHOFKH 3DUWQHULQ E]Z ZHOFKHQ 3DUWQHU PDQVLFKHQWVFKHLGHWXQDEKlQJLJYRQVR]LDOHU+HUNXQIW$XVELOGXQJE]ZYRP %HUXI'DUEHUKLQDXVOlVVWVLFKDXFKHLQIOH[LEOHUHU8PJDQJLQGHQ/HEHQVSDUW QHUVFKDIWHQ XQG LQ GHQ /HEHQVIRUPHQ LQVJHVDPW HUNHQQHQ (LQ ZLHGHUKROWHU :HFKVHOYRQ3DUWQHUVFKDIWHQDOVR7UHQQXQJHQXQG(KHVFKHLGXQJHQLVWPLWWOHU ZHLOHHKHU]XHLQHU1RUPJHZRUGHQDOV$XVQDKPHJHEOLHEHQ:lKUHQGHLQHUVHLWV ]ZDUQDFKZLHYRUDQGHU7UDGLWLRQGHU(KHIHVWJHKDOWHQZLUGOLHJWDQGHUHUVHLWV GLH6FKHLGXQJVUDWHLQgVWHUUHLFKGHU]HLWEHLIDVW6RVLQG)DPLOLHXQG(KH GLH VLFK LP /DXIH GHU -DKUKXQGHUWH YRQ HLQHU |NRQRPLVFKHQ ]X HLQHU URPDQWL VFKHQ,QVWLWXWLRQJHZDQGHOWKDEHQKHXWHHLQHÄDXVJHK|KOWH,QVWLWXWLRQ³GLH]ZDU ÄQRFK GLHVHOEH %H]HLFKQXQJ ZLH IUKHU >KDW@ GRFK LKU LQQHUHV :HVHQ KDW VLFK YHUlQGHUW³*LGGHQV6 LHVHWUDGLWLRQHOOH)DPLOLHQIRUPLVW]XPLQGHVW LQ ZHVWOLFKHQ,QGXVWULHOlQGHUQLP6FKZLQGHQEHJULIIHQ ZRPLWVLFKQHXH0|J OLFKNHLWHQ HU|IIQHQ DEHU DXFK 1RWZHQGLJNHLWHQ HUJHEHQ *OHLFK]HLWLJ HUNHQQHQ ZLU GLH 0RELOLWlW XQG GDPLW HLQKHUJHKHQG HLQH (UZHLWHUXQJ LQ GHU 9LHOIDOW GHU /HEHQVIRUPHQZLHHWZDEHLVRJHQDQQWHQ3DWFKZRUNXQG5HJHQERJHQIDPLOLHQ :lKUHQG 3DWFKZRUNIDPLOLHQ DXFK ZHQQ VLH QLUJHQGV GHILQLHUW VLQG EHUHLWV ZHLWJHKHQG DQHUNDQQW VLQG IHKOW LQ VRJHQDQQWHQ 5HJHQERJHQIDPLOLHQ QHEHQ JHVHW]OLFKHQ 5HJHOXQJHQ QDFK ZLH YRU DXFK ZHLWJHKHQG GLH JHVHOOVFKDIWOLFKH $N]HSWDQ] %HLVSLHO$UEHLWVPDUNW $P$UEHLWVPDUNWHUVFKHLQHQYLHOH*HVLFKWHUYRQ)OH[LELOLVLHUXQJXQG0RELOLWlW 0RELOLWlW LQ JHRJUDILVFKHU +LQVLFKW JHK|UW ]X GHQ $QIRUGHUXQJHQ GHU KHXWLJHQ =HLWZHQQJOHLFKGLHVHEHUHLWVLQGHU=HLWGHU,QGXVWULDOLVLHUXQJHLQZHVHQWOLFKHU $VSHNW ZDU XP EHUKDXSW HLQHQ $UEHLWVSODW] ]X HUKDOWHQ YJO %HFN 6 'LH (UIRUGHUQLV JHRJUDILVFKHU 0RELOLWlW KDW VLFK LQVRIHUQ YHUVFKlUIW DOV VLFK GLH IU $UEHLWQHKPHU,QQHQ ]XUFN]XOHJHQGHQ 6WUHFNHQ YHUJU|HUW KDEHQ ±
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW
HVJHKWQXQQLFKWPHKUQXUXPGDV3HQGHOQLQHLQHQPHKURGHUZHQLJHUQDKHJH OHJHQHQ2UWVRQGHUQDXFKXPHLQEHUXIVEHGLQJWHVhEHUVLHGHOQDQHLQHQDQGHUHQ 2UW6R ZLUGGHU]HLWEHLVSLHOVZHLVHYHUVXFKWDUEHLWVXFKHQGH0HQVFKHQ XD PLW +LOIHYRQPRQHWlUHP$QUHL]GD]X]XEULQJHQLKUHQ:RKQRUW]XYHUODJHUQ'DV EHGHXWHW GDVV YRQ GHQ ,QGLYLGXHQ HLQH KRKH %HUHLWVFKDIW YRUDXVJHVHW]W ZLUG LKUHQ :RKQRUW DXI]XJHEHQ VLFK DQ QHXH gUWOLFKNHLWHQ XQG GDPLWHLQKHUJHKHQG DQHLQQHXHVVR]LDOHV8PIHOGDQ]XSDVVHQ(LQ3UREOHPLVWMHGRFKGDVVVLFKQLH PDQGVLFKHUVHLQNDQQGDVVGXUFKGHQJURHQSHUV|QOLFKHQ$XIZDQGGHUGDPLW JHOHLVWHWZLUGDXFKDPDQGHUHQ2UWHLQGDXHUKDIWVLFKHUHU$UEHLWVSODW]JHZlKU OHLVWHWLVW $XFKGLH%HVWUHEXQJHQGHU$UEHLWJHEHU,QQHQQDFKIOH[LEOHQ$UEHLWV]HLWUHJHOXQ JHQVWHOOHQHLQ0HUNPDOYRQ)OH[LELOLVLHUXQJGDU6RZLUGHWZDHLQH9ROO]HLWEH VFKlIWLJXQJEHUGLH=HLWGHU%HUXIVIlKLJNHLWDXIJHEURFKHQ±DQLKUH6WHOOHWULWW HLQH )OH[LELOLVLHUXQJ GHU $UEHLWV]HLWHQ (LQHUVHLWV VFKUHLWHQ VRJHQDQQWH SUHNlUH $UEHLWVYHUKlOWQLVVHYRUDQ7HLO]HLWDUEHLWQLPPWHEHQVR]XZLHHWZDJHULQJIJLJH %HVFKlIWLJXQJHQ*OHLFK]HLWLJQLPPWDEHUDXFKGLH$QIRUGHUXQJDQGLH$UEHLW QHKPHU,QQHQ hEHUVWXQGHQ ]X OHLVWHQ ]X 'D]X NRPPHQ QRFK GLH VRJHQDQQWHQ 0F-REV XQG 3DWFKZRUN-REV (LQH ]XQHKPHQGH =DKO YRQ 0HQVFKHQ LVW JHIRU GHUWQLFKWQXUHLQHU7lWLJNHLWVRQGHUQPHKUHUHQQDFK]XJHKHQXPLKUHQ/HEHQV VWDQGDUGKDOWHQ]XN|QQHQ'LHVH0HQVFKHQVLQGHLQHPEHVRQGHUHQ6WUHVVDXVJH OLHIHUW6LHPVVHQVLFKSHUPDQHQWDXI1HXHVHLQVWHOOHQLQMHGHP7lWLJNHLWVIHOG LKU%HVWHV JHEHQ YRQHLQHP $UEHLWVSODW]]XPDQGHUHQSHQGHOQ±VWHWVPLWGHP %HPKHQDOOHQ$UEHLWJHEHU,QQHQJHUHFKW]XZHUGHQ 6HQQHWW YHUZHLVW GDUDXI GDVV PLW GHU )OH[LELOLVLHUXQJ DP $UEHLWV PDUNW QHEHQ GHP 9HUOXVW DQ $XWRULWlW DXFK HLQ 9HUOXVW DQ 6ROLGDULWlW ]X EHR EDFKWHQ LVW 9RUJHVHW]WH N|QQHQ ]XQHKPHQG DXI GHUHQ 9RUJHVHW]WH YHUZHLVHQ XQG HQW]LHKHQ VLFK GDGXUFK LKUHU 9HUDQWZRUWXQJ ZDV ZLHGHUXP HLQHQ $XWRUL WlWVYHUOXVW]XU)ROJHKDW$XFK6ROLGDULWlWXQGGDPLWVR]LDOHV(QJDJHPHQWXQWHU GHQ 0LWDUEHLWHU,QQHQ LVW LP 9HUVFKZLQGHQ EHJULIIHQ 'DV VR]LDOH 8PIHOG DP $UEHLWVSODW] LVW IOXLGH JHZRUGHQ GHU .RQNXUUHQ]GUXFN ]ZLVFKHQ GHQ $UEHLW QHKPHU,QQHQ XQWHUHLQDQGHU LVW JHVWLHJHQ XQG MHGH5 PXVV XP VHLQHQLKUHQ $U EHLWVSODW]IUFKWHQ'DGXUFKÄ« YHU]HUUW(UZHUEVDUEHLW]XQHKPHQGGLH5HDOL WlWHQ GHV JHJHQVHLWLJHQ *HEUDXFKWZHUGHQV ZHOFKHV 0HQVFKHQ DQHLQDQGHU ELQ GHW³6HQQHWW6 )OH[LELOLVLHUXQJ EHGHXWHW DXFK GDVV +|KHUTXDOLIL]LHUWH KHXWH 7lWLJNHLWHQ XQG3RVLWLRQHQEHVHW]HQGLHHWZDQRFKYRU-DKUHQ0HQVFKHQPLWQLHGULJHUHQ %LOGXQJVDEVFKOVVHQLQQHKDWWHQ6RJDOWEHLVSLHOVZHLVHLQGHQHU-DKUHQHLQ +DQGHOVFKXODEVFKOXVV DOV GLH 4XDOLILNDWLRQ IU HLQH $QVWHOOXQJ LP %DQNZHVHQ VFKOHFKWKLQ±KHXWHLVWGDIUKlXILJ]XPLQGHVWHLQ0DWXUDDEVFKOXVVZHQQQLFKW JDUHLQDEJHVFKORVVHQHV6WXGLXPQRWZHQGLJ$XFKJLEWHLQHLQPDOHUOHUQWHU%H
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
UXI NHLQH 6LFKHUKHLW PHKU GLHVHQ ELV ]XP (QGH GHV %HUXIVOHEHQV DXV]XEHQ $EHUJHUDGHHLQ%HUXIVWHOOWIUGLH0HQVFKHQHLQÄLQQHUHV5FNJUDWGHU/HEHQV IKUXQJ³%HFN6 GDU 'LH *HIDKU ]HLWZHLVH LQ $UEHLWVORVLJNHLW ]X JHUDWHQ LVW JHJHQZlUWLJ VHKU JUR'LHVHZLUGYRPLPPHUEUHLWHUZHUGHQGHQ0DUNWGHU:HLWHUELOGXQJVDQJH ERWHLQVRIHUQJHQXW]WDOVPLWGHU9HUVSUHFKXQJRSHULHUWZLUGGXUFK=XVDW]DXV ELOGXQJHQ XQG :HLWHUELOGXQJHQ HLQHU GURKHQGHQ $UEHLWVORVLJNHLWDXV]XZHLFKHQ RGHUDEHU±ZHQQGHU)DOOGHU$UEHLWVORVLJNHLWHLQJHWUHWHQ LVW± ZlKUHQGGLHVHU =HLW %LOGXQJVPDQDKPHQ ]X EHVXFKHQ .ULWLVFK EHWUDFKWHW N|QQWH JHVDJW ZHU GHQGDVVGXUFKGLH%HGURKXQJE]ZGDVWDWVlFKOLFKH(LQWUHWHQYRQ$UEHLWVORVLJ NHLW HLQ DQGHUHU %HUXIVVWDQG ± QlPOLFK MHQHU GHU LQ :HLWHUELOGXQJ 7lWLJHQ ± JHVFKW]W ZLUG -H PHKU 0HQVFKHQ DUEHLWVORV VLQG GHVWR PHKU ILQGHQ VLFK LQ :HLWHUELOGXQJVNXUVHQ ZLHGHU ± SURIHVVLRQHOO XQG ZHQLJHU SURIHVVLRQHOO DXVJH ELOGHWH(UZDFKVHQHQELOGQHU,QQHQHUKDOWHQGDGXUFKLKUH%HVFKlIWLJXQJ$XVGHU 9LHOIDOW YRQ $XV XQG :HLWHUELOGXQJVJlQJHQ PVVHQ GLH 0HQVFKHQ GDV IU VLH MHZHLOV *HHLJQHWH XQG 3DVVHQGH DXVVXFKHQ $EHU ZHU VLFK GHP =ZDQJ GHV OH EHQVODQJHQ/HUQHQVQLFKWXQWHUZLUIW ÄZHUQLFKWOHUQHQZLOOGHUPXVVDQGHQ)ROJHQVHLQHV1LFKWOHUQHQVOHUQHQVRZLH MHQHGLHLQXQVHUHU0RELOLWlWVJHVHOOVFKDIWQLFKWIDKUHQZROOHQZHJJHIDKUHQZHUGHQ =XP /HUQHQ JLEW¶V ZLH DXFK ]XP SHUPDQHQWHQ 8QWHUZHJVVHLQ NHLQH $OWHUQDWLYH OHW]WOLFKZHLOEHLGHVDXIVWHWH0RELOLWlW]LHOW³*HLOHU6
'LHV ]HLJW VLFK DXFK DXI GHU (EHQH GHU 9HUZHUWEDUNHLW GHU $UEHLWVNUDIW 'DV $UEHLWVPDUNWVHUYLFHHWZDELHWHWHLQH9LHO]DKOYRQ.XUVHQDQXP0HQVFKHQGLH DUEHLWVXFKHQG VLQG ZHLWHU ]X TXDOLIL]LHUHQ XQG XP]XVFKXOHQ %HL JHQDXHUHU %HWUDFKWXQJGLHVHU(UZDFKVHQHQELOGXQJVNXUVHZLUGMHGRFKDXFKHLQHVSH]LILVFKH $UWYRQ'LV]LSOLQLHUXQJGHXWOLFK,VWHWZDHLQH3HUVRQQLFKWEHUHLWDQHLQHUYRP $UEHLWVPDUNWVHUYLFH IU VLH DXVJHZlKOWHQ .XUVPDQDKPH WHLO]XQHKPHQ ZHLO GLHVHLKUHWZDQLFKWDOVVLQQYROOHUVFKHLQWVREHVWHKWGLHGLV]LSOLQLHUHQGH6DQNWL RQ GDULQ GLHVHU 3HUVRQ GLH $UEHLWVORVHQXQWHUVWW]XQJ IU HLQH EHVWLPPWH =HLW YRU]XHQWKDOWHQ =XVDPPHQJHIDVVW HUIRUGHUW GLH 0RELOLWlW DP $UEHLWVPDUNW HLQH JURH $Q SDVVXQJVIlKLJNHLW VHLWHQV GHU ,QGLYLGXHQ :HU VLFK LQ NXU]HU =HLW YRQ HLQHP $UEHLWVSODW] ]XP QlFKVWHQ EHZHJHQ PXVV GHU EUDXFKW HLQH JURH SHUV|QOLFKH 6WlUNH XQG HPRWLRQDOH 0RELOLWlW 6LFKSHUPDQHQW DXI HLQHQ QHXHQ $UEHLWVSODW] :HQQJOHLFKGLHVHKlXILJHEHQVRSUHNlUH$UEHLWVYHUKlOWQLVVHGDUVWHOOHQDXI:HUNYHUWUDJVEDVLVXQG VHOWHQDOVGDXHUKDIWH$QVWHOOXQJVYHUKlOWQLVVH+LHUVFKOLHWVLFKGHU.UHLV$XFKGLHVH3HUVRQHQVLQG GHPHQWVSUHFKHQG YRQ GHU ODWHQWHQ %HGURKXQJ GHU $UEHLWVORVLJNHLW EHWURIIHQ 0HXHOHU QHQQW GLH LQ GHU (UZDFKVHQHQELOGXQJ 7lWLJHQ DXIJUXQG LKUHU SUHNlUHQ %HVFKlIWLJXQJVYHUKlOWQLVVH DXFK Ä%LO GXQJV7DJHO|KQHU³0HXHOHU6
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW
QHXH $XIJDEHQ QHXH .ROOHJ,QQHQ XQG QHXH 9RUJHVHW]WH HLQVWHOOHQ ]X PVVHQ HUIRUGHUWKRKHVR]LDOH.RPSHWHQ]HQ'LH)OFKWLJNHLWVR]LDOHU%H]LHKXQJHQGLH DP $UEHLWVSODW] JHNQSIW ZHUGHQ LVW HLQ ZHLWHUHU $VSHNW PLW GHP GDV ,QGLYL GXXP ]XUDQGH NRPPHQ PXVV 'LHV IRUGHUW HLQH DXHURUGHQWOLFKH %HUHLWVFKDIW XQG)lKLJNHLW]XVR]LDOHU0RELOLWlW%LOGXQJVLQVWLWXWLRQHQEHUHLWHQ0HQVFKHQDXI GLHVHVR]LDOH0RELOLWlWWHLOZHLVHYRUXQGYHUVXFKHQVLHLQXQWHUVFKLHGOLFKHU$UW XQG :HLVH GDULQ ]X XQWHUVWW]HQ 'LH )RUGHUXQJ QDFK )OH[LELOLVLHUXQJ EULQJW 8QVLFKHUKHLWHQ DXI GHQ /HEHQVZHJHQ PLW VLFK GHQHQ NUHDWLY XQG YHUDQWZRU WXQJVYROO ]X EHJHJQHQ LVW ,QZLHZHLW GHU (LQ]HOQH VLFK GLHVHQ $QIRUGHUXQJHQ ZLGHUVHW]HQNDQQKlQJW]XHLQHP7HLODXFKYRQGHULQQHUHQSHUV|QOLFKHQ6WlUNH DEYRP9HUWUDXHQGDUDXIGDVVPDQDXI5HVVRXUFHQ]XUFNJUHLIHQNDQQGLHLQ VROFKVFKZLHULJHQ6LWXDWLRQHQXQDEGLQJEDUVLQG $XVZLUNXQJHQGHU:DQGOXQJVSUR]HVVHDXIGDV%LOGXQJVV\VWHP :LH LQ DQGHUHQ JHVHOOVFKDIWOLFKHQ 6\VWHPHQ ODVVHQ VLFK 9HUlQGHUXQJVSUR]HVVH LP $OOJHPHLQHQ XQG 'LIIHUHQ]LHUXQJVSUR]HVVH LP %HVRQGHUHQ DXFK LP %LO GXQJVV\VWHPHUNHQQHQ(LQLJHVROOHQQXQNXU]GDUJHOHJWZHUGHQ:LUIWPDQHWZD HLQHQ %OLFN DXI GLH LPPHU ]DKOUHLFKHU ZHUGHQGHQ (UZDFKVHQHQELOGXQJVHLQULFK WXQJHQVRZLUGGHXWOLFKZLHWLHIJUHLIHQG'LIIHUHQ]LHUXQJXQGGDPLW6SH]LDOLVLH UXQJDXFKLP%LOGXQJVEHUHLFKYRUVLFKJHKW(LQHPLWWOHUZHLOHXQEHUVFKDXEDUH $Q]DKODQ(LQULFKWXQJHQELHWHW:HLWHUELOGXQJVVHPLQDUHIUHLQH8Q]DKODQ=X VDW]TXDOLIL]LHUXQJHQDEHUDXFK.XUVHIUDOOHP|JOLFKHQ$VSHNWHPHQVFKOLFKHQ /HEHQVHEHQVRZLH9HUDQVWDOWXQJHQIUYLHOH)UHL]HLWDNWLYLWl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lXILJKDQGHOWHVVLFKLQ:HLWHUELOGXQJVNXUVHQXPUDVFK]X HUOHUQHQGH XQG UDVFK HUOHUQEDUH ,QKDOWH XP GHQ $QIRUGHUXQJHQ GHV $UEHLWV PDUNWHV*HQJH]XWXQ'DKHUVLQGGLH$QJHERWHGHU)RUWELOGXQJ]XPHLQHQVHKU PDUNWRULHQWLHUW]XPDQGHUHQ ZLUG YHUVWlUNWDXIGLH9HUZHUWEDUNHLWYRQ:LVVHQ
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
IRNXVVLHUW'LHVKDWDOOHUGLQJV]XU)ROJHGDVVKXPDQLVWLVFKHXQG HPDQ]LSDWRUL VFKH%LOGXQJV]LHOHLQGHQ+LQWHUJUXQGWUHWHQ Ä1LFKW ]XOHW]W ZHLO VLH DXI OlQJHUIULVWLJH EHVWlQGLJHUH $XVHLQDQGHUVHW]XQJ DQ JHZLHVHQVLQGXQGHVVLFKGDEHLQLFKWXPUDVFKHUOHUQEDUH,QKDOWHVRQGHUQXPGDX HUKDIWH+DOWXQJHQXQG(LQVWHOOXQJHQKDQGHOW%LOGXQJVPDQDKPHQXQG)RUWELOGXQJ ZHUGHQLQ+LQEOLFNDXILKUH1W]OLFKNHLWXQG9HUZHUWXQJNDONXOLHUW$QGHUH:HUWH YHUEODVVHQ³/HQ]6
9LHOH$QJHERWHZHUGHQLQ0RGXOHQDXIJHEDXW.XU]DXVELOGXQJHQZHUGHQDQJH ERWHQ ± PLW GHU )ROJH GDVV 0HQVFKHQ LQ P|JOLFKVW NXU]HU =HLW HLQH =HUWLIL]LH UXQJ LQ HLQHP $XVELOGXQJVJDQJ HUODQJHQ 8QG GLHV KlXILJ LQ GHU +RIIQXQJ GDGXUFKGHQHLJHQHQ $UEHLWVSODW]HUKDOWHQ]XN|QQHQ $EHU$UEHLWVSOlW]HEOHL EHQQLFKWHUKDOWHQQXUZHLOGLH,QKDEHU,QQHQGLHVHU$UEHLWVSOlW]HJXWDXVJHELOGHW VLQG XQG VLFK GHP 'LNWDW GHU OHEHQVODQJHQ :HLWHUELOGXQJ EHXJHQ 'HQQ QHEHQ ZHQLJHUJXWDXVJHELOGHWHQ3HUVRQHQVLQG]XQHKPHQGDXFK K|KHU*HELOGHWHYRQ GHU *HIDKU GHU $UEHLWVORVLJNHLW EHWURIIHQ Ä.HLQH 4XDOLILNDWLRQV XQG %HUXIV JUXSSHELHWHWQRFK6FKXW]YRU$UEHLWVORVLJNHLW³%HFN6 'DVKHLW YRUGHU*HIDKUHLQHU VROFKHUDUWSUHNlUHQ /HEHQVODJHLVWNDXP QRFKMHPDQG JH VFKW]W ,FK GHQNH GHU DOOHLQLJH )RNXV DXI GLH 0RGHUQLVLHUXQJVYHUOLHUHU,QQHQ YHUNU]WGLH3HUVSHNWLYH$XFKZHQQ,QGLYLGXHQLP$XIVWLHJXQGLQGHUHUUHLFK WHQHUKRIIWHQ/HEHQVELRJUDILHDQJHNRPPHQVLQGEOHLEWDXIHLQHPDQGHUHQVR]LD OHQ1LYHDXVLHKH/LIW0HWDSKHUYRQ%HFN GLH6LQQIUDJHEHVWHKHQ)OH[LELOLVLH UXQJ LP %LOGXQJVV\VWHP OlVVW VLFK DOVR DQ VSH]LILVFKHQ XQG NXU]IULVWLJHQ %LO GXQJVDQJHERWHQ HUNHQQHQ GLH DXIJUXQG LKUHV $XIEDXV DOV PRGXODUHV 6\VWHP YDULDEHOPLWHLQDQGHUNRPELQLHUWZHUGHQN|QQHQ(LQIOH[LEOHU]HLWOLFKHU(LQVWLHJ LQGLHVH0RGXOV\VWHPHVROOVLFKHUVWHOOHQGDVV(LQVWLHJXQG(QGHGHU%LOGXQJV PDQDKPH YDULDEHO JHKDOWHQ ZHUGHQ N|QQHQ 'LHV HUP|JOLFKW DXI GLH XQWHU VFKLHGOLFKHQ %LOGXQJVQLYHDXV GHU DQ :HLWHUELOGXQJ LQWHUHVVLHUWHQ 3HUVRQHQ ]X UHDJLHUHQ0LWGLHVHQ0DQDKPHQLP%LOGXQJVV\VWHPNRPPWHV]X ÄHLQHU (QWVWDQGDUGLVLHUXQJ XQG (QWJUHQ]XQJ VHLQHU 6WUXNWXUHQ &XUULFXOD XQG /HUQRUJDQLVDWLRQ 'DPLW JUHLIW HV JOHLFK]HLWLJ DEHU DXFK LQ GLH /HEHQV %LOGXQJV XQG.DUULHUHYHUOlXIHGHU0HQVFKHQHLQLQGHPHVGLHVHLP*HJHQVDW]HQWVWUXNWXULHUW XQGHQWVWDQGDUGLVLHUW³*UXEHU6
$XFKPLW%OLFNDXI|UWOLFKH*HJHEHQKHLWHQUHDJLHUWGDV%LOGXQJVV\VWHPDXI)OH[LELOLVLHUXQJ:HL WHUELOGXQJILQGHW]XQHKPHQGLQQHUEHWULHEOLFKXQGDUEHLWVSODW]QDKVWDWW±HWZDLQ)RUPYRQVRJHQDQQ WHQ ,Q+RXVH6HPLQDUHQ XQG LQQHUEHWULHEOLFKHQ )RUWELOGXQJHQ )U %HWULHEH KDW GLHV KlXILJ HLQHQ ZHVHQWOLFKHQ9RUWHLO±QlPOLFKHLQHDXIGHQJHQDXHQ%HGDUIKLQRULHQWLHUWH)RUWELOGXQJIU0LWDUEHL WHU,QQHQ
'LIIHUHQ]LHUXQJVSUR]HVVHDOV%HGLQJXQJVR]LDOHU8QJOHLFKKHLW
'DUEHUKLQDXVHQWZLFNHOQVLFK6SH]LDOLVW,QQHQIUNOHLQHXQGNOHLQVWH$QOLHJHQ ±ÄG LH)ROJHVLQG KRKH6SH]LDOLVLHUXQJHQGLHLQLPPHU QHXHQ/HUQDQJHERWHQ DNWXDOLVLHUW XQG YHUWLHIW ZHUGHQ³ *UXEHU 6 $XFK ZHQQ GLHVHV QHXH Ã6SH]LDOLVWHQWXP¶ KHXWH QRWZHQGLJ HUVFKHLQW VR LVW MHGRFK HLQH HQWVSUHFKHQGH %DVLVELOGXQJ XQDEGLQJEDU XP GHU ]XQHKPHQGHQ .RPSOH[LWlW EHUXIOLFKHU $Q IRUGHUXQJHQVWDQGKDOWHQ]XN|QQHQ(VOlVVWVLFKKLHUDOVRHLQHYRQYLHOHQ3DUD GR[LHQ HUNHQQHQ QlPOLFK DXI GHU HLQHQ 6HLWH 3KlQRPHQH GHU *HQHUDOLVLHUXQJ XQG JOHLFK]HLWLJ (UVFKHLQXQJHQ GHU 6SH]LDOLVLHUXQJ +LHU NDQQ DXI /XKPDQQV (U]LHKXQJV E]Z %LOGXQJV]LHOH KLQJHZLHVHQ ZHUGHQ (U JHKW YRQ HLQHU 8QDE VHKEDUNHLWGHUEHUXIOLFKHQ/DXIEDKQDXV'HPHQWVSUHFKHQGIRUGHUWHUDOV(U]LH KXQJV]LHOÄ9LHOVHLWLJNHLW8PVWHOOEDUNHLW/HUQIlKLJNHLW« 7KHRULHXQG0H WKRGHQNRPSHWHQ] « ³ 'D MHGRFK MHGHU $UEHLWVSODW] XQWHUVFKLHGOLFK VSH]LHOOH $QIRUGHUXQJHQVWHOOWLVWDXFKHLQH%DVLVDQÄ6SH]LDOYRUNHQQWQLVVHQ³/XKPDQQ 6]LWQ*UXEHU6 QRWZHQGLJ6RNDQQQXQPHKUYRQÄHLQHU $UWÃJHQHUHOOHQ¶:LVVHQVRGHUEHVVHUHLQHUÃQHXHQ$OOJHPHLQELOGXQJ¶GLHKLOIW GLH.RPSOH[LWlW]XYHUVWHKHQ³*UXEHU6 JHVSURFKHQZHUGHQ $XFK GHU )DFKKRFKVFKXO6HNWRU LVW HLQ %HLVSLHO IU 'LIIHUHQ]LHUXQJV XQG 6SH]LDOLVLHUXQJVSUR]HVVHLP%LOGXQJVEHUHLFK(VH[LVWLHUWPLWWOHUZHLOHHLQ9LHO ]DKODQXQWHUVFKLHGOLFKHQ6WXGLHQJlQJHLP:6JLEWHVLQgVWHUUHLFK DNNUHGLWLHUWH6WXGLHQJlQJHDQ6WDQGRUWHQ )DFKKRFKVFKXOHQUHDJLHUHQUHODWLY UDVFKDXI±YRUDOOHPZLUWVFKDIWOLFKH±9HUlQGHUXQJHQXQGELHWHQXQWHUVFKLHGOL FKH VSH]LDOLVLHUWH $XVELOGXQJVJlQJH DQ $XFK GHU ,QWHUQDWLRQDOLVLHUXQJ YRQ %LOGXQJVDQJHERWHQ±XQGGDPLWGHU,QWHJUDWLRQGHV)DFKKRFKVFKXOVHNWRUVLQGHQ HXURSlLVFKHQ+RFKVFKXOUDXP±ZLUG5HFKQXQJJHWUDJHQ0LWGHPQHXHQ)DFK KRFKVFKXO6WXGLHQJHVHW] YRP 0DL ZHUGHQ )+%DFKHORUVWXGLHQJlQJH )+0DVWHUVWXGLHQJlQJH XQG )+'LSORPVWXGLHQJlQJH DQJHERWHQ 'LH YRUUDQJL JHQ=LHOHGHU(LQIKUXQJGHVJHVWXIWHQ6WXGLHQPRGHOOVVLQGÄ)OH[LELOLVLHUXQJGHV 6WXGLHQDQJHERWHV 9HUEHVVHUXQJ GHU LQWHUQDWLRQDOHQ 9HUJOHLFKEDUNHLW GHU 6WX GLHQDEVFKOVVH >VRZLH GLH@ 6WHLJHUXQJ GHU 0RELOLWlW GHU 6WXGLHUHQGHQ XQG GHU $WWUDNWLYLWlW GHU %LOGXQJVDQJHERWH IU DXVOlQGLVFKH 6WXGLHUHQGH³ gVWHUUHLFKL VFKHU )DFKKRFKVFKXOUDW 'LH 6WXGLHQJlQJH ZHUGHQ EHUXIVEHJOHLWHQG LQ 9ROO]HLWRGHUDEHUDXFK]LHOJUXSSHQVSH]LILVFKDQJHERWHQXQGNRPPHQGHQXQWHU VFKLHGOLFKHQ$QIRUGHUXQJHQGHU6WXGLHUHQGHQHQWJHJHQ ,P%LOGXQJVEHUHLFKODVVHQVLFKQHEHQGLHVHQ6SH]LDOLVLHUXQJHQDXFK,QGLYL GXDOLVLHUXQJVSKlQRPHQH HUNHQQHQ 6R VWHKW HLJHQYHUDQWZRUWOLFKHV /HUQHQ LP 0LWWHOSXQNW YRQ RUJDQLVLHUWHQ /HUQSUR]HVVHQ LQ )HUQOHKUNXUVHQ GLH QDFK GHQ 0RGHOOHQGHV%OHQGHG/HDUQLQJDXVJHULFKWHWVLQG(/HDUQLQJEHIUHLW]ZDUYRP =ZDQJVLFK]XHLQHUEHVWLPPWHQ=HLWDQHLQHPEHVWLPPWHQ2UW]XP=ZHFNHGHV /HUQHQVHLQ]XILQGHQDEHUHV]ZLQJWGLH(LQ]HOQHQXQJOHLFKPHKUVLFKVHOEVW]X NRQWUROOLHUHQXPGDV5LFKWLJH]XPULFKWLJHQ=HLWSXQNW]XOHUQHQ'LH%HODVWXQ
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
JHQZHUGHQGDKHUIUGLH(LQ]HOQHQQLFKWJHULQJHUVRQGHUQK|KHUGHQQVLHVLQG JHIRUGHUWGDV/HUQHQ]XHLQHPJURHQ7HLOVHOEVW]XRUJDQLVLHUHQ'DPLWHQWIlOOW GLH.RQWUROOHYRQXQGGXUFKDQGHUHXQGZLUGHUVHW]WGXUFKGLH6HOEVWNRQWUROOH Ä+HXWH]ZLQJHQZLUXQV]XYLHOHUOHLIUHLZLOOLJHQ+DQGOXQJHQ'DVKDEHQZLUJXW JHOHUQWXQGJHOHUQWKDEHQZLUDXFKGLHVHVDOVHLQH%RWVFKDIWGHU%HIUHLXQJ]XYHU VWHKHQ³*HLOHU6
6ROFKHUDUW VHOEVWRUJDQLVLHUWH /HUQSUR]HVVH VLQG LQ KHXWLJHQ %LOGXQJVV]HQDULHQ YRQEHVRQGHUHU%HGHXWXQJ'HU5XIQDFKOHEHQVODQJHP/HUQHQNDQQDOVZHLWHUHV ,QGL] IU ,QGLYLGXDOLVLHUXQJ EHQDQQW ZHUGHQ QlPOLFK LQVRIHUQ DOV ,QGLYLGXHQ DXIJHIRUGHUWVLQGVLFKDXVHLJHQHP,QWHUHVVHKHUDXVZHLWHU]XELOGHQ)XQNWLR QLHUWGLHVLQGHVQLFKWQHKPHQ0HQVFKHQHWZDDQ%LOGXQJVPDQDKPHQQLFKWWHLO N|QQHQVLHNHLQHHUIROJUHLFKHQ$XVXQG:HLWHUELOGXQJV]HUWLILNDWHYRUZHLVHQVR ZLUGQLFKWQDFKGHQ*UQGHQGDIUJHIUDJW9LHOPHKUZLUGLKUH1LFKW7HLOQDKPH DOVLQGLYLGXHOOHV6FKHLWHUQEHWUDFKWHWDOVHLJHQH9HUDQWZRUWXQJE]Z9HUDQWZRU WXQJVORVLJNHLW YHUVWDQGHQ 6R KDW HV HWZD GHQ $QVFKHLQ DOV VHLHQ 6WXGLHQ DEEUHFKHU,QQHQ VHOEVW GDIU YHUDQWZRUWOLFK ZHQQ VLH DXV GHP %LOGXQJVV\VWHP KHUDXVIDOOHQ'LH*UQGHKLHUIUZHUGHQ]ZDUEHDFKWHWDEHUGLH9HUDQWZRUWXQJ EOHLEWWURW]GHPDXIGHULQGLYLGXHOOHQ(EHQH %HVWUHEXQJHQ]XU)OH[LELOLWlWILQGHQVLFKQLFKWQXULP,QGLYLGXXPVRQGHUQ DXFKDXIGHU(EHQHGHU(XURSlLVFKHQ8QLRQ6HLWHQVGHU(8LVWPDQGDUXPEH PKW EHUXIOLFKH %LOGXQJVV\VWHPH IOH[LEHO XQG EHZHJOLFK ]X JHVWDOWHQ XQG GD GXUFK ZHLWHU]XHQWZLFNHOQ 0DQ LVW EHVWUHEW ÄPLW %OLFN DXI NQIWLJH $XV]XELO GHQGH PHKU &KDQFHQ GXUFK 0RELOLWlW ]X HUP|JOLFKHQ³ 6FKDYDQ 6 8PIDVVHQGH .RRSHUDWLRQHQ ]ZLVFKHQ %LOGXQJV XQG 8QWHUQHKPHQVV\VWHPHQ XQG VRJHQDQQWH /HUQRUWNRRSHUDWLRQHQ VROOHQGHQHXURSlLVFKHQ $UEHLWVPDUNWLP $XIVFKZXQJ XQWHUVWW]HQ (LQ HXURSlLVFKHU 4XDOLILNDWLRQVUDKPHQ HLQ HXURSlL VFKHV 1HW]ZHUN ]XU 4XDOLWlWVVLFKHUXQJ HEHQVR ZLH HLQ HXURSlLVFKHV /HLVWXQJV SXQNWHV\VWHP WUDJHQ ]X QDWLRQDOHQ :HLWHUHQWZLFNOXQJVSUR]HVVHQ EHL 'LH %H
'DV $XIJHIRUGHUWVHLQ IUHLZLOOLJ DQ :HLWHUELOGXQJVPDQDKPHQ WHLO]XQHKPHQ VWHOOW HLQHQ :LGHU VSUXFKLQVLFKGDU 9RQGHU(LQIKUXQJHLQHVHXURSlLVFKHQ/HLVWXQJVSXQNWHV\VWHPVYHUVSULFKWPDQVLFKLQGHU(XURSl LVFKHQ8QLRQVHKUYLHOÄ(VJLOWGDQQQLFKWPHKUGLHJHIKOWH:LUNOLFKNHLWVRQGHUQHVJLOWGDQQZDV DQ0DVWlEHQXQG.ULWHULHQPLWHLQDQGHUYHUHLQEDUWLVW'HUhEHUJDQJYRQJHIKOWHQ:LUNOLFKNHLWHQ ]XHPSLULVFKEHOHJEDUHQ:LUNOLFKNHLWHQJHK|UWEHNDQQWOLFK]XGHQDQVWUHQJHQGVWHQ3UR]HVVHQ$XFK GDUEHUVROOWHQZLUXQVLP.ODUHQVHLQ*HIKOWH:LUNOLFKNHLWPDJ]ZDUVFK|QVHLQ5HOHYDQWLVWDEHU DP(QGHGLHLQGHUHXURSlLVFKHQ9LHOIDOWHPSLULVFKEHOHJEDUH:LUNOLFKNHLW'D]XNDQQGHU9RUVFKODJ IUHLQHXURSlLVFKHV/HLVWXQJVSXQNWHV\VWHPYLHOEHLWUDJHQ³6FKDYDQ6
.RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP
UXIVELOGXQJVJHVHW]H ZHUGHQ HWZD GDKLQJHKHQG UHIRUPLHUW ÄGDV MHW]W EHLVSLHOV ZHLVH DXFK ZlKUHQG GHU $XVELOGXQJ $XVODQGVTXDOLIL]LHUXQJHQ YRQELV ]X QHXQ 0RQDWHQ HUP|JOLFKW³ 6FKDYDQ 6 ZXUGHQ %HWULHEH RUJDQLVLHUHQ VLFK QXQYHUPHKUWLQJUHQ]EHUVFKUHLWHQGHQ$XVELOGXQJVYHUEQGHQXQGKDOWHQELODWH UDOH3UIXQJHQDE$XIGHURUJDQLVDWRULVFKHQ(EHQHGHV%HUXIVELOGXQJVV\VWHPV VLQG 0DQDKPHQ LQ )RUP ÄHLQHU JHPHLQVDPHQ /HLWOLQLH IU GLH 0HVVXQJ YRQ /HUQHUJHEQLVVH>Q ]X WUHIIHQ@ XP DXI GLHVHU *UXQGODJH $N]HSWDQ] IU GLH (LQ VFKlW]XQJYRQ4XDOLILNDWLRQHQ]XHUUHLFKHQ³6FKDYDQ6 $EHUDXFKGLH 'XUFKOlVVLJNHLWGHVVHNXQGlUHQLQGHQWHUWLlUHQ%LOGXQJVEHUHLFKZLUGYHUEHVVHUW .RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP 'LHDXIGLH*HVDPWJHVHOOVFKDIWEH]RJHQHQ0HUNPDOHGHUJHJHQZlUWLJHQ9HUlQ GHUXQJVSUR]HVVH VSLHJHOQ VLFK LQ XQWHUVFKLHGOLFKHQ .RQNUHWLVLHUXQJHQ LQ GHU (UZDFKVHQHQELOGXQJZLGHU+HUDXVJHKREHQZHUGHQYRQPLUGLH7KHPDWLVLHUXQJ GHU %LOGXQJ LQ GHU :LVVHQVJHVHOOVFKDIW XQG GLH )RUGHUXQJ ]XP /HEHQVODQJHQ /HUQHQ 'DVV GLHVH HQJ PLWHLQDQGHU YHUNQSIW VLQG OlVVW VLFK JHUDGH DQ GLHVHQ EHLGHQ $VSHNWHQ GHXWOLFK VNL]]LHUHQ $P %HLVSLHO GHU :LVVHQVJHVHOOVFKDIW VROO LP )ROJHQGHQ EHVFKULHEHQ ZHUGHQ ZLH VLFK GLH JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQ JHQDXIGLH(UZDFKVHQHQELOGXQJDXVZLUNHQ %LOGXQJLQGHU:LVVHQVJHVHOOVFKDIW 9RQHLQHU:LVVHQVJHVHOOVFKDIWNDQQ]XPHLQHQJHVSURFKHQZHUGHQZHQQ ÄGLH6WUXNWXUHQXQG3UR]HVVHGHUPDWHULHOOHQXQGV\PEROLVFKHQ5HSURGXNWLRQHL QHU*HVHOOVFKDIWVRYRQZLVVHQVDEKlQJLJHQ2SHUDWLRQHQGXUFKGUXQJHQVLQGGD,Q IRUPDWLRQVYHUDUEHLWXQJ V\PEROLVFKH $QDO\VH XQG ([SHUWHQV\VWHPH JHJHQEHU DQ GHUHQ)DNWRUHQGHU5HSURGXNWLRQYRUUDQJLJZHUGHQ³:LOONH6
XQG ]XP DQGHUHQ ZHQQ Ä:LVVHQ XQG ([SHUWLVH HLQHP 3UR]H GHUNRQWLQXLHUOL FKHQ 5HYLVLRQ XQWHUZRUIHQ VLQG XQG GDPLW ,QQRYDWLRQHQ ]XP DOOWlJOLFKHQ %H VWDQGWHLO GHU :LVVHQVDUEHLW ZHUGHQ³ :LOONH 6 +LHU ]HLJW VLFK GHU 8QWHUVFKLHG]XU:LVVHQVDUEHLWLQIUKHUHQ(SRFKHQLQGHQHQGHU:LVVHQVDXIEDX HLQ ODQJZLHULJHU XQG DXFK ODQJZlKUHQGHU 3UR]HVV ZDU XQG PLW GHP (QGH GHV HLJHQHQ /HEHQV HQWZHGHU YHUORVFK RGHU DQ DXVJHVXFKWH 6FKOHU ZHLWHUJHJHEHQ ZXUGH:LOONHVFKlW]WGDJHJHQGLHKHXWLJHVRJHQDQQWH+DOEZHUW]HLWYRQ:LVVHQ DXI HWZD GUHL ELV IQI -DKUH ± GLHV XQWHUVFKHLGHW VLFK GDQQ DXFK QRFK YRQ GHQ HLQ]HOQHQ%HUHLFKHQGHQQÄLQYLHOHQ+RFKWHFKQRORJLHEHUHLFKHQXQGKRFKSURIHV
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
VLRQHOOHQ'LHQVWOHLVWXQJVEHUHLFKHQZLH0DQDJHPHQW%HUDWXQJRGHU)LQDQ]DQD O\VH ³:LOONH6 KDW:LVVHQQRFKHLQHGHXWOLFKNU]HUH+DOEZHUW]HLW :HQQZLUKHXWHYRQGHU:LVVHQVJHVHOOVFKDIWVSUHFKHQNDQQGDYRQDXVJHJDQJHQ ZHUGHQ GDVV VLFK GLH +DOEZHUW]HLW ]XP HLQHQ ZHLWHU YHUNU]W ]XP DQGHUHQ QLPPWGDV:LVVHQVYROXPHQWlJOLFK]X'LHVH)OOHDQ:LVVHQLVWMHGRFKJOHLFK ]HLWLJ LP =XVDPPHQKDQJ PLW 1LFKWZLVVHQ ]X VHKHQ *HJHQZlUWLJ EHILQGHQ ZLU XQV QLFKW PHKU QXU LQ HLQHU :LVVHQVJHVHOOVFKDIW VRQGHUQ DXFK LQ HLQHU Ä1LFKW ZLVVHQVJHVHOOVFKDIW³%HFN6II GHQQ Ä/HEHQ LQ GHU :HOWULVLNRJHVHOOVFKDIW KHLW PLW XQEHUZLQGOLFKHP 1LFKWZLVVHQ OHEHQ JHQDXHU LQ GHU *OHLFK]HLWLJNHLW YRQ %HGURKXQJ XQG 1LFKWZLVVHQ XQG GHQ GDUDXVHQWVWHKHQGHQSROLWLVFKHQJHVHOOVFKDIWOLFKHQXQGPRUDOLVFKHQ3DUDGR[LHQXQG 'LOHPPDWD³%HFN6
:HQQ EHL %HFN LQ HLQHU :LVVHQVJHVHOOVFKDIW YRQ :LVVHQ E]Z 1LFKWZLVVHQ GLH 5HGHLVWVRLVW]XEHDFKWHQGDVVHUGLHVDXVVR]LRORJLVFKHU3HUVSHNWLYHWXWXQG QLFKW DXV HLQHU NRJQLWLYHQ 'HPHQWVSUHFKHQG GHILQLHUW HU Ķ:LVVHQ¶ DOV (UZDU WXQJDOVVR]LDOH$WWULEXWLRQXQG.RQVWUXNWLRQ³%HFN6 *OHLFK]HLWLJ LVWHVDEHUVRGDVVGDVÄ>:@DVHLQPDODOV:LVVHQJDOW]XP1LFKWZLVVHQ>ZLUG@ XQGGDV1LFKWZLVVHQHWDEOLHUWVLFKDOV:LVVHQ³%HFN6 +HXWHZHU GHQ EHLVSLHOVZHLVH 5LVLNHQ ZLH GLH 9HUEUHLWXQJ GHV 6$569LUXV ZLVVHQVFKDIW OLFKHUIRUVFKWGLH)UDJHGHU5LVLNHQXQG)ROJHQJHQWHFKQLVFKYHUlQGHUWHU3IODQ ]HQXQG /HEHQVPLWWHORGHUDEHUDXFKGHU(LQVDW] YRQXQ]lKOLJHQXQWHUVFKLHGOL FKHQ &KHPLNDOLHQ LQ GHU /HEHQVPLWWHOLQGXVWULH 7URW] LQWHQVLYHU )RUVFKXQJHQ N|QQHQMHGRFKNHLQHJHQDXHQ$QJDEHQEHUGLH$XVZLUNXQJHQJHPDFKWZHUGHQ YLHOPHKUVLQGHV:DKUVFKHLQOLFKNHLWHQXQGGXUFKXQWHUVFKLHGOLFKVWH)RUVFKXQJV HUJHEQLVVH DXIJHVWHOOWH 3URJQRVHQ $EHU ZLUNOLFK HUNHQQHQ NDQQ PDQ GLH $XV ZLUNXQJHQ QLFKW 2E QlPOLFK HLQ UHDOHV 5LVLNR WDWVlFKOLFK ]X HUZDUWHQ LVW XQG ZLHPDQVLFKHQWVFKHLGHWNDXIWPDQQXQJHQWHFKQLVFKYHUlQGHUWH/HEHQVPLWWHO RGHU QLFKW" ± GLHV ZLUG DXI GHQ HLQ]HOQHQ .RQVXPHQWHQ DEJHVFKREHQ XQG LQ VHLQH9HUDQWZRUWXQJEHUWUDJHQ Ä8QGMHQDFKGHPREPDQGLHVHV1LFKWZLVVHQDOV*UXQG]XP1LFKWKDQGHOQRGHU JHQDXXPJHNHKUWDOV*UXQGIUIUK]HLWLJHVSUlYHQWLYHV+DQGHOQDQJHVLFKWVGHUQXU VRSRWHQWLHOO]XYHUPHLGHQGHQNDWDVWURSKLVFKHQ*HIDKUDXIIDWNRPPWPDQ]XUDGL NDOHQWJHJHQJHVHW]WHQ:HOWVLFKWHQXQG6FKOVVHQ³%HFN6
-H PHKU :LVVHQ HU]HXJW ZLUG GHVWR PHKU ZLUG DXFK 1LFKW:LVVHQ SURGX]LHUW GDVZLHGHUXP]XUHIOHNWLHUHQLVWZREHLGLH5HIOH[LRQEHU:LVVHQJOHLFKHUPD HQ HLQ 0HKU DQ :LVVHQ ZLHGHU SURGX]LHUW 'LH (UZHLWHUXQJ YRQ QHXHQ :LV
.RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP
VHQVEHVWlQGHQLQHLQHU*HVHOOVFKDIWEHGHXWHWXQWHUDQGHUHPGDVVGLHLQLKUKDQ GHOQGHQ3HUVRQHQQLFKWPHKUVRJXWLQGHU/DJHVLQGVLFK]XRULHQWLHUHQ 'LH SHUPDQHQWH (UZHLWHUXQJ GHV :LVVHQV VWHOOW DOVR DXFK GLH *HVHOOVFKDIW YRUQHXH+HUDXVIRUGHUXQJHQLQGHQHQZLHGHUXPQHXH8QVLFKHUKHLWHQHQWVWHKHQ N|QQHQ (V VWHOOW VLFK GLH )UDJH ZLH PLW GLHVHQ 8QVLFKHUKHLWHQ XPJHJDQJHQ ZHUGHQ NDQQ (V JLEW PHKUHUH 0|JOLFKNHLWHQ VLFK LKQHQ ]X VWHOOHQ 'LHVH UHL FKHQ YRP $QVWHOOHQ VHOHNWLYHU 9HUPXWXQJHQ ELV KLQ ]XU (QWVFKHLGXQJ EHU EHVWLPPWH 'LQJH QLFKWV QlKHU ZLVVHQ ]X ZROOHQ 'DUEHU KLQDXV N|QQHQ ZLU EHZXVVWHV 1LFKWZLVVHQ UHIOHNWLHUHQ Ä0DQ ZHL GD XQG ZDV PDQ QLFKW ZHL +LHUZHUGHQ:LVVHQXQG1LFKWZLVVHQLP:LVVHQJHWUHQQW³%HFN6 =XGHPH[LVWLHUHQDXFK%HUHLFKHEHUGLHZLUJDUQLFKWVZLVVHQN|QQHQHWZDLQ GHU+LQVLFKWGDVVHLQHPGDV QRWZHQGLJH.QRZKRZGDIUIHKOW XQG%HUHLFKH ZR PDQ QLFKW ZHL GDVV PDQ HWZDV QLFKW ZHL EOLQGH )OHFNHQ GLH HLJHQHQ XQEHZXVVWHQ +DQGOXQJHQ ELV KLQ ]XP QLFKW JHZXVVWHQ 1LFKWZLVVHQ.|QQHQ 'DPLW LVW JHPHLQW ÄMHQHV ÃXQEHNDQQWH 8QEHNDQQWH¶ LQ GHP GDV XQDXVWLOJEDUH hEHUUDVFKXQJVPRPHQW EHJUQGHW OLHJW³ %HFN 6 (QJ LQ =XVDP PHQKDQJ GDPLW ZHOFKHV :LVVHQ KHXWH PLW %OLFN DXI GLH JHVHOOVFKDIWOLFKHQ :DQGOXQJVSUR]HVVH LQ %LOGXQJVLQVWLWXWLRQHQ YHUPLWWHOW ZHUGHQ VROO VWHKW GLH )UDJHQDFKGHU%LOGXQJ%HUHLWVYRU-DKUHQVFKULHE:HUQHU/HQ]Ä$OV*HIDKU IU GLH %LOGXQJ HUZHLVW VLFK GDV :LVVHQ³ /HQ] 6 :HQQ VLFK %LO GXQJVLQVWLWXWLRQHQQXUGDUDXIEHVFKUlQNHQEORHV:LVVHQ]XYHUPLWWHOQJHKWHLQ JUXQGVlW]OLFKHU$VSHNWYRQ%LOGXQJYHUORUHQQlPOLFKMHQHUGHUKHXWHPLWGHP KXPDQLVWLVFKHQ%LOGXQJVJHGDQNHQQDFKZLHYRUYHUEXQGHQLVW %LOGXQJ VFKHLQW KHXWH LQ GHU 6XSHUPDUNW*HVHOOVFKDIW ]X HLQHP 6RQGHUDQ JHERW]XYHUNRPPHQGDVHLQHUVHLWVELOOLJ]XKDEHQLVWXQGGHPVLFKDQGHUHUVHLWV PLW%OLFNDXIGDV/HEHQVODQJH/HUQHQRIIHQEDUJDUQLHPDQGHQW]LHKHQNDQQ2E LQ 7DJHV]HLWXQJHQ 3RVWZXUIVHQGXQJHQ 3ODNDWHQ ± %LOGXQJ ZLUG YRQ XQWHU VFKLHGOLFKHQSURIHVVLRQHOOHQXQGDXFKZHQLJHUSURIHVVLRQHOOHQ$QELHWHUQHEHQVR ZLH WUDGLWLRQHOOHQ (LQULFKWXQJHQ DQJHSULHVHQ 6LH DOOH YHUVSUHFKHQ PLW LKUHQ %LOGXQJVDQJHERWHQ GHQ SRWHQ]LHOOHQ HUZDFKVHQHQ 7HLOQHKPHU,QQHQ GDV /HEHQ ]XHUOHLFKWHUQEHUXIOLFKHQ$XIVWLHJ]XHUP|JOLFKHQXDP %LOGXQJYHUNRPPWDEHUDXFK]XHLQHP.RQVXPJXWGDVVVLFKMHGH5NDXIHQ PXVV,Q=HLWHQLQGHQHQGLH0DUNHQXQG/DEHOVYRQ:DUHQHU]HXJHUQEHL%H NOHLGXQJ&RPSXWHUHWF LPPHU ZLFKWLJHU ZHUGHQ ZLUGGHPHQWVSUHFKHQGDXFK GLH0DUNHGHV%LOGXQJVWUlJHUVLPPHUEHGHXWVDPHU-HQDPKDIWHUGLH %LOGXQJV HLQULFKWXQJGHVWRHKHUVFKHLQWGRUWHUIROJUHLFKH%LOGXQJ YRQVWDWWHQ]X JHKHQ *HIUDJW ZLUG ZDV GLH .XQG,QQHQ EUDXFKHQ (V VWHOOW VLFK DOOHUGLQJV DXFK GLH )UDJH ZHU GHQQ GLHVH .XQG,QQHQ VLQG 6LQG GDV GLH :LUWVFKDIWVEHWULHEH DOV
*HUDGH5DQNLQJVLQ+LQEOLFNDXI%LOGXQJVLQVWLWXWLRQHQVLQGKLHUEHLVSLHOJHEHQG
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
XQPLWWHOEDUH 1XW]QLHHULQQHQ GHU DXVJHELOGHWHQ K|KHU TXDOLIL]LHUWHQ $UEHLW QHKPHU,QQHQ VLQG HV SRWHQ]LHOOH 7HLOQHKPHU,QQHQ" %LOGXQJ LVW ]X HLQHP ZLUW VFKDIWVSROLWLVFKHQ *HVDPWSURJUDPP YJO (XURSlLVFKH .RPPLVVLRQ JH ZRUGHQ 8QWHU GHP 'HFNPDQWHO GHV LQGLYLGXHOOHQ 6WDWXWVJHZLQQHV JHKW HV GDU XP :LUWVFKDIWVVWDQGRUWH ]X KDOWHQ GLH MHZHLOLJH .RQNXUUHQ] ]X EHUKROHQ *HZLQQH]X PD[LPLHUHQ9HUDQWZRUWOLFKGDIU ZHUGHQGLHHLQ]HOQHQ0LWJOLHGHU GHU*HVHOOVFKDIWJHPDFKWLKUH$QVWUHQJXQJ±VRZLUGVXJJHULHUW±ZLUGEHORKQW ZHUGHQ :LH GLHVH %HORKQXQJ DXVVLHKW XQG ZDQQ VLH VR]XVDJHQ HLQ]XO|VHQ LVW GDUDXIJLEWHVNHLQH$QWZRUWHQ,P0LWWHOSXQNWVWHKW±VRGLH%LOGXQJVSROLWLN± GDVV DOOH LKU %HVWHV JHEHQ PVVHQ VHOEVW RUJDQLVLHUW XQG VHOEVW JHVWHXHUW 6R ZHUGHQGLH(LQ]HOQHQLQGLH0DQJHOJHQRPPHQZLUGLKQHQ9HUDQWZRUWXQJQLFKW QXUIUGLHMHW]LJHVRQGHUQDXFKIUNRPPHQGH*HQHUDWLRQHQLQGLH+DQGJHJH EHQ+LHUJUHLIW,QGLYLGXDOLVLHUXQJLQEHVRQGHUHU:HLVH:HUQLFKWEHUHLWLVWVLFK IUHLZLOOLJ GHP SHUPDQHQWHQ =ZDQJ ]XU :HLWHUELOGXQJ ]X XQWHUZHUIHQ EOHLEW P|JOLFKHUZHLVH QLFKW QXU VHOEVW DXI GHU 6WUHFNH VRQGHUQ JHIlKUGHW DOV ZLGHU VWlQGLJHV,QGLYLGXXPGLHJHVDPWH:LUWVFKDIWV *HVHOOVFKDIW ,QHLQHU:HOWGLH NRPSOH[HU XQG XQGXUFKVFKDXEDUHU ZLUGJHKWHV XPGLH )UDJH ZHOFKHV :LVVHQ ZLH YHUPLWWHOW ZHUGHQ VROO XP PLW GHU EHVFKULHEHQHQ .RPSOH[LWlW XQG GHQ XQGXUFKVFKDXEDUHQ 9HUKlOWQLVVHQ XPJHKHQ ]X N|QQHQ +HXWHLVWHVQLFKWPHKUP|JOLFKEHUHLQEHVWLPPWHV:LVVHQVJHELHWHLQHQZLUN OLFKGLIIHUHQ]LHUWHQhEHUEOLFNIUVLFKVHOEVW]XJHZLQQHQ'HPHQWVSUHFKHQGJLEW HV6WLPPHQGLHIU%LOGXQJSOlGLHUHQXQGGDEHLGDV,QGLYLGXXPÄDXIHLQHXQEH NDQQWEOHLEHQGH=HLW³/XKPDQQ6 HLQVWHOOHQZROOHQ'DULQOLHJWIU /XKPDQQ ÄHLQH 5HVVRXUFH « QlPOLFK GLH %HGLQJXQJ GHU 0|JOLFKNHLW (QWVFKHLGXQJHQ ]X WUHIIHQ 'LH .RQVHTXHQ] ZlUH GDVV GDV /HUQHQ YRQ :LVVHQ ZHLWJHKHQG HUVHW]W ZHUGHQ PVVWHGXUFKGDV /HUQHQGHV(QWVFKHLGHQVGDVKHLWGHV $XVQXW]HQVYRQ 1LFKWZLVVHQ³/XKPDQQ6
(QWVFKHLGHQG LVW DXV GHU )OOH YRQ :LVVHQVLQKDOWHQ KHUDXV]XILOWHUQ ZDV DQ ZHOFKHU6WHOOHIUZHQXQGZHOFKH(QWZLFNOXQJDOVEHGHXWVDPDXVJHZlKOWZLUG 'DV/HEHQLQHLQHU:LVVHQVJHVHOOVFKDIWHUIRUGHUWHLQH5HLKHYRQQHXHQ.RPSH WHQ]HQ'LH(XURSlLVFKH.RPPLVVLRQQHQQWHLQLJHGDYRQ ÄGDV/HUQHQZLH PDQOHUQWDNWLYH%UJHUVFKDIWNXOWXUHOOHXQGVR]LDOH.RPSH WHQ]HQVRZLH=XJDQJXQG%HWHLOLJXQJLP$OOJHPHLQHQ]XHQWZLFNHOQ³(XURSlLVFKH .RPPLVVLRQ6
.RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP
XQGYHUVXFKW,QGLNDWRUHQ]XU)HVWVWHOOXQJGLHVHU.RPSHWHQ]HQ]XHQWZLFNHOQ 'LHVH (QWZLFNOXQJ ± QlPOLFK GLH $QHUNHQQXQJ LQIRUPHOOHU XQG QLFKWIRUPDOHU .RPSHWHQ]HQ ± VWHOOW HLQ ZHLWHUHV 0HUNPDO ]XU NRPSOH[HQ 8PJDQJVZHLVH LQ %LOGXQJVV\VWHPHQGDU 'LH.RPSOH[LWlW]HLJWVLFKQLFKWQXUDXIGHUJHVHOOVFKDIWOLFKHQ(EHQHVRQ GHUQ VSLHJHOW VLFK DXFK LQ HLQHU EUHLWHQ 'LVNXVVLRQ ]XP %LOGXQJVEHJULII ZLGHU %LOGXQJ LVW HLQ NRPSOH[HV 3KlQRPHQ XQG GLH EHVFKULHEHQHQ 0RGHUQLVLHUXQJV SUR]HVVHLQ$UEHLWVXQG/HEHQVZHOWEULQJHQQHXH$QIRUGHUXQJHQPLWVLFK%LO GXQJVNRQ]HSWH VLQG XQPLWWHOEDU YHUEXQGHQ PLW 0HQVFKHQELOGHUQ PLW :HUWHQ XQG 1RUPHQ HLQHU *HVHOOVFKDIW XQG LKUHQ %LOGXQJVLGHDOHQ 6LH N|QQHQ QLFKW RKQH GLH JHVHOOVFKDIWOLFKHQ +HUDXVIRUGHUXQJHQ XQG 9HUlQGHUXQJHQ YHUVWDQGHQ XQG YHURUWHW ZHUGHQ %LOGXQJVNRQ]HSWH EHUXIHQ VLFK QLFKW QXU DXI LQGLYLGXHOOH (UIDKUXQJHQ VRQGHUQ EH]LHKHQ GLH (QWZLFNOXQJ GHU *HVHOOVFKDIW PLW HLQ 6LH ULFKWHQVLFK]XPHLQHQDXIGLH(QWZLFNOXQJYRQ0HQVFKHQLQLKUHULQGLYLGXHOOHQ /HEHQVEHZlOWLJXQJVIlKLJNHLW %LOGXQJVNRQ]HSWH N|QQHQ DEHU ]XP DQGHUHQ LQ LKUHUJHVHOOVFKDIWOLFKHQ 'LPHQVLRQDOV(LQELQGXQJLQ JHVHOOVFKDIWOLFKH3UR]HVVH XQGDOVDEKlQJLJYRQJHVHOOVFKDIWOLFKHQ(QWZLFNOXQJHQYHUVWDQGHQZHUGHQ:DV EHGHXWHW GLHV QXQ NRQNUHW IU JHVHOOVFKDIWOLFKH ,QVWLWXWLRQHQ" 'HP KXPDQLVWL VFKHQ %LOGXQJVEHJULII JHJHQEHU VWHKHQ %LOGXQJVNRQ]HSWH GLH PHKU GLH 9HU ZHUWEDUNHLWYRQ%LOGXQJLQGHQ0LWWHOSXQNWVWHOOHQ=XVHKHQLVWGLHVGDULQGDVV %LOGXQJVLQVWLWXWLRQHQ]XQHKPHQGGHP$QVSUXFKGHU%LOGXQJ]XU%UDXFKEDUNHLW JHUHFKWZHUGHQ(LQ%HLVSLHOGDIULVWJHJHQZlUWLJGHUH[SDQGLHUHQGH6HNWRUGHU )DFKKRFKVFKXOHQGLH PHKUVSH]LHOOH$XVELOGXQJHQLQGHQ9RUGHUJUXQGVWHOOHQ XP HLQHU OLQHDUHQ 9HUZHUWEDUNHLW DP $UEHLWVPDUNW JHUHFKW ]X ZHUGHQ %LOGXQJ ZLUGKLHUYRUUDQJLJXQWHUGHPXWLOLWDULVWLVFKHQ$VSHNWEHWUDFKWHWXQG Ä4XDOLILNDWLRQHQZHUGHQGDEHLHQJDQEHWULHEVZLUWVFKDIWOLFKH>Q@%HJULIIOLFKNHL WHQRULHQWLHUWDOV3URGXNWHGHILQLHUWGLHZHQQLQQRYDWLYXQGDQGHQMHZHLOLJHQ$Q VSUFKHQXQWHUQHKPHULVFKHU(UIRUGHUQLVVHRULHQWLHUWHUIROJUHLFKYHUPDUNWHWZHUGHQ N|QQHQ³+RO]HU6
(LQH0|JOLFKNHLWGHU0HVVXQJOLHJWLQGHU(UVWHOOXQJVRJHQDQQWHU(3RUWIROLRV'LHDNWXHOOH,QLWLD WLYHGHU(8Ä(3RUWIROLRIRUDOO³IDQGLKUHQ$XVJDQJVSXQNWEHLGHU.RQIHUHQ]YRQ/LVVDERQLP0lU] 'DV(XURSHDQ ,QVWLWXWHIRU(/HDUQLQJ(,)(/ KDWVLFK]XP=LHOJHVHW]WGDVVELVDOOH (8%UJHU,QQHQGLH0|JOLFKNHLWKDEHQVROOHQHLQHLJHQHV(3RUWIROLR]XIKUHQYJO%HUJHO 6 'DV (3RUWIROLR GLHQW YRU DOOHP GHU :HWWEHZHUEVIlKLJNHLWDP ZHOWZHLWHQ $UEHLWVPDUNWXQG GHU /HLVWXQJVSUlVHQWDWLRQ JHJHQEHU 'ULWWHQ ,P %LOGXQJVEHUHLFK EH]HLFKQHW 3RUWIROLR HLQH JH]LHOWH =XVDPPHQVWHOOXQJ YRQ 'RNXPHQWHQ XQG $UWHIDNWHQ GLH GHQ /HUQSUR]HVV HLQHU 3HUVRQ XQG GHQ DNWXHOOHQ *UDG GHU HUZRUEHQHQ .RPSHWHQ]HQ EHVFKUHLEHQ E]Z GRNXPHQWLHUHQ XQG SHUV|QOLFKH (QWZLFNOXQJVSRWHQ]LDOHDXI]HLJHQYJO%DXPJDUWQHU6 'DPLWGLHQWHVDXFKGHUNRPSH WHQ]EDVLHUWHQ$XVELOGXQJDQ%LOGXQJVHLQULFKWXQJHQ
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
(V JHKW XP 9HUZHUWEDUNHLW YRQ :LVVHQ ± VWHWV PLW GHP %OLFN DXI GDV :LUW VFKDIWVV\VWHP$XV|NRQRPLVFKHU6LFKWZLUG%LOGXQJ]XU:DUHZREHL(IIL]LHQ] 5HQWDELOLWl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lUWLJ EHUHLWV GHQ 5DWLRQDOLVLHUXQJVPDQDKPHQ XQVHUHU *HVHOOVFKDIW ]XP 2SIHUJHIDOOHQLVW",QHLQHPVROFKHQ)DOOEOHLEHQQXUGLH6FKDWWHQZLUWVFKDIWXQG GLHJHVHOOVFKDIWOLFKH6XEYHUVLRQ 'LH QHROLEHUDOH +DQGVFKULIW KDW VLFK DOVR DXFK LP %LOGXQJVZHVHQ LQ GHQ YHUJDQJHQHQ-DKUHQ]XQHKPHQGEHPHUNEDUJHPDFKW:HWWEHZHUE0DUNHWLQJ 0DUNWRULHQWLHUXQJ 8QWHUQHKPHUJHLVW XQG .XQGHQRULHQWLHUXQJ VLQG %H]XJVJU| HQ DXI GLH %LOGXQJVHLQULFKWXQJHQ IRNXVVLHUHQ (LQH VROFKH gNRQRPLVLHUXQJ GHV%LOGXQJVZHVHQVEHGHXWHWOHW]WHQGOLFKGDVVQXUPHKUGDVYRQ1XW]HQLVWZDV DXFKGHU:LUWVFKDIWXQPLWWHOEDU]XJXWHNRPPW'LHVH$XVZLUNXQJHQ]HLJHQVLFK LQ )RUP YRQ VWDQGDUGLVLHUWHQ %LOGXQJVSUR]HVVHQ VRZLH (XURSlLVLHUXQJ XQG ,Q WHUQDWLRQDOLVLHUXQJ =XGHP ZHUGHQ %LOGXQJVHLQULFKWXQJHQ DOV 8QWHUQHKPHQ EHWUDFKWHW LQ GHQHQ XQWHU PDUNWZLUWVFKDIWOLFKHQ *HVLFKWVSXQNWHQ RSHULHUW ZLUG .RVWHQNDONXODWLRQ 1DFKIUDJH .XQG,QQHQ 9HUZHUWEDUNHLW VLQG %HJULIIH GLH HLQHZLFKWLJH5ROOHVSLHOHQ,QGLHVHP9HUVWlQGQLV±GDVQLFKWJHQDXDXVGHILQLHUW LVW±ZLUG%LOGXQJQLFKWLP6LQQHYRQ$OOJHPHLQELOGXQJXQG3HUV|QOLFKNHLWVELO GXQJYHUVWDQGHQVRQGHUQGLH0HQVFKHQZHUGHQDOV+XPDQNDSLWDOHLQHU*HVHOO VFKDIW EHWUDFKWHW 'HPHQWVSUHFKHQG RULHQWLHUHQ VLFK %LOGXQJVLQVWLWXWLRQHQ DQ ZLUWVFKDIWOLFKHQ $QIRUGHUXQJHQ GLH ,QKDOWH YRQ :HLWHUELOGXQJVPDQDKPHQ XQWHUOLHJHQ GHP *HVLFKWVSXQNW GHU 4XDOLIL]LHUXQJ IU GHQ $UEHLWVPDUNW $XFK 7HLOEHUHLFKH GHU 3HUV|QOLFKNHLWVELOGXQJ ZHUGHQ GHQ ZLUWVFKDIWOLFKHQ .ULWHULHQ GHU 1W]OLFKNHLW XQWHUZRUIHQ 6R JHQDQQWH VRIW VNLOOV N|QQHQ LQ .XUVHQ HUOHUQW ZHUGHQ±DXFKKLHUPLWGHP=LHOGHU9HUZHUWEDUNHLWDP$UEHLWVPDUNW $XV HLQHU |NRQRPLVFKHQ 6LFKW LVW GDV GLHVHQ %LOGXQJVNRQ]HSWHQ ]XJUXQGH OLHJHQGH 0HQVFKHQELOG HLQHV ZHOFKHV GDV ,QGLYLGXXP DOV 8QWHUQHKPHU VHLQHU VHOEVWEHWUDFKWHW%LOGXQJZLUGIUGDV,QGLYLGXXP]XU:DUHHVEHQ|WLJWPHKUDQ 4XDOLILNDWLRQHQ XQG %LOGXQJVDEVFKOVVHQ XQG ZLUG P|JOLFKHUZHLVH QRFK DXI :LVVHQ XQG DXI GLH 9HUIJEDUNHLW YRQ ,QIRUPDWLRQHQ UHGX]LHUW :HOFKH 5ROOH GHP ,QGLYLGXXP DOV .RSURGX]HQWHQ ]XNRPPW ZLUG QLFKW WKHPDWLVLHUW(LQ%LO GXQJVNRQ]HSW GDV DOVR DXI 9HUZHUWEDUNHLW %UDXFKEDUNHLW DOV 3URGXNWLRQVVWlWWH
.RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP
IU+XPDQUHVVRXUFHQ]LHOWVWHKWHLQHPKXPDQLVWLVFKHQ%LOGXQJVNRQ]HSWJHJHQ EHULQGHPHVXPGLH%HIUHLXQJGHV,QGLYLGXXPVDXVJHVHOOVFKDIWOLFKHQ=ZlQ JHQ XQG OHW]WHQGOLFK XP (PDQ]LSDWLRQ JHKW ,Q GLHVHP 9HUVWlQGQLV ODVVHQ VLFK HLQLJH ZHVHQWOLFKH 0HUNPDOH YRQ %LOGXQJ HUNHQQHQ %LOGXQJ EH]LHKW VLFK DXI DOOH0HQVFKHQRKQH'LVNULPLQLHUXQJQDFK+HUNXQIW5HOLJLRQRGHU*HVFKOHFKW 1LFKWQXUGHU)RNXVDXIGHQNRJQLWLYHQVRQGHUQDXFKDXIGHQHPRWLRQDOHQ%H UHLFK LVW EHGHXWHQG DOVR GLH 0LWHLQEH]LHKXQJ GHU (QWIDOWXQJ GHU %HGUIQLVVH *HIKOH XQG N|USHUOLFKHQ )lKLJNHLWHQ 6ROFKHUDUW ZHUGHQ %LOGXQJVNRQ]HSWH QLFKW DXVVFKOLHOLFK YRQ WHFKQRORJLVFKHQ XQG ZLUWVFKDIWOLFKHQ ,QWHUHVVHQ JHOHL WHWVRQGHUQVLHVWHOOHQDXFKHLQ.RUUHNWLYIUGDV:LUWVFKDIWVV\VWHPGDU 8QWHU%H]XJQDKPHDXIGLHJHVHOOVFKDIWOLFKHQ:DQGOXQJVSUR]HVVHGLHVLFK LQ 5LFKWXQJ 0DUNWRULHQWLHUXQJ :HWWEHZHUE /HLVWXQJVVWHLJHUXQJ *HZLQQPD [LPLHUXQJHWFEHZHJHQNDQQ PDQMHGRFK]XQHKPHQGGHQ(LQGUXFNJHZLQQHQ GDVVKXPDQLVWLVFKH=LHOHXQGYRUDOOHPGLH$XVULFKWXQJDP6R]LDOHQVFKZLQGHQ (LQH$XIO|VXQJGLHVHV.RQWUDVWHV±%LOGXQJ]ZLVFKHQ+XPDQLWlWXQG0DUNWRUL HQWLHUXQJ±ZLUGLP6LQQHHLQHUÄQHXHQ$OOJHPHLQELOGXQJ³JHVHKHQ'DEHLVWH KHQ.RPSHWHQ]HQLP9RUGHUJUXQGGLH,QGLYLGXHQGD]XEHIlKLJHQ ÄGHQUDVFKHQ:DQGHO]XEHZlOWLJHQ.UHDWLYLWlW/HUQIlKLJNHLW PLWXQDEVHKED UHQ .RQVHTXHQ]HQ IHUWLJ ]X ZHUGHQGDV KHLW ]X OHUQHQ XQVLFKHUH 6LWXDWLRQHQ ]X EHZlOWLJHQ GLH LQGLYLGXHOOH (QWZLFNOXQJ NRQWLQXLHUOLFK YRUDQ]XWUHLEHQ 6HOIGHYH ORSPHQW .RPSHWHQ]PDQDJHPHQW GLH HLJHQH $UEHLWVNUDIW JH]LHOW ]X SUlVHQWLHUHQ XQG ]X YHUPDUNWHQ 6HOEVWLQV]HQLHUXQJ 6HOEVWYHUPDUNWXQJ 3URILOLHUXQJ /HEHQ XQG $UEHLW XPIDVVHQG ]X RUJDQLVLHUHQ %LRJUDILHNRPSHWHQ] 6HOEVWRUJDQLVDWLRQVIl KLJNHLW VLFKVWlQGLJ]XPRWLYLHUHQXQGLQGLYLGXHOO6LQQ]XILQGHQ6HOEVWPRWLYDWL RQ6HOIFRPPLWPHQW%HJHLVWHUXQJVIlKLJNHLW VLFKXQGGLHHLJHQHQ%H]LHKXQJHQIU GHQ%HUXI]XQXW]HQ,PDJHSIOHJH%H]LHKXQJVDUEHLW ³*UXEHU6I
$XFKZHQQ:LVVHQQLFKWJOHLFKGHP(UZHUEYRQ%LOGXQJLVWVWHOOW:LVVHQDOOHU GLQJV HLQH *UXQGYRUDXVVHW]XQJ IU %LOGXQJ XQG GDV 9HUVWHKHQ YRQ :HOW XQG *HVHOOVFKDIWVSKlQRPHQHQ GDU %LOGXQJ LVW ]XQHKPHQG HLQH HQWJHJHQKDOWHQGH .UDIWGDV$XIVSDQQHQHLQHV+RUL]RQWHVLVWhEHUJDQJLQ(QWZLFNOXQJVSUR]HVVHQ XQGYHUJHZLVVHUWVLFKLQXQWHUVFKLHGOLFKHQ%HZHJXQJHQ±%HZHJXQJHQGLHDXFK GHQHLJHQHQ/HEHQVZHJFKDUDNWHULVLHUHQLQGHPVLFKGDV,QGLYLGXXPVHOEVW]XU (QWIDOWXQJEULQJW%LOGXQJLVW]XGHPGLH(UODQJXQJGHU)lKLJNHLWVLFKGHQNHQG XQGKDQGHOQGDXIGLH:HOWHLQ]XODVVHQVLFKGHQJHVHOOVFKDIWOLFKHQ*HJHEHQKHL WHQ QLFKW ]X XQWHUZHUIHQ VRQGHUQ VLH YLHOPHKU NRQVWUXNWLY JHPHLQVDPHQ PLW DQGHUHQ±LP6LQQHHLQHVVR]LDOHQ0LWYROO]XJV±]XJHVWDOWHQ 'LH(UZDUWXQJHQDQ%LOGXQJVSUR]HVVHLQGHU:LVVHQVJHVHOOVFKDIWVLQGYRQ YLHOHQ6HLWHQ VHKU JURÄ)RUPDOLVLHUWHU%LOGXQJ ZLUGLQ]XQHKPHQGHP0DLQ VR]LDOHQ |NRQRPLVFKHQ RGHU SROLWLVFKHQ %HODQJHQ HLQH KRKH /|VXQJVNDSD]LWlW
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
]XJHVSURFKHQ³+RO]HU6 'LH3ROLWLNVHW]WLQGLHVHP=XVDPPHQKDQJ KRKH (UZDUWXQJHQ DQ ZLVVHQVEDVLHUWH $XVELOGXQJVJlQJH JOHLFKHUPDHQ ZLH DQ GLH 6HW]XQJ YRQ 4XDOLWlWVVWDQGDUGV DEHU DXFK DQ GLH %LOGXQJVIRUVFKXQJ %HL VSLHOH IU GLH %LOGXQJVIRUVFKXQJ OLHJHQ GDULQ (UNHQQWQLVVH EHU %LOGXQJ LP /HEHQVODXI ]X JHZLQQHQ (UNHQQWQLVVH EHU GDV *HOLQJHQ YRQ HUIROJUHLFKHQ /HKUXQG/HUQSUR]HVVHQ]XOLHIHUQ%HGLQJXQJHQYRQ(QWZLFNOXQJVSUR]HVVHQ]X XQWHUVXFKHQHEHQVRZLH*UXQGODJHQIRUVFKXQJ]XEHWUHLEHQ'LHVEHLQKDOWHWDXFK )RUVFKXQJHQ EHU 3UR]HVVH GHV /HKUHQV XQG /HUQHQV YRUDQ]XWUHLEHQ ZHLO JH VHOOVFKDIWOLFKH 0RGHUQLVLHUXQJVSUR]HVVH DXFK HLQH YHUlQGHUWH *HVWDOWXQJ YRQ /HUQZHOWHQPLWVLFKEULQJHQ /HEHQVODQJHV/HUQHQDOV5HDNWLRQDXI:DQGOXQJVSUR]HVVH hEHU %LOGXQJ GHQNHQ QLFKW QXU %LOGXQJVH[SHUW,QQHQ QDFK ± DXFK LQ DQGHUHQ JHVHOOVFKDIWOLFKHQ 6\VWHPHQ ZHUGHQ )UDJHQ GHU %LOGXQJ XQG 9HUPLWWOXQJ YRQ .XOWXUWHFKQLNHQ XQG DOOJHPHLQHQ .RPSHWHQ]HQ GLVNXWLHUW (LQ %HLVSLHO GDIU ELOGHW GLH LP -DKU EHDXIWUDJWH .RPPLVVLRQ GHU 81(6&2 GLH PDUNDQWH +HUDXVIRUGHUXQJHQ DQ GLH %LOGXQJ IU GDV -DKUKXQGHUW IRUPXOLHUW 'DEHL VWHOOHQ VLFK ]ZHL )UDJHQ :LUG %LOGXQJ ]X HLQHP 6FKOVVHOIDNWRU IU JHVHOO VFKDIWOLFKH (QWZLFNOXQJ" .|QQHQ VLFK %LOGXQJVV\VWHPH GHQ JHVHOOVFKDIWOLFKHQ (QWZLFNOXQJHQLQHQWVSUHFKHQGHU$UWXQG:HLVHDQSDVVHQ" 'LHVH XQG DQGHUH )UDJHQ YHUGHXWOLFKHQ ]ZLVFKHQ ZHOFKHQ JHVHOOVFKDIWOL FKHQ )XQNWLRQVV\VWHPHQ VWUXNWXUHOOH .RSSHOXQJHQ XQG $EKlQJLJNHLWHQ EHVWH KHQ)UGLHHUVWH)UDJHVLQGLQ.HQQWQLVGHUJHJHQZlUWLJHQ%LOGXQJVGLVNXVVLRQ YLHOH(UIDKUXQJHQJUHLIEDUGLHVHKUGHXWOLFKDXIGHQJHVWHLJHUWHQ:HUWYRQ%LO GXQJLQXQVHUHUYHUlQGHUWHQ*HVHOOVFKDIWKLQZHLVHQ'LH]ZHLWH)UDJHVWHOOW]XP HLQHQHLQHQ]HLWOLFKHQ.RQWH[WKHUXQG]XPDQGHUHQZLUGGLH5LFKWXQJGHU2UL HQWLHUXQJ YRUJHJHEHQ 'HU $XVJDQJVSXQNW IU 9HUlQGHUXQJHQ ZLUG LQ GHU *H VHOOVFKDIWJHVHKHQGLH)ROJHZLUNXQJHQVLQGGDQQYRPMHZHLOVYHUQHW]WHQ)XQN WLRQVV\VWHPPLW]XYROO]LHKHQ2GHUDQGHUVJHVDJW%LOGXQJVV\VWHPHKDEHQGDQQ RIIHQVLFKWOLFKQXUPHKUGLH:DKOVLFKP|JOLFKVWVFKQHOODQ]XSDVVHQ:DVIHKOW LVWHLQHNULWLVFKH(LQVFKlW]XQJGHU9HUlQGHUXQJHQHLQH1HXEHZHUWXQJLP/LFKWH JHVDPWJHVHOOVFKDIWOLFKHU(QWZLFNOXQJHQGLHDXIGHU%DVLVYRQ5HLFKWXP)ULHGH %HVFKlIWLJXQJXQG|NRORJLVFKHP*OHLFKJHZLFKW]XGLVNXWLHUHQVLQG(LQHVROFKH 6LFKWZHLVH NDQQ DOOHUGLQJV DXFK HQWODVWHQG ZLUNHQ *HVDPWJHVHOOVFKDIWOLFKH 3UREOHPH ZHUGHQ GHP %LOGXQJVV\VWHP ]XJHVFKULHEHQ XQG VLQG GDKHU DXFK DXI GLHVHU 6\VWHPHEHQH ]X O|VHQ 6R ZHUGHQ GLH $XIJDEHQ GHU 8QLYHUVLWlW HUQHXW GLVNXWLHUWXQG]ZDULQ%H]XJDXIGLH9HUZHUWEDUNHLWYRQ:LVVHQDXIGLHSROLWL VFKH0DFKEDUNHLWXQGGLH%HZlOWLJEDUNHLWYRQ.ULVHQ:LUGGLH8QLYHUVLWlWDOV
.RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP
/HEHQVSDUWQHULQIU/HEHQVODQJHV/HUQHQJHVHKHQ VRLVW JHJHQZlUWLJDXV PHL QHU6LFKW]XPHLQHQHLQH,QVWUXPHQWDOLVLHUXQJGHV%LOGXQJVZHVHQV]XHUNHQQHQ XQG]XPDQGHUHQH[LVWLHUHQJOHLFKHUPDHQ6WU|PXQJHQZHOFKHPLWGHU,GHHGHU 8QLYHUVLWlWDOVKXPDQLVWLVFKHU,QVWLWXWLRQYHUEXQGHQVLQG(LQHVROFKH6LFKWZHLVH ILQGHWVLFKLP.RQ]HSWGHU81(6&2Ä%LOGXQJIUGDV-DKUKXQGHUW³'HXW VFKH81(6&2.RPPLVVLRQ ZLHGHUZHOFKHVDXIYLHU6lXOHQUXKW /HUQHQ:LVVHQ]XHUZHUEHQ'LHVEH]LHKWVLFKQLFKWQXUDXIUHLQH,QIRUPD WLRQVDXIQDKPHVRQGHUQDXFK DXIGLH%HKHUUVFKXQJGHUHLQ]HOQHQ(UNHQQW QLVVH'LHVLVWGLH*UXQGODJHGHU)UHXGHDP9HUVWHKHQGHV:LVVHQVXQGGHV (QWGHFNHQV YRQ 3KlQRPHQHQ 9RUDXVVHW]XQJ GDIU LVW GDV (UOHUQHQ YRQ /HUQIlKLJNHLW±HVYHUODQJW.RQ]HQWUDWLRQVNUDIW(ULQQHUXQJVYHUP|JHQXQG 'HQNIlKLJNHLW /HUQHQ]XKDQGHOQ+LHUEHLJHKWHVXPGLH)lKLJNHLWGDV*HOHUQWHDXFKLQ GLH3UD[LVXP]XVHW]HQ /HUQHQ ]XVDPPHQ]XOHEHQ ± /HUQHQ PLW DQGHUHQ ]X OHEHQ %LOGXQJ XQG (U]LHKXQJ JOHLFKHUPDHQ PVVHQ GLH 3HUVRQHQ GD]X EHIlKLJHQ HLQHUVHLWV HLQIULHGOLFKHV=XVDPPHQOHEHQ]XHUP|JOLFKHQXQGDQGHUHUVHLWVGXUFKGDV 9HUVWHKHQXQGGXUFKGHQ5HVSHNWGHUDQGHUHQ0HQVFKHQHLQIULHGYROOHV/H EHQLQHLQHU*HPHLQVFKDIW]XYROO]LHKHQVLFKIUJHPHLQVDPH=LHOH]XHQ JDJLHUHQXQGHLQ*HIKOGHU=XVDPPHQJHK|ULJNHLWHQWVWHKHQ]XODVVHQ /HUQHQIUGDV/HEHQ'LHVXPIDVVWVHKUZHLWUHLFKHQGH$VSHNWHXQGLVWHLQ JUXQGOHJHQGHV 3ULQ]LS YRQ %LOGXQJ ,Q GLHVHP 6LQQH VROOWHQ .|USHU XQG *HLVW ,QWHOOLJHQ] 6HQVLELOLWlW lVWKHWLVFKHV (PSILQGHQ SHUV|QOLFKH 9HU DQWZRUWXQJXQGJHLVWLJH:HUWH*UXQGODJHYRQ%LOGXQJVHLQÄ-HGHU0HQVFK PXVVEHIlKLJWZHUGHQHLJHQVWlQGLJHVNULWLVFKHV'HQNHQ]XHQWZLFNHOQXQG ]XHLQHPHLJHQHQ8UWHLO]XJHODQJHQXPIUVLFKVHOEVW]XEHVWLPPHQZDV HU RGHU VLH LQ YHUVFKLHGHQHQ /HEHQVXPVWlQGHQ WXQ VROOWH³ 'HXWVFKH 81(6&2.RPPLVVLRQ6 'LHVHYLHU6lXOHQZHUGHQYRQGHU81(6&2.RPPLVVLRQDOV%DVLVIU/HEHQV ODQJHV/HUQHQXQG%LOGXQJEHWUDFKWHW±VLHJHOWHQZHGHUDXVVFKOLHOLFKIUHLQHQ DXVJHZlKOWHQ /HEHQVDXVVFKQLWW QRFK IU HLQHQ EHVWLPPWHQ /HUQRUW 'DV KHLW VLHVLQGLP3ULQ]LSLP6LQQHGHUPHQVFKOLFKHQ(QWZLFNOXQJYRQGHU*HEXUWELV ]XP7RGHLQHU3HUVRQEHGHXWVDP6LHXPIDVVHQDOVRGLH*HVDPWKHLWGHUPHQVFK OLFKHQ(QWZLFNOXQJGDVKHLWGHU0HQVFK ZLUGGXUFKJHKHQGDOVOHUQXQGELO GXQJVIlKLJHV :HVHQ EHWUDFKWHW =LHO GHU %LOGXQJ LVW HLQH JDQ]KHLWOLFKH (QWIDO WXQJ GHU 0HQVFKHQ ]X I|UGHUQ GDPLW VLH LQ GHU /DJH VLQG ÄHLQ HUIROJUHLFKHV $UEHLWVOHEHQ³]XJHVWDOWHQ%LOGXQJLVWÄHLQLQGLYLGXHOOHU3UR]HVVXQGJOHLFK]HL WLJ HLQ 3UR]HVV IU GHQ $XIEDX VR]LDOHU ,QWHUDNWLRQHQ³ 'HXWVFKH 81(6&2
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
.RPPLVVLRQ6 (VIlOOWDXIGDVVKLHUGDV+DXSWDXJHQPHUNIUJHVHOO VFKDIWOLFKH(QWZLFNOXQJHQXQG9HUlQGHUXQJHQLQGHU9HUDQWZRUWXQJGHUHLQ]HO QHQ3HUVRQOLHJW'LH.RPPLVVLRQ]HLFKQHWMHGRFKHLQHLQVHLWLJHV.RQ]HSWZHU ZRIULQXQVHUHU*HVHOOVFKDIWLQZHOFKHP$XVPD9HUDQWZRUWXQJIU3HUVRQHQ IUGDV=XVDPPHQOHEHQYRQ0HQVFKHQXQGOHW]WHQGOLFKIUGLH/|VXQJ±XPPLW .ODINL ]X VSUHFKHQ ± HSRFKDOW\SLVFKHU 6FKOVVHOSUREOHPH GHU :HOW WUlJW YJO .ODINL 'LHVH$XIEUGXQJGLHGDV,QGLYLGXXPGDPLWHUIlKUWLVWLQVRIHUQ ]XUFN]XZHLVHQDOVPHLQHU$QVLFKWQDFKGLH*HVHOOVFKDIWLPHQJHUHQ6LQQHGLH 3ROLWLNPLWLKUHQ,QVWLWXWLRQHQXQG2UJDQLVDWLRQHQHLQHJURH9HUDQWZRUWXQJIU GHPRNUDWLVFKHKXPDQLWlUHXQGJHVDPWJHVHOOVFKDIWOLFKH(QWZLFNOXQJHQKDW'DV .RQ]HSW GHV Ä/HEHQVODQJHQ /HUQHQV³ LVW GHPQDFK ÄGHU +HU]VFKODJGHU *HVHOO VFKDIW « GHU 6FKOVVHO ]XP -DKUKXQGHUW³ 'HXWVFKH 81(6&2 .RPPLVVLRQ6 (VVWHOOWVLFKIUPLFKDQGLHVHU6WHOOHMHGRFKGLH)UD JHREGLH3ROLWLNLQGHU/DJHLVWGDVJHHLJQHWH6FKOVVHOORFKDOV9RUDXVVHW]XQJ IUGHQSDVVHQGHQ6FKOVVHOEHUHLW]XVWHOOHQ $XFKGDVYRQGHU.RPPLVVLRQGHU(XURSlLVFKHQ*HPHLQVFKDIWHQYHUIDVVWH Ä0HPRUDQGXP EHU /HEHQVODQJHV /HUQHQ³ (XURSlLVFKH .RPPLVVLRQ YHUZHLVWDXIGHQ%HJULIIGHUÄ:LVVHQVJHVHOOVFKDIWGHUHQZLUWVFKDIWOLFKH*UXQG ODJH3URGXNWLRQ XQG $XVWDXVFKYRQLPPDWHULHOOHQ*WHUQXQG'LHQVWOHLVWXQJHQ VLQG³(XURSlLVFKH.RPPLVVLRQ6 XQGVWHOOWGLH0HQVFKHQDOV+DXSW DNWHXUHYRQ:LVVHQVJHVHOOVFKDIWHQLQGHQ0LWWHOSXQNW Ä:DVLQHUVWHU/LQLH]lKOWLVWGLH)lKLJNHLWGHU0HQVFKHQ:LVVHQ]XSURGX]LH UHQXQGGLHVHV:LVVHQHIIHNWLYXQGLQWHOOLJHQW]XQXW]HQXQGGLHVXQWHUVLFKVWlQGLJ YHUlQGHUQGHQ5DKPHQEHGLQJXQJHQ³'DPLWGLHVJHOLQJWPVVHQGLH0HQVFKHQÄLKU /HEHQVHOEVWLQGLH+DQGQHKPHQXQG±NXU]JHVDJW±DNWLYH6WDDWVEUJHUZHUGHQ³ :LH GLHV P|JOLFK VHLQ VROO DXFK GDIU KDW GLH (XURSlLVFKH .RPPLVVLRQ HLQH /| VXQJÄ/HEHQVODQJH$XVXQG:HLWHUELOGXQJLVWIUDOOHGHUEHVWH:HJXPGHQ+HU DXVIRUGHUXQJHQGHV:DQGHOV]XEHJHJQHQ³(XURSlLVFKH.RPPLVVLRQ6
'DV PHQVFKOLFKH /HEHQ LVW JHSUlJW YRQ HLQHP ZHVHQWOLFKHQ $VSHNW QlPOLFK GHP/HUQHQ=XDOOHQ=HLWHQKDEHQ0HQVFKHQZlKUHQGLKUHUJHVDPWHQ/HEHQV VSDQQHJHOHUQWXPLQLKUHQ*HVHOOVFKDIWHQEHVWHKHQ]XN|QQHQ'HU8QWHUVFKLHG ]XKHXWHEHVWHKWGDULQGDVVXQVHUJHVDPWHV/HEHQPLWWOHUZHLOH]XHLQHULQVWLWXWL RQDOLVLHUWHQ4XDOLIL]LHUXQJVVWUHFNHXPJHEDXW ZXUGHDXIGHUZLUXQVYRQ=HXJ QLV]X=HXJQLVYRQ4XDOLILNDWLRQ]X4XDOLILNDWLRQZHLWHUDUEHLWHQ:HOFKHV=HU WLILNDW LQ GHU MHZHLOLJHQ 6LWXDWLRQ GLH .RPSHWHQ] EHVFKHLQLJW GDV :LVVHQ XQG .|QQHQGDV]XHLQHPEHVWLPPWHQ=HLWSXQNWDOVYRUWHLOKDIWHUVFKHLQWZLUGPD JHEOLFK YRQ ZLUWVFKDIWOLFKHQ *HJHEHQKHLWHQ EHVWLPPW 'LH (XURSlLVFKH 8QLRQ
.RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP
KDWGDV6WUHEHQQDFK:LVVHQQRFKZHLWHUJHI|UGHUWLQGHPGDV.RQ]HSWGHV/H EHQVODQJHQ/HUQHQVIHVWJHVFKULHEHQZXUGH 'HU%HJULII/HEHQVODQJHV/HUQHQE]ZpGXFDWLRQSHUPDQHQWHOLIHORQJOHDU QLQJOLHIHORQJHGXFDWLRQRGHUDXFKUHFXUUHQWHGXFDWLRQZLUGVHLW-DKUHQGLV NXWLHUW $XIJUXQG GHV YRQ GHU 81(6&2 DXVJHUXIHQHQ Ä,QWHUQDWLRQDOHQ -DKUHVGHU(U]LHKXQJ³XQGGHUHWZD]HLWJOHLFKHUVFKLHQHQHQ]DKOUHLFKHQ3XEOLND WLRQHQ]XP7KHPD/HEHQVODQJHV/HUQHQHWDEOLHUWHVLFKGHU%HJULII]XQHKPHQG 6R ZLUG YRQ GHU (XURSlLVFKHQ .RPPLVVLRQ GDUJHOHJW GDVV GDV /HEHQVODQJH /HUQHQLQGHQHU-DKUHQDXVSROLWLVFKHU6LFKWYHUPHKUWLQGHQ%OLFNJHQRPPHQ ZXUGHLQGHP Ä%HVWUHEHQ %HVFKlIWLJXQJVIlKLJNHLW XQG $QSDVVXQJVIlKLJNHLW GHU %UJHULQQHQ XQG%UJHU]XYHUEHVVHUQDQJHVLFKWVHLQHUKRKHQVWUXNWXUHOOHQ$UEHLWVORVLJNHLWYRQ GHU GLH DP VFKOHFKWHVWHQ 4XDOLIL]LHUWHQ DP VWlUNVWHQ EHWURIIHQ VLQG³ (XURSlLVFKH .RPPLVVLRQ6
,P 0HPRUDQGXP ZLUG /HEHQVODQJHV /HUQHQ DOV HLQH Ä]LHOJHULFKWHWH /HUQWlWLJ NHLWGLHHLQHUNRQWLQXLHUOLFKHQ9HUEHVVHUXQJYRQ.HQQWQLVVHQ)lKLJNHLWHQXQG .RPSHWHQ]HQGLHQW³(XURSlLVFKH.RPPLVVLRQ6 GHILQLHUW(VLVWÄDOV 3UR]HVV ]X VHKHQ GHU IOLHHQGH hEHUJlQJH ]ZLVFKHQ (UVWDXVELOGXQJ XQG :HL WHUELOGXQJ ]ZLVFKHQ IRUPHOOHQ XQG LQIRUPHOOHQ /HUQOHLVWXQJHQ HUP|JOLFKW³ *UXEHU 6 I 'DPLW ZLUG GHXWOLFK GDVV HV GLHVHP .RQ]HSW HQWVSUH FKHQG QLFKW QXU XP ,QIRUPDWLRQV]XZDFKV XQG :LVVHQVHUZHUE JHKW YLHOPHKU NDQQ/HEHQVODQJHV/HUQHQÄDOV$XVGUXFN]XQHKPHQGHU3lGDJRJLVLHUXQJZHLWHU /HEHQVEHUHLFKH LQ PRGHUQHQ *HVHOOVFKDIWHQ DQJHVHKHQ ZHUGHQ³ *UXEHU 6 /HEHQVODQJHVE]ZOHEHQVEHJOHLWHQGHV/HUQHQZLUG]XHLQHP'DXHUSDUW QHU GHU 0HQVFKHQ 'XUFK GLH %HWRQXQJ DXFK QLFKWIRUPDOHQ XQG LQIRUPHOOHQ /HUQHQVHQWZLFNHOWVLFK/HUQHQ]XHLQHP.RUVHWWGDVQLFKWPHKUDE]XVWUHLIHQ LVW XQG HV ZLUG DQJHGHXWHW GDVV EHUDOO ± QLFKW QXU LQ GHU $UEHLWV XQG KHU
(VVROOKLHUMHGRFKQLFKWGHU(LQGUXFNHUZHFNWZHUGHQGDVVWURW]GHVQRUPDWLYHQ'UXFNVWDWVlFK OLFK DOOH 0HQVFKHQ DQ LQVWLWXWLRQDOLVLHUWHQ %LOGXQJVYHUDQVWDOWXQJHQ WHLOQHKPHQ 6LHKH GD]X VHKU DXVIKUOLFK+RO]HU$[PDFKHU )RUPDOHV/HUQHQILQGHWEOLFKHUZHLVHLQHLQHU%LOGXQJVRGHU$XVELOGXQJVHLQULFKWXQJVWDWWXQGLVW LQ%H]XJDXI/HUQ]LHOH]HLWRGHUI|UGHUXQJVWUXNWXULHUWHVVFKOLHWPLWHLQHP=HUWLILNDWDEXQGLVW DXVGHU3HUVSHNWLYHGHU/HUQHQGHQ]LHOJHULFKWHW1LFKWIRUPDOHV/HUQHQILQGHWQLFKWLQ%LOGXQJVRGHU %HUXIVELOGXQJVHLQULFKWXQJHQVWDWWXQGVFKOLHWEOLFKHUZHLVHQLFKWPLWHLQHU=HUWLIL]LHUXQJDE(VLVW MHGRFK LQ %H]XJ DXI /HUQ]LHOH GDXHU XQG PLWWHO V\VWHPDWLVFK JHRUGQHW $XFK GDV QLFKW IRUPDOH /HUQHQLVWDXVGHU6LFKWGHU/HUQHQGHQ]LHOJHULFKWHW,QIRUPHOOHV/HUQHQILQGHWLP$OOWDJLP)DPLOL HQXPIHOGLQGHU)UHL]HLWRGHUDP$UEHLWVSODW]VWDWW%H]JOLFKGHU/HUQ]LHOH]HLWRGHUI|UGHUXQJLVW HV QLFKW VWUXNWXULHUW XQG ZLUG DXFK QLFKW ]HUWLIL]LHUW $XV 6LFKW GHU /HUQHQGHQ NDQQ LQIRUPHOOHV /HUQHQ ]LHOJHULFKWHW VHLQ MHGRFK LVW HV PHLVW QLFKWLQWHQWLRQDO VRQGHUQ YLHOPHKU LQ]LGHQWLHOO YJO (XURSlLVFKH.RPPLVVLRQ
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ
N|PPOLFKHQ%LOGXQJVZHOW±JHOHUQW ZLUG0DQHQWNRPPWGHPVFKHLQEDUHQ$OO KHLOPLWWHO /HUQHQ QLFKW PHKU:HQQGHU%HJULIIGHV /HUQHQV VRLQIODWLRQlU YHU ZHQGHW ZLUG XQGDOOH /HEHQVWlWLJNHLW XQG(QWZLFNOXQJDOV /HUQHQ ZDKUJHQRP PHQZLUG±ZDVLVWGDQQ1LFKW/HUQHQ",VWGLHVGDQQQRFKP|JOLFK"3UD[LVEHL VSLHOH]HLJHQGDVVDXFKGDV 1LFKW/HUQHQ]XNXOWLYLHUHQLVWYJO6LPRQ 1LFKWDOOHVZDVXQVEHJHJQHWO|VW/HUQLPSXOVHDXV:LUN|QQHQVHKUZRKOGLIIH UHQ]LHUHQXQGDXVJHZlKOWH,PSXOVHZHUGHQQLFKWLQXQVHU:LVVHQVRGHU9HUKDO WHQVUHSHUWRLUHEHUQRPPHQ'LH0HQVFKHQKHXWHZHUGHQÄSHUPDQHQWDOVGHIL]L WlUGHILQLHUW³*HLOHU6 'LH)ROJHGDYRQLVWGDVVZLUPLWVFKOHFKWHP *HZLVVHQGXUFKV/HEHQJHKHQVWHWVPLWGHP*HIKOGLH]XU9HUIJXQJVWHKHQ GH =HLW QLFKW PLW VFKHLQEDU VLQQYROOHP /HUQHQ ]X YHUEULQJHQ ÄZLU N|QQHQ XQV LPPHUVHOWHQHUDOVVRXYHUlQHUOHEHQXQGYHUVWHKHQ³*HLOHU6 8QWHU GLHVHU3HUVSHNWLYHEHWUDFKWHWODVWHWDXIGHQ(LQ]HOQHQDXFKHLQHQRUPHUSV\FKL VFKHU'UXFNGHQGLH/HLVWXQJVXQG/HUQJHVHOOVFKDIWVWHWLJDXVEW 'LH 7DWVDFKH GDVV KHXWH ZLUWVFKDIWVSROLWLVFKH ,QWHUHVVHQ LP 9RUGHUJUXQG VWHKHQZHQQEHU/HEHQVODQJHV/HUQHQGLVNXWLHUWZLUGEHGHXWHWDXFKGDVVGHU (UZDFKVHQHQELOGXQJGLH$XIJDEH]XNRPPWE]ZYRQLKUYHUODQJWZLUG%LOGXQJ PLW %OLFN DXI LKUH 9HUZHUWEDUNHLW DP $UEHLWVPDUNW YRUDQ]XWUHLEHQ ± GLHV ZLUG YRQGHU(XURSlLVFKHQ.RPPLVVLRQGHXWOLFK]XP$XVGUXFNJHEUDFKW Ä'LH6\VWHPHGHUIRUPHOOHQDOOJHPHLQHQXQGEHUXIOLFKHQ%LOGXQJGHU0LWJOLHG VWDDWHQ« VROOWHQVLFKHUVWHOOHQGDVVMHGHUHLQ]HOQHHLQIHVW]XOHJHQGHV4XDOLILNDWL RQVQLYHDX HUZLUEW XQG DXI GHP QHXHVWHQ 6WDQG KlOW³ (XURSlLVFKH .RPPLVVLRQ 6
'LHVVLQGJURH$QIRUGHUXQJHQDQGLHVHQ%LOGXQJVVHNWRUXQGHVZLUGHUVLFKWOLFK GDVV%LOGXQJYRQGLHVHU 6HLWHLQHUVWHU /LQLH XQG KDXSWVlFKOLFKDXV 6LFKWHLQHV .RVWHQ1XW]HQ)DNWRUV YHUVWDQGHQ ZLUG $EHU *HKW HV QLFKW XP GHQ /HEHQV GHQ%LOGXQJVXQG6HOEVWHQWZXUIHLQHU3HUVRQXPGLHIUHLH(QWVFKHLGXQJVP|J OLFKNHLWGHU*HVWDOWXQJHLQHUHLJHQHQ%LOGXQJVELRJUDILH" 0HLQHU $QVLFKW QDFK EHGHXWHW /HEHQVODQJHV /HUQHQ GDV $XIQHKPHQ (U VFKOLHHQ'HXWHQXQG(LQRUGQHQYRQ,QIRUPDWLRQHQ(LQGUFNHQXQG(UIDKUXQ JHQZlKUHQGGHUJDQ]HQ/HEHQV]HLWXQGLFKHUDFKWHHV±JHUDGHLP=XVDPPHQ KDQJPLWGHU'LVNXVVLRQXPGLH(UK|KXQJGHU%UDXFKEDUNHLWGHV+XPDQNDSLWDOV GXUFK %LOGXQJ ± DOV REHUVWH 3UlPLVVH GHU %LOGXQJVZLVVHQVFKDIWHQ GLHVHU (QW ZLFNOXQJ NULWLVFK JHJHQEHU]XVWHKHQ 'LH |NRQRPLVFKH %HWUDFKWXQJ LP 6LQQH GHU )UDJH QDFK HLQHU HXURSlLVFKHQ 6WlUNXQJ GHU :HWWEHZHUEVIlKLJNHLW GUlQJW YRU DOOHP HLQ HPDQ]LSDWRULVFKHV DXINOlUHULVFKHV %LOGXQJV]LHO LQ GHQ +LQWHU JUXQG'HU%UDXFKEDUNHLWXQG9HUZHUWEDUNHLWYRQVRJHQDQQWHQ+XPDQUHVVRXU FHQDP$UEHLWVPDUNWZLUGGLH%LOGXQJ]XU(PDQ]LSDWLRQXQG0QGLJNHLWEHLJH VWHOOW
.RQNUHWLVLHUXQJHQLP%LOGXQJVV\VWHP
Ä1RWZHQGLJLVWQLFKWHLQH]XU4XDOLILNDWLRQYHUVWPPHOWH%LOGXQJGLHHLQVHLWLJ DQ GHQ (UIRUGHUQLVVHQ GHV $UEHLWVPDUNWHV RULHQWLHUW LVW VRQGHUQ HLQH VROFKH GLH 0HQVFKHQ LQ GLH /DJH YHUVHW]W JHVHOOVFKDIWOLFKH 3UR]HVVH GXUFKVFKDXHQ XQG LP 6LQQHLKUHU,QWHUHVVHQYHUlQGHUQ]XN|QQHQ'HQQ%LOGXQJNDQQ]ZDUQLFKWOHLVWHQ ZDV 3ROLWLN YHUVDJW DEHU VLH KDW GLH $XIJDEH %HGLQJXQJ GHU 0|JOLFKNHLW IU EH ZXVVWHVSROLWLVFKHV+DQGHOQYRQ0HQVFKHQ]XVHLQ³5LEROLWV6
6FKOXVVIROJHUXQJHQ *HVHOOVFKDIWOLFKH 9HUlQGHUXQJVSUR]HVVH ZLUNHQ VLFK DXI XQWHUVFKLHGOLFKH $UW XQG:HLVHDXIGLHOHEHQVZHOWOLFKHQ(UIDKUXQJVUlXPHGHU0HQVFKHQDXV'LHLQ GLHVHP.DSLWHOEHVFKULHEHQHQ0DUNLHUXQJHQGHVJHVHOOVFKDIWOLFKHQ:DQGHOVZLH GLH |NRQRPLVFKHQ SROLWLVFKHQ XQG VR]LDOHQ 8PEUFKH GLH ZLU JHJHQZlUWLJ HUOHEHQVWHOOHQGDV%LOGXQJVV\VWHPGHU*HVHOOVFKDIWLQVJHVDPWYRUQHXH+HUDXV IRUGHUXQJHQ =XP HLQHQ VLQG JXW DXVJHELOGHWH 0HQVFKHQ GLH HLJHQWOLFKH 5HV VRXUFHHLQHU*HVHOOVFKDIWLQ+LQEOLFNDXIGLH/|VXQJYRQ/HEHQVXQG:HOWSURE OHPHQXQGGHUGDPLWLQ=XVDPPHQKDQJVWHKHQGHQ*HVDPWHQWZLFNOXQJXQG]XP DQGHUHQWUlJWGLH4XDOLWlWYRQ%LOGXQJVV\VWHPHQ]XU9HUEHVVHUXQJLQGLYLGXHOOHU =XNXQIWVSHUVSHNWLYHQ XQG ]X HLQHU :HLWHUHQWZLFNOXQJ GHU *HVDPWJHVHOOVFKDIW EHL (LQH 6LFKWZHLVH GLH GLH $XIJDEH GHU %LOGXQJ QXU LQ GHU 4XDOLIL]LHUXQJ ± DOV LQVWUXPHQWHOOH $QSDVVXQJ DQ GHQ $UEHLWVPDUNW ± YHUVWHKW ZLUG GHQ JHVHOO VFKDIWOLFKHQ$QIRUGHUXQJHQHEHQVRZHQLJJHUHFKWZHUGHQZLHHLQH6LFKWGLH]X VHKUDXILQGLYLGXDOLVLHUWH%LOGXQJVYHUDQWZRUWXQJVHW]W 'HQQ*HVHOOVFKDIWLVWLQ LKUHU GHPRNUDWLVFKHQ 9HUIDVVWKHLW LP 6SDQQXQJVIHOG YRQ ,QGLYLGXXP XQG JH VDPWJHVHOOVFKDIWOLFKHQ +HUDXVIRUGHUXQJHQ ]X VHKHQ XP GHP GHPRNUDWLVFKHQ XQG KXPDQLVWLVFKHQ $QVSUXFK JHUHFKW ]X ZHUGHQ %LOGXQJ WUlJW GD]X EHL GLH 0HQVFKHQ LQ LKUHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ ]X XQWHUVWW]HQ XQG LKUH JHVHOO VFKDIWOLFKH7HLOKDEH]XI|UGHUQ7URW]GHPVLQGHVYRUDOOHP ZLUWVFKDIWOLFKH$V SHNWH GLH DQ %LOGXQJVLQVWLWXWLRQHQ KHUDQJHWUDJHQ ZHUGHQ QlPOLFK HLQ *UXQG ZLVVHQ]XYHUPLWWHOQDXIGDVGLH,QGLYLGXHQLQ=XNXQIWLKU:LVVHQDXIEDXHQXQG GDV VLH DQZHQGHQ 'LHVHV *UXQGZLVVHQ VWHOOW GLH %DVLV GDU DXI GHU ,QGLYLGXHQ VLFKLQZHLWHUHU)ROJHVHOEVWZHLWHUELOGHQN|QQHQ $QJHVLFKWV ZHLWUHLFKHQGHU 9HUlQGHUXQJHQ ULFKWHQ %LOGXQJVLQVWLWXWLRQHQ XQG GLH (UZDFKVHQHQELOGXQJVIRUVFKXQJ LKUHQ %OLFN ]XQHKPHQG DXI GDV ,QGLYL GXXP'LH0HQVFKHQKHXWHLQYHVWLHUHQYLHO/HEHQV]HLWLQLKUH$XVXQG:HLWHU ELOGXQJHQ±XQGGHU
*HVHOOVFKDIWOLFKHU:DQGHOXQGVHLQH0DUNLHUXQJHQ Ķ$XIHQWKDOW LP %LOGXQJVVHNWRU¶ ZUGH VLFK GXUFK HLQH « 5FNELQGXQJ GHV /HUQHQV DQ HLQH JHVWDOWEDUH /HEHQVZHOW DXV GHQ UHLQHQ $QSDVVXQJVDQIRUGHUXQJHQ GHV IOH[LEOHQ :LUWVFKDIWVOHEHQV ZLHGHU PHKU DXI MHQH =XVDPPHQKlQJH NRQ]HQWULH UHQGLHMHQVHLWVGHVVFKQHOOHQDQJHSDVVWHQ*DQJHVGHV|NRQRPLVFKHQ*HZLQQVOLH JHQ³(JJHU6
(LQ 0HKU DQ 0HQVFKHQELOGXQJ DQ 3HUV|QOLFKNHLWVELOGXQJ XP GDV ,QGLYLGXXP PLWVHLQHQVR]LDOHQ%H]JHQZLHGHULQGHQ0LWWHOSXQNW]XVWHOOHQEHGHXWHWVLFK UHIOHNWLHUHQGDXIGLHYHUlQGHUWHQ/HEHQVZHOWHQ]XEH]LHKHQXQGDXFKGLHLQVWLWX WLRQHOOHQ/HUQZHOWHQXP]XJHVWDOWHQ(VJHKWGDUXP ÄLQGLYLGXHOOHXQGVR]LDOH(QWZLFNOXQJKHXWHHKHUDOV5HIOH[LRQXQG7UDQVIRUPD WLRQ YRQ /HEHQVEHGLQJXQJHQ ]X YHUVWHKHQ XQG QLFKW PHKU QXU DOV :DFKVWXP XQG =XZDFKVYRQ6DFKXQG+XPDQNDSLWDO³(JJHU6
/HUQHQZLUGLQGLHVHP=XVDPPHQKDQJ]XHLQHU6FKOVVHONDWHJRULHÄGLHVLFKLP KHJHPRQLDOHQ 6HOEVWYHUVWlQGQLV EHU Ã:DQGHO¶ EHVWLPPW :R VLFK DOOHV G\QD PLVFK UDSLGH XQG SHUPDQHQW YHUlQGHUQ VROO LVW /HUQHQ DQJHVDJW³ )DXO VWLFK*URWOVFKHQ6 0LW %OLFN DXI GLH 0DUNLHUXQJHQ GHV JHVHOOVFKDIWOLFKHQ :DQGHOV VWHOOW VLFK QXQ GLH )UDJH PLW ZHOFKHU /HUQNXOWXU GLHVHQ ]X EHJHJQHQ LVW *HJHQZlUWLJ LVW ]XHUNHQQHQGDVVVLFKHLQHQHXH/HUQNXOWXUHWDEOLHUWGLHYHUVXFKWDXVGHUEOR HQ 9HUIJEDUNHLW YRQ ,QIRUPDWLRQ ]X LQVWUXPHQWHOOHP YHUVWHKHQGHP 8PJDQJ PLW :LVVHQ ]X JHODQJHQ 'LHVH /HUQNXOWXU GLH PLW GHQ %HJULIIHQ 6HOEVWVWHXH UXQJ UHIOH[LYHV VHOEVWRUJDQLVLHUWHV DQZHQGXQJVRULHQWLHUWHV SUREOHPRULHQWLHU WHVYHUVWHKHQGHVIRUVFKHQGHV/HUQHQVNL]]LHUWZLUGVWHKWLP=HQWUXPGHVQDFK IROJHQGHQ.DSLWHOV
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH 6WDQGRUWEHVWLPPXQJ 'DV+DXSWDQOLHJHQLQGLHVHP.DSLWHOLVWGLH6NL]]LHUXQJGHVPHKUGHXWLJHQXQG SHUVSHNWLYLVFKHQ'LVNXUVHVXPGHQ%HJULIIGHU/HUQNXOWXUIUGLH(UZDFKVHQHQ ELOGXQJ *HQDXHU JHVDJW JHKW HV GDUXP KHUDXV]XILQGHQ ZLH GHU KHWHURJHQH 3KlQRPHQEHUHLFK /HUQNXOWXU EHUKDXSW HUIDVVW ZHUGHQ NDQQ :HQQ LQ ZHLWHUHU )ROJH GHU (QWZXUI HLQHV 0RGHOOV HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU GDUDQ DQVFKOLHHQVROOPXVV]XGHPDXIGLHLQWHQGLHUWH=LHOSHUVSHNWLYH]%:LVVHQV DQHLJQXQJ 4XDOLILNDWLRQVHUZHUE .RPSHWHQ]HUZHLWHUXQJ HLQJHJDQJHQ ZHUGHQ %HUHLWVGLHHUVWH,QWHQWLRQYHUZHLVWGDUDXIGDVV ZLUHV LQGLHVHP)HOG PLWVHKU XQWHUVFKLHGOLFKHQ 3RVLWLRQHQ 0RGHOOHQ XQG 9HUNQSIXQJHQ ]% 2UJDQLVDWL RQVNXOWXU $UEHLWVNXOWXU 8QWHUULFKWVNXOWXU /HUQNXOWXU JHQHUHOO ]X WXQ KDEHQ GLHDXFKPLW/HUQHQLQ=XVDPPHQKDQJVWHKHQ'DUDXVHUJLEWVLFKHLQH6FKZLH ULJNHLWLQGHU'HVNULSWLRQGHV]XHUIDVVHQGHQ3KlQRPHQEHUHLFKHVGDVVQlPOLFK HLQHHLQGHXWLJHV\VWHPDWLVFKH'DUVWHOOXQJGRUWVFKHLWHUWZRGHXWOLFKZLUGGDVV VLFK GLH GLYHUVHQ 7\SHQ YRQ /HUQNXOWXU XQWHUVFKHLGHQ $EKlQJLJ YRP KLVWRUL VFKHQ (QWVWHKXQJVNRQWH[W 5HIRUPSlGDJRJLN YRQ GHU )RNXVVLHUXQJ DXI GLH MHZHLOLJH,QVWLWXWLRQRGHU2UJDQLVDWLRQ(UZDFKVHQHQELOGXQJ YRQGHQLQKDOWOL FKHQ =LHOYRUJDEHQ /HUQHQ 6HOEVWVWHXHUXQJ RGHU DEHU DXFK YRQ GHQ GLGDNWL VFKHQ ,PSOLNDWLRQHQ ]% *HVWDOWXQJ YRQ 6HOEVWOHUQDUFKLWHNWXUHQ E]Z JHVHOO VFKDIWVWKHRUHWLVFKHQ 2ULHQWLHUXQJHQ SRVWPRGHUQH /HUQNXOWXU HUJHEHQ VLFK KHWHURJHQH $QVDW]SXQNWH IU GLH 6NL]]LHUXQJ HLQHU /HUQNXOWXU )ROJW PDQ QXQ GLHVHQ %HGLQJXQJHQ GDQQ VFKHLQW HV IU GLH ZHLWHUH 9RUJHKHQVZHLVH VLQQYROO ]XQlFKVWGLH8QVFKlUIHQGHV%HJULIIHVHWZDVGLIIHUHQ]LHUWHU]XEHOHXFKWHQGDU DXI DXIEDXHQG DXI GHQ /HUQNXOWXUZDQGHO HLQ]XJHKHQ XP LQ ZHLWHUHU )ROJH GLH )XQNWLRQHQXQG=LHOHHLQHU/HUQNXOWXU]XVNL]]LHUHQ $XVGLHVHQhEHUOHJXQJHQZHUGHQ$QVDW]SXQNWHIUGLH1HXRULHQWLHUXQJLQ HLQHP 0RGHOOHQWZXUI HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU JHQHULHUW GLH DOV JUXQGOHJHQGH(OHPHQWHIUGLHhEHUOHJXQJHQHLQHUDXIGLH,QGLYLGXHQNRQ]HQW ULHUWHQ %LOGXQJVDUEHLW GLHQHQ XQG JOHLFK]HLWLJ /HUQHQ DOV LQGLYLGXHOOH (UZHLWH UXQJ]XJHVHOOVFKDIWOLFKHU7HLOKDEHIDVVHQ'HU%HJULII/HUQNXOWXUEHLQKDOWHWLP SlGDJRJLVFKHQ 'LVNXUV ± GLHV VHL YRUZHJJHQRPPHQ GHXWOLFK JHPDFKW ± HLQ *HZLUU DQ Ä9HUKDOWHQVNRQILJXUDWLRQHQ 6\PEROHQ ,GHHQ XQG :HUWHQ³
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
YJO$UQROG6FKOHU6II GDVVLFKLP=XVDPPHQDUEHLWHQGHU%HWHL OLJWHQ LQ HLQHU %LOGXQJVLQVWLWXWLRQ RGHU 2UJDQLVDWLRQ LQVJHVDPW LGHQWLIL]LHUHQ OlVVW 'DPLW VLQG VlPWOLFKH .RQWH[WEH]JH GHV /HKUHQV XQG /HUQHQV JHPHLQW DOVR EHLVSLHOVZHLVH GLH MHZHLOLJHQ 8PJDQJVIRUPHQ XQG +DQGOXQJVZHLVHQ GLH 5ROOHGHU/HKUHQGHQGLH9HUVWlQGLJXQJEHU%LOGXQJV]LHOHXQG9HUPLWWOXQJVLQ KDOWH GLH LQ GHQ NRQNUHWHQ /HKU XQG /HUQSUR]HVVHQ YHUPLWWHOWHQ 6DFKWKHPHQ GLHGD]XJHK|ULJHQ]XHUZHUEHQGHQ.RPSHWHQ]HQXQG4XDOLILNDWLRQHQGLHGDEHL HLQJHVHW]WHQ GLGDNWLVFKHQ $UUDQJHPHQWV XQG 0HWKRGHQ VRZLH GLH LQVJHVDPW LQ GHU %LOGXQJVDUEHLW EHUHLWJHVWHOOWHQ (UIDKUXQJV (UZHLWHUXQJV XQG 9HUlQGH UXQJVP|JOLFKNHLWHQ (LQH /HUQNXOWXU LVW DOVR ]XVDPPHQJHQRPPHQ ± DXI HLQHU HKHU DEVWUDNW IRUPXOLHUWHQ (EHQH ± HLQH NRQVWUXLHUWH 5DKPXQJ GLH VLFK GXUFK /HKU /HUQ VRZLH %LOGXQJV .RRSHUDWLRQV XQG .RPPXQLNDWLRQVSUR]HVVH DXV]HLFKQHW XQG GDV =LHO YHUIROJW GHQ %HWHLOLJWHQ VSH]LILVFKH (QWZLFNOXQJHQ XQG(QWIDOWXQJHQ]XHUP|JOLFKHQ*OHLFK]HLWLJVWHOOWHLQH/HUQNXOWXUDXFK 5DK PHQEHGLQJXQJHQ ]XU 9HUIJXQJ GLH GHQ %HWHLOLJWHQ VR]LDO NRQVWUXLHUWH %LO GXQJVDUUDQJHPHQWVELHWHQYJO6FKOHU7KXUQHV6 8P ZHOFKH $UW YRQ/HKUXQG/HUQDUUDQJHPHQWVHVVLFKOHW]WOLFKKDQGHOWKlQJWYRQGHQLQVWLWX WLRQHOOHQ .RQWH[WHQ DE YRQ GHQ OHUQWKHRUHWLVFKHQ *UXQGDQQDKPHQ EHU GDV /HUQHQ YRQ (UZDFKVHQHQ YRP 9HUVWlQGQLV GHV =XVDPPHQKDQJHV YRQ /HKUHQ XQG /HUQHQ YRP $XVPD GHU 6HOEVWVWHXHUXQJ XQG 6HOEVWEHVWLPPXQJ HEHQVR ZLHYRQGHU2ULHQWLHUXQJDXIEHVWLPPWH=LHOSHUVSHNWLYHQXYDP /HUQNXOWXULQHLQHUVLFKYHUlQGHUQGHQ*HVHOOVFKDIW Ä/HUQNXOWXUJLEWHVVHLWHV.XOWXUJLEWVLHRULHQWLHUWVLFKDQGLHVHUXQGIROJWLKU± .XOWXULVWLPPHUDXFK/HUQNXOWXU³.OHEHU6WHLQ6
'D GDV PHQVFKOLFKH /HEHQ VWHWV /HUQHQ LPSOL]LHUW GK /HUQHQ HLQ QDWUOLFKHU %HVWDQGWHLO PHQVFKOLFKHQ /HEHQV GDUVWHOOW LVW Ä/HUQNXOWXU « LQVRIHUQ QDWU OLFKYRUILQGEDU³0H\HU6 *OHLFK]HLWLJZLUG/HKUHQXQG/HUQHQDXFK PLWGHP%HJULII.XOWXULQ=XVDPPHQKDQJJHEUDFKWZRPLWDXIGLHXUVSUQJOLFKH %HGHXWXQJGHVODWHLQLVFKHQ:RUWHV±ÄFXOWXUDLVWGLH3IOHJH=XFKW%HDUEHLWXQJ GHVVHQZDVRKQH3IOHJHQLFKWVEULQJHQZUGH³0H\HU6 ±YHUZLHVHQ ZLUG 'DPLW VLQG ZLU EHLP %HJULII GHU .XOWXU DXI HLQHU REHUIOlFKOLFKHQ (EHQH Ä.XOWXULVWNQVWOLFK³0H\HU6 .XOWXULVWNRQVWUXLHUWKHUJHVWHOOWJH VFKDIIHQ XQG PHLQW GLH YRQ GHQ 0HQVFKHQ VHOEVW DXVJHVWDOWHWH :HOW
/HUQNXOWXULQHLQHUVLFKYHUlQGHUQGHQ*HVHOOVFKDIW
ÄDOOHQDFKHLQHPNROOHNWLYHQ6LQQ]XVDPPHQKDQJJHVWDOWHWHQ3URGXNWH3URGXNWLRQV IRUPHQ /HEHQVVWLOH 9HUKDOWHQVZHLVHQ XQG /HLWYRUVWHOOXQJHQ HLQHU *HVHOOVFKDIW³ $UQROG6FKOHU6
'HU0HQVFKEHJHJQHWGHU:HOWQLFKWXQPLWWHOEDUVRQGHUQPLWWHOVV\PEROLVFKHU )RUPHQ 1DFKGHP V\PEROLVFKH )RUPHQ ]ZDU MHGH LQ VLFK HLQH HLJHQH /RJLN HLJHQH0|JOLFKNHLWHQXQG*UHQ]HQKDEHQNDQQGDV6\PEROLVFKHGDV*DQ]H]XP *HJHQVWDQG KDEHQ YJO )XFKV 6 'LHVH Ä6\PEROLVLHUXQJVIRUPHQ³ HLQHU PHQVFKOLFKHQ *HVHOOVFKDIW XQG LKUH /HEHQVlXHUXQJHQ EH]LHKHQ VLFK VHOEVWYHUVWlQGOLFKDXFKDXI%LOGXQJXQGVLQGJHSUlJWGXUFKHQWVSUHFKHQGH:HUWH XQG $QVLFKWHQ GLH GXUFK 7UDGLWLRQHQ XQG 8PJDQJVIRUPHQ DXIUHFKWHUKDOWHQ ZHUGHQ YJO $UQROG6FKOHU 6 ,Q GLHVHU *HVWDOWXQJ ZHUGHQ PRUDOL VFKHXQGHWKLVFKH1RUPHQXQG5HJHOQHEHQVRYHUPLWWHOWXQGEHVWLPPWZLHDQHU NDQQWH XQG DN]HSWLHUWH ,QKDOWH /HEHQV XQG 8PJDQJVIRUPHQ $OOHUGLQJV EOHLEW GLH2ULHQWLHUXQJVIXQNWLRQ ÄQXUVRODQJHHUKDOWHQVRODQJHGLHGHUEHUOLHIHUWHQ/HUQNXOWXU]XJUXQGHOLHJHQ GHQ1RUPHQ:HUWHXQG'HXWXQJVPXVWHUYRQGHQ/HKUHQGHQXQG/HUQHQGHQJHWHLOW ZHUGHQ³$UQROG6FKOHU6
1HEHQ GHQ H[SOL]LWHQ $VSHNWHQ GHVVHQ ZDV LQ HLQHU .XOWXU DOV DN]HSWLHUW XQG ZLFKWLJ DQHUNDQQW ZLUG ± GLHV ILQGHW VLFK GDQQ KlXILJ LQ *HVHW]HQ ZLHGHU ± LVW MHGRFKDXFKGLHLPSOL]LWH6HLWHYRQ.XOWXUZHVHQWOLFKGHQQ Ä(UVW ZHQQNXOWXUHOOH+DQGOXQJVPD[LPHQYRQGHQ0LWJOLHGHUQHLQHU.XOWXUVR ZRKOYHUVWDQGHQXQGDN]HSWLHUWDOVDXFKLQWHUQDOLVLHUWZXUGHQVWHOOHQVLHHLQVLFKHUHV )XQGDPHQW GHU .XOWXU GDU .XOWXU EH]HLFKQHW HLQHQ MH EHVWLPPWHQ 6DW] YRQ :HUW YRUVWHOOXQJHQVRZLH9RUOLHEHQIUEHVWLPPWH:LUWVFKDIWVXQG/HEHQVZHLVHQGDPLW DXFK HLQ 9RUKHUUVFKHQ EHVWLPPWHU (UZDUWXQJHQ EHU GLH HV HLQHQ JHZLVVHQ .RQ VHQVJLEWRGHUGLHMHGHQIDOOVKlXILJDXIWUHWHQXQGVLFKEHUOlQJHUH=HLWKLQZHJLQ HLQHUEHVWLPPWHQ)RUPHQWZLFNHOWKDEHQ³.OHEHU6WHLQ6
hEHUWUlJWPDQQXQGLHVH*HGDQNHQDXIGLH(QWVWHKXQJHLQHU.XOWXULQ%LOGXQJV V\VWHPHQVRVWHKWKLQWHUGHP%HJULII/HUQNXOWXUHEHQIDOOVHLQ.XOWXUYHUVWlQGQLV GDVVLFKHEHQDXFKDQGHU$OOWDJVNXOWXUHLQHU*HVHOOVFKDIWRULHQWLHUW Ä>'@DV $OOWDJVNXOWXUHOOH >EHVFKUHLEW@ GLH :HOW GHU GXUFK 5RXWLQHQ JHZDFKVHQHQ 3ODXVLELOLWlWHQ *HZRKQKHLWHQ XQG *HZLVVKHLWHQ « (V XPIDVVW DEHU DXFK GLH
'LHVLVWKHXWHMHGRFKLQHLQHUVLFKVWHWVUDVFKYHUlQGHUQGHQ*HVHOOVFKDIWKlXILJQLFKWPHKUGHU)DOO 'LHJHVHOOVFKDIWOLFKHQ9HUlQGHUXQJHQEHHLQIOXVVHQDXFKGLH/HUQDQIRUGHUXQJHQZHVKDOEVLFKÄ6XE NXOWXUHQE]ZDOWHUQDWLYH.XOWXUHQ³$UQROG6FKOHU6 ]XQHKPHQGHQWZLFNHOQ
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ JUXQGOHJHQGHQ QRUPDWLYHQ 2ULHQWLHUXQJHQ 5ROOHQPXVWHU XQG 9HUKDOWHQVZHLVHQ LQ GLHPDQKLQHLQJHZDFKVHQE]ZÃHQNXOWXULHUW¶ZRUGHQLVW« XQG>GLH@HLQHIUDJORVH 2ULHQWLHUXQJ ÃLQ GHQ 1HW]HQ GHU /HEHQVZHOW¶ *HHUW] VRZLH LP JHVHOOVFKDIWOLFKHQ 8PIHOGHUP|JOLFKHQ³$UQROG6
9HUVXFKW PDQ QXQ GLHVH hEHUOHJXQJHQ ]XU $OOWDJVNXOWXU DXI GLH ,QVWLWXWLRQ GHU (UZDFKVHQHQELOGXQJ ]X EHUVHW]HQ GDQQ OlVVW VLFK HLQH /HKU XQG /HUQNXOWXU XQWHU DQGHUHP GXUFK GLH %HVFKUHLEXQJ GHU KLVWRULVFKHQ 9HUlQGHUXQJVSUR]HVVH IDVVHQ /HUQNXOWXUZDQGHO 0LW GHQ EHUHLWV DXVIKUOLFK EHVFKULHEHQHQ 9HUlQGHUXQJHQ XQG :DQGOXQJVSUR ]HVVHQLQGHU*HVHOOVFKDIWOlVVWVLFKDXFKHLQ:DQGHOLQGHU/HUQNXOWXUHQWZLFN OXQJHUIDVVHQ2GHUDQGHUVJHVDJW'LHPRGHUQH,QGXVWULHJHVHOOVFKDIWKDWVLFK]XU .DSLWDOLVPXVJHVHOOVFKDIW ,QIRUPDWLRQVJHVHOOVFKDIW XQG :LVVHQVJHVHOOVFKDIW HQWZLFNHOWXQGGLH.XOWXUGHU%LOGXQJVWHKWLQHQJHP.RQQH[LQMHQHU$UWXQG :HLVH GD]X GDVV HLQH WUDGLWLRQHOOH /HUQNXOWXU DEJHO|VW XQG HUJlQ]W ZLUG GXUFK $QIRUGHUXQJHQDQHLQHVRJHQDQQWHQHXH/HUQNXOWXU6SULFKWPDQDXIGHUJHVHOO VFKDIWOLFKHQ(EHQHYRQ,QGLYLGXDOLVLHUXQJVROlVVWVLFKGHU=XVDPPHQKDQJDXI GHU /HUQNXOWXUHEHQH PLW GHP %HJULII GHU 6HOEVWWlWLJNHLW XQG 6HOEVWEHVWLPPXQJ HUNHQQHQVSULFKWPDQYRQ3OXUDOLVLHUXQJXQGYHUlQGHUWHQ4XDOLILNDWLRQVDQIRUGH UXQJHQVRVWHKHQYLHOIl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lJW LVW GLH 'XUFKVLFKW GHU /LWHUDWXU ]HLJW]XGHPGDVVLQGHQOHW]WHQGUHL-DKU]HKQWHQHLQHYHUVWlUNWH$NWLYLHUXQJXQG DXFK 9HUlQGHUXQJHQ GHV 'LVNXUVHV ]X YHU]HLFKQHQ VLQG (UJlQ]W ZLUG GLHVHU 'LVNXUV GXUFK SHUPDQHQWH )RUGHUXQJHQ QDFK HLQHU XQDEGLQJEDUHQ 1RWZHQGLJ NHLWGHU9HUlQGHUXQJLQGHU/HUQNXOWXUZHLOVLFKGLHÄ*HVDPWKHLWGHUPHQVFKOL
9JO$UQROG6FKOHU 9JO3lW]ROG/DQJ 9JO6LHEHUW 9JO)DXOVWLFK/XGZLJ 9JO(USHQEHFN6DXHU
/HUQNXOWXULQHLQHUVLFKYHUlQGHUQGHQ*HVHOOVFKDIW
FKHQ /HEHQVZHLVHGLH ZLUDOV.XOWXUEH]HLFKQHQ N|QQHQ YHUVFKLHEWXQGGDPLW DXFKYHUlQGHUWH%HGLQJXQJHQIU/HUQHQHQWVWHKHQ³)DXOVWLFK6 *HUDGH ,QVWLWXWLRQHQ LP ZHLWHQ )HOG GHU (UZDFKVHQHQELOGXQJ ZHUGHQ YRQ XQWHUVFKLHGOLFKVWHQ 9HUDQWZRUWXQJVWUlJHUQ DXIJHIRUGHUW GLH 0HQVFKHQ KHXWH SURIHVVLRQHOO]XXQWHUVWW]HQGDPLWVLHQLFKWLQGHU)OOHGHU/HEHQVDQIRUGHUXQ JHQ XQWHUJHKHQ VRQGHUQ PLW DOOHP 1RWZHQGLJHQ DXVJHVWDWWHW ZHUGHQ XP GHQ JHVHOOVFKDIWOLFKHQ +HUDXVIRUGHUXQJHQ LP /HEHQ XQG LQ GHU $UEHLW DQJHPHVVHQ EHJHJQHQ]XN|QQHQ(VJHKWDEHU±ZLHEHUHLWVGHXWOLFKJHPDFKW± ÄQLFKWPHKULQHUVWHU/LQLHGDUXPGDVHLQ]HOQH,QGLYLGXXPYRUEHUHLWHQGDQGLH :DQGOXQJVSUR]HVVH DQ]XSDVVHQ HV PX YLHOPHKU LPPHU VWlUNHU GDUXP JHKHQ GLH TXDOLILNDWRULVFKHQ 9RUDXVVHW]XQJHQ IU HLQH :DQGOXQJVIlKLJNHLW GHU 6XEMHNWH ]X HQWZLFNHOQXQG]XI|UGHUQ³$UQROG6FKOHU6
(LQH /HUQNXOWXU VWHKW JHUDGH LQ GHU (UZDFKVHQHQELOGXQJ LQ HLQHU GRSSHOWHQ %H]XJQDKPH IU GLH .ULWHULHQ GLH DQ HLQH $XVELOGXQJ XQG :HLWHUELOGXQJ RGHU DXFK )RUWELOGXQJ JHVHW]W ZHUGHQ 6LH KDW HQWVSUHFKHQG GHU JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQJHQ%H]XJDXIGLHVH]XQHKPHQXQGJOHLFK]HLWLJÄPVVHQGLHEHUOLH IHUWHQ 0RGHOOH HLQHU YRUDXVHLOHQGHQ DXI GLH =XNXQIW EH]RJHQHQVHOHNWLHUHQGHQ %LOGXQJ XQG 4XDOLILNDWLRQ ]XQHKPHQG DXIJHJHEHQ ZHUGHQ³ $UQROG6FKOHU 6 'DVEHGHXWHWIUGLH4XDOLWlWLQGHU(WDEOLHUXQJHLQHU /HUQNXOWXU ]XZLVVHQGDVVVLHVLFKXDLQGLHVHP6SDQQXQJVYHUKlOWQLVEHILQGHWXQGJOHLFK ]HLWLJ DXI HLQH XQEHNDQQWH =XNXQIW KLQ DXVJHULFKWHW LVW 0LW %OLFN DXI GLH EH VFKULHEHQH UHIOH[LYH 0RGHUQLVLHUXQJ ZHUGHQ DXFK GLH /HUQLQKDOWH XQG /HUQIRU PHQVHOEVWUHIOH[LYYJO$UQROG6FKOHU69,,,I =XGHPNRPPWHVLQ HLQHUZHLWHUHQGLIIHUHQ]LHUWHQ3HUVSHNWLYHDXFKGDUDXIDQZLHGLHÄELOGXQJVSROL WLVFKH7KHPDWLVLHUXQJHLQHUÃ1HXHQ/HUQNXOWXU¶]XPHLQHQPLWGHP%HJULIIVHQ VHPEOH OHEHQVODQJHV VHOEVWJHVWHXHUWHV /HUQHQ YHUNQSIW³ )DXO VWLFK)RUQHFN.QROO6 LVW=XPDQGHUHQVWHOOWVLFKGLH)UDJHQDFKGHU 3URIHVVLRQDOLWlWDXFKLQ%H]XJ]XU4XDOLILNDWLRQGHU/HKUHQGHQ+LHUEHLJHKWHV XPHLQHEHGDUIVXQG]LHORULHQWLHUWH$QJHERWVYHUPLWWOXQJLQHLQHPHQWVSUHFKHQ GHQGLGDNWLVFKPHWKRGLVFKHQ/HKUDUUDQJHPHQW %LOGXQJVLQVWLWXWLRQHQ VLQG VSH]LHOO HLQJHULFKWHWH 2UWH GHV /HUQHQV GLH GHQ ,QGLYLGXHQ2ULHQWLHUXQJVP|JOLFKNHLWHQELHWHQXQGVLHXQWHUVWW]HQ ÄLKU/HEHQ]XRUGQHQ=XVDPPHQKlQJH]XYHUVWHKHQGLH%UXFKVWFNH]XYHUELQ GHQHLJHQH6WDQGSXQNWH]XHQWZLFNHOQXQGDUJXPHQWDWLY]XYHUWUHWHQXQGYRPEOR HQ:LVVHQ]XZLUNOLFKHP9HUVWHKHQIRUW]XVFKUHLEHQ³'DOLQ6]LWQ$U QROG6FKOHU6
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
)U GHQ %HUHLFK GHU LQVWLWXWLRQDOLVLHUWHQ %LOGXQJ EHGHXWHW GLHV KHXWH VLFK EHL VSLHOVZHLVHHLQHU ÄOHEHQGLJHQ/HUQNXOWXU³]X]XZHQGHQLQ GHU0HQVFKHQXQWHU VWW]WZHUGHQ ÄVLFKLKUH:HOWVHOEVWlQGLJ]XHUVFKOLHHQGDVLH DXI DOOWlJOLFK XQGEHUXIOLFKH +DQGOXQJVSUREOHPHQLFKWUHVLJQDWLYUHDJLHUHQVRQGHUQVLHDOV(QWZLFNOXQJVDXIJDEH EHJUHLIHQXQGGHQ8PJDQJ PLW 8QVLFKHUKHLWHQVHOEVWEHZXVVWXQGLQJHVHOOVFKDIWOL FKHU9HUDQWZRUWXQJPDQDJHQN|QQHQ³$UQROG6FKOHU6
'LH DQ %LOGXQJ %HWHLOLJWHQ KDEHQ DOVR )lKLJNHLWHQ ]X HQWZLFNHOQ VLFK LPPHU ZLHGHUDXIQHXH+HUDXVIRUGHUXQJHQHLQ]XODVVHQXQGJOHLFK]HLWLJÄ« /|VXQJHQ IULPPHUZLHGHUQHXH3UREOHPNRQVWHOODWLRQHQ]XILQGHQ$XFKKLHUVFKHLQWPLU HLQSHUPDQHQWHV%HPKHQXPGDV+DOWHQ YRQ *OHLFKJHZLFKWHUIRUGHUOLFK ZHO FKHVLPPHUQXUNXU]IULVWLJHUUHLFKW>ZLUG@+HXWHZHUGHQZLUSHUPDQHQW]X:HL WHUELOGXQJDXIJHIRUGHUWGDVELOGXQJVSROLWLVFKH6WLFKZRUWKLHUIUODXWHWÃ/HEHQV ODQJHV/HUQHQ¶³7URWKD6 0LWGHP&UHGRGHV/HEHQVODQJHQ/HUQHQV YHUEXQGHQLVWGLH$XIIRUGHUXQJ:LVVHQSHUPDQHQW±OHEHQVODQJ±]XDNWXDOLVLH UHQ GLH HLJHQHQ .RPSHWHQ]HQ XQG HUZRUEHQHQ 4XDOLILNDWLRQHQ VWHWV DXI GHQ QHXHVWHQ6WDQG]XEULQJHQ(VVWHOOWVLFKMHGRFKGLH)UDJHZRGHUHPDQ]LSDWRUL VFKH ZLGHUVWlQGLJH &KDUDNWHU GHU %LOGXQJ EOHLEW %HVWHKW QLFKW YLHOOHLFKW GLH *HIDKU GDVV (UZDFKVHQHQELOGXQJ XQWHU GHP 'HFNPDQWHO GHV /HEHQVODQJHQ /HUQHQVGD]XYHUZHQGHWZLUGGLHDXVJHELOGHWHQ)HUWLJNHLWHQXQG.RPSHWHQ]HQ IU HLQ QHROLEHUDOHV :LUWVFKDIWVV\VWHP ]X JHEUDXFKHQ XQG VLFK GDPLW IDVW DXV VFKOLHOLFK DQ GHQ .ULWHULHQ GHV :DFKVWXPV GHU *HZLQQDXVULFKWXQJ XQG GHU (IIL]LHQ]VWHLJHUXQJ]XRULHQWLHUHQ" 0LWGHU)RUGHUXQJQDFK/HEHQVODQJHP/HUQHQEHNRPPWGLH:HLWHUELOGXQJ HLQHlXHUVW ZLFKWLJH 5ROOH'HQQ ZHU ZHQQ QLFKWSURIHVVLRQHOOLQGHU:HLWHU ELOGXQJ 7lWLJH VROOWHQ GDUEHU LP %LOGH VHLQ ZDV JHUDGH DQ DNWXHOOHQ XQG ]X NQIWLJHQ.RPSHWHQ]HQ)lKLJNHLWHQ4XDOLILNDWLRQHQYRQ6HLWHQGHU:LUWVFKDIW JHIRUGHUW LVW" $EHU DXFK :HLWHUELOGXQJ LVW VR]XVDJHQ HLQ ]ZHLVFKQHLGLJHV 6FKZHUW :lKUHQG GLH HLQHQ PLW GHP 9HUVXFK EHVFKlIWLJW VLQG GLH |NRQRPL VFKHQ9RUJDEHQ]XHUIOOHQLQGHPDXIGLH9HUZHUWEDUNHLWXQG(IIL]LHQ]GHV]X /HUQHQGHQ IRNXVVLHUW ZLUG VWHKHQ IU GLH DQGHUHQ GLH 6XEMHNWHLP 0LWWHOSXQNW GHU/HUQSUR]HVVHGLHLQHLQHU=HLWGHU8PEUFKHXQGGHV:DQGHOVJHVWlUNWZHU
'HILQLWLRQHQ ]XP %HJULII GHU .RPSHWHQ] VLQG LQ GHU ZLVVHQVFKDIWOLFKHQ /LWHUDWXU ]DKOUHLFK ]X ILQGHQ)UH\6 EHVFKUHLEWGHQ%HJULIIXPIDVVHQGIROJHQGHUPDHQÄ%HVLW]WHLQH3HUVRQ .RPSHWHQ] VR NDQQ VLH HWZDV LVW KDQGOXQJVIlKLJ XQG EHUQLPPW IU VLFK XQG DQGHUH 9HUDQWZRU WXQJ 6RPLW NDQQ PDQ .RPSHWHQ] DOV HLQ %QGHO YRQ N|USHUOLFKHQ XQG JHLVWLJHQ )lKLJNHLWHQ EH]HLFKQHQGLHMHPDQGEHQ|WLJWXPDQVWHKHQGH$XIJDEHQRGHU3UREOHPH]LHORULHQWLHUWXQGYHUDQW ZRUWXQJVYROO ]X O|VHQ GLH /|VXQJHQ ]XEHZHUWHQ XQG GDV HLJHQH 5HSHUWRLUH DQ +DQGOXQJVPXVWHUQ ZHLWHU]XHQWZLFNHOQ³)UH\6
/HUQNXOWXULQHLQHUVLFKYHUlQGHUQGHQ*HVHOOVFKDIW
GHQ VROOHQ 'LHVH YHUVWHKHQ %LOGXQJ GDQQ ZLH HWZD 0HXHOHU LQ HLQHP XPIDVVHQGHQ HPDQ]LSDWRULVFKHQ XQG QLFKW DXVVFKOLHOLFK TXDOLILNDWRULVFKHQ 6LQQ(LQHUVHLWVDOVRVROO:HLWHUELOGXQJGD]XEHIlKLJHQGHQ8PJDQJPLW,QIRU PDWLRQHQ]X YHUEHVVHUQ:LFKWLJHVYRQ8QZLFKWLJHP]XXQWHUVFKHLGHQVLHVROO )HUWLJNHLWHQ XQG %DVLVNRPSHWHQ]HQ YHUPLWWHOQ GLH DXFK HQWVSUHFKHQG UDVFK HLQVHW]EDUVLQG$QGHUHUVHLWVKDW:HLWHUELOGXQJGHQ$XIWUDJ ÄP|JOLFKVW DOOHQ (UZDFKVHQHQ XQVHUHU *HVHOOVFKDIW NRQWLQXLHUOLFKH 0|JOLFKNHL WHQ]XU(QWZLFNOXQJLKUHUNULWLVFKHQ8UWHLOVIlKLJNHLWXQGLKUHU3RWHQWLDOH]XUVHOEVW EHVWLPPWHQ/HEHQVIKUXQJ]XHU|IIQHQ³$UQROG/HUPHQ6
(UZDFKVHQHQELOGXQJVLQVWLWXWLRQHQ GLH LQ GLHVHP .RQWH[W DOV 7UlJHULQQHQ HLQHU /HUQNXOWXU ]X YHUVWHKHQ VLQG XQWHUOLHJHQ GHPJHPl HLQHP DXHURUGHQWOLFKHQ 'UXFN/HUQNXOWXULVWDOV7HLOHLQHU*HVDPWNXOWXUVWHWVÄNRQWH[WVLWXDWLRQVXQG ]HLWDEKlQJLJ³ +XIHU 6 'LH .RQWH[WDEKlQJLJNHLW ]HLJW VLFK LQ GHU 9HUIDVVWKHLW YRQ $UEHLWVNXOWXUHQ RGHU 8QWHUULFKWVNXOWXUHQ GLH6LWXDWLRQVDEKlQ JLJNHLW ]HLJW VLFK LQ JHlQGHUWHQ VLWXDWLYHQ %HGLQJXQJHQ ZLH EHLVSLHOVZHLVH )L QDQ]NULVHRGHUKRKH$UEHLWVORVLJNHLW'LH=HLWDEKlQJLJNHLWZLUGGHXWOLFKLQGHQ UDVDQWHQ (QWZLFNOXQJHQ EH]JOLFK GHU ,QIRUPDWLRQVPHGLHQ XQG DQGHUHU QHXHU 7HFKQRORJLHQ:DVKLHUQRFKKLQ]XNRPPWLVWGLH5DXPDEKlQJLJNHLW'DPLWLVW GHUEUHLWH6HNWRUGHU:HLWHUELOGXQJJHPHLQWLQGHP/HUQSUR]HVVHLQ6WXGLHQDQ JHERWHQ VLFK DXFK UlXPOLFK ± GXUFK HQWVSUHFKHQGH QHXH )RUPHQ ]% %OHQGHG /HDUQLQJ ±HQWJUHQ]HQ 'HU:DQGHO]HLJWVLFKDEHUJHUDGHDXFKLQGHUYHUZHQGHWHQ%HJULIIOLFKNHLW LQGHP]XP%HLVSLHOYRQQHXHUXQGDOWHU/HUQNXOWXURGHUYRQWUDGLWLRQHOOHUXQG LQQRYDWLYHU/HUQNXOWXUGLH5HGHLVWYJO.OHEHU6WHLQ6II 'DVVRJH QDQQWH1HXHZLUGQLFKWVHOWHQDOVJDUQLFKWPHKUVRQHXHQWODUYWLQGHPGLHUH IRUPSlGDJRJLVFKHQ :XU]HOQ HUNDQQW XQG GHU KLVWRULVFKH (QWVWHKXQJVSUR]HVV GDV 7UDGLWLRQHOOH DOV (QWVWHKXQJVJUXQGODJH IU QHXH $QVlW]H PLWUHIOHNWLHUW ZHUGHQ *HUDGH GLH 'LVNXVVLRQ XP GLH (WDEOLHUXQJ HLQHU QHXHQ /HUQNXOWXU LVW PLW JDQ]KHLWOLFKHQ /HUQNRQ]HSWHQ XQG KDQGOXQJVRULHQWLHUWHQ 8QWHUULFKWVPHWKR GHQ YHUEXQGHQ ZLH ]XP %HLVSLHO VHOEVWVWlQGLJHV /HUQHQ (LJHQDNWLYLWlW GHU /HUQHQGHQ HUIDKUXQJVRULHQWLHUWHV /HUQHQ YHUQHW]WHV /HUQHQ SUD[LVRULHQWLHUWHV /HUQHQ/HUQHQLQ3URMHNWHQ 'LHV YHUZHLVW DXI NRQNUHWH :HLWHUHQWZLFNOXQJHQ LQ GHU /HUQNXOWXUIRU VFKXQJZHOFKHXQWHUDQGHUHPGXUFKYHUlQGHUWH%H]LHKXQJVYHUKlOWQLVVHLP%LO GXQJVSUR]HVVJHNHQQ]HLFKQHWVLQG%LOGXQJVDUEHLWLVWLQGLHVHP9HUVWlQGQLVHLQ VR]LDOHV ,QWHUDNWLRQV XQG %H]LHKXQJVV\VWHP LQ GHP GLH /HKUHQGHQ QXQ QLFKW PHKUGLH9HUPLWWOHU,QQHQYRQ:LVVHQVLQGVRQGHUQLQLKUHU5ROOHYRQGHU%HOHK UXQJ KLQ ]XU %HJOHLWXQJ XQG 8QWHUVWW]XQJ ZHFKVHOQ $XI JOHLFKZHUWLJHU %DVLV
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
VFKDIIHQ/HKUHQGHGLHQRWZHQGLJHQ%HGLQJXQJHQIUGLH6HOEVWRUJDQLVDWLRQGHU /HUQHQGHQ ZRGXUFK 3UR]HVVH GHU VHOEVWWlWLJHQ XQG HLJHQYHUDQWZRUWOLFKHQ (U VFKOLHXQJ YRQ *HJHQVWlQGHQ LQ GHU :HOW P|JOLFK ZHUGHQ YJO 0LNXOD 'DPLWLVWGHU/HUQWUDQVIHUNHLQHLQVHLWLJHULP6LQQHGHU,QIRUPDWLRQVYHUPLWWOXQJ VRQGHUQYLHOPHKU ZLUGGHU ZHFKVHOVHLWLJH $XVWDXVFKYRQ YHUVWHKHQGHP:LVVHQ LP 6LQQH QDFKKDOWLJHU %LOGXQJ ]HQWUDO 'HU :DQGHO YROO]LHKW VLFK LQGHP LP /HKU/HUQ6HWWLQJ)UDJHQZLFKWLJHUZHUGHQDOV$QWZRUWHQ*OHLFK]HLWLJ ZHUGHQ GLH8QWHUVFKLHGHXQG'LIIHUHQ]HQDOOHU%HWHLOLJWHQ]XJHODVVHQXP ÄGLIIHUHQWH3HUVSHNWLYHQEHZXVVW]XPDFKHQXQGVLHPLWHLJHQHQ6WDQGSXQNWHQ]X YHUNQSIHQ ,Q GHU /HUQNXOWXU JHKW HV DXFK GDUXP WURW] 'LIIHUHQ]HQ LQ +HU NXQIW $XVVHKHQ *HVFKOHFKW RGHU (UIDKUXQJVKLQWHUJUXQG JOHLFKEHUHFKWLJWH (QW ZLFNOXQJVFKDQFHQ ]X HUP|JOLFKHQ GK GLH /HUQHQGHQ GDULQ ]X XQWHUVWW]HQ LKUH +DQGOXQJVP|JOLFKNHLWHQZHLWHU]XHQWZLFNHOQ« ³$UQROG6FKOHU6
'DVEHGHXWHWHLQHQ:DQGHOLQGHU5ROOHGHU/HKUHQGHQLQ5LFKWXQJ/HUQFRDFK 0RGHUDWRUIDFLOLWDWRU 'HU$EEDXGHV%LOGXQJVJHIlOOHVGDVÄ$XIEUHFKHQXQG9HUODVVHQGHUEHU NRPPHQHQ+LHUDUFKLH³'LHFNPDQQ6 LVWDEHUQLFKWQXUDXIGHU0LNUR HEHQHLPNRQNUHWHQ/HUQSUR]HVVEHGHXWVDPVRQGHUQDXFKDXIGHU0DNURHEHQH HWZD LQ GHU %LOGXQJVSROLWLN :DV LVW GDPLW JHPHLQW" 'LHFNPDQQ VLHKW +DQG OXQJVEHGDUIIUHLQH9HUlQGHUXQJLQGHPHUGHQ$EEDXYRQ+UGHQGLH8QWHU VWW]XQJ YRQ ,QLWLDWLYHQ XQG GDV (U|IIQHQ YRQ *HVWDOWXQJVVSLHOUlXPHQ VRZLH ÄHLQH |IIHQWOLFKH « 'HEDWWH XP HLQ YLHOVHLWLJHV %LOGXQJVYHUVWlQGQLV LQ HLQHU YHUlQGHUWHQ :HOW³ 'LHFNPDQQ 6 IRUGHUW (U SOlGLHUW IU HLQ 0RGHOO HLQHU/HUQNXOWXUGLHHUÄZHOWRIIHQH/HUQNXOWXU³'LHFNPDQQ6 QHQQW ZHOFKHÄGLHQDWLRQDOHQ*UHQ]HQHEHQVREHUVFKUHLWHWZLHJHQHUDWLRQHQEHUJUHL IHQG LVW³ 'LHV LVW IU LKQ QRWZHQGLJ GDPLW :HLWHUELOGXQJ ÄQLFKW OlQJHU HLQ 6WLHINLQGGLHVHU*HVHOOVFKDIW>EOHLEWXQG@/HUQHQ« DOVÃ/HEHQVIRUP¶HQWGHFNW ZHUGHQ³'LHFNPDQQ6 NDQQ$XFKZHQQ:HLWHUELOGXQJNHLQ6WLHINLQG GHU*HVHOOVFKDIWPHKUVHLQVROOVROlVVWVLFKGHQQRFKHLQH9HUXQVLFKHUXQJLQGHU (UZDFKVHQHQELOGXQJEHREDFKWHQGLHVLFKLQHLQHU3KDVHGHVÄ(SRFKHQZDQGHOV³ YJO(KVHV=HFK6 EHILQGHWLQGHU±ZLHEHUHLWVGDUJHOHJW±WUDGLWLRQHO OH (UZDFKVHQHQELOGXQJVHLQULFKWXQJHQ XP LKU 'DVHLQ NlPSIHQ XQG VLFK JHJHQ EHUSULYDWHQ$QELHWHUQGXUFK]XVHW]HQYHUVXFKHQ 'HU :DQGHO LQ GHU *HVHOOVFKDIW KDW ]XJOHLFK ÄHLQH PDVVHQKDIW ZLUNHQGH VFKLFKW XQG UHJLRQHQEHUJUHLIHQGH 9HUlQGHUXQJ GHV /HUQHQV XQG VHLQHU )RU PHQ³.LUFKK|IHU6 ]XU)ROJH$QGHQ$UEHLWVSOlW]HQHEHQVRZLHLP $OOWDJRGHULQGHU)UHL]HLWVLQGGLH,QGLYLGXHQJH]ZXQJHQDXIGLH9HUlQGHUXQ JHQ ]X UHDJLHUHQ LQGHP VLH LKUH /HEHQVEHZlOWLJXQJVNRPSHWHQ]HQ HUZHLWHUQ 'LHVH .RPSHWHQ]HQ HUZHUEHQ VLH VLFK KlXILJ QLFKW LQ %LOGXQJVLQVWLWXWLRQHQ
/HUQNXOWXULQHLQHUVLFKYHUlQGHUQGHQ*HVHOOVFKDIW
VRQGHUQ LQ LKUHQ DOOWlJOLFKHQ +DQGOXQJHQ Ä,QVRIHUQ LVW GLH +HUDXVELOGXQJ GHU QHXHQ /HUQNXOWXU « HLQ 5HDOSUR]H GHU ]HLWOLFKHQ UlXPOLFKHQ VR]LDOHQ XQG PHGLDOHQ (QWJUHQ]XQJ GHV /HUQHQV³ .LUFKK|IHU 6 1DFKGHP GLH *UXQGODJH IU 9HUlQGHUXQJHQ GHQ JHJHQZlUWLJHQ ,VW=XVWDQG GDUVWHOOW ZLUG LQ GHU )ROJH JHNOlUW ZDV HLQH WUDGLWLRQHOOH /HUQNXOWXU DXVPDFKW XP GDUDQ DQ VFKOLHHQG GLH 'LIIHUHQ] ]XU %HVFKUHLEXQJ YRQ 0RGHOOHQ HLQHU VR JHQDQQWHQ QHXHQ/HUQNXOWXUGDIU]XQXW]HQ $XV$OWPDFK1HX9RQHLQHUWUDGLWLRQHOOHQ]XHLQHUQHXHQ/HUQNXOWXU (LQH WUDGLWLRQHOOH /HUQNXOWXU LVW JHSUlJW YRQ HLQHP LQVWUXPHQWHOOHQ $QVDW] GHU ZLHIROJWEHVFKULHEHQZHUGHQNDQQ Ä'XUFK*HVWDOWXQJGHV/HUQNRQWH[WHVXQGGHU/HUQVLWXDWLRQVROOHQ=LHOSHUVRQHQ DXI GHP NU]HVWHQ :HJ PLW GHP JHULQJVWHQ $XIZDQG HLQHQ .DQRQ DOV ZLFKWLJ HU NOlUWHU=LHOH/HKUSODQ HUUHLFKHQ'LHVHV(IIL]LHQ]NULWHULXPLVWGHU0DVWDEIUGLH $XVZDKOGHU0LWWHO]XU*HVWDOWXQJ³.OHEHU6WHLQ6
,QHLQHUWUDGLWLRQHOOHQ/HUQNXOWXUVWHKHQGLH/HKUSHUVRQHQ,QKDOWHXQGYRUJHJH EHQHQ=LHOHLP0LWWHOSXQNW/HUQHQGHGDJHJHQZHUGHQ]X2EMHNWHQGHV/HUQHQV PLWGHP=LHOVLH]XQW]OLFKHQ0LWJOLHGHUQIUGLH*HVHOOVFKDIW]XPDFKHQ'LH /HUQHQGHQSDVVHQVLFKGLHVHQYRUJHJHEHQHQ7DWVDFKHQDQXQGLQZHLWHUHU)ROJH HQWZLFNHOWVLFK/HUQHQ]XHLQHUYRUGHILQLHUWHQ7lWLJNHLWLQGHPGDVJHOHUQWZLUG ZDV]XP%HLVSLHO%HORKQXQJEULQJWRGHU6WUDIHQYHUPHLGHW'LHVHDOVGHIHQVLYHV /HUQHQYJO+RO]NDPS6II EHVFKULHEHQH7lWLJNHLWKDWIUVLFKVHOEVW JHQRPPHQHLQHQJHULQJHUHQ(LJHQZHUWDOVH[SDQVLYHV/HUQHQ'DKLQWHUYHUELUJW VLFK HLQ PHFKDQLVWLVFKHV 'HQNPRGHOO YRQ /HKUHQ XQG /HUQHQ ZHOFKHV LPSOL ]LHUWGDVV/HUQHQQDFKGHP3ULQ]LSGHV1UQEHUJHU7ULFKWHUVIXQNWLRQLHUW:H VHQWOLFKLVWGHU)DNWRU$XHQOHQNXQJYRQ/HUQSUR]HVVHQGDVEHGHXWHWGDVVGLH /HUQJHJHQVWlQGH YRUJHJHEHQ GLH ,QWHQWLRQHQ ]ZHFNJHEXQGHQ XQG GHU JHVDPWH /HUQSUR]HVVYRQIUHPGHU+DQGRUJDQLVLHUWXQGZHLWJHKHQGIUHPGJHVWHXHUWZLUG ,Q HLQHU $UW %HOHKUXQJVNXOWXU ZLUG :LVVHQ RGHU /HUQVWRII YHUPLWWHOW ZHOFKHU XQWHU =HLWGUXFN XQG PLW PDQJHOQGHU 9HUDQWZRUWXQJVEHUQDKPH GHU (UZDFKVH QHQDXIJHQRPPHQXQGVFKOLHOLFKGXUFK3UIXQJHQRGHU7HVWVEHUSUIWZLUG,Q VROFKHLQHUWUDGLWLRQHOOHQXQGÄGHIHQVLYHQ/HUQNXOWXU³$UQROG6FKOHU6 NRPPWHVGDUDXIDQREGHU7UDQVSRUWYRQ:LVVHQVLQKDOWHQLQVRIHUQJHOXQ JHQLVWDOVVLFKGLH:DUH:LVVHQLP*HGlFKWQLVGHU(UZDFKVHQHQLQLQWHQGLHUWHU )RUPDEODJHUW'LH(QWVFKHLGXQJHQIU:LFKWLJNHLW1RWZHQGLJNHLW1HXJLHUHWF ZHUGHQLQGHUWUDGLWLRQHOOHQ/HUQNXOWXUEHUZLHJHQGYRQGHQ/HKUHQGHQIHVWJH OHJW 'LHVH %HOHKUXQJVNXOWXU IKUW VHOWHQ ]X 6HOEVWVWlQGLJNHLW XQG (LJHQYHUDQW
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
ZRUWXQJ VRQGHUQ YLHOPHKU ]X 3DVVLYLWlW XQG $EKlQJLJNHLW YRQ GXUFK DQGHUH JHOHQNWH%LOGXQJVDUEHLW,QVJHVDPW]HLFKQHWVLFKDOVRHLQHWUDGLWLRQHOOH/HUQNXO WXULQGHU(UZDFKVHQHQELOGXQJGXUFKYRUJHJHEHQHLQVWLWXWLRQHOOH=LHOHGLH$Q HUNHQQXQJGXUFK=HUWLIL]LHUXQJHQYHUVFKLHGHQH%HZHUWXQJVPDVWlEHGHQ.RQ VHQVEHU%LOGXQJVLQKDOWHXDPDXV'LH'LIIHUHQ]]ZLVFKHQHLQHUWUDGLWLRQHOOHQ XQG HLQHU QHXHQ /HUQNXOWXU OlVVW VLFK GXUFK IROJHQGH $VSHNWH YHUGHXWOLFKHQ GXUFK ÄGHQ hEHUJDQJ YRQ GHU ]HUWLIL]LHUWHQ :LVVHQVYHUPLWWOXQJ ]XU $QHLJQXQJ YRQIDFKOLFKHQXQGEHUIDFKOLFKHQ.RPSHWHQ]HQ QHXH /HUQIRUPHQ ZLH ]XP %HLVSLHO GDV VHOEVWJHVWHXHUWH LQIRUPHOOH /HUQHQ XQGGHVVHQ=HUWLIL]LHUXQJVXQG%HZHUWXQJVHUIRUGHUQLVVH GLH0|JOLFKNHLWHQGHV PHGLHQJHVWW]WHQ/HUQHQVXQGLQGLYLGXHOOHU /HUQDU UDQJHPHQWV GLHYHUlQGHUWH)XQNWLRQYRQ%LOGXQJVLQVWLWXWLRQHQDOV/HUQGLHQVWOHLVWHUXQG GLH +HUDXVELOGXQJ QHXHU ,QVWLWXWLRQHQ PLW LQWHUPHGLlUHQ $NWHX UHQ$JHQWXUHQ GLH HUZHLWHUWHQ )XQNWLRQHQ GHU /HKUHQGHQ LP 6LQQH LQGLYLGXHOOHU /HUQEH JOHLWXQJEHUDWXQJXQGXQWHUVWW]XQJ GLH9HUQHW]XQJGHU%LOGXQJVDNWHXUHXQGLQVWLWXWLRQHQ%LOGXQJVQHW]ZHUNH UHJLRQDOH .RRSHUDWLRQVYHUEQGH EUJHUQDKH /HUQ]HQWUHQ /HUQKlXVHU ³ .LUFKK|IHU6 9HUVFKLHGHQVWH$QVlW]HXQG6WXGLHQEHUGLH7KHPDWLNHLQHUYHUlQGHUWHQ/HUQ NXOWXU ]HLJHQ GDVV GDV ZDV .LUFKK|IHU DXI HLQHU DOOJHPHLQHQ (EHQH VNL]]LHUW ]XQHKPHQG DOV ZLFKWLJ ]XU %HZlOWLJXQJ GHU DNWXHOOHQ JHVHOOVFKDIWOLFKHQ 3URE OHPHLQGHU*HVHOOVFKDIW JHVHKHQ ZLUG'HPHQWVSUHFKHQGHUIROJHQHLQH $ENHKU YRQWUDGLWLRQHOOHQ/HUQNRQ]HSWHQXQGHLQH+LQZHQGXQJ]XHLQHPPHKUVHOEVWJH VWHXHUWHQ XQG NRPSHWHQ]RULHQWLHUWHQ /HUQHQ LQ GHU (UZDFKVHQHQELOGXQJ 'LH 'LFKRWRPLH YRQ WUDGLWLRQHOO XQG QHX HUZHLVW VLFK GDKHU LQ GHU ZHLWHUHQ 9RUJH KHQVZHLVHQXULQVRIHUQDOVEUDXFKEDUDOVVLFK=XVFKUHLEXQJHQDXIGLHVHU0HWD HEHQHIUGLHNRQNUHWHLQKDOWOLFKH6NL]]LHUXQJJHJHQZlUWLJSUDNWL]LHUWHU/HUQNXO WXUHQDOVSUDNWLNDEHOHUZHLVHQ,QZHLWHUHU)ROJHZLUGHVDEHUVLQQYROOVHLQYRQ VROFKHQ DEVWUDNW EHVWLPPWHQ %HVFKUHLEXQJVYHUVXFKHQ ZHJ]XJHKHQ 'LH IROJHQ GHQ$XVIKUXQJHQNOlUHQGHPQDFKDXFKQXUEHJUHQ]WZDVHLQHQHXH/HUQNXOWXU LVWVRQGHUQYHUVXFKHQYLHOPHKUDXIHLQHUGLIIHUHQ]LHUWHQ(EHQH]XHUIDVVHQZDV MHZHLOLJH$XWRU,QQHQLQLKUHQIRUPXOLHUWHQ/HUQNRQ]HSWHQXQGPRGHOOHQGDUXQ WHUYHUVWHKHQ
%HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQNXOWXU
%HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQNXOWXU8QVFKlUIHQLQGHU %HGHXWXQJ (LQH HLQJHKHQGH 'XUFKVLFKW GHU /LWHUDWXU ]HLJW GDVV GLH )UDJH QDFK HLQHU HU ZDFKVHQHQRULHQWLHUWHQ /HUQNXOWXU HLQ 7KHPD LVW PLW GHP VLFK GLH (U]LHKXQJV XQG %LOGXQJVZLVVHQVFKDIW LQ GHQ OHW]WHQ -DKU]HKQWHQ LQWHQVLY EHVFKlIWLJW KDW 1HXH $QVlW]H XQG DOWHUQDWLYH .RQ]HSWH GLH /HUQHQGHQ LQ GHU (UZDFKVHQHQELO GXQJ LQ LKUHU LQGLYLGXHOOHQ :HLWHUHQWZLFNOXQJ ]X XQWHUVWW]HQ UFNWHQ LQ GHQ OHW]WHQ-DKUHQ±LP*HJHQVDW]]XRUJDQLVDWLRQVEH]RJHQHQ7KHPHQ]%2UJDQL VDWLRQ YRQ 6WXGLHQOHKUJlQJHQ LQ 0RGXOHQ ± ]XQHKPHQG LQV =HQWUXP 'DEHL NDQQYRQHLQHP3DUDGLJPHQZHFKVHOJHVSURFKHQZHUGHQGHUQLFKWPHKUQXUGLH /HKUHQGHQVRQGHUQGLH/HUQHQGHQLQGHQ0LWWHOSXQNWVWHOOW=XPIRUPDOHQ/HU QHQ NRPPW GDQQ DXFK QRFK GDV LQIRUPHOOH KLQ]X GLH 9HUDQWZRUWXQJ ZLUG YRQ GHU ,QVWLWXWLRQ DXI GLH WHLOQHKPHQGHQ 6XEMHNWH JHOHQNW PDQ VSULFKW QLFKW PHKU YRQIDFKOLFKHU4XDOLIL]LHUXQJVRQGHUQHKHUYRQ.RPSHWHQ]HQWZLFNOXQJXQGHV ZLUGGLH6HOEVWVWHXHUXQJIDYRULVLHUWJHJHQEHUGHU)UHPGVWHXHUXQJ'LHVHXQWHU VFKLHGOLFKHQ $XVSUlJXQJVIRUPHQ VWHKHQ LQ =XVDPPHQKDQJ PLW %HJULIIHQ ZLH OHEHQGLJHVXEMHNWZLVVHQVFKDIWOLFKHV\VWHPLVFKNRQVWUXNWLYLVWLVFKHQDFKKDOWLJH NRPSHWHQ]RULHQWLHUWH VRZLH LQQRYDWLYH /HUQNXOWXU ,QVJHVDPW VLQG GLHV DOOHV QHXH /HKU XQG /HUQNXOWXUHQ GLH JURE JHIDVVW GLH Ä$N]HQWYHUVFKLHEXQJ YRQ HLQHU /HKUJHVHOOVFKDIW ]XU /HUQJHVHOOVFKDIW³ +HXHU 6 PDUNLHUHQ XQG GDPLW ÄDOOH $VSHNWH « GLH OHW]WOLFK GDV /HUQJHVFKHKHQ SUlJHQ³ $U QROG6FKOHU6 VXEVXPLHUHQ 9HUVXFKHLQHU%HJULIIVNOlUXQJ 'LH DQJHGHXWHWH $N]HQWYHUVFKLHEXQJ ]HLJW GDVV GHU %HJULII /HUQNXOWXU RGHU DXFKQHXH/HUQNXOWXUÄNHLQHHLQJHIKUWHXQGHWDEOLHUWHSlGDJRJLVFKH.DWHJRULH³ $UQROG6FKOHU6 LVW9LHO]XXQWHUVFKLHGOLFKVLQGGLH$XVSUlJXQJHQ XQGGHU%HJULII/HUQNXOWXUZLUGQXUÄVHOWHQGHILQLHUWXQGEOHLEWLQVRIHUQRIWUHL QHV ZHQLJELV QLFKWVDXVVDJHQGHV6FKODJZRUW³.OHEHU6WHLQ6 6R VWHKW KLQWHU GHP %HJULII /HUQNXOWXU QLFKW LPPHU HLQ SlGDJRJLVFKHV .RQ]HSW YLHOPHKU WUlJW HU GD]X EHL ÄDXIIlOOLJH (UVFKHLQXQJHQ HLQHV VLFK HQWJUHQ]HQGHQ /HUQHQV³ .LUFKK|IHU 6 ]X UHIOHNWLHUHQ *OHLFK]HLWLJ ]XU 8QVFKlUIH LQGHU%HJULIIVYHUZHQGXQJ]HLJWVLFKHLQHJHZLVVH,QIODWLRQLQGHU9HUZHQGXQJ GHV/HUQNXOWXUEHJULIIHVGKHUZLUGIUXQWHUVFKLHGOLFKH3KlQRPHQXQG*HJHQ VWDQGVEHUHLFKHYHUZHQGHWXQGEOHLEWGDGXUFKZLHGHUXPXQVFKDUIRIWREHUIOlFK OLFK XQG GDPLW ZHQLJ DXVVDJHNUlIWLJ 'LH 8QVFKlUIH LQ GHU 9HUZHQGXQJ GHV %HJULIIHVNDQQDEHUDXFK]XHLQHUUDVFKHQ9HUEUHLWXQJGHVVHOEHQIKUHQÄ.XOWXU
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
>KLHU DOV /HUQNXOWXU YHUVWDQGHQ@ LVW LPPHU JXW MHGHU NDQQ VLFK GDUXQWHU HWZDV YRUVWHOOHQ8QGMHXQSUl]LVHUGHU%HJULIIEHQXW]WZLUGGHVWRPHKU'HXWXQJVYDUL DQWHQOlVVWHU]X³(KVHV=HFK6 'HU%HJULIIHUODXEWYLHOH,QWHUSUHWDWL RQVP|JOLFKNHLWHQHULVWPHKUGHXWLJ'LHVVLJQDOLVLHUWDEHUDXFKHLQÄ(UNHQQWQLV EHGUIQLV LQPLWWHQ FKDRWLVFKHU %LOGXQJVYHUKlOWQLVVH XQG XQEHUVFKDXEDUHU 5H IRUPDQVWUHQJXQJHQ 2ULHQWLHUXQJ ]X ILQGHQ³ .LUFKK|IHU 6 'DPLW HLQKHU JHKW DXFK GLH +RIIQXQJ GDVV PLW GHP /HUQNXOWXUEHJULII HLQ RUGQHQGHU XQG QRUPLHUHQGHU 5DKPHQ IU GHQ JURHQ 6HNWRU GHU (UZDFKVHQHQELOGXQJ ]XU 9HUIJXQJ VWHKW 'LHV ]HLJW VLFK DXFK GDULQ GDVV GHU /HUQNXOWXUEHJULII ]XP HLQHQGHQLQGHU/HUQNXOWXUÄOHEHQGHQ0LWJOLHGHUQHLQHJHZLVVH2ULHQWLHUXQJIU LKU /HKU/HUQ+DQGHOQ³ YHUPLWWHOW ]XP DQGHUHQ ÄDEHU DXFK JOHLFK]HLWLJ HLQH VR]LDOH 5HDOLWlW³ NRQVWUXLHUW $UQROG6FKOHU 6 $XFK .LUFKK|IHU YHUZHLVWDXIGLH2ULHQWLHUXQJVIXQNWLRQXQGVWHOOWIHVWGDVV Ä>G@HU%HJULIIÃ/HUQNXOWXU¶« VWUXNWXULHUWH*HVDPWKHLWHQYRQ,QVWLWXWLRQHQ7l WLJNHLWHQ 0HQWDOLWlWHQ XQG 7UDGLWLRQHQ >EH]HLFKQHW@ GHUHQ ZHVHQWOLFKH )XQNWLRQ GDULQ EHVWHKW LQ *HPHLQVFKDIWHQ JOHLFKJHODJHUWH KDQGOXQJVOHLWHQGH 2ULHQWLHUXQJHQ GHV/HUQHQV]XYHUPLWWHOQNROOHNWLYHU]HXJWHXQGJHWHLOWH+DOWXQJHQXQG:DKUQHK PXQJHQ ]XP /HUQHQ DQ]XELHWHQ XQG PLW 6\VWHPHQ YRQ 2UGQHUQ :HUWH 1RUPHQ /HUQHQ]XRUJDQLVLHUHQ³.LUFKK|IHU6
0LWGHP%HJULII/HUQNXOWXUZLUGÄGHUJDQ]KHLWOLFKH%H]XJDXIGLH%HVRQGHUKHL WHQGHV/HUQHQVXQGVHLQHUJHVHOOVFKDIWOLFKHQ2UJDQLVDWLRQLQGHQ%OLFNJHUFNW³ $UQROG 6 %HWUDFKWHW ZHUGHQ LQ GLHVHU 'LVNXVVLRQ GLH %HGLQJXQJHQ GHV/HUQHQVGLH)RUPHQGHV/HUQHQVGLHXQWHUVFKZHOOLJDEODXIHQGHQLQIRUPHO OHQ3UR]HVVHXQGGHUHQ%HGHXWXQJIUGDV(UUHLFKHQYRQ/HUQHUJHEQLVVHQHEHQVR ZLH GLH (QWZLFNOXQJ YRQ /HUQKDOWXQJHQ XQG 3HUV|QOLFKNHLWVVWUXNWXUHQ YJO $UQROG6FKOHU 6 :HQQ GLHV GHQ RULHQWLHUHQGHQ 5DKPHQ IU HLQH /HUQNXOWXUGDUVWHOOWGDQQLVW GLH)UDJH ZDV JHQDXVLFKGXUFKGLH+LQ]XIJXQJ GHV $WWULEXWV ÄQHX³ LGHQWLIL]LHUHQ OlVVW 1HX NDQQ Y|OOLJ LQKDOWVORV VHLQ ZHQQ PDQIUDJWZDVGHQQQHXVHLDP%HJULIIGHUÃ1HXHQ/HUQNXOWXU¶ Ä9HUPXWOLFKQXUGHU7HUPLQXVVHOEVWGHQQZLHGHU*DQJGXUFKGLH9HUVXFKHGHU %HJULIIVNOlUXQJZLHGXUFKGLH3UD[LVEHLVSLHOHVRZRKOLP6SLHJHOGHU*HVFKLFKWHDOV DXFK LQGHU DNWXHOOHQ3UD[LV GHU(UZDFKVHQHQELOGXQJ ]HLJWH OLHVLFK ZHQLJ ZLUN OLFK 1HXHV HQWGHFNHQ GDJHJHQ HUVFKLHQ YLHO $OWEHNDQQWHV XQG $OWEHZlKUWHV XQWHU HLQHPQHXHQ6LJQHW³'XVW6
'HU%HJULIIQHXH/HUQNXOWXUVFKHLQWGHQQRFKKLOIUHLFK]XVHLQXPHLQJDQ]KHLWOL FKHV%LOGXQJVYHUVWlQGQLVLQGHQ%OLFN]XEHNRPPHQGHQQHU
%HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQNXOWXU
Ä« VFKHLQWJHHLJQHWGXUFKGHQXPIDVVHQGHQ%OLFNDXIGLH(LQULFKWXQJHQXQG GLH.RQWH[WHLKUHU$UEHLWGLHELOGXQJVSROLWLVFKHQ9RUDXVVHW]XQJHQPLWLKUHQLQKDOW OLFKHQXQGPHWKRGLVFKGLGDNWLVFKHQ,PSOLNDWLRQHQRIIHQ]XOHJHQXQGLPPHUZLHGHU QHX]XWKHPDWLVLHUHQ³'XVW6
$XFK GLHV LVW ]ZDU QLFKW QHX DEHU GHU 7UDGLWLRQ GHU (UZDFKVHQHQELOGXQJ HQW VSUHFKHQG ZLUG VR LP 6LQQH HPDQ]LSDWRULVFKGHPRNUDWLVFKHU 3UlPLVVHQ HLQH ÄSRVLWLYH:HLWHUHQWZLFNOXQJGHVGHPRNUDWLVFKHQ*HPHLQZHVHQVGHQJHJHQZlU WLJHQ7HQGHQ]HQGHUJHVHOOVFKDIWOLFKHQgNRQRPLVLHUXQJXQG)XQNWLRQDOLVLHUXQJ HLQ ELOGXQJVSROLWLVFKHV *HJHQJHZLFKW HQWJHJHQ]XVWHOOHQ³ 'XVW 6 'LHVIKUW]XHLQHPQHXHQJHVHOOVFKDIWOLFKHQ3KlQRPHQGDVEHUHLWVNXU]DQJH VSURFKHQZXUGHQlPOLFKGHU(QWJUHQ]XQJGHV/HUQHQV]%OHEHQVEHJOHLWHQGHV /HUQHQ 5DXP XQG =HLWXQDEKlQJLJNHLW LQ %LOGXQJVLQVWLWXWLRQHQ ]X +DXVH XQG DP$UEHLWVSODW] GLHHLQH%HVRQGHUKHLWHLQHUQHXHQ/HUQNXOWXUGDUVWHOOW 0LWGLHVHQ $XVIKUXQJHQ]XP%HJULII /HUQNXOWXUVROOQXQGHXWOLFKJHZRU GHQVHLQGDVVYLHOHVZDVGLHDOOJHPHLQHQ5DKPXQJHQEHLQKDOWHWIUGLH)UDJH QDFKGHQ0HUNPDOHQHLQHUQHXHQ/HUQNXOWXUYHUZHQGHWZHUGHQNDQQ6LFKHUOLFK LVWVFKZHU]XHQWVFKHLGHQZDV ÄDOWXQGZDVQHXLVWXQGREGDV1HXHSHUVHDXFKGDV%HVVHUHLVW6RJHVHKHQKDW GLH5HGHYRQGHQQHXHQ/HUQNXOWXUHQHLQHSURYRNDWLYHNUHDWLYH)XQNWLRQ6LHVROO HLQ1DFKGHQNHQGDUEHUDQUHJHQREGDV*HZRKQWHWDWVlFKOLFKQRFK]HLWJHPlLVW RE VLFK GDV 6HOEVWYHUVWlQGOLFKH WDWVlFKOLFK YRQ VHOEVW YHUVWHKW RE XQJHZ|KQOLFKH /HUQRUWHRKQHZHLWHUHVDXFKOHUQLQWHQVLYVLQG«³6LHEHUW6I
$XVJHZlKOWH0HUNPDOH 'HU%HJULIIGHUQHXHQ/HUQNXOWXU±YHUVWDQGHQDOV:HLWHUHQWZLFNOXQJHLQHUWUDGL WLRQHOOHQ /HUQNXOWXU±LPSOL]LHUWOHEHQVODQJHV VHOEVWJHVWHXHUWHVXQG VHOEVWRUJD QLVLHUWHV /HUQHQ YJO 'RKPHQ LQ HLQHU SURIHVVLRQHOO DXIEHUHLWHWHQ 6XS SRUWVWUXNWXU PLW YLHOIlOWLJHP 0HWKRGHQHLQVDW] YJO 5HLFK GHP =LHO GHU ELRJUDILVFKHQ (QWZLFNOXQJ GHU 3HUVRQ XQG GHUHQ SHUPDQHQWHU /HUQEHUHLWVFKDIW YJO$OKHLW'DXVLHQ 8QWHUVFKLHGOLFKVWDUNEHWRQWZHUGHQGLH$XWRQRPLH LP/HUQKDQGHOQGLH9HUQHW]XQJYRQ,QKDOWHQVRZLHGLH6HOEVWYHUDQWZRUWXQJLP .RPSHWHQ]HUZHUE*HUDGHGLH(QWZLFNOXQJYRQ6HOEVWOHUQNRPSHWHQ]HQZLUGRIW PLVVYHUVWDQGHQXQGIKUWQLFKWVHOWHQ]XHLQHUÄ(PSDWKLVLHUXQJGHV6HOEVW« GXUFK ZHOFKH GLH ,QQHQSHUVSHNWLYH ]XP OHJLWLPDWRULVFKHQ )OXFKWSXQNW GLGDNWL VFKHU.RQVWUXNWLRQZXUGH³)RUQHFN6SULQJHU6 :LFKWLJHUHUVFKHLQW MHGRFK ]X HUNHQQHQ GDVV GLH 9HUNQSIXQJVYDULDQWHQ EH]JOLFK GHU 'LGDNWLVLH UXQJYRQ/HUQLQKDOWHQLKUHPHWKRGLVFKHXQGJHVFKOHFKWHUVHQVLEOH$XIEHUHLWXQJ
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
GHU*UDGGHU6HOEVWEHVWLPPXQJLP/HUQSUR]HVVGLHYRUEHUHLWHWH/HUQXPJHEXQJ GLH LQGLYLGXHOOH =LHOYHUHLQEDUXQJ XQG EHLVSLHOVZHLVH DXFK GLH 1XW]XQJ YRQ ,Q IRUPDWLRQVXQG.RPPXQLNDWLRQVWHFKQRORJLHQDOVQHXH/HUQRUWH]HQWUDOH.HQQ ]HLFKHQHLQHUQHXHQ/HUQNXOWXUGDUVWHOOHQ:HLWHUH0HUNPDOHIUHLQHQHXH/HUQ NXOWXUVLQGXD Ä'DV1HXHLVWXQEHNDQQWXQGOHUQHQG]XHUILQGHQ« 1HXH/HUQNXOWXUHU|IIQHW5lXPHIU(QWGHFNHQXQG(UILQGHQ'LHVH5lXPH HUP|JOLFKHQHVGHQ/HUQHUQ/HUQ]LHOHXQGLQKDOWHVHOEVWIHVW]XOHJHQ'D]X EHQ|WLJHQVLHDEHU8QWHUVWW]XQJGLHLQGLHVHQ5lXPHQVWUXNWXUHOOXQGSUR ]HVVXDODQJHOHJWVHLQPXVV 1HXH/HUQNXOWXULVWQLFKWGHIL]LWVRQGHUQUHVVRXUFHQRULHQWLHUW'DV/HUQHQ RULHQWLHUWVLFKQLFKWDQYRQDXHQIHVWJHVWHOOWHQ'HIL]LWHQVRQGHUQUHIOH[LY DQ DXFK LPSOL]LW YRUKDQGHQHQ 5HVVRXUFHQ XQG 3RWHQ]LDOHQ 'LH (UVFKOLH XQJGLHVHU5HVVRXUFHQHUIRUGHUWHLQHJDQ]KHLWOLFKH5HIOH[LRQGHV/HUQHQ GHQGLHELRJUDSKLVFKH =JHWUlJW,P0LWWHOSXQNWVWHKWGLH)UDJHDQ ZHO FKH (UIDKUXQJHQ GHU %LRJUDSKLH LP /HUQSUR]HVV DQJHVHW]W ZHUGHQ NDQQ 'DEHL JHKW HV QLFKW LQ HUVWHU /LQLH XP ]HUWLIL]LHUWH (UJHEQLVVH VRQGHUQ YLHOPHKUXP0HWKRGHQHUIDKUXQJHQXQG5HIOH[LRQHQ 1HXH /HUQNXOWXU QLPPW GDV $OOWDJVOHUQHQ HUQVW /HUQHQ EHVFKUlQNW VLFK HEHQ QLFKW DXI LQ VHSDUDWHQ .RQWH[WHQ YHUPLWWHOWHV :LVVHQ 6HOEVW RUJDQL VLHUWHV/HUQHQLQ=LHOXQG,QKDOWEH]LHKWGHQ/HUQHULQVHLQHU*DQ]KHLWOLFK NHLWHLQ 1HXH/HUQNXOWXUJHVFKLHKWDOVGHPRNUDWLVFKHV6LFK%HWHLOLJHQ1HXH/HUQ NXOWXU NDQQ QLFKW YHURUGQHW ZHUGHQ 6LH VHW]W GLH hEHUQDKPH GHU 6XEMHNW 5ROOHGXUFKGLH/HUQHUYRUDXV2KQHGLHDNWLYHPRWLYLHUWH%HWHLOLJXQJGHU /HUQHUHQWVWHKW NHLQH QHXH /HUQNXOWXU³.QROO]LWQ)LVFKHU6 I $XVGHUKLHUDQJHVSURFKHQHQ%DQGEUHLWHXQWHUVFKLHGOLFKHU0HUNPDOHVROOHQQXQ H[HPSODULVFKGLH6HOEVWVWHXHUXQJLP%LOGXQJVSUR]HVVGLH$QIRUGHUXQJHQDQGLH YHUlQGHUWH5ROOHGHU/HKUHQGHQXQGGHV%OHQGHG/HDUQLQJHLQHUJHQDXHUHQ%H WUDFKWXQJXQWHU]RJHQZHUGHQ'HU*UXQGIUGLHVH$XVZDKOOLHJWGDULQGDVV]XP HUVWHQDNWXHOOGLH6HOEVWVWHXHUXQJYRQ/HUQSUR]HVVHQNRQWURYHUVGLVNXWLHUWZLUG =XP]ZHLWHQNRPPWHLQHQHXH/HUQNXOWXUQLFKWRKQHHLQHNRQNUHWH9HUlQGHUXQJ GHU5ROOHGHU/HKUHQGHQXPKLQ8QG]XPGULWWHQNDQQKHXWHHLQHQHXH/HUQNXO WXUQLFKWRKQHGLH%HVFKUHLEXQJGHV%OHQGHG/HDUQLQJLQXQVHUHU,QIRUPDWLRQV JHVHOOVFKDIWDXVNRPPHQZRKOZLVVHQGGDVVHVVLFKKLHUEHLPHKUKHLWOLFKXPHLQ GLGDNWLVFKHV.RQ]HSWKDQGHOW
%HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQNXOWXU
/HUQHQ]ZLVFKHQ,QVWUXNWLRQXQGVHOEVWJHVWHXHUWHU(LJHQDNWLYLWlW ,P0LWWHOSXQNWHLQHUQHXHQ/HUQNXOWXUVWHKWKHXWHGLH)UDJHZLHZHQLJ,QVWUXN WLRQVR]XVDJHQDXVUHLFKHQGLVWGDPLWGLH/HUQHQGHQ)lKLJNHLWHQXQG)HUWLJNHL WHQHQWZLFNHOQ XPLKUH6HOEVWOHUQNRPSHWHQ]HQ]XHUZHLWHUQ'XUFKGLHDQGDX HUQGH 1RWZHQGLJNHLW (QWVFKHLGXQJHQ ]X WUHIIHQ XQG DXI ZHFKVHOQGH *HJHEHQ KHLWHQ UHDJLHUHQ ]X N|QQHQ HUJLEW HV VLFK GDVV VLFK 0HQVFKHQ VHOEVWJHVWHXHUW XQG VHOEVWEHVWLPPW XP LKUH =XNXQIW NPPHUQ PVVHQ +LHU ZLUG GLH EHUHLWV EHVFKULHEHQH ,QGLYLGXDOLVLHUXQJ NRQNUHW LQ GHP 6LQQH GDVV GLH 6HOEVWEHVWLP PXQJ6HOEVWRUJDQLVDWLRQXQG6HOEVWVWHXHUXQJ]XHLQHU]HQWUDOHQ=LHOSHUVSHNWLYH HLQHUQHXHQ/HUQNXOWXUZLUG*UXQGVlW]OLFKZLUGGDYRQDXVJHJDQJHQÄGD/HU QHQLPPHUHLQVXEMHNWLYHUJHLVWLJHU$QHLJQXQJVSUR]HLVWGHUGDVLQQHUH%HWHL OLJWVHLQ GHV ,QGLYLGXXPV HLQVFKOLHW³ .LUFKK|IHU 6 'D]X JHK|UW GDVVZLUVHOEVWEHVWLPPWXQVHUH/HUQSUR]HVVHVWHXHUQXQGRUJDQLVLHUHQDEHUDXFK GLH*UHQ]HQGHV0DFKEDUHQHLQVFKlW]HQOHUQHQ6RJHVHKHQLVW ÄHLQVRXYHUlQHV6HOEVW NHLQHVZHJVGDVMHQLJHGDVEHUDOOXQGMHGHU]HLWYROO NRPPHQIUHLEHUVLFKVHOEVWEHVWLPPHQNDQQVRQGHUQGDVMHQLJHGDVUHODWLYH.ODU KHLW GDUEHU JHZLQQW ZR 6HOEVWEHVWLPPXQJ P|JOLFK LVW XQG ZR QLFKW³ 6FKPLGW 6
6HOEVWJHVWHXHUWHV /HUQHQ GDV VFKHLQW ]HQWUDO EHLQKDOWHW GLH YRUEHUHLWHQGHQ %H GLQJXQJHQGLHGDV/HUQHQEHJOHLWHQGHQ3UR]HVVHVRZLHGLH(QWVFKHLGXQJHQGHU /HUQHQGHQZHOFKH/HUQVFKULWWHXQWHU=XKLOIHQDKPHYRQDQGHUHQDEHUDXFKYRP YHUDQWZRUWXQJVYROOHQ /HKUHQGHQ GXUFKJHIKUW ZHUGHQ 'DV %HVWLPPHQN|QQHQ XQGZROOHQZHFKVHOWVLFKIROJOLFKPLW%HVWLPPHQODVVHQDEHV ÄLVWHLQDNWLYHUHEHQVRZLHHLQSDVVLYHU3UR]HVVHLQ7XQHEHQVRZLHHLQ+LQQHK PHQXQG/DVVHQHLQHLJHQHV*HVWDOWHQZLHDXFKHLQ6LFK*HVWDOWHQODVVHQYRQDQGH UHQYRQ8PVWlQGHQXQG6LWXDWLRQHQ³6FKPLGW6
)U GLH /HUQHQGHQ EHGHXWHW GLHV HLQHQ UHIOH[LYHQ hEHUEOLFN EHU GHQ HLJHQHQ /HUQZHJ GLH HLJHQH LQWHQWLRQDOH (LJHQDNWLYLWlW ]X EHKDOWHQ HEHQVR ZLH GLH *UHQ]HQ GHU SULQ]LSLHOOHQ (LJHQVWHXHUXQJ XQG YHUlQGHUXQJ ]X HUNHQQHQ ,Q GLHVHU3HUVSHNWLYHLVW/HUQHQHLQVHKUVWDUNHLJHQDNWLYHU3UR]HVVXQGKlQJWYRQ GHQ0|JOLFKNHLWHQXQG$QVFKOXVVIlKLJNHLWHQGHUHLQ]HOQHQ3HUVRQHQDE/HUQHQ NDQQQXUGDV,QGLYLGXXPVHOEVW±GDVVHOEHJLOWIU%LOGXQJÄ%LOGXQJN|QQHQZLU QXU VHOEVWHUZHUEHQQLFKW ZHLOHLQDQGHUHUHV ZLOO³.OXJH6 'DV FKDUDNWHULVLHUW GHXWOLFK ZDV 6HOEVWEHVWLPPXQJ XQG (LJHQDNWLYLWlW LP /HUQSUR ]HVVHLQHUQHXHQ/HUQNXOWXUEHGHXWHW/HKUHIKUWQLFKWDXWRPDWLVFK]XP/HUQHQ /HUQHQ NDQQ SULQ]LSLHOO QXU VHOEVWJHVWHXHUW DOV HLJHQH .RPSHWHQ]HQWZLFNOXQJ
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
JHVHKHQ ZHUGHQ :LFKWLJ LVW DEHU ]X ZLVVHQ GDVV HLQH EORH 5HGXNWLRQ YRQ 6WHXHUXQJQLFKWXQEHGLQJW]XPHKU6HOEVWRUJDQLVDWLRQXQGIROJOLFKDXFK6HOEVW VWHXHUXQJIKUW $OVQRWZHQGLJH9RUDXVVHW]XQJGDIUGDVVVHOEVWEHVWLPPWHV/HUQHQJHOLQJW PVVHQHUVW6HOEVWOHUQNRPSHWHQ]HQHUZRUEHQZHUGHQ2KQHHLQHJXWYRUEHUHLWH WHXQGDQJHOHLWHWH6WUXNWXULHUXQJLP/HUQSUR]HVVEOHLEHQGLH(LJHQDNWLYLWlWHQGHU HUZDFKVHQHQ 7HLOQHKPHU,QQHQ DXI GHU 6WUHFNH 'DV EHGHXWHW GDVV VLFK GHU 0HKUZHUW YRQ Ä6HOEVWOHUQDUFKLWHNWXUHQ³ )RUQHFN6SULQJHU 6 HUVW HLQVWHOOWZHQQGLH7HLOQHKPHQGHQEHUHLWVEHUDXVJHELOGHWH/HUQNRPSHWHQ]HQLQ GHU (LJHQDNWLYLWlW XQG 6HOEVWRUJDQLVDWLRQ YHUIJHQ $XFK ZHQQ /HUQHQ LQ GHU (UZDFKVHQHQELOGXQJVSUD[LVVHOEVWJHVWHXHUWDEOlXIWVRKDQGHOWHVVLFKGDEHLQLFKW XP HLQH YROOVWlQGLJH 6HOEVWVWHXHUXQJ VRQGHUQ HKHU XP QHXDUWLJH )RUPHQ GHU 6WHXHUXQJ XQG SURIHVVLRQHOOHQ 6WUXNWXULHUXQJ YJO )RUQHFN6SULQJHU 6 'LHbQGHUXQJGHV=XJDQJVHUP|JOLFKWHVGDVVGLHWHLOQHKPHQGHQ(UZDFK VHQHQPLWLKUHQMHVXEMHNWLYHQ%HILQGOLFKNHLWHQXQG/HUQLQWHUHVVHQLQV=HQWUXP UFNHQ XQG HV VWHOOW VLFK GLH )UDJH ZLH GLH (UZDFKVHQHQ ]X DNWLY %HWHLOLJWHQ ZHUGHQVRGDVVVLFK/HUQHQDOV$QHLJQXQJYROO]LHKWXQGSHUVRQDOH:DFKVWXPV SUR]HVVH GXUFK %LOGXQJ DOV HLQ %HLWUDJ ]XU /HEHQVEHZlOWLJXQJ LQ *DQJ JHVHW]W ZHUGHQ N|QQHQ ,Q )RUWIKUXQJ GLHVHU hEHUOHJXQJHQ VLQG ZLU EHL GHQ KRKHQ $QIRUGHUXQJHQDQGLH/HKUSHUVRQHQDQJHODQJW $QIRUGHUXQJHQDQGLH3URIHVVLRQDOLWlWGHU/HKUHQGHQ ,P'LVNXUVXP3URIHVVLRQDOLWlWYRQ/HKUHQGHQYJO6WUXFN:UWO+HOVSHU ZLUG DXI HLQ XPIDVVHQGHV 5HSHUWRLUH YHUZLHVHQ EHU GDV SURIHVVLRQHOO /HKUHQGH XD ]X YHUIJHQ KDEHQ )DFKNRPSHWHQ] PHWKRGLVFKGLGDNWLVFKH .RPSHWHQ] %H]LHKXQJVNRPSHWHQ] VR]LDOH .RPSHWHQ] (QWVFKHLGXQJVNRPSH WHQ] %HUDWXQJVNRPSHWHQ] /HUQNRPSHWHQ] 6HOEVWNRPSHWHQ] SlGDJRJLVFKH 5HIOH[LRQVNRPSHWHQ].RRSHUDWLRQVNRPSHWHQ]HWKLVFKH.RPSHWHQ]HQ*HUHFK WLJNHLWVROLGDULVFKHV+DQGHOQ7ROHUDQ]5HVSHNW 9HUQHW]XQJVNRPSHWHQ]/HL WXQJVNRPSHWHQ] *HQGHUNRPSHWHQ] LQWHUNXOWXUHOOH .RPSHWHQ] PHWDNRJQLWLYH .RPSHWHQ] XDP'DVVHLQHHLQ]HOQH3HUVRQNDXPEHUDOOGLHVH.RPSHWHQ]HQ LQ EUHLWHU )RUP YHUIJHQ NDQQ VFKHLQW VHOEVWYHUVWlQGOLFK *HUDGH PLW GLHVHU 6NL]]HLVWDEHUDXFKGLH9LHOIDOWGHUKRKHQ$QIRUGHUXQJHQYHURUWHWGLHDOOHQDQ GHU /HUQZHOW (UZDFKVHQHQELOGXQJ %HWHLOLJWHQ LQ XQWHUVFKLHGOLFKVWHU :HLVH EH JHJQHQ 'HQ $QIRUGHUXQJHQ ± GDV VROOWH GLHVH $XIOLVWXQJ YHUGHXWOLFKHQ ± IROJHQ VWDUNH+HUDXVIRUGHUXQJHQ/HKUHQGHZHUGHQ]XHQWZLFNOXQJVEHJOHLWHQGHQ/HUQ XQWHUVWW]HU,QQHQGLHYHUVWlUNWEHUDWHQGH)XQNWLRQHQZDKUQHKPHQXPGLH/HU
%HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQNXOWXU
QHQGHQLQLKUHU.RPSHWHQ]]XU6HOEVWRUJDQLVDWLRQ]XXQWHUVWW]HQ'HP,QGLYL GXXPLVWLQGHU $XVHLQDQGHUVHW]XQJ PLW%LOGXQJ QLFKWGLH DOOHLQLJH9HUDQWZRU WXQJIUVHLQ/HUQHQ]XEHUWUDJHQ6HOEVWRUJDQLVLHUWHV/HUQHQÄEULQJWQLFKWQXU .RPSHWHQ] KHUYRU « VRQGHUQ >HV EHGDUI@ DXFK HLQHU VROFKHQ³ .LUFKK|IHU 6 :DVIROJWGDUDXV",QHLQHUQHXHQ/HUQNXOWXUZLUGYRQDXWRULWlWV JHVWHXHUWHQ 3UR]HVVHQ DEJHJDQJHQ XQG HV NRPPW Ä]X HLQHP NRRSHUDWLYHQ 3UR ]HVV GHU JHPHLQVDPHQ +HUVWHOOXQJ YRQ /HUQHUHLJQLVVHQ XQG HUJHEQLVVHQ³ (K VHV=HFK 6 'DV EHGHXWHW HLQ JHPHLQVDPHV NRRSHUDWLYHV 0LWHLQDQGHU DOOHU%HWHLOLJWHQZHQQDXFKQLFKWLPPHUVRGRFK]XPLQGHVW]HLWZHLVH Ä+LHUKDWPDQHVPLWGHUZHFKVHOVHLWLJHQ%HREDFKWXQJHLJHQVLQQLJHU$NWHXUH]X WXQ%LOGXQJNDQQVLFKQXUVLWXDWLYDOV.RHYROXWLRQYRQ/HKUHQGHQXQG/HUQHQGHQ HQWIDOWHQ³(KVHV=HFK6
:DV EHGHXWHW GDV IU GLH /HKUHQGHQ NRQNUHW" :HQQ %LOGXQJ DOV .RHYROXWLRQ YRQ /HKUHQGHQ XQG /HUQHQGHQ YHUVWDQGHQ ZLUG VR VLQG /HUQEHUDWHU,QQHQ LQ LKUHU .RPSHWHQ] XQG LQ LKUHP (QJDJHPHQW LQVRIHUQ JHIRUGHUW DOV VLH YRQ GHQ LQGLYLGXHOOHQ /HUQLQWHUHVVHQ GHQ )UDJHQ GHU (UZDFKVHQHQ XQG GHQ MH VXEMHNWL YHQ /HUQLQWHQWLRQHQ DXVJHKHQ (LQH VROFKH (UP|JOLFKXQJVGLGDNWLN HUIRUGHUW HLQHUVHLWV Ä« GLH .XQVW GHV VLWXDWLRQVDQJHPHVVHQHQ +DQGHOQV DXI GHU DQGHUHQ 6HLWH ZHUGHQ« LQKRKHP0DH9HUELQGOLFKNHLW=LHONODUKHLW'LV]LSOLQXQGSHUPDQHQWH ZHFKVHOVHLWLJH &RQWUROOLQJV DEYHUODQJW ZHQQ /HUQ]LHOH XQG /HUQZHJH YHUHLQEDUW EHUVFKDXEDUVWUXNWXULHUWXQGLPPHUZLHGHUQHXEHUSUIWZHUGHQPVVHQ6FKOLH OLFK PXVV KLHUEHL GDV /HUQHQ VHOEVW *HJHQVWDQG YRQ 5HIOH[LRQ VHLQ PXVV /HUQIl KLJNHLWDNWLYLHUWJHIRUGHUWXQGJHI|UGHUWZHUGHQ³(KVHV=HFK6I
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lVVOLFKH %HJOHLWXQJ ZlKUHQG GHU /HUQ 3KDVH'LHVEHGHXWHWHLQH9HUlQGHUXQJLQGHU)UDJHGHU9HUDQWZRUWXQJIUGDV /HUQHQGKZHQQ7HLOQHKPHU,QQHQPHKU9HUDQWZRUWXQJIULKUH%LOGXQJVSUR ]HVVHEHUQHKPHQVRÄPVVHQDXFKGLH3URIHVVLRQHOOHQ EHUJU|HUH(QWVFKHL GXQJVVSLHOUlXPHYHUIJHQ³'LHWULFK+HUU6 XQGLQGHU/DJHVHLQDXI
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
GLH YHUVFKLHGHQHQ %HUDWXQJVHUIRUGHUQLVVH HLQ]XJHKHQ 6R ZLUG ]XGHP ± NRP SOHPHQWlU]XP VHOEVWJHVWHXHUWHQ/HUQHQ±MHGH$UWYRQ /HUQEHUDWXQJ]XHLQHP NRQVWLWXLHUHQGHQ (OHPHQW LQ GHU SURIHVVLRQHOOHQ SlGDJRJLVFKHQ %LOGXQJVDUEHLW YJO6LHEHUW6 /HUQEHUDWXQJGLHQWKLHUGHU ÄUHIOH[LYHQ9HUJHZLVVHUXQJXQGXQWHUVWW]WGHQ/HUQHQGHQLP/HUQSUR]HVVEHLP :DKUQHKPHQ (ULQQHUQ 6FKOXVVIROJHUQ XQG (QWVFKHLGHQ XQG I|UGHUW GDGXUFK DXFK GLH.UHDWLYLWlWGHU/HUQHQGHQLP8PJDQJPLWGHP/HUQJHJHQVWDQG³'LHWULFK+HUU 6
'DPLWZLUGGLH%LOGXQJVDUEHLW]XHLQHUVSH]LHOOHQ)RUPHLQHUÄVR]LDOH>Q@5HDOLWlW GLH LKUHQ 0LWJOLHGHUQ 2ULHQWLHUXQJ ELHWHW GXUFK JHWHLOWH $XIIDVVXQJ YRP /HKU/HUQKDQGHOQGXUFKHLQHQJHPHLQVDPHQ6WLO³6FKXO]6 'LHVHU JHPHLQVDPH6WLOGLHLQIRUPHOOHQ=XVDPPHQKlQJHXQG*UXSSLHUXQJHQGLH+DO WXQJHQXQGhEHU]HXJXQJHQXQGVFKOLHOLFKGLHJHVDPWH/HUQDWPRVSKlUHVLQGIU GDV *HOLQJHQ LQGLYLGXHOOHU /HUQHUIROJH DEHU DXFK NROOHNWLYHU /HUQHUIDKUXQJHQ ZHVHQWOLFK 6HOEVWVWHXHUXQJ LP /HUQSUR]HVV EHGHXWHW QLFKW QXU LQGLYLGXHOOHV /HUQHQYLHOPHKUJHKWHVDXFKXPÄNRRSHUDWLYHVXQGYRUDOOHPNRPPXQLNDWLYHV /HUQHQ³.LUFKK|IHU6 'XUFKEHJOHLWHQGH%HUDWXQJXQGHLQNRRSH UDWLYHV0LWHLQDQGHUNDQQ3DUWL]LSDWLRQXQWHUVWW]WXQGJHI|UGHUWZHUGHQ*HUDGH GLH3DUWL]LSDWLRQXQGGDV(QJDJHPHQWLQJHVHOOVFKDIWOLFKHQ7HLOEHUHLFKHQDXHU KDOE GHV HLJHQHQ $UEHLWVIHOGHV VWHOOW MD IU GLH /HEHQVEHZlOWLJXQJ HLQ ZHLWHUHV 3RWHQ]LDOGDU Ä0LW GHU 2ULHQWLHUXQJ DXI HLQH QHXH VROFKHUDUW YHUVWDQGHQH /HUQNXOWXU N|QQWHQ HPDQ]LSDWRULVFKH%HZHJXQJHQ+DQGOXQJVUlXPHVHOEVWEHVWLPPWHQ/HUQHQVDQJHER WHQEHNRPPHQXQGHLQ/HUQHQHUP|JOLFKWZHUGHQLQGHUGDV,QGLYLGXXPQLFKWPHKU GHUELOGHQGHQXQG]XJOHLFKEHYRUPXQGHQGHQ,QVWLWXWLRQHQ6WDDW.LUFKH9HUElQGH 8QWHUQHKPHQ XQG GHU DQOHLWHQGHQ XQG ]XJOHLFK UHJOHPHQWLHUHQGHQ3lGDJRJHQ EH GDUIVRQGHUQVLFKLP.DQWVFKHQ6LQQHÃVHLQHV9HUVWDQGHVRKQH/HLWXQJHLQHVDQGH UHQEHGLHQW¶³.LUFKK|IHU6
6ROFKH VLFK VWlQGLJ HUZHLWHUQGHQ $QIRUGHUXQJHQ YHUlQGHUQ QDWUOLFK DXFK GDV 6HOEVWYHUVWlQGQLVGHU/HKUHQGHQ.ODULVWZHQQVLFKHLQHQHXH/HUQNXOWXULQGHU EHVFKULHEHQHQ )RUP LQ GHQ SlGDJRJLVFKHQ *UXQGDQQDKPHQ XQG /HLWSULQ]LSLHQ QDFKKDOWLJHQ /HUQHQV HQWIDOWHW GDQQ HUIRUGHUW GLHV HLQH EUHLWH SURIHVVLRQHOOH $XVELOGXQJKRKHV(QJDJHPHQWXQGGLH5HIOH[LRQEHUHLQEHUXIVSlGDJRJLVFKHV (WKRV ,Q GLHVHP 6LQQH VLQG SlGDJRJLVFK SURIHVVLRQHOO WlWLJH (UZDFKVHQHQELOG QHU,QQHQDXIJHIRUGHUWGLH)DFKLQKDOWHYRQGHQ7HLOQHKPHU,QQHQDXV]XVWUXNWX ULHUHQ XQG GLH 0HWKRGHQVHWWLQJV DXI GLH %HGUIQLVVH GHU /HUQIlKLJNHLWHQ XQG /HUQLQWHUHVVHQDE]XVWLPPHQ
%HJULIIVEHVWLPPXQJHLQHUQHXHQ/HUQNXOWXU
(QWJUHQ]XQJGHU/HUQRUWHGXUFK%OHQGHG/HDUQLQJ.RQ]HSWH 'HQ VRJHQDQQWHQ 1HXHQ 0HGLHQ ZLUG GHU]HLW HLQ JURHV /HUQSRWHQ]LDO ]XJH VFKULHEHQ :LUG KHXWH LQ GHU %LOGXQJVDUEHLW FRPSXWHUJHVWW]W JHOHKUW XQG JH OHUQWVRKDQGHOWHVVLFKXPHLQH)RUPYRQ/HUQHQGLHHLQHQWVSUHFKHQGHV0D DQ 9HUDQWZRUWXQJ LP /HUQSUR]HVV XQG HLQH DQGHUH $UW GHU /HKUH EHQ|WLJW =X QlFKVWLVWLP%LOGXQJVSUR]HVVGDYRQDXV]XJHKHQGDVVQLFKWDOOH3HUVRQHQLQGHU (UZDFKVHQHQELOGXQJ VHOEVWYHUVWlQGOLFKHQ =XJDQJ ]X GLJLWDOHQ 0HGLHQ KDEHQ (LQH 6WXGLH DXV GHP -DKU ]HLJW GDVV LQ (XURSD GHU 0HQVFKHQ PLW K|KHUHU%LOGXQJEHUHLWVPLWGHP&RPSXWHUDUEHLWHQGLHVHU%HY|ONHUXQJV JUXSSHKDW=XJDQJ]XP,QWHUQHWZRKLQJHJHQQXUGHU(LQZRKQHU,QQHQPLW QLHGULJHU%LOGXQJPLWGHP&RPSXWHUDUEHLWHQYRQGHQHQZLHGHUXPOHGLJOLFK =XJDQJ ]XP ,QWHUQHW KDEHQ YJO (XURVWDW 'LHVH 6WXGLH YHUGHXWOLFKW GDVVGHU=XJDQJ]X1HXHQ0HGLHQVWDUNYRQGHUVR]LDOHQ=XJHK|ULJNHLWDEKlQJW 'LHV YHUJU|HUW GDV 5LVLNR HLQHU ZHLWHUHQ 3HUSHWXLHUXQJ VR]LDOHU 8QJOHLFKKHLW ZHQQ GHU =XJDQJ ]X GLJLWDOHQ 0HGLHQ HLQH *UXQGYRUDXVVHW]XQJ IU :HLWHUELO GXQJGDUVWHOOW±HVN|QQWH]XHLQHPVRJHQDQQWHQGLJLWDOJDSNRPPHQ'LH(U ZDFKVHQHQELOGXQJEHNRPPWLQGLHVHU+LQVLFKWHLQHQJHVHOOVFKDIWOLFKHQ$XIWUDJ QlPOLFKGXUFKGHQJH]LHOWHQ0HGLHQHLQVDW]±DOV(UJlQ]XQJXQGDOVOHUQI|UGHUOL FKH (UZHLWHUXQJ JHGDFKW ±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|JOLFKWZLUG(/HDUQLQJNDQQHLQHVR]LD OH .RPPXQLNDWLRQ QLFKW HUVHW]HQ DEHU VHKU ZRKO 6HOEVWOHUQSKDVHQXQWHUVWW]HQ ZLH HWZD GXUFK &KDWPRGXOH XQG DXFK GHQ NRPPXQLNDWLYHQ $XVWDXVFK EHL VSLHOVZHLVH LP 5DKPHQ YRQ 2QOLQH6WXGLHQJUXSSHQ GDUEHU I|UGHUQ 6ROFKH GLVOR]LHUWHQ /HUQVHWWLQJV EUDXFKHQ HLQH VR]LDOH 5HLQWHJUDWLRQVGLPHQVLRQ 'LHVH (UNHQQWQLVUHVXOWLHUWDXVGHU)RUVFKXQJXPGHQ(LQVDW]GHVVRJHQDQQWHQ%OHQGHG /HDUQLQJV Z|UWOLFK JHPLVFKWHV /HUQHQ EHL GHP YHUVFKLHGHQH /HUQIRUPHQ PLWHLQDQGHU NRPELQLHUW ZHUGHQ GK 2QOLQH/HUQSKDVHQ ZHFKVHOQ PLW 3UlVHQ] SKDVHQDE(VKDQGHOWVLFKDOVRXPHLQ
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ ÄLQWHJULHUWHV /HUQNRQ]HSWGDVGLHKHXWHYHUIJEDUHQ0|JOLFKNHLWHQGHU9HUQHW ]XQJEHU,QWHUQHWRGHU,QWUDQHWLQ9HUELQGXQJPLWNODVVLVFKHQ/HUQPHWKRGHQLQHL QHPVLQQYROOHQ$UUDQJHPHQWRSWLPDOQXW]W³:ROWHU6
'HU9RUWHLOGLHVHU/HUQDUWLVWGDVVMHQDFK=LHOXQG/HUQIRUWVFKULWWGHU7HLOQHK PHU,QQHQGDV0HGLXPXQWHUVFKLHGOLFKHLQJHVHW]WZHUGHQNDQQ8QG'LHVR]LDOH *UXSSHHUZHLVWVLFKDXFKIUGLHLQGLYLGXHOOHQ/HUQSUR]HVVHDOVVHKUHIIHNWLY6R ]HLJWVLFKGDVVJHUDGHÄGLH3UlVHQ]SKDVHLQDOOHU5HJHOHLQH6FKOVVHOIXQNWLRQ³ 'LHWULFK+HUU 6 LP JHVDPWHQ /HUQSUR]HVV HLQQLPPW 'DV /HUQHQ LQ GHUYLUWXHOOHQ3KDVHEOHLEWDEHUZHLWJHKHQGVHOEVWEHVWLPPWZREHLDOOHUGLQJVGLH LQGLYLGXHOOH =HLWHLQWHLOXQJ HLQHQ ]HQWUDOHQ $VSHNW LQ GLHVHP .RQ]HSW GDUVWHOOW $XFK GLH $UEHLWVPDWHULDOLHQ XQG GLH )|UGHUXQJ ]XU )lKLJNHLW GHU 6HOEVWVWHXH UXQJN|QQHQLQGLHVHP/HUQW\SVHKUYLHOIlOWLJVHLQ ,QVJHVDPW KlQJHQ GLH %HGHXWXQJ XQG GLH :LUNVDPNHLW GHU HLQJHVHW]WHQ 0HGLHQVHKUVWDUNYRPMHZHLOLJHQOHUQWKHRUHWLVFKHQ+LQWHUJUXQGXQGGHPGDUDXI DXIEDXHQGHQ GLGDNWLVFKHQ .RQ]HSW DE GDV KHLW ]X ZHOFKHP =ZHFN PLW ZHO FKHP=LHOXQGPLWZHOFKHP$XIZDQGEHLVSLHOVZHLVHGDV,QWHUQHWDOVOHUQI|UGHU OLFKHV :HUN]HXJ HLQJHVHW]W ZLUG 6R VWHOOW VLFK DXFK GLH )UDJH ZLH GLH ,QSXW 3KDVHQXQGGLHGDPLWYHUEXQGHQHQ$UEHLWVDXIWUlJHZLHGHUUFNJHEXQGHQZHUGHQ DQ GLH %LOGXQJVDUEHLW YRU 2UW 'HU 8PJDQJ PLW PRGHUQHQ ,QIRUPDWLRQV XQG .RPPXQLNDWLRQVWHFKQRORJLHQHUIRUGHUW]XHUVWHLQPDOGHQ=XJDQJ]XP0HGLXP &RPSXWHU,QWHUQHWGDUEHUKLQDXVDXFKHLQHDXVUHLFKHQGH0HGLHQNRPSHWHQ]LP 6LQQH GHU %HZlOWLJEDUNHLW HLQ KRKHV 0D DQ 6HOEVWYHUDQWZRUWXQJ 'LV]LSOLQ VRZLH GLH )lKLJNHLW ]XU 6HOEVWRUJDQLVDWLRQ LP SHUV|QOLFKHQ 8PJDQJ PLW ,QIRU PDWLRQXQG:LVVHQ*HUDGHZHLOGHU=XJDQJ]XHLQHU)OOHYRQ,QIRUPDWLRQHQLQ GHQZHOWZHLWHQ,QIRUPDWLRQVXQG:LVVHQVQHW]HQVHKUOHLFKWLVWZLUGHLQHKRKH PHGLHQGLGDNWLVFKH .RPSHWHQ] ]XU HQWVFKHLGHQGHQ $XVZDKO XQG 6HOHNWLRQ JH IRUGHUW*HIROJWZLUGGLHVH2ULHQWLHUXQJYRQGHU%HZHUWXQJYRQ,QIRUPDWLRQHQ DOVRGHUHQ%UDXFKEDUNHLW,QVJHVDPWVWHOOHQ1HXH0HGLHQHLQHYHUlQGHUWH0|J OLFKNHLWGDUGDVHLJHQH/HUQHQVHOEVW]XPDQDJHQLQGHP/HUQVFKULWWHXQG/HUQ LQKDOWH XQG GLH .RPPXQLNDWLRQ GDUEHU LQGLYLGXHOO HUIROJHQ :HQQ DOOHUGLQJV GDV6HOEVWVWXGLXPHLQHQ]HQWUDOHQ%HVWDQGWHLOLQ(UZDFKVHQHQELOGXQJVDQJHERWHQ
%HLVSLHOHIUGLHPHGLDOH:HLWHUHQWZLFNOXQJILQGHWPDQHWZDLP3URMHNWÄ0HLVWHUQHW]³SXEOL]LHUW YRQ$QGUDW]HN'LHFNPDQQ)HGGHUVHQ
$XIJDEHQXQG=LHOH
GDUVWHOOW GDQQ HUIRUGHUW GLHV QRWZHQGLJH .HQQWQLVVH EHL GHU :LVVHQVQXW]XQJ VRZLH8QWHUVWW]XQJIUHLQHIIHNWLYHVLQGLYLGXHOOHV:LVVHQVPDQDJHPHQW $XIJDEHQXQG=LHOH Ä7UlXPHQZLUYRQHLQHU/HUQNXOWXULQGHUGLH/HUQHQGHQQLFKWPHKU]XGHUVLHPLWHQGORVHU +HW]HEHODVWHQGHQ$XIJDEHYHUXUWHLOWZHUGHQLKUHPLPPHUUDVFKHUYHUIDOOHQGHQ 0DUNWZHUWKLQWHUKHU]XODXIHQ³*HLOHU6I
8QJHNOlUWLVWQXQQRFKGHU%LOGXQJVDXIWUDJGHUIUGLH(UZDFKVHQHQELOGXQJDXV XQWHUVFKLHGOLFKHQ 3HUVSHNWLYHQ ± ZLH HWZD $UEHLWVPDUNW XQG %LOGXQJVSROLWLN ± IRUPXOLHUWZLUG'LHVHEHLGHQVWHOOHQMHHLJHQH$QIRUGHUXQJHQDQGLH$XIJDEHQ XQG=LHOHYRQ%LOGXQJVLQVWLWXWLRQHQ'HU$UEHLWVPDUNWHUZDUWHWGLH9HUPLWWOXQJ YRQ )DFKZLVVHQ 4XDOLILNDWLRQHQ XQG .RPSHWHQ]HQ JDQ] LP 6LQQH GHU 9HU ZHUWEDUNHLW GHU +XPDQUHVVRXUFHQ GLH %LOGXQJVSROLWLN YHUODQJW GLH )|UGHUXQJ OHEHQVODQJHQ /HUQHQV GDV 7HLO HLQHU /HEHQVRULHQWLHUXQJ GHU %UJHULQQHQ XQG %UJHULVW'DUEHUVWHKWGHUSlGDJRJLVFKH$XIWUDJHLQHUQHXHQ/HUQNXOWXUQlP OLFK]XU%LOGXQJGHU(UZDFKVHQHQLP6LQQHGHU6XEMHNWZHUGXQJXQG$QHLJQXQJ YRQ:HOWEHL]XWUDJHQ 'LH KHXWLJH $UEHLWV XQG %HUXIVZHOW YHUlQGHUW VLFK VWHWLJ GLHV LVW EHL VSLHOVZHLVH HUNHQQEDU DQ GHU 9HUlQGHUXQJ YRQ %HUXIVELOGHUQ DEHU DXFK GDUDQ GDVV GHU HLQ]HOQH 0HQVFK KHXWH QLFKW PHKU GLH *HZLVVKHLW KDW HLQHQ HLQPDO HUOHUQWHQ %HUXI EHU HLQH OlQJHUH =HLWVSDQQH KLQZHJ DXV]XEHQ(EHQVR ZHQLJ NDQQKHXWHYRQHLQHUDXVUHLFKHQGHQ%HUXIVDXVELOGXQJJHVSURFKHQZHUGHQYLHO PHKU VWHKHQ YLHOH 0HQVFKHQ JHJHQZlUWLJ LQ PHKUIDFKHQ $UEHLWVDQIRUGHUXQJHQ PVVHQ VLFK DXI XQWHUVFKLHGOLFKH EHUXIOLFKH 7lWLJNHLWVIHOGHU HLQVWHOOHQ XQG VLFK HQWVSUHFKHQG ± MH QDFK JHUDGH JHIRUGHUWHQ 4XDOLILNDWLRQHQ HLQHU $UEHLWVNUDIW ± SHUPDQHQW ZHLWHUELOGHQ 'HQ %HUXI ]X ZHFKVHOQ LVW KHXWH IU YLHOH 3HUVRQHQ NHLQH 6HOWHQKHLW PHKU GDV LVW DXFK HLQ (UJHEQLV GHU )OH[LELOLVLHUXQJ DP $U EHLWVPDUNW :lKUHQG LQ GHU EHUXIOLFKHQ :HLWHUTXDOLIL]LHUXQJ ÄGLH $QHLJQXQJ EHUXIVUHOHYDQWHU.RPSHWHQ]HQXQG4XDOLILNDWLRQHQ³0DQGO.RSS'YRUDN 6 LP9RUGHUJUXQGVWHKWLVWGDV=LHOLQGHUDOOJHPHLQHQ(UZDFKVHQHQELOGXQJ Ä(UZDFKVHQH GD]X >]X@ EHIlKLJHQ LKUH /HEHQVZHOW ]X YHUVWHKHQ SROLWLVFKH =X VDPPHQKlQJH ]X EHXUWHLOHQ EHUXIOLFKH XQG JHVHOOVFKDIWOLFKH $XIJDEHQ HUIOOHQ ]X N|QQHQ VRZLH EHUJHRUGQHWH SHUV|QOLFKH .RPSHWHQ]HQ ZHLWHU]XHQWZLFNHOQ³ 0DQGO.RSS'YRUDN6I
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
'DV IKUW ± PLW 2VNDU 1HJW JHVSURFKHQ ± ]X HLQHU YHUlQGHUWHQ %HZHUWXQJ YRQ ]ZHL JUXQGOHJHQGHQ .DWHJRULHQ QlPOLFK ÄYRQ $UEHLW XQG /HUQHQ³ :lKUHQG $UEHLW VLFK DXI GLH ÄlXHUH 'LQJ XQG 2EMHNWZHOW³ ULFKWHW ULFKWHW VLFK /HUQHQ ÄQDFKLQQHQDXIGLH$UWXQG:HLVHZLHGLH%LQQHQDXVVWDWWXQJGHU6XEMHNWHVLFK YROO]LHKW³1HJW6 'LHVHGRSSHOWH%H]XJQDKPHZLUGLQHLQHUGHPR NUDWLVFKHQ*HVHOOVFKDIW]XHLQHUH[LVWHQ]LHOOHQ1RWZHQGLJNHLWXPÄ]XEHJUHLIHQ ZDKU]XQHKPHQ >ZDV VLFK LQ GHU :HOW YHUlQGHUW KDW@ ZDV GDYRQ GHQ HLJHQHQ /HEHQV]XVDPPHQKDQJ EHUKUW³ 1HJW 6 I %LOGXQJ XQG /HUQHQ VLQG XQDEGLQJEDUDXIHLQDQGHUYHUZLHVHQÄ(VLVWVDFKOLFKH4XDOLILNDWLRQLP8PJDQJ PLW'LQJHQXQG0HQVFKHQXQGHVLVWJOHLFK]HLWLJ2ULHQWLHUXQJ³1HJW6 'LHVHEHLGHQ$VSHNWHPQGHQLQHLQH)UDJHYRQGHUGLH,QVWLWXWLRQHQYRQ %LOGXQJ XQG /HUQHQ EHWURIIHQ VLQG QlPOLFK :DV VROO JHOHUQW ZHUGHQ XQG ZLH VROO JHOHUQW ZHUGHQ" (V KDQGHOW VLFK GDEHL XP XQWHUVFKLHGOLFKH LQGLYLGXHOOH 6XFKEHZHJXQJHQ GLH GLH HLQ]HOQHQ 3HUVRQHQ LP =XJH LKUHU %LOGXQJVSUR]HVVH YROO]LHKHQ ,Q GLHVHP (UIDKUXQJV XQG (UNXQGXQJVSUR]HVV VLQG ]ZHL ]HQWUDOH 0HUNPDOH EHGHXWHQG QlPOLFK Ä2ULHQWLHUXQJ XQG .RPSHWHQ]³ 1HJW 6 0LW 2ULHQWLHUXQJ LVW DXI GLH =LHOSHUVSHNWLYH /HEHQVRULHQWLHUXQJ YHUZLHVHQ XQGPLW.RPSHWHQ]LVWHLQZHLWHUIKUHQGHV=LHOLQGHU%LOGXQJVDUEHLWEHQDQQW %LOGXQJVSROLWLN )RUWXQG:HLWHUELOGXQJZHUGHQLQ=XNXQIWQRFKZLFKWLJHUZHUGHQ'LHVHUIRU GHUW HLQHQ Ä8PVWUXNWXULHUXQJVSUR]HVV GHU %LOGXQJ³ LQ GHP ÄGLH Ã:HLWHU XQG 8POHUQTXDOLWlWHQ¶ PLW QHXHQ )RUPHQ GHU ,GHQWLWlWVELOGXQJ E]Z QHXHQ :DKU QHKPXQJHQYRQ6XEMHNWLYLWlW]XYHUELQGHQ³'LHFNPDQQ6 VLQG'LHV KDW ]XU )ROJH GDVV %LOGXQJ VLFK QLFKW PHKU QXU DXI :LVVHQVHUZHUE XQG HUZHLWHUXQJNRQ]HQWULHUHQNDQQYLHOPHKUJHKWHVXPJDQ]KHLWOLFKH%LOGXQJVSUR ]HVVH'LHJHJHQZlUWLJHQ9HUlQGHUXQJHQGHU/HEHQVXQG$UEHLWVZHOWEHQ|WLJHQ GLHJHVDPWH$XIPHUNVDPNHLWGHU0HQVFKHQKHXWHXQGDXFKHLQ/HUQHQEHUGLH JHVDPWH/HEHQVVSDQQHKLQZHJ :HUGHQ%LOGXQJVLQVWLWXWLRQHQDXVVFKOLHOLFKEHWULHEVZLUWVFKDIWOLFKJHVWDOWHW XQG RUJDQLVLHUW VR EHVWHKW GLH *HIDKU GDVV JHUDGH HLQH JDQ]KHLWOLFKH %LOGXQJ QLFKWVWDWWILQGHQNDQQ1DFKEHWULHEVZLUWVFKDIWOLFKHQ5HJHOQLP%LOGXQJVEHUHLFK YRU]XJHKHQEHGHXWHWGHQ0HQVFKHQDOVDQSDVVXQJVIlKLJXQGDOOVHLWVYHUIJEDU ZDKU]XQHKPHQ Ä(LQ 6WDDW GHU VLFK ]XP +DQGODQJHU EHWULHEVZLUWVFKDIWOLFKHU ,QWHUHVVHQ PDFKW XQG ,QVWLWXWLRQHQ I|UGHUW GLH GHQ 0HQVFKHQ DXI $XHQVWHXHUXQJ SURJUDPPLHUHQ ULVNLHUWVHLQHGHPRNUDWLVFKH/HJLWLPDWLRQ³1HJW6I
$XIJDEHQXQG=LHOH
'LHVHP 5LVLNR]XHQWJHKHQEHGHXWHWDQHLQHUJHUHFKWHQ *HVHOOVFKDIW]XDUEHL WHQ ,Q GLHVHP =XVDPPHQKDQJ YHUZHLVW 5XGROI (JJHU 6 II DXI GLH $XVIKUXQJHQ YRQ :DNHILHOG GHU GDUVWHOOW ZDV DXV GHVVHQ 6LFKW ]XU 6FKDIIXQJ HLQHU JHVHOOVFKDIWOLFKHQ 9HUWHLOXQJVJHUHFKWLJNHLW ± XQG GDPLW DOV ÄJHVHOOVFKDIWOLFKHV *UXQGJXW³ QRWZHQGLJ LVW 'LHV VLQG 6HOEVWDFKWXQJ VHOI UHVSHFW 6HOEVWZHUWJHIKO VHOIHVWHHP 6HOEVWYHUWUDXHQ VHOIFRQILGHQFH XQG LQQHUH 6HOEVWRUJDQLVDWLRQ VHOIRUJDQL]DWLRQ VHOIFRQWURO VHOIGLVFLSOLQH YJO :DNHILHOG ]LWQ (JJHU 6 I )U GHQ %LOGXQJVGLVNXUV IROJW GDU DXV ÄGDVV HV LQ GHQ GXUFK %LOGXQJ EHHLQIOXVVWHQ %HUHLFKHQ GHU 3HUV|QOLFKNHLWVHQW ZLFNOXQJDEHUDXFKLQGHQ$OORNDWLRQVSUR]HVVHQLPPHUDXFKGDUXPJHKWGLHKLHU KHUUVFKHQGHQ'LIIHUHQ]HQVR]LDO]XKLQWHUIUDJHQ³(JJHU6
'LHVH$VSHNWHVFKHLQHQPLUIUGLH'LVNXVVLRQXPHLQHQHXH/HUQNXOWXUEHVRQ GHUV LQWHUHVVDQW JHKW HV GRFK GDUXP KHUDXV]XILOWHUQ ZHOFKH )lKLJNHLWHQ XQG 4XDOLILNDWLRQKHXWH0HQVFKHQEUDXFKHQXQGZLHVLHLQLKUHU/HEHQVEHZlOWLJXQJ GDULQXQWHUVWW]WZHUGHQXPLQHLQHUJOREDOLVLHUWHQ*HVHOOVFKDIW]XUHFKW]XNRP PHQ(VVWHOOWVLFKQXQGLH)UDJHLQZHOFKHU$UWXQG:HLVHHLQH/HUQNXOWXUDXI GLHVH$QIRUGHUXQJHQSlGDJRJLVFKUHDJLHUHQNDQQ 3lGDJRJLVFKHU$XIWUDJLQGHUQHXHQ/HUQNXOWXU 0LW %OLFN DXI GLH :DQGOXQJVSUR]HVVH LQ GHU *HVHOOVFKDIW XQG GHQ :DQGHO GHU /HUQNXOWXUHQ NDQQ PLW +HLQULFK 'DXEHU HLQH LQWHUHVVDQWH )UDJH JHVWHOOW ZHUGHQ Ä6ROOHQ ZLU %LOGXQJVSURJUDPPH HQWZLFNHOQ GLH 0HQVFKHQ EHIlKLJHQ LQ HLQHU YRQ LKQHQ QLFKW NRQWUROOLHUWHQ XQG QLFKW NRQWUROOLHUEDUHQ 8P :HOW ]X EHUOHEHQ RGHUVROOHQZLUXQVXPGLH9HUWHLGLJXQJ:LHGHUHUREHUXQJXQG1HXJHVWDOWXQJGHV JUXQGOHJHQGHQ 5HFKWV DXI %LOGXQJ EHPKHQ QlPOLFK VLFK VHOEVW DXI SHUV|QOLFKHU XQGSROLWLVFKHU(EHQHLQHLQHU]HUEUHFKOLFKHQXQGGRFKNUDIWYROOHQ:HLVH]XU:HOW XQG GHQ KHUUVFKHQGHQ 9HUKlOWQLVVHQ JHVWDOWHQG LQ %H]LHKXQJ VHW]HQ"³ 'DXEHU 6
6HLQH$QWZRUWGDUDXIODXWHW Ä:HQQ LFK HLQHUQHXHQ /HUQNXOWXU ODQJIULVWLJ HLQH &KDQFH JHEHGDQQ GHU HLQHU JHPHLQVFKDIWOLFKHQ9HUVWlQGLJXQJGDUEHUZLHZLUOHEHQZROOHQQLFKWGHUZLHZLU XQVHUH LQGLYLGXHOOHQ hEHUOHEHQVFKDQFHQ YHUEHVVHUQ N|QQHQ ± XQG GLHV DXI DOOHQ (EHQHQGHUSHUV|QOLFKHQZLHGHUPLNURXQGPDNURVR]LDOHQ9HUKlOWQLVVH³'DXEHU 6
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
'LH JHJHQZlUWLJHQ .RQ]HSWH HLQHU QHXHQ /HUQNXOWXU EH]LHKHQ VLFK DXI XQWHU VFKLHGOLFKH (EHQHQ (LQH DQGHUH LQWHUHVVDQWH 8QWHUVFKHLGXQJ GHU (EHQHQ WULIIW HWZD :HLQEHUJ LP .RQWH[W YRQ /HUQNXOWXU GLH (EHQH GHV ZHLWHUELO GXQJVSROLWLVFKHQ +DQGHOQV GLH (EHQH GHV LQVWLWXWLRQHOOHQ +DQGHOQV VRZLH GLH (EHQHGHVGLGDNWLVFKPHWKRGLVFKHQ+DQGHOQV.OHEHU6WHLQ EHVFKUHLEHQ YLHU%HUHLFKHGLHLQGHU*HVWDOWXQJHLQHU/HUQNXOWXU]XEHUFNVLFKWLJHQVLQG ÄGHQ%HUHLFKGHULQGLYLGXHOOHQ/HUQNXOWXUGHUJDQ]SHUV|QOLFKHQ/HUQNXO WXUDOVHLQHU+DOWXQJXQGDOVHLQHUOHEHQVODQJHQ$QHLJQXQJ GHQ %HUHLFK GHU SULYDWHQ JUXSSHQRULHQWLHUWHQ /HUQNXOWXU ± HWZD LQ 3HHU *URXSVEHUSULYDWH.RQWDNWNUHLVHXVZ GHQ %HUHLFK GHU SURIHVVLRQHOOHQ /HUQNXOWXU LQ *UXSSHQ ± KLHUPLW LVW HLQ NRQNUHWHV YHUDQVWDOWHWHV /HUQHQ LQ YHUVFKLHGHQHQ (U]LHKXQJVEHUHLFKHQ JH PHLQW±VRZLH GHQ %HUHLFK GHU ÃRIIL]LHOOHQ¶ JHVHOOVFKDIWOLFKHQ XQG LQVWLWXWLRQHOOHQ /HUQ NXOWXU³.OHEHU6WHLQ6I 'LHV KDW DXI MHGHU (EHQH ± EH]LHKW PDQ ÄHLQH 7ULDV DXV /HUQRUW /HUQZHJ XQG /HUQ]LHO³+XIHU6 MHZHLOVDXIHLQDQGHU±JURH$XVZLUNXQJHQDXIGLH 4XDOLWlWYRQ%LOGXQJ$OV/HUQRUWHN|QQHQ]XPHLQHQMHQH2UWHEH]HLFKQHWZHU GHQ LQ GHQHQ RUJDQLVLHUWH %LOGXQJ VWDWWILQGHW XQG ]XP DQGHUHQ VLQG GLHV DXFK /HEHQVRUWH LQ GHQHQ JHOHUQW ZLUG +HXWH VHKHQ ZLU HLQH 3OXUDOLVLHUXQJ GLHVHU /HUQRUWHZHQQHVHWZDGDUXPJHKWDP$UEHLWVSODW]]XOHUQHQRGHUDEHUDXFKLQ GHU $XIZHUWXQJ GHV LQIRUPHOOHQ /HUQHQV 0LW GHP %HJULII /HUQZHJH ZHUGHQ Ä0HWKRGHQ $UEHLWVZHLVHQ 9HUIDKUHQVZHJH 0RGL GHU Ã$QHLJQXQJ¶³ +XIHU 6 EH]HLFKQHW0LWÄ/HUQ]LHO³ZLUGPHKURGHUZHQLJHUH[SOL]LWYRUJH JHEHQ ZDV GLH ,QWHQWLRQ GHU %LOGXQJVDUEHLW XPIDVVW XQG LQ ZHOFKHQ %HUHLFKHQ GLH/HUQHQGHQEHUHLQ0HKUDQ:LVVHQ)lKLJNHLWHQXQG4XDOLILNDWLRQHQYHUI JHQ,QHLQHUOHUQHQGHQ*HVHOOVFKDIWZLUGGHPHQWVSUHFKHQGHLQHOHUQHQGH/HUQ NXOWXUJHIRUGHUWGLHDXI6HOEVWRUJDQLVDWLRQVHW]W'DV,QGLYLGXXP ÄVROO=LHOH1LYHDX,QKDOWH2UJDQLVDWLRQVIRUPHQ=HLWSXQNWHXQG=HLWEHGDUIVHL QHV /HUQHQV EHVWLPPHQ XQG HLJHQYHUDQWZRUWOLFK VWHXHUQ HV VROO VHLQH /HUQLQKDOWH VHOEVWDXVZlKOHQXQG]X/HUQDUUDQJHPHQWV]XVDPPHQIJHQHVVROOGLH/HUQHUIROJH VHOEVWNRQWUROOLHUHQHVVROO]XPÃ8QWHUQHKPHUVHLQHU%LOGXQJ¶ZHUGHQGHUVRZRKO IU GHQ (UZHUE GLH 5HSURGXNWLRQ GLH $NWXDOLVLHUXQJ XQGGLH9HUPDUNWXQJ VHLQHV /HUQHQV9HUDQWZRUWXQJWUlJW³.LUFKK|IHU6
0HLQH)RUVFKXQJVHW]WLQGHU0RGHOOHQWZLFNOXQJH[SOL]LWDXIGHU(EHQHGHVLQVWLWXWLRQHOOHQ+DQ GHOQVDQ
$XIJDEHQXQG=LHOH
.LUFKK|IHUYHUZHLVWVHKUWUHIIHQGLQGLHVHQ=XVDPPHQKDQJDXIGDV.RQ]HSWGHV Ä$UEHLWVNUDIWXQWHUQHKPHUV³ YJO 9R3RQJUDW] (LQH VROFKH /HUQNXOWXU LPSOL]LHUWGDV8QWHURUGQHQGHPDXVVFKOLHOLFKHQ9HUZHUWXQJVLQWHUHVVHGHV,QGL YLGXXPV PDQ N|QQWH DOVR LQ GLHVHU /HVDUW VDJHQ GDV ,QGLYLGXXP ZLUG ]XP /HUQXQWHUQHKPHU'DKLQWHUVWHKWGLH)UDJHQDFKGHU6XEMHNWRULHQWLHUXQJHEHQVR ZLHGLHQDFKGHU9HUZHUWEDUNHLWGHV*HOHUQWHQ'HPJHPlNDQQGHUSlGDJRJL VFKH$XIWUDJDQHLQHQHXH/HUQNXOWXU]XVDPPHQJHIDVVWLQ]ZHL%HUHLFKHDXIJH WHLOWZHUGHQ-HQDFK0HQVFKHQELOGJHKWHVGDEHLHQWZHGHUXPGLH)|UGHUXQJGHU $QSDVVXQJVIlKLJNHLWXQG9HUZHUWEDUNHLWDQDNWXHOOHZLUWVFKDIWOLFKH*HJHEHQKHL WHQRGHUDEHUDXIGHUDQGHUHQ6HLWHXPGLH8QWHUVWW]XQJLQ5LFKWXQJHPDQ]LSD WRULVFKHXQGSROLWLVFKH%LOGXQJGHU,QGLYLGXHQ /HUQHQIUGDV/HEHQhEHUOHJXQJHQ]XU/HEHQVEHZlOWLJXQJ Ä:HQQ%LOGXQJLKUHLQGLYLGXHOOHXQGJHVHOOVFKDIWOLFKH.UDIWHQWZLFNHOQVROOEHGDUIHVDXFKGHU 5FNELQGXQJYRQ/HUQSUR]HVVHQLQGLH/HEHQVZHOWGHU,QGLYLGXHQLQGLHKLHUHQWVWDQGHQHQ 1HW]ZHUNHXQGHEHQDXFKLQVR]LDOHV(QJDJHPHQW³(JJHU6
,Q%LOGXQJVSUR]HVVHQJHKWHVQLFKWQXUXPGLH2ULHQWLHUXQJLQ+LQEOLFNDXIHLQ EHVWLPPWHV %HUXIVELOG XQG GLH 9HUZHUWEDUNHLW DP $UEHLWVPDUNW VRQGHUQ YLHO PHKU DXFK XP GLH (QWZLFNOXQJ GHU 0HQVFKHQ LQ 5LFKWXQJ HLQHU SRVLWLYHQ /H EHQVRULHQWLHUXQJ XQG XP GLH %HIlKLJXQJ ]X HLQHU DOOWlJOLFKHQ ([LVWHQ]EHZlOWL JXQJ 0LW GHQ :RUWHQ YRQ .OHEHU6WHLQ ZlUH DOVR GDPLW HLQH $XVZHLWXQJ YRQ $XVELOGXQJHQDXFKLQ5LFKWXQJ/HEHQVZHOWRULHQWLHUWKHLW±Ä9LWDQLWlW³±JHJHEHQ .OHEHU6WHLQ 6 0LW GHU DQJHVWUHEWHQ JHOXQJHQHQ ([LVWHQ]EHZlOWL JXQJZLUGGLHSlGDJRJLVFKH$XIJDEHZHLWHUJHIDVVWQlPOLFKQLFKWQXU]XTXDOL IL]LHUHQ]XVR]LDOLVLHUHQXDPVRQGHUQ]XHUP|JOLFKHQGDVVGLH(UZDFKVHQHQ OHUQHQ LKUH 6HOEVW XQG :HOWELOGHU LQ GHU %LOGXQJVDUEHLW ]X UHIOHNWLHUHQ ]X EHVWLPPHQ XQG ]X YHUDUEHLWHQ VRGDVV VLH VLFK DOV ]XQHKPHQG NRPSHWHQWHUH VHOEVWVLFKHUHXQGYHUDQWZRUWOLFKH3HUVRQHQHQWZLFNHOQ*HUDGHHLQHDQGHQ6XE MHNWHQRULHQWLHUWH XQGDXIGLHELRJUDILVFKHQ%HGUIQLVVHDEJHVWLPPWH%LOGXQJV DUEHLW OHLVWHW HLQHQ %HLWUDJ ]XU 6WlUNXQJ GHU 3HUVRQHQ LQ LKUHU /HEHQVEHZlOWL JXQJ /HEHQVEHZlOWLJXQJ EH]LHKW VLFK JDQ] NRQNUHW DXI GLH 6FKDIIXQJ XQG (U ZHLWHUXQJ YRQ +DQGOXQJVP|JOLFKNHLWHQ ,QZLHZHLW HLQ 0HQVFK EHU +DQG
9R3RQJUDW] EH]HLFKQHQ GHQ Ä$UEHLWVNUDIWXQWHUQHKPHU³ DOV ÄHLQH HQWJUHQ]WH )RUP GHU $UEHLWVNUDIW³ GLH GUHL ]HQWUDOH 0HUNPDOH XPIDVVW YHUVWlUNWH 6HOEVW.RQWUROOH YRQ $UEHLWVNUDIW HUZHLWHUWH 6HOEVWgNRQRPLVLHUXQJ YRQ $UEHLWVNUDIW VRZLH 6HOEVW5DWLRQDOLVLHUXQJ YRQ $UEHLWVNUDIW XQG/HEHQVIKUXQJYJO9R3RQJUDW]6II
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
OXQJVP|JOLFKNHLWHQXQG&RSLQJVWUDWHJLHQYHUIJW]HLJWVLFKYRUDOOHPLQ.ULVHQ LQ$XVQDKPHVLWXDWLRQHQEHLVSLHOVZHLVHZHQQHUYRP9HUOXVWHLQHV$UEHLWVSODW ]HV EHGURKW LVW ZHQQ HU VLFK LQ HLQHU SV\FKRVR]LDO VFKZLHULJHQ /DJH EHILQGHW ZHQQ HU HUNUDQNW XVZ *HUDGH GDQQ JHKW HV GDUXP MHQH SHUVRQDOHQ XQG DXFK VR]LDOHQ5HVVRXUFHQ]XPRELOLVLHUHQXPGDV/HEHQDXFKLQVROFKHQVFKZLHULJHQ /HEHQVODJHQDOVEHZlOWLJEDU]XHUOHEHQ *UXQGVlW]OLFK LVW ]X IUDJHQ ZLH 0HQVFKHQ KHXWH PLW GHQ KRKHQ JHVHOO VFKDIWOLFKHQ $QIRUGHUXQJHQ XQG GHQ GDPLW YHUEXQGHQHQ LQGLYLGXHOOHQ /HEHQV EHGLQJXQJHQ]XUHFKWNRPPHQ Ä.RQVWUXLHUHQVLHHLQ%LOGGHU/HEHQV :HOWLQGHUVLHVLFKDOVNOHLQHRKQPlFK WLJH XQG DPHLVHQKDIW DJLHUHQGH :HVHQ YHURUWHQ RGHU HLQHV LQ GHP VLH DOV LPPHU NRPSHWHQWHUH 6XEMHNWH +DQGOXQJVVSLHOUlXPH DXVORWHQ HUZHLWHUQ XQG GLH 9HUKlOW QLVVHPLWJHVWDOWHQ"³+RO]EUHFKHU6
0LWGLHVHU)UDJHZLUGGHXWOLFKGDVV%LOGXQJGLHVHGRSSHOWH$XVULFKWXQJEHLQKDO WHWQlPOLFKDXIGHULQGLYLGXHOOHQ(EHQHDQGHU(QWZLFNOXQJYRQ5HVVRXUFHQ]XU /HEHQVRULHQWLHUXQJ ]X DUEHLWHQ DXI GHU JHVHOOVFKDIWOLFKHQ (EHQH LVW GDPLW HLQH *HVDPWOHEHQVRULHQWLHUWKHLWYHUEXQGHQhEHUWUDJHQDOVSlGDJRJLVFKHV3URJUDPP VWHKW GDV .RQ]HSW GHU LQGLYLGXHOOHQ $XWRQRPLH MHQHP GHU JHPHLQVFKDIWOLFKHQ 6ROLGDULWlWJHJHQEHU'DVKHLW%HUFNVLFKWLJXQJXQG6LFKHUXQJGHULQGLYLGX HOOHQ DXWRQRPHQ :QVFKH HLQHU 3HUVRQ XQG JOHLFK]HLWLJ GLH 9HUSIOLFKWXQJ XQG 9HUDQWZRUWXQJ IU GDV *HPHLQZHVHQ 'D DEHU GLH 0LWJOLHGHU GHU *HVHOOVFKDIW KHXWHLPPHU PHKUDXFK9HUDQWZRUWXQJGHP /HEHQVV\VWHP1DWXU XQG(UGHJH JHQEHU KDEHQ EHGHXWHW GLHV HLQH 2ULHQWLHUXQJ DQ GHU *HVDPWKHLW GHVVHQ ZDV XQVLP/HEHQEHJHJQHW'LHVHV.RQ]HSWGHU*HVDPWOHEHQVRULHQWLHUWKHLWYHUZHLVW DXI GLH 9HUVFKUlQNXQJ YRQ ,QGLYLGXDOLWlW *HPHLQVLQQ XQG 6RUJH IU XQVHUHQ 3ODQHWHQ (UGH VRPLW DXI GLH JHVDPWH /HEHQVZHOW GLH XQV XPJLEW 0HQVFKHQ 3IODQ]HQ7LHUH:DVVHU/XIWHWF YJO.OHEHU6WHLQ6 'LHVH.RPSOH [LWlW EHUFNVLFKWLJHQG LVW ]X IUDJHQ ZHOFKH $UW YRQ /HUQNXOWXU (UZDFKVHQH EUDXFKHQXP PLWGHQ3UREOHPHQ $QIRUGHUXQJHQ XQG $QVSUFKHQXQVHUHU*H VHOOVFKDIW VR XPJHKHQ ]X N|QQHQ GDVV VLH DXFK LKU HLJHQHV /HEHQ DQJHPHVVHQ JHVWDOWHQN|QQHQ /HUQIlKLJNHLWXQG:LVVHQVDQHLJQXQJ 1LFKW QXU DXI GHU LQGLYLGXHOOHQ (EHQH VRQGHUQ DXFK LP .RQWH[WJHVDPWJHVHOO VFKDIWOLFKHU 9HUlQGHUXQJHQ VLQG /HUQHQ XQG /HUQIlKLJNHLW KHXWH 6FKOVVHOEHJ ULIIH /HUQIlKLJNHLW VWHOOW HLQH *UXQGYRUDXVVHW]XQJ LQ GHU %LOGXQJVDUEHLW GDU %LOGXQJDOV$OOJHPHLQELOGXQJDXI]XIDVVHQPHLQWDEHUQLFKWGLH%LOGXQJPLWWHOV
$XIJDEHQXQG=LHOH
HLQHVEHVWLPPWHQ)lFKHUNDQRQV VRQGHUQ PLW.ODINL ZLUGDXIHLQH .RQ ]HQWUDWLRQ DXI GLH HSRFKDOW\SLVFKHQ 6FKOVVHOSUREOHPH YHUZLHVHQ QlPOLFK GLH )ULHGHQVIUDJH 8PZHOWSUREOHPH JHVHOOVFKDIWOLFKH XQG JHVFKOHFKWOLFKH 8Q JOHLFKKHLW VR]LDOH XQG SROLWLVFKH 'LVNULPLQLHUXQJ *HIDKUHQ GHU WHFKQLVFKHQ ,QIRUPDWLRQVPHGLHQ3UREOHPHGHU]ZLVFKHQPHQVFKOLFKHQ%H]LHKXQJHQ*HZDOW XQG$JJUHVVLRQVRZLH6XFKWJHIlKUGXQJXD1LPPWPDQQXQLQGLHVHP6LQQHGLH =HQWUDOSUREOHPHGHUPRGHUQHQ:HOWYJO.ODINL6 HUZHLWHUWVLHHWZD XP GLH )LQDQ]NULVH XQG GHQ .OLPDZDQGHO VRZLH GLH )ROJHHUVFKHLQXQJHQ GHU *OREDOLVLHUXQJ VR HUIRUGHUQ P|JOLFKH /|VXQJHQ JUXQGOHJHQGHV :LVVHQ )lKLJ NHLWHQ XQG )HUWLJNHLWHQ VRZLH 4XDOLILNDWLRQHQ XQG .RPSHWHQ]HQ 'LHVH VLQG QRWZHQGLJ XP GHU]HLWLJH HEHQVR ZLH ÄNQIWLJ ]X HUZDUWHQGHQ 3UREOHPH GLHVHU *HVHOOVFKDIW]XEHJUHLIHQXQG/|VXQJVZHJHLQV$XJH]XIDVVHQ³1HJW6 'LH )lKLJNHLWHQ XQG .HQQWQLVVH GLH HLQ ,QGLYLGXXP KHXWH HUODQJHQ PXVV VLQGYLHOIlOWLJGDKHUVWHKHQQHEHQ)DFKZLVVHQ]XQHKPHQG6FKOVVHOTXDOLILNDWL RQHQ XQG YHUVFKLHGHQH VR]LDOH HEHQVR ZLH PHWKRGLVFKH .RPSHWHQ]HQ ]% 6HOEVWRUJDQLVDWLRQYRQ$UEHLWVSUR]HVVHQKRKH3UREOHPO|VHIlKLJNHLW.RPPXQL NDWLRQV XQG 7HDPIlKLJNHLW XDP LP =HQWUXP YRQ (UZDFKVHQHQELOGXQJ 0LW GHP %HJULII Ä6FKOVVHO³ ZLUG GLH %HGHXWXQJ GLHVHU 4XDOLILNDWLRQHQ KHUDXVJH VWULFKHQGLHLQGHU3DVVXQJ]ZLVFKHQGHQ4XDOLWlWHQGHUDXV]XELOGHQGHQ3HUVR QHQ XQG GHQ DP $UEHLWVPDUNW JHIRUGHUWHQ .HQQWQLVVHQ OLHJHQ ZREHL DXI GLH %UDXFKEDUNHLW XQG XQPLWWHOEDUH 8PVHW]XQJ LQ GHQ %HUXIVIHOGHUQ GHU *HVHOO VFKDIWDEJH]LHOW ZLUG%OHLEWPDQQXQLQGLHVHU3URJUDPPDWLNYHUKDIWHWGDVVHV EHLPLQGLYLGXHOOHQ/HUQHQQXUQRFKXPGLH$XVELOGXQJYRQPDUNWWDXJOLFKHQXQG UDVFKYHUZHUWEDUHQ.RPSHWHQ]HQJHKW±ZLHGLHVLP.RQ]HSWGHV/HEHQVODQJHQ /HUQHQV LP 6LQQH GHU 2(&' JHIRUGHUW LVW ± VR WULWW HLQH JDQ]KHLWOLFKH %LOGXQJ ]XQHKPHQG LQ GHQ +LQWHUJUXQG 'HU (LQ]HOQH LVW SHUPDQHQW JHIRUGHUW VLFK DOV ZHUWVFK|SIHQGH$UEHLWVNUDIW]XSRVLWLRQLHUHQZREHLGDUEHUKLQDXV]XQHKPHQG 3RWHQ]LDOH JHIRUGHUW VLQG GLH QLFKW QlKHU GHILQLHUW ZHUGHQ 'LH 6WlUNXQJ GHU (PSOR\DELOLW\VWHKWLP9RUGHUJUXQG Ä'LH)UDJH ZDV0HQVFKHQEUDXFKHQGDPLWVLHVR]LDOXQGLQGLYLGXHOOMHQH)HU WLJNHLWHQ DXVELOGHQ XQG YHUYROONRPPQHQ N|QQHQ GLH LQ HLQHU GHPRNUDWLVFKHQ XQG PHQVFKHQIUHXQGOLFKHQ *HVHOOVFKDIW QRWZHQGLJ VLQG YHUVFKZLQGHQ GDEHL EHLQDKH
'DV .RQ]HSW GHU 6FKOVVHOTXDOLILNDWLRQ ZXUGH YRQ 'LHWHU 0HUWHQV HLQJHIKUW GDUXQWHU ZHUGHQ)lKLJNHLWHQXQG.HQQWQLVVHYHUVWDQGHQGLHDOV6FKOVVHOGLHQHQIUHQWVSUHFKHQGHEHUXIOLFKH $QIRUGHUXQJHQLP%HVFKlIWLJXQJVV\VWHP=HKQ-DKUHVSlWHUVSULFKW0HUWHQVLQGLHVHP=XVDPPHQ KDQJYRPÄ4XDOLILNDWLRQVSDUDGR[³'DPLWPHLQWHUGDVVGLHYRP%HVFKlIWLJXQJVV\VWHPJHIRUGHUWHQ )lKLJNHLWHQXQG)HUWLJNHLWHQ]ZDUYRP%LOGXQJVV\VWHPYHUPLWWHOWZRUGHQVLQGDEHUGLHVHJHVFKDI IHQHQ4XDOLILNDWLRQVSRWHQ]LDOHNRQQWHQGDQQYRP%HVFKlIWLJXQJVV\VWHPQLFKWPHKUJHQXW]WZHUGHQ YJO0HUWHQV6II
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ JlQ]OLFKLP0DFKEDUNHLWVXQG6WHXHUXQJVGLNWDWGLGDNWLVFKDQJHOHLWHWHU/HUQSUR]HV VH³(JJHU6I
'DKHU LVW HV QRWZHQGLJ EHU GLH 6HOEVWEHVWLPPXQJ GHV ,QGLYLGXXPV EHU GLH )RUPHQHPDQ]LSDWRULVFKHU%LOGXQJ XQGGLH(UP|JOLFKXQJ YRQ6XEMHNWZHUGXQJ QDFK]XGHQNHQ $XI GLHVH :HLVH ZHUGHQ 5HIOH[LRQHQ EHU GLH DOOJHPHLQH %LO GXQJDQJHVWHOOWZHLOHVQHEHQGHU)XQNWLRQDOLVLHUXQJGHV,QGLYLGXXPVLQ)RUP VSH]LHOOHU )lKLJNHLWHQ DXFK XP ,GHQWLWlWVELOGXQJ DOV JDQ]KHLWOLFKHQ 3UR]HVV OHEHQVODQJHQ/HUQHQVJHKW8PGLHV]XHUP|JOLFKHQEUDXFKWHVHLQH/HUQNXOWXU ± VR $UQROG6FKOHU ± ÄGLH QLFKW VHOEVW GHWHUPLQLHUW ZDV VLH HUP|JOL FKHQVROO³$UQROG6FKOHU6,; 'DKHUNDQQPHLQHU$QVLFKWQDFKKLHU DXI GDV H[HPSODULVFKH /HUQHQ XQG GLH NDWHJRULDOH %LOGXQJ YJO .ODINL YHUZLHVHQ ZHUGHQ LQ GHU HV XP GLH $QHLJQXQJ GHU DOOJHPHLQHQ 6WUXNWXUHQ LP 3UR]HVVGHV6LFK%LOGHQVJHKW:DVEHGHXWHWGDV"'LHVHDOOJHPHLQHQ6WUXNWXUHQ HUZHUEHQ(UZDFKVHQHLQNRQNUHWHQ/HUQSUR]HVVHQPLW+LOIHHLQ]HOQHU)DFKLQKDO WHRGHU*HJHQVWlQGHLQEHLVSLHOKDIWHU)RUP Ä%LOGHQGHV /HUQHQ GDV GLH 6HOEVWlQGLJNHLW GHV /HUQHQV I|UGHUW DOVR ]X ZHLWHU ZLUNHQGHQ(UNHQQWQLVVHQ)lKLJNHLWHQ(LQVWHOOXQJHQIKUW ZLUGQLFKWGXUFKUH SURGXNWLYH hEHUQDKPH P|JOLFKVW YLHOHU (LQ]HOHUNHQQWQLVVH IlKLJNHLWHQ XQG IHUWLJNHLWHQJHZRQQHQVRQGHUQGDGXUFKGDVLFKGHU/HUQHQGHDQHLQHUEHJUHQ]WHQ =DKOYRQDXVJHZlKOWHQ%HLVSLHOHQ DNWLYDOOJHPHLQHJHQDXHUPHKURGHUPLQGHU ZHLWUHLFKHQG YHUDOOJHPHLQHUEDUH .HQQWQLVVH )lKLJNHLWHQ (LQVWHOOXQJHQ HUDUEHLWHW ³.ODINL6I
'LHVH)RUPGHUOHUQHQGHQ$QHLJQXQJJHZLQQWJHUDGHYRUGHP+LQWHUJUXQGGHU )|UGHUXQJ GHU 6HOEVWWlWLJNHLW XQG 6HOEVWRUJDQLVDWLRQ DQ %HGHXWXQJ 'LH GDPLW YHUEXQGHQHQ)RUGHUXQJHQQDFK6HOEVWEHVWLPPXQJ.UHDWLYLWlW)OH[LELOLWlWJUQ GHQ OHW]WOLFK JHQDX DXI GLHVHQ DOOJHPHLQHQ (LQVLFKWHQ XQG (UNHQQWQLVVHQ GLH EHLPH[HPSODULVFKHQ/HUQHQJHZRQQHQZHUGHQ 9RU GLHVHP +LQWHUJUXQG VWHOOW VLFK GLH $QVFKOXVVIUDJH ZLH %LOGXQJVNRQ ]HSWHLQHLQHUQHXHQ/HUQNXOWXUDXVVHKHQN|QQHQXPGHQ%HGUIQLVVHQGHU(U ZDFKVHQHQHLQLJHUPDHQJHUHFKW]XZHUGHQ,PHLJHQWOLFKHQ6LQQHGHVH[HPSOD ULVFKHQ /HUQHQV LVW GDYRQ DXV]XJHKHQ GDVV (UZDFKVHQH EHLVSLHOVZHLVH LQGHP VLH:LVVHQ YHUPLWWHOQVLFKDP%LOGXQJVZHUWGHV]XYHUPLWWHOQGHQ)DFKZLVVHQV RULHQWLHUHQ6LH ZHUGHQVRLQ GLH/DJHYHUVHW]WVRJHQDQQWH)XQGDPHQWDOHUIDK UXQJHQEHVRQGHUHU$UW]XPDFKHQÄ'LH)XQGDPHQWDOHUIDKUXQJHQ±PDQNDQQVLH LP µ%LOGXQJVVLQQ¶ ]XP $XVGUXFN EULQJHQ ± NRQVWLWXLHUHQ XQG OHJLWLPLHUHQ
'HU (UZHUE DOOJHPHLQHU 6WUXNWXUHQ EH]LHKW VLFK EHLVSLHOVZHLVH DXI JUXQGOHJHQGH PDWKHPDWLVFKH 2SHUDWLRQHQ ZLH MHQH GHU 6XEWUDNWLRQ RGHU $GGLWLRQ LP 6R]LDOHQ HWZD GXUFK GHPRNUDWLVFKH (QW VFKHLGXQJVSUR]HVVHLQGHU3K\VLNGXUFKGLH)DOOJHVHW]HLP6SRUWGXUFKGLH%HZHJXQJVOHKUHHWF
$XIJDEHQXQG=LHOH
HLQHQP|JOLFKHQ/HUQEHUHLFK« ³6HHO6I ,QWHUHVVDQWHUVFKHLQWLQ GLHVHP =XVDPPHQKDQJ GDVV )XQGDPHQWDOHUIDKUXQJHQ QLFKW DOV :LVVHQVHUJHE QLVVHDEIUDJEDUVLQG'LH%LOGXQJVZLUNVDPNHLWHLQHV)DFKLQKDOWHVEHVWHKWLQGHP %HLWUDJ GHQ HV ]XP $XIEDX GHV Ä9HUDQWZRUWXQJVKRUL]RQWV HUEULQJW LQQHUKDOE GHVVHQGHU0HQVFK]XOHEHQ]XHQWVFKHLGHQXQG]XKDQGHOQKDW³6HHO6 'DULQ]HLJWVLFKGDVVHLQVROLGHV:LVVHQVIXQGDPHQWQLFKWGXUFKLQKDOWOLFKH 9HUELQGOLFKNHLWHQ HQWVWHKW (LQH 9HUELQGOLFKNHLW GHILQLHUW VLFK GDGXUFK GDVV SHUV|QOLFK EHGHXWVDPH (UIDKUXQJHQ HUP|JOLFKW ZHUGHQ GLH HLQHQ .RPSHWHQ] HUZHUE ]XODVVHQ XQG HLQHQ %HLWUDJ ]XU /HEHQVEHZlOWLJXQJ OHLVWHQ :HQQ %LO GXQJVEHPKXQJHQ QDFK 3HUIHNWLRQ XQG $QSDVVXQJ GUlQJHQ GDQQ ZLUG JOHLFK ]HLWLJGHULQGLYLGXHOOH(LJHQVLQQYHUGUlQJWGLH6XFKEHZHJXQJGLH%HUHLWVFKDIW )HKOHU ]X PDFKHQ XQG DXFK GHU 6LQQ IU .RRSHUDWLRQ XQG 3DUWL]LSDWLRQ JHKHQ YHUORUHQ:HQQHVLQGHU%LOGXQJDEHUDXFKXPGHQVHOEVWUHIOH[LYHQ8PJDQJPLW GHQ0|JOLFKNHLWHQXQG*UHQ]HQGHV(UNHQQHQVLQGHUMHZHLOVNRQNUHWHQ/HEHQV VLWXDWLRQJHKWGDQQLVW±GHQQHROLEHUDOHQ7UHQGVWURW]HQG±YHUVWlUNWGDQDFK]X IUDJHQ ZHOFKH )RUPHQ GHU $QHLJQXQJ YRQ :HOW KLHU YRUKHUUVFKHQ XQG ZHOFKH 3HUVSHNWLYHQXQGOHEHQVQDKHQ5HIOH[LRQVXQG.RPPXQLNDWLRQVUlXPHGHQ/HU QHQGHQ]XJlQJOLFKJHPDFKWZHUGHQN|QQHQ .RPSHWHQ]DOV*HJHQIROLH]X4XDOLILNDWLRQ ,Q$QEHWUDFKWVLFKSHUPDQHQWYROO]LHKHQGHUNXOWXUHOOHU9HUlQGHUXQJVXQG0R GHUQLVLHUXQJVSUR]HVVHVWHOOWVLFKGLH)UDJHQDFKGHQ4XDOLILNDWLRQVDQIRUGHUXQJHQ LPPHU ZLHGHU QHX XQG IKUW JHJHQZlUWLJ ]X ]HQWUDOHQ .RPSHWHQ]EHUHLFKHQ 'LHVHHQWVWHKHQDXVGHP=XVDPPHQVSLHOYRQNXOWXUJHVFKLFKWOLFKHQ7UDGLWLRQHQ XQG DNWXHOOHQ JHVHOOVFKDIWOLFKHQ %HGUIQLVVHQ :lKUHQG GLH $XVELOGXQJ YRQ 4XDOLILNDWLRQHQLQGHQHU-DKUHQPLWGHP%HJULIIGHU6FKOVVHOTXDOLILNDWLR QHQHLQHQYRUOlXILJHQ+|KHSXQNWHUODQJWHVWHKHQZLUKHXWHYRUHLQHU)OOHYRQ .RPSHWHQ]DQIRUGHUXQJHQ LQ %H]XJ DXI GLH :LUNXQJ YRQ LQVWLWXWLRQDOLVLHUWHU %LOGXQJ,QGLHVHP'LVNXUVLVWJOHLFK]HLWLJHLQH'LDOHNWLNGHU$XIXQG$EZHU WXQJYRQ%LOGXQJ]XHUNHQQHQ(LQHUVHLWVHUIDKUHQZLUHLQH$EZHUWXQJYRQ:LV VHQDXIJUXQGGHVVHQGDVV:LVVHQKHXWHVFKQHOOYHUDOWHWXQGDQGHUHUVHLWVHUNHQ QHQ ZLU HLQH $XIZHUWXQJ YRQ %LOGXQJ ]% (UK|KXQJ GHV $NDGHPLNHUDQWHLOV HLQHU*HVHOOVFKDIW ZHLOGLHVHDOVDXHURUGHQWOLFKH5HVVRXUFHIUJHVHOOVFKDIWOL FKH :HLWHUHQWZLFNOXQJHQ HLQJHVFKlW]W ZLUG 'LH 4XDOLILNDWLRQHQIU]XNQIWLJH %HUXIHVWHKHQGDEHLLP9RUGHUJUXQG$EHUDXFK)lKLJNHLWHQLP6LQQHQLFKWIDFK OLFKHU$QIRUGHUXQJHQVLQG]HQWUDOGLHVHUHLFKHQYRQ6HOEVWPDQDJHPHQW6HOEVW PRWLYLHUXQJ .UHDWLYLWlW 6ROLGDULWlW EHU %LRJUDILHNRPSHWHQ] 6LQQILQGXQJ ELV KLQ]X/HUQIlKLJNHLWV\VWHPLVFKHP'HQNHQXQG,GHQWLWlWVDUEHLW6FKOVVHOTXDOL
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
ILNDWLRQHQ ZHUGHQ HLQJHWHLOW LQ GLH .DWHJRULHQ 6DFK 6HOEVW XQG6R]LDONRPSH WHQ]XQGWUDJHQGD]XEHLGDVVVLFKWURW]KRKHU$QIRUGHUXQJHQHLQH+DOWXQJHQW ZLFNHOW GLH HV GHQ ,QGLYLGXHQ HUODXEW LKUH /HUQIlKLJNHLW HEHQVR ZLH LKU :LV VHQVUHSHUWRLUHEHVWlQGLJHUZHLWHUQ]XN|QQHQYJO+HXHU6I *HJHQZlUWLJZLUGDOOHUGLQJVGDV9HUPLWWHOQYRQVRJHQDQQWHQEHGDUIVRULHQ WLHUWHQ 4XDOLILNDWLRQHQ YJO %HFN 6 ]XQHKPHQG LQ )UDJH JHVWHOOW :DUXP"$XIJUXQGGHUUDVFKHQ9HUlQGHUXQJHQLQGHU$UEHLWVZHOWXQGGHUGDPLW LQ =XVDPPHQKDQJ VLFK lQGHUQGHQ %HUXIVELOGHU NDQQ HLQH HQJH VSH]LDOLVLHUWH XQGIDFKRULHQWLHUWH$XVELOGXQJLQGHQ+LQWHUJUXQGWUHWHQ,P*HJHQ]XJGD]XLVW GDYRQ DXV]XJHKHQ GDVV 0HQVFKHQ LQ LKUHQ (UVWDXVELOGXQJHQ UHODWLY EUHLW PLW XPIDVVHQGHQ %DVLVNRPSHWHQ]HQ DXVJHELOGHW ZHUGHQ VRGDVV VLH LP %HGDUIVIDOO EHU DXVUHLFKHQG .QRZKRZ YHUIJHQ XP VLFK LQ UHODWLY NXU]HU =HLW DQGHUH VSH]LHOOQRWZHQGLJH.RPSHWHQ]HQDQHLJQHQ]XN|QQHQ%LOGXQJKDWMHQH]XNQI WLJ QRWZHQGLJ ZHUGHQGHQ 6FKOVVHOTXDOLILNDWLRQHQ HLQHUVHLWV ]X HUPLWWHOQ XQG DQGHUHUVHLWV GLHVH EHU EORHV )DNWHQZLVVHQ KLQDXVJHKHQGHQ 4XDOLILNDWLRQHQ DXFK ]X YHUPLWWHOQ 'LHVH 4XDOLILNDWLRQHQ VLQG EHLVSLHOVZHLVH VHOEVWVWlQGLJHV $UEHLWHQ (QWVFKHLGXQJVIlKLJNHLW .RQWDNWIlKLJNHLW 9HUDQWZRUWXQJVJHIKO HEHQVRZLHGLH)lKLJNHLWYHUQHW]W]XGHQNHQ'LHVH]XHUZHUEHQEHGHXWHWDQGHU Ä6HOEVW(UQHXHUXQJVIlKLJNHLW GHU ,QGLYLGXHQ³ HEHQVR ZLH DQ GHU (QWZLFNOXQJ ÄGHU*HVHOOVFKDIW³]XDUEHLWHQ%HFN6 'LHVLVWDXFKIUGLH9HUVWHK EDUNHLWYRQ:HOWLP/HEHQVNRQ]HSWGHU,QGLYLGXHQEHGHXWVDP +HXWH ZLUG GDV .RQ]HSW GHU 6FKOVVHOTXDOLILNDWLRQHQ DEJHO|VW GXUFK GDV .RQ]HSWGHU.RPSHWHQ]HQWZLFNOXQJ(V]HLJWVLFKQlPOLFKGDVVGLH%HVFKlIWLJ WHQ ÄLQ 7HFKQRORJLH XQG 1DWXUZLVVHQVFKDIWHQ ZLH DXFK LQ DQGHUHQ DYDQFLHUWHQ %HUHLFKHQ GHU 3URGXNWLRQ LP 6FKQLWW DOOH DFKW ELV ]Z|OI -DKUH JDQ] QHXH )lKLJNHLWHQ HUOHUQHQ³ 6HQQHWW 6 PVVHQ 0LW GHQ EHUHLWV VNL]]LHUWHQ (QWZLFNOXQJHQHLQKHUJHKWDOVRHLQ ÄhEHUJDQJ YRQ HLQHU 4XDOLILNDWLRQVEHWUDFKWXQJ ]X HLQHU G\QDPLVFKHQ %HWUDFK WXQJVZHLVH YRQ .RPSHWHQ]HQ GD 4XDOLILNDWLRQHQ DXI =XVWlQGH KLQ RULHQWLHUW VLQG XQG .RPSHWHQ]HQ GHU %HZlOWLJXQJ YRQ 9HUlQGHUXQJHQ GLHQHQ³ 6DXHU 6 ]LWQ6FKOHU7KXUQHV6
'LH .RQ]HSWH ]XU .RPSHWHQ]HQWZLFNOXQJ EH]LHKHQ VLFK DXI GLH +HUDXVELOGXQJ YRQ )lKLJNHLWHQ LP 'HQNHQ XQG +DQGHOQ XQG HUVWUHFNHQ VLFK DXI GLH JHVDPWH /HEHQVSKDVHHLQHU3HUVRQ$OV%HLVSLHOVHLKLHUGDV.RPSHWHQ]NRQ]HSWYRQ-RKQ (USHQEHFNHUZlKQWZHOFKHV]XVDPPHQPLWDQGHUHQ$XWRUHQHQWZLFNHOWZRUGHQ LVW (V EH]HLFKQHW .RPSHWHQ]HQ DOV Ä6HOEVWRUJDQLVDWLRQVGLVSRVLWLRQHQ DOVR DOV $QODJHQ %HUHLWVFKDIWHQ )lKLJNHLWHQ VHOEVWRUJDQLVLHUW XQG NUHDWLY ]X KDQGHOQ XQG PLW XQVFKDUIHQ RGHU IHKOHQGHQ =LHOYRUVWHOOXQJHQ XQG 8QEHVWLPPWKHLW XP ]XJHKHQ« ³+H\VH(USHQEHFN0LFKO6]LWQ6FKPLGW6
$XIJDEHQXQG=LHOH
'DPLW VLQG SHUVRQDOH .RPSHWHQ]HQ $NWLYLWlWV XQG +DQGOXQJVNRPSHWHQ ]HQ VRZLH )DFK XQG 0HWKRGHQNRPSHWHQ] DEHU DXFK VR]LDONRPPXQLNDWLYH .RPSHWHQ]HQ DQJHVSURFKHQ 'LH (QWZLFNOXQJ DOOHU GLHVHU .RPSHWHQ]HQ VWHOOW GHPJHPl]XQHKPHQGHLQHQ.HUQDVSHNWLQGHU(UZDFKVHQHQELOGXQJGDUJOHLFK ]HLWLJIKUWGDV9HUDOWHQYRQ4XDOLILNDWLRQHQ]XP3KlQRPHQGHU1XW]ORVLJNHLW IUYLHOH0HQVFKHQ0LWGHP%HJULIIGHU3HUIRUPDQ]ZLUGLQZHLWHUHU)ROJHGLH 5HDOLVLHUXQJXQG$QZHQGXQJGHU.RPSHWHQ]HQEH]HLFKQHWYJO6FKPLGW 6I *HUDGH DP .RPSHWHQ]EHJULII OlVVW VLFK GHU JHVHOOVFKDIWOLFKH .RQQH[ EHR EDFKWHQ LQGHP QlPOLFK GLH 9HUl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lQGQLVYRQ%LOGXQJDOV(QWIDOWXQJGHU,QGLYLGXDOLWlW ILQGHWKLHUHLQH(QWVSUHFKXQJ$XVGLHVHP*UXQGVFKHLQWHVEHLGHU(QWZLFNOXQJ HLQHUQHXHQ/HUQNXOWXUVLQQYROOHLQHGRSSHOWH%H]XJQDKPHHLQ]XQHKPHQQlP OLFK 0HFKDQLVPHQ ]X VFKDIIHQ GLH .RPSHWHQ]HUZHUE XQG .RPSHWHQ]HQWZLFN OXQJHUP|JOLFKHQXQGJOHLFKHUPDHQDQGHU4XDOLILNDWLRQGHU(UZDFKVHQHQDOV JHVHOOVFKDIWOLFKH5HVVRXUFH]XDUEHLWHQ $XVELOGXQJYRQ.RPSHWHQ]HQ 'LH $XIJDEHQHLQHU/HUQNXOWXURULHQWLHUHQ VLFKDXFKDQ JHVHOOVFKDIWOLFKHQ9HU lQGHUXQJHQGLHLP%HUHLFKGHUgNRORJLH3ROLWLNXQGDQGHUHUJHVHOOVFKDIWOLFKHU *UXQGSIHLOHU OLHJHQ 'LHV VHW]W $QVSUFKH DQ .RPSHWHQ]HQWZLFNOXQJ LQ HLQHU /HUQNXOWXU GLH IU HLQH /HEHQVRULHQWLHUXQJ YRQ ]HQWUDOHU %HGHXWXQJ VLQG ,P
'DV Ä*HVSHQVW GHU 1XW]ORVLJNHLW³ EHVFKUHLEW 6HQQHWW VHKU HLQGUFNOLFK DOV HLQH ]HQWUDOH +HUDXVIRUGHUXQJIUGHQ6R]LDOVWDDWKHXWH 6R EHVFKlIWLJW VLFK DXFK GLH 2(&' PLW GHP IRUPHOOHQ .RPSHWHQ]EHJULII Ä(LQH .RPSHWHQ] LVW PHKUDOVQXU:LVVHQXQGNRJQLWLYH)lKLJNHLWHQ(VJHKWXPGLH)lKLJNHLWGHU%HZlOWLJXQJNRPSOH [HU $QIRUGHUXQJHQLQGHPLQHLQHPEHVWLPPWHQ.RQWH[WSV\FKRVR]LDOH 5HVVRXUFHQHLQVFKOLHOLFK NRJQLWLYH)lKLJNHLWHQ(LQVWHOOXQJHQXQG9HUKDOWHQVZHLVHQ KHUDQJH]RJHQXQGHLQJHVHW]WZHUGHQ6R LVW EHLVSLHOVZHLVH GLH .RPPXQLNDWLRQVIlKLJNHLW HLQH .RPSHWHQ] GLH VLFK DXI 6SUDFKNHQQWQLVVH SUDNWLVFKH ,7)lKLJNHLWHQ HLQHU 3HUVRQ XQG GHUHQ (LQVWHOOXQJHQ JHJHQEHU GHP .RPPXQLNDWLRQV SDUWQHUDEVWW]HQNDQQ³2(&'6
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
)ROJHQGHQ ZHUGHQ GLHVH DQKDQG YRQ HLQLJHQ %HLVSLHOHQ ,GHQWLWlWVNRPSHWHQ] 9HUQHW]XQJVNRPSHWHQ] *HUHFKWLJNHLWVNRPSHWHQ] WHFKQRORJLVFKH .RPSHWHQ] |NRORJLVFKH .RPSHWHQ] LQWHUNXOWXUHOOH .RPSHWHQ] VNL]]LHUW $OOH ]XVDPPHQ JHQRPPHQ YHUZHLVHQ DXI GHQ (UZHUE YRQ *HVWDOWXQJVNRPSHWHQ] DOV PXOWLGL PHQVLRQDOHQ XQG EHUJHRUGQHWHQ%LOGXQJVUDKPHQGHULPSOL]LHUWVLFKGLH:HOW DQ]XHLJQHQXQGVLHDNWLYPLW]XJHVWDOWHQ ,GHQWLWlWVNRPSHWHQ] 'LHKHXWLJH*HVHOOVFKDIWLVWNHLQHZRKOJHRUGQHWHYRUKHUVDJEDUHPHKUYLHOPHKU VWHOOWVLHVLFKGHP6XEMHNWDOVÄHLQH]ZHLWH5HDOLWlW³1HJW6 GDUGLH GXUFK =HUIDOOVHUVFKHLQXQJHQ 'HVLQWHJUDWLRQVSUR]HVVH 8QVLFKHUKHLWHQ KRKH $UEHLWVORVHQUDWHQVWHLJHQGH9HUDUPXQJ]XQHKPHQGH1RWZHQGLJNHLWSV\FKLDWUL VFKHU %HWUHXXQJ XYD JHNHQQ]HLFKQHW LVW 7UDGLWLRQHOOH ,GHQWLWlWVPXVWHU XQG GDPLW 2ULHQWLHUXQJVKLOIHQ XQG 6WDELOLWlW YHUVSUHFKHQGH 0XVWHU WUHWHQ ]XUFN RGHUIHKOHQJlQ]OLFK Ä'LH.RPSHWHQ]HLQHUDXIJHNOlUWHQ8PJDQJVZHLVHPLWEHGURKWHUXQGJHEURFKH QHU,GHQWLWlWJHK|UWGDKHU]XGHQ*UXQGDXVVWDWWXQJHQGHU/HUQSUR]HVVHGLHDXIGLH =XNXQIWJHULFKWHWVLQG³1HJW6
0LW DQGHUHQ :RUWHQ 6XEMHNWH PDFKHQ LQ HLQHU NULVHQKDIWHQ 5HDOLWlW (UIDKUXQ JHQ ZHOFKH GLH .RKlUHQ] LKUHU ,GHQWLWlW KHUDXVIRUGHUQ XQG VLH VLQG DXIJHIRU GHUW XQDEOlVVLJ IU VLFK VHOEVW HLQH LQQHUH .RKlUHQ] ZLHGHUKHU]XVWHOOHQ 'DEHL HUIRUGHUW HV KRKH $QVWUHQJXQJHQ XQG HLQHQ SHUV|QOLFKHQ (LQVDW] GLH HLJHQH ,GHQWLWlWLQGHQ=ZLVFKHQUlXPHQ]XILQGHQXQG]XHQWZLFNHOQ*HUDGHGLH7DWVD FKH GDVV 0HQVFKHQ KHXWH LPPHU ZLHGHU DXV LKUHQ /HEHQV]XVDPPHQKlQJHQ JHULVVHQ ZHUGHQ VHL GLHV QXQ EHLVSLHOVZHLVH LKUHQ $UEHLWVSODW] ZHFKVHOQ ]X PVVHQYHUVFKLHGHQHSDUWQHUVFKDIWOLFKH%H]LHKXQJHQ]XOHEHQHLQ:HFKVHOYRQ :RKQRUWHQRGHUGDV9HUODVVHQYRQ+HLPDW±GLHVDOOHVHUIRUGHUWDOOWlJOLFKH,GHQ WLWlWVDUEHLWXQGHLQHÄDNWLYH3DVVXQJVOHLVWXQJGHV6XEMHNWHV³.HXSSHWDO 6 ,QGLHVHP6WURPGHUHLJHQHQ(UOHEQLVVHXQG(UIDKUXQJHQYHUNQSIHQZLU 9HUJDQJHQHV PLW*HJHQZlUWLJHP XQG=XNQIWLJHPOHUQHQGLH/HEHQVDXIJDEHQ KDQGHOQG]XEHZlOWLJHQ XQGNRQVWUXLHUHQLQGLHVHPVXEMHNWLYHQXQGVR]LDOHLQ JHEHWWHWHQ 3UR]HVV XQVHUH ,GHQWLWlW :HQQ GLH $UW XQG :HLVH ZLH .RKlUHQ] LQQHUKDOE GHU ,GHQWLWlWVNRQVWUXNWLRQ KHUJHVWHOOW ZLUG LQV =HQWUXP GHU %HWUDFK
$XVIKUOLFK]XP(UZHUEYRQ*HVWDOWXQJVNRPSHWHQ]DOV%LOGXQJV]LHOVLHKHEHLGH+DDQ+DJHQEHUJ )U1HJWVWHOOWGLHVGLHDQGHUHQHJDWLYH6HLWHGHUÄ)OH[LELOLWlWGLH]XP=DXEHUZRUWIU.ULVHQO| VXQJHQJHZRUGHQLVW³1HJW6 GDU
$XIJDEHQXQG=LHOH
WXQJUFNWGDQQJHODQJWPDQ]XP.RQ]HSWGHUQDUUDWLYHQ,GHQWLWlWYJO.HXSS HWDO6 XQGGDPLW]XUKLVWRULVFKHQ.RPSHWHQ] +LVWRULVFKH.RPSHWHQ] 'DVV.RKlUHQ]EHU*HVFKLFKWHQKHUJHVWHOOWZLUG]HLJWQDFKIROJHQGHV=LWDW Ä(U]lKOXQJHQ XQG *HVFKLFKWHQ ZDUHQ XQG EOHLEHQ GLH HLQ]LJDUWLJH PHQVFKOLFKH )RUPGDVHLJHQH/HEHQ]XRUGQHQ]XEHDUEHLWHQXQG]XEHJUHLIHQ(UVWLQHLQHU*H VFKLFKWHLQHLQHUJHRUGQHWHQ6HTXHQ]YRQ(UHLJQLVVHQXQGGHUHQ,QWHUSUHWDWLRQJH ZLQQW GDV &KDRV YRQ (LQGUFNHQ XQG (UIDKUXQJHQ GHP MHGHU 0HQVFK WlJOLFK XQ WHUZRUIHQ LVW HLQH JHZLVVH 6WUXNWXU YLHOOHLFKW VRJDU HLQHQ 6LQQ³ (UQVW 6
'DV ULFKWHW GHQ %OLFN DXI GLH %HGHXWVDPNHLW LP 5DKPHQ GHU ,GHQWLWlWVELOGXQJ XQG PDFKW DXV GLHVHU YLHOOHLFKW HLQH XQDEGLQJEDUH 9RUDXVVHW]XQJ IU 6XEMHNW ZHUGXQJ'LH=XVFKUHLEXQJYRQ6LQQLP3UR]HVVGHV(U]lKOHQVGLHQRWZHQGLJHQ ,QWHUSUHWDWLRQVOHLVWXQJHQ XQG YHUVWHKHQGHQ 'HXWXQJHQ GHU /HEHQVHUIDKUXQJHQ ELV KLQ ]X LKUHU 6LQQHUIDVVXQJ VLQG HLQH XQYHU]LFKWEDUH .RPSHWHQ] LP 3UR]HVV GHU (QWZLFNOXQJ HLQHU 3HUVRQ )UDJW PDQ VLFK ZDV 6LQQ VWLIWHW VR NRPPW HLQ ZHLWHUHU$VSHNWLQV%OLFNIHOGQlPOLFKGLH)lKLJNHLW=HLWIUVLFK]XKDEHQ]X UHIOHNWLHUHQ XQG 0XH ]X HUOHEHQ 'LHVH )lKLJNHLW LVW LQVRIHUQ YRQ %HGHXWXQJ DOV KHXWH ÄVWlUNHU GHU 7HLO GHU /HEHQV]HLW UHGX]LHUW ZLUG GHU XQPLWWHOEDU LP WUDGLWLRQHOOHQ 6LQQH GHU 3URGXNWLRQ YRQ *WHUQ GLHQW³ 1HJW 6 :LH PLWGLHVHU=HLWXPJHJDQJHQZLUGREVLHDOVÄJHVHOOVFKDIWOLFKH(PDQ]LSDWLRQV]HLW GHU,QGLYLGXHQEHJULIIHQ³1HJW6 ZLUGRGHUREPDQVLFKVR]XVDJHQLQ GHQ )lQJHQ GHU )UHL]HLW XQG .RQVXPZHOW YHUVWULFNW LVW QRFK XQHQWVFKLHGHQ 9HUJHVVHQGDUIDEHUJHUDGHLQGLHVHP=XVDPPHQKDQJQLFKWGLH*HVFKLFKWHZHU GHQGDVKLVWRULVFKH*HZRUGHQVHLQGHU*HVHOOVFKDIWLQGHUZLUOHEHQ*HUDGHGLH Ä)RUPHQ XQG :DQGOXQJHQ GHV (ULQQHUQV³ VLQG ]HQWUDO ZLH HWZD 5XGROI (JJHU D DP%HLVSLHOGHUNRVRYDULVFKHQ*HVFKLFKWHDQKDQGYRQ/HEHQVJHVFKLFK WHQDQDO\VLHUW'HU Ä6LQQGHU*HVFKLFKWHGHU(U]lKOXQJGHU(ULQQHUXQJ>LVW@GLH,QWHUSUHWDWLRQGHU :HOWXPVLFKUHIOH[LY]XLKUYHUKDOWHQ]XN|QQHQ³(JJHUD6 $XVGLH VHP *UXQG LVW HLQH Ä1DUUDWLRQ « QLH QXU 5HSURGXNWLRQ VRQGHUQ DXFK VWHWV 3UR GXNWLRQQHXHU3ORWVQHXHUKLVWRULVFKHU(UIDKUXQJVUlXPHXQG(UZDUWXQJVKRUL]RQWH³ (JJHUD6
+LVWRULVFKH .RPSHWHQ] EHVWHKW DOVR ÄLP :LVVHQ YRQ GHU *HVFKLFKWH HLQHU *H VHOOVFKDIWVIRUPDWLRQLKUHQ.ODVVHQVWUXNWXUHQLKUHQSROLWLVFKHQ(QWZLFNOXQJVJH
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
VHW]HQ XQG GHU HLJHQHQ /HEHQVJHVFKLFKWH³ 1HJW 6 (LQ KLVWRULVFKHV *HGlFKWQLV]XEHKDOWHQEHGHXWHWDXFKEHUHLQVR]LDOHV*HGlFKWQLV]XYHUIJHQ ,QGLHVHP=XVDPPHQKDQJVSULFKW2VNDU1HJWYRQHLQHPÄFKURQLVFKHQ*HGlFKW QLVYHUOXVW GHU 0HQVFKHQ³ 1HJW 6 9HUJHVVHQ ZHUGHQ SROLWLVFKH (U HLJQLVVHGLH*HVFKLFKWHWULWWLQGHQ+LQWHUJUXQG±VRYHUOLHUHQ0HQVFKHQLKUHQ HLJHQHQ=XJDQJ]X*HVFKLFKWH±LKUVR]LDOHV*HGlFKWQLVNRPPWLKQHQDEKDQGHQ ZRUDXVÄGLH8QIlKLJNHLW]XWUDXHUQ³0LWVFKHUOLFK]LWQ1HJW6 IROJW hEHU9HUOXVWH]XWUDXHUQLVWDOOHUGLQJVDXFKGLH9RUDXVVHW]XQJIU8WRSLHÄ6R ]LDOHV *HGlFKWQLV XQG 8WRSLHIlKLJNHLW QDFK YRUQ VLQG ]ZHL 6HLWHQ GHUVHOEHQ 6DFKH³1HJW6 (UVWZHQQPDQVLFKPLWGHU9HUJDQJHQKHLWDXVHLQDQ GHUVHW]W ZLUG GHU Ä%OLFN IUHL IU .RQVWUXNWLRQHQ QDFK YRUQ XQG IU HLQH SROLWL VFKH *HJHQZDUWVEHZlOWLJXQJ³ 1HJW 6 6R LVW HLQ KLVWRULVFKHV *H GlFKWQLV ]HQWUDO IU GDV 9HUVWHKHQ GHV HLJHQHQ *HZRUGHQVHLQV XQGIUGLH(QW ZLFNOXQJYRQ=XNXQIWVUlXPHQXQG)DQWDVLHQZLHGDVHLJHQH/HEHQZHLWHUJHKHQ N|QQWHZLHHV]XJHVWDOWHQVHLQN|QQWH .RPSHWHQ]]XUJHVXQGHQ/HEHQVIKUXQJ ,Q =HLWHQ GHU 8PEUFKH XQG VR]LDOHQ 8QVLFKHUKHLWHQ VWHLJW GDV %HGUIQLV QDFK HLQHUVWDELOHQ/HEHQVIKUXQJXQGGD]XJHK|UWDXFKHLQHÄJHVXQGKHLWVI|UGHUQGH /HEHQVNXOWXU³*|SHO6 'LH%HZlOWLJXQJYRQ6WUHVVYRQVRJHQDQQWHQ =LYLOLVDWLRQVNUDQNKHLWHQ ZLH %XUQRXW XQG 'HSUHVVLRQ VRZLH GHU 8PJDQJ PLW GHPHLJHQHQ.|USHUHUIRUGHUQQDFKKDOWLJH$XIPHUNVDPNHLW±DXFKLP%LOGXQJV EHUHLFK (LQ JXWHU *HVXQGKHLWV]XVWDQG LVW HLQH ZHVHQWOLFKH %HGLQJXQJ IU GLH LQGLYLGXHOOH VR]LDOH XQG JHLVWLJH (QWZLFNOXQJ HLQHV 0HQVFKHQ :HQQ GLHVH LQGLYLGXHOOHQ%HGUIQLVVHDXFKLQ%LOGXQJVLQVWLWXWLRQHQDXIJHJULIIHQZHUGHQLVW HLQH/HUQNXOWXUDXIJHIRUGHUWHLQHJHVXQGKHLWVI|UGHUOLFKH%LOGXQJVZHOW]XVFKDI IHQLQGHUSHUV|QOLFKH.RPSHWHQ]HQDXVJHELOGHWVR]LDOH*HPHLQVFKDIWVDNWLRQHQ XQWHUVWW]WZHUGHQXQGLQGHUDXIGHUJHVHOOVFKDIWOLFKHQ(EHQHDQ6WUDWHJLHQ]XU JHVXQGHQ /HEHQVEHZlOWLJXQJ JHDUEHLWHW ZLUG 9RU GHP +LQWHUJUXQG YRQ $QWR QRYVN\V 0RGHOO GHU 6DOXWRJHQHVH N|QQHQ HLQLJH $VSHNWH EHQDQQW ZHUGHQ LQ GHQHQ HLQH VDOXWRJHQHWLVFKH $XVULFKWXQJ LQ HLQHU /HUQNXOWXU ]XU 8QWHUVWW]XQJ HLQHU JHVXQGHQ /HEHQVIKUXQJ QRWZHQGLJ HUVFKHLQW ,QVJHVDPW KDQGHOW HV VLFK KLHUXPGLH$NWLYLHUXQJYRQ5HVVRXUFHQDXIGHULQGLYLGXHOOELRJUDILVFKHQ(EHQH XQGDXIGHUVR]LDOHQ6\VWHPHEHQH'DLVWEHLVSLHOVZHLVHGLH$UWGHUVDOXWRJHQH WLVFKHQ%H]LHKXQJVJHVWDOWXQJ±GLH:HLVHGHUGLDORJLVFKHQ.RPPXQLNDWLRQ±LQ HLQHU DXI 9HUVWlQGQLV $QHUNHQQXQJ XQG :HUWVFKlW]XQJ DXIEDXHQGHQ +DOWXQJ
$XIGHU6\VWHPHEHQHVSULFKWPDQLQGHU/LWHUDWXUYRQHLQHP6HWWLQJ$QVDW]'HU%OLFNZLUGHUZHL WHUWYRPVR]LDOHQ.RQWH[WDXIGLHVR]LRVWUXNWXUHOOHQ*HJHEHQKHLWHQVRZLHGDV=XVDPPHQZLUNHQYRQ SHUVRQDOHQVR]LDOHQXQGNRQWH[WEH]RJHQHQ5HVVRXUFHQYJO*|SHO/HQ]6WDUN
$XIJDEHQXQG=LHOH
ZHOFKH GLH 5HVVRXUFHQ GHU 3HUVRQ DNWLYLHUW YJO /RUHQ] 6 II (LQ ZHLWHUHU $VSHNW EH]LHKW VLFK DXI GLH Ä*HVXQGKHLWVI|UGHUXQJ GXUFK 6HOEVWZHUW VWlUNXQJ³ YJO .UDXVH:LHVPDQQ+DQQLFK DXI GLH 5HIOH[LRQ YRQ .|U SHUHUIDKUXQJHQ XQG .|USHUEHZXVVWVHLQ JHVXQGH (UQlKUXQJ %HZHJXQJ XDP ,QVJHVDPWVWHOOWGDVMHZHLOLJH6HWWLQJLQHLQHU/HUQNXOWXUHLQZLFKWLJHV,QWHUYHQ WLRQVIHOG LQ GHU *HVXQGKHLWVI|UGHUXQJ XQG GDPLW LQ GHU 3UlYHQWLRQ YRQ .UDQN KHLW 6\VWHPLVFKHV'HQNHQXQG9HUQHW]XQJVNRPSHWHQ] ,Q %LOGXQJVSUR]HVVHQ ZLUG (UZDFKVHQHQ HLQH $UW 2ULHQWLHUXQJVZLVVHQ YHUPLW WHOW LQ GHP DXFK ÄGLH 5FNEH]LHKXQJ DXI GHQ HLJHQHQ /HEHQV]XVDPPHQKDQJ³ 1HJW6 ZLFKWLJLVW'LHVEHGHXWHWDXFKGLH1RWZHQGLJNHLWHLQHV\V WHPLVFKH .RPSHWHQ] DXV]XELOGHQ GLH VLFK DXI GLH %H]LHKXQJHQ ]ZLVFKHQ GHQ 'LQJHQXQGLQQHUKDOEGHU9HUKlOWQLVVHEH]LHKW'DVZDV1HJWPLWGHUÄ.DWHJR ULH=XVDPPHQKDQJDOV/HUQSULQ]LS³1HJW6 EH]HLFKQHWZLUGJHJHQ ZlUWLJXQWHUGHP%HJULIIV\VWHPLVFKHVE]ZYHUQHW]WHV'HQNHQIRUPXOLHUW 6\VWHPLVFKHV 'HQNHQ VWHKW LQ 'LIIHUHQ] ]X DQGHUHQ PHWKRGLVFKHQ 9RU JDQJVZHLVHQ XQG PHLQW HLQH %HWUDFKWXQJVZHLVH GLH GHQ %OLFN DXI 0XVWHU =X VDPPHQKlQJH ,QWHUGHSHQGHQ]HQ XQG '\QDPLNHQ OHQNW $QVWHOOH SXQNWXHOOHU 3KlQRPHQH ZHUGHQ EHLVSLHOVZHLVH LP %LOGXQJVV\VWHP VWUXNWXUHOOH *HIOHFKWH 3UR]HVVH:LUNXQJVQHW]H6WHXHUXQJVP|JOLFKNHLWHQ.RQWLQJHQ]HQXDPLQGHQ 0LWWHOSXQNWGHU%HWUDFKWXQJJHVHW]W Ä6\VWHPWKLQNLQJLVDGLVFLSOLQHIRUVHHLQJZKROHV,WLVDIUDPHZRUNIRUVHHLQJ LQWHUUHODWLRQVKLSVUDWKHUWKDQWKLQJVIRUVHHLQJSDWWHUQVRIFKDQJHUDWKHUWKDQVWDWLF VQDSVKRWV $QGV\VWHPWKLQNLQJLVDVHQVLELOLW\±IRUWKHVXEWOHLQWHUFRQQHFWHG QHVV WKDW JLYHV OLYLQJ V\VWHPV WKHLU XQLTXH FKDUDFWHU 7RGD\ V\VWHP WKLQNLQJ LV QHHGHG PRUH WKDQ HYHU EHFDXVH ZH DUH EHFRPLQJ RYHUZKHOPHG E\ FRPSOH[LW\³ 6HQJH6
'DVEHGHXWHWGDVV:LVVHQXQG,QIRUPDWLRQHQKHXWHLQHLQHPHQRUPHQ8PIDQJ XQG GHUDUWLJ NRPSOH[ PLWHLQDQGHU YHUZREHQ VLQG VRGDVV HV QXU HLQJHVFKUlQNW P|JOLFK LVW HLQ]HOQH $VSHNWH JHVRQGHUW ]X EHWUDFKWHQ 9LHOPHKU PVVHQ ZLU OHUQHQHWZDVDXFKLQVHLQHU*HVDPWKHLWLQVHLQHUYHUQHW]WHQ6WUXNWXULQVHLQHQ NRPSOH[HQ$EOlXIHQ]XVHKHQ0LW:ROIJDQJ:HOVFK LVWLQGLHVHP6LQQH IHVW]XKDOWHQÄ$OOHLQHLQ'HQNHQGHU3OXUDOLWlWYHUPDJGHU6WUXNWXUGHV*DQ]HQ ZLUNOLFK JHUHFKW ]X ZHUGHQ³ :HOVFK 6 'LHV HUIRUGHUW YRP ,QGLYL GXXP GLH .RPSHWHQ] GHU Ä9HUDUEHLWXQJVIlKLJNHLW³ 1HJW 6 GLH HV HUP|JOLFKW GLH %HGHXWXQJ YRQ ,QIRUPDWLRQHQ QHEHQ LKUHU .XOWXUEHGHXWXQJ YRU DOOHP LP =XVDPPHQKDQJ IU GDV HLJHQH /HEHQ ]X HUNHQQHQ 'LHVHV (UNHQQHQ
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
YRQ=XVDPPHQKlQJHQLVWHLQH$UWÄRULHQWLHUHQGHV'HQNHQ³1HJW6 GDEHLZHUGHQ0XVWHUHUNDQQW9HUVWULFNWKHLWHQZDKUJHQRPPHQ$EKlQJLJNHLWHQ UHGHXQGQHXNRQVWUXLHUWXQG(UHLJQLVVHDXFKLQHLQHP*HVDPW]XVDPPHQKDQJ EHWUDFKWHW%HLVSLHOVZHLVHHUP|JOLFKHQLQGHU%LOGXQJHUZRUEHQH JOREDOH /HUQ NRPSHWHQ]HQJUHQ]EHUVFKUHLWHQGH3HUVSHNWLYHQHLQ]XQHKPHQ9HUQHW]XQJHQ]X HUNHQQHQ]ZLVFKHQORNDOHQXQGJOREDOHQ3KlQRPHQHQYJO)RUJKDQL 7HFKQRORJLVFKH.RPSHWHQ] (LQH*HVHOOVFKDIWGLHYRQ7HFKQLNGXUFKGUXQJHQLVWXQGLQGHU7HFKQRORJLHQLQ IDVW DOOH /HEHQV]XVDPPHQKlQJH HLQJUHLIHQ ÄXQG YLHOH 3UREOHPH EHUKUHQ GLH XQPLWWHOEDUJDUQLFKWDOVVROFKHWHFKQLVFKHQHUNHQQEDUVLQG³1HJW6 HUIRUGHUW HLQH WHFKQRORJLVFKH %DVLVNRPSHWHQ] 'LHVH JHKW EHU GLH .HQQWQLVVH )lKLJNHLWHQ XQG )HUWLJNHLWHQ GHU %HGLHQXQJ WHFKQRORJLVFKHU 0LWWHO KLQDXV (V JHKWGDUXPVLFKPLWGHU$QHLJQXQJGLHVHV]XQHKPHQGWHFKQLVFKHQ6HNWRUVJOHL FKHUPDHQ ZLH PLWGHQ JHVHOOVFKDIWOLFKHQ )ROJHQ XQGGHQ PLW7HFKQLNLQ 9HU ELQGXQJ VWHKHQGHQ LQGLYLGXHOOHQ XQG SV\FKLVFKHQ :LUNXQJHQ ]X EHVFKlIWLJHQ (V KDQGHOW VLFK KLHUEHL ÄXP GLH :DKUQHKPXQJ GHU LGHQWLWlWVUHOHYDQWHQ 6HOEVW YHUlQGHUXQJGLHGLH1XW]XQJRGHU1LFKWQXW]XQJEHVWLPPWHUWHFKQLVFKHU2SWLR QHQELHWHW³.HXSSHWDO6 7HFKQLNXQGDOOHVZDVGDPLWYHUEXQGHQ LVW NRPPW XQV QLFKW QHXWUDO HQWJHJHQ VRQGHUQ HV GLHQW HLQHUVHLWV ÄDOV +HUU VFKDIWVPLWWHO³ XQG NDQQ DEHU DQGHUHUVHLWV ÄDXFK GHU %HIUHLXQJ GLHQHQ³ 1HJW 6 'LH)lKLJNHLWGLHVHV'LIIHUHQ]LHUHQVLVWZLFKWLJHU%HVWDQGWHLOHLQHU WHFKQRORJLVFKHQ .RPSHWHQ] GLH HV HUP|JOLFKW ]ZLVFKHQ 7HFKQRORJLHQ ]X XQ WHUVFKHLGHQ GLH ÄPHQVFKHQZUGLJH /HEHQVYHUKlOWQLVVH EHGURKHQ RGHU JDU WHQ GHQ]LHOOGLH*UXQGODJHPHQVFKOLFKHQ/HEHQV]HUVW|UHQ³1HJW6 XQG MHQHQ GLH DXI HLQHU HWKLVFKHQ :HUWHEDVLV VWHKHQ GLH /HEHQ QLFKW JHIlKUGHQ VRQGHUQLP*HJHQWHLO]XU(UOHLFKWHUXQJXQG9HUEHVVHUXQJYRQ$UEHLWVSUR]HVVHQ XQGLPDOOWlJOLFKHQ/HEHQGLHQHQ ,QWHUNXOWXUHOOH.RPSHWHQ] 'LH9LHOIDOWGHU/HEHQVZHLVHQGLH+HWHURJHQLWlWGHU0|JOLFKNHLWHQGHV=XVDP PHQOHEHQVLQHLQHUJOREDOLVLHUWHQ*HVHOOVFKDIWGLHVLFKDXFKGXUFKXQWHUVFKLHGOL FKH VR]LDOH 5HJHOQ 7UDGLWLRQHQ 1RUPHQ XQG :HUWH EHPHUNEDU PDFKW VWHOOW NRPSOH[H +HUDXVIRUGHUXQJHQ IU JHJHQZlUWLJH XQG ]XNQIWLJH *HQHUDWLRQHQ GDU,QWHJUDWLRQXQG,QNOXVLRQZHUGHQLQXQVHUHU*HVHOOVFKDIW]XHLQHU]HQWUDOHQ .RPSHWHQ] PLW GHU 6FKZLHULJNHLWHQ XQG &KDQFHQ JOHLFKHUPDHQ YHUEXQGHQ
$XIJDEHQXQG=LHOH
VLQG'LH&KDQFHQGLHGDPLWYHUNQSIWVLQGHUIRUGHUQGHPHQWVSUHFKHQGHRIIH QH 0HWKRGHQ XQG SlGDJRJLVFKH .RQ]HSWH GLH ]XP *HOLQJHQ LQWHUNXOWXUHOOHU $UEHLW EHLWUDJHQ N|QQHQ ,Q GHU LQWHUNXOWXUHOOHQ $UEHLW ZHUGHQ EHLVSLHOVZHLVH SlGDJRJLVFKH +DQGOXQJVP|JOLFKNHLWHQ DXIJH]HLJW ZHOFKH GHQ .RPSHWHQ]HU ZHUELQGUHLHUOHL+LQVLFKWXQWHUVWW]HQ'HUHUVWH%HUHLFKEH]LHKWVLFKDXI,QWHJ UDWLRQ VWDWW $VVLPLODWLRQ 'DUXQWHU ZLUG HLQ ,QWHJUDWLRQVNRQ]HSW YHUVWDQGHQ EHL GHPGLH]XLQWHJULHUHQGHQ3HUVRQHQQLFKWLKUHNXOWXUHOOH,GHQWLWlWDXIJHEHQVRQ GHUQLP*HJHQWHLO'LIIHUHQ]HQVLQGZDKU]XQHKPHQ*HPHLQVDPNHLWHQ]XEHWR QHQXQGGLH1lKH±EHLVSLHOVZHLVHYRQXQWHUVFKLHGOLFKHQHWKQLVFKHQ*UXSSHQ± ]XVXFKHQ'HU]ZHLWH3XQNWEH]LHKWVLFKDXIGLH'LIIHUHQ]]ZLVFKHQ.RRSHUDWL RQXQG.RQNXUUHQ]+LHULVWHVEHVRQGHUVZLFKWLJ ÄVWDWWNRQNXUULHUHQGHU,QWHUDNWLRQHQQHXH.RRSHUDWLRQVP|JOLFKNHLWHQDQ]XELHWHQ XPVWDUUH*UXSSHQ]XJHK|ULJNHLWHQ]XORFNHUQXQGQHXHJHPHLQVDPH*UXSSHQLGHQ WLWlWHQDQ]XUHJHQ³$YFL:HUQLQJ6
,QWHUNXOWXUHOOH.RPSHWHQ]LVWVFKOLHOLFKGHUGULWWH$VSHNW9HUWLHIWH.HQQWQLVVH EHUDQGHUH.XOWXUHQWUDJHQHEHQVR]XHLQHP$EEDXYRQ$EOHKQXQJXQG$EZHU WXQJ EHL ZLH :LVVHQ EHU +LQWHUJUQGH IU 9HUKDOWHQVZHLVHQ XQG +DQGOXQJHQ YRQ 3HUVRQHQ ,QIRUPDWLRQHQ IKUHQ DOVR ]X HLQHU SRVLWLYHQ $QQlKHUXQJ XQG JOHLFK]HLWLJN|QQHQGXUFKGLH,QWHUDNWLRQHQPLWHLQDQGHUDXFK%DUULHUHQXQWHUHLQ DQGHUDEJHEDXWZHUGHQYJO$YFL:HUQLQJ6 'DV =XVDPPHQOHEHQ YRQ 0HQVFKHQ ± PLW ]XP 7HLO MH XQWHUVFKLHGOLFKHQ HWKQLVFKHQ+LQWHUJUQGHQLQHLQHUSOXUDOHQ*HVHOOVFKDIW±YHUODQJWLQWHUNXOWXUHOOH .RPSHWHQ]HQ ZHOFKH LQ GHU +HWHURJHQLWlW HLQH EHUHLFKHUQGH &KDQFH IU DOOH VHKHQ=LHOLVWPLWJHJHQVHLWLJHU$QHUNHQQXQJPLW0XW)UHXGH6HOEVWVLFKHUKHLW XQG :HUWVFKlW]XQJ GHP VRJHQDQQWHQ )UHPGHQ JHJHQEHU DP JHPHLQVDPHQ /HEHQ ]X DUEHLWHQ 0LW GHU NXOWXUHOOHQ 9LHOIDOW LVW HV ZLH PLW GHQ 0HQVFKHQ .HLQ0HQVFKJOHLFKWGHPDQGHUHQ'DVJLOWIUGDV,QWHUHVVHDQGHU:HOWIUGLH )lKLJNHLW]XU0LWWHLOXQJIUGLH)UHXGHDP)UHPGHQIUGLH/HEHQVIRUPHQXQG /HEHQVJHZRKQKHLWHQIUGLH/HUQYRUDXVVHW]XQJHQXQGGLH$UWGHV=XVDPPHQ VHLQV :HQQ DOVR =XVDPPHQOHEHQ LP LQWHUNXOWXUHOOHQ .RQWH[W HLQ =LHO HLQHU QHXHQ/HUQNXOWXULVWGDQQNDQQGDPLW)ROJHQGHVYHUEXQGHQVHLQ,P6LQQHYRQ LQWHUNXOWXUHOOHU %LOGXQJ ZLUG DXI GLH ,QWHUDNWLRQHQ XQG GDV JHPHLQVFKDIWOLFKH +DQGHOQYRQ0LWJOLHGHUQXQWHUVFKLHGOLFKHU/HEHQVZHOWHQIRNXVVLHUW'XUFKGLHVH
:lKUHQG EHL GHU ,QWHJUDWLRQ (LQJOLHGHUXQJ XQG VSH]LHOOH )|UGHUXQJHQ IU VSH]LILVFKH *UXSSHQ ]% EHKLQGHUWH .LQGHU LP 9RUGHUJUXQG VWHKW IRNXVVLHUW HLQH LQNOXVLYH LQWHJUDWLYH 3UD[LV DXI KHWHURJHQH*UXSSHQYRQGHQHQQLFKWGLHHLQHRGHUDQGHUHVSH]LHOOKHUYRUJHKREHQZLUGVRQGHUQDOOH JHPHLQVDP XQWHU GHP =HLFKHQ GHU 9LHOIDOW JHI|UGHUW XQG DXVJHELOGHW ZHUGHQ +LQWHU GHU ,QNOXVLRQ VWHKWGLH)RUGHUXQJGHV5HFKWHVDXIDGlTXDWH%LOGXQJIUDOOH0HQVFKHQYJO+LQ]
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
.RPPXQLNDWLRQHQ ÄZLUG SHUPDQHQW HLQH Ã,QWHU¶.XOWXU QHX HU]HXJW LP 6LQQH HLQHUÃ=ZLVFKHQ:HOW¶.XOWXU& GLHZHGHUGHU/HEHQVZHOW.XOWXU$QRFKGHU /HEHQVZHOW.XOWXU%HQWVSULFKW³:HEHU6 'DVKHLW.XOWXU$XQG .XOWXU%VFKDIIHQJHPHLQVDPHWZDV'ULWWHVQlPOLFK.XOWXU&'DPLWZLUGQHXH ,GHQWLWlW HUVFKDIIHQ GLH MHGRFK QLFKW LQ .RQNXUUHQ] ]XU XUVSUQJOLFKHQ ,GHQWL WlWVELOGXQJLQGHUMHHLJHQHQ.XOWXUVWHKW gNRORJLVFKH.RPSHWHQ] Ä'LH.ULWLNGHUhEHUZlOWLJXQJGHVHLQHQGXUFKGHQDQGHUHQGLH+HUUVFKDIWGHV 0HQVFKHQ EHU GHQ 0HQVFKHQ LVW JHNRSSHOW DQ GLH +HUUVFKDIW GHV 0HQVFKHQ EHU GLH 1DWXU³ 1HJW 6 'DPLW GLHV QLFKW SDVVLHUW ZHUGHQ JOREDOH 3DNWH ± Ä*OREDO &RPSDFWV³ =LHJOHU ± JHVFKORVVHQ LQ GHQHQ GHU 6FKXW] GHU8PZHOWXQGGHU1DWXUDQJHVSURFKHQZLUG Ä'LHXQWHU]HLFKQHWHQ*HVHOOVFKDIWHQYHUVSUHFKHQGDULQVLFKPLWJURHU8PVLFKW DXI 7lWLJNHLWHQ HLQ]XODVVHQ GLH GLH QDWUOLFKH 8PZHOW PRGLIL]LHUHQ N|QQWHQ *HHLJQHWH ,QLWLDWLYHQ ]X HUJUHLIHQ XP GDV 9HUDQWZRUWXQJVJHIKO IU 8PZHOW XQG 1DWXU]XVWlUNHQ GLH(QWGHFNXQJXQGGLH9HUEUHLWXQJYRQ7HFKQRORJLHQ]XI|U GHUQGLHPLWGHP8PZHOWVFKXW]YHUHLQEDUVLQG³=LHJOHU6
'LHV DOOHV HUIRUGHUW DXI XQWHUVFKLHGOLFKHQ (EHQHQHLQH |NRORJLVFKH.RPSHWHQ] LP 6LQQH HLQHU JHVDPWJHVHOOVFKDIWOLFKHQ 6FKOVVHONRPSHWHQ] LQ GHU HV XP GDV :LVVHQGDUEHUJHKWZLHPLW0HQVFKHQ'LQJHQXQG1DWXUXPJHJDQJHQZHUGHQ NDQQ +HXWH VWHKW GLHV JDQ] LP =HLFKHQ JOREDOHU 3KlQRPHQH GDKHU ZLUG GDIU DXFK GHU %HJULII Ä6XVWDLQDEOH 'HYHORSPHQW³ YHUZHQGHW GHU ]X HLQHU |NRORJL VFKHQ]%(QHUJLH9HUNHKU/DQGZLUWVFKDIW 6LFKHUXQJDXFKHLQH|NRQRPLVFKH ]% PDWHULHOOHU :RKOVWDQG /HEHQVTXDOLWlW IU DOOH VR]LDOH ]% 6ROLGDULVLH UXQJ XQG SROLWLVFKH 1DFKKDOWLJNHLW ]% 9HUDQWZRUWXQJ IU JOREDO QDFKKDOWLJH (QWZLFNOXQJ PHLQWYJO5DXFK6 'LHVH%HLVSLHOHPDFKHQGHXWOLFK GDVV IU GLH 3ODQXQJ XQG 8PVHW]XQJ YRQ QDFKKDOWLJHU 6WUDWHJLH ZHQLJHU )DFK ZLVVHQ DOV YLHOPHKU HLQ HWKLVFKHU $XVKDQGOXQJVSUR]HVV ]X HQWZLFNHOQ LVW 'HU =XVDPPHQKDQJYRQQDFKKDOWLJHU(QWZLFNOXQJXQGGLH$XVELOGXQJHLQHUGHUDUWL JHQ .RPSHWHQ] LP 5DKPHQ HLQHU QHXHQ /HUQNXOWXU JHZLQQHQ PHLQHU $QVLFKW QDFK LQ $QEHWUDFKW GHU JHJHQZlUWLJHQ .ULVHQ]XVWlQGH ]% +HUUVFKDIW GHV 0DUNWHV HQWJUHQ]WH )LQDQ]PlUNWH 9HUVFKXOGXQJ +XQJHU ]XQHKPHQG DQ %H GHXWXQJ 'DV ZHUWYROOVWH .DSLWDO LQ HLQHU OLEHUDOHQ *HVHOOVFKDIW VLQG PQGLJH JHVWDOWXQJVIlKLJHDXIJHNOlUWHXQGYHUlQGHUXQJVEHUHLWH%UJHUXQG%UJHULQQHQ GLHGLH*HVWDOWXQJGHU=XNXQIWYHUDQWZRUWXQJVYROOZDKUQHKPHQLP6LQQHHLQHU |NRORJLVFKHQ 1DFKKDOWLJNHLW HLQHU VR]LDOHQ 6LFKHUKHLW 6ROLGDULWlW NXOWXUHOOHQ 9LHOIDOWVRZLHPHQVFKOLFKHQ*HUHFKWLJNHLWXQG&KDQFHQJOHLFKKHLW
$XIJDEHQXQG=LHOH
*HQGHUNRPSHWHQ]XQG*OHLFKZHUWLJNHLW (LQH ]HQWUDOH )UDJH LP 6LQQH HLQHV XPIDVVHQGHQ 'HPRNUDWLHYHUVWlQGQLVVHV N|QQWHODXWHQ:LHNDQQQDFKKDOWLJH(QWZLFNOXQJDOVGHPRNUDWLVFKHU3UR]HVVDP %HLVSLHOGHU*HVFKOHFKWHUGHPRNUDWLHYHUZLUNOLFKWZHUGHQ":LUZLVVHQGDVVGLH *UXQGVlW]HGHU0HQVFKHQUHFKWHLPMHZHLOLJHQKLVWRULVFKHQ=XVDPPHQKDQJXQG LQ GHU MHZHLOLJHQ .XOWXU JHDFKWHW XQG ZHLWHUHQWZLFNHOW ZHUGHQ PVVHQ :LU ZLVVHQGHV:HLWHUHQGDVVHVIUHLQH:HLWHUHQWZLFNOXQJ XQG 1HXJHVWDOWXQJLQ XQVHUHU *HVHOOVFKDIW JOHLFK]HLWLJ LQ %H]XJ ]X GHQ *HVFKOHFKWHUGLIIHUHQ]HQ LP PHUQRFKQRWZHQGLJLVWHLQH6HQVLELOLWlW]XHQWZLFNHOQXPGLH(UIDKUXQJHQYRQ 8QUHFKWE]Z*HVFKOHFKWHUXQJOHLFKKHLWLQGHQ%OLFN]XEHNRPPHQ,QGLHVHP =XVDPPHQKDQJ ULFKWHW VLFK HLQ IHPLQLVWLVFKHU %OLFN KHXWH QDFK ZLH YRU JHJHQ MHGZHGH )RUP GHV 6H[LVPXV GHU 'LVNULPLQLHUXQJ %HQDFKWHLOLJXQJ XQG $XV JUHQ]XQJ*OHLFK]HLWLJ]LHOWGHUSROLWLVFKH,PSHWXVLP6LQQHHLQHU*HQGHUNRPSH WHQ]GDUDXIDEGLH8PVHW]XQJGHUSUDNWLVFKHQ*OHLFKVWHOOXQJYRQ0lQQHUQXQG )UDXHQDEHUDXFKHWZDXQWHUVFKLHGOLFKHU(WKQLHQ5HOLJLRQ+DXWIDUEH DXIDOOHQ JHVHOOVFKDIWOLFKHQ(EHQHQXQGLQDOOHQ%HUHLFKHQYRUDQ]XWUHLEHQ'DVEHGHXWHW GLH VR]LDOHQ SROLWLVFKHQ JHVHOOVFKDIWOLFKHQ XQG NXOWXUHOOHQ (QWVWHKXQJVEHGLQ JXQJHQYRQ0DFKWYHUKlOWQLVVHQKHUUVFKDIWOLFKHU8QWHUGUFNXQJYHUVFKLHGHQVWH )RUPHQ YRQ 'LVNULPLQLHUXQJ ]X HUNHQQHQ XQG HQWVSUHFKHQG GHU JHVHW]OLFKHQ =LHOSHUVSHNWLYH]X YHUlQGHUQ$XIGHULQVWLWXWLRQHOOHQ(EHQHGLHQWGDEHLGDVVR JHQDQQWH*HQGHU0DLQVWUHDPLQJDOV=LHOSHUVSHNWLYH'DEHLKDQGHOWHVVLFKXP HLQH7RSGRZQ6WUDWHJLHEHLGHUDOOH9RUKDEHQLQ,QVWLWXWLRQHQXQG2UJDQLVDWL RQHQ VR ]X JHVWDOWHQ VLQG GDVV VLH HLQHQ %HLWUDJ ]XU )|UGHUXQJ GHU *OHLFKVWHO OXQJYRQ)UDXHQXQG0lQQHUQLQXQVHUHU*HVHOOVFKDIWOHLVWHQ*UXQGVlW]OLFKJLOW GLH $QHUNHQQXQJ YRQ *OHLFKKHLW XQG 'LIIHUHQ] ± EHLVSLHOVZHLVH JOHLFKHV $Q UHFKWDXIJOHLFKHQVR]LDOHQ6WDWXVXQGJOHLFKHV5HFKWDXIKHWHURJHQH/HEHQVZHL VHQ=HQWUDOLVWNHLQH+LHUDUFKLVLHUXQJGHU+HWHURJHQLWlWYRU]XQHKPHQ3ULYLOH JLHQVWUXNWXUHQ NULWLVFK LQ GHQ %OLFN ]X QHKPHQ XQG NRQNUHWH 6FKULWWH ]X GHUHQ 9HUlQGHUXQJ]XHUDUEHLWHQVRZLHDP3UR]HVVGHU3OXUDOLVLHUXQJXQGDP9HUlQGH UXQJVZLOOHQJHJHQEHUYRUJHIXQGHQHQ&KDQFHQXQJOHLFKKHLWHQPLW]XZLUNHQ'DV EHGHXWHW *HVFKOHFKWHUXQWHUVFKHLGXQJHQ ]X UHNRQVWUXLHUHQ 8QWHUVFKLHGH ]X HU NHQQHQ GDV *HQGHUNRUVHWW DXI]XEUHFKHQ PLWKLQ *HQGHU ]X GHNRQVWUXLHUHQ GD PLW 6SLHOUlXPH IU YLHOIlOWLJH ([LVWHQ] /HEHQV 'HQN XQG $UEHLWVZHLVHQ 'DV NRQVWDWLHUW DXFK 6HQQHWW LQGHP HU VFKUHLEW GDVV GLH 8QJOHLFKKHLW ]XU Ä$FKLOOHVIHUVH GHU PRGHUQHQ gNRQRPLH JHZRUGHQ LVW³ 'LHV ]HLJW VLFK HWZD DP ZHLWHUHQ $XVHLQDQGHUGULIWHQ GHU (LQNRPPHQVVFKHUHYRQ0lQQHUQXQG)UDXHQLQgVWHUUHLFK *HQGHU 0DLQVWUHDPLQJ EHGHXWHW VR]LDOH 8QJOHLFKKHLWHQ ]ZLVFKHQ )UDXHQ XQG 0lQQHUQ LQ DOOHQ %HUHLFKHQ XQG EHL DOOHQ 3ODQXQJV (QWVFKHLGXQJV XQG 6WUDWHJLHVFKULWWHQ EHZXVVW ZDKU]XQHKPHQ PLWGHP=LHOGLH*OHLFKVWHOOXQJYRQ0lQQHUQXQG)UDXHQ]XI|UGHUQYJO%OLFNKlXVHUYDQ%DUJHQ
/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJ±HLQH6WDQGRUWEHVWLPPXQJ
HU|IIQHWZHUGHQ'DPLWJHKHQPHLQHV(UDFKWHQVVSH]LHOOH+HUDXVIRUGHUXQJHQIU GLH %LOGXQJVDUEHLW LP $OOJHPHLQHQ XQG GHUHQ 8PVHW]XQJ LP 5DKPHQ HLQHU *HQGHU'LGDNWLN LP %HVRQGHUQ HLQKHU )U GLH %LOGXQJVDUEHLW LP 6LQQH HLQHU JHQGHUJHUHFKWHQ/HUQNXOWXUVWHOOWVLFKQXQGLH)UDJHQDFKGHQ2UWHQXQG)RUPHQ GHU5HSURGXNWLRQYRQ*HVFKOHFKWHUXQJOHLFKKHLWXQG*HVFKOHFKWHUGLIIHUHQ]LHUXQ JHQ DOV Ä(OHPHQW JUXQGOHJHQGHU JHVHOOVFKDIWOLFKHU 6WUXNWXUHQ DOV +HUU VFKDIWVYHUKlOWQLV DOV 1RUP DOV %HVWDQGWHLO GHU VXEMHNWLYHQ ,GHQWLWlW³ :LO] 6 *UXQGOHJHQGHUVFKHLQWPLUGHU(UZHUEYRQ*HQGHUNRPSHWHQ]XP HWZD ]X DQDO\VLHUHQ ZR XQG ZLH *HVFKOHFKWHUGLIIHUHQ]HQ LP %LOGXQJVV\VWHP E]ZHLQHU/HUQNXOWXUEHGHXWVDPZHUGHQZLHVLHKHUJHVWHOOWXQGNRQVWUXLHUWXQG ZLHVLHLQGHUJHJHQZlUWLJHQ*HVHOOVFKDIWZHLWHUYHUDQNHUWZHUGHQ'HU:HJLQ GHU (QWZLFNOXQJ GHU *HQGHU.RPSHWHQ] IKUW YRQ GHU $XINOlUXQJ ]% *H VFKOHFKWHUKLHUDUFKLHQ *HVFKOHFKWHUVWHUHRW\SH GRLQJ JHQGHU DOV +HUYRUEULQJHQ YRQ*HVFKOHFKW GHUhEHUZLQGXQJGHU*HQGHU'XDOLWlW]%*HVFKOHFKWHUEHU VFKUHLWXQJHQ HUP|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lQ GHUXQJHQ'DV%LOGXQJVYHUVWlQGQLVHLQHUQHXHQ/HUQNXOWXULVWPLW%OLFNDXIGLH JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQJVSUR]HVVH PHKUSHUVSHNWLYLVFK DXVJHULFKWHW XQG OHLVWHWLQ XQWHUVFKLHGOLFKHU,QWHQVLWlWHLQHQYLHOIlOWLJHQ%HLWUDJ]XU%LOGXQJ YRQ (UZDFKVHQHQ =XPHLQHQ ZLUGYHUPHKUWDXIGLH *UXQGODJHGHUMHLQGLYLGXHOOHQ /HEHQVXQG(UIDKUXQJVZHOWHQIRNXVVLHUW]XPDQGHUHQH[LVWLHUHQ.RQ]HSWHGLH PHKU DXI GLH 9HUZHUWEDUNHLW XQG 8PVHW]EDUNHLW YRQ )DFKZLVVHQ LQEHUXIOLFKHQ .RQWH[WHQ VHW]HQ 'LH JHVHOOVFKDIWOLFKHQ 0DUNLHUXQJHQ ]% .RPPXQLNDWLRQV XQG ,QIRUPDWLRQVPHGLHQ :HFKVHO LQ GHQ 4XDOLILNDWLRQVDQIRUGHUXQJHQ +DOE ZHUWV]HLWYRQ:LVVHQ)RUGHUXQJYRQ)OH[LELOLWlWXQGYRQHLJHQYHUDQWZRUWOLFKHU 6WHXHUXQJ YRQ /HUQSUR]HVVHQ HWF ZHUGHQ GDEHL DXI GHU HLQHQ 6HLWHQ EHUFN VLFKWLJW DXI GHU DQGHUHQ 6HLWH H[LVWLHUHQ /HUQNXOWXUDQVlW]H GLH VLFK YRP
9JO EHLVSLHOVZHLVH +DUWPDQQ %XUEDFK6FKORWWDX (VWKHU0DUWL 'HULFKV .XQVWPDQQ$XV]UD0WKLQJ
)D]LW
$QVSUXFKGHU9HUZHUWEDUNHLWYRQ%LOGXQJQLFKWYHUHLQQDKPHQODVVHQ/HUQNXOWXU LQ HLQHU GHPRNUDWLVFK YHUIDVVWHQ *HVHOOVFKDIW YROO]LHKW VLFK LQ HLQHP 6SDQ QXQJVYHUKlOWQLV YRQ $QSDVVXQJ XQG :LGHUVWDQG (LQH QHXH /HUQNXOWXU LQ %H WUDFKWXQJ GLHVHU ,QWHUGHSHQGHQ] VWHOOW GHQ 9HUVXFK HLQHU /|VXQJ GLHVHV 6SDQ QXQJVYHUKlOWQLVVHVGDULQGHPYHUPHKUWDXIGLH.RPSHWHQ]ELOGXQJGHU(UZDFK VHQHQJHDFKWHWZLUG*HKWHVGDUEHUKLQDXVLQHLQHUQHXHQ/HUQNXOWXUDXFKGDU XP GLH 0HQVFKHQ LQ LKUHU /HEHQVRULHQWLHUXQJ ]X VWlUNHQ XQG VLH EHL LKUHU /H EHQVEHZlOWLJXQJ]XXQWHUVWW]HQVRHUVFKHLQWGDV.RQ]HSWGHV.RKlUHQ]JHIKOV YRQ$DURQ$QWRQRYVN\DOV]HQWUDOH$XVJDQJVEDVLVIUGLH0RGHOOELOGXQJJHHLJ QHW
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV .RKlUHQ]JHIKOV +HXWH VWHOOW GHU )DNWRU :HLWHUELOGXQJ HLQHQ ]HQWUDOHQ $VSHNW LP /HEHQ YLHOHU 0HQVFKHQ GDU 1LFKW ]XOHW]W DXV GLHVHP *UXQG KDW VLFK GLH (UZDFKVHQHQELO GXQJVIRUVFKXQJHWDEOLHUWXQGHVZHUGHQYHUPHKUW.RQ]HSWHXQG0RGHOOHIUGLH (UZDFKVHQHQELOGXQJ HQWZLFNHOW GLH DXFK JHVHOOVFKDIWOLFKH :DQGOXQJVSUR]HVVH PLW EHUFNVLFKWLJHQ 'DV /HUQHQ GHU (UZDFKVHQHQ VWHKW LP =HQWUXP GHU )RU VFKXQJ ± XQG GDPLW DXFK GLH (QWZLFNOXQJ HLQHU ]HLWJHPlHQ /HUQNXOWXU 'HU EHUHLWV VNL]]LHUWH JHVHOOVFKDIWOLFKH :DQGHO HEHQVR ZLH GLH )RUGHUXQJ QDFK OH EHQVODQJHP /HUQHQ XQG GLH $XVULFKWXQJ QDFK YHUPHKUWHU %LOGXQJVWHLOQDKPH WULIIW GLH HLQ]HOQHQ 3HUVRQHQ LQ LKUHU ,GHQWLWlWVHQWZLFNOXQJ XQG GDPLW LQ LKUHU /HEHQVRULHQWLHUXQJ0LW/HEHQVRULHQWLHUXQJLVWHLQ.RQVWUXNWDQJHVSURFKHQGDV QDFK $DURQ $QWRQRYVN\ PLW .RKlUHQ]JHIKO EH]HLFKQHW ZLUG 'LHVHV .RQ]HSW ELOGHWGHQ.HUQGLHVHV.DSLWHOVXQGVWHKWLQ=XVDPPHQKDQJPLWHLQHPEHUJH RUGQHWHQ3DUDGLJPDLQGHU6R]LDOPHGL]LQQlPOLFKMHQHPGHU6DOXWRJHQHVH 'LH 6DOXWRJHQHVH VWHOOW HLQ PXOWLGLV]LSOLQlUHV .RQ]HSW GDU GDV ÄVRZRKO LQ VR]LDO XQG JHVXQGKHLWVZLVVHQVFKDIWOLFKHU DOV DXFK LQ PHGL]LQLVFKHU 5LFKWXQJ DQVFKOXVVIlKLJ LVW DXFK ZHQQ GLHV ELVODQJ EHUZLHJHQG YRQ GHQ 6R]LDO XQG *HVXQGKHLWVZLVVHQVFKDIWHQ JHQXW]W ZXUGH ³ .ROLS:\GOHU$EHO 6 'DUEHUKLQDXVOlVVWVLFKDXFKHLQHÄWKHRUHWLVFKSKLORVRSKLVFKH)DV]LQDWLRQ³LP .RQ]HSWILQGHQGDHVVLFKPLWHLQHUJUXQGOHJHQGHQPHQVFKOLFKHQ)UDJHEHVFKlI WLJW QlPOLFK ÄZLH ,GHQWLWlW LP 5DKPHQ HLQHV VR]LDOHQ 8PIHOGHV JHIXQGHQ XQG HQWZLFNHOW ZHUGHQ NDQQ³ .ROLS:\GOHU$EHO 6 'DV .RQ]HSW GHV .RKlUHQ]JHIKOV LVW LP .RQWH[W JHVHOOVFKDIWOLFKHU :DQGOXQJVSUR]HVVH XQG GHU GDUDXI DXIEDXHQGHQ +HUDXVIRUGHUXQJHQ GHU ,QGLYLGXHQ HLQ KLOIUHLFKHV ,QVWUX PHQW $QWZRUWHQ DXI GLH )UDJH ZLH 0HQVFKHQ HV VFKDIIHQ PLW DOO GHQ DXI VLH HLQZLUNHQGHQ$QIRUGHUXQJHQNRQVWUXNWLYXPJHKHQ]XN|QQHQ]XJHZLQQHQ ,QGLHVHP.DSLWHOZLUGLQHLQHPHUVWHQ6FKULWWDXIGHQ%HJUQGHUGHV.RKl UHQ]JHIKOV.RQ]HSWHV VRZLH DXI VHLQH /HEHQVJHVFKLFKWH NXU] HLQJHJDQJHQ LQ HLQHP ]ZHLWHQ 6FKULWW ZLUG GLH (QWZLFNOXQJVJHVFKLFKWH GHV 6DOXWRJHQHWLVFKHQ 0RGHOOVQDFKJH]HLFKQHWXPLPGULWWHQ6FKULWWGHQ.HUQGLHVHV0RGHOOV±QlP OLFKGDV.RQ]HSWGHV.RKlUHQ]JHIKOV±DXVIKUOLFKGDU]XVWHOOHQ,P$QVFKOXVV GDUDQZLUGLQHLQHPYLHUWHQ6FKULWWDXIGLH:HLWHUHQWZLFNOXQJGHV.RKlUHQ]JH
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
IKONRQ]HSWHV HLQJHJDQJHQ LQ GHP ]XP HLQHQ DXVJHZlKOWH )RUVFKXQJVDUEHLWHQ LP *HVXQGKHLWVEHUHLFK VNL]]LHUW ZHUGHQ XQG DQGHUHUVHLWV GLH 8PVHW]XQJ GHV .RKlUHQ]JHIKOV LQ SUDNWLVFKHQ $QZHQGXQJVIHOGHUQ GDUJHVWHOOW ZLUG ,Q HLQHP IQIWHQ 6FKULWW ZLUG GLH (UIDVVXQJ GHV .RKlUHQ]JHIKOV LQ GHU (U]LHKXQJVZLV VHQVFKDIWVNL]]LHUW XQGLPDEVFKOLHHQGHQVHFKVWHQ6FKULWW ZHUGHQGDUDXV.RQ VHTXHQ]HQIUGLH%LOGXQJVIRUVFKXQJDEJHOHLWHW $DURQ$QWRQRYVN\±'HU%HJUQGHUGHV.RKlUHQ]JHIKO.RQ]HSWV 'HU0HGL]LQVR]LRORJH$DURQ$QWRQRYVN\ZXUGHLQ%URRNO\Q86$JHER UHQXQGYHUVWDUELQ%HHU6KHEDLQ,VUDHO$QWRQRYVN\VWXGLHUWH*HVFKLFKWH XQG:LUWVFKDIWVZLVVHQVFKDIWHQLQGHQ86$XQGSURPRYLHUWHDQGHUVRZLH@HWKQLVFKH8QWHUVFKLHGHLQGHU9HUDUEHLWXQJGHU 0HQRSDXVHEHLLQ,VUDHOOHEHQGHQ)UDXHQ³)UDQNH6 ,P=XJHGLHVHU OHW]WJHQDQQWHQ )RUVFKXQJVDUEHLW LQWHUYLHZWH $QWRQRYVN\ DXFK )UDXHQ GLH GLH QDWLRQDOVR]LDOLVWLVFKHQ .RQ]HQWUDWLRQVODJHU EHUOHEWHQ 'LH )RUVFKHUJUXSSH XP $QWRQRYVN\ JLQJ GDYRQ DXV GDVV MHQH )UDXHQ GLH GHQ +RORFDXVW EHUOHEWHQ JU|HUH6FKZLHULJNHLWHQKDEHQZUGHQVLFKLQGHPGXUFKGLH0HQRSDXVHHLQJH OHLWHWHQ QHXHQ /HEHQVDEVFKQLWW ]XUHFKW]XILQGHQ ,Q GHU 8QWHUVXFKXQJ ZXUGH GLHVH$QQDKPH]ZDUEHVWlWLJWDEHUZDVGLH)RUVFKHU,QQHQHUVWDXQWH ZDUGDVV HLQH UHODWLY JURH *UXSSH YRQ )UDXHQ VLFK WURW] GHU HQWVHW]OLFKHQ (UIDKUXQJHQ GHU.RQ]HQWUDWLRQVODJHUVWDELODXIGHQQHXHQ/HEHQVDEVFKQLWWHLQVWHOOHQNRQQWH 'DVVGLHVH)UDXHQLQGHU/DJHZDUHQVLFKQDFKLKUHQYHUKHHUHQGHQ(UOHEQLVVHQ HLQQHXHV/HEHQDXI]XEDXHQZDUIU$QWRQRYVN\HLQÄ:XQGHU±XQGGHU(UIRU VFKXQJGLHVHV:XQGHUVGHV:XQGHUVGHV*HVXQGEOHLEHQVZLGPHWHHUYRQGDDQ VHLQH$UEHLWXQGVHLQ(QJDJHPHQW³)UDQNH6 $QWRQRYVN\VhEHUUD VFKXQJGDVVGHULQGHU6WXGLHEHIUDJWHQ)UDXHQGLHGHQ+RORFDXVWEHU OHEWHQXQGLQLKUHU.LQGHUXQG-XJHQG]HLWVFKZHUVWHWUDXPDWLVFKH(UIDKUXQJHQ
3DUDGLJPHQZHFKVHOYRQGHU3DWKRJHQHVH]XU6DOXWRJHQHVH
JHPDFKW KDWWHQ DQJDEHQ EHU HLQH JXWH SV\FKLVFKH *HVXQGKHLW ]X YHUIJHQ OlVVWVLFKPLWVHLQHQHLJHQHQ:RUWHQJXW]HLJHQ Ä'HQ DEVROXW XQYRUVWHOOEDUHQ +RUURU GHV /DJHUV GXUFKJHVWDQGHQ ]X KDEHQ DQ VFKOLHHQGMDKUHODQJHLQHGHSOD]LHUWH3HUVRQJHZHVHQ]XVHLQXQGVLFKGDQQHLQQHX HV/HEHQLQHLQHP/DQGQHXDXIJHEDXW]XKDEHQGDVGUHL.ULHJHHUOHEWHXQGGHQ QRFK LQ HLQHP DQJHPHVVHQHQ *HVXQGKHLWV]XVWDQG ]X VHLQ 'LHV ZDU IU PLFK GLH GUDPDWLVFKH(UIDKUXQJGLHPLFKEHZXWDXIGHQ:HJEUDFKWHGDV]XIRUPXOLHUHQ ZDVLFKVSlWHUDOVGDVVDOXWRJHQHWLVFKH0RGHOOEH]HLFKQHWKDEH³$QWRQRYVN\ 6
'DVZDUDXFKGHU$QODVVIU$QWRQRYVN\HLQHQ3HUVSHNWLYHQZHFKVHO]XYROO]LH KHQ(UVWHOOWHVLFKGLH)UDJHZDVGLHVH*UXSSHYRQ)UDXHQZLGHUVWDQGVIlKLJHU DOVGLHDQGHUHPDFKWH8P$QWZRUWHQGDUDXI]XEHNRPPHQHQWZLFNHOWHU(QGH GHUHU-DKUHGDV0RGHOOGHU6DOXWRJHQHVHGDVLKPJHHLJQHWHUVFKLHQP|JOL FKH$QWZRUWHQDXIVHLQH)UDJH]XEHNRPPHQ'LHVHV0RGHOOZXUGHYRQLKPLP -DKUXQWHUGHP7LWHO+HDOWK6WUHVVDQG&RSLQJ$QWRQRYVN\ SXEOL ]LHUWXQGZLUGLP)ROJHQGHQVNL]]LHUW 3DUDGLJPHQZHFKVHOYRQGHU3DWKRJHQHVH]XU6DOXWRJHQHVH Ä,FKJHKHGDYRQDXVGDVVZLUDOOHELOGOLFKJHVSURFKHQZlKUHQGXQVHUHV/HEHQVLQ HLQHP)OXVVYROOHU*HIDKUHQVFKZLPPHQ2GHU«GDVVZLUDOOHHLQHODQJH6NLSLVWH KHUXQWHUIDKUHQDQGHUHQ(QGHHLQXQXPJlQJOLFKHUXQGXQHQGOLFKHU$EJUXQGLVW 'LHSDWKRJHQHWLVFKH2ULHQWLHUXQJEHVFKlIWLJWVLFKKDXSWVlFKOLFKPLWGHQMHQLJHQGLH DQHLQHQ)HOVHQJHIDKUHQVLQGHLQHQ%DXPPLWHLQHPDQGHUHQ6NLIDKUHU]XVDPPHQ JHVWRHQVLQGRGHULQHLQH*OHWVFKHUVSDOWHILHOHQ:HLWHUKLQYHUVXFKWVLHXQVGDYRQ ]XEHU]HXJHQGDVVHVGDV%HVWHLVWEHUKDXSWQLFKW6NL]XIDKUHQ'LHVDOXWRJHQHWL VFKH2ULHQWLHUXQJEHVFKlIWLJWVLFKGDPLWZLHGLH3LVWHXQJHIlKUOLFKHUJHPDFKWZHU GHQNDQQXQGZLHPDQ0HQVFKHQ]XVHKUJXWHQ6NLIDKUHUQPDFKHQNDQQ³$QWR QRYVN\D6
,QGLHVHQEHLGHQ0HWDSKHUQ LQGHQHQ $DURQ $QWRQRYVN\ GDV/HEHQ PLWHLQHP )OXVVE]ZHLQHU6NLSLVWHYHUJOHLFKWGLHEHLGHYROOHU*HIDKUHQVLQGNRPPWGHU 3DUDGLJPHQZHFKVHO GHXWOLFK ]XP 9RUVFKHLQ ,P )OXVV HWZD ODXHUQ VWlQGLJH *HIDKUHQ ZLH 6WURPVFKQHOOHQ %LHJXQJHQ 6WUXGHO 9HUXQUHLQLJXQJHQ DXI GHU 6NLSLVWH EHJHJQHQ XQV %lXPH )HOVHQ $EEUFKH DQGHUH 0HQVFKHQ XDP 6R VLHKW$QWRQRYVN\DXFKGDV/HEHQ(VLVWYROOHU*HIDKUHQXQG+LQGHUQLVVH$XV
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
VDOXWRJHQHWLVFKHU6LFKWJHKWHVQXQGDUXP±XPEHLGHU0HWDSKHUGHV6NLIDKUHUV ]X EOHLEHQ ± GLH 0HQVFKHQ QLFKW YRP 6NLIDKUHQ RE GHU ]DKOUHLFKHQ *HIDKUHQ DE]XKDOWHQVRQGHUQVLHGDEHL]XXQWHUVWW]HQJXWHXQGVLFKHUH:LQWHUVSRUWOHU]X ZHUGHQVLFKYRUGHQODXHUQGHQ*HIDKUHQLQ$FKW]XQHKPHQVLFKDQJHHLJQHWHQ 6WHOOHQDXV]XUXKHQ VLFKDXFK PLW)UHXGH XQGHLQHP JHZLVVHQ $XVPDDQ0XW DXIGLH6NLSLVWH]XZDJHQXQGGLH0|JOLFKNHLWHQZDKU]XQHKPHQGLHVLFKELHWHQ XPVLFKHULQV7DO]XJHODQJHQ(VJLEW]DKOUHLFKH0|JOLFKNHLWHQVLFKDXIHLQHU 6NLSLVWHWDOZlUWV]XEHZHJHQ±HKHUDXHQ]XIDKUHQRGHUPHKULQGHU0LWWHRGHU DEHUDXFKHLQHHLQIDFKHUHRGHUDQVSUXFKVYROOHUH$EIDKUW]XZlKOHQLP6WHPP ERJHQ RGHU LP &DUYLQJVWLO ± GLHV DOOHV VLQG 0|JOLFKNHLWHQ GLH IOH[LEHO JHQXW]W ZHUGHQ N|QQHQ :LFKWLJ LVW VLFK IUK]HLWLJ DXI GLH VSRUWOLFKH +HUDXVIRUGHUXQJ YRU]XEHUHLWHQ]XWUDLQLHUHQEHUGLHJHHLJQHWH$XVUVWXQJ]XYHUIJHQXQGVLFK YRU GHP 6WDUW DXFK HQWVSUHFKHQG DXI]XZlUPHQ (LQ JXWHU 6NLIDKUHU ZLUG VLFK EHLVSLHOVZHLVHDXFKYRQGHU1HXJLHUGHOHLWHQODVVHQZDVVLFKKLQWHUGHPQlFKV WHQ+JHOEHILQGHWHUZLUGGDVHLJHQH.|QQHQUHDOLVWLVFKHLQVFKlW]HQXQGVRGHU +HUDXVIRUGHUXQJHLQHUOXVWYROOHQ$EIDKUWPLW)UHXGHEHJHJQHQ (LQEOLFNHLQGDVELRPHGL]LQLVFKH0HQVFKHQELOG :DV DOV *HVXQGKHLW XQG .UDQNKHLW GHILQLHUW ZLUG XQWHUVFKHLGHW VLFK MH QDFK 0HQVFKHQELOG=HLW.XOWXUXQGZLVVHQVFKDIWOLFKHU'LV]LSOLQ,QMHGHP)DOOVLQG *HVXQGKHLW XQG .UDQNKHLW ZHVHQWOLFKH %HVWDQGWHLOH GHV PHQVFKOLFKHQ /HEHQV %HUHLWV LQ GHU =HLW GHU $XINOlUXQJ EHVFKlIWLJWHQ VLFK ]DKOUHLFKH )DFKOHXWH DXV XQWHUVFKLHGOLFKHQ 3HUVSHNWLYHQ PLW GHP *HVXQGKHLWVV\VWHP 6R HWZD ZXUGHQ *HVXQGKHLWVIUVRUJHXQGGLH)UDJHGHU3UlYHQWLRQVWDDWOLFKRUJDQLVLHUW Ä'LH +\JLHQH XQG DXFK GLH (UKDOWXQJ GHU $UEHLWVNUDIW ]ZHFNV (UZHLWHUXQJ JH VHOOVFKDIWOLFKHQ:RKOVWDQGHVZLUGMHW]W]XP*HJHQVWDQG|IIHQWOLFKHU*HVXQGKHLWVEH OHKUXQJHQXQGQDFK (LQIKUXQJ GHU 6FKXOSIOLFKW (QGH GHV -DKUKXQGHUWV ILQGHW HLQHV\VWHPDWLVFKH$XINOlUXQJEHU*HVXQGKHLWVIUDJHQVWDWW³/RUHQ]6
.UDQNKHLWZLUGLQGLHVHU=HLWDOV$EZHLFKXQJYRQHLQHP1RUPDO]XVWDQG±QlP OLFKGHPGHU*HVXQGKHLW±EHWUDFKWHW$XFKLQ6FKXOHQZLUG*HVXQGKHLWLQ)RUP YRQ *HVXQGKHLWVHU]LHKXQJ WKHPDWLVLHUW XP YRU DOOHP GLH )XQNWLRQVWFKWLJNHLW GHU]XNQIWLJHQ$UEHLWHU,QQHQIUGHQ6WDDW]XHUKDOWHQ ,P-DKUKXQGHUWNRPPWHVLQGHU)ROJHGHU9HUZLVVHQVFKDIWOLFKXQJGHU *HVHOOVFKDIW]XHLQHP6LHJHV]XJGHU1DWXUZLVVHQVFKDIWHQXQGGHUGDULQYHURUWH WHQ0HGL]LQ'HU0HQVFKZLUG]XQHKPHQGDOVHLQH$UW0DVFKLQHDQJHVHKHQEHL GHU RUJDQLVFKH 'HIHNWH GXUFK 6\PSWRPH HUNOlUW XQG LGHQWLIL]LHUW ZHUGHQ XP GLHVH6FKDGKDIWLJNHLWHQ]XEHKHEHQ3DWLHQW,QQHQZHUGHQLPPHUPHKU]XSDVVL
3DUDGLJPHQZHFKVHOYRQGHU3DWKRJHQHVH]XU6DOXWRJHQHVH
YHQ2EMHNWHQGD'LDJQRVWLNXQG7KHUDSLHLP9RUGHUJUXQGVWHKHQXQGGDVVR]LD OH8PIHOGGHU%HWURIIHQHQ ZLUGLPPHU ZHQLJHU PLWHLQEH]RJHQ.UDQNKHLW XQG *HVXQGKHLW VWHOOHQ ]ZHL GLFKRWRPH =XVWlQGH GDU *HVXQGKHLW GHILQLHUW VLFK DOV $EZHVHQKHLW YRQ .UDQNKHLW *HJHQ (QGH GHV -DKUKXQGHUWV VHW]HQ ZHLWHUH JHVXQGKHLWVI|UGHUQGH $NWLYLWlWHQGXUFK V\VWHPDWLVFKH $XINOlUXQJGHU%HY|ONH UXQJHLQÄ0DQEHJLQQW*HVXQGKHLWDNWLYXQGSULPlUSUlYHQWLY]XI|UGHUQDQVWDWW VLHZLHGHUKHUVWHOOHQ]XPVVHQ³/RUHQ]6 (LQVFKQHLGHQGLQGHU(QWZLFNOXQJGHV*HVXQGKHLWVZHVHQVLVWGLHJH JUQGHWH :HOWJHVXQGKHLWVRUJDQLVDWLRQ :+2 6LH VHW]WH VLFK ]XP =LHO ÄGHQ EHVWHQ HUUHLFKEDUHQ *HVXQGKHLWV]XVWDQG DOOHU 9|ONHU KHUEHL]XIKUHQ³ /RUHQ] 6 6LHGHILQLHUW*HVXQGKHLWLP-DKUDOVHLQHQÄ=XVWDQGGHVY|OOL JHQN|USHUOLFKHQVHHOLVFKHQXQGVR]LDOHQ:RKOEHILQGHQVXQGQLFKWQXUGDV)UHL VHLQ YRQ .UDQNKHLW XQG *HEUHFKHQ³ :+2 ]LWQ /RUHQ] 6 'LHVH ]XP 7HLO VWDUN NULWLVLHUWH 'HILQLWLRQ HUP|JOLFKW LQ ZHLWHUHU )ROJH GDVV GLH 7KHPHQ *HVXQGKHLW XQG .UDQNKHLW LQ LKUHU NRPSOH[HQ $XVIRUPXQJ GLVNX WLHUW ZHUGHQ 6R UHJW VLFK JHJHQEHU GHU ELRPHGL]LQLVFKHQ %HWUDFKWXQJV XQG 9RUJHKHQVZHLVHLQGHQHU-DKUHQ]XQHKPHQG:LGHUVWDQG±SV\FKLVFKHXQG VR]LDOH $VSHNWH ZUGHQ LQ GHU DXVVFKOLHOLFK QDWXUZLVVHQVFKDIWOLFKHQ %HWUDFK WXQJVZHLVH GHU %LRPHGL]LQ VWDUN YHUQDFKOlVVLJW ,Q HLQHU VROFKHQ SDWKRJHQH WLVFK RULHQWLHUWHQ )RUVFKXQJ ZHUGHQ YRU DOOHP (UNOlUXQJVDQVlW]H IUGLH (QW VWHKXQJYRQ.UDQNKHLWJHVXFKW'DVEHGHXWHW,P0LWWHOSXQNWGHU$XIPHUNVDP NHLW VWHKW GLH 3DWKRORJLH GLH 6XFKH QDFK HLQHU .UDQNKHLWVXUVDFKH XQG GHUHQ DGlTXDWHU%HKDQGOXQJ'LHVKDW]XU)ROJHGDVVVLFKHLQZHLWYHU]ZHLJWHVÃ6SH ]LDOLVWHQWXP¶ LP PHGL]LQLVFKHQ %HUHLFK KHUDXVJHELOGHW KDW EHL GHP MHGHU $U]W E]ZMHGHbU]WLQVLFKIDVWDXVVFKOLHOLFKPLWHLQHP±KlXILJVHKUNOHLQHQ±7HLO GHV PHQVFKOLFKHQ .|USHUV EHIDVVW ,Q GLHVHP 3DUDGLJPD ZLUG GDYRQ DXVJHJDQ JHQ GDVV VlPWOLFKH 6WUHVVRUHQ 5LVLNRIDNWRUHQ GDUVWHOOHQ GLH NUDQNPDFKHQG ZLUNHQ'DUEHUKLQDXVZHUGHQLQHLQHUSDWKRJHQHWLVFKHQ6LFKW*HVXQGKHLWXQG .UDQNKHLWHLQDQGHUJHJHQEHUJHVWHOOWLQGHP6LQQHGDVVHVHQWZHGHUQXU.UDQN KHLWRGHUQXU*HVXQGKHLWJLEW
(LQ=XVWDQGY|OOLJHQ:RKOEHILQGHQVLVWHLQHUVHLWVNDXPP|JOLFKXQGNDQQDQGHUHUVHLWVYRUDOOHP QLFKW PLW *HVXQGKHLW JOHLFKJHVHW]W ZHUGHQ $XHUGHP VXJJHULHUWGLHVH %HVFKUHLEXQJ HLQ VWDWLVFKHV 9HUKDUUHQXQGYHUVFKZHLJWGLHYLHOHQIOLHHQGHQÃhEHUJDQJV=XVWlQGH¶ 0LWGHU(QWZLFNOXQJGHU*HQWHFKQRORJLHHUIlKUWGDVPHFKDQLVWLVFKH0HQVFKHQELOGKHXWHDOOHUGLQJV ZLHGHUHLQH5HDQLPDWLRQÄXQGQlKUWGLH+RIIQXQJGDVV/HEHQPHFKDQLVWLVFKHQ*HVHW]HQIROJHXQG WHFKQRNUDWLVFKEHZlOWLJWZHUGHQN|QQH'LHLUUDWLRQDOH(XSKRULHYHUVXFKWHLQELRSK\VLNDOLVFKHVXQG UHGXNWLRQLVWLVFKHV :HOWELOG ]X UHVWDXULHUHQ GDV GXUFK GHQ VR]LDOHQ :DQGHO XQG GLH &KDRVWKHRULH OlQJVWEHUKROWLVW³+XEHU6 Ä3DWKRJHQHVH³/HKUHYRQGHU(QWVWHKXQJGHU.UDQNKHLWHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
.HQQ]HLFKHQGHVVDOXWRJHQHWLVFKHQ3DUDGLJPDV ,Q HLQHU SDWKRJHQHWLVFK RULHQWLHUWHQ 6LFKWZHLVH ZLUG GLH VXEMHNWLYH 6HLWH HLQHU 6W|UXQJGHU*HVXQGKHLWY|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lUXQJVDQVlW]HJHVXFKWGLHLQHUVWHU/L QLH.UDQNKHLWGHUHQDXVO|VHQGH%HGLQJXQJHQXQG7KHUDSLHP|JOLFKNHLWHQLQGHQ 0LWWHOSXQNWVWHOOWHQVRHUJlQ]WQXQPHKUGLHVDOXWRJHQHWLVFKH)UDJHZLHHVP|J OLFKLVWGDVV0HQVFKHQWURW]%HODVWXQJHQPHKURGHUZHQLJHUJHVXQGEOHLEHQGLH WUDGLWLRQHOOH 6LFKWZHLVH :HVHQWOLFK LVW GDVV GLHVH *HJHQEHUVWHOOXQJ QLFKW EH GHXWHW GDVV GLH EHLGHQ 3HUVSHNWLYHQ HLQDQGHU DXVVFKOLHHQ YLHOPHKU HUJlQ]HQ VLHHLQDQGHU+HXWHZLUGGLHSDWKRJHQHWLVFKH6LFKWZHLVH]XQHKPHQGGXUFKVDOX WRJHQHWLVFKH)UDJHVWHOOXQJHQHUZHLWHUW 'HU)RNXVULFKWHWVLFKQLFKWPHKUDXVVFKOLHOLFKDXIGHVWUXNWLYH.UlIWHGLH HLQHQ0HQVFKHQNUDQNZHUGHQODVVHQVRQGHUQKLQ]XNRPPWGLH2ULHQWLHUXQJDXI NRQVWUXNWLYH (OHPHQWH GLH GLH 6HOEVWKHLOXQJVNUlIWH GHU 0HQVFKHQ YHUEHVVHUQ =XGHP HUIROJW HLQH YHUPHKUWH +LQZHQGXQJ DXI 3UR]HVVH GLH GD]X EHLWUDJHQ *HVXQGKHLW]XI|UGHUQE]Z]XHUKDOWHQ'LHVHQWVSULFKWHEHQIDOOVHLQHUJDQ]KHLW OLFKHQ6LFKWLQGHU*HVXQGKHLWDOVHLQVHOEVWUHIOH[LYHU3UR]HVVEHWUDFKWHW ZLUG 'DEHL ZLUG GHU 0HQVFK DOV VHOEVWYHUDQWZRUWOLFKHV ,QGLYLGXXP ZDKUJHQRPPHQ GDV HLQJHEHWWHW LVW LQ VR]LDOH XQG JHVHOOVFKDIWOLFKH =XVDPPHQKlQJH 'DUEHU KLQDXV±XQGGDVHUVFKHLQWPLUEHGHXWVDP±KDWHLQHÄVDOXWRJHQHWLVFKH3HUVSHN WLYH>@GDV3RWHQWLDOHLQHUJHVHOOVFKDIWOLFKJHVWDOWHQGHQ.UDIW³*UlVHU6 'DVVDOXWRJHQHWLVFKH3DUDGLJPDPLWGHP$QWRQRYVN\3LRQLHUDUEHLWJHOHLV WHW KDW HUZHLWHUW HLQH NUDQNKHLWVRULHQWLHUWH $XIIDVVXQJ GXUFK HLQHQ HUZHLWHUWHQ *HVXQGKHLWVEHJULIIGLHVIKUWDXFK]XHLQHUHUZHLWHUWHQ)UDJHVWHOOXQJQlPOLFK
Ä6DOXWRJHQHVH³YRQODWVDOXV8QYHUOHW]WKHLW:RKO+HLO*OFNXQGJULHFKJHQHVLV(QWVWHKXQJ )U 5HQDWH +|IHU VWHOOW GLH ELRPHGL]LQLVFKH 6LFKWZHLVH GLH 6LFKWZHLVH GHU 0RGHUQH GDU ZRKLQJHJHQHLQHVDOXWRJHQHWLVFKH2ULHQWLHUXQJ.HQQ]HLFKHQHLQHUUHIOH[LYHQ0RGHUQLVLHUXQJEHGHX WHW
3DUDGLJPHQZHFKVHOYRQGHU3DWKRJHQHVH]XU6DOXWRJHQHVH
ÄREHLQH3RVLWLRQDXVVFKOLHOLFKDQGHU0|JOLFKNHLWGHV6FKHLWHUQVIHVWJHPDFKW ZLUGRGHURE±LQZHOFKHU6LWXDWLRQDXFKLPPHU±)DNWRUHQJHIXQGHQZHUGHQN|Q QHQGLHEHLDOOHQJHJHEHQHQ:LGULJNHLWHQGHV/HEHQVJXWH(UJHEQLVVHHUP|JOLFKHQ JXWH3HUVSHNWLYHQEHJUQGHQ³/RUHQ]6
'DPLW EHJLEW PDQ VLFK DXI GLH 6XFKH QDFK MHQHQ )DNWRUHQ GLH GHQ 0HQVFKHQ GDKLQJHKHQG XQWHUVWW]HQ ZLH HU VHLQ :RKOEHILQGHQ DXFK VHOEVW I|UGHUQ E]Z YHUEHVVHUQNDQQ±DXVJHKHQGYRQGHU$QQDKPHGDVV.UDQNKHLWHLQ]XLQWHJULH UHQGHUXQXPJlQJOLFKHU7HLOGHV/HEHQVLVW'DVEHGHXWHWGDVVPLWHLQHUVDOXWR JHQHWLVFKHQ 6LFKWZHLVH QLFKW QXU DXVVFKOLHOLFK 6\PSWRPH EHNlPSIW ZHUGHQ VRQGHUQHVZLUGGDUEHUKLQDXVNRQNUHWDQHLQHU9HUEHVVHUXQJGHUYRUKDQGHQHQ 5HVVRXUFHQ GHU 0HQVFKHQ JHDUEHLWHW PLW GHP =LHO ZLGHUVWDQGVIlKLJHU]X ZHU GHQJHJHQEHUNUDQNPDFKHQGHQ(LQIOVVHQ1HEHQGHU%HDFKWXQJGHVJHVDPWHQ 6\VWHPV LQ GHP HLQ 0HQVFK OHEW ZHUGHQ LQ GLHVHU UHVVRXUFHQRULHQWLHUWHQ +H UDQJHKHQVZHLVHYRUDOOHPDXFKVHLQH/HEHQVEHGLQJXQJHQEHUFNVLFKWLJW'HQQ Ä'LH LQGLYLGXHOOH *HVFKLFKWH HLQHU 3HUVRQ LVW GHVKDOE ZLFKWLJ ZHLO VLFK QXU LQ .HQQWQLV DOOHU /HEHQVDVSHNWH HLQHU 3HUVRQ GLH 5HVVRXUFHQ DXIILQGHQ XQG I|UGHUQ ODVVHQ GLH ]XU *HQHVXQJ GHU 3HUVRQ EHLWUDJHQ N|QQHQ³ %HQ JHO6WULWWPDFKHU:LOOPDQQ6
*HIUDJW ZLUG GDQDFK ZHVKDOE 0HQVFKHQ HV VFKDIIHQ WURW] ZLGULJHU 8PVWlQGH JHVXQG]XEOHLEHQE]ZQDFKHLQHU.UDQNKHLWGLH*HVXQGKHLWZLHGHU]XHUODQJHQ RGHU DQGHUV IRUPXOLHUW :DV HUKlOW GHQ 0HQVFKHQ ± WURW] NUDQNKHLWVI|UGHUQGHU %HGLQJXQJHQ±JHVXQG"'DPLWVWHKHQQXQ]ZHL3DUDGLJPHQHLQDQGHUJHJHQEHU GLH±XQGGDVLVWEHGHXWVDP±QLFKWVWUHQJYRQHLQDQGHUDEJHJUHQ]W]XEHWUDFKWHQ VLQG
'DV*HVXQGKHLWV.UDQNKHLWV.RQWLQXXP :lKUHQG HLQH SDWKRJHQHWLVFKH 6LFKWZHLVH ]X HUNOlUHQ YHUVXFKW ZDUXP 0HQ VFKHQ HUNUDQNHQ XQG .UDQNKHLW DOV $EZHLFKXQJ YRQ GHU 1RUP *HVXQGKHLW EH WUDFKWHW VWHOOW .UDQNKHLW LP 6DOXWRJHQHVHPRGHOO HLQH $UW 1RUP]XVWDQG LP /H EHQVYHUODXIGDUXQGNRQ]HQWULHUWVLFK ÄDXI GLH 8UVSUQJH GHU *HVXQGKHLW « >XQG@ VWHOOW HLQH UDGLNDO DQGHUH )UDJH :DUXP EHILQGHQ VLFK 0HQVFKHQ DXI GHU SRVLWLYHQ 6HLWH GHV *HVXQGKHLWV
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV .UDQNKHLWV.RQWLQXXPV RGHU ZDUXP EHZHJHQ VLH VLFK DXI GHQ SRVLWLYHQ 3RO ]X XQDEKlQJLJYRQLKUHUDNWXHOOHQ3RVLWLRQ"³$QWRQRYVN\6
'DVKHLWGDVVVLFK0HQVFKHQVWHWVLQGLHHLQHRGHULQGLHDQGHUH5LFKWXQJGHU 3ROH.UDQNKHLWXQG*HVXQGKHLWEHZHJHQN|QQHQ $QWRQRYVN\ $QWRQRYVN\ 6 VSULFKW GDEHL YRQ HLQHP ÄPXOWLGL PHQVLRQDOHQ*HVXQGKHLWV.UDQNKHLWV.RQWLQXXP³DXIZHOFKHPVLFK0HQVFKHQ PHLVW]ZLVFKHQHLQHP=XVWDQGYRQUHODWLYHU*HVXQGKHLWXQGUHODWLYHU.UDQNKHLW KLQXQGKHUEHZHJHQ'LHVHUYRQ$QWRQRYVN\YHUZHQGHWH=XJDQJGHV6RZRKO DOVDXFK LVW EHUHLWV LQ GHU SRVWPRGHUQHQ /HEHQVYLHOIDOW EHJUQGHW JOHLFKVDP PLW NRQVWLWXLHUHQGHV (OHPHQW *HVXQGKHLW ZLUG VR ]X HLQHP PHWDSK\VLVFKHQ %HJULII GHU QLFKW NRQNUHW HUIDVVEDU LVW +HXWH ZHL PDQ GDVV HLQ 2UJDQLVPXV QLFKWHQWZHGHUYROONRPPHQ NUDQNRGHUYROONRPPHQ JHVXQGLVW'DV*HVXQG KHLWV.UDQNKHLWV.RQWLQXXPYHUGHXWOLFKWGLHVH6LFKWZHLVHDXFK Ä-HGHU 0HQVFK DXFK ZHQQ HU VLFK EHUZLHJHQG DOV JHVXQG HUOHEW KDW DXFK NUDQNH$QWHLOHXQGVRODQJH0HQVFKHQDP/HEHQVLQGVLQGDXFKQRFK7HLOHYRQLK QHQJHVXQG³:DOVHU6
(V LVW DOVR P|JOLFK VLFK LQ XQWHUVFKLHGOLFKHQ 3KDVHQ GHV /HEHQV DXI GLHVHP .RQWLQXXP JOHLFK]HLWLJ JHVXQG HEHQVR ZLH NUDQN ]X IKOHQ 'DV EHGHXWHW EHL VSLHOZHLVH GDVV HLQ 0HQVFK PLW HLQHU GLDJQRVWL]LHUWHQ (UNUDQNXQJ VLFK WURW] GLHVHU(UNUDQNXQJDOVVXEMHNWLYJHVXQGHUOHEHQNDQQ(ULVWDXFKQLFKWPHKUDOV HLQGHXWLJ JHVXQG RGHU HLQGHXWLJ NUDQN ]X LGHQWLIL]LHUHQ 'LHVH3HUVRQLVW]XHL QHP EHVWLPPWHQ Ä=HLWSXQNW QLFKW HQWZHGHU JHVXQG RGHU NUDQN VRQGHUQ PHKU RGHUZHQLJHUJHVXQGRGHUNUDQN³6FKXPDFKHU:LO]*XQ]HOPDQQ%UlKOHU 6 )ROJW PDQGLHVHU 6LFKWZHLVHVRKDWGLHVHLQH $EZHLFKXQJ YRQGHUGL FKRWRPHQ6LFKWZHLVHYRQ.UDQNKHLWXQG*HVXQGKHLW]XU)ROJH*HVXQGKHLWXQG .UDQNKHLWVLQGGDUEHUKLQDXVDEKlQJLJYRQGHUVXEMHNWLYHQ'HXWXQJGHUHLQ]HO QHQ 3HUVRQ ZDQQ VLH VLFK EHLVSLHOVZHLVH NUDQN IKOW LVW DEKlQJLJ YRQ LKUHQ
$QWRQRYVN\QHQQWHVKHDOWKHDVHGLVHDVHFRQWLQXXP±NXU]+('(.RQWLQXXP(VOlVVWVLFKQLFKW ZRUWZ|UWOLFK EHUVHW]HQ HDVH :RKOEHKDEHQ KHDOWK HDVH *HVXQGKHLW *HVXQGXQJ GLVHDVH .UDQNKHLW GLVHDVH 8QEHKDJHQ 8QZRKOVHLQ (QW*HVXQGXQJ /DPSUHFKW6D[ ZHLVHQ GDUDXI KLQ GDVV GLHVHV *HVXQGKHLWV.UDQNKHLWV.RQWLQXXP EHUHLWV YRQ *RUGRQ 2¶5RXUNH 5LFKDUGVRQXQG/LQGHPDQQIRUPXOLHUWZXUGH 'HPHQWVSUHFKHQGVWHOOW$QWRQRYVN\QDFK)UDQNHD .ULWHULHQDXIPLW+LOIHGHUHUGLH3RVLWL RQDP+('(.RQWLQXXPEHVWLPPWZHUGHQNDQQÄ>G@DV)HKOHQRGHU9RUKDQGHQVHLQYRQ6FKPHU]HQ GDV)HKOHQRGHU9RUKDQGHQVHLQYRQPHKURGHUZHQLJHUJURHQIXQNWLRQHOOHQ%HHLQWUlFKWLJXQJHQYRQ /HEHQVDNWLYLWlWHQGLHGLHEHWUHIIHQGH3HUVRQDXVEHQP|FKWHGHU%HIXQGHLQHV*HVXQGKHLWVH[SHUWHQ XQGGLHYRQLKPJHlXHUWHPHKURGHUZHQLJHUJQVWLJHRGHUXQJQVWLJH3URJQRVHGDV$XVPDGHU YRQ HLQHP *HVXQGKHLWVH[SHUWHQ IU QRWZHQGLJ HUDFKWHWHQ NXUDWLYHQ XQG SUlYHQWLYHQ 0DQDKPHQ³ )UDQNHD6
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
HLJHQHQ9RUVWHOOXQJHQYRQ.UDQNKHLWDEHUDXFKYRQLKUHQ(PRWLRQHQXQGLKUHP 'HQNHQ YRQ LKUHP $OWHU YRP *HVFKOHFKW YRP (LQNRPPHQ HWF HEHQVR ZLH YRQJHVHOOVFKDIWOLFKHQ9RUVWHOOXQJHQQlPOLFKGDKLQJHKHQGZLHLQHLQHU*HVHOO VFKDIW *HVXQGKHLW E]Z .UDQNKHLW GHILQLHUW XQG YHUVWDQGHQ ZLUG 6R LVW EHL VSLHOVZHLVHLQGHU7UDGLWLRQHOOHQ&KLQHVLVFKHQ0HGL]LQ7&0 MHGH%HKDQGOXQJ GDUDXIDXVJHULFKWHWGDV*OHLFKJHZLFKWHLQHU3HUVRQDXIGHQXQWHUVFKLHGOLFKVWHQ 6\VWHPHEHQHQ]%2UJDQV\VWHPH ZLHGHU KHU]XVWHOOHQ'KKLHU ZLUGLPSOL]LW DQHLQHU*HVXQGXQJGHVJHVDPWHQ.|USHUVJHDUEHLWHWLP*HJHQVDW]]XU$EZHKU YRQ HLQ]HOQHQ .UDQNKHLWVV\PSWRPHQ $XFK JHVHOOVFKDIWOLFK EHWUDFKWHW ILQGHQ VLFK 8QWHUVFKLHGH LQ GHU %HGHXWXQJ YRQ .UDQNKHLW XQG *HVXQGKHLW VR HWZD GHILQLHUW HLQ (U]LHKXQJVV\VWHP NUDQNKDIWH =XVWlQGH GHU 7HLOQHKPHQGHQ DQGHUV DOV HWZD HLQ 7HLOV\VWHP GHV *HVXQGKHLWVV\VWHPV .UDQNHQNDVVH RGHU DXI HLQHU EHUJHRUGQHWHQ(EHQHGLH:HOWJHVXQGKHLWVRUJDQLVDWLRQ :HOFKH 3RVLWLRQ PDQ DXI GLHVHP *HVXQGKHLWV.UDQNKHLWV.RQWLQXXP HLQ QLPPW LVW DXFK DEKlQJLJ YRQ GHU $XVSUlJXQJ GHV .RKlUHQ]JHIKOV NRQNUHW GDYRQZLHE]ZREHLQH%HZlOWLJXQJHLQHUVROFKHQ6LWXDWLRQEHLVSLHOVZHLVHGHU 'LDJQRVH HLQHU VFKZHUHQ (UNUDQNXQJ JHOLQJW E]Z RE GLH ]XU 9HUIJXQJ VWH KHQGHQ 5HVVRXUFHQ JHQXW]W ZHUGHQ N|QQHQ XP HLQHUVHLWV PLW GHU 'LDJQRVH XPJHKHQ ]X N|QQHQ XQG DQGHUHUVHLWV GDUDXI ]X YHUWUDXHQ ZLHGHU JHVXQG ]X ZHUGHQ 'DV *HVXQGKHLWV.UDQNKHLWV.RQWLQXXP PDFKW XQYHUNHQQEDU GHXWOLFK GDVV.UDQNKHLWXQG*HVXQGKHLWNHLQHVWDUUHQHLQDQGHUDXVVFKOLHHQGHQ%HILQG OLFKNHLWHQGDUVWHOOHQVRQGHUQHV]HLJWYLHOPHKUDXIGDVVVLFKMHGHU0HQVFKVWHWV LQ HLQHP =XVWDQG GHU +HWHURVWDVH ± GHV 8QJOHLFKJHZLFKWV ± EHILQGHW XQG GDVV GLHV HLQH $UW 1RUPDO]XVWDQG GDUVWHOOW *HVXQGKHLW XQG .UDQNKHLW ODVVHQ VLFK QLFKW YRQHLQDQGHU WUHQQHQ E]Z DEJUHQ]HQ XQG DXFK QLFKW HLQGHXWLJ IHVWOHJHQ *HVXQGKHLW LVW GHPQDFK ÄNHLQ VWDELOHU *OHLFKJHZLFKWV]XVWDQG VRQGHUQ PXVV LQ GHU$XVHLQDQGHUVHW]XQJPLW/HEHQVHLQIOVVHQNRQWLQXLHUOLFKQHXDXIJHEDXWZHU GHQ³6FKXEHUW6 'LHVLVWHLQHGHUZHVHQWOLFKHQ*UXQGDQQDKPHQDXI GHQHQ$QWRQRYVN\DXIEDXWXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOVHQWZLFNHOW 'DV.RQ]HSWGHV.RKlUHQ]JHIKOV6HQVHRI&RKHUHQFH +LQWHUGHPVDOXWRJHQHWLVFKHQ3DUDGLJPDVWHKWHLQUHVVRXUFHQRULHQWLHUWHV0RGHOO ZHOFKHV XQWHUVFKLHGOLFKH (OHPHQWH EHLQKDOWHW DXI GLH LP )ROJHQGHQ QlKHU HLQ JHJDQJHQ ZLUG 9RUZHJ VHL GDUDXI YHUZHLVHQ GDVV $QWRQRYVN\V .RQ]HSW NHLQ DEJHVFKORVVHQHVXQGXQYHUlQGHUEDUHV.RQ]HSWGDUVWHOOW9LHOPHKULVWJHJHQZlU WLJHLQH:HLWHUHQWZLFNOXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOVLQXQWHUVFKLHGOL FKHQ'LV]LSOLQHQXQG3UD[LVIHOGHUQ]XHUNHQQHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
$XIEDXHQG DXI GHP 9HUVWlQGQLV YRQ *HVXQGKHLW XQG .UDQNKHLW ZLUG QXQ GDV.RQ]HSWGHV.RKlUHQ]JHIKOVPLWVHLQHQGUHL.RPSRQHQWHQXQGGHUHQ(QW ZLFNOXQJ XQG GLH GDPLW LQ HQJHP =XVDPPHQKDQJ VWHKHQGH %HGHXWXQJ YRQ 6WUHVVRUHQ XQG 6SDQQXQJV]XVWlQGHQ VRZLH GLH JHQHUDOLVLHUWHQ :LGHUVWDQGVUHV VRXUFHQHLQJHKHQGGDUJHVWHOOW,QGLHVHP=XVDPPHQKDQJJHKHLFKDXIGLH$XV SUlJXQJHQ GHV .RKlUHQ]JHIKOV HLQ XQG YHUVXFKH ]X NOlUHQ ZDV HV EHGHXWHW ZHQQHLQH3HUVRQEHUHLQVWDUNHVE]ZVFKZDFKHV.RKlUHQ]JHIKOYHUIJWE]Z ZLH GLH '\QDPLN GHU HLQ]HOQHQ .RPSRQHQWHQ ]XHLQDQGHU LQ %H]LHKXQJ VWHKHQ 'HV:HLWHUHQZLUGDXIGLH9HUlQGHUEDUNHLWGHV.RKlUHQ]JHIKOVJHVRQGHUW%H ]XJJHQRPPHQ$EVFKOLHHQGZHUIHLFKHLQHQ%OLFNDXIGDV.RKlUHQ]JHIKODOV )RUVFKXQJVJHJHQVWDQG LQ XQWHUVFKLHGOLFKHQ ZLVVHQVFKDIWOLFKHQ 'LV]LSOLQHQ XQG EHVFKUHLEH HLQLJH $QZHQGXQJVP|JOLFKNHLWHQ VRZLH GLH (UIDVVXQJ LQ GHU (U]LH KXQJVZLVVHQVFKDIW %HGHXWXQJGHV%HJULIIHV .RKlUHQ]LP$OOJHPHLQHQEHGHXWHW=XVDPPHQKDQJ6WLPPLJNHLWXQGEHVFKUHLEW HLQH LQQHUH HEHQVR ZLH lXHUH 9HUEXQGHQKHLW XQG =XVDPPHQJHK|ULJNHLW 'DV .RKlUHQ]JHIKOLP%HVRQGHUHQEHVFKUHLEWHLQHJUXQGVlW]OLFKH(LQVWHOOXQJGHP /HEHQ JHJHQEHU ± HLQH /HEHQVKDOWXQJ E]Z /HEHQVRULHQWLHUXQJ $QWRQRYVN\ EH]HLFKQHWGDV.RKlUHQ]JHIKODOV Ä« DJOREDORULHQWDWLRQWKDWH[SUHVVHVWKHH[WHQWWRZKLFKRQHKDVDSHUYDVLYH HQGXULQJWKRXJKG\QDPLFIHHOLQJRIFRQILGHQFHWKDWRQH¶VLQWHUQDODQGH[WHUQDOHQ YLURQPHQWVDUHSUHGLFWDEOHDQGWKDWWKHUHLVDKLJKSUREDELOLW\WKDWWKLQJVZLOOZRUN RXWDVZHOODVFDQUHDVRQDEO\EHH[SHFWHG´$QWRQRYVN\[LLL
(V KDQGHOW VLFK DOVR XP HLQH YRQ HLQHP ,QGLYLGXXP DXVJHKHQGH *UXQGHLQVWHO OXQJ ZLH HV DXI VFKZLHULJH XQG XQYRUKHUJHVHKHQH (UHLJQLVVH UHDJLHUW 'LHVH DOOJHPHLQH *UXQG XQG /HEHQVHLQVWHOOXQJ NDQQ DXFK DOV HLQH :HOWDQVFKDXXQJ EHVFKULHEHQZHUGHQGLHDXIGHQSHUV|QOLFKHQ*HIKOHQXQGLQGLYLGXHOOHQhEHU
$XFKGLH%HJULIIH.RKlUHQ]HPSILQGHQ.RKlUHQ]VLQQXQG.RKlUHQ]HUOHEHQILQGHQVLFKLQHLQLJHQ 3XEOLNDWLRQHQ'DGHU%HJULIIÄ6HQVHRI&RKHUHQFH³DEJHNU]WZLUGDXFKYRPÄ62&³JHVSURFKHQ MHGRFKLPGHXWVFKHQ6SUDFKUDXPDPKlXILJVWHQPLWÄ.RKlUHQ]JHIKO³EHVFKULHEHQZLUGZHUGHLFK LQPHLQHQZHLWHUHQ$XVIKUXQJHQHEHQIDOOVGLHVHQ%HJULIIYHUZHQGHQ $QNH)UDQNEHUVHW]WGLH'HILQLWLRQZLHIROJW'DV.RKlUHQ]JHIKOLVWÄHLQHJOREDOH2ULHQWLHUXQJ GLHDXVGUFNWLQZHOFKHP$XVPDPDQHLQGXUFKGULQJHQGHVDQGDXHUQGHVXQGG\QDPLVFKHV*HIKO GHV9HUWUDXHQVKDWGDGLHHLJHQHLQWHUQHXQGH[WHUQH8PZHOWYRUKHUVDJEDULVWXQGGDHVHLQHKRKH :DKUVFKHLQOLFKNHLW JLEW GD VLFK GLH 'LQJH VR HQWZLFNHOQ ZHUGHQ ZLH YHUQQIWLJHUZHLVH HUZDUWHW ZHUGHQNDQQ³$QWRQRYVN\6
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
]HXJXQJHQXQG:HUWHQDXIGHU$UWXQG:HLVH ZLH PLW(UIDKUXQJHQLP /HEHQ XPJHJDQJHQZLUGEHUXKW'DV.RKlUHQ]JHIKOVWHOOWNHLQH3HUV|QOLFKNHLWVHLJHQ VFKDIWLPVWUHQJHQ 6LQQGHV :RUWHVGDUHEHQVR ZHQLJLVWHVHLQH VSH]LHOOH&R SLQJVWUDWHJLHVRQGHUQHVLVWYLHOPHKUHLQHÄGLVSRVLWLRQHOOH2ULHQWLHUXQJ³$QWR QRYVN\6 HLQHJUXQGVlW]OLFKH(LQVWHOOXQJGHP/HEHQJHJHQEHUE]Z HLQHJHQHUHOOH5HVVRXUFH]XU/HEHQVEHZlOWLJXQJÄGLH0HQVFKHQZLGHUVWDQGVIl KLJHUJHJHQEHU6WUHVVRUHQPDFKW³6FKXPDFKHUHWDO6 0LW6FKLI IHU JHVSURFKHQLVWPLW.RKlUHQ]JHIKO ÄHLQ *UXQGJHIKO XQG ]XJOHLFK DXFK HLQH :DKUQHKPXQJVZHLVH GHU :HOW JH PHLQWGDVVZLUGDVZDVXPXQVKHUXPJHVFKLHKWDXVUHLFKHQGYHUVWHKHQXQGDXFK EHHLQIOXVVHQN|QQHQ:LUVLQGQLFKWKLOIORVVRQGHUQYHUIJHQEHULQQHUHXQGlXH UH +LOIVTXHOOHQ « PLW GHQHQ ZLU 6FKZLHULJNHLWHQ PHLVWHUQ N|QQHQ³ 6FKLIIHU 6
*HUDGH DQ GLHVHU 6WHOOH ZLUG GLH %HGHXWXQJ GHV .RKlUHQ]JHIKOV IU GLH 8P JDQJVZHLVH PLW GHQ EHUHLWV EHVFKULHEHQHQ JHVHOOVFKDIWOLFKHQ 3KlQRPHQHQ GLH GLH 3HUVRQHQ WUHIIHQ N|QQHQ GHXWOLFK 1LFKW XPVRQVW EHVFKUHLEHQ 6DFN/DPSUHFKW GDV .RKlUHQ]JHIKO DXFK DOV ÄHLQH EHUJUHLIHQGH )lKLJNHLW SRWHQWLHOOHQ6WUHVVRUHQVR]XEHJHJQHQGDVVHV]XHLQHUQHXWUDOHQRGHUVDOXWRJH QHQ(QWZLFNOXQJNRPPW³6DFN/DPSUHFKW6 8PDXIGLHHLQJDQJVEHVFKULHEHQH0HWDSKHUHLQHVJXWHQ6NLIDKUHUV]XUFN ]XNRPPHQ NDQQ GDV .RKlUHQ]JHIKO DOV GLH VXEMHNWLYH *HVFKLFNOLFKNHLW E]Z 'LVSRVLWLRQ EHVFKULHEHQ ZHUGHQ HEHQ JXW 6NL IDKUHQ ]X N|QQHQ 'DV EHGHXWHW ZHQQ GHU 6NLIDKUHU EHU HLQ VWDUN DXVJHSUlJWHV .RKlUHQ]JHIKO YHUIJW VR HU P|JOLFKW LKP GLHVH VXEMHNWLYH *UXQGHLQVWHOOXQJ XQG :HOWDQVFKDXXQJ VHLQH YRUKDQGHQHQ5HVVRXUFHQ.RQGLWLRQ.UlIWH$XVUVWXQJ ]XQXW]HQXQGDXIWUH WHQGH 3UREOHPH RGHU 6FKZLHULJNHLWHQ %XFNHO LQ GHU 3LVWH DQGHUH 6NLIDKUHU 6FKQHHVWXUP DXFK ]X EHZlOWLJHQ -H VWlUNHU GDV .RKlUHQ]JHIKO GHVWR ZDKU VFKHLQOLFKHULVWHVGDVVGHU6NLIDKUHUDXFKZHQQHUVLFKHLQPDOYHUOHW]WKDWVLFK ZLHGHUDXIGLH6NLSLVWHZDJW'DVKHLWGHP.RKlUHQ]JHIKONRPPWHLQHEHU JHRUGQHWH )XQNWLRQ ]X HV KLOIW JHHLJQHWH 0HFKDQLVPHQ XQG &RSLQJVWUDWHJLHQ HLQ]XVHW]HQXPDXIWUHWHQGH+HUDXVIRUGHUXQJHQ]XPHLVWHUQ 'LHGUHL.RPSRQHQWHQGHV.RKlUHQ]JHIKOV )U$QWRQRYVN\EHVWHKWGDV.RKlUHQ]JHIKO6HQVHRI&RKHUHQFH DXVGUHLVLFK DXI XQWHUVFKLHGOLFKHQ (EHQHQ EHILQGOLFKHQ .RPSRQHQWHQ QlPOLFKGHU .RPSR QHQWH GHU 9HUVWHKEDUNHLW 6HQVH RI &RPSUHKHQVLELOLW\ GHU %HZlOWLJEDUNHLW 6HQVH RI 0DQDJHDELOLW\ VRZLH GHU %HGHXWVDPNHLW 6HQVH RI 0HDQLQJIXOQHVV
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
'LHVHGUHL.RPSRQHQWHQVWHKHQLQHLQHUNRPSOH[HQ:HFKVHOEH]LHKXQJ]XHLQDQ GHU$QWRQRYVN\ZHLVWVWHWVGDUDXIKLQGDVVVLFKGDV.RKlUHQ]JHIKOXQWHUGHQ MHZHLOVEHVWHKHQGHQNXOWXUHOOHQXQGVR]LDOHQ.RQWH[WEHGLQJXQJHQHQWZLFNHOWLQ ZHOFKH GLH VSH]LHOOHQ /HEHQVHUIDKUXQJHQ HLQJHEXQGHQ VLQG *HVHOOVFKDIWOLFKH %HGLQJXQJHQZLHSROLWLVFKH6LFKHUKHLWXQG)ULHGHQEHHLQIOXVVHQGLH$XVSUlJXQJ GHV .RKlUHQ]JHIKOV HEHQVR ZLH GLH 7DWVDFKH ZHOFKHP *HVFKOHFKW ZHOFKHQ VR]LDOHQXQGNXOWXUHOOHQ*UXSSHQPDQDQJHK|UWYJO$QWRQRYVN\6 'DV .RKlUHQ]JHIKO NDQQ XQWHUVFKLHGOLFK VWDUN DXVJHSUlJW VHLQ $XVVFKODJJH EHQGIUGLH(QWZLFNOXQJHLQHVHKHUVFKZDFKRGHUVWDUNDXVJHSUlJWHQ.RKlUHQ] JHIKOV VLQG QDFK $QWRQRYVN\ VR JHQDQQWH Ä0XVWHU YRQ /HEHQVHUIDKUXQJHQ³ $QWRQRYVN\6 GLHNXOWXUDEKlQJLJVLQG *HIKOYRQ9HUVWHKEDUNHLW6HQVHRI&RPSUHKHQVLELOLW\ 'LH.RPSRQHQWH9HUVWHKEDUNHLWEH]LHKWVLFKÄDXIGDV$XVPDLQZHOFKHPPDQ LQWHUQH« XQGH[WHUQH6WLPXOLDOVNRJQLWLYVLQQKDIWZDKUQLPPWDOVJHRUGQHWH NRQVLVWHQWHVWUXNWXULHUWHXQGNODUH,QIRUPDWLRQ³$QWRQRYVN\6 'DV EHGHXWHWGDVVGLH(UHLJQLVVHGHULQQHUHQXQGlXHUHQ:HOWDOVYRUKHUVHKEDUXQG HUNOlUEDUZDKUJHQRPPHQZHUGHQXQGQLFKWDOVZLOONUOLFKRGHU]XIlOOLJHUVFKHL QHQ 9HUIJW PDQ EHU HLQ KRKHV 0D DQ 9HUVWHKEDUNHLW VR ZLUG GLH :HOW DOV JHRUGQHWYHUVWlQGOLFKXQGLQVLFKVWLPPLJEHWUDFKWHWDXFK3UREOHPHXQG%HODV WXQJHQGLHHUOHEW ZHUGHQN|QQHQLQHLQHP JU|HUHQ =XVDPPHQKDQJEHJULIIHQ ZHUGHQ 9HUVWHKEDUNHLW EH]LHKW VLFK DXI GLH Ä5HIOH[LYLWlW YRQ ,GHQWLWlW XQG JH VHOOVFKDIWOLFKHP 8PIHOG³ .ROLS:\GOHU$EHO 6 )U 0HQVFKHQ GLH EHU HLQ DXVJHSUlJWHV *HIKO YRQ 9HUVWHKEDUNHLW YHUIJHQ EHGHXWHW GLHV GDVV VLH Ä(UIDKUXQJHQDXFK IUVLHY|OOLJ QHXH6LWXDWLRQHQ DOVGXUFKVFKDXEDUHJH RUGQHWH XQG WUDQVSDUHQWH ,QIRUPDWLRQHQ YHUDUEHLWHQ N|QQHQ³ +LQWHUPDLU 6 $XFK QHXH (UHLJQLVVH XQG (QWZLFNOXQJHQ N|QQHQ HLQJHRUGQHW HUNOlUW VXEMHNWLY EHZHUWHW XQG VRPLW NRJQLWLY YHUDUEHLWHW ZHUGHQ /HEHQVHUIDKUXQJHQ ZHUGHQ DOV LQ VLFK VFKOVVLJ ZDKUJHQRPPHQ XQG HQWVSUHFKHQ GHP HLJHQHQ (U NOlUXQJVPRGHOOYRQ:HOW3UREOHPHZHUGHQDXIGLHVHU(EHQHHUVWHLQPDOZDKU JHQRPPHQ HUNDQQW XQG DXFK GHILQLHUW 9HUIJW HLQH 3HUVRQ EHU HLQ KRKHV $XVPDDQ 9HUVWHKEDUNHLWVRJHKW VLHGDYRQDXVGDVV]XNQIWLJH6WLPXOL YRU KHUVDJEDURGHUDEHU]XPLQGHVWHUNOlUEDUVLQG8P]XGLHVHU(UZDUWXQJVVLFKHUKHLW ]X NRPPHQ LVW HV QLFKW YRQ %HGHXWXQJ RE HLQ (UHLJQLV HUVHKQW RGHU XQHU ZQVFKWLVW:LFKWLJLVWLP9HUODXIGHU(QWZLFNOXQJGDVVJOHLFKEOHLEHQGH(UIDK UXQJHQHLQHZLFKWLJH%DVLVIUGLH9HUVWHKEDUNHLWVNRPSRQHQWHVFKDIIHQ6ROHUQW
$QWRQRYVN\QHQQWVLHÄSDWWHUQVRIOLIHH[SHULHQFHV³$QWRQRYVN\6
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
EHLVSLHOVZHLVHEHUHLWVGDV.OHLQNLQGGDVVÄVHLQHSK\VLNDOLVFKHXQGVR]LDOH:HOW VLFKQLFKWVWlQGLJYHUlQGHUQ³$QWRQRYVN\6 'LH]XQHKPHQGYHUWUDX WHUZHUGHQGHQ6WLPXOLXQGGLHGDUDXIIROJHQGHQ5HDNWLRQHQN|QQHQHLQJHRUGQHW ZHUGHQXQGZHUGHQVRPLWVFKULWWZHLVHYHUVWHKEDU Ä(UIlKUW PDQ GD YHUVFKLHGHQH 'LQJH VLFK HUJlQ]HQ GD HLQHP HWZDV 8QEH NDQQWHV]XIULHGHQVWHOOHQGHUNOlUWZLUGXQGGD0XVWHUJHRUGQHWVLQGVWlUNWGLHVGDV (UOHEHQYRQ9HUVWHKEDUNHLW³$QWRQRYVN\6
:HLWJHKHQG ZLGHUVSUXFKVIUHLH /HEHQVHUIDKUXQJHQ WUDJHQ DOVR GD]X EHL GLH .RPSRQHQWHGHU9HUVWHKEDUNHLWDXV]XELOGHQ6LHVLQGDXFKHLQZLFKWLJHU7HLOLQ GHU ,QWHUDNWLRQ XQG LQ GHU %H]LHKXQJVJHVWDOWXQJ ]% ]ZLVFKHQ/HKUHQGHQ XQG /HUQHQGHQ 'XUFKYHUWUDXHQVYROOH,QWHUDNWLRQHQZLUGGLH:HOWYHUVWHKEDUXQGLQ JHZLVVHU:HLVHDXFKYRUKHUVHKEDU *HIKOYRQ%HZlOWLJEDUNHLW6HQVHRI0DQDJHDELOLW\ $QWRQRYVN\GHILQLHUW%HZlOWLJEDUNHLWÄDOVGDV$XVPDLQGHPPDQZDKUQLPPW GD PDQ JHHLJQHWH 5HVVRXUFHQ ]XU 9HUIJXQJ KDW XP GHQ $QIRUGHUXQJHQ ]X EHJHJQHQ GLH YRQ GHQ 6WLPXOL PLW GHQHQ PDQ NRQIURQWLHUW ZLUG DXVJHKHQ³ $QWRQRYVN\6 'LHYRUKDQGHQHQ5HVVRXUFHQXQGGDV(UNHQQHQXQG 1XW]HQ GHUVHOEHQ WUDJHQ ]X HLQHU %HZlOWLJXQJ HLQHV YRUKDQGHQHQ RGHU DXIWDX FKHQGHQ 3UREOHPV EHL 'LHVH 5HVVRXUFHQ N|QQHQ ]XP HLQHQ LQQHUH SHUVRQDOH VHLQ]XPDQGHUHQ JHK|UHQGD]XDXFK PDWHULHOOH 5HVVRXUFHQHEHQVR ZLH VROFKH DXVGHPVR]LDOHQ8PIHOG±ZLHHWZD0HQVFKHQDXIGLHPDQVLFKYHUODVVHQNDQQ GHQHQ PDQ YHUWUDXHQ NDQQ 'DV *HIKO GHU %HZlOWLJEDUNHLW EHILQGHW VLFK IU $QWRQRYVN\ DXI HLQHU NRJQLWLYHPRWLRQDOHQ 9HUDUEHLWXQJVHEHQH XQG EHVFKUHLEW GLHÄ'LPHQVLRQGHU%LOGXQJGHV6HOEVW³.ROLS:\GOHU$EHO6 'LHVH .RPSRQHQWHVWHOOWHLQLQVWUXPHQWHOOHV9HUWUDXHQGDUGDVGDIUDXVVFKODJJHEHQG LVWREHLQ0HQVFKHLQHEHVWLPPWH6LWXDWLRQDOVEHHLQIOXVVEDUXQGGDPLWDXFKDOV VWHXHUEDUHPSILQGHW,VWGLHVGHU)DOOVRZLUGHUDXFKLQGHU/DJHVHLQ9HUDQW ZRUWXQJ ]X EHUQHKPHQ IU GHQ 9HUODXI GHU *HVFKLFKWH 0HQVFKHQ PLW HLQHP DXVJHSUlJWHQ*HIKOIU%HZlOWLJEDUNHLWYHUIJHQEHUGLH*HZLVVKHLWXQGEHU HLQ RSWLPLVWLVFKHV 9HUWUDXHQ GDVV DXIWUHWHQGH $QIRUGHUXQJHQ LQWHUQHU HEHQVR ZLHH[WHUQHU$UW]XEHZlOWLJHQ]XO|VHQXQGGDPLW]XPHLVWHUQVLQG6LHJUHLIHQ DXILKUHHLJHQHQHEHQVRZLHDXIVR]LDOH5HVVRXUFHQ]XUFNXQGYHUWUDXHQGDUDXI DQVWHKHQGH 6FKZLHULJNHLWHQ XQG 3UREOHPH ± DXFK PLW 8QWHUVWW]XQJ DQGHUHU ± ]XO|VHQ0LWXQWHUVWW]HQGHQ6WUXNWXUHQVLQGVR]LDOH1HW]ZHUNHJHPHLQWGLHEHL GHU HLJHQHQ /HEHQVEHZlOWLJXQJ KHOIHQ (V NDQQ VLFK XP HLQH SROLWLVFKH 3DUWHL
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
RGHUXPHLQHQ9HUHLQKDQGHOQHEHQVRZLHXPHLQ]HOQH3HUVRQHQZLH)DPLOLHQ PLWJOLHGHU)UHXQG,QQHQRGHU3DUWQHU,QQHQ:LFKWLJLVWGDVVPDQ]XLKQHQ9HU WUDXHQKDWXQGGDVVPDQDXIVLH]lKOHQNDQQ ³-HPHKULFKVHOEVWXQGDQGHUHGLHLFKGDIUIUEHUHFKWLJWKDOWHPLU$XIJDEHQ VWHOOHQ GHVWR ZDKUVFKHLQOLFKHU ZHUGH LFK EHU GLH 5HVVRXUFHQ YHUIJHQ VLH ]X O| VHQChEHU5HVVRXUFHQYHUIJHQCEHGHXWHWLQHUVWHU/LQLHGDV:LVVHQGLH)HUWLJNHL WHQGLH0DWHULDOLHQXQGGDV]XU9HUIJXQJVWHKHQGH5VW]HXJ³$QWRQRYVN\ 6
'LHVH .RPSRQHQWH ZLUG DXFK DOV GHU ÄSUDJPDWLVFKH $VSHNW³ .|K OH2EOLHUV)DEHU 6 GHV .RKlUHQ]JHIKOV EHWUDFKWHW (LQH KRKH $XV SUlJXQJ GHU .RPSRQHQWH %HZlOWLJEDUNHLW ]HLJW VLFK LQ HLQHP UHVVRXUFHQRULHQ WLHUWHQ 8PJDQJ PLW (UHLJQLVVHQ ZRKLQJHJHQ HLQH JHULQJH $XVSUlJXQJ GLHVHU .RPSRQHQWHHKHUHLQHQGHIL]LWRULHQWLHUWHQ8PJDQJEHLQKDOWHW=HQWUDOLVWGDEHL EHU HLQH ÄJXWH %HODVWXQJVEDODQFH³ ]X YHUIJHQ ± GLHVH VWHOOW HLQH ZHVHQWOLFKH %DVLV IU GLH %HZlOWLJEDUNHLWVNRPSRQHQWH GDU YJO $QWRQRYVN\ 6 'DVKHLWHLQH$XVJHZRJHQKHLWHLQ%DODQFHJHIKOIUGLH0RELOLVLHUXQJLQQH UHU (QHUJLH XP $QIRUGHUXQJHQ ]X EHZlOWLJHQ GLH DQ HLQHQ 0HQVFKHQ JHVWHOOW ZHUGHQ VRGDVVHV ZHGHU]XHLQHUhEHU QRFK8QWHUEHODVWXQJLQGHQ KHUDXVIRU GHUQGHQ 6LWXDWLRQHQ NRPPW 6LQG 5HVVRXUFHQ QLFKW LQ DXVUHLFKHQGHP 0DH YRUKDQGHQ VR NDQQ HV ]X hEHUIRUGHUXQJ E]Z hEHUODVWXQJ NRPPHQ XQG HLQ *HIKO HQWVWHKHQ GHP /HEHQ QLFKW LQ DXVUHLFKHQGHU )RUP JHZDFKVHQ ]X VHLQ )U $QWRQRYVN\LVW JHUDGHGDV*HIKOGHVhEHUODVWHWVHLQV HLQ]HQWUDOHU$VSHNW .RPPW HV ]XP %HLVSLHO ]X ODQJ DQGDXHUQGHU hEHUODVWXQJ VR LVW HLQH 3HUVRQ QLFKWPHKUGD]XLP6WDQGH5HVVRXUFHQGLHYRUKHUYRUKDQGHQZDUHQGHU6LWXD WLRQ HQWVSUHFKHQG HLQ]XVHW]HQ 9HUIJHQ 0HQVFKHQ EHU HLQHQ HQWVSUHFKHQGHQ 5DXPLQGHPVLHLKUH(QHUJLHQZLHGHUVDPPHOQN|QQHQEHUVR]LDOHQ5FNKDOW XQG DXFK EHU RUJDQLVDWRULVFKH 5HVVRXUFHQ VR VWlUNW GLHV GDV %HZlOWLJEDUNHLW VHUOHEHQ$EHUDXFK8QWHUIRUGHUXQJEHHLQIOXVVWGLHVHV(UOHEHQ:HUGHQDQ0HQ VFKHQVWHWV$XIJDEHQJHVWHOOWGLHVLHXQWHUIRUGHUQ$XIJDEHQLQGHQHQVLHQLFKW LKUH )HUWLJNHLWHQ )lKLJNHLWHQ .RPSHWHQ]HQ XQG 3RWHQ]LDOH HLQVHW]HQ N|QQHQ VRÄN|QQHQZLUQLHPDOVGDV9HUWUDXHQEHNRPPHQGDGLH:HOWKDQGKDEEDULVW³ $QWRQRYVN\6 *HIKOYRQ%HGHXWVDPNHLW6HQVHRI0HDQLQJIXOQHVV :LHVHKU$QWRQRYVN\YRQGHQ$UEHLWHQ9LNWRU)UDQNOVEHHLQIOXVVWLVWZLUGDQ KDQGGHU.RPSRQHQWHGHU%HGHXWVDPNHLWGHXWOLFKYJO/RUHQ]6 6LH EH]LHKWVLFK
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
ÄDXIGDV$XVPDLQGHPPDQGDV/HEHQHPRWLRQDODOVVLQQYROOHPSILQGHWGD ZHQLJVWHQV HLQLJH GHU YRP /HEHQ JHVWHOOWHQ 3UREOHPH XQG $QIRUGHUXQJHQ HV ZHUW VLQGGDPDQ(QHUJLHLQVLHLQYHVWLHUWGDPDQVLFKIUVLHHLQVHW]WXQGVLFKLKQHQ YHUSIOLFKWHWGDVLHHKHUZLOONRPPHQH+HUDXVIRUGHUXQJHQVLQGDOV/DVWHQGLHPDQ JHUQHORVZlUH³$QWRQRYVN\6I
'LHVH .RPSRQHQWH EHVFKUHLEW LQ HUVWHU /LQLH HLQHQ HPRWLRQDOPRWLYDWLRQDOHQ $VSHNWGHUGHQ+HUDXVIRUGHUXQJHQGLHGDV/HEHQPLWVLFKEULQJWHQWJHJHQJH EUDFKWZLUG'DV/HEHQKDWIU0HQVFKHQGLHEHUGDV*HIKOYRQ%HGHXWVDP NHLW YHUIJHQ HPRWLRQDO 6LQQ XQG HV LVW P|JOLFK GHQ +HUDXVIRUGHUXQJHQ PLW (QJDJHPHQW ]X EHJHJQHQ ± GD KLQWHU LKQHQ VLQQYROOH %HGHXWXQJHQ OLHJHQ XQG VLFKGLH$QVWUHQJXQJHQVRPLWORKQHQ'DVEHGHXWHWGDVVGLH0RWLYDWLRQXQGGLH 6LQQIUDJH HWZDV EHZlOWLJHQ ]X ZROOHQ KLHU LP 9RUGHUJUXQG VWHKHQ 'HPHQW VSUHFKHQG EHWRQW GLHVH .RPSRQHQWH PHKU GHQ HPRWLRQDOHQ DOV GHQ NRJQLWLYHQ $VSHNW XQG LVW DXFK XQWHU GHU 3HUVSHNWLYH HLQHU Ä2ULHQWLHUXQJVIXQNWLRQ³]XEH WUDFKWHQÄIU1RUPHQXQG:HUWHIUGLHHVVLFK]XHQWVFKHLGHQXQG]XHQJDJLH UHQORKQW³/RUHQ]6 'LH%DVLVIUGLH%HGHXWVDPNHLWVNRPSRQHQWHVWHOOWÄGLH3DUWL]LSDWLRQDQGHU *HVWDOWXQJGHV+DQGOXQJVHUJHEQLVVHV³$QWRQRYVN\6 GDU0DFKWGHU 0HQVFKGLH(UIDKUXQJGDVVHUDQ(QWVFKHLGXQJVSUR]HVVHQEHWHLOLJWLVWVRI|UGHUW GLHV GDV (UOHEHQ GHU %HGHXWVDPNHLW 'LHVH NDXVDOH %H]LHKXQJ ZLUG GDQQ ZLUN VDP ZHQQ HV VLFK XP 3UR]HVVH KDQGHOW GLH VR]LDO JHVFKlW]W ZHUGHQ $XFK GLH 0|JOLFKNHLW GHV 0LWVSUHFKHQV XQG 0LWHQWVFKHLGHQV LVW EHGHXWVDP ± GLH (LQJH EXQGHQKHLWLQ(QWVFKHLGXQJHQXPGLH(UIDKUXQJ]XPDFKHQGDVVPDQGLH:HOW XP VLFK EHHLQIOXVVHQ XQG (UHLJQLVVH PLW JHVWDOWHQ NDQQ VLQG ZHVHQWOLFKHU %H VWDQGWHLOIUGLH(QWZLFNOXQJGHU.RPSRQHQWH%HGHXWVDPNHLW'LHVH(UIDKUXQ JHQILQGHQVLFKLQ]ZLVFKHQPHQVFKOLFKHQ%H]LHKXQJHQHEHQVRZLH%LOGXQJVYHU DQVWDOWXQJHQ LQ $UEHLWVNRQWH[WHQ ZLHGHU VLH ILQGHQ VLFK LQ HLQHP IDPLOLDOHQ 6\VWHPHEHQVRZLHEHLVSLHOVZHLVHLQGHU0LWDUEHLWLQHLQHUSROLWLVFKHQ2UJDQLVD WLRQRGHUHWZDHLQHUUHOLJL|VHQ*HPHLQVFKDIWZLHGHU:LFKWLJLVWÄGD0HQVFKHQ GLH LKQHQ JHVWHOOWHQ $XIJDEHQ JXWKHLHQ GD VLH HUKHEOLFKH 9HUDQWZRUWXQJ IU LKUH$XVIKUXQJHQKDEHQXQGGDGDVZDVVLHWXQRGHUQLFKWWXQVLFKDXIGDV (UJHEQLV DXVZLUNW³ $QWRQRYVN\ 6 'LH %HGHXWVDPNHLWVNRPSRQHQWH ELHWHWVRJHVHKHQ]XPHLQHQHLQNRJQLWLYHV9HUVWlQGQLV]XPDQGHUHQEHHLQIOXVVW VLHGDVHPRWLRQDOH(UOHEHQHLQHU3HUVRQGDVZLHGHUXPGHQPRWLYDWLRQDOHQ+LQ WHUJUXQGIUZHLWHUH+DQGOXQJHQELOGHW
$QWRQRYVN\6 YHUZHLVWLQGLHVHP=XVDPPHQKDQJDXIGLH6FKZLHULJNHLWGHU7lWLJNHL WHQYRQ+DXVIUDXHQGLH]ZDUHLQHUVHLWVDQ(QWVFKHLGXQJVSUR]HVVHQSDUWL]LSLHUHQDQGHUHUVHLWVILQGHW GLH5ROOHGHU+DXVIUDXLQHLQHUDXI/RKQDUEHLWDXVJHULFKWHWHQ*HVHOOVFKDIWQXUZHQLJVR]LDOH$QHU NHQQXQJ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
)U $QWRQRYVN\ VLQG DOOH GUHL .RPSRQHQWHQ %HVWDQGWHLO GHV .RKlUHQ]JH IKOV XQG PLWHLQDQGHU YHUZREHQ HU EHWUDFKWHWMHGRFK GLH.RPSRQHQWH %HGHXW VDPNHLW DOV GLH ZLFKWLJVWH :HQQ QlPOLFK HLQH 3HUVRQ LQ GHQ (UHLJQLVVHQ GHV /HEHQVNDXPHLQHQ6LQQHUNHQQWVRVFKHLQWHVDXFKHKHUXQZDKUVFKHLQOLFKGDVV GLHVH 3HUVRQ WURW] DXVJHSUlJWHP 0D DQ 9HUVWHKEDUNHLW XQG %HZlOWLJEDUNHLW EHU HLQ KRKHV .RKlUHQ]JHIKO YHUIJHQ NDQQ %HGHXWVDPNHLW VWHKW VRPLW DOV HLQH lXHUVW PRWLYLHUHQGH .UDIW LP =HQWUXP GHU .RQ]HSWLRQ GHV .RKlUHQ]JH IKOV'LHVH.RPSRQHQWHZHLFKWÄHKHUYRQGHQPHKUNRJQLWLYRULHQWLHUWHQ.RP SRQHQWHQ DE XQG RUGQHW HLQHQ WLHIHU OLHJHQGHQ HPRWLRQDOHQ 6LQQ ]X³ /RUHQ] 6 'HPHLJHQHQ/HEHQ6LQQ]X]XVFKUHLEHQXQWHUVWW]WGLH0HQVFKHQ GDEHL DXI :LGULJNHLWHQ NRQVWUXNWLY XQG DXWKHQWLVFK UHDJLHUHQ ]X N|QQHQ +HU DXVIRUGHUXQJHQ N|QQHQ VR GD 6LQQ VWHWV PRWLYDWLRQVVWLIWHQG LVW DQJHQRPPHQ ZHUGHQXQGYHUERUJHQH5HVVRXUFHQN|QQHQDNWLYLHUWZHUGHQXPVLFKGHQ+HU DXVIRUGHUXQJHQ]XVWHOOHQZHQQGLHVHLQLUJHQGHLQHU$UWXQG:HLVHIUGLH3HU VRQEHGHXWVDPXQGVRPLWVLQQWUDJHQGHUVFKHLQHQ+LHUWULWWDXFKVR]LDOHV(QJD JHPHQWLQGHQ9RUGHUJUXQG±HVORKQWVLFKVLFKIUHWZDVHLQ]XVHW]HQ ,QGHUYRQ$QWRQRYVN\YRUJHQRPPHQHQ5HLKXQJGHU:LFKWLJNHLWVWHKWGLH .RPSRQHQWHGHU9HUVWHKEDUNHLWDQ]ZHLWHU6WHOOHÄGDHLQKRKHV0DDQ+DQG KDEEDUNHLWYRP9HUVWHKHQDEKlQJW³$QWRQRYVN\6 (LQ3UREOHPLVW VFKZHU]XEHZlOWLJHQZHQQHVQLFKWYHUVWDQGHQZLUG9HUVWHKEDUNHLWLVWDOVRDOV %DVLV IUGDV0DDQ%HZlOWLJEDUNHLW]XEHWUDFKWHQ ÄGHQQ QXU ZHQQ3HUVRQHQ GLH 6WUXNWXUHQ DOV JHRUGQHW XQG YHUVWlQGOLFK HLQVFKlW]HQ N|QQHQ DXFK GLH HQW VSUHFKHQGHQ 5HVVRXUFHQ PRELOLVLHUW ZHUGHQ XP GLHVHU 6LWXDWLRQ ]X EHJHJQHQ³ *UlVHU6 %HZlOWLJEDUNHLW VWHKW QXQ DQ GULWWHU 6WHOOH LQ GLHVHU %HZHUWXQJ ,VW PDQ QLFKWGDYRQEHU]HXJWGDVVHLQHP5HVVRXUFHQLP/HEHQ]XU9HUIJXQJVWHKHQ VR ZLUG HV DXFK LPPHU VFKZLHULJHU +HUDXVIRUGHUXQJHQ VR ]X EHJHJQHQ GDVV PDQ GDPLW XPJHKHQ NDQQ 7URW] GLHVHU 5HLKXQJ LVW $QWRQRYVN\ GDYRQ EHU ]HXJW GDVV MHGH GHU .RPSRQHQWHQ HLQHQ ZLFKWLJHQ %HLWUDJ EHL GHU DOOWlJOLFKHQ 6WUHVVEHZlOWLJXQJ OHLVWHW $OOH GUHL .RPSRQHQWHQ GHV .RKlUHQ]JHIKOV VWHOOHQ VRPLW HLQH HQWVFKHLGHQGH %DVLV IU VHHOLVFKH XQG DXFK N|USHUOLFKH *HVXQGKHLW GDUÄ.RQVLVWHQWH(UIDKUXQJHQVFKDIIHQGLH%DVLVIUGLH9HUVWHKEDUNHLWVNRPSR QHQWHHLQHJXWH%HODVWXQJVEDODQFHGLHMHQLJHIUGLH+DQGKDEEDUNHLWVNRPSRQHQ WHXQGZHQLJHUHLQGHXWLJGLH3DUWL]LSDWLRQDQGHU*HVWDOWXQJGHV+DQGOXQJVHU JHEQLVVHVGLHMHQLJHIUGLH%HGHXWVDPNHLW³$QWRQRYVN\6
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
8PJDQJPLW6WUHVVRUHQ $QWRQRYVN\HQWZLFNHOWVHLQ0RGHOODXVGHU6WUHVVIRUVFKXQJKHUDXV'DEHLLVWGHU 8PJDQJ PLW 6WUHVVRUHQ VWHWV DEKlQJLJ YRP NXOWXUHOOHQ .RQWH[W YJO $QWR QRYVN\6 :HOFKH5HVVRXUFHQDQJHZDQGWZHUGHQN|QQHQXPHLQHP 6WUHVVRU ]X EHJHJQHQ XQG ZHOFKHV 9HUKDOWHQ DQ GHQ 7DJ JHOHJW ZLUG ± GDULQ ZHUGHQ XQWHUVFKLHGOLFKH .XOWXUHQ +HUNQIWH 0LOLHXV DEHU DXFK HLQ XQWHU VFKLHGOLFKHU +DELWXV VLFKWEDU $XFK ZHQQ $QWRQRYVN\ GDV .RQ]HSW GHV .RKl UHQ]JHIKOVDOVWUDQVNXOWXUHOOEH]HLFKQHWVRZHLVWHUGRFKGDUDXIKLQGDVVÄVHL QHNRQNUHWH8PVHW]XQJ>@VWDUNYDULLHUHQ³$QWRQRYVN\6 NDQQ6R XQWHUVFKLHGOLFK .XOWXUHQ XQG /HEHQVZHOWHQ VLQG VR XQWHUVFKLHGOLFK VLQG ]XP HLQHQ GLH MHZHLOLJHQ 6WUHVVRUHQ XQG ]XP DQGHUHQ GLH MHZHLOV DN]HSWLHUWHQ RGHU ZHQLJHUDN]HSWLHUWHQ8PJDQJVZHLVHQPLW3UREOHPHQXQG6FKZLHULJNHLWHQ 'HU NDQDGLVFKH 3K\VLRORJH 6HO\H SUlJW LQ GHQ HU -DKUHQ GHQ %HJULII 6WUHVV XQG EHVFKUHLEW GDPLW ÄGLH %HHLQIOXVVXQJ GHV .|USHUV GXUFK VFKZHUH .UDQNKHLW+LW]HRGHUH[WUHPHN|USHUOLFKH$QVWUHQJXQJ³6FKDHIHU6 ,QGLHVHP6WUHVV.RQ]HSWZLUGGDUJHOHJWGDVV6WUHVVÄHLQHOHEHQVUHWWHQGH5HDN WLRQ GHU 1HEHQQLHUH XQG GHV YHJHWDWLYHQ 1HUYHQV\VWHPV³ 6FKDHIHU 6 I DXVO|VW GDV EHGHXWHW GDVV 6WUHVV LQ JHZLVVHU :HLVH OHEHQVHUKDOWHQG LVW 'HPHQWVSUHFKHQG IKUW 6HO\H GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ MHQHP 6WUHVV GHU XQVFKlGOLFKLVWHLQ±QlPOLFK(XVWUHVV±XQGMHQHPGHUVWlUNHUXQGDXFKVFKlG OLFKZLUNWQlPOLFK'LVWUHVV(XVWUHVVXQG'LVWUHVVVLQGQLFKWHLQIDFKGHILQLHUEDU XQGHV KlQJWVHKU VWDUN YRQ GHUHLQ]HOQHQ3HUVRQDEREHLQ 6SDQQXQJV]XVWDQG DOV'LVWUHVVRGHUDOV(XVWUHVVZDKUJHQRPPHQ ZLUGYJO6FKDHIHU6 $QWRQRYVN\ JHKW JUXQGVlW]OLFK HLQPDO GDYRQ DXV GDVV 6WUHVVRUHQ QHXWUDO VLQG (UGHILQLHUWHLQHQ6WUHVVRU ÄDOV HLQ 0HUNPDO « GDV (QWURSLH LQ GDV 6\VWHP EULQJW GDV KHLW HLQH /H EHQVHUIDKUXQJ GLH GXUFK ,QNRQVLVWHQ] 8QWHU RGHU hEHUIRUGHUXQJ XQG IHKOHQGH 7HLOKDEHDQ(QWVFKHLGXQJVSUR]HVVHQFKDUDNWHULVLHUWLVW³$QWRQRYVN\6
$QWRQRYVN\ZHLVWLQGLHVHP.RQWH[WGDUDXIKLQGDVVQHJDWLYHHEHQVRZLHSRVL WLYH(UHLJQLVVH6WUHVVRUHQGDUVWHOOHQN|QQHQ(VJLEWIULKQ]ZHL0|JOLFKNHLWHQ ZLH PLW 6WUHVVRUHQ XPJHJDQJHQ ZHUGHQ NDQQ HQWZHGHU NRQVWUXNWLY GK VLH
'DV .RKlUHQ]JHIKO VWHOOW HLQ EHUJHRUGQHWHV 0RGHOO GDU GLH 4XDOLWlW GK GLH $UW GHU $XVSUl JXQJGHV.RKlUHQ]JHIKOVLVWVR]LRNXOWXUHOODEKlQJLJ +HXWH ZHUGHQ YLHOH 6LWXDWLRQHQ DOV 6WUHVVVLWXDWLRQHQ EH]HLFKQHW ± GDVV 0HQVFKHQ JHVWUHVVW VLQG VFKHLQW]XP$OOWDJGHV-DKUKXQGHUWV]XJHK|UHQ6FKDHIHUZHLVWDOOHUGLQJVGDUDXIKLQGDVVGLHV PLWGHPXUVSUQJOLFKHQ6WUHVV.RQ]HSWYRQ6HO\HQXUPHKUZHQLJ]XWXQKDWYJO6FKDHIHU (QWURSLHYRPJULHFKLVFKHQ.XQVWZRUW>HQWURSLD@ :HQGXQJ8PZDQGOXQJGHU%HJULII ZLUGLQ HUVWHU/LQLHLQGHU7KHUPRG\QDPLNYHUZHQGHWXPHLQHQ:DQGOXQJVJHKDOW]XEHVFKUHLEHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
ZHUGHQLQLUJHQGHLQHU)RUPEHDUEHLWHWRGHUDEHUVLHZHUGHQDOVJHJHEHQKLQJH QRPPHQ GDV ,QGLYLGXXP OLHIHUW VLFK VR]XVDJHQ GHQ 6WUHVVRUHQ DXV :HUGHQ 6WUHVVRUHQ DOV NRQVWUXNWLY HUOHEW VR N|QQHQ VLH PRWLYLHUHQGH PRELOLVLHUHQGH .HQQ]HLFKHQ GDUVWHOOHQ XQG VLFK GDPLW KLOIUHLFK XQG SRVLWLY LP /HEHQ HLQHV 0HQVFKHQDXVZLUNHQ 6WUHVVRUHQ VWHOOHQ HLQHQ ZHVHQWOLFKHQ %HVWDQGWHLO GHU VDOXWRJHQHWLVFKHQ 6LFKWZHLVH XQG VRPLW DXFK GHV .RKlUHQ]JHIKO.RQ]HSWHV GDU 6WUHVVRUHQ EH JOHLWHQXQVGDVJDQ]H/HEHQVLHVLQGlXHUVWYLHOIlOWLJXQGVWHOOHQIU0HQVFKHQ MHZHLOV XQWHUVFKLHGOLFKH %HZlOWLJXQJVP|JOLFKNHLWHQ EHUHLW 6LH VLQG DOOJHJHQ ZlUWLJN|QQHQXQHUZDUWHWDXIWUHWHQXQGVLFKLP/DXIHGHU%LRJUDILHYHUlQGHUQ 6LHVLQGQLFKWXQJHZ|KQOLFKGHQQ0HQVFKHQVLQGLQLKUHU%LRJUDILHSHUPDQHQW JHIRUGHUWVLFKPLW.RQIURQWDWLRQHQXQWHUVFKLHGOLFKHU4XDOLWlWHQDXVHLQDQGHU]X VHW]HQ 6WUHVVRUHQ]XEHVFKUHLEHQEHGLQJWVLFKPLW6SDQQXQJV]XVWlQGHQLP.|USHU ]XEHIDVVHQ6SDQQXQJEHGHXWHWÄ GDV(UNHQQHQLP*HKLUQGDHLQ%HGUIQLV XQHUIOOW LVW GD PDQ HLQHU )RUGHUXQJ QDFKNRPPHQ PX GD PDQ HWZDV WXQ PXZHQQPDQHLQ=LHOUHDOLVLHUHQZLOO³$QWRQRYVN\6 6RNDQQ 6SDQQXQJYHUVWDQGHQZHUGHQDOVHLQH$QWZRUWDXIHLQHQ6WLPXOXV6WLPXOL IK UHQ SK\VLRORJLVFKH 6SDQQXQJV]XVWlQGH KHUEHL ZREHL GHU 2UJDQLVPXV GLH $XI JDEH KDW GLHVH 6SDQQXQJV]XVWlQGH ]X EHZlOWLJHQ ,VW PDQ PLW HLQHP 6WUHVVRU NRQIURQWLHUWVRHQWVWHKWDOVR]XQlFKVWHLQHJHZLVVH$QVSDQQXQJEHL0HQVFKHQ ÄZHQQVLHHLQHU6LWXDWLRQDXVJHVHW]WVLQGIUGLHLKQHQNHLQHURXWLQLHUWHQ+DQG OXQJVZHLVHQ ]X 9HUIJXQJ VWHKHQ³ *UlVHU 6 /HUQHQ LQ *DQJ ]X EULQJHQ NDQQ GHPQDFK EHGHXWHQ GXUFK 6WLPXOL HLQHQ 6SDQQXQJVERJHQ EHL GHQ /HUQHQGHQKHUYRU]XUXIHQGHUVLHGDQQLQGLH/DJHYHUVHW]WGXUFK1HXJLHUHWZDV DXI]XQHKPHQ XQG VLFK GDEHL PLW $XIPHUNVDPNHLW HLQHP 7KHPD ]X]XZHQGHQ .DQQLP /HUQSUR]HVVHLQDXIJHWUHWHQHU 6SDQQXQJV]XVWDQG HUIROJUHLFKEHZlOWLJW ZHUGHQ EHLVSLHOVZHLVH LQ 5LFKWXQJ 0RWLYDWLRQ XQG 1HXJLHU VR NDQQ VLFK GLHV JOHLFK]HLWLJ SRVLWLY DXI GLH *HVXQGKHLW DXVZLUNHQ 6FKDIIW HV HLQ 2UJDQLVPXV DOOHUGLQJVQLFKW6SDQQXQJHQ]XO|VHQVRNDQQ'LVWUHVVHQWVWHKHQÄ3DWKRJHQLVW DOVRGLH8QIlKLJNHLW6SDQQXQJ]XO|VHQ³.|KOH2EOLHUV)DEHU6 ,Q HLQHUVROFKHQ%ORFNDGHJHIDQJHQZUGHVLFKHLQH3HUVRQDXIGHP*HVXQGKHLWV .UDQNKHLWV.RQWLQXXP LQ 5LFKWXQJ GHV 3ROV .UDQNKHLW EHZHJHQ (V LVW DOOHU GLQJVQLFKWVRGDVVMHGHEHODVWHQGH6LWXDWLRQXQZHLJHUOLFKHLQHNUDQNPDFKHQGH :LUNXQJKDW(VJLEWYLHOH6LWXDWLRQHQXQG(UHLJQLVVHLP/HEHQLQGHQHQQLFKW LPPHU DGlTXDWH +DQGOXQJVP|JOLFKNHLWHQ ]XU 9HUIJXQJ VWHKHQ ± GLHV IKUW VRPLW ]X 6SDQQXQJV]XVWlQGHQ GLH ]X EHZlOWLJHQ VLQG 'HU 3UR]HVV GHU 6SDQ QXQJVEHZlOWLJXQJ SDVVLHUW QDFK $QWRQRYVN\ LQ ]ZHL 3KDVHQ 'LH HUVWH 3KDVH VWHOOWGHQ(LQVFKlW]XQJVSUR]HVVGDUGLH]ZHLWH3KDVHGHQ%HZlOWLJXQJVSUR]HVV
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
'DUEHU KLQDXV XQWHUVFKHLGHW $QWRQRYVN\ GUHL 7\SHQ YRQ 6WUHVVRUHQ GLH KlXILJPLWHLQDQGHUYHUVFKZLPPHQWURW]GHPXQWHUVFKHLGHQVLHVLFKLQLKUHU4XD OLWlWGKLQLKUHU%HGHXWVDPNHLWIUHLQH3HUVRQ D &KURQLVFKH 6WUHVVRUHQ 'LHVH N|QQHQ DOV ÄHQGHPLVFKHU 6WUH³ EH]HLFKQHW ZHUGHQDOVÄGDV3KlQRPHQDQGDXHUQGHQRGHUDQZDFKVHQGHQ0DQJHOVDQ KDOWHQGHQ9HUOXVWVE]ZGDXHUKDIWHU'HSUHVVLRQXQGGLHNRQWLQXLHUOLFKH(U IDKUXQJ LQDGlTXDWHU 5HVVRXUFHQ RGHU 5ROOHQDQJHERWH³ )ULHG 6 ]LWQ$QWRQRYVN\6 $OVHQGHPLVFKHU6WUHVVNDQQHWZDHLQHODQJ DQGDXHUQGH hEHU RGHU 8QWHUIRUGHUXQJ LQ HLQHU $XVELOGXQJ DP $UEHLWV SODW] HLQH ODQJ DQGDXHUQGH 3KDVH GHU $UEHLWVORVLJNHLW HLQH 'RSSHOEHODV WXQJ(LQVDPNHLWXDPZLUNHQ'LHVH(UHLJQLVVHVLQGHQWZHGHUDOVFKURQL VFKH5HVVRXUFHQRGHUFKURQLVFKH6WUHVVRUHQ]XEHWUDFKWHQ2EVLH]XHLQHP VWDUNHQ RGHU HLQHP VFKZDFKHQ .RKlUHQ]JHIKO EHLWUDJHQ KlQJW GDYRQ DE ZLHHLQ0HQVFKJHOHUQWKDWPLWLKQHQXP]XJHKHQ,QMHGHP)DOOVLHKW$Q WRQRYVN\LQLKQHQÄGLHSULPlUHQ'HWHUPLQDQWHQGHV62&1LYHDXV³$QWR QRYVN\6 E :LFKWLJH /HEHQVHUHLJQLVVH 'DPLW VLQG HLQ]HOQH (UHLJQLVVH JHPHLQW ZLH HWZD HLQH ZLFKWLJH $EVFKOXVVSUIXQJ HLQH .QGLJXQJ GHU 9HUOXVW HLQHV QDKHQ $QJHK|ULJHQ HLQ .DUULHUHVSUXQJ GLH *HEXUW HLQHV .LQGHV HWF GLH DXFK DOV Ä6WUH/HEHQVHUHLJQLVVH³ $QWRQRYVN\ 6 EH]HLFKQHW ZHUGHQ 'LHVH (UHLJQLVVH EHZLUNHQ XQWHUVFKLHGOLFKVWH 6SDQQXQJV]XVWlQGH LP 2UJDQLVPXV HLQHU 3HUVRQ Ä2E GLH (UJHEQLVVH VFKlGOLFK QHXWUDO RGHU I|UGHUOLFK VHLQ ZHUGHQ ZLUG GXUFK GLH 6WlUNH GHV 62& GHU 3HUVRQ EH VWLPPWGLHGLHMHZHLOLJHQ(UHLJQLVVHHUOHEW³$QWRQRYVN\6 $OV JHQDXHU %HREDFKWHU XQG V\VWHPDWLVFKHU $QDO\WLNHU JUHLIW $QWRQRYVN\ LQ %H]XJ DXI ZLFKWLJH /HEHQVHUHLJQLVVH DXFK Ķ1LFKW(UHLJQLVVH¶ ZLH GDV $XVEOHLEHQ HLQHU %HI|UGHUXQJ RGHU GDV 8QYHUP|JHQ HLQ .LQG ]X EHNRP PHQ³$QWRQRYVN\6 DXIGLHHEHQVREHGHXWXQJVYROOH6WUHVVR UHQGDUVWHOOHQN|QQHQ F $NXWH WlJOLFKH :LGULJNHLWHQ $OOHQ XQWHUVFKLHGOLFKHQ DNXWHQ WlJOLFKHQ (UHLJQLVVHQZLHEHLVSLHOVZHLVHHLQHP6WUHLWLP$UEHLWVXPIHOGHLQHPSO|W] OLFKDXIWDXFKHQGHQIUHXGLJHQ(UHLJQLVXDPPLVVW$QWRQRYVN\NHLQHDOO]X JURH%HGHXWXQJEHL$XVVHLQHU6LFKWEHHLQIOXVVHQVLHGDV.RKlUHQ]JHIKO QLFKW ZHVHQWOLFK YJO $QWRQRYVN\ 6 )U HLQH GDXHUKDIWH :LU NXQJDXIGDV.RKlUHQ]JHIKOPXVVHV]XZLHGHUKROWHQXQGNRQWLQXLHUOLFKHQ /HEHQVHUHLJQLVVHQ NRPPHQ GDPLW VLFK 0XVWHU DXVELOGHQ GLH DXI GLH JH VDPWH.RKlUHQ]HLQHQQDFKKDOWLJHQ(LQIOXVVKDEHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
%HZHUWXQJHLQHV6WUHVVRUV =XU)UDJHZLHHLQ3UREOHPGHILQLHUWZLUGQHQQW$QWRQRYVN\GUHL$VSHNWHQlP OLFKÄGLH'HILQLWLRQGHV6WUHVVRUVDOVSRVLWLYRGHUQHJDWLYGLH.OlUXQJGHUHPRWL RQDOHQ3DUDPHWHUGHV3UREOHPVXQGGLH.OlUXQJVHLQHULQVWUXPHQWHOOHQ3DUDPH WHU³$QWRQRYVN\6 D 'HILQLWLRQGHV6WUHVVRUVDOVSRVLWLYRGHUQHJDWLY (LQ DOV 6WUHVVRU ZDKUJHQRPPHQHU 6WLPXOXV NDQQ DOV SRVLWLY DOV QHJDWLY RGHU DEHUDXFKDOVQLFKWHLQGHXWLJSRVLWLYRGHUQHJDWLYEHZHUWHWZHUGHQ(LQH3HUVRQ PLW HLQHP VWDUN DXVJHSUlJWHQ .RKlUHQ]JHIKO ZLUG QDFK $QWRQRYVN\V 9HUPX WXQJHLQHQ6WUHVVRUHKHUDOVZHQLJHUNRQIOLNWUHLFKRGHUQHJDWLYEHZHUWHQDOVHLQH 3HUVRQPLWHLQHUVFKZDFKHQ.RKlUHQ]'LH(UIDKUXQJGDVVVLFK3UREOHPHO|VHQ ODVVHQ XQG GDV 9HUWUDXHQ GDVV VLFK $QJHOHJHQKHLWHQ DXFK LPPHU ZLHGHU ]XP *XWHQ ZHQGHQ XQG PDQ HQWVSUHFKHQGH &RSLQJUHVVRXUFHQ ]XU 9HUIJXQJ KDW EHZLUNHQ DOVR ÄGD GDV 9HUZLUUHQGH YHUVWlQGOLFK ZHUGHQ ZLUG GD PDQ GLH 6SDQQXQJ ZLUG DXIO|VHQ N|QQHQ >XQG VWHOOHQ@ HLQH UHOHYDQWH 5HVVRXUFH GDU³ $QWRQRYVN\ 6 'LHVH 5HVVRXUFH VFKHLQW EHL 0HQVFKHQ PLW HLQHP VFKZDFKHQ.RKlUHQ]JHIKO ZHQLJHUYRUKDQGHQ]XVHLQ ZDVEHGHXWHWGDVV6WL PXOLHKHUDOVQHJDWLYHRGHUGLH3HUVRQJHIlKUGHQGH6WUHVVRUHQHPSIXQGHQ ZHU GHQ E .OlUXQJGHUHPRWLRQDOHQ3DUDPHWHUGHV3UREOHPV :HOFKH (PRWLRQHQ QXQ HLQ DOV JHIlKUGHQG HPSIXQGHQHU 6WUHVVRU KHUYRUUXIHQ NDQQ LVW DEKlQJLJ YRQ GHU 6WlUNH GHV .RKlUHQ]JHIKOV 9HUIJW HLQH 3HUVRQ EHUHLQVWDUNDXVJHSUlJWHV.RKlUHQ]JHIKOVRNDQQHLQDOVJHIlKUGHQGGHILQLHU WHU6WUHVVRUHKHUGLH%HGHXWVDPNHLWVNRPSRQHQWHDQVSUHFKHQDOVEHLHLQHU3HUVRQ PLW HLQHP VFKZDFK DXVJHSUlJWHQ .RKlUHQ]JHIKO (PRWLRQHQ GLH ]LHOJHULFKWHW VLQGPDFKHQ3UREOHPHYHUVWHKEDUHUXQGDNWLYLHUHQHKHUYRUKDQGHQH&RSLQJUHV VRXUFHQ ZlKUHQG GLIIXVH (PRWLRQHQ KLQJHJHQ PLW K|KHUHU :DKUVFKHLQOLFKNHLW ]X XQEHZXVVWHQ $EZHKUPHFKDQLVPHQ IKUHQ YJO $QWRQRYVN\ 6 $QWRQRYVN\VWHOOW]LHOJHULFKWHWHXQGGDPLWPRWLYDWLRQDOH(PRWLRQHQGLHDXIHLQ VWDUN DXVJHSUlJWHV .RKlUHQ]JHIKO YHUZHLVHQ SDUDO\VLHUHQGHQ XQG GLIIXVHQ (PRWLRQHQJHJHQEHUGLHDXIHLQVFKZDFKDXVJHSUlJWHV.RKlUHQ]JHIKOVFKOLH HQODVVHQ F .OlUXQJGHULQVWUXPHQWHOOHQ3DUDPHWHU )U$QWRQRYVN\LVWGLH.OlUXQJGHULQVWUXPHQWHOOHQ3DUDPHWHUGHV3UREOHPVHLQ ZHLWHUHU ZLFKWLJHU $VSHNW QlPOLFK Ä>Z@LH GDV LQYROYLHUWH LQVWUXPHQWHOOH 3URE OHPZDKUJHQRPPHQZLUGZHQQHLQ6WLPXOXVDOV6WUHVVRUGHILQLHUWZXUGH³$Q
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
WRQRYVN\6 (UJLEWGD]XHLQ%HLVSLHODXVGHPXQLYHUVLWlUHQ%HUHLFK :LUG HLQ 0HQVFK PLW HLQHP VFKZDFKHQ 62& ]XP )DNXOWlWVYRUVLW]HQGHQ JH ZlKOWVR ZLUGHUDQ]DKOUHLFKHNRPSOH[H3UREOHPHGHQNHQ ZLHHWZD.RQWDNW SIOHJH8PJDQJPLW$XWRULWlWHQLPXQLYHUVLWlUHQ)HOG6DQNWLRQHQJHJHQ6WXGLH UHQGHHWF(LQ0HQVFKPLWHLQHPVWDUNHQ62&ZLUG]ZDUGLHJOHLFKHQ3UREOHPH HUNHQQHQ DEHU HU ZLUG VLH XQWHU 8PVWlQGHQ SUl]LVHU VSH]LILVFKHU XQG NODUHU GHILQLHUHQN|QQHQ'LHVH3UREOHPHZHUGHQIULKQHKHUHLQH+HUDXVIRUGHUXQJDOV HLQHVFKZHU]XEHZlOWLJHQGH/DVWGDUVWHOOHQVLHVLQGYHUVWHKEDUXQGEHZlOWLJEDU )DVVWPDQQXQGLH%HZHUWXQJGHV6WUHVVRUVGLHHPRWLRQDOHQ(LQIOXVVJU|HQ GHV 3UREOHPV XQG GLH .OlUXQJ GHU LQVWUXPHQWHOOHQ 3DUDPHWHU ]XVDPPHQ VR EHGHXWHWGLHVGDVVHLQ6WUHVVRUNRJQLWLYXQGHPRWLRQDOHLQJHRUGQHWXQGEHZHUWHW ZHUGHQPXVVXQGGLH3HUVRQEHUHLWVHLQPXVVVLFKGHP6WUHVVRUDXFK]XVWHOOHQ (LQH 3HUVRQ PLW HLQHP VWDUNHQ .RKlUHQ]JHIKO ZLUG GHQ 6WUHVVRU HKHU SRVLWLY EHZlOWLJHQ ZlKUHQG VLFK HLQ 0HQVFK PLW HLQHP VFKZDFKHQ .RKlUHQ]JHIKO P|JOLFKHUZHLVH HLQHU /|VXQJ GHV 3UREOHPV GXUFK 5FN]XJ ]X HQW]LHKHQ YHU VXFKW 2GHU ZLH $QWRQRYVN\ GLHV PLW GHQ %HJULIIHQ GHV 62&.RQVWUXNWV EH VFKUHLEW Ä GDV$XVPDLQGHPPDQPLWGHUJHQHUDOLVLHUWHQ(UZDUWXQJDQGLH:HOWKH UDQJHKW GD 6WUHVVRUHQ EHGHXWVDP XQG YHUVWHKEDU VLQG OHJW GLHPRWLYDWLRQDOH XQG NRJQLWLYH%DVLVIUGDV+DQGHOQXQGGDIUGDGLH8PZDQGOXQJYRQ$QVSDQQXQJ LQ6WUHYHUKLQGHUWZLUG³$QWRQRYVN\6
$QWRQRYVN\LVWGDYRQEHU]HXJWGDVVHLQH3HUVRQPLWHLQHPVWDUNHQ.RKlUHQ] JHIKOLQ+LQEOLFNDXIGLH8PZDQGOXQJHLQHV6WUHVVRUVLQ6SDQQXQJLP9RUWHLO LVW JHJHQEHU HLQHU 3HUVRQ PLW HLQHP VFKZDFKHQ Ä(LQH (LQVWHOOXQJ JHJHQEHU GHU:HOWLQGHU6WLPXOLDOVEHGHXWVDPYHUVWHKEDUXQGKDQGKDEEDUJHVHKHQZHU GHQ OLHIHUW GLH PRWLYDWLRQDOH XQG NRJQLWLYH %DVLV IU 9HUKDOWHQ PLW GHP YRQ 6WUHVVRUHQ JHVWHOOWH 3UREOHPH ZDKUVFKHLQOLFKHU JHO|VW ZHUGHQ N|QQHQ DOV HLQH GLH GLH :HOW DOV EHVFKZHUOLFK FKDRWLVFK XQG EHUZlOWLJHQG DQVLHKW³ $QWR QRYVN\6 'LH6WlUNHGHV.RKlUHQ]JHIKOVLVW DXVVFKODJJHEHQG IU GLH $UW ZLH PLW 6WUHVVRUHQ XPJHJDQJHQ ZLUG XQG ÄHQWVFKHLGHQGIU HUIROJUHL FKHV&RSLQJPLWGHQDOOJHJHQZlUWLJHQ6WUHVVRUHQGHV/HEHQVXQGGDPLWIUGHQ (UKDOW GHU *HVXQGKHLW³ $QWRQRYVN\ 6 'DV .RKlUHQ]JHIKO LVW GHPQDFK± ZLHEHUHLWVHUZlKQW± NHLQH&RSLQJ6WUDWHJLHDQVLFK VRQGHUQ YLHO PHKU LVW HV ÄSUlGLNWLY IU &RSLQJ³ $QWRQRYVN\ 6 'DV KHLW EHLP .RKlUHQ]JHIKOKDQGHOWHVVLFKQLFKWXPHLQHHLQ]HOQH5HDNWLRQDXIHLQVSH]LIL VFKHV (UHLJQLV YLHOPHKU NDQQ HV DOV HLQH EHUJHRUGQHWH ,QVWDQ] E]Z )XQNWLRQ EH]HLFKQHWZHUGHQ-HDXVJHSUlJWHUHVLVWGHVWRHKHUNDQQHLQ,QGLYLGXXP0D QDKPHQHUJUHLIHQXQG+DQGOXQJHQVHW]HQGLHHLQHUEHVWLPPWHQ6LWXDWLRQJHJHQ EHU DQJHPHVVHQ VLQG 2GHU DQGHUV IRUPXOLHUW (LQ ,QGLYLGXXP ZLUG GXUFK HLQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
VWDUNHV .RKlUHQ]JHIKO LQ GLH /DJH YHUVHW]W JHHLJQHWH 0DQDKPHQ ]X WUHIIHQ XPHLQHPDXIJHWUHWHQHQ3UREOHPO|VXQJVRULHQWLHUWXQGSRVLWLY]XEHJHJQHQ'LH 'HILQLWLRQ GHV 6WUHVVRUV DOV SRVLWLY RGHU QHJDWLY GLH .OlUXQJ GHU HPRWLRQDOHQ (LQIOXVVJU|HQ DOV )ROJH GHU 3UREOHPZDKUQHKPXQJ VRZLH GLH .OlUXQJ VHLQHU LQVWUXPHQWHOOHQ3DUDPHWHUVLQGDOVR9RUDXVVHW]XQJIUHLQHUIROJUHLFKHV&RSLQJ YJO$QWRQRYVN\6 'DPLWZLUGGHXWOLFKGDVVHLQVWDUNHV.RKlUHQ] JHIKODXFKNHLQEHVWLPPWHU&RSLQJVWLOLVWGHQQGLHVZUGHEHGHXWHQGDVVHLQ EHVWLPPWHV NRQVLVWHQWHV &RSLQJPXVWHU ]X WUDJHQ NlPH 'LHV ZUGH DEHU GHU YLHOIlOWLJHQ 4XDOLWlW HLQHV 6WUHVVRUV ]XZLGHU ZLUNHQ XQG HUIROJUHLFKHV &RSLQJ YHUKLQGHUQ 9LHOPHKU ZlKOW ÄGLH 3HUVRQ PLW HLQHP VWDUNHQ 62& >@ GLH EH VWLPPWH &RSLQJ6WUDWHJLH DXV GLH DP JHHLJQHWVWHQ VFKHLQW PLW GHP 6WUHVVRU XP]XJHKHQGHPVLHVLFKJHJHQEHUVLHKW³$QWRQRYVN\6 2GHUXP LQ GHU %HJULIIOLFKNHLW GHV 62&.RQVWUXNWV ]X VSUHFKHQ (LQH 3HUVRQ PLW HLQHP KRKHQ .RKlUHQ]JHIKO ZlKOW DXV GHP 5HSHUWRLUH LKUHU :LGHUVWDQGVUHVVRXUFHQ GLHMHQLJHQDXVGLHGHU9LHOIDOWGHU6WUHVVRUHQ±XQGGDPLWDXFKIUGLHMHZHLOLJH 6LWXDWLRQ±DPDQJHPHVVHQVWHQLVW+LQJHJHQKDWHLQH3HUVRQPLWHLQHPVFKZDFK DXVJHSUlJWHQ 62& IU XQWHUVFKLHGOLFKH 6WUHVVRUHQ QXU HLQH JHULQJH $Q]DKO DQ &RSLQJVWUDWHJLHQ ]XU 9HUIJXQJ XQG UHDJLHUW PLW YHUWUDXWHQ 5HDNWLRQVPXVWHUQ (QWVSUHFKHQGGHU9LHOIDOWZLHZLU6WUHVVRUHQLP/HEHQJHJHQEHUWUHWHQXQGPLW LKQHQXPJHKHQ±VHLHVLQ3UIXQJVVLWXDWLRQHQEHL9RUVWHOOXQJVJHVSUlFKHQGHP 9HUOXVWHLQHU9HUWUDXHQVSHUVRQHLQJHSODW]WHU5HLIHQEHLP$XWRHWF±VLQGDXFK GLH &RSLQJVWUDWHJLHQ LQGLYLGXHOO YLHOIlOWLJ XQG HEHQVR XQWHUVFKLHGOLFK ZLH GLH 6WUHVVRUHQ VHOEVW $XFK ZHQQ HLQH 3HUVRQ EHU HLQ EUHLWHV 6SHNWUXP DQ SRWHQ ]LHOOHQ:LGHUVWDQGVUHVVRXUFHQYHUIJWKHLWGDVQRFKQLFKWGDVVVLHGLHVHDXFK VLWXDWLRQVDGlTXDWHLQVHW]HQNDQQ(LQH3HUVRQPLWHLQHPKRKHQ62&ZHLZLH VLH GLH LKU ]XU 9HUIJXQJ VWHKHQGHQ 5HVVRXUFHQ DP ]ZHFNPlLJVWHQ HLQVHW]HQ NDQQ (LQ VWDUN DXVJHSUlJWHV .RKlUHQ]JHIKO IKUW GDQQ EHLVSLHOVZHLVH GD]X HLQHQ 6WUHVVRU DOV HLQH +HUDXVIRUGHUXQJ DQ]XVHKHQ GHP ]X EHJHJQHQ ]ZDU VFKPHU]KDIWVHLQNDQQGHUMHGRFKWURW]GHPDOVEHZlOWLJEDUZDKUJHQRPPHQXQG HLQJHVFKlW]WZLUG :LHLVWHVDOVRP|JOLFKPLWDOOGHPZDV0HQVFKHQLP/DXIHLKUHV/HEHQV ZLGHUIlKUWGLHVHQ+HUDXVIRUGHUXQJHQSRVLWLYXQGPLW2SWLPLVPXV]XEHJHJQHQ XQGDXFKLQVFKZLHULJHQ6LWXDWLRQHQQLFKW]XYHU]ZHLIHOQ"*HUDGHLQHLQHUJOR EDOLVLHUWHQ:HOWLQGHU1DFKULFKWHQMHGHU]HLW]XJlQJOLFKVLQGLQGHUPDQSHUPD QHQWPLWXQWHUVFKLHGOLFKHQ(UHLJQLVVHQNRQIURQWLHUWZLUGLVWHLQHP|JOLFKH$QW ZRUW DXI GLHVH )UDJH GLH )lKLJNHLW ]XU LQGLYLGXHOOHQ $EJUHQ]XQJ $QWRQRYVN\ ZHLVWGDUDXIKLQGDVVMHGH3HUVRQEHULKUHHLJHQHQ*UHQ]HQLP8PJDQJPLWGHU :HOW YHUIJW YJO $QWRQRYVN\ 6 1LFKW DOOHV ZDV XP HLQHQ 0HQ VFKHQKHUXPJHVFKLHKWLVWDXFKVXEMHNWLYEHGHXWVDP±MHGHU0HQVFKPXVVHLJH QH *UHQ]HQ ]LHKHQ ZR GLHVH *UHQ]HQ YHUODXIHQ LVW YRQ GHU MHZHLOLJHQ 3HUVRQ
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
DEKlQJLJ0DQNDQQEHUHLQVWDUNHV.RKlUHQ]JHIKOYHUIJHQXQGWURW]GHPGLH :HOWGLHDXHUKDOEGHUHLJHQHQ*UHQ]HQOLHJWQLFKWDOVEHZlOWLJEDUYHUVWHKEDU XQG EHGHXWVDP HUOHEHQ (V LVW GDYRQ DXV]XJHKHQ GDVV IU 0HQVFKHQ GLH EHU HLQVWDUNHV.RKlUHQ]JHIKOYHUIJHQÄGLH*UHQ]HQGHVVHQZDVEHGHXWXQJVYROO LVWIOH[LEHOVLQGXQGHQJHURGHUZHLWHU JHVWHFNWZHUGHQN|QQHQ³$QWRQRYVN\ 6 $XI GLHVHQ EHGHXWVDPHQ $VSHNW ZHLVW DXFK .HXSS KLQ LQGHPHUYRQGHU5HVVRXUFHGHVÄ%RXQGDU\PDQDJHPHQW³VSULFKW Ä,QHLQHP VR]LRNXOWXUHOOHQ5DXPGHUhEHUVFKUHLWXQJIDVWDOOHU *UHQ]HQZLUGHV LPPHUPHKU]XHLQHULQGLYLGXHOOHQRGHUOHEHQVZHOWVSH]LILVFKHQ/HLVWXQJGLHIUGDV HLJHQH ÃJXWH /HEHQ¶ QRWZHQGLJHQ *UHQ]PDUNLHUXQJHQ ]X VHW]HQ³ .HXSS 6
7UDGLWLRQHOOH *UHQ]SIlKOH ZLH EHLVSLHOVZHLVH 0RUDOYRUVWHOOXQJHQ QDWLRQDOH 6RXYHUlQLWlWHQYHUPLWWHOWH:HUWH8QWHUVFKHLGXQJYRQ$UEHLWXQG1LFKW$UEHLW KDEHQ VLFK DXIJHO|VW 9LHOHV VFKHLQW P|JOLFK VFKHLQW YRP HLQ]HOQHQ 6XEMHNW DEKlQJLJ±ZLUEHILQGHQXQVÄLPGLIIXVHQ)HOGGHU0|JOLFKNHLWHQ³.HXSS 6 $XFKGLH0|JOLFKNHLWHQGHV$XVSURELHUHQVYRQ*UHQ]HQVLQGKHXWHEHLQD KH JUHQ]HQORV HV JHKW GDUXP VLFK ÃGHP ULFKWLJHQ .LFN¶ KLQ]XJHEHQ ± VHL HV GXUFK ([WUHPVSRUWDUWHQ ZLH HWZD %DVHMXPSLQJ RGHU GDV LPPHU EHOLHEWHU ZHU GHQGH)UHLNOHWWHUQVHLHVGXUFKGDV([SHULPHQWLHUHQPLWXQWHUVFKLHGOLFKHQ'UR JHQ HWF ,P =HQWUXP VWHKW GDV $XVORWHQ XQG 0DUNLHUHQ YRQ *UHQ]HQ IU VLFK VHOEVWÄ/HW]WOLFKNRPPWHVGDUDXIDQGDVV6XEMHNWHOHUQHQPVVHQLKUHHLJHQHQ *UHQ]HQ ]X ILQGHQ XQG ]X ]LHKHQ DXI GHU (EHQH GHU ,GHQWLWlW GHU :HUWH GHU VR]LDOHQ%H]LHKXQJHQXQGGHUNROOHNWLYHQ(LQEHWWXQJ³.HXSS6 $EHUHVLVWDXFKZLFKWLJ*UHQ]HQ]X]LHKHQLQGHP6LQQHGDVV0HQVFKHQ IUVLFK%HUHLFKHKDEHQGLHIUVLHLUUHOHYDQWVLQGXQGEOHLEHQ:lUHGLHJDQ]H :HOWIUHLQHQ0HQVFKHQZLFKWLJVRNlPHHV]XHLQHU8QEHUVFKDXEDUNHLWXQG hEHUIRUGHUXQJ GLH LQ SV\FKRWLVFKHQ E]Z VFKL]RSKUHQHQ =XVDPPHQEUFKHQ HQGHQ NDQQ 0DQ PXVV IU VLFK HQWVFKHLGHQ ZDV HLQHP VHOEVW IU GDV /HEHQ ZLFKWLJLVWXPHLQ*HIKOGDIU]XHQWZLFNHOQZHOFKHLQGLYLGXHOOHQ5HOHYDQ]HQ JHSIOHJW ZHUGHQ 8P HLQ VWDUNHV .RKlUHQ]JHIKO ]X KDEHQ VLQG MHGRFK GLH *UHQ]HQ QLFKW VR HQJ ]X ]LHKHQ GDVV VLH ZHVHQWOLFKH %HUHLFKH DXVNODPPHUQ QlPOLFK ÄGLHHLJHQHQ*HIKOHGLHXQPLWWHOEDUHQLQWHUSHUVRQHOOHQ%H]LHKXQJHQ VHLQHZLFKWLJVWHHLJHQH7lWLJNHLWXQGH[LVWHQWLHOOH)UDJHQ7RGXQYHUPHLGEDUHV 6FKHLWHUQ SHUV|QOLFKH )HKOHU .RQIOLNWH XQG ,VRODWLRQ ³ $QWRQRYVN\ 6 :UGHQ GLH *UHQ]HQ VR HQJ JHVWHFNW ZHUGHQ GDVV GLHVH )DNWRUHQ QLFKW PHKU %HDFKWXQJ ILQGHQ VR EHGHXWHW GLHV GDVV HLQ ,QGLYLGXXP ÄSHU 'HILQLWLRQ >EHU@HLQQLHGULJHV$XVPDDQ%HGHXWVDPNHLW³$QWRQRYVN\6 YHU IJW :LFKWLJ LVW ÄRE HV EHVWLPPWH /HEHQVEHUHLFKH JLEW GLH YRQ VXEMHNWLYHU %HGHXWVDPNHLWIUGLH3HUVRQVLQG³$QWRQRYVN\6 :LUGHLQ3UREOHP
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
LQQHUKDOEGHU*UHQ]HQGHVVHQZDVMHPDQGHPZLFKWLJLVWZDKUJHQRPPHQZLUG VLFK HLQH 3HUVRQ PLW HLQHP VFKZDFKHQ 62& GDUDXI NRQ]HQWULHUHQ ZLH VLH PLW LKUHQ (PRWLRQHQ ZLH HWZD :XW 6FKDP $QJVW IHUWLJ ZHUGHQ NDQQ 6LH ZUGH VLFKLPPHUDQGDVXQJHO|VWH3UREOHPHULQQHUQ'LHVH3HUVRQZUGHVLFKDOVRDXI GHQHPRWLRQDOHQ3DUDPHWHUNRQ]HQWULHUHQZlKUHQGHLQH3HUVRQPLWHLQHPVWDUN DXVJHSUlJWHQ .RKlUHQ]JHIKO VLFK HKHU GHP LQVWUXPHQWHOOHQ 3DUDPHWHU ]XZHQ GHW XQG GDUDXI NRQ]HQWULHUW ZHOFKH 5HVVRXUFHQ VLH DQZHQGHQ NDQQ XP HLQ 3UREOHP]XEHZlOWLJHQ 6WUHVVRUHQXQG(PRWLRQHQ 'LH VWHWLJHQ (UIDKUXQJHQ DOV ZHUWYROOHU 0HQVFK JHDFKWHW ZDKUJHQRPPHQ XQG JHVFKlW]W ]X ZHUGHQ ÄKDEHQ « EHUGDXHUQGH 4XDOLWlW XQG VWHOOHQ OHEHQVODQJ HLQHGHUZLFKWLJVWHQ5HVVRXUFHQIUHLQJXWHV6HOEVWZHUWHUOHEHQEHUHLW³/RUHQ] 6 (LQ JXWHV 6HOEVWZHUWJHIKO LVW IU GLH SV\FKLVFKH *HVXQGKHLW YRQ EHVRQGHUHU %HGHXWXQJ (V NDQQ GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV GHU 0HQVFK SHUPDQHQWGDPLWEHVFKlIWLJWLVWVHLQLQQHUHV*OHLFKJHZLFKWDXFKGLHVEH]JOLFK KHU]XVWHOOHQ$QWRQRYVN\EHVFKUHLEWGLHVHV9RUJHKHQDOV ÄHPRWLRQDOH 5HJXODWL RQ³ $QWRQRYVN\ 6 II 'LHVH (PRWLRQVUHJXOLHUXQJ LVW GLH NRJQLWLYH %HZHUWXQJHLQHU(PRWLRQZLH5HL]HGDV:RKOEHILQGHQEHHLQIOXVVHQ :LH$QWRQRYVN\EHPHUNWLVWÄGLH1DWXUGHVYRQHLQHP6WUHVVRUJHVWHOOWHQ 3UREOHPVGXDO GHULQVWUXPHQWHOOH$VSHNWXQGGLH5HJXOLHUXQJGHU(PRWLR QHQ³ $QWRQRYVN\ 6 8QDEKlQJLJ GDYRQ RE GHU 6WUHVVRU QXQ DXV LQWHUQDOHU RGHU H[WHUQDOHU 8PJHEXQJ HQWVWHKW ± VWHWV LVW GHU LQVWUXPHQWHOOH $V SHNWPLWHLQEH]RJHQ*OHLFKHVJLOWDOOHUGLQJVDXFKIUGLH(EHQHGHU(PRWLRQHQ (VJLEWNHLQHQ6WUHVVRUGHUQLFKWDXFKGLH(PRWLRQHQEHWUHIIHQZUGH:LUGHLQ GXUFKHLQHQ6WUHVVRUDXIJHZRUIHQHVLQVWUXPHQWHOOHV3UREOHPJHO|VWVRÄEHGHXWHW >GLHV@ QLFKW GD GDV 3UREOHP GHU (PRWLRQVUHJXOLHUXQJ DXWRPDWLVFK JHO|VW LVW³ $QWRQRYVN\6 'LH6WHXHUXQJGHU(PRWLRQHQHUIROJWGXUFKGLHÄ5H JXOLHUXQJ GHU +DQGOXQJVLPSXOVH GHV *HIKOVDXVGUXFNV XQG DXFK >GXUFK@ GLH NRJQLWLYH%HZHUWXQJGHV*HVFKHKHQV³/RUHQ]6 ,QMHGHP *HVFKH KHQ VWHOOHQ VLFK DOVR ]ZHL ZLFKWLJH )UDJHQ Ä:KDW DP , WR GR" :KDW DP , ZRUWK"³$QWRQRYVN\6 8PGLHVH)UDJHQ]XEHDQWZRUWHQNDQQDXI 8QWHUVFKLHGHLQGHQ(PRWLRQHQ]XUFNJHJULIIHQZHUGHQ$QWRQRYVN\VWHOOWGDEHL GUHL8QWHUVFKHLGXQJVPHUNPDOHGDU 8QWHUVFKHLGXQJVPHUNPDO =XQlFKVWZLUGHLQ8QWHUVFKLHG]ZLVFKHQ]LHOJHULFKWHWHQXQGGLIIXVHQ(PRWLRQHQ JHPDFKW (V EHVWHKHQ TXDOLWDWLYH 8QWHUVFKLHGH ]ZLVFKHQ GLHVHQ EHLGHQ bUJHU
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
KDW HLQH DQGHUH 'LPHQVLRQ DOV :XW bUJHU LVW ]LHOJHULFKWHW DXI EHLVSLHOVZHLVH EHVWLPPWH0HQVFKHQRGHU6LWXDWLRQHQZRKLQJHJHQ:XWDXIDOOJHPHLQHVDE]LHOW DXIGLH:HOWLP$OOJHPHLQHQDXI0HQVFKHQLP$OOJHPHLQHQYJO$QWRQRYVN\ 6 $XFK)XUFKWXQG$QJVWKDEHQGHPHQWVSUHFKHQGXQWHUVFKLHGOLFKH 4XDOLWlWHQ HEHQVR ZLH .XPPHU XQG /HLG 'HU 8PJDQJ PLW ]LHOJHULFKWHWHQ (PRWLRQHQLVWYRQDQGHUHU4XDOLWlWDOVGHUMHQLJHPLWGLIIXVHQ:lKUHQGEHLHLQHU 3HUVRQPLWHLQHPVWDUNHQ62&HLQH(PRWLRQ]%:XW HLQHPRWLYLHUHQGH]LHO JHULFKWHWH +DQGOXQJVEDVLV GDUVWHOOW NDQQ GLHVHOEH (PRWLRQ DXI HLQH 3HUVRQ PLW HLQHP VFKZDFK DXVJHSUlJWHQ 62& GHPRWLYLHUHQG ZLUNHQ +LHU NRPPW ZLHGHU GLH%HGHXWVDPNHLWVNRPSRQHQWH]XP7UDJHQ:LUGHLQ*HVFKHKHQDOVEHGHXWVDP HUNDQQWHUJLEWVLFKHLQÄHPRWLRQDOHPSIXQGHQHU6LQQ³/RUHQ]6 XQG GLH 3HUVRQ ZLUG VLFK VRPLW PLW GLHVHP *HVFKHKHQ DXVHLQDQGHUVHW]HQ XQG VLFK HQJDJLHUHQ )HKOW GLHVHU HPRWLRQDO HPSIXQGHQH 6LQQ VR ZLUG VLFK DXFK QXU VFKZHUHLQ(QJDJHPHQWHQWZLFNHOQN|QQHQ 8QWHUVFKHLGXQJVPHUNPDO 'DUEHU KLQDXV KlQJW GHU 8PJDQJ PLW (PRWLRQHQ DXFK GDPLW ]XVDPPHQ ZLH EHZXVVW E]Z XQEHZXVVW VLFK HLQH 3HUVRQ HLQHU (PRWLRQ LVW ,VW PDQ VLFK GHU HLJHQHQ(PRWLRQHQEHZXVVWVRVWHOOHQVLFKGLH*HIKOHDXFKHKHUVLWXDWLRQVDQ JHPHVVHQ GDU +LHU ZLUG GDYRQ DXVJHJDQJHQ GDVV 3HUVRQHQ PLW HLQHP VWDUNHQ 62& VLFK LKUHU *HIKOH HKHU EHZXVVW VLQG GDVV VLH ÄVLH OHLFKWHU EHVFKUHLEHQ³ N|QQHQXQGVLFKÄGXUFKVLHZHQLJHUEHGURKW³$QWRQRYVN\6 IKOHQ 6LQG*HIKOHGDUEHUKLQDXVNXOWXUHOODN]HSWLHUW±XQGGDPLWDXFKHKHUSHUV|Q OLFKDN]HSWDEHO±N|QQHQGLH(PRWLRQHQOHLFKWHUDQJHQRPPHQZHUGHQXQGPV VHQQLFKWQHJLHUWXQGYHUOHXJQHWZHUGHQ 8QWHUVFKHLGXQJVPHUNPDO $OVGULWWHV0HUNPDOLVW]XEHQHQQHQGDVV]DKOUHLFKH6WUHVVRUHQDXFK)UDJHQYRQ 6FKXOG]XZHLVXQJ DXIZHUIHQ $XFK GLHVH NDQQ ]LHOJHULFKWHW RGHU GLIIXV VHLQ 0HQVFKHQPLWHLQHPVWDUNHQ62& ZHUGHQQDFK$QWRQRYVN\HKHU]LHOJHULFKWHWH 6FKXOG]XZHLVXQJHQ PDFKHQ ZHQQ GLHVH GHU 5HDOLWlW HQWVSUHFKHQ ZRKLQJHJHQ 0HQVFKHQPLWHLQHPVFKZDFKHQ62&DOOJHPHLQHUH6FKXOG]XZHLVXQJHQWlWLJHQ ]%HLQDOOJHPHLQHVÄGLHDQGHUHQVLQGVFKXOG³RGHUVLFKDOV3HFKYRJHOHUOHEHQ YJO$QWRQRYVN\6 =XVDPPHQJHIDVVWEHGHXWHWGLHVGDVVHLQNRQVWUXNWLYHU8PJDQJPLW(PRWLRQHQ ]HQWUDO LVW GDVV 0HQVFKHQ PLW HLQHP VWDUNHQ 62& VLFK HKHU LKUHU *HIKOH EH ZXVVW VLQG ZDV GDV HLJHQH +DQGHOQ HEHQVR ZLH GHQ 8PJDQJ PLW GHU (PRWLRQ HUOHLFKWHUW$XFKKLHULVWGDYRQDXV]XJHKHQGDVVÄ6SDQQXQJ>IUMHQHPLWHLQHP VWDUNHQ62&@YLHO ZHQLJHUZDKUVFKHLQOLFKLQ6WUHXPJHZDQGHOW³$QWRQRYVN\
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
6 ZLUG 'DV EHGHXWHW DEHU QLFKW GDVV 3HUVRQHQ PLW HLQHP VWDUNHQ 62& NHLQH *HIKOH ]HLJHQ LP *HJHQWHLO VLH ZHUGHQ HYHQWXHOO VRJDU VWlUNHU KHUYRUWUHWHQDOVEHL0HQVFKHQPLWHLQHPVFKZDFKHQ62&±GDVLHIUVLHDXFK DN]HSWDEOHU VLQG :LUG HLQH +HUDXVIRUGHUXQJ DOV SRVLWLY DQJHVHKHQ VR VWHOOHQ VLFK DXFK SRVLWLYH (PRWLRQHQ HLQ ZDV GHP 6HOEVWZHUW I|UGHUOLFK LVW 6R HWZD VWHLJHUW HV GHQ 6HOEVWZHUW HLQ =LHO DQ]XVWUHEHQ XQG GDV HLJHQH +DQGHOQ GDUDXI DXV]XULFKWHQ /RUHQ] YHUZHLVW LQ GLHVHP =XVDPPHQKDQJ DXI &]LNV]HQW PLKDO\LXQGGDVYRQLKPEHVFKULHEHQ(UOHEQLVGHVÃIORZ¶ Ä8QGHVLVW« IUGLHPHLVWHQ7lWLJNHLWHQEHLGHQHQVLFKIORZHLQVWHOOWFKDUDN WHULVWLVFKGDVVVLHDXIHLQGHXWLJH=LHOHDXVJHULFKWHWVLQGNODUHQ5HJHOQIROJHQXQG GDVVHVVRIRUWLJH5FNPHOGXQJHQJLEW±DOVRHLQH5HLKHYRQDXHQNRPPHQGHU$Q IRUGHUXQJHQ GLH XQVHUH $XIPHUNVDPNHLW NRQ]HQWULHUHQ XQG XQVHU .|QQHQ KHUDXV IRUGHUQ³&]LNV]HQWPLKDO\L6I
'DVVDOXWRJHQHWLVFKH0RGHOOLQWHJULHUW6WUHVVRUHQLQGHPLKUHSRVLWLYHQ$VSHNWH EHDFKWHW ZHUGHQ )UDQNH D 6 6WUHVVRUHQ ZHUGHQ GDEHL QLFKW DXV VFKOLHOLFKDOVNUDQNPDFKHQGGHILQLHUWVRQGHUQ±XQGGDULQOLHJWGLH%HVRQGHU KHLW GHU 6DOXWRJHQHVH± GHQ 6WUHVVRUHQ NRPPW DXFK HLQ JHVXQGKHLWVI|UGHUQGHV 3RWHQ]LDO ]X :LH QXQ PLW GLHVHQ 6WUHVVRUHQ DXFK LQ HLQHU /HUQNXOWXU RGHU LP 5DKPHQGHU*HVWDOWXQJYRQ/HUQSUR]HVVHQLP6LQQHHLQHUSRVLWLYHQ6SDQQXQJV EHZlOWLJXQJXPJHJDQJHQZHUGHQNDQQKlQJWZHVHQWOLFKGDYRQDEEHUZHOFKH $UW YRQ :LGHUVWDQGVUHVVRXUFHQ 0HQVFKHQ YHUIJHQ XQG RE EHLVSLHOVZHLVH HLQH /HUQNXOWXULQGHU/DJHLVWH[SDQVLYHV/HUQHQ]XHUP|JOLFKHQ *HQHUDOLVLHUWH:LGHUVWDQGVUHVVRXUFHQ $QWRQRYVN\JHKWLP0RGHOOGHU6DOXWRJHQHVHGDYRQDXVGDVVGHU0HQVFKEHU HLQ 5HSHUWRLUH DQ JHQHUDOLVLHUWHQ :LGHUVWDQGVUHVVRXUFHQ *55 DEHU DXFK :LGHUVWDQGVGHIL]LWHQ*5' YHUIJW'LHVHEHWUDFKWHWHUQLFKWDOV ÄHLQVSH]LILVFKHVLQGLYLGXHOOHVRGHUVR]LDOHV%HZlOWLJXQJVPHUNPDOHQWVFKHLGHQG LVWQDFK$QWRQRYVN\GDVÃIOH[LEOH9HUIJHQ¶EHUHLQ5HSHUWRLUHDQ%HZlOWLJXQJV P|JOLFKNHLWHQ GLH VLWXDWLRQVDGlTXDW HLQJHVHW]W ZHUGHQ N|QQHQ³6LHJULVW 6
*55 JHQHUDOL]HGUHVLVWDQFHUHVRXUFHV *5' JHQHUDOL]HGUHVLVWDQFHGHILFLW
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
'LH JHQHUDOLVLHUWHQ :LGHUVWDQGVUHVVRXUFHQ VLQG HLQ %QGHO YRQ %HZlOWLJXQJV PXVWHUQ GLH 3HUVRQHQ LQ YHUVFKLHGHQHQ /HEHQVODJHQ ]XU 9HUIJXQJ VWHKHQ ZHOFKH DXFK ÄGLH :LGHUVWDQGVIlKLJNHLW GHV 0HQVFKHQ LP 6LQQH HLQHU 6SDQ QXQJVEHZlOWLJXQJYHUEHVVHUQKHOIHQ³/RUHQ]6 $XI :LGHUVWDQGVUHVVRXUFHQ ZLUG ]XUFNJHJULIIHQ ZHQQ 6WUHVVRUHQ DXIWUH WHQ ZREHL GLH 1DWXU GHU 6WUHVVRUHQ XQWHUVFKLHGOLFK LVW 6LH N|QQHQ NXOWXUHOO HEHQVRZLHSV\FKRVR]LDOSK\VLNDOLVFKJHQHWLVFKRGHUELRFKHPLVFKEHGLQJWVHLQ :lKUHQG VLFK ELRFKHPLVFKH XQG SK\VLNDOLVFKH 6WUHVVRUHQ QDFK $QWRQRYVN\ XQPLWWHOEDUDXIGLH*HVXQGKHLWDXVZLUNHQJHKWHUGDYRQDXVÄGDVVGLHSV\FKR VR]LDOHQ6WUHVVRUHQEHUGLHJHQHUDOLVLHUWHQ:LGHUVWDQGVUHVVRXUFHQXQGGHQ62& PRGHULHUW ZHUGHQ³ $QWRQRYVN\ ]LWQ *UlVHU 6 'DV EHGHXWHW GDVVGLHJHQHUDOLVLHUWHQ:LGHUVWDQGVUHVVRXUFHQGDV.RKlUHQ]JHIKOIRUPHQXQG GD]X EHLWUDJHQ PLW 6WUHVVRUHQ SRVLWLY XP]XJHKHQ XQG 6SDQQXQJV]XVWlQGH ]X EHZlOWLJHQ$QWRQRYVN\VWHOOWGLHEHUJHRUGQHWHQSV\FKRVR]LDOHQJHQHUDOLVLHUWHQ :LGHUVWDQGVUHVVRXUFHQ GHQ :LGHUVWDQGVGHIL]LWHQ JHJHQEHU NXU] *55*5' %HWUDFKWHWPDQGLHVHEHLGHQDXIHLQHU.RQWLQXXPVVNDODVRODVVHQVLFKLKUH:LU NXQJVZHLVHQ HQWZHGHU LQ 5LFKWXQJ GHV SRVLWLYHQ RGHU GHV QHJDWLYHQ 3ROV EH WUDFKWHQ*HQHUDOLVLHUWH:LGHUVWDQGVUHVVRXUFHQVFKDIIHQ Ä/HEHQVHUIDKUXQJHQ >@ GLH GXUFK .RQVLVWHQ] 3DUWL]LSDWLRQ DQ GHU *HVWDOWXQJ GHV2XWFRPHVXQGHLQH%DODQFH]ZLVFKHQhEHUEHODVWXQJXQG8QWHUIRUGHUXQJ³$Q WRQRYVN\6
HUP|JOLFKHQZlKUHQGKLQJHJHQ/HEHQVHUIDKUXQJHQLQGHQHQÄNHLQHXQPLWWHOEDU YHUIJEDUHQXQGDXWRPDWLVFKDGDSWLYHQ5HDNWLRQHQ³$QWRQRYVN\6 ]XU 9HUIJXQJ VWHKHQ HLQ VFKZDFKHV 62& I|UGHUQ 6R ]HLFKQHQ VLFK JHQHUDOL VLHUWH :LGHUVWDQGVGHIL]LWH GXUFK /HEHQVHUIDKUXQJHQ DXV GLH JHSUlJW VLQG YRQ Ä,QNRQVLVWHQ] 8QWHU RGHU hEHUIRUGHUXQJ XQG IHKOHQGH>U@ 3DUWL]LSDWLRQ DQ JH VHOOVFKDIWOLFKDQHUNDQQWHQ(QWVFKHLGXQJVSUR]HVVHQ³/RUHQ]6 /RUHQ]ZHLVWGDUDXIKLQGDVVGLHJHQHUDOLVLHUWHQ:LGHUVWDQGVUHVVRXUFHQLQ ]ZHL5LFKWXQJHQEHWUDFKWHWZHUGHQN|QQHQ Ä=XPHLQHQEDVLHUHQVLHDXIGHQ/HEHQVHUIDKUXQJHQGLHEHGHXWVDPHQXQGNRKl UHQWHQ &KDUDNWHU KDWWHQ XQG VLH ZLUNHQ ]XP DQGHUHQ DOV 3RWHQ]LDO GDV DNWLYLHUW ZHUGHQ NDQQ ZHQQ EHZlOWLJXQJVUHOHYDQWH 5HVVRXUFHQ DNWLYLHUW ZHUGHQ PVVHQ³ /RUHQ]6
hEHUJHRUGQHWH SV\FKRVR]LDOH JHQHUDOLVLHUWH :LGHUVWDQGVUHVVRXUFHQ VLQG DEKlQ JLJYRQGHQMHZHLOLJHQVR]LRNXOWXUHOOHQXQGKLVWRULVFKHQ.RQWH[WHQXQGN|QQHQ GLIIHUHQ]LHUWZHUGHQQDFKLQQHUHQXQGlXHUHQ:LGHUVWDQGVUHVVRXUFHQ0LWLQQH UHQ:LGHUVWDQGVUHVVRXUFHQVLQGLQGLYLGXHOOH5HVVRXUFHQJHPHLQWVLHODVVHQVLFK
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
HLQWHLOHQLQNRJQLWLYHN|USHUOLFKHXQG|NRQRPLVFKH5HVVRXUFHQ.RJQLWLYH5HV VRXUFHQ VLQGEHLVSLHOVZHLVH,QWHOOLJHQ],FK,GHQWLWlW)OH[LELOLWlW6HOEVWYHUWUDX HQ .|USHUOLFKH 5HVVRXUFHQ VWHOOHQ GLH DOOJHPHLQH .RQVWLWXWLRQ HEHQVR GDU ZLH SV\FKRVR]LDOH .RPSHWHQ]HQ 8QWHU GHQ $VSHNW GHU |NRQRPLVFKHQ 5HVVRXUFHQ VLQGHWZDGLH9HUIJEDUNHLWEHU'LHQVWOHLVWXQJHQXQGHLQVLFKHUHU$UEHLWVSODW] ]X ILQGHQ $OV lXHUH :LGHUVWDQGVUHVVRXUFHQ JHOWHQ JHVHOOVFKDIWOLFKH 5HVVRXU FHQ GLH HLQHU 3HUVRQ ]XU 9HUIJXQJ VWHKHQ 'D]X ]lKOHQ GDV VR]LDOH 8PIHOG HEHQVRNXOWXUHOOH6WDELOLWlWXQG)ULHGHQ$XFKGDV(LQJHEXQGHQVHLQLQGLHVR]LD OHXQG NXOWXUHOOH0LWZHOW VR]LDOHXQGHPRWLRQDOH8QWHUVWW]XQJHQVWHOOHQHLQHQ ZLFKWLJHQ$VSHNW]XU(WDEOLHUXQJGHU:LGHUVWDQGVUHVVRXUFHQGDU ,Q HLQHU ZHLWHUHQ 'LIIHUHQ]LHUXQJ ODVVHQ VLFK YHUVFKLHGHQH JHQHUDOLVLHUWH :LGHUVWDQGVUHVVRXUFHQEHVFKUHLEHQYJO.HXSS D 3K\VLNDOLVFKELRFKHPLVFKH E]Z RUJDQLVPLVFKNRQVWLWXWLRQHOOH :LGHU VWDQGVUHVVRXUFHQ 'DPLW VLQG EHLVSLHOVZHLVH $EZHKU]HOOHQ GHV ,PPXQV\V WHPVJHPHLQWDEHUDXFKJHQHWLVFKH$VSHNWHN|USHUOLFKH.RQVWLWXWLRQ E 0DWHULHOOH :LGHUVWDQGVUHVVRXUFHQ 'DUXQWHU IDOOHQ PDWHULHOOHU :RKOVWDQG DEHUDXFKHWZD$UEHLWXQG(LQNRPPHQXQGGLHGDGXUFKP|JOLFKZHUGHQGH PDWHULHOOH6LFKHUKHLWZLH:RKQHQPDWHULHOOH*WHUHWF F .RJQLWLYH :LGHUVWDQGVUHVVRXUFHQ ,QWHOOLJHQ] :LVVHQ %LOGXQJ VLQG XD GDUXQWHU]XVXEVXPLHUHQ'LHVHNRJQLWLYH:LGHUVWDQGVTXHOOHZLUGDXFKDOV ÄV\PEROLVFKHV.DSLWDO³.HXSS6 EH]HLFKQHW=XGHQNRJQLWLYHQ :LGHUVWDQGVUHVVRXUFHQ ]lKOHQ DEHU DXFK VR]LDOH .RPSHWHQ] HEHQVR ZLH +DQGOXQJVNRPSHWHQ]HQ G (PRWLRQDOH :LGHUVWDQGVUHVVRXUFHQ +LHU]X ]lKOW LQ HUVWHU /LQLH GLH VR JH QDQQWH ,FK,GHQWLWlW GLH HLQH HPRWLRQDOH 6LFKHUKHLW IU GLH HLJHQH 3HUVRQ GDUVWHOOWGK6HOEVWYHUWUDXHQXQG6HOEVWZHUWJHIKOVRZLHGLH)lKLJNHLW]XU 6HOEVWUHIOH[LRQ H 6R]LDOH:LGHUVWDQGVUHVVRXUFHQ'DV(LQJHEXQGHQVHLQLQHLQVWDELOHVVR]LD OHV 8PIHOG 9HUVWlQGQLV VR]LDOH =XJHK|ULJNHLW XQG 8QWHUVWW]XQJ ]ZL VFKHQPHQVFKOLFKH%H]LHKXQJHQVLQGKLHUEHLVSLHOJHEHQG]XQHQQHQ 6LFKWEDU ZLUG LQ GLHVHQ 'LIIHUHQ]LHUXQJHQ GDVV GLH :LGHUVWDQGVUHVVRXUFHQ DXI XQWHUVFKLHGOLFKHQ(EHQHQXQG]XP7HLOLQQHUKDOE]XP7HLODXHUKDOEGHU3HU VRQOLHJHQ)UDOOHJLOWGDVVHVVLFKXPÄ:LGHUVWDQGVNUlIWH>KDQGHOW@GLHGHP 0HQVFKHQGD]XYHUKHOIHQGLH6SDQQXQJHQGLHVLFKDXVGHQ3UREOHPHQHUJHEHQ ]XEHZlOWLJHQRKQH YRQYRUQKHUHLQLQGLH6WUHVVEHODVWXQJ ]X JHUDWHQ³/RUHQ] 6 'DV9RUKDQGHQVHLQVROFKHU:LGHUVWDQGVNUlIWHEHGHXWHWGDVVDXV UHLFKHQGH&RSLQJ6WUDWHJLHQXQG4XHOOHQYRQ:LGHUVWDQGVUHVVRXUFHQ]XU9HUI
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
JXQJ VWHKHQ 'LHVH HUP|JOLFKHQ HV DXIWUHWHQGH 8QVLFKHUKHLWHQ DE]XEDXHQ XQG JOHLFK]HLWLJGDV6HOEVWEHZXVVWVHLQYRQ3HUVRQHQ]XVWlUNHQ ,QVJHVDPW VLQG GLH :LGHUVWDQGVUHVVRXUFHQ XQG :LGHUVWDQGVGHIL]LWH GDIU DXVVFKODJJHEHQG ZLH PLW 6WUHVVRUHQ XPJHJDQJHQ ZLUG 'DV EHGHXWHW GDVV GDV 9RUKDQGHQVHLQ JHQHUDOLVLHUWHU :LGHUVWDQGVUHVVRXUFHQ ]XU :LGHUVWDQGVIlKLJNHLW EHLWUlJW*HVXQGKHLWI|UGHUWXQGJUXQGOHJHQGGDV.RKlUHQ]JHIKOGHV0HQVFKHQ EHHLQIOXVVW2GHU PLW $QWRQRYVN\IRUPXOLHUW Ä'DVDOOHQ JHQHUDOLVLHUWHQ:LGHU VWDQGVUHVVRXUFHQ *HPHLQVDPH ± VR PHLQ $QVDW] ± LVW GD VLH HV OHLFKWHU PD FKHQGHQ]DKOORVHQ6WUHVVRUHQYRQGHQHQZLUIRUWZlKUHQGERPEDUGLHUWZHUGHQ HLQHQ6LQQ]XJHEHQ³$QWRQRYVN\6 'LH(UIDVVXQJGHU/HEHQVRULHQWLHUXQJPLWWHOV)UDJHERJHQ )U$QWRQRYVN\ZDUGLH]HQWUDOH+\SRWKHVHGDVVGDV.RKlUHQ]JHIKOÄPLWGHP *HVXQGKHLWVVWDWXVLQNDXVDOHP=XVDPPHQKDQJVWHKW³$QWRQRYVN\6 8PGLHVH+\SRWKHVH]XEHUSUIHQKDWHUHLQHQ)UDJHERJHQHQWZLFNHOW(UEH WRQW GDVV HV VLFK EHL GHU (UIDVVXQJ GHV .RKlUHQ]JHIKOV XP HLQ NRQ]HSWLYHV QRFK QLFKWDXVUHLFKHQGHPSLULVFK EHUSUIWHV0RGHOO KDQGHOWYJO $QWRQRYVN\ 6 =XU2SHUDWLRQDOLVLHUXQJGHV.RKlUHQ]JHIKOVZXUGHHLQGHQ.RPSRQHQWHQ HQWVSUHFKHQGVWUXNWXULHUWHU)UDJHERJHQHQWZLFNHOW±Ä2ULHQWDWLRQWR/LIH4XHVWL RQQDLUH³ GHU PLWWOHUZHLOH PLW GHP 7HUPLQXV 6HQVH RI &RKHUHQFH 6FDOH 62& 6FDOH EHVFKULHEHQ ZLUG 'LH 2ULJLQDOIRUP GHV )UDJHERJHQV XPIDVVW ,WHPV 6XEVNDOD 9HUVWHKEDUNHLW ,WHPV 6XEVNDOD %HZlOWLJEDUNHLW ,WHPV 6XE VNDOD%HGHXWVDPNHLW,WHPV 'LHEHLGHQH[LVWLHUHQGHQ.XU]IDVVXQJHQ XPIDV VHQE]Z,WHPV'DVLFKGLHGUHL6XEVNDOHQIDNWRUHQDQDO\WLVFKQLFKWEHIULH GLJHQG UHSURGX]LHUHQ ODVVHQ VROOWH QXU GHU *HVDPWZHUW XQG QLFKW GHU :HUW GHU HLQ]HOQHQ6XEVNDOHQYHUZHQGHWZHUGHQYJO6FKXPDFKHU ,QGHUIRUPDOHQ 6WUXNWXU VLQG GLH ,WHPV ]XP 7HLO VHKU XQWHUVFKLHGOLFK :lKUHQG HLQLJH DOV XQ YROOHQGHWH6lW]HLQGHU$QWZRUWVNDODYHUYROOVWlQGLJWZHUGHQPVVHQVLQGDQGHUH DOV)UDJHQ IRUPXOLHUW'LH,WHPVVLQGLQHLQHUVWXILJHQ6NDOD]XEHDQWZRUWHQ %HLGHQ)UDJHQGLHVHVNXOWXUEHUJUHLIHQGHQ)UDJHERJHQV]XU/HEHQVRULHQWLH UXQJÄKDQGHOWHVVLFK>«@XP)UDJHQXQG6WDWHPHQWV]XDOOJHPHLQHQ/HEHQVHLQ VWHOOXQJHQ]XU6LQQRULHQWLHUXQJXQG]XUDQWL]LSLHUWHQ%HZlOWLJXQJYRQ/HEHQV HUHLJQLVVHQ³6DFN/DPSUHFKW6 'DEHLVWHOOWVLFKGLH)UDJHREGLH $XVSUlJXQJHQ GHV .RKlUHQ]JHIKOV QLFKW DXFK DXI EHVWLPPWH VR]LDOH 0LOLHXV
+HXWH JLEW HV EHUHLWV HLQH HUKHEOLFKH $Q]DKO HPSLULVFKHU 6WXGLHQXP GDV 0RGHOO ]X EHUSUIHQ 9JO GD]X HWZDV +DQQ|YHU$QGUHD0H\HU5XPSI+DSNH-RKQ *UlVHU 6FKXPDFKHU +|IHU 6FKXPDFKHU:LO]*XQ]HOPDQQ%UlKOHU
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
KLQGHXWHQ :HQQ EHLVSLHOVZHLVH GDYRQ DXVJHJDQJHQ ZLUG GDVV KRKH (QWVFKHL GXQJVNRPSHWHQ]HQGDV.RKlUHQ]JHIKOHLQHU3HUVRQSRVLWLYEHHLQIOXVVHQZHQQ VLFKGDV.RKlUHQ]JHIKOLQ$EKlQJLJNHLWYRQJHVHOOVFKDIWOLFKHU7HLOKDEHHQWZL FNHOW VROlVVWGLHVGDUDXI VFKOLHHQGDVV0HQVFKHQDXVHLQHUK|KHUHQVR]LDOHQ 6FKLFKW DXFK EHU HLQ K|KHU DXVJHSUlJWHV .RKlUHQ]JHIKO YHUIJHQ DOV 0HQ VFKHQ DXV XQWHUSULYLOHJLHUWHQ VR]LDOHQ 6FKLFKWHQ $XI GHU DQGHUHQ 6HLWH NDQQ DEHU DXFK DUJXPHQWLHUW ZHUGHQ GDVV HWZD +DQGOXQJVNRPSHWHQ] YRQ 3HUVRQHQ DXVXQWHUHQVR]LDOHQ6FKLFKWHQLQDQGHUHQ/HEHQVDVSHNWHQK|KHUVLQG6RYHUI JHQHWZD0HQVFKHQPLWVHKUZHQLJ(LQNRPPHQKlXILJEHUHLQHHQRUPH.UHDWL YLWlWXP±VDORSSIRUPXOLHUW±DXVIDVWQLFKWVDXFKQRFKHWZDV]XPDFKHQ'LHVH VR]LDOHQ$VSHNWHVFKHLQHQPLUEHGHXWXQJVYROOJHQXJXPVLHLQ8QWHUVXFKXQJHQ ]XU $XVSUlJXQJ GHV .RKlUHQ]JHIKOV PLW DXI]XQHKPHQ +HXWH JLEW HLQH 5HLKH YRQ)RUVFKHU,QQHQGLHVLFKGDPLWEHVFKlIWLJHQGHQ.RKlUHQ]IUDJHERJHQDNWXHO OHQ (QWZLFNOXQJHQ %HGLQJXQJHQ XQG DXFK 3HUVRQHQJUXSSHQ DQ]XSDVVHQ YJO *UlVHU ± GHPHQWVSUHFKHQG H[LVWLHUHQ EHUHLWV DEJHlQGHUWH )RUPHQ GHV )UDJHERJHQVYJO6FKXPDFKHUHWDO6FKPLGW5DWKMHQVHWDO $XVSUlJXQJHQGHV.RKlUHQ]JHIKOV $QWRQRYVN\IRUPXOLHUWHGLH7KHVH-H ÄK|KHU PDQ VLFK DXI HLQHP .RQWLQXXP EHILQGHW GHVWR ZDKUVFKHLQOLFKHU ZLUG PDQ VROFKH /HEHQVHUIDKUXQJHQ PDFKHQ GLH HLQHP VWDUNHQ 62& I|UGHUOLFK VLQG MH ZHLWHUXQWHQPDQVLFKEHILQGHWGHVWRK|KHULVWGLH:DKUVFKHLQOLFKNHLWGDVVGLH/H EHQVHUIDKUXQJHQ GLH PDQ PDFKW HLQHP VFKZDFKHQ 62& GLHQHQ³ $QWRQRYVN\ 6
$OOHUGLQJV LVW HV QLFKW P|JOLFK LQ HLQHP EHVWLPPWHQ %HUHLFK HLQ KRFK DXVJH SUlJWHV.RKlUHQ]JHIKO]XKDEHQZlKUHQGLQHLQHPDQGHUHQ/HEHQVEHUHLFKGDV .RKlUHQ]JHIKOVFKZDFKLVW'DVEHGHXWHWGDVVHLQVWDUNHV6HOEVWXQGHLQHVWDEL OH,GHQWLWlWDXVVFKODJJHEHQGVLQGIUHLQVWDUNHV.RKlUHQ]JHIKO +RKHVE]ZVWDUNHVDXWKHQWLVFKHV.RKlUHQ]JHIKO 0HQVFKHQ GLH EHU HLQ VWDUNHV .RKlUHQ]JHIKO YHUIJHQ VXFKHQ ÄQDFK HLQHU %DODQFH]ZLVFKHQ5HJHOQXQG6WUDWHJLHQ³$QWRQRYVN\6 6LHYHUI JHQEHUHLQDXVUHLFKHQGHV5HSHUWRLUHDQ5HVVRXUFHQXPDXIQHJDWLYH6WUHVVR UHQUHDJLHUHQ]XN|QQHQZREHLHVZLHEHUHLWVHUZlKQWQLFKWXPHLQHQEHVWLPP WHQ%HZlOWLJXQJVVWLOJHKWVRQGHUQXPGDVIOH[LEOH(LQVHW]HQGHU]XU9HUIJXQJ VWHKHQGHQ5HVVRXUFHQ6LQGGLHGXUFK6WUHVVRUHQDXVJHO|VWHQ6SDQQXQJV]XVWlQ GHQLFKW]XO|VHQVRPXVVGLHVQLFKW]ZDQJVOlXILJ]X.UDQNKHLWV]XVWlQGHQIK
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
UHQ ÄZHQQ QlPOLFK GXUFK HLQ KRKHV .RKlUHQ]JHIKO KHLOVDPH )DNWRUHQ GLH 0HQVFKHQ GD]X EHIlKLJHQ GLH LKQHQ ]XU 9HUIJXQJ VWHKHQGHQ 5HVVRXUFHQ ]X PRELOLVLHUHQ³ /RUHQ] 6 0HQVFKHQ PLW HLQHP VWDUN DXVJHSUlJWHQ .RKlUHQ]JHIKO ZHUGHQ DOV HPRWLRQDO VWDELO EH]HLFKQHW VLH N|QQHQ 6WUHVVRUHQ HKHUDOV+HUDXVIRUGHUXQJGHQQDOV%HODVWXQJVHKHQ'LHVKDW]XU)ROJHGDVVVLH 3UREOHPH OHLFKWHU EHZlOWLJHQ Ä-H VWlUNHU GDV .RKlUHQ]JHIKO DXVJHSUlJW LVW GHVWRVWlUNHULVWHLQ0HQVFKLQGHU/DJHIOH[LEHODXI$QIRUGHUXQJHQ]XUHDJLHUHQ XQGMHQDFK6LWXDWLRQVSH]LILVFKH5HVVRXUFHQ]XDNWLYLHUHQ³6FKHLGKDXHU 6 (LQ VWDUNHV DXWKHQWLVFKHV .RKlUHQ]JHIKO ZHLVW GHPHQWVSUHFKHQG DXI HLQHKRKH$QSDVVXQJVIlKLJNHLWDQ8PZHOWJHJHEHQKHLWHQKLQ(V]HLJWVLFKDEHU DXFKLQÄHLQHU$QHUNHQQXQJGHU*UHQ]HQGLHHLQHUSHUV|QOLFKHQ$QHLJQXQJYRQ /HEHQVHUHLJQLVVHQ ]% .ULHJ 7RG *HZDOW JHVHW]W VLQG (LQ GHU *HVXQGKHLW GLHQOLFKHV VWDUNHV .RKlUHQ]JHIKO ZLUG DOVR IOH[LEHO VHLQ XQG QLFKW ULJLGH³ /DPSUHFKW6DFN6 (LQVWDUNHVKRKHV.RKlUHQ]JHIKOVWHOOWGLH%DVLV GDIU GDU GDVV HLQH 3HUVRQ HLQH JXWH 5HJXODWLRQ ]ZLVFKHQ 6SDQQXQJ XQG (QW VSDQQXQJ DXI GHU NRJQLWLYHQ HPRWLRQDOHQ XQG PRWLYDWLRQDOHQ (EHQH LP /HEHQ ILQGHW 'DVULJLGHQLFKWDXWKHQWLVFKH.RKlUHQ]JHIKO $QWRQRYVN\ lXHUW VLFK LQ VHLQHQ 8QWHUVXFKXQJHQ MHQHQ 3HUVRQHQ JHJHQEHU VNHSWLVFKGLHYRQ VLFKEHKDXSWHQ ÄQDKH]XDOOHV]XYHUVWHKHQ>GLH PHLQHQ@HV JHEHIUIDVWMHGHV3UREOHPHLQH/|VXQJXQGIU>GLH@=ZHLIHOQLFKWWROHULHUEDU VLQG³$QWRQRYVN\6 'LHVHVDQVFKHLQHQGVWDUNH.RKlUHQ]JHIKOZLUG DOVULJLGHVE]ZQLFKWDXWKHQWLVFKHV.RKlUHQ]JHIKOEH]HLFKQHW(LQ%HLVSLHOIU HLQ ULJLGHV .RKlUHQ]JHIKO JlEH HLQH 3HUVRQ GLH VLFK JHUDGH]X IHVWEHLW DQ ÄYRUJHJHEHQHQ ,GHQWLWlWHQ³ $QWRQRYVN\ 6 'DPLW VLQG 0HQVFKHQ JHPHLQWGLHVLFKDXIQLFKWV1HXHVHLQODVVHQN|QQHQGLHDXFKYRQLKUHQYRUJH IDVVWHQ(LQVWHOOXQJHQ9RUVWHOOXQJHQXQG$EVLFKWHQQLFKWDEZHLFKHQ'LH,GHQWL ILNDWLRQ YRQ 3HUVRQHQ GLH EHU HLQ ULJLGHV .RKlUHQ]JHIKO YHUIJHQ LVW ODXW $QWRQRYVN\QXUPLWWHOV7LHIHQLQWHUYLHZVP|JOLFK 6FKZDFKHV.RKlUHQ]JHIKO 3HUVRQHQ GLH EHU HLQ VFKZDFKHV .RKlUHQ]JHIKO YHUIJHQ VLQGLQ LKUHU 6LFKW DXI LKUH SHUV|QOLFKHQ .RPSHWHQ]HQ YHUXQVLFKHUW 6LH QHLJHQ GD]X 9HUDQWZRU WXQJGXUFK$EVFKLHEHQYRQ6FKXOGDXIDQGHUH]XEHUWUDJHQ(LQQLHGULJHV.R KlUHQ]JHIKOEHGHXWHWDXFKÄHLQJHULQJHUHV5HSHUWRLUHDQ5HVVRXUFHQ]XU9HUI JXQJ ]X KDEHQ³ +LQWHUPDLU 6 'LH +DQGOXQJVP|JOLFKNHLWHQ VLQG HQWVSUHFKHQGHLQJHVFKUlQNWXQGHLQZHQLJHUIOH[LEOHU8PJDQJPLW+HUDXVIRUGH UXQJHQ LVW GLH )ROJH $QWRQRYVN\ ZHLVW LQ GLHVHP =XVDPPHQKDQJ DXI GLH ÃJH OHUQWH+LOIORVLJNHLW¶KLQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
Ä$SHUVRQZLWKDZHDNVHQVHRIFRKHUHQFHPHHWVWKHDGDSWLYHUHTXLUHPHQWZLWKD VHQVHRIKHOSOHVVQHVVZKLFKEHFRPHVDVHOIIXOILOOLQJSURSKHF\KHRUVKHVHHVWKH OLIHFKDQJHDVQRWPDNLQJVHQVHDQGWKHUHIRUHLVLQFDSDEOHRIVXFFHVVIXODGDSWDWLRQ³ $QWRQRYVN\6
0HQVFKHQ HUOHEHQ VLFK VR]XVDJHQ LQ XQYRUKHUJHVHKHQHQ 6LWXDWLRQHQ DOV KLOIORV XQGHUNHQQHQIUVLFKNHLQH+DQGOXQJVP|JOLFKNHLWHQ*HUDGHLQVROFKHQ6LWXDWL RQHQ HQWIDOWHW VLFK GDV .RKlUHQ]JHIKO QlPOLFK ]ZLVFKHQ GHQ $QIRUGHUXQJHQ DXHQXQGGHULQQHUHQ6LFKHUKHLWGDUDXIUHDJLHUHQ]XN|QQHQ :HQQ LQ GHQ )RUVFKXQJHQ ÄYRQ 3HUVRQHQ PLW HLQHP ÃVWDUNHQ¶ RGHU HLQHP ÃVFKZDFKHQ¶ 62& JHVSURFKHQ >ZLUG@³ VR LVW ÄGLHV OHGLJOLFK HLQ |NRQRPLVFKHU $XVGUXFN IU GHQ 6DW] Ã-H K|KHU PDQ VLFK DXI GHP 62&.RQWLQXXP EHILQGHW GHVWRZDKUVFKHLQOLFKHULVWGD¶³$QWRQRYVN\6 (LQVWDUNHU62& LVWQLFKWDOVHLQ$OOKHLOPLWWHO]XEHWUDFKWHQPLWGHPMHGHP3UREOHPJHZLQQEULQ JHQGEHJHJQHWZHUGHQNDQQ$EHUHVNDQQPLW$QWRQRYVN\GDYRQDXVJHJDQJHQ ZHUGHQGDVV0HQVFKHQGLHVLFKDXIHLQHPK|KHUHQ:HUWGHV62&.RQWLQXXPV EHILQGHQ ÄVLFKEHLGHU%HZlOWLJXQJGLHVHU3UREOHPHEHVVHUEHZlKUHQDOVVROFKHPLWHLQHP VFKZDFKHQ62&GDVLHZHQQHVIUHLQ3UREOHPNHLQH/|VXQJJLEWDQJHPHVVHQHU PLWLKPZHLWHUOHEHQN|QQHQXQGGDVLHIlKLJVHLQZHUGHQLKU/HEHQPLWJHULQJH UHP6FKPHU]]XIKUHQ$QWRQRYVN\6
:LFKWLJHUVFKHLQWPLULQGLHVHP=XVDPPHQKDQJDXFKGDUDXIKLQ]XZHLVHQGDVV 0HQVFKHQQLFKWLPPHULQGHU/DJHVLQGGLHJOHLFKHQ:LGHUVWDQGVUHVVRXUFHQ]X DNWLYLHUHQ DXFK ZHQQ VLH JUXQGVlW]OLFK EHU IXQNWLRQLHUHQGH 5HVLOLHQ]IDNWRUHQ YHUIJHQ ,FK GHQNH DXFK LQ HLQHU QHJDWLYHQ RGHU VR]LDO DQHUNDQQWHQ 6WUXNWXU NDQQ.RKlUHQ]HPSIXQGHQ ZHUGHQ-HGRFKZLUGGDV5HVXOWDW ZHQLJHU:RKOEH ILQGHQ]XU)ROJHKDEHQ %HGHXWXQJVYROO IU /HEHQVHUIDKUXQJHQ ÄGLH HLQ VWDUNHV RGHU VFKZDFKHV .RKlUHQ]JHIKO NRQVWLWXLHUHQ VLQG IU $QWRQRYVN\ >DXFK MHQH@ 0HUNPDOH GLH GXUFKGLH$UEHLWVVLWXDWLRQDXIGHQ0HQVFKHQHLQZLUNHQ]XPDOGHUDUWLJH3UR]HV VH DXFK ODQJZLUNHQGHQ &KDUDNWHU KDEHQ³ /RUHQ] 6 'DV (LQJHEXQ GHQVHLQLQHLQHQEHUXIOLFKHQ.RQWH[WLVWQLFKW]XOHW]WGDGXUFKZLFKWLJGDVVGLH VHVSHUPDQHQWEHGURKWHUVFKHLQW,QHLQHU=HLWLQGHUDXVHLQHPZLUWVFKDIWVOLEH UDOHQ 'LNWXP KHUDXV QLFKW PHKU YRQ .QGLJXQJ VRQGHUQ YRQ )UHLVHW]XQJ GHV 3HUVRQDOVJHVSURFKHQZLUGLQHLQHU=HLWLQGHUE|UVHQQRWLHUWH8QWHUQHKPHQLKUH $NWLHQNXUVH LQ GLH +|KH WUHLEHQ N|QQHQ GXUFK HEHQ GLHVH VR JHQDQQWH )UHLVHW ]XQJ YRQ 0LWDUEHLWHU,QQHQ LVW GDV ,QGLYLGXXP HLQHU JUXQGVlW]OLFKHQ 8QVLFKHU
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
KHLWDXVJHVHW]W,QGLHVHU8QVLFKHUKHLWLVWGHU(LQ]HOQHVWHWVJHIRUGHUWVLFKVHLQH %HODVWXQJVEDODQFHLPPHUZLHGHUDXIGDV1HXHKHU]XVWHOOHQ =XVDPPHQIDVVHQGOlVVWVLFKVDJHQ-HK|KHUGLH.RPSRQHQWHQ9HUVWHKEDU NHLW %HZlOWLJEDUNHLW XQG %HGHXWVDPNHLW HLQHU 3HUVRQ DXVJHSUlJW VLQG GHVWR EHVVHU ZLUG VLFK GLHVH 3HUVRQ LP /HEHQVYROO]XJ JXW HQWZLFNHOQ XQG VLFK DXFK JHVHOOVFKDIWOLFK HQWVSUHFKHQG ]XUHFKWILQGHQ (LQ DXVJHSUlJWHV .RKlUHQ]JHIKO EHGHXWHW QDFK $QWRQRYVN\V 9HUVWlQGQLV GHQ %HZlOWLJXQJVDXIJDEHQ SRVLWLY ]X EHJHJQHQDQJHPHVVHQGDUDXI]XUHDJLHUHQXQGLQGHQXQWHUVFKLHGOLFK]XEHZlO WLJHQGHQ/HEHQVVLWXDWLRQHQQHXH/|VXQJVDQVlW]H]XVXFKHQXQGDGlTXDWH+DQG OXQJVZHLVHQ]XILQGHQ(LQVWDUNHV.RKlUHQ]JHIKOHUK|KWGLH:LGHUVWDQGVNUDIW DNWLYLHUW GLH HLJHQHQ 5HVVRXUFHQ XQG EHVWlUNW GLH 3HUVRQHQ LP RSWLPLVWLVFKHQ *ODXEHQ DQ GLH LQGLYLGXHOOH /HEHQVEHZlOWLJXQJ %HGHXWVDP LVW GDEHL GDVV GDV .RKlUHQ]JHIKOQLFKWDXIGDV,QGLYLGXXPEH]RJHQEOHLEHQPXVV±GLHVLVWJHUDGH IU HLQH /HUQNXOWXU EHGHXWVDP LQ GHU /HUQHQ VWHWV LQ HLQHP VR]LDOHQ 9HUEDQG JHVFKLHKW±VRQGHUQGDVVHVDXFKDOV*UXSSHQ.RKlUHQ]JHIKOH[LVWLHUW ,QGLYLGXHOOH.RKlUHQ]±*UXSSHQ62&±VR]LDOHV.DSLWDO $QWRQRYVN\EH]LHKWDXFKGLH$XVELOGXQJGHU.RKlUHQ]LQHLQHU*UXSSHLQVHLQ .RQ]HSWPLWHLQXQGVSULFKWGDEHLYRQHLQHPNROOHNWLYHQ.RKlUHQ]JHIKOhEHU GLH*UXSSHKLQDXVHUVFKHLQWGHU%HJULIIGHU.RKlUHQ]IUHLQHQJU|HUHQVR]LD OHQ =XVDPPHQKDQJ EHGHXWVDP QlPOLFK DOV JHVHOOVFKDIWOLFKHV 3KlQRPHQ LP 6WLOH GHV VR]LDOHQ .DSLWDOV .RKlUHQ] ± YHUVWDQGHQ DOV =XVDPPHQKDOW ± ILQGHW VLFKVRZRKOLP,QGLYLGXXPDOVDXFKLQXQWHUVFKLHGOLFKHQJHVHOOVFKDIWOLFKHQ6\V WHPHQ ]% )DPLOLH 0LNURV\VWHP 8QLYHUVLWlW 0HVRV\VWHP SROLWLVFKHV 6\V WHPDOVHLQ0DNURV\VWHP HWF0LWDQGHUHQ:RUWHQJHKWHVDXIMHGHUGLHVHU6\V WHPHEHQHQGDUXPGHQ=XVDPPHQKDOW±GLH.RKlUHQ]±GHVMHZHLOLJHQ6\VWHPV DXI HLQHP .RQWLQXXP ]ZLVFKHQ KRFK DXVJHSUlJWHQ XQG JHULQJHU DXVJHSUlJWHQ .RKlUHQ]JHIKOHQ DXV]XEDODQFLHUHQ XQG KHU]XVWHOOHQ ,FK ELQ GHU $QVLFKW GDVV ]ZLVFKHQ GLHVHQ .RKlUHQ]IHOGHUQ LQWHUHVVDQWH .RSSHOXQJHQ XQG ZHFKVHOVHLWLJH ,QWHUGHSHQGHQ]HQ H[LVWLHUHQ 9HUIJWEHLVSLHOVZHLVH HLQH 3HUVRQEHUHLQHQKR KHQ.RKlUHQ]ZHUWDOV,QGLYLGXXPVRNDQQGLHVHUVR]XVDJHQDXIDQGHUH0LWJOLH GHUGHV6\VWHPVDEIlUEHQXQGGLHVHEHHLQGUXFNHQJOHLFK]HLWLJLVWHLQKRKHU62& LQHLQHPVR]LDOHQ6\VWHPYLHOOHLFKWDXFKHLQH0|JOLFKNHLWIUHLQ,QGLYLGXXP± ZHQQ HV LQ HLQHU .ULVHQVLWXDWLRQ HWZDV YRQ VHLQHP .RKlUHQ]JHIKO HLQEW ± GLHVHVGXUFKHLQHQ KRFKDXVJHSUlJWHQ*UXSSHQ]XVDPPHQKDOW]XNRPSHQVLHUHQ (LQKRKHV.RKlUHQ]JHIKOVDJWDOOHUGLQJVQLFKWVEHUPRUDOLVFKH:HUWHRGHUHLQ PRUDOLVFK JXWHV /HEHQ HLQHU 3HUVRQ RGHU HLQHU JHVDPWHQ *UXSSH DXV 6R LVW HV
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
DXFKP|JOLFKGDVV$QJHK|ULJHDXWRULWlUHU*UXSSHQEHUHLQVHKUVWDUNHV.RKl UHQ]JHIKOYHUIJHQGDVDOOHUGLQJVDXI.RVWHQDQGHUHUHQWVWHKW Ä1DWUOLFK PX JHVDJW ZHUGHQ GDVV GDV VWDUNH .RKlUHQ]JHIKO XQG GLH GDUDXV UHVXOWLHUHQGHJXWH*HVXQGKHLWYRQ1D]LVYRQUHOLJL|VHQ)XQGDPHQWDOLVWHQSDWULDU FKDOLVFKHQ 0lQQHUQ .RORQLDOLVWHQ DULVWRNUDWLVFKHQ XQG NDSLWDOLVWLVFKHQ 8QWHUGU FNHUQQXUDXI.RVWHQLKUHU2SIHUHUUHLFKWZHUGHQNDQQ³$QWRQRYVN\6I ]LWQ)UDQNHE6
'DVLQGLYLGXHOOH3KlQRPHQZLHHLQH3HUVRQGLH:HOWZDKUQLPPWOlVVWVLFKPLW $QWRQRYVN\V:RUWHQDXFKDXIHLQH*UXSSHE]ZDXIHLQ.ROOHNWLYXPVHW]HQ Ä:HQQ HV DXFK EHL GHU %HWUDFKWXQJ HLQHU KHUUVFKHQGHQ .ODVVH DP GHXWOLFKVWHQ ZLUGVRNDQQHLQVWDUNHV.RKlUHQ]HPSILQGHQMHGHVR]LDOH(LQKHLWFKDUDNWHULVLHUHQ DQJHIDQJHQYRQGHU)DPLOLH-RQHVKLQ]XHLQHU1DFKEDUVFKDIWHLQHU*URVWDGWHLQHU 5HJLRQRGHUHLQHP/DQGYRQHLQHUORNDOHQ)UHLZLOOLJHQRUJDQLVDWLRQ]XHLQHUDSRND O\SWLVFKHQ UHOLJL|VHQ %HZHJXQJ YRQ VR]LDO 8QWHUSULYLOHJLHUWHQ ELV ]X GHQHQ GD REHQ³$QWRQRYVN\6]LWQ$QWRQRYVN\6
)U GLH (WDEOLHUXQJ HLQHV *UXSSHQ62& LVW DOOHUGLQJV HLQH VRJHQDQQWH 3ULPlU JUXSSHGKHLQHORNDOHNOHLQH*UXSSHQ|WLJ(VPXVVÄHLQ*HIKOGHV*UXSSHQ EHZXWVHLQV HLQHU VXEMHNWLY LGHQWLIL]LHUEDUHQ *HPHLQVFKDIW JHEHQ EHYRU HV P|JOLFKLVWYRQHLQHP*UXSSHQ62&]XVSUHFKHQ³(LQUHODWLYVWDELOHUVR]LDOHU .RQWH[W LQ HLQHU ÄMDKUHODQJ DQKDOWHQGHQ %HVWlQGLJNHLW GHU VR]LDOHQ %HGLQJXQ JHQ³$QWRQRYVN\6 LVWIUGLH0HVVXQJQRWZHQGLJGDHVIUHLQHQ *UXSSHQ62& GDV 9HUVWlQGQLV GHV (LQ]HOQHQ EHQ|WLJW 7HLO GLHVHU *UXSSH ]X VHLQ 'DKHU VFKHLQW HV NHLQHVIDOOV VLQQYROO ÄYRQ HLQHP 62& HLQHU VHKU ]HLWEH JUHQ]WHQ*UXSSH]XVSUHFKHQ³$QWRQRYVN\6 $EJHVHKHQYRP=HLWIDNWRUVSLHOHQDEHUDXFKDQGHUHVWUXNWXUHOOH&KDUDNWH ULVWLND HLQHU *UXSSH HLQH ]HQWUDOH 5ROOH EHL GHU +HUDXVELOGXQJ GHV *UXSSHQ 62&'D]X]lKOHQHWZD*HVFKOHFKW$OWHU%HUXIVJUXSSHQ]XJHK|ULJNHLW:DVGLH |NRORJLVFKHQ (LJHQVFKDIWHQ HLQHU *UXSSH EHWULIIW $QWRQRYVN\ QHQQW KLHU]X Ä1HW]ZHUNYHUELQGXQJHQVR]LDOH0RELOLWlWRGHUVR]LDOH'HVRUJDQLVDWLRQ³$QWR QRYVN\ 6 VR LVW HWZD GHU .RQVHQV EH]JOLFK GHU 0DFKWYHUWHLOXQJ 6\VWHP)DPLOLHRGHUHLQHPDQGHUHQVR]LDOHQ6\VWHP]HQWUDOIUGLH$XVELOGXQJ HLQHUHQWVSUHFKHQGHQ.RKlUHQ]=XGHPVLQGGLHNXOWXUHOOHQ(LJHQVFKDIWHQHLQHU *UXSSHLQWHUHVVDQWHWZD1RUPHQ:HUWHXQG(LQVWHOOXQJHQHLQHU*UXSSH$QWR QRYVN\JHKWGDYRQDXVGDVVÄHLQ.ROOHNWLYDOVVROFKHVVRFKDUDNWHULVLHUW>ZLUG@ GDHVHLQHJHPHLQVDPH6LFKWGHU:HOWKDW³'DPLWVWHOOWÄGLH$UWGLH:HOW]X VHKHQ HLQH XQDEKlQJLJH 9DULDEOH EHL GHU $XVIRUPXQJ GHV 62&1LYHDXV GHU HLQ]HOQHQ 0LWJOLHGHU GHU *HPHLQVFKDIW³ $QWRQRYVN\ 6 GDU 'DV
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
.RKlUHQ]JHIKOHLQHU*UXSSHLVWXQDEKlQJLJYRPLQGLYLGXHOOHQ.RKlUHQ]JHIKO NRQ]LSLHUWXQGLVWGHPQDFKDXFKXQDEKlQJLJGDYRQ]XPHVVHQ$QWRQRYVN\VWHOOW LQ GLHVHP =XVDPPHQKDQJ IHVW GDVV VLFK HLQH ÄVR]LDOH 5HSUlVHQWDWLRQ³ QXU HU NHQQHQOlVVW ZHQQGLH'DWHQYRQ,QGLYLGXHQHUIDVVW ZHUGHQXQGGDQDFK XQWHU VXFKW ZLUG ZDV GHQ 0LWJOLHGHUQ GHU *UXSSH JHPHLQVDP LVW 'DUDXV VFKOLHW $QWRQRYVN\ ÄGD VLFK HLQ *UXSSHQ62& QXU DXI HLQ %LOG EH]LHKHQ NDQQ GDV VLFK DXV HLQHU 5HLKH YRQ DJJUHJLHUWHQ 'DWHQ EHU ,QGLYLGXHQ HUJLEW³ $QWR QRYVN\6 (LQ .ROOHNWLYPHUNPDO ± QlPOLFK GDV GHU 0RUDO ± ]HLJW =HLW] 6 LQ%H]XJDXI2UJDQLVDWLRQVPRUDODXIXQGNRPPW]XGHP6FKOXVVGDVVHLQ .ROOHNWLYPHUNPDO ]ZDU DXI LQGLYLGXHOOHU (EHQH RSHULHUW HV DEHU ÄNROOHNWLY >ZLUG@ ZHQQ HLQH 9LHO]DKO PLWHLQDQGHU LQWHUDJLHUHQGHU 0LWJOLHGHU HV EHVLW]HQ³ =HLW]6]LWQ$QWRQRYVN\6 $XVVDJHQGDUEHUZLHHV XP GLH 0RUDO LQ HLQHU 2UJDQLVDWLRQ EHVWHOOW LVW HUKlOW PDQ QLFKW GDGXUFK GDVV GLH HLQ]HOQHQ 0LWJOLHGHU ]X LKUHU SHUV|QOLFKHQ 0RUDO EHIUDJW ZHUGHQ HQWVFKHL GHQGLVWYLHOPHKUÄZLHGLH%HIUDJWHQGLH4XDOLWlWGHU0RUDOLQQHUKDOEGHU*H VDPWRUJDQLVDWLRQZDKUQHKPHQ³=HLW]6]LWQ$QWRQRYVN\6 .RPPWHVLQGLHVHU%HIUDJXQJ]XHLQHUKRKHQhEHUHLQVWLPPXQJLQ%H]XJ DXIGLH2UJDQLVDWLRQVPRUDO±XQJHDFKWHWGHULQGLYLGXHOOHQ(LQVWHOOXQJ±VRNDQQ ÄWDWVlFKOLFKYRQHLQHP.ROOHNWLYPHUNPDOJHVSURFKHQZHUGHQ>@GDVVLFKYHU VHOEVWlQGLJWKDW³$QWRQRYVN\6 $XFKGDVYRQ$GOHU QHEHQ DQGHUHQ.RPSHWHQ]HOHPHQWHQVR]LDOHU6\VWHPHEHVFKULHEHQH6HOEVWNRQ]HSWOlVVW VLFK LQ HLQHU *UXSSH DOV .ROOHNWLYPHUNPDO IHVWVWHOOHQ (LQ NRPSHWHQWHV ,QGLYL GXXP KDW ÄHLQH LQVJHVDPW SRVLWLYH RSWLPLVWLVFKH XQG DNWLYH 6LFKWZHLVH VHLQHV 6HOEVW LP 9HUKlOWQLV ]XU :HOW³ $GOHU 6 ]LWQ $QWRQRYVN\ 6 )U$GOHUVWHKWIHVW'DV ÄNRQVHQVXHOOHUUHLFKWH8UWHLOGHU0LWJOLHGHUGHV6\VWHPVEHUGHQ:HUWGHV6\V WHPVGHPVLHDQJHK|UHQLVWKlXILJJDQ]XQDEKlQJLJGDYRQZLHGLHVHOEHQ0LWJOLH GHULKUHQHLJHQHQ:HUWEHXUWHLOHQ6FKOLHOLFKJLEWHVLQGHQPHLVWHQ2UJDQLVDWLRQHQ RGHU *HPHLQVFKDIWHQ HLQ .ROOHNWLYJHIKO GDV LP ,QWHUHVVH GHV 6\VWHPV PLW GHP 6HOEVWEHZXWVHLQRGHUVHLQHP)HKOHQSDUDOOHOOlXIW³$GOHU6]LWQ$QWR QRYVN\6
,QGLHVHP6LQQHZHUGHQDOVR,QGLYLGXHQÄQDFKGHU%HGHXWXQJRGHUGHU(IIHNWLYL WlWGHV6\VWHPV³$QWRQRYVN\6 JHIUDJWXQGQLFKWQDFKGHU(LQVWHO OXQJ GLH LKUH LQGLYLGXHOOHQ %HGHXWXQJHQ ZLHGHUJLEW 8P ]X HLQHP *UXSSHQ 62&]XNRPPHQVFKOlJW$QWRQRYVN\GUHLP|JOLFKH6FKULWWHYRU
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
'DWHQ GHV 62& GHU (LQ]HOQHQ HLQHU *UXSSH ZHUGHQ PLW GHP 'XUFK VFKQLWWVZHUW RGHU GHQ $QWHLOHQ YRQ ,QGLYLGXHQ PLW HLQHP VWDUNHQ 62& LQ %H]LHKXQJJHVHW]W 9RQHLQ]HOQHQ0LWJOLHGHUQNDQQGLH:DKUQHKPXQJHUIUDJWZHUGHQZLHGLH *UXSSH GLH :HOW EHWUDFKWHW :LHGHUXP ZHUGHQ 'XUFKVFKQLWWVZHUWH RGHU $QWHLOHMHQHUPLWKRKHQ62&:HUWHQYHUZHQGHW 'DV$XVPDGHUhEHUHLQVWLPPXQJHQGHU:DKUQHKPXQJHQNDQQGXUFKGLH 9DULDQ]GHULQGLYLGXHOOHQ:HUWHEHWUDFKWHWZHUGHQ 'LHVH9RUJHKHQVZHLVHZLUGYRQ$QWRQRYVN\IROJHQGHUPDHQLQWHUSUHWLHUWÄ(L QH*UXSSHGHUHQHLQ]HOQH0LWJOLHGHUGD]XWHQGLHUHQGLH*HPHLQVFKDIWDOVHLQH ]X VHKHQ GLH GLH :HOW DOV YHUVWHKEDU KDQGKDEEDU XQG EHGHXWVDP DQVLHKW XQG ]ZLVFKHQGHQHQHLQKRKHV$XVPDDQhEHUHLQVWLPPXQJEH]JOLFKGLHVHU:DKU QHKPXQJEHVWHKWLVWHLQH*UXSSHPLWHLQHPVWDUNHQ62&³$QWRQRYVN\6 I 'LH 6WlUNH HLQHV *UXSSHQ.RKlUHQ]JHIKOV NDQQ IU HLQ ,QGLYLGXXP VHKU ZLFKWLJ VHLQ LQ +LQEOLFN DXI GLH +HUDXVELOGXQJ XQG 0RGLIL]LHUXQJ GHV HLJHQHQ .RKlUHQ]JHIKOV (LQ]HOQH 0LWJOLHGHU HLQHU *UXSSH N|QQHQ YRQ HLQHP KRKHQ *UXSSHQ.RKlUHQ]JHIKOSURILWLHUHQ±PLWDQGHUHQ:RUWHQ'LH.RKlUHQ]LQGHU *UXSSHNDQQGLHSHUV|QOLFKH.RKlUHQ]HLQHV,QGLYLGXXPVEHHLQIOXVVHQ,PVR]L DOHQ 8PIHOG PDFKW GDV ,QGLYLGXXP (UIDKUXQJHQ GLH IU GLH $XVELOGXQJ GHV 62&EHGHXWVDPVLQG'LH%H]LHKXQJGHV(LQ]HOQHQ]XVHLQHU*HPHLQVFKDIWNDQQ DOVHLQHZLFKWLJH:LGHUVWDQGVUHVVRXUFHZLUNHQ Ä7KHWLHVEHWZHHQDQLQGLYLGXDODQGKLVWRWDOFRPPXQLW\DUHGHFLVLYHUHVLVWDQFH UHVRXUFHV2QHLQGLFDWRURIVXFKWLHVZRXOGEHWKHH[WHQWWRZKLFKDVRFLHW\KROGVDV DFHQWUDOYDOXHWKDWWKHVRFLHW\DVVXFKUDWKHUWKDQWKHLQGLYLGXDODORQHLVUHVSRQVL EOH IRU GHDOLQJ ZLWK WKUHDW RU IRU DVVLVWLQJ WKH LQGLYLGXDO WR GR VR´ $QWRQRYVN\ 6
$XI GHU DQGHUHQ 6HLWH NDQQ VLFK GDV 1LFKWYRUKDQGHQVHLQ HLQHU VROFKHQ :LGHU VWDQGVUHVVRXUFHDOV6WUHVVRUDXVZLUNHQ*UlVHUEULQJWGLHVLQ=XVDPPHQKDQJPLW GHU %HGHXWXQJ YRQ /HEHQVZHOWHQ DXI GHQ 3XQNW Ä,Q GLHVHP 9HUVWlQGQLV ZLUG GHXWOLFK ZHOFKH ZLFKWLJHQ )XQNWLRQHQ /HEHQVZHOWHQ ]XU (QWZLFNOXQJ HLQHV KRKHQ62&HLQQHKPHQXQGEHUHLWVWHOOHQ³*UlVHU6 'LH=XJHK|ULJNHLW]XHLQHU%H]XJVJUXSSHNDQQQLFKWLPPHUEHGLQJXQJVORV YRUDXVJHVHW]W ZHUGHQ *HUDGH ZDV NROOHNWLYH 6WUHVVRUHQ EHLVSLHOVZHLVH LQ GHU $UEHLWVZHOW EHWULIIW NDQQ HLQH *UXSSH PLW HLQHP VWDUNHQ 62& GLHVHQ EHVVHU EHJHJQHQ'DVKHLWNROOHNWLYHQ6WUHVVRUHQN|QQHQNROOHNWLYH5HVVRXUFHQJHJH QEHUWUHWHQ XP 6SDQQXQJV]XVWlQGH]XEHZlOWLJHQ $QGLHVHP3XQNW]HLJWVLFK GLH 6FKZLHULJNHLW ZHQQ HLQ]HOQH ,QGLYLGXHQ LQ GLH JHZQVFKWH *UXSSH NHLQHQ
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
=XJDQJ ILQGHQ %H]XJVJUXSSHQSUREOHPDWLN $OOHUGLQJV XQWHUVFKHLGHW $QWR QRYVN\LP 5DKPHQHLQHUÄ.RQIURQWDWLRQ PLWNROOHNWLYHQ6WUHVVRUHQGHQLQGLYL GXHOOHQ62&GHUVLFKDXIGLHHPRWLRQVUHJXOLHUHQGH)XQNWLRQEH]LHKWYRPNRO OHNWLYHQ62&GHUVLFKDXIGLH%HZlOWLJXQJHLQHVNROOHNWLYHQ6WUHVVRUVEH]LHKW³ *UlVHU 6 6R VLQG HWZD 3UREOHPH LQ GHU $UEHLWVZHOW KlXILJ QLFKW LQGLYLGXHOOO|VEDU,VWPDQMHGRFKEHLVSLHOVZHLVHJHZHUNVFKDIWOLFKRUJDQLVLHUWVR NDQQVLFKGLH0LWJOLHGVFKDIWLQHLQHUVWDUNHQ*UXSSH±HLQHU*UXSSHPLWHLQHP KRKHQ 62&:HUW ±VHKU ZRKO I|UGHUOLFK DXI GDV LQGLYLGXHOOH .RKlUHQ]JHIKO DXVZLUNHQ $OVNROOHNWLYH5HVVRXUFHNDQQDOVRGLH%LOGXQJVR]LDOHU1HW]ZHUNHYHUVWDQ GHQZHUGHQ±PLWKLQGLH*HPHLQVFKDIW'DPLWVLQGZLUEHLMHQHPVR]LDOHQ.DSL WHODQJHODQJWGDVJOHLFKEHGHXWHQGLVWPLWGHUMHQLJHQ*HPHLQVFKDIWDXIGLH,QGL YLGXHQ]XUFNJUHLIHQXPPLWLKUHU+LOIHEHVWLPPWHLQGLYLGXHOOH=LHOH]XHUUHL FKHQ6R]LDOHV.DSLWDOHQWVWHKWGXUFK.RQWDNWGXUFK%H]LHKXQJHQGXUFK,QWHU DNWLRQHQ PLW DQGHUHQ YJO +DXV +DUQH\ 'LH GDEHL HQWVWHKHQGHQ VR]LDOHQ1HW]ZHUNHYHUPLWWHOQHLQ*HIKOVR]LDOHU=XJHK|ULJNHLWJHPHLQVDPHQ =XVDPPHQKDOWHVXQGDNWLYHU7HLOQDKPHDOV7HLOKDEHDQGHU*HVHOOVFKDIW)UGDV 6XEMHNW JLOW HV DXI GLHVHU (EHQH GHU 1HW]ZHUNH GHU .RRSHUDWLRQHQ HLQH $UW .RKlUHQ] HLQHUVHLWV ]X HPSILQGHQ XQG GLHVHV DQGHUHUVHLWV LP $XVWDXVFK PLW DQGHUHQ]XHWDEOLHUHQ 'DVVR]LDOH,Q%H]LHKXQJ6HLQOLHIHUWHLQHQLQGLYLGXHOOHQ0HKUZHUWLQGHP HV EHU GLH *HZLQQXQJ GHU LQGLYLGXHOOHQ /HEHQVTXDOLWlW KLQDXVJHKW XQG DXFK *HPHLQQXW]HQ*HPHLQVDPHVXQG*HPHLQVLQQVWLIWHWYJO3UDHWRULXV $XV GLHVHP %OLFNZLQNHO ZLUG GHXWOLFK GDVV GDV .RKlUHQ]JHIKO DXI XQWHUVFKLHGOL FKHQ6\VWHPHEHQHQOLHJW,P/LFKWHVWHWLJHUJHVHOOVFKDIWOLFKHU9HUlQGHUXQJHQLVW MHGH6\VWHPHEHQHDXIJHIRUGHUWSHUPDQHQWDQGHU+HUVWHOOXQJXQG$XVEDODQFLH UXQJGHV.RKlUHQ]JHIKOV]XDUEHLWHQQlPOLFKLP6LQQHHLQHU%DODQFHYRQ$Q IRUGHUXQJHQ HLQHUVHLWV XQG GHU 5HVVRXUFHQDNWLYLHUXQJ ]X GHUHQ %HZlOWLJXQJ DQGHUHUVHLWV 'LH9HUlQGHUEDUNHLWGHV.RKlUHQ]JHIKOV $QWRQRYVN\ JHKW LQ VHLQHQ $UEHLWHQ ]XP .RKlUHQ]JHIKO ]XQlFKVW YRQ HLQHP VWDWLVFKHQ .RQ]HSW HLQHU /HEHQVRULHQWLHUXQJ DXV GLHVH $QQDKPH LVW LP /DXIH GHUOHW]WHQ-DKU]HKQWHDOOHUGLQJVGXUFK QHXHUH)RUVFKXQJHQLQ 5LFKWXQJ9HUlQ GHUEDUNHLW ZHLWHUHQWZLFNHOW ZRUGHQ ,P )ROJHQGHQ ZHUGH LFK ]XQlFKVW $QWR QRYVN\V $QQDKPHQ VNL]]LHUHQ XP LP $QVFKOXVV GDUDQ GLH KHXWH GLVNXWLHUWHQ $VSHNWHGHU9HUlQGHUEDUNHLWGHV.RKlUHQ]JHIKOVGDU]XOHJHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
$QWRQRYVN\V$QQDKPHQ $QWRQRYVN\ZDUGHU$QVLFKWGDVVÄHVXQZDKUVFKHLQOLFKLVW« GDGDV.RKl UHQ]HPSILQGHQVLFKQDFKGHPHVHLQPDODXVJHELOGHWXQGJHIHVWLJWLVWDXILUJHQG HLQH UDGLNDOH :HLVH YHUlQGHUQ ZLUG³ $QWRQRYVN\ 6 ,P :HVHQWOL FKHQJHKWHUGDYRQDXVGDVVVLFKGDV.RKlUHQ]JHIKOLQGHQHUVWHQ]HKQ/HEHQV MDKUHQHQWZLFNHOWXQG]ZDULQVR]LRNXOWXUHOOHQ.RQWH[WHQLQGHQHQHLQHP.LQG /HEHQVHUIDKUXQJHQJHERWHQZHUGHQLQGHQHQHVVLFKGXUFKXQWHUVFKLHGOLFKHXQG YLHOIlOWLJH(LQIOVVHVHLQHU8PJHEXQJHQWZLFNHOQNDQQ9RUDOOHPGLH(UIDKUXQ JHQ XQG (UOHEQLVVH DXV GHU .LQGKHLW -XJHQG XQG $GROHV]HQ] VLQG IU LKQ HQW VFKHLGHQGIUGLH(QWZLFNOXQJGHV.RKlUHQ]JHIKOV,PIUKHQ(UZDFKVHQHQDO WHUVROOWHVLFKGDV.RKlUHQ]JHIKOQDFK$QWRQRYVN\VRZHLWDXVJHELOGHWKDEHQ GDVVHVYRQGDDQVWDELOLVW'HPHQWVSUHFKHQGEHWUDFKWHWHUGLH(QWZLFNOXQJGHV .RKlUHQ]JHIKOVDEGHP/HEHQVMDKUIUZHLWHVWJHKHQGDEJHVFKORVVHQVWDELO NDXPQRFKYHUlQGHUEDU Ä$URXQGDJHRQHFRPHVWRKDYHDYLHZRIWKHZRUOGDVPRUHRUOHVVFRPSUH KHQVLEOHPDQDJHDEOHDQGPHDQLQJIXO7KHUHDIWHUXQOHVVUDGLFDODQGODVWLQJFKDQJH RFFXUVLQRQH¶VSDWWHUQRIOLIHH[SHULHQFHVRQH¶VVHQVHRIFRKHUHQFHUHPDLQVVWDEOH´ $QWRQRYVN\6
$QWRQRYVN\QLPPWDOVRDQGDVV0HQVFKHQHWZDELV]XPGUHLLJVWHQ/HEHQVMDKU LKUH ,GHQWLWlW VR ZHLW HQWZLFNHOW KDEHQ GDVV ELV ]X GLHVHP $OWHU HLQH VWDELOH 3HUV|QOLFKNHLWHQWVWDQGHQLVWGLHELVLQVKRKH/HEHQVDOWHUUHODWLYNRQVWDQWEOHLEW 0HQVFKHQKDEHQLQGLHVHU9RUVWHOOXQJELV]XUGULWWHQ/HEHQVGHNDGHHLQ0XVWHU DQ/HEHQVHUIDKUXQJHQJHVDPPHOWGLHVHHLQJHRUGQHWXQGHLQHNRQNUHWH9RUVWHO OXQJ YRQ GHU HLJHQHQ :HOW HQWZLFNHOW Ä6LH LVW PHKU RGHU PLQGHU YHUVWHKEDU KDQGKDEEDUXQGEHGHXWVDP³$QWRQRYVN\6 1DFKVHLQHU$QVLFKWKDW GDV.RKlUHQ]JHIKOHLQHEHVWLPPWH3RVLWLRQDP.RQWLQXXPHUUHLFKWGLHHUDOV HLQH ]HLWVWDELOH HEHQVR ZLH EHKDQGOXQJVUHVLVWHQWH 2ULHQWLHUXQJ EHWUDFKWHW %H PHUNHQVZHUW LVW GDVV GLHVH YHUPHLQWOLFKH 8QYHUlQGHUEDUNHLW YRQ $QWRQRYVN\ YRU DOOHP DXI 0HQVFKHQ EH]RJHQ ZLUG GLH EHU HLQ VWDUNHV .RKlUHQ]JHIKO YHUIJHQ+DEHQ0HQVFKHQELVLQLKUHGULWWH/HEHQVGHNDGHHLQVWDUNDXVJHSUlJ WHV.RKlUHQ]JHIKOHQWZLFNHOWVRN|QQHQVLHGLHLKQHQ]XU9HUIJXQJVWHKHQGHQ JHQHUDOLVLHUWHQ:LGHUVWDQGVUHVVRXUFHQDNWLYLHUHQZRGXUFKGLHHQWURSLVFKHQDOVR GLHVW|UHQGHQ(LQZLUNXQJHQHUIROJUHLFKEHZlOWLJWZHUGHQN|QQHQ'DGXUFKNDQQ MHPDQG PLWHLQHPVWDUNHQ.RKlUHQ]JHIKOVHLQ*OHLFKJHZLFKWWURW] ZLHGHUNHK UHQGHU 6WUHVVRUHQ UHODWLY JXW DXIUHFKWHUKDOWHQ $QGHUHUVHLWV MHGRFK N|QQWH GDV .RKlUHQ]JHIKOJHVFKZlFKWZHUGHQGXUFK'HIL]LWHGLHYRQ6WUHVVRUHQKHUYRUJH UXIHQ ZHUGHQ ZLH HWZD ODQJ DQGDXHUQGH 8QWHUIRUGHUXQJ YJO /RUHQ] 6 'LH 6WDELOLWlW GHV .RKlUHQ]JHIKOV JLOW IU $QWRQRYVN\ QLFKWLPJOHLFKHQ
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
0D IU 0HQVFKHQ PLW HLQHP ZHQLJHU VWDUN DXVJHSUlJWHQ 62&:HUW (U JHKW GDYRQDXVGDVV0HQVFKHQPLWHLQHPJHPlLJWHQ.RKlUHQ]JHIKOVLFKLQ5LFK WXQJHLQHVQLHGULJHQ1LYHDXVEHZHJHQ Ä'LH$XVZDKOYRQ6LWXDWLRQHQGLHGDV62&YHUVWlUNHQXQGGLH9HUPHLGXQJYRQ VROFKHQGLHHVVFKZlFKHQZHUGHQZHQLJHUHUIROJUHLFKVHLQ'DVLHQLFKWDQJHPHV VHQGXUFK*55VDXVEDODQFLHUWZHUGHQIKUHQ%HJHJQXQJHQPLW6WUHVVRUHQLQHLQH HQWURSLVFKH5LFKWXQJ³$QWRQRYVN\6
3HUVRQHQ PLW HLQHP QLHGULJHQ .RKlUHQ]JHIKO VLQG VR JHVHKHQ ZHQLJHU LQ GHU /DJH EHODVWHQGHQ $QIRUGHUXQJHQ VWDQG]XKDOWHQ ± LP *HJHQWHLO (U JHKW GDYRQ DXVGDVVGHU62&:HUWKLHU]XQHKPHQGVFKZlFKHUZLUG(QWZLFNHOWHLQH3HUVRQ ELV]XPGUHLLJVWHQ/HEHQVMDKUHLQVFKZDFKHV.RKlUHQ]JHIKOVRSURJQRVWL]LHUW $QWRQRYVN\ GDVV ÄGDV /HEHQ ]X HLQHP 7HXIHOVNUHLV ZLUG « >'@HU 9HUOLHUHU YHUOLHUWLPPHUZHLWHUXQGGDV/HEHQZLUGLPPHUFKDRWLVFKHUZHQLJHUKDQGKDE EDU XQG VLQQORV³ $QWRQRYVN\ 6 'LHV GHVKDOE ZHLO GLHVH 3HUVRQ EHUJHULQJHJHQHUDOLVLHUWH:LGHUVWDQGVUHVVRXUFHQYHUIJWXQGGLHVHYRQJHQHUD OLVLHUWHQ:LGHUVWDQGVGHIL]LWHQEHUVFKDWWHWZHUGHQ6ROFKH3HUVRQHQN|QQHQYRQ 6LWXDWLRQHQ EHUIRUGHUW VHLQ GLH YRQ 0HQVFKHQ PLW HLQHP VWDUNHQ 62&:HUW UHODWLYOHLFKWEHZlOWLJWZHUGHQ $QWRQRYVN\ UlXPW HLQHUVHLWV ]ZDU HLQ GDVV GLH +\SRWKHVH HLQHV XQYHUlQ GHUOLFKHQ.RKlUHQ]JHIKOHVVWDWLVWLVFKHU1DWXULVWHUEH]ZHLIHOWMHGRFKGDVVLQ GHU5HDOLWlWGDV62&VLFKDXI'DXHUYHUlQGHUQNDQQE]ZGDVVÄ9HUlQGHUXQJHQ LP62&« VHOWHQ³$QWRQRYVN\6 VLQGXQGQXUXQWHUEHVWLPPWHQ %HGLQJXQJHQYRUVLFKJHKHQN|QQWHQ'DEHLQHQQWHUGUHL0|JOLFKNHLWHQGLH]X HLQHUHYHQWXHOOHQ9HUlQGHUXQJIKUHQN|QQHQ (UVWH0|JOLFKNHLWNXU]IULVWLJH9HUlQGHUXQJ :HQQHWZDLPXQPLWWHOEDUHQ 8PIHOG HLQHU 3HUVRQ PLW HLQHP VWDUNHQ .RKlUHQ]JHIKO HLQ NULWLVFKHV /H EHQVHUHLJQLVZLHHWZDGHU7RGHLQHV.LQGHV SDVVLHUWVRNDQQGLHVH3HUVRQ YRUEHUJHKHQG DXV GHP *OHLFKJHZLFKW JHUDWHQ $XFK ZHQQ HLQHU 3HUVRQ PLW HLQHP VFKZDFKHQ .RKlUHQ]JHIKO HWZDV VHKU *OFNOLFKHV ZLGHUIlKUW ZLUGVLHYRUEHUJHKHQGGLH:HOWPLWDQGHUHQ $XJHQEHWUDFKWHQ,QEHLGHQ )lOOHQ LVW GLH 4XDOLWlW GHU 8QWHUVWW]XQJ DXVVFKODJJHEHQG IU GLH :LHGHU KHUVWHOOXQJGHUHLJHQHQ6WlUNH(UZHLVWMHGRFKGDUDXIKLQGDVVGLHVYRU EHUJHKHQGH 9HUlQGHUXQJHQ VLQG ± GHU MHZHLOV EHWURIIHQH 0HQVFK ÄNHKUW EDOGZLHGHU]XVHLQHP0LWWHOZHUW]XUFN³$QWRQRYVN\6 =ZHLWH 0|JOLFKNHLW NXU]IULVWLJH 9HUlQGHUXQJ +LHUEHL QHQQW HU GDV %HL VSLHO YRQSURIHVVLRQHOO LP .UDQNHQEHUHLFK DUEHLWHQGHQ 0HQVFKHQ'LH $UW XQG :HLVH ZLH VLH NUDQNHQ 3HUVRQHQ HWZD GLH 1DFKULFKW HLQHU VFKZHUHQ .UDQNKHLW EHUPLWWHOQ EHHLQIOXVVW GDV .RKlUHQ]JHIKO GHU %HWURIIHQHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV QLFKWXQZHVHQWOLFK:LFKWLJGDEHLLVWGDVVYHUPLHGHQZLUG6FKDGHQDQ]X ULFKWHQÄ'LH0|JOLFKNHLWDOVRIUGHQ.OLQLNHUGDV62&]XYHUlQGHUQRGHU HV]XPLQGHVWQLFKWQHJDWLY]XEHHLQIOXVVHQEHVWHKWGDULQGLH%HJHJQXQJHQ VR]XVWUXNWXULHUHQGDGLHVHU6FKDGHQ QLFKWHQWVWHKW³$QWRQRYVN\ 6 'ULWWH0|JOLFKNHLW HLQVFKQHLGHQGH 9HUlQGHUXQJ +LHUQHQQW $QWRQRYVN\ ]XP HLQHQ ÄMHGHV WKHUDSHXWLVFKH 9RUJHKHQ « GDV HLQH ODQJDQKDOWHQGH NRQVLVWHQWH 9HUlQGHUXQJ LQ GHQ UHDOHQ /HEHQVHUIDKUXQJHQ GLH 0HQVFKHQ PDFKHQ HUOHLFKWHUW³ $QWRQRYVN\ 6 I =XP DQGHUHQ ZHLVW HU DXFKGDUDXIKLQZLHEHLVSLHOVZHLVHVWUXNWXUHOOH9HUlQGHUXQJHQVLFKSRVLWLY DXIGLH.RKlUHQ]YRQ3HUVRQHQDXVZLUNHQN|QQHQHUQHQQWDOV%HLVSLHOGLH 8PEHQHQQXQJHLQHU6WDWLRQIUXQKHLOEDU.UDQNHLQGHQ%HJULII5HKDELOLWD WLRQVVWDWLRQ±HLQH1HXGHILQLWLRQEHLQKDOWHWDXFKHLQH9HUPLWWOXQJYRQ:HU WHQ *HUDGHLQGHUWKHUDSHXWLVFKHQ$UEHLWLVWHVXQXPJlQJOLFK0HQVFKHQ GLHLQ1RWJHUDWHQVLQGÄGDV5VW]HXJLQGLH+DQG]XJHEHQLQQHUKDOELKUHV /HEHQVEHUHLFKHVHWZDVDXVILQGLJ]XPDFKHQZDVLFK62&YHUEHVVHUQGH(U IDKUXQJHQ QHQQHQ P|FKWH³ $QWRQRYVN\ 6 'DV EHGHXWHW ]XP HUVWHQGDVV$QWRQRYVN\VHKUZRKO±ZHQQDXFKVHKUYRUVLFKWLJ±YRQHLQHU 0|JOLFKNHLWGHU9HUEHVVHUXQJGHV.RKlUHQ]JHIKOVDXVJHKW]XP]ZHLWHQ GDVV WKHUDSHXWLVFKH 0DQDKPHQ ]X HLQHU 9HUEHVVHUXQJ EHLWUDJHQ N|QQHQ XQG ]XP GULWWHQ DXFK GDVV ÄEHU GLH VR]LDOH XQG JHVHOOVFKDIWOLFKH 8P *HVWDOWXQJYRQ/HEHQVZHOWHQVRZLHNRQNUHWH+LOIHQE]ZJHPHLQGH SV\FKRORJLVFKYHURUWHWH3URMHNWHHLQHQ%HLWUDJ]XHLQHPNRQNUHWHUOHEEDUHQ XQGOHEEDUHQ/HEHQ³+LQWHUPDLU6 OHLVWHQN|QQHQ
9HUlQGHUQ NDQQ VLFK QDFK $QWRQRYVN\ GDV .RKlUHQ]JHIKO GHPQDFK LQ HLQHP HLQJHVFKUlQNWHQ $XVPD QlPOLFK GDQQ ZHQQ QHXH /HEHQVPXVWHU EHU HLQHQ ODQJHQ =HLWUDXP KLQGXUFK JHQHULHUW ZHUGHQ XQG DQGHUH 8PJHKHQVZHLVHQ PLW GDUDXIIROJHQGHQ 6LWXDWLRQHQ HUP|JOLFKHQ ÄGLH GXUFK *UDGH YRQ .RQVLVWHQ] %HODVWXQJVEDODQFH XQG 7HLOQDKPH DQ VR]LDO DQHUNDQQWHQ (QWVFKHLGXQJVSUR]HV VHQ JHNHQQ]HLFKQHW VLQG³ $QWRQRYVN\ 6 'DV EHGHXWHW QLFKW HLQ ]HOQ DXIWUHWHQGH 3KlQRPHQH (UHLJQLVVH RGHU (UOHEQLVVH N|QQHQ GDV .RKlUHQ] JHIKOEHHLQIOXVVHQVRQGHUQHUVWVLFKEHUHLQHQOlQJHUHQ=HLWUDXPHQWZLFNHOQ GH0XVWHUGLH]XÄQHXHQ.RQ]HSWHQYRQ/HEHQVHUIDKUXQJHQ³/DPSUHFKW6DFN 6 IKUHQ9HUlQGHUWH/HEHQVXPVWlQGH±QHXH 0XVWHU]XU /HEHQVEH ZlOWLJXQJ±GLH]XPHLQHQEHU-DKUHEHLEHKDOWHQZHUGHQXQG]XPDQGHUHQDOOH GUHL .RPSRQHQWHQ GHV .RKlUHQ]JHIKOV LQVJHVDPW EHHLQIOXVVHQ N|QQHQ DOVR HLQH 9HUlQGHUXQJ EHZLUNHQ =XGHP LVW EHGHXWVDP GDVV GDV .RKlUHQ]JHIKO ÄQLFKW QXU GXUFK KLVWRULVFKH VR]LDOH XQG NXOWXUHOOH %HGLQJXQJHQ JHSUlJW LVW³
'DV.RQ]HSWGHV.RKlUHQ]JHIKOV
6FKHLGKDXHU6 VRQGHUQDXFKJHVHOOVFKDIWOLFKHZLHVWUXNWXUHOOH*HJH EHQKHLWHQDQGHU$XVSUlJXQJSDUWL]LSLHUHQ $NWXHOOH%HIXQGHXQG'LVNXVVLRQHQ =DKOUHLFKH8QWHUVXFKXQJHQZHLVHQKHXWHGDUDXIKLQGDVV$QWRQRYVN\V6WDELOL WlWVK\SRWKHVHGKVHLQH$QQDKPHGHU8QYHUlQGHUEDUNHLWGHV.RKlUHQ]JHIKOV QLFKW KDOWEDU LVW $XIJUXQG JHJHQZlUWLJHU ZLVVHQVFKDIWOLFKHU (UNHQQWQLVVH HWZD LQGHU,GHQWLWlWVXQG/HEHQVODXIIRUVFKXQJNDQQGDV.RKlUHQ]JHIKOQLFKWPHKU DOV VWDELOH 3HUV|QOLFKNHLWVHLJHQVFKDIW EHWUDFKWHW ZHUGHQ 9LHOPHKU LVW KHXWH GD YRQ DXV]XJHKHQ GDVV ZLU EHU GLH JHVDPWH /HEHQVVSDQQH KLQZHJ DQ XQVHUHU HLJHQHQ,GHQWLWlWEDXHQXQGGDVVGHU(UKDOWRGHUGLH:HLWHUHQWZLFNOXQJGHU.R KlUHQ]SHUPDQHQW=HLWLQ$QVSUXFKQLPPW6RHWZDEHVWlWLJHQJHUDGH)RUVFKXQ JHQ ]XU ,GHQWLWlWVHQWZLFNOXQJ GDVV ,GHQWLWlW ± XQG GDPLW DXFK /HEHQVRULHQWLH UXQJ±HWZDVLVW ZDV YRQ XQVLPPHU ZLHGHUQHXHUVFKDIIHQ ZLUG,GHQWLWlWVELO GXQJ LVW ]X HLQHP RIIHQHQ VLFK YHUlQGHUEDUHQ XQG GDPLW XQDEJHVFKORVVHQHQ 3UR]HVV JHZRUGHQ GHU VLFK LQ VWlQGLJHU (QWZLFNOXQJ EHILQGHW 'LHV LVW XPVR HLQOHXFKWHQGHU ZHQQ ZLU DQ 9HUlQGHUXQJHQ LQ XQVHUHU *HVHOOVFKDIW GHQNHQ 0HQVFKHQOHUQHQ]HLWLKUHV/HEHQVVLHVHW]HQVLFKPLWLKUHU8PZHOWDXVHLQDQGHU HQWZLFNHOQLKUH,GHQWLWlWSHUPDQHQW'HQQRFKEHGHXWHW,GHQWLWlWGLH$XIUHFKWHU KDOWXQJ HLQHV ,FK%H]XJV EHU GLH =HLW KLQZHJ 1HXH .UHDWLRQHQ GHV 6HOEVW E]Z )UHPGELOGHV PVVHQ LQQHUKDOE HLQHV .RUULGRUV JHVFKHKHQ GDPLW GLH ,FK (LQKHLW DXIUHFKWHUKDOWHQ EOHLEW :HQQ HWZDV LPPHU ZLHGHU QHX KHUJHVWHOOW ZHU GHQPXVVZHQQLPPHUZLHGHUQHXXQGZHLWHUJHOHUQWZHUGHQPXVVVRLPSOL]LHUW GLHV GLH 0|JOLFKNHLW ]XU IRUWGDXHUQGHQ :HLWHUHQWZLFNOXQJ 8QG GLHV JLOW DXFK IUGDV.RKlUHQ]JHIKO,GHQWLWlWVHQWZLFNOXQJXQG.RKlUHQ]HUOHEHQYHUVFKPHO ]HQPLWHLQDQGHUXQGVLQGGDKHU ÄYHUPXWOLFK« HQWJHJHQ $QWRQRYVN\V $QQDKPHQHLQ /HEHQODQJLQEHVWlQGL JHU 9HUlQGHUXQJ XQG VR DOV 3UR]HVV IRUWGDXHUQGHU (QWZLFNOXQJ GHV 0HQVFKHQ ]X YHUVWHKHQ³/RUHQ]6
*HUDGHLQGHU)RUVFKXQJ]XU,GHQWLWlWVHQWZLFNOXQJLVWGLH'HEDWWHXP.RKlUHQ] XQG .RKlUHQ]HUOHEHQ LPPHU ZLHGHU ]X GLVNXWLHUHQ ZREHL LP %OLFN DXI JHVHOO VFKDIWOLFKH9HUlQGHUXQJVSUR]HVVHQLFKWPHKUYRQVWDELOHQ,GHQWLWlWHQDXVJHJDQ JHQZHUGHQNDQQ6RZLUGKHXWH,GHQWLWlWQLFKWPHKUDOVHLQHLQPDODEJHVFKORV
9JOEHLVSLHOVZHLVH.HXSS$KEH*PU+|IHU0LW]VFKHUOLFK.UDXV6WUDXVV %OlWWQHU /RUHQ] *UlVHU +LQWHUPDLU +|IHU 6FKLIIHU 6LHJULVW *H\HU 6DFN/DPSUHFKW
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
VHQHU.HUQHLQHU3HUVRQEHWUDFKWHWÄVRQGHUQDOV3UR]HVVJHVFKHKHQNRQWLQXLHUOL FKHUÃDOOWlJOLFKHU¶,GHQWLWlWVDUEHLWDOVSHUPDQHQWH3DVVXQJVDUEHLW]ZLVFKHQLQQH UHQXQGlXVVHUHQ:HOWHQ³+|IHUD6 ,GHQWLWlWLVWQLFKWDEJHVFKORVVHQ VRQGHUQYLHOPHKUHLQ3URMHNWGDVVLFKLP/DXIHHLQHV/HEHQVVWHWVZDQGHOWXQG ZHLWHUDXVXQGXPELOGHW+|IHUD EHVFKUHLEWGLHVÄDOV¶3URMHNWLGHQWLWlWHQ¶ DOV 3URMHNWHQWZUIH GHV HLJHQHQ /HEHQV GLH DXFK GLH JOHLFK]HLWLJH 9HUIROJXQJ XQWHUVFKLHGOLFKHU XQG WHLOZHLVH VRJDU ZLGHUVSUFKOLFKHU 3URMHNWH EHLQKDOWHQ N|QQHQ³+|IHUD6I 6LHVWHOOWGLH7KHVHDXI ÄGDVV.RKlUHQ]KHXWHQLFKWPHKUEHUHLQHLQQHUH(LQKHLWOLFKNHLWEH]LHKXQJVZHL VHEHUHLQH$QSDVVXQJDQlXVVHUH9RUVWHOOXQJHQKHUJHVWHOOWZLUGVRQGHUQGDVVLQ GHU ÃUHIOH[LYHQ 0RGHUQH¶ GLH 6HOEVWUHIHUHQ]LDOLWlW HLQH ZHLW ZLFKWLJHUH 5ROOH ]XU %HZHUWXQJGHUHLJHQHQ3HUVRQVSLHOW(VJHKWDOVR« ZHQLJHUXP.RKlUHQ]DOV,Q KDOWDOVYLHOPHKUXP.RKlUHQ]DOV3UR]HVV³+|IHUD6
'LHVH %HWUDFKWXQJ IKUW ]X GHU $QVLFKW GDVV DXI GHU %DVLV GHV *HVXQGKHLWV .UDQNKHLWV.RQWLQXXPVDXFK GLH.RKlUHQ]HQWZLFNOXQJDOV .RQWLQXXPEHWUDFK WHWZHUGHQNDQQ6WLPPWPDQ+|IHU]XGDVVVLFKGDV.RKlUHQ]JHIKOLQHLQHP SHUPDQHQWHQ:DQGOXQJVSUR]HVVEHILQGHWVRNDQQPDQVDJHQGDVVVLFKHLQ,QGL YLGXXP]XYHUVFKLHGHQHQ=HLWHQDXIXQWHUVFKLHGOLFKHQ3RVLWLRQHQHLQHVVROFKHQ .RKlUHQ]JHIKO.RQWLQXXPVEHILQGHW 'LH(UZDUWXQJHQXQGJHVHOOVFKDIWOLFKHQ$QIRUGHUXQJHQDQGDV6XEMHNWVLQG KRFK ± GHPHQWVSUHFKHQG LVW DXFK GLH *HIDKU JHJHEHQ GDVV JHUDGH PLW GLHVHQ KRKHQ $QIRUGHUXQJHQ HLQH hEHUIRUGHUXQJ GHV (LQ]HOQHQ IROJW )U 6FKQHLGHU ÄPVVWH GDV $QWRQRYVN\VFKH .RKlUHQ]JHIKO ]XP *UDGPHVVHU GHV HEHQ QRFK 9HUWUlJOLFKHQXQG6\QWKHWLVLHUEDUHQZHUGHQHLQHU/HEHQVIRUPGLHGHP0HQVFKHQ KRKH6HOEVWYHUZLUNOLFKXQJHUP|JOLFKWXQGLKQVFKW]WYRUHLQHP=XYLHO³6FKQHLGHU 6
:DV EHGHXWHW GLHV ]XVDPPHQJHQRPPHQ IU GLH (WDEOLHUXQJ HLQHU /HUQNXOWXU" (LQHP|JOLFKH$QWZRUWJLEW+LQWHUPDLU LQGHPHUDXIGLH+HUDXVELOGXQJ QHXHU0XVWHUYRQ/HEHQVHUIDKUXQJHQIRNXVVLHUW'HQQÄGDQQVLQGLQGHU8QWHU VWW]XQJEHLGHU*HVWDOWXQJVROFKHU0XVWHUGLH&KDQFHQHLQHUUHVVRXUFHQRULHQ WLHUWHQ3lGDJRJLNVFKOHFKWKLQ]XVHKHQ³+LQWHUPDLU6 *HUDGHGDULQ OLHJWGLH&KDQFH QlPOLFKLQ GHUHQWVSUHFKHQGHQ *HVWDOWXQJ YRQ /HUQSUR]HVVHQ LQHLQHU/HUQNXOWXUXPGLHGUHL.RPSRQHQWHQGHV.RKlUHQ]JHIKOV±9HUVWHK EDUNHLW %HZlOWLJEDUNHLW XQG %HGHXWVDPNHLW ± SRVLWLY ]X EHHLQIOXVVHQ %HVWlUNW ZLUG GLHVH $QQDKPH GXUFK )RUVFKXQJHQ ]XP .RKlUHQ]JHIKO LQVRIHUQ DOV Ä>G@HU .RKlUHQ]VLQQ XQG GLH ]XJUXQGHOLHJHQGHQ :LGHUVWDQGVNUlIWH « GDV
'LH:HLWHUHQWZLFNOXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOV
JDQ]H /HEHQ EHU GXUFK $XWRSRLHVH XQG GXUFK (LQIOVVH GHU 8PZHOW PRGLIL ]LHUEDU³+DOWHQKRI6FKPROO6 EOHLEHQ 'LH:HLWHUHQWZLFNOXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOV *UXQGVlW]OLFKKDQGHOWHVVLFKEHLGHU6DOXWRJHQHVHXPHLQHQSUlYHQWLYHQ$QVDW] GHUYRQ$QWRQRYVN\LP5DKPHQGHU6WUHVVIRUVFKXQJLQHUVWHU/LQLHIUPHGL]L QLVFKH =ZHFNH HQWZLFNHOW ZXUGH 'LH $XVHLQDQGHUVHW]XQJ PLW GHP0RGHOO GHU 6DOXWRJHQHVH LVW IU 0HQVFKHQ EHGHXWXQJVYROO GHUHQ %HUXI HV LVW PLW DQGHUHQ 0HQVFKHQ DQ LKUHU (QWZLFNOXQJ ]X DUEHLWHQ 1HEHQ PHGL]LQLVFKHQ )DFKOHXWHQ 3V\FKRWKHUDSHXW,QQHQ6R]LDODUEHLWHU,QQHQVLQGKLHUDXFK 3lGDJRJ,QQHQ(U]LH KXQJVZLVVHQVFKDIWOHU,QQHQ XQG (UZDFKVHQHQELOGQHU,QQHQ ]X QHQQHQ ÄGLH HQW GHFNHQ N|QQHQ GDVV LKUH $UEHLW GHU 9HUPLWWOXQJ VLQQVWLIWHQGHQ :LVVHQV HLQ %HLWUDJ]XU*HVXQGKHLWVI|UGHUXQJLVW³YJO3HW]ROG *HUDGHGLH$XVHLQDQ GHUVHW]XQJPLWGHP.RKlUHQ]JHIKOHUODQJWVHLWVHLQHU(QWZLFNOXQJLQGHUPHGL ]LQLVFKHQ YRU DOOHP DEHU SV\FKRORJLVFKHQ SV\FKRWKHUDSHXWLVFKHQ XQG VR]LROR JLVFKHQ)RUVFKXQJ]XQHKPHQGDQ%HGHXWXQJJHZLQQWDEHUHEHQVRLQELOGXQJV SROLWLVFKHU+LQVLFKWPHKU(LQIOXVV(LQHNRKlUHQ]RULHQWLHUWH3HUVSHNWLYHHU|IIQHW QHXHZHLWUHLFKHQGH:HJHLQGHU(UIRUVFKXQJYRQ5HVVRXUFHQ$OV)ROJHGLHVHU (UNHQQWQLVVHHUIlKUWGLH)|UGHUXQJYRQ*HVXQGKHLW]XQHKPHQGH%HGHXWXQJ'LH .RQWH[WHLQGHQHQPLWGHP.RQVWUXNWGHV.RKlUHQ]JHIKOVJHDUEHLWHWZLUGVLQG YLHOIlOWLJ 6LH XPIDVVHQ $UEHLWHQ LQ GHU 5HKDELOLWDWLRQ LQ GHU *HVXQGKHLWVYRU VRUJH LQ 6FKXOHQ XQG %HWULHEHQ VLH UHLFKHQ YRQ GHU (UKHEXQJ GHU 62&:HUWH YRQ 3HUVRQHQ LQ XQWHUVFKLHGOLFKHQ %HUXIVIHOGHUQ XQG %HWULHEHQ 6R]LDODUEHLW VRZLH6WXGLHUHQGH/HKUHU,QQHQXQG0DQDJHU,QQHQ ELVKLQ]XU(QWZLFNOXQJYRQ $XVELOGXQJVNRQ]HSWHQXQG5DKPHQPRGHOOHQ(VODVVHQVLFKJUXQGVlW]OLFK]ZHL XQWHUVFKLHGOLFKH +HUDQJHKHQVZHLVHQ LQ GHQ )RUVFKXQJVNRQWH[WHQ KHUDXVILOWHUQ =XP HLQHQ JLEW HV PLWWOHUZHLOH VHKU HLQJHKHQGH 8QWHUVXFKXQJHQ EH]JOLFK GHU $XVSUlJXQJHQ GHV .RKlUHQ]JHIKOV PLWWHOV 62&)UDJHERJHQ LQ %H]XJ DXI 6WUHVVEHZlOWLJXQJ N|USHUOLFKH XQG SV\FKLVFKH *HVXQGKHLW +LHU JHKW HV YRU DOOHPGDUXPPLWGHP62&)UDJHERJHQDOV(UKHEXQJVLQVWUXPHQW.RUUHODWLRQHQ ]ZLVFKHQ SV\FKRVRPDWLVFKHQ RGHU SV\FKLVFKHQ XQG N|USHUOLFKHQ (UNUDQNXQJHQ KHUDXV]XILQGHQ $XFK ,QWHUGHSHQGHQ]HQ YRQ $UEHLWVEHODVWXQJ ]% LP 6R]LDO XQG *HVXQGKHLWVEHUHLFK VR]LDOHU XQG |NRQRPLVFKHU %HQDFKWHLOLJXQJ *H VFKOHFKW XQG *HVXQGKHLWVHUOHEHQ VRZLH SHUVRQDOHU XQG VR]LDOHU 0HUNPDOH ZHUGHQ XQWHUVXFKW 'DUEHU KLQDXV ZHUGHQ HPSLULVFKH 0HVVNRQ]HSWH ]% 'H
9JO 'XHW]$EHO6LHJHQWKDOHU1LHPDQQ 6LH JHKHQ GHU Ä2SHUDWLRQDOLVLHUXQJ GHV *HVXQG KHLWVEHJULIIVLQHPSLULVFKHQ6WXGLHQ]XP.RKlUHQ]JHIKO³DXIGHQ*UXQG =%:DOWHU$EHO1LHPDQQ +|IHU
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
SUHVVLRQ$QJVW PLWGHP62&.RQ]HSWYHUJOLFKHQ'HV:HLWHUHQZLUGGLH9DOL GLWlWGHV62&)UDJHERJHQVXQWHUVXFKW(VJLEWPLWWOHUZHLOHHLQH5HLKHYRQ9RU VFKOlJHQ]XU9HUEHVVHUXQJGHV62&)UDJHERJHQV$XIGHUDQGHUHQ6HLWHILQGHW GDV.RQ]HSW]XQHKPHQG,QWHUHVVHLQGHU*UXQGODJHQIRUVFKXQJLQGHUEHLVSLHOV ZHLVHGHUÄWKHRUHWLVFKH*HKDOWDXIP|JOLFKH9HUELQGXQJHQXQG(UJlQ]XQJHQ]X WKHRUHWLVFKHQ $QVlW]HQ³ .ROLS:\GOHU$EHO 6 EHUSUIW ZLUG 6R HWZD H[LVWLHUW HLQH LQWHUHVVDQWH SKLORVRSKLVFKH $EKDQGOXQJ ]XP .RQ]HSW GHU 6DOXWRJHQHVH LQ GHU &KULVWD 6FKQHLGHU .UDQNKHLW QLFKW QXU DOV Ä9HUOXVW HLQHUSK\VLRORJLVFKHQ2UGQXQJVRQGHUQHEHQVRVHKU>DOV@(QWVWHKXQJHLQHUQHX HQ /HEHQVRUGQXQJ³ 6FKQHLGHU 6 EHVFKUHLEW XQG HLQHQ VSH]LHOOHQ %H]XJ]X $QWRQRYVN\XQGJOHLFK]HLWLJ]XU*HVXQGKHLWVI|UGHUXQJLP $OOJHPHL QHQKHUVWHOOW *HVXQGKHLWVI|UGHUXQJLQ,QVWLWXWLRQHQ +LODULRQ3HW]ROG KDWNRUUHVSRQGLHUHQGPLWGHQ.RPSRQHQWHQGHV.RKl UHQ]JHIKOV QDFK $QWRQRYVN\ IU GLH JHVXQGKHLWVI|UGHUOLFKH $UEHLW LQ XQWHU VFKLHGOLFKHQ .RQWH[WHQ GUHL %HJULIIH HLQJHIKUW Ä%HZXVVWVHLQVELOGXQJ 6HOEVW EHVWLPPWKHLW XQG ,QWHJUDWLRQ³ 3HW]ROG 6 'LHVH GUHL %HJULIIH EH VFKUHLEHQ IU LKQ lKQOLFKH 4XDOLWlWHQ ZLH GLH .RPSRQHQWHQ 9HUVWHKEDUNHLW %HZlOWLJEDUNHLWXQG%HGHXWVDPNHLW(UZHLVWGDUDXIKLQGDVVHVKHXWH]DKOUHLFKH 8QWHUVXFKXQJHQJLEWGLHEHVWlWLJHQZHOFKH Ä5HVVRXUFHQ LQ GHU %HZXVVWVHLQVELOGXQJ GHU (QWZLFNOXQJ GHU 6HOEVWEHVWLPPW KHLWXQGGHU,QWHJUDWLRQGHU0HQVFKHQXQGLKUHU%HGUIQLVVHLQGDVVR]LRNXOWXUHOOH /HEHQ³3HW]ROG6
OLHJHQXQGHQWZLFNHOWÄVDOXWRJHQH/HLWOLQLHQIUHLQ]XNQIWLJHV*HVXQGKHLWVZH VHQ³ 3HW]ROG 6 'DEHL SOlGLHUW HU GDIU YRQ HLQHU (QWZHGHURGHU +DOWXQJDE]XJHKHQ XQGHLQH ,QWHJUDWLRQYRQ8PZHOW XQG 0HQVFKLQGHQ%OLFN ]X QHKPHQ :LUG HUNDQQW ÄGDVV HV ]ZLVFKHQ 8PZHOW XQG 0HQVFK 5HVRQDQ]HQ JLEW > GDQQ ZLUG GHXWOLFK GDVV@ GHU 0HQVFK « VRZRKO HLQ 3URGXNW VHLQHU 8PZHOWDOVDXFKHLQ*HVWDOWHUVHLQHU8PZHOW³LVW3HW]ROG6 *HUDGH LQ GHU *HVXQGKHLWVI|UGHUXQJ LVW HV QRWZHQGLJ GLH ,QWHUGHSHQGHQ] 8PZHOWXQG0HQVFKLQGHQ%OLFN]XQHKPHQGHQQVLHVWHOOWGLH*UXQGODJHGDU DXI GHU %HGLQJXQJHQ ]X VFKDIIHQ VLQG LQQHUKDOE GHUHU 0HQVFKHQ DQ *HVWDO WXQJVNUDIWPLW%OLFNDXILKUHHLJHQH*HVXQGKHLWJHZLQQHQN|QQHQ
=%*UlVHU 8GULV7LPDQQ
'LH:HLWHUHQWZLFNOXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOV
(LQ %HLVSLHO GDIU LVW GDV 3URMHNW Ä*HVXQGKHLWVI|UGHUQGH +RFKVFKXOHQ³ +HDOWK 3URPRWLQJ 8QLYHUVLWLHV GDV VHLW 7HLO HLQHU 5HLKH YRQ 6HWWLQJ 3URMHNWHQLVWGLHLP5DKPHQGHU:+2JHI|UGHUWZHUGHQ YJO*UlVHU6 +RFKVFKXOHQ ELOGHQ ]XNQIWLJH )KUXQJVSHUV|QOLFKNHLWHQ XQG (QWVFKHL GXQJVWUlJHU,QQHQDXIHLQHUUHODWLYEUHLWHQ%DVLVDXV Ä+RFKVFKXOHQ GLH *HVXQGKHLWVI|UGHUXQJ DXI DOOHQ (EHQHQ DOV 4XHUVFKQLWWVDXI JDEH LPSOHPHQWLHUHQ ZHUGHQ HLQHUVHLWV HLQHQ 6WDQGRUWYRUWHLO LP ]XQHKPHQGHQ :HWWEHZHUE GHU +RFKVFKXOHQ XQWHUHLQDQGHU HUULQJHQ DQGHUHUVHLWV HUIOOHQ VLH PLW GHU$XVELOGXQJYRQ0XOWLSOLNDWRULQQHQIUGLH*HVXQGKHLWVI|UGHUXQJHLQHEHGHX WHQGHJHVHOOVFKDIWOLFKH$XIJDEH³6RQQWDJHWDO]LWQ6LHEHUW+DUWPDQQ 6
8PGLH,GHHHLQHUJHVXQGKHLWVI|UGHUQGHQ+RFKVFKXOHXPVHW]HQ]XN|QQHQLVWHV QRWZHQGLJVLFKGHU9HUlQGHUEDUNHLWVWUXNWXUHOOHUXQGRUJDQLVDWRULVFKHU$VSHNWH EHZXVVW]XZHUGHQ6RJHUDWHQDXFK8QLYHUVLWlWHQ]XQHKPHQGLQGHQ%OLFNSXQNW VHWWLQJRULHQWLHUWHU *HVXQGKHLWVI|UGHUXQJ ZREHL GHU ÄVHWWLQJRULHQWLHUWH $QVDW] GHU*HVXQGKHLWVI|UGHUXQJ« 6\VWHPHDOVHLQHQJHHLJQHWHQ$QVDW]SXQNWIUGLH *HVWDOWXQJ YRQ JHVXQGKHLWVI|UGHUQGHQ %HGLQJXQJHQ³ *UlVHU 6 EH WUDFKWHW,QGHUEHWULHEOLFKHQ*HVXQGKHLWVI|UGHUXQJVWHKHQYRUDOOHP0LWDUEHLWH U,QQHQGHV9HUZDOWXQJVXQGWHFKQLVFKHQ%HUHLFKHVLP=HQWUXPGHU)RUVFKXQJ ZlKUHQGGHPZLVVHQVFKDIWOLFKHQ3HUVRQDOZHQLJHU%HDFKWXQJ]XNRPPW6WXGLH UHQGHVFKHLQHQLQGLHVHQ3URJUDPPHQ QXU PDUJLQDO ZDKUJHQRPPHQ]X ZHUGHQ XQGNHLQH%H]XJVJUXSSHGDU]XVWHOOHQYJO*UlVHU6I (VJLEWMHGRFK EHUHLWV$QVlW]HGLHHLQH(UZHLWHUXQJGHUEHWULHEOLFKHQ*HVXQGKHLWVYRUVRUJHDXI GLH =LHOJUXSSH 6WXGLHUHQGH EHIUZRUWHQ GD GLHVH DXFK ]XU =LHOJUXSSH HLQHU *HVXQGKHLWVI|UGHUQGHQ+RFKVFKXOHJHK|UHQ $Q DQGHUHU 6WHOOH ZXUGH EHUHLWV DXI GHQ .RKlUHQ]VLQQ DOV *UXSSHQHLJHQ VFKDIW KLQJHZLHVHQ *UlVHU QLPPW GLHV LQ LKUH )RUVFKXQJ ]XU EHWULHEOL FKHQ*HVXQGKHLWVI|UGHUXQJDXIXQGEHUWUlJWGDV.RQ]HSWGHV.RKlUHQ]JHIKOHV YRQHLQHULQGLYLGXHOOHQDXIHLQHVWUXNWXUHOOH(EHQH,KU=LHOLVWHV ÄGLH9HUELQGXQJ]ZLVFKHQ6XEMHNWXQG/HEHQVNRQWH[WLQGHULKUHLJHQHQ4XDOLWlW ]XGHILQLHUHQXQG]XIRNXVVLHUHQXPDXIGLHVH:HLVHXQWHUH[SOL]LWHU,QWHJUDWLRQHL QHVOHEHQVZHOWOLFKHQ$QVDW]HVGLHVHQ]XP*HJHQVWDQGGHU)RUVFKXQJZHUGHQ]XODV VHQ³*UlVHU6
,QLKUHU)RUVFKXQJHQWZLFNHOWVLHHLQ.RQ]HSWHLQHV XQLYHUVLWlUHQ.RKlUHQ]VLQ QHVZRIUVLHHLQH6NDOD]XPXQLYHUVLWlUHQ.RKlUHQ]VLQQ862& HQWZLUIWGHU
9JO*UlVHU6 .OHLEHU*XV\ $OOJ|ZHU6WRFN.UlPHU
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
ÄDOV.RQVWUXNWHLQH,FK'X5HODWLRQ³DEELOGHWÄ(LQHUVHLWVLVWHULQGLYLGXHOOXQG SHUVRQDORULHQWLHUWLQGHPGDVJDQ]H.RQ]HSWGHV6HQVHRI&RKHUHQFHDOV3HUV|Q OLFKNHLWVHLJHQVFKDIW DQJHOHJW LVW DQGHUHUVHLWV ZHUGHQ GLH .RQWH[WEHGLQJXQJHQ ]XP*HJHQVWDQGXQGVREHZXVVW³*UlVHU6 'HU]HLW H[LVWLHUHQ DXFK HLQLJH 8QWHUVXFKXQJHQ GLH VLFK H[SOL]LW PLW GHP 7KHPD *HVXQGKHLWVI|UGHUXQJ YRQ 6WXGLHUHQGHQ EHVFKlIWLJHQ ,P 0LWWHOSXQNW GLHVHU 6WXGLHQ VWHKHQ HWZD GLH *HVXQGKHLW YRQ 6WXGLHUHQGHQ $OOJ| ZHU6WRFN.UlPHU RGHUDXVJHZlKOWH$VSHNWHGDYRQ)UDQ]NRZLDN %DFKPDQQHWDO KDEHQVLFKPLWGHU)UDJHGHU%HGHXWXQJYRQ%HODVWXQJ XQG 5HVVRXUFHQ IU GLH *HVXQGKHLW YRQ 6WXGLHUHQGHQ DXVHLQDQGHUJHVHW]W YJO %DFKPDQQ%HUWD(JJOL+RUQXQJ %HWUDFKWHW PDQ GHQ XQWHU 6WXGLHUHQGHQ ]XQHKPHQGDQVWHLJHQGHQ.RQNXUUHQ]XQG/HLVWXQJVGUXFNVROLHJWGLH7HQGHQ] QDKHVLH]XVWlUNHQVRGDVV VLHDXFKLQGHU/DJHVLQG PLWGLHVHP'UXFN NRQ VWUXNWLY XP]XJHKHQ 6WXGLHUHQGH YHUEULQJHQ HLQHQ ZHVHQWOLFKHQ 7HLO LKUHU /H EHQV]HLWLP8PIHOGXQGLQGHU/HEHQVZHOW8QLYHUVLWlW+LHUZLUGJHOHUQWJHDU EHLWHW HV EDXHQ VLFK VR]LDOH 1HW]ZHUNH DXI GLH GHQ 6WXGLHQDOOWDJ HUOHLFKWHUQ *UlVHUNRPPWLQLKUHU)RUVFKXQJXD]XGHP6FKOXVVGDVVLQHLQHP8QLYHUVL WlWVV\VWHP GDV DXI *HVXQGKHLWVI|UGHUXQJ GHU DQ LKP %HWHLOLJWHQ IRNXVVLHUW ]XNQIWLJHLQH 5HLKHYRQ9HUlQGHUXQJHQQRWZHQGLJVLQG1HEHQGHQ $VSHNWHQ (UQlKUXQJ %HZHJXQJ XQG SV\FKRVR]LDOH (LQULFKWXQJHQ IU 6WXGLHUHQGH EHWRQW VLHÄDXFKGLH*HVWDOWXQJYRQ/HKUSOlQHQXQG/HKUIRUPHQ³*UlVHU6 /HKUHQGHDQGHU8QLYHUVLWlWVLQG*HVWDOWHU,QQHQGHU/HUQZHOWHQ2IIHQLVW ZDV /HKUHQGH GD]X EHLWUDJHQ N|QQHQ GLHVH /HEHQVZHOW DOV JHVXQGKHLWVI|UGHUQG ± XQG]XJOHLFKSHUV|QOLFKNHLWVI|UGHUQG±]XJHVWDOWHQ 'LH.RKlUHQ]YRQ6WXGLHUHQGHQLP%DFKHORU6WXGLHQJDQJ6RQGHUSlGDJRJLN KDW&DUPHQ6FKPLW] XQWHUVXFKW,QGLHVHU6WXGLHZHUGHQYRQLKUGLH9RU DXVVHW]XQJHQHUKREHQGLH6WXGLHUHQGH]X%HJLQQGHV6WXGLXPVPLWEULQJHQ'LH (UJHEQLVVH ]HLJHQ GDVV GLH 6WXGLHUHQGHQ SHUPDQHQW XQWHU HLQHP KRKHQ /HLV WXQJVGUXFN VWHKHQ GD VLH QXU PLW HLQHP EHVWLPPWHQ 1RWHQGXUFKVFKQLWW LQ GDV GDUDXI IROJHQGH 0DVWHU6WXGLHQSURJUDPP DXIJHQRPPHQ ZHUGHQ 6FKPLW] RUWHW XQWHUGHQ6WXGLHQDQIlQJHU,QQHQHLQHEHVRQGHUH*UXSSHQlPOLFKMHQHGHUVWXGLH UHQGHQ0WWHU6LHJHKWGDYRQDXVGDVVVWXGLHUHQGH0WWHUDXIJUXQGLKUHUJU| HUHQ /HEHQVHUIDKUXQJ XQG GHU EHVRQGHUHQ $QIRUGHUXQJHQ GLH GDV 6WXGLHUHQ PLW .LQG PLW VLFK EULQJW DXFK EHU PHKU 6HOEVWVWlQGLJNHLW YHUIJHQ 6LH VWHOOW GLH +\SRWKHVH DXI GDVV 0WWHU EHU HLQHQ K|KHUHQ 62&:HUW GHU%HGHXWVDP NHLWYHUIJHQDOVLKUH6WXGLHQNROOHJ,QQHQRKQH.LQGHU,QWHUHVVDQWLVWVLFKHUOLFK GLH 62&:HUWH YRQ 6WXGLHUHQGHQ LQ XQWHUVFKLHGOLFKHQ ZLVVHQVFKDIWOLFKHQ 'LV ]LSOLQHQ]XXQWHUVXFKHQ.ULWLVFKDQ]XPHUNHQLVWGDVVGDV+HUDXVQHKPHQHLQHU HLQ]HOQHQ .RPSRQHQWH DXV GHP *HVDPWNRQVWUXNW .RKlUHQ]JHIKO LQVRIHUQ EH GHQNOLFKLVWDOVEHUHLWVHLQLJH8QWHUVXFKXQJHQGDUDXIKLQZHLVHQGDVVGHU)UDJH
'LH:HLWHUHQWZLFNOXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOV
ERJHQGDV.RKlUHQ]JHIKODOV*HVDPWHV PLVVW XQGVHLQH $XVVDJHNUDIWVHKUEH JUHQ]WLVWZHQQPDQ(LQ]HOKHLWHQDXVGHP=XVDPPHQKDQJQLPPW (LQZHLWHUHV.RQ]HSWQlPOLFKGHU6HQVHRI&RPPXQLW\ZXUGHDXI*UXQG ODJHJHPHLQGHSV\FKRORJLVFKHU)RUVFKXQJHQHQWZLFNHOWYJO6DUDVRQ]LWQ *UlVHU6 ZRPLWGDV*HIKOEHVFKULHEHQZHUGHQVROOÄLQHLQHVFKW ]HQGH XQWHUVWW]HQGH RGHU HUPXWLJHQGH /HEHQVZHOW HLQJHEXQGHQ ]X VHLQ³ .HXSS6]LWQ*UlVHU6 8QWHUVXFKXQJHQ]XGLHVHP*HIKO ILQGHQ LQ XQWHUVFKLHGOLFKHQ VR]LDOHQ 6\VWHPHQ VWDWW XD DXFKEHU GDV (UOHEHQ VWXGHQWLVFKHU.RQWH[WHDQGHU8QLYHUVLWlW (LQZHLWHUHVSUD[LVRULHQWLHUWHV%HLVSLHOLQGHU*HVXQGKHLWVI|UGHUXQJLVWGLH (QWZLFNOXQJ JHVXQGKHLWVI|UGHUQGHU 3DWLHQWHQLQIRUPDWLRQHQ %HDWH %OlWWQHU ZHLVWGDUDXIKLQGDVVLQGHU3DWLHQWHQLQIRUPDWLRQGDV Ä:LVVHQXPGLH=XVDPPHQKlQJH]ZLVFKHQJHVHOOVFKDIWOLFKHQ(QWVFKHLGXQJVSUR ]HVVHQ VR]LDOHU /DJH XQG OHEHQVJHVFKLFKWOLFK HQWVWDQGHQHP *HVXQGKHLWVKDQGHOQ >DEVWUDKLHUWZLUG@ZLUODVVHQMHGH.ULWLNDQGHP5DWLRQDOLVPXVEHLVHLWHGHUJHUDGH LQGHU0HGL]LQ]XGHP0DFKEDUNHLWVGHQNHQJHIKUWKDWJHJHQGDVZLUXQVHLJHQW OLFKZHQGHQZLUYHUJHVVHQGLH0HQVFKHQGLHLKU/HEHQEHZlOWLJHQPVVHQ]XGHP .UDQNKHLWXQGGLH9HUPHLGXQJYRQ.UDQNKHLWMDQXUDOVHLQHYRQYLHOHQ]XO|VHQGHQ $XIJDEHQJHK|UW³%OlWWQHU6
'LHVJHVFKLHKWREZRKOLQGHQOHW]WHQ-DKUHQJURH)RUWVFKULWWHLQHLQHUGLH3DWL HQW,QQHQ DOV PQGLJ EHWUDFKWHQGHQ 3DWLHQWHQLQIRUPDWLRQ HUUHLFKW ZXUGHQ 6R HWZD ZHUGHQ KHXWH 3DWLHQW,QQHQ XQWHUVWW]W LKUH 5HFKWH DXI ,QIRUPDWLRQ XQG DNWLYH %HWHLOLJXQJ HLQ]XIRUGHUQ GHU =XJDQJ ]X %HUDWXQJVVWHOOHQ XQG JHVXQG KHLWVEH]RJHQHP:LVVHQZXUGHHUOHLFKWHUW%OlWWQHUVLHKWGLHVH)RUWVFKULWWHQLFKW ]XOHW]W JHVXQGKHLWVZLVVHQVFKDIWOLFK EHJUQGHW GXUFK $QWRQRYVN\V 6DOXWRJHQH VHPRGHOO)UVLHLVWHVLQGHUSURIHVVLRQHOOHQPHGL]LQLVFKHQ%HUDWXQJ ÄVFKRQDXVHWKLVFKHQ*UQGHQJHERWHQGLHSURIHVVLRQHOOH.RPPXQLNDWLRQLQGHU *HVXQGKHLWVYHUVRUJXQJ VR ]X JHVWDOWHQ GDVV GDV (PSILQGHQ YRQ .RKlUHQ] ]XPLQ GHVWNHLQHQ6FKDGHQQHKPHQNDQQ³%OlWWQHU6
3DWLHQWHQLQIRUPDWLRQ XQWHU GHP %OLFNZLQNHO GHU 6DOXWRJHQHVH VWHOOW GLH )UDJH LQZLHZHLW GLH %HWURIIHQHQ (UIDKUXQJHQ GHU 3DUWL]LSDWLRQ GHU .RQVLVWHQ] XQG DXFK GHU SHUV|QOLFKHQ 5HVVRXUFHQ HUP|JOLFKHQ RGHU EHKLQGHUQ 8P ZLFKWLJH (QWVFKHLGXQJHQ IU GLH HLJHQH *HVXQGKHLW WUHIIHQ ]X N|QQHQ LVW HV QRWZHQGLJ ]XPHLQHQ3DWLHQWHQLQIRUPDWLRQHQVR]XJHVWDOWHQGDVVGLHVHYHUVWlQGOLFKYROO VWlQGLJ XQG YHUOlVVOLFK IU GHQ /DLHQ VLQG ÄXP GLH 9RUJlQJH XP *HVXQGKHLW XQG .UDQNKHLW IU HUNOlUEDU XQG PHGL]LQLVFK KDQGKDEEDU KDOWHQ ]X N|QQHQ³ %OlWWQHU6 =XPDQGHUHQLVWHVXQDEGLQJEDU QDFKGHQ5HVVRXUFHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
XQG GHP 6LQQYHUVWHKHQ GHU %HWURIIHQHQ ]X IUDJHQ ZDV ÄZLHGHUXP QLFKW XQDE KlQJLJ YRQ JHVHOOVFKDIWOLFKHQ (QWZLFNOXQJHQ XQG SHUV|QOLFKHQ /HEHQVEHGLQ JXQJHQ]XVHKHQLVW³%OlWWQHU6 1RWZHQGLJZlUHHV$QWZRUWHQDXI GLH)UDJH]XILQGHQZLHHLQH3DWLHQWHQLQIRUPDWLRQGLH5HVVRXUFHQGHU3DWLHQW,Q QHQI|UGHUQXQGVLQQVWLIWHQGVHLQNDQQ'LH Ä/RJLN GHV +DQGHOQV GHU 3DWLHQWHQ >LVW PLW GHU /RJLN@ « GHU JUXQGOHJHQGHQ /HEHQVRULHQWLHUXQJ GHU .RKlUHQ] >«@ XQG KLHU LQVEHVRQGHUH PLW GHU .RPSRQHQWH GHU6LQQKDIWLJNHLW³%OlWWQHU6
]XYHUELQGHQ'LHSURIHVVLRQHOOHLQ]XQHKPHQGH*UXQGKDOWXQJGHV)UHPGYHUVWH KHQVXQGGLH$QDO\VHGHUMHLQGLYLGXHOOHQ'HXWXQJVPXVWHUJHK|UW]XPTXDOLWDWL YHQ 6WDWXV TXR LQ GHQ 6R]LDO XQG *HVXQGKHLWVEHUXIHQ *HUDGH GDV *HIKO YRQ 6LQQ XQG %HGHXWXQJ NDQQ GD]X EHLWUDJHQ PLW HLQHU .UDQNKHLW EHVVHU XPJHKHQ ]X N|QQHQ :LUG GLHVHV 6LQQHPSILQGHQ GXUFK JHVHOOVFKDIWOLFKH RGHU VR]LDOH (QWZLFNOXQJ EHHLQWUlFKWLJW VR NDQQ VLFK HLQH (UNUDQNXQJ DXFK VLQQYHUlQGHUQG DXVZLUNHQ &KURQLVFKH .UDQNKHLWHQ HWZD N|QQHQ GHQ /HEHQVNRQWH[W HLQHU 3HU VRQ HLQVFKQHLGHQG YHUlQGHUQ DXI GHU DQGHUHQ 6HLWH LVW GHU /HEHQVNRQWH[W JOHL FKHUPDHQ EHVWLPPHQG GDIU ZLH HLQH 3HUVRQ PLW HLQHU FKURQLVFKHQ (UNUDQ NXQJ XPJHKW $XV GLHVHP *UXQG KDW VLFK 3DWLHQWHQLQIRUPDWLRQ QLFKW QXU PLW 'LDJQRVH XQG 7KHUDSLHP|JOLFKNHLWHQ ]X EHVFKlIWLJHQ VRQGHUQ DXFK PLW GHQ Ä$XVZLUNXQJHQ GHU (QWVFKHLGXQJHQ DXI GLHVHQ /HEHQVNRQWH[W³ %OlWWQHU 6 I ,Q GHU *HVXQGKHLWVI|UGHUXQJ XQG YHUVRUJXQJ LVW HV JHZLQQEULQJHQG NRQNUHWH)lOOHPLWGHP.RQ]HSWGHV.RKlUHQ]JHIKOV]XYHUELQGHQ9RUDXVVHW ]XQJ IU GDV *HOLQJHQ LVW GLH (UNHQQWQLV ÄGDVV *HVXQGKHLW LQ GHQ $OOWDJV 6HWWLQJV GHV /HEHQV JHVWDOWHW ZLUG QLFKW LQ GHU *HVXQGKHLWVYHUVRUJXQJ DXFK QLFKWLQXQDEKlQJLJHU3DWLHQWHQEHUDWXQJ³%OlWWQHU6 8PHLQJDQ]KHLWOLFKHV*HVXQGKHLWVYHUVWlQGQLVLQGHU6FKXOHEHPKHQVLFK DXFKXQWHUVFKLHGOLFKH)RUVFKXQJHQGLH]XPHLQHQGLHJHVXQGKHLWOLFKH6LWXDWLRQ GHU /HKUHQGHQ LQ GHQ %OLFN QHKPHQ YJO 6FKDDUVFKPLGW)LVFKHU ]XP ]ZHLWHQ GDV *HVXQGKHLWVYHUVWlQGQLV GHU 6FKOHU XQG 6FKOHULQQHQ XQWHUVXFKHQ YJO5HLFKHU-DXN:LHVHU6FKLIIHU6FKLIIHU XQG]XPGULWWHQVLFKPLW GHQ %HGLQJXQJHQ HLQHU JHVXQGHQ 6FKXOH DXVHLQDQGHUVHW]HQ YJO 6FKXPDFKHU *HUDGHGLHYLHOIlOWLJHQ4XDOLWlWVDQIRUGHUXQJHQDQ /HKUHULQQHQXQG/HK UHUIKUHQ]XHQRUPHQ%HODVWXQJHQXQGHVVWHOOWVLFKGLH)UDJHZLH/HKUNUlIWH LQ 3UlYHQWLRQV XQG ,QWHUYHQWLRQVSURJUDPPHQ EHL GHU %HODVWXQJVEHZlOWLJXQJ XQWHUVWW]W ZHUGHQ N|QQHQ YJO 3DXOXV+DVFKHU 'DV 0RGHOO YRQ $QWR QRYVN\ELOGHWHLQH)RUVFKXQJVEDVLVIUGLH)UDJHQDFKVR]LDOHQ8QWHUVWW]XQJV IDNWRUHQ GHU $NWLYLHUXQJ HUIRUGHUOLFKHU 5HVVRXUFHQ VRZLH GLH )UDJH QDFK UHV VRXUHQRULHQWLHUWHQ +HUDQJHKHQVZHLVHQ ,Q GLHVHP =XVDPPHQKDQJ VSLHOW GHU
'LH:HLWHUHQWZLFNOXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOV
8PJDQJPLW6WUHVVXQG%XUQRXWHLQHZLFKWLJH5ROOHXQGHVZLUGLQXQWHUVFKLHG OLFKHQ 3URJUDPPHQ XQG .RQ]HSWHQ DQ VWUHVVEH]RJHQHQ ,QWHUYHQWLRQHQ JHDUEHL WHW 3V\FKRWKHUDSLH&RDFKLQJXQG%HUDWXQJ +HXWH ZLUG GHU VDOXWRJHQHWLVFKH $QVDW] LQ HLQHU 5HLKH SV\FKRWKHUDSHXWLVFKHU 6FKXOHQ ]% LQ GHU V\VWHPLVFKHQ 7KHUDSLH 6LPRQ O|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|UXQJHQLP9RUGHUJUXQGVRQGHUQGLH)|UGHUXQJXQGGHU$XI EDXYRQ*HVXQGKHLW'DPLWÄHUIROJWHLQHYLHOLQWHQVLYHUHXQGNRQNUHWHUH$XVHL QDQGHUVHW]XQJ PLW GHQ =LHOHQ³ )UDQNH D 6 )UDQNH ZHLVWGDUDXIKLQ GDVVVLFK ÄXQWHU OHUQWKHRUHWLVFKHQ *HVLFKWVSXQNWHQ « EHLGHU $UEHLW DXI GHU *UXQGODJH GHV VDOXWRJHQHWLVFKHQ 0RGHOOV EHVVHUH 0|JOLFKNHLWHQ ]XP $XIEDX YRQ 9HUVWlU NXQJVSOlQHQ³)UDQNHD6
HUJHEHQ'HP0RGHOOHQWVSUHFKHQGZHUGHQLQGHUWKHUDSHXWLVFKHQ$UEHLWSRVLWL YH=LHOHIRUPXOLHUW(VJHKWQLFKWGDUXPZHJYRQEHLVSLHOVZHLVHHLQHUEHVWLPP WHQ6LFKWZHLVH]XNRPPHQVRQGHUQYLHOPHKUVWHKWGDVKLQ]XHWZDHLQHUQHXHQ 8PJDQJVZHLVH PLW HLQHP 3KlQRPHQ ]X JHODQJHQ YJO )UDQNH D 6 (LQHVROFKH9RUJHKHQVZHLVHHLQHSRVLWLYH=LHOIRUPXOLHUXQJVRZLHHLQHO|VXQJV RULHQWLHUWH +HUDQJHKHQVZHLVH HUP|JOLFKW HV GHQ 3DWLHQW,QQHQ VLFK PRWLYLHUWHU LQ5LFKWXQJQHXGHILQLHUWHU=LHOHKLQ]XEHZHJHQ)UDQNHPHLQWKLHU]XVHKUWUHI IHQGÄ*HVXQGKHLWZLHGHU KHU]XVWHOOHQLVWVRZRKODXVOHUQWKHRUHWLVFKHUDOVDXFK DXVNRJQLWLYHU3HUVSHNWLYHHLQEHVVHUHV=LHODOVVLFKYRQGHU.UDQNKHLW]XWUHQ QHQ³)UDQNHD6 (LQ ZHLWHUHV %HLVSLHO HLQHU O|VXQJV XQG NRKlUHQ]RULHQWLHUWHQ $QZHQ GXQJVP|JOLFKNHLW LVW LP .RQ]HSW GHV Ä6ROXWLRQ 7DON³ QDFK %HQ )XUPDQ XQG 7DSDQL$KRODYJO)XUPDQ$KROD ]XVHKHQ+LHUJHKWHVGDUXP3UREOHPH LQ HLQHU O|VXQJVRULHQWLHUWHQ )RUP GHV *HVSUlFKV ]X EHDUEHLWHQ 6ROXWLRQ 7DON EDVLHUW DXI GHP 0RGHOO GHU O|VXQJVRULHQWLHUWHQ .XU]]HLWWKHUDSLH GLH YRQ 6WHYH
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
GH6KD]HUXQGGHU0LOZDXNHH*UXSSHHUJUQGHWVRZLHYRQGHQILQQLVFKHQ.XU] ]HLWWKHUDSHXWHQ%HQ)XUPDQQXQG7DSDQL$KRODZHLWHUHQWZLFNHOWZXUGHXQGGLH LQ XQWHUVFKLHGOLFKHQ .RQWH[WHQ SUDNWLVFK XPJHVHW]W ZLUG 'LHVHV 0RGHOO JHKW YRQGHUhEHU]HXJXQJDXVGDVV3UREOHPHXQG/|VXQJHQEHLVSLHOVZHLVHLQ7HDPV RGHU LQ 7HLORUJDQLVDWLRQHQ JHVHOOVFKDIWOLFK NRQVWUXLHUW VLQG XQG DXVJHKDQGHOW ZHUGHQ'DUDXVIROJWGDVVHLQ3UREOHPLQHLQHPVSH]LHOOHQ.RQWH[WNHLQIHVWHV *HELOGH LVW VRQGHUQ HLQ YHUlQGHUEDUHU XQG DXVKDQGHOEDUHU 3RVWHQ GHU YRP MH ZHLOLJHQVR]LDOHQ.RQWH[WDEKlQJW7ULWWHLQ3UREOHPRGHUHLQH6FKZLHULJNHLWLQ HLQHPEHVWLPPWHQ.RQWH[WDXIN|QQHQDXFKGLH/|VXQJHQQXUNRQWH[WXHOOHQW ZRUIHQXQGXPJHVHW]WZHUGHQ0LW(UZDFKVHQHQNDQQGLH%HGHXWXQJSUREOHPD WLVFKHU 9HUKDOWHQVZHLVHQ PLW +LOIH GHU 6SUDFKH DXVJHKDQGHOW XQG IHVWJHOHJW ZHUGHQ 'LHVH hEHUOHJXQJHQ HUNOlUHQ GLH $QQDKPH GDVV GLH )RNXVVLHUXQJ DXI GLH/|VXQJSRWHQ]LHOO]XU$XIO|VXQJGHU3UREOHPHIKUW'LH0HWKRGHGHV6ROX WLRQ7DONYHUOlXIWLQDXIHLQDQGHUIROJHQGHQ6FKULWWHQXQGEHJLQQWPLWGHU(UZl JXQJ P|JOLFKHU 8PJDQJVZHLVHQ 'DV KHLW GHU )RNXV GHV 6ROXWLRQ 7DON OLHJW DXIGHP(UJHEQLVZHOFKHVGLHEHWHLOLJWHQ3HUVRQHQHUZDUWHQXQGVLFKZQVFKHQ ,Q HLQHP QlFKVWHQ 6FKULWW ZHUGHQ GLH EHUHLWV YRUKDQGHQHQ )lKLJNHLWHQ EHZXVVW HLQJHVHW]W XP ]X /|VXQJHQ ]X NRPPHQ 'DQDFK ZHUGHQ JHPHLQVDP ,GHHQ IU YHUlQGHUWH 8PJDQJVZHLVHQ HQWZLFNHOW XQG NRQNUHWH 8PVHW]XQJVP|JOLFKNHLWHQ GLVNXWLHUW(VZLUGLP/|VXQJVSUR]HVVDXIGLHYRUKDQGHQHQ5HVVRXUFHQGHUHLQ ]HOQHQ 3HUVRQHQ XQG LKUHU 8PZHOW VRZLH DXI GLH .RRSHUDWLRQ LQ GHQ XQWHU VFKLHGOLFKHQ$UEHLWVEH]LHKXQJHQIRNXVVLHUW $XIGHU(EHQHYRQ*UXSSHQXQG2UJDQLVDWLRQHQILQGHWVLFKEHLVSLHOVZHLVH DXFKGDVV\VWHPLVFKH&RDFKLQJ]%5DGDW] .RQ]HSWH]XU*HVXQGKHLWV I|UGHUXQJGXUFK2UJDQLVDWLRQVHQWZLFNOXQJYJO*URVVPDQQ6FDOD HEHQVR ZLHGDVVRJHQDQQWH5HWHDPLQJ5HWHDPLQJLVWHLQHDXIO|VXQJVRULHQWLHUWHU%DVLV DXVJHULFKWHWH 0HWKRGH ]XU 8QWHUVWW]XQJ GHU 7HDPHQWZLFNXQJ YJO *HLVEDXHU ,P5HWHDPLQJ.RQ]HSWZLUGYRQHLQHPJHPHLQVDPHQ]LUNXOlUHQ3UR]HVV DXVJHJDQJHQLQGHP=LHOHJHVWHFNWZHUGHQXQGDXIP|JOLFKH/|VXQJHQIRNXV VLHUWZLUG'LHVHU|IIQHWJDQJEDUH:HJHZLH3UREOHPHLQHLQHP7HDPE]ZYRQ HLQ]HOQHQ 7HDPPLWJOLHGHUQ ZDKUJHQRPPHQ XQG NRQVWUXNWLY EHDUEHLWHW ZHUGHQ XQGZLH6WUDWHJLHQXQG9LVLRQHQIUHLQH]XNQIWLJH=XVDPPHQDUEHLW]XHQWZL FNHOQ VLQG 'LHV IKUW HLQHUVHLWV ]XU $NWLYLHUXQJ SHUV|QOLFKHU 5HVVRXUFHQ XQG DQGHUHUVHLWV ]XP (UNHQQHQ NROOHNWLYHU .RPSHWHQ]HQ =XVDPPHQJHQRPPHQ IKUW GDV ]X HLQHP JHPHLQVDP DXVJHKDQGHOWHQ 7HDPHQWZLFNOXQJVSUR]HVV GHU ]XNQIWLJHV$UEHLWHQHUP|JOLFKW,QWHUHVVDQWLVWGHULPSOL]LWH%H]XJ]XP.RKl UHQ]JHIKOZHLODQ9HUVWHKHQVSUR]HVVHQJHDUEHLWHW ZLUGGHUHQ%HZlOWLJEDUNHLW LP0LWWHOSXQNWVWHKWXQGGXUFKGLH]HQWUDOH3RVLWLRQLHUXQJDXIHLQHJHPHLQVDPH =LHORULHQWLHUXQJ 9LVLRQ E]Z JOREDO JRDO HLQH $XVULFKWXQJ DP VLQQVWLIWHQGHQ (OHPHQWGHUJHPHLQVDPHQ$UEHLWVWDWWILQGHW
'LH(UIDVVXQJGHV.RKlUHQ]JHIKOVLQGHU(U]LHKXQJVZLVVHQVFKDIW
'DV 6DOXWRJHQHVH.RQ]HSW ZLUG DXFK LQ GLH %HWULHEVZLUWVFKDIW EHUWUDJHQ ZREHL HV DOV VSH]LHOOHV )KUXQJVNRQ]HSW EHWUDFKWHW ZLUG YJO .OLQJHELHO ]LWQ *UlVHU 6 'LH hEHUWUDJXQJ HLQHV NROOHNWLYHQ .RKlUHQ]JHIKOV QDFK $QWRQRYVN\V .RQ]HSW LVW DOOHUGLQJV LQVRIHUQ SUREOHPDWLVFK DOV HLQH $XI VXPPLHUXQJ LQGLYLGXHOOHU :HUWH ]XP .RKlUHQ]VLQQ QLFKW ]X HLQHP 6HQVH RI &RKHUHQFHLQ%H]XJDXIGLH2UJDQLVDWLRQIKUWÄVRQGHUQZLHYRQ$QWRQRYVN\MD VRDQJHOHJWHLQHJOREDOH2ULHQWLHUXQJGLHHLQH$UW5HVPHHEHUGLHYHUVFKLH GHQHQ/HEHQVEHUHLFKHGDUVWHOOW³*UlVHU6 8PGDV.RKlUHQ]JHIKOLQ HLQHU VSH]LILVFKHQ 6WUXNWXU PHVVHQ ]X N|QQHQ LVW HV QRWZHQGLJ GDIU HLQ VSH ]LHOOHV 0HLQVWUXPHQW ]X HQWZLFNHOQ ÄGDV GHQ 6HQVH RI &RKHUHQFH LQ GLHVHP VSH]LILVFKHQ/HEHQVEHUHLFKDEELOGHQNDQQXQGQLFKWOHGLJOLFKLQGLYLGXHOOH62& :HUWH]XVDPPHQIKUW³*UlVHU6 'LH(UIDVVXQJGHV.RKlUHQ]JHIKOVLQGHU(U]LHKXQJVZLVVHQVFKDIW :LUG GLH (QWZLFNOXQJ GHV .RKlUHQ]JHIKOV DOV /HUQ XQG %LOGXQJVSUR]HVV EH WUDFKWHWVRZLUGGHXWOLFKGDVVHVVLFKGDEHLXPHLQHQLQGLYLGXHOOHQODQJIULVWLJHQ XQG NRPSOH[HQ 3UR]HVV KDQGHOW GHU VLFK XQPLWWHOEDUHU %HREDFKWXQJ HQW]LHKW 6ROFKH ÄLQGLYLGXHOOHQ3UR]HVVHGHU(UIDKUXQJVELOGXQJGHU(QWVWHKXQJXQG9HUlQGHUXQJ YRQ %HGHXWXQJHQ LP =XVDPPHQKDQJ NRQNUHWHU /HEHQVZHOWHQ )UDJHQ QDFK GHP Ã(LJHQVLQQ¶GHU/HUQHQGHQXQGQDFKGHU*HVFKLFKWHXQGGHQVR]LDOHQ.RQWH[WHQLQ GHQHQ GLHVHU VLFK MH LQGLYLGXHOO KHUDXVJHELOGHW KDW XQG PLW %OLFN DXI GLH =XNXQIW XP JHVWDOWHWZLUG³'DXVLHQ6
N|QQHQ PLW +LOIH GHU $QVlW]H LQ GHU %LRJUDSKLHIRUVFKXQJ XQWHUVXFKW ZHUGHQ %HUHLWV $QWRQRYVN\ ZHLVW LQ VHLQHQ $XVIKUXQJHQ GDUDXI KLQ GDVV HV ± QHEHQ GHU0HVVXQJGHV.RKlUHQ]JHIKOVPLWWHOV62&)UDJHERJHQ±DXFKQRFKDQGHUH 0|JOLFKNHLWHQ]XU(UIDVVXQJGHV.RKlUHQ]JHIKOVJLEWHWZDGLHSKlQRPHQROR JLVFKH %HVFKUHLEXQJ GHV 0HQVFKHQ LQ GHU (WKQRPHWKRGRORJLH 0HWKRGHQ GHU *URXQGHG 7KHRU\ RGHU VWUXNWXULHUWH ,QWHUYLHZV YJO $QWRQRYVN\ 6 *HIUDJWZHUGHQNDQQGDEHLQDFKGHULQGLYLGXHOOHQ(QWZLFNOXQJYRQ9HUVWHKHQV SUR]HVVHQQDFKELRJUDILVFKHQ9HUDUEHLWXQJVPXVWHUQXQG%HZlOWLJXQJVVWUDWHJLHQ JHUDGH LQ 3KDVHQ YRQ 8PEUFKHQ .ULVHQ XQG 1HXRULHQWLHUXQJHQ HEHQVR ZLH QDFK LQGLYLGXHOOHQ 2ULHQWLHUXQJV XQG 6LQQNRQVWUXNWLRQHQ YRQ ,QGLYLGXHQ LP /HEHQVYROO]XJ$EHUDXFKGHU)UDJHQDFKIRUPDOHQXQGLQIRUPHOOHQ/HUQSUR]HV VHQQDFK$QVFKOXVVOHLVWXQJHQGLHGHQ3XQNWIU9HUVWHKHQVSUR]HVVHPDUNLHUHQ XQG GHUHQ %HGHXWXQJ IU GLH $XVELOGXQJ YRQ .RKlUHQ] NDQQ QDFKJHJDQJHQ ZHUGHQ
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
*HUDGHGLH$QVlW]HLP5DKPHQGHU%LRJUDSKLHIRUVFKXQJ]%DXWRELRJUD SKLVFKH 1DUUDWLRQHQ HUP|JOLFKHQ ÄGDV LQWHUSUHWDWLYH (UVFKOLHHQ VSUDFKOLFKHU 9RUJlQJHXQGGLH5HNRQVWUXNWLRQOlQJHUIULVWLJHU3UR]HVVH³)HOGHQ6 GLH VLFK EHLVSLHOVZHLVH LQ GHQ VWUXNWXUHOOHQ .RPSRQHQWHQ GHV 9HUVWHKHQV GHV %HZlOWLJHQV XQG GHU 6LQQ]XVFKUHLEXQJ DEELOGHQ )U HLQH VROFKH $QDO\VH NDQQ GDV.RQ]HSWGHV.RKlUHQ]JHIKOVDOVWKHRUHWLVFKHU5DKPHQIUHPSLULVFKH$QD O\VHQIXQJLHUHQZRGXUFKHLQH9HUELQGXQJYRQ7KHRULHXQG(PSLULHVWDWWILQGHW 1DFKGHP VROFKH $QDO\VHQ PLW +HLGH YRQ )HOGHQ ÄQDWUOLFK QLFKW YRUDXVVHW ]XQJVORV³)HOGHQ6 GXUFKJHIKUWZHUGHQELOGHQLQHLQHU]XNQIWLJHQ )RUVFKXQJ GLH VWUXNWXUHOOHQ (OHPHQWH GHV .RKlUHQ]JHIKOV MHQH WKHRUHWLVFKHQ 'LPHQVLRQHQ GLH HV HUP|JOLFKHQ GDV HPSLULVFKH 0DWHULDO HQWVSUHFKHQG GHP $QDO\VHIRNXV ÄÃVSUHFKHQ ]X ODVVHQ¶³ )HOGHQ 6 ,Q GLHVHP =XVDP PHQKDQJ ZHUGHQ GLH LQ GHU /HEHQVRULHQWLHUXQJ HLQJHODJHUWHQ 9HUVWHKHQV XQG %HZlOWLJXQJVSUR]HVVH VRZLH 6LQQKRUL]RQWH HPSLULVFK XQWHUVXFKW 'LHV ÄHUP|J OLFKWHLQHQ(LQEOLFNLQGLHVSH]LILVFKHQ3UlJXQJHQHLQHU3HUVRQGXUFKGLHJHVHOO VFKDIWOLFKHQ 5DKPHQEHGLQJXQJHQ LQVWLWXWLRQHOOHQ 6WUXNWXUHQ XQG NXOWXUHOOHQ 'HXWXQJVNRQWH[WH³ +HU]EHUJ 6 'DUEHU KLQDXV OlVVW VLFK EHU GLH $QDO\VH LQGHQ 1DUUDWLRQHQHUNHQQHQ ZLH VLFKGDV.RKlUHQ]JHIKO YRQ3HUVR QHQDXVJHELOGHWKDWXQGLP/HEHQVYHUODXIZHLWHUHQWZLFNHOW'LH$XVXQG:HL WHUHQWZLFNOXQJGHV.RKlUHQ]JHIKOVNDQQDOVHLQH)RUPELRJUDSKLVFKHQ/HUQHQV EHWUDFKWHWZHUGHQEHLGHP ÄHVQLFKWXPHLQ]HOQH6FKULWWHGHU$QHLJQXQJXQGGHV/HUQHQVVRQGHUQXPK|KHU RUJDQLVLHUWH 3UR]HVVH GHU 9HUDUEHLWXQJ 9HUNQSIXQJ XQG 7UDQV )RUPDWLRQ YRQ /HUQSUR]HVVHQ ]X HLQHU ELRJUDSKLVFKHQ (UIDKUXQJVJHVWDOW ± JHZLVVHUPDHQ XP /HUQSUR]HVVHÃ]ZHLWHU2UGQXQJ¶$OKHLW'DXVLHQ6 JHKW
=XU )UDJH GHU (UIDVVXQJ YRQ /HUQ XQG %LOGXQJVSUR]HVVHQ LP ELRJUDSKLVFKHQ /HEHQVODXI H[LVWLHUHQ XQWHUVFKLHGOLFKH )RUVFKXQJVDUEHLWHQ 'LH 'LPHQVLRQ YRQ 6LQQELOGXQJILQGHWVLFK XDLQGHQ $UEHLWHQ YRQ3HWHU $OKHLWXQG %HWWLQD 'DX VLHQ GLH VLFK PLW GHP /HUQHQ XQG GHU %LOGXQJ EHU GLH /HEHQVVSDQQH EHIDVVHQ YJO $OKHLW'DXVLHQ ,Q GLHVHP =XVDPPHQKDQJ ZLUG DXFK DXI GDV 3ULQ]LS GHU%LRJUDSKL]LWlW VR]LDOHU (UIDKUXQJHQ HLQJHJDQJHQ XQG GLH )UDJH QDFK GHU SHUV|QOLFKHQ .RKlUHQ] GHU ,GHQWLWlWVELOGXQJ XQG GHU (U]HXJXQJ YRQ 6LQQGLVNXWLHUWYJO$OKHLW'DXVLHQ6II 5XGROI (JJHU YHUZHLVW LQ HLQHU 6WXGLH DXI GDV .RKlUHQ]JHIKO LQ GHP VLFK LQ ELRJUDSKLVFKHQ ,QWHUYLHZV %HLWUlJH ]XU 6LQQNRQVWUXNWLRQ HUNHQQHQ ODVVHQ$XFKGHU.RKlUHQ]VLQQZLUG ÄDOVHLQSRVLWLYHV%LOGGHUHLJHQHQ+DQGOXQJVIlKLJNHLWYHUVWDQGHQGDVYRQGHP *HIKO GHU %HZlOWLJEDUNHLW YRQ H[WHUQHQ XQG LQWHUQHQ /HEHQVEHGLQJXQJHQ GHU
'LH(UIDVVXQJGHV.RKlUHQ]JHIKOVLQGHU(U]LHKXQJVZLVVHQVFKDIW
*HZLVVKHLW GHU 6HOEVWVWHXHUXQJVIlKLJNHLW XQG GHU *HVWDOWEDUNHLW GHU /HEHQVEHGLQ JXQJHQJHWUDJHQLVW³(JJHU6
)U PLFK ZHUGHQ LQ GLHVHP =XVDPPHQKDQJ )UDJHQ QDFK GHU $QHLJQXQJ YRQ 6HOEVW ,GHQWLWlWVELOGXQJ XQG GHU $QHLJQXQJ YRQ :HOW /HEHQVEHZlOWLJXQJ DXIJHZRUIHQ]XGHPELOGHWGLH6LQQSHUVSHNWLYHHLQHPRWLYLHUHQGH*UXQGODJHIU /HUQKDQGOXQJHQ,QGHU/HUQZHOWIRUVFKXQJYJO(JJHUHWDO LQGHULPPHU ZLHGHU GHU 9HUZHLVXQJV]XVDPPHQKDQJ ]ZLVFKHQ VXEMHNWLYHU $QHLJQXQJ LP 5DKPHQ JHVHOOVFKDIWOLFKHQ 6WUXNWXUHQ WKHPDWLVLHUW ZLUG VHKH LFK HLQH ZHLWHUH $QVFKOXVVP|JOLFKNHLW %HWUDFKWHW PDQ GDV .RQ]HSW GHV .RKlUHQ]JHIKOV QLFKW LQHLQHULQGLYLGXDOLVWLVFKHQ$XVULFKWXQJVRQGHUQYLHOPHKULQVHLQHPHQJHQ=X VDPPHQKDQJ PLW VR]LDOHQ (LQELQGXQJHQ ± JHUDGH LQ =HLWHQ JHVHOOVFKDIWOLFKHU 9HUlQGHUXQJHQXQG8PEUFKH±VRNDQQLQHLQHUZHLWHUHQ)RUVFKXQJVSHUVSHN WLYHJHUDGHGLHVHP.RQWH[WQDFKJHJDQJHQZHUGHQ +HLGUXQ +HU]EHUJ JHKW LQ LKUHU 8QWHUVXFKXQJ GHU )UDJH QDFK GHU (QWZLFNOXQJGHVELRJUDSKLVFKHQ/HUQKDELWXVQDFK'LHVHULVWÄ3URGXNWLQNRUSR ULHUWHUVR]LDOHU6WUXNWXUHQ]XJOHLFKDEHUDXFKGDV(U]HXJXQJVSULQ]LSELRJUDSKL VFKHU/HUQXQG%LOGXQJVSUR]HVVH³+HU]EHUJ6 ,QWHUHVVDQWLVWGDEHL GDVV ]ZHL VLFK GHXWOLFK YRQHLQDQGHU XQWHUVFKHLGHQGH 0XVWHU YRQ /HUQKDELWXV JHIXQGHQ ZXUGHQ QlPOLFK HLQ ÄEHZDKUHQGHU /HUQKDELWXV³ XQG HLQ ÄHQWZLFN OXQJVRULHQWLHUWHU /HUQKDELWXV³ +HU]EHUJ %H]XJ QHKPHQG DXI +HU]EHUJV 6WXGLHVWHOOWVLFKGLH)UDJHLQZLHIHUQ /HUQSUR]HVVHDOV9HUVWHKHQVSUR]HVVHYRQ :HOWLQGHU/DJHVLQG]XHLQHPVWDUNHQ.RKlUHQ]JHIKOEHL]XWUDJHQ$QDORJ]XU )UDJHGHU9HUlQGHUEDUNHLWGHVELRJUDSKLVFKHQ/HUQKDELWXVVWHOOWVLFKIUPLFKLP %H]XJ ]XP .RKlUHQ]JHIKO GLH )UDJH QDFK GHU 9HUlQGHUEDUNHLW GHU .RKlUHQ] GLH VLFK LP YHUVWHKHQGHQ XQG KDQGHOQGHQ 8PJDQJ HEHQVR ZLH LQ GHU %HGHXW VDPNHLW EHVWLPPWHU /HEHQVVLWXDWLRQHQ DXVGUFNW :HQQ +HU]EHUJ HWZD YRQ 'HXWXQJVKRKHLW VSULFKW GDQQ HUJLEW VLFK IU PLFK HLQH $QVFKOXVVOHLVWXQJ LQVR IHUQDOVLQGHU$QDO\VHYRQ1DUUDWLRQHQGLH%HGHXWXQJVJHEXQJHQHLQXQGGHU VHOEHQ6LWXDWLRQVLFKLP]HLWOLFKHQ9HUODXIGHV/HEHQVYHUlQGHUQN|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ÄDOV 0RWRU YRQ 9HUlQGH UXQJVSUR]HVVHQ³)HOGHQ6 ]XVHKHQ,QGHU8QWHUVXFKXQJYRQ+HLGH
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
YRQ )HOGHQ ZLUG VLFKWEDU GDVV LQ LQVWLWXWLRQDOLVLHUWHU (UZDFKVHQHQELOGXQJ GLH %LOGXQJVDQJHERWHÄQHXH3HUVSHNWLYHQGHU:LUNOLFKNHLWVNRQVWUXNWLRQEHLQKDOWHQ >GLH@IU8PGHXWXQJVXQG9HUVFKLHEXQJVYRUJlQJHSUlGHVWLQLHUW³)HOGHQ 6 VLQG'DPLWLVWGLH%HGHXWVDPNHLWYRQLQVWLWXWLRQDOLVLHUWHU%LOGXQJDQJH GHXWHW GHU LQ ZHLWHUHU )ROJH QRFK GLIIHUHQ]LHUWHU DXI GLH 6SXU ]X JHODQJHQ LVW 'DUEHUKLQDXVVFKHLQHQPLUGLH.RQVWUXNWH*HVFKOHFKWXQG.RKlUHQ]JHIKOLP 5DKPHQ GHU 9HURUWXQJ YRQ /HUQ XQG %LOGXQJVSUR]HVVHQ HLQ ZHLWHUHU DXI VFKOXVVUHLFKHU )RUVFKXQJVDVSHNW 1DFKGHP JHUDGH $QWRQRYVN\ GDYRQ DXVJHKW GDVV )UDXHQ HLQ QLHGULJHUHV .RKlUHQ]JHIKO DXIZHLVHQ DOV 0lQQHU ZlUH HLQH 5FNELQGXQJ XQG P|JOLFKHUZHLVH 5HIRUPXOLHUXQJ GLHVHU $XVJDQJVWKHVH VHKU LQWHUHVVDQW *HUDGH DQ GLHVHU 6WHOOH NDQQ HLQH ELRJUDSKLHRULHQWLHUWH +HUDQJH KHQVZHLVH %HJUQGXQJV]XVDPPHQKlQJH HUVFKOLHHQ GLH GLHVHV NRPSOH[H 9HU KlOWQLVHUKHOOHQ ,Q ELRJUDSKLVFKHQ $QDO\VHQ VSLHOW DXV WKHRUHWLVFKHU 3HUVSHNWLYH GLH 6LQQ GLPHQVLRQLQXQWHUVFKLHGOLFKHQ.RQWH[WHQHLQHVHKU]HQWUDOH5ROOHZlKUHQGGLH %HZlOWLJEDUNHLW XQG 8PJDQJVZHLVH PLW VLFK SHUPDQHQW YHUlQGHUQGHQ /HEHQV EHGLQJXQJHQ HEHQVR ZLH GLH 9HUVWHKEDUNHLW YRQ 9HUKlOWQLVVHQ XQG GHU HLJHQHQ 3RVLWLRQLHUXQJPHKULPSOL]LWWKHPDWLVLHUWZHUGHQ'DVHPSLULVFKJHQHULHUWH:LV VHQ EHU GLH ELRJUDSKLVFKHQ /HUQ XQG %LOGXQJVSUR]HVVH VRZLH EHU GDV =X VDPPHQZLUNHQGHUGUHL.RPSRQHQWHQLP.RKlUHQ]JHIKONDQQIUGLH(UZDFK VHQHQELOGXQJLQ+LQEOLFNDXIGLH8QWHUVWW]XQJGHU/HEHQVRULHQWLHUXQJGHU7HLO QHKPHU,QQHQZHUWYROOH$QUHJXQJHQJHEHQ .RQVHTXHQ]HQIUGLH%LOGXQJVIRUVFKXQJ =XVDPPHQIDVVHQG ODVVHQ VLFK IU GHQ QXQ ]X NRQ]LSLHUHQGHQ (QWZXUI HLQHV 0RGHOOV HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU HLQLJH JUXQGOHJHQGH $VSHNWH IHVWKDOWHQ 'DV .RKlUHQ]JHIKO VWHOOW HLQH ÄGLVSRVLWLRQDOH 2ULHQWLHUXQJ³ $QWR QRYVN\6 IUGLH/HEHQVEHZlOWLJXQJYRQ0HQVFKHQGDU'DVKHLW GLH*UXQGHLQVWHOOXQJ]XPHLJHQHQ/HEHQZLUGVWHWVPLWZHLWHUHQQHXHQ/HEHQV HUIDKUXQJHQNRQIURQWLHUWXQGYRQGLHVHQPLWJHSUlJW'LHVNDQQDOVHLQH9HUVWlU NXQJ GHU HLJHQHQ *UXQGHLQVWHOOXQJHQ JHVFKHKHQ DEHU HV NDQQ DXFK ]X HLQHU 9HUlQGHUXQJGHU*UXQGKDOWXQJIKUHQ,QGLHVHP3UR]HVVVSLHOHQGLHGUHL.RP SRQHQWHQ GHV .RKlUHQ]JHIKOV ± 9HUVWHKEDUNHLW %HZlOWLJEDUNHLW XQG %HGHXW VDPNHLW ± HLQH ZHVHQWOLFKH 5ROOH GLH VLFK DXI HLQHU NRJQLWLYHQ NRJQLWLY HPRWLRQDOHQ VRZLH DXI HLQHU HPRWLRQDOPRWLYDWLRQDOHQ (EHQH EHILQGHQ $OV GLH ZHVHQWOLFKVWH.RPSRQHQWHZLUGMHQHGHU6LQQKDIWLJNHLWEHQDQQWVLHEHHLQIOXVVW GLH EHLGHQ DQGHUHQ GD VLFK RKQH HUNHQQEDUH VLQQVWLIWHQGH (OHPHQWH GLH EHLGHQ DQGHUHQ.RPSRQHQWHQQLFKWRSWLPDOHQWIDOWHQN|QQHQ'LH)UDJHQDFKGHP6LQQ
.RQVHTXHQ]HQIUGLH%LOGXQJVIRUVFKXQJ
HLQHU(UIDKUXQJHLQHU+DQGOXQJHLQHV,QKDOWHVDOVRGLHLQQHUH%HGHXWXQJV]X VFKUHLEXQJLVW]HQWUDODXFKIUGLH$XVSUlJXQJGHU*HIKOHYRQ9HUVWHKEDUNHLW XQG%HZlOWLJEDUNHLW'DVJLOWLQGLHVHP9HUVWlQGQLVQDWUOLFKDXFKIU(UIDKUXQ JHQGLHLQ/HUQSUR]HVVHQJHPDFKWZHUGHQ :LUGGDV/HEHQDOVVLQQYROOEHWUDFKWHWVRHUJLEWGLHVDXFKHLQHJUXQGVlW]OL FKH /HEHQVHLQVWHOOXQJLQGHUHWZD3UREOHPH +HUDXVIRUGHUXQJHQGDUVWHOOHQ XQG QLFKWXQEHUZLQGEDUH+LQGHUQLVVHEHGHXWHQ'LHVXEMHNWLYH%HGHXWXQJGHUHLJH QHQ/HEHQVEHGLQJXQJHQ]HLJWVLFKHWZDLP*HIKOGHV9HUWUDXHQVGDVVGLH(U HLJQLVVH LQ GHU HLJHQHQ 8PZHOW DOV YRUKHUVDJEDU XQG NDWHJRULVLHUEDU HUNDQQW ZHUGHQ XQG VLFK GLH 'LQJH LP /HEHQ SRVLWLY HQWZLFNHOQ ZHUGHQ 3UREOHPH DOV KHUDXVIRUGHUQG XQG O|VEDU ]X HUOHEHQ XQG EHU HLQ VR]LDOHV1HW]ZHUN]X YHUI JHQ DXI GDV LQ HQWVSUHFKHQGHQ 6LWXDWLRQHQ DOV 8QWHUVWW]XQJVNDSLWDO ]XUFNJH JULIIHQZHUGHQNDQQEHGHXWHWDXFKGLH:HOWDOVEHUHFKHQEDU]XHUOHEHQ$OOGLHV VLQG$VSHNWHGLH]XHLQHPDXVJHSUlJWHQ.RKlUHQ]JHIKOHLQHU3HUVRQEHLWUDJHQ 9HUIJWHLQ0HQVFKQXQEHUHLQVWDUNDXVJHSUlJWHV.RKlUHQ]JHIKOVRZLUGHU IlKLJVHLQVLFKGHQ$QIRUGHUXQJHQGHV/HEHQVRSWLPLVWLVFKXQGIOH[LEHO]XVWHO OHQ XQG VHLQH 5HVVRXUFHQ GHQ MHZHLOLJHQ 8PVWlQGHQ HQWVSUHFKHQGHLQ]XVHW]HQ (LQ KRKHV .RKlUHQ]JHIKO EHGHXWHW DXFK EHU HLQ JHHLJQHWHV 0D DQ :LGHU VWDQGVUHVVRXUFHQ ]X YHUIJHQ XQG WUlJW EHL SRWHQ]LHOOHQ 6WUHVVRUHQ GD]X EHL GLHVH HKHU DOV QHXWUDO ]X EHZHUWHQ XQG LKQHQ GDPLW GLH QHJDWLYH (LQZLUNXQJV NUDIW]XQHKPHQ:HQQGLHVJHOLQJWZLUGGDV/HEHQDOVVWUXNWXULHUWEHZlOWLJEDU XQGVLQQKDIWHUNDQQWYRUKDQGHQH5HVVRXUFHQZHUGHQPRELOLVLHUWXQGHLQJHVHW]W ZDV ZLHGHUXP LP 6LQQH HLQHV UFNEH]JOLFKHQ 3UR]HVVHV GDV .RKlUHQ]JHIKO VWlUNW 'LHV VWHOOW GLH %DVLV HLQHU VDOXWRJHQHWLVFKHQ *UXQGRULHQWLHUXQJ GDU GLH VLFK QXQ LQ HLQLJHQ 3XQNWHQ FKDUDNWHULVLHUHQ OlVVW YJO $QWRQRYVN\ 6 I 0HQVFKHQ EHILQGHQ VLFK DXI HLQHP PXOWLGLPHQVLRQDOHQ *HVXQGKHLWV .UDQNKHLWV.RQWLQXXP 'HU0HQVFKLQVHLQHU*HVDPWKHLWZLUGEHWUDFKWHW &RSLQJUHVVRXUFHQZHUGHQLQV=HQWUXPJHUFNW 6WUHVVRUHQ ZHUGHQ QLFKW DXWRPDWLVFK DOV QHJDWLY DQJHVHKHQ VRQGHUQ ± MH QDFK&KDUDNWHUXQG$XIO|VXQJGHU6SDQQXQJ±DOVHWZDV*HVXQGHVEHJULI IHQ *HVXFKW ZLUG QDFK GHQ 4XHOOHQ GHU QHJDWLYHQ (QWURSLH XP HLQH DNWLYH $GDSWDWLRQGHV2UJDQLVPXVDQVHLQH8PJHEXQJ]XHUOHLFKWHUQ .RQVHTXHQ]HQ IU HLQH /HUQNXOWXU HUJHEHQ VLFK DXV GHQ *UXQGDQQDKPHQ GHU /HEHQVRULHQWLHUXQJ HLQHUVHLWV XQG GHU VDOXWRJHQHWLVFKHQ 3HUVSHNWLYH DQGHUHU VHLWV LQGHP LP 6LQQH HLQHU VXEMHNWRULHQWLHUWHQ (UZDFKVHQHQELOGXQJ DXI GLH
6DOXWRJHQHVHXQGGDV.RQ]HSWGHV.RKlUHQ]JHIKOV
6WlUNXQJ GHU 3HUVRQHQ DEJH]LHOW ZLUG 'LH Ä+HUVWHOOXQJ YRQ 6XEMHNWLYLWlW « EHGDUIEHZXVVWDQJHVWUHEWHU(QWZLFNOXQJVSUR]HVVHGLHKLHUDOV%LOGXQJ³0HXH OHU6 EH]HLFKQHWZHUGHQ XQGLQGHU /DJHVLQGGDV.RKlUHQ]JHIKO GHU 3HUVRQHQ ]X VWlUNHQ 6WHOOW PDQ GLH HLQ]HOQHQ 0HQVFKHQ LQV =HQWUXP GHU %LOGXQJVSUR]HVVH VR EHGHXWHW GLHV VLH LQ LKUHU JHVDPWHQ 9HUIDVVWKHLW ZDKU]X QHKPHQ 'DV EHGHXWHW DXI LKUH HPRWLRQDOHQ XQG PRWLYDWLRQDOHQ 9HUIDVVWKHLWHQ ]X IRNXVVLHUHQ VLH LQ LKUHQ SV\FKLVFKHQ %HILQGOLFKNHLWHQ DQ]XHUNHQQHQ LKUH 6RUJHQ XQG bQJVWH HUQVW ]X QHKPHQ LKU VXEMHNWLYHV /HUQLQWHUHVVH NUHDWLY ]XU (QWIDOWXQJ ]X EULQJHQ XQG LKUH 9RUHUIDKUXQJHQ DOV LQGLYLGXHOOH /HUQYRUDXVVHW ]XQJHQ]XEHUFNVLFKWLJHQ*HKWPDQYRQGLHVHUVHOEVWUHIOH[LYHQ(EHQHDXIGLH VR]LDOH %HWUDFKWXQJ GHU 3HUVRQ DOV 7HLO HLQHV VR]LDOHQ *HIJHV EHU VWHOOW VLFK GLH )UDJH GHU 1XW]XQJ VR]LDOHU 1HW]ZHUNH IU GLH HLJHQH /HEHQVEHZlOWLJXQJ DEHUDXFKGHU6ROLGDULWlW'LHVIKUW]XVXEMHNWLYHQ%LOGXQJVSUR]HVVHQGLHHLQHQ %HLWUDJ ]XU )|UGHUXQJ GHU *HVXQGKHLW OHLVWHQ XQG GDPLW QLFKW QXU GLH HLJHQH /HEHQVTXDOLWlWI|UGHUQVRQGHUQJOHLFK]HLWLJDOVVFK|SIHULVFKH.UDIW]XUDNWLYHQ %HZlOWLJXQJJHVHOOVFKDIWOLFKHU:DQGOXQJVSUR]HVVHJHVHKHQZHUGHQNDQQ'DPLW ELQLFKEHLGHUEHUJHRUGQHWHQ(EHQHQlPOLFKGHU*HVHOOVFKDIWDQJHODQJW%LO GXQJ ZLUG LQ GLHVHP 6LQQH LP 'LHQVW HLQHV 6XEMHNWHV JHVHKHQ ZHOFKHV LQ GHU /DJH LVW HLJHQYHUDQWZRUWOLFK VHLQH 9HUQXQIW ]X JHEUDXFKHQ XQG :LGHUVWlQGLJ NHLW]XHQWZLFNHOQVRZLH3DUWL]LSDWLRQ]XI|UGHUQ)UGLH(QWZLFNOXQJGHV0R GHOOV HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU EHGHXWHW GLHV HLQHUVHLWV GLH JHVHOO VFKDIWOLFKHQ(QWZLFNOXQJHQDOV+LQWHUJUXQGIROLHLP%OLFN]XEHKDOWHQXQGDQGH UHUVHLWV GLH %LOGXQJ GHU (UZDFKVHQHQ XQG LKUH 0|JOLFKNHLW GHU 6WlUNXQJ GHV .RKlUHQ]JHIKOV LQ GHQ 0LWWHOSXQNW ]X VWHOOHQ ,Q GHU 0RGHOOHQWZLFNOXQJ ZHU GHQGLHKHWHURJHQHQ$QIRUGHUXQJHQDOOHUDQ%LOGXQJ%HWHLOLJWHQEHUFNVLFKWLJW *OHLFK]HLWLJZLUGHLQH.RPSHWHQ]HQWZLFNOXQJIDYRULVLHUWLQGHP6LQQHGDVVGLH 7HLOQHKPHQGHQHLQH ZLGHUVWlQGLJH.UDIWJHJHQDXVEHXWHULVFKHJHVHOOVFKDIWOLFKH )RUGHUXQJHQDXVELOGHQXQGVLHLKUH9HUDQWZRUWXQJLQGHU0LWJHVWDOWXQJGHU:HOW ZDKUQHKPHQ 'LH %LOGXQJ (UZDFKVHQHU LVW LQ GLHVHU /HUQNXOWXU LP 6SDQQXQJV IHOG ]ZLVFKHQ 6HOEVWUHIOH[LYLWlW 3DUWL]LSDWLRQ JHVHOOVFKDIWOLFKHU )XQNWLRQDOLWlW XQG LQGLYLGXHOOHU 6LQQILQGXQJ ]X VHKHQ 'LHVHP %LOGXQJVYHUVWlQGQLV HQWVSUH FKHQGXQGGHUWKHRUHWLVFKHQ%DVLVGLHVHU)RUVFKXQJVDUEHLWIROJHQGHUIRUGHUWGHU 0RGHOOHQWZXUI HLQH NRPSOH[H %HWUDFKWXQJVZHLVH ,Q GLHVHP 6LQQH ZLUG LQ GHU )ROJHHLQ0RGHOOHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXUIUGLH(UZDFKVHQHQELO GXQJHQWZRUIHQGDVLQVEHVRQGHUHGLH/HUQHQGHQPLWLKUHQ.RPSHWHQ]HQ)lKLJ NHLWHQXQG4XDOLILNDWLRQHQLQGHQ0LWWHOSXQNWGHUYLHOIlOWLJHQ/HKUXQG/HUQEH ]LHKXQJHQVWHOOWXQGJOHLFK]HLWLJGLH7DWVDFKHEHUFNVLFKWLJWGDVVGLHVWUXNWXUHO OHQ JHVHOOVFKDIWOLFKHQ *HJHEHQKHLWHQ QLFKW XQDEKlQJLJ YRQ GHQ LQ GHU *HVHOO VFKDIWOHEHQGHQ,QGLYLGXHQEHWUDFKWHWZHUGHQN|QQHQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU±HLQ0RGHOOIU GLH(UZDFKVHQHQELOGXQJ $XIEDXHQG DXI GHQ ELVKHULJHQ $XVIKUXQJHQ ]X JHVHOOVFKDIWOLFKHQ :DQGOXQJV SUR]HVVHQ]XUYHUlQGHUWHQ/HUQNXOWXUVRZLH]XP.RQ]HSWGHV.RKlUHQ]JHIKOV XQGVHLQHU%HGHXWXQJIUGLH%LOGXQJVIRUVFKXQJVWHOOHLFKQXQHLQHQ0RGHOOHQW ZXUI HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU IU GLH (UZDFKVHQHQELOGXQJ YRU 'DEHLZHUGHQ]XQlFKVWJUXQGOHJHQGH0HQVFKHQELOGDQQDKPHQDOV%DVLVIUGHQ 0RGHOOHQWZXUI IRUPXOLHUW'DYRQDXVJHKHQG VNL]]LHUHLFK PHLQH NRQNUHWH9RU JHKHQVZHLVH LQ GHU $XVZDKO GHU WKHRUHWLVFKHQ .RQ]HSWH XQG GHUHQ %UDXFKEDU NHLWIUGLH0RGHOOLHUXQJ'LH*UXQGODJHQPHLQHV0RGHOOHQWZXUIVELHWHQHLQHQ WKHRUHWLVFKHQ5HIHUHQ]UDKPHQXQGDXVJHZlKOWHNRQ]HSWLRQHOOH3HUVSHNWLYHQGLH LQ GHU )ROJH GLH %DVLV IU GLH %HVFKUHLEXQJ GHU GUHL .RPSRQHQWHQ GHV .RKl UHQ]JHIKOV ELOGHQ $XI MHGH .RPSRQHQWH GHV .RQ]HSWHV GHV .RKlUHQ]JHIKOV ZLUG LP 0RGHOOHQWZXUI H[SOL]LW HLQJHJDQJHQ 'HQ $EVFKOXVV GLHVHV .DSLWHOV ELOGHWHLQH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHV0RGHOOVHLQHUNRKlUHQ]RULHQWLHU WHQ/HUQNXOWXU 0HQVFKHQELOGDQQDKPHQ *UXQGVlW]OLFKLVWGDYRQDXV]XJHKHQGDVVMHGH.RQ]HSWLRQHLQHU/HUQNXOWXUYRQ HLQHPLPSOL]LWHQ0HQVFKHQELOGXQGYRQHLQHP JUXQGOHJHQGHQ9HUVWlQGQLV XQG HLQHU LQQHUHQ +DOWXQJ GHQ 0HQVFKHQ JHJHQEHU JHSUlJW LVW -HGH .RQ]HSWLRQ WULIIW$XVVDJHQGDUEHUZLH0HQVFKHQDOVOHUQHQGH,QGLYLGXHQJHVHKHQZHUGHQ GKZLHVLHLP9HUODXILKUHU/HEHQVJHVFKLFKWHDXFKHLQH/HUQJHVFKLFKWHHQWZL FNHOQXQGGLHVHHLQHLPPHUZLHGHUQHX]XUHNRQVWUXLHUHQGH*UXQGODJHGDUVWHOOW DXI GHU VLH GHQ (UIDKUXQJHQ XQG *HJHQVWlQGHQ LQ GHU :HOW HQWVSUHFKHQGH %H GHXWXQJHQEHLPHVVHQXQGGDUDXVIUVLHDQJHPHVVHQHQ6LQQJHQHULHUHQ,QWHUHV VDQW LVW LQ GLHVHP =XVDPPHQKDQJ DXFK ZLH 0HQVFKHQ VLFK LKUH /HUQIlKLJNHLW HUDUEHLWHQXQGZHLWHUHQWZLFNHOQZLHVLHDQGLH]XEHZlOWLJHQGHQ/HEHQVDXIJD EHQ KHUDQJHKHQ ZLH GLH /HUQKLQGHUQLVVH JHQDXVR ZLH GLH /HUQHUIROJH LQ GHQ /HEHQVHQWZUIHQDEJHELOGHWZHUGHQXQGZLHQDFKIROJHQGH5HIOH[LRQHQGDUEHU GLH9HUVWHKEDUNHLWXQG%HZlOWLJEDUNHLWYRQJHJHQZlUWLJHQ/HEHQVDXIJDEHQPLW
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
EHHLQIOXVVHQ'LHVH$QQDKPHQZLHHVDOVRHLQHP,QGLYLGXXPLQGHUDXWRELRJUD ILVFKHQ5HIOH[LRQ JHOLQJWVHLQH /HUQYHUJDQJHQKHLWLP+LQEOLFNDXIGLH*HJHQ ZDUWXQG=XNXQIWLPPHUZLHGHUYRQ1HXHPVR]XRUJDQLVLHUHQGDVVGDULQ/HUQ SUR]HVVH DOV (QWZLFNOXQJV :DQGOXQJV RGHU 7UDQVIRUPDWLRQVSUR]HVVH XQWHU VWW]W ZHUGHQ ZHUGHQ LP )ROJHQGHQ QlKHU DXVJHIKUW =LHO GDEHL LVW HV GLH JUXQGOHJHQGHQ $QQDKPHQ PHLQHV 0HQVFKHQELOGHV DOV HWKLVFKH *UXQGODJH IU GHQ (QWZXUI HLQHV NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXUPRGHOOV VLFKWEDU ]X PDFKHQ 'DV EHGHXWHW :HQQ LQ GHU )ROJH QXQ 2ULHQWLHUXQJVSXQNWH DXIJH]HLJW ZHUGHQ GDQQ JHVFKLHKW GLHV DXV HLQHP HPDQ]LSDWRULVFKHQ )RUVFKXQJVLQWHUHVVH $XI GLHVHU %DVLV ZHUGHQ HLQLJH JUXQGOHJHQGH 2ULHQWLHUXQJVSXQNWH H[SOL]LHUW GDUJH VWHOOWGLHMHQHHUNHQQWQLVOHLWHQGHQ*UXQGEHU]HXJXQJHQ XQG:HUWYRUVWHOOXQJHQ PDUNLHUHQ GLH DXFK GHQ ELOGXQJVWKHRUHWLVFKHQ 5DKPHQ GHV ]X NRQ]LSLHUHQGHQ 0RGHOOV GDUVWHOOHQ 'D %LOGXQJ LQ PHLQHP HPDQ]LSDWRULVFKHQ 9HUVWlQGQLV GLH +HUDXVELOGXQJ GHV 6XEMHNWHV XQG GLH 9HUIJXQJ EHU GLH 6HOEVWEHVWLPPXQJ LQ GHU:HOWDOVDNWLYH0LWYHUlQGHUXQJYRQ:HOWEHLQKDOWHWLVW]XQlFKVWHLQHHLQOHL WHQGH6XEMHNWEHVWLPPXQJQRWZHQGLJ,Q$QOHKQXQJDQ0HXHOHU ZLUGDXI HLQVXEMHNWRULHQWLHUWHV0RGHOOLQGHU(UZDFKVHQHQELOGXQJIRNXVVLHUWZHOFKHVGLH OHUQHQGHQ6XEMHNWHLQV=HQWUXPVWHOOWXQGGDEHLGHU$QHLJQXQJZHVHQWOLFKPHKU $XIPHUNVDPNHLW ZLGPHW DOV GHU 9HUPLWWOXQJ 'HPJHPl LVW GDV 6XEMHNW GDV 0HXHOHU DOV ÄGDV 8QWHUOLHJHQGH GDV 8QWHUZRUIHQH GDV GHU *HVWDOWXQJ $XVJH VHW]WH GDV 3UHLVJHJHEHQH GDV ]XP *HJHQVWDQG JHPDFKWH³ 0HXHOHU 6 I EHVFKUHLEWLQGUHLHUOHL+LQVLFKWLP0LWWHOSXQNW 'HU 0HQVFK DOV 8QWHUZRUIHQHU XQWHUOLHJW GHQ %HGLQJXQJHQ GHU lXHUHQ 1DWXUJHQHWLVFKH$XVVWDWWXQJ6WHUEOLFKNHLW 'HU0HQVFKLVWGHQ%HGLQJXQJHQGHULQQHUHQ1DWXUDXVJHVHW]WXQEHZXVVWH 7ULHEZQVFKHXQG7ULHElQJVWH 'HU0HQVFKLVWGHUVR]LDOHQ:HOWLKUHQ1RUPHQLKUHQ:LVVHQV]XVDPPHQ KlQJHQDXVJHVHW]W$QSDVVXQJVGUXFNDQZLUWVFKDIWOLFKHSROLWLVFKHVR]LDOH NXOWXUHOOH8PJHEXQJ XQGDQ GDVEHUXIOLFKH /HEHQ YJO0HXHOHU6 II 'HU 0HQVFK LVW GLHVHQ %HGLQJXQJHQ XQWHUZRUIHQ VLH VLQG LKP LP /HLE IHVWJH VFKULHEHQ HU EOHLEW LKQHQ DEHU QLFKW KLOIORV DXVJHOLHIHUW 'HU 0HQVFK ÄLVW QLFKW DXWRQRP DEHU LP VHOEVWEHZXWHQ ZLGHUVWlQGLJHQ XQG HUQHXHUQGHQ +DQGHOQ ZLGHUVHW]WHUVLFKGHUEHGUFNHQGHQ:HOWGHV9RUJHJHEHQHQ'LH)UHLKHLWGLHHU VLFKKDQGHOQGQLPPWLVWNHLQHDEVROXWH)UHLKHLW6LHLQ$QVSUXFK]XQHKPHQLVW (UJHEQLV VHLQHU6HOEVWUHIOH[LYLWlWXQGGHUVLHEHVWLPPHQGHQ%LOGXQJ³0HXHOHU 6
0HQVFKHQELOGDQQDKPHQ
'DPLW ZLUG GHXWOLFK GDVV GDV 6XEMHNW VLFK JHJHQ )UHPGEHVWLPPXQJ DXFK ]XU:HKUVHW]HQNDQQHVDOVR ZLGHUVWlQGLJLVWJHJHQEHU YRUKHUUVFKHQGHQ2E MHNWEHGLQJXQJHQLQGHPHVGDQNJHLVWLJHU6HOEVWEHVWLPPXQJHLJHQHV:ROOHQXQG +DQGHOQVHOEVW IHVWOHJHQ NDQQ'HPQDFKVWHKWGHU6XEMHNWEHJULII IUHLQH KRII QXQJVYROOH%HWUDFKWXQJYRQHUUHLFKEDUHU$XWRQRPLHJHJHQEHUHLQHUJlQ]OLFKHQ OHEHQVODQJHQ 9HUJHVHOOVFKDIWXQJ RGHU $EKlQJLJNHLW YRQ GHU HLJHQHQ 7ULHEKDI WLJNHLW,QGLHVHP9HUVWlQGQLVZLUGGHP(LQ]HOQHQ ÄHLQHVFK|SIHULVFKH.UDIW« >]XJHVSURFKHQ@GHUVHLQH6XEMHNWKDIWLJNHLWNlPS IHULVFK DXV GHU 3RVLWLRQ WRWDOHU 9HUJHVHOOVFKDIWXQJ KHUDXV HQWZLFNHOW VLFK JHJHQ VHLQH YROOVWlQGLJH 9HUSODQXQJ DOV SURGX]LHUHQGHV XQG NRQVXPLHUHQGHV DQVRQVWHQ ZLOOIlKULJHV :LUWVFKDIWVVXEMHNW YHUWHLGLJW XQG VLFK JHJHQ GLH WRWDOH NRPPHU]LHOOH hEHUIRUPXQJXQG'XUFKGULQJXQJVHLQHU/HEHQVZHOWZHKUW³0HXHOHU6
*HQDXGLHVHVFK|SIHULVFKHXQGJHVWDOWHULVFKH.UDIWJLOWHVLP%LOGXQJVYROO]XJ]X VWlUNHQLQGHPDXIQDFKIROJHQGH$VSHNWHIRNXVVLHUWZLUG (PRWLRQDOLWlW±+DQGOXQJVIlKLJNHLW 8P GLHVHP VNL]]LHUWHQ %LOG YRP 6XEMHNW JHUHFKW ]X ZHUGHQ LVW HLQH*UXQGDQ QDKPH ]HQWUDO QlPOLFK GLH LQWHJUDWLYH %HWUDFKWXQJ YRQ 'HQNHQ )KOHQ XQG +DQGHOQ :LH 0HQVFKHQ EHLVSLHOVZHLVH LKUH /HEHQVVLWXDWLRQHQ NRJQLWLY YHUVWH KHQXQGHLQRUGQHQREVLHLKUHLQGLYLGXHOOELRJUDILVFKHUOHUQWHQ)lKLJNHLWHQXQG .RPSHWHQ]HQ]XU/HEHQVEHZlOWLJXQJQXW]HQXQGZLH+DQGOXQJVHQWVFKHLGXQJHQ YRQ (UZDUWXQJHQ XQG JHIRUPWHQ hEHU]HXJXQJHQ DEHU DXFK YRQ HPRWLRQDOHQ 6WLPPXQJHQXQG*HIKOHQEHHLQIOXVVWZHUGHQGDVEHGDUI]XVDPPHQJHQRPPHQ VSH]LHOOHU%HDFKWXQJ'LHVH9HUVFKUlQNWKHLWYRQ.RJQLWLRQ(PRWLRQXQG+DQG OXQJLVWDXVOHUQWKHRUHWLVFKHU6LFKWDOVHLQH*DQ]KHLW]XGHQNHQGLHXQWHUVFKLHG OLFKH$QNQSIXQJVSXQNWHIUGHQ/HKU/HUQSUR]HVVLQGHQ%OLFNEULQJW,QGLH VHP=XVDPPHQKDQJJHZLQQHQDXFKGLHHPRWLRQDOH%HILQGOLFKNHLWXQGGHUVSH ]LHOOH6LWXDWLRQVEH]XJDQ%HGHXWXQJ 'LH 9HUVFKUlQNXQJ GLHVHU EHLGHU $VSHNWH YHUGHXWOLFKW GDVV $WPRVSKlUHQ RGHU DXFK 6WLPPXQJHQ HEHQVR ZLH (LQVWHOOXQJHQ ]X :LVVHQVLQKDOWHQ LP /HUQ NRQWH[W %HUFNVLFKWLJXQJ HUIDKUHQ )ULW] % 6LPRQ 6 VSULFKW LQ GLHVHP =XVDPPHQKDQJ EHLVSLHOVZHLVH YRQ GHU Ä6XEMHNWLYLHUXQJ GHV /HUQJH JHQVWDQGHV³ 'DV KHLW GDVV GLH /HUQHQGHQ LQ GHU (UZDFKVHQHQELOGXQJ VHOEVW EHVWLPPHQZDVIUVLHGHU/HUQVWRIIRGHUGDV:LVVHQRGHUGHU/HUQJHJHQVWDQG LVW QLFKW GLH /HKUHQGHQ 8QG NODU LVW DXFK GDVV GLH HPRWLRQDOH %HWHLOLJWKHLW VLWXDWLYHEHQIDOOVYRQGHUMHZHLOLJHQ9HUIDVVWKHLWGHUOHUQHQGHQ3HUVRQDEKlQJW (QWVFKHLGHQG LVW GLH VHOEVWEHVWLPPWH 9HUIJXQJ EHU GLH 9HUlQGHUXQJVEHUHLW VFKDIWGXUFK/HUQHQXQGGLHVHLVWHQJPLW6LQQVWLIWXQJJHNRSSHOW
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
6LQQILQGXQJ±6HOEVWEHVWLPPXQJ±5HIOH[LYLWlW 'LH(QWWUDGLWLRQDOLVLHUXQJLVWHLQ.HQQ]HLFKHQXQVHUHUKHXWLJHQZHVWOLFKHQ:HOW 'DVEHGHXWHWLQGLHVHP=XVDPPHQKDQJGDVVKHXWHQLFKWPHKUGLH7UDGLWLRQHLQH ]HQWUDOH%DVLVGHU,GHQWLWlWVELOGXQJLVWYJO0DURW]NL6 YLHOPHKULVW GDV6XEMHNWDXIYHUQQIWLJH6HOEVWEHVWLPPXQJXQGDXIGLHHLJHQH9HUIJEDUNHLW YRQ0|JOLFKNHLWHQ]XUFNJHZRUIHQ:LHDOVR0HQVFKHQ PLWGHQJHVHOOVFKDIWOL FKHQ %HGLQJXQJHQ LQ GHQHQ VLH VLFK NRQWH[WXHOO EHILQGHQ XPJHKHQ ZLH VLH HWZD(QWVFKHLGXQJHQVHOEVWVWlQGLJWUHIIHQKlQJWGDPLW]XVDPPHQLQZLHIHUQVLH LQ GLHVHQ 6LWXDWLRQHQ IlKLJ VLQG DGlTXDW ]X KDQGHOQ XQG VLFK GDPLW DOV DNWLYH HLJHQVWlQGLJ KDQGHOQGH 6XEMHNWH ZDKUQHKPHQ 'DEHL LVW IU HLQH JHOLQJHQGH ,QGLYLGXDWLRQ ]HQWUDO ZHOFKH %HGHXWXQJ VLH GHQ 6LWXDWLRQHQ RGHU LKUHQ (UIDK UXQJHQ]XVFKUHLEHQXQGREVLHLQGHU/DJHVLQGGDUDXVSHUV|QOLFKHPRWLRQDOHQ 6LQQ]XJHQHULHUHQ0LW0DURW]NL6 LVWLQGLHVHP=XVDPPHQKDQJGHU 3UR]HVV GHU .RQVWUXNWLRQ YHUlQGHUWHU 3HUVSHNWLYHQ XQG 6LQQ]XVFKUHLEXQJHQ DOV ZHVHQWOLFKH =LHOULFKWXQJ YRQ %LOGXQJVSUR]HVVHQ ]X EHWUDFKWHQ EHL GHU QHXH +DQGOXQJVP|JOLFKNHLWHQHU|IIQHWXQGQHXDUWLJH:HOWYHUVWHKHQVZHLVHQHUVFKORV VHQZHUGHQN|QQHQ$XFK0HXHOHUVFKOlJWYRUXQVHU+DQGHOQÄHEHQVRZLHXQVHU )KOHQ 'HQNHQ XQG :ROOHQ VDPW DOOHQ ]XJUXQGHOLHJHQGHQ (LQVWHOOXQJHQ 6HOEVWELOGHUQ'HXWXQJVPXVWHUQXQG%HGUIQLVVHQ³0HXHOHU6 VHOEVW ]XEHVWLPPHQXQGVLFKQLFKWGHPJHVHOOVFKDIWOLFKHQ1XW]HQ]XXQWHUZHUIHQ'DV ,QGLYLGXXP LVW KHUDXVJHIRUGHUW VLFK GHP Ä0DUNW PLW VHLQHQ 0DFKW XQG +HUU VFKDIWVVWUXNWXUHQ]XZLGHUVHW]HQ:LGHUVSUXFK]XEHQJHJHQEHUGHUNDSLWDOLV WLVFKHQ6\VWHPORJLN³0HXHOHU6 XQGGDGXUFK6HOEVWEHVWLPPXQJDXFK LP%LOGXQJVSUR]HVV]XHUODQJHQ6HOEVWEHVWLPPXQJHUIRUGHUWDOOHUGLQJV ÄGLH)lKLJNHLWGDV6HOEVWYHUVWlQGOLFKH]XEH]ZHLIHOQGDV8QJHZ|KQOLFKHHUQVW KDIWLQGHQ%OLFN]XQHKPHQ.ULWLN]XEHQZHQQGLH6HOEVWEHVWLPPXQJJHIlKUGHW LVW³0HXHOHU6
,QGLHVHP6LQQHVWHKW%LOGXQJHQJLP=XVDPPHQKDQJPLW:LGHUVWDQGXQG:L GHUVWDQGVNUDIW:HQQHLQH/HUQNXOWXUGD]XEHLWUlJWGLHHLJHQHQ:LGHUVWDQGVUHV VRXUFHQ]XHUZHLWHUQZHQQHV]XP$XVEDXYRQ&RSLQJVWUDWHJLHQXQGGDPLW]XU (UZHLWHUXQJ YRQ +DQGOXQJVP|JOLFKNHLWHQ NRPPW LVW HV DXFK P|JOLFK ± PLW $QWRQRYVN\ JHVSURFKHQ ± GDV .RKlUHQ]JHIKO ]X VWlUNHQ :HQQ GXUFK HLQH KHUDXVIRUGHUQGH /HUQNXOWXU GLH /HUQHQGHQ LQ GHU /DJH VLQG LKUH ELRJUDILVFKHQ 3UR]HVVH]XUHIOHNWLHUHQ XQG VRLKU /HEHQEHVVHU]X YHUVWHKHQ NDQQ(UZDFKVH QHQELOGXQJHLQHQOHUQZLUNVDPHQ3UR]HVVI|UGHUQ $XFKZHQQHVQLFKWP|JOLFKLVWEHUGLHHLJHQHQ/HEHQVXPVWlQGHXQG/H EHQV]XVDPPHQKlQJH Y|OOLJ EHOLHELJ ]X YHUIJHQ VR VLQG ZLU GRFK ÄIUHL GLHVH
0HQVFKHQELOGDQQDKPHQ
%HJUHQ]XQJHQ ]X HUNHQQHQ XQG ]X HUZHLWHUQ³ 0HXHOHU 6 'DPLW LVW JHQDXMHQH)lKLJNHLWGHV(UNHQQHQVYRQ/HEHQVEHGLQJXQJHQGHV1DFKGHQNHQV EHU YHUIJEDUH 0|JOLFKNHLWHQ GHV hEHUOHJHQV YRQ %HGHXWXQJHQ YHUJDQJHQHU (UIDKUXQJHQ XYDP PLWKLQ GHV 5HIOHNWLHUHQV DQJHVSURFKHQ GLH XQDEGLQJEDU IUGDV(UNHQQHQHLJHQHU/HUQOHLVWXQJHQLVW'LHVWULIIWGLH$XIIDVVXQJGDVVGHU /HUQHQGHHLQ ÄUHIOH[LYHV 6XEMHNW >LVW@ GDV $QQDKPHQ XQG (UNOlUXQJHQ ELOGHW EHUSUIW XQG ]XU+DQGOXQJVVWHXHUXQJDQZHQGHW'LH0|JOLFKNHLW]XU5HIOH[LYLWlWVHW]WGHQ0HQ VFKHQGDQQLQGLH/DJHDXFKGLHLQQHUHQ3UR]HVVHVHLQHV+DQGHOQVGLH=LHOH,QWHQ WLRQHQ*UQGHHWFVHOEVW]XLQWHUSUHWLHUHQ³*DVWDJHU6
'LHVH$VSHNWHIUHLQH/HUQNXOWXU]XEHUFNVLFKWLJHQHUODQJWLP0RGHOOHQWZXUI GXUFKGLH$UEHLWDQGHU6FKOVVHONRPSHWHQ]%LRJUDSKL]LWlWYJO$OKHLWXQG %HUFNVLFKWLJXQJ .RKlUHQ]±.RPPXQLNDWLYLWlW±6R]LDOLWlW .RKlUHQ] EH]LHKW VLFK DXI GLH HLJHQH /HEHQVJHVWDOWXQJ GLH :DKUQHKPXQJ YRQ 6HOEVWXQG:HOWDXIGDV:LVVHQXP5HVVRXUFHQGLH)lKLJNHLWLP8PJDQJPLW HLJHQHQ *HIKOHQ GLH .RPSHWHQ] ]X DGlTXDWHP +DQGHOQ DXI GLH %HUHLWVFKDIW XQG )lKLJNHLW ]XU 9HUVWlQGLJXQJ XQG OHW]WOLFK DXI GLH DNWLYH 7HLOKDEH LQ GHU *HVHOOVFKDIW (LQ KRKHV .RKlUHQ]JHIKO ]HLJW VLFK LQ GHU 9HUIJEDUNHLW YRQ %HZlOWLJXQJVVWUDWHJLHQLP9HUWUDXHQIOH[LEHOXQGVLWXDWLRQVDGlTXDW]XKDQGHOQ LPHIIHNWLYHQ(LQVDW]YRQ5HVVRXUFHQHPRWLRQDONRJQLWLYPDWHULHOOSHUVRQHOO LP6XFKHQXQG)LQGHQYRQJHHLJQHWHQ:HJHQXPGLH/HEHQVSUREOHPH]XO|VHQ PLWKLQGDV/HEHQ]XEHZlOWLJHQ'DEHLJHKWHVDEHUQLFKWXPGLH(QWIDOWXQJGHU 3HUV|QOLFKNHLW XP LKUHU VHOEVW :LOOHQ VRQGHUQ XP GLH $XVVWDWWXQJ ]XU +DQG OXQJVIlKLJNHLWLQXQVHUHU:HOW.RKlUHQ]LVWDXFKQLFKW ÄGDVREMHNWLYLHUEDUH5HVXOWDWGHU,GHQWLWlWVDUEHLWGDVDXIGDVSHUV|QOLFKH.RQWR ZLH GDXHUKDIWHU %HVLW] JHVFKULHEHQ ZHUGHQ N|QQWH VRQGHUQ HLQ 3UR]HVVJHVFKHKHQ GHU VWlQGLJHQ %DODQFH XQG $XVWDULHUXQJ YRQ (UIDKUXQJHQ PLW GHU HLJHQHQ +DQG OXQJVZLUNVDPNHLW LQ HLQHU $OOWDJVZHOW GLH OlQJVW QLFKW LPPHU GHQ HLJHQHQ (UZDU WXQJHQ HQWVSULFKW .RKlUHQ] LVW HLQ *UXQGSULQ]LS XQVHUHU ,QQHQZHOWRUJDQLVDWLRQ³ .HXSSHWDO6
=XGLHVHP*UXQGSULQ]LSJHK|UWDXFKGDV:LVVHQGDVVGLHJHVHOOVFKDIWOLFKH.RQ VWUXLHUWKHLWYRQ:LVVHQXQGGHUVLWXDWLYH.RQWH[WSUlJHQGVLQGIUGLH'HQNZHL VHQ 'HXWXQJVPXVWHU XQG ,QWHUSUHWDWLRQVVSLHOUlXPH 'DV KHLW GDVV 0HQVFKHQ LPNRPPXQLNDWLYHQ$XVWDXVFKPLWDQGHUHQLQGHU*HPHLQVFKDIWHUNHQQHQGDVV
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
VR]LDOH(UIDKUXQJHQVHOEVWELOGHQGHQ&KDUDNWHUKDEHQ'DPLWLVWDXFKGLHP|JOL FKH *HVWDOWEDUNHLW LP 6LQQH GHU 9HUIJXQJVHUZHLWHUXQJ YRQ :HOW YHUEXQGHQ ZRPLW ZLUDQ,QGLYLGXDOLWlW XQG*HPHLQVFKDIWOLFKNHLWJHZLQQHQ6RILQGHW /HU QHQ LQ 3UR]HVVHQ PHQVFKOLFKHU .RPPXQLNDWLRQ XQG ,QWHUDNWLRQ VWDWW XQG LVW GDUEHUKLQDXVGLVNXUVLYHLQJHEHWWHWLQGLHVR]LDOHQ9HUKlOWQLVVHGHU/HEHQVZHOW YJO0LNXOD6 'LHVHJUXQGOHJHQGHQ2ULHQWLHUXQJVSXQNWHIUGLH(QWZLFNOXQJGHV0RGHOOV HLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXUVLQGQLFKWDOVHLQDEJHVFKORVVHQHV*DQ]HV ]XVHKHQVRQGHUQVLHVWHOOHQHLQHRIIHQHXQGYHUlQGHUEDUH%DVLVGDU'LHVGHFNW VLFKPLWGHU6LFKWZHLVHGDVVGLH%LOGXQJXQG$XVELOGXQJYRQ6XEMHNWHQ±XQG GDPLWGLHLQGLYLGXHOOH(QWZLFNOXQJGHV.RKlUHQ]JHIKOV±HLQXQDEJHVFKORVVH QHU 3UR]HVV LVW HLQJHEXQGHQ LQ GLH UlXPOLFKHQ XQG ]HLWOLFKHQ /HEHQVXPVWlQGH HEHQVRZLHLQGLHVR]LRNXOWXUHOOHQ%HGLQJXQJHQGHUMHZHLOLJHQ*HVHOOVFKDIW'LH ,QLWLLHUXQJ YRQ /HUQ XQG %LOGXQJVSUR]HVVHQ ]LHOW DXI GLH 8QWHUVWW]XQJ ]XU 6XEMHNWZHUGXQJ RGHU DQGHUV JHVDJW DXI GLH (LJHQVWlQGLJNHLW GHU 3HUVRQ XQG GHUHQ%HIlKLJXQJ]XUDQHLJQHQGHQ$XVHLQDQGHUVHW]XQJPLWGHU:HOW(LQHNRKl UHQ]RULHQWLHUWH/HUQNXOWXUXQWHUVWW]W0HQVFKHQLQ%LOGXQJVSUR]HVVHQGDULQGDVV VLHOHUQHQLKU/HEHQNRQVWUXNWLY]XEHZlOWLJHQGDVVVLHYHUVWHKHQZDVUXQGXP VLHSDVVLHUWXQGGDVVVLHLKUHQ(UIDKUXQJHQ6LQQ]XVFKUHLEHQN|QQHQ'LHVYROO ]LHKWVLFKHQWVSUHFKHQGGHU0HQVFKHQELOGDQQDKPHQLQGUHLIDFKHU+LQVLFKWQlP OLFK LQ GHU NRJQLWLYUHIOH[LYHQ %HVFKlIWLJXQJ PLW GHU 6LWXDWLRQ GHU DNWLYHQ +DQGOXQJXQGGHUHQHPRWLRQDOHQ9HUDUEHLWXQJ0DQN|QQWHVDJHQ-HEHVVHUHV DOVRHLQHP6XEMHNWJHOLQJWLQVHLQHP/HEHQ9HUNQSIXQJHQKHU]XVWHOOHQGLHDOV VXEMHNWLYVWLPPLJXQGDXWKHQWLVFKHUOHEWZHUGHQXPVRPHKUHQWVWHKWHLQSRVLWL YHV,GHQWLWlWVJHIKOXQGXPVRVWlUNHUZLUGGDV*HIKOGHU.RKlUHQ]VHLQ 9RUJHKHQVZHLVHLP0RGHOOHQWZXUI $XI GHU JUXQGOHJHQGHQ %DVLV GLHVHU $QQDKPHQ VFKOLHH LFK IU GHQ NRQNUHWHQ $XVJDQJVSXQNW LQ GHU (QWZLFNOXQJ GHV 0RGHOOV HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXUIROJHQGHhEHUOHJXQJHQDQ*HKWPDQGDYRQDXVGDVV:LVVHQVFKDIWH U,QQHQQDFKEHVWLPPWHQ0DVWlEHQXQG.ULWHULHQ(QWZUIHJHVWDOWHQVREHGHX WHW GLHV VLFK DXI EHUHLWV EHVWHKHQGH 0RGHOOH ]X EH]LHKHQ XQG GLHVH JHPl GHU ]HQWUDOHQ )UDJHVWHOOXQJ XQG =LHOVHW]XQJ ZHLWHU ]X HQWZLFNHOQ 'DV HQWVSULFKW HLQHU'HQNZHLVHGLHDXIYHUlQGHUEDUHVXQGHUZHLWHUEDUHV:LVVHQDE]LHOW9LHO IDOW]XOlVVWXQGJOHLFK]HLWLJQHXDUWLJH+HUDXVIRUGHUXQJHQHQWVWHKHQOlVVW9LHOIDOW DOV9RUWHLOZLUG]XU5DKPHQEHGLQJXQJPLWHQWVSUHFKHQGHP(QWZLFNOXQJVSRWHQ ]LDO%HLGHUhEHUWUDJEDUNHLWYRQ7KHRULHNRQ]HSWHQE]ZEHJULIIOLFKHQ.RQVWUXN
9RUJHKHQVZHLVHLP0RGHOOHQWZXUI
WHQ LVW 9RUVLFKW EH]JOLFK GHU %HGHXWXQJVYHUVFKLHEXQJHQ E]Z ,QWHUSUHWDWLRQV ZHLVHQJHERWHQ$QVFKOXVVOHLVWXQJHQVLQGGHPJHPlLQLKUHUIXQNWLRQDOHQ,QWHU SUHWDWLRQ ]X VHKHQ 'LHVHV 9HUVWlQGQLV EHLQKDOWHW DXFK GLH =LHOVHW]XQJ HLQHV GHUDUWLJHQ 9RUKDEHQV QlPOLFK $QWZRUWHQ DXI GLH )UDJH ]X ILQGHQ LQZLHZHLW HLQHLQWHUGLV]LSOLQlUH+HUDQJHKHQVZHLVHLQGHU/DJHLVWHLQHNRKlUHQ]RULHQWLHUWH DXI GLH 6WlUNXQJ GHU 6XEMHNWH EH]RJHQH /HUQNXOWXU ]X NRQ]LSLHUHQ ZHOFKH GDEHL DXFK GLH JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQJVSUR]HVVH DOV VWUXNWXUHOOH 5DK PHQEHGLQJXQJHQLPSOL]LHUW'LHVHU$QVDW]VWHOOWVLFKLQHLQHU'RSSHOSHUVSHNWLYH GHQ %LOGXQJVP|JOLFKNHLWHQ XQG QRWZHQGLJNHLWHQ GHU OHUQHQGHQ 6XEMHNWH LQ VWUXNWXUHOOJHUDKPWHQ%LOGXQJVSUR]HVVHQYJO:LWWSRWK XQGEHUFNVLFKWLJW ]XJOHLFKGLHVWUXNWXUHOOHQ5DKPHQEHGLQJXQJHQGHU*HVHOOVFKDIW 7KHRUHWLVFKHU5HIHUHQ]UDKPHQ ,P )ROJHQGHQ ZLUG GDUJHOHJW DXI ZHOFKH JUXQGOHJHQGHQ 7KHRULHDQJHERWH XQG /HUQNRQ]HSWH VLFK GLH .RQ]HSWLRQLHUXQJ VWW]W XQG ZLH HLQH NRPSDWLEOH $XV ZDKODXVEHUHLWVEHVWHKHQGHQ (QWZUIHQJHWURIIHQ ZHUGHQ NDQQ(LQH0|JOLFK NHLW IU GLH LQKDOWOLFKH *HVWDOWEDUNHLW EHVWHKW GDULQ 7KHPHQIHOGHU LQKDOWOLFKH 6XEVWDQ]HQXQG0DUNLHUXQJHQEHUHLWVEHVWHKHQGHU0RGHOOHGHUDUW]XEHDUEHLWHQ GDVV LQWHQGLHUWH /HUQNRQ]HSWH XQG GLH GDPLW DQYLVLHUWHQ =LHOVHW]XQJHQ GHXWOLFK ZHUGHQ $XV GLHVHU 9LHO]DKO ZlUH LQ ZHLWHUHU )ROJH HLQ JHHLJQHWHV %QGHO YRQ (LQ]HODVSHNWHQDXV]XZlKOHQXQGIUGLH$XVGLIIHUHQ]LHUXQJGHV0RGHOOHQWZXUIV QHX]XYHUDUEHLWHQ'DVZUGHEHGHXWHQDXVHLQHUGRFKEHWUlFKWOLFKHQ$Q]DKODQ .RQ]HSWHQ ]XU /HUQNXOWXU HLQH DGlTXDWH 5HGXNWLRQ DXI GDV 1W]OLFKH XQG :H VHQWOLFKH YRU]XQHKPHQ :LFKWLJ HUVFKLHQH GDEHL GLH 9HUQHW]WKHLW XQG GLH 3UR ]HVVKDIWLJNHLW HLQ]HOQHU $VSHNWH LQVRIHUQ HUQVW ]X QHKPHQ DOV UHOHYDQWH 7KH PHQEHUHLFKH ]XQlFKVW H[WUDKLHUW ZUGHQ XP VLH GDQDFK ]X HLQHP JHVDPWHQ (QWZXUI HLQHU /HUQNXOWXU PHKU RGHU ZHQLJHU VXPPDULVFK ]XVDPPHQ]XIJHQ 'LHVH%DXVWHLQHGDQQQHX]XVDPPHQ]XVHW]HQVROOHLQTXDOLWDWLYQHXDUWLJHV0R GHOOKHUYRUEULQJHQ,QGLHVHP6LQQHZlUHHLQGHUDUWNRQ]LSLHUWHU0RGHOOHQWZXUI ÄHLQ NRPSOH[HV JHELOGH JHLVWLJHU WlWLJNHLW HU KlOW VLFKDQ GLH VDFKH XQG DQ IRUGHUXQJHQHUJUHLIWDXIIDNWHQ]XUFNXQG|IIQHWQHXHGHQNUlXPHHU]lKOWGLHHUE VHQXQGUHLWSHUVSHNWLYHQDXIHUEHUHFKQHWXQGHU|IIQHWODQGVFKDIWHQGHUP|JOLFK NHLWHQ³DLFKHU6
(LQH]ZHLWH0|JOLFKNHLWLQGHU0RGHOOELOGXQJ±GLHLP)ROJHQGHQDXFKJHZlKOW ZLUG ±EHVWHKW GDULQ GLH HUNHQQWQLVOHLWHQGHQ )UDJHVWHOOXQJHQ DOV *UXQGODJH XQG 2ULHQWLHUXQJIUGLH8QWHUVFKHLGEDUNHLWGHUHLQ]HOQHQ7KHRULHDVSHNWH]XQXW]HQ 'HPJHPl ZLUG YHUVXFKW GLH 7KHRULHNRQVWUXNWH LQ GHQ EHUHLWV EHVWHKHQGHQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
/HUQNXOWXUPRGHOOHQQDFKLKUHQ7UDQVIHUP|JOLFKNHLWHQKLQ]XUHNRQVWUXLHUHQXQG ]XDQDO\VLHUHQ'DVEHGHXWHWLQGHU0RGHOONRQ]HSWLRQIROJHQGH)UDJHQ]XVWHO OHQ:RGXUFKNDQQGLH.RPSRQHQWHGHU9HUVWHKEDUNHLWJHVWlUNWZHUGHQ"%H]J OLFKGHU.RPSRQHQWHGHU%HZlOWLJEDUNHLWVWHOOWVLFKGLH)UDJHZHOFKH5HVVRXU FHQ LQ HLQHU /HUQNXOWXU DNWLYLHUW ZHUGHQ XP GLH +DQGOXQJVP|JOLFKNHLWHQ ]X HUZHLWHUQ:LHNDQQGLH.RPSRQHQWHGHU%HGHXWVDPNHLWHWZDPLWGHU5HIOH[LRQ YRQ/HUQSUR]HVVHQXQGGHU6HOEVWUHIOHNWLYLWlWHLJHQHU/HUQOHLVWXQJHQLQ=XVDP PHQKDQJ JHEUDFKW ZHUGHQ" =XEHDFKWHQ LVW GDEHL GLH9HUQHW]WKHLW XQG,QWHUGH SHQGHQ] GHU HLQ]HOQHQ LQKDOWOLFKHQ $VSHNWH 'LH EORH 9HURUWXQJ XQG GDPLW DXFK=XRUGQXQJ±ZLHHWZD6HOEVWZLUNVDPNHLW]XU.RPSRQHQWH6LQQKDIWLJNHLW± GDUI QLFKW (LQGHXWLJNHLW YRUWlXVFKHQ (LQGHXWLJH =XRUGQXQJHQ VLQG QXU YRUGHU JUQGLJP|JOLFKYLHOPHKUVLQGGLHLP0RGHOOHQWZXUINRQ]LSLHUWHQ(OHPHQWHDOV NRPSRQHQWHQEHUJUHLIHQGXQGHQJPLWHLQDQGHUYHUVFKUlQNW]XGHQNHQ(VEOHLEW LQGHUNRQ]HSWLRQHOOHQ$UEHLWZRKOQLFKWVDQGHUHVEULJDOVVHPDQWLVFK]XGLIIH UHQ]LHUHQJOHLFK]HLWLJVROODEHUHLQ0RGHOOHQWZXUI PLWLQKDOWOLFKVWDUNDXVVDJH NUlIWLJHQUHOHYDQWHQ.RPSRQHQWHQHQWVWHKHQZHOFKHUGHQ.ULWHULHQGHU.RQVLV WHQ]DEHUDXFKGHULQQHUHQ.RKlUHQ]IROJW 'HU)RUVFKXQJVSUR]HVVVHOEVWVWHOOWHLQUHNXUVLYHV:HFKVHOVSLHOYRQEHJULII OLFKHQ.OlUXQJHQXQGGHUHQ,QWHJUDWLRQLQGLHMHZHLOLJHQ.RPSRQHQWHQGHV.R KlUHQ]JHIKOV GDU 'LHVH ]LUNXOlUH 9HUIDKUHQVZHLVH GLH KHUPHQHXWLVFKHQ =X JlQJHQ HQWVSULFKW ± ]XYRU JHZRQQHQH %HGHXWXQJHQ EHHLQIOXVVHQ JHJHQZlUWLJH ,QWHUSUHWDWLRQHQ±NQSIWDQLQWHUSUHWDWLYH9HUIDKUHQDQXQGVWHOOWJOHLFK]HLWLJGLH :HJHLP3UR]HVVGHU(UNHQQWQLVJHZLQQXQJGDU $OV %H]XJVTXHOOHQ IU GLH .RQ]HSWLRQ GHV 0RGHOOHQWZXUIV GLHQHQ *HVHOO VFKDIWVWKHRULHQ /HUQWKHRULHNRQ]HSWH DXV GHU (UZDFKVHQHQELOGXQJ VRZLH ELO GXQJVWKHRUHWLVFKH *UXQGODJHQ ]XP /HUQHQ YRQ (UZDFKVHQHQ XQG HLQ PHGL]LQ VR]LRORJLVFKHV 0RGHOO ]XU *HVXQGKHLWVI|UGHUXQJ GLH DOOHVDPW GHQ RULHQWLHUHQ GHQ5DKPHQ±LQGHU )ROJH 5HIHUHQ]UDKPHQ JHQDQQW±]XU0RGHOOELOGXQJGDU VWHOOHQ'LHVHU5HIHUHQ]UDKPHQEHVWHKW]XVDPPHQJHQRPPHQ DXV GHU $QDO\VH GHU JHVHOOVFKDIWOLFKHQ 0RGHUQLVLHUXQJVSUR]HVVH ZHOFKH GXUFK]HQWUDOH6FKOVVHOEHJULIIHDEVWUDKLHUWXQGYHUGHXWOLFKWZHUGHQ DXVGHQJHJHQZlUWLJGLVNXWLHUWHQ/HUQWKHRULHQ/HUQNRQ]HSWHQXQG/HUQNXO WXUPRGHOOHQIUGHQ%HUHLFKGHU(UZDFKVHQHQELOGXQJVRZLH DXV GHP 0RGHOO GHU 6DOXWRJHQHVH PLW GHP ]HQWUDOHQ .RQ]HSW GHV .RKl UHQ]JHIKOV 'LHVH %H]XJVTXHOOHQ VWHKHQ LP )RUVFKXQJVGHVLJQ GHV 0RGHOOHQWZXUIV QLFKW DGGLWLYQHEHQHLQDQGHUVRQGHUQVLHYHUZHLVHQMHZHLOVLQKDOWOLFKDXIHLQDQGHU'DV EHGHXWHWGDVVGHU0RGHOOHQWZXUILQPLWHLQDQGHUYHUVFKDFKWHOWHQ%HREDFKWXQJV
9RUJHKHQVZHLVHLP0RGHOOHQWZXUI
SHUVSHNWLYHQHUIROJW6FKZLHULJLVWDOOHUGLQJVGLH=XRUGQXQJYRQ(LQ]HODVSHNWHQ GLH MHZHLOV VFKZHUSXQNWPlLJ DXI HLQH .RPSRQHQWH GHV .RKlUHQ]JHIKOV YHU ZHLVHQ 1DFKGHP GLHVH =XRUGQXQJ DEHU ZHGHU V\VWHPDWLVFK QRFK V\VWHPLVFK XQGQDWUOLFKDXFKQLFKWZLOONUOLFKHUIROJHQNDQQZLUGHLQHVFKZHUSXQNWPlL JHLQKDOWOLFKH=XRUGQXQJYRUJHQRPPHQ'DVEHGHXWHWGDVVQLFKWDOOHEHOLHELJHQ =XVDPPHQKlQJHLQWHJULHUWZHUGHQVRQGHUQH[HPSODULVFKVROFKHGLHGHQ%HGHX WXQJVLQKDOWHQGHUMHZHLOLJHQ.RPSRQHQWHHQWVSUHFKHQ 6R JHVHKHQ LVW GLHVHU PHKUSHUVSHNWLYLVFK DQJHOHJWH 0RGHOOHQWZXUI ]XP (UVWHQDOVhEHUWUDJXQJHLQHVPHGL]LQVR]LRORJLVFKHQ.RQ]HSWHVLQGLH(UZDFKVH QHQELOGXQJ ]X YHUVWHKHQ ]XP =ZHLWHQ ZHUGHQ .RPSRQHQWHQ GHV .RQ]HSWHV .RKlUHQ]JHIKOLQEHUHLWVEHVWHKHQGH7KHRULHDQVlW]H]XU/HUQNXOWXUVHPDQWLVFK LQWHJULHUW XQG ]XP 'ULWWHQ KDQGHOW HV VLFK KLHUEHL XP HLQH :HLWHUHQWZLFNOXQJ HLQHU/HUQNXOWXUIUGLH(UZDFKVHQHQELOGXQJ .RQ]HSWLRQHOOH3HUVSHNWLYHQ 'LHVH hEHUOHJXQJHQ ODVVHQ QXQ DXI GHU NRQVWUXNWLYWKHRUHWLVFKHQ (EHQH GLH )UDJH]XZHOFKHNRQNUHWHQ3HUVSHNWLYHQLQGLH.RQ]HSWLRQGHV0RGHOOVHLQJH DUEHLWHW ZHUGHQ ,Q $QOHKQXQJ DQ GLH WKHRUHWLVFKHQ =XJlQJH ]XP /HUQHQ (U ZDFKVHQHUYJO.DGH1LWWHO6HLWWHU VLQGIUGHQ0RGHOOHQWZXUIYLHUWKHR UHWLVFKH 3HUVSHNWLYHQ JUXQGOHJHQG QlPOLFK GLH ELOGXQJVRULHQWLHUWH 3HUVSHNWLYH GLH OHUQWKHRUHWLVFKH 3HUVSHNWLYH GLH VXEMHNWRULHQWLHUWH 3HUVSHNWLYH XQG GLH ELR JUDILHRULHQWLHUWH3HUVSHNWLYH'HU0RGHOOHQWZXUI]LHOW]XVDPPHQJHQRPPHQDXI GLH 8QWHUVWW]XQJ XQG %HJOHLWXQJ LQ GHU .RPSHWHQ]HQWZLFNOXQJ DXI XQWHU VFKLHGOLFKHQ (EHQHQ 'LH HLQ]HOQHQ 3HUVSHNWLYHQ EH]LHKHQ VLFK DXI .RQ]HSWH XQG $QVlW]H]XP /HUQHQ YRQ(UZDFKVHQHQ XQGVHW]HQMHZHLOVXQWHUVFKLHGOLFKH $N]HQWHLQGHULQKDOWOLFKHQ6FKZHUSXQNWELOGXQJLQGHU$QQDKPHEHUGDV9HU KlOWQLVYRQ/HKUHQXQG/HUQHQLQGHQ]HQWUDOHQ6FKOVVHOEHJULIIHQVRZLHLQGHU 9HUKlOWQLVEHVWLPPXQJYRQ%LOGXQJXQG.RPSHWHQ]HQWZLFNOXQJLP6SDQQXQJV IHOG]ZLVFKHQ,QGLYLGXXPXQG*HVHOOVFKDIW 'LHELOGXQJVRULHQWLHUWH3HUVSHNWLYH 'LH3HUVSHNWLYHLQGHU(UZDFKVHQHQELOGXQJLQ%H]XJ]XU%LOGXQJLVWÄLP6LQQH DXIJHNOlUWHUXQGPQGLJHU6XEMHNWH³.DGH1LWWHO6HLWWHU6 ]XVHKHQ GLHVLFKLQ%LOGXQJVSUR]HVVHQXQWHUVFKLHGOLFKH.RPSHWHQ]HQ]XU/HEHQVEHZlO WLJXQJHUZHUEHQXQGLQGHU/DJHVLQGHLQHLJHQYHUDQWZRUWOLFKHVVHOEVWEHVWLPP WHV /HEHQ ]X IKUHQ 'LH (UZDFKVHQHQ VWHKHQ GDEHL LP =HQWUXP HLQHU QHXHQ OHEHQVQDKHQ /HUQNXOWXU XQG ZHUGHQ LP 6LQQH GHV /HEHQVODQJHQ /HUQHQV DOV
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
$XVJDQJVXQG=LHOSXQNWYRQ%LOGXQJJHVHKHQ'DV=LHOYRQ%LOGXQJLVWLQGLH VHP6LQQHPLWGHP%HJULIIGHU6XEMHNWHQWZLFNOXQJWUHIIHQGJHIDVVW6RLVW Ä« 6XEMHNWHQWZLFNOXQJ DOV VR]LDOHV (UHLJQLV DOV 2IIHQKHLW IU IUHPGH 1|WH « XQGDOVNUHDWLYH*HVWDOWXQJKXPDQHU*HPHLQVFKDIWQLFKWGHQNEDU« RKQHSR OLWLVFKH5HIOH[LRQRKQHEHZXVVWHQ(LQEH]XJVXEMHNWLYHU.|USHUOLFKNHLWRKQH6SRQ WDQHLWlW GHV IUHLHQ (LQIDOOV RKQH 9HUJQJHQ DOV SXUH (QHUJLH³ 0HXHOHU 6
'DV9HUVWHKHQGLHVHV0HFKDQLVPXVGHU6HOEVWNRQVWLWXLHUXQJPDUNLHUWHLQHZHL WHUH ZLFKWLJH 3HUVSHNWLYH QlPOLFK GLH (LQVLFKW GDVV /HUQNXOWXUZDQGHO :LVVHQ EHUGDV/HUQHQYRUDXVVHW]W(UVWGDQQLVWGLH9RUEHGLQJXQJIUHLQHSURIHVVLR QHOOH*HVWDOWXQJHLQHUQHXHQ/HUQNXOWXUJHJHEHQ%HWUDFKWHWPDQGLHYRQ+HQWLJ YRUJHOHJWHQ%LOGXQJVPDVWlEHVRODVVHQGLHVHDQGDV.RQ]HSWGHV.RKl UHQ]JHIKOVGHQNHQ Ä$EVFKHXXQG$EZHKUYRQ8QPHQVFKOLFKNHLWGLH:DKUQHKPXQJYRQ*OFNGLH )lKLJNHLWXQGGHQ:LOOHQVLFK]XYHUVWlQGLJHQHLQ%HZXWVHLQYRQGHU*HVFKLFKW OLFKNHLWGHUHLJHQHQ([LVWHQ] :DFKKHLWIUOHW]WH)UDJHQXQGGLH%HUHLWVFKDIW ]XU 6HOEVWYHUDQWZRUWXQJXQG9HUDQWZRUWXQJLQGHUUHVSXEOLFD³+HQWLJ6
8P GLHVHQ .ULWHULHQ ]X HQWVSUHFKHQQ LVW HLQ JXWHV .RKlUHQ]JHIKO QRWZHQGLJ GDVV GDUEHU KLQDXV +HQWLJV %LOGXQJVPDVWlEH DXFK QRFK HWKLVFKH ,PSOLNDWLR QHQLQVLFKWUDJHQGLHVHUVFKHLQWPLUHLQ ZLFKWLJHU$VSHNW]XVHLQ±GHQQGD]X ILQGHQ VLFK ZLU LP .RQ]HSW GHV .RKlUHQ]JHIKOV OHLGHU NHLQH $QWZRUWHQ %H WUDFKWHWPDQMHGRFKGLH$XVIKUXQJHQYRQ+HQWLJVRZLUGGHXWOLFKGDVVHVEHL LKPDXFK±HEHQVR ZLHEHLP .RKlUHQ]JHIKO±XPHLQHSRVLWLYH/HEHQVJHVWDO WXQJJHKW%HLGHVLVWPHLQHU$QVLFKWQDFKHLQXQDEVWUHLWEDUHU7HLOHLQHU3HUV|Q OLFKNHLWVHQWZLFNOXQJ ± XQG GDPLW QLFKW DEJHVFKORVVHQ VRQGHUQ VWHWV LP *DQJH EHJULIIHQ.RKlUHQ]EH]LHKWVLFKDXIGLHHLJHQH/HEHQVJHVWDOWXQJDXIGLH:DKU QHKPXQJYRQ6HOEVWXQG:HOWDXIGDV:LVVHQXP5HVVRXUFHQDXIGLH)lKLJNHLW ]XP8PJDQJPLWHLJHQHQ*HIKOHQDXIGLH.RPSHWHQ]]XDGlTXDWHP+DQGHOQ DXI GLH %HUHLWVFKDIW ]X NRPPXQL]LHUHQ DXI GLH 7HLOKDEH LQ GHU *HVHOOVFKDIW 'LHVH )DNWRUHQ VLQG %HVWDQGWHLOH 3UR]HVVH (UJHEQLVVH YRQ JHOLQJHQGHU %LO GXQJVDUEHLWVLHVWHOOHQHLQH]HQWUDOH3HUVSHNWLYHLP0RGHOOHQWZXUIGDU1LPPW PDQGLHVH%LOGXQJVPDVWlEHDOVJUXQGOHJHQGH2ULHQWLHUXQJXQGDXFKDOV*UXQG VlW]H HLQHV /HUQNXOWXUPRGHOOV GDQQ EHQ|WLJHQ 0HQVFKHQ HLQHUVHLWV HLQ VWDUNHV .RKlUHQ]JHIKOXPGLHVHQ$QVSUFKHQJHUHFKW]XZHUGHQXQGDQGHUHUVHLWVLVW ]XEHWRQHQGDVVVLFKGLH.RKlUHQ]HLQHU3HUVRQLP3UR]HVVVHLQHU+DQGOXQJHQ HQWIDOWHW
9RUJHKHQVZHLVHLP0RGHOOHQWZXUI
'LHOHUQWKHRUHWLVFKH3HUVSHNWLYH +HXWH ZLUG YLHO YRQ NRQVWUXNWLYLVWLVFKHU /HUQNXOWXU JHVFKULHEHQ LQ GHU /HUQHQ DOVHLQHDNWLYH7lWLJNHLWHLQHVOHUQHQGHQ6XEMHNWHVYHUVWDQGHQZLUG$XFKZHQQ PHLQ 0RGHOO QLFKW DXVVFKOLHOLFK HLQH DXV GHU .RJQLWLRQVWKHRULH HQWVWDQGHQH 6LFKWZHLVH YJO 0DWXUDQD9DUHOD *ODVHUVIHOG YHUIROJW VR LVW GRFK GLH9RUVWHOOXQJGDVVGLH:HOWQLFKWXQDEKlQJLJYRQGHQ,QGLYLGXHQLQWHUSUHWLHUW ZHUGHQNDQQXQGGDVVHLQHREMHNWLYH:LUNOLFKNHLWQLFKWH[LVWLHUWVRQGHUQHVVLFK VWHWV XP HLQH VXEMHNWLY NRQVWUXLHUWH XQG GDPLW DXFK LQWHUSUHWLHUWH :LUNOLFKNHLW KDQGHOW LQ JHZLVVHU :HLVH EHGHXWVDP IU GLH (LQVLFKW LQ GHQ /HUQSUR]HVV YRQ (UZDFKVHQHQ 6R LVW ± EH]RJHQ DXI GLH (UZDFKVHQHQELOGXQJ ± +RUVW 6LHEHUW LQVHLQHUNRQVWUXNWLYLVWLVFKHQ/HUQSHUVSHNWLYHLQVRIHUQ]XIROJHQDOVLFK HEHQIDOOV GDYRQ DXVJHKH GDVV /HUQHQ QLFKW DOV :LVVHQVYHUPLWWOXQJ YRQ DXHQ YHUVWDQGHQ ZHUGHQ NDQQ VRQGHUQ YLHOPHKU DOV LQGLYLGXHOOH $QHLJQXQJ E]Z VXEMHNWLYH9HUDUEHLWXQJXQGGDPLWYRQGHU%LRJUDILHGHU3HUVRQDEKlQJLJH.RQ VWUXNWLRQ:LVVHQNDQQGHPQDFKQLFKWYRQHLQHPOHEHQGHQ6\VWHPDXIHLQDQGH UHV LP %LOGXQJVSUR]HVV EHUWUDJHQ ZHUGHQ VRQGHUQ HV VLQG $QVW|H $QUHJXQ JHQXQG,PSXOVHYRQDXHQGLHGDV,QGLYLGXXPHQWVSUHFKHQGGHUHLJHQHQ9RU HUIDKUXQJHQYHUDUEHLWHWXQGLQVHLQNRJQLWLYHV:LVVHQVQHW]KDQGHOWHVVLFKEHL VSLHOVZHLVH XP HLQIDFKH ,QIRUPDWLRQHQ GHU HLJHQHQ $QVFKOXVVIlKLJNHLW JHPl DXIQLPPW'HUOHUQHQGH(UZDFKVHQHQLPPWGDVZDKU±LP6LQQHGHV:RUWHVGHU :DKUQHKPXQJ± ZDVVR]XVDJHQDOVIUVHLQ'HQNHQRGHUDEHUDXFKIUVHLQHQ +DQGOXQJVNRQWH[W EHGHXWVDP HUVFKHLQW (V EHHLQIOXVVHQ VLFK GLH EHJULIIOLFKHQ .RQVWUXNWLRQHQ XQG GLH VLQQOLFKH :DKUQHKPXQJ JHJHQVHLWLJ 6\VWHPLN YRQ (PRWLRQXQG.RJQLWLRQ ZREHLGLHVHVHOEVWUHIHUHQ]LHOOHQ3UR]HVVHDXIJUXQGGHU VR JHQDQQWHQ VWUXNWXUHOOHQ .RSSHOXQJ YJO 6LHEHUW D 6 II YRQ VR]LR |NRQRPLVFKHQ VR]LRNXOWXUHOOHQ XQG DXFK ELRJUDILVFKHQ .RQWH[WHQ DEKlQJLJ VLQG hEHUOLHIHUWH ,QIRUPDWLRQHQ PVVHQ GHNRGLHUW ZHUGHQ 9HUVWHKHQ VHOEVW LVW HLQVHOEVWUHIHUHQ]LHOOHU9RUJDQJLQGHPGLH3HUVRQGHQ'LQJHQ%HGHXWXQJYHU OHLKW'LH:LVVHQVYHUPLWWOHUVHKHQVLFKLQGLHVHU3HUVSHNWLYHDOVDNWLYH*HVWDOWHU HIIHNWLYHU/HUQXPJHEXQJHQXQGYHUVXFKHQGLH/HUQHQGHQLP3UR]HVVGHV:LV VHQVDXIEDXV ]X XQWHUVWW]HQ :LVVHQ ZLUG GDEHL EHU V\PEROLVFKH =HLFKHQ 6SUDFKH LQ ,QWHUDNWLRQVSUR]HVVHQ YHUPLWWHOW XQG GLH %HGHXWXQJ GLHVHU ,QKDOWH HUIROJW GXUFK .RQVWUXNWLRQ XQG VXEMHNWLYH ,QWHUSUHWDWLRQ (UZDFKVHQHQELOGXQJ NDQQ ]ZDU GD]X DQUHJHQ HLJHQH ,QIRUPDWLRQHQ DXI]XEDXHQ XQG VRPLW :LVVHQ VHOEVW]XNUHLHUHQDEHUGLH9HUDQWZRUWXQJIUGDV/HUQHQOLHJWLQGLHVHU3HUVSHN WLYH EHL GHQ /HKUHQGHQ XQG /HUQHQGHQ /HKUHQGH KDEHQ LQ GHU *HVWDOWXQJ YRQ /HUQXPJHEXQJHQVHOEVWRUJDQLVLHUHQGH3UR]HVVH]XXQWHUVWW]HQ/HUQHQLVWDEHU DXFK VHOEVWJHVWHXHUWHV /HUQHQ HUIRUGHUW VR]LDOH .RQWDNWH LVWELRJUDILHDEKlQJLJ XQGEHWRQWYRUDOOHPGLH$QHLJQXQJVSHUVSHNWLYHYJO6LHEHUW6
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
0LWGLHVHU3RVLWLRQZLUGDOOHUGLQJVDXFKGLH7HQGHQ]]XU,QGLYLGXDOLVLHUXQJ XQWHUVWW]W LQGHP DXI ÄGLH 6HOEVWYHUDQWZRUWOLFKNHLW GHV HLQ]HOQHQ³ $U QROG6LHEHUW 6 YHUZLHVHQ ZLUG EHL JOHLFK]HLWLJHU (QWODVWXQJ GHV %LO GXQJVV\VWHPV:HQQGDPLWHLQH9RUVWHOOXQJYRP(UZDFKVHQHQOHUQHQYHUEXQGHQ LVWGLHQXUPHKUDXILQGLYLGXHOOH6HOEVWRUJDQLVDWLRQDFKWHWXQGLQGHUGLHVXEMHN WLYHQ :LUNOLFKNHLWVNRQVWUXNWLRQHQ LP 0LWWHOSXQNW VWHKHQ GDQQ JUHLIW GLHV LQ PHLQHP9HUVWlQGQLV]XNXU]'HQQDXFKZHQQDXVNRQVWUXNWLYLVWLVFKHU6LFKWYRQ GHU SULQ]LSLHOOHQ 0DFKEDUNHLW YRQ /HUQSUR]HVVHQ $EVFKLHG JHQRPPHQ ZHUGHQ PXVVVRVHKHLFKGDULQHLQHHUKHEOLFKH$QIRUGHUXQJDQGLHDP%LOGXQJVSUR]HVV EHWHLOLJWHQ3HUVRQHQ,QGHQ$QVlW]HQGHUV\VWHPLVFKNRQVWUXNWLYLVWLVFKHQ3lGD JRJLN LVW /HUQHQ HLQ VHOEVWUHIHUHQ]LHOOHU $QHLJQXQJVSUR]HVV EHL GHP GLH (U ZDFKVHQHQDXIGHU%DVLVEHUHLWVEHVWHKHQGHU'HXWXQJHQXQG,QWHUSUHWDWLRQVPXV WHU LQ $XVHLQDQGHUVHW]XQJ PLW GHU 2EMHNWZHOW LKUH NRJQLWLYHQ 6WUXNWXUHQ VHOEVW DXIEDXHQ Ä/HUQHQ EHVWHKW GDQQ « QLFKW DXV GHU EORHQ hEHUQDKPH XQG $QSDVVXQJ DQ QHXH,QKDOWHVRQGHUQZLUGYRUGHP+LQWHUJUXQGGHUELRJUDILVFKHQ'HXWXQJVPXVWHU YRQ GHQ (UZDFKVHQHQ LPPHU ZLHGHU VHOEVW DXIJHEDXW XQG DQJHHLJQHW $XI GLHVHU %DVLV VFKDIIHQ /HKUHQGH %HGLQJXQJHQ IU GLH 6HOEVWRUJDQLVDWLRQGHV OHEHQVEHJOHL WHQGHQ/HUQHQV« >ZRGXUFK@3UR]HVVHGHUVHOEVWWlWLJHQXQGHLJHQYHUDQWZRUWOLFKHQ (UVFKOLHXQJYRQ:HOW³0LNXOD6
'LHVXEMHNWRULHQWLHUWH3HUVSHNWLYH 'HUVXEMHNWRULHQWLHUWH=XJDQJÄEDXWDXIGHU'LIIHUHQ]YRQ9HUPLWWOXQJXQG$Q HLJQXQJ DXI³ .DGH1LWWHO6HLWWHU 6 XQG QLPPW GLH (UZDFKVHQHQ DOV DNWLY GHQNHQGH IKOHQGH XQG KDQGHOQGH 6XEMHNWH LQ GHQ %OLFN 'DEHL ZHUGHQ GLH $QHLJQXQJVDNWLYLWlWHQ GHU /HUQHQGHQ VWlUNHU EHWRQW DOV GLH SlGDJRJLVFKH ,QWHQWLRQ LQ GHU 9HUPLWWOXQJ 8QDEGLQJEDU LVW LQ (UZHLWHUXQJ HLQHV NRJQLWLYHQ /HUQYHUVWlQGQLVVHVGDVVGLH VR]LDOH9HURUWHWKHLWHEHQIDOOV EHOHXFKWHW ZLUG'DV .RQ]HSW GHU 6XEMHNWRULHQWLHUXQJ XPIDVVW GHQ $QHLJQXQJVPRGXV YRQ :HOW DOV HLQH)RUPGHUH[SDQVLYHQ=XZHQGXQJ]XU:HOW$QHLJQXQJPHLQWHLQHQXPIDV VHQGHQ 7UDQVIRUPDWLRQVSUR]HVV LQ GHP VLFK 0HQVFKHQ GLH :HOW GXUFK VHOEVW EHVWLPPWH$NWLYLWlWHQ]XHLJHQPDFKHQ)U(UKDUG0HXHOHUEHLQKDOWHWGHU%HJ ULII GHU $QHLJQXQJ YRU DOOHP HLQH DNWLYH 7lWLJNHLW GHU GLH +HUVWHOOXQJ HLQHU %H]LHKXQJ]ZLVFKHQ6XEMHNW XQG*HJHQVWDQGLQGHQ0LWWHOSXQNWGHU $XIPHUN VDPNHLWVWHOOW Ä0LWGHP%HJULIIGHU$QHLJQXQJLVW±DOOJHPHLQJHVHKHQ±GLH$UWXQG:HLVHEH VFKULHEHQZLHLFKPLUDOV%HWUDFKWHUXQG%HQXW]HUPHLQHUlXPOLFKHXQGPDWHULHOOH
9RUJHKHQVZHLVHLP0RGHOOHQWZXUI
8PZHOW]XHLJHQPDFKHZLHLFKPDWHULHOOXQGJHLVWLJLQ%H]LHKXQJ]XLKUWUHWHXQG YRQLKU%HVLW]HUJUHLIH³0HXHOHU6
'DPLW ZLUG GHXWOLFK GDVV DXV VXEMHNWRULHQWLHUWHU 3HUVSHNWLYH GLH $NWLYLWlW GHV /HUQHQVYRP6XEMHNWDXVJHKW)UGDV6XEMHNWLVW/HUQHQÄQLFKWHLQIDFKQXUGHU ZHFKVHOVHLWLJH 3UR]HVV YRQ hEHUQDKPH XQG $QSDVVXQJ VRQGHUQ HLQ DNWLYHV 1HXSURGX]LHUHQ YRQ 9HUDUEHLWXQJVPXVWHUQ XQG (UJHEQLV³ 0HXHOHU 6 'LHVHQ*HGDQNHQYHUIROJHQGJHODQJWPDQXQPLWWHOEDU]XUVXEMHNWZLVVHQ VFKDIWOLFKHQ /HUQWKHRULH YRQ .ODXV +RO]NDPS GHU NRQVHTXHQW GHQ 6WDQGSXQNW GHU /HUQHQGHQ HLQQLPPW XQG /HUQHQ DXV GHU 6LFKW GHV OHUQHQGHQ 6XEMHNWVEHWUDFKWHW'DVOHUQHQGH,QGLYLGXXPVWHKWLP0LWWHOSXQNWGHU$XIPHUN VDPNHLW GDV ÄJHVHOOVFKDIWOLFKH %HVFKUlQNXQJHQ UHIOHNWLHUW PDQFKPDO EHUZLQ GHW XQG JHZDKU VHLQ PXVV VLFK QHXHQ :LGHUVWlQGHQ ]X VWHOOHQ³ )DXO VWLFK/XGZLJ6 'LH/HUQWKHRULHYRQ+RO]NDPS ÄVWHOOWHLQHQEHJULIIOLFKHQ5DKPHQGDUYRUGHPGDV/HUQKDQGHOQYRQ6XEMHNWHQ DOVJHVHOOVFKDIWOLFKYHUPLWWHOWHV+DQGHOQ]ZDUNDWHJRULDOYHUVWlQGOLFKZLUGDXIGLH VHU*UXQGODJHDEHUHUVWDOVKLVWRULVFKNRQNUHWHV/HUQKDQGHOQUHNRQVWUXLHUW³/XGZLJ 6
ZLUG+LHUYHUPLVFKHQVLFKGLH3HUVSHNWLYHQLQGHPQl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lPOLFK LQ GHU GLH /H EHQV XQG /HUQLQWHUHVVHQ GHU (UZDFKVHQHQ %HGHXWXQJ KDEHQ VWHOOW GHU OHEHQV
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
ZHOWXQGELRJUDILHEH]RJHQH$QVDW]GLH(UZDFKVHQHQLQLKUHPOHEHQVZHOWOLFKHQ %H]XJXQGGHUHQ%HGHXWXQJIUGLH(QWZLFNOXQJGHU,GHQWLWlWLQV=HQWUXP'LH VHU =XJDQJ VLHKW (UZDFKVHQH YRU GHP +LQWHUJUXQG LKUHU SHUV|QOLFKHQ (UIDK UXQJVZHOWVLFKDQ%LOGXQJEHWHLOLJHQ'HVZHJHQVLQGGLH5HOHYDQ]XQGGHU0LW HLQEH]XJ GHU /HUQELRJUDILH ]HQWUDOH %HGLQJXQJHQ HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU(VZLUGDOVRDQGHU5HIOH[LRQGHUHLJHQHQ/HEHQVEHZlOWLJXQJVP|J OLFKNHLWHQ XQWHU %H]XJQDKPH DXI JHVHOOVFKDIWOLFKH 9HUKl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lKLJH*UXQGODJH]XU 0RGHOOLHUXQJHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXUGDU'DPLWZHUGHQGLH8P ULVVHGHV6SDQQXQJVYHUKlOWQLVVHVYRQ/HKUHQXQG/HUQHQGHXWOLFK'DVZHFKVHO VHLWLJH.RQVWLWXWLRQVYHUKlOWQLVEHGLQJWHLQDQGHUDOVSlGDJRJLVFKSURIHVVLRQHOOHV /HKUKDQGHOQ XQG SHUV|QOLFKNHLWVELOGHQGHV /HUQKDQGHOQ 'LHV LVW DEHU QXU GDQQ P|JOLFKZHQQHLQH3HUVSHNWLYHHLQJHQRPPHQZLUGGLHVRZRKOGLH$QIRUGHUXQ JHQ DQ GLH /HKUH DOV DXFK GLH +HUDXVIRUGHUXQJHQ GHU /HUQHQGHQ LQ LKUHU /H EHQVZLUNOLFKNHLW HUQVW QLPPW %HGLQJXQJ IU JHOLQJHQGH %LOGXQJVSUR]HVVH LVW GDVV GLH /HUQNXOWXU GLH 6SDQQXQJVYHUKlOWQLVVH ]ZLVFKHQ GHU 6HOEVWVWlQGLJNHLW XQG 6HOEVWVWHXHUXQJ GHU KDQGHOQGHQ 6XEMHNWH XQG LKUHU WLHI JUHLIHQGHQ VR]LDOHQ 9HURUWHWKHLW LQ GHU *HVHOOVFKDIW EHDFKWHW 'LHVH KLHU GDUJHOHJWHQ 3HUVSHNWLYHQ VFKDIIHQGLH%DVLVIUGLH9RUJHKHQVZHLVHLQGHU0RGHOOHQWZLFNOXQJ 0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU 9RU GHP +LQWHUJUXQG GHU %H]XJVTXHOOHQ LVW GDV EHUHLWV DXVIKUOLFK HUOlXWHUWH .RQ]HSW GHV .RKlUHQ]JHIKOV YRQ $DURQ $QWRQRYVN\ IU HLQH /HUQNXOWXU ]X EHUWUDJHQ XQG ]X DGDSWLHUHQ 'HU 0RGHOOHQWZXUI HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU YJO )HOELQJHU NRQVWLWXLHUW VLFK ]XQlFKVW LQ GHU LQKDOWOLFKHQ %HVFKUHLEXQJ GHU HLQ]HOQHQ .RPSRQHQWHQ GHV .RKlUHQ]JHIKOV LQGHP H[HP SODULVFK DXI ZHVHQWOLFKH $VSHNWH VSH]LHOO HLQJHJDQJHQ ZLUG 'DYRQ EHWURIIHQ VLQGGLH9HUVWHKEDUNHLWXQWHU%H]XJQDKPHDXIYHUQHW]WHV/HUQHQXQGGLH$QHLJ QXQJ YRQ:LVVHQ%HGHXWVDPNHLW XQWHU%H]XJQDKPHDXIGLH6HOEVWZLUNVDPNHLW YRQ /HUQSUR]HVVHQ XQG GLH *HVWDOWEDUNHLW GHU /HEHQVEHGLQJXQJHQ 6LQQKDIWLJ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
NHLW XQWHU %H]XJQDKPH DXI 'HXWXQJVOHUQHQ XQG /HUQHQ DOV 6LQQJHEXQJ YJO 6FKOHU )UGDV9HUVWlQGQLVGHV0RGHOOHQWZXUIHVZHUGHQLQVEHVRQGHUH GLHLQWHUQHQ:HFKVHOEH]LHKXQJHQ]ZLVFKHQGHQYHUVFKLHGHQHQ/HUQDVSHNWHQXQG GHQGDUDXVVLFKHQWZLFNHOQGHQJHVHOOVFKDIWOLFKHQ2ULHQWLHUXQJHQGDUJHVWHOOW 0LWGHP%HJULII.RKlUHQ]±GLHVVHLKLHUQRFKPDOVEHWRQW±P|FKWH$QWR QRYVN\ DXVGUFNHQ ZLH 0HQVFKHQ VLFK JUXQGVlW]OLFK LQ LKUHP /HEHQ ]XUHFKW ILQGHQ 2GHU DQGHUV JHVDJW -H PHKU JHQHUDOLVLHUWH :LGHUVWDQGVUHVVRXUFHQ HLQH 3HUVRQDNWLYLHUHQNDQQGHVWRHKHUZLUGVLHVLFKLQGHU/DJHVHKHQVLFKGHQ$Q IRUGHUXQJHQ XQG GHP 6WUHVV QLFKW KLOIORV DXVJHOLHIHUW ]X IKOHQ VRQGHUQ HLQH 6LFKHUKHLW XQG :HOWDQVFKDXXQJ ]X HQWZLFNHOQ GDVV LKU /HEHQ HUNOlUEDU EHU VFKDXEDUXQGVLQQYROOLVW$QWRQRYVN\EHWUDFKWHWGLH0HQVFKHQVWHWVHLQJHEHWWHW LQ VR]LRNXOWXUHOOH KLVWRULVFK JHZDFKVHQH JHVHOOVFKDIWOLFKH XQG SROLWLVFKH 9HU KlOWQLVVH(UJHKWGDYRQDXVGDVV ÄEHLGHU'HWHUPLQLHUXQJGHUEHVWLPPWHQ0XVWHUYRQ/HEHQVHUIDKUXQJHQGLHHLQ VWlUNHUHV RGHU VFKZlFKHUHV 62& >6HQVH RI &RKHUHQFH@ HU]HXJHQ HQWVFKHLGHQG LVW REPDQPlQQOLFKLVWRGHUZHLEOLFKVFKZDU]RGHUZHL]XU2EHURGHU8QWHUVFKLFKW JHK|UHQG .DQDGLHU RGHU .DPERGVFKDQHU .XEDQHU RGHU &RVWD5LFDQHU ± PLW DOO GHPZDVGLHVHVR]LDOHQ.DWHJRULHQLPSOL]LHUHQ³$QWRQRYVN\6
*HUDGH LQ HLQHU =HLW LQ GHU 0HQVFKHQ PLW JURHQ JHVHOOVFKDIWOLFKHQ $QIRUGH UXQJHQNRQIURQWLHUWVLQGVFKHLQWHLQVWDUNHV.RKlUHQ]JHIKOZHVHQWOLFK Ä6R JHVHKHQ PVVWH GDV $QWRQRYVN\VFKH .RKlUHQ]JHIKO ]XP *UDGPHVVHU GHV HEHQQRFK9HUWUlJOLFKHQXQG6\QWKHWLVLHUEDUHQZHUGHQHLQHU/HEHQVIRUPGLHGHP 0HQVFKHQ HLQH KRKH 6HOEVWYHUZLUNOLFKXQJ HUP|JOLFKW XQG LKQ VFKW]W YRU HLQHP =XYLHO³6FKQHLGHU6]LWQ+LQWHUPDLU6
(LQVWDUNHV.RKlUHQ]JHIKOWUlJWDOVRZHVHQWOLFKGD]XEHLVLFKLQELVODQJIUHP GHQ 6LWXDWLRQHQ IOH[LEHO ]X YHUKDOWHQ HLQH EHVWLPPWH 6LWXDWLRQ NRJQLWLY XQG HPRWLRQDOVR]XEHZHUWHQGDVVVLHVLFKHQWVSUHFKHQGYHUKDOWHQNDQQDXFKZHQQ GLHVQHXH9HUKDOWHQVZHLVHQVLQG(VZLUGYRUDOOHPLQ6WUHVVVLWXDWLRQHQUHOHYDQW Ä-H VWlUNHU GDV .RKlUHQ]JHIKOGHVWR PHKU ZHUGH GLH3HUVRQGD]X QHLJHQ GHQ 6WUHVVRUXQGGLHYRQLKPJHVWHOOWHQ$XIJDEHQJHQDXHVWHQV]XXQWHUVXFKHQ5HVVRXU FHQ]XVHLQHU%HZlOWLJXQJDXV]XPDFKHQXQG]XDNWLYLHUHQXQGIU5FNPHOGXQJHQ =ZLVFKHQEHZHUWXQJ XQG JHJHEHQHQIDOOV 1HXRULHQWLHUXQJ RIIHQ ]X VHLQ -H VWlUNHU DXVJHSUlJWVRPLWGDV.RKlUHQ]JHIKOGHVWRIOH[LEOHUKDQGOHHLQH3HUVRQ-HQLHGUL JHUGDV.RKlUHQ]JHIKOGHVWRZDKUVFKHLQOLFKHUUHDJLHUHVLHRKQH%HUFNVLFKWLJXQJ GHUVLWXDWLYHQ%HGLQJXQJHQLKUHQ3HUV|QOLFKNHLWV]JHQHQWVSUHFKHQGVWDUU³)UDQNH 6
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
'DV EHGHXWHW IU HLQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU GHUDUW DXI GLH HLQ]HOQHQ .RPSRQHQWHQ]XIRNXVVLHUHQGDVVHLQH.RQ]HQWUDWLRQDXIGLH6WlUNXQJGHU5HV VRXUFHQGHU,QGLYLGXHQ%H]XJJHQRPPHQZLUGXQGJOHLFK]HLWLJGLHJHVHOOVFKDIW OLFKH9HUIDVVWKHLWDOVUHVVRXUFHQJHEHQGHV)XQNWLRQVV\VWHP]%%LOGXQJPHGL ]LQLVFKH9HUVRUJXQJVR]LDOH 3DUWL]LSDWLRQ%HVFKlIWLJXQJHWF DQJHVHKHQ ZLUG 'DV=LHOHLQHUVROFKHQ/HUQNXOWXULVWGDVVGLH3HUVRQHQDQ:LGHUVWDQGVNUDIWXQG 6HOEVWEHZXVVWVHLQJHZLQQHQGHQQÄ0HQVFKHQZDFKVHQQLFKWGXUFK.RQ]HQWUD WLRQDXILKUH3UREOHPH±LP*HJHQWHLOGDGXUFKZLUGGDV9HUWUDXHQLQGLHHLJHQH )lKLJNHLWVLFKDXIVHOEVWUHIOHNWLHUHQGH:HLVH]XHQWZLFNHOQ³:HLFNHWDO 6 I ]LWQ 7KHXQLVVHQ 6 JHZHFNW ,Q MHGHU .RPSRQHQWH OLHJW GHU )RNXVVRZRKODXIGHU6WlUNXQJGHV,QGLYLGXXPVVHOEVWDOVDXFKDXIVHLQHUVR]LD OHQ9HURUWHWKHLWGKDXIGHUDNWLYHQ(LQELQGXQJLQGLH*HVHOOVFKDIW 9HUVWHKEDUNHLWLP$QHLJQXQJVSUR]HVV :DVEHGHXWHQGLHEHUHLWVGDUJHVWHOOWHQ$XVIKUXQJHQ]XU.RPSRQHQWHGHU9HU VWHKEDUNHLWIUHLQH/HUQNXOWXUGLHDXIGHQ$VSHNWGHU9HUVWHKEDUNHLWGHV.RKl UHQ]JHIKOV DE]LHOW" hEHUWUlJW PDQ GLH 'HILQLWLRQ YRQ $QWRQRYVN\ DXI GLH (U ZDFKVHQHQELOGXQJ VR VWHOOW VLFK GLH )UDJH ZHOFKH .RQ]HSWH IU /HUQSUR]HVVH ]XU9HUIJXQJVWHKHQGLHDXIGLHVHNRJQLWLYH.RPSRQHQWHDE]LHOHQ:LHEHUHLWV LQ PHLQHQ $XVIKUXQJHQ ]X GHQ JHQHUDOLVLHUWHQ :LGHUVWDQGVUHVVRXUFHQ GDUJH OHJW LVW KLHU GLH (UIDKUXQJ YRQ .RQVLVWHQ] ± LQ (UZHLWHUXQJ GHU (UZDFKVHQHQ ELOGXQJEHLP/HUQHQ±HLQ]HQWUDOHU*HVLFKWVSXQNW:HOFKH$UWYRQ/HUQHQLQ HLQHU]XQHKPHQGXQEHUVFKDXEDUHQLQGLYLGXDOLVLHUWHQYLHOGHXWLJHQ:HOWLVWKLHU DQJHEUDFKW" :LU VLQG VWHWV HLQJHEHWWHW LQ NRPSOH[H 6WUXNWXUHQ 'XUFKVFKDXW PDQ GLHVH NRPSOH[HQ6WUXNWXUHQXQGHUNHQQWPDQZHOFKHLQHQ3ODW]PDQVHOEVWLQGLHVHQ HLQQLPPWVRHUP|JOLFKW5HIOH[LRQGLH(UIDKUXQJYRQ.RQVLVWHQ]'LHVEHGHXWHW LQ ZHLWHUHU )ROJH DXFK GDVV PDQ VHLQHP HLJHQHQ 3ODW] LQ GLHVHU 6WUXNWXU HLQH SRVLWLYH%HGHXWVDPNHLWEHLPHVVHQNDQQYRUDOOHPGDQQZHQQPDQVLFKLQHLQHU VR]LDO DQHUNDQQWHQ 6WUXNWXU EHILQGHW $QWRQRYVN\ YHUZHLVW LQ GLHVHP =XVDP PHQKDQJ DXI GLH VR]LDOH 6WUXNWXU GHV $UEHLWVSODW]HV GLH IU (UZDFKVHQH HLQ ZLFKWLJHU%HVWDQGWHLOGHU.RPSRQHQWHGHU9HUVWHKEDUNHLWLVW Ä9HUWUDXWKHLW PLW DQGHUHQ 5ROOHQ LP .RQWH[W PLW DOWHUQDWLYHQ /|VXQJHQ IU 3UREOHPHPLWGHQEHUJHRUGQHWHQ=LHOHQPLWGHU3ODQXQJ±GLHVHXQGDQGHUH(OH PHQWHGLHGDKHUUKUHQGDPDQHLQHEHVWLPPWH5ROOHLQGHP*HVDPWJHIJHYRQ 5ROOHQLQQHKDWPDFKHQHVOHLFKWHUHLQYHUVWHKEDUHV%LOGVHLQHU:HOW]XKDEHQ³$Q WRQRYVN\6
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
'LHVVROOMHGRFKQLFKWGDUEHUKLQZHJWlXVFKHQGDVVQXUHLQHJHOXQJHQHEHUXIOL FKH ,QWHJUDWLRQ HLQ KLQUHLFKHQGHV 0D DQ 9HUVWHKEDUNHLW PLW VLFK EULQJW YLHO PHKU LVW HV DXFK P|JOLFK LP EHUXIOLFKHQ Ä6FKHLWHUQ³ HLQ YHUVWHKEDUHV %LOG ]X HQWZLFNHOQ ,Q GHU KHXWLJHQ =HLW LVW HV LP EHUXIOLFKHQ .RQWH[W GXUFK GLH EHVWH KHQGHQ2UJDQLVDWLRQVVWUXNWXUHQVFKZLHULJEHUHLQEHVWLPPWHV0DDQ9RUKHU VDJEDUNHLW ]X YHUIJHQ ZDV HWZD $UEHLWVHLQVDW] XQG $UEHLWVLQWHQVLWlW RGHU GLH 6LFKHUXQJ HLQHV $UEHLWVSODW]HV EHWULIIW 'LH *HIDKU JHUDGH KHXWH LQ HLQHU =HLW GHUJURHQ)LQDQ]NULVHLVWIUYLHOH0HQVFKHQLQXQWHUVFKLHGOLFKHQ%HUXIVVSDU WHQVHKUJURGHQ$UEHLWVSODW]]XYHUOLHUHQ6RLVWPHLQHU$QVLFKWQDFKGLH3URE OHPDWLN GHU $UEHLWVSODW]VLFKHUKHLW HLQH GHU ZHVHQWOLFKHQ +HUDXIRUGHUXQJHQ XQVHUHUJHJHQZlUWLJHQ*HVHOOVFKDIW$QWRQRYVN\EHWUDFKWHWVLHXQWHUYLHU$VSHN WHQ =XPHUVWHQLVWKLHUGDV9HUWUDXHQGDUDXI]XQHQQHQGHQ$UEHLWVSODW]QLFKW ]X YHUOLHUHQ VRIHUQ GHU HLQ]HOQH 0LWDUEHLWHUGLH HLQ]HOQH 0LWDUEHLWHULQ QLFKW ZHVHQWOLFKH5HJHOQYHUOHW]W=XP]ZHLWHQÄPXPDQXQDEKlQJLJYRQGHUHLJH QHQ .RPSHWHQ] GDV 9HUWUDXHQ KDEHQ GD GLH $UEHLW GLHPDQ WXW RGHU GHU %H UHLFKLQGHPPDQDUEHLWHWQLFKWDOVUHGXQGDQWGHILQLHUWZLUGRKQHGD$OWHUQD WLYHQ LQ $XVVLFKW VWHKHQ RGHU JHSODQW VLQG³ $OV GULWWHQ 3XQNW QHQQW HU Ä>G@LH 5HGXQGDQ] GHV 8QWHUQHKPHQV RGHU XP HV XQYHUEOPWHU DXV]XGUFNHQ VHLQH 1RQ3URILWDELOLWlW³8QGDOVYLHUWHQ3XQNWVWHOOWHUGLH%HGHXWVDPNHLWYRPÄ9HU WUDXHQ LQ GLH .RQWLQXLWlW GHV VR]LDOHQ 6\VWHPV HLQ $QOLHJHQ GDV EHU GLH $U EHLWVZHOW KLQDXVJHKW « ³ $QWRQRYVN\ 6 $XFK GLH %H]LHKXQJHQ LQQHUKDOE HLQHU EHVWLPPWHQ $UEHLWVJUXSSH VFKDIIHQ HLQH $WPRVSKlUH YRQ .RQ VLVWHQ]'DEHLVWHKHQÄJHPHLQVDPH:HUWHHLQ(PSILQGHQYRQ*UXSSHQLGHQWLIL NDWLRQ XQG HLQGHXWLJH QRUPDWLYH (UZDUWXQJHQ³ $QWRQRYVN\ 6 LP 0LWWHOSXQNW 0DQ VSULFKW HLQH JHPHLQVDPH 6SUDFKH EHNRPPW HQWVSUHFKHQGH 5FNPHOGXQJHQVWlUNWHLQDQGHUGXUFK*UXSSHQULWXDOH'LHVDOOHVVLQG/HEHQVHU IDKUXQJHQDP$UEHLWVSODW]GLHIUGLH$XVSUlJXQJGHV.RKlUHQ]JHIKOVEHGHXW VDPVLQG (LQH 3HUVRQ GLH EHU HLQ KRKHV 0D DQ 9HUVWHKEDUNHLW YHUIJW GDV KHLW 6LWXDWLRQHQDOVNRJQLWLYVLQQKDIW ZDKUQLPPW ZLUGDXFKEHLXQYRUKHUJHVHKHQHQ XQG SO|W]OLFK DXIWUHWHQGHQ 9RUIlOOHQ GLHVH ]XPLQGHVW DOV HUNOlUEDU HLQVFKlW]HQ N|QQHQ1LFKW&KDRV8QRUGQXQJXQG:LOONUVWHKHQLP9RUGHUJUXQGGHU:DKU QHKPXQJVRQGHUQQHXH.RQVWHOODWLRQHQN|QQHQHLQJHRUGQHWXQGHUNOlUWZHUGHQ ,P/DXIHGHU(QWZLFNOXQJHLJQHWVLFKMHGHU0HQVFKHLQ0XVWHUDQ'HQNZHLVHQ
'HQ +LQZHLV DXI GLH VR]LDOH 6WUXNWXU GHV $UEHLWVSODW]HV KDOWH LFK DQ GLHVHU 6WHOOH IU EHVRQGHUV EHGHXWVDPGDXDJHUDGHLQGHU(UZDFKVHQHQELOGXQJLPPHUZLHGHUPLW0HQVFKHQJHDUEHLWHWZLUG GLHYRP9HUOXVWLKUHV$UEHLWVSODW]HVEHGURKWVLQGRGHUGLHLKUHQ$UEHLWVSODW]YHUORUHQKDEHQ'LHVLP %OLFN ]XEHKDOWHQ XQG LQ /HUQNRQWH[WHQ ]X UHIOHNWLHUHQ HUDFKWH LFKLQ GHU (UZDFKVHQHQELOGXQJ IU QRWZHQGLJ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
XQG (UIDKUXQJVJHZRKQKHLWHQ DQ GLH HV LKP HUP|JOLFKHQ 1HXHV LQ *HZRKQWHV ]X LQWHJULHUHQ .RJQLWLYH 9HUKDOWHQVPXVWHU ZHUGHQ PLW QHXHQ LQ (LQNODQJ JH EUDFKW QHXH *HZRKQKHLWHQ HQWVWHKHQ 'DIU LVW HLQ KRKHV 0D DQ )OH[LELOLWlW HUIRUGHUOLFKQlPOLFKGDV%HZXVVWVHLQGDVVPDQVLFKLQ6LWXDWLRQHQDXFKDQGHUV YHUKDOWHQNDQQ0DURW]NLYHUZHLVWGDUDXIGDVVHV Ä]XNQIWLJ EHGHXWVDP VHLQ >ZLUG@ RE HV 0HQVFKHQ JHOLQJW IOH[LEOH 6HOEVW XQG :HOWHQWZUIH]XHU]HXJHQGLHHLQHUVHLWVVRYLHO6WDELOLWlWXQG2ULHQWLHUXQJZLHQ|WLJ XQGDQGHUHUVHLWVVRYLHO8QEHVWLPPWKHLWZLHP|JOLFKHQWKDOWHQ³0DURW]NL6
$QVFKOXVVIlKLJLVWGLHVHV=LWDWLQVRIHUQDOVHVGDUXPJHKWGDV/HEHQLQVHLQHQ =XVDPPHQKlQJHQ YHUQHW]WHQ %HGHXWXQJHQ XQG XQWHUVFKLHGOLFKHQ ZHFKVHOVHLWL JHQ %H]LHKXQJHQ ]X GXUFKVFKDXHQ XQG ]X YHUVWHKHQ 8P (UZDFKVHQH LQ HLQHU /HUQNXOWXUGDEHL]XXQWHUVWW]HQNDQQDQGHU.RPSHWHQ]GHVYHUQHW]WHQ/HUQHQV JHDUEHLWHWZHUGHQ 9HUQHW]WHV/HUQHQ *UXQGVlW]OLFKLVWEHLP/HUQHQYRQ(UZDFKVHQHQGDYRQDXV]XJHKHQGDVV/HUQHQ IUKHUH/HUQSUR]HVVHYRUDXVVHW]W±:LVVHQEDXWDXIEHUHLWVYRUKDQGHQHP:LVVHQ DXI(EHQVRLVW]HQWUDOGDVV(UZDFKVHQHPLWHLQHU)OOHYRQ9RUHUIDKUXQJHQLP +LQEOLFNDXI/HUQHUIDKUXQJHQLQGLH(UZDFKVHQHQELOGXQJNRPPHQ±VRNQSIHQ DXFK (UIDKUXQJHQ GLH MHW]W JHPDFKW ZHUGHQ SULQ]LSLHOO DQ EHUHLWV JHPDFKWHQ (UIDKUXQJHQ DQ 'LHVH /HUQELRJUDILH EHGHXWHW GDVV 1HXHV LPPHU DXI VHLQHP +LQWHUJUXQG HLQJHRUGQHW ZLUG Ä8QVHUH NRJQLWLYHQ 6FKHPDWD EHUSUIHQ DXI JUXQG IUKHUHU (UIDKUXQJHQ QHXH ,QIRUPDWLRQHQ DXI LKUH Ã%UDXFKEDUNHLW¶ LKUH 9LDELOLWlW³ 6LHEHUW D 6 ,QKDOWH VLQG LP 6LQQH GHU 9HUVWHKEDUNHLW ]X HUVFKOLHHQ LQGHP QDFK $QVFKOXVVIlKLJNHLW JHVXFKW ZLUG GDPLW VLH DQ EHUHLWV YRUKDQGHQHV :LVVHQ DQNQSIHQ E]Z VLFK HLQRUGQHQ ODVVHQ 'LHV LVW DXFK HLQ *UXQG ZDUXP EHLP YHUQHW]WHQ /HUQHQ GLH ELRJUDILVFKHQ 9HUQHW]XQJHQ EHWRQW ZHUGHQ,P/DXIHGHU/HEHQVJHVFKLFKWHHUJHEHQVLFKXQWHUVFKLHGOLFKVWH/HUQDQ OlVVHVHLHVZHLOHLQHDQGHUH$UEHLWVVWHOOHJHIXQGHQZLUGHLQHEHWULHEOLFKH:HL WHUELOGXQJ]XDEVROYLHUHQLVWHLQH5HLVHLQHLQHELVODQJIUHPGH.XOWXUJHPDFKW ZLUGHWFDEHUDXFKNULWLVFKH/HEHQVHUHLJQLVVH0LVVHUIROJHXQG.ULVHQN|QQHQ /HUQDQOlVVH GDUVWHOOHQ (LQH 9LHO]DKO YRQ (UHLJQLVVHQ N|QQHQ $XVO|VHU IU /HUQSUR]HVVH ZHUGHQ 8P VROFKH 6LWXDWLRQHQ ]X PHLVWHUQ LVW QDFK 6LHEHUW HLQH6HOEVWOHUQNRPSHWHQ]JHIRUGHUWPLWGHUHQ+LOIH
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
Ä+HUDXVIRUGHUXQJHQGHV/HEHQVDOV/HUQDXIJDEHQ« >ZDKUJHQRPPHQZHUGHQ@ XQG]LHOJHULFKWHWLQGLYLGXHOOH/HUQZHJH]XJHKHQ>VLQG@« =XGLHVHU6HOEVWOHUQ NRPSHWHQ]JHK|UWGLH)lKLJNHLWVLFKVR]LDOH1HW]HGHV/HUQHQVXQG.RPSHWHQ]HU ZHUEV]XNQSIHQ]%]XZLVVHQZHQPDQLQZHOFKHQ6LWXDWLRQHQXP5DWIUDJHQ NDQQ³6LHEHUW6I
'LH(UIDKUXQJHQVFKZLHULJH6LWXDWLRQHQHUIROJUHLFKJHPHLVWHUW]XKDEHQVWHOOHQ ZLFKWLJH 5HVVRXUFHQ LQ /HUQSUR]HVVHQ GDU ,Q HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQ NXOWXU HUIROJW HLQH ,QWHJUDWLRQ YRQ ELVKHU JHPDFKWHQ (UIDKUXQJHQ LQ QHXH +HU DXVIRUGHUXQJHQGLH/HUQHQHUIRUGHUQ6HOEVWOHUQNRPSHWHQ]LVW]XHLQHPJURHQ 7HLO Ä9HUQHW]XQJVNRPSHWHQ]DOVRGLH)lKLJNHLWXQWHUVFKLHGOLFKH/HUQVLWXDWLRQHQXQG /HUQDNWLYLWlWHQ ]X YHUELQGHQ LQ XQEHUVLFKWOLFKHQ /HEHQVZHOWHQ =XVDPPHQKlQJH ]XHUVFKOLHHQÃ2UGQXQJLP.RSI¶KHU]XVWHOOHQ³6LHEHUW6
6R ]HLJW VLFK YHUQHW]WHV /HUQHQ DOV HLQH ÄXQYHU]LFKWEDUH 6FKOVVHONRPSHWHQ]³ 6LHEHUW6 'LH)HOGHUGHVYHUQHW]WHQ/HUQHQVVLQG/HUQRUWHXQG%LO GXQJVDQJHERWH)lFKHUXQG'LV]LSOLQHQELRJUDILVFKH'HXWXQJVPXVWHUXQG/HUQ VWLOH VRZLH 9HUZHQGXQJVVLWXDWLRQHQ 6LHEHUW VSULFKW YRQ GUHL Ä/RJLNHQ³ GLH PLWHLQDQGHU YHUNQSIW DOVR VWUXNWXUHOO JHNRSSHOW ZHUGHQ GLH 3V\FKRORJLN GLH 6DFKORJLNXQGGLH+DQGOXQJVORJLN Ä'D]X JHK|UW HV DXFK GLH XQWHUVFKLHGOLFKHQ 6\VWHPH ]X WUHQQHQ REZRKO ÃDOOHV PLWDOOHP]XVDPPHQKlQJW¶9HUQHW]WHV/HUQHQKHLWQLFKWDOOHVJOHLFK]HLWLJ]XWXQ XQG DOOHV ]X YHUPLVFKHQ 2IW LVW .RPSOH[LWlWVUHGXNWLRQ QRWZHQGLJ « ³ 6LHEHUW 6
'LH9HUQHW]XQJHQGLHVHUGUHL/RJLNHQILQGHQDXI]ZHL(EHQHQVWDWW Ä9HUQHW]XQJLQQHUKDOEGHUGUHL/RJLNHQDOVR]%9HUQHW]XQJYRQ1HXHP PLW%HNDQQWHPLQWHUGLV]LSOLQlUH9HUQHW]XQJGHU,QKDOWHXQG3HUVSHNWLYHQ 9HUQHW]XQJXQWHUVFKLHGOLFKHU+DQGOXQJVDQIRUGHUXQJHQXQGHUZDUWXQJHQ 9HUQHW]XQJ ]ZLVFKHQ GHQ GUHL /RJLNHQ DOVR ]ZLVFKHQ GHQ ELRJUDILVFKHQ (UIDKUXQJHQ GHP QRWZHQGLJHQ 6DFKZLVVHQ XQG GHQ VLWXDWLYHQ +DQGOXQ JHQ³6LHEHUW6 'LH )lKLJNHLW ,QKDOWH ]X YHUQHW]HQ ]XVDPPHQKlQJHQGH 0HFKDQLVPHQ ]X HU NHQQHQ 3UR]HVVH XQG )XQNWLRQHQ PLWHLQDQGHU ]X YHUELQGHQ KHLW DXFK V\VWH
$XIGLH%HGHXWVDPNHLWYRQ5HVVRXUFHQLQGHUVR]LDOHQ8PZHOWZLUGDQDQGHUHU6WHOOHQlKHUHLQJH JDQJHQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
PLVFK]XGHQNHQNDQQDOVRDOVEHUJHRUGQHWHVXQGEHUIDFKOLFKHV%LOGXQJV]LHO LQ GHU (UZDFKVHQHQELOGXQJ EHWUDFKWHW ZHUGHQ ,FK ELQ GHU $QVLFKW GDVV GLHVH )|UGHUXQJ YRU DOOHP DXFK LQ +LQEOLFN DXI GDV LQIRUPHOOH /HUQHQ YRQ ]HQWUDOHU %HGHXWXQJ LVW ,QIRUPHOOHV /HUQHQ KDW LPPHU VFKRQ VWDWWJHIXQGHQ ± KHXWH KHUUVFKW MHGRFK HLQ JURHV (UNHQQWQLVLQWHUHVVH EH]JOLFK GLHVHU )RUP GHV /HU QHQV ,QIRUPHOOHV /HUQHQ ± GDV /HUQHQ DXHUKDOE YRQ %LOGXQJVLQVWLWXWLRQHQ ± ZLUG]XQHKPHQGZLFKWLJHUIUEHUXIOLFKH7lWLJNHLWHQ*HUDGHLP=XJHGHU(QW JUHQ]XQJ GHU $UEHLWVZHOW XQG XQWHU GHU 3HUVSHNWLYH GHV /HEHQVODQJHQ /HUQHQV JHZLQQW HV DQ %HGHXWXQJ 0LW GHU )RUGHUXQJ LQIRUPHOOHV XQG QLFKWIRUPDOHV /HUQHQ LQ %LOGXQJVLQVWLWXWLRQHQ DQ]XHUNHQQHQ YJO (XURSlLVFKH .RPPLVVLRQ ZLUGYHUVXFKWGLHVH/HUQDVSHNWHDXFK|NRQRPLVFKYHUZHUWEDUXQGPHVV EDU]XPDFKHQ=X5HFKWVWHOOW2YHUZLHQ GLH)UDJHREPLWGHPLQIRUPHO OHQ /HUQHQ ÄHLQH .RORQLDOLVLHUXQJ GHU /HEHQVZHOWHQ³ 2YHUZLHQ 6 GURKW XQG EHWRQW GDVV GLH .RORQLDOLVLHUXQJ ÄLP 5DKPHQ HLQHU |NRQRPLVFKHQ 1XW]EDUPDFKXQJGHVLQIRUPHOOHQ/HUQHQV³:HOWRQ]LWQ2YHUZLHQ 6 JHVFKHKH 2YHUZLHQ JLEW ]X EHGHQNHQ GDVV GLHVH )UDJH ELVODQJ NDXP GLVNXWLHUW ZXUGH 9LHOPHKU VWHKH LQ GHQ 'HEDWWHQ XP LQIRUPHOOHV /HUQHQ GLH 'LPHQVLRQGHU$QHUNHQQXQJLP9RUGHUJUXQGZHLOJHUDGHVR]LDOEHQDFKWHLOLJWH 0HQVFKHQLP=XJHGHU%HZXVVWZHUGXQJLKUHVLQIRUPHOOHQ/HUQHQVLKUHHLJHQHQ )lKLJNHLWHQHQWGHFNHQXQGGDPLWDXFKLKU6HOEVWZHUWJHIKOVWlUNHQ *HUDGH LQ GHU (UZDFKVHQHQELOGXQJ LVW EHNDQQW GDVV QLFKW DOOH /HUQHQGHQ GLHJOHLFKHQ9RUDXVVHW]XQJHQKDEHQ±HVEHGDUIGDKHUÄOHLVWXQJVIlKLJHU JHVHOO VFKDIWOLFKHU 6WUXNWXUHQ GLH EHLP .RPSHWHQ]HUZHUE XQWHUVWW]HQG XQG VR]LDO DXVJOHLFKHQGZLUNHQ³2YHUZLHQ6 'HPHQWVSUHFKHQGYHUVXFKHQGLH :LVVHQVYHUPLWWOHU DOV DNWLYH *HVWDOWHU HIIHNWLYHU /HUQXPJHEXQJHQ GLH /HUQHQ GHQLP3UR]HVVGHV:LVVHQVDXIEDXV]XXQWHUVWW]HQ(VJHKWLQHLQHUNRKlUHQ] RULHQWLHUWHQ/HUQNXOWXULQGHU(UZDFKVHQHQELOGXQJDEHUQLFKWQXUGDUXP:LVVHQ ]XYHUPLWWHOQVRQGHUQHVJHKWDXFKGDUXPGLH(UZDFKVHQHQLQLKUHU,QGLYLGXDOL WlWZDKU]XQHKPHQVLH]XXQWHUVWW]HQXQG]XEHJOHLWHQXQGLKQHQPHKUDQ9HU DQWZRUWXQJ LP /HUQSUR]HVV ]XNRPPHQ ]X ODVVHQ 'LH %LOGXQJVDUEHLW ZLUG ]X QHKPHQGDOVHLQNRPPXQLNDWLYHV%H]LHKXQJVJHIOHFKWJHVHKHQLQGHPHVDEJHVH KHQ YRQ GHU :LVVHQVEHUWUDJXQJ DXFK XP GLH JHPHLQVDPH 1HW]ZHUNELOGXQJ JHKW Ä9HUQHW]WHV/HUQHQLVW« YRUDOOHP3HUVSHNWLYHQYHUVFKUlQNXQJGLH:LUNOLFK NHLWVZDKUQHKPXQJDQGHUHU]XU.HQQWQLV]XQHKPHQ]XDN]HSWLHUHQXQGPLWGHQHL JHQHQ:LUNOLFKNHLWVNRQVWUXNWLRQHQLQ%H]LHKXQJ]XVHW]HQ³6LHEHUW6
,P /HUQHQ YROO]LHKHQ VLFK %H]LHKXQJVSUR]HVVH ± ]XP HLQHQ VR]XVDJHQ %H]LH KXQJ ]XP /HUQLQKDOW XQG ]XP DQGHUHQ %H]LHKXQJ XQWHU GHQ /HUQHQGHQ XQG
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
/HKUHQGHQ 5DXP ]X VFKDIIHQ IU HLQ 0LWHLQDQGHU XQG 9RQHLQDQGHU/HUQHQ EHGHXWHW DXFK 5DXP ]X VFKDIIHQ XP 1HXHV 8QEHNDQQWHV 8QJHZRKQWHV ]X HQWGHFNHQ (LJHQ XQG )UHPGELOGHU ZHUGHQ ]XHLQDQGHU LQ %H]LHKXQJ JHVHW]W ZHUGHQGLVNXWLHUWXQGUHIOHNWLHUWZHUGHQYHUQHW]WPLWGHQHLJHQHQ$QQDKPHQ ,Q HLQHU PXOWLNXOWXUHOOHQ :HOW NDQQ JHUDGH GLH (UZHLWHUXQJ GHV HLJHQHQ %OLFNZLQNHOVGD]XEHLWUDJHQGLHVXEMHNWLYHQLQQHUHQ*UHQ]HQ]XEHUVFKUHLWHQ XQG VR 1HXHV ]X GHQNHQ XQG DXV]XSURELHUHQ 'LHV HUZHLWHUW GLH 'HQN XQG +DQGOXQJVP|JOLFKNHLWHQ6RZHUGHQ7HLOQHKPHU,QQHQ]X0LWJHVWDOWHU,QQHQYRQ %LOGXQJVSUR]HVVHQ EULQJHQ VLFK VHOEVW HLQ VLQG DNWLY DP %LOGXQJVJHVFKHKHQ EHWHLOLJW)U/HKUHQGHEHGHXWHWGLHVVLFKIOH[LEHODXIGLH7HLOQHKPHU,QQHQHLQ ]XVWHOOHQZRGXUFKQLFKWHLQHLQVHLWLJHU/HUQWUDQVIHUYRUVLFKJHKWVRQGHUQ:LV VHQVYHUPLWWOXQJDOVHLQZHFKVHOVHLWLJHU$XVWDXVFKDOOHU%HWHLOLJWHQP|JOLFKZLUG ,QGLHVHP:HFKVHO±YRQGHU%HOHKUXQJKLQ]X%HJOHLWXQJYRQ/HUQSUR]HVVHQ± ZLUG DEJHJDQJHQ YRQ GHU %HOHKUXQJ ,P =HQWUXP VWHKHQ GDQQ VHOEVWVWlQGLJH :LVVHQVHUVFKOLHXQJHQ XQG NUHDWLYH JHVWDOWHULVFKH :LVVHQVDXIEDXWHQ 6R JHVH KHQEH]LHKWVLFKYHUQHW]WHV/HUQHQVHOEVWYHUVWlQGOLFKQLFKWQXUDXIGHQ=XZDFKV YRQ :LVVHQ VRQGHUQ ]LHOW ]XGHP GDUDXI DE EHUJHRUGQHWHSROLWLVFKH|NRORJL VFKH XQG VR]LDOH =XVDPPHQKlQJH XQG JHVHOOVFKDIWOLFKH 3KlQRPHQH PLW GHU HLJHQHQ/HEHQVJHVWDOWXQJXQG/HEHQVIKUXQJ]XYHUELQGHQGK]XHUNHQQHQ]X UHIOHNWLHUHQ ]X GXUFKVFKDXHQ PLW GHP =LHO GHU DNWLYHQ 7HLOQDKPH (LQ SROLWL VFKHV9HUVWlQGQLVXQGGDPLWDXFKHLQ9HUVWlQGQLVYRQ0DFKWVWUXNWXUHQXQGGHV HLJHQHQ*HZRUGHQVHLQVLQHEHQGLHVHQ0DFKWVWUXNWXUHQ]XHQWZLFNHOQEHGHXWHW GLHVH6WUXNWXUHQZDKU]XQHKPHQXQGPLWHLQDQGHULQ%H]LHKXQJ]XVHW]HQ Ä:LOOGDV6XEMHNW« GLH0|JOLFKNHLWHUODQJHQVHLQ/HEHQVHOEVW]XIKUHQLVW GLHVQXUDXIGHU*UXQGODJHGHU$XINOlUXQJYRQ6WUXNWXUHQP|JOLFKGHQQQXUDXIGHU (EHQHGHVVHQZDVVHLQHP/HEHQ]XJUXQGHOLHJWOHUQWGHU(LQ]HOQHGLH%HGLQJXQJHQ XQG0|JOLFKNHLWHQVHLQHU/HEHQVIKUXQJXQGVHLQHUVHOEVWNHQQHQ³6FKPLG 6
/HUQHQDOVNRJQLWLYHU:LVVHQVDXIEDX Ä:LVVHQ« LVWHLQH.DWHJRULHXQG/HLVWXQJGHV6XEMHNWV:LVVHQLVW%HVWDQG WHLOXQVHUHU,GHQWLWlWXQVHUHV6HOEVWXQG:HOWELOGHV:LVVHQYHUELQGHWGDV6XE MHNW PLW GHU 8PZHOW³ $UQROG6LHEHUW 6 9HUVWHKHQ VHOEVW LVW ZLH EHUHLWVHUZlKQW HLQVHOEVWUHIHUHQ]LHOOHU9RUJDQJLQGHPGLH3HUVRQGHQ'LQJHQ %HGHXWXQJYHUOHLKW:HQQ/HUQHQSULQ]LSLHOOHLQH6XEMHNWOHLVWXQJLVWYJO0HXH OHU VREHGHXWHWGDVGDVVVLFK/HUQHQLP6LQQHHLQHU:LVVHQVHUZHLWHUXQJ QLFKWYRQDXHQHU]ZLQJHQOlVVWVRQGHUQDXIJUXQGGHU6HOEVWHUVFKOLHXQJVNRP SHWHQ]YRQGHQ3HUVRQHQVHOEVWDXIJHEDXWZLUG0HQVFKHQEHVXFKHQ(UZDFKVH
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
QHQELOGXQJVHLQULFKWXQJHQ XP LKU :LVVHQ LQ HLQHP EHVWLPPWHQ %HUHLFK ]X HU ZHLWHUQ:LVVHQLVWDEHUQLFKWQXUDOV:LVVHQVDQUHLFKHUXQJRGHU$QHLJQXQJYRQ ,QIRUPDWLRQ]XEHWUDFKWHQVRQGHUQDXFKDOVNRQNUHWH9HUDUEHLWXQJLP6LQQHGHU 9HUIJEDUNHLWEHUQHXH:LVVHQVEHVWlQGHRGHU+DQGOXQJVZHLVHQ1HXHV:LVVHQ ZLUGPLWEHUHLWVYRUKDQGHQHPJHNRSSHOWZRGXUFKHLQNRQVWUXNWLYHU$XIEDXYRQ :LVVHQ HUIROJW 'DIU LVW HV QRWZHQGLJ GDVV QHXHV :LVVHQ LQ HLQHQ .RQWH[W JHEUDFKWZLUGGDHVDQVRQVWHQVRJHQDQQWHVWUlJHV:LVVHQEOHLEWQlPOLFKÄ:LV VHQGDVQLFKW]XU$QZHQGXQJNRPPWGDVLQEHVWHKHQGHV9RUZLVVHQQLFKWLQWHJ ULHUWZLUGXQG]XZHQLJYHUQHW]WXQGGDPLW]XVDPPHQKDQJORVLVW³*HUVWHQPDL HU0DQGO6 9HUEOHLEWGLHVHV:LVVHQDOVSDVVLYHU:LVVHQVYRUUDWGHU QLFKWDQJHZHQGHW ZHUGHQNDQQGDQQ VSULFKW PDQGDYRQGDVVHV VLFK QLFKW XP 3HUIRUPDQ] DOVR GDV 3UDNWLVFK:HUGHQ KDQGHOW 1HXHV :LVVHQ LVW HLQ]XRUGQHQ LQ EHUHLWV YRUKDQGHQH :LVVHQVQHW]H GDUEHU KLQDXV EUDXFKW HV HLQH JHZLVVH Ä$QZHQGXQJVTXDOLWlW³*HUVWHQPDLHU0DQGO6 GDVKHLWHLQHDNWLYH $XVHLQDQGHUVHW]XQJPLWGHP]XHUOHUQHQGHQ*HJHQVWDQG$UQROG6LHEHUW JHKHQ GDYRQ DXV GDVV 0HQVFKHQ ÄHLQ H[LVWHQ]LHOOHV %HGUIQLV >KDEHQ@ « :LVVHQVEHVWlQGH]XRUGQHQ=XVDPPHQKlQJHDQJHVLFKWVGHU8QEHUVLFKWOLFKNHLW GHU :HOW KHU]XVWHOOHQ³ $UQROG6LHEHUW 6 :LVVHQ EHU =XVDPPHQ KlQJH XQGGHUHQ(QWVWHKXQJ EHU*HVHW]PlLJNHLWHQ KHOIHQGDEHLQHXHV:LV VHQ HLQ]XRUGQHQ LQ EHUHLWV YRUKDQGHQH :LVVHQVQHW]H 'LHV VWHOOW HLQH NRJQLWLYH 6HOEVWWlWLJNHLWGDUGXUFKGLHGDV6HOEVWVWHXHUXQJVSRWHQ]LDOYRQ%LOGXQJVSUR]HV VHQ HUNHQQEDU ZLUG ± GLH :HJH GHV /HUQHQV ZHUGHQ IU GLH /HUQHQGHQ VHOEVW VLFKWEDU 'LH 5HIOH[LRQ GHV 9HUVWHKHQVSUR]HVVHV GDV (UNHQQHQ YRQ 6WUXNWXUHQ XQG JHZLVVHUPDHQ DXFK HLQH *HRUGQHWKHLW YRQ :LVVHQ HUP|JOLFKHQ HV =X VDPPHQKlQJH]XHUNHQQHQ Ä'HU 6LQQ GHV 9HUVWHKHQVSUR]HVVHV OLHJW >MHGRFK@ QLFKW GDULQ DQ HLQ (QGH ]X NRPPHQ VRQGHUQ GLH =XVDPPHQKlQJH RSHUDEHO GDV /HEHQ VRPLW OHEEDU ]X PD FKHQ³6FKPLG6
'LH UHIOH[LYH .RPSHWHQ] QlPOLFK GDV EHUHLWV EHVFKULHEHQH YHUQHW]WH /HUQHQ I|UGHUW GLH DXI GHU NRJQLWLYHQ (EHQH OLHJHQGH .RPSRQHQWH GHU 9HUVWHKEDUNHLW GHV.RKlUHQ]JHIKOV'DV:LVVHQEHU=XVDPPHQKlQJH]HLJW*HVHW]PlLJNHL WHQXQGNDQQ(UNOlUXQJHQXQG2ULHQWLHUXQJVP|JOLFKNHLWHQELHWHQ ,QIRUPDWLRQHQVLQGQLFKWJOHLFK]XVHW]HQPLW:LVVHQ,QIRUPDWLRQHQZHUGHQ ZHLWHUJHJHEHQ PDQFKHV 0DO ZHUGHQ ,QIRUPDWLRQHQ DXFK DOV +LQWHUJUXQGLQIRU PDWLRQHQ GDUJHVWHOOW 'XUFK GLH 0HGLHQ KDEHQ ZLU KHXWH VFKHLQEDU XQHQGOLFKH 0|JOLFKNHLWHQDXI,QIRUPDWLRQHQ]X]XJUHLIHQVLHZHUGHQXQVLQEXQWHQ%LOGHUQ XQGNXU]HQ6lW]HQPLWJHWHLOW$EHUZHOFKH5HOHYDQ]KDEHQGLHVH,QIRUPDWLRQHQ" (VLVWQRWZHQGLJVR]XVDJHQIUVLFK*UHQ]HQ]X]LHKHQ±ZHOFKH,QIRUPDWLRQHQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
VLQG IU PLFK WDWVlFKOLFK YRQ ,QWHUHVVH" 'LH )OOH DQ ,QIRUPDWLRQHQ NDQQ ]X 9HUXQVLFKHUXQJIKUHQ'DKHUJHKWHVYRUDOOHPGDUXP.RPSHWHQ]HQ]XHQWZL FNHOQXP,QIRUPDWLRQHQ]XILOWHUQXQGYRQGHUSDVVLYHQ$XIQDKPHYRQ,QIRUPD WLRQHQ ]X HLQHP YHUVWHKHQGHQ XQG DQZHQGXQJVRULHQWLHUWHQ 8PJDQJ GDPLW ]X JHODQJHQ :LH N|QQHQ QXQ ,QIRUPDWLRQHQ ]X :LVVHQ YHUDUEHLWHW ZHUGHQ" $U QROG6LHEHUW JHKHQKLHUYRQYLHUJUXQGOHJHQGHQ$QQDKPHQDXVEHUGLH LP/HUQSUR]HVVMHGHHLQ]HOQH3HUVRQVHOEVW]XHQWVFKHLGHQKDW I 5HOHYDQ]GHU,QIRUPDWLRQHQ'DVKHLWGDVVVLHEHGHXWVDPXQGVLQQYROOIU GLH 3HUVRQ VLQG ZREHL GLHV DXFK HUVW LP /DXIH GHU =HLW GHXWOLFK ZHUGHQ NDQQ J 9LDELOLWlWGHU,QIRUPDWLRQHQ'DPLWLVWJHPHLQWGDVV,QIRUPDWLRQHQIUHLQH 3HUVRQLQHLQHPEHVWLPPWHQ/HEHQVNRQWH[WSUDNWLVFKKLOIUHLFKXQGQW]OLFK VHLQPVVHQ$XFKGLHVNDQQKlXILJHUVWLP/DXIHEHLVSLHOVZHLVHHLQHV6H PLQDUEHVXFKVEHDQWZRUWHWZHUGHQ'LH.OlUXQJGHU5HOHYDQ]XQG9LDELOLWlW YRQ,QIRUPDWLRQHQNDQQVRPLWJOHLFKVDP(UJHEQLVYRQ/HUQSUR]HVVHQYJO $UQROG6LHEHUW6 VHLQ K 1HXLJNHLWVZHUW GHU ,QIRUPDWLRQHQ ,Q GHU (UZDFKVHQHQELOGXQJ LVW HV QRW ZHQGLJ ÄQHXHV :LVVHQ DQ>]X@ELHWHQ :LVVHQ NDQQ QLFKW QXU ÃDXV VLFK VHO EHU¶DXVGHU6HOEVWUHIOH[LRQJHVFK|SIWZHUGHQ:LVVHQNDQQDXIÃ0DWHULDO¶ DXI(UNHQQWQLVJHJHQVWlQGHQLFKWYHU]LFKWHQ³$UQROG6LHEHUW6 GDVEHGHXWHWGDVVHVVLFKQLFKWGXUFK5HGXQGDQ]VRQGHUQHEHQGXUFKHLQHQ JHZLVVHQ1HXLJNHLWVZHUWDXV]HLFKQHW L $QVFKOXVVIlKLJNHLW GHU ,QIRUPDWLRQHQ Ä1HXHV PXVV LQ HLQ EHUHLWV YRUKDQ GHQHVNRJQLWLYHV6\VWHPLQWHJULHUEDU³$UQROG6LHEHUW6 VHLQ 1HEHQHLQHU5HIOH[LRQYRQEHUHLWVYRUKDQGHQHP:LVVHQLVWHVLQGHU(UZDFKVH QHQELOGXQJ DXHURUGHQWOLFK ZLFKWLJ GDVV 0|JOLFKNHLWHQ Ä]XP Ã$XVSURELHUHQ YRQ Ã1HXHP¶ ]XP Ã3UREHGHQNHQ¶ ]XU %HVFKlIWLJXQJ PLW $QGHUVGHQNHQGHQ³ $UQROG6LHEHUW 6 YRUKDQGHQ VLQG (UVW GXUFK GHUDUWLJH 0|JOLFK NHLWVUlXPH YHUVHW]HQ VLFK GLH /HUQHQGHQ VHOEVW LQ GLH /DJH /HUQLQWHUHVVHQ ]X HQWGHFNHQXQG/HUQJUQGH]XIRUPXOLHUHQGLHOHW]WOLFKOHUQI|UGHUQGH:LUNXQJHQ KDEHQ 'LHV NDQQ DOV HLQH VHOEVWJHVWHXHUWH ,QWHUYHQWLRQ LQ GHQ HLJHQHQ .RPSH WHQ]DXIEDX EH]HLFKQHW ZHUGHQ 9HUQHW]WHV /HUQHQ ]HLFKQHW VLFK GDGXUFK DXV GDVV GLH ELRJUDILVFKH 9HUIDVVWKHLW HEHQVR HLQEH]RJHQ ZLUG ZLH GLH NRJQLWLYHQ 3UR]HVVHXQGGLHDWPRVSKlULVFKHQ/HUQEHGLQJXQJHQQlPOLFKLQGHU)RUPGDVV HLQ HPRWLRQDOHU XQG VLQQVWLIWHQGHU %H]XJ ]XP /HUQJHJHQVWDQG KHUJHVWHOOW XQG GHU.RQWH[WYHUGHXWOLFKWZLUGLQGHPGHU]XHUZHUEHQGH/HUQJHJHQVWDQGHLQJH RUGQHWLVW
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
9HUVWHKHQGHV/HUQHQ 0LW :LVVHQ NRQVWUXNWLY XP]XJHKHQ HUIRUGHUW HLQH VHOEVWYHUDUEHLWHQGH 7lWLJNHLW YRQ0HQVFKHQ:LVVHQLVWJUXQGOHJHQGUHLFKWDEHUDOOHLQHQLFKWDXVGDPLWDXFK YHUVWHKHQGXPJHKHQ]X N|QQHQ9LHOPHKUEHVWHKWHLQGLDOHNWLVFKHU=XVDPPHQ KDQJYRQ:LVVHQXQG9HUVWHKHQ Ä:LVVHQXQG9HUVWHKHQVLQGQLFKWGDVVHOEHDEHUVLHVLQGPLWHLQDQGHUYHUEXQGHQ 9HUVWHKHQLVWDXI:LVVHQJHJUQGHWXQG:LVVHQNDQQQLFKWRKQHHLQYRUDXVJHKHQ GHVXQDUWLNXOLHUWHV9HUVWHKHQYRUVLFKJHKHQ« 'DV9HUVWHKHQJHKWGHP:LVVHQ YRUDXV XQG IROJW LKP QDFK 'DV YRUJlQJLJH 9HUVWHKHQ ZHOFKHV DOOHP :LVVHQ ]XJUXQGHOLHJWXQGGDVZDKUH9HUVWHKHQZHOFKHVHVEHUVFKUHLWHWKDEHQIROJHQGHV JHPHLQVDP6LHYHUOHLKHQ:LVVHQ6LQQ³$UHQGW6
:LUG DOVR :LVVHQ YHUVWDQGHQ VR ILQGHW HV HLQH VLQQYROOH $QELQGXQJ LQ GHQ HLJHQHQ NRJQLWLYHQ 6WUXNWXUHQ ,P NRQVWUXNWLYLVWLVFKHQ 6LQQH EHGHXWHW :LVVHQ ZLUNOLFK]XYHUVWHKHQYHUVWHKHQGHV/HUQHQ Ä%HGHXWVDP IU GDV YHUVWHKHQGH /HUQHQ LVW GDVV HV DXI GHQ VXEMHNWLYHQ (UIDK UXQJVKLQWHUJUXQGDXIEDXWGKHVLVWGHPELVKHU*HOHUQWHQQDKHJHQXJXPHUIROJ UHLFKLQ*HJHQZlUWLJHVLQWHJULHUW]XZHUGHQ³0LNXOD6
,P 3UR]HVV GHV YHUVWHKHQGHQ /HUQHQV HQWZLFNHOQ 0HQVFKHQ JOHLFK]HLWLJ HLQH 9RUVWHOOXQJLKUHUHLJHQHQ/HUQZLUNVDPNHLW'LHVIKUWLQZHLWHUHU)ROJHXQPLW WHOEDU ]XP $XIEDX E]Z ]XU (UZHLWHUXQJ GHV HLJHQHQ 6HOEVWNRQ]HSWHV 9HUVWH KHQGHV/HUQHQLVWDOVR PHKU DOVQXUGLHEORH$QHLJQXQJ YRQ:LVVHQ VRQGHUQ XPIDVVW GDUEHU KLQDXV HLQH VXEMHNWLYH (U XQG %HDUEHLWXQJ GHV :LVVHQV XQG IKUWVR]XHLQHPJHVWDOWHQGHQ:LVVHQVDXIEDX 6SUDFKHLVWGLHVXEMHNWLYH,QWHUSUHWDWLRQYRQHLJHQHQ(UOHEQLVVHQXQG(UIDK UXQJHQ9RUWUlJHN|QQHQGD]XDQUHJHQSDUDOOHOHLJHQH,QIRUPDWLRQHQDXI]XEDX HQXQGVRPLW:LVVHQVHOEVW]XNUHLHUHQ'D±DXVNRQVWUXNWLYLVWLVFKHU6LFKW±GLH K|UHQGH3HUVRQGHQ,QKDOWHLQHU1DFKULFKWEHVWLPPWOLHJWHVDQGHUVSUHFKHQGHQ 3HUVRQ VLFKHU]XVWHOOHQ ZLH GHU ,QKDOW HLQHU ,QIRUPDWLRQ LQWHUSUHWLHUW ZLUG 9HU VWHKHQLVWLPPHULQHLQHP.RQWH[W]XVHKHQ±HVLVWVWHWVLQHLQHQVR]LDOHQNXOWX UHOOHQ JHVHOOVFKDIWOLFKHQ JHVFKOHFKWOLFKHQ DEHU DXFK LQKDOWOLFKHQ IDFKOLFKHQ =XVDPPHQKDQJHLQJHEHWWHW(WZDV]XYHUVWHKHQOlVVWVLFKQLFKWHU]ZLQJHQ/HU QHQ VHW]W 0RWLYDWLRQ XQG ,QWHUHVVH GHU /HUQHQGHQ YRUDXV HEHQVR ZLH GLH %H ZXVVWKHLW GDVV /HUQHQ DNWLYHV +DQGHOQ EHGHXWHW 5HLQPDQQ5RWKPHLHU0DQGO 6II ZHLVHQLQLKUHQ$XVIKUXQJHQDXIGLHVXEMHNWLYHQ.RQVWUXNWL RQVOHLVWXQJHQ EHLP /HUQHQ YRQ (UZDFKVHQHQ KLQ XQG OHJHQ ]HQWUDOH 0HUNPDOH YRQ/HUQSUR]HVVHQGDU
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
/HUQHQ LVW HLQ DNWLYHU .RQVWUXNWLRQVSUR]HVV :LVVHQ NDQQ QXU EHU HLQH VHOEVWVWlQGLJH XQG HLJHQDNWLYH %HWHLOLJXQJ GHV /HUQHQGHQ DP /HUQSUR]HVV HUZRUEHQ ZHUGHQ 'DV EHGHXWHW GDVV GLH /HUQHQGHQ IU GDV /HUQHQ PRWL YLHUWVHLQPVVHQXQGHLQ,QWHUHVVHGDUDQKDEHQPVVHQ /HUQHQLVWHLQNRQVWUXNWLYHU3UR]HVV:LVVHQNDQQQXUHUZRUEHQXQGJHQXW]W ZHUGHQ ZHQQ HV LQ GLH EHUHLWV YRUKDQGHQHQ :LVVHQVVWUXNWXUHQ HLQJHEDXW XQGDXIGHU%DVLVLQGLYLGXHOOHU(UIDKUXQJHQXQG:DKUQHKPXQJHQLQWHUSUH WLHUWXQGDXFKDQJHZHQGHWZHUGHQNDQQ /HUQHQ LVW HLQ HPRWLRQDOHU 3UR]HVV )U GHQ :LVVHQVHUZHUE LVW HV ]HQWUDO GDVV GLH /HUQHQGHQ ZlKUHQG GHV /HUQSUR]HVVHV SRVLWLYH (PRWLRQHQ ZLH )UHXGHHPSILQGHQ9RUDOOHP$QJVWXQG6WUHVVHUZHLVHQVLFKIUGDV/HU QHQDOVKLQGHUOLFK /HUQHQLVWHLQVHOEVWJHVWHXHUWHU3UR]HVV'LH$XVHLQDQGHUVHW]XQJPLWHLQHP ,QKDOWVEHUHLFKHUIRUGHUWGLH.RQWUROOHXQGhEHUZDFKXQJGHVHLJHQHQ/HUQ SUR]HVVHVGXUFKGHQ/HUQHQGHQ'DUEHUKLQDXVLVW]XEHWRQHQGDVV/HUQHQ SULQ]LSLHOO QLFKW RKQH 6HOEVWVWHXHUXQJ YRU VLFK JHKHQ NDQQ 'LHV EHGHXWHW MHGRFK QLFKW GDVV /HUQHQ VR]XVDJHQ DOOHLQH YRU VLFK JHKW YLHOPHKU LVW HV QRWZHQGLJGDVV/HUQHQ2ULHQWLHUXQJXQG$QOHLWXQJEHQ|WLJW /HUQHQLVWHLQVR]LDOHU3UR]HVV'HU(UZHUEYRQ:LVVHQYROO]LHKWVLFKLQGHU ,QWHUDNWLRQPLWDQGHUHQLQHLQHUVR]LDOHQ*HPHLQVFKDIW+LHUZHUGHQQLFKW QXU)HUWLJNHLWHQHUZRUEHQXQGDXVJHEDXWHVZHUGHQDXFK(LQVWHOOXQJHQXQG 0HLQXQJHQNRQVWUXLHUW,QGLHVHQVR]LDOHQ.RQWH[WHQZHUGHQVR]LDOH.RP SHWHQ]HQHUSUREWXQGDQJHHLJQHW /HUQHQLVWHLQVLWXDWLYHU3UR]HVV:LVVHQZHLVWVWHWVVLWXDWLYHXQGNRQWH[WX HOOH%H]JHDXIGHU(UZHUE YRQ:LVVHQLVWDQHLQHQVSH]LILVFKHQ .RQWH[W RGHU DQ HLQH 6LWXDWLRQ JHEXQGHQ 6R ILQGHW /HUQHQ LP 5DKPHQ HLQHU EH VWLPPWHQVR]LRNXOWXUHOOHQ/HUQXPJHEXQJVWDWWGLHIUGHQ(UZHUE]HQWUDOHU .RPSHWHQ]HQDXVVFKODJJHEHQGLVW
'LHVH 3UR]HVVPHUNPDOH GHV /HUQHQV EHWRQHQ GLH (LJHQDNWLYLWlW YRQ (UZDFKVH QHQLKUH,QWHUHVVHQVEH]JHGLH(LJHQYHUDQWZRUWXQJIU/HUQSUR]HVVHGLH,QWHJ UDWLRQYRQEHUHLWVJHPDFKWHQ(UIDKUXQJHQXQGYRUKDQGHQHQhEHU]HXJXQJHQXQG VLH VWHOOHQ %H]JH KHU ]X NRQNUHWHQ 6LWXDWLRQHQ YJO 5HLQPDQQ 5RWKPHLHU0DQGO6II 0LWGLHVHQ3UR]HVVPHUNPDOHQZLUGGHXWOLFK GDVV /HUQHQ HLQH NRQVWUXNWLYH XQG DNWLYH :LVVHQVDQHLJQXQJ GDUVWHOOW GLH QLFKW DEJHNRSSHOW YRQ VLWXDWLYHQ *HJHEHQKHLWHQ EHWUDFKWHW ZHUGHQ NDQQ XQG ]XGHP GLH.RPSHWHQ]GHU/HUQIlKLJNHLWYRUDXVVHW]W
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
9RQGHU9HUPLWWOXQJ]XU$QHLJQXQJ 8QWHUGHP0RWWR /HUQIlKLJNHLWE]Z $XVELOGXQJGHU/HUQNRPSHWHQ]HQ IU GDV -DKUKXQGHUWYJO'HXWVFKH81(6&2.RPPLVVLRQ6II EHVFKUHLEW GLH 81(6&2.RPPLVVLRQ HLQ /HUQNRQ]HSW IU GLH LQVWLWXWLRQDOLVLHUWH (UZDFK VHQHQELOGXQJ LQGHP DXI GLH 4XDOLWlW YRQ /HUQHQ DOV :LVVHQ ]X HUZHUEHQ ]X KDQGHOQXQG]XVDPPHQ]XOHEHQYHUZLHVHQZLUGLP6LQQHHLQHV/HUQHQVIUGDV /HEHQ 6RREHUIOlFKOLFKGLHVH)RUPXOLHUXQJHQDXFK VLQGGDKLQWHUYHUELUJWVLFK GHUJHUQ]LWLHUWH3DUDGLJPHQZHFKVHOYRP/HKUHQ]XP/HUQHQRGHUWKHVKLIWIURP WHDFKLQJ WR OHDUQLQJ 'LHVH 'HQNZHLVH EH]LHKW VLFK LQ RUJDQLVLHUWHQ %LOGXQJV SUR]HVVHQ QLFKW QXU DXI GLH 9HUPLWWOXQJVSHUVSHNWLYH XQG GLH $XHQVWHXHUXQJ VRQGHUQ DXFK DXI GLH VXEMHNWLYHQ /HUQSUR]HVVH UHVSHNWLYH DXI GLH ELRJUDILVFKH 9HUDUEHLWXQJYRQ/HUQXQG/HEHQVHUIDKUXQJHQPLWKLQDXIGLH$QHLJQXQJVSHU VSHNWLYH $XVJDQJVSXQNW GHU QDFKVWHKHQGHQ hEHUOHJXQJHQ ELOGHW ]XQlFKVW HLQ $XIWUDJLQGHU(UZDFKVHQHQELOGXQJ±QlPOLFK/HUQNRPSHWHQ]]XI|UGHUQ±XQG GHU GDPLW HLQKHUJHKHQGHQ YHUlQGHUWHQ 9HUKlOWQLVEHVWLPPXQJ YRQ /HKUHQ XQG /HUQHQ ,QGHU(UZDFKVHQHQELOGXQJODXWHWHLQHSlGDJRJLVFKH $QWZRUWDXIGLH+HU DXVIRUGHUXQJHQLQGHU*HVHOOVFKDIW $UEHLWDQGHU(UZHLWHUXQJGHU /HUQNRPSH WHQ]YRQ(UZDFKVHQHQ'DPLWLVWDXFKHLQ9HUlQGHUXQJVDQVSUXFKYHUEXQGHQGHU VLFKQXUXQWHUEHVWLPPWHQ3HUVSHNWLYHQHLQO|VHQOlVVW:HQQQlPOLFK(UZDFKVH QHDOV6XEMHNWHPLWLKUHUMHHLJHQHQ/HEHQVXQG/HUQJHVFKLFKWHZDKUJHQRPPHQ ZHUGHQ ]% 7HLOQHKPHURULHQWLHUXQJ XQG ZHQQ /HUQHQ LP 6LQQH HLQHU NRQ VWUXNWLYLVWLVFKHQ OHEHQVZHOW XQG GHXWXQJVPXVWHUEH]RJHQHQ (UZDFKVHQHQELO GXQJYJOXD$UQROG6LHEHUW6FKPLW]7LHWJHQV QXQQLFKWVR OHLFKWYRQDXHQVWHXHUEDUVRQGHUQDXFKYRQLQQHQLQGLYLGXHOOVHOEVWKHUVWHOOEDU LVW GDQQ EHGHXWHW GLHV LP %LOGXQJVSUR]HVV VSH]LHOO GLH :HFKVHOZLUNXQJ YRQ /HKUHQXQG/HUQHQ]XEHUFNVLFKWLJHQ*HJHQZlUWLJZLUGGLHLQVWLWXWLRQDOLVLHUWH 9HUPLWWOXQJVSHUVSHNWLYH ]XJXQVWHQ GHU 6FKZHUSXQNWVHW]XQJ HLQHU VXEMHNWLY ELRJUDILVFKHQ$QHLJQXQJVSHUVSHNWLYHEHWRQW %HLP /HUQHQ ZLUG QLFKW HLQIDFK QHXHV :LVVHQ DXIJHQRPPHQ VRQGHUQ HV ]HLJWVLFKYLHOPHKUHLQHV\VWHPLQWHUQHNRQVWUXNWLYHVHOEVWYHUDUEHLWHQGH7lWLJ NHLW /HUQHQ ZLUG LQ GLHVHP 6LQQH DOV .RQVWUXNWLRQVSUR]HVV YHUVWDQGHQ LQGHP DXFK GLH HLJHQHQ 'HXWXQJHQ XQG %HGHXWXQJHQ NRQ]LSLHUW ZHUGHQ 'LHVHQ $Q QDKPHQ IROJHQG ZLUG EHLVSLHOVZHLVH :LVVHQ QXU LQ NRQNUHWHQ 6LWXDWLRQHQ XQG DXV GHQ HLJHQHQ LQGLYLGXHOOHQ (UIDKUXQJHQ KHUDXV NRQVWUXLHUW =XVDPPHQJH QRPPHQIKUWGLHV]XU9HURUWXQJGHUZHFKVHOVHLWLJHQ:LUNXQJYRQ/HKUHQXQG /HUQHQ ZREHL $QHLJQXQJ DXI 9HUPLWWOXQJ EH]RJHQ LVW XQG GDEHL XPJHNHKUW 9HUPLWWOXQJHLQH$UW,QLWLLHUXQJRGHU+HUVWHOOXQJYRQ$QHLJQXQJGDUVWHOOW
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
'LDOHNWLVFKHV:HFKVHOVSLHO]ZLVFKHQ/HKUHQXQG/HUQHQ :HQQ YRQ HLQHP GLDOHNWLVFKHQ :HFKVHOVSLHO ]ZLVFKHQ /HKUHQ XQG /HUQHQ JH VSURFKHQ ZLUG GDQQ LVW GDPLW ]XP HLQHQ GDV %H]LHKXQJVYHUKlOWQLV ]ZLVFKHQ /HKULQWHQWLRQHQ VHLWHQV GHU /HKUHQGHQ XQG GHQ /HUQOHLVWXQJHQ VHLWHQV GHU /HU QHQGHQJHPHLQW'DVVQDFKQHXHUHQZLVVHQVFKDIWOLFKHQ(UNHQQWQLVVHQGLH/HKUH QLFKW JOHLFK /HUQHQ ]XP (UJHEQLV KDW ZHLVW DXI HEHQ NHLQ OLQHDUHV 9HUKlOWQLV KLQVRQGHUQYHUZHLVWDXI NRPSOH[H.RSSHOXQJHQLP%LOGXQJVSUR]HVV 'DVEH GHXWHWGDVV/HUQHQQLFKWXQEHGLQJWHLQ3URGXNWYRQ/HKUHLVWVRQGHUQLPSOL]LW LQGHU%HZlOWLJXQJYRQ$XIJDEHQXQG+HUDXVIRUGHUXQJHQHQWVWHKW*OHLFK]HLWLJ ZLUNW VLFK /HUQHQ GHU 7HLOQHKPHU,QQHQ LP %LOGXQJVSUR]HVV P|JOLFKHUZHLVH DXFK LQGLUHNW DXI GLH /HKUDNWLYLWlWHQ GHU /HKUHQGHQ DXV 0LW GLHVHP %H]LH KXQJVYHUKlOWQLVLVW]XPDQGHUHQDEHUDXFKDQJHVSURFKHQGDVVVLFKGLH9HUPLWW OXQJVDNWLYLWlW XQG GLH $QHLJQXQJVSUD[LV HLQDQGHU ZHFKVHOVHLWLJ XQG XQYRUKHU VHKEDUEHGLQJHQ'DVNDQQDXFKGD]XIKUHQGDVV/HKUDNWLYLWlWHQGLH/HUQHUIRO JH GHU /HUQHQGHQ QHJDWLY EHHLQIOXVVHQ QlPOLFK LQ GHU :HLVH GDVV :LGHUVWDQG HQWVWHKWXQGDXIGLHVHQ:LGHUVWDQG PLW /HUQKHPPQLVVHQUHDJLHUWZLUG3DVVLHUW HLQHQHJDWLYH/HUQVFKOHLIHVRKDWGLHVZLHGHUXPP|JOLFKHUZHLVH$XVZLUNXQJHQ DXIGLHQHJDWLYH%HZHUWXQJYRQDQVLFKSRVLWLYHQ/HUQDQOlVVHQ-HQDFKVLWXDWL YHQ *HJHEHQKHLWHQ XQG HQWVSUHFKHQGHU (LQEHWWXQJ LQ VR]LDOH .RQWH[WH NDQQ ZRKOVWUXNWXULHUWHXQGGLGDNWLVFKSURIHVVLRQHOODXIEHUHLWHWH/HKUH±ZHQQGLHVHV :HFKVHOYHUKlOWQLVLQGLHVHU$UWEHWUDFKWHWZLUG±]XP*HOLQJHQRGHU]XP6FKHL WHUQ LQ GHU %LOGXQJVDUEHLW IKUHQ 6R JHVHKHQ LVW GDYRQ DXV]XJHKHQ GDVV ]ZL VFKHQ GHU 9HUPLWWOXQJ YRQ ,QKDOWHQ XQG GHU $QHLJQXQJ GHUVHOEHQ V\VWHPLVFK JHVSURFKHQHLQH$UWVWUXNWXUHOOH.RSSHOXQJEHVWHKWXQG]ZDULQGHU:HLVHZDV DXIJHQRPPHQ XQG YHUDUEHLWHW ZLUG ZLH GLH /HUQLQWHUHVVHQ XQG /HUQJUQGH EHZHUWHW ZHUGHQ XQG ZLH OHW]WOLFK GLHV ]XVDPPHQJHQRPPHQ ]X /HUQHUIROJHQ ZLUG /HUQNRPSHWHQ]HQ ]X HUZHUEHQ EHGHXWHW LP YRUOLHJHQGHQ 0RGHOO HLQHU NR KlUHQ]RULHQWLHUWHQ /HUQNXOWXU GDV 3ULQ]LS GHU 9HUPLWWOXQJ XQG GDV 3ULQ]LS GHU $QHLJQXQJQLFKWDOVNRPSOHPHQWlUH$NWLYLWlWHQ]XEHWUDFKWHQVRQGHUQDOV'LI IHUHQ]V\VWHPH GLH HLJHQWOLFK UHODWLY ORVH PLWHLQDQGHU LQ %H]LHKXQJ VWHKHQ JOHLFK]HLWLJ DEHU HQJ DXIHLQDQGHU YHUZLHVHQ VLQG $XV GHU 6LFKW GHU /HUQHQGHQ LVW /HUQHQ DOV $QHLJQXQJ YRQ 6HOEVW ,GHQWLWlWVELOGXQJ XQG :HOW %LOGXQJ ]XU :HOWYHUIJXQJ JOHLFKHUPDHQ]XYHUVWHKHQ'DV3ULQ]LSGHU9HUPLWWOXQJEHLQ KDOWHW DOOHUGLQJV HLQH 5FNQDKPH GHV SlGDJRJLVFKHQ $QVSUXFKV 'LHV VFKOLHW DXFK HLQH YHUlQGHUWH 9HUDQWZRUWXQJ IU GDV *HOLQJHQ YRQ LQVWLWXWLRQDOLVLHUWHU %LOGXQJ PLW HLQ XQG IKUW LQ GHU )ROJH ]X HLQHU 6WHLJHUXQJ GHU $XWRQRPLH DXI EHLGHQ 6HLWHQ GHV 9HUKlOWQLVVHV YJO .DGH 6 II /HKUH LVW LQ GLHVHP YHUlQGHUWHQ6LQQHHLQHLPSOL]LWH,QWHUYHQWLRQLQGLH$QHLJQXQJVSUR]HVVHVHLWHQV
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
GHU 6XEMHNWH $XV GLHVHU 3HUVSHNWLYH LVW /HKUH DOVR NHLQH KLQUHLFKHQGH DEHU GHQQRFK HLQH QRWZHQGLJH %HGLQJXQJVYDULDEOH IU /HUQHQ /HKUH XQG /HUQHQ JHK|UHQQlPOLFK]XHLQHPJHVDPWHQ%LOGXQJVJHIJHZHOFKHVZLHHLQ0RELOH]X YHUVWHKHQLVW,QGLHVHP0RELOHWUlJWMHGHU7HLO]XP*OHLFKJHZLFKWGHVJHVDPWHQ 6\VWHPVEHLXQGMHGHU7HLOLVW±VRXQEHGHXWHQGHULQHLQHU6LWXDWLRQDXFKVHLQ NDQQ±LQGHU/DJHGDV*HVDPWH]XU/HUQNRPSHWHQ]RGHUDEHU]XHLQHU/HUQEH KLQGHUXQJ ]X IKUHQ 'LH HLQ]HOQHQ $VSHNWH ± /HKUH XQG /HUQHQ ± VLQG DOVR EHGHXWVDP GRFK HUVW LKU VSH]LHOOHV =XVDPPHQZLUNHQ PDFKW GLH HLJHQWOLFKH /HUQNXOWXUDXV $XIGLHVHU*UXQGODJHLVWHLQHNRKlUHQ]RULHQWLHUWH/HUQNXOWXU]XVHKHQGLH DOV LQWHJULHUWHV .RQ]HSW IU HLQ ZLUNXQJVYROOHV =XVDPPHQVSLHO ]ZLVFKHQ YHU DQWZRUWXQJVYROOHUSURIHVVLRQHOOHU/HKUWlWLJNHLWXQGGHU(LJHQYHUDQWZRUWXQJLP VHOEVWJHVWHXHUWHQ/HUQSUR]HVVXQGGHQGDULQZLUNHQGHQ'HXWXQJVXQG,QWHUSUH WDWLRQVPXVWHUQ YHUVWDQGHQ ZLUG .RQ]HSWUHOHYDQW LVW DXI GHU 9HUPLWWOXQJVVHLWH GDV %HPKHQ XP GLH $QVFKOXVVIlKLJNHLW YRQ %LOGXQJVLQKDOWHQ DQ GLH /HEHQV ZHOWGHU(UZDFKVHQHQ6RZLUGVHLWHQVGHU7HLOQHKPHU,QQHQGHU/HUQXQG%LO GXQJVSUR]HVV ]X HLQHP ± ZLH 6FKPLW] HV QHQQW ± ÄOHEHQVZHOWEH]RJHQHQ (U NHQQWQLVSUR]H³LQGHP6HOEVWDXINOlUXQJGHUVXEMHNWLYHQ:LUNOLFKNHLWJHVFKLHKW YJO6FKPLW]6 'DVVEHLP3UR]HVVGHUÄVXEMHNWLYLQGLYLGXHOOHQ$Q HLJQXQJGHUPDWHULHOOHQVR]LDOHQXQGV\PEROLVFKHQ.XOWXU³.DGH6 3UREOHPH XQG6FKZLHULJNHLWHQHQWVWHKHQNDQQ PLWGHP%HJULIIGHV/HKU/HUQ .XU]VFKOXVVHVVNL]]LHUWZHUGHQ $XVVWLHJDXVGHP/HKU/HUQ.XU]VFKOXVV 'LH$QQDKPHGDVVDXIGLHDEVLFKWOLFKH9HUPLWWOXQJGXUFK/HKUHQGHQLFKWXQEH GLQJWGLHEHZXVVWH$QHLJQXQJVHLWHQVGHU/HUQHQGHQIROJWNDQQPLWGHP%HJULII /HKU/HUQ.XU]VFKOXVV YJO +RO]NDPS VNL]]LHUW ZHUGHQ 'DUXQWHU YHU VWHKW +RO]NDPS GLH Ä8QWHUVWHOOXQJ Ã/HKUHQ¶ ZUGH DXWRPDWLVFK Ã/HUQHQ¶ EHL GHQ%HOHKUWHQLPSOL]LHUHQ³+RO]NDPS6 9LHOPHKUELOGHQMHGRFKGLH LQGLYLGXHOOHQ /HEHQVHUIDKUXQJHQ XQG GDPLW GHU ELRJUDILVFKH +LQWHUJUXQG GHU /HUQHQGHQ GLH *UXQGODJH XQG GLH HQWVFKHLGHQGHQ 9RUEHGLQJXQJHQ IU GLH MH ZHLOV LQGLYLGXHOOHQ /HUQJUQGH +RO]NDPS EULQJW GDPLW GHXWOLFK ]XP $XVGUXFN ÄGDLQWHQWLRQDOHVGKDEVLFKWOLFKHV XQGJHSODQWHV/HUQHQ QXUGDQQ ]XVWDQGHNRPPWZHQQGDV/HUQVXEMHNWVHOEVWHQWVSUHFKHQGH*UQGHGDIUKDW³ +RO]NDPS6 'DVKHLWGDVVGDV]X/HUQHQGHPLWGHQ/HEHQVLQWHUHV VHQGHU/HUQHQGHQEHUHLQVWLPPHQPXVVGHQQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
Ä>H@UVWZHQQHVJHOLQJW/HUQWKHPDWLNHQPLWGHQ/HEHQVLQWHUHVVHQGHU,QGLYLGXHQ ]XYHUPLWWHOQILQGHWDXFKH[SDQVLYHV/HUQHQVWDWW'LHVZHLVW]XUFNDXIGHQ%HJULII GHUÃ6HOEVWEHVWLPPXQJ¶« ³YJO)DXOVWLFK6
0DQ N|QQWH DOVR VDJHQ -H XPIDVVHQGHU GLH (QWVFKHLGXQJVP|JOLFKNHLWHQ GHU /HUQHQGHQEHULKUH=LHOSHUVSHNWLYHQXQG+DQGOXQJVUlXPHVLQGGHVWRJU|HULVW DXFKGHU*UDGGHU6HOEVWEHVWLPPXQJ%HLP/HUQHQPLW(UZDFKVHQHQJHKWHVLQ GLHVHP 6LQQH GDUXP VLFK DXI GLH 6HOEVWVWlQGLJNHLW XQG 6HOEVWVWHXHUXQJVIlKLJ NHLWLQGHU%HGHXWXQJVJHEXQJGHU/HUQHQGHQGLHGHPHQWVSUHFKHQGDOVJOHLFKEH UHFKWLJWH 3HUVRQHQ LP /HUQNRQWH[W JHVHKHQ ZHUGHQ ]X NRQ]HQWULHUHQ GDPLW XQWHUVWW]HQGH%HJOHLWXQJLP/HUQSUR]HVVP|JOLFKZLUG (LQH (UZHLWHUXQJ YRQ /HUQNRPSHWHQ]HQ ]LHOW DXI GLH 6HOEVWHQWIDOWXQJVIl KLJNHLW XQG GLH %HWHLOLJXQJVP|JOLFKNHLW GHU 7HLOQHKPHQGHQ DE GXUFK HQWVSUH FKHQGH /HUQDUFKLWHNWXUHQ ZLUG YHUVXFKW %HGLQJXQJHQ ]X VFKDIIHQ ZHOFKH GLH 6XEMHNWH LQ GHQ 0LWWHOSXQNW VWHOOHQ 'LH *UXQGIUDJH QDFK GHQ 0|JOLFKNHLWHQ ZLH /HUQ XQG %LOGXQJVSUR]HVVH DOV 9HUlQGHUXQJVSUR]HVVH DQJHVWRHQ VWUDWH JLVFK XQWHUVWW]W XQG VLQQYROO EHJOHLWHW ZHUGHQ N|QQHQ ZLUG YLHOHURUWV XQWHU VFKLHGOLFK EHDQWZRUWHW YJO 'LHWULFK+HUU )DXOVWLFK -QJHU /XGZLJ LVW DEHU KLHU QLFKW 7KHPD :LFKWLJ LVW MHGRFK DEVFKOLHHQG ]X EHWRQHQGDVVGDPLWGHU0\WKRVYRQGHU:LVVHQVYHUPLWWOXQJDOV+HUVWHOOXQJYRQ :LVVHQ/HUQHQVHLWHQVGHU7HLOQHKPHU,QQHQ DOOHLQGXUFKGHQ1DFK9ROO]XJGHU 'DUVWHOOXQJYRQ:LVVHQ/HKUHVHLWHQVGHU/HKUHQGHQ DOVÄGLGDNWLVFKHU.DWHJR ULHIHKOHU³JHVHKHQZLUGYJO1HXZHJ6II :HQQGHQQRFKYRQ/HUQ NRPSHWHQ]HQWZLFNOXQJ DOV %HLWUDJ ]XU %LOGXQJ YRQ 6XEMHNWHQ GXUFK HLQH OH EHQVQDKH /HUQNXOWXUGLH5HGHLVWGDQQLVWKLHUQRFKHLQH NXU]HLQKDOWOLFKH%H VWLPPXQJGHVVHQYRU]XQHKPHQ %LOGXQJDOVHLQ%HLWUDJ]XU/HEHQVEHZlOWLJXQJ (LQH GHUDUWLJH $QQDKPH /HUQ XQG %LOGXQJVSUR]HVVH DOV VXEMHNWLYH $QHLJQXQJVXQG(UIDKUXQJVSUR]HVVH]XYHUVWHKHQXQGGLHVHLQGHU%LOGXQJVDU EHLWLQLWLLHUHQ]XZROOHQEHGHXWHWVLFKYRQGHU6LPSOLIL]LHUXQJ]XEHIUHLHQGDVV HVEHLGHUHLQIDFKHQ$QZHQGXQJYRQQHXHQ/HKUXQG/HUQIRUPHQRGHUDEHUEHL HLQHU EOR GLGDNWLVFK DXIZHQGLJHQ ,QV]HQLHUXQJ YRQ %LOGXQJVZHOWHQ JHQJH GDVV /HUQHQ VHOEVW RUJDQLVLHUW XQG HLJHQYHUDQWZRUWOLFK SDVVLHUW 3URIHVVLRQHOO DUEHLWHQGH 3lGDJRJ,QQHQ LQ GHU (UZDFKVHQHQELOGXQJ HUNHQQHQ GLH 4XDOLWlW GHU )|UGHUXQJ YRQ/HUQSUR]HVVHQGXUFKHLJHQHV(QJDJHPHQW GXUFKHLJHQH3DUWL]L SDWLRQLP/HUQIHOGXYDP 9RP6WDQGSXQNWGHV6XEMHNWHVDXVEHWUDFKWHWRULHQWLHUWVLFKLQVWLWXWLRQDOL VLHUWH%LOGXQJDQGHU9HUPLWWOXQJYRQ)DFKNHQQWQLVVHQHEHQVRZLHDQGHU%HIl
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
KLJXQJ]XU6HOEVW%LOGXQJ+HUDXVIRUGHUQGDQGLHVHP=XJDQJLVWQLFKWQXU:LV VHQVLQKDOWH IUHLQHHQWVSUHFKHQGH$QHLJQXQJDXI]XEHUHLWHQVRQGHUQYRUDOOHP DXFK GDV ,QWHUHVVH XQG GLH /HUQPRWLYDWLRQ ]X ZHFNHQ E]Z ]X I|UGHUQ LQGHP HLQH DQVSUHFKHQGH $WPRVSKlUH JHVFKDIIHQ ZLUG XQG GLH DP %LOGXQJVSUR]HVV EHWHLOLJWHQ 3HUVRQHQ LQ GHU /DJH VLQG VLFK GLH :HOW LQ HLQHP NUHDWLYHQ )HOG OHUQHQG DQ]XHLJQHQ (LQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU LVW VLFK GHU %DODQFH ]ZLVFKHQ IUHPGJHVWHXHUWHU ,QVWUXNWLRQ XQG VHOEVWRUJDQLVLHUWHU .RPSHWHQ]HQW ZLFNOXQJEHZXVVW$XFKYHUVFKLHGHQH$QVlW]HIUQHXH/HUQNXOWXUHQYHUGHXWOL FKHQGDVVLQGHU%LOGXQJVDUEHLW]ZDUGLH $QUHJXQJHQYRQDXHQZLFKWLJ VLQG GDVV DEHU GLH %HWHLOLJWHQ GXUFK LKUH 'HXWXQJVPXVWHU XQG GLH %HZHUWXQJ LKUHU (UIDKUXQJHQLKUHQ/HUQSUR]HVVVHOEVWVWHXHUQXQGVRVHOEVWLQGHU/DJHVLQGLKUH +DQGOXQJV XQG (QWVFKHLGXQJVVSLHOUlXPH GK DXFK LKUH /HUQNRPSHWHQ]HQ LP 6LQQ GHV /HEHQVODQJHQ /HUQHQV ]X HUZHLWHUQ 'DV EHGHXWHW 0HQVFKHQ N|QQHQ GXUFK HQWVSUHFKHQGH /HUQDUUDQJHPHQWV LQ LKUHU )lKLJNHLW XQWHUVWW]W ZHUGHQ HLJHQH /HUQ XQG (QWZLFNOXQJVSUR]HVVH ]LHOJHULFKWHW VHOEVWEHZXVVW XQG HLJHQ YHUDQWZRUWOLFK]XJHVWDOWHQ$EHU/HUQHQLP6LQQHGHU(UZHLWHUXQJYRQ.RPSH WHQ]HQ XQG 6XEMHNWZHUGXQJ LVW P|JOLFK ZHQQ GLH 3HUVRQ VHOEVW DNWLY DQ LKUHU *HVWDOWXQJ XQG SHUVRQDOHQ (QWZLFNOXQJ EHWHLOLJW LVW GK GLH %HUHLWVFKDIW DXI EULQJWEHZXVVW9HUDQWZRUWXQJIUGLH6HOEVW%LOGXQJXQGDXFK±LP6LQQHHLQHU SROLWLVFKHQ 'LPHQVLRQ ± 9HUDQWZRUWXQJ IU GLH 0LWJHVWDOWXQJ YRQ *HVHOOVFKDIW ]XEHUQHKPHQ (PRWLRQHQLP9HUVWHKHQVSUR]HVV 0LW-|UJ%UPDQQ NDQQ(PRWLRQZLHIROJWGHILQLHUWZHUGHQ Ä'HU %HJULII GHU (PRWLRQ NHQQ]HLFKQHW HLQ ,QWHUDNWLRQVJHVFKHKHQ VXEMHNWLYHU XQGREMHNWLYHU)DNWRUHQGDVPLWDOV/XVWRGHU8QOXVWHUOHEWHQOHLEOLFKHQ(UUHJXQJV ]XVWlQGHQHLQKHUJHKWGDVYHUEXQGHQLVWPLW3UR]HVVHQGHV:DKUQHKPHQV'HQNHQV (UNHQQHQVXQG:HUWHQVGDVN|USHUOLFKH%HUHLWVFKDIWHQDNWLYLHUWDXILQQHUHXQGlX HUH5HL]HPLW$QSDVVXQJVOHLVWXQJHQ]XUHDJLHUHQXQGVFKOLHOLFKGDVLQHLQ9HUKDO WHQ EHUIKUW ZHUGHQ NDQQ LQ GHP VLFK $XVGUXFN $QSDVVXQJ XQG LQWHQWLRQDOHV +DQGHOQLQXQWHUVFKLHGOLFKHU*HZLFKWXQJYHUELQGHQ³%UPDQQ6
'DV KLHU VNL]]LHUWH :HFKVHOVSLHO YRQ .RJQLWLRQ ,QIRUPDWLRQHQ DXV GHU :HOW YHUDUEHLWHQ XQG (PRWLRQ DOV %HZHUWXQJVPDVWDE IKUW LQ GHU )ROJH ]X HLQHU +DQGOXQJVZHLVH RGHU $NWLYLWlW 0LW GLHVHP :LVVHQ GDVV .RJQLWLRQ 'HQNHQ XQG (PRWLRQ )KOHQ HQJ ]XVDPPHQJHK|UHQ XQG GDVV MHGH (UZDFKVHQELOGXQJ VLFKLP.RQWH[WGHU PRPHQWDQHQ JHIKOVPlLJHQ*HVDPWYHUIDVVXQJGHU%HWHL OLJWHQYROO]LHKWZLUGGHXWOLFKGDVVGLH$UEHLWDQGHQ'HXWXQJVPXVWHUQLP/HUQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
XQG%LOGXQJVSUR]HVVXQDXVZHLFKOLFKLVWYJO'DPDVLR6II 9RUGLH VHP +LQWHUJUXQG KDEHQ*HIKOVODJHQDXFKHLQH NRPPXQLNDWLYH )XQNWLRQHWZD LQGHU:HLVHDOVVLHSRVLWLYH(UIDKUXQJHQLQJXWHU6WLPPXQJDQGHUVEHZHUWHQDOV QHJDWLYH(UIDKUXQJHQGLHHWZDPLW$QJVW$EZHUWXQJHQRGHU'HPWLJXQJHQLQ =XVDPPHQKDQJ VWHKHQ 8QVHUH /HEHQVZHOW LVW JHSUlJW YRQ XQWHUVFKLHGOLFKVWHQ (UIDKUXQJHQ:DKUQHKPXQJHQ6RUJHQXQGbQJVWHQ+RIIQXQJHQ(UZDUWXQJHQ $XIPHUNVDPNHLWHQ hEHU]HXJXQJHQ IUHXGYROOHQ (UZDUWXQJHQ RGHU DEHU WUDXUL JHQ *HIKOV]XVWlQGHQ 'HU %H]XJVUDKPHQ XQVHUH :HOW ]X YHUVWHKHQ LVW GLH JHJHQZlUWLJH $UW ]X GHQNHQ XQG GDUDXV (QWVFKHLGXQJHQ ]X WUHIIHQ XQG +DQG OXQJHQ ]X YROO]LHKHQ GLHV DOOHV DXI HLQHU HPRWLRQDOHQ %DVLV (LQ *HIKO KDW PLQGHVWHQVGUHL.RPSRQHQWHQÄHLQHQLP.|USHUHPSIXQGHQHQ9RUJDQJHLQHQ *HGDQNHQRGHU(UNHQQWQLVLQKDOWXQGHLQH $XVGUXFNVUHDNWLRQ³*ROHPDQ 6 +DOWHQ ZLUIHVW1LFKW QXUGLH:LVVHQVLQKDOWHDXFKGLH*HIKOH JHEHQ XQV]XGHQNHQ8QGEHLGHVVFKDIIW]XVDPPHQJHQRPPHQ%HGHXWXQJHQGLHXQVH UH(UIDKUXQJHQLP/HEHQVWlQGLJEHJOHLWHQ $EHUGLHÄ« (PRWLRQDOLWlWXQGPLWLKUHQJYHUEXQGHQH9HUP|JHQ:DKU QHKPHQ )KOHQ 3KDQWDVLH LVW QLFKW RKQH JHVHOOVFKDIWOLFKH XQG NXOWXUHOOH %H GLQJXQJHQ HUNOlUEDU « ³ +RO]DSIHO 6 *HVHOOVFKDIWOLFKH %HGLQ JXQJHQ XQG NXOWXUHOOH +LQWHUJUQGH IRUPHQ ± VR +RO]DSIHO ± GLH(PRWLRQDOLWlW GHU 6XEMHNWH *HUDGH 8QJHUHFKWLJNHLW 8QJOHLFKEHKDQGOXQJ XQG GDUDXV HQWVWH KHQGHQ(PRWLRQHQZLH(QWWlXVFKXQJ:XWDEHUDXFK:LGHUVWDQG9HUGUlQJXQJ XQG 5FN]XJ ÄPLW GHPHQWVSUHFKHQGHQ )RUPHQ YRQ 3HUV|QOLFKNHLWVVWUXNWXUHQ XQG %HILQGOLFKNHLWHQ³ YHUGHXWOLFKHQ ZLH ÄJHVHOOVFKDIWOLFKH 6WUXNWXUHQ LQ GLH )RUPXQJGHU(PRWLRQDOLWlWGHU6XEMHNWHHLQJUHLIHQ³+RO]DSIHO6 (U NULWLVLHUW GDVV GLH Ä6XEMHNW2EMHNW'LDOHNWLN³ LP .RQVWUXNWLYLVPXV QLFKW EH UFNVLFKWLJW ZLUG GK GDVV GLH $XHQEHGLQJXQJHQ DXV NRQVWUXNWLYLVWLVFKHU 6LFKWNHLQHXQPLWWHOEDUHQ:LUNXQJV]XVDPPHQKlQJHGDUVWHOOHQ Ä:HQQ ZLUKHXWHLQGHU(UZDFKVHQHQSlGDJRJLNLQWHQVLYHUGHQQMHEHUGLH%H GHXWXQJ GHU (PRWLRQHQ IU /HUQHQ QDFKGHQNHQ GDQQ PVVHQ ZLU GLHVH |NRQRPL VFKHQVR]LDOSKLORVRSKLVFKHQXQGNXOWXUVR]LRORJLVFKHQ$QDO\VHHEHQHQPLWEHDFKWHQ DQGHUQIDOOV YHUIHKOHQ ZLU GDV 9HUVWlQGQLV GHU *HIKOVODJHQ XQVHUHU 7HLOQHKPHU³ +RO]DSIHO6
(LQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU DUEHLWHW VR]XVDJHQ PLW 3KDQWDVLH XQG QLFKW JHJHQ 3KDQWDVLH VLH XQWHUVWW]W 0HQVFKHQ GDEHL ÄVLFK LKUHU 3KDQWDVLHZHOWHQ EHZXVVW ]X ZHUGHQ GXUFK 9HUJHJHQZlUWLJHQ XQG $XVGUFNHQ YRQ 3KDQWDVLHQ XQGGHUHQ(PRWLRQHQ³VLHÄVROOWHHLQHQ%HLWUDJ]XU7KHPDWLVLHUXQJXQG*HVWDO WXQJ H[LVWHQ]LHOOHU *HIKOH DQKDQG GHU 7KHPHQ 5HOLJLRVLWlW 6SLULWXDOLWlW XQG 7UDQV]HQGHQ] OHLVWHQ « >VRZLH@ HLQH EHZXVVWH *HVWDOWXQJ GHU =HLW XQG GHV 5DXPHV³+RO]DSIHO6 DUUDQJLHUHQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
:LVVHQHEHQVR ZLH1LFKWZLVVHQLVWHPRWLRQDO YHUDQNHUW XQGKDWDXFKHLQH SV\FKRORJLVFKH)XQNWLRQYJO$UQROG6LHEHUW6 'DV:DKUQHKPHQ (UNHQQHQ XQG VFKOLHOLFK GDV /HUQHQ ILQGHW QLFKW LQ HLQHP DEJHVFKORVVHQHQ JHLVWLJHQ 5DXP VWDWWVRQGHUQLVWGXUFK *HIKOH(UZDUWXQJHQ +RIIQXQJHQHWF EHJOHLWHW 'LH Ä(PRWLRQHQ >VWHOOHQ@ YLHOIDFK GLH )LOWHU XQG Ã2UGQHU¶ XQVHUHV :DKUQHKPHQVXQG'HQNHQV³6LHEHUW6 GDU/HUQHQILQGHWDEHUDXFK XQWHU %HUFNVLFKWLJXQJ GHU H[WHUQ XQG LQWHUQ JHVWHXHUWHQ /HUQPRWLYDWLRQ VWDWW 1DFK&LRPSLYJO&LRPSL6II]LWQ6LHEHUW6I PRWLYLHUHQ $IIHNWH XQG (PRWLRQHQ /HUQSUR]HVVH VLH VWHXHUQ GLH $XIPHUNVDPNHLW VWHOOHQ 6FKOHXVHQGDUGLHGHQ=XJDQJ]X(ULQQHUXQJXQG*HGlFKWQLVLQKDOWHQNDQDOLVLH UHQYHUELQGHQ,QIRUPDWLRQHQXQG$UJXPHQWHEHHLQIOXVVHQGLH3ULRULWlWHQXQVH UHU 'HQNLQKDOWH XQG HUOHLFKWHUQ XQG VWHXHUQ GLH .RPSOH[LWlWVUHGXNWLRQ /HUQHQ ]HLFKQHWVLFKDOVRDXFKGDGXUFKDXVGDVV.RJQLWLRQXQG(PRWLRQHEHQVRZLHGLH ELRJUDILVFKH9HUIDVVWKHLWPLWHLQEH]RJHQZHUGHQ Ä*HUDGHGLHNRJQLWLYHPRWLRQDOH6WUXNWXUGHU/HUQHQGHQLKUHOHUQELRJUDSKLVFKHQ (UIDKUXQJHQ XQG EHVWHKHQGHQ hEHU]HXJXQJHQ XQG 1XW]HQVHUZDUWXQJHQ EHHLQIOXV VHQ ZDV LQ ZHOFKHU :HLVH ZLH DQJHHLJQHW VRZLH ZHLWHUYHUDUEHLWHW XQG VFKOLHOLFK GDXHUKDIW LQ EHVWHKHQGH :LVVHQVVWUXNWXUHQ LQWHJULHUW ZLUG³ $UQROG ]LWQ 6FKOHU6
*HUDGH GLH HPRWLRQDOH 9HUIDVVWKHLW GHU 7HLOQHKPHU,QQHQ LQ (UZDFKVHQHQELO GXQJVVHWWLQJVLVWLQGHQQDFKVWHKHQGHQ$XVIKUXQJHQVWHWVPLW]XGHQNHQGD Ä« GLH )lKLJNHLW GLH (PRWLRQHQ DXI HLQ SURGXNWLYHV =LHO ]X OHQNHQ HLQH EHUJHRUGQHWH)lKLJNHLWLVW2EZLUXQVHUH,PSXOVHNRQWUROOLHUHQXQGHLQH*UDWLILND WLRQDXIVFKLHEHQREZLUXQVHUH6WLPPXQJHQVRUHJXOLHUHQGDVLHGDV'HQNHQHU OHLFKWHUQVWDWWHV]XEHKLQGHUQREZLUXQVVHOEVWPRWLYLHUHQEHKDUUOLFK]XEOHLEHQ XQGHVDXFKEHL5FNVFKOlJHQQRFKHLQPDO]XYHUVXFKHQRGHUREZLU:HJHILQGHQ LQGHQ=XVWDQGGHV)OLHHQVHLQ]XWUHWHQXQGGDGXUFKK|KHUH/HLVWXQJHQ]XHU]LHOHQ ±LQMHGHP)DOO]HLJWVLFKGDGLH(PRWLRQHLQHIIHNWLYHV+DQGHOQDQ]XOHLWHQYHU PDJ³*ROHPDQ6I
0LWDQGHUHQ:RUWHQ:LHZLUXQVLQHLQHP/HUQVHWWLQJEHZHJHQZLHZLUHWZDV DXIQHKPHQ EHWUDFKWHQ LQWHUSUHWLHUHQ XQG ZHLWHU YHUDUEHLWHQ XQG ZLH ZLU EHU HWZDVGHQNHQLVW YRQHPRWLRQDOHQ(PSILQGXQJHQEHJOHLWHW'DPLWVLQG ZLUEHL HLQHP IU HLQH OHEHQVQDKH /HUQNXOWXU NRQVWLWXWLYHQ 9HUKlOWQLV YRQ .RJQLWLRQ XQG (PRWLRQ DQJHODQJW :LH ZLU VXEMHNWLY (UIDKUXQJHQ YHUDUEHLWHQ XQG XQVHUH +DQGOXQJVZHLVHQ XQG 9HUKDOWHQVP|JOLFKNHLWHQ LQWHQWLRQDO RGHU PRWLYDWLRQDO GDQDFKDXVULFKWHQLVWQXULQ9HUELQGXQJPLW(PRWLRQGHQNEDU
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
=XVDPPHQIDVVHQG FKDUDNWHULVLHUW VLFK HLQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU PLW %OLFN DXI GLH .RPSRQHQWH 9HUVWHKEDUNHLW DQ GHU *HVWDOWXQJ YRQ 0|JOLFK NHLWVUlXPHQGLHVR]XVDJHQ]ZLVFKHQ9HUPLWWOXQJXQG$QHLJQXQJOLHJHQLQGHP (UZDFKVHQH VHOEVWELOGHQG LKUH 6XEMHNWLYLWlW HQWIDOWHQ VLFK :HOW DQHLJQHQ XQG DXFK *HVHOOVFKDIW YHUlQGHUQ XQG VRPLW LKU LQGLYLGXHOOHV /HEHQVNRQ]HSW ZHLWHU IRUPHQ ,Q GHP 0DH ZLH ,QGLYLGXHQ QDFK XQG QDFK 9HUQXQIW XQG :HOWELOG HQWZLFNHOQ ZHUGHQ VLH PHKU HLJHQYHUDQWZRUWOLFKH VHOEVWGHQNHQGH NULWLVFKH 3HUV|QOLFKNHLWHQ 'LHVHV %LOGHQ GHU 3HUV|QOLFKNHLW LVW MHQH (LJHQIXQNWLRQ YRQ %LOGXQJGLHDOV3UR]HVVGHU6HOEVWUHIOH[LRQXQG6HOEVWHUKDOWXQJYHUVWDQGHQZHU GHQNDQQ=XJOHLFKVWHKWHLQHGHUDUWNRQ]LSLHUWH/HUQNXOWXUDEHUXQWHUGHP$Q VSUXFK GHU 6R]LDOIXQNWLRQ =XU 6XEMHNWELOGXQJ JHK|UW QlPOLFK DXFK GLH $QHLJ QXQJGHU JUXQGOHJHQGHQNROOHNWLYHQ.XOWXUZHUWH'LHVH'DUOHJXQJHQYHUGHXWOL FKHQ GDV WULDGLVFKH 6SDQQXQJVYHUKlOWQLV GHU $XIJDEHQ LQVWLWXWLRQDOLVLHUWHU (U ZDFKVHQHQELOGXQJ (UVWHQV LVW GHU (UZHUE YRQ /HUQNRPSHWHQ]HQ DXFK DXI GHU %DVLVGHV/HEHQVODQJHQ/HUQHQVZLFKWLJ]ZHLWHQVVWHKW%LOGXQJXQWHUGHP*H VLFKWVSXQNW GHV LQGLYLGXHOOHQ (UWUDJV LP 6LQQH GHU 6XEMHNWZHUGXQJ %HLWUDJ ]XU/HEHQVEHZlOWLJXQJ XQGGULWWHQVLVWGHUVR]LDOH(UWUDJLP6LQQGHUJHVWDOWHUL VFKHQ 7HLOKDEH XQG YHUDQWZRUWXQJVYROOHQ 7HLOQDKPH DQ GHU *HVHOOVFKDIW ]X VHKHQ %HZlOWLJEDUNHLWGXUFK5HVVRXUFHQYLHOIDOW -HDXVJHSUlJWHUGDV*HIKOGHU%HZlOWLJEDUNHLWLVWGHVWRHKHULVWHLQH3HUVRQLQ GHU/DJHHLQH6LWXDWLRQDOVEHHLQIOXVVEDUVWHXHUEDUXQGGDPLW JHVWDOWEDU ZDKU ]XQHKPHQ 'DV /HEHQ VWHOOW DQ MHGH 3HUVRQ $XIJDEHQ 'DV 9HUWUDXHQ GDUDXI GDVV 5HVVRXUFHQ YRUKDQGHQ VLQG GLHVH $XIJDEHQ DXV HLJHQHU .UDIW RGHU PLW 8QWHUVWW]XQJDQGHUHUPHLVWHUQ]XN|QQHQ±VHLGLHVQXQGDGXUFKGDVVGDV,QGL YLGXXP EHVWLPPWHQ $QIRUGHUXQJHQ PLW 6HOEVWEHZXVVWVHLQ XQG hEHU]HXJXQJ ZLGHUVWHKHQ NDQQ VHL GLHV DEHU DXFK GDVV HV ]XU HUIROJUHLFKHQ %HZlOWLJXQJ HQWVSUHFKHQGH+DQGOXQJHQVHW]HQNDQQ±VLQGKLHUZHVHQWOLFK,QGHPGLH3HUVRQ EHUGLH]XU3UREOHPO|VXQJQRWZHQGLJHQXQGJHHLJQHWHQ5HVVRXUFHQYHUIJWXQG GLHVHDXFKDQZHQGHWEHUQLPPWVLHDXFKJHZLVVHUPDHQ9HUDQWZRUWXQJIUGHQ 9HUODXI GHU *HVFKLFKWH (V NRPPW GDEHL QLFKW QXU GDUDXI DQ GDVV GLH 3HUVRQ VHOEVW EHU HLQHU 6LWXDWLRQ DQJHPHVVHQH 5HVVRXUFHQ .RPSHWHQ]HQ XQG )HUWLJ NHLWHQ YHUIJW VRQGHUQ HV JHKW DXFK XP GDV JUXQGOHJHQGH 9HUWUDXHQ GDVV GDV ,QGLYLGXXPYRQHLQHP6\VWHPXPJHEHQLVWDXIGDVHV]XUFNJUHLIHQNDQQZHQQ HV+LOIHEUDXFKW$EHUQLFKWQXUGDV:DKUQHKPHQGHU]XU9HUIJXQJVWHKHQGHQ SHUV|QOLFKNHLWVEH]RJHQHQ XQG GHU LP 8PIHOG EHILQGOLFKHQ 5HVVRXUFHQ LVW KLHU DQJHVSURFKHQ VRQGHUQ DXFK GHUHQ 1XW]XQJ ,QGHP (UIDKUXQJHQ JHPDFKW ZHU
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
GHQGDVVPDQGHQ%HODVWXQJHQDXVHLJHQHU.UDIWRGHUPLW+LOIHDQGHUHUJHZDFK VHQ LVW ZHUGHQ DXFK GDV 9HUWUDXHQ XQG GLH 6LFKHUKHLW JHZRQQHQ GDVV GLH $Q IRUGHUXQJHQGHU:HOWEHZlOWLJEDUVLQG'LHVH=XYHUVLFKW GLHhEHU]HXJXQJGD YRQ PLW $QIRUGHUXQJHQ XPJHKHQ ]X N|QQHQ XQG VLH ]X EHZlOWLJHQ WUlJW GD]X EHL/HEHQVHQWZUIH]XHQWZLFNHOQVLFK=LHOH]XVHW]HQXQGGLHVHDXFK]XYHU ZLUNOLFKHQ hEHU DXVUHLFKHQG 5HVVRXUFHQ ]X YHUIJHQ XP $XIJDEHQ ]X O|VHQ EHGHXWHW]XPHLQHQEHU:LVVHQ)HUWLJNHLWHQ )lKLJNHLWHQ]XYHUIJHQGLHHV PLUHUODXEHQGLHDQVWHKHQGHQ$XIJDEHQ]XO|VHQ=XPDQGHUHQ ZLUGJHUDGHLQ GLHVHU.RPSRQHQWHGLH:LFKWLJNHLWGHV9RUKDQGHQVHLQVHLQHVVR]LDOHQ8PIHOGHV VHKUGHXWOLFK 9HUIJWHLQH3HUVRQEHUHLQDXVJHSUlJWHV0DDQ%HZlOWLJEDUNHLWVRZLUG VLHVLFKQLFKWDOV2SIHUEHVWLPPWHU%HGLQJXQJHQVHKHQVLHZLUGVLFKQLFKW6LWXD WLRQHQ JHJHQEHU DXVJHOLHIHUW YHUVWHKHQ RGHU YRP /HEHQ XQJHUHFKW EHKDQGHOW IKOHQVLFKQLFKWSDVVLYLKUHP6FKLFNVDOKLQJHEHQVRQGHUQVLHZLUGPLW$QIRU GHUXQJHQ XQG6LWXDWLRQHQXPJHKHQ N|QQHQ'LHV PHLQWDXFKVLFKVHOEVWLQGLH DGlTXDWH 'LVWDQ] ]X KHUDXVIRUGHUQGHQ .RQVWHOODWLRQHQ ]X EULQJHQ E]Z ]X KDO WHQ'LH$QIRUGHUXQJHQGLHDQGLH,QGLYLGXHQJHVWHOOWZHUGHQVLQG±ZLHEHUHLWV GHXWOLFKDXVJHIKUW±YLHOIlOWLJ6HLHVQXQGHU(LQVDW]QHXHU7HFKQRORJLHQLQGHU $UEHLWVZHOWGLHVLFKUDVFKYHUlQGHUQGHQ)RUPHQYRQ7lWLJNHLWHQ9HUlQGHUXQJ LP $OOWDJVOHEHQ ]DKOUHLFKH :DKOP|JOLFKNHLWHQ XQG GDPLW HLQKHUJHKHQG DXFK :DKO]ZlQJH GLH )RUGHUXQJ QDFK VHOEVWRUJDQLVLHUWHP :LVVHQVHUZHUE XQG SHU PDQHQWHQ $QSDVVXQJVOHLVWXQJHQ ,QWHUHVVH IU 1HXHV ]X ]HLJHQ GLH )RUGHUXQJ QDFKVWHLJHUQGHQ/HUQEHUHLWVFKDIWHQQDFKYHUQQIWLJHPEHUXIOLFKHPXQGDOOWlJ OLFKHP+DQGHOQXQGGDUEHUKLQDXVGDV/HEHQVHOEVWYHUDQWZRUWOLFK]XJHVWDOWHQ RGHUDEHUDXFKGLH%HUHLWVFKDIWEHVWLPPWHQ$QIRUGHUXQJHQ]XZLGHUVWHKHQXQG QLFKW LP 6WURP PLW ]X VFKZLPPHQ ± DOO GLHV EW HLQHQ JURHQ 'UXFN DXI GLH /HUQHQGHQDXV'LHVHP'UXFN]X ZLGHUVWHKHQVLFKLQHLQHUDXVJHZRJHQHQ%D ODQFH]XEHILQGHQXQGJOHLFK]HLWLJKDQGOXQJVIlKLJ]XEOHLEHQLVWHLQVFKZLHULJHV 8QWHUIDQJHQ :DV EHGHXWHQ $QWRQRYVN\V $XVIKUXQJHQ ]XU .RPSRQHQWH GHU %HZlOWLJ EDUNHLW IU HLQH /HUQNXOWXU LQ GHU (UZDFKVHQHQELOGXQJ" (V VWHOOW VLFK DOVR GLH )UDJH LQ ZHOFKHU )RUP HLQH /HUQNXOWXU GD]X EHLWUDJHQ NDQQ GLH QRWZHQGLJHQ 5HVVRXUFHQ ]X ELOGHQ E]Z ]X I|UGHUQ XP HLQH %HODVWXQJVEDODQFH HUKDOWHQ ]X N|QQHQGLHGDEHLXQWHUVWW]WPLWGHQ*HJHEHQKHLWHQXPJHKHQ]XN|QQHQ:DV EHGHXWHWGLHVLQ+LQEOLFNDXI6XEMHNWELOGXQJ"%LOGXQJ]XP6XEMHNWNRPPWQDFK 0HXHOHU]XVWDQGH ÄZHQQHV]XP:DFKVWXPDOOMHQHU.UlIWH)lKLJNHLWHQXQG)HUWLJNHLWHQ]XU=X QDKPHYRQ.HQQWQLVVHQ(LQVLFKWHQXQG(LQVWHOOXQJHQNRPPWGLHGLHEORH)XQNWL RQDOLWlWEHUVFKUHLWHQ³0HXHOHU6
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
0LW%OLFNDXI$QWRQRYVN\V$XVIKUXQJHQ]XU.RPSRQHQWH%HZlOWLJEDUNHLWJHKW HVLQHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXUGDUXPGLH3HUVSHNWLYHDXIIROJHQGH $VSHNWH]XOHQNHQQlPOLFKDXI GLH 6HOEVWYHUDQWZRUWXQJ LQ GHP 6LQQH GDVV GDV ,QGLYLGXXP LQ GLH /DJH YHUVHW]W ZLUG VHOEVWVWlQGLJ XQG YHUDQWZRUWXQJVYROO ]X KDQGHOQ XP VHLQH (QWIDOWXQJVP|JOLFKNHLWHQDXV]XVFK|SIHQ'DUDXVUHVXOWLHUHQGNDQQGDV(U VFKOLHHQ QHXHU )UHLUlXPH IU VLFK HQWGHFNW ZHUGHQ ZDV GD]X EHLWUlJW LQ YHUVFKLHGHQVWHQ/HEHQVVLWXDWLRQHQGLHLQGLYLGXHOOHVLWXDWLYH9HUDUEHLWXQJV NDSD]LWlW]XHUZHLWHUQ GLH(LJHQLQLWLDWLYHVRZLHDXIGLH)lKLJNHLW]XU6HOEVWUHIOH[LRQGLHVEHLQKDO WHWGLH)|UGHUXQJGHU)lKLJNHLWPLW.ULVHQXPJHKHQ]XN|QQHQ(LJHQLQLWL DWLYH HUIRUGHUW HLQH %HZlOWLJXQJVNRPSHWHQ] GLH HLQ *HIKO GHV $XVJHOLH IHUWVHLQVYHUKLQGHUW±IUGDV,QGLYLGXXPJHKWHVGDUXPDQ*HVWDOWXQJVNUDIW ]X JHZLQQHQ XQG GLH LQGLYLGXHOOHQ *HVWDOWXQJVP|JOLFKNHLWHQ ]X HUOHEHQ 'LHGLUHNWXQGLQGLUHNWZDKUQHKPEDUH)RUGHUXQJVLFKDQJHVHOOVFKDIWOLFKH :DQGOXQJVSUR]HVVHDQ]XSDVVHQHUIRUGHUWHLQHNRQWLQXLHUOLFKH,QWHJUDWLRQV OHLVWXQJ GHV JHVHOOVFKDIWOLFKHQ 0DLQVWUHDPV 'LHVHU )RUGHUXQJ QDFK NULWL VFKHU $XVHLQDQGHUVHW]XQJ QDFK]XNRPPHQ LPSOL]LHUW GLH %HVFKlIWLJXQJ PLW HLQDQGHU ZLGHUVSUHFKHQGHQ LQGLYLGXHOOHQ XQG YHUJHVHOOVFKDIWHWHQ:HU WHQ XQG 1RUPHQ 'DPLW $QSDVVXQJ MHGRFK QLFKW EHUKDQGQLPPW LVW HV QRWZHQGLJVLFKDXFKSUREOHPXQGKDQGOXQJVRULHQWLHUWLQGHU:HOW]XUHFKW ]XILQGHQ GLH 3DUWL]LSDWLRQ LP 6LQQH HLQHU GHPRNUDWLVFKHQ 7HLOKDEH DQ GHU *HVHOO VFKDIW*HUDGHLQGHUKHXWLJHQ=HLWHLQHU*OREDOLVLHUXQJXQGGDPLWHLQKHU JHKHQG GHU (QWJUHQ]XQJ YRQ )LQDQ] :DUHQ XQG 0HLQXQJV 0lUNWHQ HEHQVRZLHYRQSROLWLVFKHQ(QWVFKHLGXQJHQLVWHLQHDNWLYH7HLOQDKPHDQHL QHU GHPRNUDWLVFKHQ *HVHOOVFKDIW QRWZHQGLJ 9RUDXVVHW]XQJ GDIU LVW HV EHU0|JOLFKNHLWHQGHU3DUWL]LSDWLRQ]XYHUIJHQE]ZLQHUVWHU/LQLHGLHVH 0|JOLFKNHLWHQ ]X HUNHQQHQ (LQH WROHUDQWH JOHLFKEHUHFKWLJWH +DOWXQJ LVW PHLQHU$QVLFKWQDFKGLH%DVLVIUGHPRNUDWLVFKHV+DQGHOQ±GLHVEHLQKDOWHW DXFKGLH:HUWVFKlW]XQJXQG$FKWXQJGHV*HJHQEHUVE]ZDQGHUHU,GHHQ 9RUDXVVHW]XQJ IU DNWLYH $XVHLQDQGHUVHW]XQJ VLQG MHGRFK PDWHULHOOH XQG LPPDWHULHOOH5HVVRXUFHQ (LQH ]X O|VHQGH $XIJDEH IU GLH 0HQVFKHQ LVW GLH LPPHU ZLHGHUNHKUHQGH 6FKZLHULJNHLW GDV 6SDQQXQJVYHUKlOWQLV ]ZLVFKHQ LQGLYLGXHOOHQ %HGUIQLVVHQ XQGJHVHOOVFKDIWOLFKHQ$QIRUGHUXQJHQDXV]XORWHQXQGSURGXNWLYIUVLFK]XQXW ]HQ 'DV HUIRUGHUW 5HVVRXUFHQ DXI XQWHUVFKLHGOLFKHQ (EHQHQ (LQH DXI GLH 5HV VRXUFHQGHU7HLOQHKPHU,QQHQRULHQWLHUWH/HUQNXOWXUZHFNWGLHYRUKDQGHQHQPD
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
WHULHOOHQ XQG LPPDWHULHOOHQ :HUWH XQG 3RWHQ]LDOH LQ GHQ HLQ]HOQHQ 3HUVRQHQ HEHQVR ZLHLQVR]LDOHQ*UXSSHQXQGLQGHQ7HDPV NRQVWUXNWLYHU/HUQIHOGHU,Q HLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXUZLUGGDKHUDXIGLH5HVVRXUFHQRULHQWLHUXQJ IRNXVVLHUW ZDV %LOGXQJVDUEHLW DQ XQG PLW GHQ PLWJHEUDFKWHQ 5HVVRXUFHQ GHU (UZDFKVHQHQEHGHXWHW=XPHLQHQVLQGGLHV5HVVRXUFHQGLHDXIHLQHUNRJQLWLY SV\FKLVFKHQ(EHQH]XYHURUWHQVLQGGKGDV,QGLYLGXXPLVWPLWVHLQHQNRJQLWL YHQ XQG LQQHUSV\FKLVFKHQ .RPSHWHQ]HQ ]X EHWUDFKWHQ ]XP ]ZHLWHQ KDQGHOW HV VLFK XP 5HVVRXUFHQDXIGHUVR]LDOHQ(EHQH ZDVGLH+DQGOXQJVIlKLJNHLWLQGHU *UXSSH HEHQVR ZLH LP VR]LDOHQ 8PIHOG DQVSULFKW XQG ]XP GULWWHQ KDQGHOW HV VLFKXP5HVVRXUFHQDXIGHUJHVHOOVFKDIWOLFKHQ(EHQH'LHVHLVWZHLWHUJHIDVVWDOV GLHVR]LDOHQlPOLFKVLFKVHOEVWDOVKDQGOXQJVIlKLJH3HUVRQLP6LQQHHLQHU3DUWL ]LSDWLRQ]XEHWUDFKWHQ±DOVR7HLOKDEHDQJHVHOOVFKDIWOLFKHQ3UR]HVVHQ]XHUULQ JHQ,P)ROJHQGHQZLUGGLH5HVVRXUFHQDNWLYLHUXQJDXIXQWHUVFKLHGOLFKHQ(EHQHQ KHUDXVJHDUEHLWHWDQGHQHQLQHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXULP6LQQHGHU 5HVVRXUFHQI|UGHUXQJ JHDUEHLWHW ZLUG 'LHVH $VSHNWH ZHUGHQ GLIIHUHQ]LHUW EH WUDFKWHW±ZRKOZLVVHQGGDVVVLHPLWHLQDQGHUYHUQHW]WXQGYRQHLQDQGHUDEKlQJLJ VLQG 5HVVRXUFHQDXIGHUNRJQLWLYSV\FKLVFKHQ(EHQH 'DV9HUWUDXHQGDUDXIVLFK$QIRUGHUXQJHQ]XVWHOOHQXQGGLHVHDXFKHUIROJUHLFK ]XEHZlOWLJHQEHQ|WLJW5HVVRXUFHQDXIHLQHUNRJQLWLYSV\FKLVFKHQ(EHQH'DPLW VLQGMHQH(LJHQVFKDIWHQJHPHLQWGLHHVGHP,QGLYLGXXPHUP|JOLFKHQ PLW.UL VHQ HUIROJUHLFK XP]XJHKHQ XQG DXIWDXFKHQGH 3UREOHPH ]X O|VHQ 'LHV ZLUG LP /HEHQ LPPHU ZLHGHU YRUNRPPHQ ± PLW HLQHP %OLFN DXI GLH HLJHQH %LRJUDILH HLQH 5HIOH[LRQ GHV HLJHQHQ *HZRUGHQ6HLQV ]HLJHQ VLFK DXFK GLH YLHOIlOWLJHQ $VSHNWH LP /HEHQ HLQHV 0HQVFKHQ GLH EHUHLWV DEVROYLHUW ZXUGHQ 6LWXDWLRQHQ GLHVR]XVDJHQMHPDQG±LQ ZHOFKHU:HLVHDXFKLPPHU±JHPHLVWHUWKDW'LHVHU %OLFNWUlJWGD]XEHLVLFK]X PRWLYLHUHQ XP PLW QHXDXIWDXFKHQGHQ3UREOHPHQ XQG.ULVHQ]XUHFKW]XNRPPHQ'LH6RUJHXPVLFKVHOEVWLP6LQQHHLQHUEHZXVV WHQ/HEHQVJHVWDOWXQJKLOIWGHP(LQ]HOQHQ9HUWUDXHQLQGLHHLJHQHQ3RWHQ]LDOH]X HUODQJHQ(LQHEHZXVVWH/HEHQVJHVWDOWXQJHUIRUGHUWHVVLFK=LHOH]XVHW]HQXQG ]XEHUOHJHQZLHGLHVH=LHOH]XHUUHLFKHQVLQG,QGHP:LVVHQXPGLHHLJHQHQ (QWZLFNOXQJV3RWHQ]LDOH ZLUG HV P|JOLFK IU GLH LQGLYLGXHOOHQ =LHOH HLJHQH PHLQHQ3RWHQ]LDOHQHQWVSUHFKHQGH:HJH]XILQGHQXQGGLHVH]XEHVFKUHLWHQ'LH 6RUJH XP VLFK VHOEVW VWHOOW HLQ DNWLYHV 0LWVLFKLQ.RQWDNW.RPPHQ GDU GDV OHW]WHQGOLFKHLQHSRVLWLYH/HEHQVIKUXQJXQG(LQVWHOOXQJ]XP/HEHQHUP|JOLFKW 6LFKGLHHLJHQHQ5HVVRXUFHQLPPHUZLHGHU]XYHUJHJHQZlUWLJHQLVWHLQOHEHQV ODQJHU 3UR]HVV (LQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU NDQQ PHLQHU $QVLFKW QDFK
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
GD]X EHLWUDJHQ GDVV GLHVHU 3UR]HVV DQJHUHJW ZLUG XP VLFK DXFK LPPHU ZLHGHU DXI 1HXHV HLQODVVHQ ]X N|QQHQ WlWLJ ]X ZHUGHQ DXV HLJHQHP $QWULHE KHUDXV ± ZHLOHLQH3HUVRQEHUGLHHLJHQHQ)lKLJNHLWHQXQG5HVVRXUFHQ%HVFKHLGZHL %HZlOWLJXQJYRQ.ULVHQ :LHODVVHQVLFKQXQNULVHQKDIWH/HEHQVODJHQPHLVWHUQ"(LQH.ULVH]HLFKQHWVLFK GDGXUFKDXVGDVVGXUFKEHVWLPPWH(UHLJQLVVHHLQ0HQVFKLQHLQH6LWXDWLRQJHUlW LQGHUELVKHUDQJHZHQGHWH%HZlOWLJXQJVPXVWHUXQGVWUDWHJLHQQLFKWPHKUZLUN VDPVLQGYJO.DVW6II (LQH.ULVHNDQQDOVHLQHDNXWH%HODVWXQJVVL WXDWLRQ EH]HLFKQHW ZHUGHQ ,Q GHU KHXWLJHQ /HLVWXQJVJHVHOOVFKDIW ]HLJW VLFK ]X QHKPHQGGDVV0HQVFKHQGHQYLHOHQEHUXIOLFKHQZLHSULYDWHQ%HODVWXQJHQKlX ILJQLFKWPHKUJHUHFKWZHUGHQN|QQHQ'DXHUQVROFKHDNXWHQ%HODVWXQJVVLWXDWLR QHQEHUHLQHQODQJHQ=HLWUDXPKLQZHJDQRGHUVLQGVLHYRQKHIWLJHU,QWHQVLWlW VRIKUHQGLHVH]XHLQHP$XWRQRPLHYHUOXVWGHV6XEMHNWHV'DVVXEMHNWLYH(UOH EHQ IRNXVVLHUW VLFK QXU QRFK DXI 9HUJDQJHQKHLW XQG =XNXQIW 'LH DNWXHOOH *H JHQZDUWNDQQQLFKWPHKUZDKUJHQRPPHQZHUGHQ0LVVHUIROJHKlXIHQVLFK$XI JDEHQ N|QQHQ QLFKW PHKU ]X (QGH JHIKUW ZHUGHQ GDV 8QEHZlOWLJEDUH WUPW VLFKVR]XVDJHQDXI'DV6XEMHNWEHILQGHWVLFKLQHLQHPDNXWHQ'LVWUHVV±LQHL QHPNUDQNPDFKHQGHQ6WUHVVLQGHPNHLQH%HODVWXQJVEDODQFHPHKUJHJHEHQLVW XQG.|USHUXQG3V\FKHPLWGHQKRKHQ$QIRUGHUXQJHQQLFKWPHKU6FKULWWKDOWHQ N|QQHQ ,Q ZHLWHUHU )ROJH NDQQ GLHV ]X N|USHUOLFKHQ HEHQVR ZLH SV\FKLVFKHQ (UNUDQNXQJHQ IKUHQ ZLH EHLVSLHOVZHLVH GHP VRJHQDQQWHQ %XUQRXW6\QGURP GDV QXU QRFK PLWWHOV LQWHQVLYHU lU]WOLFKHU XQG SV\FKRWKHUDSHXWLVFKHU %HWUHXXQJ JHKHLOW ZHUGHQNDQQ,QSV\FKRWKHUDSHXWLVFKHQ6HWWLQJV ZLUGYHUVXFKWGDVVDP %XUQRXW6\QGURPHUNUDQNWH 0HQVFKHQ ZLHGHUDQ+DQGOXQJVDXWRQRPLH JHZLQ QHQ GDVV VLH IUKHUH (UIROJVHUOHEQLVVH PLW 0LVVHUIROJVHUOHEQLVVHQ LQ (LQNODQJ EULQJHQN|QQHQ:LUGHLQHVROFKH.ULVHQEHZlOWLJXQJDOV%LOGXQJVSUR]HVVJHVH KHQ VR ZHUGHQ LQ GHU HUIROJUHLFKHQ %HZlOWLJXQJ YRQ .ULVHQ Ä)lKLJNHLWHQ QHX HUOHUQW GLH QLFKW QXU DNWXHOO GDV 6XEMHNW EHUOHEHQ ODVVHQ VRQGHUQ ELVODQJ JH QXW]WH )HUWLJNHLWHQ HUZHLWHUQ³ 0HXHOHU 6 +LHU]X JHK|UHQ GLH )l KLJNHLWHQ ]XU 6HOEVWUHIOH[LRQ XQG ]XU VR]LDOHQ 9HUJHZLVVHUXQJ GLH )lKLJNHLW PLW 6FKZlFKHQ XP]XJHKHQ GLH )lKLJNHLW VLFK LQ *UXSSHQ ]X EHZHJHQ GLH )lKLJNHLWHQ HLJHQH ,QWHUHVVHQ XQG *UHQ]HQ ]X HUNHQQHQ VRZLH GHQ HLJHQHQ 6WDQGSXQNW ]X IRUPXOLHUHQ XQG GLH )lKLJNHLW DXI DQGHUH 3HUVRQHQ ]X]XJHKHQ YJO0HXHOHU6I /|VXQJVP|JOLFKNHLWHQIUNULVHQKDIWH/HEHQVODJHQODVVHQVLFKKlXILJQLFKW YRP6XEMHNWDOOHLQHILQGHQYLHOPHKULVWHVJHIRUGHUWDXIlXHUH8QWHUVWW]XQJV V\VWHPH ]XUFN]XJUHLIHQ PLW GHUHQ +LOIH QHXH +DQGOXQJVPXVWHU HQWZLFNHOW ZHUGHQ(LQHNRKlUHQ]RULHQWLHUWH(UZDFKVHQHQELOGXQJNDQQLQHLQHU=HLWLQGHU
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
HV XP SHUPDQHQWH /HLVWXQJVVWHLJHUXQJ JHKW KLHU HLQH SUlYHQWLYH 6WHOOXQJ HLQ QHKPHQ (UZDFKVHQHQELOGXQJ LVW HLQH 5HVVRXUFH GLH LQ GLHVHP )DOOH HLQHUVHLWV SUlYHQWLY ZLUNHQNDQQLQGHPGHUSHUPDQHQW ZLUNHQGH /HLVWXQJVGUXFNJHGDQN OLFKXQGHPRWLRQDODXI'LVWDQ]JHKDOWHQZLUG,QGHU'LVWDQ]N|QQHQGLH*UHQ]H ]ZLVFKHQ %HZlOWLJEDUHP XQG hEHUIRUGHUXQJ PDUNLHUW XQG 6WUDWHJLHQ JHJHQ EHU]RJHQH )RUGHUXQJHQ HU]HXJW ZHUGHQ $QGHUHUVHLWV NDQQ VLH DXFK DQ NOLQL VFKH XQG WKHUDSHXWLVFKH 3KDVHQ DQNQSIHQ LQGHP GHQ 7HLOQHKPHU,QQHQ QHXH +DQGOXQJVP|JOLFKNHLWHQDXIJH]HLJWXQGGLHVHHUSUREWZHUGHQN|QQHQZRGXUFK VLHVLFKZLHGHUDOVVHOEVWVWlQGLJKDQGHOQGH$NWHXU,QQHQHUIDKUHQN|QQHQ $XWRQRPLHJHZLQQGXUFK6HOEVWUHIOH[LRQ ,Q $QOHKQXQJ DQ GHQ 6R]LRORJHQ /HR /|ZHQWKDO YJO 0HXHOHU 6 II XQWHUVFKHLGHW0HXHOHU]ZLVFKHQGHPÄNOHLQHQ,FK³XQGGHPÄJURHQ,FK³'DV ÄNOHLQH ,FK³ VWHKW IU LQVWUXPHQWHOOH ÄIXQNWLRQDOH 6XEMHNWKDIWLJNHLW « LP 'LHQVWHGHU6HOEVWHUKDOWXQJ³0HXHOHU6 'DIUZHUGHQDOOH]XU9HU IJXQJVWHKHQGHQ.UlIWHHLQJHVHW]WXPGDVHLJHQH=XUHFKWNRPPHQLQGHU:HOW XQG hEHUOHEHQ ]X JHZlKUOHLVWHQ GLHV DOOHUGLQJV LQ VWlQGLJHU .RQNXUUHQ] PLW DQGHUHQ ,Q GLHVHP 6SDQQXQJVIHOG YRQ $QSDVVXQJVOHLVWXQJ XQG :LGHUVWlQGLJ NHLWYROO]LHKWVLFKGLH6HOEVWUHJXODWLRQDOVVXEMHNWLYHU3UR]HVV,QGLHVHP3UR]HVV NRPPWHV]XUÄIXQNWLRQDOHQ6HOEVWUHIOH[LRQ³0HXHOHU6 GLHXQVHUVW HLQhEHUOHEHQLP$OOWDJJHZlKUOHLVWHW8QVHUH*HZLVVKHLWHQGDV$OOWDJVZLVVHQ EHU GDV ZLU YHUIJHQ DEHU DXFK DOOWlJOLFKH 5RXWLQHKDQGOXQJHQ XQG (QWVFKHL GXQJHQGLHZLUWlJOLFK]XWUHIIHQKDEHQ±DOOGLHVIXWDXI(UIDKUXQJHQGLHÄOH EHQVJHVFKLFKWOLFK DQJHHLJQHW ZHUGHQ XP DOV QRUPDOHV *HVHOOVFKDIWVPLWJOLHG DN]HSWLHUW]XZHUGHQ³0HXHOHU6 .RPPWHVMHGRFK]XHLQHU Ä/HEHQVNULVH > LQ GHU@ GDV SV\FKRVR]LDOH *OHLFKJHZLFKW YHUORUHQ >JHKW@ « ZLUGGLHVHIXQNWLRQLHUHQGHDEHULQEH]XJDXIVLFKVHOEVWEOLQGH+DQGOXQJVIlKLJNHLW HQWVFKHLGHQGJHVW|UWGDQQJUHLIHQGLH'HXWXQJVVFKHPDWDGHUIXQNWLRQDOHQ6HOEVWUH IOH[LRQPLWHLQHP0DOQLFKWPHKU³0HXHOHU6
(LQHVROFKH6LWXDWLRQHUIRUGHUW=XJDQJVZHLVHQXPDXVGHU.ULVHKHUDXV]XNRP PHQXPHLQHÄHPDQ]LSDWRULVFKH6HOEVWUHIOH[LRQ³]XLQLWLLHUHQGLHÄQLFKWHLQIDFK DOVLQVWUXPHQWHOOH.RPSHWHQ]GHPHLJHQHQ,FK>KLQ]XJHIJWZHUGHQNDQQ@VRQ GHUQ « QXU GXUFK DNWLYH 6HOEVWYHUlQGHUXQJ³ 6FKOHLQ 6 ]LWQ 0HXHOHU 6 HQWZLFNHOW ZHUGHQ NDQQ 'DV 6XEMHNW LVW GDEHL JHIRUGHUW GLHVH.RPSHWHQ]GXUFK(QJDJHPHQW]XHQWZLFNHOQ Ä'DVEHGHXWHWGDLKUH $QHLJQXQJHLQNULVHQKDIWHU3UR]HLVWZHLOHUVLFKLP PHU ZLHGHU JHJHQ GHQ HLJHQHQ 6WDWXV TXR XQG GHVVHQ 7HQGHQ] ]XU IXQNWLRQDOHQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
6HOEVWVWDELOLVLHUXQJ ZHQGHQ PX³ 6FKOHLQ 6 ]LWQ 0HXHOHU 6
*HUDGH.ULVHQVLQG$QVW|HIUGLHVHQ3UR]HVVGDKLHUGLHIXQNWLRQDOH6HOEVWUH IOH[LRQQLFKWDXVUHLFKHQGLVW]X%HZlOWLJXQJXQGhEHUZLQGXQJGHU.ULVH Ä3O|W]OLFKZLUGPLUNODUGDVVLFKXPEHUOHEHQ]XN|QQHQGHVKLOIUHLFKHQDQGH UHQEHGDUIZLHDQGHUHPHLQHUEHGUIHQÃJURHV,FK¶ ,FKEHGDUIHPRWLRQDOHUIDFK OLFKHU XQG VR]LDOHU 8QWHUVWW]XQJ DQGHUHU DOV GHU PLU JHOlXILJHQ 6LFKWZHLVHQ LFK EHQ|WLJHQHXHV:LVVHQXQGZHLWHUH)lKLJNHLWHQ³0HXHOHU6
2E DOOHUGLQJV GDV QHXH :LVVHQ DXFK XPJHVHW]W ZHUGHQ NDQQ ± VHL GLHV QXQ LQ GHQEHUXIOLFKHQRGHUSULYDWHQ$OOWDJ±KlQJWXDDXFKYRQGHQ/HUQJUQGHQGHV 6XEMHNWHVDE'LH*UQGH]XOHUQHQRGHUQLFKW]XOHUQHQVLQGYLHOIlOWLJ6LHVLQG LQGHQELRJUDILVFKHQ(UIDKUXQJHQGHU3HUVRQ]XILQGHQZLHLQGHQ,QWHUHVVHQ6LH VLQGDEKlQJLJYRPVR]LDOHQ0LOLHXYRQ+HUNXQIWXQG*HVFKOHFKW$EHUDXFKGLH (UZDUWXQJHQ OHUQHQGHU 3HUVRQHQ XQG LKUH VLWXLHUWH (LQJHEXQGHQKHLW N|QQHQ *UQGHIU/HUQHQRGHU1LFKW/HUQHQVHLQ)DXOVWLFK*UHOO JHEHQMHGRFK ]XEHGHQNHQGDVVGLHVH*UQGHEH]RJHQVLQG ÄDXI 6FKUDQNHQ ZHOFKH GXUFK GHQ .RQWH[W GHU ,QVWLWXWLRQHQ GHV /HKUHQV XQG /HUQHQVHQWVWHKHQ+HPPQLVVHXQG6FKUDQNHQZHUGHQDEHUHUVWZLUNVDPGXUFKLKUH (UIDKUXQJ 'HXWXQJ XQG %HZHUWXQJ GXUFK GLH PLW *UQGHQ KDQGHOQGHQ 3HUVRQHQ³ )DXOVWLFK*UHOO6
8QHUZQVFKWH /HUQKHPPQLVVH ODVVHQ VLFK LQ GHU %LRJUDILH XQG 6LWXLHUWKHLW GHU 3HUVRQ ILQGHQ GK LQ GHQ VR]LDOHQ 6WUXNWXUHQ ZLH +HUNXQIW (UZHUEVWlWLJNHLW EHUXIOLFKH 6WHOOXQJ *HVFKOHFKW $OWHU )DPLOLH 5HOLJLRQ 5HJLRQ (UZQVFKWH /HUQKHPPQLVVH GLH IU GLH ,GHQWLWlWVHUKDOWXQJ GHU ,QGLYLGXHQ ZLFKWLJ VLQG N|QQHQ LQ GHU (UZDFKVHQHQELOGXQJ JHQDXVR ZLFKWLJ VHLQ XQG JHVWW]W ZHUGHQ %LOGXQJVVFKUDQNHQ VLQG MHGRFK YRQ LQVWLWXWLRQHOOHU $UW ZLH EHLVSLHOVZHLVH (U UHLFKEDUNHLW =HLW 5DXP $QJHERW 2UJDQLVDWLRQ 3HUVRQDO 3URJUDPP 6XSSRUW GHU(UZDFKVHQHQELOGXQJVHLQULFKWXQJHQYJO)DXOVWLFK*UHOO6 ,Q HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU ZLUG QLFKW QXU QDFK JHOLQJHQGHP /HUQHQ JHIUDJW DOVR ZDV GHQQ RSWLPDOH /HKU/HUQ6LWXDWLRQHQ VHLQ N|QQHQ VRQGHUQHVZLUGDXFKGLH)UDJHJHVWHOOWZHOFKH/HUQZLGHUVWlQGHGLH7HLOQHKPH U,QQHQ HQWZLFNHOQ N|QQHQ ,Q GHU 5HIOH[LRQ GHU HLJHQHQ /HUQZLGHUVWlQGH ZLUG GDQQDXFKGHXWOLFKÄGDVV+HPPQLVVHXQG6FKUDQNHQQLFKWGLUHNWYHUXUVDFKHQG ZLUNHQVRQGHUQGDVVVLHHUVWÃLQWHUQ¶EHGHXWVDPZHUGHQLQGHPVLHYRQGHQ/HU QHQGHQHUIDKUHQZHUGHQ³)DXOVWLFK*UHOO6
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
'LH%LRJUDILHDOV5HVVRXUFH :HQQLQGHU(UZDFKVHQHQELOGXQJDQJHQRPPHQZLUGGDVV/HUQHQGH±WURW]$XV XQG:HLWHUELOGXQJVGUXFN±GRFKEHUPHKU)UHLKHLWHQYHUIJHQVLFKIU/HUQHQ ]XHQWVFKHLGHQDOVLP9HUJOHLFK]XPVFKXOLVFKHQ/HUQHQVRLVWGDYRQDXV]XJH KHQ GDVV HV VLFK EHLP /HUQHQ (UZDFKVHQHU ZHLW PHKU XP H[SDQVLYHV DOV XP GHIHQVLYHV /HUQHQ KDQGHOW (LJHQH ,QWHUHVVHQ HLQ]XEULQJHQ LQ GHQ /HUQVHWWLQJV GLH HLJHQH /HEHQVSUD[LV HLQ]XEH]LHKHQ XQG GLH HLJHQH %LRJUDILH DOV EHVRQGHUH 5HVVRXUFH ZDKU]XQHKPHQ VWHOOHQ ZHVHQWOLFKH $VSHNWH LQ GHU /HUQPRWLYDWLRQ (UZDFKVHQHUGDU (UZDFKVHQHVLQGKlXILJGHU6LWXDWLRQDXVJHVHW]WVLFK:LVVHQ)HUWLJNHLWHQ XQG.RPSHWHQ]HQGLHVLHLPSULYDWHQHEHQVRZLHLPEHUXIOLFKHQ/HEHQEHQ|WL JHQVHOEVWDQ]XHLJQHQXQGVLFKGDVQRWZHQGLJH:LVVHQDXFKVHOEVW]XHUVFKOLH HQ XP LKUH +DQGOXQJVNRPSHWHQ] ]X HUZHLWHUQ $OOHLQ GLHVHU (UVFKOLHXQJV YRUJDQJ LVW 7HLO GHU NUHDWLYHQ XQG NRQVWUXNWLYHQ %LRJUDILHHQWZLFNOXQJ $OKHLW KDW GLHVH EHVRQGHUH .RPSHWHQ] EHU GLH GLH /HUQHQGHQ LQ GLHVHU +LQ VLFKWYHUIJHQPVVHQPLWGHP%HJULIIĶ%LRJUDSKL]LWlW¶³EH]HLFKQHW'DPLWLVW GLH )lKLJNHLW JHPHLQW ÄÃPRGHUQH :LVVHQVEHVWlQGH DQ ELRJUDSKLVFKH 6LQQUHV VRXUFHQDQ]XVFKOLHHQXQGVLFKPLWGLHVHP:LVVHQQHX]XDVVR]LLHUHQ¶³$OKHLW 6 8PDXVDOOGHP:LVVHQXQGGHQ,QIRUPDWLRQHQMHQHDXV]XZlKOHQ GLHLQGHUMHZHLOLJHQ6LWXDWLRQYRQ%HGHXWXQJVLQGXPGLH+DQGOXQJVNRPSHWHQ] DXIUHFKW]XHUKDOWHQE]ZXPHLQ3UREOHPO|VHQ]XN|QQHQLVWHVQRWZHQGLJVLFK VHLQHV HLJHQHQ :LVVHQV EHZXVVW ]X ZHUGHQ DOVR VLFK VHLQ HLJHQHV :LVVHQ LQ (ULQQHUXQJ]XUXIHQXQG]XKLQWHUIUDJHQPLWKLQ]XUHIOHNWLHUHQXQGGLHVHV:LV VHQIUVLFKDXFKQHX ]XRUJDQLVLHUHQ'XUFKGLHVHVUHIOH[LYH9HUKDOWHQ]XP HLJHQHQ:LVVHQLVWHVP|JOLFKÄHLQH,QIRUPDWLRQDOVLQGLYLGXHOO EHGHXWVDP]X HQWVFKOVVHOQ XQG ]X EHUSUIHQ RE GDV JHQXW]WH :LVVHQ XQG VHLQH SUDNWLVFKH 8PVHW]XQJLP$OOWDJHUIROJUHLFKZDUHQ³$UQROG6FKOHU6 'DV]X HUODQJHQGH:LVVHQZLUGVRPLWVWHWVLQGHQHLJHQHQ$OOWDJHLQJHEUDFKWVR]XVDJHQ LQGLHHLJHQH%LRJUDSKLHLQWHJULHUWXQGHUZHLWHUWVRPLWGLHLQGLYLGXHOOHQ+DQG OXQJVP|JOLFKNHLWHQ
%LRJUDSKL]LWlWLVWIU$OKHLWDXFKDXIÄ*HVXQGKHLWVELRJUDSKLHQ³$OKHLW6 JHULFKWHW'DV EHGHXWHW GDVV GLH JUXQGOHJHQGH $XVULFKWXQJ GHV 6XEMHNWV GDULQ OLHJW VLFK LQ GHU ELRJUDILVFKHQ /HEHQVEHZlOWLJXQJDQYRUKDQGHQHQ5HVVRXUFHQ3RWHQ]LDOHQ)lKLJNHLWHQ6WlUNHQ(UIDKUXQJHQXQG 0|JOLFKNHLWHQ ]X RULHQWLHUHQ 0LW DQGHUHQ :RUWHQ 'HU 0HQVFK PDFKW VLFK DXI GLH 6XFKH QDFK Ä/HEHQVXQGhEHUOHEHQVUHVVRXUFHQGHUELRJUDSKLVFKHQ(UIDKUXQJ³$OKHLW6
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
/HUQSUR]HVVHVHOEVWRUJDQLVLHUHQ 6HOEVWRUJDQLVLHUWHV/HUQHQ]lKOW KHXWH]XGHQ 6FKOVVHONRPSHWHQ]HQ EHUGLH HLQH 3HUVRQ YHUIJHQ VROOWH ,QGLYLGXDOLVLHUXQJVWHQGHQ]HQ HEHQVR ZLH ZHLWUHL FKHQGHU WHFKQRORJLVFKHU )RUWVFKULWW KDEHQ ]XU (QWZLFNOXQJ VHOEVWRUJDQLVLHUWHU /HUQIRUPHQ EHLJHWUDJHQ $EHU JHUDGH LP =XVDPPHQKDQJ PLW GHP 'LNWXP GHV /HEHQVODQJHQ /HUQHQV KDW GHU %HJULII GHV VHOEVWRUJDQLVLHUWHQ /HUQHQV HLQHQ +|KHSXQNWHUUHLFKWGLHVQLFKW]XOHW]WDXIJUXQGGHVYRQGHU(XURSlLVFKHQ8QLRQ DXVJHUXIHQHQ-DKUHVGHV/HEHQVODQJHQ/HUQHQV'DPDOVZXUGHÄGLH)UDJH GHVVHOEVWRUJDQLVLHUWHQ/HUQHQVDXFKELOGXQJVSROLWLVFKDXIJHZHUWHW³5HLQ 6 'LHVLVWYRUDOOHPDXFKXQWHUGHUZLUWVFKDIWOLFKHQ3HUVSHNWLYH]XVHKHQ QlPOLFK LQ GHP 6LQQH GDVV GHU ZLUWVFKDIWOLFKH $XIVFKZXQJ (XURSDV QXU ]X KDOWHQ VHL ZHQQ GLH 0LWJOLHGHU GHU *HVHOOVFKDIW LKUHQ %HLWUDJ GXUFK ODXIHQGH :HLWHUTXDOLIL]LHUXQJ OHLVWHQ 2KQH VHOEVWRUJDQLVLHUWHV /HUQHQ OlVVW VLFK GLHVH )RUGHUXQJ MHGRFK QLFKW YROO]LHKHQ 'HPHQWVSUHFKHQG VLQG :HLWHUELOGXQJVLQVWL WXWLRQHQJHIRUGHUW ÄLKUH VSH]LILVFKH )XQNWLRQ LP VLFK YHUlQGHUQGHQ 6\VWHP GHU :HLWHUELOGXQJ ]X GHILQLHUHQ XQG GDEHL EH]XJVELOGHQG VHOEVWRUJDQLVLHUWHV /HUQHQ PLW QHXHQ /HUQHOH PHQWHQ LQWHJUDWLYHQ .RQ]HSWHQ XQG GHU (QWZLFNOXQJ HLQHU QHXHQ /HUQNXOWXU ]X NRPELQLHUHQ³5HLQ6
'LHNRQVWUXNWLYLVWLVFKH6LFKWZHLVHGDVV/HUQHQSULQ]LSLHOOHLQVHOEVWJHVWHXHUWHU VHOEVWUHIHUHQ]LHOOHU XQG DXWRSRLHWLVFKHU 3UR]HVV LVW VWHKW LP*HJHQVDW] ]XU $Q QDKPH YRQ 0DFKEDUNHLW LQ IUHPGRUJDQLVLHUWHQ /HUQSUR]HVVHQ %HWRQW ZLUG LQ GLHVHUGLH)lKLJNHLWGHV,QGLYLGXXPVVHLQH /HUQSUR]HVVH VHOEVWLQGLH+DQG]X QHKPHQ +LHU LVW MHGRFK 9RUVLFKW JHERWHQ GHQQ GLH %HWRQXQJ GHV 6HOEVW VROOWH QLFKW GDUEHU KLQZHJWlXVFKHQ GDVV VHOEVWRUJDQLVLHUWH /HUQSUR]HVVH QLFKW DXI HLQH SURIHVVLRQHOOH *HVWDOWXQJ LQ )RUP YRQ /HUQSUR]HVVVWHXHUXQJ YHU]LFKWHQ N|QQHQ XQG QLFKW LP SROLWLNOHHUHQ 5DXP VWDWWILQGHQ 6R NULWLVLHUHQ )RU QHFN6SULQJHU DXFKGDVVLQ=XVDPPHQKDQJPLWGHU'LVNXVVLRQXPQHXH /HUQNXOWXUHQXQGVHOEVWJHVWHXHUWHV/HUQHQÄHLQH5HQDLVVDQFHGHVÃ6HOEVW¶EHWULH EHQ>ZLUG@GLHDQ(PSKDVHNDXP]XEHUELHWHQVHLQGUIWH³)RUQHFN6SULQJHU 6I 6HOEVWJHVWHXHUWHV/HUQHQEHGHXWHWQLFKWGLH/HUQHQGHQDOOHLQH]X ODVVHQPLWGHQ]XOHUQHQGHQ,QKDOWHQ9LHOPHKUHUIRUGHUWHVÄPHWKRGLVFKHVLWXD
5HLQZHLVWGDUDXIKLQGDVVGHU%HJULIIÄVHOEVWRUJDQLVLHUWHV/HUQHQ³ÄPHKURGHUPLQGHUV\QRQ\P >PLW DQGHUHQ %HJULIIHQ JHEUDXFKW ZLUG@ ZLH ] % VHOEVWJHVWHXHUWHV /HUQHQ VHOEVWlQGLJHV /HUQHQ LQIRUPHOOHV/HUQHQLQ]LGHQWLHOOHV/HUQHQXVI-HQDFK%H]XJVSXQNWXPNUHLVHQGLHVH%HJULIIHlKQ OLFK SRVLWLY EHVHW]WH 6DFKYHUKDOWH GLH HLQPDO PHKU YRP OHUQHQGHQ 6XEMHNW DXVJHKHQ HLQPDO PHKU DXIGHQ/HUQSUR]HEH]RJHQVLQG³5HLQ6
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
WLY YHUlQGHUEDUH XQG SURIHVVLRQHOO YHUIJEDUH 6WHXHUXQJVDUVHQDO>H@³ )RU QHFN6SULQJHU 6 XP /HUQSUR]HVVH ]X VWUXNWXULHUHQ $XFK *QWKHU 'RPHQ YHUZHLVW GDUDXI GDVV VHOEVWJHVWHXHUWHV /HUQHQ QLFKW DXI 6WHXH UXQJYHU]LFKWHQNDQQ+lXILJJHKWPLWGHU'LVNXVVLRQXPÄ6HOEVWVWHXHUXQJ³HLQ QRUPDWLYHU$QVSUXFKHLQKHU Ä$QVWDWWPLW%OLFNDXIGLHLQGLYLGXHOOH6LWXDWLRQQDFKGHPMHZHLOV$QJHPHVVHQHQ ]XIUDJHQ±GLH$XIJDEHGHU'LGDNWLN±EHVWHKWGLH*HIDKUDXVGHUQHXHQ%HJHLVWH UXQJ IU VHOEVWJHVWHXHUWHV /HUQHQ HLQHQ *ODXEHQVVDW] ]X PDFKHQ 8QG LQ GLHVHU *ODXEHQVEHJHLVWHUXQJ ZLUGGDQQDXIGLGDNWLVFKH6WHXHUXQJYHU]LFKWHW±GHUVHOEVW JHVWHXHUWH/HUQHUZLUG¶VVFKRQULFKWHQ³'RKPHQ6
'LH 6WHXHUXQJ YRQ /HUQSUR]HVVHQ LVW QLFKW XQDEKlQJLJ YRQ GHQ ]X OHUQHQGHQ ,QKDOWHQ]XEHWUDFKWHQ'HPHQWVSUHFKHQGZLUGDXFKHLQHVRUJIlOWLJGXUFKGDFKWH 'LGDNWLNXQG0HWKRGLNGHVVHOEVWJHVWHXHUWHQ/HUQHQVJHIRUGHUWÄGLHGLH6WHXH UXQJV XQG 6WUXNWXULHUXQJVSRWHQ]LDOH HQWKlOW ZHOFKH GDV NXUVRULVFKH /HKU/HUQJHVFKHKHQ DXV]HLFKQHQ³ :LWW 6 II ]LWQ )RUQHFN6SULQJHU 6 'DV KHLW GDVV LQ HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU QDFK SURIHVVLRQHOOHQ)RUPHQYRQ6WUXNWXULHUXQJXQGQDFK9HUlQGHUXQJGHU6WHXHUXQJ YRQ/HUQSUR]HVVHQ]XVXFKHQLVW,QGLHVHP6LQQHJHKWHVDXFKQLFKWGDUXPGLH /HUQHQGHQVLFKVHOEVW]XEHUODVVHQE]ZGDVVVLFK/HKUHQGHDXVGHP/HUQKDQ GHOQYROONRPPHQ]XUFN]LHKHQ 6HOEVWJHVWHXHUWHV /HUQHQ WUlJW GHU ,QGLYLGXDOLVLHUXQJ YRQ /HUQSUR]HVVHQ 5HFKQXQJXQGNRQ]HQWULHUWVLFKDXIGLH5HVVRXUFHQGHU(LQ]HOQHQDXIGLHEHUHLWV YRUKDQGHQHQ.RPSHWHQ]HQHEHQVRZLHDXIGLH%HGUIQLVVHGHUDP/HUQSUR]HVV %HWHLOLJWHQ=HQWUDOLVWDOVRQLFKWYRQDXHQGLHVXEMHNWLYHQ6FKHPDWD]XEHHLQ IOXVVHQ VRQGHUQ GHU )RNXV ULFKWHW VLFK DXI GDV LQQHUH *HZDKUZHUGHQ XQG GLH (UZHLWHUXQJGHUVXEMHNWLYHQ6FKHPDWDGHUHLQ]HOQHQ3HUVRQPLWGHUHQ+LOIHVLH VLFKREMHNWLYHV:LVVHQYRQDXHQDQHLJQHQNDQQ6RZHUGHQ±ZLH%UHGHOEHWRQW ± GLH /HUQHQGHQ ÄDOV KDQGHOQGH 6XEMHNWH ]XP 7HLO GHV /HUQSUR]HVVHV³ %UHGHO 6 5HVVRXUFHQDXIGHUVR]LDOHQ(EHQH 'HU0HQVFKNDQQQLFKWDOOHLQHOHEHQ±HULVWVWHWVDXIHLQVR]LDOHV8PIHOGDQJH ZLHVHQ LQ =HLWHQ LQ GHQHQ HLJHQWOLFK DOOHV JXW IXQNWLRQLHUW HEHQVR ZLH LQ VFKZLHULJHQ=HLWHQZLHEHLVSLHOVZHLVHLQHLQHUVFKZLHULJHQ/HEHQVVLWXDWLRQ6R LVWGDV(UNHQQHQGDVVHLQ0HQVFKDQGHUHU0HQVFKHQEHGDUIXDXPHLQH.ULVH ]XO|VHQIU0HXHOHUHLQH%HGLQJXQJIUGLH6XEMHNWHQWZLFNOXQJ$EHUDXFKGDV hEHUQHKPHQYRQ9HUDQWZRUWXQJVWHOOWHLQH%HGLQJXQJIUGLH(QWZLFNOXQJGHV
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
6XEMHNWHVGDU'HUHLQ]HOQH0HQVFKLVWLPPHUDXIDQGHUHDQJHZLHVHQHUHQWZL FNHOW VLFK LQ VHLQHP 9HUKlOWQLV XQG VHLQHQ %H]LHKXQJHQ ]X DQGHUHQ 0HXHOHU EHJUHLIWGHQ0HQVFKHQVWHWVLQ%H]XJ]XVHLQHUVR]LDOHQ8PZHOWÄ'HUHLQ]HOQH LVWLPPHUDXFK0LWPHQVFK³0HXHOHU6 'DGXUFKZLUGGHXWOLFKGDVV 6XEMHNWKDIWLJNHLW VWHWV DQ Ä%H]LHKXQJVIlKLJNHLW³ ÄVROLGDULVFKH :HUWVFKlW]XQJ³ XQGÄ2IIHQKHLWIUIUHPGHV/HLG³JHEXQGHQLVW0HXHOHU6 'LH5HVVRXUFHIUGDV6HLQLP6R]LDOHQXQGGDPLWGLH)UDJHQDFKGHU%H ZlOWLJEDUNHLW LP 6R]LDOHQ EHVFKUHLEW $QWRQRYVN\ EHLVSLHOVZHLVH LQ 9HUELQGXQJ PLWGHU $UEHLWVZHOW%HGHXWVDP VFKHLQW IU LKQGLH)UDJH ZHU LP $UEHLWVDOOWDJ EHUVR]LDOH5HVVRXUFHQYHUIJWXP$XIJDEHQLQHLQHPHQWVSUHFKHQGHQ.RQWH[W JHPHLQVDP EHZlOWLJHQ ]X N|QQHQ ĶhEHU 5HVVRXUFHQ YHUIJHQ¶ EHGHXWHW LQ HUVWHU/LQLHGDV:LVVHQGLH)HUWLJNHLWHQGLH0DWHULDOLHQXQGGDV]XU9HUIJXQJ VWHKHQGH5VW]HXJ³$QWRQRYVN\6 HQWVSUHFKHQGHLQVHW]HQ]XN|Q QHQ ,QVRIHUQ ZLUG GDV %HZlOWLJEDUNHLWVHUOHEHQ LP EHUXIOLFKHQ $OOWDJ GDGXUFK JHVWlUNW GDVV 0HQVFKHQ $UEHLWVHUIDKUXQJHQ PDFKHQ LQ GHQHQ VLH GDUDXI YHU WUDXHQ GDVV LKQHQ GLU HQWVSUHFKHQGH $XVVWDWWXQJ ]XU 9HUIJXQJ VWHKW XQG GDVV VLH DXFK EHU DXVUHLFKHQGH NRPPXQLNDWLYHQ )lKLJNHLWHQ YHUIJHQ DQIDOOHQGH $XIJDEHQ LP VR]LDOHQ .RQWH[W ]X EHZlOWLJHQ $QWRQRYVN\ ZHLVW DXFK DXI GLH %HGHXWXQJIRUPDOHUXQGLQIRUPHOOHUVR]LDOHU6WUXNWXUHQKLQ(VLVW]XEHDFKWHQ GDVVGLH ÄIRUPDOHVR]LDOH6WUXNWXULQGLHGLH$UEHLWYRQEHLQDKHMHGHPYRQXQVHLQJHEHW WHWLVWVR>ZDKUJHQRPPHQ ZLUG@GDVLHXQV PLWGHP JHHLJQHWHQ8PIHOGXQGGHU $XVUVWXQJ GLH ZLU IU Q|WLJ KDOWHQ XP XQVHUH $UEHLW JXW DXV]XIKUHQ DXV>JH@VWDWWHW³$QWRQRYVN\6
LVW'DVEHGHXWHWGDVVGLHPDWHULHOOH$XVVWDWWXQJDP$UEHLWVSODW]HEHQVRZLFKWLJ LVW ZLH GDV :LVVHQ EHU GLH RUJDQLVDWRULVFKHQ $EOlXIH GHU $UEHLW :DV GLH LQ IRUPHOOHQVR]LDOHQ6WUXNWXUHQEHWULIIWVRLVWHUGHU$QVLFKWGDVVGHPÄ&KDUDNWHU VR]LDOHU %H]LHKXQJHQ >]XZHLOHQ@ VRJDU JU|HUH %HGHXWXQJ DOV XQVHUH HLJHQHQ 5HVVRXUFHQ RGHU GLHMHQLJHQ GLH GLH IRUPDOH 6WUXNWXU XQV ]XU 9HUIJXQJ VWHOOW³ $QWRQRYVN\6 ]XNRPPW:LUZLVVHQDXVHLJHQHQ(UIDKUXQJHQZLH ZHUWYROO EHLVSLHOVZHLVH ,QIRUPDWLRQHQ EH]JOLFK LQIRUPHOOHU :LVVHQVEHVWlQGH VHLQN|QQHQXQGGLHVHGLH=LHOHUUHLFKXQJLQGHU$UEHLW]XPHLQHQHUKHEOLFKHU OHLFKWHUQE]ZDXIGHUDQGHUHQ6HLWHDXFKYHUXQP|JOLFKHQN|QQHQ$XFKLQGLH VHP %HUHLFK ]HLJW VLFK GDVV GLH 9HUIJEDUNHLW VR]LDOHU 5HVVRXUFHQ ]% ,QIRU PDWLRQVDXVWDXVFK PLW .ROOHJ,QQHQ XQDEGLQJEDU IU LQGLYLGXHOOH (UIROJH LQ GHU $UEHLWVEHZlOWLJXQJ LVW 'DUEHU KLQDXV VWHOOHQ .ROOHJ,QQHQ ZLFKWLJH 8QWHUVWW ]XQJVV\VWHPHEHL.RQIOLNWHQHWZDLQMHQHU)RUPGDUDOVVLHGHQXQWHUVWW]HQGHQ VR]LDOHQ+LQWHUJUXQGDEJHEHQXQGVRPLWSHUV|QOLFKHQ+DOWYHUPLWWHOQN|QQHQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
'LH)UDJHQDFKGHU%HZlOWLJEDUNHLWLP6R]LDOHQOlVVWVLFKLQXQWHUVFKLHGOL FKHQLQKDOWOLFKHQ'LPHQVLRQHQQlKHUHUOlXWHUQ,P)ROJHQGHQZlKOHLFKHUVWHQV GLH )lKLJNHLW YRQ ,QGLYLGXHQ GLH %DODQFH ]ZLVFKHQ hEHUEHODVWXQJ XQG 8QWHU IRUGHUXQJLP/HUQVHWWLQJ]XKDOWHQ]ZHLWHQVGLH)lKLJNHLWGDV7HDPDOVVR]LDOH 5HVVRXUFH]XQXW]HQXQGGULWWHQVGLHVR]LDOHQ+DQGOXQJHQLQGHU*HPHLQVFKDIW DOVZHUWYROOIUGLHLQGLYLGXHOOH:HLWHUHQWZLFNOXQJ]XVHKHQ %HODVWXQJVEDODQFHLPVR]LDOHQ/HUQUDXP (LQHDXVJHZRJHQH%HODVWXQJVEDODQFHVWHKWDXIGHU(EHQHGHU%HZlOWLJEDUNHLWLP 9HUPLWWOXQJVSUR]HVVLP0LWWHOSXQNWGHU$XIPHUNVDPNHLW'DVKHLWGDVOHUQHQ GH6XEMHNW PXVVLQGHU/DJH VHLQLPPHU ZLHGHUGLH%DODQFH]ZLVFKHQ HLJHQHU hEHUXQG8QWHUEHODVWXQJ]XILQGHQ'DVEHGHXWHWGLH$XIPHUNVDPNHLWGHUDUW]X VWHXHUQGDVVGDV6XEMHNWGLHHLJHQHQ)lKLJNHLWHQ)HUWLJNHLWHQXQG5HVVRXUFHQ VR HLQVHW]HQ NDQQ GDVV HV KRKH $QIRUGHUXQJHQ ]% .RQIURQWDWLRQ PLW Y|OOLJ QHXDUWLJHP:LVVHQ EHZlOWLJHQNDQQ'DEHLVWHOOHQÄGLHZDKUJHQRPPHQHQ5HV VRXUFHQ« GHQ6FKOVVHO]XGHP3UREOHPhEHUODVWXQJ³$QWRQRYVN\6 GDU,P /HUQNRQWH[W NDQQGLHVEHGHXWHQHLQHQ $XVWDXVFKEHUGLHLQGLYL GXHOOHQ$QVFKOXVVP|JOLFKNHLWHQ]XGLHVHPQHXDUWLJHQ:LVVHQKHU]XVWHOOHQE]Z ]XSIOHJHQ*OHLFK]HLWLJLVWGDV3UREOHPGHU8QWHUIRUGHUXQJLP/HUQHQ]XGLVNX WLHUHQ /DQJHZHLOH WULWW HLQ GLH $XIPHUNVDPNHLW XQG GDV (QJDJHPHQW IU GHQ ,QKDOW HEHQVR ZLH IU .ROOHJ,QQHQ YHUlQGHUQ VLFK 'LHV IKUW XQWHU 8PVWlQGHQ ]XP1LFKWJHOLQJHQHLQHVNRQVWUXNWLYHQ$XVWDXVFKHVXQWHUHLQDQGHU'DV3UREOHP GHU 8QWHUIRUGHUXQJ HUJLEW VLFK EHLVSLHOVZHLVH DXFK ZHQQ XQVHUH /HUQHUIDKUXQ JHQVWHWVGHUDUWJHVWDOWHWVLQG ÄGDZLUVHOWHQGD]XDXIJHIRUGHUWZHUGHQXQVHUH)lKLJNHLWHQDQ]XZHQGHQRGHU XQVHUH0|JOLFKNHLWHQ]XDNWXDOLVLHUHQZHQQVLHLPPHUHLQGLPHQVLRQDOXQGPRQR WRQ VLQG N|QQHQ ZLU QLHPDOV GDV 9HUWUDXHQ EHNRPPHQ GD GLH :HOW KDQGKDEEDU LVW³$QWRQRYVN\6
/HUQHQLVWLP.RQWH[WHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXULPPHUHLQHVR]LDOH +DQGOXQJ/HUQHQVWHOOW ÄJHJHQEHUGHP$OOWDJVKDQGHOQHLQHGLVWDQ]LHUWH+DOWXQJGDUDXVGHUKHUDXVEH VWLPPWHSUREOHPDWLVFKJHZRUGHQH$VSHNWHGHV$OOWDJVKDQGHOQVUHIOHNWLHUWZHUGHQ³ /XGZLJ6
'DPLWVLQGJHQDXMHQH$QVFKOXVVOHLVWXQJHQJHPHLQWGLHLQHLQHUDQGHQ/HUQHQ GHQ RULHQWLHUWHQ /HUQNXOWXU LPPHU ZLHGHU KHU]XVWHOOHQ VLQG XQG GLH JHQDX GHU %DODQFH]ZLVFKHQ'HVLQWHUHVVHXQGhEHUIRUGHUXQJGLHQHQ 'LHVH%DODQFHNDQQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
VHKU JXW PLW GHQ Ä'LVNUHSDQ]HUIDKUXQJHQ DOV /HUQSUREOHPDWLNHQ³ )DXO VWLFK/XGZLJ6 VNL]]LHUWZHUGHQHUOHEWGDVOHUQHQGH,QGLYLGXXPHLQH 'LVNUHSDQ]]ZLVFKHQGHPZDVHVNDQQXQGGHPZDVHVZLOOVRHUIlKUWHVGDVV HVVHLQH)lKLJNHLWHQHUZHLWHUQPXVV0DFKWGDV,QGLYLGXXPQXQGLH(UIDKUXQJ GDVV HLQ +DQGOXQJVSUREOHP GXUFK HUZHLWHUWH +DQGOXQJVIlKLJNHLW JHO|VW ZHUGHQ NDQQ VR OHJW HV ± PLW +RO]NDPS JHVSURFKHQ ± HLQH Ä/HUQVFKOHLIH³ HLQ 'DV,QGLYLGXXPILQGHWDXIJUXQGGHUJHPDFKWHQ'LVNUHSDQ]HUIDKUXQJLQGLYLGXHO OH*UQGHIUVHLQ /HUQHQXQGEHUZLQGHWLQGHUDNWLYHQ /HUQEHZHJXQJDXIJH WUHWHQH 6FKZLHULJNHLWHQ 'LHVH )lKLJNHLW VHW]W HLQ ÄDQWL]LSDWRULVFKHV 0RPHQW³ LQVRIHUQ YRUDXV DOV GHU /HUQHQGH GDYRQ DXVJHKW GDVV QDFK HUIROJUHLFKHP /HU QHQ GLH Ä9HUIJXQJ EHU GHQ *HJHQVWDQG HUK|KW VHLQ ZLUG³ )DXOVWLFK/XGZLJ 6 'DVKHLWOHUQHQGH3HUVRQHQHUIDKUHQGDVVVLHLKUHHLJHQHQ.RP SHWHQ]HQHUZHLWHUQXQGGHUKDELWXHOOH=XJHZLQQHLQHZHLWHUH5HVVRXUFHIU]X NQIWLJH +HUDXVIRUGHUXQJHQ GDUVWHOOW 'XUFK GLHVH +HUDQJHKHQVZHLVH JHOLQJW 6HOEVWHQWZLFNOXQJXQG6HOEVWHQWIDOWXQJ'DVVGLHVDEHUQLFKWQXUDOVLQGLYLGXHOOH 5HVVRXUFH]XYHUVWHKHQLVWGDUDXIZHLVHQ)DXOVWLFK/XGZLJDXVGUFNOLFKKLQ Ä/HUQHQGHHUZHLWHUQRGHUGLIIHUHQ]LHUHQLKUHQYRUKHULJHQ%HGHXWXQJVDXIVFKOXVV ZHQQGLHVHUQLFKWDXVUHLFKWXPLQHLQHUVFKZLHULJHQ+DQGOXQJVVLWXDWLRQDQJHPHV VHQKDQGHOQ]XN|QQHQ,QGHPVLHDXVGHPJHVHOOVFKDIWOLFKHQ0|JOLFKNHLWVIHOGQHXH %HGHXWXQJVKRUL]RQWH DXIQHKPHQ WUDQVIRUPLHUHQ XQG HUZHLWHUQ VWHOOW /HUQHQ DOV 'LIIHUHQ]LHUXQJ (UZHLWHUXQJ XQG 9HUlQGHUXQJ YRQ %HGHXWXQJHQ HLQHQ ]HQWUDOHQ 0RYHQV VRZRKO IU 9HUJHVHOOVFKDIWXQJVSUR]HVVH GHV ,QGLYLGXXPV DOV DXFK IU GLH .RQVWLWXWLRQ JHVHOOVFKDIWOLFKHU 9HUKlOWQLVVH GXUFK GDV ,QGLYLGXXP GDU³ )DXO VWLFK/XGZLJ6
%HYRULFKDXIGLH0DNURHEHQHGHUJHVHOOVFKDIWOLFKHQ9HUKlOWQLVVHJHKHP|FKWH LFKDEHUDXIGHU0HVRHEHQHGHUVR]LDOHQ9HUKlOWQLVVHEOHLEHQLQGHUVLFKPHLQHU $QVLFKW QDFK GLH 5HVVRXUFH LP VR]LDOHQ )HOG HLQHU /HUQNXOWXU EHVRQGHUV HLQ GUFNOLFK]HLJW 6HOEVWRUJDQLVDWLRQLQGHU7HDPDUEHLW ,Q HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU PLW VHOEVWRUJDQLVLHUWHQ /HUQDQWHLOHQ VWHKHQ/HKUHQGHXQG/HUQHQGHQLFKWHLQDQGHUJHJHQEHUDOV:LVVHQGHHLQHUVHLWV XQG 1LFKW:LVVHQGH DQGHUHUVHLWV 9LHOPHKU VLQG VLH Ä7HLO GHV VXEMHNWLYHQ /| VXQJVSUR]HVVHV³%UHGHO6 GHUVLFKLP7HDPYROO]LHKW'DGXUFKGDVV VLFK/HKUHQGHKLHUDOV/HUQEHJOHLWHU,QQHQYHUVWHKHQN|QQHQGLHVHDOV7HLOHLQHV 7HDPV EHWUDFKWHW ZHUGHQ VR GDVV GHQ VXEMHNWLYHQ $QHLJQXQJVSUR]HVVHQ ÄQLFKW PHKUGDVDOWHUHJRGHVOHUQHQGHQ6XEMHNWVVRQGHUQ+LOIHOHLVWHQGH³%UHGHO 6 ]XU 6HLWH VWHKHQ ,Q HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU ± GLHV P|FKWH
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
LFKDQGLHVHU6WHOOHQRFKPDOVGHXWOLFKPDFKHQ±ZHUGHQGLH%HJULIIH6HOEVWRUJD QLVDWLRQ 6HOEVWVWlQGLJNHLW 6HOEVWVWHXHUXQJ 6HOEVWOHUQHQ QLFKW VR YHUVWDQGHQ GDVV GDV ,QGLYLGXXP VHLQHP 6HOEVW EHUODVVHQ LVW VRQGHUQ GDVV PLW +LOIH OHUQ I|UGHUOLFKHU%HGLQJXQJHQYRQDXHQYHUVXFKWZLUGGDV,QGLYLGXXPLQGLH/DJH ]XYHUVHW]HQH[SDQVLYH/HUQKDQGOXQJHQ]XYROO]LHKHQ6HOEVWVWHXHUXQJEHGLQJW ZRKOEHUOHJWHIUHPGRUJDQLVLHUWH/HKUSUR]HVVHLQGHQHQGLH/HUQHQGHQHQWVSUH FKHQGH6WUDWHJLHQHQWZLFNHOQLKUHLJHQHV/HUQHQ]XRUJDQLVLHUHQ ,Q HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU GHUHQ $QVSUXFK HV LQ %H]XJ ]XU JHJHQVWlQGOLFKHQ .RPSRQHQWH GHU %HZlOWLJEDUNHLW LP VR]LDOHQ 5DXP LVW GLH 6XEMHNWH ]X XQWHUVWW]HQ XQG GHUHQ :LGHUVWlQGLJNHLW ]X VWlUNHQ GDUI HV QLFKW GD]XNRPPHQGDVVLP=XJHGHU,QGLYLGXDOLVLHUXQJGLH9HUDQWZRUWXQJIUJHOLQ JHQGH/HUQSUR]HVVHHLQ]LJDXIGLH/HUQHQGHQDEJHVFKREHQZLUG'DVEHGHXWHW± XPHVQRFKPDOVDXIGHQ3XQNW]XEULQJHQ±6HOEVWOHUQHQ EHLGHQ(UZDFKVHQHQ ]XLQLWLLHUHQ QLPPWGLH/HKUHQGHQLQLKUHU9HUDQWZRUWXQJIUGDV JHPHLQVDPH /HUQVHWWLQJLQEHVRQGHUHU:HLVHLQ$QVSUXFK=XEHDFKWHQLVWMHGRFKGDVVGXUFK HLQH.RQ]HQWULHUXQJDXI6HOEVWRUJDQLVDWLRQYRQ/HUQSUR]HVVHQGHP,QGLYLGXXP HLQHVFKHLQEDUH6HOEVWEHVWLPPXQJ]XJHGDFKWZHUGHQN|QQWHGLHVLFKEHLQlKHUHU %HWUDFKWXQJ DOV )UHPGEHVWLPPXQJ KHUDXVVWHOOW QlPOLFK LQ GHU )RUPGDVV/HU QHQGHJH]ZXQJHQZHUGHQVLFKVHOEVWGHQ=ZDQJ]XP/HUQHQDXI]XHUOHJHQ'DV ZUGH GDQQ VR DXVVHKHQ DOV RE GLH /HUQHQGHQ JHQDX GDV YRQ VLFK DXV OHUQHQ ZUGHQ ZDV YRQ GHQ /HKUHQGHQ LQWHQGLHUW LVW 6HOEVWRUJDQLVDWLRQ EHGHXWHW ]X VDPPHQJHQRPPHQ GDVV /HUQHQGH (LJHQYHUDQWZRUWXQJ EHUQHKPHQ LKQHQ JOHLFK]HLWLJJHHLJQHWHOHUQI|UGHUOLFKH6WUXNWXUHQLQGHU/HUQRUJDQLVDWLRQJHERWHQ ZHUGHQ XQG VLH GDPLW GDV 6HOEVWPDQDJHPHQW LKUHV /HUQHQV EHUQHKPHQ YJO .LUFKK|IHU6 :DV EHGHXWHW GLHV QXQ IU GLH $UEHLW LQ 7HDPV EH]JOLFK GHU %HDUEHLWXQJ YRQ $XIJDEHQVWHOOXQJHQ" 9RUDXVVHW]XQJ IU HLQH NRQVWUXNWLYH $UEHLW LP /HUQ WHDPLVWHLQJHZLVVHV,QWHUHVVHDP7KHPDDQGHU$XIJDEHQVWHOOXQJE]ZDQGHU JHPHLQVDPHQ$UEHLW'DVEHGHXWHWGHU$QVDW]SXQNWOLHJWLP6HOEVWGHUMHZHLOL JHQ3HUVRQGLHGDVVR]LDOH)HOGDOV5HVVRXUFHLQGHU%HZlOWLJXQJYRQ$XIJDEHQ HQWGHFNW 'DV VR]LDOH )HOG ELHWHW 3ODW] IU /HUQKLOIHQ GDV $XIVW|EHUQ XQG (LQ ELQGHQYRQ/HUQLQWHUHVVHQ0|JOLFKNHLWHQGHU3UREOHPO|VXQJXQGGHV'LVNXWLH UHQV YRQ ,GHHQ XQWHUVFKLHGOLFKH (UIDKUXQJHQ LQ GHU +HUDQJHKHQVZHLVH XVZ =HQWUDOIUGLHJHPHLQVDPH$UEHLWVLQGLQHUVWHU/LQLH5HVSHNWXQG$QHUNHQQXQJ IU GLH 3RWHQ]LDOH XQG 5HVVRXUFHQ GHU DQGHUHQ 'DV $XVKDQGHOQ JHPHLQVDPHU YHUELQGOLFKHU =LHOH ,GHHQ XQG 9LVLRQHQ VLQG HLQH ZHLWHUH 9RUDXVVHW]XQJ IU JHOLQJHQGH 7HDPDUEHLW ,QGHP 0|JOLFKNHLWHQ ]XJHODVVHQ ZHUGHQ GLH ]XQlFKVW VFKHLQEDUQLFKW]XHLQDQGHUSDVVHQZLUGDXVHLQHP7HDPHLQNUHDWLYHV)HOGYJO %XURZ LQGHPVR]XVDJHQGDV*DQ]HPHKULVWDOVGLH6XPPHVHLQHU7HLOH 'DV NUHDWLYH 3RWHQ]LDO OLHJW DOVR LQ GHQ VSH]LHOOHQ 6\QHUJLHQ GLH GLH HLQ]HOQHQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
3HUVRQHQPLWHLQDQGHUELOGHQ6RHQWVWHKWHLQ(UIDKUXQJVUDXPIUNUHDWLYH)HOGHU GHUQDFK2ODY$[HO%XURZ EHVWLPPWH&KDUDNWHULVWLNDDXIZHLVW'LHVVLQG XDHLQHGLDORJLVFKH%H]LHKXQJVVWUXNWXUGDVJHPHLQVDPH,QWHUHVVH3URGXNWRUL HQWLHUXQJ GLH $QHUNHQQXQJ GHU 9LHOIDOW XQWHUVFKLHGOLFKHU )lKLJNHLWVSURILOH HLQH JOHLFKEHUHFKWLJWH 7HLOKDEH LP $UEHLWVSUR]HVV 3DUWL]LSDWLRQ XQG HLQ I|U GHUQGHV8PIHOGYJO%XURZ6II DXIGLHDXFKLQHLQHUNRKlUHQ]RUL HQWLHUWHQ/HUQNXOWXUEHVRQGHUV%H]XJJHQRPPHQ ZLUGXQGGLHGDPLWGLH.RP SRQHQWHGHU%HZlOWLJEDUNHLWVWlUNHQ *HOLQJWHVHLQHP7HDP]XHLQHPTXDOLWDWLYK|KHUVWHKHQGHQ(UJHEQLV]XJH ODQJHQDOVHVGLHHLQ]HOQHQ0LWJOLHGHUXQDEKlQJLJYRQHLQDQGHUHUUHLFKHQN|QQ WHQGDQQLVWMHQH5HVVRXUFHDNWLYLHUWZRUGHQGLHLQGLHVHU.RPSRQHQWHDOV$N WLYLHUXQJGHVVR]LDOHQ3RWHQ]LDOV]XYHUVWHKHQLVW'XUFKGLHVHQ=XJDQJZHUGHQ HLQHUVHLWV QLFKW QXU LQGLYLGXHOOH /HUQIRUWVFKULWWHHUP|JOLFKWVRQGHUQGXUFK NRO OHNWLYHV'HQNHQHQWVWHKWVRHWZDVZLHHLQH)RUPÄYRQNROOHNWLYHU3DUWL]LSDWLRQ³ %RKP6 'DYLG%RKPEHVFKUHLEWHLQ%HLVSLHOIUJHPHLQVDPHV'HQ NHQ Ä:HQQMHPDQGHLQH,GHHKDWGLHHLQDQGHUHUDXIJUHLIWZlKUHQGHLQGULWWHUQRFK HWZDVKLQ]XIJW'DV'HQNHQZUGHIOLHHQDQVWDWWGDVVGDHLQH0HQJHYHUVFKLHGH QHU /HXWH VLW]W XQG YHUVXFKW VLFK JHJHQVHLWLJ ]X EHUUHGHQ RGHU ]X EHU]HXJHQ³ %RKP6
'LHVHV)OLHHQYRQGHP%RKPVSULFKWEHVFKUHLEW0LKDO\&VLNV]HQWPLKDO\LPLW GHP%HJULIIGHVIORZ(UZHLVWLQGHU$XVIRUPXOLHUXQJGLHVHV%HJULIIHVLQWHUHV VDQWHUZHLVHDXFKDXIGLH%DODQFHYRQhEHUXQG8QWHUIRUGHUXQJKLQGLHJHUDGH IU 7HDPV HLQHQ HQWVFKHLGHQGHQ 0RWRU IU JHOLQJHQGH /HUQSUR]HVVH GDUVWHOOW YJO&VLNV]HQWPLKDO\L6II ,QGHUNRQVWUXNWLYHQ=XVDPPHQDUEHLWPLWDQGHUHQOHUQHQGLH(LQ]HOQHQLKUH 6WlUNHQ±DEHUDXFK6FKZlFKHQ±NHQQHQ*HJHQVHLWLJHU$XVWDXVFKXQGJHPHLQ VDPH8QWHUVWW]XQJHQN|QQHQHLQ7HDP]XVDPPHQVFKZHLHQ6LFKWEDUZLUGYRU DOOHP GLH HLJHQH )lKLJNHLW PLW DQGHUHQ DQ /|VXQJVP|JOLFKNHLWHQ ]X DUEHLWHQ VLFKLQHLQHU*UXSSHNRQVWUXNWLYHLQ]XEULQJHQXQGDXFK.ULWLN]XEHQHEHQVR ZLH $QHUNHQQXQJ]XJHEHQXQGDQGHUHLJHQHQ3HUVRQ]XHUOHEHQ(VNDQQJH OHUQW ZHUGHQ GDVV DXFK ZHQQ LFK DOV (LQ]HOQH LQ PHLQHU +DQGOXQJVIlKLJNHLW JHVWlUNWZHUGHGLHVVWHWVDQGHUHPLWHLQEH]LHKW*HUDGHGDQQZHQQLQGLYLGXHOOH +DQGOXQJVVFKHPDWDQLFKWPHKUDXVUHLFKHQXP3UREOHPH]XO|VHQZHQQHVJLOW 6LWXDWLRQHQ JHPHLQVDP ]X EHZlOWLJHQ GLH 8Q]XIULHGHQKHLW RGHU 8QEHKDJHQ DXVO|VHQVWHOOWGDVNUHDWLYH)HOGHLQHEHVRQGHUH5HVVRXUFHGDU'LHMHZHLOVJH HLJQHWHQNROOHNWLYHQ6WUDWHJLHQGLHLP/|VXQJVSUR]HVVDQJHZDQGWZHUGHQZHU GHQ LP 7HDP VLWXDWLY DXVJHKDQGHOW 'DULQ OLHJW HLQ IU GLH /HEHQVEHZlOWLJXQJ ZHVHQWOLFKHU /HUQLQKDOW QlPOLFK VR]LDOHV +DQGHOQ LQ )RUP YRQ 3DUWL]LSDWLRQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
7HLOQDKPH XQG 7HLOKDEH LQ $XVKDQGOXQJVSUR]HVVHQ $XFK NDQQ HLQ 7HDP HLQ ZLFKWLJHVXQGLQWHUHVVDQWHV.RUUHNWLYIUGLHHLJHQH:HOWVLFKWGDUVWHOOHQ,QGHP 0DH LQ GHP XQWHUVFKLHGOLFKH 0HQVFKHQ DXIHLQDQGHU ]XJHKHQ YRQHLQDQGHU OHUQHQPLWHLQDQGHUODFKHQXQGDUEHLWHQGLVNXWLHUHQXQGHLQHQZHUWVFKlW]HQGHQ 8PJDQJ XQWHUHLQDQGHUSIOHJHQLQGHP0DH ZLUGHVDXFK P|JOLFK 6LFKHUKHLW LQHLQHUYLHOIlOWLJHQ.XOWXU]XHUODQJHQ $XFK JHPHLQVDP )UHXGH]XHPSILQGHQ XQG VLFK LQ GHU HLJHQHQ .UHDWLYLWlW PLW +XPRU KHUDXV]XIRUGHUQ YJO ,EHUHU NDQQGD]XEHLWUDJHQGLHZLGHUVSUFKOLFKHQ:HOWHQLQ%DODQFH]XKDOWHQ XQG IU GDV HLJHQH :HLWHUNRPPHQ ]X QXW]HQ ,Q HLQHP DN]HSWLHUHQGHQ 0LWHLQ DQGHU ZLUGHV VR P|JOLFK YRQGHU9LHOIDOW]XSURILWLHUHQ GLHHLJHQH:DKUQHK PXQJ]XVFKlUIHQGDVHLJHQH:HOWELOG]XHUZHLWHUQ±NXU]JHVDJWYRQHLQDQGHU ]XOHUQHQDXIGLHHLJHQHQ5HVVRXUFHQXQGGLHGHUDQGHUHQ]XYHUWUDXHQ :HQQ GLHVJHOLQJWVWlUNWHVGLH.RKlUHQ]GHU*UXSSHHEHQVRZLHGLHMHQLJHGHUHLQ]HO QHQ0LWJOLHGHU'DV.ROOHNWLYZLUG]XHLQHP/HUQIHOGZHOFKHVHLQHXQDEGLQJED UH9RUDXVVHW]XQJIUGLH7HLOKDEHDQJHVHOOVFKDIWOLFKHQ9HUlQGHUXQJVSUR]HVVHQ GDUVWHOOW 5HVVRXUFHQDXIGHUJHVHOOVFKDIWOLFKHQ(EHQH 'LH5HVVRXUFHQDXIGHUJHVHOOVFKDIWOLFKHQ(EHQHVLQGLQHLQHU0HKUGHXWLJNHLW]X VHKHQGLHLFK]XQlFKVW PLWHLQHP =LWDWYRQ-RVHSK:HL]HQEDXP YHUGHXWOLFKHQ P|FKWH Ä'LH 5HWWXQJ GHU :HOW KlQJW QXU YRQ GHP ,QGLYLGXXP DE GHVVHQ :HOW VLH LVW =XPLQGHVWPXVVMHGHV,QGLYLGXXPVRKDQGHOQDOVREGLHJHVDPWH=XNXQIWGHU:HOW GHU0HQVFKKHLWVHOEVWYRQLKPDEKLQJH³:HL]HQEDXP6]LWQ0HXHOHU 6
'LH 9HUIDVVWKHLW HLQHU *HVHOOVFKDIW DQ GDV ,QGLYLGXXP ]X NQSIHQ VFKHLQW PLU JHQDXVR OLQHDU ]X VHLQ ZLH GLH DXVVFKOLHOLFKH $EKlQJLJNHLW GHU LQGLYLGXHOOHQ (QWZLFNOXQJHLQHU3HUVRQYRQGHU*HVHOOVFKDIW:DVDEHULVWGDPLWJHPHLQW")U PLFK YHUELUJW GLHV GLH 6FKZLHULJNHLW GLH 5HVVRXUFHQ DXI GHU JHVHOOVFKDIWOLFKHQ (EHQH]XIRUPXOLHUHQLQGHP6LQQHDOVGLHJHVHOOVFKDIWOLFKHQ)XQNWLRQVV\VWHPH 5HVVRXUFHQ IU GLH LQGLYLGXHOOH (QWZLFNOXQJ EHUHLWVWHOOHQ JOHLFK]HLWLJ LVW HV ZLFKWLJGDUDXIKLQ]XZHLVHQZDVGDV,QGLYLGXXPDQ5HVVRXUFHQIUGLHJHVHOO VFKDIWOLFKH :HLWHUHQWZLFNOXQJ HLQEULQJW 'LHVHP 7KHPHQIHOG NDQQ PDQ VLFK XQWHUVFKLHGOLFK QlKHUQ LFK YHUVXFKH HV DXV GHU 3HUVSHNWLYH GHU %HVFKUHLEXQJ HLQHV0DQJHOVDQ5HVVRXUFHQLQGHU9HUDQWZRUWXQJGHU*HVDPWJHVHOOVFKDIWXQG GHUGDPLWYHUEXQGHQHQ(QWZLFNOXQJVP|JOLFKNHLWHQHLQ]HOQHU%UJHUXQG%UJH ULQQHQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
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lVVH ]XU /HEHQVEHZlOWLJXQJ ,QGHP *HVHOOVFKDIW SHUPDQHQW LP :DQGHO EHJULIIHQ LVW VLQG ZLU GHPHQWVSUHFKHQG ]X DQGDXHUQGHU :HLWHUELOGXQJ JH]ZXQJHQ =XGHP ELHWHW GLH *HVHOOVFKDIW HLQH )OOH YRQ 0|J OLFKNHLWHQGHU7HLOKDEHLQXQWHUVFKLHGOLFKHQ.RQWH[WHQXQGMHQDFKLQGLYLGXHOOHU =XJDQJVP|JOLFKNHLW 'LHV NDQQ ]XP %HLVSLHO VR]LDOHV (QJDJHPHQW DXHUKDOE ]% 1DFKEDUVFKDIWVKLOIH XQG LQQHUKDOE YRQ ,QVWLWXWLRQHQ *HZHUNVFKDIW 9HU HLQH XPIDVVHQ,QWHUHVVDQWHUVFKHLQWPLUKLHUGHU*HGDQNHGDVVGXUFKHLQXQJH QJHQGHV VWDDWOLFKHV 8QWHUVWW]XQJVV\VWHP GLH ,QGLYLGXHQ HLQHU *HVHOOVFKDIW LQ GLH/DJHYHUVHW]WZHUGHQVR]LDOH3DUWL]LSDWLRQ%HWHLOLJXQJDP*HPHLQZRKOXQG 7HLOKDEH DQ NRQNUHWHU JHVHOOVFKDIWOLFKHU 9HUlQGHUXQJ HUOHUQHQ ]X PVVHQ 'DV KHLW GDVV GHU 0DQJHO YRQ 5HVVRXUFHQ DXI GHU HLQHQ 6HLWH ]X HLQHU 5HVVRXUFH IUGLHDQGHUH6HLWHZLUG'LHDQGHUH6HLWHGDV,QGLYLGXXPOHUQWEHLVSLHOVZHLVH *HPHLQVFKDIWVIlKLJNHLW HV OHUQW HLQ DNWLYHV YHUDQWZRUWXQJVYROOHV 0LWJOLHG GXUFKVRJHQDQQWHVEUJHUVFKDIWOLFKHV(QJDJHPHQW]XZHUGHQXQGHVOHUQWGLH *HVHOOVFKDIW DOV %LQGHNUDIW GHU 6HOEVWUHJXOLHUXQJ ]X QXW]HQ YJO .HVVO2WWR 6 'DV KHLW ZHQQ 6XEVLGLDULWlW IXQNWLRQLHUW ]LHKW VLFK GHU 6WDDW DXV EHVWLPPWHQ 5HJLRQHQ ]XUFN XQG EHUOlVVW GDV +DQGHOQ GHP (LQ]HOQHQ 0DQ N|QQWH DXFK VDJHQ GDVV GLH *HVHOOVFKDIW GLH 0|JOLFKNHLW GHU =XJHK|ULJNHLW EHUHLWVWHOOWXQGVRPLWLKUH0LWJOLHGHULQGLH/DJHYHUVHW]WDQGHU*HVWDOWXQJGHV 6R]LDOHQ3ROLWLVFKHQHWFPLW]XZLUNHQLP6LQQHGHVVR]LDOHQ.DSLWDOVZHOFKHV GLH*HVHOOVFKDIW]XVDPPHQKlOW'LHVH9HUNRSSHOXQJ YRQLQGLYLGXHOOHP.DSLWDO XQGVR]LDOHP.DSLWDOPDFKWVHKUJXWGHXWOLFKGDVVHVVLFKXPHLQH$UW5HVVRXU FHQDXVWDXVFK KDQGHOW 'LHVHU $XVWDXVFK LVW P|JOLFK GXUFK GLH (QWJUHQ]XQJ JH VHOOVFKDIWOLFKHU)XQNWLRQVV\VWHPHXQGGXUFKHLQH9HUVFKLHEXQJYRQ9HUDQWZRU WXQJ GDQQ ZHQQ 5HVVRXUFHQ NQDSS ZHUGHQ :DV GDPLW JHPHLQW LVW HLQHUVHLWV GLH )lKLJNHLW GHV ,QGLYLGXXPV 5HVVRXUFHQ DXV 1HW]ZHUNHQ ZLH HWZD 9HUHLQHQ HWF]XHUKDOWHQXQGDQGHUHUVHLWVHLQHJHZLVVH$QHUNHQQXQJZHOFKHGLHEHWHLOLJ WHQ 3HUVRQHQ GXUFK LKU VR]LDOHV (QJDJHPHQW HUKDOWHQ =XJOHLFK HUZHUEHQ VLH .RPSHWHQ]HQ LP 6R]LDOHQ ,QGHP GDV ,QGLYLGXXP GDV VR]LDOH .DSLWDO DOV 5HV VRXUFHIUGLH6FKDIIXQJYRQ%H]LHKXQJVQHW]HQDOVLQGLYLGXHOOH$QWZRUWDXIGLH ,VRODWLRQXQG,QGLYLGXDOLVLHUXQJLQXQVHUHU*HPHLQVFKDIWVLHKWLVWHVLQGHU/DJH
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
VLFK DOV 3URGX]HQW XQG 0LWJHVWDOWHU YRQ ,QVWLWXWLRQHQ XQG GDPLW YRQ 3ROLWLN ]X EHJUHLIHQYJO.DUVWHGW6 'LHVJLOWQLFKWQXUIUGLH(EHQHGHU,QGL YLGXHQ VRQGHUQ DXFK IU .ROOHNWLYH ,QGHP GLH PRGHUQH *HVHOOVFKDIW VLFK DOV ORVH 9HUELQGXQJ YRQ ,QVWLWXWLRQHQ SUlVHQWLHUW VWHOOW VLH GHP .ROOHNWLY +DQG OXQJVUlXPH]XU9HUIJXQJLQGHQHQVLFKVWDUNH.RKlVLRQHQELOGHQN|QQHQ]% %UJHUEHZHJXQJHQ GLH HLQHQ %HLWUDJ ]XU /|VXQJ JHVHOOVFKDIWOLFKHU 3UREOHPH OHLVWHQ'LH.ULVHGHV6R]LDOVWDDWHVWUHLEWXQWHU9HUZHQGXQJGHV%HJULIIHVYRP VR]LDOHQ.DSLWDOMHQH]LYLOJHVHOOVFKDIWOLFKHQ5HVVRXUFHQDQGLHGLH0|JOLFKNHL WHQ GHU 7HLOKDEH DQ JHVHOOVFKDIWOLFKHQ 3UREOHPHQ MHQVHLWV GHU ÄSDUWHLSROLWLVFK YHUZDOWHWHQ 0DFKWVSKlUH³ EHLQKDOWHQ 'HU =XJDQJ ]X GLHVHQ 5HVVRXUFHQ ZLUG MHGRFK EHU =XJDQJVEDUULHUHQ XQG ,QNOXVLRQVFKDQFHQ JHUHJHOW 'HU 6R]LDOVWDDW DNWLYLHUWDOVRVHLQHUVHLWVGDVÃVFKOXPPHUQGH¶VR]LDOH.DSLWDOGHU*HVHOOVFKDIW]XU /|VXQJ GHU DQVWHKHQGHQ 3UREOHPH XQG DQGHUHUVHLWV YHUZDQGHOW HU GDV Ä6LFKHU KHLWVQHW]DXV$QVSUFKHQLQHLQ6SUXQJEUHWW³6RPPHUIHOG6 LQGLH (LJHQYHUDQWZRUWXQJ 0DQ N|QQWH VDJHQ GDVV GLH *HVHOOVFKDIW GDGXUFK HLQH HLJHQH3URIHVVLRQ KHUYRUEULQJWQlPOLFKGLHGHVHLJHQYHUDQWZRUWOLFKHQ(QJDJH PHQWV GHU EUJHUOLFKHQ *HPHLQZHVHQDUEHLW GHV (KUHQDPWHV XDP ,Q GLHVHP 9HUVWlQGQLV WUlJW HLQH HQJH .RSSHOXQJ ]ZLVFKHQ 6WDDW XQG 3ULYDWSHUVRQHQ HQW VFKHLGHQG]XHLQHUZHLWHUHQ3RVLWLRQLHUXQJHLQHVHLQ]HOQHQ6XEMHNWHVLP.RQWH[W HLQHU *HVHOOVFKDIW RGHU *HPHLQVFKDIW RGHU NOHLQHUHQ *UXSSH EHL 'LHV HU|IIQHW JOHLFK]HLWLJGLH*HIDKUYRP6WDDWYHUHLQQDKPW]XZHUGHQXPIUMHQH3UREOHP O|VXQJ ]X VRUJHQ GLH HLJHQWOLFK GHQ JHVHOOVFKDIWOLFKHQ )XQNWLRQVV\VWHPHQ RE OLHJW*HQHUHOOLVWGDULQHLQ:LGHUVSUXFKDQJHVLHGHOWGHUVLFKDXFKIUGLH)UDJH GHU=ZHFNRULHQWLHUXQJYRQ%LOGXQJVWHOOW 'HQNWPDQQXQLQGLHVHUGLDOHNWLVFKHQ9HUVFKUlQNWKHLWDQGLH$XIJDEHQGHU (UZDFKVHQHQELOGXQJ XQG DQ GLH $UUDQJLHUXQJ HLQHU /HUQNXOWXU VR EHZHJW VLFK DXFKHLQHNRKlUHQ]RULHQWLHUWH/HUQNXOWXULQGHPKLHUDQJHGHXWHWHQ:LGHUVSUXFK QlPOLFK ]ZLVFKHQ )|UGHUXQJ GHU :LGHUVWlQGLJNHLW JHJHQ YHUHLQQDKPHQGH 9HU JHVHOOVFKDIWXQJVSUR]HVVHDXIGHUHLQHQ6HLWHXQGGHU$XVELOGXQJXQG)|UGHUXQJ YRQ6ROLGDULWlWDXIGHUDQGHUHQ6HLWH *HVHOOVFKDIWDOV5HVVRXUFHIUGDV,QGLYLGXXP 8P GLHVHQ :LGHUVSUXFK DXI]XO|VHQ VFKHLQW HV VLQQYROO GLH (QWZLFNOXQJ GHV 6XEMHNWHV LP 6LQQH GHV (UZHUEV YRQ .RPSHWHQ]HQ )lKLJNHLWHQ HWF DOV 9RU DXVVHW]XQJ GDIU DQ]XVHKHQ GLH JHVHOOVFKDIWOLFKHQ 5HVVRXUFHQ QXW]HQ ]X N|Q QHQ 'DV ZDV VFKHLQEDU VHOEVWYHUVWlQGOLFK DOOHQ ]XU 9HUIJXQJ JHVWHOOW ZLUG PXVV VLFK GDV ,QGLYLGXXP MHGRFK HUVW YHUGLHQHQ =XP %HLVSLHO LVW GHU %HVXFK YRQ:HLWHUELOGXQJVDQJHERWHQKlXILJHQWZHGHUGDPLWJHNRSSHOWGDVVGDV,QGLYL GXXP EHU HLQHQ $UEHLWVSODW] YHUIJW RGHU DEHU GDVV HV DXVUHLFKHQGH ]HLWOLFKH
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
XQGILQDQ]LHOOH5HVVRXUFHQKDW,VWGLHVQLFKWGHU)DOOEOHLEHQGLHVFKHLQEDURI IHQHQ 7UHQ ]X :HLWHUELOGXQJVDQJHERWHQ JHVFKORVVHQ %LOGXQJV XQG /HUQSUR ]HVVH HUVFKHLQHQ DOV XQDEGLQJEDUH 9RUDXVVHW]XQJHQ IU GLH 1XW]XQJ JHVHOO VFKDIWOLFKHU5HVVRXUFHQ±PDQN|QQWHLQGLHVHP=XVDPPHQKDQJDXFKYRQHLQHU 8P]X5HODWLRQVSUHFKHQ'DVEHGHXWHWGLH(LQ]HOQHQHUZHUEHQ%LOGXQJXP]X JHVHOOVFKDIWOLFKHU7HLOKDEH]XJHODQJHQ2EXQGLQZHOFKHU:HLVH,QGLYLGXHQLQ GHU /DJH VLQG GLH 5HVVRXUFHQ GHU *HVHOOVFKDIW IU GLH HLJHQH (QWZLFNOXQJ ]X QXW]HQ KlQJW ZHVHQWOLFK YRQ LKUHQ /HEHQVHUIDKUXQJHQ XQG GHQ JHVHOOVFKDIWOL FKHQ=XJDQJVEDUULHUHQDE )UGDV0RGHOOGHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXUVWHOOWVLFKGLH)UDJHGHU NRQNUHWHQ 6WlUNXQJ YRQ 3HUVRQHQ GDPLW GLHVH VLFK GHQ JHVHOOVFKDIWOLFKHQ 9HU KlOWQLVVHQQLFKWHLQIDFKDQSDVVHQVRQGHUQVLFKLP*HJHQWHLODNWLYGLH9HUQXQIW JHEUDXFKHQG LQ YHUDQWZRUWXQJVYROOHU :HLVH HLQPLVFKHQ 'DV KHLW NRQNUHW (LQH/HUQNXOWXUGLHGLH6XEMHNWHPLWLKUHQELRJUDILVFKHQ(UIDKUXQJHQLQ%H]XJ ]XU*HVHOOVFKDIWLQGHQ0LWWHOSXQNWVWHOOWIRNXVVLHUWGHPJHPlDXFKKLHUDXIGLH $UEHLW DQ GHU 6FKOVVHONRPSHWHQ] Ä%LRJUDSKL]LWlW³ $OKHLW 6 %L RJUDSKL]LWlWEHGHXWHW±ZLHEHUHLWVHUZlKQW±GDVVZLUXQVHU/HEHQLQGHQMHZHL OLJHQ VLWXDWLYHQ .RQWH[WHQ LQ GHQHQ ZLU HV OHEHQ LPPHU ZLHGHU QHX DXVOHJHQ N|QQHQ XQG GDVV ZLU GLHVH .RQWH[WH DOV ELOGEDU XQG JHVWDOWEDU HUIDKUHQ YJO $OKHLW 6 $XFK ZHQQ XQVHUH 0|JOLFKNHLWHQ HQWVSUHFKHQG XQVHUHU %LRJUDILHEHJUHQ]W VLQG VRNRPPWHVLPPHU ZLHGHUGDUDXIDQ XQVHULQ JHVHOO VFKDIWOLFKHQ 6WUXNWXUHQ HUZRUEHQHV ELRJUDILVFKHV :LVVHQ ]X HQW]LIIHUQ 'DV ZLHGHUXP EHGHXWHW GDV 3RWHQ]LDO IU XQVHUH LQGLYLGXHOOHQ :DQGOXQJVSUR]HVVH ]X QXW]HQ XQG JOHLFKVDP QLFKW GHQ JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQJHQ KLOIORV DXVJHVHW]W]XVHLQ'DVEHZXVVWH$UUDQJHPHQWYRQ%LOGXQJVXQG/HUQSUR]HVVHQ ]LHOW DXI HLQHQ LQGLYLGXHOOHQ (QWZLFNOXQJVSUR]HVV GHU DQ GHQ YHUVWHFNWHQ 5HV VRXUFHQ XQG XQJHDKQWHQ .UlIWHQ DUEHLWHW GLH LQ GHQ ELRJUDILVFKHQ (UIDKUXQJHQ GHU HLQ]HOQHQ DOV $QUHJXQJVSRWHQ]LDO YRUOLHJHQ 'LHVH 9RUOHLVWXQJ VROO EHZLU NHQ GDVV HLQH DQ GHU ELRJUDILVFKHQ 5HVVRXUFHQODJH GHU 3HUVRQHQ RULHQWLHUWH %LOGXQJVDUEHLW OHW]WHQGOLFK DXFK HLQ JHVDPWJHVHOOVFKDIWOLFKHV 9HUlQGHUXQJVSR WHQ]LDO P|JOLFK PDFKW 'HU 8PJDQJ PLW %LRJUDILH EHWRQW JOHLFKHUPDHQ GHQ VXEMHNWLYHQ&KDUDNWHUGHU/HEHQVELRJUDILHXQGGLH(LQEHWWXQJVRZLH9HUVFKUlQ NXQJGHUJHVHOOVFKDIWOLFKHQ(QWZLFNOXQJHQPLWGHUMHZHLOLJHQ/HEHQVJHVFKLFKWH GHU3HUVRQ %LRJUDILHLP6FKQLWWSXQNWYRQ,QGLYLGXXPXQG*HVHOOVFKDIW ,QGHP 0HQVFKHQ GLH :LUNVDPNHLW KLVWRULVFKHU *HVHOOVFKDIWVSUR]HVVH YHUDUEHL WHQZHLVHQLKUH%LRJUDILHQHEHQVROFKH6WUXNWXUHQDXIGLHVLFKLQGHQMHZHLOLJHQ (UIDKUXQJHQYHUVFKLHGHQDUWLJPDQLIHVWLHUHQ,QGLHVHU/HVDUWELOGHWGLH%LRJUDILH
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
GHQ 6FKQLWWSXQNW ]ZLVFKHQ ,QGLYLGXXP XQG *HVHOOVFKDIW %LOGXQJ VWHOOW LQ GLH VHP6LQQHDXFKHLQH0|JOLFKNHLWGHU5HIOH[LRQEHUJHVHOOVFKDIWOLFKH9HUlQGH UXQJHQ GDU %HWUDFKWHW PDQ GLH JHVHOOVFKDIWOLFKHQ :DQGOXQJVSUR]HVVH VR VWHOOW VLFK KHXWH IU GLH (UZDFKVHQHQELOGXQJ GLH $XIJDEH GLHVHQ +HUDXVIRUGHUXQJHQ GHUDUW]XEHJHJQHQGDVVVLFKGLH%LRJUDILHWUlJHU,QQHQQLFKWDOVÄ2SIHUYRQ0R GHUQLVLHUXQJVSUR]HVVHQ³$OKHLW6 VHKHQ,P*HJHQWHLO(V VROOWHHLQ :HJ LQ GHU (UZDFKVHQHQELOGXQJ JHZlKOW ZHUGHQ LQ GHP VLFK GHU 0HQVFK DOV ÄOHUQHQGHV QHXH ELRJUDILVFKH 0|JOLFKNHLWVUlXPH HQWGHFNHQGHV ,QGLYLGXXP³ $OKHLW6 HUOHEHQNDQQ1LFKW]XOHW]WVLQGHVXD:DQGOXQJVSUR]HVVH ZLHMHQHGHU,QGLYLGXDOLVLHUXQJLQ XQVHUHU*HVHOOVFKDIWGLHGLHHLQ]HOQHQ0HQ VFKHQ IRUGHUQ LKU /HEHQ HLJHQYHUDQWZRUWOLFK DXV]XULFKWHQ 'LH )UHLKHLWHQ GDV /HEHQ]XJHVWDOWHQVLQGKHXWHYLHOIlOWLJGLHVYHUODQJWSHUPDQHQW(QWVFKHLGXQJHQ ]X WUHIIHQ XQG GDIU DXFK 9HUDQWZRUWXQJ ]X EHUQHKPHQ ,Q GLHVHP 6LQQH KDW GLH%LOGXQJVDUEHLWGLH$XIJDEHPLWWHOVNRKlUHQ]RULHQWLHUWHU/HUQNXOWXUGLH,QGL YLGXHQ VR ]X XQWHUVWW]HQ GDVV VLH MH LQGLYLGXHOOH Ä$QWZRUWHQ DXI 0RGHUQLVLH UXQJVHUVFKHLQXQJHQ³$OKHLW6 ILQGHQ9HUIJHQDOVR,QGLYLGXHQEHU GLH6FKOVVHONRPSHWHQ]%LRJUDSKL]LWlWVRN|QQHQVLHDXVGHQJHPDFKWHQ(UIDK UXQJHQ:LVVHQ+DQGOXQJVNRPSHWHQ]XQG6LQQJHQHULHUHQGDVKHLWVLHVFKDI IHQLPPHUZLHGHUHLQHEHVWLPPWH$UWYRQELRJUDILVFKHU,GHQWLWlW'LHVZlUHHLQH LPPHUZLHGHUDXIV1HXHKHU]XVWHOOHQGH%DVLVXPÄ6LQQEHUVFKVVH³LPELRJUD ILVFKHQ :LVVHQ ]X HQWVFKOVVHOQ XQG GDPLW GLH Ä3RWHQWLDOLWlW³ GHV HLJHQHQ /H EHQVIHVW]XVWHOOHQYJO$OKHLW6 'LH$XVHLQDQGHUVHW]XQJPLWGHUVXEMHNWLYHQ%LRJUDILHNDQQ(UIDKUXQJHQLQ GHU9HUJDQJHQKHLWQHXHQ6LQQ]XVFKUHLEHQP|JOLFKH(QWZLFNOXQJHQLQGHU=X NXQIWDQWL]LSLHUHQGEHHLQIOXVVHQXQGDQNQSIHQGEHZlOWLJEDUPDFKHQ=HQWUDOLVW GLH5HIOH[LRQGHVVHQZDVPDQLUJHQGZDQQLQHLQHPEHVWLPPWHQVLWXDWLYHQ.RQ WH[WVRYHULQQHUOLFKWKDWGDVVHVHLQHYRUHUVWXQKLQWHUIUDJWH*HZRKQKHLWJHZRU GHQ LVW 'XUFK 5HYLVLRQ XQG 5HIOH[LRQ ZHUGHQ QHXH 6WUXNWXU]XVDPPHQKlQJH KHUJHVWHOOW XQG GLH %HZlOWLJEDUNHLW GHU /HEHQVEHGLQJXQJHQ DOV IOH[LEHO JHVWDOW EDUHUOHEW(UIROJUHLFKH5HIOH[LRQIKUW]XHLQHPDXIGHFNHQGHQ(QW/HUQHQRGHU 9HUOHUQHQYRQHLQHQJHQGHQ6LFKWZHLVHQXQG,QWHUSUHWDWLRQVPXVWHUQÄ'LH0|J OLFKNHLWHQPLWYHUVFKLHGHQHQ:HLVHQGHU:HOWDXIIRUGHUXQJXPJHKHQ]XN|QQHQ³ 0DURW]NL 6 VWHKHQ LP 0LWWHOSXQNW 'LH HLJHQHQ NRJQLWLYHQ 0XVWHU ZHUGHQ VR ODQJH PRGLIL]LHUW ELV ZLU HLQHQ WUDQVIRUPDWLYHQ 6FKULWW LQ XQVHUHU SHUV|QOLFKHQ (QWZLFNOXQJ JHPDFKW KDEHQ *HOLQJHQ VROFKH 7UDQVIRUPDWLRQHQ YJO0DURW]NL GDQQKDQGHOWHVVLFKXP9HUlQGHUXQJHQLQGHU(UIDKUXQJV VWUXNWXULHUXQJ GLH VRZRKO DQ GLHVH 7UDQVIRUPDWLRQ GHV 6HOEVW DOV DXFK DQ GLH 7UDQVIRUPDWLRQ YRQ :HOW JHNRSSHOW VLQG :LQIULHG 0DURW]NL WULIIW KLHU HLQHQ 8QWHUVFKLHG ]ZLVFKHQ %LOGXQJV XQG /HUQSUR]HVVHQ :lKUHQG HU %LO GXQJVSUR]HVVHDOVÄK|KHUVWXILJH7UDQVIRUPDWLRQVSUR]HVVH³EH]HLFKQHWILQGHWEHL
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
/HUQSUR]HVVHQNHLQHGHUDUWLJHK|KHUVWXILJH1HXVWUXNWXULHUXQJVWDWWYJO0DURW] NL6II :LFKWLJLVWDOVRGDVVVLFKLQGLHVHQ7UDQVIRUPDWLRQVSUR]HVVHQ GDV VXEMHNWLYH 6HOEVW XQG :HOWELOG YHUlQGHUQ ZREHL HV DXFK ]XU (UZHLWHUXQJ YRQ +DQGOXQJVP|JOLFKNHLWHQ NRPPW ]XU 9HUlQGHUXQJ NRJQLWLYHU 'HQNPXVWHU HEHQVR ZLH ]X QHXHQ 6LQQ]XVFKUHLEXQJHQ 3HWHU $OKHLW EHVFKUHLEW GLHVH 9RUJlQJH DOV ÄWUDQVLWRULVFKH /HUQSUR]HVVH³ 'DPLW PHLQW HU GHQ ÄhEHUJDQJ LQ HLQH QHXH 4XDOLWlW GHV :HOW XQG 6HOEVWEH]XJHV³ $OKHLW 6 LQGHP QHXH(UIDKUXQJHQQLFKWHLQIDFKQXULQDOWHHLQJHEDXWZHUGHQVRQGHUQVLHÄGHXWHQ VLHEHUHLWVDOV(OHPHQWHQHXHUNRQWH[WXHOOHU%HGLQJXQJHQ³ $OKHLW6 XP(VJHKWDOVRQLFKWXPHLQEORHV'D]XOHUQHQVRQGHUQXPGLH8PVWUXNWXULH UXQJNRJQLWLYHU0XVWHUXQG)RUPHQGHU/HEHQVEHZlOWLJXQJ 'LHVH 6XFKH EH]LHKW VLFK DXI GLH HPRWLRQDOPRWLYDWLRQDOH 6HLWHGHV .RKl UHQ]JHIKOVHVKDQGHOWVLFKGDEHL]XGHPXPGLHÄ7HLOQDKPHDQ(QWVFKHLGXQJV SUR]HVVHQ LQ VR]LDO DQHUNDQQWHQ $NWLYLWlWHQ³ $QWRQRYVN\ 6 'DV EHGHXWHWGDVV0HQVFKHQDXFKGDUDXI YHUWUDXHQGDVVHLQHUVHLWV VWUXNWXUHOOH%H GLQJXQJHQ]XU%HZlOWLJXQJYRUKDQGHQVLQGXQGGDVVDQGHUHUVHLWVVR]LDOH8QWHU VWW]XQJJHJHEHQLVW:LFKWLJ±XPZLHGHU]XPELRJUDILVFKHQ/HUQHQ]XUFN]X NHKUHQ±LVWMHGRFKGDVVHVVLFKLPPHUXPHLQH6XFKEHZHJXQJLQQHUKDOEJHVHOO VFKDIWOLFKHU6WUXNWXUHQKDQGHOWXQGGDVVGDUDXVQLFKWQXULQGLYLGXHOOHVVRQGHUQ DXFK SROLWLVFKHV +DQGHOQ UHVXOWLHUHQ NDQQ %LRJUDILVFKHV /HUQHQ LVW LQ GLHVHU 'RSSHOSHUVSHNWLYH ÄQLFKW QXU LQGLYLGXHOOHV /HUQHQ³ $OKHLW 6 VRQ GHUQNDQQDOVÄ(UJHEQLVHLQHUGLVNXUVLYHQ$XVHLQDQGHUVHW]XQJ³$OKHLW6 JHVHKHQ ZHUGHQ 'DV .RKlUHQ]JHIKO ZHOFKHV VLFK LP ELRJUDILVFKHQ XQG VR]LDOHQ=XVDPPHQVSLHOHQWZLFNHOWZLUNW ÄDOVIOH[LEOHV6WHXHUXQJVSULQ]LSDOV'LULJHQWGHUGHQ(LQVDW]YHUVFKLHGHQHU9HU DUEHLWXQJVPXVWHU&RSLQJVWLOH&RSLQJVWUDWHJLHQ LQ$EKlQJLJNHLWYRQGHQ$QIRUGH UXQJHQDQUHJW³/RUHQ]6
(LQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU LVW QLFKWRKQHGLH(LQELQGXQJ GHUELRJUDIL VFKHQ 9HUIDVVWKHLW GHU 7HLOQHKPHU,QQHQ GK RKQH GDV /HUQIHOG %LRJUDILH ]X NRQ]LSLHUHQ'DVEHGHXWHWDXFK5DKPHQEHGLQJXQJHQ/HUQP|JOLFKNHLWHQ/HUQ DQOlVVH XQG /HUQXPZHOWHQ IU GLH .RPSHWHQ]HQWZLFNOXQJ %LRJUDSKL]LWlW ]% (UZHLWHUXQJ LQGLYLGXHOOHU +DQGOXQJVDXWRQRPLH XQG 1XW]XQJ JHVHOOVFKDIWOLFKHU 5HVVRXUFHQ ]XVFKDIIHQ:LOO/HUQNXOWXUDXIGLHVHU(EHQHZLUNVDPZHUGHQ ÄPVVHQ 9RUVWHOOXQJHQ GDYRQ YRUKDQGHQ VHLQ ZHOFKH /HEHQVHUIDKUXQJHQ XQG /HUQYHUJDQJHQKHLWHQ GLH SRWHQWLHOOHQ 7HLOQHKPHU PLWEULQJHQ 'DEHL JHKW HV QLFKW XP HLQ EHVWLPPWHV :LVVHQ VRQGHUQ XP HLQH $KQXQJ GHV 0|JOLFKHQ PLW GHP ]X UHFKQHQLVWDXIGDVEHL/HUQVFKZLHULJNHLWHQHLQ]XJHKHQLVW« ³7LHWJHQV6 ]LWQ%UHGHO6
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
VRZLH GLH 1XW]XQJ GHV VR]LDOHQ 5DXPV LP /HUQJHVFKHKHQ (LQH VROFKH %LO GXQJVDUEHLWLVWDOVVR]LDOHU/HUQSUR]HVV]XVHKHQVR]XVDJHQDOV*UXQGUHVVRXUFH IUJHVHOOVFKDIWOLFKH9HUlQGHUXQJHQXQGJLEWGHQ$QVWRIU:DQGOXQJVSUR]HV VH 'DV ,QGLYLGXXPEHVLW]W LQ GLHVHP 6LQQH HLQH VR]LDOH6SUHQJNUDIW IU JHVHOO VFKDIWOLFKH 9HUlQGHUXQJHQ %LOGXQJVSUR]HVVH PRELOLVLHUHQ 9HUlQGHUXQJVNUlIWH VLHVLQGIRUWZlKUHQGDQGHU(QWIDOWXQJYRQ6XEMHNWHQEHWHLOLJWXQGVWlUNHQGDU EHU KLQDXV GLH .RKlUHQ] VR]LDOHU *HELOGH (LQH NRKlUHQ]RULHQWLHUWH /HKUH EH UFNVLFKWLJW GHQ ELRJUDILVFKHQ /HEHQV]XVDPPHQKDQJ HLQHV 0HQVFKHQ HEHQVR ZLHGLHVWUXNWXUHOOHQ%HGLQJXQJHQXQGJHVHOOVFKDIWOLFKHQ9HUKlOWQLVVHLQGHQHQ GLH 3HUVRQ VLWXLHUW LVW /HUQSUR]HVVH ZHUGHQ ]X G\QDPLVFKHQ 9HUlQGHUXQJVSUR ]HVVHQLQGHPGLHVXEMHNWLYH$QHLJQXQJYRQELVODQJQLFKWJHZXVVWHPELVODQJ XQEHNDQQWHPXQGQLFKWJHNRQQWHP)UHPGHQYJO0HXHOHU6 HEHQVR EHUFNVLFKWLJW ZLUGZLHGLHHLJHQVWlQGLJHQ.RQVWUXNWLRQVXQG$QSDVVXQJVOHLV WXQJHQ GHU 3HUVRQ 'LH VWUXNWXUHOOHQ JHVHOOVFKDIWOLFKHQ %HGLQJXQJHQ EHUQHK PHQ DOV ,QWHUSUHWDWLRQVIROLH GDEHL HLQH ]HQWUDOH )XQNWLRQ LQ GHU %LOGXQJVDXVHL QDQGHUVHW]XQJ %HGHXWVDPNHLWDOV+DQGOXQJVJUXQGODJH 'LH *HVHOOVFKDIW JHSUlJW GXUFK IRUWVFKUHLWHQGH ,QGLYLGXDOLVLHUXQJ 0RGHUQLVLH UXQJXQG(QWWUDGLWLRQDOLVLHUXQJIRUGHUWGLH(LQ]HOQHQDXIQDFKGHPGLHYRUVWUXN WXULHUWHQ XQG YRUJHIHUWLJWHQ 'HXWXQJVPXVWHU XQG :HUWRULHQWLHUXQJHQ YLHOIlOWLJ VLQG QDFK VXEMHNWLYHQ %HGHXWXQJHQ LQGLYLGXHOOHQ ,QWHUSUHWDWLRQVZHLVHQ XQG NROOHNWLYHP 6LQQ ]X VXFKHQ 'LHVH 6XFKEHZHJXQJ HUIROJW DXI GHP NXOWXUHOOHQ XQG OHEHQVJHVFKLFKWOLFKHQ +LQWHUJUXQG GHU 3HUVRQ XQG LVW JHUDKPW YRQ JHVHOO VFKDIWOLFKHU5HDOLWlWGLHGDV,QGLYLGXXPQLHLQHLQGHXWLJHU:HLVHEHJOHLWHW*H QDXGDVVWHOOWQXQGLH$QVFKOXVVIlKLJNHLWGHUKLHU]XEHVFKUHLEHQGHQ.RPSRQHQ WHGHU%HGHXWVDPNHLWGDULQGHPEHVRQGHUH$QIRUGHUXQJHQDQGLH9HUDUEHLWXQJV IlKLJNHLW GHU ,QGLYLGXHQ JHVWHOOW ZHUGHQ Ä,Q GHU LQGXVWULDOLVLHUWHQ *HVHOOVFKDIW PX GHU HLQ]HOQH VLFK VHOEVW DOV +DQGOXQJV]HQWUXP EHJUHLIHQ³ %HFN 6 :DV %HFN KLHU DQVSULFKW LVW HLQ ÄDNWLYHV +DQGOXQJVPRGHOO GHV $OOWDJVGDVGDV,FK]XP=HQWUXPKDW³%HFN6 +DQGOXQJVDXIIRUGH UXQJHQ EHVWHKHQ LQ GHU NULWLVFKUHIOH[LYHQ $XVHLQDQGHUVHW]XQJ PLW GHQ HLJHQHQ OHEHQVZHOWOLFKHQ 6LQQILQGXQJVSUR]HVVHQ XQG GHQ %HGHXWVDPNHLWHQ LP /HEHQ 'LHV PHLQWGDV(UNHQQHQGHUHLJHQHQ'HXWXQJHQGHU,QWHUSUHWDWLRQHQ $OOWDJV URXWLQHQLP'HQNHQXQG+DQGHOQGHULQGLYLGXHOOHQ%HGHXWXQJV]XVDPPHQKlQJH LP8PJDQJPLWDQGHUHQ0HQVFKHQGHUORKQHQVZHUWHQVLQQYROOHQ$XIJDEHQLP /HEHQ GHV :HLWHUHQ LQ GHU 8UWHLOVILQGXQJ LQ GHU %HGHXWXQJVYHUlQGHUXQJ LQ $EKlQJLJNHLWYRQVR]LDOHQhEHUHLQVWLPPXQJHQXYDP,QGHU$XVHLQDQGHUVHW
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
]XQJPLWGHPHLJHQHQ*HZRUGHQVHLQODVVHQVLFK6LQQVWUXNWXUHQHUNHQQHQXQGLP 1DFKGHQNHQEHUNULVHQKDIWH(UIDKUXQJHQRGHU(UHLJQLVVHLP/HEHQDOVRLQGHU 6HOEVWUHIOH[LRQZHUGHQGLHVHPLWHLQHU:HUWXQJRGHU%HZHUWXQJYHUEXQGHQ,Q GLHVHP 6LQQH VLQG 0HQVFKHQ SHUPDQHQW PLW GHU 9HUDUEHLWXQJ XQG 5H .RQVWUXNWLRQLKUHU5HDOLWlWEHVFKlIWLJW±XQGGLH:HOW]HLJWVLFKÄGDEHLDOVEH GHXWXQJVYROO LP 6LQQH HLQHV JHVHOOVFKDIWOLFK SURGX]LHUWHQ 0|JOLFKNHLWVIHOGHV YRQ%HGHXWXQJHQ³/XGZLJ6 'XUFK3UR]HVVHGHU5HIOH[LYLWlW JH ODQJHQZLU]XGHQHLJHQHQVXEMHNWLYHQ7KHRULHQLQGHU%HGHXWXQJV]XVFKUHLEXQJ DOVR XQVHUHP 6LQQ DXI GLH 6SXU ,Q GHU 5HNRQVWUXNWLRQ YRQ (UIDKUXQJHQ GXUFK HLQH JHOHQNWH ELRJUDILVFKH 6HOEVWUHIOH[LRQ YJO 0DGHU 6 II N|QQHQ QLFKW QXU YHUJDQJHQH (UIDKUXQJHQ YHUDUEHLWHW ZHUGHQ VRQGHUQ HV ZHUGHQ JH JHQZlUWLJH (UHLJQLVVH LQ GHUHQ /LFKWH EHZHUWHW XQG ]XNQIWLJH (UZDUWXQJHQ LQWHUSUHWLHUW'LH0HQVFKHQHQWZLFNHOQVRLKUHVXEMHNWLYHQ%HGHXWXQJVKRUL]RQWH XQG%HJUQGXQJV]XVDPPHQKlQJH'LHVHVVXEMHNWLYH(UOHEHQYRQ6LQQYHUlQGHUW DEHU QLFKW QXU GLH 3HUVRQHQ VHOEVW VRQGHUQ LPPHU DXFK PLW LKQHQ GLH JHVHOO VFKDIWOLFKH5HDOLWlW *HVHOOVFKDIW±6LQQVWLIWXQJ±,GHQWLWlWVDUEHLW 0HQVFKHQ OHEHQ LQ XQWHUVFKLHGOLFKVWHQ JHVHOOVFKDIWOLFKHQ .RQWH[WHQ ± GLH LQGL YLGXHOOHQ /HEHQVZHOWHQ VLQG YLHOJHVWDOWLJ PHKUGHXWLJ JHNHQQ]HLFKQHW GXUFK HLQH9LHO]DKODQ:DKOP|JOLFKNHLWHQGXUFK8QVLFKHUKHLWHQXQG=HUEUHFKOLFKNHL WHQLQGHQ6WUXNWXUHQXQG*UHQ]HQGLHDOOHVDPWVFKZHU]XGXUFKVFKDXHQVLQG,Q GLHVHQ SRO\PRUSKHQ :HOWHQ PVVHQ VLFK DOVR GLH 0HQVFKHQ KHXWH LKUHQ 6LQQ MHZHLOVYLHOIlOWLJHUVFKOLHHQ ÄGLHYHUVFKLHGHQHQ:HOWHQELOGHQVR]XVDJHQHLQH.RQVWHOODWLRQ'LHVH.RQVWHOOD WLRQ LVW GDQQ $XVGUXFN HLQHU VLQQKDIWHQ ELRJUDSKLVFKHQ 6HOEVWNRQVWUXNWLRQ HLQHU 3HUVRQGLHDEHU« LQVLFKJHEURFKHQLVW³0DURW]NL6
'DV EHGHXWHW GDVV 6LQQDQVFKOVVH LPPHU ZLHGHU QHX JHVXFKW XQG JHIXQGHQ ZHUGHQ PVVHQ 'LH HLJHQH /HEHQVZHOW LVW LPPHU ZLHGHU QHX ]X RUJDQLVLHUHQ XQG ]X VWUXNWXULHUHQ GLH VXEMHNWLYH /HEHQVIKUXQJ LVW JHSUlJW YRQ GHU 6XFKH QDFK 6LQQ ZRIU HLQ KRKHV 0D DQ SHUVRQDOHU ,FK6WlUNH XQG .RKlUHQ] QRW ZHQGLJLVW *HKWPDQYRP,QGLYLGXXP]XU*HVHOOVFKDIWEHUVRLVWPLW+HLQHU.HXSS IHVW]XVWHOOHQ
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU Ä,QHLQHUKRFKSOXUDOLVLHUWHQXQGIOXLGHQ*HVHOOVFKDIWLVWGLH5HVVRXUFHÃ6LQQ¶HLQH ZLFKWLJH DEHU DXFK SUHNlUH *UXQGODJH GHU /HEHQVIKUXQJ³ .HXSS HW DO 6
6LQQNDQQQLFKWHLQIDFKEH]RJHQZHUGHQNRQVXPLHUWZHUGHQYLHOPHKUHUIRUGHUW GLH6XFKHQDFKGHP6LQQÄHLQHQKRKHQ(LJHQDQWHLODQ6XFK([SHULPHQWLHUXQG 9HUlQGHUXQJVEHUHLWVFKDIW³ .HXSS HW DO 6 (QWVFKHLGHQG GDEHL VLQG LPPHU ZLHGHUNHKUHQGH QHXH ,QWHUSUHWDWLRQHQ YRQ HUOHEWHQ (UIDKUXQJHQ GLH LP /HEHQVYROO]XJ DXI GHP +LQWHUJUXQG YRQ 6LQQVWLIWXQJ LQWHUSUHWLHUW ZHUGHQ XQG ]XU,GHQWLWlWVELOGXQJEHLWUDJHQ,GHQWLWlWZLUGDOOHUGLQJV±GLHVVHLKLHUQRFKPDOV EHWRQW±QLFKWDOVHVVHQWLDOLVWLVFKH.RQ]HSWLRQYHUVWDQGHQVRQGHUQDOVHLQ.RQ ]HSW HLQHV 3UR]HVVHV IRUWVFKUHLWHQGHU ,GHQWLWlWVDUEHLW LP 9HUODXI GHV JHVDPWHQ /HEHQV'HU,GHQWLWlWVEHJULIILVWGXUFKGLHVH/HVDUWDQVFKOXVVIlKLJDQJHJHQZlU WLJH .RQ]HSWLRQHQ GHU OHEHQVJHVFKLFKWOLFKHQ (QWZLFNOXQJ XQG 9HUlQGHUEDUNHLW YRQ .RKlUHQ] ,Q GLHVHU *UXQGDXVULFKWXQJ LVW GLH +HUDXVELOGXQJ YRQ ,GHQWLWlW HLQ OHEHQVODQJHU 3UR]HVV LQGHP GDV ,QGLYLGXXP SHUPDQHQW HLQH 3DVVXQJ ]ZL VFKHQ GHQ HLJHQHQ %HGUIQLVVHQ QDFK 6HOEVWYHUZLUNOLFKXQJ XQG GHQ $QIRUGH UXQJHQ DXV GHU /HEHQVZHOW KHU]XVWHOOHQ YHUVXFKW YJO .HXSS HW DO 6 I =XVDPPHQJHQRPPHQ EHGHXWHW GLHV GDVV VLFK HLQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU DQ HLQHU GLH .RKlUHQ] GHU 3HUVRQ VWlUNHQGHQ $UEHLW DXVULFKWHW 'DV .RKlUHQ]JHIKO ZLUG KLHU DEHU DQGHUV YHUVWDQGHQ DOV $QWRQRYVN\ GLHV DQJH QRPPHQ KDW QlPOLFK QLFKW PHKU DOV HLQPDO DEJHVFKORVVHQ XQG GDQQ UHODWLY XQYHUlQGHUOLFKVRQGHUQDOVÄVLWXDWLYYLDEHO³.HXSSHWDO6 $OVLP )OLHJOHLFKJHZLFKW EHWUDFKWHW ZLUG GDV .RQ]HSW GHU .RKlUHQ] LQ GLHVHP 9HU VWlQGQLVHLQDQWKURSRORJLVFKHU*UXQGWDWEHVWDQGGHULQGLYLGXHOOHQ6HOEVWZHUGXQJ ZHOFKH LP /HEHQ LPPHU ZLHGHU QHX KHU]XVWHOOHQ LVW (V IUDJW VLFK LQ GLHVHP =XVDPPHQKDQJ ZLH LP =XJH GHU ,GHQWLWlWVHQWZLFNOXQJ 0HQVFKHQ LKUH .RKl UHQ] XQG $XWKHQWL]LWlW XQG LQ ZHLWHUHU )ROJH LKUH LQGLYLGXHOOH 6LQQJHEXQJ OHU QHQGJHVWDOWHQ,QGHU$QWZRUWGDUDXIOLHJWHLQHXPIDVVHQGH%HGHXWXQJYRQOHU QHQQlPOLFK/HUQHQDOV6LQQJHEXQJ :LUZLVVHQGDVV/HUQHQVLQQYROOVHLQPXVVÄ6LQQXQG6LQQPLWWHOVLQGLQ GLYLGXHOO6LQQ]XVXFKHQ6LQQ]XYHUQHKPHQXQG6LQQ]XOHEHQLVW6HOEVWPRWL YDWLRQ³.UDSI6 6LQQNDQQVRJHVHKHQQXUYRP,QGLYLGXXPVHOEVW JHVFKDIIHQ ZHUGHQ 'DV EHGHXWHW DXV HLQHU VXEMHNWRULHQWLHUWHQ 3HUVSHNWLYH GDV 6XEMHNWDOV$XVJDQJVSXQNWGHU6LQQILQGXQJLQV=HQWUXPGHU$XIPHUNVDPNHLW]X VWHOOHQ2GHUDQGHUVJHVDJWYRQHLQHP6XEMHNWDXV]XJHKHQGDVVLFKVHOEVWLQGHQ JHVHOOVFKDIWOLFKHQ%HGLQJXQJHQXQG%HVFKUlQNXQJHQUHIOHNWLHUWGLHVHPDQFKPDO EHUZLQGHW XQG JHZDKU VHLQ PXVV VLFK LPPHU ZLHGHU QHXHQ :LGHUVWlQGHQ ]X VWHOOHQYJO)DXOVWLFK/XGZLJ6 'LHVVWHOOWGDQQGLH%DVLVIUVLQQ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
VWLIWHQGH %HJUQGXQJVGLVNXUVH GDU /HUQHQ LVW LQ GLHVHU 3HUVSHNWLYH GLDOHNWLVFK DQ GLH %HJUQGXQJVSUREOHPDWLN GHV 6XEMHNWHV JHEXQGHQ XQG VRPLWLVWGHU3UR ]HVV GHU 6XEMHNWZHUGXQJ XQPLWWHOEDU YHUEXQGHQ PLW GHU $UEHLW DQ GHQ /HUQJH JHQVWlQGHQ GHU /HEHQVZHOW 6R DUEHLWHW GDV ,QGLYLGXXP LP 9HUODXI GHU OHEHQV XQGOHUQJHVFKLFKWOLFKHQ(QWZLFNOXQJSHUPDQHQWDQGHU+HUVWHOOXQJYRQ6LQQXQG LQIROJHGHVVHQDQGHU+HUVWHOOXQJYRQ6XEMHNWLYLWlW,QZLHIHUQHLQ6XEMHNWLQGHU /DJH LVW /HUQHQ DOV 3URGXNWLRQ YRQ VXEMHNWLYHQ %HGHXWXQJHQ ]X WKHPDWLVLHUHQ XQG±HWZDLQ.ULVHQVLWXDWLRQHQ±VLQQYROOH+DQGOXQJVUlXPH]XU9HUEHVVHUXQJ GHU /HEHQVTXDOLWlW ]X QXW]HQ KlQJW YRQ YHUVFKLHGHQHQ )DNWRUHQ DE 3ULQ]LSLHOO OlVVWVLFKVDJHQ ,Q MHGHU 6LWXDWLRQ LQ ZHOFKHU GLH (UZHLWHUXQJ GHU /HEHQVP|JOLFKNHLWHQ ]XP3UREOHP ZLUGEHVWHKWGLH0|JOLFKNHLWHQWZHGHULQQHUKDOEGHUYRUJHJHEH QHQ6LWXDWLRQDXIGLH8PVWlQGH]XUHDJLHUHQRGHUDEHUHLJHQH(QWZLFNOXQJVZHJH ]X EHUVFKUHLWHQ XQG GXUFK YHUlQGHUWH 6LQQ]XVFKUHLEXQJHQ VLFK GHQ %HGHX WXQJVKRUL]RQW ]X HUZHLWHUQ :LH NDQQ QXQ GLH VXEMHNWLYH 3HUVSHNWLYH DXI GLH :HOW HUIDVVW ZHUGHQ PLW GHU GLH 0HQVFKHQ GHQ *HJHQVWlQGHQ GHU :HOW HLQH %HGHXWXQJ IU GLH %HZlOWLJXQJ GHU HLJHQHQ /HEHQVSUD[LV ]XVFKUHLEHQ" :LH HQWVWHKWGXUFKGLHVHQ=XVFKUHLEXQJVSUR]HVV6LQQ" /HUQHQXQG6LQQILQGXQJ 0LW+RO]NDPS ZLUGGDV6XEMHNWDOV,QWHQWLRQDOLWlWV]HQWUXPDOVRVR]XVD JHQDOVGHU]HQWUDOH$XVJDQJVSXQNWIUGLHVLQQKDIWH2UGQXQJGHV/HEHQVLQVJH VDPWJHVHKHQ'DV6XEMHNWWULIIWGXUFKVHLQH6LQQDXVZDKODXFK(QWVFKHLGXQJHQ KLQVLFKWOLFKGHU7HLOQDKPHDQ(QWVFKHLGXQJVSUR]HVVHQLQVR]LDOHQ)HOGHUQ,QGL YLGXHOOH 6LQQVWLIWXQJ LVW HLQH VR]LDOH .DWHJRULH GHUHQ =LHO LQ HLQHU HUZHLWHUWHQ JHVHOOVFKDIWOLFKHQ 7HLOKDEH OLHJW $XVJDQJVSXQNW GLHVHU hEHUOHJXQJHQ LVW GLH (LQVLFKW GDVV GLH 6LQQILQGXQJ LP VLWXDWLYHQ .RQWH[W GHV ,QGLYLGXXPV YHURUWHW LVW 6R ZLUG KLHU GDV ,QGLYLGXXP DOV Ä,QWHQWLRQDOLWlWV]HQWUXP³YHUVWDQGHQ ÄGDV VLFK DXI GLH :HOW DXI DQGHUH XQG DXI VLFK VHOEVW EH]LHKW³ +RO]NDPS 6 9RQGLHVHPLQGLYLGXHOOHQ6WDQGSXQNWDXVHQWZLFNHOQ0HQVFKHQLKUH6LQQ 3HUVSHNWLYHQ DOV ÄVLQQOLFKN|USHUOLFKHV EHGUIWLJHV XQG LQWHUHVVLHUWHV 6XEMHNW³ +RO]NDPS6 ,PSOL]LWEHGHXWHWGLHVGDVV/HUQHQVWHWVDQGLHVXEMHN WLYH6LQQILQGXQJXQGGLHHLJHQHHPRWLRQDOH%HILQGOLFKNHLWLP.|USHUJHEXQGHQ LVW 'LHV PHLQW +RO]NDPS PLW GHU ÄN|USHUOLFKH>Q@ 6LWXLHUWKHLW³ DOVR GHP Ä8P VWDQG GDVV PHLQ 6WDQGRUW XQG PHLQH 3HUVSHNWLYH DQ MHZHLOV PHLQHQ VLQQOLFK VWRIIOLFKHQ.|USHUJHEXQGHQVLQG³+RO]NDPS6 'DVOHUQHQGH6XE MHNW LVW DOVR QLFKW ORVJHO|VW YRQ VHLQHU .|USHUOLFKNHLW YRQ VHLQHU N|USHUOLFKHQ (UIDKUXQJXQGVHLQHQN|USHUOLFKHQ%HZHJXQJHQ±DXFKGDQQQLFKWZHQQHVQXU
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
XP PHQWDOH /HUQSUR]HVVH JHKW 6WHWV VLQG HV PHLQ .|USHU XQG PHLQ *HLVW GLH PLFK DQ GHQ 2UW GHU /HUQKDQGOXQJ XQG 6LQQ]XVFKUHLEXQJ EULQJHQ 'LHV LVW HLQ ZHVHQWOLFKHU$VSHNWXP6LQQ]XVFKUHLEXQJEHJUHLIHQ]XN|QQHQ'LHÄ6LWXDWLYL WlWGHUHLJHQHQ.|USHUOLFKNHLWDOVXQDXIKHEEDU>]XDN]HSWLHUHQ@:LUKDEHQQLFKW .|USHUVRQGHUQZLUOHEHQDOV.|USHU³)DXOVWLFK6 'LH NRJQLWLYHQ 0XVWHU XQG KDQGOXQJVOHLWHQGHQ 'HQNZHLVHQ ELOGHQIU GDV 6XEMHNW GHQ 5DKPHQ GHU ,QWHUSUHWDWLRQ YRQ %HGHXWXQJHQ 1LFKW ]X YHUJHVVHQ VHOEVWYHUVWlQGOLFKGDVVGLHVXEMHNWLYHQ%HGHXWXQJHQXQG=XVFKUHLEXQJHQ]XGHQ JHVHOOVFKDIWOLFKHQ 5DKPHQEHGLQJXQJHQ LQV 9HUKlOWQLV ]X VHW]HQ VLQG 'HQQ HLQ 0HQVFKVWHKWQLFKWQHXWUDORGHUY|OOLJORVJHO|VWYRQDQGHUHQLQGHU:HOWVRQGHUQ QLPPW DXFK GLH DQGHUHQ 0HQVFKHQ DOV 3HUVRQHQ PLW LKUHQ HLJHQHQ /HEHQVLQWH UHVVHQZDKUXQGDOV3HUVRQHQGLHYRQLKUHUMHLQGLYLGXHOOHQ3HUVSHNWLYHGLH:HOW EHWUDFKWHQ'LHVHJHVHOOVFKDIWOLFKHQ%HGHXWXQJHQ ÄVWHOOHQ IU GDV 6XEMHNW JHVHOOVFKDIWOLFK JHJHEHQH +DQGOXQJVP|JOLFKNHLWHQ GDU ]XGHQHQHVVLFKEHZXVVWÃYHUKDOWHQ¶NDQQ(VNDQQVLHHUJUHLIHQYHUZHLJHUQWHLO ZHLVHUHDOLVLHUHQRGHUDEHUDXFKYHUlQGHUQ³+RO]NDPS6II]LWQ/XGZLJ 6
'LHVH 9HUlQGHUXQJVSHUVSHNWLYH IRNXVVLHUW DXI GDV PHQVFKOLFKH 3RWHQ]LDO GHU 5HIOH[LRQ XQG 6HOEVWUHIOH[LYLWlW YHUVWDQGHQ DOV $NWLYLWlWHQ HLQHV 6HOEVW GDV NULWLVFKDJLHUWXQGVLFKGHQJHVHOOVFKDIWOLFKHQ$QIRUGHUXQJHQQLFKWEOLQGXQWHU ZLUIWXQGVLFKJOHLFK]HLWLJYHUlQGHUXQJVZLOOLJYHUKlOWYJO$LJQHU6 'DV3RWHQ]LDOGHU6HOEVWUHIOH[LYLWlW 'LH5HIOH[LRQGHVHLJHQHQ/HEHQVLVWHLQH$XVHLQDQGHUVHW]XQJPLWVLFKVHOEVWLQ GHU :HOW PLW GHQ HLJHQHQ (UIDKUXQJHQ LQ GHU VXEMHNWLYHQ :HOWHUIDVVXQJ YJO %HQGHU 6 ,QGHP 0HQVFKHQ UHIOHNWLHUHQ ZLUG LKU 9HUVWlQGQLV GHU :HOWGHXWOLFKZLUGGHU%OLFNJHVFKlUIWIUGLHHLJHQHQ,QWHUSUHWDWLRQVOHLVWXQJHQ XQG VXEMHNWLYHQ 3UREOHPO|VXQJHQ 5HIOH[LRQ HUP|JOLFKW ]XGHP GLH HLJHQHQ 5HVVRXUFHQ ZDKU]XQHKPHQ .RPSHWHQ]HQ LP 8PJDQJ PLW HLJHQHQ *HIKOHQ ZLHDXFKPLWGHQ(PRWLRQHQDQGHUHU]XHQWZLFNHOQXQGGLHVHQHLQHHQWVSUHFKHQ GH%HGHXWXQJEHL]XPHVVHQ'LH)lKLJNHLW]XU6HOEVWHLQVFKlW]XQJGLH%HJHLVWH UXQJV XQG 6HOEVWPRWLYLHUXQJVIlKLJNHLW GHU DQJHPHVVHQH 8PJDQJ PLW HLJHQHQ 5HVVRXUFHQ VR]LDOH .RPSHWHQ]HQ XQG UHIOHNWLHUWHV 9HUVWHKHQ VLQG ZHVHQWOLFKH .RPSRQHQWHQ LQ GHU 6LQQILQGXQJ YJO +|IIHU0HKOPHU 6 I $XFK ZHQQ HLQH DXVVFKOLHOLFKH %HREDFKWHUSHUVSHNWLYH DXI VLFK VHOEVW QLFKW P|JOLFK LVW VR VWHOOW 6HOEVWUHIOH[LRQ GRFK VWHWV HLQHQ %OLFN YRQ DXHQ GDU 'LHVHU %OLFN YRQDXHQHUIRUGHUWHLQHJHZLVVH,PDJLQDWLRQVOHLVWXQJ
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
ÄDEHUMHGH(UIDKUXQJGLHQRFKQLFKWGHUEHVWHKHQGHQ.RKlUHQ]]XJHK|UWYHUPLW WHOWGHP6XEMHNWWDWVlFKOLFKGLHVHQ%OLFNYRQDXHQDXIGDV6HOEVW³6FKPLG 6
'LHVHU%OLFNYRQDXHQWUlJWGD]XEHL6WDELOLWlWXQG2UGQXQJLPHLJHQHQ/HEHQ ]X HUNHQQHQ DEHU DXFK 6FKZLHULJNHLWHQ XQG 8QVLFKHUKHLWHQ WUHWHQ ]XWDJH ,Q GLHVHP6LQQHZLUGHLQVXEMHNWLYHU9HUDUEHLWXQJVSUR]HVVLQ*DQJJHEUDFKWGHUHV HUP|JOLFKWGLHHLJHQH(QWZLFNOXQJGLHHLJHQHQ(UIDKUXQJHQGLHHLJHQHQ:HU WLJNHLWHQLP/HEHQDOVRGDVZDV+RIIXQJXQG9HUWUDXHQDEHUDXFK%HODVWXQJHQ XQG ]XNQIWLJH 6FKZLHULJNHLWHQ GDUVWHOOW VLFKWEDU ]X PDFKHQ ,Q GHU 5HIOH[LRQ GHV HLJHQHQ /HUQHQV ZHUGHQ GLH *HIKOH YRQ 6LQQKDIWLJNHLW HUNHQQEDU ZLUG VLFKWEDUZDV)UHXGHPDFKWZDV%HWURIIHQKHLWDXVO|VWZDVLP/HEHQGDV*HIKO YRQ6LQQKDIWLJNHLWYHUPLWWHOW'XUFK6HOEVWZDKUQHKPXQJZLUG,GHQWLWlWVDUEHLWLQ *DQJ JHVHW]W GLH VLFK PLW 6WUDXV+|IHU 6 II DXI YLHU (EHQHQ DE VSLHOW (UVWH(EHQH.RJQLWLYH6HOEVWZDKUQHKPXQJLQGHP6LQQHDOVJHIUDJWZLUG ZDVJHGDFKWXQGYHUVWDQGHQZLUGZHOFKH:LVVHQVEHVWlQGHPLU]XU9HUI JXQJVWHKHQ =ZHLWH (EHQH (PRWLRQDOH 6HOEVWZDKUQHKPXQJ +LHU JHKW HV YRU DOOHP GDUXP GLH HLJHQH (PRWLRQDOLWlW XQG GDV LQGLYLGXHOOH 6HOEVWHPSILQGHQ ]X KLQWHUIUDJHQ 'ULWWH (EHQH 6R]LDOH 6HOEVWZDKUQHKPXQJ +LHU VWHKW KLHU LP 0LWWHOSXQNW ZLH LFK YRQ DQGHUHQ JHVHKHQ XQG ZDKUJHQRPPHQ ZHUGH HEHQVR ZLH GLH )UDJHGHU:DKUQHKPXQJXQG,QWHUSUHWDWLRQGHV9HUKDOWHQVDQGHUHUPLUJH JHQEHU 9LHUWH (EHQH 3URGXNWRULHQWLHUWH 6HOEVWZDKUQHKPXQJ $XI GLHVHU (EHQH ZLUGQDFKGHPÄ3URGXNWPHLQHV+DQGOXQJVDNWHV³JHIUDJWXQGGDQDFKZDV GDV,QGLYLGXXPLP/HEHQVFKDIIWXQGZHOFKH/HLVWXQJHQHVYROOEULQJW 'LHVHYLHU(EHQHQYHUKDOWHQVLFKLQHLQHP:HFKVHOVSLHO]XHLQDQGHUZREHLLP 3UR]HVVGHU6HOEVWZDKUQHKPXQJEHGHXWVDPLVWGDVVPDQLQHLQHQLQQHUHQ'LDORJ PLWVLFKVHOEVWWULWW'LHVH%H]LHKXQJ]XVLFKVHOEVWLVWJUXQGOHJHQGIUGLH+HU VWHOOXQJ XQG*HVWDOWXQJGHU %H]LHKXQJ]XDQGHUHQYJO6FKPLG6 'LH :DKUQHKPXQJ YRQ VLFK VHOEVW LVW HLQJHEXQGHQ LQ DNWXHOOH .RQWH[WH XQG 6LWXDWLRQHQ VLH LVW YHUEXQGHQ PLW EHUHLWV YRUDQJHJDQJHQHQ hEHUOHJXQJHQ ]XP 6HOEVW XQG ]XJOHLFK P|JOLFKHUZHLVH YHUEXQGHQ PLW ]XNQIWLJHQ 3HUVSHNWLYHQ 'LHVH ELRJUDILVFKHQ 6HOEVWZDKUQHKPXQJHQ HUP|JOLFKHQ GHP ,QGLYLGXXP VLFK VHLQHV HLJHQHQ 6WDQGRUWHV LQ GHU :HOW JHZDKU ]X ZHUGHQ VLH HUP|JOLFKHQ =X VFKUHLEXQJYRQ6LQQLQGHPGLHOHEHQVZHOWOLFKHQ'HXWXQJVPXVWHUVLFKWEDUZHU
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
GHQ XQG HLJHQH +DQGOXQJVURXWLQHQ KLQWHUIUDJW ZHUGHQ %H]JH ZHUGHQ ]XP HLQHQ]XUHLJHQHQ3HUVRQXQG]XPDQGHUHQDXFKDXIGLH:HOWKHUJHVWHOOWLQGHU PDQ VLFK EHILQGHW HEHQVR ZLH DXI GHQ HLJHQHQ =XJDQJ ]X GLHVHU :HOW 'DUDXV JHQHULHUHQVLFKQHXH(UIDKUXQJHQGLHLQEHUHLWVYRUKDQGHQH'HXWXQJVVFKHPDWD HLQJHRUGQHW ZHUGHQ 'LHVHV +HUVWHOOHQ YRQ %H]JHQ ZLUG VHOEVW ]XP 7KHPD HLQHU NRJQLWLYHQ $NWLYLWlW JHPDFKW 'LHVH 5HIOH[LRQVIlKLJNHLW WUlJW ZHVHQWOLFK GD]XEHL=XVDPPHQKlQJH]XEHJUHLIHQXQGQHXH(UIDKUXQJHQLQEHUHLWV%HVWH KHQGHVHLQ]XRUGQHQ,VWHVQLFKWP|JOLFKGLHVHQQHXHQ=XVDPPHQKlQJHQ6LQQ ]X]XVFKUHLEHQ VR LVW GLH 0|JOLFKNHLW JHJHEHQ GLH %HWUDFKWXQJVZHLVH GHQ JH GDQNOLFKHQ8PJDQJPLWGHUJHJHQVWlQGOLFKHQ:HOWHQWVSUHFKHQG]XYHUlQGHUQ 'LHVH0|JOLFKNHLW]XU9HUlQGHUXQJLVWIU%HQGHUJHJHEHQ Ä'HU .HLP GHU 5FNEH]JOLFKNHLW GHV 'HQNHQV DXI VLFK VHOEVW XQG GDPLW GLH &KDQFHVLFKVHLQHUVHOEVWDOVGHQNHQGHV:HVHQEHZXW]XZHUGHQLVWLQGHU1HJD WLRQGXUFKGLH(UIDKUXQJVFKRQHLQJHVFKORVVHQ³%HQGHU6
'DVKHLWZHQQLFKPLUGHVVHQEHZXVVWELQGDVVLP$XVVFKOXVVYRQ0|JOLFK NHLWHQ DXFK JOHLFK]HLWLJ HLQ )XQNH YRQ 9HUlQGHUXQJ OLHJW NDQQ GLHV ]X HLQHU 8PGHXWXQJIKUHQ0LWDQGHUHQ:RUWHQ0LWGHU%HVFKlIWLJXQJPLWHLQHP$XV VFKOXVV YRQ HWZDV NDQQ DXFK HWZDV DQGHUHV ]XU 9HUIJXQJ VWHKHQ 'LH $XVHL QDQGHUVHW]XQJ PLW GHP $XVVFKOXVV ZLUG HLQH $XVHLQDQGHUVHW]XQJ PLW HLQHP $XVZDKOYHUIDKUHQ,QGHPPDQVLFKPLWGHP$XVVFKOXVVEHVFKlIWLJWZLUGGLHVHU JOHLFK]HLWLJ ]X HLQHU :DKOP|JOLFKNHLW 'LHV ]X HUNHQQHQ HUIRUGHUW UHIOH[LYH .RPSHWHQ]HQ ZDV PLW 0DURW]NL 6 GLH )lKLJNHLW GHU 6HOEVW XQG :HOWUHIHUHQ]EHGHXWHW,QGHQÄ%HGHXWXQJVNRQWH[WHQ ZHUGHQ:LVVHQVVWUXNWXUHQ XQG .RPSHWHQ]HQ DXIJHEDXW GLH HLQH HUZHLWHUWH :HOWYHUIJXQJ HUP|JOLFKHQ³ )DXOVWLFK 6 'LH %HGHXWXQJV]XVFKUHLEXQJ LVW IU GDV ,QWHUHVVH DQ HLQHP*HJHQVWDQGLQGHU:HOWXQGGHU+LQZHQGXQJ]XGLHVHP]HQWUDO .RKl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ÄXPIDV VHQGHUH %HGHXWXQJV]XVDPPHQKlQJH HLQJHJOLHGHUW³ +RO]NDPS 6 'DVV $QHLJQXQJ QLFKW RKQH 5HIOH[LRQ JHGDFKW ZHUGHQ NDQQ ]HLJHQ DXFK GLH
'LHVHQ 3UR]HVV EHVFKUHLEHQ $OKHLW'DXVLHQ DXFK DOV (UIDKUXQJVDXIVFKLFKWXQJ $OKHLW'DXVLHQ 6
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
4XDOLWlWVGHEDWWHQ XP GDV (UZDFKVHQELOGXQJV XQG :HLWHUELOGXQJVSHUVRQDO ,Q GLHVHQ ZLUG GLH 5HIOH[LYLWlW GHV HLJHQHQ 6WDQGSXQNWHV XQG GHU HLJHQHQ 3RVLWL RQVEHVWLPPXQJ DOV EHGHXWVDPHU )DNWRU LQ GHU (UZDFKVHQHQELOGXQJ DQJHVHKHQ YJO)U|KOLFK*|SSHO 'RSSHOIXQNWLRQYRQ'HXWXQJVPXVWHUQ 'HXWXQJVPXVWHUVSLHOHQLQGHU,GHQWLWlWVHQWZLFNOXQJLP6LQQHHLQHU*HZlKUOHLV WXQJ YRQ VXEMHNWLY HPSIXQGHQHU 6LQQKDIWLJNHLW HLQH ]HQWUDOH 5ROOH 'HXWXQJV PXVWHUVLQG±YHUHLQIDFKWDXVJHGUFNW±GLHLQGLYLGXHOOHQ,QWHUSUHWDWLRQHQHLQHU NRQNUHWHQ +DQGOXQJ RGHU DEHU DXFK GLH VXEMHNWLYHQ ,QWHUSUHWDWLRQHQ GHU $OO WDJVZLUNOLFKNHLW,P6SH]LHOOHQELOGHQGLHVHÄ'HXWXQJVPXVWHUHLQ2ULHQWLHUXQJV XQG5HFKWIHUWLJXQJVSRWHQWLDOYRQ$OOWDJVZLVVHQVEHVWlQGHQLQGHU)RUPJUXQGOH JHQGHU HKHU ODWHQWHU 6LWXDWLRQV %H]LHKXQJV XQG 6HOEVWGHILQLWLRQHQ LQ GHQHQ GDV,QGLYLGXXPVHLQH,GHQWLWlWSUlVHQWLHUWXQGVHLQH+DQGOXQJVIlKLJNHLWDXIUHFKW HUKlOW³ $UQROG 6 'HXWXQJVPXVWHU VLQG LQGLYLGXHOOH RGHU DEHU DXFK NROOHNWLYH,QWHUSUHWDWLRQHQGHUVR]LDOHQ:LUNOLFKNHLWGLHVLFK]XUHJHOJHOHLWHWHQ 6\PEROV\VWHPHQ YHUIHVWLJHQ XQG GLH :DKUQHKPXQJVZHLVH GLH SHUVSHNWLYLVFKH 6LFKWGHV$OOWDJVOHEHQVVWHXHUQXQGLQWHJULHUHQYJO$UQROG6 2GHU DQGHUV JHVDJW 'HXWXQJVPXVWHU VWLIWHQ 6LQQ LQ GHU ,QWHUSUHWDWLRQ YRQ :HOW XQG JHEHQ2ULHQWLHUXQJHQIU]XNQIWLJH+DQGOXQJHQDE$EJHVHKHQYRQGHU+DQG OXQJVUHOHYDQ] ± GLH LQ GHU .RPSRQHQWH %HZlOWLJEDUNHLW GHXWOLFK DXVJHIKUW ZXUGH±VSLHOWKLHUGLHNRJQLWLYH9HUDUEHLWXQJXQGGLHHPRWLRQDOPRWLYDWLRQDOH $XVULFKWXQJGHU3HUVRQHLQHEHGHXWHQGH5ROOH'DV]HLJWVLFKVFKRQGDUDQGDVV GDV:RUW6LQQDXIYLHOIlOWLJH%HGHXWXQJHQKLQZHLVW6RLVW6LQQ]XYHUVWHKHQDOV NRJQLWLYH=XZHQGXQJ]XU:HOWLQGRSSHOWHU3HUVSHNWLYH=XPHLQHQ±EH]RJHQ DXIGLH$XHQZHOW±YHUZHQGHQZLUXQVHUH6LQQH]XU(UVFKOLHXQJYRQ:HOWXQG ]XPDQGHUHQVSUHFKHQZLUEH]JOLFKGHU,QQHQZHOWYRQ*HVLQQXQJRGHU6LQQHV DUW0LW6LQQLVWDEHUDXFKGLH'HXWXQJYRQ9HUKlOWQLVVHQJHPHLQWLQGHQHQGHU 0HQVFK]XU:HOWVWHKWYJO/RUHQ]6 :lKUHQGGHUNRJQLWLYH $VSHNW PHKUGDV9HUVWHKHQEHJUHLIWEHLQKDOWHWGLH %HGHXWVDPNHLWLQPRWLYDWLRQDOHU+LQVLFKWEHLVSLHOVZHLVH+HUDXVIRUGHUXQJHQLP /HEHQ DOV QRWZHQGLJH $QIRUGHUXQJHQ ]X EHWUDFKWHQ XQG HLQHQ 6LQQ GDULQ ]X VHKHQ VLFK LQ GHU %HZlOWLJXQJ GLHVHU +HUDXVIRUGHUXQJHQ ]X HQWZLFNHOQ 0HQ VFKHQGLHEHUHLQKRKHV.RKlUHQ]JHIKOYHUIJHQVLQG]XGHPLQGHU/DJHGHQ JHJHQZlUWLJHQ /HEHQVEHGLQJXQJHQ 6LQQ ]X]XVFKUHLEHQ XQG VLH YHUIJHQ EHU HQWVSUHFKHQGH5HVVRXUFHQGLH$QIRUGHUXQJHQ]XPHLVWHUQ*HJHQZlUWLJHV+DQ GHOQ ZLUG LP /LFKWH JHPDFKWHU (UIDKUXQJHQ LQWHUSUHWLHUW XQG KDW GHPHQWVSUH FKHQG$XVZLUNXQJHQDXI]XNQIWLJHV9HUKDOWHQ6HOEVWDNWLY(LQIOXVVQHKPHQ]X
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
N|QQHQDXIGLH*HVWDOWXQJGHVHLJHQHQ/HEHQV±VRIHUQVLHDQJHPHVVHQJHOLQJW± LVWIUGLH(QWZLFNOXQJHLQHV SRVLWLYHQ6HOEVWZHUWVHQWVFKHLGHQG ZHLOGLH $XV ULFKWXQJQDFK=LHOHQLP/HEHQEHGHXWVDPLVW'LHVHULQWHQWLRQDOH$VSHNW±QLFKW XPVRQVWZLUGGHU0HQVFKDOV,QWHQWLRQDOLWlWV]HQWUXPJHVHKHQ±LVWHQWVFKHLGHQG IU GDV 9HUVWHKHQ YRQ :HOW XQG GLH =XVFKUHLEXQJ YRQ %HGHXWXQJHQ GXUFK GDV ,QGLYLGXXP 9HUVWHKHQYRQ'HXWXQJVPXVWHUQ (LQH/HUQNXOWXUGLHGHP3ULQ]LSGHV(UVFKOLHHQVYRQ6LQQVSH]LHOOH%HGHXWXQJ EHLPLVVWULFKWHWSlGDJRJLVFKHV+DQGHOQXQWHU(LQEH]LHKXQJGHUVXEMHNWLYDQJH HLJQHWHQ'HXWXQJVPXVWHUDXVXQGEHUFNVLFKWLJWGDVVLQGLYLGXHOOHXQGNROOHNWL YH ,GHQWLWlW JOHLFKHUPDHQ DXVJHELOGHW ZHUGHQ 'DV EHGHXWHW GDVV GDV ,QGLYL GXXP PLWWHOV IUHPGJHVWHXHUWHU 'HXWXQJVDQJHERWH XQG KLOIHQ LQ GLH /DJH YHU VHW]WZLUGGLH)XQNWLRQVZHLVHGHUHLJHQHQVHOEVWJHVWHXHUWHQ9HUDUEHLWXQJVPXV WHU]XHUNHQQHQ'LHVJHOLQJWHWZDDXFKGXUFKGLH9HUVFKUlQNXQJGLYHUJLHUHQGHU 6LFKWZHLVHQ GXUFK 5HIOH[LRQ IUHPGHU 3HUVSHNWLYHQ GXUFK GHQ $XVWDXVFK JH PHLQVFKDIWOLFK HUZRUEHQHU 'HXWXQJVPXVWHU XDP 'HXWXQJVOHUQHQ ZLUG DOV GHU Ä$XVWDXVFKSUR]HVV YRQ 'HXWXQJVV\VWHPHQ XQG GLH GDULQ HLQJHODJHUWH VHOEVWJH VWHXHUWH9HUDUEHLWXQJXQG$QHLJQXQJYRQ/HUQLQKDOWHQ³$UQROG6FKOHU 6 EH]HLFKQHW 'LH )UDJH LVW ZLH 'HXWXQJVPXVWHU LP 3UR]HVV GHV RUJDQL VLHUWHQ/HUQHQVSURIHVVLRQHOOEHDUEHLWHWZHUGHQN|QQHQXPVLHLP0HGLXPGHU %LOGXQJ]XQXW]HQ'LHVLVWHLQH)UDJHQDFKGHU$XVELOGXQJYRQ'HXWXQJVNRP SHWHQ] (LQH %LOGXQJVDUEHLW GLH DQ GHU 9HUEHVVHUXQJ GHU 'HXWXQJVNRPSHWHQ] DUEHLWHW IRNXVVLHUW DXI GLH 6LQQGLPHQVLRQ 'HU $XIEDX GK GLH 5HIOH[LRQ XQG (QWZLFNOXQJ YRQ 'HXWXQJVPXVWHUQ VHW]W YRUDXV GDVV GDV ,QGLYLGXXP LQ GHU /DJHLVW]XQlFKVWGLHYHUWUDXWHQ'HXWXQJVPXVWHU]XUHNRQVWUXLHUHQXPGLHVHLQ GHU)ROJHZHQQVLHVLFKDOVQLFKWPHKUEUDXFKEDUHUZHLVHQ]XYHUl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lW JHQDQQW HEHQVR ZLH GLH 2ULHQWLHUXQJVIXQNWLRQ =XP HUVWHQ *HUDGHGLH5HGXNWLRQYRQ.RPSOH[LWlW]HLJWVLFKGDULQGDVV
0RGHOOHQWZXUIHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
ÄGLH 'HXWXQJVPXVWHU GHV $OOWDJVZLVVHQV ]XPHLVW LQ )RUP HLQIDFKHU ]XZHLOHQ VWHUHRW\SHU E]Z UHGHQVDUWPlLJHU (UNOlUXQJHQ =XVFKUHLEXQJV RGHU :HUWPXVWHU ]XWDJHWUHWHQ³$UQROG6I
$OOHUGLQJVEH]LHKWVLFK$UQROGDXI'HXWXQJVPXVWHUGLHLQHLQHUÄQDFKWUlJOLFKHQ 5HFKWIHUWLJXQJ³JHOWHQGKRIIHQVLFKWOLFKMHQH2ULHQWLHUXQJXQG%HGHXWXQJV]X VFKUHLEXQJEHWUHIIHQDXIGLHLQGHU)ROJH(QWVFKHLGXQJHQJHIlOOWRGHU+DQGOXQ JHQDXVJHIKUWZHUGHQ (LQHNRKlUHQ]RULHQWLHUWH/HUQNXOWXUDUEHLWHWDQGHU(UZHLWHUXQJGHUHLJHQHQ 'HXWXQJVPXVWHU ZR]X HV DOOHUGLQJV HQWVSUHFKHQGH $QJHERWH YRQ DXHQ LP 6LQQHGHU'LIIHUHQ]HUIDKUXQJEUDXFKW$XFKHLQHYHUlQGHUWH(LQQDKPHYRQ3HU VSHNWLYHQ PLWKLQ GHU 5HIOH[LRQ EHU GLH *HZRUGHQKHLW XQG EHU GLH 9HUIHVWL JXQJGHUHLJHQHQ'HXWXQJHQXQG6LQQ]XVFKUHLEXQJHQLVWEHGHXWVDP (QJDJHPHQWRGHUÄVLFKHLQHU6DFKHYHUEXQGHQIKOHQ³ 'DPLWLVWGDV(QJDJHPHQWJHPHLQWVLFK ÄHLQHU6DFKH YHUEXQGHQ]XIKOHQ IU GLH VLFK HQJDJLHUWHU (LQVDW] ORKQW 'DUDXV HUJLEW VLFK GHU 6LQQIU =LHOHHLQ]X VWHKHQ LKQHQ %HGHXWXQJ MD 6LQQKDIWLJNHLW EHL]XPHVVHQ³ /RUHQ] 6 0HQVFKHQ PLW KRKHP .RKlUHQ]JHIKO YHUIROJHQ DXVGDXHUQG LKUH =LHOH DXFK ZHQQ VLH DXI GLHVHP :HJH 6FKZLHULJNHLWHQ ]X EHUZLQGHQ KDEHQ XQG JURH $QVWUHQJXQJHQ]XXQWHUQHKPHQVLQG'XUFK(QJDJHPHQWZLUG6LQQJHVWLIWHWXQG GLHV ZLHGHUXP KDW $XVZLUNXQJHQ DXI GLH 8PJDQJVZHLVH PLW (UIDKUXQJHQ GLH H[SOL]LW]XQlFKVW YLHOOHLFKWDOVVLQQORVHUVFKHLQHQ 6LQQVWLIWXQJEOHLEWDOOHUGLQJV QLFKW QXU DXI GHU LQGLYLGXHOOHQ XQG SHUV|QOLFKHQ (EHQH VRQGHUQ IKUW GDUEHU KLQDXV DXFK LQ GLH VR]LDOHQ 9HUKlOWQLVVH 'DV EHGHXWHW GDVV VR]LDOHV (QJDJH PHQW±GRUWZRHVHLQH(QWVSUHFKXQJLQGHUVR]LDOHQ$QHUNHQQXQJILQGHW±GDV (UOHEHQ YRQ 6LQQ LPSOL]LHUW 'LH (UIDKUXQJ GHU 7HLOKDEH DQ GHU 0LWJHVWDOWXQJ YRQ :HOW LP 6LQQH GHU 7HLOKDEH DQ (QWVFKHLGXQJVSUR]HVVHQ ]XU 9HUlQGHUXQJ YRQ:HOWLVWKLHU PDJHEOLFK(VLVWDOVR JDQ]HQWVFKHLGHQGIUXQV0HQVFKHQ GDVV ZLU GXUFK XQVHU HLJHQYHUDQWZRUWOLFKHV DNWLYHV +DQGHOQ GDV *HIKO YRQ %HGHXWVDPNHLW HUOHEHQ XQG GDVV ZLU LQ GHU (UIOOXQJ GHU JHVWHOOWHQ $XIJDEHQ HLQHQ HQWVSUHFKHQGHQ 6LQQ ILQGHQ GHU DXFK LP 6R]LDOHQ VHLQH $QHUNHQQXQJ HUKlOW 0DJHEOLFK IU GLH SRVLWLYH $XVELOGXQJ GHV *HIKOV GHU %HGHXWVDPNHLW VLQG IU $QWRQRYVN\ GLH 9HURUWXQJ LP 6R]LDOHQ GLH %HGLQJXQJHQ GHV VR]LDOHQ 0LWHLQDQGHUVGDV*HIKOYRQ(LQJHEXQGHQVHLQXQG,QWHJULHUWKHLWLQGLH*HPHLQ VFKDIWYJO$QWRQRYVN\6]LWQ/RUHQ]6 (LQHNRKlUHQ] RULHQWLHUWH/HUQNXOWXUI|UGHUW6LQQKDIWLJNHLWLQGHPGDV6XEMHNWGDEHLXQWHUVWW]W ZLUGGLH(UIDKUXQJ]X PDFKHQGDVVHVDXIGLH*HVWDOWXQJYRQ6LWXDWLRQHQXQG
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
+DQGOXQJVHUJHEQLVVHQ(LQIOXVVKDWVRZRKOLQ]ZLVFKHQPHQVFKOLFKHQ%H]LHKXQ JHQDOVDXFKLQ/HUQNRQWH[WHQ 6LQQDOV6R]LDONRQVWUXNWLRQ 'LH JHVHOOVFKDIWOLFKHQ 9HUKlOWQLVVH WUHWHQ GHP 6XEMHNW DOV ÄJHJHQVWlQGOLFKH %HGHXWXQJHQ³YJO+RO]NDPS6 HQWJHJHQXQGVLHVWHOOHQGDV%LQGH JOLHG ]ZLVFKHQ GHU *HVHOOVFKDIW XQG GHP LQGLYLGXHOOHP +DQGHOQ GDU :HOFKH %HGHXWXQJZLUQXQGHQ*HJHQVWlQGHQLQGHU:HOWEHLPHVVHQKlQJWYRQXQVHUHU 6LWXLHUWKHLW LQ GHU :HOW DE XQG ELOGHW GHQ $XVJDQJVSXQNW GHV +DQGHOQV +LQ VLFKWOLFKMHGHU ÄHLQ]HOQHQ/HEHQVHUIDKUXQJNDQQPDQIUDJHQREZLUPLWHQWVFKLHGHQKDEHQRE ZLUGLHVH(UIDKUXQJPDFKHQZROOHQQDFKZHOFKHQ6SLHOUHJHOQVLHYHUODXIHQVROOXQG ZLH GLH 3UREOHPH XQG $XIJDEHQ JHO|VW ZHUGHQ VROOHQ GLH DXV LKU HUZDFKVHQ « (LQH :HOW GLH ZLU VRPLW DOV JOHLFKJOWLJ JHJHQEHU XQVHUHQ +DQGOXQJHQ HUOHEHQ ZLUG VFKOLHOLFK HLQH :HOW RKQH MHGH %HGHXWXQJ 'LHV JLOW IU GLUHNWH SHUV|QOLFKH %H]LHKXQJHQ IU GLH $UEHLW XQG IU DOOHV DQGHUH ZDV LQQHUKDOE XQVHUHU *UHQ]HQ OLHJW³$QWRQRYVN\6I
=HQWUDOLVWLQGLHVHP=XVDPPHQKDQJGLHÄ3DUWL]LSDWLRQDQ(QWVFKHLGXQJVSUR]HV VHQ³$QWRQRYVN\6 ,P6LQQHGHU%HWUDFKWXQJGHU6XEMHNWHDOVSUR GXNWLYXQGDNWLYUHDOLWlWVYHUDUEHLWHQGH,QGLYLGXHQLVWKLHUZHVHQWOLFKGDVVGLHVH 3DUWL]LSDWLRQ VWHWV LP 6SDQQXQJVIHOG JHVHOOVFKDIWOLFKHU %HGLQJXQJHQ $QIRUGH UXQJHQXQG=XPXWXQJHQ]XVHKHQLVW0LWDQGHUHQ:RUWHQ'LH:HOWVRZLHZLU VLH ZDKUQHKPHQ E]Z ZLH VLH XQV HUVFKHLQW LVW VR]LDO XQG OHEHQVJHVFKLFKWOLFK GK GXUFK XQVHUH %LRJUDILH JHSUlJW )U HLQH NRKlUHQ]RULHQWLHUWH /HUQNXOWXU EHGHXWHWGLHVGDVVGLH'HXWXQJVPXVWHULP5DKPHQJHVHOOVFKDIWOLFKHU.RQVWUXN WLRQHQ]XVHKHQVLQGXQGQLFKW±ZLHIlOVFKOLFKHUZHLVHRIWYHUVWDQGHQ±DOVVXE MHNWLY XQG LP MHZHLOLJHQ /HEHQV]XVDPPHQKDQJ ELRJUDILVFK HQWZLFNHOW $XI GLHVHQ$VSHNWZHLVHQ%HUJHUXQG/XFNPDQQ GHXWOLFKKLQLQGHPVLHYRQ GHU ÄJHVHOOVFKDIWOLFKHQ .RQVWUXNWLRQ YRQ :LUNOLFKNHLW³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lQGHUEDUNHLW
.RKlUHQ]RULHQWLHUWH/HUQNXOWXULPhEHUEOLFN
YRQ*HVHOOVFKDIWJHDUEHLWHWZHUGHQNDQQ,QGLHVHP6LQQHLPSOL]LHUWHLQHNRKl UHQ]RULHQWLHUWH /HUQNXOWXU GDV DXINOlUHULVFKH 0RPHQW GHU %LOGXQJ XQG QLPPW $EVWDQG YRP 9RUZXUI GHU (QWSROLWLVLHUXQJ XQG %HJUHQ]WKHLW GHU 6XEMHNWLYLWlW YJO%HQGHU ,P*HJHQWHLOGLH5HIOH[LRQVHEHQHEH]JOLFKGHU6LQQNRP SRQHQWH VWlUNW JHUDGH]X GLH 9HUDQWZRUWXQJ $XWRQRPLH XQG 0QGLJNHLW GHU (UZDFKVHQHQ ZRKO ZLVVHQG XP GLH JHVHOOVFKDIWOLFKH (LQJHEXQGHQKHLW JOHLFK ]HLWLJDEHUXQWHU=XUFNZHLVXQJMHJOLFKHQ'HWHUPLQLVPXVXQG6ROLSVLVPXV .RKlUHQ]RULHQWLHUWH/HUQNXOWXULPhEHUEOLFN %H]LHKWPDQGLHJHJHQZlUWLJVLFKYROO]LHKHQGHQJHVHOOVFKDIWOLFKHQ:DQGOXQJV XQG9HUlQGHUXQJVSUR]HVVHXQGGLHGDEHLHQWVWHKHQGHQ+HUDXVIRUGHUXQJHQDQGLH 0HQVFKHQLQHLQHNRKlUHQ]RULHQWLHUWH/HUQNXOWXUPLWHLQVRVWHOOWVLFKGLH)UDJH ZLH0HQVFKHQHVKHXWHWURW]GLHVHUJHVHOOVFKDIWOLFKHQ:DQGOXQJHQVFKDIIHQLKU /HEHQNRQWLQXLHUOLFKDOVYHUVWHKEDUEHZlOWLJEDUXQGEHGHXWVDP]XJHVWDOWHQ Ä,Q HLQHU :HOW LQ GHU PHQVFKOLFKH (LJHQVFKDIWHQ ZLH 9HUOlVVOLFKNHLW %H]LH KXQJVIlKLJNHLWXQG.RQWLQXLWlWLPPHUZHQLJHUXQGDQGHUH0HUNPDOHZLH)OH[LELOL WlW8QJHEXQGHQKHLWXQG6FKQHOOOHELJNHLWLPPHUPHKU]lKOHQIlOOWHVVFKZHU6LQQ ]X ILQGHQ Ã6LFK HLQ /HEHQ YRU]XVWHOOHQ GDV JDQ] DXV PRPHQWDQHQ ,PSXOVHQ EH VWHKWRKQHQW]OLFKH5RXWLQHRKQH*HZRKQKHLWHQKHLWWDWVlFKOLFKVLFKHLQJHLVW ORVHV/HEHQYRU]XVWHOOHQ¶³6HQQHWW6
'LHVHPJHLVWORVHQ/HEHQHQWJHJHQ]XWUHWHQ±DXFKZHQQGLHVEHUWULHEHQIRUPX OLHUWLVW±GDIUNDQQDXFKGLH(UZDFKVHQHQELOGXQJHLQHQXQWHUVWW]HQGHQ%HLWUDJ OHLVWHQ6RHWZDILQGHWVLFKEHL2OEULFKÄ6LQQVWLIWXQJDOV]HQWUDOH)XQNWLRQ³2OE ULFK]LWQ6LHEHUW6 GHU(UZDFKVHQHQELOGXQJ6LQQLVWQLFKWHW ZDVEHUGDVHLQ0HQVFKYHUIJWVRQGHUQ6LQQ]XILQGHQLVWÄHLQHOHEHQVODQJH /HUQDXIJDEH GLH :LVVHQ XQG 5HIOH[LRQ HUIRUGHUW³ 6LHEHUW 6 (U ZDFKVHQHQELOGXQJ NDQQ YHUVWHKHQGHQ XQG VLQQVWLIWHQGHQ &KDUDNWHU LQ GHU $U UDQJLHUXQJ YRQ /HUQ XQG %LOGXQJVSUR]HVVHQ KDEHQ XQG OHLVWHW ]XGHP HLQHQ %HLWUDJ]XU8QWHUVWW]XQJGHU%HZlOWLJEDUNHLWLQ$OOWDJVVLWXDWLRQHQ'LH+HUDXV IRUGHUXQJOLHJWLQGLHVHU+LQVLFKWDXIHLQHUEHUJHRUGQHWHQ(EHQHNRQNUHWGDULQ HLQ/HUQHQDQ%HGLQJXQJHQXQG8QWHUVFKLHGHQ]XHUP|JOLFKHQGDPLWVLFK.R KlUHQ] HLQVWHOOHQ NDQQ 'LIIHUHQ]OHUQHQ EHGHXWHW LQ GLHVHP =XVDPPHQKDQJ ]ZLVFKHQ GHU lXHUHQ 5HDOLWlW GHU YHUPHLQWOLFK REMHNWLYHQ :LUNOLFKNHLW LQ GHU 9HUPLWWOXQJVSHUVSHNWLYH XQGGHULQQHUHQ5HDOLWlWGHUVXEMHNWLYHQ:LUNOLFKNHLW GHU $QHLJQXQJVSHUVSHNWLYH HLQH VLQQVWLIWHQGH %H]LHKXQJ KHU]XVWHOOHQ 'LHV LVW YRU DOOHP GRUW YRQ %HODQJ ZR XQV (UIDKUXQJHQ RGHU (UHLJQLVVH LP /HEHQ VR HQWJHJHQWUHWHQ GDVV VLH QLFKW PHKU PLW URXWLQHPlLJHQ (UNOlUXQJHQ RGHU YHU
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
WUDXWHQ 'HXWXQJHQ ]X EHZlOWLJHQ VLQG ZR VLFK JUXQGOHJHQGH )UDJHQ VWHOOHQ +LHUVLQGHWZDÄVWHOOYHUWUHWHQGH'HXWXQJHQ³6FKPLW]]LWQ.QRSI6 XQGDXFK+LOIHVWHOOXQJHQYRQDXHQJHIUDJW(VKDQGHOWVLFKGDEHLXPÄHL QHQDNWLYHQEHZlOWLJHQGHQC0RGXVGHU9HUDUEHLWXQJGHUGLHHUOHEWH.OXIW]ZL VFKHQ,QGLYLGXXPXQG:HOWGXUFK.RQVWUXNWLRQXQG,GHQWLIL]LHUXQJ]XEHUZLQ GHQ VXFKW³ .QRSI 6 'LHVH $UW YRQ /HUQHQ LVW HLQH 0|JOLFKNHLW QHXH$QIRUGHUXQJHQ]XVFKDIIHQXPVR9HUVWHKHQVSUR]HVVHXQG+DQGOXQJVZHL VHQ]XHUZHLWHUQ0LWWHOVUHIOH[LYHU.RPSHWHQ]HQZLUG6HOEVWHUNHQQWQLVHUP|J OLFKW VRZLH HLQH ÄVHOEVWNULWLVFKH (YDOXDWLRQ GHV HLJHQHQ 'HQNHQV )KOHQV XQG +DQGHOQV³$UQROG6 0LWDQGHUHQ:RUWHQHVJHKWXPGDV9HUVWHKHQ YRQXQGGLH$QNQSIXQJDQOHEHQVZHOWOLFKH'HXWXQJVPXVWHUXQG+DQGOXQJVURX WLQHQYJO $UQROG6 'LH$UEHLWDP.RKlUHQ]JHIKOLQHLQHU/HUQ NXOWXUEHGLQJWDXFKDXVXQWHUVFKLHGOLFKHQ Ä3HUVSHNWLYHQ EOLFNHQ ]X OHUQHQ 9RQ GHQ 6WDQGSXQNWHQ DQGHUHU DXV XP GHP 8PNHKUJHERWGHU.OXJKHLW5HFKQXQJ]XWUDJHQDXVGHP 8PIHOGDQGHUHU9HUKlOW QLVVHKHUDXVXPGDV$QGHUH]XYHUVWHKHQXQGGLHHLJHQHQ9HUKlOWQLVVHEHVVHUZDKU ]XQHKPHQ YRQ GHQ JHJHQZlUWLJ XQG NQIWLJ P|JOLFKHQ 3HUVSHNWLYHQ KHU XP XQ HQWZHJWEHUGHQ0|JOLFKNHLWVKRUL]RQWGHV6HOEVW]XZDFKHQ« $XIGLHVH:HLVH LVWGDV6HOEVWHLQHPLW+LOIHYRQ5HIOH[LRQXQG6HOEVWUHIOH[LRQRUJDQLVLHUWH*HVWDOW IHVWJHIJWXQGGRFKYHUlQGHUOLFK³6FKPLG6
,QGLHVHU+LQVLFKWWUlJW5HIOH[LYLWlWGD]XEHLVLFKGHQJHVHOOVFKDIWOLFKHQ$QIRU GHUXQJHQXQG9HUKlOWQLVVHQQLFKW]XXQWHUZHUIHQVRQGHUQVLFKNULWLVFKPLWLKQHQ XQGPLWGHPHLJHQHQ*HZRUGHQ6HLQDXVHLQDQGHU]XVHW]HQGLHHLJHQH/HUQXQG %LOGXQJVELRJUDILH ]X UHIOHNWLHUHQ VLFK GHU )UDJH GHV HLJHQHQ 9HUVWHKHQV ]X ZLGPHQGHU)UDJHQDFKGHU$NWLYLHUXQJGHVHLJHQHQ/HUQSRWHQ]LDOVHEHQVRZLH GHP9HUVWHKHQGHUVXEMHNWLYHQ%HILQGOLFKNHLWDOV/HUQHQGH,P6LQQHHLQHUNR KlUHQ]RULHQWLHUWHQ /HUQNXOWXU ZLUG LQ GLHVHP =XVDPPHQKDQJ DXFK EHU GLH %HGHXWXQJ GHQ 1XW]HQ XQG GLH 5HOHYDQ] GHU OHEHQVJHVFKLFKWOLFKHQ (UIDKUXQ JHQ(LQVWHOOXQJHQ:HUWYRUVWHOOXQJHQ(UZDUWXQJHQUHIOHNWLHUW8PGHPDXINOl UHULVFKHQ$QVSUXFK±GHPGLHVHV/HUQNXOWXUPRGHOOYHUSIOLFKWHWLVW±JHUHFKW]X ZHUGHQJHQJWHVPHLQHU$QVLFKWQDFKDXFKQLFKWZLH$UQROGHVIRUPXOLHUWKDW Ä9HUWUDXHQLQGLH.UDIWGHUHLJHQHQ'HXWXQJVPXVWHUXQGLQGLHHLJHQH'LIIHUHQ ]LHUXQJVIlKLJNHLW³ $UQROG 6 ]X VHW]HQ YLHOPHKU LVW EHZXVVW XQG YHUDQWZRUWXQJVYROO DQ GHU (UNHQQWQLV GHU VXEMHNWLY JHOHUQWHQ 'HQNZHLVHQ XQG ,QWHUSUHWDWLRQVPXVWHU]XDUEHLWHQ'DPLW6HOEVWDXINOlUXQJJHOLQJWEHQ|WLJWPDQ JHQDXGLHVHVNULWLVFKH5HIOHNWLHUHQGLHVHV'HNRQVWUXLHUHQGLHVHV$XIGHFNHQLP :LVVHQXPGLH $OOWDJVGHXWXQJHQ(LQH]LHOJHULFKWHWH XQGH[SOL]LWH%HDUEHLWXQJ GHU 'HXWXQJVPXVWHU LVW LQ HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU HLQ NRQVWLWXLH UHQGHV(OHPHQWXPJHUDGHGLHGUHL.RPSRQHQWHQGHV.RKlUHQ]JHIKOV]XVWlU
.RKlUHQ]RULHQWLHUWH/HUQNXOWXULPhEHUEOLFN
%HGHXWVDPNHLW
%HZlOWLJEDUNHLW
9HUVWHKEDUNHLW
NHQXQGHEHQQLFKWLQURXWLQHKDIWHU,QWHUSUHWDWLRQXQG*OHLFKI|UPLJNHLWGHU/H EHQVHUNOlUXQJVPXVWHUVWHFNHQ]XEOHLEHQ'LH$QJHERWHLQGHU9HUPLWWOXQJVSHU VSHNWLYH OLHJHQ LP %HUHLWVWHOOHQ YRQ .RPPXQLNDWLRQV XQG 5HIOH[LRQVRUWHQ LQ GHQHQVLFK(UZDFKVHQHLPVR]LDOHQ9HUEXQGEHULKUH(UIDKUXQJHQYHUVWlQGLJHQ N|QQHQ XQG VLFK UHIOH[LY PLW GHQ YHUVFKLHGHQHQ 'HXWXQJVPXVWHUQ VRZLH ,QWHU SUHWDWLRQVZHLVHQ DXVHLQDQGHUVHW]HQ =XVDPPHQJHIDVVW LP 6LQQH HLQHU .RPSOH [LWlWVUHGXNWLRQ HUJLEW GLHV IU GLH HLQ]HOQHQ .RPSRQHQWHQ HLQLJH ]HQWUDOH 0HUNPDOHGLHQXQEHUEOLFNVDUWLJGDUJHVWHOOWZHUGHQ /HUQHQDOVNRJQLWLYH$QHLJQXQJYRQ:LVVHQ 3HUVSHNWLYHQYHUVFKUlQNXQJXQGYHUQHW]WHV/HUQHQ 9HUVWHKHQDOVVHOEVWVWlQGLJHU:LVVHQVDXIEDX /HUQHQDOV$QHLJQXQJYRQ6HOEVWXQG:HOW 0HWDNRJQLWLYH.RPSHWHQ]HQ (UZHUEYRQ/HUQNRPSHWHQ]HQ 5HIOH[LRQYRQ.RJQLWLRQXQG(PRWLRQ /HUQSUR]HVVHLP.RQWH[WELRJUDILVFKHU(UIDKUXQJHQ
6HOEVWXQG:HOWZDKUQHKPXQJGXUFK5HVVRXUFHQDNWLYLHUXQJ $XWRQRPLHJHZLQQGXUFK6HOEVWUHIOH[LRQ (QWZLFNOXQJYRQ%HZlOWLJXQJVVWUDWHJLHQ 6LWXDWLYH9HUDUEHLWXQJVNRPSHWHQ] %HZlOWLJXQJYRQVSH]LHOOHQ/HEHQVVLWXDWLRQHQ %LRJUDSKL]LWlWDOV6FKOVVHONRPSHWHQ] 6R]LDOH1HW]ZHUNHXQGNROOHNWLYH+DQGOXQJVUlXPH 6XEMHNWLYH$QHLJQXQJYRQ6LQQ 5HNRQVWUXNWLRQ YRQ 'HXWXQJVPXVWHUQ GXUFK ELRJUDILVFKH 6HOEVWUHIOH[LRQ /HUQWUDQVIHUYRUGHP+LQWHUJUXQGGHU6LQQ]XVFKUHLEXQJ 5HOHYDQ]ELRJUDILVFKHU(UIDKUXQJHQ $XVELOGXQJYRQ6ROLGDULWlWXQG(QJDJHPHQW 6HOEVWUHIOH[LYLWlWXQG:LGHUVWDQGVIlKLJNHLW 6LQQVWLIWXQJGXUFKJHVHOOVFKDIWOLFKH3DUWL]LSDWLRQ
$EELOGXQJ =HQWUDOH0HUNPDOHHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXU
.RKlUHQ]RULHQWLHUWH/HUQNXOWXU
,QVJHVDPW YHUPLWWHOW %LOGXQJ YHUVFKLHGHQH 0|JOLFKNHLWHQ VLFK GLH :HOW DQ]X HLJQHQ XQG GDPLW JOHLFK]HLWLJ VHOEVW ZHLWHU]XHQWZLFNHOQ 'LH 7lWLJNHLW LQ GHU (UZDFKVHQHQELOGXQJVSUD[LV NRQNUHWLVLHUW VLFK DOV HLQ 3UR]HVV GHU 9HUPLWWOXQJ YRQ'HXWXQJHQGLHHLQH2ULHQWLHUXQJIUGLH/HEHQVEHZlOWLJXQJGDUVWHOOHQ(LQH NRKlUHQ]RULHQWLHUWH/HUQNXOWXUVWlUNWGLH3HUVRQHQLQLKUHU0HLQXQJVELOGXQJXQG 0HLQXQJVlXHUXQJ VLH I|UGHUW GLH 3DUWL]LSDWLRQVNXOWXU VWHOOW 5HVVRXUFHQ ]XU .ULVHQEHZlOWLJXQJ ]XU 9HUIJXQJ XQG HUP|JOLFKW QHXH 'HXWXQJVPXVWHU ZHQQ DOWH'HQNVFKHPDWDQLFKWPHKUDGlTXDWVLQG6LHIRNXVVLHUWDXIGLH6WlUNXQJGHU 3HUVRQHQ LQ LKUHU /HEHQVRULHQWLHUXQJ XQG RULHQWLHUW VLFK JOHLFK]HLWLJ DQ HLQHU HPDQ]LSDWRULVFKHQ %LOGXQJ PLW GHP )RNXV GHU 3DUWL]LSDWLRQ LP VR]LDOHQ )HOG XQGGHU7HLOKDEHDQJHVHOOVFKDIWOLFKHQ9HUlQGHUXQJVXQG(QWZLFNOXQJVSUR]HV VHQ (LQH +HUDXVIRUGHUXQJ LQ GLHVHU /HUQNXOWXU OLHJW LQ GHU $UEHLW DQ GHU (QW ZLFNOXQJ YRQ 6XEMHNWLYLWlW GK LP %HPKHQ GLH 6XEMHNWH ]X EHIlKLJHQ LKUH /HEHQVZHOWNRQVWUXNWLY]XJHVWDOWHQLKU/HEHQDNWLY]XEHZlOWLJHQXQG6LQQLQ LKUHQ(UIDKUXQJHQLP/HEHQ]XILQGHQ
5HVPHHXQG$XVEOLFN 'LH YRUOLHJHQGH $UEHLW ZLGPHW VLFK GHU )RUVFKXQJVIUDJH ZLH HLQH /HUQNXOWXU DXVVHKHQNDQQGLHGLH,QGLYLGXHQVWlUNWLKUH5HVVRXUFHQDNWLYLHUWXQGLKUHJH VHOOVFKDIWOLFKH3DUWL]LSDWLRQI|UGHUW=XU%HDQWZRUWXQJGLHVHU)UDJH ZDUHVQRW ZHQGLJ DXI JHVHOOVFKDIWOLFKH :DQGOXQJVSUR]HVVH HLQ]XJHKHQ GD /HUQNXOWXUHQ XQGGDPLWDXFK%LOGXQJVSUR]HVVHVWHWVHLQJHEHWWHWVLQGLQVR]LRNXOWXUHOOHSROLWL VFKH |NRQRPLVFKH XQG |NRORJLVFKH 9HUlQGHUXQJHQ :LOO PDQ HLQHQ JHVHOO VFKDIWOLFKHQ:DQGHOXQGVHLQH0DUNLHUXQJHQHUIDVVHQVRLVWGLHVHLQNRPSOH[HV 8QWHUQHKPHQ(V]HLJWVLFKGDVVMHGHHLQ]HOQH0DUNLHUXQJQXUVNL]]LHUWZHUGHQ NDQQZREHL/LQHDULWlWLQGHU%HVFKUHLEXQJGHQ,QWHUGHSHQGHQ]HQXQGJHJHQVHL WLJHQ $EKlQJLJNHLWHQ QLFKW JHUHFKW ZLUG ,QGLYLGXDOLVLHUXQJ HWZD LVW QXU XQ VFKZHU DEJHJUHQ]W ]X EHVFKUHLEHQ YRQ 'LIIHUHQ]LHUXQJVSUR]HVVHQ XQG GLHVH ZLHGHUXP VLQG LP =XVDPPHQKDQJ ]X VHKHQ PLW 5DWLRQDOLVLHUXQJVSKlQRPHQHQ ZHOFKHVLFKLKUHUVHLWVLQJOREDOHQ.RQWH[WHQZLGHUVSLHJHOQ'LHVDOOHVVWHOOWGHQ JHVHOOVFKDIWOLFKHQ 5DKPHQ GDU LQ GHP /HUQNXOWXUHQ LKUH $QNQSIXQJVSXQNWH KDEHQ )U GLH (QWZLFNOXQJ GHV 0RGHOOV HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU ZXUGHQ GLH %LOGXQJVSHUVSHNWLYH GLH /HUQSHUVSHNWLYH GLH 6XEMHNWSHUVSHNWLYH XQG GLH %LRJUDILHSHUVSHNWLYH DXVJHZlKOW 'DEHL ZXUGH GHU 9HUVXFK XQWHUQRP PHQ GHQ 6SDQQXQJVERJHQ ]ZLVFKHQ ,QGLYLGXXP XQG *HVHOOVFKDIW DXV]XORWHQ ZRKO ZLVVHQG GDVV GLHVHV 6SDQQXQJVYHUKlOWQLV NRQVWLWXWLY IU GLH 0RGHOOHQW ZLFNOXQJHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXULVW)UGLH,QWHQWLRQPLWGLHVHP 0RGHOO GLH 3HUVRQHQ ]X VWlUNHQ LKUH 5HVVRXUFHQ ]X DNWLYLHUHQ XQG DXI JHVHOO VFKDIWOLFKH 7HLOKDEH ]X IRNXVVLHUHQ VWHOOW HLQ PHGL]LQVR]LRORJLVFKHV .RQ]HSW QlPOLFKGDV.RKlUHQ]JHIKOGLH%DVLVGDU'LH,QWHJUDWLRQGLHVHV.RQ]HSWHVLQ GLH (U]LHKXQJV XQG %LOGXQJVZLVVHQVFKDIW KDW HLQH LQWHUGLV]LSOLQlUH +HUDQJH KHQVZHLVH]XU)ROJH 'HU (UNHQQWQLVJHZLQQ LQ GLHVHU )RUVFKXQJVDUEHLW OLHJW YRU DOOHP LQ GHU hEHUWUDJXQJGHV.RQ]HSWHVGHV.RKlUHQ]JHIKOVPLWVHLQHQGUHL.RPSRQHQWHQ 9HUVWHKEDUNHLW %HZlOWLJEDUNHLW XQG %HGHXWVDPNHLW LQ GLH %LOGXQJVIRUVFKXQJ 'LH$XVHLQDQGHUVHW]XQJGDPLW]HLJWGHXWOLFKGDVVGLH6WlUNXQJGHV.RKlUHQ]JH IKOV LQ GHU (UZDFKVHQHQELOGXQJ EHU GLH GUHL .RPSRQHQWHQ HLQHQ ZLFKWLJHQ %HVWDQGWHLO YRQ /HUQ XQG %LOGXQJVSUR]HVVHQ GDUVWHOOW /LWHUDWXUUHFKHUFKHQ KD EHQ]XGHPHUJHEHQGDVVIUGLH(UZDFKVHQHQELOGXQJHLQHGHUDUWLJH$GDSWLHUXQJ GHV.RQ]HSWHVGHV.RKlUHQ]JHIKOVLQGHUYRUOLHJHQGHQ)RUPELVODQJQRFKQLFKW
5HVPHHXQG$XVEOLFN
H[LVWLHUW (LQH +HUDXVIRUGHUXQJ LP )RUVFKXQJVSUR]HVV VWHOOWH GLH $XVZDKO EH GHXWVDPHUOHUQXQGELOGXQJVWKHRUHWLVFKHU$VSHNWHGDUGLHPLUIUGLHHLQ]HOQHQ .RPSRQHQWHQDOVDQVFKOXVVIlKLJHUVFKLHQHQ$OV(UJHEQLVGLHVHU)RUVFKXQJVDU EHLWOLHJWQXQHLQHVSH]LHOOH.RQ]HSWLRQHLQHV0RGHOOVHLQHUNRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU IU GLH (UZDFKVHQHQELOGXQJ YRU GLH HUVWHQV DXI HPDQ]LSDWRULVFKH %LOGXQJ DE]LHOW GLH ]ZHLWHQV DQ GHU ELRJUDILVFKHQ 9HUIDVVWKHLW GHU ,QGLYLGXHQ DQVHW]W GLH GULWWHQV QHXH 0XVWHU YRQ /HEHQVHUIDKUXQJHQ XQG 5HVVRXUFHQRULHQ WLHUXQJHUP|JOLFKWGLHYLHUWHQV.RPSHWHQ]HQWZLFNOXQJHQLQXQWHUVFKLHGOLFKVWHQ %HUHLFKHQI|UGHUWXQGIQIWHQVDQVFKOXVVIlKLJDQJHVHOOVFKDIWOLFKH+HUDXVIRUGH UXQJHQ LVW 'HU *HZLQQ GHQ GLHVH $UW YRQ /HUQNXOWXU OHLVWHW OLHJW LQ GHU 6WlU NXQJ GHV .RKlUHQ]JHIKOV GHU DQ %LOGXQJVSUR]HVVHQ EHWHLOLJWHQ 3HUVRQHQ (LQ DXVJHSUlJWHV.RKlUHQ]JHIKOHUP|JOLFKWGHP,QGLYLGXXPPLWJHVHOOVFKDIWOLFKHQ $QIRUGHUXQJHQ]XUHFKW]XNRPPHQ+HUDXVIRUGHUXQJHQHEHQVRZLH.ULVHQVLWXDWL RQHQ]XEHZlOWLJHQXQGGDPLWDNWLYXQGHLJHQYHUDQWZRUWOLFKGDV/HEHQ]XJHV WDOWHQ'DVEHGHXWHWDEHUQLFKWGHQJHVHOOVFKDIWOLFKHQ$QIRUGHUXQJHQXQNULWLVFK JHUHFKW]XZHUGHQRGHUDEHUVLFKLKQHQJHJHQEHUKLOIORVDXVJHOLHIHUW]XIKOHQ VRQGHUQHVJHKWXPGLH(QWZLFNOXQJHLQHUZLGHUVWlQGLJHQ.UDIWLP6XEMHNWVLFK JHJHQ |NRQRPLVFKH |NRORJLVFKH XQG PHQVFKOLFKH $XVEHXWXQJHQ ]XU :HKU ]X VHW]HQ'DV0RGHOOGHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXULVWHLQHVGDVGLH3HUVR QHQVWlUNWHVLVWMHGRFKVWHWVLP/LFKWHJHVHOOVFKDIWOLFKHU9HUlQGHUXQJHQQHX]X GHXWHQ XQG MHZHLOV QHX ]X LQWHUSUHWLHUHQ ,QGHP %LOGXQJVYHUDQVWDOWXQJHQ GD]X EHLWUDJHQGLHHLJHQHQ:LGHUVWDQGVUHVVRXUFHQ]XHUZHLWHUQLQGHPVLHGHQ$XV EDXYRQ&RSLQJVWUDWHJLHQXQGGDPLWGLH(UZHLWHUXQJYRQ+DQGOXQJVP|JOLFKNHL WHQI|UGHUQLVWHVP|JOLFKGDV.RKlUHQ]JHIKO]XVWlUNHQ:HQQGLH/HUQHQGHQ GXUFKHQWVSUHFKHQGH/HUQNXOWXUHQLQGHU/DJHVLQGLKUHELRJUDILVFKHQ3UR]HVVH ]XUHIOHNWLHUHQVLHDOV5HVVRXUFH]XQXW]HQXQGVRLKU/HEHQEHVVHU]XYHUVWH KHQ NDQQ (UZDFKVHQHQELOGXQJ HLQHQ ZHVHQWOLFKHQ %HLWUDJ GD]X OHLVWHQ,QGLH VHP6LQQHVWHOOWGDVYRUJHOHJWHWKHRUHWLVFKH/HUQNXOWXUPRGHOOHLQHQ%HLWUDJ]XU /HEHQVRULHQWLHUXQJHLQ]HOQHU3HUVRQHQGDU 0LW GLHVHP 0RGHOO OLHJW HLQ NRQ]HSWLRQHOOHU 5DKPHQ YRU GHU DOV $XV JDQJVSXQNWIU]XNQIWLJH)RUVFKXQJHQLQPHKUHUOHL+LQVLFKWGLHQW+LQVLFKWOLFK GHUSUDNWLVFKHQhEHUWUDJEDUNHLWLQGLH(UZDFKVHQHQELOGXQJIUGLH%LOGXQJVSUD [LVN|QQWHDXIEDXHQGDXIGHP0RGHOOHLQHUNRKlUHQ]RULHQWLHUWHQ/HUQNXOWXUHLQ PHWKRGLVFKGLGDNWLVFKHV .RQ]HSW IU GLH NRQNUHWH %LOGXQJVDUEHLW HQWZLFNHOW ZHUGHQ 'DUEHU KLQDXV ZlUH GLH $UEHLW DQ HLQHU :HLWHUHQWZLFNOXQJ GHV .RQ ]HSWHVGHV.RKlUHQ]JHIKOVXQGGDPLWDXFKHLQHHPSLULVFKHQhEHUSUIXQJLQWH UHVVDQW *HUDGH KLQVLFKWOLFK HLQHU JHJHQVWDQGVJHEXQGHQHQ 7KHRULHHUZHLWHUXQJ NDQQ GDV YRUOLHJHQGH 0RGHOO HLQHU NRKlUHQ]RULHQWLHUWHQ /HUQNXOWXU DOV $XV JDQJVSXQNW GDIU EHWUDFKWHW ZHUGHQ GLH .RPSRQHQWHQ GHV .RKlUHQ]JHIKOV LQ ELRJUDILVFKHQ/HUQXQG%LOGXQJVSUR]HVVHQ]XHUIRUVFKHQ
/LWHUDWXU DLFKHURWO GLHZHOWDOVHQWZXUI%HUOLQ $LJQHU -RVHI &KULVWLDQ 6XEMHNWELOGXQJ LP *UHQ]EHUHLFK ]ZLVFKHQ DQDO\WLVFKHU 6R]LDOSV\FKRORJLH XQG VXEMHNWRULHQWLHUWHU (UZDFKVHQHQELOGXQJ ,Q +|IIHU 0HKOPHU0DUNXV+UVJ %LOGXQJ:HJH]XP6XEMHNW+RKHQJHKUHQ6 $OKHLW 3HWHU %LRJUDSKL]LWlW DOV 3URMHNW 'HU ÄELRJUDSKLVFKH $QVDW]³ LQ GHU (U ZDFKVHQHQELOGXQJ :HUNVWDWWEHULFKW GHV )RUVFKXQJVVFKZHUSXQNWHV$UEHLW XQG %LO GXQJ8QLYHUVLWlW%UHPHQ%DQG $OKHLW3HWHU /HEHQOHUQHQ"%LOGXQJVSROLWLVFKHXQGELOGXQJVWKHRUHWLVFKH3HUVSHN WLYHQ ELRJUDSKLVFKHU $QVlW]H :HUNVWDWWEHULFKW GHV )RUVFKXQJVVFKZHUSXQNWHV $U EHLWXQG%LOGXQJ8QLYHUVLWlW%UHPHQ%DQG $OKHLW3HWHU 7UDQVLWRULVFKH%LOGXQJVSUR]HVVH'DVÄELRJUDSKLVFKH3DUDGLJPD³LQ GHU :HLWHUELOGXQJ ,Q 0DGHU :LOKHOP +J :HLWHUELOGXQJ XQG *HVHOOVFKDIW %UHPHQ6 $OKHLW3HWHU :DVGLH(UZDFKVHQHQELOGXQJYRQGHU%LRJUDSKLHXQG/HEHQVODXI IRUVFKXQJ OHUQHQ NDQQ,Q /HQ] :HUQHU +J 0RGHUQLVLHUXQJ GHU (UZDFKVHQHQ ELOGXQJ:LHQ.|OQ:HLPDU6 $OKHLW 3HWHU Ä%LRJUDSKL]LWlW³ DOV /HUQSRWHQWLDO .RQ]HSWLRQHOOH hEHUOHJXQJHQ ]XPELRJUDSKLVFKHQ$QVDW]LQGHU(UZDFKVHQHQELOGXQJ%UHPHQ $OKHLW 3HWHU Ä%LRJUDSKL]LWlW³ DOV 6FKOVVHOTXDOLILNDWLRQ 3OlGR\HU IU WUDQVLWRUL VFKH %LOGXQJVSUR]HVVH ,Q $UEHLWVJHPHLQVFKDIW %HWULHEOLFKH :HLWHUELOGXQJVIRU VFKXQJ H9 +UVJ :HLWHUOHUQHQ ± QHX JHGDFKW (UIDKUXQJHQ XQG (UNHQQWQLVVH 48(0UHSRUW±6FKULIWHQ]XUEHUXIOLFKHQ%LOGXQJ+HIW6 $OKHLW 3HWHU'DXVLHQ %HWWLQD %LOGXQJVSUR]HVVH EHU GLH /HEHQVVSDQQH XQG OHEHQVODQJHV/HUQHQ,Q7LSSHOW5XGROI+J +DQGEXFK%LOGXQJVIRUVFKXQJ2SOD GHQ6 $OOJ|ZHU $QQHWWH6WRFN &KULVWLDQH.UlPHU $OH[DQGHU :LH JHVXQG OHEHQ 6WX GLHUHQGH" ,Q 6RQQWDJ 8WH*UlVHU 6LONH6WRFN &KULVWLDQH.UlPHU $OH[DQGHU +UVJ *HVXQGKHLWVI|UGHUQGH+RFKVFKXOHQ:HLQKHLP0QFKHQ6 $QGUDW]HN(JEHUW'LHFNPDQQ+HLQULFK)HGGHUVHQ$QGUHD 0HGLDOH(QWZLFNOXQJ VHOEVWJHVWHXHUWHQ /HUQHQV LP )HUQXQWHUULFKW ,Q 'LHFNPDQQ +HLQULFK'LWWULFK .DUO+HLQ]/HKPDQQ %XUNKDUG +J .RPSHWHQ]WUDQVIHU GXUFK VHOEVWJHVWHXHUWHV /HUQHQ%DG+HLOEUXQQ6 $QWRQRYVN\$DURQ +J +HDOWK6WUHVVDQG&RSLQJ1HZ3HUVSHFWLYHVRQ0HQWDO DQG3K\VLFDO:HOO%HLQJ6DQ)UDQFLVFR $QWRQRYVN\ $DURQ 8QUDYHOLQJ WKH 0\VWHU\ RI +HDOWK ± +RZ 3HRSOH 0DQDJH 6WUHVVDQG6WD\:HOO6DQ)UDQFLVFR
/LWHUDWXU
$QWRQRYVN\ $DURQ 8QUDYHOLQJ WKH 0\VWHU\ RI +HDOWK ± +RZ 3HRSOH 0DQDJH 6WUHVVDQG6WD\:HOOQGHG6DQ)UDQFLVFR $QWRQRYVN\$DURQ &DQDWWLWXGHVFRQWULEXWHWRKHDOWK",Q$GYDQFHV6 $QWRQRYVN\ $DURQ D *HVXQGKHLWVIRUVFKXQJ YHUVXV .UDQNKHLWVIRUVFKXQJ ,Q )UDQNH $OH[D%URGD 0DQIUHG +UVJ 3V\FKRVRPDWLVFKH *HVXQGKHLW9HUVXFK HL QHU$ENHKUYRP3DWKRJHQHVH.RQ]HSW7ELQJHQ6 $QWRQRYVN\ $DURQ 6DOXWRJHQHVH =XU (QWP\VWLIL]LHUXQJ GHU *HVXQGKHLW 'HXW VFKHHUZHLWHUWH+HUDXVJDEHYRQ)UDQNH$OH[D7ELQJHQ $UHQGW +DQQDK =ZLVFKHQ 9HUJDQJHQKHLW XQG =XNXQIW hEXQJHQ LP SROLWLVFKHQ 'HQNHQ,0QFKHQ $UQROG 5ROI 'HXWXQJVPXVWHU XQG SlGDJRJLVFKHV +DQGHOQ LQ GHU (UZDFKVHQHQ ELOGXQJ+HLOEUXQQ $UQROG5ROI :HLWHUELOGXQJ±QRWZHQGLJH8WRSLHRGHU6WLHINLQGGHU*HVHOOVFKDIW" ,Q 'LHFNPDQQ +HLQULFK6FKDFKWVLHFN %HUQG +UVJ /HUQNRQ]HSWH LP :DQGHO 'LH=XNXQIWGHU%LOGXQJ6WXWWJDUW6 $UQROG 5ROI /HUQNXOWXUZDQGHO %HJULIIVWKHRUHWLVFKH .OlUXQJHQ XQG HUZDFKVH QHQSlGDJRJLVFKH,OOXVWUDWLRQHQ,Q5HSRUW/LWHUDWXUXQG)RUVFKXQJVUHSRUW:HLWHU ELOGXQJ1U'H]HPEHU6 $UQROG5ROI (UZDFKVHQHQOHUQHQLP0RGXVGHV)KOHQV±RGHU'LH(PRWLRQVOR VLJNHLW GHU (UZDFKVHQHQSlGDJRJLN XQG LKUHU 3UD[LV ,Q +|IIHU0HKOPHU +UVJ %LOGXQJ:HJH]XP6XEMHNW+RKHQJHKUHQ6 $UQROG5ROI*yPH]7XWRU&ODXGLD 6HOEVWJHVWHXHUWHV/HUQHQOHUQHQ(UIDKUXQJHQ PLWKDQGOXQJVRULHQWLHUWHQ6HPLQDUHQ]XU(QWZLFNOXQJYRQ6HOEVWOHUQNRPSHWHQ],Q 'LHFNPDQQ+HLQULFK'LWWULFK.DUO+HLQ]/HKPDQQ%XUNKDUG .RPSHWHQ] WUDQVIHUGXUFKVHOEVWJHVWHXHUWHV/HUQHQ%DG+HLOEUXQQ6 $UQROG5ROI+RO]DSIHO*QWKHU (PRWLRQHQXQG/HUQHQ+RKHQJHKUHQ $UQROG 5ROI/HUPHQ 0DUNXV /HUQNXOWXUZDQGHO XQG (UP|JOLFKXQJVGLGDNWLN ± :DQGOXQJVWHQGHQ]HQ LQ GHU :HLWHUELOGXQJ ,Q $UEHLWVJHPHLQVFKDIW %HWULHEOLFKH :HLWHUELOGXQJVIRUVFKXQJH9+UVJ :HLWHUOHUQHQ±QHXJHGDFKW(UIDKUXQJHQXQG (UNHQQWQLVVH48(0UHSRUW±6FKULIWHQ]XUEHUXIOLFKHQ%LOGXQJ+HIW6 $UQROG5ROI6FKOHU,QJHERUJ 'HXWXQJVOHUQHQ±HLQNRQVWUXNWLYLVWLVFKHU$QVDW] OHEHQGLJHQ/HUQHQV,Q$UQROG5ROI+UVJ /HEHQGLJHV/HUQHQ+RKHQJHKUHQ6 $UQROG 5ROI6FKOHU ,QJHERUJ :DQGHO GHU /HUQNXOWXUHQ ,GHHQXQG %DXVWHLQH IUHLQOHEHQGLJHV/HUQHQ'DUPVWDGW $UQROG 5ROI6LHEHUW +RUVW .RQVWUXNWLYLVWLVFKH (UZDFKVHQHQELOGXQJ 9RQ GHU 'HXWXQJ]XU.RQVWUXNWLRQYRQ:LUNOLFKNHLW+RKHQJHKUHQ $YFL:HUQLQJ 0HOWHP /HUQ]LHO =XVDPPHQOHEHQ 'DV $%& GHU LQWHUNXOWXUHOOHQ $UEHLW ,Q +HWHURJHQLWlW 8QWHUVFKLHGH QXW]HQ ± *HPHLQVDPNHLWHQ VWlUNHQ )ULHG ULFK-DKUHVKHIW;;,,6 $[PDFKHU'LUN :LGHUVWDQGJHJHQ%LOGXQJ=XU5HNRQVWUXNWLRQHLQHUYHUGUlQJ WHQ:HOWGHV:LVVHQV:HLQKHLP
/LWHUDWXU
%DFKPDQQ 1LFROH%HUWD 'DQLHOD(JJOL 3HWHU+RUQXQJ 5DLQHU 0DFKW6WXGLHUHQNUDQN"'LH%HGHXWXQJYRQ%HODVWXQJXQG5HVVRXUFHQIUGLH*H VXQGKHLWGHU6WXGLHUHQGHQ*|WWLQJHQ %DWHVRQ*UHJRU\ g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hEHU GHQ =XVDPPHQKDQJ YRQ %LOGXQJ XQG/HUQHQLQGHU(UZDFKVHQHQELOGXQJ:HLQKHLP %HQJHO -UJHQ6WULWWPDFKHU 5HJLQH:LOOPDQQ +LOGHJDUG :DV HUKlOW 0HQVFKHQ JHVXQG"$QWRQRYVN\V0RGHOOGHU6DOXWRJHQHVH±'LVNXVVLRQVVWDQGXQG6WHOOHQZHUW (LQH([SHUWLVH.|OQ %HUJHO6WHIDQLH OHDUQLQJE\UHIOHFWLQJH3257)2/,26,QHOH#UQLQJ$XVJDEH %HUJHU3HWHU//XFNPDQQ7KRPDV 'LHJHVHOOVFKDIWOLFKH.RQVWUXNWLRQGHU:LUN OLFKNHLW)UDQNIXUWDP0DLQ %LOGHQ +HOJD 'LH *UHQ]HQ YRQ *HVFKOHFKW EHUVFKUHLWHQ ,Q )ULW]VFKH %HWWL QD+DUWPDQQ -XWWD6FKPLGW $QGUHD7HUYRRUHQ $QMD +UVJ 'HNRQVWUXNWLYH 3l GDJRJLN (U]LHKXQJVZLVVHQVFKDIWOLFKH 'HEDWWHQ XQG SRVWVWUXNWXUDOLVWLVFKH 3HUVSHN WLYHQ2SODGHQ6 %OlWWQHU %HDWH *HVXQGKHLWVI|UGHUQGH 3DWLHQWHQLQIRUPDWLRQ LQ GHU *HVXQGKHLWV YHUVRUJXQJ±DXVGHU3HUVSHNWLYHGHU%HWURIIHQHQ,Q*|SHO(EHUKDUG+UVJ *H VXQGKHLWEHZHJW:LHDXVHLQHP.UDQNKHLWVZHVHQHLQ*HVXQGKHLWVZHVHQHQWVWHKHQ NDQQ)UDQNIXUWDP0DLQ6 %OLFNKlXVHU$QJHOLNDYDQ%DUJHQ+HQQLQJ :HJH]XU*HQGHU.RPSHWHQ]*HQ GHU0DLQVWUHDPLQJPLW*HQGHU7UDLQLQJXPVHW]HQ%HUOLQ %RKP 'DYLG 'HU 'LDORJ 'DV RIIHQH *HVSUlFK DP (QGH GHU 'LVNXVVLRQ 6WXWW JDUW
/LWHUDWXU
%UHGHO 8UVXOD ÄhEHU (UGNXQGH NDQQVWH PLFK QL[ PHKU IUDJHQ³ (ULQQHUQ XQG 9HUJHVVHQIUHPGEHVWLPPWHUXQGVHOEVWRUJDQLVLHUWHU/HUQSUR]HVVH,Q+RIIPDQ1L FROH5HLQ$QWMHYRQ+UVJ 6HOEVWRUJDQLVLHUWHV/HUQHQLQEHUXIV ELRJUDSKLVFKHU 5HIOH[LRQ%DG+HLOEUXQQ6 %XUEDFK&KULVWLQH6FKORWWDX+HLNH+JLQQHQ $EHQWHXHU)DLUQHVV±(LQ$UEHLWV EXFK]XP*HQGHUWUDLQLQJ*|WWLQJHQ %UPDQQ-|UJ Ä$QWZRUWHQDXIQHXH+HUDXVIRUGHUXQJHQ³RGHUÄ'DVHPSILQGVD PH%HJOHLWHQGHVVLFK:DQGHOEDUHQ³±(LQ%HLWUDJ]XU)UDJH:DVLVW*HVWDOWSlGD JRJLN,Q=HLWVFKULIWIU*HVWDOWSlGDJRJLN-J+HIW6 %XURZ2ODY$[HO 'LH,QGLYLGXDOLVLHUXQJVIDOOH.UHDWLYLWlWJLEWHVQXULP3OXUDO 6WXWWJDUW &DVWHO5REHUW 'LH0HWDPRUSKRVHQGHUVR]LDOHQ)UDJH(LQH&KURQLNGHU/RKQDU EHLW.RQVWDQ] &RPHQLXV -RKDQQ $PRV *URH 8QWHUULFKWVOHKUH (LQOHLWXQJ hEHUVHW]XQJ XQG.RPPHQWDUYRQ/LQGQHU*XVWDY$GROI:LHQ &URXFK&ROLQ 3RVWGHPRNUDWLH)UDQNIXUWDP0DLQ &VLNV]HQWPLKDO\L0LKDO\ /HEHJXW:LH6LHGDV%HVWHDXV,KUHP/HEHQPDFKHQ 6WXWWJDUW &VLNV]HQWPLKDO\L0LKDO\ )ORZGDV*HKHLPQLVGHV*OFNV6WXWWJDUW 'DPDVLR$QWRQLR5 ,FKIKOHDOVRELQLFK0QFKHQ 'DXEHU+HLQULFK 1HXH/HUQNXOWXUHQ,Q5HSRUW/LWHUDWXUXQG)RUVFKXQJVUHSRUW :HLWHUELOGXQJ1U6 'DXVLHQ%HWWLQD /HEHQVODQJHV/HUQHQDOV/HLWOLQLHIUGLH%LOGXQJVSUD[LV"hEHU OHJXQJHQ ]XU SlGDJRJLVFKHQ .RQVWUXNWLRQ YRQ /HUQHQ DXV ELRJUDSKLHWKHRUHWLVFKHU 6LFKW,Q+HU]EHUJ+HLGUXQ+UVJ /HEHQVODQJHV/HUQHQ7KHRUHWLVFKH3HUVSHNWL YHQ XQG HPSLULVFKH %HIXQGH LP .RQWH[W GHU (UZDFKVHQHQELOGXQJ )UDQNIXUW DP 0DLQ6 'H +DDQ *HUKDUG+DJHQEHUJ 'RURWKHH %LOGXQJ IU HLQH QDFKKDOWLJH (QWZLFN OXQJ*XWDFKWHQ]XP3URJUDPP0DWHULDOLHQ]XU%LOGXQJVSODQXQJXQG)RUVFKXQJV I|UGHUXQJ +HIW +HUDXVJHJHEHQ YRQ GHU %XQG/lQGHU.RPPLVVLRQ IU %LO GXQJVSODQXQJXQG)RUVFKXQJVI|UGHUXQJ%RQQ 'HULFKV.XQVWPDQQ.DULQ$XV]UD6XVDQQH0WKLQJ%ULJLWWH 9RQGHU,QV]HQLH UXQJGHV*HVFKOHFKWHUYHUKlOWQLVVHV]XUJHVFKOHFKWHUJHUHFKWHQ'LGDNWLN.RQVWLWXWLRQ XQG5HSURGXNWLRQGHV*HVFKOHFKWHUYHUKlOWQLVVHVLQGHU(UZDFKVHQHQELOGXQJ%LHOH IHOG GH6KD]HU6WHYH :HJHGHUHUIROJUHLFKHQ.XU]WKHUDSLH6WXWWJDUW 'HXWVFKH81(6&2.RPPLVVLRQ+UVJ /HUQIlKLJNHLW8QVHUYHUERUJHQHU5HLFK WXP81(6&2%HULFKW]XU%LOGXQJIUGDV-DKUKXQGHUW1HXZLHG 'LHFNPDQQ+HLQULFK %LOGXQJVZHQGHVWDWW%LOGXQJVHQGH,Q'LHFNPDQQ+HLQ ULFK6FKDFKWVLHN%HUQG+UVJ /HUQNRQ]HSWHLP:DQGHOGLH=XNXQIWGHU%LOGXQJ 6WXWWJDUW6 'LHWULFK6WHSKDQ+HUU0RQLND +UVJ 6XSSRUWIU1HXH/HKUXQG/HUQNXOWXUHQ %LHOHIHOG
/LWHUDWXU
'LHWULFK6WHSKDQ+HUU0RQLND 6XSSRUWIULQWHJULHUWH2UJDQLVDWLRQVXQG3HUVR QDOHQWZLFNOXQJ,Q'LHWULFK6WHSKDQ+HUU0RQLND+UVJ 6XSSRUWIU1HXH/HKU±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lUHQ] JHIKO,Q:\GOHU+DQV.ROLS3HWUD$EHO7KRPDV+UVJ 6DOXWRJHQHVH(PSLULH XQG 3UD[LV HLQHV JHVXQGKHLWVZLVVHQVFKDIWOLFKHQ .RQ]HSWV :HLQKHLP0QFKHQ 6 'XVW0DUWLQ Ä1HXH/HUQNXOWXUHQ³XQG9RONVKRFKVFKXOH±'RFKZDVLVWOHW]WOLFK QHX" ,Q (NNHKDUG 1XLVVO +UVJ 9RP /HUQHQ ]XP /HKUHQ /HUQ XQG /HKUIRU VFKXQJIUGLH:HLWHUELOGXQJ%LHOHIHOG6 (JJHU5XGROI 1H[W([LW%LOGXQJ/HUQZHOWHQLPhEHUJDQJ*UD] (JJHU5XGROID 2KQH%LRJUDSKLHJLEWHVNHLQ/HUQHQRKQH/HUQHQNHLQH%LRJUD SKLH)RUPHQXQG:DQGOXQJHQGHV(ULQQHUQVLQKHURLVFKHQ*HVHOOVFKDIWHQ,Q0L NXOD5HJLQD+J %LOGXQJLP'LVNXUV0QFKHQ:LHQ6 (JJHU5XGROI *HVHOOVFKDIWPLWEHVFKUlQNWHU%LOGXQJ(LQHHPSLULVFKH6WXGLH]XU (UUHLFKEDUNHLWXQG]XPLQGLYLGXHOOHQ1XW]HQYRQ/HUQSUR]HVVHQ*UD] (JJHU5XGROI 2UWHXQG1LFKW2UWHGHU%LOGXQJ$QHLJQXQJVSUR]HVVHDOV5DKPHQ XQG 5DKPXQJ OHEHQVQDKHQ /HUQHQV ,Q (JJHU 5XGROI0LNXOD 5HJLQD+DULQJ 6RO)HOELQJHU $QGUHD3LOFK 2UWHJD $QJHOD +UVJ 2UWH GHV /HUQHQV /HUQZHOWHQ XQGLKUHELRJUDSKLVFKH$QHLJQXQJ:LHVEDGHQ6 (JJHU 5XGROI0LNXOD 5HJLQD+DULQJ 6RO)HOELQJHU $QGUHD3LOFK 2UWHJD $QJHOD +UVJ 2UWH GHV /HUQHQV /HUQZHOWHQ XQG LKUH ELRJUDSKLVFKH $QHLJQXQJ :LHVEDGHQ (KVHV &KULVWLDQH=HFK 5DLQHU :LHVR QXQ HLJHQWOLFK /HUQ.XOWXU" ,Q QEHE ± 0DJD]LQ6 (UQVW+HLNR 3V\FKRWUHQGV'DV,FKLP-DKUKXQGHUW0QFKHQ (USHQEHFN -RKQ6DXHU -RKDQQHV 'DV )RUVFKXQJV XQG (QWZLFNOXQJVSURJUDPP Ä/HUQNXOWXU XQG .RPSHWHQ]HQWZLFONXQJ³ ,Q $UEHLWVJHPHLQVFKDIW %HWULHEOLFKH :HLWHUELOGXQJVIRUVFKXQJ+UVJ 48(05HSRUW%HUOLQ6 (VWHU %DXU0DUWL 0DGHOHLQH .XUV DXI *HQGHU.RPSHWHQ] /HLWIDGHQ IU HLQH JHVFKOHFKWHUJHUHFKWH'LGDNWLNLQGHU(UZDFKVHQHQELOGXQJ%DVHO (XURSlLVFKH .RPPLVVLRQ 0HPRUDQGXP EHU /HEHQVODQJHV /HUQHQ $UEHLWVGR NXPHQWGHU.RPPLVVLRQVGLHQVWVWHOOHQ%UVVHO (XURSlLVFKH .RPPLVVLRQ (LQHQ HXURSlLVFKHQ 5DXP GHV /HEHQVODQJHQ /HUQHQV VFKDIIHQ ,Q KWWSHXUOH[HXURSDHX/H[8UL6HUY/H[8UL6HUYGR"XUL &20 ),1'(3')>@ (XURSlLVFKH.RPPLVVLRQ /HEHQVODQJHV/HUQHQ3UD[LVXQG,QGLNDWRUHQ$UEHLWV SDSLHU GHU .RPPLVVLRQVGLHQVWH %HJOHLWGRNXPHQW ]XU 0LWWHLOXQJ GHU .RPPLVVLRQ
/LWHUDWXU
HLQHQ HXURSlLVFKHQ 5DXP GHV OHEHQVODQJHQ /HUQHQV VFKDIIHQ ,Q KWWSHFHXURSD HXHGXFDWLRQSROLFLHV,,,OLIHFRPPXQLFDWLRQVWDIIBGHSGI>@ (XURVWDW ,QWHUQHW1XW]XQJ +DXVKDOWH XQG (LQ]HOSHUVRQHQ ,Q KWWSHFHXUR SDHXHXURVWDW>@ )DXOVWLFK3HWHU 3UD[LVKDQGEXFK6HOEVWEHVWLPPWHV/HUQHQ:HLQKHLP )DXOVWLFK 3HWHU /HUQHQ EUDXFKW 6XSSRUW ± $XIJDEHQ GHU ,QVWLWXWLRQHQ EHLP Ä6HOEVWEHVWLPPWHQ /HUQHQ³ ,Q 'HXWVFKHV ,QVWLWXW IU (UZDFKVHQHQELOGXQJ 1RYH PHU 85/ KWWSZZZGLHERQQGHHVSULGGRNXPHQWHGRFIDXOVWLFK BSGI>@ )DXOVWLFK3HWHU /HEHQVHUIDKUXQJHQ DOV /HUQYRUDXVVHW]XQJHQ ,Q /HUQHQ +HVVL VFKH %OlWWHU IU 9RONVELOGXQJ =HLWVFKULIW IU (UZDFKVHQHQELOGXQJ LQ 'HXWVFKODQG -J+HIW6 )DXOVWLFK3HWHU+UVJ /HUQNXOWXU(UZDFKVHQHQELOGXQJXQG:HLWHUELOGXQJ LQGHU=XNXQIWVJHVHOOVFKDIW0QFKHQ )DXOVWLFK3HWHU)RUQHFN+HUPDQQ-.QROO-|UJ %HJUQGHWJHOHLWHWXQGEHUDWHQ ± 6HOEVWJHVWHXHUWH /HUQDNWLYLWlWHQ LP HPSLULVFKHQ =XJDQJ ,Q )DXOVWLFK 3H WHU)RUQHFN +HUPDQQ -*UHOO 3HWUD+lQHU .DWULQ.QROO -|UJ6SULQJHU $QJHOD /HUQZLGHUVWDQG ± /HUQXPJHEXQJ ± /HUQEHUDWXQJ (PSLULVFKH )XQGLHUXQJHQ ]XP VHOEVWJHVWHXHUWHQ/HUQHQ%LHOHIHOG6 )DXOVWLFK3HWHU*UHOO3HWUD :LGHUVWDQGLVWQLFKWXQEHJUQGHW±/HUQZLGHUVWlQGH LQ GHU )RUVFKHQGHQ /HUQZHUNVWDWW ,Q )DXOVWLFK 3HWHU)RUQHFN +HUPDQQ -*UHOO 3HWUD+lQHU .DWULQ.QROO -|UJ6SULQJHU $QJHOD /HUQZLGHUVWDQG ± /HUQXPJH EXQJ±/HUQEHUDWXQJ(PSLULVFKH)XQGLHUXQJHQ]XPVHOEVWJHVWHXHUWHQ/HUQHQ%LH OHIHOG6 )DXOVWLFK 3HWHU*URWOVFKHQ $QNH /HUQWKHRULH DQHLJQHQ XQG YHUPLWWHOQ ,Q 'HKQERVWHO3HWHU'LSSO=RUDQD(OVWHU)UDQN9RJHO7KRPDV+UVJ 3HUVSHNWLYHQ PRGHUQHU %HUXIVELOGXQJ (/HDUQLQJ 'LGDNWLVFKH ,QQRYDWLRQHQ0RGHOOKDIWH (QW ZLFNOXQJHQ%LHOHIHOG6 )DXOVWLFK3HWHU/XGZLJ-RDFKLP /HUQHQXQG/HKUHQ±DXVÄVXEMHNWZLVVHQVFKDIW OLFKHU 3HUVSHNWLYH³ ,Q )DXOVWLFK 3HWHU/XGZLJ -RDFKLP +UVJ ([SDQVLYHV /HU QHQ%DOWPDQQVZHLOHU6 )HOELQJHU $QGUHD .RKl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± :HLWHUOHUQHQ 1HXHV /HUQHQ LQ GHU :HLWHUELO GXQJ ,Q $UEHLWVJHPHLQVFKDIW %HWULHEOLFKH :HLWHUELOGXQJVIRUVFKXQJ H9 +UVJ :HLWHUOHUQHQ±QHXJHGDFKW(UIDKUXQJHQXQG(UNHQQWQLVVH48(0UHSRUW±6FKULI WHQ]XUEHUXIOLFKHQ%LOGXQJ+HIW6
/LWHUDWXU
)RUJKDQL1HGD *OREDOHV/HUQHQ'LHhEHUZLQGXQJGHVQDWLRQDOHQ(WKRV:LHQ )RUQHFN +HUPDQQ -6SLQJHU $QJHOD *HVWDOWHW LVW QLFKWJHOHLWHW ± /HUQHQWZLFN OXQJHQ LQ SURIHVVLRQHOO VWUXNWXULHUWHQ /HUQDUFKLWHNWXUHQ ,Q )DXOVWLFK 3H WHU)RUQHFN +HUPDQQ -*UHOO 3HWUD+lQHU .DWULQ.QROO -|UJ6SULQJHU $QJHOD /HUQZLGHUVWDQG ± /HUQXPJHEXQJ ±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lGDJRJLN1U6 )U|KOLFK9RONHU*|SSHO5ROI %LOGXQJDOV5HIOH[LRQEHUGLH/HEHQV]HLW*LHHQ )XFKV0D[ 0HQVFKXQG.XOWXU=XGHQDQWKURSRORJLVFKHQ*UXQGODJHQYRQ.XO WXUDUEHLWXQG.XOWXUSROLWLN2SODGHQ:LHVEDGHQ )XUPDQ%HQ7DSDQL$KROD 'LH=XNXQIWLVWGDV/DQGGDVQLHPDQGHPJHK|UW« 3UREOHPHO|VHQLP*HVSUlFK6WXWWJDUW *DVWDJHU$QJHOD 3DUDGLJPHQYLHOIDOWDXVGHU6LFKWGHU8QWHUULFKWHQGHQ%LUNDFK *HLVEDXHU :LOKHOP 5HWHDPLQJ ± 0HWKRGHQKDQGEXFK ]XU O|VXQJVRULHQWLHUWHQ %HUDWXQJ+HLGHOEHUJ *HLOHU .DUOKHLQ] $ 0DFKW %LOGXQJ IUHL" $UEHLWVJHPHLQVFKDIW %HWULHEOLFKH :HLWHUELOGXQJVIRUVFKXQJH9+UVJ :HLWHUOHUQHQ±QHXJHGDFKW(UIDKUXQJHQXQG (UNHQQWQLVVH48(0UHSRUW±6FKULIWHQ]XUEHUXIOLFKHQ%LOGXQJ+HIW6 *HRUJ:HUQHU +J 6R]LDOH8QJOHLFKKHLWHQLP%LOGXQJVV\VWHP(LQHHPSLULVFK WKHRUHWLVFKH%HVWDQGVDXIQDKPH.RQVWDQ] *HUVWHQPDLHU -RFKHQ0DQGO +HLQ] :LVVHQVHUZHUE DXV NRQVWUXNWLYLVWLVFKHU 3HUVSHNWLYH,Q=HLWVFKULIWIU3lGDJRJLN+HIW6 *H\HU 6LHJIULHG 6RPH FRQFHSWXDO FRQVLGHUDWLRQV RQ WKH 6HQVH RI &RKHUHQFH VFDOH6RFLDO6FLHQFH 0HGLFLQH6 *LGGHQV $QWKRQ\ (QWIHVVHOWH :HOW :LH GLH *OREDOLVLHUXQJ XQVHU /HEHQ YHUlQ GHUW)UDQNIXUWDP0DLQ *LGGHQV$QWRQR\ .RQVHTXHQ]HQGHU0RGHUQH)UDQNIXUWDP0DLQ *LHVHNH:LOWUXG +UVJ +DQGEXFK]XU)UDXHQELOGXQJ2SODGHQ
/LWHUDWXU
*ODVHUVIHOG (UQVW YRQ :LVVHQ 6SUDFKH XQG :LUNOLFKNHLW %UDXQ VFKZHLJ:LHVEDGHQ *ROHPDQ'DQLHO (PRWLRQDOH,QWHOOLJHQ]0QFKHQ *ROHPDQ'DQLHO+J 'LHKHLOHQGH.UDIWGHU*HIKOH*HVSUlFKHPLWGHP'DODL /DPDEHU$FKWVDPNHLW(PRWLRQXQG*HVXQGKHLW0QFKHQ *|SHO (EHUKDUG 6\VWHPLVFKH *HVXQGKHLWVI|UGHUXQJ ,Q *|SHO (EHU KDUG*HVXQGKHLWV$NDGHPLHH9+UVJ *HVXQGKHLWJHPHLQVDPJHVWDOWHQ±%DQG )UDQNIXUWDP0DLQ6 *|SHO(EHUKDUG*HVXQGKHLWV$NDGHPLHH9+UVJ 6\VWHPLVFKH*HVXQGKHLWVI|U GHUXQJ*HVXQGKHLWJHPHLQVDPJHVWDOWHQ±%DQG)UDQNIXUWDP0DLQ *UlVHU6LONH +RFKVFKXOHXQG*HVXQGKHLW6DOXWRJHQHVHDP$UEHLWVSODW]8QLYHU VLWlW/HQJHULFK *URVVPDQQ5DOSK6FDOD.ODXV *HVXQGKHLWGXUFK3URMHNWHI|UGHUQ(LQ.RQ]HSW ]XU*HVXQGKHLWVI|UGHUXQJGXUFK2UJDQLVDWLRQVHQWZLFNOXQJ:HLQKHLP *UXEHU(ONH 6FK|QHQHXH%LOGXQJVZHOW"%LOGXQJXQG:HLWHUELOGXQJLQ0RGHUQL VLHUXQJVSUR]HVVHQ,Q'U.DUO5HQQHU,QVWLWXWHWDO+J 0HLVWHUGLHYRP+LP PHOIDOOHQ%HLWUlJH]X4XDOLWlWXQG&KDQFHQJOHLFKKHLWLP%LOGXQJVV\VWHP:LHQ6 *UXEHU (ONH %HUXI XQG %LOGXQJ ± N HLQ :LGHUVSUXFK" ,QQV EUXFN:LHQ0QFKHQ *XVVRQH %DUEDUD6FKLHSHN *QWHU 'LH Ä6RUJH XP VLFK³ %XUQRXW3UlYHQWLRQ XQG/HEHQVNXQVWLQKHOIHQGHQ%HUXIHQ7ELQJHQ +DOWHQKRI+RUVW6FKPROO'LUN )UKH6R]LDOLVDWLRQXQGXQVSH]LILVFKH:LUNIDNWR UHQGHU3V\FKRWKHUDSLHDXV6LFKWGHV6DOXWRJHQHVH.RQ]HSWV,Q/DPSUHFKW)ULHG KHOP-RKQHQ5ROI+UVJ 6DOXWRJHQHVH(LQQHXHV.RQ]HSWLQGHU3V\FKRVRPDWLN" .RQJUHEDQGGHU-DKUHVWDJXQJGHV'HXWVFKHQ.ROOHJLXPV IUV 3V\FKRVRPDWLN )UDQNIXUWDP0DLQ6 +DQQ|YHU :ROIJDQJ$QGUHD 0LFKDHO0H\HU &KULVWLDQ5XPSI +DQV-UJHQ+DSNH 8OIHUW-RKQ8OULFK 'LH6HQVHRI&RKHUHQFH6FDOHYRQ$QWRQRYVN\XQGGDV 9RUOLHJHQ HLQHU SV\FKLDWULVFKHQ 'LDJQRVH (UJlQ]XQJHQ ]X GHQ GHXWVFKHQ 1RUP ZHUWHQDXVHLQHUEHY|ONHUXQJVUHSUlVHQWDWLYHQ6WLFKSUREH,Q3V\FKRWKHU3V\FK0HG 66WXWWJDUW1HZ@ 0DURW]NL:LQIULHG (QWZXUIHLQHUVWUXNWXUDOHQ%LOGXQJVWKHRULH:HLQKHLP 0DURW]NL :LQIULHG hEHU HLQLJH $QQDKPHQ GHV 9HUVWlQGQLVVHV PHQVFKOLFKHU /HUQXQG%LOGXQJVSUR]HVVHDXV NRQVWUXNWLYLVWLVFKHU6LFKW,Q0DURW]NL:LQIULHG 6QNHU+HLQ]+UVJ .ULWLVFKH(U]LHKXQJVZLVVHQVFKDIW0RGHUQH±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|U SHUXQJYRQ:LUNOLFKNHLW%UDXQVFKZHLJ 0HUO+DUU\ hEHUGDV2IIHQVLFKWOLFKHRGHU'HQ:DOGYRUODXWHU%lXPHQVHKHQ :LHQ 0HUWHQV'LHWHU 'DV4XDOLILNDWLRQVSDUDGR[,Q=HLWVFKULIWIU3lGDJRJLN+HIW 6 0HXHOHU(UKDUG 'LH7UHQGHV.lILJV:HJH]XP6XEMHNWLQGHU(UZDFKVHQHQ ELOGXQJ6WXWWJDUW 0HXHOHU (UKDUG )RUWELOGXQJ XQG 6XEMHNWHQWZLFNOXQJ ,Q 1XLVVO (NNH KDUG6FKLHUVPDQQ &KULVWLDQH6LHEHUW +RUVW +UVJ /LWHUDWXU XQG )RUVFKXQJVUH SRUW:HLWHUELOGXQJ1U6 0HXHOHU(UKDUG Ä(UZDFKVHQHZROOHQVLFKQLFKWPHKUHU]LHKHQODVVHQ³*HVSUlFK PLW (UKDUG 0HXHOHU ]XU 6LWXDWLRQ LQ GHU (UZDFKVHQHQELOGXQJ ,Q *(:=HLWXQJ 5KHLQODQG3IDO]6 0HXHOHU (UKDUG %LOGXQJ IU QDFKKDOWLJH (QWZLFNOXQJ RGHU 0KVDP JHJHQ GHQ :LQG DXINUHX]HQ 9RUWUDJ YRP ,Q ZZZSOXVGHKRPH GRZQOR DGPHXHOHUSGI>@ 0H\HU0HLQHUW$ 6WLFKZRUW$OWHRGHUQHXH/HUQNXOWXU",Q=I(=HLWVFKULIWIU (U]LHKXQJVZLVVHQVFKDIW+HIW6 0LNXOD5HJLQD 'DVNRPSOH[H1HW]ZHUNSlGDJRJLVFKHU:HOWHQ%LOGXQJ,QWHJUD WLRQYRQ.RQVWUXNWLYLVPXVXQG6\VWHPWKHRULHQLQGLHPRGHUQHQ(U]LHKXQJVZLVVHQ VFKDIWHQXQGLQGLH7KHRULHQGHU6FKXOH,QQVEUXFN 0LNXOD5HJLQD /HEHQVODQJHV /HUQHQ±HPDQ]LSDWRULVFKH3RWHQ]LDOHYHUlQGHUWHU /HUQNXOWXUHQ,QZZZHUZDFKVHQHQELOGXQJDWPDJD]LQPHESGI>@ 0LNXOD5HJLQD 'LH0HKUSHUVSHNWLYLWlWGHV/HUQHQVLQGHU9HURUWXQJXQG5HNRQ VWUXNWLRQ ELRJUDILVFKHU 9HUlQGHUXQJVSUR]HVVH ,Q (JJHU 5XGROI0LNXOD 5HJL QD+DULQJ 6RO)HOELQJHU $QGUHD3LOFK 2UWHJD $QJHOD +UVJ 2UWH GHV /HUQHQV /HUQZHOWHQXQGLKUHELRJUDSKLVFKH$QHLJQXQJ:LHVEDGHQ6 0LWWHOVWUD-UJHQ 'LH+lXVHUGHV:LVVHQV)UDQNIXUWDP0DLQ
/LWHUDWXU
0LWWHOVWUD -UJHQ :LVVHQ XQG *UHQ]HQ 3KLORVRSKLVFKH 6WXGLHQ )UDQNIXUW DP 0DLQ 1HJW 2VNDU /HUQHQ LQ HLQHU :HOW JHVHOOVFKDIWOLFKHU 8PEUFKH ,Q 'LHFNPDQQ +HLQULFK6FKDFKWVLHN%HUQG+UVJ /HUQNRQ]HSWHLP:DQGHOGLH=XNXQIWGHU%LO GXQJ6WXWWJDUW6 1HXZHJ *HRUJ +DQV .|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gVWHUUHLFKLVFKHU )DFKKRFKVFKXOUDW 6WXGLHQJDQJVDUWHQ ,Q ZZZIKUDFDW >@ 2YHUZLHQ%HUQG =XULQWHUQDWLRQDOHQ'LVNXVVLRQXP,QIRUPHOOHV/HUQHQ,Q1HXH /HUQNXOWXUHQ ± HLQ 6WUHLWIDOO -DKUEXFK IU 3lGDJRJLN )UDQNIXUW DP 0DLQ 6 3lW]ROG*QWHU/DQJ0DUWLQ /HUQNXOWXUHQLP:DQGHO'LGDNWLVFKH.RQ]HSWHIU HLQHZLVVHQVEDVLHUWH2UJDQLVDWLRQ%LHOHIHOG 3DXOXV 3HWHU+DVFKHU 7LQD 6FKXOH EUDXFKW *HVXQGKHLW /HKUNUlIWH DOV 9HUPLW WHOQGH 0LWJHVWDOWHQGH XQG %HWURIIHQH ,Q /HKUHUZLVVHQ XQG %H]XJVZLVVHQVFKDIW -RXUQDOIU/HKUHU,QQHQELOGXQJ+HIW-J6 3HW]ROG +LODULRQ *HOHLWZRUW ,Q /RUHQ] 5GLJHU 6DOXWRJHQHVH *UXQG ZLVVHQIU3V\FKRORJHQ0HGL]LQHU*HVXQGKHLWVXQG3IOHJHZLVVHQVFKDIWOHU0Q FKHQ%DVHO6 3HW]ROG+LODULRQ ,QWHJUDWLYH7KHUDSLH0RGHOOH7KHRULHQXQG0HWKRGHQVFKXOHQ EHUJUHLIHQGHU3V\FKRWKHUDSLH3DGHUERUQ 3UDHWRULXV,QD +J 6LFKLQ%H]LHKXQJVHW]HQ=XU:HOWVLFKWGHU)UHLKHLWLQ%H ]RJHQKHLW.|QLJVWHLQ7DXQXV 3UHQJHO $QQHGRUH 3lGDJRJLN GHU 9LHOIDOW 9HUVFKLHGHQKHLW XQG *OHLFKEHUHFKWL JXQJLQ,QWHUNXOWXUHOOHU)HPLQLVWLVFKHUXQG,QWHJUDWLYHU3lGDJRJLN2SODGHQ 5DGDW]6RQMD (LQIKUXQJLQGDVV\VWHPLVFKH&RDFKLQJ+HLGHOEHUJ 5DXFK )UDQ] 1DFKKDOWLJH (QWZLFNOXQJ XQG %LOGXQJ ,Q 0LNXOD 5HJLQD +J %LOGXQJLP'LVNXUV0QFKHQ:LHQ6 5HLFK.HUVWHQ .RQVWUXNWLYLVWLVFKH'LGDNWLN/HKUXQG6WXGLHQEXFKPLW0HWKR GHQSRRO:HLQKHLP 5HLFKHU+DQQHORUH-DXN0DUOLHV:LHVHU$OH[DQGUD *HVXQGKHLWXQG2SWLPLVPXV I|UGHUQ ± 'HSUHVVLRQ $QJVW XQG 6WUHVV YRUEHXJHQ %HJOHLWVWXGLH ]X HLQHP 7UDL QLQJVSURJUDPP IU -XJHQGOLFKH ,Q (U]LHKXQJ XQG 8QWHUULFKW +HIW 6
/LWHUDWXU
5HLQ $QWMH YRQ 6HOEVWRUJDQLVLHUWHV /HUQHQ ± =XU .DUULHUH HLQHV %HJULIIV ,Q +RIIPDQ 1LFROH5HLQ $QWMH YRQ +UVJ 6HOEVWRUJDQLVLHUWHV /HUQHQ LQ EHUXIV ELRJUDSKLVFKHU5HIOH[LRQ%DG+HLOEUXQQ6 5HLQPDQQ5RWKPHLHU *DEL0DQGO +HLQ] 8QWHUULFKWHQ XQG /HUQXPJHEXQJHQ JHVWDOWHQ ,Q .UDSS $QGUHDV:HLGHQPDQQ %HUQG +J 3lGDJRJLVFKH 3V\FKROR JLH:HLQKHLP6 5LEROLWV(ULFK 'LH$UEHLWKRFK"±2GHU%LOGXQJNDQQQLFKWOHLVWHQZDV3ROLWLN YHUVDJW ,Q +DQVHQ +DQMD6LJULVW %HDWULFH*RRUKXLV +HQN/DQGROW +HUPDQQ +J %LOGXQJXQG$UEHLW'DV(QGHHLQHU'LIIHUHQ]"$DUDX6 6DFN 0DUWLQ/DPSUHFKW )ULHGKHOP /lW VLFK GHU ÄVHQVH RI FRKHUHQFH³ GXUFK 3V\FKRWKHUDSLHEHHLQIOXVVHQ",Q/DPSUHFKW)ULHGKHOP-RKQHQ5ROI+UVJ 6DOX WRJHQHVH(LQQHXHV.RQ]HSWLQGHU3V\FKRVRPDWLN".RQJUHEDQGGHU-DKUHVWD JXQJGHV'HXWVFKHQ.ROOHJLXPVIUV3V\FKRVRPDWLN)UDQNIXUWDP0DLQ6 6FKDDUVFKPLGW8ZH)LVFKHU$QGUHDV: %HZlOWLJXQJVPXVWHULP%HUXI*|WWLQ JHQ 6FKDHIHU+DQV 9RP1XW]HQGHV6DOXWRJHQHVH.RQ]HSWV0QFKHQ 6FKDYDQ$QQHWWH Ä'HQ/HUQUDXP(XURSDYHUZLUNOLFKHQ³5HGHGHUDPWLHUHQGHQ 3UlVLGHQWLQ GHV 5DWHV GHU (XURSlLVFKHQ 8QLRQ XQG %XQGHVPLQLVWHULQ IU %LOGXQJ XQG)RUVFKXQJ,QZZZEPEIGHSXEPUBSGI>@ 6FKHLGKDXHU +HLNH (QWZLFNOXQJ HLQHV 6HOEVWPDQDJHPHQW7UDLQLQJVSURJUDPPV IU0HQVFKHQLQ6HOEVWKLOIHJUXSSHQPLWELSRODUHQ6W|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lJH ]XU %H VWLPPXQJYRQYLHU8QEHNDQQWHQ+HLGHOEHUJ 6FKPLGW5DWKMHQV &ODXGLD%HQ] 'RURWKHD9DQ 'DPPH 'LGLHU)HOGW .LPEHU O\$PHODQJ 0DQIUHG hEHU ]ZLHVSlOWLJH (UIDKUXQJHQ PLW )UDJHE|JHQ ]XP .RKlUHQ]VLQQVHQVX$QWRQRYVN\,Q'LDJQRVWLFD6 6FKPLW]&DUPHQ 6DOXWRJHQHVHLQGHU+RFKVFKXOH(LQH8QWHUVXFKXQJ]XP.RKl UHQ]JHIKO YRQ 6WXGLHUHQGHQ LP %DFKHORU6WXGLHQJDQJ 6RQGHUSlGDJRJLN ,Q +HLO SlGDJRJLN RQOLQH 6 ,Q KWWSZZZKHLOSDHGDJRJLNRQOLQHFRP KHLOSDHGDJRJLNBRQOLQHBSGI>@ 6FKPLW] (QQR (UZDFKVHQHQELOGXQJ DOV OHEHQVZHOWEH]RJHQHU (UNHQQWQLVSUR]HVV ,Q+RHUQLQJ(ULND07LHWJHQV+DQV+J (UZDFKVHQHQELOGXQJ,QWHUDNWLRQPLW GHU:LUNOLFKNHLW%DG+HLOEUXQQ6
/LWHUDWXU
6FKQHLGHU &KULVWD 0 3KLORVRSKLVFKH hEHUOHJXQJHQ ]X $DURQ $QWRQRYVN\V .RQ]HSWGHU6DOXWRJHQHVH,Q:\GOHU+DQV.ROLS3HWUD$EHO7KRPDV+UVJ 6D OXWRJHQHVH (PSLULH XQG 3UD[LV HLQHV JHVXQGKHLWVZLVVHQVFKDIWOLFKHQ .RQ]HSWV :HLQKHLP0QFKHQ6 6FKXEHUW )UDQ]&KULVWLDQ 6DOXWRJHQHVH .RKlUHQ]JHIKO XQG :LGHUVWDQGVUHV VRXUFHQ±:DVVHUDXIGLH0KO HQGHU6R]LDOHQ$UEHLW,PSXOVHXQG%HVWlWLJXQJHQ DXV GHU *HVXQGKHLWV XQG 6WUHVVIRUVFKXQJ ,Q 'DV JHSIHIIHUWH )HUNHO 2QOLQH -RXUQDO IU V\VWHPLVFKHV 'HQNHQ XQG +DQGHOQ KWWSZZZLEVQHWZRUOGGHIHUNHO VFKXEHUWVDOXWRJHQHVHVKWPO>@ 6FKXO](UKDUG ,QQRYDWLRQHQLQ/HUQNXOWXU3UD[LVEHLVSLHOH,Q5HSRUW/LWHUDWXU XQG)RUVFKXQJVUHSRUW:HLWHUELOGXQJ1U6 6FKXPDFKHU -|UJ .RKlUHQ]JHIKO ,Q ZZZXQLOHLS]LJGHaJHVSV\FK PDWHUL DOVRFBOH[LNRQSGI>@ 6FKXPDFKHU-|UJ:LO]*DEULHOH*XQ]HOPDQQ7KRPDV%UlKOHU(OPDU 'LH6HQVH RI&RKHUHQFH6FDOHYRQ$QWRQRYVN\7HVWVWDWLVWLVFKHhEHUSUIXQJLQHLQHUUHSUlVHQ WDWLYHQ %HY|ONHUXQJVVWLFKSUREH XQG .RQVWUXNWLRQ HLQHU .XU]VNDOD ,Q 33P3 3V\ FKRWKHU3V\FKVRPPHG3V\FKR6 6FKXPDFKHU/XW] :HJH]XHLQHUJXWHQJHVXQGHQ6FKXOH±*HVXQGKHLWVI|UGHUXQJ GXUFK 2UJDQLVDWLRQVHQWZLFNOXQJ ,Q '$. %8. *899:/ +UVJ /HKUHUJH VXQGKHLW±%DXVWHLQHLQHUJXWHQJHVXQGHQ6FKXOH,PSXOVHIUHLQHJHVXQGKHLWVI|U GHUQGH2UJDQLVDWLRQVHQWZLFNOXQJ+DPEXUJ6 6FKOHU,QJHERUJ 'HXWXQJVOHUQHQ±Ä(LQ%HPKHQXPGLH.RPPXQLNDWLRQYRQ 'HXWXQJVV\VWHPHQ³ LQ /HKU/HUQ3UR]HVVHQ ,Q $UQROG 5ROI.DGH -RFKHQ1ROGD 6LJULG6FKOHU ,QJHERUJ /HKUHQ XQG /HUQHQ LP 0RGXV GHU $XVOHJXQJ (UZDFKVHQHQELOGXQJ ]ZLVFKHQ :LVVHQVYHUPLWWOXQJ 'HXWXQJVOHUQHQ XQG $QHLJ QXQJ+RKHQJHKUHQ6 6FKOHU,QJHERUJ 1DFKKDOWLJHV /HUQHQLQGHU(UZDFKVHQHQELOGXQJ=XU0HKU GLPHQVLRQDOLWlW HLQHV SlGDJRJLVFKHQ .RQVWUXNWV ,Q /HUQHQ +HVVLVFKH %OlWWHU IU 9RONVELOGXQJ =HLWVFKULIW IU (UZDFKVHQHQELOGXQJ LQ 'HXWVFKODQG -J +HIW 6 6FKOHU ,QJHERUJ7KXUQHV &KULVWLDQ 0 /HUQNXOWXUHQ LQ GHU :HLWHUELOGXQJ 6WXGLHQWH[WHIU(UZDFKVHQHQELOGXQJ%LHOHIHOG 6HGPDN &OHPHQV (UNHQQHQ XQG 9HUVWHKHQ *UXQGNXUV (UNHQQWQLVWKHRULH XQG +HUPHQHXWLN,QQVEUXFN 6HHO+HOPXW 'LGDNWLVFKH5HPLQLV]HQ]HQ±'LGDNWLVFKH3HUVSHNWLYHQ,Q+HUEHU +DQV-|UJ+RIPDQQ )UDQ] +J 6FKXOSl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± 9HUVXFK HLQHU 5HNRQ]HSWXDOLVLHUXQJ ,Q8QWHUULFKWVZLVVHQVFKDIW-J+HIW6 :HLQEHUJ -RKDQQHV /HUQNXOWXU ± %HJULII *HVFKLFKWH 3HUVSHNWLYHQ ,Q $* 48(0 +UVJ $VSHNWH HLQHU QHXHQ /HUQNXOWXU $UJXPHQWH (UIDKUXQJHQ .RQVH TXHQ]HQ0QVWHU6 :HOVFK:ROIJDQJ 8QVHUHSRVWPRGHUQH0RGHUQH%HUOLQ :HQQLQJ1RUEHUW 'LHQDWLRQDOH6FKXOHgIIHQWOLFKH(U]LHKXQJLP1DWLRQDOVWDDW 0QVWHU1HZ