Sonja Kretzschmar · Wiebke Möhring · Lutz Timmermann Lokaljournalismus
Kompaktwissen Journalismus Herausgegeben von S...
49 downloads
460 Views
756KB 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
Sonja Kretzschmar · Wiebke Möhring · Lutz Timmermann Lokaljournalismus
Kompaktwissen Journalismus Herausgegeben von Susanne Fengler und Sonja Kretzschmar Eine neue Reihe – ein neues Konzept: Wissenschaftler und Praktiker schreiben gemeinsam Lehrbücher für die neue Journalistengeneration. Für jeden Band zeichnen mindestens zwei Autoren verantwortlich: Kommunikationswissenschaftler stellen praxisrelevante Forschungsergebnisse vor, erfahrene Journalisten geben Einblick in die Arbeitsweise ihrer Ressorts. Gemeinsam analysieren sie, welchen Herausforderungen sich Journalisten künftig stellen müssen. Kompakt, verständlich und aktuell führen die Lehrbücher in die verschiedenen Arbeitsbereiche des Journalismus ein. Zielgruppe sind Wissenschaft und Praxis: Studierende und ihre Dozenten an Universitäten, Fachhochschulen und Journalistenschulen, Einsteiger in den Beruf des Journalisten – aber auch gestandene Praktiker mit Lust am Nach- und Querdenken.
Die Herausgeberinnen: Prof. Dr. Susanne Fengler: Studium der Publizistik- und Kommunikationswissenschaft an der Freien Universität Berlin sowie an der Columbia University, New York. Freie Journalistin bei Zeitung und Radio. Wissenschaftliche Mitarbeiterin am Journalisten-Kolleg der Freien Universität Berlin/Europäische Journalisten-Fellowships, 2001 Promotion über Medienjournalismus in den USA. Berufstätigkeit in der Politischen Kommunikation. Oberassistentin am Institut für Publizistikwissenschaft und Medienforschung (IPMZ) der Universität Zürich. Seit 2008 Professorin für Internationalen Journalismus am Institut für Journalistik der Technischen Universität Dortmund und Wissenschaftliche Leiterin des Erich-Brost-Instituts für Journalismus in Europa. Dr. Sonja Kretzschmar: Studium der Journalistik und Politikwissenschaft in Dortmund und Edinburgh, Volontariat bei der „Berliner Zeitung“, anschließend freie Journalistin bei Print-, Online- und elektronischen Medien. Promotion 2001 am Institut für Journalistik der Universität Dortmund, 2001-2004 Redakteurin bei den Tagesthemen. Wissenschaftliche Mitarbeiterin an den Universitäten Erfurt und Münster, Hochschuldozentur an der Universität Leipzig. Lehraufträge an den Universitäten München und Dortmund, Gast-Stipendium für die „Annenberg School of Journalism“ der University of Southern California (USC). Seit 2006 Arbeit an der Habilitation zum Thema „Journalismus und Mobilkommunikation“ am Institut für Kommunikationswissenschaft der Westfälischen Wilhelms-Universität Münster.
Sonja Kretzschmar Wiebke Möhring Lutz Timmermann
Lokaljournalismus
Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.
1. Auflage 2009 Alle Rechte vorbehalten © VS Verlag für Sozialwissenschaften | GWV Fachverlage GmbH, Wiesbaden 2009 Lektorat: Barbara Emig-Roller 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 Satz: Anke Vogel, Ober-Olm Druck und buchbinderische Verarbeitung: Krips b.v., Meppel Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier Printed in the Netherlands ISBN 978-3-531-15249-3
,QKDOW 9RUZRUWYRQ%HUWKROG/)O¸SHU 9RUZRUWYRQ6RQMD.UHW]VFKPDU:LH HENH0¸KULQJ XQG/XW]7LPPHUPDQQ .DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ 6LFKWZHLVHQGHU3UD[LV *XWH(LQI¾KUXQJLVWGLHKDOEH0LHWH 0LWGHP/RNDOHQ HLQODVVHQ ,P/RNDOHQZLUGODQJHJHDUEHLWHW $OVಱ)UHLHUಯI¦QJWPDQDQ 'UXFNYRQREHQ .RQIHUHQ]HQEHVWLPPHQGHQ$UEHLWVUK\WKPXV 'UDX¡HQVSLHOWGDV/HEHQ 'HU)HLQVFKOLIINRPPWDP$EHQG :HLWHUI¾KUHQGH/LWHUDWXU 3HUVSHNWLYHQGHU)RUVFKXQJ 'HU0DUNWSODW]DXIGHP'RUI'LH7UDGLWLRQORNDOHU .RPPXQLNDWLRQ 5HVVRUWVXQGಱXQVLFKWEDUH0DXHUQಯ2UJDQLVDWLRQXQG $UEHLWVVWUXNWXUHQLQ/RNDOUHGDNWLRQHQ :HLWHUI¾KUHQGH/LWHUDWXU .DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV 6LFKWZHLVHQGHU3UD[LV 4XHOOHQI¾U/RNDOHV 5HGDNWLRQVNDOHQGHU 9HUHLQVOHEHQLQWHUHVVDQWDXIEHUHLWHQ 'DV6RPPHUORFKI¾OOHQ 6HUYLFHXQG5DWJHEHU
,QKDOW
/RNDOH.XOWXUNULWLN1RWHQI¾Uಱ&RVLIDQWXWWHಯ :HLWHUI¾KUHQGH/LWHUDWXU 3HUVSHNWLYHQGHU)RUVFKXQJ %¾UJHUPHLVWHUPLW1DUUHQNDSSH".ULWHULHQGHU 1DFKULFKWHQDXVZDKO 9HUODXWEDUXQJHQORNDOH:¾UGHQWU¦JHUZHQLJ%¾UJHU" 7KHPHQXQG$NWHXUHHLQHVW\SLVFKHQGHXWVFKHQ/RNDOWHLOV 9LHOIDOWLP/RNDOHQ"'HU(LQIOXVVGHV:HWWEHZHUEVDXI GHQ/RNDOWHLO :HLWHUI¾KUHQGH/LWHUDWXU .DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV 6LFKWZHLVHQGHU3UD[LV 9LHUPHGLDOH$XVELOGXQJ :LNLV%ORJV &R 6FKQHOOH,QIRUPDWLRQHQYRQ/HVHUUHSRUWHUQ 'HU1HZVGHVNUHL¡WGLH0DXHUQLQ.¸SIHQHLQ :HLWHUI¾KUHQGH/LWHUDWXU 3HUVSHNWLYHQGHU)RUVFKXQJ ,P=HQWUXPGLH=HLWXQJ'DVORNDOH0HGLHQV\VWHPLQ'HXWVFKODQG 'DV/RNDOHLQYHUVFKLHGHQHQ0HGLHQದ(UJ¦Q]XQJI¾UGHQ%¾UJHU" 0DUNWSODW]RQOLQH&URVVPHGLDOLW¦WXQG,QWHUQHWLP/RNDOHQ :HLWHUI¾KUHQGH/LWHUDWXU .DSLWHO6WLOIRUPHQ 6LFKWZHLVHQGHU3UD[LV +RUL]RQWDOXQGYHUWLNDOYHUEHVVHUQ 'HQ/HVHU¾EHUUDVFKHQ :ROIVEXUJHU1DFKULFKWHQODVVHQ6FKXOHQEHQRWHQ 9RONVVWLPPH0DJGHEXUJWHVWHW6WDGWYLHUWHO :HLWHUI¾KUHQGH/LWHUDWXU$XVZDKO 3HUVSHNWLYHQGHU)RUVFKXQJ 0HOGXQJRGHU,QWHUYLHZ"'LH'DUVWHOOXQJVIRUPHQLPEHUEOLFN .DXP*ORVVHQRGHU.RPPHQWDUH6WLOIRUPHQLP/RNDOWHLO :HLWHUI¾KUHQGH/LWHUDWXU
,QKDOW
.DSLWHO4XHOOHQXQG5HFKHUFKH 6LFKWZHLVHQGHU3UD[LV (LQHಱ6RNRಯZLUGJHELOGHW :LHZLUGUHFKHUFKLHUW" 'LH5HFKHUFKHZLUGಱYHUGLFKWHWಯ $QO¦VVHXQG4XHOOHQI¾U5HFKHUFKHQ 'HU:¦FKWHU3UHLVI¾U5HFKHUFKH 'LH5HFKHUFKHLPEHUEOLFN :HLWHUI¾KUHQGH/LWHUDWXU 3HUVSHNWLYHQGHUU)RUVFKXQJ 'LHಱHLJHQHಯ*HVFKLFKWHDOV4XDOLW¦WVPHUNPDO"'DV/RNDOHXQG VHLQH:HJHGHU,QIRUPDWLRQVEHVFKDIIXQJ 7KHPHQVHW]XQJRKQH$JHQWXUHQ4XHOOHQXQG,QIRUPDQWHQGHU ORNDOHQ%HULFKWHUVWDWWXQJ :HLWHUI¾KUHQGH/LWHUDWXU .DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO" 6LFKWZHLVHQGHU3UD[LV 8PGHQ3UHLVGHU=HLWXQJZLUGJHVWULWWHQಱ-HGHU(VSUHVVRLVW WHXUHUDOVGLH=HLWXQJಯ /RNDOVSRUWVFKQHLGHWVFKOHFKWDE /HVHU%ODWW%LQGXQJ 0D¡JHVFKQHLGHUWHV$QJHERW :HLWHUI¾KUHQGH/LWHUDWXU 3HUVSHNWLYHQGHU)RUVFKXQJ 1XU6FKXODXII¾KUXQJHQRGHUDXFKKDUWH)DNWHQ" /RNDOH=HLWXQJVOHVHUXQGLKUH/HVHLQWHUHVVHQ ಱ7DQWH(UQDಯRGHUGHUಱ2SDYRP3UHQ]ODXHU%HUJಯ :HOFKHV%LOGKDEHQ/RNDOMRXUQDOLVWHQYRQLKUHP3XEOLNXP" (LQVFKDOWTXRWHQI¾UGLH=HLWXQJRGHU/HVHQPLWGHP6WLIWದ 0HWKRGHQGHU=LHOJUXSSHQIRUVFKXQJ :HLWHUI¾KUHQGH/LWHUDWXU
,QKDOW
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW 6LFKWZHLVHQGHU3UD[LV ,PPHULP'LHQVW$UEHLWHQDP:RFKHQHQGH 'HU.¸QLJVZHJ]XP%HUXI 'LH$XVELOGXQJPXVVVLFKYHU¦QGHUQ $XVELOGHUP¾VVHQVLFKIRUWELOGHQ :HLWHUI¾KUHQGH/LWHUDWXU 3HUVSHNWLYHQGHU)RUVFKXQJ 'HXWVFKH/RNDOMRXUQDOLVWHQದHLQ6WHFNEULHI 6FKUHLEHQOHVHQ0HQVFKHQWUHIIHQ'HU$UEHLWVDOOWDJHLQHV /RNDOMRXUQDOLVWHQ 'LH:HOWYHU¦QGHUQದYRUGHUHLJHQHQ+DXVW¾UDQIDQJHQ" /RNDOMRXUQDOLVWHQXQGLKU%HUXIVYHUVW¦QGQLV :HLWHUI¾KUHQGH/LWHUDWXU .DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV 6LFKWZHLVHQGHU3UD[LV 1LFKWMHGHV0LWWHOLVWHUODXEW 5HFKWHLP/RNDOMRXUQDOLVPXV1XUHLQH6HLWHGHU0HGDLOOH 5HGDNWLRQHOOH/HLVWXQJLVWQLFKWN¦XIOLFK :HLWHUI¾KUHQGH/LWHUDWXU 3HUVSHNWLYHQGHU)RUVFKXQJ 9HUGHFNWH5HFKHUFKHLP/RNDOHQ"5HFKWOLFKH*UXQGODJHQ XQG5DKPHQEHGLQJXQJHQGHV/RNDOMRXUQDOLVPXV (WKLNLP-RXUQDOLVPXVದ(QWVFKHLGXQJVKLOIHQI¾UGLH$UEHLWDOV -RXUQDOLVW /RNDOMRXUQDOLVWHQXQG0HGLHQHWKLN)RUVFKXQJVHUJHEQLVVH :HLWHUI¾KUHQGH/LWHUDWXU $QKDQJ 7HLO,/LWHUDWXU 7HLO,,5HFKHUFKH7LSSV 7HLO,,,&KDUWD4XDOLW¦WLP-RXUQDOLVPXV 5HJLVWHU
9RUZRUW %HUWKROG))O¸SHU /RNDOMRXUQDOLVPXVKDW.RQMXQNWXU1LHZDUHUVSDQQHQGHUDOVKHXWH9LH OHV¦QGHUWVLFKPDQFKHVZLUGLQ)UDJHJHVWHOOW2UJDQLVDWLRQVIRUPHQZLH $UEHLWVDEO¦XIH YRQ 5HGDNWLRQHQ ZDQGHOQ VLFK GDV &URVVPHGLDOH KDW YLHOHURUWV 9RUUDQJ $XI 5HGDNWHXUH IUHLH -RXUQDOLVWHQ XQG 9RORQW¦UH NRPPHQQHXH7¦WLJNHLWHQXQG+HUDXVIRUGHUXQJHQLP/RNDOHQ]X(VGDUI H[SHULPHQWLHUWZHUGHQ7KHRUHWLVFKH$QWZRUWHQXQG$QDO\VHQKHOIHQQXU EHGLQJWZHLWHUಱ7ULDODQGHUURUಯZLUG]XP6ORJDQGHVJOREDOORNDOHQ5H GDNWLRQV$OOWDJV 3DWHQWUH]HSWH JLEW HV QLFKW %HL DOOHQ 9HU¦QGHUXQJHQ GLHZLFKWLJHQ)UDJHQEOHLEHQ:DVZROOHQGLH/HVHU":DVYHUODQJHQVLH YRQ LKUHU 7DJHV]HLWXQJ KHXWH XQG PRUJHQ" :DV N¸QQHQ -RXUQDOLVWHQ OHLVWHQ"8QGDXFKGLH*UXQGODJHQGHV-RXUQDOLVPXVGDV6FKUHLEHQXQG 5HFKHUFKLHUHQ HLQHU JXWHQ 6WRU\ EOHLEHQ XQYHU¦QGHUW HOHPHQWDU 'DV +DQGZHUNV]HXJGDVGDI¾UEHQ¸WLJWZLUGKDEHQGLH$XWRULQQHQXQG$XWR UHQLQGLHVHP%DQGLQEHDFKWOLFKHU.ODUKHLWDXIJH]HLJWEHUI¦OOLJZDUVHLW JHUDXPHU =HLW GDVV VLFK GLH .RPPXQLNDWLRQVZLVVHQVFKDIWOHU XQG GLH 9HUWUHWHU GHU MRXUQDOLVWLVFKHQ 3UD[LV ಱ]XVDPPHQUDXIHQಯ 'HQQ GLH PHLV WHQ -RXUQDOLVWHQ LQ 'HXWVFKODQG DUEHLWHQ LP /RNDOHQ XQG DXFK GLH ¾EHU ZLHJHQGH =DKO GHU 5HGDNWHXUVNDUULHUHQ EHJLQQHQ LQ GHU /RNDOUHGDNWLRQ 0LW GHP YRUOLHJHQGHQ %XFK ಱ/RNDOMRXUQDOLVPXVಯ N¸QQHQ DOOH 6HLWHQ QXU JHZLQQHQದYRUDOOHPGLH/HVHUSURILWLHUHQGDYRQ/XW]7LPPHUPDQQGHU GDV +DQGZHUN GHV /RNDOMRXUQDOLVWHQ DXV GHQ XQWHUVFKLHGOLFKVWHQ =HL WXQJVUHGDNWLRQHQGHU5HSXEOLNNHQQWQLPPWGHQ.HUQGHV$OOWDJVMRXUQD OLVPXV XQWHU GLH /XSH ದ PLW HLQHU DNWXHOOHQ =XVWDQGVEHVFKUHLEXQJ DEHU DXFKPLW7UHQGVXQG7LSSVGLHI¾U(LQVWHLJHUXQGDOWH+DVHQYRQ%HGHX WXQJVLQG'LH%HVW3UDFWLFH.DSLWHOJHEHQYLHOI¦OWLJH$QUHJXQJHQI¾UGLH MRXUQDOLVWLVFKH3UD[LV 'LH7KHPHQDXVGHP$OOWDJHLQHU/RNDOUHGDNWLRQZHUGHQLPZLVVHQ VFKDIWOLFKHQ 7HLO JHVSLHJHOW 0LW ZLVVHQVFKDIWOLFKHU *HQDXLJNHLW KDW 'U :LHENH0¸KULQJXQWHUVFKLHGOLFKH$VSHNWHದYRQQHXHQ$UEHLWVRUJDQLVD WLRQVIRUPHQ ¾EHU =LHOJUXSSHQ ELV KLQ ]X 5HFKW XQG (WKLN ದ LP 5HGDNWL
9RUZRUW%HUWKROG)O¸SHU
RQVDOOWDJDQDO\VLHUWXQGEHXUWHLOW(VZHUGHQ(UNHQQWQLVVHDXV3XEOL]LVWLN XQG .RPPXQLNDWLRQVZLVVHQVFKDIW SU¦VHQWLHUW ದ DOOHUGLQJV QLFKW LQ HLQHU ODQJDWPLJHQ HPSLULVFKHQ $EKDQGOXQJ VRQGHUQ LPPHU PLW GHP %OLFN GXUFKGLHಱ3UD[LV%ULOOHಯ %HVRQGHUH9HUGLHQVWHNRPPHQDXFK'U6RQMD.UHW]VFKPDU]XGLH GHQ ZLVVHQVFKDIWOLFKHQ XQG GHQ SUDNWLVFKHQ 7HLO JHNRQQW DXIHLQDQGHU DEJHVWLPPWKDWVR]XVDJHQV\QFKURQVLFKLQKDOWOLFKHUJ¦Q]HQG 'LHVH3XEOLNDWLRQVFKOLH¡WGDPLWHQGOLFKHLQH/¾FNHLP$QJHERW GHU DXIGHP0DUNWEHILQGOLFKHQ)DFKE¾FKHULQGHPHVWKHRUHWLVFKHV:LVVHQ PLWSUDNWLVFKHU.RPSHWHQ]YHU]DKQW'HQQ1LUJHQGVLVW-RXUQDOLVPXVVR QDKDP/HEHQVRQDKDQVHLQHP3XEOLNXPZLHLP/RNDOHQ)¾UGHQQHX HQ /RNDOMRXUQDOLVPXV JHOWHQ GLH IROJHQGHQ I¾QI 3XQNWH GLH LQ GLHVHP %XFKLKUH8QWHUPDXHUXQJILQGHQ 'LH 5HGDNWHXUH VLQG DXI $XJHQK¸KH PLW LKUHQ /HVHUQ VLH ZLVVHQ ZDVGLH%¾UJHULQLKUHP(UVFKHLQXQJVJHELHWEHZHJW /RNDOMRXUQDOLVWHQ EULQJHQ YLHOH 0HQVFKHQ XQG LKUH 0HLQXQJHQ LQV %ODWW DQDO\VLHUHQ XQG NRPPHQWLHUHQ VLH 6LH PRGHULHUHQ GDV *H VSU¦FKLQGHU.RPPXQH 'LH 5HGDNWHXUHHUNO¦UHQ=XVDPPHQK¦QJHJHEHQ2ULHQWLHUXQJ6LH VFKDXHQ GHQ 0¦FKWLJHQ DXI GLH )LQJHU XQG HQWK¾OOHQ 0LVVVW¦QGH 'LH4XDOLW¦WGHUORNDOHQ%HULFKWHUVWDWWXQJLVWPLWHQWVFKHLGHQGI¾UGLH 4XDOLW¦WGHU'HPRNUDWLH /RNDOMRXUQDOLVWHQ DUEHLWHQ QDFKKDOWLJ VLH YHUIROJHQ *HVFKLFKWHQ KROHQDOWH6WRU\VZLHGHU DQV/LFKWXQGVWHOOHQ)UDJHQ6LHVLQGGDV *HG¦FKWQLVHLQHU*HPHLQGHRGHU6WDGWXQGGHU0HQVFKHQGDULQ 'LH5HGDNWHXUHVRUJHQDX¡HUGHPI¾U8QWHUKDOWXQJXQG*HVSU¦FKV VWRIIDXVGHPXQPLWWHOEDUHQ/HEHQVXPIHOGLKUHU/HVHU 'DV YRUOLHJHQGH %XFK OLHIHUW GDV $%& GHV /RNDOMRXUQDOLVPXV (V XQWHU VW¾W]W GLHMHQLJHQ GLH GHQ /RNDOWHLO DOV GDV +HU]VW¾FN GHU =HLWXQJ DQVH KHQ'HQQWURW],QWHUQHWLVWGLH/RNDO]HLWXQJGDVELVODQJXQLYHUVHOOVWHXQG GLHJU¸¡WH3XEOL]LW¦WHUUHLFKHQGH.RPPXQLNDWLRQVPHGLXP %HL DOOHQ 8PEU¾FKHQ LQ GHU 0HGLHQJHVHOOVFKDIW ZLUG HV LQ =XNXQIW GDUDXI DQNRPPHQ GDVV GHU /RNDOMRXUQDOLVPXV VHLQH 1¦KH ]XP /HVHU QLFKWYHUOLHUW'DVLVWVHLQJU¸¡WHU7UXPSI'DEHLN¸QQHQ/RNDOMRXUQDOLVWHQ
9RUZRUW%HUWKROG)O¸SHU
GXUFKDXV YRQ IHUQ¸VWOLFKHQ 5HOLJLRQHQ QLFKW QXU $QUHJXQJHQ VRQGHUQ DXFKHLQHZXQGHUEDUH%HVW¦WLJXQJLKUHU$UEHLWILQGHQ ಱEHUODQJH-DKUHXQWHUJUR¡HQ.RVWHQ 5HLVWHLFKGXUFKYLHOH/¦QGHUVDKGLHKRKHQ%HUJH 'LH2]HDQHDEHUZDVLFKQLFKWVDK :DUGHUJOLW]HUQGH7DXWURSIHQ ,P*UDVJOHLFKYRUPHLQHU+DXVW¾Uಯ
9RUZRUW 6RQMD.UHW]VFKPDU:LHENH0¸KULQJXQG/XW]7LPPHUPDQQ /RNDOMRXUQDOLVPXV ದ HU KDW GDV ,PDJH YRQ .DQLQFKHQ]¾FKWHUQ JROGHQHQ +RFK]HLWHQ XQG 6FK¾W]HQYHUHLQHQ )¾U YLHOH %HUXIVHLQVWHLJHU 6WXGLHUHQ GHXQG3UDNWLNDQWHQLVWHLQ3UDNWLNXPLP/RNDOMRXUQDOLVPXVHLQHYHUPHLQW OLFKH.U¸WHGLHHV]XVFKOXFNHQJLOWEHYRUHVLPJODPRXUEHKDIWHWHQ%H UXIVIHOG-RXUQDOLVPXV]XDQGHUHQ=LHOHQZHLWHUJHKW$QGLHVHDEHUDXFK DQDOOHGLHRKQH9RUXUWHLOHXQGY¸OOLJRIIHQHLQH=HLWLP/RNDOMRXUQDOLVPXV YHUEULQJHQZHUGHQULFKWHWVLFKGLHVHV%XFK'HQQLP*HJHQVDW]]XDQGH UHQ 5HVVRUWV NDQQ PDQ LP /RNDOHQ PHKU $XVSURELHUHQ JLEW HV ZHQLJHU UHGDNWLRQHOOH )DQJQHW]H HLQH )¾OOH DQ 7KHPHQ XQG 0HQVFKHQ GHUHQ *HVFKLFKWHQ HV]X HU]¦KOHQJLOW'DU¾EHU KLQDXV KDW GDVZDVGLH /RNDO ]HLWXQJVFKUHLEWSROLWLVFKHV*HZLFKWGHQQVLHLVWRIWGDVHLQ]LJH0HGLXP YRU2UWXQGQLFKWQXUHLQH6WLPPHXQWHUYLHOHQ (LQH.RPELQDWLRQDOOGLHVHU)DNWRUHQPDFKWGHQ&KDUPHGHV/RNDO MRXUQDOLVPXV DXV 8QG GDKHU LVW GDV %XFK DXFK DQ GLHMHQLJHQ JHULFKWHW GLHGLHVO¦QJVWHUNDQQWKDEHQXQGGDXHUKDIWLQGLHVHP%HUXIVIHOGDUEHL WHQXQGGLHDQQHXHQ,GHHQXQGNUHDWLYHP,QSXW]XU4XDOLW¦WVVWHLJHUXQJ GHUW¦JOLFKHQ$UEHLWLQWHUHVVLHUWVLQG 'D GLH /RNDOEHULFKWHUVWDWWXQJ WURW] 5HJLRQDOLVLHUXQJ GHU ¸IIHQWOLFK UHFKWOLFKHQ6HQGHUSULYDWHP/RNDOIHUQVHKHQRIIHQHQ.DQ¦OHQXQGORND OHP +¸UIXQN QRFK LQ YLHOHQ *HJHQGHQ ZHLWHVWJHKHQG HLQH 'RP¦QH GHU 7DJHV]HLWXQJHQ JHEOLHEHQ LVW OLHJW GHU 6FKZHUSXQNW GLHVHV %DQGHV EHL GHQ ORNDOHQ 7DJHV]HLWXQJHQ XQG GHU FURVVPHGLDOHQ $XVGLIIHUHQ]LHUXQ JHQORNDOHUMRXUQDOLVWLVFKHU$QJHERWH =LHO GLHVHV %XFKHV DOV 7HLO GHU %XFKUHLKH ಱ.RPSDNWZLVVHQ -RXUQD OLVPXVಯLVWHV3UD[LVZLVVHQXQG)RUVFKXQJVHUJHEQLVVH]XP/RNDOMRXUQD OLVPXV]XYHUELQGHQ-HGHV7KHPHQIHOGZLUGGDKHUVRZRKOYRQGHUSUDN WLVFKHQDOVDXFKYRQGHUZLVVHQVFKDIWOLFKHQ6HLWHKHUEHOHXFKWHW'DEHL ZHUGHQ )RUVFKXQJVHUJHEQLVVH DXV GHU -RXUQDOLVPXVIRUVFKXQJ XQG GHU .RPPXQLNDWLRQVZLVVHQVFKDIWYHUVW¦QGOLFKDXIEHUHLWHWVRGDVVVLHI¾UGLH
9RUZRUW6RQMD.UHW]VFKPDU:LHENH0¸KULQJ/XW]7LPPHUPDQQ
3UD[LVJHQXW]WZHUGHQN¸QQHQ'DEHLNDQQ]ZDQJVO¦XILJDXVGHU)¾OOHDQ (UJHEQLVVHQQXUHLQNRPSULPLHUWHU$XVVFKQLWWJH]HLJWZHUGHQ'LH7LSSV XQG,GHHQDXVGHP5HGDNWLRQVDOOWDJN¸QQHQLP*HJHQ]XJDXFKSUD[LV UHOHYDQWH )RUVFKXQJ LP %HUHLFK GHV /RNDOMRXUQDOLVPXV LQVSLULHUHQ HLQ %HUHLFKGHUZLVVHQVFKDIWOLFKELVKHXWHHLQ6WLHINLQGJHEOLHEHQLVWVHLQHU %HGHXWXQJI¾UGLHORNDOH0HLQXQJVXQG:LOOHQVELOGXQJ]XP7URW] 'LH 7DWVDFKH GDVV GLH *U¦EHQ ]ZLVFKHQ 7KHRULH XQG 3UD[LV RIW WLHI VLQGVROOQLFKWYHUKHLPOLFKWZHUGHQ*HUDGHLP)DOOGHV/RNDOMRXUQDOLVPXV VLQGGLH9RUEHKDOWHJHJHQ¾EHUHLQHU9HUZLVVHQVFKDIWOLFKXQJGHUW¦JOLFKHQ $UEHLWLP%HUXIVIHOG-RXUQDOLVPXVVLFKHUDPJU¸¡WHQ'RFKGHU/RNDOMRXU QDOLVPXV EHILQGHW VLFK LP 8PEUXFK 0LW GHP EHU¾FKWLJWHQ ಱ%DXFKJHI¾KOಯ DOOHLQ O¦VVW VLFK JHJHQ¾EHU KDUWHQ )DNWHQ GHU 9HUODJVOHLWXQJ NDXP DUJX PHQWLHUHQ ZHQQ /HVHUVFKZXQG EHL MXQJHQ /HVHUQ IHVWJHVWHOOW ZLUG RGHU QHXH /HVHU FURVVPHGLDO DXI YLHOHQ (EHQHQ HUUHLFKW ZHUGHQ VROOHQ +LHU N¸QQHQ )DNWHQ DXV GHU :LVVHQVFKDIW KLOIUHLFK VHLQ NDQQ :LVVHQVFKDIW ,GHHQI¾UHLQH1HXRULHQWLHUXQJXQG:HLWHUHQWZLFNOXQJJHEHQ :LU KRIIHQ PLW GLHVHP %XFK $QUHJXQJHQ I¾U GLHVH 'LVNXVVLRQ ]X JHEHQ )¾U XQVHU $XWRUHQWHDP ZDU HV HLQH VSDQQHQGH $UEHLW LPPHU ZLHGHUGHQ'LDORJ]ZLVFKHQ3UD[LVXQG:LVVHQVFKDIW]XILQGHQVLFKDXI GLHMHZHLOVDQGHUH6SUDFKHHLQ]XODVVHQXQGVLFKZ¦KUHQGGHU$UEHLWDQ GHP%XFKLPPHUZLHGHUQHX]XYHUVW¦QGLJHQXP,GHHQXQG5LFKWZHUWH I¾U GLH .RPPXQLNDWLRQ LP /RNDOHQ DXI YLHOHQ (EHQHQ QHX DQ]XVWR¡HQ XQG]XGLVNXWLHUHQ'LH(UIDKUXQJHQDXVGHPGDV$XWRUHQWHDPVFK¸SIWH ZDUHQYLHOI¦OWLJ :LHENH 0¸KULQJ YHUIDVVWH GLH .DSLWHO GHV ZLVVHQVFKDIWOLFKHQ )RU VFKXQJVIHOGV /RNDOMRXUQDOLVPXV 6LH DUEHLWHW DP KDQQRYHUVFKHQ ,QVWLWXW I¾U -RXUQDOLVWLN XQG .RPPXQLNDWLRQVIRUVFKXQJ VHLW YLHOHQ -DKUHQ ¾EHU ,QKDOWH XQG 6WUXNWXUHQ GHV ORNDOHQ =HLWXQJVPDUNWHV XQG VHLQHU %HGHX WXQJI¾UGHQ/HVHU ,QGHQ3UD[LVWHLOHQIHGHUI¾KUHQGZDU/XW]7LPPHUPDQQ(UYRORQWLHU WHEHLGHU.UHLV]HLWXQJ:HVHUPDUVFKDUEHLWHWHI¾UGLH1RUGZHVW=HLWXQJ 2OGHQEXUJ XQG ZDUODQGHVSROLWLVFKHU.RUUHVSRQGHQWLQ +DQQRYHUI¾UGLH 1RUGZHVW=HLWXQJVJUXSSH$QVFKOLH¡HQGDUEHLWHWHHUDOVVWHOOYHUWUHWHQGHU &KHIUHGDNWHXUGHU9RONVVWLPPHLQ0DJGHEXUJGDQQDOVVWHOOYHUWUHWHQGHU &KHIUHGDNWHXUEHLGHU1HXHQ:HVWI¦OLVFKHQLQ%LHOHIHOG6HLWDUEHL
9RUZRUW6RQMD.UHW]VFKPDU:LHENH0¸KULQJ/XW]7LPPHUPDQQ
WHWHUDOV&KHIYRP'LHQVWLQGHU&KHIUHGDNWLRQGHU+DPEXUJHU0RUJHQ SRVW(ULVW0LWJOLHGGHV3URMHNWWHDPV/RNDOMRXUQDOLVPXVGHU%XQGHV]HQW UDOHI¾USROLWLVFKH%LOGXQJESE %RQQ 6RQMD.UHW]VFKPDUYRORQWLHUWHEHLGHUಱ%HUOLQHU=HLWXQJಯXQGDUEHLWHWH PHKUHUH -DKUH DOV 5HGDNWHXULQ EHL GHQ 7DJHVWKHPHQ LQ +DPEXUJ $XV GLHVHU=HLWNHQQWVLHGLHSUDNWLVFKH6HLWHGHV-RXUQDOLVPXVXQGGLH)UDJHQ GLHHUDQGLH:LVVHQVFKDIWVWHOOW*OHLFK]HLWLJNHQQWVLHGLHZLVVHQVFKDIWOL FKH6LFKWZHLVHDXIGHQ/RNDOMRXUQDOLVPXVDXVGHU$UEHLWPLW6WXGLHUHQGHQ GHV ,QVWLWXWV I¾U .RPPXQLNDWLRQVZLVVHQVFKDIW DQ GHU :HVWI¦OLVFKHQ :LOKHOPV8QLYHUVLW¦W0¾QVWHUVRZLHDQGHQ-RXUQDOLVWLN6WXGLHQJ¦QJHQGHU 8QLYHUVLW¦WHQ /HLS]LJ XQG 'RUWPXQG $XI GLHVHQ (UIDKUXQJHQ EDVLHUHQG ZDU VLH YRU DOOHP I¾U GLH 9HU]DKQXQJ EHLGHU 7HLOH GHU GLGDNWLVFKHQ XQG LQKDOWOLFKHQ .RQ]HSWLRQ GHU 3UD[LVWHLOH XQG I¾U GHQ LQKDOWOLFKHQ )HLQVFKOLII ]XVW¦QGLJ )¾UNRQ]HSWLRQHOOH.UHDWLYLW¦W,GHHQXQGZLVVHQVFKDIWOLFKHV*HJHQ FKHFNHQ GDQNHQ ZLU &KULVWRSK 1HXEHUJHU ,QVWLWXW I¾U .RPPXQLNDWLRQV ZLVVHQVFKDIW:HVWI¦OLVFKH:LOKHOPV8QLYHUVLW¦W0¾QVWHU)¾UGLH9HUELQ GXQJ]XP3URMHNWWHDP/RNDOMRXUQDOLVWHQGXUFKGLHZLU/XW]7LPPHUPDQQ DOV $XWRU JHZLQQHQ NRQQWHQ XQG QDW¾UOLFK I¾U GDV 6FKUHLEHQ GHV 9RU ZRUWV GDQNHQ ZLU %HUWROG / )O¸SHU YRP /RNDOMRXUQDOLVWHQSURJUDPP GHU %XQGHV]HQWUDOH I¾U SROLWLVFKH %LOGXQJ 2OLYHU 9ROPHULFK YRQ GHQ 5XKU 1DFKULFKWHQJLOWXQVHU'DQNI¾UGDV*HJHQOHVHQGHV3UD[LVWHLOVZHUWYROOH 7LSSV XQG +LQZHLVH %DUEDUD (PLJ5ROOHU YRP 969HUODJ XQG GHU .R +HUDXVJHEHULQ GHU %XFKUHLKH ಱ.RPSDNWZLVVHQ -RXUQDOLVPXVಯ 6XVDQQH )HQJOHUGDQNHQZLUI¾UGDV*HJHQOHVHQ0LWGHQNHQXQGGLHNRPSHWHQWH XQGLQVSLUDWLYH%HJOHLWXQJGHVJHVDPWHQ%XFKSURMHNWHV $EVFKOLH¡HQGHLQWHFKQLVFKHU+LQZHLVHLQ*HVDPWYHU]HLFKQLVGHULP %DQG]LWLHUWHQ/LWHUDWXUEHILQGHWVLFKDP(QGHGHV%DQGHVDP(QGHGHU (LQ]HONDSLWHOVWHKHQ+LQZHLVH]XUYHUWLHIHQGHQ/HNW¾UH 0¾QFKHQ+DQQRYHUXQG%XUKDYHLP)HEUXDU
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ 6LFKWZHLVHQGHU3UD[LV (VLVWGHUHUVWH7DJ,KUHV3UDNWLNXPVLQGHU/RNDOUHGDNWLRQಱ6HW]HQ6LH VLFKGDPDQKLQ'DVJHKWKLHUJOHLFKPLWGHU.RQIHUHQ]ORVಯVDJWGHU /RNDOFKHIZ¦KUHQG6LHVLFK¾EHUGDV*HZXVHOGLH8QRUGQXQJXPVLFK KHUXPXQGGDVVW¦QGLJH.OLQJHOQYRQ7HOHIRQHQZXQGHUQ'LH6HNUHW¦ ULQ OHJW HLQH DNWXHOOH $XVJDEH DXI GHQ .RQIHUHQ]WLVFK GLH 6LH DEHU VHOEVWYHUVW¦QGOLFK VFKRQ JHOHVHQ KDEHQ 'HVKDOE ZLVVHQ 6LH DXFK ZHOFKH$UWLNHOGHU/RNDOFKHI]X %HJLQQGHU.RQIHUHQ]PLWVHLQHP/RE XQGVHLQHU.ULWLNPHLQW$QVFKOLH¡HQGJHKWHVXPGLHKHXWLJHQ7HUPLQH XQGGDPLWXPGLH=HLWXQJYRQPRUJHQ'LH5HGDNWHXULQQHQXQG5HGDN WHXUHZHUGHQQDFK7KHPHQJHIUDJWDQGHQHQVLHಱGUDQಯVLQGRGHUGLH VLHQHXUHFKHUFKLHUHQZROOHQ6LHPHUNHQGDVVZHUVHOEHUNHLQH9RU VFKO¦JH PDFKW 7HUPLQH ಱDXIJHGU¾FNWಯ EHNRPPW ಱ8QG ZDV ZROOHQ 6LH KHXWH PDFKHQ"ಯ IUDJW GHU /RNDOFKHI ಱ.HLQH ,GHH" 'DQQ JHKHQ 6LH QDFKKHUPLW]XU3UHVVHNRQIHUHQ]EHLGHU.ULSRಯ :LH N¸QQHQ 6LH VLFK LP 9RUIHOG VRZHLW YRUEHUHLWHQ GDVV 6LH DXI GLHVH )UDJH HWZDV 6LQQYROOHV K¦WWHQ DQWZRUWHQ N¸QQHQ" :LH N¸QQHQ 6LH LQ ,KUHP 3UDNWLNXP P¸JOLFKVW YLHO OHUQHQ XQG EDOG YRQ GHU =X VFKDXHUSHUVSHNWLYHLQGLHDNWLYH0LWDUEHLWLQGHU5HGDNWLRQZHFKVHOQ" 6LHVROOWHQVFKRQDPHUVWHQ7DJ]XHUNHQQHQJHEHQGDVV6LHJXWYRUEH UHLWHWVLQGDXIGLHQHXH7¦WLJNHLW'D6LHPLW]XU.ULSRJHKHQVROOHQYHUU¦W ,KU(LQZXUIಱDFKLQGHU%LVPDUFNVWUD¡Hಯ2UWVNHQQWQLVREZRKO6LHQLFKWLQ GLHVHU 6WDGW ZRKQHQ 6LH ZLVVHQ YRQ HLQHU 2UWVEHVLFKWLJXQJ XQG GHP LQWHQVLYHQ6WXGLXPGHV6WDGWSODQHVZRPDQGLH3ROL]HLILQGHW'XUFKGHQ %H]XJGHU/RNDODXVJDEHLQGHQYHUJDQJHQHQYLHU]HKQ7DJHQದ6LHKDEHQ VLFKHLQIDFKHLQ3UREH$ERQDFK+DXVHVFKLFNHQODVVHQದKDEHQ6LHDXFK GHQ1DPHQGHV.ULSRFKHIVSDUDW8QGPDFKHQGDPLW(LQGUXFN$XI GHP )X¡ZHJ ]XP 3ROL]HLNRPPLVVDULDW ODVVHQ 6LH VLFK YRQ GHP 5HGDNWHXU
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
GHQ6LHEHJOHLWHQ HWZDV ¾EHU .ULPLQDOLW¦WXQG¾EHUGLHMHQLJHQ 3HUVRQHQ HU]¦KOHQGLHVLFKLQGHU6WDGWPLWGHP7KHPDEHVFK¦IWLJHQ /RNDOUHGDNWLRQHQ VLQG GDQNEDU I¾U MHGH *HVFKLFKWH GLH ]XV¦W]OLFK YRQHLQHP7HUPLQPLWJHEUDFKWZLUG%LHWHQ6LHGHVKDOEDXIGHP+LQZHJ VFKRQDQHLQ7KHPDDXVGHU3UHVVHNRQIHUHQ]VHOEVWEHDUEHLWHQ]XZRO OHQ /DGHQGLHEVW¦KOH 'DPLW KDEHQ 6LH VLFK LQ ,KUHU =HLW DOV 6FK¾OHU]HL WXQJV5HGDNWHXU VFKRQ PDO EHVFK¦IWLJW $XI GHP 5¾FNZHJ EHVSUHFKHQ 6LH PLW GHP 5HGDNWHXU ZLH PDQ GLH *HVFKLFKWH ಱUXQGಯ PDFKHQ NDQQ =XP %HLVSLHO GXUFK HLQ *HVSU¦FK PLW HLQHP %HNDQQWHQ GHU GHQ XQHU ODXEWHQ *ULII LQ GLH &'5HJDOH QLFKW VHLQ ODVVHQ NDQQ 6LH NHQQHQ LKQ SHUV¸QOLFKLP7H[WZLUGHUVHOEVWYHUVW¦QGOLFKDQRQ\PLVLHUW 9RQGHU5HGDNWLRQKDEHQ6LHLP,GHDOIDOOHLQHHLJHQH%URVFK¾UHEH NRPPHQ ಱ7LSSV ದ HLQ /HLWIDGHQ I¾U IUHLH 0LWDUEHLWHU 3UDNWLNDQWHQ XQG 9RORQW¦UHಯ 'DKHU ZLVVHQ 6LH DXI ZHOFKH )UDJHQ GHU $UWLNHO $QWZRUWHQ JHEHQPXVV :DVLVWSDVVLHUW"'LH=DKOGHU/DGHQGLHEVW¦KOHLVWHUQHXWJHVWLHJHQ :R"%HVRQGHUVLQ]ZHL9HUEUDXFKHUP¦UNWHQLQGHU,QQHQVWDGW :HU"9RUDOOHP'URJHQDEK¦QJLJH :DUXP"%HVFKDIIXQJVNULPLQDOLW¦W :DQQ"9RUDOOHP]X6WR¡]HLWHQLQGHQ0¦UNWHQ :HOFKH4XHOOH3UHVVHNRQIHUHQ]GHU.ULPLQDOSROL]HL %HVSUHFKHQ6LHGLH,QIRUPDWLRQHQGHQ$UWLNHODXIEDXXQG,KUH (LQVFK¦W ]XQJGHV*HVFKHKHQVPLWGHP5HGDNWHXUGHQ6LHEHJOHLWHWKDEHQEH YRU6LHDQIDQJHQ]XVFKUHLEHQ)RUPXOLHUHQ6LHNXU]H6¦W]HRKQHYLHOH (LQVFK¾EH *OLHGHUQ 6LH NODU XQG GHQNHQ 6LH LPPHU GDUDQ GLH 4XHOOHQ ,KUHU,QIRUPDWLRQHQ]XEHQHQQHQ'DQQLVWGDV(UVWOLQJVZHUNJHVFKDIIWದ XQGZHQQHVJHOXQJHQLVWZLUGHVDXFKYHU¸IIHQWOLFKW
*XWH(LQI¾KUXQJLVWGLHKDOEH0LHWH 1DFKGHP 6LH VR GHQ (LQVWLHJ LQ GHQ 5HGDNWLRQVDOOWDJ JHVFKDIIW KDEHQ VROOWHQ6LHVLFKXPIROJHQGH'LQJHN¾PPHUQ
6LFKWZHLVHQGHU3UD[LV
Â
  Â
  Â
GDVV 6LH PLW GHP $UEHLWVJHELHW YHUWUDXW JHPDFKW ZHUGHQ DOVR GLH ZLFKWLJVWHQ $QVSUHFKSDUWQHU %¾UJHUPHLVWHU 3ROL]HLFKHI *HZHUEH YHUHLQV9RUVLW]HQGHQ NHQQHQ $OV9RORQW¦U ZHUGHQ6LH GLHVHQ3HU VRQHQDPEHVWHQDXFKYRUJHVWHOOW GDVV,KQHQJHVDJWZLUGZHUGLH0HLQXQJVI¾KUHULQGHU5HJLRQVLQG GDVV 6LH RUGHQWOLFKHV .DUWHQPDWHULDO KDEHQ YRQ GHU 5HJLRQ LQ GHU 6LHMHW]WXQWHUZHJVVHLQZHUGHQ GDVV 6LH 8QWHUODJHQ ¾EHU (LQZRKQHU]DKOHQ GLH =XVDPPHQVHW]XQJ GHV 6WDGW RGHU *HPHLQGHUDWHV XQG GLH QHXHVWHQ +DXVKDOWVSO¦QH GHU.RPPXQHQEHNRPPHQRGHUVLFKVHOEVWEHVRUJHQ GDVV6LHPLW'DWHQXQG,QIRUPDWLRQHQ¾EHUGHQRGHUGLH0LWEHZHUEHU ದZHQQYRUKDQGHQದXQG$Q]HLJHQEO¦WWHUDP2UWDXVJHVWDWWHWZHUGHQ GDVV ,KUH $UWLNHO YRQ HUIDKUHQHQ 5HGDNWHXULQQHQ XQG 5HGDNWHXUHQ JHJHQJHOHVHQZHUGHQ GDVV HV ]X UHJHOP¦¡LJHQ %HVSUHFKXQJHQ PLW GHP /RNDOFKHI ¾EHU GLH HLJHQH /HLVWXQJ NRPPW 1¸WLJHQIDOOV P¾VVHQ GLHVH *HVSU¦FKH HLQJHIRUGHUWZHUGHQ
0LWGHP/RNDOHQ HLQODVVHQ :HU VLFK PLW GHP /RNDOHQ JHOHJHQWOLFK DXFK PDO LQ HLQHP /RNDO HLQ O¦VVWZLUGZLHLQNHLQHPDQGHUHQ5HVVRUWXQGEHLNHLQHPDQGHUHP0H GLXPXQJHVFKPLQNW]XK¸UHQEHNRPPHQZLH¾EHUVHLQH$UEHLWJHGDFKW ZLUG'HUIUHLH0LWDUEHLWHU3UDNWLNDQW9RORQW¦URGHU/RNDOUHGDNWHXUNDQQ YRU DOOHP LQ NOHLQHQ *HPHLQGHQ ಱVHLQHPಯ %¾UJHUPHLVWHU QDKH]X W¦JOLFK DXIGHP0DUNWSODW]EHJHJQHQ'DVLVWEHLGHP/HLWDUWLNOHUHLQHU¾EHUUHJL RQDOHQ=HLWXQJQLFKWGHU)DOO(UEHJHJQHWGHP$X¡HQPLQLVWHUYRQ%XUNL QD)DVRYRUDXVVLFKWOLFKQLH EHUGLH/RNDOEHULFKWHUVWDWWXQJGHILQLHUWGHU/HVHUGLH%H]LHKXQJ]X VHLQHU=HLWXQJ$QGHP.RPPHQWDUGHV/RNDOFKHIVNDQQHUVLFKUHLEHQ ZHLOHU=XK¸UHULQGHU5DWVVLW]XQJ ZDU2EGHU3ROLWLNFKHIGLH GLSORPDWL VFKHQ 9HUIHKOXQJHQ LP HKHPDOLJHQ 2EHUYROWD ULFKWLJ EHZHUWHW HQW]LHKW VLFKKLQJHJHQMHGHU.RQWUROOH 'HU ಱ)UHLHಯ 3UDNWLNDQW 9RORQW¦U RGHU -XQJUHGDNWHXU WULIIW LQ GHU /R NDOUHGDNWLRQRIWDXIHLQHDOWHLQJHVHVVHQH6WDPPPDQQVFKDIWLQGHUMHGHU
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
LQGHU5HJLRQIHVWYHUZXU]HOWLVW0LWDOOGHQ3UREOHPHQ:LH]%HLJHQH .LQGHULQGHU6FKXOHGLHJHUDGHLQGHU.ULWLNVWHKW0LWJOLHGVFKDIWLQGHP 6SRUWYHUHLQ LQ GHP M¾QJVW GLH 3RUWRNDVVH JHSO¾QGHUW ZXUGH XQG GHP %¾UJHUPHLVWHU DOV .HJHOEUXGHU 'HU 6WDPP VRUJW I¾U .RQWLQXLW¦W VWHKW KLHUXQGGDDEHUDXFKI¾UDOO]XJUR¡H1¦KH $XIGLH0LVFKXQJNRPPWHVDQ-XQJXQGDOW0DQQXQG)UDX)DPL OLHQPHQVFKXQG6LQJOHVROOWHQLQGHU5HGDNWLRQYHUWUHWHQVHLQXQGLGHDO HUZHLVHGLH*HVHOOVFKDIWLQGHU=HLWXQJZLGHUVSLHJHOQ
,P/RNDOHQZLUGODQJHJHDUEHLWHW :DV 6LH VFKQHOO PHUNHQ ZHUGHQ ZHQQ 6LH QHX LQ HLQHU /RNDOUHGDNWLRQ VLQG Â GDVVYLHOXQGDXFKDXVVHUKDOEVRJHQDQQWHU.HUQDUEHLWV]HLWHQJHDU EHLWHWZLUG Â GDVV GDV %ODWW JHI¾OOW ZHUGHQ PXVV DOVR LP =ZHLIHOVIDOO 4XDQWLW¦W 9RUUDQJ YRU 4XDOLW¦W KDW 'HQQ HV JLEW NHLQ $JHQWXUPDWHULDO DOV IUHL YHUI¾JEDUH)¾OOPDVVH Â GDVVHVGHVKDOELPPHUQRFKHLQHIHUWLJH*HVFKLFKWHLQGHU6FKXEOD GHJHEHQPXVVPLQGHVWHQVDEHUHLQH,GHHI¾UHLQHVFKQHOO]XUHDOL VLHUHQGH5HSRUWDJH Â GDVV HV %H]LHKXQJVJHIOHFKWH GHU DOWHLQJHVHVVHQHQ 5HGDNWHXUH LQ GLH ¸UWOLFKH *HVHOOVFKDIW KLQHLQ JLEW XQG HLQHP DXFK PDO HLQH $XV NXQIW YHUZHLJHUW ZLUG ZHLO PDQ VLH QXU GHP SHUV¸QOLFK EHNDQQWHQ 5HGDNWHXUJHEHQZLOO Â GDVV PDQ GHQ 0HQVFKHQ ¾EHU GLH PDQ EHULFKWHW VW¦QGLJ ZLHGHU EHJHJQHW Â GDVV %¾UJHULQQHQ XQG %¾UJHU GLUHNW LQ GLH 5HGDNWLRQ NRPPHQ PLW LKUHQ6RUJHQ1¸WHQXQG:¾QVFKHQDEHUDXFKPLW)RUGHUXQJHQ Â GDVVPDQ*HGXOGKDEHQPXVVPLWGLHVHQ0HQVFKHQGLHLP8PJDQJ PLW0HGLHQNHLQH3URILVVLQG Â GDVV PDQ JHOHJHQWOLFK DXFK QXU .XPPHUNDVWHQ LVW RKQH GDVV XQ PLWWHOEDU 9HUZHUWEDUHVI¾UGLHQ¦FKVWH$XVJDEHGDEHLKHUXPNRPPW
6LFKWZHLVHQGHU3UD[LV
'U 'LHWHU *RORPEHN GHU 1HVWRU GHU /RNDOMRXUQDOLVWHQ)RUWELOGXQJ XQG YRQELVEHLGHU%XQGHV]HQWUDOHI¾USROLWLVFKH%LOGXQJESE LQ %RQQ ]XVW¦QGLJ I¾U GDV -RXUQDOLVWHQSURJUDPP VDJWH EHLP ESE0RGHOO VHPLQDUಱ*XWLVW*HLOಯYRPELV$XJXVWLQ$XJVEXUJಱ9RU -DKUHQ ZDUHQ GLH %HGLQJXQJHQ I¾U /RNDOMRXUQDOLVWHQ NDWDVWURSKDO 'LH $XVELOGXQJZDUVFKOHFKWGHU%HZXVVWVHLQVVWDQGVHKUWLHIVLHZDUHQGLH XQWHUVWH6FKLFKWGHU-RXUQDOLVWHQಯ8QGHUIXKUIRUWಱ8QGLFKJODXEHGDVV HVQRFKKHXWHI¾UHLQHQ/RNDOMRXUQDOLVWHQLQHLQHU.OHLQVWDGWHLQULVNDQWHV 8QWHUIDQJHQ LVW ZHQQ HU GLH SROLWLVFKHQ 7KHPHQ DP 2UW ]X NULWLVFK EH WUDFKWHWZHQQHUIIHQWOLFKNHLWKHUVWHOOWEHLGHQXQDQJHQHKPHQ7KHPHQ $EHUGLH/RNDOUHGDNWHXUHVLQGVHOEVWEHZXVVWHUJHZRUGHQಯ
/HUQ]LHOH Â Â Â
:LHNRPPHLFKDOV*UR¡VW¦GWHULQGHU/DQGUHGDNWLRQ]XUHFKW" :LHNDQQLFKPLFKNRQVWUXNWLYDQ.RQIHUHQ]HQEHWHLOLJHQ" :LHOHUQHLFKXQWHU=HLWGUXFN]XVFKUHLEHQ"
$OVಱ)UHLHUಯI¦QJWPDQDQ 'DV $QIRUGHUXQJVSURILO KDW VLFK JHJHQ¾EHU GHQ =HLWHQ YHU¦QGHUW DOV QDFKGHP=ZHLWHQ:HOWNULHJXQGGHP:LHGHUDXIEDXHLQHUIUHLHQ3UHVVH HLQH SHUVRQHOOH ,QIUDVWUXNWXU QRFK JHVFKDIIHQ ZHUGHQ PXVVWH 'DPDOV ZDUHQ6HLWHQHLQVWHLJHUGLH5HJHO+HXWHLVWHLQHDNDGHPLVFKH9RUELOGXQJ ]XP6WDQGDUGJHZRUGHQ$OV)UHLHUಱDXI=HLOHಯDOVRI¾UHLQ=HLOHQKRQRUDU JHDUEHLWHW ]X KDEHQ LVW QDKH]X 9RUDXVVHW]XQJ I¾U HLQ 9RORQWDULDW XQG GDPLWGHQ(LQVWLHJLQGHQ-RXUQDOLVPXV1DFKZLHYRUದMDPHKUGHQQMHದ LVW GHU -RXUQDOLVPXV DWWUDNWLY I¾U GHQ 1DFKZXFKV HU JLOW DOV ಭ0RGHEHUXIಫ 'LHPHLVWHQWU¦XPHQYRQ 6SLHJHOXQG =HLWVHOWHQYRQGHUORNDOHQ7DJHV ]HLWXQJ2EZRKOVLFKDXFKRGHUJHUDGHKLHUVSDQQHQGH$UEHLWVSHUVSHN WLYHQHUJHEHQN¸QQHQ /RNDOUHGDNWHXULQQHQ XQG UHGDNWHXUH KDEHQ EHL GHU 6XFKH QDFK $XVZHJHQDXVGHU=HLWXQJVNULVHXPದIHVWJHPDFKWDQU¾FN O¦XILJHP $Q]HLJHQDXINRPPHQ XQG VLQNHQGHU $XIODJH ದ LQ LQWHUQHQ 'LV
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
NXVVLRQHQ XQG *HVSU¦FKHQ PLW /HVHULQQHQ XQG /HVHUQ EHJUHLIHQ P¾V VHQ GDVV GLH YRQ LKQHQ XQG LKUHQ IUHLHQ 0LWDUEHLWHUQ RIW IDYRULVLHUWHQ 5DQG 7KHPHQGLHEUHLWH0DVVHQLFKWLPJHULQJVWHQLQWHUHVVLHUHQHOOHQ ODQJH$EKDQGOXQJHQODQJZHLOHQXQGYHUTXDVWJHVFKULHEHQH.RQ]HUWNULWL NHQQLFKWYHUVWDQGHQZHUGHQ $XFK GHQ +RFKVFKXODEVROYHQWHQ ZLUG GLH %HZ¦KUXQJ LQ GHQ YHU PHLQWOLFKHQ 1LHGHUXQJHQ GHV -RXUQDOLVPXV ಱ]XJHPXWHWಯ ,KUH RIW JUR¡ VW¦GWLVFKH 6R]LDOLVDWLRQ XQWHUVFKHLGHW VLH GXUFKZHJ VHKU YRQ GHU LKUHU /HVHULQQHQ XQG /HVHU DXI GHP ಱIODFKHQ /DQGHಯ 'LH :HOWVLFKW IROJOLFK DXFK(VJLOWDEHUDXFK 'LH $UEHLW LQ /RNDOUHGDNWLRQHQ ELHWHW QDKH]X XQEHJUHQ]WH 0¸JOLFK NHLWHQ]X(LJHQLQLWLDWLYH'HU%OLFNI¾UGLH0HQVFKHQXQGLKU8PIHOG.RQ WDNWIUHXGLJNHLWXQG,GHHQZLHPDQ7KHPHQXPVHW]HQNDQQVLQGJHIUDJW 'D]X NRPPW QRFK GHU %OLFN I¾U GLH ಱ*HVFKLFKWHಯ GDKLQWHU ದ ZHQQ GDV QHXH )HXHUZHKUDXWR JHVHJQHW ZLUG XQG JOHLFK]HLWLJ GLH ,QIRUPDWLRQ GLH 5XQGHPDFKWGDVV]ZHL.DPHUDGHQGDV)DKU]HXJLQ(LJHQUHJLHXPJH EDXWKDEHQದXQGGDVVGHUDOWH)HXHUZHKUZDJHQDQGLH3DWHQJHPHLQGH LQ5XP¦QLHQYHUVFKHQNWZXUGH
'UXFNYRQREHQ %HLP /RNDOHQ UHGHQ DOOH PLW 'DV EULQJW QLFKW QXU ,GHHQ XQG 7KHPHQ VRQGHUQHU]HXJWDXFK'UXFN'HQQGHU&KHIUHGDNWHXUNRPPWYRP5RWDU\ &OXE PLW GHP :XQVFK GHU QDW¾UOLFK HLQ $XIWUDJ LVW GLH :RKOW¦WLJNHLWV YHUDQVWDOWXQJPHKUIDFKDQ]XN¾QGLJHQREZRKOGLHKDXVLQWHUQH5HJHOI¾U VROFKH (UHLJQLVVH QXU HLQH HLQPDOLJH 9RUEHULFKWHUVWDWWXQJ YRUVLHKW 0DQ P¸JHVLFKZDVHLQIDOOHQODVVHQIROJWVRJOHLFKHLQH$QUHJXQJGLHQDW¾U OLFK HLQ $XIWUDJ LVW 9LD &KHIUHGDNWHXU O¦VVW GHU 9HUOHJHU GXUFKEOLFNHQ GDVV PDQ LQ GHU :LUWVFKDIWVYHUHLQLJXQJ GRFK VHKU XQJO¾FNOLFK Z¦UH ZHQQ GLH EHYRUVWHKHQGH ,QVROYHQ] GHV DQJHVHKHQHQ 8QWHUQHKPHQV XQGJUR¡HQ$Q]HLJHQNXQGHQ YLHO3ODW]LQGHU=HLWXQJILQGHQZ¾UGH8QG LQ GHQ KDXVLQWHUQHQ /HLWXQJVUXQGHQ PDFKW GHU $Q]HLJHQOHLWHU VHLQHP UJHU ¾EHU HLQH %HULFKWHUVWDWWXQJ YRQ $QZRKQHUSURWHVWHQ JHJHQ HLQHQ 'LVFRXQWHU /XIW 'HU 9HUWULHEVOHLWHU KDW JHK¸UW GDVV HV .ODJHQ ¾EHU ]X SRVLWLYH %HULFKWHUVWDWWXQJ YRQ *U¾QHQ3URMHNWHQ JHEHQ VROO 8QG GHU
6LFKWZHLVHQGHU3UD[LV
9HUOHJHU ILQGHW GDVV GHU 63'2UWVYHUHLQVYRUVLW]HQGH YLHO ]X K¦XILJ LP %LOG]XVHKHQLVW
.RQIHUHQ]HQEHVWLPPHQGHQ$UEHLWVUK\WKPXV ,Q GHQ PHLVWHQ =HLWXQJVK¦XVHUQ ZLUG LQ HLQHU 0LWWDJVNRQIHUHQ] PLW DOOHQ 5HVVRUWOHLWHUQGLHNRPPHQGH$XVJDEHEHVSURFKHQ9RUGHU0LWWDJVNRQIH UHQ]KDEHQGLH5HVVRUWVDOVRDXFKGLH/RNDOUHGDNWLRQHLJHQH.RQIHUHQ ]HQ 'LH KHXWLJH DXI GHP 7LVFK OLHJHQGH $XVJDEH ZLUG QRFK PDO ELODQ ]LHUW*XWH*HVFKLFKWHQZHUGHQJHOREW'HIL]LWHEHQDQQW'HU%OLFNLVWDEHU VFKRQ ZLHGHU QDFK YRUQ JHULFKWHW GLH PRUJLJH $XVJDEH PXVV JHSODQW ZHUGHQ(LQH*HOHJHQKHLWI¾U)UHLHXQG9RORQW¦UH]XJO¦Q]HQ0LWJXWHQ 7KHPHQYRUVFKO¦JHQXQG,GHHQI¾UGLH8PVHW]XQJVLHKH.DSLWHO .XU]YRUGHUPLWW¦JOLFKHQ*HVDPWNRQIHUHQ]IUDJWGHU/RNDOFKHIQRFK PDOGHQ6WDQGGHU*HVFKLFKWHQDE(UP¸FKWHZLVVHQREGLH5HFKHUFKH RGHUGHU7HUPLQHLQHLQWHUHVVDQWH*HVFKLFKWHKHUJLEWGLHP¸JOLFKHUZHL VHDXFKLQGHU*HVDPWDXVJDEHYHU¸IIHQWOLFKWZHUGHQRGHUGRUW]XPLQGHVW LQHLQHUNXU]HQ1DFKULFKWVWHKHQPXVV ,QGHQPHLVWHQ5HGDNWLRQHQN¸QQHQDOOH5HGDNWHXULQQHQXQG5HGDN WHXUHVRZLHGLH9RORQW¦UHXQGDXI1DFKIUDJHDXFK)UHLH DQGHQ.RQIH UHQ]HQ WHLOQHKPHQ 'XUFKZHJ ZLUG GLHVHU :XQVFK DOV =HLFKHQ JUR¡HQ (QJDJHPHQWV EHZHUWHW (LQJHOHLWHW ZLUG GLH *HVDPWNRQIHUHQ] LQ YLHOHQ +¦XVHUQPLWGHU%ODWWNULWLN$QWRQ6DKOHQGHU6WHOOYHUWUHWHUGHV&KHIUHGDN WHXUVEHLGHU 0DLQ3RVWLQ:¾U]EXUJU¦WGHU%ODWWNULWLNHULQRGHUGHP%ODWW NULWLNHU GLH ]X EHVSUHFKHQGH $XVJDEH P¸JOLFKVW QLFKW DOV 3URIL VRQGHUQ DOV/HVHU]XEHWUDFKWHQXQGVLFKGDEHLIROJHQGH)UDJHQ]XVWHOOHQ Â +DWPLUGDV/HVHQ6SD¡JHPDFKW" Â :HOFKHU%HLWUDJZHOFKHV%LOGKDWPHLQH$XIPHUNVDPNHLWEHVRQGHUV HUUHJW" Â :HOFKHQ%HLWUDJK¦WWHLFKDXFKRKQHGHQ$XIWUDJ]XU%ODWWNULWLNJDQ] JHOHVHQ" Â :HOFKH,QIRUPDWLRQZHUGHLFKPLUZDKUVFKHLQOLFKPHUNHQ" Â EHUZHOFKHQ%HLWUDJZHUGHLFKJHZLVVHWZDVHU]¦KOHQXQGLKQ]XP *HVSU¦FKVWKHPDPDFKHQ"
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
    Â
+DWPLFKHLQ%HLWUDJVSUDFKOLFKRGHULQKDOWOLFK¾EHUUDVFKW" +DEHLFKHWZDVZLUNOLFK1HXHVHUIDKUHQ" *LEWHVHLQHQ%HLWUDJGHUPLUQ¾W]OLFKLVW" :DVKDWPLUJHIHKOW"+DEHLFKQRFK)UDJHQ" +DEH LFK GDV *HI¾KO GDVV GLH %HLWU¦JH VHUL¸V XQG JXW UHFKHUFKLHUW VLQG" +DWPLFKHWZDVJHIUHXW"+DWPLFKHWZDVJH¦UJHUW" :DVK¦WWHLFKDQGHUVJHPDFKW"
  -HHQWZLFNHOWHUGLH*HVSU¦FKVNXOWXULQHLQHU5HGDNWLRQLVWGHVWRHUWUDJUHL FKHU NDQQ GLH %ODWWNULWLN VHLQ =LHKHQ VLFK DEHU .ROOHJLQQHQ XQG .ROOHJHQ .ULWLNLQGHU6DFKHSHUV¸QOLFK]XZLUGGLH%ODWWNULWLNXPVRSUREOHPDWLVFKHU 'DQQ ZHUGHQ I¾U 8QEHWHLOLJWH RIW JDU QLFKW HUNHQQEDU DOWH 5HFKQXQJHQ EHJOLFKHQLQGHP6LQQHಱ:LH'XPLUEHLGHUOHW]WHQ%ODWWNULWLN VRLFK'LUಯ :DQQLPPHUP¸JOLFKVROOWHPDQ([WHUQHXPGLH%ODWWNULWLNELWWHQ,Q GHU /RNDOUHGDNWLRQ ELHWHQ VLFK GD]X LQVEHVRQGHUH GLH IUHLHQ 0LWDUEHLWHU XQG 3DXVFKDOLVWHQ DQ 6LH VLQG ]XQ¦FKVW QRFK LUJHQGZHOFKHU 5¦QNH VSLHOH XQYHUG¦FKWLJXQG¦X¡HUQVLFKRKQHSHUV¸QOLFKH5¾FNVLFKWQDKPH :LFKWLJ GDEHL LVW GDVV GHU .ULWLNHU VHLQH .ULWLN LP =XVDPPHQKDQJ YRU WU¦JWXQGQLFKWXQWHUEURFKHQZLUG (LQHDQGHUH0¸JOLFKNHLWLVW/HVHULQQHQXQG/HVHUXPGLH%ODWWNULWLN ]XELWWHQ$QUXIHUGLHVLFKJHUDGH¾EHULUJHQGHLQHQ$UWLNHORGHUGLH7HQ GHQ]GHU=HLWXQJEHVFKZHUHQNDQQPDQVRJXWLQGLH3IOLFKWQHKPHQ
'UDX¡HQVSLHOWGDV/HEHQ 'DGLH0HKUKHLWGHUGHXWVFKHQ7DJHV]HLWXQJHQ5HJLRQDO]HLWXQJHQVLQG LVW GLH (LQELQGXQJ GHU YLHOHQ DXVZ¦UWLJHQ /RNDOUHGDNWLRQHQ LQ GHQ $E VWLPPXQJVSUR]HVV¾EHUGLHPRUJLJH$XVJDEHHLQJUR¡HV7KHPD)¾UGLH JUR¡HQEXQGHVZHLWHUVFKHLQHQGHQ=HLWXQJHQJLOWGDV*OHLFKHI¾UGLH(LQ ELQGXQJGHULQXQGDXVO¦QGLVFKHQ.RUUHVSRQGHQWHQ:HUK¦OWGHQ.RQ WDNW]X GHQ .RUUHVSRQGHQWHQ XQG ZLH ZLUG HU JHKDOWHQ" +HUDXVNULVWDOOL VLHUWKDWVLFKLQYLHOHQ+¦XVHUQDOVSUREDWHV0LWWHOGLH7HOHIRQNRQIHUHQ] YRUGHUPLWW¦JOLFKHQ+DXSWNRQIHUHQ]LP6WDPPKDXV
6LFKWZHLVHQGHU3UD[LV
'DEHLZHUGHQQDFK0¸JOLFKNHLWDOOH/RNDOUHGDNWLRQHQLQHLQHP6FKDOW NUHLV ]XVDPPHQJHIDVVW *LEW HV LQVJHVDPW ]X YLHOH /RNDOUHGDNWLRQHQ GDQQ N¸QQHQ VLH UHJLRQDO ]XVDPPHQJHVFKDOWHW ZHUGHQ -H PHKU 7HLO QHKPHULQHLQHUVROFKHQಱ6FKDOWHಯVLQGGHVWRO¦QJHUGDXHUWVLH]ZDUDEHU GHVWR PHKU 5HGDNWLRQVPLWJOLHGHU K¸UHQ ZDV GLH DQGHUHQ 5HGDNWLRQHQ JHUDGH SODQHQ (V HQWVWHKHQ 6\QHUJLHHIIHNWH ದ LP J¾QVWLJVWHQ )DOO NDQQ PDQ HLQH *HVFKLFKWH NRPSOHWW YRQ GHU 1DFKEDUUHGDNWLRQ ¾EHUQHKPHQ RGHU]XPLQGHVWGDV*HU¾VWXPGDQQQXUQRFKORNDOH$VSHNWHKLQ]XI¾JHQ ]XP¾VVHQ2GHUPDQNDQQZHQLJVWHQVGLH,GHH¾EHUQHKPHQ7HLOQHKPHU DQGHQ.RQIHUHQ]HQN¸QQHQDXFK]XP9HUODJJHK¸UHQGH+¸UIXQNVHQGHU VHLQ 'LHVH 6FKDOWNRQIHUHQ] ZLUG P¸JOLFKVW YRQ HLQHP LQ GHU +LHUDUFKLH ZHLW REHQ VWHKHQGHQ 5HGDNWLRQVPLWJOLHG ದ 0LWJOLHG GHU &KHIUHGDNWLRQ RGHU5HVVRUWOHLWHU5HJLRQDOHVದJHI¾KUWZHLOGLH/RNDOUHGDNWLRQHQK¦XILJ VRIRUWHLQH(QWVFKHLGXQJGDU¾EHUEHQ¸WLJHQZLHGHQQQXQPLWGHUDQJH ERWHQHQVWDUNHQ*HVFKLFKWHXPJHJDQJHQZLUG2EGHUಱ0DQWHOಯDOVRGDV 5HVVRUW GDV I¾U GHQ ¾EHUUHJLRQDOHQ 7HLO GHU =HLWXQJ ]XVW¦QGLJ LVW VLFK ZHLWHUN¾PPHUWRGHUREPDQGLH*HVFKLFKWHLP/RNDOWHLOEHKDOWHQNDQQ
'HU)HLQVFKOLIINRPPWDP$EHQG 'HQ )HLQVFKOLII EHNRPPW GLH =HLWXQJ LQ GHU $EHQGNRQIHUHQ] 6LH ILQGHW HUQHXWI¾UDOOH5HVVRUWVVWDWW'LH8KU]HLWGXUFKZHJ]ZLVFKHQXQG 8KULVWDEK¦QJLJYRQGHU9LHO]DKOGHU$XVJDEHQXQGGHQVLFKGDUDXV HUJHEHQGHQ $QGUXFN]HLWHQ -H PHKU $XVJDEHQ GHVWR IU¾KHU PXVV GLH HUVWH$XVJDEHJHGUXFNWZHUGHQ ,Q GLHVHU .RQIHUHQ] GLH LQ YLHOHQ +¦XVHUQ DXFK EHUVFKULIWHQNRQIH UHQ]JHQDQQWZLUGZHUGHQGLH6HLWHQLQLKUHP3URGXNWLRQVVWDQGHQWZHGHU DXIHLQH/HLQZDQGRGHUHLQHQ%LOGVFKLUPSURML]LHUWRGHUDXVJHGUXFNWDXI JHK¦QJW.RQ]HQWULHUWZLUGEHUVFKULIWI¾UEHUVFKULIW6HLWHI¾U6HLWHGXUFK JHJDQJHQ$OOHLQHLQJHPXUPHOWHVಱ'DVYHUVWHKHLFKQLFKWಯUHLFKWXP$XI PHUNVDPNHLW DXI HLQH EHVWLPPWH EHUVFKULIW ]X OHQNHQ 6HXI]W GHU &KHI UHGDNWHXUZLUGVRIRUWHLQJHOHQNWLVWHVHLQ9RORQW¦UKHEWGHU8UKHEHUGHU EHUVFKULIW]XHLQHU9HUWHLGLJXQJVUHGHDQ$EHUHJDOZLHHVEHJLQQWHLQH 'LVNXVVLRQGLH6SD¡PDFKW1¦POLFKGDVJHPHLQVDPH1DFKGHQNHQ¾EHU
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
HLQHEHVVHUH+HDGOLQH=X3UR]HQWJHOLQJWGLHV(LQZHQLJ3V\FKRORJLH LVW GDEHL ZLFKWLJ -HGHU 9RUVFKODJ PXVV HUQVW JHQRPPHQ ZHUGHQ 'HQQ ZHUHLQPDODEJHE¾JHOWZXUGHEHWHLOLJWVLFKQLFKWZLHGHU ,QGLHVHU]LHOJHULFKWHWHQNRQ]HQWULHUWHQ'LVNXVVLRQOHUQWPDQZLHEHV VHUH EHUVFKULIWHQ XQG 9RUVS¦QQH HQWVWHKHQ XQG %HELOGHUXQJ RGHU %LOG VFKQLWWH RSWLPLHUW ZHUGHQ 'HU 9RUWHLO GHU DEHQGOLFKHQ .RQIHUHQ] EHVWHKW YRUDOOHPGDULQGDVV)HKOHUYRUGHP(UVFKHLQHQGHU=HLWXQJDXVJHPHU]W ZHUGHQ1RFKYRU-DKUHQZDUGLHVGDV+DXSWWKHPDGHU%ODWWNULWLNDPGDU DXIIROJHQGHQ7DJದZHQQRKQHKLQQLFKWVPHKU]X¦QGHUQZDU 0LWGHUEHUVFKULIWHQNRQIHUHQ]LVWGHU$UEHLWVWDJNHLQHVIDOOVEHHQGHW 0DQFKPDO JHKW HV MHW]W HUVW ULFKWLJ ORV ZHLO LQ GHU .RQIHUHQ] HLQH *H VFKLFKWHDOV¾EHURGHUXQWHUEHZHUWHWEHWUDFKWHWZXUGHXQGHQWVSUHFKHQG XPJHDUEHLWHWZHUGHQPXVV6ROODXVGHPNOHLQHQ=ZHLVSDOWHUQDFKGHP :LOOHQGHU&KHIUHGDNWLRQHLQ$XIPDFKHUZHUGHQPXVVGLHJHVDPWH6HLWH XPJHEDXWZHUGHQ'DVJOHLFKHJLOWZHQQGLH&KHIUHGDNWLRQGHU0HLQXQJ LVWGDVVGDV7KHPDQLHPDOVHLQ$XIPDFKHUVHLQNDQQ2GHUGLH3ROLWLN UHGDNWLRQP¸FKWHMHW]WGRFKQRFKHLQH)DVVXQJI¾UGLH7LWHOVHLWHKDEHQ ,Q GHU .RQIHUHQ] ZLUG DXFK EHVSURFKHQ ZLH 6HLWHQ XPJHEDXW ZHU GHQN¸QQHQZHQQDNWXHOOH(UHLJQLVVHGLHVHUIRUGHUQ2GHUZHQQEHUHLWV IHVWVWHKHQGH $EHQGYHUDQVWDOWXQJHQ QRFK QDFK $QGUXFN ಱQDFKJHVFKR EHQಯ ZHUGHQ VROOHQ 'DV KHL¡W LQ GHU HUVWHQ $XVJDEH VWHKW QRFK HLQ 7H[WGHUI¾UGLHQ¦FKVWH$XVJDEHYRQGHU6HLWHJHQRPPHQZLUG$XIGLH =HLOHJHQDXPXVVGLHVHV/RFKDXIGHU=HLWXQJVVHLWHPLWGHPQHXHQ7H[W JHI¾OOWZHUGHQ 'LHVHUಱVS¦WHಯ7H[WVROO¾EHUGLHXP 8KUEHJLQQHQGH-DKUHV KDXSWYHUVDPPOXQJGHV*HZHUEHYHUHLQVJHVFKULHEHQZHUGHQ8P 8KUP¾VVHQGLH'UXFN]HLOHQIHUWLJVHLQ'HU6FKUHLEHUPXVVVLFKJH QDX ¾EHUOHJHQ ZLH ODQJH HU I¾U GHQ 7H[W EUDXFKW 'DQQ UHFKQHW HU GLH )DKUW]HLW VRZLH HLQH NOHLQHV =HLWSROVWHU KLQ]X 'HQ +HLPZHJ QXW]W HU VFKRQ XP LP .RSI HLQHQ (LQVWLHJ ]X IRUPXOLHUHQ XQG VLFK *HGDQNHQ ¾EHUGHQ$XIEDX]XPDFKHQ:LHHUVHLQH,QIRUPDWLRQHQRUGQHWLVWHQW VFKHLGHQG I¾U GDV VFKQHOOH 6FKUHLEHQ XQG GHQ (UIROJ EHLP /HVHU 'HU 6S¦WUHGDNWHXU KDW RIW QXU =HLW GHQ 7H[W QRFK HLQPDO ]X OHVHQ EHYRU HU LKQ I¾U GLH DNWXHOOH $XVJDEH IUHLJLEW 'DQQ NDQQ GHU $XWRU QDFK +DXVH JHKHQ%HJLQQWGHU'UXFNGHU=HLWXQJKDWLP5HJHOIDOODXFKGHU6S¦WUH GDNWHXU)HLHUDEHQG
6LFKWZHLVHQGHU3UD[LV
=XVDPPHQIDVVXQJ $OV(LQVWLHJLQGHQ-RXUQDOLVWHQEHUXIELHWHWVLFKGLH$UEHLWLQHLQHU/R NDOUHGDNWLRQ DQ 0LW HLQHP 7HUPLQ EHL GHU ¸UWOLFKHQ )HXHUZHKU RGHU GHU.DQLQFKHQVFKDXDP:RFKHQHQGHZHUGHQ=XYHUO¦VVLJNHLWVSUDFK OLFKH *HZDQGWKHLW XQG ,GHHQUHLFKWXP JHWHVWHW 0DQ VHOEVW ILQGHW VFKQHOOKHUDXVREHLQHPGHU8PJDQJPLW0HQVFKHQOLHJWದXQHUO¦VVOL FKH9RUDXVVHW]XQJI¾UGLHVHQ%HUXI ,P /RNDOHQ ZLUG GHU :HWWEHZHUE XP GLH /HVHU HQWVFKLHGHQ +LHU EHJHJQHWPDQLKQHQW¦JOLFKLQGHU6WUD¡HQEDKQDXIGHP0DUNWSODW] LQGHU9HUVDPPOXQJXQGDXFKLQ GHU5HGDNWLRQ'LHVW¦QGLJH%HJHJ QXQJLVWXQHUVFK¸SIOLFKHU4XHOOI¾U7KHPHQ0DQPXVVQXUGLH$XJHQ XQG 2KUHQ RIIHQ KDOWHQ 8QG PDQ PXVV EHODVWEDU VHLQ ZHLO VLFK (U HLJQLVVHZLH8QI¦OOH8QZHWWHURGHUVSHNWDNXO¦UH5¾FNWULWWHDXFKLQGHU /RNDOSROLWLNQLFKWQDFKIHVWHQ$UEHLWV]HLWHQULFKWHQ
:HLWHUI¾KUHQGH/LWHUDWXU ,QLWLDWLYH 7DJHV]HLWXQJ +UVJ 5HGDNWLRQ -DKUEXFK I¾U -RXUQDOLVWHQ %RQQ 0HGLHQ IDFKYHUODJ2EHUDXHU-¦KUOLFKH1HXDXVJDEH /D5RFKH:DOWHU(LQI¾KUXQJLQGHQSUDNWLVFKHQ-RXUQDOLVPXV$XIODJH%HUOLQ(FRQ
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ 3HUVSHNWLYHQGHU)RUVFKXQJ %HL GHU PRUJHQGOLFKHQ /HNW¾UH ,KUHU ORNDOHQ =HLWXQJ VWXW]HQ 6LH ,P :LUWVFKDIWVWHLOVWR¡HQ6LHDXIHLQHQ%HULFKW¾EHUHLQPLWWHOVW¦QGLVFKHV 8QWHUQHKPHQDXV,KUHU6WDGW:LHVRVWHKWGHU%HULFKWKLHUXQGQLFKWLP /RNDOWHLO"6LHVFKDXHQHWZDVJHQDXHUKLQ$XFKLP6SRUWWHLOILQGHQ6LH ORNDOH9HUHLQHLP.XOWXUWHLOORNDOH9HUDQVWDOWXQJHQ ,KQHQ ZLUG NODU GDVV VLFK ,KUH =HLWXQJ LQ GHQ YHUJDQJHQHQ :R FKHQ YHU¦QGHUW KDEHQ PXVV 6LH IUDJHQ VLFK :HU HQWVFKHLGHW ¾EHU KDXSW ZHOFKHV 7KHPD LQ ZHOFKHP =HLWXQJVWHLO HUVFKHLQW" :LH LVW HL JHQWOLFKHLQH/RNDOUHGDNWLRQRUJDQLVLHUW"8QGZDVPDFKWHLJHQWOLFKGDV ಱ/RNDOHಯHLQHU1DFKULFKWDXV" ,QQHUKDOEGHU5HGDNWLRQHQVLQGEHUOHJXQJHQZLHXQGZRPDQLQHLQHU =HLWXQJV 5HGDNWLRQ GLH ORNDOH ,QIRUPDWLRQ DP EHVWHQ I¾U GDV 0HGLXP EHDUEHLWHW XQG ZLH PDQ GLH 1DFKULFKWHQSURGXNWLRQ DP HIIL]LHQWHVWHQ RU JDQLVLHUWLPPHUZLHGHU$QODVV]XQHXHQ6WUDWHJLHQXQG]XU(QWZLFNOXQJ QHXHU0RGHOOHI¾UGDV5HGDNWLRQVPDQDJHPHQW 'LH .RPPXQLNDWLRQVZLVVHQVFKDIW EHVFK¦IWLJW VLFK DXFK PLW GLHVHQ )UDJHQ /RNDOMRXUQDOLVPXV NDQQ LQ 'HXWVFKODQG EHUHLWV DXI HLQH ODQJH 7UDGLWLRQ ]XU¾FNEOLFNHQ ZHQQ DXFK ]XQ¦FKVW QXU LQ )RUP GHU =HLWXQJ $QGHUH0HGLHQKDEHQVLFKHUVWVS¦WHUGHQ%HUHLFKGHU/RNDONRPPXQLND WLRQ ]X (LJHQ JHPDFKW VLHKH .DSLWHO 'LH .RPPXQLNDWLRQVZLVVHQ VFKDIW KDW VLFK GHP /RNDOHQ LP /DXIH GHU OHW]WHQ -DKU]HKQWH LQ XQWHU VFKLHGOLFK LQWHQVLYHP 0D¡H XQG PLW XQWHUVFKLHGOLFKHQ 6FKZHUSXQNWHQ JHZLGPHW ,Q GHQ HU -DKUHQ ZDU GLH =HLWXQJVNULVH XQG GLH GDPLW HLQ KHUJHKHQGHQ.RQ]HQWUDWLRQVSUR]HVVHDXIGHPORNDOHQ0DUNWHLQ]HQWUD OHU )RUVFKXQJVDQODVV LQ GHQ IU¾KHQ HUQ GDQQ GLH PHGLHQSROLWLVFKHQ 'LVNXVVLRQHQ XP GLH (LQI¾KUXQJ GHV ORNDOHQ +¸UIXQNV 3XQNWXHOO JDE GDQQGLH:LHGHUYHUHLQLJXQJQHXH,PSXOVHVLFKPLWORNDOHQ,QKDOWHQDXV HLQDQGHU]XVHW]HQ ದ LQVJHVDPW DEHU LVW LQ GHQ ]XU¾FNOLHJHQGHQ -DKUHQ ZLVVHQVFKDIWOLFK ZHQLJHU LP XQG ¾EHU GDV /RNDOH JHDUEHLWHW ZRUGHQ $NWXHOO JHEHQ QHXH (QWZLFNOXQJHQ HWZD DXI GHP 2QOLQHPDUNW RGHU LP
3HUVSHNWLYHQGHU)RUVFKXQJ
%HUHLFK GHU 5HGDNWLRQVRUJDQLVDWLRQHQ $QODVV GDVV VLFK DXFK :LVVHQ VFKDIWOHUYHUPHKUWZLHGHUGHP7KHPD]XZHQGHQ:HLWHVWJHKHQGH(LQLJ NHLW KHUUVFKW GDEHL KLQVLFKWOLFK GHU )XQNWLRQHQ ZHOFKH ORNDOH 0HGLHQ ¾EHUQHKPHQ /RNDOHQ 0HGLHQ ZLUG HLQH ]HQWUDOH 5ROOH KLQVLFKWOLFK GHU 7HLOKDEHLPGLUHNWHQ/HEHQVXPIHOGXQGGHU2ULHQWLHUXQJ]XJHVFKULHEHQ :LUZROOHQLQGLHVHP.DSLWHOGLHUHOHYDQWHQ)RUVFKXQJVHUJHEQLVVHLQ HLQHP EHUEOLFN ZLHGHUJHEHQ ,P 0LWWHOSXQNW VWHKHQ GDEHL ]ZHL 7KH PHQEHUHLFKH
/HUQ]LHOH Â Â
:DV EHGHXWHW ¾EHUKDXSW GHU %HJULII ಱORNDOಯ XQG ZHOFKH 7UDGLWLRQ KDWORNDOH.RPPXQLNDWLRQLQ'HXWVFKODQG" :LHRUJDQLVLHUWVLFKHLQH/RNDOUHGDNWLRQXQGLQZHOFKHU%H]LHKXQJ VWHKWVLH]XLKUHU8PZHOW"
'HU0DUNWSODW]DXIGHP'RUI'LH7UDGLWLRQORNDOHU.RPPXQLNDWLRQ 2EZRKOHVGDV,QWHUQHWKHXWHOHLFKWPDFKWVLFK]XMHGHU6WXQGH¾EHUGDV ZHOWZHLWH*HVFKHKHQ]XLQIRUPLHUHQ]XVHKHQZLHGDV:HWWHUDXI7HQHULI ID LVW GLH QHXHVWHQ :DKOHUJHEQLVVH DXV GHQ 86$ HLQ]XVHKHQ RGHU ZHOW ZHLW 9LGHRV ]X WDXVFKHQ KDEHQ ,QIRUPDWLRQHQ DXV GHP GLUHNWHQ 8PIHOG HLQH EHVRQGHUH %HGHXWXQJ ,Q ORNDOHQ 0HGLHQ VLQG )UHL]HLWWLSSV DXV GHU 1¦KH]XILQGHQVLQG%HULFKWH¾EHUGLHXPOLHJHQGHQ6FKXOHQXQGNRPPX QDOSROLWLVFKHQ (QWVFKHLGXQJHQ ]X ILQGHQ EHU YLHOH -DKUKXQGHUWH KLQZHJ JDOWGDEHLGHU0DUNWDOV2UWDQGHPORNDOH1HXLJNHLWHQDXVJHWDXVFKWZHU GHQ +LHU HUIXKU PDQ .ODWVFK XQG 7UDWVFK DXV GHU 1DFKEDUVFKDIW NRQQWH VLFK HLQ 6WLPPXQJV XQG 0HLQXQJVELOG PDFKHQ NRQQWH VLFK DNWLY LQ 'LV NXVVLRQHQHLQEULQJHQ(LQHQVROFKHQ0DUNWSODW]JLEWHVKHXWHQLFKWPHKU $Q VHLQH 6WHOOH VLQG LQVWLWXWLRQDOLVLHUWH )RUPHQ GHU .RPPXQLNDWLRQ JHWUH WHQORNDOH0DVVHQPHGLHQGLHHVVLFK]XU$XIJDEHJHPDFKWKDEHQ¾EHU GDV]XLQIRUPLHUHQZDVVLFKGHUHLJHQHQ(UIDKUXQJHQW]LHKW (LQHUHJHOP¦¡LJHXQGXPIDVVHQGH/RNDOEHULFKWHUVWDWWXQJHQWZLFNHO WH VLFK LQ 'HXWVFKODQG JHJHQ (QGH GHV -DKUKXQGHUWV YJO :LONH
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
(VHQWVWDQGHQ)RUPHQGHUORNDOEHULFKWHQGHQ=HLWXQJHQGLHDXFK KHXWH GDI¾U VRUJHQ GDVV HV QLFKW GHQ HLQHQ 7\S GHU /RNDO]HLWXQJ JLEW YJOGD]XDXFK.DSLWHO 'HQQHLQHUVHLWVEHJDQQHQ¾EHUUHJLRQDOHXQG UHJLRQDOH =HLWXQJHQDXV ¸NRQRPLVFKHQ *U¾QGHQGDV /RNDOH DOVLQ VLFK DEJHVFKORVVHQHQ7HLO]XE¾QGHOQXPVRGXUFKGHQ$XVWDXVFKYRQ 6HL WHQYHUVFKLHGHQHORNDOH5¦XPH]XEHGLHQHQದVLHHUVFKHLQHQDXFKKHX WH LQXQWHUVFKLHGOLFKHQ$XVJDEHQ$QGHUH=HLWXQJHQYHUVWHKHQVLFKDOV UHLQH/RNDO]HLWXQJHQXQGEHGLHQHQDXVVFKOLH¡OLFKHLQ9HUEUHLWXQJVJHELHW $XFKGLH)UDJHGDQDFKZLHHLQDG¦TXDWHU5DXPI¾UORNDOH.RPPX QLNDWLRQDEJHJUHQ]WZHUGHQVROOWHZLUGVHLWODQJHPNRQWURYHUVGLVNXWLHUW 6RN¸QQHQORNDOH5¦XPHDOVVR]LRNXOWXUHOOH5¦XPHJHVHKHQZHUGHQLQ GHQHQ VLFK GLH 0HQVFKHQ ]XKDXVH I¾KOHQ GLH VLH DOV LKUH +HLPDW EH ]HLFKQHQ 9HUZDOWXQJVHLQKHLWHQ KLQJHJHQ VWUXNWXULHUHQ ORNDOH 5¦XPH DXV SROLWLVFKHU 3HUVSHNWLYH 0HGLDOH 9HUEUHLWXQJVJHELHWH KLQJHJHQ VLQG HKHU N¾QVWOLFK JHVFKDIIHQH 5¦XPH GLH VLFK VRZRKO DQ VR]LRNXOWXUHOOHQ *HJHEHQKHLWHQDOVDXFKSROLWLVFKHQ6WUXNWXUHQRULHQWLHUHQE]ZGXUFKGLH PLWJHVFKDIIHQZHUGHQ $OVNOHLQVWH0HGLHQP¦UNWHJHOWHQ6W¦GWH*HPHLQGHQXQG.UHLVHVLH ZHUGHQYRQGHQMHZHLOLJHQ0HGLHQ]XXQWHUVFKLHGOLFKHQORNDOHQXQGDXFK UHJLRQDOHQ 9HUEXQGP¦UNWHQ ]XVDPPHQJHIDVVW 'LHVH XQWHUVFKLHGOLFKH =XVDPPHQIDVVXQJ PDFKW GHXWOLFK GDVV HLQH (LQJUHQ]XQJ GHV /RNDOHQ HEHQ DXI %HJULIIH ZLH *HPHLQGH 6WDGW .UHLV 5HJLRQ HWF WKHRUHWLVFK NDXPHQWVFKHLGEDUI¾UDOOH0HGLHQLVW:HQQ5H]LSLHQWHQXQG-RXUQDOLV WHQLKUH8PZHOWEHVWLPPHQZ¦KOHQVLHLQHUVWHU/LQLHGLH*HPHLQGHDOV $EJUHQ]XQJVNULWHULXP DOV ]XV¦W]OLFKH NRQVWLWXLHUHQGH .ULWHULHQ HLQHV .RPPXQLNDWLRQVUDXPHV JHOWHQ DEHU DXFK 9HUZDOWXQJVJUHQ]HQ GDV VR ]LRNXOWXUHOOH/HEHQXQGದJHUDGHDXVGHU3HUVSHNWLYHGHU.RPPXQLNDWR UHQ ದ GDV 9HUEUHLWXQJVJHELHW 'DV 0HGLHQDQJHERW VHOEHU EHJUHQ]W XQG HUVFKDIIWDOVRGHQ5DXP¾EHUVHLQ$QJHERWPLW'DV9HUEUHLWXQJVJHELHW GHU/RNDOWHLOHEHGLHQWGDPLWHLQHQORNDOHQ.RPPXQLNDWLRQVUDXP GHQHV JOHLFK]HLWLJPLWEHJUHQ]WYJO5RQQHEHUJHU7UHEEH 'HXWOLFK ZLUG GDVV VLFK HLQ ORNDOHU .RPPXQLNDWLRQVUDXP QLFKW NODU DEJUHQ]HQ O¦VVW VRQGHUQ GDVV HV GDI¾U PHKUHUH 0¸JOLFKNHLWHQ JLEW $XFK HLQH NODUH $EJUHQ]XQJ YRQ VXEORNDOHQ ORNDOHQ XQG UHJLRQDOHQ ,Q KDOWHQXQG5¦XPHQO¦VVWVLFKQLFKWILQGHQGDVLHHEHQQLFKWQXUJHRJUD
3HUVSHNWLYHQGHU)RUVFKXQJ
SKLVFK EHVWLPPW VLQG VRQGHUQ VLFK DOV VR]LDOH 5¦XPH DXFK VW¦QGLJ LQ LKUHQ%H]LHKXQJHQ]XHLQDQGHUYHU¦QGHUQN¸QQHQ-RQVFKHU.DSL WHO 'DVV GLH *UHQ]HQ GHV ORNDOHQ .RPPXQLNDWLRQVUDXPV HKHU IOLH ¡HQGVLQGPDFKW]XV¦W]OLFKHLQHVHLW-DKU]HKQWHQJHOWHQGH)RUGHUXQJDQ GDV /RNDOH GHXWOLFK 'DV /RNDOH LQ GHU =HLWXQJ VROO QLFKW QXU GDV VHLQ ZDV LQQHUKDOE GHV 9HUEUHLWXQJVJHELHWV JHVFKLHKW $XFK DXVZ¦UWLJH (U HLJQLVVH GLH GDV /HEHQ GHU /HVHU EHWUHIIHQ VROOHQ WKHPDWLVLHUW XQG DXI GLHORNDOH(EHQHEH]RJHQZHUGHQ:HQQEHLVSLHOVZHLVHLQ%U¾VVHOHLQH QHXH 0¾OOYHURUGQXQJ YHUDEVFKLHGHW ZLUG KDW GLHV XQPLWWHOEDUH $XVZLU NXQJHQ DXI GLH $UEHLW GHU ¸UWOLFKHQ 'HSRQLHQ 8QG ZHQQ LQ )UDQNUHLFK -XJHQGOLFKH SURWHVWLHUHQ NDQQ GLHV ]XP $QODVV JHQRPPHQ ZHUGHQ VR]LDOH %UHQQSXQNWH GHU HLJHQHQ 6WDGW LQ HLQHP QHXHQ /LFKW ]X ]HLJHQ 6FK¸QEDFK 'LH%HGHXWXQJGHV/RNDOHQLQQHUKDOEGHU7DJHV]HLWXQJHQLVWXQXP VWULWWHQ8QGGDGLH=HLWXQJHQRIWPDOVLQQHUKDOEGHU9HUEUHLWXQJVJHELHWH HLQH0RQRSROVWHOOXQJHLQQHKPHQLVWXPJHNHKUWDXFKGLH%HGHXWXQJGHU =HLWXQJ I¾U GDV /RNDOH KRFK )¾U UHJLRQDOH XQG ORNDOH $ERQQHPHQW]HL WXQJHQ LVW GHU /RNDOWHLO GDV +HU]VW¾FN 'LH /HVHU LQWHUHVVLHUHQ VLFK EH VRQGHUVI¾UGLHVHQ7HLOXQGGHUORNDOH$Q]HLJHQPDUNWLQVEHVRQGHUHGLH .OHLQDQ]HLJHQ XQG GHU 6WHOOHQPDUNW VLQG HLQH GHU ZLFKWLJVWHQ (LQQDK PHTXHOOHQI¾UGLH9HUODJH'DVVHLQH/RNDOUHGDNWLRQGDKHUJXWGDUDQWXW VLFKDXFKGDV8UWHLOVHLQHU/HVHUDQ]XK¸UHQXQGVHLQHORNDOHQ%HG¾UIQLV VH]XHUI¾OOHQOLHJWGDPLWDXIGHU+DQGVLHKH.DSLWHO *OHLFK]HLWLJ ZHUGHQ GHP /RNDOWHLO JHVHOOVFKDIWOLFKH )XQNWLRQHQ ]XJH VFKULHEHQGHUHQ(UI¾OOXQJದLP6LQQHHLQHU¸IIHQWOLFKHQ$XIJDEHದDOVJH VHOOVFKDIWOLFKZLFKWLJHUDFKWHWZHUGHQ:HQQ¾EHUGLH4XDOLW¦WGHU/RNDOEH ULFKWHUVWDWWXQJ$XVVDJHQJHWURIIHQZHUGHQOLHJWDOV0D¡VWDEK¦XILJ]XJUXQ GHZLHVWDUNGLHVHSXEOL]LVWLVFKHQ)XQNWLRQHQHUI¾OOWZHUGHQ,QHLQHU9LHO ]DKO YRQ $UEHLWHQ ZLUG GHU IXQNWLRQDOH =XVDPPHQKDQJ ]ZLVFKHQ *HVHOO VFKDIWXQG0HGLHQEHVFKULHEHQ$XIDOOH0HGLHQEH]RJHQODVVHQVLFKGD EHLSROLWLVFKHXQGVR]LDOH)XQNWLRQHQXQWHUVFKHLGHQ,PSROLWLVFKHQ%HUHLFK VLQG GDV GLH ,QIRUPDWLRQV IIHQWOLFKNHLWV XQG $UWLNXODWLRQVIXQNWLRQ GLH SROLWLVFKH %LOGXQJV XQG 6R]LDOLVDWLRQVIXQNWLRQ VRZLH GLH .ULWLN XQG .RQ WUROOIXQNWLRQ,PVR]LDOHQ%HUHLFKVLQGHVGLHVR]LDOH2ULHQWLHUXQJVIXQNWLRQ
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
GLH JHVHOOVFKDIWOLFKH 6R]LDOLVDWLRQVIXQNWLRQ VRZLH GLH 5HNUHDWLRQVIXQNWLRQ 5RQQHEHUJHU :HOFKHQ EHVRQGHUHQ %HLWUDJ OHLVWHQ QXQ GLH ORNDOHQ 0HGLHQ LQQHU KDOEGLHVHV)XQNWLRQHQNDWDORJV"$OVLKUH*UXQGIXQNWLRQZXUGHEHUHLWVLQ GHQ IU¾KHQ VLHE]LJHU -DKUHQ GLH VR]LDOH 2ULHQWLHUXQJVIXQNWLRQ JHVHKHQ 8QGDXFKLQVS¦WHUHQ$UEHLWHQZLUGHLQHVROFKH2ULHQWLHUXQJVIXQNWLRQDOV EHVRQGHUHV.HQQ]HLFKHQORNDOHU.RPPXQLNDWLRQKHUDXVJHVWHOOW*HPHLQW LVW GDV 6WUXNWXULHUHQ XQG $XIEHUHLWHQ JHVHOOVFKDIWOLFKHU 9HU¦QGHUXQJHQ XQG (UHLJQLVVH DXI GHU (EHQH HLQHU ORNDOHQ 3ODWWIRUP GLH GHP /HVHU E]Z5H]LSLHQWHLQH2ULHQWLHUXQJLP¸IIHQWOLFKHQ/HEHQHUP¸JOLFKW0¸K ULQJ =HQWUDOH(EHQHQGHU2ULHQWLHUXQJVLQGGDEHLVR]LDOLQWHJUDWLYH $VSHNWH 6DFK XQG +DQGOXQJVRULHQWLHUXQJ ,QWHUDNWLRQVRULHQWLHUXQJ VR ZLHSUREOHPEH]RJHQH$VSHNWHEHU7KHPHQDXVZDKOXQG$XIEHUHLWXQJ NRQWH[WXHOOH (LQRUGQXQJ XQG %HGHXWXQJV]XZHLVXQJHQ ¾EHU HLQ ZHLWHV 0HLQXQJVVSHNWUXPXQGGDV'DUVWHOOHQNRQWU¦UHU$QVLFKWHQNDQQGHU/R NDOMRXUQDOLVPXVVHLQH8PZHOWDXIPHUNVDPXQGNULWLVFKEHJOHLWHQ+LOIUHL FKH$OOWDJVXQG6HUYLFHLQIRUPDWLRQHQUXQGHQGDV2ULHQWLHUXQJVDQJHERW DE'LHVVLQGGLH$QIRUGHUXQJHQYRUGHQHQ/RNDOMRXUQDOLVWHQVWHKHQXQG GLHVLHGDQQMHZHLOVDXILKUHQORNDOHQ5DXP¾EHUWUDJHQP¾VVHQ 2ULHQWLHUXQJ GLHQW VRPLW DXFK DOV 3ODWWIRUP I¾U HLQH EHVRQGHUH ,Q WHJUDWLRQV XQG YRU DOOHP 3DUWL]LSDWLRQVIXQNWLRQ GHU ORNDOHQ 3UHVVH 'LH 9HUPLWWOXQJSDUWL]LSDWLRQVUHOHYDQWHU,QIRUPDWLRQHQZLUGK¦XILJDOV]HQWUDOH $XIJDEHDQJHI¾KUWZREHL3DUWL]LSDWLRQQLFKWQXU LPSROLWLVFKHQVRQGHUQ DXFK LP JHVHOOVFKDIWOLFKHQ 6LQQ JHPHLQW LVW 'HQQ ORNDOH 0HGLHQ ELOGHQ HLQH :LUNOLFKNHLW GHU XQPLWWHOEDUHQ /HEHQVZHOW DE GLH HQWVFKHLGHQG LVW I¾U GLH :DKUQHKPXQJ GHV HLJHQHQ 8PIHOGV XQG I¾U GLH 8PVHW]XQJ GHU 0LWZLUNXQJVFKDQFHQ
5HVVRUWVXQGಱXQVLFKWEDUH0DXHUQಯ 2UJDQLVDWLRQXQG$UEHLWVVWUXNWXUHQLQ/RNDOUHGDNWLRQHQ 5HGDNWLRQHQ EHVWHKHQ WUDGLWLRQHOO DXV YHUVFKLHGHQHQ 5HVVRUWV 'DV /R NDOUHVVRUW ]¦KOW GDEHL QHEHQ 3ROLWLN :LUWVFKDIW .XOWXU XQG 6SRUW ]X GHQ NODVVLVFKHQI¾QI5HVVRUWVHUJ¦Q]WZHUGHQVLHXP5HVVRUWVZLHHWZD5HL
3HUVSHNWLYHQGHU)RUVFKXQJ
VHXQG8UODXE:LVVHQVFKDIW0HGLHQ*HVXQGKHLW.HQQ]HLFKHQGHU0H GLHQRUJDQLVDWLRQ LVW VHLW YLHOHQ -DKU]HKQWHQ HLQH VWUHQJH 5HVVRUWDXWRQR PLHGKMHGHV5HVVRUWVYHUDQWZRUWHWVLFKVHOEHU(VNRRUGLQLHUWVLFK]ZDU PLWGHP5HVWGHU5HGDNWLRQZHKUWDEHUಱWKHPDWLVFKHEHUJULIIHಯDXVDQ GHUHQ5HVVRUWVHKHUDEYJO5¾KO5X¡0RKO 'DVREHQDXI JHI¾KUWH5HVVRUWPRGHOOO¦VVWVLFKELVKHXWHQRFKILQGHQDOOHUGLQJVZHUGHQ VHLW HLQLJHQ -DKUHQQHXH 0RGHOOH JHVXFKW XQG LQ GHU 3UD[LV HUSUREW ZLH ]% GLH (LQULFKWXQJ YRQ 1HZVGHVNV GLH GLH $UEHLWVVWUXNWXUHQ GHXWOLFK YHU¦QGHUQ XQG DXFK GLH 5HVVRUWV ZHQLJHU HQJ GHILQLHUHQ 0HLHU 'DV *UXQGGLOHPPD EOHLEW MHGRFK GDEHL EHVWHKHQ 6WULNWH 5RXWLQHQ XQG .RPSHWHQ]DEJUHQ]XQJHQ HUOHLFKWHUQ GHQ WDJHVDNWXHOOHQ -RXUQDOLVPXV GXUFK PHFKDQLVLHUWH $UEHLWVDEO¦XIH GHU NXU]H 3URGXNWLRQV]\NOXV MHGRFK HUIRUGHUW)OH[LELOLW¦WXQG.UHDWLYLW¦W5X¡0RKO:HLFKOHU 8QWHU GHP 6WLFKZRUW ಱUHGDNWLRQHOOH )OH[LELOLVLHUXQJಯ ZLUG LQ]ZLVFKHQ YHUVXFKW GLH UHGDNWLRQHOOHQ .RPSHWHQ]HQ EHVVHU DXV]XVFK¸SIHQ 1LFKW PHKU GLH 6SDUWH RGHU GDV 5HVVRUW VWHKHQ LP 9RUGHUJUXQG GHU 3ODQXQJ VRQGHUQ GDV 7KHPD 'LH 5HGDNWLRQ JOLHGHUW VLFK GDPLW QLFKW PHKU DQ GHPI¾UGHQ/HVHULQKDOWOLFKJHRUGQHWHQ $XIEDXGHU=HLWXQJHQVRQGHUQ QDFK 7KHPHQVFKZHUSXQNWHQ XQG .RPSHWHQ]HQ GHU -RXUQDOLVWHQ %HL HLQHU %HIUDJXQJ YRQ &KHIUHGDNWHXUHQ ]HLFKQHWH VLFK EHUHLWV YRU -DKUHQ GHXWOLFKDEGDVVGLHVHUHGDNWLRQHOOHQ8PVWUXNWXULHUXQJHQVFKRQIDVWDQ GHU 7DJHVRUGQXQJ VLQG HWZD GUHL 9LHUWHO GHU %HIUDJWHQ JDE DQ I¾U HLQ ]HOQH 3URMHNWH 7HDPV DXV YHUVFKLHGHQHQ 5HVVRUWV ]XVDPPHQ]XVWHOOHQ )DFKUHVVRUWVDXI]XO¸VHQJU¸¡HUH5HVVRUWHLQKHLWHQ]XELOGHQRGHUVRJDU 5HFKHUFKH XQG 5HSRUWDJHWHDPV JHJU¾QGHW ]X KDEHQ 0HLHU $XFKGLH*U¾QGXQJVRJHQDQQWHU1HZVURRPVLQGHQHQ-RXUQDOLVWHQYHU VFKLHGHQHU 5HVVRUWV XQG YHUVFKLHGHQHU 0HGLHQ ]% 3ULQW XQG 2QOLQH DQHLQHP7LVFKVLW]HQJHKWDXIGLHVHQ7UHQG]XU¾FN ,QZLHZHLW LVW YRQ GLHVHQ (QWZLFNOXQJHQ DXFK GDV /RNDOH EHWURIIHQ" 'DV /RNDOUHVVRUW LVW HLQ VR JHQDQQWHV ಱ4XHUVFKQLWWVUHVVRUWಯ :¦KUHQG VLFKGLHDQGHUHQ5HVVRUWV¾EHUHLQHQ6DFKJHJHQVWDQGGHILQLHUHQODVVHQ LVWHVKLHUHLQU¦XPOLFKHU%H]XJ$XVGLHVHP*UXQGOLHJWHLQHJU¸¡WP¸JOL FKH 7KHPHQYLHOIDOW YRU GLH GXUFK GLHVHV 5HVVRUW EHDUEHLWHW ZLUG ,QQHU KDOEGHU/RNDOUHGDNWLRQHQJLEWHVGDQQRIWPDOVIHVWH=XVW¦QGLJNHLWHQI¾U ORNDOH7KHPHQEHUHLFKH'HUHLQH 5HGDNWHXULVWI¾UGLH9HUHLQVEHULFKWHU
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
VWDWWXQJ ]XVW¦QGLJ GHU DQGHUH I¾U :LUWVFKDIW GHU Q¦FKVWH I¾U 6FKXOHQ XQG.XOWXU$XFKYLHOHGHUIUHLHQ0LWDUEHLWHUKDEHQVLFKDXIHLQ7KHPHQ JHELHWVSH]LDOLVLHUWLQZHOFKHPVLH¾EHUGDVJU¸¡WH:LVVHQXQGGLHEHV WHQ .RQWDNWH YHUI¾JHQ ,QQHUKDOE GHU /RNDOUHGDNWLRQ JHOLQJW GDEHL DEHU HLQPHKURGHUZHQLJHURUJDQLVLHUWHUUHJHOP¦¡LJHU$XVWDXVFKPLQGHVWHQV LQGHQ/RNDONRQIHUHQ]HQ EHUGLH5HVVRUWJUHQ]HKLQZHJZLUGMHGRFKVHOWHQJHUHGHWEHNODJHQ .RPPXQLNDWLRQVZLVVHQVFKDIWOHU 'DGXUFK ODXIHQ 7KHPHQ *HIDKU JDU QLFKW LQ GHU =HLWXQJ ]X HUVFKHLQHQ ZHLO VLFK GLH 5HVVRUWV JHJHQVHLWLJ GDUDXI YHUODVVHQ GDVV GLH MHZHLOV DQGHUHQ 5HVVRUWV GDU¾EHU EHULFKWHQ RGHU GDVV 7KHPHQ LQ YHUVFKLHGHQHQ =HLWXQJVWHLOHQ DXIWDXFKHQ XQG GD GXUFK 5HGXQGDQ]HQ RGHU VRJDU :LGHUVSU¾FKH HQWVWHKHQ 'HU $EVWLP PXQJVEHGDUI GHV /RNDOUHVVRUWV PLW DOOHQ DQGHUHQ 5HVVRUWV LVW DOVR EH VRQGHUV KRFK GHQQ YLHOH 7KHPHQ KDEHQ VRZRKO HLQHQ ORNDOHQ HLQHQ UHJLRQDOHQXQGHLQHQQDWLRQDOHQ%H]XJ(LQHUGHUGLVNXWLHUWHQ9RUVFKO¦ JHJHJHQGHQಱUHGDNWLRQHOOHQ6HSDUDWLVPXVಯEHWULIIWGDKHUGDV/RNDOHLQ VHLQHPXUHLJHQVWHQ.HUQHLQH WHLOZHLVH $XIKHEXQJGHU7UHQQXQJ]ZL VFKHQGHPDOOJHPHLQHQ0DQWHOWHLOXQGGHP/RNDOHQ6RIDQG0HLHUKHU DXVGDVVJHUDGHNOHLQH=HLWXQJHQKLHUHUIROJUHLFKQHXHRUJDQLVDWRULVFKH :HJH JHKHQ 0HLHU /RNDOUHGDNWHXUH KDEHQ QHEHQ ORNDOHQ 7HDP]XVW¦QGLJNHLWHQ DXFK DXVJHZLHVHQH LQKDOWOLFK ¾EHUJUHLIHQGH )DFK NRPSHWHQ]HQ GLH VLH LQ GHQ YHUVFKLHGHQHQ =HLWXQJVWHLOHQ HLQEULQJHQ )¾U GHQ /HVHU VLFKWEDU ZHUGHQ VROFKH UHGDNWLRQHOOHQ 9HU¦QGHUXQJHQ GDGXUFK GDVV VLFK DXFK LP :LUWVFKDIWVWHLO %HULFKWH ¾EHU HLQ 8QWHUQHK PHQ GHU 5HJLRQ ILQGHQ ODVVHQ RGHU GDVV HV HWZD NHLQHQ VHSDUDWHQ /R NDOVSRUWWHLO PHKU JLEW VRQGHUQ HLQHQ XP GDV /RNDOH HUZHLWHUWHQ DOOJH PHLQHQ6SRUWWHLO /RNDOUHGDNWLRQHQ VLQG GDV ZLUG LQ GHQ .DSLWHOQ GLHVHV %XFKHV LP PHU ZLHGHU GHXWOLFK EHVRQGHUHQ (LQIOXVVIDNWRUHQ DXVJHVHW]W =HQWUDOHV 0HUNPDO LVW GLH VR]LDOH 1¦KH GHU /RNDOMRXUQDOLVWHQ ]X GHQ 7KHPHQ XQG $NWHXUHQ LKUHV 9HUEUHLWXQJVJHELHWV =XV¦W]OLFK ]X GHQ VLFK EHUXIOLFK HU JHEHQGHQ .RQWDNWHQ WUHWHQ QRFK SHUV¸QOLFKH KLQ]X GLH GHQQRFK GHQ JOHLFKHQ$NWHXUVNUHLVEHWUHIIHQN¸QQHQ YJO.DSLWHO
3HUVSHNWLYHQGHU)RUVFKXQJ
$EELOGXQJ 8PZHOWHLQHU/RNDOUHGDNWLRQ
gesellschaftliche Umwelt
Wirtschaftsverbände
externe lokale Umwelt
Leserschaft
Vereine
interne Umwelt Verlag
Gewerkschaften Verbände
Schulen
andere Ressorts Kultureinric htungen
lokale Zeitungsredaktion
Religionsgruppen Behörden/ Stadtverwaltung
Bürgerinitiativen Polizei/ Gerichte
politisches System
Konkurrenzmedien
soziokulturelles System
Wirtschaftssystem
Unterneh-
Politiker/ Parteien
Rechtssystem
4XHOOHLQ$QOHKQXQJDQ5X¡0RKO6
=XVDPPHQIDVVXQJ 'LH ORNDOH =HLWXQJVUHGDNWLRQ LVW DOV 2UJDQLVDWLRQ HLQJHEHWWHW LQ HLQ IXQNWLRQDOHV =XVDPPHQVSLHO YRQ YHUVFKLHGHQHQ ,QWHUHVVHQVJUXSSHQ XQG $NWHXUHQPLW GHQHQVLHJHPHLQVDPGDVORNDOH 8PIHOG ELOGHQ V $EELOGXQJ *OHLFK]HLWLJVWHKWGHUHLQ]HOQH-RXUQDOLVWLQQHUKDOEVHLQHV VR]LDOHQ8PIHOGVLQGLHVHP(LQIOXVVEHUHLFK /RNDOMRXUQDOLVPXV NDQQ DXI HLQH ODQJH 7UDGLWLRQ ]XU¾FNEOLFNHQ ,QVEHVRQGHUHGLH=HLWXQJKDWKLHUHLQHKLVWRULVFKJHZDFKVHQH]HQWUDOH %HGHXWXQJ/RNDOEHULFKWHUVWDWWXQJHUVHW]WELV]XHLQHPJHZLVVHQ*UDG
.DSLWHO$UEHLWVSODW]/RNDOUHGDNWLRQ
IU¾KHUH )RUPHQ LQWHUSHUVRQDOHQ .RPPXQLNDWLRQVDXVWDXVFKHV HUVHW]W GLHVHQDEHUVHOEVWYHUVW¦QGOLFKQXU]XHLQHPJHZLVVHQ*UDG'LH)XQN WLRQHQGHU/RNDOEHULFKWHUVWDWWXQJVWDQGHQRIWLP=HQWUXPNRPPXQLND WLRQVZLVVHQVFKDIWOLFKHU )RUVFKXQJ $OV LKUH EHVRQGHUHQ /HLVWXQJHQ JHOWHQ2ULHQWLHUXQJLPORNDOHQ 5DXP VRZLH GLH(U¸IIQXQJYRQ3DUWL]L SDWLRQVP¸JOLFKNHLWHQ LP GLUHNWHQ 8PIHOG *UXQGODJH DOOHU $QV¦W]H LVW GLH =XVFKUHLEXQJ ZLFKWLJHU )XQNWLRQHQ LP VR]LDOHQ XQG SROLWLVFKHQ 3UR]HVV$XFK¾EHUGLH%HVFKUHLEXQJGHVMHZHLOVUHOHYDQWHQ.RPPX QLNDWLRQVUDXPHVZXUGHXQGZLUGYLHOGHEDWWLHUWSUDJPDWLVFKELHWHWVLFK GLH %HWUDFKWXQJ GHV ]HQWUDOHQ 9HUEUHLWXQJVJHELHWHV DXFK I¾U ZLVVHQ VFKDIWOLFKH$UEHLWHQDQ 9HU¦QGHUXQJHQ LP -RXUQDOLVPXV EHGHXWHQ QLFKW ]XOHW]W 9HU¦QGH UXQJHQ LQ GHQ $UEHLWVVWUXNWXUHQ YRQ /RNDOUHGDNWLRQHQ ,QVEHVRQGHUH GHU$XVWDXVFK¾EHUHLQ7KHPDXQG¾EHU5HVVRUWJUHQ]HQKLQZHJVSLHOW GDEHLHLQHZLFKWLJH5ROOH'DV/RNDOHLVWVRPLWQLFKWPHKUQXUDXIGHQ /RNDOWHLO EHVFKU¦QNW VRQGHUQ VSLHOW DXFK LQ DQGHUHQ 5HVVRUWV HLQH 5ROOH ,P =XVDPPHQKDQJ PLW GHU 6WHOOXQJ GHU /RNDOUHGDNWLRQ JHJHQ ¾EHUGHQ$NWHXUHQLKUHV9HUEUHLWXQJVJHELHWHVZLUGGHXWOLFKGDVVVLFK GXUFK GLH VR]LDOH 1¦KH XQG GLUHNWH (LQEHWWXQJ %HVRQGHUKHLWHQ LQ GHU (LQIOXVVQDKPHHUJHEHQN¸QQHQ
:HLWHUI¾KUHQGH/LWHUDWXU $OWPHSSHQ.ODXV'LHWHU -RXUQDOLVPXVXQG0HGLHQDOV2UJDQLVDWLRQHQ/HLVWXQJHQ 6WUXNWXUHQXQG0DQDJHPHQW:LHVEDGHQ969HUODJ 3DZORIVN\-DQ 'LHYLUWXHOOH5HGDNWLRQ0DFKWGDV,QWHUQHWGHQ1HZVURRP¾EHUIO¾V VLJ",Q1HXEHUJHU&KULVWRSK7RQQHPDFKHU-DQ+UVJ 2QOLQHದ'LH=XNXQIWGHU=HL WXQJ"'DV(QJDJHPHQWGHXWVFKHU7DJHV]HLWXQJHQLP,QWHUQHWYROOVW¦QGLJ¾EHUDU EHLWHWHXQGDNWXDOLVLHUWH$XIODJH 6 :LHVEDGHQ:HVWGHXWVFKHU9HUODJ +ROKIHOG 5DOI0HLHU .ODXV1HXEHUJHU &KULVWRSK +UVJ ,QQRYDWLRQHQ LP -RXUQDOLV PXV)RUVFKXQJI¾UGLH3UD[LV0¾QVWHU/LW 6D[HU8OULFK /RNDOH.RPPXQLNDWLRQದ%LODQ]GHU)RUVFKXQJ,Q:ROIJDQJ5/DQ JHQEXFKHU +UVJ /RNDONRPPXQLNDWLRQ $QDO\VHQ %HLVSLHOH $OWHUQDWLYHQ 6 0¾QFKHQOVFKO¦JHU :LONLQJ 7KRPDV /RNDOH 0HGLHQ 3HUVSHNWLYHQ I¾U GLH )RUVFKXQJ (LQH NULWLVFKH %LODQ]3XEOL]LVWLN
.DSLWHO7KHPHQXQG0HQVFKHQLP /RNDOMRXUQDOLVPXV 6LFKWZHLVHQGHU3UD[LV ಱ*LEWHVGHQQQXUGLHVHVHLQH7KHPDLQGHP'RUI"ಯIUDJWGHU9RORQW¦U LQGHU%ODWWNULWLN(UKDWELVKHULQGHU*UR¡VWDGWUHGDNWLRQJHDUEHLWHWXQG LVW GDKHU 7KHPHQYLHOIDOW JHZRKQW ಱ,PPHU GLH JOHLFKHQ %LOGHU LPPHU GLHVHOEHQ*HVLFKWHUಯI¦KUWHUIRUWXQGIUDJWREGHUP¸JOLFKH$EULVVGHV DOWHQ 5DWKDXVHV ZRKO DOOH %¾UJHULQQHQ XQG %¾UJHU LQWHUHVVLHUW ದ RGHU YLHOOHLFKWGRFKQXUHLQSDDU%HWURIIHQHXQGGHQEHDUEHLWHQGHQ5HGDN WHXU 'HU 1HXOLQJ KDW GLH 5HGDNWLRQ DQ HPSILQGOLFKHU 6WHOOH JHWURIIHQ 'LH 'LVNXVVLRQ RE GDV DOWHUVVFKZDFKH 5DWKDXV DEJHULVVHQ ZHUGHQ VROORGHUQLFKWELQGHWMRXUQDOLVWLVFKH$UEHLWVNUDIWXQGI¾OOW 3ODW]ದDEHU VRYLHO1HXHVELHWHWGLH'LVNXVVLRQQLFKWMHGHQ7DJDOVGDVVGHU$XI ZDQG JHUHFKWIHUWLJW Z¦UH 'HU /RNDOFKHI RUGQHW QDFK DQJHUHJWHU 'LV NXVVLRQHLQHQ.XUVZHFKVHODQ:LHVROOGLH5HGDNWLRQZHLWHUPDFKHQ" 6WDWW GHU /HVHU GLH HLJHQWOLFK LQ GLH =HLWXQJ JHK¸UHQ GU¦QJHQ VLFK GLH ¸UWOLFKHQ$PWVXQG:¾UGHQWU¦JHULQV%ODWW'DVLHKWPDQLP%LOGXQGOLHVW LP7H[WYRP%¾UJHUPHLVWHUEHLVHLQHP%HVXFKLP6HQLRUHQFOXELP.LQ GHUKRUWXQGEHLP0¦QQHUJHVDQJYHUHLQYRP%DXGH]HUQHQWHQEHLP)HX HUZHKU5LFKWIHVWXQGGHU5DGZHJ(LQZHLKXQJEHLGHUGHU%¾UJHUPHLVWHU QDW¾UOLFK DXFK ZLHGHU LP %LOG HUVFKHLQW 9LHOH 5HGDNWLRQHQ EHWUHLEHQ ]X YLHO7HUPLQXQG9HUODXWEDUXQJVMRXUQDOLVPXVVWDWW7KHPHQVHOEVW]XVHW ]HQ'HU/RNDOFKHIRUGQHWDQQLFKWPHKUMHGH3UHVVHPLWWHLOXQJGHV%¾U JHUPHLVWHUVXQGGHU5DWVIUDNWLRQHQLQV%ODWW]XKHEHQVRQGHUQQXUQHXH (QWZLFNOXQJHQ]XEHVFKUHLEHQ8QGGLHZHUGHQYRQGHU5HGDNWLRQQDFK UHFKHUFKLHUW6REOHLEW=HLWXQG5DXPI¾UDQGHUH7KHPHQ
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
/HUQ]LHOH  :LHGU¦QJHQVLFKORNDOH*U¸¡HQLQV%ODWWXQGZLHJHKWPDQGDPLWXP"  :LHILQGHLFK7KHPHQ"  :LHNDQQLFK9HUHLQVEHULFKWHUVWDWWXQJSHUVRQDOLVLHUHQ"  :LHNDQQLFKI¾UGHQ/HVHU6HUYLFHWHVWHQ" ,Q HLQHU .OHLQVWDGW WDXFKHQ LPPHU ZLHGHU GLHVHOEHQ $NWHXUH DXI 'HU /HLWHUGHU¸UWOLFKHQ%DQNVLW]WLP6WDGWUDWXQGLVW9RUVLW]HQGHUGHV/LRQV &OXEV6RNDQQHVSDVVLHUHQGDVVGLH%DQNDP0RUJHQGHU3UHVVHLKUH -DKUHVELODQ]YRUVWHOOWGHU%DQNHUDP0LWWDJDOV9RUVLW]HQGHUGHVVW¦GWL VFKHQ)LQDQ]DXVVFKXVVHVHLQHIXOPLQDQWH5HGH]XPGHVRODWHQ+DXVKDOW K¦OW XQG DP $EHQG DOV 3U¦VLGHQW GHV /LRQV&OXEV GHU .LQGHUKLOIH HLQHQ 6FKHFN ¾EHUUHLFKW -HGHU 7HUPLQ I¾U VLFK EHWUDFKWHW UHFKWIHUWLJW HLQHQ 7H[WPLWHLQHP%LOGGHV+DXSWDNWHXUVದXQVHUHP%DQNHU 'RFK ZHU ZLOO GLHVHQ 0DQQ DQ HLQHP 7DJ GUHL PDO LP %ODWW VHKHQ" (V JLEW PHKUHUH /¸VXQJHQ GLHV ]X YHUPHLGHQ =XQ¦FKVW GXUFK GLH (QW ]HUUXQJ GHU %HULFKWHUVWDWWXQJ GHQQ GLH 6FKHFN¾EHUJDEH NDQQ QRFK HL QHQ7DJJHVFKREHQZHUGHQ8QGGLH+DXVKDOWVUHGHLP)LQDQ]DXVVFKXVV NDQQ EHVVHU PLW HLQHU *UDILN GHV =DKOHQPDWHULDOV RGHU HLQHP %LOG YRQ GHPVW¦GWLVFKHQ .UDQNHQKDXVLQGHP(XURHLQJHVSDUWZHUGHQ P¾VVHQ LOOXVWULHUW ZHUGHQ $OOHUGLQJV 8QVHU %DQNHU GDUI QLFKW GDI¾U EH VWUDIWZHUGHQGDVVHUVRDNWLYLVW6RNDQQ]XP%HLVSLHOYRQGHU6FKHFN ¾EHUJDEHVWDWWGHVVWDWLVFKHQ%LOGHVYRP%DQNHUPLW.LQGHUKLOIH/HLWHULQ XQG6FKHFNDXFKHLQEHZHJWHV)RWRPLW.LQGHUQDXI6FKDXNHOQGLHYRQ GHP%DQNHUDQJHVFKREHQZHUGHQJHPDFKWZHUGHQ 5HGDNWLRQHQ NHQQHQ LKUH ¸UWOLFKHQ *U¸¡HQ GLH QRWRULVFK LQV %LOG GU¦QJHQ XQG LQ ¸IIHQWOLFKHQ 9HUDQVWDOWXQJHQ 6FKDXIHQVWHUUHGHQ KDOWHQ (V LVW GLH (QWVFKHLGXQJ GHV 5HGDNWLRQVPLWDUEHLWHUV ZHU DXI GDV )RWR NRPPW XQG LP 7H[W HUZ¦KQW ZLUG %HL GHP REOLJDWRULVFKHQ *UXSSHQELOG ZLUGDOVRGHU3DUWHLYRUVLW]HQGHDPOLQNHQRGHUUHFKWHQ5DQGSODW]LHUWVR GDVV HU EHL GHP %LOGDXVVFKQLWW GDQQ DXFK ZHJJHODVVHQ ZHUGHQ NDQQ 8QG0DQVROOWHHVGHQEHWUHIIHQGHQ3HUVRQHQDXFKPDOVDJHQGDVVVLH QLFKWDXIMHGHP%LOGVHLQN¸QQHQ %HVRQGHUVJUR¡VLQGGLH%HJHKUOLFKNHLWHQYRU:DKOHQ:LHYLHOHDQ GHUH=HLWXQJHQKDWEHLVSLHOVZHLVHGLH 1HXH:HVWI¦OLVFKH1: LQ%LHOH
6LFKWZHLVHQGHU3UD[LV
IHOG GHVKDOE 5HJHOQ DXIJHVWHOOW GLH VLH GHQ 3DUWHLHQ UHFKW]HLWLJ YRU GHQ :DKOHQYRUVWHOOW:HVHQWOLFKH3XQNWHVLQG Â :LUZHUGHQ:DKODXIUXIHYRQ3DUWHLHQQLFKWYHU¸IIHQWOLFKHQ Â :LU ZHUGHQ NHLQH /HVHUEULHIH YRQ DNWLYHQ 3ROLWLNHUQ 0DQGDWV XQG $PWVWU¦JHUQ YHU¸IIHQWOLFKHQ Â :LUZHUGHQNHLQH/HVHUEULHIHYHU¸IIHQWOLFKHQGLH:DKONDPSISDUROHQ ]XP,QKDOWKDEHQ Â :LU EHULFKWHQ ¾EHU DOOH 3DUWHLHQ RGHU ,QLWLDWLYHQ GLH DXI GHU %DVLV GHV *UXQGJHVHW]HV VWHKHQ XQG ]XU :DKO ]XJHODVVHQ ZHUGHQ :LU WXQGLHVLQ5HODWLRQ]XULKUHU%HGHXWXQJ:LUEHULFKWHQJUR¡¾EHUGHQ MHZHLOLJHQ:DKONDPSIDXIWDNWLQGHU5HJLRQ )¾U6WDQGDUGVZLH*HEXUWVWDJHYRQ2EHUE¾UJHUPHLVWHUQ3U¦VLGHQWHQ YRQ ,QGXVWULH XQG +DQGHOVNDPPHUQ XQG 6FK¾W]HQSU¦VLGHQWHQ PXVV HV HEHQIDOOV5HJHOQJHEHQ,QIDVWDOOHQ=HLWXQJVUHGDNWLRQHQPDFKWPDQ]X HLQHP *HEXUWVWDJ QLFKWV ದ RKQH $QVHKHQ GHU 3HUVRQ (V VHL GHQQ GHU0LQLVWHUSU¦VLGHQWJUDWXOLHUWSHUV¸QOLFK
4XHOOHQI¾U/RNDOHV :LHILQGHWPDQ 7KHPHQXPDXFKGDVಱOHW]WHಯ'RUIW¦JOLFKPLW/HVHVWRII ]XEHGLHQHQ"*XWH7KHPHQNDQQYRUVFKODJHQZHULP%LOGHLVWDOVRGLH HLJHQH =HLWXQJ XQG ದ ZHQQ YRUKDQGHQ ದ GHQ 0LWEHZHUEHU JHOHVHQ KDW ZHU1DFKULFKWHQJHK¸UWKDWXQGPLWRIIHQHQ$XJHQXQG2KUHQ]XU$UEHLW JHNRPPHQ LVW ,Q GHU 6WUD¡HQEDKQ ZLUG HWZDV YRQ HLQHU %HWULHEVYHU VDPPOXQJ LP JUR¡HQ 0HWDOOZHUN LQ GHU 6WDGW JHWXVFKHOW 'DV K¸UW VLFK QDFK (QWODVVXQJHQ DQ (LQH 0XWWHU NODJW GDVV GHU .LQGHUJDUWHQ JH VFKORVVHQ LVW XQG HPS¸UW VLFK GDVV PDQ GLH )RUWELOGXQJ DXFK LQ GHQ )HULHQK¦WWHGXUFKI¾KUHQN¸QQHQ$XIGHU$XWRIDKUW]XU5HGDNWLRQKDEHQ 6LHDXII¦OOLJYLHOH%XQGHVZHKUIDKU]HXJH¾EHUKROW:HUGHQDXVGHUKLHVL JHQ.DVHUQH(LQKHLWHQQDFK$IJKDQLVWDQYHUOHJW" 5HLFKW GDV $XIJHVFKQDSSWH PDO QLFKW DXV VR VLQG 9RONVKRFKVFKXO 3URJUDPPH9HUHLQV]HLWVFKULIWHQNLUFKOLFKH0LWWHLOXQJVEO¦WWHUGLHಱJHOEHQ 6HLWHQಯLP7HOHIRQEXFKXQG*HGHQNWDJHLQWHUHVVDQWH4XHOOHQ,P9RONV
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
KRFKVFKXO3URJUDPP HUI¦KUW PDQ GDVV HLQ EHNDQQWHU GHXWVFKHU /DQJ VWUHFNHQO¦XIHU GHQ 1RUGLF:DONLQJ.XUVXV OHLWHW 6FKRQ KDW PDQ HLQH VFK¸QH 3HUVRQDOLW\6WRU\ ,P NLUFKOLFKHQ 0LWWHLOXQJVEODWW OLHVW PDQ GDVV VLFK GHU 7RGHVWDJ HLQHV VWDGWEHNDQQWHQ 'LFKWHUV ]XP 0DO M¦KUW :HQJLEWHVQRFKDXVGHU)DPLOLHZDVPDFKHQGLH"'LHಱ*HOEHQ6HLWHQಯ ZHLVHQDXIDXVJHIDOOHQH%HUXIHZLH7LHUKHLOSUDNWLNHURGHU6HLOPDFKHUKLQ %¾UJHUQDKH7KHPHQILQGXQJNDQQDXFKPLW/HVHUWHOHIRQXQGPRELOHQ 5HGDNWLRQHQLQVWLWXWLRQDOLVLHUWZHUGHQ=XIHVWHQ=HLWHQLVWHLQ0LWDUEHLWHU GHU5HGDNWLRQದGDVN¸QQHQDXFKಱ)UHLHಯVHLQದXQWHUHLQHUEHVWLPPWHQ 1XPPHUDP/HVHUWHOHIRQ]XHUUHLFKHQ$OOH$QOLHJHQGHU/HVHULQQHQXQG /HVHUZHUGHQQRWLHUWPLWGHP9HUVSUHFKHQVLFKGDUXP]XN¾PPHUQ'DV /HVHUWHOHIRQ ZLUG W¦JOLFK SURPLQHQW DXI GHU HUVWHQ /RNDOVHLWH DQ HLQHP IHVWHQ 3ODW] DQJHN¾QGLJW ದ PLW 1DPHQ XQG %LOG GHU .ROOHJLQ RGHU GHV .ROOHJHQGHUDP7HOHIRQ]XHUUHLFKHQLVW8QWHUGLHVHU5XEULNZLUGVFKRQ NXU] EHVFKULHEHQ ZHOFKHQ ,QKDOWV GLH $QUXIH YRP 9RUWDJ ZDUHQ ದ XQG HYHQWXHOODXFK5¾FNPHOGXQJHUVWDWWHWZHLOHWZDVLP6LQQHGHV$QUXIHUV DQJHVFKREHQRGHUVRJDUHUOHGLJWZHUGHQNRQQWH :LOOHLQH5HGDNWLRQDXVHLQHPEHVWLPPWHQ6WDGWWHLORGHU'RUIPHKU DOV ELVKHU HUIDKUHQ VR PXVV VLH VLFK GRUWKLQ EHJHEHQ 0DQFKH 9HUODJH KDEHQPRELOH5HGDNWLRQHQದDOVR]XP%HLVSLHOXPJHEDXWH:RKQZDJHQ PLWHQWVSUHFKHQGHPWHFKQLVFKHQ(TXLSPHQWZLH/DXWVSUHFKHUDQODJHXQG ,QWHUQHWDQVFKOXVV2GHUGLH5HGDNWLRQRUJDQLVLHUWLQHLQHULQGHP'RUIDOV 7UHIISXQNW EHNDQQWHQ *DVWVW¦WWH HLQHQ /HVHUVWDPPWLVFK EHL GHP DOOH 7KHPHQ DQJHVSURFKHQ ZHUGHQ N¸QQHQ PRGHULHUW XQG QRWLHUW YRQ GHU 5HGDNWLRQXQGZLGHUJHVSLHJHOWLQGHU=HLWXQJDXIHLQHU6RQGHUVHLWH'LH ಱ)UHLHQಯXQG3UDNWLNDQWHQHUKDOWHQGHQ$XIWUDJGLHYLHOHQ7KHPHQDE]X DUEHLWHQ6RJHZLQQWGLH5HGDNWLRQ/HVHVWRIIDXV%HUHLFKHQDXVGHQHQ VLH ELVKHU ZHQLJ 5¾FNPHOGXQJ KDWWH =XGHP HQWVWHKHQ QHXH .RQWDNWH %HLGH )RUPHQ GHU /HVHUEHWHLOLJXQJ ZHUGHQ PLW HLQLJHP 9RUODXI VW¦QGLJ DQJHN¾QGLJW GHU %HVXFK GHU 5HGDNWLRQ ಱYRU 2UWಯ NDQQ DXFK SODNDWLHUW XQGLQGHPHLJHQHQ+¸UIXQNVHQGHUEHZRUEHQZHUGHQ ಱ+ROHQ6LHGRFKGLH6WLOOHQLQV%ODWWಯODXWHWGHU9RUVFKODJGHV&KHI UHGDNWHXUV GHU %UDXQVFKZHLJHU =HLWXQJ 3DXO-RVHI 5DXH 'LH =HLWXQJ VFKUHLEWM¦KUOLFKHLQHQಱ*HPHLQVDP3UHLVಯ DXVEHLGHPHLQH/HVHU-XU\ (QJDJHPHQW YRQ 3ULYDWOHXWHQ *UXSSHQ RGHU 6FKXONODVVHQ DXV]HLFKQHW ¾EHUGDVVRQVWLQGHUIIHQWOLFKNHLWQLFKWVEHNDQQWZ¾UGH
6LFKWZHLVHQGHU3UD[LV
(LQHQ'LDORJPLWGHU/HVHUNRQIHUHQ]KDWGLH 0DLQ3RVWLQVWLWXWLRQDOL VLHUW(WZD]Z¸OIELV3HUVRQHQDXVGHP9HUEUHLWXQJVJHELHWP¸JOLFKVW XQWHUVFKLHGOLFKHQ$OWHUVDXVYHUVFKLHGHQHQVR]LDOHQ6FKLFKWHQ XQG5H JLRQHQNRPPHQPLQGHVWHQVGUHLPDOM¦KUOLFK]XVDPPHQ=LHOHXQG(UZDU WXQJHQGLHVHU.RQIHUHQ]HQVLQG Â ,QIRUPDWLRQ ¾EHU ELVKHU YHUERUJHQH (QWZLFNOXQJHQ XQEHNDQQWH 7KHPHQ(UHLJQLVVHRGHU3HUVRQHQ Â QHXH,GHHQ Â QXW]HURULHQWLHUWH9HUEHVVHUXQJHQ Â QHXH%OLFNZLQNHO Â 'XUFKVFKDXEDUNHLWUHGDNWLRQHOOHU$UEHLW Â .HQQHQOHUQHQGHU5HGDNWLRQVPLWJOLHGHU Â QHXH0LWDUEHLWHUXQG,QIRUPDQWHQ
5HGDNWLRQVNDOHQGHU ,GHHQZLHJOREDOH7KHPHQORNDOKHUXQWHUJHEURFKHQZHUGHQN¸QQHQELH WHWDXFKGHU5HGDNWLRQVNDOHQGHUGHU'UHKVFKHLEH,QGLHVHP0DJD]LQZLUG ]XP%HLVSLHOXQWHUGHPGDUDXIKLQJHZLHVHQGDVVYRU-DKUHQ GLHHUODXEWH+¸FKVWJHVFKZLQGLJNHLWLQQHURUWVDXINPKEHJUHQ]WZXUGH 'LH$QUHJXQJI¾UHLQORNDOHV7KHPD:RLQGHU6WDGWLVW7HPSRQRFK]X YLHO" (LQ %HULFKW ¾EHU 8QIDOOVFKZHUSXQNWH NDQQ IROJHQ GLH GXUFK 7HPSR HQWVFK¦UIWZHUGHQN¸QQHQ2GHU7HPSRV¾QGHUDXIGHP:HJ]XU%HV VHUXQJದ5HSRUWDJHDXVHLQHU1DFKVFKXOXQJI¾U5DVHU )¾U GHQ ZHLVW GHU 5HGDNWLRQVNDOHQGHU IROJHQGHV KLVWRUL VFKHV 'DWXP DXV ,Q 3RUWXJDO ZLUG GHU OHW]WH &LWU¸HQ &9 GLH OH JHQG¦UHಱ(QWHಯJHIHUWLJW,QPHKUDOV-DKUHQKDWGDVIUDQ]¸VLVFKH)DKU ]HXJPLWVHLQHPVSDUWDQLVFKHQ&KDUPHHLQHWUHXH)DQJHPHLQGHHUREHUW 7KHPHQWLSS (LQH 7HVWIDKUW ,Q 'HXWVFKODQG VLQG NDXP QRFK ಱ(QWHQಯ I¾U GHQ6WUD¡HQYHUNHKU]XJHODVVHQ:LHI¦KUWHVVLFKLQGHU3DSSVFKDFKWHO" 2GHU'DV3RUWU¦WHLQHVಱ(QWHQಯ/LHEKDEHUVNDQQGHU$XIWDNW]XHLQHU6H ULHಱ0HLQHUVWHV$XWRಯVHLQ
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
9HUHLQVOHEHQLQWHUHVVDQWDXIEHUHLWHQ (LQEHVRQGHUVVFKZLHULJHV7KHPDLVWGLH9HUHLQVEHULFKWHUVWDWWXQJEHU DOOHP VWHKW GLH 5HJHO GDVV 1DPHQ 1DFKULFKWHQ VLQG 'HQQ LPPHUKLQ OHVHQQLFKWQXUGLHGUHLHUVWHQ6LHJHULQGHU-XQJWLHUVFKDXGHU*HIO¾JHO ]¾FKWHU LKUH 1DPHQ JHUQ LQ GHU =HLWXQJ VRQGHUQ DXFK GLH (OWHUQ XQG 2PD XQG 2SD =XGHP VLQG GLH -XQJ]¾FKWHU GLH /HVHU GHU =XNXQIW :LH JHKWPDQDOVRPLW9HUHLQVEHULFKWHUVWDWWXQJXP" 1XUGLHHUVWHQ'UHLGHU-XQJWLHUVFKDXN¸QQHQQDPHQWOLFKLQGHU=HL WXQJJHQDQQWZHUGHQ'LHUHVWOLFKHQ(UJHEQLVVHZHUGHQLQV,QWHUQHWJH VWHOOW:LFKWLJHV*HJHQDUJXPHQW1LFKWDOOH/HVHULQQHQXQG/HVHUYHUI¾JHQ ¾EHUHLQHQ,QWHUQHW]XJDQJGLHVJLOWYRUDOOHPI¾UGLH0DVVHGHU$ERQQHQ WHQGLH¦OWHUHQ0HQVFKHQ (LQLJH5HJLRQDO]HLWXQJHQKDEHQVLFKVSH]LHOOI¾UGLH9HUHLQVEHULFKW HUVWDWWXQJQHXH)RUPDWHDXVJHGDFKW 'HU0DGVDFN9HUODJLQ+DQQRYHUSURGX]LHUWI¾UVHLQHEHLGHQJUR¡HQ 7LWHO +DQQRYHUVFKH$OOJHPHLQH=HLWXQJ XQG 1HXH+DQQRYHUVFKH3UHVVH HLQH5HLKHYRQ/RNDODXVJDEHQLP7DEORLG)RUPDW(LQHGDYRQLVWGLH /HL QH=HLWXQJ LQ GHU HV GRQQHUVWDJV GHQ 6RQGHUWHLO ಱ9HUHLQH DQ GHU /HLQHಯ JLEW$XIELV]XVHFKV6HLWHQZHUGHQ%HLWU¦JHXQG)RWRVYHU¸IIHQWOLFKWGLH GLH 9HUHLQH VHOEHU HLQUHLFKHQ 'XUFK GLH 5HGDNWLRQ HUIROJW OHGLJOLFK HLQH OHLFKWH5HGDNWLRQXQG.¾U]XQJ'HU9RUWHLO0DQKDWYLHOH1DPHQXQGYLHOH .¸SIHLP%ODWWGLHHLQH,GHQWLIL]LHUXQJPLWGHU=HLWXQJHUODXEWPHLQ9HUHLQ LQPHLQHU=HLWXQJ XQGDQGHQ¾EULJHQ7DJHQLVWGHU/RNDOWHLOQDKH]XYHU HLQVIUHL=X%HJLQQGHU$NWLRQIDQGHLQH9ROOYHUVDPPOXQJGHU9HUHLQVYRU VLW]HQGHQVWDWW 'LH 9RONVVWLPPH LQ 0DJGHEXUJ VWDUWHWH GLH 6HULH ಱ8QVHUH 9HUHLQHಯ 'LH 9HUHLQH ZXUGHQ DQJHVFKULHEHQ XQG PLW GHP 9RUKDEHQ YHUWUDXW JH PDFKW-HGHU9HUHLQZLUGPLWZLFKWLJHQ$QJDEHQZLH=LHOHQ0LWJOLHGHU]DKO $QJHERWHQ 9RUVWDQG EXQJVOHLWHUQ XQG (UUHLFKEDUNHLW GDUJHVWHOOW $XFK HLQ%OLFNLQGLH9HUHLQVJHVFKLFKWHJHK¸UWGD]X1DFKGHU9HU¸IIHQWOLFKXQJ GHV 9HUHLQVSRUWU¦WV VWLHJ GLH 1DFKIUDJH QDFK $XIWULWWHQ GHU .DNHUEHFNHU )UDXHQWDQ]JUXSSHRGHUGHVQ¦UULVFKHQ0¦QQHUEDOOHWWVVSUXQJKDIWDQ %HLGHU 5KHLQ=HLWXQJLQ.REOHQ]ZXUGHGLH6HLWHಱ9HUHLQVORNDOಯNUHL HUW 6LH JOLHGHUW VLFK LQ ]ZHL %HUHLFKH %HLP 7UHIISXQNW HUVFKHLQHQ %HR EDFKWXQJHQ YRQ EXQJVVWXQGHQ &KRUSUREHQ 6WDPPWLVFKHQ RGHU 6HPL
6LFKWZHLVHQGHU3UD[LV
QDUXQG.XUVVWXQGHQ'LH%DQGEUHLWHUHLFKWYRQGHU/DLHQVSLHOVFKDU¾EHU GLH3UREHGHV.LUFKHQFKRUHVHLQH.RURQDUJXSSHHLQHEXQJVVWXQGHGHU -XQJHQJDUGHHLQHV.DUQHYDOVYHUHLQVELV]XP6HJHOVFKHLQNXUVXV,PXQWH UHQ7HLOGHU6HLWHJHEHQ9HUHLQHLKUH9LVLWHQNDUWHDEದPLWDOOHQZLFKWLJHQ 'DWHQ XQG 1DPHQ VRZLH $QWZRUWHQ DXI )UDJHQ QDFK GHP JDQ]HQ 6WRO] GHQ VFK¸QVWHQ 0RPHQWHQ GHP ELWWHUVWHQ (UOHEQLVVHQ XQG GHQ Q¦FKVWHQ 9RUKDEHQ 'D]X NRPPW HLQ .XU]LQWHUYLHZ PLW GHP 9RUVLW]HQGHQ XQG HLQ 3RUWU¦WYRQ]ZHLRGHUGUHLEHVRQGHUHQ9HUHLQVPLWJOLHGHUQ¾EHU GLHVRQVW QLFKWEHULFKWHWZLUG 'LH 0DLQ3RVW 5HGDNWLRQ .LW]LQJHQ KDWWH IROJHQGHV 3UREOHP 'XW ]HQGHYRQ-DKUHVKDXSWXQG0LWJOLHGHUYHUVDPPOXQJHQJHEDOOWLP)U¾KMDKU XQG LP 6S¦WKHUEVW EUDFKWHQ GLH 5HGDNWLRQ LQ SHUVRQHOOH XQG ORJLVWLVFKH (QJS¦VVH 'LH )ROJH (V IDQGHQ QXU .XU]EHVXFKH EHL 9HUVDPPOXQJHQ VWDWW 6FKULIWI¾KUHU OLHIHUWHQ XQEHKROIHQ JHVFKULHEHQH 3UHVVHPLWWHLOXQJHQ (KUXQJVXQG*UXSSHQIRWRVZXUGHQ]ZLVFKHQ7¾UXQG$QJHOJHPDFKWZHLO GHUIUHLH0LWDUEHLWHU]XPQ¦FKVWHQ7HUPLQKHFKHOWH'LH%HULFKWHUVWDWWXQJ EHL GHU 0DLQ3RVW ZXUGH HQW]HUUW GHQ 9HUHLQHQ GDXHUKDIWH 3U¦VHQ] LP %ODWW JHZ¦KUW GXUFK DWWUDNWLYH 5XEULQNHQ ZLH ಱ'HU JXWH *HLVWಯ ಱ0HLQ 9HU HLQಯಱ9RUVWDQGGHV-DKUHVಯಱ7LSSVDXVHUVWHU+DQGಯಱ$NWXHOOH,QWHUYLHZVಯ XQGಱ9HUHLQVSHUVRQDOLDಯ ಱ'HU JXWH *HLVWಯ VWHOOW 9HUHLQVPLWJOLHGHU YRU GHUHQ (QJDJHPHQW LP 9HUERUJHQHQVFKOXPPHUW'DVNDQQGHU3ODW]ZDUWVHLQGHUXQHQWJHOWOLFK I¾UVHLQHQ9HUHLQDUEHLWHWRGHUGHU0DXUHUGHULQVHLQHU)UHL]HLWLQKXQ GHUWHQ YRQ $UEHLWVVWXQGHQ GDV QHXH 9HUHLQVKHLP KRFK]LHKW ಱ0HLQ 9HU HLQಯ JLEW 0LWJOLHGHUQ ZLH )XQNWLRQ¦UHQ GLH 0¸JOLFKNHLW LKUHQ 9HUHLQ XQG GHVVHQ 9RU]¾JH YRU]XVWHOOHQ ಱ9RUVWDQG GHV -DKUHVಯ LVW HLQ VSDQQHQGHU XQG DWWUDNWLYHU :HWWEHZHUE GHU GHQ VR JHQDQQWHQ 9HUHLQVPHLHU LQ GDV UHFKWH /LFKW U¾FNHQ XQG PLW 9RUXUWHLOHQ DXIU¦XPHQ NDQQ 'LH 5HGDNWLRQ VWHLJWPLWHLQHP%HULFKW¾EHUGDV(KUHQDPWLQGHQ:HWWEHZHUEHLQYHU¸I IHQWOLFKW UHJHOP¦¡LJ HLQHQ &RXSRQ :DV SU¦GHVWLQLHUW +HUUQ)UDX 0XV WHUPDQQ]XP9RUVWDQGGHV-DKUHV" O¦VVWGHQ9RUVWDQGGHV-DKUHVYRQ HLQHUSURPLQHQWHQ-XU\DXVZ¦KOHQXQGHKUWGHQ7RS)XQNWLRQ¦ULQHLQHU 9HUDQVWDOWXQJ 'LH .RVWHQ VLQG ¾EHUVFKDXEDU (V JLEW *HOGSUHLVH XQG RGHU HLQHQ 3RNDO ಱ7LSSV DXV HUVWHU +DQGಯ KHOIHQ YHUHLQV¾EHUJUHLIHQG :LHI¾KUW9RUVWDQG;VHLQHQ9HUHLQZDVPXVVPDQEHLP%DXHLQHV9HU HLQVKHLPHVEHDFKWHQZHOFKHVSRUWOLFKHQXQGJHVHOOVFKDIWOLFKHQ$QJHER
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
WHNRPPHQEHVRQGHUVJXWDQ"ಱ$NWXHOOH,QWHUYLHZVಯ]XEULVDQWHQ7KHPHQ ODVVHQVLFKDQKDQGGHU7DJHVRUGQXQJHQGHU9HUVDPPOXQJHQEHUHLWVLP 9RUIHOGXPVHW]HQ'DVNDQQGLH%HLWUDJVHUK¸KXQJRGHUGHU3XQNW1DFK ZDKOHQ VHLQ GHU DXVZHLVW GDVV 9HU¦QGHUXQJHQ LP 9RUVWDQG DQVWHKHQ ಱ9HUHLQVSHUVRQDOLDಯ EHULFKWHQ NXU] ¾EHU GLH (UJHEQLVVH YRQ 1HXZDKOHQ XQG(KUXQJHQ $QVSUHFKSDUWQHUXQG$GUHVVHQJLEWHVEHLP$PWVJHULFKW9HUHLQVUH JLVWHU EHL 'DFKYHUE¦QGHQ ZLH GHP .UHLVVSRUWEXQG .UHLVODQGYRONYHU EDQGRGHU.UHLVV¦QJHUEXQG(LQ)UDJHERJHQKLOIWZHVHQWOLFKH'DWHQ]X HUIDKUHQ XQG GLH 5HGDNWLRQVGDWHQEDQN ]X YHUYROOVW¦QGLJHQ (LQH 9HU HLQVFKURQLN NDQQ HLQH HUJLHELJH 4XHOOH VHLQ XQG YRU DOOHP DXI KLVWRUL VFKHV%LOGPDWHULDODXIPHUNVDPPDFKHQ 6HULHQVROOWHPDQODQJIULVWLJSODQHQXQG]HLWJOHLFK]XDNWXHOOHQ$QO¦V VHQZLH-XELO¦HQRGHUJUR¡HQ:HWWN¦PSIHQYHU¸IIHQWOLFKHQ6WDWWODQJZHL OLJHU 9HUVDPPOXQJV RGHU *UXSSHQIRWRV VROOWHQ GLH %LOGHU OLHEHU 9HUHLQV PLWJOLHGHULQ$NWLRQ]HLJHQ]XP%HLVSLHOEHLGHU&KRUSUREH9HUHLQVPLWJOLH GHU GLH HWZDV %HVRQGHUHV]X HU]¦KOHQ KDEHQ EHOHEHQ GLH %HULFKWHUVWDW WXQJ:HU]XP0DO%OXWJHVSHQGHWKDWKDWP¸JOLFKHUZHLVHHUOHEWZLH OHEHQVQRWZHQGLJ%OXWNRQVHUYHQVHLQN¸QQHQ:HUQRFKPLW-DKUHQGDV 6SRUWDE]HLFKHQPDFKWYHUU¦WJHUQHWZDV¾EHUGLHW¦JOLFKHQ/DXIUXQGHQ 3U¾IHQVROOWHGLH5HGDNWLRQDXFKREHVIUHLH0LWDUEHLWHURGHU $JHQ WXUHQJLEWGLHGLH9RUVWHOOXQJHLQ]HOQHU9HUHLQHRGHUGLHJHVDPWH6HULH ¾EHUQHKPHQN¸QQHQ/¦VVWVLFKGLH 6HULHDOV%URVFK¾UHRGHU%XFKYHU PDUNWHQ" :HQQ GLHV GHU )DOO LVW VROOWH EHUHLWV EHL GHU .RQ]HSWLRQ GHU 6HULHDQGDVVS¦WHUH/D\RXWJHGDFKWZHUGHQ
'DV6RPPHUORFKI¾OOHQ (LQH EHOLHEWH %HZ¦KUXQJVSUREH I¾U )UHLH 3UDNWLNDQWHQ 9RORQW¦UH XQG -XQJUHGDNWHXUH LVW GDV 6RPPHUORFK 'HQQ LQ GHU /RNDOEHULFKWHUVWDWWXQJ JLEW HVGLHQDFKULFKWHQDUPH 6RPPHUSDXVHQRFK'LH6WDPPPDQQVFKDIW KDWDOOHVVFKRQJHVFKULHEHQ]LJPDOGLH3HUVSHNWLYHJHZHFKVHOWXQGDQ VRQVWHQGDUDXIYHUWUDXWGDVVQLFKWVVRDOWLVWZLHGLH=HLWXQJYRQJHVWHUQ
6LFKWZHLVHQGHU3UD[LV
'RFK LPPHU ZLHGHU IDOOHQ 5HGDNWLRQHQ QHXH 7KHPHQ XQG DQGHUH +HUDQJHKHQVZHLVHQHLQ'LH'UHKVFKHLEH1U ELHWHWHLQHNOHLQH $XVZDKO Â (LQ5HGDNWHXUGHU 5KHLQLVFKHQ3RVW'¾VVHOGRUIUHLVWHHLQH:RFKH ODQJPLW%XVXQG%DKQTXHUGXUFK1RUGUKHLQ:HVWIDOHQXQGEHULFK WHWHW¦JOLFKLP%ODWW¾EHUGLH(UOHEQLVVHDXIVHLQHU7RXU(UHU]¦KOWH YRQGHQ2UWHQGLHHUEHVXFKWKDWXQGYRQGHQ0HQVFKHQGLHHUGD EHLWUDI Â ,Q GHU 6HULH ಱ0LW GHU 6= ]XP HLJHQHQ *DUWHQಯ VWHOOWH GLH 6DO]JLWWHU =HLWXQJ DOOH .OHLQJDUWHQYHUHLQH LQ GHU 5HJLRQ YRU EHL GHQHQ QRFK 3DU]HOOHQ ]X YHUSDFKWHQ EH]LHKXQJVZHLVH ]X YHUNDXIHQ VLQG ,Q MH GHU )ROJH ZXUGH HLQ 9HUHLQ PLW VHLQHQ $QJHERWHQ SU¦VHQWLHUW XQG 3UHLVHXQG%HVRQGHUKHLWHQDXIJHOLVWHW Â 'LH 1RUGVHH=HLWXQJ %UHPHUKDYHQ QDKP 7RXULVWLNE¾URV YRQ )H ULHQRUWHQDQGHU.¾VWHXQWHUGLH/XSH3HU(0DLOVFKULHEGLH5HGDN WLRQ7RXULVWLNE¾URVDQPLWGHU%LWWH$QJHERWHI¾U)HULHQZRKQXQ JHQXQG*¦VWH]LPPHU]XVFKLFNHQ%HZHUWHWZXUGHGLH4XDOLW¦WGHU $QWZRUWHQXQGZLHVFKQHOOVLHHLQWUDIHQ Â ಱ:LHVWHOOHQ6LHVLFKHLQHQSHUIHNWHQ)HULHQWDJYRU"ಯIUDJWHGHU%RQ QHU *HQHUDO$Q]HLJHU 'LH /HVHU VDQGWHQ 9RUVFKO¦JH HLQ GLH LP %ODWWDEJHGUXFNWZXUGHQ3HU/HVHUDEVWLPPXQJZXUGHGDQQGHULGH DOH )HULHQWDJ DXVJHZ¦KOW XQG GHU 6LHJHU PLW HLQHP 5XQGIOXJ ¾EHU %RQQXQG8PJHEXQJEHGDFKW Â 'LH 0¦UNLVFKH $OOJHPHLQH 3RWVGDP IUDJWH LKUH /HVHULQQHQ XQG /HVHUZHUGDV¦OWHVWHQRFKJHQLH¡EDUH(LQJHZHFNWHLP.HOOHUKDW
6HUYLFHXQG5DWJHEHU ,PPHU ZLFKWLJHU ZHUGHQ GLH %HUHLFKH 6HUYLFH XQG 5DWJHEHU :HOFKH ,QIRUPDWLRQHQ ZHUGHQ I¾U GDV W¦JOLFKH /HEHQ EHQ¸WLJW ದ XQG ZHOFKH GD YRQ VWHKHQ LQ GHU 7DJHV]HLWXQJ" 6HUYLFH XQG 5DWJHEHU ZXUGHQ ZLH /H VHUEULHIH YRQ GHQ PHLVWHQ 5HGDNWLRQHQ ODQJH VWLHIP¾WWHUOLFK EHKDQGHOW 'HU /HVHU ZLOO PLWWOHUZHLOH DEHU ]XYHUO¦VVLJ XQG XPIDQJUHLFK YRQ VHLQHU =HLWXQJLQIRUPLHUWZHUGHQ
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
 Â
*LEWHVVHKHQVZHUWH9HUDQVWDOWXQJHQ" :LH KRFK VLQG GLH (LQWULWWVSUHLVH" ,VW HLQH 9HUDQVWDOWXQJ DXVYHU NDXIW"*LEWHV5HVWNDUWHQ":RILQGHWPDQHLQH$QIDKUWVVNL]]H":LH VLQGGLH3DUNP¸JOLFKNHLWHQRGHUGLH%XVYHUELQGXQJHQ" :HOFKH 9HUNHKUVEHKLQGHUXQJHQ RGHU %DXVWHOOHQ PLW 8POHLWXQJV HPSIHKOXQJHQJLEWHV",P,GHDOIDOOZLUGGHU$UWLNHOPLWHLQHU 6NL]]H LOOXVWULHUW :HOFKH*DVWURQRPLHRGHU$XVIOXJVWLSSVNDQQGLH5HGDNWLRQJHEHQ" :HOFKH 6SDUWLSSV XQG $QODJHWLSSV ¸UWOLFKHU %DQNHQ KDW VLH ದ PLW HLQHPWUDQVSDUHQWHQ6\VWHPದJHSU¾IWXQGNDQQVLHHPSIHKOHQ" :HOFKH,QIRUPDWLRQHQNDQQVLH¾EHU%DXNUHGLWH5DWHQNUHGLWH$XWR NUHGLWH.UDQNHQYHUVLFKHUXQJ7DJHVJHOGRGHU)HVWJHOGJHEHQ"
Â
  Â
$OOH GLHVH $QJDEHQ VROOWHQ PLW 7HOHIRQQXPPHUQ (0DLO XQG ,QWHUQHW $GUHVVHQYHUVHKHQVHLQ0LWGLHVHP/HVHUVHUYLFHNDQQPDQNHLQH-RXU QDOLVWHQSUHLVH JHZLQQHQ ZRKO DEHU GDV 9HUWUDXHQ GHU /HVHULQQHQ XQG /HVHUದXQGGDPLWGHU$ERQQHQWHQ9RUEHLLVWGLH=HLWGHUOLHEORVHQ$XI OLVWXQJ YRQ 7HUPLQHQ LQ HLQHP XQ¾EHUVLFKWOLFKHQ %OHLIULHGKRI DXI YDJD EXQGLHUHQGHQ6HLWHQ'LH5HGDNWLRQHQKDEHQದEHVW¦UNWGXUFK/HVHUXP IUDJHQ ದ GLHVH 6HUYLFHVHLWHQ DOV ZHUWYROOHQ /HVHVWRII EHJULIIHQ GHQ HV RSWLVFKLQWHUHVVDQW]XSU¦VHQWLHUHQJLOW=XYHUO¦VVLJH6HNUHW¦ULQQHQIUHLH 0LWDUEHLWHULQQHQ XQG 0LWDUEHLWHU XQG 5HGDNWHXULQQHQ XQG 5HGDNWHXUH P¾VVHQ I¾U GLHVH 6HUYLFHVHLWHQ YHUDQWZRUWOLFK VHLQ GLH PLW VLFKHUHP 8UWHLOXQGDXIGHU*UXQGODJHIHVWHU5HJHOQHQWVFKHLGHQZHOFKH7HUPLQH GHU &DULWDV GHU .LUFKH GHU $QRQ\PHQ $ONRKROLNHU GHU %ULHIPDUNHQ IUHXQGH XQG GHU +¾KQHU]¾FKWHU YRQ DOOJHPHLQHP ,QWHUHVVH VLQG 8QG ZHOFKHQLFKWLQV%ODWWNRPPHQ
/RNDOH.XOWXUNULWLN1RWHQI¾Uಱ&RVLIDQWXWWHಯ 'DVLVWDEHUQXUGLHKDQGZHUNOLFKH%DVLV)RUWVFKULWWOLFKHVHUYLFHRULHQWLHU WH 5HGDNWLRQHQ ZDJHQ VLFK DXFK DQ DOOJHPHLQ YHUVW¦QGOLFKH %HXUWHLOXQ JHQGHU$XII¾KUXQJGHUಱ&RVLIDQWXWWHಯGHV¸UWOLFKHQ6WDGWWKHDWHUVKHUDQ XQGVDJHQSRLQWLHUWREVLFKGHU%HVXFKORKQWRGHUQLFKW
6LFKWZHLVHQGHU3UD[LV
*DVWURQRPLH XQG $XVIOXJVWLSSV VROOWHQ PLW HLQHU %HQRWXQJ HQGHQ 9HUEXQGNDUWHQ LP IIHQWOLFKHQ 3HUVRQHQQDKYHUNHKU VROOWHQ YRQ GHU 5H GDNWLRQ DXI )DKUWGDXHU 6HUYLFHIUHXQGOLFKNHLW .RPIRUW XQG $QVFKOXVV YHUELQGXQJHQ JHWHVWHW VHLQ *HUDGH GLHVH ]HLWDXIZ¦QGLJHQ $XIJDEHQ ZHUGHQRIWYRQIUHLHQ0LWDUEHLWHUQ¾EHUQRPPHQದPLWGHU$XVVLFKWGDVV GDEHLZLHGHUQHXH7KHPHQDQIDOOHQ:LFKWLJJHZRUGHQVLQG]XGHPEHU VLFKWHQ ¾EHU 6WURPSUHLVH XQG 7HOHIRQWDULIH VHLWGHP GHU 9HUEUDXFKHU :DKOP¸JOLFKNHLWHQKDW'DV.OHLQJHGUXFNWHVROOWHGLH5HGDNWLRQJHOHVHQ XQGYHUVW¦QGOLFKI¾UGLH/HVHULQQHQXQG/HVHU¾EHUVHW]WKDEHQ (LQHQ EHVRQGHUV KRKHQ $QVSUXFK DQ GLH *ODXEZ¾UGLJNHLW LKUHU 7D JHV]HLWXQJKDEHQGLH/HVHULQQHQXQG/HVHULQGHQQHXHQ%XQGHVO¦QGHUQ 'HU$QVSUXFKHUNO¦UWVLFKDXVGHP(LQJDEHZHVHQLQGHU''5'HU%¾UJHU KDWWH HLQ $QUHFKW DXI VHLQH (LQJDEH DQ GLH %HK¸UGHQ XQG DXFK DQ GLH MHZHLOLJH6('%H]LUNV]HLWXQJYHUELQGOLFK$XVNXQIW]XEHNRPPHQ6RIUDJ WHDP/HVHUWHOHIRQHLQH%¾UJHULQZLH)OHFNHQDXILKUHP7DIHOVLOEHUEHVHL WLJWZHUGHQN¸QQHQ'LH5DWJHEHU5HGDNWHXULQGHU9RONVVWLPPHN¾PPHUWH VLFK WHOHIRQLHUWH PLW -XZHOLHUHQ XQG YHU¸IIHQWOLFKWH GHUHQ 7LSS GDVV HLQH EHVWLPPWH 6DO]O¸VXQJ GLH (UEVW¾FNH UHWWHQ N¸QQWH :HQLJ VS¦WHU VFKULHE GLH'DPHGHU&KHIUHGDNWLRQHLQHQ%ULHIಱ+DEHGHQ7LSSEHIROJW)OHFNHQ VLQGLPPHUQRFKGD%LWWHEHJOHLFKHQ6LHGLHDQOLHJHQGH5HFKQXQJಯ
=XVDPPHQIDVVXQJ :LOO GLH =HLWXQJ LQ =HLWHQ ZDFKVHQGHQ 0HGLHQZHWWEHZHUEV ZHLWHUKLQ (UIROJKDEHQVRPXVVVLHDXIGLH0HQVFKHQ]XJHKHQXQGLKQHQ]XK¸ UHQ 'D GLH *HVHOOVFKDIW LPPHU EXQWHU ZLUG P¾VVHQ HEHQ DXFK GLH 7KHPHQ EXQWHU ZHUGHQ 9HUHLQVEHULFKWHUVWDWWXQJ NDQQ PHKU VHLQ DOV GLH $XIUHLKXQJ YRQ (KUXQJHQ XQG 9RUVWDQGVZDKOHQ ZHQQ PDQ GLH 0HQVFKHQGDKLQWHUPLWLKUHP(QJDJHPHQWI¾UGLH*HVHOOVFKDIWLQV%LOG VHW]W
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
:HLWHUI¾KUHQGH/LWHUDWXU $UEHLWVJHPHLQVFKDIW '5(+6&+(,%( H9 +UVJ 5HGDNWLRQVQHZV 0RQDWOLFKH =HLWVFKULIW KWWSZZZGUHKVFKHLEHRQOLQHGH *RORPEHN 'LHWHU/XW] (UZLQ :¦FKWHUDPW $OOWDJVOHEHQ 'LH .RQ]HSWH GHU EHVWHQ 7DJHV]HLWXQJHQ'HXWVFKODQGV7KHPHQXQG,GHHQDXV-DKUHQ/RNDOMRXUQDOLVWHQSUHLV GHU.RQUDG$GHQDXHU6WLIWXQJ6DO]EXUJ(XJHQGRUI0HGLHQIDFKYHUODJ2EHUDXHU
.DSLWHO7KHPHQXQG0HQVFKHQLP /RNDOMRXUQDOLVPXV 3HUVSHNWLYHQGHU)RUVFKXQJ ,Q GHU /RNDONRQIHUHQ] ZLUG GDU¾EHU GLVNXWLHUW ZHOFKH 7KHPHQ LQ GLH NRPPHQGH$XVJDEHDXIJHQRPPHQZHUGHQVROOHQ(VLVWJHUDGH.DU QHYDOV]HLW GDV LVW LQ ,KUHP UKHLQLVFKHQ 9HUEUHLWXQJVJHELHW QDW¾UOLFK *HVSU¦FKVVWRII :DV LVW PLW GHU 7HLOQDKPH GHV %¾UJHUPHLVWHUV DP .DUQHYDOVXP]XJ" 6ROO PDQ GLH .RVWHQ GHV 5RVHQPRQWDJV I¾U GLH 5HJLRQ GDUVWHOOHQ" 8QG GLH ¸UWOLFKHQ $QRQ\PHQ $ONRKROLNHU KDEHQ HLQH 3UHVVHPLWWHLOXQJ YHU¸IIHQWOLFKW LQ GHU YRU 5¾FNI¦OOHQ LQ GHQ EH VFKZLQJWHQ7DJHQJHZDUQWZLUG ,P 9HUODXI GHU 'LVNXVVLRQ ZLUG ,KQHQ VFKQHOO NODU GDVV HV VLFK QLFKWLPPHUQXUXPGHQ1DFKULFKWHQZHUWGHU7KHPHQGUHKW$UJXPHQ WHZLHಱ'DU¾EHUKDEHQZLULPPHUEHULFKWHWಯಱ6RZDVLQWHUHVVLHUWXQVH UH /HVHU GRFK QLFKWಯ ಱ$EHU ELWWH QLFKW GLH VFK¸QH 6WLPPXQJ LQ GHU 6WDGW NDSXWW PDFKHQಯ RGHU ಱ1D GHU ZLOO PLW 6LFKHUKHLW HLQ )RWR YRQ VLFKಯ PDFKHQ ,KQHQ NODU GDVV DXFK (UZDUWXQJHQ MHQVHLWV GHV 3XEOL NXPVLQWHUHVVHV XQG VR]LDOH 1HW]ZHUNH HLQH ZLFKWLJH 5ROOH EHL GHU 7KHPHQZDKOVSLHOHQ'DVEULQJW6LHLQV*U¾EHOQ,VWHVWDWV¦FKOLFKVR GDVV¾EHUPDQFKH7KHPHQHKHUEHULFKWHWZLUGDOV¾EHUDQGHUHದMHQ VHLWV GHU J¦QJLJHQ 1DFKULFKWHQIDNWRUHQ" 'DVV HV PDQFKH 0HQVFKHQ VHKUYLHOOHLFKWHUKDEHQLQGHQ/RNDOWHLO]XNRPPHQDOVDQGHUH" 'LH NRPPXQLNDWLRQVZLVVHQVFKDIWOLFKH %HVFKUHLEXQJ GHU ORNDOHQ %HULFKW HUVWDWWXQJHQGHWHODQJH=HLWLQGHUJULIILJHQ7KHVHHLQHUಱ=HLWXQJLP.OHL QHQಯ :HVHQWOLFKHV 0HUNPDO GHV /RNDOWHLOV VHL VHLQH 8QLYHUVDOLW¦W GLH :LGHUVSLHJHOXQJ GHU 6DFKJHELHWH GHU ¾EULJHQ =HLWXQJ LP /RNDOHQ 'LH EHVRQGHUHQ0HUNPDOHXQG6WUXNWXUHQVLQGPLWGLHVHU)HVWVWHOOXQJMHGRFK NDXPKLQUHLFKHQGEHVFKULHEHQ8QGGDVVVLFKDXFKGLH2UJDQLVDWLRQGHU
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
/RNDOUHGDNWLRQDQGLHVHP3XQNWQHXHQ+HUDXVIRUGHUXQJHQVWHOOHQPXVV ZXUGHMDVFKRQLQ.DSLWHOYHUGHXWOLFKW 'HU8QWHUVXFKXQJYRQ0HGLHQLQKDOWHQZLGPHWVLFKGLH.RPPXQLND WLRQVZLVVHQVFKDIWEHUHLWVYRQLKUHP%HJLQQDQ0LW+LOIHYRQ,QKDOWVDQD O\VHQZLUGXQWHUVXFKWZDVXQGZHULQZHOFKHU)RUPXQGDXIZHOFKH$UW LQGHQ0HGLHQWKHPDWLVLHUWZLUG'HU/RNDOWHLOZXUGHGDEHL]ZDUDOV5HV VRUWE]Z6SDUWHUHJHOP¦¡LJPLWXQWHUVXFKWHPSLULVFKH%HVFKUHLEXQJHQ GHV ORNDOHQ ,QKDOWV MHGRFK JDE HV HUVW LQ GHQ HU-DKUHQ 'DV .DWHJR ULHQV\VWHP GLHVHU IU¾KHQ 6WXGLHQ OHKQWH VLFK GDEHL QRFK VWDUN DQ GLH HUSUREWHQ.DWHJRULHQGHV0DQWHOWHLOVDQHQWVSUDFKHQDOVRGHP*HLVWGHU ಱ=HLWXQJ LP .OHLQHQಯ ದ ZDV GD]X I¾KUWH GDVV GLH %HVRQGHUKHLWHQ GHV /RNDOHQQLFKWHUIDVVWZHUGHQNRQQWHQYJO:LONLQJ ,P =XVDPPHQKDQJ PLW GHQ 9HU¦QGHUXQJHQ GHU 0HGLHQODQGVFKDIW GXUFK HLQHQ 3UR]HVV GHU 3UHVVHNRQ]HQWUDWLRQ GHP VR JHQDQQWHQ ಱ=HL WXQJVVWHUEHQಯZLGPHWHVLFKGDQQDE(QGHGHUHU-DKUHHLQH9LHO]DKO YRQ $UEHLWHQ GHP /RNDOWHLO ,P 9RUGHUJUXQG VWDQGHQ DOOHUGLQJV PHGLHQ SROLWLVFKH )UDJHQ LQVEHVRQGHUH GHU (LQIOXVV GHU 0RQRSROVWHOOXQJ YRQ 9HUODJHQDXIGHQ=HLWXQJVLQKDOW,QGHQHUE]ZHU-DKUHQWUDWGLHದ HEHQIDOOVPHGLHQSROLWLVFKUHOHYDQWHದ)UDJHKLQ]XZLHVLFKLQWHUPHGL¦UHU :HWWEHZHUE DOVR GLH *U¾QGXQJ YRQ ORNDOHQ 5DGLR XQG )HUQVHKVWDWLR QHQDXIGLH,QKDOWHGHU7DJHV]HLWXQJHQDXVZLUNW (VVWHOOWVLFKDOVRGLH)UDJHZDVGDV&KDUDNWHULVWLVFKHDQGHQ7KH PHQXQG$NWHXUHQGHU/RNDOEHULFKWHUVWDWWXQJLVWXQGREGDEHLDXVNRP PXQLNDWLRQVZLVVHQVFKDIWOLFKHU 6LFKW 'HIL]LWH XQG 0¦QJHO YRUOLHJHQ =XU %HDQWZRUWXQJ N¸QQHQ GLH (UJHEQLVVH GHVNULSWLYHU 8QWHUVXFKXQJHQ GHV /RNDOWHLOVKHUDQJH]RJHQZHUGHQGLHLQ]ZLVFKHQHLQHODQJH)RUVFKXQJV WUDGLWLRQKDEHQದ)RUVFKXQJVELODQ]HQEHOHJHQGLHVHLQGUXFNVYROO
/HUQ]LHOH Â Â
Â
1DFKZHOFKHQ.ULWHULHQZHUGHQ1DFKULFKWHQDXVJHZ¦KOW" EHU ZHOFKH 7KHPHQ XQG $NWHXUH ZLUG LQ HLQHP W\SLVFKHQ GHXW VFKHQ /RNDOWHLO EHULFKWHW" :HOFKH 0¦QJHO XQG 'HIL]LWH ODVVHQ VLFK GDEHLIHVWVWHOOHQ" :HOFKHQ (LQIOXVV KDW GLH :HWWEHZHUEVVLWXDWLRQ DXI GHQ ,QKDOW GHV /RNDOHQ"
3HUVSHNWLYHQGHU)RUVFKXQJ
%¾UJHUPHLVWHUPLW1DUUHQNDSSH".ULWHULHQGHU1DFKULFKWHQDXVZDKO -RXUQDOLVWHQZ¦KOHQ7KHPHQI¾ULKU0HGLXPQDFKXQWHUVFKLHGOLFKHQ*H VLFKWVSXQNWHQ DXV 6LH ULFKWHQ VLFK LQ GHU 5HJHO QDFK GHP YHUPXWHWHQ 3XEOLNXPVLQWHUHVVHVLHKH.DSLWHO *OHLFK]HLWLJXQWHUOLHJHQVLH(LQIO¾V VHQ YRQ DX¡HQ ZLH HWZD GHP 'UXFN YRQ $Q]HLJHQNXQGHQ GHU +DOWXQJ ORNDOHU 3URPLQHQ] .ROOHJHQPHLQXQJHQ VLHKH .DSLWHO $EHU DXFK GLH (LJHQVFKDIWHQ GHU (UHLJQLVVH VHOEVW VSLHOHQ EHL GHU $XVZDKO HLQH 5ROOH E]Z GLH LKQHQ ]XJHVFKULHEHQH 5HOHYDQ] (LQH ಱREMHNWLYHಯ 5HOHYDQ] I¾U GHQ :HUW HLQHU 1DFKULFKW JLEW HV QLFKW 2EZRKO VLFK KLHU ]ZDU (UIDK UXQJVZHUWHGXUFKJHVHW]WKDEHQZDVHLQH1DFKULFKWEHULFKWHQVZHUWPDFKW OLHJHQ LKU GRFK OHW]WOLFK LPPHU VR]LDOH (UNO¦UXQJHQ ]XJUXQGH ZDV YRQ ZHP DOV UHOHYDQWH 1DFKULFKW HLQJHVWXIW ZLUG ,Q GHU 1DFKULFKWHQWKHRULH IRUVFKXQJ ZHUGHQ GLH .ULWHULHQ GHU 1DFKULFKWHQDXVZDKO XQWHUVXFKW $XV GHQ YHUVFKLHGHQHQ 7KHRULHQ XQG )RUVFKXQJVULFKWXQJHQ KLHU]X VROOHQ ]ZHL%HUHLFKHKHUDXVJHJULIIHQZHUGHQGLH*DWHNHHSHUIRUVFKXQJXQGGLH 1DFKULFKWHQZHUWWKHRULH ,QGHU*DWHNHHSHUIRUVFKXQJVWHKWGLH3HUVRQGHVGHUDXVZ¦KOHQGHQ -RXUQDOLVWHQE]ZGLH0HGLHQRUJDQLVDWLRQLP0LWWHOSXQNW8QWHUVXFKWZLUG ZHOFKH (LJHQVFKDIWHQ GHV *DWHNHHSHUV GLH $XVZDKO EHHLQIOXVVW 8QWHU VFKLHGHQZLUGLQLQGLYLGXDOLVWLVFKH6WXGLHQLQGHUGLH3HUVRQGHV-RXUQD OLVWHQLP0LWWHOSXQNWVWHKW6LHJHKHQYRQGHU$QQDKPHDXVGDVVVHLQH SHUV¸QOLFKHQ(LQVWHOOXQJHQVR]LDOSV\FKRORJLVFKHQXQGDXFKVR]LRGHPR JUDSKLVFKHQ0HUNPDOHGLH$XVZDKOYRQ1DFKULFKWHQHQWVFKHLGHQGEHHLQ IOXVVHQ ,Q LQVWLWXWLRQHOOHQ 6WXGLHQ ZLUG GLH $XVZDKO YRQ ,QIRUPDWLRQHQ GXUFK -RXUQDOLVWHQ DOV HLQ (OHPHQW LQQHUKDOE HLQHV NRPSOH[HQ =XVDP PHQVSLHOVYRQ,QGLYLGXXP2UJDQLVDWLRQXQG*HVHOOVFKDIWEHWUDFKWHW'HU -RXUQDOLVWXQWHUOLHJHQLFKWQXUVHLQHQHLJHQHQ0HUNPDOHQVRQGHUQDXFK (LQIO¾VVHQ DXV VHLQHU 2UJDQLVDWLRQ VHLQHP %HUXIVVWDQG XQG VHLQHU JH VDPWHQ8PZHOW5RELQVRQ )DVVWPDQHLQHJDQ]H5HLKHYRQ6WX GLHQ ]XVDPPHQ O¦VVW VLFK IHVWKDOWHQ GDVV GLH 1DFKULFKWHQDXVZDKO VR ZRKO YRQ 0HUNPDOHQ GHV -RXUQDOLVWHQ DOV DXFK GXUFK RUJDQLVDWRULVFKH
(LQHQEHUEOLFNJHEHQ]%.XQ]FLN=LSIHO =XV¦W]OLFK ]X GLHVHQ EHLGHQ 6WXGLHQULFKWXQJHQ ZHUGHQ DOV GULWWHU )RUVFKXQJVEHUHLFK N\EHUQHWLVFKH6WXGLHQDXIJHI¾KUWGLH0HGLHQRUJDQLVDWLRQHQDXV V\VWHPWKHRUHWLVFKHU 3HUVSHNWLYHDQDO\VLHUHQ
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
XQG WHFKQLVFKH =Z¦QJH EHVWLPPW LVW GDVV VLFK GLH $XVZDKO DXFK DQ .ROOHJHQXQGGHUUHGDNWLRQHOOHQ/LQLHRULHQWLHUW6FKXO] :LHVWDUN .ROOHJHQXQGGDVHLJHQH8PIHOGGLHHLJHQH$UEHLWPLWEHVWLPPHQ]HLJHQ DXFKDNWXHOOH(UJHEQLVVHDXVGHU-RXUQDOLVPXVIRUVFKXQJYJOGD]XDXV I¾KUOLFK.DSLWHO ,P *HJHQVDW] GD]X ZLUG LQ GHU 1DFKULFKWHQZHUWWKHRULH JHIUDJW ZHO FKH (LJHQVFKDIWHQ HLQHV (UHLJQLVVHV 1DFKULFKWHQIDNWRUHQ GD]X I¾KUHQ GDVV VLH DXVJHZ¦KOW ZHUGHQ 'LHVH (LJHQVFKDIWHQ XQG GLH LKQHQ ]XJH VFKULHEHQH 5HOHYDQ] GXUFK -RXUQDOLVWHQ HQWVFKHLGHQ ¾EHU GLH 3XEOLNDWL RQVZ¾UGLJNHLW XQG ZDKUVFKHLQOLFKNHLW DOVR ¾EHU GHQ 1DFKULFKWHQZHUW %HVWLPPWH(UHLJQLVVHZLHHWZD%XQGHVWDJVZDKOHQVFKZHUH8QI¦OOHRGHU +RFK]HLWHQ LQ .¸QLJVK¦XVHUQ HUI¾OOHQ ದ MHZHLOV YHUVFKLHGHQH ದ .ULWHULHQ GLHHVGLHVHQ(UHLJQLVVHQOHLFKWHUPDFKHQLQGLH3UHVVH]XJHODQJHQ6LH EHVLW]HQEHLVSLHOVZHLVHHLQHHLQGHXWLJH5HOHYDQ]XQG%HGHXWVDPNHLWI¾U GLH %¾UJHU VLH YHUZHLVHQ DXI SHUV¸QOLFKH 6FKLFNVDOH XQG 8QJO¾FNVI¦OOH RGHU VLH EHWUHIIHQ GDV SHUV¸QOLFKH /HEHQ YRQ ¸IIHQWOLFKHU 3URPLQHQ] *UXQGOHJHQG I¾U GLHVHQ )RUVFKXQJV]ZHLJ LVW GLH $UEHLW YRQ *DOWXQJ XQG 5XJHGLH0LWWHGHUHU-DKUHHLQHQ.DWDORJYRQLQVJHVDPW]Z¸OI1DFK ULFKWHQIDNWRUHQ YRUVWHOOWHQ *DOWXQJ5XJH $FKW GLHVHU )DNWRUHQ EHWUDIHQGLH=XVFKUHLEXQJ¾EHUJHRUGQHWHU'LPHQVLRQHQZLHGLH]HLWOLFKH XQGU¦XPOLFKH 1¦KH(LQGHXWLJNHLWXQG%HGHXWVDPNHLWHLQHV(UHLJQLVVHV GLH :LHGHUKROXQJ .RQWLQXLW¦W XQG .RQVRQDQ] DEHU DXFK GLH 9DULDWLRQ XQG EHUUDVFKXQJ GLH LQ HLQHP XQHUZDUWHWHQ $XIWUHWHQ RGHU $XVJDQJ HLQHV (UHLJQLVVHV VWHFNHQ 9LHU ZHLWHUHQ 1DFKULFKWHQIDNWRUHQ ZLUG YRU DOOHPLQZHVWOLFKHQ1DWLRQHQ%HGHXWXQJ]XJHVFKULHEHQGHU%H]XJHLQHV (UHLJQLVVHV ]X (OLWH1DWLRQHQ XQG (OLWH3HUVRQHQ VRZLH GHU )DNWRU GHU 3HUVRQDOLVLHUXQJ XQG GHV 1HJDWLYLVPXV ದ GUDPDWLVFKH XQG QHJDWLYH (U HLJQLVVHZHUGHQYRQGHQ0HGLHQYHUVW¦UNWEHDFKWHW 'LHVHU .DWDORJ ZXUGH LQ QDFKIROJHQGHQ 6WXGLHQ LPPHU ZLHGHU DXI JHJULIIHQHUZHLWHUWQHX]XVDPPHQJHIDVVWRGHUPRGLIL]LHUW6FKXO]HWZD DUEHLWHWHVHFKV]HQWUDOH'LPHQVLRQHQKHUDXV=HLW1¦KH6WDWXV'\QD PLN9DOHQ]XQG,GHQWLILNDWLRQ:LFKWLJLVWGDVVHV(LJHQVFKDIWHQJLEWGLH HLQH1DFKULFKWZLFKWLJHUPDFKHQDOVDQGHUHGLHVJLOWLQVEHVRQGHUHGDQQ ZHQQPHKUHUHGLHVHU1DFKULFKWHQIDNWRUHQ]XWUHIIHQ6FKXO] $XFK
3HUVSHNWLYHQGHU)RUVFKXQJ
.HSSOLQJHUYHUZHLVWGDUDXIGDVV1DFKULFKWHQIDNWRUHQYRQ]HLWJHVFKLFKW OLFKHQNXOWXUHOOHQXQGVR]LDOHQ)DNWRUHQDEK¦QJHQ.HSSOLQJHU *HUDGH I¾U GHQ 7DJHVMRXUQDOLVPXV ZDU LQVEHVRQGHUH GLH ]HLWOLFKH 1¦KHದLP6LQQHHLQHUHUHLJQLVEH]RJHQHQ$NWXDOLW¦WದHLQZLFKWLJHV$XV ZDKONULWHULXP LQVEHVRQGHUH LP 1DFKULFKWHQMRXUQDOLVPXV +LHU ZLUG GHP -RXUQDOLVPXV RIWPDOV HLQH -DJG QDFK 1HXLJNHLWHQ YRUJHZRUIHQ 5X¡ 0RKO 'RFK$NWXDOLW¦WLVWYRUGHP+LQWHUJUXQGGHUWHFKQLVFKHQ (QWZLFNOXQJHQLPPHGLHQLQWHUQHQ.RQNXUUHQ]NDPSIJHUDGHI¾U7DJHV]HL WXQJHQ LPPHU VFKZHUHU DOV +HUDXVVWHOOXQJVPHUNPDO ]X ELHWHQ %HUHLWV GHU+¸UIXQNKDWJHJHQ¾EHUGHU=HLWXQJGLH0¸JOLFKNHLW]HLWOLFKDNWXHOOHU VHLQ]XN¸QQHQDXFKGDV,QWHUQHWNDQQKLHUQXQQRFK]HLWQDKHUDJLHUHQ +LHU OLHJW DEHU DXFK GLH &KDQFH I¾U GLH 3ULQWPHGLHQ DQGHUH 7KHPHQ DXI]XJUHLIHQ GDV /RNDOH KHUDXV]XVWHOOHQ XQG PHKU +LQWHUJU¾QGH ]X OLH IHUQVLFKDOVRQLFKWPHKUDOOHLQDXIGDV5HFKWIHUWLJXQJVNULWHULXPGHU$N WXDOLW¦W]XEH]LHKHQ
9HUODXWEDUXQJHQORNDOH:¾UGHQWU¦JHUZHQLJ%¾UJHU" 7KHPHQXQG$NWHXUHHLQHVW\SLVFKHQGHXWVFKHQ/RNDOWHLOV (LQZLFKWLJHU$VSHNWEHLGHUZLVVHQVFKDIWOLFKHQ8QWHUVXFKXQJGHU/RNDO EHULFKWHUVWDWWXQJLVW]XQ¦FKVWGLH%HVFKUHLEXQJGHU6WUXNWXU'DEHL ZLUG DQDO\VLHUWZHOFKH7KHPHQLQZHOFKHP8PIDQJDQZHOFKHU6WHOOHXQGLQ ZHOFKHU 'DUVWHOOXQJVIRUP LP /RNDOWHLO DXV]XPDFKHQ VLQG ZDV $QO¦VVH GHU %HULFKWHUVWDWWXQJ VLQG XQG ZHOFKH $NWHXUH ]X :RUW NRPPHQ ¾EHU ZHQEHULFKWHWZLUG 'LH(UJHEQLVVHGD]XVLQGH[WUHPYLHOI¦OWLJVRZRKOLQGHQ)UDJHVWHO OXQJHQ DOV DXFK KLQVLFKWOLFK GHU VLFK WHLOZHLVH ZLGHUVSUHFKHQGHQ %HIXQ GH (LQHQ GHXWOLFKHQ 6FKZHUSXQNW ILQGHQ GLH PHLVWHQ $UEHLWHQ LQ GHQ 7KHPHQ /RNDOSROLWLN GHU 6WDGWHQWZLFNOXQJ 9HUDQVWDOWXQJHQ 6R]LDOHV XQG.XOWXUVRZLH.ULPLQDOLW¦WXQG8QI¦OOH:LONLQJNRPPWLQVHLQHU$UEHLW DOOHUGLQJV]XGHP6FKOXVVGDVVVLFKEHLDOOHQKQOLFKNHLWHQNHLQHIHVWH 6WUXNWXU GHV /RNDOHQ ¾EHU YHUVFKLHGHQH =HLWXQJHQ KLQZHJ IHVWPDFKHQ O¦VVW 1DFKULFKWHQZHUWH MHGRFK VSLHOHQ JHJHQ¾EHU GHU QDWLRQDOHQ %H ULFKWHUVWDWWXQJ HLQH GHXWOLFK XQWHUJHRUGQHWH 5ROOH ದ DEJHVHKHQ YRQ GHQ
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
)DNWRUHQ ಱU¦XPOLFKH 1¦KHಯ XQG ಱORNDOH 3URPLQHQ]ಯ (LQ *UXQG GDI¾U LVW GDVVLP/RNDOHQNDXPHLQ=ZDQJ]XU5HGXNWLRQYRUOLHJW1LFKW6HOHNWLRQ XQG %HVFKU¦QNXQJ EHVFKUHLEHQ GHQ $UEHLWVDOOWDJ HLQHU /RNDOUHGDNWLRQ VRQGHUQ GHU 'UXFN 6HLWHQ ]X I¾OOHQ 'HQQ NHLQ 5HVVRUW LVW VR XPIDQJ UHLFK ZLH GDV /RNDOH XQG KDW VR GLIIHUHQ]LHUWH (UZDUWXQJHQ GHV 3XEOL NXPV]XHUI¾OOHQ*OHLFK]HLWLJMHGRFK]HLJWVLFKKLHUDXFKHLQH6FKZ¦FKH GHU 1DFKULFKWHQZHUWWKHRULH ದ VLH ZXUGH LQ GHU $XVHLQDQGHUVHW]XQJ PLW LQWHU QDWLRQDOHU%HULFKWHUVWDWWXQJHQWZLFNHOW $XVGHQ]XU¾FNOLHJHQGHQ-DKU]HKQWHQGHU/RNDONRPPXQLNDWLRQVIRU VFKXQJO¦VVWVLFKHLQHGHXWOLFKH.ULWLNDXVZLVVHQVFKDIWOLFKHU6LFKWDEOHL WHQ/RNDOEHULFKWHUVWDWWXQJLVWJHNHQQ]HLFKQHWGXUFK Â HLQHQ VWDUNHQ (UHLJQLVEH]XJ G K 7KHPHQ ZHUGHQ HKHU DXIJUXQG SXQNWXHOOHU$QO¦VVHGHQQLQNRQWLQXLHUOLFKHU)ROJHDXIJHJULIIHQ9RU ZXUIGHVಱ7HUPLQMRXUQDOLVPXVಯ Â PDQJHOQGH+LQWHUJUXQGLQIRUPDWLRQHQ¾EHUNDXVDOHXQGILQDOH(UHLJ QLV]XVDPPHQK¦QJH Â ]X ZHQLJ SROLWLVFKH ,QIRUPDWLRQHQ ದ GLH /RNDOEHULFKWHUVWDWWXQJ JLOW LQVJHVDPW DOV ]X XQSROLWLVFK LP 6LQQH GHU 3DUWL]LSDWLRQVP¸JOLFKNHL WHQGHV(LQ]HOQHQ Â HLQH 'RPLQDQ] YRQ GDUVWHOOHQGHQ UHIHULHUHQGHQ ,QKDOWHQ 9RUZXUI GHVಱ9HUODXWEDUXQJVMRXUQDOLVPXVಯ Â HLQH VLFK W¦JOLFK ZLHGHUKROHQGH 5RXWLQH JOHLFKHU 7KHPHQ]XVDP PHQVHW]XQJHQ Â HLQH KRFKSHUVRQDOLVLHUWH %HULFKWHUVWDWWXQJ GLH VLFK HKHU DQ VHOEVW GDUVWHOOHQGHQ$NWLYLW¦WHQXQGZHQLJHUDQ6DFKWKHPHQRULHQWLHUW Â HLQHEHUUHSU¦VHQWDWLRQGHUORNDOHQ(OLWHXQG Â .ULWLNORVLJNHLW E]Z KHPPXQJ LQVEHVRQGHUH JHJHQ¾EHU ORNDOHQ +RQRUDWLRUHQ9RUZXUIGHUಱ+RIEHULFKWHUVWDWWXQJಯ 9HUQDFKO¦VVLJWZHUGHQGLH%HUHLFKHXQG7KHPHQGLHYRQGHQ/RNDOMRXU QDOLVWHQPHKU5HFKHUFKHQDEYHUODQJHQQLFKWGHQJ¦QJLJHQ1DFKULFKWHQ IDNWRUHQHQWVSUHFKHQRGHUNHLQH6HQVDWLRQHQEHLQKDOWHQXQGDXFKMHQH 7KHPHQGLHLQQHUKDOEGHVORNDOHQ5DXPHVDOV]XಱKHL¡ಯJHOWHQXQGGD
YJOGLH=XVDPPHQIDVVXQJHQEHL0¸KULQJRGHU-RQVFKHU
3HUVSHNWLYHQGHU)RUVFKXQJ
KHU QXU XQJHUQ MRXUQDOLVWLVFK DXIJHJULIIHQ ZHUGHQ *OHLFK]HLWLJ VLQG GLH *UXSSHQ GLH QLFKW ¾EHU SUHVVHZLUNVDPH 0LWWHLOXQJVPHWKRGHQ YHUI¾JHQ DOVR QLFKW VR RUJDQLVLHUW VLQG GDVV VLH EHLVSLHOVZHLVH 3UHVVHPLWWHLOXQ JHQ YHUVFKLFNHQ ]X 3UHVVHNRQIHUHQ]HQ HLQODGHQ E]Z JHQHUHOO IIHQW OLFKNHLWVDUEHLW EHWUHLEHQ VWUXNWXUHOO EHQDFKWHLOLJW LKUH $QOLHJHQ EHL GHQ /RNDOUHGDNWLRQHQ HLQ]XEULQJHQ ದ HQWVSUHFKHQG WDXFKHQ DX¡HUKDOE YRQ 8QI¦OOHQ XQG 8QJO¾FNHQ VHOWHQ HLQ]HOQH QDPHQWOLFK JHQDQQWH %¾UJHU LQ GHU3UHVVHDXIKDWGHUHLQ]HOQH%¾UJHUNDXP$UWLNXODWLRQVFKDQFHQ9HU WUHWHUGHUORNDOHQ(OLWHKDEHQHVVHKUYLHOOHLFKWHUYRQGHQ0HGLHQZDKU JHQRPPHQ ]X ZHUGHQ 'LHV LVW DXFK )ROJH LKUHU PWHU XQG )XQNWLRQHQ XQGGDPLWLKUHU3U¦VHQ]LQGHUIIHQWOLFKNHLW+LQ]XNRPPWGDVVVLHHEHQ DXIJUXQGLKUHU)XQNWLRQHQYRQ-RXUQDOLVWHQK¦XILJHUGLHQVWOLFKNRQWDNWLHUW ZHUGHQ'DUDXVNDQQVLFKHLQHJHI¦KUOLFKHVR]LDOH1¦KHHQWZLFNHOQGLH 'LVWDQ] .ULWLN XQG %¾UJHUQ¦KH HUVFKZHUW 0¸JOLFKHUZHLVH N¸QQHQ KLHU )RUPHQGHV%¾UJHUMRXUQDOLVPXVGD]XEHLWUDJHQGDVVVLFKQHXH.ULWLNIR UHQ3DUWL]LSDWLRQVSRWHQ]LDOHXQGPHKU%¾UJHUQ¦KHKHUDXVELOGHQ)RUVWHU (LQVROFKHUಱ0¦QJHONDWDORJಯZLHGHUREHQDXIJHI¾KUWHVSLHJHOWQLFKW QXUGLH'HIL]LWHORNDOHU%HULFKWHUVWDWWXQJVRQGHUQDXFKGLH(UZDUWXQJHQ GLH DQ VLH YRQ YHUVFKLHGHQHQ 6HLWHQ JHVWHOOW ZHUGHQ 5HGDNWLRQHQ XQG HLQ]HOQH5HGDNWHXUHVLQGLQHLQ¦X¡HUVWNRPSOH[HV1HW]YRQORNDOHQXQG JHVHOOVFKDIWOLFKHQ8PZHOWHUZDUWXQJHQHLQJHEXQGHQ'LH3UHVVHVREHL VSLHOVZHLVH GDV YLHO EHDFKWHWH )RUVFKXQJVHUJHEQLV YRQ :RO] VFKHLQW LQQHUKDOEGHVORNDOHQ+HUUVFKDIWVV\VWHPVUHODWLYEHGHXWXQJVORV ]XVHLQ (KHU EHGLHQHQ VLFK GLH ORNDOHQ +HUUVFKDIWVWU¦JHU GHU /RNDO]HLWXQJ ]XU 'XUFKVHW]XQJ LKUHU HLJHQHQ ,QWHUHVVHQ DOV GDVV VLH DOV ಱYLHUWH 0DFKWಯ LQQHUKDOE GHU *HPHLQGH EH]HLFKQHW ZHUGHQ N¸QQHQ :RO] (LQ VFKU¦QNHQGGD]XPXVVEHGDFKWZHUGHQGDVVGLHVHV(UJHEQLVDXIGHPದ KHXWH QLFKW PHKU RIW JHJHEHQHP ದ )DOO GHU .RQNXUUHQ] ]ZLVFKHQ ]ZHL ORNDOHQ=HLWXQJHQEDVLHUW(LQHVROFKH.RQVWHOODWLRQELHWHWORNDOHQ$NWHX UHQLPPHUDXFKGLH&KDQFHPLWGHU$EZDQGHUXQJYRQ*HVFKLFKWHQXQG ,QIRUPDWLRQHQ ]XP .RQNXUUHQ]EODWW ]X GURKHQ ZHQQ HLJHQH :¾QVFKH QLFKWHUI¾OOWZHUGHQN¸QQHQ(LQHVROFKH'URKJHE¦UGHLVW0RQRSRO]HLWXQ JHQ JHJHQ¾EHU HKHU ZLUNXQJVORV 'HXWOLFK LVW DEHU GDVV GHU 'UXFN GHU 3UHVVHVWHOOHQXQGLKUHU$XIWUDJJHEHULPORNDOHQ%HUHLFKEHVRQGHUVKRFK
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
LVWXQGGDVV/RNDOMRXUQDOLVWHQGXUFKGLHU¦XPOLFKHXQGYRUDOOHPSHUV¸Q OLFKH 1¦KH ]X LKUHP %HULFKWHUVWDWWXQJVJHJHQVWDQG EHVRQGHUHQ $UEHLWV EHGLQJXQJHQXQWHUOLHJHQYJO.DSLWHO
9LHOIDOWLP/RNDOHQ" 'HU(LQIOXVVGHV:HWWEHZHUEVDXIGHQ/RNDOWHLO 'LH ZLVVHQVFKDIWOLFKH %HVFK¦IWLJXQJ PLW GHU /RNDOEHULFKWHUVWDWWXQJ LVW QDFKKDOWLJ GXUFK GLH ¸IIHQWOLFKH 'LVNXVVLRQ GHU 3UHVVHNRQ]HQWUDWLRQ EH HLQIOXVVW ZRUGHQ (QGH GHU HU ELV 0LWWH GHU HU -DKUH ZXUGH LQ GHU %XQGHVUHSXEOLN'HXWVFKODQGHLQGHXWOLFKHU5¾FNJDQJDQ7DJHV]HLWXQJHQ YHU]HLFKQHW'DVI¾KUWHGD]XGDVVLQYLHOHQ*HPHLQGHQQXQQLFKWPHKU ZLHYRUKHUPHKUHUH=HLWXQJHQ PLWHLQDQGHULQ:HWWEHZHUEVWDQGHQVRQ GHUQGDVVK¦XILJOHGLJOLFKHLQH=HLWXQJHLQHQEHVWLPPWHQ.UHLVPLWORND OHQ XQG UHJLRQDOHQ ,QIRUPDWLRQHQ YHUVRUJW 6FK¾W] ZHLVW QDFK GDVV GHU $QWHLO GHU .UHLVH XQG NUHLVIUHLHQ 6W¦GWH LQ GHQHQ OHGLJOLFK HLQH =HLWXQJ PLWORNDOHP,QKDOWHUVFKHLQWLQ]ZLVFKHQDXINQDSS3UR]HQWJHVWLHJHQ LVW GLHV EHWULIIW HLQHQ %HY¸ONHUXQJVDQWHLO YRQ JXW 3UR]HQW 6FK¾W] 'XUFKGLH3UHVVHNRQ]HQWUDWLRQLQEHVRQGHUHP0D¡HEHWURIIHQLVW GDPLW GHU %HUHLFK GHU ORNDOHQ ,QIRUPDWLRQHQ 'HQQ ELV KHXWH VWHKHQ EHL ZHLWHP QLFKW ¾EHUDOO 5DGLR RGHU )HUQVHKVHQGHU DOV ]XV¦W]OLFKH ORNDOH ,QIRUPDWLRQVTXHOOHQ ]XU 9HUI¾JXQJ ದ XQG ZHQQ GLHV GHU )DOO LVW LVW GHU $QWHLO ORNDOHU ,QIRUPDWLRQ QLFKW LPPHU VR DXVJHOHJW GDVV VLH DOV HFKWH (UJ¦Q]XQJ JHQXW]W ZHUGHQ N¸QQHQ *HP¦¡ PDUNWZLUWVFKDIWOLFKHQ :HWW EHZHUEVWKHRULHQZLUGEHI¾UFKWHWGDVVGLH0RQRSROVWHOOXQJHLQHU=HLWXQJ ]XHLQHU9HUVFKOHFKWHUXQJGHV3URGXNWVI¾KUH'DVVVLHJHULQJHUHSXEOL ]LVWLVFKH /HLVWXQJHQ HUEULQJH XQG LKUH ¸IIHQWOLFKH $XIJDEH YHUQDFKO¦VVL JH(VJHKWDOVRXPGLH)UDJHಱREORNDOH=HLWXQJVPRQRSROHYRQ1DFKWHLO I¾UGLHORNDOHIIHQWOLFKNHLWVLQGRGHUQLFKWಯ'RUVFK $XVJDQJVSXQNW GHU VHLWKHU DQKDOWHQGHQ 'LVNXVVLRQ LVW GLH 7KHVH GDVVSXEOL]LVWLVFKH9LHOIDOWHQWVFKHLGHQGI¾UGHQ3UR]HVVGHPRNUDWLVFKHU 0HLQXQJVXQG:LOOHQVELOGXQJLVWXQGVLHGHVZHJHQDOVNRPPXQLNDWLRQV SROLWLVFKH /HLWLGHH VR ZLFKWLJ LVW 8PIDVVHQGH ORNDOH XQG ORNDOSROLWLVFKH ,QIRUPDWLRQHQ VLQG HLQH ZLFKWLJH 9RUDXVVHW]XQJ ]XU VR]LDOHQ XQG SROLWL
3HUVSHNWLYHQGHU)RUVFKXQJ
VFKHQ 3DUWL]LSDWLRQ GHU %¾UJHU JHUDGH LP NRPPXQDOHQ %HUHLFK (LQH (LQVFKU¦QNXQJGHUSXEOL]LVWLVFKHQ/HLVWXQJLVWVRZRKOXQWHUGHPRNUDWLH WKHRUHWLVFKHQ*HVLFKWVSXQNWHQDOVDXFKXQWHULQGLYLGXHOOHQXQG VR]LDOHQ 3HUVSHNWLYHQ ¦X¡HUVW EHGHQNOLFK VFKOLH¡OLFK ILQGHQ LQVEHVRQGHUH LP ORNDOHQ 8PIHOG GLH (UHLJQLVVH VWDWW GLH GLH 0HQVFKHQ DP VW¦UNVWHQ EH U¾KUHQ'HUGLUHNWHNDXVDOH =XVDPPHQKDQJ]ZLVFKHQ0HGLHQUH]HSWLRQ XQG 0HLQXQJVELOGXQJ LVW HPSLULVFK QXU VFKZHU QDFK]XZHLVHQ 'HQQRFK ZLUG GHU $QQDKPH GDVV VLFK GHU (LQ]HOQH VHLQH 0HLQXQJ DP EHVWHQ GXUFKGHQ9HUJOHLFKYHUVFKLHGHQHU3HUVSHNWLYHQELOGHQNDQQPHGLHQSR OLWLVFKHLQHKRKH5HOHYDQ]]XJHVWDQGHQ 'LH'LVNXVVLRQXPGLH$XVZLUNXQJHQGHU0DUNWVLWXDWLRQDXIGLHSXE OL]LVWLVFKH 9LHOIDOW EHZHJW VLFK DXI YHUVFKLHGHQHQ (EHQHQ /RNDOH SXEOL ]LVWLVFKH 9LHOIDOW NDQQ VRZRKO DXI GHU ಱLQWUDPHGLDOHQಯ DOV DXFK DXI GHU ಱELQQHQPHGLDOHQಯ (EHQH GHILQLHUW ZHUGHQ (UVWHUH JHKW YRQ GHU 7KHVH DXVGDVVDXIGHUORNDOHQ$QJHERWVVHLWH9LHOIDOWLQ)RUPYRQYRQHLQDQGHU XQDEK¦QJLJHQ .RQNXUUHQWHQ YRUOLHJHQ P¾VVH 6FKRQ GLH ([LVWHQ] YRQ /RNDOPRQRSROHQ LVW GHPQDFK HLQ GHXWOLFKHU 9HUVWR¡ JHJHQ GDV *HERW GHU9LHOIDOWVVLFKHUXQJ9HUIHFKWHUGHV.RQ]HSWVGHUELQQHQPHGLDOHQ9LHO IDOWKDOWHQGHPHQWJHJHQGDVVHVQLFKWLQHUVWHU/LQLHGDUDXIDQNRPPH GDVV YHUVFKLHGHQH 4XHOOHQ YRUO¦JHQ %HGHXWHQGHU VHL GDVV LQQHUKDOE HLQHV 0HGLXPV ದ ]XJHVSLW]W LQQHUKDOE HLQHV %HLWUDJV ದ DOOH UHOHYDQWHQ 0HLQXQJHQ ]XP $XVGUXFN N¦PHQ 8QWHU SROLWLVFKSDUWL]LSDWRULVFKHQ *H VLFKWVSXQNWHQVHLGDVVRJDUZLFKWLJHUXQGZ¾QVFKHQVZHUWHUGHQQLQGHU 5HJHO OHVHQ GLH 0HQVFKHQ QLFKW PHKUHUH ORNDOH =HLWXQJHQ SDUDOOHO =X GHP KDEH GHU 0DUNW EHUHLWV HQWVSUHFKHQGH NDXP PHKU U¾FNJ¦QJLJ ]X PDFKHQGH )DNWHQ JHVFKDIIHQ ,P ORNDOHQ %HUHLFK OLHJHQ RIWPDOV NHLQH $OWHUQDWLYHQPHKUYRU0RQRSRO]HLWXQJHQN¸QQWHQVLFKGLHVHULQKDOWOLFKHQ 9LHOIDOWVRJDUEHVVHUZLGPHQGDVLHDXIZLUWVFKDIWOLFKVWDELOHU%DVLVLKUH SXEOL]LVWLVFKH/HLVWXQJYHUEHVVHUQN¸QQWHQYJO5DJHU :HEHU :HGHUGDVHLQHQRFKGDVDQGHUH6]HQDULRGHU$XVZLUNXQJHQORNDOHU =HLWXQJVPRQRSROH DXI GLH UHGDNWLRQHOOHQ ,QKDOWH NDQQ ELVODQJ HPSLULVFK HLQGHXWLJ EHOHJW ZHUGHQ 'LH (UJHEQLVVH VLQG MH QDFK 6WXGLH XQG )RU VFKHUJUXSSH VHKU ZLGHUVSU¾FKOLFK (LQLJH HUPLWWHOQ HUKHEOLFKH DQGHUH ZLHGHUXP VR JXW ZLH NHLQH 8QWHUVFKLHGH ]ZLVFKHQ 0RQRSRO XQG :HWW EHZHUEV]HLWXQJHQYJO0¸KULQJ
.DSLWHO7KHPHQXQG0HQVFKHQLP/RNDOMRXUQDOLVPXV
=XP(UJHEQLVGDVV0RQRSRO]HLWXQJHQQLFKWLQGHU/DJHVLQGDOOHLQH GLH.RPPXQLNDWLRQDQHLQHP2UW]XYHUPLWWHOQNRPPWHLQHJDQ]H5HLKH YRQ $UEHLWHQ =HLWXQJHQ RKQH .RQNXUUHQ] ZHLVHQ HLQ YHUJOHLFKVZHLVH JHULQJHVSXEOL]LVWLVFKHV1LYHDXDXIVLQGZHQLJHUXPIDQJUHLFKEH]LHKHQ VHOWHQHU6WHOOXQJXQGYHUPHLGHQNODUHXQGRIIHQH%HZHUWXQJHQ6LHKDO WHQ VLFK EHL %HQHQQXQJ YRQ NRQNUHWHQ 3HUVRQHQ ದ LQVEHVRQGHUH LQ .RPPHQWDUHQದDXIIDOOHQG]XU¾FNXQGYHUQDFKO¦VVLJHQGDPLWGLH7UDQV SDUHQ]GHUORNDOHQ%HULFKWHUVWDWWXQJYJOHWZD.QRFKH 6FKXO] $QGHUH6WXGLHQZLHGHUXPEHVW¦WLJHQGLH7KHVHGDVVGLH0DUNWVWHO OXQJ GDV ORNDOH ,QIRUPDWLRQVDQJHERW QLFKW QDFKKDOWLJ EHHLQIOXVVW 'LH (UI¾OOXQJ LKUHU VSH]LILVFKHQ )XQNWLRQHQ K¦QJH QLFKW GDYRQ DE RE GLH =HLWXQJGXUFKHLQHQ.RQNXUUHQWHQNRQWUROOLHUWZHUGHRGHUQLFKW0RQRSRO ]HLWXQJHQ ZLHVHQ NHLQH DXII¦OOLJHQ 0XVWHU GHU %HULFKWHUVWDWWXQJ DXI GLH VLFKDOOHLQGXUFKLKUH0DUNWSRVLWLRQHUNO¦UHQOLH¡HQ'LH0RQRSROVWHOOXQJ HLQHV7LWHOVVHL]ZDUQLFKWIROJHQORVLP+LQEOLFNDXIGLH%HULFKWHUVWDWWXQJ GLH $OOHLQDQELHWHUSRVLWLRQ ZHUGH DEHU LQ NHLQHP )DOO I¾U HLQH HLQVHLWLJH RGHU QDFKO¦VVLJH %HULFKWHUVWDWWXQJ DXVJHQXW]W 'XUFK VLH EHI¦QGH VLFK GLH =HLWXQJ YLHOPHKU JHJHQ¾EHU ,QIRUPDQWHQ XQG ORNDOHQ (OLWHQ LQ HLQHU XQDEK¦QJLJHUHQ 3RVLWLRQ GD VLH RKQH .RQNXUUHQ] GHXWOLFKHU DOV ORNDOH ಱ*HJHQPDFKWಯ DXIWUHWHQ N¸QQH 8QG LKQHQ ZHUGH DXV 6LFKW GHV /HVHUV PHKU1HXWUDOLW¦WXQG.ULWLNIUHXGLJNHLWDWWHVWLHUWYJOHWZD1RHOOH1HXPDQQ 5RQQHEHUJHU6WXLEHU6WDDE 7URW] ZLGHUVSUHFKHQGHU %HIXQGH ದ ]ZHL 6FKOXVVIROJHUXQJHQ ODVVHQ VLFK DXI GHU %DVLV GHU ELVKHULJHQ $UEHLWHQ ]LHKHQ ,Q GHU 5HJHO VFKO¦JW VLFKGHU:HWWEHZHUEZHQLJHULQGHU6WUXNWXUGHU,QKDOWHDOVLQ HLQHPHU K¸KWHQ 8PIDQJ GHU =HLWXQJHQ QLHGHU 8QG HV ZLUG GHXWOLFK GDVV HLQH 9LHO]DKO DQ =HLWXQJHQ QRFK ODQJH NHLQH 9LHOIDOW LQ GHU %HULFKWHUVWDWWXQJ PLW VLFK EULQJW .RQNXUULHUHQGH =HLWXQJHQ XQWHUVFKHLGHQ VLFK K¦XILJ NDXP YRQHLQDQGHU ದ GLH VLPSOH $QQDKPH GDVV .RQNXUUHQ] DOOHLQ GLH 4XDOLW¦W GHV ,QIRUPDWLRQVDQJHERWHV YHUEHVVHUW EHVW¦WLJW VLFK QLFKW YJO HWZD+DOOHU0LUEDFK0¸KULQJ 8QWHUVXFKXQJHQ GLH GLH ORNDOH ,QIRUPDWLRQVOHLVWXQJ DQGHUHU ORNDOHU 0HGLHQHLQEH]LHKHQVWHOOHQIHVWGDVVGHULQWHUPHGL¦UH :HWWEHZHUE]X PLQGHVWGD]XI¾KUWGDVVGLHHLQ]HOQHQORNDOHQ0HGLHQMHZHLOVH[NOXVLYH 6DFKYHUKDOWHXQG(UHLJQLVVHSXEOL]LVWLVFKEHDUEHLWHQ/RNDOHV5DGLRXQG
3HUVSHNWLYHQGHU)RUVFKXQJ
/RNDOIHUQVHKHQ EHUHLFKHUQ GDV WDJHVDNWXHOOH 0HGLHQDQJHERW YRU 2UW VRZRKO KLQVLFKWOLFK GHU 7KHPHQVWUXNWXU DOV DXFK GHU ORNDOHQ %H]¾JHQ YJO HWZD .DW]HQEHUJHU 7UHEEH +LQVLFKWOLFK GHU 4XDOLW¦W DOOHUGLQJV EOHLEHQ 9RUEHKDOWH RE GLHV DOOHLQ GLH /RNDOEHULFKWHUVWDWWXQJ LQKDOWOLFKYHUEHVVHUWYJOHWZD5DJHU $OVSXEOL]LVWLVFKH%HUHLFKH UXQJXQGLQKDOWOLFKH(UJ¦Q]XQJI¾UGHQORNDOHQ1DKUDXPJHOWHQDOOHUGLQJV GLH LQ PDQFKHQ %XQGHVO¦QGHUQ EHKHLPDWHWHQ QLFKWNRPPHU]LHOOHQ 5D GLRVHQGHU ದ GLHVH MHGRFK N¦PSIHQ RIWPDOV KDUW XP HLQH $N]HSWDQ] DXI GHP+¸UHUPDUNWYJO9ROSHUV6FKQLHU6DOZLF]HN
=XVDPPHQIDVVXQJ 'LH1DFKULFKWHQDXVZDKOYRQ/RNDOMRXUQDOLVWHQZLUGYRQYHUVFKLHGHQHQ )DNWRUHQ EHHLQIOXVVW 'LH LQ GHU 1DFKULFKWHQVHOHNWLRQ J¦QJLJHQ 1DFK ULFKWHQIDNWRUHQ VSLHOHQ LP /RNDOHQ HLQH HKHU XQWHUJHRUGQHWH 5ROOH $QGHUH 7KHRULHQ GHU 1DFKULFKWHQDXVZDKO ZLH GLH *DWHNHHSHUIRU VFKXQJ N¸QQHQ DXFK DXI GHQ /RNDOMRXUQDOLVPXV ¾EHUWUDJHQ ZHUGHQ DXFK GHU /RNDOMRXUQDOLVW HQWVFKHLGHW ZHOFKH 1DFKULFKWHQ DXIJHQRP PHQZHUGHQXQGZHOFKHQLFKW 'LH,QKDOWHGHV/RNDOHQZDUHQ*HJHQVWDQG]DKOUHLFKHU,QKDOWVDQD O\VHQ 'LH (UJHEQLVVH ODVVHQ VLFK LQ HLQHU $UW 0¦QJHONDWDORJ ]XVDP PHQIDVVHQGHUHQ*¾OWLJNHLWI¾UZHLWH7HLOHGHV/RNDOHQZRKODXFKKHX WHQRFKVHLQH%HUHFKWLJXQJKDW'LH)UDJHQDFKGHQ$XVZLUNXQJHQGHU 0HGLHQNRQ]HQWUDWLRQ DXI GHQ /RNDOWHLO LVW GDEHL ELV KHXWH QRFK QLFKW DEVFKOLH¡HQGHLQGHXWLJ]XEHDQWZRUWHQ
:HLWHUI¾KUHQGH/LWHUDWXU %O¸EDXP%HUQG -RXUQDOLVPXVDOVVR]LDOHV6\VWHP*HVFKLFKWH$XVGLIIHUHQ]LHUXQJ XQG9HUVHOEVW¦QGLJXQJ2SODGHQ:HVWGHXWVFKHU9HUODJ %HQ]LQJHU -RVHI 3DXO /RNDOSUHVVH XQG 0DFKW LQ GHU *HPHLQGH 1¾UQEHUJ 1¾UQ EHUJHU)RUVFKXQJVYHUHLQLJXQJH9 .XUS 0DWWKLDV /RNDOH 0HGLHQ XQG NRPPXQDOH (OLWHQ 2SODGHQ :HVWGHXWVFKHU 9HUODJ
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV 6LFKWZHLVHQGHU3UD[LV ಱ,FK KDEH LP 1HW] JHUDGH HLQH LQWHUHVVDQWH *HVFKLFKWH ¾EHU HLQHQ LP $XVODQG JHIDVVWHQ 6HULHQEHWU¾JHU HQWGHFNW 'HU VWDPPW DXV XQVHUHU 6WDGWXQGKDWKLHUDXFKVHLQ8QZHVHQJHWULHEHQಯRXWHWVLFKGLH3UDNWL NDQWLQ LQ GHU /RNDOUHGDNWLRQ NXU] YRU 5HGDNWLRQVVFKOXVV DOV %ORJ /HVHULQಱ6ROOLFKGDUDXVQRFKZDVPDFKHQRGHUOHKQWGLH/RNDOUHGDNWL RQ%ORJVDOV4XHOOHI¾U%HULFKWHUVWDWWXQJJUXQGV¦W]OLFKDE"ಯ$XVJHORJJW XQG DXVJHEORJJW :HU GLH $OZD\VRQ*HQHUDWLRQ HUUHLFKHQ ZLOO NDQQ QLFKWEHL5HGDNWLRQVVFKOXVVRIIOLQHJHKHQ'HU6S¦WUHGDNWHXUHQWVFKHL GHWGDVVGLHVHU+LQZHLVEHLGHU3ROL]HLQDFKUHFKHUFKLHUWZHUGHQPXVV PDQ GHVKDOE GLH DNWXHOOH 3ULQWDXVJDEH QLFKW PHKU HUUHLFKHQ ZHUGH DEHUದZHQQHWZDVGUDQLVWDQGHU*HVFKLFKWHದQRFKHLQH0HOGXQJI¾U GHQ2QOLQH$XIWULWWGHU=HLWXQJJHVFKULHEHQZHUGHQVROO9HUPXWOLFKVLQG GLH $XVNXQIWVEHUHFKWLJWHQ EHL GHU 3ROL]HL ]X VS¦WHU 6WXQGH QLFKW PHKU ]X HUUHLFKHQ 'DQQ ZLUG ]XPLQGHVW HLQH NXU]H 0HOGXQJ LQV ,QWHUQHW JHVWHOOW GLH DXVI¾KUOLFKH %HULFKWHUVWDWWXQJ IROJW DP NRPPHQGHQ 7DJ VRZRKOI¾UGDV,QWHUQHWDOVDXFKI¾UGLH3ULQW$XVJDEH %ORJV :LNLV XQG 3RGFDVWV ದ LVW GHU &RPPXQLWL\*HGDQNH GDV (UIROJV NRQ]HSW":RKLQJHKWGLH5HLVH"$XIJDEHQEHUHLFKHYRQ5HGDNWHXULQQHQ XQG5HGDNWHXUHQYHUJU¸¡HUQVLFK=HLWXQJHQZHUGHQ0XOWLPHGLD+¦XVHU XQG -RXUQDOLVWHQ O¸VHQ VLFK YRQ GHU SULQWIL[LHUWHQ 'HQNH 'LH JHGUXFNWH =HLWXQJYHUOLHUWDQ%HGHXWXQJZLUGDEHUQLFKWXQWHUJHKHQ'RFKGHU$Q VSUXFK JHUDGH LP 5HJLRQDOEHUHLFK GDV (LQHV I¾U DOOH 0HGLXP ]X VHLQ JHK¸UW GHU 9HUJDQJHQKHLW DQ 7URW]GHP EOHLEW GDV :LVVHQ GHU /RNDOUH GDNWLRQ XQG GLH UHJLRQDOH .RPSHWHQ] GDV $OOHLQVWHOOXQJVPHUNPDO XQG GDVLVWHQWVFKHLGHQG
6LFKWZHLVHQGHU3UD[LV
/HUQ]LHOH Â Â
:LHUHDJLHUHQ5HGDNWLRQHQDXIGLH9HU¦QGHUXQJHQGXUFKQHXH0H GLHQ" :LHN¸QQHQ5HGDNWLRQHQPLW%¾UJHUUHSRUWHUQDUEHLWHQ"
9LHUPHGLDOH$XVELOGXQJ 'LHYLHUPHGLDOH$XVELOGXQJLVWGLH=XNXQIW3ULQW9LGHR$XGLRXQG2QOLQH 'LH0HKUKHLWGHUGHXWVFKHQ7DJHV]HLWXQJHQKDWLQ]ZLVFKHQHLJHQH2QOLQH $XIWULWWH'DEHLLVWGLHEHUQDKPHDXVGHP3ULQWQXUHLQHEHUJDQJV SKDVHಱ2QOLQHILUVWಯLVWVFKRQLQYLHOHQ5HGDNWLRQHQHUVWHV*HERW6REDOG HLQH1DFKULFKWUHFKHUFKLHUWXQGGLH0HOGXQJRGHUGHU$UWLNHOJHVFKULHEHQ LVWZHUGHQGLH,QKDOWHLQV1HW]JHVWHOOWXQGQLFKWZLHIU¾KHUI¾UGLH=HLWXQJ YRQPRUJHQ]XU¾FNJHKDOWHQ'DPLWLVWHVQLFKWJHWDQ'LH5HGDNWHXULQQHQ XQG 5HGDNWHXUH GHU +HVVLVFK1LHGHUV¦FKVLVFKH $OOJHPHLQH LQ .DVVHO VSUHFKHQGLH1DFKULFKWHQDXFKLQGLH9LGHR.DPHUDXQGDUEHLWHQPLWGHP 2IIHQHQ.DQDO5DGLR ]XVDPPHQ 'LH0HKUIDFKYHUZHUWXQJTXHU¾EHUDOOH.DQ¦OHKDEHQHLQLJH9HUODJH EHUHLWVNXOWLYLHUW=XUHFKWZLH&KHIUHGDNWHXU3HWHU6WHIDQ+HUEVWYRQGHU 6DDUEU¾FNHU =HLWXQJ PHLQW ಱ1DW¾UOLFK K¦WWHQ ZLU JHUQ HLQH IHVWH $ER %LQGXQJDQGLH/HVHUGRFKGLHJHVHOOVFKDIWOLFKHQ9HUK¦OWQLVVHVLQGQLFKW GDQDFKಯ 8QG ZHQQ GLH =HLWXQJ GXUFK GDV 0HGLXP ,QWHUQHW HUVHW]WZHU GHQVROOWH"ಱ'DQQPDFKHLFKGDVGRFKOLHEHUVHOEVWYRUMRXUQDOLVWLVFKHP +LQWHUJUXQGDOVGDVV%UDQFKHQIUHPGHGDV¾EHUQHKPHQಯVR+HUEVW 1XU GXUFK GLH 9HUNQ¾SIXQJ GHU 7DJHV]HLWXQJ PLW GHU PXOWLPHGLDOHQ :HOW EOHLEW GDV 0HGLXP LP *HVSU¦FK ದ JHUDGH DXFK EHLP MXQJHQ 3XEOL NXP(LQH$UPHHYRQXUVSU¾QJOLFKPDFKWORVHQಱ'DYLGVಯDXVGHU%HY¸ONH UXQJYHU¸IIHQWOLFKWLKUHHLJHQHQ1DFKULFKWHQLP,QWHUQHW'LHVH(QWZLFNOXQJ EHGHXWHWHLQHJUXQGOHJHQGH'HPRNUDWLVLHUXQJGHV,QIRUPDWLRQVIOXVVHVXQG ]LHKW JOHLFK]HLWLJ HLQHQ VFKPHU]OLFKHQ 8POHUQSUR]HVV LQ GHQ 3ULQWPHGLHQ QDFKVLFKಱ'LH=HLWXQJPXVVGDV3RUWDOI¾UGLH/HVHULQGLHGLJLWDOH:HOW
=LWDW YRQ GHP 0RGHOOVHPLQDU ಱ=ZLVFKHQ 4XRWHQ XQG 4XDOLW¦W ಯ %XQGHV]HQWUDOH I¾U SROLWLVFKH%LOGXQJ7UDYHP¾QGH
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
VHLQಯVDJWH9HUOHJHU'LUN,SSHQ0¾QFKHQ EHLP)RUXP/RNDOMRXUQDOLVPXV ,SSHQ EH]HLFKQHWH GDV ,QWHUQHW DOV ಱGHQ JU¸¡WHQ 6HULHQNLOOHU GHU :HOWJHVFKLFKWH 'LH =HLWXQJ LVW VHLQ HUVWHV 2SIHU )HUQVHKHQ XQG 5DGLR VLQGGLHQ¦FKVWHQಯ
:LNLV%ORJV &R 'LHQHXHQ)RUPDWHLQGHUGLJLWDOHQ:HOWVLQG %ORJ(LQ :HEORJ K¦XILJ DEJHN¾U]W DOV %ORJ LVW HLQ GLJLWDOHV 7DJHEXFK (VZLUGDP&RPSXWHUJHVFKULHEHQXQGLP:RUOG:LGH:HEZZZ YHU¸I IHQWOLFKW(LQ%ORJLVWHLQI¾UGHQ6FKUHLEHU%ORJJHU XQGVHLQH/HVHUHLQ IDFK]XKDQGKDEHQGHV 0HGLXP]XU 'DUVWHOOXQJYRQ $VSHNWHQGHV HLJH QHQ /HEHQV XQG YRQ 0HLQXQJHQ ]X RIWPDOV VSH]LILVFKHQ 7KHPHQJUXS SHQ'DV6FKUHLEHQHLQHV%ORJVZLUGDOVEORJJHQEH]HLFKQHW (LQ %ORJ ELHWHW GLH 0¸JOLFKNHLW DQ QHXH ,QIRUPDWLRQHQ ]X JHODQJHQ GLH DQVRQVWHQQLFKW]XJ¦QJOLFKJHZHVHQZ¦UHQ'DGXUFKHUJHEHQVLFKQHXH 5HFKHUFKHDQV¦W]H ,P 5HGDNWLRQVDOOWDJ KDW VLFK JH]HLJW GDVV HLQ HLJH QHU XQG DXIZ¦QGLJHU %ORJ GHU 5HGDNWLRQ QXU EHL SRODULVLHUHQGHQ XQG NRQWURYHUVHQ7KHPHQIXQNWLRQLHUW:LFKWLJLVWHVVLFKGDV7KHPD'DWHQ VFKXW]]XYHUJHJHQZ¦UWLJHQ:DVLP,QWHUQHWVWHKWLVWVROHLFKWQLFKW]X O¸VFKHQ8QVLQQDXVGHP:HEORJNDQQHZLJEHVWHKHQEOHLEHQ /RNDOH:LNLV'DV:LNLSHGLD3ULQ]LSHLQHUIUHLHQHUZHLWHUXQGYHU¦QGHU EDUHQ(Q]\NORS¦GLHZLUGEHLORNDOHQ:LNLVDXI,QKDOWHORNDOHU7KHPHQEH UHLFKHEHVFKU¦QNW$QGHP/H[LNRQN¸QQHQZLHEHLGHPJUR¡HQ9RUELOG :LNLSHGLD 2QOLQH%HVXFKHU PLWDUEHLWHQ 'LH 6WUXNWXU ZLUG GXUFK GLH DQ ELHWHQGH=HLWXQJJHSODQWXQGYRUJHJHEHQ1HEHQDNWXHOOHQ6WRIIHQN¸Q QHQKLHUDXFK$UWLNHODXVGHP$UFKLYRQOLQHJHVWHOOWZHUGHQ
,QIRUPDWLRQHQ DXV GHP 0RGHOOVHPLQDU ಱ=ZLVFKHQ 4XRWHQ XQG 4XDOLW¦Wಯ GHU %XQGHV ]HQWUDOHI¾USROLWLVFKH%LOGXQJLP$SULOXQGHLJHQH5HFKHUFKHGHU$XWRUHQ
6LFKWZHLVHQGHU3UD[LV
6LQQYROOH7KHPHQIHOGHUHLQHVORNDOHQ:LNLVVLQG.RPPXQDOSROLWLN9HUHL QHXQGORNDOH.XOWXU'LHORNDOHQ:LNLVEHG¾UIHQGHU%HWUHXXQJGXUFKGLH 5HGDNWLRQRGHUGDV0HGLHQKDXV 3RGFDVW3RGFDVWLQJEH]HLFKQHWGDV3URGX]LHUHQXQG$QELHWHQYRQ0H GLHQGDWHLHQ $XGLR RGHU 9LGHR ¾EHU GDV ,QWHUQHW 'DV :RUW VHW]W VLFK ]XVDPPHQDXVGHQEHLGHQ:¸UWHUQL3RGXQG%URDGFDVWLQJ (LQ 3RGFDVW LVW HLQ JHHLJQHWHV 0HGLXP XP HLQH WHFKQLNDIILQH M¾QJHUH *HQHUDWLRQ]XHUUHLFKHQ(VELHWHW8QWHUKDOWXQJXQG,QIRUPDWLRQLVWQLFKW DNWXDOLW¦WVJHEXQGHQ XQG NDQQ RQ GHPDQG DEJHUXIHQ ZHUGHQ 0¸JOLFKH ,QKDOWH LP /RNDOHQ VLQG $XVJHKWLSSV ]XP :RFKHQHQGH HOHNWURQLVFKH .ROXPQHQ5¾FNXQGRGHU9RUVFKDXHQDXIGLH:RFKH 6066KRUW0HVVDJH6HUYLFHHQJOLVFKI¾U.XU]QDFKULFKWHQGLHQVWLVWHLQ 7HOHNRPPXQLNDWLRQVGLHQVW]XUEHUWUDJXQJYRQ7H[WQDFKULFKWHQ (LQH606NDQQYLHOH1XW]HUHUUHLFKHQ'LH1XW]HUP¾VVHQVLFK]ZDUYRU KHU UHJLVWULHUW KDEHQ DEHU GDQQ LVW GHU (PSIDQJ RKQH HLQH DXIZ¦QGLJH 7HFKQLN P¸JOLFK (LQHU GHU 9RUWHLOH GHU 6061HZV LVW GLH SHUPDQHQWH (UUHLFKEDUNHLWGHU$ERQQHQWHQVLHN¸QQHQVR¾EHUDNWXHOOH(QWZLFNOXQJHQ DXIGHP/DXIHQGHQJHKDOWHQZHUGHQXQGGDVLP*HJHQVDW]]XP,QWHUQHW GXUFKGLH0RELOLW¦WGHV0HGLXPV¾EHUDOO6061HZVIXQNWLRQLHUHQDPEHV WHQPLWNODUDEJHJUHQ]WHQ7KHPHQNDQ¦OHQ]%ORNDOH1DFKULFKWHQORNDOHU 6SRUWORNDOH9HUNHKUVQDFKULFKWHQORNDOH:HWWHUYRUKHUVDJHQ 6061HZV P¾VVHQSURIHVVLRQHOOJHWH[WHWVHLQXPPLWZHQLJ=HLFKHQP¸JOLFKVWJU¾QG OLFKLQIRUPLHUHQ]XN¸QQHQ'DVLHDOOHLQVFKRQGXUFKGLHEHUWUDJXQJVNRV WHQNRVWHQSIOLFKWLJVLQGP¾VVHQVLHPHKUELHWHQDOVGLHDQGHUHQ0HGLHQ /RFDWLRQ EDVHG VHUYLFHV OEV DOVR ORNDOEDVLHUWH 6HUYLFH'LHQVWH N¸QQHQ GLHORNDOH.RPSHWHQ]GHU7DJHV]HLWXQJQXW]HQ
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
:HE79 :HE79DOVREHZHJWH%LOGHUDXIGHU:HEVLWHJLEWHVEHLORNDOHQ7DJHV ]HLWXQJHQ LQ YLHOI¦OWLJHU )RUP :HE 79 NDQQ GD]X JHQXW]W ZHUGHQ GLH /¾FNH ]ZLVFKHQ GHP (UHLJQLV XQG GHP (UVFKHLQXQJV]HLWSXQNW GHU =HL WXQJ ]X ¾EHUEU¾FNHQ ]% PLW W¦JOLFKHQ 1DFKULFKWHQVHQGXQJHQ DXV GHU 5HGDNWLRQKWWSZZZFRPHRQGH 'LH $QV¦W]H YLHOH GHU YRUJHVWHOOWHQ )RUPHQ ]X UHDOLVLHUHQ VLQG YLHOI¦OWLJ 'LH +HVVLVFK1LHGHUV¦FKVLVFKH $OOJHPHLQH LQ .DVVHO KDW HLQ .DVVHO:LNL KWWSNDVVHOOH[LNRQKQDGH HU¸IIQHW -HGHU 2QOLQH%HVXFKHU NDQQ GDUDQ PLWDUEHLWHQVRGDVVEHUHLWVHLQEHDFKWOLFKHV$UFKLYPLW(LQWU¦JHQ]X3HU VRQHQ$QHNGRWHQXQG*HVFKLFKWHQUXQGXPGLH6WDGW.DVVHOHQWVWDQGHQ LVW=XP6WDUWZXUGHQEHJOHLWHQGLQGHU=HLWXQJOHLFKWYHUVW¦QGOLFKH$QOHL WXQJHQ]XP.DVVHO:LNLYHU¸IIHQWOLFKW'LH+1$OXG]X$XWRUHQWUHIIHQXQG :RUNVKRSV HLQ 8P GDV /H[LNRQ QRFK EHNDQQWHU ]X PDFKHQ ZHUGHQ UH JHOP¦¡LJ/H[LNRQ$XWRUHQSRUWU¦WLHUW'DV%HLVSLHOGHU+1$PDFKW6FKXOH LQGHQORNDOHQ7DJHV]HLWXQJHQ'LH 1¾UQEHUJHU=HLWXQJLVWPLWGHP)UDQ NHQ:LNLRQOLQHJHJDQJHQKWWSIUDQNHQZLNLGHLQGH[SKS+DXSWVHLWH 'HU 6¾GNXULHU LQ .RQVWDQ] VFKLFNW UHJLRQDOH .XU]QDFKULFKWHQ DXIV +DQG\VHLQHU/HVHUGLH 1RUGVHH=HLWXQJ %UHPHUKDYHQYHUEUHLWHWDXIGLH VHP :HJH 6SRUWPHOGXQJHQ 'LHVH 1DFKULFKWHQ P¾VVHQ NQDSS XQG DXI GHQ 3XQNW JHEUDFKW IRUPXOLHUW ZHUGHQ VR GDVV VLH VLFK LQ HLQHP ¾EHU VFKDXEDUHQ=HLWUDXPQXW]HQODVVHQ 'LH*ORFNHLQ2HOGH:HVWIDOHQELHWHWYHUVFKLHGHQH.DQ¦OHPLW*H ZLQQVSLHOHQ XQG 8PIUDJHQ XQG VR JHQDQQWH 3XVKGLHQVWH ZLH 7RS PHOGXQJHQ DXV DOOHU :HOW /RNDOQDFKULFKWHQ XQG )X¡EDOOEXQGHVOLJD (UJHEQLVVHDQ'LH/RNDOUHGDNWLRQHQYHUIDVVHQHLQPDOW¦JOLFKHLQH7RS 1DFKULFKWGLHDXIGDV+DQG\GHU1XW]HUYHUVHQGHWZLUG 'DV+DPEXUJHU$EHQGEODWWSURGX]LHUWVHLW(QGHDOVHUVWHGHXW VFKH7DJHV]HLWXQJUHJHOP¦¡LJH+¸UDQJHERWHಱ%UHDNLQJQHZVಯVLQGQLFKW GDUXQWHUZRKODEHUILQGHQ,QWHUHVVHQWHQDXIGHU+RPHSDJH5HLVHUHSRU
3XVK'LHQVWH WR SXVK VFKLHEHQ GU¾FNHQ VLQG 'LHQVWH GLH DXWRPDWLVLHUW DQ GHQ $ERQQHQWHQJHOLHIHUWZHUGHQRKQHGDVVHUVLHVHOEHUDEUXIHQPXVV
6LFKWZHLVHQGHU3UD[LV
WDJHQ 5H]HQVLRQHQ DXV GHP .XOWXUWHLO RGHU EHOLHEWH .ROXPQHQ KHUXQ WHU]XODGHQLP03)RUPDW 'HU.¸OQHU6WDGWDQ]HLJHUVWHOOWVHLW1RYHPEHUVHOEVWSURGX]LHU WH )HUQVHKLQKDOWH LQV 1HW] 7¦JOLFK XP 8KU ZHUGHQ GLH 1DFKULFKWHQ GHU 6HQGXQJ ಱ5KHLQEOLFNಯ ದ ZDQQ LPPHU P¸JOLFK LOOXVWULHUW PLW 9LGHRV ದ DNWXDOLVLHUW%LV]XP-DKUKDWGHU9HUODJGDV$QJHERWLQYLHOHYHU VFKLHGHQH *HQUHV DXVGLIIHUHQ]LHUW KWWSRFV]JNGHPGVRFVPRGBPR YLHVBDUFKLYNDWHJRULHUKHLQEOLFNRFVBDXVJDEHNVWDLQGH[SKS
6FKQHOOH,QIRUPDWLRQHQYRQ/HVHUUHSRUWHUQ /RNDO]HLWXQJHQ N¸QQHQ %¾UJHUUHSRUWHU JHZLQQHQ XP ]XP HLQHQ /HVHUQ GLH0¸JOLFKNHLW]XJHEHQVLFKDNWLY]XEHWHLOLJHQXQG]XPDQGHUHQGDV $QJHERWXP 0DWHULDO]X HUZHLWHUQGDVDOOHLQYRQ5HGDNWLRQVPLWJOLHGHUQ QLFKW]XJHOLHIHUWZHUGHQN¸QQWH 8P /HVHUUHSRUWHU ]X JHZLQQHQ PXVV GLH =HLWXQJ HLQH JHZ¾QVFKWH $UWGHU=XVDPPHQDUEHLWNRQ]LSLHUHQ/HVHUN¸QQHQ,QIRUPDWLRQHQ)RWRV XQG9LGHRVSHU606006RGHUH0DLODQGLH5HGDNWLRQVFKLFNHQ'DEHL NDQQ HV XP 8QI¦OOH %U¦QGH %HK¸UGHQZLOON¾U 9HUNHKUVEHKLQGHUXQJHQ RGHUDXFKVSHNWDNXO¦UH5HWWXQJVDNWLRQHQ]XP%HLVSLHOHLQHU.DW]HYRP .LUFKHQGDFKJHKHQ6HOEVWZHQQ,QKDOWHYRQJHULQJHP,QIRUPDWLRQVZHUW VLQG N¸QQHQ VLH I¾U GLH 5HGDNWLRQ PDQFKPDO $QVW¸¡H ]X 5HFKHUFKHQ RGHU,GHHQI¾UHLQ7KHPDJHEHQ 5HGDNWLRQHQ JUHLIHQ GLH +LQZHLVH GHU /HVHU DXI UHFKHUFKLHUHQ XQG SU¾IHQVLHQDFK:LFKWLJLVWGDEHLGDVVQLFKWVXQJHSU¾IWLQV%ODWWNRPPW &KHIUHGDNWHXU 3HWHU 6WHIDQ +HUEVW YRQ GHU 6DDUEU¾FNHU =HLWXQJ VFKZ¦UPW YRQ GHU ಱ,QWHUDNWLRQ PLW GHP /HVHU GHU HUK¸KWHQ /HVHU%ODWW %LQGXQJ XQG GHU KRKHQ $XWKHQWL]LW¦W GHU 1DFKULFKWHQ ZHLO ZLU MD HLQHQ $XJHQ]HXJHQ KDEHQಯ 'LH 6DDUEU¾FNHU JHEHQ LKUHQ /HVHULQQHQ XQG /HVHUQ ¾EULJHQV GHQ 7LSS HLQIDFK GLH 7HOHIRQQXPPHU GHU =HLWXQJ LP +DQG\DE]XVSHLFKHUQXPJDQ]VFKQHOOVHLQ]XN¸QQHQ
=LWDW YRQ GHP 0RGHOOVHPLQDU ಱ=ZLVFKHQ 4XRWHQ XQG 4XDOLW¦W ಯ %XQGHV]HQWUDOH I¾U SROLWLVFKH%LOGXQJ7UDYHP¾QGH
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
'LH5HGDNWLRQNDQQQDW¾UOLFKDXFK/HVHULQQHQXQG/HVHUELWWHQHLQH *HVFKLFKWHZHLWHU]XGUHKHQXQGVLHGDGXUFKXP]XV¦W]OLFKH,QIRUPDWLR QHQDQ]XUHLFKHUQ6RZLVVHQ+REE\KLVWRULNHURIWYLHOPHKU¾EHU GLH*H VFKLFKWH GHU ¸UWOLFKHQ .LUFKH DOV GLH 5HGDNWLRQ EHLP 3DVWRU UHFKHUFKLH UHQ NRQQWH 1RFK ZHLWHUJHKHQGHU LVW GHU ಱ2SHQ VRXUFHಯ$QVDW] 'LH 5HGDNWLRQ SODQW HLQH JUR¡H $UWLNHOVHULH ¾EHU GLH 6LFKHUKHLW YRQ $XWR EDKQEU¾FNHQ HV IHKOW LKU DEHU DQ )DFKZLVVHQ ,Q GHU $QN¾QGLJXQJ GHU 6HULHZHUGHQ)DFKOHXWHJHEHWHQVLFK]XEHWHLOLJHQ (LQH GHU HUVWHQ %¾UJHU5HSRUWHU$NWLRQHQ ZXUGH YRQ GHU 5KHLQL VFKHQ3RVW'¾VVHOGRUILQV/HEHQJHUXIHQ$XIGHP,QWHUQHWSRUWDO 2SLQLRVFKUHLEHQ/HVHUI¾U/HVHU%HVRQGHUVVSDQQHQGHXQWHUKDOWVDPH XQGLQWHUHVVDQWH%HLWU¦JHGHU2SLQLR:HEVLWHZHUGHQMHGHQ'LHQVWDJDXI GHU2SLQLR6HLWHGHU=HLWXQJYHU¸IIHQWOLFKW8QGHLQHQ7LSSI¾UGLH+REE\ MRXUQDOLVWHQ KDW GLH 5HGDNWLRQ DXFK SDUDW ಱ(LQ SHUV¸QOLFKHU 6FKUHLEVWLO HLQ URWHU )DGHQ XQG HLQH JHOXQJHQH 3RLQWH N¸QQHQ QLFKW VFKDGHQ 0LW PDFKHQGDUIMHGHUJHVFKULHEHQZHUGHQGDUISUDNWLVFK¾EHUDOOHVದ+DVV WLUDGHQXQG8QVLWWOLFKHVQDW¾UOLFKDXVJHQRPPHQಯ,QLWLDWLYH7DJHV]HLWXQJ 'LHVH (QWZLFNOXQJ ZLUG QLFKW YRQ DOOHQ SRVLWLY JHVHKHQ 'HU 'HXW VFKH -RXUQDOLVWHQYHUEDQG ZDUQW YRU HLQHU $XIZHLFKXQJ MRXUQDOLVWLVFKHU ,QKDOWH GXUFK GLH VR JHQDQQWHQ /HVHUUHSRUWHU ಱ(V HQWZHUWHW GLH $UEHLW YRQ 5HGDNWLRQHQ ZHQQ DPELRQLHUWH $PDWHXUH GLH $XIJDEHQ SURIHVVLR QHOOHU -RXUQDOLVWHQ ¾EHUQHKPHQ 'HU 0LWPDFKMRXUQDOLVPXV VFKDGHW DXI 'DXHU GHP 4XDOLW¦WVSURGXNW =HLWXQJಯ VDJW '-9%XQGHVYRUVLW]HQGHU 0LFKDHO.RQNHQ'-93UHVVHPLWWHLOXQJYRP )¾U 8ZH =LPPHU &KHIUHGDNWHXU GHU 1HXHQ :HVWI¦OLVFKHQ LQ %LHOH IHOGI¾KUWDQJHVLFKWVGHUFURVVPHGLDOHQ+HUDXVIRUGHUXQJNHLQ:HJYRU EHL DQ HLQHU ಱDQGHUHQ ]XNXQIWVI¦KLJHQ PXOWLPHGLDOHQ $UEHLWVRUJDQLVDWL RQಯ 2GHU ZLH 6¾GNXULHU&KHIUHGDNWHXU 7KRPDV 6DWLQVN\ HV DXVGU¾FNW ಱ(LQHVKDWGLH5HGDNWLRQLQWRWRYHUVWDQGHQ3ULQWDOOHLQUHLFKWQLFKWPHKU ZLU P¾VVHQ XQV FURVVPHGLDO DXIVWHOOHQಯ ಱ(UVWHU 6FKULWWಯ VR =LPPHU ಱLVW GLH (LQULFKWXQJ HLQHV 1HZVGHVNV 'RUW VLW]HQ GLH 0DFKHU GHU $XVJDEH GLH3URGX]HQWHQGLH]XJOHLFK2QOLQHRGHU&URVVPHGLD%HDXIWUDJWHVLQG EHU GLHVHQ 'HVN ZHUGHQ GLH 7HUPLQH YHUJHEHQ XQG 7HQGHQ]HQ GHU %HULFKWHUVWDWWXQJYRUJHJHEHQ$P'HVNZLUGGLH0LVFKXQJNRQ]LSLHUWXQG
6LFKWZHLVHQGHU3UD[LV
XPJHVHW]WXQGGRUWZHUGHQXQGGLHVYRUDOOHPGLH7H[WHUHGLJLHUW+LHU ZHUGHQGLH)RWRVWUHFNHQGLH9LGHRVGLH,QWHUYLHZ0LWVFKQLWWHLQ$XIWUDJ JHJHEHQ+LHUHQWVWHKWGLHLQMHGHP:RUWVLQQQHXH/RNDODXVJDEHಯ
'HU1HZVGHVNUHL¡WGLH0DXHUQLQ.¸SIHQHLQ 'LH HUK¸KWHQ $QIRUGHUXQJHQ DQ GLH 5HGDNWHXULQQHQ XQG 5HGDNWHXUH HUIRUGHUQYHUQHW]WHV'HQNHQ1DFKGHPVFKOHLFKHQGHQ:HJIDOOYRQ/D\ RXWHUQ 7H[WHUIDVVHUQ XQG .RUUHNWRUHQ P¾VVHQ LPPHU PHKU WHFKQLVFKH $UEHLWHQ YRQ -RXUQDOLVWHQ HUOHGLJW ZHUGHQ GLH GDI¾U QLFKW DXVJHELOGHW VLQG7HXHUEH]DKOWH/HXWHOHLVWHQDOVR$UEHLWGLHWHFKQLVFKH$VVLVWHQWHQ SUHLVZHUWHUXQGVFKQHOOHUEHZ¦OWLJHQN¸QQHQ 1HZVGHVN XQG 1DFKULFKWHQI¾KUXQJ HQWELQGHQ GLH -RXUQDOLVWLQQHQ XQG-RXUQDOLVWHQYRQGLHVHQ$UEHLWHQGDPLWVLHZLHGHULKUHU8UVSUXQJV EHVWLPPXQJ GHV 5HFKHUFKLHUHQV XQG 6FKUHLEHQV QDFKJHKHQ N¸QQHQ 'LH+HUVWHOOXQJGHU=HLWXQJGLHVRJHQDQQWH3URGXNWLRQZLUGDXIZHQLJH GDI¾U EHVRQGHUVTXDOLIL]LHUWH.ROOHJHQNRQ]HQWULHUW0DXHUQLP .RSI XQG LQ 5¦XPHQ VLQG KLQGHUOLFK 6ROLVWHQ N¸QQHQ QXU JO¦Q]HQ ZHQQ 0DQQ VFKDIWVVSLHOHULKQHQ)UHLU¦XPHVFKDIIHQ 'LH*UXQGLGHHYRQ1DFKULFKWHQI¾KUXQJXQG1HZVGHVNLVWGLH9HUGLFK WXQJ GHU .RPPXQLNDWLRQ 'HU 1DFKULFKWHQI¾KUHU KDW GHQ EHUEOLFN ¾EHU DOOH$JHQWXUWH[WXQGELOGHLQJ¦QJHI¾UDOOH5HVVRUWVVRZLH¾EHUGLHHLJH QHQ%HLWU¦JHXQG)RWRV(UWULIIWDP1HZVGHVNDOOHZLFKWLJHQ(QWVFKHLGXQ JHQXQGNRPPXQL]LHUWGLHVHDXIN¾U]HVWHP:HJ9RUKHUJDEHVHLQH5HLKH YRQ5HVVRUWOHLWHUQGLHLQYHUVFKLHGHQHQ%¾URVDXIYHUVFKLHGHQHQ(EHQHQ ]XXQWHUVFKLHGOLFKHQ=HLWHQDUEHLWHWHQ-HGHUVLFKWHWHQXUVHLQ0DWHULDO,Q ]HLWDXIZ¦QGLJHQ.RQIHUHQ]HQZXUGHHV]XHLQHU=HLWXQJ]XVDPPHQJHI¾KUW ದPLW5HLEXQJVYHUOXVWHQ :HLO1DFKULFKWHQI¾KUHU&KHIYRP'LHQVW3URGXNWLRQHU/D\RXWXQG %LOGFKHI XQG 5HVVRUWFKHIV RGHU GHUHQ 9HUWUHWHU DQ HLQHP 7LVFK VLW]HQ ILQGHW GLH 6XFKH QDFK GHQ VW¦UNVWHQ 7KHPHQ GHQ EHVWHQ 6WRIIHQ GHQ DP EHVWHQ JHHLJQHWHQ $XWRUHQ GHQ ELVVLJVWHQ .RPPHQWDWRUHQ YLHO LQ
=LWDW YRQ GHP 0RGHOOVHPLQDU ಱ=ZLVFKHQ 4XRWHQ XQG 4XDOLW¦W ಯ %XQGHV]HQWUDOH I¾U SROLWLVFKH%LOGXQJ7UDYHP¾QGH
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
WHQVLYHU VWDWW :LUG FURVVPHGLDO JHDUEHLWHW VLQG DXFK GLH 2QOLQH 5HGDNWLRQXQGGHU]XP 9HUODJJHK¸UHQGH +¸UIXQNVHQGHUYHUWUHWHQ 'HU LQWHJULHUWH1HZVURRPEHGLHQWQLFKWQXUGLH=HLWXQJVRQGHUQDXFKKDXV HLJHQH)RUPDWHLP,QWHUQHWZLH7H[W$XGLRXQG9LGHRVRZLHGHQORNDOHQ +¸UIXQNXQGGDVORNDOH)HUQVHKHQ 'DLP,GHDOIDOOGLH¾EULJH0DQWHOUHGDNWLRQHEHQIDOOVLP*UR¡UDXPDU EHLWHWEHNRPPHQDOOH$OOHVPLWGHQQHVZLUGDXI5XIZHLWHNRPPXQL]LHUW -HGHXQGMHGHUNDQQVLFKMHGHU]HLWHLQPLVFKHQLQGLHSHUPDQHQWH5HGDN WLRQVNRQIHUHQ] 'DV /D\RXW LVW QXQ DXV HLQHP *XVV ZHLO HV YRQ HLQHP /D\RXWSRRO I¾U DOOH 6HLWHQ JHVWDOWHW ZLUG (V JLEW JHNRQQW XPJHVHW]WH OD\RXWHULVFKH +¸KHSXQNWH'LH%LOGDXVZDKOVWLPPWZHLO¾EHUVLHO¦QJHUGHEDWWLHUWZHLO LQWHQVLYHU QDFK GHP EHVWHQ %LOG JHVXFKW ZLUG 6R VWLPPW GLH 0LVFKXQJ YRQ)RUPDWHQXQG0RWLYHQVRZHUGHQ'RXEOHWWHQYHUPLHGHQVRVWLPPW GLH %LOGKLHUDUFKLH HKHUQHV *HVHW] GDV JU¸¡WH %LOG DXI GHU 6HLWH VROOWH PLQGHVWHQVGRSSHOWVRJUR¡VHLQZLHGDVQ¦FKVWJU¸¡HUH 'LH 7LWHOVHLWH LVW WKHPDWLVFK EXQWHU JHPLVFKW ZHLO GHU 1DFKULFKWHQ I¾KUHU GHQ EHUEOLFN ¾EHU DOOH 1DFKULFKWHQHLQJ¦QJH $JHQWXUHQ XQG HL JHQH%HLWU¦JH KDW 9RQQHXVRUWLHUWHQ+LHUDUFKLHQEHULFKWHW6WHIDQ.O¦VHQHUVWHOOYHUWUH WHQGHU &KHIUHGDNWHXU GHU %UDXQVFKZHLJHU =HLWXQJ ಱ'LH 5HVVRUWVWUXNWX UHQKDEHQYLHOHKHUGD]XHLQJHODGHQGDVHLJHQH0DWHULDO]XK¾WHQXQG ]XYHUZDOWHQಯVDJW.O¦VHQHU0HGLHQPDJD]LQ,QVLJKW ಱ'HQZHVHQW OLFKHQ &KDUPHಯ GHV 1HZVGHVN VLHKW $UPLQ 0DXV &KHIUHGDNWHXU GHV )U¦QNLVFKHQ7DJLQ%DPEHUJಱLQGHU2UJDQLVDWLRQ(VJLEWHLQHLQWHQVLYH .RPPXQLNDWLRQGDPLWZLFKWLJH7KHPHQGRUWKLQJHODQJHQZRVLHKLQJH K¸UHQಯ$OV.RRUGLQDWRUGHUVHFKV/RNDOUHGDNWLRQHQVLW]WLQ%DPEHUJHLQ ಱ+HLPDWUHGDNWHXUಯPLWDP7LVFK=XU3UREOHPDWLNGHU7KHPHQUHDOLVDWLRQ LP1HZVURRPVLHKH.DSLWHO]ZHL
=XVDPPHQIDVVXQJ :HEORJV3RGFDVWVXQG:LNLVZHUGHQGLH=HLWXQJQLFKWHUVHW]HQN¸Q QHQ$EHUJHVFKLFNWYHU]DKQWEULQJWGDV=XVDPPHQVSLHOYRQ3ULQWXQG 2QOLQH PHKU 3ODW] LQ GHU =HLWXQJ I¾U +LQWHUJU¾QGH 0HLQXQJHQ VRZLH
6LFKWZHLVHQGHU3UD[LV
6HUYLFH XQG 8QWHUKDOWXQJVLQKDOWH (LQ *UXQG PHKU PLW YHU¦QGHUWHQ $UEHLWVIRUPHQ GLHVHU QHXHQ +HUDXVIRUGHUXQJ JHUHFKW ]X ZHUGHQ &URVVPHGLDO JHKW HV GHVKDOE DP 1HZVGHVN ]X /RNDOHU +¸UIXQN GHU 2QOLQH$XIWULWWXQGGHUHLJHQH%ORJP¾VVHQEHGLHQWZHUGHQ'LHGLJLWD OHQ0HGLHQELHWHQGLH&KDQFHDXFKPLW1LFKW=HLWXQJVOHVHUQLQHLQHQ 'LDORJHLQ]XWUHWHQ
:HLWHUI¾KUHQGH/LWHUDWXU ,QLWLDWLYH 7DJHV]HLWXQJ +UVJ 5HGDNWLRQ -DKUEXFK I¾U -RXUQDOLVWHQ 6DO]EXUJ 0H GLHQIDFKYHUODJ2EHUDXHU .RORG]\ -DQHW &RQYHUJHQFH -RXUQDOLVP :ULWLQJ DQG 5HSRUWLQJ DFURVV WKH 1HZV 0HGLD 0DU\ODQG5RZPDQ /LWWOHILHOG3XEOLVKHUV
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV 3HUVSHNWLYHQGHU)RUVFKXQJ 6LHVWHKHQPLWHLQHUJDQ]HQ5HLKHYRQ.ROOHJHQEHLGHUIHLHUOLFKHQ(U ¸IIQXQJ GHV QHXHQ $XWREDKQDEVFKQLWWHV 6LH VROOHQ 0DWHULDO I¾U HLQHQ %HLWUDJLQGHU/RNDO]HLWXQJVDPPHOQDOVRPDFKHQ6LHHLQ)RWRZLHGDV WUDGLWLRQHOOH (U¸IIQXQJVEDQG GXUFKWUHQQW ZLUG QRWLHUHQ VLFK ,QIRUPDWLR QHQ DXV *HVSU¦FKHQ PLW GHQ ]HQWUDOHQ 3HUVRQHQ YRU 2UW *OHLFK]HLWLJ VROOHQ 6LH DEHU DXFK 0DWHULDO I¾U GHQ 2QOLQH$XIWULWW PLWEULQJHQ DOVR IRWRJUDILHUHQ6LH]XV¦W]OLFKILOPHQPLW,KUHU'LJLWDONDPHUDGDVHUVWH¾EHU GHQ$EVFKQLWWIDKUHQGH$XWRXQGYHUIDVVHQQRFKYRU2UWHUVWH6FKODJ ]HLOHQ XQG .XU]PHOGXQJHQ GLH 6LH SHU +DQG\ LQ GLH 5HGDNWLRQ VFKL FNHQ6RN¸QQHQGLH.ROOHJHQGRUWEHUHLWVHLQH0HOGXQJHLQVWHOOHQ 6LH PHUNHQ GDVV 6LH LPPHU K¦XILJHU PHKUHUH 0HGLHQ EHGLHQHQ 0LWDQGHUHQ:RUWHQGHU7UHQG]XPFURVVPHGLDOHQ$UEHLWHQKDWDXFK YRU,KUHU/RNDOUHGDNWLRQQLFKWKDOWJHPDFKW ,QQHUKDOEGHU0HGLHQXQG.RPPXQLNDWLRQVZLVVHQVFKDIWJLEWHVHLQH5HL KH YRQ $UEHLWHQ GLH VLFK PLW GHP GHXWVFKHQ 0HGLHQV\VWHP XQG VHLQHU (QWZLFNOXQJEHVFK¦IWLJHQ:LUZROOHQLQGLHVHP.DSLWHOGLH$UEHLWHQXQG LKUH(UJHEQLVVHXQWHUGUHLYHUVFKLHGHQHQ$VSHNWHQ]XVDPPHQIDVVHQ
/HUQ]LHOH Â Â Â
:HOFKH0HGLHQVWHKHQI¾U/RNDONRPPXQLNDWLRQ]XU9HUI¾JXQJZLH O¦VVWVLFKGDVORNDOH0HGLHQV\VWHPEHVFKUHLEHQ" :LHHUJ¦Q]HQVLFKGLHYHUVFKLHGHQHQORNDOHQ$QJHERWH" :HOFKH 5ROOH VSLHOW GDV ,QWHUQHW LP ORNDOHQ 5DXP" :DV EHGHXWHW FURVVPHGLDOHV$UEHLWHQLQGLHVHP=XVDPPHQKDQJ" 'LH'LVNXVVLRQXPGHQ%HJULIIಱ0HGLHQಯZLUGKLHUDXVJHNODPPHUW8QWHU0HGLHQZHU GHQ KLHU ,QVWLWXWLRQHQ GHU MRXUQDOLVWLVFKHQ 0DVVHQPHGLHQ XQG LKUH 3URGXNWH YHUVWDQ GHQEDVLHUHQGDXIXQWHUVFKLHGOLFKHQWHFKQLVFKHQ9HUEUHLWXQJVNDQ¦OHQ
3HUVSHNWLYHQGHU)RUVFKXQJ
,P=HQWUXPGLH=HLWXQJ'DVORNDOH0HGLHQV\VWHPLQ'HXWVFKODQG 7UDGLWLRQHOO VSLHOHQ LQQHUKDOE GHV ORNDOHQ 0HGLHQV\VWHPV 7DJHV]HLWXQ JHQ ELV KHXWH QRFK GLH ZLFKWLJVWH 5ROOH %HUHLWV YRU ¾EHU -DKUHQ EHJDQQHQ VLH LQ JU¸¡HUHQ 6W¦GWHQ YHUHLQ]HOW ¾EHU (UHLJQLVVH DXV LKUHP 9HUEUHLWXQJVJHELHW]XEHULFKWHQVRHWZDLQ/HLS]LJXQG%HUOLQ1DFKXQG QDFK QDKPHQ ORNDOH 0HOGXQJHQ GDQQ HLQHQ LPPHU ZLFKWLJHUHQ 6WHOOHQ ZHUWHLQVRGDVVVLFKLP-DKUKXQGHUWLQVEHVRQGHUHPLWGHU*HQHUDO DQ]HLJHUSUHVVHGHU7\SGHUORNDOHQ7DJHV]HLWXQJPLWHLQHUUHJHOP¦¡LJHQ %HULFKWHUVWDWWXQJ ¾EHU GDV ¸UWOLFKH *HVFKHKHQ KHUDXVELOGHWH ZLH PDQ LKQKHXWHNHQQWVLHKH.DSLWHO 1HEHQ GHQ 7DJHV]HLWXQJHQ ELHWHQ LQ YLHOHQ 2UWHQ GLH XQHQWJHOWOLFK DQ+DXVKDOWHYHUWHLOWHQ$Q]HLJHQEO¦WWHUZHLWHUHORNDOH,QIRUPDWLRQHQDQ 'DU¾EHUKLQDXVHUVFKHLQHQORNDOH$PWVXQG*HPHLQGHEO¦WWHULQHLQLJHQ 6W¦GWHQ DXFK ORNDOH :RFKHQEO¦WWHU XQG 6WDGWPDJD]LQH ,Q PDQFKHQ %XQGHVO¦QGHUQVLQG]XGHPORNDOH+¸UIXQNXQG)HUQVHKVHQGHU]XHPS IDQJHQVRZLHQLFKWNRPPHU]LHOOH%¾UJHUVHQGHUGLHDXFKDXVGHU5HJLRQ VHQGHQ8QGVHLWHLQLJHQ-DKUHQVLQGORNDOH,QIRUPDWLRQHQDXFKLP,QWHU QHW DEUXIEDU 'LHVH 7\SHQ ORNDOHU 0HGLHQ VLQG JHNHQQ]HLFKQHW GXUFK HLQH 5HLKH JHPHLQVDPHU 0HUNPDOH 6LH VLQG DOOJHPHLQ ]XJ¦QJOLFK GLH QHQ GHU XQLYHUVHOOHQ ,QIRUPDWLRQ XQG VLQG QLFKW DQ HLQH EHJUHQ]WH (PSI¦QJHUVFKDIW JHULFKWHW ದ DOVR QLFKW DQ HLQ )DFKSXEOLNXP ದ XQG GLH ,QIRUPDWLRQVYHUPLWWOXQJHUIROJW¾EHUZLHJHQGQDFKSURIHVVLRQHOOHQMRXUQD OLVWLVFKHQ6WDQGDUGV.RPPXQLNDWLRQV]ZHFNLVWGLH'LVWULEXWLRQIUHPGEH VFKDIIWHU XQG DXFK HLJHQHU ,QIRUPDWLRQHQ XQG 0HLQXQJHQ $XI HLQLJH GLHVHU0HGLHQVROOLP)ROJHQGHQNXU]HLQJHJDQJHQZHUGHQ (UJ¦Q]WZLUGGDVORNDOH,QIRUPDWLRQVDQJHERWQRFKGXUFKZHLWHUH 0H GLHQZLH0LWWHLOXQJVEO¦WWHUYRQ9HUHLQHQXQG9HUE¦QGHQGXUFK*HPHLQGH EULHIH3DUWHLEO¦WWHUXQG%HWULHEV]HLWVFKULIWHQ,QGHU5HJHOKDQGHOWHVVLFK GDEHL MHGRFK XP RUJDQLVDWLRQVLQWHUQH XQG RUJDQLVDWLRQVJHEXQGHQH 0H GLHQ GHUHQ .RPPXQLNDWLRQV]ZHFN GLH LQWHUQH RGHU VHOEVWGDUVWHOOHQGH ZHUEHQGH.RPPXQLNDWLRQLVW6LHGLHQHQQLFKWLQHUVWHU/LQLHHLQHUXQLYHU VHOOHQ,QIRUPDWLRQVYHUPLWWOXQJXQGULFKWHQVLFKHKHUJH]LHOWDQORNDOH7HLO¸I IHQWOLFKNHLWHQYJO6FKQHLGHU0¸KULQJ6W¾U]HEHFKHUI $XIGLHVH $QJHERWVIRUPHQZLUGLQGHQIROJHQGHQ'DUVWHOOXQJHQNHLQ%H]XJJHQRP
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
PHQ 'LHV DXFK GHVKDOE GD LKU ,QKDOW QLFKW GXUFKJ¦QJLJ SURIHVVLRQHOOHQ MRXUQDOLVWLVFKHQ6WDQGDUGVXQWHUOLHJW $OV 7DJHV]HLWXQJ GHILQLHUW PDQ HLQ 3ULQWSURGXNW ZHOFKHV UHJHOP¦ ¡LJ PLQGHVWHQV ]ZHLPDO LQ GHU :RFKH PLW HLQHP DNWXHOOHQ SROLWLVFKHQ 7HLO XQG XQLYHUVHOOHP 7KHPHQVSHNWUXP JHGUXFNW ZLUG XQG ¸IIHQWOLFK ]X J¦QJOLFK LVW 6FK¾W] /RNDO]HLWXQJHQ IDOOHQ VHOEVWYHUVW¦QGOLFK XQ WHUGLHVH'HILQLWLRQ]XV¦W]OLFKP¾VVHQVLHGDV.ULWHULXPHUI¾OOHQDNWXHOOH 1DFKULFKWHQDXVLKUHP9HUEUHLWXQJVJHELHW]XYHU¸IIHQWOLFKHQ 7DJHV]HLWXQJHQ HUVFKHLQHQ LQ GHU 5HJHO PLW XQWHUVFKLHGOLFKHQ /R NDODXVJDEHQGKGHUVRJHQDQQWHಱ=HLWXQJVPDQWHOಯPLWGHQ,QIRUPDWLR QHQDXV3ROLWLN:LUWVFKDIWXQG.XOWXUZLUGHUJ¦Q]WXPHLQHQGDQQMHZHLOV DXI GDV 9HUEUHLWXQJVJHELHW DEJHVWLPPWHQ /RNDOWHLO ,Q GHU 5HJHO HU VFKHLQWGLHVHU/RNDOWHLODOVHLJHQHV =HLWXQJVEXFKGHU/RNDOWHLOLVWGDEHL HLQ HLJHQVW¦QGLJHU KHUDXVQHKPEDUHU =HLWXQJVWHLO 'DU¾EHU KLQDXV ZLUG GDV /RNDOH GDGXUFK EHWRQW GDVV DXI GHU 7LWHOVHLWH GHV =HLWXQJVPDQWHOV VRJHQDQQWHಱORNDOH)HQVWHUಯDXIGDV¸UWOLFKH*HVFKHKHQKLQZHLVHQGDV LP,QQHQWHLODXVI¾KUOLFKEHKDQGHOWZLUG'LH9LHOIDOWGHUKLHU]XILQGHQGHQ 9DULDWLRQHQGHUHLQ]HOQHQ=HLWXQJHQLVWVHKUKRFKXPIDQJUHLFKH,QKDOWV DQDO\VHQNRQQWHQDEHUIHVWVWHOOHQGDVVGLH9DULDQWHGHVHLJHQVW¦QGLJHQ =HLWXQJVWHLOV GLH J¦QJLJVWH $UW GDUVWHOOW VR ]% .QREORFK HW DO 6FKQHLGHU0¸KULQJ6W¾U]EHFKHU (UJ¦Q]W ZLUG GLH W¦JOLFKH ORNDOH %HULFKWHUVWDWWXQJ GHU 7DJHV]HLWXQJHQ EHL YLHOHQ 9HUODJHQ GXUFK ]XV¦W] OLFKKHUDXVJHJHEHQH6WDGWWHLO]HLWXQJHQ'LHVHZHUGHQGHQORNDOHQ$XV JDEHQDQEHVWLPPWHQ7DJHQLQGHU:RFKHEHLJHOHJWLQLKQHQZLUGJDQ] JH]LHOW¾EHUGHQMHZHLOLJHQ6WDGWWHLOEHULFKWHW 'LHಱUHGDNWLRQHOOH$XVJDEHಯVWHOOWGLHNOHLQVWHSUHVVHVWDWLVWLVFKH(LQ KHLWGDULQLKQHQZLUGGXUFKYDULLHUHQGHLQKDOWOLFKH*HVWDOWXQJ]%5H JLRQDOVHLWHQ ORNDOHU 7H[W XQG $Q]HLJHQWHLO HLQ GLUHNWHU %H]XJ DXI GDV MHZHLOLJH 9HUEUHLWXQJVJHELHW JHQRPPHQ HUVFKLHQHQ ,Q 'HXWVFK ODQG/RNDO $XVJDEHQYRQLQVJHVDPWKHUDXVJHEHQGHQ9HUOD JHQ PLW HLQHU *HVDPWDXIODJH YRQ 0LOOLRQHQ YHUNDXIWHU $XIODJH )¾U
'LH'LVNXVVLRQQDFKORNDOHQXQGUHJLRQDOHQ,QIRUPDWLRQHQVROOKLHUQLFKWQRFKHLQPDO DXIJHJULIIHQZHUGHQVLHKH.DSLWHO 'DV.ULWHULXPI¾UHLQHಱ$XVJDEHಯHUI¾OOHQDXFK=HLWXQJHQEHLGHQHQGHU¸UWOLFKHE]Z UHJLRQDOH7HLOQLFKWW¦JOLFKHUVFKHLQWQXULQVHLQHU5HLKHQIROJHJH¦QGHUWZLUGRGHUXQ
3HUVSHNWLYHQGHU)RUVFKXQJ
GHQ =HLWXQJVPDUNW OLHJHQ QHEHQ GLHVHQ ZLVVHQVFKDIWOLFKHU %HREDFKWXQ JHQ GHU SXEOL]LVWLVFKHQ 0DUNWG\QDPLNHQ YRQ 6FK¾W] DXFK QRFK GLH UH JHOP¦¡LJHQ$UEHLWHQYRQ5¸SHUYRUGHULQVEHVRQGHUHGLH¸NRQRPLVFKHQ 9HU¦QGHUXQJHQ EHWUDFKWHW 'LHV VSLHJHOW DXFK GHQ SROLWLVFKHQ XQG JH VHOOVFKDIWOLFKHQ 6WHOOHQZHUW ZLGHU GHU ORNDOHQ =HLWXQJHQ ]XJHVWDQGHQ ZLUG XQG GHQ :XQVFK GLH PDUNW¸NRQRPLVFKHQ =Z¦QJH XQG GDPLW GDV 0D¡DQ.RQ]HQWUDWLRQ]XYHUIROJHQ 0LWWOHUZHLOHHEHQIDOOVVWDUNYHUEUHLWHWVLQGORNDOH$Q]HLJHQEO¦WWHU6LH VLQGGLH+DXSWNRQNXUUHQWHQGHU7DJHV]HLWXQJHQGDVLHUHGDNWLRQHOOIDVW DXVVFKOLH¡OLFK GHQ ORNDOHQ 0DUNW EHGLHQHQ XQG VR /¾FNHQ VFKOLH¡HQ N¸QQWHQ GLH EHL GHU %HULFKWHUVWDWWXQJ GXUFK GLH 7DJHV]HLWXQJHQ HQWVWH KHQ 8QWHU $Q]HLJHQEO¦WWHUQ YHUVWHKW PDQ QDFK GHU 'HILQLWLRQ GHV %XQ GHVYHUEDQGHV 'HXWVFKHU $Q]HLJHQEO¦WWHU 3UHVVHSURGXNWH GLH NRVWHQORV PLQGHVWHQV ]Z¸OIPDO LP -DKU LQ UHJHOP¦¡LJHQ $EVW¦QGHQ DQ GLH +DXV KDOWH HLQHV IHVWXPULVVHQHQ *HELHWHV IO¦FKHQGHFNHQG ]XJHVWHOOW ZHUGHQ %XQGHVYHUEDQG 'HXWVFKH $Q]HLJHQEO¦WWHU 'HU *UR¡WHLO GHU 7LWHO HUVFKHLQWDP0LWWZRFKGHU'RQQHUVWDJXQGGDV:RFKHQHQGHVLQGHEHQ IDOOVJ¦QJLJH9HUWHLOXQJVWDJH,QKDOWOLFKVLQGVLH VWDUNORNDO DXVJHULFKWHW 'DV JUREH 7KHPHQVSHNWUXP LVW PLWWOHUZHLOH GHP GHU 7DJHV]HLWXQJHQ ¦KQOLFK$XIEHUHLWXQJXQG4XDOLW¦WGHU%HLWU¦JHYDULLHUHQMHGRFKVWDUNXQG VLQG LQKDOWOLFK K¦XILJ QLFKW PLW JHVWDQGHQHQ /RNDOWLWHOQ JOHLFK]XVHW]HQ )¾UGHQ0DUNWGHU$Q]HLJHQEO¦WWHUJLEWHVNHLQHYHUJOHLFKEDUH%DVLVZLV VHQVFKDIWOLFKHU8QWHUVXFKXQJHQ/DXW$QJDEHQGHV9HUEDQGV'HXWVFKHU $Q]HLJHQEO¦WWHU HUVFKHLQHQ GHU]HLW $Q]HLJHQEO¦WWHU PLW HL QHU *HVDPWDXIODJH YRQ 0LOOLRQHQ YHUWHLOWHQ ([HPSODUHQ 0HKU DOV GLH+¦OIWHDOOHU$Q]HLJHQEO¦WWHUHUVFKHLQWLQHLQHU$XIODJHQJU¸¡HYRQELV ]X ([HPSODUHQ QXU ZHQLJH YRQ LKQHQ KDEHQ $XIODJHQ YRQ ¾EHU ([HPSODUHQ 'LH PHLVWHQ GDYRQ VLQG LP %HVLW] GHU 7DJHV]HL WXQJVYHUOHJHU GLH VLFK IU¾K]HLWLJ LQ GLHVHP 0DUNW GXUFK $XIN¦XIH RGHU (LJHQLQLWLDWLYHHWDEOLHUWKDEHQ
YHU¦QGHUW EOHLEW RGHU GXUFK .RSIEO¦WWHU GLH 2UWVEH]RJHQKHLW KHUVWHOOW 6FK¾W] 'HXWVFKH7DJHVSUHVVH 6R]HLJWHWZD6FK¾W]LQVHLQHQ6WLFKWDJVVDPPOXQJHQXQGGHUHQ$NWXDOLVLHUXQJHQGLH (QWZLFNOXQJDXIGHPORNDOHQ0DUNWVHKUGHWDLOOLHUWVHLW¾EHU-DKUHQDXI=XOHW]WLQ 6FK¾W]'HXWVFKH7DJHVSUHVVH5¸SHUEHREDFKWHWVHLW YLHOHQ-DKUHQGLH ¸NRQRPLVFKH .RQ]HQWUDWLRQ ]XOHW]W 5¸SHU 3UREOHPH XQG 3HUVSHNWLYHQ GHV =HLWXQJVPDUNWHV
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
)¾U GLH $Q]DKO DQ ORNDOHQ *HPHLQGHEO¦WWHUQ 6WDGWPDJD]LQHQ RGHU ORNDOHQ:RFKHQEO¦WWHUJLEWHVNHLQHYHUO¦VVOLFKHQEXQGHVZHLWHQ =DKOHQ 'LHVOLHJWDQGHQXQWHUVFKLHGOLFKHQ9HUWULHEVXQG8QWHUQHKPHQVIRUPHQ DQ GHU JHULQJHQ %HGHXWXQJ DOV :HUEHWU¦JHU XQG GHP LQVJHVDPW JHULQ JHQ2UJDQLVDWLRQVJUDGGLHVHU0HGLHQ %LV LQ GLH DFKW]LJHU -DKUH KLQHLQ ZDU ORNDOH 3XEOL]LVWLN DOOHLQ DXI 3ULQWPHGLHQ EHVFKU¦QNW 9RU (LQI¾KUXQJ GHV GXDOHQ 5XQGIXQNV\VWHPV YHU]LFKWHWHGHU¸IIHQWOLFKUHFKWOLFKH5XQGIXQNDXIORNDOH0HOGXQJHQRGHU VRJDU%HULFKWHUVWDWWXQJVIHQVWHULQ+¸UIXQNXQG)HUQVHKHQ0LWGHU=XODV VXQJYRQNRPPHU]LHOOHQ5XQGIXQNVHQGHUQ]XQ¦FKVWLQ.DEHOSLORW SURMHNWHQ JU¾QGHWHQVLFKGDQQDXFKGLHHUVWHQNRPPHU]LHOOHQ/RNDOVHQ GHU 0HGLHQSROLWLVFK HUKRIIWH PDQ VLFK GDGXUFK HLQH 9HUEHVVHUXQJ GHU /RNDONRPPXQLNDWLRQ0H\Q $XIJUXQGGHUSRVLWLYHQ(UJHEQLVVHGHU HUVWHQ .DEHOSLORWSURMHNWH JDE GDQQ DXFK GHU ¸IIHQWOLFKUHFKWOLFKH 5XQG IXQN VHLQH ELVKHULJH =XU¾FNKDOWXQJ DXI XQG YHUVRUJWH LQQHUKDOE GHU ODQ GHVZHLWHQ6HQGHUEHVWLPPWH5HJLRQHQPLW]XV¦W]OLFKHQ,QIRUPDWLRQHQ :HLO GLH .XOWXUKRKHLW GHU /¦QGHU DXFK GLH 0HGLHQUHJXOLHUXQJ XP IDVVWLVWGLHGHXWVFKH/RNDOIXQNODQGVFKDIWH[WUHPXQWHUVFKLHGOLFKDXVJH SU¦JW,QVJHVDPWZHLVWGLH$UEHLWVJHPHLQVFKDIWGHU/DQGHVPHGLHQDQVWDO WHQ $/0 GHUHQ HLQ]HOQH 0LWJOLHGHU DOV /DQGHVPHGLHQDQVWDOWHQ I¾U GLH /L]HQ]LHUXQJ XQG .RQWUROOH GHU 6HQGHU LQ GHQ MHZHLOLJHQ %XQGHVO¦QGHUQ ]XVW¦QGLJVLQGSULYDWHORNDOHXQGUHJLRQDOH+¸UIXQNSURJUDPPHDXV 6WDQG 'LH PHLVWHQ GDYRQ VLQG LQ 1RUGUKHLQ:HVWIDOHQ %D\HUQ 6DFKVHQ XQG %DGHQ:¾UWWHPEHUJ DQV¦VVLJ DQGHUH %XQGHVO¦QGHU ZLH 1LHGHUVDFKVHQ RGHU +HVVHQ OL]HQ]LHUHQ ELVODQJ NHLQHQ DXVJHZLHVHQHQ /RNDOVHQGHU,QVRIHUQVLQGGLHSXEOL]LVWLVFKHXQGDXFKGLHZLUWVFKDIWOLFKH %HGHXWXQJ GHV /RNDOIXQNV LQ GHQ HLQ]HOQHQ %XQGHVO¦QGHUQ VHKU XQWHU VFKLHGOLFK 6R NDQQ GHU ORNDOH +¸UIXQN LQ PDQFKHQ %XQGHVO¦QGHUQ DOV HWDEOLHUWDQJHVHKHQZHUGHQ,QVJHVDPWMHGRFKLVWHVLP+LQEOLFNDXIGLH 9HUEUHLWXQJQRFKNHLQXQLYHUVDOHVHOHNWURQLVFKHV.RQNXUUHQ]PHGLXPI¾U GLH 7DJHV]HLWXQJ )¾U LQKDOWOLFKH (UJ¦Q]XQJHQ RGHU .RQNXUUHQ] ]ZL VFKHQGLHVHQEHLGHQ0HGLHQVLHKHGHQNRPPHQGHQ$EVFKQLWWLQGLHVHP .DSLWHO 'LHV JLOW DXFK I¾U GDV NRPPHU]LHOOH /RNDOIHUQVHKHQ 9LHOI¦OWLJH $Q JHERWH ILQGHQ VLFK LQ %D\HUQ %DGHQ:¾UWWHPEHUJ XQG 5KHLQODQG3IDO] VRZLH LQ %UDQGHQEXUJ XQG 6DFKVHQ ,QVJHVDPW ODVVHQ VLFK GUHL YHU
3HUVSHNWLYHQGHU)RUVFKXQJ
VFKLHGHQH )RUPHQ YRQ 5HJLRQDO XQG /RNDOIHUQVHKHQ XQWHUVFKHLGHQ =XP HLQHQ ZHUGHQ KLHU GLH )HQVWHUSURJUDPPH GHU QDWLRQDOHQ )HUQVHK DQELHWHUDXIJHI¾KUWVR]%LQ%D\HUQDEHUDXFKLQ6DFKVHQ GHV:HLWH UHQ GLH VR JHQDQQWHQ %DOOXQJVUDXPVHQGHU VRZLH ORNDOH XQG UHJLRQDOH 3URJUDPPH GLH ¾EHU GDV .DEHOQHW] YHUEUHLWHW ZHUGHQ )¾U GLH ORNDOHQ XQGUHJLRQDOHQ6HQGHUJLOWGDVVVLH¾EHUGHXWOLFKXQWHUVFKLHGOLFKHWHFK QLVFKH 5HLFKZHLWHQ 6HQGH]HLWHQ XQG 3URJUDPPNRQ]HSWLRQHQ YHUI¾JHQ VRZLHLQXQWHUVFKLHGOLFKHUMRXUQDOLVWLVFKHU4XDOLW¦WVHQGHQ$XFKKLHUJLEW GLH $/0 UHJHOP¦¡LJ DNWXHOOH 0DUNW¾EHUVLFKWHQ KHUDXV I¾U ODVVHQ VLFKLQVJHVDPWVXEUHJLRQDOHXQGORNDOH$QELHWHULGHQWLIL]LHUHQ
'DV/RNDOHLQYHUVFKLHGHQHQ0HGLHQದ(UJ¦Q]XQJI¾UGHQ%¾UJHU" /RNDOHU3XEOL]LVWLNZLUGYRQGHQ/HVHUQHLQHKRKH%HGHXWXQJ]XJHVWDQ GHQ 8PVR HUVWDXQOLFKHU LVW HV GDVV YLHOHURUWV QXU VHOWHQ HFKWH ORNDOH .RQNXUUHQ]]XILQGHQLVWXQGVWDWWGHVVHQLQYLHOHQ*HELHWHQHLQORNDOHV ,QIRUPDWLRQVPRQRSRO YRUKHUUVFKW 'LHVHV OLHJW LQ GHU 5HJHO LQ GHQ +¦Q GHQGHU=HLWXQJVYHUOHJHULQIDVW3UR]HQWDOOHU.UHLVHXQG*HPHLQGHQ HUVFKHLQW OHGLJOLFK HLQH =HLWXQJ PLW 1DFKULFKWHQ DXV GHP 2UW 6FK¾W] 'HQ$Q]HLJHQEO¦WWHUQZLUGLQHUVWHU/LQLHHLQHZLUWVFKDIWOLFKH.RQ NXUUHQ] ]XJHVWDQGHQ $XIJUXQG GHU RIW JOHLFKHQ =XJHK¸ULJNHLW YRQ $Q ]HLJHQEODWWXQG7DJHV]HLWXQJ]XPVHOEHQ9HUODJVWHOOHQ$Q]HLJHQEO¦WWHU LQ GHQ $XJHQ HLQLJHU :LVVHQVFKDIWOHU LP 5HJHOIDOO ]XGHP NHLQH HFKWH MRXUQDOLVWLVFKH.RQNXUUHQ]GDU$XFKYRPMRXUQDOLVWLVFKHQ6WDQGDUGVLQG KLHUDXIJUXQGGHVZHUEOLFKHQ&KDUDNWHUVDQYLHOHQ6WHOOHQLQQHUKDOEGHV UHGDNWLRQHOOHQ7HLOVHKHU 9HUODXWEDUXQJHQDOVNULWLVFKHU-RXUQDOLVPXV]X OHVHQ'HQQRFKKDWVLFKGDV$Q]HLJHQEODWW]XHLQHUHUQVW]XQHKPHQGHQ .RQNXUUHQ]HQWZLFNHOWGLHVOLHJWYRUDOOHPDQGHPKRKHQXQGXQPLWWHOED UHQ1XW]ZHUWGHQGLHVH7LWHOLKUHP/HVHUELHWHQ6FKQHLGHU6W¾U]HEHFKHU 0LW VWHLJHQGHU $XIODJH NDQQ VLFK GDV $Q]HLJHQEODWW LQKDOWOLFK ZHL WHUHQWZLFNHOQ ದ ZHQQ DXFK QDFK ZLH YRU GLH (LJQXQJ DOV :HUEHWU¦JHU DQ HUVWHUXQWHUQHKPHULVFKHU6WHOOHVWHKWXQGQLFKWGLHMRXUQDOLVWLVFKH4XDOLW¦W $XV GLHVHP *UXQG ZLUG VHLW GHQ DFKW]LJHU -DKUHQ DOVR VHLW (LQI¾K UXQJ GHV NRPPHU]LHOOHQ /RNDOIXQNV LPPHU ZLHGHU GHU )UDJH QDFKJH JDQJHQREXQGZHQQMDZLHGHU/RNDOIXQNHLQH(UJ¦Q]XQJ]XPSXEOL]LV
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
WLVFKHQ $QJHERW GHU =HLWXQJHQ GDUVWHOOW RE VLFK DOVR GDV 6SHNWUXP GHU %HULFKWHUVWDWWXQJHUZHLWHUWKDW 3ROLWLVFK XQG DXFK NRPPXQLNDWLRQVZLVVHQVFKDIWOLFK KHUUVFKWH ODQ JH =HLW GLH +RIIQXQJ GDVV HLQH 9LHO]DKO YHUVFKLHGHQHU ORNDOHU 0HGLHQ PHKU RGHU ZHQLJHU DXWRPDWLVFK ]X HLQHU EHVVHUHQ SXEOL]LVWLVFKHQ 9HU VRUJXQJ GHV ORNDOHQ 5DXPV I¾KUHQ P¾VVWH /RNDOUDGLRV XQG /RNDOIHUQ VHKHQ N¸QQHQ DXV HLQHU DQGHUHQ 3HUVSHNWLYH ]XU ORNDOHQ 2ULHQWLHUXQJ GHU%¾UJHUEHLWUDJHQGLH0HLQXQJVELOGXQJI¸UGHUQ]XU,GHQWLILNDWLRQEHL WUDJHQVLHKH.DSLWHO 0LQGHVWHQVHUKRIIWHPDQVLFKSROLWLVFKGDV$XI EUHFKHQELVKHULJHU%HULFKWHUVWDWWXQJVPXVWHU 'LHELVKHULJHQ,QKDOWVDQDO\VHQNRQQWHQLQGHU7DW]HLJHQGDVVVLFK GLH,QKDOWHGHUYHUVFKLHGHQHQORNDOHQ0HGLHQXQWHUVFKLHGHQXQGWHLOZHL VH DXFK HUJ¦Q]WHQ 'HQQRFK LVW DXFK GDV /RNDOUDGLR GHQ 1XW]XQJVJH ZRKQKHLWHQVHLQHU=LHOJUXSSHYHUEXQGHQXQGSU¦VHQWLHUWVLFKZHLWJHKHQG DOV8QWHUKDOWXQJVPHGLXPXQG6HUYLFHPHGLXP.ULWLVFKH7¸QHRGHUSROL WLVFKH .RQWURYHUVHQ ZHUGHQ ZHQLJHU DXIJHJULIIHQ :HLVV /RNDOH 1DFKULFKWHQZHUGHQHQWVSUHFKHQGLQHUVWHU/LQLHLQQHUKDOEGHU1DFKULFK WHQ SU¦VHQWLHUW HLQ NQDSSHV 9LHUWHO GHU ORNDOSXEOL]LVWLVFKHQ 6HQGH]HLW EHVWHKWDXV1DFKULFKWHQVRHLQH6WXGLHDXVGHPED\HULVFKHQ5DXP'HU $QWHLOGHUORNDOSROLWLVFKHQ7KHPHQVHLGDEHLHUVWDXQOLFKKRFK GLHVJHOWH DXFK I¾U GLH XQWHUVXFKWHQ /RNDOIHUQVHKVHQGHU 7UHEEH 'DU¾EHU KLQDXVYHUZHLVHQDQGHUH(UJHEQLVVHGDUDXIGDVVQXUVFKZHUYRP/RNDO IXQN DOV *DQ]HV JHVSURFKHQ ZHUGHQ NDQQ GD ದ ¦KQOLFK ZLH EHL =HLWXQ JHQದGLH%HDUEHLWXQJVTXDOLW¦WGHUHLQ]HOQHQ7KHPHQXQGGDPLWDXFKGLH .RPSOHPHQW¦U XQG .ULWLNIXQNWLRQ ]X DQGHUHQ YRUKDQGHQHQ ORNDOHQ $Q JHERWHQ VWDUN YRQ GHQ HLQ]HOQHQ 5HGDNWLRQHQ DEK¦QJW :HL¡5XGROSK $XFKZHQQGLHV¦OWHUH%HIXQGHVLQGVRKDWVLFKGDUDQELVKHXWH QLFKW YLHO JH¦QGHUW (LQH 6WXGLH ¾EHU ,QKDOWH GHV /RNDOIHUQVHKHQV LQ 6DFKVHQ ]HLJWH GDVV GHU $QWHLO GHU 6HUYLFHWKHPHQ .XU]LQIRUPDWLRQHQ XQG .XOWXUKLQZHLVHQ ¾EHUZRJ 3ROLWLN KLQJHJHQ QXU PDUJLQDOHU %HVWDQG WHLO LVW ORNDOH 3URPLQHQ] KLQJHJHQ HLQHQ EHGHXWHQGHQ 6WHOOHQZHUW KDW $OWURJJH'RQVEDFK6FKDEHGRWK 'HXWOLFK LVW PLWWOHUZHLOH GDVV ORNDOH )XQNPHGLHQ GLH ORNDOH %HULFKWHUVWDWWXQJ ]ZDU HUQVW QHKPHQ XQG TXDQWLWDWLY DXVUHLFKHQG ¾EHU LKU MHZHLOLJHV 9HUEUHLWXQJVJHELHW EHULFKWHQ DOOHUGLQJV VLQG VLH NDXP LQ GHU /DJH GLH ELVKHULJHQ 'HIL]LWH GHU /RNDO NRPPXQLNDWLRQ DXV]XJOHLFKHQ 8QWHUVXFKXQJHQ ]HLJHQ GDVV GHU ORNDOH
3HUVSHNWLYHQGHU)RUVFKXQJ
+¸UIXQN XQG GLH /RNDO]HLWXQJHQ HLQDQGHU HUJ¦Q]HQ 'LH 6W¦UNHQ GHV 5DGLRV OLHJHQ LQ GHU 8QWHUKDOWXQJ XQG $NWXDOLW¦W GLH GHU =HLWXQJ LQ GHU ,QIRUPDWLRQXQG]ZDUEHVRQGHUVEHLGHU9HUPLWWOXQJNRPSOH[HU7KHPHQ 1HXEHUJHU (WZDVDQGHUVVLHKWHVDXVZHQQPDQGLH,QKDOWHGHU LQ HLQLJHQ %XQGHVO¦QGHUQ ]XJHODVVHQHQ QLFKWNRPPHU]LHOOHQ RIIHQHQ 6HQGHU KLQ]XQLPPW +LHU ZHUGHQ GLH ,QKDOWH QLFKW YRQ -RXUQDOLVWHQ DXV JHZ¦KOW XQG SU¦VHQWLHUW VRQGHUQ YRQ LQWHUHVVLHUWHQ %¾UJHUQ ,KU =ZHFN LVW GLH SXEOL]LVWLVFKH (UJ¦Q]XQJ GHU ORNDOHQ %HULFKWHUVWDWWXQJ XQG GLH IIQXQJ GHV 5XQGIXQNV I¾U DOOH (PSLULVFKH 6WXGLHQ ]HLJHQ GDVV VLFK HLQLJH GHU 6HQGHU PLWWOHUZHLOH DOV IHVWH *U¸¡H HWDEOLHUHQ XQG LQ GHU 7DW NRPSOHPHQW¦UH)XQNWLRQHQLP$QJHERW¾EHUQHKPHQN¸QQHQ
0DUNWSODW]RQOLQH&URVVPHGLDOLW¦WXQG,QWHUQHWLP/RNDOHQ 'LH 9HUEUHLWXQJ GHV ,QWHUQHWV KDW DXFK $XVZLUNXQJHQ DXI GHQ ORNDOHQ .RPPXQLNDWLRQVUDXP=XPHLQHQELHWHWGDV,QWHUQHWY¸OOLJQHXH.RPPX QLNDWLRQVSODWWIRUPHQ GLH MHQVHLWV YRQ LQVWLWXWLRQDOLVLHUWHQ MRXUQDOLVWLVFKHQ $QJHERWHQ OLHJHQ +LHU VLQG YHUVFKLHGHQH $QJHERWVIRUPHQ P¸JOLFK LQ GHQHQVLFKORNDOH5¦XPHNRQVWLWXLHUHQN¸QQHQ(VELOGHQVLFKUHJLRQDOH 3RUWDOH &RPPXQLW\ 1HWZRUNV RGHU 0DUNWSO¦W]H KHUDXV DXI GHQHQ RUWV JHEXQGHQH,QIRUPDWLRQHQDEJHELOGHWXQGDEJHUXIHQZHUGHQ'DV,QWHUQHW O¸VWVRPLWORNDOH5¦XPHQLFKWDXIVRQGHUQELHWHWGLH0¸JOLFKNHLWVLHQHX HQWVWHKHQ ]X ODVVHQ 6FKPLGW 'LHVHU $EVFKQLWW P¸FKWH VLFK DXI HLQHQ ZHLWHUHQ $QJHERWVW\S NRQ]HQWULHUHQ $XI GLH 2QOLQH7DJHV]HLWXQJ XQG GLH ZLUWVFKDIWOLFKH +HUDXVIRUGHUXQJHQ VRZLH DXI FURVVPHGLDOH 6WUD WHJLHQLP%HUHLFKGHV/RNDOMRXUQDOLVPXV 1DFK]¸JHUOLFKHP%HJLQQ0LWWHGHUQHXQ]LJHU-DKUHVLQGKHXWHIDVW DOOH7DJHV]HLWXQJHQDXFKLP,QWHUQHWSU¦VHQW'LHVJLOWDXFKI¾UGLHORND OHQ XQWHU LKQHQ 'DV (QJDJHPHQW GHU =HLWXQJVYHUODJH LP ,QWHUQHW KDW YHUVFKLHGHQH *U¾QGH =XP HLQHQ HUKRIIW PDQ VLFK ¾EHU GLH 2QOLQH 3U¦VHQ] QHXH /HVHU ]X HUVFKOLH¡HQ XQG GLH EHVWHKHQGHQ /HVHU DQ VLFK ]XELQGHQ'HU$XIWULWWLP,QWHUQHWZDUXQGLVWHLQH,PDJHIUDJHXQGHLQH VWUDWHJLVFKH(QWVFKHLGXQJ1HXEHUJHU ,Q=HLWHQLQGHQHQVLFKGLH 6R]%GLH$UEHLWHQYRQ9ROSHUVVLHKHZHLWHUI¾KUHQGH/LWHUDWXU
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
=HLWXQJ GHXWOLFKHQ 9HUOXVWHQ LQ $XIODJH 5HLFKZHLWH XQG :HUEHHLQQDK PHQ ]X VWHOOHQ KDW VROO GDV ,QWHUQHWDQJHERW ]XV¦W]OLFKH (LQQDKPH XQG :DKUQHKPXQJVFKDQFHQ VLFKHUQ (LQ ELVODQJ XQJHO¸VWHV 3UREOHP LVW MH GRFKLPPHUQRFKGLH)LQDQ]LHUXQJXQGGLH)UDJHZLHYLHOGHV$QJHERWV NRVWHQORV VHLQ VROOWH RGHU JHJHQ (QWJHOW YHUWULHEHQ ZLUG LQZLHZHLW PDQ GLH2QOLQHYHUVLRQDOOHLQDERQQLHUHQNDQQRGHUGLHVHVDOV=XVDW]DQJHERW I¾U3ULQW$ERQQHQWHQJLOW$XFKGLH)UDJHZHOFKH6WUDWHJLHI¾UGHQ2QOL QHDXIWULWWJHZ¦KOWZLUGದGLH6SDQQHUHLFKWYRQ=ZHLWYHUZHUWXQJH3DSHU ELV KLQ ]X HLJHQVW¦QGLJHQ 3ODWWIRUPHQ ದ EHDQWZRUWHQ GLH HLQ]HOQHQ 9HU ODJVK¦XVHUI¾UVLFKVHKUXQWHUVFKLHGOLFK1HXEHUJHU ,QVJHVDPWVR HLQH8PIUDJHXQWHU9HUODJHQKHUUVFKWQRFK8QVLFKHUKHLW=XEHP¦QJHOQ LVWDEHUGLHKRKH$QJHERWVRULHQWLHUXQJGHU9HUODJHXQGHLQH]X JHULQJH 1XW]HURULHQWLHUXQJ 7KHLV%HUJOPDLU0D\HU6FKPLGW 6R ZLUG ]X ZHQLJ EHU¾FNVLFKWLJW ZLH LP ,QWHUQHW UH]LSLHUW ZLUG ದ ORNDOH 1HW]ZHUNH VLQG I¾U 9HUODJH XQG I¾U /RNDOMRXUQDOLVWHQ HLQH QHXH SXEOL]LVWLVFKH XQG ZLUWVFKDIWOLFKH+HUDXVIRUGHUXQJ 'LH 2QOLQH3U¦VHQ] LVW GDEHL VHKU XQWHUVFKLHGOLFK DXVJHSU¦JW ZLH HLQH 8QWHUVXFKXQJ KHUDXVIDQG 1XU QRFK ZHQLJH 9HUODJH OHLVWHQ VLFK HLQH UHLQH 9LVLWHQNDUWH LP ,QWHUQHW RKQH MRXUQDOLVWLVFKH ,QKDOWH HWZD HLQ )¾QIWHO ELHWHW HLQH ಱ/LJKWYHUVLRQಯ GHU 3ULQWLQIRUPDWLRQHQ DQ HLQ =HKQWHO QDKH]XHLQH9ROOYHUVLRQGHUJHGUXFNWHQ=HLWXQJDQJHUHLFKHUWPLW]XV¦W] OLFKHQ ,QIRUPDWLRQVDQJHERWHQ (LQ NQDSSHV 'ULWWHO GHU =HLWXQJVYHUODJH ELHWHW HLQH ORNDOH 3ODWWIRUP GHUHQ $QJHERW GHXWOLFK ¾EHU GLH HOHNWURQL VFKH =XUYHUI¾JXQJVWHOOXQJ GHU =HLWXQJ KLQDXVJHKW HLQ ZHLWHUHV 9LHUWHO ZHLWHWGLH3ODWWIRUP]XHLQHUUHJLRQDOHQDXVHLQLJHJHKHQVRJDUVRZHLW HLQHQ¾EHUGDVORNDOH*HELHWKLQDXVUHLFKHQGHQUHJLRQDOHQ2QOLQH'LHQVW DQ]XELHWHQ5RWK 0H\HUNRQQWH]HLJHQGDVVGLH7HQGHQ]]XU0HKU IDFKYHUZHUWXQJ EHL NOHLQHUHQ /RNDO]HLWXQJHQ JU¸¡HU LVW ZRKLQJHJHQ EHL UHJLRQDOHQ 7LWHOQ HKHU .RPSOHPHQWDULW¦WVVWUDWHJLHQ HLQJHVHW]W ZHUGHQ 0H\HU (LQKHLWOLFKH 0XVWHU KDEHQ VLFK I¾U GLH ORNDOHQ $QJHERWH QRFK QLFKW KHUDXVNULVWDOOLVLHUW (V VFKHLQW DEHU GDVV GLH 7DJHV]HLWXQJHQ YHUPHKUW DXIGLH5HJLRQDOLW¦WLP,QWHUQHWVHW]HQLKU9HUEUHLWXQJVJHELHWRQOLQHDOVR JU¸¡HUIDVVHQDOVLP,QWHUQHW,QVJHVDPW]HLJHQGLH,QWHUQHWDXIWULWWHGDVV ORNDOH XQG UHJLRQDOH ,QIRUPDWLRQHQ DXFK RQOLQH GHU DP VW¦UNVWHQ YHUWUH WHQH7KHPHQVFKZHUSXQNWEOHLEHQ5RWK
3HUVSHNWLYHQGHU)RUVFKXQJ
:DVEHGHXWHWGLHVI¾UGDVORNDOMRXUQDOLVWLVFKH$UEHLWHQ"'DV2QOLQH (QJDJHPHQW GHU ORNDOHQ =HLWXQJHQ ELHWHW ]XQ¦FKVW HLQH QHXH 3ODWWIRUP I¾UGLH9HUEUHLWXQJVFKRQYRUKDQGHQHU7H[WH-HQDFK6WUDWHJLHHUZHLWHUW VLFK VRPLW GDV $QJHERW DQ ORNDOHQ ,QIRUPDWLRQHQ I¾U DOOH RGHU QXU I¾U $ERQQHQWHQ'DU¾EHUKLQDXVHUIRUGHUWGDV0HGLXP,QWHUQHWDEHUYRUDOOHP HLQHQHXHFURVVPHGLDOH$UEHLWVZHLVHEHLGHUHVGLH%HVRQGHUKHLWHQGHU 5H]HSWLRQ XQG WH[WXDOHQ 6WUXNWXUHQ GHV 0HGLXPV ]X EHDFKWHQ JLOW )¾U 0HGLHQXQWHUQHKPHQGLHLQYHUVFKLHGHQHQ0HGLHQEUDQFKHQDNWLYVLQGLVW FURVVPHGLDOHV 'HQNHQ VFKRQ VHLW YLHOHQ -DKUHQ %HVWDQGWHLO GHU VWUDWHJL VFKHQ$XVULFKWXQJ,QVJHVDPWJHKWHVGDEHLDXVXQWHUQHKPHULVFKHU6LFKW XP 6\QHUJLHQ XQG 5LVLNRVWUHXXQJ LQVEHVRQGHUH .RVWHQPLQLPLHUXQJ 6MXUWV 8P FURVVPHGLDOH 6WUDWHJLHQ LP $UEHLWVDOOWDJ DXFK ULFKWLJ XPVHW]HQ ]X N¸QQHQ VLQG YHUVFKLHGHQH RUJDQLVDWLRQVLQWHUQH $UEHLWV XQG $EVWLP PXQJVDEO¦XIHGHQNEDUXQGVLQQYROO=HQWUDOGDEHLLVWGDVGHILQLHUWH9HU K¦OWQLV ]ZLVFKHQ 3ULQW XQG 2QOLQH5HGDNWLRQ SHUVRQHOOH =XVW¦QGLJNHL WHQ JHPHLQVDPH RGHU DXWRQRPH $UEHLWVHLQKHLWHQ ]% (LQULFKWXQJ YRQ 7KHPHQWHDPV RGHU 1HZVGHVNV VRZLH 9HUZHLVH DXI GDV $QJHERW GHV MHZHLOV HUJ¦Q]HQGHQ 0HGLXPV YJO %U¾JJHPDQQ 0H\HU 0H\HUNRQQWHLQLKUHU6WXGLH]HLJHQGDVVJHUDGH/RNDOMRXUQDOLVWHQVHKU VWDUN PLW GHU MHZHLOLJHQ 1DFKEDUUHGDNWLRQ ]XVDPPHQDUEHLWHQ PHKU DOV HLQJXWHV'ULWWHOW¦JOLFKHLQ6HFKVWHOGDU¾EHUKLQDXVPHKUPDOVZ¸FKHQW OLFK 'HU $XVWDXVFK HUIROJW GDEHL ZHFKVHOVHLWLJ YRQ 3ULQW ]X 2QOLQH XQG XPJHNHKUW .RPPXQLNDWLRQVZLVVHQVFKDIWOLFK EHJOHLWHW ZHUGHQ GLH ]XQHKPHQG FURVVPHGLDOHQ $UEHLWVVWUXNWXUHQ YRQ HLQHU 'LVNXVVLRQ ZHOFKH $XVZLU NXQJHQGLHVHDXIGHQ-RXUQDOLVPXVKDEHQ6FKRQLQGHQDFKW]LJHU-DK UHQ ZXUGH GLVNXWLHUW ZDV HV EHGHXWHWH TXDVL PHGLHQQHXWUDOH 3URGXNWL RQVZHLVHQ ]X LPSOHPHQWLHUHQ XP GDV (UJHEQLV PHKUIDFK QXW]HQ ]X N¸QQHQ =XQ¦FKVW EHWUDFKWHWH PDQ GLHVHQ 3UR]HVV HKHU NULWLVFK KHXWH MHGRFKLVWJHQDXGLHVHU$VSHNWZLFKWLJEHLGHU6WHLJHUXQJSXEOL]LVWLVFKHU /HLVWXQJHQ 'HU NODVVLVFKH -RXUQDOLVPXV YHUOLHUW DQ .RQWXUHQ XQG NODU XPULVVHQHQ +DQGOXQJVDEO¦XIHQ XQG ]XVDPPHQK¦QJHQ HU XQWHUOLHJW GHP3K¦QRPHQGHUಱPHGLDOHQ(QWJUHQ]XQJಯ/RRVHQ $EHUREZRKO 6LHKHDXFKYHUVFKLHGHQH%HLWU¦JHLQ1HXEHUJHU7RQQHPDFKHU
.DSLWHO0HGLHQYLHOIDOWLP/RNDOMRXUQDOLVPXV
GLH MRXUQDOLVWLVFKHQ 7¦WLJNHLWHQ SULQ]LSLHOO HQWJUHQ]XQJVI¦KLJ VLQG ]HLJW /RRVHQJOHLFK]HLWLJHLQ%HKDUUHQDXIWUDGLWLRQHOOHQ$UEHLWVSUR]HVVHQ6LH XQWHUVFKHLGHW GDEHL MHGRFK QLFKW LQ XQWHUVFKLHGOLFKH =HLWXQJVW\SHQ $XI JUXQG GHU HLJHQHQ 6WUXNWXU HLQHU /RNDOUHGDNWLRQ OLHJW HV GDKHU DXI GHU +DQGGDVVHVದLQ$EK¦QJLJNHLWYRQGHU*U¸¡HದKLHU]XGHXWOLFKHQ.R RSHUDWLRQVPRGHOOHQXQGGDPLW]XQHXHQ$UEHLWVSUR]HVVHQNRPPHQZLUG $NWXHOOH 5HGDNWLRQVEHREDFKWXQJHQ ]HLJHQ GHXWOLFK GDVV KLHU GLH 0HKU PHGLDOLW¦WXQGGDVDNWLYH=XVDPPHQDUEHLWHQGHUYHUVFKLHGHQHQ5HGDN WLRQHQLPPHUVW¦UNHULQGHQ0LWWHOSXQNWU¾FNHQ0HLHU
=XVDPPHQIDVVXQJ 'HU ORNDOH 0DUNW LVW KHXWH QLFKW PHKU DOOHLQ DXI 7DJHV]HLWXQJHQ EH VFKU¦QNW $Q]HLJHQEO¦WWHU XQG 5XQGIXQNDQELHWHU VLQG KLHU HEHQVR ]X ILQGHQ ZLH 2QOLQHPHGLHQ 'HQQRFK VLQG GLH 7DJHV]HLWXQJVYHUODJH LP PHUQRFKGLHZLFKWLJVWHQ$NWHXUHDXIGHPORNDOHQ0DUNWDXFKZHLOVLH VLFKXQWHUQHKPHULVFKDQGHQDQGHUHQ0HGLHQEHWHLOLJWKDEHQ*OHLFK]HL WLJ KDEHQ VLH LKUH 6W¦UNHQ LP /RNDOHQ HUNDQQW XQG EHWRQHQ GLHV GXUFK LKUH$XVJDEHQVWUXNWXUXQGGLHVWDUNH$N]HQWXLHUXQJGHV/RNDOWHLOV 'LH WHFKQLVFKHQ (QWZLFNOXQJHQ GHU OHW]WHQ -DKUH KDEHQ DXFK LP /RNDOHQ FURVVPHGLDOH 6WUDWHJLHQ ZLFKWLJ ZHUGHQ ODVVHQ ,QVEHVRQGHUH GDV9HUK¦OWQLVYRP3ULQW]XP2QOLQHDQJHERWGHU7DJHV]HLWXQJHQVWHKW GDEHLLPNRPPXQLNDWLRQVZLVVHQVFKDIWOLFKHQ,QWHUHVVH*HIUDJWZLUGKLHU QDFKGHQ$XVZLUNXQJHQDXIGHQMRXUQDOLVWLVFKHQ$UEHLWVSUR]HVV
:HLWHUI¾KUHQGH/LWHUDWXU $OWPHSSHQ .ODXV 'LHWHU%XFKHU +DQV-¾UJHQ/¸IIHOKRO] 0DUWLQ +UVJ 2QOLQH -RXUQDOLVPXV:LHVEDGHQ:HVWGHXWVFKHU9HUODJ )DQWDSLH $OWREHOOL +UVJ 3ULQW FRQWUD 2QOLQH" 9HUODJH LP ,QWHUQHW]HLWDOWHU 0¾Q FKHQ5HLQKDUG)LVFKHU *ORW] 3HWHU0H\HU/XFKW 5RELQ 2QOLQH JHJHQ 3ULQW =HLWXQJ XQG =HLWVFKULIW LP :DQGHO.RQVWDQ]89. -RQVFKHU1RUEHUW /RNDOH3XEOL]LVWLN7KHRULHXQG3UD[LVGHU¸UWOLFKHQ%HULFKWHUVWDW WXQJ(LQ/HKUEXFK2SODGHQ:HVWGHXWVFKHU9HUODJ
3HUVSHNWLYHQGHU)RUVFKXQJ
1HXEHUJHU &KULVWRSK7RQQHPDFKHU -DQ 2QOLQH ದ 'LH =XNXQIW GHU =HLWXQJ" 'DV (QJDJHPHQWGHXWVFKHU7DJHV]HLWXQJHQLP,QWHUQHWYROOVW¦QGLJ¾EHUDUEHLWHWHXQG DNWXDOLVLHUWH$XIODJH :LHVEDGHQ:HVWGHXWVFKHU9HUODJ 3¾UHU+HLQ]5DDEH-RKDQQHV 3UHVVHLQ'HXWVFKODQG$XIODJH .RQVWDQ]89. 0HGLHQ 5LHIOHU.DWMD =HLWXQJ2QOLQH1HXH:HJH]X/HVHUQXQG$Q]HLJHQNXQGHQ%RQQ=9 6FKXO]5¾GLJHU =HLWXQJXQG,QWHUQHW%HUOLQ=9=HLWXQJV9HUODJ6HUYLFH*PE+ 6WXLEHU +HLQ]:HUQHU 0HGLHQ LQ 'HXWVFKODQG %G 5XQGIXQN %¦QGH .RQ VWDQ]89. 7KHLV%HUJOPDLU $QQD 0 +UVJ ,QWHUQHW XQG GLH =XNXQIW GHU 3ULQWPHGLHQ .RP PXQLNDWLRQVZLVVHQVFKDIWOLFKHXQGPHGLHQ¸NRQRPLVFKH$VSHNWH0¾QVWHU/LW 9ROSHUV +HOPXW:HUQHU 3HWUD +UVJ %¾UJHUIHUQVHKHQ LQ 1RUGUKHLQ:HVWIDOHQ (LQH 2UJDQLVDWLRQV XQG 3URJUDPPDQDO\VH 6FKULIWHQUHLKH 0HGLHQIRUVFKXQJ GHU /I0 %HUOLQ9LVWDV 9ROSHUV+HOPXW6FKQLHU'HWOHI6DOZLF]HN&KULVWLDQ 3URJUDPPHGHUQLFKWNRPPHU ]LHOOHQ/RNDOUDGLRVLQ1LHGHUVDFKVHQದHLQH3URJUDPPXQG$N]HSWDQ]DQDO\VH%HUOLQ 9LVWDV 9ROSHUV +HOPXW6FKQLHU 'HWOHI6DOZLF]HN &KULVWLDQ %¾UJHUIXQN LQ 1RUGUKHLQ :HVWIDOHQ (LQH 2UJDQLVDWLRQV XQG 3URJUDPPDQDO\VH 6FKULIWHQUHLKH 0HGLHQIRU VFKXQJGHU/I0 %HUOLQ9LVWDV
.DSLWHO6WLOIRUPHQ 6LFKWZHLVHQGHU3UD[LV ,P)HLHUDEHQG9HUNHKUKDEHQ6LH HLQHU¾KUHQGH6]HQHJHVHKHQ(LQ %UXPPL)DKUHUKDWWHVHLQHQ5LHVHQ/NZJHVWRSSWXPHLQH(QWHQPXW WHU PLW LKUHQ -XQJHQ ¾EHU GLH 6WUD¡H ]X ODVVHQ *H¦UJHUW KDEHQ 6LH VLFKGDEHL¾EHU=HLWJHQRVVHQGLHGLHVHQNOHLQHQ=ZDQJVVWRSSDXIGHU %XQGHVVWUD¡H DP %¾UJHUSDUN PLW ZLOGHP +XSHQ EHJOHLWHWHQ 'D 6LH NHLQH .DPHUD GDEHL KDWWHQ XP GDV *HVFKHKHQ LP %LOG IHVW]XKDOWHQ VXFKHQ6LHQXQLP*HVSU¦FKPLWGHP/RNDOFKHIQDFKHLQHUMRXUQDOLVWL VFKHQ)RUPGDV*HVHKHQHGHQQRFKGHQ/HVHULQQHQXQG/HVHUQPLW ]XWHLOHQ 'HP 5HGDNWLRQVOHLWHU NRPPW ,KU $QVLQQHQ JHUDGH UHFKW 'D LKP GLH ELVKHU I¾U PRUJHQ JHSODQWH XQWHUKDOWHQGH /HVHUDQVSUDFKH LQ GHU 5DQGVSDOWH QLFKW JHI¦OOW ELWWHW HU 6LH GDV ಱEULJHQVಯ GLH NOHLQH QHWWH5DQGEHPHUNXQJ]XVFKUHLEHQ ಱ$EHU QLFKW PHKU DOV =HLOHQಯ EHNRPPHQ 6LH QRFK PLW DXI GHQ :HJ ಱEULJHQVಯ KHL¡W GLH /RNDOVSLW]H EHLP 0DQQKHLPHU 0RUJHQ -HGHQ 7DJ ZLUGREHQOLQNVDXIGHUORNDOHQ$XIVFKODJVHLWHHLQHSILIILJH%HREDFKWXQJ ODXQLJXQGNXU]EHVFKULHEHQ'LH.ROOHJLQQHQXQG.ROOHJHQEHLP 0DQQ KHLPHU 0RUJHQ GLH VLFK EHLP 6FKUHLEHQ DEZHFKVHOQ VFKLOGHUQ $OOWDJV JHVFKLFKWHQ ZLH VLH MHGHP /HVHU XQG MHGHU /HVHULQ LPPHU PDO ZLHGHU EHJHJQHQ $XFK /RE XQG $QHUNHQQXQJ I¾U XQEHNDQQWH +HOIHU ZLH GHQ %UXPPL)DKUHUNDQQLQGHU.ROXPQHDXVJHVSURFKHQZHUGHQ 'HU,QKDOWGHU=HLWXQJPXVVMHGHQ7DJQHXXQG¾EHUUDVFKHQGVHLQ 'DVZLUGQLFKWQXUGXUFK7KHPHQYLHOIDOWVRQGHUQDXFKGXUFKGLH9LHOIDOW LQ GHU 'DUELHWXQJ HUUHLFKW 1HEHQ GHU NODVVLVFKHQ 1DFKULFKW VROOWHQ 5H SRUWDJHQ 3RUWU¦WV .RPPHQWDUH ,QWHUYLHZV ದ XQG HEHQ DXFK *ORVVHQ GHQ/HVHUIHVVHOQ
6LFKWZHLVHQGHU3UD[LV
/HUQ]LHOH Â Â Â
:HOFKH6WLOIRUPHQJLEWHVLP/RNDOHQ" :LHVFKUHLEHLFKVLH":RUDXIPXVVLFKEHLGHPMHZHLOLJHQ6WLODFKWHQ" :HOFKH 7KHPHQ NDQQ LFK PLW YHUVFKLHGHQHQ 6WLOIRUPHQ LQ PHLQHU =HLWXQJXPVHW]HQ"
0LW GHU 1DFKULFKW VROOHQ GHQ /HVHULQQHQ XQG /HVHUQ 'LQJH NODUHU JH PDFKWZHUGHQ'DVHUIRUGHUWHLQHYHUVW¦QGOLFKH6SUDFKHGLHQDFK0¸J OLFKNHLWDXI$QJOL]LVPHQXQG)DFKEHJULIIHYHU]LFKWHW6LQG$XVGU¾FNHZLH FDVK IORZ RGHU 0LOFKTXRWH QLFKW ]X YHUPHLGHQ VR P¾VVHQ VLH HUNO¦UW ZHUGHQ'LHVLHEHQ: VZDVZRZLHZHUZDUXPZDQQZHOFKH4XHOOH P¾VVHQHQWKDOWHQVHLQ 6RJHKWHVQLFKW $P YHUJDQJHQHQ 'RQQHUVWDJ $XJXVW JHJHQ 8KU DOV VLFK GLH 0LWJOLHGHU GHV .XUDXVVFKXVVHV GHU *HPHLQGH %XWMDGLQJHQ DP 1RUG VHHVWUDQG LQ %XUKDYH ]XVDPPHQJHIXQGHQ KDWWHQ XP XQWHU JUR¡HU %HWHLOLJXQJ GDV QHXH 5HWWXQJVERRW ]X :DVVHU ]X ODVVHQ IORJ GHP .XUGLUHNWRU +DQV 0XVWHUPDQQ HLQ 6RQQHQVHJHO DQ GHQ .RSI (U HUOLWW HLQH NODIIHQGH 3ODW]ZXQGH NRQQWH DEHU QDFK NXU]HU %HKDQGOXQJ DXV GHP .UDQNHQKDXV 1RUGHQKDP HQWODVVHQ ZHUGHQ $OOH 7HUPLQH I¾U GLHVHQ 7DJ VDJWH HU DOOHUGLQJV DE 'DUXQWHU DXFK GLH HQWVFKHLGHQGH 6LW]XQJ¾EHUGHQ$EULVVGHU6WUDQGKDOOH 6RPXVVGLHVH1DFKULFKWIRUPXOLHUWZHUGHQ .XUGLUHNWRU +DQV 0XVWHUPDQQ HUOLWW DP 'RQQHUVWDJ HLQH VFKZHUH .RSIYHUOHW]XQJ$OVDP1RUGVHHVWUDQGLQ%XUKDYHGDVQHXH5HWWXQJV ERRW ]X :DVVHU JHODVVHQ ZXUGH IORJ LKP HLQ 6RQQHQVHJHO DQ GHQ .RSI 0XVWHUPDQQ GHVVHQ 3ODW]ZXQGH LP .UDQNHQKDXV 1RUGHQKDP JHQ¦KWZXUGHVDJWHGLHZHLWHUHQ7HUPLQHDE6RQDKPHUDQGHUHQW VFKHLGHQGHQ 6LW]XQJ ¾EHU GHQ $EULVV GHU 6WUDQGKDOOH QLFKW WHLO WHLOWH GLH.XUYHUZDOWXQJPLW
.DSLWHO6WLOIRUPHQ
1DFK GHP 3ULQ]LS GHU XPJHNHKUWHQ 3\UDPLGH VWHKW GDV 1HXHVWH XQG :LFKWLJVWHJDQ]YRUQ 'LH5 5HSRUWDJHHU]¦KOWYRQ*HVHKHQHPXQG(UOHEWHP6LHYHUPLWWHOW (LQVLFKWHQ XQG (UNHQQWQLVVH ZHLO GHU 6FKUHLEHU KLQWHU .XOLVVHQ VFKDXW XQGDQ2UWHJHKWGLHGHPQRUPDOHQ0HQVFKHQQLFKW]XJ¦QJOLFKVLQGLQ GLH HU VLFK DEHU GXUFK HLQH VFKOLFKWH XQG DQVFKDXOLFKH 6SUDFKH KLQHLQ YHUVHW]WI¾KOW(LQH)DKUWPLWHLQHP8%RRWNDQQHLQHVSDQQHQGHU]¦KOWH (UJ¦Q]XQJ]XGHPQDFKULFKWOLFKHQ%HULFKW¾EHUGHQ6WDSHOODXIQHXHU8 %RRWHGHU%XQGHVPDULQHVHLQ'HUEHVRQGHUH5HL]GHUORNDOHQ5HSRUWD JH OLHJW GDULQ GDVV YLHOH /HVHULQQHQ XQG /HVHU GLH GDULQ SRUWU¦WLHUWHQ 0HQVFKHQ DOV LKUH 1DFKEDUQ NHQQHQ XQG VLH MHW]W DXFK QRFK HUIDKUHQ ZLHHVDQGHUHQ$UEHLWVSODW]DXVVLHKW 'DV,,QWHUYLHZELHWHWGLH*HOHJHQKHLWLP$XIWUDJGHU/HVHULQQHQXQG /HVHU HLQHP 3ROLWLNHU HLQHP :LUWVFKDIWVERVV RGHU DXFK JDQ] JHZ¸KQOL FKHQ%¾UJHUQ)UDJHQ]XVWHOOHQ'DEHLVROOGHU-RXUQDOLVWದDQGHUVDOVEHL HLQHP6WUHLWJHVSU¦FKದQLFKWPLWGHP*HVSU¦FKVSDUWQHUGLVNXWLHUHQVRQ GHUQ GDUDXI DFKWHQ GDVV GLH )UDJHQ EHDQWZRUWHW ZHUGHQ 6LH VROOWHQ QLFKW ]X DOOJHPHLQ JHKDOWHQ ZHUGHQ ZHLO JH¾EWH ,QWHUYLHZSDUWQHU GDQQ EHTXHPDXVZHLFKHQN¸QQHQ 1LFKWGLHUHLQH:LVVHQVDEIUDJHPDFKWGHQ5HL]GHV,QWHUYLHZVDXV VRQGHUQ GLH )RUPXOLHU PDQFKPDO DXFK )DEXOLHUNXQVW GHV %HIUDJWHQ 0DQ VROOWH DOVR ZLVVHQ RE GHU *HVSU¦FKVSDUWQHU LQ GHU /DJH LVW VSDQ QHQG ]X HU]¦KOHQ ([SHUWHQLQWHUYLHZV VLQG RIW GHVKDOE ODQJZHLOLJ ZHLO )DFKOHXWHGD]XQHLJHQLQLKUHP)DFKFKLQHVLVFK]XDQWZRUWHQ6RLVWHV LQIRUPDWLYHU ]X HLQHU HLQJHVW¾U]WHQ 6WDGLRQWULE¾QH GHQ )DQEHDXIWUDJWHQ ]XLQWHUYLHZHQDOVGHQ9HUHLQVSU¦VLGHQWHQ ,P. .RPPHQWDUNDQQDOOHV:LVVHQXQGDXFKGLH:XW¾EHUGLHHLQJH VW¾U]WH 6WDGLRQWULE¾QH IRUPXOLHUW ZHUGHQ 'DEHL GDUI GLH *UHQ]H ]XU %H OHLGLJXQJ XQG 9HUOHXPGXQJ QDW¾UOLFK QLFKW ¾EHUVFKULWWHQ ZHUGHQ 'HU 9HUVXFK HV GDEHL DOOHQ UHFKW ]X PDFKHQ XQG GLH VRZRKODOVDXFK 3RVLWLRQ HLQQHKPHQ ]X ZROOHQ LVW GLH VFKOHFKWHVWH 9DULDQWH 'LH VW¦UNV WHQ .RPPHQWDUH VLQG GLH DQ GHQHQ VLFK GLH /HVHU UHLEHQ ದ EHL GHQHQ VLFK GLH /HVHUVFKDIW LQ %HI¾UZRUWHU XQG *HJQHU GHU JHVFKULHEHQHQ 0HL QXQJWHLOW
6LFKWZHLVHQGHU3UD[LV
'DVVGLH6WLOULFKWXQJHQYRQ5HSRUWDJHELV.RPPHQWDUUHJHOP¦¡LJLQ GHU =HLWXQJ YRUNRPPHQ VROOWH QLFKW GHP =XIDOO ¾EHUODVVHQ ZHUGHQ %HL GHU 6FKZ¦ELVFKHQ =HLWXQJ LQ /HXWNLUFK KDW PDQ HLQH 0DWUL[ HQWZLFNHOW GLH]XYHUO¦VVLJHLQHQEHUEOLFN¾EHU7KHPHQXQG6WLOIRUPHQJLEW*UXQG ODJHGHV.RQ]HSWVLVWGLH)UDJH:HOFKH7KHPHQP¾VVHQLQV%ODWW"$OOH ODXWHWGLH$QWZRUWದDOOHGLHI¾UGDV/HEHQLQGHU6WDGWVSDQQHQGVLQG
+RUL]RQWDOXQGYHUWLNDOYHUEHVVHUQ %HLGHU6FKZ¦ELVFKHQ=HLWXQJZHUGHQNHLQH)HOGHUPHKUDXVJHNODPPHUW NHLQH7KHPHQXQG6WLOIRUPHQ¾EHUVHKHQ9LHOPHKU]HLJWGDV.RQ]HSWDOOH /HEHQVEHUHLFKHDXI9RQ$ZLHಱ$UEHLWಯ¾EHU%ZLHಱ%DXHQಯ)ZLHಱ)UDX HQಯ.ZLHಱ.ODWVFK 7UDWVFKಯ6ZLHಱ6FKXOHಯ8ZLHಱ8PZHOWಯELV:ZLH ಱ:LUWVFKDIWಯ %HUHLFKH VLQG HV EHLVSLHOVZHLVH LQ 7XWWOLQJHQ GLH YRQ REHQQDFKXQWHQLQGLHYHUWLNDOH$FKVHHLQHUHLQIDFKHQ0DWUL[HLQJHWUDJHQ ZHUGHQ 'LH 5HGDNWLRQ QLPPW VLFK YRU ,P /DXIH HLQHU :RFKH VROO MHGHV GLHVHU7KHPHQZHQLJVWHQVHLQPDOLP%ODWWYRUNRPPHQ'HU/RNDOFKHIVROO GLH/LVWHI¾KUHQXQG+DNHQPDFKHQ'DVJDUDQWLHUW9LHOIDOW 'HQXPJHNHKUWHQ)DOONHQQWMHGHU5HGDNWHXUDXVHLJHQHU$QVFKDX XQJ'HU/RNDOFKHILVWDOWHU)HXHUZHKUPDQQDOVRILQGHQGLHಱ)ORULDQVM¾Q JHUಯ QRFK GHQ NOHLQVWHQ (LQVDW] LP %ODWW ZLHGHU 2GHU GLH .ROOHJLQ KDW VLFKDXIV6R]LDOHVSH]LDOLVLHUW'DQQEULQJWVLHLKUH7KHPHQUXQGXP$O NRKROSUREOHPH $V\OEHZHUEHU RGHU $OOHLQHU]LHKHQGH IO¦FKHQGHFNHQG XQWHU3HUV¸QOLFKH9RUOLHEHQGHU=HLWXQJVPDFKHURGHUGHU¸UWOLFKHQ/RE E\ DXV 3ROLWLN :LUWVFKDIW XQG *HVHOOVFKDIW EHKHUUVFKHQ GHQ SXEOL]LVWL VFKHQ $XIWULWW 'LH *HIDKU 0DQFKH /HEHQVEHUHLFKH ZHUGHQ DXVJHEOHQ GHW REZRKO VLH GXUFKDXV LKUHQ ZLFKWLJHQ 3ODW] LP $OOWDJ XQVHUHU /HVHU KDEHQ 'LH 7KHPHQOLVWH ELHWHW GDJHJHQ HLQHQ $QKDOW GDVV QLFKWV YHU JHVVHQZLUGVRQGHUQGLH9LHOIDOWGHV/HEHQVVLFKLQGHU=HLWXQJZLHGHU ILQGHW(LJHQWOLFKN¸QQWHQXQGHU/RNDOFKHIMHGHQ7DJDXIGHU0DWUL[VHL QH 7KHPHQOLVWH DEKDNHQ XQG VLFK DP (QGH GHU :RFKH IUHXHQ GDVV VHLQH 0DQQVFKDIW VR YLHOH /HEHQVEHUHLFKH DEJHELOGHW KDW $EHU GHU /H VHUZLOOPHKU
.DSLWHO6WLOIRUPHQ Zugang
Themen
Aktuelle Information
Unterhaltung
Nachricht
Arbeit %DXHQ
Orientierung
8PZHOW 9HUNHKU
Personalien
Emotion
Visualisierung
Bericht
Kommentar Reportage
)UDXHQ 6FKXOH
Nutzwert
Porträt Glosse Infografik
ಹ
7DEHOOH 0DWUL[GHU7KHPHQXQG6WLOIRUPHQ QDFKHLQHU,GHHGHU6FKZ¦ELVFKHQ=HLWXQJ 1XQ NRPPW GLH +RUL]RQWDOH LQ GHU 0DWUL[ LQ GHQ %OLFN 'RUW ZHUGHQ GLH VLHEHQ6¦XOHQDNWXHOOH,QIRUPDWLRQ2ULHQWLHUXQJ8QWHUKDOWXQJ1XW]ZHUW 3HUVRQDOLHQ (PRWLRQ XQG 9LVXDOLVLHUXQJ DEJHDUEHLWHW 'HQQ ZLH VDJW 5HJLRQDOFKHI /XGJHU 0¸OOHUV ಱ:LU ZROOHQ 0HQVFKHQ LQV %ODWW KROHQ (PRWLRQHQ ZHFNHQXQG DXFK RSWLVFKH/HFNHUELVVHQELHWHQ 8QVHUH =HL WXQJVROOGLH/HVHULQQHUOLFKEHU¾KUHQಯ 0LWJUDXHQXQGVFKZDU]HQ)DUEVWLIWHQZHUGHQ1DFKULFKWXQG%HULFKW PDUNLHUW PLW 5RWW¸QHQ 5HSRUWDJH 3RUWU¦W XQG $QDO\VH *U¾Q LVW 0HL QXQJVEHLWU¦JHQ ZLH .RPPHQWDU 5H]HQVLRQ XQG *ORVVH YRUEHKDOWHQ EODXZHUGHQ,QWHUYLHZ*HVSU¦FKXQG8PIUDJHPDUNLHUW6RHQWVWHKWHLQ EXQWHV%LOGGDVZHQQ]XYLHOH3DUDPHWHUQLFKWHUI¾OOWVLQGHLQ)OLFNHQ WHSSLFK EOHLEW 'HU /RNDOFKHI HUNHQQW DOVR VFKQHOO GLH /¾FNHQ 2E GLH .ROOHJHQ 7KHPHQNRPSHWHQ] EHVLW]HQ RE VLH DP /HEHQ LKUHU 6WDGW WHLO QHKPHQXQGGHQ1HUYGHV/HVHUVWUHIIHQGDU¾EHUNDQQGLH0DWUL[NHLQH $XVNXQIWJHEHQ$EHUVLH]HLJWJQDGHQORV'HIL]LWHDXI
6LFKWZHLVHQGHU3UD[LV
,Q HLQHU &KHFNOLVWH I¾U 4XDOLW¦W YRQ GHU ,QLWLDWLYH 4XDOLW¦W LP -RXUQD OLVPXV ,4 DXI GHP 9HUEDQGVWDJ GHV 'HXWVFKHQ -RXUQDOLVWHQYHU EDQGHVLQ&KHPQLW]YRUJHVWHOOWV$QKDQJ ZLUGGHU¾EHUOHJWH(LQVDW]XQ WHUVFKLHGOLFKHU 'DUVWHOOXQJVIRUPHQ DQJHPDKQW :HLWHUH )RUGHUXQJHQ GLHVHU4XDOLW¦WV&KDUWDVLQGGLH9HUSIOLFKWXQJ]XUEHVRQGHUHQ6RUJIDOW]XU $FKWXQJGHU0HQVFKHQZ¾UGHXQG]XU(LQKDOWXQJYRQ*UXQGV¦W]HQZLHVLH LP 3UHVVHNRGH[ GHV 'HXWVFKHQ 3UHVVHUDWV IHVWJHOHJW VLQG 4XDOLW¦W LP -RXUQDOLVPXV EHGDUI QDFK 0HLQXQJ GHU ,QLWLDWLYH WUDQVSDUHQWHU 6WDQGDUGV XQG =LHOGHILQLWLRQHQ GLH LQ GHQ 0HGLHQXQWHUQHKPHQ HUDUEHLWHW XQG UHJHO P¦¡LJ ¾EHUSU¾IW ZHUGHQ 4XDOLW¦W LP -RXUQDOLVPXV P¾VVH DXI LQGLYLGXHOOH )¦KLJNHLWHQ 6DFK XQG )DFKZLVVHQ NRPPXQLNDWLYH XQG VR]LDOH .RPSH WHQ] VHW]HQXQGHUIRUGHUHHLQHVROLGH$XVXQGVW¦QGLJH:HLWHUELOGXQJ
'HQ/HVHU¾EHUUDVFKHQ ,QIRUPDWLRQHQ $OOHV ZDV ZLFKWLJ RGHU LQWHUHVVDQW LVW 1XW]ZHUW $OOHV ZDV GHQ /HVHUQ DQ /HEHQVKLOIH JHERWHQ ZLUG XQG 8QWHUKDOWXQJ $OOHV ZDV GHP /HVHU HLQ SRVLWLYHV /HEHQVJHI¾KO YHUPLWWHOW VROOWHQ DXFK PDO ¾EHUUDVFKHQG LQ )RUP XQG ,QKDOW I¾U GHQ /HVHU DXIEHUHLWHW ZHUGHQ :HU VLFK VHOEVW VW¦QGLJ IUDJW ZDV HU DOV /HVHU YRQ VHLQHU =HLWXQJ HUZDUWHW ZHOFKH,QIRUPDWLRQHQHUI¾UGHQW¦JOLFKHQ*HEUDXFKEHQ¸WLJWNRPPWDXI 7KHPHQZLHGLHQDFKIROJHQGJHQDQQWHQ Â 6FKXOLQIRUPDWLRQHQ:HOFKH6FKXOHLVWGLHULFKWLJHI¾UPHLQ.LQG"=X %HJLQQ ZLUG HLQ EHUEOLFN ¾EHU DOOH ZHLWHUI¾KUHQGHQ 6FKXOHQ LQ GHU 6WDGWGHU*HPHLQGHRGHUGHP.UHLVJHJHEHQ0LWGDEHLVLQG$GUHV VHQ HLQVFKOLH¡OLFK (0DLO$GUHVVH XQG :HEVLWH 6FK¾OHU XQG /HK UHU]DKOHQ 8QWHUULFKWV XQG )¦FKHUVFKZHUSXQNWHQ LQKDOWOLFKH %H VRQGHUKHLWHQXQGQDW¾UOLFKPLWHLQHP)RWRGHU6FKXOH Â 7HOHIRQDNWLRQHQODVVHQVLFK]XYLHOHQ7KHPHQUHDOLVLHUHQ(LQP¸JOL FKHV 7KHPD LVW ಱ:DV IHKOW LQ XQVHUHU ,QQHQVWDGW"ಯ 7HOHIRQDNWLRQHQ N¸QQHQDXFKDOV,GHHQE¸UVHJHQXW]WZHUGHQ Â =X ODXIHQGHQ %¾UJHUHQWVFKHLGHQ NDQQ W¦JOLFK HLQH /HVHUVWLPPH DEJHGUXFNWZHUGHQ0¸JOLFKH7KHPHQVLQG]%GHU(UKDOWRGHU$E
Â
Â
Â
Â
Â
.DSLWHO6WLOIRUPHQ
ULVV GHV VW¦GWLVFKHQ 7KHDWHUV HLQH P¸JOLFKH 2UWVXPJHKXQJ GLH 6FKOLH¡XQJGHVORNDOHQ+DOOHQEDGHV 'LH 6WDGWYHUZDOWXQJ LVW HLQ ]HQWUDOHV 7KHPD +LHU ELHWHQ VLFK YLHOH YHUVFKLHGHQH $QV¦W]H ]XU 7KHPHQILQGXQJ PLW YHUVFKLHGHQHQ 'DU VWHOOXQJVIRUPHQ DQ :LH YLHOH %HDXIWUDJWH EUDXFKW XQVHUH 6WDGW" +LHUNDQQGLH=HLWXQJGLH%HDXIWUDJWHQI¾U5DGYHUNHKU'URJHQ'D WHQVFKXW]$XVO¦QGHU)UDXHQ%HKLQGHUWHXVZXQGGHUHQ$XIJDEHQ YRUVWHOOHQ =XV¦W]OLFK LVW HLQH .RVWHQ1XW]HQ$EZ¦JXQJ P¸JOLFK .DQQGLHORNDOH9HUZDOWXQJDXFKHQWVFKODFNWZHUGHQ" 'HU6 6WDQG GHU 'LQJH(LQHPRQDWOLFKH=ZLVFKHQELODQ]EHULFKWHW¾EHU ODQJH ODXIHQGH 0D¡QDKPHQ 'HIL]LWH DEHU DXFK HUIUHXOLFKH )RUW VFKULWWHN¸QQHQEHQDQQWZHUGHQ 'HU) )HLHUDEHQG3ODXVFK+LHUN¸QQHQ(FNORNDOHLQGHQHQVLFK1DFK EDUQ WUHIIHQ YRUJHVWHOOW ZHUGHQ QDW¾UOLFK PLW IIQXQJV]HLWHQ /DJH SODQXQG)RWR /RNDOH= =HLWJHVFKLFKWHNDQQPDQDXFKDQKDQGYRQ*HE¦XGHQHU]¦K OHQ]XP%HLVSLHOPLWGHU6HULHಱ'LH+¦XVHUDQXQVHUHU)X¡J¦QJHU ]RQHಯ:HPJHK¸UHQGLH+¦XVHUDXVZHOFKHU(SRFKHVWDPPHQVLH LQZHOFKHP%DXVWLOZXUGHQVLHYRQZHOFKHP$UFKLWHNWHQJHEDXW" )UHL]HLW6HUYLFH :R VLQG GLH VFK¸QVWHQ *ULOOSO¦W]H LQ GHU 8PJH EXQJ"+LHUZHUGHQ)UDJHQEHDQWZRUWHWZLH,VWGHU3ODW]ZHWWHUIHVW" :HOFKHQ (UOHEQLVFKDUDNWHU I¾U .LQGHU ELHWHW HU" 'HU $UWLNHO ZLUG PLW HLQHU6WDQGRUWVNL]]HXQGHLQHP/DJHSODQHUJ¦Q]W
'LH7 7HVWVGLH]HQWUDOH)UDJHQNO¦UHQZLH$QZHOFKHP)X¡EDOOSODW]JLEW HV GLH EHVWH %UDWZXUVW" 8QWHUKDOWHQG XQG KXPRUYROO NDQQ ¾EHU GLH *H ZLQQHU:XUVW EHULFKWHW ZHUGHQ :LH NRPPW GDV *HVDPWXUWHLO ]XVWDQGH" $Q GHQ %UDWZXUVW7HVW NDQQ VLFK GHU (LVGLHOHQ7HVW GHU )UHLEDG7HVW XVZDQVFKOLH¡HQ
:ROIVEXUJHU1DFKULFKWHQODVVHQ6FKXOHQEHQRWHQ /HVHUEHWHLOLJXQJLVWHLQZHLWHUHVZLFKWLJHV0LWWHO]XU/HVHU%ODWW%LQGXQJ 0LW8PIUDJHQXQG7HVWVELHWHWGLH=HLWXQJ%¾UJHULQQHQXQG%¾UJHUQHLQ )RUXPVLFKLQGLHJHVHOOVFKDIWVSROLWLVFKH'HEDWWHGHU6WDGWHLQ]XEULQJHQ
6LFKWZHLVHQGHU3UD[LV
ಱ:ROIVEXUJV JUR¡HU 6FKXOWHVWಯ ZXUGH YRQ GHQ :ROIVEXUJHU 1DFKULFKWHQGXUFKJHI¾KUWದPLWJUR¡HP$XIZDQGDEHUDXFKPLWJUR¡HP (UIROJ ZLH GLH &KHIUHGDNWLRQ UHV¾PLHUWH ಱ'HU 6FKXOWHVW ZDU 6WDGWJH VSU¦FK:LUKDEHQGLH6FKXOHQDXVGHP6FKDWWHQGHU9RUXUWHLOHKHUDXV JHKROW XQG VLH LQ GHQ )RNXV GHU IIHQWOLFKNHLW JHVWHOOW :LU KDEHQ GLH 6FKXOHQLQ:ROIVEXUJLQGLH0LWWHGHU6WDGWJHVHOOVFKDIW]XU¾FNJHKROWZLU VHW]HQVLHGHPUDXHQ:LQGGHU'HPRNUDWLHDXVಯKHL¡WHVLQGHP9RUZRUW ]X HLQHU 6SH]LDODXVJDEH ,P 7DEORLGIRUPDW PLW +RFKJODQ]FRYHU KDEHQ GLH :ROIVEXUJHU 1DFKULFKWHQ DOOH YHU¸IIHQWOLFKWHQ $UWLNHO GHU 6HULH ]X HLQHU%URVFK¾UH]XVDPPHQJHIDVVWXQGI¾U]ZHL(XURYHUNDXIW :LHJLQJGLH=HLWXQJEHLGLHVHPJUR¡HQ7HVWYRU"=XVDPPHQPLWGHU )DFKKRFKVFKXOH :ROIVEXUJ ZXUGHQ GUHL )UDJHE¸JHQ ದ HLQHU I¾U 6FK¾OHU HLQHUI¾U(OWHUQHLQHUI¾U/HKUHUದHQWZLFNHOW'LH6FK¾OHUZXUGHQJHEHWHQ LQIROJHQGHQ.DWHJRULHQ6FKXOQRWHQYRQELV]XYHUJHEHQEH]RJHQDXI Â GLH4XDOLW¦WGHV8QWHUULFKWV Â GLH9RUEHUHLWXQJGHU/HKUHUDXIGHQ8QWHUULFKW Â GLH:RKQOLFKNHLWGHU6FKXOH Â GDV9HUWUDXHQVYHUK¦OWQLV]ZLVFKHQ6FK¾OHUQXQG/HKUHUQ Â GDV0LWVSUDFKHUHFKWGHU6FK¾OHU Â GDV$QJHERWDQ$UEHLWVJHPHLQVFKDIWHQ 'LH(OWHUQNRQQWHQLP)UDJHERJHQ1RWHQYHUWHLOHQI¾U Â GDV(QJDJHPHQWGHU6FKXOH Â GDV0LWVSUDFKHUHFKWGHU(OWHUQ Â GLH8QWHUULFKWVYHUVRUJXQJ Â GHQ8PJDQJGHU/HKUHUPLWGHQ6FK¾OHUQ Â GLH4XDOLW¦WGHV8QWHUULFKWV Â GLH:RKQOLFKNHLWGHU6FKXOH Â GLH9HUPLWWOXQJJHVHOOVFKDIWOLFKHU:HUWH Â GLH.RPPXQLNDWLRQ]ZLVFKHQ6FKXOHXQG(OWHUQ Â GLH9RUEHUHLWXQJDXIGDV%HUXIVOHEHQ Â GLH$XV¾EXQJGHU$XIVLFKWVSIOLFKW Â GLH9RUEHXJXQJVPD¡QDKPHQJHJHQ*HZDOW Â GDVS¦GDJRJLVFKH=XVDW]DQJHERW$*V3URMHNWH)DKUWHQ
.DSLWHO6WLOIRUPHQ
$X¡HUGHP ZDUHQ QRFK =XVDW]EHPHUNXQJHQ P¸JOLFK 6R ZXUGHQ GLH 6FK¾OHU QDFK GHQ /LHEOLQJVOHKUHUQ EHIUDJW 'LH .DWHJRULHQ ಱ%DXOLFKHU =XVWDQG6DXEHUNHLW$XVVWDWWXQJ6FKXOKRIJHVWDOWXQJ7RLOHWWHQ)DKUUDG VW¦QGHU XQG $*$QJHERWಯ ZXUGHQ DXVJHZHUWHW 'DUDXV ZXUGH GLH *H VDPWQRWHYRQVHKUJXWELVXQJHQ¾JHQGJHELOGHW
9RONVVWLPPH0DJGHEXUJWHVWHW6WDGWYLHUWHO EHU VHFKV 0RQDWH KDW HLQ -RXUQDOLVWHQE¾UR I¾U GLH 0DJGHEXUJHU 9RONVVWLPPH LQ %HK¸UGHQ XQG PWHUQ EHL 9HUE¦QGHQ XQG .DPPHUQ 9HUHLQHQXQG.LUFKHQ:RKQXQJVJHVHOOVFKDIWHQXQG)UHLHQ 7U¦JHUQGHU -XJHQGKLOIHUHFKHUFKLHUW+HUDXVJHNRPPHQLVWGLH%URVFK¾UHಱ 9LHUWHO LP JUR¡HQ 7HVWಯ 1LH ]XYRU ZDU LQ 'HXWVFKODQG HLQH *UR¡VWDGW GHUDUW NOHLQWHLOLJXQGIDNWHQUHLFKGDUJHVWHOOWZRUGHQ )¾UMHGHQGHU6WDGWWHLOHZXUGHQDXIJHOLVWHW Â (LQZRKQHU]DKO Â *U¾Q1DKHUKROXQJVDQODJHQ Â VR]LDOH(LQULFKWXQJHQ Â 9HUNHKU Â +DQGHOXQG*HZHUEH Â 0HGL]LQLVFKH9HUVRUJXQJ Â .XOWXUXQG)UHL]HLW ,QMHGHU.DWHJRULHJDEHVHLQ5DQNLQJ$X¡HUGHPZXUGHLQHLQHU0DJGH EXUJHU *HVDPWNDUWH GLH /DJH GHV 6WDGWWHLOHV RSWLVFK GDUJHVWHOOW $P (QGH VWDQG GDV ಱ9RONVVWLPPH8UWHLOಯ PLW ODFKHQGHP XQG ZHLQHQGHP *HVLFKW ಱ5DXV DXV GHU 5RXWLQH GHV $OOWDJV +LQ ]XP NUHDWLYHQ 6FK¸SIXQJV SUR]HVV GHU W¦JOLFKHQ ,GHHQILQGXQJಯ ODXWHWH HLQ $QVDW] EHLP 0RGHOOVH PLQDU ಱ=ZLVFKHQ 4XRWHQ XQG 4XDOLW¦Wಯ GHU %XQGHV]HQWUDOH I¾U SROLWLVFKH %LOGXQJ ESE LP $SULO :LH GHP /HVHU 8QWHUKDOWXQJ 6HUYLFH XQG ,QIRUPDWLRQDXIYLHOI¦OWLJHXQGYLHOVFKLFKWLJH:HLVHJHERWHQZHUGHQNDQQ VROOWHK¦XILJHUDXFKLQ5HGDNWLRQHQGLVNXWLHUWZHUGHQ
6LFKWZHLVHQGHU3UD[LV
%HL GHU ,GHHQVXFKH VROO 4XDQWLW¦W ]XQ¦FKVW YRU 4XDOLW¦W JHKHQ $OVR HUVWPDODQJVWIUHLVDPPHOQXQGDOOHV]XODVVHQZDVHLQHPGXUFKGHQ.RSI JHKW )DOOV EHUHLWV KLHU HLQH %ORFNDGH DXIWDXFKW KLOIW P¸JOLFKHUZHLVH HLQ 7LSS GHU .UHDWLYLW¦WVWUDLQHULQ 5XWK 3LQN ]XP 'XUFKEUXFK GHQ 2UW ZHFK VHOQVLFKVHOEVWಱYHUU¾FNHQಯ6WHKHQVWDWWVLW]HQLQGHQ3DUNJHKHQ.LQ GHU EHREDFKWHQ ಱ'DGXUFK ¦QGHUW VLFK QLFKW ,KU 7KHPD DEHU ,KUH :DKU QHKPXQJಯ VDJW 3LQN :HU EHLVSLHOVZHLVH ¾EHU $UEHLWVORVLJNHLW VFKUHLEHQ VROOXQGVSLHOHQGH.LQGHUEHWUDFKWHWILQGHWZRP¸JOLFKHLQHQQHXHQ$QVDW] ದHWZDGHQZLH.LQGHUXQWHUGHU$UEHLWVORVLJNHLWGHU(OWHUQOHLGHQ
=XVDPPHQIDVVXQJ 5HGDNWHXULQQHQ XQG 5HGDNWHXUH P¾VVHQ ¾EHUOHJHQ LQ ZHOFKHU 6WLO IRUP VLH GHQ /HVHULQQHQ XQG /HVHUQ GHQ /HVHVWRII DQELHWHQ 0LWKLOIH HLQHU0DWUL[N¸QQHQGLH7KHPHQXQGGLH6WLOYLHOIDOWLP$OOWDJVJHVFK¦IW ¾EHUZDFKWXQGPLW/HEHQJHI¾OOWZHUGHQ EHU GDV MRXUQDOLVWLVFKH +DQGZHUN KLQDXV VROOWH HV W¦JOLFK JHOLQ JHQ PLW 6HUYLFH XQG 8QWHUKDOWXQJ GHQ /HVHU ]X ¾EHUUDVFKHQ 'HQQ GHU]XV¦W]OLFKH1XW]ZHUWELQGHWGHQ/HVHUQDQVHLQH=HLWXQJ
:HLWHUI¾KUHQGH/LWHUDWXU$XVZDKO 'UHQNHOIRUWK5RODQG /RNDOMRXUQDOLVPXVXQG3UHVVHDUEHLWLQGHU3UD[LV=¾ULFK2UHOO )¾VVOL +DOOHU 0LFKDHO 'DV ,QWHUYLHZ (LQ +DQGEXFK I¾U -RXUQDOLVWHQ $XIODJH .RQ VWDQ]89. +DOOHU 0LFKDHO 'LH 5HSRUWDJH (LQ +DQGEXFK I¾U -RXUQDOLVWHQ $XIODJH .RQ VWDQ]89. 0DVW&ODXGLD+UVJ $%&GHV-RXUQDOLVPXV(LQ/HLWIDGHQI¾UGLH5HGDNWLRQVDUEHLW $XIODJH .RQVWDQ]89. 1RZDJ:HUQHU6FKDONRZVNL(GPXQG .RPPHQWDUXQG*ORVVH.RQVWDQ]89. 3¾UHU +HLQ]5DKRIHU 0HLQUDG5HLWDQ &ODXV +UVJ 3UDNWLVFKHU -RXUQDOLVPXV 3UHVVH5DGLR)HUQVHKHQ2QOLQHY¸OOLJQHXH$XIODJH .RQVWDQ]89. 6FKQHLGHU:ROI5DXH3DXO-RVHI 'DVQHXH+DQGEXFKGHV-RXUQDOLVPXV¾EH UDUE$XIO 5HLQEHN5RZRKOW :HLVFKHQEHUJ6LHJIULHG 1DFKULFKWHQ-RXUQDOLVPXV$QOHLWXQJHQXQG4XDOLW¦WVVWDQ GDUGVI¾UGLH0HGLHQSUD[LV:LHVEDGHQ:HVWGHXWVFKHU9HUODJ
.DSLWHO6WLOIRUPHQ 3HUVSHNWLYHQGHU)RUVFKXQJ 6LHVLQGVHLWHLQLJHQ:RFKHQLQGHU/RNDOUHGDNWLRQ,KU/RNDOFKHIELWWHW 6LH PLW GHP ¸UWOLFKHQ 3ROL]HLSU¦VLGHQWHQ GHU LQ GHQ Q¦FKVWHQ 7DJHQ LQGHQ5XKHVWDQGJHKHQZLUGHLQ,QWHUYLHZ]XI¾KUHQ=XGHPP¸JOL FKHQ 7KHPHQVSHNWUXP ]¦KOHQ SHUV¸QOLFKH (LQVFK¦W]XQJHQ ]XU 6L FKHUKHLW GHU 6WDGW .ULPLQDOLW¦WVHQWZLFNOXQJ XQG 5DKPHQEHGLQJXQJHQ GHU3ROL]HLDUEHLW'HUSHUV¸QOLFKH$VSHNWVHLZLFKWLJHVVROONHLQHSROL WLVFKH$EUHFKQXQJZHUGHQHKHUHLQVXEMHNWLYHU5¾FNEOLFN 6LH VLQG SO¸W]OLFK HLQ ELVVFKHQ DXIJHUHJW HQGOLFK HLQPDO N¸QQHQ 6LHDOOGDV:LVVHQDQZHQGHQGDV6LHLQ,KUHUMRXUQDOLVWLVFKHQ$XVELO GXQJJHVDPPHOWKDEHQ(LQ,QWHUYLHZYRUEHUHLWHQ)UDJHQVWHOOHQHLQH 3HUVRQ]XP5HGHQEULQJHQUHGLJLHUHQ ,KUH $XIUHJXQJ DP¾VLHUW ,KUH QLFKWMRXUQDOLVWLVFKHQ )UHXQGH 2E GDVGHQQQLFKWUHGDNWLRQHOOHU$OOWDJVHL":DV6LHGHQQVRQVWHLJHQWOLFK GHQ JDQ]HQ 7DJ PDFKHQ" ,KQHQ ZLUG EHZXVVW GDVV ,KU $UEHLWVDOOWDJ HKHU LP 9HUIDVVHQ YRQ 0HOGXQJHQ EHVWHKW 6LH KDEHQ 3UHVVHPLWWHL OXQJHQ UHGLJLHUW XQG UHFKHUFKLHUW XP HLJHQH %HULFKWH ]X YHUIDVVHQ DXFK $X¡HQWHUPLQH ZDKUJHQRPPHQ 9HUHLQVVLW]XQJHQ HLQH *ROGHQH +RFK]HLWHWF $EHUHLQ,QWHUYLHZKDEHQ6LHELVKHUQLFKWJHI¾KUW$XFK 5HSRUWDJHQ .RPPHQWDUH *ORVVHQ KDEHQ 6LH ELVKHU QRFK QLFKW JH VFKULHEHQ,KQHQZLUGGHXWOLFKGDVVGDV6SHNWUXPGHUMRXUQDOLVWLVFKHQ 'DUVWHOOXQJVIRUPHQ PHKU ELHWHW XQG 6LH QHKPHQ VLFK YRU LQ =XNXQIW K¦XILJHU HLQPDO QHXH 6WLOIRUPHQ I¾U ,KUH 7KHPHQ LQ GHQ .RQIHUHQ]HQ YRU]XVFKODJHQ'HQQ6LHKDEHQGDV*HI¾KOGDVVPHKU$EZHFKVOXQJ DXFK I¾U GLH /HVHU LQWHUHVVDQW VHLQ N¸QQWH ದ XQG ]XJOHLFK ,KUHQ $U EHLWVDOOWDJDEZHFKVOXQJVUHLFKHUPDFKHQZ¾UGH 0LW GLHVHP 9RUVDW] HUI¾OOHQ 6LH HLQH VHLW ODQJHP JHVWHOOWH )RUGHUXQJ DQ GLH /RNDOEHULFKWHUVWDWWXQJ 0HKU $EZHFKVOXQJ VHL Q¸WLJ XP GDV /RNDOH LQWHUHVVDQWHU ]X SU¦VHQWLHUHQ XP GLH YHUVFKLHGHQHQ )DFHWWHQ GHU 7KH
3HUVSHNWLYHQGHU)RUVFKXQJ
PHQ KHUDXVDUEHLWHQ ]X N¸QQHQ XQG XP GHQ XQWHUVFKLHGOLFKHQ *HVLFKWV SXQNWHQJHUHFKW]XZHUGHQXQWHUGHQHQVLHEHVFKULHEHQZHUGHQN¸QQHQ 0LW GLHVHP .DSLWHO VROOHQ NHLQH KDQGZHUNOLFKHQ $QOHLWXQJHQ JHJHEHQ ZHUGHQ9LHOPHKUVROOHLQEHUEOLFNJHJHEHQZHUGHQ]X]ZHL)UDJHQ
/HUQ]LHOH Â Â
:HOFKH 'DUVWHOOXQJVIRUPHQ JLEW HV XQG ZHOFKH (UZDUWXQJHQ ZHU GHQDQVLHJHVWHOOW" :HOFKH'DUVWHOOXQJVIRUPHQZHUGHQLP/RNDOHQHLQJHVHW]WZHOFKH 'HEDWWHZLUGGDU¾EHUJHI¾KUW"
0HOGXQJRGHU,QWHUYLHZ"'LH'DUVWHOOXQJVIRUPHQLPEHUEOLFN $XI ZHOFKH $UW XQG :HLVH HLQ (UHLJQLV GDUJHVWHOOW ZLUG K¦QJW YRQ YHU VFKLHGHQHQ)DNWRUHQDEVRHWZDYRQEHVWLPPWHQ0HUNPDOHQGHV(UHLJ QLVVHVVHOEHUGHU]XJHVFKULHEHQHQ:LFKWLJNHLWGXUFKGLH5HGDNWLRQRGHU GHU ,QWHQWLRQ GHV -RXUQDOLVWHQ (U NDQQ PLW YHUVFKLHGHQHQ 'DUVWHOOXQJV IRUPHQGLHVHQ$QIRUGHUXQJHQ5HFKQXQJWUDJHQ.XUW5HXPDQQGHILQLHUW MRXUQDOLVWLVFKH'DUVWHOOXQJVIRUPHQಱDOVGLHIRUPDOFKDUDNWHULVWLVFKH$UWLQ GHU HLQ ]XU 9HU¸IIHQWOLFKXQJ EHVWLPPWHU 6WRII JHVWDOWHW ZLUGಯ 5HXPDQQ 6LH N¸QQHQ DOV HLQH $UW MRXUQDOLVWLVFKH 0XVWHUO¸VXQJ DQJHVHKHQ ZHUGHQDOVVWDQGDUGLVLHUWH:HUN]HXJHGLHVLFKLP/DXIHGHU=HLWHQWZL FNHOWKDEHQ%XFKHU 6LHXQWHUVFKHLGHQVLFKYRQHLQDQGHUKLQVLFKW OLFK GHU YHUZHQGHWHQ 6WLOLVWLN XQG 5KHWRULN XQG GHQ ]XJUXQGH OLHJHQGHQ 7H[WSULQ]LSLHQ %HL GHU :DKO VHLQHU 6WLOIRUPHQ VROOWH GHU -RXUQDOLVW DXFK GLHNRJQLWLYHQ )¦KLJNHLWHQVHLQHV3XEOLNXPVEHU¾FNVLFKWLJHQ9HUVW¦QG OLFKNHLW NODUH 6SUDFKVWUXNWXU XQG DQJHQHKPHU /HVH6SUDFKIOXVV VROOWHQ GDKHU ZLFKWLJH *HVWDOWXQJVSULQ]LSLHQ VHLQ +LHU JLEW HV LQWHUHVVDQWH (LQ ]HOEHIXQGHDXVGHU5HDGLELOW\)RUVFKXQJGLHVLFKPLWGHU9HUVW¦QGOLFKNHLW XQG /HVEDUNHLW YRQ 7H[WHQ EHIDVVW 6LH ]HLJHQ ]% GDVV NXU]H 6¦W]H
'LH%HJULIIH6WLOIRUPXQG'DUVWHOOXQJVIRUPZHUGHQKLHUV\QRQ\PYHUZHQGHW
.DSLWHO6WLOIRUPHQ
:¸UWHU PLW ZHQLJHQ 6LOEHQ RGHU GHU (LQVDW] Z¸UWOLFKHU 5HGH 7H[WH YHU VW¦QGOLFKHUZHUGHQODVVHQ+HLQMN *HQHUHOO NDQQ PDQ GLH YHUVFKLHGHQHQ 6WLOIRUPHQ PLW GHQHQ HLQ -RXUQDOLVW DUEHLWHQ NDQQ LQ ]ZHL %HUHLFKH DXIWHLOHQ LQ WDWVDFKHQ XQG PHLQXQJVEHWRQWH 'DUVWHOOXQJVIRUPHQ (LQH DQGHUH $UW GHU 6\VWHPDWLN IRNXVVLHUW DXI YLHU *UXQGW\SHQ MRXUQDOLVWLVFKHU 'DUVWHOOXQJVIRUPHQ DXI 1DFKULFKW 5HSRUWDJH .RPPHQWDU XQG ,QWHUYLHZ DOV HLJHQVW¦QGLJH 6WLO IRUP 5X¡0RKO (LQHZLHGHUXPDQGHUH6\VWHPDWLNXQWHUVFKHLGHW LQ UHIHULHUHQGH NRPPHQWLHUHQGH GLDORJLVFKH XQG LQWHUSUHWLHUHQGH )RU PHQ+RKQHFNHU 1DFKULFKWHQ N¸QQHQ LQ )RUP YRQ .XU]PHOGXQJHQ 0HOGXQJHQ %H ULFKWHQXQG+LQWHUJUXQGEHULFKWHQZHLWHUJHJHEHQZHUGHQ6LHVLQGGLHPLW $EVWDQG J¦QJLJVWH XQG ZRKO DXFK ZLFKWLJVWH )RUP GHV WDJHVDNWXHOOHQ /RNDOMRXUQDOLVPXV)¾UVLHLQVEHVRQGHUHI¾U0HOGXQJHQ]¦KOHQDOV$XI QDKPHNULWHULHQ EHL GHQ -RXUQDOLVWHQ LQ HUVWHU /LQLH 1HXLJNHLWVZHUW XQG 5HOHYDQ] EHPHVVHQ HWZD QDFK GHQ 1DFKULFKWHQIDNWRUHQ VLHKH .DSLWHO 6LH VLQG LQKDOWOLFK NODU VWUXNWXULHUW XQG ZHUGHQ NRPPHQWDUORV JH VFKULHEHQ6RODXWHQGLHಱGUHL.ಯGHV1DFKULFKWHQMRXUQDOLVPXVNXU]NODU NRPPHQWDUORV ,QKDOWOLFK VROOHQ VLH GLH VLHEHQ :)UDJHQ EHDQWZRUWHQ :HU" :DV" :DQQ" :R" :LH" :DUXP" :RKHU ZHOFKH 4XHOOH " 5X¡ 0RKO 'LHVH)UDJHQODVVHQVLFKQRFKHUJ¦Q]HQXPHLQHDFKWH)UD JH QDFK GHQ )ROJHQ E]Z .RQVHTXHQ]HQ HLQHV (UHLJQLVVHV .XU]PHO GXQJHQXQG0HOGXQJHQYHUPLWWHOQVRPLWLQHUVWHU/LQLH)DNWHQZLVVHQ 'HU %HULFKW DOV QDFKULFKWHQEHWRQWH 'DUVWHOOXQJVIRUP LVW JHUDGH LP /RNDOWHLO]HQWUDOHV(OHPHQW+LHUJHKWHVHUJ¦Q]HQG]XGHQ)DNWHQDXFK XP+LQWHUJU¾QGHXQG=XVDPPHQK¦QJHXPGHQGHWDLOOLHUWHQ9HUODXIYRQ (UHLJQLVVHQRGHU+DQGOXQJHQDOVRXPHLQH9HUWLHIXQJGHU)UDJHQQDFK GHPಱ:DUXP"ಯGHPಱ:LH"ಯXQGಱ:HOFKH)ROJHQ"ಯ:HLVFKHQEHUJXQWHU VFKHLGHW QDFK 7DWVDFKHQEHULFKW +DQGOXQJVEHULFKW XQG =LWDWHQEHULFKW DOVR GDQDFK RE )DNWHQ HLQHV (UHLJQLVVHV $EO¦XIH YRQ (QWVFKHLGXQJV SUR]HVVHQ XQG +DQGOXQJHQ RGHU =XVDPPHQIDVVXQJHQ YRQ 5HGHQ XQG $XVVDJHQLP0LWWHOSXQNWVWHKHQ:HLVFKHQEHUJ )¾U GLH )RUPHQ GHU 1DFKULFKWHQEHULFKWHUVWDWWXQJ JLOW DOV ]HQWUDOH 4XDOLW¦WVQRUP GLH 7UHQQXQJ YRQ 1DFKULFKW XQG 0HLQXQJ 1DFKULFKWHQ
$XFKGHU(LQVDW]YRQ5HDGHUVFDQHUEULQJWVROFKH+LQZHLVHVLHKH.DSLWHO
3HUVSHNWLYHQGHU)RUVFKXQJ
MRXUQDOLVPXV LVW VWHWV XP 2EMHNWLYLW¦W EHP¾KW HLJHQH 0HLQXQJHQ XQG ,QWHUSUHWDWLRQHQ VROOHQ QLFKW HLQIOLH¡HQ 8P GHQ %HJULII GHU 2EMHNWLYLW¦W XQGGHU2EMHNWLYLW¦WVQRUPKDEHQVLFKKHIWLJH'LVNXVVLRQHQHQWZLFNHOW,VW 2EMHNWLYLW¦W¾EHUKDXSWHUUHLFKEDU":DVEHLQKDOWHW2EMHNWLYLW¦WದDOOHLQGLH )RUGHUXQJQDFK5LFKWLJNHLWDOVRDXIGDV9HUK¦OWQLVYRQ%HULFKWHUVWDWWXQJ XQG5HDOLW¦WRGHUXPIDVVWVLHZHLWHUH1RUPHQZLH9LHOIDOWRGHU$XVJHZR JHQKHLW"YJO1HXEHUJHU .RQVWUXNWLYLVWLVFKH$QV¦W]HPDFKHQGDU DXI DXIPHUNVDP GDVV HV QXU NRQVWUXLHUWH :LUNOLFKNHLWHQ JLEW GLH :LUN OLFKNHLW DOVR LPPHU YRQ GHPMHQLJHQ EHHLQIOXVVW LVW GHU VLH ZDKUQLPPW YJO3¸UNVHQ $XFKZHQQPDQVLFKDXIGHQ6WDQGSXQNWVWHOOWGDVV HVQLFKWGLHHLQHI¾UDOOHYHUELQGOLFKH:LUNOLFKNHLWJLEWVRNDQQGDV/HLW ELOGGHU2EMHNWLYLW¦WI¾UGHQ-RXUQDOLVWHQGHQQRFKZLFKWLJVHLQ$OVJ¦QJL JH 2EMHNWLYLW¦WVNULWHULHQ ZHUGHQ LQ -RXUQDOLVPXV XQG .RPPXQLNDWLRQV ZLVVHQVFKDIW QHEHQ GHU 5LFKWLJNHLW 0D¡VWDEVJHUHFKWLJNHLW 9ROOVW¦QGLJ NHLW$XVJHZRJHQKHLW9LHOIDOW:LFKWLJNHLW1HXWUDOLW¦WVRZLHGLH7UHQQXQJ YRQ 1DFKULFKW XQG 0HLQXQJ DXIJHI¾KUW %HQWHOH 5X¡0RKO 1HXEHUJHUZHLVWMHGRFKGDUDXIKLQGDVVVLFKGDEHLXQ]XO¦VVLJ:HUWXQG (UNHQQWQLVIUDJHQ PLVFKHQ GDVV QLFKW KLQUHLFKHQG ]ZLVFKHQ 2EMHNWLYLW¦W :DKUKHLWVIUDJHQ XQG 5HOHYDQ] :HUWIUDJHQ XQWHUVFKLHGHQ ZLUG XQG :HUWXUWHLOH OHW]WOLFK QLFKW REMHNWLY JHI¦OOW ZHUGHQ N¸QQHQ 1HXEHUJHU 'HQQRFKYHUZHLVWGHU.ULWHULHQNDWDORJDQGLH3IOLFKWGHV-RXUQDOLV WHQ VLFK XQG VHLQH 4XHOOHQ ]X SU¾IHQ XQG DXIPHUNVDP JHJHQ¾EHU GHQ (LQIO¾VVHQ VHLQHU HLJHQHQ $QVLFKWHQ ]X EOHLEHQ LQ WDWVDFKHQEHWRQWHQ 'DUVWHOOXQJVIRUPHQ GLH HLJHQH 0HLQXQJ ]XU¾FN ]X KDOWHQ XQG VLFK ]X EHP¾KHQ XQDEK¦QJLJ YRQ LKUHU HLJHQHQ (LQVWHOOXQJ P¸JOLFKVW YROOVW¦Q GLJXQGQHXWUDOYHUVFKLHGHQH$QVLFKWHQXQG)DNWHQ]XVDPPHQ]XWUDJHQ 'DEHL NDQQ HV I¾U GHQ (LQ]HOQHQ KLOIUHLFK VHLQ VLFK DQ EHVWLPPWHQ 5H JHOQGHU1DFKSU¾IEDUNHLWXQG%HREDFKWXQJ]XRULHQWLHUHQZLHHWZDGHP 5HDOLW¦WVEH]XJ YRQ $XVVDJHQ $XVVDJHQSU¾IXQJ YRQ %HKDXSWXQJHQ GHU7UDQVSDUHQ]GHV(UNHQQWQLVJHZLQQV$QJDEHGHU%HREDFKWXQJVPH WKRGHQ 4XHOOHQ *HZLVVKHLWVJUDG X¦ VRZLH GHU &KDQFH ]XU ¸IIHQWOL FKHQ.ULWLN=XGHPVROOWHQGLHHLJHQHQ(UIDKUXQJHQ3ULP¦UHUIDKUXQJHQ EHYRU]XJW YRU (UIDKUXQJHQ DQGHUHU VHNXQG¦UH (UIDKUXQJHQ HLQJHVHW]W ZHUGHQ GDEHL P¾VVHQ JHHLJQHWH 3URWRNROOLHUXQJVWHFKQLNHQ EHDFKWHW ZHUGHQ XP EHUWUDJXQJVIHKOHU ]X YHUPHLGHQ :HQQ DXI (UIDKUXQJHQ
.DSLWHO6WLOIRUPHQ
DQGHUHU]XU¾FNJHJULIIHQZHUGHQPXVVGDQQP¾VVHQGLHVHDXILKUH4XHO OHQXQG0HWKRGHQKLQJHSU¾IWXQGDXFKJHJHQJHSU¾IWZHUGHQ1HXEHUJHU 6FK¸QEDFK DOOHUGLQJV KDW QDFKJHZLHVHQ GDVV GLH 7UHQQXQJ YRQ 1DFKULFKW XQG 0HLQXQJ QLFKW LPPHU HLQJHKDOWHQ ZLUG HLQ %HIXQG GHU VHLWGHP LPPHU ZLHGHU PLW +LOIH YRQ ,QKDOWVDQDO\VHQ EHVW¦WLJW ZXUGH 6FK¸QEDFK]%0¸KULQJ (UJ¦Q]HQG]XGHQ)RUPHQGHU1DFKULFKWHQN¸QQHQ5HSRUWDJHQRGHU )HDWXUHV HLQJHVHW]W ZHUGHQ ,Q HLQHU 5HSRUWDJH ZHUGHQ HUOHEWH RGHU HUIDKUHQH *HVFKHKQLVVH GHP /HVHU DXV GHU 6LFKW HLQHV %HREDFKWHUV RGHU 7HLOQHKPHUV JHJHEHQ (V ZHUGHQ ]% (LQ]HOVFKLFNVDOH DXIJHJULI IHQ $NWHXUH XQG LKUH VXEMHNWLYHQ $QVLFKWHQ XQG :DKUQHKPXQJHQ NRP PHQ ]X :RUW $XFK GHU -RXUQDOLVW NDQQ KLHU VHLQH SHUV¸QOLFKHQ :DKU QHKPXQJHQ HLQEULQJHQ KLHU LVW GLH $XWRUHQSHUVSHNWLYH JHZ¾QVFKW GHU MRXUQDOLVWLVFKH *HVWDOWXQJVVSLHOUDXP LVW DP JU¸¡WHQ XQG DP ZHQLJVWHQ VWDQGDUGLVLHUW 'HQQRFK JLOW DXFK KLHU 'LUHNWH %HZHUWXQJHQ GHV $XWRUV VLQGIHKODP3ODW]0HLQXQJV¦X¡HUXQJHQVWHKHQ]XJXQVWHQYRQ,QIRUPD WLRQHQKLQWHQDQ:REHLGLH,QIRUPDWLRQHQKLHUQHEHQ)DNWHQDXFK$WPR VSK¦ULVFKHV XQG 3HUVSHNWLYLVFKHV EHLQKDOWHQ 'LHV JLOW LQVEHVRQGHUH I¾U GDV)HDWXUHZHOFKHV=XVDPPHQK¦QJHNRQNUHWXQGDQVFKDXOLFKPDFKHQ VROO'DEHLVWHKWGLHVLQQOLFKH8PVHW]XQJYRQ6WUXNWXUHQXQGGHU(LQEH ]XJ GHU +DQGHOQGHQ LP 0LWWHOSXQNW VROOHQ 6LWXDWLRQHQ XQG =XVDPPHQ K¦QJHH[HPSODULVFKJH]HLJWZHUGHQ+DOOHU $OV 6WLOIRUP GHU XQPLWWHOEDUHQ 0HLQXQJV¦X¡HUXQJ JHOWHQ GHU .RP PHQWDU XQG VHLQH YHUZDQGWHQ 'DUVWHOOXQJVIRUPHQ ZLH /HLWDUWLNHO /RNDO VSLW]H*ORVVHRGHUDXFK.ROXPQH+LHUZHUGHQ0HLQXQJHQDEJHJHEHQ ZLUG JHZHUWHW XQG HLQJHRUGQHW $XV GLHVHP *UXQG VLQG .RPPHQWDUH ZLFKWLJ I¾U GLH 0HLQXQJVELOGXQJ GHV 3XEOLNXPV ದ QHEHQ GHU ,QIRUPDWLRQ HLQHZLFKWLJH)XQNWLRQGHU0HGLHQ'HU/RNDOWHLOKDWPLWGHU6WLOIRUP/R NDOVSLW]H HLQH EHVRQGHUH 'DUVWHOOXQJVIRUP KHUDXVJHELOGHW LQ ZHOFKHU HKHULQ)RUPHLQHU*ORVVHDOVHLQHV.RPPHQWDUVGDVORNDOH*HVFKHKHQ NRPPHQWLHUWZLUG+LHUGDUIDOVRPLW6DUNDVPXV:LW]XQGDXFKPLW%LVV JHDUEHLWHWZHUGHQ =XV¦W]OLFK JHZLQQHQ 6HUYLFHEHLWU¦JH LPPHU VW¦UNHU DQ %HGHXWXQJ 'LHVVLQGHLQHUVHLWVVHKUNXU]H0HOGXQJHQGLH]X5XEULNHQ]XVDPPHQ
3HUVSHNWLYHQGHU)RUVFKXQJ
JHIDVVWZHUGHQ]%9HUDQVWDOWXQJVWLSSV1RWUXIQXPPHUQ%HUHLWVFKDIWV GLHQVWH DEHUDXFK%HLWU¦JHGLHGHQ/HVHUQGXUFKSUDNWLVFKH,QIRUPDWL RQHQ+LOIHVWHOOXQJLP$OOWDJYHUPLWWHOQ 'LH QHXHQ WHFKQLVFKHQ (QWZLFNOXQJHQ XQG YHU¦QGHUWHQ /HVHJH ZRKQKHLWHQ KDEHQ $XVZLUNXQJHQ DXI GLH 6WLOIRUPHQ GHV /RNDOMRXUQDOLV PXV1RFK¾EHUZLHJWLQGHQPHLVWHQORNDOHQ0HGLHQHLQHDGGLWLYH6WUXN WXUGHU7H[WHGK%HLWU¦JHELOGHQHLQHLQVLFKJHVFKORVVHQH(LQKHLWXQG ZHUGHQQDFKHLQDQGHU]XHLQHU7H[WVHLWH]XVDPPHQJHI¾JW0RGXODULVLHUWH 7H[WVWUXNWXUHQ ZLH PDQ VLH ]% DXV GHP K\SHUWH[WEDVLHUWHQ ,QWHUQHW NHQQW EHU¾FNVLFKWLJHQ GDVV /HVHU VHOHNWLYHU XQG ]HLWOLFK GLVSRQLEOHU OHVHQGLH7H[WHGDPLWLQNOHLQHUHQ(LQKHLWHQXQGYHUVFKLHGHQHQ=XJ¦Q JHQ SU¦VHQWLHUW ZHUGHQ :DV IU¾KHU HLQH O¦QJHUH 7H[WHLQKHLW ZDU ZLUG KHXWHLQHLQHP%HULFKWHLQHU,QIRJUDSKLNHLQHP.DVWHQPLW+LQWHUJUXQG LQIRUPDWLRQHQ XQG HLQHP ,QWHUYLHZ SU¦VHQWLHUW 'LHVHU 7UHQG LVW EHL PR GHUQHQ=HLWXQJHQLQGHQOHW]WHQ-DKUHQGXUFKJ¦QJLJ]XVHKHQ
.DXP*ORVVHQRGHU.RPPHQWDUH6WLOIRUPHQLP/RNDOWHLO 'HUW\SLVFKHGHXWVFKH/RNDOWHLOEHVWHKW¾EHUZLHJHQGDXV0HOGXQJHQXQG %HULFKWHQ 'LHVHV (UJHEQLV ZLUG VHLW YLHOHQ -DKU]HKQWHQ LQ HPSLULVFKHQ 6WXGLHQ YRQ .RPPXQLNDWLRQVZLVVHQVFKDIWOHUQ IHVWJHVWHOOW XQG EHGDXHUW VR]%+HUPDQQ6FKQHLGHU0¸KULQJ6W¾U]HEHFKHU 6RVWHOO WH EHUHLWV (QGH GHU VLHE]LJHU -DKUH 5DJHU PLW +LOIH HLQHU ,QKDOWVDQDO\VH IHVW GDVV 3UR]HQW DOOHU %HLWU¦JH LP /RNDOWHLO WDWVDFKHQEHWRQW VLQG 5HSRUWDJHQXQG.RPPHQWDUHGDKHUYLHO]XNXU]NRPPHQ5DJHU %LV KHXWH KDW VLFK ]XPLQGHVW DQ GHU 7DWVDFKH GDVV LQ /RNDOWHLOHQ NDXP NRPPHQWLHUW ZLUG QLFKW YLHO JH¦QGHUW 'XUFKVFKQLWWOLFK .RP PHQWDUHXQG*ORVVHQLQGHU:RFKHHQWKDOWHQGHXWVFKH7DJHV]HLWXQ JHQ ZREHL ZHVWGHXWVFKH =HLWXQJHQ LP /RNDOHQ HWZDV PHKU *ORVVHQ RVWGHXWVFKHKLQJHJHQHWZDVPHKUORNDOH.RPPHQWDUHDQELHWHQ6FKQHL GHU0¸KULQJ6W¾U]HEHFKHU +LQW]HVWHOOWIHVWGDVVGXUFKVFKQLWW OLFK 3UR]HQW GHV UHGDNWLRQHOOHQ /RNDOWHLOV LQ O¦QGOLFKHQ *HELHWHQ PLW
(UVFKZHUHQGNRPPWKLQ]XGDVVHLQ*UR¡WHLOGHU0HOGXQJHQ]XGHPYRQDQGHUHQ ¾EHUQRPPHQZLUGVLHKH.DSLWHO
.DSLWHO6WLOIRUPHQ
.ULWLNLQ)RUPYRQ.RPPHQWDUHQRGHU/RNDOVSLW]HQ]XJHVWDQGHQZHUGHQ LQ JUR¡VW¦GWLVFKHQ 9HUEUHLWXQJVJHELHWHQ OLHJW GHU $QWHLO HWZDV GDU¾EHU +LQW]H .RPPHQWDUH JHOWHQ I¾U GLH 3DUWL]LSDWLRQVI¦KLJNHLW GHV /HVHUV DOV ZLFKWLJ 8PVR EHGDXHUOLFKHU LVW HV GDVV VLFK DQ GHU 9HUQDFKO¦VVLJXQJ NRPPHQWLHUHQGHU )RUPHQ ELV KHXWH QLFKWV JH¦QGHUW KDW /RNDOMRXUQDOLV WHQVFKHXHQGLH9HU¸IIHQWOLFKXQJVXEMHNWLYHU6WDQGSXQNWH'LHVJLOWQLFKW QXU I¾U GHQ .RPPHQWDU VRQGHUQ DXFK I¾U ORNDOH /HLWDUWLNHO .ROXPQHQ RGHU5XEULNHQ(FKWH.ULWLNXQGNODUH$XVVDJHQVLQGVHOWHQIHVW]XVWHOOHQ +¦XILJ¾EHUZLHJWDXFKLQORNDOHQ.RPPHQWDUHQHKHUHLQ3ODXGHUWRQGHU VLFKEHVVHUI¾UHLQH*ORVVHHLJQHQZ¾UGH$XFKKLHUJLOWGDVVVLFKGLHVH 7HQGHQ]QRFKYHUVW¦UNWMHO¦QGOLFKHUGDV9HUEUHLWXQJVJHELHWGHU=HLWXQJ LVW+HUPDQQ 'LHVHU%HIXQGXQWHUPDXHUWGLHJHQHUHOOHKHUXQNULWL VFKH +DOWXQJ GHV /RNDOMRXUQDOLVPXV GLH LKQ DOV 9HUODXWEDUXQJV RGHU +RIEHULFKWHUVWDWWXQJVMRXUQDOLVPXV HUVFKHLQHQ O¦VVW VLHKH .DSLWHO :LUNXQJHQ KLQVLFKWOLFK HLQHU SDUWL]LSDWLRQVXQWHUVW¾W]HQGHQ /RNDOEHULFKW HUVWDWWXQJ N¸QQHQ VR YRQ /RNDO]HLWXQJHQ NDXP HUZDUWHW ZHUGHQ $XFK /RNDOUDGLRVZHLVHQ¦X¡HUVWVHOWHQ.RPPHQWDUHDXI6LHHUZHLWHUQದQDKH OLHJHQGHUZHLVHದGDVHLQJHVHW]WH5HSHUWRLUHGHU'DUVWHOOXQJVIRUPHQYRU DOOHP XP ,QWHUYLHZV :HL¡5XGROSK 'XUFK GHQ (LQVDW] YRQ 7RQ XQG %LOG VWHKW GHP ORNDOHQ 5XQGIXQN ]ZDU VRPLW HLQ JUR¡HV 5HSHUWRLUH ]XU9HUI¾JXQJHFKWH$EZHFKVOXQJELHWHQDEHUDXFKVLHHKHUVHOWHQ %HVRQGHUH%HP¾KXQJHQLQGHU'DUVWHOOXQJYRQ7KHPHQVLQGQXUEHL ZHQLJHQ/RNDO]HLWXQJHQDXV]XPDFKHQ'LH5HGHLVWYRQVWLOLVWLVFKHU0R QRNXOWXUGLHGLH 1DFKULFKWHQUH]HSWLRQGHU /HVHU QLFKWEHJ¾QVWLJW'XUFK ]XJUR¡H0RQRWRQLHVLQNHGLH/HVHEHUHLWVFKDIWGLH/HVEDUNHLWGHU1DFK ULFKWHQQLPPWDE(PSLULVFKH%HOHJHGDI¾UJLEWHVQXUZHQLJHGHQQRFK VFKHLQWDEHUGLH)RUGHUXQJGDVVGHU(LQVDW]YHUVFKLHGHQHU'DUVWHOOXQJV IRUPHQ HLQHQ /RNDOWHLO DWWUDNWLYHU PDFKH XQG GDVV YRU DOOHP GHU (LQVDW] YRQPHLQXQJVEHWRQWHQXQGGLDORJLVFKHQ)RUPHQI¾UGHQ/HVHUHLQHZLFKWL JH 2ULHQWLHUXQJVKLOIH GDUVWHOOW JHUHFKWIHUWLJW /HEHQGLJH JXW DXIJHPDFKWH XQG UHFKHUFKLHUWH EHELOGHUWH $UWLNHO ZHUGHQ YRP /HVHU EHYRU]XJW JHOH VHQ
'DUDXIYHUZHLVHQDXFK(UJHEQLVVHDXVGHP(LQVDW]YRQ5HDGHUVFDQYJO1LJJHPHL HU=HLWXQJHQHUIRUVFKHQLKUH/HVHU
3HUVSHNWLYHQGHU)RUVFKXQJ
(LQHQDQGHUHQ$VSHNWORNDOHU2ULHQWLHUXQJELHWHQGLH.XU]PHOGXQJHQ XQG 6HUYLFHEHLWU¦JH DQ *HPHLQW LVW GDPLW XQPLWWHOEDUH +LOIHVWHOOXQJ LQ )RUP YRQ 9HUDQVWDOWXQJVWLSSV :HWWHUKLQZHLVHQ RGHU 9HUNHKUVWLSSV 'HU $QWHLOGHU.XU]LQIRUPDWLRQHQXQG6HUYLFHEHLWU¦JHZLUGDXIHWZD ELV 3UR]HQW LP /RNDOWHLO HLQJHVFK¦W]W HPSLULVFKH 8QWHUVXFKXQJHQ VW¾W]HQ GLHVH%HKDXSWXQJPLWQDFKJHZLHVHQHQ$QWHLOHQYRQELV3UR]HQWSUR 7DJ-RQVFKHU0¸KULQJ 'DEHLVLQG9HUDQVWDOWXQJV WLSSVLPORNDOHQ0HGLHQPL[LQHUVWHU/LQLHGHUORNDOHQ3UHVVHYRUEHKDOWHQ 7UHEEH]HLJWHLQHQ$QWHLOYRQ3UR]HQWDOOHLQI¾UGLHVH5XEULN+¸UIXQN SURJUDPPHVLQGKLHU]XU¾FNKDOWHQGHU,QORNDOHQ+¸UIXQNSURJUDPPHQKLQ JHJHQELOGHQ:HWWHUXQG9HUNHKUVQDFKULFKWHQHLQHQGRPLQDQWHQ6HUYLFH EHVWDQGWHLOHWZDHLQ9LHUWHO 7UHEEH
=XVDPPHQIDVVXQJ $XFKGHP/RNDOMRXUQDOLVWHQVWHKHQYHUVFKLHGHQH6WLOIRUPHQ]XU9HUI¾ JXQJXPVHLQH7KHPHQXQG*HVLFKWHQI¾UGHQ/HVHUXQG+¸UHUDXI ]XEHUHLWHQ 9LHOIDOW GHU 'DUVWHOOXQJVIRUPHQ JLOW GDEHL DOV HLQ =HLFKHQ I¾U MRXUQDOLVWLVFKH 4XDOLW¦W (PSLULVFKH 6WXGLHQ NRQQWHQ DEHU ]HLJHQ GDVVGLH0DVVHDQ/RNDO]HLWXQJHQELVKHUZHQLJDEZHFKVOXQJVUHLFKLQ GHU :DKO LKUHU %HULFKWHUVWDWWXQJVIRUPHQ LVW 0HKU ORNDOH .RPPHQWDUH XQG*ORVVHQZHUGHQJHIRUGHUWDXFKXPGHQ*UXQGVDW]GHU7UHQQXQJ YRQ1DFKULFKWXQG0HLQXQJEHVVHUHLQKDOWHQ]XN¸QQHQ
:HLWHUI¾KUHQGH/LWHUDWXU 0HGLHQZLVVHQVFKDIW7ULHUPVVZ3ULQW0HGLHQ6HUYLFH6¾GZHVW*PE++UVJ -RXU QDOLVPXV(LQPXOWLPHGLDOHV7UDLQLQJ&'5RP
.DSLWHO4XHOOHQXQG5HFKHUFKH 6LFKWZHLVHQGHU3UD[LV ,QGLHPLWW¦JOLFKH.RQIHUHQ]GHU/RNDOUHGDNWLRQSODW]WGLH6HNUHW¦ULQPLW GHU 1DFKULFKW GDVV GHU ¸UWOLFKH 63'%XQGHVWDJVDEJHRUGQHWH YRU¾EHU JHKHQGIHVWJHQRPPHQZRUGHQVHL'HU7LSSNRPPWYRQGHU&'8'HU /RNDOFKHIN¾PPHUWVLFKVHOEVWKDNWEHLGHP,QIRUPDQWHQQDFK(LQZHL WHUHU$QUXIEHLGHU6WDDWVDQZDOWVFKDIWXQGGLH1DFKIUDJHHLQHVDQGHUHQ 5HGDNWHXUV GHU JXWH 4XHOOHQ LQ GHU 63' KDW JHEHQ *HZLVVKHLW ಱ8Q VHUಯ $EJHRUGQHWHU ZXUGH LP 0RUJHQJUDXHQ YRQ GHU 3ROL]HL ]X +DXVH DEJHKROW :LH UHDJLHUW GHU /RNDOFKHI" =XQ¦FKVW LQIRUPLHUW HU GLH &KHIUHGDNWLRQ GHQQGLH)HVWQDKPHHLQHV¸UWOLFKHQ%XQGHVWDJVDEJHRUGQHWHQG¾UIWHHLQ 7KHPD I¾U GLH 7LWHOVHLWH GHU PRUJLJHQ $XVJDEH VHLQ 'HVKDOE KROW GLH &KHIUHGDNWLRQ GHQ 3ROLWLNFKHI KLQ]X 'LH JHPHLQVDPH %HUDWXQJ HUJLEW GDVVHLQHUHVVRUW¾EHUJUHLIHQGH$UEHLWVJUXSSHJHELOGHWZLUG'D GHU9HU GDFKW EHVWHKW GDVV GHU $EJHRUGQHWH GHU DXFK +DQGZHUNVPHLVWHU PLW HLQHP HLJHQHQ %HWULHE LVW EHL GHP %DX HLQHV %HUXIVELOGXQJV]HQWUXPV XQUHFKWP¦¡LJ$XIWU¦JHHUKDOWHQKDEHQVROOZLUGGLH:LUWVFKDIWVUHGDNWLRQ DQGHU6RQGHUNRPPLVVLRQಱ6RNRಯ EHWHLOLJW
(LQHಱ6RNRಯZLUGJHELOGHW 'LHಱ6RNRಯWULWW]XVDPPHQPLWGHU/HLWXQJZLUGGHU&KHIGHU5HJLRQDOUH GDNWLRQEHWUDXW:DVPXVVMHW]WSDVVLHUHQ"'LH5HVVRUWVEHQHQQHQLKUH 7HDPPLWJOLHGHUGHU6RNR/HLWHUYHUWHLOW$XIWU¦JH 'LH/ /RNDOUHGDNWLRQUHFKHUFKLHUWYRU2UWREMHPDQGJHVHKHQKDWZLH GHU %XQGHVWDJVDEJHRUGQHWH YRQ GHU 3ROL]HL DEJHKROW ZXUGH $X¡HUGHP VDPPHOW VLH 6WLPPHQ YRQ =HXJHQ 1DFKEDUQ +DQGZHUNVNROOHJHQ 3DU WHLIUHXQGHQ XQG 5DWVNROOHJHQ (LQ 5HGDNWHXU VFKUHLEW HLQ 3RUWU¦W GHV
6LFKWZHLVHQGHU3UD[LV
EHNDQQWHQ XQG EHOLHEWHQ 3ROLWLNHUV GHU HLQH 5HLKH YRQ (KUHQ¦PWHUQ LQ GHU6WDGWDXV¾EW=ZHL3UDNWLNDQWHQZHUGHQ]XHLQHU6WUD¡HQXPIUDJHLQ GLH ,QQHQVWDGW JHVFKLFNW 7KHPD 6LQG XQVHUH $EJHRUGQHWHQ EHVWHFK OLFK"'DVLHGLH3ODQXQJVJHVSU¦FKHPLWJHK¸UWKDEHQVLQGVLHLP7KHPD 'LH 3UDNWLNDQWHQ ZHUGHQ DQJHKDOWHQ P¸JOLFKVW HLQHQ 4XHUVFKQLWW GHU %HY¸ONHUXQJ ]X EHIUDJHQ DOVR MXQJ XQG DOW 0DQQ XQG )UDX $X¡HUGHP VROOHQ VLH PLW GHQ %¾UJHULQQHQ XQG %¾UJHUQ QLFKW GLVNXWLHUHQ VRQGHUQ QXUGHUHQXQEHHLQIOXVVWH0HLQXQJDXIVFKUHLEHQ 'LH 3ROLWLNUHGDNWLRQ VHW]W LKUHQ %HUOLQHU .RUUHVSRQGHQWHQ DXI GDV 7KHPD DQ (U IUDJW EHLP )UDNWLRQVYRUVLW]HQGHQ QDFK ZHOFKH .RQVH TXHQ]HQ JH]RJHQ ZHUGHQ 'HU &'8%XQGHVWDJVDEJHRUGQHWH DXV GHU +HLPDWVWDGWGLNWLHUWGHP.RUUHVSRQGHQWHQLQGHQ%ORFNGDVVHU VHLQHP .ROOHJHQYRQGHU63'VRHWZDVQLHPDOV]XJHWUDXWK¦WWH$X¡HUGHPVROO GHU .RUUHVSRQGHQW VFKUHLEHQ XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ GLH ,P PXQLW¦W GHV $EJHRUGQHWHQ DXIJHKREHQ ZRUGHQ LVW GLH LKQ YRU 6WUDIYHU IROJXQJVFK¾W]W .RUUHVSRQGHQW (LQ -RXUQDOLVW GHU YRQ DX¡HUKDOE GHV 5HGDNWLRQVVLW ]HV RGHU GHV (UVFKHLQXQJVUDXPHV HLQHU =HLWXQJ EHULFKWHW XQG GDPLW HLQH$XVZHLWXQJGHVEHREDFKWHWHQ(UHLJQLVUDXPHVHUP¸JOLFKW5HJLR QDOH7DJHV]HLWXQJHQKDEHQPHLVWHQVHQWZHGHUHLJHQH.RUUHVSRQGHQ WHQ LQ GHU %XQGHVKDXSWVWDGW XQG LKUHU MHZHLOLJHQ /DQGHVKDXSWVWDGW RGHU VLH EHWHLOLJHQ VLFK DQ HLQHP 5HGDNWLRQVE¾UR GDV I¾U PHKUHUH QLFKWLPVHOEHQ9HUEUHLWXQJVUDXPHUVFKHLQHQGH7LWHODUEHLWHW 'DV 6RNR0LWJOLHG DXV GHU :LUWVFKDIWVUHGDNWLRQ VFKLOGHUW QRFK PDO GHQ :HUGHJDQJ GHV %HUXIVELOGXQJV]HQWUXPV XQG YHUVXFKW KHUDXV]XILQGHQ ZHOFKH )¸UGHUPLWWHO ZDQQ XQG ZLH JHIORVVHQ VLQG 'HU 3ROL]HL XQG *H ULFKWVUHSRUWHUKDWGHQ$XIWUDJ]XHUPLWWHOQZHOFKH$XIWU¦JHPLWZHOFKHP ILQDQ]LHOOHQ 9RUWHLO GHU %HVFKXOGLJWH HUKDOWHQ KDW 8QG 6LQG %HVWH FKXQJVJHOGHU JHIORVVHQ" )HUQHU UHFKHUFKLHUW HU PLW ZHOFKHP 6WUDIPD¡ GLHLQ5HGHVWHKHQGH7DWHYHQWXHOOEHGDFKWZLUG 'LH:LUWVFKDIWVUHGDNWLRQVWHOOWEHLGHU5HFKHUFKHIHVWGDVVGHU7U¦ JHUGHV%HUXIVELOGXQJV]HQWUXPVLQ6DFKVHQ$QKDOWHLQHZHLWHUH(LQULFK WXQJ EHWUHLEW :HOFKH =HLWXQJ HUVFKHLQW GRUW" *LEW HV $QVSUHFKSDUWQHU" 6FKQHOO LVW HLQ .RQWDNW ]X GHU GRUWLJHQ =HLWXQJ KHUJHVWHOOW 'LH .ROOHJHQ
.DSLWHO4XHOOHQXQG5HFKHUFKH
ZHUGHQ LQ GDV 7KHPD HLQJHZHLKW HLQ $XVWDXVFK GHU 5HFKHUFKHHUJHE QLVVHZLUGYHUHLQEDUW *DQ] ZLFKWLJ I¾U GLH ಱ6RNRಯ LVW GLH )RWRUHGDNWLRQ GLH GHU ಱ6RNRಯ /HLWHU O¦QJVW LQ GLH 6SXU JHVFKLFNW KDW 'DV :RKQKDXV XQG GHU %HWULHE GHV%HVFKXOGLJWHQZHUGHQIRWRJUDILHUWHEHQVRZLH$XJHQ]HXJHQXQGGLH +DIWDQVWDOWLQGHUGHU%XQGHVWDJVDEJHRUGQHWHHLQVLW]W'DV$ $UFKLYHUK¦OW GHQ $XIWUDJ)RWRVGHV$EJHRUGQHWHQDXVEHVVHUHQ=HLWHQKHUDXV]XVX FKHQ ,VW HU EHL GHU (LQZHLKXQJ GHV %HUXIVELOGXQJV]HQWUXPV LP %LOG" =XVDPPHQPLWGHP0LQLVWHUSU¦VLGHQWHQ" 'HUಱ6RNRಯ/HLWHUVRUJWLPPHUZLHGHUGDI¾UGDVVDOOH0LWJOLHGHUGHU $UEHLWVJUXSSH¾EHUGHQDNWXHOOHQ5HFKHUFKHVWDQGLQIRUPLHUWVLQG,QWHUQ EHVSULFKW HU LQ ZHOFKHP 8PIDQJ DXI ZHOFKHQ 6HLWHQ 7LWHO 5HJLRQDOHV :LUWVFKDIW /RNDOHV NRPPHQ LQ )UDJH EHULFKWHW ZHUGHQ VROO *HJHQ $ EHQGPXVVDXFKJHNO¦UWVHLQREGDV7KHPDNRPPHQWLHUWZLUGXQGZHQQ MDYRQZHP %HYRUHVDQV6FKUHLEHQJHKWPXVVQRFKPDOHLQH$EVWLPPXQJ]ZL VFKHQ DOOHQ $XWRUHQ VWDWWILQGHQ XP 'RSSOXQJHQ ]X YHUPHLGHQ :HJHQ XQWHUVFKLHGOLFKHU $QGUXFN]HLWHQ I¾U HLQ]HOQH $XVJDEHQ P¾VVHQ $UWLNHO PDQFKPDOPHKUIDFKDNWXDOLVLHUWZHUGHQ%HLVHQVLEOHQ,QKDOWHQZLHGHP KLHUJHVFKLOGHUWHQVROOWHGHU+DXVMXVWL]LDU¾EHUGLH7H[WHJXFNHQ $QGUXFN]HLWHQ'LH$QGUXFN]HLWOLHJWZHQLJH6WXQGHQYRUGHU$XVOLHIH UXQJGHU=HLWXQJ-HPHKU$XVJDEHQGLH=HLWXQJKDWGHVWRPHKU $Q GUXFN]HLWHQ P¾VVHQ EHU¾FNVLFKWLJW ZHUGHQ )DXVWUHJHO LVW -H ZHLWHU YRP 'UXFNKDXV GDV (UVFKHLQXQJVJHELHW HQWIHUQW LVW GHVWR IU¾KHU LVW GHU$QGUXFN=HLWSXQNWZHLOGLH=HLWXQJHQQRFKPLW)DKU]HXJHQLQGLH 5HJLRQ JHIDKUHQ ZHUGHQ P¾VVHQ )ROJOLFK LVW GLH $XVJDEH DP 9HU ODJVVWDQGRUW PHLVWHQV GLH DNWXHOOVWH %HL JDQ] ZLFKWLJHQ (UHLJQLVVHQ NDQQDOVRYRQ$QGUXFN]X$QGUXFNLQKDOWOLFKDNWXDOLVLHUWRGHUHVN¸Q QHQ VRJDU JDQ]H $UWLNHO DXVJHWDXVFKW ZHUGHQ ,Q $XVQDKPHI¦OOHQ N¸QQHQ DXFK GLH $QGUXFN]HLWHQ QDFK KLQWHQ YHUVFKREHQ ZHUGHQ 'D PLW ULVNLHUW PDQ DEHU GDVV GLH S¾QNWOLFKH $XVOLHIHUXQJ YHU]¸JHUW ZLUG XQGGLH=HLWXQJ]XVS¦WDQGHQ9HUWHLOSXQNWHQI¾UGLH$XVWU¦JHULQQHQ XQG$XVWU¦JHUDQNRPPW
6LFKWZHLVHQGHU3UD[LV
/HUQ]LHOH Â Â Â
:LHZLUGHLQH5HFKHUFKHRUJDQLVLHUW" :HUVLQGGLH$QVSUHFKSDUWQHU" :HOFKH+LOIVPLWWHOJLEWHV"
:LHZLUGUHFKHUFKLHUW" :¦KUHQG EHL GHU $UEHLW LQ GHU ಱ6RNRಯ NODUH 5HFKHUFKHDXIWU¦JH YHUWHLOW ZHUGHQ VROOWH PDQ VLFK ZHQQ PDQ DOOHLQ HLQH *HVFKLFKWH UHFKHUFKLHUW HLQHQ3ODQPDFKHQ$P$QIDQJVWHKWGLH)UDJHಱ:DVZLOOLFK¾EHUKDXSW ZLVVHQXQGZHQPXVVLFKGD]XEHIUDJHQ"ಯ+DWPDQ1DPHQXQG7HOHIRQ QXPPHUQ HYHQWXHOO VRJDU HLQ 2UJDQLJUDPP GHU %HK¸UGH RGHU GHV %H WULHEHVDXVGHPPDQGLH9HUDQWZRUWOLFKNHLWHQHUVHKHQNDQQ" ,P)DOOGHVYHUKDIWHWHQ%XQGHVWDJVDEJHRUGQHWHQVLW]HQGLHZLFKWLJV WHQ$QVSUHFKSDUWQHUEHL3ROL]HL6WDDWVDQZDOWVFKDIW%HUXIVELOGXQJV]HQW UXP XQG LQ GHU 3DUWHL 6LQG GLH %HK¸UGHQOHLWHU QLFKW VRIRUW DQVSUHFKEDU ZHQGHWPDQVLFKDQGLH3UHVVHVWHOOH:HQQGRUWಱJHPDXHUWಯZLUGVROOWHQ 6LHK¸IOLFKDEHUEHVWLPPWDXIGLH$XVNXQIWVSIOLFKWYHUZHLVHQXQGGLH$E VLFKW Q¸WLJHQIDOOV RKQH GHUHQ 6WHOOXQJQDKPH ]X EHULFKWHQ DXIPHUNVDP PDFKHQ 'HP 3UHVVHVSUHFKHU VROOWHQ 6LH NODU VDJHQ ZDV 6LH ZLVVHQ P¸FKWHQ XQG ELV ZDQQ 'DEHL VROOWHQ 6LH NHLQH IDOVFKHQ )¦KUWHQ OHJHQ VRQGHUQRIIHQPLWWHLOHQREGHU3UHVVHVSUHFKHURGHUGHU&KHI]LWLHUWZHU GHQVROORGHUGLH5HFKHUFKHQXUGHUHLJHQHQ0HLQXQJVELOGXQJGLHQW (VPXVV¾EHUOHJWZHUGHQLQZHOFKHU5HLKHQIROJHPDQGLHSRWHQ]LHO OHQ*HVSU¦FKVSDUWQHUEHIUDJHQZLOO=XHUVWPXVVPDQIHVWVWHOOHQREXQG ZDQQGLH*HVSU¦FKVSDUWQHU]XU9HUI¾JXQJVWHKHQ'DEHLVROOWHPDQGLH )DXVWUHJHOEHGHQNHQGDVVYRQDX¡HQQDFKLQQHQJHIUDJWZLUG$OVRHUVW DP (QGH QDFK GHP PDQ ,QIRUPDWLRQHQ XQG GDPLW 0XQLWLRQ HLQJHKROW KDEHEHIUDJWPDQGHQHLJHQWOLFKHQ.HUQGHU6DFKHDOVRGLH3HUVRQHQ YRQGHULFKPLUGLHZLFKWLJHQ,QIRUPDWLRQHQHUKRIIH 9RQ DX¡HQ QDFK LQQHQ VROOWH DXFK EHL GHU %HIUDJXQJ (LQ]HOQHU JH IUDJWZHUGHQ'D]XJLEWHVYHUVFKLHGHQH7ULFNV0LWHLQHUXQYHUELQGOLFKHQ )UDJHಱ+DEHQ6LHKHXWHVFKRQ1DFKULFKWHQJHK¸UW"ಯZLUGGDV*HVSU¦FK HU¸IIQHW XQG PLW GHP 1DFKVDW] ಱ8QG KDEHQ 6LH VLFK GDEHL JH¦UJHUW"ಯ
.DSLWHO4XHOOHQXQG5HFKHUFKH
IRUWJHI¾KUW 'HU )UDJH QDFK GHP :DUXP IROJW GLH )UDJH ¾EHU ZHQ GHU *HVSU¦FKVSDUWQHU VLFK JH¦UJHUW KDW 1HQQW HU GHQ 1DPHQ QLFKW EULQJW PDQVHOEVWHLQHQLQV*HVSU¦FK2IWJHOLQJWHVVRGHQ*HVSU¦FKSDUWQHULQ HLQHQ5HGHIOXVV]XEULQJHQLQGHPHUPHKUDXVSODXGHUWDOVHUXUVSU¾QJ OLFKYRUKDWWH =ZLVFKHQGXUFKELODQ]LHUWPDQLPPHUZLHGHUXQGIUDJWVLFKGDEHLZHU ZHOFKH,QWHUHVVHQLQGHU$QJHOHJHQKHLWKDWGLHPDQUHFKHUFKLHUW'LH,Q IRUPDWLRQHQ ZHUGHQ JHJHQJHFKHFNW :DV VLQG )DNWHQ RGHU QXU %HKDXS WXQJHQYLHOOHLFKWVRJDU6SHNXODWLRQHQ"*LEWHV]XHLQHP6DFKYHUKDOW]ZHL XQWHUVFKLHGOLFKH $XVN¾QIWH VR NDQQ HV VHLQ GDVV HLQHU GHU *HVSU¦FKV SDUWQHU O¾JW :HVKDOE" 8PVR ZLFKWLJHU LVW HV ZHLWHUH 4XHOOHQ ]X KDEHQ *LEWPLUHLQ*HVSU¦FKVSDUWQHULUJHQGZHOFKH6FKULIWVW¾FNHRGHU'RNXPHQ WH")DOOVGLHVHQLFKWYROOVW¦QGLJVLQGPXVVHUQHXWQDFKJHKDNWZHUGHQ
'LH5HFKHUFKHZLUGಱYHUGLFKWHWಯ ,PPHUZLHGHUP¾VVHQZ¦KUHQGGHU5HFKHUFKHHJDOREDOV(LQ]HON¦PS IHU RGHU LP 7HDP GLH *HGDQNHQ XQG 1RWL]HQ JHRUGQHW ZHUGHQ XP HU NHQQHQ ]X N¸QQHQ RE HV 'HIL]LWH JLEW RGHU GLH *HVFKLFKWH HLQH DQGHUH 5LFKWXQJ EHNRPPW 'DUDXI PXVV UHDJLHUW ZHUGHQ (YHQWXHOO ಱVWLUEWಯ GLH *HVFKLFKWH DXFK JDQ] %HL GHP 9HUGLFKWXQJVSUR]HVV GHU ELVKHULJHQ 5HFKHUFKHHUJHEQLVVHPXVVPDQVLFKYRQQHWWHQ5DQGJHVFKLFKWHQWUHQ QHQ GD GLHVH QXU YRP 7KHPD ZHJOHLWHQ $XFK YRQ XQHUJLHELJHQ $XI ]HLFKQXQJHQPXVVPDQVLFKWUHQQHQ :LH HUNHQQW PDQ 'HIL]LWH" %HL GHP %HLVSLHO GHV YHUKDIWHWHQ %XQ GHVWDJVDEJHRUGQHWHQ PXVV PDQ ]XP %HLVSLHO ZLVVHQ ZLH KRFK VHLQH 'L¦WHQ VLQG ZHOFKH VRQVWLJHQ (LQQDKPHQ HU DXV 1HEHQW¦WLJNHLWHQ KDW ZLHVHLQ+DQGZHUNEHWULHEO¦XIWXPHLQRUGQHQ]XN¸QQHQZDUXPHUVLFK HYHQWXHOOXQUHFKWP¦¡LJH9RUWHLOHYHUVFKDIIWKDW+DWHU+HOIHUVKHOIHUJH KDEW" :LH KRFK LVW GHU %DX GHV %HUXIVELOGXQJV]HQWUXPV DXV 6WHXHUPLW WHOQ EH]XVFKXVVW ZRUGHQ" +DW ZHJHQ GLHVHU =XVFK¾VVH DXFK GHU 6WDDW 5HJUHVVDQVSU¾FKHJHJHQGHQ $EJHRUGQHWHQ" 8QGQDW¾UOLFKZLOOGHU /H VHUDXFKZLVVHQZLHGHU%HWUXJDEJHZLFNHOWXQGZDUXPHUQLFKW]HLWLJHU EHPHUNWZRUGHQLVW
6LFKWZHLVHQGHU3UD[LV
:LUGQLFKWWDJHVDNWXHOOUHFKHUFKLHUWVRQGHUQI¾UHLQHVS¦WHUHUVFKHL QHQGH *HVFKLFKWH RGHU DXFK 6HULH VR VROOWHQ QRFK HLQ SDDU 6FKULWWH PHKUHUIROJHQGLHGLH6DFKHUXQGHUPDFKHQ(VN¸QQHQELVKHU]XGHP 7KHPDHUVFKLHQHQH$UWLNHO]XVDPPHQJHWUDJHQXQGDXVJHZHUWHWZHUGHQ 9LHOOHLFKW JLEW HV ZHLWHUH 8QWHUODJHQ XQG JHKHLPH 3URWRNROOH 0LW )DFK OHXWHQXQGNXQGLJHQ.ROOHJHQNDQQPDQVLFKLQGDV7KHPDHLQDUEHLWHQ GDPLW EHL GHQ *HVSU¦FKHQ %DVLVZLVVHQ YRUKDQGHQ LVW 0DQ NDQQ *H VSU¦FKH I¾U ,QWHUYLHZV RGHU DXFK QXU +LQWHUJUXQGZLVVHQ YHUHLQEDUHQ 'DEHL PXVV PDQ HLQVFK¦W]HQ RE HV EHVVHU Z¦UH HLQH .ROOHJLQ RGHU HLQHQ.ROOHJHQPLW]XQHKPHQZHLOGHU*HVSU¦FKVSDUWQHUDOVXQ]XYHUO¦V VLJXQGYHUVFKODJHQJLOW XQG P¸JOLFKHUZHLVHQDFKKHU $XVVDJHQEHVWUHL WHQ ZLUG ,VW GHU ,QIRUPDQW HLQYHUVWDQGHQ GDVV GDV *HVSU¦FK DXIJH ]HLFKQHWZLUG":LOOHUGDV,QWHUYLHZDXWRULVLHUHQ" :LFKWLJ LVW DXFK ]X NO¦UHQ RE DQGHUH .ROOHJLQQHQ XQG .ROOHJHQ HL QHQ EHVVHUHQ =XJDQJ ]X HLQHU ZLFKWLJHQ 4XHOOH KDEHQ (QWZHGHU ELWWHW PDQ VLH HLQHQ .RQWDNW ]X YHUPLWWHOQ RGHU GLHVHQ 7HLO GHU 5HFKHUFKH YRU]XQHKPHQ
$QO¦VVHXQG4XHOOHQI¾U5HFKHUFKHQ 1LFKWMHGHQ7DJILQGHQVSHNWDNXO¦UH(UHLJQLVVHVWDWWGLHGLH(LQULFKWXQJ HLQH 6RNR Q¸WLJ PDFKHQ 'HU 5HGDNWLRQVDOOWDJ NRPPW RIW XQVSHNWDNXO¦U GDKHU8PVRZLFKWLJHULVWHVGLH$XJHQRIIHQ]XKDOWHQXQGVLFKDQEH VWLPPWH5HJHOQ]XKDOWHQ 9RUOLHJHQGH ,QIRUPDWLRQHQ ದ ]XP %HLVSLHO 3ROL]HLPHOGXQJHQ ದ ZHU GHQ QDFKUHFKHUFKLHUW 3UHVVHNRQIHUHQ]HQ XQG 3UHVVHPLWWHLOXQJHQ ZHU GHQ V\VWHPDWLVFK DXVJHZHUWHW +LHU PXVV PDQ VWXW]LJ ZHUGHQ ZHQQ )DNWHQ JHQDQQW ZHUGHQ GLH PDQ DQGHUV RGHU QRFK QLH JHK¸UW KDW 'DV JLOWI¾U3URMHNWH1DPHQRGHU6XPPHQ 5HGHPDQXVNULSWH ZHUGHQ DEJHJOLFKHQ ಱ(V JLOW GDV JHVSURFKHQH :RUWಯ ದ ZDQQ XQG ZDUXP ZXUGH GDYRQ DEJHZLFKHQ" 0DQ EHNRPPW HL QHQ 7LSS YRQ HLQHP ,QIRUPDQWHQ RGHU K¸UW VHOEHU HWZDV 'DEHL PXVV PDQVLFKLPPHUIUDJHQಱ:DUXPHU]¦KOWHURGHUVLHPLUGDVMHW]W":DUXP DXVJHUHFKQHWPLU":HOFKH,QWHUHVVHQKDWHURGHUVLH"ಯ
.DSLWHO4XHOOHQXQG5HFKHUFKH
9HUPHOGHW GLH 3ROL]HL UHFKW VFKPXFNORV GDVV HV HLQHQ =XVDPPHQ VWR¡ HLQHV 3NZ PLW HLQHP 3IHUG JHJHEHQ KDW VR HUJHEHQ VLFK GDUDXV YLHOH)UDJHQQDFKGHP:DUXPXQG:RKHUXQGGHQ)ROJHQ1RWLHUHQ6LH VLFK GHQ 1DPHQ GHV 3UHVVHVSUHFKHUV GHU 3ROL]HL XQG GLH 7HOHIRQQXP PHU:DVLVWSDVVLHUW":R":DQQ":LH"8QG:DUXP"'DVVLQGGLH)UD JHQ]XGHQHQPDQMHW]W$QWZRUWHQHLQKROHQPXVV 'HU3IHUGHEHVLW]HURGHU5HLWHUVROOWHEHIUDJWZHUGHQZLHXQGZDUXP GDV3IHUGHQWODXIHQNRQQWHXQGREHVEHLGHP8QIDOOYHUOHW]WZXUGH'HQ 7LHUDU]W NDQQ PDQ QDFK VHLQHU 'LDJQRVH GHU 9HUOHW]XQJHQ IUDJHQ 'LH 3ROL]HL RGHU HLQ )DKUOHKUHU N¸QQWH $XVNXQIW GDU¾EHU JHEHQ ZLH EHLP SO¸W]OLFKHQ$XIWDXFKHQHLQHVJUR¡HQ7LHUHVDXIGHU6WUD¡HUHDJLHUWZHU GHQPXVV,QHLQHPNOHLQHQ,QIRNDVWHQVROOWHGLH+DIWXQJVIUDJHEHDQWZRU WHWZHUGHQ *XW RUJDQLVLHUWH 5HGDNWLRQHQ XQG -RXUQDOLVWHQ YHUI¾JHQ ¾EHU 9HU ]HLFKQLVVH YRQ %HK¸UGHQ ,QVWLWXWLRQHQ XQG 2UJDQLVDWLRQHQ VWDWLVWLVFKH -DKUE¾FKHU XQG -DKUHVEHULFKWH /H[LND XQG +DQGE¾FKHU I¾U 6SH]LDOEH UHLFKH XQG 2UJDQLJUDPPH YRQ %HK¸UGHQ 2UJDQLVDWLRQHQ XQG 8QWHU QHKPHQ'LH5HGDNWLRQVPLWJOLHGHUZLVVHQZRPDQVRQVWQRFK$GUHVVHQ XQG $QUHJXQJHQ ILQGHW =XP %HLVSLHO LQ GHU 'UHKVFKHLEH GLH YRQ GHU %XQGHV]HQWUDOH I¾U SROLWLVFKH %LOGXQJ ESE LQ =XVDPPHQDUEHLW PLW GHP 3URMHNWWHDP /RNDOMRXUQDOLVPXV KHUDXVJHJHEHQ XQG YRQ 5DXIHOG 0HGLHQ LQ%HUOLQUHGDNWLRQHOOHUVWHOOWZLUG 'LH 'UHKVFKHLEH ZHUWHW W¦JOLFK PHKU DOV GHXWVFKH =HLWXQJHQ DXV6LHYHU¸IIHQWOLFKWDEHUQLFKWQXUGLHEHVWHQ*HVFKLFKWHQXQG,GHHQ VRQGHUQ]HLFKQHWXQWHUGHP6WLFKZRUWಱ'UHKEXFKಯLP*HVSU¦FKPLW$XWR UHQRGHU9HUDQWZRUWOLFKHQGHUHQ(QWVWHKXQJVJHVFKLFKWHQDFK([SHUWHQ WLSSV ,QWHUQHW XQG /LWHUDWXUYHUZHLVH VRZLH ಱ0DWHULDOLHQ ]XP 7KHPDಯ UXQGHQ GDV $QJHERW DE =XV¦W]OLFK ZHUGHQ LPPHU ZLHGHU 7HOHIRQQXP PHUQGHU$XWRUHQDQJHJHEHQ6RNDQQPDQOHLFKWPDOPLWHLQHU.ROOHJLQ RGHUHLQHP.ROOHJHQGDU¾EHUUHGHQZRHV]XEHVWLPPWHQ7KHPHQJXWH ,QIRUPDWLRQHQJLEW
6LFKWZHLVHQGHU3UD[LV
'HU:¦FKWHU3UHLVI¾U5HFKHUFKH (NNHKDUG5¾JHUYRP %HUJLVFKHQ9RONVERWHQLQ%XUVFKHLGKDWPLWVHLQHU %HULFKWHUVWDWWXQJ ¾EHU HLQHQ $XVIOXJ GHV $XIVLFKWVUDWHV GHU ¸UWOLFKHQ 6WDGWZHUNHQDFK1RUZHJHQDXI.RVWHQGHV(QHUJLHNRQ]HUQV(RQ5XKU JDV (UPLWWOXQJHQ GHU 6WDDWVDQZDOWVFKDIW .¸OQ JHJHQ GLH 7HLOQHKPHU GHU 5HLVH ZHJHQ GHV 9HUGDFKWV GHU 9RUWHLOVQDKPH DXVJHO¸VW %HUHLWV NXU]H=HLWVS¦WHUGHKQWHQVLFKGLH(UPLWWOXQJHQDXILQVJHVDPW.RP PXQDOSROLWLNHUXQG6WDGWZHUNHDXV ,P *HVSU¦FK PLW GHU GUHKVFKHLEH 1U HUNO¦UWH 5¾JHU LKP VHLQLFKWSODXVLEHOJHZHVHQಱZDUXPHVI¾U(QWVFKHLGXQJHQ]XU*DVYHU VRUJXQJ LQ %XUVFKHLG QRWZHQGLJ VHLQ VROO PLW &KDUWHUIOXJ XQG +XE VFKUDXEHUHLQVDW]HLQH%RKULQVHOLQGHU1RUGVHH]XEHVXFKHQ:LHXQDE K¦QJLJ NDQQ HLQ $XIVLFKWVUDW QRFK ¾EHU GLH 9HUJDEH YRQ $XIWU¦JHQ HQWVFKHLGHQ ZHQQ HU VLFK DQGHUHUVHLWV YRQ HLQHU GHU P¸JOLFKHQ 9HU WUDJVSDUWHLHQ ]X VROFK WHXUHQ $XVIO¾JHQ HLQODGHQ O¦VVW"ಯ 5¾JHU HUKLHOW GHQGULWWHQ3ODW]EHLP:¦FKWHU-RXUQDOLVWHQSUHLV
'LH5HFKHUFKHLPEHUEOLFN 'HU $UWLNHO ZLUG JHVFKULHEHQ %HL UHFKWOLFK EULVDQWHQ ,QKDOWHQ KDW ]XYRU GHU +DXVMXVWL]LDU GU¾EHU JHOHVHQ XQG VHLQ 2ND\ JHJHEHQ 'HQQ *XWHU -RXUQDOLVPXV RULHQWLHUW VLFK DQ *UHQ]HQ 6R VLQG 6WUDIWDWHQ DOV 5HFKHU FKHPLWWHO JUXQGV¦W]OLFK QLFKW HUODXEW 'DV *UXQGUHFKW GHU 3UHVVHIUHLKHLW ILQGHWVHLQH*UHQ]HQLQGHQDOOJHPHLQHQ*HVHW]HQVLHKHDXFK.DSLWHO 5HFKWXQG(WKLN :HQLJVWHQV HLQH .ROOHJLQ RGHU HLQ .ROOHJH EHVVHU QRFK HLQ 9RUJH VHW]WHU KDW GHQ $UWLNHO HEHQIDOOV JHOHVHQ XQG KLHU XQG GRUW DQJHPHUNW ಱ'DVYHUVWHKHLFKQLFKWಯ$OOHLQGLHVHU+LQZHLVPXVV$QODVVI¾U1DFKEHV VHUXQJHQVHLQ 'HU EHUVFKULIWHQNRPSOH[ ZLUG IRUPXOLHUW 'DEHL LVW HV VLQQYROO DQ GHUH.ROOHJLQQHQXQG.ROOHJHQ]XEHWHLOLJHQGHQQDOV$XWRULVWPDQJH OHJHQWOLFKLQHLQHQ7HLORGHU1HEHQDVSHNWYHUOLHEWGHUQLFKWGDV:HVHQW OLFKH ZLGHUVSLHJHOW 0LW GHU +DXSWVFKODJ]HLOH VROO GHU /HVHU QHXJLHULJ
.DSLWHO4XHOOHQXQG5HFKHUFKH
JHPDFKWZHUGHQGLHHUJ¦Q]HQGH8QWHURGHU'DFK]HLOHKLQJHJHQIRUPX OLHUWVDFKOLFKZRUXPHVJHKW 'LH *HVFKLFKWH ZLUG YHU¸IIHQWOLFKW 'LH 0¾KHQ KDEHQ VLFK JHORKQW 'HP¾WLJQLPPWPDQ/REXQG7DGHOHYHQWXHOODXFKPDOHLQHQ-RXUQDOLV WHQSUHLVGDI¾UHQWJHJHQ
=XVDPPHQIDVVXQJ 'LH $QO¦VVH I¾U GLH 5HFKHUFKH VLQG YLHOI¦OWLJ (LQH 3ROL]HLPHOGXQJ NDQQHEHQVRQDFKUHFKHUFKLHUWZHUGHQZLHHLQH3UHVVHPLWWHLOXQJRGHU HLQ5HGHPDQXVNULSW%HLEHVRQGHUVXPIDQJUHLFKHQ7KHPHQNDQQHLQH ORNDOH6RQGHUNRPPLVVLRQಱ6RNRಯ JHJU¾QGHWZHUGHQEHLGHUGLH HLQ ]HOQHQ5HFKHUFKH$XIJDEHQNODUYHUWHLOWZHUGHQ'DEHLZHUGHQ.ROOH JHQDXVDQGHUHQ$EWHLOXQJHQ]%GHU:LUWVFKDIWXQGGHU)RWRUHGDNWL RQ HEHQVR HLQEH]RJHQ ZLH 6SH]LDOLVWHQ LP +DXV 3ROL]HL XQG *HULFKWVUHSRUWHU +DXVMXVWL]LDU $XFK GHU +DXSWVWDGWNRUUHVSRQGHQW RGHU .ROOHJHQ DXV DQGHUHQ /RNDO]HLWXQJHQ N¸QQHQ 5HFKHUFKHHUJHE QLVVH]XOLHIHUQ:LFKWLJLVWHVEHLGHU5HFKHUFKHV\VWHPDWLVFKYRU]X JHKHQ (V P¾VVHQ QLFKW QXU GLH $QVSUHFKSDUWQHU IHVWJHOHJW ZHUGHQ VRQGHUQ DXFK GLH 5HLKHQIROJH GHU %HIUDJXQJ (V ZLUG YRQ ಱDX¡HQಯ QDFK ಱLQQHQಯ UHFKHUFKLHUW 0DQ EHJLQQW DOVR EHL GHQ +LQWHUJUXQGLQIRU PDWLRQHQ XQG QXW]W GLHVH VFKOLH¡OLFK I¾U *HVSU¦FKH PLW GHQ +DXSW ,QIRUPDQWHQ 9RU GHP 'UXFN P¾VVHQ MXULVWLVFK VWULWWLJH 3DVVDJHQ YRQ HLQHP([SHUWHQJHJHQJHSU¾IWZHUGHQ
:HLWHUI¾KUHQGH/LWHUDWXU %UHQGHO 0DWKLDV%UHQGHO )UDQN 5LFKWLJ UHFKHUFKLHUHQ :LH 3URILV ,QIRUPDWLRQHQ VXFKHQ XQG EHVRUJHQ (LQ +DQGEXFK I¾U -RXUQDOLVWHQ 5HFKHUFKHXUH XQG IIHQWOLFK NHLWVDUEHLWHU)UDQNIXUWDP0DLQ)UDQNIXUWHU$OOJHPHLQH%XFKLP)$=,QVWLWXW +DOOHU0LFKDHO 5HFKHUFKLHUHQ.RQVWDQ]89. 1HW]ZHUN 5HFKHUFKH +UVJ 7UDLQLQJVKDQGEXFK 5HFKHUFKH ,QIRUPDWLRQVEHVFKDI IXQJSURIHVVLRQHOO:LHVEDGHQ:HVWGHXWVFKHU9HUODJ
.DSLWHO4XHOOHQXQG5HFKHUFKH 3HUVSHNWLYHQGHU)RUVFKXQJ 6LHVLW]HQDQ,KUHP6FKUHLEWLVFKLQGHU5HGDNWLRQXQG¾EHUOHJHQJHUD GHZLH6LHGDV7KHPDಱ6LFKHUHU6FKXOZHJಯI¾UGLH¾EHUQ¦FKVWH$XV JDEH DXIEHUHLWHQN¸QQWHQ:HQN¸QQWHQ6LHDQUXIHQ" :HOFKH 6FKXOH OLHJW EHVRQGHUV YHUNHKUVJHI¦KUOLFK" :DV WXQ GLH HLQ]HOQHQ 6FKXOHQ XQG (OWHUQEHLU¦WH KDEHQ VLH ]X GHP 7KHPD HWZDV ]X VDJHQ" .XU] GDUDXINRPPWJHQDXGD]XHLQH3UHVVHPHOGXQJYRQGHU9HUNHKUVSROL ]HL ,KUHV 2UWHV KHUHLQ $OOHV GULQ DQ ZLFKWLJHQ )DNWHQ VRJDU 9HUKDO WHQVUHJHOQI¾UGLH(OWHUQ'DPLWKDNHQ6LHGLHJHSODQWHQHLJHQHQ5H FKHUFKHQDEUHGLJLHUHQGLH3UHVVHPLWWHLOXQJXQGGHU%HLWUDJLVWIHUWLJ (LQLJH7DJHVS¦WHUI¦OOW,KQHQDXIGDVVHVGRFKVSDQQHQGJHZH VHQ Z¦UH HLQLJH 6FKXOZHJH YRU 2UW DQ]XVFKDXHQ PLW 6FK¾OHUQ XQG (OWHUQ VHOEHU ]X VSUHFKHQ 6LH ZHUGHQ QDFKGHQNOLFK :LH RIW SDVVLHUW HV HLJHQWOLFK GDVV GLH HLJHQHQ 5HFKHUFKHQ QLFKW GXUFKJHI¾KUW ZHU GHQ" 'DVV 3UHVVHPLWWHLOXQJHQ ¾EHUQRPPHQ ZHUGHQ" 0¾VVWH PDQ QLFKWVW¦UNHUQDFKKDNHQ¾EHUSU¾IHQKLQ]XI¾JHQ"*HKWQXU,KQHQGDV VRRGHUDQGHUHQ-RXUQDOLVWHQDXFK" .DXP HLQHP DQGHUHQ 5HVVRUW ZHUGHQ SUR 7DJ VR YLHOH 6HLWHQ ]XU 9HUI¾ JXQJ JHVWHOOW ZLH GHP /RNDOHQ 'DV EHGHXWHW GDVV GDV $XIILQGHQ YRQ 7KHPHQGDV%HUHLWVWHOOHQYRQ,QKDOWHQXQGGDPLWGDVVW¦QGLJH%HVFKDIIHQ YRQMRXUQDOLVWLVFKHP,QKDOWEHVRQGHUHQ$QIRUGHUXQJHQXQWHUOLHJHQ6HOHN WLRQEHVWLPPWKLHUQLFKWLQJOHLFKHP0D¡HGLHMRXUQDOLVWLVFKHW¦JOLFKH$UEHLW ZLHLQDQGHUHQ5HVVRUWV/RNDOMRXUQDOLVWHQYHUEULQJHQZHQLJHU=HLWSUR7DJ PLW GHU $XVZDKO YRQ 7H[WHQ DOV ] % .ROOHJHQ DXV GHU :LUWVFKDIWV RGHU 3ROLWLNUHGDNWLRQ VLHKH .DSLWHO *OHLFK]HLWLJ VLQG GLH (UZDUWXQJHQ GHU /HVHUDQGHQ/RNDOWHLOVHKUXQWHUVFKLHGOLFKEHU MHGHQ6WDGWWHLO¾EHUMH GHQ9HUHLQ¾EHUMHGH6FKXOHXQG.LUFKHQJHPHLQGHVROOUHJHOP¦¡LJHWZDV LP%ODWWVWHKHQ'DVXQWHUVFKHLGHWGDV/RNDOHYRQDQGHUHQ5HVVRUWVZR HKHUHLQ.RQVHQVGHU/HVHUGDU¾EHUEHVWHKWZDVLQWHUHVVLHUW
.DSLWHO4XHOOHQXQG5HFKHUFKH
:LHQXQO¦VVWVLFKGLH,QIRUPDWLRQVEHVFKDIIXQJHLQHV/RNDOMRXUQDOLV WHQ NHQQ]HLFKQHQ" *HQHUHOO NDQQ PDQ ]ZLVFKHQ DNWLYHU XQG SDVVLYHU ,QIRUPDWLRQVEHVFKDIIXQJ XQWHUVFKHLGHQ ಱ$NWLYಯ EHGHXWHW GDV HLJHQH 5H FKHUFKLHUHQ GDV 7HLOQHKPHQ DQ 3UHVVHNRQIHUHQ]HQ 9HUDQVWDOWXQJHQ GDV HLJHQH %HREDFKWHQ ಱ3DVVLYH ,QIRUPDWLRQVEHVFKDIIXQJಯ VLQG 3UHVVH PLWWHLOXQJHQ $JHQWXUPDWHULDOLHQ $QUXIH DPWOLFKH %HNDQQWPDFKXQJHQ /HVHUEULHIH %HLGH %HUHLFKH GHU ,QIRUPDWLRQVEHVFKDIIXQJ ]HLFKQHQ VLFK GXUFK%HVRQGHUKHLWHQDXVGHQHQZLUXQVLQGLHVHP$EVFKQLWWZLGPHQ
/HUQ]LHOH Â
Â
,QZHOFKHP0D¡ZLUGGHU/RNDOWHLOYRQVHOEVWUHFKHUFKLHUWHP0DWH ULDO EHVWLPPW" :LH ZLUG LQ GLHVHP =XVDPPHQKDQJ ¾EHU 4XDOLW¦W GLVNXWLHUW" :HOFKH%HVRQGHUKHLWHQODVVHQVLFKLP=XVDPPHQKDQJPLWDNWLYHU XQGSDVVLYHU5HFKHUFKHLQ6WXGLHQIHVWVWHOOHQ"
'LHಱHLJHQHಯ*HVFKLFKWHDOV4XDOLW¦WVPHUNPDO"'DV/RNDOHXQG VHLQH:HJHGHU,QIRUPDWLRQVEHVFKDIIXQJ EHUGLH4XDOLW¦WYRQ/RNDOMRXUQDOLVPXVJLEWHVHLQH9LHO]DKODQHVVD\LVWL VFKHQ XQG ZLVVHQVFKDIWOLFKHQ EHUOHJXQJHQ %HVRQGHUV OHLGHQVFKDIWOLFK GLVNXWLHUWZLUGGDU¾EHUZLHPDQSXEOL]LVWLVFKH/HLVWXQJDOVR GLH4XDOLW¦W GHV/RNDOWHLOVPHVVHQNDQQ:HOFKH,QGLNDWRUHQVROOPDQKHUDQ]LHKHQ" :HOFKH HPSLULVFKHQ 'DWHQ N¸QQHQ DOV /HLVWXQJVPHUNPDOH HUIDVVW ZHU GHQ ZLH VROOHQ VLH LQWHUSUHWLHUW ZHUGHQ" ,Q GLHVHP =XVDPPHQKDQJ ZXU GHQYHUVFKLHGHQH.ULWHULHQJHQDQQWHLQ]HQWUDOHVGDYRQLVWGLH(UIDVVXQJ GHU UHGDNWLRQHOOHQ (LJHQOHLVWXQJ YJO 1RHOOH1HXPDQQ 'HU $QWHLO GHVVHOEVW UHFKHUFKLHUWHQ 0DWHULDOV LVW ZLFKWLJHU,QGLNDWRU ]XU %HXUWHLOXQJ GHUSXEOL]LVWLVFKHQ/HLVWXQJHLQHV/RNDOWHLOV$XFKZHQQDQGLHVHPಱTXDQ WLWDWLYIRUPDOHQಯ 0HUNPDO LQ GHU 'LVNXVVLRQ GXUFKDXV $QVWR¡ JHQRPPHQ ZXUGHVR]%.QRFKH KDWHVVLFKDOV4XDOLW¦WVNULWHULXPPHKURGHU
,QVEHVRQGHUHLP=XVDPPHQKDQJPLWGHU)UDJHQDFKGHQ)ROJHQYRQ3UHVVHNRQ]HQW UDWLRQZXUGHGDU¾EHULQWHQVLYGHEDWWLHUWVLHKH.DSLWHO
3HUVSHNWLYHQGHU)RUVFKXQJ
ZHQLJHUGXUFKVHW]HQN¸QQHQ%LVKHXWHZHUGHQLQ,QKDOWVDQDO\VHQGLH=DKO GHU JHQXW]WHQ 4XHOOHQ XQG GHU (LJHQDQWHLO HUKREHQ XQG DOV /HLVWXQJV PHUNPDOLQWHUSUHWLHUW'DKLQWHUVWHKWGLH$QQDKPHGDVVGDVEOR¡H:HLWHU UHLFKHQ YRQ ,QIRUPDWLRQHQ GLH HLQH 5HGDNWLRQ ]XJHVDQGW EHNRPPW RGHU VLH¾EHUHLQH$JHQWXUHUUHLFKW]XHLQHPZHQLJHUZHUWYROOHQSXEOL]LVWLVFKHQ 3URGXNWI¾KUW :¦KUHQG LQ GHQ VHFK]LJHU -DKUHQ LQ GHU .RPPXQLNDWLRQVZLVVHQ VFKDIW ]XQ¦FKVW QRFK GLH $XIIDVVXQJ YHUWUHWHQ ZXUGH GHU /RNDOWHLO VHL GXUFKJU¸¡HUHMRXUQDOLVWLVFKH(LJHQOHLVWXQJFKDUDNWHULVLHUWVWHOOWHQVS¦WH UH HPSLULVFKH 8QWHUVXFKXQJHQ IHVW GDVV JHUDGH GDV *HJHQWHLO GHU )DOO LVW GDVV LQVEHVRQGHUH GHU /RNDOWHLO YRQ 3UHVVHPDWHULDO GXUFKVHW]W LVW GDVV LP /RNDOWHLO LQ HUVWHU /LQLH HLQ VRJHQDQQWHU ಱ9HUODXWEDUXQJVMRXUQD OLVPXVಯ VWDWWILQGHW YJO GLH =XVDPPHQIDVVXQJ LQ )ULWVFK /RNDOUH GDNWLRQHQKDEHQGDV]HLJHQDXFK YLHOH5HGDNWLRQVEHREDFKWXQJHQNHL QHQ 0DQJHO DQ ,QSXW YRQ DX¡HQ ,P *HJHQWHLO LQ GHQ PHLVWHQ /RNDO UHGDNWLRQHQ ¾EHUZLHJW GLH SDVVLYH ,QIRUPDWLRQVEHVFKDIIXQJ /RNDOMRXU QDOLVPXVLVWVRGDV(UJHEQLVYRQHPSLULVFKHQ6WXGLHQHKHUUHDJLHUHQG XQG DEELOGHQG DOV DNWLY XQG 7KHPHQ VHW]HQG 5HFKHUFKHMRXUQDOLVPXV NDQQ KLHU HLJHQWOLFK DOV (UJ¦Q]XQJVMRXUQDOLVPXV EH]HLFKQHW ZHUGHQ *ULPPH $XFK ZHQQ GLH )RUGHUXQJ QDFK PHKU MRXUQDOLVWLVFKHU (LJHQLQLWLDWLYH XQG PHKU DNWLYHU 5HFKHUFKHDUEHLW EHUHFKWLJW LVW ZHLVW GRFK 'RUVFK EH UHLWV IU¾K]HLWLJ GDUDXI KLQ GDVV GLH EHUQDKPH YRQ 3UHVVHPLWWHLOXQJHQ QLFKW SHU VH VFKOHFKW VHL 6LH HULQQHUW GDUDQ GDVV GDV :HLWHUOHLWHQ YRQ ,QIRUPDWLRQHQ ¾EHU GDV ¸IIHQWOLFKH /HEHQ ]HQWUDO LVW I¾U GDV NRPPXQDOH /HEHQ'DV%HNDQQWPDFKHQVHLHLQHNODVVLVFKH)RUPGHV-RXUQDOLVPXV GLHQLFKWJHQHUHOO]XP6\QRQ\PI¾U1LFKW-RXUQDOLVPXVYHUNRPPHQVROOH 'RUVFK 'LHVHU+LQZHLVLVWEHUHFKWLJWO¸VWMHGRFKQLFKWGDVMRXUQD OLVWLVFKEHGHQNOLFKH9RUJHKHQ3UHVVHPDWHULDOPHKURGHUZHQLJHU XQJH SU¾IW]X¾EHUQHKPHQ'HU-RXUQDOLVPXVGLVNUHGLWLHUWVLFKVHOEVWZHQQHU LPPHUK¦XILJHULKPNRVWHQORV]XU9HUI¾JXQJJHVWHOOWHV0DWHULDODOV1DFK ULFKWHQYHUEUHLWHYJO%DHUQV%HQWHOH5DXSS
.DSLWHO4XHOOHQXQG5HFKHUFKH
7KHPHQVHW]XQJRKQH$JHQWXUHQ4XHOOHQXQG,QIRUPDQWHQGHU ORNDOHQ%HULFKWHUVWDWWXQJ 'HU:HJGHUSDVVLYHQ,QIRUPDWLRQVEHVFKDIIXQJLVWI¾UGHQ/RNDOMRXUQDOLV WHQZLFKWLJXQG]HQWUDOI¾UVHLQHW¦JOLFKH$UEHLW,P*HJHQVDW]]XDQGH UHQ5HVVRUWVVWHKWGDEHLDEHUQLFKW0DWHULDOGHU1DFKULFKWHQDJHQWXUHQLP 9RUGHUJUXQG VRQGHUQ 3UHVVHPDWHULDOLHQ YRQ 2UJDQLVDWLRQHQ XQG 8QWHU QHKPHQ$QUXIHXQG%ULHIHYRQ/HVHUQXQG%¾UJHUQ$JHQWXUPDWHULDOKDW QXULQVHOWHQHQ)¦OOHQHLQHQHUNHQQEDUHQ/RNDOEH]XJ6HLWYLHOHQ-DKUHQ ZLUGDEHUGHQQRFKJHIRUGHUWGDVVHLQHGHU$XIJDEHQGHV/RNDOMRXUQDOLV WHQGDULQEHVWHKWDOOJHPHLQHV:HOWJHVFKHKHQDXIGLHHLJHQHORNDOH8P ZHOW]XEH]LHKHQದLQVRIHUQVSLHOW$JHQWXUPDWHULDODXFKKLHUHLQHJHZLVVH 5ROOH )¾UGHQ/RNDOMRXUQDOLVWHQGDV]HLJWHLQH9LHO]DKODQ6WXGLHQ VWHOOHQ 3UHVVHPDWHULDOLHQYRQ9HUHLQHQ9HUE¦QGHQXQGDQGHUHQ2UJDQLVDWLRQHQ HLQHQ]HQWUDOHQ,QSXWVHLQHU$UEHLWGDU'HQQRFKYHUEULQJWHUQXUHWZDHL QHKDOEH6WXQGHSUR7DJGDPLWGLHVHV0DWHULDO]XUHGLJLHUHQ:HLVFKHQ EHUJHU6FKROO0DOLN V .DSLWHO ,Q YLHOHQ )¦OOHQ ZLUG GDV HLQJH VDQGWH 0DWHULDO VRJDU XQJHSU¾IW ¾EHUQRPPHQ 6R NRPPW HWZD *ULPPH QDFKHLQHUHPSLULVFKHQ8QWHUVXFKXQJGHV3UR]HVVHVGHU1DFKULFKWHQHQW VWHKXQJ LQ /RNDOUHGDNWLRQHQ ]X GHP 6FKOXVV GDVV GDV PHLVWH 0DWHULDO DXWRPDWLVFK KHUHLQNRPPW XQG OHGLJOLFK YHUDUEHLWHW ZLUG ದ XQG PDQFKPDO QRFKQLFKWHLQPDOGDV,P$UEHLWVDOOWDJHQWVFKHLGHVLFKGHU-RXUQDOLVWK¦X ILJI¾UGHQHLQIDFKHUHQ:HJGHUSDVVLYHQ,QIRUPDWLRQVEHVFKDIIXQJ¾EHU ZLHJHGDVSDVVLYH.RPPXQLNDWLRQVYHUKDOWHQ*ULPPH 'LH (UJHEQLVVH GHU UHSU¦VHQWDWLYHQ %HIUDJXQJ GHXWVFKHU -RXUQDOLV WHQYRQ:HLVFKHQEHUJ0DOLNXQG6FKROO]HLJHQGLHVQLFKWLQGLHVHU'HXW OLFKNHLW =ZDU YHUEULQJHQ /RNDOMRXUQDOLVWHQ ZHQLJHU =HLW PLW GHU DNWLYHQ 5HFKHUFKH'DI¾UDEHUQLPPWGDV9HUIDVVHQHLJHQHU7H[WHSUR7DJYLHO 5DXPHLQXQGHVZHUGHQLQJHULQJHUHP$XVPD¡DOVLQDQGHUHQ5HGDNWL RQHQ7H[WHDXVJHZ¦KOWXQG)UHPGPDWHULDOLHQUHGLJLHUW'DVNDQQMHGRFK DXFK GDUDXI KLQZHLVHQ GDVV HLQIDFK ZHQLJHU VWDUN VHOHNWLHUW ZHUGHQ
$QUHJXQJHQ I¾U ORNDOH 7KHPHQ XQG $NWLRQHQ OLHIHUW ]XGHP GLH 'UHKVFKHLEH HLQH ,QLWLDWLYH GHU %XQGHV]HQWUDOH I¾U SROLWLVFKH %LOGXQJ ]XU 8QWHUVW¾W]XQJ XQG )¸UGHUXQJ YRQ/RNDOMRXUQDOLVPXV
3HUVSHNWLYHQGHU)RUVFKXQJ
PXVVXQGGDVVZHQLJHUUHGLJLHUWZHLOP¸JOLFKHUZHLVHGDV2ULJLQDO¾EHU QRPPHQZLUG 'HU 8PJDQJ GHV -RXUQDOLVWHQ PLW 3UHVVHPHOGXQJHQ LVW HLQH GHU ]HQWUDOHQNRPPXQLNDWLRQVZLVVHQVFKDIWOLFKHQ)UDJHQ(LQHZHLWHUHLVWGLH QDFK GHQ 4XHOOHQ DXI GLH HLQ /RNDOMRXUQDOLVW DNWLY RGHU SDVVLY ]XU¾FN JUHLIW )ULWVFK XQWHUVFKHLGHW LQ VHLQHU 8QWHUVXFKXQJ ]ZLVFKHQ SURIHVVLR QHOOHQ 4XHOOHQ $JHQWXUHQ XQG 3UHVVHVWHOOHQ LQVWLWXWLRQDOLVLHUWHQ 4XHO OHQ HKUHQDPWOLFKH 3UHVVHEHDXIWUDJWH XQG EHGDUIVRULHQWLHUWHQ 4XHOOHQ 3HUVRQHQ XQG *UXSSHQ GLH HUHLJQLVJHEXQGHQ .RQWDNW PLW GHU =HLWXQJ DXIQHKPHQ )ULWVFK 6FKRQ $QIDQJ GHU DFKW]LJHU -DKUH ODJ GHU $QWHLOGHUHUVWHQEHLGHQ4XHOOHQW\SHQEHL¾EHUI¾QI]LJ3UR]HQW'XUFKGLH 3URIHVVLRQDOLVLHUXQJGHU 35$UEHLWEHLHLQHP*UR¡WHLOGHUORNDOHQ2UJD QLVDWLRQHQ LVW GDPLW ]X UHFKQHQ GDVV GHU $QWHLO KHXWH GHXWOLFK K¸KHU OLHJW 'DUDXIYHUZLHVEHUHLWVGLH8QWHUVXFKXQJYRQ*ULPPH'DQDFK EHVFKDIIHQ VLFK /RNDOMRXUQDOLVWHQ LKUH ,QIRUPDWLRQHQ LQ HUVWHU /LQLH YRQ EHVWLPPWHQ =LUNHOQ XQG .RPPXQLNDWLRQVH[SHUWHQ LQ HLJHQHU 6DFKH 'LH ,QIRUPDQWHQXQG4XHOOHQGHUDNWLYHQ5HFKHUFKHDUEHLWVLQGVRPLWNHLQHV IDOOVUHSU¦VHQWDWLYI¾UGLH%HY¸ONHUXQJVRQGHUQNRPPHQDXVHKHUJHKR EHQHQ6FKLFKWHQXQGHLQIOXVVUHLFKHUHQ2UJDQLVDWLRQHQ'HU9RUZXUIGLH %HULFKWHUVWDWWXQJ]HLJH HLQH EHUSU¦VHQ]ORNDOHU (OLWHQO¦VVW VLFKGDPLW DXFKDXIGLHNRPPXQLNDWLYHQ1HW]ZHUNHGHU-RXUQDOLVWHQ¾EHUWUDJHQ 3UREOHPDWLVLHUWZHUGHQLQGHUNRPPXQLNDWLRQVZLVVHQVFKDIWOLFKHQ'H EDWWHGLH.RQVHTXHQ]HQGLHVLFKDXVGLHVHQ%HIXQGHQI¾UGLHMRXUQDOLVWL VFKH $UEHLW HUJHEHQ /RNDOUHGDNWLRQHQ PLW HKHU SDVVLY DXVJHULFKWHWHU ,QIRUPDWLRQVKDOWXQJ JHKHQ GDV 5LVLNR HLQ VLFK ]XP 6SUDFKURKU GHU NRPPXQDOHQ ([HNXWLYH XQG GHU ORNDOHQ (OLWHQ ]X PDFKHQ 7HLFKHUW (V EHVWHKH GLH *HIDKU GDVV /RNDOUHGDNWLRQHQ JDQ] JH]LHOW YRQ DX¡HQJHVWHXHUWZHUGHQYJO5DJHU6FKLEUDQL ,QGHU7DWNRQQWHQ 6WXGLHQ]HLJHQGDVVHLQVWDUNHU35(LQIOXVVLQ/RNDOWHLOHQDXV]XPDFKHQ LVW $OV HLQ +LQZHLV GDUDXI ZLUG GHU LP /RNDOWHLO RIWPDOV YHUKHUUVFKHQGH 7RQYHUVWDQGHQ/REXQG(UIROJVPHOGXQJHQJLEWHVVHKUYLHOK¦XILJHUDOV NULWLVFKH7¸QHRGHUNRQIOLNWUHLFKH7KHPHQ3HUVRQDOLVLHUXQJGRPLQLHUWGLH 'DUVWHOOXQJYRQ+LQWHUJU¾QGHQ*ULPPH 8QGHVO¦VVWVLFK]HLJHQ GDVVGLH$NWHXUHGLHVLFKVHOEVWJH]LHOWPLW35LQGDV0HGLHQJHG¦FKWQLV
.DSLWHO4XHOOHQXQG5HFKHUFKH
XQGLQGLH5HGDNWLRQHQHLQEULQJHQN¸QQHQLQGHU%HULFKWHUVWDWWXQJDXFK HQWVSUHFKHQG VW¦UNHU EHU¾FNVLFKWLJW ZHUGHQ VLHKH .DSLWHO /RNDOH 3URPLQHQ] HUZHLVW VLFK GDU¾EHU KLQDXV DOV HLQHU GHU ZLFKWLJVWHQ 1DFK ULFKWHQIDNWRUHQEHLGHU$XVZDKOYRQ3UHVVHPHOGXQJHQ (LQ]XV¦W]OLFKHVZLFKWLJHV0RWLYEHLGHU$XVZDKOYRQ3UHVVHPHOGXQ JHQ LVW ದ LQVEHVRQGHUH EHL 7H[WHQ GHU NRPPXQDOHQ 9HUZDOWXQJ ದ GDV ]XJHVFKULHEHQH/HVHLQWHUHVVHHWZDEHL1HXVWUXNWXULHUXQJHQYRQPWHUQ 3HUVRQDOYHU¦QGHUXQJHQ 9HUDQVWDOWXQJHQ 'HU $EGUXFN ZLUG EHJU¾QGHW DOVHLQ6HUYLFHI¾UGHQ/HVHU]XPEHVVHUHQ9HUVW¦QGQLVGHUNRPPXQDOHQ $UEHLW XQG GHV NRPPXQDOHQ 6\VWHPV *LRUGDQR *LRUGDQR VWHOOW ]XGHP IHVW GDVV EHL GHU 9HU¸IIHQWOLFKXQJ DXFK ¸NRQRPLVFKH =Z¦QJH DQJHI¾KUW ZHUGHQ VR HWZD GHU 9HUZHLV DXI YRUKDQGHQH ORNDOH .RQNXU UHQ]PHGLHQGLHGLHJOHLFKHQ3UHVVHPHOGXQJHQEHNRPPHQ.RPPXQDOHQ 0HOGXQJHQ ZLUG GDU¾EHU KLQDXV HLQ JUR¡HU 9HUWUDXHQVYRUVFKXVV DQ *ODXEZ¾UGLJNHLW XQG 6HULRVLW¦W JHZ¦KUW VLH KDEHQ GDPLW JU¸¡HUHV (LQ IOXVVSRWHQ]LDO %HJU¾QGHW ZLUG GLHV PLW GHU *HPHLQQ¾W]LJNHLW XQG JHVHOO VFKDIWOLFKHQ %HGHXWXQJ GLHVHU ,QIRUPDWLRQHQ I¾U GHQ /HVHU *OHLFK]HLWLJ VWHOOW *LRUGDQR IHVW GDVV 3UHVVHPHOGXQJHQ GDQQ QLFKW EHU¾FNVLFKWLJW ZHUGHQZHQQ0HLQXQJHQXQG:HUWXQJHQSXEOL]LHUWZXUGHQ'HU,QIRUPD WLRQVFKDUDNWHU LP 6LQQH HLQHU :HLWHUOHLWXQJ LVW VRPLW HKHU GDV ]XJUXQGH OLHJHQGH 0RWLY DOV 6SUDFKURKU I¾U EHVWLPPWH 2UJDQLVDWLRQHQ ]X VHLQ 'HQQRFKNRQQWHGLH)RUVFKXQJGHQ9RUZXUIELVKHUQLFKWDXVU¦XPHQGHU /RNDOMRXUQDOLVPXVYHUODVVHVLFK]XVWDUNDXIVHLQH4XHOOHQXQGOLHIHUHVLFK GDPLW GHQ 356WUDWHJHQ LQ HLJHQHU 6DFKH ELV ]X HLQHP JHZLVVHQ *UDG DXV 'HQQ HLQ *UR¡WHLO GHU 1DFKULFKWHQ EH]LHKH VLFK OHGLJOLFK DXI HLQH 4XHOOH]XV¦W]OLFKH,QIRUPDWLRQHQZHUGHQHKHUVHOWHQHLQJHKROW
=XVDPPHQIDVVXQJ *HUDGH LQ GHP MRXUQDOLVWLVFK ]HQWUDOHP $UEHLWVIHOG GHU 5HFKHUFKH ]HLJHQ VLFK GLH VR]LDOHQ %HVRQGHUKHLWHQ GHU $UEHLW LQ HLQHU /RNDOUH GDNWLRQ /RNDOMRXUQDOLVWHQ N¸QQHQ LQ GHU 5HJHO DXI JHQ¾JHQG 3UHVVH
'DUDXI YHUZHLVHQ DXFK GLH (UJHEQLVVH YRQ )U¸KOLFK 4XDOLWDWLYHU (LQIOXVV YRQ 3UHVVHDUEHLW
3HUVSHNWLYHQGHU)RUVFKXQJ
PDWHULDO XQG ,QIRUPDWLRQVKLQZHLVH LKUHU /HVHU XQG ORNDOHQ (OLWHQ ]X U¾FNJUHLIHQ $JHQWXUPDWHULDO DOOHUGLQJV VWHKW LKQHQ NDXP ]XU 9HUI¾ JXQJ'HUJ¦QJLJH%HVFKDIIXQJVZHJLVWDOVRGDVHKHUSDVVLYH$XIJUHL IHQ YRUKDQGHQHQ 0DWHULDOV RGHU GDV :DKUQHKPHQ IHVWVWHKHQGHU 7HUPLQH (LJHQUHFKHUFKH ZLUG VHOWHQHU HLQJHVHW]W 'DGXUFK O¦XIW GHU /RNDOMRXUQDOLVW *HIDKU VLFK ]XP +DQGODQJHU ORNDOHU ,QWHUHVVHQ ]X PDFKHQGLHQLFKWLGHQWLVFKVHLQP¾VVHQPLWGHP¸IIHQWOLFKHQ$XIWUDJ GHU0HGLHQ6HOEVWUHFKHUFKLHUWH%HLWU¦JHJHOWHQGDKHUDOVHLQ,QGLND WRUMRXUQDOLVWLVFKHU4XDOLW¦W
:HLWHUI¾KUHQGH/LWHUDWXU )U¸KOLFK5RP\ 4XDOLWDWLYHU(LQIOXVVYRQ3UHVVHDUEHLWDXIGLH%HULFKWHUVWDWWXQJ'LH JHKHLPHQ9HUI¾KUHUGHU3UHVVH",Q3XEOL]LVWLN6 :HLVFKHQEHUJ 6LHJIULHG -RXUQDOLVWLN %DQG 0HGLHQWHFKQLN 0HGLHQIXQNWLRQHQ 0HGLHQDNWHXUH2SODGHQ:HVWGHXWVFKHU9HUODJ
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO" 6LFKWZHLVHQGHU3UD[LV ,QGHU.RQIHUHQ]JLEWHV6WUHLW'HU3ROL]HLUHSRUWHUILFKWPLWGHP/RNDO SROLWLN9HUDQWZRUWOLFKHQHLQHQ.DPSIXPGHQ$XIPDFKHULQGHUPRUJL JHQ $XVJDEH DXV 6LH LUULWLHUW PLW ZHOFKHU 6HOEVWJHZLVVKHLW GLH .RQ WUDKHQWHQ I¾U LKUH *HVFKLFKWHQ ದ 'RSSHOPRUG LP $V\OEHZHUEHUKHLP NRQWUD 0LOOLRQHQGHIL]LW LP VW¦GWLVFKHQ +DXVKDOW ದ EHKDXSWHQ QXU LKU 7KHPDVHLHVZHUWLQGHUPRUJLJHQ$XVJDEHGLHZLFKWLJVWH*HVFKLFKWH XQGGDPLWGHU$XIPDFKHU]XVHLQಱ:RKHUZLVVW,KUHLJHQWOLFKZDVGLH 0HQVFKHQGUDX¡HQOHVHQZROOHQ"ಯIRUGHUQ6LHGLH6WUHLWK¦KQHKHUDXV ಱ0RUGXQG7RWVFKODJLQWHUHVVLHUWLPPHUಯEHKDXSWHWGHU3ROL]HL5HSRUWHU ಱ*HVLFKHUWH (UNHQQWQLVVH ¾EHU /HVHYHUKDOWHQ KDEHQ ZLU MD OHLGHU QLFKWಯ JLEW GHU ಱ3ROLWLNHUಯ ]X (U ZHL¡ DOVR DXFK QLFKW JHQDX ZDUXP VLFK GLH 0HQVFKHQPRUJHQQXQDQKHUDXVJHKREHQHU6WHOOHDXVJHUHFKQHWI¾UGLH ¸NRQRPLVFKH1RWODJHLKUHU6WDGWLQWHUHVVLHUHQVROOHQ ಱ$EHUHVJLEWGRFK/HVHUIRUVFKXQJV0HWKRGHQಯZHUIHQ6LHHLQ7DW V¦FKOLFKKDWGLH )XOGDHU=HLWXQJHLQH$ERQQHQWHQEHIUDJXQJGXUFKJHI¾KUW XQG¾EHUUDVFKHQGH$QWZRUWHQEHNRPPHQ'LH$QQDKPHGDVVHUIDKUHQH 5HGDNWHXUH LKUH /HVHU NHQQHQ XQG ZLVVHQ ZDV VLH ZROOHQ HUZLHV VLFK DOV,UUWXP'LH:LUNOLFKNHLWVDKDQGHUVDXV'LH/HVHUGLHGLH-RXUQD OLVWHQNHQQHQKDEHQLQGHU5HJHOPLWGHP'XUFKVFKQLWWVOHVHUQLFKWVRGHU QXUVHKUZHQLJJHPHLQVDP-RXUQDOLVWHQNHQQHQLQGHU5HJHO0XOWLSOL NDWRUHQ9HUHLQVPHLHU/HVHUEULHIVFKUHLEHU 6LH¾EHUOHJHQZHOFKH$UWGHU/HVHU6LHELVKHULQGHU=HLWDOV IUHLHU 0LWDUEHLWHU NHQQHQ JHOHUQW KDEHQ XQG VWHOOHQ IHVW GDVV HV ,KQHQ QLFKW DQGHUVJHKW8QGIUDJHQQHXJLHULJZHLWHUZLHPDQGHQQLQ)XOGDDXIGHQ HUQ¾FKWHUQGHQ%HIXQGUHDJLHUWKDW 'HU/RNDOFKHIEHULFKWHWYRQGHQ0D¡QDKPHQGLHGHU)XOGDHU&KHIUH GDNWHXU-RVHI+HUPDQQ6HJJHZL¡HUJULIIHQKDW'LH/RNDOWHLOHGHU)XOGDHU =HLWXQJ XQG GHU DQJHVFKORVVHQHQ +¾QIHOGHU =HLWXQJ ZXUGHQ QHX RUJDQL
6LFKWZHLVHQGHU3UD[LV
VLHUW 6LH ZXUGHQ DNWXHOOHU GLH 9HUHLQVEHULFKWHUVWDWWXQJ ZXUGH UHGX]LHUW 'LH5HGDNWLRQPLVFKWVLFKVW¦UNHULQGLH¸IIHQWOLFKH'HEDWWHHLQRUJDQLVLHUW )RUHQ7UHIISXQNWH7HOHIRQ8PIUDJHQXQGJHKWJOHLFK]HLWLJGXUFKVW¦UNHUH .RPPHQWLHUXQJXQGNULWLVFKH%HULFKWHUVWDWWXQJDXI'LVWDQ]]XORNDOHQ+R QRUDWLRUHQ'HUXQJHOLHEWHXQGI¾UGLHJUR¡H0HKUKHLWGHU%HIUDJWHQ¾EHU IO¾VVLJH)RUWVHW]XQJVURPDQZXUGHJHVWULFKHQ$QGLHVHU6WHOOHILQGHQVLFK MHW]W6HUYLFHLQIRVXQG7LSSVVRZLHGLH5XEULN5H]HSWH$X¡HUGHPVHW]WGLH )XOGDHU =HLWXQJ QRFK VW¦UNHU DXI +LQWHUJUXQGLQIRUPDWLRQHQ ]XP %HLVSLHO PLW1DFKIUDJH,QWHUYLHZVXQGPHKU,QIR.¦VWHQ ,Q)XOGDKDWPDQQLFKWQXUGLH/HVHULQQHQXQG/HVHUVRQGHUQDXFK 1LFKW$ERQQHQWHQEHIUDJHQODVVHQ$OV+DXSWJUXQGI¾UGLH9HUZHLJHUXQJ NDPKHUDXV'DV$ERLVW]XWHXHU8QGDXIGLH1DFKIUDJHಱZDUXP"ಯODX WHWHGLH$QWZRUWಱEHUGDVZDVLQGHU6WDGWSDVVLHUWEHULFKWHQGLHNRV WHQORVHQ :RFKHQEO¦WWHU JHQXJಯ ಱ8QG ZDV PDFKHQ GLH LQ )XOGD JHJHQ GLHVHQ (LQZDQG"ಯ IUDJHQ 6LH ZHLWHU (V ZXUGH PLW HLQHU :HUEHDJHQWXU HLQH.RQ]HSWLRQ]XUVW¦UNHUHQ$ER*HZLQQXQJHUDUEHLWHW'LHZLFKWLJVWH %RWVFKDIWGDEHLLVWHVDXIGLH9RUWHLOHGHUUHJHOP¦¡LJHQ=HLWXQJVOHNW¾UH DXIPHUNVDP]XPDFKHQ ,Q ಱ,KUHUಯ /RNDOUHGDNWLRQ HQWVFKHLGHW PDQ VLFK PLW GHU 0RUGJH VFKLFKWH DXI]XPDFKHQ ZHLO VLH EHVVHU EHELOGHUW ZHUGHQ NDQQ 6FKRQ ZHQLJH0LQXWHQQDFKGHPEHUIDOOKDWHLQ%¾UJHUUHSRUWHUVLHKH .DSLWHO )RWRVJHPDFKWGLHGHU5HGDNWLRQYRUOLHJHQ$X¡HUGHPKDWGLH.ULPL QDOSROL]HL3KDQWRPELOGHUPXWPD¡OLFKHU7¦WHUDQJHIHUWLJW 'LH*HVFKLFKWH¾EHUGHQPDURGHQVW¦GWLVFKHQ+DXVKDOWZLUGDOVJUR ¡HV/HVHVW¾FNPLW,QIR.¦VWHQXQG.RPPHQWDUDXIGHU6HLWHDQJHERWHQ
/HUQ]LHOH Â Â
:LHOHUQHQ6LH/HVHULQQHQXQG/HVHUEHVVHUNHQQHQ" :LHVSUHFKHLFKPLWGHU0DUNH=HLWXQJYHUVFKLHGHQH=LHOJUXSSHQDQ"
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
8PGHQ3UHLVGHU=HLWXQJZLUGJHVWULWWHQ ಱ-HGHU(VSUHVVRLVWWHXUHUDOVGLH=HLWXQJಯ 0LW ಱ-HGHU (VSUHVVR LVW WHXUHU DOV HLQH =HLWXQJಯ ¦X¡HUWH &KHIUHGDNWHXU .ODXV 6FKURWWKRIHU YRQ GHU :HVWI¦OLVFKHQ 5XQGVFKDX 'RUWPXQG EHLP /RNDOMRXUQDOLVWHQ)RUXP LQ 2VQDEU¾FN 6\PSDWKLH I¾U HLQH $ER 3UHLVHUK¸KXQJ 'LH KDWWH +HUDXVJHEHU +HLQULFK 0H\HU YRQ GHU 1HXH 5XKU1HXH5KHLQ=HLWXQJ(VVHQDQJHUHJW8QWHU9HU]LFKWDXIGDV:HU EHJHVFK¦IW VROOH PDQ GHQ 9HUNDXIVSUHLV XP 3UR]HQW HUK¸KHQ VR 0H\HU*HUG(GOLQJHU0LWEHJU¾QGHU GHU=HLWXQJ VWHUUHLFKVLHKW HLQHQ7UHQGLQGLHXPJHNHKUWH5LFKWXQJKLQ]XU*UDWLV]HLWXQJ$XFKGLH ಱ*UDWLVNXOWXUಯ LP ,QWHUQHW HU]LHKH GLH 0HQVFKHQ GD]X MRXUQDOLVWLVFKH ,Q KDOWH VHOEVWYHUVW¦QGOLFK DOV NRVWHQORVHV $QJHERW ]X EHWUDFKWHQ +LHU VWHKHQVLFKDOVR]ZHL3RVLWLRQHQXQYHUPLWWHOWJHJHQ¾EHU(LQLJ VLQGVLFK DOOH %HWHLOLJWHQ GDU¾EHU GDVV HV GDUXP JHKW QHXH /HVHU ]X JHZLQQHQ ZHQQGLH=HLWXQJ¾EHUOHEHQZLOO %HLP*HZLQQHQQHXHU/HVHUVWHKWGLHMXQJH=LHOJUXSSHHLQGHXWLJLP 9RUGHUJUXQG:ROOHQ=HLWXQJHQ¾EHUOHEHQVRG¾UIHQVLHDEHUGLHPRELOHQ $OWHQ HEHQVR ZHQLJ YHUQDFKO¦VVLJHQ $Q GLHVHP VFKZLHULJHQ NDXP ]X YROO]LHKHQGHQ 6SDJDW KDEHQ VLFK VFKRQ JDQ]H *HQHUDWLRQHQ YRQ =HL WXQJPDFKHUQYHUVXFKW(VJLEW]ZHL/HKUHQGLHVLFKLQ:HOOHQZLHGHUKR OHQ(QWZHGHUVROOHQDOOH=LHOJUXSSHQPLWGHUJOHLFKHQ=HLWXQJDQJHVSUR FKHQ ZHUGHQ RGHU HV VROOHQ ]LHOJHULFKWHWH 6XSSOHPHQWV I¾U VSH]LHOOH *UXSSHQDOV%HLODJH]XU=HLWXQJDQJHERWHQZHUGHQ -XJHQGOLFKHVLQGGLHJU¸¡WH=LHOJUXSSHGHV]XN¾QIWLJHQ/HVHUSRWHQ ]LDOV9HUPHKUWN¾PPHUQVLFK=HLWXQJHQDEHUDXFKVFKRQXP. .LQGHU6R ELHWHW GLH =HLWXQJ +HOOZHJHU 1DFKULFKWHQ LQ 8QQD HLQH W¦JOLFKH .LQGHU 1DFKULFKWHQVHLWHDQ6LHHUVFKHLQWLP/RNDOWHLOPLW:HOWXQG/RNDOQDFK ULFKWHQDXIJHORFNHUWGXUFK&DUWRRQV:LW]HXQG%LOGHUU¦WVHO'HU&ORXDQ GHU2IIHQVLYHGHU+HOOZHJHU1DFKULFKWHQ'LH5HGDNWLRQELHWHWHLQHW¦JOL FKH6SUHFKVWXQGHI¾U.LQGHULQHLQHUGHUI¾QI/RNDOUHGDNWLRQHQXP8QQD DQXPVLFK$QUHJXQJHQ]XKROHQ 'HU %HUOLQHU0RUJHQSRVWOLHJWMHGHQ 6DPVWDJHLQHYLHUVHLWLJH.LQGHU SRVWI¾U/HVHUYRQDFKWELV]Z¸OI-DKUHQEHL1HEHQORNDOHQXQG¾EHUUHJLR QDOHQ 1DFKULFKWHQ ZHUGHQ $UWLNHO DXV 6SRUW XQG %LOGXQJ JHGUXFNW $XFK GLHMXQJHQ/HVHUNRPPHQLQGHU.LQGHUEHLODJHDOV.LQGHUUHSRUWHU]X:RUW
6LFKWZHLVHQGHU3UD[LV
(LQHQKRKHQ.RVWHQXQG3HUVRQDOHLQVDW]HUIRUGHUQ=HLWXQJVSURMHN WHLQ6FKXOHQ'DVEHNDQQWHVWHLVWಱ=HLWXQJLQGHU6FKXOHಯNXU]=LVFK0LW LKPZLUGGLH=LHOJUXSSHGHU/HVHULQQHQXQG/HVHUGHU=XNXQIWDQJHVSUR FKHQ,QGHP3URMHNWGDVYRQGHQ/DQGHVVFKXOEHK¸UGHQLQGLH/HKUSO¦ QH DXIJHQRPPHQ ZRUGHQ LVW XQG YRQ YHUVFKLHGHQHQ =HLWXQJHQ DXVJH VFKULHEHQZLUGVROOHQ6FK¾OHULQQHQXQG6FK¾OHUQHUIDKUHQGDVV=HLWXQJ OHVHQ 6SD¡ PDFKW XQG *HZLQQ EULQJW =LHOJUXSSH ZDUHQ ]XQ¦FKVW DXV VFKOLH¡OLFK GLH .LQGHU GHU 6HNXQGDUVWXIH , GRUW YRUUDQJLJ GLH .ODVVHQ DFKWELV]HKQVS¦WHUZXUGHGDV3URMHNWDXFKDXIGLH*UXQGVFKXOHQDXV JHZHLWHW8QGGLH)UDQNIXUWHU5XQGVFKDXKDWVRJDUGDV)U¾KI¸UGHUSURMHNW )UL.L)UDQNIXUWHU5XQGVFKDXLP.LQGHUJDUWHQJHVWDUWHW (LQVFKO¦JLJH(UKHEXQJHQJHEHQGHQ9HUODJHQ*HZLVVKHLWGDVVVLFK GLHVHU(LQVDW]ORKQWVLHKH.DSLWHO3HUVSHNWLYHQGHU)RUVFKXQJ -XQJH /HXWHGLHQLFKWPHKULP(OWHUQKDXVOHEHQXQGLQLKUHU6FKXO]HLWDQHLQHP =LVFKSURMHNW WHLOJHQRPPHQ KDEHQ OHVHQ ]X HLQHP K¸KHUHQ $QWHLO =HL WXQJHQDOV-XJHQGOLFKHGLHQLFKWDQ=LVFKWHLOQHKPHQNRQQWHQ 'LHZLFKWLJVWHQ7KHPHQI¾U-XJHQGOLFKHVLQG0XVLN6H[XQGEHUXIOL FKH =XNXQIW 'RFK GLH +LWOLVWH GHU 7KHPHQ GLH GLH MXQJHQ /HXWH DP PHLVWHQ LQWHUHVVLHUHQ NRPPW LQ GHU 7DJHV]HLWXQJ HKHU VHOWHQ YRU :LH PDQ MXJHQGUHOHYDQWH 7KHPHQ VHW]W PDFKW VHLW YLHOHQ -DKUHQ GLH =') .LQGHUQDFKULFKWHQVHQGXQJ ORJRYRU(LQLJH7DJHV]HLWXQJHQNRRSHULHUHQ PLWWOHUZHLOHPLWGHUORJR5HGDNWLRQXQG¾EHUQHKPHQ.LQGHUQDFKULFKWHQLQ LKU 3URGXNW %HL GHU .LQGHU8QL GHV 6FKZ¦ELVFKHQ 7DJEODWW 5HGDNWLRQ 7¾ELQJHQ ZXUGH GHU +¸UVDDO YRQ -XQJHQ XQG 0¦GFKHQ JHVW¾UPW GLH VLFK)UDJHQZLHಱ:DUXPVLQGGLH'LQRVDXULHUDXVJHVWRUEHQ"ಯRGHUಱ:D UXPVLQGGLHJULHFKLVFKHQ6WDWXHQQDFNW"ಯEHDQWZRUWHQOLH¡HQ JU¾QGHWH GHU 5HPVFKHLGHU *HQHUDO$Q]HLJHU ]XVDPPHQ PLW DQGHUHQ W¦JOLFK HUVFKHLQHQGHQ -XJHQGVHLWHQ GHQ 9HUEXQG ;IDPLO\ ;#DFW:HW]ODU 'DLO\;:¾U]EXUJ ;ED\%D\UHXWK 'LH -XJHQGUHGDNWL RQHQGHUEHWHLOLJWHQ=HLWXQJHQN¸QQHQVLFKDXVGHQ7H[WHQGHU;)DPLO\ ]XHLQ]HOQHQ7KHPHQEHGLHQHQXQGGLHVHI¾ULKUH6HLWHQQXW]HQ 'LH*UXQGLGHHGHU;IDPLO\¾EHUHLQH5XEULNಱ*UX¡XQG.XVVಯ-XJHQG OLFKH¾EHUGLH=HLWXQJPLWHLQDQGHUNRPPXQL]LHUHQ]XODVVHQKDW]XHLQHP 1HW]ZHUNYHUVFKLHGHQHU;7LWHOEHLXQWHUVFKLHGOLFKHQ9HUODJHQJHI¾KUW ಱMXSVಯVWHKWI¾UಱMXQJH3HLQHU6HLWHಯ'HUZLFKWLJVWH*UXQGVDW]I¾UGLH -XJHQGVHLWH GHU 3HLQHU $OOJHPHLQHQ =HLWXQJ LVW GDVV MXQJH /HXWH I¾U
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
MXQJH/HXWHVFKUHLEHQ'LHZ¸FKHQWOLFKHUVFKHLQHQGH6HLWHLVWPRQRWKH PDWLVFKDQJHOHJW&KDUDNWHULVWLVFKVLQGGLH(UOHEQLVEHULFKWHXQG*HGDQ NHQದRIWLQGHU,FK)RUP'LHVH7H[WHVRVWHOOWHQGLH0DFKHU EDOGIHVW LQWHUHVVLHUHQQLFKWQXU-XJHQGOLFKHVRQGHUQDXFK(OWHUQXQG*UR¡HOWHUQ 8P GHQ 'LDORJ ]ZLVFKHQ GHQ *HQHUDWLRQHQ ]X EHI¸UGHUQ NRPPHQ DXI GHU6HLWHDXFK¦OWHUH0HQVFKHQ]X:RUW 7KHPDWLVFKQRFK XQWHUGXUFKVFKQLWWOLFKEHU¾FNVLFKWLJWZHUGHQLQ GHQ PHLVWHQ=HLWXQJHQVSH]LHOO )UDXHQLQWHUHVVLHUHQGH7KHPHQ'HU 6¾GNX ULHU LQ .RQVWDQ] KDW DOV HLQH GHU HUVWHQ 7DJHV]HLWXQJHQ HLQH Z¸FKHQWOL FKH )UDXHQVHLWH HUVWHOOW :DV DP -XOL DOV ([SHULPHQW EHJDQQ LVWVFKRQIDVWಱ.XOWಯLP 6¾GNXULHU8QWHUGHPEHZXVVWJHZ¦KOWHQVHOEVW LURQLVFKHQ 7LWHO ಱW\SLVFK IUDXಯ HUVFKHLQW MHGHQ 0RQWDJ GLH 6RQGHUVHLWH +LHUJHKWHVXP)UDXHQ7KHPHQDXVGHU5HJLRQGRFKQLFKWXPಱ(PDQ ]HQಯ RGHU .ODWVFKJHVFKLFKWHQ (V ZHUGHQ $QJHERWH I¾U )UDXHQ DXIJH ]HLJWGLH+LOIHEHQ¸WLJHQ(VZHUGHQ$QWZRUWHQDXI/HEHQVIUDJHQJHJH EHQRKQH$QJVWYRU7DEXWKHPHQ$XIPDQFKH5HSRUWDJHQVRVFKUHLEHQ GLH0DFKHULQQHQ6DELQH3U]HZRONDXQG%DUEDUD'LFNPDQQLP$OPDQDFK I¾U -RXUQDOLVWHQ JDE HV HLQH VR JUR¡H 5HVRQDQ] GDVV VLH VLFK HQWVFKORVVHQ KDEHQ QRFK PHKU ,QIRUPDWLRQHQ LQ 9RUWU¦JHQ DQ]XELHWHQ )¾U $XIVHKHQ VRUJWH HLQ $EHQG ¾EHU ZHLEOLFKH 6H[XDOLW¦W EHL GHP GLH M¾QJVWH=XK¸UHULQ]ZDQ]LJXQGGLH¦OWHVWHVLHE]LJ-DKUHDOWZDU 1HEHQMXQJHQXQGZHLEOLFKHQ/HVHUQZHUGHQDXFKGLH¦OWHUHQ/HVHU DOV=LHOJUXSSHLQWHUHVVDQW 'LHMXQJHQ$ $OWHQVLW]HQKHXWHQLFKWPHKULP/HKQVWXKOVRQGHUQVWX GLHUHQHQGOLFKGRFKQRFK$UFK¦RORJLHRGHUIDKUHQDXI,QOLQHUQGXUFKGLH *HJHQG6LHZROOHQNHLQ6HQLRUHQJHWWRQXUPLW7LSSVJHJHQ,QNRQWLQHQ] VRQGHUQDXFK%HULFKWH¾EHU7KHPHQZLH5HLVHQ.RPIRUW%HKDJOLFKNHLW XQG,QIUDVWUXNWXU 'LH 5KHLQ=HLWXQJ LQ .REOHQ] PDFKWH LKUH $XVJDEH YRP -XQL ]X HLQHU 6RQGHUDXVJDEH ಱSOXV ದ OWHU ZHUGHQ XQG DOW VHLQ LQ 'HXWVFKODQGಯ &KHIUHGDNWHXU 0DUWLQ /RKPDQQ VFKULHE GD]X LQ HLQHP /HLWDUWLNHOಱ:DV6LHKHXWHLQ,KUHQ+¦QGHQKDOWHQLVWHLQH=HLWXQJGHUHQ ,QKDOWMHGHQDQJHKW:HUJODXEWEHLSOXVJHKHHVXP5HQWQHULUUWJH ZDOWLJ XQG KDW GLH %ULVDQ] GHU GHPRJUDSKLVFKHQ 9HU¦QGHUXQJHQ LQ 'HXWVFKODQGQLFKWEHJULIIHQ%UHLWLVWGLH7KHPHQSDOHWWHGLHVLFKPLWGHU 7DWVDFKH YHUELQGHW GDVV GLH 0HQVFKHQ LPPHU ¦OWHU ZHUGHQ XQG LPPHU
6LFKWZHLVHQGHU3UD[LV
O¦QJHUJHVXQGEOHLEHQ'DVLVWVFK¸QXQGELUJWXQJODXEOLFKH&KDQFHQI¾U HLQDQGHUHV/HEHQLP$OWHUDOVGLHVXQVHUH9RUIDKUHQKDWWHQಯ
/RNDOVSRUWVFKQHLGHWVFKOHFKWDE 8PGLH=HLWXQJVLQKDOWH]LHOJUXSSHQVSH]LILVFKDQSDVVHQ]XN¸QQHQLVWHV KLOIUHLFK]XZLVVHQZHOFKH,QKDOWHGHQQZLUNOLFKYRQZHOFKHU=LHOJUXSSH DQJHQRPPHQ ZHUGHQ (LQ 0HVVLQVWUXPHQW GD]X LVW GLH 5HDGHUVFDQ 0HWKRGHVLHKH.DSLWHO3HUVSHNWLYHQGHU)RUVFKXQJ 9LHOH 9HUODJH KDEHQ GHQ /HVHWHVW PLW GHP HOHNWURQLVFKHQ 6WLIW YROO ]RJHQ 'LH /HVHUIRUVFKXQJ PLW 5HDGHUVFDQ HUJDE HLQLJH HUVWDXQOLFKH (UJHEQLVVH  %HL GHU 0DLQ3RVW LQ :¾U]EXUJ ZDU GDV ಱKHUDXVUDJHQGH (UJHEQLV GDV¾EHUUDVFKHQGVFKOHFKWH$EVFKQHLGHQGHV/RNDOVSRUWVಯ&KHIUH GDNWHXU5HLQKDUG $XFKNODVVLVFKH.XOWXUDUWLNHOZXUGHQNDXPJHOH VHQ 'DJHJHQ ZROOHQ GLH /HVHU GLH ಱ7DJHVVFKDX7KHPHQಯ DXFK LQ GHU=HLWXQJZLHGHUILQGHQ  %HL GHU =(,7 HUIXKU PDQ GDVV GLH /HVHU VLFK ZHGHU GXUFK ODQJH 7H[WHZHQQVLHJXWVLQGQRFKGXUFKVFKZLHULJH7KHPHQZHQQGLH HWZDVPLWLKUHU/HEHQVZHOW]XWXQKDEHQDEVFKUHFNHQODVVHQ  'LH5HGDNWLRQGHU %HUOLQHU=HLWXQJPHUNWHGDVVGLHYHUPHLQWOLFKVR DQJHVDJWHQ NOHLQWHLOLJHQ 6HUYLFHVHLWHQ YLHO ZHQLJHU JHQXW]W ZXUGHQ DOVJXWGXUFKJHVFKULHEHQH7H[WH  %HLP .¸OQHU 6WDGW$Q]HLJHU NDPHQ GLH JUR¡HQ 3ROLWLNWH[WH DXI GHQ 6HLWHQ]ZHLXQGGUHLJXWDQ  %HLP %HUOLQHU.XULHU VWDXQWH PDQ ZLH JXW SROLWLVFKH 7KHPHQ DQJH QRPPHQZHUGHQ%HLJU¸¡HUHQ(UHLJQLVVHQLVWPDQMHW]WDXFKEHUHLW GHQ6HLWHQXPIDQJI¾UGLH3ROLWLN]XYHUGRSSHOQ  'LH 1HXH 2VQDEU¾FNHU =HLWXQJ KDW QDFK 5HDGHUVFDQ HLQHQ HLQ VFKQHLGHQGHQ5HODXQFKYRUJHQRPPHQ6RVWHKHQGLH.RPPHQWDUH QLFKWPHKUJHEDOOWDQHLQHP3ODW]VRQGHUQQHEHQGHPGD]XJHK¸UL JHQ$UWLNHOXQGGHU.RPPHQWDWRULVWLPPHULP%LOG]XVHKHQ
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
'LH5HDGHUVFDQ0HWKRGHNDQQ6W¦UNHQXQG6FKZ¦FKHQRIIHQOHJHQ'RFK GLHULFKWLJHQ6FKO¾VVHP¾VVHQQDFKZLHYRUGLH5HGDNWLRQHQVHOEVW]LHKHQ 5HDGHUVFDQ DOV 0HWKRGH GHU /HVHUIRUVFKXQJ EH]HLFKQHW GHU &KHI UHGDNWHXUGHV )U¦QNLVFKHQ7DJLQ%DPEHUJ$UPLQ0DXVDOVHLQHQಱJX WHQ 9HUE¾QGHWHQಯ DXFK ZHQQ HV GDUXP JHKH 9HU¦QGHUXQJHQ LP %ODWW ORNDOHQ$NWHXUHQDQKDQGYRQ4XRWHQEHJUHLIOLFK]XPDFKHQ-RXUQDOLVWL VFKH (QWVFKHLGXQJHQ N¸QQH /HVHUIRUVFKXQJ DEHU QLHPDQG DEQHKPHQ ಱPDQWXWJXWGDUDQGLH(UJHEQLVVH]XQXW]HQXP(QWVFKHLGXQJHQGDPLW DE]XVLFKHUQಯ 'DI¾U RE /HVHUIRUVFKXQJ HLQHQ 1XW]HQ KDW LVW LQ HUVWHU /LQLH GLH $XIJHVFKORVVHQKHLW GHU &KHIUHGDNWHXUH HQWVFKHLGHQG 'HQ ಱJHZ¸KQOL FKHQಯ5HGDNWHXULQQHQXQG5HGDNWHXUHQZLUGHLQHKHUP¦¡LJHV,QWHUHVVH DQ/HVHUIRUVFKXQJ]XJHVFKULHEHQ0LWKLQLVWGLH/HVHUIRUVFKXQJHKHUHLQ 0DQDJHPHQWLQVWUXPHQWI¾UGLH*HVFK¦IWVI¾KUXQJDOVHLQ%LQGHJOLHG]ZL VFKHQ-RXUQDOLVWHQXQG/HVHUQ :¦KUHQG /HVHUIRUVFKXQJ PLW GHQ YHUVFKLHGHQHQ 0HWKRGHQ ZLH 5HDGHUVFDQ &RS\WHVWV ZLH %HQFKPDUNLQJ XQG 2SXV GLH (UJHEQLVVH MRXUQDOLVWLVFKHU $UEHLW DEIUDJW VLHKH .DSLWHO 3HUVSHNWLYHQ GHU )RU VFKXQJ P¾VVHQ GLH 5HGDNWHXULQQHQ XQG 5HGDNWHXUH VW¦QGLJ EHP¾KW VHLQ%¾UJHULQQHQXQG%¾UJHU]XU0LWDUEHLW]XDQLPLHUHQ%HVXFKHU$Q UXIHU XQG %ULHIHVFKUHLEHU VROOWHQ VLFK PLW LKUHQ $QOLHJHQ ದ ZHQQ VLH YRQ DOOJHPHLQHP,QWHUHVVHVLQGದLP%ODWWZLHGHUILQGHQ'DVNDQQLQ$UWLNHOQ ,QWHUYLHZVXQGDXI/HVHUEULHIVHLWHQJHVFKHKHQRGHUDXFKLP,QWHUQHW,VW HLQHXQPLWWHOEDUH8PVHW]XQJGHV/HVHUDQOLHJHQVQLFKWP¸JOLFKVROOWHHV DOV ,GHH I¾U HLQHQ 2UWVWHUPLQ I¾U HLQH 7HOHIRQDNWLRQ RGHU I¾U HLQHQ 5H GDNWLRQVVWDPPWLVFKVLHKHDXFK.DSLWHO DXIJHJULIIHQZHUGHQ
/HVHU%ODWW%LQGXQJ -RXUQDOLVWLVFKH$NWLRQHQGLHQHQ GHU/HVHU%ODWW%LQGXQJ%HLGHU %UDXQ VFKZHLJHU =HLWXQJ LQWHUYLHZHQ QLFKW QXU -RXUQDOLVWHQ SURPLQHQWH *¦VWH GHU5HGDNWLRQVRQGHUQDXFKNRPSHWHQWH/HVHULQQHQXQG/HVHU$XIGDV QHXH,QWHUYLHZ)RUPDWZDUPDQJHNRPPHQZHLOGLH5HGDNWLRQVLFKJH IUDJWKDW:LHN¸QQHQZLUGLH)UDJHQXQVHUHU/HVHUDEHUDXFKLKUH.RP SHWHQ] VLQQYROO QXW]HQ" :LH HQWGHFNHQ ZLU GLH )UDJHQ GHU 0HQVFKHQ ದ
6LFKWZHLVHQGHU3UD[LV
VWDWW $QWZRUWHQ DXI )UDJHQ ]X JHEHQ GLH QLHPDQG KDEHQ ZLOO" :LH HQW NU¦IWHQ ZLU GHQ 9HUGDFKW -RXUQDOLVWHQ PDFKWHQ JHPHLQVDPH 6DFKH PLW 3ROLWLNHUQXQG(OLWHQ"'LH/HVHUVWHOOHQMHW]W)UDJHQDXIGLH-RXUQDOLVWHQ RIW QLFKW NRPPHQ ZHLO LKQHQ GLH (UIDKUXQJHQ IHKOHQ GLH HLQ /DQGZLUW RGHU HLQ 6HQLRUHQ%HDXIWUDJWHU HLQH .RSIWXFK7U¦JHULQ RGHU HLQ -XVR 9RUVLW]HQGHUKDEHQ ,Q:DKONDPSI]HLWHQNDQQGLH=HLWXQJLKUH0LWWOHUUROOHJO¦Q]HQG DXV VSLHOHQLQGHPVLHDOV9HUDQVWDOWHUYRQ3RGLXPVGLVNXVVLRQHQDXIWULWW6R RUJDQLVLHUW VLH VLFK GHQ :DKONDPSI XQG GLH %HULFKWHUVWDWWXQJ GDU¾EHU VHOEVW )UHLH 0LWDUEHLWHU HUKDOWHQ GHQ $XIWUDJ XQWHU GHQ %HVXFKHULQQHQ XQG%HVXFKHUQHLQH8PIUDJH]XGHU9HUDQVWDOWXQJ]XPDFKHQGLHGDQQ PLW)RWRVGHU%HIUDJWHQYHU¸IIHQWOLFKWZLUG 9RQ GHQ 2QOLQH0LWDUEHLWHUQ ZHL¡ GLH 5HGDNWLRQ GDVV %LOGHU YRQ 0DVVHQYHUDQVWDOWXQJHQ EHVRQGHUV KRKH .OLFN]DKOHQ HU]LHOHQ 'D GLH 5HGDNWLRQ ZHJHQ YLHOHU DQGHUHU :RFKHQHQG9HUDQVWDOWXQJHQ YRP .LQ GHUNDUQHYDOXQGGHU/DQGMXJHQG'LVFRIHWHMHZHLOVQXU]ZHL%LOGHUYHU¸I IHQWOLFKHQNRQQWHUHJWVLHDQ%LOGHUVWUHFNHQLQV1HW]]XVWHOOHQ$P(Q GH GHV 3ULQWWH[WHV YHUZHLVW VLH DXI GHQ 2QOLQH$XIWULWW GHU =HLWXQJ 'LH %HVXFKHUGLHVHU9HUDQVWDOWXQJHQXQGDQGHUH/HVHULQQHQXQG/HVHUGDQ NHQI¾UGLHVHQ=XVDW]QXW]HQPLWKRKHQ=XJULII]DKOHQ 'DV IXQNWLRQLHUW DXFK EHL 6SRUWOHUZDKOHQ GHUHQ $XVULFKWXQJ /RNDO UHGDNWLRQHQ RIW ]XVDPPHQ PLW GHP 6SRUWEXQG JHUQ ¾EHUQHKPHQ 6LH RUJDQLVLHUHQ GLH :DKO GHV 6SRUWOHUV GHU 6SRUWOHULQ XQG GHU 0DQQVFKDIW GHV-DKUHVEHU:RFKHQKLQZHJZHUGHQLQMHGHU.DWHJRULH]HKQ6SRUW OHULQQHQ 6SRUWOHU XQG 0DQQVFKDIWHQ LQ GHU =HLWXQJ PLW 3RUWU¦WV YRUJH VWHOOW $X¡HUGHP ZHUGHQ GLH /HVHULQQHQ XQG /HVHU DXIJHIRUGHUW LKUH .DQGLGDWHQ]XEHQHQQHQ1DFK$EVFKOXVVGHU9RUVWHOOXQJZHUGHQ&RX SRQVI¾UGLH6WLPPDEJDEHYHU¸IIHQWOLFKW'LH6HULHNDQQLP1HW]DEJHUX IHQZHUGHQ]XV¦W]OLFKLVWKLHUDXFKHLQ9RWXPP¸JOLFK 'LH 5HGDNWLRQ KDW HLQH *DVWURQRPLHVHULH YHU¸IIHQWOLFKW GLH HLQHQ EHUEOLFN ¾EHU 5HVWDXUDQWV LQ GHU 6WDGW ELHWHW 'LH 6HULH ZLUG DP (QGH NRPSOHWWLQV1HW]JHVWHOOWXQGPLWHLQHP/LQN]XHLQHP2QOLQH6WDGWSODQ HUZHLWHUW (WZDV DXIZ¦QGLJHU VLQG ]ZHL DQGHUH (UIROJVPRGHOOH I¾U GLH /HVHU %ODWW%LQGXQJ
Â
Â
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
'LH 1HXH :HVWI¦OLVFKH LQ %LHOHIHOG SURGX]LHUW XQPLWWHOEDU QDFK GHU (LQVFKXOXQJ 6FKXOVWDUW%HLODJHQ $OOH $%&6FK¾W]HQ RGHU L'¸W]H ZLH VLH LQ :HVWIDOHQ JHQDQQW ZHUGHQ ZHUGHQ MDKUJDQJVZHLVH IRWR JUDILHUW XQG LQ 6RQGHUDXVJDEHQ LP %LOG JH]HLJW )¾U MHGH /RNDODXV JDEH JLEW HV HLQHQ 6RQGHUGUXFN PLW GHQ 6FKXODQI¦QJHUQ DXV GHU 6WDGWRGHUGHP.UHLV$XIGLHVH:HLVHHUVFKHLQHQDXIUXQG)R WRV¾EHU-XQJHQXQG0¦GFKHQLQGHU=HLWXQJKDWGDV ]X'RZQORDGVEHLQZQHZVGHXQG]X%LOGEHVWHOOXQJHQ SHU &RXSRQ RGHU H0DLO JHI¾KUW %HL GLHVHU $NWLRQ N¸QQHQ ಱ)UHLHಯ VHKU JXW PLWPDFKHQ GHQQ XP ]ZHL :RFKHQ QDFK GHU (LQVFKXOXQJ GLH 6RQGHUGUXFNH YHU¸IIHQWOLFKHQ ]X N¸QQHQ ZHUGHQ UXQG )RWR JUDIHQEHQ¸WLJW )UDJW GHU IUHLH 0LWDUEHLWHU EHL GHU 9RONVVWLPPH LQ 0DJGHEXUJ GHQ /RNDOFKHIQDFKGHP1DPHQGHV6R]LDOGH]HUQWHQVRHUK¦OWHUNHLQH $QWZRUWVRQGHUQEHNRPPWGLH%URVFK¾UHಱ9HUGDPPWLFKPXVVDXIV $PWಯ LQ GLH +DQG JHGU¾FNW 'LHVH DXV GHU JOHLFKQDPLJHQ =HL WXQJVVHULH HQWVWDQGHQH 6FKULIW HQWZLFNHOWH VLFK ]XP %HVWVHOOHU VR GDVVPDQVLFKHQWVFKORVVGLH%URVFK¾UH]XDNWXDOLVLHUHQXQG HUQHXW ]X YHU¸IIHQWOLFKHQ -HGHV %¾UJHUE¾UR MHGH XQG MHGHU %HDXI WUDJWH XQG MHGHV $PW LVW PLW $GUHVVHQ 9HUNHKUVYHUELQGXQJHQ XQG 7HOHIRQQXPPHUQVRZLHHLQHP7H[W¾EHUGLH$XIJDEHQDXIJHI¾KUW
0D¡JHVFKQHLGHUWHV$QJHERW ಱ(V ZLUG LPPHU VFKZLHULJHU HLQH =HLWXQJ ]X PDFKHQ GLH HLQHQ M¦KULJHQ HEHQVR LQWHUHVVLHUW ZLH HLQH -¦KULJHಯ VDJWH GHU &KHIUHGDN WHXU GHU 6DDUEU¾FNHU =HLWXQJ 3HWHU 6WHIDQ +HUEVW EHLP /RNDOMRXUQDOLV WHQ)RUXP LQ 3IRU]KHLP 'HU -¦KULJH XQG GLH -¦KULJH OHEWHQ YLHOOHLFKWLPJOHLFKHQ2UWXQGLPJOHLFKHQ9HUEUHLWXQJVJHELHW 6LHOHEWHQ DEHU QLFKW LQ GHU JOHLFKHQ :HOW 'HVKDOE N¸QQH GLH =HLWXQJ QLFKW PHKU HLQH=HLWXQJI¾UDOOH$OWHUVJUXSSHQXQG$QVSU¾FKHPDFKHQ ,Q6DDUEU¾FNHQKDWPDQGLH.RQVHTXHQ]HQJH]RJHQXQGHLQHJDQ]H =HLWXQJVIDPLOLHJHJU¾QGHW'D]XJHK¸UHQ
6LFKWZHLVHQGHU3UD[LV
    Â
GLH6DDUEU¾FNHU=HLWXQJ GLHMXQJH7DJHV]HLWXQJFHQW GDVW¦JLJH9HUDQVWDOWXQJVXQG6]HQHPDJD]LQ3RWDWR GLHZ¸FKHQWOLFKH)X¡EDOOXQG6SRUW]HLWXQJ6DDUDPDWHXU 6=0DUNWSODW] ದ GHU NRVWHQORVH 5HSULQW GHU $Q]HLJHQP¦UNWH YRP :RFKHQHQGHDOV$Q]HLJHQEODWWDP0RQWDJ GLH$Q]HLJHQEO¦WWHU:RFKHQVSLHJHOXQG'LH:RFK
 'DV VLQG HLQVFKOLH¡OLFK GHU EHLGHQ $Q]HLJHQEO¦WWHU VLHEHQ YHUVFKLHGHQH 3ULQWWLWHO'D]XNRPPWGHUಱMXQJHಯ5DGLRVHQGHU %LJ)0XQGGLH,QWHUQHW 3ODWWIRUP VROGHDXIGHUVLFKDOOH3ULQWWLWHOZLHGHUILQGHQ0LW]ZHL3URGXN WHQ VSULFKW GDV 6DDUEU¾FNHU 0HGLHQKDXV YRU DOOHP M¾QJHUH 1LFKW/HVHU GHUNODVVLVFKHQ7DJHV]HLWXQJDQ -XQJH7DJHV]HLWXQJ FHQWVDDUಱ+HXWHಯVR&KHIUHGDNWHXU+HUEVW ಱZHUEHQ ZLU LQ GHU 6DDUEU¾FNHU =HLWXQJ I¾U FHQW N¾QIWLJ LQ FHQW I¾U GLH6DDUEU¾FNHU=HLWXQJ(VLVWOHLFKWHUHLQHQMXQJHQ/HVHU]XJHZLQQHQ ZHQQ ZLU LKQ EHUHLWV DQ GLH 7DJHV]HLWXQJ KHUDQJHI¾KUW KDEHQ FHQW EHWUHLEWNHLQH.DQQLEDOLVLHUXQJHVJLEWVRJDU'RSSHOOHVHUಯ .RVWHQORVH 3URGXNWH %HLVSLHO 6=0DUNWSODW] +LHU JHKW HV GDUXP 1LFKW/HVHU+DXVKDOWH ]X HUUHLFKHQ 'DV 3URGXNW LVW GLH $QWZRUW DXI GLH .ULWLNGHUZHUEHWUHLEHQGHQ:LUWVFKDIWDQU¾FNO¦XILJHQ$XIODJHQ]DKOHQXQG 5HLFKZHLWHQGHUORNDOHQ7DJHV]HLWXQJ(VZLUGNRVWHQJ¾QVWLJSURGX]LHUW PLW JHULQJHP UHGDNWLRQHOOHQ $XIZDQG 'DV %ODWW LVWQLFKW DNWXHOO XQG EH GHXWHW GHVKDOE NHLQH .DQQLEDOLVLHUXQJ GHV +DXSWSURGXNWHV (V ZLUG PLW GHP NRVWHQORVHQ 3ULQWSURGXNW 6=0DUNWSODW] I¾U GDV NRVWHQSIOLFKWLJH 3ULQWSURGXNW6DDUEU¾FNHU=HLWXQJJHZRUEHQ *HUDGH M¾QJHUHQ 0HQVFKHQ JHI¦OOW GLH (LQZHJNRPPXQLNDWLRQ GHU =HLWXQJQLFKW)¾UYLHOHLVWVLHQLFKWGDV0HGLXPGDVI¾U,QIRUPDWLRQJH VFKZHLJH GHQQ 8QWHUKDOWXQJ JHQXW]W ZLUG 'HVKDOE YHUVXFKHQ YHUVFKLH GHQH9HUODJHFURVVPHGLDODQGLHVH=LHOJUXSSHKHUDQ]XNRPPHQ6RKD EHQ GDV /RNDOUDGLR $QWHQQH 0¾QVWHU XQG GLH :HVWI¦OLVFKHQ 1DFKULFKWHQ LQ0¾QVWHUGDVFURVVPHGLDOH-XJHQGSURMHNW/HQ]DXIJHOHJW(LQH-XJHQG UHGDNWLRQDUEHLWHWI¾UEHLGH0HGLHQ)UHLWDJVHUVFKHLQWHLQH-XJHQGVHLWHLQ GHU=HLWXQJDP$EHQGVHW]WVLFKHLQHYLHUVW¾QGLJH5DGLRVHQGXQJPLWGHQ VHOEHQ 7KHPHQ DXVHLQDQGHU %HLGH 0HGLHQ SURILWLHUHQ GDYRQ ದ GLH =HL
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
WXQJ P¸JOLFKHUZHLVH EHVRQGHUV ZHLO -XJHQGOLFKH HKHU ]XP 5DGLR HLQH $IILQLW¦WKDEHQ :RKLQ GLH (QWZLFNOXQJ JHKHQ NDQQ ]HLJHQ GLH 9RUDUOEHUJHU 1DFK ULFKWHQLQVWHUUHLFK:HUGLH=HLWXQJDERQQLHUWNDQQYHUJ¾QVWLJWWHOHIR QLHUHQVLFKSUHLVZHUWHUYHUVLFKHUQXQGDQGHUH9RUWHLOHQXW]HQ,QYLUWXHO OHQ %¾UJHUIRUHQ PLVFKHQ VLFK GLH /HVHU LQ GLH ORNDOH 3ROLWLN HLQ )UDJHQ %HVFKZHUGHQ XQG $QUHJXQJHQ ZHUGHQ DXIJHQRPPHQ XQG PLW 1DPHQ DEJHGUXFNW $OV ಱEHZXVVWH 0DFKWKDEHಯ EH]HLFKQHW &KHIUHGDNWHXU &KULV WLDQ2UWQHUGLHVH0D¡QDKPH
=XVDPPHQIDVVXQJ 'LH/HVHUIRUVFKXQJLP$XIWUDJHGHV*HVFK¦IWVI¾KUHUVXQGGDV%DXFK JHI¾KO GHV 5HGDNWHXUV VLQG QLFKW XQYHUHLQEDU (LQ VFKODXHU 5HGDNWL RQVPLWDUEHLWHU QLPPW GLH (UNHQQWQLVVH GHU )RUVFKXQJ HUQVW DXFK ZHQQHUVHLQ%DXFKJHI¾KOGDGXUFKQLFKWEHVW¦WLJWVLHKW 5HGDNWLRQVPDUNHWLQJ XQWHUVW¾W]W GLH 5HGDNWLRQ EHL LKUHP %HP¾ KHQ HLQH MRXUQDOLVWLVFK JXWH =HLWXQJ DQ GLH )UDX RGHU GHQ 0DQQ ]X EULQJHQ$OVEHVWHV%HLVSLHOI¾UGHQ(UIROJYRQ0DUNHWLQJO¦VVWVLFKGLH $NWLRQ ಱ=HLWXQJ LQ GHU 6FKXOHಯ DQI¾KUHQ 6¦PWOLFKH (UKHEXQJHQ EHOH JHQGDVVHKHPDOLJH7HLOQHKPHULQQHQXQG7HLOQHKPHUVS¦WHUHKHU]X $ERQQHQWHQZHUGHQDOV6FK¾OHULQQHQXQG6FK¾OHUGLHQLFKWDQಱ=LVFKಯ EHWHLOLJWZDUHQ 0HGLHQ GLH UXQG XP GLH =HLWXQJ KHUXP HQWVWHKHQ P¾VVHQ ]XP 9RUWHLOGHU/HVHULQQHQXQG/HVHUPLWGHUಱDOWHQಯ=HLWXQJYHUQHW]WZHU GHQ $XI EHVWLPPWH %HY¸ONHUXQJVVFKLFKWHQ XQG EHG¾UIQLVVH ]XJH VFKQLWWHQH=HLWXQJHQVLQGGLH=XNXQIW
:HLWHUI¾KUHQGH/LWHUDWXU 7KHPHQI¾U-XJHQGOLFKHELHWHWGLH-XJHQGGUHKVFKHLEHKWWSZZZMXJHQGGUHKVFKHLEHGH 9HUEDQG GHXWVFKHU /RNDO]HLWXQJHQ H9 +UVJ (UNO¦U PLU GLH :HOW %HVW3UDFWLFH %HLVSLHOH I¾U .LQGHUVHLWHQ LQ ORNDOHQ XQG UHJLRQDOHQ 7DJHV]HLWXQJHQ %HVWHOOEDU QXU I¾U-RXUQDOLVWHQ KWWSZZZESEGHSXEOLNDWLRQHQ:;%):(UNO(UBPLUBGLHB:HOWKWPO
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO" 3HUVSHNWLYHQGHU)RUVFKXQJ $XI GHP :HJ LQ GLH 5HGDNWLRQ VLW]HQ 6LH QHEHQ ]ZHL 5HQWQHUQ GLH VLFKODXWVWDUN¾EHU,KUH/RNDO]HLWXQJXQWHUKDOWHQದPLW.ULWLNXQGJXWHQ 5DWVFKO¦JHQZLUGGDEHLQLFKWJHVSDUW6LHIUDJHQVLFKREGLHVW\SLVFKH /HVHU,KUHU=HLWXQJVLQG"2GHUGRFKHKHUGLHMXQJH3ROL]LVWLQ PLWGHU 6LHVLFKJHVWHUQXQWHUKDOWHQKDEHQ" ,Q,KUHU5HGDNWLRQJLEWHVGDVJHIO¾JHOWH:RUWYRQGHUಱ7DQWH(UQDಯ GLHDOV3URWRW\S,KUHV3XEOLNXPVJLOW,PPHUZLHGHUZLUGVLHKHUDQJH]R JHQXP/HVHULQWHUHVVHQ]XEHJU¾QGHQRGHUGLH$XVZDKOGHU7H[WH $EHUZHULVWGHQQWDWV¦FKOLFK,KU/HVHU,KUH/HVHULQ"6LHZ¾UGHQ JHUQH *HQDXHUHV ZLVVHQ QLFKW QXU ¾EHU ,KU 9HUEUHLWXQJVJHELHW VRQ GHUQ ¾EHU GHQ =HLWXQJVOHVHU JHQHUHOO XQG ¾EHU GDV 9HUK¦OWQLV YRQ -RXUQDOLVWXQG3XEOLNXP =XGLHVHQ)UDJHQKDWGLH.RPPXQLNDWLRQVZLVVHQVFKDIWHLQHJDQ]H5HLKH YRQ 6WXGLHQ GXUFKJHI¾KUW (V JLEW DXVVDJHNU¦IWLJH =DKOHQ ¾EHU GLH %H GHXWXQJGLHGHU/HVHUGHP/RNDOWHLO]XVFKUHLEW$XFK6WXGLHQ]XU)UDJH ZHU GHQQ HLJHQWOLFK =HLWXQJVOHVHU LVW XQG ZHOFKHV %LOG -RXUQDOLVWHQ YRQ LKUHP 3XEOLNXP KDEHQ OLHJHQ YRU 'LHVHV .DSLWHO JLEW HLQHQ EHUEOLFN ¾EHU$QWZRUWHQDXIIROJHQGH)UDJHQ
/HUQ]LHOH Â Â Â
:HULVWGHUW\SLVFKH=HLWXQJVOHVHUXQGZHOFKH%HGHXWXQJKDWGDV /RNDOHI¾ULKQ" :HOFKHV%LOGKDEHQ/RNDOMRXUQDOLVWHQYRQLKUHP3XEOLNXP" 0LWZHOFKHQ0HWKRGHQZLUG=LHOJUXSSHQIRUVFKXQJEHWULHEHQ"
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
1XU6FKXODXII¾KUXQJHQRGHUDXFKKDUWH)DNWHQ" /RNDOH=HLWXQJVOHVHUXQGLKUH/HVHLQWHUHVVHQ 'XUFKVFKQLWWOLFK OHVHQ HWZD 3UR]HQW GHU *HVDPWEHY¸ONHUXQJ DE -DKUHQ DQ HLQHP (UVFKHLQXQJVWDJ ORNDOH XQG UHJLRQDOH $ERQQHPHQW]HL WXQJHQ 6WDQG 0$'DWHQ 'LH 5HLFKZHLWH LVW GDPLW LQ GHQ OHW]WHQ -DKUHQ ODQJVDP DEHU VWHWLJ JHVXQNHQ ದ QRFK YRU ]HKQ -DKUHQ ODJ GHU :HUW ¾EHU 3UR]HQW *HQHUHOO JUHLIHQ DOVR LPPHU ZHQLJHU 0HQVFKHQ W¦JOLFK]XU7DJHV]HLWXQJ'LHVLVWLQVEHVRQGHUHDXIKRKH5HLFKZHLWHQYHU OXVWHEHLGHQM¾QJHUHQ/HVHUQ]XU¾FN]XI¾KUHQVRZHUGHQEHLVSLHOVZHLVHLQ GHU*UXSSHGHU-¦KULJHQQXUQRFK3UR]HQWHUUHLFKWYRQGHQ-X JHQGOLFKHQQXUQRFK3UR]HQW'LHVI¾KUWGD]XGDVVGHUGXUFKVFKQLWWOL FKH=HLWXQJVOHVHULP6FKQLWWLPPHU¦OWHUZLUG0¦QQHUXQG)UDXHQZHQGHQ VLFKGHUORNDOHQ$ERQQHPHQW]HLWXQJLQHWZDJOHLFKHUPD¡HQ]XGLH)UDXHQ OHVHQVLHXPHLQHQJXWHQ3UR]HQWSXQNWK¦XILJHU ದLP8QWHUVFKLHG]XGHQ ¾EHUUHJLRQDOHQ=HLWXQJHQZRGLHP¦QQOLFKHQ/HVHU¾EHUZLHJHQ %HWUDFKWHW PDQ GLH 0LOLHXV DXV GHQHQ /RNDO =HLWXQJVOHVHU VWDP PHQ DOVR GLH XQWHUVFKLHGOLFKHQ /HEHQVVWLOH :HOW XQG /HEHQVDQVFKDX XQJHQ XQG LKUH VR]LDOH /DJH VR ZLUG GHXWOLFK GDVV VLH JHQHUHOO HKHU NRQVHUYDWLYHQ /HEHQVVWLOHQ ]X]XUHFKQHQ VLQG 3ROLWLVFK ,QWHUHVVLHUWH OHVHQYHUVW¦UNW7DJHV]HLWXQJHQ'HUW\SLVFKH/HVHUORNDOHUXQG UHJLRQD OHU 7DJHV]HLWXQJHQ KDW HQWZHGHU 9RONV+DXSWVFKXOH XQG HLQH /HKUH RGHU DEHU GLH PLWWOHUH 5HLIH JXW 3UR]HQW E]Z JXW 3UR]HQW $ND GHPLNHUVWHOOHQQXUHWZDHLQ=HKQWHOGHUJHVDPWHQ/HVHUDXFKZHQQGLH 5HLFKZHLWHLQQHUKDOEGLHVHU*UXSSH]HLJWGDVVYHUPHKUW$NDGHPLNHU]XU =HLWXQJJUHLIHQ /RNDOH =HLWXQJHQ EHGLHQHQ VRPLW QLFKW HLQH H[DNW EHVWLPPWH 7HLO JUXSSH GHU %HY¸ONHUXQJ VRQGHUQ ZHQGHQ VLFK DQ DOOH LQ LKUHP 9HUEUHL WXQJVJHELHW OHEHQGHQ 0HQVFKHQ *H]LHOWH 5HGDNWLRQVDNWLRQHQ XP EH VWLPPWH =LHOJUXSSHQ VW¦UNHU DQ]XVSUHFKHQ VLQG ದ VLQQYROO JHSODQW ದ
'LH/DQJ]HLWVWXGLHಱ0DVVHQNRPPXQLNDWLRQಯZHLVWKLQVLFKWOLFKGHU5HLFKZHLWHGHXWOLFK QLHGULJHUH:HUWHDXVDXIJUXQGGHUKRKHQZLUWVFKDIWOLFKHQ%HGHXWXQJGHU0$=DKOHQ VROOHQKLHUMHGRFKGLHVHKHUDQJH]RJHQZHUGHQ'HUVWHWLJVLQNHQGH7UHQG]HLJWVLFKLQ EHLGHQ 8QWHUVXFKXQJHQ 'DWHQ GHU 0HGLD$QDO\VH 0$ ]LWLHUW DXV 3DVTXD\ =XU(QWZLFNOXQJGHU5HLFKZHLWHQ 'DWHQGHU0HGLD$QDO\VH0$ ]LWLHUWDXV*ROGEHFN/HLVWXQJVGDWHQ
3HUVSHNWLYHQGHU)RUVFKXQJ
ZLFKWLJ2EGLHVLQ)RUPYRQJHVRQGHUWHQ6HLWHQRGHU5XEULNHQJHVFKH KHQ VROOWH GDU¾EHU ZLUG LQ :LVVHQVFKDIW XQG 3UD[LV JHVWULWWHQ (WOLFKH 9HUVXFKH JH]LHOWH )UDXHQ RGHU 6HQLRUHQVHLWHQ ]X HWDEOLHUHQ VLQG JH VFKHLWHUWEHL-XJHQGOLFKHQKLQJHJHQVWR¡HQJXWJHPDFKWH-XJHQGVHLWHQದ RGHU QHXHUGLQJV DXFK .LQGHUVHLWHQ ದ DXI JU¸¡HUHV ,QWHUHVVH %HVRQGHUV KHIWLJJHUXQJHQZLUGXPGLH=LHOJUXSSHGHUM¾QJHUHQ/HVHULQOHW]WHU=HLW PLWGHU$QVSUDFKHYRQ.LQGHUQVRJDUGHUJDQ]MXQJHQಱ/HVHUಯ(LQH9LHO ]DKODQ8QWHUVXFKXQJHQEHOHJWGDVVGLH:DKUVFKHLQOLFKNHLWDOV(UZDFK VHQHU ]XP /HVHU ]X ZHUGHQ VWHLJW ZHQQ PDQ EHUHLWV DOV .LQG RGHU -X JHQGOLFKHU .RQWDNW PLW GHU =HLWXQJ KDWWH 1RHOOH1HXPDQQ 6LQNHQGH 5HLFKZHLWHQ EHL GHQ M¾QJHUHQ XQG PLWWOHUHQ $OWHUVJUXSSHQ GHU (UZDFKVHQHQPDFKHQMHGRFKGDV0LWOHVHQLP(OWHUQKDXVXQZDKUVFKHLQOL FKHU*H]LHOWH3URMHNWHZLHಱ=HLWXQJLQGHU6FKXOHಯYHUVXFKHQGDKHU¾EHU GHQ8QWHUULFKWXQGHLQHGRUWLJH$XVHLQDQGHUVHW]XQJPLW=HLWXQJVLQKDOWHQ -XJHQGOLFKH]XP/HVHQ]XPRWLYLHUHQDXFK-XQJUHGDNWLRQHQKDEHQVLFK YLHOHURUWVHWDEOLHUWXPGLH6WLPPHQGHUMXQJHQ/HVHUDNWLYLQV%ODWWHLQ]X ELQGHQ 'LH VR HQWVWHKHQGHQ 7H[WH LQWHUHVVLHUHQ QLFKW QXU GLH M¾QJHUHQ VRQGHUQDXFKGLH¦OWHUHQ/HVHU$NWLYH%¾UJHUUHGDNWLRQHQDOVRGDVDNWLYH 0LWJHVWDOWHQ LKUHU =HLWXQJ YRQ /HVHUQ VLQG GDU¾EHU KLQDXV QLFKW QXU ]XU (LQELQGXQJ -XJHQGOLFKHU HLQH JXWH 0¸JOLFKNHLW EHVWLPPWH =LHOJUXSSHQ GLUHNWDQ]XVSUHFKHQ 7DJHV]HLWXQJHQ VSLHOHQ I¾U GLH W¦JOLFKH ORNDOH XQG SROLWLVFKH 2ULHQ WLHUXQJ HLQH ]HQWUDOH 5ROOH )UDJW PDQ /HVHU QDFK LKUHQ 1XW]XQJVPRWL YHQ VR QHQQHQ PLW 3UR]HQW QDKH]X DOOH GHQ :XQVFK VLFK ]X LQIRU PLHUHQJHIROJWYRQGHQ:¾QVFKHQPLWUHGHQ]XN¸QQHQ 6SD¡]X KDEHQ XQGGDV(UKDOWHQYRQ'HQNDQVW¸¡HQ 5HLW]H 5LG GHU :DV LQWHUHVVLHUW GHQ /HVHU HLQHU =HLWXQJ" 'LHVH )UDJH LVW I¾U HLQH /RNDOUHGDNWLRQMHGHQ7DJDXIV1HXHKRFKUHOHYDQW*HQHUHOO]HLJHQ8P IUDJHQGDVVVLFK/HVHULQVEHVRQGHUHI¾UGDV/RNDOHLQWHUHVVLHUHQ¾EHU 3UR]HQW OHVHQ ಱ%HULFKWH DXV GHP 2UW XQG GHU 8PJHEXQJಯ LP $OOJH PHLQHQ W¦JOLFK 'DV /RNDOH KDW VRPLW I¾U GLH /HVHU JHUDGH YRQ ORNDOHQ XQG UHJLRQDOHQ =HLWXQJHQ HLQHQ EHVRQGHUHQ 6WHOOHQZHUW QHEHQ GHP DOO JHPHLQHQSROLWLVFKHQ7HLO$Q]HLJHQXQGGHP¾EHUUHJLRQDOHQ6SRUW)¾U M¾QJHUH/HVHUQLPPWGLH%HGHXWXQJGHV/RNDOHQHWZDVDEGDI¾ULVWGDV ,QWHUHVVHDP6SRUWWHLOK¸KHU'LHVHU%HIXQGZLUGVHLWYLHOHQ-DKUHQYRP
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
,QVWLWXW I¾U 'HPRVNRSLH $OOHQVEDFK YRUJHWUDJHQ QDKH]X HLQVWLPPLJ HPSIHKOHQ VRZRKO :LVVHQVFKDIWOHU DOV DXFK 3UDNWLNHU GLH %HWRQXQJ GHV /RNDOHQDOVHLQHQ]XNXQIWVZHLVHQGHQ7UHQG6RHWZD-DUUHQGHU QHEHQ NRVWHQORVHQ )RUPDW]HLWXQJHQ PLW KRKHU 1XW]ZHUW XQG 6HUYLFHRULHQWLH UXQJ XQG (OLWH]HLWXQJHQ PLW HLJHQVW¦QGLJHU SXEOL]LVWLVFKHU 3RVLWLRQ GLH /RNDOXQG5HJLRQDO]HLWXQJHQDOVGULWWHQ]XNXQIWVZHLVHQGHQ=HLWXQJVW\S VLHKW ,KUH $XIJDEH VHL HV VLFK QDK DQ GHU /HEHQVZHOW GHU /HVHULQQHQ XQG /HVHU ]X EHZHJHQ 'DI¾U JHEH HV NHLQ ಱ=HQWUDONRQ]HSWಯ MHGH =HL WXQJ PXVV LQGLYLGXHOO I¾U LKU 9HUEUHLWXQJVJHELHW ]XJHVFKQLWWHQ ZHUGHQ 8P GLH 9HU¦QGHUXQJHQ GHV 9HUEUHLWXQJVJHELHWHV I¾U GLH 5HGDNWLRQ ]X J¦QJOLFKHU ]X PDFKHQ VR VHLQH )RUGHUXQJ P¾VVHQ UHJHOP¦¡LJH .RP PXQLNDWLRQVUDXPDQDO\VHQ JHPDFKW ZHUGHQ -DUUHQ $XFK +DOOHU U¦XPWGHP0HGLXP=HLWXQJHLQH=XNXQIWHLQDXFKZHQQVLHLQGHQYRQ LKP HQWZLFNHOWHQ 6]HQDULHQ XQWHUVFKLHGOLFKH $XVSU¦JXQJHQ DXIZHLVHQ )¾U LKQ VWHKW GDEHL GLH )UDJH LP 9RUGHUJUXQG LQZLHZHLW VLFK)XQNWLRQV ]XZHLVXQJHQ VLHKH .DSLWHO 1XW]XQJVZ¾QVFKH GHU /HVHU XQG *DW WXQJVPHUNPDOHGHU=HLWXQJVRZRKOLQGHU3ULQWDOVDXFKLQGHUHOHNWURQL VFKHQ)RUPPLWHLQDQGHULQ*OHLFKNODQJ]XEULQJHQVLQG+DOOHU 'LH %HGHXWXQJ GHV /RNDOHQ ZLUG DXFK GXUFK (LQ]HOIDOOVWXGLHQ QLFKW JUXQGV¦W]OLFKZLGHUOHJW6RZHLVHQHWZD6WXGLHQPLW5HDGHUVFDQI¾UHLQ ]HOQH /RNDOWHLOH HLQH VFKZDFKH /HVHEHWHLOLJXQJ QDFK 'LHV NDQQ DEHU DXFK EHGHXWHQ GDVV GLH NRQNUHWH $XIPDFKXQJ QLFKW GHQ (UZDUWXQJHQ GHU /HVHU HQWVSURFKHQ KDW XQG VRPLW QLFKW ]XP /HVHQ DQLPLHUWH 'DV JUXQGV¦W]OLFKH ,QWHUHVVH NDQQ WURW]GHP YRUKDQGHQ VHLQ *HQDX GDULQ OLHJWGLH6FKZLHULJNHLWXQG]XJOHLFKGHUJUR¡H:HWWEHZHUEVYRUWHLOORNDOHU 7DJHV]HLWXQJHQ 8P GHQ (UZDUWXQJHQ YRQ /HVHUQ ]X EHJHJQHQ LVW HV QRWZHQGLJ LQ JXWHU $XIPDFKXQJ YLHOI¦OWLJH XQG XPIDQJUHLFKH ORNDOH ,Q KDOWHDQ]XELHWHQORNDOH9HUDQNHUXQJHQ]XHUP¸JOLFKHQGLHORNDOHQ%H VRQGHUKHLWHQDXI]X]HLJHQ6RNDQQGHU/HVHUDXVHLQHPJU¸¡HUHQ$QJH ERWVHLQHGLIIHUHQ]LHUWHQ,QIRUPDWLRQVEHG¾UIQLVVHEHIULHGLJHQದXQGDXFK ZHQQLKQQLFKWDOOH$UWLNHOJOHLFKHUPD¡HQLQWHUHVVLHUHQZHUGHQVRILQGHW HUGRFKHLQ$QJHERWGDVVHLQHQVSH]LILVFKHQ,QWHUHVVHQHQWVSULFKW
8PIUDJHHUJHEQLVVH GHV ,QVWLWXWV I¾U 'HPRVNRSLH $OOHQVEDFK HQWQRPPHQ %'=9 6II 6R]%5HLQKDUGYRQGHU0DLQ3RVWLQHLQHP,QWHUYLHZLQGHU6HQGXQJ=DSS'HV1'5 =XGHU0HWKRGH5HDGHUVFDQVLHKHGHQ¾EHUQ¦FKVWHQ$EVFKQLWWLQGLHVHP.DSLWHO
3HUVSHNWLYHQGHU)RUVFKXQJ
ಱ7DQWH(UQDಯRGHUGHUಱ2SDYRP3UHQ]ODXHU%HUJಯ :HOFKHV%LOGKDEHQ/RNDOMRXUQDOLVWHQYRQLKUHP3XEOLNXP" (LQ JHQHUHOOHV 3XEOLNXP GHU /RNDOMRXUQDOLVWHQ O¦VVW VLFK QXU EHGLQJW EH VFKUHLEHQ=XXQWHUVFKLHGOLFKVLQGGLH,QWHUHVVHQ9RUOLHEHQXQGGLH6WUXN WXUGHU/HVHUVFKDIWLQGHQYHUVFKLHGHQHQ9HUEUHLWXQJVJHELHWHQ8QGGRFK KDEHQ/RNDOMRXUQDOLVWHQHLQEHVWLPPWHV%LOGLKUHU/HVHUYRU$XJHQZHQQ VLH7KHPHQDXVZ¦KOHQVLFKI¾U6WLOIRUPHQHQWVFKHLGHQ%HLWU¦JHPLW%LO GHUQ YHUVHKHQ $XFK ZHQQ GDV 3XEOLNXP LQ VHLQHU JDQ] NRQNUHWHQ $XV SU¦JXQJI¾UGLHPHLVWHQ-RXUQDOLVWHQHKHUXQVSH]LILVFKLVWದHVLVWMDHLQH =XVDPPHQVHW]XQJ DXV HLQHU 9LHO]DKO YHUVFKLHGHQHU 3HUVRQHQ ದ VR KD EHQ-RXUQDOLVWHQGRFKHLQH$UW3URWRW\SLP.RSI'LHVHU3URWRW\SNDQQMH QDFK7KHPDZHFKVHOQPDOVFKUHLEWPDQI¾UGHQಱORNDOHQ0DQDJHUಯPDO I¾UGLHಱ+DXVIUDXYRQQHEHQDQಯRGHUಱXQVHUH5HQWQHUಯ+LHUNRQVWUXLHUHQ -RXUQDOLVWHQ 6WHUHRW\SHQ GLH LKQHQ EHL LKUHU $UEHLW DOV HLQH $UW 2ULHQWLH UXQJVSXQNWKHOIHQN¸QQHQYJO+RKOIHOG $XFKZHQQNRPPXQLNDWL RQVZLVVHQVFKDIWOLFKH6WXGLHQ]HLJHQGDVVVLFK-RXUQDOLVWHQEHLLKUHU$U EHLW LQ HUVWHU /LQLH DQ LKUHQ .ROOHJHQ RULHQWLHUHQ LVW GLH 2ULHQWLHUXQJ DQ HLQHP ದ RIWPDOV ILNWLYHQ ದ 3XEOLNXP I¾U GLH W¦JOLFKH MRXUQDOLVWLVFKH 7¦WLJ NHLW HLQH ZLFKWLJH 5HIHUHQ]JU¸¡H :HLVFKHQEHUJ0DOLN6FKROO YJO 'RQVEDFK 'LHV JLOW JHUDGH I¾U GHQ /RNDOMRXUQDOLVPXV ಱLPPHUಯ HUKDOWHQQDKH]XDOOHKLHUW¦WLJHQ-RXUQDOLVWHQ GLUHNWYRP3XEOLNXP 5HDNWLRQHQDXILKUH$UEHLW$OOHUGLQJVU¦XPHQQXU3UR]HQWGHP3XEOL NXPHLQHQJUR¡HQELVVHKUJUR¡HQ(LQIOXVVDXIGLH$UEHLWHLQ *HJHQVWDQG HPSLULVFKHU )RUVFKXQJ LVW DXFK GDV 3XEOLNXPVELOG GHU -RXUQDOLVWHQ/DQJH=HLWZXUGHQLKQHQHLQQHJDWLYHV,PDJHLKUHU/HVHUXQG HLQH JUR¡H VR]LDOH 'LVWDQ] ]X LKUHP 3XEOLNXP QDFKJHVDJW *HUDGH LP %HUHLFKGHV/RNDOMRXUQDOLVPXVNDPHQKLHU6WXGLHQMHGRFK]XXQWHUVFKLHG OLFKHQ$XVVDJHQ*XWKPDQQZLHV(QGHGHUDFKW]LJHU-DKUHLQHLQHU6WXGLH QDFK GDVV /RNDOMRXUQDOLVWHQ LKU 3XEOLNXP I¾U ELHGHU NOHLQE¾UJHUOLFK XQG VHQVDWLRQVKXQJULJ KDOWHQ LKP NHLQ (QJDJHPHQW RGHU VR]LDOH $NWLYLW¦WHQ ]XVFKUHLEHQ 'LH VR]LDOH 'LVWDQ] ZDU QDFK GLHVHQ (UJHEQLVVHQ ]ZLVFKHQ /RNDOMRXUQDOLVWHQ XQG LKUHP 3XEOLNXP VHKU JUR¡ :HLVFKHQEHUJ %DVVH ZLW] XQG 6FKROO NDPHQ MHGRFK LP JOHLFKHQ -DKU ]X HLQHP JDQ] DQGHUHQ
*XWKPDQQ]LWLHUWQDFK+RKOIHOG'HUPLVVDFKWHWH/HVHU
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
(UJHEQLV 1DFK LKUHQ 'DWHQ VHKHQ /RNDOMRXUQDOLVWHQ LKU 3XEOLNXP DOV NUL WLVFK DXIJHVFKORVVHQ XQG HKHU LQWHOOLJHQW GDV /HVHUELOG ZDU LQVJHVDPW DOVRHKHUSRVLWLY'LH$QQDKPHHLQHU*HULQJVFK¦W]XQJGHV3XEOLNXPVXQG HLQHU JUR¡HQ .RPPXQLNDWLRQVGLVWDQ] NRQQWH QLFKW EHVW¦WLJW ZHUGHQ :HL VFKHQEHUJ%DVVHZLW]6FKROO 'LHVJLOWQDFKGHUQHXHVWHQ-RXUQDOLVWHQEHIUDJXQJYRQ:HLVFKHQEHUJ 0DOLN XQG 6FKROO DXFK QRFK LP -DKUH -RXUQDOLVWHQ EHVFKUHLEHQ LKU 3XEOLNXP QXU QRFK LQ ZHQLJHQ )¦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¦W]HQLKU 3XEOLNXP KLQVLFKWOLFK GHV SROLWLVFKHQ ,QWHUHVVHV GHU ,QIRUPDWLRQV XQG 8QWHUKDOWXQJVRULHQWLHUXQJXQGGHU%LOGXQJHKHUGXUFKVFKQLWWOLFKHLQKDOWHQ HVI¾UHKHUHLQIOXVVORVNRQVHUYDWLYXQGWHQGHQ]LHOOHKHUI¾USROLWLVFKHWZDV UHFKWVYRQGHU0LWWHVWHKHQG'LHVH:HUWHVLQGDOOHUGLQJVQXUJHULQJYRP 'XUFKVFKQLWWVZHUW GHU 6NDOD DEZHLFKHQG VLH VLQG DOVR HKHU DOV 7HQGHQ] ]XYHUVWHKHQ 4XHOOHQI¾ULKU3XEOLNXPVELOGVLQGI¾U/RNDOMRXUQDOLVWHQ3XEOLNXPVUH DNWLRQHQ DEHU DXFK (U]¦KOXQJHQ GHU .ROOHJHQ ¾EHU 3XEOLNXPV NRQWDNWHXQGYRUDOOHPSULYDWH .RQWDNWH]XHLQ]HOQHQ3HUVRQHQDXVGHU /HVHUVFKDIW +LHU ]HLJW VLFK ZLHGHU GLH %HVRQGHUKHLW GHU ORNDOHQ $UEHLWVEHGLQJXQJHQGLHHVVFKZHUHUPDFKHQ]ZLVFKHQEHUXIOLFKHQXQG SULYDWHQ .RQWDNWHQ ]X XQWHUVFKHLGHQ E]Z GLH HLQH JUR¡H VR]LDOH 1¦KH ]ZLVFKHQ-RXUQDOLVWXQG3XEOLNXPEHGHXWHWVLHKH.DSLWHO
'LHVHU6WXGLHZXUGHQDOOHKLHUYHUZHQGHWHQ(UJHEQLVVHHQWQRPPHQ 0LW GLHVHU SROLWLVFKHQ (LQVFK¦W]XQJ GLVWDQ]LHUHQ VLFK -RXUQDOLVWHQ MHGRFK DXFK YRQ LKUHP 3XEOLNXP 'HQQ EHWUDFKWHW PDQ LKUH HLJHQHQ 3DUWHLQHLJXQJHQ RUGQHQ VLFK -RXUQDOLVWHQHKHUGHPSROLWLVFKOLQNHQ/DJHU]XYJO.DSLWHO
3HUVSHNWLYHQGHU)RUVFKXQJ
(LQVFKDOWTXRWHQI¾UGLH=HLWXQJRGHU/HVHQPLWGHP6WLIWದ 0HWKRGHQGHU=LHOJUXSSHQIRUVFKXQJ 'LH )UDJH GDQDFK ZHU GHQQ HLJHQWOLFK GHU /HVHU RGHU DXFK +¸UHU YRQ ORNDOHQ0HGLHQDQJHERWHQLVWNDQQOHW]WOLFKQXUGXUFKHPSLULVFKH6R]LDO IRUVFKXQJEHIULHGLJHQGJHO¸VWZHUGHQ,PIROJHQGHQ$EVFKQLWWVROOGDKHU HLQ %OLFN DXI GLH 0HWKRGHQ JHZRUIHQ ZHUGHQ PLW GHQHQ 5HGDNWLRQHQ HWZDV¾EHULKU3XEOLNXPHUIDKUHQN¸QQHQ 0DUNWIRUVFKXQJ XQWHUVW¾W]W GDV =HLWXQJVPDQDJHPHQW LQ YLHOHQ %H UHLFKHQ *RVH 6FKHQN '¸EOHU )¾U 5HGDNWLRQHQ LVW YRU DOOHP GHU (LQVDW] VR JHQDQQWHU UHGDNWLRQHOOHU )RUVFKXQJ LQWHUHVVDQW :HQQ VLFK &KHIUHGDNWHXUH XQG -RXUQDOLVWHQ I¾U GLH =XVDPPHQVHW]XQJ LKUHU /HVHUVFKDIW LQWHUHVVLHUHQ XQG HWZDV ¾EHU LKUH ,QWHUHVVHQ HUIDKUHQ ZROOHQP¾VVHQVLHVLHEHIUDJHQE]ZLKU9HUKDOWHQDQDO\VLHUHQ2EZRKO GLHVHLQOHXFKWHQGLVWZLUGGDV,QVWUXPHQWGHU/HVHUEHIUDJXQJEHLZHLWHP QLFKW GXUFKJ¦QJLJ HLQJHVHW]W .RVWHQDUJXPHQWH 9RUEHKDOWH JHJHQ¾EHU GHU 8PIUDJHIRUVFKXQJ XQG %HI¾UFKWXQJHQ JHJHQ¾EHU UHGDNWLRQHOOHQ .RQVHTXHQ]HQN¸QQWHQ*U¾QGHI¾UGHQLPPHUQRFK]¸JHUOLFKHQ(LQVDW] YRQ%HIUDJXQJHQVHLQ 1XW]XQJ XQG :LUNXQJHQ YRQ =HLWXQJHQ ]X PHVVHQ LVW PHWKRGLVFK HLQH +HUDXVIRUGHUXQJ GHU VLFK GLH /HVHUVFKDIWVIRUVFKXQJ VHLW YLHOHQ -DKU]HKQWHQ DQQLPPW +HVV *HQHUHOOHV 3UREOHP GHU KLHU HLQJH VHW]WHQ %HIUDJXQJHQ LVW GDV 4XHOOHQJHG¦FKWQLV GHU %HIUDJWHQ 'LH VXE MHNWLY HPSIXQGHQH %HGHXWVDPNHLW HLQHU ,QIRUPDWLRQ XQG GDPLW DXFK GH UHQ 6SHLFKHUXQJ LP /DQJ]HLWJHG¦FKWQLV OLHJW SULP¦U LQ GHUHQ ,QKDOW EHJU¾QGHW GK $EVHQGHU .RPPXQLNDWRU XQG ,QIRUPDWLRQVWU¦JHU 0H GLXP VLQGI¾UGHQ(PSI¦QJHU5H]LSLHQWHQ HLQHU,QIRUPDWLRQHKHU]ZHLW UDQJLJ 'LHV KDW ]XU )ROJH GDVV ,QIRUPDWLRQVTXHOOHQ ¾EOLFKHUZHLVH VFKQHOOHU YHUJHVVHQ ZHUGHQ DOV GHUHQ ,QKDOWH .RQNUHW EHGHXWHW GLHV GDVV GHU /HVHU VLFK ]ZDU HULQQHUW GDVV HU EHVWLPPWH ,QIRUPDWLRQHQ HU KDOWHQKDWVLFKDEHUQLFKW]ZLQJHQGHULQQHUWZRKHUHUVLHKDWDOVRDXV ZHOFKHP0HGLXP'DGLHVH,QIRUPDWLRQDEHU]XU0HVVXQJGHU5HLFKZHL
$OOJHPHLQH*DWWXQJVIRUVFKXQJXQG$Q]HLJHQIRUVFKXQJVLQGLQHUVWHU/LQLH,QVWUXPHQ WHGHU9HUODJVXQG$Q]HLJHQOHLWXQJXQGZHUGHQKLHUDXVJHNODPPHUW
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
WHQXQGDQGHUHUVWDWLVFKHQ.HQQGDWHQUHOHYDQWLVWJLOWHVHQWVSUHFKHQGH 0HWKRGHQHLQ]XVHW]HQ ,Q'HXWVFKODQGKDEHQVLFKYHUVFKLHGHQH%HIUDJXQJVPHWKRGHQHWDE OLHUW 'LH HLQ]HOQHQ ,QVWLWXWH GLHVHU 'LHQVWOHLVWXQJHQ ELHWHQ HLQH 9LHO]DKO DQ )RUVFKXQJVLQVWUXPHQWHQ PLW JDQ] XQWHUVFKLHGOLFKHQ %H]HLFKQXQJHQ DQ 'LH ]XJUXQGHOLHJHQGHQ 3ULQ]LSLHQ VLQG MHGRFK DXI ZHQLJH ]HQWUDOH $QV¦W]H ]XU¾FN]XI¾KUHQ =XP HLQHQ VLQG GLHV 9HUIDKUHQ ]XU 5HLFKZHL WHQHUPLWWOXQJ ]XP DQGHUHQ 9HUIDKUHQ ]XU (UIRUVFKXQJ GHV /HVHUV XQG VHLQHU,QWHUHVVHQOHW]WHUHN¸QQHQGXUFK%HIUDJXQJHQRGHUGXUFKWHFKQL VFKH0HVVXQJHQHUKREHQZHUGHQ 9HUIDKUHQGLHHKHUGHU5HLFKZHLWHQHUPLWWOXQJGLHQHQN¸QQHQXQWHU VFKLHGOLFKDXIJHEDXWVHLQ(LQPDOZLUGGDV/HVHQLP(UVFKHLQXQJVLQWHU YDOOHUKREHQ5HFHQW5HDGLQJ 'KHVZLUGJHIUDJWZLHYLHOH([HPSODUH HLQHU=HLWXQJLQGHUOHW]WHQ:RFKHJHOHVHQZXUGHQ1LFKWGLUHNWEHU¾FN VLFKWLJW ZLUG GDEHL RE MHPDQG DQ HLQHP 7DJ ]ZHL ([HPSODUH OLHVW DQ HLQHP DQGHUHQ DEHU GDI¾U NHLQV )¾U 7DJHV]HLWXQJHQ LVW GLHV ZHQLJHU UHOHYDQWGDVLHLQGHU5HJHOW¦JOLFKJHOHVHQZLUG)¾UPRQDWOLFKHUVFKHL QHQGH7LWHOZLH]%ORNDOH6WDGWPDJD]LQHKLQJHJHQNDQQGLHVVFKRQHLQ 3UREOHPVHLQGDGHU(ULQQHUXQJV]HLWUDXPLPPHUJU¸¡HUZLUGMHVHOWHQHU HLQ 7LWHO HUVFKHLQW 'HQQRFK JLOW GLHVHV 9HUIDKUHQ DOV 6WDQGDUGPRGHOO HLQJHVHW]W HWZD LQ GHU 0HGLD$QDO\VH 0$ (LQ DQGHUHV $EIUDJHPRGHOO IUDJWQDFKGHP/HVHQDP9RUWUDJDOVRNRQNUHWQDFKGHUJHVWULJHQ1XW ]XQJ ]% LQ GHU /DQJ]HLWVWXGLH 0DVVHQNRPPXQLNDWLRQ +¦XILJ ZLUG VRJDULQQHUKDOEGHUVHOEHQ6WXGLHEHLGHVDEJHIUDJW 'DV NODVVLVFKH ,QVWUXPHQW XP GHQ /HVHU XQG VHLQH 9RUOLHEHQ NHQ QHQ]XOHUQHQLVWGLH/HVHUXPIUDJH0LW+LOIHHLQHV)UDJHERJHQVN¸QQHQ VFKULIWOLFKRGHUP¾QGOLFKE]ZWHOHIRQLVFK/HVHUEHIUDJWZHUGHQGLHNRQ NUHWHQ)UDJHQZHUGHQGDEHLPLWGHU5HGDNWLRQXQGLQGHU5HJHODXFKGHU *HVFK¦IWVI¾KUXQJ DEJHVWLPPW 'LH %HIUDJXQJ EH]LHKW VLFK GDEHL QLFKW DXIHLQEHVWLPPWHV([HPSODUGHU=HLWXQJVRQGHUQXQWHUVXFKWGHQ/HVHU XQG VHLQH YRQ LKP IRUPXOLHUWHQ %HG¾UIQLVVH +LHU VHW]W ]% GLH 2SXV $QDO\VH DQ GLH GDV 0D¡ GHU =XIULHGHQKHLW E]Z 8Q]XIULHGHQKHLW GHV /HVHUV PLW GHP =HLWXQJVSURGXNW HUPLWWHOW $XI GLHVHU %DVLV NDQQ GDQQ GDVUHGDNWLRQHOOH3URGXNWQDFK/HVHUZ¾QVFKHQXPJHVWDOWHWZHUGHQ ,QGHUUHGDNWLRQHOOHQ)RUVFKXQJK¦XILJHLQJHVHW]WZHUGHQ%HIUDJXQ JHQ PLW 2ULJLQDOKHIW E]Z 2ULJLQDO]HLWXQJVYRUODJH DXFK UHGDNWLRQHOOH
3HUVSHNWLYHQGHU)RUVFKXQJ
&RS\WHVWV JHQDQQW 6LH LVW GLH ¦OWHVWH 0HWKRGH ]XU 8QWHUVXFKXQJ GHU /HVHUVFKDIW XQG ZXUGH LQ GHQ GUHL¡LJHU -DKUHQ LQ GHQ 86$ HLQJHI¾KUW 'HP %HIUDJWHQ ZHUGHQ HLQH EHVWLPPWH $XVJDEH RGHU PHKUHUH $XVJD EHQ HLQHV 7LWHOV YRUJHOHJW GLH GHU ,QWHUYLHZHU 6HLWH I¾U 6HLWH PLW LKP GXUFKJHKW XQG GDEHL IUDJW RE HU EHVWLPPWH ಱ6FKO¾VVHODUWLNHOಯ JHOHVHQ KDW(VJHKWGDEHLDOVRXPGLH%HDFKWXQJ1XW]XQJXQG%HZHUWXQJYRQ =HLWXQJVDUWLNHOQ %HIUDJW ZHUGHQ DXVJHZ¦KOWH /HVHU DXV GHP MHZHLOLJHQ 9HUEUHLWXQJVJHELHW 'LH $Q]DKO GHU %HIUDJWHQ OLHJW LQ GHU 5HJHO ]ZL VFKHQXQG%HIUDJWHQ&RS\WHVWVN¸QQHQDXFKI¾UVSH]LHOOH=LHO JUXSSHQ HLQJHVHW]W ZHUGHQ XP PHKU ¾EHU GHUHQ %HG¾UIQLVVH ]X HUIDK UHQVRHWZDI¾U-XJHQGOLFKHRGHUDXFKDXVO¦QGLVFKH%¾UJHU 'LHVHV9HUIDKUHQNDQQPLWWOHUZHLOHGXUFKWHFKQLVFKH0HVVXQJHQXQ WHUVW¾W]W ZHUGHQ VR GXUFK %OLFNYHUODXIVDXI]HLFKQXQJHQ RGHU GXUFK GHQ (LQVDW]HLQHV/HVHVWLIWV%HLGHU%OLFNYHUODXIVDXI]HLFKQXQJZHUGHQ/HVHU PLW HLQHU .RSINDPHUD DXVJHVWDWWHW GLH DXI]HLFKQHW ZHOFKH 7HLOH GHU =HLWXQJVVHLWH LQ ZHOFKHU 5HLKHQIROJH XQG ZLH ODQJH EHWUDFKWHW ZHUGHQ $XV GLHVHQ 'DWHQ NDQQ HLQH 5HGDNWLRQ ZHUWYROOH +LQZHLVH ¾EHU *HVWDO WXQJ XQG /HVHUI¾KUXQJ LKUHU 6HLWHQ HUIDKUHQ VRZLH IHVWVWHOOHQ ZHOFKH $UWLNHO EHUVFKULIWHQ %LOGHU EHVRQGHUV LQWHUHVVLHUWHQ 'DV 5HDGHUVFDQ 9HUIDKUHQKLQJHJHQDUEHLWHWPLWHLQHPHOHNWURQLVFKHQ6WLIWPLWZHOFKHP GHU/HVHUPDUNLHUWZDVHULQGHU=HLWXQJOLHVW'DI¾UZLUGHLQH*UXSSH YRQ/HVHUQDXVJHZ¦KOWGLH]X+DXVHLQJHZRKQWHU8PJHEXQJLKUH=HL WXQJOHVHQXQG¾EHU:RFKHQKLQZHJLKUH'DWHQPLWKLOIHGHV6WLIWHVDQGLH 5HGDNWLRQ¾EHUPLWWHOQ)¾UMHGHQ$UWLNHOZLUGHLQH/HVHTXRWHHUPLWWHOWGLH DQJLEWZLHYLHO3UR]HQWGHV$UWLNHOVRGHUDXFKGHU6HLWHJHOHVHQZXUGH (LQH JDQ]H 5HLKH YRQ /RNDO]HLWXQJHQ DUEHLWHW PLWWOHUZHLOH PLW GLHVHP 9HUIDKUHQ GLH (UJHEQLVVH VLQG WHLOZHLVH ¾EHUUDVFKHQG 6R HUI¦KUW HWZD GHU /RNDOVSRUW GHXWOLFK ZHQLJHU $XIPHUNVDPNHLW DOV JHGDFKW XQG DXFK GHU .XOWXUWHLO ZLUG HKHU ¾EHUEO¦WWHUW =XGHP NDQQ GLH 5HGDNWLRQ JDQ] JH]LHOWDPQ¦FKVWHQRGHUQRFKDPJOHLFKHQ7DJHUIDKUHQZHOFKH EHU
$QJHVWUHEW ZLUG LQ GHU 5HJHO HLQH UHSU¦VHQWDWLYH $XVZDKO GLH VWHOOYHUWUHWHQG I¾U GLH *HVDPWEHY¸ONHUXQJGHV9HUEUHLWXQJVJHELHWHVVHLQVROO$XVZDKOYHUIDKUHQNDQQHLQH 4XRWLHUXQJ QDFK EHVWLPPWHQ YRUJHJHEHQ 0HUNPDOHQ ZLH ]% $OWHU *HVFKOHFKW XQG %LOGXQJVHLQRGHUHLQH=XIDOOVDXVZDKO'HQ9HUODJHQELHWHWHWZDGLH=HLWXQJVPDUNH WLQJJHVHOOVFKDIW=0* YHUVFKLHGHQH&RS\WHVW9DULDQWHQDQ 'DV9HUIDKUHQZXUGHYRQGHP6FKZHL]HU&DUOR,PERGHQHLQJHI¾KUWXQGYHUPDUNWHW
.DSLWHO$QZHQULFKWHWVLFKGHU/RNDOWHLO"
VFKULIW]XP:HLWHUOHVHQYHUI¾KUWHXQGZHOFKHQLFKWXQGVRHLQHIXQGLHUWH %ODWWNULWLNGXUFKI¾KUHQ 'LH(LQI¾KUXQJYRQ5HDGHUVFDQKDWXQWHU-RXUQDOLVWHQ]XNRQWURYHU VHQ'LVNXVVLRQHQJHI¾KUW'LH]HQWUDOH)UDJHZDUXQGLVWREGLH$XVULFK WXQJDQ/HVHUTXRWHQGHUULFKWLJH:HJ]XHLQHUJXWHQ=HLWXQJLVW'HXWOLFK LVWDEHUGDVV¾EHUGLHVHQ:HJJH]LHOW/HVHULQWHUHVVHQHUPLWWHOWZHUGHQ N¸QQHQ'LHVH(UIDKUXQJHQN¸QQHQGDQQLQGLHW¦JOLFKH5HGDNWLRQVDUEHLW HLQIOLH¡HQ,P,GHDOIDOOI¾KUWGLHV]XHLQHU DQJHUHJWHQ UHGDNWLRQVLQWHUQHQ %ODWWNULWLNHLQ1HJDWLYV]HQDULRN¸QQWHHLQH9HUIODFKXQJGHU,QKDOWHGXUFK HLQ]XVHKUDQGHU4XRWHRULHQWLHUWHVMRXUQDOLVWLVFKHV6FKDIIHQVHLQ 'DU¾EHU KLQDXV VWHKHQ DXFK GHQ 5HGDNWLRQHQ GLH (UJHEQLVVH GHU 0DUNWXQG0HGLHQIRUVFKXQJPLWHLQHUJDQ]HQ5HLKHYRQ]HQWUDOHQ6WXGLHQ ]XU 9HUI¾JXQJ 6R JLOW HWZD GLH IRUWODXIHQG GXUFKJHI¾KUWH UHSU¦VHQWDWLYH 0HGLD$QDO\VH0$ DOVGLH(UKHEXQJVFKOHFKWKLQGLHLQLKU]XVDPPHQJH VFKORVVHQHQ 9HUODJH OHJHQ JUR¡HQ :HUW DXI GLH KLHU HUPLWWHOWHQ =DKOHQ 'DUXQWHULVWDXFKHLQHJDQ]H5HLKHYRQJU¸¡HUHQUHJLRQDOHQ7DJHV]HLWXQ JHQ GLH VR ,QIRUPDWLRQHQ ¾EHU LKUH /HVHU HUKDOWHQ 6LQQ XQG =LHO GLHVHU JUXQGOHJHQGHQ 0HGLD6WXGLHQ LVW HV I¾U GLH :HUEHNXQGHQ HLQKHLWOLFKH 6WDQGDUGV I¾U :HUEHWU¦JHU ]X VFKDIIHQ XQG VR HLQH 9HUJOHLFKEDUNHLW ]X HUP¸JOLFKHQ6LHHUPLWWHOQ'DWHQ¾EHU1XW]XQJXQGGLH=XVDPPHQVHW]XQJ GHU /HVHUVFKDIW ,QIRUPDWLRQHQ ]X ,QWHUHVVHQ XQG %HG¾UIQLVVHQ MHGRFK P¾VVHQ PLW DQGHUHQ 8QWHUVXFKXQJHQ ZLH REHQ EHVFKULHEHQ ]XV¦W]OLFK HUIRUVFKWZHUGHQ(LQHQJXWHQEHUEOLFN¾EHUGLH$XIODJHQK¸KHQELHWHQGLH 'DWHQ GHU ,QIRUPDWLRQVJHPHLQVFKDIW]XU )HVWVWHOOXQJ GHU 9HUEUHLWXQJYRQ :HUEHWU¦JHUQH9,9: 6LHHUKHEWXQGNRQWUROOLHUWGLH$XIODJHQYRQ=HL WXQJHQ XQG /HLVWXQJVPHUNPDOH DQGHUHU 0HGLHQ DOV HLQ YRQ 0HGLHQXQ WHUQHKPHQ XQG $JHQWXUHQ JHWUDJHQH XQDEK¦QJLJH (LQULFKWXQJ PLW GHP =LHO:HUEHNXQGHQYDOLGH'DWHQ]XU9HUI¾JXQJ]XVWHOOHQ6FKXO] (LQ 9HUIDKUHQ ZHOFKHV QLFKW GHQ /HVHU VRQGHUQ GHQ 0DUNW LQ GHQ 0LWWHOSXQNW VWHOOW LVWGDVVRJ%HQFKPDUNLQJ+LHUEHLZLUGGLH¾EHUUHJLRQDOH,QIRUPDWLRQVOHLVWXQJHLQHV 0HGLXPV LQKDOWVDQDO\WLVFK DQKDQG IHVWJHOHJWHU .ULWHULHQ PLW :HWWEHZHUEHUQ YHUJOL FKHQLP/RNDOEHUHLFKHUIROJWGHU9HUJOHLFKPDQJHOV:HWWEHZHUEHQPLWHLQHPPLWWHOV 'XUFKVFKQLWWVZHUWHQHUPLWWHOWHQ3URWRW\S+DOOHU
3HUVSHNWLYHQGHU)RUVFKXQJ
=XVDPPHQIDVVXQJ -RXUQDOLVWHQ ZHLVHQ HLQH VWDUN DXVJHSU¦JWH .ROOHJHQRULHQWLHUXQJ DXI 'HQQRFK LVW I¾U GLH $XVULFKWXQJ LKUHU MRXUQDOLVWLVFKHQ $UEHLW DXFK GDV (LQEH]LHKHQ GHV 3XEOLNXPV YRQ %HGHXWXQJ 'DKHU LVW HV VLQQYROOVLFK DNWLY ¾EHU VHLQH /HVHU XQG +¸UHU ]X LQIRUPLHUHQ 'DI¾U VWHKHQ QHEHQ GHQ :HJHQ GHU GLUHNWHQ .RPPXQLNDWLRQ DXFK HLQH JDQ]H 5HLKH YRQ HPSLULVFKHQ0HWKRGHQGHU/HVHUVFKDIWVIRUVFKXQJ]XU9HUI¾JXQJ'LHVH UHLFKHQ YRQ /HVHUEHIUDJXQJHQ ¾EHU &RS\WHVWV ELV KLQ ]X WHFKQLVFKHQ 0HVVXQJHQPLWGHQHQHLQH$UW/HVHUTXRWHHUPLWWHOWZHUGHQNDQQ RGHU ¾EHU%OLFNYHUODXIVDXI]HLFKQXQJHQGHU/HVHYRUJDQJQDFKYROO]RJHQZLUG 'HQ W\SLVFKHQ /RNDO]HLWXQJVOHVHU ]X EHVFKUHLEHQ I¦OOW HKHU VFKZHU *HQHUHOO ZLUG GLH =HLWXQJ LQ LKUHP 9HUEUHLWXQJVJHELHW YRQ /HVHUQ HLQHP KHWHURJHQHQ 3XEOLNXP JHOHVHQ HLQH 7HQGHQ] ]X GHQ HKHUHWZDVOWHUHQXQG*HELOGHWHQLVWKLHUDEHUHEHQVRZLHEHLDQGH UHQ=HLWXQJVW\SHQIHVW]XVWHOOHQ'DV3XEOLNXPVELOGGHU-RXUQDOLVWHQLVW DOV5HIHUHQ]JU¸¡HZLFKWLJDQLKPVSLHJHOWGHU-RXUQDOLVWVHLQH$UEHLW ZLGHU(V]HLJWVLFKGDVVVLHKHXWHHLQHKHUSRVLWLYHV%LOGLKUHU/HVHU KDEHQXQGVLFKQLFKWLQJUR¡HU'LVWDQ]]XLKQHQEHILQGHQ
:HLWHUI¾KUHQGH/LWHUDWXU %LVLDX[ $QQDEHOOH 5HJLRQDOH 7DJHV]HLWXQJ XQG MXJHQGOLFKH 1LFKWOHVHU /¸VXQJV VWUDWHJLHQ ]XU 6WHLJHUXQJ GHU $WWUDNWLYLW¦W GHU =HLWXQJ EHL MXJHQGOLFKHQ 1LFKWOHVHUQ 0¾QVWHU/LW +DVHEULQN 8ZH 1XW]XQJVIRUVFKXQJ ,Q %HQWHOH *¾QWHU%URVLXV +DQV%HUQG-DU UHQ2WIULHG+UVJ IIHQWOLFKH.RPPXQLNDWLRQ+DQGEXFK.RPPXQLNDWLRQVXQG0H GLHQZLVVHQVFKDIW6 :LHVEDGHQ:HVWGHXWVFKHU9HUODJ +RKOIHOG 5DOI -RXUQDOLVPXV XQG 0HGLHQIRUVFKXQJ 7KHRULH (PSLULH 7UDQVIHU .RQVWDQ]89. 0H\HQ0LFKDHO Mediennutzung: Mediaforschung, Medienfunktionen, Nutzungsmuster. Konstanz: UVK. 3DVTXD\ $QMD +UVJ /HVHQ ದ 6SLHOHQ ದ /HUQHQ .LQGHU XQG =HLWXQJ %HUOLQ =9 =HLWXQJV9HUODJ6HUYLFH 5DJHU *¾QWKHU*UDI6]F]XND .DUROD+DVVHPHU *UHJRU6¾SHU 6WHSKDQLH +UVJ =HLWXQJVMRXUQDOLVPXV(PSLULVFKH/HVHUVFKDIWVIRUVFKXQJ.RQVWDQ]89. 5HLQHPDQQ &DUVWHQ 0HGLHQPDFKHU DOV 0HGLHQQXW]HU .RPPXQLNDWLRQV XQG (LQ IOXVVVWUXNWXUHQLPSROLWLVFKHQ-RXUQDOLVPXVGHU*HJHQZDUW.¸OQ%¸KODX 5LQVGRUI /DUV:HEHU %HUQG :HOOPDQQ )DON:HUQHU 3HWUD +UVJ -RXUQDOLVPXV PLW%RGHQKDIWXQJ$QQ¦KHUXQJDQGDV3XEOLNXP0¾QVWHU/LW 6FKHQN 0LFKDHO 0HGLHQZLUNXQJVIRUVFKXQJ YROOVW ¾EHUDUE $XIO 7¾ELQJHQ 0RKU6LHEHFN
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW 6LFKWZHLVHQGHU3UD[LV 6LHPDFKHQHLQ3UDNWLNXPLQHLQHU/RNDOUHGDNWLRQ(VLVWVFKRQZLHGHU QDFK 8KUಱ:DUXPVHLG,KUHLJHQWOLFKLPPHU QRFK DOOHKLHU",Q GHU :LUWVFKDIWVUHGDNWLRQ P¾VVWH PDQ DUEHLWHQ GD LVW QLHPDQG PHKUಯ VFKQHLGHQ6LHHLQEULVDQWHV7KHPDDQ'LH$UEHLWV]HLWHQLQGHQ 5HV VRUWV 'LVNXWLHUHQ ZLOO GDV DP $EHQG QDW¾UOLFK QLHPDQG DEHU 6LH IUD JHQ VLFK RE GDV I¾U 6LH GLH =XNXQIW LVW QLH ]X ZLVVHQ ZDQQ GHU $U EHLWVWDJ HQGHW 6LH GHQNHQ DQ HLQ VS¦WHUHV )DPLOLHQOHEHQ PLW ZHQLJ )UHL]HLW'HQQHLQ/RNDOMRXUQDOLVWLVWVW¦QGLJLP'LHQVW,PPHUDEUXIEH UHLWLPPHUDXIGHP6SUXQJ .ODVVLVFK LVW LQ 'HXWVFKODQG GLH 5HJLRQDO]HLWXQJ PLW YLHOHQ /RNDODXVJD EHQ,QGLHVHU.RQVWHOODWLRQVLQGGLH/RNDOUHGDNWHXULQQHQXQGUHGDNWHXUH GHXWOLFKLQGHUEHU]DKO'DVVVLHLQGHU*HVDPWUHGDNWLRQGHQQRFKQLFKW GLHHQWVSUHFKHQGH$QHUNHQQXQJHUIDKUHQOLHJWYRUDOOHPDQGHQJHRJUD SKLVFKHQ *HJHEHQKHLWHQ 'LH /RNDOUHGDNWLRQHQ EHILQGHQ VLFK ZHLW YHU VWUHXW LQ GHU )O¦FKH GLH 9HUELQGXQJHQ XQWHUHLQDQGHU EHVFKU¦QNHQ VLFK DXIGDVQ¸WLJVWHGLH=HQWUDOHZLUGDPOLHEVWHQZHLWU¦XPLJXPIDKUHQ
/HUQ]LHOH Â ,QZHOFKHQ6WUXNWXUHQDUEHLWHQ-RXUQDOLVWHQ" Â :LHZHUGHLFK9RORQW¦U" Â :LHVLHKWHLQHJXWH$XVELOGXQJDXV" ,Q GLH =HQWUDOH IDKUHQ GLH PHLVWHQ 5HGDNWHXULQQHQ XQG 5HGDNWHXUH QXU ZHQQ VLH YRQ GHU &KHIUHGDNWLRQ ಱHLQEHVWHOOWಯ ZRUGHQ VLQG 'DV YHUKHL¡W GDQQ PHLVWHQV QLFKWV *XWHV 'HU .RQWDNW ]XU 0DQWHOUHGDNWLRQ ILQGHW GXUFKZHJDP7HOHIRQVWDWWXQGLVWQDKH]XHLQH(LQEDKQVWUD¡H(LQ0DQ
6LFKWZHLVHQGHU3UD[LV
WHOUHVVRUW ZLOO Q¦POLFK HWZDV YRQ HLQHU /RNDOUHGDNWLRQ HLQHQ 7H[W YRQ HLQHP3UR]HVVPLWUHJLRQDOHU %HGHXWXQJDP¸UWOLFKHQ $PWVJHULFKWHLQH 0HOGXQJ YRQ GHU 3UHVVHNRQIHUHQ] HLQHV JUR¡HQ ,QGXVWULHEHWULHEHV DP 2UWRGHUHLQ3RUWU¦W¾EHUHLQHQ)XQNWLRQ¦UDXVGHU6WDGWGHULQGHQ/DQ GHVYRUVWDQG GHU *HZHUNVFKDIW JHZ¦KOW ZHUGHQ VROO 'LH =HQWUDOH ಱEH GLHQWಯVLFKDOVRLQGHQ/RNDOUHGDNWLRQHQ 'HUXPJHNHKUWH:HJLVWVHOWHQHU/RNDOUHGDNWLRQHQELHWHQGHP0DQ WHO QDW¾UOLFK DXFK LQWHUHVVDQWH *HVFKLFKWHQ DQ ZRKO ZLVVHQG GDVV GLH $UEHLW GDPLW ]LHPOLFK VLFKHU DQ LKQHQ K¦QJHQ EOHLEW ಱ0HQVFK NODVVH QHKPH LFK JHUQ .¸QQW LKU GLH *HVFKLFKWH DXFK VFKUHLEHQ" ,FK NDQQ QLHPDQGHQ VFKLFNHQಯ LVW HLQH GHU 5HDNWLRQHQ LQ GHU =HQWUDOH DXI GDV $QJHERW-HW]WYHUVWHKWPDQZDUXPHVGLH.ROOHJLQQHQXQG.ROOHJHQLQ GHU$X¡HQUHGDNWLRQQLFKWVRVHKUGU¦QJWLQGLH+DXSWUHGDNWLRQ]XIDKUHQ RGHU VW¦QGLJ .RQWDNW ]X KDOWHQ 'HQQ GDV LVW PHLVWHQV PLW 0HKUDUEHLW YHUEXQGHQ(VNDQQDEHUQDW¾UOLFKDXFKHLQHKUJHL]LJHV=LHOVHLQHLQPDO HLQH*HVFKLFKWHLPಱ0DQWHOಯXQWHU]XEULQJHQ 8PWURW]GHUಱ(LQEDKQVWUD¡HಯDQGLHJXWHQ*HVFKLFKWHQLQGHU5HJLRQ KHUDQ]XNRPPHQ KDEHQ GLH PHLVWHQ 5HJLRQDO]HLWXQJHQ LQ]ZLVFKHQ HLQH HQJHUH$QELQGXQJLKUHU/RNDOUHGDNWLRQHQDQGHQ0DQWHOLQVWLWXWLRQDOLVLHUW 'HU /RNDOFKHI RGHU VHLQ 6WHOOYHUWUHWHU QHKPHQ DQ GHU W¦JOLFKHQ 7HOHIRQ NRQIHUHQ]PLWGHU5HJLRQDOUHGDNWLRQWHLO$X¡HUGHPZHUGHQ]X/RNDOFKHI NRQIHUHQ]HQ5HVVRUWOHLWHUDXVGHP0DQWHOHLQJHODGHQXPQHXH(QWZLFN OXQJHQJHSODQWH$NWLRQHQRGHU3UREOHPHLQGHUW¦JOLFKHQ=XVDPPHQDUEHLW ]XEHVSUHFKHQ 9RQ ZHOFKHP :HUW GLH /RNDOUHGDNWLRQHQ I¾U GLH JHVDPWH =HLWXQJ VLQG O¦VVW VLFK DP EHVWHQ LQ 6WUHLNVLWXDWLRQHQ HUNHQQHQ $UEHLWHW LQ GHU /RNDOUHGDNWLRQQLHPDQGJLEWHVQLFKWVDXVGHU5HJLRQ6WUHLNHQ0DQWHO UHVVRUW.ROOHJHQ VLQG LPPHU QRFK ZHQLJH QLFKW VWUHLNHQGH .U¦IWH ]XP %HLVSLHO GLH &KHIUHGDNWLRQ GD GLH GLH =HLWXQJ DXV $JHQWXUPDWHULDO XQG 3RVWHLQJ¦QJHQSURGX]LHUHQN¸QQHQ :HQQ .ROOHJHQ DXV GHP +DXSWKDXV LQ GLH ಱ3URYLQ]ಯ NRPPHQ ZLUG GLH EHVRQGHUH %H]LHKXQJ GHU /RNDOUHGDNWHXULQQHQ XQG UHGDNWHXUH ]X GHQ$NWHXUHQLQLKUHU6WDGWDXJHQVFKHLQOLFK=XP1HXMDKUVHPSIDQJGHV 2EHUE¾UJHUPHLVWHUVNRPPW DXVGHU=HQWUDOH DXFKGHU5HVVRUWFKHI 3ROL WLN'HU2%EHJU¾¡WLQVHLQHU5HGHGHQ/DQGUDWGHQ,+.3U¦VLGHQWHQದ XQG GDQQ VFKRQ GHQ /RNDOUHGDNWHXU 9RP &KHI GHU 3ROLWLNUHGDNWLRQ LVW
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
NHLQH5HGH'HQNHQQWPDQKLHUQLFKWದGHU/RNDOUHGDNWHXUKLQJHJHQLVW HLQHIHVWH*U¸¡H ,QGHU0LWWDJVNRQIHUHQ]DPQ¦FKVWHQ7DJLQGHU=HQWUDOHYHUNHKUHQ VLFK GLH 9HUK¦OWQLVVH ZLHGHU 'HU 6WHOOHQZHUW GHV /RNDOHQ LQQHUKDOE GHU 5HGDNWLRQ ZLUG DQ HLQHU VFKHLQEDUHQ .OHLQLJNHLW GHXWOLFK 'LH 7KHPHQ NRQIHUHQ]EHJLQQWPLWGHU3ROLWLN(VIROJHQ5HJLRQDOHV:LUWVFKDIW6SRUW .XOWXU XQG ದ /RNDOHV $XV GHP 7KHPHQDQJHERW GHU /RNDOUHGDNWLRQ EH GLHQHQVLFKGDQQDOOH5HVVRUWV*LEWHV0HLQXQJVYHUVFKLHGHQKHLWHQ¾EHU GLH 3ODW]LHUXQJ EHVWLPPWHU 7KHPHQ LQVEHVRQGHUH ZHUEHQGHU $UWLNHO RGHUKDXVHLJHQHU/HVHUDNWLRQHQVRODQGHQGLHVHIDVWLPPHULP/RNDOWHLO ಱ'DV*HZLQQVSLHOLQWHUHVVLHUWGRFKLPJHVDPWHQ9HUEUHLWXQJVJHELHWಯ ZHQGHW GHU /RNDOFKHI HLQ ಱ-Dಯ NRQ]HGLHUHQ GLH DQGHUHQ 5HVVRUWFKHIV JHQHU¸VಱDEHUGDV/RNDOHZLUGHEHQDPPHLVWHQJHOHVHQಯ6RKDOWHQVLHದ ]X/DVWHQGHU/RNDOUHGDNWLRQHQದLKUH0DQWHOVHLWHQIUHLYRQ$NWLRQHQXQG (LJHQDQ]HLJHQ 8PGLH$UEHLW]ZLVFKHQ0DQWHOUHGDNWLRQXQG/RNDOUHGDNWLRQHQEHVVHU ]X YHU]DKQHQ KDEHQ YLHOH &KHIUHGDNWLRQHQ HLQHQ 3HUVRQDO$XVWDXVFK HLQJHI¾KUW'DVKHL¡WGDVV0DQWHOUHGDNWHXULQQHQXQGUHGDNWHXUHI¾U:R FKHQ RGHU 0RQDWH LQ HLQH /RNDOUHGDNWLRQ DEJHRUGQHW ZHUGHQ ,P *HJHQ ]XJNRPPHQ/RNDOMRXUQDOLVWHQLQGHQ0DQWHO'LHVH0D¡QDKPHI¸UGHUWGDV ZHFKVHOVHLWLJH9HUVW¦QGQLVXQGHUK¸KWGLH$FKWXQJYRUGHU$UEHLWGHVMH ZHLOVDQGHUHQ $EHU VRODQJH QRFK JLOW GDVV GHU :HFKVHO DXV HLQHU /RNDOUHGDNWLRQ LQGLH3ROLWLN:LUWVFKDIWV)HXLOOHWRQRGHU6SRUWUHGDNWLRQHLQ$XIVWLHJLVW XQG YRU]XJVZHLVH 3ROLWLNUHGDNWHXUH &KHIUHGDNWHXUH ZHUGHQ KDW GLH /R NDOEHULFKWHUVWDWWXQJ QLFKW GHQ LKU JHE¾KUHQGHQ 6WHOOHQZHUW :¾UGH PDQ GHU%HGHXWXQJGHV/RNDOHQLP:HWWEHZHUE5HFKQXQJWUDJHQVRP¾VVWH LQYLHOPHKU=HLWXQJHQGHU&KHIGHUJU¸¡WHQ/RNDODXVJDEHDXFK0LWJOLHG GHU&KHIUHGDNWLRQVHLQ
,PPHULP'LHQVW$UEHLWHQDP:RFKHQHQGH 5HGDNWHXULQQHQ XQG 5HGDNWHXUH GLH LQ GHQ 0DQWHO JHZHFKVHOW VLQG KDEHQGDVPHLVWH9HUVW¦QGQLVI¾UGLH/RNDOUHGDNWLRQHQZHLOVLHZLVVHQ XQWHU ZHOFKHQ %HGLQJXQJHQ XQG PLW ZHOFKHU %HODVWXQJ GRUW JHDUEHLWHW
6LFKWZHLVHQGHU3UD[LV
ZLUG'HU:HJYRP/RNDOHQLQGHQ0DQWHOLVWGLH5HJHOGHUXPJHNHKUWH :HJQRFKGLH$XVQDKPH'DVK¦QJWYRUDOOHPEHL.ROOHJLQQHQXQG .RO OHJHQPLW)DPLOLHYRQGHU3ODQXQJVVLFKHUKHLWDEGLHPDQJHZLQQWZHQQ PDQ LQ 5HVVRUWV ZHFKVHOW GLH UHODWLY IHVWH $UEHLWV]HLWHQ NHQQHQ *DQ] DEJHVHKHQYRQGHQ:RFKHQHQGGLHQVWHQLP/RNDOHQEHLGHQHQ,QWHQVLW¦W XQG=HLWDXIZDQGದZLHLQGHU6SRUWUHGDNWLRQದYRQGHU7HUPLQODJHGLNWLHUW ZHUGHQ Z¦KUHQG LQ 0DQWHOUHVVRUWV GLH :RFKHQHQG$UEHLWV]HLWHQ N¾U]HU XQGYRUDOOHP]HLWOLFKJHUHJHOWVLQG )¾U:RFKHQHQGGLHQVWHJLEWHVLQGHQ5HGDNWLRQHQ]ZHLಱ6FKXOHQಯ Â (V PDFKHQ P¸JOLFKVW YLHOH .ROOHJLQQHQ XQG .ROOHJHQ 'LHQVW GDQQ KDW GHU (LQ]HOQH QLFKW VR YLHO ]X WXQ XQG NDQQ DXFK QRFK 3ULYDWWHU PLQH HLQVFKLHEHQ $X¡HUGHP N¸QQHQ GDQQ PHKU 7HUPLQH YRQ +DXSWEHUXIOLFKHQEHVHW]WZHUGHQ Â (VPDFKHQP¸JOLFKVWZHQLJH.ROOHJLQQHQXQG.ROOHJHQ'LHQVWGDQQ KDWGHU(LQ]HOQH]ZDUGHXWOLFKPHKU]XWXQDEHUHULVWVHOWHQHUGUDQ PLW:RFKHQHQGGLHQVWHQ:HQQQDFKGHP5RWDWLRQVSULQ]LSLQGHUDFKW N¸SILJHQ5HGDNWLRQYLHU5HGDNWHXUH'LHQVWPDFKHQNRPPHQVLH]XP %HLVSLHO DQ MHGHP ]ZHLWHQ :RFKHQHQGH GUDQ DUEHLWHQ QXU ]ZHL 5H GDNWHXUHPXVVQXUMHGHVYLHUWH:RFKHQHQGHJHDUEHLWHWZHUGHQ1D W¾UOLFKYHUGLFKWHWVLFKGLHVHU7XUQXVLQ.UDQNKHLWVXQG8UODXEV]HLWHQ 'HU'LHQVWPLWP¸JOLFKVWNOHLQHU%HVHW]XQJZLUGLQGHQPHLVWHQ+¦XVHUQ IDYRULVLHUW ZHLO DXFK I¾U -RXUQDOLVWHQ )UHL]HLW HLQHQ KRKHQ 6WHOOHQZHUW KDW 0DQ DUEHLWHW OLHEHU VHKU LQWHQVLY DQ GHP HLQHQ :RFKHQHQGH KDW GDI¾U DEHU HLQ ZHLWHUHV :RFKHQHQGH PHKU IUHL 'LH 5HJHOXQJ KDW DEHU DXFK ¸NRQRPLVFKH *U¾QGH 'HQQ QHEHQ HLQHP )UHL]HLWDXVJOHLFK PXVV DXFK HLQH 6RQQWDJVGLHQVW3DXVFKDOH JHZ¦KUW ZHUGHQ :¦KUHQG GDV (QWJHOWGLH5HGDNWLRQದLP*HJHQVDW]]XP9HUOHJHUದQLFKWVW¸UWPDFKW HVQDW¾UOLFKHLQHQ8QWHUVFKLHGREXQWHUGHU:RFKHI¾UYLHUGLHQVWWXHQGH .ROOHJLQQHQ XQG .ROOHJHQ DFKW IUHLH 7DJH DOV )UHL]HLWDXVJOHLFK JHZ¦KUW ZHUGHQP¾VVHQದRGHUQXUYLHU7DJHI¾U]ZHL:RFKHQHQGGLHQVWOHU %HLGHU$UEHLWPLWHLQHUNOHLQHQ:RFKHQHQGGLHQVW0DQQVFKDIWIDOOHQ DOOHUGLQJVK¸KHUH+RQRUDUNRVWHQDQGHQQGLHYLHOHQ7HUPLQHP¾VVHQPLW IUHLHQ 0LWDUEHLWHUQ EHVHW]W ZHUGHQ 'DV EHGHXWHW DX¡HUGHP I¾U GLH
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
+DXSWEHUXIOLFKHQGLHVLFKGDQQLPZHVHQWOLFKHQDXIGHQ,QQHQGLHQVWXQG GLH :DKUQHKPXQJ KHUDXVUDJHQGHU (UHLJQLVVH EHVFKU¦QNHQ HLQHQ HU K¸KWHQ5HGLJLHUDXIZDQG 1DW¾UOLFK KDW GLH :RFKHQHQGGLHQVW%HVHW]XQJ DXFK )ROJHQ I¾U GLH /HVHULQQHQXQG/HVHU'LH0RQWDJDXVJDEHELHWHWHLQHQZHQLJHUXPIDQJ UHLFKHQ/RNDOWHLO
'HU.¸QLJVZHJ]XP%HUXI $XV 6LFKW GHV MRXUQDOLVWLVFKHQ 1DFKZXFKVHV ZDU HV QRFK QLH VR VFKZHU HLQ 9RORQWDULDW ]X EHNRPPHQ 8QG GDV VFKHLQW QRFK VFKZLHULJHU ]X ZHU GHQGHQQ9HUODJHEDXHQLKUH$XVELOGXQJVNDSD]LW¦WHQDXV.RVWHQJU¾QGHQ DE'DVV9RORQW¦UHQDFKGHU]ZHLM¦KULJHQ$XVELOGXQJHLQHQ$QVFKOXVVYHU WUDJEHNRPPHQLVWHKHUGLH$XVQDKPHYRU%HJLQQGHU=HLWXQJVNULVHZDU HVGLH5HJHO $EHUZLHZLUGPDQ¾EHUKDXSW9RORQW¦U"9LHOH5HJLRQDO]HLWXQJHQUHN UXWLHUHQ GHQ 1DFKZXFKV DXV GHP .UHLV LKUHU IUHLHQ 0LWDUEHLWHU XQG GHQ -RXUQDOLVWLN6WXGLHQJ¦QJHQ LQ 'RUWPXQG XQG /HLS]LJ )¾U IUHLH 0LWDUEHLWHU VSULFKWGLHORNDOHXQGUHJLRQDOH.RPSHWHQ]I¾UGLH6WXGLHUHQGHQGHU-RXU QDOLVWLN LKUH )¦KLJNHLW ¾EHU GHQ ORNDOHQ 7HOOHUUDQG KLQDXV]XEOLFNHQ XQG DX¡HUGHPQRFKQHXH,GHHQDXVGHU:LVVHQVFKDIWLQGHQ5HGDNWLRQVDOOWDJ HLQ]XEULQJHQ 9RUDXVVHW]XQJ I¾U HLQ 9RORQWDULDW LVW PLWWOHUZHLOH HLQ +RFK VFKXODEVFKOXVVHJDOLQZHOFKHP)DFK*DQ]VHOWHQHUKDOWHQ4XHUHLQVWHL JHU XQG $ELWXULHQWHQ HLQHQ $XVELOGXQJVSODW] %HJDEXQJ DOOHLQ UHLFKW QLFKW PHKU)DVWLPPHUZLUGDXFKGHU1DFKZHLVYRQ+RVSLWDWLRQHQXQG3UDNWLND JHIRUGHUW 8QG GDEHL VROO HV VLFK QLFKW XP HLQH EXQWH HKHU ZLOON¾UOLFKH $QVDPPOXQJ YRQ 6WDWLRQHQ KDQGHOQ VWDWWGHVVHQ PXVV HLQH JHZLVVH 6WULQJHQ]HUNHQQEDUVHLQ6RLVWHVVLQQYROOLQGHU3ULQWVSDUWHDQ]XIDQJHQ XQGQDFKGHU/RNDOUHGDNWLRQQRFKLQHLQHUNODVVLVFKHQ1DFKULFKWHQUHGDNWL RQ LP 2QOLQH5HVVRUW XQG YLHOOHLFKW LP ORNDOHQ +¸UIXQN ]X KRVSLWLHUHQ EHYRU PDQ VLFK GHQ ¾EHUUHJLRQDOHQ HOHNWURQLVFKHQ 0HGLHQ XQG YLHOOHLFKW QRFK GHU 35$UEHLW ]XZHQGHW :LFKWLJ LVW HV $UEHLWVQDFKZHLVH I¾U HLQH VS¦WHUH%HZHUEXQJVPDSSH]XVDPPHOQXQG=HXJQLVVHKLQ]X]XI¾JHQ 'LHVH'RNXPHQWHVLQGYRQ%HGHXWXQJI¾UGLH9RUDXVZDKOGHQQGLH 9HUODJH HUKDOWHQ ZHLWDXV PHKU %HZHUEXQJHQ DOV VLH $XVELOGXQJVSO¦W]H
6LFKWZHLVHQGHU3UD[LV
DQELHWHQ :HU ]X HLQHP 9RUVWHOOXQJVJHVSU¦FK HLQJHODGHQ ZLUG VROOWH VLFK PLW GHU =HLWXQJ EHL GHU HU VLFK YRUVWHOOW PLW GHU 5HJLRQ GHQ SROLWL VFKHQ 9HUK¦OWQLVVHQ LQ GHU 6WDGW XQG YRU DOOHP PLW GHU $XVJDEH YRP 9RUVWHOOXQJVWDJYHUWUDXWPDFKHQ'HQQJHUQZLUGPDOQDFKGHPORNDOHQ $XIPDFKHUJHIUDJWXQGZDVHLQHPVRQVWVRJHIDOOHQKDWDQGHPDNWXHOOHQ %ODWW:HUGDSDVVHQPXVVKDWVFKRQIDVW YHUORUHQ $XFK 2UJDQLVDWLRQVWDOHQW %HREDFKWXQJVJDEH XQG 6FKUHLEVWLO ZHU GHQDXIGHQ3U¾IVWDQGJHVWHOOWZHQQGLH$XIJDEHODXWHWLQGHQQ¦FKVWHQ 6WXQGHQ I¾U HLQH *HVFKLFKWH ¾EHU GHQ (LQ]HOKDQGHO LQ GHU 6WDGW ]X UH FKHUFKLHUHQ XQG DQVFKOLH¡HQG ]X VFKUHLEHQ $EJHVFKORVVHQ ZLUG GLH 9RUVWHOOXQJVUXQGHRIWPLWHLQHP*HVSU¦FKPLWHLQHPPHKUN¸SILJHQ*UH PLXPDXV&KHIUHGDNWLRQ9RORQW¦UVDXVELOGHUXQG3HUVRQDOFKHI
'LH$XVELOGXQJPXVVVLFKYHU¦QGHUQ 'LH$XVELOGXQJGHV1DFKZXFKVHVK¦OWMHGRFKNDXP6FKULWWPLWGHUUDVDQ WHQ9HU¦QGHUXQJGHU$QIRUGHUXQJHQ5RXWLQH.RQ]HSWHGLH]ZDQ]LJ-DKUH IXQNWLRQLHUWHQJHQ¾JHQQLFKWPHKU'DIHUWLJH9RORQW¦UHLQGHU5HJHOQLFKW PHKUDOV5HGDNWHXUHLQHLQH)HVWDQVWHOOXQJ¾EHUQRPPHQZHUGHQP¾VVHQ VLHVLFKPLWGHP*HGDQNHQYHUWUDXWPDFKHQGDVVGLH=XNXQIWHYHQWXHOOLQ GHU 6HOEVWVW¦QGLJNHLW OLHJW 'DEHL NDQQ DXFK GLH 6HOEVW¦QGLJNHLW&KDQFHQ ELHWHQ1XUZLHPDQGLHVHHUJUHLIWGDU¾EHUZLUGLP9RORQWDULDWQLFKWVRGHU QRFK ]X ZHQLJ YHUPLWWHOW :HU *O¾FN KDW EHNRPPW LP $QVFKOXVV DQ GDV 9RORQWDULDWHLQHQದDOOHUGLQJVQXUEHIULVWHWHQದ=HLWYHUWUDJ 'LH $XVELOGXQJ PXVV GHQ YHU¦QGHUWHQ $QIRUGHUXQJHQ DQJHSDVVW ZHUGHQ'LH0LVFKXQJLQGHQ9RORQW¦UVMDKUJ¦QJHQPXVVVWLPPHQ1HEHQ ಱ(LJHQJHZ¦FKVHQಯVROOHQDXFKH[WHUQHQLFKWDXVGHU5HJLRQVWDPPHQGH %HZHUEHUJHQRPPHQZHUGHQ1HEHQGHU$XVELOGXQJLQGHU3UD[LVPXVV 7KHRULH YHUPLWWHOW ZHUGHQ 'D]X ELHWHQ VLFK H[WHUQH QDFK GHU $XVELO GXQJVYHURUGQXQJ YRUJHVFKULHEHQH .RPSDNWNXUVH KDXVLQWHUQH 9RORQ W¦UVWDJHXQG6HPLQDUHDQ$XFKGLH9RUEHUHLWXQJDXIGLH=HLWQDFKGHP 9RORQWDULDW GDUI LQ GHU $XVELOGXQJ QLFKW IHKOHQ 6HPLQDUH ]XU $UEHLW LQ RXWJHVRXUFWHQ 5HGDNWLRQVSRROV RGHU DOV VHOEVWVW¦QGLJHU -RXUQDOLVW ZHP XQGZLHELHWHLFKPHLQH$UWLNHODQ" JHK¸UHQHEHQVRGD]XZLHGLH8QWHU ZHLVXQJLQ3UHVVHUHFKW
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
(VZHUGHQ$XVELOGXQJVUHGDNWHXULQQHQXQGUHGDNWHXUHEHQ¸WLJWGLH VFKRQHLQZHQLJKHUXPJHNRPPHQVLQGGLH(UIDKUXQJHQLQ0DQWHOXQG /RNDOUHGDNWLRQHQ JHVDPPHOW KDEHQ (V VROOWHQ 0LQGHVWVWDQGDUGV I¾U $XVELOGXQJVUHGDNWLRQHQ GHILQLHUW ZHUGHQ :HUGHQ GLH HUI¾OOW EHNRPPHQ GLHVH5HGDNWLRQHQ9RORQW¦UH 1DW¾UOLFKJLEWHVDXFKYRUELOGOLFKH$XVELOGXQJVUHGDNWLRQHQ6WHOOYHU WUHWHQGGDI¾UVROOHQGUHL0RGHOOHORNDOHU7DJHV]HLWXQJHQYRUJHVWHOOWZHU GHQGLHLQGHQMHZHLOLJHQ0HGLHQK¦XVHUQXPJHVHW]WZHUGHQ 0RGHOO:¾U]EXUJ'LH$XVELOGXQJEHJLQQWPLWHLQHP(LQI¾KUXQJVNXU VXVLQMRXUQDOLVWLVFKH*UXQGODJHQ(VIROJWHLQ-DKULQ]ZHLYHUVFKLHGHQHQ /RNDOUHGDNWLRQHQEHYRUGHU+DXVGXUFKODXIPLW]Z¸OI:RFKHQ1HZVGHVN EHJLQQW-HZHLOVHLQH:RFKH&KHIYRP'LHQVW*HULFKWVEHULFKWHUVWDWWXQJ -RXUQDO.XOWXU RGHU 6SRUW UXQGHQ GHQ (LQVDW] LP 0DQWHO DE $EHU DXFK $XIJDEHQ XQG $UEHLWVZHLVH GHU 9HUODJVDEWHLOXQJHQ $Q]HLJHQ XQG 9HU WULHEOHUQHQGLHಱ9RORVಯNHQQHQ%HLHLQELV]ZHL9RORQW¦UVWDJHQLP0RQDW JLEW HV QHEHQ SUDNWLVFKHP XQG WKHRUHWLVFKHP 8QWHUULFKW +LQWHUJUXQGLQ IRUPDWLRQHQYRQ)DFKOHXWHQ]X7KHPHQZLH$UEHLWVPDUNW0RELOIXQNRGHU .RPPXQDOSROLWLN0LW%HVXFKHQEHL%HK¸UGHQ9HUE¦QGHQXQG2UJDQLVD WLRQHQHUI¦KUWPDQHWZDV¾EHUGHUHQ6WUXNWXUHQXQGGLH$QVSUHFKSDUWQHU (LQ ,QKRXVH6HPLQDU ]XP 7KHPD 3UHVVH XQG -XVWL] HUIUHXW VLFK JUR¡HU %HOLHEWKHLW 0RGHOO :HW]ODU (WZD VHFKV 0RQDWH YHUEULQJHQ GLH 9RORQW¦UH GHU =HLWXQJVJUXSSH /DKQ'LOO QLFKW LP +DXVH VRQGHUQ EHL PLQGHVWHQV I¾QI H[WHUQHQ $XVELOGXQJVVWDWLRQHQ GLH VLH DXV HLQHP JXWHQ 'XW]HQG DXV Z¦KOHQN¸QQHQ$UEHLW'HQNZHLVH2UJDQLVDWLRQ=Z¦QJHXQG5DKPHQ EHGLQJXQJHQ EHL 1DFKULFKWHQDJHQWXUHQ LQ 3UHVVHVWHOOHQ LQ 0LQLVWHULHQ EHL)DFKPDJD]LQHQXQGLP5XQGIXQNOHUQHQVLHDXIGLHVH:HLVHNHQQHQ ,QWHUQVWHKHQPLQGHVWHQVYLHU:RFKHQ1DFKULFKWHQXQG6SRUWUHGDNWLRQ 0DUNHWLQJUHGDNWLRQ DOV 5HSRUWHU XQG DOV 2QOLQH5HGDNWHXU VRZLH PLQ GHVWHQVGUHL0RQDWHLQHLQHURGHUPHKUHUHQGHUVLHEHQ/RNDOUHGDNWLRQHQ DXI GHP $XVELOGXQJVSODQ 0LQGHVWHQV DFKW :RFKHQ ODQJ YHUDQWZRUWHW MHGHU9RORQW¦UGLHW¦JOLFKH-XJHQGVHLWH[#DFW 0RGHOO -RXUQDOLVWHQVFKXOH 5XKU (VVHQ ,Q GHU H[WHUQHQ $XVELOGXQJ GHU9RORQW¦UHGHU:$==HLWXQJVJUXSSHZHUGHQVHLWLQGHU-RXUQD OLVWHQVFKXOH GLHVHOEHQ KDQGZHUNOLFKHQ 6WDQGDUGV ¾EHU DOOH =HLWXQJVWLWHO
6LFKWZHLVHQGHU3UD[LV
KLQZHJJHOHKUW'LH9RORQW¦UHVLQGEHLGHU-RXUQDOLVWHQVFKXOH5XKUDQJH VWHOOWXQGQLFKWEHLಱLKUHUಯ=HLWXQJ 1DFKHLQHU(LQI¾KUXQJLQGHQ$XIEDXHLQHU=HLWXQJXQGHLQHU5HGDN WLRQZHUGHQGHQ9RORQW¦UHQHLQ-DKUODQJLQ/RNDOUHGDNWLRQHQWHFKQLVFKH XQG KDQGZHUNOLFKH 9RUDXVVHW]XQJHQ XQG )RUPHQ MRXUQDOLVWLVFKHU 'DU VWHOOXQJYHUPLWWHOW1DFK$EVFKOXVVGLHVHU*UXQGDXVELOGXQJLQGHQ/RNDO UHGDNWLRQHQ IROJW HLQH =HQWUDOUHGDNWLRQ 'RUW OHUQHQ GLH 9RORQW¦UH 1DFK ULFKWHQDXVZDKO XQG GDV 5HGLJLHUHQ 1HEHQ GHP 3IOLFKWUHVVRUW 3ROLWLN N¸QQHQZHLWHUH6WDWLRQHQHQWVSUHFKHQGGHU1HLJXQJDXVJHZ¦KOWZHUGHQ $XI$EVSUDFKHNDQQLP]ZHLWHQ-DKUDXFKLQGLH5HGDNWLRQHLQHV ZHLWH UHQ7LWHOVGHU:$=*UXSSHJHZHFKVHOWZHUGHQ$XFKGDV)RWRJUDILHUHQ GLH %LOGEHDUEHLWXQJ XQG GLH %LOGDXVZDKO VRZLH FURVVPHGLDOHV $UEHLWHQ PLWGHPORNDOHQ+¸UIXQNXQGGHU2QOLQH5HGDNWLRQVLQG7HLOLQGHU$XV ELOGXQJGHU-RXUQDOLVWHQVFKXOH
$XVELOGHUP¾VVHQVLFKIRUWELOGHQ 9RORQW¦UVDXVELOGHUVLQGLQGHQPHLVWHQ9HUODJHQ(LQ]HON¦PSIHUGLHGDI¾U S¦GDJRJLVFK QLFKW YRU XQG DXVJHELOGHW VLQG GLH LKUHQ 3ODW] LQ GHU +LH UDUFKLH ILQGHQ XQG VLFK GLH =HLW I¾U GLH $XVELOGXQJ JHOHJHQWOLFK VWHKOHQ P¾VVHQ:DV)RUPXQG,QKDOWGHU$XVELOGXQJDQODQJWVLQGVLHPHLVWHQV DXIVLFKDOOHLQJHVWHOOWVLQG6LHP¾VVHQJHJHQ%HJHKUOLFKNHLWHQYRQ5HV VRUWXQG/RNDOFKHIVUHVLVWHQWVHLQXQGEHQ¸WLJHQYLHO¸IWHU5¾FNPHOGXQJ DXV GHQ 5HLKHQ GHU 5HGDNWLRQ ¾EHU GLH 9RORQW¦UVDXVELOGXQJ XQG ]ZDU YRQ DOOHQ +LHUDUFKLHHEHQHQ ,KUH %HIXJQLVVH P¾VVHQ VR JHVWDOWHW VHLQ GDVV VLH LQ )UDJHQ GHU $XVELOGXQJ :HLVXQJVUHFKW JHJHQ¾EHU 5HVVRUWV XQG/RNDOUHGDNWLRQHQKDEHQ 'LH ,QLWLDWLYH 7DJHV]HLWXQJ KDW PLW HLQHP 3LORWSURMHNW ಱ'HQ 1DFKZXFKV ILW PDFKHQಯ EHJRQQHQ HLQ 1HW]ZHUN XQWHU 9RORQW¦UVDXVELO GHUQ ]X NQ¾SIHQ 6R N¸QQHQ QHXH ,GHHQ JHQHULHUW $EO¦XIH DQJHJOLFKHQ XQGJHPHLQVDPH$XVELOGXQJVDQJHERWHJHSODQWZHUGHQ%HLGHU]ZHLWHQ $XIODJHGHU9HUDQVWDOWXQJLP2NWREHULQ/HLS]LJZXUGHEHVSURFKHQ LQGLHVHQHLQ]LJDUWLJHQLQVWLWXWLRQDOLVLHUWHQ*HGDQNHQDXVWDXVFKHLQHHLQ KHLWOLFKH$XVELOGXQJIUHLHU0LWDUEHLWHUXQG3UDNWLNDQWHQHLQ]XEH]LHKHQ
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
%HL 3HUVRQDOYHUDQWZRUWOLFKHQ XQG &KHIUHGDNWHXUHQ LQ 'HXWVFKODQG GHU 6FKZHL] XQG VWHUUHLFK KDW GLH 5HGDNWLRQ GHV -DKUEXFKV I¾U /RNDO MRXUQDOLVWHQQDFKGHPಱ.¸QLJVZHJ]XP-RXUQDOLVWHQಯJHIUDJW „Exzellente Allgemeinbildung“ (Jean-Luc Mauron, Ringier AG, Zürich), „die Bereitschaft, sich fit zu machen für die digitale Zukunft – oder besser Gegenwart – der Medien“ (Jan Eric Peters, Chefredakteur Die Welt), „das Verständnis für die anderen Mediengattungen, vor allem Online. Nur so kann er/sie erfolgreich crossmedial arbeiten“ (Dr. Christian Ortner, Vorarlberger Nachrichten) und „vernetztes Denken für das Gesamtprodukt“ (Harald Knabl, Niederösterreichische Nachrichten) werden gefordert.
1HEHQ GHU $QIRUGHUXQJ FURVVPHGLDO ]X GHQNHQ XQG ]X DUEHLWHQ ZXUGH YRQ QDKH]X DOOHQ %HIUDJWHQ 1HXJLHUGH DOV ZLFKWLJH (LJHQVFKDIW JHQDQQW $XII¦OOLJDXFKGDVVEHL]ZHL¸VWHUUHLFKLVFKHQ=HLWXQJHQ „der Personalbedarf höchst erfolgreich über die Presse-Lehrredaktion rekrutiert wird“ (Peter Krotky, Die Presse)
EH]LHKXQJVZHLVH „Aus mehr als 40 Bewerbungen acht Kandidaten ermittelt wurden, die jetzt ein zweijähriges Trainee-Programm durchlaufen“ (Gerald Mandlbauer, Oberösterreichische Nachrichten).
=XVDPPHQIDVVXQJ ,Q/RNDOUHGDNWLRQHQZLUGGLHJHVDPWH%DQGEUHLWHGHVW¦JOLFKHQ/HEHQV EHVFKULHEHQ 'HU /RNDOUHGDNWHXU PXVV LQ GHU /DJH VHLQ YRQ HLQHU 0RGHQVFKDX HEHQVR NRPSHWHQW ]X EHULFKWHQ ZLH ¾EHU HLQH 3UHLVYHU OHLKXQJEHL=XFKWEXOOHQ.HLQ$JHQWXUMRXUQDOLVWQLPPWLKPGLHVH$UEHLW DE*HUDGHLQGLHVHUW¦JOLFKHQ+HUDXVIRUGHUXQJOLHJWGHU5HL] 'LH$UEHLWV]HLWHQULFKWHQVLFKQDFKGHQDNWXHOOHQ(UHLJQLVVHQGHU *UR¡EUDQG O¦VVW VLFK QLFKW YRUKHUVDJHQ $XFK :RFKHQHQGGLHQVWH JHK¸UHQ]XP-RXUQDOLVPXVZHUGHQDEHUXQWHUGHU:RFKHGXUFK)UHL ]HLWDXVJHJOLFKHQ
6LFKWZHLVHQGHU3UD[LV
:HLO GLH /RNDOEHULFKWHUVWDWWXQJ GHQ :HWWEHZHUE LP QHXHQ PHKU PHGLDOHQ 8PIHOG HQWVFKHLGHW JHZLQQW GHU /RNDOMRXUQDOLVPXV DQ %H GHXWXQJ+LHUHQWVWHKHQ QHXH 6WHOOHQKLHUWXQVLFK&KDQFHQ DXI'LH $XVELOGXQJPXVVGLHVHUQHXHQ4XDOLW¦WQRFKDQJHSDVVWZHUGHQ
:HLWHUI¾KUHQGH/LWHUDWXU 'HXWVFKHU-RXUQDOLVWHQ9HUEDQGH9+UVJ 9RQ%HUXI)UHL'HU5DWJHEHUI¾UIUHLH -RXUQDOLVWLQQHQXQG-RXUQDOLVWHQ%RQQ'-99HUODJ 5LFKWHU%M¸UQ+UVJ )X¡IDVVHQ:HJHLQGHQ-RXUQDOLVPXV.RQVWDQ]89. :HLFKOHU .XUW +DQGEXFK I¾U IUHLH -RXUQDOLVWHQ $OOHV ZDV ZLFKWLJ LVW :LHVEDGHQ :HVWGHXWVFKHU9HUODJ
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW 3HUVSHNWLYHQGHU)RUVFKXQJ ,Q ZHQLJHQ 7DJHQ LVW ,KU HUVWHU $UEHLWVWDJ DOV /RNDOMRXUQDOLVW 'LH 6SDQQXQJ LQ ,KQHQ VWHLJW :HU ZHUGHQ ,KUH $UEHLWVNROOHJHQ VHLQ" 0LW ZHOFKHU 0RWLYDWLRQ ZHUGHQ GRUW GLH 7KHPHQ DQJHJDQJHQ" :DV ZLUG YRQ,KQHQHUZDUWHW" 'HU$XVWDXVFKPLW,KUHQ)UHXQGHQEULQJWNDXP$XINO¦UXQJ(LQLJH WU¸VWHQ 6LH GDPLW GDV /RNDOH VHL MD HK QXU HLQH 'XUFKJDQJVVWDWLRQ :XU]HOQ ZHUGHQ 6LH GRUW NDXP VFKODJHQ $QGHUH EHPLWOHLGHQ 6LH HLQ ZHQLJ GDV .ROOHJHQXPIHOG VHL EHVWLPPW ¾EHUDOWHW XQG IUXVWULHUW HZLJ ¾EHU GDV JOHLFKH 9HUHLQVOHEHQ EHULFKWHQ ]X P¾VVHQ (LQLJH KDOWHQ GDJHJHQGLHPHLVWHQVHLHQEHVWLPPWJHQDXVRXQHUIDKUHQZLH6LHZLH VROOWH PDQ GD ZDV OHUQHQ" $QGHUH IURW]HOQ QXQ VHL GLH 0LWJOLHGVFKDIW LQ GHU ¸UWOLFKHQ )UHLZLOOLJHQ )HLHUZHKU XQG LP 6FK¾W]HQYHUHLQ MD ZRKO 3IOLFKWSURJUDPP $QWZRUWHQ DXI ,KUH )UDJHQ VFKHLQW HV DQ GLHVHP $EHQG QLFKW ]X JHEHQ 'DKHUIDQJHQ6LHDPQ¦FKVWHQ7DJDQ]XUHFKHUFKLHUHQREHVDXVVDJH NU¦IWLJH 6WXGLHQ JLEW 6LH ILQGHQ $UEHLWHQ GLH XQWHUVXFKHQ ZHU LQ 'HXWVFKODQG-RXUQDOLVWLVWZLHGHUW\SLVFKHGHXWVFKH-RXUQDOLVWEHVFKULH EHQZHUGHQNDQQZRHUDUEHLWHWZDVLKQGD]XEHZHJWMRXUQDOLVWLVFKW¦WLJ ]X VHLQ 8QG HLQLJH ZHQLJH 6WXGLHQ KDEHQ VLFK GDEHL DXFK H[SOL]LW PLW GHP/RNDOMRXUQDOLVWHQDXVHLQDQGHUJHVHW]WXQGLKQEHVFKULHEHQ ,QGLHVHP .DSLWHO ZHUGHQ GLH GD]XUHOHYDQWHQ)RUVFKXQJVHUJHEQLV VHLPEHUEOLFNZLHGHUJHJHEHQ,P0LWWHOSXQNWVWHKHQGLHIROJHQGHQGUHL 7KHPHQ
/HUQ]LHOH Â Â Â
:LHO¦VVWVLFKGHUW\SLVFKH/RNDOMRXUQDOLVWEHVFKUHLEHQ" :HOFKH7¦WLJNHLWHQ¾EWHLQ/RNDOMRXUQDOLVWDXV" :DVYHUVWHKHQ/RNDOMRXUQDOLVWHQDOVLKUH$XIJDEH"
3HUVSHNWLYHQGHU)RUVFKXQJ
'HXWVFKH/RNDOMRXUQDOLVWHQದHLQ6WHFNEULHI 'DV)UDJHQGDQDFKZHUHLJHQWOLFKLQ'HXWVFKODQG-RXUQDOLVWLVWXQGZLH GLHVHUVLFKEHVFKUHLEHQO¦VVWKDWLQ'HXWVFKODQGEHUHLWVHLQHODQJH7UD GLWLRQ ,Q UHSU¦VHQWDWLYHQ -RXUQDOLVWHQEHIUDJXQJHQ ZHUGHQ $QWZRUWHQ GDUDXIJHJHEHQ(LQLJH-DKUHQDFKGHU:LHGHUYHUHLQLJXQJZXUGHQKLHU]X JOHLFK ]ZHL JUR¡H 6WXGLHQ YRUJHOHJW HLQH ಱ6R]LDOHQTXHWHಯ YRQ 6FK¸Q EDFK 6FKQHLGHU XQG 6W¾U]HEHFKHU VRZLH GLH 6WXGLH ಱ-RXUQDOLVPXV LQ 'HXWVFKODQGಯ YRQ :HLVFKHQEHUJ /¸IIHOKRO] XQG 6FKROO 1HEHQ HLQHU UHSU¦VHQWDWLYHQ %HVFKUHLEXQJ GHU -RXUQDOLVWHQ ODJ HLQ EHVRQGHUHV $X JHQPHUN DXI GHP 9HUJOHLFK ZHVW XQG RVWGHXWVFKHU -RXUQDOLVWHQ XQG GHUHQ%HUXIVYHUO¦XIHQ:HLVFKHQEHUJ0DOLNXQG6FKROOKDEHQHLQH 5HSOLNDWLRQGHU6WXGLHಱ-RXUQDOLVPXVLQ'HXWVFKODQGಯGXUFKJHI¾KUW,QGHU 'DUVWHOOXQJLKUHU8QWHUVXFKXQJZLUGHLQ*UXQGSUREOHPGHXWOLFK Q¦POLFK GLH)UDJHGDQDFKZHU¾EHUKDXSWDOV-RXUQDOLVWLQHLQHUVROFKHQ8QWHUVX FKXQJEHU¾FNVLFKWLJWZLUGGDGLH%HUXIVEH]HLFKQXQJZHGHUJHVFK¾W]WLVW QRFK EHVWLPPWH $QIRUGHUXQJHQ KLQVLFKWOLFK GHU $XV¾EXQJ H[LVWLHUHQ ,Q HLQHUVHKUDXIZ¦QGLJHQ9RUHUKHEXQJHUPLWWHOWHGDV)RUVFKHUWHDP GDKHU ]XQ¦FKVWGLH*UXQGJHVDPWKHLWYRQHWZD-RXUQDOLVWLQQHQXQG-RXU QDOLVWHQ GLH GHU]HLW KDXSWEHUXIOLFK XQG SURIHVVLRQHOO DOV IHVWH RGHU IUHLH 0LWDUEHLWHU LQ GHXWVFKHQ 0HGLHQXQWHUQHKPHQ DUEHL WHQ 0LW +LOIH HLQHU JHVFKLFKWHWHQ $XVZDKO ZXUGH HLQH UHSU¦VHQWDWLYH 6WLFKSUREHHUPLWWHOWLQVJHVDPWJXW)UDXHQXQG0¦QQHUQDKPHQDQ GHU%HIUDJXQJWHLO 1DFK GLHVHQ 'DWHQ O¦VVW VLFK GHU ಭW\SLVFKH GHXWVFKH -RXUQDOLVWಬ ZLH IROJWEHVFKUHLEHQ,PVWDWLVWLVFKHQ'XUFKVFKQLWWKDQGHOWHVVLFKGDEHLXP HLQHQ-DKUHDOWHQ0DQQDXVGHU0LWWHOVFKLFKWPLWHLQHP+RFKVFKXODE VFKOXVV(UYHUGLHQWGXUFKVFKQLWWOLFK(XUR]HLJWHLQHGHXWOLFKH3DU WHLQHLJXQJ]X%¾QGQLV*U¾QHRGHUGHU63'XQGDUEHLWHWEHLGHU3UHV VH 0HKU DOV GLH +¦OIWH GHU -RXUQDOLVWHQ DUEHLWHW QDFK ZLH YRU LQ IHVWHU $QVWHOOXQJ EHL =HLWXQJHQ RGHU =HLWVFKULIWHQ 'HU $QWHLO GHU ಭ)UHLHQಬ OLHJW EHL3UR]HQWYJO:HLVFKHQEHUJ6FKROO0DOLN EHU HLQ 9LHUWHO DOOHU GHXWVFKHQ -RXUQDOLVWHQ DUEHLWHW LQ HUVWHU /LQLH LP%HUHLFK/RNDOHVXQG5HJLRQDOHV'DPLWVLQGKHXWHPHKU-RXUQDOLVWHQ LQGLHVHP5HVVRUWW¦WLJDOV(VO¦VVWVLFKDOVRHLQHSHUVRQHOOH9HU VW¦UNXQJ IHVWVWHOOHQ GLH DXFK DOV HLQH 5HDNWLRQ DXI GLH %HGHXWXQJ GHV
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
/RNDOHQ LP /HVHULQWHUHVVH ]X YHUVWHKHQ LVW ,P +LQEOLFN DXI GLH XQWHU VFKLHGOLFKHQ0HGLHQVLQGHVYRUDOOHP=HLWXQJHQXQG$Q]HLJHQEO¦WWHUI¾U GLH/RNDOMRXUQDOLVWHQDUEHLWHQ6RDUEHLWHQDOOHU=HLWXQJVMRXUQDOLVWHQ LP /RNDOUHVVRUW EHL GHQ $Q]HLJHQEO¦WWHUQ VLQG HV ,P +¸UIXQN XQG )HUQVHKHQJHK¸UWGDV/RNDOH]XGHQNOHLQHUHQ5HVVRUWVQXUHWZDMHGHU =HKQWH5XQGIXQNMRXUQDOLVWEHULFKWHW¾EHU/RNDOHV'LHVLVWLQHUVWHU/LQLH GXUFK HLQH LQVJHVDPW JHULQJHUH ORNDOH $XVULFKWXQJ YLHOHU 6HQGHU ]X HU NO¦UHQLQVEHVRQGHUHLP)HUQVHKHQVLHKH.DSLWHO 8QGZLHO¦VVWVLFKQXQGHUW\SLVFKH/RNDOMRXUQDOLVWEHVFKUHLEHQ"(U HQWVSULFKW LQ HWZD GHP GHXWVFKHQ 'XUFKVFKQLWWVMRXUQDOLVWHQ ,P /RNDOHQ DUEHLWHQWHQGHQ]LHOOHWZDVPHKU0¦QQHUGHU)UDXHQDQWHLOOLHJWEHL 'LHPHLVWHQGLHKLHUDUEHLWHQKDEHQ¾EHUHLQ3UDNWLNXPXQGHLQ9RORQWD ULDWGHQ%HUXIV]XJDQJHUUHLFKWJXWYRQLKQHQKDEHQHLQH-RXUQDOLV WHQVFKXOH EHVXFKW -RXUQDOLVWLN RGHU .RPPXQLNDWLRQVZLVVHQVFKDIW VWX GLHUW ,P /RNDOHQ DUEHLWHQ DOVR QLFKW QXU GLH MXQJHQ %HUXIVDQI¦QJHU XQG DXFK QLFKW QXU GLH ಱDOWHQ +DVHQಯ VRQGHUQ GLH =XVDPPHQVHW]XQJ HLQHU GXUFKVFKQLWWOLFKHQ/RNDOUHGDNWLRQHQWVSULFKWGHUHLQHUGHXWVFKHQ5HGDN WLRQ LQVJHVDPW 'DPLW VLQG %HIXQGH DXV GHQ 6LHE]LJHUQ ZRQDFK /RNDO MRXUQDOLVWHQ HLQH VFKOHFKWHUH IRUPDOH %LOGXQJ DXIZHLVHQ QDFK KHXWLJHP 6WDQG ¾EHUKROW $UEHLWVJHPHLQVFKDIW I¾U .RPPXQLNDWLRQVIRUVFKXQJ %HL GLHVHQ =DKOHQ PXVV DOOHUGLQJV EHU¾FNVLFKWLJW ZHUGHQ GDVV JHUDGH LP /RNDOHQ LQ GHQ 5HGDNWLRQHQ RIW QHEHQEHUXIOLFK W¦WLJH )UHLH PLWZLUNHQGLHLQGLHVHU6WXGLHQLFKWEHU¾FNVLFKWLJWZXUGHQದXQG¾EHUGLH NHLQHZHLWHUHQ(UNHQQWQLVVHYRUOLHJHQ(PSLULVFKH'DWHQ]HLJHQMHGRFK GDVVVLFKGLH$UEHLWVEHGLQJXQJHQZHOWZHLWKLQVLFKWOLFKGHUDUEHLWVUHFKWOL FKHQ*UXQGODJHQXQG$EVLFKHUXQJHQ]XQHKPHQGZDQGHOQGDVV]XQHK PHQG HUIDKUHQH -RXUQDOLVWHQ HUVHW]W ZHUGHQ GXUFK -¾QJHUH GLH RKQH IHVWH9HUWU¦JHEHVFK¦IWLJWZHUGHQ,QWHUQDWLRQDO)HGHUDWLRQRI-RXUQDOLVWV
'LHVHV (UJHEQLV GDUI QLFKW GDU¾EHU KLQZHJW¦XVFKHQ GDVV DXFK LP /RNDOHQ EHGLQJW HWZD GXUFK GLH :HUEHNULVH 6WHOOHQ DEJHEDXW ZHUGHQ E]Z DQGHUH NRVWHQVSDUHQGH :HJH JHQXW]W ZHUGHQ ZLH HWZD GDV $XVODJHUQ YRQ 5HGDNWHXUHQ LQ QLFKW WDULIJHEXQGHQ*HVHOOVFKDIWHQ9JOGD]XGLH'RNXPHQWDWLRQDXIGHU:HEVLWHGHV'-9
3HUVSHNWLYHQGHU)RUVFKXQJ
6FKUHLEHQOHVHQ0HQVFKHQWUHIIHQ 'HU$UEHLWVDOOWDJHLQHV/RNDOMRXUQDOLVWHQ 'HQ JU¸¡WHQ 7HLO HLQHV GXUFKVFKQLWWOLFKHQ $UEHLWVDOOWDJV YHUEULQJW HLQ /RNDOMRXUQDOLVWPLWGHP6FKUHLEHQXQG5HGLJLHUHQVHLQHUHLJHQHQ7H[WH =ZHL 6WXQGHQ SUR 7DJ RUGQHW HU VHLQH *HGDQNHQ GD]X XQG IRUPXOLHUW VHLQH HLJHQHQ EHUOHJXQJHQ (LQH JXWH ZHLWHUH 6WXQGH YHUEULQJW HU GD PLW GLH 7H[WH VHLQHU .ROOHJHQ ]X UHGLJLHUHQ HLQH ZHLWHUH KDOEH 6WXQGH SUR 7DJ UHGLJLHUW HU 3UHVVHPDWHULDO XQG ]XV¦W]OLFK HLQH KDOEH 6WXQGH Z¦KOWHU7H[WHDXV'LHVEHGHXWHWGDVV7H[WHXQG3UHVVHPHOGXQJHQGLH LQ HLQH 5HGDNWLRQ NRPPHQ YRQ LKP JHVLFKWHW DXVJHZ¦KOW XQG WH[WOLFK ¾EHUDUEHLWHW ZHUGHQ 'DPLW YHUEULQJW GHU /RNDOMRXUQDOLVW LP 9HUJOHLFK HWZD]X.ROOHJHQDXVGHU:LUWVFKDIWVRGHU3ROLWLNUHGDNWLRQPHKU=HLWPLW GHP9HUIDVVHQHLJHQHU$UWLNHODEHUDXFKPLWGHP5HGLJLHUHQGHU7H[WH VHLQHU.ROOHJHQZHQLJHUKLQJHJHQPLWGHU$XVZDKOYRQ7H[WHQXQGGHP EHUDUEHLWHQ YRQ $JHQWXU XQG 3UHVVHPDWHULDO ,P 8PJDQJ PLW 3UHVVH PLWWHLOXQJHQ ]HLJW VLFK HLQH W\SLVFKH $PELYDOHQ] GLH ZRKO QLFKW QXU LP /RNDOUHVVRUW ]X 7DJH WULWW (LQHUVHLWV ZHUGHQ QDFK $QVLFKW GHU GRUW 7¦WL JHQ HKHU ]X YLHOH ದ XQG ]X VFKOHFKW DXIEHUHLWHWH ದ 3UHVVHPLWWHLOXQJHQ SURGX]LHUWDQGHUVHLWVDEHUVWHOOHQVLHQRWZHQGLJH)DNWHQ]XU9HUI¾JXQJ XQGELHWHQ$QUHJXQJHQI¾UQHXH7KHPHQ (LQHZHLWHUH6WXQGHYHUEULQJWHLQ/RNDOUHGDNWHXUGDPLW$XIJDEHQ]X HUOHGLJHQ GLH LQ GHU 9HUZDOWXQJ XQG 2UJDQLVDWLRQ DQIDOOHQ IDVW DQGHUW KDOE6WXQGHQPDFKHQWHFKQLVFKH7¦WLJNHLWHQDXVದGLHVHU$QWHLOLVWQDW¾U OLFKDXFKDEK¦QJLJYRQGHP0HGLXPI¾UGDVGHU/RNDOMRXUQDOLVWDUEHLWHW 'LHVH EHLGHQ 7¦WLJNHLWVEHUHLFKH VLQG LQ GHQ OHW]WHQ -DKUHQ GHXWOLFK JH ZDFKVHQLKU$QWHLOSUR7DJPDFKWKHXWHHLQHQZHVHQWOLFKJU¸¡HUHQ$Q WHLO DXV DOV QRFK YRU JXW ]HKQ -DKUHQ +LHUDQ O¦VVW VLFK DEOHVHQ GDVV VLFK GDV 7¦WLJNHLWVSURILO GHU -RXUQDOLVWHQ GHXWOLFK YHU¦QGHUW 6LH ZHUGHQ LPPHUVW¦UNHUHLQH$UW$OOURXQG0DQDJHUGLHQLFKWQXULKUH7H[WHYHUIDV VHQVRQGHUQGLHVHDXFKUHGLJLHUHQVLHWHFKQLVFKOHVEDUPDFKHQLQGHU 5HJHO DOVR VHOEHU LQ HLQ 5HGDNWLRQVV\VWHP HLQSIOHJHQ LKUH 7H[WH XQG $UEHLW VHOEHU YHUZDOWHQ XQG RUJDQLVLHUHQ YJO :ROI /RRVHQ
'LHVHXQGDOOHQDFKIROJHQGHQ=DKOHQYJO:HLVFKHQEHUJ6FKROO0DOLN6RXIIOHXUH GHU0HGLHQJHVHOOVFKDIW
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
0HLHU 8QG VLH UHGLJLHUHQ ]XV¦W]OLFK VW¦UNHU GLH 7H[WH LKUHU .ROOH JHQ 'LH 3UD[LV GHV JHJHQVHLWLJHQ 5HGLJLHUHQV YRQ 7H[WHQ K¦QJW XQPLW WHOEDU PLW HLQHU ZHLWHUHQ (QWZLFNOXQJ LP -RXUQDOLVPXV ]XVDPPHQ GHU 3UD[LV GHV *HJHQOHVHQV )DVW GUHL 9LHUWHO GHU /RNDOMRXUQDOLVWHQ JHEHQ DQ GDVV LKUH %HLWU¦JH LPPHU RGHU IDVW LPPHU JHJHQOHVHQ E]Z DEJH QRPPHQ ZHUGHQ 'LHV LPSOL]LHUW QLFKW QXU UHGDNWLRQHOOH EHUDUEHLWXQJ VRQGHUQ DXFK HLQ JHZLVVHV 0D¡ DQ .RQWUROOH 'HXWOLFK ZLUG GLHV ZHQQ PDQ VLHKW ZHU JHJHQOLHVW ,Q HWZD GHU )¦OOH JHVFKLHKW GLHV GXUFK XQPLWWHOEDU 9RUJHVHW]WH RGHU JOHLFKUDQJLJH .ROOHJHQ ,P *HJHQVDW] ]X DQGHUHQ 5HGDNWLRQHQ LVW MHGRFK GLH &KHIUHGDNWLRQ ZHQLJHU DQ GHU 7H[W DEQDKPHEHWHLOLJWOHGLJOLFKHLQ9LHUWHOGHU7H[WHJHKHQ¾EHULKUHQ7LVFK /RNDOUHGDNWLRQHQDUEHLWHQVRPLWHWZDVXQDEK¦QJLJHUYRQGHU&KHIUHGDN WLRQ DOV DQGHUH 5HVVRUWV 'HXWOLFK K¦XILJHU MHGRFK DOV DQGHUH -RXUQDOLV WHQODVVHQ/RNDOUHGDNWHXUHLKUH7H[WHYRQ,QWHUYLHZSDUWQHUQXQGDQGHUHQ 4XHOOHQ DEQHKPHQ ,PPHUKLQ GLH +¦OIWH JLEW DQ GDVV LKUH 4XHOOHQ RGHU ,QWHUYLHZSDUWQHUGLH%HLWU¦JHJHJHQOHVHQ'LHVNDQQDOV$XVGUXFNHLQHV K¸KHUHQ VR]LDOHQ 'UXFNV LQWHUSUHWLHUW ZHUGHQ GHP /RNDOUHGDNWHXUH EHL LKUHU$UEHLWDXVJHVHW]WVLQG:HLVFKHQEHUJ6FKROO0DOLN 9RQ DOOHQVFKUHLEHQGHQ 5HVVRUWVKDEHQ/RNDOMRXUQDOLVWHQDP PHLV WHQ .RQWDNW PLW LKUHP 3XEOLNXP ,PPHUKLQ HLQH JXWH KDOEH 6WXQGH SUR 7DJYHUEULQJHQVLHPLWGHQMHQLJHQI¾UGLHVLHVFKUHLEHQ=XP9HUJOHLFK (LQ 3ROLWLNMRXUQDOLVW NRPPW QXU DXI 0LQXWHQ HLQ :LUWVFKDIWVUHGDNWHXU DXI 0LQXWHQ SUR 7DJ +LQ]X NRPPHQ QRFK HWZD 0LQXWHQ ( 0DLONRQWDNWPLWGHP3XEOLNXP =XP5HFKHUFKLHUHQEOHLEWGHP/RNDOMRXUQDOLVWHQKHXWHZHQLJHU=HLW DOVIU¾KHUQXUJXWDQGHUWKDOE6WXQGHQSUR7DJ]XV¦W]OLFKQRFKHWZDHLQH KDOEH6WXQGHI¾U2QOLQH5HFKHUFKH'LHVLVWJHPHVVHQDQGHP8PIDQJ GHQGLHDQGHUHQ7¦WLJNHLWHQHLQQHKPHQQLFKWEHVRQGHUVYLHO8QGDXFK LP9HUJOHLFKPLWGHQ.ROOHJHQDXVDQGHUHQ5HGDNWLRQHQ]HLJWVLFKGDVV LP /RNDOHQ GHXWOLFK ZHQLJHU DNWLY UHFKHUFKLHUW ZLUG YJO .DSLWHO 5H FKHUFKH 'LH 6WXGLH YRQ :HLVFKHQEHUJ 0DOLN XQG 6FKROO ZHLVW GDUDXI KLQ GDVV GHU ]HLWOLFKH 5HFKHUFKHDXIZDQG EHL DOOHQ -RXUQDOLVWHQ ]XU¾FN JHKW 'D GLHV HLQH GHU 7¦WLJNHLWHQ VHL GLH ]HLWOLFK IOH[LEHO XQG QLFKW IRU PDOLVLHUWLVWZHUGHVLHLPPHUGDQQDEJHN¾U]WZHQQDQGHUH$XIJDEHQI¾U
3HUVSHNWLYHQGHU)RUVFKXQJ
GHQ -RXUQDOLVWHQ KLQ]XNRPPHQ 'DV %LOG GHV 5HSRUWHUV GHUYLHOH 6WXQ GHQ DX¡HUKDOE GHU 5HGDNWLRQ YHUEULQJW XP *HVFKLFKWHQ DXI]XVS¾UHQ XQG)DNWHQ]XVDPPHOQVWHOOWVLFKGDPLWDOVLGHDOLVWLVFKKHUDXV $OOHV LQ DOOHP VLQG /RNDOMRXUQDOLVWHQ PLW LKUHP %HUXI KRFK ]XIULHGHQ 6LH VLQG ]XIULHGHQ GDVV VLH VLFK LKUH $UEHLW ZHLWJHKHQG VHOEHU HLQWHLOHQ N¸QQHQ ]XIULHGHQ PLW GHU 4XDOLW¦W GHU $XVELOGXQJ PLW LKUHQ $UEHLWVNROOH JHQ XQG DXFK ZHQQ DOOHUGLQJV QXU YRQ NQDSS ]ZHL 'ULWWHOQ VR JH¦X¡HUW PLWGHU+¸KHGHU%H]DKOXQJ0LWLKUHQ$XIVWLHJVFKDQFHQXQGGHQ0¸JOLFK NHLWHQ GHU EHUXIOLFKHQ :HLWHUELOGXQJ MHGRFK VLQG VLH HKHU QLFKW ]XIULHGHQ $XFKGLHPDQJHOQGH=HLW7KHPHQSHUV¸QOLFK]XUHFKHUFKLHUHQVFKP¦OHUW GLH $UEHLWV]XIULHGHQKHLW ,QWHUHVVDQWHUZHLVH VLQG GLH /RNDOMRXUQDOLVWHQ LP *HJHQVDW]]XDQGHUHQ5HVVRUWVDPXQ]XIULHGHQVWHQPLWGLHVHU6LWXDWLRQದ GLHVNRUUHOLHUWGHXWOLFKPLWGHUWDWV¦FKOLFK]XU9HUI¾JXQJVWHKHQGHQ=HLW
'LH:HOWYHU¦QGHUQದYRUGHUHLJHQHQ+DXVW¾UDQIDQJHQ" /RNDOMRXUQDOLVWHQXQGLKU%HUXIVYHUVW¦QGQLV (V LVW QLFKW QXU VSDQQHQG ]X ZLVVHQ ZHU /RNDOMRXUQDOLVW LVW XQG ZLH HU VHLQHQ %HUXI DOOW¦JOLFK DXV¾EW 0LQGHVWHQV HEHQVR VSDQQHQG LVW HV ]X XQWHUVXFKHQ ZDV LKQ ]X VHLQHU $UEHLW DQWUHLEW ZLH HU VHLQHQ %HUXI EH VFKUHLEW XQG ZHOFKHV 5ROOHQVHOEVWYHUVW¦QGQLV HU VLFK VHOEVW ]XVFKUHLEW *HUQH ZHUGHQ GDEHL ]ZHL -RXUQDOLVWHQELOGHU KHUDXIEHVFKZRUHQ $XI GHU HLQHQ 6HLWH GHU DQJHOV¦FKVLVFKH 6S¾UKXQG GHU REMHNWLY 1DFKULFKWHQ DXIVS¾UWXQGZHLWHUJLEW8QGDXIGHUDQGHUHQ6HLWHGHUGHXWVFKH 0LVVL RQDU GHU VLFK DQZDOWVFKDIWOLFK I¾U HLQ 7KHPD HLQVHW]W VHLQH $XIJDEH GDULQ VLHKW SROLWLVFKH ,QVWLWXWLRQHQ XQG 0DFKWJUXSSHQ ]X NRQWUROOLHUHQ XQG GDV 3XEOLNXP YRQ VHLQHQ $QVLFKWHQ ]X ¾EHU]HXJHQ 'LHVH EHLGHQ 5ROOHQELOGHU JHKHQ ]XU¾FN DXI GLH $UEHLWHQ YRQ .¸FKHU ZHOFKH LQ GHQ DFKW]LJHU -DKUHQ GHXWVFKH XQG EULWLVFKH -RXUQDOLVWHQ EHIUDJWH .¸FKHU $XFK%HIUDJXQJHQYRQ/RNDOMRXUQDOLVWHQDXVGLHVHU=HLWEHVW¦WLJ WHQ GLHVHV %LOG DOOHUGLQJV ¾EHUZRJ KLHU HLQH YHUDQWZRUWXQJVHWKLVFKH .ULWLNHUIXQNWLRQZHOFKHGLH)ROJHQGHU.ULWLNPLWEHU¾FNVLFKWLJW0¾KOEHU JHUYJODXFK.DSLWHO
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
'HU GHXWVFKH -RXUQDOLVPXV MHGRFK KDW VLFK VHLWGHP GHXWOLFK JHZDQ GHOW 1LFKW GHU ಱ0LVVLRQDUಯ RGHU ZLH 6FK¸QEDFK XQG VHLQH .ROOHJHQ HV IRUPXOLHUWHQGHUಱ2EHUOHKUHUಯLVWGDVLGHDOH5ROOHQELOGVRQGHUQGHUQHXWUD OH ,QIRUPDWLRQVYHUPLWWOHU 6FKQHLGHU6FK¸QEDFK6W¾W]HEHFKHU 'LHV EHVW¦WLJHQ DXFK PHKU DOV ]HKQ -DKUH VS¦WHU :HLVFKHQEHUJ 0DOLN XQG 6FKROO LQ LKUHU 6WXGLH YJO :HLVFKHQEHUJ6FKROO0DOLN $Q REHUVWHU 6WHOOHI¾UQDKH]XDOOH/RNDOMRXUQDOLVWHQVWHKWGDV3XEOLNXPQHXWUDOSU¦]LVH XQGVFKQHOO]XLQIRUPLHUHQ'LH5HDOLW¦WVROOVRDEJHELOGHWZHUGHQZLHVLH LVW VR GLH (LQVWHOOXQJ YRQ YLHU )¾QIWHO DOOHU /RNDOMRXUQDOLVWHQ =XV¦W]OLFK JHEHQ VLH DQ VHL HV HLQ ZLFKWLJHV $QOLHJHQ NRPSOH[H 6DFKYHUKDOWH ]X HUNO¦UHQXQG]XYHUPLWWHOQ+LQJHJHQLVWHVQXUHLQ)¾QIWHOGHU-RXUQDOLVWHQ GHP HV ZLFKWLJ LVWGHP 3XEOLNXP VHLQH HLJHQHQ $QVLFKWHQ ]XYHUPLWWHOQ QXU HLQ 9LHUWHO P¸FKWH GLH SROLWLVFKH 7DJHVRUGQXQJ EHHLQIOXVVHQ XQG HLQ 'ULWWHOP¸FKWHQHXH7KHPHQXQG,GHHQVHW]HQ$OOHUGLQJVVHKHQHV/RNDO MRXUQDOLVWHQ VW¦UNHU DOV LKUH .ROOHJHQ DOV LKUH $XIJDEH DQ 0LVVVW¦QGH ]X NULWLVLHUHQ VLFK I¾U %HQDFKWHLOLJWH HLQ]XVHW]HQ XQG 3ROLWLN :LUWVFKDIW XQG *HVHOOVFKDIW]XNRQWUROOLHUHQ'DPLWVLQGVLHVW¦UNHUDOVDOOHDQGHUHQ.ROOH JHQLQLKUHP5ROOHQVHOEVWYHUVW¦QGQLVDPELYDOHQWDXVJHULFKWHW6LHP¸FKWHQ EHLGHV VHLQ,QIRUPDWLRQVYHUPLWWOHU XQG DQZDOWVFKDIWOLFKH .ULWLNHU 6LH VLQG HEHQ QLFKW QXU QHXWUDOH %HREDFKWHU VRQGHUQ VLQG 7HLO GHV ORNDOHQ 6\V WHPV LQ ZHOFKHP VLH VHOEHU OHEHQ XQG ¾EHU ZHOFKHV VLH JOHLFK]HLWLJ SUR IHVVLRQHOOEHULFKWHQ'HU'UXFNPLWZHOFKHP/RNDOMRXUQDOLVWHQW¦JOLFKXP JHKHQ LVW VRPLW LQ EHLGH 5LFKWXQJHQ JU¸¡HU DOV LQ DQGHUHQ 5HGDNWLRQHQ (LQHUVHLWVVLQGVLHYRQ0LVVVW¦QGHQLPGLUHNWHQ8PIHOGSHUV¸QOLFKEHWURI IHQKDEHQDOVRHLQXUHLJHQHVSHUV¸QOLFKHV%HG¾UIQLVHWZDVJHJHQVLH]X XQWHUQHKPHQRGHUZHUGHQYRQLKUHPSHUV¸QOLFKHP8PIHOGXP.ULWLNJHEH WHQ $QGHUHUVHLWV EHJHJQHQ VLH GHQ EHWURIIHQHQ ,QWHUYLHZSDUWQHUQ XQG +RQRUDWLRUHQLP$OOWDJLPPHUZLHGHUSIOHJHQP¸JOLFKHUZHLVHSHUV¸QOLFKH .RQWDNWHPLWLKQHQದZDVHLQH.ULWLNZLHGHUXPHUVFKZHUHQNDQQ )UDJW PDQ VLH MHGRFK QLFKW QXU GDQDFK ZLH VLH LKUHQ %HUXI YHUVWH KHQ VRQGHUQ DXFK GDQDFK ZLH VLH GLHVHV 5ROOHQVHOEVWYHUVW¦QGQLV WDW V¦FKOLFKXPVHW]HQN¸QQHQ¾EHUZLHJWGDV%LOGGHV,QIRUPDWLRQVMRXUQDOLV WHQ'HQQDXFKGLHMHQLJHQGHQHQHLQH:DWFKGRJ)XQNWLRQZLFKWLJLVWGLH VLFK I¾U GLH %HODQJH DQGHUHU HLQVHW]HQ ZROOHQ XQG 0LVVVW¦QGH DQSUDQ JHUQZROOHQU¦XPHQHLQGDVVHVLKQHQLP$OOWDJQLFKWLPPHUJHOLQJW
3HUVSHNWLYHQGHU)RUVFKXQJ
(QJYHUEXQGHQPLWGHPHLJHQHQ6HOEVWYHUVW¦QGQLVLVWGLH)UDJHGD QDFK ZHOFKH (LQIO¾VVH DQGHUHQ LQ %H]XJ DXI GLH HLJHQH $UEHLW ]XJH VFKULHEHQ ZLUG ,P =XJH GHU 5HFKHUFKH Z¦KUHQG GHV 6FKUHLEHQV XQG QDFK GHU 9HU¸IIHQWOLFKXQJ HUK¦OW GHU -RXUQDOLVW ODXIHQG 5HDNWLRQHQ DXI VHLQH $UEHLW (LQ *UR¡WHLO GLHVHU 5HDNWLRQHQ NRPPW DXV VHLQHP GLUHNWHQ EHUXIOLFKHQ 8PIHOG DOVR YRQ GHQ .ROOHJHQ 9RUJHVHW]WHQ XQG DQGHUHQ -RXUQDOLVWHQ/RNDOMRXUQDOLVWHQ HUKDOWHQ]XV¦W]OLFKEHVRQGHUVRIW5HDNWLR QHQYRQ3ROLWLNHUQದHLQZHLWHUHV,QGL]GDI¾UGDVVVLHVW¦UNHUDOVDQGHUH PLW GHQ XQPLWWHOEDUHQ .RQVHTXHQ]HQ LKUHU $UEHLW NRQIURQWLHUW ZHUGHQ VLHKH.DSLWHO 8QGDXFKGLHHQJH3XEOLNXPVELQGXQJZLUGKLHUGHXWOLFK VLHHUKDOWHQPHKUDOVDOOHDQGHUHQ5HDNWLRQHQLKUHU/HVHUXQG=XK¸UHU 'HU (LQIOXVV GLHVHU %H]XJVJUXSSHQ ZLUG MHGRFK XQWHUVFKLHGOLFK JH ZHUWHW'LH5HDNWLRQHQGHV3XEOLNXPVZHUGHQQRFKDPHKHVWHQDOVHLQ IOXVVUHLFK DQJHVHKHQ HEHQVR ZLH GLH IIHQWOLFKNHLWVDUEHLW LP $OOJHPHL QHQ VRZLH GDV HLJHQH 8PIHOG LQVEHVRQGHUH GLH PLWWOHUH UHGDNWLRQHOOH )¾KUXQJVHEHQH XQG GLH .ROOHJHQ $P ZHQLJVWHQ (LQIOXVV ZHUGHQ DOOHQ PHGLHQH[WHUQHQ *UXSSHQ ]XJHVFKULHEHQ DOVR *HZHUNVFKDIWHQ SROLWL VFKHQ 3DUWHLHQ 8QWHUQHKPHQ .LUFKHQ XQG 6SRUWYHUHLQHQ =XPLQGHVW LQQHUOLFKKDOWHQVLFKGLH/RNDOMRXUQDOLVWHQKLHUJHJHQ(LQIO¾VVHJHIHLW2E GDVVWLPPWXQGLQZLHZHLWVLFKGDVDXFKLQGHU%HDUEHLWXQJGHU7KHPHQ ZLGHUVSLHJHOWLVWHLQHDQGHUH)UDJHVLHKH.DSLWHO
=XVDPPHQIDVVXQJ 8QWHU GHQ GHXWVFKHQ -RXUQDOLVWHQ VWHOOHQ /RNDOMRXUQDOLVWHQ GLH JU¸¡WH *UXSSHGDU6LHVLQGLQGHU5HJHOJXWDXVJHELOGHW6LHKDEHQUHODWLYRIW YRORQWLHUWLPPHUKLQ]ZHL)¾QIWHOYRQLKQHQKDEHQHLQHDEJHVFKORVVH QH DNDGHPLVFKH -RXUQDOLVWHQDXVELOGXQJ RGHU HLQH -RXUQDOLVWHQVFKXOH EHVXFKW 7HQGHQ]LHOO DUEHLWHQ PHKU 0¦QQHU LP /RNDOHQ GHU $OWHUV GXUFKVFKQLWW HQWVSULFKW GHP DOOHU -RXUQDOLVWHQ 'DV /RNDOH LVW VRPLW QLFKWGDV6SUXQJEUHWWI¾U%HUXIVDQI¦QJHUVRQGHUQHLQI¾UDOOHHUQVW]X QHKPHQGHV5HVVRUW 'HU$UEHLWVDOOWDJLVWJHNHQQ]HLFKQHWGXUFKYLHOHLJHQHV6FKUHLEHQ XQG GDV 5HGLJLHUHQ QLFKW QXU GHU HLJHQHQ VRQGHUQ DXFK GHU 7H[WH YRQ.ROOHJHQ=XJOHLFK]HLJWVLFKLP/RNDOHQGLH%HGHXWXQJGHV)HHG
.DSLWHO9RQ%HUXI/RNDOMRXUQDOLVW
EDFNVDXVGHPEHUXIOLFKHQ8PIHOGXQGGXUFK*UXSSHQXQG3HUVRQHQ DX¡HUKDOE GHU 5HGDNWLRQ 'LH VR]LDOH (LQEHWWXQJ GHV -RXUQDOLVWHQ LQ VHLQ8PIHOG]HLJWVLFKDOVRDXFKLQW¦JOLFKHQ$UEHLWVURXWLQHQ
:HLWHUI¾KUHQGH/LWHUDWXU $OWPHSSHQ.ODXV'LHWHU'RQJHV3DWULFN(QJHOV.HUVWLQ 7HFKQLVLHUXQJXQGRUJDQL VDWRULVFKHU:DQGHO,Q1HYHUOD,UHQH*ULWWPDQQ(ONH3DWHU0RQLND+UVJ *UXQGOD JHQWH[WH]XU-RXUQDOLVWLN6 .RQVWDQ]89. .DUPDVLQ 0DWWKLDV -RXUQDOLVPXV %HUXI RKQH 0RUDO" -RXUQDOLVWLVFKHV %HUXIVKDQ GHOQLQVWHUUHLFK:LHQ/LQGH 0DUU 0LUNR HW DO -RXUQDOLVWHQ LQ GHU 6FKZHL] (LJHQVFKDIWHQ (LQVWHOOXQJHQ (LQ IO¾VVH.RQVWDQ]89. 3DZORIVN\-DQ 'LHYLUWXHOOH5HGDNWLRQ0DFKWGDV,QWHUQHWGHQ1HZVURRP¾EHUIO¾V VLJ",Q1HXEHUJHU&KULVWRSK7RQQHPDFKHU-DQ+UVJ 2QOLQHದ'LH=XNXQIWGHU=HL WXQJ"'DV(QJDJHPHQWGHXWVFKHU7DJHV]HLWXQJHQLP,QWHUQHWYROOVW¦QGLJ¾EHUDU EHLWHWHXQGDNWXDOLVLHUWH$XIODJH 6 :LHVEDGHQ:HVWGHXWVFKHU9HUODJ
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV 6LFKWZHLVHQGHU3UD[LV (LQ$ERQQHQWEHVFKZHUWVLFK,QGHPYHU¸IIHQWOLFKWHQ/HVHUEULHIHLQHV %DXXQWHUQHKPHUV ZLUG HU EH]LFKWLJW 5HFKQXQJHQ QLFKW EH]DKOW ]X KDEHQ(UVHLGD]XYRQGHU5HGDNWLRQQLFKWJHK¸UWZRUGHQಱ6RHWZDV NRPPWGRFKVLFKHUQLFKW]XPHUVWHQPDOYRU"ಯIUDJHQ6LHGHQ5HGDN WLRQVOHLWHU ಱ:LH NO¦UHQ 6LH ZDV ]XO¦VVLJ LVW XQG ZDV QLFKW"ಯ ZROOHQ 6LHZLVVHQ 'HU/RNDOFKHIWHOHIRQLHUWPLWGHP+DXVMXVWL]LDUGHULKPHPSILHKOW LP 3UHVVHNRGH[ XQWHU 5LFKWOLQLH ದ /HVHUEULHIH QDFK]XVFKDXHQ ,Q GHU JXW VRUWLHUWHQ /RNDOUHGDNWLRQ VLQG GLH ಱ3UHVVHNRGH[ಯ JHQDQQWHQ 3XEOL]LVWLVFKHQ *UXQGV¦W]H GHV 'HXWVFKHQ 3UHVVHUDWHV HEHQVR YRU KDQGHQZLHHLQH.XU]IDVVXQJGHV3UHVVHUHFKWV 'HU/HVHUGHUHLQHQ)HLQNRVWODGHQEHWUHLEWEHNODJWQLFKWQXUGDVVLKP NHLQH 0¸JOLFKNHLW ]XU 6WHOOXQJQDKPH JHJHEHQ ZXUGH VRQGHUQ GDVV GLH %HKDXSWXQJHQ GHV %DXXQWHUQHKPHUV JHVFK¦IWVVFK¦GLJHQG VHLHQ XQG VHLQH3HUV¸QOLFKNHLWVUHFKWHYHUOHW]WHQ'HU+DXVMXVWL]LDUKDWVLFKMHW]WGHU 6DFKH DQJHQRPPHQ XQG HUNO¦UW ದ DXI :XQVFK GHV /RNDOFKHIV LQ HLQHU 5HGDNWLRQVNRQIHUHQ] ದ ZDV LQ VROFKHQ )¦OOHQ ]X EHGHQNHQ LVW 'LH 5H GDNWLRQ KDW DXFK LQ HLQHP /HVHUEULHI DOOH )DNWHQ ]X UHFKHUFKLHUHQ XQG DXI GLH 5LFKWLJNHLW KLQ ]X SU¾IHQ 'LH SUHVVHUHFKWOLFKH 9HUDQWZRUWXQJ EOHLEWSULQ]LSLHOOLQGHU5HGDNWLRQ'LH=HLWXQJVROOWHVLFKDXVUHLQSULYDWHQ $XVHLQDQGHUVHW]XQJHQKHUDXVKDOWHQ
/HUQ]LHOH Â Â
:LHUHDJLHUWPDQLQ6WUHLWI¦OOHQ" :LHVFK¾W]WPDQ,QIRUPDQWHQ"
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
'HU +DXVMXVWL]LDU U¦W ಱ:HQQ HLQ %¾UJHU HLQHQ DQGHUHQ %¾UJHU EHVFKXO GLJWXQGGLHVHU9RUJDQJZHJHQGHUEHWHLOLJWHQ3HUVRQHQRGHUZHJHQGHV ,QKDOWV YRQ ¸IIHQWOLFKHP ,QWHUHVVH LVW GDQQ LVW HLQ $UWLNHO IDLUHU DOV HLQ /HVHUEULHI :LU UHFKHUFKLHUHQ OLHEHU VHOEVW XQG ODVVHQ EHLGH 6HLWHQ ]X :RUWNRPPHQಯ'HU/RNDOFKHIUXIWGHQYHU¦UJHUWHQ.DXIPDQQDQXQGKROW 9HUV¦XPWHV QDFK 6R HUVFKHLQW HLQ $UWLNHO LQ GHP GHU )HLQNRVWODGHQ ,QKDEHUVHLQH6LFKWGHU'LQJHHUNO¦UW 1LFKW LPPHU ODVVHQ VLFK $XVHLQDQGHUVHW]XQJHQ ZLH ]ZLVFKHQ GHP %DXXQWHUQHKPHU XQG GHP )HLQNRVWODGHQEHWUHLEHU GXUFK QDFKIROJHQGH %HULFKWHUVWDWWXQJ EHLOHJHQ 0DQFKH %¾UJHU ZHQGHQ VLFK DQ GHQ %H VFKZHUGHDXVVFKXVV GHV 'HXWVFKHQ 3UHVVHUDWHV RGHU UHLFKHQ *HJHQ GDUVWHOOXQJHQHLQ'HU3UHVVHUDW¾EHUSU¾IWHLQ]HOQH%HVFKZHUGHQDQKDQG GHV 3UHVVHNRGH[ GHQ -RXUQDOLVWHQ XQG 9HUOHJHU JHPHLQVDP IRUPXOLHUW KDEHQ (LQH $XVZDKO GHU (UJHEQLVVH YHU¸IIHQWOLFKW HU MHZHLOV LQ VHLQHQ -DKUE¾FKHUQ =ZHL )¦OOH DXV GHP -DKUEXFK PLW GHU 6SUXFKSUD[LV GHV-DKUHVVHLHQEHLVSLHOKDIWYRUJHVWHOOW )DOOಱಭ(VZDUZLHDXIHLQHP9LHKPDUNWಫWLWHOWHLQH5HJLRQDO]HLWXQJ ¾EHU GLH ¸UWOLFK ]XVW¦QGLJH XQG QDPHQWOLFK JHQDQQWH $PWV¦U]WLQ EHLP *HVXQGKHLWVDPW GHV /DQGNUHLVHV 'LH $XWRULQ ZLUIW GHU )UDX KHUULVFKHV $XIWUHWHQHLQHXQK¸IOLFKH$UWHLQHQGHP¾WLJHQGHQ8PJDQJPLW.LQGHUQ XQGDUURJDQWHV9HUKDOWHQJHJHQ¾EHUGHQ(OWHUQYRU'DEHLEHUXIWVLFKGLH =HLWXQJ DXI GLH $XVVDJHQ ]ZHLHU 0¾WWHU GLH QDPHQWOLFK JHQDQQW 6WHO OXQJEH]LHKHQ'HU(KHPDQQGHUU]WLQEHVFKZHUWVLFKEHLP'HXWVFKHQ 3UHVVHUDW 6HLQH )UDX XQG GLH JHVDPWH )DPLOLH VHLHQ GXUFK GHQ $UWLNHO SHUV¸QOLFKVHKUEHWURIIHQ'HU=HLWXQJVHLYRU]XZHUIHQGDVVVLHLP5DK PHQLKUHU5HFKHUFKHNHLQH6WHOOXQJQDKPHGHUEHWURIIHQHQU]WLQ HLQJH KROWKDEH'HU5HGDNWLRQVOHLWHUEHNXQGHWVHLQ%HGDXHUQ¾EHUGHQ9RUIDOO :HGHU LQ GHU 'LNWLRQ QRFK LQ GHU $UW ZLH HU ]XVWDQGH JHNRPPHQ VHL ILQGHGHU%HLWUDJGLH%LOOLJXQJGHU5HGDNWLRQ'LH5HGDNWLRQVOHLWXQJKDEH DP7DJQDFKGHP(UVFKHLQHQGHV$UWLNHOGDI¾UJHVRUJWGDVVGLH]XVW¦Q GLJH 5HGDNWHXULQ PLW GHP 'LHQVWYRUJHVHW]WHQ GHU U]WLQ HLQ ,QWHUYLHZ ]XP7KHPDಱ6FKXOWDXJOLFKNHLWಯLP$OOJHPHLQHQXQGGHU$UEHLWVZHLVHGHU $PWV¦U]WLQLP%HVRQGHUHQI¾KUWH'RUWVHLGDV7KHPDGDQQGLIIHUHQ]LHUW GDUJHVWHOOWZRUGHQ'LH=HLWXQJKDEHDXFKHLQ,QWHUYLHZPLWGHP/DQGUDW DEJHGUXFNW LQ GHP GLHVHU KDEH 6WHOOXQJ EH]LHKHQ N¸QQHQ 6FKOLH¡OLFK
6LFKWZHLVHQGHU3UD[LV
VHLHQ /HVHUEULHIH YHU¸IIHQWOLFKW ZRUGHQ GLH VLFK DEOHKQHQG PLW GHU %H ULFKWHUVWDWWXQJDXVHLQDQGHUJHVHW]WK¦WWHQ 'HU3UHVVHUDWEHIDQG'LH=HLWXQJKDWPLWGHP%HLWUDJJHJHQGLH=LI IHUQ $FKWXQJ GHV 3ULYDWOHEHQV XQG GHU ,QWLPVSK¦UH XQG %HKDXS WXQJHQHKUYHUOHW]HQGHU1DWXU GHV3UHVVHNRGH[YHUVWR¡HQ'HU3UHVVH UDW VSULFKW JHJHQ VLH HLQH 0LVVELOOLJXQJ DXV (U NDQQ NHLQHQ *UXQG HUNHQQHQGHUGDV¸IIHQWOLFKH,QWHUHVVHDQGHULGHQWLIL]LHUEDUHQ%HULFKWHU VWDWWXQJ¾EHUGLH$PWV¦U]WLQEHJU¾QGHW'XUFKGLH1HQQXQJGHVYROOVW¦Q GLJHQ1DPHQVGHU)UDXZ¾UGHQGHUHQ3HUV¸QOLFKNHLWVUHFKWHYHUOHW]W(V LVWDX¡HUGHPXQ]XO¦VVLJJHJHQGLHU]WLQGLHREHQHUZ¦KQWHQ9RUZ¾UIH ]XHUKHEHQ$XFKZHQQHVVLFKGDEHLXPGLH(LQVFK¦W]XQJGHUEHIUDJWHQ 0¾WWHU KDQGHOW LVW HV XQDQJHPHVVHQ GLHVH LQ XQGLIIHUHQ]LHUWHU $UW XQG :HLVH SUHLV]XJHEHQ 'LH %HP¾KXQJHQ GHU =HLWXQJ GXUFK ,QWHUYLHZV $UWLNHO XQG /HVHUEULHIH GHQ $UWLNHO ]X UHODWLYLHUHQ ZDUHQ QLFKW DXVUHL FKHQGGLHVHQ)HKOHUZLHGHUJXW]XPDFKHQ,QHLQHPVRVFKZHUZLHJHQ GHQ)DOOZ¦UHHLQH(QWVFKXOGLJXQJEHLGHQ/HVHUQHUIRUGHUOLFKJHZHVHQಯ %. )DOOಱ8QWHUGHUEHUVFKULIWಱUJHUXPVZLOGH 3DUNHQಯEHULFKWHWHLQH /RNDO]HLWXQJ ¾EHU )DOVFKSDUNHU YRU HLQHU .LQGHUWDJHVVW¦WWH 1DPHQWOLFK JHQDQQW ZLUG HLQH 0XWWHU GLH VLFK ¾EHU HLQHQ 6WUDI]HWWHO JH¦UJHUW KDWWH 6LH KLHOW GDV .Q¸OOFKHQ I¾U XQJHUHFKWIHUWLJW GHQQ GLH 3DUNP¸JOLFKNHLWHQ VHLHQ ZHJHQ HLQHU %DXVWHOOH VHKU HLQJHVFKU¦QNW JHZHVHQ XQG DQGHUH )DKU]HXJHGXUFKGLH3DUNHQGHQQLFKWEHKLQGHUWZRUGHQ'LH)UDXZHQGHW VLFK DQ GHQ 'HXWVFKHQ 3UHVVHUDW ZHLOVLHLQ GHU =HLWXQJ QDPHQWOLFK JH QDQQWZRUGHQLVW'LHLKU]XJHVFKULHEHQH$XVVDJHVLHKDEHGHQ+LOIVSROL ]LVWHQXQWHU$QGURKXQJHLQHU6WUDIDQ]HLJHGDYRUJHZDUQWLKUHLQHQ6WUDI ]HWWHO ]X YHUSDVVHQ KDEH VLH QLFKW JHPDFKW 9LHOPHKU KDEH VLH GHQ +LOIVSROL]LVWHQJHIUDJWREHUVLFKQLFKWVFK¦PHDQGLHVHU6WHOOH6WUDI]HWWHO DQ(OWHUQDXV]XVWHOOHQ'HU5HGDNWLRQVOHLWHUEHULFKWHWGLH)UDXKDEHVLFK DQGHQ]XVW¦QGLJHQ5HGDNWHXUPLWGHU%LWWHJHZDQGWDXVGHU6DFKHHLQH *HVFKLFKWH ]X PDFKHQ 'LH 1HQQXQJ RGHU 1LFKWQHQQXQJ GHV 1DPHQV VSLHOWHQDFKVHLQHU$XVVDJHEHLGHP*HVSU¦FKNHLQH5ROOH'HU5HGDNWL RQVOHLWHUZHLVWGDUDXIKLQGDVVVLFKGLH)UDXLQHLQHUDQGHUHQ=HLWXQJLQ HLQHP /HVHUEULHI PLW YROOHP 1DPHQ ]XU JOHLFKHQ 6DFKH JH¦X¡HUW KDEH 'LHVHU/HVHUEULHIGLH6WHOOXQJQDKPHGHV%¾UJHUPHLVWHUVXQGGLH6FKLOGH
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
UXQJ GHU %HVFKZHUGHI¾KUHULQ VHLHQ %DVLV I¾U GHQ QXQPHKU NULWLVLHUWHQ %HULFKW JHZHVHQ ,P EULJHQ KDEH GHU $XWRU EHVRQGHUV GUDVWLVFKH %H PHUNXQJHQGHU)UDXJHJHQ¾EHUGHP+LOIVSROL]LVWHQZHJJHODVVHQ 'HU3UHVVHUDWEHIDQG(UK¦OWGLH %HVFKZHUGHI¾UX XQEHJU¾QGHW'LH =HLWXQJ KDW PLW GHP %HULFKW XQG PLW GHU 1HQQXQJ GHV 1DPHQV GHU %H VFKZHUGHI¾KUHULQQLFKWJHJHQGHQ3UHVVHNRGH[YHUVWR¡HQ6FKZHUSXQNW GHU(U¸UWHUXQJZDUGLH)UDJHREGLH1HQQXQJGHV1DPHQVGLH3HUV¸Q OLFKNHLWVUHFKWH GHU )UDX QDFK =LIIHU GHV 3UHVVHNRGH[ YHUOHW]W $XFK VSLHOWH GLH )UDJH HLQH 5ROOH RE GLH =HLWXQJ EHL GHU 9HUZHUWXQJ LKUHU 4XHOOH KLQUHLFKHQG VRUJI¦OWLJ JHDUEHLWHW KDW 'LH $QUHJXQJ GHU )UDX DQ GLH =HLWXQJ DXV LKUHP 3DUNSODW]SUREOHP HLQH *HVFKLFKWH ]X PDFKHQ VSULFKWHEHQVRZHQLJI¾UHLQHQ9HUVWR¡JHJHQLKUH3HUV¸QOLFKNHLWVUHFKWH ZLHGLH7DWVDFKHGDVVVLHVLFKLQHLQHUDQGHUHQ=HLWXQJPLWYROOHP1D PHQLQHLQHP/HVHUEULHI]XUJOHLFKHQ6DFKHJH¦X¡HUWKDW'LH5HGDNWLRQ NRQQWH GDKHU GDYRQ DXVJHKHQ GHQ 1DPHQ LQ LKUHP %HULFKW QHQQHQ ]X G¾UIHQ 'HU %HVFKZHUGHDXVVFKXVV K¦OW DXFK GLH 9HUZHQGXQJ GHU $XV VDJHGHV+LOIVSROL]LVWHQRKQHQRFKPDOLJH5¾FNVSUDFKHPLWGHU3DUNV¾Q GHULQI¾U]XO¦VVLJ'LH5HGDNWLRQKDWGHVVHQ$XVVDJHHLQGHXWLJ DOV=LWDW JHEUDFKW XQG VLH VLFK QLFKW ]X HLJHQ JHPDFKW :HOFKH )RUPXOLHUXQJHQ EHL GHU $XVHLQDQGHUVHW]XQJ ZLUNOLFK YHUZHQGHW ZXUGHQ NDQQ GHU 3UHV VHUDW QLFKW NO¦UHQ (U KDW MHGRFK GHQ (LQGUXFN GDVV GLH (UHLJQLVVH YRQ GHU=HLWXQJNRUUHNWZLHGHUJHJHEHQZXUGHQಯ%. +¦OW GHU $XVVFKXVV HLQH %HVFKZHUGH I¾U EHJU¾QGHW VR KDW HU YLHU YHUVFKLHGHQH6DQNWLRQVP¸JOLFKNHLWHQIIHQWOLFKH5¾JHQLFKW¸IIHQWOLFKH 5¾JH 2SIHUVFKXW] ZLUG EHU¾FNVLFKWLJW 0LVVELOOLJXQJ +LQZHLV +DW HLQH =HLWXQJRGHU=HLWVFKULIWHLQH¸IIHQWOLFKH5¾JHHUKDOWHQVRPXVVVLHGLHLQ HLQHU GHU Q¦FKVWHQ $XVJDEHQ DEGUXFNHQ $OOHUGLQJV LVW GHU 3UHVVHUDW NHLQH JHVHW]OLFKH ,QVWDQ] XQG NDQQ YRQ GDKHU DXFK NHLQH (QWVFKHLGXQ JHQPLWUHFKWVYHUELQGOLFKHU:LUNXQJWUHIIHQ6HLQH(QWVFKHLGXQJHQVW¾W] WHQVLFKDXVVFKOLH¡OLFKDXIHLQHEHUXIVHWKLVFKH/HJLWLPDWLRQ
6LFKWZHLVHQGHU3UD[LV
1LFKWMHGHV0LWWHOLVWHUODXEW „Der grundrechtlich geschützte und privilegierte Bereich der journalistischen Recherche findet seine Grenze grundsätzlich dort, wo das Strafrecht beginnt. Begehen Journalisten im Rahmen ihrer Recherchetätigkeiten strafbare Handlungen, so verstoßen sie dabei nicht nur gegen Standesrecht (Pressekodex, Ziffer 4), sondern können auch persönlich strafrechtlich zur Verantwortung gezogen werden. Dabei hilft weder ein Verweis auf die Notwendigkeit zur Informationserlangung, noch auf die Tatsache, dass das Vorgehen mit der Redaktion abgestimmt war. Verantwortlich ist und bleibt allein der handelnde Journalist, der von seinem Arbeitgeber nicht gezwungen werden kann und sich das damit zusammenhängende Risiko daher grundsätzlich gut überlegen sollte“, betonte Rechtsanwältin Dr. Yvonne Kleinke in der Ausgabe 1/2006 der Drehscheibe.
:LH ZLU LQ GHQ YRUKHUJHKHQGHQ .DSLWHOQ VFKRQ IHVWJHVWHOOW KDEHQ LVW /RNDOEHULFKWHUVWDWWXQJYLHOHUOHL(LQIO¾VVHQDXVJHVHW]W1LFKWQXULP9HUODJ ZROOHQDOOHPLWUHGHQYRP*HVFK¦IWVI¾KUHUELV]XP3I¸UWQHUVRQGHUQDXFK DX¡HUKDOE 'HU /RNDOUHGDNWHXU ZLUG LQ GHU *DVWVW¦WWH EHLP )ULVHXU XQG DXIGHP6SRUWSODW]DXIGLH%HULFKWHGHU/RNDOUHGDNWLRQXQGLQVEHVRQGHUH DXI VHLQH $UWLNHO DQJHVSURFKHQ 'HQQ MHGHU KDW ]X QDKH]X MHGHP %H ULFKWHUVWDWWXQJVJHJHQVWDQG HLQH 0HLQXQJ *HUDGH ZHJHQ GLHVHU YLHOHQ SHUV¸QOLFKHQ.RQWDNWHLVW'LVWDQ]ZLFKWLJ (LQ 9HUWUDXHQVYHUK¦OWQLV ]XP %¾UJHUPHLVWHU RGHU $XIVLFKWVUDWVYRU VLW]HQGHQ GHV VW¦GWLVFKHQ 9HUNHKUVEHWULHEV LVW QLFKWV 6FKOHFKWHV 'LH )UDJHLVWQXUREGHU5HGDNWHXUGXUFK1¦KHNRUUXPSLHUWZLUGRGHUVHLQH MRXUQDOLVWLVFKH $XIJDEH 1DFKULFKWHQ ]X YHUEUHLWHQ RE VLH QXQ JXW RGHU VFKOHFKWVLQGXQEHHLQGUXFNWZDKUQLPPW'DEHLNDQQGDVORNDOH0RQRSRO KLOIUHLFK VHLQ ZHQQ Q¦POLFK EHL XQEHTXHPHU %HULFKWHUVWDWWXQJ GLH 'UR KXQJPLW$EEHVWHOOXQJHQRGHU$Q]HLJHQER\NRWWLQV/HHUHO¦XIW 'LH=HLWXQJYHUVHW]WGLH/HVHULQQHQXQG/HVHULQGLH/DJHPLWUHGHQ ]XN¸QQHQ'HVKDOELVWHVZLFKWLJGDVVGLH%¾UJHULQQHQXQG%¾UJHUYRU ZLFKWLJHQ(QWVFKHLGXQJHQLKUHV6WDGWRGHU*HPHLQGHUDWHVVRJXWLQIRU PLHUWZHUGHQGDVVVLHVLFKHLQPLVFKHQN¸QQHQ'DEHLVWR¡HQHQWJHJHQ JHVHW]WH ,QWHUHVVHQ DXIHLQDQGHU +LHU GLH 9HUZDOWXQJ GLH PLW +LOIH GHU 5DWVPHKUKHLW HLQH 6DFKH RKQH JUR¡HV $XIKHEHQV GXUFKVHW]HQ P¸FKWH GRUW HLQ XPZHOWEHZXVVWHU 5DWVKHUU GHU GHQ %DX GHU +¦KQFKHQPDVWDQ ODJH LQ GHU 1¦KH HLQHU 1HXEDXVLHGOXQJ YHUKLQGHUQ ZLOO 'HU 5DWVKHUU
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
O¦VVWGHP5HGDNWHXUDXI8PZHJHQHLQYRQGHU6WDGWLQ$XIWUDJJHJHEH QHV*XWDFKWHQ¾EHU]XHUZDUWHQGHKRKH*HUXFKVHPLVVLRQHQ]XNRPPHQ 'HU ,QIRUPDQW PXVV VLFK DXI GHQ YHUWUDXOLFKHQ 8PJDQJ PLW GHQ ,Q IRUPDWLRQHQ GXUFK GHQ /RNDOUHGDNWHXU YHUODVVHQ N¸QQHQ 'HQQ LP *H JHQVDW] ]X GHP 5HGDNWHXU NDQQ HU VWUDIUHFKWOLFK EHODQJW ZHUGHQ ZHQQ HU DOV ಱYHUWUDXOLFKಯ GHNODULHUWH 8QWHUODJHQ ZHLWHUJLEW 'HU 5HGDNWHXU KLQ JHJHQ LVW GXUFK GDV =HXJQLVYHUZHLJHUXQJVUHFKW JHVFK¾W]W V .DSLWHO :LVVHQVFKDIW $QJHK¸ULJHGHU3UHVVHದDXFKIUHLH0LWDUEHLWHUದN¸QQHQ LQHLQHP(UPLWWOXQJVYHUIDKUHQRGHUYRU*HULFKW$QJDEHQ¾EHU,QIRUPDQ WHQXQG9HUIDVVHUYRQ%HLWU¦JHQYHUZHLJHUQ'D]XVDJWGHU3UHVVHNRGH[ LQ=LIIHU „Hat der Informant die Verwertung seiner Mitteilung davon abhängig gemacht, dass er als Quelle unerkennbar oder ungefährdet bleibt, so ist diese Bedingung zu respektieren. Vertraulichkeit kann nur dann nicht bindend sein, wenn die Information ein Verbrechen betrifft und die Pflicht zur Anzeige besteht. Vertraulichkeit muss nicht gewahrt werden, wenn bei sorgfältiger Güter- und Interessenabwägung gewichtige staatspolitische Gründe überwiegen, insbesondere wenn die verfassungsmäßige Ordnung berührt oder gefährdet ist.“
%HL JDQ] VHQVLEOHQ ,QIRUPDWLRQHQ LVW HV DQJHEUDFKW VLFK PLW GHP ,QIRU PDQWHQDX¡HUKDOEGHU5HGDNWLRQ]XWUHIIHQ$XFK7HOHIRQDWHPLWYHUWUDX OLFKHP ,QKDOW VROOWHQ VR JHI¾KUW ZHUGHQ GDVV QLHPDQG PLWK¸UHQ NDQQ ದ DXFK .ROOHJHQ QLFKW 8QWHUODJHQ VROOWHQ QDFK GHU $XVZHUWXQJ YHUQLFKWHW RGHU DQ GHQ ,QIRUPDQWHQ ]XU¾FN JHJHEHQ ZHUGHQ 6ROOWHQ HUPLWWHOQGH %HK¸UGHQ GLH +HUDXVJDEH YRQ ,QIRUPDWLRQVPDWHULDO IRUGHUQ VROOWH PDQ VRIRUW GHQ +DXVMXVWL]LDU HLQVFKDOWHQ XQG VLFK DXI GDV =HXJQLVYHUZHLJH UXQJVUHFKWEHUXIHQ ಱ'XUFKVXFKXQJHQXQG%HVFKODJQDKPHQLQHLQHP(UPLWWOXQJVYHUIDK UHQ JHJHQ 3UHVVHDQJHK¸ULJH VLQG XQ]XO¦VVLJ ZHQQ VLH DXVVFKOLH¡OLFK RGHU YRUZLHJHQG GHP =ZHFN GLHQHQ GLH 3HUVRQ GHV ,QIRUPDQWHQ ]X HUPLWWHOQಯ XUWHLOW GDV %XQGHVYHUIDVVXQJVJHULFKW 'LH 6¾GGHXWVFKH =HL WXQJ VFKULHELP=XVDPPHQKDQJPLWGHP&LFHUR8UWHLOV.DSLWHO:LV VHQVFKDIW LQLKUHU$XVJDEHYRP)HEUXDUಱ'DVKHL¡WQXQQLFKW GDVV-RXUQDOLVWHQEHLGHU9HU¸IIHQWOLFKXQJYRQ'LHQVWJHKHLPQLVVHQQLFKW YHUIROJWZHUGHQN¸QQHQ(VKHL¡WDEHUGDVVGHU6FKXW]YRQ-RXUQDOLVWHQ
6LFKWZHLVHQGHU3UD[LV
YRU 'XUFKVXFKXQJHQ XQG %HVFKODJQDKPH VS¾UEDU DXVJHZHLWHW ZRUGHQ LVW 1DFK ELVKHULJHU 5HFKWVODJH HQWIDOWHQ GLH =DXEHUZRUWH ಱ5HGDNWLRQV JHKHLPQLVಯ XQG ಱ,QIRUPDQWHQVFKXW]ಯ YRU DOOHP GDQQ LKUH 6FKXW]NUDIW ZHQQ -RXUQDOLVWHQ DOV =HXJHQ JHIUDJW ZXUGHQ ಱ:HU KDW ,KQHQ GDV 'R NXPHQWJHJHEHQ"ಯ8QJHVWUDIWG¾UIHQVLHGLH$QWZRUWYHUZHLJHUQ-HPHKU XQGLFKWH 4XHOOHQ HLQ /RNDOUHGDNWHXU LP 6WDGWUDW DQ]DSIHQ NDQQ GHVWR EHVVHU I¾U LKQ XQG I¾U GLH ,QIRUPDQWHQ GLH VR QLFKW VR OHLFKW ಱHQWWDUQWಯ ZHUGHQ N¸QQHQ $X¡HUGHP NDQQ HLQH HLQ]LJH 4XHOOH EHL 1LFKWJHIDOOHQ GHU%HULFKWHUVWDWWXQJVFKQHOOYHUVLHJHQ(VLVWZLHPLWGHU)DEHOYRQGHP :HWWUHQQHQ ]ZLVFKHQ GHP +DVHQ XQG GHP ,JHO 6FKODXH 9HUZDOWXQJV I¾FKVH JHEHQ VLFK DOOH 0¾KH GLH /¸FKHU ]X VWRSIHQ GRFK JHZLHIWH 5H GDNWHXUH ILQGHQ 0LWWHO XQG :HJH XP VFKQHOOHU DQV =LHO ]X NRPPHQ 6WUDIWDWHQDOV5HFKHUFKHPLWWHOVLQGGDEHLJUXQGV¦W]OLFKQLFKWHUODXEW :HU HUIROJUHLFK UHFKHUFKLHUHQ ZLOO PXVV VHLQH 5HFKWH NHQQHQ XQG PXVVZLVVHQZLHXQVHU*HPHLQZHVHQIXQNWLRQLHUW'DVLQG]XHLQHPGLH /DQGHVSUHVVHJHVHW]H GLH EHVWLPPHQ GDVV HLQH %HK¸UGH HLQH JH Z¾QVFKWH$XVNXQIWVRVFKQHOOZLHP¸JOLFKHUWHLOHQPXVV'HU%HK¸UGHQ FKHI PXVV VLFKHUVWHOOHQ GDVV GHU 3UHVVH ]X GHQ %HK¸UGHQGLHQVW]HLWHQ MHGHU]HLW HLQ $QVSUHFKSDUWQHU ]XU 9HUI¾JXQJ VWHKW :LH GLH $XVNXQIW DO OHUGLQJV HUWHLOW ZLUG EHVWLPPW GLH %HK¸UGH VHOEVW =XP DQGHUHQ JLEW HV GDV ,QIRUPDWLRQVIUHLKHLWVJHVHW] GDV QLFKW QXU -RXUQDOLVWHQ $XVNXQIWV UHFKWHHLQU¦XPW'LHVHV*HVHW]UHJHOWDOOHUGLQJVQXUGHQ,QIRUPDWLRQVDQ VSUXFK JHJHQ¾EHU %HK¸UGHQ :HU DOVR $XVN¾QIWH ]XU $UEHLW GHU 3DUOD PHQWHEHJHKUWPXVVVLFKDXIGDV3UHVVHUHFKWVW¾W]HQ
5HFKWHLP/RNDOMRXUQDOLVPXV1XUHLQH6HLWHGHU0HGDLOOH 5HFKW XQG *HVHW] VLQG QXU GLH HLQH 6HLWH GHU 0HGDLOOH 'HQQ 5HGDNWHX ULQQHQ XQG 5HGDNWHXUH KDEHQ QDW¾UOLFK DXFK 3IOLFKWHQ ಱ-RXUQDOLVPXV NRPPWYRQXQWHQXQGDX¡HQLPHGHOVWHQXQGLPOXPSLJVWHQ6LQQH'DV LVW GHU 0\WKRV GLH %HUXIVOHJHQGH GDV )LOPNOLVFKHH GHU -RXUQDOLVW DOV YHUNRPPHQHU 7\S DP 7UHVHQ RGHU DOV XQEHVWHFKOLFKHU .RQWUROOHXU GHU 0¦FKWLJHQ :KLVNH\ RGHU :DWHUJDWH MHGHQIDOOV HLQH *HJHQILJXU ]XP (VWDEOLVKPHQWಯVFKULHE5HGDNWHXU-DQ5RVVLQGHU=(,71U ಱ'LH
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
.HKUVHLWH GHU 5HEHOOHQUROOHಯ VR 5RVV ZHLWHU ಱLVW GDV KDOE JDXQHUKDIWH ,PDJHGHV-RXUQDOLVWHQVHLQH$QU¾FKLJNHLWLQGHUJXWHQ*HVHOOVFKDIWಯ ಱ9HUPXWHQ $X¡HQVWHKHQGH KHXWH PHKU ZHUWYROOH XQG JDQ] HFKWH 0HQVFKHQLQGHQ5HLKHQGHU-RXUQDOLVWHQ":DKUVFKHLQOLFKQLFKWಯPHLQW 5RVV'HU-RXUQDOLVPXVVHL7HLOGHV(VWDEOLVKPHQWVJHZRUGHQ8QGGDULQ OLHJH HLQ 3UREOHP (V YHUOHW]H GHQ XQJHVFKULHEHQHQ 9HUWUDJ PLW GHP 3XEOLNXP GHU /HVHUVFKDIW QDFK GHP GHU -RXUQDOLVW HLQH $UW 2PEXGV PDQQVHLQPXVVGHU$QZDOWGHUNOHLQHQ/HXWHXQGGHVJHVXQGHQ0HQ VFKHQYHUVWDQGV ಱ-RXUQDOLVWHQP¾VVHQ 5HFKHQVFKDIWDEOHJHQ1LFKWGHP6WDDWVRQ GHUQ DOOHLQ GHQ %¾UJHUQ LQ GHUHQ $XIWUDJ VLH UHFKHUFKLHUHQ XQG VFKUHL EHQಯVDJW3DXO-RVHI5DXH&KHIUHGDNWHXUGHU %UDXQVFKZHLJHU=HLWXQJ LP$OPDQDFKI¾U-RXUQDOLVWHQ5DXHVLHKW-RXUQDOLVWHQDOV7UHXK¦Q GHU GHP GLH %¾UJHU 0DFKW OHLKHQ PLW GHU (UZDUWXQJ ,QIRUPDWLRQHQ XQ YHU]¾JOLFK DQ VLH ZHLWHU]XJHEHQ :HU HLQ VROFKHV 0DQGDW EHNRPPH P¾VVHEHJU¾QGHQN¸QQHQZDVHUWXWXQGXQWHUO¦VVW ಱ)¦KUW GLH 5HGDNWLRQ HLQH .DPSDJQH I¾U GLH 8PJHKXQJVVWUD¡H ದ DXFK JHJHQ GHQ :LOOHQ HLQHU HLQIOXVVUHLFKHQ %¾UJHULQLWLDWLYH" %HULFKWHW VLH YRQ GHU 9HUKDQGOXQJ YRU GHP $UEHLWVJHULFKW LQ GHU GHU %HWULHEVUDW JHJHQGDVJUR¡H.DXIKDXVNODJWGDVDXFKGHUEHVWH$Q]HLJHQNXQGHGHU =HLWXQJ LVW " 2E VLH VFKUHLEHQ RE VLH VFKZHLJHQ ದ /RNDOMRXUQDOLVWHQ QHKPHQ(LQIOXVVDXIGDV/HEHQLQLKUHU6WDGW8QHQWZHJWI¦OOHQ VLHHWKL VFKH (QWVFKHLGXQJHQ RE VLH ZROOHQ RGHU QLFKWಯ EHVFKUHLEW 5DXH GDV 3UREOHP5H]HSWHJHEHHVQLFKWDEHUHLQNDWHJRULVFKHU,PSHUDWLYN¸QQH GHU (QWVFKHLGXQJ DXIGLH6SU¾QJHKHOIHQ ಱ:LUUHFKHUFKLHUHQVRYLHOXQG VR VRUJVDP ZLH Q¸WLJ XQG ZLU ULFKWHQ VR ZHQLJ 6FKDGHQ XQG VR ZHQLJ 8QUHFKWDQZLHP¸JOLFKಯ
5HGDNWLRQHOOH/HLVWXQJLVWQLFKWN¦XIOLFK ಱ5HJLRQDO]HLWXQJHQJHQLH¡HQLP9HUJOHLFKPLWDQGHUHQ0HGLHQHLQKRKHV 0D¡ DQ *ODXEZ¾UGLJNHLW 'LHVHV 9HUWUDXHQVNDSLWDO GDUI QLFKW JHI¦KUGHW VHLQಯ KHL¡W HV LP 9HUKDOWHQVNRGH[ GHU :$=0HGLHQJUXSSH (VVHQ 'HU HUODVVHQH .RGH[ OHJW IHVW ZHOFKH 5HJHOQ VWULNW HLQ]XKDOWHQ VLQG 5HGDNWHXULQQHQ XQG 5HGDNWHXUH GHU 7DJHV]HLWXQJHQGHV 9HUODJHV P¾V
6LFKWZHLVHQGHU3UD[LV
VHQ LQKDOWOLFKHQ (LQIOXVVYHUVXFKHQ YRQ :HUEHNXQGHQ RGHU DQGHUHU LQWH UHVVLHUWHU 6HLWH ZLGHUVWHKHQ ಱ5HGDNWLRQHOOH /HLVWXQJ LVW QLFKW N¦XIOLFK :HU VLFK I¾U GLH 9HUEUHLWXQJ RGHU 8QWHUGU¾FNXQJ YRQ 1DFKULFKWHQ XQG %HULFKWHQ GXUFK *HOG RGHU VRQVWLJH 9RUWHLOVJHZ¦KUXQJ EHVWHFKHQ O¦VVW YHUVW¸¡W JHJHQ GHQ 9HUKDOWHQVNRGH[ XQG ZLUG HQWODVVHQಯ KHL¡W HV LP .DSLWHOಱ8QDEK¦QJLJNHLWGHU5HGDNWLRQಯ,P.DSLWHOಱ7UHQQXQJYRQ5HGDN WLRQXQG:HUEXQJಯLVWIHVWJHOHJWGDVV:HUEHWH[WH:HUEHIRWRVXQG:HU EHEH]HLFKQXQJHQ HLQGHXWLJ NHQQWOLFK ]X PDFKHQ VLQG 6FKOHLFKZHUEXQJ LQMHGHU)RUPLVWYHUERWHQ'HU9HUKDOWHQVNRGH[GHU:$=*UXSSHLVWQXU HLQ%HLVSLHOI¾UYHUODJVLQWHUQH.RGL]HV(VLVWXQHUO¦VVOLFKGHQMHZHLOLJHQ 9HUODJVNRGH[YRU%HJLQQGHUMRXUQDOLVWLVFKHQ$UEHLW]XNHQQHQ
=XVDPPHQIDVVXQJ 'HU3UHVVHNRGH[GHQ-RXUQDOLVWHQXQG9HUOHJHUJHPHLQVDPIRUPXOLHUW KDEHQVWHFNWNODUH*UHQ]HQGLH-RXUQDOLVWHQQLFKW¾EHUVFKUHLWHQG¾UIHQ 6HLQH5HJHOQXQG0D¡VW¦EHVROOWHQDOOH5HGDNWHXULQQHQXQG5HGDNWHX UHDOVHWKLVFKH6WDQGHVQRUPDN]HSWLHUHQXQGOHEHQ'DV*UXQGUHFKWGHU 3UHVVHIUHLKHLWILQGHWVHLQH*UHQ]HQLQGHQDOOJHPHLQHQ*HVHW]HQ -HQVHLWVYRQ*HVHW]HQXQG5HJHOQJLEWHVHLQHPRUDOLVFKHWKLVFKH 9HUDQWZRUWXQJ 6LH YHUODQJW VRUJI¦OWLJHV $UEHLWHQ IDLUH 5HFKHUFKH GLH )¦KLJNHLW SULYDWH XQG JHVFK¦IWOLFKH 'LQJH ]X WUHQQHQ GDV 3ULYDWOHEHQ ]XUHVSHNWLHUHQXQGದJHJHEHQHQIDOOVದDXFK]XU¾FNKDOWHQG]XEHULFKWHQ
:HLWHUI¾KUHQGH/LWHUDWXU ,QVWLWXW]XU)¸UGHUXQJGHVSXEOL]LVWLVFKHQ1DFKZXFKVHV'HXWVFKHU3UHVVHUDW+J (WKLNLP5HGDNWLRQVDOOWDJ.RQVWDQ]89. 3UHVVHNRGH[ 'HU 3UHVVHNRGH[ PLW GHQ 5LFKWOLQLHQ I¾U GLH SXEOL]LVWLVFKH $UEHLW NDQQ EHLP 'HXWVFKHQ3UHVVHUDWDQJHIRUGHUWZHUGHQKWWSZZZSUHVVHUDWGH+RPHKRPHKWPO 6FKPXFN 0LFKDHO 'DV QHXH 3UHVVHUHFKW 3UD[LVWLSSV I¾U -RXUQDOLVWHQ 5HPDJHQ 0HGLHQIDFKYHUODJ5RPPHUVNLUFKHQ
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV 3HUVSHNWLYHQGHU)RUVFKXQJ (LQ .ROOHJH EHULFKWHW LQ GHU 5HGDNWLRQVNRQIHUHQ] ¾EHU HLQHQ $QUXI ,KPVHLGDULQDQRQ\PPLWJHWHLOWZRUGHQGDVVPDQHVDXIGHUORNDOHQ $EIDOOGHSRQLH PLW GHU (QWVRUJXQJ YRQ 6RQGHUP¾OO QLFKW VR JHQDX QHKPH ZHQQ PDQ HLQ NOHLQHV +DQGJHOG ]DKOH 'HU .ROOHJH VFKO¦JW HLQHYHUGHFNWH5HFKHUFKHYRUHUN¸QQHMDVHOEHUPDODXVSURELHUHQRE HUDOV3ULYDWPDQQVHLQHQ0¾OODXIGLHVH$UWORVZHUGHQN¸QQH(LQDQ GHUHU.ROOHJHPHOGHW%HGHQNHQDQ'DUIPDQGLHVGHQQHLQIDFKVLFK QLFKWDOV-RXUQDOLVW]XHUNHQQHQJHEHQ" (V HQWVSLQQW VLFK HLQH 'HEDWWH ¾EHU GLH *UHQ]HQ GHU 5HFKHUFKH ¾EHU HWKLVFKH *UXQGODJHQ GHU MRXUQDOLVWLVFKHQ $UEHLW XQG GHQ (LQVDW] YHUVFKLHGHQHU $UEHLWVPHWKRGHQ DXFK ¾EHU 5HFKWH XQG 3IOLFKWHQ YRQ -RXUQDOLVWHQ 'LH YHUVFKLHGHQHQ $UJXPHQWH VFKHLQHQ MHZHLOV LKUH %H UHFKWLJXQJ]XKDEHQ:LHIOLH¡HQGVLQGGLH*UHQ]HQ"$XIZHOFKHQHWKL VFKHQXQGUHFKWOLFKHQ*UXQGODJHQEDVLHUWGLHMRXUQDOLVWLVFKH7¦WLJNHLW" ,QGHQQ¦FKVWHQ:RFKHQEHJLQQHQ6LHVLFKPLWRIIHQHQ2KUHQLQQHUKDOE GHU5HGDNWLRQXQGEHL,KUHUHLJHQHQ7¦WLJNHLWLQ,KUHP8PIHOGXP]XK¸UHQ ,KQHQZLUGVFKQHOONODUGDVVHVHLQHJDQ]H5HLKHYRQ5HFKWHQXQG3IOLFK WHQI¾U-RXUQDOLVWHQJLEW'DU¾EHUKLQDXVZHUGHQLP-RXUQDOLVPXVPRUDOL VFKH $UJXPHQWH YRUJHEUDFKW JLEW HV HLQH HWKLVFKH 'LVNXVVLRQ ¾EHU GLH *UHQ]HQGHUHLJHQHQ7¦WLJNHLW'LHVHZLUGDXFKLP5DKPHQGHU.RPPX QLNDWLRQV XQG 0HGLHQZLVVHQVFKDIW JHI¾KUW )¾U /RNDOUHGDNWHXUH VWHOOW GDEHL GLH EHVRQGHUH 6WHOOXQJ LQQHUKDOE GHV .RPPXQLNDWLRQV XQG HLJH QHQ/HEHQVUDXPVHLQHEHVRQGHUH+HUDXVIRUGHUXQJGDUVLHKH.DSLWHO ,QGLHVHP.DSLWHOVROOHQ6FKODJOLFKWHUDXIUHFKWOLFKHXQGPRUDOLVFKH 5HJHOQ JHZRUIHQ ZHUGHQ 'LHV NDQQ QXU HLQ YHUN¾U]WHU EHUEOLFN VHLQ GHQQEHLGH%HUHLFKHVLQGLQVLFKNRPSOH[XQGEHG¾UIWHQO¦QJHUHU$XVI¾K UXQJHQ=XV¦W]OLFKVROOದDOVHLQ%HLVSLHOI¾UDQJHZDQGWH(WKLNದPLW'D WHQ HLQHU %HIUDJXQJ JH]HLJW ZHUGHQ ZLH /RNDO -RXUQDOLVWHQ LQQHUKDOE
3HUVSHNWLYHQGHU)RUVFKXQJ
GHV VHQVLEOHQ %HUHLFKV GHU 5HFKHUFKH YRUJHKHQ (V ZLUG VRPLW LQ GUHL $EVFKQLWWHQHLQEHUEOLFN]XGHQIROJHQGHQ)UDJHQJHJHEHQ
/HUQ]LHOH Â Â Â
$XI ZHOFKHQ UHFKWOLFKHQ *UXQGODJHQ EDVLHUW /RNDO -RXUQDOLVPXV XQGZDVELOGHWGHQUHFKWOLFKHQ5DKPHQLKUHU7¦WLJNHLW" :DVVLQGGLH*UXQG]¾JHHLQHUMRXUQDOLVWLVFKHQ(WKLN" :LHZHLWJHKHQ/RNDOMRXUQDOLVWHQEHLLKUHQ5HFKHUFKHW¦WLJNHLWHQ"
9HUGHFNWH5HFKHUFKHLP/RNDOHQ"5HFKWOLFKH*UXQGODJHQXQG 5DKPHQEHGLQJXQJHQGHV/RNDOMRXUQDOLVPXV 'LH 3UHVVH XQG 5XQGIXQNIUHLKHLW LQ 'HXWVFKODQG LVW LQ $UWLNHO GHV *UXQGJHVHW]HVYHUDQNHUW6LHJLOWDOVXQHQWEHKUOLFKI¾UGDV)XQNWLRQLHUHQ HLQHU 'HPRNUDWLH GDPLW VLFK GLH LQ LKU OHEHQGHQ 0HQVFKHQ HLQH HLJHQH 0HLQXQJ]X JHVHOOVFKDIWOLFKHQ 9RUJ¦QJHQ ELOGHQ N¸QQHQ'DPLWGLH0H GLHQ GLHVH ¸IIHQWOLFKH $XIJDEH HUI¾OOHQ N¸QQHQ VLQG VLH PLW EHVRQGHUHQ 5HFKWHQZLHGHU)UHLKHLWGHU,QIRUPDWLRQVEHVFKDIIXQJGHPSUHVVHUHFKW OLFKHQ$XVNXQIWVDQVSUXFKXQGGHP=XJDQJVUHFKW]XEHK¸UGOLFKHQ8QWHU ODJHQDXVJHVWDWWHW,KUH%HJUHQ]XQJILQGHWVLHLQGHQDOOJHPHLQHQ*HVHW ]HQXQG%HVWLPPXQJHQLQVEHVRQGHUH]XP6FKXW]GHU-XJHQGXQGGHP 5HFKWGHUSHUV¸QOLFKHQ(KUH*HJHQ¾EHUGHQ,QGLYLGXDOUHFKWHQZLH]% GHP3HUV¸QOLFKNHLWVVFKXW]UHFKWZLUGMHZHLOVLQGLYLGXHOODEJHZRJHQZHO FKHV5HFKWDOVMHZHLOVK¸KHUZHUWLJXQGGDPLWVFK¾W]HQVZHUWHUVFKHLQW 0HGLHQUHFKWLVWHLQHEHJULIIOLFKH.RQVWUXNWLRQDXV3UHVVHXQG 5XQG IXQNUHFKW )¾U GLHVH ZLHGHUXP LVW YRP *UXQGJHVHW] GLH *HVHW]JHEXQJV NRPSHWHQ]DXI%XQGXQG/¦QGHUYHUWHLOW)¾UGDV*HELHWGHV3UHVVHUHFKWV KDEHQ GLH /¦QGHU ZHLWJHKHQGH *HVWDOWXQJVIUHLKHLW ,P 5XQGIXQNEHUHLFK UHJHOWGHU%XQGGLHIHUQPHOGHWHFKQLVFKHQ$VSHNWH]%)UHTXHQ]]XWHLOXQ JHQ PHGLHQUHFKWOLFKH $VSHNWH ZLHGHUXP IDOOHQ LQ GLH 5HJHOXQJVNRPSH
'LHYRP*UXQGJHVHW]GHP%XQGHLQJHU¦XPWH*HVHW]JHEXQJVNRPSHWHQ]]XP(UODVV YRQ 5DKPHQYRUVFKULIWHQ ¾EHU DOOJHPHLQH 5HFKWVYHUK¦OWQLVVH GHU 3UHVVH LQ HLQHP %XQGHVSUHVVHJHVHW]LVWELVKHUQLFKWDXVJH¾EWZRUGHQ
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
WHQ]GHU/¦QGHU$XI/DQGHVHEHQHVLQGGLH%HVWLPPXQJHQLQ/DQGHVSUHV VH XQG /DQGHVUXQGIXQN E]Z /DQGHVPHGLHQJHVHW]HQ ]X ILQGHQ I¾U GHQ EXQGHVZHLWHQ 5XQGIXQN JHOWHQ DOV O¦QGHU¾EHUJUHLIHQGH 5HJHOXQJHQ GLH 5XQGIXQNVWDDWVYHUWU¦JH )¾U GLH W¦JOLFKH %HUXIVSUD[LV LVW QHEHQ GHU .HQQWQLV GHU *HVHW]HV WH[WH DXFK GLH $XVOHJXQJ GHU *HVHW]H LQ SUDNWLVFKHU +LQVLFKW UHOHYDQW MXULVWLVFKH'RJPDWLN 9RQEHVRQGHUHUSUDNWLVFKHU%HGHXWXQJVLQGGDEHL *HULFKWVHQWVFKHLGXQJHQGLHIRUWDQDOV5HIHUHQ]LQDQGHUHQ.RQIOLNWI¦OOHQ I¾U 3U¦]HGHQ]IDOOHQWVFKHLGXQJHQ KHUDQJH]RJHQ ZHUGHQ *HUDGH GHU %HUHLFK GHU ,QKDOWH XQG *UHQ]HQ GHV DOOJHPHLQHQ 3HUV¸QOLFKNHLWVUHFKWV ZLUGQDKH]XYROOVW¦QGLJGXUFKVROFKHVಱ5LFKWHUUHFKWಯEHVWLPPW DOVREHL VSLHOVZHLVH)UDJHQGHU]XP6FKXW]GHUK¦XVOLFKHQ6SK¦UHXQG3ULYDWOH EHQV %UDQDKO 6R G¾UIHQ ]% %LOGHU GHU 3ULYDWZRKQXQJ HLQHV ,Q WHUYLHZSDUWQHUV QXU PLW GHVVHQ (LQZLOOLJXQJ DXIJHQRPPHQ ZHUGHQ XQG DXFK GLH 6FKLOGHUXQJ LQ HLQHU 5HSRUWDJH PXVV GXUFK GHQ %HWURIIHQHQ ]XJHODVVHQZHUGHQ%UDQDKO (VORKQWVLFKDOVRDOV-RXUQDOLVW VLFK ¾EHU DNWXHOOH (QWVFKHLGXQJHQ ]X LQIRUPLHUHQ XP LPPHU DXI GHP /DXIHQGHQ]XVHLQ :LHVFKRQREHQHUZ¦KQWZHUGHQ-RXUQDOLVWHQ]XU(UI¾OOXQJLKUHU¸I IHQWOLFKHQ $XIJDEH SUHVVHUHFKWOLFKH 5HJHOXQJHQ ]XJHVWDQGHQ LQVEHVRQ GHUHGHU%HUHLFKGHU5HFKHUFKHXQWHUOLHJWEHVRQGHUHQ%HVWLPPXQJHQ,P *HJHQ]XJ GDI¾U XQWHUOLHJHQ VLH HLQHU EHVRQGHUHQ 6RUJIDOWVSIOLFKW GK ,QIRUPDWLRQHQ P¾VVHQ YRU LKUHU 9HUEUHLWXQJ DXI +HUNXQIW XQG :DKUKHLW JHSU¾IW ZHUGHQ 'LH 5HFKWH XPIDVVHQ LP (LQ]HOQHQ GLH $XVNXQIWVSIOLFKW GDV =HXJQLVYHUZHLJHUXQJVUHFKW XQG GDV 'XUFKVXFKXQJV XQG %HVFKODJ QDKPHYHUERW:DVEHGHXWHWGLHVLP(LQ]HOQHQ"=XPHLQHQN¸QQHQVLFK -RXUQDOLVWHQ JHJHQ¾EHU %HK¸UGHQ DXI HLQHQ SUHVVHUHFKWOLFK JHVLFKHUWHQ 6WDWXVGHV,QIRUPDWLRQVDQVSUXFKVEHUXIHQDPWOLFKH6WHOOHQVLQGLKQHQ]X $XVN¾QIWHQ YHUSIOLFKWHW 'LHVHU $QVSUXFK EHVWHKW DOOHUGLQJV QLFKW JHJHQ ¾EHUSULYDWZLUWVFKDIWOLFKHQ2UJDQLVDWLRQHQXQGJHVHOOVFKDIWOLFKHQ9HUHLQL
EHU ZLFKWLJH (QWVFKHLGXQJHQ XQG *HVHW]HV¦QGHUXQJHQ LQIRUPLHUHQ UHJHOP¦¡LJ DXFK GLH %HUXIVYHUE¦QGH HWZD GHU 'HXWVFKH -RXUQDOLVWHQ9HUEDQG '-9 XQG GLH 'HXWVFKH-RXUQDOLVWHQ8QLRQ'-8 'LHHLQ]HOQHQ5HJHOXQJHQVLQGLPJHQDXHQ:RUWODXWLQGHQMHZHLOLJHQ/DQGHVSUHVVH XQG /DQGHVUXQGIXQNJHVHW]HQ ]X ILQGHQ DXI HLQH ZRUWJHQDXH 'DUVWHOOXQJ ZLUG KLHU YHU]LFKWHW
3HUVSHNWLYHQGHU)RUVFKXQJ
JXQJHQ /HGLJOLFK *HKHLPKDOWXQJVYRUVFKULIWHQ 6FKXW] YRU (LQJULIIHQ LQ VFKZHEHQGH 9HUIDKUHQ RGHU VFKXW]Z¾UGLJH SULYDWH RGHU ¸IIHQWOLFKH ,QWH UHVVHQ N¸QQHQ JHJHQ GDV $XVNXQIWVUHFKW VWHKHQ 0LWWOHUZHLOH LVW GLHVHV ,QIRUPDWLRQVUHFKW NHLQ DOOHLQLJHV 3ULYLOHJ YRQ -RXUQDOLVWHQ PHKU 'DV DP -DQXDU LQ .UDIW JHWUHWHQH ,QIRUPDWLRQVIUHLKHLWVJHVHW] ,)* JH Z¦KUW SULQ]LSLHOO DOOHQ %¾UJHUQ HLQHQ 5HFKWVDQVSUXFK DXI $XVNXQIW XQG =XJDQJ]XDPWOLFKHQ,QIRUPDWLRQHQYRQ%HK¸UGHQDXI%XQGHVHEHQH$XI /¦QGHUHEHQH ದ XQG GDPLW I¾U GHQ /RNDOMRXUQDOLVPXV EHVRQGHUV LQWHUHV VDQW ದ EHVWHKW HLQ VROFKHV *HVHW] DOOHUGLQJV ELVKHU (QGH HUVW LQ QHXQ GHU %XQGHVO¦QGHU LQ GHQ DQGHUHQ ZLUG QRFK DQ GHQ (QWZ¾UIHQ JHDUEHLWHW VR KDEHQ HWZD %D\HUQ 1LHGHUVDFKVHQ XQG %DGHQ:¾UW WHPEHUJQRFKNHLQ,)* 'DV,QNUDIWWUHWHQGHV,)*DOV%¾UJHUUHFKWHUOHLFK WHUWDXFK-RXUQDOLVWHQLQVEHVRQGHUHGHQIUHLHQXQWHULKQHQGLH$UEHLWXQG ZLUG GDKHU YRQ MRXUQDOLVWLVFKHQ 9HUWUHWXQJHQ VR ]% GHU '-9 VHKU EH JU¾¡WದZHQQDXFKGLHNRQNUHWH$QZHQGXQJZLHHWZDGDPLWYHUEXQGHQH $XVNXQIWVJHE¾KUHQNULWLVLHUWZHUGHQ 'DV =HXJQLVYHUZHLJHUXQJVUHFKW LVW HLQ 6FKXW]UHFKW I¾U SULYDWH ,Q IRUPDQWHQ-RXUQDOLVWHQVLQGQLFKWYHUSIOLFKWHWSHUVRQHQEH]RJHQH$QJD EHQXQGLQKDOWOLFKH$XVN¾QIWHLKUHU*HVSU¦FKH]XHUWHLOHQ'DPLWLVWDXFK VR JHQDQQWHV ಱ+LQWHUJUXQGPDWHULDOಯ GXUFK GDV =HXJQLVYHUZHLJHUXQJV UHFKW JHVFK¾W]W $XVJHQRPPHQ LVW VHOEVWUHFKHUFKLHUWHV 0DWHULDO ZHQQ LKPQLFKW+LQZHLVHDXIDX¡HQVWHKHQGH,QIRUPDQWHQHQWQRPPHQZHUGHQ N¸QQHQ'DV%HVFKODJQDKPXQJVXQG'XUFKVXFKXQJVYHUERWHUJ¦Q]WGDV =HXJQLVYHUZHLJHUXQJVUHFKWGHV(LQ]HOQHQXQGVFK¾W]WGLH5HGDNWLRQDOV JHVDPWHQ $UEHLWVUDXP (LQJULIIH GHV 6WDDWHV LQ UHGDNWLRQHOOH $UEHLWVDE O¦XIH XQG U¦XPH ದ ZLH HWZD 5HGDNWLRQVGXUFKVXFKXQJHQ ದ G¾UIHQ QXU QDFKULFKWHUOLFKHU$QZHLVXQJXQGQXUQDFKGHP*HERWGHVJHULQJVWP¸J OLFKHQ(LQJULIIHVHUIROJHQDOVRZHQQHWZDGLH$XIGHFNXQJHLQHUVFKZHU ZLHJHQGHQ6WUDIWDWGDPLWLP=XVDPPHQKDQJVWHKW%UDQDKO %HLGHU$XV¾EXQJGLHVHU6RQGHUUHFKWHNRPPWHVLPMRXUQDOLVWLVFKHQ $OOWDJLPPHUZLHGHU]X6SDQQXQJHQDXFKGLHMXULVWLVFKHXQGNRPPXQL NDWLRQVZLVVHQVFKDIWOLFKH 'LVNXVVLRQ HQWIDFKW VLFK RIW DQ (LQ]HOI¦OOHQ
6R]%LP6HSWHPEHUDOVGLH5HGDNWLRQVU¦XPHGHU=HLWVFKULIW&LFHURLP$XIWUDJ GHV %XQGHVLQQHQPLQLVWHULXPV GXUFKVXFKW ZXUGHQ GD DXV YHUWUDXOLFKHQ $NWHQ GHV %.$]LWLHUWZRUGHQZDU'LH'XUFKVXFKXQJGLHQWHGHP$XIILQGHQGHUXQGLFKWHQ6WHOOH 6LHLVWQDFKWU¦JOLFKYRP%XQGHVYHUIDVVXQJVJHULFKWDOVXQ]XO¦VVLJHLQJHVWXIWZRUGHQ
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
5HFKWVWUHLWLJNHLWHQXQG*HULFKWVYHUIDKUHQVLQGI¾U-RXUQDOLVWHQLQVEHVRQ GHUH DXIJUXQG GHV $NWXDOLW¦WVGUXFNV VFKZHUZLHJHQGH %HJUHQ]XQJHQ %HWURIIHQHQ EOHLEW GDU¾EHU KLQDXV GDV 5HFKW DXI *HJHQGDUVWHOOXQJ XP VLFKYRUIDOVFKHQ7DWVDFKHQEHKDXSWXQJHQ]XVFK¾W]HQ )¾U GHQ /RNDOMRXUQDOLVPXV JHOWHQ GLH JOHLFKHQ 5HJHOXQJHQ XQG 5HFKWH+LHUZLUGGLH$UEHLW]XV¦W]OLFKJHSU¦JWGXUFKSHUV¸QOLFKH.RQWDN WHXQG1HW]ZHUNHZDVEHLGHU$XVOHJXQJUHFKWOLFKHU5DKPHQEHGLQJXQ JHQ VRZRKO YRQ 9RU DOV DXFK PDQFKPDO YRQ 1DFKWHLO VHLQ NDQQ :LV VHQVFKDIWOLFKH 8QWHUVXFKXQJHQ GLH VLFK VSH]LHOO DXI GLH UHFKWOLFKHQ $VSHNWHORNDOMRXUQDOLVWLVFKHU7¦WLJNHLWNRQ]HQWULHUHQJLEWHVNDXP:HQQ GLHVHU$VSHNWWKHPDWLVLHUWZLUGGDQQLP=XVDPPHQKDQJPLWGHQEHVRQ GHUHQ%HGLQJXQJHQORNDOHU5HFKHUFKHVLHKH.DSLWHO
(WKLNLP-RXUQDOLVPXVದ (QWVFKHLGXQJVKLOIHQI¾UGLH$UEHLWDOV-RXUQDOLVW 'LH¸IIHQWOLFKHXQGMRXUQDOLVPXVLQWHUQH'LVNXVVLRQGDU¾EHUZDV-RXUQD OLVPXV GDUI XQG ZDV QLFKW ZDV HU OHLVWHQ XQG DQKDQG ZHOFKHU .ULWHULHQ HLQ -RXUQDOLVW VHLQ +DQGHOQ UHIOHNWLHUHQ VROO EHJOHLWHW GLH ¸IIHQWOLFKH .RPPXQLNDWLRQ YRQ %HJLQQ DQ 'HQQ QHEHQ UHFKWOLFKHQ )UDJHQ VWHKHQ DXFK GLH )UDJHQ QDFK 0RUDO XQG (WKLN GHU +DQGHOQGHQ 'LH -RXUQDOLV PXVIRUVFKXQJ DOV =ZHLJ GHU .RPPXQLNDWLRQVZLVVHQVFKDIW ZLGPHW VLFK GLHVHQ)UDJHQEHUHLWVVHLWHLQLJHQ-DKU]HKQWHQDOVHLJHQVW¦QGLJHP7KH PHQEHUHLFK 6HLWGHP ZLUG HLQH VSH]LILVFKH 0HGLHQHWKLN JHIRUGHUW XQG GHEDWWLHUW :DV YHUELUJW VLFK GDKLQWHU" ,P J¦QJLJHQ 9HUVW¦QGQLV LVW 0H GLHQHWKLNDOVHLQH6RQGHUIRUPGHUSUDNWLVFKHQ(WKLN]XYHUVWHKHQ6LHLVW HLQH5HIOH[LRQVWKHRULHGHU0RUDOXQGVROOHLQHUVHLWVGLH0HGLHQEHREDFK WHQXQG)UDJHQQDFKGHQQRUPDWLYHQ*UXQGODJHQPRUDOLVFKHP$XIWUHWHQ XQG GHQ LQ GLHVHU +LQVLFKW ZLFKWLJHQ )XQNWLRQHQ GHU 0HGLHQ I¾U GLH *H VHOOVFKDIWVWHOOHQ*OHLFK]HLWLJVROOVLHDEHUDXFKGHPHLQ]HOQHQ-RXUQDOLV WHQ +LOIH VHLQ (QWVFKHLGXQJHQ WUHIIHQ ]X N¸QQHQ ZHQQ JUXQGOHJHQGH :HUWHPLWHLQDQGHULQ.RQIOLNWVWHKHQ:LONH 7\SLVFKHPHGLHQHWKL VFKH 6SDQQXQJVIHOGHU VLQG HWZD GDV ,QIRUPDWLRQVLQWHUHVVH GHU IIHQW OLFKNHLW DXI GHU HLQHQ XQG GHU 6FKXW] GHU 3ULYDWVSK¦UH DXI GHU DQGHUHQ
3HUVSHNWLYHQGHU)RUVFKXQJ
6HLWH'HU5XIQDFK(WKLNLP-RXUQDOLVPXVLVWDOVRHQWVSUHFKHQGDOV$XI IRUGHUXQJ ]X YHUVWHKHQ EHVWHKHQGH 5HJHOQ XQG $XIJDEHQ ]X UHIOHNWLH UHQ]XYHUGHXWOLFKHQZHOFKHQ6SDQQXQJHQXQG'LOHPPDWD-RXUQDOLVWHQ XQWHUOLHJHQXQGZLHVLFKYHUKDOWHQVROOWHQ %LVKHXWHOLHJHQDOOHUGLQJVQRFKNHLQHDOOJHPHLQDQHUNDQQWHQ%HXU WHLOXQJVNULWHULHQ HLQHU XPIDVVHQGHQ MRXUQDOLVWLVFKHQ %HUXIVHWKLN YRU )DEULV5HQJHU 'LHV KDW YHUVFKLHGHQH *U¾QGH (LQHU GDYRQ LVW GDVV GHU %HJULII 0HGLHQHWKLN YHUVFKLHGHQH (EHQHQ XQG *HOWXQJVEHUHL FKHXPIDVVWದZLHHWZDLQGLYLGXHOOHV+DQGHOQRGHUJHVHOOVFKDIWOLFKH5H DNWLRQHQ ದ YRQ GHQHQ HV ELVKHU QLFKW JHOXQJHQ LVW VLH PLWHLQDQGHU ]X YHUELQGHQ,QVJHVDPWODVVHQVLFKGUHL'HQNULFKWXQJHQHUNHQQHQ-RXUQD OLVWLVFKH,QGLYLGXDOHWKLNHLQHDXIGDV0HGLHQV\VWHPXQGLKUH,QVWLWXWLRQHQ EH]RJHQH(WKLNXQGHLQHDXIGDV3XEOLNXPJHULFKWHW(WKLNGHUNROOHNWLYHQ 9HUDQWZRUWXQJ3¾UHUYJO'HEDWLQ 'HULQGLYLGXDOHWKLVFKH$QVDW]VLHKWGLH9HUDQWZRUWXQJGHVMRXUQDOLV WLVFKHQ +DQGHOQV EHLP HLQ]HOQHQ -RXUQDOLVWHQ 'DEHL ZLUG EHWRQW GDVV GLH 9HUDQWZRUWXQJ QXU LQ HLQHU IXQGLHUWHQ $XVELOGXQJ HUDUEHLWHW ZHUGHQ NDQQ 'HU *UXQGJHGDQNH LVW GDVV MRXUQDOLVWLVFKH (QWVFKHLGXQJHQ XQG 7¦WLJNHLWHQ DXI ZHOWDQVFKDXOLFKHQ +DOWXQJHQ EDVLHUHQ N¸QQHQ XQG GDVV EHL HLQHP (QWVFKHLGXQJVGLOHPPD EHVWLPPWH *UXQGZHUWH ]XP 7UDJHQ NRPPHQ -RXUQDOLVWHQ VWHKHQ GDEHL DEHU DXFK LQ HLQHP 6SDQQXQJVYHU K¦OWQLV ]ZLVFKHQ HLJHQHQ XQG SURIHVVLRQHOOHQ 6WDQGDUGV XQG GHU $EZ¦ JXQJ GHU .RQVHTXHQ]HQ LKUHU $UEHLW +LHU VSULFKW PDQ LQ $QOHKQXQJ DQ 0D[ :HEHU YRQ ]ZHL *UXQGKDOWXQJHQ GLH GDEHL HLQJHQRPPHQ ZHUGHQ N¸QQHQGHPJHVLQQXQJVXQGGHPYHUDQWZRUWXQJVHWKLVFKHQ+DQGHOQ,Q GHU *HVLQQXQJVHWKLN NRPPW HV DXI GLH (LQKDOWXQJ EHVWLPPWHU :HUWH DQ ]%GHU:DKUKHLWVSIOLFKW GLH)ROJHQGHV+DQGHOQVZHUGHQLQGLHEHU OHJXQJHQ QLFKW PLWHLQEH]RJHQ $QGHUV LQ GHU 9HUDQWZRUWXQJVHWKLN ZR GLH EHDEVLFKWLJWHQ XQG DXFK XQEHDEVLFKWLJWHQ )ROJHQ GHV +DQGHOQV LQ GHU %HZHUWXQJ EHU¾FNVLFKWLJW XQG JHJHQHLQDQGHU DEJHZRJHQ ZHUGHQ 'LHVHV6SDQQXQJVIHOGLVWLQVRIHUQGHP-RXUQDOLVPXVLPPDQHQWDOVGDVV HWZD GLH :DKUKHLWVSIOLFKW ]X JHVLQQXQJVHWKLVFKHP +DQGHOQ YHUSIOLFKWHW DQGHUHUVHLWV DEHU GLH )ROJHQ HLQHU MRXUQDOLVWLVFKHQ 9HU¸IIHQWOLFKXQJ LQV EHVRQGHUHYRQ/RNDOMRXUQDOLVWHQYRQJUR¡HU5HOHYDQ]VLQG3¾UHU YJO'HEDWLQ
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
'HU PHGLHQV\VWHPRULHQWLHUWH $QVDW] HQWODVWHW GHQ -RXUQDOLVWHQ LQ VRZHLWDOVHULKQDOVHLQHQ)DNWRUGHV*HVDPWV\VWHPVVLHKW'HU$QVDW] EHWRQW GLH 6R]LDOYHUDQWZRUWXQJ GHU 0HGLHQ XQG GHV -RXUQDOLVPXV 7KH PDWLVLHUW ZHUGHQ V\VWHPEHGLQJWH RGHU RUJDQLVDWLRQVHWKLVFKH =Z¦QJH XQG (LQIO¾VVH LQ ZHOFKH GHU -RXUQDOLVW HLQJHEXQGHQ LVW XQG VRPLW JDU QLFKWDXWDUNKDQGHOQNDQQVR]%6D[HUYJODXFK:HLVFKHQEHUJ $OVGULWWH'HQNULFKWXQJZLUG]XV¦W]OLFKDXIGLH5ROOHGHV3XEOLNXPV KLQJHZLHVHQ'LHWUDGLWLRQHOOH3RVLWLRQOLHJWGDEHLLQHLQHUNULWLVFKHQ0H GLHQS¦GDJRJLN HLQ QHXHUHU $QVDW] VSULFKW YRQ HLQHU NROOHNWLYHQ 9HUDQW ZRUWXQJGHV3XEOLNXPV $OOH $QV¦W]H OHXJQHQ QLFKW GDVV GHU -RXUQDOLVW ]XPLQGHVW PLWYHU DQWZRUWOLFK I¾U VHLQ +DQGHOQ XQG GDUDXV UHVXOWLHUHQGHQ )ROJHQ LVW 'DU DXVHUJLEWVLFKGLH)UDJHQDFKVHLQHU.RPSHWHQ]VHLQHQKDQGZHUNOLFKHQ )¦KLJNHLWHQ VHLQHP 5ROOHQ XQG $XIJDEHQYHUVW¦QGQLV VLHKH .DSLWHO 8QWHU %HU¾FNVLFKWLJXQJ GHU UHGDNWLRQHOOHQ $UEHLWVVWUXNWXUHQ WU¦JW GHU -RXUQDOLVW GLHVH 9HUDQWZRUWXQJ MHGRFK QLFKW DOOHLQ HU WHLOW VLH PLW VHLQHU 5HGDNWLRQVHLQHQ9HUOHJHUQXQGVHLQHP8PIHOG(LQLQGLYLGXDOHWKLVFKHU $QVDW]JUHLIWGDKHU]XNXU]9LHOPHKUVFKHLQWGDV3ULQ]LSHLQHUಱJHVWXIWHQ 9HUDQWZRUWXQJಯZLHVLHLQHLQHU(WKLNGHV0HGLHQV\VWHPV]XVHKHQLVW DOV JHHLJQHWHU $QVDW] YHUVFKLHGHQH 7HLOHWKLNHQ LQQHUKDOE GHU 0HGLHQ RUJDQLVDWLRQHQPLWHLQDQGHU]XYHUELQGHQ 'LH LP YRUDQJHJDQJHQHQ .DSLWHO YRUJHVWHOOWHQ UHFKWOLFKHQ 5DKPHQ EHGLQJXQJHQ ZHUGHQ ]XV¦W]OLFK GXUFK 0HFKDQLVPHQ GHU 6HOEVWUHJXOLH UXQJHUJ¦Q]W'LHXQWHUDQGHUHPKLHUHQWZLFNHOWHQ6WDQGHVHWKLNHQGLHLQ )RUPYRQ%HUXIVNRGL]HVYHUVXFKHQGXUFKKDQGZHUNOLFKH$QOHLWXQJHQGLH 9HUDQWZRUWXQJ]XNRQNUHWLVLHUHQN¸QQHQLQGHQJUR¡HQ%HUHLFKGHULQGL YLGXDOHWKLVFKHQ $QV¦W]H HLQJHRUGQHW ZHUGHQ YJO 7KRPDV ,Q 'HXWVFKODQGLVWKLHULQVEHVRQGHUHGLH$UEHLWGHV'HXWVFKHQ3UHVVHUDWHV KHUYRU]XKHEHQGHUHLQHQVROFKHQ3UHVVHNRGH[HUDUEHLWHWKDWXQGVHLQH (LQKDOWXQJ ¾EHUZDFKW (U NDQQ 5¾JHQ DXVVSUHFKHQ GLH GDV MHZHLOLJH 0HGLXP GDQQ DEGUXFNHQ PXVV ,Q GHP M¦KUOLFK YHU¸IIHQWOLFKWHQ 7¦WLJ NHLWVEHULFKWO¦VVWVLFKGLH%DQGEUHLWHGHU*UHQ]¾EHUVFKUHLWXQJHQDEOHVHQ 'HXWVFKHU 3UHVVHUDW ,QVEHVRQGHUH LP =XVDPPHQKDQJ PLW GHU
,QGLHVHP6LQQHVLQGDXFKGLH%HP¾KXQJHQGHU8QWHUQHKPHQLP%HUHLFKGHU0HGLHQ 6HOEVWNRQWUROOH]XYHUVWHKHQYJOGD]X6WDSI LQ$QOHKQXQJDQ5REHUW6SDHPDQQ]LWLHUWQDFK3¾UHU
3HUVSHNWLYHQGHU)RUVFKXQJ
5HFKHUFKH PDFKW GLH =LIIHU GHV 3UHVVHNRGH[ GHXWOLFK GDVV NHLQH XQ ODXWHUHQ5HFKHUFKHPHWKRGHQDQJHZDQGWZHUGHQG¾UIHQ,QGHQGD]XJH K¸ULJHQ 5LFKWOLQLHQ ZLUG NRQNUHWLVLHUW GDVV GD]X DXFK JHK¸UW VLFK DOV -RXUQDOLVW HUNHQQHQ ]X JHEHQ *OHLFK]HLWLJ DEHU ZLUG YHUGHFNWH 5HFKHU FKHGXUFKHLQEHVRQGHUHV¸IIHQWOLFKHV,QWHUHVVHLQ(LQ]HOI¦OOHQOHJLWLPLHUW -RXUQDOLVWHQKDEHQDOVRHLQHQ(QWVFKHLGXQJVVSLHOUDXPGHUGXUFKUHFKW OLFKH 9RUJDEHQ QLFKW HLQGHXWLJ DEJHVWHFNW LVW HWKLVFKH 'LOHPPD VLQG VRPLW YRUSURJUDPPLHUW 'LH )UDJH ZLH ZHLW 5HFKHUFKH JHKHQ GDUI XQG LQZLHZHLW GDV VR HUZRUEHQH :LVVHQ XQG 0DWHULDO GDQQ HLQJHVHW]W ZLUG EHPLVVWVLFKOHW]WOLFKDXFKDP¸IIHQWOLFKHQ,QWHUHVVH]XMHGHP(LQ]HOIDOO
/RNDOMRXUQDOLVWHQXQG0HGLHQHWKLN)RUVFKXQJVHUJHEQLVVH .RPPXQLNDWLRQVZLVVHQVFKDIWOLFKH 6WXGLHQ GLH VLFK HPSLULVFK )UDJHQ GHU MRXUQDOLVWLVFKHQ(WKLN]XZHQGHQVWHKHQYRUGHU)UDJHZHOFKH,QGLNDWRUHQ HLQJHVHW]W ZHUGHQ VROOHQ ದ DXI ZHOFKHU %DVLV MRXUQDOLVWLVFKHV 9HUKDOWHQ DOVR DOV JXW RGHU ULFKWLJ EHXUWHLOW ZHUGHQ NDQQ ,Q YLHOHQ )¦OOHQ HQWVSLQQW VLFK GDKHU GLH 'HEDWWH ]XQ¦FKVW DQKDQG HLQHV (LQ]HOIDOOV GHU GDQQ RIW PDOV SHUVRQHQ RGHU PHGLHQEH]RJHQ HPSLULVFK DXIJHDUEHLWHW ZLUG 6R NDQQLQEHJU¾QGHWHQ9HUGDFKWVPRPHQWHQJHIUDJWZHUGHQREHLQ.ROOHJH GLH*UHQ]HQ]ZLVFKHQ35XQG-RXUQDOLVPXVQLFKWHLQJHKDOWHQKDWGDVVHU HWZDUHGDNWLRQHOOH(QWVFKHLGXQJHQ]XJXQVWHQHLQHV'ULWWHQP¸JOLFKHUZHL VH VHLQHV $XIWUDJJHEHUV EHHLQIOXVVW KDW 2GHU HLQ EHNDQQWHU /RNDOUHGDN WHXU ZLUEW ¸IIHQWOLFK XQG JHJHQ (QWJHOW I¾U HLQ 5HVWDXUDQW ¾EHU GDV HU JOHLFK]HLWLJ HLQH .ULWLN VFKUHLEW 6ROFKH *UHQ]YHUOHW]XQJHQ ODVVHQ VLFK LQ GHU5HJHOHLQGHXWLJIHVWPDFKHQXQGDXFKHPSLULVFKXQWHUVXFKHQ 6FKZLHULJHULVWHVZHQQPDQVLFKHLQ¾EHUJUHLIHQGHV%LOGGHU-RXU QDOLVWHQ PDFKHQ ZLOO KLQVLFKWOLFK LKUHU HWKLVFKHQ *UXQGKDOWXQJHQ 6HLW YLHOHQ -DKUHQ ZLUG ]XU %HXUWHLOXQJ GLHVHU )UDJH LQ JUR¡HQ UHSU¦VHQWDWL YHQ -RXUQDOLVPXVVWXGLHQ LQ 'HXWVFKODQG ¦KQOLFK ZLH LQ GHQ 86$ (QJ ODQG RGHU )UDQNUHLFK GLH )UDJH GDQDFK JHVWHOOW ZHOFKH 5HFKHUFKHPH WKRGHQ -RXUQDOLVWHQ ]XU (UUHLFKXQJ LKUHU =LHOH I¾U DN]HSWDEHO KDOWHQ 'D PLW GHU 5HFKHUFKH HLQH ]HQWUDOH MRXUQDOLVWLVFKH 7¦WLJNHLW DQJHVSURFKHQ LVW VFKHLQW VLH EHVRQGHUV JHHLJQHW ,QGLNDWRU I¾U MRXUQDOLVWLVFKHV 3URE
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
OHPEHZXVVWVHLQ KLQVLFKWOLFK HWKLVFKHU )UDJHVWHOOXQJHQ ]X VHLQ ,Q LKUHU QHXHQ6WXGLH¾EHUGHQ-RXUQDOLVPXVLQ'HXWVFKODQGNRPPWGLH$UEHLWV JUXSSHXP:HLVFKHQEHUJGDEHL]XGHP(UJHEQLVGDVGHXWVFKH-RXUQD OLVWHQ LQVJHVDPW VHKU ]XU¾FNKDOWHQG JHJHQ¾EHU SUREOHPDWLVFKHQ 0HWKR GHQ VLQG V 7DEHOOH :HLVFKHQEHUJ6FKROO0DOLN ,QVEHVRQGHUH GLH DPHULNDQLVFKHQ .ROOHJHQ EHXUWHLOHQ GHQ (LQVDW] GLHVHU 0HWKRGHQ ZHQLJHUNULWLVFK 6R VWLPPHQ HWZD HLQ 9LHUWHO DOOHU GHXWVFKHQ -RXUQDOLVWHQ HLQGHXWLJ GHU 9HUZHQGXQJ YHUWUDXOLFKHU 5HJLHUXQJVXQWHUODJHQ RKQH YRUKHULJH $E VWLPPXQJ]XDEHUQXU3UR]HQWKDOWHQGHQ(LQVDW]YHUVWHFNWHU0LNURIRQH I¾UYHUWUHWEDUDXFKGDV$QQHKPHQHLQHUDQGHUHQ,GHQWLW¦W]%0LWDUEHL WHUHLQHU2UJDQLVDWLRQ RGHUHLQHUDQGHUHQ0HLQXQJXPVHLQ*HJHQ¾EHU YHUWUDXOLFK]XVWLPPHQKDOWHQQXU3UR]HQWI¾UHLQHJHHLJQHWH5HFKHU FKHPHWKRGH7HLOWPDQGLHDEJHIUDJWHQ5HFKHUFKHPHWKRGHQDXILQಱKDUWHಯ 0HWKRGHQGHUHQ(LQVDW]P¸JOLFKHUZHLVHQRFKGXUFKHLQ¾EHUJHRUGQHWHV ,QIRUPDWLRQV]LHO JHUHFKWIHUWLJW ZHUGHQ N¸QQWH XQG ಱVNUXSHOORVHಯ 0HWKR GHQGLH,QIRUPDQWHQW¦XVFKHQXQGGLH3ULYDWVSK¦UHYHUOHW]HQVLHKWPDQ GDVVGHXWVFKH-RXUQDOLVWHQZHQQ¾EHUKDXSWKDUWH0HWKRGHQI¾UJHUHFKW IHUWLJW KDOWHQ VNUXSHOORVH DEHU SULQ]LSLHOO DEOHKQHQ -¾QJHUH -RXUQDOLVWHQ QHLJHQ GDEHL SULQ]LSLHOO HKHU GD]X GHP (LQVDW] KDUWHU 0HWKRGHQ ]X]X VWLPPHQDOVOWHUHDXFK0¦QQHUVWLPPHQLKQHQHKHU]XDOV)UDXHQ :LHVWHKHQQXQ/RNDOMRXUQDOLVWHQ]XGLHVHQ0HWKRGHQ"7HQGHQ]LHOO VLQG VLH QRFK HLQ ZHQLJ ]XU¾FNKDOWHQGHU JHJHQ¾EHU DOOHQ 0HWKRGHQ OH GLJOLFK GLH 9HU¸IIHQWOLFKXQJ YHUWUDXOLFKHU 8QWHUODJHQ ZLUG HWZDV VW¦UNHU I¾U DN]HSWDEHO JHKDOWHQ (UZHLWHUW PDQ GHQ .UHLV GHU %HIUDJWHQ XP DOO GLH GLH ]XPLQGHVW WHLOZHLVH GHQ 0HWKRGHQ ]XVWLPPHQ I¦OOW GLH VW¦UNHUH $EOHKQXQJ QRFK GHXWOLFKHU DXV /RNDOMRXUQDOLVWHQ OHKQHQ GLH PHLVWHQ GLHVHU0HWKRGHQSULQ]LSLHOODOVQLFKWJHHLJQHWDEXPVLHLQLKUHPORNDOHQ 8PIHOG HLQ]XVHW]HQ :HLVFKHQEHUJ0DOLN6FKROO 'HU 8PNHKU VFKOXVVDXVGLHVHU$EOHKQXQJEHGHXWHWDEHUDXFKGDVVYHUGHFNWHU-RXU QDOLVPXV LP 6LQQH HLQHV LQYHVWLJDWLYHQ XQG DXIGHFNHQGHQ DOVR KDUW UH FKHUFKLHUHQGHP -RXUQDOLVPXV JHUDGH LP /RNDOEHUHLFK QLFKW PLW DOOHQ 0LWWHOQEHWULHEHQZLUG'DVHUJLEWVLFKQLFKW]XOHW]WDXVGHUJUR¡HQ1¦KH GHU -RXUQDOLVWHQ ]X LKUHQ ORNDOHQ $NWHXUHQ XQG DXV LKUHU JHQHUHOOHQ %H
'LHVHU6WXGLHVLQGDXFKGLHQDFKIROJHQGHQ'DWHQHQWQRPPHQ
3HUVSHNWLYHQGHU)RUVFKXQJ
NDQQWKHLW ದ GDV 5LVLNR LQ HLQHU YHUGHFNWHQ 5HFKHUFKH RGHU EHL GHU $Q QDKPHHLQHUDQGHUHQ,GHQWLW¦WHUNDQQW]XZHUGHQLVWXQJOHLFKK¸KHUDOV LQDQGHUHQ5HVVRUWV 7DEHOOH 5HFKWIHUWLJXQJYRQ5HFKHUFKHPHWKRGHQ 9HUWUDXOLFKH5HJLHUXQJVXQWHUODJHQEHQXW]HQRKQHGLH *HQHKPLJXQJ]XKDEHQ 6LFKDOV0LWDUEHLWHULQHLQHP%HWULHEHLQHU2UJDQLVDWLRQ EHW¦WLJHQXPDQLQWHUQH,QIRUPDWLRQHQ]XJHODQJHQ (LQHDQGHUH0HLQXQJRGHU(LQVWHOOXQJYRUJHEHQXP ,QIRUPDQWHQ9HUWUDXHQHLQ]XIO¸¡HQ 6LFKDOVDQGHUH3HUVRQDXVJHEHQ /HXWHQI¾UYHUWUDXOLFKH,QIRUPDWLRQHQ*HOGEH]DKOHQ 9HUVWHFNWH0LNURIRQHRGHU.DPHUDVEHQXW]HQ 8QZLOOLJH,QIRUPDQWHQXQWHU'UXFNVHW]HQXP,QIRUPDWL RQHQ]XEHNRPPHQ ,QIRUPDQWHQ9HUVFKZLHJHQKHLW]XVDJHQVLHDEHUQLFKW HLQKDOWHQ 3ULYDWH8QWHUODJHQYRQMHPDQGHPRKQHGHVVHQ=XVWLP PXQJYHUZHQGHQ
$OOH -RXUQDOLVWHQ 1
/RNDO MRXUQDOLVWHQ 1
4XHOOH:HLVFKHQEHUJ0DOLN6FKROOHLJHQH=XVDPPHQVWHOOXQJ 'LH 3UR]HQWZHUWH JHEHQ GHQ $QWHLO GHUMHQLJHQ DQ GLH GLH MHZHLOLJH $XVVDJH I¾U ಱ¾EHUZLH JHQGಯRGHUಱYROOXQGJDQ]YHUWUHWEDUಯKDOWHQLQ.ODPPHUQLVW]XV¦W]OLFKGHU$QWHLOGHUMHQL JHQDQJHJHEHQGLHVLHI¾UಱWHLOVWHLOVಯYHUWUHWEDUKDOWHQ
=XVDPPHQIDVVXQJ /RNDOMRXUQDOLVPXV EDVLHUW DXI GHQ UHFKWOLFKHQ 5DKPHQEHGLQJXQJHQ GLHI¾UGHQJHVDPWHQ-RXUQDOLVPXVJHOWHQ1HEHQGHULP*UXQGJHVHW] YHUDQNHUWHQ 3UHVVHIUHLKHLW UHJHOQ YRU DOOHP GLH %HVWLPPXQJHQ GHU MHZHLOLJHQ /DQGHVSUHVV E]Z /DQGHVPHGLHQJHVHW]H GLH MRXUQDOLVWL VFKH $UEHLW -RXUQDOLVWHQ ZHUGHQ HLQLJH 6RQGHUUHFKWH ]XU (UI¾OOXQJ LKUHU ¸IIHQWOLFKHQ $XIJDEH ]XJHVWDQGHQ LP *HJHQ]XJ XQWHUOLHJHQ VLH GDEHL HLQHU EHVRQGHUHQ 6RUJIDOWVSIOLFKW 'HEDWWHQ HQWVSDQQHQ VLFK K¦XILJDQ(LQ]HOI¦OOHQXQG6SDQQXQJVEHUHLFKHQGLHHWZDEHLGHU5H
.DSLWHO9HUDQWZRUWXQJLP/RNDOMRXUQDOLVPXV
FKHUFKHRGHU9HU¸IIHQWOLFKXQJEHVWLPPWHU7KHPHQDXIWUHWHQN¸QQHQ $OV 5HIOH[LRQVEDVLV GHU MRXUQDOLVWLVFKHQ %DVLV N¸QQHQ PHGLHQ HWKLVFKH$QV¦W]HGLHQHQ1HEHQHLQHPEHUXIVHWKLVFKHQ.RGH[OLHJHQ MHGRFKELVKHXWHNHLQHDOOJHPHLQDQHUNDQQWHQEHUXIVHWKLVFKHQ%HXUWHL OXQJVNULWHULHQYRU (LQJHVHW]WHXQODXWHUH 5HFKHUFKHPHWKRGHQZHUGHQDOVHLQ,QGLND WRU I¾U EHUXIVHWKLVFKHV 9HUKDOWHQ LQ GHU HPSLULVFKHQ .RPPXQLNDWLRQV ZLVVHQVFKDIW XQWHUVXFKW /RNDOMRXUQDOLVWHQ VLQG JHJHQ¾EHU GLHVHQ 0H WKRGHQQRFK]XU¾FNKDOWHQGHUDOVLKUH.ROOHJHQ'LHVNDQQDXIGLHJUR¡H 1¦KH]ZLVFKHQ-RXUQDOLVWXQG5HFKHUFKHXPIHOG]XU¾FNJHI¾KUWZHUGHQ
:HLWHUI¾KUHQGH/LWHUDWXU %XFKHU +DQV-¾UJHQ$OWPHSSHQ .ODXV'LHWHU +UVJ 4XDOLW¦W LP -RXUQDOLVPXV *UXQGODJHQದ'LPHQVLRQHQದ3UD[LVPRGHOOH:LHVEDGHQ:HVWGHXWVFKHU9HUODJ 'HEDWLQ %HUQKDUG)XQLRN 5¾GLJHU +UVJ .RPPXQLNDWLRQV XQG 0HGLHQHWKLN .RQVWDQ]89. 'HXWVFKHU3UHVVHUDW (WKLNLP5HGDNWLRQVDOOWDJ.RQVWDQ]89. +DOOHU 0LFKDHO+RO]KH\ +HOPXW +UVJ 0HGLHQ(WKLN %HVFKUHLEXQJHQ $QDO\VHQ .RQ]HSWH2SODGHQ:HVWGHXWVFKHU9HUODJ /¸IIOHU 0DUWLQ5LFNHU 5HLQKDUW +DQGEXFK GHV 3UHVVHUHFKWV QHX EHDUE $XIOD JH 0¾QFKHQ%HFN 6FKLZ\ 3HWHU6FK¾W] :DOWHU -'¸UU 'LHWHU +UVJ 0HGLHQUHFKW /H[LNRQ I¾U :LV VHQVFKDIWXQG3UD[LVDNWXDOXQGHUZ$XIODJH .¸OQ&DUOYRQ+H\PDQQ
$QKDQJ
7HLO,/LWHUDWXU $OWURJJH 0LFKDHO'RQVEDFK :ROIJDQJ6FKDEHGRWK (YD /RNDO79 ]ZLVFKHQ 3UR JUDPPDN]HSWDQ]XQG:HUEHPDUNW,QKDOWH1XW]XQJXQGZLUWVFKDIWOLFKH&KDQFHQGHV SULYDWHQ/RNDOIHUQVHKHQVLQ6DFKVHQ%HUOLQ9LVWDV6FKULIWHQUHLKHGHU6/0 $UEHLWVJHPHLQVFKDIW I¾U .RPPXQLNDWLRQVIRUVFKXQJ 6\QRSVH -RXUQDOLVPXV DOV %HUXI0¾QFKHQ8QYHU¸IIHQWO)RUVFKXQJVEHULFKW %DHUQV %DUEDUD IIHQWOLFKNHLWVDUEHLW RGHU -RXUQDOLVPXV =XP (LQIOXVV LP 0HGLHQ V\VWHP.¸OQ:LVVHQVFKDIWXQG3ROLWLN %HQWHOH*¾QWHU :LHREMHNWLYN¸QQHQ-RXUQDOLVWHQVHLQ",Q(UEULQJ/XW]5X¡0RKO 6WHSKDQ6HHZDOG %HUWKROG6¸VHPDQQ %HUQG +UVJ 0HGLHQ RKQH 0RUDO 9DULDWLR QHQ¾EHU-RXUQDOLVPXVXQG(WKLN6 %HUOLQ$DURQ9HUODJ %HQWHOH*¾QWHU ,QWHUHIILNDWLRQVPRGHOO,Q%HQWHOH*¾QWHU)U¸KOLFK5RP\6]\V]ND 3HWHU+UVJ +DQGEXFKGHU3XEOLF5HODWLRQV:LVVHQVFKDIWOLFKH*UXQGODJHQXQGEH UXIOLFKHV+DQGHOQNRUUXQGHUZ$XIODJH 6 :LHVEDGHQ969HUODJ %UDQDKO 8GR 0HGLHQUHFKW (LQH (LQI¾KUXQJ YROOVW ¾EHUDUE $XIODJH :LHVED GHQ96 %U¾JJHPDQQ 0LFKDHO 7KH 0LVVLQJ /LQN &URVVHPGLDOH 9HUQHW]XQJ YRQ 3ULQW XQG 2QOLQH0¾QFKHQ5)LVFKHU %XFKHU+DQV-¾UJHQ 'DUVWHOOXQJVIRUPHQ,Q0HGLHQZLVVHQVFKDIW7ULHUPVVZ3ULQW 0HGLHQ 6HUYLFH 6¾GZHVW *PE+ +UVJ -RXUQDOLVPXV (LQ PXOWLPHGLDOHV 7UDLQLQJ &'5RP %XQGHVYHUEDQG'HXWVFKHU$Q]HLJHQEO¦WWHU 'DWHQXQG)DNWHQ%HUOLQ%9'$ %XQGHVYHUEDQG'HXWVFKHU=HLWXQJVYHUOHJHU+UVJ =HLWXQJHQ%HUOLQ=9=HLWXQJV 9HUODJ6HUYLFH 'HEDWLQ%HUQKDUG+UVJ .RPPXQLNDWLRQVXQG0HGLHQHWKLN.RQVWDQ]89. 'HXWVFKHU3UHVVHUDW -DKUEXFK.RQVWDQ]89. 'RQVEDFK :ROIJDQJ -RXUQDOLVWHQ ]ZLVFKHQ 3XEOLNXP XQG .ROOHJHQ ,Q 5XQGIXQN XQG)HUQVHKHQ 'RUVFK 3HWUD /RNDONRPPXQLNDWLRQ (UJHEQLVVH XQG 'HIL]LWH GHU )RUVFKXQJ ,Q 3XEOL]LVWLN 'RUVFK3HWUD( 9HUODXWEDUXQJVMRXUQDOLVPXVದHLQHQRWZHQGLJH0HGLHQIXQNWLRQ,Q 3XEOL]LVWLN-J )DEULV +HLQ]5HQJHU 5XGL 9RP (WKLN ]XP 4XDOLW¦WVGLVNXUV ,Q %XFKHU +DQV -¾UJHQ$OWPHSSHQ .ODXV'LHWHU +UVJ 4XDOLW¦W LP -RXUQDOLVPXV *UXQGODJHQ ದ 'L PHQVLRQHQದ3UD[LVPRGHOOH6 :LHVEDGHQ:HVWGHXWVFKHU9HUODJ )RUVWHU .ODXV -RXUQDOLVPXV LP 6SDQQXQJVIHOG ]ZLVFKHQ )UHLKHLW XQG 9HUDQWZRU WXQJ'DV.RQ]HSWGHVಱ3XEOLF-RXUQDOLVPಯXQGVHLQHHPSLULVFKH5HOHYDQ].¸OQ9DQ +DOHP9HUODJ )ULWVFK 0LFKDHO ,QIRUPDWLRQVTXHOOHQ LP ORNDOHQ %HUHLFK 3UREOHPH GHU 0DWHULDOEH VFKDIIXQJ EHDUEHLWXQJ XQG YHUZHQGXQJ LQ GHU $X¡HQUHGDNWLRQ HLQHU QRUGUKHLQ ZHVWI¦OLVFKHQ5HJLRQDO]HLWXQJ%RFKXP6WXGLHQYHUODJ%URFNPH\HU *DOWXQJ-RKDQ5XJH0DULH+ROPERH 7KH6WUXFWXUHRI)RUHLJQ1HZV7KH3UHVHQWD WLRQRIWKH&RQJR&XEDDQG&\SULV&ULVHVLQ)RXU1RUZHJLDQ1HZVSDSHU-RXUQDORI 3HDFH5HVHDUFK
$QKDQJ
*ROGEHFN.HUVWLQ /HLVWXQJVGDWHQI¾UGLH=HLWXQJ,Q%XQGHVYHUEDQG'HXWVFKHU=HL WXQJVYHUOHJHU+UVJ =HLWXQJHQ6 %HUOLQ=9=HLWXQJV9HUODJ6HUYLFH *RUGLDQR *XLVHSSLQD 0HGLHQSU¦VHQ] GXUFK 3URPLQHQ]" 6HOHNWLRQVNULWHULHQ YRQ /RNDOMRXUQDOLVWHQEHLNRPPXQDOHQ3UHVVHPLWWHLOXQJHQ0¾QVWHU/,7 *RVH0HODQLH =HLWXQJVPDUNWIRUVFKXQJ DOV *UXQGODJH HIIHNWLYHQ =HLWXQJVPDQDJH PHQWV ,Q 0¸KULQJ :LHENH6FKQHLGHU %HDWH +UVJ 3UD[LV GHV =HLWXQJVPDQDJH PHQWV(LQ.RPSHQGLXP6 0¾QFKHQ5)LVFKHU *ULPPH(GXDUG3 =ZLVFKHQ5RXWLQHXQG5HFKHUFKH(LQH6WXGLH¾EHU/RNDOMRXU QDOLVWHQXQGLKUH,QIRUPDQWHQ2SODGHQ:HVWGHXWVFKHU9HUODJ +DOOHU 0LFKDHO0LUEDFK 7KRPDV 0HGLHQYLHOIDOW XQG NRPPXQDOH IIHQWOLFKNHLW 0¾QFKHQ0LQHUYD +DOOHU 0LFKDHO 4XDOLW¦W XQG%HQFKPDUNLQJLP3ULQWMRXUQDOLVPXV,Q%XFKHU+DQV -¾UJHQ$OWPHSSHQ .ODXV'LHWHU +UVJ 4XDOLW¦W LP -RXUQDOLVPXV *UXQGODJHQ ದ 'L PHQVLRQHQದ3UD[LVPRGHOOH6 :LHVEDGHQ:HVWGHXWVFKHU9HUNODJ +DOOHU 0LFKDHO :DV VROO DXV GHU =HLWXQJ ZHUGHQ" EHU )XQNWLRQV]XZHLVXQJHQ 1XW]XQJVZ¾QVFKH *DWWXQJVPHUNPDOH 3UREOHPH XQG 3HUVSHNWLYHQ GHU 7DJHV]HL WXQJ ,Q $UQROG .ODXV1HXEHUJHU &KULVWRSK +UVJ $OWH 0HGLHQ ದ QHXH 0HGLHQ 7KHRULHSHUVSHNWLYHQ 0HGLHQSURILOH (LQVDW]IHOGHU )HVWVFKULIW I¾U -DQ 7RQQHPDFKHU 6 :LHVEDGHQ96 +DOOHU0LFKDHO 'LH5HSRUWDJH$XIODJH .RQVWDQ]89. +HVV(YD0DULD 'LH/HVHU.RQ]HSWHXQG0HWKRGHQGHU3ULQWIRUVFKXQJ0¾QFKHQ %XUGD0HGLHQ)RUVFKXQJ +LQW]H0DQIUHG /RNDOSUHVVH4XR9DGLV"'HIL]LWHXQG(UIROJVSRWHQ]LDOH)UDQNIXUW DP0DLQ'HXWVFKHU)DFKYHUODJ +RKOIHOG 5DOI 'HU PLVVDFKWHWH /HVHU UHYLVLWHG ,Q %HKPHU 0DUNXV%O¸EDXP %HUQG6FKROO$UPLQ6W¸EHU5XGROI+UVJ -RXUQDOLVPXVXQG:DQGHO$QDO\VHGLPHQ VLRQHQ.RQ]HSWH)DOOVWXGLHQ6 :LHVEDGHQ969HUODJ +RKQHFNHU 0DUWLQ 3UD[LV GHU ORNDOHQ %HULFKWHUVWDWWXQJ ,Q )¾WK %HDWH /RNDOH%HULFKWHUVWDWWXQJ+HU]VW¾FNGHU7DJHV]HLWXQJ %RQQ=9 ,QWHUQDWLRQDO )HGHUDWLRQ RI -RXUQDOLVWV 7KH &KDQJLQJ 1DWXUH RI :RUN $ JOREDO VXUYH\ DQG FDVH VWXG\ RI DW\SLFDO ZRUN LQ WKH PHGLD LQGXVWU\ 5HVHDUFK 5HSRUW KWWSZZZLIMRUJSGIV,/25HSRUWSGI$EUXI -DUUHQ2WWIULHG 'LH7DJHV]HLWXQJPXVVDQGHUVZHUGHQದ'HU0DUNWZLUGVLFKLQGHU =XNXQIWDXVGLIIHUHQ]LHUHQ,Q%XQGHV]HQWUDOHI¾USROLWLVFKH%LOGXQJ+UVJ 4XDOLW¦WLVW GDVEHVWH5H]HSW-RXUQDOLVWHQ5HDGHUGHV)RUXP/RNDOMRXUQDOLVPXV6 %RQQ%XQGHV]HQWUDOHI¾USROLWLVFKH%LOGXQJ -RQVFKHU1RUEHUW /RNDOH3XEOL]LVWLN7KHRULHXQG3UD[LVGHU¸UWOLFKHQ%HULFKWHUVWDW WXQJ(LQ/HKUEXFK2SODGHQ:HVWGHXWVFKHU9HUODJ .DW]HQEHUJHU6WHIDQ .RPSOHPHQW¦UH.RPPXQLNDWLRQORNDOHU0HGLHQ+¸UIXQNXQG 3UHVVH,QWHUPHGLDOH3URILOHSURJUDPPOLFKH3RROVSXEOL]LVWLVFKH3HUIRUPDQFH0¾QV WHU/LW .HSSOLQJHU +DQV 0DWKLDV 'HU 1DFKULFKWHQZHUW GHU 1DFKULFKWHQIDNWRUHQ ,Q +ROW] %DFKD &KULVWLQD6FKHUHU +HOPXW:DOGPDQQ 1RUEHUW +UVJ :LH GLH 0HGLHQ GLH :HOW HUVFKDIIHQ XLQG ZLH GLH 0HQVFKHQ GDULQ OHEHQ 6 2SODGHQ :HVWGHXW VFKHU9HUODJ .QREORFK6LOYLD6W¾U]HEHFKHU'LHWHU6FK¸QEDFK.ODXV(JJHUW$QJHOLND ,QKDOWXQG *HVWDOWXQJYRQ7DJHV]HLWXQJHQXQG,Q.ODXV6FK¸QEDFK+UVJ =HLWXQ JHQ LQ GHQ 1HXQ]LJHUQ )DNWRUHQ LKUHV (UIROJV =HLWXQJHQ DXI GHP 3U¾IVWDQG 6 %RQQ=9 .QRFKH 0DQIUHG .HLQ )UHLVSUXFK I¾U ORNDOH 0RQRSRO]HLWXQJHQ ,Q 'LH )HGHU +HIW6
/LWHUDWXU
.QRFKH0DQIUHG6FKXO]:LQIULHG )ROJHQGHV/RNDOPRQRSROVYRQ7DJHV]HLWXQJHQ (LQH YHUJOHLFKHQGH ,QKDOWVDQDO\VH GHV /RNDOWHLOV YRQ 0RQRSRO XQG :HWWEHZHUEVWL WHOQ,Q3XEOL]LVWLN .¸FKHU 5HQDWH 6S¾UKXQG XQG 0LVVLRQDU (LQH YHUJOHLFKHQGH 8QWHUVXFKXQJ ¾EHU %HUXIVHWKLN XQG $XIJDEHQYHUVW¦QGQLV EULWLVFKHU XQG GHXWVFKHU -RXUQDOLVWHQ 3KLO 'LVV8QLYHUVLW¦W0¾QFKHQ .XQ]FLN0LFKDHO=LSIHO$VWULG 3XEOL]LVWLN(LQ6WXGLHQKDQGEXFK.¸OQ%¸KODX /RRVHQ:LHENH =XUಱPHGLDOHQ(QWJUHQ]XQJVI¦KLJNHLWಯMRXUQDOLVWLVFKHU$UEHLWVSUR]HV VH6\QHUJLHQ]ZLVFKHQ3ULQW79XQG2QOLQH5HGDNWLRQHQ3XEOL]LVWLN 0DVW&ODXGLD $%&GHV-RXUQDOLVPXV(LQ+DQGEXFK.DSLWHO,,-RXUQDOLVWHQXQGLKU 3XEOLNXP6 .RQVWDQ]89. 0HLHU .ODXV 5HVVRUW 6SDUWH 7HDP :DKUQHKPXQJVVWUXNWXUHQ XQG 5HGDNWLRQVRU JDQLVDWLRQLP=HLWXQJVMRXUQDOLVPXV.RQVWDQ]89. 0HLHU .ODXV &URVVPHGLDOH 5HGDNWLRQHQ LQ 'HXWVFKODQG :HEGRVVLHU (UK¦OWOLFK XQWHUZZZLIUDFRPQHZVSOH[BKGD 0H\HU .DWKULQ &URVVPHGLDOH .RRSHUDWLRQ YRQ 3ULQW XQG 2QOLQH5HGDNWLRQHQ EHL 7DJHV]HLWXQJHQLQ'HXWVFKODQG0¾QFKHQ+HUEHUW8W]9HUODJ 0H\Q+HUPDQQ 0DVVHQPHGLHQLQ'HXWVFKODQG.RQVWDQ]89. 0¸KULQJ:LHENH 'LH/RNDOEHULFKWHUVWDWWXQJLQGHQQHXHQ%XQGHVO¦QGHUQ2ULHQWLH UXQJLPJHVHOOVFKDIWOLFKHQ:DQGHO0¾QFKHQ5HLQKDUG)LVFKHU 0¾KOEHUJHU +ROJHU 6WLOOH 7HLOKDEHU =XU JHVHOOVFKDIWOLFKHQ ,QWHJUDWLRQ YRQ /RNDO MRXUQDOLVWHQ,Q.HSSOLQJHU+DQV0DWKLDV+UVJ $QJHSD¡WH$X¡HQVHLWHU:DV-RXU QDOLVWHQGHQNHQXQGZLHVLHDUEHLWHQ)UHLEXUJL%9HUODJ.DUO$OEHU6 1HXEHUJHU&KULVWRSK -RXUQDOLVPXVDOV3UREOHPEHDUEHLWXQJ2EMHNWLYLW¦WXQG5HOH YDQ]LQGHU¸IIHQWOLFKHQ.RPPXQLNDWLRQ.RQVWDQ]89. 1HXEHUJHU&KULVWRSK :DVLVWZLUNOLFKZDVLVWZLFKWLJ"=XU%HJU¾QGXQJYRQ4XDOL W¦WVNULWHULHQLP-RXUQDOLVPXV,Q%HQWHOH*¾QWHU+DOOHU0LFKDHO+UVJ $NWXHOOH(QW VWHKXQJYRQIIHQWOLFKNHLW$NWHXUHದ6WUXNWXUHQದ9HU¦QGHUXQJHQ6 .RQ VWDQ]89.0HGLHQ 1HXEHUJHU &KULVWRSK 5HQDLVVDQFH RGHU 1LHGHUJDQJ" ,Q .ODXV 'LHWHU $OWPHS SHQ+DQV-¾UJHQ %XFKHU0DUWLQ /¸IIHOKRO] +UVJ 2QOLQH-RXUQDOLVPXV 6 :LHVEDGHQ:HVWGHXWVFKHU9HUODJ 1HXEHUJHU&KULVWRSK 6WUDWHJLHQGHXWVFKHU7DJHV]HLWXQJHQLP,QWHUQHW,Q1HXEHU JHU&KULVWRSK7RQQHPDFKHU-DQ+UVJ 2QOLQHದ'LH=XNXQIWGHU=HLWXQJ"'DV(Q JDJHPHQWGHXWVFKHU7DJHV]HLWXQJHQLP,QWHUQHWYROOVW¦QGLJ¾EHUDUEHLWHWHXQGDN WXDOLVLHUWH$XIODJH 6 :LHVEDGHQ:HVWGHXWVFKHU9HUODJ 1HXEHUJHU &KULVWRSK =HLWXQJ XQG ,QWHUQHW EHU GDV 9HUK¦OWQLV ]ZLVFKHQ HLQHP DOWHQXQGHLQHPQHXHQ0HGLXP,Q1HXEHUJHU&KULVWRSK7RQQHPDFKHU-DQ+UVJ 2QOLQHದ'LH=XNXQIWGHU=HLWXQJ"'DV(QJDJHPHQWGHXWVFKHU7DJHV]HLWXQJHQLP,Q WHUQHW YROOVW¦QGLJ ¾EHUDUEHLWHWH XQG DNWXDOLVLHUWH $XIODJH 6 :LHVED GHQ:HVWGHXWVFKHU9HUODJ 1HXEHUJHU &KULVWRSK 2EMHNWLYLW¦W ,Q :HLVFKHQEHUJ 6LHJIULHG.OHLQVWHXEHU +DQV -3¸UNVHQ%HUQKDUG+UVJ +DQGEXFK-RXUQDOLVPXVXQG0HGLHQ6 .RQ VWDQ]89. 1LJJHPHLHU 6WHIDQ $SULO =HLWXQJHQ HUIRUVFKHQ LKUH /HVHU XQG HUIDKUHQ GDVV VLHVLFK¦QGHUQP¾VVHQ)UDQNIXUWHU$OOJHPHLQH6RQQWDJV]HLWXQJZZZID]QHW 1RHOOH1HXPDQQ (OLVDEHWK5RQQHEHUJHU )UDQ]6WXLEHU +HLQ]:HUQHU +UVJ 6WUHLWSXQNWORNDOHV3UHVVHPRQRSRO8QWHUVXFKXQJHQ]XU$OOHLQVWHOOXQJYRQ7DJHV]HL WXQJHQ'¾VVHOGRUI'URVWH 1RHOOH1HXPDQQ (OLVDEHWK )ROJHQ ORNDOHU 3UHVVHPRQRSROH ,Q 1RHOOH1HXPDQQ (OLVDEHWK5RQQHEHUJHU )UDQ]6WXLEHU +HLQ]:HUQHU +UVJ 6WUHLWSXQNW ORNDOHV
$QKDQJ
3UHVVHPRQRSRO 8QWHUVXFKXQJHQ ]XU $OOHLQVWHOOXQJ YRQ 7DJHV]HLWXQJHQ 6 '¾VVHOGRUI'URVWH 1RHOOH1HXPDQQ(OLVDEHWK :HJZHLVHU:LH-XJHQGOLFKH]XU=HLWXQJILQGHQ%RQQ =9=HLWXQJV9HUODJ6HUYLFH 3DVTXD\ $QMD =XU (QWZLFNOXQJ GHU 5HLFKZHLWHQ ,Q %XQGHVYHUEDQG 'HXWVFKHU =HL WXQJVYHUOHJHU+UVJ =HLWXQJHQ6 %HUOLQ=9=HLWXQJV9HUODJ6HUYLFH 3¸UNVHQ %HUQKDUG .RQVWUXNWLYLVPXV ,Q :HLVFKHQEHUJ 6LHJIULHG.OHLQVWHXEHU +DQV-3¸UNVHQ%HUQKDUG+UVJ +DQGEXFK-RXUQDOLVPXVXQG0HGLHQ6 .RQVWDQ]89. 3¾UHU +HLQ] (WKLN LQ -RXUQDOLVPXV XQG 0DVVHQNRPPXQLNDWLRQ 9HUVXFK HLQHU 7KHRULHQV\QRSVH,Q3XEOL]LVWLN 5DJHU*¾QWKHU 3XEOL]LVWLVFKH9LHOIDOWLP/RNDOHQ(LQHHPSLULVFKH$QDO\VH7¾ELQ JHQ7¾ELQJHU9HUHLQLJXQJI¾U9RONVNXQGH 5DJHU*¾QWKHU6FKLEUDQL+DUDOG 'DV/RNDOHDOV*HJHQVWDQGGHU.RPPXQLNDWLRQV IRUVFKXQJ,Q5XQGIXQNXQG)HUQVHKHQ-J6 5DJHU *¾QWKHU:HEHU %HUQG +UVJ 3XEOL]LVWLVFKH 9LHOIDOW ]ZLVFKHQ 0DUNW XQG 3ROLWLN0HKU0HGLHQPHKU,QKDOWH"'¾VVHOGRUI(FRQ 5DXSS -XOLDQD 'HWHUPLQDWLRQVWKHVH ,Q %HQWHOH *¾QWHU)U¸KOLFK 5RP\6]\V]ND 3HWHU+UVJ +DQGEXFKGHU3XEOLF5HODWLRQV:LVVHQVFKDIWOLFKH*UXQGODJHQXQGEH UXIOLFKHV+DQGHOQNRUUXQGHUZ$XIODJH 6 :LHVEDGHQ969HUODJ 5HLW]H+HOPXW5LGGHU&KULVWD0DULD+UVJ 0DVVHQNRPPXQLNDWLRQ9,,(LQH/DQJ]HLWVWX GLH]XU0HGLHQQXW]XQJXQG0HGLHQEHZHUWXQJ%DGHQ%DGHQ1RPRV 5HXPDQQ.XUW -RXUQDOLVWLVFKH'DUVWHOOXQJVIRUPHQ,Q1RHOOH1HXPDQQ(OLVDEHWK 6FKXO]:LQIULHG:LONH-¾UJHQ +UVJ 3XEOL]LVWLN 0DVVHQNRPPXQLNDWLRQ6 )UDQNIXUWDP0DLQ)LVFKHU 5RELQVRQ*HUWUXGH -DKUH*DWHNHHSHUIRUVFKXQJ(LQHNULWLVFKH5¾FNVFKDXXQG %HZHUWXQJ ,Q $XIHUPDQQ -¸UJ%RKUPDQQ +DQV6¾O]HU 5ROI +UVJ *HVHOOVFKDIWOL FKH .RPPXQLNDWLRQ XQG ,QIRUPDWLRQ )RUVFKXQJVULFKWXQJHQ XQG 3UREOHPVWHOOXQJHQ 6 )UDQNIXUWDP0DLQ$WKHQ¦XP9HUODJ 5RQQHEHUJHU )UDQ] 'LH SROLWLVFKHQ )XQNWLRQHQ GHU 0DVVHQNRPPXQLNDWLRQVPLWWHO ,Q3XEOL]LVWLN 5RQQHEHUJHU )UDQ] 6R]LDOLVDWLRQ GXUFK 0DVVHQNRPPXQLNDWLRQ ,Q 5RQQHEHUJHU )UDQ]+UVJ 6R]LDOLVDWLRQGXUFK0DVVHQNRPPXQLNDWLRQ6 6WXWWJDUW(QNH 5RQQHEHUJHU )UDQ] .RPPXQLNDWLRQVSROLWLN %DQG ,, .RPPXQLNDWLRQVSROLWLN DOV *HVHOOVFKDIWVSROLWLN0DLQ]Y+DVH .RHKOHU9HUODJ 5¸SHU+RUVW 3UREOHPHXQG3HUVSHNWLYHQGHV=HLWXQJVPDUNWHV'DWHQ]XU.RQ]HQW UDWLRQGHU7DJHVSUHVVHLQGHU%XQGHVUHSXEOLN'HXWVFKODQGLP,4XDUWDO0HGLD 3HUVSHNWLYHQR-J6 5RWK-XGLWK ,QWHUQHWVWUDWHJLHQYRQ/RNDOXQG5HJLRQDO]HLWXQJHQ:LHVEDGHQ96 5¾KO 0DQIUHG 'LH =HLWXQJVUHGDNWLRQ DOV RUJDQLVLHUWHV VR]LDOHV 6\VWHP $XIO )UHLEXUJ8QLYHUVLW¦WVYHUODJ 5X¡0RKO 6WHSKDQ $P HLJHQHQ 6FKRSIH 4XDOLW¦WVVLFKHUXQJ LP -RXUQDOLVPXV ದ *UXQGIUDJHQ$QV¦W]H1¦KUXQJVYHUVXFKH3XEOL]LVWLN 5X¡0RKO6WHSKDQ -RXUQDOLVPXV'DV+DQGXQG/HKUEXFK)UDQNIXUW)$=,QVWLWXW 6D[HU 8OULFK 6WUXNWXUHOOH 0¸JOLFKNHLWHQ XQG *UHQ]HQ YRQ 0HGLHQ XQG -RXUQDOLV PXVHWKLN,Q+DOOHU0LFKDHO+RO]KH\+HOPXW+UVJ 0HGLHQ(WKLN%HVFKUHLEXQJHQ $QDO\VHQ.RQ]HSWH6 2SODGHQ:HVWGHXWVFKHU9HUODJ 6FKHQN 0LFKDHO'¸EOHU 7KRPDV 0DUNWIRUVFKXQJ ದ 5HLFKZHLWH =LHOJUXSSH XQG ,PDJH,Q6FKRO]&KULVWLDQ+UVJ +DQGEXFK0HGLHQPDQDJHPHQW6 %HU OLQ6SULQJHU
/LWHUDWXU
6FKPLGW -DQ 'HU YLUWXHOOH ORNDOH 5DXP =XU ,QVWLWXWLRQDOLVLHUXQJ ORNDOEH]RJHQHU 2QOLQH1XW]XQJVHSLVRGHQ0¾QFKHQ5HLQKDUG)LVFKHU 6FKQHLGHU%HDWH6FK¸QEDFK.ODXV6W¾U]HEHFKHU'LHWHU 2EHUOHKUHUXQG0LVVLRQDUH" 'DV6HOEVWYHUVW¦QGQLVGHXWVFKHU-RXUQDOLVWHQ,Q1HLGKDUGW)ULHGKHOP+UVJ IIHQW OLFKNHLW ¸IIHQWOLFKH 0HLQXQJ VR]LDOH %HZHJXQJHQ 2SODGHQ :HVWGHXWVFKHU 9HUODJ .¸OQHU=HLWVFKULIWI¾U6R]LRORJLHXQG6R]LDOSV\FKRORJLH6RQGHUKHIW 6 6FKQHLGHU%HDWH6W¾U]HEHFKHU'LHWHU :HQQGDV%ODWWVLFKZHQGHW'LH7DJHVSUHV VHLQGHQQHXHQ%XQGHVO¦QGHUQ%DGHQ%DGHQ1RPRV 6FKQHLGHU %HDWH0¸KULQJ :LHENH6W¾U]HEHFKHU 'LHWHU 2UWVEHVWLPPXQJ /RNDO MRXUQDOLVPXVLQGHQQHXHQ/¦QGHUQ.RQVWDQ]89. 6FK¸QEDFK.ODXV 'LH7UHQQXQJYRQ1DFKULFKWXQG0HLQXQJ(PSLULVFKH8QWHUVX FKXQJHLQHVMRXUQDOLVWLVFKHQ4XDOLW¦WVNULWHULXPV)UHLEXUJ$OEHU 6FK¸QEDFK .ODXV 'LH LVROLHUWH :HOW GHV /RNDOHQ ,Q 5XQGIXQN XQG )HUQVHKHQV 6FKXO] 5¾GLJHU 0HGLDIRUVFKXQJ ,Q 1RHOOH1HXPDQQ (OLVDEHWK6FKXO] :LQ IULHG:LONH -¾UJHQ +UVJ 3XEOL]LVWLN 0DVVHQNRPPXQLNDWLRQ 6 )UDQNIXUW DP0DLQ)LVFKHU 6FKXO] :LQIULHG 'LH .RQVWUXNWLRQ GHU 5HDOLW¦W LQ GHQ 1DFKULFKWHQPHGLHQ $QDO\VH GHUDNWXHOOHQ%HULFKWHUVWDWWXQJ$XIODJH )UHLEXUJ$OEHU 6FK¾W]:DOWHU- 'HXWVFKH7DJHVSUHVVH0HGLD3HUVSHNWLYHQR-J6 6MXUWV &URVV0HGLD6WUDWHJLHQ LQ GHU GHXWVFKHQ 0HGLHQEUDQFKH (LQH ¸NRQRPLVFKH $QDO\VH ]X 9DULDQWHQ XQG (UIROJVDXVVLFKWHQ ,Q 0¾OOHU.DOWKRII %M¸UQ +UVJ &URVV 0HGLD0DQDJHPHQW&RQWHQW6WUDWHJLHQHUIROJUHLFKXPVHW]HQ6 %HUOLQ6RULQJHU 6WDDE -RDFKLP )ULHGULFK 0DUNVWHOOXQJ XQG ORNDOHV ,QIRUPDWLRQVDQJHERW UHJLRQDOHU $ERQQHPHQW]HLWXQJHQ (LQH ,QKDOWVDQDO\VH GHU /RNDOEHULFKWHUVWDWWXQJ GHU 0DLQ]HU ಱ$OOJHPHLQHQ=HLWXQJಯXQGGHUಱ0DLQ]HU5KHLQ=HLWXQJಯ,Q3XEOL]LVWLN 6WDSI,QJULG 0HGLHQ6HOEVWNRQWUROOH(WKLNXQG,QVWLWXWLRQDOLVLHUXQJ.RQVWDQ]89. 6WXLEHU+HLQ]:HUQHU .RPPXQLNDWLRQVU¦XPHGHUORNDOLQIRUPLHUHQGHQ7DJHVSUHV VH 3UHVVHVWDWLVWLVFKH 7\SHQELOGXQJ XQG UDXPVWUXNWXUHOOH $QDO\VH 1¾UQEHUJ 9HUODJ GHU1¾UQEHUJHU)RUVFKXQJVYHUHLQLJXQJH9 7HLFKHUW:LOO 'LH5HJLRQDOVSXEOL]LVWLVFKH$XIJDEH8UVDFKHQ)DOOVWXGLHQ%HIXQ GH+DPEXUJ9HUODJ 7KHLV%HUJOPDLU $QQD 0DULD0D\HU )ORULDQ6FKPLGW -DQ 7DJHV]HLWXQJVYHUODJH XQGGDV7KHPD,QWHUQHW,Q$QQD07KHLV%HUJOPDLU+UVJ ,QWHUQHWXQGGLH=XNXQIW GHU3ULQWPHGLHQ.RPPXQLNDWLRQVZLVVHQVFKDIWOLFKHXQGPHGLHQ¸NRQRPLVFKH$VSHNWH 6 0¾QVWHU/LW 7KRPD¡ %DUEDUD -RXUQDOLVWLVFKH (WKLN (LQ 9HUJOHLFK GHU 'LVNXUVH LQ )UDQNUHLFK *UR¡EULWDQQLHQXQG'HXWVFKODQG2SODGHQ:HVWGHXWVFKHU9HUODJ 7UHEEH -RDFKLP 'HU %HLWUDJ SULYDWHU /RNDOUDGLR XQG /RNDOIHUQVHKSURJUDPPH ]XU SXEOL]LVWLVFKHQ 9LHOIDOW (LQH 3LORWVWXGLH DP ED\HULVFKHQ 6HQGHVWDQGRUW $XJVEXUJ 0¾QFKHQ)LVFKHU 7UHEEH-RDFKLP /RNDOH0HGLHQOHLVWXQJHQLP9HUJOHLFK8QWHUVXFKXQJHQ]XUSXEOL ]LVWLVFKHQ 9LHOIDOW DQ GHQ ED\HULVFKHQ 6HQGHUVWDQGRUWHQ 6FKZHLQIXUW $XJVEXUJ XQG /DQGVKXW0¾QFKHQ)LVFKHU6FKULIWHQUHLKHGHU%/0 9ROSHUV +HOPXW6FKQLHU 'HWOHI6DOZLF]HN &KULVWLDQ 3URJUDPPH GHU QLFKW NRPPHU]LHOOHQ /RNDOUDGLRV LQ 1LHGHUVDFKVHQ (LQH 3URJUDPP XQG $N]HSWDQ]DQDO\ VH%HUOLQ9LVWDV :HLFKOHU.XUW 5HGDNWLRQVPDQDJHPHQW.RQVWDQ]89.
$QKDQJ
:HLVFKHQEHUJ 6LHJIULHG 'LH 9HUDQWZRUWXQJ GHV %HREDFKWHUV 0RGHUQH 0HGLHQ HWKLN DXV GHU 3HUVSHNWLYH HLQHU NRQVWUXNWLYLVWLVFKHQ 6\VWHPWKHRULH ,Q 5XQGIXQN XQG )HUQVHKHQ :HLVFKHQEHUJ6LHJIULHG 1DFKULFKWHQ-RXUQDOLVPXV$QOHLWXQJHQXQG4XDOLW¦WVVWDQ GDUGVI¾UGLH0HGLHQSUD[LV:LHVEDGHQ:HVWGHXWVFKHU9HUODJ :HLVFKHQEHUJ6LHJIULHG%DVVHZLW]6XVDQQHYRQ6FKROO$UPLQ .RQVWHOODWLRQHQGHU $XVVDJHQHQWVWHKXQJ,Q.DDVH0D[6FKXO]:LQIULHG+UVJ 0DVVHQNRPPXQLNDWLRQ 7KHRULHQ0HWKRGHQ%HIXQGH6 2SODGHQ:HVWGHXWVFKHU9HUODJ :HLVFKHQEHUJ 6LHJIULHG6FKROO $UPLQ0DOLN 0DMD 'LH 6RXIIOHXUH GHU 0HGLHQJH VHOOVFKDIW5HSRUW¾EHUGLH-RXUQDOLVWHQLQ'HXWVFKODQG.RQVWDQ]89. :HLVV .ODXV 3XEOL]LVWLVFKHU =XJHZLQQ GXUFK /RNDOIXQN" 9HUJOHLFKHQGH $QDO\VH YRQ/RNDOPHGLHQHLQHU*UR¡VWDGW%RFKXP%URFNPH\HU :HL¡5DOSK5XGROSK:HUQHU 'LHORNDOH:HOWLP5DGLR,QIRUPDWLRQXQG8QWHUKDO WXQJ LP /RNDOUDGLR DOV %HLWU¦JH ]XU NRPPXQDOHQ .RPPXQLNDWLRQ 2SODGHQ /HVNH %XGULFK6FKULIWHQUHLKHGHU/I5 :LONH-¾UJHQ 1DFKULFKWHQDXVZDKOXQG0HGLHQUHDOLW¦WLQYLHU-DKUKXQGHUWHQ%HUOLQ GH*UX\WHU :LONH-¾UJHQ 0DVVHQPHGLHQLP6SDQQXQJVIHOGYRQ*UXQGZHUWHQXQG:HUWNROOLVLR QHQ ,Q 0DVW &ODXGLD +UVJ 0DUNW ದ0HGLHQ ದ 0RUDO 3XEOL]LVWLN LP 6SDQQXQJVIHOG ]ZLVFKHQJHVHOOVFKDIWOLFKHU9HUDQWZRUWXQJXQG¸NRQRPLVFKHQ=LHOHQ.RQVWDQ]89. :LONLQJ7KRPDV 6WUXNWXUHQORNDOHU1DFKULFKWHQ(LQHHPSLULVFKH8QWHUVXFKXQJYRQ 7H[WXQG%LOGEHULFKWHUVWDWWXQJ0¾QFKHQ.*6DXU :ROI (EHUKDUG 9RQ $QDORJ ]X 'LJLWDO 'LH 9HU¦QGHUXQJHQ LQ GHU 5HGDNWLRQ ,Q %XFKHU+DQV-¾UJHQ3¾VFKHO8OULFK+UVJ 'LH=HLWXQJ]ZLVFKHQ3ULQWXQG'LJLWDOL VLHUXQJ6 :LHVEDGHQ:HVWGHXWVFKHU9HUODJ :RO]'LHWHU 'LH3UHVVHXQGGLHORNDOHQ0¦FKWH'¾VVHOGRUI'URVWH
7HLO,,5HFKHUFKH7LSSV .DSLWHO Â $UEHLWVJHPHLQVFKDIWGHU/DQGHVPHGLHQDQVWDOWHQ$/0 KWWSZZZDOPGH Â %XQGHVYHUEDQG'HXWVFKHU$Q]HLJHQEO¦WWHUH9%9'$ KWWSZZZEYGDGH Â %XQGHVYHUEDQG'HXWVFKHU=HLWXQJVYHUOHJHU%'=9 KWWSZZZEG]YGH Â 9HUEDQGSULYDWHU5XQGIXQNXQG7HOHPHGLHQ9357 KWWSZZZYSUWGH .DSLWHO Â ZZZGUHKVFKHLEHRUJ
5HFKHUFKH7LSSV
.DSLWHO Â $UEHLWVJHPHLQVFKDIW0HGLD$QDO\VHH90$ ZZZDJPDPPFGH Â ,QIRUPDWLRQVJHPHLQVFKDIW]XU)HVWVWHOOXQJGHU9HUEUHLWXQJYRQ:HU EHWU¦JHUQ,9: H9ZZZLYZGH Â =HLWXQJV0DUNHWLQJ*HVHOOVFKDIW=0* ZZZ]PJGH .DSLWHO Â 'HXWVFKHU3UHVVHYHUEDQGXQWHUZZZGSYRUJ Â 'HXWVFKHU-RXUQDOLVWHQYHUEDQGZZZGMYGH Â 9HUHLQWH'LHQVWOHLVWXQJVJHVHOOVFKDIWYHUGLKWWSZZZYHUGLGH .DSLWHO Â 'HXWVFKHU3UHVVHUDWKWWSZZZSUHVVHUDWGH Â 'HXWVFKHU5DWI¾U3XEOLF5HODWLRQV'535 KWWSZZZGUSURQOLQHGH VWDWLVFKHLWHPVKRZRQHSKS"LG Â 'HXWVFKHU:HUEHUDWKWWSZZZZHUEHUDWGH Â )UHLZLOOLJH6HOEVWNRQWUROOH)HUQVHKHQ)6) KWWSZZZIVIGH Â )UHLZLOOLJH6HOEVWNRQWUROOH0XOWLPHGLD)60 KWWSZZZIVPGH Â )UHLZLOOLJH6HOEVWNRQWUROOH.LQR)6. KWWSZZZVSLRGHLQGH[DVS" 6HLW,' Â 9HUHLQ]XU)¸UGHUXQJGHUSXEOL]LVWLVFKHQ6HOEVWNRQWUROOH)36 KWWSZZZSXEOL]LVWLVFKHVHOEVWNRQWUROOHGH Â ZZZQHW]ZHUNPHGLHQHWKLNGH
$QKDQJ
7HLO,,,&KDUWD4XDOLW¦WLP-RXUQDOLVPXV 'HXWVFKHU-RXUQDOLVWHQ9HUEDQG &KDUWD 4XDOLW¦WLP-RXUQDOLVPXV %HVFKORVVHQDXIGHP'-99HUEDQGVWDJLQ&KHPQLW] 0HGLHQHUI¾OOHQHLQHYHUDQWZRUWXQJVYROOH¸IIHQWOLFKH$XIJDEH6LHOHLVWHQ HLQHQZHVHQWOLFKHQ%HLWUDJ]XUXQDEK¦QJLJHQ,QIRUPDWLRQ]XU.ULWLNXQG .RQWUROOH]XUIUHLHQ0HLQXQJVXQG:LOOHQVELOGXQJLQGHUGHPRNUDWLVFKHQ $XVHLQDQGHUVHW]XQJXQG]XUNXOWXUHOOHQ(QWIDOWXQJ8PGLHVH¸IIHQWOLFKH $XIJDEH DQJHPHVVHQ XQG JODXEZ¾UGLJ ZDKU]XQHKPHQ VLQG -RXUQDOLV WLQQHQ XQG -RXUQDOLVWHQ VRZLH GLH 0HGLHQXQWHUQHKPHQ YHUSIOLFKWHW GLH 4XDOLW¦WLP-RXUQDOLVPXV]XI¸UGHUQXQG]XVLFKHUQ'LHಱ,QLWLDWLYH4XDOLW¦W LP-RXUQDOLVPXVಯ,4 YHUVWHKWVLFKLP5DKPHQGLHVHVVW¦QGLJHQ3UR]HV VHV DOV )RUXP .RRUGLQDWRULQ XQG ,QLWLDWRULQ YRQ $NWLYLW¦WHQ PLW GHP =LHO GHV4XDOLW¦WVDXVEDXV,QGHU,QLWLDWLYHDUEHLWHQ3HUVRQHQ9HUE¦QGHXQG ,QVWLWXWLRQHQDXIGHU*UXQGODJHIROJHQGHU3RVLWLRQHQ]XVDPPHQ 4XDOLW¦W LP -RXUQDOLVPXV YHUSIOLFKWHW ]XU EHVRQGHUHQ 6RUJIDOW ]XU $FKWXQJ GHU 0HQVFKHQZ¾UGH XQG ]XU (LQKDOWXQJ YRQ *UXQGV¦W]HQ ZLHVLHLP3UHVVHNRGH[GHV'HXWVFKHQ3UHVVHUDWVIHVWJHOHJWVLQG 4XDOLW¦WLP-RXUQDOLVPXVEHGDUIWUDQVSDUHQWHU6WDQGDUGVXQG=LHOGH ILQLWLRQHQGLHLQGHQ0HGLHQXQWHUQHKPHQHUDUEHLWHWXQGUHJHOP¦¡LJ ¾EHUSU¾IWZHUGHQ,P5DKPHQGHUSXEOL]LVWLVFKHQ*UXQGKDOWXQJVLQG EHL GHU 8PVHW]XQJ GHU 6WDQGDUGV XQG =LHOH MRXUQDOLVWLVFKH 8QDE K¦QJLJNHLW 6HOEVWNRQWUROOH XQG NULWLVFKH 5HIOH[LRQ ]X I¸UGHUQ (QW VSUHFKHQGH 0LWZLUNXQJVUHFKWH ZHUGHQ LQ GHQ 0HGLHQXQWHUQHKPHQ DXIGHU%DVLVUHGDNWLRQHOOHU6WDWXWHQIHVWJHVFKULHEHQ 4XDOLW¦W LP -RXUQDOLVPXV VHW]W DXI LQGLYLGXHOOH )¦KLJNHLWHQ 6DFK XQG)DFKZLVVHQNRPPXQLNDWLYHXQGVR]LDOH.RPSHWHQ] 6LHHUIRU GHUW HLQH VROLGH $XV XQG VW¦QGLJH :HLWHUELOGXQJ 0HGLHQXQWHUQHK
&KDUWD4XDOLW¦WLP-RXUQDOLVPXV
PHQRULHQWLHUHQVLFKEHL3HUVRQDOHQWVFKHLGXQJHQXQGLQGHU3HUVR QDOI¾KUXQJDQGHILQLHUWHQ4XDOLW¦WVVWDQGDUGV 4XDOLW¦WLP-RXUQDOLVPXVVHW]WGLH%HKHUUVFKXQJGHVMRXUQDOLVWLVFKHQ +DQGZHUNV 3U¦]LVLRQ LQ :DKUQHKPXQJ XQG :LHGHUJDEH )DNWHQ WUHXHYHUVW¦QGOLFKHQ6SUDFKVWLO¾EHUOHJWHQ(LQVDW]XQWHUVFKLHGOLFKHU 'DUVWHOOXQJVIRUPHQVRZLHHLQHIXQGLHUWH5HFKHUFKHYRUDXV0HGLHQ XQWHUQHKPHQVRUJHQI¾UGLHQRWZHQGLJHQ5HVVRXUFHQHLQHPRGHUQH ,QIUDVWUXNWXUXQGGHQ=XJDQJ]XZLFKWLJHQ,QIRUPDWLRQVTXHOOHQ 4XDOLW¦W LP -RXUQDOLVPXV ZLUG JHI¸UGHUW GXUFK LQWHUQH .ULWLNNXOWXU 9HUDQWZRUWOLFKHOHVHQ7H[WHJHJHQQHKPHQ%HLWU¦JHDEXQGGLVNX WLHUHQ (UJHEQLVVH LQ GHU %ODWW E]Z 3URJUDPPNULWLN 2PEXGVOHXWH N¸QQHQ GLHVH LQWHUQH .ULWLNNXOWXU VW¦UNHQ (UNDQQWH )HKOHU ZHUGHQ YRQGHU5HGDNWLRQVHOEVWW¦WLJEHULFKWLJW 4XDOLW¦WLP-RXUQDOLVPXVEUDXFKWH[WHUQH0HGLHQNULWLN'LHMRXUQDOLV WLVFKH$XVHLQDQGHUVHW]XQJPLW0HGLHQXQWHUQHKPHQXQG0HGLHQSUR GXNWHQ LVW LQ HLQHU 0HGLHQJHVHOOVFKDIW %HVWDQGWHLO GHU ¸IIHQWOLFKHQ $XIJDEHXQGGDKHULQGHQ5HGDNWLRQHQ]XI¸UGHUQ6WHOOXQJQDKPHQ GHV 'HXWVFKHQ 3UHVVHUDWHV ZHUGHQ YRQ GHQ EHWURIIHQHQ 8QWHUQHK PHQSXEOL]LHUW 4XDOLW¦WLP -RXUQDOLVPXVLVW$QOLHJHQ SUD[LVRULHQWLHUWHU .RPPXQLND WLRQVZLVVHQVFKDIW -RXUQDOLVWLQQHQ XQG -RXUQDOLVWHQ VLQG RIIHQ I¾U GHQ $XVWDXVFK ]ZLVFKHQ 7KHRULH XQG 3UD[LV VRZLH I¾U QHXH ZLV VHQVFKDIWOLFKH (UNHQQWQLVVH ¾EHU 0HGLHQ XQG %HUXI XQG EH]LHKHQ GLHVHLQGLH4XDOLW¦WVGHEDWWHHLQ 4XDOLW¦WLP-RXUQDOLVPXVHUIRUGHUWSURIHVVLRQHOOH$UEHLWVEHGLQJXQJHQ XQGVR]LDOH6LFKHUKHLWHQGLHGHQMRXUQDOLVWLVFKHQ$QIRUGHUXQJHQXQG GHU9HUDQWZRUWXQJYRQ)HVWDQJHVWHOOWHQZLH)UHLHQJHUHFKWZHUGHQ 4XDOLW¦W LP -RXUQDOLVPXV EHGLQJW 8QDEK¦QJLJNHLW YRQ VDFKIUHPGHQ ,QWHUHVVHQ -RXUQDOLVWLQQHQ XQG -RXUQDOLVWHQ VLQG YRUUDQJLJ GHU I IHQWOLFKNHLW YHUSIOLFKWHW 6LH WUHQQHQ UHGDNWLRQHOOH ,QKDOWH YRQ :HU EXQJXQWHUVFKHLGHQ-RXUQDOLVPXVYRQ3XEOLF5HODWLRQVXQGRUGQHQ LQGHU,QIRUPDWLRQVYHUPLWWOXQJ$XIODJHQXQG4XRWHQGHQNHQGHP¸I IHQWOLFKHQ$XIWUDJXQWHU
5HJLVWHU $/0$UEHLWVJHPHLQVFKDIWGHU /DQGHVPHGLHQDQVWDOWHQ $QGUXFN]HLW $Q]HLJHQEO¦WWHU $UFKLY $XIPDFKHU $XVELOGHU $XVELOGXQJ $XVELOGXQJVSODQ $XVELOGXQJVUHGDNWHXUH $XVELOGXQJVUHGDNWLRQHQ $XVELOGXQJVVWDWLRQHQ $XVNXQIWVSIOLFKW %HULFKW %HULFKWHQ %HUXIVHWKLN %HUXIVNRGL]HV %HVFKODJQDKPXQJVXQG 'XUFKVXFKXQJVYHUERW %ODWWNULWLN %ORJ EORJJHQ %ORJJHU %¾UJHUUHSRUWHU &RS\WHVWV &URVVPHGLD 'HVN 'HXWVFKHU3UHVVHUDW 'XUFKVXFKXQJVXQG %HVFKODJQDKPHYHUERW
H0DLO (WKLN )HDWXUH )HXLOOHWRQUHGDNWLRQ )RWRUHGDNWLRQ )UHLHIUHLH0LWDUEHLWHU *DWHNHHSHUIRUVFKXQJ *HVLQQXQJVHWKLN *ORVVH +DXSWVWDGWNRUUHVSRQGHQW +LQZHLV ,QGLYLGXDOHWKLN ,QIRUPDQWHQVFKXW] ,QKDOWVDQDO\VHQ ,QWHUYLHZ ,QWHUYLHZSDUWQHU .RGH[ .ROXPQH .RPPHQWDU .RQIHUHQ]HQ .RUUHVSRQGHQW /DQGHVSUHVVE]Z /DQGHVPHGLHQJHVHW]H /HLWDUWLNHO /HVHU%ODWW%LQGXQJ /HVHUIRUVFKXQJ/HVHUVFKDIWV IRUVFKXQJ /HVHUIRUVFKXQJV0HWKRGHQ /HVHUVHUYLFH
5HJLVWHU
/HVHUVWDPPWLVFK /HVHUWHOHIRQ /HVHUXPIUDJH /RNDOUHGDNWHXU /RNDOUHGDNWLRQ /RNDOVSLW]H 0DQWHOUHGDNWLRQ 0DUNWXQG0HGLHQIRUVFKXQJ 0HGLD$QDO\VH0$ 0HGLHQHWKLN 0HGLHQNRQ]HQWUDWLRQ 0HGLHQUHFKW 0HLQXQJ 0HOGXQJ 0LVVELOOLJXQJ 0LWWDJVNRQIHUHQ] 006 PRELOH5HGDNWLRQHQ 1DFKIUDJH,QWHUYLHZV 1DFKULFKW 1DFKULFKWHQDJHQWXUHQ 1DFKULFKWHQDXVZDKO 1DFKULFKWHQIDNWRUHQ 1DFKULFKWHQWKHRULHIRUVFKXQJ 1DFKULFKWHQZHUWWKHRULH 1HZVGHVN 1HZVURRP 2EMHNWLYLW¦W 2EMHNWLYLW¦WVNULWHULHQ 2EMHNWLYLW¦WVQRUP 2UJDQLVDWLRQVHWKLN 2ULHQWLHUXQJ 3RGFDVW 3ROLWLNUHGDNWLRQ 3ROL]HLXQG*HULFKWVUHSRUWHU 3RUWU¦W 3UDNWLNDQW
3UHVVHNRGH[ 3UHVVHNRQIHUHQ] 3UHVVHNRQ]HQWUDWLRQ 3UHVVHPLWWHLOXQJHQ 3UHVVHUDW 3UHVVHUHFKW 3UHVVHVSUHFKHU 3UHVVHVWHOOH 5DWJHEHU 5HFKHUFKH 5HFKHUFKHDXIZDQG 5HFKHUFKHHUJHEQLVVH 5HFKHUFKHMRXUQDOLVPXV 5HFKHUFKHPHWKRGHQ 5HFKHUFKHVWDQG 5HGDNWLRQVGXUFKVXFKXQJHQ 5HGDNWLRQVJHKHLPQLV 5HGDNWLRQVVWDPPWLVFK UHGLJLHUHQ 5HLFKZHLWH 5HLFKZHLWHQHUPLWWOXQJ 5HOHYDQ] 5HSRUWDJH 5HVVRUW 5HVVRUWJUHQ]HQ 5H]HQVLRQ 5¾JH 6FKDOWNRQIHUHQ] 6HUYLFH 6HUYLFHEHLWU¦JH 6HUYLFHEHVWDQGWHLO 6HUYLFHIUHXQGOLFKNHLW 6HUYLFHLQIRV 6HUYLFHVHLWHQ
606 6RPPHUORFK 6RPPHUSDXVH 6SRUWUHGDNWLRQ 6WDQGHVHWKLNHQ 7HLOHWKLNHQ 7HOHIRQNRQIHUHQ] 7KHPD 7KHPHQILQGXQJ 7KHPHQNRQIHUHQ] 7KHPHQVHW]XQJ 7KHPHQYLHOIDOW EHUVFKULIWHQNRQIHUHQ] 9HUDQWZRUWXQJVHWKLN 9HUEUHLWXQJVJHELHW 9HUHLQVEHULFKWHUVWDWWXQJ 9HUKDOWHQVNRGH[ 9HUODJVNRGH[
5HJLVWHU
9RORQWDULDW 9RORQW¦UVDXVELOGHU 9RORQW¦UVMDKUJ¦QJHQ 9RORQW¦UVWDJH :HEORJ :HE79 :LNL :LNLV :LUWVFKDIWVUHGDNWLRQ =HXJQLVYHUZHLJHUXQJVUHFKW =LHOJUXSSH =LHOJUXSSHQIRUVFKXQJ ]LHOJUXSSHQVSH]LILVFK