9RUZRUWW]XUU([DPHQVKDXVDUEHLW
Ä8QGGJHZLVVGDVVVHUUHXFKKDOOHHGUHLLJHOLHEWXQGGJOHLFKJHOLHEWWWLQGHPHUU]ZHL QLFKWW GUFNHQQ P|JHQQQ XP HLQHQQ ]X EHJQVWLJHQQQ ±± :RKODQQ (VV HLIUHH MHGHU
6RR ODXWHWW HLQQ =LWDWW DXVV /HVVLQJVV EHNDQQWHP 'UDPD Ä1DWKDQ GHU :HLVH³ ZHOFKHVV WHLOVV DXI DPVDQWH WHLOVV LQQ HUQVWHU :HLVH GLH 6WHUHRW\SHQQ VHLQHU =HLW GXUFKOHXFKWHWWXQGGDXFKKKHXWHHQLFKWVVYRQQVHLQHUU$NWXDOLWlWWHLQJHEWW]XXKDEHQ VFKHLQWWW'HQQ9RUXUWHLOH]ZLVFKHQQGHQPRQRWKHLVWLVFKHQQ5HOLJLRQHQVLQGGQDFKK ZLH YRU *HJHEHQKHLWWW GDVV KDEHQQ QLFKWW ]XOHW]W GLH .RSIWXFKGHEDWWH RGHUU GHU 6WUHLWW XPP GLHH 0RKDPPHGG.DULNDWXUHQQ EHZLHVHQQ :DVV GHPP HLQHQQ DOVV 6\PEROO GHUU8QWHUGUFNXQJRGHUUXQXPVW|OLFKHVV)UHLKHLWVUHFKWWJLOWWWPDJGHUUDQGHUHDOV WUDGLWLRQHOOHVV5HFKWWRGHUDOVV%HOHLGLJXQJUHOLJL|VHU*HIKOHHPSILQGHQQQ ,QMHGHP )DOOO ]HLJWW VLFK GDVVV GLH1RWZHQGLJNHLW HLQHVV LQWHUUHOLJL|VHQQ 'LDORJVV ]ZLVFKHQQ&KULVWHQWXPPXQGG,VODPPXQXPJlQJOLFKKLVWWWGDDQGHUQIDOOVVQLFKWWQXUUGLHH $QJVWWYRUUIDQDWLVFKHQ)XQGDPHQWDOLVWHQQZDFKVHQQNDQQQQVRQGHUQQOHW]WJHQDQQWHH ]XVHKHQGVVLQQLKUHUU3RVLWLRQQJHVWlUNWWZHUGHQQN|QQWHQQQQ (VV EHGDUII GHVKDOEE HLQHUU NRQVWUXNWLYYWROHUDQWHQ +DOWXQJ ]XHLQDQGHUUU VRZLH HLQHUSUlVHQWHQ'LDORJVEDVLVVVDXIGHUU6FKULWWHGHU9HUVWlQGLJXQJHU]LHOWWZHUGHQ N|QQHQQQ 'DEHLL ZHUGH LFKK YHUVXFKHQQ GDU]XVWHOOHQQQ GDVVV PLUU IUU (UVWHV DP HKHVWHQQ GHUU $QVDW] HLQHUSRO\]HQWULVFKHQQ *UXQGKDOWXQJ JHHLJQHWWVFKHLQWWW )U =ZHLWHVV KLQJHJHQQ VFKHLQHQ PLU GLH 0HQVFKHQUHFKWHHH VRR ZLHH VLHH LQ GHUU $OOJHPHLQHQQ (UNOlUXQJ GHUU 0HQVFKHQUHFKWHH YRP GHUU 9HUHLQWHQ 1DWLRQHQ GHNODULHUWW ZHUGHQQQ VLQQYROOO ]X VHLQQQ 'LHVV ZLUIWW HLQQ *UXQGSUREOHP DXIGHQQVRZRKOOHLQHNRQVWUXNWLYYWROHUDQWH+DOWXQJDOVVDXFKGLH%HUHLWVFKDIWWW GLHH 0HQVFKHQUHFKWH DOV %DVLV ]XX DN]HSWLHUHQQQ VHW]W HLQHH JHZLVVHH 6HOEVWUHODWLYLHUXQJ GHUU 5HOLJLRQHQQ YRUDXVVV XQGG ]ZDU LQVRZHLWWW DOVV GDVVV VLHH EHUHLWW VLQGGG GHQQ LKQHQQ HLJHQHQQ $EVROXWKHLWVDQVSUXFKK ]XJXQVWHQ GHV QRWZHQGLJHQQ 'LDORJVV ]XUFN]XVWHOOHQQQ (VV VROO GHVKDOEE IHUQHUU $XIJDEHH GLHVHU $UEHLWW VHLQQQ /|VXQJVDQVlW]H GLHVHUU )UDJHH DXI]X]HLJHQ 'D]XX VROOHQQ MHGRFK
/HVVLQJ*RWWKROGG(SKUDLP1DWKDQGHUU:HLVHHH6
9JO6XQGHUPHLHUUU7KHRR:DVLVW5HOLJLRQ"66XQGHUPHLHUUKDWGDUDXIKLQJHZLHVHQGDVV7ROHUDQ]RIWPDOV PLW*OHLFKJOWLJNHLWYHUZHFKVHOWZLUGGG(EGGG6(UUEHUQLPPWGHVKDOEEGHQ%HJULIINRQVWUXNWLYHU 7ROHUDQ]]]]]
9JO3DUN
,QGLHVHP6LQQHHZHLVHHLFKGDUDXIKLQGDVVQLFKWWGHUU5HODWLYLVPXVVYRQ5HOLJLRQQGDVV=LHOGDUVWHOOW'LHVVNDQQ VFKRQQGHVKDOEQLFKWHUVWUHEHQVZHUWVHLQQGDGHU'LDORJVWDUNHU'LDORJVSDUWQHUPLWNODUHQ6WDQGSXQNWHQQEHGDUIVR XDDDEHLL+RQHFNHUUU0DUWLQ'DVUHIRUPDWRULVFKHH)UHLKHLWVYHUVWlQGQLVVXQGGDVVQHX]HLWOLFKH9HUVWlQGQLVVGHUU
]XYRUU HLQLJHH ZLFKWLJHH (UNOlUXQJHQQ XQGG 'RNXPHQWHHEHLGHUU 6HLWHQQ ]XPP 7KHPDD 0HQVFKHQUHFKWHH YRUJHVWHOOWW XQGG HU|UWHUWW ZHUGHQQQ XPP HLQHQQ hEHUEOLFN ]X HUKDOWHQQQZHOFKHH6WDQGSXQNWHHXQGG3RVLWLRQHQQKLHU]XHLQJHQRPPHQQZHUGHQXQG ZRR LKUHH 3UREOHPHH OLHJHQ N|QQHQQQ =XVlW]OLFKK GDUI GHU 6lNXODULVPXVV DOVV GULWWHUU 'LDORJVSDUWQHUXQGG*UXQGODJHHDOOJHPHLQJOWLJEHDQVSUXFKWHUU0HQVFKHQUHFKWHH HEHQIDOOVV QLFKWW YHUNDQQW ZHUGHQQQ HLQHH 9HUKlOWQLVEHVWLPPXQJ ]ZLVFKHQQ LKP GHQQ0HQVFKHQUHFKWHQQXQGGGHQQ5HOLJLRQHQQVROOWHGHVKDOEEEHUFNVLFKWLJWWZHUGHQ =XP6FKOXVVVGLHVHUU$UEHLWP|FKWHLFKKKLQWHUIUDJHQQQZHOFKHH&KDQFHQQVLFKDXV GHQQ 0HQVFKHQUHFKWHQ DOVV 'LDORJVEDVLVV IU GLH EHWHLOLJWHQ *HVSUlFKVSDUWQHUU HUJHEHQQ (VV HUJLEWW VLFK IROJHQGHUU $XIEDXXX LQQ GHPP XDDD GLH QDFKVWHKHQGHQQ )UDJHQQEHDQWZRUWHWWZHUGHQQVROOHQQQ
7HLOOOO'RJPDWLVFKHHH'LDORJVSRVLWLRQHQQXQGGGHWKLVFKHHH'LDORJVEDVLVV
o )UDJHHQDFKKGHUUEHVWHQQ'LDORJVKDOWXQJ
o )UDJHHQDFKKGHQQ0HQVFKHQUHFKWHQQDOV'LDORJVEDVLVVV 7HLOOO=XPP6WDQGGGHUU0HQVFKHQUHFKWHHLQQ&KULVWHQWXPPXQGG,VODP
o (U|UWHUXQJ FKULVWOLFKHU XQGG LVODPLVFKHUU 'RNXPHQWHH ]XX GHQ 0HQVFKHQUHFKWHQQ
7HLOOO$QVlW]HH]XUU8QLYHUVDOLVLHUXQJYRQQ0HQVFKHQUHFKWHQ
o /|VXQJVDQVlW]H ]XUU )UDJHHH LQZLHZHLWW GLHH 5HOLJLRQHQQ LKUHQQ HLJHQHQQ
7HLOOO&KDQFHQGHV0HQVFKHQUHFKWVGLDORJV
o &KDQFHQQIUUGLHH5HOLJLRQHQQXQGGGHQQ6lNXODULVPXVLPP$QJHVLFKWWGHU 0HQVFKHQUHFKWH
+LHU]XXILQGHWWVLFKKLQQMHGHPP7HLOOHLQHH(LQOHLWXQJVRZLHHHLQQ6FKOXVVID]LWWW$PP (QGHHGHUU*HVDPWDUEHLWZHUGHHLFKKHLQQSHUV|QOLFKHVV6FKOXVVZRUWWDQIJHQQQ ZHOFKHVVJOHLFKVDPPDOVV*HVDPW]XVDPPHQIDVVXQJYHUVWDQGHQQZHUGHQNDQQQ
Ã:UGHHGHV0HQVFKHQ¶,Q6FKZDUWOlQGHUUU-RKDQQHV0RGHUQHV)UHLKHLWVHWKRVXQGGFKULVWOLFKHUU*ODXEHHH6 'LHH/|VXQJVDQVlW]HHVROOHQVLFKGHPQDFKDXIGDV3UREOHPEHVFKUlQNHQZLHHGHUU$EVROXWKHLWVDQVSUXFK]XJXQVWHQ GHU8QLYHUVDOLVLHUXQJYRQ0HQVFKHQUHFKWHQ]XUFNJHQRPPHQQZHUGHQNDQQQ
+LHUEHLZHUGHLFKKVRZRKODXIHYDQJHOLVFKHDOVDXFKKDXIINDWKROLVFKH6WDQGSXQNWHHLQJHKHQQ
7HLOO ,,, 'RJPDWLVFKHHH 'LDORJVSRVLWLRQHQQ XQGG HWKLVFKHHH
'LDORJVEDVLV
'LH 1RWZHQGLJNHLWW ]XPP LQWHUUHOLJL|VHQQ 'LDORJ LQQ XQVHUHU PXOWLNXOWXUHOOHQ *HVHOOVFKDIW LVWW HLQQ )DNWXPPP ZHOFKHV GXUFKJHKHQGG LQQ GHU /LWHUDWXUU HUNDQQWW ZLUGGG6RRVFKUHLEWW*XVWDYY5RVHQVWHLQQQQ
Ä(LQHH XPIDVVHQGHH %HZXVVWZHUGXQJ LVWW XQWHU GHQ &KULVWHQQ HLQJHWUHWHQQ &KULVWOLFKHH7KHRORJLHNDQQQQLHHPHKUUZLHGHUURKQHHGHQ+RUL]RQWWGHU5HOLJLRQHQ
,Q GLHVHPP 6LQQHH KDEHQQ VLFKK HWZDLJH 5HOLJLRQVZLVVHQVFKDIWOHU XQGG 7KHRORJHQ
'LH (UJHEQLVVHH P|JHQ WHLOZHLVH UHFKWW XQWHUVFKLHGOLFKK DQPXWHQQQ LKQHQQ LVWW MHGRFKK JHPHLQVDPPP GDVVV VLHH PDJHEOLFK DQ GHU )UDJH RULHQWLHUW VLQG LQ ZHOFKHPP 9HUKlOWQLVVV GGKK LQQ ZHOFKHUU +DOWXQJ GDV &KULVWHQWXPP GHQQ DQGHUHQ 5HOLJLRQHQQEHJHJQHQQVROOOO'LHH)UDJHHQDFKKGHPP+XPDQXPPPGGKKKGLHH)UDJHHQDFKK HLQHUU JHPHLQVDPHQQ KXPDQHQQ *HVSUlFKVJUXQGODJHH GHVV 'LDORJVVV VWHKWW GDEHLL KlXILJ QLFKWW LPP ,QWHUHVVHQIRNXVVV :HQQQ GRFKKK ZLHH LQQ +DQVV .QJVV Ä3URMHNW :HOWHWKRV³ VRPDJHVOHLFKWGHQ$QVFKHLQKDEHQQDOVVZUGHQQÄ5HOLJLRQHQQDXI LKUH HWKLVFKHQ *HKDOWH UHGX]LHUW³ 'LHVV HUVFKHLQWW PLUU XQJHUHFKWIHUWLJWWW VLQG GLHVHH ]ZHL VFKHLQEDU XQWHUVFKLHGOLFKHQ 3HUVSHNWLYHQ GRFKK LQQ :LUNOLFKNHLW ]ZHL6HLWHQQHLQHU0HGDLOOH'DKHUKDOWHLFKKHVVIUUHOHYDQWWGDUDXIIKLQ]XZHLVHQQ GDVVV RKQHH HLQHH ]XYRUU NODUU GHILQLHUWHH +DOWXQJ HLQ HWKLVFKHUU 'LDORJ NDXPP 6LQQ HUJLEW ZLHH HV EHLVSLHOVZHLVHH DXFKK LP *HVSUlFK ]ZHLHUU 'LSORPDWHQQ XQVLQQLJ HUVFKHLQWWW EHU HLQHQQ *HJHQVWDQGG ]XX GLVNXWLHUHQQQ ZHQQQ YRUKHU QLFKWW GHXWOLFKK XPULVVHQQ ZXUGHHH LQQ ZHOFKHU %H]LHKXQJJ LKUH /lQGHU ]XHLQDQGHU VWHKHQ ,Q DQGHUHQQ :RUWHQQQ (VV PXVVV HLQHH NODUH 6WDQGRUWEHVWLPPXQJ LPP *HVSUlFK GHU 5HOLJLRQHQQ HUIROJHQQ GDPLWW HLQHH RIIHQHH 'LVNXVVLRQQ P|JOLFKK LVWWW $QGHUQIDOOVV N|QQWHH HVV GD]XX NRPPHQQQ GDVVV 9RUXUWHLOH PLWW LQQ GHQQ 'LDORJ HLQIOLHHQ GLH
5RVHQVWHLQ*XVWDY'LH6WXQGHHGHV'LDORJV6
6RR]]%%%GLHEHL:URJHPDQQ:URJHPDQQ+HQQLQJ0LVVLRQXQGG5HOLJLRQLQGHUU6\VWHPDWLVFKHQ7KHRORJLHGHUU *HJHQZDUWDXIJHIKUWHQQSURWHVWDQWLVFKHQQ'RJPDWLNHU7URHOWVFK$OWKDXVVXQG%DUWKLQGHUUHUVWHQ3DQQHQEHUJ 7KLHOLFNHXQG0ROWPDQQQLQQGHU]ZHLWHQQ+lOIWHGHVV-DKUKXQGHUWV
.QJ+DQV3URMHNW:HOWHWKRV
9JO:LHGHUNHKUUU'LHWULFK*HUHFKWLJNHLWWLP'LDORJGHUU5HOLJLRQHQ.DUOO5DKQHUUXQGGVRZHLWHUUU,Q.OLQJHUUU (OPDUUU)UDQFLV;;;;'¶6DDD*HUHFKWLJNHLWLP'LDORJGHU5HOLJLRQHQ666666:LHGHUNHKUUHUZlKQWWGLHVHQ9RUZXUIPLWW GHP9HUPHUNGDVVHUULKPXQIDLUUHUVFKHLQHHHGDDGLHH5HOLJLRQHQDXIJHIRUGHUWWVHLHQÄLKUHLJHQHVVUHOLJL|VHVV 0RWLYDWLRQVSRWHQWLDOOIUU)ULHGHQXQGG*HUHFKWLJNHLWW]XHUVFKOLHHQ³(EGGGG666666
1lPOLFKGLHHGRJPDWLVFKHHHLQHUVHLWVGLHVR]LDOHWKLVFKHDQGHUHUVHLWV
VHLQHQQ $XVJDQJ P|JOLFKHUZHLVHH QHJDWLYY EHHLQIOXVVHQQ N|QQHQQQ 8PJHNHKUW LVW HLQQ UHLQQ DXI GRJPDWLVFKHU (EHQH VWDWWILQGHQGHU 'LDORJ lKQOLFKK SUREOHPDWLVFK ZHQQQ GLHH JHPHLQVDPHH *HVSUlFKVJUXQGODJH IHKOWWW +LHU]XX EHWRQWW
,FKP|FKWHLQQGLHVHPP7HLOOPHLQHU$UEHLWW]ZHLHUOHLLHUUHLFKHQQQ=XQlFKVWWZLOOOLFKK XQWHUVFKLHGOLFKHH 'LDORJVKDOWXQJHQ LQQ DOOHU .U]HH YRUVWHOOHQQ XQGG SUREOHPDWLVLHUHQQQXQG]ZDUVROFKHGLHHSULQ]LSLHOOOVRZRKOOIUGDV&KULVWHQWXPP DOVV DXFKK IUU GHQQ ,VODPP JHOWHQQ N|QQHQQQ +LHU]XX ZLOOO LFKK HU|UWHUQQQ ZHOFKHH GLHVHUU +DOWXQJHQQPLUUDPPEHVWHQQIUUHLQHQQIDLUHQ'LDORJJJHHLJQHWWVFKHLQWWW$OVV]ZHLWHVV P|FKWHHLFKKHLQHQQJHQDXHUHQQ%OLFNNDXIIHLQHP|JOLFKHH'LDORJVJUXQGODJHHZHUIHQQQ ,FKK ZHUGHH YHUVXFKHQQ GDU]XOHJHQQQ ZDUXPP PLU IU HLQHQ LQWHUUHOLJL|VHQ 'LDORJJ GLHH 0HQVFKHQUHFKWHH ]XVDJHQQQ 'HUU ZHLWHUH $UEHLWVYHUODXII VROOO GLHVHQQ )RNXVV EHLEHKDOWHQQQ GKKK GLHH )UDJHH GHUU 0HQVFKHQUHFKWH LQQ &KULVWHQWXP XQGG ,VODP SUREOHPDWLVLHUHQQQ ZREHL HLQH .HUQIUDJH VHLQQ VROOO ZLH HLQH 5HODWLYLHUXQJ GHV $EVROXWKHLWVDQVSUXFKVV EHLGHUU 6HLWHQQ ]XJXQVWHQQ GHU 0HQVFKHQUHFKWH LQ $QVlW]HQQHUUHLFKWWZHUGHQNDQQQQQ
,'RJPDWLVFKHHH'LDORJVSRVLWLRQHQ
,,0RQR]HQWULVFKHH'LDORJVSRVLWLRQHQQ
3DUNN
*HQDXHUHVKLHU]XZHUGHHLFKLP]ZHLWHQ7HLOOPHLQHUU$UEHLWWDQIKUHQ 9JO(EGGG66666
6RR]]%EHLL.KQKDUGWWW/XGJHUUU'LHH8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH6666666$XIGLHH3UREOHPDWLNGHUU VWDDWOLFKUHOLJL|VHQ(LQKHLWLP,VODPZHUGHHLFKHEHQIDOOVVDEGHP]ZHLWHQ$UEHLWVWHLOOGHWDLOOLHUWHUU]XVSUHFKHQ NRPPHQQ
'LHH PRQR]HQWULVFKHQQ 'LDORJVSRVLWLRQHQQ GLH
'DV KHLWWW GDVVV GLHH 3OXUDOLWlWW GHUU 5HOLJLRQHQQ ]ZDU DOVV )DNWXPP HUNDQQW ZLUGGG LKUHH (LJHQVWlQGLJNHLWW MHGRFKK QLFKWW ]ZLQJHQG DQHUNDQQWW ZHUGHQQ PXVVVV 6WDWWGHVVHQQVWHKWWGHU*HGDQNHGHU(LQKHLWWDOVV8UJUXQGSRVLWLYYZDKUQHKPEDUHU 9LHOKHLWWLPP9RUGHUJUXQG0RQR]HQWULVFKHH $XIIDVVXQJHQ VWHKHQQ GHVKDOEE PHLVW XQWHU GHP 9HUGDFKWWW GLHH (LQ]LJDUWLJNHLWW GHU 5HOLJLRQHQQ QLFKWW DXVV VLFK VHOEVW HUIDKUHQQ ODVVHQQ ]X ZROOHQQQ VRQGHUQQ VLH QXU DOVV HWZDVV 9RUOlXILJHVV ]XX DN]HSWLHUHQQQ KLQWHUU GHP GLHH HLJHQHH 5HOLJLRQQ DOVV GLH OHW]WJOWLJHH XQGG GDPLW ÃZDKUH¶ EHWUDFKWHWW ZLUG 'LH HLJHQH 5HOLJLRQQ LVW VRPLWW JOHLFKVDPP .RUUHNWRU DQGHUHUU 5HOLJLRQHQQQ YRUU GHP GLHVHH VLFKK PHVVHQQ PVVHQ 'DVV JUXQGVlW]OLFKH 3UREOHPP LVW VRPLW GHU $EVROXWKHLWVDQVSUXFK YRU GHP GLH 'LDORJVWHLOQHKPHUU XQP|JOLFKK DOVV JOHLFKEHUHFKWLJWH 3DUWQHU JHOWHQQ N|QQHQQQ $OVV PRQR]HQWULVFKH 7\SHQQJHOWHQQJHZ|KQOLFK([NOXVLYLVPXVV,QNOXVLYLVPXVVVXQGGJHOHJHQWOLFKKDXFKK
,,([NOXVLYLVPXVV
8QWHUUGHPP([NOXVLYLVPXVVZLUGGHLQHH+DOWXQJYHUVWDQGHQQQZHOFKHHGLHH
Ä(LQ]LJDUWLJNHLWWW $OOJHPHLQJOWLJNHLWWW GLHH SULQ]LSLHOOHH hEHUOHJHQKHLW XQG $EVROXWKHLWW GHVV HLJHQHQ :DKUKHLWVDQVSUXFKVV JHJHQEHUU DOOHQQ DQGHUHQ
YHUWHLGLJW 5DLPXQGRR 3DQLNNDUU ZHLVWW GHVKDOEE GDUDXII KLQQQ GDVVV GLHVHH +DOWXQJ HLQHUVHLWVV HWZDV +HURLVFKHVV LQQ VLFKK ELUJW GDD VLH LKUHP $QKlQJHU HUODXEW IUU HLQHH DOV DEVROXWW JHOWHQGHH :DKUKHLWW XQG LKUH :HUWHH HLQ]XWUHWHQ VRPLWW HLQH NODUHH/HEHQVRULHQWLHUXQJELHWHWWW$OVV%HLVSLHOOQHQQWWHUUGHQQ,VODPPXQGGYHUPHUNWW GDVVV DQGHUHH :DKUKHLWHQ VRIHUQQ VLHH H[LVWLHUHQQ VROOWHQ VHOEVWW QXU LVODPLVFKH
3DUN
9JO(EGGGG6666 9JO(EGGGG6666I YJO)UDQN-RFKHQ$QOHLWXQJJ]XP'LDORJ6 (EGGGG66
3DQLNNDUUU5DLPXQGRRR7KHHLQWUDUHOLJLRXVGLDORJXH6;999 (EGGGG666;,9I
2EZRKOO VLFKHUOLFKK QLFKWW DOOH 0XVOLPH GLHVH +DOWXQJ WHLOHQ ZHUGHQ VRR LVW GHU =XVDPPHQKDQJ]ZLVFKHQ:HUWHJHIKOOXQGGIXQGDPHQWDOLVWLVFKHUU3RVLWLRQQGRFKK NDXPP ]XX OHXJQHQQQ 6R LVWW HV EHDFKWOLFKKK GDVVV PDQQ EHLL YHUVFKLHGHQHQ 0HQVFKHQUHFKWVNRQIHUHQ]HQQ ]ZLVFKHQQ 'HXWVFKODQGG XQGG GHPP ,UDQQ HUOHEHQ NRQQWHHHH
ÄGDVV GLHH GHXWVFKHH 6HLWHH LPPHUU ZLHGHUU 6FKZLHULJNHLWHQ KDWWHHH DXII GLHH YRQQ 9HUWUHWHULQQHQQ XQG 9HUWUHWHUQ GHVV LUDQLVFKHQQ 5HJLPHVV YRUJHEUDFKWHH XQG
,QQ YHUJOHLFKEDUHPP 6LQQHH KHLWW HVV LQQ GHUU $OOJHPHLQHQQ (UNOlUXQJJ GHUU 0HQVFKHQUHFKWHHLPP,VODPPYRQQGDVVVGHUU,VODPPÄZDKUHH5HOLJLRQ³³VHLXQG HUU HVV GHVKDOEE ZDUUU GHUU GLHH Ä0HQVFKHQUHFKWHH XPIDVVHQGG XQGG WLHIJUQGLJ DOVV *HVHW]] IHVW³ JHOHJW KDW 'RFKK DXFK DXI FKULVWOLFKHUU 6HLWHH ILQGHQQ VLFK 7KHRORJHQQQ GLHH GXUFKDXVV GHUU H[NOXVLYLVWLVFKHQQ 3RVLWLRQQ ]XJHRUGQHWW ZHUGHQQ N|QQHQQQ$OVV%HLVSLHOOOlVVWWVLFKK.DUOO%DUWKKQHQQHQQZHOFKHUUGLHH$QVLFKWWYHUWULWWW GDVVV ÄQXUU YRQQ GHUU :DKUKHLWW LQQ &KULVWXVV KHUUU :DKUKHLWW XQGG /JHH HUNHQQEDUU ZHUGH³ $QGHUHQQ 5HOLJLRQHQQ ZLUGG GDPLWW LKUU HLJHQHU :DKUKHLWVDQVSUXFK VFKOLFKWZHJ DEJHVSURFKHQ ZRPLWW GLH *UXQGSUREOHPH GHVV ([NOXVLYLVPXV¶ HLQKHUJHKHQQQ (UU EHUVLHKWW QLFKWW QXUU GDV )DNWXPP UHOLJL|VHU (LQ]LJDUWLJNHLWWW VRQGHUQQ NDWHJRULVLHUWW PLW GHQQ 5HOLJLRQHQQ JOHLFKVDPP DXFKK LKUHH $QKlQJHU LQQ GLHMHQLJHQQQGLHDQGHU:DKUKHLWWSDUWL]LSLHUHQQXQGGGLHMHQLJHQQQGLHQRFKNHLQHQQ $QWHLOODQLKUKDEHQ =XGHPPVWHOOWWVLFKRIIHQQGLH)UDJHPLWWZHOFKHQQ%HZHLVHQ GHUU([NOXVLYLVPXVVEHKDXSWHQQNDQQQQGLHHHLQ]LJYHUWUHWEDUH:DKUKHLWW]XNHQQHQQQ $OVV IDLUH +DOWXQJ LPP *HVSUlFK GHU 5HOLJLRQHQQ PXVVV GLH H[NOXVLYLVWLVFKH 3RVLWLRQQGHVKDOEEDXVJHVFKORVVHQQZHUGHQQQ
9JO%LHOHIHOGWWW+HLQHUUU0HQVFKHQZUGH666'HUU$EVFKQLWWWGHVV$XIVDW]HVVNULWLVLHUWWXDDDGLHH3UREOHPDWLN GDVVV0HQVFKHQZUGHXQG0HQVFKHQUHFKWHLQQ'HXWVFKODQG]ZDUPHLVWSRVLWLYUHFKWOLFKKEHJUQGHWZHUGHQQHLQH PRUDOLVFKH%HJUQGXQJJMHGRFKKIHKOW2KQHVLFKKGHPQDFKKIUHLQH,GHRORJLHDXV]XVSUHFKHQQGDGLHVV K|FKVWZDKUVFKHLQOLFKKPLWGHU$XVJUHQ]XQJJEHVWLPPWHU*UXSSHQQYHUEXQGHQQZlUHSOlGLHUW%LHOHIHOGWGHVKDOE GDIUVLFKKIUHLQHPRUDOLVFKH%HJUQGXQJJGHU0HQVFKHQZUGHUHFKWHHLQ]XVHW]HQQ
$OOJHPHLQH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP85/KWWSZZZVR]LDOHVVIK GRUWPXQGGHH%HUJHUU)RUVFKXQJLVODP0HQVFKHQUHFKWH'HNODUDWLRQLP,VODP/RQGRQSGI6WDQGG 63UlDPEHO
$OOHUGLQJVZHLVWW:LHODQGWW5RWUDXG:LHODQGWWW5RWUDXG0HQVFKHQZUGHHXQG)UHLKHLWLQGHUU5HIOH[LRQ ]HLWJHQ|VVLVFKHUUPXVOLPLVFKHU'HQNHUUU,Q6FKZDUWOlQGHU-RKDQQHVV)UHLKHLWGHUU5HOLJLRQ6GDUDXIKLQ GDVVGLHVHH0HQVFKHQUHFKWVHUNOlUXQJGLHH0HLQXQJIXQGDPHQWDOHUU7KHRORJHQZLHGHUVSLHJHOWWWVRPLWWQLFKWWGLH $QVLFKWWDOOHUU0XVOLPHHSUlVHQWLHUWWW
:URJHPDQQ+HQQLQJ0LVVLRQXQGG5HOLJLRQLQGHUU6\VWHPDWLVFKHQ7KHRORJLHGHUU*HJHQZDUW6 :URJHPDQQEH]HLFKQHWW%DUWKV3RVLWLRQDOVVGHGXNWLYGLDVWDWLVFKHV0RGHOOOODXIGLHH%H]HLFKQXQJÃ([NOXVLYLVPXV¶ JHKWHUUGHVKDOEQLFKWWHLQ,FKSHUV|QOLFKYHUWUHWHGLHH$QVLFKWGDVVVVLFK%DUWKVV3RVLWLRQGXUFKDXVVDOVV H[NOXVLYLVWLVFKEH]HLFKQHQOlVVWWWGDDHUUGHQHLJHQHQ:DKUKHLWVDQVSUXFKYHUDEVROXWLHUWWEHLLJOHLFK]HLWLJHUU 1HJLHUXQJGHVIUHPGHQ
'DPLWN|QQHQQPHQVFKHQUHFKWOLFKH3UREOHPHYHUEXQGHQVHLQQZHQQQ5HOLJLRQQXQG6WDDW]XVDPPHQIDOOHQQ,FKK ZHUGHHGDUDXILP]ZHLWHQ7HLOOPHLQHUU$UEHLWWDXVIKUOLFKHUU]XVSUHFKHQNRPPHQZHQQLFKGDVV6FKDULDD5HFKWW SUREOHPDWLVLHUHHHH
,,,QNOXVLYLVPXVV
'HU ,QNOXVLYLVPXVV ÄYHUWULWWW HEHQIDOOVV GHQ $EVROXWKHLWVDQVSUXFK GHU HLJHQHQ :DKUKHLWWW LVWW DEHU EHUHLWWW GLHVH DXFKK LQQ DQGHUHQQ ]X ILQGHQQ³ ,QQ $EJUHQ]XQJ ]XPP ([NOXVLYLVPXVV EHGHXWHWW GDVVV GDVVV :DKUKHLWW QXQPHKUU QLFKWW PHKUU VR YHUVWDQGHQQ ZLUGGG GDVVV VLHH GXUFKK LKUHH DOOHLQLJH $QZHVHQKHLWW LQQ GHU HLJHQHQ 5HOLJLRQQ DQGHUHQ $QVFKDXXQJHQQ NRQVHTXHQWW DEJHVSURFKHQ ZHUGHQQ PXVVVV VRQGHUQQDXFKKLQQGLHVHQQYRUKDQGHQQVHLQQNDQQQQ:DKUKHLWWJOHLFKWWGHPQDFKKHLQHPP 6WXIHQPRGHOOOO QDFKK GHP DEHUU GHUU HLJHQHH $EVROXWKHLWVDQVSUXFK QDFKK ZLHH YRUU GHU OHW]WJOWLJH EOHLEWWW 3DQLNNDU YHUJOHLFKWW GHQ ,QNOXVLYLVPXVV GHVKDOE PLW HLQHPP ÄXPEUHOOD SDWWHUQ³ QDFK ZHOFKHPP HVV GHPP ,QNOXVLYLVWHQQ P|JOLFK HUVFKHLQWWWGLHHDQGHUHQQ5HOLJLRQHQQGHUUHLJHQHQQ]XXQGGXQWHU]XRUGQHQQQ'LHVVKDW GHQQ 9RUWHLOOO GDVVV HLQQ 'LDORJ REHUIOlFKOLFKK P|JOLFKK ZLUGGG GDD QXQQ NHLQHH 9HUXUWHLOXQJDQGHUHU:DKUKHLWVDQVSUFKHDOVVÃ/JHQ¶PHKUVWDWWILQGHWWWVRQGHUQ LKUU :HUWW ELVV ]XX HLQHPP JHZLVVHQQ 3XQNWW HUNDQQW ZLUGGG (LQH VROFKHH +DOWXQJ
GDYRQQ VSULFKWW GDVVV GLH DQGHUHQQ 5HOLJLRQHQ ÄHLQHQQ 6WUDKOO MHQHUU :DKUKHLWW ZLHGHUJHEHQQQGLHHDOOHH0HQVFKHQQHUOHXFKWHW³ EH]LHKXQJVZHLVHHÄQLFKWVVYHUZLUIW YRQQGHPPPZDVVLQQGLHVHQQ5HOLJLRQHQQZDKUXQGGKHLOLJLVW³ =XJOHLFKKZHUWVFKlW]WW VLHH GLHH PRQRWKHLVWLVFKHH hEHU]HXJXQJ GHUU 0XVOLPHHH GLHH ÄGHQQ HLQ]LJHQQ *RWW DQEHWHQQQGHQQOHEHQGLJHQXQGGLQQVLFKKVHLHQGHQQEDUPKHU]LJHQXQGGDOOPlFKWLJHQQ GHQQ6FK|SIHUUGHVV+LPPHOVVXQGGGHU(UGH³ $QGHUHUVHLWVVEHGHXWHWÄ6WUDKOOMHQHU :DKUKHLW³³DEHUUDXFKKKGDVVLKQHQQQLFKWWGLHYROOH:DKUKHLWW]XWHLOOZLUGZLHDXFK HLQQ HLQ]HOQHUU 6RQQHQVWUDKOO QLFKWW GHUHQQ JHVDPWHVV /LFKWW DXVPDFKW $XFKK GHPP ,VODPP VFKHLQWW GHUU ,QNOXVLYLVPXVVV EHVRQGHUVV LPP +LQEOLFNN DXII GLHH DQGHUHQQ ]ZHLL %XFKUHOLJLRQHQQQ EHLZHLOHQQ QDKHH ]XX VWHKHQ 6R JLEWW HV HLQLJH .RUDQVWHOOHQQQ
)UDQN-RFKHQQ$QOHLWXQJ]XP'LDORJ6
3DQLNNDUUU5DLPXQGR7KHLQWUDUHOLJLRXVGLDORJXH6;9,,,'DVVZ|UWOLFKEHUVHW]WHHÃ5HJHQVFKLUPPXVWHU¶PHLQWW LP*UXQGHHGLHH=XVSLW]XQJYHUVFKLHGHQHUU$QIDQJVSXQNWHHDXIIHLQHHJHPHLQVDPHH0LWWHHKLQ,QGLHVHP6LQQHHVLQG GLHVHHÃXQWHUHQ(QGHQGHV5HJHQVFKLUPV¶DOVGLHHYHUVFKLHGHQHQ5HOLJLRQHQ]XYHUVWHKHQZREHLLGLHHJHPHLQVDPHH 0LWWHHPLWGHUUÃZDKUHQ5HOLJLRQ¶JOHLFKJHVHW]WWZLUG'LHVHLVWQDFKLQNOXVLYLVWLVFKHUU9RUVWHOOXQJLQDOOHUU5HJHOO GLHHHLJHQHH
(UNOlUXQJEHUUGLHH+DOWXQJGHUU.LUFKHH]XGHQQLFKWFKULVWOLFKHQ5HOLJLRQHQÄ1RVWUDDDHWDWH³,Q+QHUPDQQ 3HWHU+LOEHUDWKK%HUQG-RFKHQQ+HUGHUV.RPPHQWDU]XP=ZHLWHQQ9DWLNDQLVFKHQQ.RQ]LO%DQG
(EGGGG6$EVDW]]]]]] (EGGG666$EVDW]]]]] (EGGG666$EVDW]]]]]
2EJOHLFKGLHH+DOWXQJGHUUNDWKROLVFKHQ.LUFKHHLQ³1RVWUDDDHWDWH´´EHUZLHJHQGSRVLWLYJHZHUWHWWZLUGVRR]]% EHL.QXW:HQ]HO.OHLQH*HVFKLFKWHHGHV]ZHLWHQ9DWLNDQLVFKHQ.RQ]LOV6ILVWGHVKDOEGLH7HQGHQ] HUNHQQEDUUUGLHHDQGHUHQ5HOLJLRQHQYRPHLJHQHQFKULVWOLFKHQ6WDQGSXQNW]ZDUUZUGLJHQJOHLFKVDPDEHUU NDWHJRULVLHUHQQ]XXZROOHQQ6RO|EOLFKKGLHVHU$QQlKHUXQJVYHUVXFKGDUXPLVWEOHLEWWIUDJOLFKLQZLHZHLWWGLHHDQGHUHQ 5HOLJLRQHQKLHUUZLUNOLFKDOVVHLJHQVWlQGLJZDKUJHQRPPHQZHUGHQ
ZHOFKHH GLHH 6RQGHUVWHOOXQJ YRQQ -XGHQWXPP XQGG &KULVWHQWXPP DOVV 9RUOlXIHU GHVV
Ä8QGG HUU VDQGWHH PLWW LKQHQQ MHZHLOV GLHH 6FKULIWW PLWW GHUU :DKUKHLWW KHUDEEE XP GDGXUFK ]ZLVFKHQ GHQQ 0HQVFKHQQ EHUU GDVVV ZRUEHUU VLHH XQHLQVV ZDUHQQQ ]XX HQWVFKHLGHQQ 8QGG QXU GLHMHQLJHQQ ZDUHQQ ± LQ JHJHQVHLWLJHU $XIOHKQXQJ ± GDUEHUU XQHLQVVV GHQHQQ VLHH JHJHEHQQ ZXUGHHH QDFKGHP VLHH GLHH NODUHQQ %HZHLVH HUKDOWHQQKDWWHQQQ8QGGQXQQKDWW*RWWWPLWWVHLQHUU*WHHZZZ(UODXEQLVGLHMHQLJHQQ GLHHJOlXELJVLQGGGGKKKGLHH0XVOLPHHH]XXGHUU:DKUKHLWWJHOHLWHWWWEHUUGLHHVLHHGKK GLHH $QJHK|ULJHQQ GHU IUKHUHQQ 2IIHQEDUXQJVUHOLJLRQHQQQ ELVKHU XQHLQV ZDUHQQ³³
'LHH6XUHHEHWRQWWWGDVVVGLHH$QKlQJHUGHUUDQGHUHQQ 2IIHQEDUXQJVUHOLJLRQHQQ ]ZDUU ÄNODUHH=HLFKHQ³³YRQQ$OODKKHUKDOWHQQKDEHQQQVRPLWWGXUFKDXVVGLH:DKUKHLWWNHQQHQQ PVVWHQ GLHVH MHGRFK GXUFK 6WUHLWLJNHLWHQQ YHUIUHPGHWW ZXUGH 'DPLWW EHVLW]HQ VLHH ]ZDUU $QWHLO DQQ GHUU :DKUKHLW VLQGG GHPP ,VODPP DEHU XQWHUJHRUGQHWW 6FKOXVVHQGOLFKKVFKHLWHUWWGHU,QNOXVLYLVPXVVVZLHHDXFKKGHUU([NOXVLYLVPXVVVGDUDQQ GDVVVLQQGLHVHU3HUVSHNWLYHNHLQHHFKWH7ROHUDQ]]VWDWWILQGHWWW3DQLNNDUEHVFKUHLEWW GLHVVSDVVHQGGPLWWGHQQ:RUWHQQÄ\RXXDUHHWROHUDQWWLQQ\RXUURZQQH\HVVVEXWWQRWWLQQWKHH H\HV RII WKRVHH ZKRVHH FKDOOHQJHH \RXU ULJKWW WRR EHH RQQ WRS³ =XGHPP PDQJHOW HV DXFK GHP ,QNOXVLYLVPXVV OHW]WOLFKK DQ VWLFKKDOWLJHQ %HZHLVHQQ IU VHLQHQ $QVSUXFKKKGLHHÃ.URQHHGHU:DKUKHLWHQ¶¶]XXVHLQQQQ
,,3OXUDOLVPXV
'HU 3OXUDOLVPXVV ÄYHUVXFKWW LQQ GHQ XQWHUVFKLHGOLFKHQQ :DKUKHLWVDQVSUFKHQ GHU 5HOLJLRQHQQ HLQHQQ JHPHLQVDPHQQ .HUQQ ]XX ILQGHQ³ 'DPLWW ZLUG HUVLFKWOLFK ZDUXPP GHUU 3OXUDOLVPXVV ±± REZRKOO GLHVV ]XQlFKVWW EHIUHPGOLFKK DQPXWHQQ PDJ ± GHPP PRQR]HQWULVFKHQQ 7\S ]XJHRUGQHWW ZHUGHQQ NDQQQQ 'HQQQ REZRKOO HLQHUVHLWV GDVV HUQVWKDIWH %HVWUHEHQ EHVWHKWWW GLH 5HOLJLRQHQ DOVV JOHLFKZHUWLJHH 3DUWQHUU ]X EHWUDFKWHQ EHKlOWW GLHVHH +DOWXQJ OHW]WOLFKK GLH ,GHH HLQHU PHWDSK\VLVFKHQQ :DKUKHLWW EHL 'DVV KDWW 9RUUU ZLHH 1DFKWHLOHH 'HUU JU|WHH 9RUWHLOO LVW ]ZHLIHOVRKQHHHGDVVVGLHHHLJHQH5HOLJLRQQQDFKKGLHVHUU3RVLWLRQQQLFKWWPHKUUDOVVGDVV $EVROXWH EHWUDFKWHWW ZLUGGG GGKKK SULQ]LSLHOOO QLFKW PHKU DOVV .RUUHNWRU DQGHUHU
hEHUVHW]XQJQDFK3DUHWWW3DUHWWW5XGLLL'HUU.RUDQ
3DQLNNDUUU5DLPXQGRRR7KHLQWUDUHOLJLRXVGLDORJXH66;9,,,, )UDQN-RFKHQQ$QOHLWXQJ]XP'LDORJ6
,FKZHLVHGDUDXIKLQGDVVHVPHKUHUHH0|JOLFKNHLWHQJLEWWWGHQ3OXUDOLVPXV]XYHUVWHKHQ3DQLNNDUV,GHHHYRQ 3OXUDOLVPXVVLVWWEHLVSLHOVZHLVHHHKHUUYHUVWlQGQLVRULHQWLHUWWWDOVGDVVVVLHHGDVV=LHOOKlWWHHH]XHLQHUUUHOLJL|VHQ(LQKHLWW]X JHODQJHQYJOOO3DQLNNDUUU5DLPXQGRRR7KHLQWUDUHOLJLRXVGLDORJXHHH66;;9,,,,,6LHNDQQGHVKDOEEHKHUUGHP SRO\]HQWULVFKHQQDOVVGHPPRQR]HQWULVFKHQQ7\S]XJHRUGQHWZHUGHQQ
:DKUKHLWVDQVSUFKHH JLOWWWVRQGHUQQYHUVXFKWWZLUGGGGLH:DKUKHLWVDQVSUFKHH DOOHUU 5HOLJLRQHQQ DXII HLQHQQ JHPHLQVDPHQQ 1HQQHUU ]XX EULQJHQQ 6RR YHUVXFKWW XXDDD -RKQ +LFNNLQQVHLQHUU5HOLJLRQVWKHRORJLHHGXUFKKGLHH=XUFNIKUXQJYRQQ5HOLJLRQHQDXII YHUELQGHQGHH *HPHLQVDPNHLWHQQ GLHH +\SRWKHVH ]XX HUVFKOLHHQQQ VLHH VHLQHQQ
*HQHUHOOO JLOWWW6RRO|EOLFKKVROFKH$QQlKHUXQJVYHUVXFKHVLQGGGVLHEHUJHQQHLQLJH 3UREOHPHHLQQVLFKK'HQQHVVEHVWHKWGLHH*HIDKUUUGDVVVGHU3OXUDOLVPXVVVHOEVWWGHQQ .HLPPGHUU,QWROHUDQ]LQQVLFKKELUJWWWQlPOLFKKGDQQZHQQQ9HUWUHWHUUGHUU5HOLJLRQHQQ DXII LKUHQQ :DKUKHLWVDQVSUXFKK EHKDUUHQQQ =XGHPP ZLUNHQQ SOXUDOLVWLVFKH %HPKXQJHQQ RIWPDOVV HWZDVV EHIUHPGOLFKK GD KLHUU YHUVFKLHGHQHH ±± KLVWRULVFKK HLJHQVWlQGLJJHZDFKVHQH.XOWXUHQQ±±]XVDPPHQJHIJWWV\QNUHWLVLHUWWWXQGGQLFKWW DOVV DXWRQRPP ZDKUJHQRPPHQQ ZHUGHQQQ +DQVV :HUQHUU *HQVLFKHQQ ZHLVWW GHVKDOE IU GHQQ )DOOO HLQHVV FKULVWOLFKHQQ 6\QNUHWLVPXV¶ GDUDXI KLQQQ GDVVV GHU %HJULIII ÄEHUZLHJHQGG QHJDWLY YHUZHQGHW³ ZLUGG XQGG ]ZDUU DOVV HLQH Ä$UW 6DPPHOEH]HLFKQXQJ IUU MHJOLFKH .RPSURPLWWLHUXQJ GHU FKULVWOLFKHQQ *ODXEHQVZDKUKHLWW LQQ GHU %HJHJQXQJ PLWW QLFKWFKULVWOLFKHU 5HOLJLRQ³ 2KQH GHWDLOOLHUWHU DXI GLH 6\QNUHWLVPXVGHEDWWH HLQJHKHQQ ]XX ZROOHQQQ ZHLVWW GLHVV GHXWOLFKKGDVV'LOHPPDDXI $XIGHUHLQHQQ6HLWHLVWWGHU:DKUKHLWVDQVSUXFKGHQ HLQHH 5HOLJLRQQ IUU VLFK EHDQVSUXFKWWW HLQQ JXWHVV 5HFKWWW QlPOLFKK GLHH 5HOLJLRQVIUHLKHLWW VHOEVWWW $QGHUHUVHLWVV GDUI GLHVH :DKUKHLWW QLFKWW YHUDEVROXWLHUW ZHUGHQ GD DQVRQVWHQ GLH *OHLFKEHUHFKWLJXQJ GHU 5HOLJLRQHQQ LQVJHVDPWW JHIl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
3DUNN
*HQVLFKHQ+DQVV:HUQHU'HU6\QNUHWLVPXVVDOVV)UDJHHDQGLHH&KULVWHQKHLWWKHXWHHH,Q*HQVLFKHQ+DQV:HUQHUUU 0LVVLRQXQG.XOWXUUU+UVJ6XQGHUPHLHUUU7KHRRR*HUQ:ROIJDQJ666666
)UHLOLFKKDWWHVVV\QNUHWLVFKHH3UR]HVVHHLQGHQ5HOLJLRQHQLPPHUUZLHGHUUJHJHEHQ0DQGHQNHQXUDQGDVV :HLKQDFKWVIHVWZHOFKHVVXUVSUQJOLFKKHLQH)HVWOLFKNHLW]XU:LQWHUVRQQHQZHQGHZDUXQGHQWVSUHFKHQG FKULVWLDQLVLHUWWZXUGHHH'LHH9HUKlOWQLVEHVWLPPXQJ]HLFKQHWWVLFKVRPLWWZHVHQWOLFKNRPSOH[HUUDOVVKLHUUGDUJHVWHOOW $QGLHVHUU6WHOOHHNDQQLFK6XQGHUPHLHUVV.DSLWHOOÄ6\QNUHWLVPXVVXQG,QNXOWXUDWLRQ³LQÄ6XQGHUPHLHUUU7KHR:DVV LVWW5HOLJLRQ"³HPSIHKOHQ)UGLHVHH$UEHLWWJHQJWGLHYHUHLQIDFKWHH'DUVWHOOXQJGDVVGHUU6\QNUHWLVPXV±± EHVRQGHUVVYRQ7UDGLWLRQHOOHQPLWWHQJHP%HJULIIVYHUVWlQGQLVV±RIWPDOVVDOVV*HIDKUGHUUHLJHQHQ7UDGLWLRQ EHWUDFKWHWWZLUGGLHVVWHLOVV]XUHFKWWHLOVV]XXQUHFKWWWW
,FKKP|FKWHGHVKDOELP)ROJHQGHQQ|IWHUVVYRQQÃ9HUWUDXHQVZDKUKHLW¶VSUHFKHQGDDPLUUGLHVHUU%HJULIIOLEHUDOHUU HUVFKHLQWDOVGHUU±±RIWGRJPDWLVFKNRQQRWLHUWHH±±%HJULIIGHUUÃ*ODXEHQVZDKUKHLW¶:DVLFKJHQDXXQWHUU 9HUWUDXHQVZDKUKHLWWYHUVWHKHHHZHUGHHLFKYHUVXFKHQLPGULWWHQ7HLOOGLHVHUU$UEHLWWH[DNWHUUGDU]XOHJHQ
,,3RO\]HQWULVFKHH'LDORJVSRVLWLRQHQ
1HEHQQ GHPP PRQR]HQWULVFKHQQ 7\S EHQHQQWW
Ä$QHUNHQQXQJ GHUU $QGHUVKHLW GHUU 5HOLJLRQHQQQ GLHH QLFKWW KLQWHUJHKEDUU LVWWW VR GDVVV ZHGHUU HLQHH GRJPDWLVFKK QRFKK PHWDSK\VLVFK NRQ]LSLHUWHH 6\QWKHVH ]ZLVFKHQQLKQHQQNRQVWUXLHUWWZHUGHQQNDQQ³
'DVVKHLWWWGDVVVGHQQPRQR]HQWULVFKHQQ3RVLWLRQHQQOHW]WOLFKKLPPHUGDVV=LHOHLQHU JHPHLQVDPHQQ8UZDKUKHLW]XJUXQGHHOLHJWZlKUHQGGGHUU3RO\]HQWULVPXVVVLFKKYRQ YRUQKHUHLQYRQQGLHVHU+DOWXQJGLVWDQ]LHUWXQGGHVKDOEEEHLLGHU9HUVFKLHGHQKHLWW SRVLWLYHU 5HOLJLRQHQQ VHOEVWW DQVHW]WWW 'LHVV KDW GHQ XQZHLJHUOLFKHQQ 9RUWHLOOO GDVV GLHH :DKUKHLWVDQVSUFKHH XQGG 7UDGLWLRQHQQ GHUU 5HOLJLRQHQQ HUQVWKDIWW EHUFNVLFKWLJW ZHUGHQQQ RKQHH GLHH :DKUKHLWVDQVSUFKHH DQGHUHUU 5HOLJLRQHQQ ]X QHJLHUHQRGHUV\VWHPDWLVFKHLQ]XRUGQHQQQ6WDWWGHVVHQZHUGHQVLHDOVV
ÄYHUVFKLHGHQHHHNXOWXUEHGLQJWHH$QJHERWHHLP8PJDQJPLWWGHUU)UDJHHQDFKKGHP 6LQQQ XQGG 6HLQ GHVV 0HQVFKHQQ YHUVWDQGHQQ GLHH QLH EHUJHVFKLFKWOLFKK XQG NRQWH[WIUHLLVHLQQN|QQHQ³
'DGXUFKEHGLQJWLVWWGHUSRO\]HQWULVFKH7\SS IUGHQQ'LDORJSULQ]LSLHOOOEHVWHQV JHHLJQHWWW GHQQQ KLHUU KDEHQQ GLHH 5HOLJLRQHQQ GLHH *HOHJHQKHLWW LKUHH HLJHQHQQ %RWVFKDIWHQQHLQ]XEULQJHQQXQGGHUQVWKDIWW]XYHUWUHWHQRKQHHGDEHLL]ZDQJVOlXILJJ GLHMHQLJHQ DQGHUHU 5HOLJLRQHQQ ]XX YHUXUWHLOHQQ GDD OHW]WOLFKK GDVV =LHO ]XJUXQGH OLHJWLPP'LDORJJGLHXQWHUVFKLHGOLFKHQ6\VWHPHHYRQQVLFKKVHOEVWWDXVVXQGLQQLKUHU HLJHQHQQ%HUHFKWLJXQJZDKU]XQHKPHQQQ'DVV+DXSWSUREOHPPOLHJW]ZHLIHOVRKQHLQ GHUUSUDNWLVFKHQQ8PVHW]XQJGHQQQGDPLWW HLQQVROFKHUU'LDORJIXQNWLRQLHUWWWPXVV GLHH SRO\]HQWULVFKHH +DOWXQJ DOVV JHPHLQVDPHH *UXQGKDOWXQJ 3RVLWLRQQ DOOHU 'LDORJVSDUWQHUU VHLQQQ 'DUDXVV HUJLEWW VLFKK XQXPJlQJOLFK GLHH )UDJHHH ZLH GLHV LQQHUKDOEEGHUU5HOLJLRQHQQHU]LHOWWZHUGHQQNDQQ
3DUNN
(EGGGG6 (EGGGG6
,FKZHUGHLPGULWWHQ7HLOOH[SOL]LWWDXIGLHVHH)UDJHHHLQJHKHQGRUWWXDDDPLWWGHP)RNXVVVLQZLHZHLWWHLQH 'LVWDQ]LHUXQJJYRPHLJHQHQQ$EVROXWKHLWVDQVSUXFK]XJXQVWHQGHU0HQVFKHQUHFKWHP|JOLFKKLVW3DUNNHUNHQQWGDVV 3UREOHPGHVV$EVROXWKHLWVDQVSUXFKHVIUHLOLFKVHOEVWXQGIRUPXOLHUWWGHVKDOEGDVV=LHOOOÄ'HUUHFKWHH'LDORJGHUU
,, ([NXUV :URJHPDQQVV $QVDW] ]X HLQHUU +HUPHQHXWLN GHV )UHPGHQQ
,P IROJHQGHQ NXU]HQQ $EVFKQLWWW P|FKWH LFK H[HPSODULVFKK GHQQ ZHLWJHKHQG SRO\]HQWULVFKHQQ $QVDW] :URJHPDQQVV ]XX HLQHUU Ä+HUPHQHXWLNN GHVV )UHPGHQ³ NRQNUHWLVLHUHQ ,FKK P|FKWH GDPLWW HLQHQ 9HUVXFKK SUlVHQWLHUHQQ ZLH GLH .RPELQDWLRQQ ]ZLVFKHQQ FKULVWOLFKHPP %HNHQQWQLVV HLQHUVHLWVV XQGG *OHLFKEHUHFKWLJXQJ GHU 'LDORJSDUWQHU DQGHUHUVHLWVV DXI GRJPDWLVFKHU (EHQHH DXVVHKHQQNDQQ
(VV LVWW QlPOLFKK VHLQH ,GHH 9HUVWl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|QQHQQQ,PFKULVWOLFKHQQ 6LQQHHEHGHXWHWWGDVVVGDVVVGDVV&KULVWHQWXPPQLFKWWHLQIDFKDXVJHNODPPHUWWZHUGHQQ GDUIYLHOPHKULVWWHV=LHOGLHHLJHQH5HOLJLRQQHEHQIDOOVVDOVVHWZDVDXI]XIDVVHQ ZDVVGHPPDQGHUHQQIUHPGGLVWWW'HQQRFKKK
ÄGLHH 2IIHQKHLW JHJHQEHUU GHP )UHPGHQQ ZLUGG LQQ WKHRORJLVFKHUU +LQVLFKWW GRUW DP VFKZHUVWHQQ DXII GLHH 3UREHH JHVWHOOW ZR HVV XP GDVV =HQWUXP GHVV HLJHQHQ *ODXEHQVJHKWW³
$XVV GLHVHPP *UXQGG EHPKWW VLFKK :URJHPDQQQ HLQHQQ .RQYLYLYHQ] HUP|JOLFKHQGHQQQ KHUPHQHXWLVFKHQ =LUNHOO ]XX HQWZLFNHOQ GHUU LPP *UXQGH DXI GHUU 9RUVWHOOXQJJ IXWWW GDVVV GHU +HLOVJHGDQNH DOVV =HQWUXPP FKULVWOLFKHQ
5HOLJLRQHQ]LHOWWWWWWWWQLFKWGDUDXIHLQHHDOOJHPHLQJOWLJH:DKUKHLWW]XEHJUHLIHQVRQGHUQJHUDGHHNODUU]XPDFKHQ GDVVHVVLHQLFKWJLEW³(EGGG6
:URJHPDQQQ+HQQLQJ0LVVLRQQXQG5HOLJLRQQLQQGHU6\VWHPDWLVFKHQQ7KHRORJLHGHU*HJHQZDUW 'DDGLHHHWKLVFKVR]LDOHH'LPHQVLRQLQGLHVHP$QVDW]]ZHLWJHKHQGGDXVJHNODPPHUWWZLUGGGHUVFKHLQWWGHPQDFKHLQHH (UJlQ]XQJJXPMHQHQRWZHQGLJ]XXVHLQQ,FKKZHLVHGDUDXIIKLQQGDVVVGLHVH(UJlQ]XQJJLP5DKPHQQPHLQHU$UEHLW DOOJHPHLQQDXIIGHQQSRO\]HQWULVFKHQQ$QVDW]EH]RJHQEOHLEWGKQLFKWEHZXVVWDQQ:URJHPDQQV*HGDQNHQQ DQNQSIHQZLUGGG'LHVVFKHLQWPLUUGHQ5DKPHQ]XVSUHQJHQGDDHVPHLQ$QOLHJHQEOHLEW]XXHU|UWHUQREGLHH 0HQVFKHQUHFKWHH'LDORJVJUXQGODJHH]ZLVFKHQ&KULVWHQWXPXQGG,VODPVHLQVROOWHQXQGZHQQQMDDDZHOFKHH %HGLQJXQJHQHUIOOWWVHLQPVVHQGDPLWWDXIEHLGHQ6HLWHQHLQH8QLYHUVDOLVLHUXQJP|JOLFKZLUG,QGHP6LQQHHLVWW GHUQXQQIROJHQGHEHZXVVWWNXU]JHKDOWHQH$EVFKQLWWWWDOVV([NXUVV]XYHUVWHKHQ
9JO(EGGGG6666 (EGGGG6
.RQYLYLYHQ]PHLQWGDVIULHGOLFKH=XVDPPHQOHEHQQGHU5HOLJLRQVJHPHLQVFKDIWHQQ 9JO(EGGGG6666I
*ODXEHQVVV VRZRKOO LQQ HLQHQQ VHJQHQGHQQ DOVV DXFKK LQQ HLQHQQ UHWWHQGHQQ 7HLOO JHJOLHGHUWWZHUGHQQNDQQ 'DVVKHLWWWGDVVVÃ+HLO¶QDFKKFKULVWOLFKHPP9HUVWlQGQLV EHLL :URJHPDQQQ VRZRKO UHOLJLRQVEHUJUHLIHQGG JHGDFKWHQQ 6HJHQQ XPIDVVWW GHUU 2IIHQEDUXQJ EHZXVVWW DXVNODPPHUW DOVV DXFKK NRQNUHWWFKULVWOLFK JHGDFKWH 5HWWXQJ GLHH VLFKK LQQ GHUU 2IIHQEDUXQJ PDQLIHVWLHUW )UU VHLQHQ KHUPHQHXWLVFKHQQ =LUNHO EHGHXWHW GLHVV GHQQ )UHPGHQQ ]XQlFKVWW XQYRUHLQJHQRPPHQQ ZDKU]XQHKPHQQQ DQVFKOLHHQGG ]XX IUDJHQQ ZLHH *RWWW LP )UHPGHQQ VHJQHQGG EHJHJQHW EHYRU LQQ HLQHPP ZHLWHUHQQ 6FKULWWW HLQQ 'LIIHUHQ]EHZXVVWVHLQQ ]XP NRQNUHWHQQ 5HWWXQJVKDQGHOQQ HUIDKUHQQ ZHUGHQQ NDQQQQ $OVV OHW]WHVV UlWW :URJHPDQQQ GD]XXX GHQQ JHZRQQHQHQQ (UNHQQWQLVVHQQ JHJHQEHU VHOEVWWVNHSWLVFK]XXVHLQQQGDHLJHQHH9RUVWHOOXQJHQ9RUXUWHLOHPLWWLQQGHQ3UR]HVV KLQHLQJHWUDJHQ ZXUGHQQ VHLQQ N|QQWHQQQ XPP GDUEHU KLQDXVV ZLHGHU EHLPP HUVWHQ 6FKULWWWQHXX]XXEHJLQQHQ
'HU$QVDW]]]HLJWGHXWOLFKKKGDVVVHLQHHSRO\]HQWULVFKKRULHQWLHUWHH+DOWXQJDXFKKDXI V\VWHPDWLVFKHU (EHQHH P|JOLFKK VHLQQ NDQQQQ RKQHH LQQ ,JQRUDQ] ]XX YHUIDOOHQQ RGHUU GHQQ *ODXEHQVNHUQQ HLJHQHUU hEHU]HXJXQJ ]XX YHUOHXJQHQQQ 'DVV KHUYRUJHKREHQHH %HLVSLHO JLOWW ]XQlFKVWW IUHLOLFKK QXU DXV FKULVWOLFKHU 6LFKWWW (LQH GHPHQWVSUHFKHQGHH $GDSWLRQQ IUU GHQQ ,VODPP XQWHU %HUFNVLFKWLJXQJ VHLQHV VSH]LILVFKHQ +HLOVJHGDQNHQVV VFKHLQWW PLU DEHU SULQ]LSLHOOO QLFKWW XQP|JOLFKK ]X VHLQQQ (VV ZDU PLU GHVKDOEE ZLFKWLJ GLHVHQ NXU]HQQ ([NXUV PLWW HLQ]XEULQJHQ EHYRUU LFKK QXQQ DXII GLHH HWKLVFKKVR]LDOHH 'LPHQVLRQQ GHVV 'LDORJVV XQGG GDPLWW GLHH 0|JOLFKNHLWWHLQHUUNRQNUHWHQQ'LDORJVEDVLVV]XXVSUHFKHQQNRPPHHHH
,(WKLVFKHHH'LDORJVEDVLV
:HOWILQDQ]NULVHLQWHUQDWLRQDOHU7HUURULVPXVVV'LHVVLQGGQXU]ZHLL6FKODJZ|UWHU IU GLH PDQQLJIDOWLJHQQ 3UREOHPH XQVHUHU KHXWLJHQ PXOWLNXOWXUHOOHQQ *HVHOOVFKDIW GLH GHVKDOE JHPHLQVDPHUU /|VXQJVVWUDWHJLHQQ EHGUIHQ 'LH 6XFKHGDQDFKLVWQLFKWLPPHUHLQIDFKGDV3UREOHPVFKHLQWKLQJHJHQPHLVWHQV GDVMHQLJHH ]X VHLQQQ GDVVV HOHPHQWDUH .DWHJRULHQQ GHUU PHQVFKOLFKHQQ :UGH HQWZHGHUU YHUOHW]W RGHUU ]XPLQGHVW HUQVWKDIWW EHGURKWW ZHUGHQQQ 6RR VFKHLQW GLH :HOWILQDQ]NULVHZHQLJVWHQVVWHLOZHLVHGHPUFNVLFKWVORVHQ9HUKDOWHQQHLQLJHUU %DQNLHUVV YHUVFKXOGHWWW GLHH GDPLWW WDXVHQGIDFKK $UEHLWVSOlW]H XQGG VRPLWW GLH ([LVWHQ]HQQ YRQQ $UEHLWQHKPHUQQ XQGG $QJHK|ULJHQQ LQQ %HGUlQJQLVV JHEUDFKWW 9JO(EGGGG6666
$OV%HLVSLHOQHQQW:URJHPDQQQKLHUIUXXD:DFKVWXPVPHWDSKHUQQ(EG6 9JO(EGGGG6666II$OV%HLVSLHOOQHQQWW:URJHPDQQGDVVSH]LILVFKH(UHLJQLVLQGHUU2IIHQEDUXQJ .RQVHTXHQWHUZHLVHPXVVDQJHQRPPHQQZHUGHQQGDVVV]XPLQGHVWGHU*HGDQNHNRQNUHWHU5HWWXQJJLQQDQGHUHQQ 5HOLJLRQHQGHPHQWVSUHFKHQGDXIILKUHLQGLYLGXHOOH:HLVHJHOWHQQPXVVV
9JO(EGGGG6666I
9JOKLHU]XDXFK+LOSHUW.RQUDGG0HQVFKHQUHFKWHXQG7KHRORJLH6I
KDEHQQQ ZlKUHQGG IXQGDPHQWDOLVWLVFKHH 7HUURULVWHQQ NHLQ *HKHLPQLVV GDUDXV PDFKHQQQGDVVV$QGHUVJOlXELJHIUVLHHHLQQRIIHQHVbUJHUQLVVVLQGGG,QMHGHP)DOO LVWW GDPLWW GLH PHQVFKOLFKH :UGH EHGURKWWW ZHOFKH VLFKK QDFK .DQWVV SUDNWLVFK NDWHJRULVFKHPP ,PSHUDWLYYGDGXUFKKDXV]HLFKQHWWWGDVVVGLHH0HQVFKKHLWWVRZRKOOLQ HLJHQHUUU DOVV DXFKK LQQ ÄGHUU 3HUVRQQ HLQHVV MHGHQQ DQGHUHQQQ MHGHU]HLWW ]XJOHLFKK DOVV =ZHFNNNQLHPDOVVEORDOVV0LWWHO³ JHEUDXFKWWZHUGHQQGDUI ,QDQGHUHQ:RUWHQ .DQWW EHPHUNWWW GDVVV GHUU 0HQVFKK GDGXUFK GDVVV HU HLQQYHUQXQIWEHJDEWHVV :HVHQ LVWWW VRZRKOO EHU HLQHQQ IUHLHQ :LOOHQQ YHUIJHQ PXVVVV GKKK HU VHLQHQQ HLJHQHQ :LOOHQQ VHOEVWWlWLJ EHVWLPPHQQ NDQQQQ DOVV DXFKK EHU GLH 0|JOLFKNHLWWW VLFKK DXVV IUHLHPP(QWVFKOXVVVIUGLHVHQ:LOOHQQ]XXHQWVFKHLGHQ
Ä'HUU:LOOHHLVWWHLQHH$UWWYRQQ.DXVDOLWlWWOHEHQGHUU:HVHQVRRIHUQQVLHHYHUQQIWLJ VLQGGG XQGG )UHLKHLW ZUGHH GLHMHQLJHH (LJHQVFKDIWW GLHVHU .DXVDOLWlWW VHLQQQ GDD VLH
:RUDXII .DQW GHPQDFK DXIPHUNVDPP PDFKWWW LVWWW GDVVV GHUU 0HQVFK DOOHLQ DXIJUXQGGVHLQHUU9HUQXQIWEHJDEXQJXQGGGHPPKLHULQQYHUDQNHUWHPPPIUHLHQQ:LOOHQQQ EHUUGDVVXQXPVW|OLFKHH5HFKWWYHUIJWDOVV6HOEVW]ZHFNNEHKDQGHOWW]XZHUGHQQQQ
Ä$XVV GHP $QJHIKUWHQ HUKHOOHW GDVV DOOH VLWWOLFKH %HJULIIHH Y|OOLJ D SULRULL LQ GHUU 9HUQXQIWW LKUHQQ 6LW] XQGG 8UVSUXQJ KDEHQQ GDVVV VLHH YRQQ NHLQHP HPSLULVFKHQQ XQGG GDUXP EOR ]XIlOOLJHQQ (UNHQQWQLVVHH DEVWUDKLHUWW ZHUGHQ
EH]LHKXQJVZHLVH
Ä1XQQVDJHHLFKKGHU0HQVFKKH[LVWLHUWDOVV=ZHFNDQQVLFKKVHOEVWWWQLFKWWEOR DOVV 0LWWHO ]XP EHOLHELJHQQ *HEUDXFKHH IU GLHVHQ RGHU MHQHQQ :LOOHQQQ VRQGHUQ
.DQWWW,PPDQXHO.ULWLNGHUUSUDNWLVFKHQ9HUQXQIW*UXQGOHJXQJ]XU0HWDSK\VLNGHUU6LWWHQ+UVJ:HLVFKHGHOOO :LOKHOP6%$
:HQQQLFKKLP)ROJHQGHQQGHQQ:UGHEHJULIIIPLWGHUNDQWLVFKHQQ$XIIDVVXQJJEHJUQGHEHGHXWHWGDVVQLFKWGDVVV GLHVGLHHHLQ]LJH0|JOLFKNHLWZlUHHH0HQVFKHQZUGHHVlNXODU]XXEHJUQGHQQ,FKKP|FKWHPLFKKDEHU±QLFKW]XOHW]WW DXIJUXQGGHVXQEHGLQJWHQ*HERWVGHQ0HQVFKHQDOV6HOEVW]ZHFN]XEHWUDFKWHQ±±LQQHUKDOEEGLHVHUU$UEHLWWDXI GLHVHH3HUSHNWLYHHEH]LHKHQ
(EGGG666YJOKLHU]XDXFK+|YHUUU*HUKDUGGG7XJHQGHWKLN3IOLFKWHWKLNN,QQ6FKZDUWOlQGHU-RKDQQHVV 0RGHUQHV)UHLKHLWVHWKRVXQGGFKULVWOLFKHUU*ODXEHHH6666666Ä.DQWV,GHHHGHUU6LWWOLFKNHLWWEHJUQGHWWVLFKQXQGDULQLQ GHUU)RUPGHVV:LOOHQVGLHHVLWWOLFKH*UXQGHUIDKUXQJVRWKHPDWLVLHUHQ]XN|QQHQGDVVVVLHHVRZRKOGDVV.ULWHULXP GHVVVLWWOLFKHQ:ROOHQVYRUVWHOOWWWDOVVDXFKGDVV:HVHQGLHVHVVLWWOLFKHQ:ROOHQVVHOEVWWLQVHLQHUU8QEHGLQJWKHLWW YHUPLWWHOWWW'LHVHH)RUPGHVV:LOOHQVLVWWGHUUNDWHJRULVFKHH,PSHUDWLY³E]Z0DUWLQ+RQHFNHUUU'DVVUHIRUPDWRULVFKH )UHLKHLWVYHUVWlQGQLVVXQGGDVVQHX]HLWOLFKH9HUVWlQGQLVGHUUÃ:UGHHGHVV0HQVFKHQ¶,Q6FKZDUWOlQGHUUU0RGHUQHVV )UHLKHLWVHWKRVXQGFKULVWOLFKHU*ODXEHHH6Ä.DQWKDWGLH:UGHHHGHQÃLQQHUHQ:HUW¶GHV0HQVFKHQEHJUQGHW LQGHUUVLWWOLFKHQ$XWRQRPLH³
.DQWWW,PPDQXHO.ULWLNGHUUSUDNWLVFKHQ9HUQXQIW*UXQGOHJXQJ]XU0HWDSK\VLNGHUU6LWWHQ+UVJ:HLVFKHGHOOO :LOKHOP6%$
PXVVVLQQDOOHQQVHLQHQQQVRZRKOODXIIVLFKVHOEVWWDOVDXFKDXIDQGHUHYHUQQIWLJHH :HVHQQJHULFKWHWHQ+DQGOXQJHQQ]XJOHLFKKDOV=ZHFNEHWUDFKWHWWZHUGHQQ³
'LHVVLVWW]ZHLIHOORVVVlNXODUUJHGDFKWWXQGGGDVVDXVVJXWHPP*UXQGGG'HQQQGDVV5HFKWWW DOVVZUGLJHVV:HVHQEHWUDFKWHWW]XZHUGHQQQPXVVVGDPLWWEHUJUHLIHQGGJHVFKHKHQQ XQGG]ZDUUYRQQIUXQGGGXUFKKDOOH0HQVFKHQQQXQDEKlQJLJJLKUHU.XOWXUUXQGRGHUU 5HOLJLRQQQ (VV LVWW GDPLWW HLQH .DWHJRULH GLHH YHUDQWZRUWXQJVYROOHVV +DQGHOQQ VHLWHQVV DOOHUU 0HQVFKHQQ XQGG .XOWXUHQQQ 5HOLJLRQHQQ HLQIRUGHUWW XQGG GLHH GHVKDOE XQEHGLQJWW EHDFKWHWW ZHUGHQQ PXVVVV 'HQQQ HUVWW GDGXUFKKK GDVVV 0HQVFKHQZUGHH XPIDVVHQGG EHUFNVLFKWLJWW ZLUGGG NDQQQ ZUGLJHVV /HEHQQ HUP|JOLFKWW ZHUGHQQ ,P .ODUWH[WEHGHXWHWWGDVVIUGLHH5HOLJLRQHQQQGDVVVDXFKVLHHGD]XX JH]ZXQJHQ VLQGG VLFKK QLFKWW QXUU LQQ GHUU WKHRORJLVFKKGRJPDWLVFKHQQ 'HEDWWHH ]XX EHPKHQQ VRQGHUQQ DXFKK GLHH 'LVNXVVLRQQ DXII *UXQGODJHH GHVV +XPDQHQQ ]XX IKUHQQQ GLHH .DQWV ,PSHUDWLYYHLQIRUGHUWWW,QQGLHVHP6LQQHILQGHWWHLQQPHKUIDFKHU'LDORJVWDWWWWGHQQ QHEHQQ GHPP 'LDORJ DXII GHU WUDQV]HQGHQWWPHWDSK\VLVFKHQ (EHQH WULWWW MHW]WW ]XVlW]OLFK GLH 'LVNXVVLRQQ DXI GHUU VR]LDOOHWKLVFKHQ (EHQH KLQ]XXX /HW]WH XQWHUVFKHLGHWW VLFKK GDEHLL YRQQ HUVWHUU GDULQQQ GDVVV ± QHEHQQ GHQQ 5HOLJLRQHQQ ±± DXI VR]LDOHWKLVFKHUU (EHQHH GHUU 6lNXODULVPXVV DOVV ]XVlW]OLFKHUU *HVSUlFKVSDUWQHUU KLQ]XWULWWW XPP GLHVH %HDFKWXQJ HOHPHQWDUHU 0HQVFKOLFKNHLWW HLQ]XIRUGHUQ 'DULQQEHJUQGHWWVHKHHLFKGLHH)RUGHUXQJQDFKKHLQHUVlNXODUHQQQ*HVSUlFKVEDVLV GHVV +XPDQHQQQ 'LHVHP GDUII VLFKK HLQ LQWHUUHOLJL|VHUU 'LDORJ QLFKW YHUZHLJHUQQQ VRQGHUQQHVVLVWWYLHOPHKUUGHVVHQQ3IOLFKWWWLKQQPLWWDXI]XQHKPHQQQ.XOWXUUHODWLYLVWHQQ N|QQWHQQ EHKDXSWHQQ GDVVV GLHH $XIQDKPH HLQHUU ,GHHH DEVROXWW JHOWHQGHUU 0HQVFKHQZUGH ZLH VLHH LQQ GHU ZHVWOLFKHQQ *HVHOOVFKDIWW YHUWUHWHQQ ZLUG QLFKWW ]ZDQJVOlXILJ LQQ DQGHUHQ .XOWXUHQQ EHUQRPPHQQ ZHUGHQQ NDQQQQ 'DVV $UJXPHQWW NXOWXUHOOHUU'LIIHUHQ]LVWlXHUVWHUQVW]XQHKPHQQQNDQQQGHPPGRFKKSKLORVRSKLVFKK NDXP ZLGHUVSURFKHQQ ZHUGHQ (VV LVW DEHUU P|JOLFKKK GLH %HDFKWXQJ YRQ 0HQVFKHQZUGHH XQGG 0HQVFKHQUHFKWHQ QHJDWLYYSUDJPDWLVFKK ]XX EHJUQGHQQQ 6RR LVWW GLHH 811(UNOlUXQJ YRQQ JHUDGHH DOVV $QWZRUWW DXI GLHH YRUDQJHJDQJHQHQ*UDXVDPNHLWHQQGHUEHLGHQ:HOWNULHJHXQGGDPLWWWGHUU1LFKWW
(EGGGG66I
'DVVKHLWQLFKWGDVVVGHUU6lNXODULVPXVDOVV2SSRVLWLRQ]XUU5HOLJLRQYHUVWDQGHQZHUGHQVROOWHHH6FKZDUWOlQGHUU KDWGDUDXIIKLQJHZLHVHQGDVVVLP5DKPHQQHLQHUQHXHQQ:HOWRUGQXQJJGHU'LDORJ]ZLVFKHQQ6lNXODUHPXQG 5HOLJL|VHP]ZDUQLFKWLPPHUVSDQQXQJVIUHLLVWDOOHUGLQJVVGXUFKDXVVIUXFKWEDUVHLQNDQQQXQGVROOYJO 6FKZDUWOlQGHU-RKDQQHVV0HQVFKHQUHFKWH(LQH+HUDXVIRUGHUXQJJGHU.LUFKH6
(VVZUGHQlPOLFKKLQGDV'LOHPPDIKUHQGDVVVMHJOLFKHSKLORVRSKLVFKH%HJUQGXQJJLKUHUVHLWVQXUZLHGHU LQQHUKDOEHLQHUVSH]LILVFKHQQ.XOWXUYHURUWHWZHUGHQNDQQQXQGVRPLWHUQHXWGHP$UJXPHQWDXVJHOLHIHUWLVWGDV VLH]XHQWNUlIWHQQYHUVXFKW:LHGHUXPVWHOOWVLFKGLHQRWZHQGLJH)UDJHZLHGDVHLJHQH.XOWXU 5HOLJLRQVYHUVWlQGQLVV]XJXQVWHQHLQHVXQLYHUVHOOHQQ9HUVWlQGQLVVHVYRQ0HQVFKHQZUGHUHFKWHQQUHODWLYLHUW ZHUGHQNDQQ$OOHUGLQJVEHJHKHQ.XOWXUUHODWLYLVWHQPHLQHUU$QVLFKWWQDFKGHQ)HKOHUUUGDVVVVLHHGLHH5HODWLYLHUXQJ YRQQ0HQVFKHQUHFKWHQQGDGXUFKHUUHLFKHQQLQGHPGLH.XOWXUHQDOVVLQQVLFKKJHVFKORVVHQH6\VWHPHEHWUDFKWHW ZHUGHQGGKLQGLUHNWWHLQHgIIQXQJ(QWZLFNOXQJXQGG'LVNXVVLRQLQQHUKDOEEGHUU6\VWHPHDXVJHVFKORVVHQZLUGGG ZRPLWWMHQHGLHH8QLYHUVDOLWlWWYRQ0HQVFKHQUHFKWHQYHUQHLQHQ
%HDFKWXQJ YRQQ 0HQVFKHQZUGHH XQGG 0HQVFKHQUHFKWHQQQ ]XX YHUVWHKHQQQ ZLH DXVV LKUHUU3UlDPEHOOGHXWOLFKK KHUYRUWULWWWWÄGDGLH9HUNHQQXQJJXQGG0LVVDFKWXQJJ GHUU 0HQVFKHQUHFKWHH ]XX $NWHQQ GHUU %DUEDUHL IKUWHQQQ GLHH GDVV *HZLVVHQQ GHUU 0HQVFKKHLWWWLHIYHUOHW]WKDEHQ³ $XVVGLHVHPP*UXQGGEHVWlWLJWGDVV*UXQGJHVHW] GHUU%XQGHVUHSXEOLNN'HXWVFKODQGGGÄ'LHH:UGHHGHVV0HQVFKHQQLVWWXQDQWDVWEDU³ ,FKKP|FKWHHDXIIGHUU6XFKHHQDFKKHLQHUHWKLVFKHQQ'LDORJVJUXQGODJHH]XQlFKVWWDXII +DQVV .QJVV Ä3URMHNWW :HOWHWKRV³³ ]X VSUHFKHQQ NRPPHQQQ ZHOFKHVV QDFKK HLQHPP JHPHLQVDPHQQ+XPDQXPPLQQHUKDOEEGHUU5HOLJLRQHQQVXFKWW
,,,,,, 'LHH 6XFKHH QDFK GHP JHPHLQVDPHQQ +XPDQXP +DQVV .QJV Ä3URMHNWW:HOWHWKRV³
'LHH )RUGHUXQJJ QDFK HLQHP JHPHLQVDPHQ (WKRVV IUU GLHH :HOWW LVWW ]ZHLIHOVRKQH HLQQ DPELWLRQLHUWHVV 3URMHNWWW GHP VLFKK GHU 7KHRORJH +DQV .QJ JHZLGPHWW KDWWW (VVLVWWGHVKDOEEDOOHLQQDXIJUXQGGVHLQHUU =LHOVHW]XQJJDQ]XHUNHQQHQQQHLQHHNRQIOLNWWW XQGGJHZDOWIUHLH:HOWRUGQXQJKHUEHL]XIKUHQ DOVVGHUHQQ9HUPLWWOHUHU±WURW] DOOOLKUHU3UREOHPH±GLHH5HOLJLRQHQQVLHKW 'LHH,GHHHGDKLQWHULVWWGLHHHGDVVVGLH 0HQVFKHQUHFKWH ]ZDU SRVLWLYHV 5HFKWW VHLHQ MHGRFKK HLQH YHUELQGOLFKHH 6LWWOLFKNHLWW IHKOHQ ZUGH :RKOO EH]LHKWW VLFKK VHLQH .ULWLNN DXI GLH /HW]WEHJUQGXQJ GGKK MHQHH 8QEHGLQJWKHLWWW GLH LQQ OHW]WHUU ,QVWDQ] QLFKWW GHUU 0HQVFKKK ZRKO DEHUU *RWWW HLQIRUGHUQQ NDQQ XQGG VRPLWW GHQ VlNXODUHQQ 0HQVFKHQUHFKWHQ IHKOW .QJJ VWHOOWW IHVWWW GDVV GHU :HUWW GHVV 6ROOHQVV DOOHLQ QLFKWWDXVUHLFKWWXPPHLQHHDXWRULWDWLYH/HJLWLPDWLRQQKHUEHL]XIKUHQ hEHUUGLHVH $XIIDVVXQJOlVVWWVLFKKVLFKHUOLFKKVWUHLWHQ MHGRFKKPXVVVDN]HSWLHUWWZHUGHQQQGDVV HLQH )RUGHUXQJ DXVV J|WWOLFKHU $XWRULWlWW IU LKUH $QKlQJHU ZHLWW XPIDVVHQGHUU ZLUNHQ PXVVVV DOVV GLHVV HLQH VROFKH DXVV UHLQHU 0HQVFKOLFKNHLWW YHUPDJ ,P SRVLWLYHQQ6LQQHHJHVSURFKHQQQ5HOLJLRQQNDQQQ±ZHQQQHVVGDUDXIDQNRPPWW±ZHLWW HIIL]LHQWHU GDV +XPDQH HLQIRUGHUQ DOVV GLHV DOOHLQQ GLH 0HQVFKHQUHFKWHH
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHHHHHHHHH63UlDPEHO'DV$UJXPHQWZLUGGDXFKLQGHUU /LWHUDWXUULPPHUUZLHGHUUHUZlKQW6RXDDDEHLLL6FKZDUWOlQGHUU)UHLKHLWGHUU5HOLJLRQ6+LOSHUW.RQUDGG 0HQVFKHQUHFKWHXQG7KHRORJLH6)ULW]VFKHHH...3HWHUUU0HQVFKHQUHFKWH666666+RZDUGGG5KRGDD(((('LJQLW\ &RPPXQLW\DQG+XPDQ5LJKWV,Q$QQ1D¶,P$EGXOODKL$KPHGG+XPDQ5LJKWVLQ&URVV&XOWXUDO3HUVSHFWLYHV 6666I+RZDUGGEHVFKUHLEWGHXWOLFKZLHHHLQHHIDOVFKHH,QWHUSUHWDWLRQYRQ0HQVFKHQZUGHHGHQ1DWLRQDOVR]LDOLVWHQ DOV9RUZDQGGLKUHUU5DVVHQLGHRORJLHGLHQHQNRQQWH
*UXQGJHVHW]]]]]]]$XIODJH6WDQG-XOLLLLL+UVJ'HXWVFKHU7DVFKHQEXFKK9HUODJ6$UWLNHO $EVDW]
9JO(EGGGG6I+LOSHUW.RQUDGG0HQVFKHQUHFKWHXQG7KHRORJLH6 9JO.QJ+DQV3URMHNW:HOWHWKRV6666666 9JO(EGGGG66666 9JO(EGGGG66666 9JO(EGGGG66666
,FKZHLVHHUQHXWWGDUDXIKLQGDVVJHUDGHHDXIJUXQGGHUU*UDXVDPNHLWHQGHUUEHLGHQ:HOWNULHJHHHGHUU NDWHJRULVFKH,PSHUDWLY]XPLQGHVWLQVRIHUQQDXVUHLFKHQGVHLQPXVVVDOVGDVVVHLQH$XVHLQDQGHUVHW]XQJJPLW 0HQVFKHQZUGHHXQGG0HQVFKHQUHFKWHQREOLJDWRULVFKLVW
YHUP|JHQ 'DKHU HUVFKHLQWW HVV YHUVWlQGOLFKKK ZHQQQ .QJJ GLHH 5HOLJLRQHQQ PLW 1DFKGUXFNN GD]XX DXIIRUGHUWWW HLQH HLQKHLWOLFKH 6LWWOLFKNHLWVOHKUH ]XX HUDUEHLWHQ XQGGKLHUIUUVHFKVVJHPHLQVDPHH3HUVSHNWLYHQQEHQHQQWWW'DVV:RKOOGHVV0HQVFKHQQQ GLHH(QWZLFNOXQJYRQQ0D[LPHQQHOHPHQWDUHUU0HQVFKOLFKNHLWWWHLQHQQYHUQQIWLJHQQ 0LWWHOZHJ]ZLVFKHQQ/LEHUWLQLVPXVVXQGG/HJDOLVPXVVVGLHHJROGHQHH5HJHOOOVLWWOLFKHH 0RWLYDWLRQVDQJHERWHHH VRZLHH 6LQQKRUL]RQWW =LHOEHVWLPPXQJ $OVV SRVLWLYHV %HLVSLHOO HUZlKQWW HUU GLH Ä:HOWNRQIHUHQ] GHUU 5HOLJLRQHQQ IUU GHQQ )ULHGHQ³³ LQ
'LHVHH HUZlKQWW XDDD ÄHLQHH hEHU]HXJXQJ YRQQ GHU IXQGDPHQWDOHQQ (LQKHLW GHUU PHQVFKOLFKHQQ )DPLOLHHH YRQQ GHU *OHLFKKHLWW XQG :UGHH DOOHUU 0HQVFKHQ³ 6FKOXVVHQGOLFKK IRUGHUWW .QJ GLH 5HOLJLRQHQQ DXII DXWKHQWLVFKK ]XX VHLQQ XQG VLFKK HLQHU LQWHUUHOLJL|VHQQ .ULWHULRORJLH ]XX VWHOOHQQQ GLH IU LKQQ DXVV GUHL $VSHNWHQQ EHVWHKWWW (LQH 5HOLJLRQQ VHLL GDQQQ JXWWW ZHQQQ VLHH KXPDQ LVWWW VLFKK LKUHPP HLJHQHQQ 8UVSUXQJWUHXXEOHLEWWXQGGVLHHLQQ7KHRULHXQGG3UD[LVLKUHQQHLJHQHQQ*ODXEHQVNHUQQ DXFKKLQQ DOOHQQDQGHUHQ5HOLJLRQHQQ]X HUNHQQHQQYHUPDJ 'DPLWWNDQQQVRJOHLFK DXIIGLHH3UREOHPHVHLQHUU,GHHHKLQJHZLHVHQQZHUGHQQ
(UVWHQVV LVWW HLQHH HOHPHQWDUHH 6SDQQXQJ LQQHUKDOE VHLQHUU HLJHQHQQ .ULWHULRORJLHH YRUKDQGHQQQ GLH VLFKK QLFKWW RKQHH ZHLWHUHVV O|VHQ OlVVWWW :DVV LVWW EHLVSLHOVZHLVHH ZHQQQGLH(UIOOXQJ HLJHQHUU /LQLHQWUHXHQXUUGXUFKKGHQQ3UHLVVGHU+XPDQLWlWWLQQ EHVWLPPWHQQ $VSHNWHQQ HUUHLFKW ZHUGHQQ NDQQ" 0DQQ GHQNH QXUU DQQ GLH 5HOLJLRQVIUHLKHLWW LPP ,VODPPP 'LHVHV HOHPHQWDUH 0HQVFKHQUHFKWW LQ hEHUHLQVWLPPXQJ PLWW GHQQ NDQRQLVLHUWHQ $XIIDVVXQJHQ ]XX VHKHQQQ HUVFKHLQWW ]XPLQGHVWWRUWKRGR[JHSUlJWHQQ0XVOLPHQQlXHUVWWPKVDP]XXVHLQQQQ =ZHLWHQVV±±XQGGLHVHUU3XQNWWLVWWZRKOOQRFKKHQWVFKHLGHQGHU±OHLGHWWGDVV3URMHNW XQWHUU GHUU 'LIIHUHQ] ]ZLVFKHQQ VHLQHPP HLJHQHQQ $QVSUXFKK XQGG GHPP GHH IDFWRR ]X HUZDUWHQGHQ (QGHUJHEQLVVV .QJJ IRUGHUWW GLH 5HOLJLRQHQQ LQQHUKDOEE VHLQHVV 3URMHNWHVV GD]XX DXI YRQ VLFKK DXVV HLQQ JHPHLQVDPHVV (WKRVV ]XX HQWZLFNHOQQQ 'LHVV DEHUU VFKHLQWW LQQ GHUU 3UD[LVV RIWPDOV QLFKWW EHUU HLQHQ 0LQLPDONRQVHQVV KLQDXV]XUHLFKHQQQ 6RR HUNHQQWW DXFKK .QJ GDVVV GDVV REHQ JHQDQQWHH =LWDWW GHUU :HOWIULHGHQVNRQIHUHQ]VHKUUDOOJHPHLQQIRUPXOLHUWWVHL
(VLVWGHVKDOEEHLQHEHVRQGHUHH&KDQFHHHVRZRKOIUUGLHH$N]HSWDQ]]GHUU5HOLJLRQHQDOVVDXFKIUGLHH/HJLWLPDWLRQ GHUU0HQVFKHQUHFKWHHHLQGHQPHQVFKHQUHFKWOLFKHQ'LVNXUVVHLQ]XWUHWHQ
9JO(EG666666$XIHLQHHGHWDLOOLHUWHH$XVIRUPXOLHUXQJGHUUHLQ]HOQHQ3HUVSHNWLYHQVROOOKLHUUYHU]LFKWHWW ZHUGHQ
9JO(EGGGG6666I
9JO5HOLJLRQHQ)ULHGHHH0HQVFKHQUHFKWHHH'RNXPHQWDWLRQGHUUHUVWHQÄ:HOWNRQIHUHQ]]GHUU5HOLJLRQHQIUGHQ )ULHGHQ³.\RWRRRRRRRR+UVJ/FNHUUU$:XSSHUWDOOOOOO6]LWLHUWWQDFK(EGGG6666I
9JO(EGGGG6666I 9JO(EGGGG66666
,,, 'LHH 0HQVFKHQUHFKWH DOV *UXQGODJHH GHV LQWHUUHOLJL|VHQQ 'LDORJV
,FKK KDEH VRHEHQQ GDUJHOHJWWW GDVVV GLH %HUFNVLFKWLJXQJ GHVV +XPDQHQ LPP LQWHUUHOLJL|VHQ 'LDORJJ DOVV HWKLVFKH 'LDORJVEDVLVV REOLJDWRULVFK HUVFKHLQWWW +DQVV .QJVV Ä3URMHNWW :HOWHWKRV³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|QQHQQ JHUDGHH DXFKK DOVV $XVGUXFNN HLQHV YHUDQWZRUWXQJVYROOHQ :HOWHWKRVV YHUVWDQGHQQ ZHUGHQQQ ZLH HVV .QJ HLQIRUGHUWWW 6RRVFKUHLEWW6FKZDUWOlQGHUEHUUGLHH0HQVFKHQUHFKWHHHH
Ä0HQVFKHQUHFKWHH GUIHQQ XQGG PVVHQQ LQQ LKUHUU OHW]WHQQ %HGHXWXQJ DOVV GHU $XVGUXFN HLQHV QHXHQQ :HOWHWKRVV YHUVWDQGHQQ ZHUGHQQ (VV LVWW GDVV (WKRVV HLQHU HQWVFKLHGHQHQQ Ä:HOWYHUDQWZRUWXQJ³³ XQGG GDPLWW GHUU JU|WHQQ )UHLKHLWWW GLHH HLQ Ä:HOWHWKRV³³MHHNDQQWHH³
'DUXPP N|QQHQQ GLHH 0|JOLFKNHLWHQQ ]XPP LQWHUUHOLJL|VHQ 'LDORJ GXUFKDXV DP %HLVSLHO GHU 0HQVFKHQUHFKWH HU|UWHUWW ZHUGHQQ ,FKK ZHUGH ]XQlFKVWW ]ZHLL 0LVVYHUVWlQGQLVVHQQYRUEHXJHQGH3UlPLVVHQQGDUOHJHQQZHQQLFKKEHKDXSWHHHGDVVV GLHH 0HQVFKHQUHFKWHH 'LDORJVJUXQGODJHH VHLQQ N|QQHQQQ 6RGDQQQ ZHUGHH LFKK PLW HLQHU GULWWHQ 3UlPLVVHH GDUDXI KLQZHLVHQQQ GDVVV HLQH 'HEDWWHH EHUU GLH 0HQVFKHQUHFKWH LPPHU ]XJOHLFKK HLQHH 'LVNXVVLRQQ EHUU 0HQVFKHQZUGHH EHLQKDOWHWWXQGGXPJHNHKUW
:DVVQLFKWKHLWGDVVVHLQVROFKHVV9HUIDKUHQGHVKDOESULQ]LSLHOOODXV]XVFKOLHHQZlUHHH,P*HJHQWHLOOO6ROOWHHHVV JHOLQJHQZlUHHGLHVHPVRJDUULPK|FKVWHQ0DHH]X]XVWLPPHQ,FKKDOWHHGLHVHVMHGRFKIUUXQZDKUVFKHLQOLFKHUUDOV HLQDXI%DVLVDOOJHPHLQHUU0HQVFKHQUHFKWHHJHIKUWHUU'LDORJ
6FKZDUWOlQGHU-RKDQQHV0HQVFKHQUHFKWH(LQH+HUDXVIRUGHUXQJJGHU.LUFKH6,FKKP|FKWHKLHUEHL GHXWOLFKIHVWKDOWHQGDVVVGDVVNHLQHVZHJVEHGHXWHWWWGLHH0HQVFKHQUHFKWHQDOVVQHXHH+HLOVERWVFKDIWW]XYHUVWHKHQ 9LHOPHKUJHKWWHVLP'LDORJDXI*UXQGODJHHGHUU0HQVFKHQUHFKWHHXPGLHH:DKUXQJHOHPHQWDUHQLUGLVFKHQ5HFKWV =XGHP(LQH6DNUDOLVLHUXQJYRQ0HQVFKHQUHFKWHQQZUGH]ZDQJVOlXILJLQQHLQHPRQR]HQWULVFKH+DOWXQJJPQGHQ GLHHMHGRFK]XUHFKWWDXVJHVFKORVVHQZXUGHHHH
,, 'LDORJVJUXQGODJHH EHGHXWHW QLFKWW ]ZDQJKDIWH
hEHUHLQVWLPPXQJVRQGHUQOHEKDIWHH'LVNXVVLRQ
0DQQ N|QQWHH JHQHLJWW VHLQQQ GLHH $QVLFKWW ]X YHUWUHWHQQQ GDVVV QXUU DXII *UXQGODJHH HLQHUUDOOHQQ*HVSUlFKVSDUWQHUQQJHPHLQVDPHQQhEHU]HXJXQJGHUU'LDORJP|JOLFK VHLLL (LQH VROFKH *HPHLQVDPNHLWW LVWW ]ZHLIHOVIUHLL ZQVFKHQVZHUWWW /HLGHUU GLYHUJLHUWW GLHH 5HDOLWlWW DQ GLHVHUU 6WHOOH PLWW GHPP :XQVFKH GD XQWHUVFKLHGOLFKH $XIIDVVXQJHQ EHUU 6WDDWWW 5HOLJLRQQQ *HVHOOVFKDIW XQG .XOWXU GHQ $OOWDJJ GHU PXOWLNXOWXUHOOHQQ :HOWJHVHOOVFKDIWW PDJHEHQGG PLWEHVWLPPHQQQ ,QQ GLHVHP 6LQQH LVWW HLQQ 'LDORJVYHUVWlQGQLVV JHIRUGHUWWW GDV VLFKK VHLQHUU VFKZLHULJHQQ *UDWZDQGHUXQJ ]ZLVFKHQQ EHZXVVWHU (LQIRUGHUXQJJ PHQVFKOLFKHPP 5HFKWVV HLQHUVHLWVV XQGG 5HVSHNWW YRUU .XOWXUU XQGG 5HOLJLRQQ GHVV *HJHQEHUVV DQGHUHUVHLWV YROOO EHZXVVWW LVWWW 'DULQQ EHJUQGHWW OLHJW GLHH :LFKWLJNHLWW HLQHUU SRO\]HQWULVFKHQQ *UXQGKDOWXQJ GDD QXUU VRR 5HVSHNWW YRUU GHPP )UHPGHQQ DXI GHUU HLQHQQQ VRZLHH PXWLJHVV %HNHQQWQLVV ]XUU HLJHQHQ :HOWDQVFKDXXQJ DXII GHUU DQGHUHQQ 6HLWH JHZlKUOHLVWHWZHUGHQQNDQQQQ:HQQQLFKKGHPQDFK YRQQGHQ0HQVFKHQUHFKWHQQDOV JHPHLQVDPHUU 'LDORJVJUXQGODJHH VSUHFKHHH KHLWW GDVV NHLQHVIDOOVVV GDVVV GLHVV GLHH HLQ]LJXQXPVW|OLFKHH'LDORJVJUXQGODJHHVHLQQPXVVVV(VVEHGHXWHWWYLHOPHKUUUGDVVV HVVVLFKKKLHUEHLLXPHLQHEHVRQGHUVVKHUDXVUDJHQGH*HVSUlFKVEDVLVVKDQGHOWWWGLHHHVV YHUGLHQWW±PHKUUQRFKKDOVVDQGHUHH*HVSUlFKVJUXQGODJHQQ±GLVNXWLHUWW]XXZHUGHQQ GD VLH HOHPHQWDUH 5HFKWH GHU 0HQVFKOLFKNHLWW HLQIRUGHUWWW ,QQ DQGHUHQQ :RUWHQQQ :LFKWLJ LVWW ]XQlFKVWW HLQPDOO QLFKWWW GDVVV GHU LQKDOWOLFKH $VSHNWW GHU 'LDORJVJUXQGODJHHEHUHLQVWLPPHQGGLVWWWGDPLWWHLQHH'LVNXVVLRQQVWDWWILQGHQQNDQQQQ 'DVVHUKRIIWHH(LQYHUVWlQGQLVVDOVV=LHOOGHV*HVSUlFKVEHUUGLHH*UXQGODJHPXVV QLFKWW ]ZDQJVOlXILJ LPP 9RUIHOGG H[LVWLHUW KDEHQQQ VRQGHUQQ HVV NDQQQ VLFKK DXVV GHUU 'LVNXVVLRQQ HQWZLFNHOQQQ +HQU\ 6KXHH VFKUHLEWWW Ä'HUU 3XQNWW LVW GLHVHV *HPHLQVDPH PXVVV QLFKW EHUHLWV YRU GHP *HVSUlFKKK ZHOFKHVV GDQQ ]X GHPP (LQYHUVWlQGQLVV JHIKUWW KDWW YRUKDQGHQ JHZHVHQQ VHLQQ³ (VV EHVWHKWW VRPLW +RIIQXQJ 2EZRKOO GLHH 9RUVWHOOXQJHQQ EHUU 0HQVFKHQUHFKWH ZHLWW DXVHLQDQGHUJHKHQQ P|JHQ NDQQQ hEHUHLQVWLPPXQJ HU]LHOWW ZHUGHQQQ ZHQQQ VLHH LQ HUQVWKDIWHPP ,QWHUHVVH DOOHU 'LDORJVWHLOQHKPHU LQQ HLQHPP ODQJZLHULJHPP 3UR]HVV GLVNXWLHUWWZHUGHQQQREZRKOO]XXGHVVHQQ%HJLQQQHLQQ(LQYHUVWlQGQLVVLQQZHLWHUU)HUQH VWDQGGG
6KXHHH+HQU\0HQVFKHQUHFKWHXQGNXOWXUHOOHH'LIIHUHQ],Q*RVHSDWK6WHIDQ/RKPDQQ*HRUJ3KLORVRSKLHH GHUU0HQVFKHQUHFKWH6
,,, 'HUU $QVSUXFK GHUU 8QLYHUVDOLWlWW GHUU 0HQVFKHQUHFKWHH PXVV DN]HSWLHUWZHUGHQQQ
'DVVV GLHH 0HQVFKHQUHFKWH Y|OOLJ UHFKWHQVV 8QLYHUVDOLWlW EHDQVSUXFKHQ LVW KLQOlQJOLFKK EHNDQQWWW 6RR VSULFKWW GLHH 81(UNOlUXQJ GXUFKJHKHQGG YRQQ ÄDOOHQ 0HQVFKHQ³ XQGG EHWRQW GDEHLL EHZXVVWW GLHH EHUNXOWXUHOOHH *OWLJNHLWW GHU 0HQVFKHQUHFKWH 'DVVV GLHVH 8QLYHUVDOLWlWW MHGRFK QLFKWW ZHOWZHLWW DN]HSWLHUW VRQGHUQQXQWHU9RUEHKDOWWEHWUDFKWHWZLUGGGGUIWHHEHQVRRGHXWOLFKKKHUYRUJHWUHWHQ VHLQQQ'LHVHH3UlPLVVHHJHKWWGHVKDOEE±±LQQ$QOHKQXQJJDQQGLHH9RULJHH±±QLFKWWGDYRQQ DXVVV GDVVV GLH 0HQVFKHQUHFKWH HUVWW Y|OOLJ GXUFKJHVHW]WW VHLQQ PVVHQQQ GDPLWW HLQQ LQWHUUHOLJL|VHUU'LDORJDXIILKUHUU*UXQGODJHHVWDWWILQGHQQNDQQQQ9LHOPHKUULVWWHVVDQ GLHVHUU6WHOOHHDXVUHLFKHQG]XXDN]HSWLHUHQQQGDVVVGHU$QVSUXFKLKUHUXQLYHUVHOOHQQ *OWLJNHLWW EHVWHKWWW GDPLWW GLHVHUU NXOWXUUU XQGG UHOLJLRQVEHUJUHLIHQGG LQQ GHU 'HEDWWHHDXIJHQRPPHQQZHUGHQQNDQQQQ
,,0HQVFKHQUHFKWHPVVHQQDOVVJHVHW]OLFKHH0DQLIHVWDWLRQYRQ 0HQVFKHQZUGHHEHWUDFKWHWWZHUGHQ
'LHVH 3UlPLVVH VROOWH HKHU DOVV HLQH $UW +LQZHLVV YHUVWDQGHQ ZHUGHQ LQ GHU 'LVNXVVLRQQ 0HQVFKHQUHFKWHH XQGG 0HQVFKHQZUGH QLFKWW YRQHLQDQGHUU JHWUHQQWW ]XX VHKHQQQ VRQGHUQQ IHLQIKOLJ IHVW]XVWHOOHQQQ GDVVV EHLGHH (EHQHQQ XQPLWWHOEDUU PLWHLQDQGHU]XVDPPHQKlQJHQQ
'DVVV 0HQVFKHQZUGHH XQGG 0HQVFKHQUHFKWHH HQJ PLWHLQDQGHUU YHUEXQGHQ VLQGGG JHKWW DXVV DOOHQ 0HQVFKHQUHFKWVHUNOlUXQJHQ KHUYRU 6R VWHKWW EHLVSLHOVZHLVHH LP HUVWHQQ$UWLNHOOGHUU811(UNOlUXQJYRQQGDVVVDOOH0HQVFKHQQÄIUHLLXQGGJOHLFK DQQ:UGHHXQGG5HFKWHQQJHERUHQ³ VHLHQQXQGGLQQGHUU$OOJHPHLQHQQ(UNOlUXQJGHU 0HQVFKHQUHFKWHHLPP,VODPPYRQQQQQQQKHLWWHVVVV
Ä9RU -DKUKXQGHUWHQQOHJWHH GHU ,VODP GLHH Ã0HQVFKHQUHFKWH¶¶ XPIDVVHQGG XQG WLHIJUQGLJ IHVWW DOVV 5HFKWW XQGG $QOHLWXQJ ZDVV LKQHQQ HLQQ JXWHVV XQG
(VVVFKHLQWWGHPQDFKGLH*HPHLQVDPNHLWW]XEHVWHKHQQQGDVVVEHUDOOOGRUWWWZRRYRQ HLQHP PHQVFKHQZUGLJHP /HEHQ GLH 5HGHH LVW VLFKK DXFK GLH )UDJH QDFKK
9JO$OOJHPHLQH(UNOlUXQJGHUU0HQVFKHQUHFKWH6$UWLNHO6$UWLNHO,QJOHLFKHUU *HVLQQXQJEHVWHKWDXFKGLHH)RUPXOLHUXQJYRQÄDOOHQ0LWJOLHGHUQGHUUPHQVFKOLFKHQ)DPLOLH³63UlDPEHO E]ZÄ-HGHUU0HQVFK³6$UWLNHOII
(EGGGG666$UWLNHOOOOOO
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP63UlDPEHO
0HQVFKHQUHFKWHQQ XQGG HYHQWXHOOOO 0HQVFKHQSIOLFKWHQQQ VWHOOWWW /HLGHUU EHGHXWHW GDVVNHLQHVIDOOVVVGDVVVGDVVSKLORVRSKLVFKHHXQGGRGHUUWKHRORJLVFKH3ULQ]LSSSGDVVGHUU 0HQVFKHQZUGH ]XJUXQGH OLHJW HEHQIDOOVV GDVVHOEH LVWWW ZHVZHJHQ 0HQVFKHQUHFKWHH GDQQQ DXFK Y|OOLJJ XQWHUVFKLHGOLFKK YHUVWDQGHQQ XQG DXVJHOHJW ZHUGHQ 2KQH DQQ GLHVHU 6WHOOH GHWDLOOLHUW LQQ GLH 'LVNXVVLRQQ EHU GLH 1RWZHQGLJNHLWW HLQHVV JHPHLQVDPHQQ 9HUVWlQGQLVVHVV YRQQ 0HQVFKHQZUGHH HLQ]XVWHLJHQ JLOWW GRFKK IU GLHVH 3UlPLVVH 'DGXUFKKK GDVV 0HQVFKHQUHFKWH HLQHH NRQNUHWHH *HVHW]JHEXQJ HLQHUU VSH]LILVFKHQQ $XIIDVVXQJ YRQQ 0HQVFKHQZUGHHELOGHQQQN|QQHQQGLHVHHDOVVUHFKWOLFKHH0DQLIHVWDWLRQQJHQDXXGLHVHUU $XIIDVVXQJ EHWUDFKWHWW ZHUGHQ 'DPLWW PXVVV HLQH 'LVNXVVLRQQ LPPHU EHLGH $VSHNWHH EHUFNVLFKWLJHQ (UVWHQVV GLH 0HQVFKHQZUGHH DOVV ]XJUXQGHH OLHJHQGHH hEHU]HXJXQJ )XQGDPHQWW XQGG ]ZHLWHQVV GLHH 0HQVFKHQUHFKWH DOVV GHUHQQ NRQNUHWLVLHUWHHHUHFKWOLFKHH$XVIRUPXOLHUXQJ0DQLIHVWDWLRQQQQQ
,,=XVDPPHQIDVVXQJGHVHUVWHQ7HLOV
'HUU YRUOLHJHQGH 7HLOO KDWW HUJHEHQQQ GDVVV GLHH GRJPDWLVFKH 3RVLWLRQQ XQGG GLHH HWKLVFKHH'LDORJVJUXQGODJHHQLFKWWYRQHLQDQGHUJHWUHQQWZHUGHQQN|QQHQQQVRQGHUQQ DOVV]ZHL6HLWHQQGHUVHOEHQ0HGDLOOHEHWUDFKWHWWZHUGHQPVVHQQQQ 6RR NDQQQ HLQHUVHLWVV QXUU GDQQQ HLQQ IUXFKWEDUHULQWHUUHOLJL|VHU'LDORJVWDWWILQGHQQQ ZHQQQ HU DXI HLQHU *UXQGKDOWXQJJ EHUXKWWW QDFKK GHU GLH 5HOLJLRQHQ DOVV JOHLFKEHUHFKWLJWH XQGG HLJHQVWlQGLJHH 3DUWQHUU ZDKUJHQRPPHQQ ZHUGHQQQ PLWW MH LKUHUUHLJHQHQQ*ODXEHQVZDKUKHLWWW+LHU]XXHLJQHWWVLFKKNHLQQPRQR]HQWULVFKHU7\S GDHUOHW]WOLFKKLPPHUQDFKHLQHUPHWDSK\VLVFKHQ8UZDKUKHLWWVXFKWWWGLHDQGHUH :DKUKHLWVDQVSUFKH HQWZHGHU QHJLHUWWW LJQRULHUW RGHU NDWHJRULVLHUWWW 'DUXP NRQQWHQQ GLHH GUHLL YRUJHVWHOOWHQQ 3RVLWLRQHQQ GHVV ([NOXVLYLVPXVVV ,QNOXVLYLVPXVV XQGGDXFKKGHVV3OXUDOLVPXVVQLFKWWEHUQRPPHQQZHUGHQQQ)HUQHUUHUJDEEVLFKKKGDVVV±± ]XPLQGHVWWGLHH2IIHQEDUXQJVUHOLJLRQHQQ±±WHQGHQ]LHOOOHKHUU]XXGHQQHUVWHQQEHLGHQQ +DOWXQJHQQ QHLJHQQ ZDVV HLQHQQ DXI *OHLFKKHLWW EDVLHUHQGHQQ 'LDORJ HUVFKZHUWWW 'HVKDOEE ZXUGH IHVWJHKDOWHQQQ GDVVV HLQQ LQWHUUHOLJL|VHVV *HVSUlFK GHQ SRO\]HQWULVFKHQQ 7\SHQ VRZRKOO HUIRUGHUWW DOVV DXFKK JOHLFKVDPP YRQ GHQQ 5HOLJLRQHQQHLQIRUGHUWWWZDVVDOVVGRJPDWLVFKH+HUDXVIRUGHUXQJEHWUDFKWHWWZHUGHQ NDQQQQ 'DVVV GLHVV SULQ]LSLHOOO QLFKWW XQP|JOLFKK LVWWW KDEH LFKK LQQ HLQHP NXU]HQ
6RRZLUGGVHLWHQVRUWKRGR[HUU0XVOLPHRIWPDOVGDUDXIKLQJHZLHVHQGDVVGLHHÄ81&KDUWDGHUUMGLVFKFKULVWOLFKHQ XQGHLQHUUVlNXODUHQ7UDGLWLRQ³XQWHUOLHJHÄGLHHYRQGHQLVODPLVFKHQ/lQGHUQQLFKWWRKQHHNXOWXUHOOHQ%UXFKEHIROJWW ZHUGHQN|QQH³:HJHQHUUU0DUWLQDDDÄ/LFKWWEHUU/LFKW³±'LHH9HUQXQIWWUDGLWLRQGHVV,VODP6
6FKZDUWOlQGHUVFKUHLEWKLHU]XÄ(UVWLQGHU9HUVFKUlQNXQJYRQ0HQVFKHQZUGHLPP6LQQHJOHLFKHU)UHLKHLW DOOHUUXQGGHUU0HQVFKKHLWWDOVVXQEHGLQJWWYHUSIOLFKWHQGHUU6ROLGDUJHPHLQVFKDIWNDQQGHUU8QLYHUVDOLWlWVDQVSUXFKGHUU 0HQVFKHQUHFKWHYROO]XU*HOWXQJJNRPPHQ³6FKZDUWOlQGHUUU-RKDQQHVVV)UHLKHLWWGHUU5HOLJLRQ666
9JO.|QLJ6LHJIULHGG=XUU%HJUQGXQJGHUU0HQVFKHQUHFKWH+REEHV±±/RFNHH±±.DQW6
([NXUVVDQQ:URJHPDQQVV$QVDW]]XHLQHUU+HUPHQHXWLNGHV)UHPGHQGDU]XOHJHQ YHUVXFKWWWW
$QGHUHUVHLWVV PXVVV IU GHQQ LQWHUUHOLJL|VHQ 'LDORJ HLQH HWKLVFKHH *UXQGODJHH JHJHEHQQ VHLQQQ GDD QXUU DXII GLHVHUU GLHH PDQQLJIDOWLJHQQ 3UREOHPHH XQVHUHU =HLW JHO|VWW ZHUGHQQ N|QQHQQ 'DEHLL HUJDEE VLFKKK GDVVV HLQQ DXII .DQWVV SUDNWLVFKK NDWHJRULVFKHPP ,PSHUDWLYY IXHQGHVV 9HUVWlQGQLVV YRQQ 0HQVFKHQZUGH XQHUOlVVOLFKK ]XX VHLQQ VFKHLQWWW ZHQQQ .DWHJRULHQ HOHPHQWDUHU 0HQVFKOLFKNHLWW HLQJHIRUGHUW ZHUGHQQ VROOHQQQ =ZDUU EHKDUUHQQ .XOWXUUHODWLYLVWHQQ RIWPDOVV GDUDXII GDVVV HLQQ 9HUVWlQGQLVV YRQQ 0HQVFKHQZUGHH XQGG 0HQVFKHQUHFKWHQQ ±± VRR ZLHH HV GHUU DXIJHVFKORVVHQHH 6lNXODULVPXVV QRWZHQGLJ HLQIRUGHUWW ± DXHUKDOEE GHU ZHVWOLFKHQQ .XOWXUU DXII 6FKZLHULJNHLWHQQ VWRHQ NDQQQQ 'HQQRFKK VROOWHH HLQ GHUDUWLJHV $UJXPHQWW QLFKWW DN]HSWLHUW ZHUGHQQQ GDD VRR XQWHUU GHPP 'HFNPDQWHOO LQWHUNXOWXUHOOHU 7ROHUDQ]] 9HUJHKHQQ JHJHQQ GLH 0HQVFKHQUHFKWH SULQ]LSLHOOO JHGXOGHWWZHUGHQQN|QQHQQ(LQHH'LVNXVVLRQQDXII*UXQGODJHHGHUU0HQVFKHQUHFKWH DOVV JHVHW]OLFKHUU 0DQLIHVWDWLRQQ YRQQ 0HQVFKHQZUGHH LVWW GHVKDOEE GULQJHQG QRWZHQGLJ REJOHLFKK HV HLQQ ODQJHUU XQGG PKVDPHUU 3UR]HVVV LVWWW KLHUEHU (LQYHUVWlQGQLVV ]X HU]LHOHQQQ 'HQQQ GLHVV VFKHLQWW ZRKOO GLHH HLJHQWOLFKHH +HUDXVIRUGHUXQJ GHVV LQWHUUHOLJL|VHQQ 'LDORJV ]XX VHLQQQ ZHQQQ QLFKWW JDUUU VRR ZLHH GLHVV +DQVV .QJ IRUGHUWWW LUJHQGZDQQQ HLQQ JHPHLQVDPHVV :HOWHWKRVV ]X NRQ]LSLHUHQQQ
7HLOO,,,,=XP6WDQGGGHU0HQVFKHQUHFKWHLQQ&KULVWHQWXP
XQGG,VODP
,PYRULJHQQ7HLOOZXUGHGLH1RWZHQGLJNHLWWEHJUQGHWGHQQLQWHUUHOLJL|VHQ'LDORJ DQKDQGG GHUU 0HQVFKHQUHFKWH ]XX IKUHQQ +LHU]XX ZXUGH XXDDD DXI GLHH 0HQVFKHQZUGHH DOVV HOHPHQWDUHH .DWHJRULH GHVV +XPDQHQQ YHUZLHVHQQQ GLH HLQHQ VROFKHQQ 'LDORJ HLQIRUGHUWWW 'HU IROJHQGH 7HLOO GLHVHU $UEHLWW P|FKWH GDUXP HLQVHKHQZHOFKH6WHOOXQJGLH5HOLJLRQHQQ]XGHQQ0HQVFKHQUHFKWHQQHLQQHKPHQQQ 'D HV YHUVWlQGOLFKHUZHLVH GHQ 5DKPHQQ VSUHQJHQ ZUGH ZHQQQ GLHVV DQKDQGG DOOHU:HOWUHOLJLRQHQQJHVFKlKHP|FKWHHLFKPLFKKLHU±QHEHQGHP&KULVWHQWXP ±± DXII GHQQ ,VODPP EHVFKUlQNHQQQ 'DVV KDWW IROJHQGHQQ *UXQGGG *HIKOVPlLJJ VFKHLQHQQ VLFKK GLHH Ã)URQWHQ¶¶ ]ZLVFKHQQ &KULVWHQWXP XQGG ,VODPP LQQ 'HXWVFKODQGG LQQHUKDOEE GHU OHW]WHQQ -DKUH YHUKlUWHWW ]XX KDEHQ 'LHV LVWW EHGDXHUOLFKKK VWHOOWW GHUU ,VODPPGRFKKHLQHHZHLWYHUEUHLWHWHH:HOWUHOLJLRQQLQQHUKDOEEGHUU%XQGHVUHSXEOLNNGDUUU =XVHKHQGVV NRQQWHH EHREDFKWHWW ZHUGHQQ ZLHH GLH $QJVWW YRUU IXQGDPHQWDOHQQ ,VODPLVWHQ DQZXFKVVV ZREHLL DXI 6HLWHQQ GHUU QLFKWWPXVOLPLVFKHQQ %HY|ONHUXQJ KlXILJ ([WUHPLVWHQQ XQGG IULHGOLHEHQGHH 0XVOLPHH ÃEHUU HLQHQQ .DPPP JHVFKHUW¶ ZXUGHQQQ 'LHVH 9HUKlUWXQJ DXIJUXQGG YRQQ 9RUXUWHLOHQQ VFKHLQWW PLUU QLFKW QXUU XQJHUHFKWIHUWLJWW]XXVHLQQQVLHHLVWW]XGHPPK|FKVWWXQGLIIHUHQ]LHUWWWGDVLHHGHQQYLHOHQ XQWHUVFKLHGOLFKHQQ6WLPPHQQLPP,VODPPQLFKWWDQQlKHUQGGUHFKWHQVVZLUGGG'HQQRFKKK 9RUXUWHLOHH N|QQHQQ VLFK PDQFKPDOO DXVV HLQHPP ZDKUHQQ .HUQQ HUJHEHQQQ XPVR GULQJHQGHUUHUJLEWVLFKKGHVKDOEEGLHH1RWZHQGLJNHLWWHLQHVDXIJHVFKORVVHQHQQQDEHUU DXFK NULWLVFKHQ 'LDORJV GHU ]ZDU QLFKWVV EHVFK|QLJW JOHLFK]HLWLJJ DEHU VWHWV GDUXPPEHPKWWEOHLEWWW0LVVYHUVWlQGQLVVHDE]XEDXHQQQ'LHVVJLOWWIUUEHLGHH6HLWHQQ LPPJOHLFKHQQ6LQQHH
'LHVHU 7HLOO P|FKWHH GHVKDOEE YRUQHKPOLFKK XQWHUVXFKHQ ZHOFKH 6WDQGRUWEHVWLPPXQJHQQGLHHEHLGHQQ5HOLJLRQHQQGHU]HLWW]XGHQQ0HQVFKHQUHFKWHQ HLQQHKPHQQQ 'D HVV ZRKOO QLFKWW P|JOLFKK VHLQ ZLUGGG DOOH 6WU|PXQJHQQ ]X EHUFNVLFKWLJHQQQ P|FKWH LFKK PHLQHQQ 6FKZHUSXQNW DXII HLQLJHH DXVJHZlKOWH 'RNXPHQWHH VHW]HQQQ 'LHVH VLQGG IUU GDVV &KULVWHQWXPP PDJHEOLFKK GLHH 6FKULIWHQ Ã3DFHPP LQQ WHUULV¶ -RKDQQHVV ;;,,, Ã'LJQLWDV KXPDQDH¶¶Ã*DXGLXPP HWW VSHV¶¶ GHVV 9DWLNDQXP DXI NDWKROLVFKHU E]Z GLH
-RKDQQHV;;,,,,(Q]\NOLNDD3DFHPLQWHUULV85/ KWWSSSSZZZXLENDFFDWWWKHROOOHVHUDXPWH[WHHHHHHKWPOFK6WDQGGGGGGGG
(UNOlUXQJEHUUGLHHUHOLJL|VHH)UHLKHLWWÄ'LJQLWDWLVVKXPDQDH³,Q+QHUPDQQ3HWHUUU+LOEHUDWK%HUQG-RFKHQ +HUGHUV.RPPHQWDUU]XP=ZHLWHQ9DWLNDQLVFKHQ.RQ]LOO%DQGGGGG66666663DVWRUDONRQVWLWXWLRQEHUUGLHH
'HQNVFKULIWW YRP ]X GHQQ 0HQVFKHQUHFKWHQ DXI HYDQJHOLVFKHU 6HLWH )UUGHQQ,VODPPVLQGGGLHVVHQWVSUHFKHQGGGLHH Ã$OOJHPHLQHH(UNOlUXQJEHU GLHH 0HQVFKHQUHFKWH LPP ,VODP¶¶ YRQQ GLHH Ã.DLURHUU 0HQVFKHQUHFKWVHUNOlUXQJ¶ YRQQ VRZLHH GLHH Ã$UDELVFKH &KDUWD GHU 0HQVFKHQUHFKWH¶¶YRQQQQ
'LHH 8QWHUVXFKXQJ VROOO KLHUEHLL DQQ )UDJHQQ HUIROJHQQQ GLHH LQQ HLQHUU %HKDQGOXQJJ EHUUGLHH0HQVFKHQUHFKWHIUUPLFKKXQHUOlVVOLFKKHUVFKHLQHQQ 'LHH)UDJHHQDFKKGHPP:UGHELOGGGHVV0HQVFKHQ
:LHHEHUHLWVVHUZlKQWWWEHGLQJHQQGHU%HJULIIIGHUU0HQVFKHQZUGHHDOVV)XQGDPHQW GHUU 0HQVFKHQUHFKWHH E]Z GLHH 0HQVFKHQUHFKWHH DOVV NRQNUHWWUHFKWOLFKHH 0DQLIHVWDWLRQQ YRQQ 0HQVFKHQZUGHH HLQDQGHUU (LQHH $EKDQGOXQJ EHUU GLHH 0HQVFKHQUHFKWH NDQQQ GDKHUU QLFKW DQGHUVV DOV ]XX KLQWHUIUDJHQQQ ZHOFKHVV :UGHELOGG KLQWHU GHQ 0HQVFKHQUHFKWVHUNOlUXQJHQQQVWHOOXQJQDKPHQQ VWHKWW 'DEHLL VROOO YRUU DOOHPP NULWLVFKK HU|UWHUWW ZHUGHQQQ LQZLHZHLWW GHUU *UXQGVDW] JLOWWW GDVVV 0HQVFKHQZUGHH DOOHQQ 0HQVFKHQQ DQJHERUHQ XQGG JOHLFKK LVWWW VRZLHH HLQ XQYHUlXHUOLFKHVV*XWWGDUVWHOOW 'LH)UDJHQDFKGHU8QLYHUVDOLWlW
0HQVFKHQUHFKWHH EHDQVSUXFKHQQ IU VLFK XQLYHUVHOOH *OWLJNHLWWW ZDV VLFK DXVV RELJHP$VSHNWWHUJLEWWW:HQQQMHGHPP0HQVFKKGLHJOHLFKH:UGHH]XWHLOONRPPWW VRRJHOWHQQIUUDOOHH0HQVFKHQQNRQVHTXHQWHUZHLVHHDXFKGLHHJOHLFKHQQ*UXQGUHFKWHHH ZRPLWW GLHVHH QXUU XQLYHUVHOOO JHGDFKWW ZHUGHQQ N|QQHQQQ /HLGHUU ZLUGG GLHVHU *UXQGVDW] KlXILJ GDQQQ DQJH]ZHLIHOWWW ZHQQQ GLHH 0HLQXQJ YHUWUHWHQQ ZLUGG GDVV HLQHHH[DNWHH9HUZLUNOLFKXQJYRQQ0HQVFKHQUHFKWHQQLFKWWRKQHHNXOWXUHOOHQQ%UXFKK HLQKHUJHKHQQN|QQHH(VVLVWGHVKDOEEEHVRQGHUVVGDUDXII]XDFKWHQQREEGDVV.RQ]HSW GHUU 8QLYHUVDOLWlWW DQJHIRFKWHQQ ZLUG XQGG ZRR LQ GLHVHPP )DOOO GLHH 3UREOHPDWLN EHVWHKWWWW
'LH)UDJHQDFKGHU5HOLJLRQVIUHLKHLWWW
5HOLJLRQVIUHLKHLWW LVWW ZRKOO HLQHV GHU JUXQGOHJHQGVWHQQ 0HQVFKHQUHFKWH EHUKDXSWWW 1XUU GRUWWW ZRR VLHH HUIOOWW ZLUGGG NDQQ HLQQ IULHGYROOHVV 0LWHLQDQGHUU
.LUFKHHLQGHUU:HOWWGLHVHUU=HLWWÄ*DXGLXPHWWVSHV³,Q+QHUPDQQ3HWHUUU+LOEHUDWK%HUQG-RFKHQ+HUGHUV .RPPHQWDUU]XP=ZHLWHQ9DWLNDQLVFKHQ.RQ]LO%DQGGGG6
.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHHLQ'HXWVFKODQG'LHH0HQVFKHQUHFKWHLP|NXPHQLVFKHQ*HVSUlFK,Q .LUFKHQNDQ]OHLGHU(YDQJHOLVFKHQQ.LUFKHLQQ'HXWVFKODQG'LH'HQNVFKULIWHQQGHU(YDQJHOLVFKHQQ.LUFKHLQQ 'HXWVFKODQGGG%DQGGGG6
,FKKJHEH]XXGDVVVGLHVH'RNXPHQWHDXIJUXQGLKUHU(UVFKHLQXQJVMDKUHQLFKWPHKUJDQ]DNWXHOODQPXWHQQP|JHQQ MHGRFKKEHDQVSUXFKHQQLKUH,QKDOWHIULKUH.RQIHVVLRQHQQQDFKZLHYRU*OWLJNHLW'HVKDOEVFKHLQWPLULKUH ,QWHUSUHWDWLRQJUXQGOHJHQGVLQQYROOO]XVHLQ
'LH.DLURHUU(UNOlUXQJEHUU0HQVFKHQUHFKWHLP,VODP,Q)ULW]VFKH.3HWHUU0HQVFKHQUHFKWH6
$UDEE&KDUWD2Q+XPDQ5LJKWV,Q$O0LGDQL0RKDPPHGG$PLQHWDO%RVWRQ8QLYHUVLW\,QWHUQDWLRQDO /DZ-RXUQDO9ROXPHHHHHH)DOO1XPEHUUUUU685/ KWWSZZZDFLKORUJJUHV$UDEB&KDUWHUBRQB+XPDQB5LJKWVBSGI6WDQGGGGGG
9JO'LFNHHH.ODXV'LHHGHUU3HUVRQLQQHZRKQHQGHH:UGHXQGGLHH)UDJHHGHUU8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH ,Q%LHOHIHOGWWW+HLQHUUU%UXJJHU:LQIULHGGG'LFNH.ODXV:UGHHXQG5HFKWWGHV0HQVFKHQ66666666
IORULHUHQQQ GDD QXUU VRR GDV )DNWXPP XQWHUVFKLHGOLFKHUU hEHU]HXJXQJHQQ QLFKWW ]X HLQHUU'LVNULPLQLHUXQJ UHOLJL|VV$QGHUVGHQNHQGHUU IKUWWW'HQQQGLHVVEHGHXWHWWLP KDUPORVHQQ )DOOO $XVVFKOXVVV YRQQ JHVHOOVFKDIWOLFKHQQ ,QVWLWXWLRQHQQQ LP VFKOLPPVWHQQ )DOOO )ROWHUU XQGG 9HUIROJXQJ XQGG LVWW GHVKDOEE LQQ MHGHPP )DOOO ]X lFKWHQ $OOHUGLQJV LVWW VLH HLQHV GHU SUREOHPDWLVFKVWHQ 0HQVFKHQUHFKWH GDD VLH XQPLWWHOEDU GHQ .HUQ HLQHU 5HOLJLRQQ DQVSULFKWWW QlPOLFK LKUH HLJHQH *ODXEHQVEHU]HXJXQJ'LHVVIKUWWGHVKDOEE]XUU)UDJHHHREEGLHVHHhEHU]HXJXQJGLHH 5HOLJLRQVIUHLKHLWWDQGHUHUUSULQ]LSLHOOO]XOlVVWWE]ZZZREE6FKZLHULJNHLWHQQYHUPHUNWW ZHUGHQQN|QQHQQQ
'LHH)UDJHHQDFKKGHPP9HUKlOWQLVVYRQQ6WDDWWXQGG5HOLJLRQQ 'HUUOHW]WHH$VSHNWWYHUVXFKWW]XXHU|UWHUQZHOFKHVV9HUKlOWQLV]ZLVFKHQ6WDDWWXQGG 5HOLJLRQQ LQQ GHQQ 'RNXPHQWHQQ DXIJH]HLFKQHWW ZLUGG 'LHVV LVWW ]XPP %HLVSLHOO GDQQQ UHOHYDQWWW ZHQQQ DOOJHPHLQHH 0HQVFKHQUHFKWH XQGG UHOLJL|VHH 5HFKWH LQ :LGHUVSUXFKKVWHKHQQN|QQHQQXQGG.RQIOLNWSRWHQWLDOOVRPLWYRUJH]HLFKQHWWLVWWW'LHH 5ROOHGHV6WDDWHVZLUGGKLHUHQWVFKHLGHQGGGNRPPWWLKPPDOVV0DFKWWUlJHUUGRFKKGLHH $XIJDEHH]XGLHHXQWHUVFKLHGOLFKHQQ$QVSUFKHHLQQ%H]LHKXQJ]XXVHW]HQQXQGGVR]X HLQHU(QWVFKHLGXQJGHVV.RQIOLNWVVEHL]XWUDJHQ
'D LFKK LPP HUVWHQQ 7HLO PHLQHU $UEHLWW GDUDXI KLQJHZLHVHQ KDEH GDVV GHUU 6lNXODULVPXVV DOVV ]XVlW]OLFKHU *HVSUlFKVSDUWQHU EHUFNVLFKWLJWW ZHUGHQQ VROOWH P|FKWHH LFKK GRUWWW ZRR HVV P|JOLFKK LVWWW DXII VlNXODUHH $VSHNWH GHUU 0HQVFKHQUHFKWVGLVNXVVLRQQDXIPHUNVDPPPDFKHQQQ
,,, =XP 6WDQGG GHUU 0HQVFKHQUHFKWHH LP &KULVWHQWXPP GHU *HJHQZDUW
'HU IROJHQGH 7HLOO HU|UWHUW GLH YLHU REHQ JHQDQQWHQ $VSHNWH LQQ HUZlKQWHU 5HLKHQIROJH +LHU]XX VROOHQQ QLFKWW QXUU GLH FKULVWOLFKHQQ 6FKULIWHQ XQWHUVXFKWW ZHUGHQQ VRQGHUQQ DXFKK GLHH GDUDXV IUU GHQQ 'LDORJ UHVXOWLHUHQGHQQ )RUGHUXQJHQ HUIUDJWW ZHUGHQQQ ,FKK P|FKWHH DQQ GLHVHUU 6WHOOH GDUDXII KLQZHLVHQQQ GDVVV GLHH GDUJHVWHOOWHQQ FKULVWOLFKHQQ $XIIDVVXQJHQ ]% GHUU 0HQVFKHQZUGH DXIJUXQGG YRQQ *RWWHVHEHQELOGOLFKNHLWWW QXUU HLQHQQ :HJ GDUVWHOOHQQQ ZLHH 0HQVFKHQUHFKWHH EHJUQGHWWZHUGHQQN|QQHQ
'KVRRRZLHVLHYRQGHUU812GHNODULHUWZXUGHQ
,,, 'LHH )UDJH QDFKK GHP :UGHELOG GHV 0HQVFKHQQ LP &KULVWHQWXPGHUUU*HJHQZDUW
Ä-HGHPPHQVFKOLFKHQ=XVDPPHQOHEHQQPXVVGDVV3ULQ]LSS]XJUXQGHHOLHJHQQQ GDVVV MHGHU 0HQVFKK VHLQHPP :HVHQQ QDFKK 3HUVRQQ LVWW³ 0LW GLHVHQ :RUWHQ YHUDQNHUWW3DSVWW-RKDQQHVV;;,,,QRFKKLP9RUZRUWGHVV5XQGVFKUHLEHQVÄ3DFHPP LQQ WHUULV³³ YRQQ GLHH PHQVFKOLFKHH :UGHH LQQ MHGHPP ,QGLYLGXXPP XQGG VWHKW GDPLWW IU GLH 8QYHUlXHUOLFKNHLWW GHU 0HQVFKHQZUGH HLQQQ 'LHVV LVWW FKDUDNWHULVWLVFK IU GDV PRGHUQH 'HQNHQ GHU ZHVWOLFKHQQ .XOWXU VHL HV DXII FKULVWOLFKKUHOLJL|VHURGHUQLFKWWUHOLJL|VHU(EHQH'LH:UGHGHVV0HQVFKHQJLOWW DOVV DQJHERUHQHVV *XWWW JOHLFKK IUU DOOH XQGG XQDQWDVWEDU 6LHH NRPPW QDFKK .DQW GHPP0HQVFKHQQDOOHLQQDXIJUXQGVHLQHU9HUQXQIWEHJDEXQJJDOVVVLWWOLFKKDXWRQRPHVV 6XEMHNWW]X 'LHVEHGHXWHWWPHKUDOVVUDGLNDOH)UHLKHLWWGHVV6XEMHNWVVV(VVEHGHXWHW YLHOPHKUU GLHH 9HUDQWZRUWXQJ GLHH GHPP 0HQVFKHQ DXIJUXQGG VHLQHUU )lKLJNHLWW HLJHQHH *HVHW]H ]XX HUVWHOOHQQQ ]XNRPPW VR ZDKU]XQHKPHQQQ GDVVV HUU GLHVHH LP 6LQQHH GHUU 6LWWOLFKNHLWW HUIlKUWW XQGG GDGXUFKK HUVWW EHIlKLJW ZLUGGG ZDKUKDIWW QDFKK ÃHLJHQHQQ *HVHW]HQ¶¶ ]XX OHEHQQQ ,QQ DQGHUHQ :RUWHQQQ (UVWW ZHQQQ GLH VHOEVWJHJHEHQHQQ*HVHW]HHLQHQQHWKLVFKHQQ:HUWWDXIZHLVHQLVWWJXWHVV/HEHQQQDFK LKQHQQ P|JOLFKK XQGG GHUU 0HQVFKK ZLUNOLFKK DXWRQRPPP 'DKHU LVWW GHUU SUDNWLVFKK NDWHJRULVFKHH ,PSHUDWLY QLFKWW QXUU DOVV 0DQLIHVWDWLRQQ PHQVFKOLFKHUU :UGH VRQGHUQQ YLHOPHKUU DXFKK DOVV 9HUDQWZRUWXQJVDSSHOOO ]X JHZLVVHQKDIWHPP +DQGHOQQ ]XYHUVWHKHQQQZHOFKHUULKPPDXVVGLHVHU:UGHH]XWHLOOZLUGGG$XVVGHPP*UXQGGNDQQQ 0HQVFKHQZUGHHQLFKWWQXUUDOVV)XQGDPHQWWYRQQ0HQVFKHQUHFKWHQQQVRQGHUQQDXFKK YRQQ0HQVFKHQSIOLFKWHQQYHUVWDQGHQQZHUGHQQ 'DV ]ZHLWH 9DWLNDQXP EHWRQW GLHVH 3IOLFKW ZHQQ HV GHQ 0HQVFKHQ DXVGUFNOLFKK DOVV ÄPLWW 9HUQXQIWW XQGG IUHLHPP :LOOHQQ EHJDEWW XQGG GDKHUU GXUFKK SHUV|QOLFKHH 9HUDQWZRUWXQJ HUK|KW³ EH]HLFKQHWW XQGG GHVV |IWHUHQQ VHLQH 9HUQXQIWIlKLJNHLWWXQWHUVWUHLFKWWW Ä XUWHLOWW GHU 0HQVFKK ULFKWLJ GDVVV HUU GXUFK VHLQHH9HUQXQIWWGLHH*HVDPWKHLWWGHUU'LQJHHEHUWULIIW³ Ä'LHH9HUQXQIWQDWXUUGHU PHQVFKOLFKHQQ 3HUVRQQ ³ HWF ,Q GLHVHPP 6LQQH YHUZHLVWW GLH NDWKROLVFKH 6\QRGHH DXII GLH )lKLJNHLW ]XPP IUHLHQQ +DQGHOQQQ ZLHH DXFKK VFKRQQ .DQWW HUZlKQW
-RKDQQHV;;,,,,(Q]\NOLNDD3DFHPLQWHUULV$EVDW]
9JO6FKZDUWOlQGHU-RKDQQHV0HQVFKHQUHFKWH(LQHH+HUDXVIRUGHUXQJGHUU.LUFKHHH666666+RQHFNHUUU0DUWLQQQ 'DVVUHIRUPDWRULVFKHH)UHLKHLWVYHUVWlQGQLVVXQGGDVVQHX]HLWOLFKHH9HUVWlQGQLVGHUUÃ:UGHHGHVV0HQVFKHQ¶,Q 6FKZDUWOlQGHUUU-RKDQQHV0RGHUQHV)UHLKHLWVHWKRVXQGGFKULVWOLFKHUU*ODXEHHH666666
(UNOlUXQJEHUUGLHHUHOLJL|VH)UHLKHLWÄ'LJQLWDWLVKXPDQDH³6$EVDW]]]]] 3DVWRUDONRQVWLWXWLRQEHUUGLH.LUFKHHLQGHUU:HOWGLHVHUU=HLWÄ*DXGLXPHWVSHV³6$EVDW]]]]]]] (EGGGG666$EVDW]]]]]]
KDWWW GDVVV 9HUQXQIWEHJDEXQJ RKQHH )UHLKHLWW XQVLQQLJ HUVFKHLQW $EHUU VLH YHUZHLOWWQLFKWWGDEHLLLVRQGHUQYHUDQNHUWGLH:UGHGHV0HQVFKHQQ]XVlW]OLFKLQQ GHU *RWWHVHEHQELOGOLFKNHLWWW GLH LKPP QDFKK *HQQ ]XWHLOO NRPPWWWÄ*RWWW VFKXI GHQQ0HQVFKHQQ]XXVHLQHPP%LOGHHH]XPP%LOGHH*RWWHVVVFKXIIHUULKQQQXQGGVFKXIIVLH DOVV0DQQQXQGG:HLEE³ 'DKHUUVLHKWGLHNDWKROLVFKHH$XIIDVVXQJDOOH0HQVFKHQ DOVV ÄDPP /LFKWW GHVV J|WWOLFKHQQ *HLVWHVV WHLOKDEHQG³ ZRGXUFKK LKQHQQ *HZLVVHQ XQGG 9HUQXQIWW ]XWHLOO ZLUGGG 'HP]XIROJH NRPPHH GHQQ 0HQVFKHQQ QLFKWW QXU GLHH 9HUDQWZRUWXQJJ]XXQWHUHLQDQGHUUIUU)ULHGHQQ]XVRUJHQQQVRQGHUQQ]XJOHLFKDXFKK GLH$XIJDEHJHPl/HLWXQJLKUHV*HZLVVHQVVQDFKKGHUJ|WWOLFKHQQ:DKUKHLWW]X VXFKHQ 'LHH PHQVFKOLFKHH :UGHH VWHKWW GHVKDOEE QDFKK GLHVHPP 9HUVWlQGQLVV LQ GHUU3IOLFKWWWVLFKLKUHVHLJHQHQQ:HUWHVEHZXVVWW]XXZHUGHQQZDVÄDXIVVVFKZHUVWHH YHUOHW]W³³ ZLUGGG ZHQQQ ÄGLHH 5lWVHOO YRQQ /HEHQQ XQGG 7RGG 6FKXOGG XQG 6FKPHU] RKQHH/|VXQJEOHLEHQ³ 'LHVLVWVLFKHUOLFKHLQHGHUZLFKWLJVWHQ(UJlQ]XQJHQ ]XUU VlNXODUHQQ $XIIDVVXQJ YRQQ 0HQVFKHQZUGHHH GDD KLHULQQ GLHH 1RWZHQGLJNHLWW UHOLJL|VHUU6LQQVXFKHHXQGG6LQQJHEXQJHUQVWKDIWWEHUFNVLFKWLJWWZLUGGGZLHHHVGHU 6lNXODULVPXVV DOOHLQQ QLFKWW OHLVWHQ NDQQQQ =XJOHLFKK EHXJWW HV GHQ 0LVVYHUVWlQGQLVVHQQ YRUU GDVVV 0HQVFKHQZUGH VXEVWDQ]ORVV RGHUU JDU DQWLL UHOLJL|VVVHL 9LHOPHKUHUJLEWVLFKKLHUDXVHLQIUXFKWEDUHU$XVWDXVFK]ZLVFKHQ VlNXODUHPP XQG NDWKROLVFKHPP :UGHYHUVWlQGQLVVV ZHOFKHV GXUFKDXV DOV $UJXPHQWW LPP FKULVWOLFKKLVODPLVFKHQQ E]ZZZ FKULVWOLFKKDWKHLVWLVFKHP 'LDORJJ
'LH NDWKROLVFKHH 3HUVSHNWLYH EHWRQWW VRPLWW PDJHEOLFK GDVV GHPP 0HQVFKHQ VHLQHHLQQHUH:UGHHDXIJUXQGGVHLQHUU*RWWHVHEHQELOGOLFKNHLWW]XNRPPWWWZRGXUFKK HU ]XJOHLFKK ]XX HLJHQYHUDQWZRUWOLFKHPPP YHUQXQIWEHZXVVWHPP +DQGHOQQ EHIlKLJW ZLUGGG'LHVHVV+DQGHOQQVFKOLHWWGLHH3IOLFKWW]XXHLQHPPIULHGYROOHQQ0LWHLQDQGHUUXQGG UHOLJL|VHUU6LQQVXFKHHPLWWHLQQQQ
HLQHQQDQGHUHQQ:HJ =ZDUUZLUGG0HQVFKHQZUGHDXFKKKLHUDOVVXQYHUlXHUOLFKKK
9JO.DQWWW,PPDQXHOOO.ULWLNGHUUSUDNWLVFKHQ9HUQXQIW*UXQGOHJXQJ]XU0HWDSK\VLNGHUU6LWWHQ666I%$ ,FKZLOOOPLWWGHP9HUJOHLFKNHLQHVIDOOVDXVGUFNHQGDVVGLHHNDWKROLVFKHH9HUQXQIWDXIIDVVXQJPLWWGHUU NDQWLVFKHQLGHQWLVFKVHLVRQGHUQYLHOPHKUUUGDVVVZLFKWLJHHhEHUHLQVWLPPXQJVSXQNWHHEHVWHKHQ
hEHUVHW]XQJQDFK/XWKHUUU(YDQJHOLVFKH.LUFKHHLQ'HXWVFKODQG'LHH%LEHOOQDFKGHUUhEHUVHW]XQJ0DUWLQ /XWKHUVVPLWW$SRNU\SKHQYJO3DVWRUDONRQVWLWXWLRQEHUUGLHH.LUFKHHLQGHUU:HOWWGLHVHUU=HLWWÄ*DXGLXPHWVSHV³ 6I$EVDW]
9JO(EGGGG6666$EVDW]]]]]]
9JO(UNOlUXQJEHUUGLHHUHOLJL|VH)UHLKHLWÄ'LJQLWDWLVKXPDQDH³6$EVDW]]]]]] 3DVWRUDONRQVWLWXWLRQEHUUGLH.LUFKHHLQGHUU:HOWGLHVHUU=HLWÄ*DXGLXPHWVSHV³6$EVDW]]]]]]YJODXFK (EGGGG6$EVDW]]]]]]
9JO%LHOHIHOGWWW+HLQHUUU0HQVFKHQZUGHHH6666I
,QQGLHVHP6LQQHHUVFKHLQWHVVQXUDOO]XXYHUVWlQGOLFKKZHQQQVLFKKGLHNDWKROLVFKH.LUFKHJHJHQQGLHDWKHLVWLVFKH $XIIDVVXQJZHKUWPHQVFKOLFKHH$XWRQRPLHVHLLP*UXQGHHPLWGHUU$QHUNHQQXQJ*RWWHVDOV8UJUXQGGDOOHUU'LQJHH XQYHUHLQEDUUUYJO3DVWRUDONRQVWLWXWLRQEHUUGLHH.LUFKHHLQGHUU:HOWWGLHVHUU=HLWWÄ*DXGLXPHWWVSHV³6666666 $EVDW]'LH$XVIKUXQJHQQKDEHQQHUJHEHQQGDVVVHVGXUFKDXVVP|JOLFKKLVWGHQQ0HQVFKHQQDOVV HLJHQYHUDQWZRUWOLFKHVV6XEMHNWWXQGDOVVYRQ*RWWWEHJQDGHWHVV:HVHQ]XYHUVWHKHQ
DQJHERUHQ XQGG IUU DOOHH 0HQVFKHQQ JOHLFKK EHWUDFKWHW 'HU )RNXV VLW]WW DEHU ZHQLJHUU DXII GHUU 9HUQXQIWEHJDEXQJ GHVV 0HQVFKHQQ XQGG GHUU LKPP GHVKDOEE ]XJHVSURFKHQHQ )UHLKHLWWW VRQGHUQQ YLHOPHKUU LQ GHU 5HFKWIHUWLJXQJJ GHVV 0HQVFKHQQ GXUFKK *RWWHVV *QDGHHH $XFKK GLHH HYDQJHOLVFKHH .LUFKH EHWRQWW DXVGUFNOLFKKGLH*RWWHVHEHQELOGOLFKNHLWWGHVV0HQVFKHQQDFK*HQHVLVV]LHKW DEHUUHLQHQQDQGHUHQQ6FKOXVVVV'HQQQGHUU0HQVFKKLVWW]XJOHLFKKÄGDULQQ6QGHUUUGDVV HUU *RWWW QLFKWW PLWW VHLQHPP /HEHQQ DOVV 6FK|SIHUU XQGG +HUUQQ DQHUNHQQW³ 0LWW DQGHUHQQ :RUWHQQQ 'XUFKK GHQQ =XVWDQGG GHUU 6QGKDIWLJNHLWW LPP 0HQVFKHQQ LVWW GDVV IULHGYROOH 0LWHLQDQGHU GHU *HVHOOVFKDIWW ]ZDQJVOlXILJ JHVW|UW 6QGHH ZLUG GHPQDFKK LQ GHUU 1DWXUU GHVV 0HQVFKHQQ VHOEVWW YHURUWHWWW VLH HUVFKHLQW XQXPJlQJOLFK (UVWWLQQGHUU5HFKWIHUWLJXQJGHV0HQVFKHQQGXUFKK*RWWWLQQ-HVXV &KULVWXVV HUIlKUWW GHUU 0HQVFKK VHLQHH %HIlKLJXQJ Ä]XUU 0LWPHQVFKOLFKNHLWW XQGG 1lFKVWHQOLHEH³ ZRUDXVVVLFKKEHVRQGHUVVIU&KULVWHQQQGLHH3IOLFKWWHUJLEWWWVLFK IUU 0HQVFKHQUHFKWH VWDUN ]XX PDFKHQQQ ,G HVWWW 0HQVFKHQZUGH ZLUG QLFKW QXU DXVV GHUU *RWWHVHEHQELOGOLFKNHLWW DEJHOHLWHWWW VRQGHUQQ HVV EHVWHKWW DXFK HLQQ %HUKUXQJVSXQNWW LQQ GHUU 5HFKWIHUWLJXQJ GXUFKK &KULVWXV 'LHVHH ZXUGHH GHQ 0HQVFKHQQ GXUFKK GDVV .UHX]HVJHVFKHKHQQQ ]XWHLO ZREHLL GLHH *ODXEHQGHQQ LQ EHVRQGHUHUU 9HUDQWZRUWXQJ VWHKHQQQ GLHH GDUDXVV Q|WLJHQQ 6FKOVVHH ]XX ]LHKHQ XQGG VLFKK IUU HLQHH IULHGOLFKH :HOWRUGQXQJ HLQ]XVHW]HQQQ LQGHPP VLHH DXVV 'DQNEDUNHLW GDVV *HERWW GHUU 1lFKVWHQOLHEHH EHIROJHQQQ 'DV /LHEHVJHERWW ZLUGG VRPLWW ]XP HOHPHQWDUHQQ(FNSIHLOHUZHOFKHVÄXQLYHUVDOHZHOWZHLWH*HOWXQJKDW³ (VVROOO GHQQ 0HQVFKHQQ GD]XX EHIlKLJHQQ ÄLQQ EHVWLPPWHQ )lOOHQQ HLJHQHVV 5HFKWW
9JO.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHLQ'HXWVFKODQGG'LH0HQVFKHQUHFKWHHLP|NXPHQLVFKHQ*HVSUlFK 66666666
(EGGGG66
'HVKDOEEVLQGG&KULVWHQQDFKGLHVHUU$XIIDVVXQJGD]XYHUSIOLFKWHWWÄGHQ&KDUDNWHUUGHUU0HQVFKHQUHFKWHHDOV 6FKXW]UHFKWHHQLFKW]XYHUQDFKOlVVLJHQ³(EGGGG66666666GKVLFKVWHWVEHZXVVWW]XVHLQGDVV0HQVFKHQUHFKWHHDXFK HLQH3URWHNWLRQGHV0HQVFKHQYRUUVLFKVHOEVWVLQGGG
'DJHJHQEHWUDFKWHWWGLHHNDWKROLVFKHH6LFKWWGLHH6QGHHHKHUUDOV)UHLKHLWVPLVVEUDXFKZHQQVLFKGHUU0HQVFK DXIJUXQGIDOVFKHU(QWVFKHLGXQJJGHP%|VHQQ]XQHLJW'LH0|JOLFKNHLWVLFKKSULQ]LSLHOOGHP*XWHQQ]XZHQGHQ]XX N|QQHQZLUGGRUWWQLFKWWDEJHVWULWWHQYJOOO3DVWRUDONRQVWLWXWLRQEHUUGLHH.LUFKHHLQGHUU:HOWWGLHVHUU=HLWWÄ*DXGLXP HWVSHV³6$EVDW]]]
.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHHLQ'HXWVFKODQG'LHH0HQVFKHQUHFKWHLP|NXPHQLVFKHQ*HVSUlFK6 $XFKKÄ3DFHPLQQWHUULV³HUZlKQWGDV.UHX]HVJHVFKHKHQQXQGGLHGDPLWYHUEXQGHQHQQ$XVZLUNXQJHQQDXIIGLH 0HQVFKHQZUGHHHZHQQJOHLFKGLHVQLFKWLQGLHVHUU'HXWOLFKNHLWWJHVFKLHKWWWYJO-RKDQQHV;;,,,,,(Q]\NOLND3DFHP LQWHUULV$EVDW]]]]]]]
9JO.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHLQ'HXWVFKODQGG'LH0HQVFKHQUHFKWHHLP|NXPHQLVFKHQ*HVSUlFK 6666I
'DPLWWVWHKWWGLHH'HQNVFKULIWWLQUHIRUPDWRULVFKHUU7UDGLWLRQJHKWWDEHUU]XJOHLFKEHUUGDVVUHIRUPDWRULVFKH 'HQNHQQGHV-DKUKXQGHUWVVKLQDXV'HQQQQDFKKGLHVHPP9HUVWlQGQLVVNRQQWH5HFKWIHUWLJXQJJQXUPLW DXVGUFNOLFKHPHYDQJHOLVFKHQ%HNHQQWQLVVJHVFKHKHQQZDVLPP8PNHKUVFKOXVVVEHGHXWHWGDVVVDOOHDQGHUHQ 5HOLJLRQHQXQG.RQIHVVLRQHQ,UUZHJHHVHLQPXVVWHQYJOOO+HFNHOOO0DUWLQ'LHH0HQVFKHQUHFKWHHLP6SLHJHOOGHUU UHIRUPDWRULVFKHQ7KHRORJLH6666I$XFKQDFKPRGHUQQUHIRUPDWRULVFKHP9HUVWlQGQLVN|QQHQ 0HQVFKHQUHFKWHHQXU%DVLVLUGLVFKHQ:RKOHUJHKHQVVHLQQLFKWDEHUU+HLOVERWVFKDIWHQYJO(EGGGG666'HQQ GLH)UDJHRE*RWWDOOH0HQVFKHQQRGHUQXUGLH*ODXEHQGHQQGXUFKKGDVV.UHX]HVJHVFKHKHQHUO|VWKDWPXVVVGRFK DP(QGHHRIIHQEOHLEHQ8PVRRZLFKWLJHUUHUVFKHLQWHV0HQVFKHQUHFKWHDXFKDOV6FKXW]XQGGQLFKWQXUDOV )UHLKHLWVUHFKWHH]XEHJUHLIHQ
.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHHLQ'HXWVFKODQG'LHH0HQVFKHQUHFKWHLP|NXPHQLVFKHQ*HVSUlFK6
]XJXQVWHQQ DQGHUHUU JHOWHQGG ]X PDFKHQ³ 0LWW GLHVHPP 9HUVWlQGQLVV NDQQ GHP $UJXPHQWWEHJHJQHWWZHUGHQGDVVVZHVWOLFKH0HQVFKHQUHFKWHDOVV)UHLKHLWVUHFKWH ]XXHLQHPPUDGLNDOHQQ,QGLYLGXDOLVPXVVIKUHQQQGHUU*UXQGODJHHYRQQ1LKLOLVPXVVXQG +HGRQLVPXVVVHL
(VVOlVVWWVLFKKIHVWKDOWHQQQGDVVVEHLGH$XIIDVVXQJHQGLHZLFKWLJHQ0HUNPDOHHYRQ 0HQVFKHQZUGHH EHUFNVLFKWLJHQQQ ZHQQQ DXFKK DXVV XQWHUVFKLHGOLFKHU %HJUQGXQJJ KHUDXVVV 'DUDXVV HUJLEWW VLFKK GLH 0|JOLFKNHLWW IUU GHQQ 'LDORJ LQ DXWKHQWLVFKHUU :HLVH GDU]XVWHOOHQQQ ZLH 0HQVFKHQUHFKWH DXVV XQWHUVFKLHGOLFKHQQ 3HUVSHNWLYHQQ EHJUQGHWW ZHUGHQQ N|QQHQQQ =XGHP VFKHLQWW PLUU GLHH FKULVWOLFKHH 0|JOLFKNHLWW ]XUU %HJUQGXQJ YRQQ 0HQVFKHQZUGHH ZLFKWLJ IUU GHQQ 'LDORJ ]X VHLQQQ 'HQQQ GDPLWW NDQQQ VRZRKOO GHPP ± KlXILJ YRQQ RUWKRGR[HQQ 0XVOLPHQQ HLQJHEUDFKWHQ ± $UJXPHQWW EHJHJQHW ZHUGHQQQ GDVVV HLQQ ZHVWOLFKHVV :UGHYHUVWlQGQLVV 5HOLJLRQQ SULQ]LSLHOOO DXVVFKOLHHQQ ZUGH DOVV DXFKK HLQHH $QWZRUWWDXIIGHQQ(LQZDQGGHUWHLOWWZHUGHQGDVVVHLQHZHUWHORVH6SDJHVHOOVFKDIWW GLH )ROJH VROFKHU $XIIDVVXQJ VHL ,Q GHP 6LQQH VWHKHQQ GLH FKULVWOLFKHQQ .RQIHVVLRQHQQ LQQ GHUU 9HUDQWZRUWXQJ VLFKK PXWLJ ]X LKUHP HLJHQHQQ 9HUVWlQGQLVV ]XXEHNHQQHQQQXPPVRRGHQQ'LDORJ]XXI|UGHUQQQ'DVVDEHUUNDQQQQXUUGDQQQJHVFKHKHQQQ ZHQQQ GLH %HVRUJQLVVHH GHVV ,VODPVV HUQVWKDIW EHUFNVLFKWLJW ZHUGHQQQ :LHGHUU HUJLEWWVLFKKGLH1RWZHQGLJNHLWWHLQHUSRO\]HQWULVFKHQ*UXQGKDOWXQJZHOFKHGLH DQGHUH5HOLJLRQQLQQHUVWHUU/LQLHDOVVVLHVHOEVWWZDKU]XQHKPHQQYHUVXFKWWWGDDQXUUVRR GLHH (UQVWKDIWLJNHLWW GHU (LQZlQGHH WLHIHUU HUIDKUHQQ ZHUGHQQ NDQQQQ RKQHH VLHH YRUVFKQHOOO]XYHUXUWHLOHQQ
,,,, 'LHH )UDJHH QDFK GHUU 8QLYHUVDOLWlWW YRQ 0HQVFKHQUHFKWHQ LP &KULVWHQWXPGHUU*HJHQZDUW
6RZRKOO GLHH NDWKROLVFKHHH DOVV DXFKK GLHH HYDQJHOLVFKHH .RQIHVVLRQQ EHNHQQHQQ VLFKK KHXWHHLQGHXWLJ]XU8QLYHUVDOLWlWWGHU0HQVFKHQUHFKWH'LHVVVROOOLP)ROJHQGHQQ NXU]GDUJHOHJWWZHUGHQQQ
)UGLHNDWKROLVFKH.LUFKHHUJLEWWVLFKGLHH8QLYHUVDOLWlWWKDXSWVlFKOLFKKDXVGHU 3HUVRQHQZUGH ZHOFKH DOOHQQ 0HQVFKHQQ JOHLFKHUPDHQQ ]XNRPPW 6RR KDW -RKDQQHVV ;;,,, LQQ VHLQHP 5XQGVFKUHLEHQ Ã3DFHP LQQ WHUULV¶ YRPP ZHVHQWOLFKK]XU$QHUNHQQXQJGHU0HQVFKHQUHFKWHHLQQHUKDOEEVHLQHU.RQIHVVLRQ EHLJHWUDJHQ 'DULQQVWHOOWWHUUDXIJUXQGGGHVV3ULQ]LSVVVGDVVVMHGHU0HQVFK3HUVRQQ VHL IHVWWW GDVVV GDUDXVV IU DOOH GLH JOHLFKHQQ 5HFKWHH XQGG 3IOLFKWHQQ IROJHQ
(EGGGG6
'LHVHUU9RUZXUIZLUGVHLWHQVIXQGDPHQWDOLVWLVFKHUU0XVOLPHJHUQHGHPZHVWOLFKHQ0HQVFKHQUHFKWVYHUVWlQGQLVV JHJHQEHUJHPDFKW9JO%LHOHIHOGW+HLQHUUU0HQVFKHQZUGH6666I
9JO.KQKDUGWWW/XGJHUUU'LHH8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH6666666 9JO-RKDQQHV;;,,,,,(Q]\NOLND3DFHPLQWHUULV$EVDW]]]]
PVVHQ ZRUDXIKLQQ HU VHLQHQQ XPIDQJUHLFKHQQ 0HQVFKHQUHFKWVNDWDORJ HQWZLFNHOW 'DVVV GHVVHQQ *OWLJNHLWW XQDXIKHEEDU LVWWW EHWRQWW -RKDQQHVV ;;,,, LPPVSlWHUHQQ9HUODXIIVHLQHVV5XQGVFKUHLEHQVVVÄ'HQQQGHUUGHPP,UUWXPP9HUIDOOHQHH K|UWW QLHH DXIII 0HQVFKK ]X VHLQQQ XQG YHUOLHUW QLHH VHLQHH SHUV|QOLFKHH :UGH GLHH GRFKK LPPHUU JHDFKWHW ZHUGHQQ PXVVV³ $QGHUHUVHLWV ZLUGG DXFK GLH 'ULQJOLFKNHLWW EHWRQWWW 0HQVFKHQUHFKWH LQQ GHUU *HJHQZDUWW GXUFK]XVHW]HQQ 6R EHVWlWLJWW Ã3DFHP LQQ WHUULV¶ JOHLFKK ]XX %HJLQQQQ GDVVV GDVV =LHO GHU Ä)ULHGHH DXI (UGHQ³VHLLLÄQDFKGHPPDOOHH0HQVFKHQQ]XDOOHQQ=HLWHQVHKQOLFKVWWYHUODQJWHQ³ 'DPLWWLVWWHLQQZLFKWLJHUU3XQNWWDQJHULVVHQQQ:HQQQYRQQGHUUXQLYHUVHOOHQQ*HOWXQJJ GHU 0HQVFKHQUHFKWHH GLH 5HGH LVWWW KHLWW GDVV QLFKWWW GDVVV VLHH DOVV HLQHH $UWW ÃQHXH +HLOVERWVFKDIW¶ ]XX YHUVWHKHQQ VHLHQQQ 9LHOO PHKU KDQGHOWW HV VLFKK KLHUEHLL XPP GLH :DKUXQJ DOOJHPHLQPHQVFKOLFKHQQ 5HFKWV (VV HUVFKHLQWW GHPQDFKK QLFKW YHUZXQGHUOLFKKK ZHQQQ LP 5DKPHQQGHUU6FKULIWW]XUU5HOLJLRQVIUHLKHLWWW Ã'LJQLWDWLV KXPDQDH¶¶¶ HLQHUVHLWV GHUU $EVROXWKHLWVDQVSUXFKK GHUU NDWKROLVFKHQQ /HKUH EHNUlIWLJW DQGHUHUVHLWV MHGRFKK ÄLQQ JOHLFKHU :HLVH³ DQQ GDVV *HZLVVHQ LP 0HQVFKHQ VHOEVWW DSSHOOLHUW ZLUGGG ZHOFKHV LKQQ DOOHLQ ]X GLHVHU /HKUH IKUHQQ NDQQ
$XFKK DXI HYDQJHOLVFKHU 6HLWH ILQGHWW VLFK GLHVHU $VSHNWWW 6RR EHZHUWHW GLH HYDQJHOLVFKH 'HQNVFKULIW YRPP GLH 0HQVFKHQUHFKWH DXVGUFNOLFK DOVVHLQHH,GHHHHGHUHQQ=LHOOLQQGHUU6LFKHUXQJJYRQQ5HFKWHQQXQGG/HEHQVEHGLQJXQJHQ EHVWHKW =XGHPP HUZlKQW VLHHH GDVVV ÄGLHH LQQ GHQ 0HQVFKHQUHFKWHQ JHIRUGHUWH )UHLKHLWWQLFKWWLGHQWLVFKPLWWGHUFKULVWOLFKHQQ)UHLKHLW³ LVWWXQGGWUHQQWWVLHHGDPLW YRQQ GHUU FKULVWOLFKHQ +HLOVERWVFKDIWW GHU )UHLKHLWW ]XX *RWWWW GXUFKK 5HFKWIHUWLJXQJ
9JO(EGGGG$EVDW]]]]]
'DGHUYRQQLKPHUVWHOOWH0HQVFKHQUHFKWVNDWDORJGLHHZLFKWLJHQ)RUGHUXQJHQQGHU(UNOlUXQJGHU9HUHLQWHQ 1DWLRQHQYRQHQWKlOW]]%5HOLJLRQVIUHLKHLW$EVDW]]]VROOGLHVHUUQLFKWH[SOL]LWHUUGXUFKOHXFKWHW ZHUGHQ:LFKWLJVLQGGPLUUGLHHYLHUUDOOJHPHLQHQ)UDJHQ]XGHQ0HQVFKHQUHFKWHQVRRZLHHLFKVLHHDP$QIDQJGLHVHQ 7HLOVVHQWZRUIHQKDEHHXQGMHW]WWHU|UWHUHH
(EGGGG$EVDW]]]]]] (EGGGG$EVDW]]]]
9JO(UNOlUXQJEHUUGLHHUHOLJL|VH)UHLKHLWWÄ'LJQLWDWLVKXPDQDH³66666I$EVDW]]]]]]'HQQRFKJLOWWW(LQ
%HNHQQWQLVV]XHLQHUUDEVROXWHQ:DKUKHLWWNDQQQLHHXQSUREOHPDWLVFKVHLQ*HUDGHHLQ%H]XJDXIGLHH 0HQVFKHQUHFKWHNDQQGLHVVFKQHOO]XGHP9RUZXUIIKUHQGDVVHVVLFKKLHUEHLLQXUUXPVFKHLQEDUUEHUNXOWXUHOOHH 5HFKWHHKDQGOHHHGLHVHHLQ:DKUKHLWWDEHUUQLFKWVVDQGHUHVVVLQGDOVVlNXODULVLHUWHHHMGLVFKFKULVWOLFKH:HUWHDOV (UJHEQLVHLQHUJHLVWHVXQGNXOWXUJHVFKLFKWOLFKKKRPRJHQHQQ(QWZLFNOXQJJYJO:HJHQHU0DUWLQDÄ/LFKWEHU /LFKW³±'LHH9HUQXQIWWUDGLWLRQGHVV,VODP666,FKEHWRQHHHUQHXWWW(VNRPPWGDUDXIDQHLQHQ:DKUKHLWVEHJULII ]XHQWZLFNHOQGHUUYLHOOVWlUNHUEHUFNVLFKWLJWGDVVV5HOLJLRQDXI9HUWUDXHQQLFKWWWDXIPHWDSK\VLVFKHUU /HW]WJOWLJNHLWEHUXKWlKQOLFKHVVIRUGHUWDXFKK
9JO.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHLQ'HXWVFKODQGG'LH0HQVFKHQUHFKWHHLP|NXPHQLVFKHQ*HVSUlFK 6
(EGGGG6,FKYHUZHLVHHGHVKDOEEGDUDXIGDVVGHUUREHQDQJHVSURFKHQHH%HUKUXQJVSXQNW]ZLVFKHQ 5HFKWIHUWLJXQJVOHKUHHXQG0HQVFKHQZUGHHQLFKWVRRDXVJHOHJWZHUGHQGDUIDOVZUGHH0HQVFKHQZUGHHKLHULQ XQXPVW|OLFKYHUDQNHUW
'LHH%HJUQGXQJLVWWVRPLWWZHQLJHUUWKHRORJLVFKHUUUVRQGHUQYLHOOPHKUHWKLVFKVR]LDOHUU1DWXUUU
'DKHU NDQQQ IHVWJHKDOWHQQ ZHUGHQ 2EZRKO GLH EHLGHQQ FKULVWOLFKHQQ .RQIHVVLRQHQQ GHXWOLFKK GLH 1RWZHQGLJNHLWW XQLYHUVDO JOWLJHU 0HQVFKHQUHFKWHH HLQIRUGHUQZLVVHQQVLHGRFK JOHLFK]HLWLJJGDUXPPP GDVVVHVVVLFKEHLLKQHQXPGLH 6LFKHUXQJLUGLVFKHQQ5HFKWVVXQGGQLFKWWXPHLQHH$UWWÃQHXHVV+HLO¶¶KDQGHOWWW,QGHPP 6LQQH LVWW GLH FKULVWOLFKH *HPHLQVFKDIWW GD]XX DXIJHUXIHQQQ LPP LQWHUUHOLJL|VHQ 'LDORJJHLQHDXWKHQWLVFKH5ROOHHHLQ]XQHKPHQLQQGHPVLHNODUGLHH'ULQJOLFKNHLWW VlNXODUHUU 0HQVFKHQUHFKWHH IUU GHQQ :HOWIULHGHQ EHWRQWWW 6LHH PXVVV GDUDXII KLQZHLVHQQQGDVVVGLHVHHDXFKKGDQQQHLQJHIRUGHUWWZHUGHQQN|QQHQQXQGGVROOHQQQVHOEVWW ZHQQQHLQH'LVWDQ]]]XUHLJHQHQ+HLOVERWVFKDIWWEHVWHKWWW'HQQQHVLVWWNHLQHVZHJVV VRRRGDVVVGLHXQLYHUVHOOHH*OWLJNHLWWYRQQ0HQVFKHQUHFKWHQVHLWWMHKHUULPPDQHQWHU 7HLOOGHVV&KULVWHQWXPVVJHZHVHQQVHLLL6RR
ÄOHLVWHWHQQGLH3lSVWHGHV-DKUKXQGHUWVVSULQ]LSLHOOHQQ:LGHUVWDQGGJHJHQQ GLHH 0HQVFKHQUHFKWHHH 'LH (Q]\NOLNHQQ Ã0LUDUL YRV¶¶ PDUNLHUWHQ GHQ
$XFKK DXII HYDQJHOLVFKHU 6HLWHH ZDUU GLHH $QHUNHQQXQJ YRQQ 0HQVFKHQUHFKWHQQ ODQJHH NHLQHH 6HOEVWYHUVWlQGOLFKNHLWW XQGG ZXUGHH PHKUIDFKK YHUZRUIHQ HUVW 0LWWHH GHVV -DKUKXQGHUWVV NRQQWHH VLFKK ±± ZRKOO PLWEHGLQJWW GXUFKK GLHH *UDXVDPNHLWHQ GHVV ]ZHLWHQQ :HOWNULHJVV ± GLHH :HQGHH KLQQ ]XP 0HQVFKHQUHFKWVEHNHQQWQLVVYROO]LHKHQ
(VV EHVWHKWW GHVKDOEEE JHUDGHH LQQ %H]XJ DXII GDVV $UJXPHQWWW GDVVV 0HQVFKHQUHFKWHH ÄRUJDQLVFKHVV 3URGXNWW GHUU ZHVWOLFKHQQ *HLVWHVVV XQG .XOWXUJHVFKLFKWH³ VHLHQ GLH 1RWZHQGLJNHLWW GLHV LPP LQWHUUHOLJL|VHQQ 'LDORJ NODU]XVWHOOHQQQ 'DUXPP NDQQ GHUU )RUGHUXQJ GHUU (.' ÄGHQQ DQGHUHQQ 9|ONHUQQ DEHUU YHUVWlQGOLFKK ]X PDFKHQ VXFKHQQQ GDVVV XQGG ZDUXPP VLHH IUU LKUHQQ %HUHLFK GDUDQQ IHVWKDOWHQ³ EHLJHSIOLFKWHWWZHUGHQQ
,,, 'LH )UDJHH QDFKK GHUU 5HOLJLRQVIUHLKHLWW LP &KULVWHQWXP GHU *HJHQZDUW
.KQKDUGWWW/XGJHUUU'LHH8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH6666666)DLUHUZHLVHPXVVPDQKLQ]XIJHQGDVV GLHVHUU:LGHUVWDQGG]XP7HLOODXIGDVDJJUHVVLYH9HUKDOWHQ]XUFNJHIKUWWZHUGHQNDQQZHOFKHVGLHHIUDQ]|VLVFKHQ 5HYROXWLRQlUHJHJHQEHUGHU.LUFKHYRUZLHVHQQYJO+HFNHO0DUWLQ'LHH0HQVFKHQUHFKWHHLP6SLHJHOOGHUU UHIRUPDWRULVFKHQQ7KHRORJLH6$XVVGHP*UXQGVFKLHQQHLQH$QQlKHUXQJJ]ZLVFKHQQ5HOLJLRQQXQG 6lNXODULVPXVODQJHXQGHQNEDUUUUU
9JO+HFNHOOO0DUWLQ'LHH0HQVFKHQUHFKWHHLP6SLHJHOGHUUUHIRUPDWRULVFKHQ7KHRORJLHHH66I 9JO(EGGG6666I.KQKDUGWWW/XGJHUUU'LHH8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH666I %LHOHIHOGW+HLQHUU3KLORVRSKLHGHUU0HQVFKHQUHFKWH6
.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHHLQ'HXWVFKODQG'LHH0HQVFKHQUHFKWHLP|NXPHQLVFKHQ*HVSUlFK6 0LWWÄGDUDQ³VLQGGLHH0HQVFKHQUHFKWHHHPLWWÄVLH³GLHHZHVWOLFKHQ1DWLRQHQJHPHLQWWW
Ä,P1DWXU]XVWDQGGKHUUVFKWWHLQQQDWUOLFKHVV*HVHW]GDVMHGHQYHUSIOLFKWHWW8QG GLHH 9HUQXQIW GHUU GLHVHVV *HVHW] HQWVSULFKW OHKUWW GLHH 0HQVFKKHLWW GDVVV QLHPDQGGHLQHPDQGHUHQQQGDDOOHHJOHLFKKXQGGXQDEKlQJLJVLQGGGDQVHLQHP/HEHQ
2EZRKOOGLHVHVV=LWDWW/RFNHVQLFKWWDOVV3OlGR\HUIU5HOLJLRQVIUHLKHLWWDQJHVHKHQQ ZHUGHQQ VROOWHHH OLHJW HLQHH 9HUELQGXQJ QLFKWW IHUQQQ 'HQQQ ZRR LPPHUU YRP 1DWXU]XVWDQGGGLHH5HGHLVWWWPXVVVNRQVHTXHQWHUZHLVHHHLQQ6WDWXVVJHGDFKWWZHUGHQQQ LQQ GHP DOOHQQ 0HQVFKHQ ]XQlFKVWW GLH JOHLFKHQQ 5HFKWH ]XWHLOO ZHUGHQ 0RGHUQ JHVSURFKHQOlVVWVLFKGLHVHV±GHP0HQVFKHQQYRQQ1DWXUUDXVV]XVWHKHQGHH5HFKWW ±±DXFKDXIGLHH)UHLKHLWWGHVV*ODXEHQVVDXVGHKQHQQQ'HQQQQLFKWWXPVRQVWWZLUGGGDVV 1DWXUUHFKWVGHQNHQQQ VRR ZLHH HVV EHLVSLHOVZHLVHH YRQQ GHQQ 6WRLNHUQQ RGHUU VSlWHUU LQQ GHU1DWXUUHFKWVWUDGLWLRQQ$TXLQVVHUIROJWHJHUQHHDOVVHLQIOXVVJHEHQGGIUUGLHH,GHH GHUU 0HQVFKHQUHFKWH EHWUDFKWHW 2KQH GHWDLOOLHUWHU DXI GDVV 9HUKlOWQLV ]ZLVFKHQQ 1DWXUUHFKW XQGG 0HQVFKHQUHFKWHQQ HLQJHKHQ ]X ZROOHQQQ VHW]W GLH NDWKROLVFKHH6\QRGHHLQLKUHUU6FKULIWWÄ'LJQLWDWLVVKXPDQDH³]XUU%HJUQGXQJJGHU 5HOLJLRQVIUHLKHLWW EHLPP *HGDQNHQQ DOOJHPHLQQPHQVFKOLFKHU 1DWXU DQ Ä*HPl LKUHUU:UGHHZHUGHQQDOOH0HQVFKHQQGXUFKKLKUHHHLJHQH1DWXUUJHGUlQJW JHKDOWHQQQ GLHH :DKUKHLW ]X VXFKHQQ³ 'HQQQ ÄDOVRR JUQGHWW GDVV 5HFKWW DXI UHOLJL|VH)UHLKHLWWQLFKWWLQQHLQHUVXEMHNWLYHQ9HUIDVVXQJGHU3HUVRQQQVRQGHUQQLQ LKUHUU 1DWXUU VHOEVW³ ,QQ DQGHUHQQ :RUWHQQQ 'LHH 6\QRGHH EHWUDFKWHWW UHOLJL|VH 6LQQVXFKHHDOVVHLQHQQ'UDQJGHUGHPP0HQVFKHQYRQQVLFKKDXV]XNRPPWWXQGGGHUU QLFKWW JHKHPPWW ZHUGHQQ VROOWH $OVV OHLWHQGH ,QVWDQ]] HUNHQQWW VLH KLHUEHL GDV *HZLVVHQQQ ZHOFKHVV GHP 0HQVFKHQQ EHL VHLQHU :DKUKHLWVVXFKHH HQWVFKLHGHQQ EHLVWHKWWW'HVKDOEEEHWRQWWVLHÄGDVVVLPPUHOLJL|VHQQ%HUHLFK³QLHPDQGGJH]ZXQJHQ ZHUGHQ GDUII ÄJHJHQQ VHLQQ *HZLVVHQQ ]X KDQGHOQ³ E]Z ÄGDVV GHUU 0HQVFK IUHLZLOOLJ GXUFK VHLQHQ *ODXEHQQ *RWWW DQWZRUWHQ PXVV³ 'DEHLL EHDQVSUXFKW VLHHGLHVHH)UHLKHLWWQLFKWWQXUUIUUGLHHUHOLJL|VHH6LQQVXFKHHGHVV(LQ]HOQHQQQVRQGHUQQ LQVEHVRQGHUHH DXFKK IUU GDVV JHPHLQVFKDIWOLFKH =XVDPPHQOHEHQQQ 'HQQ ÄGLH UHOLJL|VHQQ *HPHLQVFKDIWHQ KDEHQ DXFKK GDVV 5HFKWWW EHL GHU |IIHQWOLFKHQQ /HKUH XQGG %H]HXJXQJ LKUHVV *ODXEHQVV QLFKWW EHKLQGHUWW ]XX ZHUGHQQ³ 5HOLJL|VH )UHLKHLWW LVWW GHPQDFKK HLQ 5HFKWWW VLFKK QLFKWW QXUU LQ *ODXEHQVIUDJHQQ YRQQ VHLQHPP *HZLVVHQQ RKQHH =ZDQJ ]XX HLQHPP %HNHQQWQLVV OHLWHQQ ]X ODVVHQQQ VRQGHUQQ DXFK VHLQHHhEHU]HXJXQJIUHLLDXVOHEHQQ]XN|QQHQQQ,QQGHPP6LQQHHLVWHVVOHJLWLPPPZHQQ
/RFNH-RKQ=ZHL$EKDQGOXQJHQEHUUGLH5HJLHUXQJ+UVJ(XFKQHUUU:DOWHUUU6 9JO+HFNHO0DUWLQQ'LH0HQVFKHQUHFKWHLP6SLHJHOOGHUUHIRUPDWRULVFKHQQ7KHRORJLH66III.|QLJJ 6LHJIULHGG=XUU%HJUQGXQJGHUU0HQVFKHQUHFKWHH+REEHV±±/RFNHH±±.DQW6
(UNOlUXQJEHUUGLHHUHOLJL|VH)UHLKHLWÄ'LJQLWDWLVKXPDQDH³6$EVDW]]]]] (EGGGG6$EVDW]]]]]] (EGGGG6$EVDW]]]]]] (EGGGG6$EVDW]]]]]]] (EGGGG6$EVDW]]]]]]
VLH VLFK ]XX LKUHU HLJHQHQQ /HKUH EHNHQQWWW Ä:LU JODXEHQ GDVVV GLHVH HLQ]LJH ZDKUHH 5HOLJLRQQ LQQ GHU NDWKROLVFKHQQ XQGG DSRVWROLVFKHQ .LUFKHH GDD LVWW³ $OOHUGLQJVEHJUQGHWVLFKKKLHULQQHLQ3UREOHP'HQQQZRRLPPHUGDVV%HNHQQWQLV ]XX HLQHU HLQ]LJ ZDKUHQ 5HOLJLRQQ VWDWWILQGHWWW EHVWHKWW LQQ OHW]WHU ,QVWDQ]] HLQH PRQR]HQWULVFKHH*UXQGKDOWXQJZHOFKHH]XPPHLQHQQGLHHLPPHUVWHQQ7HLOODXVIKUOLFKK GLVNXWLHUWHQQ 3UREOHPHH DXIZLUIW =XP DQGHUHQQ EHVWlUNW HVV GHQQ 9HUGDFKWW GDVV VLFKK HLQQ 0HQVFKHQUHFKW ZLHH 5HOLJLRQVIUHLKHLWW LQQHUKDOEE HLQHU WKHRNUDWLVFKHQQ *HVHOOVFKDIWWW ZHOFKH VHLWW MHKHU PHKU :HUWW DXI 5HFKWJOlXELJNHLWW DOVV DXI 1DWXUUHFKW JHOHJW KDW QLFKW GXUFKVHW]HQQ OlVVW ,FKKEHKDUUHH GHVKDOEE DXI PHLQHU 7KHVHHH 6RODQJHH :DKUKHLWW DEVROXWLVWLVFKK XQGG QLFKWW DOVV 9HUWUDXHQVZDKUKHLW JHGDFKWW ZLUGGG VFKHLQWW ZHGHUU HLQHH SRO\]HQWULVFKHH *UXQGKDOWXQJ XQGG GDPLWW HUQVWKDIWHV ,QWHUHVVH DPP *HJHQEHUU QRFK HLQHH NXOWXUEHUJUHLIHQGH 8QLYHUVDOLVLHUXQJ GHU 0HQVFKHQUHFKWHH P|JOLFKK ]X VHLQQQ GDD GLHVHH LQQ OHW]WHU ,QVWDQ]] LPPHU GXUFK GDV 9HWRR HLQHVV /HW]WJOWLJNHLWVDQVSUXFKVV UHODWLYLHUW ZHUGHQQ N|QQHQ 'LHH HYDQJHOLVFKHH .DPPHUU VFKHLQW GLHVHVV 3UREOHP LP $QVDW] ZDKU]XQHKPHQQQ ZHQQQ VLHH VFKUHLEW GDVVV HVV QLFKWW $XIJDEHH GHUU .LUFKHQ VHLL ÄHLQHH EHVRQGHUH NLUFKOLFKHH 7KHRULHH ]XX HQWZLFNHOQ GLHH HLQHQ FKULVWOLFKHQ $XVVFKOLHOLFKNHLWVDQVSUXFK PLWW GHQ 0HQVFKHQUHFKWHQQ YHUNQSIHQQ ZUGH³ XQGG 5HOLJLRQVIUHLKHLWW GHPQDFKK QLFKWW SKLORVRSKLVFKKWKHRORJLVFKKK VRQGHUQ VR]LDOOHWKLVFKKJHPlGHUUJROGHQHQQ5HJHOOEHJUQGHWWW
Ä0LWGHUU,QDQVSUXFKQDKPHHGHUU5HOLJLRQVIUHLKHLWWKDEHQQ&KULVWHQQ]XJOHLFKKGDIU HLQ]XWUHWHQQQ GDVVV MHGHP 0HQVFKHQQ GDVV 5HFKWW ]XHUNDQQWW XQG JHVLFKHUWW ZLUGG VHLQHH ± UHOLJL|VHH RGHU QLFKWUHOLJL|VHH ±± hEHU]HXJXQJJ IUHL XQGG |IIHQWOLFKK ]X lXHUQ³
'DPLW O|VW VLH GDV 3UREOHP GHV DEVROXWHQ :DKUKHLWVDQVSUXFKV ]ZDU QLFKW XPJHKWWHVVDEHUUUXPP]XUU$N]HSWDQ]YRQQ5HOLJLRQVIUHLKHLWW]XXJHODQJHQ $QQ GLHVHUU 6WHOOH VHL GDUDXII KLQJHZLHVHQQQ GDVV DXFKK GLHH LP :HVWIlOLVFKHQ )ULHGHQ SRVWXOLHUWH 5HOLJLRQVIUHLKHLWW NHLQHH VROFKHH LPP PRGHUQHQQ 6LQQH ZDUU
(EGGGG66$EVDW]]]]]].ULWLVFKHUZHLVHHVROOWHHGHVKDOEDQJHPHUNWZHUGHQGDVVGLHHNDWKROLVFKHH.LUFKH 5HOLJLRQVIUHLKHLWWGHPQDFK]ZDUUHLQIRUGHUWWWGLHVVDEHUUSULPlUULQ$EJUHQ]XQJ]XVWDDWOLFKHUU,QWHUYHQWLRQLQ *ODXEHQVIUDJHQJHVFKLHKWÄGHQUHOLJL|VHQ*HPHLQVFKDIWHQVWHKWLQJOHLFKHUU:HLVHHGDV5HFKW]XQLFKWWGXUFK VWDDWOLFKHH0LWWHOORGHUUGXUFKHLQHQ9HUZDOWXQJVDNWGHUUVWDDWOLFKHQ*HZDOWWEHKLQGHUWW]XZHUGHQ³(EG666666 $EVDW]QXUVHNXQGlUDXVGHP,QWHUHVVHKHUDXVV5HOLJLRQVZDKOIUHLKHLWIUDOOH0HQVFKHQQNRQVWLWXLHUHQQ]XX ZROOHQ=ZDUUEHNHQQWWVLFKGDV]ZHLWHH9DWLNDQXPHLQGHXWLJ]XU)UHLKHLWWGHV*HZLVVHQV(VHUVFKHLQWWDEHUUVRRRDOV REGDYRQQDXVJHJDQJHQQZLUGGDVVVGLHVLPP,GHDOIDOOQXULQQGLHNDWKROLVFKH/HKUHPQGHQQNDQQQ
'DJHJHQLVW0LWPHQVFKOLFKNHLWHLQQHPSLULVFKKHUIDKUEDUHVV=LHOZHOFKHVVGHU$XVULFKWXQJJGHU ]ZLVFKHQPHQVFKOLFKHQQ%H]LHKXQJJDXIIUHVSHNWYROOHVV0LWHLQDQGHUGLHQW(VVNDQQQGHVKDOEMHQVHLWVDOOHU WUDQV]HQGHQWDOPHWDSK\VLVFKHQ$QVSUFKHHGHUU(UIDKUXQJQDFKHLQJHIRUGHUWWZHUGHQ
.DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHHLQ'HXWVFKODQG'LHH0HQVFKHQUHFKWHLP|NXPHQLVFKHQ*HVSUlFK6 (EGGG666I
(LQQY|OOLJHU%HJUQGXQJVYHU]LFKWLQGHVVHQQZUGHPLWGHP9RUZXUIIHLQKHUJHKHQQGDVVV0HQVFKHQUHFKWH LUUHOLJL|VVVHLHQ(VVEHVWHKWWDOVRHLQ6SDQQXQJVYHUKlOWQLVVVV
VRQGHUQQ QRFKK ÄJDQ] DXVV GHPP :DKUKHLWVVV XQGG (LQKHLWVGHQNHQQQ GDV GLH 5HIRUPDWLRQQ XQGG *HJHQUHIRUPDWLRQQ YHUELQGHW³ OHEWH 'HVKDOE ZlUH HV W|ULFKW ]X EHKDXSWHQQQ GDVV 5HIRUPDWLRQV]HLWDOWHU KlWWHH ]XX VHLQHPP $EVFKOXVV XQPLWWHOEDUU ]XX UHOLJL|VHQQ )UHLKHLWVUHFKWHQQ JHIKUWW $OOHUGLQJV NRQQWHH HV PLWWHOEDU ]XX HLQHU 6HQVLELOLVLHUXQJ GHV 7KHPDV EHLWUDJHQQ XQG ZDU VRPLWW HLQQ EHGHXWHQGHU 6FKULWWW LQQ GLHVH 5LFKWXQJ ,Q MHGHP )DOOO VROOWHQQ GLH :LUUHQQ GHVV GUHLLJMlKULJHQQ .ULHJHV DXVV KHXWLJHU 6LFKWW HUZLHVHQ KDEHQQQ ZLH ZLFKWLJJ *ODXEHQVIUHLKHLWWIUUGDVVIULHGOLFKHH=XVDPPHQOHEHQQGHU*HVHOOVFKDIWWLVWWW,QQGHP 6LQQHHHUVFKHLQWWHVVXQXPJlQJOLFKKKZHQQQGLHH812EHWRQWWWGDVVVÄDOOHH0HQVFKHQ JOHLFKKDQQ:UGHHXQGG5HFKWHQQJHERUHQ³ VLQGGG'HUU6lNXODULVPXVVIRUGHUWWKLHU QLFKWVV DQGHUHVV HLQQ DOV GLHH 1RWZHQGLJNHLW GHQ 0HQVFK DOV 0HQVFK ]X EHWUDFKWHQ XPP 0HQVFKOLFKHV ]XX HUP|JOLFKHQQQ 5HOLJLRQ GDUI VLFK GHP QLFKWW YHUZHKUHQQQVRQGHUQQPXVVLKPPVHLQQ5HFKWWDXIHLJHQHHhEHU]HXJXQJ]XJHVWHKHQQQ 'DQQQ ILQGHWW HLQQ IUXFKWEDUHU $XVWDXVFK VWDWWWW 'HQQQ GHU PRGHUQH 6lNXODULVPXVV ZLOOO NHLQHVZHJV HLQHH $UWW QHXH (UVDW]UHOLJLRQQ VHLQ VRQGHUQQ GLH 1RWZHQGLJNHLWW GHUU 7ROHUDQ] YHUVFKLHGHQHUU :HOWDQVFKDXXQJHQQ EHJUQGHQQQ 'DPLW VWHKW HUU IUU HLQHQQ IDLUHQQ 'LDORJ VRZRKOO ]ZLVFKHQQ GHQQ 5HOLJLRQHQ XQWHUHLQDQGHUUDOVVDXFKK]ZLVFKHQQLKQHQQXQGGQLFKWWUHOLJL|VHQQhEHU]HXJXQJHQ 'DVV &KULVWHQWXPP VWHKWW KLHUU LQQ HLQHUU EHVRQGHUHQ 3IOLFKWWW DQKDQGG GHUU HLJHQHQ VFKPHU]OLFKHQQQ (UIDKUXQJHQQ PLWW GHPP 7KHPDD VRZRKO GLHH 9HUDQWZRUWXQJ YRQ 5HOLJLRQQ IUU HLQQ PHQVFKOLFKHVV 0LWHLQDQGHU DOVV DXFK GLH 'ULQJOLFKNHLWW GLHVHV 5HFKWVV]XXEHNUlIWLJHQQQ
,,,'LHH)UDJHHQDFKGHP9HUKlOWQLVV]ZLVFKHQQ5HOLJLRQQXQGG6WDDW LP&KULVWHQWXPGHUU*HJHQZDUW
Ä+LHUDXVVHUVLHKWPDQQDXIVVNODUVWHHHZLHHYHUGHUEOLFKKHVVIUUGLHH5HOLJLRQQXQGGIU GHQQ6WDDWWLVWWWGHQQ5HOLJLRQVGLHQHUQQGDVV5HFKWWHLQ]XUlXPHQQQ9HURUGQXQJHQQ]XX HUODVVHQQRGHUU5HJLHUXQJVJHVFKlIWH]XXIKUHQQ³
%HUHLWVV%DUXFKKGH6SLQR]DHUNDQQWHLQQVHLQHPPWKHRORJLVFKSROLWLVFKHQ7UDNWDW GDVV HV IU GLH IUHLH *HLVWHVHQWZLFNOXQJ EHVVHU VHLLL ZHQQQ GHUU 6WDDWW QLFKWW PDJHEHQGG UHOLJL|VV EHHLQIOXVVWW LVWWW VRQGHUQQ EHLGHH ,QVWDQ]HQ YRQHLQDQGHU JHWUHQQWW ZHUGHQQQ ,QQ GHP 6LQQHH VLQGG GLHH )UDJHH QDFKK GHUU 5HOLJLRQVIUHLKHLWW XQGG
+HFNHOOO0DUWLQ'LHH0HQVFKHQUHFKWHHLP6SLHJHOOGHUUUHIRUPDWRULVFKHQ7KHRORJLHHH666 $OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHHHHHHHHH6$UWLNHO
$QVRQVWHQQZUGHHUVLFKKVHOEVWGHP$EVROXWKHLWVDQVSUXFKKVWUDIEDUPDFKHQQ6WDWWGHVVHQQGHNODULHUW$UWLNHO GHU810HQVFKHQUHFKWVHUNOlUXQJJRIIHQQGLH)UHLKHLWYRQQ5HOLJLRQQXQGhEHU]HXJXQJJXQGEHNUlIWLJWGLHVHGXUFKK GDV'LVNULPLQLHUXQJVYHUERWWLQQ$UWLNHOOOOOO
6SLQR]DDD%DUXFKGHHH7KHRORJLVFKKSROLWLVFKHUU7UDNWDW+UVJ*DZOLFN3HWHUUU6666666
GHUU7UHQQXQJYRQQ6WDDWWXQGG5HOLJLRQQHQJPLWHLQDQGHUYHUEXQGHQQGDDMHQHQXU GRUWW JHZlKUOHLVWHWW ZHUGHQQ NDQQQQ ZRR GHUU 6WDDWW VLFKK QLFKWW NRQIHVVLRQHOOO EHJUQGHWWWVRQGHUQQDOVV:DKUHUUGLHVHVV5HFKWVVKHUYRUWULWWWWW (VVHUVFKHLQWWGDKHUDXFKKQLFKWWYHUZXQGHUOLFKKKZHQQQGLHHNDWKROLVFKHH.LUFKHVLFK LPP]ZHLWHQQ9DWLNDQXPPPDJHEOLFKKLQQLKUHU6FKULIWÄ'LJQLWDWLVVKXPDQDH³DOVR GHUU 6FKULIWW ]XUU %HJUQGXQJ GHU 5HOLJLRQVIUHLKHLWWW PLWW GLHVHPP 7KHPDD DXVHLQDQGHUVHW]W
Ä$OVRRPXVVVGLHHVWDDWOLFKH*HZDOWWWGHUHQQHLJHQWPOLFKHUU=ZHFNHVVLVWWWIUUGDV ]HLWOLFKHH *HPHLQZRKOO ]XX VRUJHQQQ ]ZDUU GDVV UHOLJL|VHH /HEHQQ GHUU %UJHU DQHUNHQQHQQXQGGHVVI|UGHUQQDEHUUHVVPXVVVJHVDJWWZHUGHQGDVVVVLHHLKUHH*UHQ]HQ EHUVFKUHLWHWWW ZHQQQ VLHH VLFKK DQPDWWW UHOLJL|VHH $NWH ]X OHQNHQQ RGHUU ]X
%H]LHKXQJVZHLVHH
Ä'LHH )UHLKHLW GHUU .LUFKHH LVWW GDVV JUXQGOHJHQGHH 3ULQ]LSS LQQ GHQQ %H]LHKXQJHQ ]ZLVFKHQQ GHU .LUFKHH XQG GHQQ |IIHQWOLFKHQQ *HZDOWHQQ VRZLHH GHUU JDQ]HQ VWDDWOLFKHQQ2UGQXQJ³
'HUJOHLFKHQQ =LWDWHH ILQGHQQ VLFK LQQ Ä'LJQLWDWLVV KXPDQDH³ ]XKDXI ZDV GDVV %HNHQQWQLVV ]XUU 7UHQQXQJ ]ZLVFKHQ .LUFKHH XQGG 6WDDWW PDQLIHVWLHUWWW 'LHVV VROO VRZRKOOGHQQ6FKXW]GHUU(LQ]HOSHUVRQQDOVVDXFKKGHUU5HOLJLRQVJHPHLQVFKDIWWVHOEVW YRU VWDDWOLFKHQQ ,QWHUYHQWLRQHQQ DEVLFKHUQQQ 'DEHL HUJLEWW VLFK GLH 1RWZHQGLJNHLWW ]XX(UVWHPPDXVVGHPPLQGLYLGXHOOHPP*HZLVVHQQGHVV6XEMHNWV GLHH1RWZHQGLJNHLW ]XX=ZHLWHPPDXVVGHU3OXUDOLWlWWGHU:HOWJHVHOOVFKDIW
Ä(VV LVWW QlPOLFKK RIIHQNXQGLJ GDVVV DOOHH 9|ONHUU YRQQ 7DJ ]X 7DJ PHKUU HLQV ZHUGHQQ GDVVV 0HQVFKHQ YHUVFKLHGHQHUU .XOWXUU XQG 5HOLJLRQQ GXUFK HQJHUH %H]LHKXQJHQQ XQWHUHLQDQGHU YHUEXQGHQQ ZHUGHQQ 'DKHUU LVWW HVVV GDPLWW IULHGOLFKHH%H]LHKXQJHQQXQG(LQWUDFKWWLP0HQVFKHQJHVFKOHFKWWKHUJHVWHOOWXQG JHVWlUNW ZHUGHQQQ HUIRUGHUOLFKKK GDVVV EHUDOOO DXII (UGHQQ GLHH UHOLJL|VH )UHLKHLW
,GGHVWWW'DGXUFKKKGDVVVGLH3OXUDOLWlWWGHUUUHOLJL|VHQ:HOWDQVFKDXXQJHQQLQQHUKDOEE GHUU6WDDWHQQ]XJHQRPPHQKDWWWPXVVVGHUU6WDDWWLKUH)UHLKHLWJHZlKUOHLVWHQQQ'HQQ QXUU VRR N|QQHQQ GLHH 5HOLJLRQVJHPHLQVFKDIWHQQ VLFKHUVWHOOHQQQ VLFKK ZHOWZHLW ]X
(UNOlUXQJEHUUGLHHUHOLJL|VH)UHLKHLWÄ'LJQLWDWLVKXPDQDH³6$EVDW]]]]] (EGGGG6$EVDW]]]]]]] :LHHLFKREHQGDUJHOHJWWKDEHHH (EGGGG6$EVDW]]]]]]]
LKUHQQ/HKUHQQEHNHQQHQQ]XGUIHQQQRKQHVWDDWOLFKHH(LQVFKQHLGXQJHQQIUFKWHQ]X PVVHQQQ GD VLH ÃQXU¶ LKUH )UHLKHLWW HLQIRUGHUQQ ZRKLQJHJHQQ VLHH VLFK DXV SROLWLVFKHQ )UDJHQQ IHUQKDOWHQ 8QGG QXUU VRR NDQQQ GLHH 'LVNULPLQLHUXQJ YRQ UHOLJL|VHQ 0LQGHUKHLWHQ LPP 6WDDWW DEJHVFKDIIWW XQGG GDPLWW .RQIOLNWSRWHQWLDO YHUPLHGHQQ ZHUGHQ (VV EHVWHKWW GHPQDFK IU EHLGH 6HLWHQQ HLQ 9RUWHLOOO ZHQQ 5HOLJLRQQXQGG*HPHLQZHVHQQYRQHLQDQGHUUJHWUHQQWWZHUGHQQQ $XFKK GLHH (.'' EHNHQQWW VLFKK ]XUU 7UHQQXQJ ]ZLVFKHQQ .LUFKHH XQGG 6WDDWWW ZHQQJOHLFKKVLHHVLFKKLQQLKUHUU'HQNVFKULIWYRPPLQQHLQHUULQWHUHVVDQWHQ )XQNWLRQQ EHWUDFKWHWWW 'LHH .LUFKH DOVV XQDEKlQJLJHUU %HUDWHUUU ,Q GLHVHP 6LQQHH ZHLVWW VLHH GDUDXII KLQQQ GDVVV HVV DXIJUXQGG GHU +HLOVERWVFKDIWW &KULVWLL HLQH HOHPHQWDUH $XIJDEHH VHLLL QDFKK Ä%HGLQJXQJHQQ IUU HLQHH UHFKWH 2UGQXQJJ GHV PHQVFKOLFKHQQ=XVDPPHQOHEHQVVLQQGHUMHZHLOLJHQQ*HJHQZDUWW]XVXFKHQ³ 6LH NDQQQ GDKHUU HUQVWKDIWW GDUDXII KLQZHLVHQQQ ZDVV LKUHU $QVLFKWW QDFK HOHPHQWDUHU *UXQGSIHLOHUUGHU0HQVFKHQUHFKWHVHLQVROOWHXQGZRRVLHHGLHVHQEHGURKWWVLHKWW 'HQQQ VHOEVWW ZHQQ KLHULQQ HLQHH 'LIIHUHQ] ]XPP VlNXODUHQ 0HQVFKHQUHFKWVYHUVWlQGQLVV EHVWHKHQ VROOWH ZlUH GHU 6WDDW QLFKWW GD]X DQJHKDOWHQQQ HLQHP VFKOHFKWHQQ 9RUVFKODJ )ROJHH ]X OHLVWHQQQ 'LHVV LVW KLHUU JOFNOLFKHUZHLVHHH QLFKW GHUU )DOOOO LPP *HJHQWHLOOO 'XUFKK GLHH %HWRQXQJJ GHV *OHLFKKHLWVJUXQGVDW]HVV IUU DOOHH 0HQVFKHQQ LVWW GLH (.'' PLWW GHUU hEHU]HXJXQJ GHUU9HUHLQWHQQ1DWLRQHQQNRQIRUPPPZREHLLMHQHH)UHLKHLWWXQGG*OHLFKKHLWWLQQHLQHP DXVJHZRJHQHQQ9HUKlOWQLVEHWUDFKWHW 6RRNDQQQVLHHEHLVSLHOVZHLVHHHQWVFKLHGHQ DXIZHLVHQQ GDVVV ZLUWVFKDIWOLFKHH )UHLKHLWW QLFKWW ]XX HLQHUU $XVEHXWXQJJ YRQQ $UEHLWQHKPHUQQ IKUHQQ GDUIII VRQGHUQQ VR]LDOHH *UXQGUHFKWHH MHGHVV (LQ]HOQHQQ JHZlKUOHLVWHW ZHUGHQ PVVHQ 'DUDXVV OlVVWW VLFK HLQHH EHGHXWHQGHH )XQNWLRQ DEOHLWHQQQZHOFKHGLH5HOLJLRQHQQLPP'LDORJPLWWGHQQVlNXODUHQQ0HQVFKHQUHFKWHQQ GHUU 8122 HLQQHKPHQQ N|QQHQQQ 'HQQQ OHW]WHH VLQGG OHGLJOLFKK HLQQ .DWDORJJ XQDQWDVWEDUHU 5HFKWHHH GHUU ZHGHUU HLQHH *HZLFKWXQJ QRFKK HLQHH 5DQJRUGQXQJJ YRUJLEWWW +LHU N|QQHQQ 5HOLJLRQHQQ EHUDWHQG HLQZLUNHQQQ GGKKK DXVV LKUHU %RWVFKDIWW KHUDXVVEHLVSLHOVZHLVHHGLH)UDJHHQDFKGHPP9HUKlOWQLVVYRQQ(LJHQWXPVVFKXW]]XQGG $UEHLWVSODW]JHZlKUU HLQJHKHQGHUU GXUFKOHXFKWHQQ XQGG DXII 8QJHUHFKWLJNHLWHQQ KLQZHLVHQQQ 'HQQ HVV LVW MDD JHUDGHH GLH Ä9RUVWHOOXQJ GDVVV GLHH 0HQVFKHQUHFKWHH
,FKHULQQHUHHDQGLHVHUU6WHOOHHGDUDQGDVVVGLHH=HLWGHUU$EIDVVXQJYRQÄ'LJQLWDWLVVKXPDQDH³³PLWWHQLQGHQ NDOWHQ.ULHJIlOOWWW(VVZLUGGHVKDOEJHUDGHHLQ$QEHWUDFKWWGHUUNRPPXQLVWLVFKJHIKUWHQ2VWVWDDWHQHLQ YRUQHKPOLFKHVV,QWHUHVVHHGHUUNDWKROLVFKHQ.RQIHVVLRQJHZHVHQVHLQGLHVHH)UHLKHLWWHLQ]XIRUGHUQ'DV$UJXPHQWW ]LHOWGDPLWDXFKKDXII([LVWHQ]VLFKHUXQJJ
%HLVSLHOHIU%UJHUNULHJHDXIJUXQGGHU'LVNULPLQLHUXQJJUHOLJL|VHU0LQGHUKHLWHQQJLEWHVVUHLFKOLFKK .DPPHUUGHUU(YDQJHOLVFKHQ.LUFKHHLQ'HXWVFKODQG'LHH0HQVFKHQUHFKWHLP|NXPHQLVFKHQ*HVSUlFK6 9JO(EGGGG66666 YJO(EGGGG6666I
LPPHUU ZLHGHU QHXHUU 'XUFKVHW]XQJJ XQG $QSDVVXQJ DQ YHUlQGHUWHH
,,, .XU]]XVDPPHQIDVVXQJJ ]XP 6WDQGG GHUU 0HQVFKHQUHFKWH LP &KULVWHQWXPGHUU*HJHQZDUW
(VV OlVVWW VLFKK EHVWlWLJHQQQ GDVVV LQQ GHQ HU|UWHUWHQQ 'RNXPHQWHQ GLHH YLHUU HOHPHQWDUHQQ )UDJHQ DOOHH LPP 6LQQH DOOJHPHLQHU 0HQVFKHQUHFKWHH EHDQWZRUWHW ZXUGHQ'LHVZDUODQJH=HLWWNHLQH6HOEVWYHUVWlQGOLFKNHLWWWVWDWWGHVVHQQVLQGGLH QHXHUHQQ(UNOlUXQJHQQDOOH(UJHEQLVVHLQHVVODQJHQQXQGGNRQIOLNWUHLFKHQQ3UR]HVVHVV (VV LVWW GDPLW HLQHH NRQIHVVLRQVEHUJUHLIHQGHH 3IOLFKWW GHVV &KULVWHQWXPVV HLQQ DXWKHQWLVFKHU*HVSUlFKVSDUWQHULPP'LDORJPLWWGHQQ5HOLJLRQHQQ]XXVHLQQQZHOFKH GLHH 0HQVFKHQUHFKWH JHJHQZlUWLJ QLFKW YRUXUWHLOVIUHLL EHUQHKPHQQ N|QQHQQQ 'DEHLLVROOWHVRZRKODXIIGHQHLJHQHQ/HUQSUR]HVVVKLQJHZLHVHQQZHUGHQDOVDXFKK GLHH 3UREOHPHH DQGHUHUU 5HOLJLRQHQQ HUQVWKDIWW EHUFNVLFKWLJWW ZHUGHQQQ XPP NHLQHH ]XVlW]OLFKHH'LVWDQ]DXI]XEDXHQQQ
=XGHPP KDWW GLHH (U|UWHUXQJ HUJHEHQQQ GDVVV HVV HLQLJHH $VSHNWHH ]X JHEHQQ VFKHLQWW GLHH HLQQ VlNXODUHVV 0HQVFKHQUHFKWVYHUVWlQGQLVV DOOHLQQ QLFKWW EHZlOWLJHQQ NDQQQ VRQGHUQQKLHU]XXGHVV$XVWDXVFKHVVPLWWGHQQ5HOLJLRQHQQEHGDUII+LHUDXIIP|FKWHLFK QRFKK H[SOL]LWW ]XX VSUHFKHQQ NRPPHQQQ ]XQlFKVW DEHU ZLOO LFK GDV 9HUKlOWQLV ]ZLVFKHQQ,VODPPXQGG0HQVFKHQUHFKWHQQJHQDXHUUGXUFKOHXFKWHQQQQ
,,,=XP6WDQGGGHUU0HQVFKHQUHFKWHHLP,VODPGHUU*HJHQZDUW
:HQQQ LFKK LPP )ROJHQGHQQ GHQQ 6WDQGG GHUU 0HQVFKHQUHFKWHH LPP ,VODP GHUU *HJHQZDUWW HU|UWHUQQ P|FKWHHH ZHUGH LFKK GLHVV DQKDQGG GHUVHOEHQQ )UDJHQ XQWHUQHKPHQQQGLHHLFK]XYRUUDXIGDVV&KULVWHQWXPPDQJHZHQGHWKDEHH(VVZLUGPLUU DOVRRQLFKWWP|JOLFKKVHLQQNRQNUHWHHHVR]LDOH3UREOHPHZLHHGLHHUHFKWOLFKH6WHOOXQJ GHUU )UDXX ]XX HU|UWHUQQ VRQGHUQQQ ZHQQQ EHUKDXSWWW QXUU NXU] DQ]XUHLHQQQ 6WDWWGHVVHQQ VROOHQQ GHPQDFKK GLHH DOOJHPHLQHQQ )UDJHVWHOOXQJHQQ LPP %OLFNSXQNWW EOHLEHQQQ=XYRUUP|FKWHHLFKKMHGRFKKDXI]ZHL$VSHNWHKLQZHLVHQQ (UVWHQVV VLQGG GLHH XQWHUVXFKWHQQQ LVODPLVFKHQQ 0HQVFKHQUHFKWVHUNOlUXQJHQ QXUU VWHOOYHUWUHWHQGG IU EHVWLPPWH LVODPLVFKHH 6WU|PXQJHQ GLHH VLFKK YRUU DOOHP GDGXUFKKDXV]HLFKQHQQQGDVVLKQHQQ±±DOVVKlXILJKHUYRUJHKREHQHH'RNXPHQWHH±HLQQ EHVRQGHUHV*HZLFKWW]XWHLOONRPPW ,FKKP|FKWHHPLFKKGHPQDFKDXVGUFNOLFK GDYRQQ GLVWDQ]LHUHQQQ GHQ ,VODPP DOVV HLQH KRPRJHQHH 5HOLJLRQQ ]X EHWUDFKWHQQQ
(EGGGG66
9JO:UWK$QQD'LDORJPLWGHP,VODPDOV.RQIOLNWSUlYHQWLRQ"66666
ZLHZRKOOHVVHLQHHVROFKHDXFKKLPP&KULVWHQWXPPQLFKWWJLEWWW'HQQQHVVLVWWNHLQHVZHJVV VRRRGDVVVGLH(UNOlUXQJHQQLQQHUKDOEEGHVV,VODPVVXQXPVWULWWHQQVHLHQ VWDWWGHVVHQ ZLUGGKLHUEHUUHLQHHOHEKDIWHHHLQQHULVODPLVFKHH'HEDWWHHJHIKUW =ZHLWHQVV ZLOOO LFKK GDUDXI KLQZHLVHQ GDVVV GLH %HPKXQJHQ XPP HLJHQVWlQGLJHH 0HQVFKHQUHFKWVHUNOlUXQJHQQ JUXQGVlW]OLFKK HLQHH :UGLJXQJ YHUGLHQHQQQ 'HQQQ IDOOVV GLHVV QLFKWW JHVFKLHKWWW HUJLEWW VLFK VFKQHOOO GHU 9HUGDFKWW GHV NXOWXUHOOHQQ ,PSHULDOLVPXV¶ GGKKK GHP 9RUZXUI GDVVV GLH ZHVWOLFKHQQ *HVHOOVFKDIWHQQ GHU LVODPLVFKHQQ :HOWW LKUH :HUWH EHUVWOSHQQ ZUGHQQQ RKQHH GDEHLL GLHH UHJLRQDOHQ *HJHEHQKHLWHQQ]XEHUFNVLFKWLJHQQQ(LQQVROFKHUUZlUHHLQQGHUU7DWWNRQWUDSURGXNWLY IUUHLQHQQRIIHQHQQ'LDORJ
,,,=XP6WDQGGGHUU0HQVFKHQZUGHHLP,VODPGHUU*HJHQZDUW
*UXQGVlW]OLFKK ZLUGG 0HQVFKHQZUGH LQQ GHQQ YRUOLHJHQGHQQ (UNOlUXQJHQQ DOV HLQ DQJHERUHQHUU:HUWWEHWUDFKWHWWWGHUUGHP0HQVFKHQQHLQHH6RQGHUVWHOOXQJLQQHUKDOEE GHUU 6FK|SIXQJ ]XWHLOO NRPPHQQ OlVVWWW 'DEHLL EHWRQWW GLH $OOJHPHLQHH (UNOlUXQJJ GHUU0HQVFKHQUHFKWHLPP,VODPPYRQQLPP)ROJHQGHQQDEJHNU]WPLWW$(05, EHVRQGHUVV GLHH 6WDWWKDOWHUUROOHH GHVV 0HQVFKHQQQ Ä QDFKGHPP HUU LKQQ ]X HLQHPP 6WDWWKDOWHUU DXII (UGHQQ XQGG LKPP GLHH JHVDPWHH :HOWW GLHQVWEDUU JHPDFKWW KDW³ 'DPLW UHIHULHUW GLHH (UNOlUXQJ DXII 6XUH GHVV .RUDQVVV QDFKK ZHOFKHU GHUU 0HQVFKK GLHH $XIVLFKWW EHUU GDVV 6FK|SIXQJVZHUNN HQWJHJHQQDKP =XGHP EHWRQWW VLHHH GDVVV $OODKK GHP 0HQVFKHQ ÄLQ UHLFKHP 0D :UGH (KUH XQG %HYRU]XJXQJ YRUU DOOHQQ DQGHUHQ VHLQHU 6FK|SIXQJ ]XWHLOO ZHUGHQ OLH³ 'DV %LOGG GHVV 6WDWWKDOWHUVV EHWRQWW VRPLWW GLHH JUXQGVlW]OLFKHH 9HUDQWZRUWXQJ GLH GHPP 0HQVFKHQQVRZRKOOEHUGLHH6FK|SIXQJDOVVDXFKKEHUUGDV]ZLVFKHQPHQVFKOLFKHH 0LWHLQDQGHUU ]XWHLOO ZLUG XQGG LVWW GDPLWW DOVV %HJUQGXQJ YRQQ 0HQVFKHQZUGHH ]XQlFKVWW SRVLWLY ]XX ZHUWHQ $OOHUGLQJV HUJLEWW VLFK KLHULQQ GDVV 3UREOHPPP GDVV GLHVH5ROOHQ]XVFKUHLEXQJHKHUGLH3IOLFKWDXIIHLQVLWWOLFKHVV/HEHQDOVVHLQ5HFKW DXII*OHLFKKHLWWXQWHUGHQQ0HQVFKHQQEHWRQW ZDVV]ZDUHLQHQQSRVLWLYHQQ$VSHNW
9JO(EGGGG6666I
9JO$Q1D¶,P$EGXOODKL$KPHG7RZDUGDD&URVV&XOWXUDOO$SSURDFKWR'HILQLQJ,QWHUQDWLRQDOO6WDQGDUGVVRI +XPDQQ5LJKWVV7KH0HDQLQJJRI&UXHO,QKXPDQQRU'HJUDGLQJJ7UHDWPHQWRU3XQLVKPHQW,QQ$QQ1D¶,PP $EGXOODKL$KPHGG+XPDQ5LJKWVLQ&URVV&XOWXUDO3HUVSHFWLYHVVV666$XVGLHVHP*UXQGILQGHHLFKHVVZLFKWLJ GDVVGHUU'LDORJDXFK]ZLVFKHQ9HUWUHWHUQGHUU5HOLJLRQHQXQGGQLFKWWQXU]ZLVFKHQVWDDWOLFKHQ*HVDQGWHQ VWDWWILQGHWWW'HQQZlKUHQGOHW]WHHVLFKYRQSROLWLVFKHQXQGGDPLWWYRQ0DFKWLQWHUHVVHQQXUUVFKZHUUORVVDJHQ N|QQHQVLQGGHUVWHHYRQGLHVHP9HUGDFKWW]XQlFKVWEHIUHLWWW
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP63UlDPEHO
Ä:LUKDEHQQQDFKK%HHQGLJXQJJGHV6FK|SIXQJVZHUNHVVGDV*XWGHV+HLOV"GDVGHUU:HOWWWDQYHUWUDXWWZHUGHQ VROOWHHHH]XHUVWWWGHP+LPPHOOOZGHQVLHEHQ+LPPHOQGHUU(UGHHXQGGHQ%HUJHQDQJHWUDJHQ6LHHDEHUUZHLJHUWHQ VLFKKHVVDXIIVLFKK]XXQHKPHQQXQGKDWWHQQ$QJVWGDYRU'RFKKGHU0HQVFKKQDKPHVRKQH%HGHQNHQQDXIVLFKK(ULVW MDIUHYHOKDIWWXQGW|ULFKWW³
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP63UlDPEHO 6RZLHHGLHVVGHP0HQVFKHQGXUFKGDVV%LOGGHUU*RWWHVHEHQELOGOLFKNHLWW]XWHLOOZLUG
LQQ VLFKK ELUJWWW 'HQQQ GLHVH 3IOLFKWW LPSOL]LHUWW HLQH %HWURIIHQKHLWW XPP HLQ ZUGHYROOHVV/HEHQQQZLHHHVVEHLVSLHOVZHLVHLQQGHUU811(UNOlUXQJLQQGLHVHUU6WlUNH QLFKWW ]XU *HOWXQJ NRPPWWW $OOHUGLQJVV PXVVV GLHVHVV VLWWOLFKH /HEHQ GDQQQ DOV JRWWJHIlOOLJHV /HEHQ YHUVWDQGHQQ ZHUGHQ ZDVV LP ([WUHPIDOOO DOVV 9HUSIOLFKWXQJ ]XPPLVODPLVFKHQQ/HEHQQDXVJHOHJWWZHUGHQQNDQQQQ'LHH8QWHUVFKHLGXQJ]ZLVFKHQ HLQHPP ZUGLJHQQ /HEHQ XQGG DOOJHPHLQHU 0HQVFKHQZUGH ZlUH GDPLWW DXIJHKREHQZRQDFK:UGHOHW]WOLFKK]XXHLQHP6WXIHQPRGHOOODYDQFLHUHQZUGH 7DWVlFKOLFKK VFKHLQHQ IXQGDPHQWDOLVWLVFKH 0XVOLPH ]X GLHVHU $XIIDVVXQJ ]X WHQGLHUHQQQ VRR VROOO GHUU LVODPLVFKHH 7KHRORJHH $\DWROODKK 7DVNKLULL DPP YLHUWHQQ GHXWVFKKLUDQLVFKHQQ 0HQVFKHQUHFKWVVHPLQDUU YRQQ ]ZLVFKHQQ ÃSRWHQWLHOOHU¶¶ XQGG ÃDNWXHOOHU¶¶ 0HQVFKHQZUGHH XQWHUVFKLHGHQQ KDEHQQQ PLWW GHUU %HJUQGXQJ GDVVV DOOHQQ 0HQVFKHQ ]ZDUSRWHQWLHOOO GLHH JOHLFKHH :UGHH ]XNlPH GLHVHHMHGRFKK DNWXHOOO MHH QDFKK *UDG GHU 5HFKWVJOlXELJNHLWW XQWHUVFKLHGHQQ ZHUGHQ N|QQH =ZHLIHOVRKQHHLVWWGLHVHH$XIIDVVXQJJHIlKUOLFKKKGHQQQVLHHVHW]WW±±LQVEHVRQGHUHHGLHH QLFKWWPXVOLPLVFKHQ 0LQGHUKHLWHQQ ±± GHPP ZLOONUOLFKHQ 8UWHLOO GHUMHQLJHQ DXVVV GLHH IUU VLFKK VHOEVWW 5HFKWJOlXELJNHLWW XQGG HLQHQQ SRVLWLYHQQ /HEHQVZDQGHOO EHDQVSUXFKHQQQ'HUUSHUV|QOLFKHH6FKXW]YRUU7\UDQQHLLZlUHVRPLWWIDNWLVFKDXHUU .UDIWJHVHW]W0HQVFKHQUHFKWHZlUHQGHPQDFKQLFKWIUUDOOH0HQVFKHQQJOHLFKK $XFKKGLHH.DLURHU(UNOlUXQJZHLVWW7HQGHQ]HQQLQQGLHVH5LFKWXQJJDXIIIZHQQQVLHHH LPP HUVWHQQ $UWLNHO GDYRQ VSULFKWWW GDVVV ]ZDU DOOH 0HQVFKHQQ LPP 6LQQH ÄGHU JUXQGOHJHQGHQ 0HQVFKHQZUGH³ JOHLFK VHLHQ XQGG GLHVV XXD PLW GHU JHPHLQVDPHQQ $EVWDPPXQJ YRQQ $GDPP EHJUQGHW $OOHUGLQJVV HUZlKQW EHUHLWVGHU)ROJHVDW]GDVVÄZDKUHU*ODXEHGLH*DUDQWLHIUGHQ*HQXVVVROFKHU :UGHH DXII GHPP :HJ ]XUU 9HUYROONRPPQXQJ GHVV 0HQVFKHQ³ LVWWW ,KU OLHJW GDPLWW HEHQIDOOVV GDVV 3ULQ]LSS GHUU 2UWKRGR[LHH DOV K|KHUHV *XWW ]XJUXQGHH $QQ GLHVHUU 6WHOOHH LVWW GLHH $UDELVFKHH &KDUWDD GHUU 0HQVFKHQUHFKWHH YRQQ LPP )ROJHQGHQQ DEJHNU]W PLWW $&0555 ]XX ZUGLJHQQQ GLH JOHLFKK ]XX %HJLQQ LKUH hEHU]HXJXQJLQQHLQHHLQKHLWOLFKH:UGHEHNUlIWLJWW
Ä*LYHQQ WKH $UDEE QDWLRQ¶VV EHOLHI LQ KXPDQQ GLJQLW\ VLQFHH *RG KRQRXUHG LW E\ PDNLQJ WKH $UDE ZRUOG WKH FUDGOH RI UHOLJLRQV DQG WKH ELUWKSODFH RI FLYLOL]DWLRQVV ZKLFK FRQILUPVV LWVV ULJKWW WRR DD OLIHH RII GLJQLW\ EDVHG RQQ IUHHGRP MXVWLFHHDQGGHTXDOLW\³
9JO%LHOHIHOGW+HLQHUU3KLORVRSKLHGHUU0HQVFKHQUHFKWHHH6
9JO'LH.DLURHUU(UNOlUXQJEHUU0HQVFKHQUHFKWHHLP,VODP6$UWLNHODDDDD (EGGGG6$UWLNHODDDDDD $UDEE&KDUWD2Q+XPDQ5LJKWV6I3UlDPEHO
EH]LHKXQJVZHLVH Ä(WHUQDOO SULQFLSOHVV RII EURWKHUKRRGGG HTXDOLW\ DQGG WROHUDQFH DPRQJDOOOKXPDQQEHLQJV³ 'DPLWWZHUGHQQHOHPHQWDUHH0HUNPDOHHYRQQ:UGH IUU DOOH 0HQVFKHQQ JOHLFKHUPDHQQ GHNODULHUWWW GLH ÃDUDELVFKHH 1DWLRQ¶¶ VLHKWW VLFK ]ZDUU LQQ HLQHUU EHVRQGHUHQQ 6WHOOXQJ GLHVHH ZLUGG DEHUU HKHUU JHRJUDSKLVFKK DOVV WKHRORJLVFKKYHURUWHWZREHLLKLHUDXVGUFNOLFKKYRQGHQ5HOLJLRQHQQLPP3OXUDOOGLH 5HGHLVW 'DVV3ULQ]LSSSGDVVV*ODXEHHHLQQ8QWHUVFKHLGXQJVPHUNPDOOYRQQ:UGH VHLQQ NDQQQQ ILQGHWW NHLQHH (UZlKQXQJ (LQH %HJUQGXQJ DOOJHPHLQHUU 0HQVFKHQZUGHH DXIJUXQGG YRQQ 9HUQXQIWEHJDEXQJ ILQGHWW VLFKK LQQ NHLQHUU (UNOlUXQJ VWDWWGHVVHQ KHLWW HVV LQ GHU $(05, QXUUU ÄGDVVV GHUU PHQVFKOLFKH 9HUVWDQGG XQIlKLJ LVWWW RKQHH GLHH )KUXQJ XQGG 2IIHQEDUXQJ *RWWHVV GHQQ EHVWJHHLJQHWHQQ :HJ GHVV /HEHQVV ]X EHVFKUHLWHQ³ XQGG VWHOOW GDPLW J|WWOLFKHV NODUUYRUUVlNXODUHVV5HFKWW
6RPLWWOlVVWWVLFKKIHVWKDOWHQQQGDVVVLQQDOOHQQGUHLL'RNXPHQWHQQGHQQ0HQVFKHQ]ZDU :UGHH]XJHVSURFKHQQZLUGGGGLHH)UDJHQDFKKGHUHQ*OHLFKKHLWWMHGRFKKRIIHQEOHLEW /HGLJOLFK GLHH $&055 EHWRQWW *OHLFKKHLWW XQWHU GHQ 0HQVFKHQ DOV XQLYHUVHOOHVV 3ULQ]LSSXQGGUFNWWGDPLWWLQKDOWOLFKKQDKKDQQGLHH81(UNOlUXQJYRQQQQQQQKHUDQQQQ 'LHH %HWURIIHQKHLWW XPP HLQQ ZUGHYROOHVV /HEHQQ DOVV $EJUHQ]XQJJ YRQQ KHGRQLVWLVFKHQQ E]Z QLKLOLVWLVFKHQQ 7HQGHQ]HQ NDQQQ DOVV SRVLWLYHUU $VSHNW EHWUDFKWHWZHUGHQQQ
,,,, 'LHH )UDJHH QDFK GHUU 8QLYHUVDOLWlWW YRQ 0HQVFKHQUHFKWHQ LP ,VODPGHUU*HJHQZDUW
Ä9RUU -DKUKXQGHUWHQQ OHJWH GHUU ,VODPP GLHH Ã0HQVFKHQUHFKWH¶¶ XPIDVVHQGG XQGG WLHIJUQGLJ DOVV *HVHW] IHVWW³ 8QPLWWHOEDU ]XX LKUHPP %HJLQQQ YHUDQNHUWW GLH $(05, 0HQVFKHQUHFKWHH DOVV LVODPLVFKH 5HFKWHH XQGG ZLUIW GDPLWW HLQ JUXQGVlW]OLFKHVV 3UREOHPP DXIII 'HQQQ HVV VSULFKWW ]ZDUU QLFKWVV GDJHJHQQQ 0HQVFKHQUHFKWHDOVVEHUNXOWXUHOOH5HFKWHLQQGHUMHZHLOLJHQ.XOWXU]XXIHVWLJHQQ LPP *HJHQWHLOOO 'XUFKK GLH $QNQSIXQJ DQQ 6WU|PXQJHQ HLJHQHUU 7UDGLWLRQQ NDQQQ GLHH$N]HSWDQ]YRQQ0HQVFKHQUHFKWHQQHQWVFKLHGHQJHI|UGHUWWXQGGGHPP$UJXPHQW HUZLGHUW ZHUGHQQQ HVV ZUGHH VLFK KLHUEHL XPP UHLQQ ZHVWOLFKH 5HFKWH KDQGHOQQQ :HQQQ VLHH DEHUU GHUDUWW IHVWW DQQ GLH HLJHQH .XOWXU KLHUU GHQQ ,VODPPP JHEXQGHQQ ZHUGHQ HQWVWHKWW HLQQ DQGHUHU (IIHNWWW 'DQQ N|QQHQQ VLHH QlPOLFK QXUU QRFKK DOVV LVODPLVFKH 5HFKWH JHOWHQQQ ,QQ GLHVHP )DOOO PVVWHQQ HQWZHGHU DOOHH ZHLWHUHQQ (EGGGG63UlDPEHO
$OOHUGLQJVN|QQHQPLWWGLHVHQQXUGLHHPRQRWKHLVWLVFKHQ5HOLJLRQHQJHPHLQWWVHLQGDDVLHHDOOHLQLKUHQ8UVSUXQJ LP1DKHQ2VWHQKDEHQ
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP63UlDPEHO$OOHUGLQJVLVWGLHVH$XIIDVVXQJ NHLQHVZHJVXQXPVWULWWHQGDDDXFKGHUU,VODPDXIHLQHHDXVJHSUlJWHH9HUQXQIWWUDGLWLRQ]XUFNEOLFNHQNDQQYJOOO :UWK$QQDDD'LDORJPLWWGHP,VODPDOVV.RQIOLNWSUlYHQWLRQ"666
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP63UlDPEHO
.XOWXUHQQ DN]HSWLHUHQQQ GDVVV GLHH LVODPLVFKHH 5HOLJLRQQ GLHH ÃHLQ]LJ ZDKUH¶ ZlUHH 8QLYHUVDOLWlWW ZlUH GHPQDFK HLQH UHLQQ LVODPLVFKH 8QLYHUVDOLWlWWW 7DWVlFKOLFK EHVFKUHLEW GLH $(05, DOV =LHO GHQQ Ä:HJ ]XPP $XIEDXX HLQHUU ZDKUHQQ LVODPLVFKHQQ *HVHOOVFKDIW³ (VV LVWW GHVKDOEE QLFKWW YHUZXQGHUOLFKKK ZHQQ HLQLJH LVODPLVFKHH6WDDWHQQNRQVWDQWWDQQGLHVHPP.RQ]HSWWIHVWKDOWHQ $OWHUQDWLYYPVVWH PDQQGHQQ%HJULIIGHU8QLYHUVDOLWlWWVRRDXVZHLWHQQQGDVVVGLHVHUDXIGHQUHJLRQDOHQQ .XOWXUNUHLVV EHVFKUlQNW EOLHEH PLWW GHUU (LQVLFKWWW GDVVV XQLYHUVDOHH *HOWXQJVDQVSUFKHQLHPDOVVNXOWXUEHUJUHLIHQGGZLUNHQQN|QQWHQQQ'LHVVDEHUUZlUH HLQHH NXOWXUUHODWLYLVWLVFKH .HUQDEVDJH DQQ GDVV HLJHQWOLFKHH .RQ]HSWW YRQQ JOREDO JOWLJHQ 0HQVFKHQUHFKWHQ (VV LVWW GDPLW NODU GDVVV HLQQ GHUDUWLJHU 8QLYHUVDOLWlWVEHJULII QLFKWW DQHUNDQQWW ZHUGHQQ GDUI (LQQ DQGHUHVV ±± ZHQQJOHLFKK lKQOLFKHVV±±3UREOHPPELOGHWWGHUVRJHQDQQWH6FKDULD9RUEHKDOWWW'LHVHU]HLFKQHW VLFKK LQVEHVRQGHUHH LQQ GHUU .DLURHUU (UNOlUXQJ DE ZHQQQ HVV LQQ LKUHQQ ]ZHLL 6FKOXVVDUWLNHOQQKHLWWWGDVVVDOOHHDXIJHIKUWHQQ5HFKWH)UHLKHLWHQQXQGG$UWLNHOOGHUU LVODPLVFKHQQ 6FKDULDD XQWHUOLHJHQQ ZUGHQ 'DPLWW VLQGG YRUU DOOHQQ ]ZHL 6FKZLHULJNHLWHQQYHUEXQGHQ(UVWHQVVJLOWWGLH6FKDULDKlXILJDOVV5HFKWIHUWLJXQJJ IUUGLHPLQGHUH5HFKWVVWHOOXQJYRQ)UDXHQQXQGGUHOLJL|VHQQ0LQGHUKHLWHQQQVRZLHH GHPP 5HOLJLRQVZHFKVHOYHUERWW YRQQ 0XVOLPHQ (VV VLQGG GDPLW 3HUV|QOLFKNHLWVYHUOHW]XQJHQ YHUEXQGHQ GLH HLQHH PRGHUQH *HVHOOVFKDIW ZHVWOLFKHU 3UlJXQJ QLFKW EHGLQJXQJVORVV WROHULHUHQQ NDQQQQ =ZHLWHQVV HUJLEWW VLFK DXVV GHPP 6FKDULD9RUEHKDOWW GLHH )UDJHH QDFK GHU JHQHUHOOHQ $N]HSWDQ] YRQQ 0HQVFKHQUHFKWHQQQGHUHQ8QLYHUVDOLWlWWIDNWLVFKDXHU.UDIWWJHVHW]WWZLUGGGZHQQQ (LQJUHQ]XQJHQQ OHJLWLPLHUWW ZHUGHQQ N|QQHQ 'LHH .DLURHU(UNOlUXQJ VFKHLQW GHP]XIROJHHKHUUDQQGHUU%HJUQGXQJGHUUEHVWHKHQGHQQ9HUKlOWQLVVHHDOVVDQQHLQHPP ZLUNOLFKHQQ)RUWVFKULWWWGHUU0HQVFKHQUHFKWVHQWZLFNOXQJLQWHUHVVLHUWW]XXVHLQQQ ,P*HJHQVDW]]KLHU]XXVFKHLQWWGLH$&055XPHLQLJHVVSURJUHVVLYHUUU=ZDUUZHUGHQQ 6FKDULDD XQG .DLURHUU(UNOlUXQJJ LQQ GLHVHUU DXVGUFNOLFKK KHUYRUJHKREHQQ GLHV JHVFKLHKWWDEHULQQ3DUDOOHOVWHOOXQJ]XXDQGHUHQQ2IIHQEDUXQJVUHOLJLRQHQQE]ZGHU
(EGGGG663UlDPEHOOOO
9JO:UWK$QQD'LDORJPLWGHP,VODPDOV.RQIOLNWSUlYHQWLRQ"6666I 9JO'LH.DLURHUU(UNOlUXQJEHUU0HQVFKHQUHFKWHHLP,VODP6$UWLNHO=XUU(UNOlUXQJJ'LH 6FKDULDLVWGDVVLVODPLVFKH*HVHW]ZHUNNGHUHQQ5HFKWVTXHOOHQQXXD.RUDQQXQG6XQQD:RUWHXQG:HUNH 0RKDPPHGVVLQG6LHHJLOWWGHPRUWKRGR[HQ,VODPDOVDXWRULWDWLYHV*HVHW]ZHUNYJOOO.KQKDUGWWW/XGJHUUU'LHH 8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH66666ILKUHH$XVOHJXQJLVWKLQJHJHQXPVWULWWHQ
9JO:UWK$QQD'LDORJPLWGHP,VODPDOV.RQIOLNWSUlYHQWLRQ"6666I
9JO:LWWLQJHUUU0LFKDHODDD&KULVWHQWXP,VODP5HFKWWXQG0HQVFKHQUHFKWHHH666'HUU9RUWHLOOGHUU(LQJUHQ]XQJ YRQQ0HQVFKHQUHFKWHQQEHVWHKWGDULQQGDVVV0HQVFKHQUHFKWHGDGXUFKVFKQHOOHUOHJLWLPLHUWZHUGHQQN|QQHQ'LHVV NDQQQDEHULQVRIHUQQNHLQQ$UJXPHQWVHLQQGDVLHGDGXUFKKLKUHPPXUVSUQJOLFKHPP=LHOQlPOLFKK*UXQGUHFKWHIU MHGHVHLQ]HOQH,QGLYLGXXP]XYHUDQNHUQHQWKREHQZHUGHQN|QQHQ:HUUGHPQDFKIUUHLQHHOHJLWLPH(LQJUHQ]XQJ YRQ0HQVFKHQUHFKWHQSOlGLHUWWWDN]HSWLHUWWGDPLWWHOHPHQWDUHH9HUEUHFKHQJHJHQGLHH0HQVFKOLFKNHLWWXQWHUUGHP 'HFNPDQWHOVFKHLQEDUHUU7ROHUDQ]]]]
8110HQVFKHQUHFKWVHUNOlUXQJ EHUKDXSWWW ÄILUPO\ HVWDEOLVKHGG E\ WKHH ,VODPLF 6KDUL¶DDDQGGRWKHUUGLYLQHO\UHYHDOHGGUHOLJLRQV³ EH]LHKXQJVZHLVHH
ÄUHDIILUPLQJ WKHH SULQFLSOHVV RII WKHH &KDUWHU RII WKHH 8QLWHGG 1DWLRQVV DQGG WKH 8QLYHUVDOO 'HFODUDWLRQQ RII +XPDQQ 5LJKWVV DQGG WKHH &DLURR 'HFODUDWLRQQ RI
'DVV 3ULQ]LSS XQYHUlXHUOLFKHUU 0HQVFKHQUHFKWHH ZLUGG DXVGUFNOLFKK EHWRQWWW Ä7R HVWDEOLVKK WKH SULQFLSOHH WKDW DOOO KXPDQ ULJKWVV DUHH XQLYHUVDOO LQGLYLVLEOH LQWHUGHSHQGHQWDQGGLQGLVVROXEOH³ 'LH$&055QLPPWWVRPLWWHLQHQQ6WDQGSXQNW HLQQQGHUUGHPP.RQ]HSWWXQLYHUVHOOHUU0HQVFKHQUHFKWHZHLWWQlKHUUNRPPWWWDOVVGLHVV LQQ GHQQ DQGHUHQQ ]ZHLL 'RNXPHQWHQQ GHUU )DOOO LVW =XGHPP VFKHLQWW HLQH )RUPXOLHUXQJ EHVRQGHUV LQWHUHVVDQW ]XX VHLQQQ 6RR VSULFKWW GLH 3UlDPEHOO GHU $&055 GDYRQQQ GDVV GHU 2ULHQWW XQG GHU 2N]LGHQWW YRQHLQDQGHUU OHUQHQQ VROOWHQQ ÄOHDUQLQJ EHWZHHQQ WKHH (DVWW DQGG WKHH :HVW³ XQGG UHIHULHUWW GDPLWW DXII HLQHQ ZLFKWLJHQ $VSHNWWW 0HQVFKHQUHFKWH VLQGG LKUHU (QWZLFNOXQJ QDFK RIIHQ XQG G\QDPLVFK GGKKKVLHHPVVHQQQLFKWWQXUUMHGHQ7DJDXIVV1HXHHHUNlPSIWWZHUGHQ VRQGHUQQEHVLW]HQQ]XGHPHLQQ)RUWVFKULWWVSRWHQWLDOOOMHHQDFKK*HVHOOVFKDIWVVWDQGGG,Q GLHVHP6LQQHLVWWDXFKKGLHZHVWOLFKH*HVHOOVFKDIWWLQGHU.ULWLNNN.DWHJRULHQGHU 0HQVFKHQZUGHH ]X YHUOHW]HQQQ QlPOLFKK GRUWWW ZRR HVV EHLVSLHOVZHLVH XPP )UDJHQQ PHQVFKHQZUGLJHQQ $OWHUQVV JHKW 'DUDXII NDQQQ XQVV GHUU ,VODPP PLWW VHLQHU %HWURIIHQKHLWW XPP HLQQ UHFKWVFKDIIHQHVV /HEHQQ KLQZHLVHQQQ ZRQDFKK ZLUU HEHQIDOOVV EHUOHJHQQ PVVWHQQQ XQVHUU HLJHQHVV 0HQVFKHQUHFKWVYHUVWlQGQLVV ]X HUZHLWHUQQ 'HQQQ 8QLYHUVDOLVLHUXQJ YRQQ 0HQVFKHQUHFKWHQ EHGHXWHWW NHLQHVZHJV GLHH EHGLQJXQJVORVHH$QSDVVXQJYRQQIUHPGHQQ0HQVFKHQUHFKWVELOGHUQQDQQGDVVHLJHQHH
$UDEE&KDUWD2Q+XPDQ5LJKWV63UlDPEHO,FKZHLVHHDQGLHVHUU6WHOOHGDUDXIKLQGDVVGLHHQLFKW PRQRWKHLVWLVFKHQ5HOLJLRQHQVRPLWWQDFKZLHHYRUUNHLQHH%HDFKWXQJILQGHQ
(EGGGG63UlDPEHO (EGGGG6$UWLNHO$EVDW]
:HQQJOHLFKKGDVVQLFKWEHGHXWHWGDVVVGLH$&05GHU81(UNOlUXQJJIDNWLVFKKJOHLFKKNlPH6RVSULFKW EHLVSLHOVZHLVHH$UWLNHOOOOGDYRQGDVV0lQQHUUXQG)UDXHQ]ZDUUJOHLFKDQ:UGHHVHLHQVHOELJHVJHVFKLHKW EULJHQVVDXFKKLQQGHU.DLURHU(UNOlUXQJJ$UWLNHOEHKDUUWMHGRFKKDXIIHLQHUÄSRVLWLYHGLVFULPLQDWLRQQHVWDEOLVKHG LQIDYRUURIZRPHQE\,VODPLF6KDUL¶DDQGRWKHUUGLYLQHHODZV³$UDEE&KDUWD2Q+XPDQ5LJKWV6 $UWLNHO$EVDW]]]]]]XQGGUHODWLYLHUWGDPLWGHQ*UXQGVDW]]GHUU*HVFKOHFKWHUJOHLFKKHLW
(EGGGG63UlDPEHO
9JO'LFNH.ODXV3ROLWLVFKHH$VSHNWHHGHUU8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH,Q6FKZDUWOlQGHUUU-RKDQQHVVV 0RGHUQHV)UHLKHLWVHWKRVXQGGFKULVWOLFKHUU*ODXEHHH6666666
%HLVSLHOVZHLVHHNULWLVLHUWW6SDHPDQQGHQ8PJDQJPLWWlOWHUHQXQGNUDQNHQ0HQVFKHQLQXQVHUHUU*HVHOOVFKDIWWW ZHOFKHGDDVLHHQLFKWGHP,GHDOELOGGHUU6SDJHVHOOVFKDIWHQWVSUHFKHQSRWHQWLHOOXQWHUUGHUU*HIlKUGXQJVWHKHQDOV ZHUWORVVGHNODULHUW]XXZHUGHQYJO6SDHPDQQQ5REHUWW6LQGGDOOHH0HQVFKHQ3HUVRQHQ"hEHUUQHXHHSKLORVRSKLVFKHH 5HFKWIHUWLJXQJHQGHUU/HEHQVYHUQLFKWXQJ,Q6SDHPDQQ5REHUWWW*UHQ]HQ±±=XUHWKLVFKHQ'LPHQVLRQGHV +DQGHOQV6I(LQHHVROFKHH$QVFKDXXQJNlPHGHUUYRQ+X[OH\EHVFKULHEHQHQÃVFK|QHQQHXHQ:HOW¶UHFKW QDK+X[OH\$OGRXV%UDYHH1HZ:RUOGGG+UVJ+DPEORFN'LHWHUUUU,FKZLHGHUKROHHHUQHXW(VNRPPWGDUDXIDQ GLH6RUJHQDQGHUHU.XOWXUHQQLP+LQEOLFNNDXIIXQVHUHHLJHQHHUQVWKDIW]XYHUVWHKHQEHYRUZLUGLHVHYRUVFKQHOO YHUXUWHLOHQ9LHOOHLFKWHQWGHFNHQZLUUUGDVVVDXFKXQVHUHH.XOWXUZHLWWGDYRQHQWIHUQWLVWWWHLQHH,GHDOJHVHOOVFKDIWW]X VHLQ
VRQGHUQQ YLHOPHKUU HLQHQ ODQJZLHULJHQ 3UR]HVVV LQQ GHPP GLHH YHUVFKLHGHQHQQ 'LDORJVSDUWQHUU HLQQ HKUOLFKHVV ,QWHUHVVH PLWEULQJHQQQ LUJHQGZDQQQ ]X HLQHP JHPHLQVDPHQQ=LHOO]XXJHODQJHQQQ
,,,, 'LHH )UDJHH QDFKK GHUU 5HOLJLRQVIUHLKHLWW LP ,VODPP GHUU *HJHQZDUW
'DVV 7KHPD Ã5HOLJLRQVIUHLKHLW¶ LVWW ZRKO HLQHVV GHU DPP KlXILJVWHQ SUREOHPDWLVLHUWHQQ7KHPHQQLQQ%H]XJDXIIGHQQ,VODPPGHU*HJHQZDUWWW'HQQQGLHVHU VFKHLQWWVHLQHPHLJHQHQ$EVROXWKHLWVDQVSUXFKVRZHLWWYHUKDIWHWW]XXVHLQQQGDVVVGDVV ZHVWOLFKHH ,GHDOO IUHLHUU 5HOLJLRQVZDKOOODXVEXQJJ XQGG UHOLJLRQVXQDEKlQJLJHU &KDQFHQJOHLFKKHLWW IU DOOH 0HQVFKHQQ QXUU lXHUVWW PKVDPP HUUHLFKWW ZHUGHQQ NDQQQQ'LHVH(LQVFKlW]XQJ ZLUGGVRZRKOOGXUFKHLQH(U|UWHUXQJGHU$(05,DOV DXFKKGHUU.DLURHUU0HQVFKHQUHFKWVHUNOlUXQJXQWHUVWW]W6RJLEWHUVWHH]ZDUUHLQH *HVHOOVFKDIWWDOVV=LHODQQQLQQGHUDOOH0HQVFKHQXQDEKlQJLJLKUHUU5HOLJLRQQJOHLFKK VHLHQQ VROOHQ 'LHVV NDQQQ DEHUU QXUU EHGHXWHQQQ GDVV GLHVHH *OHLFKKHLW IDNWLVFK HLQKHUJHKWWPLWWHLQHUUNRQIHVVLRQHOOHQQ*OHLFKKHLWWDOOHUU0HQVFKHQQQQLFKWWPLWWHLQHUU *OHLFKEHKDQGOXQJ WURW] XQWHUVFKLHGOLFKHUU 5HOLJLRQV]XJHK|ULJNHLWWW 'DIUU VSULFKWWW GDVVV GLHH $(05, XQPLWWHOEDU ]XYRUU GDV ,GHDOO HLQHU ÄZDKUHQ LVODPLVFKHQQ *HVHOOVFKDIW³ SURSDJLHUWWW VRPLW DOVRR IU HLQH JOREDOH ,VODPLVLHUXQJ HLQWULWWWW'HQQQGHU ,VODPPJLOWWDOVVÄZDKUH5HOLJLRQ³GHVÄHLQ]LJHQ XQGG DOOPlFKWLJHQQ *RWWHV³ HU LVW HV DXFK GHU QDFK GLHVHP %LOG GLH Ä0HQVFKHQUHFKWHHXPIDVVHQGGXQGGWLHIJUQGLJDOVV*HVHW]IHVW³ JHVHW]WKDW,Q GHPP6LQQHHHUVFKHLQWWHVVGDQQQQLFKWWZHLWHUUYHUZXQGHUOLFKKKGDVVVVHOEVWWZHQQGDV =LHOHLQHVJOREDOHQQ,VODPVVQLFKWWHUUHLFKWWZHUGHQVROOWHGLH0LQGHUEHKDQGOXQJ YRQQ1LFKWW0XVOLPHQQQLFKWWDOVVVROFKHDXIJHIDVVWZLUGGG'HQQGDGXUFKKKGDVVVGHUU ,VODP DOVV HLQ]LJ ZDKUH 5HOLJLRQQ NRQVWLWXLHUW ZLUGGG JLOWW DXFK GLH 6FKDULDD XPIDVVHQGG DOVV HLQ]LJ JOWLJHVV *HVHW]ZHUNNN 6RR ZLUG VLH LQQ GHU $(05, DOV J|WWOLFKHVV *HVHW]] KlXILJJ HUZlKQW 'DPLWW LVWW VLHH QLFKWW QXU HLQQ 0LWWHOO ]XU %HZDKUXQJ YRQQ 5HFKWWW VLHH LVWW YLHOPHKUU EHUSRVLWLYHH 5HFKWVQRUPPP QDFKK GHUU )UDJHQQQDFKKGHPP9HUKlOWQLVVYRQQ*HUHFKWLJNHLWWXQGG8QJHUHFKWLJNHLWWEHPHVVHQQ ZHUGHQQQ +LHULQQEHILQGHW VLFKKGDVV3UREOHPPPGHQQQ ZHQQQ1LFKWW0XVOLPHQQLQQGHUU 6FKDULDDHLQQJHULQJHUHUU5HFKWVVWDWXVV]XWHLOOZLUGGGJLOWWGLHVVGHQQRFKKDOVVÃJHUHFKW¶¶ XQGGZLUGGGHPQDFKKQLFKWWDOVV'LVNULPLQLHUXQJHUIDKUHQQQ
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP63UlDPEHOÄ(LQHH*HVHOOVFKDIWLQGHUUDOOH 0HQVFKHQJOHLFKVLQGLQGHUUHVNHLQHH3ULYLOHJLHUXQJXQGG'LVNULPLQLHUXQJDXIJUXQGYRQ5HOLJLRQ]ZLVFKHQ GHQQHLQ]HOQHQQJLEW³
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHLP,VODP63UlDPEHO (EGGGG663UlDPEHOOOO (EGGG6663UlDPEHOOO
9JO(EGGG666663UlDPEHOOOO66666$UWLNHOOOOOOOOO6666$UWLNHOOOOOHWFFF
(VV LVWW GDQQQ ZRKOO QLFKWW ZHLWHUU HUVWDXQOLFKKK ZHQQ *ODXEHQV XQG 0HLQXQJVIUHLKHLWWLQVJHVDPWWDXIIGLHH6FKDULDDEHVFKUlQNWWZHUGHQQQVRRZLHHHVVGDQQQ VRZRKOO LQQ GHUU $(05, DOV DXFK LQ GHU .DLURHU (UNOlUXQJ JHVFKLHKW 'DV 5HFKWW SRVLWLYHUU 5HOLJLRQVZDKOO IHKOWW GHPQDFKK LQ EHLGHQQ 'RNXPHQWHQQ Y|OOLJ OHGLJOLFKKGLHHQHJDWLYHH5HOLJLRQVIUHLKHLWWZLUGHUZlKQWWW6RRVLFKHUWW$UWLNHOOGHUU $(05,GXUFKKGDVV.RUDQ]LWDWWÄ,KUUKDEWWHXUH5HOLJLRQQQXQGGLFKKGLHHPHLQH³³6XUHH LPPHUKLQQ DXFKK GHQQ UHOLJL|VHQQ 0LQGHUKHLWHQQ LKUHH 5HOLJLRQQ ]XXX LQQ GHU .DLURHUU(UNOlUXQJILQGHWWGLHVHVV5HFKWWH[SOL]LWWQXUUIUU0XVOLPHH(UZlKQXQJ
Ä'HUU ,VODP LVWW GLHH 5HOLJLRQQ GHUU XQYHUGRUEHQHQQ 1DWXUUU (VV LVWW YHUERWHQ DXI HLQHQQ0HQVFKHQQLQQLUJHQGHLQHUU:HLVHH'UXFNDXV]XEHQQXPLKQQ]XHLQHU DQGHUHQQ5HOLJLRQQRGHUU]XP$WKHLVPXVV]XXEHNHKUHQQ³
'DEHLL LVWW HV NHLQHVZHJVV VRRR GDVVV GHU ,VODPP 5HOLJLRQVIUHLKHLWW NDWHJRULVFKK DXVVFKOLHHQQZUGHEHNDQQWWLVWWEHLVSLHOVZHLVHGDVV=LWDWWWÄ,QQGHU5HOLJLRQQJLEW HVVNHLQHQQ=ZDQJ³³6XUH0RKDPPHGG7DOELLVFKOXVVIROJHUWWGDUDXVVVGDVVV 5HOLJLRQQ ÄHLQQ XQEHGLQJW IUHLHUU XQGG ZLOOHQWOLFKHUU $NW³³ VHLQQ PXVVV ÄVROO GHUU *ODXEH ZDKUKDIWLJ XQGG YHUOlVVOLFKK VHLQ³ 0LWW DQGHUHQQ :RUWHQQQ $XFKK GXUFK GHQQ.RUDQQOlVVWWVLFKKEHJUQGHQQQGDVVV*ODXEHQXUGDQQQDXWKHQWLVFKKVHLQQNDQQQQ ZHQQQGLHH0|JOLFKNHLWWEHVWHKWWWVLFKKNUDIWWVHLQHVV*HZLVVHQVVDXFKJHJHQRGHUUIU HLQHH DQGHUHH 5HOLJLRQQ ]X HQWVFKHLGHQ $Q GLHVHU 6WHOOH VHL GHVKDOE DXI -RKQ 6WXDUWW0LOOYHUZLHVHQQQGHUULQQVHLQHUU6FKULIWWÄhEHUGLH)UHLKHLW³LQQYRUELOGOLFKHU :HLVHHDXVJHIKUWWKDWWWGDVVVHLQHH0HLQXQJGDQQQXPVRRZLUNXQJVYROOHUUHUVFKHLQWW ZHQQQVLHHVLFKKEHZXVVWWPLWLKUHQQ*HJHQPHLQXQJHQQDXVHLQDQGHUVHW]W %HXUWHLOWW PDQQ GLH $XVVDJHQQ EHU 5HOLJLRQVIUHLKHLWW LQ GHQ GUHLL 0HQVFKHQUHFKWVHUNOlUXQJHQQ LQVJHVDPW VRR VFKHLQWW DXFK KLHU GLH $&055 GLH OLEHUDOVWH ]XX VHLQQQ 6R VLFKHUW $UWLNHO GHQQ VWDDWOLFKHQQ 0LQGHUKHLWHQQ H[SOL]LW LKUHHHLJHQHH5HOLJLRQVDXVEXQJ]XXXQGGGLHLQQ$UWLNHOO]XHUNDQQWH*HGDQNHQVV XQGG *ODXEHQVIUHLKHLWW JLOWW RKQHH (UZlKQXQJJ HLQHVV 6FKDULD9RUEHKDOWVVV $OOHUGLQJV HUJLEWW VLFK GDV 3UREOHP GXUFK GLH +LQWHUWU ZHQQ GLHVH DXVGUFNOLFKK GXUFKK GDVV *HVHW] HLQJHVFKUlQNWW ZHUGHQQ NDQQQ ÄZKLFKK PD\ EH
(EGGGG66$UWLNHOOOOOOOÄ-HGHUUNDQQGHQNHQJODXEHQXQGG]XP$XVGUXFNEULQJHQZDVHUUGHQNWXQGJODXEW VRODQJHHULQQHUKDOEGHUDOOJHPHLQHQQ*UHQ]HQGLHHGLHH6FKDULDDYRUVFKUHLEWEOHLEW³³
'LHH.DLURHUU(UNOlUXQJEHUU0HQVFKHQUHFKWHHLP,VODP'LH(LQJUHQ]XQJHUJLEWVLFK]XPHLQHQGXUFKGHQ 6FKDULD9RUEHKDOWLQGHQ$UWLNHOQXQGGGGGG=XPDQGHUHQZLUGGGLHH6FKDULD(LQJUHQ]XQJGHUU0HLQXQJVIUHLKHLW LQ$UWLNHOOOODDDDXVGUFNOLFKHUZlKQW
'LHH.DLURHUU(UNOlUXQJEHUU0HQVFKHQUHFKWHHLP,VODP6$UWLNHO
7DOEL0RKDPPHG5HOLJLRQVIUHLKHLWHLQHPXVOLPLVFKH3HUVSHNWLYH,QQ6FKZDUWOlQGHU-RKDQQHVV)UHLKHLWGHU 5HOLJLRQ6
,FKZHUGHHDXIGLHH3UREOHPDWLNXQGGLHH9RU]JHHYRQ%HJUQGXQJHQDXVVGHUU2IIHQEDUXQJLPGULWWHQ7HLOO GLHVHUU$UEHLWWQRFKH[SOL]LWHUU]XVSUHFKHQNRPPHQ$QGLHVHU6WHOOHHJHQJWWGLHH(UNHQQWQLVVVGDVVV5HOLJLRQVIUHLKHLWW PLWWGHP,VODPQLFKWWXQYHUHLQEDUULVWWW
9JO0LOOOO-RKQ6WXDUWWWhEHUUGLHH)UHLKHLWWW+UVJ6FKOHQNH0DQIUHGGG66666
VXEMHFWWRQO\WRRVXFKKOLPLWDWLRQVVDVVDUHSUHVFULEHGE\ODZ³ E]ZZZ.DWHJRULHQ ZLH GLH |IIHQWOLFKHH 6LFKHUKHLWW KHUDQJH]RJHQ ZHUGHQQ XP IUHLH 5HOLJLRQVDXVEXQJHLQ]XVFKUlQNHQ (VLVWGHPQDFKGLH)UDJHLQZLHZHLWGDV VWDDWOLFKHH*HVHW]GLHVHH(LQVFKUlQNXQJHQQPDQLIHVWLHUHQQGDUIIE]ZZZDEEZDQQQHLQHH 5HOLJLRQVDXVEXQJ DOVV |IIHQWOLFKNHLWVJHIlKUGHQGG HLQJHVWXIW ZLUGG )DOOV GHPQDFKKGLHHVWDDWOLFKHQQ*HVHW]HHDXVGUFNOLFKKDXIGHUU6FKDULDDJUQGHQQVROOWHQQ N|QQWHH GDPLWW GLHH UHOLJL|VHH )UHLKHLWW SUDNWLVFKK XQWHUZDQGHUWW ZHUGHQQQ RKQH GHUU $&05 ]XX ZLGHUVSUHFKHQ 'HPQDFKK QLPPWW VLHH HLQHQQ =ZLVFKHQVWDWXV ]ZLVFKHQQ GHUU 8110HQVFKHQUHFKWVHUNOlUXQJ HLQHUVHLWV GHUU $(05, E]ZZZ GHU .DLURHU(UNOlUXQJJDQGHUHUVHLWVVHLQQQGDVLHHVRZRKOOLEHUDOHHDOVVDXFKWUDGLWLRQHOOHH $XIIDVVXQJHQSULQ]LSLHOOO]XOlVVWWW
,,,'LHH)UDJHHQDFKGHP9HUKlOWQLVV]ZLVFKHQQ5HOLJLRQQXQGG6WDDW LP,VODPGHUU*HJHQZDUW
(LQHH EDQDOHH (UNHQQWQLVV YRUZHJ $OOH GUHL 'RNXPHQWHH VLQGG LQQ LKUHUU :LUNXQJVDEVLFKWWDOVV*HVHW]HVWH[WHHYHUIDVVWWWOHGLJOLFKKGLHH$(05,EHVDDOVYRQQ /RQGRQHUU 7KHRORJHQQ HQWZLFNHOWHH 3URNODPDWLRQQ QLFKWW GHQ $QVSUXFKK HLQQ Y|ONHUUHFKWOLFKK ELQGHQGHVV 'RNXPHQWW ]XX VHLQ ,P *HJHQVDW] GD]X VLQGG VRZRKOOGLH.DLURHU(UNOlUXQJDOVVDXFKKGLH$&055PLWWOHUZHLOHY|ONHUUHFKWOLFKK ELQGHQG ZREHLL GHU .DLURHUU (UNOlUXQJ QDFKK ZLHH YRUU JU|HUHU (LQIOXVV LQQHUKDOEEGHUDUDELVFKHQ:HOWW]XWHLOONRPPWWW$OOHLQGDUDXVVOlVVWWVLFKKGHUJURH (LQIOXVVV DEOHLWHQQQ GHQ GLH 5HOLJLRQQ DXI GDVV VWDDWOLFKH *HVFKHKHQQ DXVEWW 'H IDFWRRVFKHLQWWGHUU,VODPPYRQQ%HJLQQQDQHQJPLWWGHUU3ROLWLNNYHUEXQGHQQJHZHVHQQ ]X VHLQ LPPHUKLQ ZDU 0RKDPPHG VHOEVW QLFKW QXU 5HOLJLRQVVWLIWHU VRQGHUQ ]XJOHLFK DXFKK HLQIOXVVUHLFKHU PLOLWlULVFKHU 6WUDWHJH ZHVZHJHQ JHOHJHQWOLFKK JHIRUGHUWW ZLUGGG VHLQHH UHOLJL|VHQQ YRQQ VHLQHQ SROLWLVFKHQQ /HLVWXQJHQQ ]X WUHQQHQ 'LHVHH WKHRNUDWLVFKHH 9HUEXQGHQKHLW VFKHLQW ELVV KHXWHH HQJ DXII GHQ LVODPLVFKHQQ 6WDDWVJHGDQNHQQ HLQ]XZLUNHQQQ ZHVZHJHQQ /XGJHUU .KQKDUGWW ]X IROJHQGHU7KHVHJHODQJWWWW
$UDEE&KDUWD2Q+XPDQ5LJKWV6$UWLNHO$EVDW]]]]]]
(EGGGG6$UWLNHO$EVDW]]]]]
bKQOLFKDXFK:LWWLQJHUUU0LFKDHODDD&KULVWHQWXP,VODP5HFKWXQG0HQVFKHQUHFKWHHH666:LWWLQJHUUNULWLVLHUWW DQGLHVHP3XQNWGDVVGLHHLQ$UWLNHO$EVDW]]]]HUZlKQWH7ROHUDQ]]GXUFKDXVNRPSDWLEHOPLWGHPRUWKRGR[HQ 9HUVWlQGQLVVLVWGDVVVGLH6FKDULDEHUHLWVHLQHLGHDOH7ROHUDQ]DXIIDVVXQJJJHJHQEHU$QGHUVJOlXELJHQQEHVLW]H
9JO:LWWLQJHUUU0LFKDHODDD&KULVWHQWXP,VODP5HFKWWXQG0HQVFKHQUHFKWHHH666 9JO(EGGGG66666
9JO6FKZDUWOlQGHUUU-RKDQQHV)UHLKHLWWGHUU5HOLJLRQ666666
Ä:lKUHQGGGLHHZHVWOLFKHH6WDDWVSKLORVRSKLHHGHQQPRGHUQHQQQVlNXODUHQQ6WDDWWDXI GHQQ9RONVVRXYHUlQLWlWVJHGDQNHQQJUQGHWWWEOHLEWWLQQLVODPLVFKHUU9RUVWHOOXQJGLH
:HQQQ VRZRKOO GLHH $(05, DOVV DXFKK GLHH .DLURHUU (UNOlUXQJ DXVV RUWKRGR[HU 6LFKWZHLVH KHUDXVV DUJXPHQWLHUHQQQ PDQLIHVWLHUHQQ VLH VRPLWW GHQQ ,VODP DOVV JHVHOOVFKDIWVEHJUQGHQGHH 5HOLJLRQQQ 6RR JLEWW GLHH $(05, GDVV =LHO GHU LVODPLVFKHQQ *HVHOOVFKDIWW DQ 'LH .DLURHU (UNOlUXQJ EHNUlIWLJWW LQQ LKUHU 3UlDPEHODXVGUFNOLFKKKGDVVVÄGULQJHQGGGHU*ODXEHQQDOVV7UlJHUGHU=LYLOLVDWLRQQ EHQ|WLJW³ ZLUGGG VRZLH GLH 9HUELQGOLFKNHLWW LVODPLVFKHU *HVHW]H DOVV JUXQGOHJHQGHH 5HFKWHH XQGG )UHLKHLWHQ 'DUDXV HUJLEW VLFKK HUQHXW GLH 3UREOHPDWLNNGHUU6FKDULDDDOVVJ|WWOLFKHVVXQGGGDPLWWDXWRULWDWLYHVV*HVHW]ZHUNPLW GHQQ GDPLWW YHUEXQGHQHQ 6SDQQXQJHQQQ (VV LVWW GDUXPP RIIHQVLFKWOLFKKK GDVV GLHH 5HFKWHH YRQQ 0LQGHUKHLWHQQ NUDIWW J|WWOLFKHQQ (QWVFKOXVVHVV XPJDQJHQQ ZHUGHQQ N|QQHQQQ =ZDUU EHWRQWW GLH $(05, GDVVV GLHH PRQRWKHLVWLVFKHQQ 0LQGHUKHLWHQ XQGG QXUU GLHVHHH LPP 6WUHLWIDOOO LKUHH HLJHQHH 2IIHQEDUXQJ DQVWHOOHH GHUU 6FKDULD DOVV 5HFKWVQRUPPKHUDQ]LHKHQQN|QQHQ 'LHVHH5HJHOXQJNDQQQDEHUUHLQKHUJHKHQQPLW GHUU%LOGXQJJYRQQ3DUDOOHOJHVHOOVFKDIWHQQGDGLHHDQJHVSURFKHQHQQ*UXSSLHUXQJHQ GDGXUFKK YRQQ YRUQKHUHLQQ YRQQ JHVHOOVFKDIWOLFKHQQ (QWZLFNOXQJVSUR]HVVHQQ DXVJHVFKORVVHQQ ZHUGHQ ZHQQQ LKUH HLQ]LJH 0|JOLFKNHLWW PHKUKHLWVJOWLJHV *HVHW] ]XX EHHLQIOXVVHQQ GDULQQ EHVWHKWWW HVV DXI GLHVHH :HLVHH ]X XPJHKHQQQ $XHUGHPGUIWHHVV]LHPOLFKKXQZDKUVFKHLQOLFKKVHLQVLFKDOVV0LQGHUKHLWWVRZHLWW YRPP*URWHLOOGHU*HVHOOVFKDIWW]XXGLVWDQ]LHUHQQQGDVVVGLHVHHNHLQHQQ(LQIOXVVVPHKUU DXII GLH HLJHQH /HEHQVZHLVHH DXVEHQQ N|QQWHH 6ROOWHH GLHVV WURW]GHPP JHOLQJHQQ NlPHHGLHVVGHUUY|OOLJHQQ$EVFKRWWXQJJHJHQEHUGHU8PZHOWWJOHLFKGDPLWWDXFK GHPP $XVVFKOXVVV EHLVSLHOVZHLVHH YRPP |IIHQWOLFKHQQQ %LOGXQJVZHVHQQ XQGG ZlUH GHVKDOEENHLQHVZHJVZQVFKHQVZHUWWWW
=XGHPPP 7URW] GHUU (UZlKQXQJ GHUU 6FKDULDD DOV *HVHW]QRUPP JLOWWW GDVV LKUHH $XVOHJXQJJNHLQHVZHJVVXQXPVWULWWHQQLVWWW'HQQQÄHEHQVRZHQLJZLHÃGHQ ,VODP¶ JLEWW HV ÃGLH¶ ± HLQ]LJH ±± 6FKDULD³ %HNDQQWW LVWW GDVV %HLVSLHOOO QDFKK GHP HLQHPP'LHEGLH+DQGGDEJHKDFNWWZHUGHQVROOOOÄ:HQQQHLQ0DQQQRGHUHLQH)UDX HLQHQQ'LHEVWDKOOEHJDQJHQKDWWWGDQQQKDXWLKQHQGLHH+DQGGDEE³³6XUHH$QQ 1D¶,PP VFKUHLEWW KLHU]XXX GDVVVV ZlKUHQGG GHPP ZHVWOLFKHQQ *HPWW GLHH 6WUDIH KDUW XQGGXQDQJHPHVVHQQHUVFKHLQHQQPDJHLQQIXQGDPHQWDOHUU0XVOLPPGLHVHHGXUFKDXVV DOVV PLOGHH HPSILQGHQQ NDQQQQ PLWW GHUU %HJUQGXQJ OLHEHUU GLHH +DQGG ]X YHUOLHUHQ DOVVLPP-HQVHLWVVJU|HUHQQ4XDOHQQDXVJHVHW]WW]XXVHLQQQ$QQ1D¶,PPVFKOlJWWGHVKDOE
.KQKDUGWWW/XGJHUUU'LHH8QLYHUVDOLWlWWGHUU0HQVFKHQUHFKWHHH666666 'LH.DLURHUU(UNOlUXQJEHUU0HQVFKHQUHFKWHLP,VODP63UlDPEHO 9JO$OOJHPHLQH(UNOlUXQJJGHU0HQVFKHQUHFKWHHLP,VODP666$UWLNHOOOOEEEE :LWWLQJHUUU0LFKDHODDD&KULVWHQWXP,VODP5HFKWWXQGG0HQVFKHQUHFKWHHH666
YRUUU GLHH 6FKDULD'HILQLWLRQQ YRQQ Ã'LHEVWDKO¶¶ VRR DXV]XZHLWHQQQ GDVVV GLHH 6WUDIH ]ZDUUEHVWHKHQQEOHLEWWWLQQ LKUHUU3UD[LVVMHGRFKKNHLQHH$QZHQGXQJPHKUILQGHW 'LHV]HLJWGDV3UREOHPGHQQQJHUDGHGXUFKGLHVHlXHUVWWXQGHXWOLFKH6FKDULD $XVOHJXQJ LVWW GHUMHQLJH GHU QDFKK LKUHPP *HVHW]] YHUXUWHLOWW ZLUG OHW]WOLFK GHUU ZLOONUOLFKHQQ$XVOHJXQJJGHVMHQLJHQQDXVJHOLHIHUWWWGHUUQDFKKLKUUULFKWHWWW6RPLWWLVW LKUHWKHRNUDWLVFKH5HFKWVJOWLJNHLWWQLFKWWQXUHLQH$EVDJHDQQGHQQ5HFKWVVFKXW] GHVV ,QGLYLGXXPVVV VLHH VWlUNWW YLHOPHKUU GHQ SROLWLVFKHQQ (LQIOXVVV GHUMHQLJHQ GLH EHIXJW VLQGGG VLHH ]XX LQWHUSUHWLHUHQQ ,Q GHPP 6LQQH LVWW HVV YRUELOGOLFKKK ZHQQQ GLHH $&055 NHLQHQQ XQPLWWHOEDUHQ 6FKDULDD%H]XJ PHKU HQWKlOWWW =ZDU NRPPWW DXFKK VLHHQLFKWWRKQHHLKQQDXVVVGLHVHUUEHDQVSUXFKWWDEHUNHLQHHDXWRULWDWLYHH*OWLJNHLWIUU GLHH *HVHW]HVJHEXQJ PHKUUU ZDVV GHQQ :HJ ]XX HLQHUU OLEHUDOHUHQQ *HVHW]JHEXQJJ HEQHWWW 6WDWWGHVVHQQ VFKHLQWW HU LQQ GHU 3UlDPEHO YLHOPHKU DOVV JHPHLQVDPHU $QNQSIXQJVSXQNWW GHUU PRQRWKHLVWLVFKHQQ 5HOLJLRQHQQ ]X IXQJLHUHQQQ DXI GHPP 3ULQ]LSLHQQ ZLHH ÄEURWKHUKRRGGG HTXDOLW\ DQGG WROHUDQFH DPRQJ DOOO KXPDQQ EHLQJV³ JUQGHQQ N|QQHQQQ 'HQQQ HVV NRPPWW QLFKWW GDUDXII DQQQ GLH 6FKDULD SDXVFKDO ]XX YHUXUWHLOHQQ (VV LVW DEHU HLQQ 8QWHUVFKLHG REE VLH DOVV UHOLJL|VHU /HLWIDGHQQDXIJHIDVVWWZLUGGGGHPPVLFKKGLHH*ODXEHQGHQQIUHLZLOOLJ]XZHQGHQQRGHU REEHVVVLFKXPPHLQQ*HVHW]ZHUNKDQGHOWWWGDV5HFKWVJOWLJNHLWWIUDOOH0HQVFKHQ EHDQVSUXFKHQZLOOOOO
=XVDPPHQIDVVHQGG HUJLEWW VLFKK GHPQDFK GLH :LFKWLJNHLWW HLQHU *ODXEHQVDXIIDVVXQJ DXV GHP 9HUWUDXHQVDNW VWDWWW DXVV HLQHPP PHWDSK\VLVFK OHW]WJOWLJHPP :DKUKHLWVYHUVWlQGQLVV KHUDXV 'HQQ QXUU ZHQQQ HUNDQQWW ZLUG GDVVV 5HOLJLRQQ NHLQHVZHJV DOOXPIDVVHQGG ÃEHZLHVHQ¶¶ ZHUGHQQ NDQQQQ VRQGHUQ LPPHUPLWWGHPPIUHLHQQ(QWVFKOXVVVGHU3HUVRQQ]XPP*ODXEHQQHLQKHUJHKWWWZLUGGHVV ODQJIULVWLJJ P|JOLFK VHLQQQ GHQQ 6WDQGSXQNWW WKHRNUDWLVFKHU *HVHW]JHEXQJ ]X YHUODVVHQQ GD GLHVHU GDQQQ NHLQHH DXWRULWDWLYHH *OWLJNHLWW IU PHQVFKOLFKHVV *HVHW]ZHUNNPHKUUEHDQVSUXFKHQQNDQQQQ
,,, .XU]]XVDPPHQIDVVXQJJ ]XP 6WDQGG GHUU 0HQVFKHQUHFKWH LP ,VODPGHUU*HJHQZDUW
'LHH8QWHUVXFKXQJKDWWHUJHEHQQQGDVVVGHUU,VODPP±±]XPLQGHVWWLQQGHUU$(05,XQG GHUU.DLURHUU0HQVFKHQUHFKWVHUNOlUXQJ±±QRFKKJDQ]GHPPWKHRNUDWLVFKHQQ'HQNHQQ YHUKDIWHWWLVWWW'DUDXVVHUJLEWWVLFKKGLHHKRKHH:HUWXQJJGHU6FKDULDDOVV*HVHW]QRUPPP GLHH LQQ DOOHQQ HU|UWHUWHQQ $VSHNWHQQ IHVWJHKDOWHQQ ZHUGHQQ NRQQWHHH /HGLJOLFKK GLHH
$Q1D¶,P$EGXOODKL$KPHG7RZDUGDD&URVV&XOWXUDOO$SSURDFKWR'HILQLQJ,QWHUQDWLRQDOO6WDQGDUGVVRI +XPDQQ5LJKWVV7KH0HDQLQJJRI&UXHO,QKXPDQQRU'HJUDGLQJJ7UHDWPHQWRU3XQLVKPHQW66I
$UDEE&KDUWDD2Q+XPDQ5LJKWV63UlDPEHO'LHDQGHUHQ2IIHQEDUXQJVUHOLJLRQHQZHUGHQ ]XVDPPHQPLWWGHUU6FKDULDDDXVGUFNOLFKLQHLQHUU5HLKHHUZlKQW
,FKZHUGHHLPGULWWHQ7HLOOGLHVHUU$UEHLWWJHQDXHUUHUOlXWHUQZDVVLFKKLHUXQWHUUYHUVWHKHH
$&055VFKHLQWWOLEHUDOHU ]XXVHLQQXQGGLVWWVRPLWWLQKDOWOLFKKGHXWOLFKKQlKHUUDQGHUU 8110HQVFKHQUHFKWVHUNOlUXQJ YRQQ DQJHOHKQWWW ZHQQJOHLFKK DXFKK VLHH LQ HLQLJHQQ 3XQNWHQQ QLFKWW JDQ] XQSUREOHPDWLVFKK HUVFKHLQW 'HQQRFKK LVWW VLHH DOV HLQGHXWLJHH )RUWHQWZLFNOXQJ GHU DQGHUHQ EHLGHQ 'RNXPHQWH ]XX ZUGLJHQQ QDFKGHPP LKUU XQPLWWHOEDUHU 9RUJlQJHU ± GLH $UDELVFKH &KDUWDD GHUU 0HQVFKHQUHFKWHH YRQQ ±± PDQJHOVV 5DWLIL]LHUXQJ NHLQQ Y|ONHUUHFKWOLFK ELQGHQGHVV 'RNXPHQWW ZHUGHQQ NRQQWH (V HUJLEW VLFK JHPl GHU (U|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±± ]XPLQGHVWW IUU HLQHQQ 'LDORJVSDUWQHUU±XQHUOlVVOLFKKKGDDQXUUVRRGLHH3UREOHPHGHVV*HJHQEHUVVHUQVWKDIW HUIDKUHQQZHUGHQQN|QQHQQ
,,,.XU]UHVPHHHGHV]ZHLWHQ7HLOV
:lKUHQGG GDVV &KULVWHQWXPP PLWWOHUZHLOH HUNDQQW KDW ZLH ZLFKWLJ VlNXODUH 0HQVFKHQUHFKWHIUHLQQPHQVFKOLFKHVV0LWHLQDQGHUVLQGVLHKWWGHU,VODPPKLHULQQ 6FKZLHULJNHLWHQQQ 'LHVV PDJ VLFK XD DXVV GHU $QJVWW EHJUQGHQQQ GDVV HLQQ PRGHUQHVV0HQVFKHQUHFKWVHWKRVVGLHH6LQQVXFKHHYHUQDFKOlVVLJHQQN|QQWHHHZHOFKHH QDFKK NDWKROLVFKHPP 9HUVWlQGQLVV HQJ PLWW GHUU 0HQVFKHQZUGHH YHUEXQGHQ LVWW 'DUDXV NDQQ HLQHH )URQWHQYHUKlUWXQJ HQWVWHKHQ GLH OHW]WOLFKK GD]XX IKUWWW GDVV IXQGDPHQWDOHH3RVLWLRQHQQJHVWlUNWWZHUGHQQZlKUHQGOLEHUDOHH7HQGHQ]HQQRIWPDOVV PLWW GHUU $QJVWW YRUU 1LKLOLVPXVV XQGG +HGRQLVPXVV HLQKHUJHKHQQQ 'DVVV GLHVV QLFKWW ]ZLQJHQGGGHUU)DOOOVHLQQPXVVVVZLUGGGDQQQEHVRQGHUVVGHXWOLFKKKZHQQQGLHH&KDQFHQ WUDQVSDUHQWHUU JHPDFKW ZHUGHQQ GLHH HLQQ $XVWDXVFKK ]ZLVFKHQ VlNXODUHP 0HQVFKHQUHFKWVYHUVWlQGQLVVXQGGGHQQ5HOLJLRQHQQHYR]LHUHQQNDQQQQ'LHVVEHQ|WLJW DOOHUGLQJV HLQH QHXH 2IIHQKHLWW VRZRKO VlNXODUHQ 0HQVFKHQUHFKWHQQ DOVV DXFK DQGHUHQQ5HOLJLRQHQQJHJHQEHUGLHVLFK]ZDUPXWLJ]XXLKUHUU:DKUKHLWWEHNHQQWWW GLHVH MHGRFKK QLFKWW DOVV OHW]WJOWLJ HUIlKUW ,FKK ZHUGH GHVKDOEE LQQ GHQ YHUEOHLEHQGHQQ EHLGHQQ 7HLOHQQ PHLQHUU $UEHLW DXII JHQDXX GLHVHH $VSHNWH ]X VSUHFKHQQ NRPPHQQQ LQGHP LFKK ]XQlFKVW KLQWHUIUDJHQQ ZHUGHHH ZHOFKH
9JO:LWWLQJHUUU0LFKDHODDD&KULVWHQWXP,VODP5HFKWWXQG0HQVFKHQUHFKWHHH666
/|VXQJVDQVlW]H ]XUU 8QLYHUVDOLVLHUXQJ YRQQ 0HQVFKHQUHFKWHQQ LQQHUKDOE GHUU 5HOLJLRQHQQ P|JOLFKK VLQGG GULWWHU 7HLOO $QVFKOLHHQG ZHUGH LFK HU|UWHUQQ ZHOFKH &KDQFHQ HLQ $XVWDXVFKK ]ZLVFKHQ GHQQ 5HOLJLRQHQQ XQG GHP 6lNXODULVPXVVLQQ%H]XJDXIGLH0HQVFKHQUHFKWHLQVLFKKELUJWWWYLHUWHU7HLOO
7HLOO ,,,,, $QVlW]H ]XU 8QLYHUVDOLVLHUXQJJ YRQ
0HQVFKHQUHFKWHQ
'LHH ELVKHULJH 8QWHUVXFKXQJ KDWW HUJHEHQ GDVV GLHH 8QLYHUVDOLVLHUXQJ YRQ 0HQVFKHQUHFKWHQQ VLFKK DOVV lXHUVWW PKVHOLJ JHVWDOWHWWW ,QVEHVRQGHUH IU GHQQ HLQIOXVVUHLFKHQQ RUWKRGR[HQQ ,VODPP JLOWWW GDVVV GLHVHU DXIJUXQGG VHLQHVV VWDUNHQQ $EVROXWKHLWVDQVSUXFKVV 0HQVFKHQUHFKWH HQWZHGHUU DOVV LVODPLVFKH 5HFKWH EHJUHLIW RGHU LKUH 8QLYHUVDOLWlWW ]XJXQVWHQQ LVODPLVFKHPP 6FKDULD5HFKWV WHQGHQ]LHOOODEOHKQWW6ROOGHVKDOEHLQHH'XUFKVHW]XQJVlNXODUHUU0HQVFKHQUHFKWHH HU]LHOWWZHUGHQQPQGHWWGLHVV]XQlFKVWWLQQGHUU)UDJHHHREEGLHVHHVLFKDXVVGHPP.RUDQQ DOVV KHLOLJHH 2IIHQEDUXQJVVFKULIWW GHUU 0XVOLPH DEOHLWHQQ ODVVHQQ 'LHV KlWWH ]ZHLIHOORVVGHQQ9RUWHLOOOGDVVVVLHHGDGXUFKDXFKKIUURUWKRGR[HH0XVOLPHHUDWLIL]LHUW ZHUGHQQ N|QQHQQQ RKQHH GDVVV HLQQ %UXFKK PLWW LKUHUU HLJHQHQQ .XOWXUU ]X EHIUFKWHQ ZlUH 'DPLWW VROOO GLHVV GLH .HUQIUDJH GHV HUVWHQQ $EVFKQLWWVV GLHVHVV $UEHLWVWHLOVV VHLQQQ )U GDVV &KULVWHQWXPP KLQJHJHQ ZLOOO LFKK DXI GLHVH )UDJH ZHLWJHKHQGG YHU]LFKWHQGDPLUKLHU]XPLQGHVWWLQQGHUZHVWOLFKKJHSUlJWHQQ&KULVWHQKHLWWWHLQHH hEHUHLQVWLPPXQJ PLWW GHQQ 0HQVFKHQUHFKWHQQ JHJHEHQQ ]X VHLQQ VFKHLQW 'HQQRFKKKHLWWGDVVQLFKWWGDVVVLFKKQLFKWDXIHVVYHUZHLVHQQZHUGHHZHQQGLHVLP 5DKPHQQGHUU(U|UWHUXQJDQJHEUDFKWWLVWWW
,P ]ZHLWHQQ $EVFKQLWWW KLQJHJHQ ZHUGH LFK PLFKK ]ZHL /|VXQJVDQVlW]HQ ]XU 3UREOHPDWLNN ZLGPHQQQ ZLH HLQQ QHXHV :DKUKHLWVYHUVWlQGQLVV LQQHUKDOEE GHU 5HOLJLRQHQQQ GGKKK 9HUWUDXHQVZDKUKHLWW HU]LHOW ZHUGHQQ NDQQQQ ,FKK KDEHH GLHVHQQ %HJULIIILPP5DKPHQQPHLQHUU$UEHLWWVFKRQQHLQLJHH0DOHHHUZlKQWWXQGGP|FKWHHQXQQ HUOlXWHUQQQ ZDV LFK KLHUXQWHU YHUVWHKH 9HUWUDXHQVZDKUKHLWW JHKWW ZHVHQWOLFK PLW GHUU(UNHQQWQLVVHLQKHUUUGDVVVVlPWOLFKHHUHOLJL|VH+HLOVERWVFKDIWHQQDXIJUXQGGLKUHU 8QEHZHLVEDUNHLWW XQG 8QHUIRUVFKEDUNHLWW ZHGHU GHQQ PDWKHPDWLVFKK QDWXUZLVVHQVFKDIWOLFKHQ QRFKK GHQ HPSLULVFKKVR]LRORJLVFKHQ :DKUKHLWVDQIRUGHUXQJHQ HQWVSUHFKHQQ XQGG GHVKDOEE NHLQHQ
/HW]WJOWLJNHLWVDQVSUXFKKHUKHEHQQN|QQHQQQVRQGHUQQXUUNUDIWWGHVVLQQVLHHJHVHW]WHQQ 9HUWUDXHQVVLKUHH*OWLJNHLWWIUUGLH,QGLYLGXHQQXQG*ODXEHQVJHPHLQVFKDIWHQQDOVV
,FKELQPLUUVHKUUZRKOEHZXVVWGDVVDXFKGDV&KULVWHQWXPYHUVFKLHGHQHH6WU|PXQJHQEHVLW]WWWYRQGHQHQQLFKW DOOHHGLHH0HQVFKHQUHFKWHHYROOODN]HSWLHUHQ'DVV9HUKlOWQLVVLVWWGHPQDFKDXFKKLHUUQLFKWWXQSUREOHPDWLVFK $OOHUGLQJVP|FKWHHLFKPLFKLQGLHVHUU$UEHLWWEHZXVVWWDXIGLHHFKULVWOLFKHQ3RVLWLRQHQEHVFKUlQNHQGLHHLFKLP ]ZHLWHQQ7HLODXVIKUOLFKKGDUJHOHJWKDEH'LHVHNRQQWHQQHLQH$N]HSWDQ]YRQQ0HQVFKHQZUGHXQG 0HQVFKHQUHFKWHQXDDDPLWWGHP$UJXPHQWWGHUU*RWWHVHEHQELOGOLFKNHLWWW*HQHUUHLFKHQ
SUDNWLVFKHH*ODXEHQVVXQGGVRPLWW:DKUKHLWVHUIDKUXQJHQHQWIDOWHQQQZHVZHJHQQVLHH IUU 1LFKWW*ODXEHQGHH DOVV VROFKHH DXHQQ YRUU VLQGGG ,GG HVWWW :lKUHQGG VLFKK EHLVSLHOVZHLVH HLQQ QDWXUZLVVHQVFKDIWOLFKHVV 3KlQRPHQ GXUFK ([SHULPHQWH EHOHJHQQ OlVVWW RGHUU GDVV 9HUKDOWHQQ YRQQ *UXQGVFKXONLQGHUQQ DXII GHPP 3DXVHQKRI GXUFKKTXDOLWDWLYHHXQGGRGHUUTXDQWLWDWLYHH8QWHUVXFKXQJHQQHUIRUVFKWWZHUGHQQNDQQQ LVWW GLHVEHL UHOLJL|VHQQ :DKUKHLWHQQ QLFKWW GHU )DOOOO 6WDWWGHVVHQQ HQWZLFNHOQQ GLHVH LKUH '\QDPLNN HUVWW GDQQ ZHQQQ VLFK GLH *ODXEHQGHQQ DOVV 6XEMHNWHH DXII GLHVH HLQODVVHQQQ GGKK LQQHUKDOE HLQHVV ,GHQWLILNDWLRQVSUR]HVVHVV UHDOLVLHUHQQQ GDVVV LKQHQQ KLHUGXUFK HLQHH HLJHQWPOLFKHH (QHUJLH ]XWHLOO ZLUG GLH VLHH DOVV :DKUKHLWW EHJUHLIHQQQ $XVV GHPP *UXQGG HUVFKHLQWW HVV HYLGHQWWW GDVVV 9HUWUDXHQVZDKUKHLW GDV 0RPHQWW GHU )UHLZLOOLJNHLWW HQWKlOWWW GD VLHH QXU VRR ]X LKUHU YROOHQQ (QWIDOWXQJ NRPPHQQNDQQQQ(VVEHGHXWHWWGHVKDOEEQLFKWWWUHOLJL|VH%RWVFKDIWHQDOVVLUUHDOORGHU IDOVFKK ]XX UHODWLYLHUHQQQ XPP DXIJUXQGG GHUU GDUDXVV UHVXOWLHUHQGHQQ 9HUXQVLFKHUXQJ ]X HLQHPP VlNXODUHQQ 0HQVFKHQUHFKWVYHUVWlQGQLVV ]X JHODQJHQQQ 'DQQQ ZlUHQ 0HQVFKHQUHFKWHH LQQ GHUU 7DWW HLQH $UW +HLOVERWVFKDIWVHUVDW]]] ZDVV VLH DEHU LKUHU ,GHHH QDFKK ZHGHUU VHLQQ N|QQHQQ QRFKK ZROOHQQ 6WDWWGHVVHQQ KHLWW HV YLHOPHKUU ]XX YHUVWHKHQQQ GDVVV DOOHH 5HOLJLRQHQQ HLJHQHH $QWZRUWHQQ DXI GHUU 6XFKHH QDFKK 6LQQ VLQGGG GLHH GDUXPP DOVV VHOEVWlQGLJH 0DQLIHVWDWLRQHQQ GHVV 1XPLQRVHQQ JHZUGLJW XQGG UHVSHNWLHUWW ZHUGHQ PVVHQQQ ,QQ GHP 6LQQHH PHLQWW HVV $EVWDQGG YRP $EVROXWKHLWVDQVSUXFK EHL JOHLFK]HLWLJHU %HZDKUXQJ GHV
+HLOLJNHLWVDQVSUXFKV 'HUU)RNXVVVLW]WWGHPQDFKKQLFKWWSULPlUUDXIIGHPP,QKDOW GHU %RWVFKDIWW DOVV HLQ]LJ JOWLJHU 2IIHQEDUXQJ VRQGHUQQ YLHOPHKU DXI GHU +HLOLJNHLWVHUIDKUXQJ GLH GHQ *ODXEHQGHQQ DXV LKUHPP 9HUWUDXHQQ DQ GLHVH 2IIHQEDUXQJ ]XWHLOO ZLUG 'HQQQ HLQHH VROFKHH (UIDKUXQJ NDQQQ LQQ DOOHQ 5HOLJLRQHQQHUOHEWWZHUGHQREJOHLFKKVLFKGLHVHHY|OOLJDQGHUVVDXVGUFNHQQPDJJJJ 'LHH 1RWZHQGLJNHLWW ]XX HLQHPP VROFKHQQ :DKUKHLWVYHUVWlQGQLVV ]XX JHODQJHQ VFKHLQWW PLUU GHVKDOEE VRZRKOO IUU GHQQ ,VODPP DOV DXFKK IUU GDVV &KULVWHQWXPP ]X EHVWHKHQQQ 'HQQQ PHLQHUU (UIDKUXQJ QDFKKEOHLEWW DXFKK GDV &KULVWHQWXPP HQWZHGHU GHPP$EVROXWKHLWVDQVSUXFKKYHUKDIWHWWXQGGYHUVFKOLHWWVLFKKVRPLWW±±EHZXVVWWRGHU XQEHZXVVWW±±GHPP'LDORJJRGHUUHVVUHODWLYLHUWWVHLQHQQHLJHQHQQ:DKUKHLWVDQVSUXFK VRZHLWWW GDVVV HV QLFKWW PHKU GLHH HUIRUGHUOLFKHH .UDIWW DXIEULQJHQ NDQQ LPP *HVSUlFK DOVV VHOEVWlQGLJHU 3DUWQHU ]XX EHVWHKHQ 'HUU %HJULIII GHUU 9HUWUDXHQVZDKUKHLWWVXFKWWKLHUUGLHHJHVXQGHH0LWWHHH
,P NRQNUHWHQQ %H]XJ DXII GLHVHH $UEHLWW EHGHXWHWW HLQQ VROFKHVV 9HUVWlQGQLVV ]ZHLHUOHLLL
'LHVHUJHKWGDQQQNRQVHTXHQWHUZHLVHPLWGHU(LQVLFKWHLQKHUGDVVVHVYHUVFKLHGHQH$XVGUFNHXQG/HKUHQGHV +HLOLJHQJLEWWWW
9HUWUDXHQVZDKUKHLWGDUIGHVKDOEQLFKWDOVUHLQQVXEMHNWLYHU:LOONUDNWIHKOYHUVWDQGHQQZHUGHQQ2EHLQH %RWVFKDIWWHVZHUWWLVWWWGDVVVPDQLKUU9HUWUDXHQVFKHQNWWXQGVLFKVRPLWW]XLKUEHNHQQWPXVVVJUQGOLFKGXUFKGDFKWW ZHUGHQ,QGHP6LQQHN|QQHQEHLVSLHOVZHLVHHGLHH*ODXEHQVJHPHLQVFKDIWWXQG7UDGLWLRQHLQHUU5HOLJLRQGLHH (QWVFKHLGXQJGHV,QGLYLGXXPVEHHLQIOXVVHQ
(UVWHQVV KLOIWW HVV ± DXIJUXQGG GHUU KLHUGXUFKK SRVWXOLHUWHQQ *OHLFKEHUHFKWLJXQJ ±± HLQHHSRO\]HQWULVFKHH*UXQGKDOWXQJHQWVFKLHGHQQ]XXI|UGHUQQQGLHHLPPHUVWHQQ7HLOODOVV PDJHEHQGG IU HLQHQ DXWKHQWLVFKHQ 'LDORJ KHUDXVJHDUEHLWHWW ZXUGH 1XUU HLQH VROFKHH NDQQQ GD]X EHLWUDJHQQ GLHH 6RUJHQ XQG $XIIDVVXQJHQ GHV 3DUWQHUV QLFKW YRQQ YRUQKHUHLQQ ]XX YHUXUWHLOHQQQ VRQGHUQ LQQ HLQHH HUQVWKDIWHH .RQYHUVDWLRQ HLQ]XWUHWHQQQ XPP KLHUEHU ]XX HFKWHQ )RUWVFKULWWHQQ LP (LQLJXQJVSUR]HVVV ]X JHODQJHQQQ'LHVVLVWGDQQDXFKKI|UGHUOLFKIUGHQ0HQVFKHQUHFKWVGLDORJGDHUVW LQQ HLQHUU SRO\]HQWULVFKHQ *UXQGKDOWXQJ GDVV 9RUXUWHLOO DEJHEDXWW ZHUGHQQ NDQQQQ VlNXODUHH0HQVFKHQUHFKWHVHLHQQDXVVGHPP&KULVWHQWXPPHQWVWDQGHQQXQGGDOVVVROFKH QXUUDXIIGLHVHVVEHUWUDJEDUUUU
=ZHLWHQVV EHWULIIW HVV XQPLWWHOEDU GHQ 0HQVFKHQUHFKWVGLDORJ 0DJHEHQG LVW KLHUEHLLGLHH(LQVLFKWWWGDVVVNHLQQ0HQVFKKQDFKHLQHUUHOLJL|VHQQ*HVHW]JHEXQJEH RGHU YHUXUWHLOWW ZHUGHQ GDUI VRIHUQQ 9HUWUDXHQVZDKUKHLWW HWZDVV LVWWW ZDV GHQ IUHLZLOOLJHQ *HKRUVDPP HUIRUGHUWWW (VV LVWW GDQQQ IU GDVV ]ZLVFKHQPHQVFKOLFKH /HEHQQQLFKWWPHKUUGLHQOLFKKKQDFKK*HVHW]HQ]XULFKWHQGLHGHPHLQHQ]ZDUDOV XQXPVW|OLFKK JHOWHQQ P|JHQQQ GHPP DQGHUHQQ MHGRFKK QLFKWWW 6WDWWGHVVHQQ ZXUGH HUNDQQWWW GDVVVV GDD HVV YHUVFKLHGHQHH +HLOVERWVFKDIWHQQ JLEWWW HLQQ WKHRNUDWLVFKHV 5HFKWVYHUVWlQGQLVV QLFKWW GD]XX LQQ GHUU /DJH LVWWW GDVV =XVDPPHQOHEHQQ LQQ HLQHUU SOXUDOLVWLVFKHQ *HVHOOVFKDIWW ]XX GHILQLHUHQQQ 'LHVV |IIQHWW ODQJIULVWLJ GLHH 7U IUU HLQQVlNXODUHVVVLQWHUUHOLJL|VJOWLJHVV0HQVFKHQUHFKWVYHUVWlQGQLVVVVVVV
,,,,,,,,=XUU8QLYHUVDOLVLHUXQJVP|JOLFKNHLWWYRQQ0HQVFKHQUHFKWHQ LP,VODPDQKDQGGGHVV.RUDQV
'HUU 9HUVXFKK VlNXODUHH 0HQVFKHQUHFKWH DXVV GHP .RUDQQ DEOHLWHQQ ]X N|QQHQQQ JHVWDOWHWVLFKDOVVNRPSOH[MHGRFKKQLFKWWDOVVY|OOLJXQP|JOLFKKK6RRJLEWWHVVLPPHU ZLHGHUU LVODPLVFKHH *HOHKUWH GLHH GLHVV XQWHUQRPPHQQ KDEHQQQ ]XPP 7HLOO PLW XQWHUVFKLHGOLFKHQ $VSHNWHQQQ 'DD LFK PLFKK KLHU QLFKWW DXII GLH 8QLYHUVDOLVLHUXQJJ DOOHUU 0HQVFKHQUHFKWH NRQ]HQWULHUHQQ NDQQQQ P|FKWHH LFK PLFKK DXII GDVV ZLFKWLJH 5HFKWWGHU5HOLJLRQVIUHLKHLWWEHVFKUlQNHQQ
%HLVSLHOVZHLVHKDWW0RKDPPHGG7DOELLVLHLQQVHLQHPP$XIVDW]]Ä5HOLJLRQVIUHLKHLWW (LQH PXVOLPLVFKH 3HUVSHNWLYH³ DXVV GHPP .RUDQ ]XX EHOHJHQQ YHUVXFKWWW (U EHJUQGHWWGLHVVXXDDDPLWWGHUU)lKLJNHLWWGHVV0HQVFKHQQ]XPP*HLVWLJHQQQZHOFKHDXVV 6XUHHKHUYRUJHKWWWÄXQGGLKQQKLHUDXII]XXPHQVFKOLFKHUU*HVWDOWWWJHIRUPWW XQGG LKPP *HLVWW YRQQ VLFKK HLQJHEODVHQQ KDWW ³³ 7DOELL VLHKWW KLHULQ GLHH (EHQELOGOLFKNHLWW GHVV 0HQVFKHQ ]XX *RWWW EHJUQGHWW XQG ]LHKWW GDPLW HLQH 3DUDOOHOHH ]XPP :UGHJHGDQNHQQ LQQ &KULVWHQWXPP XQGG -XGHQWXPPP ZRPLWW HUU
7DOEL0RKDPPHG5HOLJLRQVIUHLKHLWHLQHPXVOLPLVFKH3HUVSHNWLYH,QQ6FKZDUWOlQGHU-RKDQQHVV)UHLKHLWGHU 5HOLJLRQ
OHW]WOLFKKGLHH5HOLJLRQVIUHLKHLWWEHJUQGHQQNDQQQQÄ'DUDXVVHUJLEWWVLFKKYRQQVHOEVWW GDVVV(FNVWHLQQDOOHUU0HQVFKHQUHFKWHGLH5HOLJLRQVIUHLKHLWWLVWW³ 'DEHLNDQQHU ]XUU6WW]XQJVHLQHUU3HUVSHNWLYHHZHLWHUHH.RUDQ]LWDWHKHUDQIKUHQQVRR]%%%6XUHH Ä,QQ GHUU 5HOLJLRQQ JLEWW HVV NHLQHQQ =ZDQJ GGKKK PDQQ NDQQQ QLHPDQGG ]XP UHFKWHQQQ*ODXEHQQ]ZLQJHQQQ³ 6RPLWWLVWWIULKQQGHXWOLFKKKGDVVV*ODXEHHLQQ$NW GHVV IUHLZLOOLJHQ *HKRUVDPVV VHLQQ PXVVV GHU HUVWW LQQ VHLQHU EHZXVVWHQ (QWVFKHLGXQJ ]XX LKPP VHLQHH YROOHH *OWLJNHLWW HQWIDOWHQQ NDQQQQ 5HOLJLRQVIUHLKHLW JLOWWLKPPGHPQDFKDOVVXQLYHUVHOOHVV5HFKWWW
Ä,QQ:LUNOLFKNHLWWLVWWGLHH5HOLJLRQVIUHLKHLWWOHW]WOLFKKGDVV5HFKWWWIUUVLFKKVHOEVW]X HQWVFKHLGHQQQRKQHHMHGHH)RUPYRQQ=ZDQJ)XUFKWWRGHU$QJVWWWVLHHLVWWGDVV5HFKW ]X JODXEHQQ RGHUU QLFKWW ]X JODXEHQQQ GDVV 5HFKWWW VHLQQ 6FKLFNVDOO LQQ YROOHU %HZXVVWKHLW]XXEHUQHKPHQ³
(VVJHOLQJWLKPPVRPLWWDXVVGHPP.RUDQ]XDUJXPHQWLHUHQQQGDVVV5HOLJLRQVIUHLKHLWW
(LQQ DQGHUHVV %HLVSLHOO IUU HLQH %HJUQGXQJJ YRQQ 0HQVFKHQUHFKWHQQ DXVV GHPP .RUDQQ OLHIHUWW GLH PXVOLPLVFKH 5HOLJLRQVZLVVHQVFKDIWOHULQQ 5LIIDWW +DVVDQ $XFKKVLHHEHNUlIWLJWGDVV5HFKWWGHUU5HOLJLRQVIUHLKHLWWWZREHLLVLHQHEHQ6XUHHHH DXFKK DXII 6XUHH Ä:HUU QXQQ ZLOOO P|JH JODXEHQQQ XQGG ZHUU QXQQ ZLOOO P|JHH QLFKW JODXEHQ³ 6XUHH Ä'LHMHQLJHQ GLHH JODXEHQQ GGKKK GLHH 0XVOLPHHH XQG GLHMHQLJHQQQGLHGHPP-XGHQWXPPDQJHK|UHQXQGGGLH&KULVWHQQXQGGGLH6DELHU XQGGVLHHEUDXFKHQQZHJHQGHVV*HULFKWVVVNHLQHH$QJVWW]XXKDEHQQQXQGGVLHHZHUGHQ QDFKK GHUU $EUHFKQXQJ DP MQJVWHQQ 7DJ QLFKWW WUDXULJ VHLQ³³³ XQGG 6XUH Ä8QGGVFKPlKWWQLFKWWGLHMHQLJHQQQ]XXGHQHQVLHHGGKKKGLHH+HLGHQQQEHWHQQQVWDWWW]X *RWWWW GDPLWW VLH LQQ LKUHPP 8QYHUVWDQGG QLFKWW LKUHUVHLWVV LQ hEHUWUHWXQJ GHUU J|WWOLFKHQQ *HERWH" *RWWW VFKPlKHQ³ ]XUFNJUHLIW 'LHVV LVWW ZLFKWLJ ZHQQ JHJHQQ IXQGDPHQWDOLVWLVFKHH $XIIDVVXQJHQQ DUJXPHQWLHUWW ZHUGHQQ VROOOO GDVVV 5HOLJLRQVIUHLKHLWWNHLQQE]ZQXUUHLQQEHVFKUlQNWHVV5HFKWWVHLLXQGGGDPLWWIUUHLQHH 7UHQQXQJGHUU*HVHOOVFKDIWWLQQGLHH.ODVVHQQGHUU*OlXELJHQQXQGG1LFKWW*OlXELJHQ SOlGLHUHQQQ ZREHLL GHQ -XGHQQ XQGG &KULVWHQQ HLQ 6RQGHUVWDWXVV XQWHU GHQQ 1LFKWW 0XVOLPHQ HLQJHUlXPWW ZLUG +LHUDXV HUJLEWW VLFKK MHGRFKK GDVV *HQHUDOSUREOHPPP GDVV HLQH %HJUQGXQJ DXVV GHUU 2IIHQEDUXQJ PLW VLFKK IKUWWW 'HQQQ GLHVH OlVVW JUXQGVlW]OLFKK±±QHEHQQGHQQOLEHUDOHQQ±±DXFKKGLHHIXQGDPHQWDOHQQ3HUVSHNWLYHQQ]XX
9JO(EGGGG66666 9JO(EGGGG66666 (EGGGG66 9JO(EGGGGGG
5LIIDWW+DVVDQ5HOLJL|VHH0HQVFKHQUHFKWHHLP.RUDQ,Q*HZLVVHQXQG)UHLKHLWWW+UVJ9HUIDLOOLHHH0DXULFHHH -DKUJDQJ1UUUUU6
9JO(EGGGG66666
GLHH HOHPHQWDUH 0HQVFKHQUHFKWH ZLGHUOHJHQQ N|QQHQQQ 'D]XX LVWW HV ÃQXU¶¶ Q|WLJ HQWZHGHU HLQQ JHJHQVlW]OLFKHVV =LWDWW ]XX ILQGHQQ RGHU GDVVHOEH =LWDWW DQGHUZHLWLJ DXV]XOHJHQQQ3UREOHPDWLVFKKLVWEHLVSLHOVZHLVHH6XUHHHHHHHH
Ä,KUUGLHQHWWDQVHLQHUU6WDWWEORHQ1DPHQQQGLHHLKUUXQGHXUHH9lWHUDXIJHEUDFKW KDEWWW XQGG ZR]X *RWWW NHLQHH 9ROOPDFKWW KHUDEJHVDQGW KDWWW 'LHH (QWVFKHLGXQJ VWHKWWDOOHLQQ*RWW]X(UKDWEHIRKOHQQGDVVVLKUUQXULKPGLHQHQVROOWW'DVLVWGLH ULFKWLJHH5HOLJLRQQ³³
8QDEKlQJLJ GHVV KLVWRULVFKHQQ .RQWH[WVVV LQQ GHPP GLHVHH 6XUHH VWHKWW XQGG GHUU ± PHLQHVV(UDFKWHQVV±KLHUUEHUFNVLFKWLJWZHUGHQQVROOWHHHNDQQQGLHVHH6XUHLQQ]ZHLL 5LFKWXQJHQQ LQWHUSUHWLHUWW ZHUGHQQQ ZREHLL LPP )RNXVV GHU 6DW] ÄGLHH (QWVFKHLGXQJJ VWHKWW DOOHLQQ *RWWW ]X³ VWHKWWW 'HQQQ GLHVHU NDQQQ HLQHUVHLWVV VRR DXIJHIDVVWW ZHUGHQQ GDVVHVNHLQHP0HQVFKHQP|JOLFKVHLQGDUIEHUDQGHUH0HQVFKHQ]XULFKWHQ VHOEVWWZHQQQGLHVHGHUHLJHQHQQ$XIIDVVXQJQDFKKXQJOlXELJVHLQQVROOWHQQQGD*RWW DOOHLQQ 5LFKWHU LVWWW 'LHVHH ,QWHUSUHWDWLRQQ ZUGHH GHPQDFKK GLH 3RVLWLRQQ VWlUNHQQQ GDVVV5HOLJLRQVIUHLKHLWWIXQGDPHQWDOHVV0HQVFKHQUHFKWWVHLLL$QGHUHUVHLWVVNDQQQGHU 6DW]] DXFKK VRR DXVJHOHJW ZHUGHQQQ GDVVV HLQH *RWWHVKHUUVFKDIWW GLH HLQ]LJ JOWLJH 6WDDWVIRUP VHLLL ZHQQQ QlPOLFKK ÄGLHH (QWVFKHLGXQJJ *RWWHV³³ PLWW GHQQ /HKUHQ GHUU 6FKDULDD JOHLFKJHVHW]WW ZLUGGG ZDVV LQQ GLH EHNDQQWHQ 3UREOHPHH PQGHWWW 5RWUDXGG :LHODQGW ZHLVW DXII JHQDXX GLHVHQQ $VSHNWW KLQQQ ZHQQQ VLHH VFKUHLEWWW GDVVV GLH IUKLVODPLVFKH %HZHJXQJ GHU +DULJLWHQQ GLHVH ,QWHUSUHWDWLRQVZHLVHH ]XU %HJUQGXQJJ HLQHUU ÄNRPSURPLVVORVHQQ 7KHRNUDWLH³³ EHQXW]WH $XFK LP &KULVWHQWXPP LVWW HVV MDD NHLQHVZHJV VHOEVWYHUVWlQGOLFKKK GDVVV LQVEHVRQGHUH GLH 5HOLJLRQVIUHLKHLWW GXUFKJHKHQGG DOVV HOHPHQWDUHV 5HFKW JHJROWHQ KlWWH 6RR NDQQ EHLVSLHOVZHLVHH GDVV =LWDWW 0NN III Ä*HKHWW KLQQ LQQ DOOHH :HOW XQGG SUHGLJWW GDVV (YDQJHOLXPP DOOHUU .UHDWXUUU :HUU GDD JODXEWW XQGG JHWDXIWW ZLUGGG GHUU ZLUGG VHOLJJ ZHUGHQ ZHU DEHU QLFKW JODXEW GHU ZLUG YHUGDPPW ZHUGHQ³ ]X K|FKVWHP PLVVLRQDULVFKHQQ (LIHUU PLVVEUDXFKW ZHUGHQ ,FKK EHWRQHH DQQ GLHVHU 6WHOOH HUQHXWWW GDVVV DXFKK GHU 5HIRUPDWLRQQ ZHQLJ DQ 5HOLJLRQVIUHLKHLWW JHOHJHQ ZDU VRQGHUQQ GLHVH JDQ] GHPP :DKUKHLWVVV XQG (LQKHLWVDQVSUXFKK YHUKDIWHWW JHZHVHQ LVW 'DVVKHLWWWGDVVVDOOOGLHMHQLJHQQQZHOFKHGLHH/HKUHHYRQQGHUU5HFKWIHUWLJXQJ
9JO:LHODQGWWW5RWUDXG0HQVFKHQZUGHHXQG)UHLKHLWLQGHU5HIOH[LRQ]HLWJHQ|VVLVFKHUPXVOLPLVFKHU 'HQNHUUU6I
,QWHUHVVDQWHUZHLVHHLVWWGLHVHLQVGHUU=LWDWHHHPLWWGHPGDVV]ZHLWHH9DWLNDQXPVHLQHQ0LVVLRQDXIWUDJLP'HNUHWW Ä$GGJHQWHV³EHJUQGHWWW'HNUHWWEHUUGLHHPLVVLRQDULVFKHH7lWLJNHLWGHUU.LUFKHHÄ$GGJHQWHV³,Q+QHUPDQQ3HWHUUU +LOEHUDWK%HUQG-RFKHQ+HUGHUV.RPPHQWDUU]XP=ZHLWHQ9DWLNDQLVFKHQ.RQ]LO%DQGGGGG6$EVDW]]]]]]]
9JO+HFNHOOO0DUWLQ'LHH0HQVFKHQUHFKWHHLP6SLHJHOGHUUUHIRUPDWRULVFKHQ7KHRORJLHHH66II 9JO(EGGG66666
6RPLWW HUJLEWW VLFKK VFKOXVVHQGOLFKKK GDVVV HLQHH %HJUQGXQJ DXVV GHUU 2IIHQEDUXQJ VRZRKOO LPP &KULVWHQWXP DOVV DXFKK LPP ,VODPP HLQQ ]ZHLVFKQHLGLJHVV 6FKZHUWW LVWWW (LQHUVHLWVV HU|IIQHWW VLHH GHQQ *ODXEHQGHQ HLQHQ OHLFKWHQ =XJDQJ ]X 0HQVFKHQUHFKWHQQRKQHHHLQHQQP|JOLFKHQQ%UXFKKPLWWGHUUHLJHQHQQ7UDGLWLRQQRGHU NRPSOH[HQQQ SKLORVRSKLVFKHQQ )UDJHVWHOOXQJHQQ 6LHH EHJUQGHWW YLHOPHKUU 0HQVFKHQUHFKWHH LQQHUKDOEE GHUU HLJHQHQQ :HOWDQVFKDXXQJ ZDVV IU LKUHH YROOH $N]HSWDQ]VWHOOHQZHLVHHXQHUOlVVOLFKKHUVFKHLQWWW'LHVJLOWWEHVRQGHUVVLPP+LQEOLFN DXIIGLHMHQLJHQQQGLHHGHUU*ODXEHQVJHPHLQVFKDIWWHUNOlUHQQZROOHQQQ0HQVFKHQUHFKWHH OLHHQQ VLFKK LQQHUKDOEE GHUU HLJHQHQQ 5HOLJLRQQ QLFKWW E]ZZZ QXUU LQ HLQHPP LGHRORJLHLQWHUQHQQ 6LQQHH EHDQWZRUWHQQQ 'DUDXVV HUZlFKVWW MHGRFK GLH 6FKZLHULJNHLWWW GDVVV HLQHH VROFKHH %HJUQGXQJ LPPHUU DXFKK HLQHH $OWHUQDWLYH ]XOlVVWWW GLHH ZHQLJ OLEHUDOOO GDIUU DEHUU IXQGDPHQWDOLVWLVFKK XQGG LQWROHUDQW VHLQQ NDQQQQ 'DKHU PXVVV GDUDXII KLQJHZLHVHQQ ZHUGHQQ GDVVV HVV ]XVlW]OLFKK DQGHUHU %HJUQGXQJVPDQDKPHQ EHGDUIII ZREHLL LFK LPP )ROJHQGHQQ ]ZHLL HUVWHH $QVlW]H ]XUU(U]LHOXQJYRQQ9HUWUDXHQVZDKUKHLWWYRUVWHOOHQQP|FKWHHH
,,,,$N]HSWDQ]DQVlW]HHYRQ9HUWUDXHQVZDKUKHLWW ,,,,,,,, $N]HSWDQ]] GXUFK -UJHQQ +DEHUPDV¶ 8QLYHUVDOLVLHUXQJVJUXQGVDW]]
,Q GLHVHPP $EVFKQLWWW P|FKWHH LFKK DXI GHQQ YRQQ -UJHQQ +DEHUPDVV DOV %UFNHQSULQ]LSS JHNHQQ]HLFKQHWHQQ 8QLYHUVDOLVLHUXQJVJUXQGVDW] 888 HLQJHKHQQQ GHQQ HUU LPP 5DKPHQ VHLQHUU 'LVNXUVHWKLN DOVV 0HWKRGHH EHJUQGHWWW XPP HWKLVFKHH 1RUPHQQGXUFKK'LDORJDEOHLWHQQ]XN|QQHQ 2EZRKOLFKKPLUUVHKUUZRKOOGDUEHU EHZXVVWWELQQQGDVVVHVVVLFKEHLLGHPP.RQ]HSWWGHUÃ9HUWUDXHQVZDKUKHLW¶YLHOOPHKU XPP HLQHH hEHU]HXJXQJJ DOVV XPP HLQHH HWKLVFKHH *UXQGUHJHOO KDQGHOWWW P|FKWH LFKK GLHVHQQ 8QLYHUVDOLVLHUXQJVJUXQGVDW] GHQQRFKK GDUDXII DQZHQGHQQQ 'HQQQ HUVWHQV HUIRUGHUQQDXFKKhEHU]HXJXQJHQQHLQQ(LQIKOXQJVYHUP|JHQLQQGHQQ'LDORJSDUWQHUUU GDVVGHQQYRQQ+DEHUPDVVHUIRUGHUWHQ5ROOHQWDXVFKKHU]ZLQJW=ZHLWHQVVVFKHLQWWPLUU GLHVHH hEHU]HXJXQJ VRR IHVWW PLWW GHUU 0|JOLFKNHLW ]XUU 8QLYHUVDOLVLHUXQJ YRP 0HQVFKHQUHFKWWGHUU5HOLJLRQVIUHLKHLWWYHUEXQGHQQ]XXVHLQQQGDVVVHLQHH$QZHQGXQJJ HUP|JOLFKWWZLUGGG
'HUU 8QLYHUVDOLVLHUXQJVJUXQGVDW] VRR ZLHH +DEHUPDVV LKQQ YRUVFKOlJWWW EDXWW DXII .DQWVV NDWHJRULVFKHPP ,PSHUDWLYY DXI 'DEHL EHUQLPPW MHQHUU GDVV 3ULQ]LS GDVVV DOOJHPHLQHH1RUPHQQ DXV HLQHPP DOOJHPHLQHQ:LOOHQDEJHOHLWHWWZHUGHQN|QQHQQQ $OOHUGLQJVV YHURUWHWW HU GLH QRUPHQDEOHLWHQGHH ,QVWDQ]] QLFKWW LPP 6XEMHNWWW VRR ZLHH
9JO+DEHUPDV-UJHQ0RUDOEHZXVVWVHLQXQGGNRPPXQLNDWLYHV+DQGHOQ66666
.DQWW VHLQHQ NDWHJRULVFKHQQ ,PSHUDWLY IRUPXOLHUWW KDWW Ä+DQGOHH QXU QDFKK GHUMHQLJHQQ 0D[LPHHH GXUFKK GLH GXX ]XJOHLFKK ZROOHQQ NDQQVWWW GDVVV VLHH HLQQ DOOJHPHLQHVV*HVHW]]ZHUGH³ VRQGHUQQLPP'LDORJGHUU*HVSUlFKVSDUWQHUUVHOEVW ''KKKK GDVVV +DEHUPDVV JURHQQ :HUW GDUDXI OHJW GDVVV DOOH %HWHLOLJWHQQ LQQ GHU .RPPXQLNDWLRQQ LKUHQQ HLJHQHQQ 6WDQGSXQNW PLWW HLQEULQJHQ N|QQHQQ VRR ZLH VLHH JOHLFK]HLWLJJH]ZXQJHQQVLQGGGGLHH6WDQGSXQNWHHDQGHUHUUHLQ]XQHKPHQQQ,QQGLHVHPP 6LQQHH VSULFKWW HUU YRQQ HLQHPP ÄXQLYHUVHOOHQQ 5ROOHQWDXVFK³ XQGG VHW]WW VLFKK IU IROJHQGHQQ6DW]]HLQQQQ
Ä6WDWWWDOOHQQ DQGHUHQQ HLQHH0D[LPHHH YRQQ GHUULFKK ZLOO GDVVVVLHHHLQQDOOJHPHLQHV *HVHW]VHLLLDOVVJOWLJYRU]XVFKODJHQQQPXVVVLFKKPHLQHH0D[LPHH]XP=ZHFNGHUU
)HUQHUUDQQDQGHUHUU6WHOOHHH
Ä1XUUXQWHUUGHQ.RPPXQLNDWLRQVYRUDXVVHW]XQJHQQHLQHVVXQLYHUVHOOOHUZHLWHUWHQ 'LVNXUVHVVVDQQGHPDOOHHP|JOLFKHUZHLVHH%HWURIIHQHQQWHLOQHKPHQQXQGGLQQGHPVLH LQQ K\SRWKHWLVFKHU (LQVWHOOXQJ ]XX GHQQ MHZHLOVV SUREOHPDWLVFKK JHZRUGHQHQ *HOWXQJVDQVSUFKHQ YRQQ 1RUPHQQ XQGG +DQGOXQJVZHLVHQQ PLWW $UJXPHQWHQQ 6WHOOXQJQHKPHQQN|QQWHQQQNRQVWLWXLHUWWVLFKKGLHHK|KHUVWXILJHH,QWHUVXEMHNWLYLWlW HLQHUU 9HUVFKUlQNXQJ GHU 3HUVSHNWLYHH HLQHVV MHGHQ PLWW GHQ 3HUVSHNWLYHQQ DOOHUU³
'DVV PLWW GHPP 8QLYHUVDOLVLHUXQJVJUXQGVDW] YRUJHVFKODJHQHH 3ULQ]LS WUlJWW GHPQDFKK GD]X EHLLL DXIEDXHQGG DXII GHPP NDWHJRULVFKHQQ ,PSHUDWLYY 1RUPHQQ ]X ILQGHQQQGLHHIUUDOOHH%HWHLOLJWHQQ*OWLJNHLWWEHDQVSUXFKHQQN|QQHQQQ $QJHZDQGWWDXIGHQQ]XXUDWLIL]LHUHQGHQQ$VSHNWGHU9HUWUDXHQVZDKUKHLWEHGHXWHWW GLHVV )ROJHQGHVVV $XVJHKHQGG YRQQ GHU *OHLFKEHUHFKWLJXQJ GHUU 'LDORJVSDUWQHUU PVVWHQ VLFKK DEVROXWH :DKUKHLWVDQVSUFKH JHJHQHLQDQGHU PHVVHQ ZDVV OHW]WOLFKKLQQGLHH%HJUQGXQJVQRWWIKUWWWGLHHHLJHQH:DKUKHLWWDOVVDOOHLQJOWLJJYRUU GHUMHQLJHQQ DQGHUHU ]X NRQVWLWXLHUHQQQ 'LHVH 3HUVSHNWLYHH GUIWHH ZRKOO VFKHLWHUQQQ GDD HLQH VROFKHH %HJUQGXQJ DXII HLQHH $UJXPHQWDWLRQVOLQLHH DQJHZLHVHQQ LVW GLHH VLFKHUVWHQVVDXHUKDOEEVlPWOLFKHU2IIHQEDUXQJEHILQGHW XQGG]ZHLWHQVVLPPHU
.DQW,PPDQXHOOO.ULWLNGHUUSUDNWLVFKHQ9HUQXQIW*UXQGOHJXQJ]XU0HWDSK\VLNGHUU6LWWHQ666%$ +DEHUPDV-UJHQ0RUDOEHZXVVWVHLQXQGGNRPPXQLNDWLYHV+DQGHOQ6 (EGGGG66
+DEHUPDV-UJHQ(UOlXWHUXQJHQ]XUU'LVNXUVHWKLN6
8PGLHVVDQHLQHP%HLVSLHOO]XYHUGHXWOLFKHQ(VVGUIWHVFKZHUUVHLQHLQHP0XVOLPGLHHOHW]WJOWLJH:DKUKHLWW GHVV(YDQJHOLXPVVDQKDQGGHVVHOEHQ]XXEHZHLVHQ(VVPDJJLKP]ZDUUZDKUKDIWLJHUVFKHLQHQQQGGKYRQGHUUHLJHQHQ 5LFKWLJNHLWWEHU]HXJWWWWQLFKWMHGRFKLPNODVVLVFKHQ6LQQHHDOVVZDKU3ROHPLVFKJHVSURFKHQ(LQ3ROLWLNHUUUGHUUIU VHLQHHHLJHQH6DFKHHLQWULWWWWPDJGHUU%HY|ONHUXQJYLHOOHLFKWJODXEZUGLJHUVFKHLQHQGLHVVVDJWMHGRFKQRFKQLFKWVV
GHQQ 0RPHQWW GHVV 6SHNXODWLYHQQ LQQ VLFK ELUJW 'LHH 'LVNXVVLRQQ ZUGHH DOVRR YRUDXVVLFKWOLFKKK ZHQQQ VLH DXI GHU ,QKDOWVHEHQH PLWW /HW]WJOWLJNHLWVDQVSUXFK JHIKUWW ZLUGGG LQQ HLQHH 3DWWVLWXDWLRQQ PQGHQQQ GLHH OHW]WOLFKK ]ZHLL (UJHEQLVVH HU]LHOWHHH (UVWHQVV PVVWHH GHQQ 'LDORJVWHLOQHKPHUQQ GHU *UXQGVDW] RIIHQEDU ZHUGHQQQ GDVVV NHLQQ 0HQVFKK HLQIDFKK ]X HLQHU DQGHUHQQ .RQIHVVLRQQ EHZRJHQQ ZHUGHQNDQQQQRKQHGDVVVGLHVDXIGHU%DVLVVGHV)UHLZLOOLJHQJHVFKLHKWWW(VVLVWWHLQ XQXPVW|OLFKHVV5HFKWWWGLHVHOEHH)UHLKHLWWIUUDQGHUH]XXJHZlKUOHLVWHQQQGLHHMHGHU IU VLFK VHOEVWW HEHQIDOOVV DWWHVWLHUW =ZHLWHQVV NDQQ HLQQ VROFKHU 'LDORJ ]X GHUU (LQVLFKWW IKUHQQQ GDVVV HLQQ QHXHVV :DKUKHLWVYHUVWlQGQLVV QRWZHQGLJHUZHLVHH JHGDFKWW ZHUGHQQ PVVWHH ZHQQQ QLFKWW DPP (QGHH GLHH HUQFKWHUQGHH $XIIDVVXQJJ VWHKHQ VROOOO GDVVV VlPWOLFKH UHOLJL|VH %RWVFKDIW ±± GD XQEHZHLVEDU ± Y|OOLJ UHODWLYLVWLVFKVHLQQPXVVVV,QQGHPP6LQQHI|UGHUWGHUU8QLYHUVDOLVLHUXQJVJUXQGVDW] GDVV 9HUVWlQGQLVV YRQQ 9HUWUDXHQVZDKUKHLWWW 3ULPlUU DXVJHKHQGG YRQQ HLQHU Ä$QHUNHQQXQJ GHUU 6XEMHNWHH LPP 3UR]HVVV GHU .RPPXQLNDWLRQ³ LVW HLQH *OHLFKEHUHFKWLJXQJ GHU 'LDORJVSDUWQHUUU QLFKWW GHUU 'LVNXVVLRQVLQKDOWHHH HUIRUGHUOLFKKKXPLQQHLQHQOHEKDIWHQ.RPPXQLNDWLRQVSUR]HVVVHLQ]XWUHWHQQQ'DPLWW DEHULVWGLH)UDJHDXIJHZRUIHQZLHGHUHLJHQHH:DKUKHLWVDQVSUXFKKEHLEHKDOWHQQ ZHUGHQQ NDQQQQ RKQH GHQMHQLJHQQ GHVV *HJHQEHUVV ]XX YHUXUWHLOHQQ 'HU :DKUKHLWVEHJULIII DXIJUXQGG GHUU $QHUNHQQXQJ DXVV 9HUWUDXHQQ NDQQQ KLHU ]XU 3UREOHPO|VXQJ EHLWUDJHQQQ 'HQQQ DXIEDXHQGG DXI GHU LPP 'LDORJ HU]LHOWHQ (UNHQQWQLVVVGDVVVHVNHLQHDOOJHPHLQJOWLJHH:DKUKHLWJLEWWWEHVWHKWGHQQRFKKGLHH 0|JOLFKNHLWWWGLH%RWVFKDIWLPP9HUWUDXHQQDQ]XQHKPHQ'LHGDUDXVVUHVXOWLHUHQGHH (UIDKUXQJJDOVV:DKUKHLWVHUIDKUXQJ]XEH]HLFKQHQQHUPXWLJWWVRZRKOOGDVV6XEMHNWW GLHH *ODXEHQVJHPHLQVFKDIW IUU GLHH HLJHQH hEHU]HXJXQJ HLQ]XWUHWHQQQ ZLH DXFKK GHUU )HKOHUU YHUKLQGHUWW ZLUGGG GLHH HLJHQHH $QVFKDXXQJ DOVV HLQ]LJ ZDKUHH ]X EHVWLPPHQQQ ZRPLWW VLHH ]XUU /HJLWLPDWLRQQ YRQQ 5HOLJLRQVIUHLKHLWW DOVV ]HQWUDOHPP 0HQVFKHQUHFKWEHLWUDJHQNDQQQQQ
/HLGHUU JLEWW HVV HLQQ JUXQGVlW]OLFKHVV 3UREOHPP ZDVV HLQHH $N]HSWDQ] YRQQ 9HUWUDXHQVZDKUKHLWW GXUFKK GHQQ 8QLYHUVDOLVLHUXQJVJUXQGVDW]] HUKHEOLFKK HUVFKZHUWWW (VV ZXUGHH XQWHUU DQGHUHPP YRQQ 7UXW] 5HQGWRUIII GDUDXII KLQJHZLHVHQQ GDVVVGLHHLQGHUU+DEHUPDVVFKHQQ7KHRULHEHVFKULHEHQHH'LVNXUVJHPHLQVFKDIWHLQHH LGHDOHVHL $EHUUGLHH$QHUNHQQXQJJOHLFKEHUHFKWLJWHUU6XEMHNWHHLPP'LDORJDOV 3UlPLVVHH ]XX VHW]HQQQ LVWW NHLQHVZHJV VHOEVWYHUVWlQGOLFKKK 'HQQQ HVV HUVFKHLQWW MDD JHUDGH VRRR DOVV REE GLHVV GLH HLJHQWOLFKH +HUDXVIRUGHUXQJ VHL PLWW GHQHQQ HLQH 'LVNXUVHWKLNN ]XX NlPSIHQQ KDWWW ,FKK KDEHH LP 5DKPHQQ GHVV HUVWHQQ 7HLOV GDUDXI
EHUUGLHH(IIL]LHQ]]VHLQHUU9RUVFKOlJHHDXV(UVWWGXUFKGLHH/HJLWLPDWLRQ([WHUQHUUU]]%:LUWVFKDIWVSURIHVVRUHQ P|JHQQGLHVHEUHLWHUHQQ$QNODQJJILQGHQQ
5HQGWRUII7UXW](WKLN*UXQGHOHPHQWHHH0HWKRGRORJLHXQG.RQNUHWLRQHQHLQHUUHWKLVFKHQ7KHRORJLHHH%DQGG,,, 6
9JO(EGGGG66666
KLQJHZLHVHQQQ GDVVV VLFK HLQHH SRO\]HQWULVFKH 'LDORJVJUXQGKDOWXQJ XQG HLQH *OHLFKEHUHFKWLJXQJ GHU 'LDORJVWHLOQHKPHU JHJHQVHLWLJ EHGLQJHQ ZRKLQJHJHQ HLQHHPRQR]HQWULVFKHH*UXQGKDOWXQJOHW]WOLFKKPLWWHLQHUU±±]XPLQGHVWWVXEMHNWLYHQQ ±±8QJOHLFKSRVLWLRQQHLQKHUJHKWWWGLHHLQHQQRIIHQHQQ'LDORJYHUKLQGHUQQNDQQQQ 'DPLWW LVWW HVV PHKUU DOVV IUDJZUGLJ GLHH *OHLFKEHUHFKWLJXQJ GHUU %RWVFKDIWW YRQQ GHUMHQLJHQQ GHUU *HVSUlFKVSDUWQHUU ]X WUHQQHQQQ ZHQQQ QLFKWW JDUU DXVJHVFKORVVHQQQ 'LHVV LVWW DEHUU %HGLQJXQJ ZHQQQ GHUU 'LVNXUVV DXII *UXQGODJH GHVV 8QLYHUVDOLVLHUXQJVJUXQGVDW]HVV JHOLQJHQQ VROOOO 6RPLWW VHW]WW GLHVHUU $QVDW]] VFKOXVVHQGOLFKK GDVV YRUDXVVV ZDVV HU HLJHQWOLFK HUUHLFKHQQ ZLOOOO 'HQQQ GLH %HUHLWVFKDIWDXIHLQHDQGHUH/HKUHHHLQ]XJHKHQXQGVLFKKGHP*HVSUlFKVSDUWQHUU ]XX |IIQHQQQ EHGHXWHW ZHQLJVWHQVV VRZHLWW YRQQ GHU HLJHQHQQ $QVFKDXXQJ DEODVVHQQ ]XX N|QQHQQQ DOVV GDVVV VLHH SULQ]LSLHOOO ]XUU 'LVNXVVLRQQ IUHLJHJHEHQQ ZLUGG ,FKK DSSHOOLHUHH GHVKDOEE DQ GLHH EHVRQGHUHH 9HUDQWZRUWXQJ HLQHU DXIJHNOlUWHQ OLEHUDOHQQ*HVHOOVFKDIWWWLPPHUZLHGHUDXIGLH9RUWHLOHHLQHVJOHLFKEHUHFKWLJWHQ 'LDORJVV KLQ]XZHLVHQQQ (VV EOHLEWW GDQQQ ]X HUKRIIHQ GDVV VLFK GLH 6HLWHQ LUJHQGZDQQQHLQDQGHUUDQQlKHUQQN|QQHQQ
$OOHUGLQJV HUJLEWW VLFK DXVV GHU *HVDPWSUREOHPDWLNN HEHQIDOOVVV GDVV HLQH HQGJOWLJH 5DWLIL]LHUXQJ ZRKOO LPPHU DXFK DXVV GHU 5HOLJLRQQ VHOEVWW HUIROJHQ PXVV
,,,,,,,, $N]HSWDQ]] GXUFK HLQQ JHVFKLFKWOLFKHVV 2IIHQEDUXQJVYHUVWlQGQLV
'HU IROJHQGHH $QVDW]] P|FKWH VLFK PLWW GHUU 7KHVHH DXVHLQDQGHUVHW]HQQQ GDVVV GHUU .RUDQQNHLQQEHUJHVFKLFKWOLFKHVV:HUNNLVWWWVRQGHUQKLVWRULVFKKYHUDQNHUWWZHUGHQ PXVVVV'LHVHH$XIIDVVXQJZLUGGYRUUDOOHQQYRQQgPHUUgV]R\XQGG1DVUU+DPLGG$EXX =DLGG YHUWUHWHQ %HLL DOOHUU 8QWHUVFKLHGOLFKNHLWW GHUU EHLGHQ ([HJHWHQQ P|FKWH LFK GHVKDOEEKLHUUQXUUDXIIGLHVHJHPHLQVDPHH*UXQGEHU]HXJXQJHLQJHKHQQQ$PP(QGHH GLHVHVV $EVFKQLWWVV ZHUGH LFKK NXU] KLQWHUIUDJHQQQ ZHOFKHH 6FKOXVVIROJHUXQJ VLFK GDUDXVVIUGHQQDQJHVSURFKHQHQQ%HJULIIIGHUU9HUWUDXHQVZDKUKHLWHUJLEW =XQlFKVWWLVWWIHVW]XKDOWHQQQGDVVVEHLGHGLHH*HVFKLFKWOLFKNHLWWGHVV.RUDQVVDQKDQGG VHLQHVV GLDORJLVFKHQ &KDUDNWHUVV YHUDQNHUQQ N|QQHQ (VV LVWW NHLQHVZHJVV VRRR GDVVV GHUU .RUDQ XQJHVFKDIIHQHVVV SUlH[LVWHQWHVV *RWWHVZRUWW VHLLL ZHOFKHV 0RKDPPHGG LPP:RUWODXWWEHUOLHIHUWZXUGHQQLVWWW6WDWWGHVVHQQVSULFKWWEHLVSLHOVZHLVH=DLGGYRQ
'DUDXIKDW3DQLNNDUUDXIGHUUGRJPDWLVFKHQ(EHQH3DQLNNDUU5DLPXQGRR7KHLQWUDUHOLJLRXVVGLDORJXH6$Q 1D¶,PDXIGHUU(EHQHHGHUU0HQVFKHQUHFKWHHKLQJHZLHVHQ$QQ1D¶,P$EGXOODKL$KPHGGG7RZDUGGDD&URVV&XOWXUDO $SSURDFKWRR'HILQLQJ,QWHUQDWLRQDO6WDQGDUGVRI+XPDQ5LJKWV7KH0HDQLQJRI&UXHO,QKXPDQRUU'HJUDGLQJ 7UHDWPHQWWRU3XQLVKPHQW,Q$Q1D¶,P$EGXOODKL$KPHG+XPDQ5LJKWVVLQ&URVV&XOWXUDOO3HUVSHFWLYHVVV 6
GHUU 3RO\SKRQLHH GHVV .RUDQV GGKKK JHVFKLFKWOLFKHUU 5HGH EHLL GHU GLH GDPDOV JHJHQZlUWLJHQQ $GUHVVDWHQQ PLWJHGDFKWW ZXUGHQQQ (UU EHOHJW GLHVV XXDDD PLWW GHPP $UJXPHQWWW GDVVV LQQ LKP LPPHUU ZLHGHUU %HJHEHQKHLWHQQ HUVFKHLQHQ ZR GLH IUKPXVOLPLVFKHH *HPHLQGHH VLFKK $XVNXQIWW YRQ 0RKDPPHGG HUKRIIWH $XFK gV]R\ ZHLVWW LQQ lKQOLFKHUU :HLVHH DXII GLHVHQQ $VSHNWW KLQQ XQGG YHUZHLVWW GDUDXIII GDVVV GHUU .RUDQQ HLQQ ÄRIIHQHUU *HVSUlFKVYHUODXI ]ZLVFKHQQ ,PPDQHQWHQ XQG 7UDQV]HQGHQWHQ³ VHL.ODUHU JHVSURFKHQQQ'HU.RUDQELOGHWDOVVJHVFKLFKWOLFK YHUDQNHUWHVV:HUNNQXUHLQHQ7HLOOJ|WWOLFKHQQ:RUWHVVVHVVHUVFK|SIWVLFKKZHGHULQQ LKPPPQRFKKKHLWWGDVVVGDVVV±±DXIIGLHHKHXWLJH=HLWWEHUWUDJHQ±VHLQH$QWZRUWHQ QRFKKLPPHUUGLHHJOHLFKHQVHLQQPVVHQQQ(VVLVWWGDUXPPQLFKWWYHUZXQGHUOLFKKKZHQQQ EHLGHH ([HJHWHQQ GLH (YDQJHOLHQQ XQGG GLHH 7KRUDD DOVV HEHQIDOOVV J|WWOLFKHH 0DQLIHVWDWLRQHQQHUZlKQHQQQPLWWGHPP9HUPHUNNGDVVVGHU.RUDQGDUXPPQXUHLQHH YRQQ PHKUHUHQQ JHVFKLFKWOLFKHQQ 2IIHQEDUXQJVIRUPHQQ VHL Ä1LFKWW DOOHLQQ GHU .RUDQQ LVWW GDV :RUWW *RWWHVV RGHUU GLHH 5HGH *RWWHVVV HU LVWW YLHOPHKUU HLQH 0DQLIHVWDWLRQQ YRPP :RUWW *RWWHVV³ 'DEHL JHKW =DLG VRZHLW GDVV HU GLH 2IIHQEDUXQJDQQ0RKDPPHGGQLFKWWDOVVhEHUOLHIHUXQJLPP:RUWODXWWWVRQGHUQQYLHO PHKUU DOVV (LQJHEXQJ YHUVWHKWWW GLHH QRQYHUEDOO JHGDFKWW ZHUGHQQ PXVV 'LHVH (UNHQQWQLVVKDOWHHLFKKIUUVHKUUHQWVFKHLGHQGG'HQQWLHIHUHOLJL|VH(UOHEQLVVHKDW HVVVLQVEHVRQGHUHHLPP5DKPHQQGHUU0\VWLNNNLPPHUUZLHGHUJHJHEHQQQ=ZHLIHOVRKQHH GUIWHH 0RKDPPHGG VROFKHH HUOHEWW XQGG LKUHVV J|WWOLFKHQQ 8UVSUXQJVV EHU]HXJW JHZHVHQ VHLQ 'RFK GDV KHLW ZHGHU GDVVV GLHH DXVIRUPXOLHUWHH )RUPP GLHVHU (LQJHEXQJHQQ *RWWHVV H[DNWHPP :RUWODXW HQWVSUHFKHQQ PXVVVV QRFKKK GDVV VLHH EHUJHVFKLFKWOLFKH*HOWXQJEHVLW]HQ,QGHP6LQQHLVWWGHU.RUDQDXFKKQLFKWWDOVV VROFKHVV :HUNN DXI]XIDVVHQQQ VRQGHUQQ YLHOO PHKUU DOVV HLQHH EHU]HLWOLFKK JOWLJH %RWVFKDIWWW'HQQQNHLQHUGHUEHLGHQ([HJHWHQEHVWUHLWHWWVHLQH*OWLJNHLWWIUGLHH KHXWLJH PXVOLPLVFKHH *HPHLQVFKDIWWW ,P *HJHQWHLOOO %HVRQGHUVV gV]R\V =LHO LVW HVVV GHQQ 6LQQQ GHUU XUVSUQJOLFKHQQ %RWVFKDIWW LQQ GLHH *HJHQZDUW ]X WUDQVSRUWLHUHQ XPP GHQ .RUDQQ VR YRUU ZLOONUOLFKHUU $XVOHJXQJJ ]X VFKW]HQ
=DLGGG1DVUU+DPLGG$EX0RKDPPHGGXQGGLHH=HLFKHQ*RWWHV6666I
(EGGGG66Ä,QLKPILQGHQZLUUGLHH6WLPPHGHUUIUKHQPXVOLPLVFKHQ*HPHLQVFKDIWWZLHGHUUUZHQQVLHHVLFKEHLL 0RKDPPHGLQEHVWLPPWHQ$QJHOHJHQKHLWHQ$XVNXQIWWKROWHHHDEHUUDXFKGLHH6WLPPHQGHUHUUUGLHH0RKDPPHG YHUVSRWWHWHQQRGHUDQJULIIHQ³
gV]R\gPHUUU'LHH*HVFKLFKWOLFKNHLWWGHUUNRUDQLVFKHQ5HGHHXQGGDV3UREOHPGHUUXUVSUQJOLFKHQ%HGHXWXQJ YRQJHVFKLFKWOLFKHUU5HGH,Q5HOLJLRQXQG*HVHOOVFKDIWWW%DQG,,,+UJJ:LHODQGW5RWUDXG*KDGEDQ5DOSK 7UROOOO&KULVWLDQ666
9JO(EGGGG66666
=DLGGG1DVUU+DPLG$EXX0RKDPPHGGXQGGGLHH=HLFKHQ*RWWHV6 9JO(EGGGG6666I
gV]R\gPHU'LH*HVFKLFKWOLFKNHLWGHUNRUDQLVFKHQQ5HGHXQGGDV3UREOHPGHUXUVSUQJOLFKHQQ%HGHXWXQJ YRQJHVFKLFKWOLFKHUU5HGHHH666666Ä'HUUJHVFKLFKWOLFKH$QVDW]]VXFKWWWWWWWWGHQXUVSUQJOLFKHQ6LQQGHUU6WHOOHQGLHH GHQ.RUDQELOGHQLQGHPJHVFKLFKWOLFKHQ.RQWH[WWW]XGHPVLHHJHK|UHQ'DVQDWUOLFKH(UJHEQLVVGLHVHVV$QVDW]HVV LVWWHVVVGLHHIHVWJHVWHOOWHQZ|UWOLFKHQ+LQZHLVHHDXFKDOVVJHVFKLFKWOLFK]XEH]HLFKQHQ'LHVV]HLJWWWZDUXP$XVOHJXQJ QRWZHQGLJJLVWXPGLHNRUDQLVFKH%RWVFKDIWLQQQDFKNRUDQLVFKH=HLW]XXEHUWUDJHQQ³³gV]R\EHWRQWGHVKDOEÄ0LW ZHOFKHP=LHOOHWZDVLP.RUDQQYRUNRPPWLVWGHVKDOEEHQWVFKHLGHQGHUUUDOVREEHVYRUNRPPW³(EGGGG66666
'HQQQ HU KDW HUNDQQW GDVVV GDVV 'RJPDD GHU hEHUJHVFKLFKWOLFKNHLW SDUDGR[HUZHLVHHQLFKWWYRU:LOONUUDEVLFKHUWWWVRQGHUQQGLHVHHJHUDGHHKHUYRUUXIW (LQQJHVFKLFKWOLFKHUU=XJDQJNDQQQGLHVLPPJHZLVVHQQ6LQQHYHUKLQGHUQGDDVHLQHUU $XIIDVVXQJ QDFKK ]XPLQGHVWW GDVV 9HUVWlQGQLVV GHUU XUVSUQJOLFKHQQ %HGHXWXQJJ REMHNWLYYVHLQQNDQQ 'DPLWWLVWWDOOHUGLQJVHLQH6FKZLHULJNHLWWYHUEXQGHQGHQQ DXFKKZHQQQGLHVHH5HNRQVWUXNWLRQQJHOLQJWEOHLEWWLPPHUUQRFKKGLHH)UDJHHHZLHVLFKK GHUU7UDQVSRUWWGHVV8UVLQQHVVDXIIGLHH*HJHQZDUWWJHVWDOWHQQVROOOO,FKKEHKDXSWHHQXQQ GDVVVV VHOEVWW ZHQQQ GLHVHU =XJDQJ GDVV 3UREOHP GHU 6XEMHNWLYLWlWW GDPLWW QLFKW DEVFKDIIHQ NDQQQQ HU GHQQRFKK HLQH HUKHEOLFKH $EPLOGHUXQJJ LVWWW 'HQQ LPP *HJHQVDW]] ]XU EHUJHVFKLFKWOLFKHQQ 'HXWXQJ ZHL GLH JHVFKLFKWOLFKH LQQ EHVRQGHUHUU :HLVHH GDUXPPP GDVVV GLHVHH hEHUWUDJXQJ HLQH LQGLYLGXHOOHH /HLVWXQJ LVWWWZHVZHJHQVLHQLFKWWYHUDEVROXWLHUWZHUGHQQVROOWH'LHV|IIQHWGLH7UIUGLH 5HOLJLRQVIUHLKHLWWW ZHQQJOHLFKK VLHH GDPLWW QLFKWW XQPLWWHOEDUU EHJUQGHWW ZHUGHQ NDQQQQ'HQQQDFKgV]R\lQGHUWWGLHVMDDQLFKWVVDQQGHUU$XIIDVVXQJGDVVVGHUU.RUDQQ :DKUKHLWW EHDQVSUXFKW (VV NRPPWW YLHOPHKUU DXII GLHH )lKLJNHLWW DQQQ GLH .HUQJHGDQNHQQIUUGLHH*HJHQZDUWWYHUVWlQGOLFKK]XPDFKHQQQXPPKLHUDXVVUHOLJL|VHH 1RUPHQQ DEOHLWHQQ ]X N|QQHQ 'HQQRFK LVWW HVV HLQQ HUKHEOLFKHU 6FKULWWW LQQ GLH ULFKWLJHH5LFKWXQJ$XIJUXQGGGHUU$XVOHJXQJGHVV.RUDQVVDOVVKLVWRULVFKHVV:HUNN NDQQQ GLHVHVV QLFKWW PHKUU LQQ GHUU :HLVHH DXIJHIDVVWW ZHUGHQQQ GDVVV HVV SUlH[LVWHQWW JOWLJJ VHLL XQGG VRPLWW IU DOOHH 0HQVFKHQQ ±± DOOHLQQ ZHJHQQ GLHVHUU (LJHQVFKDIWW ± 9HUELQGOLFKNHLWW EHDQVSUXFKHQ PXVVVV 6WDWWGHVVHQQ VWHKHQQ DQGHUH KLVWRULVFK PDQLIHVWLHUEDUHH 5HOLJLRQHQQ LPP 5DXPHHH GLHH lKQOLFKHH ,QVSLUDWLRQHQQ IUU VLFKK EHDQVSUXFKHQQQ 6RR VROOWHH GHUU )RNXVV YLHOO HKHUU DXII GDVV 9HUWUDXHQQ LQQ HLQH GLHVHU %RWVFKDIWHQQ DOV YRQQ *RWWW JHVDQGWHH (LQJHEXQJJ JHVHW]WW ZHUGHQ ,G HVWWW %HVRQGHUVV LPP %HZXVVWVHLQQ GHUU +LVWRUL]LWlWW HUIlKUWW GDVV ,QGLYLGXXPP HUVW GLH %HGHXWXQJGHUU2IIHQEDUXQJVDQQDKPHHDXVV9HUWUDXHQQQZHOFKHHXQWHUUGHP'RJPD GHUhEHUJHVFKLFKWOLFKNHLWQLFKWWHUOHEWWZHUGHQNDQQQ'HQQQGLHVHVVHUNOlUWHWZDVV 8QEHZHLVEDUHVV ]XPP YHUPHLQWOLFKHQQ )DNWXPP XQGG VHW]WW HV XQWHUU HLQHQ DEVROXWLVWLVFKHQQ $QVSUXFKKK DQVWDWWW GHQQ ,QGLYLGXHQQ GLHH 0|JOLFKNHLW
9JO(EGGG6666IgV]R\EHJUQGHWWGLHVPLWWGHPPHWDSKRULVFKHQ&KDUDNWHUUGHV.RUDQV$QKlQJHUUGHV EHUJHVFKLFKWOLFKHQ'RJPDVVN|QQHQGHVKDOEXQWHUUGHP9RUZDQGPHWDSKRULVFKHUU2IIHQKHLWWWHLQHHEHVWLPPWHH LKQHQQ]XNRPPHQGH%HGHXWXQJJ]XUOHW]WJOWLJHQQHUNOlUHQQLQGHPVLHLKUH$XVOHJXQJJDOVVDOOHLQQULFKWLJJGHNODULHUHQQ XQGPLWWGHUUhEHUJHVFKLFKWOLFKNHLWWDOVVOHW]WJOWLJHP$UJXPHQWWEHJUQGHQ
9JO(EGGGG6666I 9JO(EGGGG66666
0DQWlWHHgV]R\DOOHUGLQJV8QUHFKWZHQQPDQGHVZHJHQEHKDXSWHQVROOWHHHGDVVVHUUGLHH*HJHEHQKHLWWGHVV VXEMHNWLYHQ7UDQVSRUWVVQLFKWWZDKUQHKPHQZUGHÄ:lKUHQGGHUUHUVWHH6FKULWWW±GHUU9HUVWHKHQVYRUJDQJ±REMHNWLY VHLQNDQQQXQGPXVVVLVWGHU]ZHLWH±GHU9RUJDQJJGHU$XVOHJXQJJGHVVXUVSUQJOLFKHQQ6LQQHVIUKHXWH±HLQQ YROONRPPHQVXEMHNWLYHUU9RUJDQJ³(EGGGG666666gV]R\HUNHQQWGDPLWWGLHH6SDQQXQJ]ZLVFKHQQRWZHQGLJHUU 2EMHNWLYLWlWWXQGIDNWLVFKHUU6XEMHNWLYLWlWW
,FKEHWRQHHDQGLHVHUU6WHOOHHHUQHXWWWGDVVHVPLUUQLFKW]XVWHKWGDUEHUU]XXUWHLOHQREGLHVVQDFKSOXUDOLVWLVFKHUU $XIIDVVXQJÃQXU¶YHUVFKLHGHQH$XVGUFNHGHVVHOEHQ*|WWOLFKHQVLQGRGHUUQLFKWWW'LHVVLVWWDEHUUIUGDVV9HUVWlQGQLVV YRQQ9HUWUDXHQVZDKUKHLWQLFKWHQWVFKHLGHQG'LHKLHULQQHUIDKUHQH:DKUKHLWNDQQQXQGGDUIILQQGHQQ5HOLJLRQHQQ Y|OOLJXQWHUVFKLHGOLFKDXIJHIDVVWWZHUGHQVRODQJHVLHHQLFKWXQWHUHLQDQGHUUYHUOHXJQHWWZHUGHQ
HLQ]XUlXPHQQQ VLFKK LPP $QJHVLFKW HLQHVV JHVFKLFKWOLFKK YHUDQNHUWHQQ :RUWHV DXI VHLQH EHU]HLWOLFKH %HGHXWXQJ LQQ VHOEVWlQGLJHUU :HLVH HLQ]XODVVHQQQ 9HUWUDXHQ EHGHXWHWWW VLFKK JHUDGHH DXIJUXQGG GHVV %HZXVVWVHLQVV YHUVFKLHGHQHUUU KLVWRULVFKK PDQLIHVWLHUWHU2IIHQEDUXQJHQQ5HOLJLRQHQEHZXVVWIUUHLQH]XXHQWVFKHLGHQQGHUU :HUW HLQHV %HNHQQWQLVVHV HUZlFKVW GDKHU DXV GHP 9HUWUDXHQVDNW VHOEVW ,P 8PNHKUVFKOXVVV EHGHXWHW GDVVV GDVVV GHUU *ODXEHH DXIJUXQGG HLQHVV LQGRNWULQLHUWHQ 'RJPDVVVZHOFKHVVGLHVH*HVFKLFKWOLFKNHLWWOHXJQHWWWHLQHQ7HLOOVHLQHU:HUWLJNHLW YHUOLHUW'DUXPPVROOWH:DKUKHLWWLQQGHU5HOLJLRQQSULPlUQLFKWWDOVVPHWDSK\VLVFKH /HW]WJOWLJNHLWWYHUVWDQGHQQZHUGHQQQVRQGHUQQLPPHUUDXFKKDOVVHWZDVVVZDVVVLFKGHQ ,QGLYLGXHQQ XQGG *ODXEHQVJHPHLQVFKDIWHQQ DXIJUXQGG LKUHVV 9HUWUDXHQVDNWHVV LQQ LKUHU .RQIHVVLRQQ HQWIDOWHWWW 'LHVH $XIIDVVXQJ LVW HEHQVRR IU GDVV FKULVWOLFKH 6HOEVWEHZXVVWVHLQQ UHOHYDQWWW GD VLH *ODXEH XQG +LVWRUL]LWl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lW]OLFKK ]X EHIUZRUWHQQQ 'HQQRFKKK LQVEHVRQGHUHIUGHQQ,VODPJLOWWW'LH/|VXQJYRPPEHVWHKHQGHQ'RJPDEHQ|WLJWW =HLWWWJXWHH$UJXPHQWHHXQGGYRUDOOHPPHLQHVVV9LHOO*HGXOGGGG
,,,,=XVDPPHQIDVVXQJGHVVGULWWHQQ7HLOVV
,FKK KDEH LQQ GLHVHPP 7HLO YHUVXFKWWW ]ZHL JUXQGVlW]OLFKHH $QVlW]H LQQ .U]HH ]X HU|UWHUQQQ ZLHH HLQHH 8QLYHUVDOLVLHUXQJ YRQQ 0HQVFKHQUHFKWHQQ LQVEHVRQGHUH LPP ,VODPP P|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|VXQJGHV.HUQSUREOHPVQlPOLFKGHU/RVVDJXQJYRPP$EVROXWKHLWVDQVSUXFKKK ,FK KDEH GHVKDOE YHUVXFKW GLHVHP GDVV 3ULQ]LSS GHUU 9HUWUDXHQVZDKUKHLW HQWJHJHQ]XVHW]HQQQPLWWGHUU %HJUQGXQJGDVVVZHQLJHUGLHH /HW]WJOWLJNHLWW HLQHUU
%RWVFKDIWW HQWVFKHLGHWWW DOVV YLHOO PHKU GDV 9HUWUDXHQ GDVV LQQ GLHVH KLQHLQJHOHJW ZLUG 'D]X KDEH LFK ]ZHL :HJH XQWHUVXFKW ZLH HLQ VROFKHV
:DKUKHLWVYHUVWlQGQLVVXQLYHUVDOLVLHUWW ZHUGHQQ NDQQ 'HUU HUVWHHEHVWDQGG LQQ HLQHPP DUJXPHQWDWLYHQQQ LQWHUUHOLJL|VHQQ 9HUIDKUHQQ DXIJUXQG GHVV +DEHUPDVVFKHQQ 8QLYHUVDOLVLHUXQJVJUXQGVDW]HVVV 'LHVHUU PXVVWHH VLFKK ]XPLQGHVWW WHLOZHLVHH GHUU (UNHQQWQLVVEHXJHQQQGDVVVGLHHHLQJHIRUGHUWH*OHLFKEHUHFKWLJXQJGHU%RWVFKDIWHQ ZHOFKHH VLFKK DXVV GHP $UJXPHQWDWLRQVSUR]HVVV KHUDXVV HUJHEHQQ VROOOO DOV *UXQGKDOWXQJ PLWWHOEDUU EHUHLWVV YRUDXVJHVHW]W ZLUGGGZHVZHJHQQ HU QXUUEHGLQJWHH *OWLJNHLWW EHDQVSUXFKHQ NRQQWHHH 'HUU ]ZHLWHH EHVWDQGG LQQ HLQHPP LQWUDUHOLJL|VHP 3UR]HVVVV GHU OHW]WOLFKK GDUDXII ]LHOWH 5HOLJLRQQ QLFKWW DOVV EHUJHVFKLFKWOLFKHV VRQGHUQQ DOVV EHU]HLWOLFKHVV 3KlQRPHQQ ]XX EHJUHLIHQQQ +LHUDXVV HUJDE VLFK GLHH (LQVLFKWWW GDVVV GDGXUFKKK GDVVV YHUVFKLHGHQH KLVWRULVFKK JHZDFKVHQH 5HOLJLRQHQQ QHEHQHLQDQGHUU VWHKHQQQ DXFKK YHUVFKLHGHQHH 0|JOLFKNHLWHQ IU GLH 6XEMHNWHH EHVWHKHQQQ DXII HLQHH EHVWLPPWHH %RWVFKDIWW ]X YHUWUDXHQ XQGG GDULQQ :DKUKHLWW ]X HUIDKUHQ'LHVNDQQQPHLQHV(UDFKWHQVVODQJIULVWLJGHQ:HJ]XU5HOLJLRQVIUHLKHLWW XQGGGDPLWWGHPP$EVWDQGGYRPP6FKDULDD5HFKWWHEQHQ
'LHH 8QLYHUVDOLVLHUXQJ YRQQ 0HQVFKHQUHFKWHQQ EOHLEWW DOVRR HLQQ ODQJZLHULJHU NRPSOH[HUU3UR]HVVVV$OOHUGLQJVORKQWWVLFKKGLHH0KHHHGHQQQQHEHQQGHQQHUZlKQWHQQ SD]LILVWLVFKHQQ$VSHNWHQQQILQGHQQVLFKK QRFKKHLQLJH ZHLWHUHH*UQGHHHZDUXPP VLFKK 5HOLJLRQHQQ VlNXODUHQQ 0HQVFKHQUHFKWHQQ QLFKWW YHUVFKOLHHQQQ VRQGHUQQ LQQ HLQHQQ IUXFKWEDUHQ 'LDORJ HLQWUHWHQQ VROOWHQQQ ,PP YLHUWHQQ XQGG OHW]WHQQ 7HLO GLHVHU$UEHLW P|FKWHHLFKKGHVKDOEEGDUDXIIHLQJHKHQQ
7HLOO,999&KDQFHQGHVV0HQVFKHQUHFKWVGLDORJVV
Ä-HGHU 0HQVFKK KDWW $QVSUXFKK DXII *HGDQNHQQ *HZLVVHQVV XQG 5HOLJLRQVIUHLKHLWWWGLHVHVV5HFKWWXPIDVVWWGLHH)UHLKHLWVHLQHH5HOLJLRQQRGHUUVHLQH hEHU]HXJXQJ ]XX ZHFKVHOQQQ VRZLHH GLHH )UHLKHLWWW VHLQHH 5HOLJLRQQ RGHUU VHLQH hEHU]HXJXQJGXUFKK/HKUHHH$XVEXQJ*RWWHVGLHQVWWXQGG9ROO]LHKXQJYRQQ 5LWHQQ]XEHNXQGHQQ³
KHLWWHVVHLQVFKOlJLJLQQGHUU0HQVFKHQUHFKWVGHNODUDWLRQQGHUU9HUHLQWHQQ1DWLRQHQQQ :DVV EHGHXWHWW HVV DOVRRR ZHQQQ HLQQ VlNXODUHVV 0HQVFKHQUHFKWVGRNXPHQWW GLHH IUHLHH 5HOLJLRQVZDKOOXQGGDXVEXQJEHZXVVWWDOV.HUQUHFKWWPDQLIHVWLHUW"=XJHJHEHQQ GLH )UDJHH LVWW ]XX HLQHPP JHZLVVHQQ *UDG UKHWRULVFKK GHQQQ GLH $QWZRUW NDQQ QXU ODXWHQQQGDVVVKLHUUQLFKWWYHUVXFKWWZLUGGG0HQVFKHQUHFKWHJHJHQQGLH5HOLJLRQHQQ]X SRVWXOLHUHQQQ VRQVWW ZUGHH GHUU )UHLKHLWVEHJULII QLFKWW GDVV 5HFKW IUHLHU 5HOLJLRQVDXVEXQJ XPIDVVHQQQ 6WDWWGHVVHQQ VXFKWW GLHH 'HNODUDWLRQQ HLQHQQ :HJ ZLHH PLWW GHQQ 5HOLJLRQHQ PHQVFKOLFKHVV 0LWHLQDQGHU HUP|JOLFKWW ZHUGHQQ NDQQQQ QlPOLFKK GXUFKK JOHLFKEHUHFKWLJWHVV 1HEHQHLQDQGHUU DOOHQQ ,QGLYLGXHQQ XQG *ODXEHQVJHPHLQVFKDIWHQLKUHHHLJHQHHhEHU]HXJXQJ]XXHUP|JOLFKHQQQ,FKKDEHHLQQ GHQQ YRULJHQQ 7HLOHQQ DXI GDVV 3UREOHPP KLQJHZLHVHQQQ GDVVV GLHVV DXIJUXQG GHVV $EVROXWKHLWVDQVSUXFKVV GHU 5HOLJLRQHQQ VFKZLHULJ LVWW GDD HU GLH ,GHHH GHUU *OHLFKEHUHFKWLJXQJ EORFNLHUHQ NDQQQ 0LWW GLHVHPP NRQQWHH GDQQQ DXFKK GLHH 0HQVFKHQUHFKWVLGHH LP ,VODPPP GHU ± LPP *HJHQVDW]] ]XX ZHLWHQQ 7HLOHQQ GHVV &KULVWHQWXPV ± ZRKO HLQH ZHQLJHU DXVJHSUlJWHH 1DWXUUHFKWVWUDGLWLRQQ EHVLW]W GXUFKK GDVV 6FKDULDD5HFKWW UHODWLYLHUWW ZHUGHQQQ GDVV KDWW LQVEHVRQGHUH GLHH (U|UWHUXQJGHU$OOJHPHLQHQQ(UNOlUXQJGHUU0HQVFKHQUHFKWHLP,VODPE]ZZZGHU .DLURHUU 0HQVFKHQUHFKWVHUNOlUXQJ HUJHEHQQQ ,QQ GLHVHPP 7HLOO VROOHQQ GHVKDOEE VWDWWGHVVHQQ GLHH &KDQFHQ LPP 0LWWHOSXQNW VWHKHQQQ GLHH VLFKK DXV HLQHPP 'LDORJJ ]ZLVFKHQQ 5HOLJLRQHQQ XQGG 6lNXODULVPXVV HUJHEHQQ ,QQ GHUU ELVKHULJHQQ (U|UWHUXQJJ NRQQWHH LFKK DQQ HLQLJHQQ 6WHOOHQQ DXIZHLVHQQ GDVVV EHLGH 6HLWHQQ GHUU JHJHQVHLWLJHQ
$OOJHPHLQHH(UNOlUXQJGHUU0HQVFKHQUHFKWHHHHHHHHHH6$UWLNHO
8QWHUVWW]XQJEHGUIHQQVRRZLHVVLFKEHLVSLHOVZHLVHLPP5DKPHQGHVVFKULVWOLFKHQQ :UGHJHGDQNHQVV GDUDXII KLQQQ GDVVV GLHH 6LQQVXFKHH DOVV %HVWDQGWHLOO PHQVFKOLFKHU :UGHH GLHH 2IIHQKHLWW GHVV 6lNXODULVPXV¶ JHJHQEHU GHQ 5HOLJLRQHQ ]ZDQJVOlXILJ EHQ|WLJWWW 'LHVH $VSHNWH VLQGG HVV GHVKDOEEE GLHH LFKK LPP )ROJHQGHQQ QRFKK HLQPDOO HUZlKQHQQ P|FKWHHH XPP VRR GLH ZLFKWLJVWHQ &KDQFHQ H[SOL]LWW ]X ZUGLJHQQQQQQQQ
,999999&KDQFHQQIUUGHQQ6lNXODULVPXV
,9'LHH(QWIDOWXQJGHV:UGHELOGHV
:HQQQ LFKK LP 9RULJHQQ GDYRQQ VSUDFKKK GDVVV 6LQQVXFKHH HLQQ 7HLOO PHQVFKOLFKHUU :UGHH VHLLL VRR PHLQHH LFKK GLHVV LQQ HWZDD lKQOLFKHUU 5HODWLRQQ ZLHH ]ZLVFKHQQ 0HQVFKHQZUGHH XQGG 0HQVFKHQUHFKWHQQQ 'HUU 9HUQXQIWJHGDQNH GHUU VLFK LP SUDNWLVFKKNDWHJRULVFKHP ,PSHUDWLYY lXHUWWW PDJ IUU GLHH %HJUQGXQJJ GHUU 0HQVFKHQUHFKWHDOOHLQQDXVUHLFKHQGGVHLQQQ0HKUUQRFKKKGDGXUFKKKGDVVVGHUU0HQVFKK ]ZDUUEHUU9HUQXQIWWYHUIJW5HOLJLRQHQQDEHULQOHW]WHU,QVWDQ]]VSHNXODWLYYVLQGG LVWW HVV HYLGHQWWW GDVVVOHW]WH GDVV 5HFKWVELOGGEHUFNVLFKWLJHQQQ ZDVV GHPP 0HQVFKHQQ DXVV GHPP SUDNWLVFKKNDWHJRULVFKHPP ,PSHUDWLYY ]XWHLOO ZLUGGG =XUU %HJUQGXQJJ GHUU 0HQVFKHQUHFKWHH UHLFKWW HVV GHPQDFKK GHQQ 0HQVFKHQQ DOVV 9HUQXQIWZHVHQ XQGG VRPLWW VHOEVWlQGLJHVV 6XEMHNWW VHLQHUU +DQGOXQJHQQ ]XX EHJUHLIHQQQ ZRGXUFKK HU PLWW HLQHPP6HOEVW]ZHFNNYHUVHKHQQZLUGGGHUULKPPDXV GLHVHPP*UXQGHH]XNRPPWWXQG XPP GHVVHQQ :LOOHQQ 0HQVFKHQZUGHH LPPHUU XQYHUlXHUOLFK JOHLFK XQGG DQJHERUHQQLVWWW-HGRFKKKDQQGLHVHUU6WHOOHVFKHLQWGDVVVlNXODUHH%LOG]XXHQGHQQQGDDHV GDUEHUKLQDXVVQLFKWGLHHH[LVWHQWLHOOHQQ)UDJHQGHV/HEHQVZLHHÄ:RRNRPPHLFK KHU"³³ RGHUU Ä:RR JHKHH LFK KLQ"³ EHDQWZRUWHQQ NDQQQ :HQQQ GDKHU 0HQVFKHQZUGHHGHQ:HUWGHVV0HQVFKHQQLPP*DQ]HQQXPIDVVHQZLOOOOHUJLEWWVLFK GDVVV GLHH VlNXODUHH %HJUQGXQJ ]ZDUU JHQJW VLFKK LQQ GLHVHUU DEHUU NHLQHVZHJV HUVFK|SIWWW 'HQQQ PHQVFKOLFKHH :UGHH XPIDVVWW PHKUU DOVV GHVVHQQ 9HUQXQIWIlKLJNHLWWWVLHHEHVLW]WWDXFKKGLHH7HQGHQ]GLHH)UDJHHQDFKKLKUHU([LVWHQ]] XQGG+HUNXQIWWHUJUQGHQQ]XXZROOHQQQ'DVVlQGHUWW]ZDUUDQQLKUHUU4XDOLWlWWQLFKWVVV(V KLOIWWLKUDEHUVLFKKVHOEVWWEHZXVVWHULQQLKUHPPHLJHQHQQ:HUWW]XXYHUVWHKHQQQ (LQHHVROFKHH)UDJHHUHLFKWQRWZHQGLJHUZHLVHHLQQGHQQ%HUHLFKKGHVV7UDQV]HQGHQWHQQ KLQHLQQQ ZRR GDVV 5HOLJL|VH $QWZRUWHQ OLHIHUQQ NDQQQQ 'DKHUU NDQQQ GDVV VlNXODUH 0HQVFKHQUHFKWVELOGG]ZDUURKQHH5HOLJLRQQEHVWHKHQGDDHVVQLFKWW]ZDQJVOlXILJDXI LKUHH $XVVDJHQQ DQJHZLHVHQQ LVWWW MHGRFKK DXI GHUU H[LVWHQWLHOOHQQ (EHQH NHLQH HQGJOWLJHQQ$QWZRUWHQQOLHIHUQQ:HQQQEHLVSLHOVZHLVHLQGHU3UlDPEHOGHU81
0HQVFKHQUHFKWVHUNOlUXQJYRPÄ*ODXEHQDQQGLH0HQVFKHQUHFKWHHDQQGLH:UGH XQGG GHQQ :HUWW GHUU PHQVFKOLFKHQQ 3HUVRQ³ GLH 5HGH LVWWW LVWW GDPLWW NHLQHVIDOOV DQJHJHEHQQQ ZRULQQ RGHUU ZRUDXVV VLFKK GLHVHUU *ODXEHH EHJUQGHWWW GGKKK REE HU VLFKK DOOHLQQ DXVV GHUU hEHU]HXJXQJ GHVV 0HQVFKHQ DOVV EHVRQGHUVV HQWZLFNHOWH 6SH]LHVV YHUVWHKWWW RGHUU REE HUU HLQHQQ K|KHUHQQ 6FK|SIHUU DOVV GHVVHQQ *UXQGODJHH DQQLPPWW 'HU DXIJHVFKORVVHQH 6lNXODULVPXVV LVWW KLHUU EHZXVVWW RIIHQQ JHKDOWHQQQ GHQQQ HUU ZHLGDVVVGLHVHUU*ODXEHYHUVFKLHGHQQEHJUQGHWZHUGHQNDQQQXQGDXFKKVROOWHH 'DUXPPNDQQQGHUU0HQVFKDXFKKQXUUGDQQQ]XHLQHPYROOHQQ9HUVWlQGQLVVGHUULKP LQQHZRKQHQGHQQ :UGHH JHODQJHQQQ ZHQQQ HVV LKPP DXVGUFNOLFKK HUP|JOLFKWW ZLUGG $QWZRUWHQQ IUU GLHVHH hEHU]HXJXQJ ]X ILQGHQ 'LH NDWKROLVFKH .LUFKH ZHLVW LQ Ä*DXGLXPP HWW VSHV³ GHVKDOEE Y|OOLJ ]XX 5HFKWW GDUDXI KLQ GDVVV *RWWW DXI GLH H[LVWHQWLHOOHQQ )UDJHQ GHV /HEHQVV $QWZRUWW JHEHQQ NDQQ ,FK SHUV|QOLFKK KDOWH GLHHUHOLJL|VHQQ$QWZRUWHQIUUVHKUUWUDJIlKLJGDDVLHHLQVEHVRQGHUHHGLH)UDJHQDFKK GHPP1DFKOHEHQQHUQVWKDIWEHUFNVLFKWLJHQQQ
,999'LHHHUK|KWHH$N]HSWDQ]GXUFKUHOLJL|VHH$XWRULWlW
,FKK KDEHH LPP 5DKPHQ PHLQHUU NXU]HQQ $XVIKUXQJ ]XX .QJVV Ä3URMHNWW :HOWHWKRV³ GDUDXII KLQJHZLHVHQ GDVVV 5HOLJLRQHQQ VLWWOLFKH 1RUPHQQ PLW DQGHUHUU$XWRULWlWWHLQIRUGHUQQN|QQHQQQDOVVGLHVVHLQQUHLQQVlNXODUHVV*HERWWYHUPDJ 'LHV OHXFKWHWW XQPLWWHOEDU HLQQQ GHQQQ REJOHLFK .DQWVV SUDNWLVFKNDWHJRULVFKHU ,PSHUDWLYY ]XUU DOOJHPHLQHQQ %HJUQGXQJ GHUU 9HUELQGOLFKNHLWW GHVV KXPDQHQQ 6HOEVW]ZHFNVV DXVUHLFKHQ PDJ IROJW GDUDXVV QRFK QLFKWWW GDVV GLHVHH YRQ DOOHQQ ,QGLYLGXHQQDOVVVROFKHHDXFKKYHUVWDQGHQQZLUG6HOEVWWZRRGLHVGHU)DOOOLVWWWEHVWHKW ZHLWHUKLQ GLH *HIDKU GDVV VLFK GLH 0HQVFKHQQ DXIJUXQGG LKUHVV LQQHZRKQHQGHQQ (JRLVPXV¶¶ EHZXVVWW JHJHQQ GHVVHQQ (LQKDOWXQJ HQWVFKHLGHQQQ 'LHVV PXVVV QLFKW LPPHUU JHVHW]HVZLGULJ VHLQQQ ZDVV ]DKOUHLFKHH %HLVSLHOH DXVV XQVHUHUU *HVHOOVFKDIWW EHOHJHQQQ ,QVEHVRQGHUH GRUWWW ZRR GLHH $QGURKXQJJ GXUFKK VWDDWOLFKHH 6DQNWLRQHQQ IHKOWWW EHVWHKWW GHPQDFK GDV 5LVLNRRR GLHVHQQ ,PSHUDWLY ]XX XPJHKHQQ XPP VR DXII .RVWHQQ GHU 0LWPHQVFKHQQ HLQHQQ HLJHQHQQ 9RUWHLO JHQLHHQ ]XX ZROOHQQQ ,VW GHUU 6WDDWWVHOEVWWGLHMHQLJH*U|HHHGLHHGLHVHV*HERWXPJHKWYHUVFKOLPPHUWVLFKGLH 6LWXDWLRQQ]XVHKHQGVVV0DQQGHQNHHEHLVSLHOVZHLVHH]XUFNDQQGLHH''555ZRRXQWHUU GHP 'HFNPDQWHO GHV .ROOHNWLYVV VWUlIOLFKH 9HUEUHFKHQ JHJHQ GLH 0HQVFKOLFKNHLWW EHJDQJHQQ ZXUGHQQQ GDD SULPlUU QLFKWW GHU 0HQVFKKK VRQGHUQ GHUU 6WDDW DOVV 7UlJHUU GHVV 6HOEVW]ZHFNVV EHWUDFKWHW ZXUGHHH 0LW DQGHUHQQ :RUWHQ (VV
$OOJHPHLQH(UNOlUXQJGHUU0HQVFKHQUHFKWHHHHHHHHHH63UlDPEHO
9JO3DVWRUDONRQVWLWXWLRQEHUUGLHH.LUFKHHLQGHUU:HOWWGLHVHUU=HLWWÄ*DXGLXPHWWVSHV³66666I$EVDW]]]]]]]2EE GLHVVDOOHUGLQJV±VRZLHHKLHUUSRVWXOLHUWWZLUGGLHHHLQ]LJHH0|JOLFKNHLWLVWWWGLHVHH)UDJHQVLQQYROOO]XEHDQWZRUWHQ GDUINULWLVLHUWWZHUGHQ
.QJ+DQV3URMHNW:HOWHWKRV
IHKOWWGLHPRUDOLVFKHH,QVWDQ]]]ZHOFKHGLHH%HZDKUXQJGHUU(WKLNNLQQGHQQ*HPWHUQQ GHUU0HQVFKHQQHUIKOWWXQGGQDFKKGHUUGLHVHHVLFKKDXVULFKWHQQQ6RRKDWW.DQWWLQQVHLQHU 6FKULIWW Ä'LHH 5HOLJLRQQ LQQHUKDOEE GHUU *UHQ]HQQ GHU EORHQQ 9HUQXQIW³³ DXI HEHQQ GLHVHQQ $VSHNWW KLQJHZLHVHQQ XQGG GDUDQQ GLHH 1W]OLFKNHLWW GHVV *RWWHVJHGDQNHQV YHUPHUNWWW
Ä$OVRR NDQQQ QXUU HLQQ VROFKHUU REHUVWHUU *HVHW]JHEHUU HLQHVV HWKLVFKHQ :HVHQV JHGDFKWWZHUGHQQQLQQ$QVHKXQJGHVVHQQDOOHUZDKUHQQ3IOLFKWHQQQPLWKLQQDXFKKGLH HWKLVFKHQQ]XJOHLFKDOVVVHLQHH*HERWHHYRUJHVWHOOWZHUGHQQPVVHQQQZHOFKHUUGDKHU DXFKKHLQ+HU]HQVNQGLJHUUVHLQPXVVVVXPDXFKKGDVV,QQHUVWHHGHU*HVLQQXQJHQ HLQHVVMHGHQQ]XGXUFKVFKDXHQ³
0LQGHVWHQVV GLHH PRQRWKHLVWLVFKHQQ 5HOLJLRQHQ N|QQHQQ GHP]XIROJH ZHLWW HIIL]LHQWHUU GLHH (LQKDOWXQJ YRQQ 0HQVFKHQUHFKWHQ HLQIRUGHUQQ DOVV GLHVV HLQ UHLQQ ZHOWOLFKKDXVJHULFKWHWHV(WKRVVHUP|JOLFKWWWGDVLHXQPLWWHOEDUDXIGDV6HHOHQKHLO GHUU KDQGHOQGHQQ 6XEMHNWH UHIHULHUHQQ N|QQHQQQ =ZDUU EHVWHKWW GLHH *HIDKUU GDVVV )XQGDPHQWDOLVWHQQ GLHVH $XWRULWlWW DXVQXW]HQQ N|QQHQQQ XPP HLQQ YHU]HUUWHVV 0HQVFKHQUHFKWVELOGG]XXSRVWXOLHUHQQQ'LHVVEHWRQWWDEHUQXUXPVRRGULQJOLFKHUGHQ QRWZHQGLJHQQ $XVWDXVFKK ]ZLVFKHQQ UHOLJL|VHU hEHU]HXJXQJ XQGG GHPP 6lNXODULVPXVVVV
,9995HOLJLRQDOVXQDEKlQJLJHUU%HUDWHU
,FKK KDEH DXII GLHVHQQ 3XQNWW EHUHLWVV XQWHUU GHPP $VSHNWW GHUU 7UHQQXQJ ]ZLVFKHQ 5HOLJLRQQXQGG6WDDWWLPP&KULVWHQWXPPHLQJHKHQGGDXIPHUNVDPPJHPDFKWWWZHVZHJHQ LFKK LKQQ KLHUU ±± PLWW )RNXVV DXII GLHH 0HQVFKHQUHFKWHH ± QXUU QRFKK HLQPDOO NXU]] ZLHGHUKROHQ P|FKWHHH 'LH 0HQVFKHQUHFKWHH VLQGG ±± VRR ZLHH VLHH LQQ GHUU (UNOlUXQJ GHUU9HUHLQWHQ1DWLRQHQ YRUOLHJHQQ±±]ZDU DOOHVDPWWXQXPVW|OLFKK]XXEHJUHQQQ LKUHH5DQJRUGQXQJE]ZZZLKUHH*HZLFKWXQJLVWWMHGRFKKEHLZHLOHQXPVWULWWHQQQ'DUI EHLVSLHOVZHLVH HLQH 8QWHUGUFNXQJ GHU 0HLQXQJVIUHLKHLWW LQQ .DXI JHQRPPHQQ ZHUGHQQQ ZHQQQ GDPLWW ]XJOHLFKK GHUU :RKOVWDQGG HLQHUU %HY|ONHUXQJ HUUHLFKWW ZHUGHQQNDQQ",VWWGLHHLQGLYLGXHOOHH)UHLKHLWWVRRKRFKKHLQ]XVFKlW]HQQQGDVVVPLWXQWHUU GLHH 9HUDQWZRUWXQJ ]% YRUU lOWHUHQQ 0HQVFKHQQ YHUQDFKOlVVLJW ZHUGHQQ GDUI" 5HOLJLRQHQQ N|QQHQQ KLHU EHUDWHQG HLQZLUNHQQ ZHQQQ VLH VLFKK LPP %HNHQQWQLVV ]X LKUHUU HLJHQHQ %RWVFKDIWW GDIUU HLQVHW]HQQQ DXI HOHPHQWDUHH 6FKZDFKSXQNWH GHU *HVHOOVFKDIWW KLQ]XZHLVHQQQ 'HQQQ GLHH 0HQVFKHQUHFKWVHQWZLFNOXQJ LVWW MD NHLQHVIDOOVV DEJHVFKORVVHQQQ VRQGHUQQ LPP *HJHQWHLOO HLQQ IRUWZlKUHQGHUU NRQWLQXLHUOLFKHUU3UR]HVVV'DVVEHGHXWHWWWGDVVVGLHH5HOLJLRQHQQUXKLJHQQ*HZLVVHQV
.DQWWW,PPDQXHO'LHH5HOLJLRQLQQHUKDOEEGHUU*UHQ]HQGHUUEORHQ9HUQXQIW+UVJ0DOWHUUU5XGROI6
GHPP 6lNXODULVPXVV DXI]HLJHQQ GUIHQQQ ZRR LKUHU HLJHQHQQ $QVFKDXXQJ QDFK 'HIL]LWHLPP0HQVFKHQUHFKWVELOGGEHVWHKHQQE]ZZZZHOFKHQ0HQVFKHQUHFKWHQQLKUHU 0HLQXQJ QDFKK GLHH K|KHUHH 3ULRULWlWW HLQJHUlXPWW ZHUGHQ NDQQQQ 'LHVH (PSIHKOXQJHQQ PVVHQQ LQQ OHW]WHUU /LQLHH XQDEKlQJLJ VHLQQQ GDD LPPHUU DXFK DXII GLHMHQLJHQQ 5FNVLFKWW JHQRPPHQQ ZHUGHQ PXVVV GLHH VLFK ]% DXVGUFNOLFKK JHJHQQHLQHHEHVWLPPWHH.RQIHVVLRQQHQWVFKLHGHQQKDEHQQQ
,9&KDQFHQQIUUGLH5HOLJLRQHQQ
,FKK KDEHH LPP 5DKPHQQ PHLQHUU (U|UWHUXQJ ]XPP 6WDQGG GHUU 5HOLJLRQVIUHLKHLW LP JHJHQZlUWLJHQ,VODPPLWW7DOELLYHUPHUNWWWGDVVVHLQZDKUKDIWWOHEHQGLJHUU*ODXEHH XQEHGLQJWW HLQQ IUHLKHLWOLFKHU $NWW VHLQQ PXVVVV GD HU DQVRQVWHQQ GDVV 0RPHQWW GHVV =ZDQJKDIWHQQHQWKlOWWWZRGXUFKHULQQVHLQHPP:HUWJHVFKPlOHUWZLUGGG,GGHVWWW6ROO GLHH (QWVFKHLGXQJ IUU GHQQ *ODXEHQQ HLQHH EHZXVVWHH VHLQQQ GDQQQ PVVHQ DOOHH P|JOLFKHQQ =ZHLIHOO DXVJHVSURFKHQQ ZHUGHQQ GUIHQQQ GLHH GLHVHQQ EHKLQGHUQ N|QQWHQQQ 'HQQQ QXUU KLHUGXUFKK NDQQQ GHUU 9HUWUDXHQVDNWWW GHU LPP *ODXEHQ YROO]RJHQZLUGGGVHLQHYROOH:HUWLJNHLWWDOVVVROFKHUUHUIDKUHQQQ9HUWUDXHQQEHGHXWHWWW DXFKK VLFK PDQFKPDO ZLGHUU EHVVHUHQ :LVVHQVV DXII HLQHH 6DFKHH HLQODVVHQQ ]X N|QQHQQQQ
,FKK ZHLVHH DQQ GLHVHUU 6WHOOHH PLWW -RKQQ 6WXDUWW 0LOO GDUDXII KLQQQ GDVVV GDVV 1LFKWW =XODVVHQQYRQQ*HJHQDUJXPHQWHQQLQQMHGHPP)DOOO]XXYHUXUWHLOHQQLVWWWW
Ä'HQQQ ZHQQQ GLHH 0HLQXQJ ULFKWLJ LVWWW VRR EHUDXEWW PDQQ VLHH GHU *HOHJHQKHLW ,UUWXP JHJHQQ :DKUKHLWW DXV]XWDXVFKHQQQ LVWW VLHH GDJHJHQQ IDOVFKKK GDQQQ YHUOLHUHQ VLH HLQHH IDVWW HEHQVRR JURH :RKOWDW QlPOLFKK GLH GHXWOLFKHUH :DKUQHKPXQJJ XQGG GHQQ OHEKDIWHUHQQ (LQGUXFN GHVV 5LFKWLJHQQQ GHUU GXUFKK GHQQ :LGHUVWUHLW PLW GHP,UUWXPHQWVWHKWW³
'DUXPP JLOWWW (LQHH 'LVNXVVLRQQ HUZHLVWW VLFKK LPPHUU GDQQ YRQQ 9RUWHLOOO ZHQQQ VLHH OHEHQGLJXQGGRIIHQQLVWWW'DQQQQlPOLFKKIKUWWGLHVVHQWZHGHUU]XGHPP)DOOOOGDVVVGLH HLJHQHH 3RVLWLRQQ DQKDQGG GHUU *HJHQPHLQXQJJ IRUWHQWZLFNHOWW XQGGRGHU EHUGDFKW ZHUGHQ NDQQQQ RGHU DEHU ZHQQQ GLHVH Y|OOLJ IHKOHUKDIWW VHLQQ VROOWH GRFKK
hEHUWUDJHQQ DXII GLH 0HQVFKHQUHFKWH EHGHXWHW GDV VLFKK QLFKW GHP 'LDORJ PLW VlNXODUHQQ 0HQVFKHQUHFKWHQQ ]XX YHUVFKOLHHQQ VRQGHUQQ VLFKK PXWLJJ GHU
0LOOOO-RKQ6WXDUWWWhEHUGLHH)UHLKHLWWW666666
,FKZLHGHUKROHHGHVKDOEEHUQHXW'LHH'LVNXVVLRQPXVVRIIHQVHLQXQGDXI*OHLFKEHUHFKWLJXQJDOOHUU *HVSUlFKVSDUWQHUEHUXKHQGDDQVRQVWHQQHLQH)URQWHQYHUKlUWXQJHUIROJHQQNDQQQGLH'LVNXVVLRQVRPLW NRQWUDSURGXNWLYZLUGGGGG
+HUDXVIRUGHUXQJ ]XX VWHOOHQQQ GLH LKUU 8QLYHUVDOLWlWVDQVSUXFK LQ VLFK ELUJWWW 'LHV JLOWWYRUDOOHQIUGHQRUWKRGR[HQQ ,VODPP'HQQLPP,GHDOIDOOOZLUGDXFKKGLHVHUU± ZHQQQ DXFKK HUVWW PLWW GHUU =HLWW ±± HUNHQQHQQQ GDVVV VRZRKOO GLH SKLORVRSKLVFKH 1RWZHQGLJNHLWWW GHQQ 0HQVFKHQQ DOVV 6HOEVW]ZHFNN ]X EHWUDFKWHQQQ DOVV DXFKK GLH VR]LDOHHH ZHOFKHH GLHH *HVFKLFKWH OHKUW XQEHGLQJW EHUFNVLFKWLJW ZHUGHQ PXVV XQGG HLQHPP OLEHUDOHUHQQ $QVDW] ZHLFKHQQQ 'HQQQ QLFKWW QXUU GDVV 7UDQV]HQGHQWHHH VRQGHUQQDXFKKGLHH)UDJHHQDFKK]ZLVFKHQPHQVFKOLFKHQQ%H]LHKXQJHQQLVWWVHLWWMHKHU 7HLOO GHUU 5HOLJLRQHQQ JHZHVHQQQ 0DQQ EHWUDFKWH IUU GDVV &KULVWHQWXP QXU GDV 'RSSHOJHERWW GHUU *RWWHV XQGG GHUU 1lFKVWHQOLHEH Ä'DVV DQGHUHH DEHU LVWW GHP JOHLFK Ã'XX VROOVWW GHLQHQQ 1lFKVWHQ OLHEHQ ZLH GLFK VHOEVWW¶³0WW ,Q GLHVHPP 6LQQHH N|QQHQQ GLHH 0HQVFKHQUHFKWH HLQHQ HQWVFKHLGHQGHQQ %HLWUDJ GD]X OHLVWHQQQ VLFKK PLWW GHU HLJHQHQQQ UHOLJL|VHQQ (WKLN DXVHLQDQGHUU ]X VHW]HQQQ XP KLHUEHUUZRP|JOLFKK]XHLQHPOHEHQGLJHUHQQ*ODXEHQQ]XJHODQJHQQQ =XGHPPP /HVVLQJ KDW LQQ VHLQHUU EHUKPWHQQ 9HUVLRQQ GHUU 5LQJSDUDEHO GDUJHOHJWWW GDVVVVLFKKGDVV0HWDSK\VLVFKHH]ZDUUQLFKWWEHZHLVHQQOlVVWWWZRKOODEHUUHLQQ8PJDQJ LQQ1lFKVWHQOLHEHSUDNWLVFKKHUIDKUHQZHUGHQQNDQQQQ'DIUUVWHKWWGDVVLPP$QVFKOXVV DQ MHQH IROJHQGH =LWDWWW Ä:RKODQ (VV HLIUHH MHGHUU VHLQHUU XQEHVWRFKQHQ YRQ 9RUXUWHLOHQQ IUHLHQQ /LHEH QDFKK³ ,FK KDEH PLWW GLHVHP =LWDWW GDVV 9RUZRUW PHLQHUU $UEHLWW EHJRQQHQ XQGG P|FKWHH QXQ PLWW GLHVHPP GHQQ OHW]WHQQ +DXSWWHLO DEVFKOLHHQQQ 'HQQQ HLQ $XVWDXVFKK ]ZLVFKHQ VlNXODUHQQ 0HQVFKHQUHFKWHQQ HLQHUVHLWVVXQGGGHQQ5HOLJLRQHQQDQGHUHUVHLWVVNDQQQOHW]WOLFKKDOOHQQ3DUWHLHQQ]XXHLQHUU K|KHUHQQ $N]HSWDQ] YHUKHOIHQQQ 'HPP 6lNXODULVPXVV DXIJUXQGG GHPP LQQ ,9 HUIROJWHQQ *HGDQNHQJDQJ 'HQQ 5HOLJLRQHQQGDQQQQZHQQQVLHHGHQQQLFKWWUHOLJL|VHQQ 3RVLWLRQHQQ HUQVWKDIWW EHZHLVHQQ N|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|UGHUQQQ)UUGDVV&KULVWHQWXPPEHGHXWHWWGLHVVHLQHH 6FKlUIXQJ VHLQHVV HLJHQHQQ 3URILOVVV ZHQQQ HVV VLFKK LP *HVSUlFKK DXVGUFNOLFKK DOVV HLQHQQ 'LSORPDWHQQ YHUVWHKW GHUU VHLQHH HLJHQHH 3HUVSHNWLYHH EHU GLH 0HQVFKHQUHFKWHH GDUOHJW XPP VRR DXWKHQWLVFKK ]ZLVFKHQQ 6lNXODULVPXVV XQGG GHP ,VODPP YHUPLWWHOQQ ]XX N|QQHQQQ 8QWHUU GLHVHQQ 8PVWlQGHQQ ZlUHH HLQHH ZDKUKDIW KXPDQHH*OREDOLVLHUXQJJUHLIEDUHUUDOVV]XYRUUUU
'DVVKLHUUDQJHIKUWHH/LHEHVJHERWEHILQGHWWVLFKDXFKLP$7XQWHUU/HY /HVVLQJ*RWWKROGG(SKUDLP1DWKDQGHUU:HLVHHH6
6RZLHHGHUUV\VWHPDWLVFKHH$WKHLVPXVVLQÃ*DXGLXPHWWVSHV¶]LWLHUWWZLUG3DVWRUDONRQVWLWXWLRQEHUUGLHH.LUFKHHLQ GHUU:HOWGLHVHUU=HLWÄ*DXGLXPHWVSHV³6I$EVDW]
,9.XU]]XVDPPHQIDVVXQJGHVYLHUWHQ7HLOV
'LHH$XVIKUXQJHQQKDEHQHUJHEHQQQGDVVVHLQ'LDORJ]ZLVFKHQQ6lNXODULVPXVXQGG GHQQ 5HOLJLRQHQQ IU DOOH %HWHLOLJWHQQ I|UGHUOLFK VHLQ NDQQQQ VRODQJH HUU DXI 2IIHQKHLWWXQGG*OHLFKEHUHFKWLJXQJEDVLHUWWW
'HU 9RUWHLOO IU GHQQ 6lNXODULVPXVV EHVWHKWW KLHUEHLL HUVWHQV GDULQQQ GDVV GHUU 0HQVFKK VHLQHQ 6HOEVW]ZHFNN EHZXVVWHU HUIDKUHQQ NDQQQQ GD GLHVHU VHLQH LKP ]XNRPPHQGH :UGH PLWW +LOIH UHOLJL|VHU %RWVFKDIWW EHZXVVWHU ZDKU]XQHKPHQ YHUPDJ )HUQHU GDULQQQ GDVVV PLWW +LOIH UHOLJL|VHU $XWRULWlWW GLH $N]HSWDQ] VlNXODUHUU 0HQVFKHQUHFKWHH IUU GLHH *ODXEHQGHQ HUKHEOLFKK JHI|UGHUWW ZHUGHQQ NDQQQQ /HW]WOLFKK NDQQQ GLHH 5HOLJLRQQ DXFK DOVV HLQQ XQDEKlQJLJHU %HUDWHU GLHQHQ GHUUGLHHVlNXODUHQQ0HQVFKHQUHFKWHHJHZLFKWHWWXQGGDXII9HUVW|HHKLQZHLVWWW )UUGLH5HOLJLRQHQQEHGHXWHWWGLHVVHEHQIDOOVVHLQHHHUK|KWHH$N]HSWDQ]ZHQQQVLHH LPP HUQVWKDIWHQQ *HVSUlFKK GHQQ QLFKWWUHOLJL|VHQQ :HOWDQVFKDXXQJHQQ EHZHLVHQ N|QQHQQQGDVVVLKQHQQGDVV+XPDQHHHLQQ.HUQLQWHUHVVHHLVWWW=XGHPPN|QQHQQVLHHGXUFK GLHH$XVHLQDQGHUVHW]XQJ]XXHLQHPPOHEHQGLJHUHQQ*ODXEHQQJHODQJHQQQZHQQQVLHHLQQ GHUU 0HQVFKHQUHFKWVGHEDWWHH LKUHH HLJHQH )RUWHQWZLFNOXQJ EHZXVVWW DOVV &KDQFH EHJUHLIHQQQ DQVWDWWW GLHVHH DOVV YHUPHLQWOLFKH *HIlKUGXQJJ LKUHU %RWVFKDIWHQQ ]X EHWUDFKWHQQQ'LHVVJLOWWEHVRQGHUVVIUUGHQRUWKRGR[HQQ,VODPPPMHGRFKKDXFKKIUHLQQ VWUHQJJ PRQR]HQWULVFKHV &KULVWHQWXPPP (LQQ DXIJHVFKORVVHQHV &KULVWHQWXP KLQJHJHQQNDQQQLPP'LDORJJ]XUU6FKlUIXQJVHLQHVVHLJHQHQQ3URILOVVJHODQJHQQQZHQQQ HV DXWKHQWLVFK ]ZLVFKHQQ VlNXODUHQ 0HQVFKHQUHFKWHQQ XQGG ,VODPP YHUPLWWHOWWW (VV LVWW QlPOLFKK GRUWW GD]X DXIJHIRUGHUWW XQWHUU (LQEULQJXQJ VHLQHUU HLJHQHQ 3HUVSHNWLYHH VRZRKOO IU GLHH 0HQVFKHQUHFKWHH HLQ]XWUHWHQQQ ZLHZRKOO HVV HLQQ 9HUVWlQGQLVVIUUUHOLJL|VHH9RUZlQGHEHVLW]HQQVROOWHHH
3HUV|QOLFKHVV6FKOXVVZRUWWGHUU([DPHQVKDXVDUEHLW
8QDEKlQJLJ GHVVHQQQ REE PDQQ GHQQ LQWHUUHOLJL|VHQQ 'LDORJ QXQQ DXI GHUU GRJPDWLVFKHQQRGHUUGHUUKXPDQHQQ(EHQHHDQ]XVHW]HQQYHUPDJ,FKKKDEHHZlKUHQGG PHLQHUU 8QWHUVXFKXQJHQ ]X GLHVHPP 7KHPDD GHXWOLFKK HUNDQQWWW GDVVV RKQHH HLQQ HUQVWKDIWHVV ,QWHUHVVH DQ GHU *OHLFKEHUHFKWLJXQJ GHV *HJHQEHUVV VlPWOLFKH $QVlW]HH QXUU ]XX HLQHUU )URQWHQYHUKlUWXQJ VWDWWW ]X IUXFKWEDUHQ (UJHEQLVVHQ IKUHQQ N|QQHQQQ 'LHVV KDEHH LFKK EHVRQGHUV LPP HUVWHQQ XQGG GULWWHQQ 7HLOO GLHVHU $UEHLWWGDU]XOHJHQQYHUVXFKWWWZlKUHQGGLFKPLFKKLP]ZHLWHQQGDUDXINRQ]HQWULHUWW KDEHHH GLHH DXVJHZlKOWHQQ 'RNXPHQWHH DXII LKUHQQ 6WDQGSXQNWW ]X GHQQ 0HQVFKHQUHFKWHQQ KLQQ ]X HU|UWHUQQQ 'DEHLL ILHO DXIII GDVVV VHOEVWW GRUWWW ZRR 0HQVFKHQUHFKWHHDXVGUFNOLFKKEHMDKWWZHUGHQQQGHUHLJHQH$EVROXWKHLWVDQVSUXFK K|FKVWHQVV XPJDQJHQQQ QLFKWW DEHU NULWLVLHUW ZLUGGG 'LHVV KDOWH LFK IU HLQQ ]ZHLVFKQHLGLJHV6FKZHUWWWGDDHVHLQHUVHLWVGDVVJXWHH5HFKWMHGHUU.RQIHVVLRQLVW VLFKK ]XX LKUHPP :DKUKHLWVDQVSUXFKK ]XX EHNHQQHQQQ DQGHUHUVHLWVV DEHUU DXFK EHUFNVLFKWLJW ZHUGHQ VROOWH GDVVV GDPLW LPPHU GLH $XVJUHQ]XQJ $QGHUVJOlXELJHUUYHUEXQGHQQ]XXVHLQQVFKHLQWWW6RRLVWWGDVV*UXQGSUREOHPPGDVVHOEHH 'HQQQ REZRKOO VLFKK VRZRKOO GLHH HYDQJHOLVFKHH DOVV DXFKK GLHH NDWKROLVFKHH .RQIHVVLRQQDXVGUFNOLFK]XU8QLYHUVDOLWlWWEHNHQQHQVFKHLQWWHLQH'LVWDQ]]]XP HLJHQHQQ/HW]WJOWLJNHLWVDQVSUXFKKGRFKKNDXPP]XXEHVWHKHQQQ'LHVVNDQQQPLWW+LOIHH GHUU1DWXUUHFKWVWUDGLWLRQQLP&KULVWHQWXPP]ZDUUHOHJDQWJHO|VWZHUGHQQGHU,VODP KDWWGDPLWWMHGRFKKRIIHQVLFKWOLFKKJU|HUH6FKZLHULJNHLWHQQGDLKPPGLHVHLQQLKUHU DXVJHSUlJWHQQ)RUPPQLFKWGHUDUWW]XXHLJHQ]XVHLQVFKHLQW$XVGHP*UXQGZDU HVPLUZLFKWLJPLWWGHPP%HJULIIGHU9HUWUDXHQVZDKUKHLWW]XPLQGHVWWLPP$QVDW] HLQQ :DKUKHLWVYHUVWlQGQLVV DXI]X]HLJHQQQ GDVV ]ZDU GLHH HLJHQH %RWVFKDIWW QLFKWW YHUOHXJQHWWW MHGRFKK JOHLFK]HLWLJ DN]HSWLHUWWW GDVVV HV GDQHEHQ DQGHUH 5HOLJLRQHQ JLEWWW ZHOFKH VHOELJHV 5HFKWW KDEHQQQ DOVV HLJHQVWlQGLJH .RQIHVVLRQHQ ZDKUJHQRPPHQQ ]X ZHUGHQQQ )ROJW DOVRRR GDVVV GHUU 'LDORJ VRR YHUKlUWHWW LVWWW GDVVV HLQHH HFKWH 2IIHQKHLWW QDKH]X XQP|JOLFKK HUVFKHLQWW XQG GLH LQQ 7HLOO ,9 DQJHVSURFKHQHQQ&KDQFHQQLHHYHUZLUNOLFKWWZHUGHQQN|QQHQ",FKKSHUV|QOLFKKVHKHH
GLHH *HJHEHQKHLWW QLFKWW JDQ] VRR SHVVLPLVWLVFKKK GHQQQ JOFNOLFKHUZHLVHH KDWW HVV ± WURW]]DOOHU.ULWLNN±LPPHUDXFKRIIHQH6WLPPHQQJHJHEHQQQGLHVLFKKIUHLQQ0LWW XQGG JHJHQQ HLQQ *HJHQHLQDQGHUU DXVJHVSURFKHQQ KDEHQQ XQGG GDUEHUU KLQDXVV QLFKWW YHUJDHQQGDVVDXFKGLHH5HOLJLRQHQQHLQQ(QWZLFNOXQJVSRWHQWLDOOEHVLW]HQ'HQQ GDVV HQWVFKLHGHQH %HNHQQWQLVV ]X GHQQ 0HQVFKHQUHFKWHQQ LPP &KULVWHQWXPP GDUI GRFKK VFKOXVVHQGOLFKK DOVV VROFKHU )RUWVFKULWWW EHZHUWHW ZHUGHQQQ HEHQVRR LVWW GLH $&055HLQQ6FKULWWWLQQGLHVHH5LFKWXQJ,FKKYHUZHLVHHUQHXWWDXII=DLGGXQGGgV]R\ GLH PLWW LKUHPP JHVFKLFKWOLFKK RULHQWLHUWHQ =XJDQJ ]XPLQGHVW GHQ :HJ IU HLQ OLEHUDOHUHVV .RUDQYHUVWlQGQLVV JHHEQHWW KDEHQ 8QG LFK YHUZHLVH DXI GHQ JXWHQ :LOOHQQGHVV0HQVFKHQQQVHLQQ0LWJHIKOOXQGGVHLQHH(LQVLFKWWWGDVVVHUU±XQDEKlQJLJ GHVVHQQQ REE HU VLFKK DOVV (EHQELOGG RGHUU 6WHOOYHUWUHWHU *RWWHVV RGHUU GRFKK ÃQXU¶¶ DOV DXWRQRPHVV:HVHQQEHJUHLIWW±±GLHH9HUDQWZRUWXQJIUUGLHH*HVWDOWXQJGLHVHUU:HOWW WUlJWW
Arbeit zitieren:
Andre Dickers, 2009, Über die Möglichkeit eines interreligiösen Dialogs zwischen Christentum und Islam am Beispiel der Menschenrechte, München, GRIN Verlag GmbH
Dieser Text kann über folgende URL aufgerufen und zitiert werden:
Einbetten
DOI
Die besondere Verantwortung des Menschen
Philosophie - Praktische (Ethik, Ästhetik, Kultur, Natur, Recht, ...)
Hausarbeit, 26 Seiten
Fluchtpunkt Körper - Zur Entwicklung von Sport und Körper in der Moder...
Hausarbeit (Hauptseminar), 32 Seiten
Die Rolle des Sklaven in Aristoteles' Politik
Philosophie - Philosophie der Antike
Hausarbeit, 19 Seiten
Christentum und Islam - Theologische Wechselwirkungen zwischen Bibel u...
Theologie - Vergleichende Religionswissenschaft
Examensarbeit, 58 Seiten
Wohlbefinden und Gesundheit durch Sport
Der Einfluss sportlicher Aktiv...
Psychologie - Klinische u. Gesundheitspsychologie, Psychopathologie
Hausarbeit, 17 Seiten
Synthese von Präsentismus und ...
Geschichte - Weltgeschichte - Frühgeschichte, Antike
Hausarbeit (Hauptseminar), 17 Seiten
Bewegungsförderung im Kindergarten
Pädagogik - Kindergarten, Vorschule, frühkindl. Erziehung
Hausarbeit (Hauptseminar), 19 Seiten
Die Problematik der Vereinbarkeit der universalen Menschenrechte mit d...
Hausarbeit, 23 Seiten
Gesundheitsförderung im Krankenhaus - Notwendigkeiten und Möglichkeite...
Hausarbeit, 18 Seiten
Der Begriff der Freundschaft in der Nikomachischen Ethik des Aristotel...
Philosophie - Philosophie der Antike
Hausarbeit, 16 Seiten
Der Zeitbegriff des Aristoteles zu Stagira - Implikationen für das 21....
Pädagogik - Geschichte der Päd.
Seminararbeit, 25 Seiten
Andre Dickers's Text Über die Möglichkeit eines interreligiösen Dialogs zwischen Christentum und Islam am Beispiel der Menschenrechte wurde kommentiert
Andre Dickers hat einen neuen Text hochgeladen
Logique Dialogique: Une Introduction. Volume 1: Mthode de Dialogique: ...
Matthieu Fontaine, Juan Redmond
Dialog der Kulturen am Beispiel des "West-Östlichen Divan"
Goethe und der Orient
Ishrak Kamaluldin
Prozedurale Politik am Beispiel organisierter Dialoge
Wie politische Beteiligung pro...
Christopher Gohl
Kunst statt Strafe. Eine dialogische Betrachtung der ästhetischen Arbe...
Susanne M. Hüser-Granzow
Andre Dickers
Bei Rückfragen, Anregungen etc. zu meiner Arbeit können Sie mir auch gerne eine E-Mail an Gemuesemac@web.de schicken.
am Tuesday, April 27, 2010-