(LQOHLWXQJ )RUVFKXQJVVWDQG =XUU%HGHXWXQJJ+DZDWPHKVVXQGGGHUU')/3 1D\HII+DZDWPHK)DFHWWHQQVHLQHVV/HEHQV %LRJUDSKLH =XUUÖNRQRPLVFKHQQ%DVLVVGHUU')/3 'LHH(QWVWHKXQJJGHUU3')/3 'LHH%HZHJXQJJGHUUDUDELVFKHQQ1DWLRQDOLVWHQ 'LHHLGHRORJLVFKHQQ*UXQGODJHQ
+DZDWPHKVV5ROOHHLQQGHUU%HZHJXQJJGHUUDUDELVFKHQ1DWLRQDOLVWHQ 'LHHLGHRORJLVFKHH(QWZLFNOXQJ 'LHH+LQZHQGXQJJ]XPP0DU[LVPXV/HQLQLVPXV 'LHH)RUPLHUXQJJGHUU3)/33XQGGGLHH$EVSDOWXQJGHUU3')/3
'LHH)ROJHQQGHUU$XJXVW.RQIHUHQ] 5HVÜPHH9RPPDUDELVFKHQQ1DWLRQDOLVPXVV]XPP0DU[LVPXV 'LHH')/33XQGGGHUU7HUURU'LVWDQ]LHUXQJJXQGG5HFKWIHUWLJXQJ 'HUUd6FKZDU]HH6HSWHPEHUss
'HUU+LQWHUJUXQG'LH(VNDODWLRQQ]ZLVFKHQQGHUU3/22XQGG-RUGDQLHQ d$OOHH0DFKWWGHPP:LGHUVWDQGs'LHH5ROOHH+DZDWPHKVVLQQ-RUGDQLHQ
+DZDWPHKVV6HOEVWNULWLNNQDFKKGHPP6FKZDU]HQQ6HSWHPEHU +DZDWPHKVV.RQ]HSWHHYRQQELVV 'DVVYRONVGHPRNUDWLVFKHH3DOÄVWLQD 'DVV9HUKÄOWQLVV]XUULVUDHOLVFKHQQ/LQNHQQ0DW]SHQ
'DVV=HKQ3XQNWH3URJUDPPPGHUU3/22 'LHH')/33XQGG&DPSS'DYLG 'LHH3DOÄVWLQDIUDJHLPP9RUIHOGGYRQQ&DPSS'DYLG
'DVV&DPS'DYLG$ENRPPHQQ,
'LHH+DOWXQJJGHUU')/33]XX0DGULGGXQGG2VOR
+DZDWPHKVV$UJXPHQWHHJHJHQGLHH0DGULGHUU.RQIHUHQ] +DZDWPHKVV.ULWLNNDPP2VORHUU$ENRPPHQ
'LHH$EVSDOWXQJHQQYRQGHUU')/3 'LHH(QWVWHKXQJJGHUU),'$$XQWHUU
¤J\SWHQ5HJHOPÄ¿LJHH.RQVXOWDWLRQHQ -RUGDQLHQ1RUPDOLVLHUXQJJGHUU%H]LHKXQJHQ 6\ULHQ$QSDVVXQJJDQQGLHH3ROLWLNNGHVV*DVWJHEHUV )D]LW
3ULPÄUXQGG6HNXQGÄUOLWHUDWXU ,QWHUYLHZV
)RUVFKXQJVVWDQGG
'LHH3DOÄVWLQDIUDJHLVWQLFKWQXUUGHU.HUQQGHVDUDELVFKLVUDHOLVFKHQQ.RQIOLNWVVRQ GHUQQQDFKKGHUU0HLQXQJJYLHOHUU1DKRVW([SHUWHQQGHU6FKOÜVVHOO]XPP)ULHGHQQLPP1D KHQQ2VWHQ'HVZHJHQQLVWWGLH/LWHUDWXUGLHVLFKKPLWWGHPP7KHPDEHVFKÄIWLJWXP IDQJUHLFKK XQGG YLHOJHVWDOWLJ 6LHH LVWW LQVEHVRQGHUHH LQQ GHQQ OHW]WHQQ ]ZHLL -DKU]HKQWHQQ DXIJUXQGGGHVV)ULHGHQVSUR]HVVHVVUDSLGHHJHZDFKVHQ'LHH$XWRUHQQEHVFKÄIWLJHQQVLFKK QLFKWW QXUU LQWHQVLYY PLWW GHUU *HVFKLFKWHH GHVV .RQIOLNWHV PLWW GHUU :LUNXQJJ GHVV .RQ IOLNWVVDXIIGLHDUDELVFKLVUDHOLVFKHQQ%H]LHKXQJHQQXQGGDXIGHQQJOREDOHQQd.DPSIIGHU .XOWXUHQss +XQWLQJWRQ VRZLHH PLWW GHQQ (UJHEQLVVHQQ GHVV )ULHGHQVSUR]HVVHV VRQ GHUQQHVVZHUGHQQDXFKKGLHH3HUVSHNWLYHQQGHUU+DXSWDNWHXUHHDXIILVUDHOLVFKHUUXQGSDOÄV WLQHQVLVFKHU6HLWHGDUJHVWHOOWLQ]ZLVFKHQQRIWPDOVDXFKGXUFKGLH$NWHXUHVHOEVW (VVLVWWQDKH]XXQPÖJOLFKVLFKKHLQHQQ*HVDPWÜEHUEOLFNNÜEHUGLH/LWHUDWXU]XPP3D OÄVWLQDNRQIOLNWW ]XX YHUVFKDIIHQ ]XPDO VLH LQKDOWOLFK VHKU YHUVFKLHGHQHH v KLVWRUL VFKH SROLWLVFKH DQDO\WLVFKNULWLVFKH LQGLYLGXDOELRJUDSKLVFKH LGHRORJLVFKK JH IÄUEWHHXQGGSROHPLVFKHHv6LFKWZHLVHQQDXIIGHQQLVUDHOLVFKSDOÄVWLQHQVLVFKHQQ.RQIOLNW DEELOGHW
¼EHUUGLHH+DXSWILJXUHQQGHUUSDOÄVWLQHQVLVFKHQQQDWLRQDOHQQ%HZHJXQJGLHHLPP :HVWHQQEHNDQQWWVLQGGXQGGLQQGHUUHUVWHQQ5HLKHHGHUSDOÄVWLQHQVLVFKHQQ6]HQHVWHKHQ ILQGHQQ VLFKK ]DKOUHLFKHH %ÜFKHU $XIVÄW]H XQGG ,QWHUYLHZV LQQ GHUU /LWHUDWXU =XPP %HLVSLHO EHKDQGHOW +HOJDD %DXPJDUWHQQ LQQ 3DO¾VWLQD %HIUHLXQJJ LQQ GHQQ 6WDDW 'LHH SDO¾VWLQHQVLVFKHH 1DWLRQDOEHZHJXQJJ VHLWW )UDQNIXUWW DPP 0DLQQ XQGG LQ
(LQHH $XVZDKOELEOLRJUDSKLHH ILQGHW VLFKK EHL *HUQRW 5RWWHU6FKLULQQ )DWKL
1DKRVWOH[LNRQ 'HUULVUDHOLVFKSDO¾VWLQHQVLVFKH.RQIOLNWWYRQ$=+HLGHOEHUJ66LHKHHDXFKK*OHQQ
(3HUU\7KHH3DOHVWLQHH4XHVWLRQ$Q$QQRWDWHG%LEOLRJUDSK\%HOPRQW0DVVDFKXVVHWV=XU *HVFKLFKWH GHV .RQIOLNWV VLHKH ]XP %HLVSLHO *XGUXQ .UÄPHU
*HVFKLFKWH 3DO¾VWLQDV 9RQQ GHU RVPDQLVFKHQQ(UREHUXQJJELV]XU*UÖQGXQJJGHV6WDDWHV,VUDHO0ÜQFKHQQ
0DUWLQ%HFN)ULH
GHQVSUR]HVVVLPP1DKHQ2VWHQ5DWLRQDOLW¾W.RRSHUDWLRQXQGSROLWLVFKH5HQWHHLPP9RUGHUHQ2ULHQW
:LHVEDGHQQ/XGZLJ:DW]DO)ULHGHQVIHLQGH'HU.RQIOLNW]ZLVFKHQQ,VUDHOXQGG3DO¾VWLQDDLQ
*HVFKLFKWHXQGG*HJHQZDUW%HUOLQ%DUU\5XELQ5HYROXWLRQXQWLOO9LFWRU\"7KHH3ROLWLFVVDQG +LVWRU\\ RII WKHH 3/2
&DPEULGJHH +HOPXW 0HMFKHU +J
'LHH 3DO¾VWLQD)UDJH +LVWRULVFKHH8UVSUÖQJHHXQGGLQWHUQDWLRQDOHH'LPHQVLRQHQQHLQHV1DWLRQHQNRQIOLNWV3DGHUERUQ
6LHKH]XP%HLVSLHO
$UDIDWW]ZLVFKHQQ.DPSIIXQGG'LSORPDWLH0ÜQFKHQQGLHH5ROOHHGHUU/LQNHQQLQQ
GHUU3/22XQGGLQVEHVRQGHUHHGLHMHQLJHGHU')/33'HPRNUDWLVFKH)URQWW]XU%HIUHL XQJJ3DOÄVWLQDVXQGGGHUU3)/339RONVIURQWW]XUU%HIUHLXQJJ3DOÄVWLQDVUHFKWWDXVIÜKU OLFK 1HEHQQ <¡VLUU ½$UDI¡WW
8PP HLQHQQ ¼EHUEOLFNN ÜEHUU GDVV /HEHQQ YRQQ 1D\HI +DZDWPHK VHLQHH SROLWL VFKHH/DXIEDKQQXQGGVHLQHH%HWHLOLJXQJJDPPEHZDIIQHWHQQ.DPSII]XXHUKDOWHQELHWHWWHVV VLFKKDQVHLQHHELRJUDSKLVFKHQQ$XVIÜKUXQJHQQLQQGHPP:HUNN1\LII§DZWLPDK\DWD ¨DGGD±X 1D\HII +DZDWPHKK VSULFKW 'DPDVNXV DXV]XZHUWHQ ZHLO HUU VLFKK GDULQQ QLFKWW QXU ]XX ZLFKWLJHQQ 6WDWLRQHQQ VHLQHVV /HEHQV VHLQHU )DPLOLHH XQGG VHLQHU -XJHQG]HLWWÄX¿HUWVRQGHUQQDXFKVHLQHH5ROOHHLQQGHUUDUDELVFKHQQ1DWLRQDOEHZHJXQJ LPP MRUGDQLVFKSDOÄVWLQHQVLVFKHQQ .ULHJJ LPP OLEDQHVLVFKHQQ %ÜUJHUNULHJJ YRQQ ELVVXQGGZÄKUHQGGGHUULVUDHOLVFKHQ,QWHUYHQWLRQQVRZLHHVHLQHH%H]LH
*HRUJHH+DEDVFKKvZDUUGHUU*UÜQGHUUXQGGYRQQELVDXFKGHUU*HQHUDO VHNUHWÄUUGHUU9RONVIURQW]XUU%HIUHLXQJ3DOÄVWLQDV3)/3
'LH 3/2 3DOHVWLQLDQQ /LEHUDWLRQQ 2UJDQL]DWLRQ 3DOÄVWLQHQVLVFKHH %HIUHLXQJVRUJDQLVDWLRQ LVWWGHUUSROLWLVFKHH'DFKYHUEDQGGHUUSDOÄVWLQHQVLVFKHQQ*UXSSLHUXQJHQJHJUÜQGHWWLQQ.DLUR +DUROGG0&XEHUW7KHH3)/3nV&KDQJLQJ5ROHLQWKHH0LGGOHH(DVW/RQGRQQVRZLH 3)/3$ODEKDDZDTDª\DWDOLQvLTT%HLUXW
KXQJJ ]XPP IUÜKHUHQ ÄJ\SWLVFKHQQ 3UÄVLGHQWHQQ ©DP¡OO ½$EGG DQ1¡²LUU 1DVVHU GDU VWHOOWWXQGGGDUÜEHUUKLQDXVVHLQHH6LFKWW]XPP&DPSS'DYLG$ENRPPHQ]XUU0DGULGHU .RQIHUHQ]]XPP2VORHUU$ENRPPHQ]XUU)ULHGHQVSHUVSHNWLYHHXQGG]XPP7HUURUUGDU OHJW,QGHUYRUOLHJHQGHQ$UEHLWWVROOHQQGLH$XVVDJHQQ+DZDWPHKVVNULWLVFKJHSUÜIW ZHUGHQ +DZDWPHKVV 5ROOHH LQQ GHUU d%HZHJXQJJ GHUU $UDELVFKHQQ 1DWLRQDOLVWHQss LVW DXVIÜKUOLFKKYRQQ©DP¡OO%¡U¹WWGDUJHVWHOOWWZRUGHQ 'DVV:HUNNELHWHWQLFKWQXUUHLQHQQ XPIDVVHQGHQ¼EHUEOLFNÜEHUUGLHQDWLRQDOLVWLVFKHH%HIUHLXQJVEHZHJXQJJLQQGHQQDUD ELVFKHQQ /ÄQGHUQQ LQQ GHUU HUU -DKUHQ VRQGHUQQ ZHUWHW YLHOH 'RNXPHQWH GLHVHU (SRFKHH DXV (LQQ 6FKZDFKSXQNWW GLHVHVV %XFKHVV OLHJWW DOOHUGLQJVV GDULQ GDVVV VLFK %¡U¹WWQXUUDXIDUDELVFKHH4XHOOHQQEHUXIW$X¿HUGHPZXUGHHYRQQ.ULWLNHUQQGLHH2EMHN WLYLWÄWW XQGG 8QSDUWHLOLFKNHLWW GHVV $XWRUVV LQQ =ZHLIHOO JH]RJHQ 1LFKWW ]XOHW]WW JLEWW HV GDVV*HUÜFKW+DZDWPHKKVHOEVWKDEHHLKP3DVVDJHQGLNWLHUWGLHHQLFKWWDOVVJODXEZÜU GLJJ JHOWHQQ NÖQQHQQ RGHUU VFKOLFKWHH ¼EHUWUHLEXQJHQQ GHVV %HLWUDJV +DZDWPHKVV ]XP *HVFKHKHQQGHUU=HLWWVHLHQ ,QQGLHVHP.RQWH[WLVWDXFKKGLH3ROHPLN'LI·DQQ·DQQDO ¨DTªTD 7DZª¨W ELv¸Q ED· P ZDUDGDD Iª NLWEE d§DZWLPDK \DWD¨DGGD±Xss 9HUWHLGLJXQJJ GHUU :DKUKHLW .ODUVWHOOXQJHQQ ]XX HLQLJHP ZDVV LQQ GHPP %XFKK +D ZDWPHKVSULFKWWYRUNRPPW'DPDVNXVVYRQ$E¹¹½$O°°0X²´DI¡$EX$OLL0XV
'LHH(QWZLFNOXQJJGHUUYRQQ+DZDWPHKKJHJUÜQGHWHQQd'HPRNUDWLVFKHQ)URQW ]XUU %HIUHLXQJJ 3DOÄVWLQDVss ')/3 ZLUG YRQQ 4D\V ½$EGG DO.DU°PP XQGG )DKLGG 6X OD\P¡Q GDUJHVWHOOW 6LHH EHIDVVHQQ VLFKK PLWW GHUU *HVFKLFKWHH GHUU ')/33 YRQQ GHU *UÜQGXQJJ ELVV ]XPP -DKU ZREHLL YRU DOOHP GLHH *UÜQGXQJVJHVFKLFKWH GLH 6WUXNWXUGHU2UJDQLVDWLRQGLHVRRJHQDQQWHd3ROLWLNNGHU(WDSSHQsGLHPLOLWÄULVFKHQQ $NWLRQHQQ XQGG GLHH 3DUWHL]HLWVFKULIWW DO§XUUª\D EHOHXFKWHW ZHUGHQ =XX 6WUXNWXU 3URJUDPP7DNWLN6WUDWHJLHHXQGGLGHRORJLVFKHQ*UXQGODJHQQGHUU')/33XQGG3/)3 ILQGHQQVLFKKEHLL*HUULWW+RHNPDQQQHLQLJHHJUXQGOHJHQGH$XVIÜKUXQJHQ 'LHVHODV VHQQVLFKKPLWWGHUU(LJHQVLFKWW+DZDWPHKVYRUUDOOHP]XP)ULHGHQVSUR]HVVVXQGG]XPP 2VORHUU$ENRPPHQLQQ%H]LHKXQJJVHW]HQ,Q$E·DGPLQQ2VOR)ªODV®LQQLOD\QDD¼
©DP¡OO%¡U¹W§DUDNDWDO4DZPª\ªQQDO·$UDE$Q1Dv¸DDWWD®DZZXUDOPD¬¸LU'DPD VNXV
½$O°%DGZ¡QQLPP,QWHUYLHZPLWGHPP9HUIDVVHU'DPDVNXV
$E¹½$O°0X²´DI¡'LI·DQQ·DQQDO¨DTªTD7DZª¨WELvD¸QED·PZDUDGDDIªNLWEEd§D ZWLPDKK\DWDKDGGD¨±Xo'DPDVNXV
4D\V½$EGDO.DU°P)DKLG6XOD\P¡Q$ODEKDDDG'ªP³TU®ª\DDQQDv¸DDZDOPDVU %HLUXW
*HUULWW+RHNPDQQ=ZLVFKHQQ°O]ZHLJXQGG.DODVFKQLNRZ*HVFKLFKWHHXQGG3ROLWLNGHUSD O¾VWLQHQVLVFKHQ/LQNHQ0ÜQVWHUU
EHUU2VORKLQDXV3DOÄVWLQDDZRKLQ"'DPDVNXVVVRZLHHLQQ2VORRZDVVDOPDO PXWDZ]LQQ 2VORR XQGG GHUU DXVJHJOLFKHQH )ULHGHQ 'DPDVNXV VWHOOWW +DZDW PHKKVHLQH6LFKWWGHU'LQJHHGDU(UEHVFKÄIWLJWWVLFKKLQQGLHVHPP%XFKKPLWWGHUU9RU KHUUVFKDIWWGHUU)DWDKKLQQGHUU3/2GHUUSROLWLVFKHQQ/DJHHYRUUXQGGQDFKKGHUU0DGULGHU .RQIHUHQ]GHQQ=XJHVWÄQGQLVVHQQGHUU3/22VRZLHHGHUU=XNXQIWWGHVV2VORHUU$ENRP PHQVVXQGGQLPPWW6WHOOXQJ]XXGHQQ*UÜQGHQQIÜUUGDV:LHGHUDXIIODPPHQQGHVV7HUURUV QDFKK 2VOR 'LH *UÜQGHH IÜUU GLHH $EVSDOWXQJJ GHUU ')/33 YRQQ GHUU 3)/33 ZHUGHQQ LQ GHPP %ÜFKOHLQQ DO£DEKD ZDTDª\DWW DOLQvLTT 'LHH )URQWW XQGG GDVV 3UREOHPP GHUU 6SDOWXQJ %HLUXWW EHKDQGHOW ZREHL DXFK GLHH %H]LHKXQJHQQ ]ZLVFKHQQ GHQ EHLGHQQ6WUÖPXQJHQQYRUUXQGGQDFKKGHUU6SDOWXQJJGDUJHOHJWWZHUGHQ =XU6SDOWXQJ LQQHUKDOEE GHUU ')/33 LPP -DKUU ÄX¿HUWHH VLFKK +DZDWPHKK LQQ GHU YRQQ GHUU ')/3 KHUDXVJHJHEHQHQQ $EKDQGOXQJJ DO,QWLK]ª\DD DO\DPªQª\DD ZD¤X ³UU DOD]PDD DG G¦LOª\DD'HUUUHFKWH2SSRUWXQLVPXVVXQGGGLHH:XU]HOQQGHULQQHUHQQ.ULVHRKQHH2UWW ¼EHUU GLHH *HVFKLFKWHH GHUU SDOÄVWLQHQVLVFKHQQ 1DWLRQDOEHZHJXQJJ XQGG GHUHQQ EHZDIIQHWH.ÄPSIHHXQGLQQHUH.RQIOLNWHELHWHQQGDVV:HUN$UPHG6WUXJJOHDQGWKHH
YRQQ
=XU%HGHXWXQJ+DZDWPHKVVXQGGGHUU')/333
1D\HII +DZDWPHK REZRKOO JHEÜUWLJHUU -RUGDQLHU YHUNÖUSHUW QHEHQ
+HUDXVJHJHEHQYRQGHU3)/3$ODEKDDZDTDª\DWDOLQvLTT%HLUXW
3LRQLHUUROOHHVSLHOWH(UVWHQVVJHKÖUWHHHUUVFKRQQ$QIDQJJGHUUHUU-DKUHQQ]XXGHQMH QLJHQQ $NWLYLVWHQ GLH LP .DPSII XPP GLHH %HIUHLXQJJ 3DOÄVWLQDV HLQHH $ENHKUU YRPP SDQDUDELVFKHQQ 1DWLRQDOLVPXVV XQGG HLQH LGHRORJLVFKHH :HQGHH ]XPP 0DU[LVPXV /HQLQLVPXVV YROO]RJHQ =ZHLWHQVV VSUDFKK HU VLFKK PLWW GHPP VRJHQDQQWHQQ d(WDSSHQ SURJUDPPssYRQQLPSOL]LWWIÜUUHLQHH7HLOVWDDWVOÖVXQJJDXVDOVRRIÜUUHLQHQQSDOÄVWL QHQVLVFKHQQ6WDDWWLPP*D]DVWUHLIHQQXQGGLQQGHUU:HVWEDQN'DVVVHUU*HVSUÄFKHHPLWWGHU LVUDHOLVFKHQ /LQNHQQ IÜKUWH PDFKWHH LKQQ GULWWHQVV ]XX HLQHPP GHU 9RUUHLWHU IÜU HLQHH IULHGOLFKHH %HLOHJXQJ GHV 3DOÄVWLQDNRQIOLNWV 'HPP IDNWLVFKHQQ )ULHGHQVSUR]HVVV vv VRZRKOOGHPPÄJ\SWLVFKLVUDHOLVFKHQd6HSDUDWIULHGHQssDOVVDXFKKGHQQ0DGULGHU 9HUKDQGOXQJHQQ v VWDQGG HU MHGRFKK DEOHKQHQGG JHJHQÜEHU $XFKK LQ GLHVHUU +LQVLFKWWJHKÖUWHHUYLHUWHQV]XXGHQQIUÜKHQQ.ULWLNHUQGLH]ZDUSULQ]LSLHOOOIÜUHLQH 9HUKDQGOXQJVOÖVXQJJZDUHQHLQHQQd.DSLWXODWLRQVIULHGHQssDEHUUDEOHKQWHQ 0LWWGLHVHQ3RVLWLRQHQQÜEWH+DZDWPHKKQDFKKDOWLJHQQ(LQIOXVVVDXIIGLH3ROLWLNN GHUU3/22VHLWWDXV6HLQQ9HUKÄOWQLVV]XXGHQQEHLGHQDQGHUHQQ6\PEROILJXUHQQGHU SDOÄVWLQHQVLVFKHQQ 1DWLRQDOEHZHJXQJJ ZDUU MHGRFKK DPELYDOHQW 6HLQHH ,GHHQ EHHLQ IOXVVWHQQ]ZDUU$UDIDWXQG+DEDVFKGRFKKPLWEHLGHQQYHUEDQGGLKQQDXFKHLQHHLQQLJHH 5LYDOLWÄW (QGHH GHUU HUU -DKUHQQ WUHQQWHQQ VLFKK GLH :HJH +DZDWPHKVV XQG +DEVFKV (QGHH GHU HUU -DKUHH ÜEHUZDUIHQQ VLFKK +DZDWPHKK XQGG $UDIDW ZRUDXI VLFKK +DEDVFKK XQGG +DZDWPHKK ZLHGHUU DQQÄKHUWHQ :LHH +DEDVFKK SURSDJLHUWHH +D ZDWPHKK GHQQ EHZDIIQHWHQ .DPSII QDFKK $UW HLQHV 9RONVEHIUHLXQJVNULHJHV OHKQWH DEHUUGLHHYRQQ+DEDVFKKEHIÜUZRUWHWHQQ)OXJ]HXJHQWIÜKUXQJHQQXQGGDQGHUH7HUURUDQ VFKOÄJHH DE XQGG ZLHH $UDIDWW VHW]WHH HUU DXI GLHH SROLWLVFKHH .DUWH LQQ GHUU /ÖVXQJJ GHVV 3DOÄVWLQDNRQIOLNWV NULWLVLHUWHH DEHUU GHVVHQQ SUDNWLVFKHH 3ROLWLN $XII GLHVH :HLVHH NRQQWHHVLFKK+DZDWPHKPLWWGHUUYRQQLKPJHJUÜQGHWHQQ')/33]ZDUSURILOLHUHQXQGG XPP GHQQ )ÜKUXQJVDQVSUXFKK LQQ GHUU 3/22 NRQNXUULHUHQ GRFKK JHODQJJ HVV LKPP QLFKW HLJHQHH6WDQGSXQNWHHJHJHQQGLHH,QWHUHVVHQ$UDIDWVV XQGG+DEDVFKVVXQGGGHUHQ*UXS SLHUXQJHQGHUU)DWDKKXQGGHUU3)/3GXUFK]XVHW]HQ'DKHUUEOLHEELKPPOHW]WHQQ(QGHV QXU GLH 5ROOH GHV .ULWLNHUV GHU GLH )HKOHU RGHU 8Q]XOÄQJOLFKNHLWHQQ GHUU EHLGHQ DQGHUHQQWURW]]¼EHUHLQVWLPPXQJJLQYLHOHQQ3XQNWHQQDQSUDQJHUWH 'LHVHUU'LVNUHSDQ]]ZLVFKHQQVHLQHUUNRQVWUXNWLYHQ)XQNWLRQQDOVV,GHHQJHEHU
XQGGVHLQHUUXQSURGXNWLYHQDOVV'DXHUNULWLNHUXQGG0DFKWULYDOHHZLGPHWWVLFKGLHHYRU OLHJHQGHH$UEHLW(VVVROOHQQ$QWZRUWHQQDXIIHLQHH5HLKHYRQQ)UDJHQGLHHVLFKKDXVVGHPP ELVKHUU $QJHGHXWHWHQQ HUJHEHQ JHIXQGHQQ ZHUGHQ :RKHU VWDPPWW +DZDWPHKK XQGG ZLHHQWZLFNHOWHHUVLFKSROLWLVFKIRUW"9HUWUDWHUUHLQLJHJOHLFKKEOHLEHQGHSROLWLVFKH
+DZDWPHK:HJEHUHLWHUXQG.ULWLNHU
3RVLWLRQHQQ RGHUU ZDQGHOWHH VLFKK VHLQQ 6WDQGSXQNWW LQQ *UXQGVDW]IUDJHQQ LPP /DXIHH GHU =HLW"":HOFKHHZHFKVHOQGHQQ$OOLDQ]HQXQGG%ÜQGQLVVHHJLQJJHUUDXVVZHOFKHQQ*UÜQGHQ HLQ"" :DVV EHGHXWHW GHUU 0DU[LVPXV/HQLQLVPXV ]XX GHP VLFKK GLHH ')/3 ELV KHXWH EHNHQQWIÜULKQ":LHILQDQ]LHUWWVLFKGLH3DUWHL"",QZLHIHUQQNDQQQVLHHHLQHHXQDEKÄQ JLJHH 3ROLWLN YHUIROJHQ GLHH YRQQ GHQQ HLJHQHQQ ¼EHU]HXJXQJHQQ JHWUDJHQQ XQGG EH VWLPPWWZLUG"",QZLHIHUQQLVWVLHHDEKÄQJLJYRQQVWDUNHQQ3DUWQHUQQXQGG)LQDQ]JHEHUQ" :HOFKHH%HGHXWXQJJNRPPWWGHPP8PVWDQGG]XGDVVVLFKKGLHH3DUWHL]HQWUDOHHQDFKKZLHH YRUU LQQ 'DPDVNXVV EHILQGHW"" :LHVRR NHKUWHH +DZDWPHKK LQQ GHQQ HUU -DKUHQQ QLFKWW DXVV GHPP V\ULVFKHQ ([LOO QDFK 3DOÄVWLQD ]XUÜFN ZÄKUHQGG YLHOH 3/23ROLWLNHU DXV GHPPWXQHVLVFKHQQ([LOO]XUÜFNNDPHQ""
'LHVHH XQGG ZHLWHUH )UDJHQQ ZHUGHQQ LQQ IROJHQGHUU 5HLKHQIROJHH EHKDQGHOW ,QQ .DSLWHOOZLUGGLH%LRJUDSKLH+DZDWPHKVVGDUJHVWHOOWVRRZLHVLHVLFKKDXVVVHLQHQ $QJDEHQQ XQGG GHUU 6HNXQGÄUOLWHUDWXUU HUJLEW 'DUDQQ VFKOLH¿WW VLFKK HLQQ 8QWHUNDSLWHOO PLWW GHQQ $XVVDJHQQ HLQLJHUU ,QVLGHUU ÜEHU GLHH )LQDQ]TXHOOHQQ GHUU ')/33 DQ 'LHH YRQQ GHUU3/22XQDEKÄQJLJHH)LQDQ]LHUXQJJELOGHWWGLHHÖNRQRPLVFKHH%DVLVVIÜUUGLHHNULWLVFKHH +DOWXQJJGHUU')/33JHJHQÜEHUUGHQQ0DGULGHUU9HUKDQGOXQJHQ'LHH3/22JHULHWWQDFKK GHPP 8QWHUJDQJJ GHUU 6RZMHWXQLRQQ XQGG GHPP ,UDN.ULHJJ LQQ )LQDQ]LHUXQJV VFKZLHULJNHLWHQGLHHPD¿JHEOLFKKGD]XXEHLWUXJHQGDVVVVLFKKGLH3/22]XUU$XIQDKPHH YRQQ)ULHGHQVYHUKDQGOXQJHQQJH]ZXQJHQQVDKKVLHKHHKLHU]XX.DSLWHOO.DSLWHOOLVW GHUU SROLWLVFKHQQ %LRJUDSKLHH +DZDWPHKVV XQG GHUU (QWVWHKXQJVJHVFKLFKWHH GHUU 3')/33 JHZLGPHW (VV IROJHQ LQQ .DSLWHOO $XVIÜKUXQJHQQ ÜEHUU GLHH DPELYDOHQWH +DOWXQJJGHUU')/33]XPP(LQVDW]]WHUURULVWLVFKHU*HZDOWWVRZLHHLQQ.DSLWHOOÜEHUUGLHH 5ROOHH +DZDWPHKVV LQQ -RUGDQLHQ GLHH HQWVFKHLGHQG ]XUU 9HUWUHLEXQJJ GHUU *XHULOODVV DXVV-RUGDQLHQQEHLWUXJ.DSLWHOOGUHKWWVLFKXPPGDVVd(WDSSHQSURJUDPPsGDVVLQQGHUU *HVFKLFKWHHVRZRKOOGHUU')/33DOVVDXFKKGHUU3/22HLQHH.HKUWZHQGHHKLQQ]XXHLQHUUSR OLWLVFKHQQ /ÖVXQJJ GDUVWHOOW ,QQ .DSLWHOO ZLUGG +DZDWPHKVV DEOHKQHQGHH +DOWXQJJ ]X GHQQ&DPS'DYLG9HUKDQGOXQJHQQGDUJHVWHOOW+LHUZLUGGEHUHLWVVVHLQHH$ENHKUUYRQQ $UDIDWVV3ROLWLNNVLFKWEDUGLHGHQ%UXFK]ZLVFKHQQGHQQEHLGHQDXIJUXQGGHU0DGUL GHUU9HUKDQGOXQJHQQYRUZHJQLPPWZDVVLQQ.DSLWHOODXVJHIÜKUWWZLUG,QQ.DSLWHOO ZHUGHQQ GLHH $EVSDOWXQJHQQ YRQQ GHUU ')/33 LQQ GHQ HUU -DKUHQQ EHVFKULHEHQ GLHH ZRKOO]XXHLQHPPJUR¿HQQ7HLOODXIGLHHQHJDWLYH+DOWXQJJ+DZDWPHKVVJHJHQÜEHUUGHP )ULHGHQVSUR]HVVV ]XUÜFN]XIÜKUHQQ VLQG ,QQ .DSLWHO ZHUGHQQ GLH DNWXHOOHQ %H]LH KXQJHQQGHUU')/'']XXDQGHUHQQ$NWHXUHQDXIIGHUUSROLWLVFKHQQ%ÜKQHHLPP1DKHQQ2V WHQQEHVFKULHEHQ
+DZDWPHK:HJEHUHLWHUXQG.ULWLNHU
1D\HI+DZDWPHK)DFHWWHQQVHLQHV/HEHQVV
%LRJUDSKLHH
1D\HII +DZDWPHK GHUU XQWHUU VHLQHP 1RP GHH *XHUUH $E¹¹ DQ1DZI EHNDQQW LVW JLOWWDOVVHLQHUGHU+DXSWDNWHXUHVRZRKOOLQQHUKDOEEGHUDUDELVFKHQQ%HIUHLXQJVEHZH JXQJJDOVVDXFKKLQQHUKDOEEGHUUSDOÄVWLQHQVLVFKHQQ1DWLRQDOEHZHJXQJJVHLWW$QIDQJJGHU HUU -DKUH (UU ZLUG YRUU DOOHPP YRQQ VHLQHQ $QKÄQJHUQQ DXFKK DOVV HLQIOXVVUHLFKHU 7KHRUHWLNHUUGHUUSDOÄVWLQHQVLVFKHQQ%HIUHLXQJVRUJDQLVDWLRQQ3/22EHWUDFKWHW +DZDWPHKKZXUGHHLPP-DKUHHLQQGHUU6WDGWWDO6DOWWLQQ-RUGDQLHQQJHERUHQ XQGG LVWW GHUU 6SURVVV HLQHUU UHOLJLÖVHQ FKULVWOLFKHQ MRUGDQLVFKHQQ %DXHUQIDPLOLH 'LH ,QIRUPDWLRQHQQÜEHUVHLQHUHOLJLÖVH=XJHKÖULJNHLWWVLQGGXPVWULWWHQ+DZDWPHKKVHO EHUUEHKDXSWHWHGDVVGLHH$QJHKÖULJHQVHLQHU)DPLOLHUÖPLVFKRUWKRGR[H&KULVWHQQ PDVª¨ª\³QQ5³P5³PPjDUTª\³Q JHZHVHQQVHLHQZÄKUHQGGVLFKKDXVVDQGHUHQQ4XHO OHQQHUJLEWGDVVVVLHHNDWKROLVFK JHZHVHQVHLHQ6HLQH)DPLOLHZDQGHUWHHDXIJUXQG ZLUWVFKDIWOLFKHU6FKZLHULJNHLWHQQLQQHLQHQ9RURUWWGHU+DXSWVWDGWW$PPDQQDXV+D ZDWPHKK EHVXFKWHH ]XQÄFKVW GLH +DXSWVFKXOHH LQQ GHUU 6WDGWW DO=DUTDD QÖUGOLFKK YRQ $PPDQDQVFKOLH¿HQGGGDVV*\PQDVLXPPDO+XVVDLQQLQQ$PPDQZRRHUUPLWWGHUUDQWL ]LRQLVWLVFKHQQXQGGDQWLNRORQLDOHQQ%HZHJXQJJLQQ%HUÜKUXQJJNDP 2KQHHVLFKKHLQHU EHVWLPPWHQQ2UJDQLVDWLRQQDQ]XVFKOLH¿HQQDKPPHUDQQGHQQ'HPRQVWUDWLRQHQQJHJHQ GLHH)ÜKUXQJJGHUUMRUGDQLVFKHQQ$UPHHWHLOGLHHLQQMHQHUU=HLWWXQWHUUGHUU)ÜKUXQJJGHVV EULWLVFKHQQ6WDEVFKHIVV6LUU-RKQQ%DJRWW*OXEE JHQDQQWW*OXEEE3DVFKDVWDQG JLQJJHUUQDFKK.DLURXPP0HGL]LQQ]XXVWXGLHUHQDEHUU]ZHLL-DKUHHVSÄWHU PXVVWHHHUUGDVV6WXGLXPPDXIJUXQGGYRQ*HOGPDQJHODEEUHFKHQXQGGNHKUWHQDFKK-RU GDQLHQQ]XUÜFN +DZDWPHKKEHKDXSWHWHGDVVVHUZLOOHQWOLFKKVHLQQ6WXGLXPPDEJHEUR FKHQKDEHVLFKKIUHLZLOOLJHLQHPÄJ\SWLVFKHQ0LOLWÄUODJHUDQJHVFKORVVHQQKDEHXQG
d9DWHUU GHUU NOHLQHQ .DPHOVWXWHs (LQ :RUWVSLHO PLW GHP 9RUQDPHQQ 1¡\LII dJUR¿s dVFKÖQs1DZIEH]HLFKQHWWGHQQKRKHQ+ÖFNHU'LHH:XU]HOOQ¹QZDZI¡¾GHFNWWGDV%HGHXWXQJV IHOGKRFKJUR¿VFKODQNVFKÖQQJHZDFKVHQDEEXQGGZLUGGDXFKKDXII3HUVRQHQQDQJHZDQGW=%LP UD¸DPXQªIDEH]HLFKQHWWHLQHHJUR¿¿JHZDFKVHQHHXQGGYROONRPPHQQVFKÖQHH)UDX9JO$O0XQ¤LGGIªªO OX¢DZDOD·OP%HLUXW
6LHKHH1D\HIIDZDWPHK1D\ªI§DZWLPDKK\DWD¨DGGD±X$PPDQQ6 ½$O°%DGZ¡QQLPP,QWHUYLHZPLWGHPP9HUIDVVHU'DPDVNXV
6LHKHH-RKQQ.&RROH\*UHHQQ0DUFK%ODFNN6HSWHPEHU7KH6WRU\\RIIWKHH3DOHVWLQLDQ$U DEV/RQGRQQ6
6LU -RKQQ %DJRW *OXEEE v ZDUU HLQ EULWLVFKHU 2IIL]LHUU XQGG 1DKRVWH[SHUWH %H NDQQWZXUGHHHUUYRUUDOOHPPGXUFKKVHLQHH7ÄWLJNHLWHQQLP5DKPHQQGHUU0DQGDWVDXVÜEXQJJ*UR¿EULWDQ QLHQV ÜEHUU GDV KHXWLJHH -RUGDQLHQQ VRZLHH GHUHQQ )RUWIÜKUXQJ QDFKK GHUU 8QDEKÄQJLJNHLW =ZLVFKHQQ XQGZDUUHU.RPPDQGHXUUGHUU$UDELVFKHQQ/HJLRQLQQ-RUGDQLHQ 6LHKHH&RROH\*UHHQQ0DUFK6
GDQDFKKLQQVHLQHH+HLPDWW]XUÜFNJHJDQJHQQVHLXPPGLHHQDFKKGHUU1DWLRQDOLVLHUXQJJGHVV
,QQ-RUGDQLHQQVFKORVVVHUUVLFKKWURW]]VHLQHUU9RUOLHEHHIÜUUGLHH%DDWK3DUWHLLXQGG IÜUU GLHH .RPPXQLVWHQQ GHU SDQDUDELVFKHQ §DUDNDW DO4DZPª\ªQQ DO·$UDE %HZH JXQJJGHUU$UDELVFKHQQ1DWLRQDOLVWHQ%$1DQ
XQGGGHPP3XWVFKYHUVXFKKGHVVMRUGDQLVFKHQ*HQHUDOVWDEVFKHIVV½$O°°$E¹¹1XZ¡U LP -DKUU ZXUGHH +DZDWPHKK ZHJHQQ VHLQHUU SROLWLVFKHQQ $NWLYLWÄWHQ GHUU %LOGXQJ YRQQ EHZDIIQHWHQQ *UXSSHQQ XQGG $QJULIIHQQ DXII DPHULNDQLVFKHH (LQULFKWXQJHQQ YHU IROJW,QIROJHGHVVHQQYHUOLH¿¿HUKHLPOLFKK-RUGDQLHQXQGGJLQJJLQQGHQQ/LEDQRQ1DFK VHLQHQQ HLJHQHQQ $QJDEHQ ZXUGHH HU DQJHEOLFKK ]XP HUVWHQQ 0DO LQQ -RUGDQLHQQ ]XP 7RGH YHUXUWHLOW ZDVV DOOHUGLQJVV YRQQ VHLQHQQ .ULWLNHUQQ EH]ZHLIHOWW ZLUG ½$E¹ ½$O° 0X²´DI¡¡ VWHOOWW LQ )UDJH REE HVV ÜEHUKDXSWW MH HLQQ+LQULFKWXQJVXUWHLOO JHJHEHQQ KD EH :HLWHU EHKDXSWHWW +DZDWPHK LQQ VHLQHU $XWRELRJUDSKLH VHLQHH %UÜGHUU VHLHQ YHUIROJWLQKDIWLHUWWXQGGXQWHUU+DXVDUUHVWWJHVWHOOWWZRUGHQZDVVHLQLJHHYRQLKQHQQ]XU
,PP 6RPPHUU IÜKUWH +DZDWPHKK PLWW 0X®DPPDGG D]=D\\¡WW GLHH 0LW JOLHGHUUGHUU%HZHJXQJJGHUU$UDELVFKHQQ1DWLRQDOLVWHQQLQQ7ULSROLLXQGG7\URVVLPPOLED
'HU%HJULII%LOGGDvjPdGLH/ÄQGHUHLHQQ6\ULHQVsEH]HLFKQHWGDVJHRJUDSKLVFKHH6\ ULHQQ XQG XPIDVVW QDFKK DUDELVFKQDWLRQDOLVWLVFKHPP 9HUVWÄQGQLV GLHH YLHUU /ÄQGHUU 6\ULHQ -RUGDQLHQ 3DOÄVWLQDDXQGGGHQQ/LEDQRQGLHGHPQDFKKHLQHHSROLWLVFKHH(LQKHLWWELOGHQQVROOWHQ'LHVHV.RQ]HSWWKDW VHLQHH8UVSUÜQJHLPP9HUHLQLJWHQQ6\ULVFKHQ.ÖQLJUHLFKGDVVHLQHQQ6LW]]LP-DKULQ'DPDVNXV KDWWH6LHKHH]%3HWHUU*XEVHU+LVWRULFDOO'LFWLRQDU\\RIIWKHH+DVKHPLWHH.LQJGRPPRII-RUGDQ0HWX FKHQQ1-6
6LHKHH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6
6LHKHH &RROH\ *UHHQQ 0DUFK 6 'LHH %HZHJXQJ GHU $UDELVFKHQQ 1DWLRQDOLVWHQQ HQW VWDQGQDFKDQGHU$PHULFDQ8QLYHUVLW\RI%HLUXWXQGKDWWHVSÄWHUXD$EOHJHULP,UDNLP -HPHQLQQ-RUGDQLHQQXQGGLQ.XZDLW=XUU%$1VLHKHHIROJHQGHV.DSLWHO 6XOD\P¡QQ DO1DEXOV° ZDUU GHUU 0LPLVWHUSUÄVLGHQW -RUGDQLHQV YRQ 2NWREHU ELV$SULO
*HQHUDO½$O°$E¹¹1XZ¡UUZDUUGHUUHUVWHDUDELVFKHH%HIHKOVKDEHUUGHUUMRUGDQL VFKHQQ$UPHH(UUYHUVXFKWHHLP-DKUUPLWHLQLJHQQKRFKUDQJLJHQQ2IIL]LHUHQQ.ÖQLJJ+XVVHLQ]X VWÜU]HQXQGGLHHKDVFKHPLWLVFKHH+HUUVFKDIWW]XEHHQGHQ 6LHKHH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6
½$E¹¹½$O°°0X²´DI¡¡$EXX$OLL 0XVWDIDLVWGDV3VHXGRQ\PPYRQQ0X²´DI¡¡D] =LEU°0X²´DI¡¡VFKORVVVLFKKLP-DKUUGHUU%HZHJXQJJDUDELVFKHUU1DWLRQDOLVWHQQDQ0LW+DEDVFK JUÜQGHWH HUU LP -DKUU GLH 3)/3 XQGG EHNOHLGHWH DE GHQQ 3RVWHQQ GHV 2EHUNRPPDQGDQWHQ GHUPLOLWÄULVFKHQ6WUHLWNUÄIWHHLQGHU3)/3ZXUGHHHU]XP6WHOOYHUWUHWHUYRQ+DEDVFKJHZÄKOW 9RQQELVZDUUHUU9HUWUHWHUUGHUU3)/3LPP([HNXWLYNRPLWHHHGHUU3/22EZRKOHUUHLQHUUGHU *HJQHUUGHV2VORHU$ENRPPHQVZDUGXUIWHHHULPP-DKULQQGLHHSDOÄVWLQHQVLVFKHQQ$XWRQRPLH JHELHWHH]XUÜFNNHKUHQZRHUULQ5DPDOODKKGLHH3)/3DQIÜKUWH,PP-DKUUZXUGHHHUU*HQHUDOVHNUH WÄUUGHUU3)/3DOV1DFKIROJHUUYRQQ*HRUJHH+DEDVFK$P$XJXVWZXUGHHHUUYRQQGHQQLVUDHOL VFKHQQ6WUHLWNUÄIWHQQLQQVHLQHPP%ÜURRHUPRUGHW 6LHKH½$E¹½$O°°0X²´DI¡'LI·DQQ·DQQDO¨DTªTD6 6LHKHH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6
QHVLVFKHQQ %ÜUJHUNULHJJ YRQQ DQ (U NÄPSIWHH DQQ GHUU 6HLWHH GHVV SUR QDWLRQDOLVWLVFKHQQ$XIVWDQGHVVXQWHUU5Dz°GG.DU¡P°°5DVKLGG.DUDPLJHJHQQGLHHSUR ZHVWOLFKHH5HJLHUXQJJYRQ3UÄVLGHQWW.DP°OOjDP½¹QQ&KDPRXQXQGGGLHHDPHULNDQL
1DFKK GHP (QGH GHVV HUVWHQQ %ÜUJHUNULHJHV GHP 6WXU]] YRQQ .DP°O jDP½¹Q &KDPRXQ XQGG GHP $E]XJJ GHU DPHULNDQLVFKHQ 6WUHLWNUÄIWHH YHUOLH¿¿ +DZDWPHKK GHQQ/LEDQRQQXQGJLQJJLQGHQQ,UDNZRKLQQHUPLWWHLQLJHQQGHUUIÜKUHQGHQQ0LWJOLHGHUU GHUU %$11 ZLHH +¡Q°° DO+LQG°° XQGG 6DO¡PP $®PDGG JHVFKLFNWW ZXUGH XPP GHQQ %$1 =ZHLJJ XQWHUU GHU )ÜKUXQJJ YRQQ ¡PLGG DO-DE¹U°° XQGG %¡VLOO .XED\V°° ]XX XQWHUVWÜW ]HQ /DXWW+DZDWPHKKVHOEVWWXQGGQDFKKGHUU'DUVWHOOXQJJ6D\LJKVVZDUUDEHUU+DZDW
PHKKGHUWDWVÄFKOLFKH)ÜKUHUGHV%$1=ZHLJVVLPP,UDN
(LQHQQ0RQDWWODQJJVFKULHEE HUU GLHH /HLWDUWLNHOO GHUU 7DJHV]HLWXQJJ
DO:D¨GD
'LHH (LQKHLW GLHH YRPP &KHIUHGDN WHXU%¡VLOO.DED\V°°LQQGLHVHUNXU]HQQ=HLWWKHUDXVJHJHEHQQZXUGH
:ÄKUHQGVHLQHV IÜQIMÄKULJHQ$XIHQWKDOWHVVLP,UDNYHUEUDFKWH+DZDWPHKKXQWHUGHU+HUUVFKDIWGHV 3UÄVLGHQWHQQ½$EGDO.DU°PP4¡VLP GLHH=HLWWYRQQ(QGHHELVV)HEUXDULQ
+DIW (LQHQQ 0RQDWW QDFK VHLQHUU (QWODVVXQJJ DXVV GHPP *HIÄQJQLVV ZXUGHH HU HUQHXW IHVWJHQRPPHQQXQGGDPP$SULOODXVJHZLHVHQ
'DQDFKUHLVWHHULQGHQ6ÜG MHPHQZRRHUUYRUXQGGQDFKGHUU8QDEKÄQJLJNHLWWHLQH]HQWUDOHH5ROOHHEHLLGHUU2UJDQL VLHUXQJJ GHVV :LGHUVWDQGV XQGG LP .DPSII JHJHQQ GLHH %ULWHQQ XQGG GLHH 0RQDUFKLVWHQ JHVSLHOWWKDEHQQVROO
+DZDWPHKVV5ROOHEHVFKUÄQNWHHVLFKKQLFKWQXUUDXIIGHQQ-HPHQ VRQGHUQQ HUU YHUVXFKWHH DXFKK GHQQ :LGHUVWDQGG GHUU QDWLRQDOLVWLVFKHQQ %HZHJXQJHQQ LQQ GHQQ*ROIVWDDWHQQJHJHQQGLH%ULWHQQ]XXNRRUGLQLHUHQ d+HKDGGDKDQGGLQQRUJDQL]LQJJVRPHRIWKHJXHUULOODJURXSVVQRZZRSHUDWLQJJ LQQ6RXWKK
6LHKH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6HEHQVRR
6LHKHH6D\LJK$UPHGG6WUXJJOH6HEHQVRR+DZDWPHK§DZWLPDKK\DWD¨DGGD±X6 6LHKHH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6 6HLQHH3UÄVLGHQWVFKDIWGDXHUWHYRQQELV
6LHKH+DZDWPHK§DZWLPDKK\DWD¨DGGD±X6HEHQVRR6D\LJK$UPHGG6WUXJJOH6 6LHKHH&RROH\*UHHQQ0DUFK6 (EG
+DZDWPHK:HJEHUHLWHUXQG.ULWLNHU
1DFKK HLJHQHQ $QJDEHQQ VWXGLHUWHH +DZDWPHKK 3KLORVRSKLH XQGG 6R]LRORJLH DQQ GHUU $UDELVFKHQ8QLYHUVLWÄWWLQ%HLUXWGDQQQSURPRYLHUWHHHUUDQGHU0RVNDXHUU8QLYHUVL WÄW6HLQHH'LVVHUWDWLRQQWUXJJGHQQ7LWHOOd'LHH9HUÄQGHUXQJJLQQHUKDOEEGHUUQDWLRQDOLVWL VFKHQQ %HZHJXQJJ YRQQ HLQHUU QDWLRQDOLVWLVFKHQQ %HZHJXQJJ ]XX HLQHUU OLQNHQ %HZH JXQJs 'LHVH $QJDEHQQ VLQGG VHOEVWW XQWHU GHQ $QKÄQJHUQ GHU ')/33 XPVWULWWHQ XQGGZHUGHQQDXFKKYRQVHLQHQQ.ULWLNHUQLQQ=ZHLIHOJH]RJHQ]XPDOOVLFKKZHGHUUJH QDXHH =HLWDQJDEHQ QRFKK HLQHH 'LVVHUWDWLRQQ ILQGHQQ ODVVHQ 6RR ZLUG EHLVSLHOVZHLVH EHKDXSWHW+DZDWPHKKDEHHLQQHLQHUU/HKUHUDXVELOGXQJVVWÄWWHHVWXGLHUWWXQGGVSÄWHUUDOVV /HKUHULQQGHUFKULVWOLFKHQQ0LVVLRQDUVVFKXOH'D\UUDO/DW°QQLQQ0DGDEDLQQ-RUGDQLHQ JHDUEHLWHW 'DQDFKK KDEHH HUU OHGLJOLFKK HLQQ -DKUU ODQJJ 0DU[LVPXVV XQGG .RPPXQLV
NHKUWHHHUUQDFKK-RUGDQLHQQ]XUÜFNNXQGGZDUUDQQGHUU*UÜQGXQJJGHUU9RONV IURQWW]XUU%HIUHLXQJJ3DOÄVWLQDVV3)/3EHWHLOLJW6FKRQQLQQGHUU%HZHJXQJJGHUU$UD ELVFKHQQ 1DWLRQDOLVWHQQ NDPP HVV ]XX 'LIIHUHQ]HQQ PLWW *HRUJHH +DEDVFK ZHVKDOEE +D ZDWPHKKVHLWWGHQQOLQNHQQSURJUHVVLYHQQ)OÜJHOOGHU%HZHJXQJJDQIÜKUWHHXQGGVSÄ WHUUDXFKKLQQGHUU3)/33YHUWUDW'LHVHH'LIIHUHQ]HQQ IÜKUWHQQGDQQQDEHU]XXHLQHUU ZHLWHUHQ 6SDOWXQJJ LQQHUKDOEE GHUU 3)/3 +DZDWPHKK WUHQQWH VLFKK PLWW $QKÄQ JHUQQ QDFKK EHZDIIQHWHQQ $XVHLQDQGHUVHW]XQJHQQ YRQQ GHUU 0XWWHURUJDQLVDWLRQQ XQWHUU *HRUJHH +DEDVFKK XQGG JUÜQGHWHH VHLQHH HLJHQHH *UXSSH ]XQÄFKVWW XQWHUU GHP 1DPHQQ 9RONVGHPRNUDWLVFKHH )URQW ]XUU %HIUHLXQJ 3DOÄVWLQDVV 3')/3 'LH 3')/3 GHIL QLHUWHVLFKKLGHRORJLVFKKDOVVHLQHHPDU[LVWLVFKOHQLQLVWLVFKHH*UXSSHHLP*HJHQVDW]]]X GHPPYRQQLKUDOVV dNOHLQEÜUJHUOLFKsXQGG dUHFKWVssWLWXOLHUWHQQ)OÜJHOOGHU3)/33XQWHUU +DEDVFK +DZDWPHKK OHKQWH LPP 6HSWHPEHUU DXFKK GLH )OXJ]HXJHQWIÜKUXQJHQ XQGGGLHH$QJULIIHDXIGLHHDXVOÄQGLVFKHQQXQGGLHHLVUDHOLVFKHQQ,QWHUHVVHQQLPP$XVODQG DE EH]HLFKQHWHH GLHH YRUQHKPOLFKK YRQQ GHUU 3)/3 RUJDQLVLHUWHQQ 7HUURUDNWLRQHQQ DOVV $EZHLFKXQJJYRPP+DXSW]LHOOGHUU3DOÄVWLQHQVHUUXQGGEHWUDFKWHWHVLHHDOVVREHUIOÄFKOL FKHH6\PEROKDQGOXQJHQQXQGGXQPRUDOLVFKHH$NWLYLWÄWHQGLHHGHUU3DOÄVWLQDIUDJHPHKU
6LHKH +DZDWPHK §DZWLPDKK \DWD¨DGGD±X 6 KLQWHUHUU .ODSSHQWH[W XQG GLH RIIL ]LHOOH %LRJUDSKLHH YRQQ 1D\HII+DZDWPHKK DXII GHUU :HEVLWH GHUU ')/3 s1D\HII +DZDWPHK *HQHUDO 6HFUHWDU\\RIIWKH'HPRFUDWLF)URQWIRUWKHH/LEHUDWLRQQRII3DOHVWLQHt $OV=HLWUDXPPIÜUUHLQQVROFKHV6WXGLXPPNRPPHQQGLHHVSÄWHQQHUU-DKUHHLQ)UDJH(VVFKHLQWDEHU XQUHDOLVWLVFK GDVVV +DZDWPHK LQ GLHVHU =HLWW QHEHQ VHLQHQ GLFKWJHGUÄQJWHQ SROLWLVFKHQ $NWLRQHQ QRFKK=HLWIÜUUHLQQ6WXGLXPPRGHUJDUUHLQH3URPRWLRQQKDWWH 6LHKH$E¹½$O°0X²´DI¡'LI·DQQ·DQDO¨DTªTD6HEHQVR½$O°°%DGZ¡QLP,QWHUYLHZZ PLWGHPP9HUIDVVHU'DPDVNXV ½$O°%DGZ¡QQLPP,QWHUYLHZPLWGHPP9HUIDVVHU'DPDVNXV
VFKDGHWHQQ DOVV QÜW]WHQ 'LH QHXHH *UXSSHH JHZDQQQ LP /DXIHH GHUU -DKUH LQQHUKDOE GHUU SDOÄVWLQHQVLVFKHQQ 1DWLRQDOEHZHJXQJJ DXIJUXQG LKUHUU 3ROLWLN LKUHU )OH[LELOLWÄW XQGGLKUHUUÜEHUUHJLRQDOHQXQGGLQWHUQDWLRQDOHQQ%H]LHKXQJHQQPHKUU*HZLFKWWXQGG%H GHXWXQJ
$XIJUXQGGLKUHUU5ROOHLPP.ULHJ]ZLVFKHQQGHU3/2XQGGGHPMRUGDQLVFKHP 0LOLWÄUULPP-DKUUZXUGHQQ+DZDWPHKKXQGG+DEDVFKKLQQ-RUGDQLHQQ]XPP7RGHHYHU XUWHLOW 'LH MRUGDQLVFKH 5HJLHUXQJJ VHW]WH GDPDOV IÜUU +LQZHLVH ]XUU (UJUHLIXQJJ
1DFKJHJHQVHLWLJHQ9RUZÜUIHQGHQ.ULHJYHUXUVDFKWW]XKDEHQNDPPHV]X HLQHUU 9HUVÖKQXQJJ ]ZLVFKHQQ +DZDWPHKK XQGG
d7KH3DOHVWLQH/LEHUDWLRQQ2UJDQL]DWLRQQZLOOOHPSOR\DOOOPHDQVDQGGILUVWW DQGGIRUHPRVWWDUPHGVWUXJJOHWRROLEHUDWH3DOHVWLQLDQQWHUULWRU\DQGGWRRHVWDE OLVKKWKHHLQGHSHQGHQWWFRPEDWDQWWQDWLRQDOODXWKRULW\\IRUUWKHHSHRSOHHRYHUHYHU\\ SDUW RI 3DOHVWLQLDQQ WHUULWRU\ WKDWW LVV OLEHUDWHG 7KLVV ZLOOO UHTXLUH IXUWKHU FKDQJHVVEHLQJJHIIHFWHGGLQWKHHEDODQFHHRISRZHULQQIDYRXUURIRXUUSHRSOHHDQGG WKHLUUVWUXJJOH>e@@
$Q\\VWHSSWDNHQQWRZDUGVOLEHUDWLRQQLVVDVWHSSWRZDUGVVWKHUHDOL]DWLRQQRIWKH /LEHUDWLRQQ 2UJDQL]DWLRQr VWUDWHJ\\ RII HVWDEOLVKLQJJ WKHH GHPRFUDWLF 3DOHVWLQ
6LHKHH½$EGGDO.DU°P4D\V6XOD\P¡Q)DKLG$ODEKDDDG'ªP³TU®ª\DDQQDv¸DDZDO PDVU%HLUXW6
6LHKH +DZDWPHK §DZWLPDKK \DWD¨DGGD±X 6 HEHQVR 6D\LJK $UPHGG 6WUXJJOH 6 HEHQVRR&RROH\*UHHQQ0DUFK6 6LHKHHHEG
6LHKH'DYLG7K6FKLOOHU3DO¾VWLQHQVHU]ZLVFKHQQ7HUURULVPXVXQGG'LSORPDWLH0ÜQFKHQ 6
+DZDWPHK:HJEHUHLWHUXQG.ULWLNHU
LDQQ VWDWH VSHFLILHGG LQQ WKH UHVROXWLRQQ RII WKH SUHYLRXVV 3DOHVWLQLDQQ 1DWLRQDOO &RXQFLOVt
)ÜUU GHQQ $XIVWLHJJ +DZDWPHKVV LQQ GLHH )ÜKUXQJJ GHUU 3/22 ZDUHQQ DXFKK VHLQH %H]LH KXQJHQQ]XXGHQQNRPPXQLVWLVFKHQQ3DUWHLHQQGHUU5HJLRQQIÖUGHUOLFKLQVEHVRQGHUHH]XU MRUGDQLVFKHQQ XQGG OLEDQHVLVFKHQ GDD LKQQ GLHH 8G6655 DOVV HLQHH ZLFKWLJHH 3HUVÖQOLFK NHLWWEHKDQGHOWH1HEHQQVHLQHU7HLOQDKPHDQQGHQQ3/2'HOHJDWLRQHQQEHLLGHUUVRZMH WLVFKHQQ)ÜKUXQJJZXUGHHHUPLWWGHQQ9HUWUHWHUQVHLQHUU2UJDQLVDWLRQQ')/3VHSDUDW QDFKK0RVNDXXHLQJHODGHQXQGGGHUUVRZMHWLVFKHQ¶IIHQWOLFKNHLWWDOVVHLQQSURJUHVVLYHU XQGGJHPÄ¿LJWHUU3ROLWLNHUULQQ1DKRVW$QJHOHJHQKHLWHQQYRUJHVWHOOW (UUZXUGHHVRJDU
YRQQ0RVNDXXPLWWGLSORPDWLVFKHQQ$XIJDEHQQLQQ$IULNDDEHWUDXW
'LHH')/33JHQRVVVGLH8QWHUVWÜW]XQJJGHU8G665LKUHH.DGHUXQGGEHZDIIQH WHQQ.ÄPSIHUZXUGHQLQQ$XVELOGXQJVODJHUQGHU8G6655JHVFKXOWWXQGGHUKLHOWHQQYRQQ GRUWW :DIIHQKLOIH 'HU (LQIOXVVV GHVV PLOLWÄULVFKHQQ )OÜJHOVV GHU ')/33 ZXFKV ZÄK UHQGGGHVOLEDQHVLVFKHQ%ÜUJHUNULHJVPLWW+LOIHGHUU2UJDQLVDWLRQQGHUU.RPPXQLVWL VFKHQQ $NWLRQQ 0XQDµµDPDWW
DO·$PDOO DvjX\³·ª
XQGG GHVV 6R]LDOLVWLVFKHQQ /LEDQRQQ /XEQQQ
DO,vWLUNª
GHUHQ 0LWJOLHGHU DOVV 9HUPLWWOHU ]ZLVFKHQ GHQ VFKLLWLVFKHQ $PDO0LOL]LRQÄUHQQ LPP 6ÜGOLEDQRQQ XQGG GHUU ')/33 IXQJLHUWHQ 'LHH ')/33 ZROOWH DXIGLHVHP:HJ0LOL]LRQÄUHIÜUGHQ.DPSIJHJHQ,VUDHOOUHNUXWLHUHQ
,QQGHU]ZHLWHQQ+ÄOIWHHGHUHUU-DKUHJHQRVVVGLHH')/33HLQLJHH3RSXODULWÄWW XQWHUU GHQQ 3DOÄVWLQHQVHUQ XQGG GHUHQQ 6\PSDWKLVDQWHQ ZDVV VLHH ]XX HLQHPP HFKWHQQ .RQNXUUHQWHQIÜUGLHHJUR¿HQQ)UDNWLRQHQQGHUU3/2GLH)DWDKKXQGGLHH3)/3PDFK WH7URW]]GHUU9HUVÖKQXQJVSROLWLNNPLWWGHUU)DWDKKNRQQWHH+DZDWPHKKVHLQHH8QDEKÄQ JLJNHLWW YRQQ
$XIJUXQGGVHLQHVV6WDQGSXQNWHVVDOVV'LVVLGHQWWGHV2VORHUU$ENRPPHQVVZXU GHHVHLQH5ÜFNNHKULQQGLHSDOÄVWLQHQVLVFKHQ$XWRQRPLHJHELHWHHVHLWWPHKUPDOVV
3/2 d7KH 3ROLWLFDOO 3URJUDP $GRSWHG DWW WKHH WK 6HVVLRQ RI WKH 3DOHVWLQHH 1DWLRQDOO &RXQFLO&DLURR WK RI-XQHs85/KWWSZZZPLGHDVWZHERUJSORKWP 6LHKH6FKLOOHU3DO¾VWLQHQVHU6
6LHKH5XELQ%DUU\5HYROXWLRQQXQWLOO9LFWRU\""7KHH3ROLWLFVDQGG+LVWRU\RIIWKHH3/2&DP EULGJHH6 6LHKH6FKLOOHU3DO¾VWLQHQVHU6
'DV&DPS'DYLG$ENRPPHQQZXUGHHDPP6HSWHPEHUU]ZLVFKHQQ¤J\SWHQXQG,V UDHOOXQWHU]HLFKQHW'DV$ENRPPHQQEHVWHKWWDXV]ZHL9HUWUÄJHQ'HUUHUVWHH9HUWUDJJEHUXIWVLFKKDXI GLHH815HVROXWLRQQDOV*UXQGODJHHIÜUUGHQQ)ULHGHQQLPP1DKHQQ2VWHQ)ÜUUGHQQ*D]DVWUHLIHQQXQG GDV :HVWMRUGDQODQGG ZXUGHH HLQQ IÜQIMÄKULJHU $XWRQRPLHVWDWXV YRUJHVHKHQ GHU QDFKK GLHVHUU ¼EHU JDQJV]HLWWYRQHLQHUUHQGJÜOWLJHQQ5HJHOXQJJDEJHOÖVWZHUGHQVROOWH 6LHKH6FKLOOHU3DO¾VWLQHQVHU66LHKHHKLHU]XXDXVIÜKUOLFKK.DSLWHOGLHVHUU$UEHLW
YRQQHLQLJHQQLVUDHOLVFKHQQ5HJLHUXQJHQQXQGGGHQQUDGLNDOHQQLVUDHOLVFKHQQ3DUWHLHQQDE JHOHKQW VROOO HUU HLQHH 5ÜFNNHKUU LQQ GLHH $XWRQRPLHJHELHWH VHOEVWW DEJHOHKQW KDEHQ ZHLOO GLHH LVUDHOLVFKHH 5HJLHUXQJJ VHLQHQQ $XIHQWKDOWW DXII ]ZHLL :RFKHQQ EH VFKUÄQNHQZROOWHXQGQLFKWWDN]HSWLHUWHGDVVVHUDXI'DXHUGRUWWEOLHEH 6HLQH.UL WLNHUU ZHUIHQQ LKP YRU GDVVV HUU VLFKK VHOEVW 6WHLQHH LQ GHQQ :HJJ OHJH ZHLO HU ZLVVH GDVVV HU GHU]HLWW LPP 6FKDWWHQQ GHU DEVROXWHQQ +HUUVFKDIWW GHUU JUR¿HQQ 3DUWHLHQ )DWDKK XQGG+DPDVVLQQGHQ$XWRQRPLHJHELHWHQQNHLQHZLFKWLJHH5ROOHHVSLHOH]XPDOOGLHHQHX HQQ6WDWLVWLNHQQ]HLJWHQGDVVVGLHH')/3GHU]HLWQLFKWWPHKUUDOVGHUUSDOÄVWLQHQVL VFKHQQ%HYÖONHUXQJJYHUWUHWH(UZROOHHVHLQHQQ6RQGHUVWDWXVDOVVHLQQ*HQHUDOVHNUHWÄU HLQHUSDOÄVWLQHQVLVFKHQQSROLWLVFKHQ2UJDQLVDWLRQQLPP([LOOQLFKWWYHUOLHUHQ ,QQGHQQOHW]WHQQ-DKUHQQWUDW+DZDWPHKKDNWLYDOV%UÜFNHQEDXHUULQGHUUDQGDX HUQGHQQ$XVHLQDQGHUVHW]XQJJ]ZLVFKHQGHU)DWDKKXQGGGHUU+DPDVVHLQ (UUHQWZDUI HLQLJHH,QLWLDWLYHQQIÜUUGLH/ÖVXQJJGHVVLQQHUSDOÄVWLQHQVLVFKHQQ0DFKNDPSIHV 1HEHQQ YLHOHQQ $XIVÄW]HQ XQGG 6WXGLHQQ VFKULHEE +DZDWPHKK %ÜFKHUU ÜEHUU GLHH 3DOÄVWLQD)UDJH GHQQ )ULHGHQVSUR]HVV GLHH LQQHUHQQ %H]LHKXQJHQQ GHUU 3/22 XQG VHLQHH(UIDKUXQJHQQLQQ%H]XJJDXIIGLH9HUEUHLWXQJJGHUU5HYROXWLRQQLQQGHQQDUDELVFKHQQ /ÄQGHUQ 6HLQHH %LRJUDSKLHH LVWW QRFKK OÜFNHQKDIW YRUU DOOHPP GLHH QHXHUHH =HLWW ZLUG GDULQQQLFKWWEHKDQGHOW
=XUÐNRQRPLVFKHQQ%DVLVVGHUU')/3
1DFKK GHPP =XVDPPHQEUXFKK GHVV 2VWEORFNVV XQGG GHPP GUDVWLVFKHQQ 5ÜFNJDQJ GHUU DUDELVFKHQQ +LOIH IÜUU GLHH 3/22 QDFK GHPP ]ZHLWHQQ *ROINULHJ VD¿HQQ YLHOHH SDOÄVWLQHQVLVFKHH*UXSSLHUXQJHQQILQDQ]LHOOODXIIGHPP7URFNQHQZHLOOVLHHYRQQGLHVHQQ /ÄQGHUQ DEKÄQJLJ ZDUHQ (LQLJHH NOHLQHUH *UXSSLHUXQJHQQ YHUVFKZDQGHQ VRJDU YÖOOLJJYRQQGHUUSDOÄVWLQHQVLVFKHQQSROLWLVFKHQ6]HQH'LHH')/33VFKHLQWWYRQQGLHVHU .ULVHH MHGRFKK QLFKWW VRR VFKZHUU EHWURIIHQQ ]XX VHLQ 'LHVV OÄVVW GHQQ 5ÜFNVFKOXVVV ]X GDVVVGLHHILQDQ]LHOOHH6LWXDWLRQQGHUU')/33XQSUREOHPDWLVFKKLVWREZRKOOVLHHVHLWW NHLQQ *HOGG PHKUU YRPP SDOÄVWLQHQVLVFKHQQ 1DWLRQDOIRQGVV DO«XQG³TT DO:D®DQªª DO )LOL¬®ªQªEHNRPPW'LHH3/22EHKDXSWHWGDVVVVLHXQWHUU*HOGPDQJHOOOHLGHZHVZH
6LHKHH1D\HII+DZDWPHK$E·DGPLQ2VOR)LOD¬®ªQLOD\QD'DPDVNXV6 6LHKHHGDV,QWHUYLHZZDZDWPHKVd%LO½$UDE°0D½D1¡\LIIDZ¡WLPDKssLPP)HUQVHKVHQGHUU DO·$UDEª\DDPP
*OHLFKODXWHQGHH $XVVDJHH YRQ ½$O° %DGZ¡QQ XQGG $E¹¹ DO+D\ª¡¾ LQ *HVSUÄFKHQQ PLW GHP 9HUIDVVHU'DPDVNXVE]Z'DPDVNXV
6LHKHH 1D\HII DZDWPHK d½$O¡¡ GXZDOO DzjDUTT DO$ZVD´´ DQQ WDIVD®DD DOPDª¡OO OLO )LODV´°Q°\°Qs,QWHUYLHZZPLWW-XOLDD7UR\LWVND\DLQ$O4XGV
+DZDWPHK:HJEHUHLWHUXQG.ULWLNHU
JHQQVLHHQLFKWDOOHSDOÄVWLQHQVLVFKHQQ*UXSSLHUXQJHQQXQWHUULKUHP'DFKKILQDQ]LHUHQ NÖQQH 0X½WD²LPP DP¡GD GHUU &KHIUHGDNWHXUU YRQ DO§XUUª\D GHUU 3DUWHL]HLWXQJJ GHUU')/3XQG0LWJOLHGGGHVV')/33ROLWEÜURVVZLGHUVSULFKWWGLHVHQQ%HKDXSWXQJHQQ GHUU)ÜKUXQJJGHUU3/2
d$OOHH $XVJDEHQQ GHUU )DWDKK VWDPPHQQ DXVV GHPP SDOÄVWLQHQVLVFKHQQ 1DWLRQDO IRQGVLKUHH.DGHUOHEHQQLPP/X[XVZRKQHQQLQQGHQJXWHQQ+ÄXVHUQQXQGGIDK UHQQGLHHEHVWHQQ$XWRVs
(UUJODXEWGDVVVGLHH9HUZHLJHUXQJGLHH')/33ZHLWHUKLQQILQDQ]LHOOO]XXXQWHUVWÜW]HQ HLQHHSROLWLVFKHH(QWVFKHLGXQJJTDª\DDVL\Vª\DGHU3/22LVW'LHVHVV9HUKDOWHQQVHLL HLQHH%HVWUDIXQJJDOOHUU*UXSSLHUXQJHQGLHJHJHQQGDV2VORHUU$ENRPPHQQVHLHQ 1DFKK GHQQ $QJDEHQQ YRQQ 0X½WD²LPP DP¡GD ILQDQ]LHUWW VLFKK GLH ')/33 VHLWW QXUUGXUFKKGLHH ,QYHVWLWLRQQLKUHUUHLJHQHQQ*HOGHULQQYHUVFKLHGHQHHSULYDWHH3UR MHNWHH DQQ YHUVFKLHGHQHQQ 2UWHQQ GHUU :HOW 'LH ')/3 VHLL HLQHH GHUU ZHQLJHQ SDOÄVWL QHQVLVFKHQQ *UXSSLHUXQJHQ GLHH UHJHOPÄ¿LJJ DPP (QGHH HLQHVV MHGHQQ 0RQDWHVV RKQHH 8QWHUEUHFKXQJJ GLHH *HKÄOWHUU XQGG 6R]LDOOHLVWXQJHQQ LKUHVV .DGHUV LKUHUU .ÄPSIHU LKUHUU5HQWQHULKUHUNUDQNHQQ0LWJOLHGHUUXQGGGHUU)DPLOLHQQLKUHUU*HIDOOHQHQEH]DKOH 'HU(UIROJJGHUILQDQ]LHOOHQQ3ROLWLNNGHU')/33OLHJHGDUDQGDVVVHVDQJHEOLFKKNHLQH .RUUXSWLRQQLQQHUKDOEEGHU')/33JHEHHXQGGLKUHH.DGHUUXQGGKRFKUDQJLJHH0LWJOLHGHUU HLQQEHVFKHLGHQHVV/HEHQQIÜKUHQ1DFKKKDEHHGLHH')/33VÄPWOLFKHVV(LJHQWXP LKUHH +ÄXVHU LKUHH %ÜURVV XQGG LKUU /DQGG LQQ GHQQ /X[XV6WDGWYLHUWHOQQ YRQQ 'DPDVNXVV XQGG%HLUXWWYHUNDXIWZDVYLHOO*HOGGLQQGLHH')/3.DVVHHJHVSÜOWWKDEH6LHHKDEHHQXU GDVV +DXVV GHVV *HQHUDOVHNUHWÄUVV GHUU ')/33 XQGG GDVV +DXSWEÜURR DX¿HUKDOEE GHUU )OÜFKWOLQJVODJHUULQ'DPDVNXVVEHKDOWHQ'DVV*HOGGZHUGHHXQWHUUDQGHUHP1DPHQQDQQ YHUVFKLHGHQHQQ 2UWHQQ GHUU :HOWW LQYHVWLHUW 'LHH LGHRORJLVFKH 'LPHQVLRQQ VSLHOH EHL GHQQ ,QYHVWLWLRQHQQ NHLQHH 5ROOH HVV JHKH QXUU XPP 3URILW 6RR NÖQQHH GLHH ')/33 LKUHH 3XEOLNDWLRQHQ LKUHH 3HULRGLNDD XQGG GLHH ZÖFKHQWOLFKHH =HLWVFKULIWW DO§XUUª\D ILQDQ ]LHUHQ
(LQLJHH .HQQHUU XQGG ,QVLGHUU GHUU SDOÄVWLQHQVLVFKHQQ 6]HQHH EH]ZHLIHOQQ GLHH $XVVDJHQQGHUU')/33ÜEHULKUU9HUPÖJHQQXQGGZHUIHQLKUUYRUGDVVVVLHHLQQGHQQHUU -DKUHQQZÄKUHQGGGHVVOLEDQHVLVFKHQQ%ÜUJHUNULHJVVDXIJUXQGGHLQHUU(QWVFKHLGXQJJLKUHVV 3ROLWEÜURVV HLQLJH %DQNHQQ ÜEHUIDOOHQQ KDEH LQVEHVRQGHUH GLH %ULWLVKK %DQN RI WKH 0LGGOHH (DVW YRQQ GHUU VLHH PHKUU DOVV 0LOOLRQHQ 'ROODUU JHUDXEWW KDEH 'DVV *HOGG
0X½WD²LPP+DP¡GDDLPP,QWHUYLHZPLWGHPP9HUIDVVHU'DPDVNXV
VHLL LQQ 0RVNDXX DOV 'HSRVLWXPP KLQWHUOHJWW ZRUGHQ 6LH ZHLVHQQ DXFKK GDUDXI KLQ GDVVVGLHH')/33LPP2NWREHUUHQJJPLWWGHUU2UJDQLVDWLRQQ6R]LDOLVWLVFKHUU/LEDQRQQ ]XVDPPHQJHDUEHLWHWWKDEHGLHHLQQPHKUHUH%DQNÜEHUIÄOOHHLQQ%HLUXWWLQYROYLHUWW ZDU $OVV1DE°OODP¡GDGHUU&KHIIGHUUHKHPDOLJHQ6LFKHUKHLWVXQGG)LQDQ]DEWHL OXQJLPP-DKUUGLHH')/33LQIROJHHYRQQ0HLQXQJVYHUVFKLHGHQKHLWHQQYHUOLH¿VROOO HU0LOOLRQHQQ'ROODUUDQQ')/3*HOGHUQGLHHDXIVHLQHPHLJHQHP.RQWRZDUHQ YHUXQWUHXWW KDEHQ ZDVV ]X HLQHUU KHIWLJHQQ $XVHLQDQGHUVHW]XQJJ PLWW +DZDWPHKK JH IÜKUWWKDEH1DFKKHLQHUUILQDQ]LHOOHQQ(LQLJXQJJPLWW+DZDWPHKKDEHHUGLHH+ÄOIWHHGHU *HOGHU]XUÜFNHUVWDWWHW 0X½WD²LPDP¡GDDEHKDXSWHWKLQJHJHQGDVVVHUDOOHH*HO GHUU GHUU ')/3 EHJOLFKHQ KDEH d:HQQ HU QLFKWW DOOH *HOGHUU ]XUÜFNJHJHEHQQ KÄWWH KÄWWHQQZLUULKQYRUU*HULFKWDQJHNODJWs $OVV6Dª°°6DO¡PDHLQQHKHPDOLJHV0LWJOLHG GHVV3ROLWEÜURVLPP-DKUUGLHH')/33YHUOLH¿EHPÜKWHHVLFKKGLHH')/3HLQHHIL QDQ]LHOOHH (LQLJXQJJ PLWW LKPP ]XX ILQGHQ DP¡GDD EHKDXSWHWW KLHU]X d(UU EHNDPP JH QXJJ *HOG GDPLWW HUU LQQ (KUHH ZHLWHUOHEHQQ NDQQs ½$O°° %DGZ¡Q GHUU HEHQIDOOVV DXV GHUU')/33DXVVFKLHGVLHKWWGHQQ+LQWHUJUXQGGHUU=DKOXQJJKRKHUU6XPPHQQDQKRFK UDQJLJHH3DUWHL$XVVWHLJHUUGHU')/33GDULQGDVVVVLHHYLHOHH*HKHLPQLVVHHGHU')/33 XQGGLQVEHVRQGHUHHGHUHQQ *HOGTXHOOHQQNHQQHQ,QIRUPDWLRQHQGLHHQLFKWWDQQGLHH¶I
/DXWW%DGZ¡QEHNRPPWWGLHH')/33KHXWHDXFKDEEXQGG]XX=DKOXQJHQQJHULQ JHUHQQ 8PIDQJVV YRQQ /LE\HQ DXVV GHPP -HPHQ YRQ HLQLJHQ HKHPDOLJHQQ VR]LDOLVWL
½$O°%DGZ¡QQLPP,QWHUYLHZPLWGHPP9HUIDVVHU'DPDVNXV
6LHKH6FKLOOHU3DO¾VWLQHQVHU6
½$O° %DGZ¡QQ XQG «¡OLG $E¹ DO+D\ª¡¾ LP ,QWHUYLHZ PLW GHPP 9HUIDVVHU 'DPDVNXV E]Z'DPDVNXV
0X½WD²LPP+DP¡GDDLPP,QWHUYLHZPLWGHPP9HUIDVVHU'DPDVNXV (EG
½$O°%DGZ¡QQLPP,QWHUYLHZPLWGHPP9HUIDVVHU'DPDVNXV (EG
'HU 0DFKWNDPSII ]ZLVFKHQQ *HRUJH +DEDVFK XQGG 1D\HII +DZDWPHKK JHKW DXII GHQ $QIDQJJ GHU HU -DKUH ]XUÖFN DOV LQ GHU DUDELVFKHQ 1DWLRQDOEHZHJXQJ r XQG VSH]LHOO LQ GHU %HZHJXQJJ GHUU $UDELVFKHQ 1DWLRQDOLVWHQQ %$1 rr ]ZHLL YHUVFKLHGHQHH LGHRORJLVFKHH 6WUÐPXQJHQQ KHUDQZXFKVHQ 'LHH 0HLQXQJVYHUVFKLHGHQKHLWHQQ XQGG LQQHUSDUWHLOLFKHQ .RQIOLNWHH LQQ GHU %$1 IÖKUWHQQ DOOHUGLQJV HUVWW QDFKK GHU DUDELVFKHQ 1LHGHUODJHLP6HFKVWDJHNULHJJ]XU6SDOWXQJ'LH%$1]HUILHOGDQDFK LQ YHUVFKLHGHQHH *UXSSHQ ZREHL GLH ZLFKWLJVWHQQ ]ZHLL SDO¾VWLQHQVLVFKH XQGG HLQHH OLEDQHVLVFKHH ZDUHQ Q¾POLFKK GLHH 3)/3 XQWHUU )ÖKUXQJJ YRQ *HRUJH +DEDVFK GLHH 3')/33 XQWHU +DZDWPHKK XQGG GLHH 2UJDQLVDWLRQQ GHU .RPPXQLVWLVFKHQ $NWLRQQ XQWHU )ÖKUXQJ YRQQ 0X¨VLQ ,EUKªP XQG 0X¨DPPDGG.LvOª,PIROJHQGHQQ.DSLWHOZHUGHQQGLHHHLQ]HOQHQQ(WDSSHQQGHV 0DFKWNDPSIHVV LQQ GHU %$1 XQGG GHU $EVSDOWXQJJ GHU 3)/33 ELVV KLQQ ]XU (QWVWHKXQJJ GHU 3')/33 GDUJHVWHOOW $XII HLQHU 3DUWHL.RQIHUHQ]] LP $XJXVW ZXUGH GLHH 6SDOWXQJ ]ZLVFKHQ GHQ EHLGHQQ )OÖJHOQQ GHU 3)/3 EHVLHJHOW 'LHH WDWVDFKH GDVVV GHU SDQDUDELVFKHH 1DWLRQDOLVPXVV XQGG GHU 1DVVHULVPXVV IÖU GLH 1LHGHUODJHH LP 6HFKVWDJHNULHJJ YHUDQWZRUWOLFK JHPDFKW ZXUGHQ WUXJJ GD]X EHL GDVV GLHH 9HUWUHWHU PDU[LVWLVFK OHQLQLVWLVFKHQ*HGDQNHQJXWVZLH+DZDWPHKJHVW¾UNWWZXUGHQ+DZDWPHK XQGG VHLQ OLEDQHVLVFKHU :HJJHI¾KUWH 0X¨VLQ ,EUKªP KDWWHQQ VFKRQQ VHLW $QIDQJJ GHU HU -DKUHH ]XU $QQDKPHH GHU VR]LDOLVWLVFKHQQ ,GHRORJLH DXIJHUXIHQ ]XU d9HUIROJXQJJ HLQHVV QDWLRQDOHQ .XUVHVV PLW HLQHU UHYROXWLRQ¾UHQQ ,GHRORJLH GHU ,GHRORJLHH GHU $UEHLWHU GHU ORKQDEK¾QJLJHQ %DXHUQQXQGGGHU$UPHQo
'LH%HZHJXQJGHUUDUDELVFKHQ1DWLRQDOLVWHQQ
'LHHLGHRORJLVFKHQQ*UXQGODJHQQ
1DFKK GHUU YRQQ DUDELVFKHQQ 1DWLRQDOLVWHQQ DOVV QDNED .DWDVWURSKH EH]HLFKQHWHQQ 6WDDWVJUÜQGXQJJ,VUDHOVVXQGGGHUU1LHGHUODJHGHUUDUDELVFKHQQ$UPHHQQYHUEUHLWH
6LHKHH%DXPJDUWHQ3DO¾VWLQD6 ½$EGGDO.DU°P6XOD\P¡Q$ODEKDDDG'ªP³TU®ª\D6
+DZDWPHK:HJEHUHLWHUXQG.ULWLNHU
WHQQ VLFKK XQWHU GHQ DUDELVFKHQQ 6WXGHQWHQ DQQ GHUU $PHULNDQLVFKHQ 8QLYHUVLWÄWW YRQQ %HLUXWW$8%SDQDUDELVFKHH,GHHQ (LQH*UXSSHYRQ6WXGHQWHQKDWWHGLH$EVLFKW HLQHH QDWLRQDOLVWLVFKHH 2UJDQLVDWLRQQ ]XX JUÜQGHQ GLHH VLFKK LP *HJHQVDW] ]XX GHQQ LQQ MHQHUU =HLWW H[LVWLHUHQGHQQ 3DUWHLHQQ GLHH %HIUHLXQJJ 3DOÄVWLQDVV ]XPP +DXSW]LHOO VHW]WH 'LHVHH *UXSSHH EHVWDQGG DXVV 6WXGHQWHQQ YHUVFKLHGHQHUU DUDELVFKHUU /ÄQGHU GLHH YRU GHPP$EVFKOXVVVLKUHVV6WXGLXPVVVWDQGHQQXQGGLPPVWXGHQWLVFKHQQ9HUHLQDO·8UZDDDO :X±T'DVVIHVWHVWH%DQG DNWLYYZDUHQ'LHVHUUHQWZLFNHOWHHVLFKKQDFKKYRQ HLQHPPOLWHUDULVFKHQQ9HUHLQGHUVLFKPLWWGHUDUDELVFKHQ6SUDFKHXQG/LWHUDWXUEH IDVVWH ]XX HLQHPP SROLWLVFKHQQ 9HUEDQG GHU VLFKK PLWW GHQQ (QWZLFNOXQJHQQ GHUU *H JHQZDUW EHVFKÄIWLJWH $QQ GHU 6SLW]HH GLHVHUU *UXSSHH VWDQGG GHU SDOÄVWLQHQVLVFKH 0HGL]LQVWXGHQWW*HRUJHH+DEDVFKGHUGLHHQDNEDLQQ3DOÄVWLQDPLWHUOHEWWKDWWH+DE DVFKKKDWWHHGLHH9HUWUHLEXQJJVHLQHUU)DPLOLHDXVVLKUHU+HLPDWVWDGWW/\GGDD PLWHUOHEW GLHH HU DOV HLQH VHLQ JDQ]HVV /HEHQ SUÄJHQGH VFKPHU]OLFKH (UIDKUXQJ HPSIDQG :ÄKUHQG GHV HU .ULHJHVV EUDFK HU VHLQ 6WXGLXPP SURYLVRULVFKK DEE XQG VFKORVV VLFKGHQDUDELVFKHQ$UPHHQDQGLHLQ3DOÄVWLQDDJHJHQQGLHMÜGLVFKHH$UPHHNÄPSI WHQ
$OVVJHLVWLJHUU)ÜKUHUUÜEWHGHUUV\ULVFKH3URIHVVRUDQGHUDPHULNDQLVFKHQ8 QLYHUVLWÄWW YRQQ %HLUXW 4XV´DQ´°QQ =XUD\T PLW VHLQHQQ QDWLRQDOLVWLVFKHQQ ,GHHQQ XQGG SROLWLVFKHQQ 9RUVWHOOXQJHQQ QDFKKDOWLJHQQ (LQIOXVVV DXI GLH *UXSSH DXV 0LWW VHLQHQQ :HUNHQ DO:D·\\ DO4DZPªª 'DVV QDWLRQDOHH %HZXVVWVHLQ XQGG 0D·Q DQ1DNED 'LHH %HGHXWXQJJ GHUU .DWDVWURSKH LQVSLULHUWHH =XUD\TT GLHH MXQJH *HQHUDWLRQQ DUDEL VFKHU 1DWLRQDOLVWHQ XQGG SRSXODULVLHUWHH GHQQ 7HUPLQXVV QDNED IÜUU GLH DUDELVFKH 1LHGHUODJHEHLLGHUU6WDDWVJUÜQGXQJJ,VUDHOV=XUD\TTPDFKWHHDOVV8UVDFKHHGHUUQDNED XQWHUUDQGHUHPPGLHH5ÜFNVWÄQGLJNHLWWGHUUDUDELVFKHQ*HVHOOVFKDIWWDXVVXQGGULHIGDKHU ]XXUDGLNDOHQQVR]LDOHQQ9HUÄQGHUXQJHQDXIXPPGLHHVFKOHFKWHH/DJHHLQQGHUUDUDELVFKHQQ :HOWW ]X EHVHLWLJHQ 'LHH $UDEHU KDWWHQQ VHLQHU $QVLFKWW QDFK $QVFKOXVV DQQ GDVV ]ZDQ]LJVWHH -DKUKXQGHUWW XQGG GLHH PRGHUQHH :HOWW ]X ILQGHQ XPP ,VUDHOO EHVLHJHQQ ]XX NÖQQHQ'LHHQDNEDZDUU IÜUU=XUD\TTHLQQ=HLFKHQQIÜUUGHQQPRUDOLVFKHQQ=XVDPPHQ
6LHKHH%DXPJDUWHQ3DO¾VWLQD6
.RUDQYHUV$QVSLHOXQJJDXFKKDXIIGLHEHNDQQWHJOHLFKQDPLJHH=HLWVFKULIWGLHHGLHHLV ODPLVFKHQ SDQDUDELVFKHQQ XQG DQWLNRORQLDOLVWLVFKHQQ 5HIRUPHUU ©DP¡O DG'°Q DO$I¨¡Q° XQGG 0X ®DPPDGG½$EGXKKLQQ3DULVKHUDXVJHJHEHQQKDWWHQ 6LHKHH%DXPJDUWHQ3DO¾VWLQD6 6LHKHHHEG6
=XUD\T0D·QQQDNED%HLUXW(VLVWVHKUUZDKUVFKHLQOLFKGDVVDEHUUQLFKWGHILQLWLYY JHNOÄUWREEHUUPLWWGLHVHPP:HUNNDXFKKDOV8UKHEHUUGHV%HJULIIVQDNEDJHOWHQQNDQQ 6LHKHH%DXPJDUWHQ3DO¾VWLQD6
EUXFKKGHUUDUDELVFKHQQ:HOWDXIIDOOHQQ(EHQHQQJHJHQÜEHUU,VUDHO(UUOHKQWHH-DPPHUQQ XQGG6HOEVWPLWOHLGGDEEXQGVDKKLQQGHUUDUDELVFKHQQ6HOEVWNULWLNNXQGGGHPP6WXGLHUHQQGHU 8UVDFKHQ GLHVHU ELWWHUHQ 1LHGHUODJH VRZLH GHP =XJHEHQQ GHU EHJDQJHQHQQ )HKOHU GLHH EHVWHH $QWZRUW DXII GLHH QDNED 6HLQHUU 0HLQXQJJ QDFKK VROOWHQQ VLFKK GLH $UDEHU EHVVHUUDXIIGHQQQÄFKVWHQQ.ULHJJJHJHQQ,VUDHOOYRUEHUHLWHQDOVVVLHHHVVJHWDQQKDW WHQ 1XUU PLWW GHUU (LQEHUXIXQJJ XQGG 0RELOLVLHUXQJJ DOOHUU DUDELVFKHQ .UÄIWHH NÖQQHH ,VUDHOOEHVLHJWWZHUGHQ=XUD\TTWUÄXPWHHYRQQGHUU*UÜQGXQJJHLQHVVODL]LVWLVFKHQPR GHUQHQ LQGXVWULDOLVLHUWHQ DUDELVFKHQQ *HVDPWVWDDWHV YRPP $WODQWLNN ELVV ]XP 3HUVL VFKHQQ *ROI GHUU GHPP =XVWDQGG GHUU =HUULVVHQKHLW LQQ GHPP VLFK GLH DUDELVFKH :HOWW DXIJUXQGG GHUU QDFKK 8QDEKÄQJLJNHLWW VWUHEHQGHQ 6WDDWHQQ EHIDQG HLQQ (QGH VHW]HQ VROOWH
$OVV6HNUHWÄUGHUDO·8UZDDO:X±TVXFKWH *HRUJHH+DEDVFKKVWHWVVEHL=X UD\TT 5DWW XQGG DXFKK GLHH *UXSSHQPLWJOLHGHUU EHNDPHQQ LKUH LGHRORJLVFKHH %LOGXQJ GXUFKKGHQQUHJHOPÄ¿LJHQQ%HVXFKKGHUUQDWLRQDOLGHRORJLVFKHQQ6FKXOXQJHQQ=XUD\TV GLHHGXUFKKDO·8UZDDDO:X±TXQGGLP$UDELVFKHQQ.XOWXUYHUHLQQDO1GªªDO¯DTIª DO·$UDEªVWDWWIDQGHQ
d'LHH%HZHJXQJJJDEE]XGDVVVVLHHLQQGHUWUDGLWLRQHOOHQQDWLRQDOHQQ3KDVHHXQ WHUGHUJHLVWLJHQ0DFKW=XUD\TVVVWDQG-HGHU.DQGLGDWWPXVVWHVHLQHHEHGHX WHQGHQQ%ÜFKHUUDO:D·\\DO4DZPªYRQQXQGG0D·QDQQDNEDYRQQ VWXGLHUHQQHEHQQGHQQ%ÜFKHUQQYRQQ6¡´L½½DOX²U°s
'LHH ]ZHLWHH 3HUVÖQOLFKNHLW GLHH GLHH *UXSSHH LQVEHVRQGHUHH LQQ GHUU *UÜQGXQJVSKDVHH VWDUNN EHHLQIOXVVWH ZDU GHUU OLEDQHVLVFKHH 'UXVHH XQGG *UÜQGHU GHVV SDQDUDELVFKHQ %XQGHVV ·8¬EDWW DO·$PDO DO4DZPª ½$O°° 1¡²LUU DG'°QQ 1DVVHUU DG'LQ v (UU YHUWUDWW GLHH ,GHH HLQQ JHVDPWDUDELVFKHUU 6WDDWW LPP DUDELVFKHQQ 7HLOO $VLHQV 6\ULHQ-RUGDQLHQ3DOÄVWLQD/LEDQRQ6DXGL$UDELHQ-HPHQ,UDNNXQGGGLHH*ROI VWDDWHQPÜVVHHJHJUÜQGHWZHUGHQHLQHH,GHHLQQGHUUHUUVLFKKPLWWGHUd*UR¿HQ$UDEL VFKHQQ5HYROXWLRQssXQWHUUGHPP6FKHULIHQQYRQQ0HNNDXVD\QQE½$O°YHUEXQ GHQQ VDK (UU ULHII ]XUU DUDELVFKHQQ (LQKHLWW XQGG ]XUU %HIUHLXQJJ YRQQ GHUU %HVDW]XQJ GXUFKKIUHPGHH.UÄIWHDXI $XII(LQODGXQJJYRQQDO·8UZDDDO:X±TKLHOWWHULPP-DKUH
6LHKHHHEG6
%¡U¹W§DUDNDWDO4DZPª\ªQ6 6LHKHH%¡U¹W§DUDNDWDO4DZPª\ªQ6
6LHKH$V½DG$EX.KDOLOs*HRUJH+DEDVKDQGWKH0RYHPHQWRI$UDE 1DWLRQDOLVWV 1HL WKHU8QLW\1RU/LEHUDWLRQtLQ-RXUQDORI3DOHVWLQLDQQ6WXGLHV;;;,,,1R6XPPHU6
HLQHQQ9RUWUDJJPLWWGHPP7LWHOOD±¯D¸UU'LH5DFKHZRPLWGLHH5DFKHHDQQ,VUDHO JHPHLQWWZDU0LWWGLHVHP6ORJDQQLGHQWLIL]LHUWHVLFKKDO·8UZDDDO:X±TLQQGHUU)RO JHHJDQ]]RIIHQDOVVVLHHLKUHUUHUVWHQQ3XEOLNDWLRQQLPP-DKUUGHQQJOHLFKHQQ7LWHOOJDE 'LHH5DFKHZXUGHQXQQHEHQEÜUWLJJQHEHQGHU(LQKHLWXQGGGHUU%HIUHLXQJ]XU'HYLVHH GHUU 2UJDQLVDWLRQQ HUKREHQ 'LHH 0LWJOLHGHUU GHUU 2UJDQLVDWLRQQ ZXUGHQQ DQJHKDOWHQ GHQQ 9RUWUDJJ 1DVVHUU DG'LQVV DOVV LGHRORJLVFKHH *UXQGODJHH ]XX VWXGLHUHQ OXG +DEDVFKK1DVVHUUDG'LQQQDFKK$PPDQQ]XXHLQHU6LW]XQJJGHUU%$11HLQGDPLWHUUGDU DQQWHLOQHKPHHXQGGVHLQHH0HLQXQJJXQGGVHLQHH9RUVFKOÄJHHLQEULQJH]XPDOOLQQ%H]XJJ DXIIGHQYRQQ*UR¿EULWDQQLHQQLQLWLLHUWHQQ%DJGDG3DNW GHULQQMHQHU=HLWWGLVNXWLHUW ZXUGH 'DKHU EHKDXSWHW GHU +LVWRULNHU $EXX .KDOLO d$OLL 1DVLU DO'LQQ SOD\HGG D VXSUHPHO\\ PRUHH LPSRUWDQWW DQGG HIIHFWLYHH UROH LQQ JXLGLQJJ WKHH qPRYHPHQWrr WKDQQ =XUD\Ts 2EJOHLFKK GHUU (LQIOXVVV GHUU EHLGHQ 3HUVÖQOLFKNHLWHQQ DXII GLHH %HZHJXQJ HQRUPZDUVFKÖSIWHQQGLH0LWJOLHGHUUZÄKUHQGGHUU6WXGLHQ]HLWDQQGHUU$8%QDWLR
'DVV -DKUU JLOWW DOVV RIIL]LHOOHVV *UÜQGXQJVMDKU IÜUU GLHH %$1 $OVV PDQQ VLFKK LPP 6RPPHUU WUDI XPP ÜEHUU GLHH *UÜQGXQJJ GHUU 2UJDQLVDWLRQQ ]XX EHUDWHQ KDWWHH +DEDVFKK EHUHLWVV VHLQQ 6WXGLXP DQQ GHUU $8%% EHHQGHW =XX GHQQ *UÜQGHUYÄWHUQQ GHU*UXSSHJHKÖUWHQ$®PDGDO«D´°EHLQQNXZDLWLVFKHU0HGL]LQVWXGHQWWDXVVHLQHU EÜUJHUOLFKHQQ)DPLOLH:DG°½DGG¡GHLQQ3DOÄVWLQHQVHUUDXVV6DIDG/HKUHUVRKQQXQG HEHQIDOOVV 0HGL]LQVWXGHQW GLHH 3ROLWLNVWXGHQWHQQ +¡Q°° DO+LQG° 6RKQQ HLQHVV KRFK UDQJLJHQQV\ULVFKHQQ2IIL]LHUV6¡OL®®jLE°OOHLQQ3DOÄVWLQHQVHUUXQGG6RKQQHLQHV+ÄQG OHUVVDXVV$NNRRXQGG¡PLGGDO©DE¹U°6RKQQHLQHVVLUDNLVFKHQQ6WDPPHVREHUKDXSWHV 'LHH *UÜQGXQJVPLWJOLHGHUU YHUHLQEDUWHQ LQQ LKUHPP MHZHLOLJHQQ +HUNXQIWVODQGG HLQHQ HLJHQHQQ=ZHLJJGHUU%$11]XXELOGHQ+DEDVFKKXQGGDGG¡GGZDUHQIÜUU-RUGDQLHQQ]X VWÄQGLJ DO«D´°E IÜU .XZDLW VRZLH ¡PLG DO©DE¹U° IÜU GHQ ,UDN ,P /LEDQRQ IÜKUWHQQGHUU6\UHUU+¡Q°°DOO+LQG°GLHH/LEDQHVHQ0X®VLQQ,EU¡K°PPXQGG0X®DPPDG D]=D\\¡WVRZLHHHLQLJHH3DOÄVWLQHQVHUUDXVVGHQQOLEDQHVLVFKHQQ)OÜFKWOLQJVODJHUQZLHH
'DV %ÜQGQLV RIIL]LHOO JHJUÜQGHW XPIDVVWHH QHEHQQ *UR¿EULWDQQLHQQ GHQQ ,UDQ GHQ ,UDNGLHH7ÜUNHLLXQGG3DNLVWDQQXQGGVROOWHHLQQHUVWHUU/LQLHHGHPPVRZMHWLVFKHQQ(LQIOXVVLPP1DKHQQ2VWHQ (LQKDOWJHELHWHQ $V½DGG$EX.KDOLOs*HRUJHH+DEDVKt6
6LHKHHHEG6*HQDQQWZHUGHQQQHEHQQGHPPEHUHLWVHUZÄKQWHQQ6¡´L½DOX²U°DXFKKGLH 6FKULIWHQQGHUUSDQDUDELVFKHQQ9RUGHQNHUU0LFKHO½$IODT0¹V¡¡DO½$ODP°1LT¹O¡¡=L\\¡GDDXQGG.D P¡OO0XUXZZD
+DZDWPHK:HJEHUHLWHUXQG.ULWLNHU
$®PDGG DO
'LHHMXQJHQQ0ÄQQHUUELOGHWHQQHLQHHNOHLQH(OLWHJUXSSHGLHHHLQHUUJHVFKORVVH QHQQUHOLJLÖVHQ6HNWH®¸LIDDPX¢ODTD JOLFK&KDUDNWHULVWLVFKIÜUGLH*UXSSHZDU HLQQ DXVJHSUÄJWHU 1DWLRQDOLVPXV ÄX¿HUVWH 'LV]LSOLQQ JHJHQÜEHU GHU ,GHRORJLHH XQGG GHUU 2UJDQLVDWLRQQ GHUU %DDWK3DUWHLL VRZLH HLQH VWDUNH 6ROLGDULWÄWW LQQHUKDOEE GHU *UXSSHH HLQHUVHLWVV XQGG HLQHH VWUHQJHH $EVFKRWWXQJ QDFKK DX¿HQQ DQGHUHUVHLWV -HGHH HLQ]HOQHH (QWVFKHLGXQJJ ZXUGHH LPP .ROOHNWLY JHWURIIHQ 'LH *UXSSH PLVFKWHH VLFKK DXFKKLQQGLHHSULYDWHQQ$QJHOHJHQKHLWHQQLKUHUU0LWJOLHGHUUHLQVRJDUUZHQQQHVVXP5HL VHQQ RGHUU +HLUDWW JLQJ 1DFKK (LQVFKÄW]XQJJ GHV V\ULVFKHQQ 6R]LRORJHQQ %¡U¹WW YHU VXFKWHHGLHH*UXSSHGLH%XUVFKHQVFKDIWHQGLHHLQQ'HXWVFKODQGGXQGG,WDOLHQQLPQHXQ ]HKQWHQQ-DKUKXQGHUWWHQWVWDQGHQQZDUHQ]XXLPLWLHUHQ
+DZDWPHKVV5ROOHHLQGHUU%HZHJXQJGHUUDUDELVFKHQQ1DWLRQDOLVWHQQ
:DQQQVLFKK+DZDWPHKGHUU%$11DQVFKORVVLVWWLQQVHLQHQQ6FKULIWHQQXQG¤X¿HUXQJHQQ QLFKWW JHQDXX ]XX HQWQHKPHQ %HLL GHPP +LVWRULNHU%DUU\5XELQQ ILQGHWW VLFKGHU +LQ ZHLVGDVVVGLHVVLPP-DKUJHVFKHKHQQVHLQQVROO +DZDWPHKHUZÄKQWZÄKUHQG VHLQHUU6WXGLHQ]HLWWLQQ.DLURR]ZLVFKHQQXQGPLWWGHUU%$11LQQ.RQWDNWWJH NRPPHQQ]XXVHLQZRHU]XPPHUVWHQQ0DOODXFKKYRQGHUUQDWLRQDOHQQ2UJDQLVDWLRQQDO jDEEEDO4DZPªªDO·$UDEª'LH$UDELVFKHH1DWLRQDOLVWLVFKH-XJHQGJHKÖUWKDEH 'LHVH*UXSSHWUXJJLQQMHQHU=HLWWYHUVFKLHGHQH1DPHQ6LHVWHOOWHGLH3DOÄVWLQDIUDJHH LQQGHQQ0LWWHOSXQNWWLKUHVVSROLWLVFKHQQ3URJUDPPVVWDQGGDOOHUGLQJVVUHFKWVVGHUGDPD OLJHQQSDQDUDELVFKHQQDWLRQDOHQXQGGNRPPXQLVWLVFKHQQ3DUWHLHQ ZDVV+DZDWPHK NULWLVLHUWH /DXWW-RKQQ.&RROH\\KDWWHUUVLFKKQDFKKGHUU$XIOÖVXQJJGHUUMRUGDQLVFKHQ 5HJLHUXQJJ XQWHU 6XOLPDQQ DO1DEXOVLL GXUFK .ÖQLJJ +XVVHLQQ LPP $SULOO LQQ GHU %$11DNWLYYHQJDJLHUW +DZDWPHKKVHOEVWEHKDXSWHWHHUUVHLDOVV1HXQ]HKQMÄKULJHU YRQQHLQHPPHLQIDFKHQ0LWJOLHGGHLQHUU3DUWHLHQ]HOOH]XHLQHPP 9HUDQWZRUWOLFKHQQIÜU SROLWLVFKH RUJDQLVDWRULVFKHH XQGG PLOLWÄULVFKH 7ÄWLJNHLWHQQ LQQHUKDOEE LQQ GHUU +LHUDU
6LHKHH%DXPJDUWHQ3DO¾VWLQD6 6LHKHH%¡U¹W§DUDNDWDO4DZPª\ªQ6 6LHKHHHEG 6LHKHHHEG6 6LHKHH5XELQ5HYROXWLRQ6 6LHKHH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6 6LHKHHHEG6 6LHKHH&RROH\*UHHQQ0DUFK6
FKLHHGHUU%$11LQQ-RUGDQLHQQXQGGGHUU:HVWEDQNNDXIJHVWLHJHQXQGG]ZDU]XXGHUU=HLW DOVV+DEDVFKKDXIJUXQGGGHUU9HUIROJXQJJXQGG,QKDIWLHUXQJJYRQQ0LWJOLHGHUQQGHUU%$1 GXUFKKGLHHMRUGDQLVFKH5HJLHUXQJJLPP-DKUULQQGHQQ8QWHUJUXQGGJHJDQJHQQZDU +DZDWPHKK KDEHH GLHH .RQWDNWHH ]ZLVFKHQQ GHPP XQWHUJHWDXFKWHQQ +DEDVFK XQGG GHQQ $QJHKÖULJHQQGHU2UJDQLVDWLRQGLHHVLFKKLPPHUUQRFKKDXIIIUHLHPP)X¿¿EHIDQGHQNR RUGLQLHUW $QJHVLFKWVV GHU 7DWVDFKH GDVVV +DZDWPHKK DOVV VHLQQ *HEXUWVMDKU DQJLEW ZÄUHHHUU]XXGLHVHUU=HLWWDEHUUVFKRQQ-DKUHQLFKWW-DKUHDOWWJHZHVHQ 'LHH%HKDXSWXQJHQQ+DZDWPHKVVÜEHUUVHLQHH%HGHXWXQJJLQQGHUU%$11LQQVHLQHQ
GHUUGHUHQQ*ODXEZÜUGLJNHLWWEH]ZHLIHOWH
d(UUÜEHUQDKPPQLHHGLHH9HUDQWZRUWXQJGLHHGLHH9HUDQWZRUWOLFKHQQGHUUHUVWHQ 5HLKHH GHUU 2UJDQLVDWLRQQ ÜEHUQRPPHQQ KDWWHQ e 'HPJHPÄ¿¿ JODXEHH LFK QLFKWGDVVV+DZDWPHKPLWGLHVHUU$XIJDEHGLHHULQQVHLQHU%LRJUDSKLHHU ZÄKQWW KDW EHDXIWUDJWW ZXUGH ZÄKUHQGG ]DKOUHLFKHH 0LWJOLHGHUU GHV .DGHUVV EHVVHUUDXVJHELOGHWWZDUHQXQGGPHKU(UIDKUXQJLPP)HOGGXQGGLQQDOOHQQ%HUHL FKHQQKDWWHQs
+DZDWPHKPLVFKWHVLFKK WDWVÄFKOLFKKLQQGLH)ÜKUXQJJGHU%$11 HLQDOVVHUVLFK$Q IDQJJ GHU HUU -DKUHH GHUU *UXSSH XPP GLHH =HLWVFKULIWW DO§XUUª\D XQWHU 0X®VLQ ,EU¡K°P DQVFKORVV GLHH QDFKK GHPP 6FKHLWHUQ GHV 9HUHLQLJXQJVH[SHULPHQWVV ]ZL VFKHQQ¤J\SWHQQXQGG6\ULHQQDO£XP¨³Uª\\DDDO·$UDEª\\DDDO0XWD¨LGD9HUHLQLJWHH $UDELVFKH 5HSXEOLN LPP -DKUU GLHH SDQDUDELVFKHH GXUFKK HLQH VR]LDOLVWLVFKHQQ 2ULHQWLHUXQJJ HUVHW]HQQ ZROOWH 'DVV 7ULXPYLUDWW ,EU¡K°P .LzO°° XQGG +DZDWPHK VWUHEWHH GDQDFK GLHH %$11 DOVV HLQHH VR]LDOLVWLVFKHH 2UJDQLVDWLRQ IÜU GLHH DUDELVFKHQ 0DVVHQQ ]XX ÖIIQHQ 6HLWW GLHVHPP =HLWSXQNWW ZDUU GLH %H]LHKXQJJ ]ZLVFKHQQ 1D\HI +DZDWPHKK XQGG *HRUJHH +DEDVFKK YRQQ 6SDQQXQJHQQ XQGG 0HLQXQJVYHUVFKLHGHQKHL WHQQJHSUÄJW
6LHKHH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6
6LHKH 5XELQ 5HYROXWLRQ 66 6FKLOOHU 3DO¾VWLQHQVHU 6 DZDWPHK §DZWLPDK \DWD¨DGGD±X6XQG&RROH\*UHHQQ0DUFK66 %LRJUDSKLVFKHH$QJDEHQQ]XLKPVLHKHH)X¿QRWHH $E¹¹½$O°°0X²´DI¡'LI·DQQ·DQDO¨DTªTD6
(UUZDUUVHLW+HUDXVJHEHUGHUU=HLWVFKULIWDO§XUUª\DVSDOWHWHHVLFKPLWW+DZDWPHKYRQ GHUU%$1DEEXQGEHJUÜQGHWHGLH2UJDQL]DWLRQQRII&RPPXQLVW$FWLRQQLQ/HEDQRQ2&$/,Q GHQQHU-DKUHQQZDUUGLH=HLWVFKULIWGDVJHPHLQVDPHH2UJDQQYRQ')/3XQGG2&$/ 6LHKHH+DZDWPHK§DZWLPDK\DWD¨DGGD±X6XQGG%DXPJDUWHQ3DO¾VWLQD6 6LHKHH%¡U¹W§DUDNDWDO4DZPª\ªQ6
Arbeit zitieren:
Naser Khalil, 2010, Nayef Hawatmeh (DFLP): Wegbereiter und Kritiker einer friedlichen Beilegung des Palästinakonflikts, München, GRIN Verlag GmbH
Dieser Text kann über folgende URL aufgerufen und zitiert werden:
Einbetten
DOI
Formatvorlage (Microsoft Word) für eine Diplomarbeit, Masterarbeit, Ha...
Für MS Word 2003 - Update 2010
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Formatvorlage (OpenOffice) für eine Diplomarbeit, Masterarbeit, Hausar...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 35 Seiten
Formatvorlage / Vorlage zur Erstellung einer Diplomarbeit, Bachelorarb...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 15 Seiten
Formatvorlage / Vorlage für eine Diplomarbeit / Hausarbeit
Für MS Word 2007 - dotx
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Anleitung zum Erstellen schriftlicher Arbeiten: Der Aufbau einer wisse...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 20 Seiten
Erstellen einer schriftlichen Hausarbeit
Vorlagen, Muster, Formulare, Infobroschüren
Hausarbeit, 14 Seiten
Grundtechniken wissenschaftlichen Arbeitens
Bibliografieren - Reden - Schr...
Vorlagen, Muster, Formulare, Infobroschüren
Skript, 46 Seiten
Ratgeber zur Erstellung wissenschaftlicher Arbeiten. Diplomarbeiten - ...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 39 Seiten
Orientalistik / Sinologie - Islamwissenschaft: Nayef Hawatmeh (DFLP): Wegbereiter und Kritiker einer friedlichen Beilegung des Palästinakonflikts ist nun auf dem Buchmarkt erhältlich
Orientalistik / Sinologie - Islamwissenschaft: neuer Titel erschienen: Nayef Hawatmeh (DFLP): Wegbereiter und Kritiker einer friedlichen Beilegung des Palästinakonflikts
Naser Khalil hat einen neuen Text hochgeladen
Jörg Immendorff. Standort für Kritik
Malerei und Inspiration. Ersch...
Ulrich Wilmes, Kasper König, Lothar Schnepf, Gudrun Meier, Jeanne Haunschild, Simon Pleasance
0 Kommentare