,QKDOWVYHU]HLFKQLV
(LQOHLWXQJ *UXQGODJHQ -XJHQG+HXWH
'DV6SLHO 'HILQLWLRQ *HVFKLFKWOLFKHU5FNEOLFNN 1RWZHQGLJNHLWWYRQQ6SLHOHQQ %LOGVFKLUPVSLHOJHUlWHXQG6SLHOHQ .XU]H+LVWRULHGHV&RPSXWHUV 'HILQLWLRQQYRQQ%LOGVFKLUPVSLHOO .ODVVLIL]LHUXQJYRQQ%LOGVFKLUPVSLHOJHUlWHQ (QWZLFNOXQJYRQQ%LOGVFKLUPVSLHOJHUlWHQ
.ODVVLIL]LHUXQJYRQQ6SLHOLQKDOWHQQ 6SLHOLQKDOWOLFKH9RUOLHEHQYRQQ-XJHQGOLFKHQ %LOGVFKLUPVSLHOHHYVNRQYHQWLRQHOOHH6SLHOHH 'HU-XJHQGVFKXW] ,QGL]LHUXQJ 86. %LOGVFKLUPVSLHOHLP-XJHQG]LPPHU =XJDQJVP|JOLFKNHLWHQ ,QGHU)DPLOLHH (LJHQHU%HVLW]
$OWHUQDWLYH=XJDQJVP|JOLFKNHLWHQ 6SLHOYHUKDOWHQ
6SLHOSDUWQHU
6WHOOHQZHUWWYRQQ%LOGVFKLUPVSLHOHQQLQQGHUU)UHL]HLWW
2IIHQH,QWHUYLHZVPLW-XJHQGOLFKHQ
)DV]LQDWLRQQXQGG:LUNXQJJYRQQ%LOGVFKLUPVSLHOO )DV]LQDWLRQ :LUNXQJ 3K\VLVFKH:LUNXQJHQ 3HUV|QOLFKHH:LUNXQJHQ
%LOGVFKLUPVSLHOHHXQGG*HZDOWW
+\SRWKHVHQQGHUU*HZDOWZLUNXQJJ
=XVDPPHQVSLHOOYRQQ6SLHOHUUXQGG6SLHOO
%LOGVFKLUPVSLHOHHXQGGVR]LDOSlGDJRJLVFKHH$UEHLWW -XJHQGDUEHLW
%LOGVFKLUPVSLHOHHLQQGHUU-XJHQGDUEHLW
6HDUFKK3OD\±±%LOGVFKLUPVSLHOHHDXIIGHPP3UIVWDQGG 6FKOXVVIROJHUXQJHQ )D]LW /LWHUDWXUYHU]HLFKQLV $EELOGXQJVYHU]HLFKQLV $QKlQJH
(LQOHLWXQJJ
/DXW 3URI +HQU\ -HQNLVV ZLUGG GDVV Ä&RPSXWHUVSLHO ZRKO GLH EHGHXWHQGVWHH .XQVWIRUPP GHVV -DKUKXQGHUWV (VV ELHWHWW 0HQVFKHQQ GLHH 1HXHVV HQWGHFNHQQ ZROOHQQNUHDWLYHJHLVWUHLFKHHXQGGHEHQVRRSKDQWDVLHYROOHH:HOWHQQGHUU,PDJLQDWLRQ
0HGLHQQ KDEHQQ LPP /DXIHH GHUU =HLWW LPP /HEHQQ YRQQ -XJHQGOLFKHQQ HLQHH LPPHUU JU|HUZHUGHQGH%HGHXWXQJEHNRPPHQ.LQGHUPDFKHQLQQHUKDOEEGHU)DPLOLH LKUHHHUVWHQQ(UIDKUXQJHQQPLWW0HGLHQPHLVWLQQ)RUPPYRQQ+|UVSLHONDVVHWWHQ&'V XQGG )HUQVHKHU %HLL GHU ZHLWHUHQQ (QWZLFNOXQJ ]XPP -XJHQGOLFKHQQ YHUJU|HUW VLFKK GDVV $QJHERW VWHWLJ 5DGLR =HLWVFKULIWHQ +DQG\V .LQR 9LGHR ,QWHUQHW 3HUVRQDOO &RPSXWHUU XQGG %LOGVFKLUPVSLHOHH NRPPHQQ KLQ]X %HVRQGHUVV YRQQ LQWHUDNWLYHQQ0HGLHQQZHUGHQQ.LQGHUUXQGG-XJHQGOLFKHHIDV]LQLHUW %HVRQGHUVV GLJLWDOHQQ 0HGLHQQ ZLUGG QDFKJHVDJW VLFK YRUU DOOHPP LPP .LQGHU XQGG -XJHQGDOWHU VFKlGLJHQG DXII LKUHH 5H]LSLHQWHQ DXV]XZLUNHQ (LQQ WUDXULJHU +|KHSXQNWW GLHVHUU Ä$XVZLUNXQJHQ³ ZDUU GDVV (UIXUWHUU 6FKXOPDVVDNHUU LPP $SULOO
0HQVFKHQOHEHQQ DXVO|VFKWH EHYRUU HUU VLFKK VHOEVW W|WHWH 'LH 8UVDFKH VFKLHQQ VFKQHOOO JHIXQGHQ 6WHLQKlXVHUU KDWWHH LQQ KRKHPP 0DH JHZDOWWlWLJH %LOGVFKLUPVSLHOHHXQGG *HZDOWILOPHHNRQVXPLHUW:DVVKDWWLKQQ DQQGLHVHQ6SLHOHQ VRRIDV]LQLHUWWXQGGJLEWWHVVHLQHQQ=XVDPPHQKDQJ]ZLVFKHQQ%LOGVFKLUPVSLHOHQQXQGG VROFKKHLQHPP$JJUHVVLRQVYHUKDOWHQ"
,P 5DKPHQQ GLHVHU $UEHLWW ZHUGHQQ %LOGVFKLUPVSLHOHH DXI LKUHH )DV]LQDWLRQQ XQGG :LUNXQJHQQ DXII GLH KHXWLJH -XJHQGG KLQQ XQWHUVXFKW $XII %DVLVV WKHRUHWLVFKHU $QVlW]HH ZLUGG YHUVXFKW SlGDJRJLVFKHH =LHOHH XQGG +DQGOXQJVZHLVHQQ VRZLHH (LQVDW]P|JOLFKNHLWHQQ DE]XOHLWHQ )HUQHUU VROOHQQ DQKDQGG IROJHQGHUU 7KHVHQ YHUVFKLHGHQHH9RUXUWHLOHEHUSUIWZHUGHQ
7KHVHH%LOGVFKLUPVSLHOHWUHLEHQ-XJHQGOLFKHHLQQGLHH ,VRODWLRQ'XUFKKLQWHQVL YHVV 6SLHOHQQ NDSVHOWW VLFK GHU -XJHQGOLFKH LPPHU PHKU YRQ VHLQHUU 8PZHOWW DEE XQGGYHUHLQVDPW
-HQNLV,Q*DPHV2G\VVH\/DXI]HLWELV
7KHVHH 9LROHQWH %LOGVFKLUPVSLHOH I|UGHUQ GLHH $JJUHVVLRQVEHUHLWVFKDIWW EHL -XJHQGOLFKHQ
7KHVHH 'DV 6SLHOHQQ YRQQ %LOGVFKLUPVSLHOHQ QLPPWW EHLL -XJHQGOLFKHQ HLQHQQ VHKUUKRKHQQ6WHOOHQZHUWWHLQ'DGXUFKKZHUGHQQÄDOWHUQDWLYH³³)UHL]HLWDNWLYLWlWHQQLQQ GHQQ+LQWHUJUXQGGJHGUlQJW
7KHVHH -XJHQGOLFKH9LHOVSLHOHU JUHLIHQEHUGXUFKVFKQLWWOLFKK]XXDJJUHVVLRQV KDOWLJHQQ6SLHOHQKDEHQQPHLVWWHLQHHQLHGULJHUH6FKXOGELOGXQJXQGGNRPPHQQDXVV VR]LDOVFKZDFKHQ)DPLOLHQ
8PP GLHH )UDJHVWHOOXQJ EHDQWZRUWHQQ ]X N|QQHQQ XQGG XPP GLHH 7KHVHQQ ]X EHUSUIHQQLVWGLH$UEHLWIROJHQGHUZHLVHHDXIJHEDXW
.DSLWHOOXQGGIKUHQQGXUFKWKHRUHWLVFKHH*UXQGODJHQLQQGLHH7KHPDWLNNHLQ(V ZLUGG DXII GLHH (QWZLFNOXQJ XQGG 9HUlQGHUXQJ GHUU -XJHQGG GXUFKK 0HGLHQQ HLQJHJDQJHQ XQGG GLHH %HJULIIHH Ä6SLHO³ XQGG Ä%LOGVFKLUPVSLHO³³ GHILQLHUW ,QQHUKDOEE GHVV XPIDQJUHLFKHQQ *HELHWV GHUU %LOGVFKLUPVSLHOH ZLUGG EHVRQGHUHQ :HUW DXI GLH .ODVVLIL]LHUXQJ GHU 6RIWZDUH DOVRR GHQ 6SLHOHQ VRZLHH 6SLHOYRUOLHEHQQ ZHUWJHOHJW $P (QGH ZLUGG GHU )UDJHH QDFKJHJDQJHQ 6LQG %LOGVFKLUPVSLHOHÄ6SLHOH³LPPKHUN|PPOLFKHQQ6LQQ""
.DSLWHOO GLHQWW GHU 9RUVWHOOXQJ GHV -XJHQGVFKXW]HVV LQQ 'HXWVFKODQGG XPP ]X YHUGHXWOLFKHQ ZHOFKHH JHVHW]OLFKHQQ 5HVWULNWLRQHQQ HV LP %H]XJJ DXII %LOGVFKLUPVSLHOH JLEW 6SH]LHOOO ZLUG DXI GLH 86.. 8QWHUKDOWXQJVVRIWZDUH 6HOEVWNRQWUROOH XQGG LKUHH $XIJDEHQQ VRZLHH GHP ,QVWUXPHQWW GHUU ,QGL]LHUXQJJ HLQJHJDQJHQ
'HUU 6WHOOHQZHUWW YRQQ %LOGVFKLUPVSLHOHQQ LPP $OOWDJ YRQ -XJHQGOLFKHQQ ZLUG LQQ .DSLWHOO HU|UWHUW $QKDQGG YRQQ 6WXGLHQQ ZHUGHQQ GHUU %HVLW] XQG GLHH =XJDQJVP|JOLFKNHLWHQQ ]X %LOGVFKLUPVSLHOHQQ VRZLHH GDVV 1XW]XQJV XQGG 6SLHOYHUKDOWHQQYRQQ-XJHQGOLFKHQQDXIJH]HLJW
(UOlXWHUXQJHQ ]X GHQQ ,QWHUYLHZVV PLWW MXJHQGOLFKHQQ %LOGVFKLUPVSLHOQXW]HUQQ ZHUGHQLQQ.DSLWHOOGDUJHVWHOOW
.DSLWHOO EHVFKlIWLJW VLFKK PLWW GHQQ ]HQWUDOHQQ )UDJHQ Ä:DUXPP IDV]LQLHUHQ %LOGVFKLUPVSLHOH"³ XQGG Ä:HOFKHH :LUNXQJVK\SRWKHVHQQ JLEWW HVV KLQVLFKWOLFK %H]XJDXI%LOGVFKLUPVSLHOH"³
+HUDXVIRUGHUXQJHQQ DQQ 3lGDJRJLQQHQQ XQGG 3lGDJRJHQQ GXUFKK %LOGVFKLUPVSLHOHH ZHUGHQLQQ.DSLWHOHUOlXWHUW1HEVWW%HLVSLHOHQGLHHDXI]HLJHQLQQZHOFKHU)RUPP GDVV 0HGLXPP %LOGVFKLUPVSLHOO LQQ GLH SlGDJRJLVFKHH $UEHLWW (LQ]XJ JHQRPPHQQ KDWZLUGGGDUJHVWHOOWZLHHVLFKKGLHH3lGDJRJLNNGHPP0HGLXPPQlKHUQQNDQQXPPHV LQQGHUUSUDNWLVFKHQQ$UEHLWWHLQVHW]HQQ]XN|QQHQ ,Q .DSLWHOO ZHUGHQ EDVLHUHQGG DXII GHQ (UJHEQLVVHQQ GHUU $UEHLW 6FKOXVVIROJHUXQJHQQ LQQ %H]XJ DXII )DV]LQDWLRQQ XQGG :LUNXQJJ YRQ %LOGVFKLUPVSLHOHQQ DXI GLH KHXWLJH -XJHQGG VRZLHH IUU GLHH VR]LDOSlGDJRJLVFKH $UEHLWJH]RJHQ'HVV:HLWHUHQQZHUGHQQGLHYLHUUJHQDQQWHQQ7KHVHQQEHUSUIW
$QPHUNXQJJGHV$XWRUV
$XVVWHFKQLVFKHQQ*UQGHQQLVWWHVVOHLGHUUQLFKWWP|JOLFKKGLHVHPP%XFKKGLHH&'520 GHUU $UEHLWW EHL]XOHJHQ 8PP GHQQ 7H[WW LQ LKUHUU 8UVSUQJOLFKNHLWW EHL]XEHKDOWHQQ VLQGG7H[WSDVVDJHQGLHHDXIIHLQHHEHLJHOHJWHH&'5200YHUZHLVHQQQLFKWWJHO|VFKWW ZRUGHQ
,PP$QKDQJJVLQGGHLQLJHH6FUHHQVKRWVV]XXILQGHQQXPPVLFKKHLQQ%LOGGGHUU&'5200]XX PDFKHQ
=XP EHVVHUHQQ 9HUVWlQGQLVV ZHUGHQQ HLQLJHH ,QIRUPDWLRQHQQ LP 7H[WW PLWW 5HIHUHQ]HQQ ]XX %LOGVFKLUPVSLHOHQQ HUOlXWHUW 8PP GHQQ 5DKPHQQ GHU $UEHLW QLFKW ]X VSUHQJHQQ VLQGG ]XVlW]OLFKHH (UOlXWHUXQJHQ ,QIRUPDWLRQHQQ VRZLHH %LOGHUU XQGG 9LGHRVV ]XX GHQQ MHZHLOLJHQ 6SLHOHQ LPP ZHLWHUHQQ 7H[W DOVV .$3,7b/&+(1 GDUJHVWHOOWWXQGGDXIIGHUUEHLJHOHJWHQQ&'5200KLQWHUOHJW 'DUEHU KLQDXVV LVWW DXI GHU LQWHUDNWLYHQ &'5RPP GLH 'LSORPDUEHLWW DOVV 3') 'DWHLL JHVSHLFKHUW HEHQVRR ZLHH +LQWHUJUXQGLQIRUPDWLRQHQQ ]X GHQQ JHIKUWHQ ,QWHUYLHZV
*UXQGODJHQ
-XJHQGG+HXWH
'LHH KHXWLJHH -XJHQGG KDWW VLFKK LQQ YLHOHUOHLL +LQVLFKW LQQ %H]XJ DXII YHUJDQJHQH *HQHUDWLRQHQ YHUlQGHUW (VV NDQQQ DXFK QLFKWW YRQQ ÄGHU -XJHQG³ JHVSURFKHQ ZHUGHQ VRQGHUQQ HKHUU YRQQ -XJHQGG DOVV .RQVWUXNWW IUU GDVV 'XUFKODXIHQQ HLQHUU /HEHQV RGHUU $OWHUVVSDQQH 'LHH -XJHQGG LVWW NHLQHH hEHUJDQJVSKDVH ]ZLVFKHQ .LQGKHLWW XQGG (UZDFKVHQVHLQ YLHOPHKU LVWW HV HLQQ HLJHQHUU VHOEVWlQGLJHU /HEHQVDEVFKQLWW 9LHOH $XWRUHQ EHVFKlIWLJHQQ VLFK GHVKDOEE PLWW %HJULIIHQQ ZLH Ä:DQGHOOGHUU-XJHQG³³RGHUUÄ-XJHQGGLPP0HGLHQ]HLWDOWHU³
'HU %HJULIII GHUU Ä-XJHQG³ NDQQ LPP HUVWHQ 6FKULWWW QLFKWW HLQGHXWLJ GHILQLHUW ZHUGHQGHVKDOEEPXVVVHUUDXVVYHUVFKLHGHQHQQ6LFKWHQEHWUDFKWHQQZHUGHQ
,QGHU3V\FKRORJLHHZLUGG-XJHQGGDOVVHLQQ/HEHQVDEVFKQLWWW]ZLVFKHQQ.LQGKHLWXQG (UZDFKVHQHQDOWHUUEH]HLFKQHW,QQGLHVHP=HLWUDXPHQWZLFNHOWGHUU0HQVFKKVHLQH HLJHQHH,GHQWLWlWWXQGGOHUQWWDQJHPHVVHQHVV5ROOHQYHUKDOWHQ
'LHH N|USHUOLFKHH 9HUlQGHUXQJ VSLHOW LQ GHUU %LRORJLH GLH HQWVFKHLGHQGH 5ROOH 'HU%HJLQQELV]XP(QGHGHU3XEHUWlWZLUGDOV-XJHQGSKDVH'LH3KDVHVHW]W YRQQ0HQVFKK]XX0HQVFKKXQWHUVFKLHGOLFKKHLQEH]HLFKQHW
8QWHUUVR]LRORJLVFKHQQ$VSHNWHQEHWUDFKWHWWPXVVV]ZLVFKHQGHU)DPLOLHXQGGHU *HVHOOVFKDIW XQWHUVFKLHGHQQ ZHUGHQ $XV )DPLOLHQQ 6LFKW WUlJW GLHH $EO|VXQJJ YRPP (OWHUQKDXV VRZLHH GLHH *UQGXQJJ HLQHUU IHVWHQQ 3DUWQHUVFKDIW PDJHEOLFK ]XPP 5HLIHSUR]HVVV EHLL XQGG ZLUGG DOVV -XJHQG EH]HLFKQHW .RPSOLNDWLRQHQQ ]ZLVFKHQQ -XJHQGOLFKHQQ XQGG LKUHQQ (OWHUQQ WUHWHQQ GXUFKK XQWHUVFKLHGOLFKHH :HUWYRUVWHOOXQJHQQ DXI *HVHOOVFKDIWOLFKK JHVHKHQ ZLUGG GLHH -XJHQGG VWDUN YRQQ 1RUPHQQXQGG=ZlQJHQQEHHLQIOXVVW'HUU$EVFKOXVVVGHUUVFKXOLVFKHQQ$XVELOGXQJJ XQGG (UOHUQHQQ HLQHVV %HUXIHVV VLQGG DXVVFKODJJHEHQGG IU GHQQ (LQWULWWW LQQ GDVV (UZDFKVHQHQOHEHQ
,QGHUSROLWLVFKHQ'LPHQVLRQEH]HLFKQHWWGDVVGHXWVFKHH5HFKWELVVMlKULJH DOVV -XJHQGOLFKH XQGG ELVV MlKULJH DOVV +HUDQZDFKVHQGH )U GLH ZHLWHUH $UEHLWW ZLUG HLQH (LQWHLOXQJ QDFK GHU SROLWLVFKHQ 'LPHQVLRQQ DOVV UHOHYDQW HUDFKWHW GDD LPP %HUHLFKK 0HGLHQQ XQGG %LOGVFKLUPVSLHOH YLHO YRQQ $OWHUVHLQJUXSSLHUXQJHQQQDFKKGHP*HVHW]WDEKlQJWWVLHKHGD]XXDXFKK.DSLWHOO ,P )ROJHQGHQQ ZHUGHQQ GLHH ZLFKWLJVWHQQ $VSHNWHH GHUU KHXWLJHQQ -XJHQGG XQGG LKUH 3RVLWLRQQLP0HGLHQ]HLWDOWHU HUOlXWHUW
:DQGHOOGHUU-XJHQG
'LHH -XJHQG LVWW LPPHUU LP .RQWH[WW ]XUU MHZHLOLJHQ *HVHOOVFKDIWW ]X VHKHQ XQGG GDPLWWDEKlQJLJYRQQJHVHOOVFKDIWOLFKHQQ9HUlQGHUXQJHQ+RUVWHLQQVWHOOWWIHVWGDVVV GHU%HJULIIGHU-XJHQGGQLFKWWQXU]HLWOLFKKJHVHKHQXQWHUVFKLHGOLFKKLVWVRQGHUQ īGDUEHUU KLQDXVV XQG IDVWW QRFKK JHZLFKWLJHUU LQ VHLQHQQ $XVZLUNXQJHQ GDVVV
,P VSlWHQQ 0LWWHODOWHUU XQGG $QIDQJ GHVV -DKUKXQGHUWVV ZDUU GHUU 8QWHUVFKLHGG ]ZLVFKHQQ.LQGHUQXQGG-XJHQGOLFKHQQQRFKKJHULQJGDDHVDXHUUGHUUN|USHUOLFKHQ *U|HHXQGGHU/HEHQVHUIDKUXQJNHLQHHW\SLVFKH8QWHUVFKHLGXQJJDE ,PP/DXIH GHUU ,QGXVWULDOLVLHUXQJ ZXUGHH GLHH -XJHQGG XQGG LQ JHZLVVHUU :HLVHH DXFK GLHH .LQGKHLW DXVV GHPP (UZHUEVOHEHQQ DXVJHJOLHGHUW 'LHVV ZDUU HLQQ 3UR]HVV GHU ]XQlFKVWWPLW(LQVFKUlQNXQJHQQXQGGVSlWHUPLWWGHPP9HUERWWYRQQ.LQGHUDUEHLWWLQQ GHUU LQGXVWULHOOHQQ 3URGXNWLRQQ EHJDQQ ,PP ZHLWHUHQQ 9HUODXII KDWW GLHVHU 3UR]HVVV XQZHLJHUOLFKK ZHLWHUH $OWHUVWXIHQQ EHWURIIHQ 0LWW GHUU ]XQHKPHQGHQQ 3lGDJRJLVLHUXQJ YRQQ .LQGKHLWW XQGG -XJHQG ZXUGH GLHVV DPP (QGHH GHU ,QGXVWULDOLVLHUXQJQRFKKYHUVWlUNW XQGG.LQGHUDUEHLWWY|OOLJDEJHVFKDIIW
:|UWHUEXFKGHUU3lGDJRJLN6I
0HGLHQ]HLWDOWHU(VZLUGGPHLVWMHQHH=HLWWJHPHLQWLQGHUUZLUUOHEHQXQGGLHHGXUFKQHXHH0HGLHQ 6DPPHOEHJULIIIU.RPPXQLNDWLRQVPLWWHOO]XU,QGLYLGXDOXQG0DVVHQNRPPXQLNDWLRQ JHSUlJWWZLUG +RUVWHLQ6FK|QLVW-XJHQG]HLW 85/KWWSZZZEMURQOLQHGHEMUBGRFVBKRUQVWHLQKWPO 9JO6FKZDE6WHJPDQQ'LH:LQGRZV*HQHUDWLRQ6 9JO+RUVWHLQ6FK|QLVW-XJHQG]HLW 85/KWWSZZZEMURQOLQHGHEMUBGRFVBKRUQVWHLQKWPO 9JO6FKZDE6WHJPDQQ'LH:LQGRZV*HQHUDWLRQ6
,P *HJHQVDW] ]XUU IUKLQGXVWULHOOHQQ =HLWW KDEHQQ .LQGHUU XQGG -XJHQGOLFKHH KHXWH GXUFKK GLHVHQQ :DQGHO GLH 0|JOLFKNHLW VLFK :LVVHQQ DQ]XHLJQHQ XQGG PVVHQQ VLFKLQQGHUZHVWOLFKHQQ:HOWWQLFKWWXPPGHQ%URWHUZHUEENPPHUQ
-XJHQGGLP0HGLHQ]HLWDOWHU
'LHH (QWZLFNOXQJ GHUU OHW]WHQQ -DKU]HKQWHH IKUWHH ]XX HLQHUU JHZDOWLJHQ ([SDQVLRQQ GHUU 0HGLHQ )HUQVHKHQ 5DGLR +DQG\ 9LGHRR XQG &RPSXWHUU VLQGG KHXWHH QLFKWW PHKU DXVV GHP -XJHQGDOOWDJ ZHJ]XGHQNHQ )HUQVHKHU XQGG 5DGLRR KDEHQ GXUFK SULYDWH $QELHWHU LKU 3URJUDPPDQJHERWW HUKHEOLFK HUZHLWHUW *DEE HVV IUKHUU QXU |IIHQWOLFKUHFKWOLFKHH $QELHWHUU ZLHH $5'' XQGG =') VRR VLQGG KHXWHH LQQ GHUU 5HJHO ZHLWW EHU )HUQVHKSURJUDPPHH ]XX HPSIDQJHQ 1HEHQQ 5DGLRR XQGG )HUQVHKHQ KDEHQQ9LGHRVSLHOHHXQGG&RPSXWHUU(LQ]XJLQQGLHH)UHL]HLWZHOWWYRQQ-XJHQGOLFKHQ JHKDOWHQ 'LHVH 0HGLHQ ]HLJHQ GHP -XJHQGOLFKHQQ DXII GHUU HLQHQQ 6HLWHH HLQHH 9LHOIDOWWDQQXQWHUVFKLHGOLFKVWHQQ0HLQXQJHQQXQGG:HOWHQ$XIIGHUUDQGHUHQ6HLWHH ZHUGHQQ-XJHQGOLFKHHDXFKPLWW7KHPHQ6LWXDWLRQHQQXQGG3UREOHPHQQNRQIURQWLHUW
/DXW .EOHUU OlVVW VLFKK GLHH 7DWVDFKH GDVVV 0HGLHQQ XQVHUU KHXWLJHVV %LOG GHUU :LUNOLFKNHLWW EHHLQIOXVVHQQ DXII YHUVFKLHGHQHH *UQGHH ]XUFNIKUHQ ,P QDFKIROJHQGHQQZLUGGDXIGLHZLFKWLJVWHQQ8UVDFKHQHLQJHJDQJHQ
'LHHKRKH9HUEUHLWXQJYRQ0HGLHQ
'HUU %HVLW] YRQQ WHFKQLVFKHQQ *HUlWHQQ LQQ GHXWVFKHQQ +DXVKDOWHQ LQQ GHQHQ -XJHQGOLFKHQQ ZRKQHQ QLPPW WHQGHQ]LHOOO ZHLWHUU ]X ,Q DOOHUU %XQGHVGHXWVFKHQQ +DXVKDOWHH VWDQGG HLQQ )HUQVHKJHUlWW XQGG LQQ HLQQ &RPSXWHUU E]Z 1RWHERRN 'HVV :HLWHUHQQ JHK|UHQQ +LIL$QODJHQQ XQGG 9LGHRUHNRUGHU ]XPP 6WDQGDUGG LQQ GHXWVFKHQQ +DXVKDOWHQ =XVlW]OLFK YHUIJHQQ GHUU +DXVKDOWHH EHUU HLQHQQ ,QWHUQHWDQVFKOXVVV XQGG KDEHQ HLQHH7DJHV]HLWXQJDERQQLHUW 'XUFKK3UHLVYHUIDOOOXQGG'LVFRXQWSUHLVHHLVWWLQQGHQ -DKUHQQ XQGG GLHH 9HUEUHLWXQJ ] % YRQQ &RPSXWHUQQ VSUXQJKDIW DQJHVWLHJHQ
%DUWKHOPHV6DQGHUU0HGLHQLQ)DPLOLHHXQGG3HHU*URXS6I 9JO.EOHUU0HGLHQNLQGKHLWXQGG0HGLHQVR]LDOLVDWLRQ6 9JO-,06WXGLHH)RUVFKXQJVEHULFKW6
6FKQHOOHWHFKQLVFKH(QWZLFNOXQJXQGWHFKQLVFKHVV,QWHUHVVH ,PPHUU QHXHUH (QWZLFNOXQJHQ EHL WHFKQLVFKHQQ *HUlWHQ UHL]HQQ ]XPP .DXII YRQ +DQG\V &RPSXWHUQQ RGHUU )HUQVHKHUQ 9RQQ 0RELOWHOHIRQHQQ XQGG &RPSXWHUQQ ZLUGG JHVDJW GDVVV VLHH LP 0RPHQWW LKUHVV (UZHUEV EHUHLWVV YHUDOWHWW VLQGG XQGG DQQ :HUWWYHUORUHQKDEHQ,QLPPHUUNU]HUHU=HLWWEULQJWWGLH6RIWZDUHLQGXVWULHHGD]XX QHX XQGG ZHLWHUHQWZLFNHOWHH 6SLHOHH DXII GHQQ 0DUNW 9LHOHH 1XW]HUU VLQGG VRPLWWW ÄJH]ZXQJHQ³VLFKKHLQHQOHLVWXQJVVWlUNHUHQ3&&]XXNDXIHQRGHU]XPLQGHVWWGHQQ DOWHQQ 3&& DXI]XUVWHQ XPP GLHVHH 6SLHOHH VSLHOHQQ ]XX N|QQHQ 6RPLWW NDQQQ YRQ HLQHPP7HXIHOVNUHLVVJHVSURFKHQQZHUGHQGHUUGHQQ.RQVXPHQWHQQ]ZLQJWVWHWVVDXI GHPP QHXVWHQQ 6WDQGG GHU 7HFKQLNN ]X VHLQ (LQQ ZLFKWLJHUU *UXQGG IUU GLHVHQ .DXI]ZDQJLVWWVLFKHUUPLWHLQHPPVWDUNHQ,QWHUHVVHHDQQ7HFKQLNNYHUEXQGHQ,QQGHU 6KHOOO-XJHQGVWXGLHHZXUGHHIHVWJHVWHOOWGDVVVDOOHUU-XJHQGOLFKHQQVLFKK VHKUU RGHUU HWZDVV IUU 7HFKQLNN LQWHUHVVLHUHQ %HLL GLHVHQ -XJHQGOLFKHQQ VSLHOWW GHU &RPSXWHUU PLWW HLQHHEHGHXWHQGHH 5ROOH 'DEHLLVWIHVW]XVWHOOHQGDVVÄHV ZHQLJHUU 7HFKQLNEHJHLVWHUXQJ XQGG PHKUU $QZHQGXQJVEHJHLVWHUXQJ³ LVW ,Q )RUWIKUXQJ GLHVHU 7DWVDFKHQ VWHOOWW /HUFKHQPOOHU+LOVH+LOVH IHVW GDVVV Ä0LWW GHU ]XQHKPHQGHQQ 'XUFKGULQJXQJ GHV $OOWDJV PLWW GHQQ VRR JHQDQQWHQ QHXHQ 0HGLHQQGLHH+DQGOXQJVNRPSHWHQ]GHUU.LQGHUUXQGG-XJHQGOLFKHQQJHJHQEHUUGHQ (UZDFKVHQHQ GDD VLH GHPP QHXHQ 8QJHZRKQWHQQ HKHUU QHXJLHULJJ XQGG DXIJHVFKORVVHQ JHJHQEHUVWHKHQ ZlKUHQGG VLFKK GLHH $QQlKHUXQJJ YRQQ (UZDFKVHQHQDQQQHXH7HFKQRORJLHQ]XPHLVWWPLWW9RUVLFKWWXQGGHLQLJHUU6NHSVLVV
=XJHVFKQLWWHQH$QJHERWH
8P GHQQ JU|WP|JOLFKHQ 3URILW ]X PDFKHQ ZHUGHQQ $QJHERWH GDUEHUU KLQDXV JHQDXX DXI GHQQ .RQVXPHQWHQQ ]XJHVFKQLWWHQ )U MHGHQ =XVFKDXHU VROOO HV HLQ DWWUDNWLYHVV $QJHERWW DQ 6HULHQ 6KRZVV XQGG 6SLHOILOPHQ JHEHQ )UU MHGHQQ &RPSXWHUVSLHOHU JLEWWHV HLQQ JHQDXDXILKQQ]XJHVFKQLWWHQHVV&RPSXWHUVSLHO ,P %HUHLFKKGHUU6SLHOVRIWZDUHHJLEWWHVVNDXPP:QVFKHGLHHRIIHQQVLQGGVLHKH.DSLWHOO (LQLJHH +HUVWHOOHU EDXHQQ GHVKDOE DXFKK W\SLVFKK GHXWVFKH 6]HQDULHQ LQQ GLHH
9JO6FKZDE6WHJPDQQ'LH:LQGRZV*HQHUDWLRQ6
9JO)ULW]VFKH0RGHUQHV/HEHQ*HZDQGHOWYHUQHW]WXQGYHUNDEHOW6 6WHLQPOOHUU,P=')1DFKWVWXGLR'LH(UILQGXQJGHUU=XNXQIW]XP-DKUGHUUU 7HFKQLNDP
/HUFKHQPOOHUU+LOVH+LOVHH.LGV%LWV%\WHV6
6SLHOH HLQQ ] % 6,0&,7<< '(876&+/$1' XPP GLH 5HDOLWlWW P|JOLFKVWW JHQDXXGDU]XVWHOOHQQXQGGVRPLWWGHQQ9HUNDXIIDQ]XNXUEHOQ
:LVVHQQDOVV:LUWVFKDIWVIDNWRUU
:LVVHQ ,QIRUPDWLRQHQQ XQGG ,QIRUPDWLRQVEHVFKDIIXQJ EHNRPPWW LQQ XQVHUHU *HVHOOVFKDIWW HLQHH LPPHUU ZLFKWLJHUHH %HGHXWXQJ :LVVHQQ XQGG ,QIRUPDWLRQHQ NDQQQ PDQQ LQQ GHUU KHXWLJHQQ =HLWW DQGHUHQQ Ä5RKVWRIIHQ³³ ZLHH ] % (QHUJLH JOHLFKVHW]HQ1DFKKGLHVHU7KHRULHHVLQGG:LVVHQQXQGG%LOGXQJ*WHUGHQHQQDXFK ZLUWVFKDIWOLFKHH %HGHXWXQJ ]XNRPPW 'LHVHH %HGHXWXQJ IU GLHH =XNXQIWW LKUHUU .LQGHUUKDEHQQDXFKKGLHH(OWHUQQHUNDQQW+HXWHHZLUGGXUFKKJH]LHOWHVV)|UGHUQGDVV KHLWW LQVEHVRQGHUHH GXUFKK GHQQ .DXII HLQHVV &RPSXWHUVV XQG GHQQ GHPHQWVSUHFKHQGHQQ3URJUDPPHQQYHUVXFKW.LQGHUQXQGG-XJHQGOLFKHQQGHQ:HJJ GHUU:LVVHQVEHVFKDIIXQJ]XXHUOHLFKWHUQ
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
9JO6FKZDE6WHJPDQQ'LH:LQGRZV*HQHUDWLRQ6I
9JO%DDFNHH0HGLHQSlGDJRJLN6
'DV6SLHOO
8PP GLHH $XIJDEHQQ XQG )XQNWLRQQ GHVV 6SLHOVV LQQ =XVDPPHQKDQJ PLWW GHPP &RPSXWHUU XQWHUVXFKHQQ ]XX N|QQHQ EHGDUII HVV HLQHU JHQDXHUHQQ %HWUDFKWXQJ GHVV 6SLHOEHJULIIVV LP $OOJHPHLQHQ 6SLHO]HXJHH lQGHUQ XQGG HQWZLFNHOQQ VLFKK LPPHU ZHLWHU DEHUU ZDVV GHUU HLQ]HOQHH 6SLHOHUU GDPLWW WXWW LVWW HZLJ XQYHU]LFKWEDU XQG XQLYHUVHOO6SLHOHQQKHLWWVRRWXQQDOVVRE¶ZREHLL.|USHUUXQGG*HLVWWJHIRUGHUWWXQG JHIRUPW ZHUGHQ 'DVV .LQGG EUDXFKW GDV 6SLHO]HXJ IUU VHLQH (QWZLFNOXQJ Ä6SLHO]HXJHH VLQGG =HXJQLVVHH GHUU .LQGKHLW³ 6LH VWHOOHQQ HLQQ YHUNOHLQHUWHV $EELOGG GHU :HOWW GDU LQQ GHU ZLU OHEHQ RGHUU LQ GHUU XQVHUHH 9RUIDKUHQQ JHOHEW KDEHQ 6LHH YHUDQVFKDXOLFKHQQ XQVV (QWZLFNOXQJHQ (UILQGXQJHQQ RGHU UHSURGX]LHUHQQKLVWRULVFKH(UHLJQLVVH /DXWWSV\FKRORJLVFKHPP:|UWHUEXFKKYRQ )ULHGULFKK'RUVFKKLVWWGDVV6SLHOOÄHLQHH$NWLYLWlWWYRQ0HQVFKKXQGG7LHUGLHHRKQHH =ZDQJ XQGG =ZHFNN XPP LKUHUU VHOEVWW ZLOOHQQ DXVJHOHEWW ZLUG³ $OOHUGLQJV JHQJHQQ VROFKH $XVVDJHQQ ]XPP 3KlQRPHQ 6SLHO QLFKW XPP GLH JDQ]H 9LHOIDOWW VSLHOHULVFKHU %HWlWLJXQJ ]XX HUIDVVHQ 8QGG JHQDXX LQQ GLHVHU 9LHOIDOWW OLHJW GDV JUXQGOHJHQGHH 3UREOHP HLQHH DOOJHPHLQJOWLJH 'HILQLWLRQQ IUU GDVV 6SLHOO ]X IRUPXOLHUHQ 9LHOHH9HUVXFKHHVLQGGXQWHUQRPPHQQZRUGHQXPPVLFKKGHPP%HJULIII 6SLHOO]XXQlKHUQ
'HILQLWLRQQ
Ä'HU0HQVFKKVSLHOWWQXUZRRHUULQQYROOHUU%HGHXWXQJJGHVV:RUWHVV0HQVFKKLVWXQG HUULVWWQXUUGDDJDQ]]0HQVFKZRRHUUVSLHOW6FKLOOHUU
(VV JLEW YHUVFKLHGHQHH 6SLHOWKHRULHQ (VV ZXUGH YHUVXFKWW GDVV 6SLHOO XQWHUU SKlQRPHQRORJLVFKHQ SV\FKRDQDO\WLVFKHQ HQWZLFNOXQJVSV\FKRORJLVFKHQ XQGG VR]LRORJLVFKHQQ$VSHNWHQ]XEHXUWHLOHQ$OOHUGLQJVVNDQQQNHLQHHGLHVHUU7KHRULHQQ
'DPDPPH.XU]HH*HVFKLFKWHGHV6SLHO]HXJV
85/KWWSERUDVWDUWH[WGHHXWH[LWKWPOSUHVHQWDWLRQKLVWRU\WR\VGKWP 9JO'DPDPPH.XU]HH*HVFKLFKWHGHV6SLHO]HXJV 85/KWWSERUDVWDUWH[WGHHXWH[LWKWPOSUHVHQWDWLRQKLVWRU\WR\VGKWP 'RUVFK3V\FKRORJLVFKHV:|UWHUEXFK6
9JO'HXWVFKHUU9HUHLQIUU|IIHQWOLFKHXQGSULYDWHH)UVRUJHH+UVJ)DFKOH[LNRQ GHUUVR]LDOHQ$UEHLW6 9JO'RUVFK3V\FKRORJLVFKHV:|UWHUEXFK6
HLQH $OOJHPHLQJOWLJNHLWW EHDQVSUXFKHQ GD VLH MHZHLOVV XQWHUVFKLHGOLFKHH $VSHNWHHGHVV6SLHOVV]XPP6FKZHUSXQNWWPDFKHQ
.ODXVV6DFKV+RPEDFKKEULQJWHVVLQQVHLQHP$XIVDW]Ä)U|EHOVV7KHRULHGHVV6SLHOV DOVV7KHRULHYRUSUlGLNDWLYHU(UIDKUXQJ³DXIGHQ3XQNWÄ'HILQLWLRQHQQGHVV6SLHOVV JLEW HVV ZRKO VRR YLHOHH ZLHH )RUVFKHU GLHH EHUU GLHVHVV 3KlQRPHQ GHV PHQVFKOLFKHQQ 9HUKDOWHQV JHVFKULHEHQQ KDEHQ³ 'LH JURH %HJULIIVYLHOIDOWW HUODXEWW HVV OHGLJOLFK DQKDQGG YRQQ EHVWLPPWHQQ 6WUXNWXU XQG 9HUKDOWHQVPHUNPDOHQQGDVV6SLHOO]XXEHVFKUHLEHQ
1DFK5XELQVWHLQQLVWGDVV6SLHOOGHVV0HQVFKHQQÄHLQQ(U]HXJQLVVGHUU7lWLJNHLWWLQQGHUU GHUU 0HQVFKK GLHH :LUNOLFKNHLWW XPJHVWDOWHWW XQGG GLHH :HOW YHUlQGHUW 'DVV :HVHQ GHVV PHQVFKOLFKHQQ 6SLHOV EHVWHKWW LQQ GHUU )lKLJNHLWW GLHH :HOWW LPP $EELOGHQQ XP]XELOGHQ³ 1DFK GLHVHU 6LFKWW NRPPWW HV LPP ZHVHQWOLFKHQQ GDUDXI DQ GDVV GDVV 6SLHOO LPPHU GDQQ QRWZHQLJ LVW ZHQQQ HV GDUXPP JHKW VLFKK 5HDOLWlW DQ]XHLJQHQ 'DPLWW ZLUG GDV 6SLHO HLQQ ZHVHQWOLFKHU %HVWDQGWHLOO GHVV WlJOLFKHQ /HEHQVVHLQHVV/HEHZHVHQV
-HDQQ &KDWHDX GHUU DOVV Ä3KlQRPHQRORJH³ HLQJHRUGQHW ZLUG XQWHUVFKHLGHW EHLL GHUU 6\VWHPDWLVLHUXQJ ]ZHLL +DXSWJUXSSHQ 6SLHOH RKQH 5HJHOQQ XQGG 6SLHOHH PLW 5HJHOQ /DXWW &KDWHDX WDXFKHQ YRUU DOOHPP LPP $OWHU ELVV -DKUHQ 6SLHOH RKQHH 5HJHOQQDXI'LHVHXQWHUWHLOWWHUZLHGHUXPPLQQ]ZHLL6XEJUXSSHQ6SLHOHDXIGHPP 1LYHDXX NRQNUHWHUU ,QWHOOLJHQ] VRZLHH 6HOEVWEHVWlWLJXQJVVSLHOH 'LHH 6SLHOH PLW 5HJHOQ NRPPHQQ YHUVWlUNWW EHLL lOWHUHQQ .LQGHUQ XQGG -XJHQGOLFKHQQ YRU GLH &KDWHDX HEHQIDOOVV LQQ ]ZHL 8QWHUJUXSSHQQ XQWHUWHLOW 6SLHOHH PLWW
)U6FKHXHUOGDJHJHQLVWGDV6SLHOGDV8USKlQRPHQHLQHU%HZHJXQJGLHHULQ VHFKVV +DXSWPRPHQWH NHQQ]HLFKQHW )UHLKHLW LQQHUH 8QHQGOLFKNHLW 6FKHLQKDIWLJNHLW$PELYDOHQ]*HVFKORVVHQKHLWWXQGG*HJHQZlUWLJNHLW6FKHXHUO
6DFKV+RPEDFK )U|EHOV 7KHRULH GHV 6SLHOV DOV7KHRULH YRUSUlGLNDWLYHUU (UIDKUXQJ 85/KWWSLVJQZFVXQLPDJGHEXUJGHaNVKDUWLNHOVSLHOKWPO 5XELQVWHLQ*UXQGODJHQGHUUDOOJHPHLQHQ3V\FKRORJLH6
3KlQRPHQRORJLH /HKUH YRQ GHQQ (UVFKHLQXQJHQ *HJHQVWlQGHQ 9RUJlQJHQ (UOHEQLVVHQ 3KlQRPHQRORJLVFKH6SLHOWKHRULHQQYHUVXFKHQXPIDVVHQGHQWKHRUHWLVFKHQ5DKPHQQ]XVFKDIIHQ RKQH LQKDOWOLFKHH 6SLHOHUNOlUXQJ XQG RKQHH %HGHXWXQJVSUREOHPDWLVLHUXQJ 8UVDFKHH XQG )ROJH ZHUGHQHKHUYHUQDFKOlVVLJW 9JO.UHX]HUU+DQGEXFKGHUU6SLHOSlGDJRJLN6I 9JO6FKHXHUO'DV6SLHO6II
Ä'DV Y|OOLJ %HNDQQWH LVWW HEHQVRR IU GDV 6SLHOHQ XQJHHLJQHW ZLH GDV Y|OOLJJ
,P 5DKPHQQ GHUU $UEHLW ZLUGG GLHH 6SLHOWKHRULHH YRQQ 5RJHUU &DLOORLVV ]XJUXQGH JHOHJW (UU WUXJ YHUVFKLHGHQHH 7KHRULHQQ ]XVDPPHQQ XQGG DUEHLWHWHH IROJHQGHH 'HILQLWLRQQGHVV6SLHOVVKHUDXV
)UHLH %HWlWLJXQJ 'HU 6SLHOHUU ZLUGG QLFKW ]X HLQHUU +DQGOXQJJ JH]ZXQJHQ
$EJHWUHQQWH %HWlWLJXQJ 'DVV 6SLHO EHZHJW VLFKK LQQHUKDOEE HLQHU IHVWJHOHJWHQQ*UHQ]H'LHH*UHQ]HQQXPIDVVHQQ5DXPPXQGG=HLW 8QJHZLVVH %HWlWLJXQJ 'HUU $EODXII XQGG GDVV (UJHEQLVV VWHKWW QLFKWW YRQQ YRUQKHUHLQQIHVW
*HUHJHOWH %HWlWLJXQJ 'DVV 6SLHOO XQGG GHUU 6SLHOHUU LVWW .RQYHQWLRQHQQ XQWHUZRUIHQ 'LHVHH .RQYHQWLRQHQQ KHEHQQ EOLFKHH *HVHW]H DXII XQG IKUHQQHLQHHQHXHDOOJHPHLQJOWLJH*HVHW]JHEXQJHLQ )LNWLYH%HWlWLJXQJ'LH%HWlWLJXQJZLUGGYRQHLQHU]ZHLWHQQ:LUNOLFKNHLW
*HVFKLFKWOLFKHU5FNEOLFN
'LH*HVFKLFKWHGHVQXU]XPP6SLHOHQKHUJHVWHOOWHQQ6SLHO]HXJVLVWWXQ]HUWUHQQOLFKK PLWWGHUU(QWZLFNOXQJGHUUPHQVFKOLFKHQQ.XOWXUVRZLHHGHUHQQZLUWVFKDIWOLFKHQXQGG WHFKQLVFKHQ (QWZLFNOXQJ YHUEXQGHQ 'DVV %HGUIQLVV ]XX 6SLHOHQQ XQGG GLH
$XVV GHU YRUJHVFKLFKWOLFKHQQ =HLWW LVWW EHUHLWVV 6SLHO]HXJ EHNDQQW 7|QHQGHV VLFKK EHZHJHQGHVV XQGG QDFKJHELOGHWHVV 6SLHO]HXJ VFKHLQW $UEHLWVJHUlWHQQQDFKHPSIXQGHQQ]XVHLQ6RRVLQGGHWZDD.UHLVHOODOVVDEJHZDQGHOWHH 6SLHONRSLHQQ YRQQ HWZD ]XUU )HXHUJHZLQQXQJ 'ULOOERKUHUQ 3XSSHQ DOVV hEXQJVREMHNWHH GHU .LQGHUSIOHJH 6FKQUH RIWW LQQ 9HUELQGXQJ PLWW 6W|FNHQ
6FKHXHUO'DV6SLHO6
9JO&DLOORLV'LHH6SLHOHXQGGLH0HQVFKHQ0DVNHQXQG5DXVFK6II]LW1DFK 6FKHXHUO'DV6SLHO6
9JO5HQQHUU6SLHOWKHRULHHXQG6SLHOSUD[LV6E]Z9JO'LWWOHUU6RIWZDUHH VWDWW7HGG\ElU6II
9JO5XELQVWHLQ*UXQGODJHQGHUUDOOJHPHLQHQ3V\FKRORJLH6
NOHLQH0HVVHU3IHLOHXQG%|JHQDOV$EELOGHUUMDJGWFKWLJHUU:DIIHQQ3IHLOXQG %RJHQ $QJHOJHUlWH :XUIVFKOLQJHQQ X l LQWHUSUHWLHUEDU :lKUHQGG DXVV GHPP 0LWWHODOWHU QXU ZHQLJ 6SLHO]HXJ EHUOLHIHUW LVW ]HLJHQ XQVV PHLVWW *UDILNHQ GLH 6SLHO]HXJH GLHVHUU (SRFKH 6WHFNHQSIHUGH :LQGUlGHU VWDUUHH XQGG EHZHJOLFKH 3XSSHQ5LWWHUVSLHOH.UHLVHOOXQGG:UIHO%LVVLQQGLHH1HX]HLWWKLQHLQQZDUHQQ+RO]
,P -DKUKXQGHUWW ZXUGHQQ PHFKDQLVFKHH $XWRPDWHQQ DOVV 6SLHO]HXJ IUU (UZDFKVHQHHEHNDQQW6HLWWGHPP-DKUKXQGHUWWLVWPHFKDQLVFKHVV6SLHO]HXJJIU .LQGHUU]XILQGHQ(VVZXUGHQQGLHHHUVWHQQ(LVHQEDKQHQ'DPSIHUURGHUU.UlQHGLH GXUFK)HGHUZHUN'DPSIIRGHU(OHNWUL]LWlWWEHZHJWWZXUGHQKHUJHVWHOOW 'LHVHVV LPP -DKUKXQGHUWW DXIWUHWHQGH 6SLHO]HXJ ZDUU DEHUU EHUZLHJHQGG GHU EUJHUOLFKHQ *HVHOOVFKDIWW YRUEHKDOWHQ GDD GLHH $UEHLWHUU XQGG %DXHUQQ QLFKW GDVV HQWVSUHFKHQGHH(LQNRPPHQQKDWWHQIULKUHH.LQGHU6SLHO]HXJDQ]XVFKDIIHQ(UVWW LPP -DKUKXQGHUW PLWW (LQIKUXQJ GHUU $XWRPDWLVLHUXQJJ XQGG GDPLWW PLWW GHU 0|JOLFKNHLWW6SLHO]HXJPDVFKLQHOOOXQGGLQQJURHQQ0HQJHQKHU]XVWHOOHQZDUUHV DXFKK GHQQ QLHGULJHQQ (LQNRPPHQVNODVVHQQ P|JOLFK 6SLHO]HXJ LQQ JU|HUHPP 8PIDQJ ]XX NDXIHQ $XFKK GDVV 0DWHULDO GHUU 6SLHO]HXJH YHUlQGHUWHH VLFK $XVV 0HWDOO ZXUGHQ 6SULW]JXVVVSLHO]HXJH DXVV 7RQ +RO] RGHUU .HUDPLNSXSSHQQ ZXUGHQQ3XSSHQQDXVV3ODVWLNE]Z.XQVWVWRII
1RWZHQGLJNHLWYRQ6SLHOHQ
'LHH%HGHXWXQJYRQQÄ6SLHOHQ³³ZXUGHHYRQQ3ODWRRZLHHIROJWWEHVFKULHEHQ
Ä0DQQ LVV PDGHH *RGV SOD\WKLQJ DQG WKDW LVV WKH EHVW SDUW RII KLP 7KHUHIRUHH HYHU\ PDQQ DQGG ZRPDQQ VKRXOGG OLYHH OLIHH DFFRUGLQJO\ DQG SOD\WKHQREOHVWJDPHVV«/LIHHPXVWEHHOLYHGGDVVSOD\SOD\LQJFHUWDLQ
3ODWR7KHH/DZV
9JO'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6
9JO'DPDPPH.XU]HH*HVFKLFKWHGHV6SLHO]HXJV 85/KWWSERUDVWDUWH[WGHHXWH[LWKWPOSUHVHQWDWLRQKLVWRU\WR\VGKWP 3ODWR7KHH/DZV
3ODWRRPHLQWWGDPLWGDVVVGHUU0HQVFKK*RWWHVV6SLHO]HXJLVWWXQGGGHVKDOEEDXFKKZLH *RWW VSLHOHQQ VROO %HFNHUU VFKUHLEW IHUQHU GDVV GLH %HGHXWXQJ GHVV 6SLHOHQVV
1DFKK XQYRUHLQJHQRPPHQHUU %HREDFKWXQJ YRQQ 0HQVFKK XQGG 7LHUU NDQQQ ]X GHPP 6FKOXVVV JHNRPPHQQ ZHUGHQ GDVVV HVV VRR HWZDVV ZLHH HLQHQQ JHPHLQVDPHQQ )DNWRUU Ä6SLHO³³JLEW'LHHUVWHQQ 6FKULWWHHXQGG$XVHLQDQGHUVHW]XQJHQHLQHV.OHLQNLQGHVV LQQXQGGPLWWVHLQHUU8PZHOWGDVV*UXSSHQVSLHOOPLWWYHUWHLOWHQQ5ROOHQQHLQHVV.LQGHVV RGHUU GDVV 6SRUWVSLHOO ] % )XEDOO PLWW IHVWJHOHJWHQ 5HJHOQQ NDQQQ RKQHH (LQVFKUlQNXQJDOVV6SLHOOEH]HLFKQHWWZHUGHQ
(LQVLHGOHUUXQWHUVFKHLGHWZLHHLQQ$EELOGXQJGDUJHVWHOOWGUHLL+DXSWIRUPHQGHVV
,P )XQNWLRQVVSLHOO ZLHGHUKROWW GDVV .LQGG HLQIDFKH +DQGOXQJVVFKHPDWD %HZHJXQJHQ RGHU *HUlXVFKH 'DVV .LQGG YHUVXFKWW VRR %HREDFKWXQJHQQ RGHU ]XIlOOLJ HQWGHFNWH 9HUKDOWHQVFKHPDWDD HLQ]XEHQ 'DVV .LQGG OHUQWW VRR EVSZ
'LHH )lKLJNHLWW GHUU JHGDQNOLFKHQQ 9RUVWHOOXQJ YRQ 2EMHNWHQ XQGG 9RUJlQJHQQ LVWW GLHH *UXQGYRUDXVVHW]XQJ IUU GDVV 3KDQWDVLH XQGG 5ROOHQVSLHOO E]Z .RQVWUXNWLRQV XQGG 5HJHOVSLHO 'DVV .LQGG VSLHOWW PLWW *HJHQVWlQGHQ GLHH LQQ GHUU 9RUVWHOOXQJVNUDIWW GHU .LQGHUU HWZDVV DQGHUHVV EHGHXWHQQ N|QQHQ 6RR VSLHOWW HLQ .LQGG]%PLWWHLQHPP3DSSNDUWRQQDOVV6FKORVVHUVDW]
%HFNHU6SLHOXQG/LHEHVIlKLJNHLWWEHGLQJHQHLQDQGHU6I 9JO)ULW]7KHRULHHXQG3lGDJRJLNGHV6SLHOV6 9JO(LQVLHGOHUU'DV6SLHOGHUU.LQGHUU6 4XHOOH(LQVLHGOHUU'DV6SLHOGHUU.LQGHUU6 9JO)ULW]7KHRULHHXQG3lGDJRJLNGHV6SLHOV6
,P .RQVWUXNWLRQVVSLHOO ZHUGHQQ DQIDQJV XQEHZXVVW VSlWHUU EHZXVVW NRPSOH[HH
,P 5HJHOVSLHO XQWHUZLUIW GDVV .LQGG HUZRUEHQHH VHQVRPRWRULVFKHH )lKLJNHLWHQQ EHVWLPPWHQQ 5HJHOQ 'DEHL ZHUGHQQ 5HJHOQ LP 6LQQHH YRQQ 9HUHLQEDUXQJHQ
(VV ZLUGG GHXWOLFK GDVV 6SLHOHQQ GHU .RPSHWHQ]HQWZLFNOXQJ GLHQWW XQG EHL ZHLWHP NHLQHH VLQQORVHH %HVFKlIWLJXQJ LVW 'DVV 6SLHOHQQ EHGDUII NHLQHV /HUQ]ZDQJV XQGG DXFK NHLQHUU SlGDJRJLVFKHQQ hEHUIUDFKWXQJ GD HV .RPSHWHQ]HQQDXIEDXWI|UGHUWWXQGGDXIIODQJHH=HLWWVWDELOLVLHUW
9JO(LQVLHGOHUU'DV6SLHOGHUU.LQGHUU6
9JO)ULW]7KHRULHHXQG3lGDJRJLNGHV6SLHOV6I
%LOGVFKLUPVSLHOJHUlWHHXQGG6SLHOHQ
'HUU &RPSXWHUU LVWW ODXWW 0H\HUVV /H[LNRQQ HLQQ ÄXQLYHUVHOOO HLQVHW]EDUHVV *HUlWW ]XU DXWRPDWLVFKHQQ 'DWHQYHUDUEHLWXQJ³ XQGG GDPLWW *UXQGODJHH HLQHVV MHGHQQ %LOGVFKLUPVSLHOJHUlWHV (UU EHVWHKWW DXVV +DUGZDUHH 'HP *HUlW XQGG 6RIWZDUH GHQQ 3URJUDPPHQ ZLHH ] % GDVV %LOGVFKLUPVSLHO ,Q QDFKIROJHQGHPP .DSLWHOO ZHUGHQGLHVH%HJULIIHQHEVWWGHUJHVFKLFKWOLFKHQQ(QWZLFNOXQJQlKHUHUOlXWHUW $P(QGHVWHKWGLH)UDJHREE%LOGVFKLUPVSLHOH6SLHOHLPPKHUN|PPOLFKHQQ6LQQ VLQG 8P GLHVHH )UDJHH ]X NOlUHQQ ZHUGHQ GLH LQQ .DSLWHOO HQWZLFNHOWHQ 6SLHOWKHRULHQGHP%LOGVFKLUPVSLHOOJHJHQEHUJHVWHOOW
.XU]HH+LVWRULHHGHVV&RPSXWHUV
'HUU *UXQGVWHLQQ ]XPP KHXWLJHQQ 6WDQGG GHUU 7HFKQLNN ZXUGH EHUHLWVV XPP LQQ )UDQNUHLFKKJHOHJW%ODLVH3DVFDOEDXWHHLQHHPHFKDQLVFKHH5HFKHQPDVFKLQHGLH DGGLHUHQQXQGGVXEWUDKLHUHQQNRQQWH,PP-DKUUZXUGHHYRQQ*RWWIULHGG:LOKHOP /HLEQLW]] GHU %LQlUFRGH HQWZLFNHOW 'DPLWW ZDU HV P|JOLFK 0XOWLSOLNDWLRQHQQ XQGG 'LYLVLRQHQQ GXUFK]XIKUHQ Ä'LHVH hEHUVHW]XQJ XQGG 9HUDUEHLWXQJ YRQ 'DWHQQLQQHLQHQQ%LQlUFRGHVWHOOWHHYRQQGDDDQQGLHH*UXQGODJHHIUUDOOHHPDVFKLQHOOHQ
,P-DKUUZXUGHQQGLHVHH*UXQGODJHQQYRQQ+HUUPDQQQ+ROOHULWKKDXIJHJULIIHQ GHUU HLQHH 0DVFKLQHH HUIXQGHQQ KDWWH GLHH GLHH $XVZHUWXQJ YRQ LQQ /RFKVWUHLIHQNDUWHQQIHVWJHKDOWHQHQQ,QIRUPDWLRQHQQHUP|JOLFKWH0LWWGHQQYRQQLKP HQWZLFNHOWHQQ Ä/RFKNDUWHQ/HVHXQG6WDQ]0DVFKLQHQ³³ PXVVWHH GLHH (LQ XQGG $XVJDEHH YRQQ 'DWHQQ QLFKWW PHKUU PDQXHOOO HUIROJHQ ZRPLWW HUU GDVV ]ZHLWH JURHH 3UREOHPGHUUPHFKDQLVFKHQQ5HFKHQPDVFKLQHQQO|VWH 'LHHHUVWH0DVFKLQHGLHHGLHH%H]HLFKQXQJ&RPSXWHUUZLUNOLFKYHUGLHQWHZDUHLQ *HUlW GDVV .RQUDGG =XVHH LPP -DKUU LQ 'HXWVFKODQGG DXVV 7HOHIRQWUHODLVV ]XVDPPHQJHEDXWW KDWWH $OOHUGLQJV ZDU GHU NRPPHU]LHOOH (UIROJ VHLQHU 5HFKHQPDVFKLQH GRFKK VHKUU EHVFKHLGHQ $QGHUVV DOVV DOOHH YRUKHULJHQ
'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6
5HFKHQPDVFKLQHQ ZDU GLH Ä=³³ 'DWHQYHUDUEHLWXQJVDQODJHH GHU VRR JHQDQQWHQQ *HQHUDWLRQ LQQ GHUU /DJH HLQJHJHEHQHH XQG HUUHFKQHWH :HUWH ]XX VSHLFKHUQ XQGGVLHHQDFKK%HGDUIIDXFKDXV]XGUXFNHQ ZXUGHHLQQ$PHULNDDGHUU(1,$& (OHFWURQLFF 1XPHULDO ,QWHJUDWRUU DQGG &RPSXWHU IUU PLOLWlULVFKHH =ZHFNH DXVV (OHNWURQHQU|KUHQQ JHEDXW 'LHVHUU 5HFKQHUU ZXUGHH DXVVFKOLHOLFKK GDIUU YHUZHQGHWGLHH)OXJEDKQYRQQ5DNHWHQQ]XEHUHFKQHQ/DXWW%DXHUUJLOWWHUUDOVHLQQ Ä0HLOHQVWHLQQGHU&RPSXWHUJHVFKLFKWH³ XQGG+LHEHOOEH]HLFKQHWWLKQQDOVVÄHUVWHQ
'LHHQlFKVWHH*HQHUDWLRQQYRQQ5HFKHQPDVFKLQHQQZXUGHHPLWW7UDQVLVWRUHQXQGGZLH PDQQ HVV KHXWHH NHQQW PLWW HLQHPP %LOGVFKLUPP DXVJHVWDWWHW ZXUGHH PLW GHP 81,9$&&8QLYHUVDOO$WRPLF&RPSXWHUGHUHUVWHHNRPPHU]LHOOH&RPSXWHUGHUU :HOWWYRUJHVWHOOW(UDUEHLWHWHHPLWW0DJQHWElQGHUQQXQGGNRQQWHHVRPLWWPLWW=DKOHQ
(LQQ ZHLWHUHUU JURHUU XQG EHGHXWHQGHUU (QWZLFNOXQJVVFKULWWW ZDUU GLHH (UILQGXQJJ GHVV0LNUR&KLSVVLPP-DKUHH'HUU0LNUR&KLSSZDUULQQGHUU/DJHHELVV]XX]Z|OII 7UDQVLVWRUHQQ ]XX HUVHW]HQ 'DGXUFKK ZXUGH HLQH ZHLWHUH 0LQLDWXULVLHUXQJJ GHUU &RPSXWHUUHUUHLFKW $EEZXUGHQGHPP&RPSXWHUUQHEHQQGHPP0LNUR&KLS DXFKK 0LNURSUR]HVVRUHQ HLQJHEDXW 'LHVHH (UUXQJHQVFKDIWW IKUWH ]XX HLQHUU ZHLWHUHQQ9HUNOHLQHUXQJGHU*HUlWHÄ6HLWW0LWWHHGHUUHUU-DKUHHVLQGGGLHH1DPHQ YRQQ6WHYHH-REEV6WHSKDQQ:R]QLDN3DXO$OOHQQXQGG%LOOO*DWHVVPLWWGHUU,GHHGHVV
'DWHQYHUDUEHLWXQJVDQODJHQQGHU*HQHUDWLRQQYRU
9RUDOOHPZHUGHQGLHH.RQ]HSWLRQHQGHU=GLHHQRFKYROOPHFKDQLVFKKZDUELVKLQQ]XU=GLHH HLQ5HODLVEDVLHUHQGHUU1DFKEDXGHUU=ZDU]XGLHVHUU*HQHUDWLRQJH]lKOW 'DWHQYHUDUEHLWXQJVDQODJHQQGHU*HQHUDWLRQQDEE
$XI 7UDQVLVWRUHQ EDVLHUHQG 'LHH (QWZLFNOXQJ K|KHUHUU 3URJUDPPLHUVSUDFKHQ EHJLQQHQGG PLW )RUWUDQXQGG$OJRO 'DWHQYHUDUEHLWXQJVDQODJHQQGHU*HQHUDWLRQQ
$XII,QWHJULHUWHQ6FKDOWXQJHQQEDVLHUHQG'DGXUFKKHQWVWHKHQQ5HFKQHUGLH]XHLQDQGHUNRPSDWLEHO VLQG 'LH .HUQIXQNWLRQHQQ GHU &RPSXWHU ZHUGHQQ GXUFKK HLQQ 0LNURSURJUDPPP JHVWHXHUW 'DV 9LUWXHOOH6SHLFKHUSULQ]LSZLUGHLQJHIKUW 'DWHQYHUDUEHLWXQJVDQODJHQQGHU*HQHUDWLRQQ
$XII KRFKLQWHJULHUWH 6FKDOWXQJHQ EDVLHUHQG 0HKUSUR]HVVRUWHFKQLN 6FKQHOOVSHLFKHUNRQ]HSWH 'DWHQIHUQEHUWUDJXQJ')h'DWHQEDQNV\VWHPH 'DWHQYHUDUEHLWXQJVDQODJHQQGHU*HQHUDWLRQQ
:LVVHQVEDVLHUWHH6\VWHPH([SHUWHQV\VWHPH(QWZLFNOXQJNQVWOLFKHUU,QWHOOLJHQ] 9JO'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6II 9JO6FKZDE6WHJPDQ'LHH:LQGRZV*HQHUDWLRQ6 9JO:LQN/LQGQHUU.LGV&RPSXWHUVSLHOH6 9JO%DXHUU&RPSXWHU*UXQGZLVVHQ6 9JO+LHEHO.OHLQH0HGLHQFKURQLN%HFN0QFKHQ6 9JO:LQN/LQGQHUU.LGV&RPSXWHUVSLHOH6 9JO'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6
3HUVRQDOO &RPSXWHUVV 3& YHUNQSIW³ *DWHVV XQGG $OOHQQ JUQGHWHQQ GLHH )LUPD 0LFURVRIW -REEVV XQGG :R]QLDNN GLHH )LUPD $SSOH 7URW]] GHU UDVDQWHQQ (QWZLFNOXQJHQ LPP %HUHLFKK GHU 3&& ZDUHQ GLH 9HUNDXIVVFKODJHU GHUU HU GLHH
XQGGZHOWZHLWWEHUU0LOOLRQHQQ0DOOYHUNDXIW$OOHUGLQJVZDUUHUUQXUU EHJUHQ]WW IU $QZHQGXQJHQ ZLHH 7H[WYHUDUEHLWXQJ XQG 7DEHOOHQNDONXODWLRQQ HLQVHW]EDU'LHH6WlUNHXQGGVRPLWDXFKKGLH3RSXODULWlWGHVV&ODJLP%HUHLFK
'LHH &RPSXWHUU GHUU VRR JHQDQQWHQQ ÄIQIWHQQ *HQHUDWLRQ³ DUEHLWHQQ EHUHLWV PLW PHKUHUHQQ 3UR]HVVRUHQ GLHH LQQ GHUU /DJH VLQG YHUVFKLHGHQH 3URJUDPPH JOHLFK]HLWLJ]XXEHDUEHLWHQ(VVVLQGGVR]XVDJHQQÄSDUDOOHOOJHVFKDOWHWH5HFKQHUGLH
'HILQLWLRQQYRQQ%LOGVFKLUPVSLHO
/DXWW )URPPHH YHUHLQHQQ %LOGVFKLUPVSLHOH Ä6SLHO]HXJ DXGLRYLVXHOOHVV 0HGLXPP XQGG 0LNURFRPSXWHUU LQQ HLQHPP *HUlW ZREHLL GHUU &RPSXWHUU ]XJOHLFK GLH
8QWHU GHPP %HJULII %LOGVFKLUPVSLHOO YHUVWHKWW PDQ 6SLHOH GHUHQ 9HUODXI GXUFK HLQQ &RPSXWHUSURJUDPPP IHVWJHOHJW ZLUG XQG GHVVHQQ $EODXII GXUFK GHQ 6SLHOHQGHQQ EHHLQIOXVVEDUU LVW -UJHQQ )ULW]] GHILQLHUW GHQ %HJULII GHV %LOGVFKLUPVSLHOVGLIIHUHQ]LHUWHU)UULKQQLVWHVVHLQQ2EHUEHJULIIIIUUYHUVFKLHGHQHH 6SLHOIRUPHQ ZLHH &RPSXWHUVSLHOH 9LGHRVSLHOH $UFDGH*DPHVV XQGG GLH WUDJEDUHQQ 9LGHRVSLHOH /DXWW -UJHQQ )ULW] NHQQ]HLFKQHQQ IROJHQGHH *HPHLQVDPNHLWHQQDOOH%LOGVFKLUPVSLHOH
6FKZDE6WHJPDQ'LHH:LQGRZV*HQHUDWLRQ6
9JO6FKZDE6WHJPDQ'LHH:LQGRZV*HQHUDWLRQ6II
%XQGHVPLQLVWHULXP IUU )DPLOLH 6HQLRUHQ )UDXHQ XQGG -XJHQG +UVJ &RPSXWHU 6SLHOH6SLHOVSDRKQH5LVLNR6
)URPPH3lGDJRJLVFKHH5HIOH[LRQEHUU&RPSXWHUVSLHONXOWXUUGHUU+HUDQZDFKVHQ GHQ6
9JO)HKUU9LGHRVSLHOH±±HLQXQNRPSOL]LHUWHV6SLHOYHUJQJHQ6
$OVV$XVJDEHJHUlWWGLHQHQ%LOGVFKLUPHHZLHH/&'$Q]HLJH0RQLWRUURGHU )HUQVHKHUU IUU GLHH YLVXHOOHQQ XQGG HYWO /DXWVSUHFKHUU IUU GLHH DNXVWLVFKHQ (IIHNWH
8QWHUU ]XUU +LOIHQDKPH YRQQ (LQJDEHJHUlWHQQ ZLHH 0DXV 7DVWDWXU -R\VWLFN /HQNUDG X l NDQQQ GHUU 6SLHOHU (LQIOXVV DXI GHQQ 6SLHOYHUODXI QHKPHQ
'HUU +DQGOXQJVVWUDQJ LVWW LQQ HLQHP &RPSXWHUSURJUDPP IHVWJHOHJW =XU 6SHLFKHUXQJGHUU'DWHQQGLHQHQQ'DWHQWUlJHUUZLH'LVNHWWH)HVWSODWWH&'
'DD DOOH $UWHQ YRQQ FRPSXWHUJHVWW]WHPP 6SLHOO ODXWW )ULW] DXII GHQQ JOHLFKHQQ WHFKQLVFKHQQ 9RUDXVVHW]XQJHQ EHUXKHQ lKQOLFKH *HVFKHKHQVDEOlXIHH VRZLHH :LUNXQJHQQ KDEHQ ZLUGG LPP )ROJHQGHQ DXII DOOHH )RUPHQ YRQQ %LOGVFKLUPVSLHOHQJHUlWHQHLQJHJDQJHQ
.ODVVLIL]LHUXQJYRQQ%LOGVFKLUPVSLHOJHUlWHQ
%LOGVFKLUPVSLHOHHN|QQHQMHHQDFKK*HUlWHW\SLQQIROJHQGH)RUPHQXQWHUVFKLHGHQ ZHUGHQ
3HUVRQDO&RPSXWHUU3&
'DVV &RPSXWHUVSLHOO LVWW GLH HLQ]LJH )RUP GHU 6SLHOH GLH HLQHQ &RPSXWHU DOVV +DUGZDUHH YRUDXVVHW]W +LHUU ZLUGG ]ZLVFKHQQ 3&& XQGG +RPHFRPSXWHUU XQWHUVFKLHGHQ
'HU3&&ZDULQQVHLQHUXUVSUQJOLFKHQQ)RUPHLQQUHLQHVV$UEHLWVJHUlW(UVWWGXUFK VHLQHHVWHLJHQGH/HLVWXQJVIlKLJNHLWWXQGGGXUFKKGLHH(LQIKUXQJGHUU&'520LPP -DKUUKDWWVLFKKGHU3&&LPP%HUHLFKKGHU&RPSXWHUVSLHOHHHWDEOLHUW 'HUUJURHH 9RUWHLOOGHUU3&VVGHQQDQGHUHQQ6\VWHPHQQJHJHQEHULVWWGLHH0RGXO%DXZHLVHGLHH HVV GHP 1XW]HUU HUP|JOLFKW GDVV *HUlW QDFKK VHLQHQQ SHUV|QOLFKHQQ 9RUOLHEHQ ]XVDPPHQ]XVWHOOHQQ E]Z HV ]XX HUZHLWHUQ $OV 'DWHQWUlJHUU IUU GLH 6SLHOH
9JO)ULW]:DVVLQG&RPSXWHUVSLHOH"6
9JO'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6
GLHQWHQQIUKHU'LVNHWWHQ+HXWHLVWWGLH&'5RPDPYHUEUHLWHWVWHQ ,QQ=XNXQIW ZLUGG VLHH YRQQ GHUU '9'' DEJHO|VWW ZHUGHQ GLHH HLQHH ZHVHQWOLFKK K|KHUH 6SHLFKHUNDSD]LWlWWEHVLW]W
$UFDGH$XWRPDWHQ
'LHH $UFDGHH $XWRPDWHQ DXFKK 9LGHRVSLHO$XWRPDWHQQ JHQDQQW ]HLFKQHQQ VLFK GDGXUFKK DXV GDVVV DOOH (OHPHQWHH ZLHH (LQ XQGG $XVJDEHJHUlWW XQGG GLH 6SLHOVRIWZDUHH LQQ HLQHP *HUlWW LQWHJULHUWW VLQG 6LHH N|QQHQQ QXUU GXUFK 0Q]HLQZXUII JHVSLHOWW ZHUGHQQ XQGG EHILQGHQQ VLFK YRUQHKPOLFKK LQQ 6SLHOKDOOHQQ HQJODUFDGHH 6SLHOKDOOH'DGXUFKKVLQGGVLHHDXVVFKOLHOLFKKGHPHUZDFKVHQHQ 3XEOLNXPPYRUEHKDOWHQGDVLHLQQ'HXWVFKODQGGODXWWJHVHW]OLFKHU5HJHOXQJHUVWWDEE -DKUHQQ EHQXW]W ZHUGHQQ GUIHQ 'DD $UFDGH $XWRPDWHQQ IU .LQGHUU XQG -XJHQGOLFKHH LQQ 'HXWVFKODQGG QLFKWW ]XJlQJOLFKK VLQG ZHUGHQQ VLHH LPP )ROJHQGHQ ELVVDXIGLHJHVFKLFKWOLFKH(QWZLFNOXQJDXVJHNODPPHUW
9LGHRVSLHONRQVROHQ
(LQHH .RQVROHH LVWW GDVV *UXQGJHUlWW IUU 9LGHRVSLHOHH IUKHUU DXFKK DOVV 7HOHVSLHOO EH]HLFKQHW XQGG ZLUGG DQQ GHQQ )HUQVHKHU DQJHVFKORVVHQ 'LHH .RQVROH ZLUG LPP *HJHQVDW] ]XPP &RPSXWHUU QXUU IUU GDVV 6SLHOHQQ YHUZHQGHW $OVV 'DWHQWUlJHU GLHQHQQ DXVWDXVFKEDUHH 6WHFNPRGXOHH VRJ &DUWULGJHVV XQGG QHXHUGLQJV DXFKK &' 5RPVV RGHUU '9'V 9LGHRVSLHOHH VLQGG V\VWHPDQKlQJLJ XQGG N|QQHQQ QXUU PLW GHUU MHZHLOLJHQ+DUGZDUHEHQXW]WWZHUGHQ
+DQG+ROG*DPHV
%HLLGHQQ+DQG+ROG*DPHVVKDQGHOWWHVVVLFKKXPPWUDJEDUH9LGHRVSLHONRQVROHQ,Q HLQHPP NOHLQHQQ XQG KDQGOLFKHQQ *HUlWW EVSZ *DPH%R\ VLQGG GLHH ZLFKWLJVWHQ (OHPHQWH LQWHJULHUW %LOGVFKLUP PHLVWW DXVV )OVVLJNULVWDOOHQ -R\VWLFN 3UR]HVVRUU VRZLHH 6WURPYHUVRUJXQJ PHLVWW %DWWHULHEHWULHEE E]Z $NNXV =X %HJLQQQ GHUU +DQG+ROG*DPHVV ZDUHQQ GLHVHH *HUlWH QXUU PLWW HLQHP IHVWW LQVWDOOLHUWHQQ6SLHOODXVJHVWDWWHWGDVVQLFKWWDXVJHWDXVFKWWZHUGHQQNRQQWH%HLGHQ
9JO0VJHQV'LHH:LUNXQJYRQ%LOGVFKLUPVSLHOHQ6
9JO-X6FK**'LHH$QZHVHQKHLWWLQ|IIHQWOLFKHQ6SLHOKDOOHQRGHUlKQOLFKHQ YRUZLHJHQGGHP6SLHOEHWULHEEGLHQHQGHQ5lXPHQQGDUI.LQGHUQXQG-XJHQGOLFKHQLFKWJHVWDWWHW ZHUGHQ
KHXWLJHQQ+DQG+ROG*DPHVVEHVWHKWGLH6RIWZDUHDXVVNOHLQHQDXVZHFKVHOEDUHQ
$XFK GDV 0RELOWHOHIRQ GDUI KLHU QLFKWW XQEHUFNVLFKWLJWW EOHLEHQ (V NDQQQ HEHQIDOOVV DOVV PRGHUQHVV +DQG+ROG*DPHH DQJHVHKHQQ ZHUGHQ 6FKRQQ IUKK KDW GLHH 6SLHOH,QGXVWULHH GHQQ 0DUNWW GHUU 7HOHIRQHH IUU VLFK HQWGHFNW =X %HJLQQQ GHU 0RELOIXQNWHFKQRORJLHH ZXUGHQQ GLHH 6SLHOHH QRFKK PLWW HLQIDFKHQQ 6SLHOHQQ ZLHH :2506 DXVJHOLHIHUW $XII PRGHUQHQQ Ä+DQG\V³³ N|QQHQQ QXQQ DXFKK $GDSWLRQHQQ EHUHLWVEHNDQQWHUU&RPSXWHUVSLHOHHZLHH&2817(5675,.(JHVSLHOWZHUGHQ6HOEVW GLH 6SLHOHYHUPDUNWHU VHKHQ GDV 0RELOWHOHIRQQ DOVV Ä6SLHOVWDWLRQQ IU XQWHUZHJV³ GHUU=XNXQIW
+RPHFRPSXWHU
'HUU +RPHFRPSXWHUU VWHOOWHH HLQHH SUHLVZHUWHH 9DULDQWHH ]XPP 3&& GDUU XQGG ZXUGH JU|WHQWHLOVV ]XPP 6SLHOHQQ EHQXW]W $OOHUGLQJV NRQQWHQ DXFKK HUQVWKDIWHH $QZHQGXQJHQ ZLH 7H[WYHUDUEHLWXQJ PLWW LKPP GXUFKJHIKUWW ZHUGHQ )UKHU ZXUGHH GLHH 6RIWZDUHH DXI 'DWDFHWWHQ VSlWHU DXII 'LVNHWWHQQ JHOLHIHUW $XI *UXQGG GHUU VFKOHFKWHQ *UDILNN XQGG GHUU YHUDOWHWHQQ 7HFKQLNN VSLHOHQQ
&DUG*DPHV
,QGHQIUKHQQHUU-DKUHQQNDPHQGLHHVRJHQDQWHQ&DUGG*DPHVDXIGHQ0DUNW 'XUFKK GHQQ VHKUU NOHLQHQQ %LOGVFKLUPP XQGG GHUU VFKOHFKWHQQ *UDILNN ZHJHQQ KLHOWHQ VLFKK GLH PHLVWHQQ &DUG *DPHVV QXUU DXII GDV *HQUHH GHUU 5HDNWLRQVVSLHOH EHVFKUlQNW 'DGXUFKK KDW VLFKK GHU 5HL] HLQHVV VROFKHQQ 6SLHOVV DXI 'DXHUU LQ *UHQ]HQQJHKDOWHQ 'LHVHH*HUlWHHE]Z6SLHOHILQGHQQVLFKKKHXWHPHLVWQXUUQRFK LQQ6XSHUPlUNWHQQDOVV%LOOLJZDUHRGHUDOVV:HUEHJHVFKHQN
9JO0VJHQV'LHH:LUNXQJYRQ%LOGVFKLUPVSLHOHQ6
(LQHH$UWW$XGLRNDVVHWWHH]XP6SHLFKHUQYRQ'DWHQ 9JO0VJHQV'LHH:LUNXQJYRQ%LOGVFKLUPVSLHOHQ6 9JO0VJHQV'LHH:LUNXQJYRQ%LOGVFKLUPVSLHOHQ6 9JO:LQN/LQGQHUU.LGV&RPSXWHUVSLHOH6I
(QWZLFNOXQJJYRQ%LOGVFKLUPVSLHOJHUlWHQ
0LWW HLQHPP JHVFKLFKWOLFKHQQ 5FNEOLFNN VROOO LPP )ROJHQGHQ GLH (QWZLFNOXQJ GHU %LOGVFKLUPVSLHOH YRQ LKUHP 8UVSUXQJ ELVV ]XP KHXWLJHQ 6WDQGG VNL]]LHUHQ ZHUGHQ 'DEHL ZLUGG GDV +DXSWDXJHQPHUNN DXII GLH GHQQ 0DUNW GRPLQLHUHQGHQQ *HUlWHVRZLHQHXHQ(LQIOVVHQQOLHJHQ
(QWZLFNOXQJJGHUU+DUGZDUH
'LHH $QIlQJHH YRQQ 6SLHOHQQ IUU &RPSXWHU VLQGG LQQ GHQQ IUKHQQ HUU -DKUHQQ ]XX ILQGHQ =XU GDPDOLJHQ =HLWW IOOWH GLH +DUGZDUH JDQ]H =LPPHU ,QQ GHQQ IROJHQGHQQ -DKUHQQ ZXUGHQQ LPPHUU ZLHGHUU 6SLHOHH IUU GLHVHH EHUGLPHQVLRQLHUWHQ *URUHFKQHUU JHVFKULHEHQ$OOOGLHVHH6SLHOHHZXUGHQQOHGLJOLFKKYRQQHLQHUUNOHLQHQQ
=XGLHVHUNOHLQHQQ*UXSSHJHK|UWHDXFK1RODQQ%XVKQHOOGHUUGDUDQJODXEWHGDVV HVV P|JOLFKK VHLQ PXVV &RPSXWHUVSLHOHH DXFKK HLQHU JU|HUHQQ 0DVVHH ]XJlQJOLFK ]XXPDFKHQ=XVDPPHQQPLWW7HGG'DQH\HQWZLFNHOWHHUHLQQW\SLVFKHVV:HOWUDXP $EVFKLHVSLHO GDV DOOHUGLQJV ]XX HLQHPP 0LVVHUIROJ ZXUGH 2IIHQEDU ZDU HV ODXWW%XVKQHOOOIUGLHGDPDOLJH=HLWW]XXVFKZLHULJ]XVSLHOHQ
$UFDGH$XWRPDWHQ
'DUDXIKLQQ JUQGHWHH HUU LPP -DKUU GLHH )LUPDD $WDULL MDSDQLVFKK Ä,FKK ZHUGH JHZLQQHQ³ XQGG EUDFKWHH HLQQ VLPSOHVV XQGG HLQIDFKK ]XX EHGLHQHQGHV 7LVFKWHQQLVVSLHOQDPHQVV321*DXIIGHQQ0DUNW,QQHUKDOEEHLQHVV-DKUHVVYHUNDXIWHH $WDULL EHU 0LOOLRQHQQ 6SLHOH ,QQ )ROJHH GLHVHVV VFKQHOOHQQ (UIROJHVV ZXUGHQ LPPHU PHKU $UFDGH $XWRPDWHQQ LQQ 6SLHOKDOOHQQ DXIJHVWHOOW 'LHH 6SLHOKDOOHQ ZXUGHQQ GLHH QHXHQQ 7UHIISXQNWHH GHUU GDPDOLJHQQ -XJHQGG XQGG GLHH 9LGHRVSLHOHH ]X
9JO)URPPH0HGHU9ROOPHUU&RPSXWHUVSLHOHHLQGHUU.LQGHUNXOWXU6 9JO)URPPH0HGHU9ROOPHUU&RPSXWHUVSLHOHHLQGHUU.LQGHUNXOWXU6 'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6 9JO0D\HUU$XIZDFKVHQLQVLPXOLHUWHQ:HOWHQ6 9JO)URPP0HGHU9ROOPHUU&RPSXWHUVSLHOHLQQGHU.LQGHUNXOWXU6
9LGHRVSLHONRQVROHQ
,Q GHQQ IROJHQGHQQ -DKUHQ ZXUGHH DXFKK GHUU +HLPNRQVROHQPDUNWW HUREHUW $OVV $XVJDEHJHUlW IXQJLHUWH GDPDOVV GHUU KHLPLVFKHH )HUQVHKHU :LH DXFKK EHL GHQ JURHQQ 9RUELOGHUQ GHQ $UFDGHH $XWRPDWHQ ZDUU DXFKK KLHUU GDVV 6SLHO IHVW LQVWDOOLHUWW XQGG NRQQWHH QLFKWW DXVJHWDXVFKWW ZHUGHQ 1DFKGHPP %XVKQHOOO VHLQH )LUPDDDQQGLH:DUQHUU&RPPXQLFDWLRQVV&RPSDQ\YHUNDXIWKDWWHZXUGHEHUHLWVV HLQQ-DKUUVSlWHUULPP-DKUUYRQQ:DUQHUHLQHHQHXHH9LGHRVSLHONRQVROHHDXIIGHQ 0DUNWW JHEUDFKW ,PP *HJHQVDW] ]X GHQQ .RQVROHQQGHUU HUVWHQQ *HQHUDWLRQQ ZDUU HV QXQQ P|JOLFK GXUFKK GDVV $XVWDXVFKHQQ YRQQ 6WHFNPRGXOHQ YHUVFKLHGHQH 6SLHOHH DQQHLQQXQGGGHPP6HOEHQQ*HUlWW]XXVSLHOHQ'LHVHPP9RUWHLOOYHUGDQNWHHHVVGHU9&66 9LGHRR &RPSXWHUU 6\VWHPP GDVV HUU LQQ NU]HVWHUU =HLWW ]XP 0DUNWIKUHUZXUGH
&DUG*DPHV
$OVV SUHLVZHUWHH $OWHUQDWLYHH ]X GHQ WHXUHUHQQ +HLPVSLHO9LGHRNRQVROHQ YHUEUHLWHWHQQ VLFKK LQQ GHQQ HUU -DKUHQ GLH VRJ &DUG *DPHV 6R ZLH GHU %LOGVFKLUPP GLHH *UXQGODJH ]XUU (UILQGXQJJ YRQQ 9LGHRVSLHOHQQ ZDU VR ZDUU GLH (QWZLFNOXQJJYRQQ)OVVLJNULVWDOO$Q]HLJHQ/&'HLQHGHUU9RUDXVVHW]XQJHQQIU GLHH&DUGG*DPHV'LHVH6SLHOHHZDUHQQEHVRQGHUVEHL.LQGHUQQVHKUUEHOLHEWGDDVLH VHKUU JQVWLJ ZDUHQQ XQG GLHH +DQGKDEXQJ VFKQHOOO HUOHUQWW ZHUGHQ NRQQWHQ $OOHUGLQJV IKUWH GLH EHVFKUlQNWH 7HFKQLNN VFKQHOOO GD]X GDVVV GLHVHH *HUlWH
,P -DKUHH VDQNHQQ ]XPP HUVWHQQ 0DOO GLHH 9HUNDXIV]DKOHQ YRQQ 9LGHRVSLHONRQVROHQQ XQG 6WHFNPRGXOHQ 'DIU JDEE HVV ]ZHLL JUDYLHUHQGHH *UQGH =XPP HLQHQQ ZDUHQQ GLHH GDPDOLJHQQ 6SLHOLGHHQQ XQGG 0|JOLFKNHLWHQ DXVJHUHL]W(VVZXUGHQQLPPHUUZLHGHUGLHJOHLFKHQQ6SLHOLGHHQQDXIJHJULIIHQQXQG PRGLIL]LHUWDXIIGHQ0DUNJHEUDFKW=XPDQGHUHQQZDUHQGLHH6SLHOHJHVSHLFKHUW DXII 'DWDFHWWHQQ XQGG VSlWHUU DXI 'LVNHWWHQ VHKUU OHLFKWW ]XX YHUYLHOIlOWLJHQ 'LHVV EUDFKWHH.LQGHUQQXQGG-XJHQGOLFKHQQHLQHQQEHVRQGHUHQQ5HL]XQGGHLQHHILQDQ]LHOOHH
9JO'HFNHUU.LQGHUUYRUUGHP&RPSXWHU6I
9JO'HFNHUU.LQGHUUYRUUGHP&RPSXWHU6 9JO)URPPH0HGHU9ROOPHUU&RPSXWHUVSLHOHHLQGHUU.LQGHUNXOWXU6
+RPHFRPSXWHU
EUDFKWHH GLHH YRQQ 6WHYHH -REV XQGG 6WHSKHQQ :R]QLDNN JHJUQGHWHH )LUPD $SSOHH LKUHQ $SSOH ,, KHUDXV GHU LQQHUKDOEE ZHQLJHU -DKUH ]XPP
,P-DKUUHUVFKLHQQGHUEHUHLWVVOHJHQGlUHH&RPPRGRUHH&XQGGHUREHUWHH LQQHUKDOEE NXU]HUU =HLWW GLHH 0DUNWIKUHUSRVLWLRQ 1DFKK 0VJHQVV ZXUGHQQ ELVV LQVV
Ä1DFKGHP GLHH +RPHFRPSXWHUU GLH 7HOHVSLHOHH ]XQlFKVW YRP 0DUNW YHUGUlQJW KDWWHQ IKUWHQQ VLHH DEE HLQH $UW IULHGOLFKHUU .RH[LVWHQ]³ GLHH DXFKK GXUFKK GLYHUVHH 1HXHUVFKHLQXQJHQQ XQGG (QWZLFNOXQJHQQ DXII EHLGHQQ 6HLWHQQ QLFKWW JHVW|UWW ZXUGH
1lFKVWHH*HQHUDWLRQGHU+HLPYLGHRNRQVROHQ
'LHH QHXHH *HQHUDWLRQQ YRQQ +HLPYLGHRNRQVROHQQ NRQQWHH GLHH )ODXWHH DXI GHPP +HLPVSLHOHJHUlWHPDUNWW EHHQGHQ ,P -DKUU ZXUGHQQ GLHH MDSDQLVFKHQ .RQVROHQ GDVV Ä0DVWHUU 6\VWHP³³ YRQQ 6HJDD XQGG GDVV Ä1LQWHQGRR (QWHUWDLQPHQWW 6\VWHP³ 1(6 DXI GHQ 0DUNW JHEUDFKW 'LHVH %LW*HUlWH ZDUHQ LQ WHFKQLVFKHU +LQVLFKWW LKUHQQ 9RUJlQJHUQ ZHLW EHUOHJHQ %HL GHP 6HJDD 0DVWHU 6\VWHPP NRQQWHQQ ]ZHL EHLL 1(66 VRJDUU YLHUU 6SLHOHUU JOHLFK]HLWLJ DPP 6SLHO WHLOQHKPHQ$OVV1DFKIROJHUGHVV&NDPPGHUU&RPPRGRUHH$PLJDDDXIIGHQ 0DUNWWXQGGEUDFKWH$WDULLVHLQHQ$WDULL677KHUDXV%HLGHZDUHQEHUHLWVVPLWW
1HXHVWHH*HQHUDWLRQGHU+DQG+ROG*DPHV
1LQWHQGR GLHH VLFK PLWW GHPP 1(66 ]XPP 0DUNIKUHUU DXI GHPP 9LGHRVSLHOPDUNW GXUFKVHW]WH OHJWHH PLWW VHLQHPP HUVFKLHQHQHH *DPH%R\ GHQQ *UXQGVWHLQ IU GDVVQHXH+DUGZDUHJHQUHGHUU +DQG+ROG*DPHV $XII*UXQGHLQHUUVHKUWHXUHQ :HEHNDPSDJQHH NRQQWHH GDVV MDSDQLVFKHH 8QWHUQHKPHQQ DXFKK LQQ GLHVHPP %HUHLFKK GLHH .RQNXUUHQ] KLQWHUU VLFKK ODVVHQ Ä'HUU 6LHJHV]XJ GHVV *DPH%R\ NDPP QLFKWW HWZDDEHUUDVFKHQGVRQGHUQQZXUGHHQDFKKGHP(UIROJGLHVHVV6SLHO]HXJVVLQ-DSDQ
9JO'HFNHUU.LQGHUUYRUUGHP&RPSXWHU6I
9JO0VJHQV'LHH:LUNXQJYRQ%LOGVFKLUPVSLHOHQ6 'HFNHUU.LQGHUUYRUUGHP&RPSXWHU6 9JO'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6II
XQGG GHQQ 86$$ DXFKK LQQ (XURSD XQGG KLHUUEHVRQGHUVV LQQ 'HXWVFKODQGSODQPlLJ
,P JOHLFKHQQ -DKUU SUlVHQWLHUWHH 6HJD VHLQHH %LW9LGHRVSLHONRQVROHH Ä0HJD 'ULYH³ GLH GHQ ELVKHULJHQQ *HUlWHQQ ZLHGHUXPP WHFKQLVFKK GHXWOLFKK EHUOHJHQ ZDU %HUHLWVV HLQQ -DKUU VSlWHUU NRQQWHH PDQQ GDVV *HUlWW PLWW HLQHPP &'520 /DXIZHUNN DXIUVWHQ 'LHVHQQ HQRUPHQQ 9RUVSUXQJ JHJHQEHU VHLQHP .RQ NXUUHQWHQQ NRQQWHH 1LQWHQGRR HUVWW PLWW VHLQHPP Ä6XSHUU 1LQWHQGRR (QWHU
3HUVRQDOO&RPSXWHU
=XU JOHLFKHQQ =HLWYHUlQGHUWHVLFKGHU&RPSXWHUPDUNWWHQRUP'HU3UHLVYHUIDOO XQGG GLHH ]XQHKPHQGH %HGLHQHUIUHXQGOLFKNHLW GLHH GXUFK GLHH (LQIKUXQJJ YRQ JUDSKLVFKHQQ %HQXW]HUREHUIOlFKHQQ ZLH ] % :LQGRZV EHGLQJW ZXUGH WUXJ $QIDQJGHUHUU-DKUHH]XUU9HUEUHLWXQJGHU3&VVEHL$PLJD$WDULLXQGGGHUU& YHUORUHQQ LPPHUU PHKUU DQ %HGHXWXQJ GDD IUU GHQQ JOHLFKHQQ %HWUDJ DXFKK HLQ 3&& JHNDXIWW ZHUGHQ NRQQWH 'HUU 9RUWHLOO GHUU 3&VV ODJ LQQ GHUU ZHVHQWOLFKK K|KHUHQ /HLVWXQJVIlKLJNHLWW XQGG GHQQ YLHOVHLWLJHQ $QZHQGXQJVP|JOLFKNHLWHQ /DQJVDP
VWHOOWHH ,QWHOO GHQQ HUVWHQQ 3HQWLXPP 3UR]HVVRUU YRU GHU DOVV *UXQGVWHLQQ IU GLHH (QWZLFNOXQJ GHU 0XOWLPHQGLD3&VV DQJHVHKHQQ ZHUGHQ NDQQ 0LWW GHUU ]XQHKPHQGHQQ$XVVWDWWXQJGHUU5HFKQHUUPLWW&'5200/DXIZHUNHQQHQWZLFNHOWHH VLFKK GHUU 3&& ]XUU 6SLHOPDVFKLQH 'DD &'520VV PLWW EHUU 0% HLQH ZHVHQWOLFKK K|KHUHH 6SHLFKHUNDSD]LWlWW JHJHQEHU 'LVNHWWHQQ PLWW 0% KDEHQ NRQQWHQQ VLHH VLFK DXFK ]XQHKPHQGG DOV 'DWHQWUlJHU IUU &RPSXWHUVSLHOHH
1HXVWHH*HQHUDWLRQGHUU+HLPYLGHRNRQVROHQ
EUDFKWHH 6RQ\ GLH Ä3OD\6WDWLRQ³ HLQHH %LWW .RQVROHH PLWW &'5200 /DXIZHUNNDXIGHQQ0DUNW0DUNWIKUHUU1LQWHQGRREOLHEEVHLQHUU7UDGLWLRQQWUHXXXQGG EDXWHH ZHLWHUKLQQ DXI 6WHFNPRGXOHQ ,P .DPSI XPP GLHH 0DUNWDQWHLOH OLH
9JO'LWWOHUU6RIWZDUHHVWDWWW7HGG\ElU6II
9JO)HKUU9LGHRVSLHOH±±HLQXQNRPSOL]LHUWHV6SLHOYHUJQJHQ6 9JO'LWWOHUU9RQ&RPSXWHUVSLHOHQ]X/HUQSURJUDPPHQ6
1LQWHQGRR MHGRFK GHQQ %LW%HUHLFKK DXV XPP $QIDQJ VHLQH %LW
Ä8QJHEURFKHQQ LVW GDJHJHQQ GLH 6SLW]HQSRVLWLRQQ 1LQWHQGRVV EHL GHQQ +DQGVSLHOFRPSXWHUQ³ =XPP :HLKQDFKWVJHVFKlIWW ZXUGH GHU *DPH%R\ PLWW HLQHPP IDUELJHQ %LOGVFKLUP DXVJHVWDWWHW 'D DOOHUGLQJV ZHLWHUH WHFKQLVFKHH 1HXHUXQJHQQ DXVEOLHEHQ KDEHQQ GLH +DQG+ROG*HUlWHH DXII GHP EUHLWHQQ &RPSXWHUVSLHOPDUNWW DQQ %HGHXWXQJ YHUORUHQ %HLL .LQGHUQQ HUIUHXHQQ VLHH VLFKK MHGRFKKQDFKZLHYRUJURHU%HOLHEWKHLW
=XGHQQQHXHVWHQQ(QWZLFNOXQJHQQJHK|UWWGDVVHUVFKLHQHQHHÄ'UHDPFDVW³³YRQQ 6HJD HLQHH %LW.RQVROH GLHH PLWW HLQHPP QHXHQQ 'DWHQWUlJHUV\VWHPP DUEHLWHW 'LHVHVV6\VWHPPHUP|JOLFKWHVV6HJDDGLHGRSSHOWHH'DWHQPHQJHHYRQQ&'5RPVVDXI VLHHVRRJHQDQQWHQQÄ*'5RPV³ ]XXVSHLFKHUQ'DUEHUUKLQDXVVNDQQQGLHVHVV*HUlWW PLWW +LOIHH HLQHVV $GDSWHUVV DQQ GDVV 7HOHIRQQHW] DQJHVFKORVVHQQ XQGG VRPLWW DXFKK ]XP2QOLQH6SLHOHQQEHQXW]WZHUGHQ$OV$QWZRUWDXIIÄ'UHDPFDVW³³SUlVHQWLHUWH 6RQ\ (QGHH VHLQHH Ä3OD\6WDWLRQQ ³ GLHH 6SLHONRQVROHH XQGG '9'3OD\HU LQQ HLQHPP*HUlWWYHUHLQW0lU]ZXUGHHYRQQ0LFURVRIWWGLHH;%R[YHU|IIHQWOLFKW 6LHH EDVLHUW KDXSWVlFKOLFKK DXII JHZ|KQOLFKHQQ 3&.RPSRQHQWHQ 6LHH ELOGHW ]XVDPPHQQ PLWW GHUU Ä3OD\6WDWLRQQ ³³ XQGG GHPP LP -DKUU YHU|IIHQWOLFKWHPP Ä1LQWHQGRR*DPHH&XEH³³HLQHHQHXHH.RQVROHQJHQHUDWLRQ:HOFKHH)LUPDDPLWWGHUU QlFKVWHQQ1HXHQWZLFNOXQJDXIZDUWHQLVWWQRFKKRIIHQ
(QWZLFNOXQJJGHUU6RIWZDUH
,P OHW]WHQQ .DSWLWHOO ZXUGHH KDXSWVlFKOLFKK DXII GLH (QWZLFNOXQJJ GHUU +DUGZDUH DOVRRDXIIGHQ&RPSXWHUUDOVV%LOGVFKLUPVSLHOJHUlWVHOEVWHLQJHJDQJHQ'DHVVDEHU GLHH6RIWZDUHHLVWGLHHGLHH-XJHQGOLFKHQQYRUUGHQQ%LOGVFKLUPPORFNWZHUGHQQQXQGLHH ZLFKWLJVWHQQ(QWZLFNOXQJHQQLP6SLHOH%HUHLFKKHU|UWHUW
'DVV ZRKOO HUVWH 6SLHO IU HLQQ FRPSXWHUJHVWW]WHVV 6\VWHP Ä7HQQLVV IRU 7ZR³³ ZXUGHH LPP 2NWREHUU YRQQ :LOOLJ $ +LJLQERWKDP HLQHPP 3K\VLNHU DP %URRNKDYHQQ 1DWLRQDOO /DERUDWRU\ HQWZLFNHOW 'DVV 6SLHO OLHII DXII HLQHP 2V]LOORVNRS 'DVV 1HW]] ZDU HLQHH NOHLQHH YHUWLNDOH /LQLH LQ GHUU 0LWWH GHV
9JO)HKUU9LGHRVSLHOH±±HLQXQNRPSOL]LHUWHV6SLHOYHUJQJHQ6 )URPPH0HGHU9ROOPHUU&RPSXWHUVSLHOHLQGHUU.LQGHUNXOWXU6 *'520*LJDGLVN520'DWHQWUlJHUIRUPDWWGHUU6HJDD'UHDPFDVWNRQVROH
%LOGVFKLUPV(LQHHGUHKEDUHH6NDODDVRZLHHHLQQ.QRSIIZDUHQQ6WHXHUXQJVHOHPHQWH IUUGDVV6SLHO'LHH6NDODD GLHQWW]XPP(LQVWHOOHQQGHVV)OXJZLQNHOVVXQGGGHUU .QRSII
'DVV HQWZLFNHOWHH 'DPHVSLHOO YRQQ 6DPXHO NDQQQ PDQQ ZRKOO DOVV HUVWHVV ZLUNOLFKHVV%LOGVFKLUPVSLHOOEH]HLFKQHQ1HEHQIHVWJHOHJWHQQ6SLHOUHJHOQQZDUGDV 6SLHO DXFKK OHUQIlKLJ VRR GDVVV HVV P|JOLFKK ZDU GDVV 6SLHOQLYHDXX VWHWLJ ]X
:LHH EHUHLWV LP YRUKHULJHQQ .DSLWHO HUZlKQW EHJDQQQ GLHH *HVFKLFKWH GHU NRPPHU]LHOOHQQ6SLHOVRIWZDUHHPLWWGHUU9HUPDUNWXQJGHVV6SLHOVV321*$XI HLQHPP VFKZDU]HQQ %LOGVFKLUPKLQWHUJUXQGG VWHXHUQ ]ZHLL 6SLHOHUU HLQHQQ %DONHQ GHUUMHZHLOVVOLQNVVXQGGUHFKWVVDPP%LOGUDQGEHZHJOLFKKDQJHEUDFKWWLVW'DVV=LHOOGHV
'DVV $XIVWHOOHQQ GHUU HUVWHQQ 321* $UFDGHH $XWRPDWHQQ ZDUU VRIRUW HLQ JURHU (UIROJJXQGGGDGXUFKKGHU$XVO|VHUUIUUGHQQUDVDQWHQ$XIVWLHJYRQQ$WDULLDOVVHLQHU GHUU ZLFKWLJVWHQQ +HUVWHOOHUU GHUU +DUG XQGG 6RIWZDUHJHVFKLFKWH 'LH HLQIDFKH 1XW]XQJ GLHVHVV 6SLHOVV ZLUGG DP %HVWHQQ GXUFKK GLH DXIJHGUXFNWHH $QOHLWXQJ DXII GHQQ 6SLHONRQVROHQQ GHXWOLFK Ä$YRLGG PLVVLQJ EDOOO IRU KLJKVFRUH³ 'LHVH $QOHLWXQJ ZDU HLQH )ROJHUXQJ DXV %XVKQHOOVV )LUPHQSKLORVRSKLH 'LH 5HJHOQ PVVHQQ VRIRUW EHJUHLIEDU VHLQ DOOHUGLQJV ZLUGG HLQQ JDQ]HVV /HEHQQ EHQ|WLJW XP
9RQQ QXQQ DQQ ZDQGHOWH VLFKK GDVV %LOGG GHV 0HGLHQQXW]HUV 'HUU WHLOQDKPVORVH .RQVXPHQWW ZLHH EHLPP )HUQVHKHQQ ZXUGHH ]X HLQHP 1XW]HU GHUU DNWLYY LQQ GDV *HVFKHKHQQ HLQJUHLIHQQ NDQQ 'LHVV PDFKWHH XQWHU DQGHUHPP GHQQ (UIROJJ XQG GLHH )DV]LQDWLRQQGHVVQHXHQ0HGLXPVVDXV %HUHLWVGLHÄ'UHKVFKHLEH³LP='))DXVV LPP-DKUUZLHVVDXIIGDVVQHXH0HGLXPPKLQÄ+HXWHHNDQQQ-HGHUVHLQQHLJHQHU
1DFKK GHUU (QWZLFNOXQJ GHUU +HLP7HOHVSLHOH ZDU HVV QXUU HLQHH )UDJHH GHU =HLW GDVVVHUIROJUHLFKH$UFDGHH6SLHOHZLHHEHLVSLHOVZHLVHGDV:HOWUDXPVSLHO63$&( ,19$'(566 DXVV GHPP -DKUU DXII GLHH +HLPJHUlWHH XPJHVHW]WW ZXUGHQ 0LWW
9JO6ODELKRXQG85/KWWSZZZELWPXVHXPGH
9JO5HWVFKLW]NL*XUWQHUU'DV.LQGXQGGHUU&RPSXWHU6 9JO'HFNHUU.LQGHUUYRUUGHP&RPSXWHU6 9JO:LUVLJ'DVJURVVH/H[LNRQGHUU&RPSXWHUVSLHOH6 :LUVLJ'DVJURVVH/H[LNRQGHUU&RPSXWHUVSLHOH6 9JO0HUWHQV,Q*DPHV2G\VVH\/DXI]HLWELV 9JO=LHOLQVNL,Q*DPHV2G\VVH\/DXI]HLWELV 'UHKVFKHLEHH,Q*DPHV2G\VVH\/DXI]HLWELV
Arbeit zitieren:
Dipl.-Soz.Päd. (FH) Jürgen Berndt, 2005, Bildschirmspiele - Faszination und Wirkung auf die heutige Jugend, 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
Sozialpädagogik / Sozialarbeit: Bildschirmspiele - Faszination und Wirkung auf die heutige Jugend ist nun auf dem Buchmarkt erhältlich
Sozialpädagogik / Sozialarbeit: neuer Titel erschienen: Bildschirmspiele - Faszination und Wirkung auf die heutige Jugend
Jürgen Berndt hat einen neuen Text hochgeladen
Pädagogik und Soziale Arbeit - Kernkompetenzen zentraler Aufgaben
Heinrich Greving, Wolfgang M. Heffels
Soziale Arbeit als Dienstleistung
Grundlegungen, Entwürfe und Mo...
Hans-Uwe Otto, Thomas Olk
Jugend, Musik und Soziale Arbeit
Anregungen für die sozialpädag...
Burkhard Hill, Elke Josties
0 Kommentare