-RKDQQHV *XWHQEHUJ8QLYHUVLWlW 0DLQ]

)DFKEHUHLFK

$QJHZDQGWH 6SUDFK XQG .XOWXUZLVVHQVFKDIWHQ

LQ *HUPHUVKHLP

6RIWZDUHORNDOLVLHUXQJ

LP 5DKPHQ GHV 3URVHPLQDUV

Ä(LQIKUXQJ LQ GLH DQJHZDQGWH 7UDQVODWLRQVZLVVHQVFKDIW³

9RUJHOHJW YRQ $PLQD %HODEEqV

:6

%HODEEqV

6RIWZDUHORNDOLVLHUXQJ

,QKDOWVYHU]HLFKQLV

, (LQOHLWXQJ

,, ′HILQLWLRQ

,,, 6RIWZDUHORNDOLVLHUXQJVPDUNW

$ *HVFKLFKWH

% 1RWZHQGLJNHLW GHU /RNDOLVLHUXQJ

& 0DUNWODJH

′ 0DUNWWHLOQHKPHU

,9 /RNDOLVLHUXQJVSUD[LV

$ %HVWDQGWHLOH YRQ 6RIWZDUH

% ′DWHLIRUPDWH

& 9RUEHUHLWXQJ

′ /RNDOLVLHUXQJVZHUN]HXJH

( 7UDQVODWRULVFKH $VSHNWH

9 3UDNWLVFKH 8PVHW]XQJ GHU /RNDOLVLHUXQJVWKHRULH

$ $OOJHPHLQH 3UREOHPDWLN

% )DFKOLWHUDWXU

& ,QWHUQHWTXHOOHQ

′ .XUVH

9, 6FKOXVVZRUW

9,, /LWHUDWXUYHU]HLFKQLV

%HODEEqV

, (LQOHLWXQJ

0LW GLHVHU 6HPLQDUDUEHLW VROO GHU 9HUVXFK XQWHUQRPPHQ ZHUGHQ HLQH DO JHPHLQH

(LQIKUXQJ LQ GLH 6RIWZDUHORNDOLVLHUXQJ ]X ELHWHQ VRZLH DNWXHO H 3UREOHPH LQ GLHVHP

%HUHLFK DXI]X]HLJHQ 7URW] HLQHU EHUVFKDXEDUHQ +LVWRULH XQG WURW] YLHOHU LQ GHQ OHW]WHQ

-DKUHQ NDXP YHUlQGHUWHU *UXQGODJHQ XQG 6WDQGDUGV LVW HLQH DO JHPHLQH (LQIKUXQJ LQ

GLH 6RIWZDUHORNDOLVLHUXQJ GXUFKDXV NHLQ OHLFKWHV 8QWHUIDQJHQ $XI GLH ]XJUXQGHOLHJHQGH

3UREOHPDWLN VROO LP 9HUODXI GLHVHU 6HPLQDUDUEHLW DXVIKUOLFKHU HLQJHJDQJHQ ZHUGHQ

=XQlFKVW DEHU ZLUG PLW HLQHU %HJULIIVHUOlXWHUXQJ LQ GDV 7KHPD HLQJHIKUW =XU

2ULHQWLHUXQJ VROO ]XGHP HLQH hEHUVLFKW EHU *HVFKLFKWH 1RWZHQGLJNHLW XQG DNWXHOOH

0DUNWODJH

GHU

6RIWZDUHORNDOLVLHUXQJ

VRZLH

EHU

GLH

%HWHLOLJWHQ

DP

/RNDOLVLHUXQJVSUR]HVV JHJHEHQ ZHUGHQ ′DUDXIKLQ ZHUGHQ HLQLJH *UXQGODJHQ GHU

/RNDOLVLHUXQJVSUD[LV VRZRKO DXI WHFKQLVFKHU DOV DXFK DXI WUDQVODWRULVFKHU (EHQH

YRUJHVWHOOW ′D EHL GHU 6RIWZDUHORNDOLVLHUXQJ 7KHRULH XQG 3UD[LV HQJ PLWHLQDQGHU

YHUEXQGHQ VLQG VROO VFKOLHOLFK HLQ hEHUEOLFN EHU GDV /HKUDQJHERW ZHOFKHV ]XU

SUDNWLVFKHQ 8PVHW]XQJ GHU /RNDOLVLHUXQJVWKHRULH ]XU 9HUIJXQJ VWHKW JHJHEHQ ZHUGHQ

XQG VRPLW HLQ %HLWUDJ ]XU )LQGXQJ GHU HIIL]LHQWHVWHQ /HUQPHWKRGH JHOHLVWHW ZHUGHQ ′D

HV EHL GLHVHU %HWUDFKWXQJ DQ IXQGLHUWHQ 4XHO HQ XQG 6WDWLVWLNHQ PDQJHOW OlVVW VLFK HLQ

JHZLVVHU *UDG DQ 6XEMHNWLYLWlW QLFKW YHUPHLGHQ -HGRFK IDQGHQ VLFK DXFK QDFK OlQJHUHU

5HFKHUFKH NDXP 4XHO HQ ZHOFKH VLFK NULWLVFK PLW GLHVHU 6DFKH DXVHLQDQGHUVHW]WHQ

E]Z HLQHQ DXVUHLFKHQGHQ hEHUEOLFN ERWHQ

,, ′HILQLWLRQ

:DV JHQDX EHGHXWHW 6RIWZDUHORNDOLVLHUXQJ" =XQlFKVW EHGDUI GDV :RUW

/RNDOLVLHUXQJ

DQ

VLFK HLQHU (UOlXWHUXQJ (V KDQGHOW VLFK KLHUEHL XP HLQHQ %HJULII DXV GHU

7UDQVODWLRQVZLVVHQVFKDIW (U EH]HLFKQHW GLH hEHUVHW]XQJ HLQHU 6DFKH VRZLH GHUHQ

%HODEEqV

$QSDVVXQJ XP VLH HLQHP DXVOlQGLVFKHQ 0DUNW ]XJlQJOLFK ]X PDFKHQ

′HPHQWVSUHFKHQG LVW XQWHU 6RIWZDUHORNDOLVLHUXQJ GLH hEHUVHW]XQJ XQG $QSDVVXQJ YRQ

6RIWZDUH ]X YHUVWHKHQ ′D GHU %HJULII

6RIWZDUH

LP DOOJHPHLQHQ 6SUDFKJHEUDXFK MHGRFK

KlXILJ QXU HLQ

LQ

3URJUDPPLHUVSUDFKH JHVFKULHEHQHV

XQG

NRPSLOLHUWHV

&RPSXWHUSURJUDPP

EHVFKUHLEW

PXVV

KLQ]XJHIJW

ZHUGHQ

GDVV

]XU

6RIWZDUHORNDOLVLHUXQJ X D DXFK GLH hEHUVHW]XQJ XQG $QSDVVXQJ YRQ ′RNXPHQWDWLRQ

XQG 2QOLQH+LOIH JHK|UW ,P 5DKPHQ GHU 6RIWZDUHORNDOLVLHUXQJ WULIIW PDQ ]XGHP DXI GLH

%HJULIIH

,QWHUQDWLRQDOLVLHUXQJ

XQG

*OREDOLVLHUXQJ

8QWHU ,QWHUQDWLRQDOLVLHUXQJ LVW GLH

%HUFNVLFKWLJXQJ WUDQVODWRULVFKHU $VSHNWH EHL GHU +HUVWHOOXQJ GHU 6RIWZDUH DOVR HLQH

LP 9RUIHOG YRUJHQRPPHQH $QSDVVXQJ HLQHV 6RIWZDUHSURGXNWV DQ GLH %HGUIQLVVH

DXVOlQGLVFKHU 0lUNWH ]X YHUVWHKHQ %HLVSLHOVZHLVH PXVV HLQ 3URJUDPP DXFK HLQH

XPJHNHKUWH /DXIULFKWXQJ GHV 7H[WHV XQWHUVWW]HQ ZHQQ HV LQ DUDELVFKH /lQGHU

H[SRUWLHUW ZHUGHQ VROO $XFK GLH 7UHQQXQJ YRQ 4XHOOFRGH XQG EHUVHW]EDUHP 7H[W LVW

KLHUEHL

YRQ

HVVHQ]LHO HU

%HGHXWXQJ

′HU

%HJULII

*OREDOLVLHUXQJ

I DVVW

,QWHUQDWLRQDOLVLHUXQJ XQG /RNDOLVLHUXQJ DXV XQWHUQHKPHULVFKHU 6LFKW ]XVDPPHQ

,,, 6RIWZDUHORNDOLVLHUXQJVPDUNW

$ *HVFKLFKWH

,Q GHQ HU -DKUHQ EHJDQQHQ DPHULNDQLVFKH 6RIWZDUHHQWZLFNOHU LKUH 6RIWZDUH

HUVWPDOLJ DXFK LP $XVODQG ]X YHUWUHLEHQ ′LH hEHUVHW]XQJ GHU 6RIWZDUH ZXUGH GDPLW

QRWZHQGLJ NRQQWH DEHU PDQJHOV OLQJXLVWLVFKHU 4XDOLILNDWLRQHQ QLFKW YRQ GHQ

(QWZLFNOHUQ VHOEVW GXUFKJHIKUW ZHUGHQ $QGHUHUVHLWV KDWWHQ hEHUVHW]HU GDPDOV QXU

JHULQJH &RPSXWHUNHQQWQLVVH 8P VLFK GLHVH DQ]XHLJQHQ DUEHLWHWHQ VLH

LQKRXVH

EHLP

′LHVH $QSDVVXQJ NDQQ DXI XQWHUVFKLHGOLFKH :HLVH HUIROJHQ XQG ZLUG LP 9HUODXI GLHVHU 6HPLQDUDUEHLW HUOlXWHUW

Ä3URJUDPPLHUVSUDFKHQ VLQG NQVWOLFK JHVFKDIIHQH 6SUDFKHQ LQ GHU *HVWDOW YRQ 7H[WNU]HOQ> @ PLW GHQHQ XQPLWWHOEDU EHU HLQHQ

3URJUDPPJHQHUDWRU HLQ 3URJUDPP IU HLQH ′DWHQYHUDUEHLWXQJVDQODJH GHILQLHUW ZHUGHQ NDQQ ZZZLWZLVVHQLQIR

.RPSLOLHUHQ EHGHXWHW LQ HLQHU 3URJUDPPLHUVSUDFKH JHVFKULHEHQHQ 4XHOOFRGH LQ ELQlUH 0DVFKLQHQVSUDFKH ]X EHUVHW]HQ V

3ULPlUOLWHUDWXU H&R/R5H 3′)′RNXPHQW 6

,Q 3URJUDPPLHUVSUDFKH YHUIDVVWHU 7H[W V H&R/R5H 3′)′RNXPHQW 6