EE5HJLRQDOH9HUWHLOXQJGHULQGLH(YDOXDWLRQHLQEH]RJHQHQ(LQULFKWXQJHQ

,QVJHVDPWNRQQWHQ(LQULFKWXQJHQDXVGHU

*UXSSHÄ4XDOLWlWWURW].RVWHQGUXFN³.RQ VXOWDWLRQVNLWDV XQG /lQJVVFKQLWW.LWDV LQ GLH8QWHUVXFKXQJHLQEH]RJHQZHUGHQ 1DFK GHU ,GHQWLIL]LHUXQJ GHU (LQULFKWXQJHQ JDOW HV LQQHUKDOE MHGHU (LQULFKWXQJ GLH ]X XQWHUVXFKHQGHQ*UXSSHQ]XVSH]LIL]LHUHQ,Q

HLQHP HUVWHQ 6FKULWW ZXUGH IHVWJHOHJW ZHO FKH*UXSSHQDUWHQLQMHGHU(LQULFKWXQJLQGLH 8QWHUVXFKXQJ HLQEH]RJHQ ZHUGHQ VROOWHQ ]%HLQH.LQGHUJDUWHQJUXSSHXQGHLQH+RUW JUXSSH+LHU]XJDEHVHLQH(PSIHKOXQJGHV 0%-6GLHIDVWLPPHUEHUFNVLFKWLJWZHUGHQ NRQQWH1DFKGHU)HVWOHJXQJGHUHLQ]XEH]LH KHQGHQ*UXSSHQDUWHQZXUGHQGDQQLQHLQHP

]ZHLWHQ 6FKULWW GLH 6WLFKSUREHQJUXSSHQ LQ MHGHU (LQULFKWXQJ QDFK GHP =XIDOOVSULQ]LS JH]RJHQ )U GLH .RQVXOWDWLRQV XQG GLH /lQJVVFKQLWW.LWDVZXUGHDQDORJYHUIDKUHQ

'LH (LQULFKWXQJVW\SHQ XQG GLH XQWHUVXFKWHQ

*UXSSHQDUWHQLQGHQ(LQULFKWXQJHQYHUWHLOHQ VLFKZLHLQGHU7DEHOOHDQJHJHEHQ

4W..LWDV .RQVXOWDWLRQV /lQJVVFKQLWW *HVDPW

.LWDV .LWDV

(LQULFKWXQJHQ

.ULSSHQJUXSSHQ

.LQGHUJDUWHQJUXSSHQ

+RUWJUXSSHQ

*UXSSHQLQVJHVDPW

7DE8QWHUVXFKXQJVVWLFKSUREH

'DWHQHUKHEXQJ

'LH 'DWHQHUKHEXQJHQ HUIROJWHQ LP =HLWUDXP YRQ'H]HPEHUELV-XQLXQGZXU GHQQDFKIROJHQGHP$EODXISODQGXUFKJHIKUW

‡ .RQWDNWDXIQDKPHPLWGHQ(LQULFKWXQJVOHL WHULQQHQ E]Z GHQ *UXSSHQHU]LHKHULQQHQ ]XU $EVSUDFKH YRQ (UKHEXQJVWHUPLQHQ XQG ]XU QlKHUHQ (UNOlUXQJ GHU 'DWHQ HUKHEXQJHQ

‡ (UIDVVXQJGHUSlGDJRJLVFKHQ4XDOLWlWLQ GHQ *UXSSHQ .ULSSHQJUXSSHQ .5,36 .LQGHUJDUWHQJUXSSHQ .(6 XQG .(65 +RUWJUXSSHQ +26 DXI GHU *UXQGODJH HLQHU FD GUHLVWÜQGLJHQ %HREDFKWXQJ HU JlQ]WGXUFKHLQFDPLQWLJHV*HVSUlFK PLWGHU*UXSSHQHU]LHKHULQ

‡ ,QWHUYLHZ PLW GHU *UXSSHQHU]LHKHULQ ]X 5DKPHQEHGLQJXQJHQLQGHU*UXSSH

‡ 4XDOLWlWVIUDJHERJHQ .(6 .5,36 RGHU +26IUGLH*UXSSHQHU]LHKHULQ]XU:LFK

WLJNHLW YRQ 4XDOLWlWVDVSHNWHQ XQG ]XU 6HOEVWHYDOXDWLRQ VFKULIWOLFKH %HDUEHL WXQJ

'LH .RRSHUDWLRQ PLW GHQ (LQULFKWXQJHQ YRU 2UWJHVWDOWHWHVLFKQDFKGHUhEHUZLQGXQJYRQ

$QODXIVFKZLHULJNHLWHQ JXW $OV ,QGLNDWRU IU GLHJHOXQJHQH.RRSHUDWLRQNDQQDQJHVHKHQ ZHUGHQGDVVHVLP(QGHIIHNWEHLGHQ'DWHQ HUKHEXQJHQ ]X NHLQHQ 9HUZHLJHUXQJHQ XQG

$XVIlOOHQJHNRPPHQLVW

8QWHUVFKLHGOLFKH4XDOLWlWVQLYHDXVLQGHQ YHUVFKLHGHQHQ.LQGHUJUXSSHQ

'LH .LQGHUJDUWHQ .(6 GLH .ULSSHQ .5,36 XQG GLH +RUW6NDOD +26 PHVVHQ GLH SlGDJRJLVFKH 4XDOLWlW MHZHLOV DXI HLQHU VLHEHQVWXILJHQ6NDOD:HUWHXQWHUEHGHXWHQ GDEHL XQ]XUHLFKHQGH 4XDOLWlW :HUWH ]ZL VFKHQ XQG XQWHU PLWWOHUH 4XDOLWlW XQG :HUWH]ZLVFKHQXQGJXWHELVDXVJH]HLFK

QHWH 4XDOLWlW ,Q GHU $EELOGXQJ VLQG GLH .(6:HUWH IU DOOH XQWHUVXFKWHQ .LQGHUJDU WHQJUXSSHQZLHGHUJHJHEHQ'LH$EELOGXQJHQ XQGHQWKDOWHQGLHHQWVSUHFKHQGHQ:HUWH IUGLH.ULSSHQXQG+RUWJUXSSHQ

:LHHUVLFKWOLFKJLEWHVEHLGHQXQWHUVXFKWHQ .LQGHUJDUWHQJUXSSHQ QXU HLQH *UXSSH PLW XQ]XUHLFKHQGHU 4XDOLWlW 'LHV HUVFKHLQW DOV HLQHUIUHXOLFKHV(UJHEQLVGDVQDFKGHU8QWHU VXFKXQJYRQ7LHW]HXD6GHP

%XQGHVGXUFKVFKQLWW HQWVSULFKW ZRQDFK EHL JXW GHU *UXSSHQ HLQH XQ]XUHLFKHQGH 4XDOLWlWDQ]XWUHIIHQLVW$OOHUGLQJVOLHJHQDXFK QXU]ZHLGHU*UXSSHQLQGHU=RQHJXWHUELV DXVJH]HLFKQHWHU 4XDOLWlW GLHV LVW GHXWOLFK ZHQLJHU DOV LP %XQGHVGXUFKVFKQLWW +LHUEHL KDQGHOWHVVLFKXP.LQGHUJDUWHQJUXSSHQDXV

.RQVXOWDWLRQVHLQULFKWXQJHQ 'DPLW OLHJHQ QDKH]X DOOH *UXSSHQ LQ GHU =RQH PLWWOHUHU 4XDOLWlWZREHLDXFKLQGLHVHU4XDOLWlWV]RQH HLQHVWDUNH6WUHXXQJ]XYHU]HLFKQHQLVW

$XFK IU GLH .ULSSHQ XQG GLH +RUWJUXSSHQ VWUHXHQGLH:HUWHVWDUN(UVWDXQOLFKPDJKLHU EHLHUVFKHLQHQGDVVNHLQH.ULSSHQJUXSSHLQ GLH=RQHJXWHELVDXVJH]HLFKQHWH4XDOLWlW]X OLHJHQNRPPWXQGGDVVPLWYRQXQWHU VXFKWHQ .ULSSHQJUXSSHQ GLH +lOIWH LQ GHU

=RQH XQ]XUHLFKHQGHU 4XDOLWlW OLHJW

*UXSSHQ EHILQGHQ VLFK GDEHL QXU NQDSS XQWHUKDOE GHU *UHQ]H PLQLPDO DN]HSWDEOHU 4XDOLWlWGLHEULJHQ*UXSSHQDOOHU GLQJVUHFKWGHXWOLFKGDUXQWHU:HUWH]ZLVFKHQ XQG9RUGHP+LQWHUJUXQGLQWHUQDWLRQD OHU )RUVFKXQJVHUJHEQLVVH LVW GLHVHU %HIXQG

,QVWUXPHQW 4W..LWDV .RQVXOW /lQJVVFKQLWW 6LJQLILNDQ]

.LWDV .LWDV

.5,36 [

V

Q . 4W. /

.(6 [

V

Q .!4W./

+26 [

V

Q .!4W./

]:HUW [ ² ²

V

Q .!4W./

7DE3lGDJRJLVFKH4XDOLWlWYRQ4W..LWDV.RQVXOWDWLRQV.LWDVXQG/lQJVVFKQLWW.LWDV LP9HUJOHLFK(LQZHJYDULDQ]DQDO\VHPLWQDFKIROJHQGHP7XNH\7HVW

DOOHUGLQJV QLFKW HUVWDXQOLFK (LQH GHXWVFK DPHULNDQLVFKH9HUJOHLFKVVWXGLH]HLJWGDVVLQ EHLGHQ /lQGHUQ EHU GHU .ULSSHQJUXS SHQHLQHXQ]XUHLFKHQGH3UR]HVVTXDOLWlWDXI ZHLVHQ7LHW]H &U\HU

'LH4XDOLWlWLQGHQ+RUWJUXSSHQQLPPWHLQH

=ZLVFKHQVWHOOXQJ ]ZLVFKHQ GHU LQ GHQ .ULS SHQ XQG GHQ .LQGHUJDUWHQJUXSSHQ HLQ 0LW VLHEHQ YRQ +RUWJUXSSHQ EHILQGHQ VLFK UXQGLQGHU=RQHXQ]XUHLFKHQGHU4XD OLWlWDOOHVLHEHQ+RUWJUXSSHQYHUIHKOHQGDEHL DOOHUGLQJV QXU NQDSS GLH *UHQ]H PLQLPDO DN]HSWDEOHU6WDQGDUGV:HUWYRQ)UDOOH GUHL .LQGHUJUXSSHQ .ULSSHQJUXSSHQ .LQ GHUJDUWHQJUXSSHQ+RUWJUXSSHQJLOWGDVVGLH

*UXSSHQDXVGHQ.RQVXOWDWLRQVHLQULFKWXQJHQ ]XK|KHUHQ4XDOLWlWVZHUWHQWHQGLHUHQ 8P GLHVH EHL GHU GHVNULSWLYHQ 'DUVWHOOXQJ HUNHQQEDUH 7HQGHQ] ]X EHUSUIHQ ZXUGHQ GLHGXUFKVFKQLWWOLFKHQ4XDOLWlWVZHUWH.5,36 .(6XQG+26DXVGHQ.RQVXOWDWLRQVHLQULFK WXQJHQGHQ4W..LWDVXQGGHQ/lQJVVFKQLW WHLQULFKWXQJHQ PLWHLQDQGHU YHUJOLFKHQ :LH

DXVGHU7DEHOOHHUVLFKWOLFKHUJHEHQVLFK±

PLW$XVQDKPHIUGLH.ULSSHQJUXSSHQ±VWDWL VWLVFK VLJQLILNDQW K|KHUH 4XDOLWlWVZHUWH IU GLH .LQGHUJDUWHQ XQG +RUWJUXSSHQ DXV GHQ .RQVXOWDWLRQVHLQULFKWXQJHQ'DV(UJHEQLVJLOW DXFK ZHQQ GLH .5,36 .(6 XQG +26 :HUWHQDFKHLQHUYRUJlQJLJHQ]7UDQVIRUPD WLRQ]XVDPPHQJHIDVVWZHUGHQ,Q9HUELQGXQJ PLWGHQ$EELOGXQJHQ±LVWMHGRFKHUNHQQ EDUGDVVQLFKWDOOH*UXSSHQDXVGHQ.RQVXO WDWLRQVHLQULFKWXQJHQ *UXSSHQ PLW EHUOHJH QHU4XDOLWlWVLQGVRQGHUQDXFKKLHUEHDFKWOL FKH6WUHXXQJHQ]XYHU]HLFKQHQVLQG

:lKUHQGLQVJHVDPWJHVHKHQVLFKGLH*UXS SHQ GHU .RQVXOWDWLRQVHLQULFKWXQJHQ LQ GHU 4XDOLWlW DEKHEHQ ODVVHQ VLFK NHLQH 8QWHU VFKLHGH LQ GHU 4XDOLWlW ]ZLVFKHQ GHQ 4W.

.LWDV XQG GHQ /lQJVVFKQLWW.LWDV HUNHQQHQ 0DQNDQQGLHVHQ%HIXQGVRGHXWHQGDVVGLH .LWDV GHV 0RGHOOSURMHNWV Ä4XDOLWlW WURW]

.RVWHQGUXFN³NHLQHEHVRQGHUH$XVZDKOGDU VWHOOHQZDVGLHJHJHEHQH4XDOLWlWLQGLHVHQ (LQULFKWXQJHQDQEHODQJW

$EE3lGDJRJLVFKH3UR]HVVTXDOLWlWLQ.LQGHUJDUWHQJUXSSHQ.(6²,WHPV

6WlUNHQXQG6FKZlFKHQLP 4XDOLWlWVSURILO

,P %LVKHULJHQ ZXUGHQ 9HUJOHLFKH DXI GHU

%DVLVYRQ.(6.5,36XQG+26*HVDPW ZHUWHQ YRUJHQRPPHQ ,Q HLQHP QlFKVWHQ 8QWHUVXFKXQJVVFKZHUSXQNW VROO GHU )UDJH QDFKJHJDQJHQ ZHUGHQ RE KLQWHU GHQ *H VDPWZHUWHQ GHU *UXSSHQ HLQ EHVWLPPWHV 6WlUNHQXQG6FKZlFKHQSURILOVWHKWGDVIU GLHEUDQGHQEXUJLVFKHQ(LQULFKWXQJHQFKDUDN WHULVWLVFKLVW

:LU EHVFKUlQNHQ XQV GDEHL DXV 5DXPJUQ GHQ DXI GLH .LQGHUJDUWHQJUXSSHQ XQG GLH .(6)UGLHVH6WlUNHQXQG6FKZlFKHQDQD O\VHZLUGQLFKWXQWHUVFKLHGHQ]ZLVFKHQ4W.

.LWDV /lQJVVFKQLWW.LWDV XQG .RQVXOWDWLRQV .LWDV:LUJHKHQYLHOPHKUGHU)UDJHQDFKRE VLFK XQDEKlQJLJ YRQ HLQHU EHVWLPPWHQ

=XJHK|ULJNHLW GHU (LQULFKWXQJHQ EHVWLPPWH 6WlUNHQXQG6FKZlFKHQ]HLJHQ

:LU EHWUDFKWHQ GD]X GLH GXUFKVFKQLWWOLFKHQ :HUWH LQ GHQ HLQ]HOQHQ 4XDOLWlWVPHUNPDOHQ

$EE3lGDJRJLVFKH3UR]HVVTXDOLWlWLQ.ULSSHQJUXSSHQ.5,36²,WHPV

$EE3lGDJRJLVFKH3UR]HVVTXDOLWlWLQ+RUWJUXSSHQ+26²,WHPV

GHU.(6'LH0LWWHOZHUWHVFKZDQNHQDXIGHU VLHEHQVWXILJHQ6NDOD]ZLVFKHQXQG DOVR]ZLVFKHQXQ]XUHLFKHQGHUXQGJXWHU 4XDOLWlW

:LH OlVVW VLFK QXQ GDV 4XDOLWlWVSURILO GHU XQWHUVXFKWHQ .LQGHUJDUWHQJUXSSHQ QlKHU FKDUDNWHULVLHUHQ":ROLHJHQUHODWLYH6WlUNHQ JHJHEHQHQIDOOV DEHU DXFK UHODWLYH 6FKZl FKHQ LQ GHQ EUDQGHQEXUJLVFKHQ (LQULFKWXQ JHQ"

,P'XUFKVFKQLWWGHUEUDQGHQEXUJLVFKHQ.LQ GHUJDUWHQJUXSSHQ HUIDKUHQ GLH .LQGHU XQG DXFK(OWHUQHLQHIUHXQGOLFKHXQGLQGLYLGXHOOH

%HJU‰XQJXQG9HUDEVFKLHGXQJ.(61U GHU 7DJHVDEODXI LVW NLQGJHPl‰ XQG DEZHFKVOXQJVUHLFKJHVWDOWHW1UHV KHUUVFKWHLQH]XIULHGHQVWHOOHQGH$WPRVSKlUH 1UXQGGLH5XKHXQG6FKODISDX VHQ VLQG LQ GHQ PHLVWHQ )lOOHQ GLIIHUHQ]LHUW XQGNLQGDQJHPHVVHQJHVWDOWHW1U

%HLGHQSlGDJRJLVFKHQ$NWLYLWlWHQKHEWVLFK GHU %HUHLFK GHU *UREPRWRULN 1U 1U XQG 1U SRVLWLY DE REZRKO EHL GHU$XVVWDWWXQJ IU *UREPRWRULN LP 'XUFKVFKQLWW NHLQH EHUUDJHQGHQ :HUWH JHJHEHQVLQG1U%HLGHU%HVFKlI WLJXQJGHU.LQGHUPLW%DXXQG.RQVWUXNWLRQV VSLHOHQ 1U HEHQVR ZLH GLH$QOHL WXQJXQG%HDXIVLFKWLJXQJEHLNUHDWLYHQ7lWLJ NHLWHQ1UJLEWHVYHUJOHLFKVZHLVH KRKH:HUWH$OOHUGLQJVILQGHWVLFKGRUWZRHV XP GLH 8QWHUVWW]XQJ HLQHV HLJHQVWlQGLJHQ NQVWOHULVFKHQ *HVWDOWHQV GHU .LQGHU JHKW HLQHKHUQLHGULJHU:HUW1U 'HQJHQDQQWHQUHODWLYHQ6WlUNHQVWHKHQDXFK NODUHUNHQQEDUH6FKZlFKHQJHJHQEHU=XP

HLQHQ VLQG HKHU QLHGULJH 3XQNWZHUWH LP

%HUHLFK GHU VR]LDOHPRWLRQDOHQ )|UGHUXQJ GHU.LQGHUHUNHQQEDU'LHVZLUGGHXWOLFKEHL GHQ5FN]XJVP|JOLFKNHLWHQIUGDVHLQ]HOQH .LQG1UEHLGHQIUGLH6R]LDOHQW ZLFNOXQJ ZLFKWLJHQ 5ROOHQVSLHOHQ 1U ZLH DXFK EHL GHU$XVVWDWWXQJ IU (QW VSDQQXQJXQG%HKDJOLFKNHLW1U

=XPDQGHUHQIlOOWDXIGDVVGLHPHLVWHQ.LQ GHUJDUWHQJUXSSHQ LP %HUHLFK GHU NRJQLWLY VSUDFKOLFKHQ$QUHJXQJHQUHFKWQLHGULJSXQN WHQ1U1U1U

=XVDPPHQJHIDVVWODVVHQVLFKGDPLWLQHLQHU EUHLW YHUVWDQGHQHQ %LOGXQJVRULHQWLHUXQJ VR ]LDOHPRWLRQDOXQGNRJQLWLYVSUDFKOLFKZLHVLH IUGHQ.LQGHUJDUWHQEHUHLFKDQJHPHVVHQLVW JHZLVVH'HIL]LWHHUNHQQHQGLHEHL4XDOLWlWV HQWZLFNOXQJVPD‰QDKPHQ YRUUDQJLJ DXI]X JUHLIHQZlUHQ

$OVHLQGULWWHU%HUHLFKYRQ4XDOLWlWVPHUNPD OHQ GHU RKQH =ZHLIHO HLQHU 9HUEHVVHUXQJ EHGUIWH VLQG 0HUNPDOH GHU$UEHLWVVLWXDWLRQ XQGGHU3URIHVVLRQVHQWZLFNOXQJGHVSlGDJR JLVFKHQ 3HUVRQDOV ]X QHQQHQ 5lXPOLFKNHL WHQVSH]LHOOIU(U]LHKHULQQHQ1U

EHUKDXSW DQJHPHVVHQH 7UHIIP|JOLFKNHLWHQ IU (UZDFKVHQH DXFK (OWHUQ 1U XQG)RUWELOGXQJVP|JOLFKNHLWHQIU(U]LHKHULQ QHQ 1U VLQG QLFKW LQ HLQHP ZQ VFKHQVZHUWHQ0D‰HJHJHEHQ

=XU (LQRUGQXQJ GHV 4XDOLWlWVSURILOV GDV LQ GLHVHP $EVFKQLWW JH]HLFKQHW ZXUGH LVW LP

$XJH ]X EHKDOWHQ GDVV HV VLFK DXI GHQ 'XUFKVFKQLWW DOOHU .LQGHUJDUWHQJUXSSHQ EH]LHKW (V JLEW DOVR LPPHU ]DKOUHLFKH .LQ

GHUJDUWHQJUXSSHQ GLH GHXWOLFK EHU GLHVHQ 'XUFKVFKQLWWVZHUWHQOLHJHQZLHDXFKGDUXQ WHU =XGHP ]HLJW VLFK GDVV KlXILJ YRQ GHU HLQHQ RGHU DQGHUHQ .LQGHUJDUWHQJUXSSH +|FKVWZHUWHYRQE]ZYRQHUUHLFKWZHU GHQ 'LHV ZHLVW DXI HLQ HQWVSUHFKHQGHV 3RWHQWLDOKLQGDVEHLHLQHU4XDOLWlWVHQWZLFN OXQJJHQXW]WZHUGHQVROOWH

3lGDJRJLVFKH4XDOLWlWLP/lQJVVFKQLWW YHUJOHLFK

,P .LQGHUWDJHVVWlWWHQZHVHQ GHV /DQGHV

%UDQGHQEXUJKDEHQVLFKLQGHQ]XUFNOLHJHQ GHQ-DKUHQ]DKOUHLFKH9HUlQGHUXQJHQYROO]R JHQ'LHVOHJWQDKHLQHLQHPDEVFKOLH‰HQGHQ 8QWHUVXFKXQJVVFKZHUSXQNW QDFK P|JOLFKHQ ODQJIULVWLJHQ9HUlQGHUXQJHQLQGHUSlGDJRJL VFKHQ 4XDOLWlW ]X IUDJHQ 'LH ZLHGHUKROWH 8QWHUVXFKXQJ YRQ .LQGHUJDUWHQJUXSSHQ LQ HLQHU6WLFKSUREHYRQEUDQGHQEXUJLVFKHQ.LQ GHUWDJHVVWlWWHQ GLH VFKRQ HLQPDO LP 5DKPHQHLQHUEXQGHVZHLWHQ(YDOXDWLRQVVWX WXQJHQ QXU QRFK H[LVWLHUWHQ RGHU GDVV LQQHUKDOEGHU(LQULFKWXQJHQ/HLWXQJXQG3HU VRQDOYLHOIDFKJHZHFKVHOWKDWWHQLVWDXFKYRQ 9HUlQGHUXQJHQLQGHQ(LQ]XJVEHUHLFKHQDXV ]XJHKHQ GLH DOV .RQWH[WEHGLQJXQJHQ HLQHQ (LQIOXVVDXIGLHSlGDJRJLVFKH4XDOLWlWKDEHQ N|QQHQ=XEHUFNVLFKWLJHQEHLHLQHP/lQJV VFKQLWW9HUJOHLFK LVW DXFK GDVV ]X EHLGHQ (UKHEXQJV]HLWSXQNWHQ XQG MH

ZHLOV QXU HLQH .LQGHUJDUWHQJUXSSH SUR (LQ ULFKWXQJ XQWHUVXFKW ZXUGH GLH IU VLFK JHQRPPHQ QXU EHGLQJW DOV HLQ YHUOlVVOLFKHU 6FKlW]HUGHU(LQULFKWXQJVTXDOLWlWDQJHVHKHQ

'LHVH *HJHEHQKHLWHQ ]XVDPPHQ JHQRP PHQPLWGHPUHODWLYJHULQJHQ6WLFKSUREHQXP IDQJ YRQ YHUEOLHEHQHQ (LQULFKWXQJHQ PDFKHQHVZDKUVFKHLQOLFKGDVVQXUZLUNOLFK JUDYLHUHQGH 9HUlQGHUXQJHQ EHUKDXSW DXI JHGHFNWZHUGHQN|QQHQ

,QHLQHPHUVWHQ=XJULIIZXUGHGLH6WDELOLWlWLQ GHU 4XDOLWlW ]ZLVFKHQ GHQ EHLGHQ 0HVV]HLW SXQNWHQ EHUSUIW 'D]X ZXUGHQ GLH .(6 (UJHEQLVVHDXVGHU(UVWXQGGHU=ZHLWPHV VXQJPLWHLQDQGHUNRUUHOLHUW'HU.RUUHODWLRQV NRHIIL]LHQWYRQU YHUZHLVWDXIHLQHQWHQ GHQ]LHOOHQ =XVDPPHQKDQJ LQ GHP 6LQQH GDVVGLH(LQULFKWXQJHQPLWKRKHQ.(6:HU WHQ LP -DKUH DXFK ]X K|KHUHQ .(6 :HUWHQ LP -DKUH WHQGLHUHQ$OOHUGLQJV KDQGHOW HV VLFK XP HLQHQ VHKU QLHGULJHQ

=XVDPPHQKDQJ GHU ]XGHP EHL GHP JHULQ JHQ 6WLFKSUREHQXPIDQJ YRQ )lOOHQ VWDWL VWLVFK QLFKW ]X VLFKHUQ LVW =XU hEHUSUIXQJ GHU )UDJH RE VLFK 8QWHUVFKLHGH LP GXUFK VFKQLWWOLFKHP 1LYHDX GHU SlGDJRJLVFKHQ 4XDOLWlW .(6 ]ZLVFKHQ GHQ EHLGHQ 0HV V]HLWSXQNWHQ XQG HUNHQQHQ ODV VHQZXUGHHLQHQWVSUHFKHQGHU0LWWHOZHUWYHU JOHLFK YRUJHQRPPHQ W7HVW IU DEKlQJLJH 6WLFKSUREHQ

DOOH*UXSSHQLQGHQ.RQVXOWDWLRQVHLQULFK WXQJHQ

'LHXQWHUVXFKWHQEUDQGHQEXUJLVFKHQ.LQ GHUJDUWHQJUXSSHQZHLVHQLQLKUHU*HVDPW KHLWNODUHUNHQQEDUHUHODWLYH6WlUNHQXQG UHODWLYH6FKZlFKHQLQGHUSlGDJRJLVFKHQ 3UR]HVVTXDOLWlW DXI 'HU 7DJHVDEODXI LVW NLQGJHUHFKW JHVWDOWHW .LQGHU XQG (OWHUQ ZHUGHQ IUHXQGOLFK EHJU‰W XQG YHUDE VFKLHGHWXQGHVKHUUVFKWLP'XUFKVFKQLWW HLQH ]XIULHGHQVWHOOHQGH IUHXQGOLFKH XQG HQWVSDQQWH$WPRVSKlUH,P6SHNWUXPGHU UHLFKHQ GHU VR]LDOHPRWLRQDOHQ VRZLH NRJQLWLYVSUDFKOLFKHQ(QWZLFNOXQJXQG%LO GXQJ YHUJOHLFKVZHLVH ZHQLJ )|UGHUXQJ HUIDKUHQ

$XIIlOOLJ LVW DXFK GDVV GLH %HIULHGLJXQJ GHUUlXPOLFKHQ%HGUIQLVVHGHVSlGDJRJL VFKHQ3HUVRQDOVLQGHQ(LQULFKWXQJHQVR ZLHLKUH:HLWHUTXDOLIL]LHUXQJGXUFK)RUWELO GXQJ ± 6WW]EHGLQJXQJHQ IU JXWH SlG DJRJLVFKH 3UR]HVVTXDOLWlW ± HLQHU QDFK KDOWLJHQ9HUEHVVHUXQJEHGUIHQ

(LQVLHEHQMlKULJHU/lQJVVFKQLWWEHLHLQHU

*UXSSHYRQ(LQULFKWXQJHQ]HLJWNHLQH 9HUlQGHUXQJHQ LQ GHU SlGDJRJLVFKHQ 3UR]HVVTXDOLWlW .(6 'LH %HZHUWXQJ GLHVHV %HIXQGHV HUVFKHLQW DPELYDOHQW (LQHUVHLWVKDEHQGLH]ZLVFKHQ]HLWOLFKYLHO (V]HLJWVLFKGDVVGLHGXUFKVFKQLWWOLFKH4XD

OLWlWPLW3XQNWHQLP-DKUXP 3XQNWHQLHGULJHUOLHJWDOVVLHEHQ-DKUHYRUKHU XQWHU SUIVWDWLVWLVFKHP *HVLFKWVSXQNW PXVV GLHVH 'LIIHUHQ] MHGRFK DOV LP %HUHLFK YRQ

=XIDOOVVFKZDQNXQJHQ DQJHVLHGHOW EHWUDFKWHW ZHUGHQ(VLVWVRPLWNHLQH9HUlQGHUXQJGHV 1LYHDXVSlGDJRJLVFKHU4XDOLWlWZLHVLHPLW GHU .(6 HUIDVVW ZLUG LQ GHQ .LQGHUJDUWHQ JUXSSHQHUNHQQEDU

Im Dokument OPUS 4 | Ene, mene, muh - Und was sagst du...? (Seite 37-44)