Haupt- und Finanzausschuss

1 L H G H U V F K U L I W

EHUGLH6LW]XQJGHV+DXSWXQG)LQDQ]DXVVFKXVVHVGHU6WDGW%DHVZHLOHU LP6LW]XQJVVDDOGHV5DWKDXVHV6HWWHULFKDP

%HJLQQ 8KU

(QGH 8KU

$QZHVHQGZDUHQ

D %UJHUPHLVWHU'U/LQNHQVDOV9RUVLW]HQGHU VWLPPEHUHFKWLJWJHP†$EV*21:

E VWLPPEHUHFKWLJWH0LWJOLHGHU

%HFNHUV5ROI

%XUJKDUGW-UJHQ 1RKU-HQV

IU'HGHULFKV1RUEHUW

*HOOHU+HUEHUW /DQNRZ:ROIJDQJ 0DQGHODUW]$OIUHG 0HLULFK7KRPDV 0RKU%UXQR

0RKU&KULVWRSK

%RFNPKO*DEULHOH

IU3HKOH%HUQG

3XKO 0DWKLDV 5HLQDUW] )HUGL 6FKHHQ:ROIJDQJ 6FKPLW]+HQGULN

=DQWLV-UJHQ

F YRQGHU9HUZDOWXQJ

,XQG7HFKQ%HLJHRUGQHWHU6WUDXFK

%HLJHRUGQHWHU/H‰PDQQ 6W956FKPLW]

6W$5'HULFKV

6W$QJ6FKDOOHQEHUJDOV6FKULIWIKUHU

'LH0LWJOLHGHUGHV+DXSWXQG)LQDQ]DXVVFKXVVHVZDUHQGXUFK(LQODGXQJYRP IU'LHQVWDJ8KUXQWHU0LWWHLOXQJGHU7DJHVRUGQXQJ LQGHQ6LW]XQJVVDDOGHV5DWKDXVHV6HWWHULFKHLQEHUXIHQZRUGHQ

=HLW2UWXQG6WXQGHGHU6LW]XQJVRZLHGLH7DJHVRUGQXQJZDUHQ|IIHQWOLFKEHNDQQW JHPDFKWZRUGHQ

%UJHUPHLVWHU'U/LQNHQVVWHOOWHIHVWGDVVGHU+DXSWXQG)LQDQ]DXVVFKXVVQDFK GHU=DKOGHUHUVFKLHQHQHQ0LWJOLHGHUEHVFKOXVVIlKLJZDU

7 $ * ( 6 2 5 ' 1 8 1 *

$ gIIHQWOLFKH6LW]XQJ

.HQQWQLVQDKPH GHU 1LHGHUVFKULIW EHU GLH 6LW]XQJ GHV +DXSW XQG )LQDQ]DXVVFKXVVHVDP

6DW]XQJEHUGLH)HVWVHW]XQJGHU+HEHVlW]HIUGLH5HDOVWHXHUQGHU6WDGW

%DHVZHLOHUIUGDV+DXVKDOWVMDKU

%HUDWXQJEHUHYHQWXHOOH(LQZHQGXQJHQJHJHQGHQ(QWZXUIGHU+DXVKDOWV VDW]XQJPLWSODQXQG$QODJHQGHU6WDGW%DHVZHLOHUIUGDV+DXVKDOWVMDKU

%HUDWXQJGHV(QWZXUIVGHU+DXVKDOWVVDW]XQJGHU6WDGW%DHVZHLOHUIU GDV+DXVKDOWVMDKU

%HUDWXQJGHV,QYHVWLWLRQVSURJUDPPVGHU6WDGW%DHVZHLOHUIUGLH-DKUH ELV

%HWHLOLJXQJVEHULFKWGHU6WDGW%DHVZHLOHU 6WHOOHQSODQ

(UK|KXQJGHU%HQXW]XQJVJHEKUHQGHUVWDGWHLJHQHQ2EGDFKORVHQXQWHUNQIWH 3HWHUVWUD‰HXQGVRZLH$P%DXKRI

bQGHUXQJGHU$QODJH]XU6DW]XQJEHUGLH6WUD‰HQUHLQLJXQJLQGHU6WDGW

%DHVZHLOHU YRP LQ GHU )DVVXQJ GHU bQGHUXQJVVDW]XQJ YRP 6WUD‰HQYHU]HLFKQLV

0LWWHLOXQJHQGHU9HUZDOWXQJ

$QIUDJHQYRQ$XVVFKXVVPLWJOLHGHUQ

% 1LFKW|IIHQWOLFKH6LW]XQJ 3HUVRQDODQJHOHJHQKHLWHQ

,Q7UlJHUVFKDIWGHV.UHLVHV$DFKHQEHILQGOLFKHU.LQGHUJDUWHQLP6WDGWWHLO 6HWWHULFKÅ$P:HLKHU´

KLHU (UEEDXUHFKWVYHUWUDJ 0LWWHLOXQJHQGHU9HUZDOWXQJ

$QIUDJHQYRQ$XVVFKXVVPLWJOLHGHUQ

$ gIIHQWOLFKH6LW]XQJ

.HQQWQLVQDKPH GHU 1LHGHUVFKULIW EHU GLH 6LW]XQJ GHV +DXSW XQG )LQDQ]DXVVFKXVVHVDP

'HU+DXSWXQG)LQDQ]DXVVFKXVVQDKPGLH1LHGHUVFKULIWYRP HLQVWLPPLJ]XU.HQQWQLV

6DW]XQJEHUGLH)HVWVHW]XQJGHU+HEHVlW]HIUGLH5HDOVWHXHUQGHU6WDGW

%DHVZHLOHUIUGDV+DXVKDOWVMDKU

0LW%HVFKOXVVGHV6WDGWUDWHVYRPZXUGHQGLH+HEHVlW]HIUGLH 5HDOVWHXHUQIUZLHIROJWIHVWJHVHW]W

*UXQGVWHXHU$ Y+

*UXQGVWHXHU% Y+

*HZHUEHVWHXHU Y+

%HLGHU(UPLWWOXQJGHU6FKOVVHO]XZHLVXQJHQLP5DKPHQGHV*HPHLQGH ILQDQ]LHUXQJVJHVHW]HV*)*ZHUGHQGHU6WDGWMHGRFK6WHXHUHLQQDKPHQQDFK ILNWLYHQ+HEHVlW]HQDQJHUHFKQHW6HLWXQGDXFKIUGDV-DKUVLQG GLHVH+HEHVlW]HIHVWJHVHW]WDXI

*UXQGVWHXHU$ Y+

*UXQGVWHXHU% Y+

*HZHUEHVWHXHU Y+

'LHELVKHUIHVWJHVHW]WHQ+HEHVlW]HIUGLH*UXQGVWHXHU%Y+XQGGLH

*HZHUEHVWHXHUY+XQWHUVFKUHLWHQGLHILNWLYHQ+HEHVlW]HY+E]Z Y+

+HUU %UJHUPHLVWHU 'U /LQNHQV VFKOXJ GHQQRFK YRU GLH +HEHVlW]H XQYHUlQGHUW]XEHODVVHQ

%HVFKOXVV

'HU+DXSWXQG)LQDQ]DXVVFKXVVVFKOlJWGHP6WDGWUDWHLQVWLPPLJYRUIU GDV -DKU HLQH +HEHVDW]6DW]XQJ ]X HUODVVHQ XQG GLH +HEHVlW]H JHJHQEHUGHP-DKUXQYHUlQGHUW]XEHODVVHQ

%HUDWXQJEHUHYHQWXHOOH(LQZHQGXQJHQJHJHQGHQ(QWZXUIGHU+DXVKDOWV VDW]XQJPLWSODQXQG$QODJHQGHU6WDGW%DHVZHLOHUIUGDV+DXVKDOWVMDKU

'HU (QWZXUI GHU +DXVKDOWVVDW]XQJ PLW SODQ XQG $QODJHQ GHU 6WDGW

%DHVZHLOHUIUGDV+DXVKDOWVMDKUODJQDFK|IIHQWOLFKHU%HNDQQWPDFKXQJ DPLQGHU=HLWYRPELVHLQVFKOLH‰OLFK

|IIHQWOLFKDXV,QQHUKDOEYRQ7DJHQQDFK$XVOHJXQJGHV(QWZXUIHVDOVR ELVHLQVFKOLH‰OLFK NRQQWHQ(LQZRKQHURGHU$EJDEHSIOLFKWLJH (LQZHQGXQJHQJHJHQGLHVHQ(QWZXUIHUKHEHQ

'LH(QWZXUIVXQWHUODJHQZXUGHQGHU,QGXVWULHXQG+DQGHOVNDPPHUGHU +DQGZHUNVNDPPHU XQG GHU /DQGZLUWVFKDIWVNDPPHU 5KHLQODQG ]XU 6WHOOXQJQDKPHYRUJHOHJW

'LH6WHOOXQJQDKPHGHU,QGXVWULHXQG+DQGHOVNDPPHUOLHJWLQ]ZLVFKHQYRU VLHLVWGHQ)UDNWLRQVYRUVLW]HQGHQPLWJOHLFKHU3RVW]XJHVWHOOWZRUGHQ'LH 6WHOOXQJQDKPHQGHUDQGHUHQ.DPPHUQOLHJHQQRFKQLFKWYRU(LQZHQGXQJHQ YRQ(LQZRKQHUQXQG$EJDEHSIOLFKWLJHQVLQGQLFKWHLQJHJDQJHQ

+HUU%UJHUPHLVWHU'U/LQNHQVIKUWHZHLWHUKLQDXVGDVVHQWJHJHQGHU 6WHOOXQJQDKPHGHU,+.GLH6FKOVVHO]XZHLVXQJHQQLFKWNRQVWDQWJHEOLHEHQ VLQG VRQGHUQ VHLW PHUNOLFK JHVXQNHQ VLQG :RUWPHOGXQJHQ XQG (LQZHQGXQJHQVHLWHQVGHU$XVVFKXVVPLWJOLHGHUJDEHVNHLQH

%HUDWXQJGHV(QWZXUIHVGHU+DXVKDOWVVDW]XQJGHU6WDGW%DHVZHLOHUIUGDV +DXVKDOWVMDKU

*HJHQEHUGHPLQGHU5DWVVLW]XQJDP]XJHOHLWHWHQ(QWZXUIGHU +DXVKDOWVVDW]XQJIUGDV+DXVKDOWVMDKUKDEHQVLFKHLQH5HLKHYRQ 9HUlQGHUXQJHQHUJHEHQGLHDXI

GLH(UJHEQLVVHGHU5HJLRQDOLVLHUXQJGHU1RYHPEHU6WHXHUVFKlW]XQJ GDV1DFKWUDJV*)*GHV/DQGHV1RUGUKHLQ:HVWIDOHQIU

VRZLH

bQGHUXQJHQGHV6ROLGDUEHLWUDJVJHVHW]HV

]XUFN]XIKUHQVLQGXQG]XbQGHUXQJHQGHU(QWZXUIVIDVVXQJIKUHQ'LHVH bQGHUXQJHQXQGVLFKGDUDXVHUJHEHQGHZHLWHUH9HUlQGHUXQJHQVLQGLQGHU GLHVHU9RUODJHEHLJHIJWHQWDEHOODULVFKHQhEHUVLFKWGDUJHVWHOOW6LHIKUHQ LQGHU6XPPHEHLP9HUZDOWXQJVKDXVKDOW]XHLQHU9HUVFKOHFKWHUXQJYRQ L GLH GXUFK ZHLWHUH UHFKWOLFK ]XOlVVLJH =XIKUXQJHQ DXV GHP 9HUP|JHQVKDXVKDOWLQJOHLFKHU+|KHJHGHFNWZHUGHQ,P9HUP|JHQVKDXVKDOW VWHKHQ GHU 6XPPH GHU 9HUVFKOHFKWHUXQJHQ LQ +|KH YRQ L

9HUEHVVHUXQJHQ LQ +|KH YRQ L JHJHQEHU 1DFK GHQ HQW VSUHFKHQGHQ=XIKUXQJHQDQGHQ9HUZDOWXQJVKDXVKDOWLVW]XU'HFNXQJGHU ,QYHVWLWLRQHQ LP 9HUP|JHQVKDXVKDOW HLQH XQYHUlQGHUWH .UHGLWDXIQDKPH DXVJHZLHVHQ ZlKUHQG GLH (QWQDKPH DXV GHU 5FNODJH XP L DQJHKREHQZHUGHQPXVV

(UOlXWHUXQJGHUbQGHUXQJVYRUVFKOlJH $OOJHPHLQHV

'DV /DQGHVNDELQHWW KDW DP ]X GHP /DQGHVKDXVKDOW VRZLH ]XP *HPHLQGHILQDQ]LHUXQJVJHVHW] XQG 6ROLGDU EHLWUDJVJHVHW]1DFKWUlJHEHVFKORVVHQGLHGHP/DQGWDJDP ]XJHOHLWHWXQGLP-DQXDULQDEVFKOLH‰HQGHU/HVXQJEHKDQGHOW ZHUGHQ

'LH:RKQJHOGHQWODVWXQJGHV/DQGHVGLHDQGLH.RPPXQHQLP:HJH GHU8PVHW]XQJYRQ+DUW],9ZHLWHUJHJHEHQZHUGHQZLUGYRQ0LR (85DXI0LR(85DXIJHVWRFNW'DYRQDEJH]RJHQZHUGHQ0LR (85 IU GLH Å6RQGHUI|UGHUXQJ 2VW´ VRGDVV QRFK 0LR (85 YHUEOHLEHQ'LHVHU6DOGRZLUGQXQDX‰HUKDOEGHV6WHXHUYHUEXQGHVGHQ NUHLVIUHLHQ6WlGWHQXQG.UHLVHQ]XNRPPHQXQGQLFKWZLHELVKHUDQ DOOH.RPPXQHQDOVLQYHVWLYH6FKOVVHO]XZHLVXQJYHUWHLOW$XIGHQ +DXVKDOWVHQWZXUIGHU6WDGW%DHVZHLOHUIUGDV-DKUKDWGLHV]XU )ROJH GDVV GLH LP 9HUP|JHQVKDXVKDOW EHL +DXVKDOWVVWHOOH YHUDQVFKODJWHLQYHVWLYH6FKOVVHO]XZHLVXQJLQ+|KH YRQLHUVDW]ORVZHJIlOOW

1DFKGHU.DELQHWWVHQWVFKHLGXQJLVWGDUEHUKLQDXVYRUJHVHKHQGLH (LQQDKPHDXVIlOOHIUGHQ6WHXHUYHUEXQGDXI*UXQGGHUQDFKXQWHQ NRUULJLHUWHQ(LQQDKPHHUZDUWXQJHQDXVGHU1RYHPEHU6WHXHUVFKlW]XQJ IUGLH6WlGWHXQG*HPHLQGHQ]XNUHGLWLHUHQ'DUDXVIROJWGDVVGLH .UHGLWLHUXQJDXILQVJHVDPW0LOOLDUGHQ(XURDQVWHLJW

0LR(85 DXV9HUUHFKQXQJLQ

0LR(85 DXV GHU0DL6WHXHUVFKlW]XQJ9HU

UHFKQXQJLQ

0LR(85 ]XVlW]OLFK IU DXVGHU1RYHPEHU 6WHXHUVFKlW]XQJ 9HUUHFKQXQJ LQ

0LR(85 IU0LQGHUXQJGHV9HUEXQGEHWUDJHV

'LHXUVSUQJOLFKEHDEVLFKWLJWH.UHGLWLHUXQJHLQHV7HLOEHWUDJHVQDFK LVWQXQQLFKWPHKUYRUJHVHKHQ'LHZHLWHUHQ6WHXHUDXVIlOOHIKUHQ EHUHLWVMHW]W]XGHU(UNHQQWQLVGDVVDXFKIUGDV-DKUNHLQH 9HUEHVVHUXQJHQDXVGHQ6FKOVVHO]XZHLVXQJHQ]XHUZDUWHQVLQG 1DFK GHU ]ZLVFKHQ]HLWOLFK YRUOLHJHQGHQ 5HJLRQDOLVLHUXQJ GHU 1RYHPEHU6WHXHUVFKlW]XQJLVWIUGDV-DKUYRQHLQHP*HPHLQGH DQWHLODQGHU(LQNRPPHQVWHXHUYRQ0LOOLDUGHQ(XURDXV]XJHKHQ 'LH 0DL6WHXHUVFKlW]XQJ ZDU IU GDV -DKU QRFK YRQ HLQHP

*HPHLQGHDQWHLODQGHU(LQNRPPHQVWHXHUYRQ0LOOLDUGHQ(XUR DXVJHJDQJHQ

+LQVLFKWOLFKGHU]XNQIWLJDXI]XEULQJHQGHQ/HLVWXQJHQJHPl‰Å+DUW]

,9´OLHJHQHUVWH3URJQRVH]DKOHQDXVGHP.UHLVKDXVYRUGLHPLWGHQ ZHLWHUHQ .RVWHQ IU /HLVWXQJHQ QDFK 6*% ;,, HLQVFKOLH‰OLFK GHU ELVKHULJHQ*UXQGVLFKHUXQJVOHLVWXQJHQ*6L*]XHLQHUILQDQ]LHOOHQ

%HODVWXQJ IKUHQ ZHUGHQ GHU HLQH .UHLVXPODJH YRQ Y+

JHJHQEHUVWHKW+LHU]XZLUGLQGHU6LW]XQJGHV+DXSWXQG)LQDQ]DXV VFKXVVHVHUJlQ]HQGEHULFKWHW

bQGHUXQJHQLP'HWDLO D 1DFKWUDJV*)*

'XUFKGLHHLQJDQJVJHVFKLOGHUWHQ9HUlQGHUXQJHQDXVHLQHU JHlQGHUWHQ)LQDQ]LHUXQJGHUÅ6RQGHUI|UGHUXQJ2VW´XQGXQWHU

%HUFNVLFKWLJXQJ GHU DXV GHP 6WHXHUYHUEXQG LQ GHQ /DQ GHVKDXVKDOWYHUODJHUWHQ+DUW],95HJHOXQJHQZXUGHHLQH]ZHLWH 3UREHUHFKQXQJ GXUFKJHIKUW 'DEHL ZXUGH GLH YHUWHLOEDUH 9HUEXQGPDVVH LP 6WHXHUYHUEXQG LQVRIHUQ JHlQGHUW DOV GLH YRUJHVHKHQHQLQYHVWLYHQ6FKOVVHO]XZHLVXQJHQGLHXUVSUQJ OLFKPLW0LR(85YRUJHVHKHQZDUHQQXQDXI1XOOUHGX]LHUW ZHUGHQ)UGLHLP9HUZDOWXQJVKDXVKDOW]XYHUHLQQDKPHQGHQ NRQVXPWLYHQ 6FKOVVHO]XZHLVXQJHQ ZLUG GHU %HWUDJ DXI 0LR(85YRQ0LR(85DQJHKREHQ+LHUDXV HUJHEHQVLFKIUGLH6WDGW%DHVZHLOHUIROJHQGHbQGHUXQJHQ

,P9HUZDOWXQJVKDXVKDOW

EHL++6W6FKOVVHO]XZHLVXQJHQ VWHLJW GHU (LQQDKPHDQVDW] YRQ L DXI QHX

L

,P9HUP|JHQVKDXVKDOW

EHL++6W,QYHVWLYH6FKOVVHO]XZHLVXQJ VLQNWGHU(LQQDKPHDQVDW]YRQLDXI QHX L

0LWGHP.DELQHWWVHQWZXUI]XP1DFKWUDJV*)*ZXUGHGDUEHU KLQDXVGLH6XPPHGHUSDXVFKDOHQ=XZHLVXQJHQ]XU)|UGHUXQJ LQYHVWLYHU0D‰QDKPHQYRQXUVSUQJOLFK0LR(85DXI 0LRL DQJHKREHQ +LHUDXV HUJLEW VLFK IU GLH 6WDGW

%DHVZHLOHUIROJHQGH$QVDW]lQGHUXQJ ,P9HUP|JHQVKDXVKDOW

EHL++6W,QYHVWLWLRQVSDXVFKDOH DOOJHPHLQ

VWHLJWGHU(LQQDKPHDQVDW]YRQLDXI

QHXL

,QVJHVDPWIKUHQGLH9HUlQGHUXQJHQLP1DFKWUDJV*)*

LP+DXVKDOWGHU6WDGW%DHVZHLOHU]X9HUEHVVHUXQJHQLQ+|KHYRQ L GHQHQ9HUVFKOHFKWHUXQJHQYRQLJHJHQEHU VWHKHQ 'DPLW YHUEOHLEHQ 9HUVFKOHFKWHUXQJHQ LQ +|KH YRQ

L

E $OOJHPHLQH.UHLVXPODJH

'HU]XJHOHLWHWH(QWZXUIGHU+DXVKDOWVVDW]XQJVDKIUGLH]X ]DKOHQGHDOOJHPHLQH.UHLVXPODJHHLQHQ$XVJDEHDQVDW]LQ +|KHYRQLYRU

(UZDUEHUHFKQHWQDFKGHQVLFKDXVGHUHUVWHQ0RGHOOUHFKQXQJ HUJHEHQGHQ 8PODJHJUXQGODJHQ L XQG HLQHP DQJHQRPPHQHQ8PODJHVDW]YRQY+'LHVHU8PODJHVDW]

ZXUGHQDFKGHQ]XGLHVHP=HLWSXQNWEHNDQQWHQ)DNWHQLQ$QVDW]

JHEUDFKWXQGJLQJGDYRQDXVGDVVGLH]XNQIWLJHQ$XIZHQGXQJHQ GHV.UHLVHV$DFKHQIUGLH/HLVWXQJHQQDFK6*%,,.RVWHQGHU DQJHPHVVHQHQ 8QWHUNXQIW XQG GDUEHU KLQDXV %HLKLOIHQ EHL EHVWLPPWHQ (UHLJQLVVHQ IU HUZHUEVIlKLJH XQG KLOIHEHGUIWLJH 3HUVRQHQ ]ZLVFKHQ GHP ELV /HEHQVMDKU XQG 6*% ;,, .RVWHQGHUELVKHULJHQ6R]LDOKLOIHIUEHGUIWLJH3HUVRQHQEHU GHP/HEHQVMDKURGHUQDFK9ROOHQGXQJGHV/HEHQVMDKUHV ZHQQVLHYROOHUZHUEVJHPLQGHUWVLQG+LHU]XJHK|UHQGDQQDXFK GLH3HUVRQHQGLHELVKHU/HLVWXQJHQQDFKGHP*UXQGVLFKHUXQJV JHVHW]HUKDOWHQKDEHQLQHWZDGHQELVKHULJHQ$XIZHQGXQJHQIU GLH1HWWR%HODVWXQJDXVGHU]X]DKOHQGHQ6R]LDOKLOIHQDFKGHP

%6+*HQWVSUHFKHQZHUGHQ9RQGHU6XPPHKHUZlUHGLHVHLQ

%HWUDJYRQHWZD0LR(85%HUHLWVEHLGHU(LQEULQJXQJGHV (QWZXUIHVZXUGHGDUDXIKLQJHZLHVHQGDVVGLH=DKOGHU]XNQIWL JHQ %H]LHKHU GHV $UEHLWVORVHQJHOGHV ,, JHVWLHJHQ LVW 'HVKDOE HUK|KHQVLFKDXFKGLH.RVWHQIUGLHDQJHPHVVHQH8QWHUNXQIW'LH (UPLWWOXQJGHU6XPPHGHUWDWVlFKOLFKHQWVWHKHQGHQ%HODVWXQJDXV GHQ1HXUHJHOXQJHQ+DUW],9LVWlX‰HUWVFKZLHULJ'HVKDOE LVW DQJHGDFKW GLH $XIZHQGXQJHQ LP =XVDPPHQKDQJ PLW GHU (LQIKUXQJ+DUW],9LP1DFKKLQHLQÅVSLW]´DE]XUHFKQHQ'DPLW

ZUGH IU EHLGH 6HLWHQ GDV 5LVLNR HLQHU QLFKW PHKU ]X NRU ULJLHUHQGHQ )HKOHLQVFKlW]XQJ HQWIDOOHQ GLH WDWVlFKOLFKHQ

$XIZHQGXQJHQ ZUGHQ QDFK $EODXI GHV 5HFKQXQJVMDKUHV QDFKJH]DKOWRGHUHUVWDWWHW

'LHHUUHFKQHWHQ%HODVWXQJHQDXV+DUW],9XQGZHLWHUH%HODVWXQJHQ GHV.UHLVKDXVKDOWHVDXVDQGHUHQ*UQGHQVHKHQQDFKGHU]HLWLJHQ ,QIRUPDWLRQHQHLQHQ8PODJHVDW]IULQ+|KHYRQY+

YRU8QWHU%HUFNVLFKWLJXQJGHUQHXHQ8PODJHJUXQGODJHQQDFK GHU]ZHLWHQ0RGHOOUHFKQXQJL IKUHQ

LP9HUZDOWXQJVKDXVKDOW

EHL++6W.UHLVXPODJHDOOJHPHLQ ]XHLQHP$XVJDEHDQVDW]YRQELVKHUL

DXIL

F .UHLVXPODJH-XJHQGDPW

'LH 9HUDQVFKODJXQJ GHV $XVJDEHDQVDW]HV IU GLH ]X ]DKOHQGH .UHLVXPODJH-XJHQGDPWJLQJGDYRQDXVGDVVIUGDV-DKUHLQ 8PODJHDXINRPPHQLQ+|KHYRQHWZD0LR(85YRQGHQYLHU .RPPXQHQRKQHHLJHQHV-XJHQGDPW]XWUDJHQVLQG(QWVSUHFKHQG GHU DQWHLOLJHQ 8PODJHJUXQGODJHQ KlWWH GLH 6WDGW %DHVZHLOHU KLHUYRQHWZD]XWUDJHQL

=ZLVFKHQ]HLWOLFK KDEHQ DXFK KLQVLFKWOLFK GHU +|KH GHV ]X ILQDQ]LHUHQGHQ 8PODJHDXIZDQGHV PHKUHUH *HVSUlFKH PLW GHU .UHLVYHUZDOWXQJVWDWWJHIXQGHQ$OV(UJHEQLVNDQQ]XVDPPHQIDV VHQG IHVWJHKDOWHQZHUGHQGDVV0|JOLFKNHLWHQ]XU0LQGHUXQJGHU 1HWWR%HODVWXQJJHQXW]WZHUGHQXQGGHUVLFKDXVHUJHEHQGH

%HWUDJ GHU 8QWHU]DKOXQJ L GHP $XIZDQG IU KLQ]XJHUHFKQHW ZLUG XQG GDPLW HQWVSUHFKHQG GHU ELVKHULJHQ 9HUHLQEDUXQJHQDXVJHJOLFKHQZLUG)UGDVODXIHQGH+DXVKDOWV MDKU ]HLFKQHQVLFKZLHDXFKEHL-XJHQGlPWHUQDQGHUHQ2UWV ]% 3UHVVHPLWWHLOXQJ EHU GLH (QWZLFNOXQJ GHU -XJHQGDPWV DXVJDEHQLQ+HU]RJHQUDWKHUKHEOLFKH9HUVFKOHFKWHUXQJHQDE GLHDQGLHYLHU.RPPXQHQRKQHHLJHQHV-XJHQGDPWHQWVSUHFKHQG GHU ELVKHULJHQ 9HUHLQEDUXQJHQ DEHU HUVW VSlWHU ZHLWHUJHJEHQ ZHUGHQ 1DFK GHQ JHIKUWHQ *HVSUlFKHQ ZLUG QXQ YRQ HLQHP 8PODJHDXINRPPHQ LQ +|KH YRQ HWZD 0LR (85 DXVJHJDQJHQ

,P9HUZDOWXQJVKDXVKDOW

EHL++6W.UHLVXPODJH-XJHQGDPW

LVWGHU$XVJDEHDQVDW]YRQELVKHULDXIQHX LIHVW]XVHW]HQ

G (UVWDWWXQJYRQ$V\OEHZHUEHUOHLVWXQJHQGXUFKGDV/DQG

1DFKHLQHUEHVWDQGVNUlIWLJHQ(QWVFKHLGXQJGHV2EHUYHUZDOWXQJV JHULFKWHV0QVWHUVWHKHQGHQ6WlGWHQXQG*HPHLQGHQ15:K|KHUH /DQGHV]XVFKVVH]XDOVELVKHUJHZlKUWZXUGHQ

%HUHFKQXQJHQKDEHQGD]XJHIKUWGDVVIUGLHYHUJDQJHQHQ-DKUH QDFKWUlJOLFKH HLQPDOLJH $QVSUFKH LQ +|KH YRQ L ]X YHUDQVFKODJHQ VLQG

,P9HUZDOWXQJVKDXVKDOW

EHL++6W(UVWDWWXQJHQGXUFKGDV/DQG LVWHLQ(LQQDKPHDQVDW]LQ+|KHYRQL ]X ELOGHQ H .RVWHQEHUQDKPHIU3IOHJHDXIZDQG

'LH6WDGW%DHVZHLOHUKDWJHPl‰9HUWUDJ]XVlW]OLFKGLH3IOHJHXQG 8QWHUKDOWXQJYRQ|NRORJLVFKHQ$XVJOHLFKVIOlFKHQ6WUD‰HQEHJOHLW JUQEHUQRPPHQXQGHUEULQJWGLHVHQ$XIZDQG]XNQIWLJGXUFK GDV%DXEHWULHEVDPW+LHUIUZLUGHLQH(LQQDKPHYRP/DQGHVEHWULHE 6WUD‰HQEDX15:LQ+|KHYRQHWZDLHUZDUWHW

,P9HUZDOWXQJVKDXVKDOW

EHL++6W.RVWHQEHUQDKPHIU3IOHJHDXIZDQG LVWHLQ(LQQDKPHDQVDW]LQ+|KHYRQL ]X ELOGHQ I $QWHLODP)RQGV'HXWVFKHU(LQKHLW6ROLGDUEHLWUDJ

,P1DFKJDQJ]XU]ZHLWHQ0RGHOOUHFKQXQJLVWHLQH1HXEHUHFKQXQJ GHU YRQ GHQ 6WlGWHQ]XHUEULQJHQGHQ$QWHLOHDP)RQGV'HXWVFKHU (LQKHLW6ROLGDUEHLWUDJ HUIROJW 'DUDXV HUJLEW VLFK HLQH XP HWZD LK|KHUH=DKOXQJVYHUSIOLFKWXQJIUGLH6WDGW%DHVZHLOHU 'LHVLVWLQGHU%HUHFKQXQJGDUDXI]XUFN]XIKUHQGDVVHLQHUVHLWV HLQH K|KHUH DQWHLOLJH )LQDQ]NUDIW EHL GHU 6WDGW %DHVZHLOHU DQJHUHFKQHWZLUGXQGDX‰HUGHPGLHDQUHFKHQEDUHQ=DKOXQJHQDXV GHP 6WHXHUYHUEXQGLP*)*JHPLQGHUWZXUGHQ

,P9HUZDOWXQJVKDXVKDOW

EHL++6W$QWHLODP)RQGV'HXWVFKH(LQKHLW 6ROLGDUEHLWUDJ

LVWGHU$XVJDEHDQVDW]YRQELVKHULDXIQHXL IHVW]XVHW]HQ

,Q GHU6XPPHIKUHQGLH$QVDW]YHUlQGHUXQJHQGHV9HUZDOWXQJV KDXVKDOWHV]XHLQHU9HUVFKOHFKWHUXQJLQ+|KHYRQL 'HU

%HWUDJGHVVWUXNWXUHOOHQ'HIL]LWHVGHV9HUZDOWXQJVKDXVKDOWHVVWHLJW YRQ ELVKHU L XPLDXIL =XU'HFNXQJ GHV )HKOEHGDUIHVVLQG

LP9HUZDOWXQJVKDXVKDOW

EHL++6W=XIKUXQJYRP9HUP|JHQVKDXVKDOW

*UXQGVWFNVYHUNlXIH

GLH(LQQDKPHQYRQELVKHULDXIQHXLVRZLH EHL++6W=XIKUXQJYRP9HUP|JHQVKDXVKDOW 5FNODJHQHQWQDKPH

GLH (LQQDKPHQ YRQ ELVKHU L DXI QHX L DQ]XKHEHQ

J 9HUlQGHUXQJHQLP9HUP|JHQVKDXVKDOW

'XUFKGLHHLQJHWUHWHQHQ9HUVFKOHFKWHUXQJHQEHLGHQLQYHVWLYHQ 6FKOVVHO]XZHLVXQJHQEHL++6W:HQLJHUHLQ QDKPH L HLQHUVHLWV XQG GHQ K|KHUHQ )HKOEHGDUI GHV 9HUZDOWXQJVKDXVKDOWHVZHLWHUHL DQGHUHUVHLWVZDUHV HUIRUGHUOLFKIUGDV-DKUYRUJHVHKHQH,QYHVWLWLRQHQLQGDV-DKU ]XYHUVFKLHEHQWHLOZHLVH9HUSIOLFKWXQJVHUPlFKWLJXQJHQ E]Z LQ GDV -DKU ]XU )LQDQ]LHUXQJ PLW +DXVKDOWVUHVWHQ YRU]X]LHKHQ

'LHLQGHUEHLOLHJHQGHQ$XIVWHOOXQJGDUJHVWHOOWHQ9HUlQGHUXQJHQ GHU $QVlW]H GHV 9HUP|JHQVKDXVKDOWHV IKUHQ ]XQlFKVW ]X 9HUVFKOHFKWHUXQJHQ YRQ L GHQHQ UHLQ UHFKQHULVFK 9HUEHVVHUXQJHQLQ+|KHYRQLJHJHQEHUVWHKHQ 'XUFK GHQ LP 9HUZDOWXQJVKDXVKDOW HQWVWDQGHQHQ K|KHUHQ )HKOEHGDUIZHUGHQ=XIKUXQJHQ]XP9HUZDOWXQJVKDXVKDOW

LP9HUP|JHQVKDXVKDOW

EHL ++6W =XIKUXQJHQ ]XP 9HUZDOWXQJV KDXVKDOWDXV*UXQGVWFNVYHUNlXIHQ

YRQELVKHULDXIQHXLVRZLH

EHL++6W=XIKUXQJ]XP9HUZDOWXQJVKDOWDXV 5FNODJHQHQWQDKPH

YRQELVKHULDXIQHXLHUIRUGHUOLFK 'LH(QWQDKPHDXVGHUDOOJHPHLQHQ5FNODJH

LP9HUP|JHQVKDXVKDOW

EHL ++6W (QWQDKPH DXV GHU DOOJHPHLQHQ 5FNODJH

HUK|KW VLFK YRQ ELVKHU L XP L DXI QHX

L

+HUU%HFNHUVVWHOOWH]ZHL)UDJHQ]XP+DXVKDOWVHQWZXUI=XPHLQHQJLQJHU DXIGHQ$QVDW]IUGLH6WlGWHSDUWQHUVFKDIWHQHLQGDLQK|KHUH$XVJDEHQ DQJHVLFKWVGHUÅNOHLQHQ´-XELOlHQ]XHUZDUWHQVHLHQ

%UJHUPHLVWHU'U/LQNHQVHUNOlUWHGDVVDXFKIU)|UGHUDQWUlJHLP 5DKPHQGHU(8)|UGHUULFKWOLQLHQJHVWHOOWZHUGHQXQGYRQDXVUHLFKHQGHQ 0LWWHOQDXV]XJHKHQVHL

+HUU )UDNWLRQVYRUVLW]HQGHU %HFNHUV IUDJWH ZHLWHUKLQ DQ RE EHUHLWV HUVWH

$XVVDJHQ ]XP 5HFKQXQJVHUJHEQLV JHPDFKW ZHUGHQ N|QQWHQ

%UJHUPHLVWHU'U/LQNHQVYHUQHLQWHGLHV'DGLH.lPPHUHLELV]XGLHVHP 7DJHPLWGHP(QWZXUIGHV+DXVKDOWHVEHVFKlIWLJWJHZHVHQVHLVHLHQ GLH$UEHLWHQDP-DKUHVDEVFKOXVVQRFKQLFKWDXIJHQRPPHQZRUGHQ(U KRIIHMHGRFKGDVV]XPLQGHVWHLQ7HLOGHU.UHGLWHUPlFKWLJXQJHQGHV-DKUHV QLFKWHUIRUGHUOLFKVHL

:HLWHUH:RUWPHOGXQJHQYRQ$XVVFKXVVPLWJOLHGHUQJDEHVNHLQH

%UJHUPHLVWHU'U/LQNHQVOLH‰EHUGHQ+DXVKDOWVHQWZXUILQGHUDNWXHOOHQ )DVVXQJDEVWLPPHQ

'HU+DXSWXQG)LQDQ]DXVVFKXVVVFKOlJWGHP6WDGWUDWHLQVWLPPLJEHLYLHU (QWKDOWXQJHQYRUGHQ(QWZXUIGHU+DXVKDOWVVDW]XQJIUGDV+DXVKDOWVMDKU ]XEHVFKOLH‰HQ

%HUDWXQJGHV,QYHVWLWLRQVSURJUDPPHVGHU6WDGW%DHVZHLOHUIUGLH -DKUH

*UXQGODJHIUGHQ)LQDQ]SODQGHUJHPl‰†$EV1U*HP+92GHP +DXVKDOWVSODQEHL]XIJHQLVWLVWXDGDV,QYHVWLWLRQVSURJUDPPGDVJHPl‰

† $EV*215:YRP6WDGWUDW]XEHVFKOLHVVHQLVW

'HU )LQDQ]SODQ LVW DXI GHU %DVLV GHU IU GDV +DXVKDOWVMDKU YRU JHVFKODJHQHQ+DXVKDOWVDQVlW]HXQWHU%HUFNVLFKWLJXQJGHU3URJQRVHQGHU /DQGHVUHJLHUXQJIUGLHPLWWHOIULVWLJH)LQDQ]SODQXQJXQGQDFK$QSDVVXQJ DQGLHELVKHULJHWDWVlFKOLFKH(LQQDKPHXQG$XVJDEHHQWZLFNOXQJGHU6WDGW

%DHVZHLOHUHUVWHOOW

,P ,QYHVWLWLRQVSURJUDPP VLQG IU XQG GLH +DXVKDOWVDQVlW]H YHUDQVFKODJW XQG DE GLH ,QYHVWLWLRQVYRUKDEHQ GHV YRUMlKULJHQ ,QYHVWLWLRQVSURJUDPPHV EHUZLHJHQG EHUQRPPHQ E]Z DXI *UXQG GHU (LQQDKPHXQG$XVJDEHHQWZLFNOXQJQHXNDONXOLHUWXQGYHUDQVFKODJWZRUGHQ

%HVFKOXVV

'HU+DXSWXQG)LQDQ]DXVVFKXVVVFKOlJWGHP6WDGWUDWHLQVWLPPLJYRUGDV ,QYHVWLWLRQVSURJUDPPIUELVXQWHU%HUFNVLFKWLJXQJGHU bQGHUXQJVYRUVFKOlJH]XP+DXVKDOW]XEHVFKOLH‰HQ

%HWHLOLJXQJVEHULFKWGHU6WDGW%DHVZHLOHU

'LH 6WDGW %DHVZHLOHU LVW QDFK † ,,, GHU *HPHLQGHRUGQXQJ 15:

YHUSIOLFKWHWHLQHQ%HWHLOLJXQJVEHULFKW]XHUVWHOOHQGHU$XVNXQIWJLEWEHU ZLUWVFKDIWOLFKH%HWHLOLJXQJHQDQ8QWHUQHKPHQXQG(LQULFKWXQJHQLQGHU 5HFKWVIRUPGHVSULYDWHQ5HFKWV'HU%HULFKWVROOLQVEHVRQGHUH$QJDEHQEHU GLH(UIOOXQJGHV|IIHQWOLFKHQ=ZHFNVGLH%HWHLOLJXQJVYHUKlOWQLVVHXQGGLH

=XVDPPHQVHW]XQJGHU2UJDQHGHU*HVHOOVFKDIWHQWKDOWHQ

'HU%HULFKWGLHQWGHU,QIRUPDWLRQGHU5DWVPLWJOLHGHUXQG(LQZRKQHU 'HU%HWHLOLJXQJVEHULFKWLVWHQWVSUHFKHQGGHUJHVHW]OLFKHQ9RUJDEHQHUVWHOOW ZRUGHQ XQG GHP (QWZXUI GHU +DXVKDOWVVDW]XQJ EHLJHIJW 1U GHV ,QKDOWVYHU]HLFKQLVVHV

8QWHUQHKPHQXQG(LQULFKWXQJHQPLWHLJHQHU5HFKWVSHUV|QOLFKNHLWDQGHQHQ GLH *HPHLQGH PLW PHKU DOV EHWHLOLJW LVW VLQG JHPl‰ † ,, 1U

*HP+92 ]XVlW]OLFK PLW LKUHQ -DKUHVDEVFKOVVHQ /DJHEHULFKWHQ XQG

%HULFKWHQEHUGLH(LQKDOWXQJGHU|IIHQWOLFKHQ=LHOVHW]XQJHQGHP+DXVKDOWV SODQEHL]XIJHQ1UXQGGHV,QKDOWVYHU]HLFKQLVVHV

0LW PHKU DOV LVW GLH 6WDGW %DHVZHLOHU DQ GHU ,76 ,QWHUQDWLRQDOHV 7HFKQRORJLHXQG6HUYLFH&HQWHU%DHVZHLOHU*PE+XQGDQGHU%DHVZHLOHU (QWZLFNOXQJVJHVHOOVFKDIWPE+EHWHLOLJW

%HVFKOXVV

'HU+DXSWXQG)LQDQ]DXVVFKXVVVFKOlJWGHP6WDGWUDWHLQVWLPPLJYRUGHQ

%HWHLOLJXQJVEHULFKWVRZLHGLH$QODJHQEHUGLH0HKUKHLWVEHWHLOLJXQJHQ GHU6WDGW%DHVZHLOHU]XU.HQQWQLV]XQHKPHQ

6WHOOHQSODQ $OOJHPHLQHV

'HU6WHOOHQSODQKDWGLHLP+DXVKDOWVMDKUHUIRUGHUOLFKHQ6WHOOHQGHU

%HDPWHQXQGGHUQLFKWQXUYRUEHUJHKHQGEHVFKlIWLJWHQ$QJHVWHOOWHQ XQG$UEHLWHUDXV]XZHLVHQYJO†$EV*HPHLQGHKDXVKDOWVYHU RUGQXQJ

(ULVW$QODJHGHV+DXVKDOWVSODQHVXQGJHPl‰†$EV6DW]GHU

*HPHLQGHRUGQXQJ1:*21:YRP5DWLQ|IIHQWOLFKHU6LW]XQJ]X EHVFKOLH‰HQ $XVGUFNOLFK VHL GDUDXI KLQJHZLHVHQ GDVV EHL GHU (U|UWHUXQJ GHV 6WHOOHQSODQHV LP +LQEOLFN DXI GLH JHVHW]OLFK YRU JHVFKULHEHQHgIIHQWOLFKNHLWGHU%HUDWXQJGLH'LVNXVVLRQDXI=DKOXQG

$UW GHU LP (QWZXUI GHV 6WHOOHQSODQHV YRUJHVHKHQHQ 6WHOOHQSODQ lQGHUXQJHQ ]X EHVFKUlQNHQ LVW ZlKUHQG GLH (U|UWHUXQJ YRQ 3HUVRQDOIUDJHQLQ|IIHQWOLFKHU6LW]XQJLP+LQEOLFNDXI†*21:

9HUVFKZLHJHQKHLWVSIOLFKWXQ]XOlVVLJZlUH

(QWZXUIGHV6WHOOHQSODQHV

=XGHPEHLOLHJHQGHQ6WHOOHQSODQHQWZXUIIUGDV+DXVKDOWVMDKU JDE+HUU%UJHUPHLVWHU'U/LQNHQVIROJHQGH+LQZHLVH

%HDPWHQVWHOOHQ :DKOEHDPWH

'LH GUHL 6WHOOHQ GHU :DKOEHDPWHQ GHU 6WDGW %DHVZHLOHU VLQG HQW VSUHFKHQGGHQ9RUVFKULIWHQGHU(LQJUXSSLHUXQJVYHURUGQXQJ(LQJU92 DXVJHZLHVHQ(VHUJHEHQVLFKLQNHLQH bQGHUXQJHQ

/DXIEDKQEHDPWH K|KHUHU 'LHQVW JHKREHQHU 'LHQVW PLWWOHUHU 'LHQVW

'LH*HVDPW]DKO GHU3ODQVWHOOHQGHU%HDPWHQLQGHQYRUJHQDQQWHQ /DXIEDKQHQEHWUlJWXQYHUlQGHUW

,P(LQ]HOQHQHUJLEWVLFKJHJHQEHUGHP6WHOOHQSODQIROJHQGHV +|KHUHU'LHQVW*HKREHQHU'LHQVW

(VLVWYRUJHVHKHQHLQH6WHOOHYRQ%HVROGXQJVJUXSSH$K'%%HV*

QDFK%HVROGXQJVJUXSSH$J'%%HV*XP]XZDQGHOQ

'LH6WHOOH$PWVOHLWXQJGHV6WDGWHQWZLFNOXQJVDPWHVZLUGLPK|KHUHQ

%HDPWHQGLHQVWQLFKWPHKUEHQ|WLJWGDVLHYRQHLQHP$QJHVWHOOWHQ EHVHW]WLVW+LQVLFKWOLFKGHU6WHOOHQEHVHW]XQJLPJHKREHQHQ'LHQVW YHUZHLVHLFKDXIGLH9RUODJHÅ3HUVRQDODQJHOHJHQKHLWHQ´LPQLFKW

|IIHQWOLFKHQ7HLOGLHVHU6LW]XQJ

'DUEHUKLQDXVHUJHEHQVLFKEHLGHU$XVZHLVXQJGHU6WHOOHQJHJHQ

EHUGHP6WHOOHQSODQNHLQHbQGHUXQJHQ 0LWWOHUHU'LHQVW

+LHUHUJHEHQVLFKNHLQHbQGHUXQJHQ $QJHVWHOOWHQVWHOOHQ

$XIJUXQGYRQ$UEHLWVSODW]EHZHUWXQJHQHUJLEWVLFKGLH8PZDQGOXQJ YRQ6WHOOHQYRQ9HUJWXQJVJUXSSH9,,%$7QDFK9HUJWXQJVJUXSSH 9,E%$7

'DUEHUKLQDXVLVWEHDEVLFKWLJWHLQH6WHOOHLQGHU9HUJWXQJVJUXSSH 9,,%$7XQGHLQH6WHOOHLQGHU9HUJWXQJVJUXSSH9,,,9,,]XVWUHLFKHQ

(VKDQGHOWVLFKKLHUEHLXPHLQH7HLO]HLWVWHOOHEHL8QWHUDEVFKQLWW VRZLHHLQH6WHOOHEHL8QWHUDEVFKQLWW,PHUVWHQ)DOOZHUGHQGLH HQWVSUHFKHQGHQ $XIJDEHQ QXQPHKU YRQ ]ZHL DQGHUHQ 7HLO]HLW EHVFKlIWLJWHQZDKUJHQRPPHQGHUHQ6WXQGHQ]DKOOHLFKWHUK|KWZXUGH 'LH]ZHLWH6WHOOHLVWDXIJUXQGHLQHU3HUVRQDOHLQVSDUXQJLP6FKUHLE GLHQVWQLFKWPHKUHUIRUGHUOLFK

'LH*HVDPW]DKOGHU3ODQVWHOOHQLP$QJHVWHOOWHQEHUHLFKUHGX]LHUWVLFK VRPLWYRQDXI6WHOOHQ

$UEHLWHUVWHOOHQ

'LH$UEHLWHUVWHOOHQUHGX]LHUHQVLFKYRQDXI6WHOOHQ

*UXQGKLHUIULVWGLH6WUHLFKXQJYRQ6WHOOHQGHU/RKQJUXSSHQD

%=7*EHL8QWHUDEVFKQLWWVRZLHGLH6WUHLFKXQJHLQHU6WHOOHGHU /RKQJUXSSHD%=7*EHL8QWHUDEVFKQLWW

,PHUVWJHQDQQWHQ)DOON|QQHQGLH6WHOOHQJHVWULFKHQZHUGHQGDGLH 0LQLJROIDQODJHDQHLQH3ULYDWSHUVRQYHUSDFKWHWZXUGH,P]ZHLWHQ)DOO NDQQ GLH 6WHOOH HLQHU 5HLQLJXQJVNUDIW HLQJHVSDUW ZHUGHQ GD GLH 5HLQLJXQJVIOlFKHQDFKGHUHQ$XVVFKHLGHQDQHLQH5HLQLJXQJVILUPD YHUJHEHQZXUGH

%HDPWH]XU$QVWHOOXQJ

,QGHU6WHOOHQEHUVLFKW7HLO%'LHQVWNUlIWHLQGHU3UREHRGHU$XV ELOGXQJV]HLW%HDPWH]XU$QVWHOOXQJVLQGLQ%HVROGXQJVJUXSSH$

]XU]HLW6WHOOHQIU,QVSHNWRULQQHQ]$,QVSHNWRUHQ]$YRUJHVHKHQ 1DFKZXFKVNUlIWH

'LHIUGLH(LQVWHOOXQJYRQ1DFKZXFKVNUlIWHQEHQ|WLJWHQ$XVELOGXQJV SOlW]HVLQGLQGHUhEHUVLFKW1DFKZXFKVNUlIWHXQGLQIRUPDWRULVFKEH VFKlIWLJWH'LHQVWNUlIWH´]XP6WHOOHQSODQDXVJHZLHVHQ

%HVFKOXVV

'HU+DXSWXQG)LQDQ]DXVVFKXVVVFKOlJWGHP6WDGWUDWHLQVWLPPLJYRUGHQ 6WHOOHQSODQIUGDV+DXVKDOWVMDKU]XEHVFKOLH‰HQ

(UK|KXQJGHU%HQXW]XQJVJHEKUHQGHUVWDGWHLJHQHQ2EGDFKORVHQXQWHU NQIWH3HWHUVWUD‰HXQGVRZLH$P%DXKRI

'LH6WDGW%DHVZHLOHUEHWUHLEW2EGDFKORVHQXQWHUNQIWHDOVQLFKWUHFKWVIlKLJH

|IIHQWOLFKH(LQULFKWXQJHQLQGHQ*HElXGHQ3HWHUVWUD‰HXQG$P

%DXKRI)UGLH1XW]XQJGHU(LQULFKWXQJHQVLQGQDFKGHU6DW]XQJEHU GLH (UULFKWXQJ HLQHU QLFKW UHFKWVIlKLJHQ |IIHQWOLFKHQ (LQULFKWXQJ LQ GHU 6WDGW%DHVZHLOHU]XU8QWHUEULQJXQJYRQ2EGDFKORVHQ1XW]XQJVJHEKUHQ ]XHQWULFKWHQ%HLGLHVHQ*HEKUHQKDQGHOWHVVLFKXP1XW]XQJVJHEKUHQ L6G†.RPPXQDODEJDEHQJHVHW]'LH*HEKUHQVLQGGDKHUQDFKHLQHU .RVWHQNDONXODWLRQ JHPl‰ GHQ LP .RPPXQDODEJDEHQJHVHW] JHOWHQGHQ

*UXQGVlW]HQ .RVWHQGHFNXQJVJUXQGVDW] bTXLYDOHQ]SULQ]LS XQG *OHLFK KHLWVJUXQGVDW] ]X EHUHFKQHQ XQG IHVW]XVHW]HQ ,Q $QZHQGXQJ GLHVHU

*UXQGVlW]HLVWGLH*HEKUNRVWHQGHFNHQG]XNDONXOLHUHQRKQHGDVVHLQ 0LVVYHUKlOWQLV]ZLVFKHQGHU*HEKUXQG GHULQ$QVSUXFKJHQRPPHQHQ /HLVWXQJHQWVWHKW,QVEHVRQGHUHGDUIGLH*HEKUIUGLH:RKQQXW]XQJGLH RUWVEOLFKH 9HUJOHLFKVPLHWHQDFKGHU5HFKWVSUHFKXQJQLFKWEHUVWHLJHQ 6ROOWHQVLFKEHLGHU-DKUHVUHFKQXQJ'HIL]LWHRGHUhEHUVFKVVHHUJHEHQVR VLQGGLHVHLQQHUKDOEGHV*HEKUHQKDXVKDOWHVLQGHQ)ROJHMDKUHQDXV]XJOHL FKHQ(LQH=XIKUXQJYRQhEHUVFKVVHQ]XPDOOJHPHLQHQ9HUZDOWXQJV KDXVKDOWLVWJHVHW]OLFKDXVJHVFKORVVHQ

*HEKUHQVFKXOGQHUVLQGJUXQGVlW]OLFKGLHMHZHLOVHLQJHZLHVHQHQ2EGDFK ORVHQ6RZHLWGLHVH$QVSUXFKDXI6R]LDOKLOIHRGHUDEDXI$/*,, KDEHQEHUQLPPWGDV6R]LDODPWRGHUGHUMHZHLOV]XVWlQGLJH 7UlJHUGLH

*HEKUHQDOV.RVWHQGHU8QWHUNXQIW8QWHUGHQFD%HZRKQHUQGHURJ (LQULFKWXQJHQVLQGGHU]HLWQXU3HUVRQHQGLHDOV6HOEVW]DKOHUGLH.RVWHQ DXVHLJHQHQ(LQNQIWHQWUDJHQ$XIJUXQGGHV(UVDW]HVGHUELVKHULJHQ$U EHLWVORVHQKLOIHGXUFKGDVQHXHJHULQJHUH$UEHLWVORVHQJHOG,,ZLUGVLFK GLHVH=DKOYHUPXWOLFKZHLWHUUHGX]LHUHQ)UGLHYHUEOHLEHQGHQ6HOEVW]DKOHU PVVWHPLWGHQHLJHQHQ(LQNQIWHQDXFKGLH$QPLHWXQJYRQ:RKQUDXPDXI GHPIUHLHQ:RKQXQJVPDUNWP|JOLFKVHLQ+LHU]XVROOWHGLH1XW]XQJVJHEKU GXUFKDXVPRWLYLHUHQ

'LHOHW]WH(UK|KXQJGHU%HQXW]XQJVJHEKUHQIUGLHVWDGWHLJHQHQ2EGDFK ORVHQXQWHUNQIWH3HWHUVWUD‰HXQGVRZLH$P%DXKRIHUIROJWH LP-DKUJHPGHU6DW]XQJ]XUbQGHUXQJGHU6DW]XQJEHUGLH(UULFK WXQJHLQHUQLFKWUHFKWVIlKLJHQ|IIHQWOLFKHQ(LQULFKWXQJLQGHU6WDGW%DHV ZHLOHU]XU8QWHUEULQJXQJYRQ2EGDFKORVHQXQGEHUGLH(UKHEXQJHLQHU

*HEKUIUGLH%HQXW]XQJ

$XIJUXQGYRQ8PEDXXQG0RGHUQLVLHUXQJVPD‰QDKPHQZXUGHGLH%HQXW ]XQJVJHEKU IU GLH 2EGDFKORVHQXQWHUNXQIW 3HWHUVWU ]XOHW]W ]XP DXILPòPRQDWOHUK|KW6RPLWHUJHEHQVLFKGHU]HLWIROJHQ GH%HQXW]XQJVJHEKUHQ

6WDGWWHLO%DHVZHLOHU

3HWHUVWUD‰H LPòPRQDWO

3HWHUVWUD‰H LPòPRQDWO

3HWHUVWUD‰H LPòPRQDWO

6WDGWWHLO6HWWHULFK

$P%DXKRI LPòPRQDWO

=XGLHVHQ*HEKUHQNDPHQMHZHLOVGLH1HEHQNRVWHQKLQ]XGLHELVKHUVSLW]DE JHUHFKQHW ZXUGHQ 'LH 6SLW]DEUHFKQXQJ LVW QDFK GHU YRUOLHJHQGHQ 5HFKWVSUHFKXQJDEHU]XNQIWLJQLFKW]XOlVVLJVRGDVVIUGLH=XNXQIWDXFKIUGLH 9HUEUDXFKVNRVWHQHLQH*HEKUQDFKNRPPXQDODEJDEHQUHFKWOLFKHQ*UXQGVlW]HQ ]XHUPLWWHOQLVW

)UGLH(UPLWWOXQJGHU*HEKUHQGHU2EGDFKORVHQXQWHUNQIWHIUGDV-DKU ZXUGH QDFKVWHKHQGH *HEKUHQEHGDUIVUHFKQXQJ QDFK IROJHQGHQ *UXQGVlW]HQ HUVWHOOW

D $XIJUXQGGHUEHVVHUHQ$XVVWDWWXQJGHU*HElXGH$P%DXKRIXQG3HWHUVWUD‰H ZXUGHIUGLHVH*HElXGHXQWHU%HDFKWXQJGHVbTXLYDOHQ]SULQ]LSVHLQHXP K|KHUH*HEKUHUUHFKQHW'LHVHUIROJWGXUFKHLQH.DONXODWLRQEHLGHUGLH :RKQIOlFKHILNWLYXPHUK|KWZLUG

E 'LHJHElXGHDEKlQJLJHQ.RVWHQZXUGHQQDFKHLQHPTP6FKOVVHOHUUHFKQHW 'D GHU9HUEUDXFKHKHUYRQGHU3HUVRQHQ]DKODOVYRQGHU:RKQIOlFKHDEKlQJLJ LVW ZXUGHIUGLHYHUEUDXFKVDEKlQJLJHQ.RVWHQHLQ3HUVRQHQ6FKOVVHOJH ZlKOW

F %HLGHU%HUHFKQXQJGHU3HUVRQHQ]DKOIUGLH9HUEUDXFKVNRVWHQZLUGGLHGXUFK VFKQLWWOLFKH%HOHJXQJLP-DKU]XJUXQGHJHOHJW)UGLHQLFKWEHOHJWHQ 3OlW]HZHUGHQMHZHLOV3HUVRQHQDQJHUHFKQHW'HUJHULQJHUH)DNWRUIROJWDXV GHP EHLGLHVHQ3OlW]HQQLFKWDQIDOOHQGHQ9HUEUDXFKDQ:DVVHUXQG+HL]NRV WHQ

*UXQGJHEKU

$.RVWHQHUPLWWOXQJ +DXVKDOWVDQVDW]LQL 8QWHUKDOWXQJ YRQ *HElXGHQ

XQG$QODJHQDXV61

8QWHUKDOWXQJYRQEHZHJOLFKHQ 6DFKHQXQGYHUP|JHQVXQZLUN VDPH$QVFKDIIXQJHQDXV61

*UXQGVWHXHU

*HElXGHYHUVLFKHUXQJ

$OOJHPHLQVWURP

9HUPLVFKWH$XVJDEHQ

/HLVWXQJVYHUUHFKQXQJ %DXEH

WULHEVDPW

$EVFKUHLEXQJHQ

9HU]LQVXQJGHV$QODJHNDSLWDOV

*HVDPWNRVWHQ

%*HEKUHQEHGDUIVHUPLWWOXQJ

D*HVDPWNRVWHQ L

E.DONXODWRULVFKH:RKQIOlFKH

3HWHUVWUD‰H TP TP

%DXKRI3HWHUVWU TP$XI

VFKODJ TP

6XPPH .DONXODWLRQVIOlFKH TP

NDONXODWRULVFKH.RVWHQSURTP *HVDPW

NRVWHQ.DONXODWLRQVIOlFKH L

.RVWHQDQWHLO%DXKRI3HWHUVWU L[ TP L

4P.RVWHQ%DXKRI3HWHUVWU TP L

4 P . R V W H Q 3 H W H U V W U D ‰ H

ZLHNDONXODWRULVFKH.RV

WHQ L

F 0RQDWVJHEKUHQ

3HWHUVWUD‰H L L

%DXKRI3HWHUVWUD‰H L L

9HUEUDXFKVJHEKU

$ .RVWHQHUPLWWOXQJ +DXVKDOWVDQVDW]LQ L

:DVVHUNRVWHQ

+HL]NRVWHQ

.DQDOEHQXW]XQJVJHEKUHQ

$EIDOOJHEKUHQ

1HEHQNRVWHQLQVJHVDPW

%*HEKUHQEHGDUIVHUPLWWOXQJ

D *HVDPWNRVWHQ L

E3HUVRQHQ]DKO

GXUFKVFKQLWWOLFKH%HOHJXQJ 3HUVRQHQ

$QWHLO6WDGWIUYRUJHKDOWHQH3OlW]H 3OlW]HPLW)DNWRU 3HUVRQHQ

*HVDPWSHUVRQHQ]DKO 3HUVRQHQ

F 0RQDWVEHWUDJ3HUVRQ *HVDPW

NRVWHQ3HUVRQHQ L

'DPLWHUJHEHQVLFKIROJHQGH*HEKUHQ

*UXQGJHEKU

3HWHUVWUD‰H SURTP:RKQIOlFKH L0RQDW

$P%DXKRI3HWHUVWUD‰H SURTP:RKQIOlFKH L0RQDW

9HUEUDXFKVJHEKU SUR3HUVRQ L0RQDW

=XGHQ(UK|KXQJHQGLHVLFKLP9HUJOHLFK]XGHQELVKHULJHQ*HEKUHQHUJHEHQ LVWGDUDXIKLQ]XZHLVHQGDVVGLH.RVWHQIU9HUVLFKHUXQJ*UXQGVWHXHUXQG$OO JHPHLQVWURPELVKHU]XVlW]OLFK]XGHQ:RKQJHEKUHQVSLW]DEJHUHFKQHWZXUGHQ 'LHVHVLQGMHW]WLQGHU*UXQGJHEKUHQWKDOWHQZDVEHUHLWV]ZDQJVOlXILJ]XHLQHU (UK|KXQJIKUW

'LHHUK|KWHQ*HEKUHQVLQGDXFKDQJHPHVVHQ'HUDOV9HUJOHLFKVZHUWKHUDQ]LHK EDUH0LHWVSLHJHOGHU6WDGW*HLOHQNLUFKHQVLHKWIUYHUJOHLFKEDUH:RKQXQJHQHLQ IDFKHU4XDOLWlWHLQHQ0LHW]LQVYRQELV]XLYRU ,Q GLHVHU6XPPHVLQGDEHU GLHLQGHURJ*UXQGJHEKUHQWKDOWHQHQ3RVLWLRQHQ*UXQGVWHXHU9HUVLFKHUXQJ XQG$OOJHPHLQVWURPQLFKWHQWKDOWHQVRGDVVGHU%HWUDJHQWVSUHFKHQG]XHUK|KHQ LVW'LHHUPLWWHOWHQ*HEKUHQEHZHJHQVLFKGDKHULP5DKPHQGHU9HUJOHLFKVZHUWH XQGJHQJHQGDKHUDXFKGHPbTXLYDOHQ]SULQ]LS

%HVFKOXVV

'HU+DXSWXQG)LQDQ]DXVVFKXVVVFKOlJWGHP6WDGWUDWYRUGLHLP(QWZXUI YRUOLHJHQGH6DW]XQJ]XUbQGHUXQJGHU6DW]XQJEHUGLH(UULFKWXQJHLQHU QLFKW UHFKWVIlKLJHQ |IIHQWOLFKHQ (LQULFKWXQJ LQ GHU 6WDGW %DHVZHLOHU ]XU 8QWHUEULQJXQJYRQ2EGDFKORVHQXQGEHUGLH(UKHEXQJHLQHU*HEKUIU GLH%HQXW]XQJYRP]XEHVFKOLH‰HQ

bQGHUXQJGHU$QODJH]XU6DW]XQJEHUGLH6WUD‰HQUHLQLJXQJLQGHU6WDGW

%DHVZHLOHU YRPLQGHU)DVVXQJGHUbQGHUXQJVVDW]XQJYRP 6WUD‰HQYHU]HLFKQLV

,QGHP6WUD‰HQYHU]HLFKQLVGDV%HVWDQGWHLOGHUVWlGW6WUD‰HQUHLQLJXQJVVDW ]XQJLVWZLUGXDIHVWJHOHJWLQZHOFKHQ6WUD‰HQGLH5HLQLJXQJVSIOLFKWLP 6RPPHUGXUFK(LQVDW]HLQHU6WUD‰HQNHKUPDVFKLQHYRQGHU6WDGWZDKUJH QRPPHQE]ZZRGLHVH5HLQLJXQJVSIOLFKWJDQ]RGHUWHLOZHLVHDXIGLHDQOLH JHQGHQ*UXQGVWFNVHLJHQWPHUEHUWUDJHQZLUG

'LH:DKUQHKPXQJGHU5HLQLJXQJVSIOLFKWGXUFKGLH6WDGWLVWIUGLH(LJHQW

PHULPPHUPLWGHU(UKHEXQJYRQ6WUD‰HQUHLQLJXQJVJHEKUHQYHUEXQGHQ XQGZLUGQXULQ6WUD‰HQPLWJU|‰HUHU9HUNHKUVEHGHXWXQJYRQGHU6WUD‰H DXVJHEW

1DFK$EVFKOXVVGHU$UEHLWHQIUGLH2UWVXPJHKXQJ3XIIHQGRUILVWGLH9HU NHKUVEHGHXWXQJGHUELVKHUPLWWHOV6WUD‰HQNHKUPDVFKLQHJHUHLQLJWHQ$OGHQ KRYHQHU 6WUD‰H HUKHEOLFK UHGX]LHUW VRGDVV GLH 5HLQLJXQJVSIOLFKW IU GLH 6RPPHUZDUWXQJIUGLH)DKUEDKQXQGGLH*HKZHJHEHLGLHVHU6WUD‰HQXQ PHKUDXIGLH$QOLHJHUEHUWUDJHQZHUGHQVROOWH

%HL GHU :LQWHUZDUWXQJ VROOWH HV ZLH ELVKHU EHL GHU 5HLQLJXQJVSIOLFKW GXUFKGLH6WDGWYHUEOHLEHQ

'LH9HUZDOWXQJVFKOXJDXVGLHVHP*UXQGHHLQH6DW]XQJVlQGHUXQJYRU

%HVFKOXVV

'HU+DXSWXQG)LQDQ]DXVVFKXVVVFKOlJWGHP6WDGWUDWHLQVWLPPLJYRUGLH 5HLQLJXQJVSIOLFKWIUGLH6RPPHUZDUWXQJDXIGHU)DKUEDKQXQGGHQ*HK ZHJHQLQGHU$OGHQKRYHQHU6WUD‰HLP6WDGWWHLO3XIIHQGRUIDXIGLH$QOLHJHU ]XEHUWUDJHQZREHLGLH6DW]XQJEHUGLH6WUD‰HQUHLQLJXQJLQGHU6WDGW

%DHVZHLOHUYRP6WUD‰HQYHU]HLFKQLVLG)GHUbQGHUXQJVVDW ]XQJYRPJHlQGHUWZHUGHQVROO

0LWWHLOXQJHQGHU9HUZDOWXQJ (VHUIROJWHQNHLQH0LWWHLOXQJHQ

$QIUDJHQYRQ$XVVFKXVVPLWJOLHGHUQ (VZXUGHQNHLQH$QIUDJHQJHVWHOOW