bOWHUH0HQVFKHQDOV2SIHUXQGDOV6WUDIWlWHU
(QWZLFNOXQJVV]HQDULHQLQGHUDOWHUQGHQ*HVHOOVFKDIW
*HUKDUG6SLHVV
,QKDOW
, $OWHUQGH*HVHOOVFKDIW'LH$XVVLFKWHQ
'UHL(LQIOXVVJU|VVHQDXIGLHGHPRJUDILVFKH(QWZLFNOXQJµ$OWHUXQJYRQ
REHQ¶µ$OWHUXQJYRQXQWHQ¶µ9HUMQJXQJYRQDXVVHQ¶
=XU0HWKRGHGHU3URMHNWLRQ
,, 'DV$OWHUDOV5LVLNRIDNWRU:RPLW]XUHFKQHQLVW
,VWLQGHU6FKZHL]PLWPHKU±XQGPLWPHKUlOWHUHQ±7lWHUQ]XUHFKQHQ"
D $OWHUVDEKlQJLJH9HUWHLOXQJGHUUHJLVWULHUWHQ.ULPLQDOLWlW
E 3URMHNWLRQ%HY|ONHUXQJVHQWZLFNOXQJXQG7DWYHUGlFKWLJHQDXINRPPHQ
,VWLQGHU6FKZHL]PLWPHKUlOWHUHQ9HUXUWHLOWHQXQG9ROO]XJVLQVDVVHQ]X
UHFKQHQ"
D $OWHUVDEKlQJLJH9HUWHLOXQJGHU9HUXUWHLOXQJHQQDFK6W*%
E $OWHUVYHUWHLOXQJGHU9ROO]XJVLQVDVVHQ
,VWPLWPHKU±XQGPLWPHKUlOWHUHQ±2SIHUQ]XUHFKQHQ"'XUFKZHOFKH
'HOLNWHZHOFKH%HJHKXQJVIRUPHQVLQGbOWHUHEHVRQGHUVJHIlKUGHW"
D ,QGLNDWRUHQGHV2SIHUULVLNRVLP+HOOIHOG(LJHQWXPVGHOLNWH
E +lXVOLFKH*HZDOWLP+HOOIHOG
F %HY|ONHUXQJVEHIUDJXQJHQYLFWLPVXUYH\VXQG
9HUVLFKHUXQJVVWDWLVWLNHQ
DD6FKZHL]HULVFKH2SIHUEHIUDJXQJ
EE9HUVLFKHUXQJVVWDWLVWLNHQ]XJHZDOWEHGLQJWHQ9HUOHW]XQJHQ
FF+lXVOLFKH*HZDOWXQG*HZDOWJHJHQSIOHJHEHGUIWLJH3HUVRQHQ
G :DFKVHQGH=DKOEHWUHXXQJVEHGUIWLJHU+RFKEHWDJWHU
H -DJGDXIµ/(2¶$OWH0HQVFKHQDOVµ/HLFKW(UUHLFKEDUH2SIHU¶
DDbOWHUH0HQVFKHQDOV=LHOJUXSSHYRQ%HWUXJVGHOLNWHQ
EE7DWDQUHL]HGXUFK9HUP|JHQVNRQ]HQWUDWLRQLQGHU5HQWQHUJHQHUDWLRQ
µ*HOHJHQKHLWPDFKW'LHEH¶
FF6LWXDWLYH.ULPLQDOSUlYHQWLRQ7DWDQUHL]HXQG6FKXW]PHFKDQLVPHQ
I $OWHUVVSH]LILVFKH*HIlKUGXQJHQLP6WUDVVHQYHUNHKU
,,, $OWHUVDEKlQJLJH*HIlKUGXQJHQ=XVDPPHQIDVVXQJLQ7KHVHQ
,9 &KDQFHQGHUGHPRJUDILVFKHQ(QWZLFNOXQJ(LQ%HLVSLHOJXWHU3UD[LV
mit der Kriminalität / Christian Schwarzenegger, Rolf Nägeli (Hrsg.). - Zürich : Schulthess, 2013. - S. 161-207. - ISBN 978-3-7255-6933-5
Konstanzer Online-Publikations-System (KOPS) URL: http://nbn-resolving.de/urn:nbn:de:bsz:352-259579
, $OWHUQGH*HVHOOVFKDIW'LH$XVVLFKWHQ
'LH DNWXHOOH GHPRJUDILVFKH (QWZLFNOXQJ ± GLH =XQDKPH GHU /HEHQVHUZDU WXQJEHLDQKDOWHQGQLHGULJHU*HEXUWHQUDWHGHUZDFKVHQGH$QWHLOGHUlOWHUHQ
*HQHUDWLRQDQGHU%HY|ONHUXQJGLHDEVHKEDUH=XQDKPHGHU=DKOGHU+RFK EHWDJWHQ±EHHLQIOXVVWYLHOH$VSHNWHGHVJHVHOOVFKDIWOLFKHQ/HEHQV,Q%H]XJ DXI .ULPLQDOLWlW XQG 6LFKHUKHLW LVW GDV$OWHU GHU ZLFKWLJVWH 3DUDPHWHU$O WHUVDEKlQJLJDXVJHSUlJWLVWQLFKWQXUGLH+lXILJNHLWSROL]HLOLFKHU$XIIlOOLJ NHLWDOV7DWYHUGlFKWLJHUVRQGHUQDXFKGDV5LVLNR2SIHUHLQHU6WUDIWDWRGHU HLQHUVFKZHUZLHJHQGHQ9HUOHW]XQJLP6WUDVVHQYHUNHKU]XZHUGHQ
:HOFKH $XVZLUNXQJHQ GHU GHPRJUDILVFKHQ (QWZLFNOXQJ VLQG DEVHKEDU IU GDV.ULPLQDOLWlWVDXINRPPHQ IU 6WUDIYHUIROJXQJ XQG 6WUDIYROO]XJ IU GDV 8QIDOOJHVFKHKHQ" :R VLQG EHVRQGHUH DOWHUVVSH]LILVFKH *HIlKUGXQJHQ HU NHQQEDUZHOFKH3UlYHQWLRQVDQVlW]HVLQGDQJH]HLJW"
8PGLHVH)UDJHQEHDQWZRUWHQ]XN|QQHQPVVHQGLHYHUIJEDUHQ'DWHQ]XU DOWHUVDEKlQJLJHQ5LVLNRDXVSUlJXQJPLWGHQ9RUDXVEHUHFKQXQJHQGHUDEVHK EDUHQ%HY|ONHUXQJVHQWZLFNOXQJ]XVDPPHQJHIKUWXQGEHZHUWHWZHUGHQ
'UHL(LQIOXVVJU|VVHQDXIGLHGHPRJUDILVFKH(QWZLFNOXQJ µ$OWHUXQJYRQREHQ¶µ$OWHUXQJYRQXQWHQ¶µ9HUMQJXQJYRQ DXVVHQ¶
)UGLHDNWXHOOH%HY|ONHUXQJVVWUXNWXUZLHIUGHUHQDEVHKEDUHZHLWHUH(QW ZLFNOXQJ VSLHOHQ QLFKW QXU µQDWUOLFKH¶ JOHLFKZRKO GXUFK GLH VR]LDOH (QW ZLFNOXQJ PDVVJHEOLFK EHHLQIOXVVWH )DNWRUHQ ZLH GLH *HEXUWHQKlXILJNHLW XQGGLH/HEHQVHUZDUWXQJHLQH5ROOHVRQGHUQDXFK:DQGHUXQJVEHZHJXQJHQ 1LFKWQXUIUGLH6FKZHL]LQVJHVDPWVRQGHUQDXFKIUGLHHLQ]HOQHQ.DQWR QH NRPPW GDEHL GHUUlXPOLFKHQ %HY|ONHUXQJVEHZHJXQJ LQIROJH =X XQG
$EZDQGHUXQJ GHXWOLFK JU|VVHUHV *HZLFKW ]X DOV GHUQDWUOLFKHQ %HY|ONH UXQJVEHZHJXQJGXUFK*HEXUWHQXQG7RGHVIlOOH
6R YHU]HLFKQHWHQ LP -DKU GLH PHLVWHQ .DQWRQH PLW $XVQDKPH YRQ
%DVHO6WDGW *ODUXV 6FKDIIKDXVHQ QRFK HLQHQ *HEXUWHQEHUVFKXVVMHGRFK PDFKWH GLH QDWUOLFKH %HY|ONHUXQJVEHZHJXQJ OHGLJOLFK GHV PLW VFKZHL]ZHLW LQVJHVDPW SRVLWLYHQ *HVDPWVDOGRV GHU %HY|ONHUXQJV EHZHJXQJ DXV /HEHQGJHERUHQH ± 9HUVWRUEHQH
GLHUlXPOLFKH%HY|ONHUXQJVEHZHJXQJGDJHJHQ=XZDQGHUXQ JHQ±$EZDQGHUXQJHQ ,QGHVVHQLVWEHLWHQGHQ]LHOOZHL WHUDQVWHLJHQGHU/HEHQVHUZDUWXQJ]XJOHLFKDEGHQHU-DKUHQHLQQHJDWL YHV *HEXUWHQVDOGR ]X HUZDUWHQ 'DPLW WULWW ]XP (IIHNW GHU µ$OWHUXQJ YRQ REHQ¶ LQIROJH VWHLJHQGHU /HEHQVHUZDUWXQJ GHU LQ]ZLVFKHQ LQV 5HQWHQDOWHU HLQWUHWHQGHQ UHODWLY VWDUNHQ *HQHUDWLRQ GHU µ%DE\ERRPHU¶ GHU (IIHNW GHU µ$OWHUXQJYRQXQWHQ¶LQIROJHQLHGULJHUIUHLQH5HSURGXNWLRQGHV%HY|ONH UXQJVEHVWDQGHVQLFKWDXVUHLFKHQGHU*HEXUWHQUDWHQ
'LH$XVZLUNXQJHQGHUDXFKHXURSDZHLWEHREDFKWHWHQ9HUVFKLHEXQJHQGHU
$OWHUVVWUXNWXUNRQQWHQLQGHU6FKZHL]GXUFKGHQ(IIHNWGHUµ9HUMQJXQJYRQ DXVVHQ¶GLH=XZDQGHUXQJPHKUKHLWOLFKELVMlKULJHU3HUVRQHQELVODQJ ZHLWJHKHQG NRPSHQVLHUW ZHUGHQ ± PLW GHU )ROJH GDVV DQGHUV DOV LQ 'HXWVFKODQGXQGDQGHUHQ1DFKEDUOlQGHUQGHU8PIDQJGHU%HY|ONHUXQJLP EHUXIVDNWLYHQ$OWHU PLWWHOIULVWLJ QRFK UHODWLY VWDELO EOHLEW /DQJIULVWLJ ZLUG DEHU DXFK GLH =XZDQGHUXQJ GHQ (IIHNW GHU IRUWVFKUHLWHQGHQ$OWHUXQJ QLFKW YROOVWlQGLJDXVJOHLFKHQN|QQHQ
$OWHUQDWLYH 6]HQDULHQ GHU MHZHLOLJHQ QDWLRQDOHQ XQG UHJLRQDOHQ %HY|ONH UXQJVYRUDXVUHFKQXQJXQWHUVFKHLGHQVLFKGHQQDXFKLQVEHVRQGHUHLQGHQ$Q QDKPHQ]XGHQ:DQGHUXQJVVDOGHQZlKUHQGGLH$QQDKPHQ]XUPLWWHOIULVWL JHQ (QWZLFNOXQJ YRQ *HEXUWHQUDWHQ XQG /HEHQVHUZDUWXQJ LQ YHUJOHLFKV ZHLVHJHULQJHUHP0DVVHPLW8QVLFKHUKHLWEHKDIWHWVLQG'DVHLGJHQ|VVLVFKH
%XQGHVDPWIU6WDWLVWLN%)6KDWGLHNQIWLJH(QWZLFNOXQJGHU:RKQEHY|O NHUXQJGHU6FKZHL]ELV]XP-DKULQYHUVFKLHGHQHQ6]HQDULHQYRUDXVEH UHFKQHW 1DFK GHU PLWWOHUHQ ± ZDKUVFKHLQOLFKVWHQ ± 9DULDQWH ZLUG LP9HU JOHLFK]XHLQH=XQDKPHGHU*HVDPWEHY|ONHUXQJELV]XP-DKUXP ELVXPHUZDUWHWKLHULQGHU%HY|ONHUXQJDE-DKUHQXPFD ELVXQGXPFDELV$EGHP-DKUGUIWHVLFKQDFK GLHVHP6]HQDULRGLH%HY|ONHUXQJV]DKOEHLNQDSS0LOOLRQHQVWDELOLVLHUHQ
0LWWH GHU HU -DKUH ODJ GLH *HEXUWHQ]LIIHU 6FKZHL]HU )UDXHQ QRFK EHU QDFKGXUFKZHJXQWHU]XOHW]WEHL
(XURSHDQ&RPPLVVLRQ7KH$JHLQJ5HSRUW(XURSHDQ(FRQRP\
6&+0,'%27.,1(&e/,1(5$86$'(/8&$)$%,(11('HPRJUDILVFKH$OWHUXQJXQG VR]LDOH6LFKHUKHLW%XQGHVDPWIU6WDWLVWLN%I61HXFKkWHO
1DFKZHLVHXQWHUZZZEIVDGPLQFKEIVSRUWDOGHLQGH[WKHPHQKWPO!
Ä'DVÃPLWWOHUHµ 6]HQDULR $ LVW GDV 5HIHUHQ]V]HQDULR ZHO FKHV GLH (QWZLFNOXQJHQ GHU OHW]WHQ -DKUH IRUWVFKUHLEW XQG GLH LQ GHU )ROJH GHV ,QNUDIWWUHWHQV GHU ELODWHUDOHQ $ENRPPHQ EHU GHQ IUHLHQ 3HUVRQHQYHUNHKUPLWGHU(8EHREDFKWHWHQ7UHQGVHLQEH]LHKW³Ä'DV ÃPLWWOHUHµ6]HQDULRUHFKQHWPLWHLQHP ZHLWHUHQ:DFKVWXPGHU%HY|O NHUXQJGHU6FKZHL]ELV'DQDFKVWDELOLVLHUWVLFKGLH:RKQEHY|O NHUXQJ (LQ %HY|ONHUXQJVUFNJDQJ DE RGHU HLQ DQKDOWHQGHV :DFKVWXP EHU GDV -DKU KLQDXV VLQG DEHU HEHQIDOOV GXUFKDXV SODXVLEOH6]HQDULHQ
'LH=XQDKPHGHU/HEHQVHUZDUWXQJYRUDOOHPDEHUGHUGHU]HLWLJH$O WHUVDXIEDXKDWHLQHEHVFKOHXQLJWH$OWHUXQJGHU%HY|ONHUXQJ]XU)RO JH 'LH =DKO GHU 3HUVRQHQ LP 5XKHVWDQGVDOWHU ZlFKVW LQ GHQ NRP PHQGHQ-DKU]HKQWHQLPPHUVFKQHOOHU
$XFKEHL VWlUNHUHU(LQZDQGHUXQJ NDQQGLH =DKOGHU3HUVRQHQLPHU ZHUEVIlKLJHQ$OWHUQLFKWJOHLFKUDVFKDQVWHLJHQZLHGLHMHQLJHGHU3HU VRQHQ LP 3HQVLRQVDOWHU 6RZRKO GDV 9HUKlOWQLV GHU 3HUVRQHQ DE -DKUHQ ]X GHQ 3HUVRQHQ ]ZLVFKHQ XQG -DKUHQ DOV DXFK GHU 4XRWLHQW ]ZLVFKHQ GHQ EHU -lKULJHQ XQG GHQ (UZHUEVSHUVRQHQ -lKULJHVWHLJHQLQGHQQlFKVWHQ-DKUHQEHGHXWHQGXQGVHKU VFKQHOODQ³
%XQGHVDPW IU 6WDWLVWLN =XNQIWLJH %HY|ONHUXQJVHQWZLFNOXQJ6]HQDULHQZZZ EIVDGPLQFKEIVSRUWDOGHLQGH[WKHPHQEODQNNH\LQWURKWPO!
$EE%HY|ONHUXQJVHQWZLFNOXQJELVJHP6]HQDULR $UHFKWV bQ GHUXQJHQGHV8PIDQJVGHU$OWHUVJUXSSHQJHJHQEHU (UZDUWHW ZLUG ± EHL UHODWLY NRQVWDQWHP 8PIDQJ GHU %HY|ONHUXQJ ELV ]XP
$OWHUYRQ-DKUHQ±LP9HUJOHLFK]XHLQH=XQDKPHGHU%HY|ONHUXQJ DE-DKUHQXPFDELVXPFD0LOOLRQHQELVYRQ DXIXQGDXIKLHULQHLQH=XQDKPHGHUKRFKEHWDJ WHQ %HY|ONHUXQJ DE -DKUHQ XP FD ELV ]XP -DKU XP ELV 'LHV HQWVSULFKW HLQHU =XQDKPH GHV %HY|ONHUXQJVDQWHLOV GHU +RFKEHWDJWHQ DE YRQ DXI ELV ODQJIULVWLJ JDU HLQHU 9HUGUHLIDFKXQJDXIELV$EE
$EE(QWZLFNOXQJGHU%HY|ONHUXQJVDQWHLOHGHU$OWHUVJUXSSHQ
(LQHHQWVSUHFKHQGH=XQDKPH YRQ8PIDQJXQG$QWHLOGHUlOWHUHQ%HY|ONH UXQJVJUXSSHQ LVW DXFK LQ DQGHUHQ /lQGHUQ ZLH ]% 'HXWVFKODQG DEVHKEDU ,P9HUJOHLFK]XGHQ1DFKEDUOlQGHUQVWHOOWVLFKGLHLQGHU6FKZHL]HUZDUWHWH
%HY|ONHUXQJVHQWZLFNOXQJMHGRFK GDGXUFK YHUJOHLFKVZHLVH SRVLWLY GDU GDVV KLHU GLH JQVWLJHUH =XZDQGHUXQJVELODQ] DOV µ9HUMQJXQJ YRQ DXVVHQ¶ GHQ (IIHNWGHUµ$OWHUXQJYRQXQWHQ¶DXIJUXQGHLQHUDXFKLQGHU6FKZHL]QLHGUL JHQ *HEXUWHQUDWH ELVKHU QRFK ZHLWJHKHQG DXVJOHLFKHQ NRQQWH 'HVKDOE HU IROJW GLH µ$OWHUXQJ YRQ REHQ¶ LQ GHU 6FKZHL] DXI HLQHP QDKH]X VWDELOHQ 6RFNHOHLQHUPLWWHOIULVWLJQRFKXPIDQJVPlVVLJQDKH]XVWDELOHQ%HY|ONHUXQJ LPHUZHUEVIlKLJHQ$OWHUZlKUHQGLQ'HXWVFKODQGGHUZDFKVHQGHQ%HY|ONH UXQJLP6HQLRUHQXQG+RFKEHWDJWHQDOWHUHLQHDEVHKEDUVWDUNH$EQDKPHGHU MXQJHQXQGEHUXIVDNWLYHQ-DKUJlQJHJHJHQEHUVWHKW$EE
$EE'LHIUGLH6FKZHL]OLQNVXQGIU'HXWVFKODQGUHFKWVYRUDXVEHUHFKQHWH
%HY|ONHUXQJVHQWZLFNOXQJLP9HUJOHLFK
$XFK ZHQQ GLH %HY|ONHUXQJVHQWZLFNOXQJ EHU HLQHQ OlQJHUHQ =HLWUDXP
±LQVEHVRQGHUHEHLP|JOLFKHQ9HUlQGHUXQJHQLQGHU:DQGHUXQJVELODQ]RGHU GHU*HEXUWHQUDWH±VLFKLP'HWDLODQGHUVGDUVWHOOHQNDQQPXVVGRFKDXFKIU GLH6FKZHL]DOVJHVLFKHUWJHOWHQGDVVGHU$QWHLOZLHDXFKGHU8PIDQJGHU
$OWHUVJUXSSHQ LP 5HQWHQDOWHU XQG JDQ] EHVRQGHUV GHU +RFKEHWDJWHQ LQ HLQHP ELVODQJ QLFKW EHREDFKWHWHQ$XVPDVV ZHLWHU ]XQHKPHQ ZLUG 'DUDXV IROJHQ±QHEHQGHQDEVHKEDUHQ$QIRUGHUXQJHQDQGDV3IOHJHV\VWHP±DXFK .RQVHTXHQ]HQIUGDV.ULPLQDOLWlWVJHVFKHKHQGLHLQ+LQEOLFNDXIGLH3OD QXQJ YRQ 5HVVRXUFHQ LQ 3ROL]HL -XVWL] XQG 6WUDIYROO]XJ YRQ %HODQJ VLQG
%HVRQGHUH $XIPHUNVDPNHLW YHUGLHQHQ .RQVHTXHQ]HQ IU GLH $XIJDEH GHU ]LHOJUXSSHQEH]RJHQHQ3UlYHQWLRQDOWHUVVSH]LILVFKHUK|KWHU5LVLNHQ
=XU0HWKRGHGHU3URMHNWLRQ
'LHLP)ROJHQGHQGDUJHVWHOOWHQ%HUHFKQXQJHQGHPRJUDILHEHGLQJWHU(IIHNWH DXI GLH (QWZLFNOXQJ GHV 7DWYHUGlFKWLJHQ XQG 2SIHUDXINRPPHQV EHUXKHQ DXIGHU.RPELQDWLRQ]ZHLHU%H]XJVJU|VVHQGHUJHJHQZlUWLJEHREDFKWH WHQUHODWLYHQ +lXILJNHLWHQ PLW GHQHQ YHUVFKLHGHQH $OWHUVJUXSSHQ LQ GHU 6FKZHL]DOV7DWYHUGlFKWLJH9HUXUWHLOWH6WUDIYROO]XJVLQVDVVHQDOV2SIHUYRQ 6WUDIWDWHQ RGHU 9HUNHKUVXQIlOOHQ LQ (UVFKHLQXQJ WUHWHQ XQG GHU QDFK
'DUVWHOOXQJ IU 'HXWVFKODQG QDFK GHU NRRUGLQLHUWHQ %HY|ONHUXQJVYRUDXVEH UHFKQXQJGHV6WDWLVWLVFKHQ%XQGHVDPWHV:LHVEDGHQPLWWOHUH9DULDQWH±:
JHJHQZlUWLJHP (UNHQQWQLVVWDQG DEVHKEDUHQ %HY|ONHUXQJVHQWZLFNOXQJ KLQ VLFKWOLFK$QWHLOXQG8PIDQJGHUYHUVFKLHGHQHQ$OWHUVNODVVHQ
'LH.RPELQDWLRQGLHVHUEHLGHQ%H]XJVJU|VVHQIKUW]XHLQHUUHFKQHULVFKHQ
$EELOGXQJRGHU3URMHNWLRQGHUDOWHUVVSH]LILVFKHQ(UHLJQLVZDKUVFKHLQOLFKNHL WHQ DXI GDV 6]HQDULR GHU NQIWLJ HUZDUWHWHQ %HY|ONHUXQJVVWUXNWXU 'DEHL KDQGHOWHVVLFKXPHLQH0RGHOOUHFKQXQJQLFKWXPHLQH9RUKHUVDJHGHQQVL FKHUOLFKZHUGHQZLHVFKRQELVKHUDXFKNQIWLJQHEHQGHPRJUDILVFKHQDXFK ZHLWHUH(LQIOXVVJU|VVHQGLHNXU]ZLHODQJIULVWLJH.ULPLQDOLWlWVHQWZLFNOXQJ EHHLQIOXVVHQ 'LH KLHU DQJHVWHOOWH 0RGHOOUHFKQXQJ HUODXEW GDEHL HLQH EH JUQGHWH(LQVFKlW]XQJGHUMHQLJHQXQGQXUGHUMHQLJHQ(IIHNWHGLHDXIGLH DEVHKEDUHGHPRJUDILVFKH(QWZLFNOXQJ]XUFNJHKHQXQGGHVKDOE±DQGHUVDOV ZHLWHUH GHU]HLW QRFK QLFKW DEVHKEDUH (LQIOVVH ± EHL GHU$EVFKlW]XQJ GHV 5HVVRXUFHQEHGDUIVGHUEHWHLOLJWHQ,QVWLWXWLRQHQVLQQYROOHUZHLVHVFKRQKHXWH HLQ]XEH]LHKHQVLQG
,, 'DV$OWHUDOV5LVLNRIDNWRU:RPLW]XUHFKQHQLVW
*HVFKOHFKW XQG$OWHU VLQG GLH 3DUDPHWHU GLH DP VWlUNVWHQ VRZRKO PLW GHU :DKUVFKHLQOLFKNHLW LQ =XVDPPHQKDQJ VWHKHQ DOV7lWHU 7DWYHUGlFKWLJHU HUIDVVW]XZHUGHQDOVDXFKPLWGHP5LVLNRDOV2SIHUEHWURIIHQ]XVHLQ'LH PLWWHOIULVWLJ DEVHKEDUHQ bQGHUXQJHQ LP DEVROXWHQ 8PIDQJ GHU YHUVFKLH GHQHQ$OWHUVJUXSSHQXQGLQGHU$OWHUVVWUXNWXU±DXI/DQGHVZLHDXINDQWR QDOHU(EHQH±VLQGQLFKWGHUHLQ]LJHDEHUHLQZLFKWLJHUXQGEHUHLWVGHU]HLW HLQVFKlW]EDUHU )DNWRU LQ +LQEOLFN DXI DOOIlOOLJH NQIWLJH9HUlQGHUXQJHQ LP 7DWYHUGlFKWLJHQZLHLP2SIHUDXINRPPHQXQGGDPLWYRQ%HODQJIU,QWHU YHQWLRQV XQG 3UlYHQWLRQVVWUDWHJLHQ IU GLH 3ODQXQJ YRQ +DQGOXQJVNRQ
63,(66 *(5+$5' .ULPLQDOSURJQRVH LQ .$,6(5.(51(56$&.6&+(//+266 +UVJ .OHLQHV .ULPLQRORJLVFKHV :|UWHUEXFK $XIO +HLGHOEHUJ ]XU$EJUHQ]XQJ XQEHGLQJWHU XQG EHGLQJWHU 9RUDXVVFKlW]XQJHQ 63,(66*(5
+$5' 3URSKHWLH RGHU 3URJQRVH" 1HXH .ULPLQDOSROLWLN 63,(66
*(5+$5' 'HPRJUDILVFKHU :DQGHO XQG DOWHUVVSH]LILVFKH .ULPLQDOLWlW 3URMHNWLRQ GHU(QWZLFNOXQJELVLQ1$'(5,52%(57+UVJ$XVZLUNXQJHQGHPRJUDSKL VFKHU (QWZLFNOXQJHQ DXI 6LFKHUKHLWVIUDJHQ %XQGHVLQVWLWXW IU %HY|ONHUXQJVIRU VFKXQJ0DWHULDOLHQ]XU%HY|ONHUXQJVZLVVHQVFKDIW+HIW
]HSWHQXQG5HVVRXUFHQHLQVDW]GHU3ROL]HLXQGDQGHUHUJHVHOOVFKDIWOLFKHU$N WHXUHDXIGHP)HOGGHU6LFKHUKHLW
x +DEHQ ZLU j FRQWR GHU GHPRJUDILVFKHQ (QWZLFNOXQJ PLW PHKUlOWHUHQ 7lWHUQDQJHVLFKWVGHUHUZDUWHWHQ%HY|ONHUXQJV]XQDKPHLQVJHVDPWPLW PHKU7lWHUQ]XUHFKQHQ"
x +DEHQZLUPLWPHKUEHWDJWHQ6WUDIYROO]XJVLQVDVVHQ]XUHFKQHQ"
x +DEHQZLUPLWPHKUlOWHUHQ2SIHUQ]XUHFKQHQ"'XUFK ZHOFKH 'HOLNWH ZHOFKH%HJHKXQJVIRUPHQVLQGbOWHUHEHVRQGHUVJHIlKUGHW"
x :HOFKH)ROJHUXQJHQHUJHEHQVLFKIU]LHOJUXSSHQEH]RJHQH3UlYHQWLRQ"
,VWLQGHU6FKZHL]PLWPHKU±XQGPLWPHKUlOWHUHQ±7lWHUQ]X UHFKQHQ"
D $OWHUVDEKlQJLJH9HUWHLOXQJGHUUHJLVWULHUWHQ.ULPLQDOLWlW
$P*HVDPWDXINRPPHQGHUGXUFKGLH3ROL]HLUHJLVWULHUWHQXQGHLQHP7DWYHU GlFKWLJHQ ]XJHRUGQHWHQ 'HOLNWH QDFK 6W*% VLQG GLH $OWHUVJUXSSHQ VFKRQ LPPHULQVHKUXQWHUVFKLHGOLFKHP0DVVEHWHLOLJW'LHVJLOWDXFKIUGLHZH VHQWOLFK NOHLQHUH *UXSSH GHU VFKZHUZLHJHQGHQ *HZDOWGHOLNWH KLHU ZHLWHU JHIDVVWDOVQDFKGHU'HILQLWLRQGHU3ROL]HLOLFKHQ.ULPLQDOVWDWLVWLN7|WXQJV GHOLNWHHLQVFKO9HUVXFKVFKZHUH.|USHUYHUOHW]XQJ5DXE9HUJHZDOWLJXQJ VH[XHOOH 1|WLJXQJ VH[XHOOH hEHUJULIIH VH[XHOOH +DQGOXQJHQ PLW .LQGHUQ XQGPLW$EKlQJLJHQ$UW6W*%VROFKH*HZDOWGHOLNWHLPHUZHLWHU
HQWILHOHQ LQ GHU 6FKZHL] YRQ GHQ DQ GLH SROL]HLOLFKH .ULPLQDOVWDWLVWLN EHU PLWWHOWHQ6WUDIWDWHQDXIGDV6WUDIJHVHW]EXFK6W*%DXIGDV%HWlXEXQJV PLWWHOJHVHW] %HWP* DXI GDV$XVOlQGHUJHVHW] $X* VRZLH DXI ZHLWHUH VWUDIUHFKWOLFKH %XQGHVQHEHQJHVHW]H 9HUVW|VVH JHJHQ NDQWRQDOH *HVHW]H RGHU 1H EHQVWUDIJHVHW]HZLHGDV6WUDVVHQYHUNHKUVJHVHW]69*VLQGQLFKWLQGHU3.6QDFK JHZLHVHQVRPLWDXFKQLFKWIDKUOlVVLJH7|WXQJHQRGHU.|USHUYHUOHW]XQJHQGLHLP
=XVDPPHQKDQJHLQHU69*:LGHUKDQGOXQJHUIROJHQ
'D]X VFKRQ 6725=5(1$7( *HZDOWNULPLQDOLWlW LQ GHU 6FKZHL] %HZlKUXQJVKLOIH 5,%($8''(1,6(QWZLFNOXQJGHV*HZDOWYHUKDOWHQVXQWHUMXQJHQ 0HQVFKHQLQGHQOHW]WHQ-DKUHQ9HUVXFK HLQHU NRQVLVWHQWHQ 'HXWXQJ VFKHLQEDU ZLGHUVSUFKOLFKHU(UJHEQLVVH6R]LDOH6LFKHUKHLW&+66
WHQ6LQQHZXUGHQLP-DKUFDGHUUHJLVWULHUWHQ7DWYHUGlFKWLJHQLQV JHVDPWFDGHU7DWYHUGlFKWLJHQDE-DKUHQ]XJHRUGQHW
$EE$OWHUVDEKlQJLJH +lXILJNHLWV]DKOHQ GHU 7DWYHUGlFKWLJHQ 6W*% LQVJHVDPW XQGVFKZHUH*HZDOWGHOLQTXHQ]LZ6
,P9HUJOHLFK]XLKUHP$QWHLODP*HVDPWGHU7DWYHUGlFKWLJHQZHLVHQ 7DWYHUGlFKWLJHDE-DKUHQLQVEHVRQGHUHEHLGHQIROJHQGHQ'HOLNWHQEHU K|KWH$QWHLOHDXILQ.ODPPHUQMHZDEV=DKOGHU7DWYHUGlFKWLJHQDE-
3UR]HQW $Q]DKO
7DWYHUGlFKWLJHQDFK6W*%LQVJHVDPW3.6
8QWHUGHQ'HOLNWHQJHJHQ/HLEXQG/HEHQ
$UW)DKUOlVVLJH7|WXQJ
$UW)DKUOlVVLJH.|USHUYHUOHW]XQJ
XQWHUGHQJHPHLQJHIlKUOLFKHQ'HOLNWHQ
$UW)DKUOlVVLJH%UDQGVWLIWXQJ
$UW5DVVHQGLVNULPLQLHUXQJ
XQWHUGHQ'HOLNWHQJHJHQGLHVH[XHOOH,QWHJULWlW
$UW([KLELWLRQLVPXV
$UW6H[XHOOH%HOlVWLJXQJ
$UW3RUQRJUDILH
$UW6H[XHOOH+DQGOXQJHQPLW.LQGHUQ
XQWHUGHQ9HUP|JHQVGHOLNWHQ
$UW%HWUJHULVFKHU.RQNXUV3IlQGXQJVEHWUXJ
$UW8QJHWUHXH*HVFKlIWVEHVRUJXQJ
$UW9HUXQWUHXXQJ
EHLGHQ(KUGHOLNWHQ
$UWhEOH1DFKUHGH
$UW9HUOHXPGXQJ
$UW%HVFKLPSIXQJ
:UGHPDQYRQGHQGHU]HLWEHREDFKWHWHQ+lXILJNHLWV]DKOHQIUGLH%HY|O NHUXQJLQVJHVDPWDXVJHKHQVRZUGHPDQYRQGHUDEVHKEDUHQZHLWHUHQ=X QDKPH GHU :RKQEHY|ONHUXQJ GHU 6FKZHL] YRQ DXI XP FD YRQDXIXPFD HLQHGHPHQWVSUH FKHQGH=XQDKPH GHU =DKO GHU 7DWYHUGlFKWLJHQ HUZDUWHQ EHL HLQHU 7DWYHU GlFKWLJHQEHODVWXQJQDFK6W*%YRQMHGHU:RKQEHY|ONHUXQJHQW VSUlFKHGLHVHLQHU=XQDKPHGHU7DWYHUGlFKWLJHQXPE]Z3HUVR QHQELV]XP-DKUE]Z
(LQHVROFKHHLQIDFKH([WUDSRODWLRQGHU*HVDPW]DKOHQZUGHMHGRFKQLFKWGLH DEVHKEDUHQ 9HUVFKLHEXQJHQ LQ GHU $OWHUVVWUXNWXU GHU %HY|ONHUXQJ REHQ
$EEEHUFNVLFKWLJHQGLHDXIJUXQGGHUJURVVHQ8QWHUVFKLHGHLQGHU7DW YHUGlFKWLJHQEHODVWXQJ GHU$OWHUVJUXSSHQ ]X GLIIHUHQWLHOOHQ (IIHNWHQ IKUHQ PXVV :HJHQ GHU K|KHUHQ %HODVWXQJ GHU$OWHUVJUXSSHQ XQWHU ZLUG VLFK EHUHLWV HLQ JHULQJIJLJHU 5FNJDQJ GHU -DKUJDQJVVWlUNHQ YHUKlOWQLVPlVVLJ VWlUNHUDXVZLUNHQZlKUHQGGLHHUZDUWHWHVWDUNH=XQDKPHGHUlOWHUHQ%HY|O
NHUXQJVJUXSSHQZHJHQGHUHQZHVHQWOLFKJHULQJHUHU%HODVWXQJDXFKHQWVSUH FKHQGJHULQJHU]XP*HVDPWDXINRPPHQEHLWUDJHQZLUG$EE
$EE3URMHNWLRQGHUDOWHUVVSH]LILVFKHQ%HODVWXQJV]DKOHQDXIGLHHUZDUWHWH(QW ZLFNOXQJGHU6WlUNHGHU$OWHUVJUXSSHQ
E 3URMHNWLRQ%HY|ONHUXQJVHQWZLFNOXQJXQG7DWYHUGlFKWLJHQDXINRPPHQ
$XVGHPKLHUDQJHZDQGWHQ9HUIDKUHQGHU3URMHNWLRQ±GHU9HUUHFKQXQJGHU DOWHUVVSH]LILVFKHQ7DWYHUGlFKWLJHQEHODVWXQJPLWGHUHUZDUWHWHQ(QWZLFNOXQJ GHU6WlUNHGHUHLQ]HOQHQ$OWHUVJUXSSHQ±HUJHEHQVLFKGLHLQ$EEGDUJH VWHOOWHQGHPRJUDILVFK EHGLQJWHQ 9HUlQGHUXQJHQ LP 0HQJHQJHUVW GHU 7DW YHUGlFKWLJHQ
$EE3URMHNWLRQGHU=DKOGHU7DWYHUGlFKWLJHQQDFK6W*%ELV
'HPQDFKUHVXOWLHUW±WURW]HUZDUWHWHU%HY|ONHUXQJV]XQDKPH±DXVGHUYHUlQ GHUWHQ$OWHUVVWUXNWXUNHLQH =XQDKPH VRQGHUQ VRJDU HLQH JHULQJIJLJH$E QDKPH GHU (UZDUWXQJVZHUWH IU GLH =DKO GHU QDFK 6W*% 7DWYHUGlFKWLJHQ LQVJHVDPWXQWHUGHQHQLQGHVVHQGHU$QWHLOGHU7DWYHUGlFKWLJHQDE-DKUHQ YRQDXIXQGGHUHQ=DKOXPFDDXIFD]XQLPPWGHU
$QWHLO GHU7DWYHUGlFKWLJHQ XQWHU YRQ DXI DEQLPPW ± DEVROXW XPFD79ZRPLWGHU(IIHNWHLQHU=XQDKPHGHU*HVDPWEHY|ONHUXQJ XPFDELV]XP-DKUGXUFKGLHYHUlQGHUWH$OWHUVVWUXNWXUSUDNWLVFK QHXWUDOLVLHUWZUGH±MHGHQIDOOVZDVGLH$XVZLUNXQJHQGHUGHPRJUDILVFKHQ (QWZLFNOXQJ DXI GLH *U|VVHQRUGQXQJ GHV HUZDUWHWHQ 7DWYHUGlFKWLJHQDXI NRPPHQVDQJHKWXQEHVFKDGHWDOOIlOOLJHUDQGHUHU(LQIOXVVHDXIGDV.ULPLQD OLWlWVJHVFKHKHQ'LHGDUJHVWHOOWHQGHPRJUDILVFKEHGLQJWHQ(UZDUWXQJVZHUWH N|QQHQ GHVKDOE GD]X GLHQHQ KLHUYRQ DEZHLFKHQGHVXEVWDQ]LHOOH bQGHUXQ JHQ YRQ GHQMHQLJHQ TXDQWLWDWLYHQ 9HUlQGHUXQJHQ DE]XJUHQ]HQ GLHDOOHLQH DXIGLHGHPRJUDILVFKH9HUlQGHUXQJ]XUFNJHIKUWZHUGHQN|QQHQ
6ROFKH%HUHFKQXQJHQXQWHU%HUFNVLFKWLJXQJGHU%HY|ONHUXQJVHQWZLFNOXQJ ]HLJHQ ZLH XQ]XWUHIIHQG GLH QHXHUGLQJV LQ GHXWVFKHQ 0HGLHQ YHUEUHLWHWH
(LQVFKlW]XQJHQVLQGGLHVLFKDOOHLQHDXIGLH$EQDKPHGHUDEVROXWHQ=DKOHQ YRQ MXQJHQ 7DWYHUGlFKWLJHQ µ%HZHLV IU HUIROJUHLFKH SROL]HLOLFKH 3UlYHQ WLRQVDUEHLW¶RGHUDOOHLQHDXIGLH=XQDKPHGHUDEVROXWHQ=DKOHQYRQ7DWYHU GlFKWLJHQLP3HQVLRQVDOWHUVWW]HQÄ1HXHU7UHQG'HXWVFKH5HQWQHUZHUGHQ NULPLQHOO 2IIHQNXQGLJ LVW GLH .ULPLQDOLWlW EHUHLWV HLQUHJHOUHFKWHU0RGH VSRUWXQWHUGHQGHXWVFKHQ6HQLRUHQ0HKUDOVVHFKV3UR]HQWDOOHU6WUDIWlWHU VLQGEHU-DKUHDOW³=XU(LQRUGQXQJ'HU$QWHLOGHUDE-lKULJHQDQ GHU:RKQEHY|ONHUXQJ'HXWVFKODQGVEHWUlJWFD
6WHOOWPDQGLH9RUDXVEHUHFKQXQJQLFKWIUGLH6WUDIWDWHQQDFK6W*%LQVJH VDPWVRQGHUQVSH]LHOOIUGLH*UXSSHGHUVFKZHUZLHJHQGHUHQ*HZDOWGHOLNWH DQKLHUZLHREHQEHVFKULHEHQZHVHQWOLFKZHLWHUJHIDVVWDOVQDFK3.6HLQ VFKOLHVVOLFKVH[XHOOHUhEHUJULIIHXQG+DQGOXQJHQDQ.LQGHUQXQG$EKlQJL JHQ VR ZLUG LQIROJH GHU GHPRJUDILVFKHQ (QWZLFNOXQJ ELV ]XP -DKU HLQH=XQDKPHGHV$QWHLOVGHUDE-lKULJHQ%HVFKXOGLJWHQDQGLHVHU*UXS SHYRQDXILQDEVROXWHQ=DKOHQYRQLP-DKUXPFD DXI GDQQ FD %HVFKXOGLJWH HUZDUWHW ZlKUHQG GHU (UZDUWXQJVZHUW IU GLHDEVROXWH=DKOGHUZHJHQVFKZHUZLHJHQGHU*HZDOWGHOLNWHHLQVFKOVH[XHO OHUhEHUJULIIH7DWYHUGlFKWLJHQXQWHU-DKUHQXPFDDEQHKPHQVROOWH
$EE$XVGHUGHPRJUDILVFKHQ(QWZLFNOXQJIROJW±WURW]HLQHU=XQDKPH GHV %HY|ONHUXQJVXPIDQJV ± MHGHQIDOOV QLFKW GLH (UZDUWXQJ HLQHU HQWVSUH FKHQGHQ=XQDKPHLP%HUHLFKGHU*HZDOWGHOLQTXHQ]
'HXWVFKH :LUWVFKDIWV1DFKULFKWHQ RQOLQH DP )HEUXDU XQWHU %HUXIXQJ DXI HLQH0HGLHQlXVVHUXQJGHV9RUVLW]HQGHQGHV%XQGHV'HXWVFKHU.ULPLQDOEHDPWHU
1DFK'DWHQGHV6WDWLVWLVFKHQ%XQGHVDPWHV:LHVEDGHQ)RUWVFKUHLEXQJGHV%HY|O NHUXQJVVWDQGHVZZZJHQHVLVGHVWDWLVGHJHQHVLVRQOLQH!
$EE3URMHNWLRQGHU=DKOGHU7DWYHUGlFKWLJHQGHU*HZDOWGHOLQTXHQ]LZ6
%HLP 9HUJOHLFK GHU 'HOLNWH QDFK 6W*% LQVJHVDPW REHQ $EE XQG GHU VFKZHUZLHJHQGHUHQ *HZDOWGHOLNWH $EE ZLUG GDV HUZDUWXQJVJHPlVV JU|VVHUH*HZLFKWGHU$OWHUVJUXSSHQ]ZLVFKHQXQGEHLGHQUHJLVWULHUWHQ
*HZDOWGHOLNWHQHUNHQQEDU
,VWLQGHU6FKZHL]PLWPHKUlOWHUHQ9HUXUWHLOWHQXQG 9ROO]XJVLQVDVVHQ]XUHFKQHQ"
'LH3ROL]HLOLFKH.ULPLQDOVWDWLVWLNJHKWLP:HVHQWOLFKHQDXI$Q]HLJHQ9HU ]HLJXQJHQGXUFK*HVFKlGLJWHRGHULQVEHVRQGHUHEHL9HUNHKUVXQG%HWP*
'HOLNWHQDXIJUXQGSROL]HLOLFKHU(UPLWWOXQJHQ]XUFN,P3UR]HVVGHUVWUDI UHFKWOLFKHQ 6R]LDONRQWUROOH VWHOOW VLH HLQH 9HUGDFKWVVWDWLVWLN GDU GLH DE VFKOLHVVHQGHUHFKWOLFKH%HZHUWXQJGHU6WUDIEDUNHLWXQG6WUDIZUGLJNHLWRE OLHJWGHU-XVWL]1XUHLQ7HLOGHUDOVWDWYHUGlFKWLJ5HJLVWULHUWHQZLUGYHUXU WHLOW XQG YRQ GLHVHQ ZLHGHUXP KDW QXU HLQH 0LQGHUKHLW )UHLKHLWVVWUDIHQ ZHJHQ 'HOLNWHQ HUKHEOLFKHU 6FKZHUH ]X YHUEVVHQ:LH GLH %HUHFKQXQJHQ ]XP7DWYHUGlFKWLJHQDXINRPPHQ]HLJHQGUIWHGHU9HUIDKUHQVDQIDOOEHLGHQ
*HULFKWHQWURW]GHUHUZDUWHWHQ%HY|ONHUXQJV]XQDKPHMHGHQIDOOVGHPRJUDILH EHGLQJW QLFKW ]XQHKPHQ:DV GLH (QWZLFNOXQJ GHU 6WUDIYROO]XJVSRSXODWLRQ EHWULIIW LVW QHEHQ GHU (QWZLFNOXQJ GHU UHJLVWULHUWHQ .ULPLQDOLWlW DOOHUGLQJV GLH(QWZLFNOXQJGHUMXVWL]LHOOHQ6DQNWLRQVSUD[LVHLQHZHVHQWOLFKH(LQIOXVV JU|VVH (LQH 8QWHUVXFKXQJ GHU (QWZLFNOXQJ GHU 6DQNWLRQVSUD[LV LQ GHU 6FKZHL] YRU XQG QDFK GHU 6W*%5HYLVLRQ PLW GHU =XUFNGUlQJXQJ NXU]HU )UHLKHLWVVWUDIHQXQGGHU(LQIKUXQJWHLOEHGLQJWHU6WUDIHQIKUWH]XP(UJHE QLVGDVVGHUOlQJHUEHREDFKWHWH$EZlUWVWUHQGEHLGHQEHUELVPRQD WLJHQ)UHLKHLWVVWUDIHQGXUFKGLHQHXHQWHLOEHGLQJWHQ)UHLKHLWVVWUDIHQNRPSHQ VLHUW ZXUGH XQWHU (LQEH]LHKXQJ DOOHU XQ XQG WHLOEHGLQJWHQ 6WUDIHQ HUJLEW VLFKMHGHQIDOOVELVODQJÄJHVDPWKDIWNHLQH9HUlQGHUXQJLP7RWDOGHUHIIHNWLY ]XYROO]LHKHQGHQ6WUDIHQ³
D $OWHUVDEKlQJLJH9HUWHLOXQJGHU9HUXUWHLOXQJHQQDFK6W*%
%HL GHU (LQVFKlW]XQJ GHPRJUDILHEHGLQJWHU (IIHNWH DXI GHQ 6WUDIYROO]XJ LVW ]XEHGHQNHQGDVVPLWGHP$OWHUGHU$QWHLOYRQ9HUXUWHLOXQJHQZHJHQPLQ GHUVFKZHUHU(LJHQWXPVXQG9HUP|JHQVGHOLNWHDEQLPPW
),1.'$1,(/'8&200819$8&+(567(9( 'DV UHYLGLHUWH 6DQNWLRQHQUHFKW LP 9HUJOHLFK.ULPLQDOLVWLN
$EE$OWHUVDEKlQJLJH$QWHLOHGHU'HOLNWVJUXSSHQQDFK6W*%
'HXWOLFKJU|VVHULVWHUVWDEGHP$OWHUYRQ-DKUHQEHLDOOHUGLQJVVHKUNOHL QHQ DEVROXWHQ XQG +lXILJNHLWV]DKOHQ GHU$QWHLO YRQ 'HOLNWHQ JHJHQ /HLE XQG/HEHQJHJHQGLH)UHLKHLWGHU3HUVRQXQGJHJHQGLHVH[XHOOH,QWHJULWlW 'LH+lXILJNHLWV]DKOHQ+=LQ5HODWLRQ]XU6WlUNHGHUMHZHLOLJHQ$OWHUVJUXS SHQLQ GHU:RKQEHY|ONHUXQJ IU GLH QDFK 6W*%9HUXUWHLOWHQ ]HLJHQ GDVV GHU %HLWUDJ GHU lOWHUHQ 6WUDIWlWHU ]XP *HVDPWDXINRPPHQ DQ 9HUXUWHLOWHQ LQVJHVDPWVHKUJHULQJLVW$EE
$XFK KLHU LQ 5HODWLRQ ]X MH GHU VWlQGLJHQ :RKQEHY|ONHUXQJ 'D QLFKW DOOH 9HUXUWHLOWHQGHU:RKQEHY|ONHUXQJDQJHK|UHQVLQGGLH+lXILJNHLWV]DKOHQLQVRZHLW
EHUVFKlW]W
$EE$OWHUVDEKlQJLJH+lXILJNHLWV]DKOHQGHU'HOLNWVJUXSSHQQDFK6W*%
9RQ GHQ9HUXUWHLOXQJHQ ZHJHQ 'HOLNWHQ JHJHQ /HLE XQG /HEHQ JHJHQ GLH )UHLKHLWGHU3HUVRQXQGJHJHQGLHVH[XHOOH,QWHJULWlWHQWIDOOHQDXIGLH ELV-lKULJHQXQGDXIGLHDE-lKULJHQ*OHLFKZRKOKDQGHOWHV VLFK XP 'HOLNWH GLH DXIJUXQG LKUHU 6FKZHUH KlXILJ PLW ODQJHQ )UHLKHLWV VWUDIHQ JHDKQGHW ZHUGHQ 'HVKDOE OlVVW GLH JHVWLHJHQH XQG DEVHKEDU ZHLWHU VWHLJHQGH=DKOlOWHUHU9HUXUWHLOWHUXQGGLHJHVWLHJHQH/HEHQVHUZDUWXQJbQ GHUXQJHQLQGHU$OWHUVVWUXNWXULP6WUDIYROO]XJHUZDUWHQ
E $OWHUVYHUWHLOXQJGHU9ROO]XJVLQVDVVHQ
(QWVSUHFKHQGGHU$OWHUVYHUWHLOXQJGHUUHJLVWULHUWHQXQGDEJHXUWHLOWHQ.ULPL QDOLWlWLVWGHU$QWHLOGHUlOWHUHQ*HIDQJHQHQJHULQJ]XPDOXQEHGLQJWH)UHL KHLWVVWUDIHQJHJHQ9HUXUWHLOWHDERGHU-DKUHQHKHUVHOWHQYHUKlQJWZHU GHQ=XP=XZDFKVDQEHWDJWHQ,QVDVVHQWUXJXQGWUlJWLQGHVVHQGLH7HQGHQ]
]XU YHUPHKUWHQ 9HUKlQJXQJ YRQ ODQJIULVWLJHQ 9HUZDKUXQJHQ XQG HLQHU ]X QHKPHQGUHVWULNWLYHQ(QWODVVXQJVSUD[LVEHL6RQDKPELV]XU6W*%5HYLVLRQ GLH=DKOGHU9HUZDKUWHQELV]XP-DKUSUR-DKUXPFD]HKQ ]XÄ%H
WUDFKWHWPDQDOOH,QVDVVHQ(QGHE]ZQDFKGHU,QKDIWLHUXQJVGDXHU VRVWHOOWPDQHLQHQGHXWOLFKHQ$QVWLHJGHUODQJHQ$XIHQWKDOWHIHVWEHL3HU VRQHQPLWHLQHU$XIHQWKDOWVGDXHUYRQELV-DKUHQVLQGHV EHLGHQHQPLWELV-DKUHQXQGEHLGHQHQPLWEHUMlKUL JHQ$XIHQWKDOWHQ³
'LH 0HKU]DKO GHU 9ROO]XJVLQVDVVHQ JHK|UW GHQ$OWHUVJUXSSHQ ]ZLVFKHQ XQG-DKUHQDQ*DEHVLP6FKZHL]HU6WUDIYROO]XJOH GLJOLFK*HIDQJHQHGHU$OWHUVJUXSSHDE-DKUHQVRZDUHQHVLP-DKU EHUHLWVXQG]XOHW]W*HIDQJHQHGDVHQWVSULFKWQXQPHKU GHU*HIDQJHQHQ
0LW5FNVLFKWDXIHLQHJHVWLHJHQH=DKOlOWHUHU*HIDQJHQHUZXUGHLQ6LQJHQ
%DGHQ:UWWHPEHUJ GHU ELVODQJ HLQ]LJH GHXWVFKH µ6HQLRUHQNQDVW¶ IU FD ,QVDVVHQ HLQJHULFKWHW GLH LP $OWHU YRQ PLQGHVWHQV -DKUHQ ]X HLQHU PLQGHVWHQV PRQDWLJHQ XQEHGLQJWHQ )UHLKHLWVVWUDIH YHUXUWHLOW ZXUGHQ ]X HWZD MH ZHJHQ 6H[XDOGHOLNWHQ DQGHUHU *HZDOWGHOLNWH EHWUJHULVFKHU (LJHQWXPVGHOLQTXHQ] ,Q ZHLWHUHQ GHXWVFKHQ 9ROO]XJVDQVWDOWHQ ZXUGHQ EHVRQGHUH$EWHLOXQJHQIUEHWDJWH*HIDQJHQHPLWHLQJHVFKUlQNWHU0RELOLWlW RGHU EHVRQGHUHP 3IOHJHEHGDUI HLQJHULFKWHW ± 'LH VFKZHL]ZHLW HUVWH 6RQ GHUDEWHLOXQJµSOXV¶IU]Z|OI6WUDIJHIDQJHQHLP5HQWHQDOWHUZXUGHLQ /HQ]EXUJ$DUJDXHLQJHULFKWHW
(LGJHQ|VVLVFKHV'HSDUWHPHQWGHV,QQHUQ(',%)69HUZDKUXQJHQ9HUXUWHLOXQJHQ XQG9ROO]XJ1HXFKkWHO%I6±'LH5HJHOXQJHQ]XU9HUZDKUXQJIU*H ZRKQKHLWVYHUEUHFKHU $UW D6W*% XQG JHLVWLJ $EQRUPH $UW =LII D6W*% ZXUGHQ ]XP -DQXDU LP UHYLGLHUWHQ 6WUDIJHVHW]EXFK GXUFK$UW 9HUZDKUXQJ OHEHQVOlQJOLFKH 9HUZDKUXQJ HUVHW]W GD]X %$8+2)(567()$1
085,6(7*(25*($QVWDOWHQGHV6WUDIYROO]XJV(WDEOLVVHPHQWVSpQLWHQWLDLUHV6WDEL OLPHQWLSHQLWHQ]LDUL%I6%HUQLQVEI'LH*HVDPW]DKOGHUMlKUOLFKHQ9HU XUWHLOXQJHQ ]X 0DVVQDKPHQ QDFK GLHVHQ %HVWLPPXQJHQ OLHJW QDFK GXUFKZHJ XQWHU VHLWXQWHU 'LH =DKO GHU9HUZDKUWHQ LP 0DVVQDKPH YROO]XJVWLHJYRQDXIYRQDXIDP-XQLEH WUXJ VLH MHZHLOV GDYRQ QDFK QHXHP 5HFKW 9HUZDKUWH XQ YHU|II6RQGHUHUKHEXQJGHV%XQGHVDPWHVIU-XVWL]IUGLHHQWVSU-DKUH
ZZZDJFKGHGYLVWUDIYHUIROJXQJBVWUDIYROO]XJMYDBOHQ]EXUJMYDBOHQ]EXUJMVS!
0HOGXQJYRP$SULO
$EE]HLJWREHQOLQNVGLHVHLWEHREDFKWHWHXQGjFRQWRGHUGHPR JUDILVFKHQ (QWZLFNOXQJ NQIWLJ HUZDUWHWH $OWHUVYHUWHLOXQJ GHU 9ROO ]XJVLQVDVVHQVRZLHUHFKWVGLHGHPHQWVSUHFKHQGYRUDXVEHUHFKQHWH*U|VVHQ RUGQXQJ GHU DEVROXWHQ =DKOHQ GHU lOWHUHQ ,QVDVVHQ XQG GHU ,QVDVVHQ LQVJH VDPW
$EE%LVKHULJHXQGKRFKJHUHFKQHWH$OWHUVYHUWHLOXQJGHU9ROO]XJVLQVDVVHQ
-DKUHXQGlOWHUZDUHQ*HIDQJHQHGDVHQWVSULFKWGHU,Q VDVVHQ6FKlW]WPDQGLH(IIHNWHGHUGHPRJUDILVFKHQ(QWZLFN OXQJDXI%DVLVGHUKHXWLJHQ*HIDQJHQUDWHQHLQVRZLUGGHUHUZDUWHWH$QWHLO GHU*HIDQJHQHQDE-DKUHQELV]XP-DKUYRQDXIGHU$Q WHLO GHU *HIDQJHQHQ DE -DKUHQ YRQ DXI ZHLWHU DQVWHLJHQ ,Q DEVROXWHQ=DKOHQHQWVSULFKWGLHVHHLQHU=XQDKPHELVLQHLQHU*U|VVHQ RUGQXQJYRQELV*HIDQJHQHQDXIGDQQFDLP$OWHUDEKLHU LQYRQHWZD]XVlW]OLFKHQELV*HIDQJHQHQDE-DKUHQDXIGDQQFD
*HPHVVHQDQGHU*HVDPW]DKOGHU*HIDQJHQHQYRQKHXWHFDIU
'DWHQTXHOOH %I6 6WDWLVWLN 0LWWOHUHU ,QVDVVHQEHVWDQG MHG 3URMHN WLRQH[DQKDQGGHU%HY|ONHUXQJVYRUDXVEHUHFKQXQJ%I66]HQDULR$
HUZDUWHWFDVWHOOHQGLHlOWHUHQXQGLP9ROO]XJZHLWHUDOWHUQGHQ
*HIDQJHQHQ XQG 9HUZDKUWHQ HLQH YHUKlOWQLVPlVVLJ NOHLQH *UXSSH GDU GLH MHGRFK LP )DOO DOWHUVEHGLQJW ]XQHKPHQGHU *HEUHFKOLFKNHLW XQG 3IOHJHEH GUIWLJNHLWTXDOLWDWLYHUKHEOLFKH$QIRUGHUXQJHQDQGHQ9ROO]XJVWHOOW
,VWPLWPHKU±XQGPLWPHKUlOWHUHQ±2SIHUQ]XUHFKQHQ"'XUFK ZHOFKH'HOLNWHZHOFKH%HJHKXQJVIRUPHQVLQGbOWHUHEHVRQGHUV JHIlKUGHW"
D ,QGLNDWRUHQGHV2SIHUULVLNRVLP+HOOIHOG(LJHQWXPVGHOLNWH
1LFKWQXUGDV7DWYHUGlFKWLJHQXQG9HUXUWHLOWHQDXINRPPHQZHLVWHLQHW\SL VFKH OLQNVJLSIHOLJH $OWHUVYHUWHLOXQJ DXI $XFK GDV 5LVLNR GHU 2SIHUZHU GXQJLVWGHXWOLFKDOWHUVDEKlQJLJDXVJHSUlJW$EE
$EE$OWHUVDEKlQJLJH+lXILJNHLWV]DKO*HVFKlGLJWHU'HOLNWHQDFK6W*%
(VVLQGYRUDOOHP-XJHQGOLFKHXQGMXQJH(UZDFKVHQHGLHDPKlXILJVWHQDOV
*HVFKlGLJWHYRQ(LJHQWXPVGHOLNWHQXQGDOV2SIHUYRQ*HZDOWGHOLNWHQUHJLV WULHUWZHUGHQ
8QWHU GHU *HVDPWKHLW GHU LP -DKU SROL]HLOLFK DOV *HVFKlGLJWH2SIHU 5HJLVWULHUWHQ LQVJHVDPW 1 QDWUOLFKH 3HUVRQHQ PLW$QJDEHQ ]XP
$OWHUIDQGHQVLFKLP$OWHUYRQELVXQWHU-DKUHQXQGZHL WHUHLP$OWHUDE-DKUHQ]XVDPPHQZDUHQGHUUHJLVWULHU WHQ*HVFKlGLJWHQLP$OWHUDE-DKUHQEHLHLQHP%HY|ONHUXQJVDQWHLOGLHVHU
*UXSSHQYRQELVXQWHU-DKUH-DKUHXQGlOWHU
%HL GHQ 'HOLNWHQ JHJHQ /HLE XQG /HEHQ ZDUHQ GHPJHJHQEHU QXU GHU
*HVFKlGLJWHQELVXQWHU-DKUHDOWXQGlOWHUEHLGHQ9HUP|JHQV GHOLNWHQLQVJHVDPWMHZHLOV
hEHUUHSUlVHQWLHUW ZDUHQ GDJHJHQ *HVFKlGLJWH DE ELV XQWHU _ DE -DKUHQEHLGHQIROJHQGHQ'HOLNWVJUXSSHQ
$OWHUVJUXSSHEX_
]XP9HUJOHLFK*HVFKlGLJWHLQVJHVDPW _
(QWUHLVVGLHEVWDKO _
7DVFKHQGLHEVWDKO _
7ULFNGLHEVWDKO _
'DUOHKHQVEHWUXJ _
:XFKHU _
(LQEUXFKGLHEVWDKO _
(LQVFKOHLFKGLHEVWDKO _
('9%HWUXJLQVEPLWWHOVHUEHXWHWHU'HELWXQG.UHGLWNDUWHQ _
1LFKWRKQH *UXQGULFKWHWGLH 3ROL]HL LKUH$XINOlUXQJVEHPKXQJHQ EHL GHQ 6HQLRUHQ DXI GHQ %HUHLFK EHWUJHULVFKHU +DQGOXQJHQ EHL GHQHQ GLH 7lWHU KlXILJ lOWHUH0HQVFKHQ ]X VFKlGLJHQ VXFKHQ PLW GHU GHPRJUDILVFKHQ (QW ZLFNOXQJZLUGGLHVHU%HUHLFKGHU3UlYHQWLRQZHLWHUDQ%HGHXWXQJJHZLQQHQ ,Q 'HXWVFKODQG ZHUGHQ QHEHQ GHP EHNDQQWHQ (QNHOWULFN ]XQHKPHQG DXFK EHWUJHULVFKH 6FKRFNDQUXIH EHREDFKWHW 1HXDUWLJH %HJHKXQJVIRUPHQ VHW
(LJHQH %HUHFKQXQJ QDFK 3.67DEHOOH 6WUDIJHVHW]EXFK 6W*% 6WUDIWDWHQ XQG JHVFKlGLJWH3HUVRQHQVXGBB&3B/HVHV%I6-DKU
%HLP(QNHOWULFNZLUGGHQ*HVFKlGLJWHQ±YRU]XJVZHLVHDP7HOHIRQÄUDWHPDOZHU GD DQUXIW³ ± HLQ 9HUZDQGWVFKDIWVYHUKlOWQLV ]XPHLVW Ä(QNHO³ YRUJHWlXVFKW XP
*HOGEHWUlJH ]XU $EZHQGXQJ HLQHU DNXWHQ 1RWODJH ]X HUELWWHQ GLH HLQHP %RWHQ
EHUJHEHQZHUGHQVROOHQ%HL6FKRFNDQUXIHQZLUGLQ'HXWVFKODQGGHU]HLWJHKlXIW EHL EHWDJWHQ UXVVLVFKVSUDFKLJHQ$XVVLHGOHUQ DXV GHU HKHPDOLJHQ 6RZMHWXQLRQ HLQ
]HQQHEHQNODVVLVFKHQ)RUPHQEHWUJHULVFKHU+DXVWUJHVFKlIWH*HZLQQYHU VSUHFKHQ XQG .DIIHHIDKUWHQ LQ]ZLVFKHQ DXFK DXI GDV YRQ 6HQLRUHQ ]XQHK PHQGJHQXW]WH,QWHUQHW]XU$QEDKQXQJXQGDOVµ7U|IIQHU¶RGHU]XU8QWHU VFKLHEXQJ DQJHEOLFK UHFKWVYHUELQGOLFK HLQJHJDQJHQHU 9HUWUDJVVFKOVVH µ$ERIDOOHQ¶*HUDGH6HQLRUHQVLQGEHUGLH5LVLNHQZLHEHULKUH:LGHU UXIVUHFKWHEHLVROFKHQ*HVFKlIWHQRIWQLFKW]XUHLFKHQGLQIRUPLHUWRGHUIKOHQ VLFK HLQHP :LGHUVSUXFKVYHUIDKUHQ QLFKW JHZDFKVHQ JHULQJH %HVFKZHUGH NRPSHWHQ]
E +lXVOLFKH*HZDOWLP+HOOIHOG
$EE7lWHUXQG2SIHUKlXVOLFKHU*HZDOW+=MHGHU$OWHUVJUXSSH
VFKZHUHU8QIDOORGHUGLH9HUKDIWXQJHLQHV$QJHK|ULJHQYRUJHWlXVFKWPLWGHUGULQJ OLFKHQ$XIIRUGHUXQJHLQHPEHDXIWUDJWHQYRUJHEOLFKHQ$QZDOWHLQHJU|VVHUH*HOG VXPPHIU2SHUDWLRQVRGHU.DXWLRQVNRVWHQEDUDXV]XKlQGLJHQ
'DWHQTXHOOH (LJHQH %HUHFKQXQJ QDFK %)6 3ROL]HLOLFKH .ULPLQDOVWDWLVWLN 3.6 6FKZHL]6WUDIWDWHQKlXVOLFKHU*HZDOWXQGEHVFKXOGLJWH3HUVRQHQ1
$XFK LP %HUHLFK GHU KlXVOLFKHQ *HZDOW ILQGHW VLFK LQ GHQ +HOOIHOGGDWHQ GHU 3.6 GLH K|FKVWH 2SIHUEHODVWXQJ LP$OWHU ]ZLVFKHQ XQG -DKUHQ DXFK.LQGHUXQG-XJHQGOLFKHVLQGLP+HOOIHOGLQK|KHUHP0DVVHJHIlKUGHW DOV6HQLRUHQ$EE
$OOHUGLQJVLVWEHL*HZDOWYRUNRPPQLVVHQJHQHUHOOLQVEHVRQGHUHDEHUEHL*H ZDOWLPVR]LDOHQ1DKUDXPVRZLHEHL2SIHUQPLWJHULQJHU%HVFKZHUGHNRP SHWHQ].LQGHUQSIOHJHEHGUIWLJHQKLOIORVHQ3HUVRQHQDXFKKLHUYRQHLQHP
EHUGXUFKVFKQLWWOLFKKRKHQ 'XQNHOIHOG QLFKW DQJH]HLJWHU XQG GHVKDOE QLFKW UHJLVWULHUWHUhEHUJULIIHDXV]XJHKHQ
F %HY|ONHUXQJVEHIUDJXQJHQYLFWLPVXUYH\VXQG 9HUVLFKHUXQJVVWDWLVWLNHQ
:LFKWLJH 4XHOOHQ ]XU (LQVFKlW]XQJ DOWHUVVSH]LILVFKHU *HIlKUGXQJHQ VLQG QHEHQ GHU 3ROL]HLOLFKHQ .ULPLQDOVWDWLVWLN GLH QXU GDV +HOOIHOG GHU PHLVW GXUFK $Q]HLJHQ *HVFKlGLJWHU EHNDQQWJHZRUGHQHQ 9LNWLPLVLHUXQJHQ DEELO GHW LQVEHVRQGHUH %HY|ONHUXQJVEHIUDJXQJHQ µ2SIHUEHIUDJXQJHQ¶ YLFWLP VXUYH\VGLHDXFKHLQHQ7HLOGHV'XQNHOIHOGVQLFKWDQJH]HLJWHUQLFKWUHJLVW ULHUWHU 'HOLNWH LQ GHU %HY|ONHUXQJ RGHU LQ 7HLOSRSXODWLRQHQ HUIDVVHQ N|Q QHQ
DD 6FKZHL]HULVFKH2SIHUEHIUDJXQJ
$NWXHOOHV %HLVSLHO LVW GLHVFKZHL]HULVFKH 2SIHUEHIUDJXQJ EHL UHSUlVHQWDWLYDXVJHZlKOWHQ%HIUDJWHQDE-DKUHQGXUFKJHIKUWLP$XIWUDJ
6WUDIWDWHQ KlXVOLFKHU *HZDOW XQG JHVFKlGLJWH 3HUVRQHQ 1 +lXILJNHLWV ]DKOHQ+=MHGHUDOWHUVJOHLFKHQ:RKQEHY|ONHUXQJGHU6FKZHL]
6GD]X%)63ROL]HLOLFKUHJLVWULHUWHKlXVOLFKH*HZDOWhEHUVLFKWVSXEOLNDWLRQ1HX FKkWHO ZZZEIVDGPLQFKEIV SRUWDOGHLQGH[QHZVSXEOLNDWLRQHQ'RFX PHQWSGI! 'DQDFK ILQGHW VLFK LP /lQJVVFKQLWW HLQ 5FNJDQJ GHU )lOOH KlXVOLFKHU*HZDOWGDJHJHQHLQH=XQDKPHEHLVFKZHUHQ)lOOHQSK\VLVFKHU*HZDOW
=XGHQEHY|ONHUXQJVUHSUlVHQWDWLYHQ2SIHUEHIUDJXQJHQJHK|UHQLQVEHVRQGHUHPHK UHUH(UKHEXQJHQ±]XOHW]W±LP5DKPHQGHV,QWHUQDWLRQDO&ULPH9LFWLPL]DWLRQ 6XUYH\,&96XQWHU%HWHLOLJXQJGHU6FKZHL].,//,$60$57,1+$<02=67e3+$
1,(6/$0213+,/,33(6ZLVV&ULPH6XUYH\'LH.ULPLQDOLWlWLQGHU6FKZHL]LP /LFKWHGHU2SIHUEHIUDJXQJHQYRQELV%HUQ
GHU.RQIHUHQ]GHU.DQWRQDOHQ3ROL]HLNRPPDQGDQWHQGHU6FKZHL]..3.6 XQGZLVVHQVFKDIWOLFKEHWUHXWGXUFKGDV.ULPLQRORJLVFKH,QVWLWXWGHU8QLYHU VLWlW=ULFKGDV]XGHPGHWDLOOLHUWH$QDO\VHQIUHLQ]HOQH6WlGWHIU=ULFK DXI%DVLVYRQ%HIUDJXQJVWHLOQHKPHUQHUVWHOOWH'LH6WXGLH]HLJWHIU GLH6FKZHL]HLQH=XQDKPHEHL*HZDOWGHOLQTXHQ]7lWOLFKNHLWHQPLW.|USHU YHUOHW]XQJ VRZLH 'URKXQJHQ YRQ DXI *HZDOW LP |IIHQWOLFKHQ 5DXPEHWULIIWYRUZLHJHQGGLH$OWHUVJUXSSHELV-DKUHLP5DKPHQDOWHUVW\
SLVFKHU)UHL]HLWDNWLYLWlWHQEHU-lKULJHGDJHJHQNDXP
EE 9HUVLFKHUXQJVVWDWLVWLNHQ]XJHZDOWEHGLQJWHQ9HUOHW]XQJHQ
*HVWW]W ZLUG GLHVHU GLIIHUHQ]LHUHQGH %HIXQG IU GLH 6FKZHL] DXFK GXUFK 6WDWLVWLNHQGHU6XYDDOVJU|VVWHU7UlJHULQGHUREOLJDWRULVFKHQ8QIDOOYHUVLFKH UXQJ ZRQDFK JHZDOWEHGLQJWH 9HUOHW]XQJHQ LQ GHU )UHL]HLW ÄVHLW 0LWWH GHU HU-DKUH EHVFKOHXQLJW XQG PDVVLY ]XJHQRPPHQ³ KDEHQ ± XQG ]ZDU DXV VFKOLHVVOLFKLP|IIHQWOLFKHQ5DXP
.,//,$6 0$57,167$8%/, 6,/9,$%,%(567(,1 /25(1=%b1=,*(5 0$77+,$6 ,$'$1=$6$1'526WXGLH]XU.ULPLQDOLWlWXQG2SIHUHUIDKUXQJHQGHU%HY|ONHUXQJ LQGHU6WDGW=ULFK$QDO\VHQLP5DKPHQGHUVFKZHL]HULVFKHQ2SIHUEHIUDJXQJ=
ULFK,QVWLWXWIU.ULPLQRORJLHDQGHU8QLYHUVLWlW=ULFK
/$1)5$1&21,%5812 1HXHU +|FKVWVWDQG GHU *HZDOW XQWHU MXQJHQ 0HQVFKHQ (UJHEQLVVHGHU6WDWLVWLNGHU8QIDOOYHUVLFKHUXQJQDFK89*/X]HUQ6DPPHOVWHOOH IUGLH6WDWLVWLNGHU8QIDOOYHUVLFKHUXQJ89*6689ZZZVXYDFKJHZDOW VWXGLHSGI!
$EE9HUVLFKHUXQJVGDWHQ]X*HZDOWYHUOHW]XQJHQLQ%HUXIXQG)UHL]HLW
$EE]HLJWGLH=XVDPPHQIDVVXQJGHU9HUVLFKHUXQJVGDWHQ]XU+lXILJNHLW YRQ *HZDOWYHUOHW]XQJHQ EHL 89*9HUVLFKHUWHQ HLQHUVHLWV LQ GHU )UHL]HLW DXIJHVFKOVVHOWDXIGLH)lOOHLP|IIHQWOLFKHQXQGLPSULYDWHQ5DXPXQGDQ GHUHUVHLWVLP %HUXIVRZLHEHL0LOL]DQJHK|ULJHQ Ä%HVRQGHUVVWDUN EHWURI IHQVLQGMXQJH0lQQHU]ZLVFKHQXQG-DKUHQ'LH9RUIlOOHKDEHQVLFK ]XQHKPHQGLQV:RFKHQHQGHLQGLHJURVVHQ6WlGWHXQGLQGLH6WXQGHQQDFK 0LWWHUQDFKWYHUODJHUW³Ä$XFKLQGHU0LOLWlUYHUVLFKHUXQJKDEHQGLHJHZDOW
6FKDXELOGDXV/$1)5$1&21,)1*UDILN
EHGLQJWHQ 9HUOHW]XQJHQ MXQJHU 0LOL]DQJHK|ULJHU ]XJHQRPPHQ 5XQG 3UR]HQWGHU)lOOHHUHLJQHQVLFKLP$XVJDQJRGHULP8UODXE³
*HZDOWYRUIlOOHLP|IIHQWOLFKHQ5DXPXQGGHUHQLQGHU6FKZHL]EHREDFKWHWH
=XQDKPH VLQG VRPLW VWDUN DQ9HUlQGHUXQJHQ YRQ /HEHQVVWLO XQG )UHL]HLW YHUKDOWHQ GHU MQJHUHQ XQG MXQJHUZDFKVHQHQ %HY|ONHUXQJVJUXSSHQ JHEXQ GHQ XQG EHWUHIIHQ LQIROJHGHVVHQ DXI GHU7lWHU ZLH DXI GHU 2SIHUVHLWH GLHVHQLFKWMHGRFKGLH*UXSSHGHUbOWHUHQ)UHLQH=XQDKPHGHU*HIlKU GXQJGHUlOWHUHQ*HQHUDWLRQILQGHQVLFKKLHUVRPLWNHLQH$QKDOWVSXQNWH
FF +lXVOLFKH*HZDOWXQG*HZDOWJHJHQSIOHJHEHGUIWLJH3HUVRQHQ :HLWDXVZHQLJHUVLFKWEDUXQGVFKZHUHU]XHUIDVVHQVLQG*HZDOWYRUIlOOHGLH VLFKQLFKWLP|IIHQWOLFKHQ5DXPDEVSLHOHQ'LHVFKZHL]HULVFKH2SIHUEHIUD JXQJ ZXUGH GHVKDOE HUJlQ]W XQG YHUWLHIW GXUFK HLQH =XVDW]HUKHEXQJ ]XUKlXVOLFKHQ*HZDOWPLWPHKUDOVYLD,QWHUQHWRGHU7HOHIRQ%HIUDJ
WHQ.,//,$6XDÄ5XQGGHU)UDXHQXQGGHU0lQQHUHU
OHEWHQLQGHQ-DKUHQRGHUKlXVOLFKH*HZDOWZREHL7lWOLFKNHLWHQ XQG 'URKXQJHQ ZHLWDXV KlXILJHU LQ (UVFKHLQXQJ WUDWHQ DOV 6H[XDOGHOLNWH 'LH7lWHU ZDUHQ EHUZLHJHQG GLH 3DUWQHU GHU 2SIHU (LQH ,QWHUYHQWLRQ GHU 3ROL]HLGLUHNWDP7DWRUWIDQGLQELVGHU)lOOHVWDWW,QQXUZHQLJHQ )lOOHQ ZXUGHQ DQVFKOLHVVHQG 6WUDIYHUIDKUHQ HU|IIQHW GLH GDQQ MHGRFK DOOH VDPWZLHGHUHLQJHVWHOOWZXUGHQ³Ä,QGHU)lOOHYRQKlXVOLFKHU*HZDOW VWDQG PLQGHVWHQV HLQHU GHU 7lWHU ]XP =HLWSXQNW GHV hEHUJULIIV PLW GHP
689$ 0HGLHQPLWWHLOXQJ $XJXVW DXVIKUOLFKHU EHL /$1)5$1&21, )1
=XU %HGHXWXQJ YHUlQGHUWHQ )UHL]HLWYHUKDOWHQV YRQ -XJHQGOLFKHQ XQG-XQJHUZDFK VHQHQ IU GLH =XQDKPH YRQ *HZDOWYRUNRPPQLVVHQ V LQVE XQG PZ1 0$57,1
.,//,$66$1'5,1( +$<02=125$ 0$5.:$/'(5621,$ /8&,$/25(1=%,%(5
67(,13UlYHQWLRQ RKQH 7UHQGDQDO\VH" 0\WKHQ XQG 7UHQGV ]XU -XJHQGNULPLQDOLWlW LQ GHU 6FKZHL] LQ 6&+:$5=(1(**(5&0h//(5- +UVJ -XJHQGNULPLQDOLWlW XQG3UlYHQWLRQ=ZHLWHV=UFKHU3UlYHQWLRQVIRUXP=ULFK
$QDO\VHQ GHU 7lWHU2SIHU.RQVWHOODWLRQHQ DQKDQG YRQ GHXWVFKHQ 3ROL]HLGDWHQ ]HLJHQ GDVV GLH SROL]HLOLFKH UHJLVWULHUWH *HZDOW LQVEHVRQGHUH *HZDOWWlWLJNHLW LP
|IIHQWOLFKHQ5DXPVLFKJDQ]EHUZLHJHQGMHZHLOVLQQHUKDOEGHUVHOEHQ$OWHUVJUXSSH DEVSLHOW 63,(66*(5+$5' -XJHQGNULPLQDOLWlW LQ 'HXWVFKODQG ± ]ZLVFKHQ )DNWHQ XQG'UDPDWLVLHUXQJ.ULPLQDOVWDWLVWLVFKHXQGNULPLQRORJLVFKH%HIXQGHZZZXQL NRQVWDQ]GHUWIJV*6SLHVV-XJHQGNULPLQDOLWDHWKWP!
2SIHULQHLQHU%H]LHKXQJXQGLQKDQGHOWHHVVLFKXPHLQHQ([3DUWQHU RGHU )UHXQG 9RQ GHQ EULJHQ 9HUZDQGWHQ JLQJ DP KlXILJVWHQ YRP 9DWHU
*HZDOWDXV³Ä'LHJHZRQQHQHQ5HVXOWDWHODVVHQGDUDXIVFKOLHVVHQGDVVGLH 5DWHYRQKlXVOLFKHU*HZDOWVHLWHQVDNWXHOOHU3DUWQHULQGHQOHW]WHQ-DKUHQLQ HWZD VWDELO JHEOLHEHQLVW XQG VHLWHQV GHU ([3DUWQHU HWZDV ]XUFNJLQJ 'LH VHLW YHUVWlUNWHQ 0DVVQDKPHQ JHJHQ KlXVOLFKH *HZDOW VFKHLQHQ VRPLW HKHU*HZDOWVHLWHQVYRQ([DOVVHLWHQVDNWXHOOHU3DUWQHUYHUPLQGHUW]XKD EHQ³$PPHLVWHQJHZDOWJHIlKUGHWVLQG)UDXHQGXUFKLKUHQ3DUWQHU'LH%H IXQGH VWLPPHQ ZHLWJHKHQG PLW GHU 3.6 EHUHLQ ZRQDFK 7lWHU LQ GHU )lOOH GHU 3DUWQHU XQG LQ GHU ([3DUWQHU ZDU Ä,QVJHVDPW ZDUHQGHU2SIHUKlXVOLFKHU*HZDOWLQ.RQWDNWPLWGHU3ROL]HL³'DV HUKHEOLFKH'XQNHOIHOGLQGLHVHP%HUHLFKNDQQGHVKDOEQXUGXUFK%HY|ONH UXQJVEHIUDJXQJHQYLFWLPVXUYH\VDXIJHKHOOWZHUGHQ=XUVWDWLVWLVFKDEJHVL FKHUWHQ(UIDVVXQJYRQ9HUlQGHUXQJHQEHLVHOWHQHQ(UHLJQLVVHQZLH*HZDOW YRUNRPPQLVVHQ LQ GHQ YHUVFKLHGHQHQ %HY|ONHUXQJV XQG $OWHUVJUXSSHQ EHGDUIHVDOOHUGLQJVMHZHLOVKLQUHLFKHQGJURVVHU%HY|ONHUXQJVVWLFKSUREHQ 'XUFK 8PIUDJHQ EHVRQGHUV VFKZLHULJ ]X HUUHLFKHQ VLQG GDEHL KRFKEHWDJWH XQG KlXVOLFK RGHU LQVWLWXWLRQHOO JHSIOHJWH 0HQVFKHQ 8P GDV VSH]LILVFKH 9LNWLPLVLHUXQJVULVLNR GLHVHU *UXSSH DXI]XKHOOHQ ZXUGHQ LQ 'HXWVFKODQG ]LHOJUXSSHQEH]RJHQH 6RQGHUHUKHEXQJHQ LP 5DKPHQ HLQHU GXUFK GDV %XQ GHVPLQLVWHULXPIU)DPLOLH6HQLRUHQ)UDXHQXQG-XJHQGJHI|UGHUWHQ6WXGLH Ä.ULPLQDOLWlW XQG *HZDOW LP /HEHQ DOWHU 0HQVFKHQ³GXUFKJHIKUW XQG
.,//,$60$57,167$8%/,6,/9,$%,%(567(,1/25(1=%b1=,*(50$77+,$6+lXV OLFKH*HZDOWLQGHU6FKZHL]$QDO\VHQLP5DKPHQGHUVFKZHL]HULVFKHQ2SIHUEH IUDJXQJ=ULFK.ULPLQRORJLVFKHV,QVWLWXWGHU8QLYHUVLWlW
*g5*(17+20$6+UVJ 6LFKHUHU +DIHQ RGHU JHIDKUYROOH =RQH" .ULPLQDOLWlWV XQG *HZDOWHUIDKUXQJHQ LP /HEHQ DOWHU 0HQVFKHQ )UDQNIXUW D0 *g5*(1
7 9LNWLPLVLHUXQJ YRQ 6HQLRUHQ ± HPSLULVFKH 'DWHQ XQG 6FKOXVVIROJHUXQJHQ IU HLQHDOWHUQGH*HVHOOVFKDIWLQ)5(9(/%%5('7+$8(55+UVJ(PSLULVFKH3R OL]HLIRUVFKXQJ;,,'HPRJUDILVFKHU:DQGHOXQG3ROL]HL)UDQNIXUWD0 5$%2/'6*g5*(170LVVKDQGOXQJXQG9HUQDFKOlVVLJXQJlOWHUHU0HQVFKHQ GXUFK DPEXODQWH 3IOHJHNUlIWH ± (UJHEQLVVH HLQHU %HIUDJXQJ YRQ 0LWDUEHLWHULQQHQ XQG0LWDUEHLWHUQDPEXODQWHU'LHQVWH=HLWVFKULIWIU*HURQWRORJLHXQG*HULDWULH *g5*(175$%2/'6+(5%676 ,VW GLH +DQG GLH SIOHJW DXFK GLH +DQG GLH VFKOlJW" (UJHEQLVVH HLQHU %HIUDJXQJ DPEXODQWHU 3IOHJHNUlIWH ]XU 0LVVKDQGOXQJXQG9HUQDFKOlVVLJXQJ lOWHUHU 0HQVFKHQ LQGHU KlXVOLFKSURIHV
]ZDU±QHEHQGHU$XVZHUWXQJYRQ3ROL]HLDNWHQ]XEHNDQQWJHZRUGHQHQ WlXVFKXQJVEDVLHUWHQ (LJHQWXPVGHOLNWHQ DQ 6HQLRUHQ ± GXUFK GLH %HIUDJXQJ HLQHU6RQGHUVWLFKSUREHYRQELV-lKULJHQVRZLHYRQDPEX ODQWHQ 3IOHJHNUlIWHQ IHUQHU GXUFK ,QWHUYLHZV PLW ]XKDXVH SIOHJHQGHQ
$QJHK|ULJHQ3IOHJHGLHQVWPLWDUEHLWHUQXQG3IOHJHEHGUIWLJHQ
'LH%HIUDJXQJVHUJHEQLVVHEHVWlWLJHQLQVJHVDPWGDVVGLHVXEMHNWLYHZLHGLH REMHNWLYH 6LFKHUKHLWVODJH IU GLH 0HKUKHLW GHU EHU -lKULJHQ UHODWLY JXW LVW bOWHUH 0HQVFKHQ KDEHQ DXFK XQWHU (LQEH]LHKXQJ YRQ 'XQNHOIHOGGDWHQ HLQ QXU JHULQJHV 5LVLNR 2SIHU YRQ 6WUDIWDWHQ ]X ZHUGHQ$XFK NDQQ NHLQH
EHUWULHEHQH .ULPLQDOLWlWVIXUFKWlOWHUHU 0HQVFKHQ IHVWJHVWHOOW ZHUGHQ 'DV 5LVLNR 2SIHU ]X ZHUGHQ ZLUG LP DOOJHPHLQHQ UDWLRQDO QLFKW EHUWULHEHQ HLQJHVFKlW]W JOHLFK]HLWLJ DQWL]LSLHUHQ lOWHUH0HQVFKHQ LKUH K|KHUH9HUOHW]
OLFKNHLW XQG YHUKDOWHQ VLFK KlXILJ SURWHNWLY LQGHP VLH HUNHQQEDUH 5LVLNHQ PHLGHQXQG±KlXILJHUDOVMQJHUH%UJHU±EHVRQGHUH6FKXW]YRUNHKUXQJHQ WUHIIHQZLHVLHYRQGHU3ROL]HLHPSIRKOHQZHUGHQ
Ä=X GHQ %HUHLFKHQ EHVRQGHUHU *HIlKUGXQJ ]lKOW DXFK GHU .RPSOH[
GHU 0LVVKDQGOXQJ XQG 9HUQDFKOlVVLJXQJ SIOHJH XQG KLOIHEHGUIWLJHU lOWHUHU0HQVFKHQ+LHU]HLJHQVLFKLP+LQEOLFNDXI(UNHQQEDUNHLWXQG ,QWHUYHQWLRQVP|JOLFKNHLWHQ EHVRQGHUH 3UREOHPODJHQ :lKUHQG VLFK
*HIlKUGXQJHQ LP VR JHQDQQWHQ µGULWWHQ /HEHQVDOWHU¶ GK HWZD EHL GHQ-lKULJHQGLHKHXWHJDQ]EHUZLHJHQGQLFKWDXI3IOHJHDQ JHZLHVHQ VLQGDXIGHU%DVLV GHUYRUKDQGHQHQ'XQNHO ZLH+HOOIHOG GDWHQ LQ]ZLVFKHQ UHFKW YHUOlVVOLFK TXDQWLIL]LHUHQ ODVVHQ EHVWHKHQ LQ
%H]XJ DXI +RFKDOWULJH XQG 3IOHJHEHGUIWLJH 8QVFKlUIHQ +RKHV /H EHQVDOWHU .UDQNKHLW *HEUHFKOLFKNHLW XQG 3IOHJHEHGUIWLJNHLW JHKHQ WHQGHQ]LHOO PLW HUK|KWHU $QIlOOLJNHLW JHJHQEHU HWZDLJHQ 9LNWLPL VLHUXQJVYHUVXFKHQ HLQKHU IHUQHU PLW HLQHU UHGX]LHUWHQ )lKLJNHLW LP )DOOH GHU 2SIHUZHUGXQJ $Q]HLJH ]X HUVWDWWHQ RGHU VLFK LQ DQGHUHU :HLVHVHOEVWXP+LOIHXQG$EKLOIH]XEHPKHQ³
VLRQHOOHQ3IOHJH+DQQRYHU.ULPLQRORJLVFKHV)RUVFKXQJVLQVWLWXW1LHGHUVDFK VHQ.)10DWHULDOLHQIUGLH3UD[LV1U
*g5*(17+20$6.ULPLQDOLWlWVXQG*HZDOWJHIlKUGXQJHQLPK|KHUHQ/HEHQVDOWHU 'LH .ULPLQDOSROL]HL 6HSWHPEHU DXVIKUOLFKHU *g5*(17+(5%676.27
/(1*$61b*(/(%5$%2/'6.ULPLQDOLWlWVXQG*HZDOWJHIlKUGXQJHQLP/HEHQ lOWHUHU0HQVFKHQ±=XVDPPHQIDVVXQJZHVHQWOLFKHU(UJHEQLVVHHLQHU6WXGLH]X*H IlKUGXQJHQlOWHUHUXQGSIOHJHEHGUIWLJHU0HQVFKHQ%HUOLQ%XQGHVPLQLVWHULXPIU )DPLOLH6HQLRUHQ)UDXHQXQG-XJHQG
G :DFKVHQGH=DKOEHWUHXXQJVEHGUIWLJHU+RFKEHWDJWHU
1HEHQGHU6LFKHUVWHOOXQJGHUEHQ|WLJWHQ3IOHJHGLHQVWOHLVWXQJHQXQG3IOHJH SOlW]H IU GLH ZDFKVHQGH *UXSSH 3IOHJHEHGUIWLJHU ZLUG GLH .RQWUROOH GHU 3IOHJHTXDOLWlWDEHUDXFKGHUUHFKWOLFKHQ%HWUHXXQJRGHU%HLVWDQGVFKDIWIU VHOEVW QLFKW PHKU HQWVFKHLGXQJVIlKLJH 3HUVRQHQ LQ =XNXQIW DQ %HGHXWXQJ JHZLQQHQ'LHVZLUGGHXWOLFKZHQQGLHKHXWHDEVHKEDUHQ$XVZLUNXQJHQGHU GHPRJUDILVFKHQ(QWZLFNOXQJDXIGLHNQIWLJHQ=DKOHQGHUDOWHUVEHGLQJWGH PHQWHQ3HUVRQHQLQGHU6FKZHL]NDONXOLHUWZHUGHQ
$EE'HPHQ]SUlYDOHQ]LQQDFKGHP
$OWHULQYHUVFKLHGHQHQ0HWD6WXGLHQ $EE(UZDUWHWH(QWZLFNOXQJGHU%HY|ONH UXQJDE-DKUHQJHP6]HQDULR$
1DFK YRUOLHJHQGHQ 0HWD6WXGLHQ $EE OLQNV QLPPW GHU $QWHLO GHU 'HPHQ](UNUDQNWHQELV]XP$OWHUYRQ-DKUHQDXIPHKUDOVELV]XP
$OWHUYRQ-DKUHQDXIPHKUDOVELV]XP$OWHUYRQ-DKUHQDXIPHKU DOV]X0LWGHUJHVWLHJHQHQ/HEHQVHUZDUWXQJZLUGGLH=DKOGHU+RFK EHWDJWHQZHLWHUDQVWHLJHQ$EEUHFKWV9RQGHQLP-DKUJHERUHQHQ
=,(*/(587$'2%/+$00(5*$%5,(/( 5RVWRFN &HQWHU 'LVFXVVLRQ 3DSHU QR 5RVWRFNHU=HQWUXP]XU(UIRUVFKXQJGHV'HPRJUDILVFKHQ:DQGHOVZZURVW RFNHU]HQWUXPGHSXEOLNDWLRQHQU]BGLVNXVVLRQSDSLHUBSGI!PZ1
,QVWUXNWLY ]XU (QWZLFNOXQJ GHU /HEHQVHUZDUWXQJ XQGGHUHQ 'HWHUPLQDQWHQ +g3)
/,1*(5)5$1&2,6 =XU (QWZLFNOXQJ GHU /HEHQVHUZDUWXQJ LQ GHU 6FKZHL] ± 6WX GLHQWH[W XQG KLVWRULVFKHV 'DWHQGRVVLHU ]XOHW]W ZZZKRHSIOLQJHUFRPIK WRS/HEHQVHUZDUWXQJKLVWRULVFKSGI!
0lQQHUQGUIWHEHUHLWVMHGHU]ZHLWHHLQ$OWHUYRQXQGPHKU-DKUHQHUOH EHQ YRQ GHQ )UDXHQMHGH]ZHLWHHLQ$OWHU YRQ XQG PHKU-DKUHQ (QW VSUHFKHQG ZLUG DXFK GLH =DKO GHU ZHJHQ GHPHQWLHOOHU (UNUDQNXQJ EHWUHX XQJVEHGUIWLJHQ+RFKEHWDJWHQODQJIULVWLJJDQ]HUKHEOLFK]XQHKPHQ$EE ]HLJWGDV(UJHEQLVHLQHU3URMHNWLRQGHUELVODQJEHREDFKWHWHQDOWHUVDEKlQJL JHQ3UlYDOHQ]GHPHQWLHOOHU(UNUDQNXQJHQDXIGLHHUZDUWHWH(QWZLFNOXQJGHU
$OWHUVJUXSSHQVWlUNHQLQGHU6FKZHL]ELV]XP-DKU'DQDFKLVWGDPLW]X UHFKQHQGDVVGLH=DKOGHUGHPHQWLHOO(UNUDQNWHQYRQGHU]HLWFDDXI HLQH*U|VVHQRUGQXQJYRQFDELV]XP-DKUXQGELV]XPHKUDOV QDFKDQZDFKVHQGUIWHZREHLGLH=DKOGHUKRFKEHWDJWHQ'H PHQ]HUNUDQNWHQDE-DKUHQVLFKELVYHUGRSSHOQXQGODQJIULVWLJVRJDU YHUGUHLIDFKHQZLUG
$EE(UZDUWHWH*U|VVHQRUGQXQJGHU=DKOGHPHQWLHOOHUNUDQNWHU+RFKEHWDJWHU
'DV PHGLDQH 6WHUEHDOWHU E]Z -DKUH EH]HLFKQHW GDV$OWHU ELV ]X GHP GLH +lOIWHHLQHV*HEXUWVMDKUJDQJHVJHVWRUEHQGLH+lOIWHQRFKDP/HEHQLVW'DWHQDXV
&25'$==29$/(5,( 'LH 6WHUEOLFKNHLW GHU 6FKZHL]HU *HEXUWVMDKUJlQJH ELV %)6 '(026 1U ZZZEIVDGPLQFKEIVSRUWDOGHLQ GH[WKH PHQSXEO'RFXPHQWSGI!
(LJHQH %HUHFKQXQJHQ 3URMHNWLRQ DQKDQG GHU %HY|ONHUXQJVYRUDXVUHFKQXQJ GHV
%I66]HQDULR$ XQG YHUIJEDUHU 'DWHQ ]XU DOWHUVDEKlQJLJHQ 3UlYDOHQ] GH PHQWLHOOHU(UNUDQNXQJHQ=,(*/(5'2%/+$00(5>)1@
1LFKWQXUGLH3IOHJHGLHGHU]HLWEHUZLHJHQGQRFKLQKlXVOLFKHU8PJHEXQJ GXUFK$QJHK|ULJHJHOHLVWHWRGHUXQWHU,QDQVSUXFKQDKPHDPEXODQWHU3IOHJH GLHQVWH RUJDQLVLHUW ZLUG ZLUG DQJHVLFKWV GHU ]XQHKPHQGHQ $OWHUXQJ GHU 3IOHJHEHGUIWLJHQ XQG HEHQVR GHUHQ .LQGHUJHQHUDWLRQ GLH ELVODQJ QRFK HLQHQHUKHEOLFKHQ7HLOGHU3IOHJHVFKXOWHUW]XQHKPHQGLQVWLWXWLRQHOOJHZlKU OHLVWHW ZHUGHQ PVVHQ DXFK GHU 8PIDQJ HUIRUGHUOLFK ZHUGHQGHU %HLVWDQG VFKDIWRGHUUHFKWOLFKHU%HWUHXXQJIU3HUVRQHQGLHLQLKUHU(QWVFKHLGXQJV IlKLJNHLW HLQJHVFKUlQNW VLQG ZLUG LQ HUKHEOLFKHP 0DVVH ]XQHKPHQ 'DEHL JHKWHVQLFKWQXUXPGLH5HJHOXQJYRQ$XIHQWKDOW9HUVRUJXQJXQG3IOHJH VRQGHUQDXFKXP9HUP|JHQVYHUIJXQJXQGYHUZDOWXQJ
,QGHU6FKZHL]JLEWHVPLWGHPLQ.UDIWJHWUHWHQHQQHXHQ(UZDFKVH QHQVFKXW]UHFKW=*%$UWIIXQWHU%HVHLWLJXQJGHUVFKRQWHUPLQRORJL VFKHQ6WLJPDWLVLHUXQJHQGHVDOWHQ9RUPXQGVFKDIWVUHFKWVYHUVFKLHGHQHGHP LQGLYLGXHOOHQ %HLVWDQGV XQG 6FKXW]EHGDUI DQJHSDVVWH )RUPHQ GHU %HJOHLW EHLVWDQGVFKDIW GHU 9HUWUHWXQJV XQG 0LWZLUNXQJVEHLVWDQGVFKDIW XQWHU$XI VLFKW GHU (UZDFKVHQHQVFKXW]EHK|UGH ± ,Q 'HXWVFKODQG ZLUG GLH UHFKWOLFKH
%HWUHXXQJVHLWJHP%*%IIDQVWHOOHGHUIUKHUHQ9RUPXQG VFKDIW RGHU *HEUHFKOLFKNHLWVSIOHJVFKDIW DXI$QWUDJ RGHU YRQ$PWV ZHJHQ GXUFK GDV %HWUHXXQJVJHULFKW HLQJHULFKWHW ZHQQ GLH $QJHOHJHQKHLWHQ GHV
%HWUHXWHQQLFKWPHKUGXUFKYRQLKPVHOEVWYRUJHQRPPHQH%HDXIWUDJXQJJH UHJHOWZHUGHQN|QQHQ'HU%HWUHXHUXQWHUOLHJWGHU$XIVLFKWGHV%HWUHXXQJV JHULFKWV :HJHQ 6HOEVWJHIlKUGXQJ EHL *HEUHFKOLFKNHLW HUIRUGHUOLFKH IUHL KHLWVHLQVFKUlQNHQGH0DVVQDKPHQZLHGLH)L[LHUXQJLP3IOHJHEHWWEHGUIHQ VRIHUQ QLFKW GD]X YRP 3IOHJHEHGUIWLJHQ VHOEVW HLQH 9HUWUDXHQVSHUVRQ IRU PHOO EHYROOPlFKWLJW ZXUGH ]ZLQJHQG GHU EHWUHXXQJVJHULFKWOLFKHQ *HQHK PLJXQJ
3UHNlU LVW DQJHVLFKWV GHU ZDFKVHQGHQ =DKO KRFKEHWDJWHU QLFKW PHKU VHOEVW HQWVFKHLGXQJVIlKLJHU 3HUVRQHQ QLFKW QXU GLH *HZlKUOHLVWXQJ GHU WDWVlFK OLFKHQ .RQWUROOH YRQ IUHLKHLWVHLQVFKUlQNHQGHQ 0DVVQDKPHQ LQ 3IOHJHKHL PHQVRQGHUQDXFKGHU6FKXW]YRUXQWUHXHU9HUP|JHQVYHUZDOWXQJGXUFKEH VWHOOWHRIWLQJURVVHP8PIDQJEHUXIVPlVVLJWlWLJH%HWUHXHUE]Z%HLVWlQGH 'LH 9HUEHVVHUXQJ GHU $XIVLFKW XQG .RQWUROOH GXUFK *HULFKWH XQG %HWUHX XQJVEHK|UGHQLQVEHVRQGHUHDXFKGLHYRUVRUJOLFKH%HVWHOOXQJRGHU]XVlW]OL FKH %HLRUGQXQJ HKUHQDPWOLFKHU %HLVWlQGH DOV =ZHLWEHWUHXHQGH GHQHQ JH
JHQEHU GHU %HYROOPlFKWLJWH DXVNXQIWV XQG UHFKHQVFKDIWVSIOLFKWLJ LVW NDQQKLHUP|JOLFKHQ0LVVEUlXFKHQYRUEHXJHQ,QGLHUHFKWOLFKHXQGIDFKOL FKH 4XDOLILNDWLRQ XQG EHJOHLWHQGH %HUDWXQJ GHU HKUHQDPWOLFKHQ %HLVWlQGH VROOWHQGHVKDOEDXFKSUlYHQWLRQVEH]RJHQH,QKDOWHHLQIOLHVVHQZDVLQVEHVRQ GHUHGXUFKGLH*HZLQQXQJYRQDXFKSHQVLRQLHUWHQ)DFKSHUVRQHQDXV3ROL ]HLXQG-XVWL]HQWVFKHLGHQGJHI|UGHUWZHUGHQN|QQWH
H -DJGDXIµ/(2¶$OWH0HQVFKHQDOVµ/HLFKW(UUHLFKEDUH2SIHU¶
DD bOWHUH0HQVFKHQDOV=LHOJUXSSHYRQ%HWUXJVGHOLNWHQ
2SIHUEHIUDJXQJHQEHVWlWLJHQGHQ%HIXQGDXVGHU$QDO\VHGHU+HOOIHOGGDWHQ GHU 3.6 %HVRQGHUV JHIlKUGHWVLQG lOWHUH 0HQVFKHQGXUFKÄPLW7lXVFKXQ JHQYHUNQSIWH(LJHQWXPVXQG9HUP|JHQVGHOLNWHEHLGHQHQGLH7lWHUHVJH ]LHOWDXIlOWHUH0HQVFKHQDEJHVHKHQKDEHQ³*g5*(1@'DV'XQNHO IHOGQLFKWUHJLVWULHUWHU'HOLNWHLVWQLFKWQXUGHVKDOEKRFKZHLOJHUDGHlOWHUH 0HQVFKHQVLFKRIWPDOVVFKHXHQ'ULWWHQ]XRIIHQEDUHQGDVVVLH2SIHUHLQHV 7ULFNEHWUXJHVZXUGHQ%HVRQGHUVSUREOHPDWLVFKLVWMHQH*UXSSHYRQ'HOLN WHQGLHYRQGHQ2SIHUQKlXILJQLFKWDOVVROFKHHUNDQQWZHUGHQXQGGHVKDOE QLFKWQXUQLFKWDQJH]HLJWVRQGHUQDXFKEHL2SIHUEHIUDJXQJHQQLFKWJHQDQQW ZHUGHQµGRSSHOWHV'XQNHOIHOG¶+LHU]XJHK|UHQQHEHQEHWUJHULVFKHQ*H VFKlIWVDQEDKQXQJHQDXIVRJ.DIIHHIDKUWHQLQ]ZLVFKHQJHKlXIWDXFK%HWU
JHUHLHQ LP ,QWHUQHW ZR EHL 6RIWZDUH XQG9LGHRGRZQORDGV GXUFK XQWHUJH VFKREHQH $ERQQHPHQWYHUSIOLFKWXQJHQ µ$ERIDOOHQ¶ GXUFK EHWUJHULVFKH 3DUWQHUE|UVHQ RGHU GXUFK JHZLQQYHUVSUHFKHQGH 6FKQHHEDOO*HVFKlIWV PRGHOOHVRZLHGXUFKGLH(UEHXWXQJYRQ.RQWRXQG.UHGLWNDUWHQGDWHQQHEHQ
)RUPHQGHUµ%HWUHXXQJLP7DQGHP¶ZHUGHQELVODQJYRUDOOHPXQWHUGHP*HVLFKWV SXQNW GHU 4XDOLIL]LHUXQJ XQG 8QWHUVWW]XQJ GHU HKUHQDPWOLFKHQ %HWUHXHU GXUFK EHUXIOLFK WlWLJH %HWUHXHU YD LQ GHU$QIDQJVSKDVH GHU %HWUHXXQJ SUDNWL]LHUW %H VFKUHLEXQJ HLQHV VROFKHQ 3URMHNWV XQWHU ZZZELWSURMHNWGH! $EVFKOXVVEHULFKW GHU(YDOXDWLRQGHVKHVVLVFKHQ3URMHNWVµ%,7±%HWUHXXQJLP7DQGHP¶XQWHUZZZ XQLNDVVHOGHIEIDFKJUXSSHQVR]LRORJLHDQJHZDQGWHVWDWLVWLNSURMHNWHHYDOXDWLRQ GHVELWSURMHNWHVKWPO! $XV NULPLQRORJLVFKHU 6LFKW ZLUG PDQ LQ VROFKHQ 7DQ GHP%HWUHXXQJVPRGHOOHQDXFKGHQ±ELVODQJQRFKNDXPEHDFKWHWHQ±$VSHNWGHU 6WlUNXQJGHU%HODQJHGHUEHWUHXWHQ3HUVRQGXUFKGDV$XJHQ3ULQ]LSEHL9HUP|
JHQVYHUIJXQJHQXQG5HFKWVHLQJULIIHQEHVRQGHUVJHZLFKWHQ
XQHUIDKUHQHQ MXQJHQ 0HQVFKHQ ]XQHKPHQG DXFK GLH *UXSSH GHU EHWDJWHQ ,QWHUQHW1XW]HU]XU=LHOJUXSSHZLUG
EE 7DWDQUHL]HGXUFK9HUP|JHQVNRQ]HQWUDWLRQLQGHU5HQWQHUJHQHUDWLRQ µ*HOHJHQKHLWPDFKW'LHEH¶
'LH JHVWLHJHQH /HEHQVHUZDUWXQJ KDW DXFK GLH 6WHOOXQJ GHV (UEHQV LP /H EHQVODXIYHUlQGHUW.DPHQ(UEVFKDIWHQIUKHUKlXILJGHU3KDVHGHV$XIEDXV RGHU GHU 6LFKHUXQJ GHU )DPLOLHQH[LVWHQ] XQG GHU$XVELOGXQJ XQG$XVVWDW WXQJ GHU HLJHQHQ .LQGHU ]XJXWH JLQJHQ (UEVFKDIWHQ LQ GHU 6FKZHL]
QRFK]XU+lOIWHDQXQWHU-lKULJHVRZLUGVFKRQLP-DKUQXUPHKU HLQ)QIWHOGHU(UEHQVHOEVWQRFKQLFKWlOWHUDOV-DKUHVHLQ'DGXUFKWUD JHQ GLH HUKHEOLFKHQ LQ GHU 6FKZHL] MlKUOLFK YHUHUEWHQ 6XPPHQ LQ HLQHU
*U|VVHQRUGQXQJ GLH FD GHV JHVDPWHQ 9RONVHLQNRPPHQV HQWVSULFKW KDXSWVlFKOLFK ]XU Ä.RQ]HQWUDWLRQ GHU 9HUP|JHQ LQ GHU 5HQWQHUJHQHUDWLRQ³ EHLPLWGHU)ROJHGDVV]XQHKPHQGLQ)LQDQ]GLQJHQELVODQJZHQLJHUIDK UHQHlOWHUH0HQVFKHQEHUJU|VVHUH*HOGEHWUlJHYHUIJHQGLH]XP.RQVXP QLFKWEHQ|WLJWZHUGHQDOVRGLVSRQLEHOVLQG:HQQVROFKHDW\SLVFKHQ*HOG]X IOVVHEHL*HOGLQVWLWXWHQDXIIDOOHQZLUGGLHVQLFKWVHOWHQ]XP$QODVVYRQ
$QODJHHPSIHKOXQJHQDQGHQ%DQNNXQGHQRGHUDXFKZLH]XOHW]WLQ'HXWVFK ODQGJHKlXIWEHNDQQWJHZRUGHQ]XJH]LHOWHQ+LQZHLVHQYRQ%DQNPLWDUEHL WHQGHQDQIUHLEHUXIOLFKWlWLJH$QODJH¶EHUDWHU¶GLHOXNUDWLYH7LSSVGXUFK3UR YLVLRQHQ RGHU µ)DQJSUlPLHQ¶ KRQRULHUHQ 6R WULIIW HLQ JHHLJQHWHV QlPOLFK XQHUIDKUHQHV2SIHUPLWGLVSRQLEOHP9HUP|JHQDXIHLQHQGXUFKGLH$XVVLFKW DXI 3URYLVLRQHQ PRWLYLHUWHQ SRWHQWLHOOHQ 7lWHUNUHLV GHU VHOEVWYHUVWlQGOLFK µQXUGDV%HVWH¶VHLQHU.XQGHQZLOO±XQG]ZDUP|JOLFKVWYLHOGDYRQ
*HULFKWVQRWRULVFKH9RUJlQJHLQ=XVDPPHQKDQJPLWGHP+DQGHOPLWKRFKUL VLNREHKDIWHWHQ]XP=HLWSXQNWGHU9HUPLWWOXQJKlXILJEHUHLWVHYLGHQWQRWOHL
6787=+(,',(UEHQLQGHU6FKZHL]±(LQH)DPLOLHQVDFKHPLWYRONVZLUWVFKDIWOLFKHQ )ROJHQ 'HQNQHW] -DKUEXFK II DXVIKUOLFKHU 6787=+(,',%$8(5
72%,$66&+08**(686$11( (UEHQ LQ GHU 6FKZHL] ± HLQH )DPLOLHQVDFKH PLW YRONVZLUWVFKDIWOLFKHQ)ROJHQ=ULFK&KXU
'LHVNDQQURXWLQHPlVVLJGXUFKGDV('96\VWHPGHV)LQDQ]LQVWLWXWVHUIROJHQ
GHQGHQ RGHU ZHUWORVHQ =HUWLILNDWHQVRZLH %HULFKWH YRQ %DQNPLWDUEHLWHUQ XQG )LQDQ]EHUDWHUQ EHOHJHQ GDVV ILQDQ]XQHUIDKUHQH6HQLRUHQDOV JHHLJQHWH
=LHOJUXSSH JHOWHQ ZHQQ GXUFK GLH 9HUPLWWOXQJ YRQ DXI GHP LQIRUPLHUWHQ 0DUNW QLFKW PHKU DEVHW]EDUHQ 3URGXNWHQ EHVRQGHUV KRKH 3URYLVLRQHQ RGHU NLFNEDFN=DKOXQJHQ YHUGHFNWH 3URYLVLRQHQ )DQJSUlPLHQ RGHU µILQGHU¶V IHHV¶5HWUR]HVVLRQHQ]XHU]LHOHQVLQG,Q'HXWVFKODQGZXUGHGXUFK,QVL GHUEHULFKWHEHNDQQWGDVV.XQGHQDNWHQPLWGHU.HQQXQJµ/(2¶IUµ/HLFKW (UUHLFKEDUHV 2SIHU¶ YHUVHKHQ ZHUGHQ EUDQFKHQLQWHUQ JHEUlXFKOLFK LVW DXFKGLH.HQQXQJÄ$'³RGHUÄ$X'³IUµ$OWXQG'XPP¶
µ)DQJSUlPLHQ¶ IU µ/(2V¶ ± GLH7HUPLQRORJLH YHUZHLVW DXI HLQH .RQVWHOOD WLRQZLHVLHDXVNULPLQRORJLVFKHU6LFKWKHUDQJH]RJHQZHUGHQNDQQIUGLH (UNOlUXQJ±XQGHQWVSUHFKHQGIUGLH3UlYHQWLRQ±GHUEHVRQGHUHQ*HIlKU GXQJVNRQVWHOODWLRQlOWHUHU0HQVFKHQ
FF 6LWXDWLYH.ULPLQDOSUlYHQWLRQ7DWDQUHL]HXQG6FKXW]PHFKDQLVPHQ ,Q $QOHKQXQJ DQ .RQ]HSWH GHUVLWXDWLYHQ .ULPLQDOSUlYHQWLRQ &/$5.(
XQGGHUURXWLQHDFWLYLW\WKHRU\+$:/(<ZLUGPDQGDYRQDXVJHKHQGDVV
'LH0HKU]DKOGHUGHXWVFKHQ/HKPDQ*HVFKlGLJWHQGHQHQGLH=HUWLILNDWHDOVVLFKH UH *HOGDQODJH DQJHGLHQW ZRUGHQ ZDUHQ JHK|UWH QDFK %HULFKWHQ GHU 'HXWVFKHQ 6FKXW]YHUHLQLJXQJ IU :HUWSDSLHUEHVLW] '6: GHU$OWHUVJUXSSH DE -DKUHQ DQ )2&86PRQH\
=XUGLHVEH]JOLFKHQ5HFKWVODJHLQGHU6FKZHL]V8UWHLO&GHV6FKZHL ]HULVFKHQ%XQGHVJHULFKWVYRP0lU]%*(,,,
Ä$XIGLHVH6WUDWHJLHJH]LHOWDQ6FKZDFKH]XYHUNDXIHQZLHVHQXQV0LWDUEHLWHUGHU 3RVWEDQN)LQDQ]EHUDWXQJKLQ³ÄYRUDOOHPDOWHXQGDOOHLQVWHKHQGH0HQVFKHQ IDOVFKEHUDWHQ³Ä.XQGHQGHQHQPDQOHLFKWMHGH0HQJH9HUWUlJHDXIVFKZDW]HQ XQGGDIUYLHO3URYLVLRQNDVVLHUHQNDQQ³)LQDQ]WHVW+HIWVD)LQDQ]
WHVW+HIW6GLH9HUEUDXFKHU]HLWVFKULIW)LQDQ]WHVWZLUGYRQGHUDXI 3DUODPHQWVEHVFKOXVV HLQJHULFKWHWHQ GHXWVFKHQ 6WLIWXQJ :DUHQWHVW KHUDXVJHJHEHQ
± %HL HLQHP YHUGHFNWHQ 7HVW GHU$QODJHEHUDWXQJ EHL %DQNHQ 6SDUNDVVHQ XQG 5DLIIHLVHQEDQNHQLP-DKUZXUGHQZHLWHUKLQHUKHEOLFKH%HUDWXQJVXQG$XI NOlUXQJVPlQJHOXQGLQGHU0HKU]DKOGHU)lOOHHLQGHXWLJH9HUVW|VVHJHJHQJHVHW]OL FKH9RUVFKULIWHQ]XP6FKXW]GHU9HUEUDXFKHUXQGGLH]ZLVFKHQ]HLWOLFKHLQJHIKUWHQ 'RNXPHQWDWLRQVSIOLFKWHQIHVWJHVWHOOW
&/$5.(521$/'9Ä6LWXDWLRQDO³&ULPH3UHYHQWLRQ7KHRU\DQG3UDFWLFH
%ULWLVK -RXUQDO RI &ULPLQRORJ\ &/$5.(521$/'9&251,6+
EHVWLPPWH 3HUVRQHQJUXSSHQ LP 5DKPHQ LKUHU /HEHQVIKUXQJ XQG VR]LDOHQ 6LWXDWLRQ µ5RXWLQHDNWLYLWlWHQ¶ LQVEHVRQGHUH GDQQ HLQHP HUK|KWHQ 2SIHU ZHUGXQJVULVLNR DXVJHVHW]W VLQG ZHQQ GLH IROJHQGHQ %HGLQJXQJHQ ]XVDP PHQWUHIIHQ
ÄPRWLYDWHGRIIHQGHUV VXLWDEOHWDUJHWVDQG
WKHDEVHQFHRIFDSDEOHJXDUGLDQV³ DOVR
PRWLYLHUWH7lWHU
SRWHQWLHOOH2SIHURGHU7DWREMHNWHXQG
GDV )HKOHQ ZLUNVDPHU .RQWUROO XQG 6FKXW]PHFKDQLVPHQ RGHU SHUVRQHQ
%HLVSLHOH IU HLQH WDWEHJQVWLJHQGH *HOHJHQKHLWVVWUXNWXU LP 6LQQH GLHVHU 7KHRULHZlUHQGHUDONRKROLVLHUWH*DVWLP5RWOLFKWHWDEOLVVHPHQWGLH5HQWQH ULQGLHLKUHPRQDWOLFKH5HQWHDP*HOGDXWRPDWHQ]LHKWXPVLHQDFK+DXVH ]X WUDJHQ RGHU HEHQ GHU LQ *HOGGLQJHQ XQHUIDKUHQH %DQNNXQGH GHU QDFK (LQJDQJHLQHU(UEVFKDIWDQHLQHQ)LQDQ]µEHUDWHU¶JHUlWGHPIUGHQ$EVDW]
VRQVWVFKZHUYHUPLWWHOEDUHUµJLIWLJHU¶3URGXNWHKRKH3URYLVLRQHQLQ$XVVLFKW VWHKHQ%HLGLHVHU.RQVWHOODWLRQZLUGPDQ$QVDW]SXQNWHIU3UlYHQWLRQQLFKW QXUEHLPSRWHQWLHOOHQ2SIHUGXUFK$XINOlUXQJVXFKHQDXVVLFKWVUHLFKHULVW HVVFKlGOLFKH$QUHL]V\VWHPH$XVVLFKWDXI)DQJSUlPLHQ3URYLVLRQHQ5HW UR]HVVLRQHQDE]XVWHOOHQVRZLHZLUNVDPH.RQWUROOXQG6FKXW]PHFKDQLVPHQ HLQ]XIKUHQ .ODUH JHVHW]OLFKH 5HJHOXQJHQ XQG 9HUERWH 'RNXPHQWDWLRQV SIOLFKWHQDEHUDXFKEDQNHQLQWHUQHZLHH[WHUQH0DVVQDKPHQ]XU6LFKHUXQJ
'(5(.%0RGHOOLQJ2IIHQGHUV'HFLVLRQV$)UDPHZRUNIRU5HVHDUFKDQG3ROLF\
&ULPHDQG-XVWLFH&/$5.(596LWXDWLRQDO&ULPH3UHYHQWLRQ LQ 7215<0)$55,1*721' %XLOGLQJ D 6DIHU 6RFLHW\ 6WUDWHJLF$SSURDFKHV WR
&ULPH 3UHYHQWLRQ 9RO &KLFDJR/RQGRQ 7KH 8QLYHUVLW\ RI &KLFDJR 3UHVV =XU Ä(UNOlUXQJ XQG 3UlYHQWLRQ YRQ 9HUEUHFKHQ DQKDQG VLWXDWLYHU )DNWRUHQ³.,//,$60LQ.(51(5+-0$5.6(+UVJ,QWHUQHWGRNXPHQWDWLRQ 'HXWVFKHU3UlYHQWLRQVWDJ+DQQRYHU
+$:/(<$026 +XPDQ (FRORJ\$ 7KHRU\ RI &RPPXQLW\ 6WUXFWXUH 1HZ<RUN 5RQDOG
&2+(1/$:5(1&(()(/6210$5&866RFLDO&KDQJHDQG&ULPH5DWH7UHQGV$
5RXWLQH $FWLYLW\ $SSURDFK $PHULFDQ 6RFLRORJLFDO 5HYLHZ KLHU
GHUFRPSOLDQFHHLQVFKOLHVVOLFKYHUGHFNWHU.RQWUROOHQGXUFKGLH)LQDQ]PDUNW DXIVLFKWXQG6WlUNXQJGHU9HUEUDXFKHUEHUDWXQJ
%DQNDQJHVWHOOWHQ NDQQ LKUHUVHLWV DXFK GLH 5ROOH GHV µJXDUGLDQ¶ ]XZDFKVHQ :LHGHUKROW ZXUGHQ 6HQLRUHQ QXU GDGXUFK YRU HLQHU 6FKlGLJXQJ GXUFK (Q NHOWULFNRGHU6FKRFNDQUXIHEHZDKUWGDVVDXIPHUNVDPH%DQNDQJHVWHOOWHEHL XQJHZ|KQOLFK KRKHQ %DUDEKHEXQJHQ VWXW]LJ ZXUGHQ XQG GHQ .XQGHQ RGHU GLH .XQGLQ GXUFK HLQHQ 5FNUXI EHLP HFKWHQ (QNHO YRP ZDKUHQ 6DFK YHUKDOWEHU]HXJHQNRQQWHQ1HEHQGHU$XINOlUXQJEHUGHUDUWLJH%HWUXJV IRUPHQGLHGLHEHVRQGHUVJHIlKUGHWH=LHOJUXSSHHUIDKUXQJVJHPlVVQXUHLQ JHVFKUlQNWHUUHLFKHQNDQQNRPPWGHVKDOEGHU6FKXOXQJGHU0LWDUEHLWHQGHQ GHU*HOGLQVWLWXWHEHVRQGHUH%HGHXWXQJ]X
I $OWHUVVSH]LILVFKH*HIlKUGXQJHQLP6WUDVVHQYHUNHKU
)U GDV -DKU YHU]HLFKQHWH GLH 3ROL]HLOLFKH .ULPLQDOVWDWLVWLN IU GLH 6FKZHL]2SIHUYROOHQGHWHUYRUVlW]OLFKHURGHUIDKUOlVVLJHU7|WXQJVGHOLNWH XQG 2SIHU VFKZHUHU .|USHUYHUOHW]XQJVGHOLNWH 'XUFK 9HUNHKUVXQIlOOH DXI6FKZHL]HU6WUDVVHQZXUGHQ0HQVFKHQJHW|WHWVRZLH3HUVRQHQ VFKZHUXQGOHLFKWYHUOHW]W
$XIµ7lWHUVHLWH¶VLQGGDEHL6HQLRUHQZLHEHLPµNODVVLVFKHQ¶.ULPLQDOLWlWVJH VFKHKHQ GLH DP JHULQJVWHQ EHODVWHWH $OWHUVJUXSSH VRZRKO XQWHU GHQ EHL VFKZHUHQ 8QIlOOHQ GXUFK SROL]HLOLFKH )HVWVWHOOXQJ %HDQVWDQGHWHQ ZLH DXFK XQWHUGHQZHJHQ9HUNHKUVGHOLNWHQ9HUXUWHLOWHQ
*DQ]DQGHUVVWHOOWVLFKMHGRFKGLHDOWHUVDEKlQJLJH$XVSUlJXQJGHU8QIDOOUL VLNHQDXI2SIHUVHLWHGDU
%)66WUDVVHQYHUNHKUVXQIlOOHXQGYHUXQIDOOWH3HUVRQHQZZZEIVDGPLQFKEIVSR UWDOGHLQGH[WKHPHQEODQNNH\DNWXHOKWPO!
%)6ZZZEIVDGPLQFK! 7DEHOOH MHGBVXVVYJVR]NW[OV EIX ±
%HUDWXQJVVWHOOHIU8QIDOOYHUKWXQJ+UVJEIX6,1865HSRUW6LFKHUKHLWV QLYHDX XQG 8QIDOOJHVFKHKHQ LP 6WUDVVHQYHUNHKU %HUQ ZZZEIXFK 3')/LEBSGI! EIX 6,1865HSRUW ZZZEIXFK3')/LEB SGI!$EE
:lKUHQGYRQGHU:RKQEHY|ONHUXQJGHU6FKZHL]LP-DKU-DKUH XQGlOWHUZDUHQZDUHQYRQGHQYHUXQIDOOWHQ3HUVRQHQ-DKUHXQGlOWHU
XQWHUGHQ)DKU]HXJOHQNHQGHQ
XQWHUGHQW|GOLFKYHUXQIDOOWHQ)DKU]HXJOHQNHQGHQ
XQWHUGHQ0LWIDKUHQGHQ
XQWHUGHQW|GOLFKYHUXQIDOOWHQ0LWIDKUHQGHQ
XQWHUGHQ)XVVJlQJHU,QQHQ
XQWHUGHQ]X)XVVW|GOLFK9HUXQIDOOWHQ
XQWHUGHQ)DKUUDGIDKUHU,QQHQ
XQWHUGHQPLW)DKUUDGW|GOLFK9HUXQIDOOWHQ 'LH=DKOHQ]HLJHQ]ZHLHUOHL
$QJHK|ULJH GHU lOWHUHQ *HQHUDWLRQ VLQG ZHGHU LP 9HUJOHLFK ]X LKUHP
%HY|ONHUXQJVDQWHLO QRFK LP 9HUJOHLFK ]X LKUHU %HWHLOLJXQJ DP 9HU NHKUVDXINRPPHQEHUPlVVLJDP8QIDOOJHVFKHKHQEHWHLOLJW6RZXUGH JHPlVV SROL]HLOLFKHU 3URWRNROOLHUXQJ EHL VFKZHUHQ )XVVJlQJHUXQIlOOHQ LQGHU)lOOHGHU)DKU]HXJOHQNHUGHVNROOLGLHUHQGHQ)DKU]HXJVEH DQVWDQGHWQXUDQGHU.ROOLVLRQHQ ZXUGH GHQ )XVVJlQJHUQ GLH $O OHLQVFKXOG ]XJHVFKULHEHQLQ ZHLWHUHQ HLQ )HKOYHUKDOWHQDXFK GHU )XVVJlQJHUIHVWJHVWHOOW
.RPPW HV ]X HLQHP 8QIDOO VR lXVVHUW VLFK GLH K|KHUH9HUOHW]OLFKNHLW µ9XOQHUDELOLWlW¶GHUbOWHUHQLPGHXWOLFKK|KHUHQ5LVLNRW|GOLFKHU8Q IDOOIROJHQ
%HVRQGHUV DXIIlOOLJ LVW GDVV XQWHU GHQ LP -DKU W|GOLFK YHUXQIDOOWHQ )XVVJlQJHUQXQG)XVVJlQJHULQQHQZLHXQWHUGHQPLW5DGW|GOLFK9HUXQIDOO WHQ]XVDPPHQ-DKUHXQGlOWHUZDUHQ8QGDOOHLQDXIGLH3HUVRQHQ
(LJHQH%HUHFKQXQJQDFK'DWHQGHV%)667$77$%9HUNHKUVXQIlOOHXQG8PZHOW DXVZLUNXQJHQIUGDV%HULFKWVMDKU(UKHEXQJ6WUDVVHQYHUNHKUVXQIlOOH
)U1DFKZHLVHVEIX6,1865HSRUW)1LQVE$EEXQG
EIX6,1865HSRUW)1
$Q]DKO(LJHQH%HUHFKQXQJQDFK'DWHQGHV%)667$77$%6WUDVVHQYHU NHKUVXQIlOOH$OWHUVJUXSSHGHUYHUXQIDOOWHQ3HUVRQ8QIDOOIROJHXQG-DKU
DE -DKUHQ HQWILHOHQ ± EHL HLQHP %HY|ONHUXQJVDQWHLO YRQ ELV GHU W|GOLFKHQ 8QIlOOH ]X )XVV RGHU SHU 9HOR$QGHUV DOV LP %HUHLFK GHU 9LNWLPLVLHUXQJ GXUFK NODVVLVFKH *HZDOWNULPLQDOLWlW GHUHQ 5LVLNR LP$OWHU YHUJOHLFKVZHLVH JHULQJ LVW VWHLJW LP 9HUNHKUVXQIDOOJHVFKHKHQ GDV 5LVLNR VFKZHUVWHUXQGW|GOLFKHU6FKlGLJXQJPLWGHP$OWHUJUDYLHUHQGDQ$EE
=ZDU VWHOOW VLFK GLH (QWZLFNOXQJ GHU 3HUVRQHQVFKlGHQ LP 6WUDVVHQYHUNHKU GHU 6FKZHL] ELVODQJ± DXFK LP9HUJOHLFK PLW GHQ 1DFKEDUOlQGHUQ± LQVJH VDPWJQVWLJGDU'LHLQGHQOHW]WHQ-DKUHQDQGHUVDOVEHLGHQ3NZ8QIlOOHQ ZHQLJHU JQVWLJH (QWZLFNOXQJ EHL GHQ )XVVJlQJHU XQG )DKUUDGXQIlOOHQ ]HLJWDEHUGDVVGLHSRVLWLYH(QWZLFNOXQJYRUDOOHPGHQµVWlUNHUHQ¶9HUNHKUV WHLOQHKPHUQ]XJXWHNDPZHQLJHUGDJHJHQGHQµVFKZlFKHUHQ¶LQVEHVRQGHUH GHQQLFKWPRWRULVLHUWHQ9HUNHKUVWHLOQHKPHUQ$EE
$EE 6FKZHUH3HUVRQHQVFKlGHQSUR0LR.LORPHWHUEHL)XVVJlQJHUQQDFK
$OWHUXQG*HVFKOHFKWEIX6,1865HSRUW$EE
$Q]DKO
$EE (QWZLFNOXQJVFKZHUHU3HUVRQHQVFKlGHQQDFK$UWGHU9HUNHKUVWHLOQDKPH EIX6,1865HSRUW$EE
Ä'DV 5LVLNR EHL HLQHP )XVVJlQJHUXQIDOO XPV /HEHQ ]X NRPPHQ VWHLJWPLW]XQHKPHQGHP$OWHU,P9HUJOHLFK]X.LQGHUQELV-DKUH LVWGDV5LVLNRYRQ(UZDFKVHQHQELV-DKUHHWZDIDFKGDVMHQLJH YRQ ELV -lKULJHQ UXQG IDFK XQG MHQHV YRQ EHU MlKULJHQ 6HQLRUHQ VRJDU IDFK HUK|KW 9RQ EHL )XVVJlQJHUXQIlOOHQ YHU OHW]WHQ 6HQLRUHQ VWHUEHQ GHUHQ DOVR UXQG MHGHU 0HKU DOV GLH +lOIWHGHUMlKUOLFKJHW|WHWHQ)XVVJlQJHUVLQGRGHUlOWHU³
:HQQ ELV ]XP -DKU HLQH SUR]HQWLJH =XQDKPH GHU DE MlKULJHQ :RKQEHY|ONHUXQJXPFDDXIGDQQ0LOOLRQHQXQGHLQHPHKUDOV SUR]HQWLJH=XQDKPHGHU=DKOGHU%UJHUDE-DKUHQDXIGDQQ0LO OLRQHQ DEVHKEDU LVW VR ZLUG HLQH GHPHQWVSUHFKHQG PDVVLYH =XQDKPH GHU
=DKOYRQEHWDJWHQ2SIHUQLQVEHVRQGHUHXQWHUGHQ)XVVJlQJHUQXQG5DGIDK
EIX6,1865HSRUW)1