Intersektionale Integrationsansätze für vulnerable Migrantinnen
Das Beispiel weiblicher nigerianischer und chinesischer Betroffener von
Menschenhandel
Anja Wells, Simon W. Kolbe, Caroline Sander
veröffentlicht unter den socialnet Materialien Publikationsdatum: 05.11.2020
URL: https://www.socialnet.de/materialien/29135.php
1 ,QWHUVHNWLRQDOH,QWHJUDWLRQVDQVlW]HIUYXOQHUDEOH0LJUDQWLQQHQ±'DV%HLVSLHO ZHLEOLFKHUQLJHULDQLVFKHUXQGFKLQHVLVFKHU%HWURIIHQHUYRQ0HQVFKHQKDQGHO YRQ$QMD:HOOV6LPRQ:.ROEHXQG&DUROLQH6DQGHU
=XVDPPHQIDVVXQJ
'HU%HLWUDJZLUIWHLQHQIHPLQLVWLVFKHQ%OLFNDXIJHQGHUVSH]LILVFKH
8QWHUVWW]XQJVDQJHERWHGXUFKGLH(WDEOLHUXQJLQWHUVHNWLRQDOHU,QWHJUDWLRQVDQVlW]H 'HULP&ULWLFDO5DFH)HPLQLVPJHSUlJWH%HJULIIGHU,QWHUVHNWLRQDOLWlWKDWLQGHQ YHUJDQJHQHQ-DKUHQHLQH(UZHLWHUXQJYRQ6WUXNWXUNDWHJRULHQHUIDKUHQGLHVLFKDXFK LP.RQWH[WZHLEOLFKHUQLJHULDQLVFKHUXQGFKLQHVLVFKHU%HWURIIHQHUYRQ
0HQVFKHQKDQGHOHUZHLWHUQOlVVW'HU%HLWUDJEHUXKWDXIGHQ)RUVFKXQJVHUJHEQLVVHQ GHVWUDQVQDWLRQDOHQ(83URMHNWHV,17$3LQGHP%HWURIIHQHYRQ0HQVFKHQKDQGHO XQG([SHUWLQQHQ]X&KDQFHQXQG+LQGHUQLVVHQLQGHU,QWHJUDWLRQLQWHUYLHZWZXUGHQ 'LHVHU$UWLNHOHUDUEHLWHWIRUWEHVWHKHQGH+HUDXVIRUGHUXQJHQGHU,QWHJUDWLRQXQGZLH GLHVHQPLW+LOIHHLQHVLQWHUVHNWLRQDOHQ,QWHJUDWLRQVDQVDW]HVLQVEHVRQGHUHPLW+LOIH HLQHU9HUWUDXHQVSHUVRQDGlTXDWEHJHJQHWZHUGHQNDQQ
6FKOVVHOZ|UWHU%HWURIIHQHYRQ0HQVFKHQKDQGHOLQWHUVHNWLRQDOHU ,QWHJUDWLRQVDQVDW]9HUWUDXHQVSHUVRQ1LJHULD&KLQD
6XPPDU\
7KLVDUWLFOHWDNHVDIHPLQLVWORRNDWJHQGHUVSHFLILFVXSSRUWVHUYLFHVWKURXJKWKH HVWDEOLVKPHQWRILQWHUVHFWLRQDOLQWHJUDWLRQDSSURDFKHV7KHFRQFHSWRI
LQWHUVHFWLRQDOLW\ZKLFKZDVFRLQHGLQ&ULWLFDO5DFH)HPLQLVPKDVH[SHULHQFHGDQ H[SDQVLRQRIVWUXFWXUDOFDWHJRULHVLQUHFHQW\HDUVZKLFKFDQDOVREHH[WHQGHGLQWKH FRQWH[WRIIHPDOH1LJHULDQDQG&KLQHVHVXUYLYRUVRIKXPDQWUDIILFNLQJ7KLVDUWLFOHLV EDVHGRQWKHUHVHDUFKUHVXOWVRIWKHWUDQVQDWLRQDO(8SURMHFW,17$3LQZKLFK
VXUYLYRUVRIWUDIILFNLQJDQGH[SHUWVZHUHLQWHUYLHZHGDERXWRSSRUWXQLWLHVDQG KLQGUDQFHVWRLQWHJUDWLRQ7KLVDUWLFOHHODERUDWHVRQFRQWLQXLQJFKDOOHQJHVRI LQWHJUDWLRQDQGKRZWKHVHFDQEHDGHTXDWHO\PHWE\PHDQVRIDQLQWHUVHFWLRQDO DSSURDFKWRLQWHJUDWLRQLQSDUWLFXODUZLWKWKHKHOSRID3HUVRQRI7UXVW
.H\ZRUGV6XUYLYRUVRI+XPDQ7UDIILFNLQJLQWHUVHFWLRQDODSSURDFKWRLQWHJUDWLRQ 3HUVRQRI7UXVW1LJHULD&KLQD
2 (LQOHLWXQJ
0HQVFKHQKDQGHO]XP=ZHFNGHUVH[XHOOHQ$XVEHXWXQJLVWHLQJHQGHUVSH]LILVFKHV 3KlQRPHQZHOFKHVLQVEHVRQGHUH)UDXHQXQG0lGFKHQEHWULIIWYJO5RVHOOHWDO
$UWLNHOGHU(85LFKWOLQLHJHJHQGHQ0HQVFKHQKDQGHOSRVWXOLHUWGDVV 3UlYHQWLRQVXQG2SIHUVFKXW]PDQDKPHQXQWHU%HUFNVLFKWLJXQJGHU
*HVFKOHFKWHUSHUVSHNWLYHDXVJHOHJWZHUGHQ,QQHUKDOEGHU(8VLQGQHEHQ(8
%UJHULQQHQYD1LJHULDQHULQQHQYRQ0HQVFKHQKDQGHO]XP=ZHFNGHUVH[XHOOHQ
$XVEHXWXQJEHWURIIHQYJO(85232/(85267$7'DUEHUKLQDXV VWHLJWLQYLHOHQHXURSlLVFKHQ/lQGHUQDXFKGLH=DKOEHWURIIHQHU)UDXHQDXV&KLQD :lKUHQGYRP0HQVFKHQKDQGHODXV2VWDVLHQLQGHU9HUJDQJHQKHLWYRUDOOHP
7KDLOlQGHULQQHQEHWURIIHQZDUHQHUIDVVWGDV7UDQVQDWLRQDO2UJDQL]HG&ULPH7KUHDW
$VVHVVPHQW72&7$YRQGDVVLPPHUPHKU&KLQHVLQQHQLQGHUVRJHQDQQWHQ ,QGRRU3URVWLWXWLRQLQGHQDOV0DVVDJHRGHU6FK|QKHLWVVDORQVJHWDUQWHQLOOHJDOHQ
%RUGHOOHQDXVJHEHXWHWZHUGHQYJO812'&6RELOGHWHQFKLQHVLVFKH)UDXHQ XQG0lGFKHQ]ZLVFKHQXQGGLHGULWWJU|WH*UXSSHGHU%HWURIIHQHQGHV 0HQVFKHQKDQGHOVDXV'ULWWOlQGHUQYJO(XURSHDQ&RPPLVVLRQ
,QWHJUDWLRQVSURJUDPPHIUGLHVHYXOQHUDEOHQ*UXSSHQYRQ0LJUDQWLQQHQVLQGRIWPDOV QLFKWJHQGHUVSH]LILVFKXQGNXOWXUVHQVLEHOJHVWDOWHW(VIHKOWDQ
,QWHJUDWLRQVSURJUDPPHQGLHVLFKVSH]LILVFKDQ%HWURIIHQHQYRQ0HQVFKHQKDQGHO DXV'ULWWVWDDWHQULFKWHQVRZLHDQ%HWURIIHQHGLHQRFKQLFKWRIIL]LHOODOVVROFKH LGHQWLIL]LHUWZXUGHQYJO3RODWVLGHHWDO6XUWHHV1H[XV,QVWLWXWH2EZRKO YLHOHGHU%HWURIIHQHYRQ0HQVFKHQKDQGHODQ7UDXPDWDOHLGHQVLQGWUDXPDVHQVLEOH
$QVlW]HXQ]XUHLFKHQGYRUKDQGHQYJO*DKOHLWQHUHWDO6LQGGLHVH
0LJUDQWLQQHQ0WWHUPVVHQGLHVSH]LILVFKHQ%HGDUIHGLHHLQH0XWWHUVFKDIWPLWVLFK EULQJWEHUFNVLFKWLJWZHUGHQYJO0DOHQR*DU]yQHWDO9HUYOLHWHWDO .XOWXUVHQVLEOHVRZLHUHOLJL|VVSLULWXHOODXVJHSUlJWH,QWHJUDWLRQVKLOIHQGLHVR]LDOHXQG UHOLJL|VH8QWHUVFKLHGH%HGUIQLVVHXQG0HFKDQLVPHQZLHEVSZRNNXOWH3UDNWLNHQ
1$UWD3DOHUPR3URWRNROO=XVDW]SURWRNROO]XU9HUKWXQJ%HNlPSIXQJXQG%HVWUDIXQJGHV0HQVFKHQKDQGHOVLQVEHVRQGHUH GHV )UDXHQ XQG .LQGHUKDQGHOV ]XP hEHUHLQNRPPHQ GHU 9HUHLQWHQ 1DWLRQHQ JHJHQ GLH JUHQ]EHUVFKUHLWHQGH RUJDQLVLHUWH .ULPLQDOLWlW
25LFKWOLQLH(8GHVHXURSlLVFKHQ3DUODPHQWVXQGGHV5DWHVYRP$SULO]XU9HUKWXQJXQG%HNlPSIXQJGHV 0HQVFKHQKDQGHOVXQG]XP6FKXW]VHLQHU2SIHUVRZLH]XU(UVHW]XQJGHV5DKPHQEHVFKOXVVHV-,GHV5DWHV
3 ZLHMXMXLQGHUWUDGLWLRQHOOHQDIULNDQLVFKHQ5HOLJLRQDGUHVVLHUHQVLQG
XQWHUUHSUlVHQWLHUWDEHUQRWZHQGLJYJO.ROEH6XU]\NLHZLF],NHRUD
$XFKGHQVSUDFKOLFKHQ+HUDXVIRUGHUXQJHQYRQEHLVSLHOVZHLVHFKLQHVLVFKHQ
%HWURIIHQHQGLH]XHLQHUEHVRQGHUHQ,VRODWLRQXQGVHKUVFKZLHULJHQ(UUHLFKEDUNHLW IUMHJOLFKH+LOIVPDQDKPHQIKUHQNDQQRIWQLFKWDQJHPHVVHQEHJHJQHWZHUGHQ 1LJHULDQLVFKHXQGFKLQHVLVFKH%HWURIIHQHYRQ0HQVFKHQKDQGHOHUIDKUHQLQGHQ
=LHOOlQGHUQGHU(XURSlLVFKHQ8QLRQPXOWLSOH'LVNULPLQLHUXQJDXIJUXQGLKUHV
*HVFKOHFKWVLKUHU+DXWIDUEHXQGLKUHUVR]LDOHQ+HUNXQIWYJO0HLGHUW5DSS
$QWLGLVNULPLQLHUXQJVVWHOOHGHV%XQGHV'HUYRQ.LPEHUOp&UHQVKDZLQ
&ULWLFDO5DFH)HPLQLVPJHSUlJWH%HJULIIGHU,QWHUVHNWLRQDOLWlWKLOIWGLH
JHVHOOVFKDIWOLFKHQ'LVNULPLQLHUXQJVHUIDKUXQJHQYRQ0LJUDQWLQQHQYHUVWlQGOLFKHU]X PDFKHQ'LHVHU%HJULIINDQQDXFKLP.RQWH[WGLHVHUEHVRQGHUVYXOQHUDEOHQ*UXSSHQ YRQ0LJUDQWLQQHQYHUZHQGHWZHUGHQYJO&RRSHU(LQLQWHUVHNWLRQDOHU
,QWHJUDWLRQVDQVDW]KLOIWLQGLYLGXHOO]XJHVFKQLWWHQH,QWHJUDWLRQVSURJUDPPHIUGLHVH )UDXHQXP]XVHW]HQYJO1DSROLWDQR+LHUEHLVSLHOWYDHLQH9HUWUDXHQVSHUVRQ 3HUVRQRI7UXVWHLQHEHVRQGHUH5ROOHZHOFKHXDSV\FKRVR]LDOH8QWHUVWW]XQJ
EHUQHKPHQDEHUDXFKDGPLQLVWUDWLYH)XQNWLRQHQDXVEHQYJO.ROEHHWDO
%O|FKHUHWDODE6DQGHU'HUYRUOLHJHQGH%HLWUDJ]HLJWGDVVXQG ZLHPLW+LOIHHLQHVLQWHUVHNWLRQDOHQ$QVDW]HV,QWHJUDWLRQVPDQDKPHQXQWHU
%HUFNVLFKWLJXQJGHU*HVFKOHFKWHUSHUVSHNWLYHLP6LQQHGHU(85LFKWOLQLHJHJHQGHQ 0HQVFKHQKDQGHOHUP|JOLFKWZHUGHQN|QQHQ'LHVHU$UWLNHOEDXWDXIGHQ
(UJHEQLVVHQGHV3URMHNWHV,QWHUVHNWLRQDOH$QVlW]HLP,QWHJUDWLRQVSUR]HVVIU hEHUOHEHQGHYRQ0HQVFKHQKDQGHO]XP=ZHFNGHUVH[XHOOHQ$XVEHXWXQJDXV 1LJHULDXQG&KLQD,17$3DXI1DFKHLQHU9RUVWHOOXQJGHV,17$33URMHNWHVLP .DSLWHOIROJWHLQH%HVFKUHLEXQJGHU'DWHQHUKHEXQJXQG$XVZHUWXQJLP.DSLWHO .DSLWHOEHIDVVWVLFKPLWGHQ]HQWUDOHQ(UJHEQLVVHQ]XGHQ7KHPHQ
,QWHUVHNWLRQDOLWlW9HUWUDXHQVSHUVRQHQXQGLKUHQ.RPSHWHQ]HQ$QVFKOLHHQG ZHUGHQGLHZLFKWLJVWHQ(UNHQQWQLVVHLQGHU'LVNXVVLRQDXIJHIKUWXQG
3'DV.RQ]HSWGHV-XMX(LGHVLQQHUKDOEYRQ0HQVFKHQKDQGHOLQVEHVRQGHUHZLHHVLP6WDDW(GRSUDNWL]LHUWZLUGH[LVWLHUWDOV7HLO HLQHV HLQKHLPLVFKHQ -XVWL]V\VWHPV 'LHVHV -XVWL]V\VWHP ZLUG QHEHQ HLQHP RIIL]LHOOHQ -XVWL]V\VWHP *HULFKWH 3ROL]HL XVZ ZHLWHUKLQ IU 6WUDI XQG =LYLOVDFKHQ JHQXW]W ,Q )lOOHQ YRQ 0HQVFKHQKDQGHO ZLUG YRQ GHQ )UDXHQ GLH VLFK ]XU 5FN]DKOXQJ YHUSIOLFKWHQYHUODQJWGLHVHV9HUVSUHFKHQLQ)RUPHLQHV(LGHVYRUHLQHUEHVWLPPWHQ*RWWKHLWDE]XOHJHQ%O|FKHUHWDOD 4'LHPHLVWHQDXWRFKWKRQHQ5HOLJLRQHQDXIGHPDIULNDQLVFKHQ.RQWLQHQWZHLVHQbKQOLFKNHLWHQVRZRKOLQLKUHP*ODXEHQVV\VWHP DOVDXFKLQGHUUHOLJL|VHQ3UD[LVDXI'LHVHbKQOLFKNHLWGHV*ODXEHQVXQGGHU3UD[LVZLUGRIWDOV$IULNDQLVFKH7UDGLWLRQHOOH5HOLJLRQ
$75EH]HLFKQHW%O|FKHUHWDOE
4 +DQGOXQJVLPSOLNDWLRQHQIUKHOIHQGH%HUXIHVRZLHSROLWLVFKH8PVHW]XQJVIRUPDWH HU|UWHUW
'DV,17$33URMHNW
=LHOGHVWUDQVQDWLRQDOHQ,17$33URMHNWHVZDUHVYHUEHVVHUWH
,QWHJUDWLRQVP|JOLFKNHLWHQIU%HWURIIHQHYRQ0HQVFKHQKDQGHODXV1LJHULDXQG&KLQD GXUFKLQWHUVHNWLRQDOH,QWHJUDWLRQVDQVlW]HLP6LQQHGHU(85LFKWOLQLHJHJHQGHQ 0HQVFKHQKDQGHO]XHUP|JOLFKHQ'DV3URMHNWZXUGHGXUFKGDV(83URJUDPP$0,)
$V\O0LJUDWLRQXQG,QWHJUDWLRQ)RQGVIU]ZHL-DKUHNRILQDQ]LHUW/DXI]HLW-DQXDU 'H]HPEHU3URMHNWSDUWQHULQQHQZDUHQ*HPHLQVDPJHJHQ
0HQVFKHQKDQGHOH97KH-XVWLFH3URMHNWH962/:2','HXWVFKODQGH9DOOH '(+HU]ZHUN:LHQ$87XQG$VVRFLD]LRQH&RPXQLWj3DSD*LRYDQQL;;,,,,7 6LPRQ.ROEHYRQGHU.DWKROLVFKHQ8QLYHUVLWlW(LFKVWlWW,QJROVWDGW'(XQWHUVWW]WH GDV3URMHNWPLWVHLQHUZLVVHQVFKDIWOLFKHQ([SHUWLVH
=HQWUDOHU8QWHUVXFKXQJVJHJHQVWDQGGHUSUlVHQWLHUWHQ(UKHEXQJHQZDUHQGLH SRVLWLYHQXQGQHJDWLYHQ,QGLNDWRUHQIU,QWHJUDWLRQVSUR]HVVHGHUEHWURIIHQHQ
=LHOJUXSSH,QVEHVRQGHUHGLH)UDJHQDFKHUIROJUHLFKHQ,QWHJUDWLRQVPHFKDQLVPHQ ZXUGHEHDUEHLWHW,QQHUKDOEGHV3URMHNWHVZXUGHQHPSLULVFKH8QWHUVXFKXQJHQ]X GHQ,QWHJUDWLRQVKLQGHUQLVVHQXQGFKDQFHQYRQQLJHULDQLVFKHQXQGFKLQHVLVFKHQ 6XUYLYRUVRI7UDIILFNLQJ6R7XQWHUQRPPHQGLHLPIROJHQGHQ0HWKRGHQNDSLWHO QlKHUHUOlXWHUWZHUGHQ
)RUVFKXQJVWHLO
'LHVHU%HLWUDJEDVLHUWDXIDNWXHOOHQZLVVHQVFKDIWOLFKHQ'LVNXVVLRQHQVRZLH (UJHEQLVVHQDXVGHQ(UKHEXQJHQGHUEHLGHQ7HLOSURMHNWHGHV
)RUVFKXQJVYRUKDEHQV]XQLJHULDQLVFKHQXQGFKLQHVLVFKHQ6R7ZHOFKHGXUFKGLH RJ3URMHNWSDUWQHULQQHQXPJHVHW]WZXUGHQ
5,P$OOJHPHLQHQVWHKW6R7IU6XUYLYRURI7UDIILFNLQJhEHUOHEHQGHYRQ0HQVFKHQKDQGHO,QGLHVHP$UWLNHOEH]LHKWVLFKGHU
%HJULIIMHGRFKVSH]LHOODXIQLJHULDQLVFKHXQGFKLQHVLVFKH)UDXHQXQG0lGFKHQGLH]XYRUYRQHLQHU1LFKW5HJLHUXQJVRUJDQLVDWLRQ 152RGHUHLQHU%HK|UGHDOV2SIHUYRQ0HQVFKHQKDQGHO]XP=ZHFNHGHUVH[XHOOHQ$XVEHXWXQJLGHQWLIL]LHUWZXUGHQ.
6KWWSVLQWDSHXURSHHXPDWHULDOV
5 ,PQLJHULDQLVFKHQ7HLOSURMHNWHQWVWDQGHQGHU)RUVFKXQJVEHULFKW,QWHUVHNWLRQHOOHU
$QVDW]]XP,QWHJUDWLRQVSUR]HVVLQ(XURSDIUhEHUOHEHQGHYRQ0HQVFKHQKDQGHO DXV1LJHULD&KDQFHQVWlUNHQXQG+LQGHUQLVVHEHUZLQGHQ)UGHQ
)RUVFKXQJVEHULFKWZXUGHQQHEHQGHU/LWHUDWXUDQDO\VHQLJHULDQLVFKH6R7XQG ([SHUWLQQHQLQWHUYLHZW=XGHPZXUGHQ]ZHL)RNXVJUXSSHQPLWQLJHULDQLVFKHQ
%HWURIIHQHQYRQ0HQVFKHQKDQGHOGXUFKJHIKUW'LHEHLGHQ)RNXVJUXSSHQPLW
)UDXHQLQ.DUOVUXKH'(XQG0RGHQD,7GLHQWHQ]XUYHUWLHIHQGHQ'DWHQJHZLQQXQJ
EHUGLH/HEHQVXPVWlQGHGHU6R7XQGXP,QWHUYLHZIUDJHQIUGLHEHLGHQ/HLWIlGHQ ]XHUDUEHLWHQYJO%O|FKHUHWDOD)RNXVJUXSSHQHUVFKHLQHQDOVSUREDWHV (UKHEXQJVZHUN]HXJIU%HIUDJXQJHQLQDQVSUXFKVYROOHQ.RQVWHOODWLRQHQXQG
)UDJHVWHOOXQJHQ'LHVH0HWKRGHZXUGHDXI*UXQGLKUHUHLQIDFKHQ8PVHW]EDUNHLWGHU 2SWLRQ]XU7UHQGHUPLWWOXQJXQGXQWHU$QEHWUDFKWGHUVSH]LILVFKHQ3UREOHPHXQG /HEHQVODJHQGHU%HWURIIHQHQDOVJHHLJQHWHUDFKWHW'LH)RNXVJUXSSHQZXUGHQDQ +DQGYRUKDQGHQHU+LQZHLVHXQG%HULFKWHJHSODQWVWUXNWXULHUWXQGXPJHVHW]W,QGHQ
*HVSUlFKHQZXUGHQVSRQWDQH,QWHUDNWLRQHQLQ*UXSSHQNRQVWHOODWLRQHQEHZXVVW DN]HSWLHUWXPPHKULQKDOWOLFKH7LHIH]XJHQHULHUHQXQGJOHLFK]HLWLJGDV
$QSDVVXQJVYHUKDOWHQVRZLHVR]LDOHUZQVFKWH$QWZRUWHQ]XUHGX]LHUHQYJO6FKXO]
+DOFRPEHWDO.XU]HWDO$OOH,QWHUYLHZVZXUGHQVHPL VWUXNWXULHUWSUREOHP]HQWULHUWPLW+LOIHHLQHV,QWHUYLHZOHLWIDGHQV]ZLVFKHQ0DL±
2NWREHUDQYHUVFKLHGHQHQ6WDQGRUWHQLQ'HXWVFKODQG,WDOLHQXQGgVWHUUHLFK GXUFKGLH3URMHNWSDUWQHULQQHQJHIKUW(VJDEHLQHQ,QWHUYLHZOHLWIDGHQIU6R7XQG HLQHQIU([SHUWLQQHQ'LHMHZHLOLJHQ/HLWIlGHQEHVWDQGHQDXVQHXQ
7KHPHQVFKZHUSXQNWHQ8QWHUEULQJXQJ%LOGXQJ6SUDFKH=XJDQJ]XP$UEHLWVPDUNW PHGL]LQLVFKH8QWHUVWW]XQJJHVFKOHFKWVVSH]LILVFKH*HZDOW0XWWHUVFKDIWXQG
6FKZDQJHUVFKDIWVSLULWXHOOUHOLJL|VH*HPHLQVFKDIW,QWHJUDWLRQ$XIHQWKDOWXQG ZHLWHUH)UDJHQYJO%O|FKHUHWDOD
1LJHULDQLVFKH6R7VWHOOWHQEHZXVVWGLH0HKUKHLWGHULQWHUYLHZWHQ3HUVRQHQXP XQPLWWHOEDU(LQEOLFNHLQGLH/HEHQVZHOWHQXQGGHQ,QWHJUDWLRQVEHGUIQLVVHQ EHWURIIHQHU)UDXHQ]XEHNRPPHQYJO%O|FKHUHWDOD%R\FH1HDOH 0F1DPDUD$OOH,QWHUYLHZHULQQHQZXUGHQVSH]LILVFKDXIGLH7KHPDWLNGHU
%HIUDJXQJDXIGLH)RUVFKXQJVIUDJHQDXIGHQ/HLWIDGHQXQGGLHEHVRQGHUH
SV\FKRVR]LDOHXQGUHFKWOLFKH6LWXDWLRQGHU]X%HIUDJHQGHQGXUFK,QVWUXNWLRQHQXQG :RUNVKRSVYRUEHUHLWHW=XJDQJ]XGHQ6R7ZXUGHGXUFKHLQ6QRZEDOO6DPSOLQJ HUP|JOLFKWYJO+HOIIHUULFK0LWJOLHGVRUJDQLVDWLRQHQGHU$QWL0HQVFKHQKDQGHOV
6 1HW]ZHUNH*HPHLQVDPJHJHQ0HQVFKHQKDQGHOH9**0+XQGGHP
%XQGHVZHLWHQ.RRUGLQLHUXQJVNUHLVJHJHQ0HQVFKHQKDQGHOH9.2.ZXUGHQ NRQWDNWLHUWXQGGLHVHYHUZLHVHQGLH,QWHUYLHZHULQQHQDQ6R7YJO%O|FKHUHWDO D'LH([SHUWLQQHQLQWHUYLHZVHUJlQ]WHQGLH,QWHUYLHZHUJHEQLVVHPLWGHQ
%HWURIIHQHQGDVLHZLFKWLJHV)DFKZLVVHQ]XU$UEHLWPLW6R7OLHIHUWHQYJO
'|ULQJ%RUW])ROJHQGH([SHUWLQQHQZXUGHQLQWHUYLHZW6R]LDODUEHLWHULQQHQ ]ZHL+HEDPPHQ]ZHL3V\FKRORJLQQHQ]ZHL3DVWRULQQHQDIULNDQLVFKHU.LUFKHQ HLQH.LQGHUNUDQNHQVFKZHVWHUHLQHQ$U]WHLQHKHPDOLJHU3ROL]LVWXQGHLQH
(KUHQDPWOLFKH'LH([SHUWLQQHQZXUGHQHEHQIDOOVGXUFKHLQ6FKQHHEDOOYHUIDKUHQ GHUSURMHNWEHWHLOLJWHQ1LFKW5HJLHUXQJVRUJDQLVDWLRQHQJHZRQQHQYJO%O|FKHUHWDO D
$QVFKOLHHQGZXUGHQDOOH,QWHUYLHZVDQRQ\PLVLHUWWUDQVNULELHUWXQGGLH%HIUDJWHQ XQWHUVFKULHEHQHLQH'DWHQVFKXW]YHUHLQEDUXQJYJO8QLWHG1DWLRQV'LH ,QWHUYLHZHUJHEQLVVHZXUGHQDQKDQGHLQHUTXDOLWDWLYHQ,QKDOWVDQDO\VHQDFK0D\ULQJ PLW+LOIHYRQ0$;4'$DXVJHZHUWHWYJO%O|FKHUHWDOD0D\ULQJ :lKUHQGGHV)RUVFKXQJVSUR]HVVHVZXUGHQLQVEHVRQGHUHVSUDFKOLFKNXOWXUHOOH 'LVNUHSDQ]HQDOV/LPLWDWLRQHQGRNXPHQWLHUWGLHGXUFKJH]LHOWHLQWHUNXOWXUHOOHXQG VSUDFKOLFKH6FKXOXQJ9RUEHUHLWXQJXQG.RPSHWHQ]HUZHUEGHU,QWHUYLHZHULQQHQ NRPSHQVLHUWZXUGHQbKQOLFKH)UDJPHQWHGHUTXDOLWDWLYVXEMHNWLYHQ'LIIHUHQ]LHUXQJ EHLGHQHUVWHQ.RGLHUXQJVVHTXHQ]HQZXUGHQGXUFKIDFKOLFKH.RQVXOWDWLRQHQXQG PHKUIDFKH3UIYHUIDKUHQUHGX]LHUWYJO%O|FKHUHWDOD
$XI*UXQGODJHGHU(UJHEQLVVHDXVGHP)RUVFKXQJVEHULFKWYHU|IIHQWOLFKWHGDV 3URMHNWNRQVRUWLXPGDV3URMHNWKDQGEXFK'LH,QWHJUDWLRQZHLEOLFKHUQLJHULDQLVFKHU hEHUOHEHQGHUYRQ0HQVFKHQKDQGHO]XP=ZHFNGHUVH[XHOOHQ$XVEHXWXQJ +DQGEXFKIU3UDNWLNHU,QQHQZHOFKHVSUDNWLVFKH,PSOLNDWLRQHQIU)DFKNUlIWHGLH PLW6R7DUEHLWHQLQ)RUPYRQEHVWSUDFWLFHVGDUVWHOOWXQG(PSIHKOXQJHQIUHLQH LQWHUVHNWLRQDOHNXOWXUVSLULWXDOLWlWVXQGJHVFKOHFKWHUVHQVLEOHVRZLHRSIHU]HQWULHUWH ,QWHJUDWLRQVDUEHLWPLW6R7VFKLOGHUW
,PFKLQHVLVFKHQ7HLOSURMHNWHQWVWDQGGHU)RUVFKXQJVEHULFKW0HQVFKHQKDQGHOYRQ FKLQHVLVFKHQ)UDXHQQDFK(XURSD±'LHVSH]LILVFKHQ8PVWlQGHYHUVWHKHQXQGGHQ ,QWHJUDWLRQVSUR]HVVHUOHLFKWHUQ)UGLHVH3XEOLNDWLRQZXUGHQQHEHQHLQHU
/LWHUDWXUDQDO\VH]ZHLFKLQHVLVFKH%HWURIIHQHYRQ0HQVFKHQKDQGHOXQGHOI
7 ([SHUWLQQHQ±HLQ.ULPLQDOSROL]LVWGUHL$V\OUHFKWVEHUDWHULQQHQGUHL
)DFKEHUDWHULQQHQVRZLHYLHUFKLQHVLVFKH.XOWXUXQG6SUDFKH[SHUWLQQHQ±
LQWHUYLHZW$OOH,QWHUYLHZVVRZLH'DWHQVDPPHOXQJXQGDQDO\VHZXUGHQDQDORJ]XU 9RUJHKHQVZHLVHEHLQLJHULDQLVFKHQ6R7]ZLVFKHQ6HSWHPEHUXQG-XQL JHIKUW$XFKKLHUZXUGHQGLH7KHPHQNRPSOH[H8QWHUEULQJXQJ%LOGXQJ6SUDFKH
=XJDQJ]XP$UEHLWVPDUNW$XIHQWKDOWPHGL]LQLVFKH8QWHUVWW]XQJ
'LVNULPLQLHUXQJJHVFKOHFKWVVSH]LILVFKH*HZDOWXQG*HPHLQVFKDIW&RPPXQLW\
EHKDQGHOW'HQ([SHUWLQQHQZXUGHQ]XVlW]OLFKDOOJHPHLQH)UDJHQ]XP
0HQVFKHQKDQGHOPLWFKLQHVLVFKHQ)UDXHQQDFK(XURSDJHVWHOOWYJO6DQGHU
/LPLWDWLRQHQEHWUDIHQDXFKEHLFKLQHVLVFKHQ%HWURIIHQHQGHQ%HUHLFKGHU hEHUVHW]XQJYRQ,QWHUYLHZV6R7,QWHUYLHZVZXUGHQDXI0DQGDULQJHIKUWXQG DQVFKOLHHQGYRQHLQHU+RQJNRQJ&KLQHVLQLQGDV(QJOLVFKHEHUVHW]WGLHPLWGHQ YRQGHQ6R7JHVSURFKHQHQ'LDOHNWHQQLFKWNRPSOHWWYHUWUDXWZDUVRGDVVNOHLQH hEHUVHW]XQJVIHKOHUDXFKKLHUQLFKWDXVJHVFKORVVHQZHUGHQNRQQWHQ)UGHQ FKLQHVLVFKHQ3URMHNWWHLOZXUGHGDV3URMHNWKDQGEXFK'LH,QWHJUDWLRQZHLEOLFKHU FKLQHVLVFKHUhEHUOHEHQGHUYRQ0HQVFKHQKDQGHO]XP=ZHFNGHUVH[XHOOHQ
$XVEHXWXQJ±+DQGEXFKIU3UDNWLNHU,QQHQHUVWHOOW,QVJHVDPWZDUGLH$NTXLVHIU 3UREDQGLQQHQDXIGHP%HUHLFKGHU2SIHUJUXSSHQDQVSUXFKVYROO(LQHUHOHYDQWH )XQNWLRQGHU,GHQWLILNDWLRQXQG*HZLQQXQJGHU]X%HIUDJHQGHQEHUQDKPHQGLH VSlWHURIWDOV9HUWUDXHQVSHUVRQHQEHVFKULHEHQHQ3HUVRQHQNUHLVHDEHUDXFK2SIHU GLHDXVGHP6\VWHPEHIUHLWZDUHQ(VZLUGYHUPXWHWGDVVGLHKRKHQ$EKlQJLJNHLWHQ LQQHUKDOEGHV6\VWHPV0HQVFKHQKDQGHOVVRZLH6FKDP$VSHNWHGLH6XFKHQDFK 3UREDQGLQQHQHUVFKZHUWH=XPLQGHVWZXUGHQGLHVH$UJXPHQWHEHLGHQ
9RUJHVSUlFKHQ]ZDUTXDQWLWDWLYXQGRNXPHQWLHUWDEHUGHXWOLFKDUWLNXOLHUW
,QGHQIROJHQGHQ.DSLWHOQZHUGHQGLH(UJHEQLVVHDXVGHP+DXSWSURMHNWXQGGHQ JHQDQQWHQ'RNXPHQWHQHU|UWHUW
8
=HQWUDOH(UJHEQLVVH
,QWHUVHNWLRQDOLWlWLP.RQWH[WZHLEOLFKHU6R7
,QWHUVHNWLRQDOLWlWEHVFKUHLEWZLHYHUVFKLHGHQHVR]LDOH.DWHJRULHQXQGGHUHQ
=XVDPPHQVSLHOGLH,GHQWLWlWHLQHU3HUVRQVRZLH'LVNULPLQLHUXQJVHUIDKUXQJ
EHVWLPPHQYJO.yF]p&UHQVKDZ'LHhEHUVFKQHLGXQJHQGHUHLQ]HOQHQ 6WUXNWXUNDWHJRULHQVLQGQLFKWKLHUDUFKLVFKVRQGHUQIOH[LEHOJHRUGQHWVRGDVV0DFKW XQG8QWHUGUFNXQJYHUVFKLHGHQHUIDKUHQZHUGHQN|QQHQ6R]LDOH.DWHJRULHQ PVVHQQLFKWXQEHGLQJW]X'LVNULPLQLHUXQJIKUHQYLHOPHKUN|QQHQVLFKSRVLWLYDXI GHQ,QWHJUDWLRQVSUR]HVVDXVZLUNHQZHQQVLHLQ0DFKWPQGHQYJO$GXVHL3RNX 6R]HLJWEVSZHLQ=LWDW]XU6WUXNWXUNDWHJRULHGHU0XWWHUVFKDIW
Ň³,WKLQNLWLVWKDWWKRVHZRPHQDUHVRPHKRZIRUFHGIRUWKHLUFKLOGUHQWRVXUYLYHDQGWRFRSH ZLWKWKHSUREOHPVWRVHHDIXWXUH,IWKH\VHHDFKLOGWKH\VWLOOVHHOLIHLQWKHLUOLYHV>@,WLV JLYLQJWKHPSRZHUVRPHKRZWRVHHVRPHRQHJURZLQJXS0DQ\ZRPHQWHOOPHWKDWLWLVWKH RQO\WKLQJZK\WKH\FRQWLQXH´(%O|FKHUHWDODŇ
(LQLQWHUVHNWLRQDOHU$QVDW]GHUDXI,QWHJUDWLRQVDVSHNWHWUDQVIHULHUWZLUGHUP|JOLFKW GLH6LFKWEDUPDFKXQJGHUJHVHOOVFKDIWOLFKHQ6LWXDWLRQXQG6WHOOXQJYRQEHVRQGHUV PDUJLQDOLVLHUWHQ3HUVRQHQYJO.RVQLFN7RGUHV$XIGHQ
,QWHJUDWLRQVSUR]HVVIU6R7EHUWUDJHQEHGHXWHWGDVGDVVHLQH*HQHUDOLVLHUXQJ YHUPLHGHQZLUGGHQQMHGHHLQ]HOQH)DFHWWHLKUHU,GHQWLWlWLQWHUDJLHUWXQGMHGH6R7 KDWHLQHLQGLYLGXHOOH9HUJDQJHQKHLWXQGHLJHQH%HGDUIHYJO1DSROLWDQR
6R7HUIDKUHQLQLKUHU%LRJUDSKLHXQG6R]LDOLVDWLRQGLYHUVH'LPHQVLRQHQYRQ
'LVNULPLQLHUXQJZLH]XP%HLVSLHO5DVVLVPXVDXIGHP$UEHLWVXQG:RKQXQJVPDUNW
=XGHPHUOHEHQVLHRIWPDOV'LVNULPLQLHUXQJZHLOVLHLQGLH3URVWLWXWLRQJH]ZXQJHQ ZXUGHQRGHUZHLOVLH0WWHURKQHVR]LDOHV1HW]ZHUNLQGHQ(8=LHOOlQGHUQVLQGYJO
%O|FKHUHWDOD6DQGHU,P,17$33URMHNWZXUGHQQHEHQGHUNODVVLVFKHQ 7ULDGHGHUVR]LDOHQ.DWHJRULHQUDFHHWKQLFLW\FODVVXQGJHQGHUDXFKQHXH
6WUXNWXUNDWHJRULHQEHOHXFKWHWXQGZLHVLHGLH0RELOLWlWXQG8QJOHLFKKHLWYRQ6R7 EHVWLPPHQ0XWWHUVFKDIWVR]LDOH(UIDKUXQJHQXQG0LJUDWLRQVVWDWXVYJO%O|FKHUHW DOD.QDSS
9 6R7GLH±ZLHYLHOHGHUQLJHULDQLVFKHQ3UREDQGLQQHQ±0WWHUVLQGLQVEHVRQGHUH DOOHLQHU]LHKHQGH0WWHURKQHVWDELOHVVR]LDOHV1HW]ZHUNRGHUEHJUHQ]WHQ=XJDQJ ]XP6R]LDOV\VWHPN|QQHQDXIJUXQGLKUHU0XWWHUVFKDIWVWUXNWXUHOOH'LVNULPLQLHUXQJ HUIDKUHQGDVLHGDGXUFKJHKLQGHUWZHUGHQHLQH:RKQXQJ]XILQGHQHLQHQ
6SUDFKNXUVRGHUHLQH$XVELOGXQJDE]XVFKOLHHQXQGHLQHQ=XJDQJ]XP
$UEHLWVPDUNW]XKDEHQYJO%O|FKHUHWDOE0DOHQR*DU]yQHWDO9HUYOLHW HWDO'LHVH(UIDKUXQJHQIKUHQ]XZHLWHUHU6WLJPDWLVLHUXQJXDDXIJUXQG LKUHU9HUJDQJHQKHLWLQGHU3URVWLWXWLRQYJO%O|FKHUHWDOD1HOVRQ%XWOHU
=XGHPHUIDKUHQLQVEHVRQGHUH6R7DXV'ULWWVWDDWHQ±ZLH1LJHULDQHULQQHQXQG
&KLQHVLQQHQ±VWUXNWXUHOOH'LVNULPLQLHUXQJDXIJUXQGLKUHVIHKOHQGHQ
$XIHQWKDOWVWLWHOV2KQHHLQHQJHNOlUWHQ$XIHQWKDOWVWLWHO±YLHOHGHU%HWURIIHQHQ EHILQGHQVLFKLP$V\OYHUIDKUHQ±ZLUGLKQHQGHU=XJDQJ]XMHJOLFKHQ
,QWHJUDWLRQVPDQDKPHQVRZLH]XP$UEHLWVPDUNWE]Z]XVSH]LDOLVLHUWHQ
$UEHLWVWUDLQLQJVYHUZHKUWYJO%O|FKHUHWDOE6DQGHU5REHUWVRQ
$PHOLQD(LQLQWHUVHNWLRQDOHU,QWHJUDWLRQVDQVDW]PXVVGDKHUDXFKGLHVH 6WUXNWXUNDWHJRULHQEHL6R7DXV1LJHULDXQG&KLQDEHDFKWHQ
'LH3URMHNWHUJHEQLVVH]HLJHQGDVVGLHHLQ]HOQHQ6WUXNWXUNDWHJRULHQDPELYDOHQWH )XQNWLRQHQIUGLH,QWHJUDWLRQYRQ6R7VLQG%HWURIIHQHKDEHQDXIJUXQGLKUHU LQGLYLGXHOOHQ(UIDKUXQJHQLQLKUHQMHZHLOLJHQ6WUXNWXUNDWHJRULHQYHUVFKLHGHQH ,GHQWLWlWHQGLHLP,QWHJUDWLRQVSUR]HVVHQWVSUHFKHQGPDJHVFKQHLGHUWIUMHGH
%HWURIIHQHEHUFNVLFKWLJWZHUGHQPVVHQVLHKH*UDILN
10
*UDILN±,QWHUVHNWLRQDOLWlW±6WUXNWXUHOOH.DWHJRULHQXQGLKU=XVDPPHQVSLHO
%O|FKHUHWDOD
9HUWUDXHQVSHUVRQDOVLQGLYLGXHOOHU,QWHJUDWLRQVIDNWRU 9HUWUDXHQVSHUVRQHQEHUQHKPHQHLQHUHOHYDQWH)XQNWLRQLQGHQ
,QWHJUDWLRQVSUR]HVVHQGHUPHLVWHQEHIUDJWHQ6R7'LHVH3HUVRQHQVLQGVRZRKO HKUHQDPWOLFK7lWLJHDOVDXFKKDXSWDPWOLFKH6R]LDODUEHLWHULQQHQRGHUlKQOLFKH
%HUXIVJUXSSHQ,KUH5ROOHOLHJWLQVEHVRQGHUHLQGHUGXUFKHLQHKRKH9HUWUDXOLFKNHLW HQWZLFNHOWH0|JOLFKNHLWGHUSV\FKRVR]LDOHQ8QWHUVWW]XQJ=XVlW]OLFKYHUPLWWHOQ GLHVH3HUVRQHQ]ZLVFKHQUHOHYDQWHQVR]LDOHQPHGL]LQLVFKHQXQG|IIHQWOLFKHQ 'LHQVWHQXQGEHJOHLWHQVLHLQLKUHP,QWHJUDWLRQVSUR]HVV,QVEHVRQGHUHGLH YHUELQGHQGH)XQNWLRQ]X+LOIHOHLVWXQJHQXQG+LOIVGLHQVWHQZLH152VVR]LDOHQ 'LHQVWOHLVWHULQQHQXQG%HK|UGHQHWDEOLHUHQGLH3HUVRQGHV9HUWUDXHQVDOV
DXVJHSUlJWH2SWLRQIUGLHSRVLWLYH,QWHJUDWLRQhEHUOHEHQGHUYRQ0HQVFKHQKDQGHO YJO%O|FKHUHWDOD.ROEHHWDO6DQGHU
(LQH9HUWUDXHQVSHUVRQ±LP)DOOHFKLQHVLVFKHU%HWURIIHQHU±NDQQDOVMHPDQG GHILQLHUWZHUGHQGHUGLHEH]JOLFKGHU+HUNXQIWVNXOWXUGHU%HWURIIHQHQVSUDFKOLFKH .RPSHWHQ]HQKDWNXOWXUHOOHV)DFKZLVVHQDQZHQGHQNDQQ(UIDKUXQJLPWUDXPD VHQVLEOHQ8PJDQJKDWRGHUXQGVLFKLQGLH/DJHGHU2SIHUKLQHLQYHUVHW]HQNDQQ 0LWXQWHUKDEHQ9HUWUDXHQVSHUVRQHQlKQOLFKH6FKLFNVDOHYRU]XZHLVHQZLHGLH
%HWURIIHQHQVHOEVW,QLKUHU)XQNWLRQDOV8QWHUVWW]HQGHVROOWHQVLHGLHEHWURIIHQHQ )UDXHQDNWLY>«@DXIVXFKHQ>«@LKUH6SUDFKHVSUHFKHQXQGZLVVHQZLHGDV
11 6\VWHPKLHUIXQNWLRQLHUWXQGLKQHQLP6\VWHPKHOIHQVLHLQLKUHQ(LQVFKUlQNXQJHQ DOV&KLQHVHQYHUVWHKHQ6DQGHU
(LQHLQWHUYLHZWH.XOWXUXQG6SUDFKH[SHUWLQHUNOlUWZLHVLFKFKLQHVLVFKH%HWURIIHQH GHV0HQVFKHQKDQGHOVPLWHLQHUVROFKHQ9HUWUDXHQVSHUVRQLQ%H]LHKXQJVHW]HQ N|QQHQ]%DXIJUXQGYRQGHUHQ)lKLJNHLWGLH6SUDFKHGHV*DVWODQGHV]X VSUHFKHQ
Ň6LHVHKHQHLQHQDOV([SHUWHQXQGGDVJLEWLKQHQ6LFKHUKHLW>«@'DVLVWGLHFKLQHVLVFKH .XOWXU>@:HQQZLUVLHKLHULP:HVWHQDOVRQXUDOVLQGLYLGXHOOH:HVHQEHKDQGHOQZROOHQ GLHZLVVHQVROOWHQZDVVLHZROOHQGDQQLVWHVPHLQHU0HLQXQJQDFKVFKZHUGLH&KLQHVHQ ]XHUUHLFKHQ,FKGHQNHZHQQPDQHLQH([SHUWHQUROOHKDWLVWGDVJXW(VKLOIWGLH%H]LHKXQJ DXI]XEDXHQ>«@$OVRPDQZLUIWGLH([SHUWHQUROOHQLFKWZHJPDQEHKlOWVLH'HQQVLHLVWHLQH
%UFNH6DQGHU±Ň
'DUEHUKLQDXVKlOWVLHHVIUVHKUZLFKWLJGDVVHLQH9HUWUDXHQVSHUVRQY|OOLJ XQDEKlQJLJYRQGHU5HJLHUXQJLVWXPLKUH1HXWUDOLWlWXQGGDVLQVLHJHVHW]WH 9HUWUDXHQQLFKW]XJHIlKUGHQ(LQHUZHLWHUHQ.XOWXUXQG6SUDFKH[SHUWLQ]XIROJH ZlUHHVMHGRFKKLOIUHLFKZHQQHLQH9HUWUDXHQVSHUVRQDOVLQWHUNXOWXUHOOH0HGLDWRULQ RGHULQWHUNXOWXUHOOHU0HGLDWRUYRURGHUVRJDULQ%HIUDJXQJVVLWXDWLRQHQPLWGHU3ROL]HL RGHULP$V\OYHUIDKUHQIXQJLHUHQZUGHYJOHEG
0LWGHU9HUWUDXHQVSHUVRQZHUGHQYLHOHDOOWlJOLFKH$XIJDEHQOHLFKWHU(VZLUG ZDKUVFKHLQOLFKHUVFKZLHULJH6FKULWWH]XXQWHUQHKPHQZLH]%]XHUUHLFKHQGDVV FKLQHVLVFKH)UDXHQWDWVlFKOLFKGDUEHUVSUHFKHQZDVLKQHQZLGHUIDKUHQLVWXQGEHL GHQ%HK|UGHQGLHVEH]JOLFKDXVVDJHQ(LQH.XOWXUXQG6SUDFKH[SHUWLQVWHOOW
GHPHQWVSUHFKHQGIHVW0DQEUDXFKWHLQHQDQGHUHQ$QVDW]XPDQGLH)UDXHQ
KHUDQ]XNRPPHQQLFKWGXUFKGLH3ROL]HL0HQVFKHQGLHLKQHQYHUWUDXHQRGHUGHQHQ VLHYHUWUDXHQ6DQGHU
$QDORJZXUGHQEHLGHQ(UKHEXQJHQPLW6R7DXV1LJHULD9HUWUDXHQVSHUVRQHQ UHOHYDQWH)XQNWLRQHQIU,QWHJUDWLRQVXQG6WDELOLVLHUXQJVSUR]HVVH]XJHVFKULHEHQ (EHQIDOOVEHL$QJVWGLHVXEMHNWLYDOVJU|WH+HUDXVIRUGHUXQJIUGLH,QWHJUDWLRQYRQ QLJHULDQLVFKHQ6R7ZDKUJHQRPPHQHQZLUGVLQG9HUWUDXHQVSHUVRQHQYRQJURHU
%HGHXWXQJEHL$QJVWDOV(UJHEQLVGXUFKOHEWHU7UDXPDWDEHL$QJVWYRU9HUIROJXQJ GXUFK0HQVFKHQKlQGOHULQQHQXQGEHL$QJVWYRUVSLULWXHOOHU*HZDOWXQGMXMXYJO
%O|FKHUHWDODE.ROEHHWDO
12 bKQOLFKVWHOOWHLQHFKLQHVLVFKH6SUDFKXQG.XOWXUH[SHUWLQDXFKLP)DOOHGHU
FKLQHVLVFKHQ%HWURIIHQHQIHVWGDVVGLHVHXQEHGLQJWHLQHZLHREHQEHVFKULHEHQH 9HUWUDXHQVSHUVRQEUDXFKHQPLWGHUVLHVSUHFKHQN|QQHQXPQLFKWDOOHVLQVLFK WUDJHQ]XPVVHQVRQGHUQGLHJDQ]H*HEURFKHQKHLWKHUDXV]XODVVHQ6DQGHU
%HVRQGHUVGXUFKGLHSRVLWLYH:LUNXQJHLQHU9HUWUDXHQVSHUVRQLQ%H]XJ DXIGLHHPRWLRQDOH6WDELOLWlWXQGGDV:RKOEHILQGHQGHUhEHUOHEHQGHQNDQQHV JHOLQJHQGHU$QJVWXQGGDPLWYHUEXQGHQHQHPRWLRQDOHP6WUHVVHQWJHJHQ]XZLUNHQ ,QGHUHPSLULVFKHQ(UKHEXQJVDKHQGLH%HIUDJWHQYRUDOOHP6R]LDODUEHLWHULQQHQXQG 0LWDUEHLWHULQQHQGHU152VLQGHU5ROOHGHU9HUWUDXHQVSHUVRQHQ'LHVHQ
$NWHXULQQHQZXUGH]XVlW]OLFKHLQJURHV3RWHQWLDOIUGLH,QWHJUDWLRQYRQ hEHUOHEHQGHQ]XJHVFKULHEHQYJO%O|FKHUHWDOD6DQGHU .RPSHWHQ]HQIUGHQ8PJDQJPLW6R7
.RPSHWHQ]HQVLQGSHUV|QOLFKHXQGHUOHUQEDUH)lKLJNHLWHQ)HUWLJNHLWHQXQG :LVVHQVUHVVRXUFHQGLHLQEHVWLPPWHQ6LWXDWLRQHQLQ)RUPYRQ/|VXQJVVWUDWHJLHQ XQG+DQGOXQJVUHSHUWRLUHEHVFKULHEHQZHUGHQ6LHVWHKHQLQHLQHUNRPSOH[HQ :HFKVHOEH]LHKXQJ]ZLVFKHQ0HQVFKXQG8PZHOW.RPSHWHQ]NDQQNXU]DOVGDV 3RWHQ]LDODQ:LVVHQ)HUWLJNHLWHQXQG)lKLJNHLWHQGHILQLHUWZHUGHQXPLQ
EHVWLPPWHQ6LWXDWLRQHQXQG.RQWH[WHQEHVWLPPWH9HUKDOWHQVZHLVHQXQG
+DQGOXQJHQ]XHQWZLFNHOQYJO1RUWKHWDO(USHQEHFNHWDO:HLQHUW (USHQEHFNHWDOEHVFKUHLEHQYLHU'LPHQVLRQHQYRQ.RPSHWHQ]HQ Ä3HUVRQDOH.RPSHWHQ]HQ³Ä$NWLYLWlWVXQGXPVHW]XQJVEH]RJHQH.RPSHWHQ]HQ³ Ä)DFKOLFKPHWKRGLVFKH.RPSHWHQ]HQ³XQGÄVR]LDONRPPXQLNDWLYH.RPSHWHQ]HQ³ YJOHEG(UJlQ]WZHUGHQGLHVH$VSHNWHGXUFKGHQ8PVWDQGGDVV
6R]LDODUEHLWHULQQHQVSH]LILVFKH)DFKNRPSHWHQ]HQEHQ|WLJHQXPGLH3UREOHPODJHQ LQLKUHP$UEHLWVIHOGDGlTXDWEHDUEHLWHQXQGGLHVSH]LILVFKH'LIIHUHQ]]ZLVFKHQ WKHRUHWLVFKHQ(UNHQQWQLVVHQXQGSUDNWLVFKHQ/|VXQJHQEHUEUFNHQ]XN|QQHQYJO
%HFNHU/HQ]HWDO$QDORJZLUGGLHVIUHKUHQDPWOLFK7lWLJHXQGDQGHUH KHOIHQGH%HUXIHDQJHQRPPHQ
8QWHU%HUFNVLFKWLJXQJGHU)RUVFKXQJVHUJHEQLVVHLP3URMHNW,17$3XQGDXVGHU /LWHUDWXUUHFKHUFKHODVVHQVLFKHLQLJH.HUQNRPSHWHQ]HQEHVFKUHLEHQGLHHV 6R]LDODUEHLWHUQLQQHQDEHUDXFKDQGHUHQ3UDNWLNHUQLQQHQXQG)UHLZLOOLJHQ
HUP|JOLFKHQ,QWHJUDWLRQ3HUVSHNWLYHQ:RKOEHILQGHQXQGVR]LDOH7HLOKDEHIU6R7
13 XPVHW]HQXQGRSWLPLHUHQ]XN|QQHQ(VZXUGHHLQYLHUGLPHQVLRQDOHV0RGHOO
HQWZLFNHOWZHOFKHVDOV(UJHEQLVGLH'LPHQVLRQHQLQWHUNXOWXUHOOH.RPSHWHQ]HQ LQWHUUHOLJL|VHXQGVSLULWXHOOH.RPSHWHQ]HQLQWHUNXOWXUHOOH
.RPPXQLNDWLRQVIlKLJNHLWHQXQGO|VXQJHQVRZLHVR]LDOHXQGHPRWLRQDOH
.RPSHWHQ]HQEHVFKUHLEW'LHVHYLHU.HUQNRPSHWHQ]HQKDEHQVLFKDOVXQYHU]LFKWEDU HUZLHVHQXPPLW6R7]XDUEHLWHQXQGVLHDQJHPHVVHQEHUDWHQXQGXQWHUVWW]HQ]X N|QQHQ6LHEHIlKLJHQ)DFKNUlIWHXQG(KUHQDPWOLFKHLQGHU,QWHUDNWLRQXQG
%HJOHLWXQJGHU%HWURIIHQHQ]XDGlTXDWHP+DQGHOQLQNXOWXUHOOHQUHOLJL|VHQXQG VR]LDOHPRWLRQDOHQ6LWXDWLRQHQ.ULVHQXQG%HGUIQLV.RQVWHOODWLRQHQYJO%O|FKHUHW DOE
'LVNXVVLRQ
'LH3ULPlUGDWHQDXVGHQQLJHULDQLVFKHQXQGFKLQHVLVFKHQ7HLOSURMHNWHQEHOHJHQ ZHLWHUKLQGLHSUHNlUHQ/HEHQVODJHQIU6R7LQGHQ(8$XIQDKPHOlQGHUQ-HGRFK NRQQWHQDXFK6WUXNWXUNDWHJRULHQLGHQWLIL]LHUWZHUGHQGLHVLFKRSWLRQDOSRVLWLYDXI GHUHQ,QWHJUDWLRQVSUR]HVVHDXVZLUNHQ(LQGDQDFKDXVJHULFKWHWHULQWHUVHNWLRQDOHU ,QWHJUDWLRQVDQVDW]YHUODQJWGDVVGLHXQWHUGUFNHQGHQ,GHQWLWlWHQDXVJHJOLFKHQ ZHUGHQPVVHQZlKUHQGGLHHPSRZHUQGHQ,GHQWLWlWHQJHI|UGHUWZHUGHQVROOHQYJO
%O|FKHUHWDODE1DSROLWDQR/HH3LSHU'LHVHU
*UXQGJHGDQNHGHU,QWHJUDWLRQLVWLP6LQQHHLQHURSIHU]HQWULHUWHQ$XVOHJXQJGHU(8 5LFKWOLQLHJHJHQGHQ0HQVFKHQKDQGHOXQWHU%HUFNVLFKWLJXQJGHU
*HVFKOHFKWHUSHUVSHNWLYHYJO5RVHOOHWDO'LHQHXHQVR]LDOHQ.DWHJRULHQ 0XWWHUVFKDIWVR]LDOH(UIDKUXQJHQXQG$XIHQWKDOWVVWDWXVN|QQHQDXIDQGHUH
0LJUDQWLQQHQEHUWUDJHQZHUGHQXPGLHVHVR]LDOH.DWHJRULHQIU,QWHJUDWLRQVKLOIHQ PHKU]XIRNXVVLHUHQYJO%O|FKHUHWDOD
:lKUHQGGLHVR]LDOHQ.DWHJRULHQVH[XHOOH2ULHQWLHUXQJ%HKLQGHUXQJXQG$OWHULP QLJHULDQLVFKHQ)RUVFKXQJVEHULFKWQLFKWYHULIL]LHUWZXUGHQVSLHOW$OWHUEHLGHQ FKLQHVLVFKHQ%HWURIIHQHQHLQHEHGHXWHQGH5ROOH&KLQHVLVFKH%HWURIIHQHGHV 0HQVFKHQKDQGHOV]XUVH[XHOOHQ$XVEHXWXQJLQ(XURSDVLQGGHXWOLFKlOWHUDOV
%HWURIIHQHDQGHUHU1DWLRQDOLWlWHQXQGDOOHIUGHQFKLQHVLVFKHQ%HULFKWEHIUDJWHQ .XOWXUXQG6SUDFKH[SHUWLQQHQEHWRQWHQQHEHQ+HUNXQIWDXFK$OWHUDOVHLQHQ)DNWRU
7'LH6R7ZXUGHQQLFKW]XLKUHP$OWHUVH[XHOOHQ2ULHQWLHUXQJRGHUHLQHUP|JOLFKHQ%HKLQGHUXQJEHIUDJW=XGHPZXUGHQGLHVH VR]LDOHQ.DWHJRULHQQLFKWYRQGHQ([SHUWLQQHQLQGHQ,QWHUYLHZVWKHPDWLVLHUWYJO%O|FKHUHWDOD
14 GHUHLQHQ(LQIOXVVDXIGDV%LOGXQJVQLYHDXGHUEHWURIIHQHQ)UDXHQKDW'LHV
ZLHGHUXPEHHLQIOXVVWGLH)lKLJNHLWGHU%HWURIIHQHQ1HXHV±ZLH]%GLH6SUDFKH GHV=LHOODQGHV±]XHUOHUQHQZRUDXIEHL,QWHJUDWLRQVPDQDKPHQIUGLHVH
=LHOJUXSSHEHVRQGHUV5FNVLFKWJHQRPPHQZHUGHQVROOWHYJO6DQGHU=X VH[XHOOH2ULHQWLHUXQJXQG%HKLQGHUXQJEHGDUIHVDQZHLWHUHU)RUVFKXQJXPPHKU (UNHQQWQLVVH]XJHQHULHUHQLQZLHIHUQ6R7LQGLHVHQVR]LDOHQ.DWHJRULHQ
'LVNULPLQLHUXQJHQHUIDKUHQXQGZLHPDQGDKLQJHKHQG,QWHJUDWLRQVKLQGHUQLVVH
EHUZLQGHQNDQQ
1HEHQGHQVR]LDOHQXQGLQGLYLGXHOOHQ8QWHUVWW]XQJV5HVVRXUFHQXQGGHP LQWHUVHNWLRQDOHQ$QVDW]PVVHQLQVEHVRQGHUHHQWVSUHFKHQGHSROLWLVFKHXQG JHVHOOVFKDIWOLFKH6WUXNWXUHQXQG5DKPHQEHGLQJXQJHQJHJHEHQVHLQXP6R7 HUIROJUHLFKLQGLH*HVHOOVFKDIW]XLQWHJULHUHQ'LHVEHGHXWHW]XQlFKVWHLQPDOGDVV
%HWURIIHQHEHVVHUXQGIUKHULGHQWLIL]LHUWZHUGHQDOVELVKHU+LHUN|QQHQ
VSH]LDOLVLHUWH152VHLQHQ%HLWUDJOHLVWHQ,KUH(LQVFKlW]XQJVROOWHPHKU%HGHXWXQJ EHLJHPHVVHQZHUGHQXQGDXFK%HWURIIHQHGLHQLFKWYRQ|IIHQWOLFKHU6HLWHDXIJUXQG HLQHUXPIDVVHQGHQ$XVVDJHJHJHQGLH0HQVFKHQKlQGOHULQQHQLGHQWLIL]LHUWZHUGHQ VROOWHQEHU152V=XJDQJ]XLKUHQ5HFKWHQ±ZLHEHLVSLHOVZHLVH
,QWHJUDWLRQVSURJUDPPHXQG$UEHLWVWUDLQLQJ±HUKDOWHQ$XHUGHPJHK|UHQ]X YHUEHVVHUWHQ5DKPHQEHGLQJXQJHQ]%VWDDWOLFKH)|UGHUXQJHQYRQ
)DFKEHUDWXQJVVWHOOHQXQG6FKXW]KlXVHUIU6R7GLH9HUKLQGHUXQJYRQ
$EVFKLHEXQJHQLQHLQHQDQGHUHQ(80LWJOLHGVWDDWQDFKGHU'XEOLQ9HURUGQXQJRGHU LQV+HUNXQIWVODQGHLQXQHLQJHVFKUlQNWHU=XJDQJ]XP*HVXQGKHLWVZHVHQLP%HUHLFK GHUSV\FKLVFKHQ*HVXQGKHLWGLH0|JOLFKNHLWHLQHQ,QWHJUDWLRQVNXUV]XEHVXFKHQ WURW]XQJHNOlUWHQ$XIHQWKDOWVWLWHOV.LQGHUEHWUHXXQJVP|JOLFKNHLWHQ]XHUZHLWHUQXVZ YJO%O|FKHUHWDOE6DQGHU
6FKOXVVIROJHUXQJ
'LHVHU%HLWUDJ]HLJWGDVVPLW+LOIHHLQHVLQWHUVHNWLRQDOHQ$QVDW]HV
,QWHJUDWLRQVPDQDKPHQXQWHU%HUFNVLFKWLJXQJGHU*HVFKOHFKWHUSHUVSHNWLYHLP 6LQQHGHU(85LFKWOLQLHJHJHQGHQ0HQVFKHQKDQGHOHUP|JOLFKWZHUGHQN|QQHQYJO
%O|FKHUHWDOD,QQHUKDOEHLQHVJHVFKOHFKWVVSH]LILVFKHQ
8QWHUVWW]XQJVDQVDW]HVZLUGZDKUJHQRPPHQXQGEHDFKWHWGDVV2SIHU
JHVFKOHFKWVVSH]LILVFKH%HGDUIHZLHEVSZHLQHWUDXPDXQGJHVFKOHFKWVVHQVLEOH
15 8QWHUVWW]XQJKDEHQGLHIUHLQHTXDOLWDWLYKRFKZHUWLJHXQGNXU]IULVWLJH,QWHJUDWLRQ LQGHQ$UEHLWVPDUNWZLFKWLJVLQGYJO62/:2',R''DVYRUOLHJHQGH9HUVWlQGQLV YRQ,QWHJUDWLRQJHKWDEHUEHUUHLQH|NRQRPLVFK7HLOKDEHDP$UEHLWVPDUNWKLQDXV (VJLOW0HFKDQLVPHQ]XRSWLPLHUHQGLH]XVlW]OLFKH7HLOKDEHEHL%LOGXQJXQGVR]LDOHU ,QWHJUDWLRQVFKDIIHQXQGGLH(LQVWHOOXQJGHU%HY|ONHUXQJ]X=XZDQGHUXQJXQGGLH (QWZLFNOXQJGHU.ULPLQDOLWlWYRQXQGJHJHQ0LJUDQWLQQHQEHDFKWHQYJO
6DFKYHUVWlQGLJHQUDWGHXWVFKHU6WLIWXQJHQIU,QWHJUDWLRQXQG0LJUDWLRQ$XFK 6DXHUXQG%ULQNPDQQVHW]HQ&KDQFHQJOHLFKKHLWXQG7HLOKDEHEHL
EHGHXWHQGHQ7HLOEHUHLFKHQGHVJHVHOOVFKDIWOLFKHQ/HEHQVDOV%H]XJVGLPHQVLRQHQ GHU,QWHJUDWLRQIHVWYJOHEG(EHQVRGDV%XQGHVPLQLVWHULXPGHV,QQHUQIU%DX XQG+HLPDW%0,ZHOFKHV,QWHJUDWLRQDOVOlQJHUIULVWLJHQ(LQEH]XJYRQ
0HQVFKHQGLHOHJDOXQGGDXHUKDIWLQ'HXWVFKODQGOHEHQLQGLH*HVHOOVFKDIWYHUVWHKW HEG
(LQHZHLWHUH3UREOHPDWLNVWHOOWGLHVWUXNWXUHOOHXQGLQGLYLGXHOOH'LVNULPLQLHUXQJXQG 0DUJLQDOLVLHUXQJEHWURIIHQHU)UDXHQGDU'LHHUIDKUHQH'LVNULPLQLHUXQJYRQ2SIHUQ YRQ0HQVFKHQKDQGHOZLUG]XVlW]OLFKGXUFKGLH*HVHOOVFKDIWGHV=LHOODQGHVJHSUlJW (VLVWVRPLWHLQHJHVHOOVFKDIWOLFKH$XIJDEH,QWHJUDWLRQVSURJUDPPHIUEHVRQGHUV YXOQHUDEOH0LJUDQWLQQHQZLHEVSZZHLEOLFKHQQLJHULDQLVFKHQXQGFKLQHVLVFKHQ6R7 ]XYHUEHVVHUQXQGLKUHDNWLYH7HLOKDEH]XHUP|JOLFKHQYJO%O|FKHUHWDOD 6DQGHU'HP9HUVWlQGLJYRQ,QWHJUDWLRQDOVZHFKVHOVHLWLJIROJHQGLVWHV ZLFKWLJGDVV(8%UJHULQQHQLQGHQ$XIQDKPHJHVHOOVFKDIWHQSDUDOOHOGXUFK
$QWLUDVVLVPXV3URMHNWHXQG$XINOlUXQJVDUEHLWHUUHLFKWZHUGHQXP)HLQGVHOLJNHLWHQ JHJHQ0LJUDQWLQQHQHQWJHJHQ]XZLUNHQXQGHLQ%HZXVVWVHLQIUGLH:LFKWLJNHLW LQWHUNXOWXUHOOHUXQGLQWHUUHOLJL|VHU.RPSHWHQ]]XVFKDIIHQYJO%O|FKHUHWDOE
%XQGHV]HQWUDOHIUSROLWLVFKH%LOGXQJ)UKHOIHQGH%HUXIHDXVGHU6R]LDOHQ
$UEHLWGHU6HHOVRUJHRGHUDQGHUHQ+LOIHV\VWHPHQDEHUDXFKGHP(KUHQDPW NRQQWHQGLYHUVH.RPSHWHQ]IHOGHUDEJHOHLWHWZHUGHQGLHHV]XHQWZLFNHOQI|UGHUQ RGHU]XVFKXOHQJLOW
16 'DQNVDJXQJ
:LUGDQNHQGHQQLJHULDQLVFKHQXQGFKLQHVLVFKHQ6R7IUGDV7HLOHQLKUHU
*HVFKLFKWHQXQGLKUHU%HUHLWVFKDIW(LQEOLFNHLQLKUHQ$OOWDJ]XJHZlKUHQ
=XVlW]OLFKHQ'DQNULFKWHQZLUDQGLH([SHUWLQQHQIULKUH([SHUWLVHLQGHU
,QWHJUDWLRQVDUEHLWPLWQLJHULDQLVFKHQXQGFKLQHVLVFKHQ6R7XQGLKUHQ'HQNDQVW|HQ
/LWHUDWXUYHU]HLFKQLV
$GXVHL3RNX1DQD,QWHUVHNWLRQDOLWlWµ(71DFK+DXVH7HOHIRQLHUHQ¶"
,QWHUVHNWLRQDOLWlW0HKUGLPHQVLRQDO%HJUHLIHQ$XV3ROLWLNXQG=HLWJHVFKLFKWH 6±
$PHOLQD$QQD'RLQJ0LJUDWLRQDQG'RLQJ*HQGHU±,QWHUVHNWLRQHOOH
3HUVSHNWLYHQ$XI0LJUDWLRQ8QG*HVFKOHFKW,Q/XW]+HOPD $PHOLQD$QQD +UVJ*HQGHU±0LJUDWLRQ±7UDQVQDWLRQDOLVLHUXQJ±(LQHLQWHUVHNWLRQHOOH (LQIKUXQJ6±%LHOHIHOGWUDQVFULSW
$QWLGLVNULPLQLHUXQJVVWHOOHGHV%XQGHV'LVNULPLQLHUXQJVULVLNHQIU
*HIOFKHWHWHLQ'HXWVFKODQG(LQH%HVWDQGVDXIQDKPHGHU
$QWLGLVNULPLQLHUXQJVVWHOOHGHV%XQGHV=XJULIIDP6HSWHPEHUXQWHU ZZZDQWLGLVNULPLQLHUXQJVVWHOOHGH6KDUHG'RFV'RZQORDGV'(SXEOLNDWLRQHQ(
[SHUWLVHQ'LVNULPLQLHUXQJVULVLNHQBIXHUB*HIOXHFKWHWHBLQB'HXWVFKODQGSGI"BBEO RE SXEOLFDWLRQ)LOH Y
%HFNHU/HQ]5RODQG%XVVH6WHIDQ(KOHUW*XGUXQ0OOHU+HUUPDQQ6LONH (LQOHLWXQJ:LVVHQ.RPSHWHQ]+DELWXVXQG,GHQWLWlWDOV(OHPHQWHYRQ
3URIHVVLRQDOLWlWLP6WXGLXP6R]LDOHU$UEHLW,Q5RODQG%HFNHU/HQ]6WHIDQ
%XVVH*XGUXQ(KOHUWXQG6LONH0OOHU+HUPDQQ+UVJ3URIHVVLRQDOLWlW 6R]LDOHU$UEHLWXQG+RFKVFKXOH:LVVHQ.RPSHWHQ]+DELWXVXQG,GHQWLWlWLP 6WXGLXP6R]LDOHU$UEHLW:LHVEDGHQ969HUODJIU6R]LDOZLVVHQVFKDIWHQ (GLWLRQ3URIHVVLRQVXQG3URIHVVLRQDOLVLHUXQJVIRUVFKXQJ6±
%O|FKHU-HVVLFD(\VHOHLQ/XLVD6KUXP-XVWLQ :HOOV$QMDDXQWHU 0LWKHUDXVJHEHUVFKDIWYRQ6LPRQ.ROEH,QWHUVHNWLRQHOOHU$QVDW]]XP ,QWHJUDWLRQVSUR]HVVLQ(XURSDIUhEHUOHEHQGHYRQ0HQVFKHQKDQGHODXV
17 1LJHULD&KDQFHQVWlUNHQXQG+LQGHUQLVVHEHUZLQGHQ=XJULIIDP
6HSWHPEHUXQWHUKWWSVLQWDSHXURSHHXPDWHULDOLHQ"ODQJ GH.
%O|FKHU-HVVLFD(\VHOHLQ/XLVD.ROEH6LPRQ :HOOV$QMDE'LH
,QWHJUDWLRQZHLEOLFKHUQLJHULDQLVFKHUhEHUOHEHQGHUYRQ0HQVFKHQKDQGHO]XP
=ZHFNGHUVH[XHOOHQ$XVEHXWXQJ+DQGEXFKIU3UDNWLNHU,QQHQ=XJULIIDP 6HSWHPEHUXQWHUKWWSVLQWDSHXURSHHXPDWHULDOLHQ"ODQJ GH.
%XQGHVPLQLVWHULXPGHV,QQHUQIU%DXXQG+HLPDW%0,,QWHJUDWLRQ=XJULII DP6HSWHPEHUXQWHU
KWWSVZZZEPLEXQGGH'(VHUYLFHOH[LNRQIXQFWLRQVEPL OH[LNRQKWPO"FPVBOY
%XQGHV]HQWUDOHIUSROLWLVFKH%LOGXQJ,QWHJUDWLRQ=XJULIIDP6HSWHPEHU XQWHUZZZESEGHOHUQHQSURMHNWHUHIXJHHHOHYHQLQWHJUDWLRQ
%R\FH&DURO\Q 1HDOH3DOHQD&RQGXFWLQJ,Q'HSWK,QWHUYLHZV$*XLGHIRU 'HVLJQLQJDQG&RQGXFWLQJ,QGHSWK,QWHUYLHZVIRU(YDOXDWLRQ,QSXW3DWKILQGHU ,QWHUQDWLRQDO7RRO6HULHV0RQLWRULQJDQG(YDOXDWLRQ±6±
&R[.HLWK.+LJJLQERWKDP-DPHV%%XUWRQ-RKQ$SSOLFDWLRQVRI)RFXV
*URXS,QWHUYLHZVLQ0DUNHWLQJ,Q-RXUQDORI0DUNHWLQJ6±
KWWSVGRLRUJ)[
&RRSHU%ULWWQH\,QWHUVHFWLRQDOLW\,Q'LVFK/LVD +DZNHVZRUWK0DU\
+UVJ7KH2[IRUG+DQGERRNRI)HPLQLVW7KHRU\6±2[IRUG2[IRUG
8QLYHUVLW\3UHVVKWWSVGRLRUJR[IRUGKE
&UHQVKDZ.LPEHUOH'HPDUJLQDOL]LQJWKH,QWHUVHFWLRQRIUDFHDQG6H[$
%ODFN)HPLQLVWFULWLTXHRIDQWLGLVFULPLQDWLRQ'RFWULQH)HPLQLVWWKHRU\DQG DQWLUDFLVW3ROLWLFV8QLYHUVLW\RI&KLFDJR/HJDO)RUXP±
'|ULQJ1LFROD %RUW]-UJHQ)RUVFKXQJVPHWKRGHQXQG(YDOXDWLRQLQ'HQ 6R]LDOXQG+XPDQZLVVHQVFKDIWHQWKHG%HUOLQ+HLGHOEHUJ6SULQJHU KWWSVGRLRUJ
(USHQEHFN-RKQ+H\VH9RONHU0H\QKDUGW7LPR:HLQEHUJ-RKDQQHV'LH .RPSHWHQ]ELRJUDSKLH:HJHGHU.RPSHWHQ]HQWZLFNOXQJDNWXDOLVLHUWHXQG
EHUDUE$XIO0QVWHU:D[PDQQ
18 (XURSHDQ&RPPLVVLRQ'DWD&ROOHFWLRQRQ7UDIILFNLQJLQ+XPDQ%HLQJVLQWKH
(8%UXVVHOV=XJULIIDP6HSWHPEHUXQWHU
KWWSVHFHXURSDHXKRPHDIIDLUVVLWHVKRPHDIIDLUVILOHVZKDWZH
GRSROLFLHVHXURSHDQDJHQGDVHFXULW\BGDWDFROOHFWLRQVWXG\SGI (85232/6LWXDWLRQ5HSRUW7UDIILFNLQJLQKXPDQEHLQJVLQWKH(8=XJULII
DP6HSWHPEHUXQWHUKWWSVZZZHXURSROHXURSDHXSXEOLFDWLRQV GRFXPHQWVWUDIILFNLQJLQKXPDQEHLQJVLQHX
(85267$77UDIILFNLQJLQKXPDQEHLQJV/X[HPERXUJ3XEOLFDWLRQ2IILFHRI WKH(XURSHDQ8QLRQ=XJULIIDP6HSWHPEHUXQWHU
KWWSVHFHXURSDHXDQWL
WUDIILFNLQJVLWHVDQWLWUDIILFNLQJILOHVHXURVWDWBUHSRUWBRQBWUDIILFNLQJBLQBKXPDQBE HLQJVBBBHGLWLRQSGI
*DKOHLWQHU6LONH*HUOLFK%ULJLWWD.DWKDULQD+HLOHU5RVKDQ+LQWHUZDOOQHU +HLGHPDULH6FKQHLGHU0DUWKD 9|OVFKRZ<YHWWH3V\FKRVR]LDOH
$UEHLWPLWWUDXPDWLVLHUWHQ)UDXHQDXV*HZDOWYHUKlOWQLVVHQ(UJHEQLVVHDXV HLQHU6WXGLH]XP7KHPD0HQVFKHQKDQGHOPLWGHP=ZHFNVH[XHOOHU
$XVEHXWXQJ.U|QLQJ$VDQJHU
+DOFRPE(OL]DEHWK-*KROL]DGHK/HLOD'L*LDFRPR0LFKHOOH3KLOOLSV-DQH 'DYLGVRQ3DWULFLD0/LWHUDWXUHUHYLHZFRQVLGHUDWLRQVLQXQGHUWDNLQJ IRFXVJURXSUHVHDUFKZLWKFXOWXUDOO\DQGOLQJXLVWLFDOO\GLYHUVHJURXSV,Q -RXUQDORIFOLQLFDOQXUVLQJ6±KWWSVGRLRUJM [
+HOIIHULFK&RUQHOLD'LH4XDOLWlWTXDOLWDWLYHU'DWHQ0DQXDOIUGLH
'XUFKIKUXQJTXDOLWDWLYHU,QWHUYLHZV$XIO:LHVEDGHQ6SULQJHU969HUODJIU 6R]LDOZLVVHQVFKDIWHQ
,NHRUD0D\7KH5ROHRI$IULFDQ7UDGLWLRQDO5HOLJLRQDQGµ-XMX¶LQ+XPDQ 7UDIILFNLQJ,PSOLFDWLRQVIRU$QWL7UDIILFNLQJ-RXUQDORI,QWHUQDWLRQDO:RPHQ¶V 6WXGLHV6±
.QDSS*XGUXQ$[HOL,QWHUVHFWLRQDOLW\HLQQHXHV3DUDGLJPDIHPLQLVWLVFKHU 7KHRULH"=XUWUDQVDWODQWLVFKHQ5HLVHYRQ5DFH&ODVV*HQGHU
)HPLQLVWLVFKH6WXGLHQ=HLWVFKULIWIULQWHUGLV]LSOLQlUH)UDXHQXQG
19
*HVFKOHFKWHUIRUVFKXQJ-J1U6±
KWWSG[GRLRUJ
.XU]$QGUHD6WRFNKDPPHU.RQVWDQ]H)XFKV6XVDQQH0HLQKDUG'LHWHU 'DVSUREOHP]HQWULHUWH,QWHUYLHZ,Q5HQDWH%XEHUXQG+DUWPXW++RO]POOHU +UVJ4XDOLWDWLYH0DUNWIRUVFKXQJ.RQ]HSWH0HWKRGHQ$QDO\VHQ
:LHVEDGHQ%HWULHEVZLUWVFKDIWOLFKHU9HUODJ'U7K*DEOHU_*:9)DFKYHUODJH
*PE+:LHVEDGHQ6±KWWSVGRLRUJ .yF]p$QJpOD0LVVLQJ,QWHUVHFWLRQDOLW\5DFH(WKQLFLW\*HQGHUDQG&ODVV
LQ&XUUHQW5HVHDUFKDQG3ROLFLHVRQ5RPDQL:RPHQLQ(XURSH%XGDSHVW
&(88QLYHUVLW\3UHVV=XJULII6HSWHPEHUXQWHU
KWWSVFSVFHXHGXVLWHVFSVFHXHGXILOHVFSVSROLF\VWXG\PLVVLQJ LQWHUVHFWLRQDOLW\SGI
.ROEH6LPRQ%O|FKHU-HVVLFD +HFNHU7RELDV$QJVWLVWGDVJU|WH +LQGHUQLV)OFKWOLQJ0DJD]LQIUPXOWLNXOWXUHOOHQ$XVWDXVFK2QOLQH 0DJD]LQ+DPEXUJ=XJULIIDP6HSWHPEHUXQWHU
KWWSVZZZIOXHFKWOLQJPDJD]LQGHDQJVWLVWGDVJURHVVWH KLQGHUQLV
.ROEH6LPRQ 6XU]\NLHZLF]-DQXV]*HUPDQ\6RFLDO:RUNZLWK5HIXJHHV
±VRPH$QVZHUVWR0XOWLIDFWRULDO&KDOOHQJHV,Q0RQLND3IDOOHU5RWW$QGUHM .iOOD\XQG'RULV%|KOHU+UVJ6RFLDO:RUNZLWK0LJUDQWVDQG5HIXJHHV 2VWUDYD(ULV0RQRJUDSKV6±
.RVQLFN.LUD6H[XDOLWlWXQG0LJUDWLRQVIRUVFKXQJ±'DV8QVLFKWEDUH'DV 2[\PRURQLVFKHXQG+HWHURQRUPDWLYHV2WKHULQJ,Q/XW]+HOPD9LEDU +HUUHUD9LYDU0DULD7HUHVD 6XSLN/LQGD+UVJ)RNXV,QWHUVHNWLRQDOLWlW±
%HZHJXQJHQXQG9HURUWXQJHQHLQHVYLHOVFKLFKWLJHQ.RQ]HSWHV6±
:LHVEDGHQ6SULQJHU96KWWSG[GRLRUJ /HH6RKRRQ 3LSHU1LFROD8QGHUVWDQGLQJ0XOWLSOH'LVFULPLQDWLRQDJDLQVW
/DERXU0LJUDQWVLQ$VLD$Q,QWHUVHFWLRQDO$QDO\VLV%HUOLQ)ULHGULFK(EHUW 6WLIWXQJ=XJULIIDP6HSWHPEHUXQWHUKWWSOLEUDU\IHVGHSGI ILOHVLH]SGI
0DOHQR*DU]yQ+HOHQD)HUQiQGH]*HPD0LJXHO-XDQ&DUPHQ &RQWUHUDV 5HFLQRV(YHO\Q0RWKHUVLQ+XPDQ7UDIILFNLQJ1HWZRUNV5REEHGRI
20 7KHLU5LJKWV,QYHVWLJDWLRQV+XPDQ7UDIILFNLQJ6±=XJULIIDP 6HSWHPEHUXQWHUZZZZRPHQVOLQNZRUOGZLGHRUJHQILOHVPRWKHUV LQWKHWUDIILFNLQJQHWZRUNVSGI
0D\ULQJ3KLOLSS4XDOLWDWLYH&RQWHQW$QDO\VLV7KHRUHWLFDO)RXQGDWLRQ%DVLF 3URFHGXUHVDQG6RIWZDUH6ROXWLRQ/HLEQLW],QVWLWXW)U6R]LDOZLVVHQVFKDIWHQ
=XJULIIDP6HSWHPEHUXQWHU
ZZZVVRDULQIRVVRDUKDQGOHGRFXPHQW
0F1DPDUD&DUWHU*HQHUDO*XLGHOLQHVIRU&RQGXFWLQJ,QWHUYLHZV=XJULIIDP 6HSWHPEHUXQWHU
KWWSVPDQDJHPHQWKHOSRUJEXVLQHVVUHVHDUFKLQWHUYLHZVKWP
0HLGHUW1DGLQH 5DSS&DUROLQ3XEOLF$WWLWXGHVWRZDUGV5HIXJHHVLQ
*HUPDQ\:KDW'ULYHV$WWLWXGHVWRZDUGV5HIXJHHVLQ&RPSDULVRQZLWK ,PPLJUDQW:RUNHUVIURP(XURSHDQ8QLRQ&RXQWULHV"-RXUQDORI5HIXJHH 6WXGLHV6L±LKWWSVGRLRUJMUVIH]
1DSROLWDQR.DUD,QWHUVHFWLRQDOLW\DQG+XPDQ7UDIILFNLQJ6XUYLYRUVKLS=XJULII DP6HSWHPEHUXQWHU
KWWSVFRPEDWKXPDQWUDIILFNLQJRUJLQWHUVHFWLRQDOLW\KXPDQWUDIILFNLQJ VXUYLYRUVKLS
1HOVRQ%XWOHU&KHU\$&ULWLFDO5DFH)HPLQLVW3HUVSHFWLYHRQ3URVWLWXWLRQ 6H[7UDIILFNLQJLQ$PHULFD<DOH-RXUQDORI/DZ )HPLQLVP6±
1RUWK.ODXV5HLQKDUGW.DL6LHEHU6XWHU%DUEDUD:DVLVW.RPSHWHQ]",Q .ODXV1RUWK.DL5HLQKDUGWXQG%DUEDUD6LHEHU6XWHU+UVJ
.RPSHWHQ]PDQDJHPHQWLQGHU3UD[LV%G:LHVEDGHQ6SULQJHU
)DFKPHGLHQ:LHVEDGHQ6±KWWSVGRLRUJ
3RODWVLGH9LQHWD0XMDM(QGULW-D\$QWKRQ\ 5LHGHO0DUOHQH5RDGPDS IRULQWHJUDWLRQRIYLFWLPVRIKXPDQWUDIILFNLQJDPRQJPLJUDQWVLQ)LQODQG
*HUPDQ\DQG6ZHGHQ7KH&RXQFLORIWKH%DOWLF6HD6WDWHV&%66=XJULII DP6HSWHPEHUXQWHUKWWSVFEVVRUJSXEOLFDWLRQVURDGPDSIRU LQWHJUDWLRQRIYLFWLPVRIKXPDQWUDIILFNLQJDPRQJPLJUDQWVLQILQODQG JHUPDQ\DQGVZHGHQ
21 5REHUWVRQ6KDQWLKL6WDWXV0DNLQJ5HWKLQNLQJ0LJUDQW&DWHJRUL]DWLRQ
-RXUQDORI6RFLRORJ\6±
KWWSVGRLRUJ
5RVHOO)DEUp*LWWHQDHU$QNH*RXOGLQJ(PLO\0F*XLQQHVV(OL]DEHWK.DWH-DPDO 6RIXD+ROXERYD%DUERUD.XKO$OLQD 3HþLnjULHQơ-XUJLWD(XURSHDQ ,QVWLWXWHIRU*HQGHU(TXDOLW\*HQGHU6SHFLILF0HDVXUHVLQ$QWL7UDIILFNLQJ
$FWLRQV5HSRUW/X[HPERXUJ3XEOLFDWLRQV2IILFHRIWKH(XURSHDQXQLRQ KWWSVGRLRUJ
6DFKYHUVWlQGLJHQUDWGHXWVFKHU6WLIWXQJHQIU,QWHJUDWLRQXQG0LJUDWLRQ695*PE+
%HZHJWH=HLWHQ5FNEOLFNDXIGLH,QWHJUDWLRQVXQG0LJUDWLRQVSROLWLN GHUOHW]WHQ-DKUH-DKUHVJXWDFKWHQ+JY695*PE+%HUOLQ=XJULIIDP 6HSWHPEHUXQWHUKWWSVZZZVYU
PLJUDWLRQGHSXEOLNDWLRQHQMDKUHVJXWDFKWHQB
6DXHU0DUWLQD %ULQNPDQQ+HLQ]8OULFK(LQIKUXQJ,QWHJUDWLRQLQ 'HXWVFKODQG,Q%ULQNPDQQ+HLQ]8OULFK 6DXHU0DUWLQD+UVJ (LQZDQGHUXQJVJHVHOOVFKDIW'HXWVFKODQG(QWZLFNOXQJXQG6WDQGGHU ,QWHJUDWLRQ:LHVEDGHQ6SULQJHU)DFKPHGLHQ:LHVEDGHQ6±2QOLQH
YHUIJEDUXQWHUKWWSVGRLRUJB
6DQGHU&DUROLQH0HQVFKHQKDQGHOYRQFKLQHVLVFKHQ)UDXHQQDFK(XURSD 'LHVSH]LILVFKHQ8PVWlQGHYHUVWHKHQXQGGHQ,QWHJUDWLRQVSUR]HVV
HUOHLFKWHUQ)RUVFKXQJVEHULFKWGHV(8ILQDQ]LHUWHQ3URMHNWV,17$3,QSULQW
=XJULIIDP6HSWHPEHUXQWHUKWWSVLQWDS HXURSHHXPDWHULDOLHQ"ODQJ GH.
6FKXO]0DUOHQ4XLFNDQGHDV\")RNXVJUXSSHQLQGHUDQJHZDQGWHQ 6R]LDOZLVVHQVFKDIW,Q6FKXO]0DUOHQ0DFN%LUJLW 5HQQ2UWZLQ+UVJ )RNXVJUXSSHQLQGHUHPSLULVFKHQ6R]LDOZLVVHQVFKDIW9RQGHU.RQ]HSWLRQELV ]XU$XVZHUWXQJ:LHVEDGHQ6SULQJHU966±
KWWSVGRLRUJ
62/:2',R'(83URMHNW$0,)$66,67=XJULIIDP6HSWHPEHUXQWHU ZZZVROZRGLGHVHLWHHXSURMHNWDPLIDVVLVWKWPO.
6XUWHHV5HEHFFD 1H[XV,QVWLWXWH5H,QWHJUDWLRQRI7UDIILFNHG3HUVRQV +RZ&DQ2XU:RUN%H0RUH(IIHFWLYH,VVXH3DSHU%UXVVHOV9LHQQD.LQJ
22
%DXGRLXQ)RXQGDWLRQDQG1H[XV,QVWLWXWHWR&RPEDW+XPDQ7UDIILFNLQJ
=XJULIIDP6HSWHPEHUXQWHUKWWSVFKLOGKXERUJHQFKLOGSURWHFWLRQ RQOLQHOLEUDU\UHLQWHJUDWLRQWUDIILFNHGSHUVRQVKRZFDQRXUZRUNEHPRUH HIIHFWLYH
7RGUHV-RQDWKDQ/DZ2WKHUQHVVDQG+XPDQ7UDIILFNLQJ6DQWD&ODUD/DZ 5HYLHZ6±
8QLWHG1DWLRQV*XLGHWR(WKLFVDQG+XPDQ5LJKWVLQ&RXQWHU7UDIILFNLQJ (WKLFDO6WDQGDUGVIRU&RXQWHU7UDIILFNLQJ5HVHDUFKDQG3URJUDPPLQJ
%DQJNRN8QLWHG1DWLRQV,QWHU$JHQF\3URMHFWRQ+XPDQ7UDIILFNLQJ=XJULII DP6HSWHPEHUXQWHUKWWSXQDFWRUJSXEOLFDWLRQJXLGHHWKLFV KXPDQULJKWVFRXQWHUWUDIILFNLQJ.
812'&%URGHU9HUHLQWHQ1DWLRQHQIU'URJHQXQG9HUEUHFKHQVEHNlPSIXQJ 7KH*OREDOL]DWLRQRI&ULPH$7UDQVQDWLRQDO2UJDQL]HG&ULPH7KUHDW
$VVHVVPHQW9LHQQD8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH=XJULIIDP 6HSWHPEHUXQWHUKWWSVZZZXQRGFRUJGRFXPHQWVGDWDDQG DQDO\VLVWRFWD72&7$B5HSRUWBBORZBUHVSGI
9HUYOLHW0DULDQQH'HPRO-DQ%URHNDHUW(ULF 'HUOX\Q,OVH7KDW,/LYH 7KDW¶V%HFDXVHRI+HU,QWHUVHFWLRQDOLW\DV)UDPHZRUNIRUXQDFFRPSDQLHG UHIXJHHPRWKHUV%ULWLVK-RXUQDORI6RFLDO:RUN6±
KWWSVGRLRUJEMVZEFW
:HLQHUW)UDQ](PDQXHO&RQFHSWRI&RPSHWHQFH$&RQFHSWXDO&ODULILFDWLRQ ,Q'RPLQLTXH6LPRQH5\FKHQXQG/DXUD+HUVK6DOJDQLN+UVJ'HILQLQJ DQGVHOHFWLQJNH\FRPSHWHQFLHV6HDWWOH+RJUHIH +XEHU6±
23
=XGHQ3HUVRQHQ
$QMD:HOOV0$3URMHNWUHIHUHQWLQ62/:2','HXWVFKODQGH9
$UEHLWVVFKZHUSXQNWHJHVFKOHFKWVVSH]LILVFKH0LJUDWLRQ )OXFKW
JHVFKOHFKWVVSH]LILVFKH*HZDOW3URVWLWXWLRQ0HQVFKHQKDQGHORUJDQLVLHUWH WUDQVQDWLRQDOH.ULPLQDOLWlW
.RQWDNW62/:2','HXWVFKODQGH9.|OQVWUDH%RQQ H0DLOZHOOV#VROZRGLGH
6LPRQ:.ROEH0$'LSORP6R]LDOSlGDJRJH)+'RNWRUDQG
:LVVHQVFKDIWOLFKHU0LWDUEHLWHU.DWKROLVFKH8QLYHUVLWlW(LFKVWlWW,QJROVWDGW 3lGDJRJLVFKSKLORVRSKLVFKH)DNXOWlW±/HKUVWXKOIU6R]LDOSlGDJRJLN
$UEHLWVVFKZHUSXQNWH.RPSHWHQ]HQIU,QNOXVLRQ0LJUDWLRQXQG)OXFKWXQG6R]LDOH
$UEHLW6SLULWXDOLWlWDOV5HVVRXUFHIU,QWHJUDWLRQXQG,QNOXVLRQ
.RQWDNW.8(LFKVWlWW±/HKUVWXKOIU6R]LDOSlGDJRJLN/XLWSROGVWUDH5DXP (0DLOVLPRQNROEH#NXGH
0DJ&DUROLQH6DQGHU%$/HLWHULQGHV%HUHLFKV$GYRFDF\DQG5HVHDUFK +HU]ZHUN:LHQ
$UEHLWVVFKZHUSXQNWHJHVFKOHFKWVVSH]LILVFKH*HZDOW3URVWLWXWLRQ0HQVFKHQKDQGHO .RQWDNW+HU]ZHUN:LHQ%HKHLPJDVVH:LHQ
H0DLOFDUROLQHVDQGHU#KHU]ZHUNZLHQDW