Kampf um Subjektivität

6WHIDQLHYRQ6FKQXUEHLQ

.DPSIXP6XEMHNWLYLWlW

1DWLRQ5HOLJLRQXQG*HVFKOHFKW LQ]ZHLGlQLVFKHQ5RPDQHQXP

$QWULWWVYRUOHVXQJ -DQXDU

+XPEROGW8QLYHUVLWlW]X%HUOLQ 3KLORVRSKLVFKH)DNXOWlW,,

1RUGHXURSD,QVWLWXW

Die digitalen Ausgaben der Öffentlichen Vorlesungen sind abrufbar über den Dokumenten- und Publikationsserver der Humboldt-Universität unter:

http://edoc.hu-berlin.de

Herausgeber:

Der Präsident der Humboldt-Universität zu Berlin Prof. Dr. Jürgen Mlynek

Copyright: Alle Rechte liegen beim Verfasser Berlin 2003

Redaktion:

Birgit Eggert

Forschungsabteilung der Humboldt-Universität zu Berlin Unter den Linden 6

D–10099 Berlin Herstellung:

Forschungsabteilung der Humboldt-Universität zu Berlin Unter den Linden 6

D–10099 Berlin Heft 113 ISSN 1618-4858 ISBN 3-86004-149-5

Gedruckt auf 100 % chlorfrei gebleichtem Papier

(LQOHLWXQJ

,P )UKMDKU HUKlOW GHU HWDEOLHUWH OLEHUDOH 6FKULIWVWHOOHU -RXUQDOLVWXQG=HLWVFKULIWHQKHUDXVJHEHU0HwU$URQ*ROGVFKPLGW

±HLQHQODQJHQ%ULHIYRQGHP3VHXGRQ\PÄ6LE\OOD³

=LHOGHVRGHUGHUDOVÄ6LE\OOD³SRVLHUHQGHQ$XWRUV$XWRULQLVWHV

*ROGVFKPLGWGDYRQ]XEHU]HXJHQGDVVHULQHLQHUNXU]]XYRU HUVFKLHQHQHQ 5H]HQVLRQ 8QUHFKW KDWWH *ROGVFKPLGW KDWWH DOV HUVWHU ± ZHQQDXFKGDYRQ]HXJWGLHVLFKHQWVSLQQHQGHOLWHUDUL VFKH)HKGHQLFKWDOV(LQ]LJHU ± GHQHUVWHQ)UDXHQURPDQ'lQH PDUNVNULWLVLHUW'HVVHQ]ZDQ]LJMlKULJH$XWRULQ0DWKLOGH)LEL JHU±KDWWHVLFKLQLKUHPXQWHUGHP7LWHO&ODUD 5DSKDHODQRQ\PHUVFKLHQHQHQ%ULHIURPDQIUGLHÄ(PDQ]LSDWL RQGHU'DPHQ³XQGLQVEHVRQGHUHIUGLH)UDXHQELOGXQJHLQJH VHW]W*ROGVFKPLGWEHKDXSWHWLQVHLQHU5H]HQVLRQGLH$XIOHK QXQJGHU3URWDJRQLVWLQJHJHQGLH=ZlQJHGLHGLH*HVHOOVFKDIW DXI)UDXHQDXVEHVHLXQUHDOLVWLVFKXQGOHW]WOLFKXQQ|WLJGDGLH VH=ZlQJHRKQHKLQLP(LQNODQJPLWGHUZHLEOLFKHQ1DWXUVWQ GHQ'LH)UDXJHKRUFKHDOVRQXULKUHPHLJHQHQ*HVHW]ZHQQVLH VLFKLQGLHJHVHOOVFKDIWOLFKIUVLHYRUJHVHKHQH5ROOHIJH6LE\O ODKLQJHJHQIRUGHUWPLWGHU5RPDQILJXU&ODUD5DSKDHOGLH)UDX QLFKWQXULQLKUHP9HUKlOWQLV]XP0DQQ]XEHWUDFKWHQVRQGHUQ VLHDOVVHOEVWVWlQGLJHV:HVHQ]XVHKHQXQGLKUYRUDOOHPHLQHLK UHQ)lKLJNHLWHQXQG$XIJDEHQDQJHPHVVHQH%LOGXQJ]XHUP|J OLFKHQ

*ROGVFKPLGWV 5HDNWLRQ LVW DPELYDOHQW (U VWLPPW GHP ,QKDOW QLFKW]XGUXFNWGHQ%ULHIDEHULQVHLQHU=HLWVFKULIW1RUGRJ6\G DE=XQlFKVWZHL‰HUQLFKWREHVVLFKEHLGHP3VHXGRQ\P6LE\O ODXPHLQHQ0DQQRGHUHLQH)UDXKDQGHOW(UDQWZRUWHWLKUHUVW DXVIKUOLFKHU DOV VLH LKU 3VHXGRQ\P OIWHW XQG VLFK DOV GLH MlKULJH)DQQ\/RGRYLFD1RUPDQGGH%UHWWHYLOOH±

]XHUNHQQHQJLEW'LHIROJHQGH|IIHQWOLFKH'HEDWWHLQ1RUGRJ 6\GXQGGHUSULYDWH%ULHIZHFKVHO]ZLVFKHQGHQEHLGHQNDQQDOV 6HULHYRQ0LVVYHUVWlQGQLVVHQEHVFKULHEHQZHUGHQ/RGRYLFDGH

%UHWWHYLOOHV,QWHQWLRQVFKHLQWDXVKHXWLJHU3HUVSHNWLYHNODUVLH ZLUEWXP9HUVWlQGQLVIUGLHPLVVOLFKH/DJHGHUXQDXVJHELOGH WHQ JH]ZXQJHQHUPD‰HQ JHODQJZHLOWHQ EUJHUOLFKHQ MXQJHQ

)UDXHQ XQG VHW]W VLFK IU GLHVEH]JOLFKH 5HIRUPHQ HLQ 9RQ

*ROGVFKPLGW GHP HWDEOLHUWHQ $XWRU XQG *HVHOOVFKDIWVNULWLNHU HUKRIIW VLH VLFK YRU DOOHP HUQVW JHQRPPHQ ]X ZHUGHQ 'LHVH +RIIQXQJVFKHLQWVLFK]XHUIOOHQDOV*ROGVFKPLGWGLH3XEOLND WLRQGHV%ULHIHV]XVDJW*ROGVFKPLGWV$QWZRUWEULHIHDOOHUGLQJV ]HLJHQGDVVHUGHQ,QKDOWGHU$QOLHJHQ)LELJHUVXQG%UHWWHYLOOHV NHLQHVIDOOVYHUVWDQGHQKDW(UKlOWYLHOPHKUDQHLQHPWUDGLWLRQHO OHQ)UDXHQELOGIHVWGHP]XIROJHGLH)UDXLQLKUHUÄHUO|VHQGHQ1D WUOLFKNHLW³GLH(UJlQ]XQJGHVVFKDIIHQGHQ0DQQHVVHLXQGGDV GXUFK GLH 9HUZLUNOLFKXQJ GHU (PDQ]LSDWLRQVLGHHQ JHIlKUGHW ZHUGH

'HUZHLWHUH%ULHIZHFKVHO]ZLVFKHQ*ROGVFKPLGWXQG%UHWWHYLOOH XQG DXFK GLH SHUV|QOLFKHQ 7UHIIHQ N|QQHQ RIIHQVLFKWOLFK GLH .OXIW ]ZLVFKHQ EHLGHU %HGUIQLVVH QLFKW DXVUlXPHQ *ROG VFKPLGWHQWZLFNHOWQDFKGHU/IWXQJGHV3VHXGRQ\PVYRUDOOHP HLQURPDQWLVFKHV,QWHUHVVHDQGHUMXQJHQ$XWRULQ'LHVHKLQJH JHQYHUVXFKWLPPHUZLHGHUHUIROJORVLKUHQ,GHHQ*HK|U]XYHU VFKDIIHQPLWNOXJHQ$UJXPHQWHQ]XEHU]HXJHQ

=ZHL-DKUHQDFKGHPHV]ZLVFKHQGHQEHLGHQ]XP%UXFKNRPPW ZLHGHUKROWVLFKQDKH]XGDVVHOEH0XVWHUQXQLVWHVGLH$XWRULQ 0DWKLOGH)LELJHUVHOEVWGLHPLW*ROGVFKPLGW.RQWDNWDXIQLPPW XQGXP+LOIHEHLGHU3XEOLNDWLRQLKUHV]ZHLWHQ5RPDQVELWWHW

*ROGVFKPLGWJHZlKUWGLHVHXQGHUKRIIWVLFKDXFKYRQXQGPLWLKU HLQH /LHEHVEH]LHKXQJ XQG +HLUDW GLH VLH MHGRFK ]XUFNZHLVW 6WDWWGHVVHQ]LHKWVLHPLWLKUHU6FKZHVWHU]XVDPPHQPLWGHUVLH GHQ 5HVW LKUHV NXU]HQ DOV /LWHUDWLQ HUIROJORVHQ /HEHQV YHU EULQJW

'LHKLHUVNL]]LHUWHQOLWHUDULVFKYHUKDQGHOWHQ/LHEHVZLUUHQVLQG YRQGHUELVKHULJHQ)RUVFKXQJHQWZHGHUDOVXQJOFNOLFKH/LHEHQ GHVHLQVDPHQ*ROGVFKPLGWRGHUDOV=HLFKHQYRQ*ROGVFKPLGWV ,JQRUDQ]XQG%UHWWHYLOOHV:HLWEOLFNHLQJHRUGQHWZRUGHQ0HLQ

=LHOLVWKLQJHJHQ]X]HLJHQGDVVVLHNHLQHVZHJVYRQGHQ:HUNHQ GHU$XWRULQQHQXQGGHV$XWRUVLVROLHUWH*HVFKHKQLVVHVLQGVRQ GHUQVLFKYLHOPHKULQHQJHP=XVDPPHQKDQJPLWGHQEHLGHQ'H EWURPDQHQ)LELJHUVXQG*ROGVFKPLGWVEHWUDFKWHQODVVHQ)LEL

JHUVFKUHLEWZLHHUZlKQWGHQHUVWHQ)UDXHQURPDQ'lQHPDUNV .XU]YRUKHUQlPOLFKHUVWPDOVOHJW*ROGVFKPLGWGHUVHOEVW MGLVFKHU+HUNXQIWLVWXQWHUGHP7LWHO(Q-¡GH(LQ-XGHGHQ HUVWHQ5RPDQGHUHXURSlLVFKHQ/LWHUDWXUYRUGHUVLFKPLWGHP /HEHQ HLQHV MGLVFKHQ 3URWDJRQLVWHQ DXV GHU ,QQHQSHUVSHNWLYH EHVFKlIWLJW%HLGH5RPDQHKDEHQLQGHU)RUVFKXQJ%HDFKWXQJ JHIXQGHQ1RFKQLHMHGRFKVLQGGLHGUHL(EHQHQGLHLFKELVKLHU KHUDXIJH]HLJWKDEHDXIHLQDQGHUEH]RJHQZRUGHQDOVRGLH$QD O\VHGHU5RPDQHGLHVRJHQDQQWH&ODUD5DSKDHO)HKGHXQGGLH KDOESULYDWHQKDOE|IIHQWOLFKHQ%ULHIZHFKVHO]ZLVFKHQ%UHWWH YLOOHXQG*ROGVFKPLGWVRZLH)LELJHUXQG*ROGVFKPLGW*HUDGH HLQHJHQDXHUH%HWUDFKWXQJGLHVHU%H]JHDEHULVWHLQHUVHLWVJH HLJQHWQHXH3HUVSHNWLYHQLQ%H]XJDXIGLH5RPDQHKHUDXV]XDU EHLWHQ$QGHUHUVHLWVOlVVWVLFKGDUDQDXIZHLVHQZHOFKH3RVLWLR QHQXQG)XQNWLRQHQGLH5RPDQHXQGGLH$XVHLQDQGHUVHW]XQJHQ XP/LWHUDWXUXQG*HVFKOHFKWHUEH]LHKXQJHQLQHLQHPGLVNXUVLYHQ )HOGHLQQHKPHQGDVGXUFKGLH.DWHJRULHQ1DWLRQ5HOLJLRQXQG

*HVFKOHFKWEH]HLFKQHWLVW,QGLHVHP)HOGXQGPLW+LOIHGLHVHU .DWHJRULHQVRPHLQH7KHVHYHUVXFKHQQlPOLFKGLHDXIJUXQGLK UHV*HVFKOHFKWHVRGHULKUHU5HOLJLRQXQGÄ1DWLRQ³DXVJHVFKORV VHQHQDOVR)UDXHQXQG-XGHQHLQHHLJHQHEUJHUOLFKH6XEMHNWL YLWlWXQGGDPLW]XVDPPHQKlQJHQGGHQ6WDWXVGHU$XWRUVFKDIW]X HUULQJHQ:HLWHUP|FKWHLFKGHXWOLFKPDFKHQGDVVGDVVNL]]LHUWH )HOGKHL‰XPNlPSIWLVWDOVRNHLQHVZHJVLPPHUDXI6ROLGDULWlW ]ZLVFKHQ GHQ DXVJHVFKORVVHQHQ *UXSSHQ EDVLHUHQ NDQQ 8QG VFKOLH‰OLFKZLUGVLFKGDPLWHUZHLVHQGDVVGDVLQ$XWRXQG+H WHURVWHUHRW\SKlXILJDOVKRPRJHQJH]HLFKQHWH'lQHPDUNJHUDGH LQGHU=HLWLQGHUHVXQVDPKDUPRQLVFKVWHQHUVFKHLQWQlPOLFK LQVHLQHPSRHWLVFKUHDOLVWLVFKHQOLWHUDULVFKHQÄ*ROGHQHQ=HLWDO WHU³LQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVYRQDXIGHQHUVWHQ

%OLFNOHLFKW]XEHUVHKHQGHQDEHUGHVKDOEQLFKWZHQLJHUWLHIHQ

%UFKHQJHSUlJWLVW

,QWH[WQDKHQ$QDO\VHQP|FKWHLFKDOVRH[HPSODULVFKYHUGHXWOL FKHQLQZLHKRKHP0D‰HGLHLQKHXWLJHQWKHRUHWLVFKHQ(QWZU IHQDOVJHQGHUXQGUDFHEH]HLFKQHWHQ,GHQWLWlWNRQVWLWXLHUHQGHQ .DWHJRULHQJHUDGHIUHLQHYHUPHLQWOLFKKRPRJHQHEUJHUOLFKH

*HVHOOVFKDIWUHOHYDQWVLQGXQGZLHGHU)RNXVDXIHEHQGLHVH.D

WHJRULHQQHXH3HUVSHNWLYHQVRZRKODXIOLWHUDULVFKH7H[WHZLHDXI GHUHQ)XQNWLRQLPJHVHOOVFKDIWOLFKHQ.RQWH[WHUVFKOLH‰HQNDQQ

'HUHUVWHGlQLVFKHÄ(PDQ]LSDWLRQVURPDQ³ ± 0DWKLOGH)LELJHU&ODUD5DSKDHO

'HU'HEWURPDQGHU]ZDQ]LJMlKULJHQ0DWKLOGH)LELJHU&ODUD 5DSKDHOLVWHLQKDQGOXQJVDUPHU%ULHIURPDQLQGHU)RUPYRQ Ä%HNHQQWQLVVHQ HLQHU VFK|QHQ 6HHOH³ 'DV +DXSWJHZLFKW OLHJW DXIGHQUHOLJL|VHQXQGSKLORVRSKLVFKHQ5HIOH[LRQHQGHUMXQJHQ

*RXYHUQDQWH&ODUDGLHHUNHQQHQPXVVGDVVVLHPLWLKUHQKRKHQ ,GHDOHQLQGHUDXIbX‰HUOLFKNHLWHQIL[LHUWHQJHLVWLJEHVFKUlQN WHQVSLH‰EUJHUOLFKHQGlQLVFKHQ3URYLQ]JHVHOOVFKDIWDXIZHQLJ

*HJHQOLHEHVW|‰W'HU5RPDQOHEWYRQVFKDUIVLQQLJHQ%HREDFK WXQJHQGLHVHU*HVHOOVFKDIWXQGLKUHU0LWJOLHGHUVRZLHYRQGHQ 'HEDWWHQGLHGLHMXQJH3URWDJRQLVWLQPLWGHQ$XWRULWlWHQGLHVHU

*HVHOOVFKDIWIKUW,KUHQDWLRQDOHQ*HIKOHLKUHXQRUWKRGR[HQ UHOLJL|VHQ,GHHQXQGYRUDOOHPLKUHKHIWLJH$EOHKQXQJGHUHU ]ZXQJHQHQJHLVWLJHQ%HVFKUlQNWKHLWGHU)UDXHQEULQJHQVLHLQ .RQIOLNWPLWGHP3IDUUHUXQGDQGHUHQ+RQRUDWLRUHQ,PNU]HUHQ +DQGOXQJVWHLOGHV5RPDQVOHUQW&ODUDGDQQGHQMXQJHQ%DURQ

$[HONHQQHQXQGYHUOLHEWVLFKLQLKQ,KUIlOOWMHGRFKHLQGDVVVLH VLFKQDFKGHPOLWHUDULVFKHQ9RUELOGGHUVFKLOOHUVFKHQ-XQJIUDX YRQ2UOpDQVJDQ]LKUHQVR]LDOHQ$XIJDEHQLKUHP,GHDOZLGPHQ ZROOWHXQGGDIUGDV9HUVSUHFKHQDEJHOHJWKDWWHNHXVFK]XEOHL EHQ6RVLHKWVLHLKUH/LHEH]XJUXQGHJHKHQ$[HOPHOGHWVLFK QXQDOV)UHLZLOOLJHULQGHQ.ULHJ&ODUDHUNUDQNWDXIJUXQGGHU HPRWLRQDOHQ%HODVWXQJJHZLQQWQDFKGHP6LHJGHU'lQHQEHL )UHGHULFLDMHGRFKLKUHQ2SWLPLVPXVXQGLKUH*HVXQGKHLW]XUFN 'LH'DQNEDUNHLWEHUGHQ6LHJXQGHUVWDQ]ZHLWHU6WHOOHEHU

$[HOVhEHUOHEHQZLUGJHNU|QWYRQGHVVHQ%HUHLWVFKDIWPLWLKU NHXVFKÄZLH%UXGHUXQG6FKZHVWHU³]XVDPPHQ]XOHEHQXQGQXU YRUGHU:HOWHLQH(KHHLQ]XJHKHQ

'DV(PDQ]LSDWLRQVEHVWUHEHQGHU3URWDJRQLVWLQ]LHOWDOVRDXIHLQH JHLVWLJH *OHLFKVWHOOXQJ GHU )UDXHQ VR]LDOH XQG SROLWLVFKH

*OHLFKVWHOOXQJKLQJHJHQEOHLEWLQLKUHP(QWZXUIH[SOL]LWDX‰HQ

YRU'DKHUNRQ]HQWULHUWVLFKGLH+DXSWIRUGHUXQJGDUDXI)UDXHQ JHLVWLJH(QWIDOWXQJGXUFK%LOGXQJ]XHUP|JOLFKHQ

'HP5RPDQLVWYRUJHZRUIHQZRUGHQGDVVGLH$XVIRUPXQJYRQ

&ODUDV,GHDOIUGDVÄ:DKUHXQG*XWH³]XDUEHLWHQGHPVLHLP PHUKLQLKUHHURWLVFKH(QWIDOWXQJ]XRSIHUQEHUHLWLVWUHFKWYDJH EOHLEW(LQH$XVVDJH&ODUDVLQGLHVHP.RQWH[WOHQNWGHQ%OLFN MHGRFKGDUDXIGDVVGLH)UDJHQDFKGHPNRQNUHWHQ,QKDOWGHV,GH DOVIDOVFKJHVWHOOWLVW:HQQ&ODUDPHLQWGDVVÄXQVHU*HVFKOHFKW QRFKJDUQLFKWH[LVWLHUW³VRYHUZHLVWVLHGDUDXIGDVVGLH%HGLQ JXQJHQ GHU 0|JOLFKNHLW HLQHU ÄZHLEOLFKHQ 6XEMHNWZHUGXQJ³

EHUKDXSWHUVWHLQPDOJHIXQGHQZHUGHQPVVHQ'LHVHZLHGHU XP± VRZLOOLFKLP)ROJHQGHQXQWHUDQGHUHP]HLJHQ ± OLHJHQIU

&ODUDLPUHOLJL|VHQ'LVNXUVGHQVLHDXILKUHJDQ]HLJHQH$UWXP GHXWHWZHQQVLHEHLVSLHOVZHLVHGLH.LQGHUWDXIHXQGGDV.RQ]HSW GHU(UEVQGHDEOHKQWVRZLHGDPLWHQJ]XVDPPHQKlQJHQGLP QDWLRQDOHQ'LVNXUV

$P5DQGHVHLEHPHUNWGDVVGHULP5RPDQDXIJHVWHOOWHXQEHU EUFNEDUH :LGHUVSUXFK YRQ JHLVWLJHU XQG N|USHUOLFKHU (QWIDO WXQJNHLQHVZHJVDXIHLQHYHUPHLQWOLFKHÄ)ULJLGLWlW³GHU3URWDJR QLVWLQRGHUJDUGHU$XWRULQ]XUFN]XIKUHQLVW6H[XHOOH$VNHVH HUZHLVWVLFKKLHUYLHOPHKUDOVHLQH2SWLRQGHUGLVNXUVLYHQ)HVW OHJXQJGHUÄZHL‰H>Q@EUJHUOLFKH>Q@)UDX³]XHQWNRPPHQGLH DQVRQVWHQXPHVPLW3KLOLS6DUDVLQ]XVDJHQÄYROOVWlQGLJLQLK UHU)XQNWLRQDOVUHSURGXNWLRQVIlKLJHV*HVFKOHFKWVZHVHQDXIJH KHXQGVLFKJHQDXGDULQJUXQGVlW]OLFKYRP0DQQXQWHUVFKHLGH³ 1XUVRVFKHLQWEULJHQVQLFKWQXULQGLHVHP5RPDQGLH)UDX YRPÄ$QGHUHQ³GHV0DQQHV]XP6XEMHNWZHUGHQ]XN|QQHQ )U&ODUDELOGHWZLHIUYLHOHLKUHU=HLWJHQRVV,QQHQVHLWGHU5R PDQWLNGLH7ULDV5HOLJLRQ1DWLRQXQG.XQVWHLQHXQWUHQQEDUH (LQKHLW'LH3URWDJRQLVWLQYHUVXFKWHLQHZHLEOLFKH6XEMHNWLYLWlW LQ JHQDX GLHVHP .RQWH[W ]X IRUPLHUHQ DOVR EHU SRHWLVFKHV 6FKUHLEHQEHUUHOLJL|VH,GHQWLILNDWLRQHQXQGVFKOLH‰OLFKEHU LKUH QDWLRQDOH %HJHLVWHUXQJ 1LFKW ]XIlOOLJ VSLHOW GHU 5RPDQ LP.RQWH[WGHVHUVWHQ.ULHJVXPGLH+HU]RJWPHU6FKOHV ZLJ XQG +ROVWHLQ GHU IU 'lQHPDUN VLHJUHLFK YHUOLHI 'LH

.ULHJVHUHLJQLVVH VRZLH GHU QDWLRQDOH (QWKXVLDVPXV IU GLH Ä.lPSIHUIUV9DWHUODQG³VLQGHQJPLWGHU+DXSWKDQGOXQJYHU ZREHQ'LHV]HLJWVLFKEHLVSLHOVZHLVHGDUDQGDVV&ODUDLPPHU ZLHGHU PLOLWlULVFKH 0HWDSKHUQ IU LKUHQ HLJHQHQ ÄLGHDOHQ .DPSI³YHUZHQGHW6R]LWLHUWVLHDXVHLQHP6WXGHQWHQOLHGEHU GHQ.DPSIIU*HLVWHVIUHLKHLWGDQQDXVHLQHP6ROGDWHQOLHGLQ GHPHVKHL‰WÄGDVVGDV0lGFKHQ>LQGLH6FKODFKW@PLWNRPPHQ P|FKWH³ 'DPLW FKDUDNWHULVLHUW VLH LKUH HLJHQH )UHLKHLWVVHKQ VXFKWLP=XVDPPHQKDQJPLWGHUÄ(PDQ]LSDWLRQGHU'DPHQ³ 2GHUVLHYHUJOHLFKWHLQHQDGHOLJHQ)UDXHQKHOGHQGHULKU$YDQ FHQPDFKWPLWGHQÄHKUORVHQXQGYHUUlWHULVFKHQGHXWVFKHQ6RO GDWHQ³

$XFKLKUUHOLJL|VHU(QWKXVLDVPXVKDWHLQHH[SOL]LWPLOLWlULVFKH XQGQDWLRQDOH.RPSRQHQWH,KUH,GHQWLILNDWLRQVILJXULVW ± JDQ]

LP6LQQHGHURELJHQ%HPHUNXQJHQ]XU)XQNWLRQGHUZHLEOLFKHQ

$VNHVH ± QLFKWHWZD0DULDGLHELEOLVFKH0XWWHUVRQGHUQGLH-R KDQQDYRQ2UOpDQVLQGHUVFKLOOHUVFKHQ9HUVLRQI'LH,GHQ WLILNDWLRQPLWGHU]|OLEDWlUHQNULHJHULVFKHQ-XQJIUDXXQGGDPLW LKUHLJHQHU1DWLRQDOLVPXVYHUVSULFKW]ZHLHUOHLHLQHUVHLWVZLUG HULKU]XU.RPSHQVDWLRQIUGLHIUKYHUORUHQHQ(OWHUQ

Ä6WHKHLFKDOOHLQ"1XUGHUGHUQLFKWVDQGHUHVDOVVHLQHLJH QHVNOHLQHV,FKOLHEWLVWDOOHLQ$EHUDOVLFKLP6RPPHUPLW +HU]HQVDQJVWDXI1DFKULFKWYRP.ULHJZDUWHWHXQGZHQQ VLHJXWZDUHQPLWLQVWlQGLJHU'DQNEDUNHLWVDJWHÃ*RWWVHL JHOREW:LUKDEHQJHVLHJWµGDIKOWHLFKGDVVLFKQLFKWQXU PLUVHOEVWJHK|UWHVRQGHUQPHLQHU1DWLRQXQGGDVVLFKMHW]W GXUFKPHLQH/LHEHZLUNOLFK7HLODQDOOHQLKUHQ*HVFKlIWHQ KDWWH'LH6FKODFKWGLHGLH$UPHHJHZDQQKDWWHLFKJH ZRQQHQGDVZDVVLHYHUORUKDWWHLFKYHUORUHQ1HLQLFK ELQQLFKWDOOHLQ*RWWLVWPHLQ9DWHU'lQHPDUNPHLQH0XW WHUDOOH0HQVFKHQVLQGPHLQH*HVFKZLVWHU'DVLVWGDVJUR

‰H)DPLOLHQOHEHQLQGHPLFK:XU]HOQJHVFKODJHQKDEH³ (LQH)DPLOLHQPHWDSKHUWULWWDOVRHLQHUVHLWVDQGLH6WHOOHGHUDOV HLQVFKUlQNHQGHUOHEWHQUHDOHQ)DPLOLHZlKUHQGDQGHUHUVHLWVGLH ,GHQWLILNDWLRQPLWGHUNULHJHULVFKHQ-XQJIUDXIU&ODUD]XU%H

IUHLXQJYRQHEHQGLHVHQIHVVHOQGHQNRQNUHWHQIDPLOLlUHQ.UlIWHQ ZLUG6RYHUJOHLFKWVLHVLFKVSlWHUPLWHLQHPYHUKHLUDWHWHQ0DQQ GHU]XP0LOLWlUHLQJH]RJHQZLUGXQGEHJUQGHWPLWGLHVHU$QD ORJLHZDUXPVLHVHOEVWHVDEOHKQWLKU/HEHQGHU6RUJHIUHLQH )DPLOLH]XZLGPHQ

Ä1HLQ>«@NHLQ9HUKlOWQLVGHU:HOWNDQQ>GHQ0DQQ@YRQ VHLQHQ9HUSIOLFKWXQJHQJHJHQEHUGHP9DWHUODQGO|VHQ 'LH )UDX GLH HJRLVWLVFK JHQXJ LVW VLFK ]ZLVFKHQ LKUHQ 0DQQXQGVHLQH(KUHXQGVHLQ*HZLVVHQ]XGUlQJHQGLH PDFKW VLFK GHVVHQ XQZUGLJ GDVV HU DXI VLH 5FNVLFKW QLPPW³

)LELJHUV&ODUDPDFKWVLFKKLHUGHQ]HLWJHQ|VVLVFKHQ)DPLOLHQGLV NXUV]XQXW]HXPLKQ]XLKUHQ=ZHFNHQ]XYHUZHQGHQZREHLVLH GLH*HVFKOHFKWHUSRVLWLRQHQLQFKDUDNWHULVWLVFKHU:HLVHXPNHKUW 'LH 3DUDOOHOLVLHUXQJ ]ZLVFKHQ JHLVWLJHP .DPSI GHU )UDX XP (PDQ]LSDWLRQXQGPLOLWlULVFKHP.DPSIGHUGlQLVFKHQ6ROGDWHQ XPGLHQDWLRQDOHQ,QWHUHVVHQ'lQHPDUNVILQGHWLKUHQ+|KHSXQNW DP5RPDQHQGH+LHUZLUGGLH.UDQNKHLW&ODUDVXQPLWWHOEDUPLW GHP OHEHQVJHIlKUOLFKHQ XQG KHOGHQKDIWHQ =XJ $[HOV LQ GHQ .ULHJSDUDOOHOJHIKUWGDV*OFNEHUVHLQhEHUOHEHQZLUGEHU ERWHQYRQGHU)UHXGHEHUGHQ6LHJGHV9DWHUODQGHVXQGVFKOLH‰

OLFKHUIOOWVLFK&ODUDV,GHDOGHU%HIUHLXQJGHU)UDXGDGXUFKGDVV

$[HOLQHLQHUZHLWHUHQ8PNHKUXQJGHU*HVFKOHFKWHURUGQXQJJH UDGHVRKDQGHOWZLHVLHHVYRUKHUYRQGHULGHDOHQ(KHIUDXJHIRU GHUWKDWHUHUNHQQWLKU,GHDODOVK|KHUDQDOVVHLQHSHUV|QOLFKHQ :QVFKHXQGYRUDOOHPVHLQN|USHUOLFKHV%HJHKUHQ

:HLEOLFKH6XEMHNWZHUGXQJYROO]LHKWVLFKLQ&ODUD5DSKDHODOVR DQDORJ]XPPlQQOLFKHQ6ROGDWHQLQHLQHPGHU)DPLOLHHQW]RJH QHQMDJHUDGH]XHQWJHJHQJHVHW]WHQ5DXP'DVVLFKIRUPLHUHQGH ZHLEOLFKH6XEMHNWLVWGDEHLPD‰JHEOLFKJHSUlJWYRQHLQHPPLOL WlULVFKQDWLRQDOHQ'LVNXUV'LHVHQVXFKWVLFKGLHDXVLKPD SULRUL DXVJHVFKORVVHQH$QGHUHGLH)UDXDQ]XHLJQHQLQLKQYHUVXFKW VLHVLFKDNWLYHLQ]XVFKUHLEHQ

(VLVWQXQQLFKWLQHUVWHU/LQLHGHUQDWLRQDOH6XEWH[WGHU0DWKLO GH)LELJHUV5RPDQIULKUH=HLWJHQRVVHQVRNRQWURYHUVPDFKWH (VLVWYLHOPHKU&ODUDVUHOLJL|VHV$XIEHJHKUHQGDVVLHGLUHNWJH JHQGHQ3DVWRUDUJXPHQWLHUHQOlVVWXQGLKUH)RUGHUXQJ)UDXHQ DOVGHQNHQGH0HQVFKHQDQ]XHUNHQQHQ+LHU]XVSlWHUPHKU)HVW ]XKDOWHQEOHLEW]XQlFKVWGDVVXQWHUKDOEXQGYHUEXQGHQPLWGHU )RUGHUXQJ QDFK Ä'DPHQHPDQ]LSDWLRQ³ HLQ QDWLRQDOHU 'LVNXUV LP 5RPDQ YLUXOHQW LVW GHU ]HLJW GDVV 6XEMHNWLYLWlW LQ GLHVHP .RQWH[WQXUGHQNEDULVWDOVGLH,GHQWLWlWHLQHVEUJHUOLFKHQQDWL RQDOHQ6XEMHNWHV

'LHLQWULNDWHQ=XVDPPHQKlQJH]ZLVFKHQGHQ.DWHJRULHQÄ1DWL RQ³Ä5HOLJLRQ³XQGÄ*HVFKOHFKW³ELOGHQQXQDXFKGDVGLVNXUVL YH .RQIOLNWIHOG LQ GHP 0HwU $URQ *ROGVFKPLGWV 5RPDQ(LQ -XGHVLFKEHZHJW

0HwU$URQ*ROGVFKPLGW(Q-¡GH

&KULVWLQDYRQ%UDXQKDWQHEHQDQGHUHQ$XWRULQQHQXQG$XWRUHQ DXIGHQ=XVDPPHQKDQJ]ZLVFKHQ0LVRJ\QLHXQG$QWLVHPLWLV PXVKLQJHZLHVHQGDUDXIGDVVGDV$QGHUHGHVEUJHUOLFKHQ6XE MHNWVKlXILJ)UDXHQXQG-XGHQJHZHVHQVHLHQXQGVLQG,QGLH VHP.RQWH[WNDQQGHU'HEWURPDQGHVOLEHUDOHQ,QWHOOHNWXHOOHQ 6DWLULNHUV XQG -RXUQDOLVWHQ 0HwU $URQ *ROGVFKPLGW GLVNXWLHUW ZHUGHQ*ROGVFKPLGWYHUIROJWLQ(LQ-XGHGHQ:HUGHJDQJVHLQHV 3URWDJRQLVWHQ-DFRE%HQGL[HQYRQGHU*HEXUWLQHLQHUGlQLVFKHQ 3URYLQ]VWDGWELV]XVHLQHP7RG'HUEHJDEWHWHPSHUDPHQWYROOH -XQJHO|VWVLFKZlKUHQGVHLQHU6FKXO]HLWODQJVDPDXVGHPHQJHQ MGLVFKHQ+HUNXQIWVPLOLHXXQGYRQGHUMGLVFKRUWKRGR[HQ5HOL JLRQ(UVWXGLHUW0HGL]LQKHJW+RIIQXQJDXI$QHUNHQQXQJXQG

$NNXOWXULHUXQJLQGHUGlQLVFKHQ*HVHOOVFKDIWXQGDXIGLH(KH PLWHLQHU%UJHUVWRFKWHU'HUHQ1DPH7KRUDVSLHOWGRSSHOGHXWLJ VRZRKO DXI GLH MGLVFKH KHLOLJH 6FKULIW ZLH DXI GLH QRUGLVFKH

*RWWKHLW7KRUDQXQGYHUZHLVWGDPLWDXIGHQOHW]WOLFKXQKHLOED UHQ=ZLHVSDOWGHV3URWDJRQLVWHQ]ZLVFKHQMGLVFKHUXQGGlQLVFK QDWLRQDOHU.XOWXU2EZRKO7KRUD-DFREV*HIKOHHUZLGHUWHQW ZLFNHOWVLFKLKUH%H]LHKXQJXQJOFNOLFKZHJHQGHU$PELYDOHQ]

YRQ7KRUDV)DPLOLH-DFREV-XGHQWXPJHJHQEHUXQGZHJHQ-D FREVHLJHQHUhEHUHPSILQGOLFKNHLW-DFREYHUOlVVW'lQHPDUNXP DOV6ROGDWLP$XVODQG]XEHZHLVHQGDVVHUHLQHU(KHGRFKZU GLJVHL=XUFNJHNHKUWQDFK'lQHPDUNILQGHWHU7KRUDMHGRFK YHUKHLUDWHWXQGJOHLFK]HLWLJLQHLQH$IIlUHPLWHLQHPDQGHUHQ5L YDOHQYHUZLFNHOW(UVFKUHLEWLKUHLQHQ%ULHILQGHPHU]XHUNHQ QHQJLEWGDVVHUYRQGLHVHU$IIlUHZHL‰ZRUDXIKLQVLHHUNUDQNW XQGVWLUEW(UYHUOlVVWGLH+DXSWVWDGWXQGEHHQGHWVHLQ/HEHQDOV .DULNDWXUHLQHVMGLVFKHQNOHLQOLFKHQ:XFKHUHUVLQVHLQHP+HL PDWRUWZRHUQLFKWYLHOVSlWHUEHHUGLJWZLUG

(LQ-XGHVFKLOGHUWDOVRGHQ/HEHQVZHJHLQHV-XGHQGHUDXIJUXQG YRQ'LVNULPLQLHUXQJHQDQGHU$XIJDEHGHU$NNXOWXUDWLRQLQGHU GlQLVFKHQ *HVHOOVFKDIW VFKHLWHUW GHU WURW] VHLQHU YLHOYHUVSUH FKHQGHQ$QODJHQQLFKWLQGHU/DJHLVWVHLQ,GHDO]XYHUZLUNOL FKHQXQGRKQHVHLQH+HUNXQIW]XYHUOHXJQHQDOVUHVSHNWLHUWHU

%UJHU]XOHEHQ'HU.RQIOLNWLQGHPHUVLFKEHILQGHWZLUGGD EHLLP6LQQHGHV6SUDFKJHEUDXFKVGHU=HLWDXVGUFNOLFKDOV.RQ IOLNW]ZLVFKHQ]ZHL1DWLRQHQEH]HLFKQHW

'LH(QWZLFNOXQJ]XP6XEMHNWLVWDOVRIU*ROGVFKPLGWV-DFRE ZLHDXFKLQ&ODUD5DSKDHOHQJJHEXQGHQDQHLQHQDWLRQDOH,GHQ WLWlWGLHLQGLHVHP)DOOHGHP-XGHQDEJHVSURFKHQZLUG:HOFKHQ (UNHQQWQLVZHUWDEHUKDWGLH.DWHJRULHÄ*HVFKOHFKW³LQGLHVHP .RQWH[W"*HRUJH0RVVHVWHOOWGDVZDVHUÄUHVSHFWDELOLW\³DOVR 5HVSHNWDELOLWlWRGHUHKUEDUH%UJHUOLFKNHLWQHQQWH[SOL]LWLQHL QHQ*HVFKOHFKWHUNRQWH[WZHQQHUIROJHQGH%HGLQJXQJHQIRUPX OLHUWGLH]XP(UUHLFKHQGHUVHOEHQQRWZHQGLJVLQG(KH9DWHU VFKDIW PlQQOLFKH 6WlUNH XQG :HKUKDIWLJNHLW *ROGVFKPLGWV -DFRE%HQGL[HQVRZLUGLP)ROJHQGHQ]X]HLJHQVHLQVFKHLWHUW DQHEHQGLHVHQ3UREOHPNRPSOH[HQ

$XFKIU-DFREVWHOOHQ(KHVFKOLH‰XQJXQG)DPLOLHQJUQGXQJGDV ]HQWUDOH=HLFKHQGHUEUJHUOLFKHQ0lQQOLFKNHLWGDU'LH9HUELQ GXQJ PLW 7KRUD YHUVSULFKW LKP JHQDX GLHVH -DFREV MGLVFKHU )UHXQG/HY\HUNHQQWJOHLFK]X$QIDQJGLH8QP|JOLFKNHLWHLQHV VROFKHQ 8QWHUIDQJHQV (U UlW LKP ]XU (QWVFKHLGXQJ IU HLQH 6HLWH ± ]XU7DXIHRGHU]XU+HLUDWHLQHUMGLVFKHQ)UDXII

0LWGHUDQLKQJHVWHOOWHQ)RUGHUXQJVLFKHQWZHGHUWDXIHQ]XODV VHQRGHUDXI7KRUD]XYHU]LFKWHQJHUlW-DFRELQHLQHQDXVZHJOR VHQ'RXEOH%LQG'LH7DXIHZUGHHLQHQ9HUUDWDQVHLQHP,GHDO GHV*RWWHVEHGHXWHQGHUEHUGHQ5HOLJLRQHQVWHKWKDWWHHUVLFK GRFKJHUDGHHUVWYRQGHUMGLVFKHQXQGGDPLWYRQMHJOLFKHUUHOL JL|VHQ2UWKRGR[LHDEJHZHQGHW8QGHLQVROFKHU9HUUDWZUGH RKQHKLQQXUGLHDQJHEOLFKHÄ&KDUDNWHUORVLJNHLW³GHV-XGHQEH VWlWLJHQ3DUDGR[HUZHLVHLVWLKPDOVRJHUDGHGXUFKVHLQHQPlQQ OLFKKHURLVFKHQ&KDUDNWHUGHU=XJDQJ]XUEUJHUOLFKHQ0lQQ OLFKNHLWYHUVSHUUW

'LHDQGHUH0|JOLFKNHLWGLHGHUSUDJPDWLVFKH)UHXQG/HY\YRU VFKOlJWLVWGLH+HLUDWHLQHUMGLVFKHQ)UDXXQGVRTXDVLGLH(U ODQJXQJHLQHUVSH]LILVFKMGLVFKHQ0lQQOLFKNHLW,PDXVGHU5R PDQWLNNRPPHQGHQ/LHEHVGLVNXUVGHP*ROGVFKPLGWDQKlQJW ZlUHHLQVROFKHUZLOONUOLFKHU:HFKVHOGHV/LHEHVREMHNWVQDWU OLFKDXFKNHLQ=HLFKHQHLQHVVWDQGKDIWPlQQOLFKHQ&KDUDNWHUV /HW]WOLFK LVW HV DEHU QLFKW GHU UHOLJL|VH .RQIOLNW VRQGHUQ GHU

$XVVFKOXVVDXVGHP0LOLWlUGHU-DFREGHQ=XJDQJ]X7KRUDYHU VSHUUW$XFKGLHVHV'LOHPPDHUVFKHLQWLKPLPPHUVFKRQDXIHU OHJW6HLQH&KDUDNWHUDQODJHQNHQQ]HLFKQHQLKQYRQ*HEXUWDQDOV KHOGLVFKWDSIHUXQGZHKUKDIWDOV-XGHZHUGHQLKPGLHVH(LJHQ VFKDIWHQ TXD VHLQHU =XJHK|ULJNHLW ]X GLHVHP DQJHEOLFK IHLJHQ 9RONHGHUÄ'UFNHEHUJHU³JHUDGHDEJHVSURFKHQ6RIKUHQGLH KHOGHQKDIWHQ$QODJHQQXUGD]XGDVVEHLHLQHP3RJURPEHLGHP VLFKGDV.LQG-DFREPLWHLQHP0HVVHUZHKUWÄ%OXW]ZLVFKHQLKQ XQGGLH&KULVWHQ³NRPPW'LHKLHUV\PEROLVFKDQJHOHJWHQLFKW ]XXPJHKHQGH)HLQGVFKDIWPLWGHQJOHLFK]HLWLJYHUKDVVWHQXQG EHZXQGHUWHQ'lQHQZLUGZHQLJVSlWHUH[SOL]LWDXIGDV9HUKlOW QLV]ZLVFKHQ0DQQXQG)UDXEH]RJHQ%HLVHLQHU%DU0LW]ZDK HUKlOW-DFREDOV]XOHVHQGHQ7KRUD6SUXFKGLH3DVVDJHEHU*RW WHV9HUIOXFKXQJGHU6FKODQJHÄ8QGLFKZLOO)HLQGVFKDIWVHW]HQ ]ZLVFKHQGLUXQGGHP:HLEH³:HQQZLUXQVGDUDQHULQQHUQ GDVVGDV:RUWÄ7KRUD³VFKRQGLH]XNQIWLJHFKULVWOLFKH*HOLHEWH DVVR]LLHUWZLUGKLHUGLH%DU0LW]ZDKJOHLFK]ZHLIDFK]XUSUHNl UHQXQGOHW]WOLFKVFKHLWHUQGHQ,QLWLDWLRQLQGLH0lQQOLFKNHLW

'LHVH.LQGKHLWVNRQIOLNWHQXQVHW]HQVLFKLQQDKH]XEUXWDOHU/R JLNLP(UZDFKVHQHQDOWHUIRUWXQGVLHVLQGIDVWEHUGHXWOLFKLQ GHQ .RQWH[W GHV VFKHLWHUQGHQ .DPSIHV XP 0lQQOLFKNHLW JH VWHOOW-DFREV+DXSWSUREOHPOLHJWQlPOLFKGDULQGDVVHUDOV-XGH DXV%HDPWHQWXPXQG0LOLWlUDXVJHVFKORVVHQLVW'LHVVLQGJHQDX GLH3RVWHQGLHLQGHUHXURSlLVFKHQ*HVHOOVFKDIWVHLQHU=HLWDOV GLHPlQQOLFKVWHQJHOWHQ ± XQGDXFKDOVGLHMHQLJHQQDWUOLFKGLH GLH1lKHGHV0DQQHV]XP6WDDW]XU1DWLRQDPVWlUNVWHQEHNUlI WLJHQ'HU.RQIOLNWVHW]WVLFKDXIGHUSHUV|QOLFKHQ(EHQHIRUW

%HLGHVHLQHU5LYDOHQXPGLH*XQVW7KRUDVVLQG/HXWQDQWV$OV /HXWQDQW(QJEHUJQXQ7KRUD$YDQFHQPDFKWXQG-DFREGLUHNW EHOHLGLJW IRUGHUW -DFRE LKQ ZLH HV VLFK IU HLQHQ HKUHQKDIWHQ 0DQQGHU=HLWJHK|UW]XP'XHOOZDVMHQHUDEHUPLWGHQ:RUWHQ DEOHKQWÄ9LHOHQ'DQNIUGLHPLU]XJHGDFKWH(KUHDEHUDOV2I IL]LHU«6LHYHUVWHKHQZRKO«VLFKPLWHLQHP-XGHQ]XGXHOOLH UHQ«³-XGHQGLVNULPLQLHUXQJVRNDQQPDQVFKOLH‰HQYHUKLQ GHUWDOVRGLH,QWHJUDWLRQLQ1DWLRQXQG%UJHUWXPXQGGDPLWDXFK GLH$XVELOGXQJHLQHUYROOVWlQGLJHQ0lQQOLFKNHLW

'LH]LWLHUWH6]HQHLQGHU/HXWQDQW(QJEHUJ-DFREGLH6DWLVIDNWL RQYHUZHLJHUWIKUWQXQGD]XGDVV-DFREGDV/DQGYHUOlVVW(U ZLOOVLFK7KRUDXQGVHLQHP5LYDOHQEHZHLVHQGDVVHUXQWHUYHU PHLQWOLFKWROHUDQWHUHQ%HGLQJXQJHQGRFK]XPZDKUKDIWPlQQOL FKHQ .ULHJHU XQG )UHLKHLWVNlPSIHU ZHUGHQ NDQQ (U ]LHKW ]X QlFKVW QDFK 3DULV JHODQJW MHGRFK ]X VSlW GRUWKLQ ± GLH 5HYROXWLRQLQGHUHUÄ.DPSIXQG*HIDKU³EHVWHKHQÄ(KUHXQG

%HUKPWKHLW³HUODQJHQZLOOLVWJHUDGHYRUEHU6RPHOGHWHUVLFK DOVIUHLZLOOLJHU8QWHURIIL]LHUIUGHQ.ULHJLQ$OJHULHQ(UKRIIW LQGHU6FKODFKWGDV]XHUOHEHQZDVLKPHLQSROQLVFKHU.DPHUDG DOVHLQH$UW0lQQOLFKNHLWVUDXVFKVFKLOGHUW

ÄGDV EDFFKDQWLVFKH EOXWGUVWLJH *UDXHQ XQG GDV XQEH VFKUHLEOLFKH*HIKOGHLQHU0DQQHVNUDIWGDVHLQHQHUIOOW ZHQQMHGH6HNXQGHGHQ7RGEULQJHQNDQQXQGPDQVLFK GHP)HLQGHQWJHJHQVWU]W'LHHUVWH6FKODFKWJOHLFKWGHU HUVWHQ/LHEHPDQYHUJHKWIDVWLQGHPHLJHQHQ*HIKO³

$OV HV MHGRFK HQGOLFK ]X GLHVHU HUVHKQWHQ ÄHUVWHQ 6FKODFKW³ NRPPWYHUVDJW-DFREZLHVFKRQ]XYRULQGHUÄHUVWHQ/LHEH³,Q GHU1DFKWYRUKHUQlPOLFKHUKlOWHUGLH1DFKULFKWYRP7RGVHLQHV 9DWHUV'LHDQJUHLIHQGHQ%HGXLQHQLQLKUHUZHL‰HQ.OHLGXQJHU LQQHUQLKQDQ-XGHQ ± DVVR]LLHUWZHUGHQGLH7RWHQJHZlQGHUGHU PlQQOLFKHQ-XGHQGLHKLHULQVRIHUQEHUGHWHUPLQLHUWHUVFKHLQHQ DOVGLHVH*HZlQGHUDXFKYRQMGLVFKHQ0lQQHUDP-RP.LSSXU 7DJJHWUDJHQZHUGHQGHP)HVWDQGHPVRKDWGHU/HVHUIUKHU HUIDKUHQGLHKHOGHQKDIWH9HUWHLGLJXQJGHV7HPSHOVJHJHQGLH 5|PHUJHIHLHUWZLUG

Ä(VZDUIULKQDOVVHLVHLQ9DWHUKLHULQVHLQ/HLFKHQ KHPGJHNOHLGHWZLHHVDOOHKHLOLJHQ-XGHQZDUHQGLHNU]

OLFKDXVGHP*UDEDXIHUVWDQGHQZDUHQ,QGLHVHP$XJHQ EOLFN W|QWH GDV $QJULIIVVLJQDO DEHU HU NRQQWH QLFKW DXI GLHVH:HVHQIHXHUQXQGKlWWHHVVHLQH6HHOHJHJROWHQ³ :LHVFKRQVRRIWYHUKLQGHUQDOVRSDUDGR[HUZHLVHGLH$VVR]LDWL RQ HLQHU 7UDGLWLRQ MGLVFKHQ +HOGHQWXPV NRPELQLHUW PLW GHP

EHUPlFKWLJHQ%LOGGHV9DWHUVGDVV-DFREVHOEVW]XP0DQQXQG +HOGHQZLUG

'LHOHW]WH6WDWLRQDXI-DFREV6XFKHQDFK.ULHJVUXKPXQG(KUH IKUWLKQLQGLH%HIUHLXQJVNlPSIHQDFK3ROHQ ± HLQHQ.ULHJGHQ HUDOVJHUHFKWHQ.ULHJHPSILQGHWKDQGHOWHVVLFKGRFKXPHLQHQ QDWLRQDOHQ8QDEKlQJLJNHLWVNDPSI1DFKHLQHU%UXVWYHU OHW]XQJGLHPHWDSKRULVFKPLWGHU1DFKULFKWYRQ7KRUDV+HLUDW YHUEXQGHQLVWZLHGHUJHQHVHQNHKUWHUQDFK'lQHPDUN]XUFN

=XQlFKVW VFKHLQW VLFK VHLQH +RIIQXQJ DXI $QHUNHQQXQJ DOV PlQQOLFKHU+HOGHQGOLFK]XHUIOOHQI6HLQH.DPHUDGHQ ULFKWHQHLQ)HVWIULKQDXVZRHULP/RUEHHUNUDQ]DOV+HOGJH IHLHUWZLUG'HU.UDQ]MHGRFKYHUOLHUWVHLQH%OlWWHUVHLQ5LYDOH HUKlOW]XIlOOLJGHQ3ODW]GDUXQWHUXQG-DFREHQGHWDOV3DURGLH GHV+HOGHQ'LHNULHJVXQHUIDKUHQHQGlQLVFKHQ/HXWQDQWVKLQJH JHQZHUGHQRKQHZHLWHUHVDOVÄULFKWLJH0lQQHU³DN]HSWLHUW 'DPLWNDQQYRUOlXILJGHU6FKOXVVJH]RJHQZHUGHQGDVV-DFREV 6FKHLWHUQDQGHU$VVLPLODWLRQOHW]WOLFKVHLQH8QIlKLJNHLWEHGHX

WHWHLQHLP6LQQHVHLQHU=HLWYROOZHUWLJHPlQQOLFKH,GHQWLWlW]X HQWZLFNHOQ,FKGHXWHGLHVDOVGLHIUKH$QDO\VHHLQHVDQWLVHPL WLVFKHQ'LVNXUVHVLQGHPGLHILNWLYHQ*U|‰HQÄ5DVVH³XQGÄ*H VFKOHFKW³LQHLQHU:HLVHYHUPLVFKWZHUGHQLQGHUGLH=XJHK|ULJ NHLW ]X HLQHU ÄQLHGHUHQ³ 5DVVH PLW GHP 0DQJHO DQ K|KHU EHZHUWHWHU 0lQQOLFKNHLW HLQKHUJHKW 0LW GHU &KDUDNWHULVLH UXQJVHLQHVMGLVFKHQ3URWDJRQLVWHQDOVXQYROOVWlQGLJHQ0DQQ YHUZHLVW*ROGVFKPLGWDXIHLQ6WHUHRW\SGDVGHVYHUZHLEOLFKWHQ -XGHQGDVHUVWLPDQWLVHPLWLVFKHQ'LVNXUVGHVVSlWHQ-DKU KXQGHUWVLP=XVDPPHQKDQJPLWPHGL]LQLVFKHQXQGSV\FKLDWUL VFKHQ'LVNXUVHQHLQHVWlUNHUH:LUNXQJHQWIDOWHQVROOWH

(LQZHLWHUHU6FKDXSODW]IU-DFREVÄ.DPSIXP$QHUNHQQXQJ³ ± HEHQIDOOVPLWGHU*HVFKOHFKWHUSUREOHPDWLNXQGDXFKPLWGHU7KH PDWLNYRQ&ODUD5DSKDHOYHUEXQGHQ ± LVWVHLQ6WUHEHQQDFK%LO GXQJ-DFREWHLOWPLWDQGHUHQOLWHUDULVFKHQ-XGHQJHVWDOWHQVHLQHU

=HLWGLHDPELYDOHQWH+DOWXQJGHUFKULVWOLFKHQ:HOWJHJHQEHU (UIKOWVLFKYRQGHUHQ,GHDOHQXQG0|JOLFKNHLWHQVHKQVXFKWV YROODQJH]RJHQGXUFKGHUHQ'LVNULPLQLHUXQJMHGRFKDEJHVWR‰HQ XQGDXVJHVFKORVVHQ6HLQH6HKQVXFKWLVWDOOHUGLQJVQLFKWSULPlU UHOLJL|VPRWLYLHUWVRQGHUQGXUFKVHLQ6WUHEHQQDFK$QVFKOXVVDQ GLHEUJHUOLFKH.XOWXUXQG%LOGXQJ(UVFKHLWHUWOHW]WOLFKDQNXO WXUHOOHQ8QYHUHLQEDUNHLWHQXQGGHQVXEWLOHQ$XVVFKOXVVPHFKD QLVPHQGHUGlQLVFKHQEUJHUOLFKHQ*HVHOOVFKDIW

,FKP|FKWHYRUVFKODJHQDXFKGLH%LOGXQJGLH*ROGVFKPLGW-D FREHUODQJHQOlVVWDOV7HLOVHLQHV6WUHEHQVQDFK0lQQOLFKNHLW]X LQWHUSUHWLHUHQ8QWHUDQGHUHPXPGLHVSODXVLEHO]XPDFKHQVROO LP)ROJHQGHQGHU%RJHQ]XUFNJHVFKODJHQZHUGHQ]XGHQLQWHU WH[WXHOOHQ 9HUELQGXQJHQ ]ZLVFKHQ *ROGVFKPLGWV 5RPDQ XQG VHLQHQ$UWLNHOQXQG%ULHIZHFKVHOQLP=XVDPPHQKDQJPLWGHU OLWHUDULVFKHQ)HKGHGLHVLFKQDFKGHU3XEOLNDWLRQGHV5RPDQV

&ODUD5DSKDHOHQWVSDQQ

.RQNXUUHQ]XP$QHUNHQQXQJ ± ]XP=XVDPPHQKDQJ ]ZLVFKHQGHQ5RPDQHQXQGOLWHUDULVFKHQ'HEDWWHQ

8P HV YRUZHJ VLFKHUKHLWVKDOEHU NODU]XVWHOOHQ ZHGHU&ODUD 5DSKDHOQRFK(LQ-XGHVLQGDXWRELRJUDSKLVFKH5RPDQHXQGVLH VLQGDXFKQLFKWPLW+LOIHGHU%LRJUDSKLHQLKUHU$XWRULQQHQE]Z LKUHV$XWRUV]XHUNOlUHQ8PJHNHKUWMHGRFKN|QQHQGLHDXVGHQ 5RPDQDQDO\VHQJHZRQQHQHQ(UNHQQWQLVVHGXUFKDXVGD]XEHLWUD JHQGLHDQIDQJVJHVFKLOGHUWHQVFKHLWHUQGHQKDOESULYDWHQKDOE

|IIHQWOLFKHQ.RPPXQLNDWLRQVYHUVXFKH]ZLVFKHQ%UHWWHYLOOHXQG

*ROGVFKPLGWVRZLH)LELJHUXQG*ROGVFKPLGW]XYHUVWHKHQ8P GLHVH:HFKVHOZLUNXQJHQ]ZLVFKHQ%ULHIHQXQG5RPDQHQVROOHV LQGHQIROJHQGHQDEVFKOLH‰HQGHQ%HPHUNXQJHQJHKHQ

%HLP DQIDQJV GDUJHVWHOOWHQ %ULHIZHFKVHO ]ZLVFKHQ %UHWWHYLOOH XQG*ROGVFKPLGWHUVFKHLQWHVDXIGHQHUVWHQ%OLFNYHUZXQGHU OLFKGDVV*ROGVFKPLGWVRZHQLJ6\PSDWKLHIUGLH)RUGHUXQJHQ YRQ%UHWWHYLOOHXQG)LELJHUV&ODUDIUGLHÄ(PDQ]LSDWLRQGHU'D PHQ³DXIEULQJHQNDQQ=XQlFKVWVRVROOWHPDQPHLQHQZlUHHV QXUORJLVFKZHQQVLFKVRZRKO%UHWWHYLOOHDOVDXFK)LELJHUJHUDGH GHVKDOEDQ*ROGVFKPLGWXP8QWHUVWW]XQJZHQGHQZHLOGLHVHU DOVSURJUHVVLYHUOLEHUDOHUXQGIRUWVFKULWWOLFKHU'HQNHUXQG3XEOL ]LVWEHNDQQWZDU6FKOLH‰OLFKJHK|UWHHUVHOEVW]XHLQHUPDUJLQD OLVLHUWHQXQGGLVNULPLQLHUWHQ*UXSSH$XFKGLH,GHDOHGLH*ROG VFKPLGWV3URWDJRQLVW-DFREXQG)LELJHUV&ODUDLQ%H]XJDXIHLQH PRGHUQH9HUQXQIWUHOLJLRQGLH(LQKHLWYRQ3RHVLHXQG5HOLJLRQ XQGDQGHUHQHPDQ]LSDWRULVFKHQ,GHHQYHUWUHWHQVLQGVHKUlKQ OLFK,FKYHUWUHWHLP)ROJHQGHQGLH7KHVHGDVVGLH.RPPXQLND WLRQVVFKZLHULJNHLWHQ XQG 0LVVYHUVWlQGQLVVH ]ZLVFKHQ *ROG VFKPLGWXQGGHQEHLGHQ)UDXHQXQWHUDQGHUHPGDKHUUKUHQGDVV GLH3DUWHLHQLQHLQ.RQNXUUHQ]YHUKlOWQLVXPGDVJHUDWHQZDVLP 7LWHOSODNDWLYDOVÄ.DPSIXP6XEMHNWLYLWlW³EH]HLFKQHWZXUGH 'HUNOHLQVWHJHPHLQVDPH1HQQHUDXIGHQGLH%HPKXQJHQYRQ

%UHWWHYLOOH *ROGVFKPLGW XQG )LELJHU ]X EULQJHQ VLQG LVW LKU :XQVFK LQ GHU EUJHUOLFKHQ gIIHQWOLFKNHLW JHK|UW ]X ZHUGHQ HLQHOLWHUDULVFKH6WLPPHGHQ6WDWXVGHVÄ$XWRUV³]XEHNRPPHQ XQGGDPLW$QHUNHQQXQJDOVÄEUJHUOLFKHV6XEMHNW³]XHUUHLFKHQ

'LHVLVW%UHWWHYLOOHXQG)LELJHUDOV)UDXHQDOVRZHJHQLKUHU*H VFKOHFKWV]XJHK|ULJNHLW*ROGVFKPLGWDOV-XGHQDOVRZHJHQVHL QHUÄPDQJHOKDIWHQ³GlQLVFKHQ1DWLRQDOLWlW]XQlFKVW]XPLQGHVW SDUWLHOOYHUVDJW'LH5RPDQDQDO\VHQKDEHQJH]HLJWGDVVGLH$Q HUNHQQXQJDOV6XEMHNWEHUGDV(LQVFKUHLEHQLQGLH.DWHJRULHQ Ä1DWLRQ³XQGÄ0lQQOLFKNHLW³YHUOlXIW ± DQGHUVJHVDJWGDVEU JHUOLFKH6XEMHNWLVWPlQQOLFKXQGQDWLRQDO(LQHVGHUYRUQHKPV WHQ0LWWHOVLFKLQGLHVH'LVNXUVHHLQ]XVFKUHLEHQLVWVRZRKOIU )LELJHUV&ODUDDOVDXFKIU*ROGVFKPLGWV-DFREGDV%HVWUHEHQ

%LOGXQJ ]X HUODQJHQ YRQ GHU VLH XUVSUQJOLFK DXVJHVFKORVVHQ VLQG'LHVH%LOGXQJVEHVWUHEXQJHQN|QQHQRKQH=ZHLIHODXFKDXI GLHEHLGHQ$XWRULQQHQXQGGHQ$XWRUEH]RJHQZHUGHQ

'LH 0LVVYHUVWlQGQLVVH XQG $PELYDOHQ]HQ ]ZLVFKHQ *ROG VFKPLGWXQGGHQEHLGHQ$XWRULQQHQJHZLQQHQDXVGLHVHU3HUV SHNWLYHHLQHQHXH'LPHQVLRQ*ROGVFKPLGWVPDQJHOQGH6\PSD WKLHIU%UHWWHYLOOHVXQG)LELJHUV3URJUDPPGHU)UDXHQELOGXQJ N|QQWH XQPLWWHOEDU PLW VHLQHP HURWLVFKHQ ,QWHUHVVH DQ GLHVHQ )UDXHQ ]XVDPPHQKlQJHQ (EHQVR ZLH VHLQ 3URWDJRQLVW -DFRE EUDXFKWHUQlPOLFKHLQH)UDXGLHGDVEUJHUOLFKH,GHDOHUIOOW GDVGHQ0DQQHUJlQ]HQGHÄ$QGHUH³]XVHLQXQGLKQVRHUVWZLUN OLFK]XP0DQQPDFKW'LHVJHKWDXVVHLQHQ%HLWUlJHQ]XU&ODUD 5DSKDHO'HEDWWHXQGVHLQHQ%ULHIHQDQ%UHWWHYLOOHGHXWOLFKKHU YRU+LHUVWHOOWHUGLH)UDXLQLKUHU:HLEOLFKNHLWDOVHLQHQ*HJHQ VWDQG GHU (KUIXUFKW GDU (U IUFKWHW GLH 9HUZLUNOLFKXQJ GHU (PDQ]LSDWLRQVLGHHQZUGHGLH)UDXDXVHLQHUÄ%OXPH³]XHLQHP Ä5RJJHQDFNHU³ PDFKHQ WURFNHQ JHOHKUW XQG YHUPlQQOLFKW :DKUHU )RUWVFKULWW IU LKQ LVW KLQJHJHQ GHU )RUWVFKULWW LQ GHU )UDXHQDQEHWXQJ'HU]LYLOLVLHUWH0DQQVROOHVFKDIIHQXQGGHU )UDXGHQ(UWUDJEULQJHQ'DIUVXFKWHULQGHU)UDXÄHUO|VHQGH 1DWUOLFKNHLW³6FKOLH‰OLFKVWHOOWHUQRFKGLH%HUHFKWLJXQJGHU ZHLEOLFKHQ.ODJHEHULKULQKDOWVORVHVREHUIOlFKOLFKHV/HEHQLQ )UDJH(UWXWGLHVLQGHPHUHVPLWGHU1HLJXQJGHV0DQQHV]XU 0HODQFKROLHNRQWUDVWLHUWGLHLKPZHLWDXVVFKOLPPHUHUVFKHLQW

Ä:LVVHQ6LHHWZDVYRQGHQGXQNOHQ6WXQGHQGLHQDFKGHU

%HJHLVWHUXQJNRPPHQQDFKGHU$QVWUHQJXQJNHQQHQ6LH GLHVH0XWORVLJNHLWXQG9HUORUHQKHLW"8QGZLHYLHOHPlQQ

OLFKH*HLVWHUJODXEHQ6LHZHONHQQLFKWGDKLQVRJDURKQH GLHVH$EZHFKVOXQJLQVFKOLPPHUHU(LQI|UPLJNHLWDOVGHU XQWHUGHU)UDXHQRIWVHXI]HQ³

'LH$EOHKQXQJGHU)UDXHQELOGXQJDOVGHU1DWXUGHU)UDXZLGHU VSUHFKHQG XQG GLH $XIZHUWXQJ GHV 0lQQOLFK+HURLVFKHQ GLH

$XVVDJHQGHVOLEHUDOHQ*ROGVFKPLGWGDVVGLH)UDXQXUDOV(U JlQ]XQJGHV0DQQHVH[LVWLHUHQVROONDQQVRDXFKDOVhEHUNRP SHQVDWLRQGHU7DWVDFKHJHOHVHQZHUGHQGDVVGHP-XGHQZDKUH 0lQQOLFKNHLWQLFKW]XJHVWDQGHQZLUGGLHHULQVEHVRQGHUHGXUFK

%LOGXQJ]XHUUHLFKHQVXFKW

:LHVHLQHP3URWDJRQLVWHQ-DFREEOHLEWDXFKGHP$XWRU*ROG VFKPLGWGLH(KHDOV=HLFKHQGHUEUJHUOLFKHQPlQQOLFKHQ6XE MHNWZHUGXQJYHUVDJW(UJHKWOHGLJOLFKHLQHSURIRUPD(KHPLWHL QHU*HOLHEWHQQLHGHUHQ6WDQGHVHLQXPGHQJHPHLQVDPHQ6RKQ ]XOHJLWLPLHUHQVHLQH9HUELQGXQJHQ]XGlQLVFKHQFKULVWOLFKHQ )UDXHQGHV%UJHUWXPVIKUHQKLQJHJHQLQNHLQHP)DOO]XUYRQ LKPHUVHKQWHQ(KHVFKOLH‰XQJ'HQ6WDWXVGHU$XWRUVKLQJHJHQ HUODQJWHULQJDQ]EHVRQGHUHP0D‰HZLUGHUGRFKPLWVHLQHQ VSlWHUHQ5RPDQHQ]XP%HJUQGHUGHVGlQLVFKHQ(QWZLFNOXQJV URPDQV$OOHUGLQJVKDWGLHVHÄ$XWRUVFKDIW³HLQHQ3UHLVHUYHU VWXPPWKLHUÄDOV-XGH³,QVHLQHPQlFKVWHQ:HUN+MHPO¡V+HL PDWORV HUVFKLHQHQ ]ZLVFKHQ XQG PDFKW HU HLQHQ 1LFKW-XGHQ]XP3URWDJRQLVWHQZHLOHUJODXEWGLHDOOJHPHLQ PHQVFKOLFKHQ 7KHPHQ GHV 5RPDQV QLFKW PLW HLQHU MGLVFKHQ +DXSWILJXUDXVGUFNHQ]XN|QQHQ6SlWHUJLEWHUGHQ3ODQDXI HLQHQJUR‰HQ5RPDQEHUGLH*HVFKLFKWHGHU-XGHQLQ(QJODQG ]X VFKUHLEHQ XQG SXEOL]LHUW DQVWHOOH GHVVHQ GHQ 5RPDQ

$UYLQJHQ'HU(UEHLQGHPQXQEHUKDXSWNHLQHMGLVFKH)LJXU PHKU]XILQGHQLVW

'LH)UDXHQ%UHWWHYLOOHXQG)LELJHUVXFKHQDOVR$QHUNHQQXQJDOV GHQNHQGH JHELOGHWH 6XEMHNWH EHLP ]ZHLIHOORV JHVHOOVFKDIWOLFK XQG OLWHUDULVFK DQHUNDQQWHQ KRFKJHELOGHWHQ *ROGVFKPLGW XQG KRIIHQDXIVHLQH+LOIHHLQHHLJHQHOLWHUDULVFKH6WLPPHHLQHQ 6WDWXVDOV$XWRULQQHQ]XJHZLQQHQ'DVVHVLKQHQLQHUVWHU/LQLH XP$XWRUVFKDIWJHKWZLUGQLFKWQXUGHXWOLFKLQGHU%LWWH)LELJHUV

DQ*ROGVFKPLGWVLHEHLGHU3XEOLNDWLRQLKUHV5RPDQV]XXQWHU VWW]HQ VRQGHUQ DXFK LQ %UHWWHYLOOHV HQWWlXVFKWHP $EVFKLHGV EULHILQGHPHVKHL‰WÄ:LUKlWWHQlVWKHWLVFKOLWHUDULVFKVSUHFKHQ VROOHQHVJLQJXP>«@PHLQNOHLQHVJHUDGHEHJRQQHQHV%XFK

>«@,FKVXFKWHGHQ*HLVWGHQIDQGLFKDXFKODVVPLFKLKQGRFK QLFKWYHUOLHUHQ³'HU%ULHIHQGHWQRFKHLQPDOPLWHLQHP$SSHOO DQGHQJHPHLQVDPHQ:XQVFKQDFK$XWRUVFKDIWQlPOLFKPLWHL QHPH[SOL]LWHQÄ/HEHZRKODQGHQ'LFKWHU³

*ROGVFKPLGWKLQJHJHQEUDXFKWGLH)UDXHQHEHQQLFKWDOVÄ'LFK WHULQQHQ³ DOV $XWRULQQHQ VRQGHUQ YLHOPHKU JHUDGH LQ LKUHU )XQNWLRQDOVWUDGLWLRQHOOH)UDXHQRKQHÄPlQQOLFKH³%LOGXQJXQG HLJHQH6WLPPH'LHVLVWGLH9RUDXVVHW]XQJIULKQVHOEVW]XP YROOZHUWLJHQ EUJHUOLFKHQ 0DQQ ]X ZHUGHQ 'LH *HPHLQVDP NHLWGLHEHLGHYHUELQGHWQlPOLFKGLH.ULWLNDQRUWKRGR[HU5HOL JLRQGLH)UDXHQZLHMGLVFKH0lQQHUYRQGLHVHU6XEMHNWNRQ VWLWXLHUXQJDEKlOWJHUlWGDEHLLQGHQ+LQWHUJUXQGXQGNDQQQLFKW ]XU%DVLVHLQHU6ROLGDULVLHUXQJZHUGHQ%UHWWHYLOOHVFKHLQWGLH VHQ =XVDPPHQKDQJ ]ZLVFKHQ *ROGVFKPLGWV 6WUHEHQ QDFK 0lQQOLFKNHLWXQGVHLQHP)UDXHQELOG]XHUNHQQHQXQGVLHZLUIW LKPJHQDXGLHVHÄ9HUJHVFKOHFKWOLFKXQJ³DOV9HUUDWDPJHPHLQ VDPHQÄJHLVWLJHQ,GHDO³YRUZHQQVLHDXIJHEUDFKWVFKUHLEWHUVHL ÄPHKU0DQQDOV*HLVW³JHZRUGHQ,PhEULJHQWDXFKWLPVHOEHQ

$EVDW]GHUPHWDSKRULVFKH9HUZHLVDXIGDV,GHDOGHU-XQJIUlX OLFKNHLWGLH]XU9RUDXVVHW]XQJGHUJHLVWLJHQ%HWlWLJXQJGHU)UDX ZLUGDXFKEHL%UHWWHYLOOHDXIZHQQVLH*ROGVFKPLGWYRUZLUIWHU KDEHÄ9HVWDVHZLJH/DPSHJHO|VFKW³

7URW]LKUHU%HPKXQJHQHUUHLFKHQGLHEHLGHQ)UDXHQGHQ6WDWXV GHVÄ$XWRUV³QLFKW%UHWWHYLOOHV6FKUHLEHQEOHLEWDXIGHU(EHQH GHV QXU DXVQDKPVZHLVH YHU|IIHQWOLFKWHQ HKHU SULYDWHQ %ULHIV )LELJHUV (UIROJ EOHLEW NXU] XQG DXI LKUHQ HUVWHQ 5RPDQ EH VFKUlQNW GHU EH]HLFKQHQGHUZHLVH GDV ÄSULYDWH³ ÄZHLEOLFKH³ 0HGLXPGHV%ULHIHVQXW]W,KUGULWWHU5RPDQ0LQRQDDXVKHXWL JHU6LFKWYLHONRPSOH[HUXQGLQWHUHVVDQWHUZLUGLQGHU]HLWJHQ|V VLVFKHQ5H]HSWLRQ]XPY|OOLJHQ)LDVNR)LELJHUYHUVWXPPWDOV

$XWRULQ

6RZHLWDOVR]XP=XVDPPHQKDQJ]ZLVFKHQ*ROGVFKPLGWV.RQ IOLNWHQ XQG VHLQHU 5ROOH LQ GHQ %HJHJQXQJHQ PLW )UDXHQ (V EOHLEWMHW]WQRFKGLH)UDJHREGLHVHV9HUKlOWQLVDXFKXPJHNHKUW JLOWRGHUREHVOHGLJOLFK*ROGVFKPLGWLVWGHULQGLHVHPÄ.DPSI XP6XEMHNWLYLWlW³VHLQHQÄ.RQNXUUHQWLQQHQ³PLWJUR‰HQ$PEL YDOHQ]HQJHJHQEHUWULWW"'LHVH)UDJHOlVVWVLFKQXULQGLUHNWEH DQWZRUWHQLVWGRFKZHGHUYRQ%UHWWHYLOOHQRFKYRQ)LELJHUEH NDQQWREVLHVLFKMHPDOVEHU*ROGVFKPLGWV-XGHQWXPJHlX‰HUW KDEHQ:LFKWLJLVWMHGRFKGHU8PVWDQGGDVV0DWKLOGH)LELJHULQ LKUHP5RPDQ&ODUD5DSKDHOZLHDQIDQJVJH]HLJWGLH6XEMHNW ZHUGXQJLKUHU3URWDJRQLVWLQVRGHXWOLFKDQLKUH7HLOQDKPHDQGHU Ä1DWLRQ³ ELQGHW .|QQWH GDV ZDV LQ GHU ELRJUDSKLVFKHQ )RU VFKXQJ]X*ROGVFKPLGWDOVÄ.lOWH³Ä(UVWDUUXQJ³XQGÄ/LHEHV XQIlKLJNHLW³ %UHWWHYLOOHV XQG DXFK )LELJHUV *ROGVFKPLGW JHJHQEHU DSRVWURSKLHUW ZRUGHQ LVW DXFK PLW HLQHU XQWHU VFKZHOOLJHQ$EOHKQXQJRGHU$XVJUHQ]XQJGHV-XGHQDOV3DUWQHU ]XVDPPHQKlQJHQ")UGLHEHLGHQ)UDXHQNDQQGDVDQKDQGGHU 4XHOOHQ QLFKW YHULIL]LHUW ZHUGHQ REZRKO HV LKQHQ WDWVlFKOLFK HKHUXPHLQH.ULWLNDQ*ROGVFKPLGWV)UDXHQXQG(KHLGHDO]X JHKHQVFKHLQW$OVZLFKWLJHUVWHOOWVLFKMHGRFKLQGLHVHP=XVDP PHQKDQJGDUGDVVHVGXUFKDXVQLFKWXQZDKUVFKHLQOLFKLVWGDVV

*ROGVFKPLGWVHOEVWLKUH=XUFNZHLVXQJLQGLHVHQ.DWHJRULHQLQ WHUSUHWLHUW $QODVV GD]X JLEW HV JHQJHQG LQ VHLQHU HLJHQHQ

%LRJUDSKLH6HLQ%LRJUDSK0RJHQV%U¡QGVWHGHWZDHUZlKQWLP 9RUIHOGGHU(QWVWHKXQJYRQ(LQ-XGHIROJHQGH(SLVRGH*ROG VFKPLGWZDUDXIHLQHUQDWLRQDOHQ9HUVDPPOXQJDOV-XGHEHL HLQHPDQGHUHQ-XGHQHLQTXDUWLHUWZRUGHQZDVHUDOV,QIUDJHVWHO OXQJVHLQHU=XJHK|ULJNHLW]XUGlQLVFKHQ1DWLRQLQWHUSUHWLHUWH,Q GHU)ROJHVWHOOWHHUVLFKDQV5HGQHUSXOWXPVLFKGRUWVHOEVWDOV -XGHQ]XÄRXWHQ³XQGGLHYHU]ZHLIHOWSURYRNDWLYH)UDJH]XVWHO OHQÄ:DVZLOOLFKXQWHU(XFK"³$XIGLHVHP7UHIIHQQXQOHUQWH HUHLQHMXQJH)UDXNHQQHQGLHÄIUGLHQDWLRQDOH6DFKHEUDQQ WH³'LH%H]LHKXQJVFKHLQWVLFKIROJWPDQ%U¡QGVWHGLQJDQ]

lKQOLFKHQ.RQIOLNWEDKQHQEHZHJW]XKDEHQZLHGLHMHQLJH-DFREV ]X7KRUDXQGHQGHWHPLWHLQHP%UXFK

LQGHP-DKUGHV.ULHJVXP6FKOHVZLJ+ROVWHLQLQGHP

&ODUD 5DSKDHO VSLHOW EHNDP *ROGVFKPLGW GHQ $XVVFKOXVV DOV

-XGHDXVGHUGlQLVFKHQ1DWLRQHUQHXWVFKPHU]KDIW]XVSUHQ6R KDWWHHULQVHLQHU=HLWVFKULIW1RUGRJ6\GGLH)UDJHQDFKVHLQHU HLJHQHQ =XJHK|ULJNHLW ]XU GlQLVFKHQ 1DWLRQ JHVWHOOW 9RQ GHU

*DOLRQVILJXU GHV GlQLVFKHQ OLEHUDOHQ 1DWLRQDOLVPXV 1)6 *UXQGWYLJ GHU ELV KHXWH DOV ZLFKWLJVWHU 9RUGHQNHU GHU GlQLVFKHQ7ROHUDQ]XQG,QWHJUDWLRQVIlKLJNHLWJLOWHUKLHOWHUGDU DXIKLQ GLH XQPLVVYHUVWlQGOLFKH $QWZRUW *ROGVFKPLGW VHL ÄYRONOLFK JHVSURFKHQ HLQ *DVW XQWHU XQV³ DOV ÄYROONRPPHQHU 'lQH³]XJHOWHQVHLÄHLQH*ULOOH³GHQQHUKDEHPLWGLHVHP9RON ÄZHGHU*HLVWQRFK+HU]JHPHLQVDP³

:LHJHVDJWHVLVWDXVGHQYRUKDQGHQHQ4XHOOHQQLFKWQDFK]XZHL VHQGDVV*ROGVFKPLGWV-XGHQWXPIUGLH=XUFNZHLVXQJGXUFK

%UHWWHYLOOHXQG)LELJHUEHUKDXSWHLQH5ROOHVSLHOWH'DVVHUHV VHOEVWLQGLHVHQ.DWHJRULHQJHGHXWHWKDEHQPDJVFKHLQWKLQJH JHQDXIGHP+LQWHUJUXQGGHUJHUDGHVNL]]LHUWHQSHUV|QOLFKHQ(U IDKUXQJHQGLHDXILKUH:HLVHLP5RPDQUHIOHNWLHUWVLQGVHKU ZDKUVFKHLQOLFK:LHGHPDXFKLQGLHVHP(LQ]HOIDOOVHL ± PHLQ

$QOLHJHQLVWOHW]WOLFKDOOJHPHLQHUHU$UW(VJLQJGDUXPGHXWOLFK ]XPDFKHQZLHVWDUNGLH.DWHJRULHQ*HVFKOHFKWXQGÄ1DWLRQ³ DOVRGDVZDVLQQHXHUHU7KHRULHDOVUDFHEH]HLFKQHWZLUGDXIHLQ DQGHUEH]RJHQVLQG'LH$QDORJVHW]XQJYRQ)UDXHQXQG-XGHQ LVWZLHGLH%HLVSLHOHJH]HLJWKDEHQEHUHLWV]XU-DKUKXQGHUWPLWWH DQJHOHJW6LHVSLHOWVLFKLQQHUKDOEGHU'LVNXUVH%LOGXQJXQG5H OLJLRQDE(VKDQGHOWVLFKXPHLQH,GHHGLHZHQLJVSlWHULQGHU 9HUELQGXQJPLWHYROXWLRQLVWLVFKHP'HQNHQXQGDQDWRPLVFKHQ 'LVNXUVHQ DQ 9LUXOHQ] JHZLQQW XQG LP H[SOL]LW UDVVHQELRORJL VFKHQ $QWLVHPLWLVPXV JLSIHOW 'DUEHU KLQDXV LOOXVWULHUW GDV GDUJHOHJWH%HLVSLHOZHOFKH3UREOHPDWLNHQVLFKHUJHEHQZHQQ PDUJLQDOLVLHUWH*UXSSHQVLFKGXUFK(LQVFKUHLEHQLQHLQHGLHVHU HWDEOLHUWHQ,GHQWLWlWVNDWHJRULHQ$QHUNHQQXQJ]XYHUVFKDIIHQVX FKHQ ,PPHU QlPOLFK VFKHLQW GLHVHV %HVWUHEHQ QDFK $QHUNHQ QXQJXQG*HK|U$XVVFKOVVH]XSURGX]LHUHQXQGJHPHLQVDPH NULWLVFKH,PSXOVHLQGLHVHP)DOOHWZDHLQÄIRUWVFKULWWOLFKHUHV³ 5HOLJLRQVYHUVWlQGQLVDXV]XEOHQGHQ

$QPHUNXQJHQ

'LH)HKGHZLUGGLVNXWLHUWLQ%XVN-HQVHQ6 ±9JODXFK

$QGHUVHQ%XVN-HQVHQ

'HU%ULHIZHFKVHOLVWGRNXPHQWLHUWXQGNRPPHQWLHUWLQ$SSHO 'LH P|JOLFKHQ *UQGH IU )LELJHUV (QWVFKHLGXQJ GLVNXWLHUW %XVN

-HQVHQ6 ± 6R]%%U¡QGVWHG =%LQ$SSHO

=X(Q -¡GH YJO *UHHQH*DQW]EHUJ .UXVH%OLQNHQEHUJ 2EHU D 2EHU E 6XQWXP =X&ODUD 5DSKDHO YJO

$OEULQJ+RUPHV $QGHUVHQ%XVN-HQVHQ %XVN-HQVHQ

%XVN-HQVHQ+ROVW7KHUNLOGVHQ

Ä+YDGYLO'XVLJHQDDUMHJEHJ\QGHUPHGGHQ3DDVWDQGDWYRUW.M¡Q VOHWLNNHH[LVWHUHUHQGQX"³

6DUDVLQ6

'HU'XUFKEUXFKVURPDQGHUVFKZHGLVFKHQ)UDXHQHPDQ]LSDWLRQVOLWHUD WXU)UHGHULND%UHPHUV+HUWKDHOOHU(QVMlOVKLVWRULDµ7HFNQLQJXUGHW YHUNOLJDOLYHWYHUWULWWlKQOLFKH,GHDOHLQ%H]XJDXI)UDXHQELOGXQJ XQGGLH8QP|JOLFKNHLWYRQ6H[XDOLWlW

ÄDW3LJHQQXYLOPHG³

Ä6WDDHUMHJDOHQH".XQGHQGHULNNHHOVNHUDQGHWHQGVLWHJHWOLOOH-HJ HUDOHQH0HQQDDUMHJL6RPPHUPHG+MHUWHDQJVWJLNRJYHQWHGHSDD (IWHUUHWQLQJHU IUD .ULJHQ RJ QDDU GH YDUH JRGH PHG LQGHUOLJ 7DNQHPPHOLJKHGVDJGHÃ*XGY UHORYHW9LKDYHVHLUHWµGDI¡OWHMHJ DWMHJLNNHWLOK¡UWHPLJVHOYDOHQHPHQPLQ1DWLRQRJDWMHJYHGPLQ .M UOLJKHG WLO GHQ YLUNHOLJ ILN 'HHO L DOOH GHQV %HGULIWHU 'HW 6ODJ

$UPHHQYDQGWKDYGHMHJYXQGHWGHWGHQWDEWHKDYGHMHJWDEW1HLMHJ HULNNHDOHQH*XGHUPLQ)DGHU'DQPDUNPLQ0RGHUDOOH0HQQHVNHU HUHPLQH6¡VNHQGH'HWWHHUGHWVWRUH)DPLOLHOLYKYRULMHJKDUI VWHW Ä1HL VYDUHGH MHJ LQWHW )RUKROG L 9HUGHQ NDQ O¡VH KDP IUD KDQV5RG³ )RUSOLJWHOVHUPRG) GUHODQGHW'HQ.RQHVRPHUHJRLVWLVNQRNWLODW YLOOHWU QJHVLJLPHOOHPVLQ0DQGRJKDQVUHRJ6DPYLWWLJKHGKXQ JM¡UVLJGHUYHGXY UGLJWLODWKDQVNXOGHWDJH+HQV\QWLOKHQGH³ 9JO%UDXQ

0RVVH

Ä2QNOHQVDJGHÃ1XHUGHU%ORGPHOOHPKDPRJGH.ULVWQHµ³ Ä2JMHJYLOV WWH)MHQGVNDEPHOOHP'LJRJ.YLQGHQ«³ Ä0HJHQ7DNIRUGHQWLOW QNWHUHPHQVRP2IILFHU«'HLQGVHUQRN

«GXHOOHUHPHGHQ-¡GH«³

Ä>«@GHQEDNNDQWLVNHEORGW¡UVWLJH*UXRJGHQXQ YQHOLJH)¡OHOVHDI VLQ 0DQGGRPVNUDIW GHU RSI\OGHU (Q QDDU KYHUW 6HNXQG NDQ EULQJH '¡GHQ RJ PDQ VW\UWHU VLJ LPRG )MHQGHQ 'HW I¡UVWH 6ODJ OLJQHU GHQ I¡UVWH.M UOLJKHGPDQIRUJDDUQ VWHQLVLQHJHQ)¡OHOVH>«@³ Ä'HWYDUIRUKDPVRPRPKDQV)DGHUYDUKLVWLI¡UW/LJVNMRUWHQVRPRP

DOOHKHOOLJH-¡GHUYDUHGHUQ\OLJRSVWDQGQHDI*UDYHQ,GHWWH‘MHEOLN O¡G 6LJQDOHW WLO $QJUHE PHQ RP GHW HQG KDYGH JM OGW KDQV 6M OV 6DOLJKHGNXQGHKDQLNNHKDYHJLYHW,OGSDDGLVVH9 VHQHU³ 9JOKLHU]X*LOPDQD*LOPDQE

=XP=XVDPPHQKDQJ]ZLVFKHQ0LVRJ\QLHXQG$QWLVHPLWLVPXVXPGLH -DKUKXQGHUWZHQGHYJO%UDXQ

Ä«YLOOHIRUYDQGOH.M¡QQHWIUDHQ%ORPVWHUKDYHWLOHQ5XJPDUN«³

$SSHO6 $SSHO6

Ä+YRUHUGHQIUHOVHQGH1DWXUOLJKHGDWKHQWH"³$SSHO6 Ä.MHQGHU'HQRJHWWLOGHP¡UNH7LPHUGHUNRPPHHIWHU%HJHLVWULQJHQ

HIWHU$QVWU QJHOVHQNMHQGHU'HWLOGHQQH0RGO¡VKHGRJ)RUWDEWKHG"

2J KYRU PDQJHQ 0DQGV 6LQG WURHU 'H LNNH YLVQHU KHQ HQGRJ XGHQ GHQQH$IYH[OLQJLY UUH(QVIRUPLJKHGHQGGHQKYRUXQGHU.YLQGHU RIWHVXNNH³$SSHO6

9JO2EHU6

Ä'HW YDU  VWKHWLVN OLWWHUDLUW YL VNXOGH WDOW GHW YDU RP >«@ PLQ OLOOH SDDEHJ\QGWH%RJ>«@-HJV¡JWH$DQGHQGHQIDQGWMHJMRRJVDDODG PLJGDLNNHWDEHLNNHPLVWHGHQ>«@³Ä2JQX)DUYHOWLO'LJWHUHQ ±

)DUYHO/HYYHO³$SSHO6

Ä'HEOHY0DQGPHUHQG$DQG ± 'HVOXNNHGH9HVWDVHYLJH/DPSH ±³

$SSHO6 9JOYD%U¡QGVWHG

Ä+YDGYLOMHJLPHOOHPMHU"³%U¡QGVWHG 6

Ä+XQ>«@EU QGWHIRUGHQQDWLRQDOHVDJ³9JO%U¡QGVWHG6 *UXQGWYLJ6 XQG

'LH9RUVWHOOXQJGHU-XGHVHLREVHLQHU%HVFKQHLGXQJHLQPDQJHOKDIWHU 0DQQGLH6DQGHU*LOPDQ6 ±IUGLHVHGLVNXUVLYHQ9HU ELQGXQJHQIUVRW\SLVFKKlOWVSLHOWLQGLHVHP.RQWH[WRIIHQEDUQRFK NHLQH]HQWUDOH5ROOH(LQ8PVWDQGDXIGHQ.UXVH%OLQNHQEHUJ 6 IYHUZHLVWN|QQWHDOOHUGLQJVGDUDXIKLQGHXWHQGDVVVROFKH9RU VWHOOXQJHQEHUHLWVODWHQWYLUXOHQWVLQG%OLQNHQEHUJEHREDFKWHWGDVVGLH

%HVFKQHLGXQJ-DFREVGHUHLQ]LJHMGLVFKH5LWXVLVWGHULP5RPDQQLFKW DXVIKUOLFKLQHLQHU)X‰QRWHJHVFKLOGHUWXQGHUNOlUWZLUG'DV:RUWÄEH VFKQHLGHQ³ ÄRPVN UH³ ZHUGH QLFKW YHUZHQGHW GLH ÄKDQGJUHLIOLFKH

lX‰HUOLFKH+DQGOXQJPLWHLQHP0HVVHUDPPlQQOLFKHQ*OLHGDXVJH IKUW³ÄKnQGJULEOLJ\GUHKDQGOLQJXGI¡UWPHGHQNQLYSnGHWPDQGOLJH OHP³.UXVH%OLQNHQEHUJ6 ZHUGHEHZXVVWYHUVFKOHLHUWXQG ]ZDUQLFKWDXVVH[XHOOHU6FKDPVRQGHUQXPGLHÄ%UDQGPDUNXQJGHV -XGHQ³]XUFN]XQHKPHQ

/LWHUDWXU

3ULPlUOLWHUDWXU

0DWKLOGH)LELJHU&ODUD5DSKDHO7ROY%UHYH,Q/LVH%XVN-HQVHQ +J&ODUD5DSKDHO7ROY%UHYH ± 0LQRQD9DOE\

0HwU $URQ *ROGVFKPLGW (Q -¡GH KUVJ YRQ $ *ROGVFKPLGW .RSHQKDJHQ

6HNXQGlUOLWHUDWXU

0LFKDHOD$OEULQJ+RUPHVÄ0DWKLOGH)LELJHUÃ&ODUD5DSKDHOµ³,Q

$UEHLWHQ]XU6NDQGLQDYLVWLN)UDQNIXUWD06 ±

7LQH $QGHUVHQ /LVH %XVN-HQVHQ 0DWKLOGH )LELJHU ± &ODUD 5DSKDHO .YLQGHNDPS RJ NYLQGHEHYLGVWKHG L 'DQPDUN ± .RSHQKDJHQ

*RWIUHG$SSHO(QEUHYYHNVOLQJRPNYLQGHQVVWLOOLQJLVDPIXQGHW /RGRYLFDGH%UHWWHYLOOHRJ0HwU*ROGVFKPLGW.RSHQKDJHQ +HLQULFK%HFN+J$UEHLWHQ]XU6NDQGLQDYLVWLN$UEHLWVWDJXQJ GHU 6NDQGLQDYLVWHQ GHV GHXWVFKHQ 6SUDFKJHELHWHV± LQ

%RQQ)UDQNIXUWD0%HUQ1HZ<RUN7H[WHXQG8QWHUVXFKXQJHQ]XU*HU PDQLVWLNXQG6NDQGLQDYLVWLN

&KULVWLQD YRQ %UDXQ ÄÃ'HU -XGHµ XQG Ã'DV :HLEµ =ZHL 6WHUHRW\SHQGHVÃ$QGHUHQµLQGHU0RGHUQH³,Q/XGJHU+HLG-RDFKLP+

.QROO +J'HXWVFKMGLVFKH *HVFKLFKWH LP XQG -DKUKXQGHUW 6WXWWJDUW%RQQ6 ±

0RJHQV%U¡QGVWHG0HwU*ROGVFKPLGW.RSHQKDJHQ

/LVH%XVN-HQVHQÄÃ'HQK¡LHVWH9LUNHOLJKHGVHOYµ5RPDQWLNNHQV NYLQGHOLJHWHNVW³,Q(GGD6 ±

/LVH %XVN-HQVHQ Ä(IWHUVNULIW³ ,Q 0DWKLOGH )LELJHU &ODUD 5DSKDHO7ROY%UHYH ± 0LQRQD9DOE\6 ±

6DQGHU / *LOPDQ D'LIIHUHQFH DQG 3DWKRORJ\ 6WHUHRW\SHV RI 6H[XDOLW\5DFHDQG0DGQHVV,WKDFD/RQGRQ

6DQGHU/*LOPDQEÄ6H[RORJ\3V\FKRDQDO\VLVDQG'HJHQHUDWLRQ )URPD7KHRU\RI5DFHWRD5DFHWR7KHRU\³,Q-(GZDUG&KDPEHUODLQ 6DQGHU/*LOPDQ+J'HJHQHUDWLRQ7KH'DUN6LGHRI3URJUHVV1HZ

<RUN6 ±

6DQGHU/*LOPDQ)UHXG,GHQWLWlWXQG*HVFKOHFKW)UDQNIXUWD0 9LYLDQ *UHHQH*DQW]EHUJ ÄÃ(Q -¡GHµ RJ VDPWLGLJH M¡GLVNH

VNLOGULQJHU³,Q'DQVNH6WXGLHU6 ±

1)6 *UXQGWYLJ Ä6YDU SDD +U *ROGVFKPLGWV 8GIRUGULQJ WLO 'DQVNKHGHQ³,Q'DQVNHUHQ6 ±

/LVEHW +ROVW Ä.YLQGHVDJ RJ NYLQGHKHOW 'HQ NYLQGHOLJH XGYLNOLQJVURPDQ R ³ ,Q /LV 3DOPYLJ +J /\VWKXVH .YLQGHOLWWHUDWXUKLVWRULHU&KDUORWWHQOXQG6 ±

/DUV .UXVH%OLQNHQEHUJ Ä*ROGVFKPLGWV IRUPnO PHG PLOM¡WHJQLQJHQLÃ(Q-¡GHµ³,Q'DQVNH6WXGLHU6 ±

*HRUJH / 0RVVH Ä-HZLVK (PDQFLSDWLRQ %HWZHHQ%LOGXQJ DQG 5HVSHFWDELOLW\³,Q-HKXGD5HLQKDU]:DOWHU6FKDW]EHUJ+J7KH-HZLVK 5HVSRQVHWR*HUPDQ&XOWXUH)URPWKH(QOLJKWHQPHQWWRWKH6HFRQG:RUOG :DU+DUYDUG/RQGRQ6 ±

.HQQHWK+2EHU0HwU*ROGVFKPLGW%RVWRQ

.HQQHWK + 2EHU D ÄÃ0HG VDDGDQQH )¡OHOVHU VNULYHU PDQ HQ 5RPDQµ 2ULJLQVRI 0HwU*ROGVFKPLGWV (Q-¡GH³,Q6FDQGLQDYLFD 6 ±.HQQHWK+2EHUEÄ0HwU*ROGVFKPLGWRJGHQW\VNM¡GLVNHJKHWWR IRUWHOOLQJ³,Q5DPEDP6 ±

3KLOLSS6DUDVLQ5HL]EDUH0DVFKLQHQ(LQH*HVFKLFKWHGHV.|USHUV

±)UDQNIXUWD0

/LVD$5DLQZDWHUYDQ6XQWXPÄ&UHDWLQJ-HZLVK,GHQWLW\WKURXJK 6WRU\WHOOLQJ7KH7UDJHG\RI-DFRE%HQGL[HQ³,Q6FDQGLQDYLDQ6WXGLHV 6 ±+HOJH7KHUNLOGVHQÄ&ODUD5DSKDHO2P0DWKLOGH)LELJHUVQRYHOOH Ã&ODUD5DSKDHO7ROY%UHYHµ³,Q.ULWLN6 ±

6WHIDQLHYRQ6FKQXUEHLQ

LQ$XJVEXUJJHERUHQ

±6WXGLXPGHU)lFKHU1RUGLVFKH3KLORORJLHXQG*HU PDQLVFKH$OWHUWXPVNXQGH+DXSWIDFK6R]LDOXQG:LUWVFKDIWV JHVFKLFKWHXQG1HXHUH'HXWVFKH/LWHUDWXUDQGHU/XGZLJ0D[L PLOLDQV8QLYHUVLWlW0QFKHQ

±6WLSHQGLXPGHU6WXGLHQVWLIWXQJGHVGHXWVFKHQ9RONHV 0DJLVWHU$UWLXPDQGHU/XGZLJ0D[LPLOLDQV8QLYHUVLWlW 0QFKHQ

±3URPRWLRQVVWLSHQGLXPGHU6WXGLHQVWLIWXQJGHVGHXW VFKHQ9RONHV

±/HKUDXIWUDJIU1RUZHJLVFK6SUDFKNXUVHDP6NDQ GLQDYLVFKHQ 6HPLQDU GHU 3KLORVRSKLVFKHQ )DNXOWlW GHU *HRUJ

$XJXVW8QLYHUVLWlW*|WWLQJHQ

± :LVVHQVFKDIWOLFKH 0LWDUEHLWHULQ DP 6NDQGLQDYL VFKHQ6HPLQDUGHU3KLORVRSKLVFKHQ)DNXOWlWGHU*HRUJ$XJXVW 8QLYHUVLWlW*|WWLQJHQ

3URPRWLRQ DQ GHU -RKDQQ :ROIJDQJ *RHWKH8QLYHUVLWlW )UDQNIXUW0DLQ 7KHPD GHU 3URPRWLRQVVFKULIW Ä5HOLJLRQ DOV .XOWXUNULWLN1HXJHUPDQLVFKHV+HLGHQWXPLP-DKUKXQGHUW³

±+DELOLWDWLRQVVWLSHQGLXPGHU'HXWVFKHQ)RUVFKXQJV JHPHLQVFKDIW

±9LVLWLQJ6FKRODU'HSDUWPHQWRI6FDQGLQDYLDQ8QL YHUVLW\RI&DOLIRUQLDDW%HUNHOH\

±:LJHODQG9LVLWLQJ$VVRFLDWH3URIHVVRUIRU1RUZH JLDQ'HSDUWPHQWRI*HUPDQLF6WXGLHV7KH8QLYHUVLW\RI&KL FDJR+DELOLWDWLRQDP6NDQGLQDYLVFKHQ6HPLQDUGHU3KLORVRSKL VFKHQ)DNXOWlW*HRUJ$XJXVW8QLYHUVLWlW*|WWLQJHQ

±$VVRFLDWH3URIHVVRUIRU1RUZHJLDQ'HSDUWPHQWRI

*HUPDQLF6WXGLHV7KH8QLYHUVLW\RI&KLFDJR

6HLW-XQL3URIHVVRULQIU1HXHUH6NDQGLQDYLVFKH/LWHUDWX UHQ1RUGHXURSD,QVWLWXW+XPEROGW8QLYHUVLWlW]X%HUOLQ

$XVJHZlKOWH9HU|IIHQWOLFKXQJHQ

)DLOHG6HGXFWLRQV&ULVHVRI0DVFXOLQLW\LQ.QXW+DPVXQ¶V3DQ DQG .QXW )DOGEDNNHQ¶V*ODKQ ,Q 6FDQGLQDYLDQ 6WXGLHV 6 ±.ULVHQGHU0lQQOLFKNHLW6FKUHLEHQXQG*HVFKOHFKWHUGLVNXUVLQ VNDQGLQDYLVFKHQ5RPDQHQVHLW*|WWLQJHQ:DOOVWHLQ

=XVPLW-XVWXV+8OEULFKW9|ONLVFKH5HOLJLRQXQG.ULVHQGHU 0RGHUQH(QWZUIHÄDUWHLJHQHU³*ODXEHQVV\VWHPHVHLWGHU-DKU KXQGHUWZHQGH:U]EXUJ.|QLJVKDXVHQXQG1HXPDQQ 7KH)XQFWLRQRI/RNLLQ6QRUUL6WXUOXVRQ¶V(GGD,Q+LVWRU\RI 5HOLJLRQV6 ±

.UlIWHGHU(UGH ± .UlIWHGHV%OXWHV(OHPHQWHY|ONLVFKHU,GHROR JLHLQ0DULRQ=LPPHU%UDGOH\'LH1HEHOYRQ$YDORQXQG'LDQD 3D[VRQ'HU=DXEHUYRQ(ULQ,Q:HLPDUHU%HLWUlJH 6 ±0WWHUNXOWXQG0lQQHUEXQGhEHUJHVFKOHFKWVVSH]LILVFKH5HOL JLRQVHQWZUIH ,Q 5LFKDUG )DEHU 6XVDQQH /DQZHUG +J .\EHOH ± 3URSKHWLQ ± +H[H 5HOLJL|VH )UDXHQELOGHU XQG :HLE OLFKNHLWVNRQ]HSWLRQHQ:U]EXUJ6 ±

6SUDFKORVH ,QYDOLGHQ 0lQQOLFKNHLW 6FKUHLEHQ XQG 0DFKW LQ ]ZHL5RPDQHQYRQ.QXW)DOGEDNNHQ,Q:DOWHU(UKDUW%ULWWD +HUUPDQQ+J:DQQLVWGHU0DQQHLQ0DQQ"=XU*HVFKLFKWH GHU0lQQOLFKNHLW:HLPDU6 ±

'LH 6XFKH QDFK HLQHU ÄDUWHLJHQHQ³ 5HOLJLRQ LQ ÄJHUPDQLVFK³ XQG ÄGHXWVFKJOlXELJHQ³ *UXSSHQ ,Q 8ZH 3XVFKQHU :DOWHU 6FKPLW]-XVWXV+8OEULFKW+J+DQGEXFK]XUÄ9|ONLVFKHQ³

%HZHJXQJ±0QFKHQ6 ±

*|WWHUWURVWLQ:HQGH]HLWHQ1HXJHUPDQLVFKHV+HLGHQWXP]ZL VFKHQ1HZ$JHXQG5HFKWVUDGLNDOLVPXV0QFKHQ&ODXGLXV 5HOLJLRQDOV.XOWXUNULWLN1HXJHUPDQLVFKHV+HLGHQWXPLP -DKUKXQGHUW+HLGHOEHUJ:LQWHU

hEHUVHW]XQJLQV-DSDQLVFKH

,QGHU5HLKHgIIHQWOLFKH9RUOHVXQJHQVLQGHUVFKLHQHQ

9RONHU*HUKDUGW

=XUSKLORVRSKLVFKHQ7UDGLWLRQ GHU+XPEROGW8QLYHUVLWlW +DVVR+RIPDQQ

'LHYHUVSURFKHQH0HQVFKHQ ZUGH

+HLQULFK$XJXVW:LQNOHU 9RQ:HLPDU]X+LWOHU 'LH$UEHLWHUEHZHJXQJXQGGDV 6FKHLWHUQGHUHUVWHQGHXWVFKHQ 'HPRNUDWLH

0LFKDHO%RUJROWH Ä7RWDOH*HVFKLFKWH³GHV 0LWWHODOWHUV"

'DV%HLVSLHOGHU6WLIWXQJHQ :LOIULHG1LSSHO

0D[:HEHUXQGGLH$OWKLVWRULH VHLQHU=HLW

+HLQ]6FKLOOLQJ

$P$QIDQJZDUHQ/XWKHU /R\RODXQG&DOYLQ±HLQ UHOLJLRQVVR]LRORJLVFK HQWZLFNXQJVJHVFKLFKWOLFKHU 9HUJOHLFK

+DUWPXW+DUQLVFK

$GHOXQG*UR‰JUXQGEHVLW]LP RVWHOELVFKHQ3UHX‰HQ±

)ULW]-RVW

6HOEVWVWHXHUXQJGHV-XVWL]

V\VWHPVGXUFKULFKWHUOLFKH 2UGQXQJHQ

(UZLQ-+DHEHUOH

%HUOLQXQGGLHLQWHUQDWLRQDOH 6H[XDOZLVVHQVFKDIW 0DJQXV+LUVFKIHOG.ROORTXLXP (LQIKUXQJVYRUWUDJ +HUEHUW6FKQlGHOEDFK

+HJHOV/HKUHYRQGHU:DKUKHLW )HOL[+HU]RJ

hEHUGLH*UHQ]HQGHU:LUN VDPNHLWGHV6WUDIUHFKWV (LQH+RPPDJHDQ:LOKHOPYRQ +XPEROGW

+DQV3HWHU0OOHU 6R]LDOH'LIIHUHQ]LHUXQJXQG ,QGLYLGXDOLWlW

*HRUJ6LPPHOV*HVHOOVFKDIWV XQG=HLWGLDJQRVH 7KRPDV5DLVHU

$XIJDEHQGHU5HFKWVVR]LRORJLH DOV=ZHLJGHU5HFKWVZLVVHQ VFKDIW

/XGROI+HUEVW 'HU0DUVKDOOSODQDOV +HUUVFKDIWVLQVWUXPHQW"

hEHUOHJXQJHQ]XU6WUXNWXUDPHUL NDQLVFKHU1DFKNULHJVSROLWLN *HUW-RDFKLP*ODH‰QHU

'HPRNUDWLHQDFKGHP(QGHGHV .RPPXQLVPXV

$UQGW6RUJH

$UEHLW2UJDQLVDWLRQXQG

$UEHLWVEH]LHKXQJHQLQ2VW GHXWVFKODQG

$FKLP/HXEH 6HPQRQHQ%XUJXQGHQ

$ODPDQQHQ

$UFKlRORJLVFKH%HLWUlJH]XUJHU PDQLVFKHQ)UKJHVFKLFKWHGHV ELV-DKUKXQGHUWV

.ODXV3HWHU-RKQH 9RQGHU.RORQHQZLUWVFKDIW ]XP.RORQDW

(LQU|PLVFKHV$EKlQJLJNHLWVYHU KlOWQLVLP6SLHJHOGHU)RUVFKXQJ 9RONHU*HUKDUGW

'LH3ROLWLNXQGGDV/HEHQ &OHPHQV:XUP

*UR‰EULWDQQLHQ)UDQNUHLFK XQGGLHZHVWHXURSlLVFKH,QWH JUDWLRQ

-UJHQ.XQ]H 9HUEIHOGVWUXNWXUHQ :LQIULHG6FKLFK

'LH+DYHODOV:DVVHUVWUD‰HLP 0LWWHODOWHU%UFNHQ'lPPH 0KOHQ)OXWULQQHQ +HUIULHG0QNOHU

=LYLOJHVHOOVFKDIWXQG%UJHU WXJHQG

%HGUIHQGHPRNUDWLVFKYHUID‰WH

*HPHLQZHVHQHLQHUVR]LRPRUDOL VFKHQ)XQGLHUXQJ"

+LOGHJDUG0DULD1LFNHO

*HVFKOHFKWHUYHUKlOWQLVLQGHU :HQGH

,QGLYLGXDOLVLHUXQJYHUVXV6ROLGD ULVLHUXQJ"

&KULVWLQH:LQGELFKOHU

$UEHLWVUHFKWOHUXQGDQGHUH /DLHQLQGHU%DXJUXEHGHV

*HVHOOVFKDIWVUHFKWV 5HFKWVDQZHQGXQJXQG5HFKWV IRUWELOGXQJ

/XGPLOD7KRPDV 5X‰ODQGLP-DKUH 'LH*HVHOOVFKDIWYRUGHU5HYR OXWLRQ

:ROIJDQJ5HLVLJ 9HUWHLOWHV5HFKQHQ,P ZHVHQWOLFKHQGDV+HUN|PP OLFKHRGHUHWZDVJUXQGOHJHQG 1HXHV"

(UQVW2VWHUNDPS 'LH6HHOHGHVKLVWRULVFKHQ 6XEMHNWV

+LVWRULVFKH3RUWUDLWNXQVWLQ)ULHG ULFK6FKLOOHUVÄ*HVFKLFKWHGHV

$EIDOOVGHUYHUHLQLJWHQ1LHGHU ODQGHYRQGHU6SDQLVFKHQ5HJLH UXQJ³

5GLJHU6WHLQOHLQ 0lUFKHQDOVSRHWLVFKH (U]LHKXQJVIRUP

=XPNLQGHUOLWHUDULVFKHQ6WDWXV GHU*ULPPVFKHQÄ.LQGHUXQG +DXVPlUFKHQ³

+DUWPXW%RRFNPDQQ

%UJHUNLUFKHQLPVSlWHUHQ 0LWWHODOWHU

0LFKDHO.ORHSIHU 9HUIDVVXQJVJHEXQJDOV

=XNXQIWVEHZlOWLJXQJDXV 9HUJDQJHQKHLWVHUIDKUXQJ

=XU9HUIDVVXQJVJHEXQJLPYHU HLQWHQ'HXWVFKODQG 'LHWULFK%HQQHU

hEHUGLH$XIJDEHQGHU3lGD JRJLNQDFKGHP(QGHGHU''5 +HLQ](OPDU7HQRUWK

Ä5HIRUPSlGDJRJLN³ (UQHXWHU9HUVXFKHLQHUVWDXQOL FKHV3KlQRPHQ]XYHUVWHKHQ -UJHQ.6FKULHZHU

:HOW6\VWHPXQG ,QWHUUHODWLRQV*HIJH 'LH,QWHUQDWLRQDOLVLHUXQJGHU3lG DJRJLNDOV3UREOHP9HUJOHLFKHQ GHU(U]LHKXQJVZLVVHQVFKDIW )ULHGULFK0DLHU

Ä'DV6WDDWVVFKLII³DXIGHU )DKUWYRQ*ULHFKHQODQGEHU 5RPQDFK(XURSD

=XHLQHU0HWDSKHUDOV%LOGXQJV JHJHQVWDQGLQ7H[WXQG%LOG 0LFKDHO'D[QHU

$OPD0DWHU5HVWLWXWDRGHU(LQH 8QLYHUVLWlWIUGLH+DXSWVWDGW

.RQUDG+-DUDXVFK 'LH9HUWUHLEXQJGHUMGLVFKHQ 6WXGHQWHQXQG3URIHVVRUHQYRQ GHU%HUOLQHU8QLYHUVLWlWXQWHU GHP165HJLPH

'HWOHI.UDX‰

6FKXOGLP6WUDIUHFKW

=XUHFKQXQJGHU7DWRGHU$EUHFK QXQJPLWGHP7lWHU"

+HUEHUW.LWVFKHOW 5DWLRQDOH9HUIDVVXQJVZDKO"

=XP'HVLJQYRQ5HJLHUXQJVV\V WHPHQLQQHXHQ.RQNXUUHQ]GHPR NUDWLHQ

:HUQHU5|FNH /LHEHXQG0HODQFKROLH )RUPHQVR]LDOHU.RPPXQLNDWLRQ LQGHUÃ+LVWRULHYRQ)ORULRXQG

%ODQVFKHIOXUµ +XEHUW0DUNO

:RKLQJHKWGLH%LRORJLH"

+DQV%HUWUDP

'LH6WDGWGDV,QGLYLGXXPXQG GDV9HUVFKZLQGHQGHU)DPLOLH 'LHWHU6HJHUW

'LNWDWXUXQG'HPRNUDWLHLQ 2VWHXURSDLP-DKUKXQGHUW .ODXV56FKHUSH

%HVFKUHLEHQQLFKW(U]lKOHQ

%HLVSLHOH]XHLQHUlVWKHWLVFKHQ 2SSRVLWLRQ9RQ'|EOLQXQG 0XVLOELV]X'DUVWHOOXQJHQGHV +RORFDXVW

%HUQG:HJHQHU 6R]LDOH*HUHFKWLJNHLWV IRUVFKXQJ1RUPDWLYRGHU GHVNULSWLY"

+RUVW:HQ]HO

+|UHQXQG6HKHQ±6FKULIWXQG

%LOG=XUPLWWHODOWHUOLFKHQ9RUJH VFKLFKWHDXGLRYLVXHOOHU0HGLHQ +DQV3HWHU6FKZLQWRZVNL

9HUWHLOXQJVGHIL]LWHGXUFK5HFKW DXIJOREDOLVLHUWHQ0lUNWHQ

*UXQGVWUXNWXUHQHLQHU1XW]HQ WKHRULHGHV5HFKWV +HOPXW:LHVHQWKDO

'LH.ULVHKROLVWLVFKHU3ROLWLN DQVlW]HXQGGDV3URMHNWGHU JHVWHXHUWHQ6\VWHPWUDQV IRUPDWLRQ

5DLQHU'LHWULFK :DKUVFKHLQOLFKUHJHOKDIW

*HGDQNHQ]XU1DWXUGHU LQQHUHQ6SUDFKYHUDUEHLWXQJ

%HUQG+HQQLQJVHQ 'HU1RUGHQ(LQH(UILQGXQJ 'DVHXURSlLVFKH3URMHNWHLQHU UHJLRQDOHQ,GHQWLWlW 0LFKDHO&%XUGD

,VWGDV0D‰KDOEOHHUKDOEYROO RGHUHLQIDFKYROO"

'LHYRONVZLUWVFKDIWOLFKHQ3HUV SHNWLYHQGHUQHXHQ%XQGHVOlQGHU 9RONHU1HXPDQQ

0HQVFKHQZUGHXQG([LVWHQ]

PLQLPXP :ROIJDQJ,VHU

'DV*UR‰EULWDQQLHQ=HQWUXP LQNXOWXUZLVVHQVFKDIWOLFKHU 6LFKW

9RUWUDJDQOl‰OLFKGHU(U|IIQXQJ GHV*UR‰EULWDQQLHQ=HQWUXPVDQ GHU+XPEROGW8QLYHUVLWlW]X%HU OLQ

8OULFK%DWWLV

'HPRNUDWLHDOV%DXKHUULQ -RKDQQHV+DJHU

*UXQGUHFKWHLP3ULYDWUHFKW -RKDQQHV&KULVWHV

&LFHURXQGGHUU|PLVFKH +XPDQLVPXV :ROIJDQJ+DUGWZLJ

9RP(OLWHEHZX‰WVHLQ]XU 0DVVHQEHZHJXQJ±)UK IRUPHQGHV1DWLRQDOLVPXVLQ 'HXWVFKODQG±

(ODUG.OHZLW]

6DFKXQWHUULFKW]ZLVFKHQ :LVVHQVFKDIWVRULHQWLHUXQJXQG .LQGEH]XJ

5HQDWH9DOWLQ

'LH:HOWPLWGHQ$XJHQGHU .LQGHUEHWUDFKWHQ 'HU%HLWUDJGHU(QWZLFNOXQJV WKHRULH3LDJHWV]XU*UXQGVFKXO SlGDJRJLN

*HUKDUG:HUOH 2KQH:DKUKHLWNHLQH9HU V|KQXQJ

'HUVGDIULNDQLVFKH5HFKWVVWDDW XQGGLH$SDUWKHLG9HUJDQJHQKHLW %HUQKDUG6FKOLQN

5HFKWVVWDDWXQGUHYROXWLRQlUH

*HUHFKWLJNHLW9HUJDQJHQKHLW DOV=XPXWXQJ"

=ZHL9RUOHVXQJHQ :LOWUXG*LHVHNH

(UIDKUXQJHQDOVEHKLQGHUQGH XQGI|UGHUQGH0RPHQWHLP /HUQSUR]H‰(UZDFKVHQHU

$OH[DQGHU'HPDQGW 5DQNHXQWHUGHQ:HOWZHLVHQ :ROIJDQJ+DUGWZLJ 'LH*HVFKLFKWVHUIDKUXQJGHU 0RGHUQHXQGGLHbVWKHWLVLH UXQJGHU*HVFKLFKWVVFKUHLEXQJ /HRSROGYRQ5DQNH

=ZHL9RUWUlJHDQOl‰OLFKGHU :LHGHUNHKUGHV*HEXUWVWDJHV /HRSROGYRQ5DQNHV $[HO)OHVVQHU

'HXWVFKH-XULVWHQDXVELOGXQJ 'LHNOHLQH5HIRUPXQGGLHHXUR SlLVFKH3HUVSHNWLYH 3HWHU%URFNPHLHU

6HXOGDQVPRQOLWJODFp±

6DPXHO%HFNHWWV(U]lKOXQJHQ YRP8QEHKDJHQLQGHU.XOWXU +DUWPXW%|KPH

'DV/LFKWDOV0HGLXPGHU .XQVW

hEHU(UIDKUXQJVDUPXWXQGlVWKH WLVFKHV*HJHQOLFKWLQGHUWHFKQL VFKHQ=LYLOLVDWLRQ

6LHJOLQG(OOJHU5WWJDUGW

%HUOLQHU5HKDELOLWDWLRQV SlGDJRJLN(LQHSlGDJRJLVFKH 'LV]LSOLQDXIGHU6XFKHQDFK QHXHU,GHQWLWlW

&KULVWRSK*3DXOXV 5HFKWVJHVFKLFKWOLFKHXQG UHFKWVYHUJOHLFKHQGH%H WUDFKWXQJHQLP=XVDPPHQ KDQJPLWGHU%HZHLVYHUHLWHOXQJ (EHUKDUG6FKZDUN

:LUWVFKDIWVRUGQXQJXQG 6R]LDOVWDDWVSULQ]LS 5RVHPDULH:LOO

(LJHQWXPVWUDQVIRUPDWLRQ XQWHUGHP*UXQGJHVHW]

$FKLP/HVFKLQVN\

)UHLH6FKXOZDKOXQGVWDDWOLFKH 6WHXHUXQJ

1HXH5HJHOXQJHQGHVhEHUJDQJV DQZHLWHUIKUHQGH6FKXOHQ +DUU\'HWWHQERUQ

+DQJXQG=ZDQJ]XUVR]LDO NRJQLWLYHQ.RPSOH[LWlWVUH GX]LHUXQJ(LQ$VSHNW PRUDOLVFKHU8UWHLOVSUR]HVVHEHL .LQGHUQXQG-XJHQGOLFKHQ ,QJH)URKEXUJ

%OLFNULFKWXQJ3V\FKRWKHUDSLH 3RWHQ]HQ±5HDOLWlWHQ±

)ROJHUXQJHQ -RKDQQ$GULDQ

3DWHQWUHFKWLP6SDQQXQJVIHOG YRQ,QQRYDWLRQVVFKXW]XQG

$OOJHPHLQLQWHUHVVH

0RQLND'RKHUW\

9HUVWlQGLJXQJWURW]DOOHP 3UREOHPHDXVXQGPLWGHU :LVVHQVFKDIWYRPhEHUVHW]HQ -UJHQYDQ%XHU

3lGDJRJLVFKH)UHLKHLW SlGDJRJLVFKH)UHLUlXPHXQG EHUXIOLFKH6LWXDWLRQYRQ /HKUHUQDQ:LUWVFKDIWVVFKXOHQ LQGHQQHXHQ%XQGHVOlQGHUQ )ORUD9HLW:LOG

.DUQHYDOXQG.DNHUODNHQ 3RVWNRORQLDOLVPXVLQGHUDIULNDQL VFKHQ/LWHUDWXU

-UJHQ'LHGHULFK

:DVOHUQWPDQZHQQPDQQLFKW OHUQW"(WZDV'LGDNWLNÄMHQVHLWV YRQ*XWXQG%|VH³1LHW]VFKH :ROI.U|WNH

:DVLVWÃZLUNOLFKµ"

'HUQRWZHQGLJH%HLWUDJGHU7KHR ORJLH]XP:LUNOLFKNHLWVYHUVWlQG QLVXQVHUHU=HLW

0DWWKLDV-HUXVDOHP 'LH(QWZLFNOXQJYRQ6HOEVW NRQ]HSWHQXQGLKUH%HGHXWXQJ IU0RWLYDWLRQVSUR]HVVHLP /HUQXQG/HLVWXQJVEHUHLFK 'LHWHU.OHLQ

*OREDOLVLHUXQJXQG)UDJHQDQ GLH6R]LDOZLVVHQVFKDIWHQ 5LFKWXQJVEHVWLPPWHU +DQGOXQJV]ZDQJRGHU$QVWR‰

]XHLQVFKQHLGHQGHP:DQGHO"

%DUEDUD.XQ]PDQQ0OOHU 7\SRORJLVFKUHOHYDQWH 9DULDWLRQLQGHU6ODYLD 0LFKDHO3DUPHQWLHU

6HKHQ6HKHQ

(LQELOGXQJVWKHRUHWLVFKHU9HU VXFKEHU&KDUGLQVÃ/¶HQIDQWDX WRWRQµ

(QJHOEHUW3ODVVPDQQ

%LEOLRWKHNVJHVFKLFKWHXQG 9HUIDVVXQJVJHVFKLFKWH 5XWK7HVPDU

'DVGULWWH$XJH ,PDJLQDWLRQXQG(LQVLFKW 2UWIULHG6FKlIIWHU

3HUVSHNWLYHQHUZDFKVHQHQ SlGDJRJLVFKHU2UJDQLVDWLRQV IRUVFKXQJ

.XUW9LFWRU6HOJH5HLPHU +DQVHQ&KULVWRI*HVWULFK 3KLOLSS0HODQFKWKRQ±

.DUOD+RUVWPDQQ+HJHO ,QWHJUDWLYHU6DFKXQWHUULFKW±

0|JOLFKNHLWHQXQG*UHQ]HQ .DULQ+LUGLQD

%HOLFKWHQ%HOHXFKWHQ(UKHOOHQ /LFKWLQGHQ]ZDQ]LJHU-DKUHQ 0DULRQ%HUJN

6FKUHLELQWHUDNWLRQHQ 9HUlQGHUWHV6SUDFKOHUQHQLQ GHU*UXQGVFKXOH &KULVWLQDYRQ%UDXQ

$UFKLWHNWXUGHU'HQNUlXPH -DPHV(<RXQJ

'DQLHO/LEHVNLQG¶V-HZLVK 0XVHXPLQ%HUOLQ7KH 8QFDQQ\$UWRI0HPRULDO

$UFKLWHFWXUH 'DQLHO/LEHVNLQG

%H\RQGWKH:DOO 9RUWUlJHDQOl‰OLFKGHU9HUOHL KXQJGHU(KUHQGRNWRUZUGHDQ 'DQLHO/LEHVNLQG

&KULVWLQDYRQ%UDXQ :DUXP*HQGHU6WXGLHV"

(UQVW9RJW$[HO+RUVWPDQQ

$XJXVW%RHFNK±

/HEHQXQG:HUN

=ZHL9RUWUlJH (QJHOEHUW3ODVVPDQQ

(LQHÄ5HLFKVELEOLRWKHN³"

5HQDWH5HVFKNH 'LH$V\PPHWULHGHVbVWKH WLVFKHQ

$V\PPHWULHDOV'HQNILJXUKLVWR ULVFKlVWKHWLVFKHU'LPHQVLRQ *QWHUGH%UX\Q

$OWHUVEHWUDFKWXQJHQEHUGHQ DOWHQ)RQWDQH

)HVWYRUWUDJDQOl‰OLFKGHU9HUOHL KXQJGHU(KUHQGRNWRUZUGH 'HWOHI.UDX‰

*LIWLP6WUDIUHFKW :ROIJDQJ7KLHUVH5HQDWH

5HVFKNH$FKLP7UHEH‰&ODXGLD 6DOFKRZ

'DV:ROIJDQJ+HLVH$UFKLY 3OlGR\HUVIUVHLQH=XNXQIW 9RUWUlJH

(ONH/HKQHUW$QQHWWH9RJW8OOD 5XVFKKDXSW0DULDQQH.ULV]LR )UDXHQDQGHU+XPEROGW 8QLYHUVLWlW±

9LHU9RUWUlJH %HUQKDUG6FKOLQN

(YDOXLHUWH)UHLKHLW"

=XGHQ%HPKXQJHQXPHLQH 9HUEHVVHUXQJGHUZLVVHQVFKDIWOL FKHQ/HKUH

+HLQ]2KPH

'DV.RVRYRXQGGLH6HUELVFKH 2UWKRGR[H.LUFKH *HUKDUG$5LWWHU

'HU%HUOLQHU5HLFKVWDJLQGHU SROLWLVFKHQ.XOWXUGHU.DLVHU ]HLW)HVWYRUWUDJDQOl‰OLFKGHU9HUOHL KXQJGHU(KUHQGRNWRUZUGHPLW HLQHU/DXGDWLRYRQ:ROIJDQJ +DUGWZLJ

&RUQHOLXV)U|PPHO 'DV)ODLUGHUXQHQGOLFKHQ 9LHOIDOW

9HUHQD2OHMQLF]DN/REVLHQ Ä,VWKLVWKHSURPLVHGHQG"³ 'LH$SRNDO\SVHGHV.LQJ/HDU RGHU)lQJW/LWHUDWXUPLWGHP (QGHDQ"

,QJROI3HUQLFH

.RPSHWHQ]DEJUHQ]XQJLP (XURSlLVFKHQ9HUIDVVXQJV YHUEXQG

*HUG,UUOLW]

'DV%LOGGHV:HJHVLQGHU 3KLORVRSKLH

+HOPXW6FKPLGW

'LH6HOEVWEHKDXSWXQJ(XURSDV LPQHXHQ-DKUKXQGHUW0LW HLQHU5HSOLNYRQ+RUVW 7HOWVFKLN

3HWHU'LHSROG ,QWHUQHWXQG3lGDJRJLN 5FNEOLFNXQG$XVEOLFN $UWXU$[HO:DQGWNH

&RS\ULJKWXQGYLUWXHOOHU0DUNW RGHU'DV9HUVFKZLQGHQGHV 8UKHEHUVLP1HEHOGHU 3RVWPRGHUQH"

-UJHQ0LWWHOVWUD‰

.RQVWUXNWLRQXQG'HXWXQJ hEHU:LVVHQVFKDIWLQHLQHU/HR QDUGRXQG/HLEQL]:HOW *|UDQ3HUVVRQ

(XURSHDQ&KDOOHQJHV

$6ZHGLVK3HUVSHFWLYH0LW HLQHU5HSOLNYRQ-DQXV]5HLWHU +DVVR+RIPDQQ

9RP:HVHQGHU9HUIDVVXQJ 6WHIDQLHYRQ6FKQXUEHLQ

.DPSIXP6XEMHNWLYLWlW 1DWLRQ5HOLJLRQXQG*HVFKOHFKW LQ]ZHLGlQLVFKHQ5RPDQHQXP

)HUHQF0iGO

(XURSlLVFKHU,QWHJUDWLRQV SUR]HVV8QJDULVFKH(UZDU WXQJHQ0LWHLQHU5HSOLNYRQ 'LHWULFKYRQ.\DZ (UQVW0DXJ

.RQ]HUQHLP.RQWH[WGHU .DSLWDOPlUNWH +HUEHUW6FKQlGHOEDFK

'DV*HVSUlFKGHU3KLORVRSKLH