• Keine Ergebnisse gefunden

„Bismarcks Geist“ in Schrift und Stein: Der Bismarck-Mythos im Wilhelminischen Kaiserreich. Eine Quellenstudie

N/A
N/A
Protected

Academic year: 2021

Aktie "„Bismarcks Geist“ in Schrift und Stein: Der Bismarck-Mythos im Wilhelminischen Kaiserreich. Eine Quellenstudie"

Copied!
356
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)Jannina Zanner. BISMARCKS GEIST IN SCHRIFT UND STEIN. DER BISMARCK-MYTHOS IM WILHELMINISCHEN KAISERREICH. Die Quellenstudie widmet sich drei Initiativen, die den verstorbenen Otto von Bismarck ehren und das Gedenken an ihn lebendig halten wollten. Die Untersuchung der Bismarck-Gesellschaft in Stendal, des Deutschen Bismarck-Bundes und des Vereins zur Errichtung eines Bismarck-Nationaldenkmals auf der Elisenhöhe bei Bingerbrück zeigt die Mythisierung Otto von Bismarcks nach dessen Tod 1898 auf und liefert exemplarisch Einblicke sowohl in das Vereinswesen als auch in die Mentalitäts- und die Denkmalgeschichte des Wilhelminischen Kaiserreiches.. Jannina Zanner BISMARCKS GEIST IN SCHRIFT UND STEIN. Die Dissertation beschäftigt sich mit einem Phänomen des ausgehenden 19. Jahrhunderts: Dem Mythos Bismarck.. JANNINA ZANNER. BISMARCKS GEIST IN SCHRIFT UND STEIN DER BISMARCK-MYTHOS IM WILHELMINISCHEN KAISERREICH.

(2) .

(3)  .                          . ŝůĚŶĂĐŚǁĞŝƐdŝƚĞů ŝƐŵĂƌĐŬƐćƵůĞnjƵZĞŝŶďĞŬͲ^ŝůŬͬƵŵƺŚůĞ͕ŬŽůŽƌŝĞƌƚ͕ϭϭ͘Ϭϳ͘ϭϵϬϯ͕KƚƚŽͲǀŽŶͲŝƐŵĂƌĐŬͲ^ƚŝĨƚƵŶŐ͕ /ŶǀĞŶƚĂƌŶƵŵŵĞƌWϭϵϵϵͬϮϱϲ͘. .

(4) .    . ͣŝƐŵĂƌĐŬƐ'ĞŝƐƚ͞ŝŶ^ĐŚƌŝĨƚƵŶĚ^ƚĞŝŶ വ ĞƌŝƐŵĂƌĐŬͲDLJƚŚŽƐŝŵtŝůŚĞůŵŝŶŝƐĐŚĞŶ<ĂŝƐĞƌƌĞŝĐŚ͘ ŝŶĞYƵĞůůĞŶƐƚƵĚŝĞ͘    ŝƐƐĞƌƚĂƚŝŽŶ njƵƌƌůĂŶŐƵŶŐĚĞƐ'ƌĂĚĞƐĚĞƌŽŬƚŽƌŝŶĚĞƌWŚŝůŽƐŽƉŚŝĞ ĂŶĚĞƌ&ĂŬƵůƚćƚ'ĞŝƐƚĞƐǁŝƐƐĞŶƐĐŚĂĨƚĞŶĚĞƌhŶŝǀĞƌƐŝƚćƚ,ĂŵďƵƌŐ ŝŵWƌŽŵŽƚŝŽŶƐĨĂĐŚ'ĞƐĐŚŝĐŚƚĞ .  ǀŽƌŐĞůĞŐƚǀŽŶ. :ĂŶŶŝŶĂĂŶŶĞƌ ĂƵƐ tŝĞƐďĂĚĞŶ  ,ĂŵďƵƌŐ ϮϬϭϳ     .

(5)  .                        sŽƌƐŝƚnjĞŶĚĞĚĞƌWƌƺĨƵŶŐƐŬŽŵŵŝƐƐŝŽŶ͗WƌŽĨ͘ƌ͘ŝƌƚŚĞ<ƵŶĚƌƵƐ ,ĂƵƉƚŐƵƚĂĐŚƚĞƌ͗WƌŽĨ͘ƌ͘EŽƌďĞƌƚ&ŝƐĐŚĞƌ EĞďĞŶŐƵƚĂĐŚƚĞƌ͗WƌŽĨ͘ƌ͘&ƌĂŶŬůŝŶ<ŽƉŝƚnjƐĐŚ ĂƚƵŵĚĞƌŝƐƉƵƚĂƚŝŽŶ͗ϭϬ͘:ƵŶŝϮϬϭϱ. .

(6) . .      &ƺƌŵĞŝŶĞ&ĂŵŝůŝĞ.

(7)  . .

(8) . . /ŶŚĂůƚ  ,(LQOHLWXQJ 9RUJHKHQVZHLVHXQG4XHOOHQEDVLV 0\WKRVXQG5HOLJLRQ±,QJUHGLHQ]LHQGHV1DWLRQDOLVPXV  ,,'LH(QWVWHKXQJVJHVFKLFKWHGHV%LVPDUFN0\WKRV 'LH*HQHVHGHV%LVPDUFN.XOWHV]X%LVPDUFNV/HE]HLWHQ %LVPDUFNV7RGDOV=lVXU 0\WKLVLHUXQJXQG3ROLWLVLHUXQJ]X%HJLQQGHVQHXHQ-DKUKXQGHUWV  ,,,'LH%LVPDUFN*HVHOOVFKDIWLQ6WHQGDO (UVWH,QLWLDWLYHQ]XU(UULFKWXQJHLQHV%LVPDUFN$UFKLYV D'LH*UQGXQJHLQHV$XVVFKXVVHVLQ6WHQGDO E'HU$XIUXIDQGDVGHXWVFKH9RON F'HU:HWWVWUHLWGHV6WHQGDOHU$XVVFKXVVHVPLW.RQNXUUHQ]LQLWLDWLYHQ 'LH.RQVWLWXLHUXQJGHU*HVHOOVFKDIW 0D‰QDKPHQ]XU(WDEOLHUXQJHLQHV%LVPDUFN+DXVHVLQ6WHQGDO 6R]LDOH+HUNXQIWGHU0LWJOLHGHU 'LH$XIO|VXQJGHU%LVPDUFN*HVHOOVFKDIW ([NXUV'LH5HVWLWXWLRQGHU%LVPDUFN*HVHOOVFKDIW 'DV6FKHLWHUQGHU%LVPDUFN*HVHOOVFKDIWLQ6WHQGDO  ,9'HU'HXWVFKH%LVPDUFN%XQG *UQGXQJXQG=LHOVHW]XQJ 'DV%XQGHVRUJDQ 'LH9RUVWDQGVWlWLJNHLW D'LH9HUDQVWDOWXQJYRQ%XQGHVWDJHQ E0LWJOLHGHUEHVWDQGXQG)LQDQ]ODJH F'LH+HUDXVJDEHHLQHV%LVPDUFN/LHGHUEXFKHV %HLWUlJHGHU%LVPDUFN9HUHKUHU]XUQDWLRQDOHQ)HVWNXOWXU ([NXUV'HU$XVWULWWYRQ9DOHQWLQYRQ%LVPDUFN 'LH0RQDWVVFKULIWDOV0LWWHO]XU9HUEUHLWXQJ%LVPDUFNVFKHQ*HLVWHV D5HGDNWLRQ5XEULNHQXQG$XWRUHQ E'HU%XQGDOV7UlJHU]XU:DKUXQJGHV'HXWVFKWXPV F'DV%XQGHVEODWWDOVWDJHVSROLWLVFKHV6SUDFKURKU 'DV6FKHLWHUQGHV'HXWVFKHQ%LVPDUFN%XQGHV .

(9)  .   9'DV%LVPDUFN1DWLRQDOGHQNPDODXIGHU(OLVHQK|KHEHL%LQJHUEUFN 3URORJ'DV'HQNPDODOVVLQQVWLIWHQGHV(OHPHQWHLQHU1DWLRQ 'LH9RUEHUHLWXQJXQG$XVIKUXQJGHV:HWWEHZHUEV 'LH5H]HSWLRQGHU(QWZUIHLP%LVPDUFN%XQG D'LH:HUEXQJIUGDV3URMHNW E'LH$JLWDWLRQJHJHQGHQ:HWWEHZHUEVHQWVFKHLG F1DFKGHP(QWVFKHLGXQGGLH(LQVWHOOXQJGHV8QWHUQHKPHQV 'LH)RUWIKUXQJGHU,QLWLDWLYHXQGGLH+HUDXVJDEHGHV%LVPDUFN%ODWWHV 'LH9HUDQVWDOWXQJYRQ%LVPDUFN7DJHQ 'LH$XIO|VXQJGHV9HUHLQV 'DV6FKHLWHUQGHV9HUHLQV]XU(UULFKWXQJHLQHV%LVPDUFN1DWLRQDOGHQNPDOV  9,5HVPHH  $ENU]XQJHQ 4XHOOHQXQG/LWHUDWXUYHU]HLFKQLV $EELOGXQJVYHU]HLFKQLV $QKDQJ. .

(10) ŝŶůĞŝƚƵŶŐϵ . /͘ŝŶůĞŝƚƵŶŐ $P0lU]UHLFKWH2WWRYRQ%LVPDUFNVHLQ5FNWULWWVJHVXFKHLQ'DPLWVFKORVV VLFKGDV.DSLWHOVHLQHU$PWV]HLWDOVHUVWHU5HLFKVNDQ]OHUGHVJHJUQGHWHQ'HXW VFKHQ5HLFKHV1DFKLQVJHVDPW-DKUHQSROLWLVFKHU%HWlWLJXQJZRYRQHUGLHOHW]WHQ ]ZHL -DKU]HKQWH PD‰JHEOLFK GLH ,QQHQ XQG$X‰HQSROLWLN GHV 'HXWVFKHQ 5HLFKHV EH VWLPPW KDWWH ]RJ HU VLFK QDFK )ULHGULFKVUXK GHP )DPLOLHQVLW] LP 6DFKVHQZDOG EHL +DPEXUJ ]XUFN 'LHV PDUNLHUW GHQ %HJLQQ HLQHU (QWZLFNOXQJ GLH WLHIJUHLIHQGH $XVZLUNXQJHQDXIGLHGHXWVFKH0HQWDOLWlWLP:LOKHOPLQLVFKHQ.DLVHUUHLFKKDEHQVROO WH'LH%LVPDUFN9HUHKUXQJXQGGHU%LVPDUFN0\WKRVEHLQKDOWHWHQHLQHJHZLVVH$P ELYDOHQ]GLHVLFKPLWGHQ-DKUHQSRWHQ]LHUHQVROOWHXQGQRFKKHXWHDQGHU%LVPDUFN (ULQQHUXQJ KDIWHW 'LH $QIlQJH GLHVHU (QWZLFNOXQJ ZHUGHQ LQ HLQHP =LWDW DXV GHP -DKUHDQVFKDXOLFKYRQGHPOLEHUDOHQ3ROLWLNHU/XGZLJ%DPEHUJHUEHVFKULHEHQ 'HU WUDJLVFKH $EJDQJ IDFKWH GDQQ GUDX‰HQ LP 5HLFK GLH )ODPPH GHU $QEHWXQJ YRQ 1HXHP DQ 'DV 0HQVFKOLFKH]XQlFKVWZXUGHGHU8UVSUXQJGHUJHUKUWHQ(UJULIIHQKHLW'D]XJHVHOOWHVLFKYLHOHUOHL$QGH UHVGLHDOOJHPHLQH%HVRUJQL‰HLQHUJUR‰HQ9HUlQGHUXQJGHU:HJIDOOGHV3UHVWLJHV ZHOFKHVGHP $XV ODQGLPSRQLUWKDWWHGLH)HLQGVHOLJNHLWDXV,QWHUHVVHRGHUDXV6WLPPXQJJHJHQGLHQHXHQ0HQVFKHQ%LV PDUFN VHOEVW IUKHU GDV +DVFKHQ QDFK 3RSXODULWlW DXVGUFNOLFK XQG WKDWVlFKOLFK YHUVFKPlKHQG IKOWH MHW]WGDV%HGUIQL‰VLFKLKUHU]XEHGLHQHQ6RZXFKVDOOPlKOLFKLQGHQOHW]WHQDFKW-DKUHQGHU6DFKVHQ ZDOG]XHLQHPKHLOLJHQ+DLQHKHUDQQDFKZHOFKHP-XQJXQG$OW0DQQXQG:HLESLOJHUWHLP7HPSHO GHV+HURHQVHLQH$QGDFKW]XYHUULFKWHQ'HU%LVPDUFN.XOWXVZDUG0RGH9HU]FNWH%DUGHQXQGDXIJH UHJWH'DPHQYHUDQVWDOWHWHQLKUH:DOOIDKUWHQZXUGHQPHQVFKHQIUHXQGOLFK]XJHODVVHQXQGZDQGHUWHQPLW ௅LPPHUQRFKJHZU]WHQ௅5HGHQKLHXQGGDPLWNOHLQHQ5HOLTXLHQEHJOFNWQDFK+DXVHLKUH%HJHLVWH UXQJZHLWHUYHUEUHLWHQG(VNDPHLQH$UW%LVPDUFN6QREELVPDXI. 0LWGHP5FNWULWWGHVHUVWHQGHXWVFKHQ5HLFKVNDQ]OHUVVHW]WHHLQH9HUHKUXQJIHUQYRQ RIIL]LHOOHQ$XV]HLFKQXQJHQ GLH LKP ZlKUHQG VHLQHU$PWV]HLW YHUOLHKHQ ZXUGHQ HLQ $XFKO|VWHVLHEHL2WWRYRQ%LVPDUFNHLQHQ(LQVWHOOXQJVZDQGHODXV'HUDOV3ROLWLNHU LP'LHQVWGLHEUHLWHgIIHQWOLFKNHLW0HLGHQGHQDKPQXQDOVQDFK)ULHGULFKVUXKEHUJH VLHGHOWHU 3HQVLRQlU VHLQH +XOGLJHU SHUV|QOLFK LQ (PSIDQJ 'LH KLHU EHVFKULHEHQHQ :DOOIDKUWHQLQGHQ6DFKVHQZDOGHUZHFNHQGHQ(LQGUXFNYRQVRQQWlJOLFKHQ)DPLOLHQ DXVIOJHQ'DVÄ0HQVFKOLFKH³DQ%LVPDUFNZHUWHWH%DPEHUJHUDOV8UVDFKHIUGHVVHQ JHVWHLJHUWHV$QVHKHQ LQ ZHLWHQ .UHLVHQ GHU GHXWVFKHQ *HVHOOVFKDIW$XIVFKOXVV EHU GLH ]HLWJHQ|VVLVFKH %HZHUWXQJ GHU 9HUHKUXQJ JHEHQ GLH %HJULIIOLFKNHLWHQ PLW GHQHQ %DPEHUJHU GLHVH FKDUDNWHULVLHUW (U VSULFKW KLHU YRQ Ä$QEHWXQJ³ XQG Ä%LVPDUFN .XOWXV³)ULHGULFKVUXKEH]HLFKQHWHUDOVÄKHLOLJH+DLQH³XQGDOVÄ7HPSHOGHV+HURHQ³ 'LH YRQ &KULVWD *UlILQ YRQ (LFNVWHGW3HWHUVZDOGW EHUOLHIHUWHQ :RUWH VSLHJHOQ %LV PDUFNVHLJHQH:DKUQHKPXQJEH]JOLFKGHULKPHQWJHJHQJHEUDFKWHQ9HUHKUXQJZLGHU   . /XGZLJ%DPEHUJHU%LVPDUFNSRVWKXPXV%HUOLQ6I &KULVWD*UlILQYRQ(LFNVWHGW3HWHUVZDOGW 

(11) ZDUHLQH)UHXQGLQGHU)DPLOLH%LVPDUFN.

(12) ϭϬ. ŝŶůĞŝƚƵŶŐ. . 1RFK]X/HE]HLWHQVDK%LVPDUFNVLFK]XPQDWLRQDOHQ0\WKRVEHUK|KWJHHKUWDOV5HOLNWJUR‰HU7DJHDOV 3Ul]HSWRUGHU*HJHQZDUWMHGRFKWXQOLFKVWEHUK|UW1RFK]X/HE]HLWHQEHJDQQPDQLKP'HQNPlOHU]XHU ULFKWHQ HU VHOEVW DEHU IKOWH VLFK VFKRQ ZHQLJH -DKUH QDFK GHP .DQ]OHUZHFKVHO LQ VHLQHP 5HLFK DOV )UHPGHU ,FKKDEH0LOOLRQHQ]X)UHXQGHQXQGNDXPHLQHQSHUV|QOLFKHQ)UHXQG . 'LH=LWDWHYHUZHLVHQDXIGLH3UREOHPDWLNHLQHUNODUHQ$EJUHQ]XQJGHU%HJULIIH9HUHK UXQJ.XOWXQG0\WKRV1LFKWQXUIU%LVPDUFNV=HLWJHQRVVHQZDUGLHPLWWHQLP3UR ]HVVVWHKHQGH(QWZLFNOXQJVFKZHU]XXQWHUVFKHLGHQDXFKLQKLVWRULVFKHQ)RUVFKXQJV DUEHLWHQIHKOWRIWPDOVHLQHHLQGHXWLJH$EJUHQ]XQJGHUGUHL%HJULIIH'DKHUVROOLP=X JHGLHVHU$UEHLWHLQHP|JOLFKH'HILQLWLRQGHUGUHL6WDWXVHUDUEHLWHWZHUGHQ,QGLHVHP =XVDPPHQKDQJVWHOOWVLFKGLH)UDJHREHLQJHQDXHU=HLWSXQNWIU%LVPDUFNV6WLOLVLH UXQJ]XPGHXWVFKHQ1DWLRQDOKHOGHQ]XHUPLWWHOQLVW'HV:HLWHUHQLVW]XNOlUHQZLHHV GD]XNRPPHQNRQQWHGDVVHLQHZlKUHQGLKUHUSROLWLVFKHQ7lWLJNHLWlX‰HUVWXPVWULWWH QH3HUVRQLQGLH$OOWDJVZHOWGHUGHXWVFKHQ*HVHOOVFKDIWGHVDXVJHKHQGHQ-DKUKXQ GHUWV(LQ]XJKDOWHQNRQQWH8QGZDUGLHVWDWVlFKOLFK±ZLHEHL%DPEHUJHUGDUJHVWHOOW± HLQDOOH*HVHOOVFKDIWVJUXSSHQEHWUHIIHQGHV3KlQRPHQ" 'RFK ]XQlFKVW HLQ NXU]HU $EULVV GHV )RUVFKXQJVVWDQGHV 'LH  YRQ .DUO (ULFK %RUQ HUVWHOOWH %LVPDUFN%LEOLRJUDILH OLVWHWH EHUHLWV  7LWHO DXI XQG PVVWH XP PHKUHUH +XQGHUWH GHU LQ GHQ OHW]WHQ IQI]LJ -DKUHQ HUVFKLHQHQHQ 0RQRJUDILHQ XQG $XIVlW]HHUJlQ]WZHUGHQ:lKUHQGELVLQGLHHU-DKUHHLQlX‰HUVWSRVLWLYHV%LOGLQ GHUGHXWVFKHQ*HVFKLFKWVVFKUHLEXQJYRQ2WWRYRQ%LVPDUFNJH]HLFKQHWZXUGH±KLHU VLQGGLH3XEOLNDWLRQHQ]X%LVPDUFNV*HEXUWVWDJH[HPSODULVFK]XQHQQHQ± HUIXKUGLHVHVPLWGHP(QGHGHUHU-DKUHYROO]RJHQHQ3DUDGLJPHQZHFKVHOLQGHQ *HLVWHVZLVVHQVFKDIWHQHLQHQJUXQGOHJHQGHQ:DQGHOXQGHLQH5HYLVLRQGHV%LVPDUFN %LOGHVIDQGVWDWW0LWGHQ-DKUHQQDKPHQGLHH[WUHPLVLHUHQGHQ$XIIDVVXQJHQDEXQG    . . . . =LW QDFK 0DQIUHG +DQN .DQ]OHU RKQH $PW )UVW %LVPDUFN QDFK VHLQHU (QWODVVXQJ  0QFKHQ6 .DUO (ULFK %RUQ %LVPDUFN%LEOLRJUDSKLH 4XHOOHQ XQG /LWHUDWXU ]XU *HVFKLFKWH %LVPDUFNV XQG VHLQHU =HLW.|OQ 6LHKH(PLO)UDQ]HQ'DV%LVPDUFNELOGLQXQVHUHU=HLWLQ1HXHV$EHQGODQG9 

(13) 6RGHU GLHDQOlVVOLFKGHV*HEXUWVWDJHVYRQ%LVPDUFNLP-DKUHHUVFKLHQHQHQ%HLWUlJHYRQ+DQV5RWK IHOV=XP*HEXUWVWDJ%LVPDUFNVLQ9LHUWHOMDKUHVKHIWHIU=HLWJHVFKLFKWH%G+HIW 

(14) 6 *XVWDY $GROI5HLQ2WWRYRQ%LVPDUFNGHUVFK|SIHULVFKH6WDDWVPDQQ9RUWUDJ]XP*H EXUWVWDJGHV5HLFKVJUQGHUVJHKDOWHQYRQGHU5DQNH*HVHOOVFKDIWKJYRQGHU:LVVHQVFKDIWOLFKHQ%XFK JHVHOOVFKDIW 'DUPVWDGW 'DUPVWDGW  RGHU DXFK $XVZlUWLJHV $PW +J

(15)  *HGHQNIHLHU ]XP  *H EXUWVWDJGHV5HLFKVNDQ]OHUV)UVW2WWRYRQ%LVPDUFN%RQQ(WZDVNULWLVFKHUDEHUGXUFKDXVPLWSR VLWLYHQ=JHQVLHKH:LOKHOP0RPPVHQ%LVPDUFN=XU:LHGHUNHKUVHLQHV*HEXUWVWDJHVYRU-DKUHQ LQ*HVFKLFKWHLQ:LVVHQVFKDIWXQG8QWHUULFKW 

(16) 6 (ZDOG)ULHOLHIHUWLQVHLQHP%HLWUDJ]XU5HLKH.RQWURYHUVHQXPGLH*HVFKLFKWHHLQHQhEHUEOLFNEHUGLH 'HEDWWHQLQGHUGHXWVFKHQ)RUVFKXQJ]XP:LOKHOPLQLVFKHQ.DLVHUUHLFKXD]XU.ULHJVVFKXOGIUDJHXQG EHU GLH VRJHQDQQWH Ä)LVFKHU.RQWURYHUVH³ VLHKH (ZDOG )ULH 'DV 'HXWVFKH .DLVHUUHLFK 'DUPVWDGW  6LHKH/RWKDU*DOO +J

(17) 'DV%LVPDUFN3UREOHPLQGHU*HVFKLFKWVVFKUHLEXQJQDFK.|OQ1H EHQGHP%XFKWLWHOWUDJHQYLHU%HLWUlJHGHQ7LWHO%LVPDUFN3UREOHP6LHKHDXFKGLHYHUVFKLHGHQHQ0HL QXQJHQ ]X %LVPDUFN EHL 5XGROI :DOWKHU 'HU %LVPDUFN0\WKRV $VSHNWH VHLQHU VR]LDOJHVFKLFKWOLFKHQ 'HPRQWDJHQDFKLQ'LHGHXWVFKH*HVHOOVFKDIWXQGGHUNRQVHUYDWLYH+HURH'HU%LVPDUFN0\WKRV.

(18) ŝŶůĞŝƚƵŶŐϭϭ . EHVRQGHUV GXUFK GLH LQ GHQ HU -DKUHQ HUVFKLHQHQHQ %LVPDUFN%LRJUDILHQ YRQ /RWKDU*DOO(UQVW(QJHOEHUJXQG2WWR3IODQ]HGLHQXQGLH)RUVFKXQJVOFNHHLQHU XPIDQJUHLFKHQZLVVHQVFKDIWOLFKHQ$XVHLQDQGHUVHW]XQJVFKORVVHQVHW]WHVLFKGDV%LOG GHV 5HDOSROLWLNHUV ZHL‰HQ 5HYROXWLRQlUV XQG YRQ )HKOHQWVFKHLGXQJHQ JHOHLWHWHQ ,Q QHQSROLWLNHUV GXUFK (LQH$XVQDKPH VWHOOW GLH 3XEOLNDWLRQ YRQ -RKDQQHV :LOOPV DXV GHP-DKUGDULQGHUGHUGDPDOLJH)HXLOOHWRQFKHIGHU6GGHXWVFKHQ=HLWXQJ%LV PDUFNSURYRNDWLYDOVÄ'lPRQGHU'HXWVFKHQ³EHWLWHOW 1HEHQ ]DKOUHLFKHQ %LRJUDILHQ JLEW HV YLHOH ZHLWHUH$QNQSIXQJVSXQNWH GLH VLFK DXV GHU %HVFKlIWLJXQJ PLW 2WWR YRQ %LVPDUFN HUVFKOLH‰HQ ,P +LQEOLFN DXI GDV )RU VFKXQJVIHOG 'HU %LVPDUFN0\WKRV LP :LOKHOPLQLVFKHQ .DLVHUUHLFK VLQG %H]JH ]XU 0HQWDOLWlWVJHVFKLFKWH (ULQQHUXQJV XQG 'HQNPDONXOWXU %UJHUWXPVIRUVFKXQJ XQG ]XU DOOJHPHLQHQ SROLWLVFKHQ .XOWXU EHLVSLHOKDIW ]X QHQQHQ (LQ ZLFKWLJHU $VSHNW LQ GLHVHP =XVDPPHQKDQJ LVW DXFK GDV :HUGHQ GHV GHXWVFKHQ 1DWLRQDOVWDDWHV GHVVHQ )LQGXQJVSUR]HVVHQJPLWGHQ8UVDFKHQGHV0\WKLVLHUXQJVSUR]HVVHVYHUZREHQLVW'LH WHLOVQRFKKHXWHLP6WDGWELOGSUlVHQWHQ%LVPDUFN'HQNPlOHU]HXJHQYRQGHUHLQVWLJHQ 9HUHKUXQJ GHV HUVWHQ GHXWVFKHQ 5HLFKVNDQ]OHUV (LQH VSH]LHOOH )RUP GHU 'HQNPlOHU VWHOOHQGLH%LVPDUFN7UPHGDUGLHZHQLJHUGLH3HUVRQ2WWRYRQ%LVPDUFNUHSUlVHQ WLHUHQ DOV YLHOPHKU GLH PLW LKP YHUEXQGHQHQ ,QWHUSUHWDWLRQHQ DOV GHXWVFKHU 1DWLRQDO KHURV 'HV :HLWHUHQ ZLGPHQ VLFK HLQH 9LHO]DKO YRQ$UEHLWHQ GHP %LVPDUFN0\WKRV PLWGHU3UlPLVVHLKQLQHLQ]HOQHQ=HLWDEVFKQLWWHQ]XXQWHUVXFKHQ,QGHQ)RUVFKXQJV EHLWUlJHQGLHGHQ0\WKRV]%]XU=HLWGHU:HLPDUHU5HSXEOLNRGHUGHUQDWLRQDOVR]LD OLVWLVFKHQ 'LNWDWXU EHWUDFKWHQ ]HLJHQ VLFK EHVRQGHUV GHVVHQ ZDQGHOEDUH 6WUXNWXUHQ XQG ,GHQWLILNDWLRQVP|JOLFKNHLWHQ 6HLW  ZLUG DOOH  -DKUH 2WWR YRQ %LVPDUFNV *HEXUWVWDJ]XP$QODVVJHQRPPHQGDV%LVPDUFN%LOGQHX]XEHOHXFKWHQ'LH)OOHDQ %LVPDUFN/LWHUDWXU PDFKW HV VFKLHU XQP|JOLFK MHGH HLQ]HOQH 3XEOLNDWLRQ DXVUHLFKHQG ]X UH]LSLHUHQ 'DKHU NRQ]HQWULHUW VLFK GLH KLHU YRUOLHJHQGH$UEHLW DXI GLH UHOHYDQWHQ 0RQRJUDILHQ$XIVlW]HXQG4XHOOHQGLH%H]XJDXIGLHLKU]XJUXQGHOLHJHQGHQ)UDJH VWHOOXQJHQQHKPHQ 'HUSXEOL]LHUWH$XIVDW]YRQ 0LFKDHO 6WUPHULVWHLQHGHUHUVWHQZLVVHQVFKDIWOL FKHQ$EKDQGOXQJHQ GLH VLFK H[SOL]LW PLW GHP 0\WKRV %LVPDUFN DXVHLQDQGHUJHVHW]W KDW,QGHQHU-DKUHQUFNWH2WWRYRQ%LVPDUFNLQGDV)RUVFKXQJVLQWHUHVVHGHV %UHPHU+LVWRULNHUV/RWKDU0DFKWDQ'LH0\WKLVLHUXQJ%LVPDUFNV]XPGHXWVFKHQ1D WLRQDOKHOGHQ]HLJW0DFKWDQLP9RUZRUWGHU$XIVDW]VDPPOXQJ%LVPDUFNXQGGHUGHXW      . LP:DQGHOGHU=HLWKJYRQ0DUNXV5DDVFK$DFKHQ6 /RWKDU*DOO%LVPDUFNGHUZHL‰H5HYROXWLRQlU)UDQNIXUWDP0DLQ (UQVW(QJHOEHUJ%LVPDUFN%HUOLQ 2WWR3IODQ]H%LVPDUFNDQGWKHGHYHORSPHQWRI*HUPDQ\3ULQFHWRQ -RKDQQHV:LOOPV%LVPDUFN±'lPRQGHU'HXWVFKHQ$QPHUNXQJHQ]XHLQHU/HJHQGH0QFKHQ 0LFKDHO6WUPHU%LVPDUFN0\WKRVXQG+LVWRULHLQ$XV3ROLWLNXQG=HLWJHVFKLFKWH 

(19) 6.

(20) ϭϮ. ŝŶůĞŝƚƵŶŐ. . VFKH 1DWLRQDO0\WKRV DE  DQVFKDXOLFK DXI XQG EH]HLFKQHW KLHU GHQ P\WKLVLHUWHQ %LVPDUFNDOVÄHLQ3KlQRPHQGDVLQVHLQHU%HGHXWXQJIUGLH(QWZLFNOXQJGHUSROLWL VFKHQ .XOWXU LP GHXWVFKHQ 1DWLRQDOVWDDW JDU QLFKW EHUVFKlW]W ZHUGHQ NDQQ³ XQG IRUGHUWHLQHNXOWXUNULWLVFKH%HVWDQGVDXIQDKPHGLHGHQÄP\WKLVFKXQWHUIWWHUWHQ1DWL RQDOLVPXVGHU'HXWVFKHQ³EHOHXFKWHW0DFKWDQPLVVWGHP%LVPDUFN0\WKRVHLQYHU DQWZRUWOLFKHV 0LWZLUNHQ ]XU (WDEOLHUXQJ GHV )KUHU0\WKRV EHL ,Q %LVPDUFNV 7RG XQG'HXWVFKODQGV7UlQHQYHUDQVFKDXOLFKW0DFKWDQIDVWVFKRQ PLQXWL|VÄ%LVPDUFNV (QG]HLW³ XQG GLH PLW GHVVHQ 7RG HLQKHUJHKHQGHQ 7XUEXOHQ]HQ LQ )ULHGULFKVUXK GHP )DPLOLHQVLW] GHU %LVPDUFNV ,Q VHLQHP %HLWUDJ ]XP ]ZHLWHQ %DQG 'HXWVFKH (ULQQH UXQJVRUWH NRQ]HQWULHUW VLFK 0DFKWDQ DXI GLH 8QWHUVXFKXQJ GHV %LVPDUFN0\WKRV DE  XQG GHVVHQ ,QVWUXPHQWDOLVLHUXQJ LP =XJH GHU 0DFKWHUJUHLIXQJ GHU 1DWLRQDOVR ]LDOLVWHQ'HUKHXWHDP8QLYHUVLW\&ROOHJH'XEOLQOHKUHQGH5REHUW*HUZDUWKXQWHU VXFKWHHEHQIDOOVGHQ%LVPDUFN0\WKRV]XU:HLPDUHU=HLWOLH‰DEHUDXFK GHVVHQ%H VRQGHUKHLWHQ LP :LOKHOPLQLVFKHQ .DLVHUUHLFK XQG ]XU =HLW GHU 1DWLRQDOVR]LDOLVWHQ QLFKW XQHUZlKQW *HUZDUWK PLVVW GHP %LVPDUFN0\WKRV HLQH WUDJHQGH 5ROOH KLQ VLFKWOLFK GHU 6FKZlFKXQJ GHV 'HPRNUDWLHJHGDQNHQV LQ GHU :HLPDUHU 5HSXEOLN EHL GHQQ Ä]ZHL .HUQHOHPHQWH GHV %LVPDUFN0\WKRV ± $QWLSDUODPHQWDULVPXV XQG GHU *ODXEH DQ GLH 1RWZHQGLJNHLW KHURLVFKHU )KUHUVFKDIW ±³ KDWWHQ VLFK LQ UHDNWLRQlU JHZDQGWHQ *HVHOOVFKDIWVNUHLVHQ IHVW YHUDQNHUW 9RONHU 3ODJHPDQQ XQG +DQV:DOWHU +HGLQJHUEHVFKlIWLJWHQVLFKDOVGLH(UVWHQPLWHLQHP3KlQRPHQGHV0\WKRV±QlP OLFK PLW GHQ %LVPDUFN'HQNPlOHUQ 'LH QHXHUHQ )RUVFKXQJVEHLWUlJH YRQ .DL .UDXV NRSIHUJlQ]HQGLHVH$UEHLWHQ     .       . . /RWKDU 0DFKWDQ (LQIKUXQJ LQ %LVPDUFN XQG GHU GHXWVFKH 1DWLRQDO0\WKRV KJ YRQ GHPVHOELJHQ %UHPHQ6KLHU6 (EG6 9JO0DFKWDQ%LVPDUFN.XOWXQGGHXWVFKHU1DWLRQDO0\WKRVELVLQ%LVPDUFNXQGGHUGHXW VFKH 1DWLRQDO0\WKRV KJ YRQ GHPVHOELJHQ %UHPHQ  6  KLHU 6  9JO DXFK 5LFKDUG )UDQNHO)URPWKH%HHU+DOOVWRWKH+DOOVRI3RZHU7KH&XOWRI%LVPDUFNDQGWKH /HJLWLPL]DWLRQRID 1HZ *HUPDQ 5LJKW  LQ *HUPDQ 6WXGLHV 5HYLHZ  

(21)  6  KLHU 6  -RKDQQHV:LOOPVODVWHWHGHP%LVPDUFN0\WKRVJDUGLH6FKXOGDP+LWOHU0\WKRVDQ6LHKH:LOOPV'l PRQ6 /RWKDU0DFKWDQ%LVPDUFNV7RGXQG'HXWVFKODQGV7UlQHQ5HSRUWDJHHLQH7UDJ|GLH0QFKHQ /RWKDU 0DFKWDQ %LVPDUFN LQ 'HXWVFKH (ULQQHUXQJVRUWH %G  KJ YRQ eWLHQQH )UDQoRLV XQG +DJHQ 6FKXO]H0QFKHQ6 5REHUW*HUZDUWK'HU%LVPDUFN0\WKRV'LH'HXWVFKHQXQGGHU(LVHUQH.DQ]OHU0QFKHQ (EG6 9RONHU3ODJHPDQQ%LVPDUFN'HQNPlOHULQ'HQNPlOHULP-DKUKXQGHUWKJYRQ+DQV(UQVW0LWWLJ XQG9RONHU3ODJHPDQQ0QFKHQ6 +DQV:DOWHU+HGLQJHU'HU%LVPDUFN.XOW(LQ8PUL‰LQ'HU5HOLJLRQVZDQGHOLQXQVHUHU=HLWLP6SLH JHOGHU5HOLJLRQVZLVVHQVFKDIWHQKJYRQ*XQWHU6WHSKHQVRQ'DUPVWDGW6 .DL.UDXVNRSI%LVPDUFNGHQNPlOHU±HLQEL]DUUHU$XIEUXFKLQGLH0RGHUQH+DPEXUJXQGGHUV 0RQXPHQWHYRQ6WHLQXQG)HXHU'LHDUFKLWHNWRQLVFKHQ%LVPDUFNGHQNPlOHULQ5HLFKVJUQGXQJ (UHLJQLV ± %HVFKUHLEXQJ ± ,QV]HQLHUXQJ YRQ 0LFKDHO )LVFKHU&KULVWLDQ 6HQNHO.ODXV 7DQQHU 0QVWHU 6.

(22) ŝŶůĞŝƚƵŶŐϭϯ . :lKUHQG VLFK GLHVH 3XEOLNDWLRQHQ YRUZLHJHQG PLW GHP %LVPDUFN0\WKRV GHV  -DKUKXQGHUWV DXVHLQDQGHUVHW]HQ JLEW HV HUVW HLQLJH ZHQLJH )RUVFKXQJVDUEHLWHQ GLH VLFK GHVVHQ :HUGHQ JHZLGPHW KDEHQ :HUQHU 3|OV XQG 0DWWKLDV 6WLFNOHU WKHPDWL VLHUWHQH[SOL]LWGLH9HUHKUXQJ]X%LVPDUFNV/HE]HLWHQXQGGHQYRP.XOW]XP0\WKRV YROO]RJHQHQ :DQGHO ELV ]XP (UVWHQ :HOWNULHJ 7KRPDV *UlIH NRQ]HQWULHUWH VLFK DXI GLH9HUHKUXQJVHLWHQVGHUQDWLRQDOLVWLVFKJHSUlJWHQ3DUWHLHQXQG9HUElQGHLP=HLWUDXP YRQELV'DVIRUWZlKUHQGH%LVPDUFN%LOGGHU-DKUHELVZXUGH YRQ7KRPDV+DJHPDQQQDFKJH]HLFKQHW $QOlVVOLFK VHLQHV  7RGHVWDJHV LP -DKUH  NHKUWH 2WWR YRQ %LVPDUFN ZLHGHU VWlUNHU LQ GDV %HZXVVWVHLQ GHU gIIHQWOLFKNHLW ]XUFN :lKUHQG 3ROLWLN XQG :LVVHQ VFKDIWVLFKYRUQHKPOLFKDXIGLHNULWLVFKH$QDO\VHGHV0\WKRVNRQ]HQWULHUWHQ]HLJWH VLFKGLHEUHLWH0DVVHZHQLJLQIRUPLHUWXQGLQWHUHVVLHUW(LQLQWHUYLHZWHU$XPKOHUlX ‰HUWHVLFKDXIGLH)UDJHZHOFKH%HGHXWXQJ%LVPDUFNKHXW]XWDJHQRFKKDWZLHIROJW Ä0HLQHU0HLQXQJQDFKKDW%LVPDUFNIUGLHKHXWLJH=HLWNHLQH%HGHXWXQJPHKU3RVL WLYDQ%LVPDUFNILQGHLFKGDVZDVHUJHPDFKWKDWQHJDWLYVHLQ9HUKDOWHQDOVSULYDWH 3HUVRQ GD‰ HU JHMDJW KDW³ 3DUROHQ ZLH Ä9RQ GHP KDEHQ ZLU GHQ .RUQ XQG GHU LVW JXW³ RGHU Ä%LVPDUFN LVW XQV VFKHL‰HJDO:LU VLQG LQWHUQDWLRQDO³ ]HLJHQ GLH UHFKW ODSLGDUHQ(LQVWHOOXQJHQ]X%LVPDUFN(LQH8PIUDJHDXVGHP-XELOlXPVMDKUNDP VRJDU]XGHP(UJHEQLVGDVVMHGHU]ZHLWH'HXWVFKHQLFKWVYRQ%LVPDUFNVSROLWLVFKHP 6FKDIIHQXQG:LUNHQZXVVWH&KULVWRSK6WXGWSRVWXOLHUWHGDPDOVGDVVKXQGHUW-DKUH QDFK%LVPDUFNV7RGDXFKVHLQÄ]ZHLWHV/HEHQ³VHLQ)RUWOHEHQDOVEHZHJHQGHU0\ WKRV DOV OHLGHQVFKDIWOLFK XPNlPSIWH NROOHNWLYH (ULQQHUXQJ ]X (QGH JHJDQJHQ VHL     . .     . :HUQHU 3|OV %LVPDUFNYHUHKUXQJ XQG %LVPDUFNOHJHQGH DOV LQQHQSROLWLVFKHV 3UREOHP GHU :LOKHOPLQL VFKHQ=HLWLQ-DKUEXFKIUGLH*HVFKLFKWH0LWWHOXQG2VWGHXWVFKODQGV 

(23) 6 0DWWKLDV6WLFNOHUÄGHQQZRGXELVWLVW'HXWVFKODQG³±%LVPDUFNNXOWXQG%LVPDUFNGHQNPlOHULP.DL VHUUHLFKLQ%LVPDUFNXQGGLH'HXWVFKHQKJYRQ%HUQG+HLGHQUHLFK%HUOLQ6 7KRPDV *UlIH 'HU %LVPDUFN0\WKRV LQ GHU SROLWLVFKHQ .XOWXU GHV ZLOKHOPLQLVFKHQ .DLVHUUHLFKV 'LH NXOWLVFKH9HUHKUXQJGHVÄ5HLFKVJUQGHUV³GXUFKGLH3DUWHLHQXQG9HUElQGHGHVQDWLRQDOHQ/DJHUV ([DPHQVDUEHLW8QLYHUVLWlW%LHOHIHOG1RUGHUVWHGW 7KRPDV+DJHPDQQ 'DV%LVPDUFN%LOGLQGHUGHXWVFKHQ gIIHQWOLFKNHLWQDFK0\WKHQ6WUXNWXUHQ ,QKDOWH$XVGUXFNVIRUPHQGHV%LVPDUFN.XOWHVXQGGDV%HLVSLHOGHU9HUHKUHUSRVWDXVGHQ%HVWlQGHQGHV $UFKLYV GHU 2WWRYRQ%LVPDUFN6WLIWXQJ LQ )ULHGULFKVUXK 6WDDWVH[DPHQVDUEHLW 8QLYHUVLWlW 3DGHUERUQ  ]%$GDOEHUW5HLILP*HVSUlFKPLW2WWR3IODQ]HÄ%LVPDUFNV0\WKRVJHLVWHUWGXUFKGDVJDQ]H-DKUKXQ GHUW³LQ'LH:HOWRGHU*RGHKDUG:H\HUHUÄ+HOG%LVPDUFNVHJQHXQV+HU]XQG+DQG³LQ 6GGHXWVFKH =HLWXQJ  'DULQ LVW DXFK HLQH NXU]H =XVDPPHQIDVVXQJ GHU %XQGHVWDJVGHEDWWH EH]JOLFKGHU*UQGXQJGHU2WWRYRQ%LVPDUFN6WLIWXQJHQWKDOWHQ GEPVL:HOFKH%HGHXWXQJKDW%LVPDUFNKHXWH"LQ6DFKVHQZDOG=HLWXQJ &KULVWRSK6WXGW'DV%LVPDUFNELOGGHUGHXWVFKHQgIIHQWOLFKNHLW 

(24) )ULHGULFKVUXK6 (EG6 'LHWHU/DQJHZLHVFKH0lFKWLJHU*HJQHU'HU%LVPDUFN0\WKRVLPhEHUJDQJYRPGHXWVFKHQ.DLVHUUHLFK ]XU:HLPDUHU5HSXEOLN5H]HQVLRQ5REHUW*HUZDUWK%LVPDUFN0\WKRVLQ)UDQNIXUWHU$OOJHPHLQH=HL WXQJ1U6HLWH 6LHKHKLHU]XDXFK-UJHQ.RFND%LVPDUFNV]ZHLWHV/HEHQ6LFKWZHLVHQVHLWLQ6WDDW1DWLRQ'H PRNUDWLH7UDGLWLRQHQXQG3HUVSHNWLYHQPRGHUQHU*HVHOOVFKDIWHQ)HVWVFKULIWIU+DQV-UJHQ3XKOHKJ YRQ0DUFXV*UlVHU&KULVWLDQ/DPPHUWXQG6|QNH6FKUH\HU*|WWLQJHQ6±.

(25) ϭϰ. ŝŶůĞŝƚƵŶŐ. . %LVPDUFNVHLHQGJOWLJQXUQRFKHLQ7HLOXQVHUHU*HVFKLFKWH 'RFK ZLUG GLHVHU 7HLO GHU *HVFKLFKWH GXUFK GLH 0XVHDOLVLHUXQJ 2WWR YRQ %LVPDUFNV ZHLWHUDP/HEHQJHKDOWHQ'HU]HLWH[LVWLHUHQ YLHU0XVHHQGLHLQHLQHU'DXHUDXVVWHO OXQJ2WWRYRQ%LVPDUFNXQGVHLQH=HLWEHOHXFKWHQ$OV]HQWUDOHU(ULQQHUXQJVRUWZLUNW )ULHGULFKVUXK+LHUEHILQGHQVLFKGLHJHJUQGHWHXQGDXV%XQGHVJHOGHUQJHI|U GHUWH2WWRYRQ%LVPDUFN6WLIWXQJXQGGDVELVYRQGHQ1DFKNRPPHQGHV)UV WHQEHWULHEHQH%LVPDUFN0XVHXPXQG0DXVROHXP  ZXUGH GLHZLVVHQVFKDIWOL FKH%HWUHXXQJGHV)ULHGULFKVUXKHU0XVHXPVGHU6WLIWXQJEHUWUDJHQ6HLWLVWGDV DXI HLQH ODQJH 7UDGLWLRQ EH]JOLFK GHU 0XVHDOLVLHUXQJ GHV HUVWHQ GHXWVFKHQ 5HLFKV NDQ]OHUV ]XUFNEOLFNHQGH %LVPDUFN0XVHXP LQ 6FK|QKDXVHQ HLQH $X‰HQVWHOOH GHU %LVPDUFN6WLIWXQJ'HV:HLWHUHQJLEWHVLQ%DG.LVVLQJHQHLQ%LVPDUFN0XVHXPLQ GHU2EHUHQ6DOLQHZR%LVPDUFNZlKUHQGVHLQHU]DKOUHLFKHQ.XUDXIHQWKDOWHJHZRKQW KDWWH ,Q -HYHU ZDU DE  HEHQIDOOV HLQ %LVPDUFN0XVHXP ]X EHVLFKWLJHQ GDV YRQ GHQ *HWUHXHQ YRQ -HYHU ± HLQHP GHU lOWHVWHQ %LVPDUFN9HUHLQH ± LQLWLLHUW ZRUGHQ ZDU 'HU %HVWDQG GHV 0XVHXPV VHW]WH VLFK YRUZLHJHQG DXV GHU 3ULYDWVDPPOXQJ YRQ *QWHU*$0DUNOHLQ]XVDPPHQXQGZDU]XYRULQ3RULW]LQGHU$OWPDUNDXVJHVWHOOW 'HV:HLWHUHQLVWLQGLHVHP=XVDPPHQKDQJDXIGHQ%LVPDUFNEXQGKLQ]XZHLVHQGHU VLFKVHOEVWDOVEHGHXWHQGVWHU9HUHLQLQ'HXWVFKODQGÄGHUVLFKIUGLH(QWZLFNOXQJHL          . . 6WXGW%LVPDUFNELOG6 6LHKH$QGUHDVYRQ6HJJHUQ1DWLRQDOH:HLKHVWlWWHRGHUKLVWRULVFKHU/HUQRUW"'HU0\WKRV%LVPDUFNVLQ )ULHGULFKVUXK LQ .RQWUDSXQNWH 9HUJDQJHQKHLWVGLVNXUVH XQG *HJHQZDUWVYHUVWlQGQLV KJ YRQ 6DELQH 0HFNLQJXQG6WHIDQ6FKU|GHU(VVHQ6 6LHKH0LFKDHO(SNHQKDQV+HLQULFK(UQVW6HUDSKLP'LH2WWRYRQ%LVPDUFN6WLIWXQJ )ULHG ULFKVUXKHU%HLWUlJH%G

(26) )ULHGULFKVUXK *QWHU*$0DUNOHLQ.DULQ=XQNH6DUWRUL%LVPDUFN0XVHXP2OGHQEXUJ 'DV 0XVHXP ZXUGH EHUHLWV  JHJUQGHW 6LHKH $OEHUW GH *URXVVLOLHUV 'DV %LVPDUFN0XVHXP LQ :RUWXQG%LOGHLQ'HQNPDOGHXWVFKHU'DQNEDUNHLW/HLS]LJ 6LHKH,QWHUQHWVHLWHGHV%LVPDUFN0XVHXPV%DG.LVVLQJHQ 4XHOOHZZZEDGNLVVLQJHQGHGHVWDGWNXOWXUPXVHHQELVPDUFNELVPDUFNPXVHXPLQGH[KWPO6WDQG  =XU *HVFKLFKWH GHV  JHJUQGHWHQ 9HUHLQV VLHKH *QWHU * $ 0DUNOHLQ 'LH *HWUHXHQ LQ -HYHU 'HXWVFKODQGVlOWHVWHU%LVPDUFN7UDGLWLRQVYHUHLQ-HYHUXQG)ULW]%OXPH,P*HLVWH%LVPDUFNV(LQH NOHLQH&KURQLNGHV9HUHLQVÄ'LH*HWUHXHQYRQ-HYHU³H9%LVPDUN $OWPDUN

(27)  6LHKHGLH:HESUlVHQ]GHV0XVHXPVGHU*HWUHXHQLQ-HYHU 4XHOOHKWWSELVPDUFNPXVHXPELIXQSLFGHELVPDUFNLQGH[SKS6WDQG /LQNH[LVWLHUWQLFKWPHKUHEHQVRZLHGLH:HEVHLWHZZZELVPDUFNPXVHXPMHYHUGH6WDQG 'HU%LVPDUFNEXQG±9HUHLQLJXQJ]XU:DKUXQJGHXWVFKHQ*HVFKLFKWVEHZXVVWVHLQVH9 LVWQLFKW]XYHU ZHFKVHOQPLWGHPJHJUQGHWHQ'HXWVFKHQ%LVPDUFNEXQGDXVGHP(QGHGLH%LVPDUFNMXJHQG GHU 'HXWVFKQDWLRQDOHQ 9RONVSDUWHL KHUYRUJLQJ =XP %LVPDUFNEXQG XQG VHLQHQ 0LWJOLHGHUQ PLW 6LW] LQ $XPKOHVLHKH$QGUHD5|SNH%OXWXQG(LVHQLQ'HU6SLHJHO$XVJDEH611%LV PDUFN%XQG PHOGHW ,QVROYHQ] DQ LQ ZZZEHUJHGRUIHU]HLWXQJGH  4XHOOH KWWSZZZEHUJHGRUIHU]HLWXQJGHUHLQEHNDUWLFOH%LVPDUFN%XQGPHOGHW,QVROYHQ]DQKWPO $QQH 0OOHU XQG 6XVDQQH +RO] (NODW LP IUVWOLFKHQ %LVPDUFNEXQG ZZZEHUJHGRUIHU]HLWXQJGH  4XHOOH KWWSZZZEHUJHGRUIHU]HLWXQJGHUHLQEHNDUWLFOH(NODWLPIXHUVWOLFKHQ %LVPDUFNEXQGKWPOEHLGH6WDQG8QWHUGHU:HESUlVHQ]ZZZELVPDUFNEXQGGHILQGHQVLFK NHLQH+LQZHLVHDXIGHQ9HUHLQXQGZHGHUXQWHU.RQWDNWQRFKLP,PSUHVVXPLVWHLQH.RQWDNWDGUHVVHDQ JHJHEHQ.

(28) ŝŶůĞŝƚƵŶŐϭϱ . QHVGHXWVFKHQ*HVFKLFKWVEHZXVVWVHLQVLQWHQVLYHLQVHW]W³YHUVWHKW $XFKGHU*HEXUWVWDJV2WWRYRQ%LVPDUFNVLP-DKUHJDEHUQHXW$QODVVVLFK ZLHGHUYHUPHKUWPLWGHUODXW7KHRGRU)RQWDQHÄGHQNEDULQWHUHVVDQWHVWH>Q@)LJXU³GHV  -DKUKXQGHUWV DXVHLQDQGHU]XVHW]HQ %HUHLWV LP 9RUIHOG GHV -XELOlXPVMDKUHV  ZDUHLQ$QVWLHJGHUOLWHUDULVFKHQXQGZLVVHQVFKDIWOLFKHQ%HVFKlIWLJXQJPLWGHP2HXY UH GHV HUVWHQ 5HLFKVNDQ]OHUV ]X YHU]HLFKQHQ 'LH 2WWRYRQ%LVPDUFN 6WLIWXQJ YHUDQ VWDOWHWH EHUHLWV  HLQH ZLVVHQVFKDIWOLFKH 7DJXQJ ]XU 5ROOH %LVPDUFNV DOV :LUW VFKDIWVXQG6R]LDOSROLWLNHUXQGJHPHLQVDPPLWGHU.RQUDG$GHQDXHU6WLIWXQJ GLH7DJXQJPLWGHP7LWHO.DQ]OHUGHU(LQKHLW%LVPDUFN±$GHQDXHU±.RKO+HUDXVIRU GHUXQJHQXQG3HUVSHNWLYHQ+LHUZXUGHGHU9HUVXFKJHZDJWHLQHQ9HUJOHLFKGHUGUHL GHXWVFKHQ6WDDWVPlQQHUXQGGLH$XVZLUNXQJHQLKUHU3ROLWLNDXIGDVKHXWLJH'HXWVFK ODQG]X]LHKHQ'DUEHUKLQDXVYHU|IIHQWOLFKWHGHUDPHULNDQLVFKH+LVWRULNHU-RQDWKDQ 6WHLQEHUJLP-DKUGLH0RQRJUDILH%LVPDUFN$/LIH+HQU\.LVVLQJHUEHZHUWHWH GLH%LRJUDILHDOVÄWKHEHVWVWXG\RILWVVXEMHFWLQWKH(QJOLVKODQJXDJH³LQVHLQHULQ GHU1HZ<RUN7LPHVYHU|IIHQWOLFKWHQ5H]HQVLRQ0LFKDHO (SNHQKDQVHKHPDOLJHU*H VFKlIWVIKUHU GHU 2WWRYRQ%LVPDUFN6WLIWXQJ UH]HQVLHUWH GLH  HUVFKLHQHQH GHXW VFKHhEHUVHW]XQJPLWGHP7LWHO%LVPDUFN࣓0DJLHUGHU0DFKWÄ2EZRKO$QJHK|ULJH GHU=XQIWDQJHVLFKWVGHUNDXPQRFKEHUVFKDXEDUHQ/LWHUDWXU]X%LVPDUFNXQGVHLQHU =HLW EHLP (UVFKHLQHQ HLQHU ZHLWHUHQ %LRJUDSKLH RIW NRSIVFKWWHOQG PHLQHQ LQ]ZL VFKHQVHLGRFKDOOHVEHUGHQ (LVHUQHQ.DQ]OHU JHVDJWXQGJHVFKULHEHQZRUGHQ³VR (SNHQKDQVHLQOHLWHQGÄILQGHQVLHHVDP(QGHGHU/HNWUHGDQQGRFKHUVWDXQOLFKZDV HV DQ 1HXHP ]X EHULFKWHQ JLEW EH]LHKXQJVZHLVH DXV ZHOFKHP %OLFNZLQNHO PDQ DOWH   .     . =LWQDFKKWWSELVPDUFNPXVHXPELIXQSLFGHELVPDUFNELVPDUFNEXQGSKS6WDQG =LWQDFK9RONHU8OOULFK%LVPDUFN5HLQEHNEHL+DPEXUJ6,QHLQHP%ULHIDQ$XJXVWYRQ +H\GHQ VFKUHLEW )RQWDQH DP  $XJXVW  Ä'X IUDJVW ZHJHQ %LVPDUFN  'DV HZLJH 6LFKDXIGHQ :DLVHQNQDEHQXQG%LHGHUPHLHUKLQ$XVVSLHOHQ LVW JUl‰OLFK XQG PDQ PX‰ VLFK LPPHU ZLHGHU DOO GDV 5LHVHQJUR‰H]XUFNUXIHQZDVHUJHQLDOLVFK]XVDPPHQJHPRJHOWKDWXPGXUFKGLHVHYRQGHQNUDVVHVWHQ :LGHUVSUFKHQJHWUDJHQHQ0RJHOHLHQQLFKWDEJHVWR‰HQ]XZHUGHQ(ULVWGLHGHQNEDULQWHUHVVDQWHVWH)L JXULFKNHQQHNHLQHLQWHUHVVDQWHUHDEHUGLHVHUEHVWlQGLJH+DQJGLH0HQVFKHQ]XEHWUJHQGLHVHVYROO HQGHWH 6FKODXEHUJHUWXP LVW PLU HLJHQWOLFK ZLGHUZlUWLJ XQG ZHQQ LFK PLFK DXIULFKWHQ HUKHEHQ ZLOO VR PX‰ LFK GRFK DXI DQGUH +HOGHQ EOLFNHQ 'HP =ZHFNGLHQOLFKHQ DOOHV XQWHURUGQHQ LVW EHUKDXSW HLQ IXUFKWEDUHU6WDQGSXQNWXQGEHLLKPLVWQXQDOOHVQRFKPLWVRYLHO3HUV|QOLFKHPXQGJHUDGH]X+l‰OLFKHP XQWHUPLVFKWPLW%HLIDOOVEHGUIWLJNHLWXQEHGLQJWHP*ODXEHQDQGDV5HFKWMHGHU/DXQHMHGHV(LQIDOOVXQG NRORVVDOHU+DSSLJNHLW6HLQHDXVMHGHP6DW]VSUHFKHQGH*HQLDOLWlWHQW]FNWPLFKLPPHUZLHGHUVFKPHL‰W LPPHU ZLHGHU PHLQH%HGHQNHQEHUGHQ+DXIHQDEHUEHLUXKLJHP%OXWHVLQGGLH%HGHQNHQGRFKDXFK LPPHUZLHGHUGD1LUJHQGVLVWLKPJDQ]]XWUDXHQ³]LWQDFK+DQV-UJHQ3HUU\Ä1LUJHQGVLVWLKPJDQ] ]XWUDXHQ³%LVPDUFNLP8UWHLO7KHRGRU)RQWDQHVVLHKHHUZHLWHUWH)DVVXQJHLQHV9RUWUDJVGHUDXIGHP 6WHQGDOHU.ROORTXLXP -XOLELV$XJXVW

(29) JHKDOWHQZXUGH 4XHOOHKWWSZZZSHUUH\LQIRPHGLDDUWLNHO)RQWDQHB%LVPDUFNSGI6WDQG 0LFKDHO (SNHQKDQV8OULFK YRQ +HKO +J

(30)  %LVPDUFN XQG GLH :LUWVFKDIW :LVVHQVFKDIWOLFKH 5HLKH GHU 2WWRYRQ%LVPDUFN6WLIWXQJ%G

(31) 3DGHUERUQ +DQQV -UJHQ .VWHUV8OULFK /DSSHQNSHU +J

(32)  .DQ]OHU GHU (LQKHLW %LVPDUFN ± $GHQDXHU ± .RKO +HUDXVIRUGHUXQJHQXQG3HUVSHNWLYHQ6DQNW$XJXVWLQ)ULHGULFKVUXK -RQDWKDQ6WHLQEHUJ%LVPDUFN$/LIH2[IRUG +HQU\.LVVLQJHU2WWRYRQ%LVPDUFN0DVWHU6WDWHVPDQLQ7KH1HZ<RUN7LPHV -RQDWKDQ6WHLQEHUJ%LVPDUFN±0DJLHUGHU0DFKW%HUOLQ.

(33) ϭϲ. ŝŶůĞŝƚƵŶŐ. . )UDJHQ QHX EHDQWZRUWHQ NDQQ³ 'LH /HNWUH YRQ 6WHLQEHUJ VHL VHLQHU 0HLQXQJ QDFK ÄVHOEVWIUGHQ)DFKPDQQLPPHUZLHGHUHUNHQQWQLVUHLFKLQGHU$QDO\VH³$XFKZXU GHQ1DFKGUXFNH]HLWJHQ|VVLVFKHU$EKDQGOXQJHQ]%DXVGHQ-DKUHQXQG YHU|IIHQWOLFKW ,P %LVPDUFN-DKU  HUVFKLHQHQ QHXH %LRJUDILHQ YRQ GHQHQ GLH YRQ +DQV &KULVWRI .UDXV 1RUEHUW ) 3|W]O XQG &KULVWRSK 1RQQ ]X QHQQHQ VLQG 'HU 3DVVDXHU +LVWRULNHU +DQV&KULVWRI .UDXV YHU|IIHQWOLFKWH DQOlVVOLFK GHV  *HEXUWVWDJV YRQ 2WWR YRQ %LVPDUFN GLH %LRJUDILH %LVPDUFN *U|‰HQ ± *UHQ]HQ ± /HLVWXQJHQ $XFK ZHQQ.UDXVHLQOHLWHQGGDUDXIKLQZHLVWVLFKGHPÄ*HJHQVWDQG %LVPDUFN HWZDVJHODV VHQHU³QlKHUQ]XZROOHQXQGEHNHQQWGDVVHUVW]ZHLKXQGHUW-DKUHVSlWHUHLQHZHLW JHKHQGXQYRUHLQJHQRPPHQH%HZHUWXQJGHU/HLVWXQJP|JOLFKVHL,QVHLQHUDEVFKOLH ‰HQGHQ=XVDPPHQIDVVXQJEHVFKUHLEW.UDXVGLH$XVZLUNXQJHQ%LVPDUFNVFKHU3ROLWLN %LVPDUFN KDEH DXV GHU GHXWVFKHQ .XOWXUQDWLRQ HLQH SROLWLVFKH HLQH 6WDDWVQDWLRQ JH PDFKWHUKDEHGDGXUFKHLQJHVDPWGHXWVFKHVSROLWLVFKHV%HZXVVWVHLQJHVFKDIIHQHLQH 3ROLWLN PLW$XJHQPD‰ SUDNWL]LHUW XQG HLQH HLQPDOLJH 3LRQLHUOHLVWXQJ GHV HUVWHQ GHXW VFKHQ5HLFKVNDQ]OHUVVHLGLH*UXQGOHJXQJGHVGHXWVFKHQ6R]LDOVWDDWHV'LHVHV)D]LW LVW GRFK HWZDV ]X HLQVHLWLJ XQG XQUHIOHNWLHUW XQG VR LVW HV QLFKW YHUZXQGHUOLFK GDVV :ROIJDQJ (O] .UDXV %HXUWHLOXQJ DOV ÄZRKOZROOHQG³ LQ VHLQHU 5H]HQVLRQ EH]HLFKQHW XQGGLH)UDJHDXIZLUIWÄREGLH9RUVWHOOXQJYRPLPPHUQRFKYRUKDQGHQHQ (UEH %LV PDUFNVQLFKWVHOEVWHLQ7HLOGHV0\WKRVLVW³1RUEHUW)3|W]OKDWWHVLFKEHLVHLQHU%L RJUDILH %LVPDUFN 'HU :LOOH ]XU 0DFKW ZHQLJHU ]XP =LHO JHVHW]W Ä1HXHV³ DXI]X]HL JHQYLHOPHKUNRQ]HQWULHUWHHUVLFKDXIGDVÄ:HVHQWOLFKHLP/HEHQXQG:LUNHQ³2WWR YRQ %LVPDUFNV %HVRQGHUV GHVVHQ ]HQWUDOH &KDUDNWHUHLJHQVFKDIW HEHQ VHLQ :LOOH ]XU 0DFKWOLHIHUWH3|W]OÄGHQURWHQ)DGHQ³3|W]OFKDUDNWHULVLHUW%LVPDUFNDOVHLQHQ7DN WLNHU SDU H[FHOOHQFH GHU RSSRUWXQLVWLVFK KDQGHOWH XQG YRQ NOHLQOLFKHU 5DFKVXFKW JH WULHEHQZDU7KRPDV%DQKRO]HUNRQVWDWLHUWGHP:HUNHLQHJXWH/HVEDUNHLWGLHDOV(LQ VWLHJV XQG hEHUEOLFNVOLWHUDWXU DXFK HLQ EUHLWHUHV 3XEOLNXP DQ]XVSUHFKHQ YHUPDJ GRFKNULWLVLHUWHUGDVVGLH%LRJUDILHLQLKUHU*HVDPWKHLWHLQHUVHLWVDOVKLVWRULVFKH%LR JUDILH ]X XQUHIOHNWLHUW XQG DQGHUHUVHLWV DOV SROLWLVFKH %LRJUDILH QLFKW SRLQWLHUW JHQXJ        . . 0LFKDHO(SNHQKDQV5H]HQVLRQYRQ-RQDWKDQ6WHLQEHUJ%LVPDUFN$/LIHLQVHKHSXQNWH 

(34) 1U  XD)UDQ]*HSSHUW%LVPDUFNHLQH%LRJUDSKLH]XVHLQHPHLQKXQGHUWVWHQ*HEXUWVWDJ1DFKGUXFNGHU2UL JLQDODXVJDEHDXVGHP-DKU+DPEXUJ:DOWHU)OH[ =Z|OI%LVPDUFNV1DFKGUXFNGHU2ULJL QDODXVJDEHDXVGHP-DKU+DPEXUJ 'LHKLHUYRUOLHJHQGH'LVVHUWDWLRQZXUGHLP0DLHLQJHUHLFKWGDKHUZXUGHGLH'UXFNYHUVLRQXPGLH 3XEOLNDWLRQHQDXVGHP-DKUQDFKWUlJOLFKHUJlQ]W +DQV&KULVWRI.UDXV%LVPDUFN*U|‰H±*UHQ]HQ±/HLVWXQJHQ6WXWWJDUW6 9JO(SLORJHEG6 6LHKH5H]HQVLRQYRQ:ROIJDQJ(O]]X.UDXV+DQV&KULVWRI%LVPDUFN*U|‰H±*UHQ]HQ±/HLVWXQJHQ 6WXWWJDUWLQ+6R].XOW 9JO9RUZRUWEHL1RUEHUW)3|W]O%LVPDUFN'HU:LOOH]XU0DFKW%HUOLQ.

(35) ŝŶůĞŝƚƵŶŐϭϳ . VHL0HGLDOH$XIPHUNVDPNHLWLP-XELOlXPVMDKUHUKLHOWYRUDOOHP&KULVWRSK1RQQPLW VHLQHU %LRJUDILH %LVPDUFN (LQ 3UHX‰H XQG VHLQ -DKUKXQGHUW ,QWHUHVVDQW DQ GLHVHU 3XEOLNDWLRQ LVW GDV YRP $XWRU JHZlKOWH VWLOLVWLVFKH 0LWWHO GHU NRQWUDIDNWLVFKHQ *H VFKLFKWVVFKUHLEXQJ+LHUZHUGHQDOWHUQDWLYH:HJHGHUKLVWRULVFKHQ(QWZLFNOXQJRKQH GLH/HLWILJXU%LVPDUFNHQWZLFNHOW=ZDUVW|‰WGLHVH+HUDQJHKHQVZHLVHVWHOOHQZHLVHDQ LKUH *UHQ]HQ XQG GLH 'DUVWHOOXQJ ZHUGH GXUFK GLHVH *HVFKLFKWVVSHNXODWLRQ ÄDQJUHLI EDU³GRFKVHLGLH/HNWUHÄDQUHJHQGXQGJHZLQQEULQJHQGJHUDGHZHLOHU>1RQQ@:L GHUVSUXFK³SURYR]LHUHVR0DWWKLDV6WLFNOHULQVHLQHU5H]HQVLRQ%HVRQGHUVGLH(QW P\VWLIL]LHUXQJ 2WWR YRQ %LVPDUFNV HLQH .HUQHVVHQ] GLHVHU %LRJUDILH VWLH‰ DXI =X VWLPPXQJ:ROIJDQJ6FKQHLGHU 'LH:HOW

(36) VFKULHEKLHU]XÄ=XP*HEXUWVWDJEH NRPPHQ ZLU %LVPDUFN HQGOLFK LGHRORJLHIUHL³ &KULVWRSK 1RQQ KDEH GHQ (LVHUQHQ .DQ]OHU HQW]DXEHUW XQG GLH Ä9HUHKUXQJ GHV :HOWZHLVHQ³ VHL GHQ 'HXWVFKHQ ÄIHUQJH UFNW³:ROIJDQJ6FKQHLGHUUHVPLHUWDEVFKOLH‰HQGÄ%LVPDUFNZDUHLQ-DKUKXQGHUW ODQJ /HLWILJXU SDWULDUFKDOH 6HKQVXFKWVJHVWDOW XQG 3URMHNWLRQVIOlFKH HLQ 0\WKRV ZLH NHLQDQGHUHUGHXWVFKHU3ROLWLNHUXQGHULVWDOOGDVKHXWHRIIHQEDUQLFKWPHKU'DIULVW GLHVH HUQFKWHUWH %LRJUDILH HLQ %HOHJ³ 'HU KLVWRULVFKH 6FKDWWHQ %LVPDUFNV VFKHLQW QXQ HQGJOWLJ YHUEODVVW HV GRPLQLHUW HLQH DEJHNKOWH VDFKOLFKH %HWUDFKWXQJVZHLVH 9RONHU 8OOULFK LQ VHLQHP$XIVDW] (LQH 1DWLRQ RKQH SROLWLVFKH (U]LHKXQJ GD]X Ä'LH DOWH$QWLQRPLHYRQ+HURLVLHUXQJXQG'lPRQLVLHUXQJLVWDXIJHO|VW$QVWHOOHGHUOHLGHQ VFKDIWOLFKXPNlPSIWHQNROOHNWLYHQ(ULQQHUXQJLVWHLQHNRQVHTXHQWH+LVWRULVLHUXQJJH WUHWHQ³ 9RONHU8OOULFKOLHIHUWGHV:HLWHUHQLQVHLQHP$XIVDW]'HU0\WKRV%LVPDUFN XQG GLH 'HXWVFKHQ LQ GHU$XVJDEH %LVPDUFN GHU$3X= HLQH hEHUVLFKW GHU HLQ]HOQHQ 6WDWLRQHQ 9HUHKUXQJ .XOW XQG 0\WKRV XQG YHUGHXWOLFKW DQVFKDXOLFK GLH %HXUWHLOXQJ %LVPDUFNV³]ZLVFKHQ*ORULIL]LHUXQJXQG9HUGDPPQLV³LP6SLHJHOGHU=HLW,QVHOEL JHU$XVJDEHIUDJWVLFK7LOPDQQ0D\HUÄ:DVEOHLEWYRQ%LVPDUFN"³8QWHUYHUVFKLH GHQHQ*HVLFKWVSXQNWHQVWHOOWHU%H]JH]ZLVFKHQ%LVPDUFNV3ROLWLNXQGVHLQHPELVLQ   .     . 7KRPDV%DQKRO]HU%XFKEHVSUHFKXQJ1RUEHUW)3|W]O%LVPDUFN'HU:LOOH]XU0DFKWYRP 4XHOOHKWWSZZZKLVWRORJGHELVPDUFNPRUH6WDQG &KULVWRSK 1RQQ %LVPDUFN (LQH 3UHX‰H XQG VHLQ -DKUKXQGHUW 0QFKHQ  6LHKH DXFK &KULVWRSK 1RQQ%LVPDUFNZDUNHLQ0LOLWDULVWLQ6WHUQ1U6XQGGHVVHQ%HLWUlJHLQ'DPDOV 'DV0DJD]LQIU=HLWJHVFKLFKWH$XVJDEH%LVPDUFNXQGGLH3DUWHLHQ-RQJOHXUGHU,QWHUHVVHQ6  'HU Ä.XOWXUNDPSI³ 3UlYHQWLYNULHJ JHJHQ GHQ .DWKROLV]LVPXV 6  XQG 'HU 0\WKRV %LV PDUFNXQGNHLQH(QGH6 0DWWKLDV6WLFNOHU5H]HQVLRQYRQ&KULVWRSK1RQQ%LVPDUFN(LQ3UHX‰HXQGVHLQ-DKUKXQGHUWLQVHKH SXQNWH 

(37) 1U :ROIJDQJ 6FKQHLGHU (LQPDO 2WWR YRQ %LVPDUFN RKQH 0\WKRV ELWWH ZZZZHOWGH  4XHOOH KWWSVZZZZHOWGHNXOWXUOLWHUDULVFKHZHOWDUWLFOH(LQPDO2WWRYRQ%LVPDUFNRKQH0\WKRV ELWWHKWPO6WDQG (EG 9RONHU 8OOULFK (LQH 1DWLRQ RKQH SROLWLVFKH (U]LHKXQJ 2WWR YRQ %LVPDUFN QDFK  -DKUHQ LQ 1HXH *HVHOOVFKDIW)UDQNIXUWHU+HIWH 

(38) 1U6KLHU6 9RONHU8OOULFK'HU0\WKRV%LVPDUFNXQGGLH'HXWVFKHQLQ$SX=±$XV3ROLWLNXQG=HLWJHVFKLFKWH $XVJDEH%LVPDUFNKJYRQGHU%XQGHV]HQWUDOHIUSROLWLVFKH%LOGXQJ6.

(39) ϭϴ. ŝŶůĞŝƚƵŶŐ. . GLH *HJHQZDUW UHLFKHQGHQ Ä(UEH³ KHU 0D\HU JDE HEHQIDOOV LP -XELOlXPVMDKU GLH $XIVDW]VDPPOXQJ%LVPDUFN±GHU0RQROLWK5HIOH[LRQHQ]X%LVPDUFNDP%HJLQQGHV -DKUKXQGHUWVKHUDXV:HLWHUH3XEOLNDWLRQHQGLHLP=XJHGHV*HEXUWVWDJHV YHU|IIHQWOLFKWZXUGHQVLQGGLHUHJLRQDOEHJUHQ]WH6WXGLH]X%LVPDUFNGHQNPlOHUQXQG %LVPDUFNJHGHQNHQDP2EHUUKHLQYRQ-|UJ.RFKVRZLHGHULQGHU=HLWVFKULIWIU*H VFKLFKWVZLVVHQVFKDIWYHU|IIHQWOLFKWH$XIVDW]YRQ&KULVWRSK1EHO+LHU]HLJWGHU$X WRU GLH YRQ GHU QDWLRQDOVR]LDOLVWLVFKHQ 3URSDJDQGD KHUJHVWHOOWHQ %H]XJVSXQNWH ]XP %LVPDUFN0\WKRV UHVS GHQ %LVPDUFN0\WKHQ DXI GLH HLQHUVHLWV DOV OHJLWLPLWlWVVWLI WHQGHV(OHPHQWGLHQWHQDQGHUHUVHLWVDEHUDXFKGLH*HIDKULQVLFKEDUJHQGHVWDELOLVLH UHQGZLUNHQ]XN|QQHQ 'LH ,QVWUXPHQWDOLVLHUXQJ %LVPDUFNV VHLWHQV GHU 1DWLRQDOVR]LDOLVWHQ LP =XJH LKUHU 0DFKWHUJUHLIXQJOLH‰HLQ(QGHGHUJHVHOOVFKDIWOLFKHQ$N]HSWDQ]QDFKYHUPXWHQ 'RFKQRFK$QIDQJGHUHU-DKUH±DOVREHU-DKUHQDFKVHLQHP7RG±JDOW2WWR YRQ %LVPDUFN ODXW HLQHU 8PIUDJH DOV HLQH GHU JU|‰WHQ GHXWVFKHQ 3HUV|QOLFKNHLWHQ 'RFK+HOGHQNRPPHQXQGJHKHQVLQGVLHGRFKDXFKLPPHUHLQ.LQGLKUHU=HLW'LH HU-DKUHZDUHQHLQ-DKU]HKQWGHV8PEUXFKVXQG:DQGHOV'HU%DXGHUGHXWVFKHQ 0DXHUGLH$QVFKOlJHGHU5$)GHU9LHWQDP.ULHJXQGGLH(PDQ]LSDWLRQGHU)UDXHQ VLQGKLHUDOV 6WLFKZRUWHH[HPSODULVFK]XQHQQHQ$XFKGDV:LUWVFKDIWVZXQGHU]HLJWH VHLQH:LUNXQJ$XVODQGVUHLVHQXQG/X[XVJWHUKLHOWHQ(LQ]XJLQGHQ$OOWDJGHU'HXW VFKHQ :LH KlWWH KLHU HLQ 3LFNHOKDXEHQ WUDJHQGHU LQ 6WHLQ JHPHL‰HOWHU 3ROLWLNHU DXV GHPYRUKHULJHQ-DKUKXQGHUWQRFKVHLQHQ3ODW]EHKDXSWHQN|QQHQ"2WWRYRQ%LVPDUFN YHUVFKZDQGDOOPlKOLFKDXVGHP|IIHQWOLFKHQ,QWHUHVVHGHUGHXWVFKHQ*HVHOOVFKDIW'LH ZLVVHQVFKDIWOLFKH$XVHLQDQGHUVHW]XQJPLW2WWRYRQ%LVPDUFNKDWWHMHGRFKZHLWHU%H VWDQG'LHV]HLJWDOOHLQVFKRQGLHKLHUVNL]]LHUWH$XVZDKODQ3XEOLNDWLRQHQ$XFKGLH ODQJH +DOWEDUNHLW GHV %LVPDUFN0\WKRV EHU PHKUHUH -DKU]HKQWH KLQZHJ ZXUGH DQ VDW]ZHLVH VLFKWEDU 'LH *HQHVH GHV %LVPDUFN0\WKRV XQG GHVVHQ EHUHLWV DQJHGHXWHWH )XQNWLRQDOLVLHUEDUNHLW]X%HJLQQGHV-DKUKXQGHUWVVROOHQLP)ROJHQGHQQlKHUXQ WHUVXFKWZHUGHQ,P)RUVFKXQJVLQWHUHVVHGLHVHU$UEHLWVWHKWGHPQDFKZHGHUGHU3ROLWL NHUQRFKGLH3ULYDWSHUVRQ2WWRYRQ %LVPDUFNVRQGHUQYLHOPHKUVHLQ:LUNHQLPNRO       . . 7LOPDQ 0D\HU :DV EOHLEW YRQ %LVPDUFN" LQ $SX= ± $XV 3ROLWLN XQG =HLWJHVFKLFKWH  $XVJDEH %LVPDUFNKJYRQGHU%XQGHV]HQWUDOHIUSROLWLVFKH%LOGXQJ6 7LOPDQ 0D\HU +J

(40)  %LVPDUFN ± GHU 0RQROLWK 5HIOH[LRQHQ ]X %LVPDUFN DP %HJLQQ GHV  -DKUKXQ GHUWV+DPEXUJ -|UJ .RFK %LVPDUFNGHQNPlOHU XQG %LVPDUFNJHGHQNHQ DP 2EHUUKHLQ 0DUPRU 6WHLQ XQG %URQ]H 8EVWDGW:HLKHU &KULVWRSK 1EHO %LVPDUFN XQG GLH /HJLWLPLWlW GHU 'LNWDWXU ]XU Ä*OHLFKVFKDOWXQJ³ SROLWLVFKHU 0\WKHQ LP1DWLRQDOVR]LDOLVPXVLQ=HLWVFKULIWIU*HVFKLFKWVZLVVHQVFKDIW 

(41) 1U6 9JOHEG6 9JO6WDWLVWLNDXIKWWSVGHVWDWLVWDFRPVWDWLVWLNGDWHQVWXGLHXPIUDJHJURHVVWHUGHXWVFKHU 6WDQG.

(42) ŝŶůĞŝƚƵŶŐϭϵ . OHNWLYHQ*HGlFKWQLVGHUGHXWVFKHQ1DWLRQ]XU:LOKHOPLQLVFKHQbUD'DEHLZLUGGHU )RNXVDXIGLH%HGHXWXQJGHV.DQ]OHUVD'IUGLHZLOKHOPLQLVFKH*HVHOOVFKDIWXPGLH -DKUKXQGHUWZHQGHXQGLQGHPIROJHQGHQ'H]HQQLXPJHULFKWHW (LQHQ $QKDOWVSXQNW IU GLH VWHLJHQGH %LVPDUFN9HUHKUXQJ OLHIHUW GDV GDPDOLJH 9HU HLQVZHVHQ %HUHLWV YRU GHU *UQGXQJ GHV 'HXWVFKHQ 2VWPDUNHQYHUHLQV KXOGLJWHQ GHVVHQVSlWHUH0LWJOLHGHUGHPQRFKOHEHQGHQ%LVPDUFNPLWHLQHU:DOOIDKUW]XVHLQHP *XW LQ 9DU]LQ 'HU 2VWPDUNHQYHUHLQ XQG PLWJOLHGHUVWDUNH 9HUHLQH ZLH GHU 'HXWVFKH )ORWWHQYHUHLQPLWEHUHLQHUKDOEHQ 0LOOLRQHQ0LWJOLHGHUXP RGHUGHUGDPDOV UXQG0LWJOLHGHUYHU]HLFKQHQGH$OOGHXWVFKH9HUEDQGGLHDOVNRQVHUYDWLYH2U JDQLVDWLRQHQ GHQ QDWLRQDOLVWLVFKHQ &KDXYLQLVPXV I|UGHUWHQ HUIXKUHQ LQ GHQ OHW]WHQ -DKUHQ YHUPHKUW ZLVVHQVFKDIWOLFKH$XIPHUNVDPNHLW 'RFK ZLH VLHKW HV PLW GHQ UXQG NOHLQHUHQGDPDOVH[LVWLHUHQGHQ%LVPDUFN9HUHLQHQDXVGHUHQ0LWJOLHGHU]DKODXI  %LVPlUFNHU JHVFKlW]W ZLUG" 9LHOH GHU 9HUHLQH EHVWDQGHQ QXU NXU]H =HLW ELV GHU *UQGXQJVDQVWR‰ PHLVW GLH (UULFKWXQJ HLQHV %LVPDUFN'HQNPDOV LQ (LVHQ XQG (U]JHJRVVHQXQGGDPLWGLH9HUHLQVWlWLJNHLWHRLSVRKLQIlOOLJZXUGH'UHLMHQHU,QLWLD WLYHQ]XU(KUXQJGHV5HLFKVJUQGHUVGLHQLFKWQXUNXU]IULVWLJZLUNWHQVROOHQLQGLHVHU $UEHLW XQWHUVXFKW ZHUGHQ (V KDQGHOW VLFK KLHUEHL XP GLH %LVPDUFN*HVHOOVFKDIW LQ 6WHQGDO GHQ 'HXWVFKHQ %LVPDUFN%XQG XQG GHQ 9HUHLQ ]XU (UULFKWXQJ HLQHV %LV PDUFN1DWLRQDO'HQNPDOVEHL%LQJHUEUFN 'LH%LVPDUFN*HVHOOVFKDIWLQ6WHQGDOH9JUQGHWHVLFKLP-DKU'LH,QLWLDWRUHQ KDWWHQ VLFK EHUHLWV  LQ HLQHP$XVVFKXVV ]XVDPPHQJHIXQGHQ XQG VR ZDU GLH *H VHOOVFKDIWPLWNXU]HU8QWHUEUHFKXQJIQI]HKQ-DKUHDNWLYWlWLJ'DVQRFKVRJXWZLH  .   .   . =XU%HJULIIOLFKNHLWVLHKH]%0DXULFH+DOEZDFKV'DVNROOHNWLYH*HGlFKWQLV6WXWWJDUWGHUV'DV *HGlFKWQLV XQG VHLQH VR]LDOHQ %HGLQJXQJHQ )UDQNIXUW DP 0DLQ  -DQ $VVPDQQ7RQLR +|OVFKHU +J

(43)  .XOWXU XQG *HGlFKWQLV )UDQNIXUW DP 0DLQ  $OHLGD $VVPDQQ (ULQQHUXQJVUlXPH )RUPHQ XQG:DQGOXQJHQGHVNXOWXUHOOHQ*HGlFKWQLVVHV0QFKHQ ]%6DELQH*UDERZVNL'HXWVFKHUXQGSROQLVFKHU1DWLRQDOLVPXVGHUGHXWVFKH2VWPDUNHQ9HUHLQXQGGLH SROQLVFKH6WUD]0DUEXUJ ]%.DSLWHOEHL$[HO*ULH‰PHU0DVVHQYHUElQGHXQG0DVVHQSDUWHLHQLPZLOKHOPLQLVFKHQ5HLFK=XP :DQGHOGHU:DKONXOWXU'VVHOGRUI %M|UQ+RIPHLVWHU5DGLNDOHU1DWLRQDOLVPXVXQGSROLWLVFKHgIIHQWOLFKNHLW'HU$OOGHXWVFKH9HUEDQGXQG GLH$OOGHXWVFKHQ%OlWWHULQ.ULVHQZDKUQHKPXQJHQLQ'HXWVFKODQGXP±=HLWVFKULIWHQDOV)RUHQGHU 8PEUXFKV]HLWLPZLOKHOPLQLVFKHQ5HLFKKJYRQ0LFKHO*UXQHZDOGXQG8ZH3XVFKQHU%HUQ6  5DLQHU +HULQJ .RQVWUXLHUWH 1DWLRQ 'HU $OOGHXWVFKH 9HUEDQG  ELV +DPEXUJ  XQGGHUVÄ'HPEHVWHQ6WHXHUPDQQ'HXWVFKODQGV³'HU3ROLWLNHU2WWRYRQ%LVPDUFNXQGVHLQH'HXWXQJ LPUDGLNDOHQ1DWLRQDOLVPXV]ZLVFKHQ.DLVHUUHLFKXQGÄ'ULWWHP5HLFK³ )ULHGULFKVUXKHU%HLWUlJH%G

(44)  )ULHGULFKVUXK  0LFKDHO 3HWHUV 'HU $OOGHXWVFKH 9HUEDQG DP 9RUDEHQG GHV (UVWHQ :HOWNULHJHV )UDQNIXUWDP0DLQ/XGZLJ)UHLVHO'DV%LVPDUFNELOGGHU$OOGHXWVFKHQ%LVPDUFNLP %HZXVVWVHLQ XQG LQ GHU 3ROLWLN GHV $OOGHXWVFKHQ 9HUEDQGHV YRQ  ELV  (LQ %HLWUDJ ]XP %LV PDUFNYHUVWlQGQLVGHVGHXWVFKHQ1DWLRQDOLVPXV'LVVHUWDWLRQ8QLYHUVLWlW:U]EXUJ +DQV:DOWHU+HGLQJHUIKUWHDOVHUVWHUGLH=DKODQRKQHHLQHQ%HOHJIUGLHVH6FKlW]XQJ]XHUEULQJHQ VLHKHGHUV%LVPDUFN.XOW6 +DQV:DOWHU +HGLQJHU %LVPDUFN'HQNPlOHU XQG %LVPDUFN9HUHKUXQJ LQ .XQVWYHUZDOWXQJ %DX XQG 'HQNPDO3ROLWLNLP.DLVHUUHLFKKJYRQ(NNHKDUG0DLXQG6WHSKDQ:DHW]ROGW%HUOLQ6 KLHU6 'DVDNWLYH:LUNHQGHU%LVPDUFN*HVHOOVFKDIWHQGHWHDXIJUXQGGHUSROLWLVFKHQ/DJHGRFKHUVW.

(45) ϮϬ. ŝŶůĞŝƚƵŶŐ. . QLFKWHUIRUVFKWH:LUNHQGHU%LVPDUFN*HVHOOVFKDIWLQ6WHQGDOVROOXQWHU%HUFNVLFKWL JXQJ HLQHV XPIDQJUHLFKHQ 4XHOOHQIXQGXV HUDUEHLWHW ZHUGHQ 'LH *HVHOOVFKDIW ZDU VHLW0LWJOLHGLP'HXWVFKHQ%LVPDUFN%XQGGHUPLWVHLQHU*UQGXQJGHQ 9HUVXFK ZDJWH DOV 6FKQLWWVWHOOH DOOHU %LVPDUFN9HUHLQH ]X ZLUNHQ 'LHVHU ZLHGHUXP EHWHLOLJWHVLFKDNWLYDQGHU|IIHQWOLFKDXVJHWUDJHQHQ'LVNXVVLRQXPGDVDXIGHU(OLVHQ K|KH EHL %LQJHUEUFN JHSODQWH %LVPDUFN1DWLRQDOGHQNPDO VR GDVV DXFK GLHVH  LQV/HEHQJHUXIHQH,QLWLDWLYHHLQHUQlKHUHQ%HWUDFKWXQJXQWHU]RJHQZHUGHQVROO . ϭ͘sŽƌŐĞŚĞŶƐǁĞŝƐĞƵŶĚYƵĞůůĞŶďĂƐŝƐ =LHOGHU$UEHLWLVWHV]XNOlUHQREXQGLQZLHZHLWGLHGUHL,QLWLDWLYHQ]XU(WDEOLHUXQJ GHV%LVPDUFN0\WKRV LP:LOKHOPLQLVFKHQ.DLVHUUHLFKEHLJHWUDJHQKDEHQ'DEHLVRO OHQGLH=LHOHXQG%HZHJJUQGHGHU%LVPDUFN*HVHOOVFKDIWGHV'HXWVFKHQ%LVPDUFN %XQGHV XQG GHV 9HUHLQV ]XU (UULFKWXQJ HLQHV %LVPDUFN1DWLRQDO'HQNPDOV HUXLHUW ZHUGHQ'HV:HLWHUHQVWHKHQGLH0LWJOLHGHUGHU9HUHLQHLP)RUVFKXQJVLQWHUHVVH+LHU NDQQGLHPHQWDOLWlWVJHVFKLFKWOLFKDXVJHULFKWHWH8QWHUVXFKXQJHUJlQ]HQGDXIGLHGHXW VFKH%UJHUWXPVIRUVFKXQJZLUNHQ/HW]WOLFKVFKHLWHUWHQDOOHGUHL9HUHLQHPLWLKUHQXQ WHUVFKLHGOLFKHQ=LHOVHW]XQJHQ+LHUVWHOOWVLFKGLH)UDJHQDFKGHQ8UVDFKHQXQGRELKU 6FKHLWHUQP|JOLFKHUZHLVHPLWHLQHPHLQKHUJHKHQGHQ:DQGHOGHV%LVPDUFN%LOGHVDP 9RUDEHQGGHV(UVWHQ:HOWNULHJHV]XVDPPHQKlQJW"'LHYRQDOOHQ,QLWLDWLYHQYHUDQVWDO WHWHQ%LVPDUFN)HLHUQVROOHQHEHQIDOOVHLQHUQlKHUHQ%HWUDFKWXQJXQWHU]RJHQZHUGHQ $QGUHDVYRQ6HJJHUQVLHKWLQGHUULWXHOOHQ$XVJHVWDOWXQJGLHVHUELVLQGLHHU-DKUH GXUFKJHIKUWHQ )HLHUQ HLQ )RUVFKXQJVGHVLGHUDW VR GDVV DQ GLHVHU 6WHOOH ZRP|JOLFK QHXH(UNHQQWQLVVHJHOLHIHUWZHUGHQN|QQHQ 'LH4XHOOHQJUXQGODJHIUGLH%HVFKlIWLJXQJPLWGHU%LVPDUFN*HVHOOVFKDIWELHWHQGLH LP 6WDGWDUFKLY 6WHQGDO HUXLHUWHQ$NWHQ 'HU %HVWDQG %* EHLQKDOWHW QHEHQ GHQ$NWHQ ]XU 9HUHLQVWlWLJNHLW DXFK GLH YRQ GHU *HVHOOVFKDIW JHVDPPHOWH %LVPDUFN/LWHUDWXU  . . . YHUPHUNWHGHU6FKULIWIKUHU+HLQULFK6HJHONHQGLH(LQVWHOOXQJGHU9HUHLQVWlWLJNHLW'HU9HUHLQZDUQRFK ELVLQGDV9HUHLQVUHJLVWHUGHU6WDGW6WHQGDOHLQJHWUDJHQ (LQ]LJH YHU|IIHQWOLFKWH $EKDQGOXQJ GD]X VLHKH +HUPDQQ 5HXWHU %LVPDUFN$UFKLY %LVPDUFN *HVHOOVFKDIWXQGGDV3URMHNWHLQHV%LVPDUFN0XVHXPVLQ6WHQGDO(LQNXOWXUKLVWRULVFKXQGPXVHXPVJH VFKLFKWOLFKLQWHUHVVDQWHV3KlQRPHQLPNDLVHUOLFKHQ'HXWVFKODQGLQ2WWRYRQ%LVPDUFN±3HUVRQ3ROLWLN 0\WKRVKJYRQ-RVW'OIIHU%HUOLQ6 $QGUHDVYRQ6HJJHUQÄ%LVPDUFN+HLO³±.DQ]OHUNXOWLQGHU)HVWNXOWXUGHV.DLVHUUHLFKVLQ'DVSROLWL VFKH =HUHPRQLHOO LP 'HXWVFKHQ .DLVHUUHLFK  KJ YRQ $QGUHDV %LHIDQJ 0LFKDHO (SNHQKDQV XQG.ODXV7HQIHOGH'VVHOGRUI6KLHU66LHKHKLHU]XDXFK0LFKDHO0DXUHU)HVWH XQG)HLHUQDOVKLVWRULVFKHU)RUVFKXQJVJHJHQVWDQG(UQVW:DOWHU=HHGHQ]XP*HEXUWVWDJLQ+LVWRUL VFKH=HLWVFKULIW 

(46) 6.

(47) ŝŶůĞŝƚƵŶŐϮϭ . ]HLWJHQ|VVLVFKH3UHVVHDUWLNHOVRZLH7ULYLDOOLWHUDWXU5XQGDXVJHZHUWHWH$NWHQZD UHQIUGLH5HNRQVWUXNWLRQGHU(QWVWHKXQJVJHVFKLFKWH XQGGDV:LUNHQGHU %LVPDUFN *HVHOOVFKDIWUHOHYDQW'LHHLQ]HOQHQ$NWHQHQWKDOWHQXQJHEXQGHQH=HWWHOVDPPOXQJHQ ZREHLGHUMHZHLOLJH6HLWHQXPIDQJVWDUN YDULLHUW'LH.RUUHVSRQGHQ]GHU*HVHOOVFKDIW OLHJW YRUZLHJHQG LQ KDQGVFKULIWOLFKHU )RUP JHQDXHU LQ 6WWHUOLQ YRU 0DVFKLQHOO HU VWHOOWH6FKUHLEHQVLQGHLQHUHJHOPl‰LJDXIWUHWHQGH$XVQDKPH'LHGHU$UEHLW]XJUXQGH OLHJHQGH$XVZDKO GHU 4XHOOHQ VWDQG XQWHU GHU 3UlPLVVH HLQ P|JOLFKVW XPIDVVHQGHV %LOGEHUGDV:LUNHQGHU%LVPDUFN*HVHOOVFKDIW]XHUVWHOOHQ$EGHP-DKUHYHU IDVVWHGLH*HVHOOVFKDIWDXVIKUOLFKH*HVFKlIWVEHULFKWHGLH$XVNXQIWEHUGHUHQ7lWLJ NHLWLKUHQ0LWJOLHGHUVWDQGXQGGLHILQDQ]LHOOH/DJHVRZLHEHU1HXHUZHUEXQJHQXQG EHUUHLFKWH *HVFKHQNH IU LKUH %LVPDUFN6DPPOXQJ JHEHQ 'LH IU GHQ =HLWUDXP ELVHUVWHOOWHQ*HVFKlIWVEHULFKWHZXUGHQLQJHGUXFNWHUXQGJHKHIWHWHU)RUP KHUDXVJHJHEHQ'HUOHW]WHYRQGHU*HVHOOVFKDIWYHUIDVVWH*HVFKlIWVEHULFKWIUGDV-DKU  OLHJW OHGLJOLFK KDQGVFKULIWOLFK YRU 'HV :HLWHUHQ OLHIHUW GLH  YRQ +HLQULFK 6HJHONHQ ௅ 6FKULIWIKUHU XQG HQJDJLHUWHVWHV 0LWJOLHG GHU %LVPDUFN*HVHOOVFKDIW ௅ YHUIDVVWH 'HQNVFKULIW HLQHUVHLWV HLQH =XVDPPHQIDVVXQJ GHU 7lWLJNHLW ELV LQV -DKU  XQG DQGHUHUVHLWV LP$QKDQJ ]DKOUHLFKH 4XHOOHQ ]XU (QWVWHKXQJVSKDVH GHV 9HU HLQV 'LH %HVFKlIWLJXQJ PLW GHP 'HXWVFKHQ %LVPDUFN%XQG EDVLHUW KDXSWVlFKOLFK DXI GHU 8QWHUVXFKXQJ GHV HLJHQHQ 9HUHLQVRUJDQV GHP %LVPDUFN%XQG (LQH V\VWHPDWLVFKH %HWUDFKWXQJGHU,QKDOWHGHVEHUGUHL]HKQ-DKUHKHUDXVJHJHEHQ%ODWWHVVWHOOWGLHHLQ]L JH0|JOLFKNHLWGDUGDV:LUNHQGHV%XQGHVQDFK]X]HLFKQHQGDELVGDWRHLQHQWVSUH FKHQGHU$NWHQEHVWDQG LQ NHLQHP$UFKLY DXVILQGLJ JHPDFKW ZHUGHQ NRQQWH XQG GLH   .  . . . 6LHKH)LQGEXFK]XU%LVPDUFN*HVHOOVFKDIW6WDGWDUFKLY6WHQGDO =X+HLQULFK6HJHONHQOLHIHUWGLH3HUVRQHQNDUWHLGHV6WDGWDUFKLYV6WHQGDOVGLHELRJUDILVFKH1RWL]0HGL]L QHUXQG6FKULIWVWHOOHU$U]WXQG+HLPDWIRUVFKHUJHEJHVWLQ6WHQGDO1HEHQVHLQHU7l WLJNHLWDOV $XJHQDU]WLQ6WHQGDOODJLKPEHVRQGHUVGLH:LQFNHOPDQQ)RUVFKXQJDP+HU]HQ(UEUDFKWH HLQH ZHUWYROOH XQG XPIDQJUHLFKH 6DPPOXQJ YRQ %ULHIHQ +DQGVFKULIWHQ 'UXFNHQ XQG NQVWOHULVFKHQ :HUNHQ YRQ XQG EHU :LQFNHOPDQQ ]XVDPPHQ *OHLFKH ,QLWLDWLYHQ HQWZLFNHOWH HU ]XP $QGHQNHQ YRQ 2WWRYRQ%LVPDUFN(UZDU$QUHJHUXQG2UJDQLVDWRUIUGLH*UQGXQJHLQHV%LVPDUFN$UFKLYVXQGHLQHU %LVPDUFN*HVHOOVFKDIW 'HU 6WHQGDOHU 6DQLWlWVUDW ]lKOWH DXFK ]X GHQ %UJHUQ GLH HLQH ZUGLJH (KUXQJ IU)++DDFNHYRUVFKOXJHQ +HLQULFK6HJHONHQ'HQNVFKULIWEHUGHQ3ODQGHU(UEDXXQJHLQHV%LVPDUFN+DXVHVLQ6WHQGDO6WHQGDO  'LH'DUVWHOOXQJGHU7lWLJNHLWGHU%LVPDUFN*HVHOOVFKDIWLQ6WHQGDOEHUXKWJU|‰WHQWHLOVDXIGHU$XVDUEHL WXQJGHU7KHPDWLNLP=XJHGHU0DJLVWHUDUEHLWGHU9HUIDVVHULQPLWGHP7LWHOÄ8QGGD‰VHLQ*HLVWQRFK QLFKW JHVWRUEHQ LVW³ ± 'HU %LVPDUFN0\WKRV LP IUKHQ  -DKUKXQGHUW DP %HLVSLHO GHU %LVPDUFN *HVHOOVFKDIWLQ6WHQGDO0DJLVWHUDUEHLW8QLYHUVLWlW+DPEXUJ 'LH HUVWH $XVJDEH GHU 0RQDWVVFKULIW %LVPDUFN%XQG HUVFKLHQ LP 2NWREHU  GLH OHW]WH LP -DQXDU ,P)ROJHQGHQZLUGGDV%XQGHVRUJDQPLW%%DEJHNU]W4XHOOHQYHUZHLVHZHUGHQPLWGHUHQWVSUH FKHQGHQ0RQDWVQXPPHULHUXQJ-DKUXQG6HLWHQ]DKOGHU$XVJDEHYHUPHUNW$EZXUGHGLH0RQDWV VFKULIW LQ +HIWIRUP KHUDXVJHEUDFKW GDKHU ZLUG LQ .ODPPHUQ ]XVlW]OLFK GLH 6HLWHQ]DKO GHU JHEXQGHQHQ 6DPPOXQJDQJHJHEHQ 'LHLP =XJHGHU5HFKHUFKHHUIROJWHQ $UFKLYDQIUDJHQXD LQ%UDXQVFKZHLJ XQG*RVODU ZRGLH9RUVLW ]HQGHQ GHV 'HXWVFKH %LVPDUFN%XQGHV DQVlVVLJ ZDUHQ EOLHEHQ HUIROJORV $XFK LQ )UDQNIXUW :RKQRUW GHVODQJMlKULJHQ6FKULIWOHLWHUV(GXDUG0DUWHOONRQQWHQ NHLQH $NWHQDXVILQGLJ JHPDFKW ZHUGHQ(EHQVR.

(48) ϮϮ. ŝŶůĞŝƚƵŶŐ. . )RUVFKXQJ OHGLJOLFK GLH7KHPDWLN PHLVW QXU PLW NXU]HQ$QPHUNXQJHQ JHVWUHLIW KDW 'LH DXI GHQ DOOMlKUOLFK HLQEHUXIHQHQ %XQGHVWDJHQ YRUJHWUDJHQHQ *HVFKlIWVEHULFKWH XQG JHIKUWHQ 9HUKDQGOXQJHQ VROOHQ (LQEOLFN LQ GLH 9HUHLQVWlWLJNHLW GHV 'HXWVFKHQ %LVPDUFN%XQGHV JHZlKUHQ$XFK GLH JHVWDOWHULVFKH ZLH LQKDOWOLFKH %HWUDFKWXQJ GHU 0RQDWVVFKULIWLVW7HLOGHU8QWHUVXFKXQJ+DXSWDQOLHJHQLVWGDVYRP%XQGSURSDJLHUWH %LVPDUFN%LOG ]X HUDUEHLWHQ XQG GHU )UDJH QDFK]XJHKHQ RE XQG LQZLHZHLW VLFK GHU 'HXWVFKH%LVPDUFN%XQGDOV'DFKRUJDQLVDWLRQDOOHULKP]XJHK|ULJHQ9HUHLQHHWDEOLH UHQNRQQWHXQGZHOFKH0LWWHOHUQXW]WHXPGLHVHV=LHO]XHUUHLFKHQ ,P *HJHQVDW] ]X GHQ EHVWHKHQGHQ )RUVFKXQJVGHVLGHUDWHQ KLQVLFKWOLFK GHU %LVPDUFN *HVHOOVFKDIW XQG GHV 'HXWVFKHQ %LVPDUFN%XQGHV ZXUGH GHP %LVPDUFN 1DWLRQDOGHQNPDO EHUHLWV LQ PHKUHUHQ$UEHLWHQ DXVIKUOLFK %HDFKWXQJ JHVFKHQNW 5X GROI(QJHOKDUGWZLGPHWHDOVHLQHUGHU(UVWHQGHU%HVWUHEXQJ%LVPDUFNDP5KHLQHLQ 'HQNPDO ]X VHW]HQ HLQHQ NXU]HQ %HLWUDJ ,Q VHLQHU $EKDQGOXQJ EHU 0RQXPHQ WDOGHQNPlOHULP.DLVHUUHLFKVWUHLIW/XW]7LWWHOHEHQIDOOVGHQIUGLH*HVWDOWXQJGHV(K UHQPDOV  DXVJHVFKULHEHQ :HWWEHZHUE $XV NXQVWKLVWRULVFKHU 6LFKW EHWUDFKWHWH .DULQ:LOKHOPHLQ]HOQH(QWZUIHGHV:HWWEHZHUEVLP+LQEOLFNDXIGHUHQ0RQXPHQ WDOLWlW(LQHQHXHUH9HU|IIHQWOLFKXQJVWHOOWGHUHQJOLVFKVSUDFKLJH$XIVDW]YRQ.DUHQ /DQJGDUGLHEHVRQGHUVHLQHQ%OLFNDXIGLH.RQWUDKHQWHQGHVDXVJHIKUWHQ]ZHL WHQ:HWWEHZHUEVZLUIW8PIDQJUHLFKHUVLQGGLH$UEHLWHQYRQ0LFKDHO'RUPDQQ%H VRQGHUVVHLQH0DJLVWHUDUEHLW]HLFKQHWGLH(QWVWHKXQJVJHVFKLFKWHXQGGLH3URWDJRQLVWHQ GHU ,QLWLDWLYH GLH 6WDWLRQHQ GHV :HWWEHZHUEV GLH |IIHQWOLFK JHIKUWH 'HEDWWH XP GLH (QWZUIH DOV DXFK GLH )RUWIKUXQJ GHV 8QWHUQHKPHQV LQ GHU :HLPDUHU =HLW ELV ]XU 9HUHLQVDXIO|VXQJLP-DKUHGHWDLOOLHUWQDFK,QGHU=HLWVFKULIWIU*HVFKLFKWVZLV VHQVFKDIW SXEOL]LHUWH 'RUPDQQ HLQH ]XVDPPHQIDVVHQGH$EKDQGOXQJ VHLQHU 0DJLVWHU DUEHLW0DWWKLDV:LONHZLGPHWHVLFKLQVHLQHU'LVVHUWDWLRQEHVRQGHUVGHU2UJD        . . ILQGHWVLFKNHLQ$NWHQEHVWDQGLQGHU2WWRYRQ%LVPDUFN6WLIWXQJ 9JO +HGLQJHU %LVPDUFN.XOW +HGLQJHU IKUW LQ VHLQHP $XIVDW] ]DKOUHLFKH DXV GHU 0RQDWVVFKULIW HQW QRPPHQH4XHOOHQYHUZHLVHDQRKQHDEHUDXIGLH:LUNXQJVJHVFKLFKWHGHV%XQGHVVHOEVWQlKHUHLQ]XJH KHQ 5XGROI(QJHOKDUGW'DVJHSODQWH%LVPDUFN1DWLRQDO'HQNPDOEHL%LQJHQLQ%LQJHU$QQDOHQ=HLWVFKULIW IU*HVFKLFKWHXQG.XQVWDP0LWWHOUKHLQ 

(49) 6 /XW]7LWWHO0RQXPHQWDOGHQNPlOHUYRQELVLQ'HXWVFKODQG(LQ%HLWUDJ]XP7KHPD'HQNPDO XQG/DQGVFKDIWLQ.XQVWYHUZDOWXQJ%DXXQG'HQNPDO3ROLWLNLP.DLVHUUHLFKKJYRQ(NNHKDUG0DL XQG6WHSKDQ:DHW]ROGW%HUOLQ6KLHU6 .DULQ:LOKHOP'HU:HWWEHZHUE]XP%LVPDUFN1DWLRQDO'HQNPDOLQ%LQJHUEUFN 

(50) (LQ%HL WUDJ]XP3UREOHPGHU0RQXPHQWDOLWlWLQ.ULWLVFKH%HULFKWH 

(51) 6 .DUHQ/DQJ7KH+HULWDJHRIWKH%LVPDUFN1DWLRQDO0RQXPHQWLQWKH:HDYHRI+LVWRULFLW\LQ5HWKLQN LQJ+HULWDJH&XOWXUHVDQG3ROLWLFVLQ(XURSHKJYRQ5REHUW6KDQQDQ3HFNKDP/RQGRQ6  0LFKDHO'RUPDQQ'LH*HVFKLFKWHHLQHVQLFKWJHEDXWHQ'HQNPDOV'DV%LVPDUFN1DWLRQDO'HQNPDODXI GHU(OLVHQK|KHEHL%LQJHUEUFN%LQJHQ0DJLVWHUDUEHLW+XPEROGW8QLYHUVLWlW%HUOLQ 0LFKDHO 'RUPDQQ 'DV %LVPDUFN1DWLRQDO'HQNPDO DP 5KHLQ (LQ %HLWUDJ ]XU *HVFKLFKWVNXOWXU GHV 'HXWVFKHQ5HLFKHVLQ=HLWVFKULIWIU*HVFKLFKWVZLVVHQVFKDIW 

(52) 6.

(53) ŝŶůĞŝƚƵŶŐϮϯ . QLVDWLRQ GHV :HWWEHZHUEV XQG GHQ HLQJHUHLFKWHQ (QWZUIHQ XQG OLHIHUWH LQ GLHVHP .RQWH[WGDUEHUKLQDXVHLQHIXQGLHUWH$XVDUEHLWXQJGHUWUDJHQGHQ5ROOHGHVSUlPLHU WHQ$UFKLWHNWHQ:LOKHOP.UHLV*UXQGODJHEHLGHU$EKDQGOXQJHQDXIGHQHQGLHXQWHU *OLHGHUXQJVSXQNW 9 GLHVHU$UEHLW HUIROJWH 6NL]]LHUXQJ GHU %HVWUHEXQJHQ ]XU (UULFK WXQJ HLQHV %LVPDUFN1DWLRQDOGHQNPDOV EHUXKW LVW GHU LP 1RUGUKHLQ:HVWIlOLVFKHQ +DXSWVWDDWVDUFKLY 'VVHOGRUI YHUZDKUWH $NWHQEHVWDQG %LVPDUFN1DWLRQDOGHQNPDO 9HUHLQ  5:  (EHQVR EHILQGHQ VLFK LP 6WDGWDUFKLY %LQJHQ XQG LP %XQGHVDUFKLY .REOHQ] ZHLWHUH 4XHOOHQ (QGH  HUVFKLHQ HLQH YRQ (NNHKDUG 0DL XQG3HWHU6SULQJHUKHUDXVJHJHEHQH$XIVDW]VDPPOXQJPLWGHP7LWHO'DVOHW]WH1DWLR QDOGHQNPDO%LVPDUFN DP5KHLQ(LQ0RQXPHQWGDVQLHJHEDXWZXUGH'LH+HUDXV JHEHU RUGQHQ GDV 1DWLRQDOGHQNPDO EHL %LQJHUEUFN LQ GLH *HVFKLFKWH GHU GHXWVFKHQ 1DWLRQDOGHQNPlOHU XQG GHU %LVPDUFN'HQNPlOHU HLQ 'HV :HLWHUHQ ZHUGHQ XD YRQ 0LFKDHO 'RUPDQQ XQG 0DWWKLDV :LONH GLH 7UlJHU GHV %LVPDUFN.XOWHV XQG GHUHQ LGHRORJLVFKH 0RWLYH GLH )UDJH GHU )LQDQ]LHUXQJ XQG GHU  DXVJHUXIHQH :HWWEH ZHUE XPIDQJUHLFK GDUJHOHJW $XFK GLH Ä5HYLWDOLVLHUXQJ GHV 'HQNPDOJHGDQNHQV³ LQ GHQHU-DKUHQNRPPW]XU'DUVWHOOXQJ $XIJUXQGGHUEHUHLWVHUIROJWHQZLVVHQVFKDIWOLFKHQ$XVHLQDQGHUVHW]XQJPLWGHU7KHPD WLN VWHKHQ ZHQLJHU GLH (QWVWHKXQJVJHVFKLFKWH XQG GLH YHUVFKLHGHQHQ 9HUVXFKH ]XU 8PVHW]XQJ GHV %DXYRUKDEHQV LP %OLFNSXQNW GLHVHU $UEHLW 6LH NRPPHQ OHGLJOLFK VNL]]LHUW ]XU 'DUVWHOOXQJ 9LHOPHKU OLHJW GDV +DXSWDXJHQPHUN DXI GHU 5H]HSWLRQ GHU (QWZUIHGHVDXVJHWUDJHQHQ:HWWEHZHUEVLP%LVPDUFN%XQGDQGHQHQVLFKQH EHQGHVVHQ6FKULIWOHLWXQJDXFK]DKOUHLFKH6FKULIWVWHOOHUXQG9HUWUHWHUDQGHUHU9HUHLQH EHWHLOLJW KDWWHQ +LHU LVW EHVRQGHUV HLQH P|JOLFKH %HHLQIOXVVXQJ GHU LQ GHU 0RQDWV VFKULIWJHIKUWHQ$JLWDWLRQEH]JOLFKGHU(QWVFKHLGXQJGHV3UHLVJHULFKWVYRQ,QWHUHVVH :lKUHQG GLH DNWLYHQ 7lWLJNHLWHQ GHU %LVPDUFN*HVHOOVFKDIW XQG GHV 'HXWVFKH %LV PDUFN%XQGHVGHQ(UVWHQ:HOWNULHJQLFKWEHUGDXHUWKDEHQZXUGHGHU3ODQGHV%LV PDUFN1DWLRQDOGHQNPDOV LQ GHQ HU -DKUHQ ZLHGHU DXIJHJULIIHQ XQG IRUWJHIKUW $XFK XP GDV |IIHQWOLFKH ,QWHUHVVH DQ GHP 3URMHNW ZDFK ]X KDOWHQ ZXUGH  HLQ %LVPDUFN7DJ YHUDQVWDOWHW (V IROJWHQ QRFK ZHLWHUH GUHL GLH JHUDGH LP +LQEOLFN DXI LKUHP|JOLFKHLQKDOWOLFKH.RQJUXHQ]]XGHQ9HUDQVWDOWXQJHQGHV'HXWVFKHQ%LVPDUFN %XQGHV LQV )RUVFKXQJVLQWHUHVVH UFNHQ +LHU LVW ]X NOlUHQ ZHOFKH 5ROOH 2WWR YRQ %LVPDUFN௅UXQGGUHL‰LJ-DKUHQDFKVHLQHP7RG௅LQGHQDXIGHQ9HUDQVWDOWXQJHQJH KDOWHQHQ $QVSUDFKHQ ]XJHGDFKW XQG ZHOFKHV %LVPDUFN%LOG YRQ GHQ 5HGQHUQ JH   . 0DWWKLDV :LONH 'HU $UFKLWHNW :LOKHOP .UHLV XQG GHU :HWWEHZHUE IU HLQ %LVPDUFN1DWLRQDOGHQNPDO DXI GHU (OLVHQK|KH EHL %LQJHUEUFN%LQJHQ 'LVVHUWDWLRQ *HRUJ$XJXVW8QLYHUVLWlW *|WWLQJHQ  +LHUILQGHWVLFKDXFKHLQ)RUVFKXQJVEHUEOLFN]X:LOKHOP.UHLVVLHKH6 (NNHKDUG 0DL3HWHU 6SULQJHU +J

(54)  'DV OHW]WH 1DWLRQDOGHQNPDO %LVPDUFN DP 5KHLQ (LQ 0RQXPHQW GDVQLHJHEDXWZXUGH.|OQ'LHVH3XEOLNDWLRQZDULQGHULP0DLHLQJHUHLFKWHQ'LVVHUWDWLRQ QLFKW EHUFNVLFKWLJW ZRUGHQ $XIJUXQG LKUHU XPIDQJUHLFKHQ XQG GLHVH $UEHLW HUJlQ]HQGHQ 'DUVWHOOXQJ GHU7KHPDWLNZXUGHQHLQ]HOQH%HLWUlJHQDFKWUlJOLFKDXIJHQRPPHQ.

(55) Ϯϰ. ŝŶůĞŝƚƵŶŐ. . ]HLFKQHWZXUGH 8PGDV:LUNHQGHUGUHL,QLWLDWLYHQGLHDXIYHUVFKLHGHQH:HLVHGLH(KUXQJ%LVPDUFNV EH]ZHFNWHQLQGHQ.RQWH[WGHU%LVPDUFN9HUHKUXQJLP:LOKHOPLQLVFKHQ.DLVHUUHLFK HLQRUGQHQ ]X N|QQHQ LVW GLH 'DUVWHOOXQJ GHU (QWVWHKXQJVJHVFKLFKWH GHV %LVPDUFN 0\WKRVGLHHQJPLWGHUGHV1DWLRQDOLVPXVYHUZREHQLVWXQDEGLQJEDU8PGLHDX‰HU JHZ|KQOLFKHXQGHLQHQRFKQLHGDJHZHVHQH9HUHKUXQJIUHLQHQ3ROLWLNHUQDFKYROO]LH KHQ]XN|QQHQUHLFKWHVQLFKWDXVGLH)RUPHQXQGGLH$QSDVVXQJVIlKLJNHLWGHV0\ WKRV]XHUOlXWHUQZLHHVEHL]DKOUHLFKHQZLVVHQVFKDIWOLFKHQ3XEOLNDWLRQHQGHU)DOOLVW ௅QHLQHVPXVVDXFKGHU)UDJHQDFKJHJDQJHQZHUGHQZLHHVHLJHQWOLFKGD]XNRPPHQ NRQQWH GDVV HLQH EHU -DKU]HKQWH ODQJ K|FKVW XPVWULWWHQH XQG YRQ GHU 3UHVVH LP hEHUPD‰ NDULNLHUWH 3ROLWLNHUJHVWDOW SO|W]OLFK ]XP +HLOVEULQJHU GHU GHXWVFKHQ 1DWLRQ DYDQFLHUHQ NRQQWH 1XU VR OlVVW VLFK GLH IXQGDPHQWDOH %HGHXWXQJ GHV %LVPDUFN 0\WKRV GHP HLQ YHUDQWZRUWOLFKHV 0LWZLUNHQ RGHU VRJDU GLH 6FKXOG DP +LWOHU 0\WKRVDQJHODVWHWZXUGHQDXIGLH0HQWDOLWlWGHUZLOKHOPLQLVFKHQ*HVHOOVFKDIWXQG GHQGDUDXIIROJHQGHQ*HQHUDWLRQHQHUNOlUHQ'DKHUVROOQXQ]XQlFKVWHLQ%OLFNDXIGLH PHQWDOHQ 6WUXNWXUHQ GHU *UQGHU]HLW JHULFKWHW ZHUGHQ GLH JUXQGOHJHQG IU GLH (QW ZLFNOXQJGHV0\WKLVLHUXQJVSUR]HVVHVGHU3HUVRQ2WWRYRQ%LVPDUFNZDUHQ . Ϯ͘DLJƚŚŽƐƵŶĚZĞůŝŐŝŽŶʹ/ŶŐƌĞĚŝĞŶnjŝĞŶĚĞƐEĂƚŝŽŶĂůŝƐŵƵƐ 'LH=HLWZLOOXQVQLFKWPHKU'LHVH=HLWZLOOVLFKHUVWVHOEVWlQGLJH1DWLRQDOVWDDWHQVFKDIIHQ0DQJODXEW QLFKWPHKUDQ*RWW'LHQHXH5HOLJLRQLVWGHU1DWLRQDOLVPXV'LH9|ONHUJHKQQLFKWPHKULQGLH.LUFKHQ 6LHJHKQLQQDWLRQDOH9HUHLQH. =ZDU VWDPPW GDV =LWDW DXV GHP HUVW  YRQ -RVHSK 5RWK SXEOL]LHUWHQ 5RPDQ 5D GHW]N\PDUVFKGRFKN|QQHQGLH:RUWHGHV*UDIHQ&KRMQLFNLQLFKWWUHIIHQGHUGLHTXDVL UHOLJL|VHQ (OHPHQWH GHV DXINHLPHQGHQ 1DWLRQDOLVPXV ]XU 0LWWH GHV  -DKUKXQGHUWV EHVFKUHLEHQ 1RUEHUW (OLDV EH]HLFKQHWH GHQ 1DWLRQDOLVPXV DOV HLQHV GHU PlFKWLJVWHQ ZHQQQLFKWGDVPlFKWLJVWH*ODXEHQVV\VWHPGHUOHW]WHQEHLGHQ-DKUKXQGHUWH'LHELV KHULQDOOH$OOWDJVEHUHLFKHKLQHLQUHLFKHQGHFKULVWOLFKH5HOLJLRQYHUORULQMHQHU=HLWLKUH 2PQLSUlVHQ]LP*ODXEHQGHV(LQ]HOQHQXQGKDWWHHLQHQWLHIJUHLIHQGHQ7UDQVIRUPDWL     . . 9JO5LFKDUG)UDQNHO)URPWKH%HHU+DOOVWRWKH+DOOVRI3RZHU7KH&XOWRI%LVPDUFNDQGWKH/HJLWLPL ]DWLRQRID1HZ*HUPDQ5LJKWLQ*HUPDQ6WXGLHV5HYLHZ 

(56) 6KLHU6 RGHU0DFKWDQ%LVPDUFN.XOW6 9JO:LOOPV'lPRQ6 -RVHSK5RWK5DGHW]N\PDUVFK%HUOLQKLHU]LWLHUWQDFKGHU$XVJDEHYRQ6 0LFKDHO6FKU|WHU +J

(57) 1RUEHUW(OLDV6WXGLHQEHUGLH'HXWVFKHQ±0DFKWNlPSIHXQG+DELWXVHQWZLFN OXQJLPXQG-DKUKXQGHUW)UDQNIXUWDP0DLQ6.

(58) ŝŶůĞŝƚƵŶŐϮϱ . RQVSUR]HVVLQGDV:HOWELOGGHU0HQVFKHQ]XU)ROJH'DKHUPXVVWHIUGLH*HPHLQ VFKDIW HLQH QHXH ,GHQWLWlW JHVFKDIIHQ ZHUGHQ GLH VLFK YRU DOOHP DXV P\WKLVFKHQ XQG UHOLJL|VHQ9HUVDW]VWFNHQ]XVDPPHQVHW]WH8PGHUQDWLRQDOHQ,GHQWLWlWHLQH/HJLWLPD WLRQ ]X JHEHQ ZDU HV QRWZHQGLJ GHP .ROOHNWLY HLQH JHPHLQVDPH 9HUJDQJHQKHLW ]X ELHWHQ 'LHV JHZDQQ EHVRQGHUV QDFK GHU  YROO]RJHQHQ 5HLFKVHLQLJXQJ YRQ REHQ DQLPPHQVHU5HOHYDQ]GDPLWGHUGHXWVFKHQ*HVHOOVFKDIWLP5DKPHQGHUQHXJHVFKDI IHQHQ 6WDDWVJUHQ]HQ DXFK HLQH LQQHUH JHPHLQVFKDIWOLFKH 6LQQVWLIWXQJ JHERWHQ ZHUGHQ NRQQWH 'HU 5FNJULII DXI YHUJDQJHQH *HVFKLFKWH LQ )RUP YRQ 0\WKHQ VWHOOWH HLQHQ JUXQGOHJHQGHQ%HVWDQGWHLOGLHVHU*HLVWHVVWU|PXQJGDU $OV*UXQGODJHHLQHV0\WKRVGLHQHQKLVWRULVFKH(UHLJQLVVH)LJXUHQRGHU6\PEROHGLH GXUFKGLH0\WKLVLHUXQJHLQHQHKUIUFKWLJHQ&KDUDNWHUHUKDOWHQ%HLGHU.RQVWUXNWLRQ HLQHV0\WKRVHUIROJWGLH,VROLHUXQJHLQHVEHVWLPPWHQ0\WKHQWUlJHUVDXVGHVVHQKLVWR ULVFKHP .RQWH[W GLH PLW HLQHU (UK|KXQJ GHU GHP 0\WKHQWUlJHU ]XJHVSURFKHQHQ (L JHQVFKDIWHQHLQKHUJHKW'DGXUFKZHUGHQVWLOLVLHUWH*HVFKLFKWVELOGHUHYR]LHUWGLHHL QHUVHLWVVLQQVWLIWHQGXQGLGHQWLWlWVVWlUNHQGDEHUEHL9HUZHLJHUXQJDXFKH[NOXVLYXQG DXVJUHQ]HQG IXQJLHUHQ N|QQHQ -HGHV 1DWLRQDOEHZXVVWVHLQ NRQVWUXLHUW VLFK VHLQHQ HLJHQHQ0\WKRVGHUOHEHQGLJJHKDOWHQXQGVWHWVLQQHXH6LQQ]XVDPPHQKlQJHJHVWHOOW ZHUGHQ PXVV $QIlQJOLFKH (UVFKHLQXQJVIRUPHQ VLQG O\ULVFKH LNRQLVFKH JHJHQ VWlQGOLFKHRGHUDUFKLWHNWRQLVFKH1DUUDWLRQHQGLHJUHLIEDU9HUJDQJHQHVLQGLH*HJHQ ZDUW SURML]LHUHQ 'RFK DXFK GLH +LVWRULRJUDILH NDQQ HLQHQ %HLWUDJ ]XU .RQVWUXNWLRQ EH]LHKXQJVZHLVH ]XU 'HVWUXNWLRQ YRQ 0\WKHQ OHLVWHQ LQGHP VLH HLQHP 0\WKRV ZLV VHQVFKDIWOLFKH$EVROXWLRQ HUWHLOW RGHU YHUVXFKW GLH ÄJHJODXEWH *HVFKLFKWH³ ]X HQW NUlIWHQ 'HQQ HV EHGDUI NHLQHVIDOOV HLQHV KLVWRULVFK DEJHVLFKHUWHQ 9HUVWlQGQLVVHV XPHLQHQ0\WKRV]XNUHLHUHQ'LHVHUYHUIJWPLWXQWHUQXUEHUHLQHQLP.HUQEHUHLFK JHIHVWLJWHQ ,QKDOW XQG VHW]W VLFK GHU 9HUPHLGXQJ HLQHV VWDWLVFKHQ &KDUDNWHUV ZLO OHQV GHV :HLWHUHQ DXV PHKUHUHQ 0\WKHPHQ ]XVDPPHQ GLH VLFK MH QDFK SROLWLVFKHQ |NRQRPLVFKHQ RGHU PLOLWlULVFKHQ JHZDQGHOWHQ 6WUXNWXUHQ LQ YHUlQGHUWHU )RUP LQ GHU PHQWDOHQ(PSILQGXQJGHV0\WKRVQLHGHUVFKODJHQXQGVRVHLQH%HZDKUXQJWURW]YHU        . . +DQV5XGROI:DKO'LH5HOLJLRQGHVGHXWVFKHQ1DWLRQDOLVPXVHLQHPHQWDOLWlWVJHVFKLFKWOLFKH6WXGLH]XU /LWHUDWXUGHV.DLVHUUHLFKV)HOL['DKQ(UQVWYRQ:LOGHQEUXFKXQG:DOWHU)OH[+HLGHOEHUJ6 (EG6 :ROIJDQJ(-:HEHU.RQVWUXNWLRQXQG'H NRQ

(59) VWUXNWLRQ'HU%LVPDUFN0\WKRVLQGHUGHXWVFKHQ*H VFKLFKWH LQ 0\WKHQ XQG /HJHQGHQ LQ GHU *HVFKLFKWH KJ YRQ 9RONHU 'RWWHUZHLFK 0QFKHQ  6 KLHU6 +HULQJ.RQVWUXLHUWH1DWLRQ6 =XU 1DWLRQDOLWlWHQ XQG 0\WKHQELOGXQJ LQ GHU HXURSlLVFKHQ *HVHOOVFKDIW VLHKH 0RQLND )ODFNH 0\WKHQ GHU1DWLRQHQ±(LQHXURSlLVFKHV3DQRUDPD0QFKHQ :DKO5HOLJLRQ6 +HULQJ.RQVWUXLHUWH1DWLRQ6+HULQJIKUWKLHUHLQ=LWDWDXVGHUYRQ(UQHVW5HQDQJHKDOWHQHQ 5HGH:DVLVWHLQH1DWLRQ"DQLQGHUGHUIUDQ]|VLVFKH$NDGHPLNHUEHWRQWGDVVGDVJHVFKLFKWOLFKH9HU JHVVHQXQGGHUKLVWRULVFKH,UUWXPIUGLH1DWLRQHQELOGXQJZLFKWLJVHLHQ'DKHUVDKHUGHQ(UNHQQWQLVIRUW VFKULWWLQGHU*HVFKLFKWVZLVVHQVFKDIWDOV*HIDKUIUGLH1DWLRQDQ :HEHU.RQVWUXNWLRQ6.

(60) Ϯϲ. ŝŶůĞŝƚƵŶŐ. . lQGHUWHU5DKPHQEHGLQJXQJHQVLFKHUQ 'LH1DWLRQDOLVPXVEHZHJXQJMHQHU=HLWKDWWHJOHLFKVDPUHOLJL|VH=JHLQQH5HOLJLRQ NDQQ DOV *HGDQNHQ XQG *HIKOVZHOW YHUVWDQGHQ ZHUGHQ GLH VLFK DQ HLQH *RWWKHLW ௅ RGHU DXFK PHKUHUH *|WWHU ௅ ULFKWHW XQG HLQH VLQQVWLIWHQGH 9HUELQGXQJ PLW LKU VXFKW .XOWLVFKH+DQGOXQJHQVLQG$XVGUXFNGLHVHU9HUELQGXQJXQG]HLJHQGLH9HUHKUXQJGHU *RWWKHLW XQG GLH (KUIXUFKW YRU LKU$XI GHU HLQHQ 6HLWH OLHIHUW 5HOLJLRQ GLH 8UJUQGH PHQVFKOLFKHU([LVWHQ]XQGDXIGHUDQGHUHU6HLWHVWHKWGLHHVFKDWRORJLVFKH6LQQVWLIWXQJ GXUFK (UO|VXQJ XQG 6HHOHQKHLO LP 0LWWHOSXQNW GHU :HOWDQVFKDXXQJ GLH VLFK MHQVHLWV YRQ5DWLRQDOLWlWXQG9HUQXQIWHUNOlUW'LHGDULQEHJUQGHWHKHLOVJHVFKLFKWOLFKH'L PHQVLRQVWHOOWGLH6FKQLWWVWHOOH]ZLVFKHQ5HOLJLRQXQG0\WKRVGDU8PEHLGH(OHPHQWH LPNROOHNWLYHQ%HZXVVWVHLQ]XYHUDQNHUQEHGDUIHVHLQHULGHRORJLVFKHQ$XIEHUHLWXQJ 'DPLWNDQQHLQH$UWGHUNROOHNWLYHQ(UQHXHUXQJGLHDXIGLH8UVSUQJHHLQHU*HPHLQ VFKDIW]XUFNJUHLIWYROO]RJHQZHUGHQ1XUVRZLUGHVP|JOLFKGLH5FNGDWLHUXQJGHV *UQGXQJVXUVSUXQJVHLQHU1DWLRQXQGGDPLWGLHHLQHUKLVWRULVFKHQ.RQWLQXLWlW]XOHJL WLPLHUHQ 'LH,QV]HQLHUXQJGHV1DWLRQDOLVPXVDOVSROLWLVFKH5HOLJLRQYHUVXFKWHGLHWUDGLHUWHXQG LQVWLWXWLRQDOLVLHUWHFKULVWOLFKH5HOLJLRQDE]XO|VHQXQGVHW]WHXPGLH0LWWHGHV-DKU KXQGHUWVHLQ௅LQHLQHU=HLWLQGHUGLH,QGXVWULDOLVLHUXQJHLQH]XQHKPHQGH9HUVWlGWH UXQJDXVO|VWH:lKUHQGGHU1DWLRQDOLVPXVYRUDXIHLQH5HLFKVHLQLJXQJDE]LHOWH XQGVRZRKOSURJUHVVLYHDOVDXFKUHYROXWLRQlUH=JHKDWWHZDQGHOWHHUQDFKHEHQGLHVHU VHLQH)XQNWLRQXQGYRUPDOVHPDQ]LSDWRULVFKH(OHPHQWHO|VWHQVLFKDXI1DWLRQDOLVPXV VWHOOWH VLFK QXQ LQ GHQ 'LHQVW GHU SROLWLVFKHQ XQG VR]LDOHQ 2UGQXQJ GHV .DLVHU UHLFKV'LH%LVPDUFNVFKH5HLFKVJUQGXQJLVWODXW+DQV5XGROI:DKODOV(SRFKHQ VFKZHOOH ]X EHZHUWHQ GLH IU YLHOH ]XP ÄVlNXODUHQ +HLOVHUOHEQLV ]XP (LQEUXFK GHV 1XPLQRVHQLQGLH$OOWDJVZLUNOLFKNHLW³ZXUGHXQGGLH:DQGOXQJYRQHLQHUOLEHUDOHQ (PDQ]LSDWLRQVLGHRORJLH]XHLQHPNRQVHUYDWLYHQOHW]WOLFKUHDNWLRQlUHQDQWLGHPRNUDWL VFKHQ XQG LOOLEHUDOHQ 5HLFKVQDWLRQDOLVPXV JHI|UGHUW KDEH 'LHV ZDU HLQ 3UR]HVV GHU EHU-DKU]HKQWHYRQVWDWWHQJLQJ0LWGHU5HLFKVJUQGXQJYRQZDUGLHlX‰HUH(L QLJXQJ JHVFKDIIHQ ZRUGHQ GRFK YRQ HLQHU LQQHUHQ (LQLJXQJ NRQQWH IU GDV VLFK DXV HKHPDOLJHQ3DUWLNXODUVWDDWHQ]XVDPPHQVHW]HQGHQHXH5HLFKQRFKQLFKWGLH5HGHVHLQ ,P*HJHQVDW]]XDQGHUHQHXURSlLVFKHQ6WDDWHQGLHVLFKMHZHLOVEHUHLQHJHPHLQVDPH 6\PEROLNXQG9HUJDQJHQKHLWGHILQLHUWHQYHUIJWHGDV'HXWVFKH5HLFKDQIlQJOLFKZH GHUEHUHLQH5HLFKVIDKQHQRFKEHUHLQHQHLJHQHQ1DWLRQDOIHLHUWDJRGHUHLQHRIIL]LHO   :XOI:OILQJ.DULQ%UXQV5ROI3DUU+LVWRULVFKH0\WKRORJLHGHU'HXWVFKHQ0QFKHQ 6  :DKO5HOLJLRQ6  +HULQJ.RQVWUXLHUWH1DWLRQ6  :DKO5HOLJLRQ6. .

Referenzen

ÄHNLICHE DOKUMENTE

Vielleicht fragt er sich, ob der mit seinem weihevollen Pathos der sakralen Kunst und Architektur nachempfundene «Bundespalast» nicht schon damals einen Staatskult zum Ausdruck

Otto von Bismarck einigte durch drei Kriege das Reich und gilt als Gründer des Deutschen Kaiserreichs.. Mit seinen Sozialgesetzen gewann er die Sympathie der Besitzlosen für

1.. DAS ZEITALTER BISMARCKS Klar strukturierte Arbeitsblätter für einen informativen Überblick – Bestell-Nr.. DAS ZEITALTER BISMARCKS Klar strukturierte Arbeitsblätter für

Tatsächlich setzt ein be- achtlicher Teil der untersuchten Autobiographien und Memoiren Bis- marcks Entlassung in Beziehung zur Wilhelminischen Epoche, wobei nahezu alle ihre

nicht veranlagte Steuern vom Ertrag brutto Erstattungen durch das BZSt. nicht veranlagte Steuern vom Ertrag veranlagte Einkommensteuer

Ders./ Hermann und Heide Reuter (Hg.), Otto von Bismarck. 26 Eine zeitgenössische Zusammenstellung von Bismarck- Denkmälern aller Art: Vgl. Max Erhardt, Bismarck im Denkmal des

ZKHUH P\01DPH µ6SHFKW¶DQG P\EHWUHXW

77 Prozent bezeichnen es als gute Grundlage für den Berufseinstieg (Master UH total: 61 Prozent) und 87 Prozent würden wieder dasselbe Studium wählen (Master UH total: 71