*HPHLQVDPVLQGZLUVWDUN
.RQVWUXNWLYH =XVDPPHQDUEHLW YRQ %DXDPW 'HQNPDOSIOHJH
%LEOLRWKHN XQG $UFKLWHNWLQ EHL GHU 0RGHUQLVLHUXQJ GHU .LQGHU XQG-XJHQGELEOLRWKHNLQ(UIXUW
6$%,1(%5811(5
Ä'DPLWGDV0|JOLFKHHQWVWHKWPXVVLPPHUZLHGHU GDV8QP|JOLFKHYHUVXFKWZHUGHQ³++HVVH (LQOHLWXQJ ʹ 'DV +DXV 0DUNWVWUDH HLQH %LRJUDSKLH ʹ 3KDVHQ GHU
=XVDPPHQDUEHLWʹD%DXDQWUDJVSKDVHʹE%DXSKDVHʹF1XW]XQJVSKDVHʹ 'HQNPDOVFKXW] &KDQFH YV (LQVFKUlQNXQJ ʹ 5DXPDXIWHLOXQJ ʹ
=XJlQJOLFKNHLW ʹ /LFKW ʹ .OLPD XQG 6FKDOOVFKXW] ʹ )DUEHQ )RUPHQ 0DWHULDOLHQʹÄ:RZ³ʹ)D]LWʹ/LWHUDWXUXQG,QWHUQHWTXHOOHQ
(LQOHLWXQJ
9LHOH %LEOLRWKHNHQ YRU DOOHP |IIHQWOLFKH EHILQGHQ VLFK LQ GHQNPDO JHVFKW]WHQ *HElXGHQ 7URW] GHU YLHOIlOWLJHQ /LWHUDWXU ]XP %LEOLRWKHNVEDX JLEWHVMHGRFKQXUZHQLJH9HU|IIHQWOLFKXQJHQ]XP7KHPD'HQNPDOVFKXW]XQG PRGHUQH%LEOLRWKHNGLHEHUGLH6SH]LILNDGHUHLQ]HOQHQ 2UWHKLQDXVJHKHQ 9LHOOHLFKWZHLOGLHVHV6SDQQXQJVIHOGVRFKDUDNWHULVWLVFKXQGVROLWlULVWYLHO OHLFKWZHLOLKPLPPHUQRFKGHU0DNHOGHUÄ]ZHLWEHVWHQ/|VXQJ³DQKlQJW"
'LH 5HNRQVWUXNWLRQ GHU .LQGHU XQG -XJHQGELEOLRWKHN LQ (UIXUW ELHWHW HLQ JXWHV %HLVSLHO IU GLH NRQVWUXNWLYH =XVDPPHQDUEHLW YRQ $UFKLWHNWLQ 'HQN PDOSIOHJH %DXDPW XQG %LEOLRWKHN YRQ GHU 3ODQXQJ ELV ]XU 1XW]XQJ GHV
*HElXGHVGLHVLFKDQGHPRJ0RWWRRULHQWLHUW%HLGLHVHP%DXYRUKDEHQKDW GLHVHLW-DKU]HKQWHQJHIRUGHUWH*HVSUlFKVSDUWQHUVFKDIWIXQNWLRQLHUW
(LQHQhEHUEOLFNEHUGLHQHXH/LWHUDWXUJHEHQ+DXNH :HUQHU
9JO&RQ]HOPDQQ /LQWQHU6DQQH
+HQQLQJ
6DELQH+DXVFKLOG$UFKLWHNWXUEUR/6+DXVFKLOGZZZOVKDXVFKLOGGH
9JO%RQJDUW]
,6%1/DGHQSUHLV(XUR3UHSULQW)DVVXQJRQOLQHPLW2SHQ$FFHVV XQWHUKWWSHGRFKXEHUOLQGH
$EE*XWJHSDDUW-XJHQGELEOLRWKHNXQG(LVFDIpXQWHUHLQHP'DFK
6%UXQQHU
'DV+DXV0DUNWVWUDH±HLQH%LRJUDSKLH
'LH 6WDQGRUWIDNWRUHQ IU GLH +DXSWELEOLRWKHN IU .LQGHU XQG -XJHQGOLFKH LQ (UIXUWVLQGDXHURUGHQWOLFKJQVWLJ6LHOLHJWDQHLQHUGHUEHOHEWHVWHQ(LQNDXIV VWUDHQ GHU KLVWRULVFKHQ ,QQHQVWDGW (UIXUWV LQ XQPLWWHOEDUHU 1lKH GHU +DXSW
ELEOLRWKHN IU (UZDFKVHQH 'HU KRKH %HNDQQWKHLWVJUDG GHV *HElXGHV HLQ EHOLHEWHV (LVFDIp LP (UGJHVFKRVV XQG GLH DXVJHVSURFKHQ YHUNHKUVJQVWLJH /DJHWUDJHQGD]XEHLGLH%LEOLRWKHNLP|IIHQWOLFKHQ%HZXVVWVHLQSUlVHQW]X KDOWHQ
'HU*HElXGHNRPSOH[WUlJWGLH%H]HLFKQXQJÄ+DXV]XPJURHQ3IOXJHXQG GHQJURHQ6LHEHQEUJHQ³Ä=XPURWHQ/|ZHQ³XQGÄ+RIIPDQQVFKHV+DXV³ 9RQGHUEDXOLFKHQ$QODJHKHULVWGHU.RPSOH[HLQGUHLJHVFKRVVLJHU0DVVLY EDX 'LH *HVDPWDQODJH LVW XI|UPLJ PLW GHU +DXSWIDVVDGH XQG GHP +DXSW HLQJDQJ]XU0DUNWVWUDHVRZLHHLQHP|VWOLFKHQXQGZHVWOLFKHQ*HElXGHIOJHO 'DV9RUGHUKDXVLVWLP:HVHQWOLFKHQLQVHLQHUEDURFNHQ%DXVXEVWDQ]HUKDOWHQ JHEOLHEHQHLQVFKOLHOLFKGHU'DFKNRQVWUXNWLRQPLWHLQHPOLHJHQGHQ6WXKOXQG
$QGUHDVNUHX]HQ ]XU $XVVWHLIXQJ 'LH 6HLWHQIOJHO ZXUGHQ EHL GHU 5H NRQVWUXNWLRQ $QIDQJGHUHU-DKUHYRPHUVWHQ2EHUJHVFKRVVDENRPSOHWW HUQHXHUW,P(UGJHVFKRVVLVWGLHKLVWRULVFKH%DXVXEVWDQ]HUKDOWHQ
,QGHU/LWHUDWXUZLUGGDV+RIIPDQQVFKH+DXVDOVLP-DKUHHUEDXWEH ]HLFKQHW'LH%DXDNWHQEHUGDV*HElXGHEHJLQQHQHUVWLP-DKUH:lK UHQGGHU5HNRQVWUXNWLRQNRQQWHDOVlOWHVWHV%DXWHLOHLQHURPDQLVFKH:DQGPLW HLQHU ]XJHPDXHUWHQ )HQVWHU|IIQXQJ GHQGURFKURQRORJLVFK DXI GDV -DKU
GDWLHUW ZHUGHQ 'DPLW LVW GDV +DXV GHU lOWHVWH VLFKHU GDWLHUWH 3URIDQEDXGHU6WDGW(UIXUW'DV*HElXGHZXUGHQDFKVHLQHU=HUVW|UXQJEHLP 6WDGWEUDQG YRQ LQ GHU ]ZHLWHQ +lOIWH GHV -DKUKXQGHUWV HUQHXHUW 'DEHL N|QQWHQ ZHVHQWOLFKH lOWHUH *HElXGHWHLOH GHV 9RUJlQJHUEDXV LQ 7HLOHQ HUKDOWHQJHEOLHEHQVHLQGLHMHW]LJH*HVWDOWXQJZHLVWDXIGDV-DKUKXQGHUW
,P-DKUKXQGHUWEHIDQGHQVLFKLQGHP*HElXGHGLH/DJHUXQG*HVFKlIWV UlXPHGHUJHJUQGHWHQ+RIIPDQQVFKHQ7DEDNZDUHQIDEULN$EJLOW -DKQ /XGZLJ +RIIPDQQ DOV %HVLW]HU GHU7DEDNPKOH XQG GHV +DXVHV (U LVW ZRKODXFKGHU*DVWJHEHUGHV%D\ULVFKHQ.|QLJV0D[LPLOLDQ,GHUDQOlVVOLFK GHV (UIXUWHU )UVWHQNRQJUHVVHV LQ GHU 0DUNWVWUDH ORJLHUWH ZXUGH GXUFK %HUQKDUGW +RIIPDQQ GHU 8PEDX GHU /DGHQHLQEDXWHQ LP (UG JHVFKRVVDOV7DEDNODGHQEHDQWUDJWXQGJHQHKPLJW
'LH$QODJHGHV+DXVHVPLWGHUJURHQ7RUGXUFKIDKUWJLEWHLQH9RUVWHOOXQJ HLQHV DOWHQ (UIXUWHU .DXIPDQQVKDXVHV 5HFKWV ZDUHQ GLH *HVFKlIWVUlXPH DQJHRUGQHWOLQNVNOHLQH.RQWRUH'DKLQWHUEHIDQGVLFKHLQHEUHLWH]ZHLOlXILJH 7UHSSH]XGHQ2EHUJHVFKRVVHQ
6FKPLGW60HQ]HO 0HQ]HO6FKXFKDUGW6
2YHUPDQQ6
6FKPLGW6QHQQWQHXHUHXQYHU|IIHQWOLFKWH8QWHU VXFKXQJHQJHKHQYRQDXVYJO6FKXO]H
6FKPLGW6
,Q GHQ 2EHUJHVFKRVVHQ GHV 9RUGHUKDXVHV LVW GLH XUVSUQJOLFKH 5DXP DXIWHLOXQJ LP :HVHQWOLFKHQ HUKDOWHQ JHEOLHEHQ 'LH VWUDHQVHLWLJHQ 5lXPH VLQG EHU HLQH JURH 'LHOH HUVFKORVVHQ XQG ZHLVHQ ]XP 7HLO DXIZlQGLJH 6WXFNGHFNHQXQG3DUNHWWE|GHQDXI
'LH)DVVDGHGHV+DXVHVHQWVSULFKWGHU*HVWDOWXQJGHV-DKUKXQGHUWV6LH LVW JHJOLHGHUW GXUFK *XUWJHVLPVH XQG )HQVWHUElQGHU PLW )HQVWHUJHZlQGHQ 'LH(FNHQGHV*HElXGHVVLQGGXUFKHLQH5XVWLND4XDGHUXQJJHIDVVW
$E 0LWWH GHU HU -DKUH ZXUGH GLH 5HNRQVWUXNWLRQ GHV +RIIPDQQVFKHQ +DXVHVDOV.LQGHUXQG-XJHQG]HQWUXPJHSODQWPLWHLQHU.LQGHUXQG-XJHQG ELEOLRWKHNLPHUVWHQXQG]ZHLWHQ2EHUJHVFKRVV6HLW%HJLQQGHUHU-DKUH QXW]WHLQ(LVFDIpGDV(UGJHVFKRVV
ZXUGH DXV YHUVLFKHUXQJVUHFKWOLFKHQ *UQGHQ HLQH QHXH %UDQGPHOGH XQG (OHNWURDQODJH QRWZHQGLJ $XHUGHP JDE HV NHLQH IXQNWLRQLHUHQGHQ 5HWWXQJVZHJHXQGNHLQHEDUULHUHIUHLH(UVFKOLHXQJ'LHVHGDPLWYHUEXQGHQHQ WLHILQGLH5lXPHGHU%LEOLRWKHNHLQJUHLIHQGHQ%DXPDQDKPHQQDKPGLH6WDGW ]XP $QODVV HLQH JUR]JLJH 6DQLHUXQJ GHU +DXSWELEOLRWKHN IU .LQGHU XQG -XJHQGOLFKHDQ]XVWRHQ
ZXUGHQDXVGHP%XQG/lQGHU3URJUDPPÄ6WDGWXPEDX2VW³LP5DK PHQGHU6WlGWHEDXI|UGHUXQJ0LWWHOIUHLQHJUXQGOHJHQGH6DQLHUXQJ]XU9HU IJXQJ JHVWHOOW 'LH )|UGHUVXPPH EHWUXJ 0LR (XUR IU GHQ %DX GLH 0LWWHO IU GLH $XVVWDWWXQJ LQ +|KH YRQ (XUR ILQDQ]LHUWH GLH 6WDGW (UIXUW
3KDVHQGHU=XVDPPHQDUEHLW
'LH %HVRQGHUKHLW XQG GLH &KDQFHQ GHV +DXVHV ZDUHQ DOOHQ %HWHLOLJWHQ ZRKO EHZXVVW 8QHUOlVVOLFK IU GDV JXWH *HVDPWHUJHEQLV ZDU GLH =XVDPPHQDUEHLW DOOHU3DUWQHUXPIUDOOHDN]HSWDEOH/|VXQJHQ]XILQGHQ
D%DXDQWUDJVSKDVH
2EZRKOEHLGHU%HDQWUDJXQJGHU)|UGHUPLWWHONHLQHGLUHNWHQ'HQNPDOSIOHJH PLWWHODXVJHZLHVHQZXUGHQZDUHQVLFKHU/DJHXQG*HVFKLFKWHGHV*HElXGHV HLQHZLFKWLJH(QWVFKHLGXQJVJUXQGODJH
%HLGHU*HQHKPLJXQJGHV%DXDQWUDJHVPXVVWHHLQHGHQNPDOVFKXW]UHFKWOLFKH
=XVWLPPXQJHLQJHKROWZHUGHQ'DEHLZXUGHQGUHL$XIODJHQHUWHLOW
(LQUDKPXQJHQGHV)HQVWHUVIU3XW]XQG.OLQNHUIDVVDGHQ
ZZZVWDGWXPEDXRVWLQIR
x 'LH 'HWDLOSODQXQJHQ « VLQG UHFKW]HLWLJ PLW GHQ 'HQNPDOEHK|UGHQ DE]XVWLPPHQ
x 'LH KLVWRULVFKHQ :lQGH XQG 'HFNHQ LP 9RUGHUKDXV VLQG UHVWDXUD WRULVFK DXI KLVWRULVFKH )DUEIDVVXQJHQ ]X XQWHUVXFKHQ XQG ]X GRNX PHQWLHUHQ
x %HL GHU 3ODQXQJ GHU %LEOLRWKHNVUHJDOH LP 2* LVW DXI GLH EDURFNH (QILODGH5FNVLFKW]XQHKPHQ
'LH HUVWHQ EHLGHQ 3XQNWH EHWUDIHQ YRU DOOHP ILQDQ]LHOOH )UDJHQ GD NHLQH
=XVDW]PLWWHOIUGHQNPDOSIOHJHULVFKHQ0HKUDXIZDQG]XU 9HUIJXQJVWDQGHQ 'HU OHW]WH 3XQNW NDP GHP .RQ]HSW GHU %LEOLRWKHN HQWJHJHQ 'HU 'HQNPDO VFKXW] GHU HU -DKUH KDWWH QRFK JHIRUGHUW GLH :lQGH GHU KLVWRULVFKHQ 5lXPHIUHL]XODVVHQXQG5HJDOHQXULQGHU0LWWHDXI]XVWHOOHQ'DPLWZDUGLH UHL]YROOH EDURFNH 5DXPIOXFKW XQWHUEURFKHQ XQG ZHGHU GHP 5DXPFKDUDNWHU QRFKGHP$QOLHJHQGHU%LEOLRWKHN*HQJHJHWDQ
$EE3KDQWDVLHLVWJHIUDJW'LHGHQNPDOJHVFKW]WHEDURFNH5DXPIOXFKW
6%UXQQHU
E%DXSKDVH
'DV ZLFKWLJVWH 7KHPD ZlKUHQG GHU %DXSKDVH ZDUHQ GLH 'HWDLODEVSUDFKHQ ]ZLVFKHQ 'HQNPDOSIOHJH $UFKLWHNWLQ %DXDPW XQG %LEOLRWKHN XQG GHUHQ 8PVHW]XQJ %DXKLVWRULVFKH )XQGH ZlKUHQG GHU %DXSKDVH JHVWDOWHWHQ GHQ
$EODXI EHVRQGHUV VSDQQHQG 'XUFK QHXH 'DWLHUXQJVPHWKRGHQ ZXUGH KHUDXV JHIXQGHQ GDVV GDV *HElXGH GLH lOWHVWH 0DXHU LQ HLQHP (UIXUWHU 3URIDQEDX DXIZHLVW 'DPLW ]RJ GDV %DXSURMHNW GLH EHVRQGHUH $XIPHUNVDPNHLW VRZRKO GHUgIIHQWOLFKNHLWDOVDXFKGHU+LVWRULNHUDXIVLFK
F1XW]XQJVSKDVH
$XFK ZHQQ VLFK ZlKUHQG GHU %DXSKDVH DOOH (QHUJLHQ DXI GLH (U|IIQXQJ NRQ]HQWULHUHQ LVW OHW]WOLFK GLH VSlWHUH 1XW]XQJ IU GHQ ODQJIULVWLJHQ (UIROJ HQWVFKHLGHQG5DXPSODQXQJXQG0DWHULDOLHQPVVHQGHQ3UD[LVWHVWEHUVWHKHQ XQGDXI'DXHUEHU]HXJHQ5HJHOPlLJH)KUXQJHQGHU'HQNPDOSIOHJHGXUFK GLH|IIHQWOLFKHQXQGDXFKQLFKW|IIHQWOLFKHQ%HUHLFKHGHV2EMHNWHVVWHOOHQDXFK IU GLH %LEOLRWKHN HLQHQ ]XVlW]OLFKHQ 0DUNHWLQJHIIHNW GDU 'LH %UJHU GHU 6WDGW±REQXQ%LEOLRWKHNVQXW]HURGHUQRFKQLFKW±OHUQHQVRVLFKPLWGHP
*HElXGHDOVHLQHPZLFKWLJHQ%DXGHQNPDOLKUHU6WDGW]XLGHQWLIL]LHUHQ 'HQNPDOVFKXW]&KDQFHYV(LQVFKUlQNXQJ
'LH =XVDPPHQDUEHLW PLW GHU 'HQNPDOVFKXW]EHK|UGH JHVWDOWHWH VLFK JUXQG VlW]OLFK SRVLWLY 6R ZXUGHQ DXI GHUHQ ,QWHUYHQWLRQ KLQ RIW KRFKZHUWLJHUH 0DWHULDOLHQ HLQJHVHW]W ZDV DOOHUGLQJV QLFKW DXWRPDWLVFK DXFK ]X HLQHU (UZHLWHUXQJGHV%DXNRVWHQUDKPHQVJHIKUWKDW$QGHUHUVHLWVPXVVWHQEHLGHQ )XQNWLRQVDEOlXIHQ GHV %LEOLRWKHNVEHWULHEV VRZLH EHL GHU )OH[LELOLWlW (LQ VFKUlQNXQJHQKLQJHQRPPHQZHUGHQ$XFKGDQNGHUJHVFKLFNWHQ9HUPLWWOXQJ GXUFKGLH$UFKLWHNWLQNRQQWHQWUDJIlKLJH.RPSURPLVVHJHIXQGHQZHUGHQ6R NRUUHVSRQGLHUHQ GLH %RGHQEHOlJH DXV (LFKH XQG 1DWXUVWHLQ QXQ JXW PLW GHQ KLVWRULVFKHQ %DXPDWHULDOLHQ GLH WUDQVSDUHQWHQ )DKUVWXKOVFKlFKWH VWHKHQ GD]X LPEHZXVVWHQ*HJHQVDW]
5DXPDXIWHLOXQJ
'DV*HVDPWJHElXGHOLHJWXI|UPLJPLWGHU%DVLV]XU0DUNWVWUDH'LH6WUDHQ IDVVDGH GLH 7RUHLQIDKUW GLH 'DFKNRQVWUXNWLRQ GHV 9RUGHUKDXVHV XQG GLH VWUDHQVHLWLJHQ 5lXPH VSLHJHOQ GLH +DXSWKHUDXVIRUGHUXQJ GHU 8PEDX PDQDKPHGHXWOLFKZLGHUGHQQNOHLQWHLOLJH5lXPHLQGRPLQDQWHU*HVWDOWXQJ
XQG XQJQVWLJH /LFKWYHUKlOWQLVVH HQWVSUHFKHQ QLFKW JHUDGH GHP 7UDXP HLQHV PRGHUQHQ%LEOLRWKHNDUV
$EE*UXQGULVV2*6+DXVFKLOG
'HUKLQWHUH7HLOGHV9RUGHUKDXVHVXQGGLH6HLWHQIOJHOZDUHQDOV%DXVXEVWDQ]
GHU HU -DKUH ]ZHLIHOORV VDQLHUXQJVEHGUIWLJ 'LHVH 5lXPH GHU
*HVDPWIOlFKH ZXUGHQ ELV ]XP 'DFKJHVFKRVV Y|OOLJ HQWNHUQW XQG HUKLHOWHQ HLQH JUR]JLJH ZHLWOlXILJH 5DXPDXIWHLOXQJ 'DPLW JHZLQQW GLH %LEOLRWKHN QHXH)OlFKHQKLQ]XXQGYHUJU|HUWGHQ|IIHQWOLFKHQ%HUHLFKXPP
7DEHOOH1XW]IOlFKHQEHUHFKQXQJ +DXSWQXW]IOlFKHGHU%LEOLRWKHN YRUGHU
6DQLHUXQJ QDFKGHU 6DQLHUXQJ
JHVDPW P P
DQWHLOLJ%UREHUHLFK P P
DQWHLOLJ|IIHQWOLFKHU%LEOLRWKHNVEHUHLFK P P )UFD0HGLHQHLQKHLWHQEHVWHKWLP QLFKWGHQNPDOJHVFKW]WHQ%HUHLFK DXVUHLFKHQG6WHOOIOlFKHDXFK ZHQQGXUFKGLH$QODJHGHU%LEOLRWKHNDXIGUHL
(WDJHQGHU3ODW]QLFKWRSWLPDOJHQXW]W ZHUGHQ NDQQ*U|WHV3UREOHPEOHLEW GLH7DWVDFKHGDVVDOOHGUHL(WDJHQPLW3HUVRQDOEHVHW]WZHUGHQPVVHQ
,Q GHQ NOHLQHQ VWUDHQVHLWLJHQ KLVWRULVFKHQ 5lXPHQ ZHUGHQ LQ GHU HUVWHQ (WDJH0HGLHQEHVRQGHUVIUNOHLQH.LQGHUXQGLQGHU]ZHLWHQ(WDJH0HGLHQ VSH]LHOOHU6DFKJHELHWHDQJHERWHQ'D]XZXUGHQEHVRQGHUH5XKH]RQHQ%DVWHO EHUHLFKHXQG+|USOlW]HHLQJHULFKWHW
$EE+|USOlW]H±'LH1XW]HUZROOHQHVODXW8PIUDJHÄJHPWOLFK³
6%UXQQHU
'HU]HLWJLEWHVLQGHU.LQGHUXQG-XJHQGELEOLRWKHNVLHEHQ3HUVRQDOVWHOOHQ GLHHLQHWlJOLFKHgIIQXQJV]HLWYRQ8KUJHZlKUOHLVWHQ
(LQ 6HLWHQIOJHO GHV HUVWHQ 2EHUJHVFKRVVHV EHUUDVFKW GLH 1XW]HU PLW HLQHP PRGHUQHQ IOH[LEOHQ DXVJH]HLFKQHW DXVJHVWDWWHWHQ 9HUDQVWDOWXQJVUDXP ,P ]ZHLWHQ2EHUJHVFKRVVELHWHWGLH%LEOLRWKHNIUHLH/HUQSOlW]HIU*UXSSHQXQG (LQ]HOSHUVRQHQ DQ 'DV 'DFKJHVFKRVV LVW GHP 7KHPD Ä-XJHQG XQG )UHL]HLW³ JHZLGPHW 9RU DOOHP GHU Y|OOLJ HQWNHUQWH 'DFKUDXP XQG GHU IUHLJHOHJWH KLVWRULVFKH'DFKVWXKOHU]HXJHQPLWHLQHUQLFKWDOOWlJOLFKHQIUHLQH%LEOLRWKHN JHUDGH]X XQW\SLVFKHQ (LQULFKWXQJ PLW 6LW]VWXIHQ XQG :/$1$XVVWDWWXQJ HLQHKRKH$XIHQWKDOWVTXDOLWlW
$EE&RPSXWHUVLPXODWLRQIUGLH*HVWDOWXQJGHV'DFKJHVFKRVVHV
6+DXVFKLOG
=XJlQJOLFKNHLW
1DFK GHP 8PEDX ZLUG GLH %LEOLRWKHN EHU GUHL 7UHSSHQKlXVHU %HQXW]HU 0LWDUEHLWHU )OXFKWWUHSSHQKDXV XQG ]ZHL $XI]JH HUVFKORVVHQ 'DPLW VLQG NXU]HIOH[LEOH:HJHP|JOLFKGLHGHQ1DFKWHLOGHUKLVWRULVFKHQ*HElXGHDQODJH DXI GUHL (EHQHQ ]XP 7HLO DXVJOHLFKHQ $QOLHIHUXQJHQ YRQ 0HGLHQ XQG 0DWHULDOVLQG GXUFK GDV 0LWDUEHLWHUWUHSSHQKDXV PLW YHUVFKOVVHOWHP $XI]XJ JXWP|JOLFK%HLGHU$QODJHGHV$XI]XJVVFKDFKWHVPXVVWHHLQ.HOOHUJHZ|OEH GXUFKVFKQLWWHQXQGWHLOZHLVHDEJHWUDJHQZHUGHQ'DEHLZXUGHGLHURPDQLVFKH :DQG IUHLJHOHJW GLH LQ GHQGURFKURQRORJLVFKHQ 8QWHUVXFKXQJHQ LKU EH HLQGUXFNHQGHV$OWHUHQWKOOWH
'DV0DQNRGHV=XJDQJVHUVWLPHUVWHQ2EHUJHVFKRVVEOHLEWDXFKQDFKGHP 8PEDX EHVWHKHQ $OOHUGLQJV NRQQWH PLW GHP (LVFDIp GDV GLH JDQ]H XQWHUH
(WDJH XQG GHQ +RIEHUHLFK HLQQLPPW HLQ NOHLQHU HLQ]HOQHU VWUDHQVHLWLJHU 5DXP JHJHQ HLQHQ LP +LQWHUKDXV OLHJHQGHQ JHWDXVFKW ZHUGHQ +LVWRULVFKH
$XIQDKPHQ ]HLJHQ GDVV GLHVHU HEHQHUGLJH 5DXP XUVSUQJOLFK HLQ NOHLQHV .RQWRU VWUDHQVHLWLJH 6FKDXIHQVWHUWUHQ KDWWH 'HU 'HQNPDOSIOHJH LVW ]X YHUGDQNHQGDVVGLHVHU=XVWDQGZLHGHUKHUJHVWHOOWZXUGH'HU5DXPVWHKWGHU
%LEOLRWKHN QXQ IU $XVVWHOOXQJHQ ]XU ,QIRUPDWLRQ XQG IU 0DUNHWLQJ PDQDKPHQ]XU9HUIJXQJ
'LH 7RUHLQIDKUW DOV (LQJDQJVEHUHLFK ZXUGH QDFK GHQNPDOSIOHJHULVFKHQ 'HWDLODEVWLPPXQJHQZLHGHUKHUJHVWHOOW'DEHLNRQQWHQZLFKWLJH.RPSURPLVVH JHVFKORVVHQZHUGHQ6REOHLEWXDGLHXUVSUQJOLFKKLQWHQRIIHQH+RIGXUFK IDKUWZHLWHUKLQDXVNOLPDWHFKQLVFKHQ*UQGHQPLWHLQHPQHXDQ]XIHUWLJHQGHQ P|JOLFKVWWUDQVSDUHQWHQ7RUJHVFKORVVHQXQGDXFKGLH7UHSSHQIKUXQJZXUGH QHXJHVWDOWHW
$EE/LFKWORFNW/HXWH±6FKHLEHQDXV6WDKOXQG*ODVNQSIHQDQGLH KLVWRULVFKH%HOHXFKWXQJVVLWXDWLRQDQ6%UXQQHU
/LFKW
=X GHQ ZHVHQWOLFKHQ )DNWRUHQ IU GHQ (UIROJ GHU %LEOLRWKHN JHK|UW HLQ JXW GXUFKGDFKWHV /LFKWNRQ]HSW :LH NRQQWHQ DOVR GLH ( PSIHKOXQJHQ GHV ',1 )DFKEHULFKWV IU %HOHXFKWXQJVVWlUNHQ ELV ]X /X[ PLW GHQ 9RU VWHOOXQJHQ GHU 'HQNPDOSIOHJH YRQ ]HLWW\SLVFKHQ /LFKWYHUKlOWQLVVHQ XQG GHQ 6SDU]ZlQJHQGHU%DXYHUZDOWXQJLQ(LQNODQJJHEUDFKWZHUGHQ"
'DNHLQHKLVWRULVFKEHUOLHIHUWHQ%HOHXFKWXQJVN|USHUPHKUH[LVWLHUWHQJLQJ GLH 3ODQXQJ GHQ :HJ LQ GHQ KLVWRULVFKHQ 5lXPHQ PLW DEJHKlQJWHQ GLVNXV I|UPLJHQ 6FKHLEHQ DXV 6WDKO XQG VDWLQLHUWHP *ODV LQ ]HLWJHPlHU PRGHUQHU )RUPHQVSUDFKH HLQHQ %H]XJ ]X GHQ KLVWRULVFKHQ 5lXPHQ KHU]XVWHOOHQ 'LH 'HFNHQEHOHXFKWXQJLQGHQJURHQ5lXPHQGLUHNWXQWHUGHU'HFNHDQJHEUDFKW DEHU LQ 0DWHULDO XQG )RUP JOHLFK QLPPW GDV 0RWLY DXI 0LW GHQ XQWHUVFKLHGOLFKVWDUNHQ/HXFKWN|USHUQXQWHUGHPVDWLQLHUWHQ*ODVN|QQHQQXQ GLH GHU 5DXPVLWXDWLRQ DQJHPHVVHQHQ /LFKWVWlUNHQ HU]HXJW ZHUGHQ 'DPLW HQWVWDQGHLQHHLQGUXFNVYROOH9HUELQGXQJ]ZLVFKHQ$OWXQG1HX
$EE/HVHFDIpLP
:LQWHUJDUWHQ6%UXQQHU
(LJHQEURGW6
'HXWVFKHV,QVWLWXWIU1RUPXQJ
(LQ ZHLWHUHU ZLFKWLJHU $VSHNW IU GLH *HVWDOWXQJ GHU /LFKWVLWXDWLRQ ZDU GLH 8PZDQGOXQJGHV$QEDXGDFKHVLPKRIVHLWLJHQ%RJHQGHV8GHU*HVDPWDQODJH LQ HLQ *ODVGDFK 'D VLFK GDV DOWH QLFKW KLVWRULVFKH 'DFKWHLO ZlKUHQG GHU
%DXDUEHLWHQ DOV Y|OOLJ GHVRODW HUZLHVHQ KDWWH ZXUGH HV GXUFK HLQ *ODVGDFK HUVHW]W GDV PLW GHU EHUHLWV YRUKDQGHQHQ )HQVWHUIDVVDGH HLQHQ :LQWHUJDUWHQ ELOGHW'LHVHU:LQWHUJDUWHQZXUGH]XPDWWUDNWLYHQ/HVHFDIpIUGLH%HVXFKHU HUEULQJW/LFKWLQGLH7KHNHQEHUHLFKHGHUHUVWHQXQG]ZHLWHQ(WDJHXQGGXUFK QHXDQJHOHJWH0DXHUGXUFKEUFKH]XGHP/LFKWLQGLH6HLWHQIOJHO
.RQ]HSWLRQHOOZXUGHGHU6DFKEXFKEHUHLFKNRPELQLHUWPLWIUHLHQ/HUQSOlW]HQ IU *UXSSHQ XQG (LQ]HOQH XQG PLW 3&3OlW]HQ LQ HLQHP GHU JXW DXV JHOHXFKWHWHQ6HLWHQIOJHOXQWHUJHEUDFKW
.OLPDXQG6FKDOOVFKXW]
)U GLH $XIHQWKDOWVTXDOLWlW LQ GHU %LEOLRWKHN LVW GDV 5DXPNOLPD YRQ HQW VFKHLGHQGHU %HGHXWXQJ 6RZRKO DXV ZLUWVFKDIWOLFKHQ DOV DXFK DXV GHQNPDO SIOHJHULVFKHQ*HVLFKWVSXQNWHQZDUHLQH.OLPDDQODJHMHGRFKQLFKWDN]HSWDEHO ,QZLHZHLWGLH0DQDKPHQGHVNRQVWUXNWLYHQ:lUPHVFKXW]HV,QQHQGlPPXQJ
$XHQYHUVFKDWWXQJGDV9HUVSURFKHQHKDOWHQZLUGGLH3UD[LV]HLJHQ
'HU 6FKDOOVFKXW] LVW YRU DOOHP LQ GHQ JURHQ 5lXPHQ LQ +LQEOLFN DXI GLH NQIWLJH1XW]XQJHLQ7KHPD'D]XZXUGHQDOOH'HFNHQGHUQLFKWKLVWRULVFKHQ 5lXPHPLW$NXVWLNGHFNHQDXVJHVWDWWHW
)DUEHQ)RUPHQ0DWHULDOLHQ
$XFK KLQVLFKWOLFK GHU )DUEHQ XQG )RUPHQVSUDFKH GHU QHXHQ %LEOLRWKHN ZDU GLH 7UHQQXQJ GHV KLVWRULVFKHQ 7HLOV YRP PRGHUQHQ 7HLO YRQ HQWVFKHLGHQGHU
%HGHXWXQJXP.ODUKHLWLQGDV.RQ]HSW]XEULQJHQ1HX]HLWOLFKH)ULVFKHXQG 6WULQJHQ]VXFKHQGLH*HPHLQVFKDIWPLWGHP$OWHQMHGRFKRKQHQRVWDOJLVFKH 9HUNOlUXQJ :LH VFKRQ EHL GHU /LFKWJHVWDOWXQJ DQJHVSURFKHQ VHW]W GLH
*HVWDOWXQJ VRIHUQ GDV +LVWRULVFKH QLFKW UHNRQVWUXLHUEDU ZDU DXI PRGHUQ ]HLWORVHXQGGDXHUKDIWH0DWHULDOLHQGLHVLFKKLQWHUGHU)XQNWLRQGHV*HElXGHV ]XUFNQHKPHQXQGQLFKWPLWGHPKLVWRULVFKHQ%HVWDQGNRQNXUULHUHQZROOHQ
)U GHQ )XERGHQ LP KLVWRULVFKHQ *HElXGHWHLO ZXUGH GDV XUVSUQJOLFKH 3DUNHWW PLW (LFKHQSDUNHWW XQG LP 'DFKJHVFKRVV PLW (LFKHQGLHOXQJ HUJlQ]W 'HUPRGHUQH7HLOVFKPFNWVLFKDXFKLP%OLFNDXIGLH=LHOJUXSSHGHU%LEOLR
8QWHU JDQ] DQGHUHQ 8PVWlQGHQ ZXUGH ]% DXFK EHL GHP 1HXEDX GHU 6WDGWELEOLRWKHN 8OP GLHVH 3UlPLVVH EHUFNVLFKWLJW YJO +LOGQHU 'XFNHN 6
WKHN PLW RUDQJHIDUEHQHQ .DXWVFKXNIXE|GHQ 'DPLW JLEW HV HLQH GHXWOLFKH 7UHQQXQJ]ZLVFKHQ $OWXQG1HXXQGGLHJHVDPWH 5DXPVLWXDWLRQHUKlOWHLQH IULVFKHXQGDQVSUHFKHQGH$WPRVSKlUH
'LH:DQGIDUEHQGHUNOHLQHQVWUDHQVHLWLJHQ5lXPHGLH)DUEHQGHU)HQVWHU GHU )DVVDGHQ XQG )DVVDGHQHOHPHQWH ZXUGHQ YRQ GHU 'HQNPDOSIOHJH LQ
$EVWLPPXQJ PLW GHU $UFKLWHNWLQ XQG GHU %LEOLRWKHN IHVWJHOHJW 'LH KLVWR ULVFKHQ ,QQHQUlXPH EHUUDVFKHQ KHXWH PLW HLQHU NUlIWLJHQ )DUEJHEXQJ GHU :lQGH GLH DEHU JHUDGH LQ HLQHU PRGHUQHQ .LQGHUELEOLRWKHN GXUFKDXV LQWHUHVVDQW ZLUNW $OOH DQGHUHQ :lQGH DOOH 'HFNHQ XQG GLH :DQGHOHPHQWH ZXUGHQLQ]ZHL&UHPHZHL$EVWXIXQJHQJHKDOWHQ
'DV5HJDOV\VWHPLQHLQIDFKHQTXDGUDWLVFKHQ)RUPHQDXVJUDXDOXPLQLXP IDUELJHP0HWDOOELOGHWHLQHQQHXWUDOHQ5DKPHQ)DUEDN]HQWHEULQJHQ0HGLHQ WU|JHXQG6LW]HOHPHQWHLQ5RW2UDQJHXQG*UDX'DEHLZXUGHGDUDXIJHDFKWHW GDVV DXI GHP RUDQJHIDUEHQHQ )XERGHQ JUDXH 0|EHO PLW (LFKHQREHUIOlFKH VWHKHQDXIGHP(LFKHQIXERGHQGDJHJHQIDUELJH(OHPHQWH$N]HQWHVHW]HQ
8P LP 'DFKJHVFKRVV GHQ GXUFK GHQ UHVWDXULHUWHQ 'DFKVWXKO KHUYRU JHUXIHQHQ 5DXPHLQGUXFN QLFKW PLW 5HJDOHQ ]X ]HUJOLHGHUQ ZXUGH KLHU PLW IOH[LEOHQ%FKHUWUPHQXQGWU|JHQLQ5RWXQG*UDXVSDUVDPP|EOLHUW,QGHU VR JDU QLFKW ELEOLRWKHNW\SLVFKHQ $WPRVSKlUH N|QQHQ VLFK -XJHQGOLFKH ZRKO IKOHQXQGPLWGHQYRUKDQGHQHQ(OHPHQWHQHLJHQH5lXPHVFKDIIHQ
'LH 7KHNHQ VLQG 6RQGHUDQIHUWLJXQJHQ 6LH YHUHLQHQ GXUFK YHUVFKLHGHQH +|KHQQLYHDXVHLQHQ%HUDWXQJVXQGHLQHQ9HUEXFKXQJVSODW])DUEOLFKJUHLIHQ VLHGDV5RWGHU%FKHUWU|JHXQGWUPHXQGGDV*UDXGHU5HJDOHDXI
Ä:RZ³
$XFK PLW HLQHP Ä:RZ(IIHNW³ NDQQ GLH %LEOLRWKHN DXIZDUWHQ =XVDPPHQ PLW GHU $UFKLWHNWLQ ZXUGH HLQH DXV 6WDQGDUGUHJDOHQ XQG ZHQLJHQ 7LVFKOHU HOHPHQWHQ JHEDXWH EHJHKEDUH :DQGJHVWDOWXQJ HQWZLFNHOW GLH DQ GLH KLVWRULVFKH(UIXUWHU.UlPHUEUFNHHULQQHUW'LH,QVWDOODWLRQEHILQGHWVLFKDQ GHU6WLUQZDQGJHJHQEHUGHP+DXSWHLQJDQJGHU%LEOLRWKHNXQGYHUELQGHWGHQ QHXHQ7HLOGHU%LEOLRWKHNPLWGHQKLVWRULVFKHQ5lXPHQ
6HULHQP|EHOPLWLQGLYLGXHOOHU$XVSUlJXQJVFKLHQHQIUXQVGLHEHVWH:DKO YJO(LJHQEURGW6
0F'RQDOG0F'RQDOG
.UlPHUEUFNH(UIXUWHLQ]LJHEHZRKQWH%UFNHQ|UGOLFKGHU$OSHQYJO ZZZNUDHPHUEUXHFNHGH
$EE:RZ±'LH(UIXUWHU.UlPHUEUFNHIUGLH%LEOLRWKHNDGDSWLHUW
6%UXQQHU
)D]LW
,QVJHVDPW LVW HV JHOXQJHQ HLQH PRGHUQH %LEOLRWKHN PLW XQYHUZHFKVHOEDUHQ (OHPHQWHQ ]X JHVWDOWHQ =XJlQJOLFKNHLW XQG :HUEHZLUNVDPNHLW GHV +DXVHV KDEHQVLFKYHUEHVVHUW'LH'HQNPDOSIOHJHKDWGHQlOWHVWHQ3URIDQEDX(UIXUWV VLFKHU GDWLHUW XQG HLQ UHSUlVHQWDWLYHV %UJHUKDXV HLQHU QHXHQ PRGHUQHQ 1XW]XQJ ]XJHIKUW 'LH $UFKLWHNWLQ KDW HLQ KRFKZHUWLJHV 2EMHNW LQ DOOHQ VHLQHQ )DVVHWWHQ VHQVLEHO EHJOHLWHW XQG EHWUHXW 'HU .RVWHQUDKPHQ ZXUGH HLQJHKDOWHQ
6FK|QKHLW OLHJW QDFK HLQHU DOWHQ :HLVKHLW LP $XJH GHV %HWUDFKWHUV 6LHKW PDQGLH+XQGHUWHYRQ%HVXFKHUQWlJOLFKGLHGDV*HElXGHDQ]LHKWGDUIPDQ GLHV ZRKO DOV 0DVWDE IU VHLQH Ä6FK|QKHLW³ XQG GDPLW IU GHQ (UIROJ GHU
%HPKXQJHQDOOHU%HWHLOLJWHQZHUWHQ
/LWHUDWXUXQG,QWHUQHWTXHOOHQ
>@ %21*$57=1 $WPRVSKlUH LVW HLQ $NWLYSRVWHQ %LEOLRWKHNVEDX DXVGHU6LFKWHLQHV'HQNPDOSIOHJHUV%XFKXQG%LEOLRWKHN
>@ &21=(/0$113 /,171(50 %LEOLRWKHNHQ LQ KLVWRULVFKHQ
*HElXGHQ %LEOLRWKHN )RUVFKXQJ 3UD[LV ZZZELEOLRWKHNVDXUGHBSGI
>@ 'HXWVFKHV ,QVWLWXW IU 1RUPXQJ ',1)DFKEHULFKW %DX XQG 1XW]XQJVSODQXQJYRQ%LEOLRWKHNHQXQG$UFKLYHQ$XIO%HUOLQ%HXWK
>@ (,*(1%52'72 0|EOLHUXQJ XQG (LQULFKWXQJ ,Q 3 +DXNH .8 :HUQHU +UVJ%LEOLRWKHNHQ EDXHQ XQG DXVVWDWWHQ 6
%DG+RQQHI%RFN+HUFKHQ
KWWSHGRFKXEHUOLQGHPLVFHOODQLHVELEOLRWKHNVEDX
>@ +DXNH 3 :HUQHU .8 +UVJ %LEOLRWKHNHQ EDXHQ XQG DXVVWDWWHQ %DG +RQQHI %RFN +HUFKHQ KWWSHGRFKX EHUOLQGHPLVFHOODQLHVELEOLRWKHNVEDX
>@ +(11,1*:'LH]ZHLWEHVWH/|VXQJ"gIIHQWOLFKH%LEOLRWKHNHQLQ JHJHEHQHQ*HElXGHQ%XFKXQG%LEOLRWKHN
>@ +,/'1(5 & '8&.(. 0 =HQWUDOELEOLRWKHN 8OP %HUOLQ 6WDGWZDQGHO9HUO
>@ 0&'21$/'$7KH7HQ&RPPDQGPHQWVUHYLVLWHG7KH4XDOLWLHV RI *RRG /LEUDU\ 6SDFH /LEHU 4XDUWHUO\
KWWSOLEHUOLEUDU\XXQOSXEOLVKDUWLFOHVDUWLFOHSGI
>@ 0&'21$/'$7KHWRSWHQTXDOLWLHVRIJRRGOLEUDU\VSDFH,Q.
/DWLPHU + 1LHJDDUG HGV ,)/$ OLEUDU\ EXLOGLQJ JXLGHOLQHV GHYHORSPHQWV UHIOHFWLRQV60QFKHQ6DXU
>@0(1=(/5 0(1=(/((PSLUHP|EHOIU.|QLJ0D[LPLOLDQ +lXVHUXQGLKUH*HVFKLFKWHÄ=XPJURHQ3IOXJH³LQGHU0DUNWVWUDH 7KULQJLVFKH/DQGHV]HLWXQJ6
>@29(50$11 $ (UIXUW LQ ]Z|OI -DKUKXQGHUWHQ (LQH 6WDGW JHVFKLFKWHLQ%LOGHUQ(UIXUW5LFKWHU5HSUX
>@6$11( / %DXHQ HLQHU gIIHQWOLFKHQ %LEOLRWKHN .RQ]HSWH IU 1HXEDX 8PZLGPXQJ 5HYLWDOLVLHUXQJ ,Q 3 +DXNH .8 :HUQHU +UVJ %LEOLRWKHNHQ EDXHQ XQG DXVVWDWWHQ 6 %DG +RQQHI
%RFN+HUFKHQKWWSHGRFKXEHUOLQGHPLVFHOODQLHVELEOLRWKHNVEDX
>@6&+0,'7 ( 'LH 0DUNWVWUDH LQ (UIXUW :LVVHQVFKDIWOLFKH
=HLWVFKULIW+RFKVFKXOHIU$UFKLWHNWXUXQG%DXZHVHQ
>@6&+8/=( 7 'HQGURFKURQRORJLVFKH 8QWHUVXFKXQJ LQ GHU 0DUNWVWUDH(UIXUW%HULFKW0VLQGHU6WDGWELEOLRWKHN(UIXUW
>@6&+8&+$5'7 + $OW(UIXUWHU 'HQNPlOHU NLUFKOLFKHU XQG ZHOWOLFKHU .XQVW >7HLO @ :HOWOLFKH SURIDQH .XQVW 6FKXFKDUGW
%HLWUlJH]XU*HVFKLFKWHGHU6WDGW(UIXUW%G*|WWLQJHQ6FKXFKDUGW 'LH]LWLHUWHQ,QWHUQHWTXHOOHQZXUGHQ]XOHW]WDPDXIJHUXIHQ