Arbeitsmarktpolitik Tirol 2010 - Territoriale Beschäftigungspakte in ...

A-1103 WIEN, POSTFACH 91
TEL. 798 26 01 • FAX 798 93 86
ÖSTERREICHISCHES INSTITUT FÜR
WIRTSCHAFTSFORSCHUNG
Tiroler Arbeitsmarktförderungsgesellschaft mbH
Koordinationsstelle Beschäftigungspakt Tirol
Arbeitsmarktpolitik Tirol 2010
Oliver Fritz, Peter Huber, Ulrike Huemer,
Thomas Leoni
Wissenschaftliche Assistenz: Andrea Grabmayer,
Andrea Hartmann, Maria Thalhammer
Oktober 2006

Arbeitsmarktpolitik Tirol 2010
Oliver Fritz, Peter Huber, Ulrike Huemer, Thomas Leoni
Studie des Österreichischen Instituts für Wirtschaftsforschung im Auftrag
der Tiroler Arbeitsmarktförderungsgesellschaft mbH (Koordinationsstelle
Beschäftigungspakt Tirol)
Unter Mitarbeit der Partnerorganisationen des Beschäftigungspakts Tirol:
Amt der Tiroler Landesregierung
Kammer für Arbeiter und Angestellte Tirol
Arbeitsmarktservice Tirol
Bundessozialamt, Landesstelle Tirol
Gender-Mainstreaming-Beauftragte des Landes Tirol
Vereinigung der Österreichischen Industrie Tirol
Landarbeiterkammer Tirol
Landwirtschaftskammer Tirol
Österreichischer Gewerkschaftsbund Tirol
Österreichischer Städtebund, Landesgruppe Tirol
Tiroler Bildungsinstitut Grillhof
Tiroler Gemeindeverband
Wirtschaftskammer Tirol
Begutachtung: Peter Mayerhofer, Egon Smeral
Wissenschaftliche Assistenz: Andrea Grabmayer, Andrea Hartmann,
Maria Thalhammer
Diese Studie wurde gefördert aus den Mitteln des Bundesministeriums
für Wirtschaft und Arbeit und des Europäischen Sozialfonds
Oktober 2006
E-Mail-Adressen: Oliver.Fritz@wifo.ac.at, Peter.Huber@wifo.ac.at,
Ulrike.Huemer@wifo.ac.at, Thomas.Leoni@wifo.ac.at
2006/241-1/A/3006

²,²
$UEHLWVPDUNWSROLWLN7LURO
,QKDOWVYHU]HLFKQLV
9HU]HLFKQLVGHUhEHUVLFKWHQ ,9
9HU]HLFKQLVGHUhEHUVLFKWHQ ,9
9HU]HLFKQLVGHU$EELOGXQJHQ 9,,
(LQOHLWXQJ
%HVFKlIWLJXQJXQG:LUWVFKDIWVZDFKVWXP7LUROVLP|VWHUUHLFKLVFKHQ9HUJOHLFK
7LUROLPHXURSlLVFKHQ9HUJOHLFK
:HLWHUHU$XIEDXXQG)RUVFKXQJVVFKZHUSXQNWHGHU6WXGLH
%HVFKlIWLJXQJVZDFKVWXPXQG6WUXNWXUZDQGHO
)DNWRUHQGHV%HVFKlIWLJXQJVXQG3URGXNWLYLWlWVZDFKVWXPV
6HNWRUDOHV%HVFKlIWLJXQJVZDFKVWXPLQ7LURO
%HWULHEOLFKH:DFKVWXPVSUR]HVVHLQ7LURO
8QWHUQHKPHQVJU QGXQJHQ
$UEHLWVORVLJNHLWXQG(UZHUEVEHWHLOLJXQJ
'HU=XVDPPHQKDQJ]ZLVFKHQ%HVFKlIWLJXQJVZDFKVWXP$UEHLWVORVLJNHLWXQG
(UZHUEVEHWHLOLJXQJ
(UZHUEVIlKLJH%HY|ONHUXQJXQG(UZHUEVTXRWHQ
(QWZLFNOXQJGHU6WUXNWXUGHU$UEHLWVORVLJNHLW
.RPSRQHQWHQGHU$UEHLWVORVLJNHLW6DLVRQXQG0LVPDWFK
8PVFKODJGHU$UEHLWVNUlIWHXQG$UEHLWVORVHQ(OHPHQWHHLQHU)ORZ%HWUDFKWXQJ
'LH$QSDVVXQJVIlKLJNHLWGHV$UEHLWVPDUNWHVLQ7LURO
5HJLRQDOH8QWHUVFKLHGHDP$UEHLWVPDUNW
'LHUHJLRQDOH6WUXNWXUGHV%HVFKlIWLJXQJVZDFKVWXPV
(UZHUEVTXRWHQ
$UEHLWVORVLJNHLW
%LOGXQJVVWUXNWXU
%HY|ONHUXQJVSURJQRVH

²,,²
4XDOLWlWGHU$UEHLWVSOlW]HXQGQHXH=LHOJUXSSHQGHU
$UEHLWVPDUNWSROLWLN
$OWHUQDWLYH%HVFKlIWLJXQJVXQG$UEHLWVORVLJNHLWVNRQ]HSWHDXI%DVLVGHV
+DXSWYHUEDQGHV
$OWHUQDWLYH$UEHLWVORVLJNHLWVNRQ]HSWHDXI%DVLVGHV0LNUR]HQVXV
(LQNRPPHQVXQWHUVFKLHGHXQG(LQNRPPHQVHQWZLFNOXQJ
=XVDPPHQIDVVXQJ
(UVWDXVELOGXQJ
%LOGXQJVVWDQGGHU%HY|ONHUXQJ
%LOGXQJVEHWHLOLJXQJLP6FKXOXQG+RFKVFKXOEHUHLFK
6WlUNHQXQG6FKZlFKHQLQGHU(UVWDXVELOGXQJ
:HLWHUELOGXQJ
:HLWHUELOGXQJQDFKVR]LRGHPRJUDSKLVFKHQXQGEHUXIOLFKHQ0HUNPDOHQ
0RWLYDWLRQXQG$XVZLUNXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJ
)LQDQ]LHOOHXQG]HLWOLFKH$XIZHQGXQJHQGHUEHUXIOLFKHQ:HLWHUELOGXQJ
3URJQRVHGHU:LUWVFKDIWVHQWZLFNOXQJLQ7LURO
3URJQRVHPHWKRGHQ
'LH3URJQRVHHUJHEQLVVH
7UHQGVGHUEHUXIOLFKHQ1DFKIUDJHHQWZLFNOXQJ
,QWHUQDWLRQDOH%HVW3UDFWLFH%HLVSLHOHGHU$UEHLWVPDUNWSROLWLN
(LQOHLWXQJ
(LQLJHLQWHUQDWLRQDOH%HLVSLHOHYRQ0D‰QDKPHQ
(8,QLWLDWLYHQ(48$/XQG$UWLNHO
0D‰QDKPHQ]XU6WHLJHUXQJGHU%HVFKlIWLJXQJXQG9HUULQJHUXQJGHU
6DLVRQDOLWlW
$QVDW]SXQNWHHLQHU3ROLWLN]X.08VXQG8QWHUQHKPHQVJU QGXQJHQ
%HVFKlIWLJXQJVSROLWLNGHU*HELHWVN|USHUVFKDIWHQ
9HUULQJHUXQJGHU6DLVRQDOLWlW
9HUULQJHUXQJGHU6DLVRQDOLWlWLP7RXULVPXV
3ROLWLNPD‰QDKPHQLP%LOGXQJVEHUHLFK
.LQGHUJDUWHQ
(UVWDXVELOGXQJ
7HUWLlUHU%LOGXQJVEHUHLFK
:HLWHUELOGXQJ

²,,,²
0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNXQG=LHOJUXSSHQGHU
$UEHLWVPDUNWSROLWLN
=XU:LUNVDPNHLWYHUVFKLHGHQHUDUEHLWVPDUNWSROLWLVFKHU0D‰QDKPHQ
'LH6WUXNWXUGHUDNWLYHQ$UEHLWVPDUNWSROLWLNLQ7LURO
6FKOXVVIROJHUXQJHQ
0D‰QDKPHQI UHLQ]HOQH=LHOJUXSSHQ
bOWHUH
)UDXHQ
-XJHQGOLFKH
$XVOlQGLVFKH$UEHLWVNUlIWH
3HUVRQHQPLW9HUPLWWOXQJVHLQVFKUlQNXQJHQ+DUGWR3ODFH
5HJLRQDOH6WUDWHJLHQXQG:HLWHUHQWZLFNOXQJGHUNRRSHUDWLYHQ
$UEHLWVPDUNWSROLWLN
:HLWHUHQWZLFNOXQJGHUNRRSHUDWLYHQ$UEHLWVPDUNWSROLWLN
5HJLRQDOH$UEHLWVPDUNWVWUDWHJLHQ
=XVDPPHQIDVVXQJ
(LQOHLWXQJ
+DXSWHUJHEQLVVHGHU$QDO\VHGHU%HVFKlIWLJXQJVXQG$UEHLWVPDUNWODJH
+DXSWHUJHEQLVVHGHU$QDO\VHGHU$XVXQG:HLWHUELOGXQJ
+DXSWHUJHEQLVVH]XGHQUHJLRQDOHQ$UEHLWVPlUNWHQ
3URJQRVHQ
0|JOLFKH(FNSIHLOHUHLQHUDUEHLWVPDUNWSROLWLVFKHQ6WUDWHJLH
/LWHUDWXUKLQZHLVH

²,9²
9HU]HLFKQLVGHUhEHUVLFKWHQ
hEHUVLFKW 9HUWHLOXQJGHU$UEHLWVVWlWWHQQDFK$Q]DKOGHUXQVHOEVWlQGLJ%HVFKlIWLJWHQ
hEHUVLFKW $UEHLWVORVLJNHLWVLQGLNDWRUHQ7LUROVLPLQWHUQDWLRQDOHQ9HUJOHLFK
hEHUVLFKW %HVFKlIWLJXQJVLQGLNDWRUHQ7LUROVLPLQWHUQDWLRQDOHQ9HUJOHLFK
hEHUVLFKW
7HLO]HLWEHVFKlIWLJXQJXQG%HWHLOLJXQJDPOHEHQVODQJHQ/HUQHQLQ7LUROLPHXURSlLVFKHQ9HUJOHLFK
hEHUVLFKW 4XDOLILNDWLRQVVWUXNWXUGHU%HVFKlIWLJWHQXQG(UZHUEVSHUVRQHQ7LUROVLPHXURSlLVFKHQ9HUJOHLFK
hEHUVLFKW (XURSHDQ,QQRYDWLRQ6FRUHERDUGDXVJHZlKOWH,QGLNDWRUHQ
hEHUVLFKW (UJHEQLVVHHLQHU6KLIW6KDUH=HUOHJXQJ
hEHUVLFKW 9HUlQGHUXQJGHU6WUXNWXUXQG5HJLRQDOHIIHNWHLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
hEHUVLFKW %UDQFKHQHQWZLFNOXQJLQGHU6DFKJ WHUSURGXNWLRQLQ7LURO
hEHUVLFKW %UDQFKHQHQWZLFNOXQJLQGHQ'LHQVWOHLVWXQJHQLQ7LURO
hEHUVLFKW %HGHXWXQJXQG(QWZLFNOXQJXQWHUVFKLHGOLFKHU%UDQFKHQJUXSSHQLQ7LUROV6DFKJ WHUSURGXNWLRQ
hEHUVLFKW %HGHXWXQJXQG(QWZLFNOXQJXQWHUVFKLHGOLFKHU%UDQFKHQJUXSSHQLQ7LUROV'LHQVWOHLVWXQJHQ
hEHUVLFKW 6WUXNWXUGHU$UEHLWVSODW]VFKDIIXQJXQGYHUQLFKWXQJQDFK%HVFKlIWLJHUEHWULHEVJU|‰H
hEHUVLFKW
1DFKKDOWLJNHLWGHUJHVFKDIIHQHQXQGYHUQLFKWHWHQ$UEHLWVSOlW]HQDFK
%HVFKlIWLJHUEHWULHEVJUXSSHQ
hEHUVLFKW *U QGXQJVTXRWHQLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
hEHUVLFKW hEHUOHEHQVTXRWHQYRQQHXJHJU QGHWHQ8QWHUQHKPHQLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
hEHUVLFKW
$QWHLOGHUQHXJHVFKDIIHQHQXQGYHUQLFKWHWHQ$UEHLWVSOlW]HQDFK*U QGXQJVXQG
6FKOLH‰XQJVMDKUHQGHU%HWULHEH
hEHUVLFKW (QWZLFNOXQJYRQ$UEHLWVNUlIWHDQJHERW$UEHLWVORVLJNHLWXQG%HVFKlIWLJXQJ
hEHUVLFKW (UJHEQLVVHHLQHU=HUOHJXQJGHV$QVWLHJVLQGHU$UEHLWVORVLJNHLWI U7LUROXQGgVWHUUHLFK
hEHUVLFKW
hEHUVLFKW
(QWZLFNOXQJGHU%HY|ONHUXQJLPHUZHUEVIlKLJHQ$OWHU-DKUHLQ7LUROXQG
gVWHUUHLFK
(QWZLFNOXQJGHU(UZHUEVTXRWHGHUHUZHUEVIlKLJHQ%HY|ONHUXQJ-DKUHLQ7LURO
XQGgVWHUUHLFK
hEHUVLFKW (QWZLFNOXQJGHU$UEHLWVORVLJNHLWQDFK$OWHUVJUXSSHQ
hEHUVLFKW $UEHLWVORVLJNHLWQDFKK|FKVWHUDEJHVFKORVVHQHU$XVELOGXQJ
hEHUVLFKW (QWZLFNOXQJGHU$UEHLWVORVLJNHLWDXVOlQGLVFKHU$UEHLWVNUlIWH²
hEHUVLFKW 6WDQGDUGDEZHLFKXQJGHU6DLVRQNRPSRQHQWHLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
hEHUVLFKW %HVFKlIWLJXQJVDXIQDKPHQXQGEHHQGLJXQJHQLQgVWHUUHLFKXQG7LUROQDFK6HNWRUHQ

²9²
hEHUVLFKWD %HVFKlIWLJXQJVZDFKVWXPQDFK5HJLRQVW\SHQXQG*HVFKOHFKWLQ7LURO
hEHUVLFKWE %HVFKlIWLJXQJVZDFKVWXPQDFK5HJLRQVW\SHQXQG*HVFKOHFKWLQgVWHUUHLFK
hEHUVLFKW %HVFKlIWLJXQJVZDFKVWXPLQ7LUROQDFK5HJLRQHQXQG*HVFKOHFKW
hEHUVLFKW %HVFKlIWLJXQJVZDFKVWXPLQ7LUROQDFK%H]LUNHQXQG*HVFKOHFKW
hEHUVLFKW (UZHUEVTXRWHQLQ7LUROQDFK%H]LUNVW\SHQ$OWHUXQG*HVFKOHFKW
hEHUVLFKW (UZHUEVTXRWHQLQGHQ7LUROHU18765HJLRQHQQDFK$OWHUXQG*HVFKOHFKW
hEHUVLFKW .HQQ]DKOHQ]XGHQUHJLRQDOHQ$UEHLWVPlUNWHQ
hEHUVLFKW $XVELOGXQJVVWUXNWXUGHU%HY|ONHUXQJQDFK7LUROHU%H]LUNHQ
hEHUVLFKW 9HUlQGHUXQJGHU$XVELOGXQJVVWUXNWXUGHU%HY|ONHUXQJYRQXQGPHKU-DKUHQQDFK5HJLRQHQ
hEHUVLFKW %HY|ONHUXQJVSURJQRVHI U7LUROHU%H]LUNH
hEHUVLFKW
.HQQ]DKOHQ]XU/DQJ]HLWDUEHLWVORVLJNHLWXQG/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLWLQGHQ
%XQGHVOlQGHUQ
hEHUVLFKW *HULQJI JLJ%HVFKlIWLJWHLQ7LUROXQGLP EULJHQgVWHUUHLFKQDFK-DKUHQXQG*HVFKOHFKW
hEHUVLFKW .RPSRQHQWHQGHV$UEHLWVNUlIWH EHUVFKXVVHVLQgVWHUUHLFKXQG7LURO
hEHUVLFKW $OWHUQDWLYH.RQ]HSWHGHU$UEHLWVORVLJNHLWLQgVWHUUHLFKXQG7LURO
hEHUVLFKW *U QGHI U1LFKWVXFKHYRQ1LFKW(UZHUEVWlWLJHQLPHUZHUEVIlKLJHQ$OWHUODXW0LNUR]HQVXV
hEHUVLFKW
9HUWHLOXQJYRQDUEHLWVZLOOLJHQ3HUVRQHQGLHZHJHQ%HWUHXXQJVSIOLFKWHQNHLQH%HVFKlIWLJXQJ
VXFKHQQDFK$UEHLWVZXQVFK
hEHUVLFKW (UZHUEVWlWLJHLQ7LUROQDFK9ROOXQG7HLO]HLW
hEHUVLFKW :XQVFKQDFK7HLO]HLWDUEHLWXQWHU9ROO]HLWEHVFKlIWLJWHQ
hEHUVLFKW :XQVFKQDFK9ROO]HLWDUEHLWXQWHU7HLO]HLWEHVFKlIWLJWHQ
hEHUVLFKW *U QGHI U7HLO]HLWDUEHLW
hEHUVLFKW
9HUWHLOXQJYRQ3HUVRQHQGLHZHJHQ%HWUHXXQJVSIOLFKWHQNHLQH9ROO]HLWEHVFKlIWLJXQJVXFKHQ
QDFK%HWUHXXQJVZXQVFK
hEHUVLFKW 0HGLDQHLQNRPPHQQDFK*HVFKOHFKWXQG6HNWRUHQLQ7LUROXQGgVWHUUHLFKXQG
hEHUVLFKW (QWZLFNOXQJGHV4XDUWLOVDEVWDQGVGHU%HPHVVXQJVJUXQGODJHXQGQDFK6HNWRUHQLQ7LURO
hEHUVLFKW
hEHUVLFKW
XQGgVWHUUHLFK
:RKQEHY|ONHUXQJQDFKK|FKVWHUDEJHVFKORVVHQHU$XVELOGXQJ$OWHUVJUXSSHQXQG*HVFKOHFKW
gVWHUUHLFKXQG7LURO
(UZHUEVTXRWHQQDFKK|FKVWHUDEJHVFKORVVHQHU$XVELOGXQJ$OWHUVJUXSSHXQG*HVFKOHFKW
gVWHUUHLFKXQG7LURO
hEHUVLFKW (QWZLFNOXQJGHU6WXGLHUHQGHQDQ|VWHUUHLFKLVFKHQ)DFKKRFKVFKXOHQQDFK%XQGHVOlQGHUQ
hEHUVLFKW :HLWHUELOGXQJVTXRWHQLQgVWHUUHLFKXQG7LURO²$OWHUVJUXSSHQ$XVELOGXQJLQ
hEHUVLFKW
:HLWHUELOGXQJVTXRWHQ(UZHUEVWlWLJHULQgVWHUUHLFKXQG7LURO²EHUXIOLFKH6WHOOXQJ*HVFKOHFKWLQ

²9,²
hEHUVLFKW 6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI U7LURO
hEHUVLFKW 6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI U7LURO
hEHUVLFKW 6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI UgVWHUUHLFK
hEHUVLFKW 6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI UgVWHUUHLFK
hEHUVLFKW +LVWRULVFKHE]ZSURJQRVWL]LHUWH%HVFKlIWLJXQJVHQWZLFNOXQJQDFK6HNWRUHQ
hEHUVLFKW +LVWRULVFKHE]ZSURJQRVWL]LHUWH(QWZLFNOXQJGHUUHDOHQ%UXWWRZHUWVFK|SIXQJQDFK6HNWRUHQ
hEHUVLFKW 8QVHOEVWlQGLJH%HVFKlIWLJXQJXQGQDFK%HUXIVKDXSWJUXSSHQ
hEHUVLFKW 9HUWHLOXQJYRQ(48$/0LWWHODXI6FKZHUSXQNWHLQgVWHUUHLFKXQGGHU(8
hEHUVLFKW %HVFKlIWLJXQJVTXRWHQLQ7LUROXQG/LVVDERQ=LHOHGHU.RPPLVVLRQ
hEHUVLFKW %HVFKlIWLJXQJLQGHQ|IIHQWOLFKHQ'LHQVWOHLVWXQJHQ
hEHUVLFKW (UIROJVLQGLNDWRUXQVHOEVWlQGLJH%HVFKlIWLJXQJRGHU/HKUHQDFK)|UGHUQGH
hEHUVLFKW (UJHEQLVVHGHU:LUNXQJVDQDO\VH
hEHUVLFKW .RVWHQ(UWUDJVLWXDWLRQDXV6LFKWGHU|IIHQWOLFKHQ+DQG
hEHUVLFKW )|UGHUIlOOHLP%HUHLFK4XDOLIL]LHUXQJQDFK)|UGHUDUWHQLQ7LURO
hEHUVLFKW )|UGHUIlOOHYRQ$UEHLWVORVHQQDFK)|UGHUDUWHQLQ7LURO
hEHUVLFKW $UEHLWVPDUNWEH]RJHQH$XVJDEHQGHV/DQGHV7LURO
hEHUVLFKW 5HJLRQDOH6WUXNWXUHQQDFK%XQGHVOlQGHUQ

²9,,²
9HU]HLFKQLVGHU$EELOGXQJHQ
$EELOGXQJ %HVFKlIWLJXQJVG\QDPLNLQ7LUROLP9HUJOHLFK
$EELOGXQJ $UEHLWVORVHQTXRWHLQ7LUROLP9HUJOHLFK²6DLVRQEHUHLQLJW
$EELOGXQJ $UEHLWVORVHQTXRWHLQ7LUROLP9HUJOHLFK²1LFKWVDLVRQEHUHLQLJW
$EELOGXQJ 5HODWLYH:HUWVFK|SIXQJVG\QDPLNLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ 5HODWLYH3URGXNWLYLWlWVHQWZLFNOXQJLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ $UEHLWVORVHQTXRWHQLP,QWHJUDWLRQVUDXP
$EELOGXQJ (UZHUEVTXRWHQLP,QWHJUDWLRQVUDXP
$EELOGXQJ %HVFKlIWLJXQJVHQWZLFNOXQJGHVVHNXQGlUHQXQGWHUWLlUHQ6HNWRUVLP9HUJOHLFK
$EELOGXQJ $UEHLWVSODW]VFKDIIXQJQDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ $UEHLWVSODW]YHUQLFKWXQJQDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ $UEHLWVSODW]XPVFKODJQDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ (QWZLFNOXQJGHU$UEHLWVORVHQTXRWHQDFK*HVFKOHFKWLQ7LUROXQGgVWHUUHLFK
$EELOGXQJ (UZHUEVTXRWHQQDFK$OWHUXQG*HVFKOHFKW
$EELOGXQJ 'DXHUGHU$UEHLWVORVLJNHLWLQgVWHUUHLFKXQG7LUROLQ7DJHQ
$EELOGXQJ /DQJ]HLWDUEHLWVORVLJNHLWLQgVWHUUHLFKXQG7LURO
$EELOGXQJ $UEHLWVORVHQTXRWHQGHU)UDXHQQDFK$OWHUVJUXSSHQLQgVWHUUHLFKXQG7LURO
$EELOGXQJ 1RWVWDQGVKLOIHEH]LHKHU,QQHQLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ (QWZLFNOXQJGHUUHJLRQDOHQ0LVPDWFK.RPSRQHQWH
$EELOGXQJ %HYHULGJH.XUYHLQ7LUROXQGLQgVWHUUHLFK²
$EELOGXQJ
$EELOGXQJ
$XIQDKPHQHXHU%HVFKlIWLJXQJVYHUKlOWQLVVHLQGHU'XUFKVFKQLWWVEHVWlQGHQDFK
|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
%HHQGLJXQJHQYRQ%HVFKlIWLJXQJVYHUKlOWQLVVHQLQGHU'XUFKVFKQLWWVEHVWlQGHQDFK
|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ =XXQG$EJlQJHLQGLHXQGDXVGHU$UEHLWVORVLJNHLWLQ7LUROXQGgVWHUUHLFK
$EELOGXQJ =XXQG$EJlQJH]XDXVGHU$UEHLWVORVLJNHLWLQGHU$UEHLWVORVHQQDFK%XQGHVOlQGHUQ
$EELOGXQJ
$QSDVVXQJYRQ%HVFKlIWLJXQJ$UEHLWVORVLJNHLWXQG3DUWL]LSDWLRQDQHLQHQH[RJHQHQ
%HVFKlIWLJXQJVVFKRFN
$EELOGXQJ $QWHLOGHU7DJHVXQG1LFKWWDJHVSHQGOHUXQGSHQGOHULQQHQDQGHQ(UZHUEVWlWLJHQ
$EELOGXQJ $UEHLWVORVHQTXRWHQDFK$UEHLWVPDUNWEH]LUNHQ
$EELOGXQJ 6DLVRQDOH.RPSRQHQWHGHU$UEHLWVORVLJNHLWQDFK%H]LUNHQLQ7LURO
$EELOGXQJ /DQJ]HLWDUEHLWORVHLQGHU$UEHLWVORVLJNHLWQDFK%H]LUNHQLQ7LURO

²9,,,²
$EELOGXQJ (QWZLFNOXQJGHU/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLWLQgVWHUUHLFKXQG7LURO
$EELOGXQJ
$EELOGXQJ
0HGLDQHV%UXWWRHLQNRPPHQGHU)UDXHQXQG0lQQHUQDFK$OWHUVJUXSSHQLQgVWHUUHLFKXQG
7LURO
'XUFKVFKQLWWOLFKHV1HWWRHLQNRPPHQGHU)UDXHQJHPHVVHQDP1HWWRHLQNRPPHQGHU0lQQHU
$EELOGXQJ 4XDOLILNDWLRQVVWUXNWXUGHU%HY|ONHUXQJLP$OWHUYRQELV-DKUHQ
$EELOGXQJ 4XDOLILNDWLRQVVWUXNWXUGHU7LUROHU%HY|ONHUXQJLP$OWHUYRQELV-DKUHQ
$EELOGXQJ
$EELOGXQJ
$EZHLFKXQJGHU4XDOLILNDWLRQVVWUXNWXUGHU%HY|ONHUXQJLP$OWHUYRQELV-DKUHQ]ZLVFKHQ
7LUROXQGgVWHUUHLFKQDFK*HVFKOHFKW
(QWZLFNOXQJGHU/HKUDQIlQJHU,QQHQTXRWHLQDXVJHZlKOWHQ%XQGHVOlQGHUQXQGgVWHUUHLFK
ELV
$EELOGXQJ (QWZLFNOXQJGHV/HKUOLQJVEHVWDQGVXQGGHU/HKUDQIlQJHU,QQHQTXRWHLQ7LUROELV
$EELOGXQJ %LOGXQJVZHJHQWVFKHLGXQJLQGHU6FKXOVWXIHQDFK*HVFKOHFKWLQ7LURO
$EELOGXQJ 6FK OHU]DKOHQLQ%HUXIVELOGHQGHQPLWWOHUHQXQGK|KHUHQ6FKXOHQLQ7LUROQDFK*HVFKOHFKW
$EELOGXQJ :HLWHUELOGXQJGHUELV-lKULJHQQDFK.XUVDUWgVWHUUHLFKXQG7LURO
$EELOGXQJ 0RWLYI UGLHEHUXIOLFKH:HLWHUELOGXQJXQGGHUHQ$XVZLUNXQJgVWHUUHLFKXQG7LUROLQ
$EELOGXQJ
3HUV|QOLFKH$XVJDEHQVRZLH=XVFK VVHXQG)|UGHUXQJHQI UGLHEHUXIOLFKH:HLWHUELOGXQJ
gVWHUUHLFKXQG7LUROLQ
$EELOGXQJ
'DXHUXQG=HLWSXQNWHGHUOHW]WHQEHUXIOLFKHQ:HLWHUELOGXQJVPD‰QDKPHLQ6WXQGHQgVWHUUHLFK
XQG7LUROLQ
$EELOGXQJ
9HUlQGHUXQJVZ QVFKHGLHHVHUOHLFKWHUQPHKU=HLWI U:HLWHUELOGXQJ]XKDEHQI U7LUROXQG
gVWHUUHLFKLQ
$EELOGXQJ 0RGHOOVWUXNWXU0XOWL5(*
$EELOGXQJ 3URJQRVWL]LHUWHDEVROXWH%HVFKlIWLJXQJVYHUlQGHUXQJHQQDFK6HNWRUHQ
$EELOGXQJ
$EELOGXQJ
$EELOGXQJ
9HUJOHLFKGHUKLVWRULVFKHQPLWGHUSURJQRVWL]LHUWHQ
%HVFKlIWLJXQJVHQWZLFNOXQJLQ7LUROQDFK6HNWRUHQ
9HUJOHLFKGHUKLVWRULVFKHQPLWGHUSURJQRVWL]LHUWHQ(QWZLFNOXQJGHU
%UXWWRZHUWVFK|SIXQJLQ7LUROQDFK6HNWRUHQ
'LH$UEHLWVORVHQTXRWHLQ7LUROXQGgVWHUUHLFKKLVWRULVFKXQG
SURJQRVWL]LHUW
$EELOGXQJ %HVFKlIWLJWHQDQWHLOLP%DXZHVHQLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
$EELOGXQJ 6FKXOXQJVTXRWHQLQgVWHUUHLFK

²²
(LQOHLWXQJ
%HVFKlIWLJXQJXQG:LUWVFKDIWVZDFKVWXP7LUROVLP|VWHUUHLFKLVFKHQ9HUJOHLFK
(LQ%OLFNDXIGLHZLFKWLJVWHQ%HVFKlIWLJXQJVLQGLNDWRUHQGHUOHW]WHQ-DKUH]HLJWGDVVVLFKGHU
$UEHLWVPDUNWLQ7LUROHLQHUSRVLWLYHQ(QWZLFNOXQJHUIUHXHQNDQQ$EELOGXQJHQXQG ,P
=HLWUDXPELVLVWGLH%HVFKlIWLJXQJXPIDVWJHVWLHJHQ0LWGLHVHU%HVFKlIWLJXQJV
G\QDPLNOLHJW7LUROLP%XQGHVOlQGHUYHUJOHLFKDQ]ZHLWHU6WHOOHQXULP%XUJHQODQGZXUGHQLP
JOHLFKHQ =HLWUDXP PHKU$UEHLWVSOlW]H JHVFKDIIHQ =XJOHLFK KDW VLFK GLH $UEHLWVORVLJ
NHLWJ QVWLJHUDOVLP%XQGHVGXUFKVFKQLWWHQWZLFNHOW'LH$UEHLWVORVHQTXRWHEHWUXJLP-DKU
XQGZDUô3UR]HQWSXQNWHQLHGULJHUDOVLQgVWHUUHLFK'HU$EVWDQGYRP|VWHUUHLFKLVFKHQ
'XUFKVFKQLWW GHU VFKRQ LQ GHQ DFKW]LJHU -DKUHQ EHREDFKWEDU ZDU KDW VLFK VRPLW VHLW
IDVWYHUGRSSHOW
'LHVHSRVLWLYH(QWZLFNOXQJNDQQQLFKWDXIHLQHQHLQ]HOQHQ)DNWRU]XU FNJHI KUWZHUGHQ7URW]
VHLQHU JHULQJHQ *U|‰H YRU DOOHP JHPHVVHQ DQ GHU %HY|ONHUXQJ LVW 7LURO HLQ ZLUWVFKDIWOLFK
KHWHURJHQHV%XQGHVODQG'DVKHUDXVUDJHQGH0HUNPDOVHLQHU:LUWVFKDIWVVWUXNWXULVWGLHJUR‰H
%HGHXWXQJGHVWRXULVWLVFKHQ6HNWRUV5XQGHLQ'ULWWHOGHUhEHUQDFKWXQJHQLP|VWHUUHLFKLVFKHQ
7RXULVPXVZHUGHQLQ7LUROYHUEXFKW6WDQGUXQGELVGHV%UXWWRUHJLRQDOSURGXNWV
ZLUG GDEHL GXUFK GHQ 7RXULVPXV EHGLQJW 7LURO HPSIlQJW VRPLW IDVW VR YLHOH 7RXULVWHQ ZLH
6DO]EXUJ .lUQWHQ XQG 6WHLHUPDUN ]XVDPPHQ 'LH ZLUWVFKDIWOLFKH %HGHXWXQJ GHV 7RXULVPXV
SUlJWDXFKGHQ$UEHLWVPDUNW%HVFKlIWLJXQJXQG$UEHLWVORVLJNHLWVLQGLP-DKUHVYHUODXIGXUFK
HLQ VWDUNHV VDLVRQDOHV 0XVWHU JHNHQQ]HLFKQHW $EELOGXQJ 'LH 6DLVRQDOLWlW GHU
%HVFKlIWLJXQJGLHEHVWLPPWH3HUVRQHQJUXSSHQ]%)UDXHQXQG5HJLRQHQ]%GHQ%H]LUN
/DQGHFNVWlUNHUWULIIWDOVDQGHUHLVWGHPHQWVSUHFKHQGI UGLH$UEHLWVPDUNWSROLWLNHLQ]HQWUDOHV
7KHPD
$OOHUGLQJV VSLHOW QHEHQ GHP 7RXULVPXV DXFK GLH 6DFKJ WHUHU]HXJXQJ I U GHQ 2XWSXW 7LUROV
HLQH ZHVHQWOLFKH 5ROOH 3URGXNWLRQVVWlWWHQ LQ GHU (OHNWUR XQG (OHNWURQLNLQGXVWULH LQ GHU +RO]
LQGXVWULH XQG LP (LVHQ XQG 0HWDOOVHNWRU VLQG LQ 7LURO DQJHVLHGHOW 'LH ZLFKWLJVWHQ ,QGXVWULH
]ZHLJHVLQGGLH&KHPLHXQGGLH*ODVLQGXVWULHLQGLHVHQEHLGHQ%HUHLFKHQEHWUlJWGHU$QWHLO
7LUROVDQGHU|VWHUUHLFKLVFKHQ3URGXNWLRQIDVWE]ZHWZDVPHKUDOVHLQ) QIWHO 'LH.RQ]HQWUD
WLRQYRQ3URGXNWLRQVVWlWWHQLVWLP%H]LUN6FKZD]XQGLP7LUROHU8QWHUODQGEHVRQGHUVKRFK
'LH $XWRUHQ XQG GLH $XWRULQ GDQNHQ 5DLQHU )HOOQHU 3HWHU 0D\HUKRIHU (JRQ 6PHUDO XQG 0DULD 6WHLEO VRZLH GHQ
3DUWQHUQ GHV 7LUROHU %HVFKlIWLJXQJVSDNWHV I U GLH ZHUWYROOHQ +LQZHLVH XQG .RPPHQWDUH EHL GHU (UVWHOOXQJ GLHVHU
6WXGLHXQG$QGUHD*UDEPD\HU$QGUHD+DUWPDQQ0DULD7KDOKDPPHUI UGLHZHUWYROOH)RUVFKXQJVDVVLVWHQ](WZDLJH
)HKOHUEOHLEHQVHOEVWYHUVWlQGOLFKLQGHU9HUDQWZRUWXQJGHU$XWRUHQXQG$XWRULQ
6WDWLVWLN $XVWULD .RQMXQNWXUHUKHEXQJ LP SURGX]LHUHQGHQ %HUHLFK DEJHVHW]WH 3URGXNWLRQ LP -DKU &KHPLH
g1$&(XQG*ODV6WHLQHQXQG(UGHQg1$&(GHUJHVDPWHQ|VWHUUHLFKLVFKHQDEJHVHW]WHQ3UR
GXNWLRQ

²²
$EELOGXQJ %HVFKlIWLJXQJVG\QDPLNLQ7LUROLP9HUJOHLFK
7LURO
gVWHUUHLFK
4+9:,)2%HUHFKQXQJHQ²2KQH%H]XJYRQ.DUHQ]E]Z.LQGHUEHWUHXXQJVJHOGRKQH3UlVHQ]GLHQVW
$EELOGXQJ $UEHLWVORVHQTXRWHLQ7LUROLP9HUJOHLFK²6DLVRQEHUHLQLJW
,Q
$EZHLFKXQJ7LUROgVWHUUHLFKLQ3UR]HQWSXQNWHQ
7LURO
gVWHUUHLFK
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X
,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X
4$06+9:,)2%HUHFKQXQJHQ

²²
$EELOGXQJ $UEHLWVORVHQTXRWHLQ7LUROLP9HUJOHLFK²1LFKWVDLVRQEHUHLQLJW
,Q
7LURO
gVWHUUHLFK
,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X ,4 X
4$06+9:,)2%HUHFKQXQJHQ
'LH XQWHUVFKLHGOLFK VWDUNH 3UlVHQ] GHU ,QGXVWULH XQG GHV 7RXULVPXV VSLHJHOW GLH JHRJUDSKL
VFKHQ *HJHEHQKHLWHQ LP %XQGHVODQG ZLGHU SUlJW DEHU DXFK GLH %HGLQJXQJHQ DQ GHQ
$UEHLWVPlUNWHQ LQ GHQ HLQ]HOQHQ %H]LUNHQ 'DUDXV HUJHEHQ VLFK DP $UEHLWVPDUNW GHXWOLFKH
UHJLRQDOH'LVSDULWlWHQ%HVRQGHUV2VWWLUROXQG7HLOHGHV7LUROHU2EHUODQGHVVLQGDXIJUXQGLKUHU
SHULSKHUHQ/DJHPLW3UREOHPVWHOOXQJHQNRQIURQWLHUW]%KRKH$UEHLWVORVLJNHLWVWDUNH$EKlQ
JLJNHLWYRQHLQHP:LUWVFKDIWV]ZHLJGLHLQGHQUHVWOLFKHQ7HLOHQGHV%XQGHVODQGVQLFKWLQGLH
VHP$XVPD‰JHJHQZlUWLJVLQG
'LH VWDUNH %HVFKlIWLJXQJVG\QDPLN 7LUROV LP OHW]WHQ -DKU]HKQW ZXUGH ]X HLQHP *UR‰WHLO YRP
'LHQVWOHLVWXQJVVHNWRUJHWUDJHQ=ZLVFKHQXQGKDWVLFKGLH=DKOGHU%HVFKlIWLJWHQLQ
GLHVHP6HNWRUXPJHVWHLJHUW'DPLWKDWGLHIRUWVFKUHLWHQGH7HUWLlULVLHUXQJLQ7LUROHLQHQ
VWlUNHUHQ %HVFKlIWLJXQJV]XZDFKV DOV LP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW EHZLUNW
%HPHUNHQVZHUW LVW DOOHUGLQJV GLH 7DWVDFKH GDVV LQ 7LURO DXFK GLH 6DFKJ WHU HU]HXJHQGHQ
%HUHLFKHLQGHQOHW]WHQ-DKUHQHLQHQ%HVFKlIWLJXQJV]XZDFKVYHU]HLFKQHQNRQQWHQ:lKUHQG
LQgVWHUUHLFKLQVJHVDPWLPVHNXQGlUHQ6HNWRULP=HLWUDXPIDVWGHU%HVFKlIWLJ
WHQ DEJHEDXW ZXUGHQ NRQQWH LQ 7LURO GHU %HVFKlIWLJXQJVVWDQG QLFKW QXU HUKDOWHQ VRQGHUQ
VRJDU DXVJHEDXW ZHUGHQ 'LH SRVLWLYH (QWZLFNOXQJ KDW VHLW(QGH GHU QHXQ]LJHU -DKUH
DQ '\QDPLN JHZRQQHQ ZDV GDUDXI VFKOLH‰HQ OlVVW GDVV HLQH HLQVFKQHLGHQGH 3KDVH GHV
6WUXNWXUZDQGHOVEHZlOWLJWZXUGH
:lKUHQG GLH %HVFKlIWLJXQJVLQGLNDWRUHQ HLQ HLQGHXWLJ J QVWLJHV %LOG GHU :LUWVFKDIWVODJH LQ
7LUROYHUPLWWHOQHUJLEWHLQ%XQGHVOlQGHUYHUJOHLFKKLQVLFKWOLFKGHUZLFKWLJVWHQ2XWSXW.HQQJU|

²²
‰HQHLQHGLIIHUHQ]LHUWH(LQVFKlW]XQJ*HPHVVHQDQGHU(LQNRPPHQVHQWZLFNOXQJGHU%HVFKlI
WLJWHQOLHJW7LUROLP=HLWUDXP]LHPOLFKJHQDXLP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW'HQ
DGPLQLVWUDWLYHQ 'DWHQ GHV +DXSWYHUEDQGV GHU |VWHUUHLFKLVFKHQ 6R]LDOYHUVLFKHUXQJVWUlJHU
+9]XIROJHVLQGLQgVWHUUHLFKZLHLQ7LUROGLH0HGLDQHLQNRPPHQGHU)UDXHQMlKUOLFKGXUFK
VFKQLWWOLFK XP XQG GLH 0HGLDQHLQNRPPHQ GHU 0lQQHU XP DQJHVWLHJHQ :LH DXV
$EELOGXQJ]XVHKHQLVWKDWVLFKLQ7LURODOOHUGLQJVGLHJHVDPWZLUWVFKDIWOLFKH:HUWVFK|SIXQJ
ODQJIULVWLJ XQWHUGXUFKVFKQLWWOLFK JXW HQWZLFNHOW 9RU DOOHP LQ GHU HUVWHQ +lOIWH GHU QHXQ]LJHU
-DKUH KDW HLQH VFKOHFKWH ZLUWVFKDIWOLFKH (QWZLFNOXQJ ]X HLQHP 5 FNVWDQG GHU :HUWVFK|S
IXQJVG\QDPLN JHJHQ EHU GHP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW JHI KUW ,P OHW]WHQ -DKU]HKQW
KDW7LUROHLQH%UXWWRZHUWVWHLJHUXQJYRQSUR-DKUYHU]HLFKQHWXQGVRPLWZHLW
JHKHQG PLW GHQ UHVWOLFKHQ %XQGHVOlQGHUQ 6FKULWW JHKDOWHQ 'DGXUFK GDVV GLH =DKO GHU
%HVFKlIWLJWHQLQGHQOHW]WHQ-DKUHQ EHUGXUFKVFKQLWWOLFKVWDUNDQJHVWLHJHQLVWHUJLEWVLFKI U
7LURO DOOHUGLQJV LQVJHVDPW HLQ GHXWOLFK VFKZlFKHUHV 3URGXNWLYLWlWVZDFKVWXP $EELOGXQJ
'HU 3URGXNWLYLWlWVU FNVWDQG GHU VLFK VFKRQ ]X %HJLQQ GHU DFKW]LJHU -DKUH DE]HLFKQHWH KDW
VLFK LQ GHQ IROJHQGHQ -DKUHQ NRQWLQXLHUOLFK IRUWJHVHW]W XQG VHLW 0LWWH GHU QHXQ]LJHU -DKUH
]XJHVSLW]W'LHVH(QWZLFNOXQJGLHYRUDOOHPDQJHVLFKWVGHUH[SDQVLYHQ%HVFKlIWLJXQJVG\QD
PLNLQNDSLWDOLQWHQVLYHQ%HUHLFKHQGHU6DFKJ WHUHU]HXJXQJ&KHPLH0DVFKLQHQEDXZLGHU
VSU FKOLFKHUVFKHLQWZLUGLP/DXIHGHU6WXGLHQRFKJHQDXHUXQWHUVXFKWZHUGHQ
$EELOGXQJ 5HODWLYH:HUWVFK|SIXQJVG\QDPLNLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
.XPXOLHUWHV:DFKVWXPVGLIIHUHQ]LDO]XPgVWHUUHLFK'XUFKVFKQLWWLQ3UHLVH
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
46WDWLVWLN$XVWULD:,)2%HUHFKQXQJHQ
'LHVH XQWHUGXUFKVFKQLWWOLFKH (QWZLFNOXQJ ZXUGH GDEHL DXFK GXUFK GLH 8POHQNXQJ YRQ 7RXULVPXVVWU|PHQ LP
*HIROJHGHUGHXWVFKHQ:LHGHUYHUHLQLJXQJYHUXUVDFKW

²²
$EELOGXQJ 5HODWLYH3URGXNWLYLWlWVHQWZLFNOXQJLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
.XPXOLHUWHV:DFKVWXPVGLIIHUHQ]LDO]XPgVWHUUHLFK'XUFKVFKQLWWLQ
5HDOH$UEHLWVSURGXNWLYLWlWMHXQVHOEVWlQGLJ%HVFKlIWLJWHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
46WDWLVWLN$XVWULD+9-5:,)2%HUHFKQXQJHQ
hEHUVLFKW
9HUWHLOXQJGHU$UEHLWVVWlWWHQQDFK$Q]DKOGHUXQVHOEVWlQGLJ%HVFKlIWLJWHQ
$UEHLWVVWlWWHQPLWXQVHOEVWlQGLJ%HVFKlIWLJWHQ
8QVHOE
VWlQGLJ
%HVFKlIWLJWH
$UEHLWVVWlWWHQPLW
XQGPHKUXQVHOE
VWlQGLJ%HVFKlIWLJWHQ
ELV ELV ELV ELV XQG 'XUFKVFKQLWW
PHKU
gVWHUUHLFK $QWHLOLQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
gVWHUUHLFK
46WDWLVWLN$XVWULD$UEHLWVVWlWWHQ]lKOXQJ:,)2%HUHFKQXQJHQ
7LUROKDWHLQHQVHKUKRKHQ$QWHLODQ.OHLQVWEHWULHEHQGLH$Q]DKOYRQ*UR‰EHWULHEHQLVWKLQJH
JHQ JHULQJ ZDV DXFK LQ GHU GXUFKVFKQLWWOLFKHQ *U|‰H GHU $UEHLWVVWlWWHQ ]XP $XVGUXFN
NRPPWhEHUVLFKW'LH%HWULHEVJU|‰HLVWHLQ)DNWRUGHUVRZRKOI UGDV3URGXNWLYLWlWVXQG
,QQRYDWLRQVZDFKVWXPDOVDXFKI UGLH+XPDQNDSLWDOELOGXQJYRQ%HGHXWXQJLVW'LHNOHLQXQG
PLWWHOEHWULHEOLFKH8QWHUQHKPHQVODQGVFKDIW7LUROVPXVVGHPHQWVSUHFKHQGEHLGHU.RQ]HSWLRQ
YRQDUEHLWVPDUNWSROLWLVFKHQ0D‰QDKPHQPLWEHU FNVLFKWLJWZHUGHQ

²²
7LUROLPHXURSlLVFKHQ9HUJOHLFK
'HUELVKHULJHhEHUEOLFN]XU $UEHLWVPDUNWODJH7LUROVNDQQDQKDQGHLQHVOlQGHU EHUJUHLIHQGHQ
%HQFKPDUNLQJV YHUYROOVWlQGLJW ZHUGHQ ,Q $QOHKQXQJ DQ +XEHU HW DO ZLUG GLHVHU
LQWHUQDWLRQDOH 9HUJOHLFK DXI %DVLV YRQ UHJLRQDOHQ 'DWHQ GLH YRQ (85267$7 LQ GHU 5HJLR
'DWHQEDQN ]XU 9HUI JXQJ JHVWHOOW ZHUGHQ GXUFKJHI KUW 'DEHL VROO LQVEHVRQGHUH DXI GLH
%HVFKlIWLJXQJVODJHXQGGLHXQWHUVFKLHGOLFKH%HWURIIHQKHLWYRQ$UEHLWVORVLJNHLWYHUVFKLHGHQHU
%HY|ONHUXQJVJUXSSHQ HLQJHJDQJHQ ZHUGHQ 'LH HXURSlLVFKH 8QLRQ VFKOlJW LQ LKUHP HUVWHQ
%HULFKW ]XU HXURSlLVFKHQ %HVFKlIWLJXQJVLQLWLDWLYH HLQH %HQFKPDUNLQJ0HWKRGH YRU GLH YLHU
%HVFKlIWLJXQJVLQGLNDWRUHQDOVUHOHYDQWH.HQQJU|‰HQKHUDQ]LHKW1HEHQGHP%HVFKlIWLJXQJV
]XZDFKVXQGGHU(UZHUEVTXRWHLQVJHVDPWZHUGHQDXFKGLH(UZHUEVTXRWHGHUELV-lK
ULJHQXQGGDV9HUKlOWQLVGHU(UZHUEVTXRWHGHU)UDXHQ]XMHQHUGHU0lQQHUEHU FNVLFKWLJW) U
GLH 8QWHUVXFKXQJ GHU $UEHLWVORVLJNHLW ZHUGHQ QHEHQ GHU DOOJHPHLQHQ $UEHLWVORVHQTXRWH
DXFKGLH$UEHLWVORVHQTXRWHGHU-XJHQGOLFKHQXQGGHU$QWHLOGHU/DQJ]HLWDUEHLWVORVHQYHUJOL
FKHQ*HVFKOHFKWVVSH]LILVFKH8QWHUVFKLHGHLQGHU$UEHLWVORVLJNHLWZHUGHQGXUFKGDV9HUKlOW
QLVGHU$UEHLWVORVHQTXRWHGHU0lQQHU]XMHQHUGHU)UDXHQDEJHELOGHW
'LH 'DWHQ YRQ (85267$7 VLQG DXI GHU (EHQH GHU 18765HJLRQHQ JHJOLHGHUW %HNDQQWOLFK
XPVSDQQWGHU(85DXP5HJLRQHQLQGHQHQVHKUJUR‰H8QWHUVFKLHGHLQ:LUWVFKDIWVVWUXNWXUXQG
ZLUWVFKDIWOLFKHP (QWZLFNOXQJVVWDQG YRUKHUUVFKHQ 'DWHQ I U GHQ JHVDPWHQ (85DXP XQG
DXFKVROFKHI UGLH5HJLRQHQGHUDOWHQ0LWJOLHGVVWDDWHQZHLVHQGHPHQWVSUHFKHQGHQW
ODQJDOOHQ'LPHQVLRQHQHLQHJUR‰H9DULDQ]DXIDXFKGLH$UEHLWVPDUNWLQGLNDWRUHQXQWHUOLHJHQ
JUR‰HQ 6FKZDQNXQJHQ $XV GLHVHP *UXQG ZLUG LQ GLHVHP $EVFKQLWW 7LURO LQVEHVRQGHUH PLW
GHQ 18765HJLRQHQ GHV PLWWHOHXURSlLVFKHQ ,QWHJUDWLRQVUDXPHV YHUJOLFKHQ 'LHVH (LQJUHQ
]XQJ VFKDIIW HLQH UHODWLY KRPRJHQH 9HUJOHLFKVEDVLV XQG ELOGHW GHQ 7HLO (XURSDV DE GHU I U
gVWHUUHLFKGHQZLFKWLJVWHQ:HWWEHZHUEVXQG([SRUWPDUNWGDUVWHOOW1HEHQGHQPLWWHOXQG
RVWHXURSlLVFKHQ1DFKEDUUHJLRQHQgVWHUUHLFKVLQGHQQHXHQ0LWJOLHGVOlQGHUQZHUGHQLQGLH
VHP ,QWHJUDWLRQVUDXP DXFK GLH 5HJLRQHQ 1RUGLWDOLHQV XQG 6 GGHXWVFKODQGV HUIDVVW VLHKH
$EELOGXQJ'LHVHLQVJHVDPW5HJLRQHQJHK|UHQ]XGHQZLUWVFKDIWOLFKVWlUNVWHQ,QGXVW
ULHUHJLRQHQ (XURSDV XQG OLHJHQ GHPQDFK DXFK KLQVLFKWOLFK GHU PHLVWHQ $UEHLWVPDUNWLQGLND
WRUHQGXUFKZHJVLPREHUHQ'ULWWHOGHUHXURSlLVFKHQ18765HJLRQHQ+XEHUHWDO
'LH0HWKRGHNDQQDOOHUGLQJVVRZRKODXIJUXQGLKUHULPSOL]LWHQ:HUWXUWHLOHDOV DXFKGHUJHZlKOWHQ,QGLNDWRUHQNULWL
VLHUW ZHUGHQ VLHKH +XEHU :DOWHUVNLUFKHQ I U HLQH 'LVNXVVLRQ ,QVEHVRQGHUH LVW GLH 9HUZHQGXQJ MlKUOLFKHU
:DFKVWXPVUDWHQ ]X NULWLVLHUHQ ZHLO GLHVHLP UHJLRQDO XQWHUVFKLHGOLFKHQ .RQMXQNWXUYHUODXI VHKU VWDUN VFKZDQNHQ XQG
GDKHUNDXP $XVVDJHQ EHU GLH PLWWHOIULVWLJH (QWZLFNOXQJ HLQHU 5HJLRQ ]XODVVHQ'D XQVHU =LHO HLQ PLWWHOIULVWLJHU 9HU
JOHLFK LVW ]LHKHQ ZLU HLQHQ OlQJHUHQ %HREDFKWXQJV]HLWUDXP QlPOLFK GHQ 'XUFKVFKQLWW GHU -DKUH ELV
KHUDQ
'LH(8,QGLNDWRUHQEH]LHKHQVLFKDXIGDV/DERXU)RUFH.RQ]HSW/).$UEHLWVORVLJNHLWXQG(UZHUEVWlWLJNHLWZHUGHQ
QDFKDQGHUHQ.ULWHULHQDOVDXIQDWLRQDOHU(EHQHHUIDVVW) UHLQHGHWDLOOLHUWH$QDO\VHXQG,QWHUSUHWDWLRQGHU$UEHLWVOR
VHQTXRWHQQDFKQDWLRQDOHUXQGHXURSlLVFKHU%HUHFKQXQJNDQQDXI%LIIOXQGKLQJHZLHVHQZHUGHQ

²²
$EELOGXQJ $UEHLWVORVHQTXRWHQLP,QWHJUDWLRQVUDXP
6HYHUR]DSDG
6HYHURY\FKRG
8QWHUIUDQNHQ
2EHUIUDQNHQ
3UDKD
6WUHGQL&HFK\
0RUDYVNRVOH]VNR
6WUHGQL0RUDYD
0LWWHOIUDQNHQ
2EHUSIDO]
-LKR]DSDG
-LKRY\FKRG
6WXWWJDUW
1LHGHUED\HUQ
2EHU|VWHUUHLFK
7 ELQJHQ 6FKZDEHQ 2EHUED\HUQ
=DSDGQH6ORYHQVNR
%UDWLVODYVN\NUDM
1LHGHU|VWHUUHLFK :LHQ
%XUJHQODQG
9RUDUOEHUJ
7LURO
6DO]EXUJ
6WHLHUPDUN
1\XJDW'XQDQWXO
.R]HS'XQDQWXO
3URYLQFLD$XWRQRPD%RO]DQR%R]HQ
.lUQWHQ
'HO'XQDQWXO
3URYLQFLD$XWRQRPD7UHQWR
)ULXOL9HQH]LD*LXOLD
6ORYHQLMD
9DOOHG$RVWD9DOOpHG$RVWH
/RPEDUGLD
9HQHWR
3LHPRQWH
!
!
(PLOLD5RPDJQD
!
!
4(85267$7²$QPHUNXQJHQ'LHJHPHOGHWHQ=DKOHQEDVLHUHQDXI(UJHEQLVVHQGHU$UEHLWVNUlIWHHUKHEXQJHQGHU(8
'LHVHVLQGDXIJUXQGYRQXQWHUVFKLHGOLFKHQ'HILQLWLRQHQGHU%HJULIIH$UEHLWVORVLJNHLWXQG(UZHUEVWlWLJNHLWPLWQDWL
RQDOHQ =DKOHQ QLFKW YHUJOHLFKEDU,P $OOJHPHLQHQ VLQG QDFK (8,/2 6WDWLVWLNHQGLH $UEHLWVORVHQ]DKOHQ JHULQJHU XQG
GLH(UZHUEV]DKOHQK|KHUDOVLQQDWLRQDOHQ6WDWLVWLNHQ
,QVJHVDPW ]HLJW VLFK EHLP %HQFKPDUNLQJ I U 7LURO HLQH EHUGXUFKVFKQLWWOLFK JXWH /DJH DP
$UEHLWVPDUNW,P9HUJOHLFKPLWGHQPLWWHOHXURSlLVFKHQ(85HJLRQHQNRPPHQGLH6WlUNHQYRU
DOOHPEHLGHQ*HVDPWZHUWHQ]XP9RUVFKHLQZlKUHQGGLH6LWXDWLRQYRQ VSH]LILVFKHQ3HUVR
QHQJUXSSHQPLW3UREOHPHQEHKDIWHWLVW8QWHUGHQ18765HJLRQHQGLHXQWHU$XVVFKOXVV
GHU RVWHXURSlLVFKHQ 1DFKEDUUHJLRQHQ I U GHQ QlKHUHQ 9HUJOHLFK KHUDQJH]RJHQ ZHUGHQ
OLHJW7LUROJHPHVVHQDQGHU$UEHLWVORVLJNHLWDQ6WHOOH'HUXQJHZLFKWHWH'XUFKVFKQLWWGHU
EHREDFKWHWHQ5HJLRQHQOLHJWEHLLQ7LUROEHWUlJWGLH$UEHLWVORVHQTXRWH-DKU
,Q7LUROLVWQLFKWQXUGLH:DKUVFKHLQOLFKNHLWDUEHLWVORV]XVHLQZHVHQWOLFKJHULQJHUDOVLQGHQPHLV
WHQDQGHUHQ5HJLRQHQDXFKGLH$XVVLFKWHQGHU$UEHLWVORVHQNXU]IULVWLJZLHGHUHLQH%HVFKlIWL
JXQJ]XILQGHQLVWGHXWOLFKK|KHU'HU$QWHLOGHU/DQJ]HLWDUEHLWVORVHQDQGHU*HVDPW]DKOGHQ
$UEHLWVORVHQ LVW LQ 7LURO VRJDU GHU JHULQJVWH XQWHU GHQ 5HJLRQHQ GHV PLWWHOHXURSlLVFKHQ

²²
,QWHJUDWLRQVUDXPHV %HLGHQUHVWOLFKHQ,QGLNDWRUHQQLPPW7LURO]ZDUNHLQH6SLW]HQSRVLWLRQHLQ
ZHLVWDEHUGHQQRFK EHUGXUFKVFKQLWWOLFKJXWH:HUWHDXI7URW]HLQHVHUKHEOLFKHQ$QVWLHJVGHU
-XJHQGDUEHLWVORVLJNHLW LQ GHQ OHW]WHQ -DKUHQ ]ZLVFKHQ XQG LVW GLH $Q]DKO GHU
DUEHLWVORVHQ -XJHQGOLFKHQ XP PHKU DOV HLQ 'ULWWHO JHVWLHJHQ OLHJW 7LURO PLW LP REHUHQ
'ULWWHO GHU 9HUJOHLFKVJUXSSH (LQH lKQOLFKH 3RVLWLRQ QLPPW HV EHLP JHVFKOHFKWVVSH]LILVFKHQ
8QWHUVFKLHGLQGHU$UEHLWVORVHQTXRWHHLQ
$EELOGXQJ (UZHUEVTXRWHQLP,QWHJUDWLRQVUDXP
UnterfrankenOberfranken
Severozapad
Praha
Stredni Cechy
Severovychod
Moravskoslezsko
Stredni Morava
Mittelfranken
Oberpfalz
Jihozapad
Jihovychod
Stuttgart
Niederbayern
Zapadne Slovensko
Bratislavsky kraj
Niederösterreich Wien
TübingenSchwaben
Oberösterreich
Oberbayern
Salzburg Steiermark
Vorarlberg Tirol
Kärnten
Provincia Autonoma Bolzano/Bozen
Burgenland
Kozep-Dunantul
Nyugat-Dunantul
Del-Dunantul
Provincia Autonoma Trento Friuli-Venezia Giulia
Slovenija
Valle d'Aosta/Vallée d'Aoste
Lombardia
Veneto
Piemonte
Emilia-Romagna
>= 46,4
>= 55,3
>= 58,8
>= 60,4
4(85267$7$QPHUNXQJHQ'LHJHPHOGHWHQ=DKOHQEDVLHUHQDXI(UJHEQLVVHQGHU$UEHLWVNUlIWHHUKHEXQJHQGHU(8
'LHVHVLQGDXIJUXQGYRQXQWHUVFKLHGOLFKHQ'HILQLWLRQHQGHU%HJULIIH$UEHLWVORVLJNHLWXQG(UZHUEVWlWLJNHLWPLWQDWL
RQDOHQ =DKOHQ QLFKW YHUJOHLFKEDU,P $OOJHPHLQHQ VLQG QDFK (8,/2 6WDWLVWLNHQGLH $UEHLWVORVHQ]DKOHQ JHULQJHU XQG
GLH(UZHUEV]DKOHQK|KHUDOVLQQDWLRQDOHQ6WDWLVWLNHQ
'LH HXURSlLVFKHQ %HVFKlIWLJXQJVLQGLNDWRUHQ EHVWlWLJHQ GDVV LQ 7LURO GLH 6FKDIIXQJ YRQ
$UEHLWVSOlW]HQ LQ GHQ OHW]WHQ -DKUHQ YRQ HLQHU DX‰HUJHZ|KQOLFK VWDUNHQ '\QDPLN JHNHQQ
+LHUPXVVDOOHUGLQJVDQJHPHUNWZHUGHQGDVVGLH(UKHEXQJVPHWKRGHYRQ(85267$7GD]XI KUHQNDQQGDVVHQWPX
WLJWH3HUVRQHQQLFKWPHKUDOVDUEHLWVORVHUIDVVWZHUGHQ

²²
]HLFKQHWZDU'DV%HVFKlIWLJXQJVZDFKVWXP EHUGHQ=HLWUDXPELVZDUQXULQHLQHU
DQGHUHQPLWWHOHXURSlLVFKHQ5HJLRQGHP%XUJHQODQGQRFKVWlUNHUDOVLQ7LURO SD
'LH(UJHEQLVVHKLQVLFKWOLFKGHU%HVFKlIWLJXQJVODJHGHXWHQDXIHLQHQ $XIKROSUR]HVVGHV%XQ
GHVODQGHVVHLWGHP(QGHGHUQHXQ]LJHU-DKUHKLQ:LHLQhEHUVLFKWGDUJHVWHOOWZDULQ7LURO
GDV%HVFKlIWLJXQJVZDFKVWXPQRFKGHXWOLFKVFKOHFKWHUDOVLP(8'XUFKVFKQLWW
hEHUVLFKW
$UEHLWVORVLJNHLWVLQGLNDWRUHQ7LUROVLPLQWHUQDWLRQDOHQ9HUJOHLFK
,QVJHVDPW
$UEHLWVORVHQTXRWHLQ
-DKUH
$QWHLO/DQJ]HLW
DUEHLWVORVH
LQGHU$UEHLWVORVHQ
$UEHLWVORVHQTXRWH
)UDXHQ0lQQHU
'LIIHUHQ]LQ
3UR]HQWSXQNWHQ
(8'XUFKVFKQLWW
(8'XUFKVFKQLWW
gVWHUUHLFK
7LURO
(8'XUFKVFKQLWW
gVWHUUHLFK
7LURO
4 (XURVWDW :,)2%HUHFKQXQJHQ ² $QPHUNXQJHQ 'LH JHPHOGHWHQ =DKOHQ EDVLHUHQ DXI (UJHEQLVVHQ GHU $UEHLWV
NUlIWHHUKHEXQJHQGHU(8'LHVHVLQGDXIJUXQGYRQXQWHUVFKLHGOLFKHQ'HILQLWLRQHQGHU%HJULIIH$UEHLWVORVLJNHLWXQG
(UZHUEVWlWLJNHLWPLWQDWLRQDOHQ=DKOHQQLFKWYHUJOHLFKEDU,P$OOJHPHLQHQVLQGQDFK(8,/26WDWLVWLNHQGLH$UEHLWVOR
VHQ]DKOHQJHULQJHUXQGGLH(UZHUEV]DKOHQK|KHUDOVLQQDWLRQDOHQ6WDWLVWLNHQ'DWHQQLFKWYHUI JEDU:HUWLQ.ODP
PHU 5DQJLQ]XQHKPHQGHU5HLKHQIROJHXQWHU18765HJLRQHQLPPLWWHOHXURSlLVFKHQ,QWHJUDWLRQVUDXP
hEHUVLFKW
%HVFKlIWLJXQJVLQGLNDWRUHQ7LUROVLPLQWHUQDWLRQDOHQ9HUJOHLFK
%HVFKlIWLJWH
(UZHUEVTXRWHLQ
(UZHUEVTXRWH
'XUFKVFKQLWWOLFKH LP$OWHUYRQ
LQVJHVDPW
)UDXHQ0lQQHU
MlKUOLFKH
²-DKUHQ
'LIIHUHQ]LQ
9HUlQGHUXQJ
3UR]HQWSXQNWHQ
LQ
(8'XUFKVFKQLWW ²
(8'XUFKVFKQLWW ²
gVWHUUHLFK ²
7LURO ²
9HUlQGHUXQJ
JHJHQGDV
9RUMDKULQ
(8'XUFKVFKQLWW
gVWHUUHLFK ²
7LURO ²
4 (XURVWDW :,)2%HUHFKQXQJHQ ² $QPHUNXQJHQ 'LH JHPHOGHWHQ =DKOHQ EDVLHUHQ DXI (UJHEQLVVHQ GHU $UEHLWV
NUlIWHHUKHEXQJHQGHU(8'LHVHVLQGDXIJUXQGYRQXQWHUVFKLHGOLFKHQ'HILQLWLRQHQGHU%HJULIIH$UEHLWVORVLJNHLWXQG
(UZHUEVWlWLJNHLWPLWQDWLRQDOHQ=DKOHQQLFKWYHUJOHLFKEDU,P$OOJHPHLQHQVLQGQDFK(8,/26WDWLVWLNHQGLH$UEHLWV
ORVHQ]DKOHQJHULQJHUXQGGLH(UZHUEV]DKOHQK|KHUDOVLQQDWLRQDOHQ6WDWLVWLNHQ'DWHQQLFKWYHUI JEDU:HUWLQ.ODP
PHU 5DQJLQDEQHKPHQGHU5HLKHQIROJHXQWHU18765HJLRQHQLPPLWWHOHXURSlLVFKHQ,QWHJUDWLRQVUDXP

²²
'LH (UZHUEVTXRWH OLHJW PLW HEHQIDOOV LP 6SLW]HQIHOG GHV PLWWHOHXURSlLVFKHQ ,QWHJUDWL
RQVUDXPHV +LHU NDQQ DXFK DQJHPHUNW ZHUGHQ GDVV 7LURO VFKRQ VHLW -DKU]HKQWHQ HLQHQ LP
gVWHUUHLFK9HUJOHLFK EHUGXUFKVFKQLWWOLFKHQ %HY|ONHUXQJV]XZDFKV HUOHEW +HXWH LVW HV PLW
GHU %HY|ONHUXQJ gVWHUUHLFKV GDV I QIWJU|‰WH %XQGHVODQG 9= GHU $QWHLO DQ GHU
|VWHUUHLFKLVFKHQ%HY|ONHUXQJODJQRFKEHLXQGEHL=ZLVFKHQGHQ9RONV
]lKOXQJVMDKUHQ XQG YHU]HLFKQHWH 7LURO QDFK 6DO]EXUJ GHQ ]ZHLWK|FKVWHQ %HY|ONH
UXQJV]XZDFKV DOOHU %XQGHVOlQGHU 0LW LVW GHU .LQGHUDQWHLO XQWHU -DKUHQ DQ GHU
*HVDPWEHY|ONHUXQJ GHXWOLFK K|KHU DOV LQ *HVDPW|VWHUUHLFK GLH $OWHUVJUXSSHQ ELV
-DKUH VLQG LQ 7LURO EHUSURSRUWLRQDO MHQH GHU lOWHUHQ 3HUVRQHQ XQWHUSURSRUWLRQDO VWDUN
EHVHW]W
hEHUVLFKW 7HLO]HLWEHVFKlIWLJXQJXQG%HWHLOLJXQJDPOHEHQVODQJHQ/HUQHQLQ7LUROLP
HXURSlLVFKHQ9HUJOHLFK
$QWHLOHLQ
7HLO]HLWEHVFKlIWLJWH /HEHQVODQJHV
/HUQHQ
,QVJHVDPW 0lQQHU )UDXHQ
(8
(8
gVWHUUHLFK
7LURO
4 (XURVWDW :,)2%HUHFKQXQJHQ ² $QPHUNXQJHQ 'LH JHPHOGHWHQ =DKOHQ EDVLHUHQ DXI (UJHEQLVVHQ GHU $UEHLWV
NUlIWHHUKHEXQJHQ GHU (8 'LHVH VLQG DXIJUXQG XQWHUVFKLHGOLFKHU (UKHEXQJVPHWKRGHQ PLW QDWLRQDOHQ =DKOHQ QLFKW
YHUJOHLFKEDU²$QWHLOGHU(UZHUEVSHUVRQHQPLWHLQHU:HLWHUELOGXQJLPOHW]WHQ-DKU
'DV:DFKVWXPLP%HVFKlIWLJXQJVEHUHLFKLVWLQ7LUROVRZLHLQgVWHUUHLFKYRQHLQHU9HUEUHLWXQJ
YRQ7HLO]HLWEHVFKlIWLJXQJVIRUPHQEHJOHLWHWZRUGHQ1DFKGHPVLFKGHU7UHQG]XU9HUPHKUXQJ
YRQ7HLO]HLWVWHOOHQODQJH=HLWODQJVDPHUDOVLPLQWHUQDWLRQDOHQ'XUFKVFKQLWWHQWZLFNHOWKDWLVW
HVYRUDOOHPLPOHW]WHQ-DKU]HKQW]XHLQHUVWDUNHQ%HVFKOHXQLJXQJJHNRPPHQ'LHVHU7UHQGLVW
PLWHLQHPNODUHQJHVFKOHFKWVVSH]LILVFKHQ0XVWHUYHUEXQGHQ:lKUHQGKHXWHGLH7HLO]HLWTXRWH
GHUgVWHUUHLFKHULQQHQLP6SLW]HQIHOGGHU(8OLHJWVLQG0lQQHULQgVWHUUHLFKGHXWOLFKVHOWHQHU
DOVLP(8'XUFKVFKQLWWLQ7HLO]HLWEHVFKlIWLJW,Q7LUROLVWGLHVHV0XVWHUQRFKVWlUNHUDXVJHSUlJW
GLH7HLO]HLWTXRWHGHU)UDXHQLVW EHUGXUFKVFKQLWWOLFKKRFK7HLO]HLWVWHOOHQVLQGEHLGHQ0lQQHUQ
DOOHUGLQJVZHQLJHUYHUEUHLWHWDOVLPgVWHUUHLFK'XUFKVFKQLWWhEHUVLFKW
'LH4XDOLILNDWLRQVVWUXNWXUGHU%HVFKlIWLJWHQXQGGHU3HUVRQHQLPHUZHUEVIlKLJHQ$OWHULQ7LURO
VSLHJHOWGLH0HUNPDOHGHV|VWHUUHLFKLVFKHQ%LOGXQJVV\VWHPVZLGHU hEHUVLFKW gVWHUUHLFK
]HLFKQHWVLFKLP9HUJOHLFKPLWGHQDQGHUHQ(80LWJOLHGVVWDDWHQGXUFKHLQHQKRKHQ$QWHLODQ
%HVFKlIWLJWHQ PLW PLWWOHUHP VHNXQGlUHP XQG SRVWVHNXQGlUHP 4XDOLILNDWLRQVQLYHDX DXV
'HP VFKZDFKHQ $QWHLO DQ %HVFKlIWLJWHQ PLW HLQHU JHULQJHQ %LOGXQJ VWHKW DOOHUGLQJV HLQH
HEHQVR XQWHUGXUFKVFKQLWWOLFKH 3UlVHQ] YRQ K|KHU TXDOLIL]LHUWHQ $UEHLWVNUlIWHQ JHJHQ EHU
'LHVHV0XVWHUILQGHWVLFKDXFKLQ7LUROZLHGHUZREHLKLHUGHU$QWHLOGHU3HUVRQHQPLWK|KHUHP
%LOGXQJVDEVFKOXVVVRZRKOEHLGHQ%HVFKlIWLJWHQDOVDXFKEHLGHQ(UZHUEVSHUVRQHQQLHGULJHU

²²
LVWDOVLPgVWHUUHLFK'XUFKVFKQLWW7URW]HLQHUSRVLWLYHQ(QWZLFNOXQJKDWVLFKGHU5 FNVWDQG7LUROV
YRQGHQUHVWOLFKHQ%XQGHVOlQGHUQLQGLHVHP%HUHLFKLP=HLWUDXPQRFKOHLFKWYHU
JU|‰HUW$XFKGHU(XURSHDQ,QQRYDWLRQ6FRUHERDUGDXVGHP-DKUOlVVWI U7LURODXIGHU
K|FKVWHQ %LOGXQJVHEHQH HLQHQ $XIKROEHGDUI HUNHQQHQ hEHUVLFKW 'HU $QWHLO DQ 3HUVR
QHQ GLH VLFK LP %HUXIVOHEHQ ZHLWHUELOGHQ LVW ODXW $UEHLWVNUlIWHHUKHEXQJ LP HXURSlLVFKHQ
9HUJOHLFKKRFKDOOHUGLQJVHWZDVQLHGULJHUDOVLP%XQGHVGXUFKVFKQLWWhEHUVLFKW
hEHUVLFKW 4XDOLILNDWLRQVVWUXNWXUGHU%HVFKlIWLJWHQXQG(UZHUEVSHUVRQHQ7LUROVLP
HXURSlLVFKHQ9HUJOHLFK
$QWHLOHLQ
9RUVFKXOH3ULPlUEHUHLFKXQG
6HNXQGDUVWXIH,
6HNXQGDUVWXIH,,XQG3RVW
6HNXQGDUEHUHLFK
7HUWLlUEHUHLFK
%HVFKlIWLJWHQDXVELOGXQJ
(8
(8
gVWHUUHLFK
7LURO
(UZHUEVSHUVRQHQDXVELOGXQJ
(8
(8
gVWHUUHLFK
7LURO
4 (XURVWDW :,)2%HUHFKQXQJHQ ² $QPHUNXQJHQ 'LH JHPHOGHWHQ =DKOHQ EDVLHUHQ DXI (UJHEQLVVHQ GHU $UEHLWV
NUlIWHHUKHEXQJHQ GHU (8 'LHVH VLQG DXIJUXQG XQWHUVFKLHGOLFKHU (UKHEXQJVPHWKRGHQ PLW QDWLRQDOHQ =DKOHQ QLFKW
YHUJOHLFKEDU
hEHUVLFKW
(XURSHDQ,QQRYDWLRQ6FRUHERDUGDXVJHZlKOWH,QGLNDWRUHQ
0LWWHOKRFKWHFKQRORJLVFKH
%HVFKlIWLJXQJ
6DFKJ WHU
SURGXNWLRQ
gIIHQWOLFKH
) (
8QWHUQHKPHQV
VHLWLJH
) (
3DWHQWDQWUlJH
LPKRFKWHFKQR
ORJLVFKHQ
%HUHLFK
3DWHQW
DQWUlJH
'LHQVW
OHLVWXQJVVHNWRU
,QGHU*HVDPWEHVFKlIWLJXQJ ,QGHV%,3 -H0LR%HY|ONHUXQJ
(8
gVWHUUHLFK
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
4(XURSlLVFKH.RPPLVVLRQ%:,)2'DUVWHOOXQJ

²²
:HLWHUHU$XIEDXXQG)RUVFKXQJVVFKZHUSXQNWHGHU6WXGLH
=XVDPPHQIDVVHQGOlVVWVLFKVDJHQGDVV7LUROHLQHQQLFKWQXUI U|VWHUUHLFKLVFKHVRQGHUQDXFK
I U HXURSlLVFKH 9HUKlOWQLVVH G\QDPLVFKHQ $UEHLWVPDUNW YRU]HLJHQ NDQQ 'LH 6WlUNHQ 7LUROV
NRPPHQ YRU DOOHP EHL GHU VHKU J QVWLJHQ %HVFKlIWLJXQJVHQWZLFNOXQJ XQG GHU QLHGULJHQ
$UEHLWVORVLJNHLW GHXWOLFK ]XP 9RUVFKHLQ 'LH 7DWVDFKH GDVV DXFK LQ HLQLJHQ %UDQFKHQ GHU
6DFKJ WHUSURGXNWLRQ HLQH J QVWLJH (QWZLFNOXQJ YHU]HLFKQHW ZHUGHQ NRQQWH GHXWHW GDUDXI
KLQGDVV7LURODXIGHQ6WUXNWXUZDQGHOUHDJLHUWKDWXQGLPOHW]WHQ-DKU]HKQWVHLQHNRPSDUDWL
YHQ 6WDQGRUWYRUWHLOH DXVEDXHQ NRQQWH :LH DOOH DQGHUHQ 5HJLRQHQ LQ GHQ HQWZLFNHOWHQ
0DUNWZLUWVFKDIWHQ (XURSDV EHILQGHW VLFK 7LURO DOOHUGLQJV LQ HLQHP 3UR]HVV GHV UDVFKHQ :DQ
GHOV $QJHVLFKWVGHUJUR‰HQ+HUDXVIRUGHUXQJHQGHU*HJHQZDUWXQGGHU=XNXQIWLVWEHLRSWL
PLVWLVFKHQ (LQVFKlW]XQJHQ 9RUVLFKW JHERWHQ ,P )DOOH 7LUROV VFKHLQW HV ZLFKWLJ YRU DOOHP GLH
JHVDPWZLUWVFKDIWOLFKH 3URGXNWLYLWlWVHQWZLFNOXQJ ]X DQDO\VLHUHQ VRZLH HLQH QDFK 5HJLRQHQ
XQG3HUVRQHQJUXSSHQGLIIHUHQ]LHUWH8QWHUVXFKXQJGHU$UEHLWVPDUNWVLWXDWLRQGXUFK]XI KUHQ
=LHOGLHVHU6WXGLHLVWHVDQKDQGHLQHU%HVWDQGVDXIQDKPHGHU7LUROHU$UEHLWVPDUNWHQWZLFNOXQJ
XQG SROLWLN $QKDOWVSXQNWH ]XU :HLWHUHQWZLFNOXQJ GHV DUEHLWVPDUNWSROLWLVFKHQ ,QVWUXPHQWDUL
XPV]XOLHIHUQ=XGLHVHP=ZHFNZLUGLPHUVWHQ7HLOGHU6WXGLHDQKDQGHLQHU$QDO\VHGHU7LUROHU
$UEHLWVPDUNWHQWZLFNOXQJVHLW0LWWHGHUQHXQ]LJHU-DKUHHLQH6WlUNHQ6FKZlFKHQ$QDO\VHGHV
$UEHLWVPDUNWHV GXUFKJHI KUW 'DEHL ZLUG HLQH 'HWDLODQDO\VH GHU %HVFKlIWLJXQJVHQWZLFNOXQJ
.DSLWHO GHU $UEHLWVORVLJNHLW .DSLWHO GHU UHJLRQDOHQ 8QWHUVFKLHGH .DSLWHO VRZLH
SRWHQWLHOOHUQHXHU=LHOJUXSSHQGHU $UEHLWVPDUNWSROLWLN.DSLWHOYRUJHQRPPHQ $XIEDXHQG
DXIGLHVHQ(UJHEQLVVHQZLUGLP$QVFKOXVV.DSLWHOXQGDXIGLH $XVXQG:HLWHUELOGXQJV
VWUXNWXU LQ 7LURO HLQJHJDQJHQ 1DFK GLHVHQ $QDO\VHQ ZLUG LQ .DSLWHO GLH 7LUROHU :LUWVFKDIWV
HQWZLFNOXQJSURJQRVWL]LHUW
,QGHQ.DSLWHOQELVZHUGHQELVZLUWVFKDIWVSROLWLVFKH$QDO\VHQYRUJHQRPPHQ+LHUEHL
ZHUGHQ ]XQlFKVW GLH 0D‰QDKPHQ GHU LQWHUQDWLRQDOHQ %HVW 3UDFWLFH%HLVSLHOH YRUJHVWHOOW
.DSLWHO$QVFKOLH‰HQGZHUGHQ0D‰QDKPHQ]XU6WHLJHUXQJGHU%HVFKlIWLJXQJ.DSLWHO
LP %LOGXQJVEHUHLFK .DSLWHO XQG LQ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN .DSLWHO GLVNXWLHUW
.DSLWHO ZLGPHW VLFK YHUVFKLHGHQHQ 0D‰QDKPHQSDNHWHQ I U HLQ]HOQH =LHOJUXSSHQ XQG
.DSLWHOGLVNXWLHUWGLHUHJLRQDOH'LIIHUHQ]LHUXQJDUEHLWVPDUNWSROLWLVFKHU6WUDWHJLHQ.DSLWHO
VFKOXVVHQGOLFK IDVVW GLH (UJHEQLVVH GHU 6WXGLH ]XVDPPHQ XQG SUlVHQWLHUW 9RUVFKOlJH ]XU
*HVWDOWXQJGHU$UEHLWVPDUNWSROLWLNLQ7LURO

²²
%HVFKlIWLJXQJVZDFKVWXPXQG6WUXNWXUZDQGHO
)DNWRUHQGHV%HVFKlIWLJXQJVXQG3URGXNWLYLWlWVZDFKVWXPV
(LQH=HUOHJXQJGHV3URGXNWLYLWlWVZDFKVWXPV
(UVWH HPSLULVFKH +LQZHLVH DXI GLH 8UVDFKHQ I U GDV JHULQJH 3URGXNWLYLWlWV XQG GDV JXWH
%HVFKlIWLJXQJVZDFKVWXPLQ7LURON|QQHQVRJHQDQQWH6KLIW6KDUH$QDO\VHQOLHIHUQ 6RNDQQ
PLWWHOVGLHVHU0HWKRGHGDV3URGXNWLYLWlWVZDFKVWXPLQHLQHQVWDWLVFKHQ6WUXNWXUZDQGHOHIIHNW
HLQHQG\QDPLVFKHQ6WUXNWXUZDQGHOHIIHNWXQGHLQHQVHNWRUDOHQ:DFKVWXPVHIIHNW]HUOHJWZHU
GHQ VLHKH )DJHUEHUJ 7LPPHU 6]LUPDL XQG 3HQHGHU )RUPDO OlVVW VLFK
GLHVH=HUOHJXQJKHUOHLWHQLQGHPPDQGLH*HVDPWSURGXNWLYLWlW3LWHLQHU5HJLRQL]XP=HLW
SXQNWWDOVGLHPLWGHPVHNWRUDOHQ%HVFKlIWLJXQJVDQWHLO6LNWPLWNHLQHP,QGH[I UGHQ6HNWRU
JHZLFKWHWH 6XPPH GHU VHNWRUDOHQ 3URGXNWLYLWlWHQ 3LNW DXIIDVVW 'LH 3URGXNWLYLWlWVlQGHUXQJ
GHU5HJLRQ∆3LW]ZLVFKHQ]ZHL=HLWSXQNWHQ7XQGOlVVWVLFKGDQQDOV
∆P
iT
= ∑ P S −
k
ikT
ikT
∑
k
P
iko
S
iko
GDUVWHOOHQ'XUFKHLQLJH8QIRUPXQJHQOlVVWVLFKGLHVH)RUPHODXIIROJHQGHQ$XVGUXFNHUZHL
WHUQ
∆PiT
= { ∑k
Pik0(
SikT
− Sik0)}
+ { ∑k
( PikT
− Pik0)(
SikT
− Sik0)}
− { ∑k
( PikT
− Pik0)
Sik0}
'LHGUHL7HUPHLQJHVFKZXQJHQHQ.ODPPHUQDXIGHUUHFKWHQ6HLWHYRQ*OHLFKXQJKDEHQ
GDEHLLQWHUHVVDQWH|NRQRPLVFKH,QWHUSUHWDWLRQHQ
∑
• 6R PLVVW GHU HUVWH 7HUP P S − S ) GHQ VWDWLVFKHQ 6WUXNWXUHIIHNW GHU SRVLWLY
(
k
ikT ik0
ik0
E]ZQHJDWLYLVWZHQQLQGHU5HJLRQ6HNWRUHQPLWHLQHUK|KHUHQ3URGXNWLYLWlWDXFK
VWHLJHQGH%HVFKlIWLJXQJVDQWHLOHDXIZHLVHQ'LHVHU(IIHNWELOGHWGDPLWGLHLQGHU|NR
QRPLVFKHQ /LWHUDWXU LPPHU ZLHGHU IRUPXOLHUWH XQG DOV VWUXFWXUDO ERQXV K\SRWKHVLV
EH]HLFKQHWH +\SRWKHVH DE GDVV HV LQ 5HJLRQHQ LP =XJH LKUHU (QWZLFNOXQJ ]X HLQHU
9HUODJHUXQJLKUHU$UEHLWVNUlIWHLQSURGXNWLYHUH6HNWRUHQNRPPW
$XV WKHRUHWLVFKHU 6LFKW NDQQGDV XQWHUGXUFKVFKQLWWOLFKH 3URGXNWLYLWlWVZDFKVWXPLQ 7LURODQKDQGHLQHV =ZHLVHNWRU
PRGHOOVZLHHV ]XP %HLVSLHO YRQÃ %DXPROÃ DQDO\VLHUWZXUGH HUNOlUWZHUGHQ,Q GLHVHP0RGHOOZLUG XQWHUVWHOOW
HLQHUGHU]ZHL6HNWRUHQLQ7LUROUHDOLVWLVFKHUZHLVHGLH6DFKJ WHUSURGXNWLRQKDEHHLQUDVFKHV3URGXNWLYLWlWVZDFKVWXP
XQGGHUDQGHUHGHU7RXULVPXVHLQJHULQJHUHV,QGLHVHP0RGHOOZLUGGDVJHVDPWZLUWVFKDIWOLFKH3URGXNWLYLWlWVZDFKV
WXPGXUFKGDVUHODWLYH%HVFKlIWLJXQJVZDFKVWXPGHUEHLGHQ6HNWRUHQEHUHFKQHW6PHUDO]HLJWGDEHLGDVVGDV
%HVFKlIWLJXQJVZDFKVWXP LP 7RXULVPXV GDQQ K|KHU VHLQ ZLUG ZHQQ ZLH I U GHQ 7RXULVPXV SODXVLEHO HLQH (LQNRP
PHQVHODVWL]LWlWYRQJU|‰HUDOVHLQVXQGHLQHQLFKW]XQLHGULJH3UHLVHODVWL]LWlW]ZLVFKHQGHQEHLGHQ6HNWRUHQXQWHUVWHOOW
ZLUG

²²
• 'HU ]ZHLWH 7HUP GHU *OHLFKXQJ ∑k
( PikT
− Pik0)(
SikT
− Sik0)
PLVVW KLQJHJHQ GHQ
G\QDPLVFKHQ 6WUXNWXUHIIHNW 'LHVHU (IIHNW LVW SRVLWLY ZHQQ 6HNWRUHQ PLW HLQHP EHU
GXUFKVFKQLWWOLFKHQ 3URGXNWLYLWlWVZDFKVWXP DXFK HLQHQ YHUJOHLFKVZHLVH KRKHQ
%HVFKlIWLJXQJV]XZDFKVYHU]HLFKQHQ(UZLUGQHJDWLYZHQQGLH%HVFKlIWLJXQJLQ6HN
WRUHQ PLW KRKHP 3URGXNWLYLWlWVZDFKVWXP XQWHUGXUFKVFKQLWWOLFK ZlFKVW ZLH LQ GHU
|NRQRPLVFKHQ/LWHUDWXU]%GLHYRQ%DXPRODOVVWUXFWXUDOEXUGHQK\SRWKHVLV
EH]HLFKQHWH+\SRWKHVHHEHQIDOOVRIWPDOVEHKDXSWHWZLUG
• 'HUGULWWH7HUP ∆P iT = ∑k
( Pikt
− Piko
) Siko
PLVVWOHW]WOLFKGHQVHNWRUDOHQ:DFKVWXPVHIIHNW
(UPLVVWGHQK\SRWKHWLVFKHQ$QVWLHJGHU3URGXNWLYLWlWGHUHQWVWDQGHQZlUHZHQQGLH
%HVFKlIWLJWHQVWUXNWXULP%HREDFKWXQJV]HLWUDXPXQYHUlQGHUWJHEOLHEHQZlUH
'LH(UJHEQLVVHGLHVHU=HUOHJXQJ]HLJHQGDVVGDVJHULQJH3URGXNWLYLWlWVZDFKVWXP7LUROVLQGHU
3HULRGHELVYRUDOOHPDXIGDVJHULQJH3URGXNWLYLWlWVZDFKVWXPLQHLQLJHQ%UDQFKHQ
]XU FN]XI KUHQLVWZREHLGHUJU|‰WH%HLWUDJLQGLHVHP=HLWUDXPDXVGHPJHULQJHQ3URGXNWLYL
WlWVZDFKVWXPGHV*DVWVWlWWHQXQG%HKHUEHUJXQJVZHVHQVHQWVWDQG 'HU=HLWUDXPYRQ
ELV XQWHUVFKHLGHW VLFK KLQJHJHQ YRP =HLWUDXP ELV +LHU ZDU ]XP HLQHQ GDV
'LIIHUHQWLDOLP3URGXNWLYLWlWVZDFKVWXP]ZLVFKHQ7LUROXQGgVWHUUHLFKZHQLJHUVWDUNDXVJHSUlJW
XQG EHUGLHV LVW GHU JHVDPWH 3URGXNWLYLWlWVZDFKVWXPVHIIHNW DXI HLQ VFKZDFKHV %HVFKlIWL
JXQJVZDFKVWXP HLQ]HOQHU %UDQFKHQ PLW KRKHU 3URGXNWLYLWlW ]XU FN]XI KUHQ ZREHL KLHU GHU
+DXSWEHLWUDJ DXI GDV VFKZDFKH %HVFKlIWLJXQJVZDFKVWXP GHV 5HDOLWlWHQZHVHQV VLHKH
XQWHQ]XU FN]XI KUHQLVW
hEHUVLFKW
(UJHEQLVVHHLQHU6KLIW6KDUH=HUOHJXQJ
7LURO gVWHUUHLFK 'LIIHUHQ] 7LURO gVWHUUHLFK 'LIIHUHQ]
3URGXNWLYLWlWVZDFKVWXP ² ²
:DFKVWXPVHIIHNW ²
6WDWLVFKHU6WUXNWXUHIIHNW ² ²
'\QDPLVFKHU6WUXNWXUHIIHNW ² ² ² ²
4+96WDWLVWLN$XVWULD:,)2%HUHFKQXQJHQ² ,Q3UR]HQWSXQNWHQ 3UR]HQWXHOOHV:DFKVWXP 3UR]HQWSXQNWH%HL
WUDJ]XP:DFKVWXPVGLIIHUHQWLDO
(LQH=HUOHJXQJGHV%HVFKlIWLJXQJVZDFKVWXPV
(LQH]ZHLWH0|JOLFKNHLW$XIVFKO VVH EHUGLH8UVDFKHQI UGDVKRKH%HVFKlIWLJXQJVZDFKVWXP
]X HUKDOWHQ LVW HLQH =HUOHJXQJ GHU %HVFKlIWLJXQJVHQWZLFNOXQJ 'LHVH 6WDQGDUGPHWKRGH GHU
UHJLRQDOHQ :DFKVWXPVDQDO\VH ]HUOHJW GDV %HVFKlIWLJXQJVZDFKVWXP HLQHU 5HJLRQ LQ ]ZHL
.RPSRQHQWHQ 'LH (UVWH VWDPPW DXV GHU 6HNWRU]XVDPPHQVHW]XQJ HLQHU 5HJLRQ GHU VR
'LHHPSLULVFKH(YLGHQ]LVWGDKHUPLWGHPWKHRUHWLVFKHQ0RGHOYRQÃ6PHUDONRQVLVWHQW
$OV0HWKRGH]XUDQDO\WLVFKHQ=HUOHJXQJYRQ:DFKVWXPVSUR]HVVHQLQLKUH.RPSRQHQWHQVWHOOWGLH6KLIW6KDUH$QD

²²
JHQDQQWH6WUXNWXUHIIHNWXQG]HLJWDQZLHJUR‰GDV:DFKVWXPVGLIIHUHQWLDO]ZLVFKHQ7LUROXQG
GHP 'XUFKVFKQLWW gVWHUUHLFKV LQ GHQ =HLWUlXPHQ ELV XQG ELV JHZHVHQ
ZlUHZHQQDOOHg1$&(6WHOOHU%UDQFKHQJUXSSHQLQ7LUROPLWGHPQDWLRQDOHQ'XUFKVFKQLWW
JHZDFKVHQZlUHQ'LH]ZHLWH.RPSRQHQWHPLVVWGLHUHJLRQDOH:HWWEHZHUEVIlKLJNHLWGHQ
VR JHQDQQWHQ 5HJLRQDOHIIHNW GHV %HVFKlIWLJXQJVZDFKVWXPV LQGHP VLH GLH 'LIIHUHQ] ]ZL
VFKHQ:DFKVWXPVGLIIHUHQWLDOXQGGHP6WUXNWXUHIIHNWPLVVW
hEHUVLFKW 9HUlQGHUXQJGHU6WUXNWXUXQG5HJLRQDOHIIHNWHLQGHQ|VWHUUHLFKLVFKHQ
%XQGHVOlQGHUQ
(UJHEQLVVH6KLIW6KDUH$QDO\VHI UGLH%XQGHVOlQGHU²LQ3UR]HQWSXQNWHQ9HUlQGHUXQJGHU
(LQ]HONRPSRQHQWHQ²JHJHQ EHU²
7DWVlFKOLFKHV
5HODWLYHU6WUXNWXUHIIHNW 5HODWLYHU5HJLRQDOHIIHNW
:DFKVWXPVGLIIHUHQWLDO
²
:LHQ ² ² ² ²
1LHGHU|VWHUUHLFK ² ² ² ²
%XUJHQODQG ² ²
6WHLHUPDUN ² ²
.lUQWHQ ² ² ² ²
2EHU|VWHUUHLFK ²
6DO]EXUJ ² ²
7LURO ²
9RUDUOEHUJ ² ²
4+9:,)2%HUHFKQXQJHQ
,QhEHUVLFKWZHUGHQ GLH(UJHEQLVVHGLHVHU6KLIW6KDUH$QDO\VHGDUJHVWHOOW'DEHLYHUZHQ
GHQZLU=DKOHQGHVgVWHUUHLFKLVFKHQ+DXSWYHUEDQGHVGHU6R]LDOYHUVLFKHUXQJVWUlJHUI ULQVJH
O\VHHLQYLHOYHUZHQGHWHV6WDQGDUGLQVWUXPHQWGHU5HJLRQDO|NRQRPLHGDU'LH*UXQGLGHHGHU$QDO\VHOLHJWGDEHLLQ
GHP9HUVXFKGDV:DFKVWXPVGLIIHUHQWLDOHLQHU5HJLRQLQ]ZHL.RPSRQHQWHQ]X]HUOHJHQHLQHVZHOFKHVDXVGHU:LUW
VFKDIWVVWUXNWXUGHU5HJLRQVWDPPWGHUVRJHQDQQWH6WUXNWXUHIIHNWXQGHLQHQ5HVLGXDOIDNWRUGHUVRJHQDQQWH5HJLR
QDOHIIHNWGHUGLHUHJLRQDOH:HWWEHZHUEVIlKLJNHLWDEELOGHW)RUPDONDQQGDVUHJLRQDOH:DFKVWXPVGLIIHUHQ]LDO]ZL
VFKHQGHUUHJLRQDOHQ%HVFKlIWLJXQJVZDFKVWXPVUDWH[LXQGGHUQDWLRQDOHQ:DFKVWXPVUDWH[DOV
[ L [ = ∑VLM
x j − s j x j ) −∑VLM
x j − sij
xij
) DQJHVFKULHEHQZHUGHQ$XIGHUUHFKWHQ6HLWHGLHVHU*OHLFKXQJVWHKHQGDEHL
j
j
]ZHL.RPSRQHQWHQGHV:DFKVWXPV=XPHLQHQNDQQGHU%HVDW]PLWVWDUNE]ZZHQLJZDFKVHQGHQ%UDQFKHQLQGHU
5HJLRQ YRQ GHU |VWHUUHLFKLVFKHQ 1RUPVWUXNWXU DEZHLFKHQ HLQ 6WUXNWXUHIIHNW GHU DOV µ i = ∑(
s ij − s j ) x j JHPHVVHQ
j
ZHUGHQNDQQ,VWGLHXQWHUVXFKWH5HJLRQVWlUNHUDXILQgVWHUUHLFKVFKQHOOZDFKVHQGH%UDQFKHQVSH]LDOLVLHUWLVWGLHVHU
(IIHNWSRVLWLY(LQHUHJLRQDOH.RQ]HQWUDWLRQYRQLQgVWHUUHLFKZDFKVWXPVVFKZDFKHQ%UDQFKHQNRPPWGDJHJHQLQ
HLQHUQHJDWLYHQ6WUXNWXUNRPSRQHQWH]XP$XVGUXFN=XPDQGHUHQN|QQHQ8QWHUVFKLHGHLQGHQUHJLRQDOHQ(QWZLFN
OXQJVEHGLQJXQJHQ HWZD JHRJUDSKLVFKH /DJH ,QIUDVWUXNWXUDXVVWDWWXQJ RGHU :LUWVFKDIWVSROLWLN GD]X I KUHQ GDVV
JOHLFKH%UDQFKHQLQXQWHUVFKLHGOLFKHQ5HJLRQHQVFKQHOOHURGHUODQJVDPHUZDFKVHQHLQ8PVWDQGGHUDOV5HJLRQDO
HIIHNWLQGHU)RUP πi = ∑ s ij ( x ij − x j ) HUUHFKQHWZHUGHQNDQQ(LQSRVLWLYHV9RU]HLFKHQGLHVHU.RPSRQHQWH]HLJWHLQ
j
SRVLWLYHVUHJLRQDOHV:DFKVWXPVGLIIHUHQ]LDOEHLK\SRWKHWLVFKJOHLFKHU%UDQFKHQVWUXNWXUDQHLQQHJDWLYHV9RU]HLFKHQ
LQGL]LHUWGDJHJHQHLQLP9HUJOHLFKZHQLJZDFKVWXPVIUHXQGOLFKHVUHJLRQDOHV8PIHOG

²²
VDPWg1$&(6WHOOHU%UDQFKHQI UGHQ=HLWUDXPELV'LH(UJHEQLVVHODVVHQVLFK
ZLHIROJWLQWHUSUHWLHUHQ
,QVJHVDPWZHLVW7LUROLPPLWWHOIULVWLJHQ9HUJOHLFKXQGJHJHQ EHUGHP|VWHUUHLFKLVFKHQ
'XUFKVFKQLWWHLQHQGHXWOLFKHQ9RUVSUXQJLP%HVFKlIWLJXQJVZDFKVWXPDXI,Q7LUROVWLHJ
GLH%HVFKlIWLJXQJH[NOXVLYH.DUHQ]XQG.LQGHUJHOGEH]LHKHU,QQHQXQG3UlVHQ]GLHQVW
]ZLVFKHQ XQG XP LQ gVWHUUHLFK XP ,P =HLWUDXP ]ZLVFKHQ
XQG VWLHJ GLH %HVFKlIWLJXQJ |VWHUUHLFKZHLW QXU PHKU XP LQ 7LURO DEHU XP
EHU :lKUHQG VLFK GDV %HVFKlIWLJXQJVZDFKVWXP LQ gVWHUUHLFK LP =HLWUDXP YHU
ODQJVDPWHEHVFKOHXQLJWHHVVLFKLQ7LUROHLQZHLWHUHV0DO
,QGHUHUVWHQ3HULRGHELVZDU7LUROQRFKDXI%UDQFKHQVSH]LDOLVLHUWGLH|VWHU
UHLFKZHLWHLQHQXUVFKZDFKH%HVFKlIWLJXQJVG\QDPLNDXIZLHVHQ:lUHQDOOH%UDQFKHQ
LQ GLHVHP =HLWUDXP PLW GHP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW JHZDFKVHQ ZlUH GLH
%HVFKlIWLJXQJLQ7LUROLQGLHVHP=HLWUDXPXP²3UR]HQWSXQNWHODQJVDPHUJHZDFK
VHQDOVGHU|VWHUUHLFKLVFKH'XUFKVFKQLWW,P]ZHLWHQ=HLWUDXPELVZlUHGLH
7LUROHU :LUWVFKDIW EHL VHNWRUDO JOHLFKHQ :DFKVWXPVUDWHQ ZLH LP %XQGHVGXUFKVFKQLWW
DEHU XP 3UR]HQWSXQNWH UDVFKHU JHZDFKVHQ 'HU 6WUXNWXUZDQGHO LQ 7LURO I KUWH
GD]X GDVV VLFK 7LURO VWlUNHU DXI EHVFKlIWLJXQJVZDFKVWXPVVWDUNH 6HNWRUHQ NRQ]HQW
ULHUW
'HU5HJLRQDOHIIHNWLVWKLQJHJHQSRVLWLY'DV%HVFKlIWLJXQJVZDFKVWXP7LUROVZlUHGHP
QDFKEHLJOHLFKHU%UDQFKHQVWUXNWXUZLHLQgVWHUUHLFKLQGHU3HULRGHELVXP
3UR]HQWSXQNWH K|KHU JHZHVHQ DOV LP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW XQG LP =HLW
UDXPELVXP3UR]HQWSXQNWH'LHVGHXWHWDXIHLQHEHVRQGHUH/DJHJXQVW
7LUROV ]% DXIJUXQG GHU 1lKH ]XP V GGHXWVFKHQ =HQWUDOUDXP EHVVHUHP .QRZKRZ
GHU8QWHUQHKPHQRGHUGHU:LUWVFKDIWVXQG6WUXNWXUSROLWLNGHV/DQGHVKLQ
6HNWRUDOHV%HVFKlIWLJXQJVZDFKVWXPLQ7LURO
'LH HUIUHXOLFKH %HVFKlIWLJXQJVHQWZLFNOXQJ 7LUROV LQ GHQ OHW]WHQ -DKUHQ ZDU GDKHU GHP
=XVDPPHQWUHIIHQ]ZHLHUSRVLWLYHU7HQGHQ]HQ]XYHUGDQNHQ=XPHLQHQKDWGHU6WUXNWXUZDQGHO
GD]XEHLJHWUDJHQGDVVVLFK7LURO]XQHKPHQGDXI6HNWRUHQVSH]LDOLVLHUWLQGHQHQGLH%HVFKlI
WLJXQJDXFK|VWHUUHLFKZHLWVWlUNHUZlFKVWVRGDVVGHU0LWWHGHUQHXQ]LJHU-DKUHQRFKEHVWH
KHQGH:DFKVWXPVQDFKWHLODXIJUXQGGHU6SH]LDOLVLHUXQJGHV%XQGHVODQGHV]XOHW]W]XPLQGHVW
LPgVWHUUHLFK9HUJOHLFKDQQlKHUQGZHWWJHPDFKWZHUGHQNRQQWH=XPDQGHUHQKDWVLFKGHU
VFKRQ0LWWHGHUQHXQ]LJHU-DKUHEHVWHKHQGH6WDQGRUWYRUWHLO7LUROVGHUGD]XI KUWHGDVVGLH
HLQ]HOQHQ %UDQFKHQ LKUH %HVFKlIWLJXQJ UDVFKHU DXVZHLWHWH DOV LQ DQGHUHQ 5HJLRQHQ ZHLWHU
YHUEHVVHUW
'DEHLYHUOLHIGHU6WUXNWXUZDQGHOLQ7LUROUDVFKZREHLLP8QWHUVFKLHG]XGHQDQGHUHQ%XQGHV
OlQGHUQ DEHU DXFK GLH %HVFKlIWLJXQJ LP 6DFKJ WHUVHNWRU QRFK VWLHJ VLHKH $EELOGXQJ
'LH (QWZLFNOXQJHQ LP 'LHQVWOHLVWXQJV XQG 6DFKJ WHUEHUHLFK XQWHUVFKHLGHQ VLFK GDEHL HLQL

²²
JHUPD‰HQ 6R ]HLJW HLQH $QDO\VH DXI GHU WLHIHU DJJUHJLHUWHQ (EHQH GHU g1$&(6WHOOHU
%UDQFKHQJUXSSHQ GDVV LP 6DFKJ WHUEHUHLFK QHEHQ HLQLJHQ YRP %HVFKlIWLJWHQDQWHLO NOHL
QHUHQ %UDQFKHQ YRU DOOHP GLH LQ 7LURO EHVRQGHUV ZLFKWLJHQ %UDQFKHQ ZLH *ODV :DUHQ DXV
6WHLQHQXQG(UGHQ0DVFKLQHQEDXXQGGLH+HUVWHOOXQJYRQ0HWDOOHU]HXJQLVVHQDEHUDXFKGLH
0HWDOOHU]HXJXQJ XQG ²EHDUEHLWXQJ XQG GLH %H XQG 9HUDUEHLWXQJ YRQ 0|EHOQ GXUFK HLQ
%HVFKlIWLJXQJVZDFKVWXP JHSUlJW VLQG 'LHVH ZDFKVWXPVVWDUNHQ %UDQFKHQ ZDFKVHQ DXFK
GXUFKZHJVUDVFKHUDOVLPgVWHUUHLFK'XUFKVFKQLWW
$EELOGXQJ %HVFKlIWLJXQJVHQWZLFNOXQJGHVVHNXQGlUHQXQGWHUWLlUHQ6HNWRUVLP
9HUJOHLFK
8QVHOEVWlQGLJ%HVFKlIWLJWH,QGH[
6HNXQGlUHU6HNWRU7LURO
6HNXQGlUHU6HNWRUgVWHUUHLFK
7HUWLlUHU6HNWRU7LURO
7HUWLlUHU6HNWRUgVWHUUHLFK
Ã
4+9:,)2%HUHFKQXQJHQ
8QWHU GHQ %UDQFKHQ PLW HLQHU U FNOlXILJHQ %HVFKlIWLJXQJVHQWZLFNOXQJ ZHLVHQ LQ GHU 6DFK
J WHUSURGXNWLRQ KLQJHJHQ QXU ]ZHL %DXZHVHQ XQG +HUVWHOOXQJ YRQ 1DKUXQJV XQG *HQXVV
PLWWHOQHLQHQ%HVFKlIWLJWHQVWDQGYRQPHKUDOV%HVFKlIWLJWHQDXI 'LHVHEHLGHQ%UDQ
FKHQVFKUXPSIHQDEHU|VWHUUHLFKZHLWVWlUNHUDOVLQ7LURO6WlUNHUU FNOlXILJDOVLQgVWHUUHLFKVLQG
LP 6DFKJ WHUEHUHLFK KLQJHJHQ QXU DFKW %UDQFKHQ *HZLQQXQJ Y 6WHLQHQ XQG (UGHQ (U]
EHUJEDX +HUVW YRQ % URPDVFKLQHQ XQG 'DWHQYHUDUEHLWXQJVJHUlWHQ +HUVW Y .UDIWZDJHQ
XQG ²WHLOHQ 7DEDNYHUDUEHLWXQJ +HUVW YRQ 7H[WLOLHQ +HUVW YRQ %HNOHLGXQJ /HGHUHU]HXJXQJ
XQG²YHUDUEHLWXQJYRQGHQHQDEHUNHLQHHLQ]LJHLP-DKUHLQHQ%HVFKlIWLJWHQVWDQGYRQ
PHKU DOV %HVFKlIWLJWHQ DXIZHLVW ,P 6DFKJ WHUEHUHLFK UHVXOWLHUW GDV %HVFKlIWLJXQJV

²²
ZDFKVWXP LQ 7LURO GDKHU YRU DOOHP DXV HLQHU JXWHQ (QWZLFNOXQJ EHL MHQHQ %UDQFKHQ GLH DOV
)ODJVFKLIIHGHU7LUROHU,QGXVWULHEH]HLFKQHWZHUGHQN|QQHQ
'LH(QWZLFNOXQJLP7LUROHU'LHQVWOHLVWXQJVEHUHLFKLVWKLQJHJHQLQZHLWHQ%HUHLFKHQGXUFKHLQHQ
$XIKROSUR]HVVJHJHQ EHUGHP EULJHQgVWHUUHLFKJHSUlJW1XUg1$&(6WHOOHU%UDQFKHQ
JUXSSHQ GHV 'LHQVWOHLVWXQJVVHNWRUV (LQ]HOKDQGHO 3ULYDWH +DXVKDOWH 9HUVLFKHUXQJVZHVHQ
1DFKULFKWHQ EHUPLWWOXQJ KDEHQ HLQH U FNOlXILJH %HVFKlIWLJXQJVHQWZLFNOXQJ 'LHVH %UDQ
FKHQ ZDFKVHQ DXFK GXUFKZHJV ODQJVDPHU DOV LP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW DOOHUGLQJV
ZHLVWQXUGHU(LQ]HOKDQGHOHLQH%HVFKlIWLJXQJYRQPHKUDOV3HUVRQHQDXI9RQGHQUHVW
OLFKHQ 'LHQVWOHLVWXQJVEUDQFKHQ ZHLWHWHQ QXU GHU /DQGYHUNHKU XQG GDV .UHGLWZHVHQ LKUH
%HVFKlIWLJXQJ XP ZHQLJHU DOV DXV $OOH DQGHUHQ 'LHQVWOHLVWXQJVEUDQFKHQ ZDFKVHQ
UDVFKHU$OOHUGLQJVJLEWHVXQWHUGLHVHQUDVFKZDFKVHQGHQ'LHQVWOHLVWXQJVEUDQFKHQDXFKHLQL
JH)OXJYHUNHKU*HVXQGKHLWVZHVHQ8QWHUULFKWVZHVHQ(UEULQJXQJYRQXQWHUQHKPHQVEH]RJH
QHQ'LHQVWOHLVWXQJHQGLHVLFKODQJVDPHUHQWZLFNHOQDOVLP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW,QV
EHVRQGHUHEHLGHQXQWHUQHKPHQVEH]RJHQHQ'LHQVWOHLVWXQJHQLVWGDV:DFKVWXPVGLIIHUHQWLDO
]X gVWHUUHLFK PLW EHU 3UR]HQWSXQNWHQ EHU HLQHQ =HLWUDXP YRQ -DKUHQ GDEHL
EHWUlFKWOLFK
hEHUVLFKW
%UDQFKHQHQWZLFNOXQJLQGHU6DFKJ WHUSURGXNWLRQLQ7LURO
1LYHDXXQG'\QDPLNGHU%HVFKlIWLJXQJ
%HVFKlIWLJXQJV
ZDFKVWXP
LQ
:DFKVWXPV
GLIIHUHQ]LDO]X
gVWHUUHLFK
LQ3UR]HQWSXQNWHQ
%HVFKlIWLJXQJ
5 FNJHZLQQXQJ5HF\FOLQJ
6RQVWLJHU)DKU]HXJEDX
.RNHUHL0LQHUDO|OYHUDUEHLWXQJ
*ODV:DUHQDXV6WHLQHQXQG(UGHQ
+HUVWY&KHPLNDOXQG&K(U]
0DVFKLQHQEDX
3DSLHUX3DSSH
0HG0HVV6WXQG5HJHOXQJVWHFKQLN
%HXQG9HUDUEYRQ+RO]R0|EHO
+HUVWY*XPPLXQG.XQVWVWRIIZ
+HUVWYRQ0HWDOOHU]HXJQLVVHQ
0HWDOOHU]HXJXQJXQG²EHDUEHLWXQJ
5XQGIXQN)HUQVHKXQG1DFKU ²
%DXZHVHQ ²
+HUVWY1DKUXQJVXQG*HQXVVPLWWHO ²
9HUODJVZ'UXFN9HUYLHOIlOWLJXQJ ²
(QHUJLHYHUVRUJXQJ ²
*HZLQQXQJY6WHLQHQXQG(UGHQ ² ²
*HUlWH(OHNWUHU]YHUWHLOXQJ ²
(U]EHUJEDX ² ²
+HUVWY0|EHOQ6FKPXFN0XVLNLQVWU ²
+HUVW% URPDVFK'DWHQYJHUlWH ² ²
+HUVWY.UDIWZDJHQXQGWHLOHQ ² ²
7DEDNYHUDUEHLWXQJ ² ²
+HUVWYRQ7H[WLOLHQ ² ²

²²
+HUVWYRQ%HNOHLGXQJ ² ²
/HGHUHU]HXJXQJXQGYHUDUEHLWXQJ ² ²
4+9:,)2%HUHFKQXQJHQ
hEHUVLFKW
%UDQFKHQHQWZLFNOXQJLQGHQ'LHQVWOHLVWXQJHQLQ7LURO
1LYHDXXQG'\QDPLNGHU%HVFKlIWLJXQJ
%HVFKlIWLJXQJV
ZDFKVWXP
LQ
:DFKVWXPV
GLIIHUHQ]LDO
]XgVWHUUHLFK
LQ3UR]HQWSXQNWHQ
%HVFKlIWLJXQJ
0LW.UHGLWXQG9HUVZHVHQYHUE7lW
'DWHQYHUDUEHLWXQJXQG'DWHQEDQNHQ
([WHUULW2UJDQLVXQG.|USHUVFKDIWHQ
)RUVFKXQJXQG(QWZLFNOXQJ
9HUPLHWXQJEHZ6DFKHQRKQH%HG
)OXJYHUNHKU ²
.XOWXU6SRUWXQG8QWHUKDOWXQJ
(UEULQJXQJYRQXQWHUQHKPHQVEH]'/ ²
,QWHUHVVHQYNLUFKOXVUHO9HU
+DQGHOVYHUPLWWOXQJX*UR‰KDQGHO
$EZDVVHUX$EIDOOEHV(QWVRUJ
+LOIVWlWI9HUNHKU5HLVHE URV
5HDOLWlWHQZHVHQ
*HVXQGK9HWHULQlUX6R]LDOZHVHQ ²
.I]KDQGHO,QVWDQGKX5HSY.I]
(UEUYVRQVW'LHQVWOHLVWXQJHQ
%HKHUEHUJXQJVXQG*DVWVWlWWHQZ
8QWHUULFKWVZHVHQ ²
gII9HUZ/DQGHVYHUWHLG69HUV
/DQGYHUNHKU7UDQVSRUWLQ5RKUO
.UHGLWZHVHQ
(LQ]HOKDQGHORKQH.I] ² ²
3ULYDWH+DXVKDOWH ² ²
9HUVLFKHUXQJVZHVHQ ² ²
1DFKULFKWHQ EHUPLWWOXQJ ² ²
4+9:,)2%HUHFKQXQJHQ
,QVJHVDPWYHUPLWWHOQGLHVH=DKOHQVRPLWGHQ(LQGUXFNHLQHV%XQGHVODQGHVGHVVHQ%HVFKlIWL
JXQJVHQWZLFNOXQJLP6DFKJ WHUEHUHLFKYRQGHUJXWHQ(QWZLFNOXQJGHUZLFKWLJVWHQ6HNWRUHQ
SURILWLHUWXQGLP'LHQVWOHLVWXQJVEHUHLFKGXUFKHLQHQ$XIKROSUR]HVVJHNHQQ]HLFKQHWLVWGHUVLFK
LQ EHUGXUFKVFKQLWWOLFKHQ%HVFKlIWLJXQJV]XZlFKVHQDXIEUHLWHU)URQWQLHGHUVFKOlJW(LQ]LJEHL
GHU XQWHUGXUFKVFKQLWWOLFKHQ (QWZLFNOXQJ JHJHQ EHU GHP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW LP
%HUHLFK GHU XQWHUQHKPHQVQDKHQ 'LHQVWOHLVWXQJHQ VFKHLQW GLHVHU $XIKROSUR]HVV QLFKW JHJH
EHQ

²²

²²
%UDQFKHQZDFKVWXPQDFK7\SRORJLHQ
(LQH$QDO\VHGHU:DFKVWXPVSUR]HVVHLQ7LUROGLH$XVNXQIWGDU EHUJLEWZHOFKH)DNWRUHQI U
GLH 6WDQGRUWJXQVW LP =HLWUDXP VHLW EHVRQGHUV ZLFKWLJ ZDUHQ VROOWH DOOHUGLQJV DXFK DXI
HLQH WLHIHU DJJUHJLHUWH (EHQH DEVWHOOHQ (LQH VROFKH $QDO\VH DXI GLVDJJUHJLHUWH g1$&(
6WHOOHU %UDQFKHQHEHQH NDQQ GLH YHUVFKLHGHQHQ 6WDQGRUWYRU XQG QDFKWHLOH 7LUROV EHVVHU
VLFKWEDUPDFKHQ'DKHUZXUGHI UGLHVH6WXGLHHLQH6RQGHUDXVZHUWXQJGHU9HUVLFKHUXQJVGD
WHQ GHV +DXSWYHUEDQGHV GHU |VWHUUHLFKLVFKHQ 6R]LDOYHUVLFKHUXQJVWUlJHU YRUJHQRPPHQ GLH
GHP:,)2DXIGHU(EHQHDQRQ\PLVLHUWHU,QGLYLGXHQI UGLH-DKUHELV]XU9HUI JXQJ
VWHKHQ $QKDQGGLHVHV'DWHQVDW]HVOlVVWVLFKGHU6WUXNWXUZDQGHOLQ7LURODXIGLVDJJUHJLHUWHU
g1$&(6WHOOHU (EHQH DEELOGHQ $OOHUGLQJV LVW GLHVH (EHQH I U HLQH GHWDLOOLHUWH %UDQFKHQ
GDUVWHOOXQJ HWZDV XQKDQGOLFK GD HV VLFK XP $XVZHUWXQJHQ DXI GHU (EHQH YRQ UXQG
%UDQFKHQKDQGHOW8P9HUVFKLHEXQJHQLQGHU%UDQFKHQVWUXNWXUDQDO\VLHUEDU]XPDFKHQKDW
GDV:,)2GDKHUVRZRKOI UGLH6DFKJ WHUHU]HXJXQJDOVDXFKGHQ%HUHLFKGHUNRPPHU]LHOOHQ
'LHQVWOHLVWXQJHQ 7\SRORJLHQ HUVWHOOW GLH YHUVFKLHGHQH %UDQFKHQ ]XVDPPHQIDVVHQ VLHKH
3HQHGHU 0D\HUKRIHU 3DOPH MH QDFK GHP ZHOFKH 6WDQGRUWIDNWRUHQ I U VLH
EHVRQGHUVZLFKWLJVLQG'LHVH7\SRORJLHQOLHJHQDXIGHU(EHQHGHU%UDQFKHQJUXSSHQ6WHO
OHU GHU 6\VWHPDWLN g1$&( 6WDWLVWLN $XVWULD YRU GLH GLH |VWHUUHLFKLVFKHQ :LUW
VFKDIWVDNWLYLWlWHQLQLQVJHVDPW%UDQFKHQXQWHUJOLHGHUW.RQNUHWZXUGHQ%UDQFKHQDXV
GHU 6DFKJ WHUHU]HXJXQJ $EVFKQLWW ' %UDQFKHQ XQG GHP 'LHQVWOHLVWXQJVEHUHLFK
$EVFKQLWWH).%UDQFKHQLQGLH8QWHUVXFKXQJHLQEH]RJHQ%UDQFKHQDXVGHQ%HUHL
'LHVHU'DWHQVDW]ZLUGDP:,)2]ZHLPDOMlKUOLFKI U6RQGHUDXVZHUWXQJHQLP5DKPHQGHVLQWHUQHQ3URMHNWHV,1',
'9DXIEHUHLWHWGHQ%HDUEHLWHULQQHQGLHVHV3URMHNWHV²%LUJLW1RYRWQ\XQG0DULDQQH6FK|EHUO²VHLDQGLHVHU6WHOOHI U
GLH0LWKLOIH JHGDQNW (U ELHWHW HLQHXPIDVVHQGH 4XHOOH I U GLH $EVFKlW]XQJ GHV %HVWDQGHV DQ %HVFKlIWLJXQJVYHU
KlOWQLVVHQGHU=DKOGHU6WHOOHQEHVHW]XQJHQEHL'LHQVWJHEHUQXQGGHU$XIO|VXQJYRQ'LHQVWYHUKlOWQLVVHQXQGXPIDVVW
DXI LQGLYLGXHOOHU (EHQH GLH JHVDPWH %HVFKlIWLJXQJVJHVFKLFKWH DOOHU LP =HLWUDXP ELV VR]LDOYHUVLFKHUXQJV
SIOLFKWLJ XQVHOEVWlQGLJ EHVFKlIWLJWHQ 3HUVRQHQ ,QIRUPDWLRQHQ EHU GLH 'LHQVWJHEHU EHL GHQHQ GLHVH 3HUVRQHQ
EHVFKlIWLJWZDUHQVRZLH$QJDEHQ]XP(LQNRPPHQ%HPHVVXQJVJUXQGODJHGLHLQGHQ%HVFKlIWLJXQJVYHUKlOWQLVVHQ
HU]LHOWZXUGHQ'HU'DWHQVDW]HUODXEWGDKHUHLQH) OOHYRQ$XVVDJHQGDU EHUZLHYHUVFKLHGHQHVWLOLVLHUWH)DNWHQGHV
WLUROHU $UEHLWVPDUNWHV YRQ %HWULHEVFKDUDNWHULVWLND DEKlQJHQ GLH PLW 'DWHQ DXV GHU 6HNXQGlUVWDWLVWLN GHV +DXSWYHU
EDQGHVQLFKWP|JOLFKZlUHQ7URW]GHUXPIDVVHQGHQ0HOGHSIOLFKW ]XP+DXSWYHUEDQGZHUGHQLQGLHVHP'DWHQVDW]
DOOHUGLQJVQLFKWDOOH$NWLYLWlWHQHUIDVVW1LFKWLQNOXGLHUWVLQG3HUVRQHQXQG%HWULHEHGLHGHP+DXSWYHUEDQGGHU6R]LDO
YHUVLFKHUXQJVWUlJHU +9 QLFKW DXI LQGLYLGXHOOHU (EHQH JHPHOGHW ZHUGHQ hEHUGLHV HQWKlOW GHU 'DWHQVDW] EHL GHQ
%HDPWHQ 9HUVLFKHUXQJVWUlJHU%9$XQG GHQ (LVHQEDKQHUQ 9HUVLFKHUXQJVDQVWDOWGHU(LVHQEDKQHQ QXU VHKU JUREH
,QIRUPDWLRQHQ EHUGLHUHJLRQDOH=XRUGQXQJGHU%HVFKlIWLJWHQ8PHWZDLJHQ9HU]HUUXQJHQGXUFKQLFKWHQWKDOWHQH
'LHQVWJHEHU P|JOLFKVW DXV]XVFKOLH‰HQ ZXUGHQ GLH %UDQFKHQ 3RVW XQG )HUQPHOGHGLHQVWH g1$&( XQG
VRZLH%UDQFKHQPLWHLQHPKRKHQ$QWHLO|IIHQWOLFKHU'LHQVWJHEHU|IIHQWOLFKH9HUZDOWXQJ8QWHUULFKWVZHVHQ*HVXQG
KHLWVZHVHQ VRQVWLJH |IIHQWOLFKH 'LHQVWOHLVWXQJHQ DXV GHU 8QWHUVXFKXQJ DXVJHVFKORVVHQ 6RPLW LVW GLHVHU 'DWHQVDW]
WURW]GHUXPIDVVHQGHQ,QIRUPDWLRQHQNHLQH9ROOHUKHEXQJDOOHU:LUWVFKDIWVEHUHLFKH(UXPIDVVWDEHUHWZDGHULQ
7LUROODXW6HNXQGlUVWDWLVWLNJHPHOGHWHQ%HVFKlIWLJXQJVYHUKlOWQLVVH(VNDQQGDKHUQLFKWHUZDUWHWZHUGHQGDVVGLHDXV
GLHVHP 'DWHQVDW] JHZRQQHQHQ (UJHEQLVVH GHQ RIIL]LHOOHQ 'DWHQ HQWVSUHFKHQ 'LH 1 W]OLFKNHLW GHU ]XVlW]OLFKHQ
6RQGHUDXVZHUWXQJ EHVWHKW DOOHUGLQJV GDULQ DQKDQG HLQHU VHKU JUR‰HQ 7HLOPHQJH GHU QLFKW |IIHQWOLFKHQ
%HVFKlIWLJXQJLQ7LURO$XVVDJHQ EHU%HVFKlIWLJHUEHWULHEHXQG$UEHLWVNUlIWH]XHUP|JOLFKHQÃ

²²
FKHQ/DQGXQG)RUVWZLUWVFKDIW%HUJEDXXQG(QHUJLHZLUWVFKDIWVRZLH1LFKW0DUNWGLHQVWH]%
|IIHQWOLFKH9HUZDOWXQJEOLHEHQXQEHU FNVLFKWLJW
hEHUVLFKW %HGHXWXQJXQG(QWZLFNOXQJXQWHUVFKLHGOLFKHU%UDQFKHQJUXSSHQLQ7LUROV
6DFKJ WHUSURGXNWLRQ
'XUFKVFKQLWWOLFKHMlKUOLFKH:DFKVWXPVUDWHQXQG$QWHLOHDQGHU*HVDPWEHVFKlIWLJXQJLQ
7LURO gVWHUUHLFK 7LURO gVWHU
UHLFK
$QWHLOLQ
)RUZDUGÃXQGÃ%DFNZDUG/LQNDJHVÃ Ã Ã Ã Ã Ã Ã
+RKH,29HUIOHFKWXQJNRQ]HQWULHUW ² ²
+RKH,29HUIOHFKWXQJQLFKWNRQ]HQWULHUW ² ² ²
*HULQJH,29HUIOHFKWXQJ ² ²
)DNWRULQWHQVLWlWÃ Ã Ã Ã Ã Ã Ã
0DLQVWUHDP ² ²
.DSLWDOLQWHQVLY ² ² ²
0DUNHWLQJLQWHQVLY ² ² ²
7HFKQRORJLH6RIWZDUHLQWHQVLY ²
$UEHLWVLQWHQVLYQLHGULJH4XDOLILNDWLRQ ² ² ² ²
$UEHLWVLQWHQVLYKRKH4XDOLILNDWLRQ
6NLOO,QWHQVLWlWÃ Ã Ã Ã Ã Ã Ã
1LHGULJH4XDOLILNDWLRQ ² ² ²
0LWWOHUH4XDOLILNDWLRQ)DFKDUEHLWHURULHQWLHUW ² ² ²
0LWWOHUH4XDOLILNDWLRQ$QJHVWHOOWHQRULHQWLHUW ² ² ²
+RKH4XDOLILNDWLRQ ²
4XDOLWlWVZHWWEHZHUEÃ Ã Ã Ã Ã Ã Ã
*HULQJHU4XDOLWlWVZHWWEHZHUE ² ²
0LWWOHUHU4XDOLWlWVZHWWEHZHUE ² ² ²
+RKHU4XDOLWlWVZHWWEHZHUE ² ² ²
,QWHUQHÃ*U|‰HQYRUWHLOHÃ Ã Ã Ã Ã Ã Ã
1LHGULJHLQWHUQH6NDOHQHUWUlJH ² ² ² ²
0LWWOHUHLQWHUQH6NDOHQHUWUlJH “ ² ²
+RKHLQWHUQH6NDOHQHUWUlJH ²
([WHUQHÃ*U|‰HQYRUWHLOHÃ Ã Ã Ã Ã Ã Ã
/RNDOLVLHUWK|KHUH4XDOLILNDWLRQ ² ²
/RNDOLVLHUWQLHGULJH4XDOLILNDWLRQ ² ²
.HLQHUlXPOLFKH%DOOXQJ ² ² ²
6DFKJ WHUSURGXNWLRQLQVJHVDPW ² ²
4+9:,)2,1','90D\HUKRIHUòÃ3DOPH:,)2%HUHFKQXQJHQ²%DVLVXQVHOEVWlQGLJ%HVFKlIWLJWHDXI1$&(
6WHOOHU(EHQHH[NOXVLYH1LFKWPDUNWPl‰LJH'LHQVWOHLVWXQJHQ
'LHVH7\SRORJLHQ]HLJHQGDEHLGDVVGLHJUR‰HQ8QWHUVFKLHGHLQGHU%HVFKlIWLJXQJVHQWZLFN
OXQJ LP 6DFKJ WHUEHUHLFK DXFK DXI UHFKW HUKHEOLFKH 8QWHUVFKLHGH LQ GHU 6WDQGRUWJXQVW
]XU FN]XI KUHQ VLQG VLHKH hEHUVLFKW 1DFK )DNWRULQWHQVLWlWHQ ZHLVHQ DUEHLWVLQWHQVLYH
K|KHUTXDOLIL]LHUWH%UDQFKHQXQGWHFKQRORJLHLQWHQVLYHXQGVHLWGHU-DKUWDXVHQGZHQGHDXFK
PDUNHWLQJLQWHQVLYH XQG 0DLQVWUHDP%UDQFKHQ YHUJOHLFKVZHLVH KRKH :DFKVWXPVUDWHQ DXI
6WlUNHUORKQNRVWHQLQWHQVLYH%UDQFKHQZLH]XP%HLVSLHOGLHDUEHLWVLQWHQVLYHQJHULQJTXDOLIL]LHU
WHQ%UDQFKHQYHU]HLFKQHWHQKLQJHJHQ$UEHLWVSODW]YHUOXVWH(LQHlKQOLFKNODUH'LIIHUHQ]LHUXQJ

²²
]HLJW VLFK LQ GHU KLHU LQWHUHVVLHUHQGHQ 3HULRGH QDFK GHU 6NLOO XQG 4XDOLWlWVRULHQWLHUXQJ GHU
%UDQFKHQ%UDQFKHQPLWKRFKTXDOLIL]LHUWHQ0LWDUEHLWHUQXQG0LWDUEHLWHULQQHQVRZLHVROFKH
GLH HLQHQ KRKHQ $QJHVWHOOWHQDQWHLO DXIZHLVHQ N|QQHQ =XZDFKVUDWHQ DXIZHLVHQ ,Q QLHGULJ
TXDOLIL]LHUWHQ %UDQFKHQ XQG VHLW GHU -DKUWDXVHQGZHQGH LQ IDFKDUEHLWHULQWHQVLYHQ %UDQFKHQ
ZHUGHQ GDJHJHQ $UEHLWVSOlW]H YHUORUHQ (LQ 1HEHQHIIHNW GHV 6WUXNWXUZDQGHOV LQ GHU 6DFK
J WHUSURGXNWLRQ7LUROVLVW GDPLWHLQH9HUODJHUXQJ GHV3URGXNWLRQVVSHNWUXPVDXIKRFKZHUWLJH
)XQNWLRQHQ LQ GHU :HUWVFK|SIXQJVNHWWH ,PPHUKLQ VLQG KRFK TXDOLIL]LHUWH %UDQFKHQ LQ 7LURO
]XOHW]WVWlUNHUYHUWUHWHQDOVLQgVWHUUHLFKLQVJHVDPWREZRKOLPWHFKQRORJLHRULHQWLHUWHQ6HNWRU
LPPHUQRFKHLQ1DFKKROEHGDUIEHVWHKW
hEHUVLFKW %HGHXWXQJXQG(QWZLFNOXQJXQWHUVFKLHGOLFKHU%UDQFKHQJUXSSHQLQ7LUROV
'LHQVWOHLVWXQJHQ
'XUFKVFKQLWWOLFKHMlKUOLFKH:DFKVWXPVUDWHQXQG$QWHLOHDQGHU*HVDPWEHVFKlIWLJXQJLQ
7LURO gVWHUUHLFK 7LURO gVWHU
UHLFK
$QWHLOLQ
à à à à à à Ã
)RUZDUGÃXQGÃ%DFNZDUG/LQNDJHVÃ Ã Ã Ã Ã Ã Ã
+RKH,29HUIOHFKWXQJNRQ]HQWULHUW
+RKH,29HUIOHFKWXQJQLFKWNRQ]HQWULHUW
*HULQJH,29HUIOHFKWXQJ ²
)DNWRULQWHQVLWlWÃ Ã Ã Ã Ã Ã Ã
0DLQVWUHDP
.DSLWDOLQWHQVLY ² ²
6RIWZDUHLQWHQVLY
$UEHLWVLQWHQVLYQLHGULJH4XDOLILNDWLRQ
$UEHLWVLQWHQVLYKRKH4XDOLILNDWLRQ
6NLOO,QWHQVLWlWÃ Ã Ã Ã Ã Ã Ã
+|FKVWH$XVELOGXQJ
+|KHUH$XVELOGXQJ
)DFKDUEHLWHURULHQWLHUW “ ²
.HLQH$XVELOGXQJ
%DXZHVHQ ² ² ²
'LVWULEXWLYH'LHQVWH ²
3HUVRQHQEH]RJHQH'LHQVWH
3URGXNWLRQVQDKH'LHQVWH
([WHUQHÃ*U|‰HQYRUWHLOHÃ Ã Ã Ã Ã Ã Ã
/RNDOLVLHUWK|KHUH4XDOLILNDWLRQ
/RNDOLVLHUWQLHGULJH4XDOLILNDWLRQ
.HLQHUlXPOLFKH%DOOXQJ ²
+DQGHOEDUNHLWÃ Ã Ã Ã Ã Ã Ã
5HJLRQDOKDQGHOEDU ²
,QWHUQDWLRQDOKDQGHOEDU
'LHQVWOHLVWXQJHQLQVJHVDPW ²
4+9:,)2,1','9Ã0D\HUKRIHUòÃ3DOPH:,)2%HUHFKQXQJHQ²%DVLVXQVHOEVWlQGLJ%HVFKlIWLJWHDXI1$&(
6WHOOHU(EHQHH[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ

²²
,P'LHQVWOHLVWXQJVEHUHLFKYHUOlXIWGLH(QWZLFNOXQJEHLLQVJHVDPWGHXWOLFKK|KHUHU'\QDPLN
LQ HLQH lKQOLFKH 5LFKWXQJ +LHU ZDFKVHQ VHLW GHU -DKUWDXVHQGZHQGH DQQlKHUQG DOOH %UDQ
FKHQW\SHQ PLW $XVQDKPH GHU VRIWZDUHLQWHQVLYHQ %UDQFKHQ UDVFKHU DOV LQ gVWHUUHLFK XQG
DXFKKLHULVWLQGHQK|KHUZHUWLJHQ$NWLYLWlWHQLP%XQGHVOlQGHUYHUJOHLFKGDVK|KHUH:DFKV
WXPHUNHQQEDU,P*HJHQVDW]]XU6DFKJ WHUSURGXNWLRQYHUEOHLEWKLHUDOOHUGLQJVDXFKHLQZHL
WHUZDFKVHQGHVXQGYRP%HVFKlIWLJWHQDQWHLOGXUFKDXVEHGHXWHQGHV6HJPHQWYRQ'LHQVW
OHLVWXQJVEUDQFKHQPLWQLHGULJHQ4XDOLILNDWLRQVDQIRUGHUXQJHQZHOFKHVDXFKUDVFKHUZlFKVW
DOVLQgVWHUUHLFK+LHUG UIWHQLQ=XNXQIWDXFKGLH-REFKDQFHQI UXQTXDOLIL]LHUWH$UEHLWQHKPHU
XQG$UEHLWQHKPHULQQHQ]XILQGHQVHLQZHQQDXFK]XEHWRQHQEOHLEWGDVV7HLOHGLHVHV6HJ
PHQWV PLW GHU /LEHUDOLVLHUXQJ ]% GXUFK GLH (8'LHQVWOHLVWXQJVULFKWOLQLH XQG GHP $XVODXIHQ
GHU hEHUJDQJVUHJHOQ LQ GHU )UHL] JLJNHLW GHV 'LHQVWOHLVWXQJVYHUNHKUV PLW GHQ QHXHQ (80LW
JOLHGVOlQGHUQVSlWHVWHQVXQWHUYHUVWlUNWHQ:HWWEHZHUEVGUXFNJHUDWHQG UIWHQ
,QVJHVDPW]HLJWVLFKVRPLWDXFKDXIGLVVDJJUHJLHUWHU(EHQHHLQUHFKWGLIIHUHQ]LHUWHV%LOGGHU
%UDQFKHQHQWZLFNOXQJ LQ 7LURO $XV DUEHLWVPDUNWSROLWLVFKHU 6LFKW LVW GDEHL YRQ EHVRQGHUHU
%HGHXWXQJ GDVV LP 6DFKJ WHUEHUHLFK %UDQFKHQ PLW KRKHQ 4XDOLILNDWLRQVDQIRUGHUXQJHQ
GHXWOLFK K|KHUH %HVFKlIWLJXQJVDQVWLHJH DXVZHLVHQ ,P 'LHQVWOHLVWXQJVVHNWRU VWHLJW GLH
%HVFKlIWLJXQJWURW]HLQHU%HYRU]XJXQJK|KHUTXDOLIL]LHUWHU%UDQFKHQKLQJHJHQDXFKQRFKLQ
HLQLJHQ %UDQFKHQ PLW JHULQJHUHQ 4XDOLILNDWLRQVDQIRUGHUXQJHQ 'HU 'LHQVWOHLVWXQJVEHUHLFK LVW
GDPLWMHQHU%HUHLFKLQGHP²ZHQQDXFKLQGHXWOLFKJHULQJHUHP$XVPD‰DOVI UK|KHUTXDOLIL
]LHUWH²DXFK$UEHLWVSOlW]HI UQLHGULJTXDOLIL]LHUWH3HUVRQHQHQWVWHKHQN|QQWHQ
%HWULHEOLFKH:DFKVWXPVSUR]HVVHLQ7LURO
1HEHQ%HVWDQGVYHUJOHLFKHQDXI%UDQFKHQHEHQHHUODXEWGHU,QGLYLGXDOGDWHQVDW]GHV+DXSW
YHUEDQGHV DXFK HLQH $QDO\VH GHU +HWHURJHQLWlW EHWULHEOLFKHU :DFKVWXPVSUR]HVVH 6HOEVW LQ
ZDFKVHQGHQ %UDQFKHQ JLEW HV VFKUXPSIHQGH %HWULHEH XQG LQ VFKUXPSIHQGHQ %UDQFKHQ
ZDFKVHQ RIWPDOV HLQ]HOQH %HWULHEH 1HXHUH 8QWHUVXFKXQJHQ ]X GHQ 'HWHUPLQDQWHQ GHV
%HVFKlIWLJXQJVZDFKVWXPV VLHKH]%'DYLV²+DOWLZDQJHUVWHOOHQGDKHU EHUZLHJHQG
DXI %HVWDQGVYHUJOHLFKH DXI 8QWHUQHKPHQVHEHQH DE 6LH EHWRQHQ GHQ SHUPDQHQWHQ 8P
VFKODJ DQ $UEHLWVSOlW]HQ GHQ GHU 6WUXNWXUZDQGHO LQQHUKDOE HLQHU %UDQFKH DXVO|VW 8P GLH
+HWHURJHQLWlW GHU EHWULHEOLFKHQ :DFKVWXPVSUR]HVVH LQ 7LURO LP 9HUJOHLFK ]X gVWHUUHLFK ]X
XQWHUVXFKHQZXUGHGDEHLIROJHQGH²LQGHU/LWHUDWXURIWPDOVYHUZHQGHWH²9RUJHKHQVZHLVH
JHZlKOW
• =XQlFKVWZXUGHQDOOH%HVFKlIWLJHUEHWULHEH DXVJHZlKOWGLHLQQHUKDOEHLQHV-DKUHVHLQH
%HVFKlIWLJXQJV]XQDKPHYHU]HLFKQHWHQXQGGLH6XPPHDOOHU%HVFKlIWLJXQJVYHUlQGHUXQ
JHQLQGLHVHQ%HWULHEHQEHUHFKQHW,P(LQNODQJPLWGHULQGHU/LWHUDWXU EOLFKHQ%H]HLFK
'D GLH 0HOGHNRQWHQ LP DQRQ\PLVLHUWHQ 'DWHQVDW] QLFKW ]ZLVFKHQ %HWULHEV XQG 8QWHUQHKPHQVNRQ]HSW WUHQQHQ
XQG EHUGLHVQXU(LQKHLWHQDXIJHQRPPHQZHUGHQGLH]XPLQGHVWHLQHQXQVHOEVWlQGLJ%HVFKlIWLJWHQKDEHQZHUGHQ
GLHPHOGHQGHQ(LQKHLWHQLQGLHVHP'DWHQVDW]DOV%HVFKlIWLJHUEHWULHEHEH]HLFKQHWVLHKHGD]XDXFK$EVFKQLWW

²²
QXQJVLHKHGD]X]%'DYLV²+DOWLZDQJHUZLUGGLHVH=DKODOV$UEHLWVSODW]VFKDIIXQJ
-RE&UHDWLRQEH]HLFKQHW
• $QVFKOLH‰HQG ZXUGHQ DOOH %HVFKlIWLJHUEHWULHEH DXVJHZlKOW GLH LQQHUKDOE HLQHV -DKUHV
%HVFKlIWLJWHQU FNJlQJHYHU]HLFKQHWHQXQGGLH6XPPHDOOHULQGLHVHQ%HWULHEHQYHUORUH
QHQ $UEHLWVSOlW]H EHUHFKQHW 'LHVH ZLUG DOV $UEHLWVSODW]YHUQLFKWXQJ -RE 'HVWUXFWLRQ
EH]HLFKQHW
• 'LH 6XPPH DXV $UEHLWVSODW]VFKDIIXQJ XQG YHUQLFKWXQJ PLQXV GHU 1HWWREHVWDQGVYHUlQ
GHUXQJ LVW GHU $UEHLWVSODW]XPVFKODJ -RE5HDOORFDWLRQ 'LHVH OHW]WH .HQQ]DKO NDQQ DOV
,QGLNDWRUI UGLH+HWHURJHQLWlWEHWULHEOLFKHU:DFKVWXPVSUR]HVVHLQWHUSUHWLHUWZHUGHQGD
VLHDQJLEWZLHKRFKGHU%UXWWR8PVFKODJDQ$UEHLWVSOlW]HQLQQHUKDOEHLQHU%UDQFKHLVW
$EELOGXQJ $UEHLWVSODW]VFKDIIXQJQDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
,QGHUXQVHOEVWlQGLJ%HVFKlIWLJWHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
2EHU|VWHUUHLFK
6WHLHUPDUN
.lUQWHQ
6DO]EXUJ
7LURO
9RUDUOEHUJ
4+9:,)2,1','9:,)2%HUHFKQXQJHQ²'DWHQH[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ
$EELOGXQJHQ ELV VWHOOHQ GLH (QWZLFNOXQJ YRQ $UEHLWVSODW]VFKDIIXQJ YHUQLFKWXQJ XQG
XPVFKODJI UGHQ=HLWUDXPELVLQ3UR]HQWGHU%HVFKlIWLJXQJQDFK%XQGHVOlQGHUQ
GDU ,Q GLHVHP =HLWUDXP ZXUGHQ LQ 7LURO SUR -DKU ]ZLVFKHQ XQG GHU EHVWHKHQGHQ
$UEHLWVSOlW]HQHXJHVFKDIIHQXQGHLQ]XPHLVWHWZDVNOHLQHUHU3UR]HQWVDW]YHUQLFKWHW'LHVHQW
VSULFKWGHU6FKDIIXQJYRQMlKUOLFKHWZDQHXHQ$UEHLWVSOlW]HQXQGGHU9HUQLFKWXQJYRQ
HWZDSUR-DKU,PODQJMlKULJHQ'XUFKVFKQLWWOLHJWGDPLWGHU$UEHLWVXPVFKODJLQ7LUROLP

²²
9HUKlOWQLV ]XU $Q]DKO GHU %HVFKlIWLJXQJVYHUKlOWQLVVH LQ HWZD LP |VWHUUHLFKLVFKHQ 'XUFK
VFKQLWW ZREHL GLH $UEHLWVSODW]YHUQLFKWXQJ HWZDV XQWHU GHP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW
OLHJWXQGGLH$UEHLWVSODW]VFKDIIXQJ EHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW'LH+HWHURJHQL
WlWEHWULHEOLFKHU:DFKVWXPVSUR]HVVHG UIWHGDKHULQ7LUROHWZDVJHULQJHUVHLQDOVLQgVWHUUHLFK
LQVJHVDPW'LHVLVWLQVRIHUQYRQ9RUWHLOZHLO:LUWVFKDIWHQLQGHQHQHLQJHULQJHU $UEHLWVSODW]
XPVFKODJ EHVWHKW DXFK JHULQJHUH 5HDOORNDWLRQVQRWZHQGLJNHLWHQ KDEHQ ZDV LQ ZHLWHUHU
)ROJH]XHLQHUJHULQJHUHQ$UEHLWVORVLJNHLWEHLWUlJW
$EELOGXQJ $UEHLWVSODW]YHUQLFKWXQJQDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
,QGHUXQVHOEVWlQGLJ%HVFKlIWLJWHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
2EHU|VWHUUHLFK
6WHLHUPDUN
.lUQWHQ
6DO]EXUJ
7LURO
9RUDUOEHUJ
4+9:,)2,1','9:,)2%HUHFKQXQJHQ²'DWHQH[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ
1HEHQ$XVVDJHQ]XU+HWHURJHQLWlWGHUEHWULHEOLFKHQ:DFKVWXPVSUR]HVVHNDQQDQKDQGGLH
VHU6WDWLVWLNHQDXFKGLH6WUXNWXUGHV%HVFKlIWLJXQJVZDFKVWXPVDQDO\VLHUWZHUGHQVLHKHhEHU
VLFKW7LUROZHLVWGDEHLLP9HUJOHLFK]XP EULJHQgVWHUUHLFKDXFKHLQHQK|KHUHQ%HVFKlI
WLJXQJVDQWHLO LQ NOHLQHUHQ %HVFKlIWLJHUEHWULHEHQ DQ GHU *HVDPWEHVFKlIWLJXQJ DXI 'LHVHV
NOHLQEHWULHEOLFKH 6HJPHQW LVW GDEHL VRZRKO I U GLH $UEHLWVSODW]VFKDIIXQJ DOV DXFK YHUQLFK
WXQJ GDV ZLFKWLJVWH $QQlKHUQG GHU LQ 7LURO LP =HLWUDXP ELV JHVFKDIIHQHQ
$UEHLWVSOlW]HZXUGHQLQNOHLQHQ%HVFKlIWLJHUEHWULHEHQPLW]ZLVFKHQHLQHPXQG%HVFKlIWL
'DHVVLFKEHL$UEHLWVSODW]VFKDIIXQJXQGYHUQLFKWXQJXP%UXWWR]DKOHQKDQGHOWLVWGHU1HWWR]XZDFKVDQ%HVFKlI
WLJXQJVYHUKlOWQLVVHQ GHU VLFK DXV GHU 'LIIHUHQ] YRQ $UEHLWVSODW]VFKDIIXQJ XQG YHUQLFKWXQJ HUJLEW LQ 7LURO DOOHUGLQJV
K|KHUDOVLQgVWHUUHLFKLQVJHVDPW

²²
JXQJVYHUKlOWQLVVHQJHVFKDIIHQ,P EULJHQgVWHUUHLFKODJGLHVHU$QWHLOEHLUXQG%HVFKlI
WLJHUEHWULHEH PLW EHU %HVFKlIWLJXQJVYHUKlOWQLVVHQ WUXJHQ GDJHJHQ LQ 7LURO PLW UXQG
ZHQLJHU]XU $UEHLWVSODW]VFKDIIXQJEHLDOVLP EULJHQgVWHUUHLFK(LQHQGHXWOLFKXQWHU
GXUFKVFKQLWWOLFKHQ%HLWUDJ]XP%HVFKlIWLJXQJVDQVWLHJOHLVWHWDXFKGDV6HJPHQWGHU%HVFKlI
WLJHUEHWULHEH PLW ]ZLVFKHQ ELV %HVFKlIWLJWHQ 'LHVH %HVFKlIWLJHUEHWULHEH WUXJHQ ]ZL
VFKHQ XQG LQ 7LURO HWZD ]X GHQ JHVDPWHQ QHX JHVFKDIIHQHQ $UEHLWVSOlW]HQ
EHLLQgVWHUUHLFKODJGHU$QWHLOGLHVHU%HVFKlIWLJHUEHWULHEHKLQJHJHQEHL
$EELOGXQJ $UEHLWVSODW]XPVFKODJQDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
,QGHUXQVHOEVWlQGLJ%HVFKlIWLJWHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
2EHU|VWHUUHLFK
6WHLHUPDUN
.lUQWHQ
6DO]EXUJ
7LURO
9RUDUOEHUJ
4+9:,)2,1','9²'DWHQH[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ
'LH LQ 7LURO DQVlVVLJHQ .OHLQEHWULHEH WUDJHQ DEHU DXFK YLHO ]XU $UEHLWVSODW]YHUQLFKWXQJ EHL
)DVW GUHL 9LHUWHO GHU LQ 7LURO LP =HLWUDXP ELV YHUQLFKWHWHQ $UEHLWVSOlW]H ZXUGHQ LQ
%HVFKlIWLJHUEHWULHEHQ PLW HLQHP %HVFKlIWLJWHQVWDQG YRQ ZHQLJHU DOV %HVFKlIWLJWHQ YHU
QLFKWHWZlKUHQGGHU$QWHLOGHU%HVFKlIWLJHUEHWULHEHPLWPHKUDOV%HVFKlIWLJWHQDQGHU
JHVDPWHQ$UEHLWVSODW]YHUQLFKWXQJXQWHUODJ
%HWUDFKWHW PDQ GLH 'LIIHUHQ] ]ZLVFKHQ $UEHLWVSODW]YHUQLFKWXQJ XQG VFKDIIXQJ LQ GHU
$UEHLWVSOlW]H DOV HLQHQ ,QGLNDWRU I U GDV 1HWWREHVFKlIWLJXQJVZDFKVWXP HUZLHVHQ VLFK ]ZDU
DXFK GLH NOHLQHQ %HVFKlIWLJHUEHWULHEH 7LUROV DOV ZDFKVWXPVVWlUNHU DOV LP EULJHQ gVWHUUHLFK
'HU JU|‰WH 8QWHUVFKLHG LQ GLHVHQ 1HWWRZDFKVWXPVUDWHQ EHVWHKW DOOHUGLQJV EHL GHQ JUR‰HQ
%HVFKlIWLJHUEHWULHEHQ GLH ]XPHLVW LQ GHU 6DFKJ WHUSURGXNWLRQ DQJHVLHGHOW VLQG ,P EULJHQ
gVWHUUHLFKZDUGLH%HVFKlIWLJXQJLQGLHVHQ%HVFKlIWLJHUEHWULHEHQOHLFKWU FNOlXILJLQ7LUROLVW
VLHDEHULP=HLWUDXPELVGHXWOLFKJHVWLHJHQ

²²
hEHUVLFKW 6WUXNWXUGHU$UEHLWVSODW]VFKDIIXQJXQGYHUQLFKWXQJQDFK
%HVFKlIWLJHUEHWULHEVJU|‰H
%DVLVXQVHOEVWlQGLJ%HVFKlIWLJWHDXI1$&(6WHOOHU(EHQH
$Q]DKO
%HVFKlIWLJXQJVYHUKlOWQLVVH
hEULJHV 7LURO
gVWHUUHLFK
*HVFKDIIHQH
$UEHLWVSOlW]H
hEULJHV 7LURO
gVWHUUHLFK
$QWHLOHLQ
9HUQLFKWHWH
$UEHLWVSOlW]H
hEULJHV 7LURO
gVWHUUHLFK
ELV
ELV
ELV
ELV
ELV
XQGPHKU%HVFKlIWLJWH
,QGHU%HVFKlIWLJXQJVYHUKlOWQLVVH
ELV
ELV
ELV
ELV
ELV
XQGPHKU%HVFKlIWLJWH
,QVJHVDPW
4 +9 :,)2,1','9 :,)2%HUHFKQXQJHQ ² =DKOHQ VLQG 'XUFKVFKQLWWVZHUWH I U GLH -DKUH ELV 'DWHQ
H[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ
=XVDPPHQIDVVHQGOlVVWVLFKGDPLWIHVWKDOWHQGDVVGDVKRKH%HVFKlIWLJXQJVZDFKVWXPLQ7LURO
DXI HLQ]HOEHUWULHEOLFKHU (EHQH DXV GHP =XVDPPHQWUHIIHQ ]ZHLHU 7HQGHQ]HQ HQWVWHKW =XP
HLQHQ ZHUGHQ LQ NOHLQHQ %HVFKlIWLJHUEHWULHEHQ DQWHLOVPl‰LJ EHVRQGHUV YLHOH $UEHLWVSOlW]H
JHVFKDIIHQ,QLKQHQJHKHQDEHUDXFKEHVRQGHUVYLHOH$UEHLWVSOlW]HYHUORUHQVRGDVVVLHYRU
DOOHPGXUFKHLQHEHVRQGHUVKRKH7XUEXOHQ]JHSUlJWVLQG.OHLQH%HVFKlIWLJHUEHWULHEHVWHOOHQ
GDKHUHLQZDFKVWXPVVWDUNHVDEHUVHKUKHWHURJHQHV6HJPHQWGDU=XPDQGHUHQVLQGGLHJU|
‰HUHQ %HVFKlIWLJHUEHWULHEH GDV VWDELOH (OHPHQW LQ GHU %HVFKlIWLJXQJVHQWZLFNOXQJ LQ 7LURO ,Q
LKQHQ ZHUGHQ ]ZDU DQWHLOVPl‰LJ ZHQLJH $UEHLWVSOlW]H JHVFKDIIHQ GDI U ZHUGHQ LQ GLHVHQ
%HVFKlIWLJHUEHWULHEHQ DEHU QRFK ZHQLJHU $UEHLWVSOlW]H YHUQLFKWHW VRGDVV GLHVH %HWULHEH LQ
HUKHEOLFKHP0D‰H]XP%HVFKlIWLJXQJVZDFKVWXPEHLWUDJHQ
1DFKKDOWLJNHLWGHUEHWULHEOLFKHQ$UEHLWVSODW]VFKDIIXQJXQGYHUQLFKWXQJ
=XHLQHPlKQOLFKHQ6FKOXVVNRPPWPDQZHQQPDQGLH1DFKKDOWLJNHLWGHU$UEHLWVSODW]VFKDI
IXQJXQG²YHUQLFKWXQJEHWUDFKWHWhEHUVLFKWVWHOOW.HQQ]DKOHQ]XU1DFKKDOWLJNHLWEHWULHEOL
FKHU:DFKVWXPVSUR]HVVHLQ7LUROXQGLP EULJHQgVWHUUHLFKGDU'DEHLZXUGHQ]XQlFKVWDOOH
%HVFKlIWLJHUEHWULHEH DXVJHZlKOW GLH LQ HLQHP -DKU QHXH $UEHLWVSOlW]H VFKXIHQ YHUQLFKWH
WHQ $QVFKOLH‰HQG ZXUGH IHVWJHVWHOOW ZLH YLHOH GLHVHU $UEHLWVSOlW]H LQ GHQ )ROJHMDKUHQ LQ
GLHVHQ%HWULHEHQZLHGHUYHUQLFKWHWQHXJHVFKDIIHQZXUGHQ'HU$QWHLOGHU EHUOHEHQGHQ

²²
DQ GHQ LP HUVWHQ -DKU JHVFKDIIHQHQ YHUQLFKWHWHQ $UEHLWVSOlW]HQ NDQQ DOV 1DFKKDOWLJNHLW
GHU$UEHLWVSODW]VFKDIIXQJE]ZYHUQLFKWXQJLQWHUSUHWLHUWZHUGHQ
'LH LQ hEHUVLFKW GDUJHVWHOOWHQ =DKOHQ ]HLJHQ VRPLW GDVV YRQ QHX JHVFKDIIHQHQ
$UEHLWVSOlW]HQLQGHQ-DKUHQELVLQHLQHP%HVFKlIWLJHUEHWULHELP EULJHQgVWHUUHLFK
QDFKHLQHP-DKUQRFKHWZDEHVWDQGHQQDFK]ZHL-DKUHQQRFKXQGQDFKGUHL-DK
UHQQXUPHKU
1HXJHVFKDIIHQH$UEHLWVSOlW]HLQ7LUROVLQGGDEHLQDFKKDOWLJHUDOVLP EULJHQgVWHUUHLFKXQG
GLH:DKUVFKHLQOLFKNHLWGDVVHLQHLQPDOYHUORUHQJHJDQJHQHU$UEHLWVSODW]LQGHQ)ROJHMDKUHQ
ZLHGHUEHVHW]WZLUGLVWGHXWOLFKK|KHU9RQLQHLQHP-DKUQHXJHVFKDIIHQHQ$UEHLWVSOlW
]HQEHVWHKHQLPPHKUMlKULJHQ9HUJOHLFKQDFKGUHL-DKUHQLQ7LUROQRFK9RQLQHLQHP
-DKU YHUQLFKWHWHQ $UEHLWVSOlW]HQ VLQG LP PHKUMlKULJHQ 'XUFKVFKQLWW GUHL -DKUH VSlWHU QRFK
YHUEOLHEHQ
hEHUVLFKW 1DFKKDOWLJNHLWGHUJHVFKDIIHQHQXQGYHUQLFKWHWHQ$UEHLWVSOlW]HQDFK
%HVFKlIWLJHUEHWULHEVJUXSSHQ
9RQQHXJHVFKDIIHQHQ$UEHLWVSOlW]HQYHUEOHLEHQ
QDFK-DKU QDFK-DKU QDFK-DKUHQ
hEULJHV 7LURO hEULJHV 7LURO hEULJHV 7LURO
gVWHUUHLFK
gVWHUUHLFK
gVWHUUHLFK
ELV
ELV
ELV
ELV
ELV
XQGPHKU%HVFKlIWLJWH
,QVJHVDPW
9RQYHUQLFKWHWHQ$UEHLWVSOlW]HQYHUEOHLEHQ
QDFK-DKU QDFK-DKU QDFK-DKUHQ
ELV
ELV
ELV
ELV
ELV
XQGPHKU%HVFKlIWLJWH
,QVJHVDPW
4+9:,)2,1','9:,)2%HUHFKQXQJHQ²=DKOHQVLQG'XUFKVFKQLWWVZHUWH EHUGLH-DKUHELV'DWHQVLQG
H[NOXVLYHGHU1LFKW0DUNW'LHQVWOHLVWXQJHQ
6LHKHGD]X'DYLVÃÃ+DOWLZDQJHUVRZLH%|KHLPÃHWÃDO

²²
'LHK|KHUH3HUVLVWHQ]GHU$UEHLWSODW]VFKDIIXQJLQ7LUROZLUGGDEHLYRUDOOHPYRQGHQJU|‰HUHQ
%HVFKlIWLJHUEHWULHEHQYHUXUVDFKW'LH.OHLQEHWULHEHPLWZHQLJHUDOV%HVFKlIWLJWHQKDEHQ
LQ 7LURO GHPJHJHQ EHU HLQH GXUFKVFKQLWWOLFKH 1DFKKDOWLJNHLW GHU $UEHLWVSODW]VFKDIIXQJ 'LH
1DFKKDOWLJNHLWGHU $UEHLWVSODW]YHUQLFKWXQJLVWKLQJHJHQEHL8QWHUQHKPHQDOOHU*U|‰HQJUXS
SHQXQWHUGXUFKVFKQLWWOLFK
8QWHUQHKPHQVJU QGXQJHQ
,Q GHU |IIHQWOLFKHQ 'HEDWWH ZLH DXFK GHU ZLUWVFKDIWVZLVVHQVFKDIWOLFKHQ /LWHUDWXU ZHUGHQ
QHEHQ%HWULHEVDQVLHGOXQJHQDXFK8QWHUQHKPHQVJU QGXQJHQDOVHLQH0|JOLFKNHLWJHVHKHQ
XP:DFKVWXPXQG%HVFKlIWLJXQJ]XHUK|KHQXQGHUKDOWHQGDKHUDXFKLQGHUHXURSlLVFKHQ
%HVFKlIWLJXQJVLQLWLDWLYH EHVRQGHUH $XIPHUNVDPNHLW 1HX JHJU QGHWH 8QWHUQHKPHQ ELHWHQ
RIWPDOVQHXH3URGXNWHDQXQGZHLVHQHLQHQK|KHUHQWHFKQLVFKHQ6WDQGDUGDXIDOVEHVWHKHQ
GH8QWHUQHKPHQ'DKHUVLQGVLHLP'XUFKVFKQLWWSURGXNWLYHUXQGZDFKVHQUDVFKHU6LHWUDJHQ
GHPHQWVSUHFKHQG EHUSURSRUWLRQDO ]XP %HVFKlIWLJXQJV XQG 3URGXNWLYLWlWVZDFKVWXP EHL
VLHKH]%%DUWHOVPDQ−'RPV 'HPJHJHQ EHUZHUGHQDEHUJHUDGHLP+LQEOLFNDXI
GLH$XVZLUNXQJHQYRQ8QWHUQHKPHQVJU QGXQJHQDXIGHQ$UEHLWVPDUNWDXFK%HI UFKWXQJHQ
JHlX‰HUW 6R ZLUG YRQ .ULWLNHUQ GLH EHVFKlIWLJXQJVVFKDIIHQGH )XQNWLRQ YRQ 8QWHUQHKPHQV
JU QGXQJHQ RIWPDOV EH]ZHLIHOW 1HX JHJU QGHWH 8QWHUQHKPHQ VWHKHQ HLQHP EHVRQGHUV
KRKHQ ([LVWHQ]ULVLNR JHJHQ EHU XQG GLH LQ GLHVHQ 8QWHUQHKPHQ QHX JHVFKDIIHQHQ $UEHLWV
SOlW]HVLQGGHPQDFKQLFKWEHVRQGHUVQDFKKDOWLJhEHUGLHVNDQQJHUDGHGLH*U QGXQJYRQ
SURGXNWLYHUHQ 8QWHUQHKPHQ DXFK GD]X I KUHQ GDVV EHU GHQ :HWWEHZHUEVSUR]HVV OlQJHU
EHVWHKHQGH 8QWHUQHKPHQ $UEHLWVSOlW]H DEEDXHQ VLHKH *|JJHO− *UlE− 3IHLIIHU
3IHLIIHU (V ZHUGHQ GDKHU ]XP HLQHQ HLQH EHUPl‰LJH '\QDPLVLHUXQJ GHV %HVFKlIWL
JXQJVV\VWHPVXQG]XPDQGHUHQHLQ1HWWRYHUOXVWDQ$UEHLWVSOlW]HQEHI UFKWHW
:lKUHQG LQ GHU LQWHUQDWLRQDOHQ /LWHUDWXU GHU =XVDPPHQKDQJ ]ZLVFKHQ 8QWHUQHKPHQVJU Q
GXQJHQ :DFKVWXP XQG $UEHLWVPDUNWHQWZLFNOXQJ NRQWURYHUVLHOO GLVNXWLHUW ZLUG JLEW HV LQ
gVWHUUHLFK QRFK ZHQLJH 8QWHUVXFKXQJHQ ]X GLHVHP 7KHPD 'DWHQ EHU 1HXJU QGXQJHQ
YRQ 8QWHUQHKPHQ LQ gVWHUUHLFK HQWVWDPPHQ ]ZHL 4XHOOHQ ]XP HLQHQ GHU 0LWJOLHGHUVWDWLVWLN
GHU:LUWVFKDIWVNDPPHUVLHKH:LUWVFKDIWVNDPPHUXQG]XPDQGHUHQGHU6R]LDOYHUVLFKH
UXQJVVWDWLVWLN%HLGH'DWHQVlW]HOHLGHQDQGHUVHOEHQ6FKZlFKH'DVRZRKOGLH0LWJOLHGVFKDIW
LQ GHU .DPPHU ZLH DXFK GDV )LUPHQNRQWR LQ GHU 6R]LDOYHUVLFKHUXQJVVWDWLVWLN DQ GHQ )LUPHQ
QDPHQ JHEXQGHQ LVW ZHUGHQ QHEHQ 1HXJU QGXQJHQ DXFK VlPWOLFKH RUJDQLVDWRULVFKHQ
bQGHUXQJHQHLQHU)LUPDGLHPLWHLQHUbQGHUXQJGHV)LUPHQQDPHQVYHUEXQGHQVLQG]XP%HL
VSLHO 5HFKWVIRUPlQGHUXQJHQ %HWULHEV EHUQDKPHQ %HWULHEV]HUOHJXQJHQ )XVLRQHQ )LOLDO
1HEHQGLHVHQZHUGHQLQGHU/LWHUDWXUDXFKQRFKZHLWHUHSRVLWLYH $XVZLUNXQJHQYRQ8QWHUQHKPHQVJU QGXQJHQ
GLVNXWLHUWÃ'XOOHNÃ−Ã)ULMWHUVÃ−Ã:LQWHU(EPHUÃDUJXPHQWLHUHQ]XP%HLVSLHOGDVVGLH*U QGXQJYRQ8QWHUQHKPHQLP
K|KHU TXDOLIL]LHUWHQ %HUHLFK DXIJUXQG GHU VWHLJHQGHQ 1DFKIUDJH QDFK KRFKTXDOLIL]LHUWHQ $UEHLWVNUlIWHQ DXFK GLH
$QUHL]HI U%LOGXQJHUK|KW
0D\HUKRIHUVSULFKWLQGLHVHP=XVDPPHQKDQJYRQ*U QGXQJHQDOVXQEHNDQQWHU*U|‰H

²²
JU QGXQJHQDOV1HX]XJlQJHGHU.DPPHUXQGGHU6R]LDOYHUVLFKHUXQJVVWDWLVWLNUHJLVWULHUW'LH
=XQDKPHDQ)LUPHQLVWLQGLHVHQ6WDWLVWLNHQVRPLWK|KHUDOVGLHHFKWHQ1HXJU QGXQJHQ
8P GLHVH 9HU]HUUXQJ ]X EHKHEHQ YHU|IIHQWOLFKW GLH :LUWVFKDIWVNDPPHU DXFK EHUHLQLJWH
'DWHQ'DEHLZHUGHQDOOH1HXDQPHOGXQJHQDXVJHVFKLHGHQEHLGHQHQVLFKJHJHQ EHUHL
QHP EHVWHKHQGHQ 8QWHUQHKPHQ ZHGHU GLH $GUHVVH QRFK GLH )DFKJUXSSHQPLWJOLHGVFKDIW
YHUlQGHUW'HV:HLWHUHQZHUGHQDOOH%HUHFKWLJXQJHQDXVJHVFKLHGHQGLHELQQHQ0RQDWHQ
DOVUXKHQGHUNOlUWRGHUJHO|VFKWZXUGHQVRZLHDOOHMHQH8QWHUQHKPHQGHUHQ:LUNVDPNHLW
PHKUDOV0RQDWHEHWUXJXQGDOOH1HEHQEHWULHEH
/DXWGLHVHUEHUHLQLJWHQ6WDWLVWLNZXUGHQLP=HLWUDXPELVLQ7LUROQHXH8QWHU
QHKPHQ JHJU QGHW 'LHV VLQG DOOHU LQ gVWHUUHLFK JHJU QGHWHQ 8QWHUQHKPHQ %H]RJHQ
DXIGLH=DKOGHULP-DKUEHLGHU:LUWVFKDIWVNDPPHUJHPHOGHWHQ8QWHUQHKPHQOLHJW7LURO
GDPLWDXIGHPOHW]WHQ3ODW]LQGHU*U QGXQJVLQWHQVLWlW
hEHUVLFKW
*U QGXQJVTXRWHQLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
1HXJU QGXQJHQLQGHUEHVWHKHQGHQ8QWHUQHKPHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
4:.g
1HEHQGHQ*U QGXQJVTXRWHQVLQGI UQHXJHJU QGHWH8QWHUQHKPHQDEHUDXFKGLHhEHUOH
EHQVTXRWHQ EHVRQGHUV ZLFKWLJ (LQH EUHLWH HPSLULVFKH /LWHUDWXU ]HLJW QlPOLFK GDVV JHUDGH
MXQJH 8QWHUQHKPHQ HLQHP EHVRQGHUV KRKHQ hEHUOHEHQVULVLNR JHJHQ EHU VWHKHQ =XP %HL
VSLHO EHUOHEHQQDFKQHXHVWHQ=DKOHQGHU:LUWVFKDIWVNDPPHUVLHKHhEHUVLFKWQXUHWZD
GHULQHLQHP-DKUJHJU QGHWHQ8QWHUQHKPHQGLHHUVWHQGUHL-DKUHLKUHV%HVWHKHQV
GHU8QWHUQHKPHQZHUGHQLQGLHVHP=HLWUDXPZLHGHUJHVFKORVVHQ'DV5LVLNRQLFKW]X EHUOH
EHQLVWGDEHLYRUDOOHPLP]ZHLWHQXQGGULWWHQ-DKUHLQHV8QWHUQHKPHQVKRFKXQGIODFKWLQ
GHQ)ROJHMDKUHQZLHGHUDE
8QWHUGHU:LUNVDPNHLWGHV8QWHUQHKPHQVZLUGMHQHU=HLWUDXPYHUVWDQGHQGHU]ZLVFKHQGHU$XIQDKPHGHV8QWHU
QHKPHQVXQGGHP0LWJOLHGVFKDIWVDQWUDJEHLGHU.DPPHUYHUJHKW

²²
,Q7LUROLVWGDEHLGLHhEHUOHEHQVZDKUVFKHLQOLFKNHLWYRQQHXJHJU QGHWHQ8QWHUQHKPHQK|KHU
DOV LQ GHQ PHLVWHQ DQGHUHQ %XQGHVOlQGHUQ ,Q 7LURO EHUOHEHQ UXQG GHU LQ HLQHP -DKU
JHJU QGHWHQ8QWHUQHKPHQLKUVLHEHQWHV/HEHQVMDKUQXULQ1LHGHU|VWHUUHLFKXQG6DO]EXUJLVW
GLHVH hEHUOHEHQVZDKUVFKHLQOLFKNHLW QRFK K|KHU 'LH EHVRQGHUV NULWLVFKHQ HUVWHQ GUHL -DKUH
EHUOHEHQLQ7LUROGHULQHLQHP-DKUJHJU QGHWHQ8QWHUQHKPHQ'LHVHhEHUOHEHQVZDKU
VFKHLQOLFKNHLW LVW QXU LQ 1LHGHU|VWHUUHLFK 6DO]EXUJ XQG .lUQWHQ K|KHU $XIIDOOHQG LVW GDEHL
GDVVGLHhEHUOHEHQVZDKUVFKHLQOLFKNHLW EHUGUHL-DKUH]ZLVFKHQGHQ%XQGHVOlQGHUQPLWGHU
*U QGXQJVLQWHQVLWlWQHJDWLYNRUUHOLHUWLVW (LQHK|KHUH*U QGXQJLQWHQVLWlWI KUWGDKHUDXFK
]XHLQHUJHULQJHUHQhEHUOHEHQVZDKUVFKHLQOLFKNHLW$OOHUGLQJVOLHJW7LUROXQWHUKDOEGHUJHGDFK
WHQ5HJUHVVLRQVJHUDGHQ]ZLVFKHQGLHVHQEHLGHQ9DULDEOHQZDVDXIHLQH]XQLHGULJH=DKODQ
*U QGXQJHQEHLJHJHEHQHUhEHUOHEHQVUDWHKLQGHXWHW
hEHUVLFKW hEHUOHEHQVTXRWHQYRQQHXJHJU QGHWHQ8QWHUQHKPHQLQGHQ
|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
hEHUOHEHQGH1HXJU QGXQJHQLQDOOHU1HXJU QGXQJHQ
-DKUH -DKUH -DKUH -DKUH -DKUH -DKUH -DKU
:LHQ
%XUJHQODQG
1LHGHU|VWHUUHLFK
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
gVWHUUHLFK
4:.g
$XVDUEHLWVPDUNWSROLWLVFKHU6LFKWZlUHQHEHQGHQUHLQHQ*U QGXQJV]DKOHQDXFKGLH $Q]DKO
GHU LQ QHX JHJU QGHWHQ 8QWHUQHKPHQ JHVFKDIIHQHQ $UEHLWVSOlW]H HLQH ZLFKWLJH .HQQ]DKO
GD VLH GLH GLUHNWH $UEHLWVPDUNWZLUNVDPNHLW GHU 1HXJU QGXQJHQ DEELOGHW 8P ,QIRUPDWLRQHQ
EHU GLHVH GLUHNWHQ %HVFKlIWLJXQJVDXVZLUNXQJHQ YRQ 1HXJU QGXQJHQ ]X HUKDOWHQ ZLUG DP
:,)2VHLWHLQLJHQ-DKUHQGHU EHUHLWVGDUJHVWHOOWH,QGLYLGXDOGDWHQVDW]GHV+DXSWYHUEDQGHV
YHUZHQGHW(LQH%HVRQGHUKHLWGLHVHV'DWHQVDW]HVLVWGDVVHUMHGHP'LHQVWJHEHUHLQH'LHQVW
JHEHUQXPPHU ]XZHLVW 'DGXUFK ZLUG HV JUXQGVlW]OLFK P|JOLFK GLH %HVFKlIWLJXQJVHQWZLFN
OXQJEHLHLQ]HOQHQ$UEHLWJHEHUQDE]XELOGHQXQGHLQHQ%HWULHEV²3DQHOGDWHQVDW]]XHUVWHOOHQ
$UEHLWJHEHUZHUGHQGDEHLLQGHQ'DWHQDQKDQGHLQHUDQRQ\PLVLHUWHQ'LHQVWJHEHUQXPPHU
LGHQWLIL]LHUW+LHUEHLHUJHEHQVLFKDOOHUGLQJVHLQLJH(LQVFKUlQNXQJHQ
'HU.RUUHODWLRQVNRHIIL]LHQWOLHJEHL²LVWDEHUQLFKWVLJQLILNDQW

²²
HUIROJWGLH9HUJDEHHLQHUQHXHQ'LHQVWJHEHUQXPPHULQGLHVHP'DWHQVDW]QXUZHQQGLH
PHOGHQGH(LQKHLW]XPHUVWHQ0DOHLQHQXQVHOEVWlQGLJ%HVFKlIWLJWHQDQVWHOOW(VJLEWDEHU
HLQHJUR‰H$Q]DKOYRQ%HWULHEHQZHOFKHRKQHXQVHOEVWlQGLJ%HVFKlIWLJWHRSHULHUHQ,P
+DXSWYHUEDQGVGDWHQVDW] NDQQ GDKHU QXU GLH $XIQDKPH HLQHU HUVWPDOLJHQ %HVFKlIWLJHU
IXQNWLRQ IHVWJHVWHOOW ZHUGHQ QLFKW GLH 8QWHUQHKPHQVJU QGXQJ 8QEHU FNVLFKWLJW EOHLEHQ
LQHLQHUVROFKHQ%HWUDFKWXQJGDKHUDOOH8QWHUQHKPHQGLHNHLQHXQVHOEVWlQGLJHQ$UEHLWV
NUlIWH EHVFKlIWLJHQ $XV GLHVHP *UXQG VSUHFKHQ ZLU LP )ROJHQGHQ GXUFKJlQJLJ YRQ
%HVFKlIWLJHUEHWULHEHQ
N|QQHQ%HVFKlIWLJHUEHWULHEHLQGLHVHP'DWHQVDW]ZHGHUHLQGHXWLJDOV%HWULHEQRFKDOV
8QWHUQHKPHQLQWHUSUHWLHUWZHUGHQ*UXQGVlW]OLFKNDQQHLQ8QWHUQHKPHQ²ZHQQHVGLHV
Z QVFKW²PHKUHUH'LHQVWJHEHUQXPPHUQKDEHQ
hEHUVLFKW $QWHLOGHUQHXJHVFKDIIHQHQXQGYHUQLFKWHWHQ$UEHLWVSOlW]HQDFK
*U QGXQJVXQG6FKOLH‰XQJVMDKUHQGHU%HWULHEH
*HVFKDIIHQH$UEHLWVSOlW]H 9HUQLFKWHWH$UEHLWVSOlW]H
1HXJU QGXQJHQ -XQJH
5HVW
-XQJH
5HVW
8QWHUQHKPHQ
8QWHUQHKPHQ
7LURO
gVWHUUHLFK
4+9:,)2,1','9:,)2%HUHFKQXQJHQ²$QPHUNXQJHQ'LHhEHUVLFKWPHOGHWGHQ$QWHLOGHULQ1HXJU QGXQJHQ
HQWVWDQGHQHQ$UEHLWVSOlW]HDQDOOHQLQZDFKVHQGHQ%HVFKlIWLJHUEHWULHEHQJHVFKDIIHQHQ $UEHLWVSOlW]HQ*HVDPWH
QHX JHVFKDIIHQH $UEHLWVSOlW]H DOOH QHX JHVFKDIIHQHQ $UEHLWVSOlW]H LQ ZDFKVHQGHQ %HVFKlIWLJHUEHWULHEHQ ²
'DWHQH[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ
N|QQHQ=XXQG $EJlQJHYRQ'LHQVWJHEHUQXPPHUQLP'DWHQVDW]DXFKHLQH5HLKHYRQ
DQGHUHQ*U QGHQZLH]%UHLQDGPLQLVWUDWLYHbQGHUXQJHQ%HWULHEVYHUODJHUXQJHQRGHU
8QWHUQHKPHQV]XVDPPHQVFKO VVH KDEHQ $XV GLHVHP *UXQG YHUZHQGHQ ZLU GDV LQ GHU
LQWHUQDWLRQDOHQ /LWHUDWXU VLHKH 0F.LQQH\ %HQHGHWWR− /DQH− 0F.LQQH\
:HQQHLQ8QWHUQHKPHQ%HWULHEVVWlWWHQLQPHKUHUHQ%XQGHVOlQGHUQKDWGDQQPXVVHV]ZLQJHQGLQMHGHPGLHVHU
%XQGHVOlQGHU]XPLQGHVWHLQH'LHQVWJHEHUQXPPHUEHLGHU|UWOLFKHQ*HELHWVNUDQNHQNDVVHKDEHQ

²²
3HUVVRQ6WLJOEDXHULQlKQOLFKHQ'DWHQVlW]HQRIWPDOVYHUZHQGHWH9HUIDKUHQ
]XU$XIEHUHLWXQJGHU'DWHQPLWGHPGLHVH3UREOHPHHQWVFKlUIWZHUGHQN|QQHQ
/DXW GLHVHQ =DKOHQ ZHUGHQ LQ 7LURO SUR -DKU ]ZLVFKHQ XQG DOOHU LQ ZDFKVHQGHQ
%HVFKlIWLJHUEHWULHEHQ JHVFKDIIHQHQ $UEHLWVSOlW]H LQ QHX JHJU QGHWHQ 8QWHUQHKPHQ JH
VFKDIIHQ ,P 9HUJOHLFK ]XP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW YRQ ELV LVW GHU $QWHLO GHU
1HXJU QGXQJHQDQGHU$UEHLWVSODW]VFKDIIXQJLP(LQNODQJPLWGHQJHULQJHQ*U QGXQJVTXR
WHQGDPLWXQWHUGXUFKVFKQLWWOLFKhEHUGLHV]HLJWVLFKDEHUDXFKGDVVMXQJH8QWHUQHKPHQLQ
GHQ HUVWHQ GUHL -DKUHQ QDFK GHU *U QGXQJ LQ 7LURO ZHQLJHU ]XP %HVFKlIWLJXQJVZDFKVWXP
EHLWUDJHQDEHUHWZDJOHLFKYLHO]XU$UEHLWVSODW]YHUQLFKWXQJ'LHVGHXWHWDXFKDXIHLQVFKZl
FKHUHV:DFKVWXPMXQJHU8QWHUQHKPHQLQ7LURODOVLP EULJHQgVWHUUHLFKKLQ

²²
$UEHLWVORVLJNHLWXQG(UZHUEVEHWHLOLJXQJ
'HU=XVDPPHQKDQJ]ZLVFKHQ%HVFKlIWLJXQJVZDFKVWXP$UEHLWVORVLJNHLWXQG
(UZHUEVEHWHLOLJXQJ
7URW]GHVNUlIWLJHQ%HVFKlIWLJXQJVZDFKVWXPVLQGHQOHW]WHQHLQHLQKDOE-DKU]HKQWHQXQGWURW]
GHV VWHLJHQGHQ $EVWDQGHV ]XU |VWHUUHLFKZHLWHQ $UEHLWVORVHQTXRWH LVW GLH $UEHLWVORVLJNHLW LQ
7LUROLPODQJIULVWLJHQ9HUJOHLFKQLFKWJHVXQNHQ,P-DKUODJGLH$UEHLWVORVHQTXRWHLQ7LURO
EHL ,P /DXIH GHU QHXQ]LJHU -DKUH NDP HV ]X HLQHP $QVWLHJ ELV ]X HLQHP +|FKVWVWDQG
YRQVDLVRQEHUHLQLJWLP-DKU'LH+RFKNRQMXQNWXUMDKUHELVZDUHQGLHHLQ
]LJHQ-DKUHLQGHQHQGLH$UEHLWVORVHQTXRWHVDQN,P-DKUODJGLH$UEHLWVORVHQTXRWHEHL
XPGDQQLP9HUODXIGHVQHXHQ-DKUWDXVHQGVELVZLHGHUXPNRQWLQXLHUOLFKDXI
]XVWHLJHQ,QNHLQHPHLQ]LJHQ-DKUVHLWODJGLH$UEHLWVORVHQTXRWHXQWHUGHP7LHIVWVWDQG
YRQVLHKH$EELOGXQJ
$EELOGXQJ (QWZLFNOXQJGHU$UEHLWVORVHQTXRWHQDFK*HVFKOHFKWLQ7LUROXQGgVWHUUHLFK
7LUROLQVJHVDPW gVWHUUHLFKLQVJHVDPW 7LURO0lQQHU gVWHUUHLFK0lQQHU 7LURO)UDXHQ gVWHUUHLFK)UDXHQ
4$06+9:,)2%HUHFKQXQJHQ
1RFK GHXWOLFKHU ZLUG GHU $QVWLHJ GHU $UEHLWVORVLJNHLW ZHQQ PDQ GLH =DKO GHU $UEHLWVORVHQ
EHWUDFKWHW ZDUHQ LQ 7LURO QRFK 3HUVRQHQ LP -DKU VFKRQ 3HUVRQHQ

²²
DUEHLWVORV ,P -DKU QDFK GHP .RQMXQNWXUDXIVFKZXQJ (QGH GHU QHXQ]LJHU -DKUH EHWUXJ
GLH$UEHLWVORVLJNHLWLPPHUQRFK3HUVRQHQXQGLP-DKUHUUHLFKWHVLHPLW3HU
VRQHQLKUHQ+|FKVWVWDQG
'LHVHVJOHLFK]HLWLJH$XIWUHWHQYRQVWHLJHQGHU%HVFKlIWLJXQJXQGVWHLJHQGHU$UEHLWVORVLJNHLWLVW
GDEHL QLFKW XQW\SLVFK I U GLH $UEHLWVPDUNWHQWZLFNOXQJ LQ gVWHUUHLFK 2EZRKO GLH %HVFKlIWL
JXQJ LP =HLWUDXP VHLW LQ DOOHQ %XQGHVOlQGHUQ DX‰HU :LHQ VWLHJ ZDU DXFK GLH $UEHLWV
ORVLJNHLWLQDOOHQ%XQGHVOlQGHUQK|KHUDOVQRFK+LQWHUGLHVHU(QWZLFNOXQJVWHKWGLH
KRKH '\QDPLN GHV $UEHLWVNUlIWHDQJHERWHV LQVEHVRQGHUH EHL DXVOlQGLVFKHQ $UEHLWVNUlIWHQ
XQG)UDXHQ,P-DKUODJGDV$QJHERWDQXQVHOEVWlQGLJ%HVFKlIWLJWHQ$XVOlQGHU,QQHQLQ
7LUROXPUXQG3HUVRQHQ EHUGHP1LYHDXGHV-DKUHVXQGKDWVLFKGDPLWELQQHQ
-DKUHQYHUGRSSHOW%HLGHQ)UDXHQZDUGDV$QJHERWLP-DKUXPUXQG3HUVR
QHQ K|KHU DOV ZDV HLQHP $QVWLHJ XP IDVW GLH +lOIWH GHV XUVSU QJOLFKHQ 1LYHDXV HQW
VSULFKW
hEHUVLFKW
(QWZLFNOXQJYRQ$UEHLWVNUlIWHDQJHERW$UEHLWVORVLJNHLWXQG%HVFKlIWLJXQJ
9HUlQGHUXQJDEVROXW
7LURO hEULJHV
gVWHUUHLFK
7LURO
hEULJHV
gVWHUUHLFK
7LURO
hEULJHV
gVWHUUHLFK
² ² ²
$UEHLWVNUlIWHDQJHERW
,QOlQGHU,QQHQ
$XVOlQGHU,QQHQ
)UDXHQ
0lQQHU ²
$UEHLWVORVLJNHLW ² ²
,QOlQGHU,QQHQ ² ²
$XVOlQGHU,QQHQ ² ²
)UDXHQ ² ²
0lQQHU ² ²
%HVFKlIWLJXQJ
,QOlQGHU,QQHQ
$XVOlQGHU,QQHQ
)UDXHQ
0lQQHU ² ²
4$06+9:,)2%HUHFKQXQJHQ² 6XPPHXQVHOEVWlQGLJ%HVFKlIWLJWHYRUJHPHUNWH$UEHLWVORVH
1HEHQ GHP %HY|ONHUXQJVZDFKVWXP ZLUG GHU $QVWLHJ LP $UEHLWVNUlIWHDQJHERW DXFK GXUFK
HLQH VWHLJHQGH (UZHUEVEHWHLOLJXQJ JHWULHEHQ ,Q HLQHU 6WXGLH YRQ +XEHU² :DOWHUVNLUFKHQ
ZXUGHJHVFKlW]WGDVVLPODQJMlKULJHQ'XUFKVFKQLWWLQ7LUROVHOEVWEHLNRQVWDQWHU%HY|O
NHUXQJDXIJUXQGGHV $QVWLHJVLQGHU(UZHUEVTXRWHI UHLQH9HUULQJHUXQJ GHU $UEHLWVORVLJNHLW
XPHLQH3HUVRQUXQGELV]XVlW]OLFKH$UEHLWVSOlW]HQRWZHQGLJVLQG'LHVH=DKOHQN|QQHQLQ

²²
3KDVHQ HLQHV EHVRQGHUV KRKHQ $UEHLWVNUlIWHZDFKVWXPV ZLH HWZD LQ GHQ -DKUHQ XQG
VRJDUQRFK EHUWURIIHQZHUGHQ6RZXUGHQLP=HLWUDXPXQGLQ7LUROPHKUDOV
$UEHLWVSOlW]H JHVFKDIIHQ RKQH GDVV GLH $UEHLWVORVLJNHLW ]XU FNJLQJ ) U GLH QlKHUH
=XNXQIWLVW EHUGLHVDXIJUXQGGHU=XZDQGHUXQJXQWHUDQGHUHPDXVGHQQHXHQ0LWJOLHGVOlQ
GHUQGHU(8HKHUPLWHLQHUVWlUNHUHQ$QJHERWVDXVZHLWXQJ]XUHFKQHQDOVELVKHU'LH6FKDI
IXQJ YRQ ]XVlW]OLFKHQ $UEHLWVSOlW]HQ ZLUG GDKHU LQ =XNXQIW ]XU (UUHLFKXQJ YRQ 9ROOEHVFKlIWL
JXQJQRFKZLFKWLJHUVHLQDOVLQGHU9HUJDQJHQKHLW
'HU$QVWLHJGHU$UEHLWVORVLJNHLWLQ7LUROLVWGDKHUYRUDOOHPGXUFKGDVVWHLJHQGH$UEHLWVNUlIWH
DQJHERWYHUXUVDFKWZHOFKHVVLFK]XPHLQHQDXVGHPRJUDSKLVFKHQ3UR]HVVHQZLH=XZDQGH
UXQJ XQG QDW UOLFKHP %HY|ONHUXQJV]XZDFKV XQG ]XP DQGHUHQ DXV HLQHU ]XQHKPHQGHQ
(UZHUEVEHWHLOLJXQJVSHLVW(LQHQ$QKDOWVSXQNW EHUGHQ%HLWUDJGLHVHUYHUVFKLHGHQHQ4XHOOHQ
%HVFKlIWLJXQJVZDFKVWXPbQGHUXQJGHUHUZHUEVIlKLJHQ%HY|ONHUXQJXQGHUK|KWH(UZHUEV
EHWHLOLJXQJ GLH ]XP $QVWLHJ GHU $UEHLWVORVHQTXRWH EHLWUDJHQ NDQQ GDEHL HLQH =HUOHJXQJ
GHV $QVWLHJV GHU $UEHLWVORVLJNHLW LQ HLQH %HVFKlIWLJXQJVZDFKVWXPVNRPSRQHQWH HLQH GXUFK
GHPRJUDSKLVFKH3UR]HVVHEHGLQJWH$QJHERWVVWHLJHUXQJXQGHLQHGXUFKHUK|KWH(UZHUEVEH
WHLOLJXQJ YHUXUVDFKWH $QJHERWVVWHLJHUXQJ OLHIHUQ 'LHVH =HUOHJXQJ hEHUVLFKW ]HLJW
GDEHLGDVV
bQGHUXQJHQ LQ GHU HUZHUEVIlKLJHQ %HY|ONHUXQJ GLH VR JHQDQQWH GHPRJUDSKLVFKH
.RPSRQHQWHVRZRKOLQ7LURODOVDXFKLQgVWHUUHLFKGHQJU|‰WHQ$QWHLODQGHU$XVZHLWXQJ
GHU$UEHLWVORVLJNHLWLP=HLWUDXPELVDXVPDFKHQ%HLNRQVWDQWHQ(UZHUEVTXRWHQ
XQG NRQVWDQWHU %HVFKlIWLJXQJ ZlUH GLH $UEHLWVORVLJNHLW LQ 7LURO DOOHLQH DXIJUXQG GHU VWHL
JHQGHQ=DKOGHU3HUVRQHQLPHUZHUEVIlKLJHQ$OWHUXPJHJHQ EHUHLQHUWDWVlFK
OLFKHQ$XVZHLWXQJYRQDQJHVWLHJHQXQGLQgVWHUUHLFKXP7LUROXQWHUVFKHL
GHWVLFKGDEHLYRQgVWHUUHLFKGXUFKHLQHQGHXWOLFKK|KHUHQ%HLWUDJGLHVHUGHPRJUDSKL
VFKHQ .RPSRQHQWH ]XP $UEHLWVORVLJNHLWVZDFKVWXP GHU EHUGLHV ]X HLQHP GHXWOLFK
K|KHUHQ$QWHLODXIGHQ$QVWLHJGHULQOlQGLVFKHQ(UZHUEVIlKLJHQ]XU FNJHKW'HU%HLWUDJ
GHUGHPRJUDSKLVFKHQ.RPSRQHQWHGHUDXVOlQGLVFKHQHUZHUEVIlKLJHQ%HY|ONHUXQJVWLHJ
LQ7LUROHUVWLQGHQ-DKUHQ
bQGHUXQJHQLQGHU(UZHUEVEHWHLOLJXQJLQ7LUROHEHQIDOOVZHVHQWOLFKG\QDPLVFKHUYHUOLHIHQ
DOVLQgVWHUUHLFKLQVJHVDPW%HLNRQVWDQWHU%HY|ONHUXQJXQG%HVFKlIWLJXQJZlUHLQ7LUROGLH
$UEHLWVORVLJNHLW DOOHLQH DXIJUXQG GHU VWHLJHQGHQ (UZHUEVTXRWHQ XP JHVWLHJHQ LQ
gVWHUUHLFKXP'LH(QWZLFNOXQJZDUGDEHLYRUDOOHPLQGHUHUVWHQ+lOIWHGHUQHXQ]L
JHU -DKUH XQG LP =HLWUDXP ELV YRU DOOHP EHL GHQ ,QOlQGHU,QQHQ EHVRQGHUV
G\QDPLVFK'LHVHU$QVWLHJGHU(UZHUEVEHWHLOLJXQJLQ7LUROVWHOOWGDEHL]XHLQHPJUR‰HQ7HLO
)RUPDOOlVVW VLFK GLHVH =HUOHJXQJEHUHFKQHQZHQQPDQ GLH 'HILQWLRQ GHU $UEHLWVORVLJNHLWDOV'LIIHUHQ] ]ZLVFKHQ
$UEHLWVNUlIWHDQJHERW XQG ²QDFKIUDJH EHU FNVLFKWLJW ,Q GLHVHP )DOO NDQQ GHU $QVWLHJ LQ GHU $UEHLWVORVLJNHLW EHU
HLQHQ=HLWUDXPDOVGLH6XPPHGHU%HVFKlIWLJXQJVlQGHUXQJGHUbQGHUXQJLQGHUPLWGHU%HY|ONHUXQJGHV$XVJDQJV
MDKUHVJHZLFKWHWHQ(UZHUEVTXRWHXQGGHUPLWGHU(UZHUEVTXRWHGHV$XVJDQJVMDKUHVJHZLFKWHWHQ9HUlQGHUXQJGHU
HUZHUEVIlKLJHQ%HY|ONHUXQJEHUHFKQHWZHUGHQVLHKH%RHULÃÃ%XUGDÃÃ.|OO|I UHLQHlKQOLFKH=HUOHJXQJ

²²
HLQHQ$XIKROSUR]HVVGHU(UZHUEVTXRWHQLQVEHVRQGHUHGHU)UDXHQJHJHQ EHUGHP EUL
JHQgVWHUUHLFKGDUGDGLH(UZHUEVTXRWHQLQ7LURO$QIDQJGHUQHXQ]LJHU-DKUHXQWHUGHP
|VWHUUHLFKLVFKHQ'XUFKVFKQLWWODJHQ
'DVKRKH%HVFKlIWLJXQJVZDFKVWXPZLHEHUHLWVHLQJHKHQGGDUJHVWHOOW]XHLQHU9HUULQJH
UXQJGHU$UEHLWVORVLJNHLWEHLWUXJ$XIIDOOHQGLVWGDEHLGDVVLQ7LUROPLW$XVQDKPHGHU=HLW
SHULRGHGDV%HVFKlIWLJXQJVZDFKVWXPLQOlQGLVFKHU$UEHLWVNUlIWHEHVRQGHUV]X
GLHVHU(QWODVWXQJEHLJHWUDJHQKDW
hEHUVLFKW (UJHEQLVVHHLQHU=HUOHJXQJGHV$QVWLHJVLQGHU$UEHLWVORVLJNHLWI U
7LUROXQGgVWHUUHLFK
,Q
gVWHU 7LURO gVWHU 7LURO gVWHU 7LURO gVWHU 7LURO
UHLFK
UHLFK
UHLFK
UHLFK
bQGHUXQJ$UEHLWVORVH ² ²
bQGHUXQJ(UZHUEVTXRWH ² ²
,QOlQGHU,QQHQ ²
$XVOlQGHU,QQHQ ² ² ² ²
%HY|ONHUXQJVYHUlQGHUXQJ
,QOlQGHU,QQHQ ²
$XVOlQGHU,QQHQ
$QJHERWLQVJHVDPW
bQGHUXQJ%HVFKlIWLJXQJ ² ² ² ² ² ² ² ²
,QOlQGHU,QQHQ ² ² ² ² ² ² ² ²
$XVOlQGHU,QQHQ ² ² ² ² ² ² ² ²
4+9:,)2%HUHFKQXQJHQ²$QPHUNXQJHQ'LHhEHUVLFKWVWHOOWGHQSUR]HQWXHOOHQ%HLWUDJ]XP$QVWLHJGHU$UEHLWV
ORVHQTXRWHHLQ]HOQHU.RPSRQHQWHQYRQ$UEHLWVNUlIWHDQJHERWXQG²QDFKIUDJHGDU
(UZHUEVIlKLJH%HY|ONHUXQJXQG(UZHUEVTXRWHQ
,QVJHVDPWNDQQGHU7LUROHU$UEHLWVPDUNWGDKHUDOVHLQ$UEHLWVPDUNWEHVFKULHEHQZHUGHQDXI
GHP HLQH LP gVWHUUHLFK9HUJOHLFK VHKU KRKH $XVZHLWXQJ GHV $UEHLWVNUlIWHDQJHERWV HLQHQ
5 FNJDQJGHU$UEHLWVORVLJNHLWYHUKLQGHUWH'DEHLHUZHLVWVLFKLQVEHVRQGHUHGLHGHPRJUDSKL
VFKH.RPSRQHQWHGHU$QJHERWVDXVZHLWXQJDOVEHVRQGHUVZLFKWLJhEHUGLHV]HLJWGLHVH$QD
O\VHGDVVGHUDXVDUEHLWVPDUNWSROLWLVFKHQ*HVLFKWVSXQNWHQZ QVFKHQVZHUWH$XIKROSUR]HVVEHL
GHU(UZHUEVEHWHLOLJXQJLQ7LUROQXUGDQQQLFKW]XHLQHP=LHONRQIOLNWPLWGHP=LHOHLQHUJHULQJHQ
$UEHLWVORVLJNHLWI KUWZHQQHLQKRKHV%HVFKlIWLJXQJVZDFKVWXPEHVWHKW

²²
hEHUVLFKW (QWZLFNOXQJGHU%HY|ONHUXQJLPHUZHUEVIlKLJHQ$OWHU-DKUH
LQ7LUROXQGgVWHUUHLFK
7LURO gVWHUUHLFK
,QVJHVDPW -DKUH 0lQQHU )UDXHQ ,QVJHVDPW -DKUH 0lQQHU )UDXHQ
46WDWLVWLN$XVWULD$UEHLWVNUlIWHHUKHEXQJ:,)2%HUHFKQXQJHQ
hEHUVLFKW (QWZLFNOXQJGHU(UZHUEVTXRWHGHUHUZHUEVIlKLJHQ%HY|ONHUXQJ-DKUH
LQ7LUROXQGgVWHUUHLFK
7LURO gVWHUUHLFK
,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ
-lKULJH
-lKULJH
46WDWLVWLN$XVWULD$UEHLWVNUlIWHHUKHEXQJ:,)2%HUHFKQXQJHQ²/DERXU)RUFH.RQ]HSW
'DVLPgVWHUUHLFK9HUJOHLFKVWlUNHUHGHPRJUDSKLVFKH:DFKVWXPGHUHUZHUEVIlKLJHQ%HY|O
NHUXQJ LQ 7LURO UHVXOWLHUW GDEHL DXV HLQHP VWlUNHUHQ =XZDFKV LQ DOOHQ %HY|ONHUXQJVJUXSSHQ
%HVRQGHUVJUR‰ZDUHQDOOHUGLQJVGLH8QWHUVFKLHGHLQGHU$OWHUVJUXSSHGHUELV-lKULJHQ
GLH LP OHW]WHQ -DKU]HKQWLQ 7LURO HLQHQ =XZDFKV YRQ PHKU DOV HLQHP 9LHUWHO YHU]HLFK
QHWH+LQWHUGLHVHP3UR]HVVVWHKW]XPHLQHQGLH=XZDQGHUXQJYRQ3HUVRQHQDXVGHP EULJHQ
gVWHUUHLFK ]XP DQGHUHQ VWHKW GDKLQWHU DEHU DXFK GHU 3UR]HVV HLQHU ]XQHKPHQGHQ $OWH
1DFKGHQ=DKOHQGHU:DQGHUXQJVVWDWLVWLNZDU7LUROLQGHQ-DKUHQELVHLQ1HWWR]XZDQGHUXQJVODQG=ZL
VFKHQ XQG YHUOHJWHQ QHWWR UXQG 3HUVRQHQ DXV GHP $XVODQG RGHU DQGHUHQ |VWHUUHLFKLVFKHQ %XQ
GHVOlQGHUQLKUHQ:RKQVLW]QDFK7LURO

²²
UXQJGHU%HY|ONHUXQJGHUVLFKDXFKLQ+LQNXQIWIRUWVHW]HQZLUGXQGGXUFKGHQGLHbOWHUHQLQ
7LUROHLQHLPPHUZLFKWLJHUH=LHOJUXSSHGHU$UEHLWVPDUNWSROLWLNZHUGHQ
$EELOGXQJ (UZHUEVTXRWHQQDFK$OWHUXQG*HVFKOHFKW
ELV ELV ELV ELV ELV ELV ELV ELV ELV ELV
0lQQHU7LURO
0lQQHUgVWHUUHLFK
)UDXHQ7LURO
)UDXHQgVWHUUHLFK
46WDWLVWLN$XVWULD$UEHLWVNUlIWHHUKHEXQJ²/DERXU)RUFH.RQ]HSW
%HWUDFKWHWPDQKLQJHJHQGLH$UEHLWVORVLJNHLWXQGGLH(UZHUEVEHWHLOLJXQJDOV]ZHL=LHOYDULDE
OHQGHU$UEHLWVPDUNWSROLWLNVR]HLJWVLFKGDVV7LUROLQGHQOHW]WHQ-DKUHQYRUDOOHPKLQVLFKWOLFK
GHU(UZHUEVTXRWHQGXUFKHLQHQUDVFKHQ$XIKROSUR]HVVJHSUlJWLVWVLHKHhEHUVLFKW,Q7LURO
ODJGLH(UZHUEVTXRWHGHUHUZHUEVIlKLJHQ%HY|ONHUXQJ ELV-DKUHODXW $UEHLWVNUlIWHHU
KHEXQJLP-DKUQRFKXP3UR]HQWSXQNWHXQWHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW,P
-DKUZDUVLH XP3UR]HQWSXQNWHK|KHU $OVI UGLHVHQ $XIKROSUR]HVVWUHLEHQGHUZHLVW
VLFK GDEHL GHU VWDUNH $QVWLHJ GHU )UDXHQHUZHUEVWlWLJNHLW :lKUHQG GLH (UZHUEVTXRWH GHU
bOWHUHQLP=HLWUDXPELVLQ7LURODXIJUXQGGHUVWDUNHQ$XVZHLWXQJGHUHUZHUEVIlKLJHQ
%HY|ONHUXQJ ² HWZD JOHLFK VWDUN ZLH LP EULJHQ gVWHUUHLFK ² ]XU FNJLQJ XQG GLH (UZHUEV
TXRWH GHU 0lQQHU HLQHQ =XZDFKV YRQ 3UR]HQWSXQNWHQ YHU]HLFKQHWH NDP HV EHL GHQ
)UDXHQ]XHLQHP$QVWLHJYRQ3UR]HQWSXQNWHQ
'HU$QWHLOGHUELV-lKULJHQDQGHUJHVDPWHQHUZHUEVIlKLJHQ%HY|ONHUXQJODJLQ7LUROLP-DKUEHL
gVWHUUHLFKXQGLVWGDPLWXP3UR]HQWSXQNWHJHVWLHJHQ

²²
'DPLWODJGLH(UZHUEVTXRWHGHU)UDXHQLQ7LURO]XOHW]WDQQlKHUQGDP|VWHUUHLFKLVFKHQ
1LYHDXZREHLVLFKGLH6WUXNWXUGHU(UZHUEVTXRWHQLQVEHVRQGHUHEHLGHQ)UDXHQDEHUGHXW
OLFK YRQ GHU JHVDPW|VWHUUHLFKLVFKHQ XQWHUVFKLHG ,Q 7LURO LVW GLH (UZHUEVTXRWH GHU -XJHQGOL
FKHQ ² DXIJUXQG GHU KRKHQ /HKUOLQJV]DKOHQ LP 7RXULVPXV VLHKH GD]X .DSLWHO ² XQG GHQ
lOWHUHQ )UDXHQ EHUGXUFKVFKQLWWOLFK KRFK ,Q GHU $OWHUVJUXSSH GHU ELV -lKULJHQ LVW VLH
DEHU XQWHUGXUFKVFKQLWWOLFK 7LURO LVW VRPLW EHL GLHVHQ $OWHUVJUXSSHQ GDV 6FKOXVVOLFKW LQ gVWHU
UHLFKHVOLHJWEHLGHQ.RKRUWHQGHUELV-lKULJHQXQGGHUELV-lKULJHQGHXWOLFK
XQWHUGHP'XUFKVFKQLWW'LH(UZHUEVEHWHLOLJXQJGHUM QJVWHQ$OWHUVJUXSSHELV-DKUHLVW
KLQJHJHQ GLH +|FKVWH )UDXHQ LP +DXSWHUZHUEVDOWHU VLQG GDKHU XQWHU DQGHUHP DXFK DXI
JUXQGGHVXQWHUGXUFKVFKQLWWOLFKHQ$QJHERWVDQ.LQGHUEHWUHXXQJVSOlW]HQVLHKH.DSLWHOLQ
XQWHUGXUFKVFKQLWWOLFKHP$XVPD‰LQGDV(UZHUEVOHEHQLQWHJULHUW
'LH 6WUXNWXU GHU (UZHUEVTXRWHQ GHU 0lQQHU LVW LQ 7LURO KLQJHJHQ PLW MHQHU LQ JDQ] gVWHUUHLFK
YHUJOHLFKEDUZREHLDOOHUGLQJVGLHLQVJHVDPWK|KHUH(UZHUEVTXRWHGHU0lQQHUYRUDOOHPDXI
GLHlOWHUHQ0lQQHUDEGHQ-lKULJHQ]XU FN]XI KUHQLVW
(QWZLFNOXQJGHU6WUXNWXUGHU$UEHLWVORVLJNHLW
'LH9HUVFKLHEXQJHQLQGHU%HY|ONHUXQJXQG(UZHUEVEHWHLOLJXQJLPOHW]WHQ-DKU]HKQWKDWWHQ
GDEHL²QHEHQGHQ5 FNZLUNXQJHQDXIGDV1LYHDXGHU $UEHLWVORVLJNHLWDXFK.RQVHTXHQ]HQ
I ULKUH6WUXNWXU,Q7LUROJHODQJHVLPOHW]WHQ-DKU]HKQWGLH/DQJ]HLWDUEHLWVORVLJNHLWJHPHVVHQ
DOV GLH $Q]DKO GHU 3HUVRQHQ GLH EHU HLQHQ =HLWUDXP YRQ PHKU DOV HLQHP KDOEHQ -DKU
DUEHLWVORVVLQGLP9HUKlOWQLV]XU*HVDPWDUEHLWVORVLJNHLWYRQHLQHPRKQHGLHVJHULQJHQ1LYHDX
DXVJHKHQG HEHQVR ]X VHQNHQ ZLH GLH GXUFKVFKQLWWOLFKH 'DXHU GHU $UEHLWVORVLJNHLW VLHKH
$EELOGXQJHQ XQG 'LH 'DXHU GHU $UEHLWVORVLJNHLW ODJ LQ 7LURO $QIDQJ GHU QHXQ]LJHU
-DKUHPLW:RFKHQQRFKGHXWOLFK EHUGHP'XUFKVFKQLWWgVWHUUHLFKV6HLWGHP-DKU
ZDUVLHDEHUGXUFKZHJVPLW$XVQDKPHGHV-DKUHVU FNOlXILJVRGDVVVLHLP-DKU
PLWHLQHU'DXHUYRQ:RFKHQXQWHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW]XOLHJHQNDP'LH
/DQJ]HLWDUEHLWVORVLJNHLWLQ3UR]HQWGHU$UEHLWVORVHQODJEHLUHODWLY]XLQgVWHU
UHLFKXQGVWLHJELVLQV-DKUDXIDQ,QGHQ+RFKNRQMXQNWXUMDKUHQ(QGHGHUQHXQ]L
JHU-DKUHNDPHVELVLQV-DKU]XHLQHP5 FNJDQJXPPHKUDOV3UR]HQWSXQNWHXQGVHLW
GDPDOVZDUQXUPHKUHLQPRGHUDWHU$QVWLHJDXI]XYHU]HLFKQHQ

²²
$EELOGXQJ 'DXHUGHU$UEHLWVORVLJNHLWLQgVWHUUHLFKXQG7LUROLQ7DJHQ
7LURO
gVWHUUHLFK
4$06
$EELOGXQJ /DQJ]HLWDUEHLWVORVLJNHLWLQgVWHUUHLFKXQG7LURO
3HUVRQHQPLWHLQHU$UEHLWVORVLJNHLWVGDXHUYRQ0RQDWHQRGHUPHKULQGHU$UEHLWVORVHQ
7LURO
gVWHUUHLFK
4$06:,)2%HUHFKQXQJHQ

²²
*HQHUHOO OLHJHQ GDEHL LQ 7LURO IDVW DOOH $UEHLWVORVHQTXRWHQ HLQ]HOQHU =LHOJUXSSHQ GHU $UEHLWV
PDUNWSROLWLNXQWHUGHPGXUFKVFKQLWWOLFKHQ:HUWgVWHUUHLFKV$OOHUGLQJV]HLJHQVLFKEHLQlKHUHU
%HWUDFKWXQJGRFKHLQLJH*UXSSHQI UGLHGHU$QVWLHJRGHUGLHXQWHUVFKLHGOLFKH6WUXNWXUGHU
$UEHLWVORVLJNHLWLQGHQOHW]WHQ-DKUHQQLFKWXQHUKHEOLFKZDU
• 6RKDWLQGHQOHW]WHQ-DKUHQGLH$UEHLWVORVLJNHLWGHU)UDXHQZHQLJHUVWDUNDOVEHLGHQ0lQ
QHUQ]XJHQRPPHQ7LUROLVWDOOHUGLQJV]XVDPPHQPLW9RUDUOEHUJGDVHLQ]LJH%XQGHVODQGLQ
GHP)UDXHQHLQHZHQQDXFKPDUJLQDOK|KHUH$UEHLWVORVHQTXRWHDOV0lQQHUDXIZHLVHQ
LQ 2EHU|VWHUUHLFK ZDU VLH LP OHW]WHQ -DKU EHL EHLGHQ *HVFKOHFKWHUQ JOHLFK KRFK
'HPHQWVSUHFKHQGODJGLH$UEHLWVORVHQTXRWHGHU)UDXHQLQ7LURO3UR]HQWSXQNWGLH
GHU0lQQHUKLQJHJHQ3UR]HQWSXQNWHXQWHUGHPQDWLRQDOHQ'XUFKVFKQLWW'LHVHQWVSULFKW
HLQHPPLWWHOIULVWLJHQ7UHQG6HLW(QGHGHUQHXQ]LJHU-DKUHKDWVLFKGLH$UEHLWVORVHQTXRWH
GHU0lQQHULQ7LUROVWDUNYRPgVWHUUHLFK'XUFKVFKQLWWDEJHNRSSHOWZlKUHQGGHU$EVWDQG
GHV,QGLNDWRUVI UGLHZHLEOLFKH$UEHLWVORVLJNHLWYRPQDWLRQDOHQ'XUFKVFKQLWWLP:HVHQWOL
FKHQXQYHUlQGHUWJHEOLHEHQLVW'DV0XVWHUGHU $UEHLWVORVLJNHLWGHU)UDXHQHQWODQJGHQ
$OWHUVJUXSSHQ HQWVSULFKW DXI HLQHP QLHGULJHUHQ 1LYHDX LQ HWZD GHP |VWHUUHLFKLVFKHQ
%HVRQGHUV VWDUN KHEW VLFK 7LURO KLQVLFKWOLFK GHU $UEHLWVORVLJNHLW YRQ MXQJHQ )UDXHQ XQG
lOWHUHQ $UEHLWQHKPHULQQHQ YRP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW DE 'LH YHUJOHLFKVZHLVH
JHULQJH $UEHLWVORVLJNHLW GHU -XJHQGOLFKHQ JHNRSSHOW PLW HLQHU EHUGXUFKVFKQLWWOLFK
KRKHQ (UZHUEVTXRWH GHXWHW GDUDXI KLQ GDVV MXQJH )UDXHQ WURW] 9HUVFKOHFKWHUXQJ GHU
$UEHLWVPDUNWODJH K|KHUH %HVFKlIWLJXQJVFKDQFHQ DOV *OHLFKDOWULJH LQ GHQ DQGHUHQ %XQ
GHVOlQGHUQ KDEHQ 'LH JHULQJH (UZHUEVEHWHLOLJXQJ GHU )UDXHQ LP +DXSWHUZHUEVDOWHU LVW
KLQJHJHQPLWHLQHPYHUJOHLFKVZHLVHKRKHQ$QWHLODQ$UEHLWVORVLJNHLWYHUNQ SIW
• ,QGHQ-DKUHQVHLWVWLHJGLH=DKOGHU1RWVWDQGVKLOIHEH]LHKHU,QQHQLQ7LUROYRQHLQHP
UHODWLY]XU$UEHLWVORVLJNHLWJHULQJHQ1LYHDXDXVJHKHQG PLW$XVQDKPHGHU+RFKNRQMXQN
WXUMDKUHELVDQQlKHUQGGXUFKJlQJLJDQXQGODJ]XOHW]WXPRGHU
3HUVRQHQ EHUGHP1LYHDXGHV-DKUHVVLHKH$EELOGXQJ'LHVGHXWHWDXI]XQHK
PHQGH3UREOHPHEHLGHUQDFKKDOWLJHQ,QWHJUDWLRQGHU$UEHLWVORVHQLQ%HVFKlIWLJXQJKLQ
,QVEHVRQGHUH]HLJWGLHVH(QWZLFNOXQJGDVVHVLQ7LUROHLQHQVWHLJHQGHQ$QWHLODQ3HUVRQHQ
JLEW GHUHQ $UEHLWVORVLJNHLWVHSLVRGHQ LPPHU ZLHGHU ]% GXUFK 6FKXOXQJHQ RGHU DEHU
DXFK %HVFKlIWLJXQJVHSLVRGHQ YRQ HLQHU 'DXHU YRQ ]XPLQGHVW 7DJHQ XQWHUEURFKHQ
ZHUGHQ GLH DEHU QLFKW ODQJ JHQXJ LQ %HVFKlIWLJXQJ YHUEOHLEHQ XP HLQHQ QHXHUOLFKHQ
$UEHLWVORVHQJHOGDQVSUXFK]XEHJU QGHQZDVDXI]XQHKPHQGH3UREOHPHEHLGHUODQJIULV
WLJHQ ,QWHJUDWLRQ GHU $UEHLWVORVHQ LQ GDV %HVFKlIWLJXQJVV\VWHP KLQGHXWHW VLHKH GD]X
DXFK.DSLWHO$XIIDOOHQGLVWDXFKGDVVGHU$QWHLOGHUZHLEOLFKHQ1RWVWDQGVKLOIHEH]LHU,Q
QHQLQ7LUROPLWUXQGK|KHULVWDOVLP%XQGHVGXUFKVFKQLWWUXQG
=XOHW]WODJGLH=DKOGHU1RWVWDQGVKLOIHEH]LHU,QQHQLQ7LUROLQ5HODWLRQ]XU$UEHLWVORVLJNHLWPLWGHU$UEHLWVORVHQDP
QLHGULJVWHQXQWHUDOOHQ%XQGHVOlQGHUQ

²²
$EELOGXQJ $UEHLWVORVHQTXRWHQGHU)UDXHQQDFK$OWHUVJUXSSHQLQgVWHUUHLFKXQG7LURO
-DKUHVGXUFKVFKQLWW
10
9
8
Österreich
Tirol
7
6
5
4
3
2
1
0
bis 19 Jahre 20 - 24 Jahre 25 - 29 Jahre 30 - 34 Jahre 35 - 39 Jahre 40 - 44 Jahre 45 - 49 Jahre 50 - 54 Jahre 55 - 59 Jahre 60 - 64 Jahre
4$06
$EELOGXQJ 1RWVWDQGVKLOIHEH]LHKHU,QQHQLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
gVWHUUHLFK
4$06:,)2%HUHFKQXQJHQ

²²
• :lKUHQGGLH$UEHLWVORVLJNHLWGHU-XJHQGOLFKHQLQ7LUROLPPHUQRFKXQWHUGHP|VWHUUHLFKL
VFKHQ 'XUFKVFKQLWW OLHJW GLH $UEHLWVORVHQTXRWH GHU -XJHQGOLFKHQ XQWHU -DKUHQ ODJ
]XOHW]W EHL KDW VLFK LKUH $UEHLWVORVLJNHLW VWDUN HUK|KW hEHUVLFKW ,QVJHVDPW LVW GHU
$QVWLHJ LQ GHU -XJHQGDUEHLWVORVLJNHLW GXUFKDXV EHDFKWOLFK ,P -DKUHVGXUFKVFKQLWW
ZDUHQ3HUVRQHQLP$OWHUYRQXQWHU-DKUHQDUEHLWVORV'LHVLVWHLQ$QVWLHJYRQ EHU
JHJHQ EHUGHP-DKU0LWWOHUZHLOHVLQGGDPLWGHU$UEHLWVORVHQLQ7LURO
-DKUH DOW RGHU M QJHU 'LH ,QWHJUDWLRQ GHU -XJHQGOLFKHQ LQV (UZHUEVOHEHQ GLH JHUDGH LQ
HLQHP %XQGHVODQG LQ GHP GLH (UZHUEVTXRWH GHU -XJHQGOLFKHQ EHVRQGHUV KRFK LVW HLQ
ZLFKWLJHV6HJPHQWGHV$UEHLWVPDUNWHVLVWZLUGGDKHU]XQHKPHQGVFKZLHULJHU
• 1HEHQ GHQ -XJHQGOLFKHQ ZDUHQ DXFK EHL GHQ bOWHUHQ VWDUN ]XQHKPHQGH $UEHLWVORVHQ
]DKOHQ]XYHU]HLFKQHQ+LHULVWGLH=XZDFKVUDWHPLWJHJHQ EHUGHP-DKUK|KHU
DOV LP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW REZRKO GHU $QWHLO GHU lOWHUHQ $UEHLWVORVHQ LQ 7LURO
LPPHU QRFK JHULQJHU LVW DOV LQ gVWHUUHLFK 'LHVHU $QVWLHJ ]HLJW GDVV JHUDGH DP $UEHLWV
PDUNWGHUbOWHUHQGLH6WHLJHUXQJHQLQGHU(UZHUEVEHWHLOLJXQJGHUOHW]WHQ-DKUH]XHLQHP
QLFKW XQHUKHEOLFKHQ 7HLO DXFK ]X HLQHP $QVWLHJ GHU $UEHLWVORVLJNHLW I KUWH XQG XQWHU
VWUHLFKW VRPLW GLH 1RWZHQGLJNHLW YRQ DUEHLWVPDUNWSROLWLVFKHQ 6WUDWHJLHQ GLH GLH $UEHLWV
XQG%HVFKlIWLJXQJVIlKLJNHLWYRQlOWHUHQ$UEHLWVNUlIWHQHUK|KHQ
hEHUVLFKW
(QWZLFNOXQJGHU$UEHLWVORVLJNHLWQDFK$OWHUVJUXSSHQ
-DKU
$OWHULQ-DKUHQ
$QWHLOLQ
7LURO
ELV
!
,QVJHVDPW
gVWHUUHLFK
ELV
!
,QVJHVDPW
4$06:,)2%HUHFKQXQJHQ
• (LQHZHLWHUH*UXSSHGLHVHLWGHP-DKUHLQHQVWlUNHUHQ $QVWLHJGHU $UEHLWVORVLJNHLW
YHUVS UWHDOVLQgVWHUUHLFKLQVJHVDPWZDUHQ3HUVRQHQPLWHLQHU/HKUHDOVK|FKVWHDEJH
VFKORVVHQH$XVELOGXQJ$XFKGLHVH*UXSSHLVWDXIJUXQGGHV$QVWLHJVYRQ EHULQGHQ
OHW]HQ-DKUHQQLFKWYHUQDFKOlVVLJEDU,QVJHVDPWZDUHQLP-DKUHVGXUFKVFKQLWWUXQG

²²
3HUVRQHQPLWHLQHU/HKUDXVELOGXQJDOVK|FKVWHDEJHVFKORVVHQH$XVELOGXQJDUEHLWV
ORV
• 6FKOXVVHQGOLFK VWHLJW GLH $UEHLWVORVLJNHLW GHU $XVOlQGHU,QQHQ VHLW GHP -DKU GHXWOLFK
DQ ,P -DKUHVGXUFKVFKQLWW ZDUHQ LQ 7LURO DXVOlQGLVFKH $UEHLWVNUlIWH DUEHLWVORV
'LH $UEHLWVORVHQTXRWH XQWHU GHQ DXVOlQGLVFKHQ $UEHLWVNUlIWHQ LVW LQ 7LURO XP IDVW 3UR
]HQWSXQNWH DQJHVWLHJHQ 2EZRKO GLHVHU $QVWLHJ LPPHU QRFK JHULQJHU LVW DOV LP EULJHQ
gVWHUUHLFK GHXWHW GLHV DXI ]XQHKPHQGH 3UREOHPH GHU ,QWHJUDWLRQ YRQ DXVOlQGLVFKHQ
$UEHLWVNUlIWHQKLQ
,QVJHVDPWYHUVFKLHEWVLFKGDPLWGLH6WUXNWXUGHU$UEHLWVORVLJNHLWLQ7LURO²ZLHDXFKLP EULJHQ
gVWHUUHLFK²]XQHKPHQGLQ5LFKWXQJGHUDP$UEHLWVPDUNWRKQHKLQEHQDFKWHLOLJWHQ*UXSSHQ
GHU1RWVWDQGVKLOIHEH]LHKHU,QQHQDXVOlQGLVFKHQ$UEHLWVNUlIWHQbOWHUHQXQG-XJHQGOLFKHQ'LH
%HGHXWXQJHLQHU]LHOJUXSSHQJHUHFKWHQ$UEHLWVPDUNWSROLWLNI UGLHVH*UXSSHQVWHLJWGDKHUDQ
hEHUVLFKW
$UEHLWVORVLJNHLWQDFKK|FKVWHUDEJHVFKORVVHQHU$XVELOGXQJ
-DKU
$QWHLO
LQ
7LURO
3IOLFKWVFKXOH
/HKUH
0LWWOHUH6FKXOHQ
+|KHUH6FKXOHQ
)DFKKRFKVFKXOHQ8QLYHUVLWlWHQ
8QEHNDQQW
gVWHUUHLFK
3IOLFKWVFKXOH
/HKUH
0LWWOHUH6FKXOHQ
+|KHUH6FKXOHQ
)DFKKRFKVFKXOHQ8QLYHUVLWlWHQ
8QEHNDQQW
4$06:,)2%HUHFKQXQJHQ
(LQVFKUlQNHQGVROOWHKLHUDOOHUGLQJVGDUDXIKLQJHZLHVHQZHUGHQGDVVQDFKGLHVHQ=DKOHQGLH*UXSSHGHU3HUVR
QHQPLWHLQHUXQEHNDQQWHQ$XVELOGXQJGLHK|FKVWHQ$QVWLHJHYHU]HLFKQHWHZDVGLH$XVVDJHNUDIWGHU6WDWLVWLNEHHLQ
WUlFKWLJW

²²
hEHUVLFKW
(QWZLFNOXQJGHU$UEHLWVORVLJNHLWDXVOlQGLVFKHU$UEHLWVNUlIWH²
$UEHLWVORVH,QGH[ $UEHLWVORVHQTXRWHLQ
7LURO gVWHUUHLFK 7LURO gVWHUUHLFK
,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ
4$06:,)2%HUHFKQXQJHQ
.RPSRQHQWHQGHU$UEHLWVORVLJNHLW6DLVRQXQG0LVPDWFK
6DLVRQDOLWlW
1HEHQ GHU $QJHERWVHQWZLFNOXQJ EHVWLPPHQ DEHU DXFK DQGHUH )DNWRUHQ GDV 1LYHDX GHU
$UEHLWVORVLJNHLW(LQHGHU DXIIlOOLJVWHQ%HVRQGHUKHLWHQGHV7LUROHU $UEHLWVPDUNWHVLVWGDEHLGLH
KRKH6DLVRQDOLWlW,PODQJMlKULJHQ9HUJOHLFK EHUGHQ=HLWUDXPYRQELV]HLJWHGLH
7LUROHU :LUWVFKDIW VRZRKO EHL GHU %HVFKlIWLJXQJ DOV DXFK EHL GHU $UEHLWVORVLJNHLW EHUGXUFK
VFKQLWWOLFKH VDLVRQDOH 6FKZDQNXQJHQ $XIJUXQG GHU ZLFKWLJHQ 5ROOH GHV 7RXULVPXV LQ GHU
%HVFKlIWLJWHQVWUXNWXUXQGHLQHVKRKHQ%HVFKlIWLJWHQDQWHLOVLQGHU%DXZLUWVFKDIW ZHLVW7LURO
JHPHVVHQ DQ GHU 6WDQGDUGDEZHLFKXQJ GHU 6DLVRQNRPSRQHQWH HLQHU =HLWUHLKHQ]HUOHJXQJ
EHUGXUFKVFKQLWWOLFKH VDLVRQDOH 6FKZDQNXQJ DXI VLHKH hEHUVLFKW ,Q %H]XJ DXI GLH
$UEHLWVORVLJNHLW EHWUlJW GLH 6WDQGDUGDEZHLFKXQJ GHU 6DLVRQNRPSRQHQWH EHL GHU %HVFKlIWL
JXQJ3UR]HQWGHUMlKUOLFKGXUFKVFKQLWWOLFKHQ%HVFKlIWLJXQJLQ%H]XJDXIGLH$UEHLWVORVLJ
NHLWUXQG'LHVDLVRQDOH.RPSRQHQWHGHU%HVFKlIWLJXQJXQG$UEHLWVORVLJNHLWLVWGDPLWQXU
LP%XUJHQODQGXQGLQ.lUQWHQ K|KHUDOVLQ7LURO
'HU%HVFKlIWLJWHQDQWHLOLQGHU7LUROHU%DXZLUWVFKDIWODJLP-DKUEHLgVWHUUHLFKXQGZDUGDPLWGHU
GULWWK|FKVWHKLQWHUGHP%XUJHQODQGXQG.lUQWHQXQWHUGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQVLHKHGD]XDXFK.DSL
WHO
'LHVH%XQGHVOlQGHUXQWHUVFKHLGHQVLFKGDEHLDXFKGXUFKHLQHVWDUNH6RPPHUVDLVRQYRQ7LURO
'LH6DLVRQDOLWlWLP7RXULVPXVVWUDKOWGDEHLLQ7LURODXFKDXIDQGHUH:LUWVFKDIWVEHUHLFKHDXVGDVLFKGLHWRXULVWLVFKH
1DFKIUDJHDXFKLQDQGHUHQ:LUWVFKDIWV]ZHLJHQ]%+DQGHOXQG%DXZHVHQDXVZLUNW

²²
'LHVHKRKH6DLVRQDOLWlWLVWGDEHLI UGHQ7LUROHU$UEHLWVPDUNWGHVZHJHQYRQ1DFKWHLOZHLOVLH
DXFK GLH MDKUHVGXUFKVFKQLWWOLFKH $UEHLWVORVLJNHLW HUK|KW 'DV $XVPD‰ VDLVRQDOHU 9HU]HUUXQJ
OlVVW VLFK GDEHL DQ GHP $EVWDQG GHU $UEHLWVORVHQTXRWH 7LUROV YRP |VWHUUHLFKLVFKHQ 'XUFK
VFKQLWWDEOHVHQ=XP%HLVSLHOODJGLH$UEHLWVORVHQTXRWHLP-DKULQ7LUROLP+RFKVDLVRQPR
QDW-XOLXP3UR]HQWSXQNWHXQWHUGHP:HUWgVWHUUHLFKV$X‰HUKDOEGHU6DLVRQLP1RYHP
EHUZDUVLHXP3UR]HQWSXQNHK|KHUDOVLQgVWHUUHLFK
(VHUJHEHQVLFK²ZLHI UJDQ]gVWHUUHLFK²DXFKZHVHQWOLFKH8QWHUVFKLHGHLQGHU6DLVRQDOLWlW
GHU%HVFKlIWLJXQJXQGGHU$UEHLWVORVHQTXRWHGHU)UDXHQJHJHQ EHUMHQHUGHU0lQQHU$XI
JUXQGGHVJHULQJHQ $QWHLOVGHU)UDXHQLQGHU%DXEUDQFKHXQGGHVK|KHUHQLP7RXULVPXVLVW
GLHVDLVRQDOH6FKZDQNXQJGHU)UDXHQEHVFKlIWLJXQJLQ7LUROK|KHUDOVMHQHGHU0lQQHU:lK
UHQG GLH 6DLVRQDOLWlW GHU %HVFKlIWLJXQJ EHL GHQ 0lQQHUQ LQ 7LURO HWZD GHP %XQGHVGXUFK
VFKQLWWHQWVSULFKWHUUHLFKWEHLGHQ)UDXHQQXU.lUQWHQlKQOLFKKRKH:HUWHZLH7LURO
hEHUVLFKW 6WDQGDUGDEZHLFKXQJGHU6DLVRQNRPSRQHQWHLQGHQ|VWHUUHLFKLVFKHQ
%XQGHVOlQGHUQ
,Q
%HVFKlIWLJXQJ $UEHLWVORVLJNHLW
,QVJHVDPW )UDXHQ 0lQQHU ,QVJHVDPW )UDXHQ 0lQQHU
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
gVWHUUHLFK
4$06+9:,)2%HUHFKQXQJHQ²$QPHUNXQJ=DKOHQVLQG6WDQGDUGDEZHLFKXQJHQGHU6DLVRQNRPSRQHQWHLQHLQHU
=HLWUHLKHQ]HUOHJXQJPLWWHO&HQVXV;
(WZDVDQGHUVLVWGLH6LWXDWLRQEHLGHU6DLVRQDOLWlWGHU$UEHLWVORVLJNHLW+LHULVWREZRKOGLH0lQ
QHU XQG )UDXHQ HWZD JOHLFK KRKH 6DLVRQVFKZDQNXQJHQ DXIZHLVHQ GLH 6DLVRQDOLWlW GHU
$UEHLWVORVLJNHLWGHU)UDXHQLQ7LUROGLHPLW $EVWDQGK|FKVWHXQWHUDOOHQ%XQGHVOlQGHUQZlK
UHQG MHQH GHU 0lQQHU LP |VWHUUHLFKLVFKHQ 0LWWHOIHOG OLHJW 'LHV ZHLVW DXI |VWHUUHLFKZHLW VHKU
XQWHUVFKLHGOLFKH6DLVRQPXVWHUGHU0lQQHUXQG)UDXHQDUEHLWVORVLJNHLWKLQ'HU*UXQGI UGLHVH
8QWHUVFKLHGHLVWGLHJHULQJHUH$UEHLWVPDUNWELQGXQJGHU)UDXHQGLHZLHGHUXPDXIGLHUROOHQ
VSH]LILVFKH$UEHLWVWHLOXQJLQGHQPHLVWHQ)DPLOLHQ]XU FN]XI KUHQLVW6LHI KUWGD]XGDVVDXFK
GDV$UEHLWVNUlIWHDQJHERWGHU)UDXHQ EHUGLH6DLVRQVWlUNHUVFKZDQNWXQGGDPLWGLHJHPHV
VHQH6DLVRQDOLWlWGHU$UEHLWVORVLJNHLWUHODWLY]XGHQ0lQQHUQJHULQJHULVW

²²
0LVPDWFK
1HEHQGHUKRKHQ6DLVRQDOLWlWGHU$UEHLWVORVLJNHLWLVW7LURODXFKYRQEHWUlFKWOLFKHQUHJLRQDOHQ
8QWHUVFKLHGHQ GHU $UEHLWVPDUNWODJH JHSUlJW VLHKH GD]X GDV QlFKVWH .DSLWHO $XFK GLHVH
UHJLRQDOHQ'LVSDULWlWHQN|QQHQGLHGXUFKVFKQLWWOLFKH$UEHLWVORVLJNHLWHUK|KHQZHQQ$UEHLWV
NUlIWHDQJHERWXQGQDFKIUDJHLQUlXPOLFKHU+LQVLFKWDXVHLQDQGHUIDOOHQXQG]XVRJHQDQQ
WHPUHJLRQDOHQ0LVPDWFKI KUHQ(LQH.HQQ]DKOI UGDV$XVPD‰GLHVHVUHJLRQDOHQ0LVPDWFK
LVW GHU $QWHLO GHU $UEHLWVORVHQ GLH XQWHU GHQ $UEHLWVPDUNWEH]LUNHQ DXVJHWDXVFKW ZHUGHQ
P VVWHQXPHLQHJOHLFKPl‰LJH9HUWHLOXQJGHV6WHOOHQDQGUDQJVGLH$Q]DKOGHU$UEHLWVORVHQ
SURRIIHQH6WHOOHKHU]XVWHOOHQVLHKH-DFNPDQ5RSHU
,Q 7LURO OLHJW GLHVHU,QGLNDWRU VHLW GHP $QIDQJ GHU QHXQ]LJHU -DKUH UHODWLYVWDELO EHL ]ZLVFKHQ
XQG XQG JHKW HUVW LQ GHQ OHW]WHQ -DKUHQ ]XU FN ,P -DKU ZDU 7LURO WURW] GLHVHV
5 FNJDQJVGDV%XQGHVODQGPLWGHPI QIWK|FKVWHQUHJLRQDOHQ0LVPDWFKXQWHUGHQ|VWHUUHL
FKLVFKHQ%XQGHVOlQGHUQXQGODJHWZDJOHLFKDXIPLWGHPIOlFKHQPl‰LJZHVHQWOLFKJU|‰HUHQ
1LHGHU|VWHUUHLFKDEHUDXFKGHPZHVHQWOLFKNOHLQHUHQ%XUJHQODQG (LQHQK|KHUHQUHJLRQD
OHQ0LVPDWFKZHLVHQ6WHLHUPDUNXQG.lUQWHQDXIZlKUHQGHULQ2EHU|VWHUUHLFK6DO]EXUJXQG
9RUDUOEHUJ]XP7HLOGHXWOLFKJHULQJHULVW
'HUUlXPOLFKH0LVPDWFKHQWVSULFKWLQ7LUROGDKHUHWZDGHP|VWHUUHLFKVFKHQ'XUFKVFKQLWWLVW
DEHU QLFKW YHUQDFKOlVVLJEDU 1DFK XQVHUHU .HQQ]DKO KlWWHQ LP -DKU HWZD GHU
$UEHLWVORVHQDOVRHWZDMHGHU9LHUWHLQDQGHUHQ$UEHLWVPDUNWEH]LUNHQ$UEHLWVSOlW]HVXFKHQ
P VVHQ XP HLQH JOHLFKPl‰LJH 9HUWHLOXQJ GHV 6WHOOHQDQGUDQJV ]X HUUHLFKHQ VLHKH $EELO
GXQJ
$OOHUGLQJVGHXWHWGLH/DJHGHU%HYHULGJH.XUYHLQ7LURODXFKGDUDXIKLQGDVVDQGHUH.RPSR
QHQWHQ GHV $XVHLQDQGHUIDOOHQV GHU 6WUXNWXU YRQ $UEHLWVNUlIWHDQJHERW XQG QDFKIUDJH ]%
DXIEHUXIOLFKHURGHUTXDOLILNDWRULVFKHU(EHQHZHQLJHUVWDUNDXVJHSUlJWVLQGDOVLQgVWHUUHLFK
VLHKH $EELOGXQJ 'LH /DJH GLHVHU .XUYH ZHOFKH GDV VLPXOWDQH $XIWUHWHQ YRQ RIIHQHQ
6WHOOHQXQG$UEHLWVORVLJNHLWDXIHLQHP $UEHLWVPDUNWPLVVWLVWHLQ0D‰VWDEVRZRKOGHU6XFKDU
EHLWVORVLJNHLW DOV DXFK GHU VWUXNWXUHOOHQ .RPSRQHQWH GHU $UEHLWVORVLJNHLW 6LH PLVVW ZHOFKHU
$UEHLWVORVHQVWDQG]XHLQHPJHJHEHQHQ=HLWSXQNWPLWZHOFKHU$Q]DKODQRIIHQHQ6WHOOHQDXI
WUDWXQGJLEWVRPLW$XVNXQIW EHUGLHhEHUHLQVWLPPXQJ]ZLVFKHQGHU6WUXNWXUGHV$UEHLWVNUlIWH
DQJHERWV XQG GHU QDFKIUDJH 'DEHL LVW GLH /DJH GHU %HYHULGJH.XUYH XPVR EHVVHU GK
VLJQDOLVLHUWJHULQJHUHQ0LVPDWFKMHQlKHUVLHDP8UVSUXQJOLHJWMHZHLWHUOLQNVXQWHQVLHOLHJW
,Q 7LURO ODJ GLH %HYHULGJH .XUYH EHU GHQ JHVDPWHQ =HLWUDXP ELV QlKHU ]XP
U
i
)RUPDO NDQQ GHU ,QGH[ GHV UHJLRQDOHQ 0LVPDWFK DOV ∑ − Vi
PLW 9L GHU $Q]DKO GHU RIIHQHQ 6WHOOHQ XQG 8LGHU
i U V
$Q]DKO GHU $UEHLWVORVHQ LQ %H]LUN L VRZLH PLW 8 XQG 9 GLH *HVDPW]DKO GHU $UEHLWVORVHQ E]Z RIIHQHQ 6WHOOHQ LQ 7LURO
EHUHFKQHWZHUGHQ
'LHVHU YHUJOHLFKEDUH0LVPDWFKLQ JU|‰HUHQ %XQGHVOlQGHUQLVW EHDFKWHQVZHUWZHLOGHU0LVPDWFK WHQGHQ]LHOOPLW
GHU*U|‰HGHV%XQGHVODQGHVVWHLJW

²²
8UVSUXQJDOVLQgVWHUUHLFK) UHLQHJHJHEHQH$Q]DKODQRIIHQHQ6WHOOHQLQGHU%HVFKlIWLJ
WHQ ZDU GLH $UEHLWVORVLJNHLW LQ GHU %HVFKlIWLJWHQ LQ 7LURO GHPQDFK JHULQJHU DOV LQ gVWHU
UHLFK
$EELOGXQJ (QWZLFNOXQJGHUUHJLRQDOHQ0LVPDWFK.RPSRQHQWH
$QWHLOHDQGHU$UEHLWVORVLJNHLWLQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
4$066WDWLVWLN$XVWULD:,)2%HUHFKQXQJHQ
$EELOGXQJ %HYHULGJH.XUYHLQ7LUROXQGLQgVWHUUHLFK²
J
Q
X
LJ
IW
l
K
V
F
H
U%
H
G
LQ
Q
OH
W
H
6
H
Q
IH
2
gVWHUUHLFK
7LURO
7LURO
g
7LURO
g
$UEHLWVORVHLQGHU%HVFKlIWLJXQJ
4
$06+9:,)2%HUHFKQXQJHQ

²²
8PVFKODJGHU$UEHLWVNUlIWHXQG$UEHLWVORVHQ(OHPHQWHHLQHU)ORZ%HWUDFKWXQJ
1HEHQ GHP 1LYHDX GHU $UEHLWVORVLJNHLW VRZLH LKUHU 6WUXNWXU VLQG DXFK )UDJHQ GHU $QSDV
VXQJVIlKLJNHLW GHV $UEHLWVPDUNWHV DQ JHlQGHUWH 8PZHOWEHGLQJXQJ I U HLQH %HXUWHLOXQJ GHU
DUEHLWVPDUNWSROLWLVFKHQ/DJHYRQEHVRQGHUHU5HOHYDQ]'HU $UEHLWVPDUNWGHUPHLVWHQHQWZL
FNHOWHQ5HJLRQHQLVWGXUFKKRKH8PVFKOlJHYRQ%HWULHEHQ%HVFKlIWLJWHQXQG$UEHLWVSOlW]HQ
JHNHQQ]HLFKQHW *HUDGH LQ =HLWHQ ]XQHKPHQGHQ VWUXNWXUHOOHQ :DQGHOV HQWVWHKHQ GDKHU
EHVRQGHUH $QIRUGHUXQJHQ DQ GLH )OH[LELOLWlW GHU $UEHLWVNUlIWH %HWUDFKWHW PDQ GDEHL GLH
$Q]DKO MHQHU %HVFKlIWLJXQJVYHUKlOWQLVVH GLH ELQQHQ HLQHV -DKUHV EHHQGHW RGHU QHX DXIJH
QRPPHQZHUGHQDOVHLQHQ,QGLNDWRUI UGLH$UEHLWVNUlIWHUHDOORNDWLRQVR]HLJWVLFKGDVVLQ7LURO
LQGHQ-DKUHQELVPHKUDOVGHULP-DKUHVGXUFKVFKQLWWEHVWHKHQGHQ%HVFKlIWL
JXQJVYHUKlOWQLVVHJHN QGLJWXQGHLQHWZDVJU|‰HUHU$QWHLODXIJHQRPPHQZXUGH
$EELOGXQJ $XIQDKPHQHXHU%HVFKlIWLJXQJVYHUKlOWQLVVHLQGHU'XUFKVFKQLWWVEHVWlQGH
QDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
2EHU|VWHUUHLFK
6WHLHUPDUN
.lUQWHQ
6DO]EXUJ
7LURO
9RUDUOEHUJ
4+9:,)2,1','9:,)2%HUHFKQXQJHQ²$QPHUNXQJ'DWHQH[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ
2EZRKOLQGLHVHU.HQQ]DKO8QWHUEUHFKXQJHQGHU%HVFKlIWLJXQJEHLPVHOEHQ'LHQVWJHEHUGLH
PHKUDOVVLHEHQ7DJHGDXHUQPLWEHU FNVLFKWLJWVLQG LVW7LUROGDPLWGDV%XQGHVODQGPLWGHP
K|FKVWHQ8PVFKODJDQ$UEHLWVNUlIWHQ (LQHGHU+DXSWXUVDFKHQI UGLHVHKRKHQ8PVFKODJV
'LHVHPDFKHQ|VWHUUHLFKZHLWHWZDGHU%HVFKlIWLJXQJVDXIQDKPHQXQGEHHQGLJXQJHQDXV VLHKH)HOGHUHU
+RIHU6FKXK
$OOHUGLQJVVLQNWLQ7LUROLQGHQOHW]WHQ-DKUHQGLH$Q]DKOGHU%HVFKlIWLJXQJVDXIQDKPHQXQGEHHQGLJXQJHQLQ

²²
]DKOHQLVWGDEHLGLHKRKH6DLVRQDOLWlWGHU%HVFKlIWLJXQJ'LHVHGXUFKGLH6DLVRQDOLWlWEHGLQJ
WHQK|KHUHQ8PVFKOlJHDP$UEHLWVPDUNWKDEHQHLQLJHXQDQJHQHKPH.RQVHTXHQ]HQI UGLH
$UEHLWVPDUNWDEHUDXFKGLH6R]LDOSROLWLN6RVLQNWEHLKRKHQ8PVFKODJV]DKOHQWHQGHQ]LHOOGLH
6WDELOLWlW GHU $UEHLWVSOlW]H ZDV ]X HUK|KWHQ $QIRUGHUXQJHQ DQ GLH )OH[LELOLWlW GHU $UEHLWV
NUlIWHI KUWXQGGLHUHJLRQDOHQ9HUPLWWOXQJVV\VWHPHYRU]XVlW]OLFKH+HUDXVIRUGHUXQJHQVWHOOW
hEHUGLHVNDQQHLQKRKHU8PVFKODJYRQ%HVFKlIWLJXQJVYHUKlOWQLVVHQDXFK]XVR]LDOSROLWLVFKHQ
3UREOHPHQ I KUHQ ZHQQ HU DXI ZHQLJH 3HUVRQHQ NRQ]HQWULHUW LVW +LHU ]HLJHQ HLQJHKHQGHUH
8QWHUVXFKXQJHQ I U DQGHUH |VWHUUHLFKLVFKH $UEHLWVPlUNWH GDVV GLHV GXUFKDXV GHU )DOO VHLQ
NDQQ/DXW+XEHUHWDOPDFKHQDP:LHQHU$UEHLWVPDUNWFDGHU3HUVRQHQGHV
8PVFKODJHVDXV
$EELOGXQJ%HHQGLJXQJHQYRQ%HVFKlIWLJXQJVYHUKlOWQLVVHQLQGHU'XUFKVFKQLWWV
EHVWlQGHQDFK|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
2EHU|VWHUUHLFK
6WHLHUPDUN
.lUQWHQ
6DO]EXUJ
7LURO
9RUDUOEHUJ
4+9:,)2,1','9:,)2%HUHFKQXQJHQ²$QPHUNXQJ'DWHQH[NOXVLYH1LFKW0DUNW'LHQVWOHLVWXQJHQ
GHU%HVFKlIWLJXQJVYHUKlOWQLVVH:XUGHQ(QGHGHUQHXQ]LJHU-DKUHQRFKHWZDGHU%HVFKlIWLJXQJVYHUKlOWQLVVHLQ
HLQHP -DKU EHHQGHW EH]LHKXQJVZHLVH DXIJHQRPPHQ ZDUHQ HV $QIDQJ GHV -DKUWDXVHQGV EHU +LQWHU GLHVHU
(QWZLFNOXQJVWHKHQVRZRKOODQJIULVWLJH7UHQGVDOVDXFKNRQMXQNWXUHOOH6FKZDQNXQJHQ,QWHUQDWLRQDOH6WXGLHQ]HLJHQ
GDEHL GDVV JHUDGH GLH $Q]DKO GHU %HVFKlIWLJXQJVEHHQGLJXQJHQ XQG DXIQDKPHQ LQ NRQMXQNWXUHOO JXWHQ -DKUHQ
EHVRQGHUVKRFKLVWZHLOGLHVHYRQGHQ$UEHLWVNUlIWHQGD]XEHQ W]WZHUGHQLKUHQ$UEHLWVSODW]]XZHFKVHOQ'HPHQW
VSUHFKHQGVWLHJGHU8PVFKODJGHU%HVFKlIWLJXQJVYHUKlOWQLVVHLQGHQ+RFKNRQMXQNWXUMDKUHQXQGLQ7LURODQ
$OOHUGLQJVNDPHVLQGHQNRQMXQNWXUHOOVFKZlFKHUHQ-DKUHQXQG]XHLQHP5 FNJDQJ,QVJHVDPWLVWGDKHU
GDYRQDXV]XJHKHQGDVVGLH6FKZDQNXQJHQLP8PVFKODJDQ%HVFKlIWLJXQJVYHUKlOWQLVVHQLQ7LUROYRUDOOHPNRQMXQN
WXUHOOH8UVDFKHQKDEHQ

²²
'LHKRKHQ8PVFKODJVUDWHQDP$UEHLWVPDUNWI KUHQ EHUGLHVDXFKGD]XGDVVGLHhEHUJlQJH
LQXQGDXVGHU$UEHLWVORVLJNHLWLQ7LUROLQGHU$UEHLWVORVHQGHXWOLFKK|KHUVLQGDOVLP EULJHQ
%XQGHVJHELHW 'LH .RPELQDWLRQ KRKHU =XJDQJV XQG $EJDQJVUDWHQ DXV GHU $UEHLWVORVLJNHLW
GHXWHW ]XP HLQHQ HEHQIDOOV DXI GLH KRKH 6DLVRQDOLWlW GHU $UEHLWVORVLJNHLW KLQ =XP DQGHUHQ
EHGHXWHQVLHDEHUDXFKGDVVHVLQ7LURO]ZDUUHODWLYOHLFKWJHOLQJWHLQHQ$UEHLWVSODW]]XILQGHQ
GLH KRKHQ =XIO VVH ]XU $UEHLWVORVLJNHLW DEHU HLQH GHXWOLFKH 6HQNXQJ GHU $UEHLWVORVHQTXRWH
YHUKLQGHUQ(LQ$QVDW]SXQNWHLQHUDUEHLWVPDUNWSROLWLVFKHQ6WUDWHJLHI U7LUROVROOWHHVGDKHUVHLQ
GLH=XJlQJHLQGLH$UEHLWVORVLJNHLW]XP%HLVSLHOGXUFK0D‰QDKPHQ]XU9HUULQJHUXQJGHU6DL
VRQDOLWlW ]X YHUULQJHUQ ZREHL GLHV YRU DOOHP HLQH +HUDXVIRUGHUXQJ I U GLH 7RXULVPXVSROLWLN
GDUVWHOOW
$EELOGXQJ=XXQG$EJlQJHLQGLHXQGDXVGHU$UEHLWVORVLJNHLWLQ7LUROXQGgVWHUUHLFK
'XUFKVFKQLWWGHU0RQDWHLQGHU$UEHLWVORVHQ
=XJlQJH7LURO =XJlQJHgVWHUUHLFK $EJlQJH7LURO $EJlQJHgVWHUUHLFK
4$06+9:,)2%HUHFKQXQJHQ
,P%XQGHVOlQGHUYHUJOHLFKHUVFKHLQHQGLH8PVFKODJVUDWHQVRZRKOEHLGHQ=XXQG$EJlQJHQ
LQ XQG DXV GHU $UEHLWVORVLJNHLWDEHU YRU DOOHP GLH =X XQG $EJlQJH DXV %HVFKlIWLJXQJVYHU
KlOWQLVVHQ GHXWOLFK K|KHU DOV VHOEVW LQ YHUJOHLFKEDUHQ 7RXULVPXV%XQGHVOlQGHUQ ZLH HWZD
.lUQWHQ(LQ*UXQGKLHUI ULVWGDVLQ7LUROHWZDVDQGHUH6DLVRQPXVWHULP7RXULVPXV,P*HJHQ
VDW]]XP%HLVSLHO]X.lUQWHQLVWGLH%L3RODULWlWGHU6DLVRQHQLQ7LUROGKJXWH6RPPHUXQG

²²
JXWH:LQWHUVDLVRQEHLLQVJHVDPWVWDUNVFKZDQNHQGHQ1lFKWLJXQJV]DKOHQ ZHVHQWOLFKVWlUNHU
DXVJHSUlJWDOVLQDQGHUHQ%XQGHVOlQGHUQZDV]ZDU]XPHLQHQGHQ9RUWHLOKDWGDVV7RXULV
PXVEHVFKlIWLJWHLQVJHVDPWHLQHQOlQJHUHQ=HLWUDXPLQ%HVFKlIWLJXQJEOHLEHQN|QQHQDEHU
DXFK GHQ 1DFKWHLO GDVV GLH ]ZHL 6DLVRQVSLW]HQ LP 7RXULVPXV ]X HLQHU JU|‰HUHQ $Q]DKO DQ
8PVFKOlJHQ I KUHQ 'LHV ZLUG DXFK GXUFK HLQH VHNWRUDOH %HWUDFKWXQJ GHU .HQQ]DKOHQ ]XP
8PVFKODJ DQ %HVFKlIWLJXQJVYHUKlOWQLVVHQ LQ 7LURO XQG gVWHUUHLFK EHVWlWLJW VLHKH hEHUVLFKW
QDFK GHU GHU 8PVFKODJ DQ %HVFKlIWLJXQJVYHUKlOWQLVVHQ LP *DVWVWlWWHQ XQG %HKHUEHU
JXQJVZHVHQLQ7LUROGRSSHOWVRKRFKLVWDOVLP EULJHQgVWHUUHLFKZDVGLHSRWHQWLHOOHQ9RU
WHLOHHLQHU9HUULQJHUXQJGHU6DLVRQLP7RXULVPXVQXUXQWHUVWUHLFKW
$EELOGXQJ=XXQG$EJlQJH]XDXVGHU$UEHLWVORVLJNHLWLQGHU$UEHLWVORVHQQDFK
%XQGHVOlQGHUQ
: 1g % 67 . 2g 6 7 9
=XJlQJH]XU$UEHLWVORVLJNHLW
$EJlQJHDXVGHU$UEHLWVORVLJNHLW
4$06+9:,)2%HUHFKQXQJHQ
1HEHQGLHVHQ8QWHUVFKLHGHQLP6DLVRQYHUODXILP7RXULVPXVZHLVHQDEHUDXFKGDV%DXZHVHQ
XQGGHUVRQVWLJH'LHQVWOHLVWXQJVEHUHLFKLQ7LUROHLQHQK|KHUHQ 8PVFKODJ DQ%HVFKlIWLJXQJV
YHUKlOWQLVVHQ DXI DOV LQ gVWHUUHLFK LQVJHVDPW ,QVEHVRQGHUH LP %DXZHVHQ HUVFKHLQHQ GDEHL
,QGLHVHP=XVDPPHQKDQJ]HLJHQ6PHUDOHWDOGDVVGLH0HKUKHLWGHUSROLWLVFKHQ%H]LUNH7LUROVDXVWRXULVWL
VFKHU6LFKWGXUFK]ZHL6DLVRQHQEHLLQVJHVDPWKRKHU6FKZDQNXQJGHU1lFKWLJXQJV]DKOHQJHSUlJWVLQGVLHKHGD]X
DXFKQlFKVWHV.DSLWHO

²²
GLH 0|JOLFKNHLWHQ HLQHU %HVFKlIWLJXQJVVWDELOLVLHUXQJ GXUFK DUEHLWVPDUNWSROLWLVFKH (QWVFKHL
GXQJVWUlJHUDXIJUXQGGHVKRKHQ $QWHLOVGHU|IIHQWOLFKHQ $XIWUlJHLQGLHVHP%HUHLFKJHJH
EHQ]XVHLQ
hEHUVLFKW
6HNWRUHQ
%HVFKlIWLJXQJVDXIQDKPHQXQGEHHQGLJXQJHQLQgVWHUUHLFKXQG7LUROQDFK
LQGHU%HVFKlIWLJWHQ
%HVFKlIWLJXQJVDXIQDKPHQ %HVFKlIWLJXQJVEHHQGLJXQJHQ
gVWHUUHLFK 7LURO gVWHUUHLFK 7LURO
6DFKJ WHUSURGXNWLRQ
%DXZHVHQ
'LHQVWOHLVWXQJHQ
GDYRQ
%HKHUEHUJXQJVZHVHQ *DVWVWlWWHQZHVHQ
$QGHUH'LHQVWOHLVWXQJHQ
4 +9 :,)2,1','9 :,)2%HUHFKQXQJHQ ² $QPHUNXQJHQ =DKOHQ RKQH 1LFKWPDUNWPl‰LJH 'LHQVWOHLVWXQJHQ XQG
RKQH/DQGZLUWVFKDIWRKQH%HVFKlIWLJHUEHWULHEHPLWXQEHNDQQWHU6HNWRU]XRUGQXQJ
'LH$QSDVVXQJVIlKLJNHLWGHV$UEHLWVPDUNWHVLQ7LURO
9RUGHP+LQWHUJUXQGGHUKRKHQ8PVFKODJV]DKOHQLQ7LUROLVWHVDXFKLQWHUHVVDQW]XIUDJHQZLH
DQSDVVXQJVIlKLJGHU7LUROHU$UEHLWVPDUNWLVWXQGZHOFKH$QSDVVXQJVPHFKDQLVPHQDXIGLHVHP
$UEHLWVPDUNWGRPLQLHUHQ%ODQFKDUG.DW]VFKODJHQKLHU]XYRUHLQHLQIDFKHV0RGHOOO]X
VFKlW]HQZHOFKHVPLWWOHUZHLOH]XGHQ6WDQGDUGPRGHOOHQGHUUHJLRQDOHQ$UEHLWVPDUNWDQDO\VH
JHK|UW$XVJDQJVSXQNWLVWGDEHLGDVVH[RJHQHbQGHUXQJHQGHU$UEHLWVNUlIWHQDFKIUDJHLQ
HLQHU 5HJLRQ ZLH VLH ]XP %HLVSLHO GXUFK . QGLJXQJVZHOOHQ HQWVWHKHQ N|QQHQ UHLQ GHILQLWR
ULVFKQXUDXIGUHL$UWHQEHZlOWLJWZHUGHQN|QQHQ
NDQQ HV EHL HLQHP %HVFKlIWLJXQJVYHUOXVW ]X HLQHP $QVWLHJ GHU $UEHLWVORVLJNHLW NRP
PHQ
N|QQHQ VLFK GLH $UEHLWVNUlIWH HQWVFKHLGHQ LKUH $UEHLWVNUDIW DXI GHP UHJLRQDOHQ
$UEHLWVPDUNWQLFKWPHKUDQ]XELHWHQLQGHPVLHHQWZHGHULQHLQHDQGHUH5HJLRQDXV
ZHLFKHQRGHUVLFKJlQ]OLFKDXVGHP$UEHLWVPDUNW]XU FN]LHKHQ
NDQQ HV DXIJUXQG GHU JHVXQNHQHQ $UEHLWVNUlIWHQDFKIUDJH ]X HLQHU HQGRJHQHQ
/RKQVHQNXQJ NRPPHQ GLH GD]X I KUW GDVV VLFK QHXH %HWULHEH LQ GHU 5HJLRQ DQVLH
GHOQZDV²]XPLQGHVWODQJIULVWLJ²ZLHGHU]XHLQHU6WHLJHUXQJGHU%HVFKlIWLJXQJI KUW
=LHOGHV0RGHOOVYRQ%ODQFKDUG.DW]LVWHVGHQUHODWLYHQ%HLWUDJGLHVHUYHUVFKLHGHQHQ
$QSDVVXQJVPHFKDQLVPHQ LP =HLWYHUODXI HPSLULVFK ]X PHVVHQ 6LH VFKODJHQ GDKHU YRU HLQ
*OHLFKXQJVV\VWHPGHU)RUP
∆l
t
= ϕ ( + ξ
0 i + ϕ1
L)
∆lt−1
+ ϕ 2 ( L)
ert
−1
+ ϕ 3 ( L)
prt
−1
D
t

²²
er
t
i
1( L)
∆lt
+ φ2
( L)
ert
1 + φ3
t
D
t
= φ 0 + φ
− ( L)
pr + ξ
pr
t
= 0 i + θ1
L)
∆lt
+ θ 2 ( L)
ert
−1
+ θ 3 ( L)
prt
−1
θ ( + ξ
D
t
PLW ∆OW HUW XQG SUW GHP /RJDULWKPXV GHV %HVFKlIWLJXQJVZDFKVWXPV GHU %HVFKlIWLJXQJVUDWH
GK HLQV PLQXV GHU $UEHLWVORVHQTXRWH XQG GHU 3DUWL]LSDWLRQVUDWH UHODWLY ]XP QDWLRQDOHQ
'XUFKVFKQLWW ]XVFKlW]HQ $QKDQGGHU6FKlW]ZHUWHI UGLH3DUDPHWHUϕLφLθLN|QQHQLQ
GLHVHP 0RGHOO GLH $QSDVVXQJHQ YRQ $UEHLWVORVLJNHLW XQG $UEHLWVNUlIWHDQJHERW DXI HLQH
bQGHUXQJGHU%HVFKlIWLJXQJDXVVLPXOLHUWZHUGHQ
:LUIROJHQGLHVHP $QVDW]XQGEHQXW]HQ'DWHQGHU-DKUHELV XPGHQUHJLRQDOHQ
$QSDVVXQJVPHFKDQLVPXV7LUROVXQGGHV'XUFKVFKQLWWVGHUDQGHUHQ%XQGHVOlQGHUDE]XVFKlW
]HQ 'DEHL ZLUG GLH %HVFKlIWLJXQJVTXRWH DOV GHU $QWHLO GHU XQVHOEVWlQGLJHQ %HVFKlIWLJXQJ
DP $QJHERW GHU XQVHOEVWlQGLJ %HVFKlIWLJWHQ JHPHVVHQ 'DV %HVFKlIWLJXQJVZDFKVWXP
EH]LHKW VLFK DXI GLH :DFKVWXPVUDWH GHU XQVHOEVWlQGLJ %HVFKlIWLJWHQ XQG GLH 3DUWL]LSDWLRQV
UDWH VWHOOW GHQ $QWHLO GHV XQVHOEVWlQGLJHQ $UEHLWVNUlIWHDQJHERWV DQ GHU HUZHUEVIlKLJHQ
%HY|ONHUXQJGDU
$EELOGXQJ$QSDVVXQJYRQ%HVFKlIWLJXQJ$UEHLWVORVLJNHLWXQG3DUWL]LSDWLRQDQHLQHQ
H[RJHQHQ%HVFKlIWLJXQJVVFKRFN
%HVFKlIWLJXQJ $UEHLWVNUlIWHDQJHERW $ UEHLWORVLJNHLW
Ã
%HVFKlIWLJXQJ $ UEHLWVNUlIWHDQJHERW $ UEHLWORVLJNHLW
Ã
7LUROÃ
gVWHUUHLFKÃ
4Ã$06Ã+9Ã:,)2%HUHFKQXQJHQÃ
Ã.RQNUHWÃKDQGHOWÃHVÃVLFKÃEHLÃGLHVHPÃ0D‰ÃXPÃGLHÃ5HVLGXHQÃHLQHUÃ5HJUHVVLRQÃGHVÃMHZHLOLJHQÃUHJLRQDOHQÃ,QGLNDWRUVÃDXIÃ
GHQÃQDWLRQDOHQÃ,QGLNDWRUÃ
Ã'LHÃ,GHQWLILNDWLRQÃGHVÃ*OHLFKXQJVV\VWHPVÃHUIROJWÃGDEHLÃ EHUÃGLHÃ $QQDKPHÃGDVVÃbQGHUXQJHQÃLQÃGHUÃ$UEHLWVQDFK
IUDJHÃQLFKWÃXQPLWWHOEDUÃLPÃVHOEHQÃ4XDUWDOÃDXIÃGLHÃ3DUWL]LSDWLRQÃXQGÃGLHÃ%HVFKlIWLJXQJVUDWHÃGXUFKVFKODJHQÃ
à ,Qà GHUà 6FKlW]XQJà GHVà 0RGHOOVà KDEHQà ZLUà HLQHQà YHU]|JHUWHQà :HUWà EHU FNVLFKWLJWà 'DVà 0RGHOOà ZLUGà GXUFKà GLHÃ
$QQDKPHÃGDVVÃNRQWHPSRUlUHÃ9HUlQGHUXQJHQÃLQÃGHUÃ3DUWL]LSDWLRQVÃXQGÃ$UEHLWVORVHQTXRWHÃNHLQHÃ$XVZLUNXQJHQÃDXIÃ
GLHÃ%HVFKlIWLJXQJÃKDEHQÃLGHQWLIL]LHUWÃ

²²
,Q $EELOGXQJ ZLUG GLH $QSDVVXQJ GHU YHUVFKLHGHQHQ 9DULDEOHQ DQ HLQH XQHUZDUWHWH
9HUULQJHUXQJ GHU %HVFKlIWLJXQJ XP LQ 7LURO XQG HLQHP GXUFKVFKQLWWOLFKHQ %XQGHVODQG
gVWHUUHLFKVI UGHQ=HLWUDXPYRQ-DKUHQGDUJHVWHOOW7LUROHUZHLVWVLFKGDEHLDOVHLQW\SLVFKHV
|VWHUUHLFKLVFKHV%XQGHVODQG,QVEHVRQGHUH]HLJWVLFKGDVVLQ7LUROHEHQVRZLHLQgVWHUUHLFKHLQ
VHKU KRKHU $QWHLO HLQHV %HVFKlIWLJXQJVVFKRFNV GXUFK bQGHUXQJHQ GHV $UEHLWVNUlIWHDQJH
ERWHVDQJHSDVVWZLUG $OVUHOHYDQWHU8QWHUVFKLHGOVWHOOWVLFKDOOHUGLQJVKHUDXVGDVV(UK|KXQ
JHQGHU$UEHLWVORVLJNHLWLQ7LUROHLQHJHULQJHUHXQGbQGHUXQJHQLP$UEHLWVNUlIWHDQJHERWHLQH
K|KHUH 3HUVLVWHQ] DXIZHLVHQ DOV LP EULJHQ gVWHUUHLFK %HVFKlIWLJXQJVlQGHUXQJHQ I KUHQ LQ
7LURO GDKHU LQ VWlUNHUHP $XVPD‰ ]X 5HDNWLRQHQ GHV $UEHLWVNUlIWHDQJHERWHV DOV LP EULJHQ
gVWHUUHLFK
à ,Pà 9HUJOHLFKà ]XUà LQWHUQDWLRQDOHQà /LWHUDWXUà 9rp…r††v Ah‡h† (($ Ev€r ‚ 7r ‡‚yvyh ((' A…rq…vx††‚ (((
QrxxhyhFh th†uh…‡wˆ!!7‚r…†€h‰h 9vwx!!9rtyhvtyrG‚ur†‡ (((7yhpuh…qFh‡“ ((!9riryyr
Wvpxr…’ (('Ah‡h†!Cˆir…Bhp†!$ÃHUVFKHLQHQÃGLHVHÃ8QWHUVFKLHGHÃ]ZLVFKHQÃ7LUROÃXQGÃgVWHUUHLFKÃDOOHU
GLQJVÃHKHUÃJHULQJÃ6RZRKOÃGHUÃ7LUROHUÃZLHÃDXFKÃGHUÃJHVDPW|VWHUUHLFKLVFKHÃ$UEHLWVPDUNWÃWHLOHQÃQlPOLFKÃGLHÃ&KDUDNWHULV
WLNDÃHLQHVÃW\SLVFKHQÃHXURSlLVFKHQÃ$UEHLWVPDUNWHVÃLQÃGHPÃGDVÃ$UEHLWVNUlIWHDQJHERWÃGHQÃZLFKWLJVWHQÃ$QSDVVXQJVPH
FKDQLVPXVÃDPÃ$UEHLWVPDUNWÃGDUVWHOOWÃÃ

²²
5HJLRQDOH8QWHUVFKLHGHDP$UEHLWVPDUNW
'LH 7HLOUlXPH 7LUROV XQWHUVFKHLGHQ VLFK ]XP 7HLO HUKHEOLFK KLQVLFKWOLFK %HVFKlIWLJXQJVZDFKV
WXP(UZHUEVEHWHLOLJXQJ$UEHLWVORVLJNHLWVQLYHDXXQG$UEHLWVORVLJNHLWVVWUXNWXU'LHVH8QWHUVFKLH
GH LQ GHU $UEHLWVPDUNWODJH VLQG ]XP HLQHQ DXV GHU KLVWRULVFK HQWVWDQGHQHQ VHNWRUDOHQ
6SH]LDOLVLHUXQJGHU7HLOUlXPHXQG]XPDQGHUHQDXVGHUJHRJUDSKLVFKHQ/DJH]XHUNOlUHQ6R
VLQG GLH WLUROHU %H]LUNH GXUFK VHKU XQWHUVFKLHGOLFKH VHNWRUDOH 6SH]LDOLVLHUXQJVPXVWHU JHSUlJW
GLH GLH XQWHUVFKLHGOLFKH $UEHLWVPDUNWHQWZLFNOXQJ PLWEHVWLPPHQ :lKUHQG GLH KRKH
6SH]LDOLVLHUXQJ DXI GHQ 7RXULVPXV I U 7LURO LQVJHVDPW DOV GDV DXJHQIlOOLJVWH &KDUDNWHULVWLNXP
KHUYRUVWLFKWLVWLQ7LURODXFKHLQQLFKWXQHUKHEOLFKHU7HLOGHU|VWHUUHLFKLVFKHQ6DFKJ WHUSURGXN
WLRQ DQJHVLHGHOW 0LW ,QQVEUXFN XQG VHLQHP 8PODQG YHUI JW 7LURO DXFK EHU HLQ VWlGWLVFKHV
=HQWUXP YRQ JUR‰HU %HGHXWXQJ 'LH UlXPOLFKH %DOOXQJ YHUVFKLHGHQHU 6HNWRUHQ I KUW GD]X
GDVVVLFKGLH6SH]LDOLVLHUXQJVPXVWHUXQG6WDQGRUWYRUWHLOHLQ7LUROUHJLRQDOGHXWOLFKGLIIHUHQ]LH
UHQ 6R ]HLJW HWZD GLH 7\SRORJLH GHU SROLWLVFKHQ %H]LUNH gVWHUUHLFKV YRQ 3DOPH GDVV
7LUROQHEHQGHU6WDGW,QQVEUXFNXQGLKUHP8PODQGLQLQWHQVLYH,QGXVWULHUHJLRQHQGLH%H]LUNH
6FKZD]XQG.XIVWHLQLQGHQHQHLQH EHUZLHJHQGVNDOHQHUWUDJVEDVLHUWH,QGXVWULHDQJHVLHGHOW
LVW LQWHQVLYH 7RXULVPXVUHJLRQHQ ,PVW .LW]E KHO /DQGHFN 5HXWWH XQG WRXULVWLVFKH 5DQGJH
ELHWH/LHQ]HLQJHWHLOWZHUGHQNDQQ
/DXW6PHUDOJHK|UHQGLH%H]LUNH,QQVEUXFN/DQG.LW]E KHO.XIVWHLQ/LHQ]5HXWWHXQG
6FKZD] ]X GHQ %H]LUNHQ gVWHUUHLFKV GLH LP 7RXULVPXV GXUFK HLQ ]ZHLJLSIHOLJHV 6DLVRQPXVWHU
PLW VWDUN VFKZDQNHQGHQ 1lFKWLJXQJV]DKOHQ JHSUlJW VLQG 'LH %H]LUNH ,PVW XQG /DQGHFN
JHK|UHQ]XGHQ%H]LUNHQPLWHLQHUVWDUNDXVJHSUlJWHQ:LQWHUVDLVRQPLWKRKHQ6FKZDQNXQJHQ
GHU 1lFKWLJXQJV]DKOHQ XQG GHU %H]LUN ,QQVEUXFN6WDGW ZHLVW HLQ ]ZHLJLSIHOLJHV 6DLVRQPXVWHU
PLWJHULQJHQVDLVRQDOHQ6FKZDQNXQJHQDXI
%HUHLWVDXVGLHVHQHLQIDFKHQ7\SRORJLHQODVVHQVLFKHLQLJH$XVVDJHQ EHUGLHUHJLRQDOH'LI
IHUHQ]LHUXQJDUEHLWVPDUNWSROLWLVFKHU3UREOHPHWUHIIHQ6R]HLJHQHLQH5HLKHYRQ6WXGLHQVLHKH
]%:ROIPD\UGDVVLQVEHVRQGHUHLQWHQVLYH,QGXVWULHUHJLRQHQHLQEHVRQGHUVVWDUNHV3UR
GXNWLYLWlWVZDFKVWXPLQGHU,QGXVWULHDXIZHLVHQZHOFKHVGLH:HWWEHZHUEVIlKLJNHLWDXILQWHU
QDWLRQDOHQ0lUNWHQVWlUNW'HU:DFKVWXPVSUR]HVVLQ,QGXVWULHUHJLRQHQLVWGDKHURIWPDOVZHQL
JHUEHVFKlIWLJXQJVLQWHQVLYDOVLPOlQGOLFKHQ5DXPGHUYRUDOOHPDXIDUEHLWVLQWHQVLYH'LHQVW
OHLVWXQJHQVSH]LDOLVLHUWLVWGLH EHUGLHV]XPHLVWDXIUHJLRQDOHQ0lUNWHQJHKDQGHOWZHUGHQ(LQ
]HQWUDOHU DUEHLWVPDUNWSROLWLVFKHU =LHONRQIOLNW LQ LQWHQVLYHQ ,QGXVWULHUHJLRQHQ LVW GDKHU ZLH GDV
QRWZHQGLJH 3URGXNWLYLWlWVZDFKVWXP PLW HLQHP DXVUHLFKHQGHQ %HVFKlIWLJXQJVZDFKVWXP
LQVEHVRQGHUH LP QLHGULJ TXDOLIL]LHUWHQ %HUHLFK GHU LQ GLHVHQ 5HJLRQHQ DXIJUXQG GHV LQGXVW
ULHOOHQ6WUXNWXUZDQGHOVEHVRQGHUVVWDUNDQ%HVFKlIWLJXQJYHUOLHUWLQ(LQNODQJJHEUDFKWZHUGHQ
NDQQ
,Q6WlGWHQXQGLKUHP8PODQGEDOOHQVLFKKLQJHJHQ]XPHLQHQDXIJUXQGGHUVWHLJHQGHQ:LV
VHQVEDVLHUXQJGHU3URGXNWLRQVVWUXNWXUXQG]XPDQGHUHQDXIJUXQGGHUEHVRQGHUHQ$WWUDNWLYL

²²
WlWYRQVWlGWLVFKHQ5HJLRQHQI UJHVHOOVFKDIWOLFKH5DQGJUXSSHQGLH3UREOHPHVR]LDOHU([NOX
VLRQ hEHUGLHV JLQJHQ JHUDGH LQ GHQ VWlGWLVFKHQ =HQWUDOUlXPHQ LQ GHQ OHW]WHQ -DKU]HKQWHQ
EHVRQGHUV YLHOH $UEHLWVSOlW]H ]XP %HLVSLHO LP +DQGHO GXUFK GLH ]XQHKPHQGH 9HUODJHUXQJ
YRQ6WDQGRUWHQLQGDV8PODQGYHUORUHQZRGXUFKVLFKGLH6WDQGRUWYRUWHLOHYRQ6WlGWHQLQGHQ
OHW]WHQ-DKUHQ]XQHKPHQGLQ5LFKWXQJIRUVFKXQJVLQWHQVLYHU3URGXNWLRQHQXQGXQWHUQHKPHQV
QDKHU'LHQVWOHLVWXQJHQYHUVFKREHQKDEHQ
,Q7RXULVPXVJHELHWHQLVWKLQJHJHQPLWHLQHUEHVRQGHUVKRKHQ,Q]LGHQ]YRQ6DLVRQDUEHLWVORVLJ
NHLW]XUHFKQHQVRGDVVLQGLHVHQ5HJLRQHQ²VHOEVWZHQQGLH$UEHLWVORVHQTXRWHQLQGHU+DXSW
VDLVRQVHKUJHULQJVLQG²PLWK|KHUHQMDKUHVGXUFKVFKQLWWOLFKHQ$UEHLWVORVHQTXRWHQ]XUHFKQHQ
LVWXQGGDKHUGLH%HNlPSIXQJYRQ6DLVRQDUEHLWVORVLJNHLWHLQHQEHVRQGHUHQ6WHOOHQZHUWHLQ
QLPPWhEHUGLHVLVWLQGLHVHQ5HJLRQHQDXIJUXQGGHU7DWVDFKHGDVVGHU7RXULVPXVHLQH%UDQ
FKHLVWDXVGHUlOWHUH$UEHLWVNUlIWHRIWPDOVDEZDQGHUQVLHKH6PHUDOHWDOPLWEHVRQ
GHUHQ +HUDXVIRUGHUXQJHQ DQ GDV :HLWHUELOGXQJVV\VWHP XQG ZHQQ GLHVH %UDQFKHQZDQGH
UXQJQLFKWJHOLQJWSRWHQWLHOODXFKPLWHLQHUKRKHQ$OWHUVDUEHLWVORVLJNHLW]XUHFKQHQ6FKOXVV
HQGOLFKWUHIIHQJHUDGHLQWRXULVWLVFKHQ5DQGJHELHWHQGLH3UREOHPHWRXULVWLVFKHU5HJLRQHQPLW
GHQW\SLVFKHQ$UEHLWVPDUNWSUREOHPHQGHVOlQGOLFKHQ5DXPV]XVDPPHQVRGDVVXQWHUDQGH
UHPDXIJUXQGGHV)HKOHQVJUR‰EHWULHEOLFKHU6WUXNWXUHQXQGHLQHUJHULQJHQ$UEHLWVSODW]GLFKWH
PLW JHULQJHQ (UZHUEVEHWHLOLJXQJHQ LQVEHVRQGHUH EHL )UDXHQ ]X UHFKQHQ LVW ZHLO JHUDGH
)UDXHQ DXIJUXQG ]% YRQ .LQGHUEHWUHXXQJVSIOLFKWHQ RIWPDOV JHULQJHUH 3HQGHOP|JOLFKNHL
WHQKDEHQ
1HEHQ GLHVHQ DXV GHU VHNWRUDOHQ 6SH]LDOLVLHUXQJ HQWVWHKHQGHQ UHJLRQDOHQ 6WlUNHQ XQG
6FKZlFKHQHLQ]HOQHUUHJLRQDOHU$UEHLWVPlUNWHEHGLQJHQDEHUDXFKGLH/DJHYHUVFKLHGHQHU
5HJLRQHQ]XHLQDQGHUXQGJDQ]DOOJHPHLQJHRJUDSKLVFKH%HVRQGHUKHLWHQUHJLRQDOH'LIIHUHQ
]LHUXQJHQ GHV $UEHLWVPDUNWHV 6R N|QQHQ ]XP %HLVSLHO OlQGOLFKH 5HJLRQHQ LQ GHU 1lKH GHV
=HQWUDOUDXPVDXIGRSSHOWH:HLVHYRQHLQHUJXWHQ$QELQGXQJDQGHQ=HQWUDOUDXPSURILWLHUHQ
=XP HLQHQ I|UGHUW HLQH JXWH $QELQGXQJ DQ GHQ =HQWUDOUDXP GDV 3HQGHOQ ZRGXUFK GLH
$UEHLWVPDUNWSUREOHPH JHPLQGHUW ZHUGHQ ]XP DQGHUHQ VWHOOW GLH 1lKH ]XP =HQWUDOUDXP
DXFK HLQH 1lKH ]XP 1DFKIUDJHSRWHQWLDO GHU 6WlGWH QDFK WRXULVWLVFKHQ XQG UHNUHDWLYHQ
'LHQVWOHLVWXQJHQGDUZDV]XHLQHPK|KHUHQ:DFKVWXPVXQGGDKHUDXFK%HVFKlIWLJXQJVSR
WHQWLDOGHU7RXULVPXVXQG)UHL]HLWZLUWVFKDIWEHLWUlJW
2EGLHVHV3RWHQWLDOJHQXW]WZHUGHQNDQQKlQJWDOOHUGLQJVYRQGHQ3HQGHOP|JOLFKNHLWHQDE
5HJLRQHQLQ*HELUJVODJHZLHVLHI UZHLWH7HLOH7LUROVEHVWHKHQ]HLFKQHQVLFKKLQJHJHQDXI
JUXQG GHU 0RELOLWlWVEDUULHUHQ GXUFK JHULQJHUH 3HQGHOYHUIOHFKWXQJHQ XQG P|JOLFKNHLWHQ
DXV]HLFKQHQ 'HPHQWVSUHFKHQGZHLVW7LUROLP9HUJOHLFKGHU|VWHUUHLFKLVFKHQ%XQGHVOlQGHU
Ã'LHVHÃ7DWVDFKHÃOlVVWÃXQWHUÃDQGHUHPÃUHJLRQDOHÃ$UEHLWVPDUNWVWUDWHJLHQÃGLHÃYRUÃDOOHPÃGDUDXIÃDE]LHOHQÃGXUFKÃUHJLRQV
EHUVFKUHLWHQGHÃ9HUPLWWOXQJÃXQGÃYHUVWlUNWHVÃ3HQGHOQÃDXVÃGHQÃEHVFKlIWLJXQJVVFKZDFKHQÃ5HJLRQHQÃLQÃGLHÃEHVFKlIWL
JXQJVVWlUNHUHQÃ5HJLRQHQÃGHQÃWUDGLWLRQHOOHQÃUHJLRQDOSROLWLVFKHÃ=LHONRQIOLNWÃ]ZLVFKHQÃHLQHUÃ9HUKLQGHUXQJÃYRQÃ$EZDQ
GHUXQJÃXQGÃGHUÃ6LFKHUVWHOOXQJÃHLQHUÃKRKHQÃ%HVFKlIWLJXQJVTXRWHÃ]XÃO|VHQÃLQÃJHELUJLJHQÃ5HJLRQHQÃDOVÃZHQLJHUÃ(UIROJÃ
YHUVSUHFKHQGÃHUVFKHLQHQÃ

²²
HLQH UHODWLY JHULQJH =DKO DQ 3HQGOHU,QQHQ EHU %H]LUNVJUHQ]HQ DXV 1DFK =DKOHQ GHU 9RONV
]lKOXQJSHQGHOWHQUXQGGHU(UZHUEVWlWLJHQDP:RKQRUW7LURO EHU%H]LUNVJUHQ]HQLQ
JDQ] gVWHUUHLFK ZDUHQHV GHPJHJHQ EHU UXQG ,QQHUKDOE 7LUROVZDUHQ GDEHL YRU DOOHP
GLH HQWOHJHQ JHOHJHQHQ %H]LUNH 5HXWWH /LHQ] XQG DXFK /DQGHFN GXUFK EHVRQGHUV QLHGULJH
$XVSHQGHOTXRWHQJHNHQQ]HLFKQHWVLHKH$EELOGXQJ
$EELOGXQJ $QWHLOGHU7DJHVXQG1LFKWWDJHVSHQGOHUXQGSHQGOHULQQHQDQGHQ
(UZHUEVWlWLJHQ
,QQVEUXFN
6WDGW
,PVW ,QQVEUXFN/DQG .LW]E KHO .XIVWHLQ /DQGHFN /LHQ] 5HXWWH 6FKZD]
1LFKWWDJHVSHQGOHU
7DJHVSHQGOHU
4Ã6WDWLVWLNÃ$XVWULDÃ9RONV]lKOXQJÃÃ
'LHUHJLRQDOH6WUXNWXUGHV%HVFKlIWLJXQJVZDFKVWXPV
%HWUDFKWHW PDQ ]XQlFKVW GLH (QWZLFNOXQJ GHV %HVFKlIWLJXQJVZDFKVWXPV LQ GHQ 5HJLRQHQ
7LUROV VR VSLHJHOQ VLFK YLHOH GLHVHU DXV WKHRUHWLVFKHQ hEHUOHJXQJHQ JHZRQQHQHQ (UNHQQW
QLVVH VLHKH hEHUVLFKW ZLGHU ]XJOHLFK ]HLJHQ VLFK DEHU DXFK HLQLJH UHJLRQVVSH]LILVFKH
8QWHUVFKLHGH
6R LVW LQ 7LURO JHUDGH LP HLQ]LJHQ 8PODQGEH]LUN GHV %XQGHVODQGHV ,QQVEUXFN/DQG GLH
%HVFKlIWLJXQJLQGHQOHW]WHQ-DKUHQDPVWlUNVWHQDQJHVWLHJHQZlKUHQGGLH%HVFKlIWLJXQJLQ
GHUHLQ]LJHQ*UR‰VWDGW,QQVEUXFN6WDGWJHVXQNHQLVW'LHVVSLHJHOWGHQVFKRQLQDQGHUHQ6WX
GLHQI UJDQ]gVWHUUHLFK]%:ROIPD\UHWDOJH]HLJWHQ7UHQG]XU6XEXUEDQLVLHUXQJXQG
GHU 9HUODJHUXQJ YRQ +DQGHOV XQG 'LHQVWOHLVWXQJVXQWHUQHKPHQ LQ GDV 8PODQG ZLGHU 'HP

²²
HQWVSUHFKHQG OLHJW GHU %HVFKlIWLJXQJV]XZDFKV LP 8PODQG YRQ ,QQVEUXFN QXU XQZHVHQWOLFK
XQWHU GHQ =XZDFKVUDWHQ LQ GHQ 8PODQGUHJLRQHQ LQ JDQ] gVWHUUHLFK ,Q GHU 6WDGW ,QQVEUXFN
VLQGDEHU EHUGLHVQLFKWQXU'LHQVWOHLVWXQJVDUEHLWVSOlW]HDEJHZDQGHUWVRQGHUQDXFKYHUVWlUNW
6DFKJ WHUSURGX]HQWHQ VRGDVV GLH %HVFKlIWLJXQJVHQWZLFNOXQJ ,QQVEUXFNV LP 9HUJOHLFK ]X
DQGHUHQ *UR‰VWlGWHQ gVWHUUHLFKV XQWHUGXUFKVFKQLWWOLFK YHUOLHI 1LFKW ]XOHW]W DXIJUXQG GHU
VHNWRUDOHQ6WUXNWXUGLHVHV%HVFKlIWLJXQJVJHZLQQVLP8PODQGXQGGHV%HVFKlIWLJXQJVYHUOXVWHV
LQ 6WlGWHQ SURILWLHUHQ )UDXHQ EHUGXUFKVFKQLWWOLFK VWDUN YRP %HVFKlIWLJXQJVDQVWLHJ LP
8PODQG ZlKUHQG GHU %HVFKlIWLJXQJVYHUOXVW LQ ,QQVEUXFN DXVVFKOLH‰OLFK EHL GHQ 0lQQHUQ
HQWVWDQG
'LHLQWHQVLYHQ,QGXVWULHUHJLRQHQ7LUROVGLHVVLQGGLH%H]LUNH6FKZD]XQG.XIVWHLQZHLVHQGHP
JHJHQ EHU HLQH LP 7LURO9HUJOHLFK QXU HWZDV EHUGXUFKVFKQLWWOLFK %HVFKlIWLJXQJVHQWZLFN
OXQJ DXI 7URW] GHV LQ .DSLWHO GDUJHVWHOOWHQ JXWHQ %HVFKlIWLJXQJVZDFKVWXPV LQ GHU 7LUROHU
6DFKJ WHUSURGXNWLRQZDUGLH,QGXVWULHHQWZLFNOXQJLQGHQOHW]WHQ-DKUHQLQGLHVHQ5HJLRQHQ
RIIHQVLFKWOLFK GXUFK HLQ UDVFKHUHV 3URGXNWLYLWlWVZDFKVWXP JHSUlJW VRGDVV WURW] YHUEHVVHUWHU
:HWWEHZHUEVIlKLJNHLW GHU 5DXP I U HLQH 6WHLJHUXQJ GHU %HVFKlIWLJXQJ JHULQJHU ZDU ,P
gVWHUUHLFK9HUJOHLFKHQWVSULFKWGDV%HVFKlIWLJXQJVZDFKVWXPGDEHLDOOHUGLQJVGXUFKDXVGHP
DOOHULQWHQVLYHQ,QGXVWULHUHJLRQHQ
,P HLQ]LJHQ WRXULVWLVFKHQ 5DQGJHELHW /LHQ] GHV %XQGHVODQGHV VWDJQLHUWH KLQJHJHQ GLH
%HVFKlIWLJXQJDQQlKHUQGXQGODJGDPLWDXFKGHXWOLFKXQWHUGHU=XZDFKVUDWHgVWHUUHLFKV,Q
GLHVHP %H]LUN ZDU GDEHL ]XOHW]W YRU DOOHP GLH %HVFKlIWLJXQJ LP 7RXULVPXV U FNOlXILJ VRGDVV
GLH)UDXHQEHVFKlIWLJXQJQXUXQZHVHQWOLFKUDVFKHUVWLHJDOVMHQHGHU0lQQHU
,Q GHQ LQWHQVLYHQ 7RXULVPXVJHELHWHQ 7LUROV %H]LUNH ,PVW .LW]E KHO /DQGHFN XQG 5HXWWH ZDU
GLH %HVFKlIWLJXQJVHQWZLFNOXQJ KLQJHJHQ VRZRKO LP 7LUROYHUJOHLFK DOV DXFK LP 9HUJOHLFK ]X
lKQOLFKHQ5HJLRQHQgVWHUUHLFKV EHUGXUFKVFKQLWWOLFKJXW'DEHLLVWGHQ%H]LUNHQGLHVHV5HJL
RQVW\SVYRUDOOHPHLQHJXWH%HVFKlIWLJXQJVHQWZLFNOXQJLP7RXULVPXVJHPHLQVDP
$XI %H]LUNVHEHQH VLHKH hEHUVLFKW ]HLJW VLFK GDEHL HLQH EHVRQGHUH +HWHURJHQLWlW XQWHU
GHQ LQWHQVLYHQ 7RXULVPXVJHELHWHQ +LHU KDWWHQ GLH %H]LUNH /DQGHFN XQG .LW]E KHO LP OHW]WHQ
-DKU]HKQWGDVVWlUNVWH%HVFKlIWLJXQJVZDFKVWXP,QGLHVHQEHLGHQ%H]LUNHQNRQQWHGDV*DVW
VWlWWHQXQG%HKHUEHUJXQJVZHVHQNUlIWLJH%HVFKlIWLJXQJV]XZlFKVHYHU]HLFKQHQLQ/DQGHFN
NDPHV]XGHPDXFK]XHUKHEOLFKHQ=XZlFKVHQGHU%HVFKlIWLJXQJLP%DXZHVHQXQGLQGHU
6DFKJ WHUSURGXNWLRQ ,Q GHQ %H]LUNHQ ,PVW XQG 5HXWWH KLQJHJHQ ZDU GDV %HVFKlIWLJXQJV
ZDFKVWXPDXIJUXQGHLQHUVFKOHFKWHUHQ(QWZLFNOXQJLP6DFKJ WHUEHUHLFKHWZDVVFKZlFKHU
8QWHUGHQLQWHQVLYHQ,QGXVWULHUHJLRQHQZDUKLQJHJHQGDV%HVFKlIWLJXQJVZDFKVWXPLQ.XIVWHLQ
DPVWlUNVWHQXQGLQ6FKZD]XQWHUGXUFKVFKQLWWOLFKZREHLGLH8UVDFKHI UGLHVH'LIIHUHQ]LHUXQJ
DXFKKLHULQHLQHUXQWHUVFKLHGOLFKHQ(QWZLFNOXQJGHU6DFKJ WHUSURGXNWLRQOLHJW

²²
hEHUVLFKWD %HVFKlIWLJXQJVZDFKVWXPQDFK5HJLRQVW\SHQXQG*HVFKOHFKWLQ7LURO
8QVHOEVWlQGLJ%HVFKlIWLJWH6WDQG-XOL
Ã
,QVJHVDPWÃ
à à à à à à à à à à à Ã
à à à à à à à à à à Ã
*UR‰VWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
8PODQGÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ7RXULVPXVUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
7RXULVWLVFKHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
à à à à à à à à à à à Ã
0lQQHUÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
*UR‰VWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
8PODQGÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ7RXULVPXVUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
7RXULVWLVFKHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
à à à à à à à à à à à Ã
)UDXHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
*UR‰VWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
8PODQGÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ7RXULVPXVUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
7RXULVWLVFKHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
4Ã+9Ã:,)2%HUHFKQXQJHQòÃ$QPHUNXQJHQÃ=DKOHQÃH[NOXVLYHÃQLFKWÃ]XJHRUGQHWHUÃ%HVFKlIWLJHUEHWULHEHÃÃ

²²
hEHUVLFKWE %HVFKlIWLJXQJVZDFKVWXPQDFK5HJLRQVW\SHQXQG*HVFKOHFKWLQgVWHUUHLFK
8QVHOEVWlQGLJ%HVFKlIWLJWH6WDQG-XOL
à à à à à à à à à à à Ã
,QVJHVDPWÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
0HWURSROHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
*UR‰VWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
8PODQGÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
0LWWHOVWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ7RXULVPXVUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
([WHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
7RXULVWLVFKHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QGXVWULDOLVLHUWHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
à à à à à à à à à à à Ã
0lQQHUÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
0HWURSROHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
*UR‰VWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
8PODQGÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
0LWWHOVWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ7RXULVPXVUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
([WHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
7RXULVWLVFKHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QGXVWULDOLVLHUWHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
à à à à à à à à à à à Ã
)UDXHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
0HWURSROHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
*UR‰VWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
8PODQGÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
0LWWHOVWlGWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QWHQVLYHÃ7RXULVPXVUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
([WHQVLYHÃ,QGXVWULHUHJLRQHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
7RXULVWLVFKHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
,QGXVWULDOLVLHUWHÃ5DQGJHELHWHÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
4Ã+9Ã:,)2%HUHFKQXQJHQòÃ$QPHUNXQJHQÃ=DKOHQÃH[NOXVLYHÃQLFKWÃ]XJHRUGQHWHUÃ%HVFKlIWLJHUEHWULHEHÃÃ

²²
hEHUVLFKW
%HVFKlIWLJXQJVZDFKVWXPLQ7LUROQDFK5HJLRQHQXQG*HVFKOHFKW
6WDQG-XOL
Ã
Ã
,QVJHVDPW
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
0lQQHU
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
)UDXHQ
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
4+9:,)2%HUHFKQXQJHQ²$QPHUNXQJHQ=DKOHQH[NOXVLYHQLFKW]XJHRUGQHWHU%HVFKlIWLJHUEHWULHEH
,QVJHVDPWNDQQ7LUROGDPLWDOVHLQ%XQGHVODQGEHVFKULHEHQZHUGHQLQGHPGLH%HVFKlIWLJXQJ
LQVEHVRQGHUH LQ GHQ LQWHQVLYHQ 7RXULVPXVUHJLRQHQ ]XP 7HLO GHXWOLFK UDVFKHU ZlFKVW DOV LP
gVWHUUHLFK'XUFKVFKQLWW XQG GLH LQWHQVLYHQ ,QGXVWULHUHJLRQHQ HLQ GHP %XQGHVGXUFKVFKQLWW
HQWVSUHFKHQGHV %HVFKlIWLJXQJVZDFKVWXP DXIZHLVHQ ,P gVWHUUHLFK9HUJOHLFK XQWHUGXUFK
VFKQLWWOLFK HQWZLFNHOW VLFK KLQJHJHQ GLH %HVFKlIWLJXQJ LQ GHU 6WDGWUHJLRQ ,QQVEUXFN ,QQV
EUXFN6WDGW XQG /DQG XQG LQ /LHQ] GHP HLQ]LJHQ WRXULVWLVFKHQ 5DQGJHELHW GHV %XQGHVODQ
GHV ,QVEHVRQGHUH LQ /LHQ] ]HLJHQ VLFK GDEHL HUKHEOLFKH 3UREOHPH HLQ HQWVSUHFKHQGHV
%HVFKlIWLJXQJVZDFKVWXP]XJHQHULHUHQ,QGLHVHP%H]LUNZDUGLH%HVFKlIWLJXQJLP*DVWVWlW
WHQXQG%HKHUEHUJXQJVZHVHQXQGLP%DXZHVHQLQGHQOHW]WHQ-DKUHQU FNOlXILJGHXWOLFKH
%HVFKlIWLJXQJVJHZLQQHNRQQWHQQXULQGHU6DFKJ WHUSURGXNWLRQHUUHLFKWZHUGHQ
'LHVVWHKWGXUFKDXVLP(LQNODQJPLWGHQWKHRUHWLVFKHQ(UZDUWXQJHQVLHKH.DSLWHO6R]HLJW]XP%HLVSLHO6PHUDO
GDVV LQ 5HJLRQHQ PLW HLQHU 6SH]LDOLVLHUXQJ GHU :LUWVFKDIW DXI ]ZHL 6HNWRUHQ YRQ GHQHQ HLQHU KRKH 3URGXN
WLYLWlWVZDFKVWXPVUDWHQDEHUHLQHJHULQJH(LQNRPPHQVHODVWL]LWlWDXIZHLVWLQ7LURO]XP%HLVSLHOGLH 6DFKJ WHUSURGXN
WLRQXQGHLQHQ6HNWRUGHUHLQHKRKH(LQNRPPHQVHODVWL]LWlWDEHUHLQJHULQJHV3URGXNWLYLWlWVZDFKVWXPZLH]XP%HL
VSLHOGHU7RXULVPXVGLH%HVFKlIWLJXQJLP7RXULVPXVMHGHQIDOOVGDQQUDVFKHUZDFKVHQZLUGZHQQGLH(LQNRPPHQV
HODVWL]LWlWLP7RXULVPXVJU|‰HUXQGGLH3UHLVHODVWL]LWlW]ZLVFKHQ7RXULVPXVXQG6DFKJ WHUSURGXNWLRQQLFKW]XJHULQJ
JU|‰HUDOV²LVW

²²
hEHUVLFKW
%HVFKlIWLJXQJVZDFKVWXPLQ7LUROQDFK%H]LUNHQXQG*HVFKOHFKW
6WDQG-XOL
,QVJHVDPW
,PVW
,QQVEUXFN/DQG
,QQVEUXFN6WDGW
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
0lQQHU
,PVW
,QQVEUXFN/DQG
,QQVEUXFN6WDGW
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
)UDXHQ
,PVW
,QQVEUXFN/DQG
,QQVEUXFN6WDGW
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
4+9:,)2%HUHFKQXQJHQ²$QPHUNXQJHQ=DKOHQH[NOXVLYHQLFKW]XJHRUGQHWHU%HVFKlIWLJHUEHWULHEH
(UZHUEVTXRWHQ
'LHELVKHUDXIJH]HLJWHQ(QWZLFNOXQJHQKDEHQDXFK$XVZLUNXQJHQDXIGLHUHJLRQDOH6WUHXXQJ
GHU (UZHUEVTXRWHQ XQG $UEHLWVORVLJNHLW %HWUDFKWHW PDQ GDEHL ]XQlFKVW GLH (UZHUEVEH
WHLOLJXQJ ]HLJW VLFK HLQH GHXWOLFKH %HQDFKWHLOLJXQJ GHV ,QQVEUXFNHU 8PODQGHV XQG GHV
%H]LUNHV /LHQ] VLHKH hEHUVLFKW XQG :lKUHQG LQ GHQ PHLVWHQ 5HJLRQVW\SHQ GLH
(UZHUEVTXRWHQ HWZD GHP %XQGHVODQGGXUFKVFKQLWW IROJHQ ]HLJW VLFK GDVV JHUDGH LP 7LUROHU
2EHUODQG %H]LUNH ,PVW XQG /DQGHFN LQ 2VWWLURO XQG LP ,QQVEUXFNHU 8PODQG GLH (UZHUEV

²²
TXRWHQ QLHGULJHU OLHJHQ DOV LP 7LUROHU 'XUFKVFKQLWW 'LH 8UVDFKH GLHVHU JHULQJHUHQ (UZHUEV
TXRWHQ OLHJW GDEHL LQ DOOHQ GLHVHQ %H]LUNHQ LQ GHU JHULQJHQ (UZHUEVTXRWH GHU )UDXHQ LP
+DXSWHUZHUEVDOWHU ]ZLVFKHQ XQG -DKUHQ ,Q GLHVHQ 5HJLRQHQ SRWHQ]LHUHQ VLFK VRPLW
GLHEHUHLWVLPOHW]WHQ.DSLWHOGDUJHVWHOOWHQWLUROZHLWHQ3UREOHPHHLQHUJHULQJHQ(UZHUEVTXRWH
GHU )UDXHQ LP +DXSWHUZHUEVDOWHU 'HXWOLFK EHUGXUFKVFKQLWWOLFKH(UZHUEVTXRWHQ GHU )UDXHQ
LP+DXSWHUZHUEVDOWHUZHLVWQXUGLH6WDGW,QQVEUXFNDXI
(WZDV DQGHUV LVW GLH 6LWXDWLRQ EHL GHQ M QJHUHQ )UDXHQ +LHU VLQG YRU DOOHP GLH LQWHQVLYHQ
,QGXVWULH XQG 7RXULVPXVUHJLRQHQ DXIJUXQG GHV K|KHUHQ /HKUOLQJVDQWHLOV GXUFK EHUGXUFK
VFKQLWWOLFKH (UZHUEVTXRWHQ JHSUlJW ZlKUHQG ,QQVEUXFN XQG 2VWWLURO XQWHUGXUFKVFKQLWWOLFKH
(UZHUEVTXRWHQ DXIZHLVHQ 'LHVH JHULQJHQ (UZHUEVTXRWHQ EHL GHQ MXQJHQ )UDXHQ VLQG LQ
,QQVEUXFN GXUFK HLQH KRKH %LOGXQJVEHWHLOLJXQJ GHU )UDXHQ HUNOlUOLFK LQ 2VWWLURO ZHLVHQ VLH
DOOHUGLQJVDXIHUKHEOLFKH3UREOHPHDP $UEHLWVPDUNWGHU)UDXHQKLQ%HL GHQlOWHUHQ)UDXHQ
EHUZHLVHQKLQJHJHQGDV7LUROHU2EHUODQGGHU%H]LUN,QQVEUXFN/DQGXQGZLHGHUXPGHU
%H]LUN/LHQ]GLHQLHGULJVWHQ(UZHUEVTXRWHQDXI
(WZDVDQGHUVYHUODXIHQGLHUHJLRQDOHQ8QWHUVFKLHGHLQGHQ(UZHUEVTXRWHQEHLGHQ0lQQHUQ
+LHUHUJHEHQVLFKQXUEHLGHQ-XQJHQELV-lKULJHQXQG bOWHUHQ EHU-lKULJHQUHOH
YDQWH'LIIHUHQ]LHUXQJHQGLH EHUGLHV]XPHLVWPLWGHU%HVFKlIWLJWHQVWUXNWXUGHU%H]LUNHHUNOlUW
ZHUGHQN|QQHQ%HLGHQM QJHUHQ0lQQHUQVLQGGLH(UZHUEVTXRWHQLQGHQLQWHQVLYHQ,QGXVW
ULHUHJLRQHQ XQG LP %H]LUN ,QQVEUXFN/DQG DXIJUXQG HLQHV KRKHQ /HKUDQWHLOV EHVRQGHUV KRFK
XQGLQGHU6WDGW,QQVEUXFNDXIJUXQGHLQHVKRKHQ$QWHLOVDQ6WXGHQWHQXQWHUGXUFKVFKQLWWOLFK
%HLGHQbOWHUHQ0lQQHUQLVWGLH(UZHUEVTXRWHLP8PODQGXQGLQGHQLQWHQVLYHQ,QGXVWULHUHJL
RQHQKLQJHJHQXQWHUGXUFKVFKQLWWOLFK$QQlKHUQGLQDOOHQ$OWHUVJUXSSHQXQWHUGXUFKVFKQLWWOLFK
LVWGLH(UZHUEVEHWHLOLJXQJGHU0lQQHUQXULP%H]LUN/LHQ]

²²
hEHUVLFKW (UZHUEVTXRWHQLQ7LUROQDFK%H]LUNVW\SHQ$OWHUXQG*HVFKOHFKW
'XUFKVFKQLWWVZHUWHGHU%H]LUNHLQ
Ã
à ELV ELV ELV ELV ELV ELV ELV ELV ELV ELV XQGPHKU
à -DKUH
,QVJHVDPW
gVWHUUHLFK
7LURO
*UR‰VWlGWH
8PODQG
,QWHQVLYH,QGXVWULHUHJLRQHQ
,QWHQVLYH7RXULVPXVUHJLRQHQ
7RXULVWLVFKH5DQGJHELHWH
0lQQHU
gVWHUUHLFK
7LURO
*UR‰VWlGWH
8PODQG
,QWHQVLYH,QGXVWULHUHJLRQHQ
,QWHQVLYH7RXULVPXVUHJLRQHQ
7RXULVWLVFKH5DQGJHELHWH
)UDXHQ
gVWHUUHLFK
7LURO
*UR‰VWlGWH
8PODQG
,QWHQVLYH,QGXVWULHUHJLRQHQ
,QWHQVLYH7RXULVPXVUHJLRQHQ
7RXULVWLVFKH5DQGJHELHWH
46WDWLVWLN$XVWULD9RONV]lKOXQJ:,)2%HUHFKQXQJHQ

²²
hEHUVLFKW (UZHUEVTXRWHQLQGHQ7LUROHU18765HJLRQHQQDFK$OWHUXQG*HVFKOHFKW
ELV ELV ELV ELV ELV ELV ELV ELV ELV ELV XQGPHKU
à -DKUH
,QVJHVDPW
gVWHUUHLFK
7LURO
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
0lQQHU
gVWHUUHLFK
7LURO
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
)UDXHQ
gVWHUUHLFK
7LURO
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
46WDWLVWLN$XVWULD9RONV]lKOXQJ:,)2%HUHFKQXQJHQ

²²
$UEHLWVORVLJNHLW
'LH,QGLNDWRUHQGHU$UEHLWVORVLJNHLWLQGHQ$UEHLWVPDUNWEH]LUNHQ7LUROVIROJHQHEHQIDOOVGLHVHP
%LOG$PK|FKVWHQVLQGGLH$UEHLWVORVHQTXRWHQPLW EHULQ/LHQ]XQGGHP%H]LUN/DQGHFN
DPQLHGULJVWHQPLWXQWHULQ,QQVEUXFN'D]ZLVFKHQOLHJHQGLHLQWHQVLYHQ7RXULVPXV5HJLR
QHQ,PVW.LW]E KHOXQG5HXWWHGLH]XPHLVW EHUGXUFKVFKQLWWOLFKH$UEHLWVORVHQTXRWHQDXIZHL
VHQXQGGLHLQWHQVLYHQ,QGXVWULHUHJLRQHQ.XIVWHLQXQG6FKZD]GHUHQ$UEHLWVORVLJNHLW]XPHLVW
XQWHUGHP7LUROHU'XUFKVFKQLWWOLHJW
$EELOGXQJ $UEHLWVORVHQTXRWHQDFK$UEHLWVPDUNWEH]LUNHQ
,Q
,PVW
,QQVEUXFN
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
4$06g,5²$QPHUNXQJHQ$UEHLWVORVHQTXRWHEHUHFKQHWDQKDQGGHU%HVFKlIWLJWHQDP:RKQRUWODXWg,5
$XIIDOOHQGDQGHU9HUWHLOXQJGHUUHJLRQDOHQ$UEHLWVORVHQTXRWHQLVWGDEHLGDVVHVLP=HLWYHU
ODXI NDXP ]X 5DQJYHUlQGHUXQJHQ ]ZLVFKHQ GHQ 5HJLRQHQ 7LUROV NRPPW XQG VLFK DXFK GHU
$EVWDQG]ZLVFKHQYHUVFKLHGHQHQ%H]LUNHQLP=HLWYHUODXINDXPlQGHUWVLHKH$EELOGXQJ
'LHVOHJWGLH9HUPXWXQJQDKHGDVVHVVLFKEHLGHQ8UVDFKHQI UGLHVHJUR‰HQ8QWHUVFKLHGHLQ
GHU$UEHLWVPDUNWODJHYRUDOOHPXPVWUXNWXUHOOEHGLQJWH8QWHUVFKLHGHKDQGHOW
'LHVH9HUPXWXQJHUKlUWHWVLFKZHQQPDQGLHUHJLRQDOH6WUXNWXUGHU$UEHLWVORVLJNHLWEHWUDFK
WHW6R]HLJWVLFK]XP%HLVSLHOGDVVJHUDGHGLH EHUGXUFKVFKQLWWOLFKKRKH$UEHLWVORVHQTXRWHLQ
GHQLQWHQVLYHQ7RXULVPXVUHJLRQHQ7LUROVDXFKPLWHLQHPLP5HJLRQDOYHUJOHLFKJHULQJHQ$QWHLO
GHU /DQJ]HLWDUEHLWVORVLJNHLW DQ GHQ $UEHLWVORVHQ YHUEXQGHQ LVW XQG GLH *HVFKOHFKWHUXQWHU
VFKLHGHLQGHU$UEHLWVORVHQTXRWHLQGLHVHQ5HJLRQHQEHVRQGHUVKRFKVLQG'LHYLHULQWHQVLYHQ

²²
7RXULVPXVEH]LUNH7LUROVVLQG²EHL EHUGXUFKVFKQLWWOLFKKRKHU$UEHLWVORVHQTXRWH²DXFKGLHYLHU
%H]LUNHPLWGHUJHULQJVWHQ/DQJ]HLWDUEHLWVORVLJNHLWLQ3UR]HQWGHU $UEHLWVORVHQ0LW $XVQDKPH
YRQ,PVWOLHJHQLQGLHVHQ%H]LUNHQDXFKGLH8QWHUVFKLHGHGHU$UEHLWVORVHQTXRWHGHU0lQQHU
XQG GHU )UDXHQ GXUFKZHJV EHU HLQHP 3UR]HQWSXQNW hEHUGLHV OLHJW LQ GUHL GLHVHU %H]LUNH
,PVW /DQGHFN XQG 5HXWWH DXFK GHU $QWHLO GHU MXJHQGOLFKHQ $UEHLWVORVHQ DQ GHU *HVDPW
DUEHLWVORVLJNHLW EHU 3UR]HQW ,Q .LW]E KHO LVW KLQJHJHQ GHU $QWHLO GHU lOWHUHQ $UEHLWVORVHQ
EHVRQGHUVKRFK
$EELOGXQJ 6DLVRQDOH.RPSRQHQWHGHU$UEHLWVORVLJNHLWQDFK%H]LUNHQLQ7LURO
,PVW ,QQVEUXFN .LW]E KHO .XIVWHLQ /DQGHFN /LHQ] 5HXWWH 6FKZD]
4$06:,)2%HUHFKQXQJHQ
'LHVH8QWHUVFKLHGHLQGHU6WUXNWXUGHU$UEHLWVORVLJNHLWVLQGGDEHLPLWGHU:LUWVFKDIWVVWUXNWXUGHU
%H]LUNH]XHUNOlUHQ'HUKRKH$QWHLOGHU%HVFKlIWLJWHQLP7RXULVPXVPLWVHLQHUKRKHQ6DLVRQDOL
WlWEHGLQJWGDVVLP-DKUHVYHUODXIYLHOH3HUVRQHQYRQGHU$UEHLWVORVLJNHLWEHWURIIHQVLQGZDV
GLH MDKUHVGXUFKVFKQLWWOLFKH $UEHLWVORVLJNHLW HUK|KW DEHU ]X QXU JHULQJHQ hEHUJlQJHQ LQ GLH
/DQJ]HLWDUEHLWVORVLJNHLWI KUW'HUKRKH)UDXHQDQWHLOXQGGLHUHODWLYYLHOHQMXQJHQ%HVFKlIWLJ
WHQLP7RXULVPXVI KUHQGD]XGDVVLQGLHVHQ5HJLRQHQGLH)UDXHQXQG-XJHQGDUEHLWVORVLJNHLW
EHVRQGHUVKRFKLVW
hEHUGLHVOlVVWVLFKJHUDGHDQKDQGGHULQWHQVLYHQ7RXULVPXVUHJLRQHQLQ7LURO]HLJHQGDVVDXFK
GLH /DJH HLQHU 5HJLRQ ZHVHQWOLFK ]X LKUHU $UEHLWVORVLJNHLWVVWUXNWXU EHLWUlJW 'LH I U GLH 7RXULV
PXVUHJLRQHQ W\SLVFKHQ $UEHLWVPDUNWSUREOHPH VLQG JHUDGH LP HKHU HQWOHJHQHQ %H]LUN
/DQGHFN ZRKO DP GHXWOLFKVWHQ DXVJHSUlJW $EJHVHKHQ YRQ GHU LQ GLHVHP %H]LUN VHOEVW I U
LQWHQVLYH 7RXULVPXVUHJLRQHQ EHUGXUFKVFKQLWWOLFKHQ 6SH]LDOLVLHUXQJ DXI GDV *DVWVWlWWHQ XQG
%HKHUEHUJXQJVZHVHQ VRZLH GDV %DXZHVHQ XQG GHU VFKZlFKHUHQ 6RPPHUVDLVRQ LP 7RXULV

²²
PXVOLHJWGLHVDXFKDQGHQPDQJHOQGHQ$XVSHQGHOP|JOLFKNHLWHQLQVEHVRQGHUHGHU)UDXHQ
DXV GLHVHU 5HJLRQ GLH HLQH $UEHLW DX‰HUKDOE GHV 7RXULVPXV VFKZHU PDFKW VRIHUQ PDQ GHQ
:RKQRUWLQGHU5HJLRQEHLEHKDOWHQP|FKWH
$EELOGXQJ /DQJ]HLWDUEHLWORVHLQGHU$UEHLWVORVLJNHLWQDFK%H]LUNHQLQ7LURO
,PVW
,QQVEUXFN
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
7LURO
gVWHUUHLFK
4$06:,)2%HUHFKQXQJHQ
*lQ]OLFKDQGHUVLVWGLHDUEHLWVPDUNWSROLWLVFKH3UREOHPODJHKLQJHJHQLQGHQLQWHQVLYHQ,QGXVW
ULHJHELHWHQ.XIVWHLQXQG6FKZD]+LHULVW]ZDUGDV1LYHDXGHU$UEHLWVORVLJNHLW]XPHLVWXQWHU
GXUFKVFKQLWWOLFKKRFKGDI UOLHJWGHU$QWHLOGHU/DQJ]HLWDUEHLWVORVHQLQGLHVHQ%H]LUNHQGHXW
OLFKK|KHUDOVLQGHQLQWHQVLYHQ7RXULVPXVJHELHWHQXQG]XPLQGHVWLQ.XIVWHLQHUZHLVWVLFKDXFK
GLH $OWHUVDUEHLWVORVLJNHLW DOV EHUGXUFKVFKQLWWOLFK 'LH 6DLVRQDOLWlW LQ GHU $UEHLWVORVLJNHLW LVW LQ
GLHVHQ%H]LUNHQ]ZDUHEHQIDOOVKRFKZREHLVLHDOOHUGLQJVLQVWlUNHUHP0D‰HYRQGHP%DXZH
VHQ GRPLQLHUW ZLUG DOV LQ LQWHQVLYHQ 7RXULVPXVUHJLRQHQ DOOHUGLQJV I KUHQ JHUDGH LQGXVWULHOOH
5HVWUXNWXULHUXQJVSUR]HVVH GD]X GDVV GLH 'DXHU GHU $UEHLWVORVLJNHLW LQ GLHVHQ 5HJLRQHQ WHQ
GHQ]LHOOK|KHULVW
,Q,QQVEUXFNLVWGHU$UEHLWVPDUNWGXUFKJHULQJH$UEHLWVORVHQTXRWHQDEHUHLQHQUHODWLYKRKHQ
$QWHLODQ/DQJ]HLWDUEHLWVORVHQJHSUlJWhEHUGLHVLVWLQ,QQVEUXFNGLH)UDXHQDUEHLWVORVHQTXRWH
GHXWOLFKXPIDVWHLQHQ3UR]HQWSXQNWJHULQJHUDOVGLH$UEHLWVORVHQTXRWHGHU0lQQHUXQGGLH
6DLVRQDOLWlW OLHJW XQWHU GHP 'XUFKVFKQLWW 7LUROV ZlKUHQG GHU $QWHLO GHU lOWHUHQ $UEHLWVORVHQ
EHU GHP 'XUFKVFKQLWWOLHJW ) U GLHVH &KDUDNWHULVWLN GHU $UEHLWVORVLJNHLW LVW DXFK GHU UDVFKH

²²
6WUXNWXUZDQGHO LQ GHU 6WDGW YHUDQWZRUWOLFK 1DFK $XVZHUWXQJHQ GHV ,QGLYLGXDOGDWHQVDW]HV
JLQJHQLQ,QQVEUXFNLP=HLWUDXPELVHWZDGHU6DFKJ WHUXQGGHU%DXDU
EHLWVSOlW]H YHUORUHQ 'HU 6WUXNWXUZDQGHO YHUOLHI GDKHU LQ 5LFKWXQJ GHU 'LHQVWOHLVWXQJHQ ZDV
]XP HLQHQ GLH 0LVPDWFKNRPSRQHQWH GHU $UEHLWVORVLJNHLW LQVEHVRQGHUH EHL GHQ lOWHUHQ
$UEHLWVNUlIWHQLQ6DFKJ WHUSURGXNWLRQXQG%DXHUK|KWXQG]XPDQGHUHQDXIJUXQGGHUYLHOHQ
QHX JHVFKDIIHQHQ )UDXHQDUEHLWVSOlW]H HLQH (QWODVWXQJ EHL GHU $UEHLWVORVLJNHLW GHU )UDXHQ
PLWVLFKEULQJW
hEHUVLFKW
.HQQ]DKOHQ]XGHQUHJLRQDOHQ$UEHLWVPlUNWHQ
$UEHLWVORVHQTXRWH $UEHLWVORVH
,QVJHVDPW 9HUlQGH
UXQJJHJHQ
GDV9RUMDKU
0lQQHU )UDXHQ -XJHQG
OLFKH
-DKUH
bOWHUH
!
-DKUH
/DQJ]HLW
DUEHLWVORVH
! -DKU
,Q ,Q3UR]HQW ,Q ,Q $QWHLOHLQ
SXQNWHQ
,PVW
,QQVEUXFN
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
1XWV
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO ²
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
7LURO
gVWHUUHLFK
4$066WDWLVWLN$XVWULD:,)2%HUHFKQXQJHQ²$UEHLWVORVHQTXRWHQPLWg,5)RUWVFKUHLEXQJGHU%HUXIVWlWLJHQ$QPHU
NXQJHQ$UEHLWVORVHQTXRWHEHUHFKQHWDQKDQGGHU:RKQKDIWHQ%HVFKlIWLJWHQODXWg,5
(LQHQ6SH]LDOIDOOXQWHUGHQ7LUROHU%H]LUNHQVWHOOWVFKOXVVHQGOLFKGHU%H]LUN/LHQ]GDU'LHEHUHLWV
EHVFKULHEHQHQ JHULQJHQ %HVFKlIWLJXQJV]XZlFKVH WUHIIHQ KLHU DXI JHULQJH (UZHUEVTXRWHQ
XQGDXIGLHK|FKVWH$UEHLWVORVLJNHLWXQGGHQK|FKVWHQ$QWHLOGHU/DQJ]HLWDUEHLWORVHQDQGHU
$UEHLWVORVLJNHLWVRGDVVGLHVHU%H]LUNDXV$UEHLWVPDUNWJHVLFKWVSXQNWHQDOVGHULQ7LUROSUREOHPD
WLVFKVWH%H]LUNEH]HLFKQHWZHUGHQPXVV'LH3UREOHPHLQGLHVHP%H]LUNVFKHLQHQGDEHLODQJ
IULVWLJ QXU O|VEDU ZHQQ HV JHOLQJW GRUW PHKU $UEHLWVSOlW]H ]X VFKDIIHQ XQG JOHLFK]HLWLJ GLH
0RELOLWlWGHU$UEHLWVNUlIWH]XHUK|KHQ

²²
%LOGXQJVVWUXNWXU
hEHUVLFKW
$XVELOGXQJVVWUXNWXUGHU%HY|ONHUXQJQDFK7LUROHU%H]LUNHQ
$QWHLOHLQ
Ã
$OOJHPHLQ
ELOGHQGHÃ
3IOLFKWVFKXOHÃ
/HKUOLQJV
DXVELOGXQJÃ
%HUXIVELOGHQGHÃ
PLWWOHUHÃ6FKXOHÃ
$OOJHPHLQ
ELOGHQGHÃ
K|KHUHÃ6FKXOHÃ
%HUXIVELOGHQGHÃ
K|KHUHÃ6FKXOHÃ
+RFKVFKXO
YHUZDQGWHÃ
+RFKVFKXOHÃ
à à à à à à Ã
,QVJHVDPWÃ Ã Ã Ã Ã Ã Ã
,QQVEUXFN6WDGWÃ Ã Ã Ã Ã Ã Ã
,PVWÃ Ã Ã Ã Ã Ã Ã
,QQVEUXFN/DQGÃ Ã Ã Ã Ã Ã Ã
.LW]E KHOÃ Ã Ã Ã Ã Ã Ã
.XIVWHLQÃ Ã Ã Ã Ã Ã Ã
/DQGHFNÃ Ã Ã Ã Ã Ã Ã
/LHQ]Ã Ã Ã Ã Ã Ã Ã
5HXWWHÃ Ã Ã Ã Ã Ã Ã
6FKZD]Ã Ã Ã Ã Ã Ã Ã
ÃÃ Ã Ã Ã Ã Ã Ã
0lQQHUÃ Ã Ã Ã Ã Ã Ã
,QQVEUXFN6WDGWÃ Ã Ã Ã Ã Ã Ã
,PVWÃ Ã Ã Ã Ã Ã Ã
,QQVEUXFN/DQGÃ Ã Ã Ã Ã Ã Ã
.LW]E KHOÃ Ã Ã Ã Ã Ã Ã
.XIVWHLQÃ Ã Ã Ã Ã Ã Ã
/DQGHFNÃ Ã Ã Ã Ã Ã Ã
/LHQ]Ã Ã Ã Ã Ã Ã Ã
5HXWWHÃ Ã Ã Ã Ã Ã Ã
6FKZD]Ã Ã Ã Ã Ã Ã Ã
ÃÃ Ã Ã Ã Ã Ã Ã
)UDXHQÃ Ã Ã Ã Ã Ã Ã
,QQVEUXFN6WDGWÃ Ã Ã Ã Ã Ã Ã
,PVWÃ Ã Ã Ã Ã Ã Ã
,QQVEUXFN/DQGÃ Ã Ã Ã Ã Ã Ã
.LW]E KHOÃ Ã Ã Ã Ã Ã Ã
.XIVWHLQÃ Ã Ã Ã Ã Ã Ã
/DQGHFNÃ Ã Ã Ã Ã Ã Ã
/LHQ]Ã Ã Ã Ã Ã Ã Ã
5HXWWHÃ Ã Ã Ã Ã Ã Ã
6FKZD]Ã Ã Ã Ã Ã Ã Ã
46WDWLVWLN$XVWULD:,)2%HUHFKQXQJHQ
'LH$UEHLWVPDUNWVLWXDWLRQLQGHQ7LUROHU%H]LUNHQLVWGDKHULQZHLWHQ%HUHLFKHQYRQGHU6HNWRU
VWUXNWXUXQGGHUJHRJUDSKLVFKHQ/DJHGHU%H]LUNHEHVWLPPW$EJHVHKHQYRQGHQ8QWHUVFKLH
GHQLQ%HVFKlIWLJXQJXQG$UEHLWVORVLJNHLWI KUHQGLHXQWHUVFKLHGOLFKHQ6WDQGRUWEHGLQJXQJHQ
LQ YHUVFKLHGHQHQ 7HLOUHJLRQHQ 7LUROV DEHU DXFK ]X HLQHU ZHLWHUHQ 'LIIHUHQ]LHUXQJ 6R ZHLVHQ
GLH LQWHQVLYHQ 7RXULVPXVEH]LUNH 7LUROV DXIJUXQG GHU 6WUXNWXU GHU $UEHLWVQDFKIUDJH GXUFKZHJV
HLQHQ JHULQJHQ $QWHLO GHU %HY|ONHUXQJ PLW HLQHP DEJHVFKORVVHQHQ +RFKVFKXOVWXGLXP XQG
PLW $XVQDKPH GHV %H]LUNV .LW]E KHO HLQHP KRKHQ $QWHLO GHU (LQZRKQHU,QQHQ GLH QXU HLQH
3IOLFKWVFKXODXVELOGXQJDEJHVFKORVVHQKDEHQDXI6FKOHFKWHUDOVLQGHQLQWHQVLYHQ7RXULVPXV
UHJLRQHQLVWGLH%LOGXQJVVWUXNWXUQXULP%H]LUN6FKZD]ZRGLH$NDGHPLNHU,QQHQTXRWHEHL
OLHJWXQGGHU$QWHLOGHU3HUVRQHQPLWHLQHP3IOLFKWVFKXODEVFKOXVVDOVK|FKVWHDEJHVFKORVVHQH
$XVELOGXQJEHL,QDOOHQGLHVHQ%H]LUNHQVLQGGDEHLGLH8QWHUVFKLHGHLP%LOGXQJVVWDQG

²²
GHU%HY|ONHUXQJK|KHUDOVLP7LUROHU'XUFKVFKQLWW1XULQ,QQVEUXFN6WDGWXQG/DQGLVWGHU$QWHLO
GHU3HUVRQHQPLWK|KHUHU$XVELOGXQJK|KHUDOVLP7LUROHU'XUFKVFKQLWW,P%HUHLFKGHU3IOLFKW
VFKXODXVELOGXQJLVWDXFKQRFKGHU%H]LUN/LHQ]GXUFKXQWHUGXUFKVFKQLWWOLFKH$QWHLOHJHSUlJW
'LHVH8QWHUVFKLHGHLQGHU$XVELOGXQJVVWUXNWXUZHUGHQGDEHLEHLGHQQLHGULJ4XDOLIL]LHUWHQYRU
DOOHP GXUFK GLH UHJLRQDOHQ 8QWHUVFKLHGH LQ GHU $XVELOGXQJVVWUXNWXU GHU )UDXHQ EHVWLPPW
:lKUHQGEHLGHQ0lQQHUQGLH%H]LUNH,QQVEUXFN/DQGXQG/LHQ]HLQHQJHULQJHUHQ$QWHLODQ
3IOLFKWVFKXODEVROYHQWHQDXIZHLVHQDOVGLH6WDGW,QQVEUXFNLVWGDV6WDGW/DQG*HIlOOHEHLGHQ
)UDXHQPLW3IOLFKWVFKXODEVFKOXVVGHXWOLFKVWlUNHUDXVJHSUlJW
hEHUVLFKW 9HUlQGHUXQJGHU$XVELOGXQJVVWUXNWXUGHU%HY|ONHUXQJYRQXQGPHKU
-DKUHQQDFK5HJLRQHQ
9HUlQGHUXQJLQ3UR]HQWSXQNWHQ
Ã
$OOJHPHLQ
ELOGHQGHÃ
3IOLFKWVFKXOHÃ
/HKUOLQJV
DXVELOGXQJÃ
%HUXIVELOGHQGHÃ
PLWWOHUHÃ6FKXOHÃ
$OOJHPHLQ
ELOGHQGHÃ
K|KHUHÃ6FKXOHÃ
%HUXIVELOGHQGHÃ
K|KHUHÃ6FKXOHÃ
+RFKVFKXO
YHUZDQGWHÃ
+RFKVFKXOHÃ
,QVJHVDPWà à ²Ã à à à à à à à à ²Ã à à à à à à Ã
,QQVEUXFN6WDGWà à ²Ã à à à à à ²Ã à à ²Ã à à ²Ã à à à Ã
,PVWà à ²Ã à à à à à à à à à à à à à à à Ã
,QQVEUXFN/DQGà à ²Ã à à à à à à à à à à à à à à à Ã
.LW]E KHOà à ²Ã à à à à à ²Ã à à à à à à à à à Ã
.XIVWHLQà à ²Ã à à à à à à à à à à à à à à à Ã
/DQGHFNà à ²Ã à à à à à à à à à à à à à à à Ã
/LHQ]à à ²Ã à à à à à à à à à à à à à à à Ã
5HXWWHà à ²Ã à à à à à à à à à à à à à à à Ã
6FKZD]à à ²Ã à à à à à à à à à à à à à à à Ã
ÃÃ Ã Ã Ã Ã Ã Ã
0lQQHUà à ²Ã à à à à à ²Ã à à ²Ã à à à à à à Ã
,QQVEUXFN6WDGWà à à à à à à à ²Ã à à ²Ã à à ²Ã à à à Ã
,PVWà à ²Ã à à à à à à à à à à à à à à à Ã
,QQVEUXFN/DQGà à ²Ã à à à à à ²Ã à à à à à à à à à Ã
.LW]E KHOà à ²Ã à à à à à ²Ã à à à à à à à à à Ã
.XIVWHLQà à ²Ã à à à à à ²Ã à à à à à à à à à Ã
/DQGHFNà à ²Ã à à à à à à à à à à à à à à à Ã
/LHQ]à à ²Ã à à à à à à à à à à à à à à à Ã
5HXWWHà à ²Ã à à à à à ²Ã à à à à à à à à à Ã
6FKZD]à à ²Ã à à à à à à à à à à à à à à à Ã
ÃÃ Ã Ã Ã Ã Ã Ã
)UDXHQà à ²Ã à à à à à à à à ²Ã à à à à à à Ã
,QQVEUXFN6WDGWà à ²Ã à à à à à ²Ã à à ²Ã à à ²Ã à à à Ã
,PVWà à ²Ã à à à à à à à à à à à à à à à Ã
,QQVEUXFN/DQGà à ²Ã à à à à à à à à à à à à à à à Ã
.LW]E KHOà à ²Ã à à à à à à à à à à à à à à à Ã
.XIVWHLQà à ²Ã à à à à à à à à à à à à à à à Ã
/DQGHFNà à ²Ã à à à à à à à à à à à à à à à Ã
/LHQ]à à ²Ã à à à à à à à à à à à à à à à Ã
5HXWWHà à ²Ã à à à à à à à à à à à à à à à Ã
6FKZD]à à ²Ã à à à à à à à à à à à à à à à Ã
46WDWLVWLN$XVWULD:,)2%HUHFKQXQJHQ
'LHXQWHUVFKLHGOLFKH6WUXNWXUGHUELOGXQJVSROLWLVFKHQ3UREOHPH YHUVFKLHGHQHU7HLOUlXPHOlVVW
VLFKDXFKLP=HLWYHUJOHLFKGRNXPHQWLHUHQ6RLVW]ZDULQGHQ5HJLRQHQPLWHLQHUVFKOHFKWHQ
%LOGXQJVVWUXNWXU GHU $QWHLO GHU 3HUVRQHQ PLW HLQHP 3IOLFKWVFKXODEVFKOXVV LP OHW]WHQ -DKU]HKQW

²²
DP VWlUNVWHQ JHVXQNHQ 'LHV KDW DOOHUGLQJV YRU DOOHP ]X HLQHU 9HUODJHUXQJ GHU $XVELOGXQJV
VWUXNWXULQGDVPLWWOHUH4XDOLILNDWLRQVVHJPHQWJHI KUW,QGLHVHQ5HJLRQHQVWLHJGHU$QWHLOGHU
3HUVRQHQPLWHLQHU/HKUDXVELOGXQJ]XP7HLODXFKPLWHLQHU%HUXIVELOGHQGHQPLWWOHUHQ6FKXOH
DPGHXWOLFKVWHQDQ,PREHUHQ6HJPHQWGHU$XVELOGXQJVVWUXNWXUEHL3HUVRQHQPLWHLQHP8QL
YHUVLWlWVDEVFKOXVV NDP HV KLQJHJHQ LQ GHQ -DKUHQ ]ZLVFKHQ GHQ 9RONV]lKOXQJHQ XQG
HKHU ]X HLQHU ZHLWHUHQ 3RODULVLHUXQJ GHU %LOGXQJVVWUXNWXU ]ZLVFKHQ ,QQVEUXFN XQG GHP
5HVWGHV%XQGHVODQGHV,Q,QQVEUXFNXQGVHLQHP 8PODQGQLPPWGHU $QWHLOGHU3HUVRQHQPLW
HLQHP8QLYHUVLWlWVDEVFKOXVVDPVWlUNVWHQ]XZlKUHQGGLH=XZDFKVUDWHQLP5HVWGHV%XQGHV
ODQGHVGHXWOLFKXQWHUGHP7LUROHU'XUFKVFKQLWWOLHJHQ
%HY|ONHUXQJVSURJQRVH
hEHUGLHV YHUOlXIW DXFK GLH GHPRJUDSKLVFKH (QWZLFNOXQJ UHJLRQDO UHFKW XQHLQKHLWOLFK /DXW
%HY|ONHUXQJVSURJQRVHGHUgVWHUUHLFKLVFKHQ5DXPRUGQXQJVNRQIHUHQ]g52.ZLUGGLH%HY|O
NHUXQJ7LUROVELVLQV-DKUZDFKVHQ'LHVHV:DFKVWXPZLUGVLFKGDEHL]XP EHUZLHJHQGHQ
7HLODXI GLHJUR‰HQ6WlGWHXQG GHUHQ 8PODQGVRZLHDXIGDV 7LUROHU 8QWHUODQGNRQ]HQWULHUHQ
'LH%H]LUNH,QQVEUXFNXQG,QQVEUXFN/DQGVRZLHDOOH%H]LUNHGHV7LUROHU8QWHUODQGHV.LW]E KHO
6FKZD].XIVWHLQVROOWHQ EHUGLHQlFKVWHQ-DKUHGXUFKZHJVPLW]ZHLVWHOOLJHQ=XZDFKVUD
WHQ GHU %HY|ONHUXQJ UHFKQHQ N|QQHQ :lKUHQG LQ GHQ PHLVWHQ DQGHUHQ 5HJLRQHQ QXU PLW
HLQHP PRGHUDWHQ %HY|ONHUXQJVZDFKVWXP SURJQRVWL]LHUW ZLUG ZHUGHQ I U GLH SROLWLVFKHQ
%H]LUNH/DQGHFNXQG/LHQ]VRJDU5 FNJlQJHGHU%HY|ONHUXQJHUZDUWHW
2EZRKO GLHVH %HY|ONHUXQJVlQGHUXQJHQ DXI GHQ HUVWHQ %OLFN HKHU PRGHUDW HUVFKHLQHQ
KDEHQVLHGRFKHUKHEOLFKH$XVZLUNXQJHQDXIGLH]XHUZDUWHQGH9HUlQGHUXQJGHU$OWHUVVWUXN
WXUGHU%HY|ONHUXQJ6RZLUGHUZDUWHWGDVVVLFKELVLQV-DKUWLUROZHLWGLH%HY|ONHUXQJLP
$OWHU]ZLVFKHQXQG-DKUHQXPYHUULQJHUQZLUG$OVHLQ]LJHU%H]LUNNDQQGDEHL.XIVWHLQ
PLWHLQHU6WDJQDWLRQGLHVHU%HY|ONHUXQJVJUXSSHUHFKQHQ,P$X‰HUIHUQZLUGGLH%HY|ONHUXQJ
LQGLHVHU$OWHUVJUXSSHLP-DKUXPXQWHUGHP1LYHDXGHUOHW]WHQ9RONV]lKOXQJ
OLHJHQ XQG LQ 2VWWLURO XP 'HU YRQ GHU GHPRJUDSKLVFKHQ $OWHUXQJ DP ]ZHLWVWlUNVWHQ
EHWURIIHQH%H]LUNZLUGGDEHL/DQGHFNVHLQ+LHUZLUGGLH%HY|ONHUXQJLPHUZHUEVIlKLJHQ$OWHU
LP -DKU XP XQWHU GHP 1LYHDX GHU 9RONV]lKOXQJ OLHJHQ 'LH 3UREOHPH GHU
GHPRJUDSKLVFKHQ $OWHUXQJ VLQG VRPLW UHJLRQDO UHFKW XQWHUVFKLHGOLFK YHUWHLOW XQG HUIRUGHUQ
DXFKUHJLRQDOGLIIHUHQ]LHUWH6WUDWHJLHQ

²²
hEHUVLFKW
%HY|ONHUXQJVSURJQRVHI U7LUROHU%H]LUNH
$EVROXW
,QVJHVDPW
gVWHUUHLFK
7LURO
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
,QQVEUXFN6WDGW
,PVW
,QQVEUXFN/DQG
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
$OWHUELV-DKUH
gVWHUUHLFK
7LURO
$X‰HUIHUQ
,QQVEUXFN
2VWWLURO
7LUROHU2EHUODQG
7LUROHU8QWHUODQG
,QQVEUXFN6WDGW
,PVW
,QQVEUXFN/DQG
.LW]E KHO
.XIVWHLQ
/DQGHFN
/LHQ]
5HXWWH
6FKZD]
4g52.

²²
4XDOLWlWGHU$UEHLWVSOlW]HXQGQHXH=LHOJUXSSHQGHU$UEHLWVPDUNWSROLWLN
'LHLQGHQOHW]WHQ.DSLWHOQGDUJHVWHOOWHQ.HQQ]DKOHQZHLVHQ7LURODOVHLQ%XQGHVODQGPLWHLQHU
VRZRKOLPHXURSlLVFKHQDOVDXFKLP|VWHUUHLFKLVFKHQ9HUJOHLFKJXWHQ$UEHLWVPDUNWODJHDXV
$OV6WlUNHQGHV7LUROHU$UEHLWVPDUNWHVP VVHQGDEHLGDVKRKH%HVFKlIWLJXQJVZDFKVWXPGDV
LP6DFKJ WHUEHUHLFKDXVHLQHUEHVRQGHUVJXWHQ(QWZLFNOXQJGHU)ODJVFKLIIHGHU,QGXVWULHXQG
LP 'LHQVWOHLVWXQJVEHUHLFK DXV HLQHP KRKHQ %HVFKlIWLJXQJVZDFKVWXP LQ IDVW DOOHQ%UDQFKHQ
UHVXOWLHUW GLH JHULQJH $UEHLWVORVLJNHLW XQG JHULQJH /DQJ]HLWDUEHLWVORVLJNHLW KHUYRUJHVWULFKHQ
ZHUGHQ$OVQDFKWHLOLJI UGHQ7LUROHU$UEHLWVPDUNWHUZHLVHQVLFKDOOHUGLQJVGLHKRKH6DLVRQDOL
WlWDP$UEHLWVPDUNWGLH]XHLQHUJUR‰HQ=DKODQhEHUJlQJHQLQXQGDXVGHU$UEHLWVORVLJNHLW
I KUW GHU UHODWLY KRKH UHJLRQDOH 0LVPDWFK GHU $UEHLWVORVLJNHLW GHU ]X JUR‰HQ UHJLRQDOHQ
8QWHUVFKLHGHQLP1LYHDXGHU$UEHLWVORVLJNHLWXQGLKUHU6WUXNWXUI KUWVRZLHGLHVWDUNVWHLJHQGH
$UEHLWVORVLJNHLW GHU bOWHUHQ %HVRQGHUH 3UREOHPH HUJHEHQ VLFK DXFK EHL GHU (UZHUEVEHWHLOL
JXQJGHU)UDXHQLP+DXSWHUZHUEVDOWHUGLHGHXWOLFKXQWHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW
OLHJWXQGGHU$UEHLWVORVLJNHLWGHU)UDXHQGLHLQ7LUROK|KHULVWDOVMHQHGHU0lQQHU
'DU EHUKLQDXV]HLJWGLHYRUDQJHJDQJHQH$QDO\VHGDVVVLFKGHU7LUROHU$UEHLWVPDUNWLQGHQ
OHW]WHQ-DKUHQEHLHLQLJHQ=LHOJUXSSHQGHU$UEHLWVPDUNWSROLWLNQLFKWYRQGHU|VWHUUHLFKLVFKHQ
*HVDPWHQWZLFNOXQJHQWNRSSHOQNRQQWH(LQLJHGHUQHXHQWVWHKHQGHQ3UREOHPHDP$UEHLWV
PDUNWVSLHJHOQ|VWHUUHLFKZHLWH(QWZLFNOXQJHQZLGHU6RVWHLJWVHLWHLQLJHQ-DKUHQGLH-XJHQG
DUEHLWVORVLJNHLWXQGDXFKGLH$UEHLWVORVLJNHLWXQWHUDXVOlQGLVFKHQ6WDDWVE UJHU,QQHQKDWVLFK
LPPLWWHOIULVWLJHQ9HUJOHLFK²YRQHLQHPJHULQJHQ1LYHDXDXVJHKHQG²LQ7LUROYHUVFKOHFKWHUW
6R VWLHJ GLH $UEHLWVORVLJNHLW GHU -XJHQGOLFKHQ LQ 7LURO VHLW GHP -DKU XP EHU XQG
DQQlKHUQGMHGHUI QIWH$UEHLWVORVHLQ7LUROZDUHLQ-XJHQGOLFKHULP$OWHUYRQXQWHU-DKUHQ
hEHUGLHV VWLHJ GLH $UEHLWVORVHQTXRWH DXVOlQGLVFKHU $UEHLWQHKPHU,QQHQ LQ 7LURO VHLW GHP -DKU
DXI'LHVGHXWHWDXIVWHLJHQGH3UREOHPHGHU,QWHJUDWLRQYRQMXQJHQXQGDXVOlQGL
VFKHQ$UEHLWVNUlIWHQLQGLH%HVFKlIWLJXQJKLQ
,QVJHVDPW LVW 7LURO DXFK HLQ %XQGHVODQG PLW JUR‰HQ UHJLRQDOHQ 'LVSDULWlWHQ 'LH EHVFKlIWL
JXQJV XQG DUEHLWVPDUNWSROLWLVFKHQ 3UREOHPODJHQ XQWHUVFKHLGHQ VLFK GDEHL ]ZLVFKHQ YHU
VFKLHGHQHQ5HJLRQHQXQG5HJLRQVW\SHQKLQVLFKWOLFKGHULQHLQHU5HJLRQYRUKDQGHQHQ6WDQG
RUWYRUWHLOH GHU GDUDXV DEOHLWEDUHQ +HUDXVIRUGHUXQJHQ I U GLH %HVFKlIWLJXQJV XQG $UEHLWV
PDUNWSROLWLN GHU ELOGXQJVSROLWLVFKHQ 'LPHQVLRQ XQG GHU +HUDXVIRUGHUXQJHQ GLH GHU 3UR]HVV
GHU GHPRJUDSKLVFKHQ $OWHUXQJ DQ XQWHUVFKLHGOLFKH 5HJLRQHQ VWHOOW ,Q YHUVFKLHGHQHQ 7HLO
UlXPHQ VLQG GDKHU VHKU XQWHUVFKLHGOLFKH 3ULRULWlWHQ KLQVLFKWOLFK GHU :HLWHUHQWZLFNOXQJ GHV
DUEHLWVPDUNWSROLWLVFKHQ ,QVWUXPHQWDULXPV QRWZHQGLJ 6R VLQG LQ 7RXULVPXVUHJLRQHQ YRU DOOHP
6WUDWHJLHQ GHV 8PJDQJV PLW GHU KRKHQ 6DLVRQDOLWlW GHV 7RXULVPXV XQG GHQ JUR‰HQ
*HVFKOHFKWHUXQWHUVFKLHGHQ YRQ EHVRQGHUHU %HGHXWXQJ ZlKUHQG LQ LQGXVWULHOOHQ %H]LUNHQ
6WUDWHJLHQ GHV 8PJDQJV PLW GHP VWUXNWXUHOOHQ :DQGHO LQ GHQHQ YHUVXFKW ZLUG GLH
:HWWEHZHUEVIlKLJNHLWGHU8QWHUQHKPHQGXUFKEHWULHEVXQGEUDQFKHQVSH]LILVFKH4XDOLIL]LH
UXQJV3URJUDPPH ]X XQWHUVW W]HQ YRQ EHVRQGHUHU %HGHXWXQJ ,Q VWlGWLVFKHQ

²²
%DOOXQJVJHELHWHQ HUJHEHQ VLFK GHPJHJHQ EHU EHVRQGHUH +HUDXVIRUGHUXQJHQ LQ GHU
9HUPHLGXQJVR]LDOHU([NOXVLRQGD6WlGWH]XPHLQHQLPPHUDXFK6HJUHJDWLRQVUlXPHVLQGLQ
GHQHQVLFKYHUVWlUNW0LQGHUKHLWHQ$XVOlQGHU,QQHQXQGDXFKVR]LDOH5DQGJUXSSHQDQVLHGHOQ
XQG]XPDQGHUHQVWlGWLVFKH5lXPHEHVRQGHUVVWDUNYRQVHNWRUDOHP6WUXNWXUZDQGHOEHWURIIHQ
VLQGZDVLPPHUHLQHJHZLVVH*HIDKUELUJWGDVV HLQ]HOQH*UXSSHQDXIGHU6WUHFNHEOHLEHQ
(LQ 6RQGHUIDOO LVW EHUGLHV GHU %H]LUN /LHQ] LQ GHP DQQlKHUQG DOOH DUEHLWVPDUNWSROLWLVFKHQ
,QGLNDWRUHQXQWHUGXUFKVFKQLWWOLFKVLQG+LHULVWHLQH%HVVHUXQJGHUDUEHLWVPDUNWSROLWLVFKHQ/DJH
HQJDQGLH6FKDIIXQJQHXHU$UEHLWVSOlW]HLQGHU5HJLRQJHNQ SIW
,Q M QJHUHU =HLW ZHUGHQ QHEHQ GLHVHQ WUDGLWLRQHOOHQ =LHOJUXSSHQ XQG GHU $UEHLWVPDUNWSROLWLN
DEHU DXFK ]XQHKPHQG DQGHUH 3UREOHPJUXSSHQ XQWHUVXFKW *HUDGH LQ GHQ OHW]WHQ -DKUHQ
NDPHV]XHUKHEOLFKHQ9HUlQGHUXQJHQLQGHU $UEHLWVZHOWGLHGXUFK]XQHKPHQGH7HLO]HLWDU
EHLWHLQHU]XQHKPHQGHQ)UDJPHQWLHUXQJGHU%HVFKlIWLJXQJXQGHLQHU=XQDKPHDW\SLVFKHU
%HVFKlIWLJXQJVIRUPHQ JHNHQQ]HLFKQHW LVW 'LHVH 9HUlQGHUXQJHQ LP %HVFKlIWLJXQJVV\VWHP
KDEHQZLFKWLJH$XVZLUNXQJHQDXIGLH$UEHLWVEHGLQJXQJHQGHU%HVFKlIWLJWHQXQGZHUIHQGLH
)UDJHDXILQZLHZHLWGLHWUDGLWLRQHOOHQ0HVVNRQ]HSWHGHURIIL]LHOOHQ$UEHLWVPDUNWVWDWLVWLNGLHVHQ
QHXHQ+HUDXVIRUGHUXQJHQJHUHFKWZHUGHQN|QQHQ
'DEHLLVW]XEHDFKWHQGDVVGLH9HUZHQGXQJDGPLQLVWUDWLYHU'DWHQDXFKHLQLJH9RUWHLOHKDW
,QVEHVRQGHUHVLQGGLHVH'DWHQLP9HUJOHLFK]X%HIUDJXQJVGDWHQ²ZLHHWZDDXVGHP0LNUR
]HQVXV²UDVFKHUELQQHQHLQHV0RQDWVYHUI JEDUXQGHUIDVVHQ²DXIJUXQGGHUYRUOLHJHQGHQ
0HOGHSIOLFKW²GLH*HVDPWKHLWDOOHU%HVFKlIWLJXQJVYHUKlOWQLVVHXQG$UEHLWVORVLJNHLWVHSLVRGHQ
7URW] GLHVHU HUKHEOLFKHQ 9RUWHLOH EHVWHKHQ DXFK JHZLVVH ,QWHUSUHWDWLRQVVFKZLHULJNHLWHQ GLH
QXUGXUFK]XVlW]OLFKH'DWHQTXHOOHQXQGDXVZHUWXQJHQ EHUZXQGHQZHUGHQN|QQHQ6RZLUG
GLH%HVFKlIWLJXQJLP+DXSWYHUEDQGDXIGHU(EHQHYRQ%HVFKlIWLJXQJVYHUKlOWQLVVHQJHPHO
GHW G K 3HUVRQHQ PLW PHKUHUHQ ]% 7HLO]HLWEHVFKlIWLJXQJVYHUKlOWQLVVHQ ZHUGHQ GRSSHOW
JH]lKOWXQGHVVWHKHQNHLQH,QIRUPDWLRQHQ]XU$UEHLWV]HLW]XU9HUI JXQJ*HUDGHLQ=HLWHQGHU
$W\SLVLHUXQJYRQ%HVFKlIWLJXQJVYHUKlOWQLVVHQLQGHQHQHV]XU=XQDKPHYRQ7HLO]HLWEHVFKlI
WLJXQJ NRPPW HUODXEW GLHVH 6WDWLVWLN GDKHU NHLQH JHQDXHQ 5 FNVFKO VVH DXI GDV JHOHLVWHWH
$UEHLWVYROXPHQ
hEHUGLHVZHUGHQ]XP%HLVSLHOLQGHU$UEHLWVORVHQVWDWLVWLN3HUVRQHQQLFKWHUIDVVWGLHJHJHQZlU
WLJ DQ 6FKXOXQJHQ WHLOQHKPHQ 3HQVLRQVYRUVFK VVH HUKDOWHQ RGHU HLQH /HKUVWHOOH VXFKHQ
=XGHP ZHUGHQ LQ GHU %HVFKlIWLJXQJVVWDWLVWLN DXFK 3HUVRQHQ HUIDVVW GLH ]ZDU LQ HLQHP DXI
UHFKWHQ %HVFKlIWLJXQJVYHUKlOWQLV VWHKHQ DEHU YRQ GHU $UEHLWVOHLVWXQJ IUHLJHVWHOOW VLQG ZLH
]%3HUVRQHQLP.UDQNHQVWDQGLQ(OWHUQRGHU+RVSL]NDUHQ]RGHULQ$OWHUVWHLO]HLW'LHVLVWDXV
6LFKW GHV $06 XQG GHV +DXSWYHUEDQGHV GHU 6R]LDOYHUVLFKHUXQJVWUlJHU GLH GLHVH 'DWHQ
HUVWHOOHQHLQHVLQQYROOH$EJUHQ]XQJ6RVROOGDV$06YRUDOOHPVRIRUWYHUI JEDUH$UEHLWVNUlIWH
YHUPLWWHOQ XQG EHQ|WLJWGDKHU YRU DOOHP ,QIRUPDWLRQHQ ]X GHQ VRIRUW YHUI JEDUHQ $UEHLWVOR
VHQ 'LH $XI]HLFKQXQJHQ GHV +DXSWYHUEDQGHV GLHQHQ YRU DOOHP ]XU %HUHFKQXQJ GHV /HLV
WXQJVDQVSUXFKHVDXVGHU6R]LDOYHUVLFKHUXQJ

²²
:lKUHQGGLHVH'DWHQODJHI UHLQLJH8QWHUVXFKXQJV]ZHFNHGXUFKDXVDXVUHLFKHQGLVWKDWVLFK
LQ GHQ OHW]WHQ -DKUHQ LQ gVWHUUHLFK VLHKH %RFN6FKDSSHOZHLQ /XW] :DOWHUVNLUFKHQ
/XW] :DOWHUVNLUFKHQ XQG +XEHU ZLH DXFK LQWHUQDWLRQDO VLHKH ]%
%URZQHWDOHLQHEUHLWH/LWHUDWXUHQWZLFNHOWGLHYHUVXFKWDOWHUQDWLYH0HVVNRQ]HSWHGHU
%HVFKlIWLJXQJXQG$UEHLWVORVLJNHLW]XHQWZLFNHOQ
$OWHUQDWLYH%HVFKlIWLJXQJVXQG$UEHLWVORVLJNHLWVNRQ]HSWHDXI%DVLVGHV
+DXSWYHUEDQGHV
$XI |VWHUUHLFKLVFKHU (EHQH QXW]HQ GDEHL /XW]− :DOWHUVNLUFKHQ XQG :DOWHUVNLUFKHQ
I UgVWHUUHLFKXQG+XEHUI U2EHU|VWHUUHLFKGLH'DWHQGHV+DXSWYHUEDQGHVGHU
|VWHUUHLFKLVFKHQ6R]LDOYHUVLFKHUXQJVWUlJHUXPGLH$XVZLUNXQJHQYHUVFKLHGHQHULQVWLWXWLRQHOOHU
8PVWHOOXQJHQGHU6R]LDOYHUVLFKHUXQJHQDXIGLH%HVFKlIWLJXQJVXQG$UEHLWVORVLJNHLWVVWDWLVWLNLQ
gVWHUUHLFK]XXQWHUVXFKHQ,KUH(UJHEQLVVH]HLJHQGDVVGLHZLFKWLJVWH9HU]HUUXQJGHU%HVFKlI
WLJXQJVVWDWLVWLNDXVGHU8PVWHOOXQJGHV.DUHQ]JHOGHVDXIGDV.LQGHUEHWUHXXQJVJHOGHQWVWDQG
'XUFKGLHVH8PVWHOOXQJZXUGHQVRZRKOGLH'DXHUGHV/HLVWXQJVEH]XJHVDOVDXFKGLH=DKOGHU
/HLVWXQJVEHUHFKWLJWHQHUK|KWhEHUGLHVZHUGHQ3HUVRQHQGLHQHEHQGHP%H]XJYRQ.LQGHU
EHWUHXXQJVJHOG QRFK HLQHU %HVFKlIWLJXQJ QDFKJHKHQ LQ GHU 6WDWLVWLN GRSSHOW HUIDVVW .RUUL
JLHUW PDQ GLH RIIL]LHOOHQ %HVFKlIWLJXQJV]DKOHQ XP GLHVH 9HU]HUUXQJHQ ZLH GLHV HWZD GXUFK
GLH YRP :,)2 EHUHFKQHWHQ DNWLY %HVFKlIWLJWHQ JHVFKLHKW ² GLH DXFK LQ GLHVHU 6WXGLH YHU
ZHQGHWZXUGHQVLHKH.DSLWHO²EOHLEW²ZLHLQ.DSLWHOJH]HLJW²GLHJXWHUHODWLYH3RVLWLRQ
7LUROVEHLP%HVFKlIWLJXQJVZDFKVWXPHUKDOWHQ5HODWLY]XGLHVHP(IIHNWKDEHQDQGHUHLQVWLWXWL
RQHOOH bQGHUXQJHQ ZLH GLH 8PVWHOOXQJ GHU 9HUEXFKXQJ YRQ 3HUVRQHQ LQ 6FKXOXQJHQ GLH
(LQI KUXQJ GHU JHEORFNWHQ $OWHUVWHLO]HLW XQG 3HUVRQHQ GLH VLFK LQ HLQHP OlQJHUHQ .UDQ
NHQVWDQGEHILQGHQHLQHQJHULQJHUHQ(IIHNWDXIGLH%HVFKlIWLJXQJVVWDWLVWLN
/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLW
1HEHQ GLHVHQ UHLQ DXV bQGHUXQJHQ GHV 6R]LDOYHUVLFKHUXQJVV\VWHPV HQWVWDQGHQHQ9HUlQGH
UXQJHQHUJHEHQVLFKDEHUDXFKVWlUNHULQKDOWOLFKHbQGHUXQJHQLP%HVFKlIWLJXQJVV\VWHP6R
ZHUGHQ ]XP %HLVSLHO YRP |VWHUUHLFKLVFKHQ %XQGHVPLQLVWHULXP I U :LUWVFKDIW XQG $UEHLW VHLW
HLQLJHU =HLW =DKOHQ ]XU /DQJ]HLWEHVFKlIWLJXQJVORVLJNHLW SXEOL]LHUW 'LHVH /DQJ]HLWEHVFKlIWL
JXQJVORVHQ]DKOHQVLHKH$EELOGXQJ]HLJHQ GDVVVLFKGDV|VWHUUHLFKLVFKHZLHGDV7LUROHU
%HVFKlIWLJXQJVV\VWHP]XQHKPHQGHQ3UREOHPHQJHJHQ EHUVLHKW$UEHLWVORVHODQJIULVWLJLQGLH
%HVFKlIWLJXQJ]XYHUPLWWHOQ:lKUHQG ZLHLQ.DSLWHOGDUJHVWHOOWGLH/DQJ]HLWDUEHLWVORVLJ
NHLW LQ gVWHUUHLFK DQQlKHUQG VWDJQLHUW XQG LQ 7LURO VRJDU ]XU FNJHKW VWHLJW GLH /DQJ]HLWEH
'DEHLZHUGHQ3HUVRQHQDOVODQJ]HLWEHVFKlIWLJXQJVORVJH]lKOWZHQQGLH1HWWRGDXHUGHUUHJLVWULHUWHQ$UEHLWVORVLJ
NHLW/HKUVWHOOHQVXFKHXQG6FKXOXQJVWHLOQDKPH7DJH EHUVFKUHLWHWZREHL8QWHUEUHFKXQJHQYRQZHQLJHUDOV
7DJHQQLFKWEHU FNVLFKWLJWZHUGHQ
'LHLQGLHVHP$EVFKQLWWYHUZHQGHWHQ=DKOHQZXUGHQGHP:,)2YRP%XQGHVPLQLVWHULXPI U:LUWVFKDIWXQG$UEHLW
]XU9HUI JXQJJHVWHOOW)UDX0DJ$XHUYRP%0:$VHLDQGLHVHU6WHOOHI U,KUH+LOIHJHGDQNW

²²
VFKlIWLJXQJVORVLJNHLWVRZRKOLQgVWHUUHLFKDOVDXFKLQ7LUROVHLWGHP-DKUGHXWOLFKDQ,Q
7LUROODJGLH/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLWLP-DKUHVGXUFKVFKQLWWXP EHUGHP
1LYHDX GHV -DKUHV LQ GHP GLH =HLWUHLKH EHJLQQW ,Q gVWHUUHLFK EHWUXJ GHU =XZDFKV LP
VHOEHQ=HLWUDXP0lQQHUZDUHQGDEHL²LQ7LUROLQQRFKK|KHUHP$XVPD‰²YRQGLHVHP
$QVWLHJVWlUNHUEHWURIIHQDOV)UDXHQ
$EELOGXQJ (QWZLFNOXQJGHU/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLWLQgVWHUUHLFKXQG7LURO
7LURO gVWHUUHLFK gVWHUUHLFK)UDXHQ gVWHUUHLFK0lQQHU 7LURO)UDXHQ 7LURO0lQQHU
4%0:$6RQGHUDXVZHUWXQJ:,)2%HUHFKQXQJHQ²-DKUHVGXUFKVFKQLWWVEHVWlQGH
,Q7LUROZLUGHVGDKHU²HEHQVRZLHLPJHVDPWHQ%XQGHVJHELHWXQGWURW]HUIUHXOLFKHU/DQJ]HLW
DUEHLWVORVLJNHLWV]DKOHQ ² ]XQHKPHQG VFKZLHULJHU $UEHLWVNUlIWH LQ VWDELOH /DQJ]HLWEHVFKlIWL
JXQJVYHUKlOWQLVVH]XEULQJHQ'LHVHV3UREOHPLVWLQ7LUROYRP1LYHDXKHUZHQLJHUVWDUNDXVJH
SUlJW DOV LQ DQGHUHQ %XQGHVOlQGHUQ ² LPPHUKLQ KDW 7LURO GLH JHULQJVWH /DQJ]HLWEHVFKlIWL
JXQJVORVHQ]DKOLQGHV$QJHERWHVDQ8QVHOEVWlQGLJHQXQWHUGHQ|VWHUUHLFKLVFKHQ%XQGHV
OlQGHUQ VLHKH hEHUVLFKW 'DV 6SH]LILNXP 7LUROV LVW DEHU GHU LP 9HUJOHLFK ]XP EULJHQ
gVWHUUHLFKYRUDOOHPEHLGHQ0lQQHUQK|KHUH$QVWLHJLQGHU/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLW
VHLWGHP-DKUhEHUGLHVLVWLQ7LURO²ZLHLP EULJHQgVWHUUHLFK²GLH=DKOGHUODQJ]HLWEH
VFKlIWLJXQJVORVHQ )UDXHQ QLHGULJHU DOV MHQH GHU ODQJ]HLWEHVFKlIWLJXQJVORVHQ 0lQQHU 6R
ZDUHQ]XOHW]WLP+DOEMDKUHVGXUFKVFKQLWWLQ7LURO)UDXHQ XQG0lQQHULQgVWHU
UHLFK)UDXHQXQG0lQQHUODQJ]HLWEHVFKlIWLJXQJVORV6LQNHQGH/DQJ]HLWDUEHLWV
ORVHQ]DKOHQVLQGGDKHUNHLQH*DUDQWLHI UVLQNHQGH/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLWGHPHQW

²²
VSUHFKHQGPXVVGHU=LHOJUXSSHGHU/DQJ]HLWEHVFKlIWLJXQJVORVHQJHVRQGHUWH$XIPHUNVDPNHLW
JHVFKHQNWZHUGHQ
hEHUVLFKW .HQQ]DKOHQ]XU/DQJ]HLWDUEHLWVORVLJNHLWXQG/DQJ]HLWEHVFKlIWLJXQJVORVLJNHLWLQ
GHQ%XQGHVOlQGHUQ
/DQJ]HLW
EHVFKlIWLJXQJVORVH
/DQJ]HLW
DUEHLWVORVH
/DQJ]HLW
EHVFKlIWLJXQJVORVH
/DQJ]HLW
DUEHLWVORVH
/DQJ]HLW
EHVFKlIWLJXQJVORVH
/DQJ]HLWDUEHLWVORVH
$EVROXW ,QGHV$UEHLWVNUlIWHDQJHERWV ,Q
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
gVWHUUHLFK
4%0:$6RQGHUDXVZHUWXQJ:,)2%HUHFKQXQJHQ²-DKUHVGXUFKVFKQLWWVEHVWlQGH
*HULQJI JLJH%HVFKlIWLJXQJ
1HEHQGHU=DKOGHU/DQJ]HLWEHVFKlIWLJXQJVORVHQVWHLJWLQGHQOHW]WHQ-DKUHQDXFKGLH=DKO
GHUDW\SLVFK%HVFKlIWLJWHQ$XFKGLHVHZHUGHQLQGHU%HVFKlIWLJXQJVVWDWLVWLNQXUPDQJHOKDIW
HUIDVVW 6R ZHUGHQ DXIJUXQG IHKOHQGHU $UEHLWV]HLWLQIRUPDWLRQHQ LP +DXSWYHUEDQGVGDWHQVDW]
7HLO]HLWEHVFKlIWLJWHQLFKWJHVRQGHUWHUIDVVW3HUVRQHQPLWHLQHP0RQDWVHLQNRPPHQXQWHUGHU
*HULQJI JLJNHLWVJUHQ]H JHULQJI JLJ %HVFKlIWLJWH IUHLH 'LHQVWQHKPHU,QQHQ XQG :HUNYHU
WUDJVQHKPHU,QQHQZHUGHQKLQJHJHQHEHQVRZLH)RUPHQGHU0HKUIDFKEHVFKlIWLJXQJJHVRQ
GHUWJHPHOGHWXQGLQGHUUHJHOPl‰LJHQ.RQMXQNWXUEHULFKWHUVWDWWXQJQXUVHOWHQEHU FNVLFKWLJW
'DEHLLVWJHUDGHGHU $QVWLHJGHU%HVFKlIWLJXQJVYHUKlOWQLVVHLQGLHVHQDW\SLVFKHQ%HVFKlIWL
JXQJVIRUPHQ HLQH GHU DXJHQIlOOLJVWHQ (QWZLFNOXQJHQ GHU OHW]WHQ -DKUHDP |VWHUUHLFKLVFKHQ
$UEHLWVPDUNWVLHKHhEHUVLFKW
8QWHUDQGHUHPWULWWGLHVH$W\SLVLHUXQJDXFKLQHLQHUVWHLJHQGHQ$Q]DKOJHULQJI JLJHU%HVFKlI
WLJXQJVYHUKlOWQLVVH]X7DJH ,Q7LUROLVWGDEHLGLH=DKOGHUJHULQJI JLJ%HVFKlIWLJWHQLQGHU
YROOVR]LDOYHUVLFKHUXQJVSIOLFKWLJHQ VHLW HWZDV ZHQLJHU VWDUN JHVWLHJHQ DOV LP EULJHQ
gVWHUUHLFKVLHKHhEHUVLFKW'DV 1LYHDXGHU JHULQJI JLJHQ%HVFKlIWLJXQJZDUDOOHUGLQJV
K|KHU,P-DKUZDUMHGHV%HVFKlIWLJXQJVYHUKlOWQLVLQ7LUROHLQJHULQJI JLJHV) UGHQ
7LUROHU$UEHLWVPDUNWW\SLVFKLVWGDEHLGHUGHXWOLFKK|KHUH)UDXHQDQWHLOLQGLHVHU*UXSSH
hEHUGLHVHUK|KWHVLFKDXFKGLH=DKOGHUIUHLHQ'LHQVWYHUWUlJHXQG:HUNYHUWUlJH

²²
:lKUHQGGLHVHVWHLJHQGH=DKODQDW\SLVFKHQ%HVFKlIWLJXQJVIRUPHQSHUVHNHLQHQ*UXQGI U
DUEHLWVPDUNWSROLWLVFKH,QWHUYHQWLRQHQGDUVWHOOWGDHVVLFKEHLGLHVHU(QWZLFNOXQJGXUFKDXVXP
HLQH YRQ GHQ %HWURIIHQHQ IUHLZLOOLJ JHZlKOWH $OWHUQDWLYH KDQGHOQ NDQQ VLQG PLW GLHVHU
$W\SLVLHUXQJ GRFK HLQLJH *HIDKUHQ YHUEXQGHQ ,QVEHVRQGHUH LVW HV LQ =HLWHQ OHEHQVODQJHU
'XUFKUHFKQXQJV]HLWHQI U3HQVLRQVDQVSU FKHDXV6LFKWGHV=LHOVHLQHULQGLYLGXHOOHQ3HQVLRQV
DEVLFKHUXQJ SUREOHPDWLVFK ZHQQ VLFK (UZHUEVSRVLWLRQHQ PLW EHVRQGHUV QLHGULJHP (LQNRP
PHQZLH]%JHULQJI JLJH%HVFKlIWLJXQJDOVQDFKKDOWLJHUZHLVHQ2EZRKO]XU5HOHYDQ]GLH
VHU%HI UFKWXQJQRFKZHQLJHPSLULVFKH8QWHUVXFKXQJHQYRUOLHJHQ]HLJHQ$XVZHUWXQJHQI U
gVWHUUHLFKXQGI U:LHQVLHKH+XEHU²0D\HUKRIHUGDVV]ZDUGHU*UR‰WHLOGHUJHULQJ
I JLJ%HVFKlIWLJWHQQXUNXU]LQGLHVHU(UZHUEVSRVLWLRQYHUEOHLEWGDVVHVDEHUHLQHQ$QWHLOYRQ
UXQGHLQHP'ULWWHOGHUJHULQJI JLJ%HVFKlIWLJWHQJLEWGHU EHUHLQHQ=HLWUDXPYRQPHKUDOV
-DKUHQDXVVFKOLH‰OLFKYRQHLQHPJHULQJI JLJHQ(LQNRPPHQDOVHLQ]LJHP(UZHUEVHLQNRPPHQ
DEKlQJLJ LVW =XPLQGHVW I U GLHVH *UXSSH VFKHLQW HV GDKHU QRWZHQGLJ VLFKHU]XVWHOOHQ GDVV
GLH7RUHLQHLQHYROOVR]LDOYHUVLFKHUXQJVSIOLFKWLJH%HVFKlIWLJXQJVIRUPRIIHQEOHLEHQ
hEHUVLFKW
*HVFKOHFKW
*HULQJI JLJ%HVFKlIWLJWHLQ7LUROXQGLP EULJHQgVWHUUHLFKQDFK-DKUHQXQG
7LURO hEULJHVgVWHUUHLFK
,QVJHVDPW 0lQQHU )UDXHQ )UDXHQ
DQWHLOLQ
,QVJHVDPW 0lQQHU )UDXHQ )UDXHQ
DQWHLOLQ
*HULQJI JLJ%HVFKlIWLJWH
*HULQJI JLJ%HVFKlIWLJWHLQYROOVR]LDOYHUVLFKHUXQJVUHFKWOLFKHQ%HVFKlIWLJXQJ
4+9-DKUHVGXUFKVFKQLWWH:,)2%HUHFKQXQJHQ
'LH)UDJHREGLH$W\SLVLHUXQJGHU%HVFKlIWLJXQJVYHUKlOWQLVVH]XHLQHU:RKOIDKUWVVWHLJHUXQJRGHUPLQGHUXQJGHU
%HWURIIHQHQI KUWLVWLQGHU/LWHUDWXUXPVWULWWHQXQGZRKOLQGLHVHU$OOJHPHLQKHLWNDXP]XEHDQWZRUWHQ$Q]XQHKPHQ
LVWGDVV$W\SLVLHUXQJI UYHUVFKLHGHQH*UXSSHQXQWHUVFKLHGOLFKH.RQVHTXHQ]HQKDEHQNDQQGLHI UMHGH)RUPGHU
DW\SLVFKHQ %HVFKlIWLJXQJ JHVRQGHUW XQWHUVXFKWZHUGHQ P VVWHQ (LQH VROFKH 8QWHUVXFKXQJ VFKHLWHUW DOOHUGLQJV DQ
GHQIHKOHQGHQ'DWHQJUXQGODJHQLQVEHVRQGHUH]XGHQ/HEHQVXPVWlQGHQGHUDW\SLVFK%HVFKlIWLJWHQ

²²
$UEHLWNUlIWH EHUVFKXVV
bKQOLFKZLHLQGHU%HVFKlIWLJXQJVVWDWLVWLNZHUGHQDXFKLQGHU$UEHLWVORVHQVWDWLVWLNHLQLJH*UXS
SHQ QXU ]XP 7HLO RGHU JDU QLFKW HUIDVVW 6R ZHUGHQ 3HUVRQHQ PLW 6FKXOXQJHQ 3HQVLRQVYRU
VFK VVHQ XQG VRIRUW YHUI JEDUH /HKUVWHOOHQVXFKHQGH HEHQVR ZHQLJ EHU FNVLFKWLJW ZLH
$UEHLWVORVHGLHLP.UDQNHQVWDQGVLQGGHUGLH$UEHLWVORVLJNHLWXQWHUEULFKW
hEHUVLFKW
.RPSRQHQWHQGHV$UEHLWVNUlIWH EHUVFKXVVHVLQgVWHUUHLFKXQG7LURO
6FKXOXQJHQ
6RIRUWYHUI JEDUH
/HKUVWHOOHQVXFKHQGH
3HQVLRQVYRUVFKXVV
%H]LHKHU,QQHQ
$UEHLWVORVHLQNOXVLYH
GLHVHU*UXSSHQ
7LURO gVWHUUHLFK 7LURO gVWHUUHLFK 7LURO gVWHUUHLFK 7LURO gVWHUUHLFK
,QGHV$QJHERWHV
4 +9 :,)2%HUHFKQXQJHQ ² $UEHLWVNUlIWH EHUVFKXVV RKQH $UEHLWVORVH LP .UDQNHQVWDQG LQDNWLYH 3HUVRQHQ LQ
$OWHUVWHLO]HLWVLQGLQGHUDNWLYHQ%HVFKlIWLJXQJQLFKWEHU FNVLFKWLJW² $NWLY%HVFKlIWLJWH$UEHLWVNUlIWH EHUVFKXVV
,Q hEHUVLFKW ZHUGHQ GLH .RPSRQHQWHQ GLHVHV $UEHLWVNUlIWH EHUVFKXVVHV PLW $XVQDKPH
GHUGLH$UEHLWVORVLJNHLWXQWHUEUHFKHQGHQ.UDQNHQVWlQGH]XVDPPHQJHIDVVWXQGLP9HUKlOWQLV
]XP $UEHLWVNUlIWHDQJHERW GDUJHVWHOOW *HJHQ EHU GHU UHJLVWULHUWHQ VDLVRQEHUHLQLJWHQ
$UEHLWVORVHQTXRWH YRQ LQ 7LURO HUJLEW VLFK LQ GLHVHU %HWUDFKWXQJVZHLVH HLQ $UEHLWVNUlIWH
EHUVFKXVV YRQ LP -DKU 2EZRKO GLHV LP gVWHUUHLFK9HUJOHLFK LPPHU QRFK HLQH
GHXWOLFKXQWHUGXUFKVFKQLWWOLFKH4XRWHLVWXQGDXFKDOOH.RPSRQHQWHQGHV$UEHLWVNUlIWH EHU
VFKXVVHV XQWHU GHP |VWHUUHLFKLVFKHQ :HUW OLHJHQ EHGHXWHW GLHV GDVV GHU $UEHLWNUlIWH EHU
VFKXVVLQ7LUROXPHWZD3UR]HQWSXQNWHK|KHULVWDOVGLHJHPHVVHQHUHJLVWULHUWH$UEHLWVORVLJ
NHLW

²²
$OWHUQDWLYH$UEHLWVORVLJNHLWVNRQ]HSWHDXI%DVLVGHV0LNUR]HQVXV
1RFK JHQDXHUH $XVVDJHQ EHU GLH $Q]DKO XQG 0RWLYH YRQ 3HUVRQHQ GLH ]ZDU ZLOOHQV VLQG
LKUH $UEHLW DQ]XELHWHQ DEHU QLFKW DOV $UEHLWVORVH JH]lKOW ZHUGHQ ODVVHQ VLFK DQKDQG YRQ
6RQGHUDXVZHUWXQJHQ GHV |VWHUUHLFKLVFKHQ /DERXU )RUFH 6XUYH\V /)6 JHZLQQHQ 'LHVH VHLW
GHP-DKUYLHUWHOMlKUOLFKXQGYRUKHUMlKUOLFKGXUFKJHI KUWHUHSUlVHQWDWLYH+DXVKDOWVEH
IUDJXQJGHILQLHUWHLQH3HUVRQDOVDUEHLWVORVZHQQVLHLQGHU:RFKHYRUGHU%HIUDJXQJZHQL
JHUDOVHLQH6WXQGHHLQHUEH]DKOWHQ(UZHUEVDUEHLWQDFKJHJDQJHQLVWDNWLY$UEHLWVXFKWHXQG
EHUGLHVELQQHQ]ZHL:RFKHQHLQH$UEHLWDQQHKPHQN|QQWHVLHKH%LIIO2EZRKOGLHVH
'HILQLWLRQ GHQ LQWHUQDWLRQDOHQ *HSIORJHQKHLWHQ GHU ,/2'HILQLWLRQ YRQ $UEHLWVORVLJNHLW
HQWVSULFKW ZHUGHQ LQ GHU LQWHUQDWLRQDOHQ /LWHUDWXU DQJHIDQJHQ EHL 6KLVKNLQ LPPHU
ZLHGHU DQGHUH 0HVVNRQ]HSWH GHU $UEHLWVORVLJNHLW YHUZHQGHW GLH GHQ %HJULII GHU
$UEHLWVORVLJNHLW ZHLWHU IDVVHQ ,QVEHVRQGHUH ZXUGH DP DPHULNDQLVFKHQ %XUHDX RI /DERU
6WDWLVWLFVVLHKH%UHJJHU²+DXJHQHLQH5HLKHYRQ$UEHLWVORVLJNHLWVNRQ]HSWHQHUDUEHLWHW
GLHGLH'HILQLWLRQGHU$UEHLWVORVLJNHLWVXN]HVVLYHHUZHLWHUQXQGLQGHULQWHUQDWLRQDOHQ/LWHUDWXU
]% %URZQ HW DO LPPHU ZLHGHU 9HUZHQGXQJ ILQGHQ ,Q gVWHUUHLFK ZXUGHQ GLHVH
,QGLNDWRUHQ YRU NXU]HP YRQ %RFN6FKDSSHOZHLQ GDUJHVWHOOW ,QVEHVRQGHUH ZHUGHQ
GDEHLIROJHQGH*UXSSHQJHELOGHW
'LHHQWPXWLJWHQ$UEHLWVNUlIWH²GLHVH*UXSSHXPIDVVWMHQH3HUVRQHQGLHQDFK,/2'HILQL
WLRQ ZHGHU DUEHLWVORV LP 6LQQH GHU ,/2'HILQLWLRQ QRFK EHVFKlIWLJWZDUHQ DEHU JUXQG
VlW]OLFK DUEHLWHQ ZROOHQ GHP $UEHLWVPDUNW DXFK ELQQHQ ]ZHL :RFKHQ ]XU 9HUI JXQJ
VWHKHQ N|QQWHQ DEHU QLFKW QDFK $UEHLW VXFKHQ ZHLO VLH JODXEHQ NHLQHQ JHHLJQHWHQ
$UEHLWVSODW] ]X ILQGHQ 'LHVH *UXSSH LVW GDKHU DOV EHVRQGHUV DUEHLWVPDUNWQDKH ]X
EH]HLFKQHQ LQVEHVRQGHUH G UIWH VLH EHL JXWHU %HVFKlIWLJXQJVODJH ZLHGHU DXI GHQ
$UEHLWVPDUNW]XU FNNHKUHQ
'LHPDUJLQDOLVLHUWHQ$UEHLWVNUlIWH²KLHUXQWHUZHUGHQDOOH3HUVRQHQ]XVDPPHQJHIDVVWGLH
QLFKW HUZHUEVWlWLJ VLQG DEHU JUXQGVlW]OLFK EHUHLW ZlUHQ HLQHU (UZHUEVDUEHLW QDFK]XJH
KHQ ,P 8QWHUVFKLHG ]X GHQ HQWPXWLJWHQ $UEHLWVNUlIWHQ N|QQHQ GLHVH PDUJLQDOLVLHUWHQ
$UEHLWVNUlIWHDQGHUH*U QGHDOVIHKOHQGH$UEHLWVSOlW]HI UGLHPDQJHOQGH6XFKDNWLYLWlW
DQJHEHQP VVWHQVLFKDEHUHLQHQ$UEHLWVSODW]Z QVFKHQXQGGHP$UEHLWVPDUNWELQQHQ
]ZHL :RFKHQ ]XU 9HUI JXQJ VWHKHQ 2EZRKO GLHVH *UXSSH ZHLWHU YRP $UEHLWVPDUNW
HQWIHUQWLVWDOVGLHHQWPXWLJWHQ$UEHLWVNUlIWHNDQQVLHGHQQRFK]XP$UEHLWVNUlIWHUHVHUYRLU
JH]lKOWZHUGHQGDVLHXQWHUEHVWLPPWHQ9RUDXVVHW]XQJHQRGHUQDFK:HJIDOOEHVWLPP
,P )ROJHQGHQZHUGHQ QLFKW QXU GLH LQWHUQDWLRQDO JHEUlXFKOLFKHQ 'HILQLWLRQHQ GDUJHVWHOOW VRQGHUQ DXFK XQVHUH
2SHUDWLRQDOLVLHUXQJI UGLH)UDJHQLP|VWHUUHLFKLVFKHQ/)6
'LHKLHUEHL UHOHYDQWH )UDJH GLHLP |VWHUUHLFKLVFKHQ /DERXU )RUFH 6XUYH\ DQ DOOHQLFKW HUZHUEVWlWLJHQ3HUVRQHQ
JHVWHOOWZLUGGLHLQGHQOHW]WHQ]ZHL:RFKHQNHLQH6XFKDNWLYLWlWHQVHW]WHQODXWHW: UGHQ6LHJUXQGVlW]OLFKJHUQH
$UEHLWHQ" 'LH LQ hEHUVLFKW GDUJHVWHOOWHQ =DKOHQ EH]LHKHQ VLFK DXI MHQH 3HUVRQHQ GLH DXI GLHVH )UDJH PLW -D
DQWZRUWHQXQGELQQHQ]ZHL:RFKHQHLQH$UEHLWDXIQHKPHQN|QQWHQ

²²
WHU +LQGHUXQJVJU QGH ZLH ]% HLQHU %HWUHXXQJVSIOLFKW EHUHLW ZlUH ZLHGHU LQ GHQ
$UEHLWVPDUNWHLQ]XWUHWHQ
'LHXQIUHLZLOOLJ7HLO]HLWEHVFKlIWLJWHQ²GLHVHZHUGHQDOVMHQH3HUVRQHQGHILQLHUWGLHDQJH
EHQWHLO]HLWEHVFKlIWLJW]XVHLQZHLOVLHNHLQH9ROO]HLWEHVFKlIWLJXQJILQGHQN|QQHQ
hEHUVLFKW
$OWHUQDWLYH.RQ]HSWHGHU$UEHLWVORVLJNHLWLQgVWHUUHLFKXQG7LURO
7LURO gVWHUUHLFK
0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW
(QWPXWLJWH $EVROXW
,QGHU
(UZHUEVSHUVRQHQ
0DUJLQDOLVLHUWH $EVROXW
,QGHU
(UZHUEVSHUVRQHQ
7HLO]HLWDUEHLWVORVH $EVROXW
,QGHU
(UZHUEVSHUVRQHQ
4 0LNUR]HQVXV -DKUHVHUJHEQLVVH :,)26RQGHUDXVZHUWXQJ² 3HUVRQHQ GLHQLFKW HUZHUEVWlWLJ VLQG XQGDQJHEHQ
NHLQH$UEHLW]XVXFKHQZHLOVLHJODXEHQNHLQHQ$UEHLWVSODW]]XILQGHQH[NOXVLYH3UlVHQ]GLHQHU 3HUVRQHQGLHQLFKW
HUZHUEVWlWLJVLQGDEHUJUXQGVlW]OLFKJHUQHEHUHLWZlUHQ]XDUEHLWHQ 3HUVRQHQGLHDQJHEHQ7HLO]HLW]XDUEHLWHQ
ZHLO VLH NHLQH 9ROO]HLWEHVFKlIWLJXQJ JHIXQGHQ KDEHQ RGHU GLH DXIJUXQG EHWULHEOLFKHU 0D‰QDKPHQ .XU]DUEHLW
ZHQLJHU DOV GLH 1RUPDUEHLWV]HLW DUEHLWHQ $QPHUNXQJHQ ² =DKOHQ I U 0DUJLQDOLVLHUWH EDVLHUHQ DXI JHULQJHQ 6WLFK
SUREHQJU|‰HQXQGVLQGXQ]XYHUOlVVOLFK
,QhEHUVLFKWZLUGGLH*U|‰HGLHVHU*UXSSHQDQKDQGHLQHU6RQGHUDXVZHUWXQJGHU-DKUHV
HUJHEQLVVHGHV|VWHUUHLFKLVFKHQ/DERXU)RUFH6XUYH\VGDUJHVWHOOW1DFKGLHVHU $XVZHU
WXQJ ZDUHQ LQ 7LURO LP -DKUHVGXUFKVFKQLWW UXQG 3HUVRQHQ HQWPXWLJW 3HUVRQHQ
GDYRQ )UDXHQ JHK|UWHQ ]X GHQ PDUJLQDOLVLHUWHQ $UEHLWVNUlIWHQ XQG 3HUVRQHQ
ZDUHQ XQIUHLZLOOLJH 7HLO]HLWEHVFKlIWLJWH ,QVJHVDPW GHXWHW GLHV DXI HLQ QLFKW XQHUKHEOLFKHV
3RWHQWLDODQ3HUVRQHQKLQGLHHQWZHGHUDUEHLWVZLOOLJDEHUDXIJUXQGPDQJHOQGHU6XFKDNWLYLWl
WHQQLFKWDUEHLWVORVLP6LQQHGHU,/2'HILQLWLRQVLQGRGHUXQIUHLZLOOLJWHLO]HLWEHVFKlIWLJWVLQG
HUVWHUH PDFKHQ GHU (UZHUEVWlWLJHQ DXV OHW]WHUH $XIIDOOHQG LVW EHUGLHV GDVV GHU
$QWHLO GHU PDUJLQDOLVLHUWHQ )UDXHQ DQ GHQ (UZHUEVSHUVRQHQ LQ 7LURO ² DOV HLQ]LJH *UXSSH
K|KHU LVW DOV LQ gVWHUUHLFK LQVJHVDPW ZREHL VLFK GLHVH 'LIIHUHQ] DEHU LPPHU QRFK LQ GHU
VFKZDQNXQJVEUHLWHGHV0LNUR]HQVXVEHILQGHW
0DUJLQDOLVLHUWHXQGHQWPXWLJWH$UEHLWVORVH
'LHVH GRFK UHFKW KRKHQ =DKOHQ I U PDUJLQDOLVLHUWH 3HUVRQHQ XQG XQIUHLZLOOLJ 7HLO]HLWEHVFKlI
WLJWHODVVHQHVRSSRUWXQHUVFKHLQHQ]XQlFKVWGLH*U QGHI UGLH1LFKWVXFKHYRQ$UEHLWVSOlW
]HQXQGDQVFKOLH‰HQGGLH6WUXNWXUGHU7HLO]HLWEHVFKlIWLJXQJ]XXQWHUVXFKHQhEHUVLFKWVWHOOW
GDEHL ]XQlFKVW GLH 6WUXNWXU GHU *U QGH I U GLH 1LFKWVXFKH YRQ $UEHLWVSOlW]HQ DOOHU 1LFKW
(UZHUEVSHUVRQHQLPHUZHUEIlKLJHQ$OWHU-DKUHGDU

²²
'LH ZLFKWLJVWHQ *U QGH ZDUXP 3HUVRQHQ GLH JUXQGVlW]OLFK HLQHU (UZHUEVDUEHLW QDFKJHKHQ
ZROOHQQLFKWQDFKHLQHU$UEHLWVXFKHQOLHJHQGDQDFKLQLKUHQSHUV|QOLFKHQ/HEHQVXPVWlQ
GHQ 5XQG GHU HWZD 0DUJLQDOLVLHUWHQ LQ 7LURO VXFKHQ NHLQH $UEHLW ZHLO VLH VLFK
EHUHLWV LP 5XKHVWDQG EHILQGHQ :HLWHUH VWHKHQ LQ $XVELOGXQJ JHEHQ DQGHUH
SHUV|QOLFKH8PVWlQGHDQGLHRIWPDOVLQGHU+DXVKDOWVI KUXQJOLHJHQXQGKDEHQ.LQGHU
RGHUSIOHJHEHG UIWLJH(UZDFKVHQH]XEHWUHXHQXQGVXFKHQGHVZHJHQNHLQH$UEHLW,Q7LUROLVW
GDEHL GHU $QWHLO GHU DUEHLWVZLOOLJHQ 3HUVRQHQ GLH DXIJUXQG YRQ %HWUHXXQJVSIOLFKWHQ NHLQH
$UEHLW VXFKHQ YRU DOOHP EHL GHQ )UDXHQ K|KHU DOV LP EULJHQ gVWHUUHLFK XQG GHU ]ZHLW
K|FKVWHKLQWHU9RUDUOEHUJXQWHUDOOHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
hEHUVLFKW *U QGHI U1LFKWVXFKHYRQ1LFKW(UZHUEVWlWLJHQLPHUZHUEVIlKLJHQ$OWHUODXW
0LNUR]HQVXV
$QWHLOHLQ
7LURO gVWHUUHLFK
0lQQHU )UDXHQ
,QVJH
,QVJH
0lQQHU )UDXHQ
VDPW
VDPW
5XKHVWDQG
$XVELOGXQJ
$QGHUHSHUV|QOLFKHRGHUIDPLOLlUH8PVWlQGH
.LQGHURGHU3IOHJHEHG UIWLJH(UZDFKVHQH
.UDQNKHLW$UEHLWVXQIlKLJNHLW
1HXH7lWLJNHLWVFKRQJHIXQGHQ
:DUWHQDXI5HVXOWDWHIU KHUHU6FKULWWH]XU
$UEHLWVVXFKH
.HLQHJHHLJQHWH$UEHLW]XILQGHQ
5 FNNHKUDXIDOWHQ$UEHLWVSODW]
$QGHUH*U QGH
4 6WDWLVWLN $XVWULD /)66RQGHUDXVZHUWXQJ ² *UXQGJHVDPWKHLW 3HUVRQHQLP HUZHUEVIlKLJHQ$OWHU GLH JUXQGVlW]OLFK
DUEHLWHQP|FKWHQ
9RQ GHQ DQGHUHQ LQ hEHUVLFKW GDUJHVWHOOWHQ *U QGHQ LVW QXU QRFK GLH %HGHXWXQJ HLQHU
EHYRUVWHKHQGH5 FNNHKUDXIGHQ$UEHLWVSODW]GLHDXIJUXQGGHUKRKHQ6DLVRQDOLWlWI UHWZD
XQGGDPLWGHXWOLFKPHKUDOVLP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWGHU%HIUDJWHQJUXQGVlW]
OLFKDUEHLWVZLOOLJHQ7LUROHU,QQHQGHU+DXSWJUXQGLVWNHLQH$UEHLW]XVXFKHQK|KHUDOVLP EULJHQ
gVWHUUHLFK ,Q DOOHQ DQGHUHQ $QWZRUWNDWHJRULHQ OLHJHQ GLH $QWHLOH GHU $QWZRUWHQ EHL XQWHU
HLQHP 3UR]HQW XQG GHU JHULQJH *UXSSHQEHVDW] OlVVW DXFK NHLQH ,QWHUSUHWDWLRQ GHU $EZHL
FKXQJHQ]XP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW]X
,QVJHVDPW G UIWH GHU *UR‰WHLO GHU 0DUJLQDOLVLHUWHQ GK DUEHLWVZLOOLJHQ DEHU QLFKW DUEHLWVVX
FKHQGHQ3HUVRQHQLQ7LURO²DEHUDXFKLP EULJHQgVWHUUHLFK²HKHUDUEHLWVPDUNWIHUQVHLQ0LW
$XVQDKPHGHVUHODWLYKRKHQ$QWHLOVDQ3HUVRQHQGLHDXIJUXQGYRQ%HWUHXXQJVSIOLFKWHQNHLQH
$UEHLWVXFKHQGHVVHQSRWHQWLHOOH$NWLYLHUXQJZRKODXFKYRP$QJHERWDQ.LQGHUEHWUHXXQJV
HLQULFKWXQJHQDEKlQJWVFKHLQWHV]XPLQGHVWNXU]IULVWLJHKHUXQZDKUVFKHLQOLFKGDVV3HUVRQHQ
LP5XKHVWDQGRGHULQ$XVELOGXQJUDVFKHLQH$UEHLWVXFKHQZHUGHQ

²²
3HUVRQHQ GLH HLQH %HWUHXXQJVSIOLFKW DOV +DXSWJUXQG I U GLH PDQJHOQGH $UEHLWVSODW]VXFKH
DQJHEHQ ZXUGHQ EHUGLHV JHIUDJW RE VLH EHL YRUKDQGHQHQ %HWUHXXQJVHLQULFKWXQJHQ HLQH
$UEHLW VXFKHQ Z UGHQ ,Q 7LURO JHEHQ GHU $QWZRUWHQGHQ DQ VHOEVW EHL YRUKDQGHQHQ
%HWUHXXQJVSOlW]HQ NHLQH $UEHLW VXFKHQ ]X ZROOHQ 'LHV LVW KLQWHU 6DO]EXUJ GHU ]ZHLWK|FKVWH
$QWHLO XQWHU DOOHQ %XQGHVOlQGHUQ $OOHUGLQJV ]HLJW VLFK DXFK GDVV YRQ GHQ UXQG
)UDXHQ GLH ZHJHQ %HWUHXXQJVSIOLFKWHQ NHLQH $UEHLW VXFKHQ HWZD HLQ 9LHUWHO RGHU
UXQG HLQH $UEHLW VXFKHQ Z UGHQ ZHQQ HLQ %HWUHXXQJVSODW] I U .LQGHU RGHU 3IOHJHEH
G UIWLJHYRUKDQGHQZlUH'LHVLOOXVWULHUWGDVVGLH6LFKHUVWHOOXQJHLQHUIOlFKHQGHFNHQGHQXQG
TXDOLWDWLY KRFKZHUWLJHQ 9HUVRUJXQJ PLW %HWUHXXQJVVWlWWHQ ]X GHQ HIIHNWLYVWHQ 0D‰QDKPHQ
]XU6WHLJHUXQJGHU)UDXHQHUZHUEVEHWHLOLJXQJJHK|UW
hEHUVLFKW 9HUWHLOXQJYRQDUEHLWVZLOOLJHQ3HUVRQHQGLHZHJHQ%HWUHXXQJVSIOLFKWHQNHLQH
%HVFKlIWLJXQJVXFKHQQDFK$UEHLWVZXQVFK
.HLQH$UEHLWVXFKH
GDYRQ
ZHJHQ.LQGHURGHU
Z UGHWURW]
SIOHJHEHG UIWLJH
Z UGHDUEHLWHQZHQQ%HUWUHXXQJVHLQULFKWXQJI U
%HWUHXXQJQLFKW
(UZDFKVHQH
.LQGHU (UZDFKVHQH .LQGHUXQG
DUEHLWHQJHKHQ
(UZDFKVHQH
YRUKDQGHQZlUHQ
$EVROXW $QWHLOHLQ
7LURO
0lQQHU
)UDXHQ
,QVJHVDPW
gVWHUUHLFK
0lQQHU
)UDXHQ
,QVJHVDPW
46WDWLVWLN$XVWULD/)66RQGHUDXVZHUWXQJ²$QPHUNXQJ=DKOHQI U0lQQHUEDVLHUHQDXIJHULQJHQ*UXSSHQEHVlW]HQ
XQGVLQGXQ]XYHUOlVVOLFK
7HLO]HLWEHVFKlIWLJXQJ
6WDUNJHVWLHJHQLVWVRZRKOLQgVWHUUHLFKDOVDXFKLQ7LUROGLH=DKOGHU7HLO]HLWEHVFKlIWLJWHQ*HKW
PDQYRQGHU=DKOGHUVHOEVWlQGLJXQGXQVHOEVWlQGLJ%HVFKlIWLJWHQDXVGLHLP0LNUR]HQVXV
DQJHEHQ GDVV VLH HLQH Z|FKHQWOLFKH 1RUPDODUEHLWV]HLW YRQ ZHQLJHU DOV 6WXQGHQ SUR
:RFKH DUEHLWHQ XQG GHILQLHUW GLHVH DOV 7HLO]HLWEHVFKlIWLJWH ]HLJW VLFK GDVV ]ZLVFKHQ GHQ
-DKUHQXQGGLH=DKOGHU9ROO]HLWEHVFKlIWLJWHQLQ7LUROXPUXQGVWLHJ'LH=DKO
,QWHUHVVDQWLVWLQGLHVHP=XVDPPHQKDQJDXFKGHU9HUJOHLFKPLW1LHGHU|VWHUUHLFKZHLOLQGLHVHP%XQGHVODQG.LQ
GHUJDUWHQSOlW]HJUDWLVVLQGDEHUGHU$QWHLOGHU3HUVRQHQGLHEHLYRUKDQGHQHQ%HWUHXXQJVHLQULFKWXQJHQHLQH$UEHLW
VXFKHQZ UGHQK|KHULVWDOVLQ7LURO2IIHQVLFKWOLFKVLQGQHEHQGHU)LQDQ]LHUXQJGHU.LQGHUEHWUHXXQJVSOlW]HDXFKLKUH
9HUI JEDUNHLW XQG LKUH gIIQXQJV]HLWHQ HLQ ZHVHQWOLFKHV .ULWHULXP LQ GHU (QWVFKHLGXQJ RE EHL YRUKDQGHQHQ
%HWUHXXQJVSIOLFKWHQHLQ$UEHLWVSODW]JHVXFKWZLUG

²²
GHU 7HLO]HLWEHVFKlIWLJWHQ PLW HLQHU $UEHLWV]HLW YRQ ZHQLJHU DOV 6WXQGHQ VWLHJ XP HWZD
DQZREHLIDVWGHUJHVDPWH=XZDFKVDXIGLH$XVZHLWXQJGHU7HLO]HLWDUEHLWYRQ)UDXHQ
]XU FNJHKW 'LH 7HLO]HLWTXRWH OLHJW LQ 7LURO EHU GHP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW ZDV YRU
DOOHPGXUFKHLQHKRKH7HLO]HLWTXRWHGHU)UDXHQ EHJU QGHWZLUG%HLGHQ0lQQHUQOLHJWGLH
7HLO]HLWTXRWH LP -DKU OHLFKW XQWHU LP -DKU DEHU OHLFKW EHU GHP |VWHUUHLFKLVFKHQ
'XUFKVFKQLWW
hEHUVLFKW
(UZHUEVWlWLJHLQ7LUROQDFK9ROOXQG7HLO]HLW
/DERXU)RUFH.RQ]HSWLQ
7LURO gVWHUUHLFK
,QVJHVDPW 9ROO]HLW 7HLO]HLW 7HLO]HLWTXRWH 7HLO]HLWTXRWH
6WXQGHQ 6WXQGHQ ,Q
,QVJHVDPW
‘
‘
‘
‘
‘
0lQQHU
‘
‘
‘
‘
‘
)UDXHQ
‘
‘
‘
‘
‘
46WDWLVWLN$XVWULD0LNUR]HQVXV
'DVUDVFKH:DFKVWXPGHU7HLO]HLWEHVFKlIWLJXQJ]HLJWGDEHLGDVVVROFKHDW\SLVFKHQ%HVFKlI
WLJXQJVIRUPHQDXVHLQ]HOXQWHUQHKPHULVFKHU6LFKWGLHNRVWHQJ QVWLJVWH3URGXNWLRQVP|JOLFKNHLW
GDUVWHOOHQ $OOHUGLQJV HU|IIQHW VLFK DXFK GDEHL GLH )UDJH RE GLH ]XQHKPHQGH $W\SLVLHUXQJ
GHU$UEHLWVZHOWDXVDUEHLWVPDUNWXQGVR]LDOSROLWLVFKHU6LFKW]XEHJU ‰HQLVWRGHUDEHUDOVHLQH
(QWZLFNOXQJDQJHVHKHQZHUGHQVROOWHGLH$UEHLWVZLOOLJH]XQHKPHQGLQZLUWVFKDIWOLFKSUHNlUH
/HEHQVXPVWlQGH EULQJW ) U EHLGH 6LFKWZHLVHQ JLEW HV HLQLJH $UJXPHQWH 7HLO]HLWDUEHLW
HU|IIQHW]XPHLQHQ3HUVRQHQGLHDXIJUXQGLKUHU/HEHQVXPVWlQGHDQVRQVWHQJDUQLFKWDUEHL
WHQ N|QQWHQ GLH 0|JOLFKNHLW HLQ =XVDW]HLQNRPPHQ ]X HUZLUWVFKDIWHQ XQG JLEW GLHVHQ 3HUVR
QHQ DXFK ]XVlW]OLFKH $UEHLWV XQG SRWHQWLHOO DXFK .DUULHUHSHUVSHNWLYHQ 7HLO]HLWDUEHLW NDQQ
GDKHU SULQ]LSLHOO GLH 9HUHLQEDUNHLW YRQ %HUXI XQG )DPLOLH YHUEHVVHUQ =XP DQGHUHQ NDQQ
]XQHKPHQGH 7HLO]HLWEHVFKlIWLJXQJ DEHU DXFK XQHUZ QVFKWH )ROJHQ KDEHQ ,QVEHVRQGHUH

²²
NDQQ 7HLO]HLWEHVFKlIWLJXQJ ZLH DOOH )RUPHQ GHU DW\SLVFKHQ %HVFKlIWLJXQJ DXFK ]X HLQHU
)DOOH ZHUGHQ 6R NDQQ ]XP %HLVSLHO GLH JHULQJHUH $UEHLWV]HLW YRQ 7HLO]HLWEHVFKlIWLJWHQ GD]X
I KUHQ GDVV VRZRKO 8QWHUQHKPHQ DOV DXFK %HVFKlIWLJWH ZHQLJHU LQ GDV +XPDQNDSLWDO
7HLO]HLWEHVFKlIWLJWHULQYHVWLHUHQ'LHVNDQQLQZHLWHUHU)ROJH ]XVFKOHFKWHUHQ%HVFKlIWLJXQJV
FKDQFHQUHODWLY]X9ROO]HLWEHVFKlIWLJWHQI KUHQXQG]XHLQHUDQKDOWHQGHQXQGXQIUHLZLOOLJHQ
$W\SLVLHUXQJEHLWUDJHQ hEHUGLHVVWHOOWVLFKDXFKGLH)UDJHZLHVLFKGLHLQ7HLO]HLWEHVFKlIWL
JXQJHU]LHOWHQJHULQJHUHQ(LQNRPPHQDXIGLH6R]LDOYHUVLFKHUXQJVOHLVWXQJHQ]%3HQVLRQVEH
]XJ DXVZLUNHQ 'LH )UDJH RE ]XQHKPHQGH 7HLO]HLWEHVFKlIWLJXQJ XQG $W\SLVLHUXQJ LP
JHQHUHOOHQ EHJU ‰HQVZHUW LVW NDQQ GDKHU LP $OOJHPHLQHQ NDXP EHDQWZRUWHW ZHUGHQ GD
GLHVVHKUVWDUNYRQGHQLQGLYLGXHOOHQ/HEHQVXPVWlQGHQXQGGHQ$OWHUQDWLYHQDP$UEHLWVPDUNW
DEKlQJW $OOHUGLQJV NDQQ PDQ ]XPLQGHVW YHUVXFKHQ DQKDQG GHU LP /DERXU )RUFH 6XUYH\
JHVWHOOWHQ)UDJHQ]XU=XIULHGHQKHLWPLWGHUEHVWHKHQGHQ$UEHLWV]HLW$XVVDJHQ EHUGLH3URE
OHPHXQG&KDQFHQGHU7HLO]HLWEHVFKlIWLJXQJ]XHUKDOWHQVLHKHhEHUVLFKWELV
hEHUVLFKW
:XQVFKQDFK7HLO]HLWDUEHLWXQWHU9ROO]HLWEHVFKlIWLJWHQ
0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW
$EVROXW ,QDOOHU9ROO]HLWEHVFKlIWLJWHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
gVWHUUHLFK
4 6WDWLVWLN $XVWULD /)66RQGHUDXVZHUWXQJ ² $QPHUNXQJHQ $OV 9ROO]HLWEHVFKlIWLJWH JHOWHQ (UZHUEVWlWLJH VHOEVWlQ
GLJH XQG XQVHOEVWlQGLJH GLH DQJHEHQ HLQH QRUPDOH $UEHLWV]HLW YRQ PHKU DOV 6WXQGHQ ]X KDEHQ (LQ :XQVFK
QDFK7HLO]HLWZXUGHXQWHUVWHOOWZHQQGLHJHZ QVFKWH$UEHLWV]HLWZHQLJHUDOV6WXQGHQEHWUXJ
'DEHLIlOOW]XQlFKVWDXIGDVVVLFKLQ7LUROXQGDXFK|VWHUUHLFKZHLWLPPHUQRFKPHKU3HUVRQHQ
GLHHLQHU9ROO]HLWEHVFKlIWLJXQJQDFKJHKHQHLQH7HLO]HLWEHVFKlIWLJXQJ GKHLQH $UEHLWV]HLW
YRQZHQLJHUDOV6WXQGHQZ QVFKHQDOVXPJHNHKUW1DFKGHQ6FKlW]XQJHQDXVGHQ-DK
UHVHUJHEQLVVHQ GHV /)6 Z QVFKWHQ VLFK LP -DKUHVGXUFKVFKQLWW UXQG 9ROO]HLWEH
VFKlIWLJWHLQ7LUROHLQH $UEHLWV]HLWGLHXQWHU6WXQGHQOLHJWXQGUXQG7HLO]HLWEHVFKlI
WLJWHZROOHQHLQH$UEHLWV]HLWGLHPHKUDOV6WXQGHQEHWUlJWVLHKHhEHUVLFKWHQXQG
'LHVH 8QWHUVFKLHGH UHVXOWLHUHQ DEHU YRU DOOHP DXV GHQ : QVFKHQ GHU 0lQQHU %HL GHQ
)UDXHQGLHELVKHUGHQ*UR‰WHLOGHU7HLO]HLWEHVFKlIWLJXQJHQDXVPDFKWHQLVWGLHVH'LVNUHSDQ]
'LHVHU:LUNXQJV]XVDPPHQKDQJZLUGLQHLQHPWKHRUHWLVFKHQ0RGHOOYRQ %RRWK)UDQFHVRQL)UDQNGDUJH
VWHOOWXQGLVWLQGHULQWHUQDWLRQDOHQ/LWHUDWXU*HJHQVWDQGLQWHQVLYHUHPSLULVFKHU)RUVFKXQJ

²²
JHULQJHU 1DFK GHP /)6 Z QVFKHQ VLFK PLWWOHUZHLOH EHUHLWV WHLO]HLWEHVFKlIWLJWH
)UDXHQHLQH9ROO]HLWEHVFKlIWLJXQJXQG9ROO]HLWEHVFKlIWLJWHHLQH7HLO]HLWEHVFKlIWLJXQJ
hEHUVLFKW
:XQVFKQDFK9ROO]HLWDUEHLWXQWHU7HLO]HLWEHVFKlIWLJWHQ
0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW
$EVROXW ,QDOOHU7HLO]HLWEHVFKlIWLJWHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
gVWHUUHLFK
46WDWLVWLN$XVWULD/)66RQGHUDXVZHUWXQJ²$QPHUNXQJHQ$OV7HLO]HLWEHVFKlIWLJWHJHOWHQ(UZHUEVWlWLJHVHOEVWlQGLJH
XQGXQVHOEVWlQGLJHGLHDQJHEHQHLQHQRUPDOH$UEHLWV]HLWYRQZHQLJHUDOV6WXQGHQ]XKDEHQ(LQ:XQVFKQDFK
9ROO]HLWZXUGHXQWHUVWHOOWZHQQGLHJHZ QVFKWH$UEHLWV]HLWPHKUDOV6WXQGHQEHWUXJ
hEHUGLHV ]HLJW VLFK LP 9HUJOHLFK ]X gVWHUUHLFK GDVV VLFK LQ 7LURO DQWHLOVPl‰LJ HWZDV ZHQLJHU
9ROO]HLWEHVFKlIWLJWH HLQH 7HLO]HLWEHVFKlIWLJXQJ Z QVFKHQ XQG QXU HLQ JHULQJHUHU $QWHLO GHU
7HLO]HLWEHVFKlIWLJWHQHLQH9ROO]HLWEHVFKlIWLJXQJZ QVFKW'HU0LVPDWFK]ZLVFKHQ7HLO]HLWXQG
9ROO]HLWEHVFKlIWLJWHQ G UIWH GDKHU LQ 7LURO HWZDV JHULQJHU VHLQ DOV LQ GHQ PHLVWHQ DQGHUHQ
%XQGHVOlQGHUQ
'LHVH9HUPXWXQJHUKlUWHWVLFKDXFKZHQQPDQGLH*U QGHEHWUDFKWHWZHOFKHGLH%HIUDJ
WHQI ULKUH7HLO]HLWDUEHLWDQJHEHQVLHKHhEHUVLFKW=ZDUJHEHQ|VWHUUHLFKZHLWXQG
LQ7LUROQXUGHU%HIUDJWHQDQQXUGHVZHJHQ7HLO]HLW]XDUEHLWHQZHLOVLHNHLQH9ROO]HLWEH
VFKlIWLJXQJ ILQGHQ NRQQWHQ JOHLFK]HLWLJ DUEHLWHQ DEHU DXFK QXU LQ 7LURO GHU
%HIUDJWHQ 7HLO]HLW ZHLO 6LH NHLQH 9ROO]HLWEHVFKlIWLJXQJ ZROOHQ 'HU ZHLWDXV ZLFKWLJVWH *UXQG
I UHLQH7HLO]HLWEHVFKlIWLJXQJOLHJWLQGHQ/HEHQVXPVWlQGHQGHU%HIUDJWHQ6RJHEHQLQ7LURO
GHU)UDXHQ LQgVWHUUHLFK XQGLQgVWHUUHLFKGHUJHVDPWHQ%HY|O
NHUXQJ DQ DXIJUXQG YRQ %HWUHXXQJVSIOLFKWHQ 7HLO]HLW ]X DUEHLWHQ :HLWHUH gVWHUUHLFK
DUEHLWHQDXVDQGHUHQSHUV|QOLFKHQRGHUIDPLOLlUHQ*U QGHQ7HLO]HLW$XVXQG:HLWHU
ELOGXQJ.UDQNKHLWXQGVRQVWLJH*U QGHVLQGJOHLFKIDOOVZLFKWLJH*U QGHI U7HLO]HLWEHVFKlIWL
JXQJ
,QVEHVRQGHUH GHU $QWHLO DQ 7HLO]HLWEHVFKlIWLJWHQ GLH DXIJUXQG YRQ %HWUHXXQJVSIOLFKWHQ 7HLO
]HLWDUEHLWHQLVWLQ7LUROHWZDVK|KHUDOVLQgVWHUUHLFK'LHVZLUIWGLH)UDJHDXIREGLHVH3HUVR
QHQ EHUHLW ZlUHQ EHL HQWVSUHFKHQGHQ %HWUHXXQJVHLQULFKWXQJHQ HLQH 9ROO]HLWEHVFKlIWLJXQJ
]XVXFKHQ:LHDXVhEHUVLFKWHUVLFKWOLFKHQWVSULQJWGLH(QWVFKHLGXQJ7HLO]HLW]XDUEHLWHQ
LQ GHU 0HKUKHLW GHU )lOOH GHP SHUV|QOLFKHQ :XQVFK ,Q 7LURO JHEHQ GHU 3HUVRQHQ LQ
gVWHUUHLFKDQDXFKEHLHLQHPHQWVSUHFKHQGHQ%HWUHXXQJVDQJHERWNHLQH9ROO]HLWEH

²²
VFKlIWLJXQJ VXFKHQ ]X ZROOHQ $QGUHUVHLWV G UIWH DEHU DXFK GDV 3RWHQWLDO DQ 3HUVRQHQ GLH
DXIJUXQG HLQHV IHKOHQGHQ %HWUHXXQJVDQJHERWHV 7HLO]HLW DUEHLWHQ QLFKW XQEHWUlFKWOLFK VHLQ
,PPHUKLQ JHEHQ LQ JDQ] gVWHUUHLFK DQ EHL HLQHP HQWVSUHFKHQGHQ %HWUHX
XQJVDQJHERW HLQHQ 9ROO]HLWDUEHLWVSODW] VXFKHQ ]X ZROOHQ $XI 7LURO KRFKJHUHFKQHW G UIWHQ
GLHVUXQGELV²]XP*UR‰WHLOZHLEOLFKH EHUZLHJHQGQDFK.LQGHUEHWUHXXQJVSOlW
]HQVXFKHQGH²3HUVRQHQVHLQ
hEHUVLFKW *U QGHI U7HLO]HLWDUEHLW
$QWHLOHLQ
.LQGHURGHU
SIOHJH
EHG UIWLJH
(UZDFKVHQH
:ROOHQNHLQH
9ROO]HLW
$QGHUH
SHUV|QOLFKH
RGHU
IDPLOLlUH
*U QGH
.HLQH9ROO]HLW
ILQGHQ
NRQQWHQ
$XVRGHU
)RUWELOGXQJ
.UDQNKHLW
6RQVWLJH
*U QGH
g
7LURO
0lQQHU
)UDXHQ
,QVJHVDPW
VWHUUHLFK
0lQQHU
)UDXHQ
,QVJHVDPW
4 6WDWLVWLN $XVWULD /)66RQGHUDXVZHUWXQJ $QPHUNXQJHQ $XIJUXQG JHULQJHU )DOO]DKOHQ VLQG GLH $QJDEHQ ]X GHQ
0lQQHUQXQ]XYHUOlVVOLFK
hEHUVLFKW 9HUWHLOXQJYRQ3HUVRQHQGLHZHJHQ%HWUHXXQJVSIOLFKWHQNHLQH9ROO]HLWEH
VFKlIWLJXQJVXFKHQQDFK%HWUHXXQJVZXQVFK
$QWHLOHLQ
$EVROXW 1HLQ 1XUI U.LQGHU 1XUI U
SIOHJHEHG UIWLJH
(UZDFKVHQH
) U.LQGHUXQG
SIOHJHEHG UIWLJH
(UZDFKVHQH
7LURO
0lQQHU
)UDXHQ
,QVJHVDPW
gVWHUUHLFK
0lQQHU
)UDXHQ
,QVJHVDPW
4 6WDWLVWLN $XVWULD /)66RQGHUDXVZHUWXQJ ² $QPHUNXQJHQ $XIJUXQG JHULQJHU )DOO]DKOHQ VLQG GLH $QJDEHQ ]X GHQ
0lQQHUQXQ]XYHUOlVVOLFK
(LQNRPPHQVXQWHUVFKLHGHXQG(LQNRPPHQVHQWZLFNOXQJ
'LH 1RWZHQGLJNHLW EHL GHU $UEHLWVPDUNWSROLWLN QHXH =LHOJUXSSHQ YHUVWlUNW ]X EHU FNVLFKWL
JHQ NDQQ DXFK DQKDQG HLQHU 8QWHUVXFKXQJ GHU (LQNRPPHQ XQG GHU (LQNRPPHQVHQWZLFN
OXQJDXIJH]HLJWZHUGHQ,QVEHVRQGHUHGLH]XQHKPHQGH$W\SLVLHUXQJGHV%HVFKlIWLJXQJVV\V
WHPV XQG GLH )OH[LELOLVLHUXQJ GHU (UZHUEVNDUULHUHQ KDEHQ ]X HLQHU lX‰HUVW KHWHURJHQHQ (LQ

²²
NRPPHQVHQWZLFNOXQJJHI KUW(LQ%HIXQGI UGLHVH(QWZLFNOXQJLVWGLH$XVZHLWXQJGHV(LQNRP
PHQVVSHNWUXPV ZHOFKH LQ 7LURO ZLH DXFK LQ gVWHUUHLFK LQVJHVDPW EHREDFKWHW ZHUGHQ NDQQ
hEHUVLFKW *HVFKOHFKWVVSH]LILVFKH 8QWHUVFKLHGH VWHOOHQ HLQHZLFKWLJH 'LPHQVLRQ GLHVHU
(QWZLFNOXQJGDUXQGVWHKHQLP9RUGHUJUXQGGHUYRUOLHJHQGHQ8QWHUVXFKXQJ
7URW]GHUJUR‰HQ%HGHXWXQJGHU/RKQHLQNRPPHQI UGDV*HVFKHKHQDP$UEHLWVPDUNWLVWEHL
GHU (LQVFKlW]XQJ GHV /RKQQLYHDXV XQG GHU /RKQHQWZLFNOXQJ 9RUVLFKW JHERWHQ 'LH YRUKDQ
GHQHQ'DWHQTXHOOHQJHZlKUHQQXUHLQHQSDUWLHOOHQ(LQEOLFNLQGLHEHVWHKHQGHQ(QWORKQXQJV
VWUXNWXUHQ+LHUZHUGHQI UGLH$QDO\VH7LUROVXQGI UEXQGHVZHLWH9HUJOHLFKHGLHDGPLQLVWUDWL
YHQ 'DWHQ GHV +DXSWYHUEDQGV GHU |VWHUUHLFKLVFKHQ 6R]LDOYHUVLFKHUXQJVWUlJHU 6WDWLVWLN ]XU
9HUWHLOXQJGHUEHLWUDJVSIOLFKWLJHQ$UEHLWVHLQNRPPHQXQGGHU/RKQVWHXHUVWDWLVWLNKHUDQJH]R
JHQ%HLGH6WDWLVWLNHQKDEHQHLQH9ROOHUKHEXQJ]XU*UXQGODJHVLQGDOOHUGLQJVDXFKPLW(LQ
VFKUlQNXQJHQEHKDIWHW'HU+DXSWYHUEDQGHUIDVVWQXUGLH(LQNRPPHQREHUKDOEGHU*HULQJ
I JLJNHLWVJUHQ]H (LQNRPPHQ REHUKDOE GHU +|FKVWEHLWUDJVJUXQGODJH IOLH‰HQ QXU PLW GLHVHP
*UHQ]EHWUDJLQGLH6WDWLVWLNHLQ $QGHUVDOVLQGHU+DXSWYHUEDQGVVWDWLVWLNZR0RQDWVHLQNRP
PHQ QDFK 'H]LOHQ XQG 4XDUWLOHQ DXVJHZLHVHQ ZHUGHQ VLQG LQ GHU /RKQVWHXHUVWDWLVWLN QXU
GXUFKVFKQLWWOLFKH -DKUHVZHUWH HQWKDOWHQ (LQ 0DQJHO GHU EHLGHQ 'DWHQTXHOOHQ DQKDIWHW LVW
GDV)HKOHQYRQGHWDLOOLHUWHQ,QIRUPDWLRQHQ]XUJHOHLVWHWHQ$UEHLWV]HLW DXFK8QWHUVFKLHGHLQ
GHU%HUXIVXQG4XDOLILNDWLRQVVWUXNWXUN|QQHQQLFKWEHU FNVLFKWLJWZHUGHQ'LH'DWHQDXVGHQ
DGPLQLVWUDWLYHQ6WDWLVWLNHQHLJQHQVLFKGHQQRFKGD]XHLQHQhEHUEOLFN EHUDOOJHPHLQH7UHQGV
XQG8QWHUVFKLHGHLP(LQNRPPHQVQLYHDXYRQ)UDXHQXQG0lQQHUQ]XYHUPLWWHOQ
/DXW 6WDWLVWLN GHV +DXSWYHUEDQGV GHU 6R]LDOYHUVLFKHUXQJVWUlJHU ODJ GHU 0HGLDQ GHU PRQDWOL
FKHQ %HPHVVXQJVJUXQGODJH LQNOXVLYH 6RQGHU]DKOXQJHQ LQ 7LURO LP -DKU XP HWZD
GDV HQWVSULFKW XQWHU GHP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW 'HU 5 FNVWDQG 7LUROV ]XP
|VWHUUHLFKLVFKHQ 'XUFKVFKQLWW KDW VLFK LP =HLWUDXP ELV OHLFKW YHUJU|‰HUW hEHUVLFKW
:lKUHQGGLH$UEHLWVHLQNRPPHQGHU$UEHLWQHKPHU,QQHQLQgVWHUUHLFKLQVJHVDPWMlKUOLFK
GXUFKVFKQLWWOLFKXPJHVWLHJHQVLQGEHWUXJGDV:DFKVWXPLQ7LUROLP6FKQLWWQXUSUR
-DKU 'LHVH(QWZLFNOXQJGHFNWVLFKPLWGHP%HIXQGHLQHUXQWHUGXUFKVFKQLWWOLFKHQ3URGXNWLYL
WlWVHQWZLFNOXQJLQ7LURO'DV:DFKVWXPGHU0HGLDQHLQNRPPHQZDULQGHU6DFKJ WHUSURGXN
WLRQ VWlUNHU LP 'LHQVWOHLVWXQJVEHUHLFK DEHU DXFK LP %DXZHVHQ VFKZlFKHU DOV LP %XQGHV
GXUFKVFKQLWW*OHLFK]HLWLJHUK|KWHVLFKGLH8QJOHLFKKHLWGHU(LQNRPPHQVYHUWHLOXQJLQGHQOHW]
,QGHU/RKQVWHXHUVWDWLVWLNZLUG]ZLVFKHQ9ROOXQG7HLO]HLWEHVFKlIWLJXQJXQWHUVFKLHGHQ$QGHUH(UKHEXQJHQZLHGLH
9HUGLHQVWXQG6WUXNWXUHUKHEXQJ9(67(XQGGHU6XUYH\RQ,QFRPHDQG/LYLQJ&RQGLWLRQV6,/&LQGHQHQVRZRKOGDV
(UZHUEVHLQNRPPHQDOVDXFKGLH$UEHLWV]HLWGHU%HVFKlIWLJWHQGHWDLOOLHUWHUPLWWHOWZHUGHQHLJQHQVLFKDXIJUXQGLKUHU
6WLFKSUREHQJU|‰HQLFKWI U%XQGHVOlQGHUYHUJOHLFKH
$XFK GLH /RKQVWHXHUVWDWLVWLN ZHLVW I U 7LURO XQWHUGXUFKVFKQLWWOLFKH /RKQHLQNRPPHQ DXV ,P -DKU ODJHQ GLH
-DKUHVEUXWWRHLQNRPPHQ GHU 0lQQHU PLW JDQ]MlKULJHQ %H] JHQ HWZD XQWHU GHP %XQGHVGXUFKVFKQLWW EHL GHQ
)UDXHQEHWUXJGHU$EVWDQG]XP'XUFKVFKQLWW'LH/RKQVWHXHUVWDWLVWLNZHLVWDOOHUGLQJVQXU'XUFKVFKQLWWVXQGQLFKW
0HGLDQZHUWHDXV
hEHUGHQ%HREDFKWXQJV]HLWUDXPEHWUDFKWHWHUJLEWGLHVHU8QWHUVFKLHGHLQXPHLQHQ3UR]HQWSXQNWK|KHUHV/RKQ
ZDFKVWXPDOVLP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW

²²
WHQ-DKUHQLQgVWHUUHLFKXQGDXFKLQ7LUROHUKHEOLFK'LH(LQNRPPHQV]XZlFKVHGHU3HUVRQHQ
LQGHQXQWHUVWHQGHU(LQNRPPHQVYHUWHLOXQJXQWHUVWHV4XDUWLOZDUHQGHXWOLFKJHULQJHUDOV
MHQH LQ GHQ REHUVWHQ REHUVWHV 4XDUWLO *HPHVVHQ DP 4XDUWLOVDEVWDQG LP -DKU
EHWUXJGLH'LIIHUHQ] ]ZLVFKHQGHQREHUVWHQXQG GHQXQWHUVWHQGHU7LUROHU(LQNRPPHQV
S\UDPLGHQRFKGHV0HGLDQORKQHV7LUROZDUGDPLWHLQ%XQGHVODQGLQGHPGLH(LQNRP
PHQVYHUWHLOXQJ GHXWOLFK HJDOLWlUHU ZDU DOV LP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW ,P -DKU
EHWUXJGLHVHU4XDUWLOVDEVWDQGEHUHLWVGHV0HGLDQDUEHLWVHLQNRPPHQV
hEHUVLFKW 0HGLDQHLQNRPPHQQDFK*HVFKOHFKWXQG6HNWRUHQLQ7LUROXQGgVWHUUHLFK
XQG
,Q(XURE]ZGXUFKVFKQLWWOLFKHMlKUOLFKH9HUlQGHUXQJLQ
7LURO gVWHUUHLFK
,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ
,QVJHVDPW
‘
6DFKJ WHU
‘
%DXZHVHQ
‘
'LHQVWOHLVWXQJHQ
‘
4+9:,)2%HUHFKQXQJHQ²0HGLDQHLQNRPPHQ PRQDWOLFKH%HPHVVXQJVJUXQGODJHLQNOXVLYH6RQGHU]DKOXQJHQ
'LHVHU$QVWLHJLVW]ZDUVFKZlFKHUDOVLP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWXQGGLH(LQNRPPHQV
YHUWHLOXQJ ZDU DXFK LP -DKU HJDOLWlUHU DOV LQ gVWHUUHLFK YHUWHLOWH VLFK DOOHUGLQJV VHKU
XQWHUVFKLHGOLFKDXI0lQQHUXQG)UDXHQ%HLGHQ)UDXHQZDUGHU$QVWLHJGHU(LQNRPPHQVXQ
WHUVFKLHGHK|KHU/DJGLH4XDUWLOVGLVWDQ]LP-DKUQRFKEHLVREHWUXJVLHLP-DKU
%HLGHQ0lQQHUQVWLHJGHU4XDUWLOVDEVWDQGLPVHOEHQ=HLWUDXPKLQJHJHQXPQXU
3UR]HQWSXQNWHYRQ DXI'LHVH XQWHUVFKLHGOLFKVWDUNH(QWZLFNOXQJLVW]XP 7HLO
DXIGLH $XVZHLWXQJGHU ZHLEOLFKHQ(UZHUEVEHWHLOLJXQJXQGGHQ EHUSURSRUWLRQDOHQ $QVWLHJ
'HU 4XDUWLOVDEVWDQG DOV 0D‰ GHU 6WUHXXQJ GHU %HPHVVXQJVJUXQGODJHQ ZLUG GXUFK GLH 'LIIHUHQ] ]ZLVFKHQ GHU
4XDUWLOVJUHQ]HGHVGULWWHQXQGGHVHUVWHQ4XDUWLOVGHU(LQNRPPHQVYHUWHLOXQJHUPLWWHOW(UJLEWDQLQZHOFKHP%HUHLFK
GLHPLWWOHUH+lOIWHGHU(LQNRPPHQVYHUWHLOXQJOLHJW

²²
GHU ZHLEOLFKHQ 7HLO]HLWEHVFKlIWLJXQJ ]XU FN]XI KUHQ ,Q GHQ 'LHQVWOHLVWXQJVEUDQFKHQ VLQG
GLH(LQNRPPHQZHVHQWOLFKXQJOHLFKHUYHUWHLOWDOVLQGHQ6DFKJ WHUEUDQFKHQVLHKHhEHUVLFKW
ZRKODXFKHLQH.RQVHTXHQ]GHU7DWVDFKHGDVVYRUDOOHPLP'LHQVWOHLVWXQJVVHNWRUGLH
7HLO]HLWTXRWHVHKUKRFKLVW'LH]XQHKPHQGH7HUWLlULVLHUXQJGHU%HVFKlIWLJXQJI KUWGHPQDFK
LQVEHVRQGHUH EHL )UDXHQ ]X K|KHUHQ (LQNRPPHQVXQWHUVFKLHGHQ hEHUGLHV KDW VLFK LQ 7LURO
DXFK LP 6DFKJ WHUEHUHLFK GLH 6FKHUH GHU )UDXHQHLQNRPPHQ ² YRQ HLQHP YHUJOHLFKVZHLVH
JHULQJHUHQ1LYHDXDXVJHKHQG²LQGHQ-DKUHQELVEHVRQGHUVVWDUNYHUJU|‰HUW
hEHUVLFKW (QWZLFNOXQJGHV4XDUWLOVDEVWDQGVGHU%HPHVVXQJVJUXQGODJHXQG
QDFK6HNWRUHQLQ7LUROXQGgVWHUUHLFK
,QGHV0HGLDQV
7LURO gVWHUUHLFK
,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ
$OOH:LUWVFKDIWVNODVVHQ
9HUlQGHUXQJ
6DFKJ WHU
9HUlQGHUXQJ ² ²
%DXZHVHQ
9HUlQGHUXQJ ²
'LHQVWOHLVWXQJHQ
9HUlQGHUXQJ ²
4+9²%DVLV%HPHVVXQJVJUXQGODJHLQNOXVLYH6RQGHU]DKOXQJHQ
'LH9HUlQGHUXQJHQLQGHU$UEHLWVZHOWKDEHQVLFKDXFKVWDUNDXIGLH(LQNRPPHQVXQJOHLFKKHLW
]ZLVFKHQ )UDXHQ XQG 0lQQHUQ DXVJHZLUNW 7LURO HUZHLVW VLFKLQ HLQHU *HVDPWEHWUDFKWXQJ DOV
HLQ %XQGHVODQG PLW HWZDV JHULQJHUHQ (LQNRPPHQVXQWHUVFKLHGHQ ]ZLVFKHQ GHQ *HVFKOHFK
WHUQ'DVPHGLDQH$UEHLWVHLQNRPPHQGHU)UDXHQEHWUXJGHV(LQNRPPHQVGHU0lQQHU
LQ gVWHUUHLFK $QGHUV DXVJHGU FNW YHUGLHQWHQ LP -DKU ² RKQH %HU FNVLFKWLJXQJ
YRQ $UEHLWV]HLWXQG7lWLJNHLW²LQ7LURO0lQQHUPHKUDOV)UDXHQLQgVWHUUHLFKZDUHQHV
,P =HLWUDXP ELV KDW VLFK GLH JHVFKOHFKWVVSH]LILVFKH (LQNRPPHQVO FNH YHU
JU|‰HUW'DV0HGLDQHLQNRPPHQGHU7LUROHUVWLHJLP=HLWUDXPELVXPSUR-DKU
GDV0HGLDQHLQNRPPHQGHU7LUROHULQQHQDEHUQXUXPSUR-DKUhEHUVLFKW,QVJHVDPW
EHWUDFKWHW LVW GLHVH (QWZLFNOXQJ JOHLFK VFKQHOO ZLH LP 5HVW gVWHUUHLFKV YRU VLFK JHJDQJHQ
HLQH8QWHUJOLHGHUXQJQDFK%UDQFKHQ]HLJWHLQGLIIHUHQ]LHUWHV%LOG'LH(LQNRPPHQGHU)UDXHQ

²²
VLQGLP6DFKJ WHUEHUHLFKJOHLFKVFKQHOOXQGLP%DXZHVHQVRJDUVFKQHOOHUDOVGLHGHU0lQQHU
JHVWLHJHQ LP 'LHQVWOHLVWXQJVEHUHLFK GHP ZLFKWLJVWHQ 6HNWRU I U GLH )UDXHQEHVFKlIWLJXQJ
KDW VLFK GLH JHVFKOHFKWVVSH]LILVFKH (LQNRPPHQVO FNH YHUJU|‰HUW )UDXHQ SUR -DKU
0lQQHUSUR-DKULP=HLWUDXPELV
'LH =XQDKPH YRQ KHWHURJHQHQ (LQNRPPHQVJUXSSHQ KDW HLQH 5HLKH YRQ 8UVDFKHQ YRQ
GHQHQ ZRKO GLH REHQ JHVFKLOGHUWH (QWZLFNOXQJ GHU 7HLO]HLWTXRWH VLHKH hEHUVLFKW GLH
ZLFKWLJVWH LVW 'LHVH (QWZLFNOXQJ PDFKW VLFK QLFKW EHL DOOHQ $OWHUVJUXSSHQ LQ JOHLFKHP 0D‰
EHPHUNEDU 7HLO]HLWEHVFKlIWLJXQJ LVW I U YLHOH )UDXHQ EHVRQGHUV ]XP =HLWSXQNW GHU )DPLOLHQ
JU QGXQJ HLQH 2SWLRQ 'LH )ROJHQ GHU JHVHOOVFKDIWOLFKHQ $UEHLWVWHLOXQJ ]ZLVFKHQ )UDXHQ
+DXVKDOW XQG %HWUHXXQJ XQG 0lQQHUQ (UZHUEVWlWLJNHLW DXI GDV (UZHUEVHLQNRPPHQ NRP
PHQ DXV GLHVHP *UXQG YRU DOOHP DE GHP +DXSWHUZHUEVDOWHU ]XP 7UDJHQ 'LHVH 7DWVDFKH
ZLUG GXUFK $EELOGXQJ YHUGHXWOLFKW 'HU $EVWDQG ]ZLVFKHQ GHP (LQNRPPHQ YRQ )UDXHQ
XQG0lQQHUQLVWVRZRKOLQgVWHUUHLFKDOVDXFKLQ7LUROEHLGHQ-XJHQGOLFKHQDPJHULQJVWHQ
'LH(LQNRPPHQVVFKHUH JHKWMHGRFKDEGHP /HEHQVMDKUVWDUNDXVHLQDQGHU $XFKGLHVHV
0XVWHU ILQGHW VLFK LQ 7LURO ZLH LQ gVWHUUHLFK ZREHL HV LQ 7LURO EHL %HVFKlIWLJWHQ EHU QRFK
VWlUNHU DXVJHSUlJW LVW DOV LQ gVWHUUHLFK 'LH LQVJHVDPW YHUJOHLFKVZHLVH JHULQJH JHVFKOHFKWV
VSH]LILVFKH (LQNRPPHQVO FNH 7LUROV HUJLEW VLFK GHPQDFK DXV GHP 'XUFKVFKQLWW ]ZLVFKHQ
KRKHQ (LQNRPPHQ GHU )UDXHQ ]X %HJLQQ GHU (UZHUEVNDUULHUH XQG HLQHP EHVRQGHUV VWDUNHQ
(LQNRPPHQVU FNVWDQG LP ZHLWHUHQ 9HUODXI GHV (UZHUEVOHEHQV]\NOXV 'LH 9HUHLQEDUNHLW YRQ
%HUXIXQG)DPLOLHVWHOOWLP/LFKWHGLHVHU'DWHQI UGLH7LUROHULQQHQHLQHEHVRQGHUH+ UGHGDU
=XVlW]OLFKPXVVEHU FNVLFKWLJWZHUGHQGDVVGLH6WDWLVWLNGHV+DXSWYHUEDQGVGLH(LQNRPPHQV
VLWXDWLRQYRQJHULQJI JLJ%HVFKlIWLJWHQQLFKWDEELOGHW=LHKWPDQGLH/RKQVWHXHUVWDWLVWLNYRP
)LQDQ]DPWKHUDQZRGLH/RKQ]HWWHODOOHU$UEHLWQHKPHU,QQHQDXVJHZHUWHWZHUGHQNDQQDXFK
GLH EHUGXUFKVFKQLWWOLFKKRKH.RQ]HQWUDWLRQYRQ)UDXHQLQJHULQJI JLJHQ%HVFKlIWLJXQJVYHU
KlOWQLVVHQ LQ 7LURO VLHKH hEHUVLFKW EHU FNVLFKWLJWZHUGHQ $QKDQG GLHVHU 'DWHQTXHOOH LVW
GHU*HQGHU*DSLP(LQNRPPHQLQ7LUROWDWVlFKOLFKK|KHUDOVLP%XQGHVGXUFKVFKQLWW)UDXHQ
YHUGLHQWHQLP-DKUGHUGXUFKVFKQLWWOLFKHQ1HWWREH] JHGHU0lQQHULQgVWHUUHLFK
LP 6FKQLWW :HLWHUV PXVV EHGDFKW ZHUGHQ GDVV )UDXHQ |IWHUV DOV 0lQQHU QLFKW
JDQ]MlKULJ EHVFKlIWLJW VLQG =LHKW PDQ GLH (LQNRPPHQ DOOHU %HVFKlIWLJWHQ DOVR DXFK MHQHU
GLHQXUHLQHQ7HLOGHV-DKUHVHLQHU(UZHUEVWlWLJNHLWQDFKJHKHQKHUDQZHLWHWVLFKGHU*HQGHU
*DSDXV)UDXHQYHUGLHQWHQGHPQDFKLQ7LUROGHUGXUFKVFKQLWWOLFKHQ1HWWREH] JHGHU
0lQQHULQgVWHUUHLFK
'LHVH:HUWHEH]LHKHQVLFKQXUDXI$UEHLWQHKPHU,QQHQPLW JDQ]MlKULJHQ%H] JHQ-DKU $QGHUVDOVEHLGHU
+DXSWYHUEDQGVVWDWLVWLN VLQGKLHU DXFK/HKUOLQJHXQG%HDPWHLQGHU6WDWLVWLNLQNOXGLHUW,QGHQYHU|IIHQWOLFKWHQ'DWHQ
YRP)LQDQ]DPWZHUGHQQXUGXUFKVFKQLWWOLFKH1HWWREH] JHDXVJHZLHVHQ

²²
$EELOGXQJ 0HGLDQHV%UXWWRHLQNRPPHQGHU)UDXHQXQG0lQQHUQDFK$OWHUVJUXSSHQLQ
gVWHUUHLFKXQG7LURO
gVWHUUHLFK)UDXHQ 7LURO)UDXHQ 7LURO0lQQHU gVWHUUHLFK0lQQHU
W
D
Q
R
0
UR
S
UR
X
(
,Q
%LV hEHU
$OWHUVJUXSSHQLQ-DKUHQ
4+9:,)2%HUHFKQXQJHQ
1HEHQ GHU 9HUEUHLWXQJ YRQ DW\SLVFKHQ %HVFKlIWLJXQJVIRUPHQ G UIWHQ DXFK GLH 6HJPHQWD
WLRQGHU%HVFKlIWLJXQJQDFK*HVFKOHFKWXQGGHU6WUXNWXUZDQGHOHLQHQQLFKWXQHUKHEOLFKHQ
%HLWUDJ ]XU (QWZLFNOXQJ GHU JHVFKOHFKWVVSH]LILVFKHQ (LQNRPPHQVO FNH JHOHLVWHW KDEHQ 'DV
/RKQQLYHDXLVWLQGHU6DFKJ WHUHU]HXJXQJK|KHUDOVLQGHQ'LHQVWOHLVWXQJHQGLH(QWZLFNOXQJ
GHU (LQNRPPHQ ]ZLVFKHQ XQG ZHLVW GDUDXI KLQ GDVV VLFK GLHVHU $EVWDQG
YHUJU|‰HUWKDWVLHKHhEHUVLFKW,QGHU6DFKJ WHUHU]HXJXQJ²ZRDXFKGLH3URGXNWLYLWlW
DPVWlUNVWHQVWLHJ²DUEHLWHQLPPHUQRFKGHXWOLFKPHKU0lQQHUDOV)UDXHQhEHUGLHVJLQJHQ
LQ GHU 6DFKJ WHUSURGXNWLRQ ]% LQ GHU 7H[WLO XQG %HNOHLGXQJVLQGXVWULH YLHOH
)UDXHQDUEHLWVSOlW]H YHUORUHQ GLH JHPHVVHQ DP 'XUFKVFKQLWWVORKQ GHU )UDXHQ LPPHU QRFK
EHUGXUFKVFKQLWWOLFKH(LQNRPPHQHUEUDFKWHQ9LHOHGHU:LUWVFKDIWVEUDQFKHQPLWHLQHUKRKHQ
)UDXHQNRQ]HQWUDWLRQ ]% %HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ *HVXQGKHLWV XQG
6R]LDOZHVHQ GLH DXFK HLQH VWDUNH SRVLWLYH %HVFKlIWLJXQJVG\QDPLN YHU]HLFKQHWHQ VLQG
KLQJHJHQYRQYHUJOHLFKVZHLVHJHULQJHQ3URGXNWLYLWlWVXQG/RKQ]XZlFKVHQJHNHQQ]HLFKQHW

²²
$EELOGXQJ 'XUFKVFKQLWWOLFKHV1HWWRHLQNRPPHQGHU)UDXHQJHPHVVHQDP1HWWRHLQ
NRPPHQGHU0lQQHU
3HUVRQHQLQ9ROO]HLWEHVFKlIWLJXQJPLWJDQ]MlKULJHQ%H] JHQ
,Q
gVWHUUHLFK
: 67 . % 1g 6 7 2g 9
46WDWLVWLNGHU/RKQVWHXHU:,)2%HUHFKQXQJHQ
'DVVQLFKWQXUGLHN U]HUHQ$UEHLWV]HLWHQXQGGHUKRKH$QWHLODQVDLVRQDOHU%HVFKlIWLJXQJGHU
)UDXHQI UGLH(LQNRPPHQVO FNH]ZLVFKHQGHQ*HVFKOHFKWHUQYHUDQWZRUWOLFKVLQGZLUGDXFK
YRQHLQHU]XVlW]OLFKHQ $XVZHUWXQJGHU/RKQVWHXHUVWDWLVWLNEHOHJW'DV)LQDQ]DPWZHLVWVHSD
UDWH7DEHOOHQI UJDQ]MlKULJXQGLQ9ROO]HLWEHVFKlIWLJWH$UEHLWQHKPHU,QQHQDXV 'DGXUFKLVW
HV P|JOLFK GHQ (IIHNW GHU KRKHQ 7HLO]HLWTXRWH GHU 7LUROHULQQHQ DXI GLH (LQNRPPHQVXQWHU
VFKLHGH ]ZLVFKHQ )UDXHQ XQG 0lQQHUQDXV]XNODPPHUQ 7URW] GHVVHQ OLHJW LP %XQGHVOlQGHU
YHUJOHLFK GDV GXUFKVFKQLWWOLFKH (LQNRPPHQ GHU )UDXHQ LQ 7LURO XQWHU GHQ %XQGHVOlQGHUQ DQ
YRUOHW]WHU6WHOOHQXULQ9RUDUOEHUJLVWGDV(LQNRPPHQGHU)UDXHQJHULQJHU'LH/RKQHLQNRP
PHQGHU0lQQHUOLHJHQLQ7LUROHEHQIDOOVXQWHUGHP'XUFKVFKQLWWGHUDQGHUHQ%XQGHVOlQGHU
'HQQRFK LVW GLH JHVFKOHFKWVVSH]LILVFKH /RKQO FNH LQ 7LURO JU|‰HU DOV LP %XQGHVGXUFKVFKQLWW
QXULQ9RUDUOEHUJXQG2EHU|VWHUUHLFKLVWGLH(LQNRPPHQVGLIIHUHQ]]ZLVFKHQ)UDXHQXQG0lQ
QHUQDXVJHSUlJWHU$EELOGXQJ,Q7LUROYHUGLHQWHQJDQ]MlKULJXQGLQ9ROO]HLWEHVFKlIWLJWH
)UDXHQGHUGXUFKVFKQLWWOLFKHQ1HWWREH] JHGHULQ9ROO]HLWEHVFKlIWLJWHQ0lQQHU-DKU
LQgVWHUUHLFKLP6FKQLWW(LQHZHLWHUH'LIIHUHQ]LHUXQJGHU'DWHQDXI%H]LUNVHEHQH
]HLJWGDVVQXU,QQVEUXFN6WDGWHLQ EHUGXUFKVFKQLWWOLFKJXWHV9HUKlOWQLVGHU)UDXHQ]XGHQ
0lQQHUHLQNRPPHQ KDW )UDXHQ YHUGLHQWHQ GHU GXUFKVFKQLWWOLFKHQ 0lQQHUHLQ
NRPPHQ'DPLWODJGLH+DXSWVWDGW7LUROVJHPHVVHQDP*HQGHU*DSDXI|VWHUUHLFKLVFKH
'LH=XRUGQXQJGHU$UEHLWQHKPHU,QQHQ]XGHQ9ROOE]Z7HLO]HLWEHVFKlIWLJWHQHUIROJWYRQ6HLWHQGHU8QWHUQHKPHQ
GHU(UKHEXQJOLHJWDOOHUGLQJVNHLQHNODUH'HILQLWLRQYRQ7HLO]HLWEHVFKlIWLJXQJ]XJUXQGH$XFKKLHUKDQGHOWHVVLFKXP
GLH(LQNRPPHQGHU%HVFKlIWLJWHQPLWJDQ]MlKULJHQ%H] JHQ

²²
%H]LUNH DQ 6WHOOH $OOH DQGHUHQ 7LUROHU %H]LUNH EHIDQGHQ VLFK LP XQWHUHQ 0LWWHOIHOG GHU
5DQJRUGQXQJHLQHEHVRQGHUVDXVJHSUlJWH/RKQO FNHKDWWHGHU%H]LUN/DQGHFN6WHOOHLQ
9ROO]HLWEHVFKlIWLJWH)UDXHQYHUGLHQWHQGRUWQXUGHU0lQQHUHLQNRPPHQ
=XVDPPHQIDVVXQJ
,QVJHVDPW ]HLJW GLHVHV .DSLWHO GDVV HV QHEHQ GHQ GXUFK GLH EOLFKH %HVFKlIWLJXQJV XQG
$UEHLWVORVLJNHLWVVWDWLVWLN HUIDVVWHQ 3HUVRQHQ DXFK HLQH 5HLKH YRQ ZHLWHUHQ *UXSSHQ JLEW GLH
*HJHQVWDQGYRQDUEHLWVPDUNWSROLWLVFKHQ,QWHUYHQWLRQHQVHLQN|QQWHQ
• 6R JLEW HV LQ 7LURO LPPHU QRFK HLQH UHOHYDQWH *UXSSH YRQ HWZD ODQJ]HLWEHVFKlIWL
JXQJVORVHQ3HUVRQHQGHQHQHV EHUHLQHQ=HLWUDXPYRQHLQHP-DKUQLFKWJHOLQJWLQHLQH
%HVFKlIWLJXQJ]XJHODQJHQGLHPHKUDOV7DJHGDXHUW
• 'DQHEHQ JLEW HV LQ 7LURO UXQG VR JHQDQQWH HQWPXWLJWH $UEHLWVORVH GLH NHLQH $UEHLW
PHKUVXFKHQZHLOVLHJODXEHQRKQHKLQNHLQHQHQWVSUHFKHQGHQ$UEHLWVSODW]]XILQGHQ
• hEHUGLHV ]HLJW VLFK JHUDGH LP %HUHLFK GHU 7HLO]HLWDUEHLW HLQ GHXWOLFKHU 0LVPDWFK GHU
$UEHLWV]HLWZ QVFKHYRQ9ROOXQG7HLO]HLWEHVFKlIWLJWHQ%HLGHQ)UDXHQZ QVFKWHQVLFKLP
-DKUHVGXUFKVFKQLWWUXQG9ROO]HLWEHVFKlIWLJWH)UDXHQHLQH$UEHLWV]HLWYRQZHQL
JHU DOV 6WXQGHQ *OHLFK]HLWLJ Z QVFKWHQ VLFK UXQG WHLO]HLWEHVFKlIWLJWH )UDXHQ
HLQHQ9ROO]HLWDUEHLWVSODW]%HLGHQ0lQQHUQODJGLHVHV9HUKlOWQLVEHL]X
hEHUGLHV ]HLJW VLFK GDVV GLH OHW]WHQ -DKUH LQ 7LURO ² ZLH DXFK LP EULJHQ gVWHUUHLFK ² GXUFK
HLQH(UK|KXQJGHU(LQNRPPHQVXQJOHLFKKHLWVRZRKO]ZLVFKHQ0lQQHUQXQG)UDXHQXQGQRFK
VWlUNHULQQHUKDOEHLQ]HOQHU*UXSSHQJHSUlJWZDUHQ
$EJHVHKHQ YRQ GHU TXDQWLWDWLYHQ )HVWVWHOOXQJ GLHVHU YHUVFKLHGHQHQ *UXSSHQ VWHOOW VLFK GLH
)UDJH ZLH XQG RE GLH :LUWVFKDIWVSROLWLN DXI GLHVH QHXHQ DUEHLWVPDUNW XQG YHUWHLOXQJVSROLWL
VFKHQ+HUDXVIRUGHUXQJHQUHDJLHUHQVROOXQGNDQQ'DEHLLVW]XQlFKVWIHVW]XKDOWHQGDVVGLHLQ
GLHVHP .DSLWHO EHKDQGHOWHQ 3HUVRQHQJUXSSHQ HWZD 7HLO]HLWEHVFKlIWLJWH RGHU JHULQJI JLJ
%HVFKlIWLJWHKHWHURJHQVLQGVRGDVVHLQHDOOJHPHLQH$QWZRUWDXIGLHVH)UDJHNDXPP|JOLFK
LVW hEHUGLHV LVW DXFK GHU 6WDQG GHU )RUVFKXQJ ]X GLHVHQ QHXHQ $UEHLWVPDUNWSKlQRPHQHQ
QRFK QLFKW ZHLW IRUWJHVFKULWWHQ VRGDVV HV NDXP JHQHUHOOH $XVVDJHQ GDU EHU JLEW RE DXV
ZRKOIDKUWV|NRQRPLVFKHU6LFKWHLQH5HFKWIHUWLJXQJI UZLUWVFKDIWVSROLWLVFKH,QWHUYHQWLRQHQYRU
OLHJW
7URW]GLHVHU(LQVFKUlQNXQJHQVLQGDEHU]XPLQGHVWDXV6LFKWGHUEHWURIIHQHQ3HUVRQHQLQHLQ
]HOQHQ 7HLOEHUHLFKHQ QRFK 9HUEHVVHUXQJHQ GHU $UEHLWVEHGLQJXQJHQ E]Z GHU ,QWHJUDWLRQ LQ
GHQ$UEHLWVPDUNWP|JOLFK6RLVWGLH8Q]XIULHGHQKHLWPLWGHQDQJHERWHQHQ$UEHLWV]HLWHQEHL
LP -DKUHVGXUFKVFKQLWW HWZD UXQG 3HUVRQHQ HLQ ,QGL] I U HLQHQ HUKHEOLFKHQ 0LVPDWFK
KLQVLFKWOLFK GHU DQJHERWHQHQ XQG GHU QDFKJHIUDJWHQ $UEHLWV]HLW hEHUGLHV VLQG /DQJ]HLWEH
'LH%H]LUNH:LHQVZXUGHQ]XHLQHP:HUW]XVDPPHQJHIDVVW

²²
VFKlIWLJXQJVORVLJNHLW XQG GLH $XIJDEH GHU $UEHLWVVXFKH DXIJUXQG GHU (UZDUWXQJ RKQHKLQ
NHLQH$UEHLW]XILQGHQI UGLHGDYRQEHWURIIHQHQ3HUVRQHQQLFKWZ QVFKHQVZHUW
'HV:HLWHUHQ]HLJWGLHVHV.DSLWHODXFKGDVVGLH$UEHLWVZ QVFKHGXUFKDXVDXFKGXUFKSHU
V|QOLFKH 8PVWlQGH EHHLQIOXVVW ZHUGHQ bQGHUXQJHQ GLHVHU SHUV|QOLFKHQ 8PVWlQGH N|QQHQ
GDKHU]X² ]XPLQGHVWDXV6LFKWGHU%HWURIIHQHQ²9HUEHVVHUXQJHQI KUHQ(LQ%HLVSLHOKLHUI U
VLQG %HWUHXXQJVSIOLFKWHQ 1DFK XQVHUHQ 6FKlW]XQJHQ Z UGHQ LQ 7LURO UXQG )UDXHQ GLH
JHJHQZlUWLJ QLFKW DP $UEHLWVPDUNW WHLOQHKPHQ HLQHQ $UEHLWVSODW] VXFKHQ ZHQQ DXVUHL
FKHQG .LQGHUEHWUHXXQJVSOlW]H YRUKDQGHQ ZlUHQ :HLWHUH ELV Z UGHQ EHL YRU
KDQGHQHQ.LQGHUEHWUHXXQJVSOlW]HQOLHEHU9ROO]HLWVWDWW7HLO]HLWDUEHLWHQ
1HEHQ HLQHU P|JOLFKVW XPIDVVHQGHQ %HUHLWVWHOOXQJ TXDOLWDWLY KRFKZHUWLJHU .LQGHUEHWUHX
XQJVSOlW]HN|QQWHQHVGDKHUDXFK=LHOHGHU$UEHLWVPDUNWSROLWLNVHLQGHQ0LVPDWFK]ZLVFKHQ
$UEHLWV]HLWZ QVFKHQ ]X PLQLPLHUHQ XQG /DQJ]HLWEHVFKlIWLJXQJVORVLJNHLW ]X YHUKLQGHUQ ,P
%HUHLFKGHU7HLO]HLWDUEHLWJHKWHVGDEHLYRUDOOHPGDUXPGHP$UEHLWV]HLWPRGHOOZRQDFK7HLO
]HLWDUEHLWVRZRKOI U0lQQHUDOVDXFKI U)UDXHQHLQHLQJHZLVVHQ/HEHQVSKDVHQ ]%ZlK
UHQG GHU .LQGHUHU]LHKXQJ RGHU EHL HLQJHVFKUlQNWHU $UEHLWVIlKLJNHLW LP $OWHU HLQH Z Q
VFKHQVZHUWH 6LWXDWLRQ GDUVWHOOW ]X YHUVWlUNWHU JHVHOOVFKDIWOLFKHU $N]HSWDQ] ]X YHUKHOIHQ XQG
JOHLFK]HLWLJXQIUHLZLOOLJH7HLO]HLW]XYHUKLQGHUQ(LQH9RUUDXVVHW]XQJKLHUI UZlUHHVGDEHLGHQ
LQ EHLGH 5LFKWXQJHQ IULNWLRQVIUHLHQ hEHUJDQJ ]ZLVFKHQ 9ROO XQG 7HLO]HLWDUEHLW ]X JHZlKUOHLV
WHQ'LHVZlUHZRKODPVFKQHOOVWHQGXUFKOHJLVWLVFKH0D‰QDKPHQDXI(EHQHYRQ*HVHW]HQ
.ROOHNWLYYHUWUlJHQ XQG %HWULHEVYHUHLQEDUXQJHQ GXUFK]XVHW]HQ 'DQHEHQ N|QQHQ DEHU
DXFK $XINOlUXQJVNDPSDJQHQ XQG DNWLYHV /REE\LQJ ]X HLQHU ² ZHQQ DXFK ZDKUVFKHLQOLFK
ODQJVDPHUHQ²9HUKDOWHQVlQGHUXQJLQGLHVH5LFKWXQJEHLWUDJHQ
'DU EHU KLQDXV LVW JHUDGH LP %HUHLFK GHU DW\SLVFKHQ %HVFKlIWLJXQJ ]X IRUGHUQ GDVV ]XU
6LFKHUVWHOOXQJGHU)UHLZLOOLJNHLWDW\SLVFKHU%HVFKlIWLJXQJVIRUPHQ]ZLVFKHQYHUVFKLHGHQHQ)RU
PHQGHU%HVFKlIWLJXQJQLFKWGLVNULPLQLHUWZHUGHQVROOWH:HGHUI U$UEHLWJHEHU,QQHQQRFKI U
$UEHLWQHKPHU,QQHQVROOWHQVWHXHUDUEHLWVRGHUVR]LDOYHUVLFKHUXQJVUHFKWOLFKH*U QGHEHVWH
KHQHLQHEHVWLPPWH)RUPGHV$UEHLWVYHUWUDJHVHLQHUDQGHUHQ]%DXIJHVHW]OLFKHURGHUNRO
OHNWLYYHUWUDJOLFKHU(EHQHYRU]X]LHKHQ(V VROOWHGDKHU=LHOVHLQDW\SLVFK%HVFKlIWLJWHLQJOHL
FKHP $XVPD‰ DQ DOOHQ%HJ QVWLJXQJHQ HLQHV $UEHLWVYHUKlOWQLVVHV LQVEHVRQGHUH KLQVLFKWOLFK
GHU:HLWHUELOGXQJWHLOKDEHQ]XODVVHQZLH6WDQGDUGEHVFKlIWLJWH
+LQVLFKWOLFK GHV =LHOV GHU 9HUPHLGXQJ YRQ /DQJ]HLWEHVFKlIWLJXQJVORVLJNHLW ]HLJHQ LQWHUQDWLR
QDOH (YDOXLHUXQJVVWXGLHQ GDVV ODQJIULVWLJH XQG LQWHQVLYH 0D‰QDKPHQ GHU DNWLYHQ $UEHLWV
PDUNWSROLWLN XQG 0D‰QDKPHQ GLH HLQH UDVFKH 9HUPLWWOXQJ PLW ZHLWHUHQ $XVELOGXQJHQ ZlK
UHQG GHU %HVFKlIWLJXQJ NRSSHOQ HLQHQ $QVDW]SXQNWH ]XU ODQJIULVWLJHQ ,QWHJUDWLRQ YRQ
$UEHLWVORVHQLQGDV%HVFKlIWLJXQJVV\VWHPGDUVWHOOHQVLHKHGD]X.DSLWHO
(LQ%HLVSLHOGDI ULVWGDVQLHGHUOlQGLVFKH0RGHOOLQGHPVRZRKOHLQ5HFKWDXI7HLO]HLWDOVDXFKDXI5 FNNHKUDXV
GHU7HLO]HLWQRUPLHUWZLUG

²²
(UVWDXVELOGXQJ
'LH 4XDOLILNDWLRQVVWUXNWXU LVW HQWVFKHLGHQG I U GLH ZLUWVFKDIWOLFKH (QWZLFNOXQJ DOOHU 6HNWRUHQ
XQG PD‰JHEOLFK I U GDV (QWVWHKHQ YRQ TXDOLWDWLY KRFKZHUWLJHQ $UEHLWVSOlW]HQ %LIIO ² /HRQL
6LHKlQJWYRPGHPRJUDSKLVFKHQ:DQGHOGHU%LOGXQJVEHWHLOLJXQJVRZLHGHU/HLVWXQJV
IlKLJNHLWGHV%LOGXQJVV\VWHPVDE:HQQVLFKGLH 4XDOLILNDWLRQVVWUXNWXUGHUDXVGHP%LOGXQJV
V\VWHP DEJHKHQGHQ 3HUVRQHQ YRQ MHQHQ 3HUVRQHQ XQWHUVFKHLGHW GLH GDV 3HQVLRQV
DQWULWWVDOWHUHUUHLFKHQXQGGLHVHEHLGHQ*UXSSHQXQWHUVFKLHGOLFKVWDUNEHVHW]VLQGNRPPWHV
]XbQGHUXQJHQLQGHU4XDOLILNDWLRQVVWUXNWXU
hEHUGHQEHVWlQGLJHQ$QVWLHJGHU4XDOLILNDWLRQVDQIRUGHUXQJHQKHUUVFKW.RQVHQVLQGHU/LWH
UDWXUYJO]%+XPPHO²5HLQEHUJ:HUQHU$UEHLWVSOlW]HI UHLQIDFKH7lWLJNHLWHQ
EUHFKHQQDFKXQGQDFKZHJZlKUHQGSDUDOOHOGD]XQHXH$UEHLWVSOlW]HPLWK|KHUHP$QIRU
GHUXQJVQLYHDXHQWVWHKHQ'LH8UVDFKHQKLHUI UVLQGVRZRKODXIGHU1DFKIUDJHVHLWHDOVDXFK
DXIGHU$QJHERWVVHLWH]XILQGHQ9RQ6HLWHQGHU1DFKIUDJHZHUGHQDOV*U QGHI UGHQTXDOL
ILNDWRULVFKHQ6WUXNWXUZDQGHOLQVEHVRQGHUHWHFKQLVFKHUXQGRUJDQLVDWRULVFKHU)RUWVFKULWWVRZLH
]XQHKPHQGH*OREDOLVLHUXQJDQJHI KUW
• 7HFKQLVFKHU)RUWVFKULWW'LHVNLOOELDVHGWHFKQRORJLFDOFKDQJH7KHVH6%7&7KHVHVLHKWGLH
8UVDFKH I U VWHLJHQGH 4XDOLILNDWLRQVDQIRUGHUXQJHQ LP WHFKQLVFKHQ )RUWVFKULWW 'LHVHU
YHUOlXIW QLFKW TXDOLILNDWLRQVQHXWUDO VRQGHUQ EHJ QVWLJW KRFK TXDOLIL]LHUWH $UEHLWVNUlIWH
$UYDQLWLV 'LH 7KHVH GHV VHNWRUDOHQ 6WUXNWXUZDQGHOV VLHKW HEHQIDOOV GHQ WHFKQL
VFKHQ)RUWVFKULWWDOVWUHLEHQGH.UDIWKLQWHUGHU1DFKIUDJHYHUVFKLHEXQJ]XJXQVWHQ+RFK
TXDOLIL]LHUWHU :lKUHQG MHGRFK GLH 6%7& 7KHVH K|KHUH $QIRUGHUXQJHQ LQ DOOHQ %HUXIHQ
XQG6HNWRUHQVLHKWNRQ]HQWULHUHQVLFKGLHK|KHUHQ4XDOLILNDWLRQVDQIRUGHUXQJHQLP)DOOH
GHVVHNWRUDOHQ6WUXNWXUZDQGHOVDXIGLHZDFKVHQGHQ%UDQFKHQ6H\GD
• *OREDOLVLHUXQJ'LH*OREDOLVLHUXQJVWKHVHIRNXVVLHUWDXIGLH]XQHKPHQGHLQWHUQDWLRQDOH$U
EHLWVWHLOXQJ DOV 8UVDFKH I U GLH VWHLJHQGH 1DFKIUDJH QDFK K|KHU TXDOLIL]LHUWHQ $UEHLWV
NUlIWHQ+LHUEHLVRUJWHLQHUVHLWVGHU([SRUWYRQ* WHUQ]XGHUHQ3URGXNWLRQKRFKTXDOLIL
]LHUWH$UEHLWVNUlIWHHUIRUGHUOLFKVLQGXQGDQGHUHUVHLWVGHU,PSRUWYRQ* WHUQGLHYRQJH
ULQJ TXDOLIL]LHUWHQ $UEHLWVNUlIWHQ KHUJHVWHOOW ZHUGHQ ]X HLQHU 9HUVFKLHEXQJ GHU LQOlQGL
VFKHQ1DFKIUDJH]XJXQVWHQKRFKTXDOLIL]LHUWHU$UEHLWVNUlIWHYJO]%-RKQVRQ
• 2UJDQLVDWRULVFKHU :DQGHO 'HU hEHUJDQJ YRQ WUDGLWLRQHOOHQ 2UJDQLVDWLRQVVWUXNWXUHQ GLH
LQVEHVRQGHUH GXUFK HLQH VWULNWH 7UHQQXQJ YRQ $XIJDEHQEHUHLFKHQ XQG HLQH VWDUNH +LH
UDUFKLHGHU(QWVFKHLGXQJVEHIXJQLVFKDUDNWHULVLHUWZHUGHQKLQ]X2UJDQLVDWLRQVIRUPHQPLW
HLQHUJU|‰HUHQ9HUDQWZRUWXQJ EHUPHKUHUH$XIJDEHQEHUHLFKHVHW]WDXVVFKOLH‰OLFK*H
ULQJTXDOLIL]LHUWH IUHL 'DGXUFK NRPPW HV ]X HLQHU 1DFKIUDJHYHUVFKLHEXQJ ]XJXQVWHQ
+RFKTXDOLIL]LHUWHU%HOOPDQQHWDO
$QJHERWVVHLWLJZLUGDUJXPHQWLHUWGDVVHVXQWHUGHQ $UEHLWVNUlIWHQ]XHLQHP9HUGUlQJXQJV
ZHWWEHZHUEYRQREHQQDFKXQWHQNRPPWFURZGLQJRXW'DEHLGUlQJHQTXDOLIL]LHUWH$U

²²
EHLWVNUlIWHDXI$UEHLWVSOlW]HI UGLHHLQH%HUXIVDXVELOGXQJRGHUHLQ+RFKVFKXODEVFKOXVVLQGHU
9HUJDQJHQKHLWQLFKWQ|WLJZDUHQ$XVO|VHUGLHVHV9HUGUlQJXQJVZHWWEHZHUEVN|QQHQHLQJH
QHUHOOHU5 FNJDQJGHU$UEHLWVNUlIWHQDFKIUDJHVHLQRGHUDEHUHLQH$XVZHLWXQJGHV$QJHERWV
DQ KRFK TXDOLIL]LHUWHQ $UEHLWVNUlIWHQ GLH EHU GHQ $QVWLHJ GHU 1DFKIUDJH QDFK GLHVHQ $U
EHLWVNUlIWHQKLQDXVJHKW&RFN[²'HMHPHSSH
'HU7UHQG]XK|KHUHQ4XDOLILNDWLRQVDQIRUGHUXQJHQI KUWGD]XGDVV $UEHLWVNUlIWHLKUH4XDOLIL
NDWLRQHQDQSDVVHQP VVHQ'LH $QSDVVXQJGHU $XVELOGXQJVVWUXNWXUHUIROJWKLHUEHL EHU]ZHL
.DQlOH 'DV (UVWDXVELOGXQJVV\VWHP XQG GDV :HLWHUELOGXQJVV\VWHP 9RU GLHVHP +LQWHUJUXQG
ZHUGHQGDKHULP)ROJHQGHQEHLGH6\VWHPH²GDV(UVWDXVELOGXQJVXQG:HLWHUELOGXQJVV\VWHP
²QlKHUEHOHXFKWHW'HU3HUVRQHQNUHLVZLUGDXIGLH%HY|ONHUXQJLP$OWHUYRQELV-DKUHQ
HLQJHVFKUlQNW 'XUFK GLH $OWHUVHLQVFKUlQNXQJ VROO VLFKHUJHVWHOOW ZHUGHQ GDVV HLQHUVHLWV ² I U
GLH $QDO\VH GHU IRUPDOHQ 4XDOLILNDWLRQVVWUXNWXU GHU %HY|ONHUXQJ ² GHU *UR‰WHLO GHU 3HUVRQHQ
GLH(UVWDXVELOGXQJEHUHLWVDEJHVFKORVVHQKDW$QGHUHUVHLWVVROOGDGXUFK²I UGLH$QDO\VHGHU
:HLWHUELOGXQJVEHWHLOLJXQJ²8QVFKlUIHQLQGHU$EJUHQ]XQJ]ZLVFKHQ$XVXQG:HLWHUELOGXQJ
YHUPLHGHQZHUGHQ
%LOGXQJVVWDQGGHU%HY|ONHUXQJ
gVWHUUHLFKZHLW KDW GHU*UR‰WHLO GHU %HY|ONHUXQJ HLQH $XVELOGXQJ LP PLWWOHUHQ 4XDOLILNDWLRQV
EHUHLFKDEJHVFKORVVHQ/DXWGHQ=DKOHQGHV0LNUR]HQVXVI U KDEHQGHUELV
-lKULJHQHLQH/HKUHRGHU0LWWOHUH6FKXOHDEVROYLHUW'LH]ZHLWJU|‰WH*UXSSHVLQG3HU
VRQHQPLWPD[LPDO3IOLFKWVFKXODEVFKOXVVGKEHUXIOLFKXQTXDOLIL]LHUWH3HUVRQHQJHIROJWYRQ
3HUVRQHQPLWHLQHP$EVFKOXVVDQHLQHU+|KHUHQ6FKXOHRGHUHLQHU EHUGLH0DWXUDKL
QDXVJHKHQGHQ WHUWLlUHQ $XVELOGXQJ ,P 9HUJOHLFK GD]X N|QQHQ LQ 7LURO EHUGXUFK
VFKQLWWOLFKYLHOHELV-lKULJHHLQH$XVELOGXQJLPPLWWOHUHQ4XDOLILNDWLRQVVHJPHQWYRUZHL
VHQ²GHU$QWHLOGHU%HY|ONHUXQJPLW/HKUDEVFKOXVVE]ZDEJHVFKORVVHQHU%HUXIVELOGHQ
GHU 0LWWOHUHQ 6FKXOH OLHJW XP 3UR]HQWSXQNWH EHU GHP gVWHUUHLFK'XUFKVFKQLWW 'XUFK GLH
VWDUNH.RQ]HQWUDWLRQGHU%HY|ONHUXQJDXIGDVPLWWOHUH4XDOLILNDWLRQVVHJPHQWYHUI JHQLQ7LURO
SUR]HQWXHOOZHQLJHU3HUVRQHQ EHUHLQHDEJHVFKORVVHQH0DWXUD7LUROgVWHUUHLFK
RGHU HLQH GDU EHU KLQDXV JHKHQGH WHUWLlUH $XVELOGXQJ 7LURO gVWHUUHLFK DOV LP
'XUFKVFKQLWWgVWHUUHLFKV=ZDUN|QQHQPLWWOHUZHLOHDXFK$EVROYHQWLQQHQXQG$EVROYHQWHQHL
QHU/HKUHRGHU%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHGLH%HUXIVUHLIHSU IXQJE]Z6WXGLHQEHUHFKWL
JXQJVSU IXQJDEOHJHQRGHUXQWHUEHVWLPPWHQ9RUDXVVHW]XQJHQGLUHNWHLQ6WXGLXPDQHLQHU
'LHDNWXHOOVWHQ'DWHQ]XU%LOGXQJVVWUXNWXUOLHIHUWGHU0LNUR]HQVXV'DEHLKDQGHOWHVVLFKXPHLQH6WLFKSUREHQ
HUKHEXQJ YRQ 6WDWLVWLN $XVWULD EHL GHU SUR 4XDUWDO UXQG ]XIlOOLJ DXVJHZlKOWH +DXVKDOWH LQ JDQ] gVWHUUHLFK
EHIUDJW ZHUGHQ 'LH $XVZHUWXQJVHUJHEQLVVH GHV 0LNUR]HQVXV XQWHUOLHJHQ HLQHU JHZLVVHQ 6FKZDQNXQJVEUHLWH 'LH
OHW]WH 9ROOHUKHEXQJ 9RONV]lKOXQJ ]XU 4XDOLILNDWLRQVVWUXNWXU VWDPPW DXV GHP -DKU 'LH YRUOLHJHQGH
8QWHUVXFKXQJ EDVLHUW DXI GHQ DNWXHOOHQ 'DWHQ GHV 0LNUR]HQVXV $EZHLFKXQJHQ ]ZLVFKHQ 0LNUR]HQVXV XQG
9RONV]lKOXQJ N|QQHQ DXIJUXQG GHV XQWHUVFKLHGOLFKHQ %HWUDFKWXQJV]HLWSXQNWV RGHU GHV 6WLFKSUREHQIHKOHUV
HQWVWHKHQ²EHLVWDUNHQ$EZHLFKXQJHQ]ZLVFKHQ0LNUR]HQVXVXQG9RONV]lKOXQJZLUGLQ)X‰QRWHQGDUDXIDXIPHUNVDP
JHPDFKW

²²
)DFKKRFKVFKXOHEHJLQQHQGLHVH(UUXQJHQVFKDIWLVWDOOHUGLQJVHUVWM QJHUHQ'DWXPVXQGGD
PLW HKHU I U M QJHUH $OWHUVNRKRUWHQ LQWHUHVVDQW +LQVLFKWOLFK GHV $QWHLOV DQ 8QTXDOLIL]LHUWHQ
OLHJW7LUROLP|VWHUUHLFKLVFKHQ0LWWHOIHOG
'XUFKGLHVWDUNH $XVULFKWXQJGHU7LUROHU 4XDOLILNDWLRQVODQGVFKDIWDXIGLH/HKUHXQG%HUXIVELO
GHQGH0LWWOHUH6FKXOHVLQG$EVROYHQWLQQHQXQG$EVROYHQWHQ%HUXIVELOGHQGHU+|KHUHU6FKXOHQ
XQWHUUHSUlVHQWLHUW'LHEHUXIOLFKH(UVWDXVELOGXQJZLUGRIIHQVLFKWOLFKYLHOVWlUNHU EHUGLHGXDOH
$XVELOGXQJ E]Z GLH %HUXIVELOGHQGH 0LWWOHUH 6FKXOH HUZRUEHQ *HPHVVHQ DP $QWHLO GHU %H
Y|ONHUXQJ PLW DEJHVFKORVVHQHU %HUXIVELOGHQGHU +|KHUHU 6FKXOH QLPPW 7LURO LQ HLQHU %XQGHV
OlQGHUUHLKXQJ GHQ OHW]WHQ 3ODW] HLQ LP gVWHUUHLFK9HUJOHLFK OLHJW GHU $QWHLO XP 3UR]HQW
SXQNWHXQWHUGHP%XQGHVGXUFKVFKQLWW
$EELOGXQJ 4XDOLILNDWLRQVVWUXNWXUGHU%HY|ONHUXQJLP$OWHUYRQELV-DKUHQ
9HUJOHLFK7LUROgVWHUUHLFKXQGgVWHUUHLFKRKQH:LHQLQ3UR]HQW
7LURO
gVWHUUHLFK
gVWHUUHLFKRKQH:LHQ
W
Q
]
H
UR
3
,Q
PD[
3IOLFKWVFKXOH
/HKUH %06 $+6 %+6 %+6.ROOHJ $NDGHPLH81,
/HKUJDQJ
8QL)+
4 0LNUR]HQVXV :,)2%HUHFKQXQJHQ 'LH0HLVWHUSU IXQJZLUG GHU /HKUH %06 RGHU %+6 ]XJHUHFKQHW MH QDFK
YRUDQJHJDQJHQHP%LOGXQJVDEVFKOXVV'LH.UDQNHQSIOHJHDXVELOGXQJLVWGHU%06]XJH]lKOW
'HU EXQGHVZHLW KRKH %HY|ONHUXQJVDQWHLO PLW DEJHVFKORVVHQHU 0DWXUD RGHU WHUWLlUHU $XVELO
GXQJZLUGYRUDOOHPGXUFKGLH%XQGHVKDXSWVWDGW:LHQJHWULHEHQZRGHU$QWHLOGHU%HY|ONH
UXQJPLW0DWXUDRGHUWHUWLlUHU$XVELOGXQJJXWK|KHULVWDOVLP%XQGHVGXUFKVFKQLWW6FKOLH‰W
PDQGLH%XQGHVKDXSWVWDGW:LHQGLHDXIJUXQGLKUHU)XQNWLRQDOV%DOOXQJV]HQWUXPXQG6LW]GHU
%XQGHVYHUZDOWXQJ KRFK TXDOLIL]LHUWHQ $UEHLWVNUlIWHQ DWWUDNWLYH %HVFKlIWLJXQJVP|JOLFKNHLWHQ

²²
ELHWHW YRQ GHU %HWUDFKWXQJ DXV YHUVFKZLQGHQ GLH 8QWHUVFKLHGH LQ GHU %LOGXQJVVWUXNWXU ]ZL
VFKHQ 7LURO XQG GHP 'XUFKVFKQLWW gVWHUUHLFKV RKQH :LHQ EHLQDKH JlQ]OLFK 'HU $QWHLO GHU
%HY|ONHUXQJPLWDEJHVFKORVVHQHU+|KHUHU6FKXOHE]ZWHUWLlUHU$XVELOGXQJJOHLFKWVLFKZHLW
JHKHQGDQ6HOELJHVJLOWI UGHQ$QWHLOGHU%HY|ONHUXQJPLWPD[LPDO3IOLFKWVFKXODEVFKOXVV
8QWHUVFKLHGOLFKH4XDOLILNDWLRQVVWUXNWXU]ZLVFKHQ0lQQHUQXQG)UDXHQ
8QWHUVFKLHGOLFKH%LOGXQJVZHJHQWVFKHLGXQJHQVRUJHQGDI UGDVVGLH4XDOLILNDWLRQVVWUXNWXUGHU
%HY|ONHUXQJ]ZLVFKHQ)UDXHQXQG0lQQHUQGLIIHULHUW$XIIDOOHQGLVWKLHUEHLHUVWHQVGHUUHODWLY
KRKH$QWHLODQXQTXDOLIL]LHUWHQ)UDXHQ]ZHLWHQVGLH'RPLQDQ]GHU/HKUDXVELOGXQJJHJHQ EHU
GHUYROO]HLWVFKXOLVFKHQEHUXIVELOGHQGHQ$OWHUQDWLYH%06%+6EHLGHQ0lQQHUQXQGGULWWHQV
LPWHUWLlUHQ%HUHLFKGLHK|KHUH%HGHXWXQJGHU$NDGHPLHQJHJHQ EHUGHP6WXGLXPDQGHU
8QLYHUVLWlWRGHU)DFKKRFKVFKXOHEHLGHQ)UDXHQ
$EELOGXQJ 4XDOLILNDWLRQVVWUXNWXUGHU7LUROHU%HY|ONHUXQJLP$OWHUYRQELV-DKUHQ
1DFK*HVFKOHFKWLQ3UR]HQW
0lQQHU
)UDXHQ
W
Q
H
]
U
R
3
,Q
PD[
3IOLFKWVFKXOH
/HKUH %06 $+6 %+6 %+6.ROOHJ $NDGHPLH81,
/HKUJDQJ
8QL)+
4 0LNUR]HQVXV :,)2%HUHFKQXQJHQ 'LH0HLVWHUSU IXQJZLUG GHU /HKUH %06 RGHU %+6 ]XJHUHFKQHW MH QDFK
YRUDQJHJDQJHQHP%LOGXQJVDEVFKOXVV'LH.UDQNHQSIOHJHDXVELOGXQJLVWGHU%06]XJH]lKOW
+LHULQ XQWHUVFKHLGHQ VLFK0LNUR]HQVXV XQG 9RONV]lKOXQJ GD VLFKGHU $QWHLOGHU8QTXDOLIL]LHUWHQLQ GHQ
9RONV]lKOXQJVGDWHQ]ZLVFKHQ7LUROXQGgVWHUUHLFKRKQH:LHQQLFKWDQJOHLFKW,P*HJHQWHLO'HU$QWHLOGHU3HUVRQHQ
PLWPD[LPDO3IOLFKWVFKXODEVFKOXVVEOHLEWLQ7LURO EHUGXUFKVFKQLWWOLFK

²²
$EELOGXQJ $EZHLFKXQJGHU4XDOLILNDWLRQVVWUXNWXUGHU%HY|ONHUXQJLP$OWHUYRQELV
-DKUHQ]ZLVFKHQ7LUROXQGgVWHUUHLFKQDFK*HVFKOHFKW
,Q3UR]HQWSXQNWHQ
0lQQHU
)UDXHQ
WH
N
Q
X
WS
Q
]
H
UR
3
,Q
PD[
3IOLFKWVFKXOH
/HKUH %06 $+6 %+6 %+6.ROOHJ $NDGHPLH81,
/HKUJDQJ
8QL)+
4 0LNUR]HQVXV :,)2%HUHFKQXQJHQ 'LH0HLVWHUSU IXQJZLUG GHU /HKUH %06 RGHU %+6 ]XJHUHFKQHW MH QDFK
YRUDQJHJDQJHQHP%LOGXQJVDEVFKOXVV'LH.UDQNHQSIOHJHDXVELOGXQJLVWGHU%06]XJH]lKOW
GHU7LUROHU0lQQHUgVWHUUHLFKXQGGHU7LUROHU)UDXHQgVWHUUHLFKLP$OWHU
YRQ ELV -DKUHQ VLQG XQTXDOLIL]LHUW GK VLH KDEHQ K|FKVWHQV GLH 3IOLFKWVFKXOH DEVROY
LHUW 'DVV HV PHKU XQTXDOLIL]LHUWH )UDXHQ DOV 0lQQHU JLEW LVW HLQ LQ DOOHQ %XQGHVOlQGHUQ
DXIWUHWHQGHV 0XVWHU 'HU $EVWDQG ]ZLVFKHQ GHP $QWHLO GHU XQTXDOLIL]LHUWHQ 0lQQHU XQG
MHQHPGHUXQTXDOLIL]LHUWHQ)UDXHQLVWMHGRFKLQ7LUROPLW3UR]HQWSXQNWHQJHULQJ1LFKW]XOHW]W
GHVKDOE ZHLO 7LURO HLQHQ EHUGXUFKVFKQLWWOLFK KRKHQ $QWHLO DQ XQTXDOLIL]LHUWHQ 0lQQHUQ LP
$OWHUYRQELV-DKUHQDXIZHLVW,PgVWHUUHLFK9HUJOHLFKLVWGDJHJHQGHU$QWHLOGHUXQTXD
OLIL]LHUWHQ)UDXHQLQ7LUROXQWHUGXUFKVFKQLWWOLFK 6WDWWGHVVHQKDEHQ EHUGXUFKVFKQLWWOLFKYLHOH
)UDXHQHLQHQ$EVFKOXVVLPPLWWOHUHQ4XDOLILNDWLRQVEHUHLFKZREHLVRZRKOGHU$QWHLOGHU/HKU
'HU$QWHLOGHU8QTXDOLIL]LHUWHQLVWLP0LNUR]HQVXVYHUPXWOLFKXQWHUVFKlW]WLQVEHVRQGHUHEHLGHQ)UDXHQ/DXW9RONV
]lKOXQJ ZDUHQ GHU 7LUROHU 0lQQHU 0LNUR]HQVXV XQG GHU 7LUROHU )UDXHQ 0LNUR]HQVXV
XQTXDOLIL]LHUW'LH9HUJOHLFKVZHUWHI UgVWHUUHLFKODJHQEHL0LNUR]HQVXVI UGLHELV
MlKULJHQ 0lQQHU XQG 0LNUR]HQVXV I U GLH ELV MlKULJHQ )UDXHQ :HQQJOHLFK GHU $QWHLO GHU
8QTXDOLIL]LHUWHQLQGHQOHW]WHQI QI-DKUHQVLFKHUJHVXQNHQLVWHUVFKHLQWGLHVHU5 FNJDQJ]XKRFK
,QGHU9RONV]lKOXQJZDUGHU$QWHLOGHUXQTXDOLIL]LHUWHQ)UDXHQQRFKOHLFKW EHUGXUFKVFKQLWWOLFK

²²
DEVROYHQWLQQHQ7LUROgVWHUUHLFKDOVDXFKGHU $QWHLOGHU$EVROYHQWLQQHQ%HUXIVELO
GHQGHU0LWWOHUHU6FKXOHQ7LUROgVWHUUHLFKK|KHUDOVLP%XQGHVGXUFKVFKQLWWLVW
'LH%HGHXWXQJGHU/HKUDXVELOGXQJXQGGHUHQYROO]HLWVFKXOLVFKHU$OWHUQDWLYHLPPLWWOHUHQ4XD
OLILNDWLRQVEHUHLFKGLH%HUXIVELOGHQGH0LWWOHUH6FKXOHGLIIHULHUW]ZLVFKHQ0lQQHUQXQG)UDXHQ
:lKUHQGEHLGHQ0lQQHUQHLQGHXWLJGLH/HKUHDOVK|FKVWHDEJHVFKORVVHQH$XVELOGXQJGR
PLQLHUW XQG GHU 6WHOOHQZHUW GHU %HUXIVELOGHQGHQ 0LWWOHUHQ 6FKXOH YHUJOHLFKVZHLVH JHULQJ LVW
KDEHQ/HKUHXQG%HUXIVELOGHQGH0LWWOHUH6FKXOHI UGLH)UDXHQHLQHlKQOLFKKRKH%HGHXWXQJ
NRQQWHQLQ7LUROGHUELVMlKULJHQ0lQQHUHLQH0LWWOHUH6FKXOHYRUZHLVHQGHU
$QWHLOGHU0lQQHUPLWDEJHVFKORVVHQHU/HKUDXVELOGXQJODJLQGHVVHQPLWIDVWI QIPDOVR
KRFK=ZDUYHUI JHQDXFKLQ7LUROPHKU)UDXHQ EHUHLQHQ/HKUDEVFKOXVVDOV EHUGHQ
$EVFKOXVVHLQHU%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHEHLGHQ)UDXHQLVWDOOHUGLQJVGHU$QWHLO
GHU ELV -lKULJHQ PLW 0LWWOHUHQ 6FKXODEVFKOXVV PHKU DOV GRSSHOW VR KRFK ZLH LQ GHU
PlQQOLFKHQ %HY|ONHUXQJ 'LH XQWHUVFKLHGOLFKHQ JHVFKOHFKWVVSH]LILVFKHQ %LOGXQJVZHJHQW
VFKHLGXQJHQLPPLWWOHUHQ4XDOLILNDWLRQVVHJPHQWVLQGHQJPLWGHP)RNXVGHU/HKUDXVELOGXQJ
DXI GLH 6SDUWHQ ,QGXVWULH *HZHUEH XQG +DQGZHUN YHUEXQGHQ (V KDQGHOW VLFK KLHUEHL XP
6SDUWHQPLWHLQHPKRKHQ0lQQHUDQWHLOXQWHUGHQ%HVFKlIWLJWHQLQGHQHQGHU*UR‰WHLO
DOOHU /HKUOLQJH DXVJHELOGHW ZXUGH ,P gVWHUUHLFK9HUJOHLFK HQWVSULFKW GHU $QWHLO GHU PlQQOL
FKHQ7LUROHUPLW/HKUDEVFKOXVVGHP%XQGHVGXUFKVFKQLWWGHU$QWHLOGHU7LUROHUPLWDEJHVFKORV
VHQHU %HUXIVELOGHQGHU 0LWWOHUHQ 6FKXOH LVW GDJHJHQ VRZRKO EHL GHQ 0lQQHUQ 3UR]HQW
SXQNWHDOVDXFKEHLGHQ)UDXHQ3UR]HQWSXQNWH EHUGXUFKVFKQLWWOLFK
'LH JHVFKOHFKWVVSH]LILVFKH 6HJPHQWDWLRQ ILQGHW VLFK DXFK DP REHUHQ (QGH GHV 4XDOLILNDWL
RQVVSHNWUXPV:lKUHQG)UDXHQLQ7LUROKlXILJHUHLQHQ$EVFKOXVVDQHLQHU$NDGHPLHDQVWUHEHQ
)UDXHQ0lQQHUWHQGLHUHQ0lQQHUHKHU]XHLQHP8QLYHUVLWlWVRGHU)DFKKRFKVFKXO
VWXGLXP)UDXHQ0lQQHU
4XDOLILNDWLRQVVWUXNWXUGHUMXQJHQ%HY|ONHUXQJEHVVHUDOVMHQHGHUlOWHUHQ
'LH%HWUDFKWXQJGHV%LOGXQJVVWDQGVHLQ]HOQHU$OWHUVJUXSSHQLVW6SLHJHOELOGGHU%LOGXQJVH[SDQ
VLRQ'DEHL]HLJWVLFKGUHLHUOHL(UVWHQVZLUGPLW]XQHKPHQGHQ$OWHUGHU%HY|ONHUXQJGLH4XDOL
ILNDWLRQVVWUXNWXUVFKOHFKWHUGK- QJHUHVLQGWHQGHQ]LHOOEHVVHUDXVJHELOGHWDOVbOWHUH=ZHL
WHQVVLQGMXQJH)UDXHQLQ7LUROPLWWOHUZHLOHEHVVHUTXDOLIL]LHUWDOVMXQJH0lQQHU'ULWWHQVLVWGHU
$QWHLO GHU XQTXDOLIL]LHUWHQ MXQJHQ )UDXHQ LQ 7LURO JHULQJHU DOV LP 'XUFKVFKQLWW gVWHUUHLFKV
ZlKUHQGQDFKZLHYRU EHUGXUFKVFKQLWWOLFKYLHOHMXQJH7LUROHU0lQQHU EHUNHLQHGLH3IOLFKW
VFKXOHKLQDXVJHKHQGH$XVELOGXQJYHUI JHQ
ZDUODXW9RONV]lKOXQJVGDWHQGHU$QWHLODQ/HKUDEVROYHQWLQQHQLQ7LUROLGHQWLVFKPLWGHP%XQGHVGXUFKVFKQLWW
MHQHUGHU$EVROYHQWLQQHQPLWWOHUHU6FKXOHQ EHUGXUFKVFKQLWWOLFK'DMHGRFKJHUDGHLQ7LUROGLH%HGHXWXQJGHU/HKUH
/HKUDQIlQJHUTXRWH VLHKH QlFKVWHV .DSLWHO VHKU KRFK LVW LVW HV VHKU ZDKUVFKHLQOLFK GDVV PLWWOHUZHLOH ² JHPl‰
0LNUR]HQVXV²GHU$QWHLOGHU)UDXHQLQ7LUROPLW/HKUDEVFKOXVVK|KHULVWDOVLP%XQGHVGXUFKVFKQLWW
*HPl‰ GHQ 9RONV]lKOXQJVGDWHQ ZDU GHU $QWHLO GHU ELV MlKULJHQ 7LUROHULQQHQ XQG 7LUROHU PLW PD[LPDO
3IOLFKWVFKXODEVFKOXVVK|KHUDOVLPgVWHUUHLFKGXUFKVFKQLWW*HPl‰0LNUR]HQVXVKDWVLFKMHGRFKGHU4XDOLILNDWLRQV

²²
gVWHUUHLFKZHLWZLHLQ7LUROLVWGLHM QJHUH%HY|ONHUXQJEHVVHUDXVJHELOGHWDOVGLHlOWHUH:LUG
GDVXQWHUH(QGHGHV4XDOLILNDWLRQVVSHNWUXPVEHWUDFKWHW]HLJWVLFKGDVVLQ7LUROGHU$QWHLOGHU
:RKQEHY|ONHUXQJPLWPD[LPDO3IOLFKWVFKXODEVFKOXVV]ZLVFKHQLQGHU$OWHUVJUXSSHGHU
ELV-lKULJHQXQGLQGHU$OWHUVJUXSSHGHUELV-lKULJHQVFKZDQNWEXQGHVZHLWOLHJW
GHU9HUJOHLFKVZHUW]ZLVFKHQXQG$PREHUHQ(QGHGHV4XDOLILNDWLRQVVSHNWUXPVEHV
WlWLJWVLFKGDV%LOG- QJHUHVLQGLP9HUJOHLFK]XbOWHUHQGHXWOLFKEHVVHUTXDOLIL]LHUW,Q7LUROLVW
GHU$QWHLOGHU3HUVRQHQPLWWHUWLlUHP%LOGXQJVDEVFKOXVVLQGHU$OWHUVJUXSSHGHUELV-lK
ULJHQPLWGRSSHOWVRKRFKZLHLQGHU$OWHUVJUXSSHGHUELV-lKULJHQ,PPLWWOH
UHQ 4XDOLILNDWLRQVVHJPHQW ]HLJW VLFK HEHQIDOOV GHU 7UHQG ]XU +|KHUTXDOLIL]LHUXQJ GHU VLFK MH
QDFK$OWHUVNRKRUWHXQWHUVFKLHGOLFKPDQLIHVWLHUW%HLGHQ- QJHUHQlX‰HUWVLFKGLHVHU7UHQGLQ
HLQHU 9HUVFKLHEXQJ YRQ GHU /HKUDXVELOGXQJ E]Z GHU $XVELOGXQJ DQ HLQHU %HUXIVELOGHQGHQ
0LWWOHUHQ6FKXOHKLQ]XU0DWXUDXQGI UGLH.RKRUWHGHUELV-lKULJHQLQHLQHU9HUVFKLH
EXQJYRQGHU3IOLFKWVFKXOHKLQ]XU/HKUDXVELOGXQJRGHU%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOH6RLVW
GHU$QWHLOGHU%HY|ONHUXQJPLW/HKURGHU)DFKVFKXODEVFKOXVVLQGHU$OWHUVJUXSSHGHUELV
-lKULJHQDPJHULQJVWHQ 7LUROgVWHUUHLFKDPK|FKVWHQLQGHU $OWHUVJUXSSHGHU
ELV-lKULJHQ7LUROgVWHUUHLFK) UGLH%HY|ONHUXQJLP$OWHUYRQELV-DK
UHQEHGHXWHWVRPLWGLH+|KHUTXDOLIL]LHUXQJHLQH9HUVFKLHEXQJZHJYRP3IOLFKWVFKXODEVFKOXVV
KLQ]X/HKUDEVFKO VVHQXQG%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHQ'LHM QJVWH$OWHUVNRKRUWHMHQH
GHUELV-lKULJHQZHLVWGDJHJHQHLQHQJHULQJHUHQ$QWHLODQ$XVELOGXQJVDEVFKO VVHQLP
PLWWOHUHQ4XDOLILNDWLRQVVHJPHQWDXI7LUROgVWHUUHLFK) UVLHEHGHXWHW+|KHUTXDOLIL
]LHUXQJ HLQH 9HUVFKLHEXQJ GHU %LOGXQJVZHJHQWVFKHLGXQJ YRQ GHU /HKUDXVELOGXQJ XQG %H
UXIVELOGHQGHQ0LWWOHUHQ6FKXOHKLQ]X+|KHUHQ6FKXOHQ
,Q7LUROVLQGMXQJH)UDXHQELV-DKUHEHVVHUDXVJHELOGHWDOVMXQJH0lQQHU0LWWOHUZHLOH
N|QQHQ GHU 7LUROHULQQHQ LP $OWHU YRQ ELV -DKUHQ HLQHQ WHUWLlUHQ %LOGXQJVDEVFKOXVV
YRUZHLVHQXQWHUGHQ7LUROHU0lQQHUQOLHJWGHU$QWHLOEHLQXU²HLQ%LOGGDVGXUFKGLH9RONV
]lKOXQJVGDWHQEHVWlWLJWZLUG1LFKWEHVWlWLJWZLUGMHGRFKGLH(QWZLFNOXQJDPXQWHUHQ(QGH
GHV4XDOLILNDWLRQVVSHNWUXPV'HPQDFKYHUI JHQODXW0LNUR]HQVXVMHZHLOVGHUELV
MlKULJHQ0lQQHUXQG)UDXHQLQ7LUROPD[LPDO EHUHLQHQ3IOLFKWVFKXODEVFKOXVV/DXW9RONV
]lKOXQJJDEHVDEHULQ7LUROHLQHQGHXWOLFKK|KHUHQ$QWHLODQXQTXDOLIL]LHUWHQ)UDXHQLP
$OWHUYRQELV-DKUHQDOV0lQQHU)UDXHQ0lQQHU:HQQJOHLFKGDYRQDXV]X
JHKHQ LVW GDVV ]ZLVFKHQ GHU OHW]WHQ 9RONV]lKOXQJ XQG GHU 0LNUR]HQVXVEHIUDJXQJ GHU
$QWHLOGHU8QTXDOLIL]LHUWHQJHVXQNHQLVWVRLVWGLHY|OOLJH$QJOHLFKXQJ]ZLVFKHQ0lQQHUQXQG
)UDXHQLQGLHVHP=HLWUDXPHKHUXQZDKUVFKHLQOLFK
'LH%LOGXQJVH[SDQVLRQGHU)UDXHQLQGHQYHUJDQJHQHQ-DKU]HKQWHQZDUHQRUP6RNRQQWHLQ
7LUROGHU$QWHLOGHU)UDXHQPLWPD[LPDO3IOLFKWVFKXODEVFKOXVVXPYRQELV-lK
ULJHDXIELV-lKULJHUHGX]LHUWZHUGHQ3DUDOOHOGD]XKDWVLFKGHU$QWHLOGHUMXQJHQ
)UDXHQ PLW WHUWLlUHP %LOGXQJVDEVFKOXVV JHJHQ EHU GHQ lOWHUHQ )UDXHQ YHUGUHLIDFKW
VWUXNWXU GHU )UDXHQ YHUEHVVHUW² GHU $QWHLO DQ 8QTXDOLIL]LHUWHQOLHJWXQWHU GHP gVWHUUHLFKGXUFKVFKQLWW %HL GHQ0lQ
QHUQOLHJWGHU$QWHLOGHU8QTXDOLIL]LHUWHQMHGRFKQDFKZLHYRU EHUGHP'XUFKVFKQLWWgVWHUUHLFKV

²²
%HLGHQ7LUROHU0lQQHUQKDWVLFKGHU$QWHLOGHU8QTXDOLIL]LHUWHQDXVJHKHQGYRQHLQHP
LP9HUJOHLFK]XGHQ)UDXHQEHUHLWVQLHGULJHUHQ1LYHDXELV-lKULJHKDOELHUW
ELV-lKULJH'LH([SDQVLRQGHV$QWHLOVDQWHUWLlUHQ%LOGXQJVDEVFKO VVHQZDUGDJHJHQ
EHVFKHLGHQ 'HU $QWHLO NRQQWH LQ 7LURO OHGLJOLFK YRQ ELV -lKULJH DXI HUK|KW
ZHUGHQZREHLQLFKWQXUGLH.RKRUWHGHUELV-lKULJHQHLQHQLJHQ$NDGHPLNHUDQWHLO
DXIZHLVWVRQGHUQDXFKGLH.RKRUWHGHUELV-lKULJHQ²GKGHU$QWHLOVWDJQLHUW'LH%LO
GXQJVH[SDQVLRQGHU0lQQHUNRQ]HQWULHUWHVLFKLQGHQOHW]WHQ-DKUHQVRPLWQLFKWDXIGHQ$Q
VWLHJGHUWHUWLlUHQ%LOGXQJVDEVFKO VVHVRQGHUQYLHOPHKUDXIGHQ5 FNJDQJGHV$QWHLOVDQ$E
VROYHQWHQYRQ/HKUDXVELOGXQJHQXQG0LWWOHUHQ6FKXOHQVRZLHGHQ5 FNJDQJGHU3HUVRQHQPLW
PD[LPDO3IOLFKWVFKXODEVFKOXVVEHLJOHLFK]HLWLJHP$QVWLHJGHV$QWHLOVDQ$EVROYHQWHQ+|KHUHU
6FKXOHQ7URW]%LOGXQJVH[SDQVLRQLVWLQ7LUROGHU$QWHLOGHUMXQJHQ0lQQHUPLWPD[LPDO3IOLFKW
VFKXOQLYHDX LPPHU QRFK EHUGXUFKVFKQLWWOLFK 'HU $QWHLO YRQ LVW QDFK 9RUDUOEHUJ GHU
]ZHLWK|FKVWH:HUWLP%XQGHVOlQGHUYHUJOHLFKGHU%XQGHVGXUFKVFKQLWWOLHJWEHL,Q.lUQ
WHQRGHU6DO]EXUJNRQQWHLQGHVGHU$QWHLOGHUELVMlKULJHQ0lQQHUPLWPD[LPDO3IOLFKW
VFKXODEVFKOXVVEHUHLWVDXIE]ZUHGX]LHUWZHUGHQ
hEHUVLFKW :RKQEHY|ONHUXQJQDFKK|FKVWHUDEJHVFKORVVHQHU$XVELOGXQJ
$OWHUVJUXSSHQXQG*HVFKOHFKWgVWHUUHLFKXQG7LURO
,Q
7LURO gVWHUUHLFK
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
,QVJHVDPW
-DKUH
-DKUH
-DKUH
0D[3IOLFKWVFKXODEVFKOXVV
/HKUH)DFKVFKXOH%06
0DWXUDDEVFKOXVV
7HUWLlUH$XVELOGXQJ
,QVJHVDPW
0lQQHU
0D[3IOLFKWVFKXODEVFKOXVV
/HKUH)DFKVFKXOH%06
0DWXUDDEVFKOXVV
7HUWLlUH$XVELOGXQJ
,QVJHVDPW
)UDXHQ
0D[3IOLFKWVFKXODEVFKOXVV
/HKUH)DFKVFKXOH%06
0DWXUDDEVFKOXVV
7HUWLlUH$XVELOGXQJ
,QVJHVDPW
-DKUH
40LNUR]HQVXV:,)2%HUHFKQXQJHQ²7HUWLlUH$XVELOGXQJXPIDVVWGDV8QLYHUVLWlWVVWXGLXPGDV6WXGLXPDQHL
QHU)DFKKRFKVFKXOHGLH $XVELOGXQJDQHLQHU $NDGHPLHXQG8QLYHUVLWlWVOHKUJlQJH'LH0HLVWHUSU IXQJLVWMHQDFK
YRUDQJHJDQJHQHU $XVELOGXQJ GHU /HKUH GHU EHUXIVELOGHQGHQ PLWWOHUHQ 6FKXOH RGHU GHU EHUXIVELOGHQGHQ K|KHUHQ
6FKXOH]XJHRUGQHW'LH.UDQNHQSIOHJHVFKXOHQZXUGHQGHPEHUXIVELOGHQGHQPLWWOHUHQ6FKXOHQ]XJHUHFKQHW
'LH%LOGXQJVH[SDQVLRQI KUWHLPhEULJHQGD]XGDVVVLFKGLH4XDOLILNDWLRQVVWUXNWXUGHU0lQQHU
²7LUROLP9HUJOHLFK]XP%XQGHVGXUFKVFKQLWW²DQQlKHUWH8QWHUVFKLHGHLQGHU4XDOLILNDWLRQV

²²
VWUXNWXU GHU MXQJHQ 0lQQHU EHWUHIIHQ QXU PHKU GHQ $QWHLO DQ 3IOLFKWVFKXODEVROYHQWHQ 7LURO
gVWHUUHLFKXQGGHQ$QWHLODQWHUWLlUHQ%LOGXQJVDEVFKO VVHQ7LUROgVWHUUHLFK
'HU $QWHLO DQ ELV MlKULJHQ 0lQQHUQ PLW /HKU RGHU )DFKVFKXODEVFKOXVV KDW VLFK
HEHQVRDQJHJOLFKHQMHZLHGHU$QWHLODQ0lQQHUQPLW5HLIHSU IXQJMH'LH4XDOL
ILNDWLRQVVWUXNWXU GHU 7LUROHU )UDXHQ KDW VLFK GDJHJHQ HKHU YRP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW
ZHJEHZHJW:lKUHQGGLH4XDOLILNDWLRQVVWUXNWXUGHUELVMlKULJHQ)UDXHQLQ7LUROMHQHUDXI
%XQGHVHEHQH QRFK UHODWLY lKQHOW JLEW HV VWlUNHUH 8QWHUVFKLHGH LQ GHU 4XDOLILNDWLRQVVWUXNWXU
GHUELV-lKULJHQ'HU$QWHLOGHUMXQJHQ)UDXHQPLW/HKURGHU)DFKVFKXODEVFKOXVVLVWLQ
7LUROXP3UR]HQWSXQNWHK|KHUDOVLP%XQGHVGXUFKVFKQLWWGHU$QWHLODQMXQJHQ)UDXHQ
PLW 0DWXUD]HXJQLV XP 3UR]HQWSXQNWH JHULQJHU 6R KDW GLH %LOGXQJVH[SDQVLRQ GD]X
EHLJHWUDJHQ GDVV VLFK GLH 8QWHUVFKLHGH LQ GHU 4XDOLILNDWLRQVVWUXNWXU GHU 0lQQHU YHUULQJHUQ
ZlKUHQGVLHEHLGHQ)UDXHQJU|‰HUJHZRUGHQVLQG
(UZHUEVEHWHLOLJXQJ
'DV $UEHLWVNUlIWHDQJHERW(UZHUEVSHUVRQHQXPIDVVWDOOMHQH $UEHLWVNUlIWHGLHGHP $UEHLWV
PDUNW]XU9HUI JXQJVWHKHQ8QVHOEVWlQGLJXQGVHOEVWlQGLJ%HVFKlIWLJWHVRZLH$UEHLWVORVH6LH
VLQGGXUFKVFKQLWWOLFKEHVVHUDXVJHELOGHWDOVGLHJHVDPWH%HY|ONHUXQJLP(UZHUEVDOWHUGDVLFK
$UEHLWVNUlIWHPLWVFKOHFKWYHUZHUWEDUHQ4XDOLILNDWLRQHQHKHUYRP $UEHLWVPDUNW]XU FN]LHKHQ
DOVJXWDXVJHELOGHWH'LHV]HLJWVLFKLQVEHVRQGHUHEHL bOWHUHQGHUHQ $XVELOGXQJVQLYHDXIRU
PDOVFKOHFKWHULVWVRZLHJHQHUHOOEHL)UDXHQ=XP$XVGUXFNNRPPWGDVXQWHUVFKLHGOLFKH9HU
KDOWHQLQGHU(UZHUEVTXRWHZDUHQ²EXQGHVZHLWVRZLHLQ7LURO²GHU0lQQHULP$OWHU
YRQELV-DKUHQHUZHUEVWlWLJRGHUDUEHLWVORV'LH(UZHUEVTXRWHGHU)UDXHQODJLPJHVDP
WHQ%XQGHVJHELHWEHLLQ7LUROGDJHJHQQXUEHL%HVRQGHUVDXVJHSUlJWVLQGGLHJH
VFKOHFKWVVSH]LILVFKHQ8QWHUVFKLHGHLQGHU(UZHUEVEHWHLOLJXQJXQWHUGHQ3HUVRQHQPLWPD[LPDO
3IOLFKWVFKXODXVELOGXQJZlKUHQGGLH(UZHUEVTXRWHQWHUWLlUJHELOGHWHU0lQQHUXQG)UDXHQDP
ZHQLJVWHQYRQHLQDQGHUDEZHLFKHQ8QWHUGHQ8QTXDOLIL]LHUWHQEHWUXJGLH(UZHUEVTXRWH²MH
ZHLOVLQ7LUROXQGLP%XQGHVGXUFKVFKQLWW²EHLGHQ)UDXHQXQGEHLGHQ0lQQHUQ8Q
WHUGHU%HY|ONHUXQJPLWWHUWLlUHU$XVELOGXQJODJGLH(UZHUEVTXRWHGHU)UDXHQLQ7LUROEHL
gVWHUUHLFKMHQHGHU0lQQHUEHLgVWHUUHLFK
1DFK$OWHUVJUXSSHQ]HLJWVLFKGDVVHLQHUVHLWVGLH(UZHUEVTXRWHbOWHUHUEHVRQGHUVJHULQJLVW
DQGHUHUVHLWV0lQQHULP$OWHUYRQELV-DKUHQ²XQDEKlQJLJYRQLKUHP%LOGXQJVVWDQG²
KRKH(UZHUEVTXRWHQDXIZHLVHQ%HL)UDXHQGLIIHULHUWGLH(UZHUEVTXRWHGDJHJHQVRZRKOQDFK
$OWHUDOVDXFKQDFK$XVELOGXQJ

²²
hEHUVLFKW (UZHUEVTXRWHQQDFKK|FKVWHUDEJHVFKORVVHQHU$XVELOGXQJ$OWHUVJUXSSH
XQG*HVFKOHFKWgVWHUUHLFKXQG7LURO
,Q
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
7LURO gVWHUUHLFK
,QVJHVDPW
0D[3IOLFKWVFKXODEVFKOXVV
/HKUH)DFKVFKXOH%06
0DWXUDDEVFKOXVV
7HUWLlUH$XVELOGXQJ
,QVJHVDPW
0lQQHU
0D[3IOLFKWVFKXODEVFKOXVV
/HKUH)DFKVFKXOH%06
0DWXUDDEVFKOXVV
7HUWLlUH$XVELOGXQJ
,QVJHVDPW
)UDXHQ
0D[3IOLFKWVFKXODEVFKOXVV
/HKUH)DFKVFKXOH%06
0DWXUDDEVFKOXVV
7HUWLlUH$XVELOGXQJ
,QVJHVDPW
-DKUH
40LNUR]HQVXV:,)2%HUHFKQXQJHQ²7HUWLlUH$XVELOGXQJXPIDVVWGDV8QLYHUVLWlWVVWXGLXPGDV6WXGLXPDQHL
QHU)DFKKRFKVFKXOHGLH $XVELOGXQJDQHLQHU $NDGHPLHXQG8QLYHUVLWlWVOHKUJlQJH'LH0HLVWHUSU IXQJLVWMHQDFK
YRUDQJHJDQJHQHU $XVELOGXQJ GHU /HKUH GHU EHUXIVELOGHQGHQ PLWWOHUHQ 6FKXOH RGHU GHU EHUXIVELOGHQGHQ K|KHUHQ
6FKXOH ]XJHRUGQHW 'LH .UDQNHQSIOHJHVFKXOHQ ZXUGHQ GHP EHUXIVELOGHQGHQ PLWWOHUHQ 6FKXOHQ ]XJHUHFKQHW 'LH
$EJUHQ]XQJGHU(UZHUEVSHUVRQHQHUIROJWQDFKGHP/HEHQVXQWHUKDOWVNRQ]HSW
'LH (UZHUEVTXRWHQ GHU 0lQQHU LP $OWHU YRQ ELV -DKUHQ OLHJHQ LQ 7LURO ZLH DXFK LQ
gVWHUUHLFK EHL JXW 'LH 8QWHUVFKLHGH ]ZLVFKHQ GHQ 3HUVRQHQJUXSSHQ PLW XQWHUVFKLHGOL
FKHU $XVELOGXQJVLQGJHULQJ $XIIDOOHQGLVWHLQ]LJGLHJHULQJHUH(UZHUEVTXRWHGHUELV
MlKULJHQ 0lQQHU PLW 0DWXUD 7LURO gVWHUUHLFK ZDV P|JOLFKHUZHLVH GDPLW ]XVDP
PHQKlQJWGDVVVLFKLQGLHVHU$OWHUVJUXSSHQRFK3HUVRQHQLQ $XVELOGXQJEHILQGHQ6WXGLXP
DQHLQHU8QLYHUVLWlWRGHU)DFKKRFKVFKXOH%HLGHQlOWHUHQ0lQQHUQGKGHQ EHU-lKUL
JHQLVWGLH(UZHUEVTXRWHGDJHJHQEHUHLWVVHKUJHULQJ6LHOLHJWLQ7LURO²PLW$XVQDKPHGHUlO
WHUHQ0lQQHUPLWWHUWLlUHP%LOGXQJVDEVFKOXVV²VRZRKOEHLGHQ8QTXDOLIL]LHUWHQDOVDXFKEHL
=DKO GHU (UZHUEVSHUVRQHQ LQ 5HODWLRQ ]XU %HY|ONHUXQJ 'LH $EJUHQ]XQJ GHU (UZHUEVSHUVRQHQ HUIROJW QDFK GHP
/HEHQVXQWHUKDOWVNRQ]HSW

²²
GHQ 0lQQHUQ PLW HLQHU DEJHVFKORVVHQHQ $XVELOGXQJ DXI (EHQH GHU 6HNXQGDUVWXIH ,, EHL
UXQG'LH(UZHUEVTXRWHGHUELVMlKULJHQ0lQQHUPLWWHUWLlUHP%LOGXQJVDEVFKOXVVLVW
EHLQDKH GRSSHOW VR KRFK ,P gVWHUUHLFK9HUJOHLFK WULWW GDPLW HLQ K|KHUHU $QWHLO GHU
PlQQOLFKHQ%HY|ONHUXQJ7LUROVLP$OWHUYRQELV-DKUHQQRFKDP$UEHLWVPDUNWDXI$XV
QDKPH ELOGHQ OHGLJOLFK 0lQQHU PLW 0DWXUDQLYHDX YRQ GHQHQ LQ 7LURO QXU DNWLY VLQG
ZlKUHQGLP%XQGHVGXUFKVFKQLWWGLH(UZHUEVTXRWHEHWUlJW
%HLGHQ)UDXHQYDULLHUWGLH(UZHUEVTXRWHGHXWOLFKVWlUNHUPLWGHU$XVELOGXQJDOVEHLGHQ0lQ
QHUQ ,QVJHVDPW ]HLJHQ VLFK GDEHL EHVRQGHUV JUR‰H 6FKZDQNXQJHQ EHL GHQ )UDXHQ 'LH
JHULQJVWH (UZHUEVEHWHLOLJXQJ KDEHQ )UDXHQ PLW PD[LPDO 3IOLFKWVFKXODXVELOGXQJ 7LURO XQG
gVWHUUHLFKMHGLHK|FKVWH)UDXHQPLWWHUWLlUHU$XVELOGXQJ7LUROgVWHUUHLFK
%LOGXQJVEHWHLOLJXQJLP6FKXOXQG+RFKVFKXOEHUHLFK
,Q gVWHUUHLFK GRPLQLHUW WUDGLWLRQHOO GLH (UVWDXVELOGXQJ GDV %LOGXQJVV\VWHP bQGHUXQJHQ GHU
IRUPDOHQ $XVELOGXQJVVWUXNWXU GHU %HY|ONHUXQJ HUIROJHQ GDKHU YRU DOOHP EHU GHQ $EJDQJ
YRQ-XJHQGOLFKHQDXVGHP%LOGXQJVV\VWHP9RUGLHVHP+LQWHUJUXQGZHUGHQLP)ROJHQGHQGLH
%LOGXQJVZHJHQWVFKHLGXQJHQYRQ-XJHQGOLFKHQQlKHUEHWUDFKWHW
'XDOH$XVELOGXQJ
gVWHUUHLFK]lKOWQHEHQ'HXWVFKODQG'lQHPDUNXQGGHU6FKZHL]]XGHQHLQ]LJHQLQGXVWULDOL
VLHUWHQ/lQGHUQLQGHQHQGLH/HKUOLQJVDXVELOGXQJQDFKZLHYRUHLQHTXDQWLWDWLYEHGHXWHQGH
$XVELOGXQJVVFKLHQH GDUVWHOOW $OEDHN ,Q 'HXWVFKODQG XQG GHU 6FKZHL] DEVROYLHUHQ
NQDSS]ZHL'ULWWHOHLQHV-DKUJDQJVHLQHGXDOH%HUXIVDXVELOGXQJLQ'lQHPDUNXQGgVWHUUHLFK
OLHJWGHU9HUJOHLFKVZHUWEHLHWZD:HUQHUHWDO3O QQHFNH²:HUQHU,QDO
OHQ DQGHUHQ LQGXVWULDOLVLHUWHQ /lQGHUQ KDW GLH UHLQ VFKXOLVFKH $XVELOGXQJ GDV GXDOH $XVELO
GXQJVV\VWHPPHKURGHUZHQLJHUVWDUNHUVHW]W,QWHUQDWLRQDO%HDFKWXQJILQGHWGDVGXDOH$XV
ELOGXQJVV\VWHPGDHVLKPJHOLQJWGLH-XJHQGDUEHLWVORVLJNHLWGHXWOLFK]XVHQNHQ3O QQHFNH²
:HUUQHU]XIROJHLVWLQ/lQGHUQPLWGXDOHU$XVELOGXQJGLH-XJHQGDUEHLWVORVLJNHLWLQ5HOD
WLRQ]XU$UEHLWVORVLJNHLWGHUELV-lKULJHQXPUXQG3UR]HQWSXQNWHQLHGULJHUDOVLQ/lQ
GHUQ RKQH GXDOHU $XVELOGXQJ 1LFKWVGHVWRWURW] ]HLJW GLH /HKUOLQJVDXVELOGXQJ LQ gVWHUUHLFK
6FKZlFKHQ5LEROLWV9HU]HWQLWVFKHWDO1RFK$QIDQJGHUQHXQ]LJHU-DKUH EHU
VWLHJGLH=DKOGHUDQJHERWHQHQ/HKUVWHOOHQGLH1DFKIUDJHZlKUHQGVLFKGDV9HUKlOWQLVVHLW
0LWWH GHU QHXQ]LJHU -DKUH XPJHNHKUW KDW 6WHHGPDQ *OHLFK]HLWLJ ZLUG WURW] hEHUDQ
JHERWDQ/HKUVWHOOHQVXFKHQGHQYRQ6HLWHQGHU%HWULHEHHLQTXDOLWDWLYHU/HKUOLQJVPDQJHOEH
NODJW*UXEHU6FKQHHEHUJHU²3HWDQRYLWVFK
=XGHQ$XVELOGXQJHQDXI6HNXQGDUVWXIH,,]lKOHQDOOHZHLWHUI KUHQGHQ$XVELOGXQJHQLP$QVFKOXVVDQGLH3IOLFKW
VFKXOH 'DV KHL‰W /HKUDXVELOGXQJ %HUXIVELOGHQGH 0LWWOHUH XQG +|KHUH 6FKXOHQ VRZLH $OOJHPHLQELOGHQGH +|KHUH
6FKXOHQ

²²
'DV$QJHERWDQ/HKUOLQJHQKlQJWZHVHQWOLFKYRQGHUGHPRJUDSKLVFKHQ(QWZLFNOXQJGHU%LO
GXQJVQDFKIUDJHJHVHOOVFKDIWOLFKHU7UHQG]XU+|KHUTXDOLIL]LHUXQJVRZLHGHP:HUEHYHUKDOWHQ
XQGGHQ$XIQDKPHNULWHULHQI UYROO]HLWVFKXOLVFKH%LOGXQJVHLQULFKWXQJHQGHUREHUHQ6HNXQGDU
VWXIHDE'LH1DFKIUDJHQDFK/HKUOLQJHQZLUGGDJHJHQYRP]XN QIWLJHP3HUVRQDOEHGDUIGHU
%HWULHEHNXU]XQGPLWWHOIULVWLJH$XIWUDJVODJHGHU0|JOLFKNHLW)DFKDUEHLWHU,QQHQGXUFK$E
VROYHQW,QQHQEHUXIVELOGHQGHUPLWWOHUHURGHUK|KHUHU6FKXOHQE]ZGXUFK+LOIVNUlIWH]XHUVHW]HQ
VRZLH YRQ GHQ UHFKWOLFKHQ 5DKPHQEHGLQJXQJHQ XQG .RVWHQ GHU /HKUDXVELOGXQJ XQG GHQ
4XDOLILNDWLRQHQGHU/HKUVWHOOHQEHZHUEHU,QQHQEHVWLPPW%OXPEHUJHU²0DUNRZLWVFK
$EELOGXQJ (QWZLFNOXQJGHU/HKUDQIlQJHU,QQHQTXRWHLQDXVJHZlKOWHQ%XQGHVOlQGHUQ
XQGgVWHUUHLFKELV
W
Q
H
]
U
R
3
,Q
6DO]EXUJ 6WHLHUPDUN 9RUDUOEHUJ :LHQ 7LURO gVWHUUHLFK
46WDWLVWLN$XVWULD:LUWVFKDIWVNDPPHUgVWHUUHLFK:,)2%HUHFKQXQJHQ²'LH/HKUDQIlQJHU,QQHQTXRWHPLVVWGHQ$Q
WHLOGHU/HKUOLQJHLP/HKUMDKUDQGHU%HY|ONHUXQJLP$OWHUYRQ-DKUHQ
'LH=DKOGHU/HKUOLQJHLVWLQgVWHUUHLFK1RZDN²6FKQHHEHUJHUVHLWYLHOHQ-DKUHQU FN
OlXILJ 'HU 5HNRUGZHUW DXV GHP -DKU /HKUOLQJH JHULHW LQ GHQ QDFKIROJHQGHQ
-DKUHQ ]XVHKHQGV DX‰HU 5HLFKZHLWH ZXUGH HUVWPDOV ZLHGHU HLQ $QVWLHJ GHU /HKUOLQJV
]DKOHQUHJLVWULHUWGHULP-DKUPLW/HKUOLQJHQJLSIHOWHXQGDQGLH=DKOHQDXVGHP
-DKU DQVFKORVV =ZLVFKHQ XQG VDQNHQ GLH /HKUOLQJV]DKOHQ DOOHUGLQJV ZLHGHU
NRQQWHMHGRFKGXUFKPDVVLYH)|UGHUXQJGHU/HKUEHWULHEHGHXWOLFKDQJHKREHQZHUGHQ
XP RGHU DXI 5HJLRQDO EHWUDFKWHW ZHUGHQ GLH PHLVWHQ /HKUOLQJH LQ

²²
2EHU|VWHUUHLFKDXVJHELOGHW,Q3UR]HQWGHUDNWLYHQ%HVFKlIWLJXQJZHUGHQMHGRFKPHKU/HKU
OLQJHLQ9RUDUOEHUJJHIROJWYRQ7LUROXQG2EHU|VWHUUHLFKMHDXVJHELOGHW$XFKLQ7LURO
VDQNGLH=DKOGHU/HKUOLQJHLP-DKUDXIHLQHQ7LHIVWDQGYRQ6HLWVWHLJHQMH
GRFKGLH/HKUOLQJV]DKOHQNRQWLQXLHUOLFKDQXQGHUUHLFKWHQHLQHQ6WDQGYRQ²PHKU
DOV]X%HJLQQGHUQHXQ]LJHU-DKUH
'LH DOOHLQLJH %HWUDFKWXQJ GHU $EVROXW]DKO DQ /HKUOLQJHQ NDQQ MHGRFK ]X IDOVFKHQ 6FKO VVHQ
I KUHQGDVLFK/HKUQHX]XJlQJHYRUZLHJHQGDXVGHQ.RKRUWHQGHUXQG-lKULJHQUHNUX
WLHUHQXQGVLFKGLH%HVHW]XQJGHU.RKRUWHLP=HLWYHUODXIlQGHUQNDQQ%HHQGHQEHLVSLHOVZHLVH
-XJHQGOLFKH HLQHV JHEXUWHQVFKZDFKHQ -DKUJDQJV GLH MlKULJH 6FKXOSIOLFKW ZLUG ² DXFK
ZHQQGHU$QWHLODQ-XJHQGOLFKHQGLHVLFKI UHLQH/HKUHHQWVFKOLH‰HQNRQVWDQWEOHLEW²GLH
=DKOGHU/HKUDQIlQJHU,QQHQ]XU FNJHKHQ*HHLJQHWHUVFKHLQWGDKHUGLH(QWZLFNOXQJGHV$Q
WHLOVGHU/HKUQHX]XJlQJHDQGHUMlKULJHQ%HY|ONHUXQJGKGLH/HKUDQIlQJHU,QQHQTXRWH
]XEHWUDFKWHQKDWWHQGHU-lKULJHQLQ7LURO²LP9HUJOHLFK]XEXQGHVZHLW²
PLWHLQHU/HKUDXVELOGXQJEHJRQQHQ+|KHULVWGLH/HKUDQIlQJHU,QQHQTXRWHQQXULQ9RUDUOEHUJ
PLW 'LH %HWUDFKWXQJ GHU /HKUDQIlQJHU,QQHQTXRWH EHU GLH =HLW EHVWlWLJW GLH DEQHK
PHQGH %HGHXWXQJ GHU /HKUDXVELOGXQJ gVWHUUHLFKZHLW VDQN GHU $QWHLO GHU -lKULJHQ GLH
VLFKI UHLQH/HKUHHQWVFKHLGHQYRQLP-DKUDXILP-DKU$PPDVVLYV
WHQJLQJGLH/HKUDQIlQJHU,QQHQTXRWHVHLWGHQQHXQ]LJHU -DKUHQLQ:LHQ XP²3UR]HQW
SXQNWH DXI ]XU FN DP JHULQJVWHQ ZDU GHU 5 FNJDQJ LQ 7LURO ² 3UR]HQWSXQNWH DXI
'LH(QWZLFNOXQJLQ7LUROVSLHJHOWVRPLWQXULQ$QVlW]HQGHQEXQGHVZHLWHQ7UHQGZLGHU²
GLH$WWUDNWLYLWlWGHUGXDOHQ$XVELOGXQJLVWGDPLWLQ7LUROI U-XJHQGOLFKHXQG$XVELOGXQJVEH
WULHEHQDFKZLHYRUVHKUKRFK
,Q7LUROHQWVFKHLGHQVLFKNQDSSGHU-lKULJHQI UHLQHGXDOH$XVELOGXQJ%HGLQJWGXUFK
GLHVWDUNH$XVULFKWXQJGHU:LUWVFKDIWDXIGDV%HKHUEHUJXQJVXQG*DVWVWlWWHQZHVHQXQGGHU
KRKHQ7UDGLWLRQGHU/HKUDXVELOGXQJLQGLHVHP:LUWVFKDIWVVHNWRUZLUGHLQ EHUGXUFKVFKQLWWOLFK
KRKHU $QWHLOGHU/HKUOLQJHLQ7LUROLQGLHVHP%HUHLFKDXVJHELOGHWKDWWHQDOOHU/HKU
OLQJHLQ7LUROLP7RXULVPXVE]ZGHU)UHL]HLWZLUWVFKDIWLKU/HKUYHUKlOWQLV|VWHUUHLFKZHLWOLHJWGHU
9HUJOHLFKVZHUW EHL 'DV %HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ LVW VHKU VWDUN DXI MXQJH
$UEHLWVNUlIWHDXVJHULFKWHW.HLQDQGHUHU:LUWVFKDIWVEHUHLFKEHVFKlIWLJWHLQHQK|KHUHQ$QWHLO
DQ-XJHQGOLFKHQELV-DKUH'LHVOLHJWQLFKW]XOHW]WDQGHQVSH]LILVFKHQ3URGXNWLRQVEH
GLQJXQJHQGHV6HNWRUV8QUHJHOPl‰LJH'LHQVW]HLWHQ7DJH:RFKHODQJH(LQVDW]]HLWHQXQG
RIWPDOV%HWULHEVRUWHIHUQDEYRQ%HY|ONHUXQJV]HQWUHQ+LQ]XNRPPHQPDQJHOQGH.DUULHUHDXV
VLFKWHQE]Z=XNXQIWVSHUVSHNWLYHQXQGHLQHJHULQJH(QWORKQXQJ 6PHUDOHWDO]HLJHQ
GDVV GDV %HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ UHODWLY PHKU $UEHLWVNUlIWH DQ DQGHUH
'LHQVWOHLVWXQJV RGHU DQ 6DFKJ WHUEUDQFKHQ YHUOLHUW DOV HV YRQ GLHVHQ :LUWVFKDIWV]ZHLJHQ
UHNUXWLHUHQNDQQ'LHDXIGLHVH:HLVHHQWVWDQGHQH1DFKIUDJHQDFK%HVFKlIWLJWHQZLUGSULPlU
DXVGHP3RRODQ $UEHLWVNUlIWHQJHGHFNWGLHDX‰HUKDOEGHV(UZHUEVOHEHQVVWHKHQZLHEHL
VSLHOVZHLVH6FKXODEJlQJHU,QQHQ

²²
$EELOGXQJ (QWZLFNOXQJGHV/HKUOLQJVEHVWDQGVXQGGHU/HKUDQIlQJHU,QQHQTXRWHLQ7LURO
ELV
W
OX
R
V
E
$
W
Q
H
]
U
R
3
,Q
/HKUDQIlQJHU,QQHQTXRWH /HKUOLQJHDEGHP/HKUMDKU /HKUDQIlQJHUTXRWH
46WDWLVWLN$XVWULD:LUWVFKDIWVNDPPHUgVWHUUHLFK:,)2%HUHFKQXQJHQ²'LH/HKUDQIlQJHU,QQHQTXRWHPLVVWGHQ$Q
WHLOGHU/HKUOLQJHLP/HKUMDKUDQGHU%HY|ONHUXQJLP$OWHUYRQ-DKUHQ/HKUOLQJVEHVWDQG/HKUDQIlQJHU,QQHQXQG
/HKUOLQJHDEGHP/HKUMDKU]XPGHVMHZHLOLJHQ-DKUHV
,Q7LUROHQWVFKHLGHQVLFKNQDSSGHU-lKULJHQI UHLQHGXDOH$XVELOGXQJ%HGLQJWGXUFK
GLHVWDUNH$XVULFKWXQJGHU:LUWVFKDIWDXIGDV%HKHUEHUJXQJVXQG*DVWVWlWWHQZHVHQXQGGHU
KRKHQ7UDGLWLRQGHU/HKUDXVELOGXQJLQGLHVHP:LUWVFKDIWVVHNWRUZLUGHLQ EHUGXUFKVFKQLWWOLFK
KRKHU $QWHLOGHU/HKUOLQJHLQ7LUROLQGLHVHP%HUHLFKDXVJHELOGHWKDWWHQDOOHU/HKU
OLQJHLQ7LUROLP7RXULVPXVE]ZGHU)UHL]HLWZLUWVFKDIWLKU/HKUYHUKlOWQLV|VWHUUHLFKZHLWOLHJWGHU
9HUJOHLFKVZHUW EHL 'DV %HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ LVW VHKU VWDUN DXI MXQJH
$UEHLWVNUlIWHDXVJHULFKWHW.HLQDQGHUHU:LUWVFKDIWVEHUHLFKEHVFKlIWLJWHLQHQK|KHUHQ$QWHLO
DQ-XJHQGOLFKHQELV-DKUH'LHVOLHJWQLFKW]XOHW]WDQGHQVSH]LILVFKHQ3URGXNWLRQVEH
GLQJXQJHQGHV6HNWRUV8QUHJHOPl‰LJH'LHQVW]HLWHQ7DJH:RFKHODQJH(LQVDW]]HLWHQXQG
RIWPDOV%HWULHEVRUWHIHUQDEYRQ%HY|ONHUXQJV]HQWUHQ+LQ]XNRPPHQPDQJHOQGH.DUULHUHDXV
VLFKWHQE]Z=XNXQIWVSHUVSHNWLYHQXQGHLQHJHULQJH(QWORKQXQJ 6PHUDOHWDO]HLJHQ
GDVV GDV %HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ UHODWLY PHKU $UEHLWVNUlIWH DQ DQGHUH
'LHQVWOHLVWXQJV RGHU DQ 6DFKJ WHUEUDQFKHQ YHUOLHUW DOV HV YRQ GLHVHQ :LUWVFKDIWV]ZHLJHQ
UHNUXWLHUHQNDQQ'LHDXIGLHVH:HLVHHQWVWDQGHQH1DFKIUDJHQDFK%HVFKlIWLJWHQZLUGSULPlU
DXVGHP3RRODQ $UEHLWVNUlIWHQJHGHFNWGLHDX‰HUKDOEGHV(UZHUEVOHEHQVVWHKHQZLHEHL
VSLHOVZHLVH6FKXODEJlQJHU,QQHQ

²²
'HUKRKH$QWHLODQ/HKUDQIlQJHU,QQHQZLUGHUJlQ]WGXUFKHLQH²WURW]JUR‰HU9LHOIDOWDQ/HKU
EHUXIHQ UXQG/HKUEHUXIH²VWDUNH.RQ]HQWUDWLRQDXIHLQLJHZHQLJH $XVELOGXQJV]ZHLJH
LQVEHVRQGHUH EHL 0lGFKHQ ,Q 7LURO ZXUGHQ LP -DKU GHU ZHLEOLFKHQ /HKUOLQJH LQ
HLQHPYRQ/HKUEHUXIHQDXVJHELOGHWgVWHUUHLFKEHLGHQ%XUVFKHQZlKOWHQLPPHUKLQ
GHU 7LUROHU /HKUOLQJH HLQHQ YRQ %HUXIHQ gVWHUUHLFK 'LH .RQ]HQWUDWLRQ DXI
/HKUEHUXIHLVWGDPLWLQ7LUROVRZRKOEHLGHQ0lGFKHQDOVDXFKEHLGHQ%XUVFKHQK|KHUDOV
LP%XQGHVGXUFKVFKQLWW%HLGHU:DKOGHU/HKUEHUXIHWULWWQHEHQGHUVWDUNHQ.RQ]HQWUDWLRQDXI
HLQLJHZHQLJH/HKUEHUXIHDXFKHLQHVWDUNH6HJUHJDWLRQQDFK*HVFKOHFKWDXI:lKUHQG%XU
VFKHQ]XHLQHP/HKUEHUXILP%HUHLFK+DQGZHUNRGHU3URGXNWLRQWHQGLHUHQHQWVFKHLGHQVLFK
0lGFKHQ YLHOIDFK I U HLQH /HKUH LP +DQGHO GHU *DVWURQRPLH LP NDXIPlQQLVFKHQ %HUHLFK
% URWlWLJNHLW RGHU ZlKOHQ GHQ %HUXI DOV )ULVHXULQ XQG 3HU FNHQPDFKHULQ 'LH JHVFKOHFKWV
VSH]LILVFKH 6HJUHJDWLRQ XQG GLH LP 9HUJOHLFK ]X GHQ %XUVFKHQ VWlUNHUH .RQ]HQWUDWLRQ GHU
0lGFKHQDXIHLQLJHZHQLJH/HKUEHUXIHZLUGGXUFKGHQUHODWLYJHULQJHUHQ $QWHLODQ)UDXHQ
XQWHUGHQ/HKUOLQJHQ²gVWHUUHLFKGHU/HKUOLQJHVLQGZHLEOLFK²QRFKYHUVFKlUIW
'LH.RQ]HQWUDWLRQDXIHLQ]HOQH%HUXIHVLQNWLP=HLWDEODXIQXUODQJVDP'HU$QWHLOGHU)UDXHQLQ
GHQ7RS%HUXIHQLVWLQQHUKDOEYRQ-DKUHQELVXP3UR]HQWSXQNWHYRQ
DXIJHVXQNHQ'DU EHUKLQDXVLVWGDV%HUXIVZDKOYHUKDOWHQLQQHUKDOEGLHVHUKlXILJVWHQ
/HKUEHUXIHUHODWLYVWDELOLQVEHVRQGHUHEHLGHQ)UDXHQ,P%HWUDFKWXQJV]HLWUDXPELV
I KUHQEHLGHQZHLEOLFKHQ/HKUOLQJHQLQ7LUROVWHWVGLHJOHLFKHQGUHL%HUXIHGLH+LWOLVWHGHUEH
OLHEWHVWHQ/HKUEHUXIHDQ(LQ]HOKDQGHOVNDXIIUDX)ULVHXULQXQG3HU FNHQPDFKHULQVRZLH% UR
NDXIIUDX 3ODW] YLHU EHOHJWH PLW $XVQDKPH GHV -DKUHV GHU /HKUEHUXI +RWHO XQG *DVW
JHZHUEHDVVLVWHQWLQ$XIGHQ3OlW]HQI QIELVZHFKVHOQHLQDQGHUGLH%HUXIH.|FKLQ5HVWDX
UDQWIDFKIUDX *DVWURQRPLHIDFKIUDX XQG %OXPHQELQGHULQ DE 'LH +LWOLVWH GHU KlXILJVWHQ
%HUXIH ZXUGH QXU LQ GHQ -DKUHQ XQG GXUFK HLQHQ HKHU WHFKQLVFKHQ /HKUEHUXI
HUJlQ]WMHQHQGHU&KHPLHODERUDQWLQE]Z/HKUOLQJH
%HLGHQPlQQOLFKHQ/HKUOLQJHQLVWGLH.RQ]HQWUDWLRQDXIHLQLJHZHQLJH/HKUEHUXIHHEHQIDOOV
QXUODQJVDP]XU FNJHJDQJHQXQG]ZDUXP3UR]HQWSXQNWHYRQLP-DKUDXI
LP -DKU 'XUFK GLH 6FKDIIXQJ QHXHU /HKUEHUXIH E]Z /HKUEHUXIVEH]HLFKQXQJHQ YDULLHUW
GLH/LVWHGHU7RS%HUXIHLP=HLWYHUODXIDOOHUGLQJVVWlUNHULQVEHVRQGHUH VHLW'DKHULVW
HLQ 9HUJOHLFK PLW 9RUMDKUHQ QXU PHKU HLQJHVFKUlQNW P|JOLFK 9RQ ELV ZDUHQ
MHGHQIDOOVGLHHUVWHQGUHL3OlW]HLP/HKUEHUXIVUDQNLQJIL[YHUJHEHQ².UDIWIDKU]HXJPHFKDQLNHU
7LVFKOHUXQG(OHNWURLQVWDOODWHXU²ZREHLGLH5HLKXQJLQHLQ]HOQHQ-DKUHQXQWHUVFKLHGOLFKZDU
9ROO]HLWVFKXOLVFKH$XVELOGXQJDXIPLWWOHUHPXQGK|KHUHP1LYHDX
'LH $OWHUQDWLYH ]XU /HKUDXVELOGXQJ VLQG EHUXIVEH]RJHQH YROO]HLWVFKXOLVFKH $XVELOGXQJHQ DXI
(EHQHGHU6HNXQGDUVWXIH,,²GD]X]lKOHQ%HUXIVELOGHQGH0LWWOHUH6FKXOHQXQG%HUXIVELOGHQGH
+|KHUH 6FKXOHQ ,Q GHU 6FKXOVWXIH ZR VLFK HUVWPDOV GLH %LOGXQJVZHJHQWVFKHLGXQJ NODU
PDQLIHVWLHUWXQGGLH6FK OHU]DKOHQEHUHLWVXPHLQHQEHWUlFKWOLFKHQ7HLOGHU'URSRXWVE]Z%LO
GXQJVZHFKVOHU EHUHLQLJW LVW ]HLJW VLFK IROJHQGHV %LOG ,P 6FKXOMDKU HQWVFKLHGHQ VLFK

²²
GHU7LUROHU6FK OHULQQHQXQG6FK OHUI UGLH%HUXIVELOGHQGH0LWWOHUH6FKXOHXQGI UGLH
%HUXIVELOGHQGH+|KHUH6FKXOH,P9HUJOHLFKGD]XEHVXFKWHQGHU7LUROHU6FK OHULQQHQXQG
6FK OHUGLH%HUXIVVFKXOH 'LH%HUXIVELOGHQGHQ0LWWOHUHQXQG+|KHUHQ6FKXOHQKDEHQLQGHU
9HUJDQJHQKHLWDQ$WWUDNWLYLWlWJHZRQQHQ=ZLVFKHQGHP6FKXOMDKUXQGVDQN
GHU$QWHLOGHU6FK OHU,QQHQGLHVLFKLQGHU6FKXOVWXIHI UGLH%HUXIVVFKXOHHQWVFKLHGHQXP
3UR]HQWSXQNWHZlKUHQGGHU$QWHLOGHU6FK OHU,QQHQLQ%HUXIVELOGHQGHQ+|KHUHQ6FKXOHQ
XP3UR]HQWSXQNWHMHQHULQ%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHQXP3UR]HQWSXQNWHVWLHJ%06
XQG %+6 KDEHQ VRPLW LQ HWZD JOHLFK VWDUN SURILWLHUW (LQH (QWZLFNOXQJ GLH HQWJHJHQ GHP
|VWHUUHLFKZHLWHQ 7UHQG OlXIW =ZDU LVW |VWHUUHLFKZHLW HEHQIDOOV GHU 6FK OHU,QQHQDQWHLO GHU
%HUXIVVFKXOH ² 3UR]HQWSXQNWH JHVXQNHQ YRQ GLHVHU (QWZLFNOXQJ SURILWLHUW KDW DOOHUGLQJV
EHLQDKH DXVVFKOLH‰OLFK GLH %HUXIVELOGHQGH +|KHUH 6FKXOH 3UR]HQWSXQNWH %06 3UR
]HQWSXQNW'HU7UHQG]XU+|KHUTXDOLIL]LHUXQJLVWVRPLWLQ7LUROZHQLJHUVWDUNDXVJHSUlJWDOVLP
EULJHQ%XQGHVJHELHW
,QGHQYHUJDQJHQHQ-DKUHQNDPHVVRPLW]XHLQHUbQGHUXQJGHU%LOGXQJVZHJHQWVFKHLGXQJ
EHLGHUVLFKGLH6FK OHU]DKOHQYRQGHQ%HUXIVELOGHQGHQ3IOLFKWVFKXOHQ]XGHQ%HUXIVELOGHQGHQ
0LWWOHUHQ6FKXOHQXQGGHQ%HUXIVELOGHQGHQ+|KHUHQ6FKXOHQYHUODJHUWH'LH9HUODJHUXQJ]XU
%+6 VSLHJHOW KLHUEHL QLFKW QXU GHQ 7UHQG ]XU +|KHUTXDOLIL]LHUXQJ ZLGHU VRQGHUQ DXFK bQGH
UXQJHQ LQ GHQ LQVWLWXWLRQHOOHQ 5DKPHQEHGLQJXQJHQ LQ )RUP HLQHU $QJHERWVDXVZHLWXQJ GHU
%HUXIVELOGHQGHQ+|KHUHQ6FKXOHQ%LIIO,P9HUJOHLFK]XGHQEHUXIVELOGHQGHQ6FKXOIRU
PHQ KDW GLH $OOJHPHLQELOGHQGH +|KHUH 6FKXOH $+6 NHLQH VWDUNH ([SDQVLRQ HUIDKUHQ XQG
ZLUGDXFKQDFKZLHYRUVWlUNHUYRQ0lGFKHQDOVYRQ%XUVFKHQJHZlKOW,P6FKXOMDKU
JLQJHQGHU0lGFKHQXQGGHU%XUVFKHQLQGHU6FKXOVWXIHLQGLH$+6=lKOWPDQ]X
GHQ%HUXIVELOGHQGHQ+|KHUHQ6FKXOHQGLH$OOJHPHLQELOGHQGHQ+|KHUHQ6FKXOHQKLQ]X]HLJW
VLFKHLQHVWDUNH.RQ]HQWUDWLRQGHU0lGFKHQDXIYROO]HLWVFKXOLVFKH$XVELOGXQJHQGLHPLWGHU
0DWXUD XQG GDPLW GHP +RFKVFKXO]XJDQJ HQGHQ ,P 6FKXOMDKU ZlKOWHQ GHU
0lGFKHQLQGHU6FKXOVWXIHHLQHK|KHUH6FKXOH%+6RGHU$+6LP6FKXOMDKUZD
UHQHVHUVW%HLGHQ%XUVFKHQOLHJWGHU$QWHLOKHXWHEHLMHQHPGHU0lGFKHQYRU-DK
UHQQlPOLFKEHL6FKXOMDKU,PgVWHUUHLFK9HUJOHLFKLVWGHU$QWHLODQ6FK OH
ULQQHQXQG6FK OHUQGLHVLFKLQ7LUROI U$XVELOGXQJV]ZHLJHPLW0DWXUDDEVFKOXVVHQWVFKHLGHQ
JHULQJ%HLGHQ%XUVFKHQOLHJWGHU$QWHLOXP3UR]HQWSXQNWHXQWHUGHP'XUFKVFKQLWWgVWHU
UHLFKEHLGHQ0lGFKHQXP3UR]HQWSXQNWHgVWHUUHLFK
'LH$EJUHQ]XQJGHU6FK OHULQQHQXQG6FK OHUHUIROJWQDFKGHP$XVELOGXQJVRUWLQGLHVHP)DOO6FKXOHQPLW6WDQG
RUW7LURO'LH6FK OHULQQHQXQG6FK OHUGHU6FKXOVWXIHKDEHQGDKHUQLFKWDOOHVDPWLKUHQ+DXSWZRKQVLW]LQ7LUROVRQ
GHUQ N|QQHQ DXFK DXV DQGHUHQ %XQGHVOlQGHUQ QDFK 7LURO SHQGHOQ 8PJHNHKUW VLQG QLFKW DOOH 6FK OHULQQHQ XQG
6FK OHUPLW:RKQRUWHUIDVVWGDVLHDXFKDX‰HUKDOE7LUROVLKUH$XVELOGXQJDEVROYLHUHQN|QQHQ

²²
$EELOGXQJ %LOGXQJVZHJHQWVFKHLGXQJLQGHU6FKXOVWXIHQDFK*HVFKOHFKWLQ7LURO
6FKXOMDKUELVLQ
6FKXOVWXIH7LURO0lQQHU
6FKXOVWXIH7LURO)UDXHQ
$+6 %+6 %06 %HUXIVELOGHQGH3IOLFKWVFKXOH /HKUHUELOGHQGH6FKXOHQ 6RQVWLJH
$+6 %+6 %06 %HUXIVELOGHQGH3IOLFKWVFKXOH /HKUHUELOGHQGH6FKXOHQ 6RQVWLJH
46WDWLVWLN$XVWULD²'LHM QJVWHQHQGJ OWLJHQ'DWHQ]XGHQ6FK OHU]DKOHQOLHJHQI UGDV6FKXOMDKUYRU
9ROO]HLWVFKXOLVFKH(LQULFKWXQJHQQDFK$XVELOGXQJVVFKZHUSXQNW
1LFKWQXUEHLGHU:DKOGHV6FKXOW\SVJLEWHVJHVFKOHFKWVVSH]LILVFKH8QWHUVFKLHGHDXFKLQQHU
KDOEHLQHV6FKXOW\SVGKDXFKKLQVLFKWOLFKGHU%LOGXQJVLQKDOWH6RWHQGLHUHQ0lGFKHQLQ7LURO
ZLH DXFK LQ gVWHUUHLFK LQVJHVDPW HKHU ]X %HUXIVELOGHQGHQ 6FKXOHQ PLW NDXIPlQQLVFKHP
IUDXHQEHUXIOLFKHP RGHU VR]LDOEHUXIOLFKHP 6FKZHUSXQNW %XUVFKHQ GDJHJHQ ]X VROFKHQ PLW
WHFKQLVFKJHZHUEOLFKHP,QKDOW
,P%HUHLFKGHU%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHQVWLHJLQ7LUROGLH=DKOGHUPlQQOLFKHQ6FK OHU
]ZLVFKHQ GHP 6FKXOMDKU XQG YRQ DXI NQDSS 'DYRQ EHOHJWHQ
HLQHQWHFKQLVFKJHZHUEOLFKHQ=ZHLJgVWHUUHLFKJHIROJWYRQGLHVLFKI UHLQH
0LWWOHUH6FKXOHPLWODQGZLUWVFKDIWOLFKHU$XVULFKWXQJHQWVFKLHGHQgVWHUUHLFKXQGLQ
.DXIPlQQLVFKHQ%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHQgVWHUUHLFK%HGLQJWGXUFKGLH:LUW
VFKDIWVVWUXNWXU7LUROVLVWMHGRFKDXFKGHU$QWHLODQ-XJHQGOLFKHQGLHVLFKI UHLQHQ6FKXO]ZHLJ
LP )UHPGHQYHUNHKUVEHUHLFK HQWVFKHLGHQ EHUGXUFKVFKQLWWOLFK KRFK ) U HLQH $XVELOGXQJ LP
)UHPGHQYHUNHKUHQWVFKLHGHQVLFKLP6FKXOMDKUGHU7LUROHU6FK OHUgVWHUUHLFK
:lKUHQGVLFKEHLGHQ%XUVFKHQGLH=DKOGHU6FK OHULP=HLWDEODXIHUK|KWHVDQNGLH=DKOGHU
ZHLEOLFKHQ6FK OHULQQHQLQ%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHQXPUXQGDXI,QKDOWOLFK
NRQ]HQWULHUHQ VLH VLFK DXI VR]LDOEHUXIOLFKH 7LURO gVWHUUHLFK VRZLH IUDXHQEHUXIOLFKH
)DFKULFKWXQJHQ7LUROgVWHUUHLFK'LH%HGHXWXQJNDXIPlQQLVFKHU)DFKVFKXOHQKDW
VLFKLP=HLWYHUODXIEHLQDKHKDOELHUWXQGOLHJWPRPHQWDQEHLgVWHUUHLFKLQVEHVRQ
GHUHVHLWGHP$XVEDXGHV$QJHERWVDQ%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHQLPVR]LDOSIOHJHUL
VFKHQ%HUHLFK%HLGHQ%XUVFKHQLVWGHUJOHLFKH(IIHNW]XEHREDFKWHQZHQQJOHLFKHUGHXWOLFK
VFKZlFKHU LVW 6R LVW GHU $QWHLO GHU %XUVFKHQ LQ %HUXIVELOGHQGHQ 0LWWOHUHQ 6FKXOHQ GLH HLQH
NDXIPlQQLVFKH)DFKULFKWXQJHLQVFKODJHQYRQDXIJHVXQNHQ

²²
$EELOGXQJ 6FK OHU]DKOHQLQ%HUXIVELOGHQGHQPLWWOHUHQXQGK|KHUHQ6FKXOHQLQ7LUROQDFK
*HVFKOHFKW
$QWHLOHLQ
0lQQHU
%HUXIVELOGHQGHPLWWOHUH6FKXOHQ
)UDXHQ
%06NDXIP %06WHFKQJHZ %06%HNOHLGXQJ %06)UHPGHQYHUNHKU
%06.XQVWJHZHUEH %06IUDXHQEHUXIO %06VR]LDOEHUXIO
%06NDXIP %06WHFKQJHZ %06%HNOHLGXQJ %06)UHPGHQYHUNHKU
%06.XQVWJHZHUEH %06IUDXHQEHUXIO %06VR]LDOEHUXIO
%HUXIVELOGHQGHK|KHUH6FKXOHQ
%+6NDXIP %+6WHFKQJHZ %+6%HNOHLGXQJ %+6)UHPGHQYHUNHKU
%+6.XQVWJHZHUEH %+6IUDXHQEHUXIO %+6VR]LDOEHUXIO
%+6NDXIP %+6WHFKQJHZ %+6%HNOHLGXQJ %+6)UHPGHQYHUNHKU
%+6.XQVWJHZHUEH %+6IUDXHQEHUXIO %+6VR]LDOEHUXIO
46WDWLVWLN$XVWULD²'LHQHXHVWHQHQGJ OWLJHQ'DWHQ]XGHQ6FK OHU]DKOHQOLHJHQI UGDV6FKXOMDKUYRU
'LH1DFKIUDJHQDFK%HUXIVELOGHQGHQ+|KHUHQ6FKXOHQLVWLQGHQOHW]WHQ-DKUHQGHXWOLFKJH
VWLHJHQ=ZLVFKHQGHP6FKXOMDKUXQGKDWVLFKGLH=DKOGHUZHLEOLFKHQ6FK
OHULQQHQDXIPHKUDOVYHUGRSSHOWGLH=DKOGHUPlQQOLFKHQ6FK OHUVWLHJXPGLH+lOIWH
DXI 'LH VWHLJHQGH =DKO DQ 6FK OHU,QQHQ KDW DXFK QXU JHULQJH bQGHUXQJHQ EHL GHU
:DKO GHU )DFKULFKWXQJHQ PLW VLFK JHEUDFKW )UDXHQ WHQGLHUHQ QDFK ZLH YRU VWDUN ]X NDXI
PlQQLVFKHQ $XVELOGXQJV]ZHLJHQ 7LURO XQG gVWHUUHLFK GHU %+6 6FK OHULQQHQ XQG IUDX
HQEHUXIOLFKHQ7LUROgVWHUUHLFK$QGULWWHU6WHOOHIROJHQ+|KHUH6FKXOHQLP%HUHLFK
)UHPGHQYHUNHKU7LUROgVWHUUHLFK%HLGHQ%XUVFKHQLVWGLH.RQ]HQWUDWLRQDXIHLQLJH
ZHQLJH $XVELOGXQJV]ZHLJH VWlUNHU DXVJHSUlJW GHU %+6 6FK OHU EHVXFKHQ HLQHQ WHFK
QLVFKJHZHUEOLFKHQ=ZHLJgVWHUUHLFKHLQHQNDXIPlQQLVFKHQgVWHUUHLFK
ZlKOHQGLH)UHPGHQYHUNHKUVVFKLHQHgVWHUUHLFK

²²
$XVOlQGHULQQHQXQG$XVOlQGHU
$XVOlQGHULQQHQXQG$XVOlQGHUVFKHLGHQIU KHUDXVGHP%LOGXQJVV\VWHPDXVDOV,QOlQGHULQQHQ
XQG,QOlQGHU'DUDXIGHXWHQ]ZHL.HQQ]DKOHQKLQ(UVWHQVZDUHQODXW6FKXOVWDWLVWLN LP6FKXO
MDKUYRQGHQDXVOlQGLVFKHQ6FK OHU,QQHQLQ7LURO gVWHUUHLFKLQHLQHU
EHUXIVEH]RJHQHQ $XVELOGXQJ DXI 6HNXQGDUVWXIH ,, %+6 %06 RGHU %HUXIVVFKXOH XQWHU GHQ
LQOlQGLVFKHQ 6FK OHU,QQHQ ODJ GHU $QWHLO PLW 7LURO XQG gVWHUUHLFK GHXWOLFK
K|KHU =ZHLWHQV HQWILHOHQ LP VHOEHQ 6FKXOMDKU GHU DXVOlQGLVFKHQ 6FK OHU,QQHQ LQ 7LURO
gVWHUUHLFKDXIGLH9RONVVFKXOHDEHUQXU7LUROZLHgVWHUUHLFKGHULQOlQGLVFKHQ'D
HVLQGHU%HY|ONHUXQJVJUXSSHGHUELV-lKULJHQNHLQHQHQQHQVZHUWHQ8QWHUVFKLHGHLQGHU
$OWHUVYHUWHLOXQJ ]ZLVFKHQ ,QOlQGHU,QQHQ XQG $XVOlQGHU,QQHQ ² LQVEHVRQGHUH KLQVLFKWOLFK GHV
$QWHLOVDQ.LQGHUQLP9RONVVFKXODOWHU ²JLEWGHXWHWGHUKRKH$QWHLODQDXVOlQGLVFKHQ6FK
OHU,QQHQ LQ 9RONVVFKXOHQ XQG GHU JHULQJH $QWHLO LQ EHUXIVELOGHQGHQ 6FKXOHQ DXI HLQ IU KHV
$XVVFKHLGHQDXVGHP%LOGXQJVV\VWHPKLQ
=XPIU KHQ$XVWULWWDXVGHP%LOGXQJVV\VWHPNRPPHQ8QWHUVFKLHGHLQGHQ%LOGXQJVZHJHQ,P
3IOLFKWVFKXOEHUHLFK LVW GHU $QWHLO DQ $XVOlQGHU,QQHQ LQ 6RQGHUVFKXOHQ EHUGXUFKVFKQLWWOLFK
KRFK :lKUHQG LP JHVDPWHQ 6FKXOV\VWHP GHU 6FK OHU,QQHQ QLFKW GLH |VWHUUHLFKLVFKH
6WDDWVE UJHUVFKDIWEHVLW]HQgVWHUUHLFKZHLWVLQGHVLQGHU6RQGHUVFKXOHPLWPHKUDOV
GRSSHOWVRYLHOHgVWHUUHLFK'LHKRKH.RQ]HQWUDWLRQDQ$XVOlQGHU,QQHQLQ6RQGHUVFKX
OHQG UIWHDXIVSUDFKOLFKH'HIL]LWH]XU FN]XI KUHQVHLQ
'LH %LOGXQJVZHJHQWVFKHLGXQJHQ DXI GHU XQG 6FKXOVWXIH ]HLJHQ GDVV VLFK LQOlQGLVFKH
6FK OHU,QQHQ KlXILJHU I U $XVELOGXQJHQ HQWVFKHLGHQ GLH PLW GHU 5HLIHSU IXQJ HQGHQ ZlK
UHQG DXVOlQGLVFKH 6FK OHU,QQHQ YHUVWlUNW LQ HLQH /HKUH RGHU %HUXIVELOGHQGH 0LWWOHUH 6FKXOH
ZHFKVHOQ,QGHU6FKXOVWXIHHQWVFKLHGHQVLFKLP6FKXOMDKULQ7LUROGHUDXVOlQGL
VFKHQ6FK OHU,QQHQI UGLH3RO\WHFKQLVFKH6FKXOHgVWHUUHLFKHLQH6FKXOIRUPI UGLHVLFK
QXUGHULQOlQGLVFKHQ6FK OHU,QQHQHQWVFKORVVHQgVWHUUHLFK:HVHQWOLFKPHKULQOlQ
GLVFKH6FK OHU,QQHQEHJDQQHQLP$QVFKOXVVDQGLH+DXSWVFKXOHRGHU$+68QWHUVWXIHGDJH
JHQHLQH%HUXIVELOGHQGH+|KHUH6FKXOH7LUROgVWHUUHLFK9RQDXVOlQGLVFKHQ6FK
OHU,QQHQZXUGHGLH%HUXIVELOGHQGH+|KHUH6FKXOHLQGHVVHQOHGLJOLFKYRQJHZlKOWgVWHU
UHLFK 'HQ ]ZHLWVWlUNVWHQ =XODXI YRQ DXVOlQGLVFKHQ -XJHQGOLFKHQ EHNRPPW LQ GHU
6FKXOVWXIH ² QDFK GHU 3RO\WHFKQLVFKHQ 6FKXOH ² GLH %HUXIVELOGHQGH 0LWWOHUH 6FKXOH PLW
gVWHUUHLFK9RQGHQLQOlQGLVFKHQ6FK OHU,QQHQHQWVFKLHGHQVLFKLP9HUJOHLFKGD]X
gVWHUUHLFKI UGLHVHQ6FKXOW\S
,PIRUPDOHQ%LOGXQJVV\VWHPGKYRQGHU9RONVVFKXOHELV]XGHQ6FKXOHQDXI6HNXQGDUVWXIH,,RKQH6FKXOHQGHU
.UDQNHQSIOHJHXQG*HEXUWVKLOIHRKQH6WDWXWVFKXOHQXQGRKQH$NDGHPLHQ
1LFKWEHWUDFKWHWZHUGHQNRQQWHGLH$+62EHUVWXIHGDGLH6FKXOVWDWLVWLNGLH6FK OHU,QQHQ]DKOHQI UGLH$+68QWHU
XQG2EHUVWXIHJHPHLQVDPDXVZHLVW
/DXW9RONV]lKOXQJZDUHQLQGHU$OWHUVJUXSSHGHUELV-lKULJHQGHUDXVOlQGLVFKHQ.LQGHUXQG
GHULQOlQGLVFKHQ.LQGHULP9RONVVFKXODOWHUELV-DKUH

²²
,Q GHU 6FKXOVWXIH PDQLIHVWLHUHQ VLFK GLH %LOGXQJVZHJHQWVFKHLGXQJHQ HUVWPDOV NODU XQG
DXFK KLHU VLQG GLH 8QWHUVFKLHGH LP %LOGXQJVZDKOYHUKDOWHQ GHXWOLFK GHU LQOlQGLVFKHQ
6FK OHU,QQHQgVWHUUHLFKEHILQGHQVLFKLQHLQHUK|KHUHQ6FKXOH$+6RGHU%+6DEHUQXU
GHUDXVOlQGLVFKHQgVWHUUHLFK,PgVWHUUHLFK9HUJOHLFKJHODQJHV7LUROVRPLWQXUXQ
WHUGXUFKVFKQLWWOLFKDXVOlQGLVFKH6FK OHULQQHQXQG6FK OHULQK|KHUH6FKXOHQ]XLQWHJULHUHQ
)DFKKRFKVFKXOHXQG8QLYHUVLWlW
'LH WUDGLWLRQHOOH =XJDQJVYRUDXVVHW]XQJ I U GHQ %HJLQQ HLQHV 6WXGLXPV DQ HLQHU 8QLYHUVLWlW
RGHU)DFKKRFKVFKXOHLQgVWHUUHLFKLVWGLH0DWXUD'DQHEHQEHVWHKWVHLWHLQLJHQ-DKUHQGLH
0|JOLFKNHLW GHU 6WXGLHQEHUHFKWLJXQJV E]Z %HUXIVUHLIHSU IXQJ ,Q 7LURO VSLHOW GLHVH $UW GHV
+RFKVFKXO]XJDQJVHLQHEHVRQGHUH%HGHXWXQJGDGHU$QWHLOGHU-XJHQGOLFKHQPLWPLWWOHUHP
$XVELOGXQJVDEVFKOXVV EHUGXUFKVFKQLWWOLFKKRFKLVW,P8QLYHUVLWlWVEHUHLFK]HLJWVLFKGDVVGHU
$QWHLO GHU 6WXGLHQDQIlQJHU XQG 6WXGLHQDQIlQJHULQQHQ PLW 6WXGLHQEHUHFKWLJXQJV E]Z %H
UXIVUHLIHSU IXQJLQ7LUROZHVHQWOLFKK|KHULVWDOVLQDQGHUHQ%XQGHVOlQGHUQ
'DWHQGHVEPEZN]HLJHQGDVVLP:LQWHUVHPHVWHU|VWHUUHLFKZHLWGHU0lQQHUXQG
GHU)UDXHQDOV=XJDQJVYRUDXVVHW]XQJHLQH6WXGLHQEHUHFKWLJXQJVSU IXQJE]ZHLQH%H
UXIVUHLIHSU IXQJYRUZLHVHQ8QWHUGHQ6WXGLHUHQGHQPLW+DXSWZRKQVLW]7LUROEHWUXJGLHVHU$Q
WHLO0lQQHUE]Z)UDXHQ'DPLWHQWVFKHLGHQVLFKLPgVWHUUHLFK9HUJOHLFK EHU
SURSRUWLRQDO YLHOH 0lQQHU XQG )UDXHQ LQ 7LURO QDFK HLQHU %HUXIVELOGHQGHQ 0LWWOHUHQ 6FKXOH
RGHUHLQHU/HKUHI UHLQ+RFKVFKXOVWXGLXP,P%XQGHVOlQGHUYHUJOHLFKZHLVWEHLGHQ0lQQHUQ
QXU 2EHU|VWHUUHLFK K|KHUH hEHUWULWWVUDWHQ DXI EHL GHQ )UDXHQ 6DO]EXUJ XQG 2EHU|VWHUUHLFK
) U GHQ )DFKKRFKVFKXOEHUHLFK VWHKHQ NHLQH EXQGHVODQGVSH]LILVFKHQ 'DWHQ ]XU 9HUI JXQJ
%XQGHVZHLWODJLP6WXGLHQMDKUGHU$QWHLOGHU6WXGLHUHQGHQPLW6WXGLHQEHUHFKWLJXQJV
E]Z%HUXIVUHLIHSU IXQJDOV=XJDQJVYRUDXVVHW]XQJEHL0lQQHUE]Z)UDXHQ,QV
JHVDPWZLHVHQQLFKWWUDGLWLRQHOOH=XJDQJVYRUDXVVHW]XQJHQDXI
hEHUVLFKW (QWZLFNOXQJGHU6WXGLHUHQGHQDQ|VWHUUHLFKLVFKHQ)DFKKRFKVFKXOHQQDFK
%XQGHVOlQGHUQ
à à à à à à à à à à à à Ã
à à à à à à à à à à à à Ã
:LHQÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
1LHGHU|VWHUUHLFKÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
2EHU|VWHUUHLFKÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
6WHLHUPDUNÃ ÃÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
7LURO
6DO]EXUJÃ ÃÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
%XUJHQODQGÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
.lUQWHQÃ ÃÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
9RUDUOEHUJÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã
gVWHUUHLFK
4)DFKKRFKVFKXOUDWZZZIKUDFDW

²²
'LH 7LUROHU )DFKKRFKVFKXOVWXGLHQJlQJH DQ GHQ 6WDQGRUWHQ .XIVWHLQ XQG ,QQVEUXFN VLQG VHKU
VWDUNDXIGHQ%HUHLFK:LUWVFKDIWVZLVVHQVFKDIWHQDXVJHULFKWHW,Q6WXGLHQJlQJHQZXUGHQLP
6WXGLHQMDKU6WXGLHUHQGHYHU]HLFKQHWGDVVLQGDOOHU)DFKKRFKVFKXOVWXGHQ
W,QQHQ(LQ EHUGXUFKVFKQLWWOLFKKRKHU$QWHLOYHUVXVLPgVWHUUHLFK'XUFKVFKQLWWGHU
6WXGLHQJlQJHZLUGDXVVFKOLH‰OLFKLP9ROO]HLWVWXGLXPDQJHERWHQ
'LH 8QLYHUVLWlW ,QQVEUXFN ]LHKW HLQHQ VHKU KRKHQ $QWHLO YRQ DXVOlQGLVFKHQ 6WXGLHUHQGHQ DQ
8QWHUGHQ(UVW]XJHODVVHQHQDP6WXGLHQRUW,QQVEUXFNKDWWHQLP6WXGLHQMDKUHLQH
DXVOlQGLVFKH 6WDDWVE UJHUVFKDIW gVWHUUHLFK'XUFKVFKQLWW ZREHL LQVEHVRQGHUH 6WXGLH
UHQGH DXV 6 GWLURO XQG 'HXWVFKODQG ]X YHU]HLFKQHQ VLQG 'XUFK GDV EUHLWH 6WXGLHQDQJHERW
XQGGLHJHRJUDSKLVFKH/DJH]LHKWGLH8QLYHUVLWlW,QQVEUXFNLQQHUKDOEgVWHUUHLFKV EHUGXUFK
VFKQLWWOLFKYLHOH6WXGLHUHQGHDXVGHPHLJHQHQ%XQGHVODQGDQGHUVWXGLHUHQGHQ7LUROHU,Q
QHQKDEHQLP6WXGLHQMDKUDQGHU8QLYHUVLWlW,QQVEUXFNLQVNULELHUW(LQHGHXWOLFKK|KHUH
0RELOLWlW ]HLJHQ 6WXGLHUHQGH DXV 2EHU|VWHUUHLFK YRQ GHQHQ QXU LQ /LQ] VWXGLHUHQ DEHU
DXFK 6WXGLHUHQGH DXV .lUQWHQ VWXGLHUHQ LQ .ODJHQIXUW XQG 6DO]EXUJ VWXGLHUHQ LQ
GHU6WDGW6DO]EXUJbKQOLFKGLH6LWXDWLRQLP)DFKKRFKVFKXOEHUHLFKZRGHU7LUROHULQQHQ
XQG7LUROHUHLQHQ6WXGLHQJDQJLQ.XIVWHLQRGHU,QQVEUXFNZlKOHQ
0HKU DOV GLH +lOIWH GHU |VWHUUHLFKZHLW HUVWPDOV ]XJHODVVHQHQ LQOlQGLVFKHQ RUGHQWOLFKHQ 6WX
GLHUHQGHQLP6WXGLHQMDKUZDUHQZHLEOLFK6WXGLHUHQGHDXV7LURO'HU)UDX
HQDQWHLOXQWHUGHQ|VWHUUHLFKLVFKHQ6WXGLHQDQIlQJHU,QQHQKDWVLFKGDPLW]ZLVFKHQGHP6WX
GLHQMDKU XQG DQQlKHUQG YHUGRSSHOW $XFK DQ GHQ )DFKKRFK
VFKXOHQ KDW VLFK GHU )UDXHQDQWHLO VWHWLJ HUK|KW YRQ LP 6WXGLHQMDKU DXI LP
6WXGLHQMDKULQ7LURO
3DUDOOHO]XP $QVWLHJGHU=DKOGHUZHLEOLFKHQ6WXGLHUHQGHQKDWVLFKGLH6WXGLHQZDKOQXUJH
ULQJI JLJ YHUlQGHUW ) U HLQH $QDO\VH PXVV DOOHUGLQJV DXI gVWHUUHLFKGDWHQ ]XU FNJHJULIIHQ
ZHUGHQGDHVNHLQHSXEOL]LHUWHQ$XVZHUWXQJHQI U6WXGLHUHQGHPLW+DXSWZRKQVLW]7LUROJLEW
/DXW +RFKVFKXOVWDWLVWLN JLEW HV LP :HVHQWOLFKHQ ]ZHL +DXSWVWXGLHQULFKWXQJHQ GLH HLQH NODUH
JHVFKOHFKWVVSH]LILVFKH6HJUHJDWLRQDXIZHLVHQ *HLVWHVZLVVHQVFKDIWOLFKHXQGWHFKQLVFKH6WX
GLHQULFKWXQJHQ,P6WXGLHQMDKUKDEHQGHUZHLEOLFKHQHUVWPDOV]XJHODVVHQHQLQ
OlQGLVFKHQRUGHQWOLFK6WXGLHUHQGHQHLQJHLVWHVZLVVHQVFKDIWOLFKHV6WXGLXPLQVNULELHUW%HLGHQ
0lQQHUQZDUGHU$QWHLOPLWQLFKWHLQPDOKDOEVRKRFK8PJHNHKUWKDEHQVLFKGHU
HUVWPDOV ]XJHODVVHQHQ PlQQOLFKHQ LQOlQGLVFKH RUGHQWOLFKH 6WXGLHUHQGHQ I U HLQ WHFKQL
VFKHV6WXGLXPHQWVFKLHGHQDEHUQXUGHUZHLEOLFKHQ$XFK EHUHLQHQOlQJHUHQ=HLWUDXP
VHLW6WXGLHQMDKUKLQZHJEHWUDFKWHWLVWGHU$QWHLODQ)UDXHQGLHVLFKI UHLQHWHFKQL
VFKH6WXGLHQULFKWXQJHQWVFKHLGHQ²DXIQLHGULJHP1LYHDX²VWDELO'HU$QWHLOGHU)UDXHQGLH
VLFKI UHLQJHLVWHVZLVVHQVFKDIWOLFKHV6WXGLXPHQWVFKHLGHQLVWGDJHJHQOHLFKWJHVXQNHQ
LQ GHQ HUQ DXI LP 6WXGLHQMDKU 1LFKWVGHVWRWURW] QHKPHQ VHLW -DKUHQ JHLV
(V LVW MHGRFK GDYRQ DXV]XJHKHQ GDVV HV NHLQHQ VXEVWDQ]LHOOHQ 8QWHUVFKLHG LP 9HUKDOWHQ GHU 6WXGLHUHQGHQ PLW
+DXSWZRKQVLW]7LUROXQGGHQ6WXGLHUHQGHQDXVGHQUHVWOLFKHQ%XQGHVOlQGHUQJLEW

²²
WHVZLVVHQVFKDIWOLFKH 6WXGLHQULFKWXQJHQ GHQ HUVWHQ 3ODW] EHL GHQ EHOLHEWHVWHQ +DXSWVWXGLHQ
ULFKWXQJHQHLQ%HLGHQ0lQQHUQI KUWGLH+LWOLVWHDEZHFKVHOQGHLQHWHFKQLVFKHE]ZVR]LDO
XQG ZLUWVFKDIWVZLVVHQVFKDIWOLFKH +DXSWVWXGLHQULFKWXQJ DQ 'HPHQWVSUHFKHQG KRFK LVW GHU
)UDXHQDQWHLO LQ GHQ *HLVWHVZLVVHQVFKDIWHQ GHU HUVWPDOV ]XJHODVVHQHQ 6WXGLHQ DQ GHU
JHLVWHVZLVVHQVFKDIWOLFKHQ)DNXOWlWZHUGHQYRQ)UDXHQEHOHJWHEHQIDOOV EHUGXUFKVFKQLWWOLFK
KRFKLVWGHU)UDXHQDQWHLODQGHU9HWHULQlUPHGL]LQXQGGHQ1DWXUZLVVHQVFKDIWHQ
8QWHUGXUFKVFKQLWW LVW GLH 5HSUlVHQWDQ] YRQ 6WXGLHQDQIlQJHULQQHQ EHL WHFKQLVFKHQ 6WXGLHQ
XQGDQGHU0RQWDQXQLYHUVLWlWMH
8QGDXFKDQGHQ)DFKKRFKVFKXOHQLVWGDV6WXGLHQZDKOYHUKDOWHQGHUPlQQOLFKHQXQGZHLEOL
FKHQ 6WXGLHUHQGHQ VWDUN NRQ]HQWULHUW GHU ZHLEOLFKHQ 6WXGLHUHQGHQ KDEHQ HLQ ZLUW
VFKDIWVZLVVHQVFKDIWOLFKHV6WXGLXPLQVNULELHUWHLQ6WXGLXPGHU)DFKJUXSSH7HFKQLN,QJH
QLHXUZLVVHQVFKDIWHQXQGHLQVR]LDOZLVVHQVFKDIWOLFKHV%HLGHQPlQQOLFKHQ6WXGLHUHQGHQ
HQWVFKHLGHQVLFKI UHLQ)DFKKRFKVFKXOVWXGLXPLP%HUHLFK7HFKQLNXQG,QJHQLHXUZLVVHQ
VFKDIWHQXQGI UHLQZLUWVFKDIWVZLVVHQVFKDIWOLFKHV
6WlUNHQXQG6FKZlFKHQLQGHU(UVWDXVELOGXQJ
=XVDPPHQIDVVHQG ]HLJW VLFK VRPLW GDVV LQ 7LURO HLQ *UR‰WHLO GHU ELV -lKULJHQ HLQHQ
$EVFKOXVVLP PLWWOHUHQ4XDOLILNDWLRQVVHJPHQWGKGHU /HKUH RGHU%HUXIVELOGHQGHQ0LWWOHUHQ
6FKXOHYRUZHLVHQNDQQ,P%XQGHVOlQGHUYHUJOHLFKQLPPW7LUROKLHUHLQHQ6SLW]HQSODW]HLQ'LH
(UVWDXVELOGXQJ ZLUG LQ 7LURO GHP]XIROJH YLHO VWlUNHU EHU GLH GXDOH $XVELOGXQJ E]Z EHU GLH
%HUXIVELOGHQGHQ 0LWWOHUHQ 6FKXOHQ HUZRUEHQ DOV EHU +|KHUH 6FKXOHQ 'XUFK GLH .RQ]HQWUD
WLRQDXIGDVPLWWOHUH4XDOLILNDWLRQVVHJPHQWGDV]XJOHLFKGLH6WlUNHGHV7LUROHU%LOGXQJVV\VWHPV
LVWIlOOWGHU$QWHLOKRFK4XDOLIL]LHUWHUXQWHUGXUFKVFKQLWWOLFKDXV'HUJHULQJH$QWHLODQWHUWLlUHQ
%LOGXQJVDEVFKO VVHQVWHOOWJOHLFK]HLWLJGLH6FKZlFKHGHV7LUROHU%LOGXQJVV\VWHPVGDU
'HU$QWHLODQ8QTXDOLIL]LHUWHQLQGHUELVMlKULJHQ%HY|ONHUXQJHQWVSULFKW|VWHUUHLFKZHLWLQ
HWZDGHP'XUFKVFKQLWW:LUGMHGRFKGLH%LOGXQJVVWUXNWXUGHU0lQQHUXQG)UDXHQVHSDUDWEH
WUDFKWHW IlOOW GHU EHUGXUFKVFKQLWWOLFK KRKH $QWHLO DQ XQTXDOLIL]LHUWHQ 0lQQHUQ DXI ,P %XQ
GHVOlQGHUYHUJOHLFK VWHKW QXU 9RUDUOEHUJ VFKOHFKWHU GD (V KDQGHOW VLFK KLHUEHL QLFKW XP HLQ
&KDUDNWHULVWLNXPGHUlOWHUHQ*HQHUDWLRQVRQGHUQWULIIWDXFKDXIMXQJH7LUROHU]X,P9HUJOHLFK
]XGHQ0lQQHUQLP(UZHUEVDOWHUELV-DKUHLVWGHU$QWHLODQXQTXDOLIL]LHUWHQ)UDXHQLQ7L
UROK|KHU)UDXHQVLQGMHGRFKLQDOOHQ%XQGHVOlQGHUQLPXQWHUHQ4XDOLILNDWLRQVVHJPHQWKlXIL
JHU YHUWUHWHQ DOV 0lQQHU =LHKW PDQ DOV 9HUJOHLFKVPD‰VWDE GLH 4XDOLILNDWLRQVVWUXNWXU GHU
)UDXHQLQGHQ EULJHQ%XQGHVOlQGHUQKHUDQ]HLJWVLFKHLQDQGHUHV%LOG,PgVWHUUHLFK9HU
JOHLFK LVW GHU $QWHLO DQ )UDXHQ PLW PD[LPDO 3IOLFKWVFKXODEVFKOXVV XQWHUGXUFKVFKQLWWOLFK ZDV
EHUHLWV DXI GLH HQRUPH %LOGXQJVH[SDQVLRQ GHU )UDXHQ KLQGHXWHW 'LH ELV MlKULJHQ
7LUROHU,QQHQKDEHQLQ]ZLVFKHQQLFKWQXUDPXQWHUHQ(QGHGHV4XDOLILNDWLRQVVSHNWUXPV]XGHQ
0lQQHUQ DXIJHVFKORVVHQ VRQGHUQ KDEHQ VLH DXFK DP REHUHQ (QGH GHV 4XDOLILNDWLRQV
VSHNWUXPV EHUKROW'DPLWVLQGPLWWOHUZHLOHLQ7LUROMXQJH)UDXHQEHVVHUDXVJHELOGHWDOVMXQJH
0lQQHU

²²
'DV .HQQ]HLFKHQ GHU 7LUROHU 4XDOLILNDWLRQVVWUXNWXU ² GLH 'RPLQDQ] PLWWOHUHU 4XDOLILNDWLRQVDE
VFKO VVH ² LVW LQVEHVRQGHUH DXI GLH )UDXHQ ]XU FN]XI KUHQ 'HU $QWHLO GHU )UDXHQ PLW DEJH
VFKORVVHQHU/HKUHRGHU%HUXIVELOGHQGHQ0LWWOHUHQ6FKXOHOLHJWXP3UR]HQWSXQNWH EHUGHP
gVWHUUHLFK'XUFKVFKQLWW%HLGHQMXQJHQ)UDXHQVLQGHVEHUHLWV3UR]HQWSXQNWH*HQHUHOOLVW
GLH4XDOLILNDWLRQVVWUXNWXUGHUMXQJHQ%HY|ONHUXQJEHVVHUDOVGLHGHUlOWHUHQ'DV3RWHQ]LDODQ
JXWDXVJHELOGHWHQ)UDXHQZLUGMHGRFKLQ7LUROQLFKWDXVJHVFK|SIW'LH(UZHUEVTXRWHGHU
ELVMlKULJHQ)UDXHQPLW0DWXUDOLHJWEHLOHGLJOLFKGDVVLQGXP3UR]HQWSXQNWHZHQL
JHUDOVLPgVWHUUHLFK'XUFKVFKQLWW$XIIDOOHQGLVWJHQHUHOOGLHQLHGULJH)UDXHQHUZHUEVTXRWHLP
+DXSWHUZHUEVDOWHUGLHP|JOLFKHUZHLVHLP=XVDPPHQKDQJPLWGHU9HUHLQEDUNHLWYRQ)DPLOLH
XQG %HUXI VWHKW 'LH (UZHUEVTXRWH GHU )UDXHQ ]ZLVFKHQ XQG -DKUHQ OLHJW GDJHJHQ
JHQDXVRZLHEHLGHQ0lQQHUQ EHUGHP%XQGHVGXUFKVFKQLWW
$XFK EHL GHU 3HUVRQHQJUXSSH GLH VLFK DNWXHOO LP %LOGXQJVV\VWHP EHILQGHW VSLHOHQ PLWWOHUH
4XDOLILNDWLRQVDEVFKO VVHHLQHEHVRQGHUH%HGHXWXQJ6RLVWGLH/HKUDQIlQJHUTXRWHGKGHU
$QWHLOGHU-XJHQGOLFKHQLP/HKUMDKUJHPHVVHQDQGHUMlKULJHQ%HY|ONHUXQJLQ7LUROPLW
GLH ]ZHLWK|FKVWH QDFK 9RUDUOEHUJ 'DU EHU KLQDXV OLHJW GLHVH 4XRWH QXU JHULQJI JLJ
XQWHUGHU/HKUDQIlQJHUTXRWH$QIDQJGHUQHXQ]LJHU-DKUHXQGVRPLWYRU%HJLQQGHU/HKUVWHO
OHQNULVHHQWJHJHQGHP7UHQGLQDQGHUHQ%XQGHVOlQGHUQ'LH/HKUDXVELOGXQJLVWGHPQDFKLQ
7LURO VHKU DWWUDNWLY VRZRKO I U /HKUEHWULHEH DOV DXFK I U /HKUOLQJH hEHU HLQHQ OlQJHUHQ =HLW
UDXP EHWUDFKWHW LVW HV ]X HLQHU 9HUVFKLHEXQJ GHU %LOGXQJVZHJHQWVFKHLGXQJ YRQ -XJHQGOL
FKHQJHNRPPHQ6HLWGHQDFKW]LJHU-DKUHQJLQJGHU$QWHLOGHU6FK OHULQQHQXQG6FK OHUGLH
VLFKLQGHU6FKXOVWXIHI UGLH%HUXIVVFKXOHXQGGDPLWHLQH/HKUHHQWVFKLHGHQXP3UR
]HQWSXQNWH]XU FN 3URILWLHUWKDEHQGDYRQ]ZHL6FKXOIRUPHQLQHWZDJOHLFKHUPD‰HQ%HUXIV
ELOGHQGH 0LWWOHUH 6FKXOHQ 3UR]HQWSXQNWH XQG %HUXIVELOGHQGH +|KHUH 6FKXOHQ 3UR
]HQWSXQNWH %XQGHVZHLW LVW HEHQIDOOV HLQH 9HUODJHUXQJ ZHJ YRQ GHQ %HUXIVVFKXOHQ ]X EHR
EDFKWHQ²SURILWLHUWKDEHQGDYRQDEHUEHLQDKHDXVVFKOLH‰OLFK%HUXIVELOGHQGH+|KHUH6FKX
OHQ'HU7UHQG]XU+|KHUTXDOLIL]LHUXQJLVWVRPLWLQ7LUROZHQLJHUVWDUNDXVJHSUlJW'HU$QWHLOGHU
6FK OHU,QQHQ6FKXOVWXIHLP%LOGXQJVV\VWHPGLHLQ6FKXOHQPLW0DWXUDDEVFKOXVVDXVJHELO
GHWZHUGHQLVWPLWXQWHUGXUFKVFKQLWWOLFKgVWHUUHLFK
,QKDOWOLFKLVWGLH/HKUDXVELOGXQJ EHUGXUFKVFKQLWWOLFKVWDUNLP7RXULVPXVYHUDQNHUW$EHUDXFK
EHL GHQ %HUXIVELOGHQGHQ 0LWWOHUHQ XQG +|KHUHQ 6FKXOHQ JLEW HV HLQHQ EHUGXUFKVFKQLWWOLFK
KRKHQ $QWHLO DQ 6FK OHU,QQHQ PLW 6SH]LDOLVLHUXQJ LP %HUHLFK )UHPGHQYHUNHKU 'LHV LVW DQJH
VLFKWVGHUVWDUNHQ$XVULFKWXQJGHU7LUROHU:LUWVFKDIWDXIGDV%HKHUEHUJXQJVXQG*DVWVWlWWHQ
ZHVHQQLFKWYHUZXQGHUOLFK'LH:LUWVFKDIWVVWUXNWXUSUlJWGLH$XVELOGXQJVVWUXNWXUGHU%HY|ONH
UXQJ PD‰JHEOLFK $XV ELOGXQJVSROLWLVFKHU 6LFKW LVW GLHV NHLQ 1DFKWHLO $XV DUEHLWVPDUNWSROLWL
VFKHU6LFKWLVWMHGRFKGDV%HKHUEHUJXQJVXQG*DVWVWlWWHQZHVHQGXUFKLQVWDELOH(UZHUEVNDU
ULHUHQ XQG JHULQJH (QWORKQXQJ JHNHQQ]HLFKQHW +RKH N|USHUOLFKH %HODVWXQJ GXUFK 7DJH
:RFKHODQJH(LQVDW]]HLWHQXQGXQUHJHOPl‰LJH'LHQVW]HLWHQVRZLHWHLOVKRKH$QIRUGHUXQJHQ
LP+LQEOLFNDXIGLH|UWOLFKH0RELOLWlWWUDJHQGD]XEHLGDVVGLH%HVFKlIWLJWHQLP6HNWRUUHODWLY
MXQJ VLQG 9RU GLHVHP +LQWHUJUXQG PXVV YRU DOOHP LQ GHU /HKUDXVELOGXQJ GDUDXI JHDFKWHW

²²
ZHUGHQGHQ-XJHQGOLFKHQHLQHEUHLWH4XDOLILNDWLRQVEDVLV]XYHUPLWWHOQXPLKQHQGHQ%UDQ
FKHQZHFKVHO]XHUOHLFKWHUQ

²²
:HLWHUELOGXQJ
'LH $NWXDOLVLHUXQJ GHU .HQQWQLVVH YRQ (UZHUEVSHUVRQHQ ZLUG LPPHU ZLFKWLJHU XQG ILQGHW LP
6FKODJZRUW /HEHQVEHJOHLWHQGHV /HUQHQ VHLQHQ 1LHGHUVFKODJ (LQH VWHWH $NWXDOLVLHUXQJ GHU
$XVELOGXQJVJlQJHXQGGLH4XDOLILNDWLRQVHUQHXHUXQJGHU(UZHUEVWlWLJHQGXUFK:HLWHUELOGXQJ
LVWXQXPJlQJOLFKGDGLH $QSDVVXQJGHU4XDOLILNDWLRQHQGHU(UZHUEVSHUVRQHQDOOHLQHGXUFK
$EVROYHQWLQQHQ XQG $EVROYHQWHQ HLQHU PRGHUQLVLHUWHQ EHUXIOLFKHQ (UVWDXVELOGXQJ QLFKW DXV
UHLFKW :XUGH GDKHU LP YRUKHULJHQ .DSLWHO GLH %LOGXQJVZHJHQWVFKHLGXQJ YRQ -XJHQGOLFKHQ
XQG GDPLW ]XN QIWLJHQ $UEHLWVNUlIWHQ QlKHU EHOHXFKWHW VWHKW LQ GLHVHP .DSLWHO GLH $QSDV
VXQJ GHU 4XDOLILNDWLRQHQ DOO MHQHU LP 0LWWHOSXQNW GLH EHUHLWV LP (UZHUEVOHEHQ VWHKHQ 0LWWHOV
GHVNULSWLYHU$XVZHUWXQJZLUGGLH:HLWHUELOGXQJVEHWHLOLJXQJQDFKXQWHUVFKLHGOLFKHQ0HUNPD
OHQDQDO\VLHUWXPVR$QVDW]SXQNWH]XLGHQWLIL]LHUHQGLHHLQH$QKHEXQJGHU:HLWHUELOGXQJVEH
WHLOLJXQJELVODQJELOGXQJVIHUQHURGHUEHQDFKWHLOLJWHU*UXSSHQHUP|JOLFKHQ
$EELOGXQJ :HLWHUELOGXQJGHUELV-lKULJHQQDFK.XUVDUWgVWHUUHLFKXQG7LURO
7LURO
gVWHUUHLFK
NHLQH:HLWHUELOGXQJ
QXUEHUXIVEH]RJHQH.XUVH
NHLQH:HLWHUELOGXQJ
QXUEHUXIVEH]RJHQH.XUVH
QXUSULYDWH.XUVH
VRZRKOEHUXIOLFKDOVDXFKSULYDWH.XUVH
QXUSULYDWH.XUVH
VRZRKOEHUXIOLFKDOVDXFKSULYDWH.XUVH
46WDWLVWLN $XVWULD²6RQGHUSURJUDPP/HEHQVODQJHV/HUQHQ0LNUR]HQVXV,,4XDUWDO²:HUWHVLQGDXIJH
UXQGHW %HUHFKQXQJHQ DXI %DVLV XQJHUXQGHWHU :HUWH 'HU %HUHLFK GHV 6WLFKSUREHQIHKOHUV EHWUlJW XQWHU GHU $Q
QDKPHHLQIDFKHU=XIDOOVDXVZDKOI U:HUWHXQWHU3HUVRQHQMHZHLOVgVWHUUHLFKXQG7LUROPHKUDOV
'HU 'HXWVFKH %LOGXQJVUDW GHILQLHUW :HLWHUELOGXQJ DOV )RUWVHW]XQJ RGHU :LHGHUDXI
QDKPH RUJDQLVLHUWHQ /HUQHQV QDFK $EVFKOXVV HLQHU XQWHUVFKLHGOLFK DXVJHGHKQWHQ HUVWHQ
$XVELOGXQJVSKDVH 'DV (QGH GHU HUVWHQ %LOGXQJVSKDVH XQG GDPLW GHU %HJLQQ P|JOLFKHU
:HLWHUELOGXQJ LVW LQ GHU 5HJHO GXUFK GHQ (LQWULWW LQ GDV YROOH (UZHUEVOHEHQ JHNHQQ]HLFKQHW
:HLWHUELOGXQJLVWGHPQDFKXQDEKlQJLJYRQGHQ%LOGXQJVLQKDOWHQXQGXPIDVVWQLFKWQXUGLH
EHWULHEOLFKH :HLWHUELOGXQJ VRQGHUQ DXFK GLH DOOJHPHLQH :HLWHUELOGXQJ ,Q GHU IROJHQGHQ
8QWHUVXFKXQJGLHDXIGHP6RQGHUSURJUDPPGHV0LNUR]HQVXVLP,,4XDUWDO]XP7KHPD
8QWHURUJDQLVLHUWHQ/HUQHQZLUG/HUQHQLQ.XUVHQRGHU6HPLQDUHQYHUVWDQGHQ

²²
/HEHQVODQJHV /HUQHQ EDVLHUW ZLUG GLHVH 'HILQLWLRQ ZHLWJHKHQG EHUQRPPHQ 'HPQDFK
IDOOHQ XQWHU GHQ %HJULII :HLWHUELOGXQJ DOOJHPHLQH XQG EHUXIVEH]RJHQH .XUVH XQG 6FKXOXQ
JHQ1LFKWEHWUDFKWHWZHUGHQDOOHUGLQJV0D‰QDKPHQLPIRUPDOHQ%LOGXQJVV\VWHPGDPLWZLUG
/HUQHQ LP UHJXOlUHQ 6FKXO XQG +RFKVFKXOV\VWHP DXVJHVFKORVVHQ 1LFKW IRUPDOHV /HUQHQ LVW
EOLFKHUZHLVH QLFKW ]HUWLIL]LHUW XQG XPIDVVW XD .XUVH XQG 6FKXOXQJHQ DP $UEHLWVSODW]
0D‰QDKPHQ GHV $06 .XUVH XQG 6FKXOXQJHQ GHU (UZDFKVHQHQELOGXQJVHLQULFKWXQJHQ XQG
SULYDWHU $QELHWHU)HUQXQWHUULFKW3ULYDWXQWHUULFKWDEHUDXFK8QWHUULFKWDQ0XVLNVFKXOHQRGHU
)DKUVFKXOHQ
,P 5DKPHQ GHU 0LNUR]HQVXVHUKHEXQJ YRP ,, 4XDUWDO ZXUGHQ UXQG 3HUVRQHQ LQ
HWZD +DXVKDOWHQ KLQVLFKWOLFK LKUHV :HLWHUELOGXQJVYHUKDOWHQV LQWHUYLHZW ) U GLH $XV
ZHUWXQJHQ GLHVHV .DSLWHOV ZXUGH GLH 3HUVRQHQJUXSSH DXI GLH ELV -lKULJHQ HLQJH
VFKUlQNWGDHVEHLGHQ-XJHQGOLFKHQ]X8QVFKlUIHQLQGHQ$EJUHQ]XQJHQ]ZLVFKHQ(UVWDXV
ELOGXQJ XQG :HLWHUELOGXQJ NRPPHQ NDQQ XQG HV LQ GHU LQWHUQDWLRQDOHQ /LWHUDWXU GXUFKDXV
EOLFKLVW:HLWHUELOGXQJVDQDO\VHQDXIGLH3HUVRQHQJUXSSHGHU(UZDFKVHQHQLP(UZHUEVDOWHU
HLQ]XVFKUlQNHQ,P6RQGHUSURJUDPPGHV0LNUR]HQVXVJLEWHV]ZHLUHOHYDQWH)UDJHQ]XU:HL
WHUELOGXQJGLHPLWMDRGHUQHLQ]XEHDQWZRUWHQVLQG
• +DEHQ6LHLQGHQYHUJDQJHQHQ0RQDWHQDQ.XUVHQ6FKXOXQJHQ/HKUJlQJHQ6HPL
QDUHQWHLOJHQRPPHQGLHLQHUVWHU/LQLHEHUXIVEH]RJHQZDUHQRGHUGHUEHWULHEOLFKHQ:HL
WHUELOGXQJGLHQHQ"
• +DEHQ6LHLQGHQYHUJDQJHQHQ0RQDWHQDQ.XUVHQ6FKXOXQJHQ/HKUJlQJHQ6HPL
QDUHQWHLOJHQRPPHQGLHVLFKLQHUVWHU/LQLHDXI)UHL]HLW6SRUWXQG+REE\EH]RJHQ]%
.XQVWNXUVH .ODYLHUVWXQGHQ &KL*RQJ 6FKLNXUVH 5HLWVWXQGHQ 0XVLNVFKXOH )DKUVFKXOH
+REE\NXUVHDOOHU$UWHWF)UHPGVSUDFKHQI USULYDWH=ZHFNHRGHUSULYDWH1DFKKLOIH"
'LH$XVZHUWXQJGLHVHU]ZHL)UDJHQ]XUEHUXIOLFKHQXQGSULYDWHQ:HLWHUELOGXQJ]HLJWGDVVVLFK
|VWHUUHLFKZHLWKRFKJHUHFKQHW3HUVRQHQLQGHQ0RQDWHQYRUGHU%HIUDJXQJEH
UXIOLFK XQGRGHU SULYDWZHLWHUELOGHWHQ GDYRQ DXVVFKOLH‰OLFK SULYDW 9RQ GHQ :HLWHU
ELOGXQJVDNWLYHQLP$OWHUYRQELV-DKUHQZDUHQRGHULQ7LUROZRKQKDIW,QDE
VROXWHQ=DKOHQQDKPHQ7LUROHULQQHQXQG7LUROHULQGHQOHW]WHQ0RQDWHQYRUGHU%H
IUDJXQJ EHUXIOLFK XQGRGHU SULYDW DQ :HLWHUELOGXQJ WHLO GDYRQ DXVVFKOLH‰OLFK I U SUL
YDWH=ZHFNH
'LH$XVELOGXQJVLQKDOWHNRQ]HQWULHUHQVLFKEHLGHQEHUXIOLFKPRWLYLHUWHQ:HLWHUELOGXQJVNXUVHQ
VHKUVWDUNDXIGHQ%HUHLFK6R]LDOZLVVHQVFKDIW:LUWVFKDIWXQG5HFKWVRZLHGLH&RPSXWHUEH
GLHQXQJ*HIUDJWQDFKGHP]XOHW]WEHVXFKWHQ.XUVJDEHQLQVJHVDPWGHU:HLWHUELOGXQJV
DNWLYHQDQVLFKLQHLQHPGLHVHUEHLGHQ%HUHLFKHDXVEHUXIOLFKHQ*U QGHQZHLWHUJHELOGHW]X
KDEHQgVWHUUHLFKXQG7LURO'HPJHJHQ EHUHQWIDOOHQUXQGGLH+lOIWHGHU.XUVHGLHDXVUHLQ
SULYDWHP ,QWHUHVVH EHVXFKW ZHUGHQ DXI $QJHERWH LQ GHQ %HUHLFKHQ 'LHQVWOHLVWXQJ VRZLH
)UHPGVSUDFKHQ5XQGGHUDXVSULYDWHQ*U QGHQEHVXFKWHQ.XUVHKDEHQGLH&RPSXWHU
,P-DKUNDPHV]XHLQHUXPIDVVHQGHQ1HXNRQ]HSWLRQGHV0LNUR]HQVXV'HWDLOVVLHKH.\WLU²6WDGOHU

²²
EHGLHQXQJ ]XP ,QKDOW 'LH )UDJH RE HLQH :HLWHUELOGXQJ I U SULYDWH XQG EHUXIOLFKH =ZHFNH
VWDWWJHIXQGHQKDWXQWHUOLHJWGDEHLGHU6HOEVWHLQVFKlW]XQJGHU%HIUDJWHQ
:HLWHUELOGXQJQDFKVR]LRGHPRJUDSKLVFKHQXQGEHUXIOLFKHQ0HUNPDOHQ
=DKOUHLFKH 6WXGLHQ VHW]HQ VLFK PLW GHP 7HLOQDKPHYHUKDOWHQ DQ :HLWHUELOGXQJ DXVHLQDQGHU
=LHOLVWHVEHVRQGHUH3UREOHPJUXSSHQ]XHUNHQQHQGLHELVODQJQXUXQ]XUHLFKHQGDQ:HLWHU
ELOGXQJ SDUWL]LSLHUHQ 7URW] LQKDOWOLFKHU XQG PHWKRGLVFKHU 'LIIHUHQ]HQ ]ZLVFKHQ GHQ 6WXGLHQ
]HLJHQ VLFK LP .HUQ IROJHQGH %HIXQGH 'LH %HWHLOLJXQJ DQ :HLWHUELOGXQJ YDULLHUW PLW GHP
VFKXOLVFKHQXQGGHPEHUXIOLFKHQ$XVELOGXQJVQLYHDXGHPEHUXIOLFKHQ6WDWXVXQGGHUEHUXIOL
FKHQ3RVLWLRQ$XFKJHVFKOHFKWVVSH]LILVFKH8QWHUVFKLHGHVLQGGRUWDXV]XPDFKHQZR)UDXHQ
IDPLOLlUH %HWUHXXQJVDXIJDEHQ ZDKUQHKPHQ 'DU EHU KLQDXV JLEW HV +LQZHLVH DXI 8QWHU
VFKLHGHQDFK$OWHU1DWLRQDOLWlW(LQNRPPHQXQG5HJLRQ6FKU|GHUHWDO,P)ROJHQ
GHQZLUGXQWHUVXFKWLQZLHZHLWGLHVH%HIXQGHDXI7LURO]XWUHIIHQ
:HLWHUELOGXQJVTXRWHQQDFK$OWHUVJUXSSHQXQG$XVELOGXQJ
'LHHUVWHQGHVNULSWLYHQ%HIXQGH]XU:HLWHUELOGXQJI UgVWHUUHLFKXQG7LURO]HLJHQGDVVGLH:HL
WHUELOGXQJVQHLJXQJLQ7LUROLQHWZDGHP%XQGHVGXUFKVFKQLWWHQWVSULFKWXQGHVQXUOHLFKWH8Q
WHUVFKLHGH]ZLVFKHQ0lQQHUQXQG)UDXHQJLEW6WDUNH$EZHLFKXQJHQLP:HLWHUELOGXQJVYHU
KDOWHQ ]HLJHQ VLFK LQGHV VRZRKO LQ 7LURO DOV DXFK DXI %XQGHVHEHQH QDFK $XVELOGXQJ XQG
$OWHUVJUXSSHQ =XP HLQHQ ZHLVHQ JHULQJ 4XDOLIL]LHUWH HLQH JHULQJHUH :HLWHUELOGXQJVDNWLYLWlW
DXI ]XP DQGHUHQ VLQG $UEHLWVNUlIWH LP +DXSWHUZHUEVDOWHU ELV -DKUH DP ZHLWHUELO
GXQJVDNWLYVWHQ
'LH6FKXOELOGXQJLVWHLQHUGHUZLFKWLJVWHQ(LQIOXVVIDNWRUHQDXIGLH:HLWHUELOGXQJ²MHK|KHUGHU
IRUPDOH%LOGXQJVDEVFKOXVVGHVWRK|KHUGLH:HLWHUELOGXQJVEHWHLOLJXQJ%XQGHVZHLWEHWUXJGLH
:HLWHUELOGXQJVTXRWH LP %HWUDFKWXQJV]HLWUDXP XQWHU GHU %HY|ONHUXQJ PLW PD[LPDO
3IOLFKWVFKXODEVFKOXVV KDEHQ OHGLJOLFK DQ HLQHU EHUXIOLFKHQ :HLWHUELOGXQJ WHLOJHQRPPHQ
0LWVWHLJHQGHP$XVELOGXQJVSURILOVWHLJWDXFKGLH%HUHLWVFKDIWVLFKZHLWHU]XELOGHQGHU
ELV-lKULJHQPLW/HKURGHU)DFKVFKXODEVFKOXVVELOGHWHQVLFKLQgVWHUUHLFKZHLWHUVLQG
HVLQGHU%HY|ONHUXQJVJUXSSHPLWDEJHVFKORVVHQHU5HLIHSU IXQJXQGEHUHLWVLQMHQHUPLW
WHUWLlUHP%LOGXQJVDEVFKOXVV8QL)+$NDGHPLH,Q7LUROOLHJWGLH:HLWHUELOGXQJVQHLJXQJLQVJH
VDPWJHULQJI JLJ EHUGHP%XQGHVGXUFKVFKQLWW7LUROgVWHUUHLFK(EHQVRZLHLPgV
WHUUHLFKGXUFKVFKQLWW VFKZDQNW VLH VWDUN PLW GHP$XVELOGXQJVQLYHDX ² XQG ]ZDU ]ZLVFKHQ
EHL 3HUVRQHQ PLW PD[LPDO 3IOLFKWVFKXODEVFKOXVV ELV KLQ ]X EHL 3HUVRQHQ PLW 8QLYHUVLWlWV
)DFKKRFKVFKXO RGHU $NDGHPLHDEVFKOXVV ,P gVWHUUHLFK9HUJOHLFK LVW GLH :HLWHUELOGXQJVQHL
'LH KRKHQ :HLWHUELOGXQJVTXRWHQ ² EH]RJHQ DXI GLH :HLWHUELOGXQJ LQ GHQ OHW]WHQ 0RQDWHQ ² XQWHUVFKLHGHQ
VLFK GHXWOLFK YRQ MHQHQ GLH LP 5DKPHQ GHU $UEHLWVNUlIWHHUKHEXQJ *UXQGSURJUDPP GHV 0LNUR]HQVXV HUPLWWHOW
ZHUGHQ ,P 5DKPHQ GHU $UEHLWVNUlIWHHUKHEXQJ ZLUG GLH )UDJH EHVWHOOW RE LQ GHQ OHW]WHQ :RFKHQ YRU GHU
%HIUDJXQJHLQH7HLOQDKPHDQEHUXIVEH]RJHQHQ.XUVHQ6FKXOXQJHQXVZHUIROJWH'LH8QWHUVFKLHGHOHJHQGDKHULQ
GHUXQWHUVFKLHGOLFKHQ%HWUDFKWXQJVSHULRGHEHJU QGHW

²²
JXQJGHU7LUROHULQQHQXQG7LUROHUPLW0DWXUDgVWHUUHLFKVRZLHMHQHGHU$NDGHPLNH
U,QQHQ7LUROgVWHUUHLFKK|KHU
hEHUVLFKW :HLWHUELOGXQJVTXRWHQLQgVWHUUHLFKXQG7LURO²$OWHUVJUXSSHQ$XVELOGXQJLQ
0D[
3IOLFKWVFKXOH
/HKUDXVELOGXQJ
%06
$+6%+6
8QL)+
$NDGHPLH
,QVJHVDPW
0lQQHUXQG)UDXHQ
gVWHUUHLFK
-DKUH
-DKUH
,QVJHVDPW
7LURO
-DKUH
-DKUH
,QVJHVDPW
46WDWLVWLN$XVWULD²6RQGHUSURJUDPP/HEHQVODQJHV/HUQHQ0LNUR]HQVXV,,4XDUWDO
'LH%HUHLWVFKDIWVLFKZHLWHU]XELOGHQYDULLHUWDXFKPLWGHP$OWHU6LHLVWEHUHLWVLQMXQJHQ-DKUHQ
UHODWLYKRFKVWHLJWPLW]XQHKPHQGHP$OWHUXQGEHJLQQWPLWGHP/HEHQVMDKUZLHGHU]XVLQ
NHQ 'DPLW KDEHQ MXQJH 3HUVRQHQ HLQH K|KHUH :HLWHUELOGXQJVQHLJXQJ DOV lOWHUH (LQ 9HU
JOHLFK GHU :HLWHUELOGXQJVTXRWHQ YRQ ELV -lKULJHQ XQG ELV -lKULJHQ ]HLJW GDVV
3HUVRQHQ LP +DXSWHUZHUEVDOWHU HLQH XP 3UR]HQWSXQNWH K|KHUH :HLWHUELOGXQJVQHLJXQJ
DXIZHLVHQ DOV 3HUVRQHQ ]ZLVFKHQ XQG -DKUHQ ,Q 7LURO HEHQVR ZLH LP %XQGHVGXUFK
VFKQLWW DEVROYLHUWHQ GHU %HY|ONHUXQJ LP +DXSWHUZHUEVDOWHU LQ GHQ 0RQDWHQ YRU GHU
%HIUDJXQJPLQGHVWHQVHLQHQ:HLWHUELOGXQJVNXUVXQWHUGHQELV-lKULJHQEHWUXJGHU$Q
WHLOOHGLJOLFK
:HLWHUELOGXQJVTXRWHQQDFK*HVFKOHFKW
gVWHUUHLFKZHLWZLHDXFKLQ7LUROELOGHQVLFKGHU)UDXHQLP$OWHU]ZLVFKHQXQG-DKUHQ
ZHLWHU 'LH GHVNULSWLYHQ $XVZHUWXQJHQ ]HLJHQ GDVV 0lQQHU XQG )UDXHQ HLQH DQQlKHUQG
JOHLFKKRKH:HLWHUELOGXQJVQHLJXQJDXIZHLVHQ) UGDVJHVDPWH%XQGHVJHELHWOLHJWGLH:HL
WHUELOGXQJVQHLJXQJGHU0lQQHUXP3UR]HQWSXQNWH EHUMHQHUGHU)UDXHQLQ7LUROXP3UR
]HQWSXQNWH 'DV :HLWHUELOGXQJVYHUKDOWHQ lQGHUW VLFK MHGRFK GHXWOLFK ZHQQ .LQGHU XQWHU
-DKUHQLP+DXVKDOWOHEHQ:lKUHQGVLFK|VWHUUHLFKZHLWGHUELVMlKULJHQ)UDXHQ
RKQH .OHLQNLQGHU LP +DXVKDOW LQ GHQ 0RQDWHQ YRU GHU %HIUDJXQJ ZHLWHUJHELOGHW KDEHQ
OLHJWGLH:HLWHUELOGXQJVEHWHLOLJXQJGHU)UDXHQPLWPLQGHVWHQVHLQHP.LQGXQWHU-DKUHQQXU
EHL$PVWlUNVWHQXQWHUVFKHLGHWVLFKGDV:HLWHUELOGXQJVYHUKDOWHQLQGHU$OWHUVJUXSSHGHU
ELVMlKULJHQ)UDXHQ)UDXHQGLHVHU $OWHUVJUXSSHRKQH.OHLQNLQGXQWHU-DKUHKDEHQ
HLQHPHKUDOVGRSSHOWVRKRKH:HLWHUELOGXQJVTXRWHDOV)UDXHQPLWPLQGHVWHQVHLQHP.LQGHU
XQWHU-DKUHYHUVXV
8QWHUVFKLHGH]ZLVFKHQGHU:HLWHUELOGXQJVEHWHLOLJXQJYRQ0lQQHUQXQG)UDXHQJLEWHVDXFK
KLQVLFKWOLFK GHU ,QDQVSUXFKQDKPH GHV .XUVDQJHERWV 0lQQHU EHVXFKHQ GHXWOLFK |IWHU DXV

²²
VFKOLH‰OLFKEHUXIVEH]RJHQH:HLWHUELOGXQJVNXUVHDOV)UDXHQ9RQGHQNQDSS)UDXHQLQ
7LUROgVWHUUHLFKGLHVLFKLQGHQOHW]WHQ0RQDWHQZHLWHUJHELOGHWKDEHQEHVXFKWHQ
gVWHUUHLFKDXVVFKOLH‰OLFKEHUXIVEH]RJHQH.XUVHgVWHUUHLFKQDKPHQQXU
DQSULYDWHQ.XUVHQWHLOXQGgVWHUUHLFKJDEHQDQVRZRKOEHUXIVEH]RJHQHDOVDXFK
SULYDWH.XUVHEHOHJW]XKDEHQ%HLGHQZHLWHUELOGXQJVDNWLYHQ0lQQHUQOLHJWGHU$QWHLOGHUHU
GLH QXU EHUXIVEH]RJHQH .XUVH EHVXFKW KDEHQ XP HLQ 'ULWWHO K|KHU GHU PlQQOL
FKHQ:HLWHUELOGXQJVWHLOQHKPHUgVWHUUHLFKYRQKDEHQDXVVFKOLH‰OLFKEHUXIVEH
]RJHQH.XUVHEHVXFKW
:HLWHUELOGXQJVTXRWHQQDFK(LQELQGXQJLQGHQ(UZHUEVSUR]HVV
8QWHU GHQ :HLWHUELOGXQJVWHLOQHKPHU,QQHQLP $OWHU YRQ ELV -DKUHQ VLQG (UZHUEVWlWLJH ²
JHPHVVHQ DQ GHU :HLWHUELOGXQJVTXRWH ² GLH ZHLWHUELOGXQJVDNWLYVWH *UXSSH 'HU $QWHLO GHU
(UZHUEVWlWLJHQGLHVLFKEHUXIOLFKXQGRGHUSULYDWLQGHQOHW]WHQ0RQDWHQZHLWHUELOGHWHQ
OLHJWJHPHVVHQDQDOOHQ(UZHUEVWlWLJHQ|VWHUUHLFKZHLWEHLLQ7LUROPLWHWZDVK|KHU
$Q]ZHLWHU6WHOOHOLHJWGLH:HLWHUELOGXQJVTXRWHGHU$UEHLWVORVHQgVWHUUHLFKXQG7LUROMH
ZDVLQHUVWHU/LQLHDXI6FKXOXQJVDNWLYLWlWHQGHV$06]XU FN]XI KUHQLVW
6LHKW PDQ VLFK GLH :HLWHUELOGXQJVQHLJXQJ GHU (UZHUEVWlWLJHQ QDFK GHU VR]LDOUHFKWOLFKHQ
6WHOOXQJLP%HUXIDQZHLVHQ$UEHLWHULQQHQXQG$UEHLWHUJHJHQ EHU6HOEVWlQGLJHQ$QJHVWHOO
WHQ XQG %HDPWHQ HLQH JHULQJHUH :HLWHUELOGXQJVTXRWH DXI 'DV XQWHUVFKLHGOLFKH :HLWHUELO
GXQJVYHUKDOWHQVWHKWLQHQJHU5HODWLRQ]XUK|FKVWHQDEJHVFKORVVHQHQ$XVELOGXQJ:lKUHQG
$UEHLWHULQQHQXQG$UEHLWHUYRUDOOHPLPXQWHUHQXQGPLWWOHUHQ4XDOLILNDWLRQVVHJPHQWVWDUNYHU
WUHWHQVLQGNRQ]HQWULHUHQVLFK$QJHVWHOOWHXQG%HDPWHDXIK|KHUH$XVELOGXQJVDEVFKO VVH'LH
K|FKVWH:HLWHUELOGXQJVTXRWHILQGHWVLFKGHPQDFKEHLGHQ%HDPWHQXQG$QJHVWHOOWHQ
hEHUVLFKW :HLWHUELOGXQJVTXRWHQ(UZHUEVWlWLJHULQgVWHUUHLFKXQG7LURO²EHUXIOLFKH
6WHOOXQJ*HVFKOHFKWLQ
7LURO gVWHUUHLFK
0lQQHU )UDXHQ ,QVJHVDPW 0lQQHU )UDXHQ ,QVJHVDPW
6HOEVWlQGLJH
$QJHVWHOOWH
%HDPWH
$UEHLWHU
,QVJHVDPW
46WDWLVWLN$XVWULD²6RQGHUSURJUDPP/HEHQVODQJHV/HUQHQ0LNUR]HQVXV,,4XDUWDO$EJUHQ]XQJGHU(UZHUEVWl
WLJHQQDFKGHP/HEHQVXQWHUKDOWVNRQ]HSW
0RWLYDWLRQXQG$XVZLUNXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJ
,P 6RQGHUSURJUDPP GHV 0LNUR]HQVXV ZXUGHQ GLH :HLWHUELOGXQJVDNWLYHQ GLH VLFK EHUXIOLFK
ZHLWHUJHELOGHWKDEHQQDFKGHQ0RWLYHQI UGLH7HLOQDKPHEHIUDJW$OVVWlUNVWHV0RWLYI UGLH
7HLOQDKPHDQEHUXIOLFKHU:HLWHUELOGXQJJLOWGLH:HLWHUHQWZLFNOXQJGHUEHWULHEOLFKHQ3RVLWLRQ
gVWHUUHLFK E]Z 7LURO GHU :HLWHUELOGXQJVDNWLYHQ QDQQWHQ GLHVHQ *UXQG DP KlX

²²
ILJVWHQ $XIGHQ5lQJHQ]ZHLELVYLHUIROJWHQGHU:XQVFKYHUDOWHWH.HQQWQLVVHDXI]XIULVFKHQ
gVWHUUHLFK 7LURO GLH %HVFKlIWLJXQJ ]X VLFKHUQ gVWHUUHLFK XQG 7LURO XQG GLH
$XIVWLHJVP|JOLFKNHLWHQ ]X YHUEHVVHUQ gVWHUUHLFK XQG 7LURO (LQH XQWHUJHRUGQHWH 5ROOH
VFKHLQWGDJHJHQGLHEHUXIOLFKH:HLWHUELOGXQJ]XVSLHOHQZHQQHVGDUXPJHKW $UEHLWVSODW]
RGHU%HUXI]XZHFKVHOQ
'LH*U QGHI UEHUXIOLFKH:HLWHUELOGXQJGLIIHULHUHQQDFKVR]LRGHPRJUDSKLVFKHQ0HUNPDOHQ
=ZLVFKHQ7LUROXQGGHPJHVDPWHQ%XQGHVJHELHWJLEWHVDOOHUGLQJVNDXP$EZHLFKXQJHQ
• 0lQQHUQDQQWHQGHQ:XQVFKQDFK:HLWHUHQWZLFNOXQJGHUEHWULHEOLFKHQ3RVLWLRQKlXIL
JHUDOV)UDXHQ,Q7LUROJDEHQGHU0lQQHUXQGGHU)UDXHQGLHVHV0RWLYDQ$XI
%XQGHVHEHQHZXUGHGHU:XQVFKQDFK:HLWHUHQWZLFNOXQJGHUEHWULHEOLFKHQ3RVLWLRQVR
ZRKOYRQ0lQQHUQDOVDXFKYRQ)UDXHQ|IWHUJHQDQQWE]Z
• :lKUHQGEHLGHQ- QJHUHQGLH9HUEHVVHUXQJGHU$XIVWLHJVP|JOLFKNHLWHQEHUHLWVDQ]ZHL
WHU6WHOOHVWHKWgVWHUUHLFK7LUROZXUGHEHLGHQbOWHUHQGDV$XIIULVFKHQYHUDOWH
WHU.HQQWQLVVHgVWHUUHLFK7LURODP]ZHLWKlXILJVWHQJHQDQQW
• :lKUHQGVLFKKRFK4XDOLIL]LHUWHZHQLJHU6RUJHQXPLKUHQ$UEHLWVSODW]PDFKHQXQGGD
PLWVHOWHQHUGLH6LFKHUXQJGHU%HVFKlIWLJXQJDOV*UXQGI UGLHEHUXIOLFKH:HLWHUELOGXQJ
DQJDEHQZXUGHGLHVHV0RWLYYRQ(UZHUEVWlWLJHQPLWQLHGULJHP%LOGXQJVQLYHDX|IWHUJH
QDQQW
$EELOGXQJ 0RWLYI UGLHEHUXIOLFKH:HLWHUELOGXQJXQGGHUHQ$XVZLUNXQJgVWHUUHLFKXQG
7LUROLQ
0RWLY
$XVZLUNXQJ
:HLWHUHQWZLFNOXQJGHUEHWULHEOLFKHQ3RVLWLRQ
9HUDOWHWH.HQQWQLVVH
9HUEHVVHUXQJGHU
EHUXIOLFKHQ6LWXDWLRQ
6LFKHUXQJGHU%HVFKlIWLJXQJ
9HUEHVVHUXQJGHU$XIVWLHJVP|JOLFKNHLWHQ
(UKDOWXQJGHUGHU]HLWLJHQ
%HVFKlIWLJXQJ
6RQVWLJHV
1HXH7lWLJNHLWLP%HWULHE
ZHQLJRGHUNHLQH
$XVZLUNXQJ
+DXSWVlFKOLFKSULYDWH=ZHFNH
:LOOZROOWH%HUXIZHFKVHOQ
:LOOZROOWH$UEHLWVSODW]ZHFKVHOQ
+LOIHEHLPILQGHQGHU
GHU]HLWLJHQOHW]WHQ
%HVFKlIWLJXQJ
gVWHUUHLFK 7LURO
gVWHUUHLFK 7LURO
4 6WDWLVWLN $XVWULD ² 6RQGHUSURJUDPP /HEHQVODQJHV /HUQHQ 0LNUR]HQVXV ,, 4XDUWDO ² )UDJH :LFKWLJVWH
0RWLYHI UGLH7HLOQDKPHDQEHUXIVEH]RJHQHQ.XUVHQ6FKXOXQJHQXVZLQGHQOHW]WHQ0RQDWHQ0HKUIDFKDQWZRU
WHQP|JOLFK" )UDJH:HOFKH$XVZLUNXQJHQKDWWHQGLH.XUVH6FKXOXQJHQXVZDXI,KUHEHUXIOLFKH7lWLJNHLW0HKU
IDFKDQWZRUWHQP|JOLFK"
'LH :HLWHUELOGXQJVDNWLYHQ VFKlW]HQ ² VRZRKO LQ 7LURO DOV DXFK EXQGHVZHLW ² GHQ (LQIOXVV GHU
DEVROYLHUWHQ :HLWHUELOGXQJVPD‰QDKHP DXI GLH EHUXIOLFKH 7lWLJNHLW EHUZLHJHQG SRVLWLY HLQ
$PKlXILJVWHQZXUGHGHPDEVROYLHUWHQ.XUVHLQH9HUEHVVHUXQJGHUEHUXIOLFKHQ6LWXDWLRQ]X
JHVFKULHEHQ7LUROXQGgVWHUUHLFK,PPHUKLQgVWHUUHLFKVDKHQGHQ(UKDOWGHU

²²
GHU]HLWLJHQ %HVFKlIWLJXQJ JHJHEHQ (LQ ) QIWHO GHU :HLWHUELOGXQJVDNWLYHQ gVWHUUHLFK
VSUDFKGHQDEVROYLHUWHQEHUXIVEH]RJHQHQ.XUVHQZHQLJRGHUNHLQH$XVZLUNXQJ]X
)LQDQ]LHOOHXQG]HLWOLFKH$XIZHQGXQJHQGHUEHUXIOLFKHQ:HLWHUELOGXQJ
(LQHP *UR‰WHLO GHU (UZHUEVWlWLJHQ GLH VLFK LQ GHQ 0RQDWHQ YRU GHU %HIUDJXQJ EHUXIOLFK
ZHLWHUELOGHWHQHQWVWDQGHQLP5DKPHQGHUEHUXIOLFKHQ:HLWHUELOGXQJNHLQH.RVWHQ'LHILQDQ
]LHOOHQ=XVFK VVHNDPHQDPKlXILJVWHQYRP$UEHLWJHEHUgVWHUUHLFKZHLWJDEHQGHU:HL
WHUELOGXQJVDNWLYHQDQGDVVLKQHQNHLQHSHUV|QOLFKHQ$XVJDEHQGXUFKGLHEHUXIOLFKH:HLWHU
ELOGXQJVPD‰QDKPHHQWVWDQGHQVLQG]DKOWHQZHQLJHUDOV ZHLWHUHQHQWVWDQGHQ
.RVWHQLQ+|KHYRQ ELV 2EGLH:HLWHUELOGXQJPLWSHUV|QOLFKHQ.RVWHQYHUEXQGHQ
ZDURGHUQLFKWE]ZZLHKRFKGLHSHUV|QOLFKHQ$XVJDEHQZDUHQKlQJWHQJPLWGHP$XVELO
GXQJVJUDGGHU:HLWHUELOGXQJVWHLOQHKPHU,QQHQ]XVDPPHQ-HK|KHUGLHIRUPDOH$XVELOGXQJ
GHVWRK|KHUGHU$QWHLOGHU3HUVRQHQPLWSHUV|QOLFKHQ$XVJDEHQ,QVJHVDPWHUKLHOWHQYRQ
]XPLQGHVWHLQHU(LQULFKWXQJRGHU6WHOOHHLQHQ=XVFKXVVE]ZHLQH)|UGHUXQJ'LH0HKUKHLWGHU
:HLWHUELOGXQJVDNWLYHQJDEDQGDVVGHU $UEHLWJHEHUGHQ.XUVI|UGHUWHE]ZHLQHQ=X
VFKXVVOHLVWHWHVLHKH$EELOGXQJHUKLHOWHQHLQH)|UGHUXQJGXUFKGDV/DQGYRQ,QWHUHV
VHQVYHUWUHWXQJHQE]Z.DPPHUQXQGNRQQWHQLKUHQ:HLWHUELOGXQJVNXUVVWHXHUOLFKJHOWHQG
PDFKHQ
7LUROHULQQHQXQG7LUROHUJHEHQHWZDVKlXILJHU*HOGI ULKUHEHUXIOLFKH:HLWHUELOGXQJDXVDOVLP
'XUFKVFKQLWWgVWHUUHLFKV7LUROKDWWHQNHLQHILQDQ]LHOOHQ$XIZHQGXQJHQgVWHUUHLFK
JDEHQZHQLJHUDOV DXV]ZLVFKHQ XQG =XGHPGDVVEHUXIOLFKH:HL
WHUELOGXQJVPD‰QDKPHQLQ7LURO|IWHUPLWSHUV|QOLFKHQ$XVJDEHQYHUEXQGHQVLQGZHUGHQVLH
ZHQLJHURIWGXUFK'ULWWHJHI|UGHUWHUKLHOWHQNHLQHQ=XVFKXVVE]ZNHLQH)|UGHUXQJI UGLH
EHUXIOLFKH:HLWHUELOGXQJ%XQGHVZHLWODJGHU$QWHLOPLWQLHGULJHU$OV)LQDQFLHU ZXUGH
DP|IWHVWHQGHU$UEHLWJHEHUJHQDQQWZHQQJOHLFKGLHVHU$QWHLOJHULQJHUDOVLP%XQGHV
GXUFKVFKQLWWgVWHUUHLFKVLVW-HZHLOVHUKLHOWHQHLQH)|UGHUXQJYRQGHQ.DPPHUQXQG
,QWHUHVVHQVYHUWUHWXQJHQRGHUGHP/DQGNRQQWHQGLH:HLWHUELOGXQJVPD‰QDKPHVWHXHUOLFK
DEVHW]HQ) UGLHJHI|UGHUWH3HUVRQPDJMHGRFKGLH(LQVFKlW]XQJZHOFKH)|UGHUVWHOOHOHW]W
OLFKHLQHQ=XVFKXVV]XUEHUXIOLFKHQ:HLWHUELOGXQJJHOHLVWHWKDWQLFKWLPPHUHLQIDFKVHLQ%HL
HLQHUVFKOHFKWHQ,QIRUPDWLRQVSROLWLNGHU)|UGHUVWHOOHNDQQHVGDKHU]X9HU]HUUXQJHQNRPPHQ
3HUVRQHQGLH HLQH EHUXIVEH]RJHQH 6FKXOXQJ GXUFK GDV $06 HUKDOWHQ KDEHQ VLQGLQ GHU 6WLFKSUREH HQWKDOWHQ
$066FKXOXQJHQZXUGHQMHGRFKQLFKWJHVRQGHUWWKHPDWLVLHUW

²²
$EELOGXQJ 3HUV|QOLFKH$XVJDEHQVRZLH=XVFK VVHXQG)|UGHUXQJHQI UGLHEHUXIOLFKH
:HLWHUELOGXQJgVWHUUHLFKXQG7LUROLQ
3HUV|QOLFKH$XVJDEHQ
=XVFK VVHXQG)|UGHUXQJHQ
EHU
U
H
E
Q
WLR
D
UP
IR
,Q
H
LQ
H
N
LQ
H
Q
LW
H
N
K
OLF
J
|
UP
H
UG
|
)
XQWHU
NHLQH
gVWHUUHLFLK 7LURO
H
G
LQ
H
P
H
U*
H
G
Q
R
Y
MD
gVWHUUHLFK
7LURO
46WDWLVWLN$XVWULD²6RQGHUSURJUDPP/HEHQVODQJHV/HUQHQ0LNUR]HQVXV,,4XDUWDO² )UDJH+|KHGHUSHU
V|QOLFKHQ$XVJDEHQRKQH=XVFK VVH)|UGHUXQJHQI U,KUHEHUXIVEH]RJHQHQ.XUVH6FKXOXQJHQXVZLQGHQOHW]WHQ
0RQDWHQ LQ (XUR" )UDJH +DEHQ 6LH I U GLHVH EHUXIVEH]RJHQHQ .XUVH 6FKXOXQJHQ XVZ LQ GHQ OHW]WHQ
0RQDWHQ=XVFK VVH)|UGHUXQJHQHUKDOWHQ0HKUIDFKDQWZRUWHQP|JOLFK"
1HEHQGHU7HLOQDKPHDQ:HLWHUELOGXQJVPD‰QDKPHQLVWGLH'DXHUGHU0D‰QDKPHDOV,QGLND
WRU I U GLH ,QWHQVLWlW GHU :HLWHUELOGXQJ YRQ ,QWHUHVVH :LH LQWHQVLY EHUXIOLFKH :HLWHUELOGXQJ
EHWULHEHQ XQG ZLH YLHO =HLW GDI U YHUZHQGHW ZLUG ZLUG DQKDQG GHU ]XOHW]W VWDWWJHIXQGHQHQ
:HLWHUELOGXQJVPD‰QDKPHDQDO\VLHUW ,P'XUFKVFKQLWWGDXHUWHLQ:HLWHUELOGXQJVNXUVLQ7LURO
6WXQGHQgVWHUUHLFK6WXQGHQ'HU*UR‰WHLOGHU%HIUDJWHQKDWMHGRFK.XUVHXQG6FKX
OXQJHQ LP $XVPD‰ YRQ OHGLJOLFK ELV 6WXQGHQ EHVXFKW 7LURO gVWHUUHLFK
7LUROXQGgVWHUUHLFKELOGHWHQVLFK]ZLVFKHQXQG6WXQGHQLPOHW]WHQ.XUVZHLWHUXQG
]ZLVFKHQXQG6WXQGHQ(UVWDEHLQHU$Q]DKOYRQRGHUPHKU.XUVVWXQGHQVWHLJWGHU
$QWHLOGHU7HLOQHKPHU,QQHQZLHGHUGHU.XUVWHLOQDKPHQLQ7LUROgVWHUUHLFKHQWILHOHQ
DXI6FKXOXQJHQPLWHLQHU*HVDPWGDXHUYRQPLQGHVWHQV6WXQGHQ
9RQGHQELV-lKULJHQGHUHQOHW]WHU:HLWHUELOGXQJVNXUVEHUXIOLFKPRWLYLHUWZDUJDEGHU
*UR‰WHLODQGLH:HLWHUELOGXQJDXVVFKOLH‰OLFKLQGHUEH]DKOHQ $UEHLWV]HLWDEVROYLHUW]XKDEHQ
7LUROgVWHUUHLFK'LH%HUHLWVFKDIWVLFKEHUXIOLFKDXFKLQGHU)UHL]HLWZHLWHU]XELOGHQLVW
DEHUKRFK,PPHUKLQgVWHUUHLFKKDEHQI UGLHEHUXIOLFKH:HLWHUELOGXQJLKUH)UHL]HLW
JHRSIHUW-HZHLOVKDEHQHLQHQ7HLOGHU)UHL]HLWE]ZHLQHQ7HLOGHU$UEHLWV]HLWI UGLH:HL
WHUELOGXQJYHUZHQGHW
,P5DKPHQGHU6RQGHUHUKHEXQJGHV0LNUR]HQVXVZXUGHQ3HUVRQHQGLHDQJDEHQVLFKLQGHQOHW]WHQ0RQDWHQ
EHUXIOLFKRGHUSULYDWZHLWHUJHELOGHW]XKDEHQXPQlKHUH$QJDEHQ]XGHQOHW]WHQ.XUVHQE]Z6FKXOXQJHQJHEH
WHQ

²²
$EELOGXQJ 'DXHUXQG=HLWSXQNWHGHUOHW]WHQEHUXIOLFKHQ:HLWHUELOGXQJVPD‰QDKPHLQ
6WXQGHQgVWHUUHLFKXQG7LUROLQ
'DXHUGHV.XUVHV"
:DQQVWDWWJHIXQGHQ"
PHKUDOV6WXQGHQ
ZDUHUZHUEVORV
6WXQGHQ
QXULQ)UHL]HLW
6WXQGHQ
EHUZLHJHQGLQ
)UHL]HLW
6WXQGHQ
EHUZLHJHQGLQ
EH]DKOWHU$UEHLWV]HLW
6WXQGHQ
QXULQEH]DKOWHU
$UEHLWV]HLW
gVWHUUHLFK 7LURO
gVWHUUHLFK 7LURO
46WDWLVWLN$XVWULD²6RQGHUSURJUDPP/HEHQVODQJHV/HUQHQ0LNUR]HQVXV,,4XDUWDO² )UDJHQDFKGHU'DXHU
GHU OHW]WHQ EHUXIOLFKHQ :HLWHUELOGXQJVPD‰QDKPH )UDJH :DQQ IDQG GLH OHW]WH DXV KDXSWVlFKOLFK EHUXIOLFKHQ
*U QGHQEHVXFKWH:HLWHUELOGXQJVPD‰QDKPHVWDWW"
bQGHUXQJVZ QVFKHDXV6LFKWGHU%HWURIIHQHQ
=HLWOLFKH5HVWULNWLRQHQZHUGHQDOVZHVHQWOLFKH%DUULHUHHUDFKWHWZHQQHVGDUXPJHKWGLH:HL
WHUELOGXQJVEHWHLOLJXQJ ]X HUK|KHQ ,P 6RQGHUSURJUDPP GHV 0LNUR]HQVXV ZXUGH GDKHU GHU
)UDJHQDFKJHJDQJHQZHOFKH9HUlQGHUXQJHQDXV6LFKWGHU%HIUDJWHQ²XQDEKlQJLJGDYRQ
REVLHVLFKLQGHQOHW]WHQ0RQDWHQZHLWHUJHELOGHWKDEHQRGHUQLFKW²QRWZHQGLJZlUHQ
GDPLW VLH OHLFKWHU =HLW I U :HLWHUELOGXQJ DXIEULQJHQ N|QQWHQ 'LH )UDJH ZXUGH I U GLH
%HY|ONHUXQJLP$OWHUYRQELV-DKUHQDXVJHZHUWHW9RQP|JOLFKHQ$QWZRUWNDWHJRULHQ
JDEHQ LQ 7LURO gVWHUUHLFK DQ NHLQHQ 9HUlQGHUXQJVZXQVFK ]X KDEHQ XQG PLW GHU
GHU]HLWLJHQ6LWXDWLRQ]XIULHGHQ]XVHLQ:HLWHUHgVWHUUHLFKKDWWHQNHLQHbQGHUXQJV
Z QVFKHGDVLHRKQHGLHVNHLQH:HLWHUELOGXQJVDNWLYLWlWHQSODQHQ'DPLWLVWLQ7LUROGHU$QWHLO
GHUELV-lKULJHQPLWbQGHUXQJVZ QVFKHQJU|‰HUDOVLPJHVDPWHQ%XQGHVJHELHW
YHUVXV,QGHU*UXSSHGHU%HIUDJWHQPLWbQGHUXQJVZ QVFKHQGRPLQLHUWHQGHU:XQVFK
QDFKPHKU%LOGXQJVDQJHERWHQLQGHU1lKHGHV:RKQRUWHVJHIROJWYRP:XQVFKQDFKPHKU
$EHQGNXUVHQ GHP :XQVFK |IWHU HLQH EHWULHEOLFKH %LOGXQJVIUHLVWHOOXQJ ]X EHNRPPHQ PHKU
:RFKHQHQGDQJHERWHXQGPHKU.LQGHUEHWUHXXQJVDQJHERW
'LH %HIUDJWHQ NRQQWHQ DXV $QWZRUWP|JOLFKNHLWHQ ZlKOHQ XQG MHZHLOV *U QGH ² PLW HLQHU 5HLKXQJ ²
DQJHEHQ'LHIROJHQGH$XVZHUWXQJEH]LHKWVLFKDXIGHQI UGLH%HIUDJWHQZLFKWLJVWHQ*UXQG1HQQXQJ

²²
$EELOGXQJ 9HUlQGHUXQJVZ QVFKHGLHHVHUOHLFKWHUQPHKU=HLWI U:HLWHUELOGXQJ]X
KDEHQI U7LUROXQGgVWHUUHLFKLQ
1LFKWVlQGHUQNHLQH:HLWHUELOGXQJQ|WLJ
1LFKWVlQGHUQELQ]XIULHGHQ
.RPE.XUVEHVXFK)HUQOHUQHQDXVEDXHQ
gIWHUEHWULHEO%LOGXQJVIUHLVWHOOXQJ
%LOGXQJQlKHUDP$UEHLWVSODW]DQELHWHQ
%LOGXQJQlKHUDQGHU:RKQXQJDQELHWHQ
7HOHHOHDUQLQJDXVEDXHQ
0HKU.LQGHUEHWUHXXQJDQELHWHQ
0HKU:RFKHQHQGDQJHERWH
0HKU$EHQGNXUVHDQELHWHQ
gVWHUUHLFK
7LURO
46WDWLVWLN$XVWULD²6RQGHUSURJUDPP/HEHQVODQJHV/HUQHQ0LNUR]HQVXV,,4XDUWDO)UDJH:HOFKH9HUlQGH
UXQJHQZ UGHQHVHUOHLFKWHUQ=HLWI U:HLWHUELOGXQJ]XKDEHQ"
'LH(UJHEQLVVHGLIIHULHUHQOHLFKWMHQDFKGHPRELQGHQ0RQDWHQYRUGHU(UKHEXQJHLQH
EHUXIOLFKH:HLWHUELOGXQJVWDWWJHIXQGHQKDWRGHUQLFKW9RQGHQ7LUROHULQQHQXQG7LUROHUQGLH
QLFKW ZHLWHUELOGXQJVDNWLY ZDUHQ XQG JOHLFK]HLWLJ bQGHUXQJVZ QVFKH KDWWHQ QDQQWHQ
gVWHUUHLFKGHQ:XQVFKQDFKPHKU%LOGXQJVDQJHERWLQGHU1lKHGHV:RKQRUWHVDQHUV
WHU6WHOOHgVWHUUHLFKZ QVFKWHQVLFK|IWHUHLQHEHWULHEOLFKH)UHLVWHOOXQJI U:HLWHU
ELOGXQJV]ZHFNH) UZlUHGHU$XVEDXYRQ:HLWHUELOGXQJVDQJHERWHQDP$EHQGXQGI U
PHKU $QJHERW DP :RFKHQHQGH HLQH (UOHLFKWHUXQJ gVWHUUHLFK PHKU $EHQGNXUVH
E]ZPHKU:RFKHQHQGDQJHERWH,P9HUJOHLFK]XU3HUVRQHQJUXSSHGLHVLFKLQGHQOHW]
WHQ 0RQDWHQ EHUXIOLFK ZHLWHUJHELOGHW KDW ZXUGH GHU :XQVFK QDFK HLQHP $XVEDX GHV
.LQGHUEHWUHXXQJVDQJHERWV GHXWOLFK |IWHU JHQDQQW VWDWW 7HOH E]Z (/HDUQLQJ
VFKHLQWGDJHJHQEHLGHQ:HLWHUELOGXQJVDNWLYHQHWZDVZLFKWLJHU]XVHLQVWDWW

²²
3URJQRVHGHU:LUWVFKDIWVHQWZLFNOXQJLQ7LURO
(LQHGHU*UXQGODJHQGHU%HUXIVJUXSSHQSURJQRVHVWHOOWGLH3URJQRVHGHU(QWZLFNOXQJGHU=DKO
GHU %HVFKlIWLJWHQ QDFK:LUWVFKDIWVEUDQFKHQ GDU =XVlW]OLFK ZXUGH DXFK HLQH 3URJQRVH GHU
%UXWWRZHUWVFK|SIXQJVHQWZLFNOXQJVRZLHGHU$UEHLWVORVHQTXRWHI U7LUROXQGgVWHUUHLFKGXUFK
JHI KUW 'HU 3URJQRVH]HLWUDXP HUVWUHFNW VLFK YRQ ELV ,P )ROJHQGHQ ZHUGHQ
]XQlFKVWGLH3URJQRVHPHWKRGHQHUOlXWHUWXQGDQVFKOLH‰HQGGLH3URJQRVHHUJHEQLVVHGDUJH
VWHOOW
3URJQRVHPHWKRGHQ
0XOWL5(*GDVPXOWLUHJLRQDOHPXOWLVHNWRUDOH0RGHOOI UgVWHUUHLFK
'LH 3URJQRVH GHU %HVFKlIWLJXQJV XQG %UXWWRZHUWVFK|SIXQJVHQWZLFNOXQJ I U 7LURO QDFK :LUW
VFKDIWVEUDQFKHQ ZXUGH DXI %DVLV GHV PXOWLUHJLRQDOHQ PXOWLVHNWRUDOHQ 0RGHOOV 0XOWL5(*
GXUFKJHI KUW'LHVHV0RGHOOZXUGHLQGHQOHW]WHQ-DKUHQYRQHLQHP)RUVFKHUWHDPGHV:,)2
XQGGHV,QVWLWXWVI U7HFKQRORJLHXQG5HJLRQDOSROLWLNGHU-RDQQHXP5HVHDUFKHQWZLFNHOW
0XOWL5(* ELOGHW GLH ZLUWVFKDIWOLFKHQ 9HUIOHFKWXQJHQ DXI GHU (EHQH YRQ 6HNWRUHQ :LUW
VFKDIWVEUDQFKHQE]Z* WHUQXQGGHQQHXQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQDEXQGHUIDVVW
GDPLW GLH VHNWRUDOHQ =XOLHIHU XQG .RQVXPEH]LHKXQJHQ LQQHUKDOE HLQHV %XQGHVODQGHV ZLH
DXFKMHQH]ZLVFKHQGHQ%XQGHVOlQGHUQXQGPLWGHP$XVODQG
0XOWL5(*EHVWHKWDXVGHU9HUELQGXQJPHKUHUHU0RGXOH
• UHJLRQDOH ,QSXW2XWSXW 0DWUL]HQ ZHOFKH GLH /LHIHUVWU|PH ]ZLVFKHQ GHQ 6HNWRUHQ
HLQHV%XQGHVODQGHVHQWKDOWHQ
• HLQHLQWHUUHJLRQDOH+DQGHOVPDWUL[ ZHOFKHGLH/LHIHUXQJHQYHUVFKLHGHQHU* WHU]ZL
VFKHQGHQ%XQGHVOlQGHUQVRZLH$XVODQGVH[SRUWXQGLPSRUWVWU|PHDEELOGHWVRZLH
• |NRQRPHWULVFK JHVFKlW]WH =HLWUHLKHQPRGHOOH ZHOFKH GLH DXV GHU |NRQRPLVFKHQ
7KHRULH DEJHOHLWHWHQ %H]LHKXQJHQ ]ZLVFKHQ YHUVFKLHGHQHQ 9DULDEOHQ ]% SULYDWHU
.RQVXPQDFKIUDJH XQG +DXVKDOWVHLQNRPPHQ 3URGXNWLRQ XQG %HVFKlIWLJXQJ HWF
HPSLULVFK TXDQWLIL]LHUHQ XQG GHQ G\QDPLVFKHQ 9HUlQGHUXQJHQ HLQHV :LUWVFKDIWVV\V
WHPV5HFKQXQJWUDJHQ
'LH 3URJQRVHQ ZXUGHQ XQWHU 0LWDUEHLW YRQ 'U *HUKDUG 6WUHLFKHU ,QVWLWXW I U 7HFKQRORJLH XQG 5HJLRQDOSROLWLN
-RDQQHXP5HVHDUFKHUVWHOOW

²²
0XOWL5(*ELOGHWDXI%DVLVGLHVHU7HLOPRGHOOHGLHI UHLQHQ:LUWVFKDIWVUDXPW\SLVFKHQ.UHLVODXI
]XVDPPHQKlQJH]ZLVFKHQ1DFKIUDJH3URGXNWLRQ%HVFKlIWLJXQJXQG(LQNRPPHQDEVLHKH
$EELOGXQJ'LH1DFKIUDJHQDFKHLQ]HOQHQ* WHUQJHKWGDEHLYRQ+DXVKDOWHQSULYDWHU
.RQVXPGHP6WDDW|IIHQWOLFKHU.RQVXPGHP KHLPLVFKHQGKLQGHU5HJLRQDQVlVVLJHQ
8QWHUQHKPHQVVHNWRU ,QYHVWLWLRQHQ /DJHUKDOWXQJ XQG GHP $XVODQG ([SRUWH DXV 'LHVH
1DFKIUDJHNDQQQXQLQGHU5HJLRQVHOEVWDEHUDXFKGXUFK,PSRUWHDXVDQGHUHQ5HJLRQHQ
XQG ,PSRUWHQ DXV GHP $XVODQG EHIULHGLJW ZHUGHQ 'DV GDUDXV UHVXOWLHUHQGH UHJLRQDOH 3UR
GXNWLRQVYROXPHQ GLIIHUHQ]LHUW QDFK * WHUQ ZLUG VFKOLH‰OLFK LQ HLQ 3URGXNWLRQVPRGHOO HLQJH
VSHLVW'DEHLEHVWLPPHQGLHUHJLRQDOHQ,QSXW2XWSXW%H]LHKXQJHQGHQ3URGXNWLRQVZHUWQDFK
6HNWRUHQ3UHLVHXQGGLH1DFKIUDJHQDFK3URGXNWLRQVIDNWRUHQ9RUOHLVWXQJVJ WHU$UEHLWZHU
GHQ EHL JHJHEHQHQ 3URGXNWLRQVZHUWHQ DXV |NRQRPHWULVFK JHVFKlW]WHQ .RVWHQIXQNWLRQHQ
DEJHOHLWHW GLH 9RUOHLVWXQJVJ WHU JHKHQ ZLHGHUXP LQ GLH UHJLRQDOH *HVDPWQDFKIUDJH HLQ
'DVGXUFKGLH9HUJ WXQJYRQ$UEHLWVOHLVWXQJHQXQGGHQDXVGHU3URGXNWLRQHU]LHOWHQ*HZLQ
QHQHQWVWHKHQGH(LQNRPPHQEHHLQIOXVVWGLH1DFKIUDJH9HUlQGHUXQJHQLQGHQ3URGXNWLRQV
SUHLVHQ VLQG ZLHGHUXP HLQ ZHVHQWOLFKHU %HVWLPPXQJVIDNWRU GHU UHJLRQDOHQ :HWWEHZHUEVIl
KLJNHLW XQG GDPLW GHU ([SRUW XQG ,PSRUWQDFKIUDJH 8P WHFKQRORJLVFKHQ :DQGHO XQG bQ
GHUXQJHQ LQ GHQ LQWHUUHJLRQDOHQ +DQGHOVEH]LHKXQJHQ 5HFKQXQJ ]X WUDJHQ HQWKlOW GDV
0RGHOO DXFK HLQHQ 0HFKDQLVPXV ]XU G\QDPLVFKHQ $QSDVVXQJ GHU UHJLRQDOHQ 9RUOHLVWXQJV
NRHIIL]LHQWHQGLHGLHVHNWRUDOHQ3URGXNWLRQVWHFKQRORJLHQUHSUlVHQWLHUHQ
$EELOGXQJ 0RGHOOVWUXNWXU0XOWL5(*
,QWHUUHJLRQDOH
+DQGHOVPDWUL[
$XVODQG
5HJLRQDOH[SRUWH
$XVODQGVH[SRUWH
3ULYDWHU.RQVXP
gIIHQWOLFKHU.RQVXP
$XVODQGV
LPSRUWH
5HJLRQDO
LPSRUWH
5HJLRQDOH3URGXNWLRQ
3URGXNWLRQ
,QYHVWLWLRQHQ
(QGQDFKIUDJH
9RUOHLVWXQJV
SURGXNWLRQ
3UHLV
)DNWRUQDFKIUDJH
(LQNRPPHQ
%HVFKlIWLJXQJ
3URGXNWLRQ
4-RDQQHXP5HVHDUFK:,)2
(LQHDXVI KUOLFKH%HVFKUHLEXQJGHV0RGHOOVLVWGHP:,)20RQDWVEHULFKW]XHQWQHKPHQ

²²
8P 3URJQRVHQ I U 3URGXNWLRQVZHUW %UXWWRZHUWVFK|SIXQJ XQG %HVFKlIWLJXQJ ]X JHQHULHUHQ
ZXUGHQ DOV ZLFKWLJVWH H[RJHQH $QQDKPH GLH (QWZLFNOXQJ GHU $XVODQGVH[SRUWH VRZLH GHU
$QWHLO GHV |IIHQWOLFKHQ .RQVXPV DQ GHU JHVDPWHQ %UXWWRZHUWVFK|SIXQJ ELV H[RJHQ
YRUJHJHEHQ hEHUGLHV ZXUGHQ ]XU 3URJQRVH GHV UHJLRQDOHQ .RQVXPV DXFK GLH 7RXULVPXV
XPVlW]HDOVH[RJHQH9DULDEOHQKHUDQJH]RJHQI U'HWDLOVKLHU]XVLHKH)ULW]HWDO
'LHLP5DKPHQYRQ0XOWL5(*YHUZHQGHWH'DWHQEDVLVVWDPPW]XP*UR‰WHLODXVGHUYRONVZLUW
VFKDIWOLFKHQ E]Z UHJLRQDOHQ *HVDPWUHFKQXQJ 5*5 YRQ 6WDWLVWLN $XVWULD 'LH %HVFKlIWL
JXQJVSURJQRVH LP YRUOLHJHQGHQ 3URMHNW VROO DOOHUGLQJV YRQ GHU KLVWRULVFKHQ (QWZLFNOXQJ DXI
%DVLV GHU %HVFKlIWLJXQJVGDWHQ GHV +DXSWYHUEDQGHV GHU 6R]LDOYHUVLFKHUXQJVDQVWDOWHQ +9
DXVJHKHQ 9RU DOOHP EHL GHU VHNWRUDOHQ =XRUGQXQJ GHU %HWULHEH WUHWHQ DOOHUGLQJV LQ HLQLJHQ
)lOOHQ ]% 6HNWRU 1$&( 0DVFKLQHQEDX 8QWHUVFKLHGH ]ZLVFKHQ GHQ 'DWHQ GHV +9 XQG
MHQHQ GHU 5*5 DXI $XV GLHVHP *UXQG PXVVWH HLQ ]ZHLVWXILJHV 3URJQRVHYHUIDKUHQ JHZlKOW
ZHUGHQ =XQlFKVW ZHUGHQ PLW 0XOWL5(* %HVFKlIWLJXQJVSURJQRVHQ JHQHULHUW GLH PLW GHQ
=HLWUHLKHQ GHU UHJLRQDOHQ *HVDPWUHFKXQJ NRQVLVWHQW VLQG 'DQDFK ZLUG I U MHGHQ HLQ]HOQHQ
6HNWRU GHU VWDWLVWLVFKH =XVDPPHQKDQJ ]ZLVFKHQ GHQ KLVWRULVFKHQ %HVFKlIWLJXQJV]HLWUHLKHQ
GHU5*5XQGMHQHQGHV+9JHVFKlW]WGLHGDUDXVHUPLWWHOWHQ.RHIIL]LHQWHQZHUGHQVFKOLH‰OLFK
DXIGLH5*53URJQRVHQXPJHOHJWXP]XHLQHUPLWGHQKLVWRULVFKHQ=HLWUHLKHQGHV+9NRQVLV
WHQWHQ%HVFKlIWLJXQJVSURJQRVH]XJHODQJHQ
'LH0HWKRGH]XU3URJQRVHGHUUHJLRQDOHQ$UEHLWVORVHQTXRWH
1DFKGHPGLHGHU]HLWYHUI JEDUH0RGHOOYHUVLRQYRQ0XOWL5(*QRFKNHLQ$UEHLWVNUlIWHDQJHERW
HQWKlOW XQG GDPLW DXFK NHLQH UHJLRQDOHQ $UEHLWVORVHQTXRWHQ JHVFKlW]W ZHUGHQ N|QQHQ
ZXUGH GLH 3URJQRVH GHU $UEHLWVORVHQTXRWH DXI %DVLV HLQHV |NRQRPHWULVFK JHVFKlW]WHQ
0RGHOOVJHQHULHUW,QGLHVHP0RGHOOZLUGGLH$UEHLWVORVHQTXRWHYRQGHUHUZHUEVIlKLJHQ%HY|O
NHUXQJGHUXQVHOEVWlQGLJHQ%HVFKlIWLJXQJVRZLHGHP$QWHLOGHU$XVOlQGHUDQGHU*HVDPW
EHY|ONHUXQJ EHVWLPPW ) U GLH 3URJQRVHQ GHU H[RJHQHQ 9DULDEOHQ HUZHUEVWlWLJH %HY|ONH
UXQJVRZLH$XVOlQGHUDQWHLODQGHU%HY|ONHUXQJZXUGHGLH%HY|ONHUXQJVSURJQRVHGHU6WDWLVWLN
$XVWULDKHUDQJH]RJHQGDEHLZXUGHYRP+DXSWSURJQRVHV]HQDULXPPLWGHQGLHVHP]XJUXQGH
OLHJHQGHQ$QQDKPHQ]X)HUWLOLWlW/HEHQVHUZDUWXQJXQG=XZDQGHUXQJDXVJHJDQJHQ) UGLH
LQGHU=XNXQIWOLHJHQGHQ:HUWHGHU%HVFKlIWLJXQJVYDULDEOHQZXUGHQGLHPLW0XOWL5(*JHQH
ULHUWHQ3URJQRVHQYHUZHQGHW
'DV|NRQRPHWULVFKH0RGHOOZXUGHDXI%DVLVHLQHUVRJHQDQQWHQ)HKOHUNRUUHNWXU6SH]LILNDWLRQ
JHVFKlW]W'DEHLZLUGVRZRKOHLQHODQJIULVWLJH%H]LHKXQJ]ZLVFKHQGHUDEKlQJLJHQXQGGHQ
HUNOlUHQGHQ 9DULDEOHQ DOV DXFK HLQH NXU]IULVWLJH $EZHLFKXQJ YRQ GLHVHU ODQJIULVWLJHQ %H]LH
KXQJPRGHOOLHUW
(LQVFKUlQNHQGPXVV KLHU IHVWJHKDOWHQZHUGHQ GDVVHV VLFK EHL0XOWLUHJ QLFKW XP HLQ.RQMXQNWXUPRGHOO KDQGHOW
VRGDVVGLHHVVLFKEHLGHQSURJQRVWL]LHUWHQ:HUWHQXPGLHHUZDUWHWHQ:HUWHI UHLQGXUFKVFKQLWWOLFKHV.RQMXQNWXUMDKU
KDQGHOW

²²
uˆ
ˆ β + ˆ β ⋅ usb + ˆ β ⋅beve + ˆ β ⋅ aus
ε =
=
1 2
3
4
u − uˆ
duˆ
= ˆ γ
ˆ
1
+ ˆ γ ˆ
ˆ
2
⋅ d(
usb)
+ γ
3
⋅ d(
beve ) + γ
4
⋅ d(
aus)
+ γ
5
⋅ε
−1
∧
ur = ⋅uˆ
( uˆ
+ )
'DEHLEH]HLFKQHW
100 usb m
X«GLH=DKOGHU$UEHLWVORVHQ
XVEGLH=DKOGHUXQVHOEVWlQGLJ(UZHUEVWlWLJHQ
EHYHGLH=DKOGHU3HUVRQHQLPHUZHUEVIlKLJHQ$OWHUDOVR]ZLVFKHQXQG-DKUHQ
DXVGHQ$QWHLOGHU3HUVRQHQPLWDXVOlQGLVFKHU6WDDWVE UJHUVFKDIWDQGHUJHVDPWHQ%HY|ONHUXQJ
XUGLH$UEHLWVORVHQTXRWH
XVEP GLH =DKO GHU XQVHOEVWlQGLJ (UZHUEVWlWLJHQ HLQVFKOLH‰OLFK GHU .DUHQ] XQG .LQGHUJHOGEH]LH
KHULQQHQ
GLH$EZHLFKXQJGHUJHVFKlW]WHQODQJIULVWLJHQ=DKOGHU$UEHLWVORVHQYRQGHUWDWVlFKOLFKHQ$UEHLWV
ORVHQ]DKO
GGLH9HUlQGHUXQJW²WHLQHU9DULDEOHQ
XQG GLH .RHIIL]LHQWHQ GHV 0RGHOOV ZREHL A DXI GHQ 6FKlW]ZHUW GHU 9DULDEOHQ E]Z GHV
.RHIIL]LHQWHQKLQZHLVW
'LHVHV0RGHOOZXUGHMHZHLOVI UgVWHUUHLFKXQG7LUROJHVFKlW]W'LH%HVFKlIWLJXQJVHQWZLFNOXQJ
KDWGDEHLZLHHUZDUWHWHLQHQQHJDWLYHQ(LQIOXVVDXIGLH$UEHLWVORVLJNHLWGLH=DKOGHU3HUVR
QHQLPHUZHUEVIlKLJHQ$OWHUVRZLHGHU$QWHLOGHU$XVOlQGHUDQGHU*HVDPWEHY|ONHUXQJHLQHQ
SRVLWLYHQVLHKHhEHUVLFKWHQELV
hEHUVLFKW
6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI U7LURO
Variable Coefficient Std. Error t-Statistic Prob.
.RQVWDQWH ² ²
XVE ² ²
EHYH
DXV
5VTXDUHG Mean dependent var
$GMXVWHG5VTXDUHG S.D. dependent var
6(RIUHJUHVVLRQ Akaike info criterion
6XPVTXDUHGUHVLG Schwarz criterion
/RJOLNHOLKRRG ² F-statistic
'XUELQ:DWVRQVWDW Prob(F-statistic)
4:,)2%HUHFKQXQJHQ

²²
hEHUVLFKW
6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI U7LURO
Variable Coefficient Std. Error t-Statistic Prob.
.RQVWDQWH
XVE ² ²
EHYH
DXV
UHVLG ² ²
R-squared Mean dependent var
Adjusted R-squared S.D. dependent var
S.E. of regression Akaike info criterion
Sum squared resid Schwarz criterion
Log likelihood ² F–statistic
Durbin-Watson stat Prob(F–statistic)
4:,)2%HUHFKQXQJHQ
hEHUVLFKW
6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI UgVWHUUHLFK
Variable Coefficient Std. Error t-Statistic Prob.
.RQVWDQWH ² ²
XVE ² ²
EHYH
DXV
5VTXDUHG 0HDQGHSHQGHQWYDU
$GMXVWHG5VTXDUHG 6'GHSHQGHQWYDU
6(RIUHJUHVVLRQ $NDLNHLQIRFULWHULRQ
6XPVTXDUHGUHVLG ( 6FKZDU]FULWHULRQ
/RJOLNHOLKRRG ² )²VWDWLVWLF
'XUELQ:DWVRQVWDW 3URE)²VWDWLVWLF
4:,)2%HUHFKQXQJHQ
hEHUVLFKW
6FKlW]HUJHEQLVVH*OHLFKXQJGHV)HKOHUNRUUHNWXUPRGHOOVI UgVWHUUHLFK
Variable Coefficient Std. Error t-Statistic Prob.
.RQVWDQWH
XVE ² ²
EHYH
DXV
UHVLG ² ²
R-squared 0,610927 Mean dependent var 6573,000
Adjusted R-squared 0,548675 S.D. dependent var 13508,90
S.E. of regression 9075,375 Akaike info criterion 21,21553
Sum squared resid 2,06E+09 Schwarz criterion 21,44906
Log likelihood –313,2329 F–statistic 9,813824
Durbin-Watson stat 1,738442 Prob(F–statistic) 0,000065
4:,)2%HUHFKQXQJHQ

²²
hEHUVLFKW
+LVWRULVFKHE]ZSURJQRVWL]LHUWH%HVFKlIWLJXQJVHQWZLFNOXQJQDFK6HNWRUHQ
9HUlQGHUXQJ>SD@
3URJQRVH>
SD@
9HUJOHLFKPLW
gVWHUUHLFK
J
Q
LOX
W
H
E
$
(
&
$
1
%H]HLFKQXQJ
$% /DQGXQG)RUVWZLUWVFKDIW
& %HUJEDX
' 1DKUXQJVXQG*HQXVVPLWWHO7DEDN
' 7H[WLOLHQ%HNOHLGXQJ6FKXKH
' +RO]YHUDUEHLWXQJ
' 3DSLHUXQG3DSSH
' 9HUODJVZHVHQ'UXFNHUHL
' &KHPLHXQG(UG|OYHUDUEHLWXQJ
' *XPPLXQG.XQVWVWRIIZDUHQ
' *ODV:DUHQDXV6WHLQHQXQG(UGHQ
' 0HWDOOHXQG0HWDOOHU]HXJQLVVH
' 0DVFKLQHQEDX
' (OHNWURWHFKQLN(OHNWURQLN2SWLN
' )DKU]HXJEDX
' 6RQVW6DFKJ WHUSURGXNWLRQ5HF\FOLQJ
( (QHUJLHXQG:DVVHUYHUVRUJXQJ
) %DXZHVHQ
* .I]*UR‰XQG(LQ]HOKDQGHO
+ %HKHUEHUJXQJVXQG*DVWVWlWWHQZHVHQ
, /DQGYHUNHKU
, 6FKLIIIDKUW)OXJYHUNHKU
, +LOIVXQG1HEHQWlWLJNHLWHQI UGHQ9HUNHKU
, 1DFKULFKWHQ EHUPLWWOXQJ
- *HOGXQG.UHGLWZHVHQ9HUVLFKHUXQJHQ
. 5HDOLWlWHQZHVHQ9HUPLHWXQJ
. 'DWHQYHUDUEHLWXQJ'DWHQEDQNHQ
. ) (XQWHUQHKPHQVEH]RJHQH'LHQVWO
/ |IIHQWOLFKH9HUZDOWXQJ
0 8QWHUULFKW
1 *HVXQGKHLW
2 (QWVRUJXQJ,QWHUHVVHQVYHUWUHWXQJHQ
23 .XOWXUVRQVWLJH'LHQVWOHLVWXQJHQ
*HVDPW
G
Q
W
D
6
@
W
H
I
W
LJ
l
K
F
V
H
>
%
:DFKVWXPVUDWHLQ7LUROXPE]Z3XQNWHJU|‰HUDOVLQg
:DFKVWXPVUDWHLQ7LUROXPE]Z3XQNWHNOHLQHUDOVLQg
8QWHUVFKLHG]ZLVFKHQ:DFKVWXPVUDWHQLQ7LUROXQGgNOHLQHUDOVE]Z3XQNWH
'LHVJLOWI UGLH:DFKVWXPVUDWHQGHUHLQ]HOQHQ6HNWRUHQI UMHQHGHU*HVDPWEHVFKlIWLJXQJZXUGHQGLH,QWHUYDOOHDXIYHUNOHL QHUW
4:,)2%HUHFKQXQJHQ

²²
'LH3URJQRVHHUJHEQLVVH
8QVHOEVWlQGLJH%HVFKlIWLJXQJ
hEHUVLFKW HQWKlOW GLH (UJHEQLVVH GHU %HVFKlIWLJXQJVSURJQRVH 'DEHL ZHUGHQ GLH KLVWRUL
VFKHQ 9HUlQGHUXQJVUDWHQ XQG GHQ I U GLH =HLWUlXPH XQG
SURJQRVWL]LHUWHQ9HUlQGHUXQJVUDWHQJHJHQ EHUJHVWHOOW:HLWHUVLVWLQGHUhEHUVLFKW
YHUPHUNWREGLHKLVWRULVFKHQXQGSURJQRVWL]LHUWHQUHODWLYHQ9HUlQGHUXQJHQGHU%HVFKlIWL
JXQJLQ7LURO EHURGHUXQWHUMHQHQI UgVWHUUHLFKOLHJHQ
,QVJHVDPW EHZHJW VLFK GDV %HVFKlIWLJXQJVZDFKVWXP LQ 7LURO VRZRKO LQ GHU KLVWRULVFKHQ
%HWUDFKWXQJ ZLH DXFK LP 3URJQRVH]HLWUDXP EHL UXQG MlKUOLFK XQG GDPLW NRQVWDQW EHU
GHPQDWLRQDOHQ:DFKVWXPVSIDGZREHLGHU:DFKVWXPVYRUVSUXQJLQGHU3URJQRVHSHULRGHELV
HWZDVQLHGULJHUDXVIDOOHQVROOWHDOVLP=HLWUDXPELV
%HLYRQ6HNWRUHQLVWGLH(QWZLFNOXQJLQ7LUROJ QVWLJHUDOVMHQHLQgVWHUUHLFKGKHVZLUG
HLQ LP QDWLRQDOHQ 9HUJOHLFK K|KHUHV %HVFKlIWLJXQJVZDFKVWXP E]Z HLQH JHULQJHUH UHODWLYH
$EQDKPH GHU %HVFKlIWLJXQJ YRUKHUJHVDJW 6HNWRUHQ OLHJHQ LP %HVFKlIWLJXQJVZDFKVWXP
VFKOHFKWHUDOVGHUQDWLRQDOH'XUFKVFKQLWWLQHWZDJOHLFKJXW
%HL6HNWRUHQZLUGPLWHLQHU=XQDKPHGHU=DKOGHU%HVFKlIWLJWHQJHUHFKQHWEHLPLWVLQ
NHQGHQ %HVFKlIWLJXQJVQLYHDXV 'LH ZDFKVWXPVVWlUNVWHQ 6HNWRUHQ LQ 7LURO VLQG GLH 'DWHQYHU
DUEHLWXQJVRZLHGLHXQWHUQHKPHQVEH]RJHQHQ'LHQVWOHLVWXQJHQLQNO)RUVFKXQJXQG(QWZLFN
OXQJXQGGHU*HVXQGKHLWVEHUHLFK'LH%HVFKlIWLJXQJLQGHU'DWHQYHUDUEHLWXQJZLUGPLWUXQG
MlKUOLFK]XQHKPHQGLHVHV:DFKVWXPOLHJWLQHWZDLPQDWLRQDOHQ'XUFKVFKQLWW $OOHUGLQJV
QLPPWGLHVHU6HNWRUPLWNQDSS%HVFKlIWLJWHQLP-DKUHLQHQUHODWLYJHULQJHQ$QWHLO
DQGHQ*HVDPWEHVFKlIWLJWHQLQ7LUROHLQ'LHXQWHUQHKPHQVEH]RJHQHQ'LHQVWOHLVWXQJHQKLQ
JHJHQVLQGYRQJU|‰HUHU%HGHXWXQJI UGLH7LUROHU:LUWVFKDIWOHW]WHV-DKUIDQGHQGRUWPHKUDOV
$UEHLWVNUlIWH%HVFKlIWLJXQJZDVLPPHUKLQHLQHP$QWHLODQGHU*HVDPWEHVFKlIWLJXQJ
YRQHQWVSULFKW'DV%HVFKlIWLJWHQZDFKVWXPLQGHQXQWHUQHKPHQVEH]RJHQHQ'LHQVWOHLV
WXQJHQZLUGPLWSURJQRVWL]LHUW%LVZHUGHQGDPLWLP9HUJOHLFKPLWGHP
6WDQG LP -DKU ]XVlW]OLFKH $UEHLWVNUlIWH LQ GLHVHP 6HNWRU %HVFKlIWLJXQJ ILQGHQ
VLHKH$EELOGXQJQXUGHU+DQGHOXQGGDV*HVXQGKHLWVZHVHQZHLVHQHLQHK|KHUHDEVR
OXWH =XQDKPH GHU %HVFKlIWLJXQJ DXV 'DV UHODWLYH :DFKVWXP EOHLEW DEHU XQWHU GHP QDWLR
QDOHQ'XUFKVFKQLWW
,P%HUHLFKGHU|IIHQWOLFKHQ'LHQVWOHLVWXQJHQLVWYRUDOOHPLP*HVXQGKHLWVVHNWRUPLWYHUVWlUNWHU
1DFKIUDJHQDFK%HVFKlIWLJWHQ]XUHFKQHQZREHLGLHSURJQRVWL]LHUWH:DFKVWXPVUDWHGRUWLQ
HWZDMHQHUDXIJHVDPW|VWHUUHLFKLVFKHU(EHQHHQWVSUHFKHQVROOWH) UGLH|IIHQWOLFKH9HUZDO
WXQJ GLH QDFK GHP +DQGHO XQG GHU *DVWURQRPLH XQG +RWHOOHULH GHQ K|FKVWHQ %HVFKlIWL
JXQJVDQWHLO DOOHU 6HNWRUHQ LQ 7LURO DXIZHLVW ZLUG HLQ QXU JHULQJI JLJHV %HVFKlIWLJXQJVZDFKV
WXP SURJQRVWL]LHUW ,QVJHVDPW ZLUG QDFK GHQ 3URJQRVHHUJHEQLVVHQ GLH =DKO GHU LP |IIHQWOL
FKHQ 'LHQVWOHLVWXQJVEHUHLFK RKQH (QWVRUJXQJ ,QWHUHVVHQVYHUWUHWXQJHQ EHVFKlIWLJWHQ

²²
$UEHLWVNUlIWHELVXP3HUVRQHQDQVWHLJHQ,QGLHVHP=XVDPPHQKDQJLVWGDUDXIKLQ
]XZHLVHQGDVVLQGHQ'DWHQGHV+9GLH=XRUGQXQJYRQ$UEHLWJHEHUQ]XGHQ%HUHLFKHQGHU
|IIHQWOLFKHQ9HUZDOWXQJGHP8QWHUULFKWVXQGGHP*HVXQGKHLWVZHVHQQLFKWLPPHUDXI%DVLV
LKUHV ZLUWVFKDIWOLFKHQ 6FKZHUSXQNWV HUIROJW 6R N|QQHQ %HWULHEH GHV *HVXQGKHLWVZHVHQV GLH
DEHU LP |IIHQWOLFKHQ (LJHQWXP VWHKHQ GHU |IIHQWOLFKHQ 9HUZDOWXQJ 1$&( VWDWW GHP
*HVXQGKHLWVZHVHQ1$&(]XJHRUGQHWZHUGHQ:HLWHUVILQGHQDXFKLPPHUZLHGHU8PNODV
VLIL]LHUXQJHQ YRQ %HWULHEHQ ]ZLVFKHQ GLHVHQ GUHL %HUHLFKHQ VWDWW $XV GLHVHP *UXQG ZXUGH
]XQlFKVW GLH +9%HVFKlIWLJXQJ GHV JHVDPWHQ %HUHLFKV 1$&( SURJQRVWL]LHUW
GDQDFKZXUGHHLQH3URJQRVHGHU%HVFKlIWLJWHQDQWHLOHGHUGUHL6HNWRUHQDXVGHUUHJLRQDOHQ
*HVDPWUHFKQXQJGHU6WDWLVWLN$XVWULDGXUFKJHI KUWGLHGD]XGLHQWHGLH3URJQRVHHUJHEQLVVH
I UGLH%HVFKlIWLJWHQ]DKOGHVJHVDPWHQ%HUHLFKVZHLWHU]XGLVDJJUHJLHUHQ
*HQHUHOOZLUGI UDOOH'LHQVWOHLVWXQJVVHNWRUHQPLW$XVQDKPHGHU1DFKULFKWHQ EHUPLWWOXQJHLQ
SRVLWLYHV %HVFKlIWLJXQJVZDFKVWXP SURJQRVWL]LHUW GDV DXFK I U GLH 0HKU]DKO GHU 6HNWRUHQ
EHU E]Z DXI GHP QDWLRQDOHQ :DFKVWXPVQLYHDX OLHJW *HPHVVHQ DP DEVROXWHQ %HVFKlIWL
JXQJV]XZDFKVIDOOHQQHEHQGHQVFKRQHUZlKQWHQ%HUHLFKHQ*HVXQGKHLWXQGXQWHUQHKPHQV
EH]RJHQH'LHQVWOHLVWXQJHQYRUDOOHPGLH+DQGHOVVHNWRUHQ*UR‰XQG(LQ]HOKDQGHOVRZLHGDV
%HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ LQV *HZLFKW FD ]XVlW]OLFKH $UEHLWVNUlIWH ZHU
GHQ GRUW QDFKJHIUDJW 'HU 5 FNJDQJ LQ GHU 1DFKULFKWHQ EHUPLWWOXQJ ZLUG KLQJHJHQ NDXP
(LQIOXVVDXIGLH*HVDPWEHVFKlIWLJXQJVHQWZLFNOXQJQHKPHQ
,P %HUHLFK GHU 6DFKJ WHUHU]HXJXQJ EULQJW GLH ]XN QIWLJH (QWZLFNOXQJ NDXP QHXH $UEHLWV
SOlW]H,QVJHVDPWHUJLEWGLH3URJQRVHGDVVLP-DKUGHU%HVFKlIWLJWHQVWDQGLQGHU6DFK
J WHUHU]HXJXQJXP3HUVRQHQK|KHUVHLQZLUG(LQH=XQDKPHGHU%HVFKlIWLJXQJZLUGI U
YRQ VDFKJ WHUHU]HXJHQGHQ 6HNWRUHQ SURJQRVWL]LHUW %HVFKlIWLJWH ELV 'LH
VWlUNVWH UHODWLYH XQG DEVROXWH %HVFKlIWLJXQJVDEQDKPH EHWULIIW GHQ %HUHLFK 7H[WLO.OHLGXQJ
/HGHUGHUVFKRQLQGHU9HUJDQJHQKHLWGHU%HUHLFKPLWGHQK|FKVWHQ%HVFKlIWLJXQJVYHUOXVWHQ
ZDU 'LH =DKO GHU %HVFKlIWLJWHQ LQ GLHVHP 6HNWRU VROOWH XP FD 3HUVRQHQ ]XU FNJHKHQ
DXFKLQGHU1DKUXQJVPLWWHOLQGXVWULHZLUGPLWHLQHU$EQDKPHGHU=DKOGHU$UEHLWVNUlIWHLQGLH
VHU *U|‰HQRUGQXQJ JHUHFKQHW 'LH K|FKVWH :DFKVWXPVUDWH VRZLH GHU K|FKVWH DEVROXWH
$QVWLHJGHU%HVFKlIWLJWHQ]DKOZLUGI UGHQLQ7LUROJU|‰WHQVDFKJ WHUSURGX]LHUHQGHQ%HUHLFK
GLH +HUVWHOOXQJ YRQ *ODV XQG :DUHQ DXV 6WHLQHQ XQG (UGHQ SURJQRVWL]LHUW XQG
3HUVRQHQELVDXFKLP0DVFKLQHQEDXGHU0HWDOOHU]HXJXQJGHU+RO]YHUDUEHLWXQJGHU
+HUVWHOOXQJYRQ 3DSLHUXQGGHP9HUODJVZHVHQ'UXFNHUHLVROOWHGLH%HVFKlIWLJXQJQDFKZLH
YRUVWHLJHQZHQQDXFKLQHLQHPVHKUJHULQJHQ$XVPD‰

²²
$EELOGXQJ 3URJQRVWL]LHUWHDEVROXWH%HVFKlIWLJXQJVYHUlQGHUXQJHQQDFK6HNWRUHQ
J
Q
LOX
W
H
E
$
(
&
$
1
ÃÃÃÃÃÃ%H]HLFKQXQJ
J
Q
X
U
H
G
Q
l
U
H
9
J
Q
Ã
X
U
H
G
Q
l
U
H
9
$% /DQGXQG)RUVWZLUWVFKDIW
& %HUJEDX
' 1DKUXQJVXQG*HQXVVPLWWHO7DEDN
' 7H[WLOLHQ%HNOHLGXQJ6FKXKH
' +RO]YHUDUEHLWXQJ
' 3DSLHUXQG3DSSH
' 9HUODJVZHVHQ'UXFNHUHL
' &KHPLHXQG(UG|OYHUDUEHLWXQJ
' *XPPLXQG.XQVWVWRIIZDUHQ
' *ODV:DUHQDXV6WHLQHQXQG(UGHQ
' 0HWDOOHXQG0HWDOOHU]HXJQLVVH
' 0DVFKLQHQEDX
' (OHNWURWHFKQLN(OHNWURQLN2SWLN
' )DKU]HXJEDX
' 6RQVW6DFKJ WHUSURGXNWLRQ5HF\FOLQJ
( (QHUJLHXQG:DVVHUYHUVRUJXQJ
) %DXZHVHQ
* .I]*UR‰XQG(LQ]HOKDQGHO
+ %HKHUEHUJXQJVXQG*DVWVWlWWHQZHVHQ
, /DQGYHUNHKU
, 6FKLIIIDKUW)OXJYHUNHKU
, +LOIVXQG1HEHQWlWLJNHLWHQI UGHQ9HUNHKU
, 1DFKULFKWHQ EHUPLWWOXQJ
- *HOGXQG.UHGLWZHVHQ9HUVLFKHUXQJHQ
. 5HDOLWlWHQZHVHQ9HUPLHWXQJ
. 'DWHQYHUDUEHLWXQJ'DWHQEDQNHQ
. ) (XQWHUQHKPHQVEH]RJHQH'LHQVWO
/ |IIHQWOLFKH9HUZDOWXQJ
0 8QWHUULFKW
1 *HVXQGKHLW
2 (QWVRUJXQJ,QWHUHVVHQVYHUWUHWXQJHQ
23 .XOWXUVRQVWLJH'LHQVWOHLVWXQJHQ
9HUlQGHUXQJ
9HUlQGHUXQJ
*HVDPW
:HUWHXQWHUJHUXQGHWDXI
4:,)2%HUHFKQXQJHQ
:HUWHXQWHUJHUXQGHWDXI
:HUWHJU|‰HUJHUXQGHWDXI
$EELOGXQJYHUJOHLFKWGLHKLVWRULVFKH%HVFKlIWLJXQJVHQWZLFNOXQJLP=HLWUDXPELV
PLWGHUI UGLH3HULRGHELVSURJQRVWL]LHUWHQ(QWZLFNOXQJQDFK6HNWRUHQ'DUDXVZLUG
HUVLFKWOLFKGDVVGLH:DFKVWXPVXQWHUVFKLHGH]ZLVFKHQGHQ6HNWRUHQHKHUDEQHKPHQZHUGHQ
GKYLHOHVFKUXPSIHQGH6HNWRUHQLQ=XNXQIWHWZDVZHQLJHUVFKQHOODQ%HVFKlIWLJXQJYHUOLH
UHQXQGYLHOHZDFKVHQGH6HNWRUHQHWZDVZHQLJHUDQ%HVFKlIWLJXQJJHZLQQHQZHUGHQDOVLQ
GHU9HUJDQJHQKHLW(VZLUGDOVRHUZDUWHWGDVVGHUVWUXNWXUHOOH:DQGHOLQ=XNXQIWHWZDVDEJH
VFKZlFKW YHUODXIHQ ZLUG =X GHQ ZHQLJHQ 6HNWRUHQ GHUHQ SURJQRVWL]LHUWHV %HVFKlIWLJXQJV
ZDFKVWXP EHU GHP YHUJDQJHQHQ OLHJHQ ZLUG JHK|UHQ GHU %HUJEDX GDV 9HUODJVZHVHQ
'UXFNHUHL GLH VRQVWLJH 6DFKJ WHUSURGXNWLRQ XQG GHU *HVXQGKHLWVEHUHLFK 6WlUNHU VFKUXPS

²²
IHQ DOV LQ GHU 9HUJDQJHQKHLW ZLUG GLH /DQG XQG )RUVWZLUWVFKDIW VRZLH GLH 1DKUXQJV XQG
*HQXVVPLWWHOLQGXVWULH
$EELOGXQJ 9HUJOHLFKGHUKLVWRULVFKHQPLWGHUSURJQRVWL]LHUWHQ
%HVFKlIWLJXQJVHQWZLFNOXQJLQ7LUROQDFK6HNWRUHQ
/
D
Q
G
X
Q
G
)
R
UV
WZ
LUWV
F
K
D
IW
%
H
UJ
E
D
X
1
D
K
UX
Q
J
V
X
Q
G
*
H
Q
X
V
V
P
LWH
O7
D
E
D
N
7
H
[
WLOLH
Q
%
H
N
OH
LG
X
Q
J
6
F
K
X
K
H
+
R
O]
Y
H
UD
UE
H
LWX
Q
J
3
D
S
LH
UX
Q
G
3
D
S
S
H
9
H
UOD
J
V
Z
H
V
H
Q
'
UX
F
N
H
UH
L
&
K
H
P
LH
X
Q
G
(
UG
|
OY
H
UD
UE
H
LWX
Q
J
*
X
P
P
LX
Q
G
.
X
Q
V
WV
WR
IZ
D
UH
Q
*
OD
V
:
D
UH
Q
D
X
V
6
WH
LQ
H
Q
X
Q
G
(
UG
H
Q
0
H
WD
OH
X
Q
G
0
H
WD
OH
U]
H
X
J
Q
LV
V
H
0
D
V
F
K
LQ
H
Q
E
D
X
(
OH
N
WUR
WH
F
K
Q
LN
(
OH
N
WUR
Q
LN
2
S
WLN
)
D
K
U]
H
X
J
E
D
X
6
R
Q
V
W6
D
F
K
J
WH
US
UR
G
X
N
WLR
Q
5
H
F
\
F
OLQ
J
(
Q
H
UJ
LH
X
Q
G
:
D
V
V
H
UY
H
UV
R
UJ
X
Q
J
%
D
X
Z
H
V
H
Q
.
I]
*
UR
‰
X
Q
G
(
LQ
]
H
OK
D
Q
G
H
O
%
H
K
H
UE
H
UJ
X
Q
J
V
X
Q
G
*
D
V
WV
Wl
WH
Q
Z
H
V
H
Q
/
D
Q
G
Y
H
UN
H
K
U
6
F
K
LID
K
UW)
OX
J
Y
H
UN
H
K
U
+
LOIV
X
Q
G
1
H
E
H
Q
Wl
WLJ
N
H
LWH
Q
I
UG
H
Q
9
H
UN
H
K
U
1
D
F
K
ULF
K
WH
Q
E
H
UP
LWOX
Q
J
*
H
OG
X
Q
G
.
UH
G
LWZ
H
V
H
Q
9
H
UV
LF
K
H
UX
Q
J
H
Q
5
H
D
OLWl
WH
Q
Z
H
V
H
Q
9
H
UP
LH
WX
Q
J
'
D
WH
Q
Y
H
UD
UE
H
LWX
Q
J
'
D
WH
Q
E
D
Q
N
H
Q
)
(
X
Q
WH
UQ
H
K
P
H
Q
V
E
H
]
R
J
H
Q
H
'
LH
Q
V
WO
|
IH
Q
WOLF
K
H
9
H
UZ
D
OWX
Q
J
8
Q
WH
ULF
K
W
*
H
V
X
Q
G
K
H
LW
(
Q
WV
R
UJ
X
Q
J
,Q
WH
UH
V
V
H
Q
V
Y
H
UWUH
WX
Q
J
H
Q
.
X
OWX
UV
R
Q
V
WLJ
H
'
LH
Q
V
WOH
LV
WX
Q
J
H
Q
*
H
V
D
P
W
4:,)2%HUHFKQXQJHQ
%UXWWRZHUWVFK|SIXQJ
'LH3URJQRVHGHUUHDOHQ%UXWWRZHUWVFK|SIXQJVHQWZLFNOXQJ3UHLVEDVLV ZXUGHDXIHLQHU
UHODWLYDJJUHJLHUWHQ(EHQHYRQ6HNWRUHQGXUFKJHI KUWZREHLGLH/DQGXQG)RUVWZLUWVFKDIW
QLFKWEHU FNVLFKWLJWZXUGH'HU3URJQRVH]HLWUDXPEHJLQQWEHUHLWVPLWGHU:DFKVWXPVUDWHGHV
-DKUHVGDDXVGHUUHJLRQDOHQ*HVDPWUHFKQXQJGHU6WDWLVWLN$XVWULD]XPJHJHQZlUWLJHQ
=HLWSXQNWNHLQHDNWXHOOHUHQ:HUWHYHUI JEDUVLQG8PGLHNRQMXQNWXUHOOHQ8PVWlQGHGHUYHU
JDQJHQHQ-DKUH]XEHU FNVLFKWLJHQZXUGHQI UGLH-DKUHELVGLH3URJQRVHZHUWH
DXVGHUNXU]IULVWLJHQUHJLRQDOHQ:HUWVFK|SIXQJVUHFKQXQJGHV:,)2 EHUQRPPHQGLH3URJ
QRVHQDEZXUGHQPLW0XOWL5(*JHQHULHUW

²²
hEHUVLFKW
QDFK6HNWRUHQ
+LVWRULVFKHE]ZSURJQRVWL]LHUWH(QWZLFNOXQJGHUUHDOHQ%UXWWRZHUWVFK|SIXQJ
J
Q
LOX
WH
E
$
U
OH
WH
6
(
&
$
1
%H]HLFKQXQJ
$% /DQGX)RUVWZLUWVFKDIW)LVFKHUHL
& %HUJEDXXQG*HZLQQXQJYRQ6WHLQHQXQG(UGHQ
' 6DFKJ WHUHU]HXJXQJ
( (QHUJLHXQG:DVVHUYHUVRUJXQJ
) %DXZHVHQ
* +DQGHO,QVWDQGKDOWXQJ5HSDUDWXUYRQ.I]XQG*HEUDXFKVJ WHUQ
+ %HKHUEHUJXQJVXQG*DVWVWlWWHQZHVHQ
, 9HUNHKUXQG1DFKULFKWHQ EHUPLWWOXQJ
- .UHGLWXQG9HUVLFKHUXQJVZHVHQ
. 5HDOLWlWHQVZHVHQXQWHUQHKPHQVEH]RJHQH'LHQVWOHLVWXQJHQ
/ gIIHQWOLFKH9HUZDOWXQJ9HUWHLGLJXQJ6R]LDOYHUVLFKHUXQJ
04 VRQVWLJH'LHQVWOHLVWXQJHQ
6XPPH
>
J
Q
U
X
H
G
Q
U
l
H
9
@
D
S
7LURO
@
LR
>0
G
Q
WD
6
@
D
S
>
H
V
R
Q
J
U
R
3
9HUJOHLFKPLW
gVWHUUHLFK
JHUXQGHWH:DFKVWXPVUDWHLQ7LUROJU|‰HUDOVLQg
JHUXQGHWH:DFKVWXPVUDWHLQ7LURONOHLQHUDOVLQg
NHLQH8QWHUVFKLHG]ZLVFKHQJHUXQGHWHQ:DFKVWXPVUDWHQLQ7LUROXQGg
4:,)2
hEHUVLFKW VWHOOW GLH (UJHEQLVVH GHU 3URJQRVH GDU ,QVJHVDPW ZLUG HUZDUWHW GDVV VLFK GLH
7LUROHU :LUWVFKDIW LQ GHQNRPPHQGHQ -DKUHQ HWZDV XQWHU GHP |VWHUUHLFKLVFKHQ :DFKVWXPV
SIDGEHZHJHQZLUG) UGDV%DXZHVHQGDV%HKHUEHUJXQJVXQG*DVWVWlWWHQZHVHQVRZLHGLH
VRQVWLJHQ 'LHQVWOHLVWXQJHQ ZLUG ELV HLQH EHUGXUFKVFKQLWWOLFKH =XQDKPH GHU :HUW
VFK|SIXQJSURJQRVWL]LHUWHLQHXQWHUGXUFKVFKQLWWOLFKH(QWZLFNOXQJ EHUGHQJHVDPWHQ3URJ
QRVH]HLWUDXP ZLUG I U GLH 6DFKJ WHUHU]HXJXQJ XQG GLH (QHUJLHYHUVRUJXQJ GDV .UHGLW XQG
9HUVLFKHUXQJVZHVHQ GLH XQWHUQHKPHQVEH]RJHQHQ 'LHQVWOHLVWXQJHQ XQG GLH |IIHQWOLFKHQ
'LHQVWOHLVWXQJHQHUZDUWHW'HU%HLWUDJGHV+DQGHOV]XUJHVDPWHQ%UXWWRZHUWVFK|SIXQJG UIWH
LQ HWZD PLW GHU QDWLRQDOHQ :DFKVWXPVUDWH ]XQHKPHQ 6WHOOW PDQ GLH :HUWVFK|SIXQJV XQG
%HVFKlIWLJXQJVSURJQRVHQJHJHQ EHUVRHUJLEWVLFKZLHVFKRQLQGHU9HUJDQJHQKHLWI U7LURO
HLQHXQWHUGXUFKVFKQLWWOLFKH3URGXNWLYLWlWVHQWZLFNOXQJ
'LHZDFKVWXPVVWlUNVWHQ%HUHLFKHLP+LQEOLFNDXIGLH%UXWWRZHUWVFK|SIXQJVLQGGLH%HUHLFKH
9HUNHKU XQG 1DFKULFKWHQ EHUPLWWOXQJ VRZLH GLH XQWHUQHKPHQVEH]RJHQHQ 'LHQVWOHLVWXQJHQ
QXUI UGHQ(QHUJLHYHUVRUJXQJVEHUHLFKZLUGHLQH $EQDKPHGHUUHDOHQ%UXWWRZHUWVFK|SIXQJ
YRUKHUJHVDJW
$EELOGXQJYHUJOHLFKWGDVVHNWRUDOH%UXWWRZHUWVFK|SIXQJVZDFKVWXPGHU3HULRGH
PLW GHQ I U GLH 3HULRGH SURJQRVWL]LHUWHQ 9HUlQGHUXQJVUDWHQ +|KHUHV :DFKVWXP
ZLUG YRU DOOHP LP 'LHQVWOHLVWXQJVEHUHLFK SURJQRVWL]LHUW $XVQDKPHQ VLQG KLHUEHL GHU +DQGHO

²²
VRZLHGLHXQWHUQHKPHQVEH]RJHQHQ'LHQVWOHLVWXQJHQ9RUDOOHPI UGDV.UHGLWXQG9HUVLFKH
UXQJVZHVHQ ZLUG HLQH GHXWOLFKH :DFKVWXPVEHVFKOHXQLJXQJ SURJQRVWL]LHUW 6DFKJ WHUHU]HX
JXQJXQG%DXZHVHQEOHLEHQQXUNQDSSXQWHUE]ZOLHJHQJHULQJI JLJ EHUGHQKLVWRULVFKHQ
:DFKVWXPVUDWHQGHU%UXWWRZHUWVFK|SIXQJ
$EELOGXQJ 9HUJOHLFKGHUKLVWRULVFKHQPLWGHUSURJQRVWL]LHUWHQ
(QWZLFNOXQJGHU%UXWWRZHUWVFK|SIXQJLQ7LUROQDFK6HNWRUHQ
J
Q
X
J
X
H
U]
UH
WH
J
K
F
D
6
J
Q
X
UJ
R
UV
H
UY
H
V
V
D
:
G
Q
X
LH
UJ
H
Q
(
Q
H
V
H
Z
X
D
%
G
Q
X
I]
.
Q
R
UY
WX
UD
D
S
H
5
J
Q
OWX
D
K
G
Q
WD
V
O,Q
H
G
Q
D
+
UQ
WH
J
V
K
F
X
UD
E
H
*
Q
H
V
H
Z
Q
WH
Wl
WV
V
D
*
G
Q
X
V
J
Q
X
UJ
H
UE
H
K
H
%
J
Q
LWOX
UP
H
E
Q
WH
K
ULF
K
F
D
1
G
Q
UX
K
H
UN
H
9
Q
H
V
H
Z
V
J
Q
UX
H
K
LF
UV
H
9
G
Q
LWX
G
UH
.
H
Q
H
J
R
]
H
E
V
Q
H
P
K
H
UQ
WH
Q
X
Q
H
V
H
Z
V
Q
WH
OLWl
D
H
5
Q
H
J
Q
X
LJ
LG
UWH
H
9
J
Q
J
Q
WX OWX
D
LV
UZ
WOH
H
V
Q 9
LH H
K
'
WOLF
Q
IH
g
J
Q
UX
H
K
LF
UV
H
OY
LD
]
R
6
Q
H
J
Q
WX
LV
WOH
V
Q
LH
'
H
WLJ
V
Q
R
V
H
P
P
X
6
4:,)2
$UEHLWVORVHQTXRWH
'LHSURJQRVWL]LHUWH(QWZLFNOXQJGHU$UEHLWVORVHQTXRWHGHXWHWDXIHLQH(QWVSDQQXQJDP7LUROHU
$UEHLWVPDUNW KLQ VLHKH $EELOGXQJ 'LH $UEHLWVORVHQTXRWH ZLUG GHPQDFK ELV DXI
JUXQGGHVJHULQJHQ:DFKVWXPVGHU%HY|ONHUXQJLPHUZHUEVIlKLJHQ$OWHUVRZLHDXIJUXQGGHV
JHULQJHUHQ$QWHLOVDXVOlQGLVFKHU6WDDWVDQJHK|ULJHUDQGHU*HVDPWEHY|ONHUXQJEHLGHVYRQ
6WDWLVWLN$XVWULDSURJQRVWL]LHUWXQWHUGDVDNWXHOOH1LYHDXVLQNHQ:LHVFKRQYRUOLHJWGLH
UHJLRQDOH $UEHLWVORVHQTXRWH DXFK LP 3URJQRVH]HLWUDXP GHXWOLFK XQWHU GHU QDWLRQDOHQ GHU

²²
$EVWDQGHUZHLWHUWVLFKVRJDUGDI UgVWHUUHLFKQDFKHLQ$QVWLHJGHU$UEHLWVORVHQTXRWH
SURJQRVWL]LHUWZLUG $OOHUGLQJVGDUIKLHUQLFKWXQHUZlKQWEOHLEHQGDVVGLHVH3URJQRVHQNHLQH
9HUlQGHUXQJ GHU %LQQHQZDQGHUXQJVVWU|PH DXIJUXQG GHU XQWHUVFKLHGOLFKHQ $UEHLWVPDUNW
VLWXDWLRQHQ LQ GHQ %XQGHVOlQGHUQ EHU FNVLFKWLJHQ * QVWLJHUH $UEHLWVSODW]FKDQFHQ LQ 7LURO
VROOWHQMHGRFKPLWWHOIULVWLJGD]XI KUHQGDVV$UEHLWVNUlIWHDXVDQGHUHQ5HJLRQHQYHUVWlUNWDXI
GLHVHQ $UEHLWVPDUNW GUlQJHQ XQG VRPLW GLH $UEHLWVORVLJNHLW DQVWHLJHQ G UIWH 'DPLW LVW ]X
HUZDUWHQGDVVGLH6FKHUH]ZLVFKHQGHUQDWLRQDOHQXQGGHUUHJLRQDOHQ$UEHLWVORVHQTXRWHLQ
=XNXQIWHKHUJHULQJHUZHUGHQN|QQWH
$EELOGXQJ 'LH$UEHLWVORVHQTXRWHLQ7LUROXQGgVWHUUHLFKKLVWRULVFKXQG
SURJQRVWL]LHUW
7LURO
gVWHUUHLFK
4:,)2%HUHFKQXQJHQ
7UHQGVGHUEHUXIOLFKHQ1DFKIUDJHHQWZLFNOXQJ
'LHbQGHUXQJGHU1DFKIUDJHQDFKEHUXIOLFKHQ4XDOLILNDWLRQHQHQWVWHKWHLQHUVHLWVGXUFKGHQ
:DQGHOLQGHU%UDQFKHQVWUXNWXUGHU:LUWVFKDIW$QGHUHUVHLWVNRPPWHV]XHLQHU9HUVFKLHEXQJ
GHU %HGHXWXQJ HLQ]HOQHU %HUXIH LQQHUKDOE GHU %UDQFKHQ E]Z HQWVWHKHQ DXFK QHXH %HUXIH
'LHVHU VWUXNWXUHOOH :DQGHO I KUW ]X $QSDVVXQJVEHGDUI DP $UEHLWVPDUNW XQG YHUODQJW )OH[LELOL
WlWVRZRKOYRQ%HWULHEHQDOVDXFKYRQ$UEHLWVNUlIWHQ(QWVFKHLGHQGLVWREGLH$QSDVVXQJV
IlKLJNHLWYRUDOOHPGLHGHU$UEHLWVNUlIWHPLWGHP7HPSRGHV:DQGHOV6FKULWWKDOWHQNDQQ) U
GLH $QJOHLFKXQJ GHU 4XDOLILNDWLRQHQ XQG GHU %HUXIVVWUXNWXU DP $UEHLWVPDUNW JLOW GDV EHVRQ
GHUV GD $XV XQG :HLWHUELOGXQJ QLFKW QXU ]HLWDXIZHQGLJ XQG NRVWHQLQWHQVLY VRQGHUQ DXFK
ZHVHQWOLFK YRQ GHU 9RUELOGXQJ DEKlQJLJ LVW =XU VWUDWHJLVFKHQ $XVULFKWXQJ ZLUWVFKDIWV ELO
(UVWGDQDFKVROOWHDXVGHPRJUDSKLVFKHQ*U QGHQGLH$UEHLWVORVLJNHLWLQgVWHUUHLFKZLHGHU]XU FNJHKHQ

²²
GXQJV XQG DUEHLWVPDUNWSROLWLVFKHU $NWLYLWlWHQ LVW HV GDKHU YRQ HQWVFKHLGHQGHU %HGHXWXQJ
]XN QIWLJH(QWZLFNOXQJHQDP$UEHLWVPDUNWDEVFKlW]HQ]XN|QQHQ'DV:,)2KDWLP$XIWUDJ
GHV$06gVWHUUHLFKHLQH6WXGLH+XEHUHWDO]XU(QWZLFNOXQJGHUEHUXIOLFKHQXQGVHNW
RUDOHQ %HVFKlIWLJXQJ ELV HUVWHOOW 'D GDYRQ DXV]XJHKHQ LVW GDVV VLFK 7LURO YRP |VWHU
UHLFKZHLWHQ7UHQGQLFKWJlQ]OLFKXQWHUVFKLHGHQZLUGZHUGHQLP)ROJHQGHQGLHgVWHUUHLFKHU
JHEQLVVHGDUJHVWHOOW
6]HQDULHQ
,Q GHU gVWHUUHLFKSURJQRVH ]HLJW VLFK GDVV GHU LQ GHU 9HUJDQJHQKHLW EHREDFKWEDUH VWUXNWX
UHOOH:DQGHODXFKLQ=XNXQIWDQKDOWHQZLUG%HVFKlIWLJXQJVYHUOXVWHQLP%HUJEDXXQG YHUDU
EHLWHQGHQ*HZHUEHDXVJHO|VWGXUFK3URGXNWLYLWlWVJHZLQQHRGHUGHU5HGXNWLRQE]Z9HUOD
JHUXQJGHU3URGXNWLRQVWHKHQ%HVFKlIWLJXQJVJHZLQQHLP'LHQVWOHLVWXQJVEHUHLFKJHJHQ EHU
$XVJHO|VWZLUGGLH9HUlQGHUXQJGHU%HGHXWXQJHLQ]HOQHU:LUWVFKDIWVVHNWRUHQXQGGDPLW$XV
PD‰ XQG 6WUXNWXU GHU 1DFKIUDJH QDFK $UEHLWVNUlIWHQ YD GXUFK WHFKQLVFKH XQG RUJDQLVD
WRULVFKH,QQRYDWLRQHQ]XQHKPHQGHLQWHUQDWLRQDOH$UEHLWVWHLOXQJGHPRJUDSKLVFKHQ:DQGHO
XQGbQGHUXQJHQYRQ/HEHQVXQG.RQVXPJHZRKQKHLWHQ'HUVWHLJHQGH$QWHLOGHU%HVFKlI
WLJXQJLP'LHQVWOHLVWXQJVVHNWRUZLUGDXFKZHJHQGHVDQKDOWHQGHQ7UHQGV]XU$XVJOLHGHUXQJ
YRQ 8QWHUQHKPHQVWHLOHQ XQG %HWULHEVIXQNWLRQHQ RXWVRXUFLQJ DQKDOWHQ /XW] HW DO
:HQQJOHLFKMHGRFKGHU,QGXVWULHVHNWRUTXDQWLWDWLYDQ%HGHXWXQJYHUOLHUWZLUGHUDXIJUXQGGHU
WHLOZHLVH HQJHQ 9HU]DKQXQJ PLW 'LHQVWOHLVWXQJVEUDQFKHQ HLQ ,PSXOVJHEHU I U QHXH (QW
ZLFNOXQJHQ 'RVWDO VHLQ − GHU 7UHQG I KUW ]X HLQHU 'LHQVWOHLVWXQJVJHVHOOVFKDIW PLW
LQGXVWULHOOHP1lKUERGHQ6FKQXU
'HU 7UHQG ]XU 7HUWLlULVLHUXQJ VSLHJHOW VLFK QLFKW QXU LQ GHU VHNWRUDOHQ %HVFKlIWLJXQJVHQWZLFN
OXQJZLGHUVRQGHUQDXFKLQGHU%HUXIVODQGVFKDIW'HU $QWHLOGHUXQVHOEVWlQGLJHQ%HVFKlIWL
JXQJ LQ 'LHQVWOHLVWXQJVEHUXIHQ ZLUG YRQ DXI VWHLJHQ +LHUEHL ZHUGHQ GUHL
7HQGHQ]HQVLFKWEDU
• 'HUVWUXNWXUHOOH:DQGHOJHKW]XODVWHQYRQ%HUXIHQGLHW\SLVFKHU:HLVHLQGHU6DFKJ WHU
SURGXNWLRQLP%HUJEDXRGHUGHU/DQGZLUWVFKDIWEHKHLPDWHWVLQG
• =XGHP LVW HLQH 7HQGHQ] ]X %HUXIHQ PLW K|KHUHQ 4XDOLILNDWLRQVYRUDXVVHW]XQJHQ ]X EHR
EDFKWHQ'LHVJLOWVRZRKOI U:LUWVFKDIWVEHUHLFKHLQGHQHQ%HUXIHPLWKRKHQ6NLOO/HYHOV
EHUHLWVVWDUNYHUWUHWHQVLQGDOVDXFKI U%UDQFKHQPLWLQVJHVDPWUHODWLYJHULQJHQ4XDOLIL
NDWLRQVDQIRUGHUXQJHQDQ%HVFKlIWLJWH
'LH$EJUHQ]XQJGHU'LHQVWOHLVWXQJVEHUXIHHUIROJWDQDORJ]X0HVFKHWDO'D]X]lKOHQ%HUXIHPLWPLOLWlUL
VFKHP&KDUDNWHU%HUXIVKDXSWJUXSSH %HUXIHPLW/HLWXQJVIXQNWLRQ%HUXIVKDXSWJUXSSHQ %HUXIHDXIDNDGHPL
VFKHP1LYHDX%HUXIVKDXSWJUXSSH%HUXIH]XGHUHQ$XV EXQJ0DWXUDQLYHDXYHUODQJZLUG%HUXIVKDXSWJUXSSH
% URWlWLJNHLWHQ%HUXIVKDXSWJUXSSHVRZLH'LHQVWOHLVWXQJVEHUXIH%HUXIVKDXSWJUXSSH$X‰HUGHP+LOIVWlWLJNHLWHQ
LP 9HUNDXIV XQG 'LHQVWOHLVWXQJVEHUHLFK %HUXIVJUXSSH XQG %HGLHQHU,QQHQ PRELOHU $QODJHQ XQG )DKU]HXJ
I KUHU,QQHQ%HUXIVJUXSSHQ

²²
• 7lWLJNHLWHQPLW.XQGHQNRQWDNWZHUGHQVRZRKOGXUFKSRVLWLYH%UDQFKHQHIIHNWH'LHQVWOHLV
WXQJVRULHQWLHUXQJ DOV DXFK GXUFK SRVLWLYH %HUXIVHIIHNWH ]XODVWHQ YRQ 7lWLJNHLWHQ RKQH
.XQGHQNRQWDNWDQ%HGHXWXQJJHZLQQHQ
(LQH VWDUN SRVLWLYH %HVFKlIWLJXQJVG\QDPLN LVW LQ 7lWLJNHLWHQ DXI DNDGHPLVFKHP 1LYHDX
EHVRQGHUVLPWHFKQLVFKHQXQGPHGL]LQLVFKHQ%HUHLFK]XEHREDFKWHQZRYRQGLH%HVFKlIWL
JXQJYRQ)UDXHQXQG0lQQHUQLQlKQOLFKHU5HODWLRQSURILWLHUHQZLUG6HKUVFKZDFKIlOOWGDV
|VWHUUHLFKZHLWH %HVFKlIWLJXQJVZDFKVWXP DXIJUXQG GHU (QWZLFNOXQJ GHU =DKO GHU 6FK OHU,Q
QHQKLQJHJHQEHL/HKUNUlIWHQDXV
'DVNUlIWLJH%HVFKlIWLJXQJVZDFKVWXPLQ%HUXIHQDXI0DWXUDQLYHDXZLUGYRQ'DWHQYHUDUEHL
WXQJVIDFKNUlIWHQXQGYRQ%HUXIHQGHV*HVXQGKHLWVXQG6R]LDOEHUHLFKVJHWUDJHQ,QOHW]WHUHQ
QLPPWGHUKRKH)UDXHQDQWHLODQGHU%HVFKlIWLJXQJZHLWHU]X'LHTXDQWLWDWLYEHGHXWHQGVWHQ
%HUXIVJUXSSHQDXI0DWXUDQLYHDXGLH)LQDQ]XQG9HUNDXIVIDFKNUlIWHVRZLHGLHPDWHULDOXQG
LQJHQLHXUWHFKQLVFKHQ)DFKNUlIWHZHUGHQPLW:DFKVWXPVUDWHQXQWHUHLQHP3UR]HQWSUR-DKU
OHGLJOLFKPRGHUDWDQ%HVFKlIWLJXQJJHZLQQHQ
,QGHQ%HUXIHQDXIPLWWOHUHP4XDOLILNDWLRQVQLYHDXGK/HKU RGHU )DFKVFKXOQLYHDXLVWHLQH
VHKUKHWHURJHQ(QWZLFNOXQJ]XHUZDUWHQ) U% URNUlIWHXQGNDXIPlQQLVFKH$QJHVWHOOWHZLUG
OHGLJOLFK HLQ Pl‰LJHV %HVFKlIWLJXQJVZDFKVWXP SURJQRVWL]LHUW SUR -DKU %HVFKlIWL
JXQJV]XZlFKVH ZHUGHQ YRU DOOHP LQ % UREHUXIHQ PLW .XQGHQNRQWDNW SURJQRVWL]LHUW =XGHP
ZHUGHQ GLH $QIRUGHUXQJHQ DQ % UREHVFKlIWLJWH YLHOIlOWLJHU 'HXWOLFKH %HVFKlIWLJXQJVU FN
JlQJHZLUGHVEHL3RVWEHUXIHQJHEHQ
'LH %HVFKlIWLJXQJ EHL 'LHQVWOHLVWXQJVEHUXIHQ XQG 9HUNlXIHU,QQHQ VROOWH KLQJHJHQ GHXWOLFK
DQVWHLJHQ SUR -DKU $XIIDOOHQG LVW MHGRFK GDV QXU Pl‰LJH :DFKVWXP EHL HLQIDFKHQ
3IOHJHEHUXIHQ =X EHU FNVLFKWLJHQ LVW DOOHUGLQJV GDVV 3IOHJHWlWLJNHLWHQ GLH LP +DXVKDOW YRQ
)DPLOLHQDQJHK|ULJHQHUEUDFKWZHUGHQKLHUHEHQVRZHQLJHUIDVVWVLQGZLH3IOHJHWlWLJNHLWHQ
LPLQIRUPHOOHQ6HNWRU QLFKWDQJHPHOGHWH%HVFKlIWLJXQJ3IOHJHKLOIVWlWLJNHLWHQRKQH $XVELO
GXQJVHUIRUGHUQLV VROOWHQ ]XGHP QLFKW LQ GLHVHU %HUXIVJUXSSH HUIDVVW VHLQ VLH ]lKOHQ ]X GHQ
HEHQIDOOVZDFKVHQGHQ'LHQVWOHLVWXQJVKLOIVEHUXIHQ
,P WHFKQLVFKHQ %HUHLFK VWHLJW GLH 1DFKIUDJH QDFK %HVFKlIWLJWHQ LQ +DQGZHUNV XQG YHU
ZDQGWHQ %HUXIHQ PLW MlKUOLFK QXU VFKZDFK $QODJHQ XQG 0DVFKLQHQEHGLHQHU,QQHQ
XQG 0RQWLHUHU,QQHQ YHU]HLFKQHQ HLQHQ %HVFKlIWLJXQJVU FNJDQJ ELV LQ +|KH YRQ ²
SUR-DKU.UlIWLJH%HVFKlIWLJXQJVYHUOXVWHVLQGLQGHQ7H[WLOXQG%HNOHLGXQJVEHUXIHQVRZLHLQ
GHQ'UXFNKDQGZHUNVEHUXIHQ]XHUZDUWHQZlKUHQG%HVFKlIWLJXQJVJHZLQQHLQVSH]LDOLVLHUWHQ
0HWDOOEHUXIHQXQG(OHNWURXQG(OHNWURQLNEHUXIHQSURJQRVWL]LHUWZHUGHQ
'LH%HVFKlIWLJXQJVVWHLJHUXQJHQLQ% URXQG'LHQVWOHLVWXQJVEHUXIHQNRPPHQWHQGHQ]LHOOVWlU
NHU)UDXHQ]XJXWHZlKUHQGGLHVHLQ+DQGZHUNVEHUXIHQDXFKDEVROXWDQ%HVFKlIWLJXQJHLQ
E ‰HQ+DXSWYHUDQWZRUWOLFKGDI ULVWGHU5 FNJDQJLQ7H[WLOEHUXIHQPLWHLQHPKRKHQ)UDXHQ
DQWHLO *HUDGH 'LHQVWOHLVWXQJVEHUXIH DXI PLWWOHUHP 4XDOLILNDWLRQVQLYHDX ZDUHQ EHUHLWV ELVKHU

²²
YRQ)UDXHQGRPLQLHUWVRGDVVGLHVWDUNHJHVFKOHFKWVVSH]LILVFKH6HJPHQWDWLRQDP|VWHUUHLFKL
VFKHQ$UEHLWVPDUNWDXFKLQGHQQlFKVWHQ-DKUHQQLFKWDEQHKPHQZLUG
hEHUVLFKW
8QVHOEVWlQGLJH%HVFKlIWLJXQJXQGQDFK%HUXIVKDXSWJUXSSHQ
%HVWDQG 9HUlQGHUXQJ
%HUXIVKDXSWJUXSSHQ ,QSD DEVROXW
$QJHK|ULJHJHVHW]JHEHQGHU.|USHUVFKDIWHQ) KUXQJV
NUlIWHLQGHU3ULYDWZLUWVFKDIWXQGLP|IIHQWOLFKHQ'LHQVW
:LVVHQVFKDIWOHU,QQHQ
7HFKQLNHU,QQHQJOHLFKUDQJLJHQLFKWWHFKQLVFKH%HUXIH
% URNUlIWHNDXIPlQQLVFKH$QJHVWHOOWH
'LHQVWOHLVWXQJVEHUXIH9HUNlXIHU,QQHQU,QQHQLQ
*HVFKlIWHQXQGDXI0lUNWHQ
)DFKNUlIWHLQGHU/DQGZLUWVFKDIWXQG)LVFKHUHL
+DQGZHUNVXQGYHUZDQGWH%HUXIH
$QODJHQXQG0DVFKLQHQEHGLHQHU,QQHQ0RQWLHUHU,QQHQ ² ²
+LOIVDUEHLWVNUlIWH
6ROGDW,QQHQ “ “
6XPPH
4%UDQFKHQXQG%HUXIVPRGHOOgVWHUUHLFK²:HUWHDXIJHUXQGHW'LIIHUHQ]HQN|QQHQVLFKDXIJUXQGYRQ5XQ
GXQJVIHKOHUQHUJHEHQ%HUHFKQXQJHQDXI%DVLVXQJHUXQGHWHU:HUWH
%HUXIH PLW JHULQJHQ 4XDOLILNDWLRQVDQIRUGHUXQJHQ ZHUGHQ HEHQIDOOV HLQH KHWHURJHQH (QW
ZLFNOXQJHUIDKUHQ%HVFKlIWLJXQJVYHUOXVWHLQGHU6DFKJ WHUHU]HXJXQJWUHIIHQEHVRQGHUVHLQ
IDFKH 7lWLJNHLWHQ ZlKUHQG K|KHU TXDOLIL]LHUWH %HUXIH OHLFKWH %HVFKlIWLJXQJVJHZLQQH YHU
]HLFKQHQ 'HU 'LHQVWOHLVWXQJVVHNWRU LVW GLH WUHLEHQGH .UDIW I U GLH SRVLWLYH (QWZLFNOXQJ GHU
1DFKIUDJHQDFK+LOIVNUlIWHQZlKUHQGLP6DFKJ WHUEHUHLFKHLQ5 FNJDQJEHL+LOIVDUEHLWVNUlI
WHQSURJQRVWL]LHUWZLUG'LHVEHGHXWHWJOHLFK]HLWLJGDVVVLFKGLH%HVFKlIWLJXQJLQ+LOIVEHUXIHQ
]XQHKPHQG]X)UDXHQYHUODJHUQZLUG$EHUDXFKGLH%HVFKlIWLJXQJYRQ0lQQHUQLQ+LOIVWlWLJ
NHLWHQZLUGGXUFKGLH([SDQVLRQLP'LHQVWOHLVWXQJVEHUHLFKOHLFKW]XQHKPHQ

²²
,QWHUQDWLRQDOH%HVW3UDFWLFH%HLVSLHOHGHU$UEHLWVPDUNWSROLWLN
(LQOHLWXQJ
'LHELVKHULJHQDQDO\WLVFKHQXQGSURJQRVWLVFKHQ(UJHEQLVVHGLHVHU6WXGLH EHVFKHLQLJHQGHP
7LUROHU$UEHLWVPDUNWVRZRKOLPHXURSlLVFKHQDOVDXFKLP|VWHUUHLFKLVFKHQ9HUJOHLFKHLQHJXWH
(QWZLFNOXQJ 7URW] GHU (UIROJH VWHKW 7LURO ²ZLH GLH $QDO\VHHUJHEQLVVH GHU YRUDQJHJDQJHQHQ
.DSLWHO]HLJHQ²DEHUDXFKYRUHLQHU5HLKHYRQ+HUDXVIRUGHUXQJHQ,QVEHVRQGHUH
• LVW GLH 6DLVRQDOLWlW GHU $UEHLWVORVHQTXRWH LQ 7LURO EHVRQGHUV KRFK ZDV DXFK GLH MDKUHV
GXUFKVFKQLWWOLFKH$UEHLWVORVHQTXRWHHUK|KW
• EHVWHKHQLQ7LUROHUKHEOLFKHUHJLRQDOH'LVSDULWlWHQLQGHU$UEHLWVPDUNWODJH
• VLQG LQ 7LURO GLH *HVFKOHFKWHUXQWHUVFKLHGH KLQVLFKWOLFK IDVW DOOHU ,QGLNDWRUHQ JU|‰HU DOV LP
|VWHUUHLFKLVFKHQ'XUFKVFKQLWWZREHLEHLDQQlKHUQGDOOHQ,QGLNDWRUHQYRQHLQHU%HQDFK
WHLOLJXQJGHU)UDXHQYRUDOOHPLP+DXSWHUZHUEVDOWHUDP7LUROHU$UEHLWVPDUNWJHVSURFKHQ
ZHUGHQPXVV
• LVW GLH (UZHUEVEHWHLOLJXQJ GHU bOWHUHQ LQ 7LURO LP HXURSlLVFKHQ 9HUJOHLFK JHULQJ XQG LP
|VWHUUHLFKLVFKHQ9HUJOHLFKQXUOHLFKW EHUGXUFKVFKQLWWOLFK
• ]HLJHQVLFK²ZLHDXFKLP EULJHQgVWHUUHLFK²]XQHKPHQGH3UREOHPHEHLGHUODQJIULVWL
JHQ,QWHJUDWLRQYRQDXVOlQGLVFKHQ$UEHLWVNUlIWHQXQG-XJHQGOLFKHQLQGHQ$UEHLWVSUR]HVV
• VWHLJW LQ 7LURO GLH =DKO GHU /DQJ]HLWEHVFKlIWLJXQJVORVHQ LQVEHVRQGHUH EHL GHQ 0lQQHUQ
VWlUNHUDQDOVLP EULJHQgVWHUUHLFK
• EHVWHKW QHEHQ GHQ RIIL]LHOO UHJLVWULHUWHQ $UEHLWVORVHQ LQ 7LURO HLQ LP gVWHUUHLFK9HUJOHLFK
HWZDV K|KHUHV 3RWHQWLDO DQ )UDXHQ GLH ]ZDU SULQ]LSLHOO JHUQH DUEHLWHQ Z UGHQ LKUH
$UEHLWVNUDIWDP$UEHLWVPDUNWDEHUDXVYHUVFKLHGHQHQ*U QGHQQLFKWDQELHWHQ
• VFKUHLWHW LQ 7LURO GLH $W\SLVLHUXQJ GHU %HVFKlIWLJXQJVYHUKlOWQLVVH HEHQVR UDVFK YRUDQ ZLH
LP EULJHQ%XQGHVJHELHWZREHL]XPLQGHVWHLQ7HLOGHU%HVFKlIWLJWHQXQIUHLZLOOLJLQGLHVHQ
9HUKlOWQLVVHQDUEHLWHW
'LHVH3UREOHPHVLQGDOOHUGLQJVLQZHLWHQ%HUHLFKHQNHLQH6SH]LILNDGHV7LUROHU$UEHLWVPDUNWHV
VRQGHUQVSLHJHOQGLH*UXQGSUREOHPHGHVHXURSlLVFKHQ$UEHLWVPDUNWHVZLGHU6RZLUGDXFK
VHLWHQV GHU (XURSlLVFKHQ .RPPLVVLRQ LP 5DKPHQ GHU HXURSlLVFKHQ %HVFKlIWLJXQJVLQLWLDWLYH
LPPHU ZLHGHU DXI HLQH 6WHLJHUXQJ GHU (UZHUEVTXRWH GHU bOWHUHQ HLQH *OHLFKVWHOOXQJ GHU
*HVFKOHFKWHU XQG HLQH 9HUPHLGXQJ YRQ VR]LDOHU ([NOXVLRQ JHGUlQJW XQG LQ YLHOHQ /lQGHUQ
GHU (8 VWHOOW VLFK GLH )UDJH ZLH GDV EHVWHKHQGH $UEHLWVPDUNWUHJXOLHUXQJVV\VWHP PLW GHQ
JHVWLHJHQHQ)OH[LELOLWlWVQRWZHQGLJNHLWHQDP$UEHLWVPDUNWLQ(LQNODQJJHEUDFKWZHUGHQNDQQ

²²
(LQLJHLQWHUQDWLRQDOH%HLVSLHOHYRQ0D‰QDKPHQ
9RQ6HLWHQHLQLJHU $QDO\VWHQZLUGGDEHLGDUDXIKLQJHZLHVHQGDVVGHU HXURSlLVFKH $UEHLWV
PDUNW ² WURW] HUKHEOLFKHU 8QWHUVFKLHGH ]ZLVFKHQ GHQ /lQGHUQ ² LP $OOJHPHLQHQ DOV ULJLGH
EH]HLFKQHWZHUGHQNDQQ*OHLFK]HLWLJ]HLJWVLFKDEHUDXFKGDVV$UEHLWVPDUNWUHJXOLHUXQJVV\V
WHPHZLHVLH]XP%HLVSLHOLQGHQDQJHOVlFKVLVFKHQ2(&'/lQGHUQEHVWHKHQDXIGHPHXUR
SlLVFKHQ)HVWODQGNDXPPHKUKHLWVIlKLJVLQG6RPLWHQWVWHKWGLH)UDJHZLHVLFKGLHQRWZHQ
GLJH )OH[LELOLWlW PLW GHP DP NRQWLQHQWDOHXURSlLVFKHQ )HVWODQG RIIHQVLFKWOLFK EHVWHKHQGHQ
%HG UIQLV QDFK VR]LDOHU 6LFKHUKHLW YHUHLQEDUHQ OlVVW 'LH /LWHUDWXU VLHKH (VSLQJ $QGHUVHQ
HWDO (VSLQJ $QGHUVHQ 6FKDUSI (XURSlLVFKH .RPPLVVLRQ %RFN
6FKDSSHOZHLQKHEWGDEHLYLHU*UXQGPXVWHUGHU $UEHLWVPDUNWUHJXOLHUXQJXQGVR]LDOHQ
6LFKHUXQJVV\VWHPHKHUYRUGLH]XPHLVWDOVDQJHOVlFKVLVFKHV0RGHOOPLWGHQW\SLVFKHQ9HUWUH
WHUQ,UODQGXQG9HUHLQLJWHV.|QLJUHLFKNRQWLQHQWDOHXURSlLVFKHV0RGHOOgVWHUUHLFK%HOJLHQ
'HXWVFKODQG )UDQNUHLFK /X[HPEXUJ 1LHGHUODQGH VNDQGLQDYLVFKHV 0RGHOO 'lQHPDUN
)LQQODQG6FKZHGHQXQGV GHXURSlLVFKHV0RGHOO6SDQLHQ*ULHFKHQODQG,WDOLHQXQG3RUWX
JDOEH]HLFKQHWZHUGHQ
'LHVH 0RGHOOH XQWHUVFKHLGHQ VLFK VRZRKO KLQVLFKWOLFK GHU $XVJHVWDOWXQJ GHU VR]LDOHQ 6LFKH
UXQJVV\VWHPHZLHDXFKGHU$UEHLWVPDUNWSROLWLNXQGXQWHUOLHJHQHLQHU5HLKHYRQ5HIRUPHQI U
'HWDLOVVLHKH%RFN6FKDSSHOZHLQ=LHOGLHVHV.DSLWHOVLVWHVGLH(UIDKUXQJHQHLQLJHUGLH
VHU 5HIRUPEHP KXQJHQ XQG P|JOLFKH DXI 7LURO EHUWUDJEDUH 3ROLWLNHQ H[HPSODULVFK GDU]X
VWHOOHQ'DEHLZLUGYRUDOOHPDXIGLHVNDQGLQDYLVFKHQ/lQGHUXQGGLH1LHGHUODQGHHLQJHJDQ
JHQZHLOGLHVH/lQGHUVRZRKOYRQGHU(XURSlLVFKHQ.RPPLVVLRQDOVDXFKYRQYLHOHQ
([SHUW,QQHQDOVEHVRQGHUVHUIROJUHLFKLQGHU8PVHW]XQJGHU(XURSlLVFKHQ%HVFKlIWLJXQJVVWUD
WHJLHDQJHVHKHQZHUGHQ
'DEHLVLQG'lQHPDUNXQG6FKZHGHQGXUFKKRKH%HVFKlIWLJXQJVTXRWHQVRZRKOGHU0lQQHU
DOV DXFK GHU )UDXHQ JHSUlJW )LQQODQG XQG GLH 1LHGHUODQGH ZHUGHQ GDJHJHQ LP 'UDIW
-RLQW (PSOR\PHQW 5HSRUW GHU (XURSlLVFKHQ .RPPLVVLRQ XQG EHVRQGHUV JUR‰H
)RUWVFKULWWH EHL GHU 6WHLJHUXQJ GHU %HVFKlIWLJXQJ GHU bOWHUHQ EHVFKHLQLJW ZlKUHQG GLH
%HVFKlIWLJXQJVTXRWHGHUbOWHUHQLQ6FKZHGHQXQG'lQHPDUNEHUHLWV EHUGHPHXURSDZHLW
DQJHVWUHEWHQ=LHOYRQOLHJHQ hEHUGLHVZHUGHQGLHVH /lQGHUYRQGHU.RPPLVVLRQDXFK
RIWPDOVKLQVLFKWOLFKGHU(QWZLFNOXQJLQDQGHUHQ3ROLWLNEHUHLFKHQDOVYRUELOGOLFKGDUJHVWHOOW6R
ZLUGLP-RLQW(PSOR\PHQW5HSRUWGHU.RPPLVVLRQKHUYRUJHKREHQGDVV)LQQODQGXQG6FKZH
GHQ]XGHQZHQLJHQ(8/lQGHUQJHK|UHQGLHHLQHNODUH6WUDWHJLHKLQVLFKWOLFKGHU0RGHUQLVLH
UXQJGHU$UEHLWVZHOWKDEHQ'LH1LHGHUODQGHVLQGXQWHUGHQ(8/lQGHUQGXUFKHLQHKRKH7HLO
]HLWTXRWH JHNHQQ]HLFKQHW XQG ZHUGHQ LQ YLHOHQ %HULFKWHQ I U GLH YRUELOGOLFKH 5HJXOLHUXQJ
DW\SLVFKHU%HVFKlIWLJXQJVIRUPHQLQGHQ9RUGHUJUXQGJHVWHOOWbKQOLFKZLUG6FKZHGHQZHJHQ
VHLQHU,PSOHPHQWLHUXQJYRQ*HQGHU0DLQVWUHDPLQJ6WUDWHJLHQDOVYRUELOGOLFKDQJHVHKHQXQG
'LH%HVFKlIWLJXQJVTXRWHQODJHQLQGLHVHQ/lQGHUQLP-DKUODXW(XURSlLVFKHU.RPPLVVLRQGXUFKZHJV
EHUGLH%HVFKlIWLJXQJVTXRWHQGHU)UDXHQ EHUVFKULWWHQGLH0DUNH

²²
YLHOH GHU HUZlKQWHQ /lQGHU ZHUGHQ DXFK I U LKUH NODUHQ 6WUDWHJLHQ GHU 8PVHW]XQJ GHV
OHEHQVODQJHQ/HUQHQVHUZlKQW
'lQHPDUN
'LHNRQNUHWHQ6WUDWHJLHQGLHLQGLHVHQ/lQGHUQDP$UEHLWVPDUNWYHUIROJWZHUGHQXQWHUVFKHL
GHQ VLFK GDEHL UHFKW HUKHEOLFK 6R ZLUG ]XP %HLVSLHO 'lQHPDUN VWDUN PLW GHP %HJULII GHU
)OH[LFXULW\LQ9HUELQGXQJJHEUDFKW'LH*UXQGSIHLOHUGLHVHV6\VWHPVEHVWHKHQGDEHLQHEHQ
HLQHUVWDELOLWlWVRULHQWLHUWHQ0DNURSROLWLNHLQHU%HVFKlIWLJXQJVVWUXNWXUGLHVWDUNDXIGHQ'LHQVW
OHLVWXQJVVHNWRUNRQ]HQWULHUWLVWXQGHLQHUVWDUNHQ,QYROYLHUXQJGHU6R]LDOSDUWQHUVFKDIWDXVHLQHU
.RPELQDWLRQUHODWLYJUR‰] JLJHU6R]LDOOHLVWXQJHQHLQHPJHULQJHQ. QGLJXQJVVFKXW]XQGHLQHU
VWDUN PRWLYLHUHQGHQ .RPSRQHQWH GHU DNWLYHQ $UEHLWVPDUNWSROLWLN ,Q 'lQHPDUN PXVV MHGHP
$UEHLWVORVHQ QDFK HLQHU $UEHLWVORVLJNHLWVGDXHU YRQ 0RQDWHQ HLQH $XVELOGXQJ DQJHERWHQ
ZHUGHQGLHYRQGLHVHPDXFKLQ$QVSUXFKJHQRPPHQZHUGHQPXVV hEHUGLHVJLOWVHLW-XQL
GLH5HJHOXQJGDVVDOOH6R]LDOKLOIHEH]LHKHU,QQHQLP$OWHU]ZLVFKHQXQG-DKUHQGLH
NHLQHDEJHVFKORVVHQH$XVELOGXQJKDEHQXPHLQH=XVDW]DXVELOGXQJDQVXFKHQP VVHQRGHU
VRQVW GLH 6R]LDOKLOIH YHUOLHUHQ 6FKOXVVHQGOLFK ZHUGHQ .LQGHUEHLKLOIHQ LQ +LQNXQIW I U .LQGHU LP
$OWHU ]ZLVFKHQ XQG -DKUHQ QXU PHKU GDQQ EH]DKOW ZHQQ GLHVH .LQGHU QRFK LQ $XVELO
GXQJVWHKHQVLHKH'DQLVK*RYHUQPHQW
'LHVH.RPELQDWLRQLQWHQVLYHU$NWLYLHUXQJVVWUDWHJLHQZRUNILUVWSROLF\JHULQJHP. QGLJXQJV
VFKXW] XQG KRKHQ /RKQHUVDW]OHLVWXQJHQ I KUW QDFK $XIIDVVXQJ GHU PHLVWHQ ([SHUWHQ XQG
([SHUWLQQHQ VLHKH ]% /DUVVRQ :LOWKDJHQ HW DO GD]X GDVV LQ 'lQHPDUN HLQ
KRKHU$UEHLWVPDUNWXPVFKODJXQGUDVFKHU6WUXNWXUZDQGHORKQHEHVRQGHUH9HUZHUIXQJHQDP
$UEHLWVPDUNW EHZlOWLJW ZHUGHQ NDQQ 'XUFK GLH KRKHQ 6R]LDOOHLVWXQJHQ VR GLH $UJXPHQWD
WLRQVLQGGLH$UEHLWVNUlIWHJHJHQ EHUGHQ5LVLNHQGHV6WUXNWXUZDQGHOVWHLOZHLVHYHUVLFKHUW'LH
IU K]HLWLJH $NWLYLHUXQJ I KUW GD]X GDVV $UEHLWVORVH VWDUNH $QUHL]H KDEHQ HLQHQ QHXHQ -RE
DXI]XQHKPHQ 'LH KRKH (UIDVVXQJ GHU /DQJ]HLWDUEHLWVORVHQ LQ LQWHQVLYH 6FKXOXQJHQ HUP|J
OLFKW HV 3HUVRQHQJUXSSHQ GLH YRP 6WUXNWXUZDQGHO EHVRQGHUV VWDUN EHWURIIHQ VLQG HLQH 3HU
VSHNWLYHDXIHLQHQDFKKDOWLJH,QWHJUDWLRQLQV(UZHUEVOHEHQ]XJHEHQhEHUGLHVZLUGGLHVH3ROL
WLN GXUFK HLQH JXWH |IIHQWOLFKH ,QIUDVWUXNWXU LP %HUHLFK %LOGXQJ *HVXQGKHLW XQG |IIHQWOLFKHU
9HUNHKU XQWHUVW W]W 6R DUJXPHQWLHUHQ $QGHUVHQ− (WKHULQJWRQ GDVV GLH JXWH $XVVWDW
WXQJPLW|IIHQWOLFKHU,QIUDVWUXNWXUJHUDGHDXIGHUUHJLRQDOHQ(EHQHGD]XEHLWUlJWGLH3ROLWLN
XPVHW]EDU]XPDFKHQ
.ULWLVFKZLUGMHGRFKJHUDGHJHJHQ EHUGHQ$NWLYLHUXQJVVWUDWHJLHQLPPHUZLHGHUDQJHPHUNW
GDVV GLH LQ GLHVHQ .XUVHQ DQJHERWHQHQ ,QKDOWH QLFKW LPPHU GHQ (UZDUWXQJHQ HQWVSUHFKHQ
$OOHUGLQJV LVW GLH (XURSlLVFKH .RPPLVVLRQ D DXFK KLQVLFKWOLFK HLQLJHU 3ROLWLNEHUHLFKH GXUFKDXV NULWLVFK
HLQJHVWHOOW 6R ZLUG I U GLHVH /lQGHU GHU HLQJHVFKUlQNWH )RUWVFKULWW EHL GHU ,QWHJUDWLRQ DXVOlQGLVFKHU $UEHLWVNUlIWH
'lQHPDUNXQG6FKZHGHQLQGDV%HVFKlIWLJXQJVV\VWHPNULWLVLHUW%HLGHU%HJUHQ]XQJGHU'URSRXW5DWHZHUGHQLQ
)LQQODQGXQGGHQ1LHGHUODQGHQHEHQIDOOVQRFK'HIL]LWHIHVWJHVWHOOW
-XJHQGOLFKHQPXVVHLQVROFKHU$XVELOGXQJVSODW]QDFK0RQDWHQDQJHERWHQZHUGHQ

²²
XQG DXV 6LFKW HLQHU HIIHNWLYHQ $UEHLWVPDUNWSROLWLN EHVVHU JHVWDOWHW ZHUGHQ N|QQWHQ VLHKH
+\JXP
$OOHUGLQJV]HLJHQ(YDOXLHUXQJVVWXGLHQ+ROP0LQLVWU\RI/DERXUGDVV
GLH7HLOQDKPHGHU$UEHLWVORVHQDQ3URJUDPPHQ]XU)|UGHUXQJGHU%HVFKlIWLJXQJVIlKLJNHLW
QHEHQ SRVLWLYHQ $XVZLUNXQJHQ DXI GLH 4XDOLILNDWLRQVVWUXNWXU GHU 7HLOQHKPHQGHQ LKUH
%HVFKlIWLJXQJVFKDQFHQXQGLKUH/|KQHVLHKH+ROPI UHLQHQhEHUEOLFNDXFKHLQHQ
SRVLWLYHQ0RWLYDWLRQVHIIHNWKDWGHUEHUHLWVEHLGHU$QN QGLJXQJGHU0D‰QDKPHZLUNW6R
]HLJWHWZDHLQH8QWHUVXFKXQJGHVGlQLVFKHQ$UEHLWVPLQLVWHULXP0LQLVWU\RI/DERXU
GDVV GLH hEHUJDQJVTXRWHQ LQ GLH %HVFKlIWLJXQJ JHUDGH LQ MHQHQ *UXSSHQ EHVRQGHUV
VWDUNDQVWHLJHQGLHNXU]YRUGHU$XIQDKPHLQHLQH6FKXOXQJVWHKHQ
GLH QLFKW XQHUKHEOLFKHQ ILQDQ]LHOOHQ 5HVVRXUFHQ GLH LQ GLH DNWLYH $UEHLWVPDUNWSROLWLN IOLH
‰HQ EHU(LQVSDUXQJHQEHLGHQSDVVLYHQ/HLVWXQJHQXQG]XVlW]OLFKH6WHXHUHLQQDKPHQ]X
LQVJHVDPWSRVLWLYHQ$XVZLUNXQJHQDXIGLH|IIHQWOLFKHQ+DXVKDOWHI KUHQ
GLHVH 6WUDWHJLH DXFK GD]X JHHLJQHW LVW /DQJ]HLWEHVFKlIWLJXQJVORVH LQ HLQ OlQJHUIULVWLJHV
%HVFKlIWLJXQJVYHUKlOWQLV]XEULQJHQ
'HPJHJHQ EHU ZLUG DEHU DXFK EHPHUNW GDVV JHUDGH EHL 3HUVRQHQ PLW HLQHU RKQHKLQ
KRKHQ hEHUJDQJVZDKUVFKHLQOLFKNHLW LQ GLH %HVFKlIWLJXQJ GLH $XIQDKPH LQ HLQH 6FKXOXQJ
DXFK ]X HLQHU VSlWHUHQ %HVFKlIWLJXQJVDXIQDKPH I KUHQ NDQQ ZHLO GLHVH 3HUVRQHQ I U GLH
'DXHUGHU6FKXOXQJ GHP $UEHLWVPDUNWQLFKW]XU9HUI JXQJVWHKHQ VRJHQDQQWHU(QW]XJVHI
IHNWVLHKH+ROP
(LQZHLWHUHU(FNSIHLOHUGHUGlQLVFKHQ$UEHLWVPDUNWVWUDWHJLHVLQG-RE5RWDWLRQ3URJUDPPHLQ
GHQHQ $UEHLWVNUlIWH GLH YRU EHUJHKHQG HLQHU :HLWHUELOGXQJ QDFKJHKHQ ZROOHQ LQ )RUP
HLQHV 6DEEDWLFDOV I U HLQH =HLW IUHLJHVWHOOW ZHUGHQ XQG GXUFK HLQHQ $UEHLWVORVHQ HUVHW]W ZHU
GHQ 'LH GlQLVFKHQ (UIDKUXQJHQ PLW GLHVHP 3URJUDPP VLQG DOOHUGLQJV GXUFKZDFKVHQ 6R
]HLJW.UXKRIHUGDVVQDFKHLQHUVWDUNHQ=XQDKPHGLHVHU3URJUDPPHLPHUVWHQ-DKUGLH
7HLOQHKPHU,QQHQ]DKOHQUDVFKDEILHOHQhEHUGLHVZXUGHQGLHVH3URJUDPPHLQHUVWHU/LQLHYRP
|IIHQWOLFKHQ6HNWRUXQGLQ]ZHLWHU/LQLHYRQJUR‰HQXQGPLWWOHUHQ8QWHUQHKPHQDQJHQRPPHQ
.UXKRIHU DUJXPHQWLHUW GDEHL GDVV YRU DOOHP IROJHQGH 3UREOHPH ]X HLQHU JHULQJHUHQ
$XIQDKPHGLHVHU3URJUDPPHLPSULYDWHQ6HNWRUI KUHQ
8QVLFKHUH)LQDQ]LHUXQJ'DI UGLH8PVHW]XQJGHU-RE5RWDWLRQ3URJUDPPHRIWPDOV0LWWHO
DXV YHUVFKLHGHQHQ 7|SIHQ JH]RJHQ ZHUGHQ PXVVWHQ XQG HV EHUGLHV RIWPDOV NHLQH
PHKUMlKULJHQ )LQDQ]LHUXQJV]XVDJHQ JDE VLQG VROFKH 3URJUDPPH LPPHU PLW HLQHU )LQDQ
]LHUXQJVXQVLFKHUKHLW EHKDIWHW GLH JHUDGH NOHLQH SULYDWH 8QWHUQHKPHQ DEVFKUHFNHQ
NDQQ
0DQJHOQGH LQVWLWXWLRQHOOH .RRSHUDWLRQ ]ZLVFKHQ $UEHLWVPDUNWDNWHXUHQ %LOGXQJVWUlJHUQ
XQG ,QWHUHVVHQVYHUWUHWXQJHQ 'D JHUDGH GLH 9HUELQGXQJ YRQ 6DEEDWLFDOV PLW -RE 5RWD
WLRQ 3URJUDPPHQ HLQH 3HVRQDOHQWZLFNOXQJVVWUDWHJLH YRUDXVVHW]W GLH LQ NOHLQHUHQ 8QWHU

²²
QHKPHQRIWPDOVIHKOWEHGDUIHV]XLKUHU8PVHW]XQJDXFKIODQNLHUHQGHU%HUDWXQJVWlWLJNHL
WHQYHUVFKLHGHQHU$NWHXUHGLHODXW.UXKRIHUQLFKWLPPHUYRUKDQGHQZDUHQ
$XIZlQGLJH $GPLQLVWUDWLRQ GHU 3URJUDPPH *HUDGH I U .08V ZDU ODXW .UXKRIHU
GHUPLWVROFKHQ3URJUDPPHQYHUEXQGHQH9HUZDOWXQJVDXIZDQGUHODWLY]XUJHULQJHQ=DKO
GHU7HLOQHKPHU,QQHQRIWPDOV]XKRFK
$NWLYLHUXQJVXQG:HLWHUELOGXQJVVWUDWHJLHQZXUGHQLQ'lQHPDUNGXUFKHLQH5HLKHYRQIODQNLH
UHQGHQ0D‰QDKPHQXQWHUVW W]W6RZHUGHQJHJHQZlUWLJHWZDGHUXQGMlKULJHQ.LQ
GHUXQGHWZDGHUELV-lKULJHQLQHLQHU.LQGHUEHWUHXXQJVHLQULFKWXQJEHWUHXWZREHL
(OWHUQ JHJHQZlUWLJ HWZD GHU .RVWHQ GHU .LQGHUEHWUHXXQJ VHOEVW WUDJHQ XQG GDUDQ
JHGDFKWZLUGGLHVHQ)LQDQ]LHUXQJVEHLWUDJDXI]XVHQNHQ'LHVWUlJWQHEHQHLQHU5HLKH
OHJLVWLVFKHU0D‰QDKPHQLP%HUHLFKGHU/RKQJOHLFKKHLW]ZLVFKHQ0lQQHUQXQG)UDXHQDXFK
]X HLQHU KRKHQ (UZHUEVEHWHLOLJXQJ GHU )UDXHQ DP $UEHLWVPDUNW EHL ) U bOWHUH ZXUGHQ
KLQJHJHQQHEHQ5HIRUPHQGHU)U KSHQVLRQLHUXQJDXFK0D‰QDKPHQLP%HUHLFKGHUIOH[LEOHQ
$UEHLWV]HLWHQ I U lOWHUH 3HUVRQHQ XQG EHZXVVWVHLQVELOGHQGHQ 0D‰QDKPHQ GXUFKJHI KUW ) U
%HKLQGHUWH VHW]W VLFK GLH GlQLVFKH 5HJLHUXQJ HEHQIDOOV GDV =LHO GLH %HVFKlIWLJXQJ ELV ]XP
-DKUXPMlKUOLFK3HUVRQHQDXV]XZHLWHQ
)LQQODQG
bKQOLFKZLHLQ'lQHPDUNVWHOOHQDXFKLQ)LQQODQG $UEHLWVPDUNWUHIRUPHQ(QGHGHUQHXQ]LJHU
-DKUHGLHYRUGHP+LQWHUJUXQGHLQHUKRKHQXQGVWHLJHQGHQ$UEHLWVORVHQTXRWHELV0LWWHGHU
QHXQ]LJHU -DKUH VWDWWIDQGHQ GHQ $XVJDQJVSXQNW GHU 5HIRUPGHEDWWH GDU ,P -DKU
EHVFKORVV GLH GDPDOLJH ILQQLVFKH 5HJLHUXQJ HLQH 5HIRUP GLH LP :HVHQWOLFKHQ DXI I QI
JHQHUHOOHQ=LHOYRUJDEHQEDVLHUWHVLHKHGD]X3HHU5HYLHZ
6ROOWHGHU9HUPLWWOXQJVSUR]HVVI U$UEHLWVORVHYHUEHVVHUWZHUGHQ²GDEHLJLQJHVYRUDOOHP
GDUXP GLH 6XFKDNWLYLWlWHQ GHU $UEHLWVORVHQ VWlUNHU ]X IRNXVVLHUHQ ,QVEHVRQGHUH ZXUGHQ
GDEHLREOLJDWRULVFKH%HUDWXQJVJHVSUlFKHYRUJHVFKULHEHQGLHQDFKXQG0RQD
WHQ$UEHLWVORVLJNHLWGXUFKJHI KUWZXUGHQ*OHLFK]HLWLJZXUGHQGLH3HUVRQDOUHVVRXUFHQGHU
$UEHLWVPDUNWYHUZDOWXQJDXIJHVWRFNW
:XUGHQ ]XVlW]OLFKH /RKQVXEYHQWLRQHQ I U /DQJ]HLWDUEHLWVORVH EHVFKORVVHQ ZREHL $UEHLW
JHEHU GLH 3HUVRQHQ EHVFKlIWLJWHQ GHUHQ $UEHLWVORVLJNHLWVGDXHU PHKU DOV 7DJH
hEHUGLHV ZXUGHQ LQ GHQ OHW]WHQ -DKUHQ LQ GHU GlQLVFKHQ $UEHLWVPDUNWYHUZDOWXQJ YHUVWlUNWH %HP KXQJHQ LP
%HUHLFKGHV*HQGHU0DLQVWUHDPLQJXQWHUQRPPHQ
'LHVH5HIRUPHQGHU$UEHLWVPDUNWYHUZDOWXQJZXUGHQLQGHQIROJHQGHQ-DKUHQIRUWJHVHW]WXQGI KUWHQLQZHLWHUHU
)ROJHGD]XGDVV)LQQODQGHLQGXDOHV6\VWHPGHU9HUPLWWOXQJHLQI KUWHLQGHPMHQH*UXSSHQGLHVFKZHUHUHLQHQ
$UEHLWVSODW]ILQGHQLP5DKPHQHLQHVJHPHLQVDPHQ%HWUHXXQJV]HQWUXPVEHWUHXWZHUGHQLQGHPGLHVH3HUVRQHQDOOH
)RUPHQGHU%HWUHXXQJXQG8QWHUVW W]XQJHUKDOWHQZlKUHQG3HUVRQHQGLHQXU+LOIHEHLGHU6XFKHQDFK$UEHLWVSOlW
]HQEHQ|WLJHQLQGHQ EOLFKHQ$UEHLWVYHUPLWWOXQJVVWHOOHQEHWUHXWZHUGHQVLHKH)LQLVK0LQLVWU\RI)LQDQFH

²²
HUUHLFKWH I U 0RQDWH HLQHQ $QVSUXFK DXI 6XEYHQWLRQHQ LQ GHU +|KH YRQ GHU
GLUHNWHQ/RKQNRVWHQHUKLHOWHQ
2ULHQWLHUWH VLFK GLH DNWLYH $UEHLWVPDUNWSROLWLN YHUVWlUNW DP =LHO GHU 9HUPLWWOXQJ ² +LHU]X
ZXUGHQ]XPHLQHQGLHEHVWHKHQGHQ7UDLQLQJVSURJUDPPHYHUVWlUNWGXUFK$UEHLWVVXFKHOH
PHQWHHUJlQ]W=XPDQGHUHQZXUGHDEHU²LP*HJHQVDW]]XPGlQLVFKHQ0RGHOO²DXFK
EHVFKORVVHQGLH=DKOGHULQDNWLYHQ0D‰QDKPHQDXIJHQRPPHQHQ3HUVRQHQDXIHLQ0D
[LPXPYRQELV3HUVRQHQ]XEHVFKUlQNHQXPDXIGLHVH:HLVHHLQHDXVUHL
FKHQGH 4XDOLWlW GHU DNWLYHQ 0D‰QDKPHQ JHZlKUOHLVWHQ ]X N|QQHQ XQG DQGUHUVHLWV
HWZDLJHQ(QW]XJVHIIHNWHQ HQWJHJHQ]XZLUNHQ
6ROOWHQ/RKQVXEYHQWLRQHQI U/DQJ]HLWDUEHLWVORVHVWlUNHUDQ7UDLQLQJVPD‰QDKPHQJHEXQ
GHQZHUGHQ'HU(UKDOWGHU/RKQVXEYHQWLRQZXUGHGDKHUDQGLH%HGLQJXQJHLQHVVFKULIW
OLFK DXVJHDUEHLWHWHQ :HLWHUELOGXQJVSODQV I U QHX HLQJHVWHOOWH /DQJ]HLWDUEHLWVORVH JH
NQ SIW
:XUGHQGLH5HFKWHXQG3IOLFKWHQGHU$UEHLWVORVHQXQWHUVW W]XQJVHPSIlQJHUQHXGHILQLHUW
ZREHLVLHGD]XYHUSIOLFKWHWZXUGHQVLFKDNWLYDQGHU$UEHLWVVXFKH]XEHWHLOLJHQXQGVLFK
DQGHQDXVJHDUEHLWHWHQ$UEHLWVVXFKSODQ]XKDOWHQ
'LHVH 5HIRUPHQ LQVEHVRQGHUH LP %HUHLFK GHU bQGHUXQJHQ LQ GHU $UEHLWVPDUNWYHUPLWWOXQJ
ZXUGHQYRQGHQ.XQGHQ]XPHLVWSRVLWLYDXIJHQRPPHQXQGKDEHQGDKHUDXFK]XHLQHU9HU
EHVVHUXQJGHU%HWUHXXQJEHLJHWUDJHQ
=XGHP ZDU GLH $UEHLWVPDUNWHQWZLFNOXQJ )LQQODQGV LP OHW]WHQ -DKU]HKQW YRQ HLQHU VWDUN VWHL
JHQGHQ (UZHUEVEHWHLOLJXQJ GHU lOWHUHQ $UEHLWQHKPHU,QQHQ JHSUlJW $EJHVHKHQ YRQ GHU
JXWHQ JHVDPWZLUWVFKDIWOLFKHQ (QWZLFNOXQJ ZLUG GLHV DXFK GXUFK GLH 0D‰QDKPHQ GHU ILQQL
VFKHQ5HJLHUXQJLP5DKPHQGHV1DWLRQDOHQ3URJUDPPVI UlOWHUH$UEHLWVNUlIWHHUNOlUW
'LHVHV 3URJUDPP ZXUGH LQ GHQ -DKUHQ ELV XPJHVHW]W XQG VDK HLQ XPIDVVHQGHV
0D‰QDKPHQE QGHO ]XU 6WHLJHUXQJ GHU %HVFKlIWLJXQJ YRQ bOWHUHQ YRU 'DV 3URJUDPP
EHVWHKWDXVHLQHU9LHO]DKOYRQ0D‰QDKPHQGHUHQ2EHU]LHOHVLVWHUVWHQVGLH$UEHLWVIlKLJNHLW
GHUlOWHUHQ$UEHLWVNUlIWH]ZHLWHQVGLH%HVFKlIWLJXQJVIlKLJNHLWXQGHUVWGULWWHQVGLHWDWVlFKOL
FKH%HVFKlIWLJXQJGHUlOWHUHQ$UEHLWVNUlIWH]XHUK|KHQ
'LHVHV 3URJUDPP XPIDVVWH 5HIRUPHQ GHV 3HQVLRQVV\VWHPV LQ GHQHQ HLQHUVHLWV GXUFK JHULQ
JHUH3HQVLRQVOHLVWXQJHQI U)U KSHQVLRQLVWHQQHJDWLYH$QUHL]HI UGHQ=XJDQJ]XU)U KSHQVLRQ
JHVHW]WZXUGHQ $QGUHUVHLWVZXUGHQ GXUFK(UOHLFKWHUXQJHQLP%HUHLFKGHV3HQVLRQVEH]XJHV
(QW]XJVHIIHNWHHQWVWHKHQZHQQGXUFKGLH7HLOQDKPHDQHLQHU6FKXOXQJGLH9HUPLWWOXQJYRQ $UEHLWVORVHQLQ HLQ
%HVFKlIWLJXQJVYHUKlOWQLVYHU]|JHUWZLUG
'LHVHU$QVDW]EHGLQJWHXQWHUDQGHUHPGDVVLQGHU8PVHW]XQJGHU0D‰QDKPHQGUHL0LQLVWHULHQ0LQLVWHULXPI U
$UEHLW %LOGXQJVPLQLVWHULXP 0LQLVWHULXP I U *HVXQGKHLW XQG 6R]LDOHV XQG HLQH JUR‰H 3DOHWWH DQ QDFKJHRUGQHWHQ
'LHQVWVWHOOHQ XQG ,QVWLWXWLRQHQ ]% $UEHLWVLQVSHNWRUDW 5HJLRQDOH *HELHWVN|USHUVFKDIWHQ 6R]LDOYHUVLFKHUXQJVWUlJHU
$UEHLWVPDUNWYHUZDOWXQJXQG7UlJHULP%HUHLFKGHV*HVXQGKHLWVZHVHQVPLWHLQEH]RJHQZDUHQ

²²
I U 7HLO]HLWSHQVLRQLVWHQ E]Z *DUDQWLHQ GHU 3HQVLRQVK|KH IDOOV HLQ lOWHUHU $UEHLWVORVHU HLQHQ
QLHGULJ EH]DKOWHQ $UEHLWVSODW] DQQLPPW SRVLWLYH $QUHL]H ]X HLQHP ]XPLQGHVW WHLOZHLVHQ
9HUEOHLELQ%HVFKlIWLJXQJJHVHW]W
'DU EHUKLQDXVZXUGHLQGLHVHP3URJUDPPDXFKHLQHEUHLWH3DOHWWHYRQ0D‰QDKPHQJHVHW]W
ZLH ]XP %HLVSLHO YHUVWlUNWHU (LQVDW] YRQ *HVXQGHQXQWHUVXFKXQJHQ EHVRQGHUH %HUDWXQJHQ
GHV $UEHLWVLQVSHNWRUDWV KLQVLFKWOLFK GHU RSWLPDOHQ *HVWDOWXQJ GHV $UEHLWVSODW]HV I U bOWHUH
YHUVWlUNWH )|UGHUXQJ YRQ 5HKDELOLWDWLRQVPD‰QDKPHQ GLH DOOHVDPW GDUDXI DE]LHOHQ GLH
$UEHLWVIlKLJNHLWGHUlOWHUHQ$UEHLWVNUlIWH]XHUKDOWHQ
(LQH ZHLWHUH 3DOHWWH YRQ 0D‰QDKPHQ ZDU LP %HUHLFK GHU :HLWHUELOGXQJ DQJHVLHGHOW ]%
,QIRUPDWLRQVPD‰QDKPHQ EHUGLHEHVRQGHUHQ/HUQEHG UIQLVVHlOWHUHU$UEHLWQHKPHULQ%HWULH
EHQ6LH]LHOWHQYRUDOOHPDXIGHQ(UKDOWGHU%HVFKlIWLJXQJVIlKLJNHLWlOWHUHU$UEHLWVNUlIWHDE
6FKOXVVHQGOLFK JDE HV DXFK 0D‰QDKPHQ GHUHQ =LHO HV ZDU GLH $UEHLWVSODW]DQIRUGHUXQJHQ
DQlOWHUH$UEHLWVNUlIWHPLWLKUHUSHUV|QOLFKHQ$UEHLWVIlKLJNHLWLQ(LQNODQJ]XEULQJHQ+LHUZXU
GHQQHEHQGHQEHUHLWVHUZlKQWHQ$QUHL]HQI U7HLO]HLWSHQVLRQHQYRUDOOHPDXFKGLH(QWZLFN
OXQJ YRQ 3URMHNWHQ EHWULHEHQ LQ GHQHQ HLQHUVHLWV lOWHUH $UEHLWVNUlIWH 7HLO]HLWDUEHLWVSOlW]H
HUKDOWHQVROOWHQXQGLQGHQHQDQGUHUVHLWVGLH,QIRUPDWLRQYRQ8QWHUQHKPHQVRZLHGLH9HUDQ
NHUXQJGHV.RQ]HSWVGHV$JH0DQDJHPHQWLP9RUGHUJUXQGVWDQG
,Q HLQHU ]XVDPPHQIDVVHQGHQ (YDOXLHUXQJ NRPPW $UQNLO ]XP (UJHEQLV GDVV HV GXUFK
GLHVHV3URJUDPPJHODQJLQGHU:LUWVFKDIWGDV%HZXVVWVHLQ]XYHUDQNHUQGDVVlOWHUH$UEHLWV
NUlIWHHLQHQZHUWYROOHQ5HVVRXUFHQSRROGDUVWHOOHQXQGDXFKHLQLJH)RUWVFKULWWHLQGHU9HUEHV
VHUXQJ GHU $UEHLWVIlKLJNHLW %HVFKlIWLJXQJVIlKLJNHLW XQG %HVFKlIWLJXQJVODJH lOWHUHU $UEHLWV
NUlIWHHU]LHOWZHUGHQNRQQWHQZREHLGLH(UIROJHEHLGHU6LFKHUXQJGHU%HVFKlIWLJXQJVIlKLJ
NHLWZRKOGLH:LFKWLJVWHQVLQG,PHLQ]HOQHQ]HLJW$UQNLOGDEHLGDVVHVZlKUHQGGHU3UR
JUDPPODXI]HLWJHODQJGLHhEHUJDQJVUDWHQlOWHUHU$UEHLWORVHULQGLH%HVFKlIWLJXQJJHULQJI
JLJ]XHUK|KHQGDVGXUFKVFKQLWWOLFKH3HQVLRQVDQWULWWVDOWHUXPHWZDHLQKDOEHV-DKU]XHUK|
KHQXQGGLH%HVFKlIWLJXQJVTXRWHGHUbOWHUHQVHKUGHXWOLFKDQ]XKHEHQ
$EJHVHKHQ YRQ GHU %HVFKlIWLJXQJVIlKLJNHLW GHU bOWHUHQ JLOW )LQQODQG DXFK DOV HLQHV GHU
ZHQLJHQ(8/lQGHULQGHPUHJLRQDOHXQGORNDOH.RRSHUDWLRQHQLP%HUHLFKGHU$UEHLWVPDUNW
XQG%HVFKlIWLJXQJVSROLWLNHLQHEHVRQGHUH%HGHXWXQJHUKDOWHQ,P8QWHUVFKLHG]XGHQ|VWHU
UHLFKLVFKHQ WHUULWRULDOHQ %HVFKlIWLJXQJVSDNWHQ VLQG GLHVH 3DUWQHUVFKDIWHQ DOOHUGLQJV ]XPHLVW
DXIHLQHUNOHLQUlXPLJHUHQ(EHQHDQJHVLHGHOW(LQ%HLVSLHOI UGLHVHVWDUNH%HWRQXQJUHJLRQDOHU
3DUWQHUVFKDIWHQLVWGDV1DWLRQDO:RUNSODFH'HYHORSPHQW3URJUDPP,QGLHVHP3URJUDPP
ZXUGHQLQGHQ-DKUHQELVUXQG0LOOLRQHQILQQLVFKH.URQHQLP5DKPHQYRQ:HWW
EHZHUEVYHUIDKUHQLQYHVWLHUWXPUXQGUHODWLYKHWHURJHQHUHJLRQDOH3URMHNWH]XILQDQ]LHUHQ
GHUHQ+DXSW]LHOHVZDUGLH4XDOLWlWGHU$UEHLWVSOlW]HXQGGLH$UEHLWVEHGLQJXQJHQ]XYHUEHV
VHUQXQG8PZHOWEHODVWXQJHQ]XYHUULQJHUQ'LHVH3URMHNWHEHVFKlIWLJWHQVLFK]XPHLVWPLWGHP
$XIEDX UHJLRQDOHU 1HW]ZHUNH SURGXNWLYLWlWVVWHLJHUQGHQ 0D‰QDKPHQ LQ 8QWHUQHKPHQ DEHU
DXFK GHU 9HUEHVVHUXQJ GHU $UEHLWVEHGLQJXQJHQ XQG .RVWHQHLQVSDUXQJHQ LP |IIHQWOLFKHQ
6HNWRULQVEHVRQGHUHDXIGHU(EHQHGHU.RPPXQHQ

²²
2EZRKO GLH LQ GLHVHP 3URJUDPP ILQDQ]LHUWHQ 3URMHNWH VHKU KHWHURJHQ ZDUHQ XQG GDPLW
VRZRKO HUIROJUHLFKH DOV DXFK ZHQLJHU HUIROJUHLFKH 3URMHNWH ILQDQ]LHUW ZXUGHQ ]HXJHQ
*HVDPWHYDOXLHUXQJHQGRFKYRQHLQLJHQ(UIROJHQ6R]HLJHQ9DUWDLQHQHWDO5DPVWDG
XQG

²²
• YHUVFKLHGHQH 5HJHOXQJHQ JHWURIIHQ XP 3HUVRQHQ GLH YRU EHUJHKHQG LQ DW\SLVFKHU
%HVFKlIWLJXQJ DUEHLWHQ ZROOHQ GLH 5 FNNHKU DXI GHQ XUVSU QJOLFKHQ $UEHLWVSODW] ]X
HUP|JOLFKHQ 6R ZXUGH LP -XOL HLQ *HVHW] YHUDEVFKLHGHW ODXW GHP $UEHLWQHKPHU
MHGHU]HLWOlQJHUHRGHUN U]HUH$UEHLWVVWXQGHQYHUODQJHQN|QQHQ'LH$UEHLWJHEHUN|QQHQ
GLHVHQ:XQVFKQXUDXIJUXQGYRQXQDElQGHUOLFKHQZLUWVFKDIWOLFKHQ*U QGHQDEOHKQHQ(V
ZLUGVRPLWHLQ5HFKWDXI7HLO]HLWDEHUDXFKJOHLFK]HLWLJHLQ5HFKWDXIGLH5 FNNHKUDXVGHU
7HLO]HLWQRUPLHUW
• OHJLVWLVFKH 0D‰QDKPHQ GLH GLH $WWUDNWLYLWlW YRQ 7HLO]HLWDUEHLW JHJHQ EHU 9ROO]HLWDUEHLW
EHYRU]XJHQ RGHU EHQDFKWHLOLJHQ VHLW 0LWWH GHU QHXQ]LJHU -DKUH VXN]HVVLYH DEJHEDXW
VLHKH=DLVHU
• YHUVWlUNW ,QLWLDWLYHQ JHVHW]W XP GLH 7HLOQDKPH YRQ 7HLO]HLWEHVFKlIWLJWHQ DQ GHU EHWULHEOL
FKHQ:HLWHUELOGXQJ]XHUK|KHQ
• LQ GHQ EHVFKlIWLJXQJVSROLWLVFKHQ 6WUDWHJLHQ GLH 7HLO]HLWEHVFKlIWLJWHQ LPPHU DOV JHVRQ
GHUWH .DWHJRULH PLWJHGDFKW =XP %HLVSLHO HUZlKQW GDV KROOlQGLVFKH 1DWLRQDOH 5HIRUP
SURJUDPP GDVV GLH QLHGHUOlQGLVFKH 5HJLHUXQJ DEJHVHKHQ YRQ GHQ (8ZHLWHQ =LHOHQ
KLQVLFKWOLFKGHU%HVFKlIWLJXQJVTXRWHGLHDXFK$UEHLWVNUlIWHPLWVHKUNXU]HQ$UEHLWV]HLWHQ
EHLQKDOWHQ QRFK ]XVlW]OLFKH =LHOH IRUPXOLHUW KDW GLH VLFK DXI GLH %HVFKlIWLJXQJVTXRWH
YRQ3HUVRQHQPLWHLQHUZ|FKHQWOLFKHQ$UEHLWV]HLWYRQPHKUDOV6WXQGHQEH]LHKHQ
1HEHQGHUXPIDVVHQGHQ6WUDWHJLH]XU,QWHJUDWLRQYRQ7HLO]HLWEHVFKlIWLJWHQKDWGLHQLHGHUOlQ
GLVFKH$UEHLWVPDUNWSROLWLNDEHUDXFKHLQHQEHVRQGHUHQ6FKZHUSXQNWLQGHU9HUPHLGXQJVR]L
DOHU ([NOXVLRQ JHVHW]W 6R ZXUGH LP -DKU GLH UHFKWOLFKH /DJH I U 6R]LDOKLOIHHPSIlQJHU
JHlQGHUW*HPHLQGHQNRQQWHQDUEHLWVPDUNWIHUQHQ6R]LDOKLOIHHPSIlQJHU,QQHQHQWZHGHUHLQH
]XVlW]OLFKH ILQDQ]LHOOH 8QWHUVW W]XQJ RGHU HLQH $XVQDKPH YRQ GHU 9HUSIOLFKWXQJ ]XU 6XFKH
QDFKHLQHP$UEHLWVSODW]JHZlKUHQZHQQGLH6R]LDOKLOIHHPSIlQJHUDQHLQHUHQWVSUHFKHQGHQ
$NWLYLHUXQJVPD‰QDKPH WHLOQDKPHQ 'DEHL ZXUGH ]ZDU HLQH .RILQDQ]LHUXQJ JHZlKUW GHU
,QKDOW GHU $NWLYLHUXQJVVWUDWHJLH DEHU GHQ *HPHLQGHQ EHUODVVHQ VLHKH 1LFDLVH− 0HLQHPD
hEHUGLHVZXUGHYRQQDWLRQDOHU6HLWHDXFKHLQQDWLRQDOHU6HUYLFH3RLQWI UVR]LDOH$NWL
YLHUXQJ JHVFKDIIHQ XP GLH HQWVWHKHQGHQ 3URMHNWH DXI *HPHLQGHHEHQH ]X EHUDWHQ XQG
HLQHQHQWVSUHFKHQGHQ(UIDKUXQJVDXVWDXVFK]XHUP|JOLFKHQ
'LHVH bQGHUXQJHQ I KUWHQ GD]X GDVV ELV UXQG *HPHLQGHQ VROFKH 0D‰QDKPHQ
GXUFKI KUWHQLQGHQHQUXQG3HUVRQHQHUIDVVWZXUGHQGLH]XPHLVWGXUFKPXOWLSOH9HU
PLWWOXQJVSUREOHPH EHHLQWUlFKWLJW ZDUHQ 9RQ GLHVHQ 3HUVRQHQ NRQQWHQ HLQHQ $UEHLWV
SODW] ILQGHQ XQG ZHLWHUH QDKPHQ GLH $UEHLWVVXFKH ZLHGHU DXI hEHUGLHV ]HXJHQ GLH
(UJHEQLVVHYRQ7HLOQHKPHU,QQHQEHIUDJXQJHQGDVVGLH7HLOQDKPHDQVROFKHQ3URJUDPPHQ]X
HLQHPHUK|KWHQ6HOEVWZHUWJHI KOXQGHLQHUUHJHUHQ7HLOQDKPHDPJHVHOOVFKDIWOLFKHQ/HEHQ
I KUHQ
(LQHZHLWHUH0D‰QDKPHPLWGHULQGHQ1LHGHUODQGHQYHUVXFKWZLUGEHVRQGHUVDUEHLWVPDUNW
IHUQH 3HUVRQHQ DQ GHQ $UEHLWVPDUNW KHUDQ]XI KUHQ LVW GDV VR JHQDQQWH 'LVDELOLW\ 0DQDJH

²²
PHQW6\VWHPVLHKH5LHMHQJDHWDObKQOLFKGHPILQQLVFKHQ%HLVSLHOGHV1DWLRQDOHQ3UR
JUDPPVI UlOWHUH$UEHLWVNUlIWHKDQGHOWHVVLFKEHLGLHVHP3URJUDPPXPGHQ9HUVXFK EHU
HLQ 0D‰QDKPHQSDNHW GLH &KDQFHQ EHKLQGHUWHU 3HUVRQHQ DP $UEHLWVPDUNW ]X YHUEHVVHUQ
'DEHL JHKW HV ]XP HLQHQ GDUXP EHU 9HUEHVVHUXQJHQ GHU $UEHLWVEHGLQJXQJHQ .UDQNHQ
VWlQGH]XYHUULQJHUQXQGGDV(QWVWHKHQYRQ%HKLQGHUXQJHQ]XYHUKLQGHUQXQG]XPDQGHUHQ
ZLUGYHUVXFKW0HQVFKHQPLW%HKLQGHUXQJYHUVWlUNWLQGHQ$UEHLWVPDUNW]XLQWHJULHUHQ
1HEHQHLQHU5HLKHYRQOHJLVWLVFKHQ0D‰QDKPHQ]XU9HUEHVVHUXQJGHU%HVFKlIWLJXQJVIlKLJ
NHLW YRQ %HKLQGHUWHQ ]LHOHQ GLH 0D‰QDKPHQ LQ GLHVHP %HUHLFK YRU DOOHP GDUDXI DE YHU
VFKLHGHQHQ=LHOJUXSSHQ$UEHLWJHEHUQ%HVFKlIWLJWHQXQG8QWHUQHKPHQ,QIRUPDWLRQHQ EHU
GLH %HVFKlIWLJXQJ YRQ %HKLQGHUWHQ ]XNRPPHQ ]X ODVVHQ 'D]X ZXUGH EHLP 0LQLVWHULXP I U
$UEHLWXQG6R]LDOHVHLQHHLJHQH$UEHLWVJUXSSHLQVWDOOLHUWGHUHQ=LHOHVLVW8QWHUQHKPHQGD]X
]X EHZHJHQ YHUPHKUW 9HUDQWZRUWXQJ I U GLH %HVFKlIWLJXQJ EHKLQGHUWHU 3HUVRQHQ ]X EHU
QHKPHQ $OV ,QVWUXPHQWH ZHUGHQ GDEHL YHUVFKLHGHQH ,QIRUPDWLRQVPD‰QDKPHQ $XVWDXVFK
YRQ%HVW3UDFWLFH%HLVSLHOHQXQGDXFK:HWWEHZHUEHXQWHU8QWHUQHKPHQYHUZHQGHW
0LWlKQOLFKHQ$QVlW]HQZLUGLQGHQ1LHGHUODQGHQYHUVXFKWGHP3UREOHPGHU-XJHQGDUEHLWV
ORVLJNHLW ]X EHJHJQHQ VLHKH .RQLQJ HW DO 6R ZXUGH ]XP %HLVSLHO LP -DKU HLQ
QDWLRQDOHU 3ODQ ]XU %HNlPSIXQJ GHU -XJHQGDUEHLWVORVLJNHLW GHU DXV (LQ]HOPD‰QDKPHQ
EHVWDQGEHVFKORVVHQ(UZLUGGXUFKHLQH7DVNIRUFH]XU%HNlPSIXQJGHU-XJHQGDUEHLWVORVLJ
NHLW XPJHVHW]W GLH DXV 6R]LDOSDUWQHUYHUWUHWHUQ XQG ELOGXQJVSROLWLVFKHQ ,QVWLWXWLRQHQ EHVHW]W
ZLUG$XIJDEHGLHVHU7DVNIRUFHLVWHVGHQGLUHNWHQ.RQWDNWPLWGHQ$UEHLWJHEHUQKHU]XVWHOOHQ
XQG /HKUVWHOOHQ LQ *HPHLQGHQ DQ]XZHUEHQ 'DU EHU KLQDXV ZXUGHQ LQ GHQ UHJLRQDOHQ
*HVFKlIWVVWHOOHQ GHU $UEHLWVPDUNWYHUZDOWXQJ GXUFKJHKHQG VR JHQDQQWH -XJHQGWHDPV
JHELOGHW GLH GHU VSH]LDOLVLHUWHQ %HUDWXQJ YRQ -XJHQGOLFKHQ GLHQHQ =LHO GHU %HUDWXQJ LVW HV
GDEHL]XQlFKVW]XYHUVXFKHQ-XJHQGOLFKHGD]X]XPRWLYLHUHQOlQJHULQGHUVFKXOLVFKHQ$XV
ELOGXQJ ]X YHUEOHLEHQ 6ROOWH GLHV VFKHLWHUQ ZLUG LQ ZHLWHUHQ 3KDVHQ YHUVXFKW GLH -XJHQGOL
FKHQ LQ HLQH /HKUVWHOOH RGHU LQ HLQH VSH]LHOOH -XJHQGPD‰QDKPH ]X YHUPLWWHOQ 1DFK VHFKV
0RQDWHQ $UEHLWVORVLJNHLWZLUGGHU-XJHQGOLFKHVFKOXVVHQGOLFKLQHLQHLQWHQVLYHUH0D‰QDKPH
YHUPLWWHOW
6FKZHGHQ
'HUVFKZHGLVFKH6R]LDOVWDDWHQWVWDQGVFKRQLQGHQGUHL‰LJHU-DKUHQGHVOHW]WHQ-DKUKXQGHUWV
XQGGLH5HIRUPHQGLHVHV6R]LDOVWDDWHVEHJDQQHQVFKRQ0LWWHGHUDFKW]LJHU-DKUH*HPHLQ
VDPLVW6FKZHGHQXQGGHQDQGHUHQKLHUDQDO\VLHUWHQ/lQGHUQDOOHUGLQJVGDVVDXFKKLHUGLH
6R]LDOVWDDWVUHIRUP HUVW QDFK HLQHU .ULVH GHV EHVWHKHQGHQ 6\VWHPV GXUFKJHVHW]W ZHUGHQ
NRQQWHXQGGDVVDXFKLQGLHVHP/DQGGLH5HIRUPHQGDUDXIDE]LHOWHQGLH$QUHL]NRPSDWLELOL
(LQZHLWHUHU9HUVXFKJHUDGHGHQ3UREOHPHQGHUJHULQJTXDOLIL]LHUWHQ-XJHQGOLFKHQDP$UEHLWVPDUNW]XEHJHJ
QHQ EHVWHKW LQ GHU =HUWLIL]LHUXQJ YRQ 4XDOLILNDWLRQHQ 'D]X ZLUG LQ GHQ 1LHGHUODQGHQ HLQ %LOGXQJVI KUHUVFKHLQ I U
-XJHQGOLFKHDQJHVWUHEWLQGHPDOOHIRUPDOHQ4XDOLILNDWLRQHQ LQNOXVLYH GHU $UEHLWVHUIDKUXQJHQGHV-XJHQGOLFKHQ
GRNXPHQWLHUWXQG]HUWLIL]LHUWZHUGHQ

²²
WlW GHV 5HJXOLHUXQJVV\VWHPV ]X YHUEHVVHUQ 'DEHL ZXUGHQ LQ 6FKZHGHQ YHUVWlUNW SULYDWZLUW
VFKDIWOLFKH (OHPHQWH LQ GDV 9HUVRUJXQJVV\VWHP HLQJHI KUW GLH ,QVWLWXWLRQHQ GHV VR]LDOHQ
6LFKHUXQJVV\VWHPV UHIRUPLHUW XQG DXFK $QSDVVXQJHQ LP $UEHLWVORVHQYHUVLFKHUXQJVV\VWHP
YRUJHQRPPHQVLHKH5RMDV
'DVVFKZHGLVFKH0RGHOOHLQHVXPIDVVHQGHQ:RKOIDKUWVVWDDWHVEDVLHUWDXIHLQHUEUHLWHQXQG
XPIDVVHQGHQ(UIDVVXQJGHU$UEHLWVORVHQLQ0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLN'HP
HQWVSUHFKHQG EUHLW DQJHOHJW LVW GDV 1DWLRQDOH 5HIRUPSURJUDPP LQ GLHVHP %HUHLFK VLHKH
5HJHULQJVNDQVOLHW
• (LQEHVRQGHUHU6FKZHUSXQNWZLUGDXIGLH5HGXNWLRQYRQ.UDQNHQVWlQGHQXQG$UEHLWVXQIl
KLJNHLWHQJHOHJW(UVLHKWHLQHYHUEHVVHUWH)LQDQ]LHUXQJYRQJHVXQGKHLWOLFKHQ5HKDELOLWDWL
RQVSURJUDPPHQ SUlYHQWLYPHGL]LQLVFKHQ 0D‰QDKPHQ XQG ]XVlW]OLFKH $UEHLWVIlKLJNHLWV
SU IXQJHQYRU
• ,QGHU%HNlPSIXQJGHU-XJHQGDUEHLWVORVLJNHLWZLUGDQJHVWUHEWGDVVMHGHUDUEHLWVORVH-X
JHQGOLFKHVSlWHVWHQVQDFK7DJHQHLQH$XVELOGXQJHUKlOWXQGELQQHQ7DJHQLQGLYL
GXHOOH %HWUHXXQJVSOlQH HUVWHOOW ZHUGHQ hEHUGLHV VROOHQ JHULQJ TXDOLIL]LHUWH DUEHLWVORVH
-XJHQGOLFKH DXFK YHUVWlUNW GD]X JHEUDFKW ZHUGHQ ZLHGHU HLQH VFKXOLVFKH $XVELOGXQJ
DXI]XQHKPHQ'HQ*HPHLQGHQZHUGHQ]XVlW]OLFKH0LWWHOLQ$XVVLFKWJHVWHOOWXP]XVlW]OL
FKHNRPPXQDOH7UDLQLQJVSOlW]HI U-XJHQGOLFKH]XILQDQ]LHUHQ
• ) ULP$XVODQGJHERUHQH3HUVRQHQZLUG EHUGLHV²QHEHQHLQHU5HLKHYRQ0D‰QDKPHQ
GLH HLQHU 'LVNULPLQLHUXQJ YRUEHXJHQ VROOHQ ² HLQH ]XVlW]OLFKH 9DOLGDWLRQYRQ 4XDOLILNDWLR
QHQYRUJHQRPPHQGLH4XDOLWlWYRQ6SUDFKNXUVHQHYDOXLHUWXQGEHL$V\ODQWHQLQ=XVDP
PHQDUEHLWPLWGHQ*HPHLQGHQVFKRQZlKUHQGGHV$V\OYHUIDKUHQV0HWKRGHQGHUYRU]HL
WLJHQ,QWHJUDWLRQLQGHQ$UEHLWVPDUNWJHVXFKW
• 1HEHQ YLHOHQ DQGHUHQ 5HIRUPVFKULWWHQ ZHUGHQ EHUGLHV GLH 5HJXOLHUXQJHQ KLQVLFKWOLFK
YHUVFKLHGHQHU DW\SLVFKHU %HVFKlIWLJXQJVIRUPHQ JHlQGHUW =XGHP ZLUG GLH UlXPOLFKH
0RELOLWlWGXUFK6XEYHQWLRQHQJHI|UGHUWVRZLH9HUEHVVHUXQJHQGHV|IIHQWOLFKHQ9HUNHKUV
LQ$XVVLFKWJHVWHOOW
1HEHQGHPZRKOIDKUWVVWDDWOLFKHQ0RGHOOLVW6FKZHGHQDEHUDXFKI UVHLQHKRKH)UDXHQHU
ZHUEVTXRWH EHNDQQW 'LHVH ZLUG XQWHU DQGHUHP GXUFK HLQH XPIDVVHQGH 3ROLWLN GHU *OHLFK
VWHOOXQJ GHU *HVFKOHFKWHU XQG HLQH ZHLWUHLFKHQGH 9HUVRUJXQJ PLW .LQGHUEHWUHXXQJVSOlW]HQ
DEJHVLFKHUW 6R ZHUGHQ LP 1DWLRQDOHQ 5HIRUPSURJUDPP 6FKZHGHQV *HVFKOHFKWHUDVSHNWH
GXUFKJlQJLJ LQ DOOHQ 0D‰QDKPHQ GLVNXWLHUW =XVlW]OLFKH 5HIRUPHQ GHV .LQGHUJHOGHV GLH HV
9lWHUQOHLFKWHUPDFKHQVROOHQDXI.DUHQ]]XJHKHQZHUGHQHEHQVRLQ$XVVLFKWJHVWHOOWZLH
HLQ REOLJDWRULVFKHU MlKUOLFKHU %HULFKW GHU 8QWHUQHKPHQ EHU GLH 6LWXDWLRQ YRQ 0lQQHUQ XQG
7URW]GLHVHVXPIDVVHQGHQ$QVDW]HVZLUGGLHVHV3URJUDPPYRQHLQLJHQQDWLRQDOHQ$NWHXUHQGXUFKDXVNULWLVFKJHVH
KHQ 6R DUJXPHQWLHUW HWZD GLH VFKZHGLVFKH :LUWVFKDIWVNDPPHU 6YHQVNW 1lULQJVOLY GDVV GDV 3URJUDPP
JHUDGHMHQH%HUHLFKHLQGHQHQ6FKZHGHQLPHXURSlLVFKHQ9HUJOHLFKEHVRQGHUVVFKOHFKWDEVFKQHLGHWZLH]XP
%HLVSLHOEHLGHU)|UGHUXQJGHV8QWHUQHKPHUJHLVWHVQXUPDQJHOKDIWEHU FNVLFKWLJW

²²
)UDXHQLP%HWULHEhEHUGLHVEHVWHKWLQ6FKZHGHQI UEHUXIVWlWLJHRGHUEHKLQGHUWH(OWHUQVHLW
GHP-DKUHLQ5HFKWVDQVSUXFKDXIHLQHQ.LQGHUEHWUHXXQJVSODW]I U.LQGHUDEGHP$OWHU
YRQ0RQDWHQ
'LHXUVSU QJOLFKHQ(UIDKUXQJHQPLWGHU(LQI KUXQJGLHVHV5HFKWVDQVSUXFKHVZDUHQDOOHUGLQJV
HKHUHQWPXWLJHQG6REHULFKWHWGHUhEHUEOLFNYRQ1\EHUJYRQHUKHEOLFKHQ3UREOHPHQ
EHL GHU 'XUFKVHW]XQJ GLHVHV $QVSUXFKV ,QVEHVRQGHUH ODJ ² ZLH LQ gVWHUUHLFK DXFK ² GLH
)LQDQ]LHUXQJGHU.LQGHUEHWUHXXQJVSIOLFKWHQLQGHQ+lQGHQGHU*HPHLQGHQGLHVLFK]XPLQ
GHVW$QIDQJGHUQHXQ]LJHU-DKUHJHJHQGLH]XVlW]OLFKHQ.RVWHQGHU.LQGHUEHWUHXXQJZHKU
WHQXQGGDV$QJHERWDQ.LQGHUJDUWHQSOlW]HQQXUPl‰LJDXVGHKQWHQ
'LH5HDNWLRQHQVHLWHQVGHUVFKZHGLVFKHQ5HJLHUXQJDXIGLHVH]|JHUOLFKH$XVZHLWXQJGHU.LQ
GHUEHWUHXXQJVSOlW]HZDUHQYLHOIlOWLJ=XPHLQHQZXUGHGLH.LQGHUEHWUHXXQJDXFKI USULYDWH
$QELHWHU HUODXEW $OV .RQVHTXHQ] VWLHJ GHU $QWHLO GHU SULYDWHQ .LQGHUEHWUHXXQJVVWlWWHQ ]ZL
VFKHQXQGYRQDXI'HU*UR‰WHLOGHUSULYDWHQ.LQGHUEHWUHXXQJVHLQULFKWXQ
JHQZXUGHGDEHLYRQJHPHLQQ W]LJHQ9HUHLQHQEHWULHEHQGLH]XP7HLODXV(OWHUQ.RRSHUDWL
YHQ GHU DFKW]LJHU -DKUH HQWVWDQGHQ =XP DQGHUHQ ZXUGH EHU GLYHUVH OHJLVWLVFKH 0D‰QDK
PHQ GHU 'UXFN DXI GLH *HPHLQGHQ HUK|KW I U HLQ HQWVSUHFKHQGHV $QJHERW DQ .LQGHU
EHWUHXXQJVSOlW]HQ]XVRUJHQ1HEHQGHP5HFKWVDQVSUXFKZXUGHLQ6FKZHGHQGDEHLDXFK
YHUVXFKW GLH 4XDOLWlW XQG .RVWHQ YRQ .LQGHUEHWUHXXQJVHLQULFKWXQJHQ ]X NRQWUROOLHUHQ
6FKZHGHQZDUDXFKHLQHVGHUHUVWHQ/lQGHUGDVEHLGHQ3DUWQHUQHLQH.DUHQ]HUP|JOLFKWH
:lKUHQG GHU 5HFKWVDQVSUXFK DXI .LQGHUEHWUHXXQJ XUVSU QJOLFK QXU DXI EHUXIVWlWLJH (OWHUQ
DQZHQGEDUZDUZXUGHHU$QIDQJGLHVHV-DKUKXQGHUWVDXI$UEHLWVORVHXQGDXIDOOH.LQGHULP
$OWHUYRQXQG-DKUHQDXVJHGHKQW'DEHLZXUGHPLWGLHVHU5HIRUPQLFKWQXUHLQH9HUEHV
VHUXQJGHU%HWUHXXQJDQJHVWUHEWVRQGHUQLQVEHVRQGHUHEHLGHQXQG-lKULJHQ²GDVELO
GXQJVSROLWLVFKH =LHO YHUIROJW .LQGHU P|JOLFKVW XPIDVVHQG LQ 9RUVFKXODNWLYLWlWHQ ]X HUIDVVHQ
'LH .RQVHTXHQ] GLHVHU 5HIRUP ZDU HLQ $QVWLHJ GHU %HWUHXXQJVUDWH YRQ .LQGHUQ ,QVJHVDPW
EHVXFKWHQLQ6FKZHGHQLP-DKU EHUGHUELV-lKULJHQHLQH.LQGHUEHWUHXXQJV
VWlWWHQDFKGHPGLH%HWUHXXQJVTXRWH$QIDQJGHUQHXQ]LJHU-DKUHMHQDFK$OWHUVNODVVHQRFK
ELVEHWUXJXQGEHLGHQHLQMlKULJHQ.LQGHUQODJGLH%HWUHXXQJVTXRWHLP-DKU
EHL EHU(LQHZHLWHUH.RQVHTXHQ]GLHVHU$XVZHLWXQJGHV$QVSUXFKVDXI.LQ
GHUEHWUHXXQJZDUGDVV GLHLPYRUPDOLJHQ 6\VWHPEHVWHKHQGHQ%HQDFKWHLOLJXQJHQEHLGHU
(UIDVVXQJYRQDXVOlQGLVFKHQ.LQGHUQXQG$OOHLQHU]LHKHU,QQHQDEJHEDXWZXUGHQ
7URW]GLHVHUHUKHEOLFKHQ,QWHUYHQWLRQHQEOHLEWGHU=XVDPPHQKDQJ]ZLVFKHQ.LQGHUEHWUHXXQJ
XQG(UZHUEVWlWLJNHLWDXFKLQ6FKZHGHQQLFKWHLQGHXWLJ'LH5HIRUPHQGHV.LQGHUEHWUHXXQJV
V\VWHPV LQ 6FKZHGHQ VFKHLQHQ RIWPDOV GDV 5HVXOWDW HLQHU JUR‰HQ 1DFKIUDJH QDFK VROFKHQ
.LQGHUEHWUHXXQJVSOlW]HQ]XVHLQGLHGHQSROLWLVFKHQ'UXFNDXIGLH(QWVFKHLGXQJVWUlJHU,QQHQ
HUK|KWH DXVUHLFKHQG %HWUHXXQJVSOlW]H ]XU 9HUI JXQJ ]X VWHOOHQ 'LH (UZHUEVTXRWH XQWHU
)UDXHQPLW.LQGHUQZDULQ6FKZHGHQVFKRQ$QIDQJGHUQHXQ]LJHU-DKUHKRFKXQGVWDJQLHUWH
ZlKUHQGGHUJHVDPWHQQHXQ]LJHU-DKUHVLHKH1\EHUJ'LHKRKH)UDXHQHUZHUEVTXRWH
G UIWHGDKHUHKHUGHUXPIDVVHQGHQ*OHLFKVWHOOXQJVSROLWLNJHVFKXOGHWVHLQEHLGHUGLH.LQGHU

²²
EHWUHXXQJ GLH 5ROOH HLQHU QRWZHQGLJHQ XQWHUVW W]HQGHQ 0D‰QDKPH VSLHOWH DEHU DOV (LQ]HO
PD‰QDKPHQLFKWKLQUHLFKHQGZDUXPGLH)UDXHQHUZHUEVTXRWH]XHUK|KHQ
(8,QLWLDWLYHQ(48$/XQG$UWLNHO
1HEHQQDWLRQDOHQ5HIRUPYRUKDEHQZHUGHQDEHULQGHQ(83URJUDPPHQYHUVFKLHGHQH0D‰
QDKPHQXPJHVHW]WGLHGHQ$QVSUXFKHUKHEHQEHVRQGHUVLQQRYDWLY]XVHLQ,P%HUHLFKGHU
$UEHLWVPDUNWSROLWLN VLQG GDEHL DXV GHU OHW]WHQ 6WUXNWXUIRQGVSHULRGH LQVEHVRQGHUH GLH (8ZHL
WHQ3URJUDPPH(48$/XQG$UWLNHO(6)]XHUZlKQHQ
(48$/
(48$/ ZDU 7HLO GHU 6WUDWHJLH GHU (XURSlLVFKHQ 8QLRQ I U PHKU XQG EHVVHUH $UEHLWVSOlW]H
)LQDQ]LHUW GXUFK GHQ (XURSlLVFKHQ 6R]LDOIRQGV WHVWHWH GLHVH ,QLWLDWLYH VHLW QHXH :HJH
'LVNULPLQLHUXQJHQXQG8QJOHLFKKHLWHQ]XEHNlPSIHQ(48$/ XQWHUVW W]WH $NWLYLWlWHQLQDOOHQ
0LWJOLHGVWDDWHQGHU(8'HU(8%HLWUDJYRQ 0UGZXUGHLQJOHLFKHU+|KHPLWQDWLRQD
OHQ +DXVKDOWVPLWWHOQ NRILQDQ]LHUW ,P 8QWHUVFKLHG ]XU (6)5HJHOI|UGHUXQJ NRQQWHQ LQ (48$/
HLQ]HOQH 0D‰QDKPHQ PLW GHP =LHO VLH LQ GDV 5HJHOSURJUDPP ]X EHUQHKPHQ DXVJHORWHW
ZHUGHQ,QVJHVDPWZXUGHQLQGLHVHP3URJUDPP HWZD 0LOOLDUGHQDXVJHVFK WWHWZREHL
GLHVHU0LWWHODQgVWHUUHLFKJLQJHQ'HUJU|‰WH7HLOLQGHU(8 XQGLQgVWHU
UHLFKGHU0LWWHOZXUGHLQ3URMHNWHQYHUDXVJDEWGLHGHU)|UGHUXQJGHU%HVFKlIWLJXQJVIlKLJ
NHLW GHU 7HLOQHKPHU,QQHQ GLHQWH 'LH )|UGHUXQJ GHV 8QWHUQHKPHUJHLVWHV GHU $QSDVVXQJVIl
KLJNHLWXQGGHU&KDQFHQJOHLFKKHLWZDUHQZHLWHUHZLFKWLJH6FKZHUSXQNWHZlKUHQGI U0D‰
QDKPHQGLHVSH]LHOODXI$V\ODQWHQ]XJHVFKQLWWHQZDUHQXQGI UGLHWHFKQLVFKH8QWHUVW W]XQJ
HLQHWZDVJHULQJHUHU$QWHLODXVJHJHEHQZXUGH$QGHU|VWHUUHLFKLVFKHQ)LQDQ]LHUXQJVVWUXNWXU
LVWGDEHLQHEHQGHPKRKHQ$QWHLOGHU)LQDQ]PLWWHO]XU)|UGHUXQJGHU%HVFKlIWLJXQJVIlKLJNHLW
DXFKGHU EHUGXUFKVFKQLWWOLFKH$QWHLOGHU0LWWHOI U$V\ODQWHQXQGGLHWHFKQLVFKH8QWHUVW W
]XQJDXIIlOOLJ
hEHUVLFKW
9HUWHLOXQJYRQ(48$/0LWWHODXI6FKZHUSXQNWHLQgVWHUUHLFKXQGGHU(8
gVWHUUHLFK (8 gVWHUUHLFK
,Q0LR $QWHLODQ
LQVJHVDPWLQ
,Q0LR
$QWHLODQ
LQVJHVDPWLQ
$QWHLOLQ
%HVFKlIWLJXQJVIlKLJNHLW
8QWHUQHKPHUJHLVW
$QSDVVXQJVIlKLJNHLW
&KDQFHQJOHLFKKHLW
$V\ODQWHQ
7HFKQLVFKH8QWHUVW W]XQJ
,QVJHVDPW
4(XURSlLVFKH.RPPLVVLRQ

²²
,QVJHVDPWZXUGHQLP5DKPHQYRQ(48$/PHKU DOV(QWZLFNOXQJVSDUWQHUVFKDIWHQ3UR
MHNWHJHI|UGHUWVRGDVVHLQYROOVWlQGLJHUhEHUEOLFN EHUGLHHLQ]HOQHQ3URJUDPPHNDXPP|J
OLFK LVW $OOHUGLQJV VROOHQ LP )ROJHQGHQ ]XPLQGHVW NXUVRULVFK HLQLJH QLFKW |VWHUUHLFKLVFKH %HL
VSLHOH I U 3DUWQHUVFKDIWHQ QDFK 7KHPHQEHUHLFKHQ GDUJHVWHOOW ZHUGHQ GLH YRQ 6HLWHQ GHU
.RPPLVVLRQDOVVXFFHVVVWRULHVEH]HLFKQHWZXUGHQ
%HVFKlIWLJXQJVIlKLJNHLW²'LH(UIROJVJHVFKLFKWHQLQGLHVHU)LQDQ]LHUXQJVVlXOHYRQ(48$/
EHVFKlIWLJHQVLFKPLWHLQHU5HLKHYRQXQWHUVFKLHGOLFKHQ=LHOJUXSSHQXQG$QVlW]HQ(LQH
LULVFKH 3DUWQHUVFKDIW HQWZLFNHOWH 9HUPLWWOXQJVWRROV I U +lIWOLQJH YRU LKUHU +DIWHQWODVVXQJ
XQG HLQH DQGHUH YHUVXFKWH lOWHUH XQG DXVOlQGLVFKH $UEHLWVNUlIWH YRU DOOHP LQ .08V ]X
SODW]LHUHQ RGHU HQWZLFNHOWH :HUN]HXJH XP GLH 6HOEVWKLOIHIlKLJNHLW YRQ 0HQVFKHQ PLW
%HKLQGHUXQJIHVW]XVWHOOHQ(LQEHVRQGHUVLQWHUHVVDQWHV%HLVSLHOGHU9HUELQGXQJYRQOHEHQV
ODQJHP/HUQHQPLWSUREOHPDWLVFKHQ/HEHQVVLWXDWLRQHQVWHOOWGDV3URMHNW9DOXLQJ&DUHUV
GDU+LHUZXUGHYHUVXFKW3HUVRQHQ]XXQWHUVW W]HQGLHHLQHQSIOHJHEHG UIWLJHQ(UZDFK
VHQHQ EHWUHXHQ $EJHVHKHQ YRQ GLYHUVHQ ,QIRUPDWLRQVDNWLYLWlWHQ EHL $UEHLWVYHUPLWWOHUQ
XQG8QWHUQHKPHQZXUGHDXFKHLQ.XUVHQWZLFNHOWLQGHP3HUVRQHQPLWVROFKHQ%HWUHX
XQJVSIOLFKWHQHLQH]HUWLIL]LHUWH$XVELOGXQJHUKDOWHQN|QQHQGLHDXIGDVGXUFKLKUH3IOHJH
HUZRUEHQH :LVVHQ DXIEDXW XQG LKQHQ LQ ZHLWHUHU )ROJH YHUZHUWEDUH 4XDOLILNDWLRQHQ LP
%HUHLFKGHU.UDQNHQSIOHJHDQELHWHW
8QWHUQHKPHUJHLVW²8QWHUGLHVHP7LWHOZXUGHQYRUDOOHP0D‰QDKPHQI U8QWHUQHKPHQV
JU QGHU XQG I U 6HOEVWKLOIH YRQ DXVJHJUHQ]WHQ *UXSSHQ ILQDQ]LHUW $XIIDOOHQG LVW GDEHL
GDVVHVVLFKEHLGHP*UR‰WHLOGHUKLHUDOV(UIROJVJHVFKLFKWHQJHQDQQWHQ3URMHNWHQLFKWXP
HLJHQH8QWHUQHKPHQVJU QGXQJVSURJUDPPHKDQGHOWHVRQGHUQVLFKGLH3ROLWLNHQWZHGHU
GDUDXI NRQ]HQWULHUWH EHVWHKHQGH %HUDWXQJV XQG 6FKXOXQJVDQJHERWH YHUVFKLHGHQHU
$QELHWHU]XNRRUGLQLHUHQRGHUDEHULQ.RRSHUDWLRQPLWUHJLRQDOHQ)LQDQ]LHUXQJVLQVWLWXWLR
QHQLQQRYDWLYH)LQDQ]LHUXQJVLQVWUXPHQWHI USRWHQWLHOOH8QWHUQHKPHU,QQHQ]XHQWZLFNHOQ
6RZXUGHQLQGHU(QWZLFNOXQJVSDUWQHUVFKDIW([FHSWYHUVFKLHGHQHEHVWHKHQGH%HUDWXQJV
WRROVI U8QWHUQHKPHQVJU QGHU,QQHQXQG-XQJXQWHUQHKPHU,QQHQLP5DKPHQHLQHVRQH
VWRSVKRSV]XJlQJOLFKJHPDFKW'LH&\IHQHU(QWZLFNOXQJVSDUWQHUVFKDIWJLQJQRFKZHL
WHU LQGHP VLH HLQ LQWHJULHUWHV %HUDWXQJVDQJHERW HQWZLFNHOWH GDVV MXQJH 8QWHUQHKPHQ
EHU GLH HUVWHQ ]ZHL -DKUH EHUDWHQ VROOWH 'DEHL KDW VLFK LQ EHLGHQ 3DUWQHUVFKDIWHQ
JH]HLJWGDVVVROFKH3URMHNWHQXUGDQQHUIROJUHLFKVHLQN|QQHQZHQQVLHLQEHVWHKHQGHQ
$NWHXUVQHW]ZHUNHQ VWDUN YHUDQNHUW VLQG XQG HLQH KRKH 6LFKWEDUNHLW I U GLH QHXHQ 8QWHU
QHKPHQ HUODQJHQ ,Q 3DUWQHUVFKDIWHQ LQ GHQHQ KLQJHJHQ QHXH )LQDQ]LHUXQJVV\VWHPH
HUSUREWZXUGHQ]HLJWHVLFKGDVVGLH)LQDQ]LHUXQJVLQVWLWXWLRQHQRIWPDOV3UREOHPHKDEHQ
GDVPLWHLQHU8QWHUQHKPHQVJU QGXQJYHUEXQGHQH5LVLNRULFKWLJHLQ]XVFKlW]HQLQVEHVRQ
GHUHZHQQHVVLFKEHLGHQSRWHQWLHOOHQ8QWHUQHKPHU,QQHQXP0LWJOLHGHUEHQDFKWHLOLJWHU
(LQGHWDLOOLHUWHUHUhEHUEOLFN EHU(48$/3URMHNWHILQGHWVLFKXQWHU
KWWSHFHXURSDHXHPSOR\PHQWBVRFLDOHTXDODFWLYLWLHVVHDUFKBHQFIP

²²
*UXSSHQKDQGHOW'LH=XVDPPHQDUEHLWYRQ VWDDWOLFKHQ+LOIVHLQULFKWXQJHQXQG.UHGLWLQ
VWLWXWHQ RGHU DXFK RUJDQLVLHUWH % UJVFKDIWVQHW]H N|QQHQ KLHU HLQH ]XVlW]OLFKH 6LFKHUKHLW
VFKDIIHQGLHHVGHP8QWHUQHKPHQHUODXEW]XVlW]OLFKH.UHGLWNDQlOH]XQXW]HQ
$QSDVVXQJVIlKLJNHLW²'LH(UIROJVJHVFKLFKWHQLQGLHVHU6lXOHGHV3URJUDPPVEHVFKlIWLJ
WHQVLFKKDXSWVlFKOLFKPLWGHU9HUEHVVHUXQJYRQ+XPDQ5HVVRXUFH0DQDJHPHQW6\VWH
PHQLQ8QWHUQHKPHQ,QVEHVRQGHUHZXUGHQLQ]ZHLIUDQ]|VLVFKHQ3URMHNWHQGLHEHVRQGH
UHQ 3UREOHPH lOWHUHU 0HQVFKHQ DQJHVSURFKHQ 'DEHL ZXUGHQ VHKU XQWHUVFKLHGOLFKH
$QVlW]HJHZlKOW,QHLQHP3URMHNWJLQJHVGDUXPGXUFK8QWHUQHKPHQVEHUDWXQJGLH5ROOH
lOWHUHU $UEHLWQHKPHU,QQHQ LQ HLQHP 8QWHUQHKPHQ EHVVHU ]X GHILQLHUHQ XQG DXI GLHVH
:HLVHM QJHUHQ0LWDUEHLWHU,QQHQGDV(UIDKUXQJVZLVVHQGHUbOWHUHQ]XJlQJOLFK]XPDFKHQ
(LQDQGHUHV3URMHNWHQWZLFNHOWHVSH]LHOOH%LOGXQJVDQJHERWHI UlOWHUH$UEHLWVNUlIWHhEHU
GLHV ZXUGH KLHU DXFK HLQH 6HULH YRQ 3URMHNWHQ ILQDQ]LHUW GLH VLFK GDPLW EHVFKlIWLJWHQ
EHVRQGHUH 3UREOHPJUXSSHQ DP $UEHLWVPDUNW LQZDFKVHQGH RGHU ZLFKWLJH %UDQFKHQ ]X
LQWHJULHUHQ
&KDQFHQJOHLFKKHLW ² 'HU EHUZLHJHQGH 7HLO GHU (UIROJVVWRULHV XQWHU GLHVHP 7KHPD ZDU
DXI6HQVLELOLVLHUXQJKLQVLFKWOLFK*HVFKOHFKWHUIUDJHQRULHQWLHUW6RZXUGHQLQHLQHP3URMHNW
JHVFKOHFKWVSH]LILVFKH%HUXIVEHUDWXQJVWRROVHQWZLFNHOWXQGLQHLQHPDQGHUHQ3URMHNWZXU
GHQ 0HGLHQNDPSDJQHQ ]XU *OHLFKVWHOOXQJ GHU *HVFKOHFKWHU JHVFKDOWHW 'D]X NDPHQ
3URMHNWH GLH ]XVlW]OLFKH .LQGHUEHWUHXXQJVHLQULFKWXQJHQ ILQDQ]LHUWHQ RGHU DEHU YHUVXFK
WHQ)UDXHQYHUVWlUNWLQ%HUXIH]XEULQJHQGLHELVKHU]XPHLVWYRQ0lQQHUQDXVJH EWZXU
GHQ
$V\ODQWHQ ² ,Q GLHVHP %HUHLFK ZXUGHQ YRU DOOHP 6SUDFK XQG %HUXIVDXVELOGXQJHQ I U
$V\OZHUEHU,QQHQDQJHERWHQXPDXIGLHVH:HLVHHLQHK|KHUH,QWHJUDWLRQGLHVHU*UXSSHQ
]X HUP|JOLFKHQ (LQ EHVRQGHUV LQWHUHVVDQWHV 3URMHNW YHUVXFKW GDEHL GLH EHVWHKHQGHQ
4XDOLILNDWLRQHQGHU$V\ODQW,QQHQ]XQXW]HQXPVLHDOV$XVELOGQHU,QQHQI UDQGHUH$V\ODQ
WHQ]XYHUZHQGHQXQGLKQHQ EHUGLHVHLQH4XDOLILNDWLRQDOV7UDLQHU,Q]XHUP|JOLFKHQ
$UWLNHO(6)
'HU(6)I|UGHUWDEHUDXFKLP5DKPHQYRQ$UWLNHOLQQRYDWLYH0D‰QDKPHQGLHGLH(QWZLFN
OXQJ]XN QIWLJHU3ROLWLNHQXQG3URJUDPPHXQWHUVW W]HQLQGHPVLHQHXHLQKDOWOLFKHE]ZRUJD
QLVDWRULVFKH $QVlW]H LP %HVFKlIWLJXQJVEHUHLFK HLQVFKOLH‰OLFK %HUXIVELOGXQJ XQG LQGXVWULHOOH
$QSDVVXQJ HUIRUVFKWHQ 'LHVH DOV $UWLNHO0D‰QDKPHQ EHNDQQWHQ XQG XQWHU GLHVHU =XWHL
OXQJ JHI|UGHUWHQ 3URMHNWH XPIDVVHQ 3LORWSURMHNWH 6WXGLHQ (UIDKUXQJVDXVWDXVFK XQG ,QIRU
PDWLRQVWlWLJNHLWHQ 'HU ]XVlW]OLFKH 1XW]HQ GHU LQQRYDWLYHQ 0D‰QDKPHQ QDFK $UWLNHO
HUJLEW VLFK DXV GHQ EHL GLHVHQ LQQRYDWLYHQ $QVlW]HQ JHZRQQHQHQ (UIDKUXQJHQ VRZLH DXV
GHQ0|JOLFKNHLWHQGHV$XI]HLJHQVEHZlKUWHU9HUIDKUHQXQGGHV:LVVHQVXQG(UIDKUXQJVDXV
(LQhEHUEOLFN EHUDOOH(6)$UWLNHO3URMHNWHILQGHWVLFKDXIHFHXURSDHXHPSOR\PHQWBVRFLDOHVI
DUWLFOHBBGHKWPO

²²
WDXVFKVGLHVLFKDXFKDXIGLHDOOJHPHLQHQ0D‰QDKPHQGHV(XURSlLVFKHQ6R]LDOIRQGV EHU
WUDJHQODVVHQ6RPLWELOGHWH$UWLNHOHLQHGLUHNWH6FKQLWWVWHOOH]ZLVFKHQ3ROLWLNXQG3UD[LV'LH
,GHHGHV3URJUDPPVZDUHVGDEHLGDVVVLFK3ROLWLNLQKDOWHDXIGLHVH:HLVHOHLFKWHUDQ3UD[LV
YHUWUHWHU DQ GHU %DVLV YHUPLWWHOQ ODVVHQ ZlKUHQG GLHVH 3UD[LVYHUWUHWHU ]XJOHLFK LQ GLH /DJH
YHUVHW]W ZHUGHQ DQ GHU 3ROLWLNJHVWDOWXQJ DXI HXURSlLVFKHU (EHQH PLW]XZLUNHQ 'DPLW VROOWH
JHZlKUOHLVWHW ZHUGHQ GDVV EHL QHXHQ SROLWLVFKHQ ,QLWLDWLYHQ GDV QRWZHQGLJH RSHUDWLYH
8PIHOGI UGHUHQ8PVHW]XQJHQWVSUHFKHQG%HU FNVLFKWLJXQJILQGHW
,QGHU3URJUDPPSHULRGHELVILQDQ]LHUWHGHU(6)3URMHNWHGLHVLFKPLWGHQ7KHPHQ
$QSDVVXQJDQGLHQHXH:LUWVFKDIWLP5DKPHQGHVVR]LDOHQ'LDORJV/RNDOH%HVFKlIWLJXQJV
VWUDWHJLHQXQGVR]LDOHU'LDORJ,QQRYDWLYH$QVlW]H]XU%HZlOWLJXQJGHVVWUXNWXUHOOHQ:DQGHOV
XQG7UDQVIHUXQG9HUEUHLWXQJYRQ3URMHNWHQGLHLP$UWLNHOILQDQ]LHUWZXUGHQEHIDVVWHQ
8QWHUGHP7LWHO/RNDOH%HVFKlIWLJXQJVVWUDWHJLHQXQGVR]LDOHU'LDORJZXUGHHLQH9LHO]DKOYRQ
3URMHNWHQ JHI|UGHUW GHUHQ JHPHLQVDPHV =LHO HV ZDU LP 5DKPHQ HLQHV SDUWQHUVFKDIWOLFKHQ
$QVDW]HVHLQHXPIDVVHQGH$UEHLWVPDUNWVWUDWHJLHI UHLQHEHVWLPPWH5HJLRQ]XHQWZLFNHOQ'LH
JHI|UGHUWHQ3URMHNWHJHKHQ]XPHLVWYRQGHQUHJLRQDOHQ*HJHEHQKHLWHQLQNOHLQUlXPLJHUHQ
5HJLRQHQ DXV XQG YHUVXFKHQ GDUDXI DXIEDXHQG EHVFKlIWLJXQJVZLUNVDPH 6WUDWHJLHQ ]X
HQWZLFNHOQ6RPLWVSLHJHOQGLH3URMHNWHGLHXQWHUVFKLHGOLFKHQ3UREOHPODJHQLQGHQHXURSlL
VFKHQ 5HJLRQHQ ,QVEHVRQGHUH ]HLJW VLFK GDVV GLH HKHU SHULSKHU JHOHJHQHQ 5HJLRQHQ 6 G
HXURSDV LQ LKUHQ 6WUDWHJLHQ RIWPDOV GDV 3UREOHP JHULQJ TXDOLIL]LHUWHU $UEHLWVNUlIWH XQG HLQHU
EHUPl‰LJHQ$EKlQJLJNHLWYRQHLQ]HOQHQ6HNWRUHQDQVSUHFKHQ6RZLUGLQGHU5HJLRQ6HYLOOD
DQ HLQHU 6WUDWHJLH JHDUEHLWHW GLH YHUVXFKW HLQHQ JU|‰HUHQ $QWHLO GHU :HUWVFK|SIXQJVNHWWH
GHUGRUWDQJHVLHGHOWHQ2OLYHQ|OSURGXNWLRQLQGHU5HJLRQ]XKDOWHQZlKUHQGDXIGHQ%DOHD
UHQ$XVZHJHDXVGHU EHUPl‰LJHQ$EKlQJLJNHLWYRP7RXULVPXVXQGGHUGDPLWYHUEXQGHQHQ
QLHGULJHQ4XDOLIL]LHUXQJJHVXFKWZHUGHQ,QVWlGWLVFKHQ5HJLRQHQVWHKHQKLQJHJHQGLH3URE
OHPHGHUXUEDQHQ6HJUHJDWLRQXQG([NOXVLRQLP0LWWHOSXQNW6RZLOOGLH6WDGWYHUZDOWXQJYRQ
0HFKHOHQ GDV 3UREOHP GHU ]XQHKPHQGHQ ([NOXVLRQ DXVOlQGLVFKHU EHKLQGHUWHU XQG MXQJHU
$UEHLWVNUlIWH DQVSUHFKHQ ,Q GHQ PHLVWHQ ,QGXVWULHUHJLRQHQ VWHKW GDJHJHQ GLH %HZlOWLJXQJ
GHV VWUXNWXUHOOHQ :DQGHOV LQ GRPLQDQWHQ ,QGXVWULHQ LP 9RUGHUJUXQG =XP %HLVSLHO ZLUG LQ
9LOERUJGXUFKGLYHUVH0D‰QDKPHQYHUVXFKWGLH:HWWEHZHUEVIlKLJNHLWGHU+RO]XQG0|EHO
LQGXVWULH ]X YHUEHVVHUQ ,Q 0DJGHEXUJ VROO GLH DQVlVVLJH 0DVFKLQHQEDXLQGXVWULH LQ LKUHP
5HVWUXNWXULHUXQJVSUR]HVVXQWHUVW W]WZHUGHQ
:lKUHQGGLH3URJUDPPHXQWHUGHP7LWHO/RNDOH%HVFKlIWLJXQJVVWUDWHJLHQXQGVR]LDOHU'LD
ORJVRPLW]XPHLVWUHODWLYDOOJHPHLQJHKDOWHQH6WUDWHJLHQHQWZLFNHOQGLHHLQEUHLWHV0D‰QDK
PHQVSHNWUXP XPIDVVHQ ZXUGHQ XQWHU GHP 7LWHO ,QQRYDWLYH $QVlW]H ]XU %HZlOWLJXQJ GHV
VWUXNWXUHOOHQ:DQGHOVHKHUWKHPDWLVFKRULHQWLHUWH3URMHNWHILQDQ]LHUW'DEHLZXUGHQHLQH9LHO
]DKO YRQ 3URMHNWHQ ILQDQ]LHUW GLH VLFK GHU %HVFKlIWLJXQJVIlKLJNHLW YRQ bOWHUHQ ZLGPHQ XQG
YHUVXFKHQGXUFKHLQHQ0L[YRQ0D‰QDKPHQDXV6FKXOXQJ(UKDOWGHU$UEHLWVIlKLJNHLW%HUD
WXQJYRQ)LUPHQXQG$ZDUHQHVV%XLOGLQJGHUHQ%HVFKlIWLJXQJVVLWXDWLRQ]XYHUEHVVHUQ%HVRQ
GHUVLQWHUHVVDQWHUVFKHLQHQGDEHL3URMHNWHGLHVLFKGHU%HVFKlIWLJXQJVIlKLJNHLWYRQbOWHUHQLQ

²²
HLQHU EHVWLPPWHQ %UDQFKH ]% $XWRPRELOEUDQFKH RGHU EHVWLPPWHQ 8QWHUQHKPHQ HWZD
.08VZLGPHQGDKLHUGLH&KDQFHEHVWHKWGLHVSH]LILVFKHQ%DUULHUHQI UHLQH%HVFKlIWLJXQJ
lOWHUHU $UEHLWQHKPHU,QQHQ LQ HLQ]HOQHQ %UDQFKHQ RGHU %HWULHEHQ DQ]XVSUHFKHQ hEHUGLHV
ZLGPHQVLFKYLHOH3URMHNWHGHU,PSOHPHQWLHUXQJYRQ&KDQJH0DQDJHPHQW6\VWHPHQEH]LH
KXQJVZHLVH YRQ )U KHUNHQQXQJVLQVWUXPHQWHQ I U VWUXNWXUHOOHQ :DQGHO GLH HQWZHGHU DXI
8QWHUQHKPHQV5HJLRQVRGHUDXFK%UDQFKHQHEHQHRSHULHUHQ
'LH3URMHNWHGHV6FKZHUSXQNWHV$QSDVVXQJDQGLHQHXH:LUWVFKDIWLP5DKPHQGHVVR]LDOHQ
'LDORJVVLQGGLHHLQ]LJHQI UGLHEHUHLWVGXUFKJHKHQG(UJHEQLVEHULFKWHYRUOLHJHQ,QGLHVHP
3URJUDPP ODJ GDV +DXSWDXJHQPHUN QHEHQ HLQLJHQ 0D‰QDKPHQ GLH KDXSWVlFKOLFK GLH
QDWLRQDOH XQG LQWHUQDWLRQDOH =XVDPPHQDUEHLW GHU 6R]LDOSDUWQHU XQWHUVW W]HQ DXI GHU ,PSOH
PHQWLHUXQJYRQ&65&RUSRUDWH6RFLDO5HVSRQVLELOLW\LQHLQ]HOQHQ5HJLRQHQ%UDQFKHQRGHU
8QWHUQHKPHQVW\SHQ +LHUEHL ZXUGHQ ]XPHLVW %HVW 3UDFWLFH%HLVSLHOH JHVXFKW VR]LDOSDUWQHU
VFKDIWOLFKDNNRUGLHUWH'HILQLWLRQHQELVKLQ]XHLQHP&654XDOLWlWVVLHJHOYRQ&65LP.RQWH[W
GHUVSH]LHOOHQ%HGLQJXQJHQGHU5HJLRQ%UDQFKHXQG8QWHUQHKPHQYRUJHQRPPHQXQG%HUD
WXQJHQI UHLQ]HOQH8QWHUQHKPHQGXUFKJHI KUW

²²
0D‰QDKPHQ]XU6WHLJHUXQJGHU%HVFKlIWLJXQJXQG9HUULQJHUXQJGHU
6DLVRQDOLWlW
'HU (XURSlLVFKH 5DW YRQ /LVVDERQ 0lU] KDW I U GLH (XURSlLVFKH 8QLRQ HLQ QHXHV
VWUDWHJLVFKHV =LHO I U GDV QlFKVWH -DKU]HKQW JHVHW]W 'HU ZHWWEHZHUEVIlKLJVWH XQG G\QD
PLVFKVWH ZLVVHQVEDVLHUWH :LUWVFKDIWVUDXP GHU :HOW ]X ZHUGHQ IlKLJ ]X QDFKKDOWLJHP ZLUW
VFKDIWOLFKHP:DFKVWXPPLWPHKUXQGEHVVHUHQ$UEHLWVSOlW]HQXQGJU|‰HUHPVR]LDOHQ=XVDP
PHQKDOW 'LH 6WUDWHJLH ZXUGH HQWZRUIHQ XP GLH 8QLRQ ]X EHIlKLJHQ GLH %HGLQJXQJHQ I U
9ROOEHVFKlIWLJXQJXQGYHUVWlUNWHQ=XVDPPHQKDOWELVKHU]XVWHOOHQ'HU(XURSlLVFKH5DW
EHVWLPPWHDXFKGDVVGDV EHUJUHLIHQGH=LHOGLHVHU0D‰QDKPHQGLH(UK|KXQJGHUDOOJHPHL
QHQ%HVFKlIWLJXQJVTXRWHLQGHU(8DXILVWZREHLGLH%HVFKlIWLJXQJVTXRWHGHU)UDXHQELV
HLQHQ'XUFKVFKQLWWYRQPHKUDOVHUUHLFKHQXQGMHQHGHUbOWHUHQELV-DKUHEHL
OLHJHQVROO
,Q LKUHP -RLQW (PSOR\PHQW 5HSRUW GHV -DKUHV VWHOOW GLH .RPPLVVLRQ DOOHUGLQJV IHVW GDVV
]XP(UUHLFKHQGHV=LHOVHLQHU%HVFKlIWLJXQJVTXRWHELVLQV-DKU(8ZHLWQRFK0LOOLR
QHQ$UEHLWVSOlW]HJHVFKDIIHQZHUGHQP VVWHQ'LH%HVFKlIWLJXQJVTXRWHODJLP-DKU(8
ZHLWEHL) U)UDXHQEHWUXJVLHXQGI UlOWHUH$UEHLWVNUlIWHODJVLHEHL'LH.RP
PLVVLRQKlOWGDKHUIHVWGDVVYRUDOOHPGDVJHJHQZlUWLJH1LYHDXGHU%HVFKlIWLJXQJGHUbOWH
UHQ GHXWOLFK XQWHU GHP =LHOZHUW OLHJW ZlKUHQG HV EHL GHQ )UDXHQ HUUHLFKW ZHUGHQ N|QQWH
ZHQQ GDV %HVFKlIWLJXQJVZDFKVWXP GHU )UDXHQ lKQOLFK JXW DXVIlOOW ZLH LQ GHQ -DKUHQ VHLW
hEHUGLHV VWHOOW GLH .RPPLVVLRQ IHVW GDVV GDV (UUHLFKHQ GHV =LHOZHUWHV HLQHU %HVFKlIWL
JXQJVTXRWH YRQ RKQH HLQH GHXWOLFKH 6WHLJHUXQJ GHU %HVFKlIWLJXQJ EHL GHQ lOWHUHQ
$UEHLWVNUlIWHQZRKONDXPHUUHLFKEDUVHLQZLUG
,Q7LUROODJGLH%HVFKlIWLJXQJVTXRWHODXW(8'HILQLWLRQQDFKGHQQHXHVWHQYHUI JEDUHQ'DWHQ
DXVGHP-DKUEHLJHQDXDXFKEHLGHQ)UDXHQZLUGGDV=LHOPLWHLQHU%HVFKlIWL
JXQJVTXRWHYRQEHUHLWV EHUVFKULWWHQVLHKHhEHUVLFKW'HUHLQ]LJH%HUHLFKLQGHP
GLH (8ZHLWHQ %HVFKlIWLJXQJV]LHOH QRFK QLFKW HUUHLFKW VLQG LVW GLH %HVFKlIWLJXQJVTXRWH GHU
bOWHUHQ +LHU LVW GLH $EZHLFKXQJ DEHU QRFK GHXWOLFK 1DFK GHQ OHW]WHQYHUI JEDUHQ =DKOHQ
DXVGHP-DKUP VVWHQEHLGHUJHJHQZlUWLJHQ%HY|ONHUXQJVVWUXNWXUUXQG$UEHLWV
SOlW]H I U lOWHUH 3HUVRQHQ JHVFKDIIHQ ZHUGHQ XP GDV =LHO HLQHU SUR]HQWLJHQ %HVFKlIWL
JXQJVTXRWH]XHUUHLFKHQ
hEHUVLFKW %HVFKlIWLJXQJVTXRWHQLQ7LUROXQG/LVVDERQ=LHOHGHU.RPPLVVLRQ
,QGHU%HY|ONHUXQJLPHUZHUEVIlKLJHQ$OWHU
=LHO
,QVJHVDPW
)UDXHQ
bOWHUH
4(XURVWDW:,)2%HUHFKQXQJHQ

²²
'LH6FKDIIXQJYRQ$UEHLWVSOlW]HQPXVVGDKHUHLQYRUUDQJLJHV=LHOGHUHLQHU:LUWVFKDIWVSROLWLN
VHLQ GLH VLFK GDV =LHO HLQHU 9HUEHVVHUXQJ GHU $UEHLWVPDUNWODJH VHW]W 'XUFK HLQ K|KHUHV
%HVFKlIWLJXQJVZDFKVWXPZ UGHHVQLFKWQXUlOWHUHQ$UEHLWVNUlIWHQOHLFKWHUIDOOHQLQ%HVFKlI
WLJXQJ]XEOHLEHQDXFKGLH(UI OOXQJDQGHUHUDUEHLWVPDUNWSROLWLVFKHU=LHOHZLHGLHQDFKKDO
WLJH,QWHJUDWLRQYRQ%HVFKlIWLJWHQLQGDV(UZHUEVOHEHQGLH9HUULQJHUXQJYRQ*HVFKOHFKWHU
XQWHUVFKLHGHQXQGGLH9HUPHLGXQJXQIUHLZLOOLJHU7HLO]HLWDUEHLWN|QQHQLQ=HLWHQHLQHVVWlUNHUHQ
%HVFKlIWLJXQJVZDFKVWXPV OHLFKWHU HUUHLFKW ZHUGHQ DOV LQ =HLWHQ ODQJVDPHQ :DFKVWXPV
,QVEHVRQGHUH JLEW HV HLQHQ HQJHQ =XVDPPHQKDQJ ]ZLVFKHQ $UEHLWVORVLJNHLW XQG %HVFKlIWL
JXQJVZDFKVWXP
$OOHUGLQJV WULIIW JHUDGH GLH $UEHLWVPDUNWSROLWLN LQVEHVRQGHUH ZHQQ VLH ]X HQJ GHILQLHUW ZLUG
EHLGHU6FKDIIXQJYRQ$UEHLWVSOlW]HQDXILKUH*UHQ]HQ=XPHUUHLFKHQGHV=LHOVHLQHVKRKHQ
%HVFKlIWLJXQJVZDFKVWXPV VLQG 6WUXNWXU XQG 5HJLRQDOSROLWLVFKH ,QVWUXPHQWH EHVVHU JHHLJQHW
DOV GLH ,QVWUXPHQWH GHU DNWLYHQ $UEHLWVPDUNWSROLWLN GLH HUVW EHL GHQ $UEHLWVORVHQ DQVHW]HQ
XQGRIWPDOVQXUHLQHJOHLFKPl‰LJHUH9HUWHLOXQJYRQ$UEHLWVSOlW]HQ EHU$UEHLWVVXFKHQHHUUHL
FKHQNDQQhEHUGLHV]HLJHQGLHLQ.DSLWHOGDUJHVWHOOWHQ%HVW3UDFWLFH%HLVSLHOHGDVV9HUEHV
VHUXQJHQ LQ GHU $UEHLWVPDUNWODJH YRU DOOHP GDQQ HU]LHOW ZHUGHQ N|QQHQ ZHQQ GLH DNWLYH
$UEHLWVPDUNWSROLWLN LQ HLQH EUHLW DQJHOHJWH VWDQGRUW XQG VWUXNWXUSROLWLVFKH 6WUDWHJLH HLQJH
EHWWHW ZLUG GHUHQ SULPlUHV =LHO GLH $UEHLWSODW]VFKDIIXQJ LVW $XFK LQ 7LURO VROOWH GDKHU GLH
$UEHLWVPDUNWUHOHYDQ]GHU6WDQGRUWXQG6WUXNWXUSROLWLNQLFKWXQWHUVFKlW]WZHUGHQ'LHVHEHLGHQ
%HUHLFKH VROOWHQ DOV VLFK HUJlQ]HQGH 7HLOH HLQHU LQWHJULHUWHQ ZLUWVFKDIWVSROLWLVFKHQ 6WUDWHJLH
JHVHKHQ ZHUGHQ GLH LP 5DKPHQ YRQ ,QVWLWXWLRQHQ ZLH GHP 7LUROHU %HVFKlIWLJXQJVSDNW
NRRUGLQLHUWZHUGHQN|QQWHQ
,Q%XQGHVOlQGHUQZLH7LUROGHUHQ:LUWVFKDIWVVWUXNWXUHLQHUVHLWVGXUFKKRKH6SH]LDOLVLHUXQJDXI
GHQ 7RXULVPXV EHL HLQHP JOHLFK]HLWLJ QLFKW XQZHVHQWOLFKHQ LQWHUQDWLRQDO ZHWWHEHZHUEVIlKL
JHQ ,QGXVWULHSRWHQWLDO XQG DQGHUHUVHLWV GXUFK HLQH GHXWOLFKH UlXPOLFKH 'LIIHUHQ]LHUXQJ
JHSUlJW LVW VLQG GDEHLGHU (UKDOW GHULQWHUQDWLRQDOHQ :HWWEHZHUEVIlKLJNHLW EHLGHU 6HNWRUHQ
6DFKJ WHUSURGXNWLRQ XQG 7RXULVPXV XQG HLQH UHJLRQDOH 'LIIHUHQ]LHUXQJ GHU 6WDQGRUWVWUDWH
JLHQ]HQWUDOH9RUUDXVVHW]XQJHQXPHLQDXVUHLFKHQGHV%HVFKlIWLJXQJVZDFKVWXPVLFKHU]XVWHO
OHQ 'HPHQWVSUHFKHQG RULHQWLHUHQ VLFK GLH YHUVFKLHGHQHQ PD‰JHEOLFKHQ 6WUDWHJLHGRNX
PHQWH GHV /DQGHV DQ HLQHU VRZRKO DQ GHU 7RXULVPXV DOV DXFK DQ GHU ,QGXVWULHHQWZLFNOXQJ
DQJHOHKQWHQ UHJLRQDO GLIIHUHQ]LHUWHQ 6WUDWHJLH 6R ZHUGHQ LP /DQGHVHQWZLFNOXQJVNRQ]HSW
=XNXQIWVUDXP7LURO$PWGHU7LUROHU/DQGHVUHJLHUXQJQHEHQ6WUDWHJLHQ]X6LHGOXQJVHQW
ZLFNOXQJ 9HUNHKU ,QIUDVWUXNWXU )UHLUDXPHQWZLFNOXQJ 6LFKHUXQJ GHV /HEHQVUDXPHV XQG ]XU
6WlUNXQJGHUUHJLRQDOHQ$EVWLPPXQJXQG=XVDPPHQDUEHLWLP.DSLWHO:LUWVFKDIWVVWDQGRUW]X
LQVJHVDPW 7KHPHQEO|FNHQ :LUWVFKDIWVVWDQGRUW DOOJHPHLQ 6WDQGRUWH I U *HZHUEH XQG
,QGXVWULH 'LHQVWOHLVWXQJHQ RKQH 7RXULVPXV XQG +DQGHO WRXULVWLVFKH 6WDQGRUWH XQG 7RXULVPXV
VWUXNWXU LQVJHVDPW =LHOYRUJDEHQ JHWURIIHQ ]X GHQHQ XQWHU DQGHUHP GLH 6WlUNXQJ GHU
*HUDGHGLH(YDOXLHUXQJVOLWHUDWXUVLHKH.DSLWHO]HLJWGDEHLGDVVGHU%HLWUDJGHUDNWLYHQ$UEHLWVPDUNWSROLWLN]XU
6FKDIIXQJQHXHU$UEHLWVSOlW]HJHULQJLVW

²²
,QQRYDWLRQVNUDIW GLH 6WlUNXQJ YRQ /HLWZLUWVFKDIWV]ZHLJHQ DEHU DXFK GLH 3URILOLHUXQJ YRQ
*HZHUEHVWDQGRUWHQXQGGLH(QWZLFNOXQJGHV7RXULVPXVLQ5LFKWXQJHLQHV*DQ]MDKUHVWRXULVPXV
JHK|UHQ=XMHGHPGLHVHU=LHOHZLUGGDEHLHLQH6HULHYRQ0D‰QDKPHQLQ$XVVLFKWJHVWHOOWGLH
]XU(UUHLFKXQJGLHVHU=LHOH²XQGGDPLWDXFK]XHLQHPZHLWHUKLQKRKHQ%HVFKlIWLJXQJVZDFKV
WXP²EHLWUDJHQN|QQHQ
,P:LUWVFKDIWVSURJUDPP² $UEHLWVSURJUDPP²7LUROZLUG EHUGLHVGLHYHUVWlUNWH9HUQHW
]XQJGHU7LUROHU:LUWVFKDIWGXUFKGHQ$XIEDXYRQ&OXVWHUQXQGYHUVWlUNWHP:LVVHQVXQG7HFK
QRORJLHWUDQVIHU XQG $QZHQGXQJVIRUVFKXQJ YHUVWlUNWH $QVWUHQJXQJHQ ]XU 4XDOLIL]LHUXQJ GHU
$UEHLWVNUlIWH HLQ $XIEDX YRQ ,PSXOV]HQWUHQ YHUVWlUNWH %HWULHEVDQVLHGOXQJHQ XQG HLQLJH
bQGHUXQJHQ LP )RUVFKXQJVI|UGHUXQJVV\VWHP LQ $XVVLFKW JHVWHOOW XQG LP 5DKPHQ GHU 6WXGLH
0DUNH7LURO6WDQGRUWVVWUDWHJLH VLHKH)LVFKHU=LQJJZXUGHQ6WUDWHJLHQHUDU
EHLWHWZLHGHU6WDQGRUW7LUROLQVJHVDPWEHVVHUYHUPDUNWHWZHUGHQNDQQ
$QVDW]SXQNWHHLQHU3ROLWLN]X.08VXQG8QWHUQHKPHQVJU QGXQJHQ
$XI HXURSlLVFKHU (EHQH ZLUG ]XGHP GLH 6WlUNXQJ GHV 8QWHUQHKPHUJHLVWHV XQG GDPLW
HUK|KWH8QWHUQHKPHQVJU QGXQJHQXQG.08)|UGHUXQJDOVHLQDUEHLWVPDUNWXQGEHVFKlIWL
JXQJVSROLWLVFKHV,QVWUXPHQWJHVHKHQXP]XVlW]OLFKH%HVFKlIWLJXQJ]XVFKDIIHQXQGGLHHXUR
SlLVFKHQ=LHOYRUJDEHQ]XHUUHLFKHQ
,QGLHVHP%HUHLFKHUZHLVWVLFK7LUROGDEHLDOVHLQ%XQGHVODQGLQGHPGLH*U QGXQJVLQWHQVLWlW
XQWHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWOLHJWXQGGLHQHXJHJU QGHWHQ8QWHUQHKPHQVRIHUQ
VLH HLQHQ XQVHOEVWlQGLJ %HVFKlIWLJWHQ HLQVWHOOHQ HWZDV ZHQLJHU ]XP %HVFKlIWLJXQJVZDFKV
WXPEHLWUDJHQDOVLP EULJHQgVWHUUHLFK$OOHUGLQJV]HLJWVLFKDXFKGDVVMXQJH8QWHUQHKPHQ
LQ 7LURO EHUGXUFKVFKQLWWOLFKH hEHUOHEHQVUDWHQ DXIZHLVHQ hEHUGLHV ]HLJW VLFK GDVV GHU .08
6HNWRU 7LUROV JHUDGH LP 'LHQVWOHLVWXQJVEHUHLFK HLQ EHVRQGHUV ZLFKWLJHU $UEHLWJHEHU LVW XQG
DXFK EHUGXUFKVFKQLWWOLFKYLHOH$UEHLWVSOlW]HVFKDIIW$OV1DFKWHLOLVWKLHUDOOHUGLQJV]XVHKHQ
GDVV.08VLQgVWHUUHLFKLQVJHVDPWDXFKGXUFKHLQHVHKUKRKH+HWHURJHQLWlWJHNHQQ]HLFKQHW
VLQGZDVLQ5HJLRQHQPLWHLQHPKRKHQ $QWHLODQ.08V ]XPLQ7LURO RKQHGLHVVFKRQKRKHQ
$UEHLWVPDUNWXPVFKODJEHLWUlJW
,P+LQEOLFNDXIGLHVH6WlUNHQXQG6FKZlFKHQN|QQWHVLFKGLH7LUROHU3ROLWLNGDKHU]XP=LHOVHW
]HQQHEHQHLQHU(UK|KXQJGHU*U QGXQJVTXRWHDXFKGLHSRVWHQWU\3HUIRUPDQFHYRQQHX
JHJU QGHWHQ 8QWHUQHKPHQ ]X YHUEHVVHUQ XQG EHUGLHV ]X HLQHU 6WDELOLVLHUXQJ GHU $UEHLWV
SOlW]HLP.08%HUHLFKEHL]XWUDJHQ
,Q7LUROEHVWHKWGD]XHLQUHFKWEUHLWDXVJHEDXWHV,QVWUXPHQWDULXPGHU%HUDWXQJXQG)|UGHUXQJ
YRQ 8QWHUQHKPHQVJU QGXQJHQ MXQJHQ 8QWHUQHKPHQ XQG .08V hEHU GLHVHV EUHLW DXVJH
'DV $06 I KUW EHUGLHV LP 5DKPHQ GHU -XQJXQWHUQHKPHU,QQHQI|UGHUXQJ |VWHUUHLFKZHLW XQG DXFK LQ 7LURO
6FKXOXQJHQ XQG )|UGHUXQJHQ YRQ 3HUVRQHQ GXUFK GLH DXV GHU $UEHLWVORVLJNHLW HLQ 8QWHUQHKPHQ JU QGHQ ZROOHQ
:lKUHQGLQWHUQDWLRQDOH6WXGLHQ]%1LHIHUW-7FKRXYDNKLQDI U'HXWVFKODQGJHJHQ EHUVROFKHQ3URJUDPPHQ
RIWPDOVVNHSWLVFKVLQGZHLO8QWHUQHKPHQGLHDXVGHU$UEHLWVORVLJNHLWJHJU QGHWZHUGHQRIWPDOVLQZHQLJNDSLWDO

²²
EDXWH ,QVWUXPHQWDULXP KLQDXV JLOW HV DOOHUGLQJV ]X EHU FNVLFKWLJHQ GDVV 8QWHUQHKPHQVJU Q
GXQJHQ RIWPDOV DXFK YRQ GHQ DGPLQLVWUDWLYHQ 9HUIDKUHQ DEKlQJHQ GLH ]X HLQHU VROFKHQ
*U QGXQJQRWZHQGLJVLQG*HUDGHLQGHU9HUULQJHUXQJYRQDGPLQLVWUDWLYHQ%DUULHUHQZXUGHQ
LQGHQOHW]WHQ-DKUHQLQgVWHUUHLFKZLFKWLJH)RUWVFKULWWHJHPDFKW6RLVWHVPLWWOHUZHLOHLQGHQ
PHLVWHQ%XQGHVOlQGHUQDXFKLQ7LUROP|JOLFKDOOHQRWZHQGLJHQ8QWHUODJHQXQG*HQHKPL
JXQJHQLP5DKPHQYRQ2QH6WRS6KRSVUHODWLYUDVFK]XHUKDOWHQ
:lKUHQG GHPQDFK GLH DGPLQLVWUDWLYHQ + UGHQ ]XU $QPHOGXQJ HLQHV 8QWHUQHKPHQV PLWWOHU
ZHLOHGHXWOLFKJHULQJHUVLQGDOVQRFKYRU]HKQ-DKUHQVROOWHGLH0LQLPLHUXQJGLHVHVDGPLQLVW
UDWLYHQ $XIZDQGHV ZHLWHUKLQ HLQ ]HQWUDOHV $QOLHJHQ EOHLEHQ $EJHVHKHQ YRQ GHU HLQIDFKHQ
*HVWDOWXQJYRQ*HQHKPLJXQJVYHUIDKUHQ]%GXUFK9HUZDOWXQJVYHUHLQIDFKXQJXQG1XW]XQJ
PRGHUQHU.RPPXQLNDWLRQVWHFKQRORJLHQLVWGDEHLYRUDOOHPGDUDXI]XDFKWHQGDVVJHUDGHLQ
MHQHQ %UDQFKHQ LQ GHQHQ HLQ EHVRQGHUV JUR‰HV %HVFKlIWLJXQJVSRWHQWLDO EHVWHKW GLH
=XJDQJVEHVWLPPXQJHQP|JOLFKVWHLQIDFKJHVWDOWHWZHUGHQ
=ZHLVROFKHSRWHQWLHOOH:DFKVWXPVEHUHLFKHVLQGGLHIUHLHQ%HUXIHXQGGLH*HVXQGKHLWVXQG
3IOHJHEHUXIH(LQ*UR‰WHLOGLHVHU%HUXIHJHK|UW]XGHQXQWHUQHKPHQVQDKHQZLUWVFKDIWVEH]R
JHQHQRGHUSHUV|QOLFKHQ'LHQVWOHLVWXQJHQGLHHLQKRKHV:DFKVWXPVSRWHQWLDODXIZHLVHQ,Q
GHQ*HVXQGKHLWVXQG3IOHJHEHUXIHQZLUGGLH1DFKIUDJHVFKRQDOOHLQHDXIJUXQGGHUGHPR
JUDSKLVFKHQ(QWZLFNOXQJLQGHQQlFKVWHQ-DKUHQZDFKVHQ'LH$XVVFK|SIXQJGHV%HVFKlIWL
JXQJVSRWHQWLDOVLQGLHVHQ%HUHLFKHQZLUGGDEHL]XP7HLOLPPHUQRFKGXUFKKRKH=XWULWWVEDUULH
UHQGXUFKGDV:HUEHXQG$VVR]LDWLRQVYHUERWXQGGXUFKZHWWEHZHUEVIHLQGOLFKH+RQRUDURUG
QXQJHQ]XP7HLOODQJH$XVELOGXQJV]HLWHQ=LYLOWHFKQLNHU=DKQXQG$XJHQlU]WHXQG*HELHWV
VFKXW]E]Z%HGDUIVSU IXQJ$SRWKHNHQ1RWDUHRGHUVFKZHUH=XWULWWVSU IXQJHQEHKLQGHUW
(LQZHLWHUHU$QVDW]SXQNWGHUGD]XEHLWUDJHQN|QQWHGLH=DKOYRQ*U QGXQJHQ]XHUK|KHQ
OLHJWLQGHU)LQDQ]LHUXQJYRQ8QWHUQHKPHQVJU QGXQJHQ'LH6FKZlFKHQGHU|VWHUUHLFKLVFKHQ
)LQDQ]PlUNWH KLQVLFKWOLFK GHU )LQDQ]LHUXQJ YRQ 8QWHUQHKPHQVJU QGXQJHQ VLQG GDEHL LQ GHU
/LWHUDWXUKLQUHLFKHQGGLVNXWLHUWVLHKH+|O]OI UgVWHUUHLFKXQG%H\HUHWDOI U9RU
VFKOlJH]X7LUROhEHUGLHVJHKWHVDXV6LFKWGHUDUEHLWVPDUNWUHOHYDQWHQ=LHOJUXSSHQJHUDGH
EHL *U QGXQJHQ DXV GHU $UEHLWVORVLJNHLW RGHU 8QWHUQHKPHQVJU QGXQJHQ YRQ 0LWJOLHGHUQ
EHVRQGHUVEHQDFKWHLOLJWHU*UXSSHQ]%DXVOlQGLVFKH6WDDWVE UJHU,QQHQXQG0LQGHUKHLWHQ
RIW XP UHODWLY NOHLQH )LQDQ]LHUXQJVEHWUlJH GLH DEHU DXIJUXQG PDQJHOQGHU 6LFKHUKHLWHQ GHU
LQWHQVLYHQ%UDQFKHQRSHULHUHQ NOHLQHUVLQGDOVLP%UDQFKHQGXUFKVFKQLWWXQGDXFKQXUHLQHQJHULQJHQ,QQRYDWLRQV
JUDGDXIZHLVHQXQGVROFKH3URJUDPPHQXUI UHLQHNOHLQH*UXSSHGHU$UEHLWVORVHQ]XJlQJOLFKVLQGZDUGDV|VWHU
UHLFKLVFKH *U QGXQJVSURJUDPP GHXWOLFK HUIROJUHLFKHU /XW] 0DKULQJHU 3|VFKO ]HLJHQ I U gVWHUUHLFK GDVV
$UEHLWVORVHGLHGLH-XQJXQWHUQHKPHU,QQHQI|UGHUXQJ GHV $06 HUKLHOWHQ LQ GHU 5HJHOOlQJHU LQ GHU 6HOEVWlQGLJNHLW
YHUEOHLEHQXQGDXFKVHOWHQHUZLHGHUDUEHLWVORVZHUGHQDOVYHUJOHLFKEDUHQLFKWJHI|UGHUWH-XQJXQWHUQHKPHU,QQHQ
'LHVHV 3URJUDPP LVW GDKHU ]XPLQGHVW DXV 6LFKW GHU *HI|UGHUWHQ HLQ DGlTXDWHV ,QVWUXPHQW ]XU 9HUPHLGXQJ YRQ
$UEHLWVORVLJNHLW'HUEHVRQGHUH(UIROJGHU|VWHUUHLFKLVFKHQ0D‰QDKPHVWHKWGDEHL]XP7HLOLQ:LGHUVSUXFK]XLQWHUQD
WLRQDOHQ(UIDKUXQJHQVLHKH3HHU5HYLHZ(LQP|JOLFKHU*UXQGI UGLHVHQ8QWHUVFKLHGLVWGLHLQWHQVLYH%HUDWXQJ
GLHEHLGHU|VWHUUHLFKLVFKHQ-XQJXQWHUQHKPHU,QQHQI|UGHUXQJGXUFKJHI KUWZLUG'LHVGHXWHWDXIGLH]HQWUDOH5ROOH
KLQGLH%HUDWXQJLQGHU(UK|KXQJGHUhEHUOHEHQVZDKUVFKHLQOLFKNHLWYRQ1HXJU QGXQJHQHLQQLPPW

²²
*U QGHU,QQHQQLFKWDXIJHEUDFKWZHUGHQN|QQHQ,QHLQLJHQ(48$/3DUWQHUVFKDIWHQZXUGHQ
KLHU LQ .RRSHUDWLRQ ]ZLVFKHQ DUEHLWVPDUNWSROLWLVFKHQ $NWHXUHQ XQG .UHGLWLQVWLWXWHQ YHUVXFKW
LQQRYDWLYH)LQDQ]LHUXQJVIRUPHQI UJHI|UGHUWH.OHLQNUHGLWHEHL8QWHUQHKPHQVJU QGXQJHQ]X
JHQHULHUHQ
hEHUGLHVLVWDXVDUEHLWVPDUNWSROLWLVFKHU6LFKWIHVW]XVWHOOHQGDVVEHL%HWULHEVDQVLHGOXQJHQXQG
1HXJU QGXQJHQ GLH UHFKW]HLWLJH,QIRUPDWLRQ GHV $06 ZLFKWLJLVW XP GHQ GDI U EHQ|WLJWHQ
4XDOLILNDWLRQVE]Z3HUVRQDOEHGDUI]XEHIULHGLJHQ
1HEHQHLQHUP|JOLFKVWKRKHQ*U QGXQJVTXRWHPXVVHVDEHUDXFK=LHOMHGHU*U QGXQJVSROLWLN
VHLQ GDVV P|JOLFKVW YLHOH GHU QHX JHJU QGHWHQ 8QWHUQHKPHQ EHUOHEHQ XQG LQ ZHLWHUHU
)ROJH XQVHOEVWlQGLJH %HVFKlIWLJXQJVYHUKlOWQLVVH VFKDIIHQ 6FKlW]XQJHQ VLHKH %H\HU
+lPPHUOH*DUELVODQGHUJHKHQGDYRQDXVGDVVHVLQ7LUROUXQG8QWHUQHKPHQ
GHU JHZHUEOLFKHQ :LUWVFKDIW PHKU DOV HLQ 'ULWWHO GHV %HVWDQGHV RKQH HLQHQ XQVHOEVWlQGLJ
%HVFKlIWLJWHQJLEW'HUHUVWH6FKULWW]XU6FKDIIXQJYRQ $UEHLWVSOlW]HQLVWI U.OHLQEHWULHEHRIW
VFKZLHULJXQGDGPLQLVWUDWLYP KVDP1RFKZLFKWLJHUDOVGLHILQDQ]LHOOH)|UGHUXQJZlUHGDEHL
RIWPDOV HLQH %HUDWXQJ XP JOHLFKH $XVJDQJVEHGLQJXQJHQ KLQVLFKWOLFK GHU )lKLJNHLWHQ YRQ
-XQJXQWHUQHKPHU,QQHQ KHU]XVWHOOHQ 'DEHL VROOWH HLQH +HUDQJHKHQVZHLVH JHZlKOW ZHUGHQ
GLH GDYRQ DXVJHKW GDVV GLH *U QGXQJVSKDVH HLQHV 8QWHUQHKPHQV ² ]XPLQGHVW ZDV GDV
HUK|KWH ([LVWHQ]ULVLNR EHWULIIW ² HLQLJH -DKUH GDXHUW XQG GXUFK PHKUHUH 3URIHVVLRQDOLVLHUXQJV
VFKULWWHJHNHQQ]HLFKQHWLVW =LHONDQQHVGDKHUVHLQEHVWHKHQGH%HUDWXQJVLQVWUXPHQWHGLH
8QWHUQHKPHQLQYHUVFKLHGHQHQ3KDVHQGHV*U QGXQJVSUR]HVVHVDQJHERWHQZHUGHQ]XE Q
GHOQXQGYHUVWlUNWLQ)RUPHLQHVJXWSXEOL]LHUWHQ2QH6WRS%HUDWXQJVVKRSVDQ]XELHWHQXQG
XPHWZDIHKOHQGH%HUDWXQJVLQVWUXPHQWH]XHUJlQ]HQ
1HEHQGHU1DFKJU QGXQJVSKDVHLVWDEHUDXFKGLH9RUJU QGXQJVSKDVHHLQZHLWHUHU$QVDW]
SXQNWHLQHU3ROLWLN]XU(UK|KXQJGHU*U QGXQJV]DKOHQXQGGHUhEHUOHEHQVZDKUVFKHLQOLFKNHL
WHQGHU*U QGXQJHQ,QHLQLJHQ%XQGHVOlQGHUQ ]%2EHU|VWHUUHLFKEHVWHKHQGDEHLVSH]L
HOOH %LOGXQJVI|UGHUXQJHQ ]% LP 5DKPHQ YRQ %LOGXQJVNRQWHQ I U 3HUVRQHQ GLH EHUOHJHQ
HLQ 8QWHUQHKPHQ ]X JU QGHQ RGHU HV ZHUGHQ 3UDNWLND I U SRWHQWLHOOH 8QWHUQHKPHQVJU Q
GHU,QQHQ LQ %HWULHEHQ GHU ZDKUVFKHLQOLFKHQ *U QGXQJVEUDQFKH YHUPLWWHOW *HUDGH VROFKH
3UDNWLNDHUVFKHLQHQGDEHLJXWJHHLJQHWGHQSRWHQWLHOOHQ8QWHUQHKPHQVJU QGHUQHLQHUHDOLV
WLVFKH(LQVFKlW]XQJGHUHLJHQHQ&KDQFHQ]XJHEHQ
hEHUGLHVZlUHLQHLQHPVROFKHQ$QVDW]]XEHDFKWHQGDVVGHU(UIROJYRQ-XQJXQWHUQHKPHU,Q
QHQYRUDOOHPGDYRQDEKlQJWLQZLHZHLWVLHHVVFKDIIHQVLFKLQORNDOH1HW]ZHUNH]XLQWHJULH
UHQREVLHVLFKDOVRXQWHUGHQRUWVDQVlVVLJHQ8QWHUQHKPHQXQG.RQVXPHQW,QQHQHLQ.OLHQWHO
DXIEDXHQ N|QQHQ 6WDDWOLFKH ,QVWLWXWLRQHQ N|QQHQ GLH -XQJXQWHUQHKPHU,QQHQ EHL GLHVHU
1HW]ZHUNDUEHLW HUIDKUXQJVJHPl‰ QXU PDQJHOKDIW XQWHUVW W]HQ (LQH IU K]HLWLJH $QELQGXQJ
(LQVROFKHU3URIHVVLRQDOLVLHUXQJVVFKULWWLVW]XP%HLVSLHOGLHHUVWPDOLJH(LQVWHOOXQJYRQXQVHOEVWlQGLJHQ%HVFKlIWLJWHQ
'LH5HJHOXQJHQGHV$UEHLWVUHFKWHVXQGGHU.ROOHNWLYYHUWUlJHODVVHQHLQHVROFKH3URIHVVLRQDOLVLHUXQJRIWPDOVDOVVHKU
WHXHUXQGDXIZHQGLJHUVFKHLQHQ(LQ$EZDQGHUQLQGHQLQRIIL]LHOOHQ$UEHLWVPDUNW6FKZDU]DUEHLWLVWRIWGLH)ROJH

²²
QHXHU8QWHUQHKPHQLQGLH7LUROHU&OXVWHUNDQQVLFKGDKHUXQWHUVW W]HQGDXIGLHhEHUOHEHQV
ZDKUVFKHLQOLFKNHLWYRQ1HXJU QGXQJHQDXVZLUNHQ
%HVFKlIWLJXQJVSROLWLNGHU*HELHWVN|USHUVFKDIWHQ
1HEHQ GHP SULYDWHQ 6HNWRU ELHWHW DOOHUGLQJV DXFK GHU |IIHQWOLFKH 6HNWRU 7LUROV HLQLJHV DQ
DUEHLWVPDUNWSROLWLVFKHP 6SLHOUDXP DUEHLWHWHQ LQ 7LURO 3HUVRQHQ RGHU DOOHU
XQVHOEVWlQGLJ %HVFKlIWLJWHQ LQ 8QWHUQHKPHQ GHV 6HNWRUV 1LFKW0DUNW'LHQVWOHLVWXQJHQ ,P
$QWHLO GHV |IIHQWOLFKHQ 6HNWRUV DQ GHU *HVDPWEHVFKlIWLJXQJ OLHJW 7LURO GDPLW KLQWHU GHP
|VWHUUHLFKLVFKHQ'XUFKVFKQLWW]XU FN 7URW]GHPLVWGLH3HUVRQDOSROLWLNHLQHV6HNWRUV PLWHLQHP
$QWHLO YRQ IDVW HLQHP 'ULWWHO GHU XQVHOEVWlQGLJ %HVFKlIWLJWHQ I U GLH %HVFKlIWLJXQJVODJH LP
/DQGZLFKWLJ
,QVEHVRQGHUH N|QQHQ LP 5DKPHQ GHU 3HUVRQDOSROLWLN GHU *HELHWVN|USHUVFKDIWHQ MHQH 0D‰
QDKPHQZLH]XP%HLVSLHOGLH(QWZLFNOXQJYRQ%LOGXQJVSOlQHQEHVVHUH$UEHLWVEHGLQJXQJHQ
I UbOWHUHXPJHVHW]WZHUGHQGLHLQGHUDUEHLWVPDUNWSROLWLVFKHQ'LVNXVVLRQLPPHUZLHGHUYRQ
GHQ$UEHLWJHEHUQJHIRUGHUWZHUGHQ,QVEHVRQGHUHN|QQHQLQGLHVHP%HUHLFKRIWPDOVEHVRQ
GHUV OHLFKW 3URMHNWH ]XU 6FKDIIXQJ HLQHV XPIDVVHQGHQ $QJHERWHV ]XU )OH[LELOLVLHUXQJ GHU
$UEHLWV]HLWHQ ]XP $XVEDX GHU 0|JOLFKNHLWHQ ]XU 7HLO]HLWDUEHLW YRUDOOHP ]XU )|UGHUXQJ YRQ
TXDOLIL]LHUWHQ 7HLO]HLWVWHOOHQ XQG ]XU (UK|KXQJ GHV $QJHERWHV YRQ %LOGXQJVNDUHQ] *OHLWSHQ
VLRQXQG7HOHDUEHLWXPJHVHW]WZHUGHQ=XEHDFKWHQLVWGDEHLDOOHUGLQJVGDVVGHU|IIHQWOLFKH
%HUHLFKQLFKWQXUGLH/DQGHVEHGLHQVWHWHQXPIDVVW,P5DKPHQHLQHU%HVFKlIWLJXQJVVWUDWHJLH
N|QQWH PDQ VLFK GDV =LHO VHW]HQ VROFKH 0D‰QDKPHQ DXFK YHUVWlUNW DXI DQGHUH |IIHQWOLFKH
%HVFKlIWLJXQJVYHUKlOWQLVVH *HPHLQGHHEHQH %XQGHVGLHQVWVWHOOHQ XQG DQGHUH %HGLHQVWHWH
GHV|IIHQWOLFKHQ6HNWRUV]X EHUWUDJHQ'DV=LHOZlUHHVGHQ|IIHQWOLFKHQ6HNWRULQ7LUROLQVJH
VDPW]XHLQHPYRUELOGOLFKHQ$UEHLWJHEHUKLQVLFKWOLFKGHU,QWHJUDWLRQYRQ7HLO]HLWEHVFKlIWLJWHQ
XQGlOWHUHQ$UEHLWVNUlIWHQXQGDXFKKLQVLFKWOLFKGHU8PVHW]XQJYRQ6WUDWHJLHQGHVOHEHQVODQ
JHQ/HUQHQV]XPDFKHQ
'DEHLN|QQWH]XPHLQHQGDVEHVWHKHQGH%HUDWXQJV.QRZKRZDXVJHQ W]WZHUGHQXPLQWH
UHVVLHUWH|IIHQWOLFKH.|USHUVFKDIWHQ]XEHUDWHQ]XPDQGHUHQN|QQWHQEHVWHKHQGH,QLWLDWLYHQ
XQG3URJUDPPHYHUVWlUNWDXFKLP|IIHQWOLFKHQ6HNWRUDQJHERWHQZHUGHQ 2EZRKOHVGD]X
RKQH HLQHU HQWVSUHFKHQGHQ UHFKWOLFKHQ *UXQGODJH GHV :LOOHQV GHU EHWURIIHQHQ bPWHU
EHGDUIVFKHLQWGLHVH0|JOLFKNHLWEHVRQGHUVDWWUDNWLYZHLOLQWHUQDWLRQDOH(UIDKUXQJHQ]HLJHQ
GDVVEHVWLPPWH3URJUDPPHZLH]%6DEEDWLFDOVJHUDGHYRQ|IIHQWOLFK%HGLHQVWHWHQVWDUN
DQJHQRPPHQZHUGHQ,QVEHVRQGHUHN|QQWHGDEHLDXIIROJHQGH$VSHNWHHLQJHJDQJHQZHU
GHQ
D 7HLO]HLWDUEHLWhEHUGLH%HUDWXQJHQN|QQWHQLQWHUHVVLHUWH%HK|UGHQ EHUGLH0|JOLFKNHLWHQ
GHU)OH[LELOLVLHUXQJGHU$UEHLWV]HLWHQLQIRUPLHUWZHUGHQ
E 7HLO]HLWDUEHLWhEHUGLH%HUDWXQJHQN|QQWHQLQWHUHVVLHUWH%HK|UGHQ EHUGLH0|JOLFKNHLWHQ
GHU)OH[LELOLVLHUXQJGHU$UEHLWV]HLWHQLQIRUPLHUWZHUGHQ

²²
hEHUVLFKW %HVFKlIWLJXQJLQGHQ|IIHQWOLFKHQ'LHQVWOHLVWXQJHQ
$EVROXW -DKU $QWHLOHLQ
gVWHUUHLFK
,QVJHVDPW
gIIHQWOLFKH9HUZDOWXQJ
8QWHUULFKWVZHVHQ
*HVXQGKHLWV9HWHULQlUXQG6R]LDOZHVHQ
6RQVWLJH|IIHQWOLFKH'LHQVWOHLVWXQJHQ
gIIHQWOLFKH'LHQVWOHLVWXQJHQLQVJHVDPW
8QVHOEVWlQGLJ%HVFKlIWLJWH
0lQQHU
gIIHQWOLFKH9HUZDOWXQJ
8QWHUULFKWVZHVHQ
*HVXQGKHLWV9HWHULQlUXQG6R]LDOZHVHQ
6RQVWLJH|IIHQWOLFKH'LHQVWOHLVWXQJHQ
gIIHQWOLFKH'LHQVWOHLVWXQJHQLQVJHVDPW
8QVHOEVWlQGLJ%HVFKlIWLJWH
)UDXHQ
gIIHQWOLFKH9HUZDOWXQJ
8QWHUULFKWVZHVHQ
*HVXQGKHLWV9HWHULQlUXQG6R]LDOZHVHQ
6RQVWLJH|IIHQWOLFKH'LHQVWOHLVWXQJHQ
gIIHQWOLFKH'LHQVWOHLVWXQJHQLQVJHVDPW
8QVHOEVWlQGLJ%HVFKlIWLJWH
7LURO
,QVJHVDPW
gIIHQWOLFKH9HUZDOWXQJ
8QWHUULFKWVZHVHQ
*HVXQGKHLWV9HWHULQlUXQG6R]LDOZHVHQ
6RQVWLJH|IIHQWOLFKH'LHQVWOHLVWXQJHQ
gIIHQWOLFKH'LHQVWOHLVWXQJHQLQVJHVDPW
8QVHOEVWlQGLJ%HVFKlIWLJWH
0lQQHU
gIIHQWOLFKH9HUZDOWXQJ
8QWHUULFKWVZHVHQ
*HVXQGKHLWV9HWHULQlUXQG6R]LDOZHVHQ
6RQVWLJH|IIHQWOLFKH'LHQVWOHLVWXQJHQ
gIIHQWOLFKH'LHQVWOHLVWXQJHQLQVJHVDPW
8QVHOEVWlQGLJ%HVFKlIWLJWH
)UDXHQ
gIIHQWOLFKH9HUZDOWXQJ
8QWHUULFKWVZHVHQ
*HVXQGKHLWV9HWHULQlUXQG6R]LDOZHVHQ
6RQVWLJH|IIHQWOLFKH'LHQVWOHLVWXQJHQ
gIIHQWOLFKH'LHQVWOHLVWXQJHQLQVJHVDPW
8QVHOEVWlQGLJ%HVFKlIWLJWH
4+9:,)2%HUHFKQXQJHQ² $EZDVVHUXQG$EIDOOEHVHLWLJXQJ,QWHUHVVHQVYHUWUHWXQJHQXQG([WHUULWRULDOH2UJD
QLVDWLRQHQ

²²
F 9HUPHKUWH%HUDWXQJVDQJHERWHI U *HPHLQGHQ XQGDQGHUH|IIHQWOLFKUHFKWOLFKH.|USHU
VFKDIWHQ(LQVFKOlJLJH%HUDWXQJVSURJUDPPH]XU8PVHW]XQJYRQ%LOGXQJVSOlQHQLQ%HWULH
EHQ%HVFKlIWLJXQJYRQbOWHUHQXQG]XP*HQGHU0DLQVWUHDPLQJN|QQWHQDXFKYHUVWlUNW
|IIHQWOLFKHQ.|USHUVFKDIWHQDQJHERWHQZHUGHQ
G 7UDQVLWDUEHLWVSOlW]H I U $UEHLWVORVH *HUDGH LP %HUHLFK GHU *HPHLQGHQ EHVWHKW RIWPDOV
HLQH JUR‰H 1DFKIUDJH QDFK ORNDOHQ 'LHQVWOHLVWXQJHQ GLH ]XPHLVW ZHQLJHU TXDOLIL]LHUWH
$UEHLWVNUlIWH HUIRUGHUQ (LQ 7HLO GLHVHU 1DFKIUDJH N|QQWH EHIULHGLJW ZHUGHQ LQGHP
*HELHWVN|USHUVFKDIWHQYHUVWlUNW$UEHLWVSOlW]H²PLW7UDQVLWFKDUDNWHUI U$UEHLWVORVH]ZHLWHU
$UEHLWVPDUNW²]XU9HUI JXQJVWHOOHQXQGGLHVHGXUFKGDV $06LP5DKPHQGHUWUDGLWLR
QHOOHQ$UEHLWVPDUNWI|UGHUXQJJHI|UGHUWZHUGHQ'DEHLP VVWHVLFKHUJHVWHOOWZHUGHQGDVV
GLHVH $UEHLWVSOlW]H QLFKW ]X 'DXHUDUEHLWVSOlW]HQ ZHUGHQ 7UDQVLWDUEHLWVSOlW]H I U $UEHLWV
ORVHN|QQWHQGXUFK%HVFKlIWLJXQJVJHVHOOVFKDIWHQRGHUJHPHLQQ W]LJH$UEHLWVNUlIWH EHU
ODVVHUVLFKHUJHVWHOOWZHUGHQ
hEHUGLHV N|QQHQ LQ GHU 3HUVRQDOSROLWLN GHU UHJLRQDOHQ *HELHWVN|USHUVFKDIWHQ ZLFKWLJH
,PSXOVHI UGLH*OHLFKVWHOOXQJYRQ0lQQHUQXQG)UDXHQJHVHW]WZHUGHQ,P|IIHQWOLFKHQ6HN
WRU DUEHLWHQ EHUSURSRUWLRQDO YLHOH )UDXHQ ,Q GLHVHP 6HNWRU LVW HV GDKHU EHVRQGHUV ZLFKWLJ
]%GXUFKREMHNWLYH$UEHLWVSODW]EHZHUWXQJHQ]XU6LFKHUVWHOOXQJHLQHUJHUHFKWHQ(QWORKQXQJ
%HWULHEVNLQGHUJlUWHQ RGHU )UDXHQI|UGHUSOlQH DXI GLH *OHLFKVWHOOXQJ YRQ )UDXHQ XQG 0lQ
QHUQXQGGLH9HUHLQEDUNHLWYRQ%HUXIXQG)DPLOLH]XDFKWHQ
6FKOXVVHQGOLFK HUJLEW VLFK HLQ $QVDW]SXQNW I U DUEHLWVPDUNWSROLWLVFKH ,PSXOVH DXFK DXV GHU
|IIHQWOLFKHQ $XIWUDJVYHUJDEH XQG )|UGHUXQJ ,QVEHVRQGHUH N|QQHQ DUEHLWVPDUNWSROLWLVFKH
=LHOYRUVWHOOXQJHQ ]% %LOGXQJVSOlQH )UDXHQI|UGHUSOlQH EHVRQGHUH 0D‰QDKPHQ I U lOWHUH
$UEHLWQHKPHU RGHU ² LQVEHVRQGHUH LP %DXVHNWRU ² ]XU 9HUPHLGXQJ YRQ 6DLVRQDOLWlW LQ $XV
VFKUHLEXQJVYHUIDKUHQ DOV HLQ .ULWHULXP PLW EHU FNVLFKWLJW ZHUGHQ XQG VR HLQ %HLWUDJ ]XP
$ZDUHQHVVEXLOGLQJLQGLHVHP%HUHLFKJHOHLVWHWZHUGHQ
9HUULQJHUXQJGHU6DLVRQDOLWlW
(LQZHLWHUHV)HOGLQGHPGLH$UEHLWVPDUNWSROLWLNLQQHUKDOEGHV%XQGHVODQGHV]XU9HUULQJHUXQJ
YRQ $UEHLWVORVLJNHLW EHLWUDJHQ N|QQWH LVW LQ GHU 9HUPHLGXQJ WHPSRUlUHU $UEHLWVSODW]YHUOXVWH
GXUFK 6DLVRQEHVFKlIWLJXQJ *HUDGH LQ 7LURO ² PLW VHLQHU KRKHQ 6DLVRQDOLWlW ² N|QQWH LQ GHU
9HUPHLGXQJ YRQ 6DLVRQDOLWlW ZRKO GHU JU|‰WH %HLWUDJ ]XU 9HUULQJHUXQJ GHU $UEHLWVORVLJNHLW
JHOHLVWHW ZHUGHQ 'DEHL JLOW HV LQ GLHVHP %HUHLFK GLH 6DLVRQDOLWlW LP *DVWVWlWWHQ XQG
%HKHUEHUJXQJVZHVHQDOVDXFKLP%DXZHVHQ]X EHNlPSIHQ 2EZRKOGLH0|JOLFKNHLWHQGHU
7LUROHU3ROLWLNKLHU(LQIOXVV]XQHKPHQHKHUEHJUHQ]WHUVFKHLQHQZHLOVFKRQELVKHULJH9HUVXFKH
]XU 9HUULQJHUXQJ GHU 6DLVRQDOLWlW LQ gVWHUUHLFK HKHU HUIROJORV ZDUHQ XQG EHUGLHV ZLH GLHVH
6WXGLH]HLJWHLQ *XWWHLOGHU6DLVRQDUEHLWVORVLJNHLWLQ7LUROLP7RXULVPXVHQWVWHKWGHUYRUDOOHP
YRQ GHU LQWHUQDWLRQDOHQ 1DFKIUDJH JHWULHEHQ ZLUG VROOWH ]XPLQGHVW YHUVXFKW ZHUGHQ YHU
VWlUNWH0D‰QDKPHQLP.DPSIJHJHQGLH6DLVRQDOLWlW]XVHW]HQ

²²
(LQ JHQHUHOOHU $QVDW]SXQNW ]XU 9HUULQJHUXQJ GHU 6DLVRQDOLWlW GHU DOOHUGLQJV QXU DXI JHVDPW
|VWHUUHLFKLVFKHU(EHQHGXUFKVHW]EDULVWZlUHGDEHLHLQH5HIRUPGHU$UEHLWVORVHQYHUVLFKHUXQJ
LQ 5LFKWXQJ HLQHV VWlUNHU DQ GHUWDWVlFKOLFKHQ )OXNWXDWLRQ RULHQWLHUWHQ 6\VWHPV ,Q HLQHP VRO
FKHQ 6\VWHP N|QQWHQ GLH %HLWUDJV]DKOXQJHQ DQ GDV WDWVlFKOLFKH $UEHLWVORVLJNHLWVULVLNR
JHNQ SIW ZHUGHQ 'DPLW ZlUHQ ]XPLQGHVW GLH ]XVlW]OLFKHQ ILQDQ]LHOOHQ $QUHL]H ]X HUK|KWHU
6DLVRQDOLWlWJHULQJHU(LQH6WXGLH]XVROFKHQVRJHQDQQWHQ([SHULHQFH5DWLQJ6\VWHPHQVLHKH
)HOGHUHU +RIHU 6FKXK NRPPW GDEHL ]X GHP (UJHEQLV GDVV HLQ YROOHV ([SHULHQFH
5DWLQJ6\VWHPDXIJUXQGGHU.RQ]HQWUDWLRQGHU/DVWHQDXIHLQHHLQJHVFKUlQNWH=DKODQ8QWHU
QHKPHQ LQ gVWHUUHLFK ]X 0HKUEHODVWXQJHQ I KUHQ Z UGH GLH I U GLHVH 8QWHUQHKPHQ ZLUW
VFKDIWOLFKNDXPWUDJEDUVHLQG UIWHQ'LH6WXGLHVFKOlJWGDKHUYRUHLQHQ+|FKVWEHLWUDJVVDW]
YRQGHU/RKQVXPPHHLQ]XI KUHQ6HOEVWEHLGLHVHUDEJHPLOGHUWHQ)RUPGHV([SHULHQFH
5DWLQJN|QQWHGXUFKGLH(LQI KUXQJHLQHVVROFKHQ6\VWHPVGLHMDKUHVGXUFKVFKQLWWOLFKH$UEHLWV
ORVHQTXRWH|VWHUUHLFKZHLWXPHLQHQKDOEHQ3UR]HQWSXQNWJHVHQNWZHUGHQ
9HUULQJHUXQJGHU6DLVRQDOLWlWLP7RXULVPXV
1HEHQGLHVHPDOOJHPHLQHQ$QVDW]VFKOlJWHLQHQHXHUH6WXGLHGHV,QVWLWXWVI U:LUWVFKDIWVIRU
VFKXQJ 6PHUDO HW DO I U GHQ 7RXULVPXV HLQH 6HULH YRQ 0D‰QDKPHQ ]XU %HNlPSIXQJ
YRQ 6DLVRQDOLWlWGHU%HVFKlIWLJXQJYRUGLHDXFKDXI/DQGHVHEHQH XPJHVHW]WZHUGHQN|Q
QHQ,QVEHVRQGHUHVFKOlJWGLHVH6WXGLHYRU
• hEHU bQGHUXQJHQ GHU WUDGLWLRQHOOHQ $UEHLWV XQG )UHL]HLWVWUXNWXUHQ GLH HYHQWXHOO DXFK
GXUFKbQGHUXQJHQLQGHU)HULHQRUGQXQJXQGHLQHVWlUNHUHVDLVRQDOH3UHLVGLIIHUHQ]LHUXQJ
GXUFKJHVHW]W ZHUGHQ N|QQWHQ XQG HLQH ,QWHUQDWLRQDOLVLHUXQJ GHU 7RXULVPXVVWU|PH LQ
5HJLRQHQ PLW DQGHUHQ )UHL]HLWJHZRKQKHLWHQ ]X HLQHU JOHLFKPl‰LJHUHQ 9HUWHLOXQJ GHU
1DFKIUDJHLP-DKUHVYHUODXIEHL]XWUDJHQ
• 'XUFK6FKDIIXQJ]XVlW]OLFKHU$QJHERWHLQZHQLJHUVDLVRQDEKlQJLJHQ7HLOEHUHLFKHQ]%
:HOOQHVVWRXULVPXV(UULFKWXQJYRQ.XOWXUXQG)UHL]HLWSDUNVGLH6DLVRQDOLWlWDXFKDQJHERWV
VHLWLJ]XYHUULQJHUQ
• 'LH7RXULVPXVI|UGHUXQJVWULNWDQGDV=LHOGHU)|UGHUXQJHLQHV*DQ]MDKUHVWRXULVPXV]XRULHQ
WLHUHQ 6R VROOWH EHUOHJW ZHUGHQ LQZLHZHLW GXUFK bQGHUXQJHQ GHU )|UGHUEHGLQJXQJHQ
I UGLYHUVH9HUDQVWDOWXQJHQ]%GXUFK9HUPHLGHQGHU)|UGHUXQJYRQ9HUDQVWDOWXQJHQLQ
GHU6DLVRQXQGRGHU%HU FNVLFKWLJXQJGHU$XVZLUNXQJHQDXIGLH6DLVRQDOLWlWDOV.ULWHULXP
I U GLH )|UGHUYHUJDEH ]XPLQGHVW HLQ %HLWUDJ ]XU 9HUULQJHUXQJ GHU 6DLVRQDOLWlW JHOHLVWHW
ZHUGHQNDQQ
%HLGLHVHP$QVDW]JLOWHVDEHU]XEHU FNVLFKWLJHQGDVVGHUZLUWVFKDIWSROLWLVFKH*UXQGI U)|UGHUXQJHQYRQ*UR‰
YHUDQVWDOWXQJHQRIWPDOVLQLKUHP:HUEHZHUWOLHJW'LHVHU$VSHNWVROOWHDXFKZHLWHUKLQ%HU FNVLFKWLJXQJILQGHQ+LHU
N|QQWHVRJDUDUJXPHQWLHUWZHUGHQGDVVDXFK*UR‰YHUDQVWDOWXQJHQLQGHU6DLVRQ]XHLQHU9HUPHLGXQJYRQ6DLVR
QDOLWlWEHLWUDJHQZHQQVLH]XP%HLVSLHO EHUHLQH,QWHUQDWLRQDOLVLHUXQJGHU%HVXFKHUVWU|PH]XHLQHU(QW]HUUXQJGHU
%HVXFKHUVWU|PHEHLWUDJHQ

²²
• hEHU YHUVWlUNWH .RRSHUDWLRQ ]ZLVFKHQ 7RXULVPXVEHWULHEHQ ]% EHU JHPHLQVDPH
3HUVRQDOSRROV PLW XQWHUVFKLHGOLFKHQ 6DLVRQYHUOlXIHQ GDV (QWVWHKHQ YRQ 6DLVRQDUEHLWV
ORVLJNHLWP|JOLFKVW]XYHUPHLGHQ
hEHUGLHV N|QQWH JHUDGH LP NOHLQ XQG PLWWHOEHWULHEOLFK RUJDQLVLHUWHQ 7RXULVPXVEHUHLFK YHU
VXFKW ZHUGHQ EHU %HUDWXQJVDQJHERWH XQG HQWVSUHFKHQGH $QUHL]H HLQH VWUDWHJLVFKH OlQ
JHUIULVWLJ RULHQWLHUWH 3HUVRQDOSODQXQJ LQ GHQ %HWULHEHQ DQ]XUHJHQ XQG ]X XQWHUVW W]HQ +LHU
N|QQWHQ 2UJDQLVDWLRQVPRGHOOH YRUDQJHWULHEHQ ZHUGHQ GLH )OH[LELOLWlWVSRWHQWLDOH QXW]HQ
DEHU PLW HLQHP JHULQJHUHQ VDLVRQDOHQ 8PVFKODJ DQ $UEHLWVNUlIWHQ GDV $XVODQJHQ ILQGHQ
0D‰QDKPHQN|QQHQGDEHLYRQIOH[LEOHQ$UEHLWV]HLWPRGHOOHQXQGJHI|UGHUWHQEHWULHEOLFKHQ
:HLWHUELOGXQJVPD‰QDKPHQELV]XU8QWHUVW W]XQJGHU%HWULHEHLQGHU3HUVRQDOUHNUXWLHUXQJUHL
FKHQ $XFKGLH9HUELQGXQJYRQLQQRYDWLRQVI|UGHUQGHQ0D‰QDKPHQPLWSDUDOOHOODXIHQGHQ
4XDOLIL]LHUXQJVVWUDWHJLHQ N|QQWH HLQHQ %HLWUDJ OHLVWHQ ZHQQ DXFK ]X EHGHQNHQ LVW GDVV
%HWULHEHPLWKRKHUVDLVRQDOHU)OXNWXDWLRQRIWQLFKWEHVRQGHUVLQQRYDWLRQVRULHQWLHUWVLQG
(LQ ZHLWHUHU $QVDW]SXQNW ZlUH HV HYHQWXHOO PLW +LOIH GHV /DQGHV $UEHLWVORVHQ GLH HLQH :LH
GHUHLQVWHOOXQJV]XVDJH KDEHQ DX‰HUKDOE GHU 6DLVRQ YHUVWlUNW %LOGXQJVDQJHERWH ]X PDFKHQ
:lKUHQGGLHVDXVDUEHLWVPDUNWSROLWLVFKHU6LFKWLQVRIHUQQLFKW]LHOI KUHQGZlUHZHLO3HUVRQHQ
PLW :LHGHUHLQVWHOOXQJV]XVDJHQ NHLQH 3UREOHPH EHLP )LQGHQ HLQHV $UEHLWVSODW]HV KDEHQ
N|QQWHGLHVJHUDGHLP7RXULVPXVEHUHLFKDXVVWDQGRUWSROLWLVFKHU6LFKWGXUFKDXV6LQQPDFKHQ
'XUFK HLQH .RPELQDWLRQ YRQ 6FKXOXQJ YRQ 6DLVRQDUEHLWVORVHQ PLW 6FKXOXQJVLQKDOWHQ GLH I U
GLH 7RXULVPXVEUDQFKH ZLFKWLJ VLQG EHL JOHLFK]HLWLJHP %H]XJ HLQHV 7HLOV GHV $UEHLWVORVHQJHO
GHVN|QQWHKLHUQHEHQGHU9HUULQJHUXQJGHU6DLVRQDUEHLWVORVLJNHLWDXFKHLQ%HLWUDJ]XU9HU
EHVVHUXQJGHU4XDOLWlWXQG:HWWEHZHUEVIlKLJNHLWGHU7LUROHU7RXULVPXVLQGXVWULHJHOHLVWHWZHU
GHQ
'HV:HLWHUHQVROOWHJHUDGHLQHLQLJHQGHUEHVRQGHUVWRXULVPXVLQWHQVLYHQ5HJLRQHQ7LUROV EHU
SU IWZHUGHQREUXQGXPGLH9HUEXQGYRUWHLOHGLHDXVGHU3RVLWLRQLHUXQJGLHVHU5HJLRQHQDOV
2UWHPLWKRKHU/HEHQVTXDOLWlWHQWVWHKHQ]XVlW]OLFKHNRPSOHPHQWlUHZLUWVFKDIWOLFKH $NWLYL
WlWHQDQJHVLHGHOWZHUGHQN|QQHQZREHLKLHUYRUDOOHPDQGLH/HEHQVPLWWHODEHUDXFKGLH
)UHL]HLWJHUlWHLQGXVWULHJHGDFKWZHUGHQN|QQWH
1HEHQ GHP 7RXULVPXV JLEW HV LQ 7LURO DEHU DXFK DQGHUH %UDQFKHQ GLH ]X HLQHP KRKHQ
8PVFKODJ DQ %HVFKlIWLJXQJVYHUKlOWQLVVHQ EHLWUDJHQ ,QVEHVRQGHUH OLHJW LQ 7LURO DXFK GHU
%HVFKlIWLJWHQDQWHLO LQ GHU %DXEUDQFKH PLW EHU GHP |VWHUUHLFKLVFKHQ 'XUFKVFKQLWW
VLHKH$EELOGXQJXQGLVWLQVEHVRQGHUHLQHLQLJHQLQGXVWULHOOJHSUlJWHQ%H]LUNHQ7LUROV]XP
%HLVSLHOLQGHQ%H]LUNHQ,PVW5HXWWHXQG6FKZD]PLWYHUDQWZRUWOLFKI UGLHKRKH6DLVRQDOLWlW
GHU%HVFKlIWLJXQJXQG$UEHLWVORVLJNHLWLQ7LURO

²²
9HUULQJHUXQJYRQ6DLVRQDOLWlWXQGH[]HVVLYHP%HVFKlIWLJWHQXPVFKODJLQ
DQGHUHQ%UDQFKHQ
$EELOGXQJ%HVFKlIWLJWHQDQWHLOLP%DXZHVHQLQGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQ
,Q
gVWHUUHLFK
: 1g % 67 . 2g 6 7 9
4+9:,)2%HUHFKQXQJHQ
*HUDGHLQGLHVHP6HNWRUEHVWHKHQGDEHLDXIJUXQGGHVJU|‰HUHQ$QWHLOVGHU|IIHQWOLFKHQ$XI
WUlJH EHVVHUH &KDQFHQ GXUFK HLQH HQWVSUHFKHQGH 9HUJDEHSROLWLN DXI (EHQH GHU *HELHWV
N|USHUVFKDIWHQ]XVlW]OLFKH6DLVRQDOLWlWGLH]XP%HLVSLHOGXUFKHLJHQH $XIWUDJVYHUJDEHHQW
VWHKW]XYHUPHLGHQ]%N|QQHQEDXOLFKH,QQHQDUEHLWHQLQGHQ:LQWHUPRQDWHQNRQ]HQWULHUW
ZHUGHQ XQG GXUFK %HU FNVLFKWLJXQJ YRQ EHWULHEOLFKHQ 6WUDWHJLHQ ]XU 9HUPHLGXQJ YRQ 6DL
VRQDUEHLWVORVLJNHLWLQGHQ$XVVFKUHLEXQJVEHGLQJXQJHQGLH6DLVRQDOLWlWHWZDV]XYHUULQJHUQ

²²
3ROLWLNPD‰QDKPHQLP%LOGXQJVEHUHLFK
1HEHQ GHU 6FKDIIXQJ YRQ $UEHLWVSOlW]HQ LVW GLH$XV XQG :HLWHUELOGXQJ GHU LQ HLQHU 5HJLRQ
ZRKQKDIWHQ %HY|ONHUXQJ HLQH GHU ZHVHQWOLFKHQ 'HWHUPLQDQWHQ GHU :HWWEHZHUEVIlKLJNHLW
DEHU DXFK GHU LQGLYLGXHOOHQ %HVFKlIWLJXQJVIlKLJNHLW XQG GHV LQGLYLGXHOOHQ (LQNRPPHQV =XU
6LFKHUXQJHLQHVKRKHQ/HEHQVVWDQGDUGVEHGDUIHVLQWHJULHUWHU6WUDWHJLHQLP%HUHLFKGHU$XV
XQG :HLWHUELOGXQJ GLH GHQ JHVDPWHQ %LOGXQJVEHUHLFK YRQ GHU YRUVFKXOLVFKHQ $XVELOGXQJ
ELV]XU:HLWHUELOGXQJXPIDVVHQ
.LQGHUJDUWHQ
,Q gVWHUUHLFK LVW GDV .LQGHUJDUWHQV\VWHP VHLW /DQGHVVDFKH GDV EHGHXWHW GDVV VRZRKO
*HVHW]JHEXQJ XQG 9ROO]LHKXQJ DOV DXFK 2UJDQLVDWLRQ XQG )LQDQ]LHUXQJ LQ GHU 9HUDQWZRU
WXQJGHU%XQGHVOlQGHUOLHJHQ3ULQ]LSLHOOZLUG]ZLVFKHQGUHL)RUPHQYRQLQVWLWXWLRQHOOHQ(LQULFK
WXQJHQXQWHUVFKLHGOLFKHQ.ULSSHQI UGLHXQWHU-lKULJHQ.LQGHUJlUWHQI UGLHELV-lKUL
JHQ VRZLH +RUWH GLH GLH DX‰HUVFKXOLVFKH %HWUHXXQJ DP 1DFKPLWWDJ I U .LQGHU ]ZLVFKHQ
XQG-DKUHQ EHUQHKPHQGHU.LQGHUWDJHVKHLPHZHUGHQLQ7LUROYRQGHU|IIHQWOLFKHQ
+DQG HUKDOWHQ /DQG RGHU *HPHLQGH %XQGHVZHLW OLHJW GHU $QWHLO EHL ,P %HUHLFK GHU
.LQGHUJlUWHQZHUGHQYRQGHU|IIHQWOLFKHQ+DQGHUKDOWHQ|VWHUUHLFKZHLWVLQGHV$P
K|FKVWHQ LVW GHU $QWHLO DQ |IIHQWOLFKHQ .LQGHUJlUWHQ PLW LQ 1LHGHU|VWHUUHLFK ZR GDV
%HWUHXXQJVDQJHERWDP9RUPLWWDJJUDWLVEHUHLWJHVWHOOWZLUG
(LQHIOlFKHQGHFNHQGHTXDOLWlWVYROOH.LQGHUEHWUHXXQJLVWZ QVFKHQVZHUWGD
• GDPLWHLQ%HLWUDJ]X&KDQFHQJOHLFKKHLWI U)UDXHQJHOHLVWHWZLUG
• GLH7HLOQDKPHDQ:HLWHUELOGXQJHUOHLFKWHUWZLUGXQG
• GXUFK)U KI|UGHUXQJVSUDFKOLFKHXQGVR]LDOH'HIL]LWHGLHHLQH%HQDFKWHLOLJXQJEHLP(LQ
WULWWLQGDV6FKXOV\VWHPGDUVWHOOHQEHVHLWLJWZHUGHQN|QQHQ
)OlFKHQGHFNHQGHTXDOLWlWVYROOH.LQGHUEHWUHXXQJDXVEDXHQ
'LH .LQGHUEHWUHXXQJVTXRWH ELV -lKULJHU EHWUlJW LQ 7LURO LP %XQGHVGXUFKVFKQLWW
ZHUGHQGLHVHU.RKRUWHLQ.ULSSHQEHWUHXW6SLW]HQUHLWHULVW:LHQPLW,PLQWHUQDWLR
QDOHQ9HUJOHLFKLVWMHGRFKGLH9HUVRUJXQJVTXRWHlX‰HUVWJHULQJ=XP9HUJOHLFK,Q'lQHPDUN
JLEWHVI UGHUELV-lKULJHQ%HWUHXXQJVP|JOLFKNHLWHQLQ6FKZHGHQI ULQ)LQQ
ODQGI ULQ%HOJLHQI UXQGLQ)UDQNUHLFKOLHJWGLH9HUVRUJXQJVGLFKWHEHL2(&'
'DPLW LVW 7LURO ZHLW YRP /LVVDERQ]LHO HQWIHUQW .LQGHUEHWUHXXQJVP|JOLFKNHLWHQ I U
GHU .LQGHU XQWHU -DKUHQ ELV DQ]XELHWHQ 'HU 0DQJHO DQ %HWUHXXQJVHLQULFKWXQJHQ I U
MXQJH .LQGHU VWHOOW HLQH (LQVFKUlQNXQJ GHU 7HLOQDKPHP|JOLFKNHLW DP (UZHUEVOHEHQ GDU 'LHV
WULIIWLQGHU5HJHO)UDXHQ:LOORGHUPXVVGLH)UDXGHQQRFKDUEHLWHQLVWVLHDXILQIRUPHOOHRGHU
SULYDWH 'LHQVWH DQJHZLHVHQ ² HLQH .RQWUROOH GHU %HWUHXXQJVTXDOLWlW LVW LQ )ROJH QXU PHKU LQ

²²
GHXWOLFKJHULQJHUHP8PIDQJP|JOLFK(LQHIOlFKHQGHFNHQGHTXDOLWlWVYROOH.LQGHUEHWUHXXQJ
LVW GHPQDFK HLQ %HLWUDJ ]X PHKU &KDQFHQJOHLFKKHLW I U )UDXHQ 'DU EHU KLQDXV HUOHLFKWHUW
GDV$QJHERWDQ.LQGHUEHWUHXXQJVSOlW]HQGLH7HLOQDKPHDQ:HLWHUELOGXQJXQGI|UGHUWGLH,Q
WHJUDWLRQGHU.LQGHUDXVOlQGLVFKHU6WDDWVDQJHK|ULJHU
'HU EHVWH 9HUVRUJXQJVJUDG YRQ .LQGHUQ LQ .LQGHUEHWUHXXQJVHLQULFKWXQJHQ LVW LP $OWHU ]ZL
VFKHQXQG-DKUHQJHJHEHQ,Q7LUROODJGLH%HWUHXXQJVTXRWHI UGLHVH.RKRUWHEHL
XQGGDPLW EHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW6FKOHFKWVFKQHLGHW7LURODO
OHUGLQJV LQ %H]XJ DXI GLH gIIQXQJV]HLWHQ DE :lKUHQG |VWHUUHLFKZHLW RKQH 6WHLHUPDUN KLHU
ODJHQNHLQH'DWHQ]XgIIQXQJV]HLWHQYRUGHU.LQGHUJlUWHQDQELV:RFKHQLP-DKU
JH|IIQHWVLQGVLQGHVLQ7LUROJHUDGHHLQPDO6SLW]HQUHLWHULVW:LHQPLWHLQHP9HUVRUJXQJV
JUDGDQJDQ]MlKULJHQ$QJHERWHQLQ+|KHYRQ,Q7LUROGRPLQLHUHQGDJHJHQ.LQGHUJlUWHQ
PLWHLQHP%HWUHXXQJVDQJHERWYRQELV:RFKHQLP-DKU'DVEHGHXWHWGDVVGHU
*UR‰WHLOGHU.LQGHUJlUWHQLQ7LUROPLQGHVWHQV:RFKHQLP-DKUJHVFKORVVHQEOHLEW'LHWlJOL
FKHQgIIQXQJV]HLWHQVLQGLQ7LUROHEHQIDOOVXQWHUGXUFKVFKQLWWOLFK,PJHVDPWHQ%XQGHVJHELHW
RKQH6WHLHUPDUNKDEHQGHU.LQGHUJlUWHQRGHUPHKU6WXQGHQSUR7DJJH|IIQHWLQ7LURO
VLQG HV GLH HLQH JDQ]WlJLJH %HWUHXXQJ HUP|JOLFKHQ ,P %XQGHVOlQGHUYHUJOHLFK QLPPW
7LUROGDPLWGHQOHW]WHQ3ODW]HLQ6SLW]HQUHLWHULVWZLHGHUXP:LHQPLWHLQHP$QWHLOYRQ(LQH
$QSDVVXQJGHUgIIQXQJV]HLWHQYRQ.LQGHUJlUWHQDQGLH$UEHLWVUHDOLWlWXQGGDPLWDQGLH%H
G UIQLVVHEHUXIVWlWLJHU(OWHUQZ UGHHLQHQ%HLWUDJ]XU6WHLJHUXQJGHU4XDOLWlWOHLVWHQ
8QWHUGXUFKVFKQLWWOLFKLVWLQ7LUROGDV$QJHERWDQ%HWUHXXQJVSOlW]HQI UELVMlKULJH.LQGHU
%XQGHVZHLWVWHKWI UGHU.LQGHUHLQ3ODW]]XU9HUI JXQJLQ7LUROOHGLJOLFKI UhEHU
GXUFKVFKQLWW KRFK LVW GHU 9HUVRUJXQJVJUDG LQ GHQ %XQGHVOlQGHUQ 2EHU|VWHUUHLFK
1LHGHU|VWHUUHLFK.lUQWHQVRZLHLQ:LHQ
.RVWHQORVHV.LQGHUJDUWHQDQJHERW
.LQGHUDXVELOGXQJVIHUQHQ6FKLFKWHQGLHKLQWHUGHPI ULKU$OWHUFKDUDNWHULVWLVFKHP4XDOLIL
NDWLRQVSURILOGHXWOLFK]XU FNEOHLEHQN|QQHQRKQH)U KI|UGHUXQJLQ.LQGHUJlUWHQGLH%HQDFK
WHLOLJXQJHQ GXUFK GDV IDPLOLlUH 8PIHOG QLFKW PHKU DXVJOHLFKHQ 1XU GXUFK GDV %HKHEHQ
VSUDFKOLFKHU XQG VR]LDOHU 'HIL]LWH NDQQ GLH &KDQFHQJOHLFKKHLW LP %LOGXQJVV\VWHP YHUEHVVHUW
ZHUGHQ (JEHUV HW DO 'HVKDOE EHGDUI HV 0D‰QDKPHQ GLH GLH VR]LDOH 6HOHNWLRQ DP
hEHUWULWWLQGDV6FKXOV\VWHPYHUULQJHUQ(LQ6FKULWWLQGLHVH5LFKWXQJN|QQWHGLH(LQI KUXQJHLQHV
NRVWHQORVHQ .LQGHUJDUWHQDQJHERWV VHLQ ZLH GDV LQ 1LHGHU|VWHUUHLFK GHU )DOO LVW $OOHUGLQJV
VROOWH GLHVHV $QJHERW DXI HLQH NRVWHQORVH JDQ]WlJLJH %HWUHXXQJ QLFKW ZLH LQ 1LHGHU|VWHU
UHLFK KDOEWDJV DXVJHGHKQW ZHUGHQ 1HEHQ GHP 9HUPHLGHQ VR]LDOHU ([NOXVLRQ NDQQ HLQH
IU K]HLWLJH (UIDVVXQJ YRQ .LQGHUQ DXVOlQGLVFKHU 6WDDWVE UJHU VR JHQDQQWH *HQHUDWLRQ
DXFKGHP=LHOGHUVSUDFKOLFKHQXQGJHVHOOVFKDIWOLFKHQ,QWHJUDWLRQGLHQOLFKVHLQ'LH(UIDKUXQ
JHQ 6FKZHGHQV ]HLJHQ GDVV GDV XQHQWJHOWOLFKH $QJHERW YRQ .LQGHUEHWUHXXQJVSOlW]HQ
JHUDGHYRQ(OWHUQPLW0LJUDWLRQVKLQWHUJUXQGDQJHQRPPHQZLUG

²²
(UVWDXVELOGXQJ
1DFKZLHYRUZHUGHQGLH&KDQFHQXQG5LVLNHQGHU$UEHLWVNUlIWHDXIGHP$UEHLWVPDUNWHQW
VFKHLGHQG YRQ GHU 4XDOLILNDWLRQ EHVWLPPW -H QLHGULJHU GLH IRUPDOH 4XDOLILNDWLRQ GHVWR
VFKOHFKWHU GLH 3RVLWLRQ DXI GHP $UEHLWVPDUNW 'HU %LOGXQJVZHJHQWVFKHLGXQJ NRPPW GDKHU
JUR‰H%HGHXWXQJ]X'LH(XURSlLVFKH8QLRQVWHFNWHVLFKLP5DKPHQGHV/LVVDERQ3UR]HVVHV
GDV=LHOELVGLH'URSRXW5DWHQDXIPD[LPDO]XUHGX]LHUHQXQGXQWHUGHQ-lKUL
JHQHLQHQ$QWHLODQ$EVFKO VVHQDXI6HNXQGDUVWXIH,,RGHUK|KHUZHUWLJHQ$XVELOGXQJHQYRQ
PLQGHVWHQV ]X HU]LHOHQ :HQQJOHLFK GDV =LHO GHU 'URSRXW5DWHQ LQ gVWHUUHLFK HUUHLFKW
VFKHLQW VROOWH YHUVXFKW ZHUGHQ GHQ $QWHLO ZHLWHU ]X VHQNHQ 1RFK LPPHU VFKHLGHQ GHU
-XJHQGOLFKHQ LP $OWHU YRQ ELV -DKUHQ RKQH %LOGXQJVDEVFKOXVV YRU]HLWLJ DXV GHP %LO
GXQJVV\VWHP6WHLQHU²/DVVQLJJDXV=ZDULVW]ZLVFKHQXQG|VWHUUHLFKZHLWGHU
$QWHLO GHU ELV -lKULJHQ GLH QDFK GHU 3IOLFKWVFKXOH NHLQH /HKUH RGHU YROO]HLWVFKXOLVFKH
$XVELOGXQJEHJRQQHQKDEHQE]ZGLH$XVELOGXQJYRU]HLWLJDEEUHFKHQYRQDXIJH
VXQNHQVHLWKHUVWDJQLHUWGLHVHU:HUWMHGRFKDXIGLHVHP1LYHDX,QDEVROXWHQ=DKOHQZDUHQHV
-XJHQGOLFKH
$QJHVLFKWV GHV LQ 7LURO KRKHQ $QWHLOV DQ 3HUVRQHQ PLW PD[LPDO 3IOLFKWVFKXODEVFKOXVV VWHOOHQ
GURSRXWVHLQHZLFKWLJH=LHOJUXSSHLQGHU%LOGXQJVSROLWLNGDU'LH8UVDFKHQI U6FKXODEEUXFK
RGHU 6FKXOYHUZHLJHUXQJ N|QQHQ YLHOIlOWLJ VHLQ ² VLH UHLFKHQ YRQ 6FKXODQJVW XQG hEHUIRUGH
UXQJELVKLQ]X]HUU WWHWHQ)DPLOLHQYHUKlOWQLVVHQ'HVLQWHUHVVHGHU(OWHUQI UGLH6FKXOELOGXQJ
PDQJHOQGH 'HXWVFKNHQQWQLVVH XQG 6XFKWSUREOHPHQ -XJHQGOLFKH RKQH EHUXIOLFKH 4XDOLIL
]LHUXQJKDEHQHVDP$UEHLWVPDUNWVFKZHUHLQH%HVFKlIWLJXQJ]XILQGHQ*HUDGHGHU(LQVWLHJ
LQV%HUXIVOHEHQHQWVFKHLGHW EHUGHQEHUXIOLFKHQXQGVR]LDOHQ:HUGHJDQJ-XJHQGDUEHLWVOR
VLJNHLWVWHOOWVRPLWHLQEHVRQGHUHV3UREOHPGDUXQGLVWQLFKWQXUDOV$UEHLWVORVLJNHLWHLQHU$OWHUV
JUXSSH ]X EHJUHLIHQ 0LVVOLQJW HV VLH ZLUNVDP ]X EHNlPSIHQ EHVWHKW GLH *HIDKU GDVV
-XJHQGOLFKHLQVVR]LDOH$EVHLWVJHUDWHQPLWHUKHEOLFKHQ)ROJHNRVWHQI UGLH*HVHOOVFKDIW,P
)ROJHQGHQZLUGGDKHUHLQHUVHLWVDXI-XJHQGOLFKHDP(QGHGHU3IOLFKWVFKXO]HLWHLQJHJDQJHQ
GLHNHLQHQ$XVELOGXQJVSODW]ILQGHQ$QGHUHUVHLWVZHUGHQ0D‰QDKPHQI UJHULQJTXDOLIL]LHUWH
DUEHLWVORVH-XJHQGOLFKHDQJHGDFKW
9HUEOHLELP6FKXOV\VWHPI|UGHUQ
'LH.ULVHDP|VWHUUHLFKLVFKHQ/HKUVWHOOHQPDUNWDXVJHGU FNWLQHLQHPhEHUDQJHERWDQ/HKU
VWHOOHQVXFKHQGHQXQGHLQHU.QDSSKHLWDQ/HKUVWHOOHQZDULQ7LUROLQGHQOHW]WHQ-DKUHQGHXW
OLFKZHQLJHUVWDUNDXVJHSUlJWDOVLQDQGHUQ%XQGHVOlQGHUQ 1LFKWVGHVWRWURW]JLEWHVDXFKLQ
7LURO/HKUOLQJHGLHDP(QGHLKUHU3IOLFKWVFKXO]HLWNHLQH/HKUVWHOOHILQGHQ3ULPlUHV=LHOVROOWHHV
VHLQ GLHVH -XJHQGOLFKHQ PLWWHOV LQGLYLGXHOOHU %LOGXQJVEHUDWXQJ ZLHGHU ]XU $XIQDKPH HLQHU
$XVELOGXQJ ]X EHZHJHQ 'RFK QLFKW LPPHU OLHJW GLHVH (QWVFKHLGXQJ LP (LQIOXVVEHUHLFK GHU
-XJHQGOLFKHQ 'LH %LOGXQJVZHJHQWVFKHLGXQJ YRQ -XJHQGOLFKHQ DP hEHUJDQJ ]ZLVFKHQ
XQG6FKXOVWXIHE]ZDP(QGHGHU3IOLFKWVFKXOHZLUGZHVHQWOLFKYRQGHU(LQNRPPHQVVLWXD
WLRQYRP%LOGXQJVVWDQGGHU(OWHUQXQGGHP=XJDQJ]X%LOGXQJVLQIRUPDWLRQHQEHHLQIOXVVW,P

²²
+LQEOLFNDXIGLHILQDQ]LHOOHQ%HQDFKWHLOLJXQJHQ]HLJWVLFKGDVVLP:HVHQWOLFKHQ]ZHL)DNWRUHQ
GLH7HLOQDKPHDQHLQHUZHLWHUI KUHQGHQYROO]HLWVFKXOLVFKRUJDQLVLHUWHQ$XVELOGXQJYHUKLQGHUQ
• (LQHUVHLWVGLHEHJUHQ]WHQILQDQ]LHOOHQ5HVVRXUFHQ]XU8QWHUVW W]XQJGHU%LOGXQJVEHP KXQ
JHQ GHU .LQGHU ]% 1DFKKLOIHXQWHUULFKW 7HLOQDKPH DQ QLFKWVFKXOLVFKHQ %LOGXQJV XQG
)UHL]HLWDQJHERWHQ
• $QGHUHUVHLWVGDV'UlQJHQGHU(OWHUQLQ+DXVKDOWHQPLWQLHGULJHP(LQNRPPHQDXIHLQHQ
UDVFKHQ(LQWULWWLQGHQ$UEHLWVPDUNW
-XJHQGOLFKH GLH NHLQH /HKUVWHOOH ILQGHQ VROOWHQ ² XQDEKlQJLJ YRQ GHU ILQDQ]LHOOHQ 6LWXDWLRQ
GHU(OWHUQ²GLH0|JOLFKNHLWKDEHQLKUHQ)lKLJNHLWHQHQWVSUHFKHQGH%LOGXQJVHLQULFKWXQJHQ]X
EHVXFKHQ 8P GLHV ]X HUP|JOLFKHQ VROOWH HLQ EHG UIWLJNHLWVDEKlQJLJHV 6WLSHQGLXP I U GLH
$XVELOGXQJDQZHLWHUI KUHQGHQYROO]HLWVFKXOLVFKHQ(LQULFKWXQJHQ%06%+6JHZlKUWZHUGHQ
%HUHLWVMHW]WJHZlKUWGDV/DQG7LURO6FKXOEHLKLOIHQI U6FK OHU,QQHQGHU6FKXOVWXIHGLHHLQH
PLWWOHUH RGHU K|KHUH 6FKXOH EHVXFKHQ XQG 6FK OHU,QQHQ DE GHU 6FKXOVWXIH ZHQQ DXI
JUXQGEHVRQGHUHU*HJHEHQKHLWHQ1RWHQGXUFKVFKQLWW6FKXOZHFKVHOHWFNHLQH%HLKLOIHGHV
%XQGHVP|JOLFKLVWDEHUVR]LDOH%HG UIWLJNHLWYRUOLHJWE]ZEHVRQGHUVEHU FNVLFKWLJXQJVZ U
GLJH*U QGHYRUKDQGHQVLQGZZZWXZDVFRPWXZDVIRHUGHUXQJVWLSHQGLHQDEWHLOXQJKWP
'LH8QWHUVW W]XQJVHLWHQVGHV/DQGHVLVWMHGRFKIUHLZLOOLJHVEHVWHKWNHLQ5HFKWVDQVSUXFKDXI
=XHUNHQQXQJHLQHV6WLSHQGLXPV
1HEHQ GHQ ILQDQ]LHOOHQ 0|JOLFKNHLWHQ GHU (OWHUQ N|QQHQ PDQJHOQGH %LOGXQJVLQIRUPDWLRQHQ
GLH%LOGXQJVZHJHQWVFKHLGXQJGHU-XJHQGOLFKHQSUlJHQ'DKHUVROOWHJH]LHOWXQGYHUVWlUNWLQ
GHU 6FKXOVWXIH LQGLYLGXHOOH %LOGXQJV XQG %HUXIVEHUDWXQJ DQJHERWHQ ZHUGHQ XP GHQ -X
JHQGOLFKHQ GLH YLHOIlOWLJHQ %LOGXQJVP|JOLFKNHLWHQ XQG GLH GDPLW YHUEXQGHQHQ %HUXIVP|J
OLFKNHLWHQ DXI]X]HLJHQ 'LHVH 0D‰QDKPH NDQQ HLQHQ %HLWUDJ GD]X OHLVWHQ PHKU -XJHQG
OLFKH I U HLQH ZHLWHUI KUHQGH $XVELOGXQJ ]X JHZLQQHQ %LOGXQJVIHKOHQWVFKHLGXQJHQ ]X YHU
PHLGHQ XQG GLH *HVFKOHFKWVVHJPHQWDWLRQ YRQ $XVELOGXQJVZHJHQ XQG %HUXIVIHOGHUQ DXI]X
ZHLFKHQ'DVKHL‰WGHQ0lGFKHQN|QQHQLP5DKPHQGLHVHU%HUDWXQJWHFKQLVFKHXQGGDPLW
HKHU PlQQHUGRPLQLHUWH %HUXIH QlKHU JHEUDFKW ZHUGHQ E]Z %XUVFKHQ W\SLVFKH )UDXHQEH
UXIH 'DU EHU KLQDXV VROOWHQ 0HFKDQLVPHQ DQJHGDFKW ZHUGHQ GLH EHL GHQ HUVWHQ $Q]HL
FKHQHLQHV6FKXODEEUXFKVDNWLYLHUWZHUGHQ%HLVSLHOVZHLVHZlUHHVGHQNEDU-XJHQGOLFKHI U
HLQ %HUDWXQJVJHVSUlFK DQV $06 ]X YHUZHLVHQ 'DPLW N|QQWHQ -XJHQGOLFKHQ IU K]HLWLJ GLH
$OWHUQDWLYHQ]XP6FKXOEHVXFKDXIJH]HLJWZHUGHQGK EHUDNWXHOOH-REP|JOLFKNHLWHQ9HU
,P|VWHUUHLFKLVFKHQ6FKXOZHVHQLVWGHU%HUXIVRULHQWLHUXQJVXQWHUULFKWLQGHUXQG6FKXOVWXIHLQDOOHQ6FKXODUWHQ
DOV YHUELQGOLFKH hEXQJ YHUSIOLFKWHQG LP $XVPD‰ YRQ 8QWHUULFKWVVWXQGHQ YRUJHVHKHQ 'LHVHU 8QWHUULFKW NDQQ
HQWZHGHUIlFKHULQWHJUDWLYRGHUDOVHLJHQHV)DFKXQWHUULFKWHWZHUGHQ
3URMHNWHLQGLHVHU5LFKWXQJZHUGHQEHUHLWVXPJHVHW]W'DV3URMHNW0XW²)UDXHQXQG7HFKQLNYHUVXFKWJH]LHOW
+DXSWVFKXOHQI UHLQH0LWDUEHLWLP3URMHNW]XJHZLQQHQ'DV3URMHNW*LUOV'D\YHUVXFKWGDV%HUXIVZDKOVSHNWUXPGHU
0lGFKHQ]XHUZHLWHUQ

²²
GLHQVWDXVVLFKWHQHWFDXIJHNOlUWZHUGHQ:LHZLFKWLJJH]LHOWH%HUXIVLQIRUPDWLRQLVW]HLJWXD
HLQ %OLFN DXI GLH YRU]HLWLJ DXIJHO|VWHQ /HKUYHUKlOWQLVVH /DXW :LUWVFKDIWVNDPPHU 7LURO ZXUGHQ
NQDSS /HKUYHUKlOWQLVVH YRU]HLWLJ JHO|VW ZREHL LQ GHU )lOOH GDV /HKUYHUKlOWQLV
ZlKUHQGGHU3UREH]HLWEHHQGHWZXUGH
-XJHQGOLFKHRKQHYHUZHUWEDUH4XDOLILNDWLRQHQVROOWHQYHUVWlUNWI U%LOGXQJVPD‰QDKPHQGLH
]XHLQHP]HUWLIL]LHUWHQ $EVFKOXVVI KUHQPRWLYLHUWZHUGHQ,Q'lQHPDUNVLQG-XJHQGOLFKHELV
]XP$OWHUYRQ-DKUHQYHUSIOLFKWHWQDFKHLQHU$UEHLWVORVHQHSLVRGHYRQ0RQDWHQDQHLQHU
%LOGXQJVPD‰QDKPH WHLO]XQHKPHQ +LHUEHL KDQGHOW HV VLFK XP HLQH PLQGHVWHQV 0RQDWH
ODQJ GDXHUQGH 9ROO]HLWPD‰QDKPH LP %HUHLFK GHU DOOJHPHLQHQ RGHU EHUXIOLFKHQ %LOGXQJ ²
RUJDQLVLHUWDOVUHJXOlUH%LOGXQJVPD‰QDKPHLPDOOJHPHLQHQ%LOGXQJVV\VWHPRGHUDOVVSH]LHOOHV
$XVELOGXQJVSURJUDPP DQ GHQ %HUXIVVFKXOHQ :HLJHUQ VLFK GLH -XJHQGOLFKHQ GDUDQ WHLO]X
QHKPHQ YHUOLHUHQ VLH GHQ $QVSUXFK DXI $UEHLWVORVHQXQWHUVW W]XQJ %HUHLWV QDFK 0RQDWHQ
$UEHLWVORVLJNHLWZLUGHLQLQGLYLGXHOOHU$NWLRQVRGHU%LOGXQJVSODQHUVWHOOWGHUYRP-XJHQGOLFKHQ
XQWHU]HLFKQHW ZHUGHQ PXVV XQG GDQQ ]XP 7UDJHQ NRPPW ZHQQ GHU -XJHQGOLFKH QDFK
0RQDWHQ NHLQH %HVFKlIWLJXQJ ILQGHW 1DFK YLHU 0RQDWHQ $UEHLWVORVLJNHLW EHJLQQW GLH
$UEHLWVYHUZDOWXQJ PLW GHU 2UJDQLVDWLRQ GHV MHZHLOLJHQ $XVELOGXQJVDQJHERWV GDV LP
LQGLYLGXHOOHQ%LOGXQJVSODQYHUHLQEDUWZXUGH
6HOHNWLYH/HKUVWHOOHQI|UGHUXQJ
6HLWJHOLQJWHVQLFKWPHKUDOOH-XJHQGOLFKHQGLHGHQ%LOGXQJVZHJLPGXDOHQ6\VWHPHLQ
VFKODJHQZROOHQPLWHLQHU/HKUVWHOOH]XYHUVRUJHQJHVFKZHLJHGHQQVLHLQLKUHP:XQVFKEHUXI
DXV]XELOGHQ *UXEHU 8P GLH =DKO GHU DQJHERWHQHQ /HKUVWHOOHQ ]X HUK|KHQ JDE XQG
JLEW HV LPPHU ZLHGHU ILQDQ]LHOOH $QUHL]H ]XU 6FKDIIXQJ ]XVlW]OLFKHU $XVELOGXQJVSOlW]H I U
%HWULHEH'LHM QJVWH,QLWLDWLYHGHU%XQGHVUHJLHUXQJEHLVSLHOVZHLVHGLH%OXP3UlPLH SUR
0RQDW XQG /HKUOLQJ LP HUVWHQ /HKUMDKU LP ]ZHLWHQ XQG LP GULWWHQ /HKUMDKU
JHZlKUWHLQHGHXWOLFKHILQDQ]LHOOH8QWHUVW W]XQJGHU/HKUEHWULHEHI U]XVlW]OLFKJHVFKDIIHQH
/HKUVWHOOHQ 'LH =XVlW]OLFKNHLW HUJLEW VLFK DXV HLQHP 9HUJOHLFK GHU /HKUOLQJV]DKOHQ ]X %HJLQQ
GHV/HKUYHUKlOWQLVVHVPLWGHP6WLFKWDJ'LHELVODQJYRUOLHJHQGHKRKH=DKODQ)|U
GHUIlOOHQGHXWHWDOOHUGLQJVDXIPDVVLYH0LWQDKPHHIIHNWHKLQ=ZLVFKHQ+HUEVWXQG(QGH
0DLZXUGHQ|VWHUUHLFKZHLW$QWUlJHJHQHKPLJWGLH=DKOGHU/HKUDQIlQJHU,QQHQ
VWLHJMHGRFKXPEHVFKHLGHQH,Q7LUROVWHKHQNQDSSJHQHKPLJWH)|UGHUDQWUlJH
HLQHP3OXVEHLGHQ/HKUDQIlQJHU,QQHQYRQUXQGJHJHQ EHU=DKOGHU/HKUlQIlQJHU,QQHQ
]XP6WLFKWDJLP9HUJOHLFK]X
$QVWDWW HLQHU XQGLIIHUHQ]LHUWHQ /HKUVWHOOHQI|UGHUXQJ VROOWHQ YHUVWlUNW /HQNXQJVP|JOLFKNHLWHQ
GLHVHV,QVWUXPHQWVJHQXW]WZHUGHQ6LQQYROOHUZlUHGLH(LQVFKUlQNXQJGHU)|UGHUXQJDXIMHQH
/HKUEHUXIH GLH DOV ]XNXQIWVWUlFKWLJ HUDFKWHW ZHUGHQ XQG LQ GHQHQ HLQ )DFKNUlIWHPDQJHO
HUZDUWHWZLUG%HLVSLHOVZHLVHN|QQWHYHUVXFKWZHUGHQGLH=DKOGHU/HKUVWHOOHQLPKRFKTXDOLIL
]LHUWHQ'LHQVWOHLVWXQJVEHUHLFK]XKHEHQ/HKUEHUXIHLP('9%HUHLFK

²²
)|UGHUXQJYRQ$XVELOGXQJVYHUE QGHQ
1HEHQ GHU )|UGHUXQJ GHU :LHGHUDXIQDKPH HLQHU YROO]HLWVFKXOLVFKHQ $XVELOGXQJ VROOWHQ YHU
VWlUNW $XVELOGXQJVYHUE QGH JHI|UGHUW ZHUGHQ ,Q $XVELOGXQJVYHUE QGHQ VFKOLH‰HQ VLFK %H
WULHEH ]XVDPPHQ XP JHPHLQVDP /HKUOLQJH DXV]XELOGHQ 'DGXUFK N|QQHQ HLQHUVHLWV KRFK
VSH]LDOLVLHUWH%HWULHEHGLHNHLQXPIDVVHQGHV%HUXIVELOGDQELHWHQN|QQHQ/HKUOLQJHDXVELOGHQ
DQGHUHUVHLWVZLUGHVP|JOLFK/HKUOLQJHEUHLWHUDXV]XELOGHQ'RSSHOOHKUH+HXWHJLEWHVLQVEH
VRQGHUHLQ'HXWVFKODQGXQGGHU6FKZHL]]DKOUHLFKH$XVELOGXQJVYHUE QGH'DV.RQ]HSWZLUG
GDEHLQLFKWQXUDXIGLH/HKUDXVELOGXQJVRQGHUDXFKDXIDQGHUH)RUPHQGHU$XVELOGXQJZLH
EHLVSLHOVZHLVH GLH EHWULHEOLFKH :HLWHUELOGXQJ LP5DKPHQ YRQ 4XDOLIL]LHUXQJVYHUE QGHQ DQ
JHZHQGHW,Q7LUROZLUGGLHVH$UWGHU.RRSHUDWLRQYRP/DQGJHI|UGHUW(QGHZXUGHGHU
$XVELOGXQJVYHUEXQG 7LURO JHJU QGHW KWWSZZZDXVELOGXQJVYHUEXQGDW %HWULHEH GLH
0LWJOLHGHUGHV)LUPHQDXVELOGXQJVYHUEXQGVVLQGXQGLKUHQ/HKUOLQJHQ7HLOHGHU/HKUDXVELOGXQJ
EHLDQGHUHQ%HWULHEHQ]XNRPPHQODVVHQHUKDOWHQSUR/HKUOLQJXQGH[WHUQHQ$XVELOGXQJVWDJ
HLQHQ=XVFKXVV
3URGXNWLRQVVFKXOHQHLQ0RGHOO]XU5H,QWHJUDWLRQLQGHQ$UEHLWVPDUNW
(LQLQWHUHVVDQWHV0RGHOO]XU5H,QWHJUDWLRQEHQDFKWHLOLJWHU-XJHQGOLFKHULQGHQ$UEHLWVPDUNW
E]ZLQGDV%LOGXQJVV\VWHPZLUGLQ2EHU|VWHUUHLFKHUSUREW,QVRJHQDQQWHQ3URGXNWLRQVVFKXOHQ
ZHUGHQDUEHLWVORVH-XJHQGOLFKHRKQHDEJHVFKORVVHQH(UVWDXVELOGXQJPLWVFKZHUZLHJHQGHQ
SHUV|QOLFKHQ3UREOHPODJHQGLHVLFKLQ(QWZLFNOXQJVNULVHQEHILQGHQRGHUVR]LDOEHQDFKWHLOLJW
VLQG EHWUHXW $Q GHQ 6WDQGRUWHQ /LQ] 6WH\U XQG 0DWWLJKRIHQ ZLUG YHUVXFKW EHQDFKWHLOLJWH
-XJHQGOLFKHLQGHQ$UEHLWVPDUNW]XUHLQWHJULHUHQVLHLQ/HKUVWHOOHQE]ZDQZHLWHUI KUHQGH
6FKXOHQ]XYHUPLWWHOQ]XVWDELOLVLHUHQXQGLKQHQEHUXIOLFKH2ULHQWLHUXQJ]XELHWHQ'XUFKGLH
SUDNWLVFKH 7lWLJNHLW LQ :HUNVWlWWHQ VROOHQ 6HOEVWZHUWJHI KO XQG 9HUDQWZRUWXQJVEHZXVVWVHLQ
JHVWlUNWZHUGHQ(UJlQ]WZHUGHQGHU:HUNVWlWWHQXQWHUULFKWXP6HPLQDUH]XP7KHPD%HZHU
EXQJVWUDLQLQJXQG%HUXIVRULHQWLHUXQJDEHUDXFKXP1DFKKLOIHXQWHUULFKW'HXWVFK0DWKHPD
WLN(QJOLVFKXQG('98QWHUULFKW9RUELOGI UGLH3URGXNWLRQVVFKXOHQLQ2EHU|VWHUUHLFKVLQGGLH
3URGXNWLRQVVFKXOHQLQ'lQHPDUNGLHHVVHLWJLEW,P*HJHQVDW]]XLKUHPGlQLVFKHQ9RU
ELOGKDEHQGLHREHU|VWHUUHLFKLVFKHQ3URGXNWLRQVVFKXOHQMHGRFKNHLQHELOGXQJVSROLWLVFKH$Q
HUNHQQXQJ6LHVLQGQLFKWDOVHLJHQVWlQGLJH6FKXOIRUPDQHUNDQQWXQGI KUHQ]XNHLQHQ7HLO
$EVFKO VVHQ6FK|QHHWDO
(UVWH(UJHEQLVVH]XGHQ3URGXNWLRQVVFKXOHQVLQGMHGHQIDOOVYLHOYHUVSUHFKHQG$P6WDQGRUW/LQ]
ZXUGHQ]ZLVFKHQ*U QGXQJVMDKUXQG7HLOQHKPHU,QQHQUHJLVWULHUW9RQGHQ
7HLOQHKPHU,QQHQGLHGLH%HUDWXQJHQDEJHVFKORVVHQKDEHQNRQQWHQLQHLQH/HKUHRGHU
HLQHQ-REYHUPLWWHOWZHUGHQGDVHQWVSULFKWHLQHU9HUPLWWOXQJVTXRWHYRQ
KWWSZZZYVJRUDWIDFWRU\VUFIDFWRUBIUDPHVHWKWP

²²
9ROOZHUWLJH%HUXIVDXVELOGXQJHQDOV$OWHUQDWLYH]XGHQ-$6*/HKUJlQJHQ
1HEHQ0D‰QDKPHQ]XU6FKDIIXQJYRQ/HKUVWHOOHQLQ%HWULHEHQZXUGHDP$UEHLWVPDUNWDXFK
PLW GHP -XJHQGDXVELOGXQJVVLFKHUXQJVJHVHW] -$6* YHUVXFKW GLH /HKUVWHOOHQO FNH ]X YHUULQ
JHUQ 'LHVHV VLHKW YRU -XJHQGOLFKHQ RKQH /HKUVWHOOH HLQHQ $XVELOGXQJVSODW] LQ HLQHP /HKU
JDQJ ]X YHUPLWWHOQ 'LHVH /HKUJlQJH ZXUGHQ DOV 3URYLVRULXP NRQ]LSLHUW GD PLW HLQHU GHPR
JUDSKLVFKHQ(QWODVWXQJLQDEVHKEDUHU=HLWJHUHFKQHWZXUGH0LWGHQMlKUOLFKHQ5HYLVLRQHQ]XU
%HY|ONHUXQJVYRUDXVVFKDX VFKLHEW VLFK MHGRFK GHU =HLWSXQNW DE GHP GLH %HVHW]XQJ GHU $O
WHUVJUXSSHGHU-lKULJHQXQGGDPLWSRWHQWLHOOHQ/HKUVWHOOHQVXFKHQGHQ]XU FNJHKWLPPHU
PHKULQGLH=XNXQIW'LH-$6*/HKUJlQJHGDXHUQELV]X0RQDWH-XJHQGOLFKHVROOHQLQGLH
VHU =HLW YRQ GHQ WHPSRUlUHQ -$6* /HKUJDQJVSOlW]HQ LQ UHJXOlUH /HKUYHUKlOWQLVVH YHUPLWWHOW
ZHUGHQ 7UDQVLWNRQ]HSW *HOLQJW GLHV QLFKW VLQG QDFK GHP HUVWHQ /HKUMDKU DXIEDXHQGH
/HKUJlQJH YRUJHVHKHQ 'LH /HKUJlQJH VLQG DXV PHKUHUHQ *U QGHQ QLFKW RSWLPDO (UVWHQV
VLQGGLH/HKUJlQJHQDFKGHP7UDQVLWNRQ]HSWNRQ]LSLHUW) UGLH-XJHQGOLFKHQLVWHVGDKHUXQ
JHZLVVZLHODQJHVLHDP/HKUJDQJWHLOQHKPHQE]ZREVLH EHUKDXSWHLQH/HKUVWHOOHILQGHQ
=ZHLWHQVHQWVFKlUIWVLFKGLHDQJHVSDQQWH6LWXDWLRQDP/HKUVWHOOHQPDUNWI UGLH-XJHQGOLFKHQ
LP/HKUJDQJQLFKW'DGDVSULPlUH=LHOGLH9HUPLWWOXQJLQHLQHUHJXOlUH/HKUVWHOOHLVWWUHWHQGLH
-XJHQGOLFKHQQDFKHLQLJHQ0RQDWHQLQ.RQNXUUHQ]]XGHUQHXHQ*HQHUDWLRQDQ-lKULJHQ
'ULWWHQVNDQQGLH$XVELOGXQJLQHLQHP/HKUJDQJ]XU6WLJPDWLVLHUXQJGHU-XJHQGOLFKHQEHLWUD
JHQ
$QVWHOOHGHU)|UGHUXQJYRQWHPSRUlUHQ/HKUJDQJVSOlW]HQ-$6*VROOWHMHQHQ-XJHQGOLFKHQ
GLHQLFKWLQHLQHZHLWHUI KUHQGHYROO]HLWVFKXOLVFKH$XVELOGXQJYHUPLWWHOWZHUGHQN|QQHQHLQH
YROOZHUWLJH/HKUDXVELOGXQJLQHLQHU/HKUZHUNVWDWWDQJHERWHQZHUGHQ%HLVSLHOJHEHQGKLHUI U
N|QQWH GHU LQ :LHQ DQVlVVLJH 9HUHLQ -XJHQG DP :HUN ZZZMDZDW VHLQ GHU YLHOIlOWLJH
0|JOLFKNHLWHQGHU%HUXIVRULHQWLHUXQJXQG%HUXIVTXDOLIL]LHUXQJDQELHWHW1HEHQGHUJHQDQQWHQ
%HUXIVDXVELOGXQJN|QQHQDXFK/HKUOLQJHDQGHUHU%HWULHEHEHVWLPPWH$XVELOGXQJVHLQKHLWHQLQ
GHQ/HKUZHUNVWlWWHQDEVROYLHUHQ-XJHQGOLFKHPLW%HKLQGHUXQJ HLQHTXDOLIL]LHUWH%HUXIVDXV
ELOGXQJ PLW HLQHU XP ELV ]X -DKUH OlQJHUHQ /HKU]HLW HUODQJHQ RGHU /HKUDEEUHFKHU,QQHQ
PLWWHOV VSH]LHOOHU 4XDOLIL]LHUXQJVPD‰QDKPHQ DXI HLQHQ $QWULWW ]XU DX‰HURUGHQWOLFKHQ /HKUDE
VFKOXVVSU IXQJYRUEHUHLWHWZHUGHQ'LH-XJHQGOLFKHQVFKOLH‰HQI UGLH%HUXIVDXVELOGXQJHLQHQ
/HKUYHUWUDJPLWGHP9HUHLQDEDEVROYLHUHQGHQSUDNWLVFKHQ7HLOGHU$XVELOGXQJLQGHU/HKU
ZHUNVWDWWXQGGHQWKHRUHWLVFKHQ7HLOLQGHU%HUXIVVFKXOH'DV0RGHOO-XJHQGDP:HUNJHKW
GDPLW EHUGDV$QJHERWGHU3URGXNWLRQVVFKXOHQKLQDXV
:lKUHQGGLHVHU$XVELOGXQJZHUGHQGLH-XJHQGOLFKHQYRQGHU%HUXIVDXVELOGXQJVDVVLVWHQ]YRQ-XJHQGDP:HUN
EHJOHLWHW

²²
7HUWLlUHU%LOGXQJVEHUHLFK
6WlUNHUH)|UGHUXQJGHU%HUXIVXQG6WXGLHQEHUHFKWLJXQJVSU IXQJ
'XUFKGLHVWDUNH$XVULFKWXQJGHU7LUROHU%LOGXQJVODQGVFKDIWDXIGDVGXDOH$XVELOGXQJVV\VWHP
XQG GLH 0LWWOHUH 6FKXOH VROOWH YRU GHP +LQWHUJUXQG VWHLJHQGHU 4XDOLILNDWLRQVDQIRUGHUXQJHQ
DP $UEHLWVPDUNW GHU )|UGHUXQJ GHV hEHUJDQJV YRQ $EVROYHQW,QQHQ HLQHU /HKUDXVELOGXQJ
RGHU0LWWOHUHQ6FKXOHDQGLH)DFKKRFKVFKXOHPHKU*HZLFKWEHLJHPHVVHQZHUGHQ'LH.RV
WHQI UGLH7HLOQDKPHDQGHQ9RUEHUHLWXQJVNXUVHQVWHOOHQLQVEHVRQGHUHI UGLH=LHOJUXSSHGHU
$EVROYHQW,QQHQYRQ0LWWOHUHQ6FKXOHQRGHUGHUGXDOHQ$XVELOGXQJHLQHQLFKW]XXQWHUVFKlW
]HQGH =XJDQJVEDUULHUH GDU =ZDU ZHUGHQ EHUHLWV MHW]WLP 5DKPHQ GHV 7LUROHU %LOGXQJVJHOGHV
ZZZPHLQXSGDWHDW9RUEHUHLWXQJVNXUVH]XU%HUXIVUHLIHSU IXQJRGHU6WXGLHQEHUHFKWLJXQJV
SU IXQJPLWELVJHI|UGHUW(LQHVWlUNH)|UGHUXQJZlUHMHGRFKZ QVFKHQVZHUWLQVEH
VRQGHUHYRUGHP+LQWHUJUXQGGDVVI UVFKXOLVFKH)RUPHQLQGHU5HJHONHLQH*HE KUHQHLQ
JHKREHQZHUGHQ
$XVZHLWXQJGHVEHUXIVEHJOHLWHQGHQ$QJHERWVDQ)DFKKRFKVFKXOVWXGLHQJlQJHQ
%HUXIVEHJOHLWHQG JHI KUWH 6WXGLHQJlQJH N|QQHQ HLQ DWWUDNWLYHV :HLWHUELOGXQJVDQJHERW I U
(UZHUEVWlWLJH GDUVWHOOHQ 'HU $QWHLO DQ EHUXIVEHJOHLWHQGHQ )DFKKRFKVFKXOVWXGLHQJlQJHQ LQ
7LUROLVWMHGRFKXQWHUGXUFKVFKQLWWOLFKYRQ6WXGLHQJlQJHQZHUGHQEHUXIVEHJOHLWHQGRUJD
QLVLHUWGDYRQZHUGHQDXFKLP9ROO]HLWVWXGLXPDQJHERWHQ'HU*UR‰WHLOGHU6WXGLHQ
JlQJHLVWGDJHJHQDXVVFKOLH‰OLFKDOV9ROO]HLWVWXGLXPRUJDQLVLHUW'LHEHUXIVEHJOHLWHQGH
2UJDQLVDWLRQNDQQHLQHQ%HLWUDJ]XU(UK|KXQJGHU:HLWHUELOGXQJVWHLOQDKPHOHLVWHQXQGVROOWH
GDKHUIRUFLHUWZHUGHQ*HUDGH3HUVRQHQGLHEHUHLWVLQGHQ(UZHUEVSUR]HVVHLQJHEXQGHQVLQG
XQGGHQ:XQVFKQDFKHLQHUIRUPDOHQ+|KHUTXDOLIL]LHUXQJKDEHQN|QQHQRGHUZROOHQLKUH(U
ZHUEVWlWLJNHLW I U HLQ 9ROO]HLWVWXGLXP DQ HLQHU )DFKKRFKVFKXOH QLFKW DXIJHEHQ 'XUFK GLH
EHUXIVEHJOHLWHQGH2UJDQLVDWLRQN|QQHQGDJHJHQ:HLWHUELOGXQJXQG(UZHUEVWlWLJNHLWNRPEL
QLHUWZHUGHQ
8PZDQGOXQJSRVWVHNXQGlUHU$NDGHPLHQLQ)DFKKRFKVFKXOHQ
,QGUHL%XQGHVOlQGHUQLQ1LHGHU|VWHUUHLFKGHU6WHLHUPDUNXQG6DO]EXUJZHUGHQPLW6WXGLHQ
MDKU GLH $XVELOGXQJVEHUHLFKH GHU JHKREHQHQ PHGL]LQLVFKWHFKQLVFKHQ 'LHQVWH
VRZLHGHU+HEDPPHQDOV%LOGXQJVDQJHERWDQGHQ)DFKKRFKVFKXOHQHLQJHULFKWHW 0LWGHU
,QWHJUDWLRQGHU$XVELOGXQJLQGHQ)DFKKRFKVFKXOVHNWRUZLUGHVHUVWPDOVP|JOLFKHLQHQDND
GHPLVFKHQ7LWHOLQ*HVXQGKHLWVEHUXIHQDEVHLWVGHV0HGL]LQVWXGLXPV]XHUODQJHQ'HU)DFK
KRFKVFKXODEVFKOXVV HUP|JOLFKW DXI LQWHUQDWLRQDOHU (EHQH HLQH 9HUJOHLFKEDUNHLW GHU $XVELO
'D]X ]lKOHQ %LRPHGL]LQLVFKH $QDO\WLNHU,QQHQ 'LlWRORJ,QQHQ (UJRWKHUDSHXW,QQHQ /RJRSlG,QQHQ 5DGLRORJLH
WHFKQRORJ,QQHQ2UWKRSWLVWL,QQHQ3K\VLRWKHUDSHXW,QQHQ
'LH%LOGXQJVJlQJHDQGHQ$NDGHPLHQODXIHQGDPLWDXV

²²
GXQJXQGGHU%HUXIVEHUHFKWLJXQJ'DU EHUKLQDXVLVWGLH$XVELOGXQJGXUFKGLH,QWHJUDWLRQLQ
GHQWHUWLlUHQ%HUHLFKNHLQHELOGXQJVSROLWLVFKH6DFNJDVVHPHKUGDDXIEDXHQGDXIGDVDEVRO
YLHUWH%DNNHODXUHDWHLQ0DVWHUVWXGLXPEHJRQQHQZHUGHQNDQQ,Q7LUROVROOWHGLHhEHUI KUXQJ
GLHVHU$XVELOGXQJYRQGHQ$NDGHPLHQ]XGHQ)DFKKRFKVFKXOHQYRUDQJHWULHEHQZHUGHQ
:HLWHUELOGXQJ
=LHOJUXSSH HLQHU :HLWHUELOGXQJVVWUDWHJLH P VVHQ MHQH 3HUVRQHQ VHLQ GLH ELVODQJ QLFKW RGHU
QXU XQ]XUHLFKHQG DP OHEHQVEHJOHLWHQGHQ /HUQHQ WHLOJHQRPPHQ KDEHQ ) U GLH 1LFKW7HLO
QDKPHDQOHEHQVEHJOHLWHQGHP/HUQHQJLEWHVLP:HVHQWOLFKHQ]ZHL*U QGH(QWZHGHUIHKOW
GDV,QWHUHVVHE]ZGLH0RWLYDWLRQRGHUHVJLEW+LQGHUQLVVHGLHGHP:XQVFKQDFK:HLWHUELO
GXQJHQWJHJHQVWHKHQ(LQHUHSUlVHQWDWLYH%HIUDJXQJLQGHQDOWHQ(86WDDWHQ&('()23
NRPPW]XGHP(UJHEQLVGDVVLQgVWHUUHLFKGHU%HIUDJHQ%HY|ONHUXQJDE-DKUH
NHLQ ,QWHUHVVH DQ :HLWHUELOGXQJ ]HLJHQ (8 'lQHPDUN 6FKZHGHQ ,QIRU
PDWLRQVGHIL]LWHIHKOHQGH$QUHL]VWUXNWXUHQRGHUGLH9RUVWHOOXQJGDVVGLH(UWUlJHDXVGHU:HL
WHUELOGXQJJHULQJVLQGZHUGHQYRQGHU2(&'DOVP|JOLFKH8UVDFKHJHQDQQW2(&'
GHU%HIUDJWHQ(8'lQHPDUN6FKZHGHQJDEHQDQGDVVVLHVLFKJHUQ
ZHLWHUJHELOGHWKlWWHQHVGHIDFWRDEHUQLFKWJHWDQKDEHQ=XGHQ$QVDW]SXQNWHQHLQHU:HL
WHUELOGXQJVSROLWLNVROOWHQGDKHU]lKOHQ
• 0RWLYDWLRQE]Z,QWHUHVVHHUK|KHQLQGHPGHU9RUWHLOYRQ:HLWHUELOGXQJDXIJH]HLJWZLUG
• ,QIRUPDWLRQVGHIL]LWHEHKHEHQXQG
• $QUHL]VWUXNWXUHQ VFKDIIHQ E]Z %DUULHUHQ GLH HLQHU 7HLOQDKPH HQWJHJHQVWHKHQ EHVHLWL
JHQ=XGHQZLFKWLJVWHQ%DUULHUHQ]lKOHQEHJUHQ]WH]HLWOLFKHXQGILQDQ]LHOOH5HVVRXUFHQ
'LH (XURSlLVFKH 8QLRQ KDW VLFK LP 5DKPHQ GHV /LVVDERQ 3UR]HVVHV GDV =LHO JHVWHFNW GDVV
PLQGHVWHQVGHU%HY|ONHUXQJLP$OWHUYRQELV-DKUHQDPOHEHQVEHJOHLWHQGHQ/HU
QHQWHLOQHKPHQgVWHUUHLFKZHLWODJGLH4XRWHLP-DKUEHLLQ7LUROEHL
0RWLYDWLRQE]Z,QWHUHVVHDQ:HLWHUELOGXQJHUK|KHQ
9RUWHLOHYRQ:HLWHUELOGXQJVLFKWEDUPDFKHQ
(VJLOWMHQH3HUVRQHQJUXSSH]XPRWLYLHUHQGLHDXVGHQXQWHUVFKLHGOLFKVWHQ*U QGHQNHLQ,Q
WHUHVVH ]HLJW VLFK ZHLWHU]XELOGHQ 'LHVHQ 3HUVRQHQ P VVHQ GLH 9RUWHLOH VLFKWEDU JHPDFKW
ZHUGHQ²GDVNDQQYRQHLQHPK|KHUHQ(LQNRPPHQ EHUGHQ(UKDOWGHU%HVFKlIWLJXQJVIlKLJ
NHLWELVKLQ]XP(UZHUEQ W]OLFKHQ:LVVHQVUHLFKHQ%HLVSLHOVZHLVHLVWGLH7HLOQDKPHDQ.XUVHQ
]XU9HUEHVVHUXQJGHU/HVHXQG6FKUHLEIlKLJNHLWHQSHUVHRIWPDOVQLFKWDWWUDNWLYJHQXJ:HU
GHQGLHVHMHGRFKPLWDQGHUHQ,QKDOWHQNRPELQLHUWVWHLJWGLH0RWLYDWLRQGHU/HUQHQGHQ'LH
2(&'YHUZHLVWKLHUEHLDXIHLQH5HLKHYRQ3URMHNWHQEHLGHQHQGHU/HKUSODQXPSUDNWL

²²
VFKH7KHPHQGHV $OOWDJVHUZHLWHUWZXUGH,Q%HUOLQ ZHUGHQLQHLQHP3URMHNW]XU(UK|KXQJ
GHU/HVHXQG6FKUHLEIHUWLJNHLWDXFK)HUWLJNHLWHQGHV$OOWDJVYHUPLWWHOW'D]X]lKOHQ)RUPXODUH
DXVI OOHQ %HZHUEXQJVWUDLQLQJV GLH $QOHLWXQJ I U 5HQRYLHUXQJVDUEHLWHQ LP +DXV RGHU )HUWLJ
NHLWHQLPKDXVZLUWVFKDIWOLFKHQ%HUHLFKZLH5H]HSWHOHVHQ0HQJHQNDONXOLHUHQXQGHLQNDXIHQ
'LHVHU =XJDQJ LVW YRU DOOHP DXFK I U GLH =LHOJUXSSH GHU ,PPLJUDQW,QQHQ LQWHUHVVDQW ,Q GHQ
1LHGHUODQGHQ ZHUGHQ 6SUDFKNXUVH I U ,PPLJUDQW,QQHQ XP 7KHPHQ ZLH .LQGHUEHWUHXXQJ
5HFKWVEHUDWXQJXQGGHQ8PJDQJPLW*HOGHUZHLWHUWZRGXUFKGLH0RWLYDWLRQ]XU7HLOQDKPH
XQWHUGHQ7HLOQHKPHU,QQHQVWHLJW
,QIRUPDWLRQVGHIL]LWHEHVHLWLJHQ
,QGLYLGXHOOH%LOGXQJVEHUDWXQJ
'LH %LOGXQJVEHUDWXQJ ZLUG LP 5DKPHQ GHV /HEHQVEHJOHLWHQGHQ /HUQHQV]XQHKPHQG ZLFKWL
JHU6LHLVW9RUDXVVHW]XQJGDI UGDVV,QGLYLGXHQHLQHUVHLWVHLJHQYHUDQWZRUWOLFKH(QWVFKHLGXQ
JHQ I U LKUHQ %LOGXQJVZHJ WUHIIHQ N|QQHQ DQGHUHUVHLWV 7UDQVSDUHQ] XQG 2ULHQWLHUXQJVP|J
OLFKNHLWLP+LQEOLFNDXIGLH4XDOLWlWXQGGHQ1XW]HQGHVXPIDQJUHLFKHQ%LOGXQJVDQJHERWVVL
FKHUJHVWHOOW ZLUG (LQH JH]LHOWH %LOGXQJV XQG %HUXIVEHUDWXQJ NDQQ DXFK ]X HLQHU 5HGXNWLRQ
GHU 6FKXODEEU FKH RGHU 9HUN U]XQJ GHU $XVELOGXQJVGDXHU I KUHQ GD GXUFK HLQH NRPSH
WHQWH%HUXIVXQG%LOGXQJVEHUDWXQJGLH=DKOGHU$XVELOGXQJVZHFKVOHU,QQHQYHUULQJHUWZHUGHQ
NDQQ6XOWDQD'LHEUHLWJHIlFKHUWH:HLWHUELOGXQJVODQGVFKDIWLQgVWHUUHLFKLVW$XVGUXFN
HLQHUJHZ QVFKWHQ9LHOIDOWGLH:DKOP|JOLFKNHLWHQVFKDIIW3DUDOOHOGD]XI KUHQDEHU,QIRUPD
WLRQVGHIL]LWH KLQVLFKWOLFK GHV 8PIDQJV GHU 6WUXNWXU XQG 4XDOLWlW DXI $QELHWHUVHLWH ]X KRKHQ
,QIRUPDWLRQV XQG 6XFKNRVWHQ 'HU 9RUJDQJ GHU ,QIRUPDWLRQVEHVFKDIIXQJ NDQQ LQ )ROJH ]X
HLQHPVR]LDOHQ6HOHNWLRQVSUR]HVVZHUGHQE]ZGHU0DQJHODQ,QIRUPDWLRQXQG%HUDWXQJHLQH
VR]LDOH =XJDQJVVFKZHOOH GDUVWHOOHQ ,QVEHVRQGHUH I U QLHGULJ 4XDOLIL]LHUWH NDQQ GLH JHULQJH
7UDQVSDUHQ]HLQH%DUULHUHGDUVWHOOHQ
) U/HUQHQGHPXVV%LOGXQJVEHUDWXQJDQELHWHU EHUJUHLIHQGXQGXQDEKlQJLJDEHUDXFKQLH
GHUVFKZHOOLJIOlFKHQGHFNHQGXQGTXDOLWDWLYKRFKZHUWLJ]XU9HUI JXQJVWHKHQ=XGHPPXVV
VLHVLFKDQDOOH3HUVRQHQULFKWHQXQDEKlQJLJYRQGHUHQ(LQELQGXQJLQGHQ(UZHUEVSUR]HVV
GDV EHGHXWHW DQ (UZHUEVWlWLJH DW\SLVFK RGHU YROOVR]LDOYHUVLFKHUXQJVSIOLFKWLJ %HVFKlIWLJWH
HEHQVRZLHDQ$UEHLWVORVHXQG3HUVRQHQDX‰HUKDOEGHV(UZHUEVOHEHQV,P5DKPHQHLQHUVRO
FKHQ %HUDWXQJ VROOHQ %LOGXQJVSIDGH DXIJH]HLJW XQG VR 3HUVSHNWLYHQ I U %LOGXQJVZHJH XQG
%LOGXQJVP|JOLFKNHLWHQ HU|IIQHW ZHUGHQ 'LH 2(&' NRQVWDWLHUW I U gVWHUUHLFK HLQH ]HU
VSOLWWHUWH ,QIRUPDWLRQV XQG %HUDWXQJVGLHQVWOHLVWXQJ ,VW VLH EHLVSLHOVZHLVH EHL :HLWHUELOGXQJV
HLQULFKWXQJHQ DQJHVLHGHOW EH]LHKW VLH VLFK EHUZLHJHQG DXI GDV LQVWLWXWVHLJHQH 3UR
JUDPP ,QIRUPDWLRQVGLHQVWOHLVWXQJHQEHLP $06 ZHUGHQGDJHJHQNDXP YRQ3HUVRQHQLQ
3URMHNW/HVHQXQG6FKUHLEHQKWWSZZZOHVHQVFKUHLEHQEHUOLQHYGH
'DPLW HLQH %LOGXQJVEHUDWXQJ DXFK WDWVlFKOLFK DQELHWHU EHUJUHLIHQG ZDKUJHQRPPHQ ZLUG GDUI VLH QLFKW EHL

²²
$QVSUXFKJHQRPPHQGLHQLFKWDUEHLWVORVJHPHOGHWVLQG'LH2(&' VWHOOWGDKHU $XVEDXEH
GDUI EHUZLHJHQG EHL $QJHERWHQ IHVW GLH VLFK SULPlU DQ (UZDFKVHQH ULFKWHQ RGHU DQ -X
JHQGOLFKHGLHVLFKQLFKWPHKULP%LOGXQJVV\VWHPEHILQGHQ,PVFKXOLVFKHQ.RQWH[W%LOGXQJV
XQG 6FK OHU,QQHQEHUDWXQJ 0DWXUDQW,QQHQEHUDWXQJ XQG LP XQLYHUVLWlUHQ %HUHLFK ,QVNULSWL
RQVEHUDWXQJ%HUDWXQJI U8QLYHUVLWlWVDEVROYHQW,QQHQLVWGDJHJHQGDV$QJHERWJXWDXVJH
EDXW(LQLJH%XQGHVOlQGHUKDEHQEHUHLWVDXIGLH)UDJPHQWLHUXQJLQGHU%LOGXQJVEHUDWXQJUH
DJLHUW XQG XQDEKlQJLJH UHJLRQDOH %HUDWXQJVDQJHERWH LQLWLLHUW (LQH XQDEKlQJLJH %LOGXQJV
EHUDWXQJ JLEW HV GHU]HLW EHLVSLHOVZHLVH LP %XUJHQODQG 9RUDUOEHUJ XQG GHU 6WHLHUPDUN ,Q
7LURO JDE HV ELV )HEUXDU HLQH DXV (8 0LWWHOQ ILQDQ]LHUWH XQDEKlQJLJH %LOGXQJV XQG
%HUXIVEHUDWXQJ 6HLWGHPN|QQHQ%LOGXQJVXQG%HUXIVEHUDWXQJVGLHQVWOHLVWXQJHQLPZHVHQW
OLFKHQ QXU PHKU EHL (UZDFKVHQHQELOGXQJVHLQULFKWXQJHQ RGHU ,QWHUHVVHQVYHUWUHWXQJHQ LQ
$QVSUXFKJHQRPPHQZHUGHQ1DFKZLHYRU]XJlQJOLFKLVWHLQHLP5DKPHQGHV(48$/3UR
MHNWHVHQWZLFNHOWHRQOLQH'DWHQEDQNGLHHLQHQLQVWLWXWVQHXWUDOHQ=XJULIIDXIGDV%LOGXQJVDQJH
ERWLQ7LUROYHUVFKDIIWXQGVRPLWHLQHWUlJHUXQDEKlQJLJH%LOGXQJVLQIRUPDWLRQGDUVWHOOW(VKDQ
GHOWVLFKGDEHLDOOHUGLQJVXPHLQHUHLQH,QIRUPDWLRQVZHLWHUJDEH²%LOGXQJVEHUDWXQJEHU FN
VLFKWLJWLP*HJHQVDW]GD]XDXFKGLHSHUV|QOLFKHQ$VSHNWHGHV5DWVXFKHQGHQZLHEHLVSLHOV
ZHLVH1HLJXQJHQ)lKLJNHLWHQXQG: QVFKH
(LQH WUlJHUQHXWUDOH %LOGXQJV XQG %HUXIVEHUDWXQJ VROOWH LQ 7LURO ZLHGHU HLQJHULFKWHW ZHUGHQ
1HEHQ GHU LQGLYLGXHOOHQ %HUDWXQJ LP %HUHLFK GHU $XV XQG :HLWHUELOGXQJ N|QQWH GLH %HUD
WXQJVVWHOOHDXFK0|JOLFKNHLWHQGHU)|UGHUXQJXQG)LQDQ]LHUXQJDXI]HLJHQ 'DU EHUKLQDXV
N|QQWH GLH %HUDWXQJVVWHOOH HLQHQ ZHVHQWOLFKHQ %HLWUDJ ]XU (UPLWWOXQJ GHV :HLWHUELOGXQJVEH
GDUIVHLQHUVHLWVXQGYRQ$QJHERWVGHIL]LWHQDQGHUHUVHLWVOHLVWHQGDLQGHU%HUDWXQJGLH%HG UI
QLVVHXQG,QWHUHVVHQGHU5DWVXFKHQGHQRIIHQNXQGLJZHUGHQ(UUHLFKWZHUGHQNDQQGLHVGXUFK
GLH V\VWHPDWLVFKH 'RNXPHQWDWLRQ XQG UHJHOPl‰LJH 5 FNPHOGXQJ GHU %HUDWXQJVVWHOOHQ DQ
GLH$QELHWHUYRQ$XVXQG:HLWHUELOGXQJ(LQHZHLWHUH$XIJDEHN|QQWHGLHgIIHQWOLFKNHLWVDU
EHLWVHLQZLHVLHGLHWUlJHUQHXWUDOH%LOGXQJVEHUDWXQJVVWHOOHLP%XUJHQODQG EHUQLPPW =LHO
GDEHL LVW HV HLQHU EUHLWHQ gIIHQWOLFKNHLW GLH 0|JOLFKNHLWHQ GHU %LOGXQJVEHUDWXQJ XQG %LO
GXQJVLQIRUPDWLRQ ]XJlQJOLFK ]X PDFKHQ $XFK LQ UHJLRQDOHU +LQVLFKW N|QQWH GLH $UEHLW GHU
%HUDWXQJVVWHOOH LP %XUJHQODQG DOV 9RUELOG GLHQHQ $Q HLQ]HOQHQ 7DJHQ LP -DKU ILQGHQ %HUD
WXQJVWDJH LQ GHQ %H]LUNHQ VWDWW *HUDGH GLH UHJLRQDOH .RPSRQHQWH LQ GHU %HUXIV XQG %LO
HLQHP%LOGXQJVDQELHWHUDQJHVLHGHOWVHLQ
KWWSZZZELEHUVDO]EXUJDWELEHURHKWP
,P5DKPHQGHU*HPHLQVFKDIWVLQLWLDWLYH(48$/ZXUGHLQ7LUROGLH(QWZLFNOXQJVSDUWQHUVFKDIW%LOGXQJVZHJZHLVHU
JHVWDUWHW GLH VLFK DXV 7HLOSURMHNWHQ ]XVDPPHQVHW]W %LOGXQJVIRUVFKXQJ %LOGXQJVI|UGHUXQJ XSGDWH 1HW]ZHUN
LQLWLDWLYHQ7LUROHU%LOGXQJVNDWDORJZZZWXZDVFRP/HKUJDQJ%LOGXQJVXQG%HUXIVEHUDWXQJ%LOGXQJVXQG%HUXIVEH
UDWXQJ
,QIRUPDWLRQHQ ]XU :HLWHUELOGXQJVI|UGHUXQJ XSGDWH GHV /DQGHV 7LURO VLQG GHU]HLW QXU RQOLQH YHUI JEDU
KWWSZZZPHLQXSGDWHDW
KWWSZZZELOGXQJVEHUDWXQJEXUJHQODQGDW

²²
GXQJVEHUDWXQJVSLHOW²DXIJUXQGGHUJHRJUDSKLVFKHQ*HJHEHQKHLWHQ²LQ7LUROHLQHEHVRQ
GHUH%HGHXWXQJ6FKHXHUPDQQ
$NNUHGLWLHUXQJYRQ$XVELOGXQJVHLQULFKWXQJHQ
(LQHQZHVHQWOLFKHQ%HLWUDJ]XU6FKDIIXQJYRQPHKU7UDQVSDUHQ]ELHWHWDXFKGLH(WDEOLHUXQJ
HLQHVTXDOLWDWLYKRFKZHUWLJHQ$NNUHGLWLHUXQJVV\VWHPVLQGHP0LQGHVWVWDQGDUGV]XU6LFKHUXQJ
GHU 4XDOLWlW GHU DQJHERWHQHQ :HLWHUELOGXQJVPD‰QDKPHQ JHVHW]W ZHUGHQ 'LH $NNUHGLWLH
UXQJ VROO ,QGLYLGXHQ ZLH 8QWHUQHKPHQ HLQH YHUOlVVOLFKH 2ULHQWLHUXQJVKLOIH EHU 4XDOLWlW XQG
1LYHDX GHV :HLWHUELOGXQJVDQJHERWV OLHIHUQ 9RUELOGZLUNXQJ KDW LQ GLHVHP =XVDPPHQKDQJ
GDV %XQGHVODQG 2EHU|VWHUUHLFK GDV EHUXIOLFKH $XV XQG :HLWHUELOGXQJ DQ ]HUWLIL]LHUWHQ (LQ
ULFKWXQJHQ PLWWHOV GHV %LOGXQJVNRQWRV I|UGHUW 'LH =HUWLIL]LHUXQJ 4XDOLWlWVVLHJHO GHU REHU|V
WHUUHLFKLVFKHQ (UZDFKVHQHQ XQG :HLWHUELOGXQJVHLQULFKWXQJHQ GHU %LOGXQJVDQELHWHU HUIROJW
KLHUEHL GXUFK GDV ,QVWLWXW I U %HUXIV XQG (UZDFKVHQHQELOGXQJVIRUVFKXQJ DQ GHU -RKDQQHV
.HSOHU 8QLYHUVLWlW /LQ] 1HEHQ GHU $NNUHGLWLHUXQJ LVW DXFK GLH UHJHOPl‰LJH (YDOXLHUXQJ GHU
DNNUHGLWLHUWHQ ,QVWLWXWLRQHQ I U GLH 4XDOLWlWVVLFKHUXQJ ZLFKWLJ 'LH (UZDFKVHQHQELOGXQJVHLQ
ULFKWXQJHQZHUGHQLP=XJHGHU$NNUHGLWLHUXQJXQG)ROJH(YDOXLHUXQJKLQVLFKWOLFKEHVWLPPWHU
.ULWHULHQ EHUSU IW 'D]X ]lKOHQ LQVWLWXWLRQHOOH XQG RUJDQLVDWRULVFKH .ULWHULHQ GLH UlXPOLFKH
XQG VDFKOLFKH $XVVWDWWXQJ SHUVRQHOOH 5DKPHQEHGLQJXQJHQ .ULWHULHQ KLQVLFKWOLFK GHU (UVWHO
OXQJXQGGHU7UDQVSDUHQ]GHV%LOGXQJVDQJHERWVVRZLHGLH(YDOXDWLRQGHV%LOGXQJVDQJHERWV
,Q%H]XJDXIGLH4XDOLILNDWLRQGHU7UDLQHULQQHQXQG7UDLQHUZLUGHLQH6WHOOHQXQG$UEHLWVSODW]
EHVFKUHLEXQJ GHU KDXSWDPWOLFKHQ 0LWDUEHLWHU,QQHQ YHUODQJW GHU 1DFKZHLV GHU SlGDJR
JLVFKGLGDNWLVFKHQ 4XDOLILNDWLRQ GHU LQ SlGDJRJLVFKHQ %HUHLFKHQ WlWLJHQ 0LWDUEHLWHU,QQHQ
VRZLH :HLWHUELOGXQJVSOlQH XQG QDFKZHLVH GHU KDXSW XQG QHEHQEHUXIOLFK EHVFKlIWLJWHQ
SlGDJRJLVFKHQ0LWDUEHLWHU,QQHQ1LFKW EHUSU IWZHUGHQMHGRFKGLH&XUULFXODGHUDQJHER
WHQHQ.XUVHXQG6FKXOXQJHQ'LH=HUWLIL]LHUXQJEH]LHKWVLFKGDPLWDXIGLH(LQULFKWXQJDQVLFK
XQGQLFKWGLH%LOGXQJVLQKDOWH'LH%LOGXQJVI|UGHUXQJGHV/DQGHV7LUROXSGDWH²VLHKHLQGLYL
GXHOOH :HLWHUELOGXQJVI|UGHUXQJ LP IROJHQGHQ 8QWHUNDSLWHO N|QQWH KLHU PLW HQWVSUHFKHQGHQ
5LFKWOLQLHQVWHXHUQGHLQJUHLIHQXQGGHQ%LOGXQJVDQELHWHUQEHLVSLHOVZHLVH0LQGHVWVWDQGDUGVLQ
GHU4XDOLWlWDXIHUOHJHQ
,QIRUPDWLRQ]XP%LOGXQJVV\VWHPI U3HUVRQHQPLW0LJUDWLRQVKLQWHUJUXQG
'LH*UXQGODJHI UOHEHQVEHJOHLWHQGHV/HUQHQZLUGLQGHUIU KHQ.LQGKHLWXQGLP*UXQGVFKXO
DOWHUJHOHJW²KLHUZHUGHQGLH:HLFKHQI U%LOGXQJVFKDQFHQXQGGDPLW/HEHQVFKDQFHQJH
VWHOOW 'DV |VWHUUHLFKLVFKH (UVWDXVELOGXQJVV\VWHP ]HLFKQHW VLFK DOOHUGLQJV GXUFK HLQH DXVJH
SUlJWH'LIIHUHQ]LHUXQJLQGHU%LOGXQJVEHWHLOLJXQJQDFKVR]LDOHU+HUNXQIW%LOGXQJVLQIRUPDWLRQ
XQGUHJLRQDOHU%LOGXQJVLQIUDVWUXNWXUDXV'LH%LOGXQJVYHUHUEXQJLVWLPPHUQRFKVHKUKRFKGK
GLHVR]LDOH+HUNXQIWEHVWLPPWQDFKZLHYRUZHVHQWOLFKGLHHUUHLFKEDUH%LOGXQJVVWXIH8PHLQH
%HQDFKWHLOLJXQJ DXIJUXQG XQ]XUHLFKHQGHU %LOGXQJVLQIRUPDWLRQHQ ]X YHUULQJHUQ RGHU ]X YHU
PHLGHQ P VVHQ GLH (OWHUQ GHU .LQGHU DQJHVSURFKHQ ZHUGHQ 'LHV WULIIW LQVEHVRQGHUH (OWHUQ

²²
GLH QLFKW GDV |VWHUUHLFKLVFKH %LOGXQJVV\VWHP GXUFKODXIHQ KDEHQ $OV 3RVLWLYEHLVSLHO NDQQ HLQ
QLHGHUVFKZHOOLJHV :LHQHU 3URMHNW DQJHI KUW ZHUGHQ GDV DE +HUEVW XP HLQHQ (XUR SUR
6WXQGHPLW%DVLVELOGXQJVNXUVHQDQ:LHQV6FKXOHQVWDUWHW0DPDOHUQW'HXWVFK,P0LWWHOSXQNW
GHU.XUVHVWHKWQLFKWQXUGHU6SUDFKHUZHUEXQGGLH$OSKDEHWLVLHUXQJVRQGHUQDXFKGHU.RQ
WDNW ]ZLVFKHQ (OWHUQ XQG 6FKXOH =XVlW]OLFK LQIRUPLHUHQ LQWHJUDWLYH %LOGXQJVPRGXOH EHU GDV
6FKXO XQG %LOGXQJVV\VWHP EHU (U]LHKXQJVIUDJHQ GHQ 8PJDQJ PLW bPWHUQ XQG %HK|UGHQ
RGHU EHUGDV7KHPD*HVXQGKHLW
$QUHL]VWUXNWXUHQVFKDIIHQ
,QGLYLGXHOOH:HLWHUELOGXQJVI|UGHUXQJLQ7LUROXSGDWH
'DV/DQG7LUROELHWHWVHLW6HSWHPEHUHLQHLQGLYLGXHOOH%LOGXQJVI|UGHUXQJDQ=LHOJUXSSH
VLQG LQ 7LURO ZRKQKDIWH $UEHLWQHKPHU,QQHQ PLW DXIUHFKWHP $UEHLWVYHUKlOWQLV $UEHLWVORVH
VRIHUQVLHQLFKWDXVGHQ0LWWHOQGHV$06JHVFKXOWZHUGHQ3HUVRQHQLQ%LOGXQJV.DUHQ]:LH
GHUHLQVWHLJHU,QQHQXQG6HOEVWlQGLJHPLWPD[LPDOGUHL0LWDUEHLWHU,QQHQ=XU9HUEHVVHUXQJGHU
EHUXIOLFKHQ4XDOLILNDWLRQHQJHZlKUWGDV/DQG7LUROHLQH)|UGHUXQJYRQELV]XGHU.XUVNRV
WHQ VRIHUQ GLH .XUVJHE KU PLQGHVWHQV EHWUlJW %DVLVI|UGHUXQJ 'LH +|FKVWI|UGHUXQJ
EHWUlJWPD[LPDO SUR-DKU%HWUlJWGLH.XUVJHE KUPLQGHVWHQV XQGKDQGHOWHV
VLFKEHLGHU%LOGXQJVPD‰QDKPHXPHLQHQIRUPDOHQ$EVFKOXVV VRZHUGHQ]XVlW]OLFKELV]X
GHU.XUVNRVWHQHUVHW]W) UGLH=XVDW]I|UGHUXQJJLEWHVHLQHMlKUOLFKH+|FKVWI|UGHUXQJYRQ
'LH I|UGHUXQJVZ UGLJHQ .XUVH VLQG LQ GHU %LOGXQJVGDWHQEDQN ZZZPHLQXSGDWHDW
DEUXIEDU9RQGHQ$QJHERWHQVLQGFDJHI|UGHUW
/DXW † GHU )|UGHUXQJVYRUDXVVHW]XQJHQ VLQG YRU GHU ,QDQVSUXFKQDKPH GHU )|UGHUXQJ XS
GDWH DOOH VRQVWLJHQ |IIHQWOLFKHQ )|UGHUXQJHQ DXV]XVFK|SIHQ (UKlOW GHU )|UGHUXQJVZHUEHU
HLQHQ =XVFKXVV ]X GHQ ]X I|UGHUQGHQ %LOGXQJVNRVWHQ DXV 0LWWHOQ GHU *HELHWVN|USHUVFKDIWHQ
RGHU GHV $06 VR ZLUG GLHVHU =XVFKXVV YRQ HLQHP QDFK GLHVHQ 5LFKWOLQLHQ P|JOLFKHQ %LO
GXQJVJHOGLQ$E]XJJHEUDFKWXQGGHU'LIIHUHQ]EHWUDJDXVEH]DKOW'DEHLJHODQJHQ%HWUlJH
XQWHU QLFKW]XU$XVVFK WWXQJ)|UGHUXQJHQXQG=XVFK VVHYRQDQGHUHU6HLWHDX‰HUGHQ
*HELHWVN|USHUVFKDIWHQRGHUGHP$06ILQGHQQXULQVRIHUQ%HU FNVLFKWLJXQJDOVGHUJHVDPWH
)|UGHUEHWUDJ LQFO %LOGXQJVJHOG QLFKW K|KHU DOV GHU QDFKJHZLHVHQHQ %LOGXQJVNRVWHQ
VHLQGDUI%HL)|UGHUTXRWHQ EHUGHU%LOGXQJVNRVWHQYHUULQJHUWVLFKGDV%LOGXQJVJHOGHQW
VSUHFKHQGKWWSZZZPHLQXSGDWHDW5LFKWOLQLHQ2QOLQHSGI
2EZRKOGLH%LOGXQJVI|UGHUXQJGHV/DQGHV7LUROVXEVLGLlULVWOLHJHQGLH=XZDFKVUDWHQEHLGHQ
$XVJDEHQ ODXW /DQGHVUHFKQXQJVKRIEHULFKW YRP $SULO GHXWOLFK EHU GHQ (UZDUWXQJHQ
'LH .RVWHQ I U GDV %LOGXQJVJHOG VWLHJHQ YRQ LP -DKU DXI XQG HU
=XGHQIRUPDOHQ$EVFKO VVHQZHUGHQMHQHJH]lKOWGLHDXIHLQHUUHFKWOLFKHQ*UXQGODJHEHUXKHQ]%0HLVWHU
SU IXQJ/HKUDEVFKOXVVXQGVROFKHGLHDOV9RUDXVVHW]XQJI UHLQHVLP.ROOHNWLYYHUWUDJJHUHJHOWHV%HUXIVELOGJHOWHQ
]%%LODQ]EXFKKDOWHU,Q

²²
UHLFKWHQHLQHQ6WDQGYRQ ,P9HUJOHLFK]X2EHU|VWHUUHLFKGDVLP%HUHLFK
GHU :HLWHUELOGXQJVI|UGHUXQJ DXI /DQGHVHEHQH HLQH 9RUUHLWHUUROOH HLQQLPPW VLQG GLH .RVWHQ
MHGRFKJHULQJ,QGHQOHW]WHQGUHL-DKUHQZXUGHQLQ2EHU|VWHUUHLFKLP5DKPHQGHV:HLWHU
ELOGXQJVNRQWRV )|UGHUDQWUlJH EHDUEHLWHW XQG UXQG 0LOOLRQHQ DXVEH]DKOW 'HU
7LUROHU/DQGHVUHFKQXQJVKRIHPSILHKOWDQJHVLFKWVGHUVWDUNJHVWLHJHQHQ.RVWHQGLH=XHUNHQ
QXQJ DQ HLQHQ (LQNRPPHQVQDFKZHLV ]X ELQGHQ /DQGHVUHFKQXQJVKRI (LQH DQGHUH
0|JOLFKNHLW EHVWHKW MHGRFK GDULQ GLH :HLWHUELOGXQJVI|UGHUXQJ EHVVHU DXI EHVWLPPWH =LHO
JUXSSHQ]X]XVFKQHLGHUQLQGHPEHLVSLHOVZHLVHDXIGHQ*UDGGHUK|FKVWHQIRUPDOHQ $XVELO
GXQJ2EHU|VWHUUHLFK3HUVRQHQPLWPD[LPDO0DWXUDRGHUGDV$OWHUDEJHVWHOOWZLUG:LHGLH
8QWHUVXFKXQJHQ]XU:HLWHUELOGXQJVEHWHLOLJXQJ]HLJHQVLQGJHUDGHlOWHUH3HUVRQHQXQG3HU
VRQHQ PLW JHULQJHQ 4XDOLILNDWLRQHQ ZHLWHUELOGXQJVIHUQ 'XUFK HLQH )RNXVVLHUXQJ DXI GLHVH
=LHOJUXSSHN|QQWHQ EHUGLHV0LWQDKPHHIIHNWHYHUPLQGHUWZHUGHQ
$XIGLH%HG UIQLVVHGHU,QGLYLGXHQ]XJHVFKQLWWHQH%LOGXQJVDQJHERWH
,QGHU%HIUDJXQJ]XP7KHPDOHEHQVODQJHV/HUQHQLP-DKUZXUGHXDDEJHIUDJWZHO
FKH bQGHUXQJHQ QRWZHQGLJ ZlUHQ XP PHKU =HLW I U GLH 7HLOQDKPH DQ :HLWHUELOGXQJ DXI
EULQJHQ]XN|QQHQ8QWHUGHQ bQGHUXQJVZ QVFKHQGRPLQLHUWHQGHU:XQVFKQDFKPHKU%LO
GXQJVDQJHERW LQ GHU 1lKH GHV :RKQRUWHV GHU :XQVFK QDFK PHKU $EHQGNXUVHQ GHU
:XQVFK|IWHUHLQHEHWULHEOLFKH%LOGXQJVIUHLVWHOOXQJ]XEHNRPPHQXQGGHU:XQVFKQDFKPHKU
:RFKHQHQGDQJHERW %LOGXQJVDQELHWHU VLQG GDKHU JHIRUGHUW VLFK GHQ %HG UIQLVVHQ GHU %LO
GXQJVNRQVXPHQWHQDQ]XSDVVHQ8PGHP1DFKGUXFN]XYHUOHLKHQN|QQWHGLH]HLWOLFKH6WUXN
WXULHUXQJGHV%LOGXQJVDQJHERWHVGHU%LOGXQJVHLQULFKWXQJHQGLHVLFKXPGLH)|UGHUXQJLKUHV
.XUVDQJHERWVGXUFKGDV/DQGXSGDWHEHP KHQEHU FNVLFKWLJWZHUGHQ
'DU EHU KLQDXV NDQQ GHU (LQVDW] LQQRYDWLYHU /HKU XQG /HUQPHWKRGHQ 3HUVRQHQ LQ JHRJUD
SKLVFK EHQDFKWHLOLJWHQ 5HJLRQHQ DEHU DXFK $UEHLWVNUlIWHQ PLW DW\SLVFKHQ %HVFKlIWLJXQJV
]HLWHQ]%%HVFKlIWLJWHLP7RXULVPXVGHU%DXZLUWVFKDIWLP6FKLFKWEHWULHEGLH7HLOQDKPHDQ
%LOGXQJVPD‰QDKPHQ HUOHLFKWHUQ (/HDUQLQJ DOV HLQH )RUP GHV GLVWDQFH OHDUQLQJ ZLUG LQ
gVWHUUHLFK ODXW 2(&' QRFK XQ]XUHLFKHQG ZDKUJHQRPPHQ HLQH VWlUNHUH 1XW]XQJ ZlUH
GDKHUZ QVFKHQVZHUW'LHVWULIIWLQVEHVRQGHUHDXI7LURO]XZRDXIJUXQGGHUJHRJUDSKLVFKHQ
*HJHEHQKHLWGLH0RELOLWlWRIWPDOVHLQJHVFKUlQNWLVW,QGHU%HIUDJXQJ]XP7KHPDOHEHQVODQ
JHV/HUQHQJDEHQGHU%HIUDJWHQDQGHU$XVEDXGHV$QJHERWVDQ7HOHE]ZH/HDUQLQJ
Z UGHLKQHQGLH:HLWHUELOGXQJVWHLOQDKPHHUOHLFKWHUQ
%HWULHEOLFKH:HLWHUELOGXQJVI|UGHUXQJ
'LH EHWULHEOLFKH :HLWHUELOGXQJVI|UGHUXQJ NRQ]HQWULHUW VLFK LQ 7LURO DXI GDV 4XDOLIL]LHUXQJVSUR
JUDPP YRQ $06 XQG (6) I U %HVFKlIWLJWH LQNOXVLYH 4XDOLIL]LHUXQJVEHUDWXQJ 'LH 4XDOLIL]LH
/DQGHVNRUUHVSRQGHQ]1UYRP-XQLKWWSZZZODQGREHURHVWHUUHLFKJYDWFSVUGH[FKJ6,'
'&)&)&(&%&RRHKV[VOB'(8B+70/KWP6XE:HLWHUELOGXQJ

²²
UXQJI U%HVFKlIWLJWH]LHOWLQHUVWHU/LQLHGDUDXIDEGLH:HLWHUELOGXQJVEHWHLOLJXQJEHQDFKWHL
OLJWHU *UXSSHQ ]X YHUEHVVHUQ XQG DXI GLHVH :HLVH HLQHQ SUlYHQWLYHQ %HLWUDJ ]XU %HVFKlIWL
JXQJVVLFKHUXQJ]XOHLVWHQ'DU EHUKLQDXVZLOOPDQ%HWULHEHQHLQHQ$QUHL]]XHLQHUOlQJHUIULVWL
JHQ $XVULFKWXQJGHU:HLWHUELOGXQJVDNWLYLWlWHQJHEHQXQGGDPLWLKUH:HWWEHZHUEVIlKLJNHLW
VWlUNHQ=XUI|UGHUEDUHQ=LHOJUXSSH]lKOHQQLHGULJ4XDOLIL]LHUWHlOWHUH%HVFKlIWLJWHVRZLHJH
QHUHOO)UDXHQ(LQH(YDOXLHUXQJGLHVHU0D‰QDKPH/HFKQHUHWDO]HLJWGDVVHVLQVEH
VRQGHUHJHOXQJHQLVW%HWULHEHPLWELV0LWDUEHLWHU,QQHQVRZLH%HVFKlIWLJWHDE-DKUHQ
XQG)UDXHQHLQ]XEH]LHKHQ'LH(LQEH]LHKXQJYRQ.OHLQVWEHWULHEHQVRZLHQLHGULJTXDOLIL]LHUWHQ
%HVFKlIWLJWHQNRQQWHGDJHJHQQXULQJHULQJHUHP8PIDQJYHUZLUNOLFKWZHUGHQ6HKUNOHLQH%H
WULHEHN|QQHQRIIHQEDUVFKZHUDXILKUH%HVFKlIWLJWHQZlKUHQGGHU4XDOLIL]LHUXQJYHU]LFKWHQ
XQGYHUI JHQ EHUHLQJHULQJHUHV3RWHQ]LDODQYRUDXVEOLFNHQGHU:HLWHUELOGXQJVSODQXQJ'LH
8QWHUVXFKXQJNRPPW]XGHP]XP6FKOXVVGDVVHVGHQ%HWULHEHQDQ,QIRUPDWLRQHQ EHUGLH
EHVWHKHQGHQ )|UGHUP|JOLFKNHLWHQ PDQJHOW ZREHL .OHLQEHWULHEH LP DOOJHPHLQHQ VFKOHFKWHU
LQIRUPLHUW ZDUHQ DOV *UR‰EHWULHEH $XV GLHVHP *UXQG VROOWH PLWWHOV ,QIRUPDWLRQVNDPSDJQH
YHUVWlUNWDXIGLHVH0|JOLFKNHLWGHU)|UGHUXQJKLQJHZLHVHQZHUGHQXQGJH]LHOW.OHLQEHWULHEH
DQJHVSURFKHQZHUGHQ
1HEHQ GHU ILQDQ]LHOOHQ )|UGHUXQJ EHUXIOLFKHU 4XDOLIL]LHUXQJ HUKDOWHQ %HWULHEH 8QWHUVW W]XQJ
EHL LKUHU 3HUVRQDOHQWZLFNOXQJ GXUFK GLH %HUHLWVWHOOXQJ NRVWHQORVHU XQG SURIHVVLRQHOOHU %HUD
WXQJ 0LW GLHVHP ,QVWUXPHQW NRQQWHQ YRU DOOHP LQ .OHLQEHWULHEHQ VHKU JXWH (UIDKUXQJHQ JH
PDFKW ZHUGHQ ,QVEHVRQGHUH JHODQJ HV GXUFK GLH $XVDUEHLWXQJ YRQ VFKULIWOLFKHQ %LOGXQJV
SOlQHQ ELVODQJ DXVJHVFKORVVHQH 0LWDUEHLWHU,QQHQ LQ GLH :HLWHUELOGXQJVDNWLYLWlWHQ ]X LQWHJ
ULHUHQ
'DQHEHQ ZHUGHQ DXV GHQ 0LWWHOQ GHV $06 XQG GHV HXURSlLVFKHQ 6R]LDOIRQGV (6) 4XDOLIL
]LHUXQJVYHUE QGH JHI|UGHUW 'DEHL KDQGHOW HV VLFK XP HLQHQ =XVDPPHQVFKOXVV YRQ 8QWHU
QHKPHQ GLH :HLWHUELOGXQJVPD‰QDKPHQ I U LKUH 0LWDUEHLWHU,QQHQ JHPHLQVDP SODQHQ HLQ
NDXIHQXQGPD‰JHVFKQHLGHUWPLW)|UGHUXQJHQUHDOLVLHUHQZROOHQ+LHUEHLP VVHQVLFKLPZH
VHQWOLFKHQ RGHU PHKU $UEHLWJHEHU ]XVDPPHQVFKOLH‰HQ ZREHL GHU EHWHLOLJWHQ $UEHLW
JHEHU .08V VLQG GHU 4XDOLIL]LHUXQJVEHGDUI PXVV HUKREHQ XQG HLQ 4XDOLIL]LHUXQJVSUR
JUDPPHUVWHOOWZHUGHQ'HU)RNXVDXIGLH%HWULHEVJU|‰HLVWZLFKWLJGDPLWGHU8QWHUQHKPHQV
JU|‰H DXFK GLH :DKUVFKHLQOLFKNHLW GHU EHWULHEOLFKHQ :HLWHUELOGXQJ VWHLJW *UR‰H %HWULHEH
ZHLVHQLP8QWHUVFKLHG]X.OHLQXQG0LWWHOEHWULHEHQLQGHU5HJHOLQWHUQH6FKXOXQJVSURJUDP
PH DXI XQG N|QQHQ DXI HLQH SURIHVVLRQHOOH 3HUVRQDOHQWZLFNOXQJ ]XU FNJUHLIHQ 0LW GHP
,QVWUXPHQWGHU4XDOLIL]LHUXQJVYHUE QGHYHUVXFKWPDQDXFKGHQ0LWDUEHLWHU,QQHQLQ.OHLQXQG
0LWWHOEHWULHEHQYHUEHVVHUWHQ=XJDQJ]X4XDOLIL]LHUXQJHQ]XYHUVFKDIIHQ
.OHLQXQG0LWWHOEHWULHEHVLQG%HWULHEHGLHZHQLJHUDOV%HVFKlIWLJWHDXIZHLVHQK|FKVWHQVHLQHQ-DKUHVXP
VDW]LQGHU+|KHYRQ0LR(XURE]ZK|FKVWHQVHLQH-DKUHVELODQ]VXPPHYRQ0LR(XURKDEHQVLFK]XK|FKVWHQV
LP %HVLW] YRQ HLQHP RGHU PHKUHUHQ 8QWHUQHKPHQ EHILQGHQ ZHOFKH QLFKW DOV .08V GHILQLHUW VLQG
KWWSZZZTYEDWLQGH[WLUROKWPO

²²
0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNXQG=LHOJUXSSHQGHU
$UEHLWVPDUNWSROLWLN
'HUDUEHLWVPDUNWSROLWLVFKH(UIROJ7LUROVLQGHQOHW]WHQ-DKUHQZDUQLFKWGXUFKHLQEHVRQGHUV
KRKHV1LYHDXGHU,QWHUYHQWLRQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNEHGLQJW8QWHUGHQ|VWHUUHLFKL
VFKHQ%XQGHVOlQGHUQLVW7LUROGXUFKGLHJHULQJVWH6FKXOXQJVTXRWHJHSUlJW:lKUHQGLQ2EHU
|VWHUUHLFK GLH 6FKXOXQJVTXRWH $Q]DKO GHU 6FKXOXQJVWHLOQHKPHU,QQHQ LP 9HUKlOWQLV ]X 6FKX
OXQJVWHLOQHKPHU,QQHQSOXV$UEHLWVORVHVFKRQVHLWPHKUHUHQ-DKUHQEHL EHUOLHJWEHWUXJ
GLH6FKXOXQJVTXRWHLQ7LUROQXUVLHODJGDPLWDXFKGHXWOLFKKLQWHUGHP1LYHDXDQGHUHU
DXVJHSUlJW WRXULVWLVFKHU %XQGHVOlQGHU ZLH HWZD GHP %XUJHQODQG RGHU .lUQWHQ
$EELOGXQJ6FKXOXQJVTXRWHQLQgVWHUUHLFK
,Q6FKXOXQJVWHKHQGH3HUVRQHQLQGHU$UEHLWVORVHQXQGLQ6FKXOXQJ6WHKHQGHQ
:LHQ
1LHGHU|VWHUUHLFK
%XUJHQODQG
6WHLHUPDUN
.lUQWHQ
2EHU|VWHUUHLFK
6DO]EXUJ
7LURO
9RUDUOEHUJ
4$06:,)2%HUHFKQXQJHQ
7URW]GLHVHVJHULQJHQ1LYHDXVGHU6FKXOXQJVWlWLJNHLWYHUI JW7LURO²ZLHDXFKJDQ]gVWHUUHLFK²
EHUHLQEUHLWDXVJHEDXWHVXQGGLIIHUHQ]LHUWHV6\VWHPGHUDNWLYHQ$UEHLWVPDUNWSROLWLNZHOFKHV
VRZRKOKLQVLFKWOLFKGHV$QVDW]SXQNWHVDOVDXFKGHU,QWHQVLWlWGHU0D‰QDKPHQGLIIHUHQ]LHUW6R
ZLUG LQ GHU )|UGHUVWDWLVWLN GHV $UEHLWPDUNVHUYLFH $06 ]ZLVFKHQ 4XDOLIL]LHUXQJVPD‰QDK

²²
PHQ %HVFKlIWLJXQJ XQG 8QWHUVW W]XQJ JHWUHQQW 1DFK GHU ,QWHQVLWlW GHU 0D‰QDK
PH NDQQ LQ HKHU LQWHQVLYH XQG ODQJIULVWLJH 0D‰QDKPHQ ]% 6WLIWXQJHQ VR]LDO|NRQRPLVFKH
%HWULHEHXQGJHPHLQQ W]LJH%HVFKlIWLJXQJVSURMHNWHXQGHKHUNXU]IULVWLJH0D‰QDKPHQW\SL
VFKHUZHLVH]XP%HLVSLHODNWLYH$UEHLWVVXFKHGLIIHUHQ]LHUWZHUGHQ
=XU:LUNVDPNHLWYHUVFKLHGHQHUDUEHLWVPDUNWSROLWLVFKHU0D‰QDKPHQ
'HUKRKH0LWWHOHLQVDW]GHUDNWLYHQ$UEHLWVPDUNWSROLWLNPDFKWGDEHLHLQSHUPDQHQWHV&RQWURO
OLQJ LKUHU (UJHEQLVVH XQG HLQH UHJHOPl‰LJH (YDOXLHUXQJ QRWZHQGLJ =LHO PXVV HV VHLQ EHL
JHJHEHQHP0LWWHOHLQVDW]GHQPD[LPDOHQ1XW]HQDXVGHU3ROLWLNLQWHUYHQWLRQ²VRZRKOI UGLH
$UEHLWVORVHQDOVDXFKI UGLHJHVDPWH:LUWVFKDIW²]XHUKDOWHQ(YDOXLHUXQJHQXQG0RQLWRULQJ
N|QQHQ GDEHL ZLFKWLJH +LQZHLVH OLHIHUQ ZLH GLH :LUNVDPNHLW YRQ 0D‰QDKPHQ YHUEHVVHUW
ZHUGHQ NDQQ hEHUGLHV OLHIHUQ (YDOXLHUXQJHQ DXFK +LQZHLVH GDU EHU ZHOFKH $UW YRQ 0D‰
QDKPHQ ZHOFKHQ =LHOJUXSSHQ LQ EHVRQGHUHP 0D‰H KHOIHQ XQG ZLH HLQ]HOQH 0D‰QDKPHQ
DXVJHVWDOWHWZHUGHQN|QQHQXPLKUH:LUNVDPNHLW]XPD[LPLHUHQ
,QVJHVDPW]HLJHQLQWHUQDWLRQDOH(YDOXLHUXQJVHUJHEQLVVHGDVVGLH(IIHNWHGHUDNWLYHQ$UEHLWV
PDUNWSROLWLNVRZRKODXIGLHGDYRQHUIDVVWHQ3HUVRQHQDOVDXFKDXIGLH*HVDPWZLUWVFKDIWHKHU
JHULQJ VLQG 6R VFKOLH‰HQ &DOPIRUV )RUVOXQJ +HPVWU|P LQ HLQHP EUHLW DQJHOHJWHQ
/LWHUDWXU EHUEOLFN EHUGLH(YDOXLHUXQJHQGHUVFKZHGLVFKHQDNWLYHQ$UEHLWVPDUNWSROLWLNGDVV
GLHDNWLYH$UEHLWVPDUNWSROLWLNLQVJHVDPWNDXPSRVLWLYH$XVZLUNXQJHQDXIGLHhEHUJDQJVTXR
WHQGHU$UEHLWVORVHQLQ%HVFKlIWLJXQJKDW,QVEHVRQGHUHVLQGEHL4XDOLIL]LHUXQJVPD‰QDKPHQ
GLH (IIHNWH NDXP PHVVEDU ZlKUHQG EHVFKlIWLJXQJVVFKDIIHQGH 0D‰QDKPHQ ]% 7UDQVLWDU
EHLWVSOlW]H ]ZDU ]X HLQHU K|KHUHQ hEHUJDQJVZDKUVFKHLQOLFKNHLW I U GHQ (LQ]HOQHQ I KUHQ
DEHUGDI UEHVWHKHQGHUHJXOlUH$UEHLWVNUlIWHYHUGUlQJHQZREHLGLHVHU(IIHNWEHLGHU/HKU
OLQJVI|UGHUXQJDPK|FKVWHQLVWhEHUGLHV]HLJHQ&DOPIRUV² )RUVOXQJ²+HPVWU|PGDVV
GLH DNWLYH $UEHLWVPDUNWSROLWLN LQ 6FKZHGHQ ]X NHLQHU GHXWOLFKHQ 9HUEHVVHUXQJ GHV 9HUPLWW
OXQJVSUR]HVVHV EHLWUlJW XQG DXFK VRQVWLJH PDNUR|NRQRPLVFKH $XVZLUNXQJHQ NDXP QDFK
ZHLVEDU VLQG 1DFK GLHVHU 6WXGLH EHVWDQG GHU +DXSWHIIHNW GHU DNWLYHQ $UEHLWVPDUNWSROLWLN LQ
6FKZHGHQ GDULQ 3HUVRQHQ GLH VRQVW DXV GHP $UEHLWVNUlIWHDQJHERW JHIDOOHQ ZlUHQ LQ GHU
$UEHLWVVXFKH]XKDOWHQ
'LHVVLQG0D‰QDKPHQGLHVLFKYRUDOOHPPLWGHU9HUPLWWOXQJYRQ4XDOLILNDWLRQHQDQ$UEHLWVORVHEHIDVVHQ]%
DNWLYH$UEHLWVVXFKH2ULHQWLHUXQJVNXUVH/HKUVWHOOHQI|UGHUXQJXQGIDFKOLFKH4XDOLIL]LHUXQJ
,QGLHVHQ0D‰QDKPHQZHUGHQ$UEHLWVORVHLQHLQJHI|UGHUWHV%HVFKlIWLJXQJVYHUKlOWQLV]%GXUFK(LQJOLHGHUXQJV
EHLKLOIHQRGHULQVR]LDO|NRQRPLVFKHQ%HWULHEHQXQGJHPHLQQ W]LJHQ%HVFKlIWLJXQJVSURMHNWHQYHUPLWWHOW
+LHUEHLKDQGHOWHVVLFKXP8QWHUVW W]XQJHQGLH$UEHLWVORVHQGLH$XIQDKPHHLQHU%HVFKlIWLJXQJHUOHLFKWHUQVROOHQ
(LQVFKUlQNHQGPXVV DOOHUGLQJV IHVWJHVWHOOWZHUGHQ GDVVLQGHU )|UGHUVWDWLVWLN GHV $06 GLH (LJHQOHLVWXQJHQ GHV
$06LQGHU%HUDWXQJXQG9HUPLWWOXQJQLFKWHUIDVVWZHUGHQ
à &DOPIRUV)RUVOXQJ+HPVWU|PI KUHQGLHVH(UJHEQLVVHDXIGLH+|KHGHU$XVJDEHQGHUDNWLYHQ$UEHLWV
PDUNWSROLWLN]XU FNGLHGD]XI KUWGDVVDQQlKHUQGMHGHU$UEHLWVORVHLQVHLQHU/HEHQV]HLWHLQPDOLQ HLQH0D‰QDKPH
NRPPWXQGGDKHUSRVLWLYH:LUNXQJHQNDXPPHKUIHVWVWHOOEDUVLQG

²²
bKQOLFKDUJXPHQWLHUHQ0DUWLQ−*UXEELQHLQHPhEHUEOLFN EHUGLH(UIDKUXQJHQPLWGHU
DNWLYHQ$UEHLWVPDUNWSROLWLNLQGHQ2(&'6WDDWHQ6LHILQGHQGDVV4XDOLIL]LHUXQJVPD‰QDKPHQ
LP$OOJHPHLQHQHKHUJHULQJHXQGPDQFKPDOVRJDUQHJDWLYH(IIHNWHDXIGLHHUIDVVWHQ3HUVR
QHQ KDEHQ 0D‰QDKPHQ GLH EHVRQGHUV ZLUNXQJVYROO VLQG WHLOHQ GDEHL YLHU ZHVHQWOLFKH
'HVLJQ&KDUDNWHULVWLND 6LH VLQG ]XPHLVW DXI HLQH EHVWLPPWH =LHOJUXSSH IRNXVVLHUW HKHU NOHLQ
GLPHQVLRQLHUW HQGHQ ]XPHLVW PLW HLQHP ]HUWLIL]LHUWHQ $EVFKOXVV XQG EHLQKDOWHQ HLQH DXVJH
SUlJWH 6XFKNRPSRQHQWH 'HPJHJHQ EHU VLQG ODXW 0DUWLQ *UXEE 8QWHUVW W]XQJHQ
EHLGHU$UEHLWVVXFKH]ZDUELOOLJZLUNHQDEHULQGHU5HJHOQXUZHQQGLH8QWHUVW W]XQJGXUFK
HLQH .RQWUROOH XQG +LOIH EHL GHU 6XFKH QDFK HLQHP $UEHLWVSODW] IODQNLHUW ZLUG 'LUHNWH )|U
GHUXQJHQGHU%HVFKlIWLJXQJZLHHWZD(LQJOLHGHUXQJVEHLKLOIHQVLQGGHPJHJHQ EHU]ZDUPLW
KRKHQ%HVFKlIWLJXQJVHIIHNWHQYHUEXQGHQGLHDEHUGXUFKKRKH0LWQDKPHXQG6XEVWLWXWLRQV
HIIHNWH HUNDXIWZHUGHQVRGDVVGLH1HWWRZLUNXQJGHU0D‰QDKPHQDOVHKHUJHULQJHLQJH
VWXIW ZLUG 3URJUDPPH GLH $UEHLWVSOlW]H VFKDIIHQ ]% 7UDQVLWDUEHLWVSOlW]H VFKOXVVHQGOLFK
KDEHQ QXU VHOWHQ GDXHUKDIWH $UEHLWVSOlW]H ]XU )ROJH hEHUGLHV VLQG GLH LQ VROFKHQ 3URJUDP
PHQJHVFKDIIHQHQ$UEHLWVSOlW]HRIWPDOVGXUFKHLQHJHULQJH3URGXNWLYLWlWJHNHQQ]HLFKQHW
.OXYH6FKPLGWXQWHUVXFKHQLP5DKPHQHLQHU0HWD6WXGLHGLH(UJHEQLVVHYRQLQWHU
QDWLRQDOHQ(YDOXLHUXQJVVWXGLHQ6LHVFKOLH‰HQDXVLKUHQ(UJHEQLVVHQGDVVLQWHQVLYH4XDOLIL]LH
UXQJVPD‰QDKPHQGLH%HVFKlIWLJXQJVZDKUVFKHLQOLFKNHLWDPVWlUNVWHQHUK|KHQZlKUHQG(LQ
JOLHGHUXQJVEHLKLOIHQ XQG %HVFKlIWLJXQJVSURJUDPPH RIWPDOV QXU JHULQJH :LUNXQJHQ KDEHQ
%RRQHYDQ2XUVEHQ W]HQ'DWHQDXV2(&'/lQGHUQXQG]HLJHQLQHLQHUPDNUR
|NRQRPLVFKHQ (YDOXLHUXQJ GDVV 7UDLQLQJVPD‰QDKPHQ GLH $UEHLWVORVLJNHLW YHUULQJHUQ DEHU
(LQJOLHGHUXQJVEHLKLOIHQNDXPHLQH:LUNXQJHQWIDOWHQhEHUGLHV]HLJWGLHVH6WXGLHDXFKGDVV
GLH,QWHQVLWlWGHU9HUPLWWOXQJVDNWLYLWlWHQGLH$UEHLWVORVLJNHLWHEHQIDOOVGHXWOLFKYHUULQJHUW
,QHLQHUQHXHUHQ6WXGLHDUJXPHQWLHUWGLH2(&'GDKHUGDVVHVEHLGHU*HVWDOWXQJHLQHU
HIIHNWLYHQDNWLYHQ$UEHLWVPDUNWSROLWLNYRUDOOHPDXIGDV=XVDPPHQVSLHO]ZLVFKHQ9HUPLWWOXQJV
WlWLJNHLW NXU]IULVWLJHQ DNWLYLHUHQGHQ 0D‰QDKPHQ XQG ODQJIULVWLJHQ 0D‰QDKPHQ DQNRPPW
,QVEHVRQGHUH VHL EHL GHU *HVWDOWXQJ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN GDUDXI ]X DFKWHQ GDVV
GLH 0RWLYDWLRQVHIIHNWH NXU]IULVWLJHU 0D‰QDKPHQ JHQXW]W ZHUGHQ 'LHVH N|QQHQ GD]X I KUHQ
GDVVEHUHLWVGLH$QN QGLJXQJHLQHUNXU]IULVWLJHQ0D‰QDKPHGLH9HUPLWWOXQJVFKDQFHQHUK|KW
$X‰HUGHP VROOWH EHGDFKW ZHUGHQ GDVV DUEHLWVPDUNWSROLWLVFKH 0D‰QDKPHQ VHOEVW HLQHP
JHZLVVHQ /HEHQV]\NOXV XQWHUOLHJHQ 'D HUIROJUHLFKH 0D‰QDKPHQ LQ GHU 5HJHO DXFK DXVJH
ZHLWHW ZHUGHQ ZHUGHQ GLHVH DXFK ]XQHKPHQG ZHQLJHU DXI GLH UHOHYDQWHQ =LHOJUXSSHQ
DQJHZDQGW ZDV LKUH :LUNVDPNHLW HLQVFKUlQNW 'LH 2(&' UlW GDKHU LKUHQ 0LWJOLHGVOlQGHUQ
GD]X GLH :LUNVDPNHLW LKUHU DNWLYHQ $UEHLWVPDUNWSROLWLN UHJHOPl‰LJ ]X EHUSU IHQ XQG 0D‰
QDKPHQUHJHOPl‰LJDQGLHQHXHQ*HJHEHQKHLWHQDQ]XSDVVHQ
0LWQDKPHHIIHNWH HQWVWHKHQ ZHQQ HLQ JHI|UGHUWHV 8QWHUQHKPHQ GLH JHI|UGHUWH 3HUVRQ DXFK RKQH
(LQJOLHGHUXQJVEHLKLOIHHLQJHVWHOOWKlWWH6XEVWLWXWLRQVHIIHNWHHQWVWHKHQZHQQI UHLQHJHI|UGHUWH3HUVRQHLQHXQJHI|U
GHUWHHQWODVVHQZLUG

²²
) UgVWHUUHLFKOLHJWHEHQIDOOVHLQH5HLKHYRQ(YDOXLHUXQJVVWXGLHQYRU,QGHUZRKOXPIDVVHQGV
WHQYRQGLHVHQ/XW]0DKULQJHU3|VFKOZHUGHQDOOHLP(6)NRILQDQ]LHUWHQ0D‰QDK
PHQgVWHUUHLFKVHYDOXLHUW'DEHLZHUGHQHLQH9LHO]DKOYRQ0D‰QDKPHQKLQVLFKWOLFKYHUVFKLH
GHQHU (UIROJVLQGLNDWRUHQ 'DXHU ELV ]XP hEHUJDQJ LQ HLQH XQVHOEVWlQGLJH %HVFKlIWLJXQJ
(UUHLFKHQ HLQHU GDXHUKDIWHQ ,QWHJUDWLRQ XQG 'DXHU YHUVFKLHGHQHU $UEHLWVPDUN]XVWlQGH LQ
GHQGUHL-DKUHQDE$QIDQJGHU0D‰QDKPHEHWUDFKWHWhEHUGLHVZHUGHQDXFK.RVWHQXQG
(UWUlJHYHUVFKLHGHQHU0D‰QDKPHQW\SHQJHJHQ EHUJHVWHOOW
hEHUVLFKW (UIROJVLQGLNDWRUXQVHOEVWlQGLJH%HVFKlIWLJXQJRGHU/HKUHQDFK)|UGHUQGH
,Q
0RQDWHELV]XUHUVWHQXQVHOEVWlQGLJHQ%HVFKlIWLJXQJRGHU/HKUH
PD[ ELV ELV PHKUDOV
,QVJHVDPW
$NWLYH$UEHLWVXFKH
%HUXIVRULHQWLHUXQJ
-$6*2ULHQWLHUXQJ
-$6*/HKUJDQJ
)DFKOLFKH4XDOLIL]LHUXQJ
$UEHLWVWUDLQLQJ
(LQJOLHGHUXQJVEHLKLOIH
*HPHLQQ W]LJHV%HVFKlIWLJXQJVSURMHNW
6R]LDO|NRQRPLVFKHU%HWULHE
,QVJHVDPW
)UDXHQ
$NWLYH$UEHLWVXFKH
%HUXIVRULHQWLHUXQJ
-$6*2ULHQWLHUXQJ
-$6*/HKUJDQJ
)DFKOLFKH4XDOLIL]LHUXQJ
$UEHLWVWUDLQLQJ
(LQJOLHGHUXQJVEHLKLOIH
*HPHLQQ W]LJHV%HVFKlIWLJXQJVSURMHNW
6R]LDO|NRQRPLVFKHU%HWULHE
,QVJHVDPW
0lQQHU
$NWLYH$UEHLWVXFKH
%HUXIVRULHQWLHUXQJ
-$6*2ULHQWLHUXQJ
-$6*/HKUJDQJ
)DFKOLFKH4XDOLIL]LHUXQJ
$UEHLWVWUDLQLQJ
(LQJOLHGHUXQJVEHLKLOIH
*HPHLQQ W]LJHV%HVFKlIWLJXQJVSURMHNW
6R]LDO|NRQRPLVFKHU%HWULHE
,QVJHVDPW
4 0DKULQJHU /XW] 3RHVFKO +DXSWYHUEDQGHV GHU |VWHUUHLFKLVFKHQ 6R]LDOYHUVLFKHUXQJVWUlJHU $06 :,)2
,1','9:,)2%HUHFKQXQJHQ²-$6*-XJHQGDXVELOGXQJV6LFKHUXQJVJHVHW]

²²
,QHLQHPHUVWHQ6FKULWWZLUGGDEHL]XQlFKVWGHU$QWHLOGHUYRQGHQYHUVFKLHGHQHQ0D‰QDK
PHQ HUIDVVWHQ 3HUVRQHQ GHQHQ HV JHOLQJW ELQQHQ GUHL 0RQDWHQ LQ HLQH %HVFKlIWLJXQJ
EHU]XJHKHQXQGGHU$QWHLOGHUQDFKGHU0D‰QDKPHVWDELO%HVFKlIWLJWHQEHUHFKQHW'DEHL
]HLJHQVLFKVFKRQKLQVLFKWOLFKGLHVHU,QGLNDWRUHQGHXWOLFKH8QWHUVFKLHGHLQGHU:LUNXQJVZHLVH
YHUVFKLHGHQHU0D‰QDKPHQ6R]HLJWVLFKGDVVVLHKHhEHUVLFKW
• 1DFK HLQHU DNWLYHQ $UEHLWVXFKH ]ZDU UXQG GHU )UDXHQ XQG GHU 0lQQHU ELQQHQ
GUHL 0RQDWHQ HLQHQ $UEHLWVSODW] IDQGHQ DEHU QXU GHU 3HUVRQHQ QDFK GHU 0D‰
QDKPHHLQHVWDELOH%HVFKlIWLJXQJHUUHLFKWHQ%HLGH,QGLNDWRUHQOLHJHQGDPLWXQWHUGHP
'XUFKVFKQLWWDOOHU0D‰QDKPHQ
• 'HU $QWHLO GHU 0lQQHU GLH ELQQHQ GUHL 0RQDWHQ QDFK HLQHU %HUXIVRULHQWLHUXQJ HLQH
%HVFKlIWLJXQJ IDQGHQ EHL XQG GHU $QWHLO GHU )UDXHQ EHL OLHJHQ 'DPLW
HUUHLFKWH GLHVHU 0D‰QDKPHQW\S HLQH EHUGXUFKVFKQLWWOLFKH hEHUJDQJVTXRWH LQ GLH
%HVFKlIWLJXQJ(LQH$XVVDJHGLHDXFK]XWULIIWZHQQPDQGHQ$QWHLOGHUVWDELO%HVFKlIWLJ
WHQDOV(UIROJVLQGLNDWRUKHUDQ]LHKW
• 'LH-XJHQGDXVELOGXQJV6LFKHUXQJVJHVHW]-$6*0D‰QDKPHQVRZRKOEHLGHQ)UDXHQDOV
DXFK EHL GHQ 0lQQHUQ HLQHQ EHVRQGHUV KRKHQ $QWHLO GHU hEHUJlQJH LQ GLH %HVFKlIWL
JXQJXQGDXFKLQVWDELOH%HVFKlIWLJXQJHUUHLFKWHQ
• 1DFKHLQHUIDFKOLFKHQ4XDOLIL]LHUXQJGHU)UDXHQXQGGHU0lQQHUELQQHQGUHL
0RQDWHQHLQHXQVHOEVWlQGLJH%HVFKlIWLJXQJIDQGHQDEHULPPHUKLQGHU%HVFKlI
WLJWHQHLQHVWDELOH%HVFKlIWLJXQJIDQGHQ
• (V LQ $UEHLWVWUDLQLQJV JHPHLQQ W]LJHQ %HVFKlIWLJXQJVSURMHNWHQ XQG VR]LDO|NRQRPLVFKHQ
%HWULHEHQ YHUJOHLFKVZHLVH YLHOHQ 7HLOQHKPHQGHQ JHOLQJW GXUFKZHJV PHKU DOV ELQ
QHQ GUHL 0RQDWHQ LQ HLQH %HVFKlIWLJXQJ EHU]XJHKHQ 'HU $QWHLO GHUHU GLH QDFK GHU
0D‰QDKPHHLQHVWDELOH%HVFKlIWLJXQJHUODQJHQEOHLEWDOOHUGLQJVHKHUJHULQJ
• 3HUVRQHQ GLH HLQH (LQJOLHGHUXQJVEHLKLOIH HUKDOWHQ DP KlXILJVWHQ ELQQHQ GUHL 0RQDWHQ
QDFK GHU 0D‰QDKPH LQ HLQH XQVHOEVWlQGLJH %HVFKlIWLJXQJ EHUJHKHQ XQG EHUGLHV
DXFKEHVRQGHUVYLHOHGHU7HLOQHKPHU,QQHQVWDELOH%HVFKlIWLJXQJVYHUKlOWQLVVHHUUHLFKHQ
'LHVH(UJHEQLVVHGHXWHQGDKHUDXIVHKUXQWHUVFKLHGOLFKH:LUNXQJHQYHUVFKLHGHQHU0D‰QDK
PHQW\SHQ KLQVLFKWOLFK GHU =LHOH HLQHV hEHUJDQJV LQ GLH %HVFKlIWLJXQJ XQG HLQHU VWDELOHQ
%HVFKlIWLJXQJ KLQ $XV HYDOXDWLRQVWKHRUHWLVFKHU 6LFKW N|QQHQ GLHVH 8QWHUVFKLHGH DOOHUGLQJV
DXFKDXIXQWHUVFKLHGOLFKH=LHOJUXSSHQGHU0D‰QDKPHQ]XU FNJHI KUWZHUGHQ=XP%HLVSLHO
N|QQWH GLH HKHU JHULQJH hEHUJDQJVTXRWH LQ VWDELOH %HVFKlIWLJXQJ EHL VR]LDO|NRQRPLVFKHQ
%HWULHEHQ DXFK DXI GLH VFKZLHULJHUH =LHOJUXSSH GHU 0D‰QDKPH ]XU FNJHI KUW ZHUGHQ 8P
GLHVH9HU]HUUXQJHQ]XYHUPHLGHQQHKPHQ/XW]0DKULQJHU3|VFKOLQHLQHPZHLWHUHQ
6FKULWWGHU(YDOXLHUXQJHLQHVRJHQDQQWH9HUJOHLFKVJUXSSHQDQDO\VHYRU,QGLHVHUZHUGHQGLH
7HLOQHKPHU,QQHQ GLHVHU 0D‰QDKPHQ PLW KLQVLFKWOLFK HLQHU JUR‰HQ $Q]DKO DQ 9DULDEOHQ ZLH
]XP%HLVSLHOGHU9RUNDUULHUHXQGGHV$OWHUVlKQOLFKHQ$UEHLWVORVHQGHVJOHLFKHQ*HVFKOHFKWV
YHUJOLFKHQGLHQLFKWDQHLQHU0D‰QDKPHWHLOQDKPHQ'LHVHU9HUJOHLFKHUIROJWGDEHLKLQVLFKW

²²
OLFK GHU $Q]DKO GHU LQ GHQ QlFKVWHQ GUHL -DKUHQ LQ YHUVFKLHGHQHQ $UEHLWVPDUNW]XVWlQGHQ
XQVHOEVWlQGLJH %HVFKlIWLJXQJ $UEHLWVORVLJNHLW NHLQH (UZHUEVEHWHLOLJXQJ .XUVWHLOQDKPH
YHUEUDFKWHQ =HLW XQG I U HLQ]HOQH 0D‰QDKPHQ DXFK KLQVLFKWOLFK GHU (QWZLFNOXQJ GHU DXV
$UEHLWVORVHQJHOGXQG/|KQHQHU]LHOWHQ(LQNRPPHQ
hEHUVLFKW (UJHEQLVVHGHU:LUNXQJVDQDO\VH
$OWHU-DKUH)|UGHU]XJDQJ%HREDFKWXQJV]HLWUDXP-DKUHDE)|UGHUEHJLQQ
'XUFKVFKQLWWOLFKHV(UJHEQLV7DJHLQ
%HVFKlIWLJXQJ 2IIHQHU$UEHLWVORVLJNHLW
)UDXHQ 0lQQHU ,QVJHVDPW )UDXHQ 0lQQHU ,QVJHVDPW
$NWLYH$UEHLWVXFKH
%HUXIVRULHQWLHUXQJ
)DFKOLFKH4XDOLIL]LHUXQJ
$UEHLWVWUDLQLQJ
*HPHLQQ W]LJH%HVFKlIWLJXQJVSURMHNWH
6R]LDO|NRQRPLVFKH%HWULHEH
'XUFKVFKQLWWOLFKHU1HWWR²(IIHNWDXIGLH7DJHLQ
%HVFKlIWLJXQJ 2IIHQHU$UEHLWVORVLJNHLW
)UDXHQ 0lQQHU ,QVJHVDPW )UDXHQ 0lQQHU ,QVJHVDPW
$NWLYH$UEHLWVXFKH ² ² ² ²
%HUXIVRULHQWLHUXQJ ² ² ²
)DFKOLFKH4XDOLIL]LHUXQJ ² ² ² ² ²
$UEHLWVWUDLQLQJ ²
*HPHLQQ W]LJH%HVFKlIWLJXQJVSURMHNWH ² ²
6R]LDO|NRQRPLVFKH%HWULHEH ² ²
40DKULQJHU/XW]3RHVFKO+9$06:,)2,1','9:,)2%HUHFKQXQJHQ
,QGLHVHP6FKULWW]HLJWVLFKGDVVVLHKHhEHUVLFKW
• 0D‰QDKPHQGHUIDFKOLFKHQ4XDOLIL]LHUXQJHKHUJHULQJH(IIHNWHDXIGLHLQGHQGUHL)ROJH
MDKUHQLQXQVHOEVWlQGLJHU%HVFKlIWLJXQJYHUEUDFKWH=HLWKDEHQZREHLSRVLWLYH(IIHNWHQXU
EHL)UDXHQLQGHQ$OWHUVJUXSSHQELV-DKUHQJHIXQGHQZHUGHQNRQQWHQZlKUHQG0lQ
QHUXQGlOWHUH)UDXHQYRQGHU0D‰QDKPHQLFKWSURILWLHUHQ'LHVH0D‰QDKPHQYHUULQJHUQ
DEHU YRU DOOHP EHL 0lQQHUQ XQG )UDXHQ LP $OWHU ELV -DKUH GLH LQ GHU $UEHLWVORVLJNHLW
YHUEUDFKWH=HLWXQGHUK|KHQGLH(UZHUEVEHWHLOLJXQJGHU)UDXHQXQGLQJHULQJHUHP$XV
PD‰DXFKGHU0lQQHU$XIGLH(QWZLFNOXQJGHULQGHQGUHL)ROJHMDKUHQDXV$UEHLWVORVHQ
JHOG XQG /|KQHQ HU]LHOWHQ (LQNRPPHQ ZLUNW VLFK GLH 7HLOQDKPH DQ HLQHU VROFKHQ 0D‰
QDKPHI U)UDXHQXQGlOWHUH0lQQHUOHLFKWSRVLWLYDXV
• 0D‰QDKPHQ GHU DNWLYHQ $UEHLWVVXFKH ]ZDU EHL DOOHQ XQWHUVXFKWHQ *UXSSHQ ]X HLQHU
5HGXNWLRQ GHU LQ GHU $UEHLWVORVLJNHLW YHUEUDFKWHQ =HLW I KUWHQ DEHU EHL 0lQQHUQ NDXP
(IIHNWH DXI GLH LQ XQVHOEVWlQGLJHU %HVFKlIWLJXQJ YHUEUDFKWH =HLWKDEHQ %HL )UDXHQ GLH
(LQVFKUlQNHQGPXVVKLHUDOOHUGLQJVIHVWJHKDOWHQZHUGHQGDVVVLFKGLH(YDOXLHUXQJVHUJHEQLVVHQXUDXIHLQHQ=HLW
UDXPYRQGUHL-DKUHQQDFKGHU0D‰QDKPHEH]LHKHQODQJIULVWLJH(IIHNWHGHULQGLHVHP0D‰QDKPHQW\SHUZRUEHQHQ
4XDOLILNDWLRQHQN|QQHQGDKHUQLFKWEHU FNVLFKWLJWZHUGHQ

²²
DQ HLQHU 0D‰QDKPH GLHVHV 7\SV WHLOQDKPHQ VWLHJ DOOHUGLQJV GLH LQ XQVHOEVWlQGLJHU
%HVFKlIWLJXQJYHUEUDFKWH=HLWYRUDOOHPLQGHU*UXSSHGHUELV-lKULJHQOHLFKWDQ
hEHUGLHV VWHLJHUW GLH 7HLOQDKPH DQ 0D‰QDKPHQ GHU DNWLYHQ $UEHLWVVXFKH DXFK GLH
(UZHUEVTXRWHGHU7HLOQHKPHU,QQHQZREHLGLHVHU(IIHNWEHL)UDXHQGHXWOLFKVWlUNHUDXVJH
SUlJW LVW DOV EHL 0lQQHUQ +LQVLFKWOLFK GHU (LQNRPPHQVHQWZLFNOXQJ KDW GLH 0D‰QDKPH
NDXPSRVLWLYH$XVZLUNXQJHQDXIGLH7HLOQHKPHQGHQ
• %HUXIVRULHQWLHUXQJVNXUVHLQGHQGUHL-DKUHQDE$QIDQJGHU0D‰QDKPHYRUDOOHPHLQHSRVL
WLYH$XVZLUNXQJDXIGLH%HVFKlIWLJXQJVGDXHUGHU)UDXHQKDEHQ6LHVHQNHQGHUHQ$UEHLWV
ORVLJNHLWXQGVWHLJHUQLKUH(UZHUEVEHWHLOLJXQJ'DEHLVLQGGLHVH(IIHNWHEHLMXQJHQ)UDXHQ
ELV K|KHU DOV EHL lOWHUHQ %HL GHQ 0lQQHUQ VFKHLQHQ KLQJHJHQ QXU GLH M QJHUHQ
*UXSSHQELV]XP$OWHUYRQ-DKUHQYRQGHU0D‰QDKPH]XSURILWLHUHQ%HLLKQHQVWHLJW
GLH LQ XQVHOEVWlQGLJHU %HVFKlIWLJXQJ YHUEUDFKWH =HLW DOOHUGLQJV GHXWOLFK ZHQLJHU DOV EHL
GHQM QJHUHQ)UDXHQbKQOLFKHUK|KWGLH7HLOQDKPHDQHLQHUVROFKHQ0D‰QDKPHGLH(LQ
NRPPHQGHUM QJHUHQ0lQQHUXQGGHU)UDXHQDOOHU$OWHUVNODVVHQ
• %HVFKlIWLJXQJVSURMHNWH²LQVEHVRQGHUHI U)UDXHQ²DXFKSRVLWLYH$XVZLUNXQJHQDXIGLHLQ
XQJHI|UGHUWHU %HVFKlIWLJXQJ YHUEUDFKWH =HLW KDEHQ hEHUGLHV VHQNW GLH 7HLOQDKPH DQ
HLQHU 0D‰QDKPH GLHVHV 7\SV LQ DOOHQ XQWHUVXFKWHQ *UXSSHQ GLH LQ GHU $UEHLWVORVLJNHLW
YHUEUDFKWH=HLWXQGHUK|KWGLH(UZHUEVEHWHLOLJXQJ
• bKQOLFKGHQ%HVFKlIWLJXQJVSURMHNWHQDXFKVR]LDO|NRQRPLVFKH%HWULHEHGLHLQGHUXQJH
I|UGHUWHQXQVHOEVWlQGLJHQ%HVFKlIWLJXQJYHUEUDFKWH=HLWHUK|KHQ$OOHUGLQJVZLUNHQVR]L
DO|NRQRPLVFKH%HWULHEHI UDOOHWHLOQHKPHQGHQ*UXSSHQEHVFKlIWLJXQJVVWHLJHUQG$XFK
LQ GLHVHQ 0D‰QDKPHQ VLQG GLH DUEHLWVORVLJNHLWVVHQNHQGHQ XQG HUZHUEVEHWHLOLJXQJVVWHL
JHUQGHQ(IIHNWHEHVRQGHUVJUR‰
,QHLQHPGULWWHQ6FKULWWEHZHUWHQ /XW] 0DKULQJHU3|VFKO VFKOXVVHQGOLFKGLHEXGJH
WlUH .RVWHQ1XW]HQ 5HODWLRQ ]ZLVFKHQ YHUVFKLHGHQHQ 0D‰QDKPHQW\SHQ 'DEHL ZHUGHQ GLH
.RVWHQGHU0D‰QDKPHQWHLOQDKPHXQGGHU/HLVWXQJHQDXVGHU$UEHLWVORVHQYHUVLFKHUXQJGHQ
(LQQDKPHQ DXV 6R]LDODEJDEHQ JHJHQ EHU JHVWHOOW ZREHL DOV 9HUJOHLFKVJUXSSH MHQH 3HUVR
QHQ KHUDQJH]RJHQ ZHUGHQ GLH GHQ 7HLOQHKPHU,QQHQ DP lKQOLFKVWHQ VLQG 'LH (UJHEQLVVH
GLHVHV 9HUJOHLFKV hEHUVLFKW ZHLVHQ GDUDXI KLQ GDVV ]ZDU LQWHQVLYH 0D‰QDKPHQ ZLH
VR]LDO|NRQRPLVFKH%HWULHEHXQG%HVFKlIWLJXQJVSURMHNWHKRKH.RVWHQEHLP$06YHUXUVDFKHQ
DEHUDXFKKRKH5 FNIO VVHJHQHULHUHQ,QVEHVRQGHUH]HLJWGLHOHW]WH6SDOWHGLHVHUhEHUVLFKW
GDVV GLH 7HLOQDKPH DQ HLQHP VR]LDO|NRQRPLVFKHQ %HWULHE GHP $06 GLUHNWH .RVWHQ YRQ
GXUFKVFKQLWWOLFK YHUXUVDFKHQ9HUJOHLFKWPDQGLHVH6XPPHDOOHUGLQJVPLWGHQ.RVWHQ
GHU$UEHLWVORVHQXQWHUVW W]XQJI UGLHVH3HUVRQZHQQVLHQLFKWDQGHU0D‰QDKPHWHLOJHQRP
PHQKlWWHOLHJHQGLH.RVWHQI UGDV$06QXUPHKUEHL XQG]LHKWPDQYRQGLHVHQ.RV
WHQ QRFK GLH GXUFK GLH 0D‰QDKPHQ JHQHULHUWHQ K|KHUHQ 6R]LDODEJDEHQ YRQ DE
YHUEOHLEHQDOV1HWWRNRVWHQGHU0D‰QDKPHQXUPHKUHLQ%HWUDJYRQ 'LH1HWWRNRVWHQ
GLHVHU0D‰QDKPHQVLQGGDPLWVHOEVWDXIGHQNXU]HQ$PRUWLVDWLRQV]HLWUDXPYRQQXUGUHL-DK
UHQQXUXP WHXUHUDOVGLHHLQHUGXUFKVFKQLWWOLFKHQ0D‰QDKPHGHUDNWLYHQ$UEHLWVVXFKH

²²
7HXUH0D‰QDKPHQDXV6LFKWGHV$06N|QQHQGDKHUHUKHEOLFKH8PZHJUHQWDELOLWlWHQKDEHQ
GLHVLHDXVJHVDPWZLUWVFKDIWOLFKHU6LFKWGXUFKDXVDWWUDNWLYPDFKHQ
'LHVHQ (UJHEQLVVHQ HQWVSUHFKHQG VFKOLH‰W GLH (YDOXLHUXQJ YRQ /XW] 0DKULQJHU 3|VFKO
GDVV YHUVFKLHGHQH (OHPHQWH GHU DNWLYHQ $UEHLWVPDUNWSROLWLN LQ gVWHUUHLFK VHKU XQWHU
VFKLHGOLFKH5ROOHQLQGHU$NWLYLHUXQJVVWUDWHJLHVSLHOHQ,QVEHVRQGHUHVFKHLQHQZHQLJHULQWHQ
VLYH0D‰QDKPHQZLH%HUXIVRULHQWLHUXQJXQGDNWLYH$UEHLWVVXFKHYRUDOOHPGHU$NWLYLHUXQJGHU
6HOEVWKLOIHNDSD]LWlW GHU LQ GLHVHU 0D‰QDKPH (UIDVVWHQ ]X GLHQHQ ZlKUHQG LQWHQVLYHUH 0D‰
QDKPHQ ZLH ]XP %HLVSLHO VR]LDO|NRQRPLVFKH %HWULHEH RGHU DXFK JHPHLQQ W]LJH %HVFKlIWL
JXQJVSURMHNWHYRUDOOHPGHU%HNlPSIXQJYRQ'HIL]LWHQLQ3UREOHPJUXSSHQQ W]HQ'HPHQW
VSUHFKHQGVFKOlJWGLHVH(YDOXLHUXQJDXFKYRUXP'HVLJQYRQ0D‰QDKPHQGLHLQGLYLGXHOOHQ
%HWUHXXQJVSOlQHNRQVHTXHQWXP]XVHW]HQXQGGDEHLGLH $XVJDQJVVLWXDWLRQGHU7HLOQHKPHQ
GHQYHUVWlUNW]XEHU FNVLFKWLJHQ
hEHUVLFKW .RVWHQ(UWUDJVLWXDWLRQDXV6LFKWGHU|IIHQWOLFKHQ+DQG
,Q(XUR
)DFKOLFKH
4XDOLIL]LHUXQJ
$NWLYH$UEHLWVVXFKH
%HUXIVRULHQWLHUXQJ
.RVWHQ$06 'LIIHUHQ]GHU
.RVWHQ
*HPHLQQ W]LJHV
%HVFKlIWLJXQJVSURMHNW
6R]LDO|NRQRPLVFKHU
%HWULHE
'LIIHUHQ]GHU
5 FNIO VVHDXV
6R]LDODEJDEHQ
.RVWHQLQVJHVDPW
'LIIHUHQ]]XU9HU
JOHLFKVJUXSSH
)UDXHQ
0lQQHU ²
,QVJHVDPW
)UDXHQ
0lQQHU ²
,QVJHVDPW
)UDXHQ
0lQQHU ²
,QVJHVDPW
)UDXHQ
0lQQHU
,QVJHVDPW
)UDXHQ
0lQQHU
,QVJHVDPW
4/XW]0DKULQJHU²3|VFKO² 'LIIHUHQ]EH]LHKWVLFKDXIGHQ8QWHUVFKLHGGHU.RVWHQXQG(UWUlJH]XHLQHUYHU
JOHLFKEDUHQ3HUVRQGLHDQGLHVHU0D‰QDKPHQLFKWWHLOQLPPW
'LH(YDOXLHUXQJVHUJHEQLVVHYRQ/XW]0DKULQJHU3|VFKOZHUGHQGDEHLYRQHLQHU5HLKH
YRQ ZHLWHUHQ (YDOXLHUXQJVHUJHEQLVVHQ EHVWlWLJW 6R ]HLJHQ HWZD (YDOXLHUXQJHQ YRQ 6WLI
WXQJVPD‰QDKPHQVLHKH0DKULQJHU/XW]3|VFKODGDVV6WLIWXQJHQ]XHLQHUGHXWOLFKHQ
6WHLJHUXQJGHU%HVFKlIWLJXQJVIlKLJNHLWXQGSRVLWLYHQJHVDPWZLUWVFKDIWOLFKHQ(UWUlJHQI KUHQ
hEHUGLHV ]HLJHQ %DDVNH /DQFDVWHU .UDQ]O LQ HLQHU (YDOXLHUXQJ GHU REHU|VWHUUHLFKL
VFKHQ,PSODFHPHQW6WLIWXQJHQGDVVGLHVH]XHLQHUhEHUJDQJVUDWHLQGLH%HVFKlIWLJXQJYRQ
XQGKRKHQODQJIULVWLJHQ,QWHJUDWLRQVHIIHNWHQI KUHQhEHUGLHVVLQGODXWGLHVHU(YDOXLHUXQJ
VRZRKO8QWHUQHKPHQDOVDXFK7HLOQHKPHU,QQHQPLWGHQ,PSODFHPHQW6WLIWXQJHQ]XIULHGHQ

²²
,QVJHVDPW HUJLEW VLFK GDPLW HLQ UHFKW GLIIHUHQ]LHUWHV %LOG GHU :LUNXQJVZHLVH GHU |VWHUUHLFKL
VFKHQ$UEHLWVPDUNWSROLWLN/DQJIULVWLJH0D‰QDKPHQZLHVR]LDO|NRQRPLVFKH%HWULHEH%HVFKlI
WLJXQJVSURMHNWH XQG YRU DOOHP 6WLIWXQJHQ KDEHQ GHQ QDFKKDOWLJVWHQ (IIHNW DXI GLH 9HUPLWW
OXQJ XQG ZHLVHQ EHUGLHV DXFK JXWH JHVDPWZLUWVFKDIWOLFKH .RVWHQ(UWUDJVUHODWLRQHQ DXI
.XU]IULVWLJH 0D‰QDKPHQ HUK|KHQ GHPJHJHQ EHU YRU DOOHP GLH hEHUJDQJVTXRWH LQ GLH
%HVFKlIWLJXQJWUDJHQDEHUZHQLJHU]XP=LHOHLQHUQDFKKDOWLJHQ,QWHJUDWLRQGHU$UEHLWVORVHQ
LQ GHQ $UEHLWVPDUNW EHL (LQJOLHGHUXQJVEHLKLOIHQ VFKOLH‰OLFK G UIWHQ KLQJHJHQ HLQHQ KRKHQ
0LWQDKPHHIIHNW KDEHQ 6LH VROOWHQ GDKHU QXU VHKU ]LHOJHULFKWHW HLQJHVHW]W ZHUGHQ hEHUGLHV
]HLJW VLFK GDVV 0D‰QDKPHQ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN LP $OOJHPHLQHQ I U )UDXHQ VWlU
NHUH:LUNXQJHQWIDOWHQXQG EHUGLHVJHUDGHI UGLHVH*UXSSHHLQHZLFKWLJH5ROOHLQGHU9HU
KLQGHUXQJGHV$XVVFKHLGHQVDXVGHP$UEHLWVPDUNWVSLHOHQ
'LH6WUXNWXUGHUDNWLYHQ$UEHLWVPDUNWSROLWLNLQ7LURO
9RU GHP +LQWHUJUXQG GLHVHU (YDOXLHUXQJVHUJHEQLVVH N|QQHQ DXFK (UZDUWXQJHQ DQ GLH $XV
JHVWDOWXQJGHUDNWLYHQ$UEHLWVPDUNWSROLWLNLQHLQHP%XQGHVODQGZLH7LUROLQGHPGLH$UEHLWVOR
VLJNHLWQLHGULJLVWIRUPXOLHUWZHUGHQ=XPHLQHQVROOWHQLQHLQHPVROFKHQ%XQGHVODQGGLH9HU
PLWWOXQJYRQ$UEHLWVORVHQXQGNXU]IULVWLJHXQGZHQLJLQWHQVLYH0D‰QDKPHQHLQHZLFKWLJH5ROOH
VSLHOHQZHLOGLH0HKUKHLWGHU$UEHLWVORVHQHKHUOHLFKWHLQHQ$UEHLWVSODW]ILQGHQZLUG/DQJIULV
WLJH XQG LQWHQVLYH 0D‰QDKPHQ Z UGHQ GLHVH .OLHQWHO QXU GDYRQ DEKDOWHQ $UEHLWVSOlW]H ]X
VXFKHQ XQG GHUHQ $UEHLWVORVLJNHLWVGDXHU XQQ|WLJ HUK|KHQ =XP DQGHUHQ HUK|KW VLFK LQ
5HJLRQHQ PLW QLHGULJHQ $UEHLWVORVHQ]DKOHQ DXFK GHU $QWHLO MHQHU 3HUVRQHQ GLH VFKZHUZLH
JHQGH3UREOHPHEHLGHU6XFKHQDFKHLQHP$UEHLWVSODW]KDEHQXQGGHQHQGDKHUQXUGXUFK
ODQJIULVWLJH0D‰QDKPHQJHKROIHQZHUGHQNDQQ'LHVVROOWH]XHLQHPKRKHQ$QWHLODQLQWHQVL
YHQ 0D‰QDKPHQ I KUHQ 6FKOXVVHQGOLFK LVW 7LURO DXFK HLQ %XQGHVODQG PLWHUKHEOLFKHQ UHJLR
QDOHQ 'LIIHUHQ]LHUXQJHQ GHU $UEHLWVPDUNWODJH VRGDVV UHJLRQV EHUJUHLIHQGH 9HUPLWWOXQJHQ
HLQHQEHVRQGHUHQ6FKZHUSXQNWELHWHQZDV]XHLQHP$QVWLHJGHU%HLKLOIHQLQGHU)|UGHUVWUXN
WXUI KUHQZ UGH
9HUJOHLFKWPDQGLH9HUWHLOXQJGHU)|UGHUIlOOHLQ7LUROPLWMHQHQLQgVWHUUHLFKVLHKHhEHUVLFKWHQ
XQG]HLJWVLFKGDVVGLHDNWLYH$UEHLWVPDUNWSROLWLNLQ7LUROGLHVHQ(UZDUWXQJHQZHLW
JHKHQGHQWVSULFKW6RZLUGLQ7LURO²ZLHLQJDQ]gVWHUUHLFK²GHU*UR‰WHLOGHU)|UGHUIlOOHXQWHU
GHP7LWHO4XDOLIL]LHUXQJDEJHZLFNHOWZREHLHLQEHVRQGHUHU6FKZHUSXQNWLP%HUHLFKGHU4XD
OLIL]LHUXQJI U%HVFKlIWLJWHEHVWHKW'LHVHQWVSULFKWGHU$UEHLWVPDUNWVLWXDWLRQ'LH6FKXOXQJYRQ
%HVFKlIWLJWHQ LVW HLQH 0|JOLFKNHLW XP 3HUVRQHQ PLW $UEHLWVPDUNWSUREOHPHQ LQ HLQH 0D‰
,QGHU(YDOXLHUXQJVOLWHUDWXUZLUGGLHVHU(IIHNWDOVVRJHQDQQWHU(QW]XJVHIIHNWEH]HLFKQHW'D$UEHLWVORVHZlKUHQG
GHU=HLWGHU0D‰QDKPHLP$OOJHPHLQHQNHLQH$UEHLWDQQHKPHQZHUGHQNDQQHVSDVVLHUHQGDVVGXUFKODQJH6FKX
OXQJYRQDQXQGI UVLFKYHUPLWWHOEDUHQ3HUVRQHQGLH'DXHUGHU%HVFKlIWLJXQJVORVLJNHLWVWHLJWDQVWDWW]XIDOOHQ(LQH
ZLFKWLJH.RQVHTXHQ]GLHVHV(QW]XJHIIHNWHVLVWGDVV(YDOXLHUXQJHQGLHGLH'DXHUGHU%HVFKlIWLJXQJVORVLJNHLWDOVHLQH
(UJHEQLVYDULDEOHYHUZHQGHQGLH'DXHUGHU%HVFKlIWLJXQJVORVLJNHLWDEGHP$QIDQJGHU6FKXOXQJQLFKWZLHLQGHU
3UD[LVRIWJHPDFKWDEGHP(QGHGHU6FKXOXQJEHWUDFKWHQP VVHQ

²²
QDKPH]XEULQJHQXQGJOHLFK]HLWLJ(QW]XJVHIIHNWH]XYHUKLQGHUQ(LQ EHUSURSRUWLRQDOHU$QWHLO
GHU)|UGHUIlOOHHQWVWHKWDXFKLQ.XUVHQDPIUHLHQ%LOGXQJVPDUNW²HLQLJHLQWHUQDWLRQDOH(YDOX
LHUXQJHQDUJXPHQWLHUHQGDEHLGDVV.XUVHGLHYRQSULYDWHQ%LOGXQJVLQVWLWXWLRQHQDQJHERWHQ
ZHUGHQRIWPDOVHLQHEHVVHUH:LUNXQJHU]LHOHQDOVYRP$06VHOEVWRUJDQLVLHUWH
hEHUVLFKW )|UGHUIlOOHLP%HUHLFK4XDOLIL]LHUXQJQDFK)|UGHUDUWHQLQ7LURO
$QWHLOHLQ
7LURO $QWHLODQgVWHUUHLFK
)UDXHQ 0lQQHU *HVDPW )UDXHQ 0lQQHU *HVDPW
4XDOLIL]LHUXQJ
$UEHLWVVWLIWXQJ
,PSODFHPHQW
2XWSODFHPHQW
$NWLYH$UEHLWVVXFKH
2ULHQWLHUXQJ
4XDOLIL]LHUXQJ
7UDLQLQJ
.XUVHDPIUHLHQ%LOGXQJVPDUNW
/HKUVWHOOHQI|UGHUXQJDE-DKUHQ
4XDOLIL]LHUXQJI U%HVFKlIWLJWH
6RQVWLJH%+:
%HVFKlIWLJXQJ
(LQJOLHGHUXQJVEHLKLOIHQ
*HPHLQQ W]LJH%HVFKlIWLJXQJVSURMHNWH
6R]LDO|NRQRPLVFKH3URMHNWH
$QGHUH.8$ (17
8QWHUVW W]XQJ
*U QGXQJVEHLKLOIH
.LQGHUEHWUHXXQJVEHLKLOIHLQNO.%(
*U QGXQJVSURJUDPP
9RUVWHOOXQJVKLOIH
,QVJHVDPW
4$06:,)2%HUHFKQXQJHQ
hEHUGLHVZLUGLQ7LURODXFKHLQ EHUGXUFKVFKQLWWOLFKKRKHU$QWHLOGHU)|UGHUIlOOH EHU%HLKLOIHQ
LQVEHVRQGHUH.LQGHUEHWUHXXQJVEHLKLOIHQDEJHGHFNW'LHVVSLHJHOWGLH3UREOHPHDUEHLWVORVHU
)UDXHQEHLGHU6XFKHQDFK$UEHLWLQVEHVRQGHUHLQDQGHUHQ5HJLRQHQDOVLKUHP:RKQRUW
(LQZHLWHUHUZHVHQWOLFKHU7HLOGHU0D‰QDKPHQVLQG(LQJOLHGHUXQJVEHLKLOIHQ'LHVGHXWHWGDUDXI
KLQ GDVV LQ 7LURO ² ZLH DXFK LP EULJHQ gVWHUUHLFK ² HLQ 7HLO GHU 9HUPLWWOXQJHQ DXV GHU
$UEHLWVORVLJNHLW QXU GXUFK HLQH /RKQUHGXNWLRQ P|JOLFK LVW :lKUHQG GLHV DXI HLQ QLFKW XQHU
KHEOLFKHV3RWHQWLDODQ$UEHLWVORVHQPLWEHVRQGHUVJUR‰HQ $UEHLWVPDUNWSUREOHPHQGLHVHU(LQ
JOLHGHUXQJVEHLKLOIHQ KLQZHLVW ]HLJHQ JHUDGH LQWHUQDWLRQDOH (YDOXLHUXQJVHUJHEQLVVH GDVV
0D‰QDKPHQ UHODWLY KRKH 0LWQDKPHHIIHNWH KDEHQ 6LH VROOWHQ GDKHU QXU VHKU ]LHOJUXSSHQ
VSH]LILVFK HLQJHVHW]W ZHUGHQ hEHUGLHV N|QQWHQ (LQJOLHGHUXQJVEHLKLOIHQ DXFK YHUVWlUNW DQ
]XVlW]OLFKH %HGLQJXQJHQ JHNQ SIW ZHUGHQ 6R ZHUGHQ ]XP %HLVSLHO LQ )LQQODQG (LQJOLHGH

²²
UXQJVEHLKLOIHQQXUGDQQJHZlKUWZHQQLQGHQJHI|UGHUWHQ8QWHUQHKPHQ%LOGXQJVSOlQHYRU
KDQGHQVLQG
hEHUVLFKW )|UGHUIlOOHYRQ$UEHLWVORVHQQDFK)|UGHUDUWHQLQ7LURO
$QWHLOHLQ
7LURO $QWHLODQgVWHUUHLFK
)UDXHQ 0lQQHU ,QVJHVDPW )UDXHQ 0lQQHU ,QVJHVDPW
4XDOLIL]LHUXQJ
$UEHLWVVWLIWXQJ
,PSODFHPHQW
2XWSODFHPHQW
$NWLYH$UEHLWVVXFKH
2ULHQWLHUXQJ
4XDOLIL]LHUXQJ
7UDLQLQJ
.XUVHDPIUHLHQ%LOGXQJVPDUNW
/HKUVWHOOHQI|UGHUXQJDE-DKUHQ
4XDOLIL]LHUXQJI U%HVFKlIWLJWH
6RQVWLJH%+:
%HVFKlIWLJXQJ
(LQJOLHGHUXQJVEHLKLOIHQ
*HPHLQQ W]LJH%HVFKlIWLJXQJVSURMHNWH
6R]LDO|NRQRPLVFKH3URMHNWH
$QGHUH.8$ (17
8QWHUVW W]XQJ
*U QGXQJVEHLKLOIH
.LQGHUEHWUHXXQJVEHLKLOIHLQNO.%(
*U QGXQJVSURJUDPP
9RUVWHOOXQJVKLOIH
,QVJHVDPW
4$06:,)2%HUHFKQXQJHQ
(LQHQ LP gVWHUUHLFK9HUJOHLFK HWZDV XQWHUGXUFKVFKQLWWOLFKHQ $QWHLO DQ GHQ )|UGHUIlOOHQ
PDFKHQ LQ 7LURO GLH DNWLYH $UEHLWVVXFKH XQG %HUXIVRULHQWLHUXQJVPD‰QDKPHQ DXV 2EZRKO
GLHVHNXU]IULVWLJHQ0D‰QDKPHQXQWHUGHP*HVLFKWVSXQNWHLQHUP|JOLFKVWUDVFKHQ9HUPLWWOXQJ
GHU$UEHLWVORVHQDXIRIIHQH6WHOOHQ]XUHFKWIHUWLJHQVLQGZLUGHVPLWGLHVHQ0D‰QDKPHQNDXP
JHOLQJHQIXQGDPHQWDOH'HIL]LWHGHU$UEHLWVVXFKHQGHQ]XEHVHLWLJHQ$XV6LFKWHLQHUODQJIULV
WLJHQ,QWHJUDWLRQLQGLH%HVFKlIWLJXQJN|QQWHGDKHU EHUOHJWZHUGHQREGLHVH0D‰QDKPHQ
YHUVWlUNWDOVHUJlQ]HQGH0D‰QDKPHQQDFKHLQHU9HUPLWWOXQJJHNRSSHOWZHUGHQVROOWHQ
$XIIDOOHQGLVWMHGRFKDXFKGDVVLQ7LURO²HQWJHJHQGHQ(UZDUWXQJHQ²GHU$QWHLOGHULQWHQVL
YHQ0D‰QDKPHQI U3HUVRQHQJUXSSHQPLWEHVRQGHUVVFKZHUZLHJHQGHQ$UEHLWVPDUNWSUREOH
PHQ ZLH HWZD 6WLIWXQJHQ *HPHLQQ W]LJH %HVFKlIWLJXQJVSURMHNWH XQG 6R]LDO|NRQRPLVFKH
%HWULHEHLPgVWHUUHLFK9HUJOHLFKHKHUJHULQJLVW*HUDGHLQGLHVHQ%HUHLFKHQKDEHQDQGHUH
%XQGHVOlQGHU PLW lKQOLFK JHULQJHQ $UEHLWVORVHQ]DKOHQ RIWPDOV HLQHQ 6FKZHUSXQNW LQ GHU
$UEHLWVPDUNWSROLWLN

²²
8QDEKlQJLJYRQGHU9HUWHLOXQJGHU0LWWHODXIYHUVFKLHGH0D‰QDKPHQ]HLJWGLH)|UGHUIDOOVWD
WLVWLN DEHU DXFK GDVV GDV $XVPD‰ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN LQ 7LURO HKHU JHULQJ LVW ,Q
gVWHUUHLFKZHUGHQSUR$UEHLWVORVHQHWZD)|UGHUIlOOHSUR-DKUJHPHVVHQEHL0lQQHUQ
XQGEHL)UDXHQLQ7LUROOLHJWGLHVH)|UGHULQWHQVLWlWEHLEHLGHQ0lQQHUQXQGEHL
GHQ )UDXHQ hEHUGXUFKVFKQLWWOLFKH )|UGHULQWHQVLWlWHQ MH $UEHLWVORVHQ ZHUGHQ QXU EHL GHU
/HKUVWHOOHQI|UGHUXQJ GHU 4XDOLIL]LHUXQJ I U %HVFKlIWLJWH XQG EHL .LQGHUEHWUHXXQJV XQG
*U QGXQJVEHLKLOIHQ JHPHVVHQ 8P GLH |VWHUUHLFKLVFKH )|UGHULQWHQVLWlW ]X HUUHLFKHQ P VVWHQ
]XVlW]OLFKH)|UGHUIlOOHJHQHULHUWZHUGHQ'LHVZlUHHLQ$QVWLHJXP EHU
6FKOXVVIROJHUXQJHQ
7LUROLVWVRPLWHLQHVGHU%XQGHVOlQGHULQGHPGDV$NWLYLWlWVQLYHDXGHUDNWLYHQ$UEHLWVPDUNWSROL
WLN²VHOEVWI UHLQ%XQGHVODQGPLWDXVJHSUlJWHQ6DLVRQPXVWHUQ²GHXWOLFKXQWHUGHP'XUFK
VFKQLWWgVWHUUHLFKVOLHJW,QVEHVRQGHUHGLH6FKXOXQJVTXRWHLVWGDEHLVFKRQVHLWGLHQLHG
ULJVWHXQWHUDOOHQ%XQGHVOlQGHUQXQGGHU$EVWDQG]XGHQDQGHUHQ%XQGHVOlQGHUQKDWVLFKLP
OHW]WHQ -DKU]HKQW HKHU YHUJU|‰HUW GHQQ YHUULQJHUW 'LHV OlVVW HLQH $XVZHLWXQJ GHU (UIDVVXQJ
GHU$UEHLWVORVHQLQ0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNDOVZ QVFKHQVZHUWHUVFKHLQHQ
=LHO N|QQWH HV GDEHL VHLQ ]XPLQGHVW PLWWHOIULVWLJ DQ GLH 0D‰QDKPHQLQWHQVLWlW DQGHUHU %XQ
GHVOlQGHU PLW KRKHU 6DLVRQDOLWlW KHUDQ]XNRPPHQ HWZD .lUQWHQ XQG HLQH (UIDVVXQJ YRQ
UXQG GHU $UEHLWVORVHQ LQ 6FKXOXQJHQ DQ]XVWUHEHQ $XV 6LFKW GHU (UJHEQLVVH GHU (YDOXLH
UXQJVOLWHUDWXUEHVRQGHUVDWWUDNWLYHUVFKHLQHQGDEHL6FKXOXQJHQGLH]LHOJUXSSHQJHUHFKWXQG
LQ$EVWLPPXQJDXIGLH%HG UIQLVVHGHUUHJLRQDOHQ:LUWVFKDIW]HUWLIL]LHUEDUH=XVDW]TXDOLILNDWLR
QHQYHUPLWWHOQ
%HVRQGHUVDXIIlOOLJLVWGDEHLGDVVJHUDGHLQ7LUROGHU$QWHLOGHUHKHUODQJIULVWLJHQ0D‰QDKPHQ
DQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNEHVRQGHUVQLHGULJLVW'LHVLVWDXV6LFKWHLQHUYHUPLWWOXQJVRUL
HQWLHUWHQ$UEHLWVPDUNWSROLWLNGLHYHUVXFKW3HUVRQHQP|JOLFKVWVFKQHOOLQHLQHQ$UEHLWVSODW]]X
YHUPLWWHOQXQGVLHQLFKWXQQ|WLJLQ6FKXOXQJHQ]XKDOWHQVLFKHUOLFKYHUVWlQGOLFK$OOHUGLQJV]HL
JHQJHUDGHLQWHUQDWLRQDOHXQGQDWLRQDOH(YDOXLHUXQJVHUJHEQLVVHGDVV0D‰QDKPHQGLHHLQH
9HUPLWWOXQJPLWJOHLFK]HLWLJHU4XDOLIL]LHUXQJYHUELQGHQZLHGLHVLQgVWHUUHLFKLQ,PSODFHPHQW
6WLIWXQJHQJHVFKLHKWGLHVHV=LHOHEHQIDOOVHUUHLFKHQXQG]XHLQHUK|KHUHQ%HVFKlIWLJXQJVVWD
ELOLWlWGHU9HUPLWWHOWHQEHLWUDJHQN|QQHQhEHUGLHVP VVHQVROFKHDXVGHU%XGJHWSHUVSHNWLYH
GHV$06WHXUHQ0D‰QDKPHQEHLHLQHUHQWVSUHFKHQGHQ]LHOJUXSSHQJHUHFKWHQ$XVJHVWDOWXQJ
QDFK %HU FNVLFKWLJXQJ GHU 8PZHJUHQWDELOLWlW LQ DQGHUHQ |IIHQWOLFKHQ +DXVKDOWHQ QLFKW ]X
HLQHU ZHVHQWOLFK K|KHUHQ 1HWWR.RVWHQEHODVWXQJ I KUHQ DOV ZHQLJHU LQWHQVLYH 0D‰QDKPHQ
GLHGHPHQWVSUHFKHQGZHQLJHU]XUQDFKKDOWLJHQ,QWHJUDWLRQLQGDV(UZHUEVOHEHQEHLWUDJHQ
hEHUGLHV]HLJWVLFKDXFKGDVVLQ7LUROGHU*UDGGHU(UIDVVXQJGHU$UEHLWVORVHQLQJHPHLQQ W]L
JHQ %HVFKlIWLJXQJVSURMHNWHQ XQG VR]LR|NRQRPLVFKHQ %HWULHEHQ XQWHUGXUFKVFKQLWWOLFK KRFK
LVW,QGLHVHP%HUHLFKN|QQWHJHUDGHGHU7LUROHU%HVFKlIWLJXQJVSDNWGD]XEHLWUDJHQLQ=XVDP
PHQDUEHLWPLWGHQ*HPHLQGHQQHXHVLQQYROOH3URMHNWH]XGHILQLHUHQ'DDOOHUGLQJVJHUDGH
JHPHLQQ W]LJH%HVFKlIWLJXQJVSURMHNWHXQGVR]LDO|NRQRPLVFKH%HWULHEHQDFKGHQ(UJHEQLV

²²
VHQGHUYRUOLHJHQGHQQDWLRQDOHQXQGLQWHUQDWLRQDOHQ(YDOXLHUXQJHQYRUDOOHPEHLSUREOHPDWL
VFKHQ=LHOJUXSSHQZLUNXQJVYROOVLQGZlUHHVLQGLHVHP%HUHLFKEHVRQGHUVZLFKWLJLP5DKPHQ
GHU ODXIHQGHQ (YDOXLHUXQJ GLHVHU 3URMHNWH DXFK ]XVlW]OLFKH $QKDOWVSXQNWH EHU GHQ %HGDUI
DQVROFKHQ3URMHNWHQ]XHUKDOWHQ
6FKOXVVHQGOLFKVROOWHDXFKQLFKWDX‰HU%HWUDFKWJHODVVHQZHUGHQGDVVGDV $06 EHUGLHLQ
GHU)|UGHUVWDWLVWLNQLFKWGRNXPHQWLHUWHQ(LJHQOHLVWXQJHQZLFKWLJH,PSXOVH]XU9HUPLWWOXQJYRQ
$UEHLWVORVHQ VHW]W 'LH 6LFKHUVWHOOXQJ HLQHU KRKHQ 4XDOLWlW GLHVHU HLJHQHQ /HLVWXQJHQ VROOWH
GDEHLDXFKZHLWHUKLQHLQ]HQWUDOHV$QOLHJHQGHUUHJLRQDOHQ$UEHLWVPDUNWSROLWLNVHLQ

²²
0D‰QDKPHQI UHLQ]HOQH=LHOJUXSSHQ
$QKDQG GHU LP OHW]WHQ .DSLWHO GDUJHVWHOOWHQ (YDOXLHUXQJVHUJHEQLVVH ODVVHQ VLFK DXFK $XVVD
JHQ GDU EHU WUHIIHQ ZHOFKH 0D‰QDKPHQ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN I U HLQ]HOQH =LHO
JUXSSHQ EHVRQGHUV (UIROJ YHUVSUHFKHQG HUVFKHLQHQ 'DEHL LVW DOOHUGLQJV ]X EHDFKWHQ GDVV
GLH :LUNVDPNHLW GHU DNWLYHQ $UEHLWVPDUNWSROLWLN QLFKW JUHQ]HQORV VWHLJHUEDU LVW *HUDGH GLH
(UJHEQLVVHGHULQWHUQDWLRQDOHQXQGQDWLRQDOHQ(YDOXLHUXQJVVWXGLHQXQGGLHLQ.DSLWHOGDUJH
VWHOOWHQLQWHUQDWLRQDOHQ%HVW3UDFWLFH%HLVSLHOH]HLJHQGDVVGLHDNWLYH $UEHLWVPDUNWSROLWLNDP
ZLUNXQJVYROOVWHQLVWZHQQVLH7HLOHLQHUXPIDVVHQGHQ3ROLWLNVWUDWHJLHLVW
bOWHUH
(LQ %HUHLFK LQ GHP HLQ LQWHJULHUWHU 3ROLWLNDQVDW] EHVRQGHUV ORKQHQG HUVFKHLQW LVW GLH =LHO
JUXSSH GHU bOWHUHQ 1DFK GHQ (UJHEQLVVHQ GLHVHU 6WXGLH ODJ GLH %HVFKlIWLJXQJVTXRWH GHU
bOWHUHQLQ7LUROQDFKGHQQHXHVWHQYHUI JEDUHQ=DKOHQDXVGHP-DKUEHLUXQG=XU
(UUHLFKXQJ GHV (8ZHLWHQ =LHOV HLQHU %HVFKlIWLJXQJVTXRWH GHU EHU -lKULJHQ YRQ
ZlUHQ LP -DKU DQQlKHUQG ]XVlW]OLFKH $UEHLWVSOlW]H I U lOWHUH $UEHLWVNUlIWH QRW
ZHQGLJJHZHVHQ'LH%HVFKlIWLJXQJVTXRWHGHUbOWHUHQLVWGDKHUHLQHGHUZHQLJHQ=LHOLQGLND
WRUHQLQGHQHQ7LUROQLFKWEHUHLWVKHXWHGLH(8ZHLWHQ9RUJDEHQHUUHLFKW(VHUVFKHLQWDXFK
HKHUXQZDKUVFKHLQOLFKGDVVGLHVHV=LHOELV]XP-DKUHUUHLFKWZHUGHQNDQQ,QGHQOHW]WHQ
-DKUHQ VWLHJ GLH (UZHUEVTXRWH LQ GLHVHU $OWHUVJUXSSH DXIJUXQG HLQHV VWHLJHQGHQ $QWHLOV GHU
%HY|ONHUXQJ QlPOLFK QLFKW GHXWOLFK DQ =LHO VROOWH HV DEHU VHLQ GLH %HVFKlIWLJXQJVTXRWH GHU
bOWHUHQ ELV EHU GLH 0DUNH ]X KHEHQ XQG I U HLQH %HVFKlIWLJXQJVTXRWH GHU
bOWHUHQYRQ EHUDQ]XVWUHEHQ
8PGLHV]XHUUHLFKHQLVWHLQHEUHLWDQJHOHJWH3ROLWLNLQLWLDWLYHQRWZHQGLJ'DEHLN|QQWHGDUDQ
JHGDFKWZHUGHQGLHVH,QLWLDWLYHlKQOLFKGHPILQQLVFKHQ%HLVSLHODQYLHUVWUDWHJLVFKHQ)HOGHUQ
]XRULHQWLHUHQ
'HU 6HQVLELOLVLHUXQJ GHU gIIHQWOLFKNHLW I U GLHVHV 7KHPD ² 'LHV NDQQ YRU DOOHP GDGXUFK
HUUHLFKW ZHUGHQ GDVV GDV =LHO HLQHU GHXWOLFKHQ (UK|KXQJ GHU %HVFKlIWLJXQJVTXRWH GHU
bOWHUHQ DOV 4XHUVFKQLWWVPDWHULH LQ DOOHQ %HUHLFKHQ GHU 7LUROHU 3ROLWLN YHUDQNHUW XQG DXFK
|IIHQWOLFKNRPPXQL]LHUWZLUG
'HP (UKDOW GHU $UEHLWVIlKLJNHLW GHU bOWHUHQ ² 'LHV NDQQ YRU DOOHP GXUFK HLQH JHVXQG
KHLWVYHUWUlJOLFKHUH *HVWDOWXQJ GHU $UEHLWVEHGLQJXQJHQ SUlYHQWLYPHGL]LQLVFKH 0D‰QDK
PHQXQGHLQHLQWHQVLYH%HUDWXQJGHU8QWHUQHKPHQJHVFKHKHQ
'HU(UKDOWGHU%HVFKlIWLJXQJVIlKLJNHLW²ZRPLWYRUDOOHPGLHNRQWLQXLHUOLFKH:HLWHUELOGXQJ
GHU$UEHLWVNUlIWHJHPHLQWLVW=XPHLQHQJHKWHVGDEHLXPGLH(QWZLFNOXQJYRQVSH]LDOLVLHU
WHQ :HLWHUELOGXQJVDQJHERWHQ I U bOWHUH ]XP DQGHUHQ XP HLQH XPIDVVHQGHQ 9HUDQNH
UXQJYRQ6WUDWHJLHQGHVOHEHQVEHJOHLWHQGHQ/HUQHQVLQGHQ7LUROHU8QWHUQHKPHQ

²²
$QSDVVXQJGHU$UEHLWVEHGLQJXQJHQDQGLHEHVRQGHUHQ%HG UIQLVVHlOWHUHU$UEHLWQHKPHU
²KLHUXQWHUIDOOHQGLH*HVWDOWXQJGHU$UEHLWVEHGLQJXQJHQDP$UEHLWVSODW]DEHUDXFKGLH
0|JOLFKNHLWHQIOH[LEOHU$UEHLWV]HLWJHVWDOWXQJXQGGHU$XVJHVWDOWXQJLQWHUQHU$UEHLWVPlUNWH
I UbOWHUH
'LH &KDQFHQ HLQH VROFKH LQWHJULHUWH 3ROLWLN LQ 7LURO XP]XVHW]HQ HUVFKHLQHQ GDEHL YRU DOOHP
GHVZHJHQ EHVRQGHUV JUR‰ ZHLO ]X YHUVFKLHGHQHQ 7HLOEHUHLFKHQ GLHVHU 6WUDWHJLH EHUHLWV
HUSUREWHXQGHUIROJUHLFKH,QVWUXPHQWHEHVWHKHQ$X‰HUGHPOLHJHQLQHLQHU5HLKHYRQ3URMHN
WHQLQWHJULHUWH$QVDW]SXQNWHI UHLQHVROFKH3ROLWLNYRUVLHKH0|UWK*XVHQEDXHUI U%HL
VSLHOH=LHON|QQWHHVKLHUVHLQHUJlQ]HQG]XGHQEHVWHKHQGHQ3URMHNWHQHWZDLP5DKPHQ
GHV%HVFKlIWLJXQJVXQG4XDOLIL]LHUXQJVSDNWHVHLQHQEUHLWHUDQJHOHJWHQ6FKZHUSXQNW]XELO
GHQ
0D‰QDKPHQLP%HUHLFKGHU$UEHLWVIlKLJNHLW
(LQHXPIDVVHQGH,QIRUPDWLRQVTXHOOH]XU6LWXDWLRQGHUlOWHUHQ$UEHLWVNUlIWHLQ7LUROXQG]XGHQ
EHVWHKHQGHQ0D‰QDKPHQOLHIHUWKLHUGHU3URMHNWEHULFKW4XDOLIL]LHUXQJVPD‰QDKPHQI UlOWHUH
$UEHLWVVXFKHQGH LQ 7LURO YRQ 0|UWK *XVHQEDXHU bKQOLFK ZLH GHU YRUOLHJHQGH
%HULFKW VFKOlJW DXFK GLHVHV 3URMHNW HLQHQ XPIDVVHQGHQ 3ROLWLNDQVDW] ]XU 9HUEHVVHUXQJ GHU
,QWHJUDWLRQGHUbOWHUHQLQGDV(UZHUEVOHEHQYRU
(LQ $QVDW]SXQNW LVW GDEHL GLH 3UlYHQWLRQ YRQ . QGLJXQJHQ YRQ lOWHUHQ $UEHLWQHKPHU,QQHQ
+LHU]XN|QQWH]XP%HLVSLHO EHUSU IWZHUGHQREGXUFKHLQHVWlUNHUH(LQELQGXQJGHU%HWULHEV
lU]WHHLQHHQJHUH=XVDPPHQDUEHLWPLWGHP*HVXQGKHLWVZHVHQXQGLQWHQVLYHUH%HUDWXQJGHU
8QWHUQHKPHQKLQVLFKWOLFKGHU*HVWDOWXQJYRQ$UEHLWVEHGLQJXQJHQPLWGHP=LHOHLQHU9HUPHL
GXQJ YRQ $UEHLWVXQIlKLJNHLWHQ 9HUEHVVHUXQJHQ KLQVLFKWOLFK GHP (UKDOW GHU $UEHLWVIlKLJNHLW
YRQbOWHUHQP|JOLFKVLQG*HUDGHGDVILQQLVFKH%HLVSLHO]HLJWGDVVLQGLHVHP%HUHLFKVXEVWDQ
WLHOOH 9HUEHVVHUXQJHQ P|JOLFK VLQG 1HEHQ GHU 6LFKHUXQJ GHV (LJHQLQWHUHVVHV GHU 8QWHUQHK
PHQDQVROFKHQ0D‰QDKPHQZHOFKHVLQ)LQQODQG EHUGLH9HUSIOLFKWXQJGHU8QWHUQHKPHQ
GHU,QYDOLGLWlWVSHQVLRQHQLKUHU0LWDUEHLWHU,QQHQ]X]DKOHQGXUFKJHVHW]WZLUGELHWHQVLFK
KLHU YRU DOOHP %HUDWXQJVGLHQVWOHLVWXQJHQ ZLH VLH LQ gVWHUUHLFK HWZD LP REHU|VWHUUHLFKLVFKHQ
:$*(3URMHNWDQJHERWHQZHUGHQDQ
*HUDGHGLH(UIDKUXQJHQGHV:$*(3URMHNWHV]HLJHQGDEHLGDVVVROFKH%HUDWXQJVOHLVWXQJHQ
YRU DOOHP PLW GHP $UJXPHQW GHU .RVWHQVHQNXQJ GXUFK GLH 9HUKLQGHUXQJ YRQ .UDQNHQVWlQ
GHQDQGLH8QWHUQHKPHQKHUDQJHWUDJHQZHUGHQN|QQHQ$OOHUGLQJV]HLJWVLFKDXFKGDVVGLH
0RWLYDWLRQ NOHLQHUHU 8QWHUQHKPHQ DQ VROFKHQ 0D‰QDKPHQ WHLO]XQHKPHQ EHVRQGHUV JHULQJ
LVW 'D LQ 7LURO JHUDGH GHU NOHLQEHWULHEOLFKH 7RXULVPXVVHNWRU I U HLQH VROFKH 0D‰QDKPH DP
JHHLJQHWVWHQHUVFKHLQWVROOWHGDKHUYHUVXFKWZHUGHQUHJLRQDOHXQGORNDOH$NWHXUHHQJLQGLH
8PVHW]XQJ HLQ]XELQGHQ XP VR HLQHQ KRKHQ ,QIRUPDWLRQVVWDQG GHU I U .08V UHOHYDQWHQ
(LQH6DPPOXQJLQWHQDWLRQDOHUXQGQDWLRQDOHU3UD[LVEHLVSLHOHILQGHWVLFK EHUGLHVDXIZZZDUEHLWXQGDOWHUDW

²²
$QVSUHFKSDUWQHU VLFKHU]XVWHOOHQ XQG GLH %HUDWXQJVPD‰QDKPHQ EHVRQGHUV .08 JHUHFKW ]X
JHVWDOWHQ
hEHUGLHVN|QQWHLP5DKPHQGHUWUDGLWLRQHOOHQ$UEHLWVPDUNWSROLWLNGDUDQJHGDFKWZHUGHQHLQ
)U KZDUQV\VWHP I U JHVXQGKHLWV XQG EHWULHEVEHGLQJWH . QGLJXQJHQ ]X HWDEOLHUHQ 'D
JHUDGHEHLJHVXQGKHLWVEHGLQJWHQ$XIO|VXQJHQYRQ'LHQVWYHUKlOWQLVVHQLQWHQVLYH8PVFKXOXQ
JHQ XQG ZHLWUHLFKHQGH bQGHUXQJHQ GHU /HEHQVJHZRKQKHLWHQ QRWZHQGLJ VLQG N|QQWH HLQ
VROFKHV)U KZDUQV\VWHP]XHLQHUEHVVHUHQ%HUDWXQJGHU%HWURIIHQHQI KUHQ
0D‰QDKPHQLP%HUHLFKGHU%HVFKlIWLJXQJVIlKLJNHLW
%HLGHU6LFKHUXQJGHU%HVFKlIWLJXQJVIlKLJNHLWYRQbOWHUHQJHKWHV]XPHLQHQGDUXPGLH:HL
WHUELOGXQJVWHLOQDKPHQXQWHUbOWHUHQ]XHUK|KHQXQG]XPDQGHUHQ6WUDWHJLHQGHVOHEHQVEH
JOHLWHQGHQ /HUQHQV LQ GHQ 7LUROHU 8QWHUQHKPHQ XP]XVHW]HQ $EJHVHKHQ YRQ $NWLYLWlWHQ LP
%HUHLFKGHU.XUULNXODHQWZLFNOXQJI U6FKXOXQJHQGLHDXIGLHEHVRQGHUHQ%HG UIQLVVHlOWHUHU
7HLOQHKPHU,QQHQHLQJHKHQN|QQWHKLHULP%HUHLFKGHUDNWLYHQ$UEHLWVPDUNWSROLWLNYHUVWlUNWDXI
0D‰QDKPHQJHVHW]WZHUGHQGLHWUDGLWLRQHOOH0D‰QDKPHQPLW,PSODFHPHQWE]Z(PSRZHU
PHQW(OHPHQWHQNRPELQLHUHQ,Q'HXWVFKODQGKDWPDQGDEHLGLH(UIDKUXQJJHPDFKWGDVVHV
JHUDGH EHL GHQ bOWHUHQ VLQQYROO VHLQ NDQQ WUDGLWLRQHOOH 4XDOLIL]LHUXQJVPD‰QDKPHQ PLW VRO
FKHQ,PSODFHPHQW²0RGHOOHQ]XNRPELQLHUHQXPlOWHUHQ$UEHLWVORVHQGHQ1HXDQIDQJEHL
HLQHPQHXHQ $UEHLWJHEHUDXFKQDFK $XIQDKPHGHU%HVFKlIWLJXQJ]XHUOHLFKWHUQ$EJHVH
KHQ YRQ ,PSODFHPHQW6WLIWXQJHQ N|QQWH HLQH VROFKH .RPELQDWLRQ GXUFK GLH )|UGHUXQJ GHU
4XDOLIL]LHUXQJ LQ %HWULHEHQ XQG GLH %LQGXQJ YRQ (LQJOLHGHUXQJVEHLKLOIHQ DQ HLQH $XVELOGXQJ
HU]LHOWZHUGHQ
hEHUGLHVVROOWHQDEHUDXFKLQGLHVHP%HUHLFKGLH3RWHQWLDOHSUlYHQWLYHU$QVlW]H²GXUFKHLQH
XPIDVVHQGH(UIDVVXQJGHU(UZHUEVWlWLJHQLQHLQ.RQ]HSWGHVOHEHQVODQJHQ/HUQHQV²JHQXW]W
ZHUGHQ +LHU]X VROOWHQ YRU DOOHP GLH EHVWHKHQGHQ ,QVWUXPHQWH LP %HUHLFK GHU EHWULHEOLFKHQ
XQGLQGLYLGXHOOHQ:HLWHUELOGXQJVI|UGHUXQJJHQXW]WZHUGHQXQGHQWODQJGHULQ.DSLWHOYRU
JHVFKODJHQHQ5LFKWXQJZHLWHUHQWZLFNHOWZHUGHQVLHKHGD]X.DSLWHO
$OOHUGLQJVEHVWHKWLQGHQ6DLVRQEUDQFKHQZLHGHP7RXULVPXVGDV3UREOHPGDVV0LWDUEHLWH
U,QQHQZlKUHQGGHU6DLVRQQXUVHOWHQ=HLWI U:HLWHUELOGXQJKDEHQXQGDX‰HUKDOEGHU6DLVRQ
DUEHLWVORV VLQG %HWULHEOLFKH $QVDW]SXQNWH ]XU 4XDOLIL]LHUXQJ JUHLIHQ GDKHU LQ VROFKHQ 6DL
VRQEUDQFKHQRIWPDOV]XNXU](LQH0|JOLFKNHLWEHVW QGHGDULQJHUDGHLQGHQLQWHQVLYHQ7RX
ULVPXVJHELHWHQ YHUVWlUNW DXFK 3HUVRQHQ PLW :LHGHUHLQVWHOOXQJV]XVDJHQ LQ 6FKXOXQJHQ XQG
0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNHLQ]XEH]LHKHQ]%LQVSH]LHOOHYRP/DQGJHI|U
GHUWH$XVELOGXQJVPD‰QDKPHQI UGHQ7RXULVPXVVHNWRUZREHLKLHUYRUDOOHPGHU(UZHUEYRQ
]HUWLIL]LHUWHQ$XVELOGXQJHQLP0LWWHOSXQNWVWHKHQVROOWH6RKDWPDQ]XP%HLVSLHOLQ)LQQODQGLP
5DKPHQ GHV 3URMHNWHV 6HQLRULWD &OXE VLHKH DXFK 0|UWK *XVHQEDXHU VRZLH
ZZZDUEHLWXQGDOWHUDWLP7RXULVPXVEHUHLFKGHU=LHOJUXSSHGHV5HLQLJXQJVSHUVRQDOVXQGGHU
.|FKLQQHQJXWH(UIDKUXQJHQPLW/L]HQ]LHUXQJHQGHU$XVELOGXQJVLQKDOWHI UGLH%HGLHQXQJ
EHVWLPPWHU 0DVFKLQHQ (UQlKUXQJVEHUDWXQJ .QRZ+RZ$XVEDX LP %HUHLFK +\JLHQH

²²
JHPDFKW 'XUFK HLQHQ PRGXODUHQ $XIEDX VROFKHU .XUVH N|QQWHQ VLFK GLHVH DXI GLH =HLW
DX‰HUKDOEGHU6DLVRQNRQ]HQWULHUHQ
$QSDVVXQJGHU$UEHLWVEHGLQJXQJHQ
(LQ ZHLWHUHU $QVDW]SXQNW I U HLQH XPIDVVHQGH 3ROLWLN ]XU ,QWHJUDWLRQ GHU bOWHUHQ LQ GDV
(UZHUEVOHEHQELHWHWVLFKLQGHU$QSDVVXQJGHU$UEHLWV]HLWHQXQG%HGLQJXQJHQDQGLH$UEHLWV
IlKLJNHLW1HEHQDUEHLWVPDUNWSROLWLVFKHQ$QVlW]HQZLH]XP%HLVSLHOGHQ$XIEDXHLQHU$UEHLWV
NUlIWHhEHUODVVXQJV *PE+ ZLH VLH ]XP %HLVSLHO LQ 9RUDUOEHUJ EHUHLWV H[LVWLHUW VLHKH GD]X
0|UWK*XVHQEDXHUELHWHQVLFKKLHUDXFKEHWULHEOLFKH$UEHLWV]HLWPRGHOOHDQ6RZHU
GHQ ]XP %HLVSLHO DXI ZZZDUEHLWXQGDOWHUDW HLQH 5HLKH YRQ )DOOEHLVSLHOHQ ]% $'(*
6FKPLG 6FKUDXEHQ $%% 6FKZHL] JHQDQQW LQ GHQHQ )LUPHQ GXUFK HLQH bQGHUXQJ LQ GHU
LQWHUQHQ$UEHLWVRUJDQLVDWLRQ]XHLQHU6WHLJHUXQJGHU%HVFKlIWLJXQJVIlKLJNHLWGHUbOWHUHQEHL
WUDJHQ *HPHLQVDP LVW GLHVHQ %HLVSLHOHQ GDEHL GDVV GLH 9HUlQGHUXQJHQ LQ GHQ %HWULHEHQ
HUVWQDFKHLQHU%HUDWXQJHUIROJWHQ'HPHQWVSUHFKHQGZLFKWLJLVWHVLQGLHVHP%HUHLFKGHQ
8QWHUQHKPHQHQWVSUHFKHQGH%HUDWXQJHQDQ]XELHWHQ
)UDXHQ
1HEHQ GHU QLHGULJHQ (UZHUEVEHWHLOLJXQJ GHU bOWHUHQ LVW GLH 8QJOHLFKKHLW YRQ )UDXHQ XQG
0lQQHUQDP7LUROHU$UEHLWVPDUNWHLQHZHLWHUH$XIIlOOLJNHLW,Q7LUROVLQG]ZDUGLH(8ZHLWHQ=LHOH
KLQVLFKWOLFK GHU )UDXHQEHVFKlIWLJXQJVTXRWH YRQ EHUHLWV HUUHLFKW 'LH *HVFKOHFKWHUXQ
WHUVFKLHGH EHL (UZHUEVTXRWH (LQNRPPHQ XQG %HWURIIHQKHLW YRQ 7HLO]HLWDUEHLW VLQG DEHU
]XPHLVW]XXQJXQVWHQGHU)UDXHQK|KHUDOVLP EULJHQgVWHUUHLFK(LQHEHVRQGHUVZLFKWLJH
=LHOJUXSSHLQ7LUROVLQGGDEHLGLH)UDXHQLP+DXSWHUZHUEVDOWHU*HUDGHEHLGLHVHU*UXSSHVLQG
GLH (UZHUEVTXRWHQ XQG (LQNRPPHQVXQWHUVFKLHGH ]ZLVFKHQ )UDXHQ XQG 0lQQHUQ K|KHU DOV
LP EULJHQgVWHUUHLFKGLHJHULQJH(UZHUEVEHWHLOLJXQJGHU)UDXHQLVW EHUGLHVPLWHLQHPYHU
JOHLFKVZHLVHKRKHQ$QWHLODQGHU$UEHLWVORVLJNHLWEHODVWHW=LHOHLQHUXPIDVVHQGHQ3ROLWLNGLH
HLQH9HUEHVVHUXQJGHU6LWXDWLRQGHU)UDXHQDQVWUHEWN|QQWHHVVHLQELVLQV-DKULQGHQ
JHVFKOHFKWVVSH]LILVFKHQ ,QGLNDWRUHQ ]X (QWORKQXQJ XQG (UZHUEVEHWHLOLJXQJ :HUWH ]X HUUHL
FKHQGLH]XPLQGHVWGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWHQWVSUHFKHQ
1LFKW DQGHUV DOV GLH %HVFKlIWLJXQJVVLWXDWLRQ GHU bOWHUHQ VLQG JHVFKOHFKWVVSH]LILVFKH 8QWHU
VFKLHGHDP$UEHLWVPDUNWGDKHUHLQJHVHOOVFKDIWOLFKHV4XHUVFKQLWWVWKHPD(LQH(UK|KXQJGHU
&KDQFHQJOHLFKKHLWYRQ)UDXHQ XQG0lQQHUQDP $UEHLWVPDUNWPXVVJOHLFK]HLWLJDXIPHKUH
UHQ+DQGOXQJVHEHQHQJHI|UGHUWZHUGHQ+DQGLQ+DQGPLWGHU5HIRUPYRQ*HVHW]HQ5DK
PHQEHGLQJXQJHQXQG6WUDWHJLHQLVWHLQ|IIHQWOLFKHU'LVNXUV]XI KUHQGDHLQJHVHOOVFKDIWOLFKHU
:DQGHO DQJHVWUHEW ZLUG GHU QXU GDQQ UHDOLVLHUEDU LVW ZHQQ HU DXFK YRQ GHU *HVHOOVFKDIW
DQJHQRPPHQXQGJHWUDJHQZLUG
'LH EHVRQGHUH $XIPHUNVDPNHLW GLH VRZRKO GLH (XURSlLVFKH 8QLRQ DOV DXFK GLH |VWHUUHLFKL
VFKHQ,QVWLWXWLRQHQGHP7KHPD&KDQFHQJOHLFKKHLWZLGPHQKDWHLQH5HLKHYRQ%HJU QGXQ

²²
JHQ 1LFKW ]XOHW]W DXIJUXQG YRQ GHPRJUDSKLVFKHQ (QWZLFNOXQJHQ VLHKH I U 7LURO %H\HU
+lPPHUOH *DUELVODQGHU ZLUG GLH XQJOHLFKH 6WHOOXQJ YRQ )UDXHQ XQG 0lQQHUQ
]XQHKPHQG DOV +HPPQLV I U GLH JHVDPWZLUWVFKDIWOLFKH (QWZLFNOXQJ EHWUDFKWHW 6FKRQ
ZXUGHYRP5DWGHU(XURSlLVFKHQ8QLRQIHVWJHKDOWHQGDVVEHUHLWVKHXWHDXVGHUGHPRJUD
SKLVFKHQ(QWZLFNOXQJDEVHKEDULVWGDVVGDVZDFKVHQGH3RWHQ]LDOJXWJHELOGHWHU)UDXHQGDV
JU|‰WH²ELVODQJQRFKXQ]XUHLFKHQGJHQXW]WH²4XDOLILNDWLRQVXQG,QQRYDWLRQVSRWHQWLDOGDU
VWHOOWGDVHVYHUVWlUNW]XHQWZLFNHOQXQG]XQXW]HQJLOWXQGGDVVHVI UGLHG\QDPLVFKH)RUW
HQWZLFNOXQJGHV%LQQHQPDUNWHVXQGYRUDOOHPGLH6FKDIIXQJQHXHU$UEHLWVSOlW]HQRWZHQGLJ
LVW LQVEHVRQGHUH GXUFK SRVLWLYH )|UGHUPD‰QDKPHQ ]XU &KDQFHQJOHLFKKHLW ]ZLVFKHQ )UDXHQ
XQG 0lQQHUQ EHL]XWUDJHQ (LQH YHUVWlUNWH %HWHLOLJXQJ YRQ )UDXHQ DP (UZHUEVOHEHQ VROO
HLQHQDFKKDOWLJH(QWZLFNOXQJGHU5HQWHQXQG*HVXQGKHLWVV\VWHPHHUP|JOLFKHQGHQVR]LD
OHQ=XVDPPHQKDOWVWlUNHQGLH(QWZLFNOXQJGHV'LHQVWOHLVWXQJVVHNWRUVI|UGHUQXQGHLQHQYHU
EHVVHUWHQ (LQVDW] GHU +XPDQNDSLWDOUHVVRXUFHQ VLFKHUQ 'LH *OHLFKVWHOOXQJ YRQ )UDXHQ XQG
0lQQHUQ DP $UEHLWVPDUNW KDW ]XVlW]OLFK ]XU QRUPDWLYHQ XQG JHVDPWZLUWVFKDIWOLFKHQ DXFK
HLQH UHJLRQDOSROLWLVFKH 'LPHQVLRQ *HVFKOHFKWVVSH]LILVFKH 8QWHUVFKLHGH EHHLQIOXVVHQ PLWWHO
ELV ODQJIULVWLJ DXFK GLH UHJLRQDOH :LUWVFKDIWVVWUXNWXU XQG 5DXPRUGQXQJ GD VLH VLFK DXI GDV
$UEHLWVDQJHERWVXQGOHW]WHQGOLFKDXFKDXIGDV:DQGHUXQJVYHUKDOWHQGHU3HUVRQHQDXVZLU
NHQ
0D‰QDKPHQ]XU9HUEHVVHUXQJGHU9HUHLQEDUNHLWYRQ%HUXIXQG)DPLOLH
'LH 6FKZLHULJNHLW GHU .RPELQDWLRQ YRQ %HUXI XQG )DPLOLH I U 0lQQHU XQG )UDXHQ VWHKW LP
=HQWUXP GHU *HVFKOHFKWHUXQWHUVFKLHGH DP $UEHLWVPDUNW (LQ HUVWHU $QVDW]SXQNW ]XU 9HUEHV
VHUXQJ GHU (UZHUEVEHWHLOLJXQJ YRQ )UDXHQ KlQJW GHVKDOE PLW GHU9HUI JEDUNHLW YRQ .LQGHU
EHWUHXXQJVSOlW]HQ]XVDPPHQ6R]HLJW.DSLWHOGLHVHU6WXGLHGDVV7LUROKLQVLFKWOLFKGHU,QGL
NDWRUHQ]XU.LQGHUEHWUHXXQJ]XP7HLOGHXWOLFKXQWHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWOLHJW
1DFKGHQLQ.DSLWHOGLHVHU6WXGLHYRUJHQRPPHQHQ6FKlW]XQJHQZ UGHQLQ7LUROUXQG
)UDXHQGLHJHJHQZlUWLJNHLQHQ$UEHLWVSODW]VXFKHQGLHVWXQZHQQVLHHLQHQWVSUHFKHQGHV
%HWUHXXQJVDQJHERWKlWWHQhEHUGLHVZ UGHQVLFK]ZLVFKHQXQG)UDXHQGLHLQ7LURO
HLQHU7HLO]HLWEHVFKlIWLJXQJQDFKJHKHQHLQH9ROO]HLWEHVFKlIWLJXQJZ QVFKHQZHQQVLHHLQHQ
HQWVSUHFKHQGHQ.LQGHUEHWUHXXQJVSODW]ILQGHQN|QQWHQ'LH%HUHLWVWHOOXQJTXDOLWDWLYHQWVSUH
FKHQGHU .LQGHUEHWUHXXQJVHLQULFKWXQJHQ JHK|UW GDKHU PLW ]X GHQ HIIHNWLYVWHQ 0D‰QDKPHQ
]XU 6WHLJHUXQJ GHU (UZHUEVEHWHLOLJXQJ GHU )UDXHQ LP +DXSWHUZHUEVDOWHU %HL HLQHU VROFKHQ
$XVZHLWXQJGHU.LQGHUEHWUHXXQJVHLQULFKWXQJHQVROOWHDXFKDXIGLH4XDOLWlWGLHVHU%HWUHXXQJ
EHVRQGHUV:HUWJHOHJWZHUGHQ6R]HLJHQGLH(UJHEQLVVHGLHVHU6WXGLHYRUDOOHPHLQHQJHZLV
VHQ$XIKROEHGDUIEHLGHQgIIQXQJV]HLWHQ
6LHKH(QWVFKOLH‰XQJGHV5DWHVXQGGHULP5DWYHUHLQLJWHQ9HUWUHWHUGHU5HJLHUXQJHQGHU0LWJOLHGVWDDWHQYRP
'H]HPEHU]XUJOHLFKEHUHFKWLJWHQ7HLOKDEHGHU)UDXHQDQHLQHUEHVFKlIWLJXQJVLQWHQVLYHQ:DFKVWXPVVWUDWHJLH
GHU(XURSlLVFKHQ8QLRQ$PWVEODWW1U&YRP6²

²²
1HEHQ GHU .LQGHUEHWUHXXQJ LVW DEHU DXFK GLH 3IOHJH YRQ lOWHUHQ XQGRGHU NUDQNHQ )DPLOL
HQPLWJOLHGHUQHLQ$XIJDEHQEHUHLFKGHULQYLHOHQ)lOOHQGLH3UlVHQ]YRQ)UDXHQDP$UEHLWV
PDUNW HUVFKZHUW 1HEHQ TXDOLIL]LHUWHQ *DQ]WDJVHLQULFKWXQJHQ I U .OHLQNLQGHU VLQG DXFK HQW
VSUHFKHQGH(LQULFKWXQJHQXQG5DKPHQEHGLQJXQJHQLP3IOHJHEHUHLFKZLFKWLJH'HWHUPLQDQ
WHQGHU&KDQFHQJOHLFKKHLW,POlQGOLFKHQ5DXPVLQGYRUDOOHPDQJHVLFKWVGHU9HUlQGHUXQ
JHQ GLH VLFK GXUFK GHQ GHPRJUDSKLVFKHQ :DQGHO HUJHEHQ GLHVEH] JOLFK LQQRYDWLYH
/|VXQJVDQVlW]HJHIUDJW%HLVSLHOVZHLVHLVWHLQH,QVWLWXWLRQDOLVLHUXQJHLQHU,QIRUPDWLRQVSODWWIRUP
]X EHUOHJHQ GLH HV GHQ HLQ]HOQHQ +DXVKDOWHQ)UDXHQ HUP|JOLFKW LQ HLQHP NOHLQUlXPLJHQ
8PIHOG TXDOLIL]LHUWH %HWUHXXQJVHLQULFKWXQJHQ ]X RUJDQLVLHUHQ HWZD EHU JHPHLQQ W]LJH
9HUHLQHLQGHQHQ)DFKNUlIWHLQGHUMHZHLOLJHQ'LV]LSOLQPLW3HUVRQHQ]XVDPPHQDUEHLWHQGLH
DQJHOHUQWZHUGHQN|QQHQ(VLVWDOVRQLFKWQRWZHQGLJGDVVDOOHURUWVNOHLQVWUlXPLJVWDDWOLFKH
3IOHJHHLQULFKWXQJHQ $OWHQ XQG 3IOHJHKHLPH HLQJHULFKWHW ZHUGHQ VRQGHUQ GDVV GLH 5DK
PHQEHGLQJXQJHQ JHVFKDIIHQ XQG XQWHUVW W]W ZHUGHQ GLH HLQH VR]LDOYHUVLFKHUXQJVUHFKWOLFK
DEJHVLFKHUWH%HVFKlIWLJXQJI U%HWUHXXQJVSHUVRQHQHUP|JOLFKHQ
=XVlW]OLFK ]X %HVVHUXQJHQ LP %HUHLFK GHU .LQGHUEHWUHXXQJ XQG GHU 3IOHJH N|QQHQ DXFK
bQGHUXQJHQLQEHWULHEOLFKHQ$EOlXIHQHLQHQHUKHEOLFKHQ%HLWUDJ]XUEHVVHUHQ9HUHLQEDUNHLW
YRQ %HUXI XQG )DPLOLH OLHIHUQ (LQ JXWHV %HLVSLHO KLHUI U OLHIHUW HLQH QHXHUH 6WXGLH GHU :LUW
VFKDIWVNDPPHU7LURO%H\HU+lPPHUOH*DUELVODQGHU,QGLHVHUZHUGHQDXIJHWHLOWDXI
GLH+DQGOXQJVIHOGHU$UEHLWV]HLW$UEHLWVDEOlXIHXQGLQKDOWH$UEHLWVRUW,QIRUPDWLRQXQG.RP
PXQLNDWLRQ) KUXQJ3HUVRQDOHQWZLFNOXQJ(QWJHOWXQGIODQNLHUHQGHV6HUYLFHLQVJHVDPW EHU
(LQ]HOPD‰QDKPHQ DXIJHOLVWHW PLW GHQHQ 8QWHUQHKPHQ ]X HLQHU EHVVHUHQ 9HUHLQEDUNHLW
YRQ %HUXI XQG )DPLOLH EHLWUDJHQ N|QQHQ (V N|QQWH GDUDQ JHGDFKW ZHUGHQ DXI *UXQGODJH
GLHVHV0D‰QDKPHQNDWDORJHVVSH]LHOOH%HUDWXQJVSURJUDPPHI U8QWHUQHKPHQ]XHQWZLFNHOQ
,QVEHVRQGHUH.OHLQXQG0LWWHOEHWULHEHKDEHQHLQHQ%HGDUIDQ%HUDWXQJXQG&RDFKLQJGDV
REHU|VWHUUHLFKLVFKH(48$/3URMHNWIHP#ZRUNEHLGHP8QWHUQHKPHQLQGHU.RQ]HSWLRQLKUHU
3HUVRQDOHQWZLFNOXQJXQWHUVW W]WZHUGHQN|QQWHGDI UDOV0RGHOOGLHQHQ
6FKOXVVHQGOLFK VROOWHQ EHL GHU (UVWHOOXQJ YRQ DUEHLWVPDUNWSROLWLVFKHQ 0D‰QDKPHQ DXFK GLH
UHJLRQDOHQ8QWHUVFKLHGHDP$UEHLWVPDUNWEHU FNVLFKWLJWZHUGHQ:LHDXFKYRQHLQHU6WXGLH
GHU$UEHLWHUNDPPHUEHOHJWZLUG)DKUQHU*ROGVLQGGLH*HVFKOHFKWHUXQWHUVFKLHGHLQ
GHQ%H]LUNHQ/DQGHFNXQG/LHQ]EHVRQGHUVJUR‰5HJLRQDOH $QVlW]HZLHVLHLQ7LUROLP 5DK
PHQGHV3URMHNWHV0DPPD0LDHLQJHVHW]WZHUGHQVLQGI UHLQHHUK|KWH9HUHLQEDUNHLWYRQ
%HUXIXQG)DPLOLH]LHOI KUHQG*HUDGHLP5DKPHQVROFKHU3URMHNWHLVWHVP|JOLFKGXUFK0D‰
VFKQHLGHUQGHU0D‰QDKPHDXIGLHUHJLRQDOUHOHYDQWHQ3UREOHPHGHU)UDXHQDUEHLWVPlUNWHLQ
0DPPD0LD]XP%HLVSLHOGLHPRELOH%HUDWXQJXQGLQWHQVLYH(LQELQGXQJUHJLRQDOHU$NWHXUH
LP)DOOYRQ0DPPD0LDZLUGGLHGXUFK1HW]ZHUNWUHIIHQXQWHUVW W]WGHQ:LUNXQJVJUDGGHU
0D‰QDKPH]XHUK|KHQXQGHLQHQ]XVlW]OLFKHQ%HLWUDJ]XPUHJLRQDOHQ.RPSHWHQ]DXIEDXLQ
GLHVHP%HUHLFK]XHU]LHOHQ

²²
0D‰QDKPHQLQ%H]XJDXIGLH7HLO]HLWEHVFKlIWLJXQJYRQ)UDXHQ
7HLO]HLWEHVFKlIWLJXQJ LVW I U 8QWHUQHKPHQ HLQ ZLFKWLJHV ,QVWUXPHQW ]XU )OH[LELOLVLHUXQJ XQG I U
$UEHLWQHKPHU,QQHQ HLQH HUZ QVFKWH 2SWLRQ XP %HUXIV XQG )DPLOLHQOHEHQ ]X NRPELQLHUHQ
'LHJUR‰H.RQ]HQWUDWLRQGHU7HLO]HLWDUEHLWDXI)UDXHQWUlJWDOOHUGLQJV]XHLQHU6HJUHJDWLRQDP
$UEHLWVPDUNW EHL ,Q 7HLO]HLW EHVFKlIWLJWH )UDXHQ KDEHQ JHULQJHUH :HLWHUELOGXQJV XQG $XI
VWLHJVFKDQFHQ XQG GHPHQWVSUHFKHQG IODFKHUH %HUXIVNDUULHUHQ XQG VFKOHFKWHUH (LQNRP
PHQVFKDQFHQ 8P GLH 0DUJLQDOLVLHUXQJ YRQ 7HLO]HLWEHVFKlIWLJXQJ ]X YHUKLQGHUQ LVW HV QRW
ZHQGLJ7HLO]HLWDUEHLWDXVGHPELVKHULJHQJHVFKOHFKWVXQGEHUXIVSH]LILVFKHQ6FKHPD]XHQW
NRSSHOQ=ZHL6WUDWHJLHQVLQGGDI UGHQNEDU(LQH1RUPDOLVLHUXQJGHU7HLO]HLWDUEHLWDOV3KDVH
LP(UZHUEVOHEHQV]\NOXV ZRGXUFK8QWHUVFKLHGH]ZLVFKHQ7HLO]HLWXQG9ROO]HLWDUEHLWYHUULQJHUW
ZHUGHQVROOHQXPGHQhEHUJDQJ]ZLVFKHQGHQEHLGHQ]XHUOHLFKWHUQ+LHULVWHVZLFKWLJGHQ
%HG UIQLVVHQ GHU $UEHLWQHKPHU,QQHQ QDFK HLQHP :HFKVHO YRQ 7HLO]HLW LQ 9ROO]HLWEHVFKlIWL
JXQJ XQG XPJHNHKUW P|JOLFKVW ]X HQWVSUHFKHQ XP XQIUHLZLOOLJH 7HLO]HLWEHVFKlIWLJXQJ ]X
YHUKLQGHUQ(LQH]ZHLWHSDUDOOHOH6WUDWHJLHVROOWHGDKLQJHKHQGDUEHLWHQGDV7HLO]HLWDQJHERW
]XGLIIHUHQ]LHUHQXQGYHUVWlUNW0lQQHUXQGKRFKTXDOLIL]LHUWH$UEHLWVNUlIWHLQ7HLO]HLWHLQ]XELQ
GHQ 'LHVH 6WUDWHJLHQ N|QQHQ QXU GDQQ HUIROJUHLFK VHLQ ZHQQ DXFK 0lQQHU 7HLO]HLWVWHOOHQ
QLFKW PHKU DOV $EZHLFKXQJ YRQ GHU 1RUP EHWUDFKWHQ 'DEHL LVW HV ZLFKWLJ VLFKHU]XVWHOOHQ
GDVV
5HFKWOLFKH 5HJHOXQJHQ *HVHW]H .ROOHNWLYYHUWUlJH RGHU %HWULHEVYHUHLQEDUXQJHQ
URXWLQHPl‰LJ DXFK GDKLQJHKHQG EHUSU IW ZHUGHQ RE VLH JHJHQ EHU 7HLO]HLWEH
VFKlIWLJWHQGLVNULPLQLHUHQ
7HLO]HLWEHVFKlIWLJWH LQ JOHLFKHP $XVPD‰ DQ EHWULHEOLFKHU :HLWHUELOGXQJ WHLOQHKPHQ
N|QQHQZLH9ROO]HLWEHVFKlIWLJWH:HLWHUELOGXQJVNRQ]HSWHVROOWHQGDEHLGDKLQJHKHQG
JHSU IW ZHUGHQ GDVV %HVFKlIWLJWH PLW )DPLOLHQDXIJDEHQ DQ :HLWHUELOGXQJ WHLOQHK
PHQN|QQHQ
0D‰QDKPHQ]XUhEHUZLQGXQJYRQEHUXIOLFKHU6HJUHJDWLRQXQG]XU$QJOHLFKXQJYRQ/|KQHQ
(LQ ZHLWHUHU $QVDW]SXQNW ]XU (UUHLFKXQJ GHV =LHOV HLQH *OHLFKVWHOOXQJ GHU *HVFKOHFKWHU DP
$UEHLWVPDUNW LVW GLH YHUVWlUNWH )|UGHUXQJ YRQ )UDXHQ LQ VR JHQDQQWHQ 0lQQHUEHUXIHQ XP
DXIGLHVH:HLVHGLH 6HJUHJDWLRQDP $UEHLWVPDUNW]XEHNlPSIHQ,Q7LUROZHUGHQJHUDGH]X
GLHVHP7KHPHQEORFNEHUHLWVHLQLJH0D‰QDKPHQGXUFKJHI KUW ]%*LUOV·'D\PXW0lG
FKHQXQG7HFKQLNGLHYRUDOOHPGHU,QIRUPDWLRQMXQJHU)UDXHQXQGGHU6HQVLELOLVLHUXQJYRQ
%LOGXQJVWUlJHUQGLHQHQ(VZlUHZ QVFKHQVZHUWGLHVHVFKRQEHVWHKHQGHQ,QLWLDWLYHQDXV]X
EDXHQ XQG ]X HUJlQ]HQ EHLVSLHOVZHLVH N|QQWH GLH =XVDPPHQDUEHLW PLW GHQ %HWULHEHQ ]XU
'XUFKI KUXQJYRQ7DJHQGHURIIHQHQ7 UXQGYRQ3UDNWLNDYHUVWlUNWZHUGHQ$XFKKLHUNDQQ
DXI VFKRQ EHVWHKHQGH ,QLWLDWLYHQ DXIJHEDXW ZHUGHQ ]% 3RZHU *LUOV LQ 2EHU|VWHUUHLFK
%HUXIOLFKH4XDOLILNDWLRQ²,QWHUHVVHI U7HFKQLNIU K]HLWLJXQGNRPSHWHQWI|UGHUQ

²²
1HEHQGHU0|JOLFKNHLWGHV$XVEDXVVROFKHU0D‰QDKPHQVROOWHGDEHLDXFKYHUVWlUNWDQGLH
9HUQHW]XQJXQG.RRUGLQDWLRQYHUVFKLHGHQHU$NWLYLWlWHQLQGLHVHP%HUHLFKJHGDFKWZHUGHQ
(LQH0|JOLFKNHLWKLHU]XZlUHGLH%LOGXQJYRQ.RPSHWHQ]]HQWUHQZLHPDQVLH]XP%HLVSLHOLQ
'HXWVFKODQGPLWGHQVRJHQDQQWHQ.RPSHWHQ]]HQWUHQ]XP7KHPD)UDXHQLQGHU,QIRUPDWL
RQVJHVHOOVFKDIW XQG 7HFKQRORJLH DQJHVWUHEW KDW $XIJDEH GLHVHU .RPSHWHQ]]HQWUHQ GLH
JHPHLQVDPYRQSULYDWHQXQG|IIHQWOLFKHQ7UlJHUQILQDQ]LHUWZHUGHQLVWHV%HUDWXQJ $XVELO
GXQJXQGgIIHQWOLFKNHLWVDUEHLW]XP7KHPD)UDXHQLQ,.7%HUXIHQDQ]XELHWHQhEHUGLHVVROOWHLQ
GLHVHP %HUHLFK DXFK HQJ PLW GHQ %LOGXQJVWUlJHUQ ]XVDPPHQJHDUEHLWHW ZHUGHQ 'LH hEHU
SU IXQJ XQG (UJlQ]XQJ YRQ EHVWHKHQGHQ 0DWHULDOLHQ ]XU 8QWHUVW W]XQJ YRQ 6FKXOZDKO XQG
%HUXIVHQWVFKHLGXQJLQGHQ6FKXOHQ DEHUDXFKLQGHQUHOHYDQWHQ bPWHUQXQG,QVWLWXWLRQHQ
N|QQWHHLQHQ7HLOGLHVHU.RRSHUDWLRQVDUEHLWGDUVWHOOHQ
1HEHQGHUEHUXIOLFKHQ6HJUHJDWLRQ]HLJHQ6WXGLHQI UJDQ]gVWHUUHLFKXQGDQGHUH%XQGHV
OlQGHU DEHU DXFK GDVV HLQ HUKHEOLFKHU 7HLO GHU /RKQXQWHUVFKLHGH ]ZLVFKHQ 0lQQHUQ XQG
)UDXHQGXUFK8QWHUVFKLHGHLQGHU(QWORKQXQJLQQHUKDOEHLQ]HOQHU4XDOLILNDWLRQVJUXSSHQHQW
VWHKWVLHKH%LIIO/HRQL'LHVGHXWHWGDUDXIKLQGDVV0lQQHUXQG)UDXHQPLWlKQOLFKHU
4XDOLILNDWLRQXQWHUVFKLHGOLFKH/|KQHHUKDOWHQ8PGLHVHU8QJOHLFKEHKDQGOXQJYRQ0lQQHUQ
XQG)UDXHQPLWlKQOLFKHQ4XDOLILNDWLRQHQ]XEHJHJQHQN|QQWHDXFKDQ]XVlW]OLFKH6HQVLELOL
VLHUXQJVPD‰QDKPHQLQGHQ8QWHUQHKPHQJHGDFKWZHUGHQ,Q%HOJLHQKDWPDQKLHU]XP%HL
VSLHO YHUVXFKW GDV ,QVWUXPHQW GHU $UEHLWVSODW]EHZHUWXQJ HLQ]XVHW]HQ XP $UEHLWJHEHU XQG
QHKPHU,QQHQYHUVWlUNWDXIHWZDLJHGLVNULPLQDWRULVFKH3UDNWLNHQLQGHU/RKQVHW]XQJKLQ]XZHL
VHQ XQG LQ 6FKZHGHQ ZLOO PDQ QRFK ZHLWHU JHKHQ LQGHP 8QWHUQHKPHQ GD]X YHUSIOLFKWHW
ZHUGHQVROOHQHLQHQMlKUOLFKHQ*OHLFKVWHOOXQJVEHULFKW]XOHJHQ
0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLN
6FKOXVVHQGOLFK ]HLJHQ JHUDGH GLH LQ .DSLWHO GDUJHVWHOOWHQ (YDOXLHUXQJVHUJHEQLVVH GDVV
)UDXHQ RIIHQVLFKWOLFK YRQ 4XDOLIL]LHUXQJVPD‰QDKPHQ SURILWLHUHQ VRGDVV JHUDGH LQ GLHVHP
%HUHLFKDXFK0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNHLQHZLFKWLJH.RPSRQHQWHLQHLQHU
*OHLFKVWHOOXQJVSROLWLNGDUVWHOOHQ'DEHLLVWYRUDOOHP]XEHU FNVLFKWLJHQGDVV0D‰QDKPHQGHU
DNWLYHQ$UEHLWVPDUNWSROLWLNI U)UDXHQ DEJHVHKHQYRQK|KHUHQ9HUPLWWOXQJVTXRWHQRIWPDOV
DXFK GHP $EZDQGHUQ YRQ )UDXHQ DXV GHP $UEHLWVPDUNW HQWJHJHQZLUNHQ XQG VRPLW HLQHQ
%HLWUDJ]XU6WHLJHUXQJGHU(UZHUEVTXRWHGHU)UDXHQOHLVWHQ
-XJHQGOLFKH
0D‰QDKPHQGHU/HKUVWHOOHQI|UGHUXQJ
2EZRKO GLH -XJHQGDUEHLWVORVLJNHLW LQ 7LURO GHXWOLFK JHULQJHU LVW DOV LP LP HXURSlLVFKHQ 9HU
JOHLFKRKQHKLQVFKRQJHULQJHQ|VWHUUHLFKLVFKHQ'XUFKVFKQLWWZDULKU$QVWLHJLQGHQOHW]WHQ
-DKUHQ EHVRQGHUV KRFK 'LH $UEHLWVPDUNWSROLWLN KDW DXI GLHVH +HUDXVIRUGHUXQJ YRU DOOHP
GXUFKHLQHYHUVWlUNWH/HKUOLQJVI|UGHUXQJUHDJLHUW'LHELVODQJYRUOLHJHQGHKRKH=DKODQ)|U

²²
GHUIlOOHQ GHU JHJHQZlUWLJHQ /HKUVWHOOHQI|UGHUXQJ GHXWHW DOOHUGLQJV DXI PDVVLYH 0LWQDKPH
HIIHNWHKLQ$QVWDWWXQGLIIHUHQ]LHUW/HKUVWHOOHQ]XI|UGHUQZLHGLHVEHLP%OXP%RQXVGHU)DOOLVW
N|QQWHQYHUVWlUNW/HKUEHUXIHJHI|UGHUWZHUGHQGLHDOV]XNXQIWVWUlFKWLJHUDFKWHWZHUGHQXQG
I UGLHLQ=XNXQIWHLQ)DFKNUlIWHPDQJHOHUZDUWHWZLUG%HLVSLHOVZHLVHN|QQWHYHUVXFKWZHUGHQ
GLH =DKO GHU /HKUVWHOOHQ LP KRFKTXDOLIL]LHUWHQ 'LHQVWOHLVWXQJVEHUHLFK ]X KHEHQ ,Q (UJlQ]XQJ
N|QQWH DXFK YHUVXFKW ZHUGHQ DQVWHOOH GHU )|UGHUXQJ YRQ WHPSRUlUHQ /HKUJDQJVSOlW]HQ
-$6* MHQHQ -XJHQGOLFKHQ GLH QLFKW LQ HLQH ZHLWHUI KUHQGH YROO]HLWVFKXOLVFKH $XVELOGXQJ
YHUPLWWHOWZHUGHQN|QQHQHLQHYROOZHUWLJH/HKUDXVELOGXQJLQHLQHU/HKUZHUNVWDWWDQ]XELHWHQ
0D‰QDKPHQLP%HUHLFKGHUYROO]HLWVFKXOLVFKHQ$XVELOGXQJ
2EHUVWHV=LHOVROOWHHVMHGRFKVHLQ-XJHQGOLFKHOlQJHULQVFKXOLVFKHU$XVELOGXQJ]XKDOWHQ(V
VROOWH YHUVXFKW ZHUGHQ -XJHQGOLFKH RKQH /HKUVWHOOH PLWWHOV LQGLYLGXHOOHU %LOGXQJVEHUDWXQJ
ZLHGHU]XU$XIQDKPHHLQHUYROO]HLWVFKXOLVFKHQ$XVELOGXQJ]XEHZHJHQ,Q'lQHPDUNKDWPDQ
LQ HLQHP VROFKHQ 3URJUDPP GLH (UIDKUXQJ JHPDFKW GDVV UXQG HLQ 'ULWWHO GHU DUEHLWVORVHQ
-XJHQGOLFKHQGD]XPRWLYLHUWZHUGHQNRQQWHQHLQHVFKXOLVFKH$XVELOGXQJDXI]XQHKPHQ
'RFKQLFKWLPPHUOLHJWGLHVH(QWVFKHLGXQJLP(LQIOXVVEHUHLFKGHU-XJHQGOLFKHQ'LH%LOGXQJV
ZHJHQWVFKHLGXQJ YRQ -XJHQGOLFKHQ DP hEHUJDQJ ]ZLVFKHQ DXI 6FKXOVWXIH E]Z DP
(QGHGHU3IOLFKWVFKXOHZLUGZHVHQWOLFKYRQGHU(LQNRPPHQVVLWXDWLRQYRP%LOGXQJVVWDQGGHU
(OWHUQXQGGHP=XJDQJ ]X%LOGXQJVLQIRUPDWLRQHQEHHLQIOXVVW,P+LQEOLFNDXIGLHILQDQ]LHOOHQ
%HQDFKWHLOLJXQJHQ]HLJWVLFKGDVVLP:HVHQWOLFKHQ]ZHL)DNWRUHQGLH7HLOQDKPHDQHLQHUZHL
WHUI KUHQGHQYROO]HLWVFKXOLVFKRUJDQLVLHUWHQ$XVELOGXQJYHUKLQGHUQ
• (LQHUVHLWVGLHEHJUHQ]WHQILQDQ]LHOOHQ5HVVRXUFHQ]XU8QWHUVW W]XQJGHU%LOGXQJVEHP KXQ
JHQ GHU .LQGHU ]% 1DFKKLOIHXQWHUULFKW 7HLOQDKPH DQ QLFKWVFKXOLVFKHQ %LOGXQJV XQG
)UHL]HLWDQJHERWHQ
• $QGHUHUVHLWVGDV'UlQJHQGHU(OWHUQLQ+DXVKDOWHQPLWQLHGULJHP(LQNRPPHQDXIHLQHQ
UDVFKHQ(LQWULWWLQGHQ$UEHLWVPDUNW
8PGHQ-XJHQGOLFKHQXQDEKlQJLJYRQGHUILQDQ]LHOOHQ6LWXDWLRQGHU(OWHUQGLH0|JOLFKNHLW
]X ELHWHQ LKUHQ )lKLJNHLWHQ HQWVSUHFKHQGH %LOGXQJVHLQULFKWXQJHQ ]X EHVXFKHQ N|QQWH HLQ
EHG UIWLJNHLWVDEKlQJLJHV 6WLSHQGLXP I U GLH $XVELOGXQJ DQ ZHLWHUI KUHQGHQ YROO]HLWVFKXOL
VFKHQ(LQULFKWXQJHQ%06%+6JHZlKUWZHUGHQ
%HWULHEOLFKHXQGLQVWLWXWLRQHOOH$QVDW]SXQNWH
(LQ ZHLWHUHU $QVDW]SXQNW ZlUH HLQH )RUFLHUXQJ GHU $XVELOXQJVEHP KXQJHQ LP $XVELOGXQJV
YHUEXQG ,QGLHVHPVFKOLH‰HQVLFK%HWULHEH]XVDPPHQXPJHPHLQVDP/HKUOLQJHDXV]XELO
GHQ'DGXUFKN|QQHQHLQHUVHLWVKRFKVSH]LDOLVLHUWH%HWULHEHGLHNHLQXPIDVVHQGHV%HUXIVELOG
'HU]HLW VLQG LP 7LUROHU $XVELOGXQJVYHUEXQG %HWULHEH PLW /HKUOLQJHQ ]XVDPPHQJHVFKORVVHQ VLHKH
ZZZDXVELOGXQJVYHUEXQGDW

²²
PHKU DQELHWHQ N|QQHQ /HKUOLQJH DXVELOGHQ DQGHUHUVHLWV ZLUG HV P|JOLFK /HKUOLQJH EUHLWHU
DXV]XELOGHQ]%GXUFKHLQH'RSSHOOHKUH
6FKOXVVHQGOLFK N|QQWHQ -XJHQGOLFKH RKQH DEJHVFKORVVHQH (UVWDXVELOGXQJ PLW VFKZHUZLH
JHQGHQSHUV|QOLFKHQ3UREOHPODJHQLQ3URGXNWLRQVVFKXOHQEHWUHXWZHUGHQ(UVWH(UIDKUXQJHQ
PLWVROFKHQ(LQULFKWXQJHQLQ2EHU|VWHUUHLFKVLQGYLHOYHUVSUHFKHQG,QLKQHQZLUGYHUVXFKWGLH
5H,QWHJUDWLRQEHQDFKWHLOLJWHU-XJHQGOLFKHULQGHQ$UEHLWVPDUNWYRUDQ]XWUHLEHQVLHLQ/HKU
VWHOOHQE]ZDQZHLWHUI KUHQGH6FKXOHQ]XYHUPLWWHOQ]XVWDELOLVLHUHQXQGLKQHQEHUXIOLFKH2UL
HQWLHUXQJ]XELHWHQ'XUFKGLHSUDNWLVFKH7lWLJNHLWLQ:HUNVWlWWHQVROOHQ6HOEVWZHUWJHI KOXQG
9HUDQWZRUWXQJVEHZXVVWVHLQJHVWlUNWZHUGHQ
$XVOlQGLVFKH$UEHLWVNUlIWH
(LQHZHLWHUH$UEHLWVPDUNWJUXSSHGHUHQ$UEHLWVORVLJNHLWJHUDGHLQGHQOHW]WHQ-DKUHQEHVRQ
GHUVVWDUNDQJHVWLHJHQLVWLVWGLHGHUDXVOlQGLVFKHQ$UEHLWVNUlIWH'DEHLLVWIHVW]XKDOWHQGDVV
GLH *UXSSH GHU 3HUVRQHQ PLW 0LJUDWLRQVKLQWHUJUXQG LQ 7LURO NHLQH ]X YHUQDFKOlVVLJHQGH
*UXSSHPHKULVW,P-DKUZDUHQUXQGGHULQ7LUROZRKQKDIWHQ%HY|ONHUXQJLP$XV
ODQG JHERUHQ 5HFKQHW PDQ ]X GLHVHQ 3HUVRQHQ GLH 3HUVRQHQ GHU ]ZHLWHQ XQG GULWWHQ
*HQHUDWLRQ GD]X NDQQ GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV PLWWOHUZHLOH MHGH VHFKVWH ELV
VLHEHQWH LQ 7LURO ZRKQKDIWH 3HUVRQ HLQHQ 0LJUDWLRQVKLQWHUJUXQG KDW hEHUGLHV JHKHQ DOOH
%HY|ONHUXQJVSURJQRVHQ GDYRQ DXV GDVV GHU $QWHLO GHU LP $XVODQG *HERUHQHQ DXIJUXQG
HUK|KWHU=XZDQGHUXQJLQGHQQlFKVWHQ-DKUHQQRFKVWHLJHQZLUGgVWHUUHLFKZHLWN|QQWHHU
ODXW%HY|ONHUXQJVSURJQRVHQLP-DKUEHUHLWVEHWUDJHQ
=XZDQGHUXQJ LVW DXFK HLQ UHJLRQDOHV 3KlQRPHQ ZHOFKHV VLFK YHUVWlUNW LQ 6WlGWHQ NRQ]HQW
ULHUW,Q,QQVEUXFNOLHJWGHU$QWHLOGHULP$XVODQG*HERUHQHQODXW9RONV]lKOXQJEHL
%HUHLWV DQQlKHUQG MHGHU I QIWH LQ ,QQVEUXFN :RKQKDIWH LVW GDKHU LP $XVODQG JHERUHQ ,Q
5HXWWHOLHJWGHU$QWHLOGHULP$XVODQG*HERUHQHQEHLXQGQXULQ,PVW/DQGHFN
XQG/LHQ]OLHJWGLHVHU$QWHLOXQWHU
0D‰QDKPHQLP%HUHLFKGHUJHVHOOVFKDIWOLFKHQ,QWHJUDWLRQ
'HPHQWVSUHFKHQG ZLFKWLJ LVW HV HLQH P|JOLFKVW QDFKKDOWLJH ,QWHJUDWLRQ DXVOlQGLVFKHU
$UEHLWVNUlIWH LQ GDV (UZHUEVOHEHQ VLFKHU]XVWHOOHQ $XVOlQGLVFKH $UEHLWVNUlIWH VLQG GDEHL DXI
HLQHU5HLKHYRQ(EHQHQEHQDFKWHLOLJW6RVLQGLP$XVODQGJHERUHQH(LQZRKQHULQVWlUNHUHP
$XVPD‰DUPXWVJHIlKUGHWKDEHQ²YRUDOOHPLP+DXSWHUZHUEVDOWHU²HLQHJHULQJHUH(UZHUEV
TXRWHXQGHLQHGHXWOLFKK|KHUH$UEHLWVORVHQTXRWHhEHUGLHVVLQG$XVOlQGHUVFKOHFKWHULQV%LO
GXQJVV\VWHPLQWHJULHUWXQGDXFKDP:RKQXQJVPDUNWEHVWHKHQ$Q]HLFKHQHLQHU%HQDFKWHLOL
JXQJDXVOlQGLVFKHU6WDDWVDQJHK|ULJHU'LHEHVRQGHUHQ3UREOHPHGHUDXVOlQGLVFKHQ$UEHLWV
NUlIWHDP$UEHLWVPDUNWVLQGGHPQDFK.RQVHTXHQ]HLQHUZHLWEUHLWHUHQJHVDPWJHVHOOVFKDIWOL
FKHQ3UREOHPDWLNGHU,QWHJUDWLRQ

²²
,QGLHVHP%HUHLFKVROOWHGDKHUHLQHXPIDVVHQGH,QWHJUDWLRQVSROLWLNIRUPXOLHUWZHUGHQGLHVLFK
DXI HLQH YHUEHVVHUWH ,QWHJUDWLRQ GHU ]ZHLWHQ *HQHUDWLRQ LQ GLH (UVWDXVELOGXQJ YHUVWlUNWH
$QVWUHQJXQJHQ LQ GHU ,QWHJUDWLRQ DXVOlQGLVFKHU $UEHLWVNUlIWH LQ GLH $XV XQG :HLWHUELOGXQJ
HLQH9HUULQJHUXQJGHU%HQDFKWHLOLJXQJDXVOlQGLVFKHU6WDDWDQJHK|ULJHUDP:RKQXQJVPDUN
WHVNRQ]HQWULHUW
hEHUVLFKW $QWHLO GHU LP $XVODQG JHERUHQHQ 3HUVRQHQ LQ 7LURO XQG GHQ 7LUROHU %H]LUNHQ
gVWHUUHLFK
6FKZD] 5HXWWH /LHQ] /DQGHFN .XIVWHLQ .LW]E KHO,QQVEUXFN
/DQG
,PVW
,QQVEUXFN
6WDGW
7LURO
49RONV]lKOXQJ
0LWGHP,QWHJUDWLRQVNRQ]HSWGHV/DQGHV* QJ|UOLHJWHLQHVROFKHLQWHJULHUWH6WUDWHJLH
I U 7LUROYRUGLHQHEHQHKHUDOOJHPHLQJHKDOWHQHQ/HLWOLQLHQXQG*UXQGVlW]HQDXFKLQHLQHU
9LHO]DKOYRQ/HEHQVEHUHLFKHQ%LOGXQJ6SUDFKI|UGHUXQJ:LUWVFKDIWXQG$UEHLW9HUZDOWXQJ
*HVXQGKHLWXQG6R]LDOHV:RKQHQXQG5DXPSODQXQJgIIHQWOLFKNHLWVDUEHLW3DUWL]LSDWLRQXQG
$QWLGLVNULPLQLHUXQJ 6SRUW )UHL]HLW XQG .XOWXU LQVJHVDPW 0D‰QDKPHQHPSIHKOXQJHQ ]XU
EHVVHUHQ,QWHJUDWLRQYRQDXVOlQGLVFKHQ$UEHLWVNUlIWHQYRUVFKOlJW
0D‰QDKPHQLP%HUHLFK$UEHLWVPDUNWXQG:LUWVFKDIW
,P%HUHLFK$UEHLWVPDUNXQG:LUWVFKDIWVFKOlJWGLHVHV,QWHJUDWLRQVNRQ]HSWGDEHLYRUYHUVWlUNW
0D‰QDKPHQ LP %HUHLFK GHU $UEHLWVPDUNWLQWHJUDWLRQ YRQ LP $XVODQG JHERUHQHQ -XJHQGOL
FKHQXQG)UDXHQ]XVHW]WHQZREHLKLHUYRUDOOHPLP%HUHLFKDXIGLHLP(48$/3URMHNW-RLQ,Q

²²
JHZRQQHQ (UIDKUXQJHQ DXIJHEDXW ZHUGHQ VROOWH XQG DXFK YHUVWlUNW 0D‰QDKPHQ I U PlG
FKHQVSH]LILVFKH$QOLHJHQJHPDFKWZHUGHQVROOWHQ,P%HUHLFKGHU)UDXHQPLW0LJUDWLRQVROOWH
KLQJHJHQYHUVWlUNWLQ5LFKWXQJHLQHU9HUPHLGXQJHLQHV$EVLQNHQVGHU(UZHUEVTXRWHYRQDXV
OlQGLVFKHQ)UDXHQJHDUEHLWHWZHUGHQ
)ODQNLHUW ZHUGHQ GLHVH 0D‰QDKPHQ LP ,QWHJUDWLRQVNRQ]HSW GXUFK HLQH 5HLKH YRQ EHWULHEOL
FKHQ $QVDW]SXQNWHQ GLH ]XP HLQHQ GHU 9HUEUHLWXQJ YRQ %HVW 3UDFWLFH0D‰QDKPHQ LP
%HUHLFK GHU EHWULHEOLFKHQ ,QWHJUDWLRQ GLHQHQ VROOHQ XQG ]XP DQGHUHQ GLH (UK|KXQJ GHV
$QWHLOVDXVOlQGLVFKHU$UEHLWVNUlIWHLQ) KUXQJVSRVLWLRQHQLQGHQ0LWWHOSXQNWVWHOOHQVROOWHQ(LQ
ZHLWHUHV )|UGHUSURJUDPP VROOWH VLFK EHUGLHV PLW GHU )|UGHUXQJ GHU 6HOEVWlQGLJNHLW YRQ
0LJUDQW,QQHQEHVFKlIWLJHQ
0D‰QDKPHQLP%HUHLFKGHUVSUDFKOLFKHQ,QWHJUDWLRQXQGGHUVFKXOLVFKHQ,QWHJUDWLRQ
'DU EHUKLQDXVLVWDEHUDXFK]XEHU FNVLFKWLJHQGDVVJHUDGHGHU(UZHUEYRQ'HXWVFKNHQQW
QLVVHQ HLQHQ GHU ZHVHQWOLFKHQ (LQIOXVVIDNWRUHQ I U GLH 9HUPLWWHOEDUNHLW YRQ DXVOlQGLVFKHQ
$UEHLWVNUlIWHQGDUVWHOOW'HPHQWVSUHFKHQGZLFKWLJLVWHV²ZLHLP,QWHJUDWLRQVNRQ]HSWYRUJH
VFKODJHQ²DXVOlQGLVFKHQ$UEHLWVNUlIWHQEHUHLWVIU K]HLWLJHLQUHLFKKDOWLJHVXQGSUD[LVRULHQWLHU
WHV $QJHERWDQ'HXWVFKNXUVHQDQ]XELHWHQhEHUGLHVNDQQKLHUJHUDGHGXUFKGLH6LFKHUVWHO
OXQJ HLQHV 8QWHUULFKWV LQ GHU 0XWWHUVSUDFKH XQG VSUDFKOLFKH )U KI|UGHUXQJ GHU .LQGHU HLQ
]XVlW]OLFKHU1XW]HQHU]LHOWZHUGHQhEHUGLHVN|QQWH²ZLHLP,QWHJUDWLRQVNRQ]HSWJHIRUGHUW²LQ
GLHVHP%HUHLFKDXFKHLQHVWlUNHUH)|UGHUXQJGHU.LQGHUEHWUHXXQJKLOIUHLFKVHLQGDLQWHUQDWL
RQDOH(UIDKUXQJHQ]HLJHQGDVVJHUDGH)DPLOLHQPLW0LJUDWLRQVKLQWHUJUXQGLKUH.LQGHUHKHULQ
.LQGHUJlUWHQJHEHQZHQQGDV$QJHERWPLWNHLQHQ.RVWHQYHUEXQGHQLVW
hEHUGLHV VROOWH LP 5DKPHQ HLQHV SUlYHQWLYHQ $QVDW]HV YHUVXFKW ZHUGHQ JHUDGH .LQGHU YRQ
DXVOlQGLVFKHQ6WDDWVE UJHU,QQHQEHVVHUH$XVELOGXQJVSHUVSHNWLYHQ]XJHEHQ'LH(UJHEQLVVH
GLHVHU6WXGLH]HLJHQJHUDGHLQGLHVHP%HUHLFKHLQLJHEHVRUJQLVHUUHJHQGH(QWZLFNOXQJHQ,QV
EHVRQGHUH LVW GHU $QWHLOGLHVHU .LQGHU GHU ]ZHLWHQ *HQHUDWLRQ GLH HLQH 6RQGHUVFKXOH EHVX
FKHQEHVRQGHUVKRFKXQGQXUYHUJOHLFKVZHLVHZHQLJHYRQLKQHQVFKDIIHQHLQHQ $EVFKOXVV
HLQHUZHLWHUI KUHQGHQ6FKXOH*HUDGHLQGLHVHP%HUHLFKEHVWHKWGDKHULQ7LUROZLHLQgVWHU
UHLFK LQVJHVDPW QRFK HLQ JHZLVVHU 1DFKKROEHGDUI VRGDVV GDV ,QWHJUDWLRQVNRQ]HSW HLQH
EUHLWH0D‰QDKPHQSDOHWWHYRUVLHKWGLHYRQGHULQWHUNXOWHUHOOHQ:HLWHUELOGXQJGHU/HKUSHUVR
QHQXQGYHUEHVVHUWHQ%HWUHXXQJVP|JOLFKNHLWHQI U(OWHUQXQG.LQGHUQQLFKWGHXWVFKHU0XWWHU
VSUDFKH EHUGLH(OWHUQELOGXQJXQG4XDOLWlWVVLFKHUXQJLP8QWHUULFKWELVKLQ]XU6FKDIIXQJYRQ
YHUEHVVHUWHQ,QIRUPDWLRQVGDWHQEDQNHQUHLFKW
,QVJHVDPW HUVFKHLQW GDV ,QWHJUDWLRQVNRQ]HSW GHV /DQGHV 7LURO GDKHU JXW JHHLJQHW ]X HLQHU
EHVVHUHQ,QWHJUDWLRQYRQ3HUVRQHQPLW0LJUDWLRQKLQWHUJUXQGEHL]XWUDJHQ,Q(UJlQ]XQJ]XGHQ
0D‰QDKPHQN|QQWHDOOHUGLQJVDXFKDXISUR]HGXUDOHU(EHQHYHUVWlUNWYHUVXFKWZHUGHQ9HWUH
WHU,QQHQYRQ0LQGHUKHLWHQE]Z%HWURIIHQHQLQ7LUROLQGLH0D‰QDKPHQHQWZLFNOXQJHLQ]XELQ
GHQ%HLVSLHOHDXV'HXWVFKODQGVLHKH3HWHQGUD]HLJHQKLHUEHLGDVVJHUDGHLP%HUHLFK
GHUORNDOHQ(QWZLFNOXQJ]XP%HLVSLHOLQGHU6WDGWWHLOVDQLHUXQJDEHUDXFKLQGHU%LOGXQJXQG

²²
4XDOLIL]LHUXQJ GLH IU K]HLWLJH (LQEH]LHKXQJ GHU %HWURIIHQHQ ]XU :LUNVDPNHLW GHU HLQ]HOQHQ
0D‰QDKPHQ EHLWUlJW hEHUGLHV NDQQ JHUDGH GXUFK GLH 9HUQHW]XQJ HLQHU UHJLRQDOHQ (QW
ZLFNOXQJVLQLWLDWLYH GLH 3HUVRQHQ PLW 0LJUDWLRQVKLQWHUJUXQG PLW HLQEH]LHKW PLW %LOGXQJVDQJH
ERWHQ]%6SUDFKDQJHERWHQHLQH]XVlW]OLFKH0RWLYDWLRQGHU/HUQHQGHQHU]LHOWZHUGHQ
3HUVRQHQPLW9HUPLWWOXQJVHLQVFKUlQNXQJHQ+DUGWR3ODFH
1HEHQ GHQ WUDGLWLRQHOOHQ =LHOJUXSSHQ GHU $UEHLWVPDUNWSROLWLN NRPPW HV DEHU JHUDGH LQ
$UEHLWVPlUNWHQ PLW QLHGULJHU $UEHLWVORVLJNHLW ]X HLQHU +lXIXQJ YRQ 3HUVRQHQ PLW VFKZHUZLH
JHQGHQ VR]LDOHQ RGHU JHVXQGKHLWOLFKHQ 3UREOHPHQ LQ GHU $UEHLWVORVLJNHLW GLH QXU VFKZHU
YHUPLWWHOEDUVLQG'LH8UVDFKHQI UGLHVH3UREOHPHVLQGGDEHLLQGLYLGXHOOVHKUXQWHUVFKLHGOLFK
'DKHUXQWHUVFKHLGHQVLFKDXFKGLH/|VXQJVDQVlW]HXQGRIWPDOVELHWHQQXUODQJIULVWLJHLQGLYL
GXHOOH3URJUDPPHGLHHLQH$UEHLWVYHUPLWWOXQJPLWYHUVFKLHGHQHQWKHUDSHXWLVFKHQ$QVlW]HQ
YHUELQGHQHLQH&KDQFHDXIHLQH9HUEHVVHUXQJGLHVHU6LWXDWLRQ*HUDGHLQGLHVHP%HUHLFKLVW
GDKHUHLQHHQJH=XVDPPHQDUEHLWGHUDUEHLWVPDUNWXQGVR]LDOSROLWLVFKHQ$NWHXUHQRWZHQGLJ
:lKUHQG GHPQDFK DOOJHPHLQH 0D‰QDKPHQYRUVFKOlJH KLHU NDXP P|JOLFK VLQG ]HLJW VLFK
GRFKGDVVKLHUHKHUODQJIULVWLJHXQGWHXUH0D‰QDKPHQZLHVR]LDO|NRQRPLVFKH%HWULHEHXQG
%HVFKlIWLJXQJVSURMHNWHHUIROJUHLFKH,QVWUXPHQWHVLQG
0RWLYDWLRQVI|UGHUQGH0D‰QDKPHQ
hEHUGLHVN|QQWHQDXFKbQGHUXQJHQLP%HUHLFKGHU6R]LDOXQG1RWVWDQGVKLOIHHLQHQ%HLWUDJ
GD]X OHLVWHQ GLH $QUHL]H GLHVHU 3HUVRQHQ I U HLQH $UEHLWVDXIQDKPH ]X YHUEHVVHUQ ,QVEHVRQ
GHUHGLH5 FN]DKOEDUNHLWGHU6R]LDOKLOIHNDQQVRIHUQVLHH[HNXWLHUWZLUGGD]XI KUHQGDVVGLH
$QUHL]HI UHLQH$UEHLWVDXIQDKPHI ULKUH%H]LHKHU,QQHQXQDWWUDNWLYZLUG'DKHUVROOWHDXIGHQ
5HJUHVVGHU6R]LDOKLOIHYHU]LFKWHWZHUGHQ$X‰HUGHPN|QQWHGDV/DQGI UHLQRGHU]ZHL-DKUH
HLQHQ=XVFKXVV]XU6R]LDOKLOIHI UMHQH3HUVRQHQ]DKOHQGLHZHJHQPDQJHOQGHU$UEHLWVIlKLJ
NHLW YRQ GHU 1RWVWDQGVKLOIH LQ GLH 6R]LDOKLOIH DEJHGUlQJW ZHUGHQ XQG GDEHL VWDUNH (LQNRP
PHQVHLQEX‰HQ HUOHLGHQ (LQ EHVWLPPWHU 3UR]HQWVDW] GHV $UEHLWVORVHQJHOGHV E]Z GHU 1RW
VWDQGVKLOIHRGHU GHVIU KHUHQ(LQNRPPHQVVROOWHI UHLQHhEHUJDQJVSHULRGHJHVLFKHUWZHU
GHQ'DV$UEHLWVPDUNWVHUYLFHKDWNHLQHUHFKWOLFKH+DQGKDEHVROFKH%HLKLOIHQ]X]DKOHQ9HU
EHVVHUWHDUEHLWVPDUNWXQGVR]LDOSROLWLVFKH/HLVWXQJHQVROOWHQLQDOOHU5HJHOPLWHLQHUYHUVWlUN
WHQ.RQWUROOHGHV$QVSUXFKVDXIGLHVH/HLVWXQJHQYHUEXQGHQZHUGHQ
$UEHLWVORVHN|QQHQDXFKHKHUGD]XPRWLYLHUWZHUGHQEHIULVWHWHXQGQLHGULJHQWORKQWH$NWLYL
WlWHQ]X EHUQHKPHQZHQQLKQHQHLQ7HLOGHV$UEHLWVORVHQJHOGHVZHLWHUEH]DKOWZLUG,QPDQ
FKHQ )lOOHQ N|QQWHQ GLHVH $NWLYLWlWHQ DXFK GHQ *UXQGVWHLQ I U HLQHQ GDXHUKDIWHQ $UEHLWV
SODW]OHJHQ2IWEUDXFKHQ/DQJ]HLWDUEHLWVORVHVWlUNHUH$QUHL]HXPHLQHQJHULQJHQWORKQWHQ
EHIULVWHWHQ RGHU 7HLO]HLW$UEHLWVSODW] ]X EHUQHKPHQ 9LHOH YRQ LKQHQ EHILQGHQ VLFK LQ HLQHU
W\SLVFKHQ $UPXWVIDOOH 6LH KDEHQ NHLQHQ RGHU QXU JHULQJHQ $QUHL] ]XU $XIQDKPH HLQHV $U
EHLWVSODW]HV ZHLO VLH GXUFK GHQ :HJIDOO GHU ELVKHULJHQ 8QWHUVW W]XQJHQ LQ GHP QHXHQ -RE
QLFKWVRGHUZHQLJJHZLQQHQ,Q,UODQGJLEWHVHLQ3URJUDPPGDV$UEHLWVORVHQ$QUHL]HELHWHW

²²
JHULQJHU EH]DKOWH -REV DQ]XQHKPHQ 'DV %DFN WR :RUN $OORZDQFH 6FKHPH H[LVWLHUW VHLW
'LHVHV3URJUDPPVROO/DQJ]HLWDUEHLWVORVHQHUP|JOLFKHQDXIGHP $UEHLWVPDUNWDOOPlK
OLFK ZLHGHU )X‰ ]X IDVVHQ (V HUODXEW /DQJ]HLWDUEHLWVORVHQ EHU 0RQDWH HLQH EH]DKOWH
%HVFKlIWLJXQJDXI]XQHKPHQXQGJOHLFK]HLWLJHLQHQ7HLOGHUELVKHULJHQ8QWHUVW W]XQJHQZHLWHU
]XEH]LHKHQLPHUVWHQ-DKULP]ZHLWHQ-DKUXQGLPGULWWHQ-DKU'LH$UEHLWVYHU
PLWWOHU VSUHFKHQ 8QWHUQHKPHQ DXI GDXHUKDIWH 6WHOOHQ PLW HLQHU :RFKHQDUEHLWV]HLW YRQ PLQ
GHVWHQV6WXQGHQDQ
$UEHLWVSOlW]HI U%HKLQGHUWH
hEHUGLHV EHVWHKW EHL HLQLJHQ $UEHLWVNUlIWHQ WURW] VWDUN HLQJHVFKUlQNWHU $UEHLWVIlKLJNHLW HLQ
VWDUNHU$UEHLWVZLOOH,QGLHVHP%HUHLFKN|QQHQDXFK$UEHLWVNUlIWH EHUODVVXQJHQHLQH0|JOLFK
NHLWGDUVWHOOHQ9LHOH8QWHUQHKPHQVXFKHQRIWYHUJHEHQVQDFK$XVKLOIVNUlIWHQI U8UODXEVYHU
WUHWXQJHQ.DUHQ]LHUXQJHQOlQJHUH.UDQNKHLW$XIWUDJVVSLW]HQHWF9RUDOOHPLPDQJHOVlFKVL
VFKHQ %HUHLFK GHFNHQ 7HPSRUDU\ :RUN $JHQFLHV HLQ EHWUlFKWOLFKHV 6HJPHQW GHU 9HUPLWW
OXQJVDNWLYLWlWHQ DE $OOHUGLQJV ]HLJHQ GLH (UIDKUXQJHQ DXV GHP %H]LUN 5LHG LP ,QQNUHLV GDVV
GLHVHV $QJHERW YRQ GHQ 8QWHUQHKPHQ QXU GDQQ DQJHQRPPHQ ZLUG ZHQQ GLH DXI GLHVH
:HLVHYHUPLWWHOWHQ3HUVRQHQ]XPLQGHVWHLQHJHZLVVH$UEHLWVIlKLJNHLWEHVLW]HQ
(LQH ZHLWHUH 0|JOLFKNHLW I U GLHVH *UXSSH YRQ $UEHLWVNUlIWHQ HLQH %HVFKlIWLJXQJ ]X ILQGHQ
EHVWHKWLQ% UJHUDUEHLWVSURMHNWHQ,Q%D\HUQEHVWHKWVFKRQVHLWHLQLJHU=HLWHLQ3URJUDPPLQ
GHP %H]LHKHU YRQ $UEHLWVORVHQJHOG 1RWVWDQGVKLOIH RGHU 6R]LDOKLOIH RKQH 9HUOXVW LKUHV
$QVSUXFKV DXI /RKQHUVDW]OHLVWXQJHQ HLQHU $UEHLW LQ .RPPXQHQ :RKOIDKUWVYHUElQGHQ XQG
DQGHUHQ7UlJHUQ% UJHUDUEHLWYHUULFKWHQVROOHQ:LHEHLDQGHUHQ3URJUDPPHQEHVWHKWDXFK
KLHUGLH*HIDKUGHU9HUGUlQJXQJYRQQRUPDOHQWORKQWHQ$UEHLWVSOlW]HQ) UHLQHHQJ]XGHIL
QLHUHQGH *UXSSH YRQ $UEHLWVORVHQ PLW HUKHEOLFKHQ 9HUPLWWOXQJVHLQVFKUlQNXQJHQ N|QQWH
GLHVH % UJHUDUEHLW HLQH 0|JOLFKNHLW GDUVWHOOHQ XP HLQHU VLQQYROOHQ 7lWLJNHLW QDFKJHKHQ ]X
N|QQHQ 'LH LP 5DKPHQ HLQHU VROFKHQ 0D‰QDKPH YHUPLWWHOWHQ 7lWLJNHLWHQ VROOWHQ DEHU DXI
HLQJHVFKUlQNWH%HUHLFKHNRQ]HQWULHUWEOHLEHQ²]XP%HLVSLHO0LWDUEHLWLQ9HUHLQHQ²XQGVROOWHQ
QXUGDQQP|JOLFKVHLQZHQQGLH%HWURIIHQHQHLQHUVROFKHQ7lWLJNHLW]XVWLPPHQ'LHVH)UHLZLO
OLJNHLW ZLUG LQ GHU 5HJHO MHGRFK QXU GDQQ JHJHEHQ VHLQ ZHQQ GLH % UJHUDUEHLW QLFKW Y|OOLJ
XQEH]DKOWLVWGKZHQQGDV(LQNRPPHQDXVGHU$UEHLWVOHLVWXQJ EHUGLHSDVVLYH9HUVRUJXQJ
KLQDXVJHKW²ZLHGLHVEHL(LQJOLHGHUXQJVEHLKLOIHQXQGGHU$UEHLWVNUlIWH EHUODVVXQJGHU)DOOLVW
bKQOLFK JXWH (UIDKUXQJHQ KDW PDQ LQ )UDQNUHLFK PLW HLQHP lKQOLFKHQ 3URJUDPP JHPDFKW
GDVYRUDOOHPDXI-XJHQGOLFKHXQG%HKLQGHUWHDE]LHOWGLHNHLQHQ$QVSUXFKDXI$UEHLWVORVHQ
JHOG PHKU KDEHQ ,P 5DKPHQ GLHVHV 3URJUDPPV N|QQHQ 1*2V |IIHQWOLFKH 8QWHUQHKPHQ
XQG.|USHUVFKDIWHQJHI|UGHUWH$UEHLWVSOlW]HPLWWHOVHLQHVDXIPD[LPDOI QI-DKUHEHIULVWHWHQ
$UEHLWVYHUWUDJHV$UEHLWVSOlW]HVFKDIIHQGLHQLFKWLQ.RQNXUUHQ]]XU3ULYDWZLUWVFKDIWVWHKHQ,P
5DKPHQ GLHVHV 3URJUDPPV JHODQJ HV ELQQHQ GHU HUVWHQ GUHL -DKUH %HVFKlIWLJXQJV
DXIQDKPHQ]XJHQHULHUHQ

²²
%HWULHEOLFKH$QVDW]SXQNWH
1HEHQ GLHVHQ DUEHLWVPDUNWSROLWLVFKHQ $QVlW]HQ VROOWH DEHU QLFKW EHUVHKHQ ZHUGHQ GDVV
DXFK %HWULHEH EHL GHU (LQJOLHGHUXQJ YRQ 3HUVRQHQ RIWPDOV YRU EHVRQGHUHQ +HUDXVIRUGHUXQ
JHQ VWHKHQ 6R PDFKW GLH %HVFKlIWLJXQJ YRQ %HKLQGHUWHQ RIWPDOV ,QYHVWLWLRQHQ LQ GLH
$UEHLWVPDUNWJHVWDOWXQJQRWZHQGLJXQGEHL3HUVRQHQPLWSV\FKLVFKHQRGHUDQGHUHQ3UREOH
PHQ LVW RIWPDOV HLQH ]XVlW]OLFKH %HWUHXXQJ QRWZHQGLJ GLH YRQ GHQ %HWULHEHQ VHOEVW QLFKW
JHOHLWVWHWZHUGHQNDQQ,Q,UODQGLVWPDQGDKHUDXFKYHUVWlUNWGD]X EHUJHJDQJHQ]XVlW]OLFK
DXFKEHWULHEOLFKH$QVDW]SXQNWHEHLGHU)|UGHUXQJGHU,QWHJUDWLRQYRQ3HUVRQHQPLWEHVRQ
GHUHQ %HG UIQLVVHQ ]X ZlKOHQ 'LHVH XPIDVVHQ ILQDQ]LHOOH 8QWHUVW W]XQJHQ EHL ,QYHVWLWLRQHQ
GLH HLQHQ $UEHLWVSODW] EHKLQGHUWHQJHUHFKWHU PDFKHQ DEHU DXFK EHJOHLWHQGH %HWUHXXQJV
DQJHERWH ]% SV\FKLVFKH %HWUHXXQJ GHU (LQJHVWHOOWHQ -RE &RDFKHV hEHUVHW]HU I U GLH
*HElUGHQVSUDFKH/HVHKLOIHQI U3HUVRQHQPLW6HKEHKLQGHUXQJHQI UMHQH%HWULHEHGLHVRO
FKH3HUVRQHQHLQVHW]HQZROOHQ
'DU EHU KLQDXV ZHUGHQ LQ ,UODQG ILQDQ]LHOOH 8QWHUVW W]XQJHQ I U )LUPHQ GLH 3HUVRQHQ QDFK
HLQHP .UDQNKHLWVIDOO GHU ]X ODQJIULVWLJHQ JHVXQGKHLWOLFKHQ (LQVFKUlQNXQJHQ I KUW LQ GHU
%HVFKlIWLJKDOWHQZROOHQXQGEHVRQGHUH%HUDWXQJVSURJUDPPHI U8QWHUQHKPHQGLH%HKLQ
GHUWHEHVFKlIWLJHQZROOHQDQJHERWHQ

²²
5HJLRQDOH6WUDWHJLHQXQG:HLWHUHQWZLFNOXQJGHUNRRSHUDWLYHQ
$UEHLWVPDUNWSROLWLN
:HLWHUHQWZLFNOXQJGHUNRRSHUDWLYHQ$UEHLWVPDUNWSROLWLN
(LQH.RQVHTXHQ]GHULPOHW]WHQ.DSLWHOGDUJHVWHOOWHQ0D‰QDKPHQI UHLQ]HOQH=LHOJUXSSHQLVW
GDVV JHUDGH EHL GHQ LQVJHVDPW JHULQJHQ $UEHLWVORVHQTXRWHQ LQ 7LURO XQG LQ $QEHWUDFKW GHU
$OWHUQDWLYUROOHQ GHU =LHOJUXSSHQ NRRUGLQLHUWH XQG LQWHJULHUWH 0D‰QDKPHQSDNHWH QRWZHQGLJ
VLQG XP ZHLWHUH 9HUEHVVHUXQJHQ LQ GHU $UEHLWVPDUNW XQG %HVFKlIWLJXQJVODJH ]X HUP|JOL
FKHQ'LH(XURSlLVFKH8QLRQXQGDXFKYLHOHGHU6WXGLHQ]XGHQLQ.DSLWHOYRUJHVWHOOWHQ%HVW
3UDFWLFH%HLVSLHOHQEHWRQHQGDVVVROFKH0D‰QDKPHQQXULP5DKPHQNRRSHUDWLYHU$QVlW]H
HQWZLFNHOW ZHUGHQ N|QQHQ LQ GHQHQ DOOH UHOHYDQWHQ $NWHXUH ]XVDPPHQDUEHLWHQ XQG GLH
)RUPXOLHUXQJ DUEHLWVPDUNWSROLWLVFKHU 6WUDWHJLHQ ]XPLQGHVW WHLOZHLVH DXI GLH UHJLRQDOH (EHQH
YHUOHJWZLUG
,QgVWHUUHLFKZXUGHQVFKRQLQGHQQHXQ]LJHU-DKUHQWHUULWRULDOH%HVFKlIWLJXQJVSDNWHJHVFKDI
IHQ,P5DKPHQHLQHUQHXHUHQ(YDOXLHUXQJGLHVHUWHUULWRULDOHQ%HVFKlIWLJXQJVSDNWHLQgVWHU
UHLFKVLHKH+XEHU]HLJWHVLFKGDVV
• GHU 0HKUZHUW GHU 3DNWH LQ HLQHU YHUEHVVHUWHQ $QSDVVXQJ YRQ 6WDQGDUGPD‰QDKPHQ
DQ ORNDOH %HG UIQLVVH HLQHU 9HUEHVVHUXQJ GHU HUEUDFKWHQ 3ROLWLNOHLVWXQJ GXUFK NRQWL
QXLHUOLFKHUHXQGSODQPl‰LJHUH9RUJHKHQVZHLVHQXQGGHU6LFKHUXQJYRQ)|UGHUPLWWHOQ
I UGLH5HJLRQLQVEHVRQGHUHDXV(83URJUDPPHQOLHJW
• GHQ3DNWHQYRQGHQ3DUWQHU,QQHQHLQ%HLWUDJVRZRKO]XU6WHLJHUXQJGHU(IIL]LHQ]XQG
7UDQVSDUHQ]GHU$UEHLWVPDUNWSROLWLNDOVDXFK]XU*HQHULHUXQJYRQ]XVlW]OLFKHQ3URMHN
WHQEHVFKHLQLJWZLUG
• HVGHQ3DNWHQJHODQJ3DUWQHUVFKDIWHQ]XHWDEOLHUHQGLHHLQHJHPHLQVDPH6LFKWGHU
5ROOHXQG=LHOHGHU3DNWHKDWXQGPLWGHUGLH0HKUKHLWGHU3DUWQHU,QQHQ]XIULHGHQLVW
XQGLQGHPVLFKDXFKGHU5HVVRXUFHQDXIZDQGGHU3DUWQHU,QQHQI UGLH3DNWHLQ*UHQ
]HQKlOW
$OOHUGLQJVZXUGHLQGLHVHU(YDOXLHUXQJDXFKYRUJHVFKODJHQVLFKVWlUNHUDQGHQ$QVSUXFKGHU
3DNWHYHUVFKLHGHQH3ROLWLNEHUHLFKH]XNRRUGLQLHUHQ]XRULHQWLHUHQ
'HUILQDQ]LHOOH5DKPHQGHV3DNWHVI U$UEHLWXQG4XDOLIL]LHUXQJ
'HU%HVFKlIWLJXQJVSDNW7LUROHUZHLVWVLFKGDEHLLPgVWHUUHLFK9HUJOHLFKDOVHLQ3DNWLQGHP
QHEHQGHP/DQGXQGGHP$06DXFKGLH6R]LDOSDUWQHU$.:.XQGg*%XQGGDV%XQGHV
VR]LDODPW ILQDQ]LHOOH 9HUSIOLFKWXQJHQ HLQJHKHQ ZREHL ODXW :LUWVFKDIWVSURJUDPP$UEHLWVSUR
JUDPP7LUROHLQ *HVDPWILQDQ]LHUXQJVYROXPHQYRQ 0LRHUUHLFKWZLUG'LH+DXSW
ILQDQ]LHUVVLQGGDEHL]XHWZDGDV$06]XUXQGGDV%XQGHVVR]LDODPWXQG]XGDV

²²
/DQG'LH6R]LDOSDUWQHULQVWLWXWLRQHQWUDJHQHEHQVRZLHGLH$0*7LUROHWZDVPHKUDOV]XP
JHVDPWHQ)LQDQ]YROXPHQEHL
6HLWHQV GHV $06 XPIDVVHQ GLH LQ GLHVHP 5DKPHQ ILQDQ]LHUWHQ 0D‰QDKPHQ GLH EHUHLWV LP
YRUOHW]WHQ .DSLWHO EHVFKULHEHQHQ 0D‰QDKPHQ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN ZlKUHQG GDV
%XQGHVVR]LDODPWYRUDOOHP0D‰QDKPHQI U0HQVFKHQPLW%HKLQGHUXQJLP5DKPHQYRQ$VVLV
WHQ]SURMHNWHQ )|UGHUXQJ YRQ EDXOLFKHQ WHFKQLVFKHQ XQG HUJRQRPLVFKHQ $GDSWLHUXQJV
PD‰QDKPHQVRZLH0D‰QDKPHQ]XU,QWHJUDWLRQYRQ%HKLQGHUWHQLQGDV(UZHUEVOHEHQILQDQ
]LHUW
'DV/DQGILQDQ]LHUWLP5DKPHQVHLQHV%HLWUDJHV6XEMHNWI|UGHUXQJHQLP%HUHLFKGHU/HKUOLQJV
DXVELOGXQJ /HKUOLQJVI|UGHUXQJV]XVFKXVV %HJDEWHQI|UGHUXQJ I U /HKUOLQJH GHU (UZDFKVH
QHQELOGXQJ LQVEHVRQGHUH LP 5DKPHQ GHV %LOGXQJVJHOGHV XSGDWH XQG GLH )DKUWNRVWHQEHL
KLOIH,P5DKPHQGHU2EMHNWI|UGHUXQJHUIROJWHLQH%DVLVILQDQ]LHUXQJI UGLH$0*7LURO)|UGH
UXQJHQ DQ GHQ $XVELOGXQJVYHUEXQG 7LURO VRZLH HLQLJH 3URMHNWH LP /HKUOLQJVEHUHLFK DQGHUH
NOHLQH 3URMHNWH XQG HLQH .RILQDQ]LHUXQJ I U VR]LDO|NRQRPLVFKH %HWULHEH hEHUGLHV HUIROJW LQ
GLHVHP%XGJHWUDKPHQDXFKGLH.RILQDQ]LHUXQJYRQ(48$/3URMHNWHQ*HUDGHGDV%LOGXQJV
JHOG XSGDWH LVW GDEHL HLQ EHDFKWHQVZHUWHV %HLVSLHO ]XU UHJLRQDOHQ 8PVHW]XQJ YRQ 6WUDWH
JLHQ GHV OHEHQVEHJOHLWHQGHQ /HUQHQV GDV JHJHQZlUWLJ HLQHU (YDOXLHUXQJ XQWHUOLHJW 8QDE
KlQJLJ YRQ GHQ (UJHEQLVVHQ GLHVHU (YDOXLHUXQJ LVW GDEHL GDYRQ DXV]XJHKHQ GDVV GLHVHV
,QVWUXPHQW LQ =XNXQIW LPPHU ZLHGHU UHJHOPl‰LJHQ $QSDVVXQJHQ XQWHUOLHJHQ ZLUG ,QVEHVRQ
GHUH ]HLJHQ (UIDKUXQJHQ DXV DQGHUHQ %XQGHVOlQGHUQ GDVV LP 5DKPHQ VROFKHU ,QVWUXPHQWH
HLQ7UDGHRII]ZLVFKHQGHU%UHLWHGHU)|UGHUXQJXQGGHQGDGXUFKLQGX]LHUWHQ0LWQDKPHHIIHN
WHQEHVWHKWXQGHVVHOEVWEHLJUR‰] JLJHU)|UGHUXQJEHVRQGHUVVFKZLHULJLVWbOWHUHVFKOHFKWHU
4XDOLIL]LHUWH XQG 3HUVRQHQ PLW EHVRQGHUV NXU]HQ $UEHLWV]HLWHQ LQ GLH :HLWHUELOGXQJ ]X LQWH
JULHUHQ*HQHUHOOVFKHLQWGLHVH0D‰QDKPHDEHUJXWJHHLJQHW]XU,PSOHPHQWLHUXQJHLQHU6WUD
WHJLHGHVOHEHQVEHJOHLWHQGHQ/HUQHQVEHL]XWUDJHQ
hEHUVLFKW $UEHLWVPDUNWEH]RJHQH$XVJDEHQGHV/DQGHV7LURO
9HUPHLGXQJXQG%HNlPSIXQJYRQ$UEHLWVORVLJNHLW
-XJHQGEHVFKlIWLJXQJ/HKUOLQJVZHVHQ
4XDOLIL]LHUXQJYRQ%HVFKlIWLJWHQ
,QVJHVDPW
,Q
4$PWGHU7LUROHU/DQGHVUHJLHUXQJ
/DXW $PW GHU 7LUROHU /DQGHVUHJLHUXQJ ZXUGH GDEHL GHU *UR‰WHLO GHU DUEHLWVPDUNWEH]RJHQHQ
$XVJDEHQGHV/DQGHVLP6FKZHUSXQNW4XDOLIL]LHUXQJXQG%HVFKlIWLJXQJJHWlWLJWZREHLHLQH
6XPPHYRQFD 0LRDXIGLH.XUVNRVWHQLP5DKPHQYRQ8SGDWH]XU FNJHKW,P%HUHLFK
GHU-XJHQGEHVFKlIWLJXQJXQGGHU/HKUOLQJVI|UGHUXQJVLQGYRUDOOHPGHU/HKUOLQJVI|UGHUXQJV
]XVFKXVV XQG GLH %HJDEWHQI|UGHUXQJ I U /HKUOLQJH ]X HUZlKQHQ /DXW %HULFKW GHV /DQGHV

²²
UHFKQXQJVKRIHV7LUROZXUGHQI UGLHVH0D‰QDKPHQLP-DKUUXQG YHUDXV
JDEWhEHUGLHVZHUGHQLQGLHVHU%XGJHWSRVLWLRQDXFK0D‰QDKPHQLP5DKPHQGHV-XJHQG
EHVFKlIWLJXQJVNRQ]HSWHVILQDQ]LHUWODXW/DQGHVUHFKQXQJVKRILP-DKU
(LQHEHWUlFKWOLFKH6XPPHODXW/DQGHVUHFKQXQJVKRIUXQG MlKUOLFKZLUGVHLWHQVGHV
/DQGHV 7LURO DXFK I U GHQ $XVELOGXQJVYHUEXQG 7LURO DXIJHZHQGHW 'HU /DQGHVUHFKQXQJVKRI
NULWLVLHUW GLHVH 0D‰QDKPH GDEHL DXIJUXQG GHU 7DWVDFKH GDVV VLH ]ZDU ]X YRP /DQG
ILQDQ]LHUWZLUGDEHU]XU*lQ]HYRQGHU:LUWVFKDIWVNDPPHU7LUROYHUZDOWHWZLUG'LHVH.ULWLNDQ
GHU$EZLFNOXQJGHU0D‰QDKPHVROOWHDEHULKUHSULQ]LSLHOOH6LQQKDIWLJNHLWQLFKWLQ)UDJHVWHOOHQ
*HUDGH LQ =HLWHQ LQ GHQHQ HLQ JHULQJHV $QJHERW DQ /HKUVWHOOHQ EHVWHKW HUVFKHLQW HLQ
$QVDW]SXQNWGHUGDUDXIDE]LHOW%HWULHEHGLH]%DXIJUXQGUHFKWOLFKHURGHURUJDQLVDWRULVFKHU
6FKZLHULJNHLWHQELVKHUNHLQH/HKUOLQJHDXVELOGHWHQGLHVDEHUSULQ]LSLHOOJHUQHWXQZ UGHQ]XU
/HKUOLQJVDXVELOGXQJ ]X EHIlKLJHQ EHVRQGHUV ZLFKWLJ ,QVEHVRQGHUH LVW JHUDGH EHL VROFKHP
$QVDW]YRQJHULQJHUHQ 0LWQDKPHHIIHNWHQDXV]XJHKHQDOVHWZDEHLHLQHUILQDQ]LHOOHQ)|UGH
UXQJYRQ/HKUVWHOOHQ
6HLWHQVGHU$0*ZHUGHQJHPHLQVDPPLWGHP$06HLQLJH2XWXQG,PSODFHPHQW6WLIWXQJHQ
GDV3URMHNW+HLPDUEHLWHLQPDODQGHUVXQGGDV3URMHNW7LUROHU2EHUODQGDEJHZLFNHOW,Q
.RRSHUDWLRQPLWGHP/DQG7LUROXQGGHP$06ZHUGHQGDV$XVELOGHUIRUXP*LUOV'D\XQGGLH
)|UGHUXQJVDNWLRQ*HI|UGHUWH%HVFKlIWLJXQJXQGJHPHLQVDPPLWGHU$.7LUROGLH$NWLRQ
DEJHZLFNHOW (LQLJH GLHVHU 3URMHNWH VLQG GDEHL DXVJHVSURFKHQ HUIROJUHLFK VLHKH GD]X DXFK
.DSLWHO6R EHUVWHLJW]XP%HLVSLHOLP3URMHNW7LUROHU2EHUODQGLQGHPEHQDFKWHLOLJWH
3HUVRQHQ :HJEDXDUEHLWHQ DQ :DQGHUZHJHQ YRUQHKPHQ GLH 1DFKIUDJH VHLWHQV *HPHLQ
GHQ$JUDUXQG7RXULVPXVYHUElQGHQGDV$QJHERWXQGGLH$NWLRQLVW²DEJHVHKHQYRQ
GHULQ|VWHUUHLFKLVFKHQ3DNWHQHKHUVHOWHQHQ.RILQDQ]LHUXQJGXUFKGLH$UEHLWHUNDPPHU²GDV
HLQ]LJH3URMHNWZHOFKHVVLFKLP%HUHLFKGHU=LHOJUXSSHGHU-XJHQGOLFKHQQLFKWDXVVFKOLH‰OLFK
DXI/HKUDEVROYHQW,QQHQRGHUEHQDFKWHLOLJWH-XJHQGOLFKHNRQ]HQWULHUW
,QVWLWXWLRQHOOH$XVJHVWDOWXQJ
1HEHQILQDQ]LHOOHQ=XZHQGXQJHQGHV/DQGHVLVWDEHUJHUDGHGLH3DUWQHUVWUXNWXUGHV3DNWHV
EHVRQGHUVJHHLJQHW0D‰QDKPHQ]XVHW]HQGLHRKQHGLUHNWH%XGJHWZLUNVDPNHLWHLQHDUEHLWV
PDUNWSROLWLVFKH :LUNXQJ HQWIDOWHQ N|QQHQ 6R YHUSIOLFKWHQ VLFK LP 5DKPHQ GHV %HVFKlIWL
JXQJVSDNWHV7LUROGLH6R]LDOSDUWQHU]XU'XUFKI KUXQJHLQHU9LHO]DKOYRQ%HUDWXQJHQ*HUDGHLQ
GLHVHP%HUHLFKN|QQWHQLP5DKPHQGHV3DNWHVI U$UEHLWXQG4XDOLIL]LHUXQJ]XVlW]OLFKH0D‰
QDKPHQDQJHGDFKWZHUGHQ,QVEHVRQGHUHN|QQWHKLHUYHUVXFKWZHUGHQ
$QGHUH =LHOEHUHLFKH GHU $UEHLWVPDUNWSROLWLN EHU VROFKH ZHQLJHU ILQDQ]LHUXQJVLQWHQVLYH
0D‰QDKPHQ DE]XVSUHFKHQ %HLVSLHOH KLHUI U ZlUHQ GLH YHUVWlUNWH %HU FNVLFKWLJXQJ YRQ
DUEHLWVPDUNWSROLWLVFKHQ=LHOHQLQ9HUIDKUHQ]XU|IIHQWOLFKHQ $XIWUDJVYHUJDEHRGHU)|UGH
UXQJ LQVEHVRQGHUH LP +LQEOLFN DXI GLH 9HUPHLGXQJ YRQ 6DLVRQDOLWlW VLHKH GD]X .DSL
WHO

²²
%HVWHKHQGH3DUWQHUYHUVWlUNWLQGLH*HVWDOWXQJ]XVlW]OLFKHULQWHJULHUWHU0D‰QDKPHQHLQ]X
ELQGHQ +LHU VROOWH EHUSU IW ZHUGHQ LQZLHIHUQ DXFK GLH HLJHQHQ DUEHLWVPDUNWSROLWLNUHOH
YDQWHQ$NWLRQHQGHU6R]LDOSDUWQHUXQGSRWHQWLHOODQGHUHURUJDQLVDWRULVFKHU(LQKHLWHQGHV
/DQGHV ]% 6R]LDOEHUHLFK *HJHQVWDQG GHV 3DNWHV VHLQ N|QQWHQ ZREHL KLHU DOOHUGLQJV
EHUGLHEHUHLWVVHLWODQJHPEHVWHKHQGHQ%HUDWXQJVDQJHERWHGHU6R]LDOSDUWQHUDXFKGLH
JHPHLQVDPH(QWZLFNOXQJQHXHU3URMHNWHDQJHVWUHEWZHUGHQN|QQWH
1HXH3DUWQHU]XU0LWDUEHLWDQGHU*HVWDOWXQJXQGDXFK)LQDQ]LHUXQJHLQ]HOQHU0D‰QDK
PHQGHV3DNWHV]XJHZLQQHQ,QVEHVRQGHUHN|QQWHKLHUDQHLQHYHUVWlUNWH(LQELQGXQJGHU
*HPHLQGHQ LP %HUHLFK GHU UHJLRQDOHQ 6WUDWHJLHQ RGHU EHL GHU 0LWDUEHLW DQ HLQ]HOQHQ
3URMHNWHQ JHGDFKW ZHUGHQ ZREHL KLHU DXI GLH SXQNWXHOOH .RILQDQ]LHUXQJ YRQ HLQ]HOQHQ
0D‰QDKPHQDEJHVWHOOWZHUGHQN|QQWH
,P 5DKPHQ HLQHU VWlUNHUHQ 5HJLRQDOLVLHUXQJ GHU 6WUDWHJLHQ EHU HLQ]HOQH 3LORWSURMHNWH
]XVlW]OLFKHLQQRYDWLYH3URMHNWHLPHLJHQHQ:LUNXQJVEHUHLFKGHV/DQGHV]XLQLWLLHUHQ
5HJLRQDOH$UEHLWVPDUNWVWUDWHJLHQ
1HEHQEXGHVODQGZHLWHQ$QVDW]SXQNWHQ]XHLQHUNRRSHUDWLYHQ$UEHLWVPDUNWSROLWLNELHWHWVLFK
LQ 7LURO DXIJUXQG GHU LQ .DSLWHO DQJHVSURFKHQHQ HUKHEOLFKHQ UHJLRQDOHQ 8QWHUVFKLHGH LQ
GHU $UEHLWVPDUNWODJH DXFK HLQH HQWVSUHFKHQGH UHJLRQDOH 'LIIHUHQ]LHUXQJ GHU DUEHLWVPDUNW
UHOHYDQWHQ 6WUDWHJLHQ DQ 7LURO LVW GDEHL GXUFK GLH HUKHEOLFKHQ 8QWHUVFKLHGH LQ GHU $UEHLWV
PDUNWODJH]ZLVFKHQGHQVWDUNWRXULVWLVFKJHSUlJWHQ*HELHWHQGHV2EHUODQGHVXQGGHQEHL
HLQHP]ZDUHEHQIDOOVKRKHQ$QWHLOGHV7RXULVPXVVWlUNHULQGXVWULHOOXQGLP5DXP,QQVEUXFN
DXFKVWlGWLVFKJHSUlJWHQ*HELHWHQGHV8QWHUODQGHVJHNHQQ]HLFKQHW:LHLQ.DSLWHOGDUJH
VWHOOW ]HLJHQ VLFK JHUDGH LP +LQEOLFN DXI GLH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ GHQ LQWHQVLYHQ 7RXULV
PXVUHJLRQHQ GHQ ,QGXVWULHUHJLRQHQ XQG GHU 6WDGW ,QQVEUXFN GHXWOLFKH 8QWHUVFKLHGH LP
1LYHDXXQGLQGHU6WUXNWXUGHU$UEHLWVORVLJNHLW%HVFKlIWLJXQJVHQWZLFNOXQJXQG(UZHUEVEHWHLOL
JXQJ ,Q GHQ LQWHQVLYHQ 7RXULVPXVJHELHWHQ LVW GLH MDKUHVGXUFKVFKQLWWOLFKH $UEHLWVORVHQTXRWH
GHXWOLFKK|KHUXQGLQ,QQVEUXFNQLHGULJHUDOVLP'XUFKVFKQLWWGHV%XQGHVODQGHV'LH6DLVRQDOL
WlWGHU$UEHLWVORVLJNHLWLVWLQGHQLQWHQVLYHQ7RXULVPXVUHJLRQHQK|KHUDEHUGHU$QWHLOGHU/DQJ
]HLWDUEHLWVORVHQJHULQJHUDOVLP EULJHQ/DQGHVJHELHW$X‰HUGHPVLQGLQGHQLQWHQVLYHQ7RX
ULVPXVJHELHWHQ GLH *HVFKOHFKWHUXQWHUVFKLHGH LQ GHU $UEHLWVORVLJNHLW JU|‰HU DOV LP EULJHQ
7LURO
1HEHQ GLHVHQ DXV YHUVFKLHGHQHQ 6SH]LDOLVLHUXQJVPXVWHUQ HQWVWHKHQGHQ UHJLRQDOHQ $UEHLWV
PDUNWGLVSDULWlWHQJLEWHVLQ7LURODXFKHLQLJH%H]LUNHPLWHLQHUEHVRQGHUVKRKHQ$UEHLWVORVHQ
TXRWH GLH GDKHU HLQHU JHVRQGHUWHQ $XIPHUNVDPNHLW EHG UIHQ $XV 6LFKW GLHVHU 6WXGLH VLQG
KLHUYRUDOOHPGLH%H]LUNH/LHQ]XQG/DQGHFN]XQHQQHQGLHLQGHU/LWHUDWXUDXFKLQZLUWVFKDIW
VWUXNWXUHOOHU +LQVLFKW DQGHUV HLQJHVWXIW ZHUGHQ DOV GLH EULJHQ 7LUROHU %H]LUNH 6R LVW GHU %H]LUN
/LHQ] ODXW HLQHU 7\SRORJLH YRQ 3DOPH GDV HLQ]LJH WRXULVWLVFKH 5DQGJHELHW LQ 7LURO XQG
/DQGHFN ZLUG LQ HLQHU $UEHLW YRQ 6PHUDO HW DO DOV HLQ]LJHU %H]LUN 7LUROV PLW HLQHU VWDUN
GRPLQDQWHQ:LQWHUVDLVRQXQGHLQHUZHQLJHUVWDUNDXVJHSUlJWHQ6RPPHUVDLVRQGDUJHVWHOOW

²²
hEHUGLHVZDUGDV%HVFKlIWLJXQJVZDFKVWXPLP%H]LUN/LHQ]LPOHW]WHQ-DKU]HKQWQLFKWVRVWDUN
ZLH LP EULJHQ 7LURO =XGHP ODJHQ GLH (UZHUEVTXRWHQ LQ /LHQ] GXUFKZHJV XQWHU GHP 7LUROHU
'XUFKVFKQLWW XQG DXFK GLH /DQJ]HLWDUEHLWVORVLJNHLW ZDU LQ GLHVHP %H]LUN XQWHU DOOHQ 7LUROHU
%H]LUNHQDPK|FKVWHQ,Q/DQGHFNKLQJHJHQLVW]ZDUGHU$QWHLOGHU/DQJ]HLWDUEHLWVORVHQQLHG
ULJGDI ULVWGLH$UEHLWVORVHQTXRWHGHU)UDXHQLQGLHVHP%H]LUNEHVRQGHUVKRFK
,Q ,QQVEUXFN XQG VHLQHP 8PODQG ,QQVEUXFN /DQG XQG 6WDGW LVW GHU $UEHLWVPDUNW KLQJHJHQ
GXUFK JHULQJH $UEHLWVORVHQTXRWHQ DEHU JHULQJHUHV %HVFKlIWLJXQJVZDFKVWXP LQ GHU 6WDGW
XQGHLQHQUHODWLYKRKHQ$QWHLODQ/DQJ]HLWDUEHLWVORVHQJHSUlJWhEHUGLHVLVWLQ,QQVEUXFNGLH
)UDXHQDUEHLWVORVHQTXRWHGHXWOLFKXPIDVWHLQHQ3UR]HQWSXQNWJHULQJHUDOVGLH$UEHLWVORVHQ
TXRWHGHU0lQQHUXQGGLH6DLVRQDOLWlWOLHJWXQWHUGHP'XUFKVFKQLWW7LUROVZlKUHQGGHU$QWHLO
GHUlOWHUHQ$UEHLWVORVHQXQGGHU/DQJ]HLWDUEHLWVORVHQ EHUGHP'XUFKVFKQLWWOLHJW
5HJLRQDOXQWHUVFKLHGOLFKH3ULRULWlWHQVHW]XQJ
'LHVHHUKHEOLFKHQ8QWHUVFKLHGHLQGHUUHJLRQDOHQ$UEHLWVPDUNWODJHGLHVLFK EHUGLHVLP=HLW
DEODXI NDXP lQGHUQ ZDV DXI VWUXNWXUHOOH 8UVDFKHQ I U GLH JUR‰HQ 8QWHUVFKLHGH LQ GHU
$UEHLWVPDUNWODJHKLQGHXWHWEHGHXWHQGDVVGLH*HZLFKWXQJXQWHUVFKLHGOLFKHU=LHOVHW]XQJHQ
GHU$UEHLWVPDUNWSROLWLNLQ7LUROUHJLRQDOXQWHUVFKLHGOLFKYHUODXIHQVROOWHZREHLYRUDOOHPODQJ
ELVPLWWHOIULVWLJDQJHOHJWH6WUDWHJLHQXQG'LIIHUHQ]LHUXQJQRWZHQGLJVLQG
,QGXVWULHOOJHSUlJWH5HJLRQHQ6WUDWHJLHQ]XU%HZlOWLJXQJGHV6WUXNWXUZDQGHOVXQG
]LHOJUXSSHQIRNXVVLHUWHDNWLYH$UEHLWVPDUNWSROLWLN
(LQH P|JOLFKH /LQLH HQWODQJ GHU GLHVH XQWHUVFKLHGOLFKHQ 6FKZHUSXQNWVHW]XQJHQ HQWZLFNHOW
ZHUGHQN|QQHQLVWGDEHLGLHVHNWRUDOH6SH]LDOLVLHUXQJ6RVLQGLQ,QGXVWULHUHJLRQHQYRUDOOHP
6WUDWHJLHQ GHV 8PJDQJV PLW GHP YHUVWlUNWHQ VWUXNWXUHOOHQ :DQGHO GLH YHUVXFKHQ GLH :HWW
EHZHUEVIlKLJNHLWGHU8QWHUQHKPHQGXUFKEHWULHEVXQGEUDQFKHQVSH]LILVFKH3URJUDPPH]X
XQWHUVW W]HQ YRQ EHVRQGHUHU %HGHXWXQJ ,Q GLHVHQ 5HJLRQHQ VLQG GDKHU 3URJUDPPH ]XU
8PVHW]XQJ GHV OHEHQVEHJOHLWHQGHQ /HUQHQV XQG ]XU 6WHLJHUXQJ GHU %LOGXQJVEHWHLOLJXQJ GHU
%HY|ONHUXQJHEHQVRZLFKWLJZLH]LHOJUXSSHQJHUHFKWH6FKXOXQJHQXQG:HLWHUELOGXQJ8QWHU
GHPNODVVLVFKHQ,QVWUXPHQWDULXPGHUDNWLYHQ$UEHLWVPDUNWSROLWLNHUZHLVHQVLFKLQGLHVHQ5HJLR
QHQ ,PSODFHPHQW XQG DXFK 2XWSODFHPHQW6WLIWXQJHQ DOV EHVRQGHUV JHHLJQHW XP GLHVHQ
6WUXNWXUZDQGHO]XEHZlOWLJHQ'LHV]HLJWVLFKVFKRQDOOHLQHGDUDQGDVVGHU*UR‰WHLOGHU7LUROHU
6WLIWXQJVPD‰QDKPHQLP2XWSODFHPHQW%HUHLFKGLH]XPHLVWLQ5HDNWLRQDXI8PVWUXNWXULHUXQ
JHQYRQ*UR‰EHWULHEHQJHVFKDIIHQZXUGHQ]%(OHNWUD%UHJHQ]RGHU$7:LQGLHVHQVWlUNHU
LQGXVWULHOOJHSUlJWHQ5HJLRQHQDQJHVLHGHOWVLQG1HEHQGHU5HVWUXNWXULHUXQJYRQ*UR‰EHWULH
EHQLVWLQGLHVHQ5HJLRQHQDOOHUGLQJVDXFKGDPLW]XUHFKQHQGDVVHVDXFKLQPLWWOHUHQXQG
NOHLQHUHQ %HWULHEHQ ]X VROFKHQ 8PVWUXNWXULHUXQJVPD‰QDKPHQ NRPPHQ ZLUG +LHU N|QQWH ²
EHU GHQ YHUVWlUNWHQ (LQVDW] YRQ ,PSODFHPHQW6WLIWXQJHQ KLQDXVJHKHQG ² DXFK LP 2XWSOD
FHPHQW%HUHLFKDQEUDQFKHQRGHUVRJDUODQGHVZHLWH6WLIWXQJHQJHGDFKWZHUGHQ

²²
6WlGWLVFKH%DOOXQJVJHELHWH9HUPHLGXQJVR]LDOHU([NOXVLRQ
,QVWlGWLVFKHQ%DOOXQJVJHELHWHQHUJHEHQVLFKGHPJHJHQ EHUEHVRQGHUH+HUDXVIRUGHUXQJHQ
LQ GHU 9HUPHLGXQJ VR]LDOHU ([NOXVLRQ GD 6WlGWH ]XP HLQHQ LPPHU DXFK 6HJUHJDWLRQVUlXPH
VLQGLQGHQHQVLFKYHUVWlUNW0LQGHUKHLWHQ $XVOlQGHUXQGDXFKVR]LDOH 5DQGJUXSSHQDQVLH
GHOQ XQG ]XP DQGHUHQ VWlGWLVFKH 5lXPH EHVRQGHUV VWDUN YRQ VHNWRUDOHP 6WUXNWXUZDQGHO
EHWURIIHQVLQGZDVLPPHUHLQHJHZLVVH*HIDKUELUJWGDVVHLQ]HOQH*UXSSHQDXIGHU6WUHFNH
EOHLEHQhEHUGLHVEHVWHKWKLHUGLH1RWZHQGLJNHLWLP5DKPHQHLQHUDXI%HVFKlIWLJXQJVZDFKV
WXPRULHQWLHUWHQ3ROLWLNGLH6WDQGRUWYRUWHLOHGHU6WlGWH]%GXUFKHLQHHQJHUH9HUNQ SIXQJ
]ZLVFKHQ8QLYHUVLWlWHQXQG8QWHUQHKPHQI UEHVFKlIWLJXQJVSROLWLVFKH3URJUDPPH]XQXW]HQ
'HPHQWVSUHFKHQGVLQG6WlGWHDXFK5HJLRQHQLQGHQHQGLH,PSOHPHQWLHUXQJOHEHQVODQJHQ
/HUQHQV YRQ EHVRQGHUHU %HGHXWXQJ LVW ZREHL KLHU LP *HJHQVDW] ]X DQGHUHQ 5HJLRQVW\SHQ
DXFK GDV REHUH 6HJPHQW GHV %LOGXQJVVSHNWUXPV DQJHVSURFKHQ ZHUGHQ VROOWH GD 6WlGWH
]XPHLVWDXFKZLVVHQVEDVLHUWHgNRQRPLHQGDUVWHOOHQ
7RXULVPXVUHJLRQHQ6DLVRQDOLWlWXQG)UDXHQDUEHLWVORVLJNHLWEHNlPSIHQ
,QGHQ7RXULVPXVUHJLRQHQVFKOXVVHQGOLFKEDOOHQVLFKKLQJHJHQGLH3UREOHPHGHUKRKHQ6DLVR
QDOLWlWGHU$UEHLWVORVLJNHLWXQGGHU)UDXHQDUEHLWVORVLJNHLW'HPHQWVSUHFKHQGZLFKWLJLVWHVKLHU
0D‰QDKPHQ ]XU 9HUULQJHUXQJ GHU 6DLVRQDOLWlW GHU $UEHLWVORVLJNHLW XP]XVHW]HQ VLHKH GD]X
.DSLWHO *HQHUHOO VROOWH LQ GLHVHQ 5HJLRQHQ YHUVXFKW ZHUGHQ GLH $UEHLWVORVHQ DX‰HUKDOE
GHU6DLVRQYHUVWlUNW]XVFKXOHQXQGGXUFK)OH[LEOLVLHUXQJVEHUDWXQJHQEHWULHEOLFKH$UEHLWV]HLW
PRGHOOHYRUDQ]XWUHLEHQGLHPLWJHULQJHUHQVDLVRQDOHQ6FKZDQNXQJHQDXVNRPPHQ,P6FKX
OXQJVEHUHLFK VFKHLQHQ GDEHL GLH LQ HLQLJHQ 5HJLRQHQ EHUHLWV EHVWHKHQGHQ 4XDOLIL]LHUXQJV
YHUE QGHGLHYRQGHQ7RXULVPXVEHWULHEHQVHOEVWIHVWJHOHJWH%LOGXQJVLQKDOWHDQELHWHQXQGLQ
GLH$UEHLWVNUlIWHYRP$UEHLWJHEHUYHUPLWWHOWZHUGHQEHVRQGHUVJHHLJQHW
$OOHUGLQJVEHVFKHLQLJHQJHUDGHGLH(UIDKUXQJHQELVKHULJHU0D‰QDKPHQLP%HUHLFK6FKXOXQJ
XQG%HUDWXQJGDVVVLHLP.DPSIJHJHQVDLVRQDOH$UEHLWVORVLJNHLWSULPlUHLQHSXQNWXHOOH:LU
NXQJHQWIDOWHQN|QQHQ/DQJIULVWLJNDQQ6DLVRQDOLWlWQXUYHUPLHGHQZHUGHQZHQQHVJHOLQJW
GHQ7RXULVPXVLQ7LUROZLHLQGHQ6WUDWHJLHGRNXPHQWHQ]XU/DQGHVHQWZLFNOXQJDQYLVLHUWYHU
VWlUNWLQ5LFKWXQJ*DQ]MDKUHVWRXULVPXV]XHQWZLFNHOQZREHLKLHUYRUDOOHPLP%H]LUN/DQGHFN
DXFKLQ5LFKWXQJHLQHU6WlUNXQJGHU6RPPHUVDLVRQJHJDQJHQZHUGHQVROOWH
9RQGHUDXVGHU7RXULVPXVVWUXNWXUUHVXOWLHUHQGHQ6DLVRQDOLWlWVLQGYRUDOOHP)UDXHQEHVRQGHUV
VWDUNEHWURIIHQVRGDVVLQWRXULVWLVFKHQ5HJLRQHQ]XVlW]OLFK0D‰QDKPHQ]XU9HUULQJHUXQJGHU
$UEHLWVORVLJNHLWGHU)UDXHQHLQHQEHVRQGHUHQ6WHOOHQZHUWHLQQHKPHQVROOWHQ6R]HLJW]XP%HL
VSLHOHLQHQHXHUH6WXGLHGHU$0*GDVVGLHKRKH)UDXHQDUEHLWVORVLJNHLWXQGDXFKGHUKRKH
$QWHLO DQ HQWPXWLJWHQ )UDXHQ GLH JDU NHLQH $UEHLW PHKU VXFKHQ LQ GHQ %H]LUNHQ ,PVW XQG
'LH ELVKHULJHQ (UIDKUXQJHQ PLW VROFKHQ %LOGXQJVYHUE QGHQ ]HLJHQ GDEHL DOOHUGLQJV DXFK GDVV GHU (UIROJ GHV
9HUEXQGHVVWDUNYRQGHP.RRSHUDWLRQVZLOOHQXQG(QJDJHPHQWGHUDQVlVVLJHQ7RXULVPXVEHWULHEHDEKlQJWVRGDVV
VLFKVROFKH9HUE QGHZRKOQLFKWLQDOOHQ5HJLRQHQHWDEOLHUHQODVVHQ

²²
/DQGHFNGXUFKGLH.RPELQDWLRQHLQHU9LHO]DKOYRQ)DNWRUHQYHUXUVDFKWZLUGGLHQHEHQGHU
7RXULVPXVODVWLJNHLW GHU %HVFKlIWLJXQJ DXFK GHQ 0DQJHO DQ .LQGHUEHWUHXXQJVHLQULFKWXQJHQ
HLQH VFKOHFKWH 9HUNHKUVDQELQGXQJ YRQ %HZRKQHU,QQHQ DX‰HUKDOE GHV ,QQWDOV XQG HLQHQ
0DQJHODQ%HWUHXXQJVSOlW]HQI U bOWHUHXQG3IOHJHEHG UIWLJHXPIDVVHQ'HPHQWVSUHFKHQG
ZLFKWLJLVWHVLQGLHVHQ 5HJLRQHQI UHLQHHQWVSUHFKHQGH9HUVRUJXQJPLW %HWUHXXQJVSOlW]HQ
XQGHLQH9HUNHKUVLQIUDVWUXNWXU]XVRUJHQ*HUDGHEHVVHUH9HUELQGXQJHQLP|IIHQWOLFKHQ9HU
NHKUN|QQHQGDEHLGLH9HUPLWWOXQJVP|JOLFKNHLWHQI U)UDXHQGHXWOLFKYHUEHVVHUQ
$X‰HUGHPVLQGLQGLHVHQ%H]LUNHQYLHOH)UDXHQWURW]JXWHU4XDOLILNDWLRQLQHKHUQLHGULJTXDOLIL
]LHUWHQ VDLVRQDOHQ %HUXIHQ LP 7RXULVPXV EHVFKlIWLJW *HUDGH KLHU LVW GDKHU GLH (QWZLFNOXQJ
YRQWRXULVPXVJHUHFKWHQ:HLWHUELOGXQJVDQJHERWHQGLHDXFKLQYHUEHVVHUWHQ $XIVWLHJVFKDQ
FHQ P QGHQ VROOWHQ EHVRQGHUV ZLFKWLJ hEHUGLHV VROOWHQ ZLH HEHQIDOOV LQ GHU 6WXGLH YRQ
)DKUQHU *ROG JHIRUGHUW JHUDGH LQ GLHVHQ 5HJLRQHQ YHUVWlUNWH 9HUVXFKH XQWHUQRP
PHQZHUGHQ EHU%HZXVVWVHLQVELOGXQJXQGGLH,QVWLWXWLRQHOOH9HUDQNHUXQJYRQ*HQGHU7KH
PHQ ]% *HQGHU 0DLQVWUHDPLQJ %HUDWHU,QQHQ HLQH bQGHUXQJ KLQVLFKWOLFK GHU 5ROOH GHU
)UDXHQLP(UZHUEVSUR]HVV]XEHZLUNHQ
/lQGOLFKH5HJLRQ%H]LUN/LHQ]%HVFKlIWLJXQJVFKDIIHQ/DQJ]HLWXQG)UDXHQDUEHLWVORVLJNHLW
EHNlPSIHQ
,Q/LHQ]KLQJHJHQVFKHLQWGLHVFKOHFKWH$UEHLWVPDUNODJHDXIPLWWOHUH6LFKWQXUO|VEDUZHQQHV
JHOLQJW LQ GHU 5HJLRQ ]XVlW]OLFKH $UEHLWVSOlW]H ]X VFKDIIHQ 'LH HLQIDFKVWH 0|JOLFKNHLW GLH
DOOHUGLQJVQXULP5DKPHQGHUZHWWEHZHUEVUHFKWOLFKHQ%HVWLPPXQJHQGHU(8XQWHUVW W]WZHU
GHQNDQQZlUHQKLHUVLFKHUOLFK%HWULHEVDQVLHGOXQJHQYRQ8QWHUQHKPHQGLHDXFKODQJIULVWLJ
LQGLH5HJLRQLQYHVWLHUHQZROOHQ=XVlW]OLFKVROOWHDEHUDXFKYHUVXFKWZHUGHQGXUFKUHJLRQDOH
,QLWLDWLYHQGDVHQGRJHQH(QWZLFNOXQJVSRWHQWLDOGHU5HJLRQYHUVWlUNWDQ]XVSUHFKHQ(QWZLFN
OXQJVNRQ]HSWHI UGHQOlQGOLFKHQ5DXP]%6LQDEHOOVFKODJHQKLHUYRUVROFKH,QLWLDWL
YHQ UXQG XP GLH 7KHPHQ 9HUVRUJXQJ GHU %HY|ONHUXQJ PLW QRWZHQGLJHQ /HLVWXQJHQ GXUFK
ORNDOH $QELHWHU GLH 5ROOH GHV OlQGOLFKHQ 5DXPV DOV (UKROXQJV XQG 5HNUHDWLRQVUDXPV XQG
UlXPOLFKGLVOR]LHUWH$UEHLWVIRUPHQ]%7HOHZRUNLQJ]XRUJDQLVLHUHQ
6R N|QQWH ]XP %HLVSLHO YHUVXFKW ZHUGHQ LQ =XVDPPHQDUEHLW PLW *HPHLQGHQ GLH 1DKYHUVRU
JXQJ GHU %HY|ONHUXQJ PLW |IIHQWOLFKHQ XQG SULYDWHQ 'LHQVWOHLVWXQJHQ ]X YHUEHVVHUQ ZREHL
KLHUDOOHUGLQJVRIWPDOVJHZHUEHUHFKWOLFKH%HVWLPPXQJHQ 6WLFKZRUWUHJLRQDOH1DKYHUVRUJHU
HLQH%HVFKUlQNXQJGHU0|JOLFKNHLWHQGDUVWHOOHQ'HV:HLWHUHQN|QQWHYHUVXFKWZHUGHQYHU
VWlUNWGLH)|UGHUP|JOLFKNHLWHQ]XU(QWZLFNOXQJGHVOlQGOLFKHQ5DXPV]%I U9HUPDUNWXQJV
LQLWLDWLYHQ LP %HUHLFK GHU /HEHQVPLWWHOHU]HXJXQJ ]X Q W]HQ RGHU ]% EHU VSH]LHOOH $QJH
ERWHI U3HUVRQHQGLH]%LP5DKPHQHLQHV6DEEDWLFDOVHLQHQOlQJHUHQ$XIHQWKDOWSODQHQ
YHUVWlUNW3HUVRQHQDQ]X]LHKHQGLHWHPSRUlULKUHQ:RKQVLW]LQGLH5HJLRQYHUOHJHQZROOHQXP
%HVRQGHUVZLFKWLJLVWHVGDEHLHLQVROFKHV$QJHERW]HLWOLFKVR]XJHVWDOWHQGDVVGLH)UDXHQLQQHUKDOEGHUI UHLQH
9HUPLWWOXQJPD[LPDO]XOlVVLJHQ=HLWLKUHQ$UEHLWVSODW]HUUHLFKHQN|QQHQ

²²
VRGLHUHJLRQDOH.DXINUDIW]XVWHLJHUQ$XFK EHUYHUVWlUNWH7HOHZRUNLQJLQLWLDWLYHQGLHVLFKDXI
GLH%DFNRIILFH%HUHLFKHYRQ'LHQVWOHLVWHUQPLWVSH]LILVFK|VWHUUHLFKLVFKHP.QRZKRZ%HGDUI
]%6WHXHUEHUDWHUEH]LHKHQN|QQWHQP|JOLFKHUZHLVHHLQLJH$UEHLWVSOlW]HJHVFKDIIHQZHU
GHQhEHUGLHVHUJLEWVLFKLQ/LHQ] EHUGHQ+RO]&OXVWHUHLQZHLWHUHU$QVDW]SXQNWGXUFKGHQ
GLH UHJLRQDOH %HVFKlIWLJXQJVQDFKIUDJH JHVWHLJHUW ZHUGHQ N|QQWH 6FKOXVVHQGOLFK HUJHEHQ
VLFKJHUDGHI UGHQ%H]LUN/LHQ]DXFK $QNQ SIXQJVSXQNWHLP%HUHLFKHLQHUHQJHUHQ=XVDP
PHQDUEHLWPLWGHP1RUGLWDOLHQLVFKHQ=HQWUDOUDXPGHU)XQNWLRQGHU6WDGW/LHQ]DOV EHUUHJLR
QDOHV=HQWUXPXQGGDPLWLQGHU EHUUHJLRQDOHQ=XVDPPHQDUEHLWVRZLHLQGHU(QWZLFNOXQJGHV
WRXULVWLVFKHQ$QJHERWHV
$OOHUGLQJVEHWRQHQ6WXGLHQ]XU(QWZLFNOXQJGHVOlQGOLFKHQ5DXPHVDEHUDXFKGDVVJHUDGH
GLHSHULSKHUHQ5HJLRQHQGHVOlQGOLFKHQ5DXPV²GLH7HLOHGHV%H]LUNHV/LHQ]XPIDVVHQ²YRU
EHVRQGHUHQEHVFKlIWLJXQJVSROLWLVFKHQ3UREOHPHQVWHKHQXQGGDVVGLHVH5HJLRQHQVHOEVWEHL
HQWVSUHFKHQGHU *HJHQVWHXHUXQJ ZRKO $EZDQGHUXQJVUHJLRQHQ EOHLEHQ ZHUGHQ hEHUGLHV
]HLJHQGLH%HLVSLHOHLQGHQHQHVLQGHU9HUJDQJHQKHLWJHODQJLQVROFKHSHULSKHUHQ5HJLRQHQ
HUIROJUHLFKQHXHZLUWVFKDIWOLFKH$NWLYLWlWHQLQVLJQLILNDQWHQ$XVPD‰DQ]XVLHGHOQ]%GHU7KHU
PHQWRXULVPXVLP6 GEXUJHQODQGGDVVGLHVQXUPLWHLQHPHUKHEOLFKHQILQDQ]LHOOHQ0LWWHOHLQ
VDW]GXUFK)|UGHUXQJYRQ*UR‰LQYHVWLWLRQHQP|JOLFKZDU
1HEHQ GHQ 3UREOHPHQ GHU 6FKDIIXQJ YRQ $UEHLWVSOlW]HQ VWLFKW /LHQ] DOOHUGLQJV DXFK GXUFK
GHQK|FKVWHQ$QWHLOGHU/DQJ]HLWDUEHLWVORVHQDQGHU$UEHLWVORVLJNHLWXQGHLQHUKRKHQ$UEHLWV
ORVLJNHLWGHU)UDXHQKHUYRU:lKUHQGLP%HUHLFKGHU)UDXHQDUEHLWVORVLJNHLWGLH3UREOHPODJHQ
lKQOLFKJHODJHUWVLQGZLHLQGHQPHLVWHQLQWHQVLYHQ7RXULVPXVJHELHWHQ7LUROVNDQQGLH/DQJ
]HLWDUEHLWVORVLJNHLW ]XP HLQHQ GXUFK 9HUPLWWOXQJ YRQ %HVFKlIWLJWHQ LQ *HPHLQGHQ GLH ZRKO
]XPHLVW EHU(LQJOLHGHUXQJVEHLKLOIHQHUUHLFKWZHUGHQNDQQRGHU EHUHQWVSUHFKHQGHODQJIULV
WLJH0D‰QDKPHQZLH]XP%HLVSLHOVR]LDO|NRQRPLVFKH%HWULHEHHUUHLFKWZHUGHQ $OOHUGLQJV
LVWDXFKEHLGLHVHQ0D‰QDKPHQGDYRQDXV]XJHKHQGDVVGLHVH0D‰QDKPHQLQ(UPDQJHOXQJ
YRQ$UEHLWVSOlW]HQYRUDOOHPGHQ8PVFKODJDQ$UEHLWVNUlIWHQHUK|KHQXQGNDXP]X]XVlW]OL
FKHQ$UEHLWVSOlW]HQI KUHQZHUGHQ
5HJLRQDOGLIIHUHQ]LHUWH*HVWDOWXQJYRQDUEHLWVPDUNWSROLWLVFKHQ0D‰QDKPHQ
1HEHQ GHQ XQWHUVFKLHGOLFKHQ 6FKZHUSXQNWVHW]XQJHQ ]ZLVFKHQ HLQ]HOQHQ 5HJLRQHQ EHVWLP
PHQ UHJLRQDOH %HVRQGHUKHLWHQ DEHU DXFK GLH 8PVHW]XQJVEHGLQJXQJHQ XQWHU GHQHQ HLQ
]HOQH 0D‰QDKPHQ VWDWWILQGHQ ,QVEHVRQGHUH ]HLJW VLFK VLHKH .DSLWHO GDVV LQ 7LURO LQ GHQ
PHLVWHQ 5HJLRQHQ NOHLQ XQG PLWWHOEHWULHEOLFKH 6WUXNWXUHQ YRQ EHVRQGHUHU %HGHXWXQJ VLQG
DEHULQHLQLJHQ5HJLRQHQDXFKHLQGXUFKDXVUHOHYDQWHU%HVWDQGDQJU|‰HUHQ%HWULHEHQH[LV

²²
WLHUW 'LHV KDW LQVRIHUQ $XVZLUNXQJHQ DXI GLH 8PVHW]XQJVP|JOLFKNHLWHQ YHUVFKLHGHQHU 0D‰
QDKPHQDOVLQNOHLQXQGPLWWHOEHWULHEOLFKVWUXNWXULHUWHQ5HJLRQHQGDYRQDXVJHJDQJHQZHU
GHQNDQQGDVVGLH0HKUKHLWGHU%HWULHEHNDXP3HUVRQDOHQWZLFNOXQJVSOlQHXQG²VWUDWHJLHQ
KDEHQ 0D‰QDKPHQ GLH GLH %HUDWXQJ YRQ 8QWHUQHKPHQ DOV =LHOULFKWXQJ KDEHQ P VVHQ
GDKHUYRQYRUQKHUHLQDXIGLHJHULQJHUHVWUDWHJLVFKH3ODQXQJVNDSD]LWlWYRQ.08V5 FNVLFKW
QHKPHQZREHLHVKLHUGXUFKDXVDQJHEUDFKWVHLQNDQQEHVWHKHQGH0D‰QDKPHQPLW]XVlW]
OLFKHQ%HUDWXQJVLQVWUXPHQWHQ]XHUJlQ]HQ6RKDWPDQ]XP%HLVSLHOLQ'lQHPDUNGLH(UIDK
UXQJ JHPDFKW GDVV .08V QXU VHKU VHOWHQ YRQ 6DEEDWLFDOV *HEUDXFK PDFKHQ ZDV XQWHU
DQGHUHP DXFK GDUDQ OLHJW GDVV GLHVH 8QWHUQHKPHQ LKUHQ :HLWHUELOGXQJVEHGDUI QXU VHOWHQ
V\VWHPDWLVFKHUKHEHQXQGRGHUIHVWVWHOOHQ
hEHUGLHVLVWJHUDGHLP7LUROHU.RQWH[WYRUDOOHPLQ7RXULVPXVUHJLRQHQGDYRQDXV]XJHKHQGDVV
GLH=HLWUHVHUYHQZlKUHQGGHU6DLVRQHKHUJHULQJVLQGVRGDVV]XP%HLVSLHO:HLWHUELOGXQJVDQ
JHERWH DP EHVWHQ DX‰HUKDOE GHU 6DLVRQ RUJDQLVLHUW ZHUGHQ N|QQHQ (LQH 0RGXODULVLHUXQJ
YRQ$QJHERWHQVRGDVVVLHLQGHQZHQLJHUDUEHLWVLQWHQVLYHQ=HLWHQDX‰HUKDOEGHU6DLVRQVWDWW
ILQGHQN|QQHQN|QQWHGDKHUZRKOLQHLQLJHQ)lOOHQGLH7HLOQDKPHEHUHLWVFKDIWHUK|KHQ
'HU9RUWHLONOHLQXQGPLWWHOEHWULHEOLFKHU6WUXNWXUHQOLHJWDOOHUGLQJVLQGHUOHLFKWHUHQ0RWLYDWLRQ
YRQVROFKHQ%HWULHEHQGXUFKILQDQ]LHOOH$QUHL]HXQG.RVWHQHUVSDUQLVVH:lKUHQGEHL*UR‰XQ
WHUQHKPHQ]XPHLVWHLQJXWHU,QIRUPDWLRQVVWDQGKLQVLFKWOLFKGHU(LQVSDUXQJVP|JOLFKNHLWHQEHL
YHUVFKLHGHQHQ%HUDWXQJHQXQG)|UGHUXQJHQEHVWHKWOLHIHUQEHL.08VJHVRQGHUWH,QIRUPDWL
RQVDNWLYLWlWHQRIWPDOVEHVVHUH(UJHEQLVVH
,Q 5HJLRQHQ LQ GHQHQ JU|‰HUH ]XPHLVW LQGXVWULHOOH /HLWEHWULHEH DQJHVLHGHOW VLQG GLH ]XPHLVW
EHUOlQJHUIULVWLJH6WUDWHJLHQYHUI JHQVFKHLQHQ0D‰QDKPHQGLHEHLGHQ%HWULHEHQDQVHW
]HQKLQJHJHQRIWPDOVOHLFKWHUGXUFKI KUEDUZHLOJHUDGHLQWHUQDWLRQDOH(UIDKUXQJHQ]HLJHQ
GDVVVROFKH%HWULHEHI UDUEHLWVPDUNWSROLWLVFKH$NWHXUHOHLFKWHUDQVSUHFKEDUVLQGXQGVFKRQ
GXUFK GLH 7HLOQDKPH HLQHV HLQ]HOQHQ %HWULHEHV DQ HLQHU 0D‰QDKPH HLQ HUKHEOLFKHU 7HLO GHV
$UEHLWVPDUNWHVDEJHGHFNWZHUGHQNDQQ$OOHUGLQJV]HLJWVLFKDXFKGDVVJU|‰HUH%HWULHEHYRU
DOOHPGDQQ]XUhEHUQDKPHYRQVR]LDOHU9HUDQWZRUWXQJI UGHQUHJLRQDOHQ$UEHLWVPDUNWEHUHLW
VLQGZHQQGLHVPLWHLQHUHQWVSUHFKHQGHQ3XEOL]LWlWYHUEXQGHQLVW'LHVHV3XEOL]LWlWVEHG UIQLV
YRQ*UR‰EHWULHEHQVROOWHGDKHU EHUDOOGRUWPLWEHGDFKWZHUGHQZR*UR‰EHWULHEHDOV3DUWQHU
LQGHU8PVHW]XQJDUEHLWVPDUNWSROLWLVFKHU9RUKDEHQDQJHVSURFKHQZHUGHQVROOHQ
,QYLHOHQ5HJLRQHQ7LUROVLQVEHVRQGHUHLP7LUROHU2EHUODQG]HLJWVLFK EHUGLHVGDVVVFKOHFKWH
|IIHQWOLFKH 9HUNHKUVYHUELQGXQJHQ DX‰HUKDOE GHV ,QQWDOV HLQH 0RELOLWlWVEDUULHUH LQVEHVRQ
GHUH I U )UDXHQ GDUVWHOOW *HUDGH LQ VROFKHQ HKHU SHULSKHUHQ 5HJLRQHQ LVW GDKHU DXFK DQ
HLQHGH]HQWUDOH$QJHERWVHUVWHOOXQJLQ%HWUDFKW]X]LHKHQ(LQ%HLVSLHOKLHUI UVLQGGLHPRELOHQ
%HUDWXQJHQ
6FKOXVVHQGOLFKVROOWHDXFKEHGDFKWZHUGHQGDVVHVLQVEHVRQGHUHLQGHQ*UR‰VWlGWHQRIWPDOV
3HUVRQHQJUXSSHQJLEW GLH DXIJUXQGLKUHUVSH]LHOOHQ3UREOHPODJHQQLFKW:LOOHQVRGHU DXI
JUXQG PDQJHOQGHU 6SUDFKNHQQWQLVVH NDXP IlKLJ VLQG %HUDWXQJVDQJHERWH YRQ RIIL]LHOOHQ
6WHOOHQDQ]XQHKPHQVRGDVVKLHUDXFKLP'HVLJQYRQ0D‰QDKPHQHQWVSUHFKHQGH$GDSWLH

²²
UXQJ ]% )UHPGVSUDFKLJHV $QJHERW (LQEH]LHKHQ YRQ 0LQGHUKHLWHQYHWUHWHU,QQHQ RGHU
6WUHHWZRUNHUQYRUJHQRPPHQZHUGHQN|QQWHQ
5HJLRQDOH8PVHW]XQJVVWUXNWXUHQ
,QGHU)RUPXOLHUXQJHLQHUUHJLRQDOHQ$UEHLWVPDUNWVWUDWHJLHVROOWHDXFKGLH)UDJHQDFKGHQI U
GLH 8PVHW]XQJ GHU UHJLRQDOHQ 6WUXNWXU JHHLJQHWHQ ,QVWLWXWLRQHQ JHVWHOOW ZHUGHQ *HUDGH LP
5DKPHQGHUWHUULWRULDOHQ%HVFKlIWLJXQJVSDNWHLQgVWHUUHLFKZXUGHQLQHLQLJHQ%XQGHVOlQGHUQ
VROFKH9HUVXFKHGHU5HJLRQDOLVLHUXQJGHU3DNWVWUXNWXUHQYRUJHQRPPHQ
hEHUVLFKW 5HJLRQDOH6WUXNWXUHQQDFK%XQGHVOlQGHUQ
:LHQ
6WHLHU
PDUN
2EHU|VWHU
UHLFK
5HJLRQDOH6WUXNWXUHQlKQOLFKH=LHOH 1HLQ -D -D
/DQGHVSDNWLVW6HUYLFHHLQULFKWXQJUHJLRQDOHU6WUXNWXUHQ 1HLQ 1HLQ -D
5HJLRQDOH6WUXNWXUHQVHW]HQGHQ/DQGHVSDNWXP 1HLQ -D 1HLQ
5HJLRQDOH6WUXNWXUHQDUEHLWHQXQDEKlQJLJYRP/DQGHVSDNW -D 1HLQ 1HLQ
.RRUGLQDWLRQUHJLRQDOHU6WUXNWXUHQHUIRUGHUWYLHOH5HVVRXUFHQ 1HLQ -D -D
1XUVHOWHQ.RQWDNW]XUHJLRQDOHQ6WUXNWXUHQ 1HLQ 1HLQ 1HLQ
5HJLRQDOH6WUXNWXUHQJlQ]OLFKDQGHUH$XIJDEHQ -D 1HLQ 1HLQ
5HJLRQDOH6WUXNWXUHQVLQGGHP/DQGHVSDNWJHJHQ EHU
ZHLVXQJVJHEXQGHQ
1HLQ 1HLQ -D
3DNWNRRUGLQDWRU,QLVWLQ*UHPLHQGHUUHJLRQDOHQ6WUXNWXUHQHLQJHEXQGHQ 1LH PHLVWHQV VHOWHQ
4:,)2%HIUDJXQJLP5DKPHQGHU(6)(YDOXLHUXQJVLHKH+XEHU
'LH LP 5DKPHQ GHU (6)(YDOXLHUXQJ GXUFKJHI KUWH (YDOXLHUXQJ GHU WHUULWRULDOHQ %HVFKlIWL
JXQJVSDNWH+XEHU]HLJWGDEHLGDVVGLH3DNWYHUDQWZRUWOLFKHQLQGHQ%XQGHVOlQGHUQ
LQGHQHQHLQHVROFKH5HJLRQDOLVLHUXQJGXUFKJHI KUWZXUGHGLHVHUHJLRQDOHQ8PVHW]XQJVVWUXN
WXUHQDOVGXUFKDXVKLOIUHLFKEHLGHU8PVHW]XQJGHV3DNWHVHPSILQGHQ$OOHUGLQJV]HLJWVLFKLQ
GLHVHQ %XQGHVOlQGHUQ DXFK HLQH JUR‰H +HWHURJHQLWlW GHU +HUDQJHKHQVZHLVHQ GLH HLQH
*HQHUDOLVLHUXQJ NDXP P|JOLFK PDFKHQ 6R ZXUGHQ GLH UHJLRQDOHQ 3DNWH LQ GHU 6WHLHUPDUN
VFKRQ YRU GHP VWHLULVFKHQ /DQGHVSDNW JHJU QGHW XQG VLQG GHPHQWVSUHFKHQG DXWRQRP LQ
GHU8PVHW]XQJGHP/DQGHVSDNWJHJHQ EHUQLFKWZHLVXQJVJHEXQGHQVROOHQDEHUlKQOLFKH
=LHOVHW]XQJHQYHUIROJHQXQGGHQ/DQGHVSDNWXPVHW]HQ$XFKLQ:LHQZXUGHI UGLH,QWHUGLVNV
LQHLQLJHQ%H]LUNHQDXIEHUHLWVEHVWHKHQGH,QVWLWXWLRQHQ]XU FNJHJULIIHQ$OOHUGLQJVVLQGGLHVH
6WUXNWXUHQZHLWJHKHQGXQYHUEXQGHQPLWGHP3DNWXQGN|QQHQDOVYROONRPPHQDQGHUH,QVWL
WXWLRQHQPLWDQGHUHQ=LHOHQJUR‰HU8QDEKlQJLJNHLWXQGJHULQJHQSHUV|QOLFKHQ9HUIOHFKWXQ
JHQ YHUVWDQGHQ ZHUGHQ ,Q 2EHU|VWHUUHLFK VFKOXVVHQGOLFK ZXUGHQ GLH 3DNWH GXUFK GLH $XV
QXW]XQJGHUEHUHLWVEHVWHKHQGHQ5HJLRQDOPDQDJHPHQWVXQGGLH(LQVHW]XQJHLQHU5HJLRQDO
PDQDJHU,QI U$UEHLWJHVFKDIIHQ+LHUVROOHQGLHUHJLRQDOHQ6WUXNWXUHQHLJHQH=LHOHYHUIROJHQ
VLQG DEHU VRZRKO KLQVLFKWOLFK GHU :HLVXQJHQ DOV DXFK GHU %HUDWXQJ GXUFK GHQ /DQGHVSDNW
ZHVHQWOLFKDEKlQJLJHUDOVHWZDLQGHU6WHLHUPDUN

²²
$OV9RUWHLOHGLHVHUUHJLRQDOHQ6WUXNWXUHQPXVVGDEHLJHVHKHQZHUGHQGDVVHVLQLKQHQOHLFKWHU
JHOLQJWUHJLRQDOH/HLWEHWULHEH1*2VXQG*HPHLQGHQHLQ]XEH]LHKHQZREHLKLHUGLH0RWLYD
WLRQ LQVEHVRQGHUH YRQ /HLWEHWULHEHQ XQG 1*2V PLW HLQHU VWlUNHUHQ 'H]HQWUDOLVLHUXQJ ]X VWHL
JHQVFKHLQWXQGVLFKLQGLHVHQUHJLRQDOHQ6WUXNWXUHQDXFKUHODWLYOHLFKWHLQUHJLRQDOHV.QRZ
KRZ ]XU (QWZLFNOXQJ XQG $QSDVVXQJ YRQ 3URMHNWHQ DQ GLH UHJLRQDOHQ %HVRQGHUKHLWHQ DXI
EDXHQOlVVW$OV1DFKWHLOPXVVDOOHUGLQJVJHVHKHQZHUGHQGDVVHV,QVWLWXWLRQHQXQWHUKDOEGHU
%XQGHVODQGHEHQHRIWDQ.RPSHWHQ]HQXQG5HVVRXUFHQPDQJHOWXPGLHDQVLHKHUDQJHWUD
JHQHQ3UREOHPH]XO|VHQZDV]X,QHIIL]LHQ]HQLQGHU8PVHW]XQJI KUHQNDQQ,QVJHVDPWVROOWH
GDKHU ZHQQ VROFKH 5HJLRQDOLVLHUXQJHQ DQJHVWUHEW ZHUGHQ EHVRQGHUV DXI GDV =XVDPPHQ
VSLHO]ZLVFKHQ7RSGRZQXQG%RWWRPXS(OHPHQWHQLQGHU(QWZLFNOXQJJHDFKWHWZHUGHQ
hEHUGLHVVROOWHYHUVXFKWZHUGHQQDFK0|JOLFKNHLWDXIEHVWHKHQGHQKLVWRULVFKJHZDFKVHQHQ
6WUXNWXUHQDXI]XEDXHQZREHLLQ7LUROGLHLQGHQPHLVWHQ%H]LUNHQEHVWHKHQGHQ5HJLRQDOHQW
ZLFNOXQJVYHUHLQH HLQHQ P|JOLFKHQ $QVDW]SXQNW ]XU 5HJLRQDOLVLHUXQJ GHU 3DNWH GDUVWHOOHQ
N|QQWHQ*HUDGHLQGLHVHQ5HJLRQHQN|QQWHLQMHQHQ)lOOHQLQGHQHQGLHVQRFKQLFKWJHJH
EHQLVWGXUFKGLH(LQEH]LHKXQJGHUUHJLRQDOHQ $UEHLWVPDUNWDNWHXUH]% $06HLQHHQJHUH
9HUNQ SIXQJYRQ5HJLRQDOXQG$UEHLWVPDUNWSROLWLNDQJHVWUHEWZHUGHQ

²²
=XVDPPHQIDVVXQJ
(LQOHLWXQJ
=LHOGHUYRUOLHJHQGHQ6WXGLHLVWHV+LQZHLVH]XU:HLWHUHQWZLFNOXQJGHVDUEHLWVPDUNWSROLWLVFKHQ
,QVWUXPHQWDULXPV LQ 7LURO ]X OLHIHUQ 'DEHL ]HLJWH VLFK GDVV GLH %HVFKlIWLJXQJV XQG $UEHLWV
PDUNWHQWZLFNOXQJ LQ 7LURO GXUFKDXV HUIUHXOLFK LVW 6R JHK|UW 7LURO VHLW $QIDQJ GHU QHXQ]LJHU
-DKUHGHVOHW]WHQ-DKUKXQGHUWV]XGHQ%XQGHVOlQGHUQPLWHLQHPGHXWOLFK EHUGXUFKVFKQLWWOL
FKHQ %HVFKlIWLJXQJV]XZDFKV ,P =HLWUDXP ELV LVW GLH %HVFKlIWLJXQJ XP IDVW
JHVWLHJHQ0LWGLHVHU%HVFKlIWLJXQJVG\QDPLNOLHJW7LUROXQWHUGHQ|VWHUUHLFKLVFKHQ%XQGHVOlQ
GHUQ XQG LP =HLWUDXP ELV LP JHVDPWHQ PLWWHOHXURSlLVFKHQ ,QWHJUDWLRQVUDXP DQ
]ZHLWHU 6WHOOH 'LH $UEHLWVORVHQTXRWH 5DQJ XQWHU GHQ |VWHUUHLFKLVFKHQ %XQGHVOlQGHUQ
5DQJ LP PLWWHOHXURSlLVFKHQ ,QWHJUDWLRQVUDXP XQG GHU $QWHLO GHU /DQJ]HLWDUEHLWVORVHQ DQ
GHU $UEHLWVORVLJNHLW OLHJHQ ZLH DXFK GLH (UZHUEVTXRWH HEHQIDOOV EHVVHU DOV LP |VWHUUHLFKL
VFKHQE]ZHXURSlLVFKHQ'XUFKVFKQLWW
+DXSWHUJHEQLVVHGHU$QDO\VHGHU%HVFKlIWLJXQJVXQG$UEHLWVPDUNWODJH
%HVFKlIWLJXQJVHQWZLFNOXQJ
(LQ ZHVHQWOLFKHU *UXQG I U GDV JXWH %HVFKlIWLJXQJVZDFKVWXP LQ 7LURO LVW GDEHL GLH KRKH
%HVFKlIWLJXQJVLQWHQVLWlW GHV :HUWVFK|SIXQJVZDFKVWXPV :lKUHQG GLH %HVFKlIWLJXQJVHQW
ZLFNOXQJLPOHW]WHQ-DKU]HKQWGHXWOLFK EHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWODJZDUGDV
:HUWVFK|SIXQJVZDFKVWXP XQWHUGXUFKVFKQLWWOLFK 'HPHQWVSUHFKHQG HQWZLFNHOWH VLFK GLH
$UEHLWVSURGXNWLYLWlWHEHQIDOOVODQJVDPHUDOVLP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW
(LQH6KLIW6KDUH$QDO\VH ]HLJWGDEHLGDVVGDV%HVFKlIWLJXQJVZDFKVWXP7LUROVDXV ]ZHL.RP
SRQHQWHQ UHVXOWLHUW (UVWHQV XQWHUVW W]W GHU 6WUXNWXUZDQGHO LQ 7LURO GDV %HVFKlIWLJXQJVZDFKV
WXP ]ZHLWHQV ZlFKVW GLH %HVFKlIWLJXQJ DXFK DXIJUXQG YRQ /DJHYRUWHLOHQ VWlUNHU 'LH
%HVFKlIWLJXQJVVWUXNWXU7LUROVKDWVLFKVHLW0LWWHGHUQHXQ]LJHU-DKUHLQ5LFKWXQJGHU%UDQFKHQ
YHUVFKREHQGLHDXFKLQgVWHUUHLFKLQVJHVDPWGDVLQWHQVLYVWH%HVFKlIWLJXQJVZDFKVWXPDXI
ZHLVHQ VRGDVV GLH 6HNWRUVWUXNWXU 7LUROV ]XOHW]W SRVLWLY ]XP %HVFKlIWLJXQJVZDFKVWXP EHLWUXJ
hEHUGLHVLVWLQ7LURODXFKGLHUHJLRQDOH.RPSRQHQWHGHV%HVFKlIWLJXQJVZDFKVWXPVWUDGLWLRQHOO
SRVLWLYXQGLQGHQOHW]WHQ-DKUHQQRFK]XVlW]OLFKDQJHVWLHJHQ
9RQGHQDQGHUHQ|VWHUUHLFKLVFKHQ%XQGHVOlQGHUQKHEWVLFK7LUROGDEHLYRUDOOHPGXUFKHLQH
GHXWOLFK EHVVHUH %HVFKlIWLJXQJVHQWZLFNOXQJ LP 6DFKJ WHUEHUHLFK DE 6HLW GHP -DKU
ZlFKVW LQ 7LURO EHUGLHV GLH %HVFKlIWLJXQJ LQ DOOHQ %UDQFKHQW\SHQ GHU 6DFKJ WHUSURGXNWLRQ
DX‰HU LQ GHQ NDSLWDOLQWHQVLYHQ %UDQFKHQ 'LH PHLVWHQ LQ 7LURO ZLFKWLJHQ 6DFKJ WHUEUDQFKHQ
ZHLWHWHQ LP =HLWUDXP VHLW LKUH %HVFKlIWLJXQJ DXV XQG ZXFKVHQ DXFK VWlUNHU DOV LP

²²
gVWHUUHLFK'XUFKVFKQLWW $OOHUGLQJV ZDU GHU 'LHQVWOHLVWXQJVEHUHLFK ² ZLH DXFK LP EULJHQ
gVWHUUHLFK ² I U GHQ %HVFKlIWLJXQJV]XZDFKV ZHVHQWOLFK EHGHXWVDPHU ,P =HLWUDXP ELV
HQWVWDQGHQ LQ GLHVHP %HUHLFK UXQG $UEHLWVSOlW]H GDYRQ LQ GHQ 0DUNW
GLHQVWOHLVWXQJHQ (LQH YHUEOHLEHQGH 6FKZlFKH LVW DOOHUGLQJV GDV LP 9HUJOHLFK ]X gVWHUUHLFK
XQWHUGXUFKVFKQLWWOLFKH %HVFKlIWLJXQJVZDFKVWXP LQ HLQLJHQ WHFKQRORJLHLQWHQVLYHQ 'LHQVWOHLV
WXQJVEUDQFKHQ
$XIEHWULHEOLFKHU(EHQH]HLJWVLFKGDVVGLH7LUROHU:LUWVFKDIWLQVEHVRQGHUHLQGHQOHW]WHQ-DK
UHQ GXUFK HLQH JUR‰H =DKO DQ LQ ZDFKVHQGHQ %HVFKlIWLJHUEHWULHEHQ QHX JHVFKDIIHQHQ
$UEHLWVSOlW]HQXQGHLQHJHULQJH=DKODQLQVFKUXPSIHQGHQ%HVFKlIWLJHUEHWULHEHQYHUQLFKWH
WHQ$UEHLWVSOlW]HQJHSUlJWLVW%HVRQGHUVYLHOWUDJHQGDEHLNOHLQH8QWHUQHKPHQ]XP%HVFKlI
WLJXQJVZDFKVWXPEHLDOOHUGLQJVVLQGDXFKGLHJUR‰HQ)ODJJVFKLIIHGHU7LUROHU6DFKJ WHUHU
]HXJXQJZDFKVWXPVVWDUN$OVZHLWHUHU9RUWHLOPXVVDXFKGLHKRKH1DFKKDOWLJNHLWGHUEHWULHE
OLFKHQ:DFKVWXPVSUR]HVVHLQVEHVRQGHUHEHLGHQ*UR‰EHWULHEHQJHOWHQ
$UEHLWVORVLJNHLW
7URW] GLHVHU HUIUHXOLFKHQ (QWZLFNOXQJ GHU %HVFKlIWLJXQJ LVW GLH $UEHLWVORVLJNHLW LQ 7LURO LQ GHQ
OHW]WHQ HLQHLQKDOE -DKU]HKQWHQ QLFKW JHVXQNHQ 'LH $UEHLWVORVHQTXRWH VWLHJ VHLW GHP -DKU
]ZDU ZHQLJHU VWDUN DOV LP EULJHQ gVWHUUHLFK GHU =XZDFKV EHWUXJ DEHU HLQHQ 3UR]HQW
SXQNWVDLVRQEHUHLQLJWYRQLP-DKUDXILP-DKU'LH8UVDFKHGDI UOLHJWLQ
HLQHPVWDUNHQ$QVWLHJGHV$UEHLWVNUlIWHDQJHERWHVGDVDXIHLQH$XVZHLWXQJGHUHUZHUEVIlKL
JHQ %HY|ONHUXQJ XQG YRU DOOHP EHL )UDXHQ HLQHP $XIKROSUR]HVV EHL GHQ (UZHUEVTXRWHQ
]XU FNJHI KUW ZHUGHQ NDQQ 2EZRKO VLFK HLQLJH $UEHLWVPDUNWLQGLNDWRUHQ GXUFKDXV SRVLWLY
HQWZLFNHOQ GLH /DQJ]HLWDUEHLWVORVLJNHLW XQG DXFK GLH GXUFKVFKQLWWOLFKH 'DXHU GHU $UEHLWVOR
VLJNHLW OLHJHQ XQWHU GHP |VWHUUHLFKLVFKHQ :HUW XQG JLQJHQ DXFK ]XU FN XQG GLH PHLVWHQ
$UEHLWVORVHQTXRWHQI UHLQ]HOQH=LHOJUXSSHQXQWHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWOLHJHQ
EHVWHKHQ LPPHU QRFK HLQLJH DUEHLWVPDUNWSROLWLVFKH 3UREOHPH +LHU LVW DXI GLH QDFK ZLH YRU
JHULQJH(UZHUEVEHWHLOLJXQJGHUbOWHUHQGLHKRKH6DLVRQDOLWlWGLHJUR‰HQUHJLRQDOHQ'LVSDUL
WlWHQXQGGLHKRKHQ*HVFKOHFKWHUXQWHUVFKLHGHGLHHLQHNODUH6FKOHFKWHUVWHOOXQJGHU)UDXHQ
DQ]HLJHQ]XYHUZHLVHQ
• 6FKZlFKHUDOVEHLDQGHUHQ,QGLNDWRUHQLVWGLH3RVLWLRQLPHXURSlLVFKHQ9HUJOHLFKKLQVLFKW
OLFKGHU(UZHUEVTXRWHGHUbOWHUHQ,QGLHVHP,QGLNDWRUOLHJW7LURO]ZDUEHVVHUDOVGHU|VWHU
UHLFKLVFKH 'XUFKVFKQLWW XQWHU GHQ 5HJLRQHQ GHV PLWWHOHXURSlLVFKHQ ,QWHJUDWLRQVUDXPHV
QLPPW HV DEHU QXU HLQHQ 3ODW] LP REHUHQ 0LWWHOIHOG HLQ 1DFK GHQ OHW]WHQ YHUI JEDUHQ
=DKOHQDXVGHP-DKUP VVWHQUXQG$UEHLWVSOlW]HI UlOWHUH3HUVRQHQJHVFKDI
IHQZHUGHQXPGDV(8ZHLWH=LHOHLQHUSUR]HQWLJHQ%HVFKlIWLJXQJVTXRWHYRQbOWHUHQ
]XHUUHLFKHQhEHUGLHVVWLHJLQ7LUROGLH$UEHLWVORVLJNHLWGHUbOWHUHQPLWVHLWGHP-DKU
VWlUNHUDOVLQgVWHUUHLFK'HU$QWHLOGHUbOWHUHQDQGHU$UEHLWVORVLJNHLWZDUDEHU
PLWUHODWLY]XP%XQGHVGXUFKVFKQLWWJHULQJ

²²
• 'LH%HVFKlIWLJXQJVTXRWHGHU)UDXHQOLHJWLQ7LURO]ZDU EHUGHQ=LHOYRUJDEHQGHU(8YRQ
GLH(UZHUEVTXRWHGHU)UDXHQHUZHLVWVLFKYRUDOOHPLP+DXSWHUZHUEVDOWHULPgVWHU
UHLFK9HUJOHLFK DOV EHVRQGHUV QLHGULJ hEHUGLHV VLQG GLH (LQNRPPHQVXQWHUVFKLHGH ]ZL
VFKHQ0lQQHUQXQG)UDXHQLP+DXSWHUZHUEVDOWHUEHVRQGHUVKRFK,QVJHVDPWGHXWHWGLHV
DXIHLQLJH3UREOHPHKLQVLFKWOLFKGHU9HUHLQEDUNHLWYRQ%HUXIXQG)DPLOLHKLQ
• 'LH 6SH]LDOLVLHUXQJ DXI GHQ 7RXULVPXV YHUXUVDFKW ]XVDPPHQ PLW HLQHP QLFKW XQHUKHEOL
FKHQ$QWHLOGHU%DXZLUWVFKDIWGHPGULWWK|FKVWHQLQgVWHUUHLFKHLQHDXVJHSUlJWH6DLVR
QDOLWlWLQ%HVFKlIWLJXQJXQG$UEHLWVORVLJNHLW5XQGGHU$UEHLWVORVLJNHLWLQ7LUROJHKWDXI
VDLVRQDOH6FKZDQNXQJHQ]XU FN
• ,Q UHJLRQDOHU +LQVLFKW LVW 7LURO JHSUlJW GXUFK GLH 8QWHUVFKLHGH ]ZLVFKHQ HLQHP XUEDQHQ
=HQWUDOUDXP ,QQVEUXFNXQGVHLQ8PODQGLQGXVWULHOOJHSUlJWHQ5HJLRQHQLP,QQWDOXQG
HLQLJHQ 5HJLRQHQ GLH VHKU VWDUN YRP 7RXULVPXV DEKlQJHQ 'LH UHJLRQDOHQ 'LVSDULWlWHQ
GHUUHJLRQDOHQ $UEHLWVPDUNWODJHXQGGLH]XP7HLOVFKOHFKWH(UUHLFKEDUNHLWGHU5HJLRQHQ
I KUHQ ]X HLQHU UHODWLY KRKHQ UHJLRQDOHQ 0LVPDWFKNRPSRQHQWH LQ GHU $UEHLWVORVLJNHLW,Q
7LUROKlWWHQLP-DKUHWZDGHU$UEHLWVORVHQLQHLQHPDQGHUHQ$UEHLWVPDUNWEH]LUN
QDFK$UEHLWVXFKHQP VVHQXPHLQHQJOHLFKPl‰LJHQ6WHOOHQDQGUDQJ]XHU]LHOHQ
$X‰HUGHPNRQQWHVLFKGHU7LUROHU$UEHLWVPDUNWLQGHQOHW]WHQ-DKUHQYRQGHU|VWHUUHLFKLVFKHQ
(QWZLFNOXQJQLFKWHQWNRSSHOQgVWHUUHLFKZHLWNDPHVVHLWEHLGHU-XJHQGDUEHLWVORVLJNHLW
XQG GHU $UEHLWVORVLJNHLW GHU DXVOlQGLVFKHQ $UEHLWVNUlIWH ]X EHVRQGHUV VWDUNHQ 6WHLJHUXQJHQ
7LUROYROO]LHKWGLHVHEXQGHVZHLWH(QWZLFNOXQJQDFKZHQQDXFKGLH$QVWLHJHJHULQJHUZDUHQ
DOVLP%XQGHVGXUFKVFKQLWW'LH-XJHQGDUEHLWVORVLJNHLWZDULQ7LUROLP-DKUXPK|KHU
DOVQRFKLP-DKUEXQGHVZHLWGLH$UEHLWVORVHQTXRWHGHUDXVOlQGLVFKHQ$UEHLWV
NUlIWHVWLHJXP3UR]HQWSXQNWHDXIEXQGHVZHLW3UR]HQWSXQNWHDXI
1HEHQ GHU LQ GHU RIIL]LHOOHQ 6WDWLVWLN JHPHVVHQHQ $UEHLWVORVLJNHLW JLEW HV LQ 7LURO DXFK QRFK
HLQH5HLKHSRWHQWLHOOHU=LHOJUXSSHQDUEHLWVPDUNWSROLWLVFKHU,QWHUYHQWLRQHQ
• 6RZXUGHLP-DKUWURW]HLQHUVHKUJHULQJHQ/DQJ]HLWDUEHLWVORVLJNHLWHLQH]XOHW]WVWDUN
VWHLJHQGH=DKOYRQFD/DQJ]HLWEHVFKlIWLJXQJVORVHQUHJLVWULHUWGHQHQHV EHUHLQHQ
=HLWUDXPYRQHLQHP-DKUQLFKWJHODQJLQHLQ%HVFKlIWLJXQJVYHUKlOWQLVPLWHLQHU'DXHUYRQ
EHU7DJHQ]XJHODQJHQ
• 'DU EHU KLQDXV JDEHQ LQ GHU $UEHLWVNUlIWHHUKHEXQJ KRFKJHUHFKQHW UXQG 3HUVRQHQ
DQ NHLQH $UEHLW ]X VXFKHQ ZHLO VLH RKQHGLHV NHLQHQ $UEHLWVSODW] ILQGHQ Z UGHQ VR
JHQDQQWH(QWPXWLJWHZHLWHUH3HUVRQHQJDEHQDQJUXQGVlW]OLFKDUEHLWHQ]XZRO
OHQDEHUNHLQH$UEHLW]XVXFKHQVRJHQDQQWH0DUJLQDOLVLHUWHXQG3HUVRQHQJDEHQ
DQ7HLO]HLW]XDUEHLWHQZHLOVLHNHLQH9ROO]HLWEHVFKlIWLJXQJILQGHQNRQQWHQVRJHQDQQWH
7HLO]HLWDUEHLWVORVH 2EZRKO GHU *UR‰WHLO GHU 0DUJLQDOLVLHUWHQ HKHU DUEHLWVPDUNWIHUQ VHLQ
G UIWH EHUGHU3HUVRQHQGLHVHU*UXSSHEHILQGHQVLFKLP5XKHVWDQGZHLWHUHLQ
$XVELOGXQJ JHEHQ LQ 7LURO DXFK UXQG GHU 0DUJLQDOLVLHUWHQ |VWHUUHLFKZHLW DQ
DXIJUXQGYRQ%HWUHXXQJVSIOLFKWHQNHLQH$UEHLW]XVXFKHQ

²²
• hEHUGLHV ]HLJW VLFK LP %HUHLFK GHU 7HLO]HLWEHVFKlIWLJXQJ HLQ HUKHEOLFKHU 0LVPDWFK 5XQG
3HUVRQHQGDYRQ)UDXHQGLH9ROO]HLWDUEHLWHQKlWWHQVLFKHLQH$UEHLWV
]HLWYRQZHQLJHUDOV6WXQGHQJHZ QVFKW*OHLFK]HLWLJZ QVFKWHQVLFKUXQG3HUVR
QHQ )UDXHQ PLW HLQHU 7HLO]HLWEHVFKlIWLJXQJ HLQH $UEHLWV]HLW YRQ PHKU DOV 6WXQ
GHQ
+DXSWHUJHEQLVVHGHU$QDO\VHGHU$XVXQG:HLWHUELOGXQJ
'DV VWDUNH %HVFKlIWLJXQJVZDFKVWXP 7LUROV ZXUGH DXFK YRQ HLQHP GHXWOLFKHQ $XIKROSUR]HVV
EHL GHU $XVELOGXQJVVWUXNWXU GHU %HY|ONHUXQJ EHJOHLWHW GHU YRU DOOHP DXI HLQH YHUEHVVHUWH
$XVELOGXQJVVWUXNWXUGHU)UDXHQ]XU FN]XI KUHQLVW6RJLEWHVXQWHUGHQKHXWHELVMlKUL
JHQ )UDXHQ HLQHQ GHXWOLFK JHULQJHUHQ $QWHLO DQ 3HUVRQHQ PLW PD[LPDO 3IOLFKWVFKXODEVFKOXVV
DOVXQWHUGHQELV-lKULJHQ3DUDOOHOGD]XOLHJWGHU$QWHLOGHUMXQJHQ)UDXHQPLWWHUWLlUHP
%LOGXQJVDEVFKOXVV LQ GHU $OWHUVJUXSSH GHU ELV MlKULJHQ )UDXHQ GUHL 0DO VR KRFK
ZLHEHLGHQlOWHUHQ)UDXHQ%HLGHQ7LUROHU0lQQHUQKDWVLFKGHU$QWHLOGHU8QTXDOLIL]LHUWHQLQ
GHU$OWHUVJUXSSHGHUELV-lKULJHQLP9HUJOHLFK]XGHQELV-lKULJHQKDOELHUW
*HUDGHGLHVH=DKOHQ]HLJHQGDVVGLH$UEHLWVPDUNWSUREOHPHGHUbOWHUHQLQ7LUROHQJPLWGHP
VLQNHQGHQ $QJHERW DQ XQTXDOLIL]LHUWHQ $UEHLWVSOlW]HQ LQVEHVRQGHUH LP 6DFKJ WHUEHUHLFK
YHUEXQGHQVLQG
,PgVWHUUHLFK9HUJOHLFKOLHJWGLHEHVRQGHUH6WlUNH7LUROVGDEHLLPPLWWOHUHQ4XDOLILNDWLRQVVHJ
PHQW /HKUH RGHU %HUXIVELOGHQGH 0LWWOHUH 6FKXOH hEHUGXUFKVFKQLWWOLFK KRKH $QWHLOH GHU
%HY|ONHUXQJLP$OWHU]ZLVFKHQXQG-DKUHQZHLVHQHLQHVROFKHPLWWOHUH4XDOLILNDWLRQDOV
K|FKVWHDEJHVFKORVVHQH$XVELOGXQJDXV'XUFKGLH.RQ]HQWUDWLRQDXIGDVPLWWOHUH4XDOLILND
WLRQVVHJPHQWIlOOWDOOHUGLQJVGHU$QWHLOKRFK4XDOLIL]LHUWHUXQWHUGXUFKVFKQLWWOLFKDXV
'LHVHV 0XVWHU ZLUG VLFK DXFK LQ =XNXQIW HUKDOWHQ $XFK EHL GHU 3HUVRQHQJUXSSH GLH VLFK
DNWXHOO LP %LOGXQJVV\VWHP EHILQGHW VSLHOHQ PLWWOHUH 4XDOLILNDWLRQVDEVFKO VVH HLQH EHVRQGHUH
5ROOH6RLVWGLH/HKUDQIlQJHUTXRWHGHU$QWHLOGHU-XJHQGOLFKHQLP/HKUMDKUJHPHVVHQDQ
GHU MlKULJHQ %HY|ONHUXQJ LQ 7LURO PLW GLH |VWHUUHLFKZHLW ]ZHLWK|FKVWH QDFK
9RUDUOEHUJ'DU EHUKLQDXVOLHJWGLHVH4XRWHHQWJHJHQGHP7UHQGLQDQGHUHQ%XQGHVOlQGHUQ
QXU JHULQJI JLJ XQWHU GHU /HKUDQIlQJHUTXRWH $QIDQJ GHU QHXQ]LJHU -DKUH 'LH /HKUDXVELO
GXQJLVWGHPQDFKLQ7LUROVHKUDWWUDNWLYVRZRKOI U/HKUEHWULHEHDOVDXFKI U/HKUOLQJH,QVJH
VDPWLVWGDEHLDXFKGLH.QDSSKHLWDQ/HKUVWHOOHQLQ7LUROZHQLJHUVWDUNDXVJHSUlJWDOVLP EUL
JHQgVWHUUHLFK
,Q 7LURO KDEHQ MXQJH )UDXHQ ELV -DKUH PLWWOHUZHLOH GLH 0lQQHU DP REHUHQ (QGH GHV
4XDOLILNDWLRQVVSHNWUXPV EHUKROW GHU 7LUROHULQQHQ LP $OWHU YRQ ELV -DKUHQ N|QQHQ
HLQHQWHUWLlUHQ%LOGXQJVDEVFKOXVVYRUZHLVHQXQWHUGHQ7LUROHU0lQQHUQOLHJWGHU$QWHLOEHLQXU
)UDXHQVWHOOHQGDKHUI UGLH7LUROHU:LUWVFKDIWHLQ3RWHQWLDODQJXWDXVJHELOGHWHQ$UEHLWV
NUlIWHQGDU'HUKRKH $QWHLOGHUEHVVHUTXDOLIL]LHUWHQMXQJHQ)UDXHQLQ.RPELQDWLRQPLWGHQ
QLHGULJHQ(UZHUEVTXRWHQGHU)UDXHQLP+DXSWHUZHUEVDOWHUGHXWHWGDEHLDXIGLH1RWZHQGLJ

²²
NHLWYHUVWlUNWHU%HP KXQJHQ]XU(UK|KXQJGHU)UDXHQHUZHUEVTXRWHKLQZHQQGHU7LUROHU:LUW
VFKDIW LQ =XNXQIW YHUVWlUNW KRFKTXDOLIL]LHUWH $UEHLWVNUlIWH ]XU 9HUI JXQJ VWHKHQ VROOHQ 'DEHL
GHXWHQ GLH (UJHEQLVVH GLHVHU 6WXGLH GDUDXI KLQ GDVV GDV 3RWHQ]LDO DQ JXW DXVJHELOGHWHQ
)UDXHQLQ7LURODXFKJHJHQZlUWLJYRUDOOHPLPPLWWOHUHQ%LOGXQJVVHJPHQWQLFKWYROOHQGVDXV
JHVFK|SIWZLUG*HUDGHLQGHU$OWHUVJUXSSHGHUELV-lKULJHQOLHJHQGLH(UZHUEVTXRWHQ
GHU )UDXHQ PLW 0DWXUD XQG /HKUDEVFKOXVV DP GHXWOLFKVWHQ XQWHU GHP |VWHUUHLFKLVFKHQ
1LYHDX ZlKUHQG VLH EHL )UDXHQ GLHVHU $OWHUVJUXSSHQ PLW PD[LPDO 3IOLFKWVFKXODEVFKOXVV QXU
OHLFKWXQWHUGHP|VWHUUHLFKLVFKHQ1LYHDXXQGI U$NDGHPLNHULQQHQOHLFKWGDU EHUOLHJHQ
%HL GHQ 0lQQHUQ LVW KLQJHJHQ GHU $QWHLO GHU 8QTXDOLIL]LHUWHQ LP gVWHUUHLFK9HUJOHLFK KRFK
QXU 9RUDUOEHUJ KDW KLHU HLQHQ K|KHUHQ $QWHLO hEHUGLHV ]HLJW VLFK GDVV GLHVHU LP gVWHUUHLFK
9HUJOHLFKKRKH$QWHLOGHU8QTXDOLIL]LHUWHQDOOH$OWHUVJUXSSHQHUIDVVW
%HVRQGHUH+HUDXVIRUGHUXQJHQVWHOOHQVLFKDXFKEHLGHU,QWHJUDWLRQYRQ$XVOlQGHULQQHQXQG
$XVOlQGHUQLQGDV%LOGXQJVV\VWHP1DFKGHQ(UJHEQLVVHQGLHVHU6WXGLHVFKHLGHQ$XVOlQGHU,Q
QHQIU KHUDXVGHP%LOGXQJVV\VWHPDXVDOV,QOlQGHULQQHQXQG,QOlQGHUXQGILQGHQVLFKDXFK
KlXILJHU LQ 6RQGHUVFKXOHQ 6R ZDUHQ ODXW 6FKXOVWDWLVWLN LP 6FKXOMDKU YRQ GHQ
DXVOlQGLVFKHQ 6FK OHU,QQHQ LQ 7LURO LQ HLQHUEHUXIVEH]RJHQHQ $XVELOGXQJ DXI 6HNXQGDU
VWXIH ,, %+6 %06 RGHU %HUXIVVFKXOH XQWHU GHQ LQOlQGLVFKHQ ODJ GHU $QWHLO PLW
GHXWOLFKK|KHU,PVHOEHQ6FKXOMDKUJLQJHQGHUDXVOlQGLVFKHQ6FK OHU,QQHQLQ7LURODXIGLH
9RONVVFKXOH DEHU QXU GHU LQOlQGLVFKHQ 'D HV LQ GHU %HY|ONHUXQJVJUXSSH GHU ELV
-lKULJHQNHLQHQHQQHQVZHUWHQ8QWHUVFKLHGHLQGHU$OWHUVYHUWHLOXQJ]ZLVFKHQ,QOlQGHU,QQHQ
XQG$XVOlQGHU,QQHQJLEWGHXWHWGHUKRKH$QWHLODQDXVOlQGLVFKHQ6FK OHU,QQHQLQ9RONVVFKX
OHQ XQG GHU JHULQJH $QWHLO LQ EHUXIVELOGHQGHQ 6FKXOHQ DXI HLQ IU KHV $XVVFKHLGHQ DXV GHP
%LOGXQJVV\VWHPKLQ
9RUGHP+LQWHUJUXQGGHVK|KHUHQ$QWHLOVDQVFKOHFKWHUDXVJHELOGHWHQbOWHUHQ0lQQHUQXQG
DXVOlQGLVFKHQ $UEHLWVNUlIWHQHUODQJWDXFKGLH:HLWHUELOGXQJLQ7LUROHLQHEHVRQGHUH%HGHX
WXQJ'LH(UZHUEVWlWLJHQLQ7LUROZHLVHQGDEHLHLQHLP9HUJOHLFK]XP EULJHQgVWHUUHLFKQXU
OHLFKW XQWHUGXUFKVFKQLWWOLFKH :HLWHUELOGXQJVTXRWH DXI ,QVJHVDPW ODJ GLH :HLWHUELOGXQJV
TXRWHLQ7LUROEHLEXQGHVZHLWEHL'LH%HWHLOLJXQJDQ:HLWHUELOGXQJYDULLHUWDEHU
VWDUNPLWGHP$OWHUGHPVFKXOLVFKHQ$XVELOGXQJVQLYHDXXQGGHPEHUXIOLFKHQ6WDWXV6RZHL
VHQbOWHUHHLQHJHULQJHUH:HLWHUELOGXQJVTXRWHDXIDOV- QJHUHJXWDXVJHELOGHWHHLQHK|KHUH
DOVJHULQJ4XDOLIL]LHUWHXQG$QJHVWHOOWHXQG%HDPWHVLQGZHLWHUELOGXQJVDNWLYHUDOV$UEHLWHU,Q
QHQ0lQQHUXQG)UDXHQZHLVHQGDEHLHLQHDQQlKHUQGJOHLFKKRKH:HLWHUELOGXQJVQHLJXQJ
DXI ,Q 7LURO OLHJW GLH :HLWHUELOGXQJVTXRWH GHU 0lQQHU XP 3UR]HQWSXQNWH EHU MHQHU GHU
)UDXHQ'DV:HLWHUELOGXQJVYHUKDOWHQlQGHUWVLFKMHGRFKGHXWOLFKZHQQ.LQGHUXQWHU-DKUHQ
LP+DXVKDOWOHEHQ:lKUHQGVLFK|VWHUUHLFKZHLWGHUELVMlKULJHQ)UDXHQRKQH.OHLQ
NLQGHULP+DXVKDOWLQGHQ0RQDWHQYRUGHU%HIUDJXQJZHLWHUJHELOGHWKDEHQOLHJWGLH:HL
WHUELOGXQJVEHWHLOLJXQJGHU)UDXHQPLWPLQGHVWHQVHLQHP.LQGXQWHU-DKUHQQXUEHL$P
VWlUNVWHQ XQWHUVFKLHGHW VLFK GDV :HLWHUELOGXQJVYHUKDOWHQ LQ GHU $OWHUVJUXSSH GHU ELV
MlKULJHQ )UDXHQ )UDXHQ GLHVHU $OWHUVJUXSSH RKQH .OHLQNLQG XQWHU -DKUH KDEHQ HLQH

²²
PHKUDOVGRSSHOWVRKRKH:HLWHUELOGXQJVTXRWHDOV)UDXHQPLWPLQGHVWHQVHLQHP.LQGHUXQWHU
-DKUHYHUVXV
1HEHQ GHU :HLWHUELOGXQJVZDKUVFKHLQOLFKNHLW KlQJHQ DXFK 0RWLYDWLRQ XQG 'DXHU HLQHU
:HLWHUELOGXQJVWHLOQDKPHQ YRQ GHPRJUDSKLVFKHQ 0HUNPDOHQ DE 0lQQHU XQG - QJHUH
EHJU QGHQLKUH:HLWHUELOGXQJVWHLOQDKPH|IWHUPLW.DUULHUHPRWLYHQZlKUHQGJHULQJHUTXDOLIL
]LHUWHXQGbOWHUHKlXILJHU$UEHLWVSODW]YHUOXVWHYHUPHLGHQZROOHQE]ZYHUDOWHWHV:LVVHQDXIIUL
VFKHQZROOHQ
+DXSWHUJHEQLVVH]XGHQUHJLRQDOHQ$UEHLWVPlUNWHQ
'HU7LUROHU$UEHLWVPDUNWLVWGXUFKJUR‰HUHJLRQDOH8QWHUVFKLHGHLQGHU$UEHLWVORVLJNHLWJHSUlJW
%H]LUNHQ PLW $UEHLWVORVHQTXRWHQ YRQ ZHQLJHU DOV ZLH ,QQVEUXFN VWHKHQ %H]LUNH ZLH
/DQGHFN XQG /LHQ] PLW ]ZHLVWHOOLJHU 4XRWH JHJHQ EHU hEHUGLHV XQWHUVFKHLGHW VLFK GLH
6WUXNWXUGHU $UEHLWVORVLJNHLW]ZLVFKHQGHQ5HJLRQHQGHXWOLFK,Q%H]LUNHQPLWKRKHU $UEHLWVOR
VLJNHLW LVW GLH $UEHLWVORVHQTXRWH GHU )UDXHQ XP ELV ]X 3UR]HQWSXQNWH K|KHU DOV MHQH GHU
0lQQHU ,Q %H]LUNHQ PLW JHULQJHQ $UEHLWVORVHQTXRWHQ VLQG GLH *HVFKOHFKWHUXQWHUVFKLHGH
GHXWOLFKJHULQJHU
'LH9HUWHLOXQJGHUUHJLRQDOHQ $UEHLWVORVHQTXRWHQlQGHUWVLFKLP=HLWYHUODXINDXP'LH8UVD
FKHQI UGLHJUR‰HQ8QWHUVFKLHGHVLQGGDKHUYRUDOOHPVWUXNWXUHOOEHGLQJW,P'HWDLOHUJHEHQ
VLFKGDEHLIROJHQGH'LIIHUHQ]LHUXQJHQGHUUHJLRQDOHQ$UEHLWVPDUNWODJH
• ,QGHQLQWHQVLYHQ7RXULVPXVUHJLRQHQ7LUROVGLH%H]LUNH,PVW/DQGHFN.LW]E KHOXQG5HXWWH
ZlFKVW]ZDUGLH%HVFKlIWLJXQJUHODWLYUDVFKXQGDXFKGHU$QWHLOGHU/DQJ]HLWDUEHLWVORVLJ
NHLWLVWLP5HJLRQDO9HUJOHLFKHKHUJHULQJ'LH$UEHLWVORVHQTXRWHLVWDEHULQGLHVHQ%H]LUNHQ
HEHQVR EHUGXUFKVFKQLWWOLFKKRFKZLHGLH*HVFKOHFKWHUXQWHUVFKLHGHLQGHU$UEHLWVORVHQ
TXRWH hEHUGLHV OLHJW LQ GUHL GLHVHU %H]LUNH ,PVW /DQGHFN XQG 5HXWWH GHU $QWHLO GHU
-XJHQGOLFKHQDQGHU*HVDPWDUEHLWVORVLJNHLWEHL EHU3UR]HQW,Q.LW]E KHOLVWKLQJHJHQ
GHU$QWHLOGHUlOWHUHQ$UEHLWVORVHQEHVRQGHUVKRFK'LHVH8QWHUVFKLHGHVLQGPLWGHU:LUW
VFKDIWVVWUXNWXUGHU%H]LUNH]XHUNOlUHQ'HUKRKH$QWHLOGHU%HVFKlIWLJWHQLP7RXULVPXVPLW
VHLQHUKRKHQ6DLVRQDOLWlWEHGLQJWGDVVLP-DKUHVYHUODXIYLHOH3HUVRQHQYRQGHU$UEHLWVOR
VLJNHLW EHWURIIHQ VLQG ZDV GLH MDKUHVGXUFKVFKQLWWOLFKH $UEHLWVORVLJNHLW HUK|KW DEHU QXU ]X
JHULQJHQhEHUJlQJHQLQGLH/DQJ]HLWDUEHLWVORVLJNHLWI KUW'HUKRKH)UDXHQDQWHLOXQGGLH
UHODWLYYLHOHQMXQJHQ%HVFKlIWLJWHQLP7RXULVPXVI KUHQGD]XGDVVLQGLHVHQ5HJLRQHQGLH
)UDXHQXQG-XJHQGDUEHLWVORVLJNHLWEHVRQGHUVKRFKLVW$OVEHVRQGHUVSUREOHPDWLVFKPXVV
GDEHLGLH6LWXDWLRQLP%H]LUN/DQGHFNEH]HLFKQHWZHUGHQZRGLHVH&KDUDNWHULVWLNDDXI
JUXQGGHV=XVDPPHQWUHIIHQVHLQHVKRKHQ$QWHLOVGHU%HVFKlIWLJXQJLQ7RXULVPXVXQG%DX
HLQHUVHLWVXQGHLQHUSHULSKHUHQ/DJHDQGUHUVHLWVEHVRQGHUVDXVJHSUlJWVLQG
• ,Q GHQ LQWHQVLYHQ ,QGXVWULHJHELHWHQ .XIVWHLQ XQG 6FKZD] LVW ]ZDU GDV 1LYHDX GHU
$UEHLWVORVLJNHLW ]XPHLVW XQWHUGXUFKVFKQLWWOLFK KRFK XQG GLH %HVFKlIWLJXQJ ZlFKVW HEHQ
IDOOVJXWGDI UOLHJWGHU$QWHLOGHU/DQJ]HLWDUEHLWVORVHQLQGLHVHQ%H]LUNHQGHXWOLFKK|KHU

²²
DOV LQ GHQ LQWHQVLYHQ 7RXULVPXVJHELHWHQ XQG ]XPLQGHVW LQ .XIVWHLQ HUZHLVW VLFK DXFK GLH
$OWHUVDUEHLWVORVLJNHLW DOV EHUGXUFKVFKQLWWOLFK 'LH 6DLVRQDOLWlW LQ GHU $UEHLWVORVLJNHLW LVW LQ
GLHVHQ %H]LUNHQ DXIJUXQG GHV %DXZHVHQV ]ZDU HEHQIDOOV KRFK DOOHUGLQJV I KUHQ JHUDGH
LQGXVWULHOOH5HVWUXNWXULHUXQJVSUR]HVVHGD]XGDVVGLH'DXHUGHU$UEHLWVORVLJNHLWWHQGHQ]LHOO
K|KHULVW
• ,Q ,QQVEUXFN ,QQVEUXFN /DQG XQG 6WDGW LVW GHU $UEHLWVPDUNW GXUFK JHULQJH $UEHLWVORVHQ
TXRWHQDEHUJHULQJHUHV%HVFKlIWLJXQJVZDFKVWXPLQGHU6WDGWXQGHLQHQUHODWLYKRKHQ
$QWHLODQ/DQJ]HLWDUEHLWVORVHQJHSUlJW'LH)UDXHQDUEHLWVORVHQTXRWHLVWGHXWOLFKXPIDVW
HLQHQ 3UR]HQWSXQNW JHULQJHU DOV GLH $UEHLWVORVHQTXRWH GHU 0lQQHU XQG GLH 6DLVRQDOLWlW
OLHJWXQWHUGHP'XUFKVFKQLWW7LUROVZlKUHQGGHU$QWHLOGHUlOWHUHQ$UEHLWVORVHQ EHUGHP
'XUFKVFKQLWWOLHJW) UGLHVH&KDUDNWHULVWLNGHU$UEHLWVORVLJNHLWLVWDXFKGHUUDVFKH6WUXNWXU
ZDQGHO LQ GHU 6WDGW YHUDQWZRUWOLFK ,Q,QQVEUXFN JLQJHQ LP =HLWUDXP ELV HWZD
GHU 6DFKJ WHU XQG GHU %DXDUEHLWVSOlW]H YHUORUHQ 'HU 6WUXNWXUZDQGHO YHUOLHI
GDKHU LQ 5LFKWXQJ GHU 'LHQVWOHLVWXQJHQ ZDV ]XP HLQHQ GLH 0LVPDWFKNRPSRQHQWH GHU
$UEHLWVORVLJNHLWLQVEHVRQGHUHEHLGHQlOWHUHQ$UEHLWVNUlIWHQLQ6DFKJ WHUSURGXNWLRQXQG
%DX HUK|KW XQG ]XP DQGHUHQ DXIJUXQG GHU YLHOHQ QHX JHVFKDIIHQHQ )UDXHQDUEHLWV
SOlW]HHLQH(QWODVWXQJEHLGHU$UEHLWVORVLJNHLWGHU)UDXHQPLWVLFKEULQJW
• (LQHQ6SH]LDOIDOOXQWHUGHQ7LUROHU%H]LUNHQVWHOOWVFKOXVVHQGOLFKGHU%H]LUN/LHQ]GDU*HULQJH
%HVFKlIWLJXQJV]XZlFKVH WUHIIHQ KLHU DXI JHULQJH (UZHUEVTXRWHQ XQG DXI GLH ]ZHLW
K|FKVWH$UEHLWVORVLJNHLWXQGGHQK|FKVWHQ$QWHLOGHU/DQJ]HLWDUEHLWORVHQDQGHU$UEHLWVOR
VLJNHLW VRGDVV GLHVHU %H]LUN DXV $UEHLWVPDUNWJHVLFKWVSXQNWHQ DOV GHU LQ 7LURO SUREOHPD
WLVFKVWHEH]HLFKQHWZHUGHQPXVV
3URJQRVHQ
,QVJHVDPWZLUG VLFK GDV%HVFKlIWLJXQJVZDFKVWXP LQ 7LURO DXFK ELV EHL UXQG MlKUOLFK
EHZHJHQ XQG GDPLW NRQVWDQW EHU GHP QDWLRQDOHQ :DFKVWXPVSIDG OLHJHQ ZREHL GHU
:DFKVWXPVYRUVSUXQJPLW3UR]HQWSXQNWHQELVHWZDVQLHGULJHUDXVIDOOHQVROOWHDOVLP
=HLWUDXPELV'LHZDFKVWXPVVWlUNVWHQ6HNWRUHQLQ7LUROVLQGGDEHLGLH'DWHQYHUDUEHLWXQJ
VRZLH GLH XQWHUQHKPHQVEH]RJHQHQ 'LHQVWOHLVWXQJHQ LQNO )RUVFKXQJ XQG (QWZLFNOXQJ XQG
GHU*HVXQGKHLWVEHUHLFK'LH%HVFKlIWLJXQJLQGHU'DWHQYHUDUEHLWXQJZLUGPLWUXQGMlKU
OLFK ]XQHKPHQ GLHVHV :DFKVWXP OLHJW LQ HWZDLP QDWLRQDOHQ 'XUFKVFKQLWW $OOHUGLQJV QLPPW
GLHVHU6HNWRUPLWNQDSS%HVFKlIWLJWHQLP-DKUHLQHQUHODWLYJHULQJHQ$QWHLODQGHQ
*HVDPWEHVFKlIWLJWHQ LQ 7LURO HLQ 'LH XQWHUQHKPHQVEH]RJHQHQ 'LHQVWOHLVWXQJHQ KLQJHJHQ
VLQGYRQJU|‰HUHU%HGHXWXQJI UGLH7LUROHU:LUWVFKDIWOHW]WHV-DKUIDQGHQGRUWPHKUDOV
$UEHLWVNUlIWH %HVFKlIWLJXQJ ZDV LPPHUKLQ HLQHP $QWHLO DQ GHU *HVDPWEHVFKlIWLJXQJ YRQ
HQWVSULFKW 'DV %HVFKlIWLJWHQZDFKVWXP LQ GHQ XQWHUQHKPHQVEH]RJHQHQ 'LHQVWOHLVWXQ
JHQ ZLUG PLW MlKUOLFK GXUFKVFKQLWWOLFK SURJQRVWL]LHUW %LV ZHUGHQ GDPLW
]XVlW]OLFKH$UEHLWVNUlIWHLQGLHVHP6HNWRU%HVFKlIWLJXQJILQGHQQXUGHU+DQGHOXQGGDV
*HVXQGKHLWVZHVHQZHLVHQHLQHK|KHUHDEVROXWH=XQDKPHGHU%HVFKlIWLJXQJDXV

²²
,P%HUHLFKGHU|IIHQWOLFKHQ'LHQVWOHLVWXQJHQLVWYRUDOOHPLP*HVXQGKHLWVVHNWRUPLWYHUVWlUNWHU
1DFKIUDJHQDFK%HVFKlIWLJWHQ]XUHFKQHQZREHLGLH:DFKVWXPVUDWHGRUWLQHWZDMHQHUDXI
JHVDPW|VWHUUHLFKLVFKHU (EHQH HQWVSUHFKHQ VROOWH ) U GLH |IIHQWOLFKH 9HUZDOWXQJ GLH QDFK
GHP +DQGHO XQG GHU *DVWURQRPLH XQG +RWHOOHULH GHQ K|FKVWHQ %HVFKlIWLJXQJVDQWHLO DOOHU
6HNWRUHQLQ7LURODXIZHLVWZLUGHLQQXUJHULQJI JLJHV%HVFKlIWLJXQJVZDFKVWXPSURJQRVWL]LHUW
,QVJHVDPW ZLUG QDFK GHQ 3URJQRVHHUJHEQLVVHQ GLH =DKO GHU LP |IIHQWOLFKHQ 'LHQVWOHLVWXQJV
EHUHLFK RKQH (QWVRUJXQJ ,QWHUHVVHQVYHUWUHWXQJHQ EHVFKlIWLJWHQ $UEHLWVNUlIWH ELV XP
3HUVRQHQDQVWHLJHQ
*HQHUHOOZLUGI UDOOH'LHQVWOHLVWXQJVVHNWRUHQPLW$XVQDKPHGHU1DFKULFKWHQ EHUPLWWOXQJHLQ
SRVLWLYHV %HVFKlIWLJXQJVZDFKVWXP SURJQRVWL]LHUW GDV DXFK I U GLH 0HKU]DKO GHU 6HNWRUHQ
EHU E]Z DXI GHP QDWLRQDOHQ :DFKVWXPVQLYHDX OLHJW *HPHVVHQ DP DEVROXWHQ %HVFKlIWL
JXQJV]XZDFKV IDOOHQ QHEHQ GHQ VFKRQ HUZlKQWHQ %HUHLFKHQ *HVXQGKHLW XQG XQWHUQHK
PHQVEH]RJHQH 'LHQVWOHLVWXQJHQ YRU DOOHP GLH +DQGHOVVHNWRUHQ *UR‰ XQG (LQ]HOKDQGHO
VRZLHGDV%HKHUEHUJXQJVXQG *DVWVWlWWHQZHVHQLQV*HZLFKWFD ]XVlW]OLFKH $UEHLWV
NUlIWHZHUGHQGRUWQDFKJHIUDJW'HU 5 FNJDQJLQGHU1DFKULFKWHQ EHUPLWWOXQJZLUGKLQJH
JHQNDXP(LQIOXVVDXIGLH*HVDPWEHVFKlIWLJXQJVHQWZLFNOXQJQHKPHQ
,P %HUHLFK GHU 6DFKJ WHUHU]HXJXQJ EULQJW GLH ]XN QIWLJH (QWZLFNOXQJ NDXP QHXH $UEHLWV
SOlW]H,QVJHVDPWHUJLEWGLH3URJQRVHGDVVLP-DKUGHU%HVFKlIWLJWHQVWDQGLQGHU6DFK
J WHUHU]HXJXQJXP3HUVRQHQK|KHUVHLQZLUG(LQH=XQDKPHGHU%HVFKlIWLJXQJZLUGI U
YRQ VDFKJ WHUHU]HXJHQGHQ 6HNWRUHQ SURJQRVWL]LHUW %HVFKlIWLJWH ELV 'LH
VWlUNVWH UHODWLYH XQG DEVROXWH %HVFKlIWLJXQJVDEQDKPH EHWULIIW GHQ %HUHLFK 7H[WLO.OHLGXQJ
/HGHUGHUVFKRQLQGHU9HUJDQJHQKHLWGHU%HUHLFKPLWGHQK|FKVWHQ%HVFKlIWLJXQJVYHUOXVWHQ
ZDU 'LH =DKO GHU %HVFKlIWLJWHQ LQ GLHVHP 6HNWRU VROOWH XP FD 3HUVRQHQ ]XU FNJHKHQ
DXFK LQ GHU 1DKUXQJVPLWWHOLQGXVWULH ZLUG PLW HLQHU $EQDKPH GHU =DKO GHU $UEHLWVNUlIWH LQ
GLHVHU *U|‰HQRUGQXQJ JHUHFKQHW 'LH K|FKVWH :DFKVWXPVUDWH VRZLH GHU K|FKVWH DEVROXWH
$QVWLHJGHU%HVFKlIWLJWHQ]DKOZLUGI UGHQLQ7LUROJU|‰WHQVDFKJ WHUSURGX]LHUHQGHQ%HUHLFK
GLH +HUVWHOOXQJ YRQ *ODV XQG :DUHQ DXV 6WHLQHQ XQG (UGHQ SURJQRVWL]LHUW XQG
3HUVRQHQELVDXFKLP0DVFKLQHQEDXGHU0HWDOOHU]HXJXQJGHU+RO]YHUDUEHLWXQJGHU
+HUVWHOOXQJYRQ3DSLHUXQGGHP9HUODJVZHVHQ'UXFNVROOWHGLH%HVFKlIWLJXQJQDFKZLHYRU
VWHLJHQZHQQDXFKLQHLQHPVHKUJHULQJHQ$XVPD‰
'LH:HUWVFK|SIXQJZLUGPLWMlKUOLFKGXUFKVFKQLWWOLFKLP=HLWUDXPELVLQ7LUROHWZDV
XQWHU GHP QDWLRQDOHQ 'XUFKVFKQLWW OLHJHQ 'HU 7UHQG ]X HLQHP JHULQJHUHQ 3URGXNWLYLWlWV
ZDFKVWXPZLUGVLFKGDPLW²ZHQQDXFKJHJHQ EHUGHU9HUJDQJHQKHLWDEJHVFKZlFKW²IRUW
VHW]HQ ) U GDV %DXZHVHQ GDV %HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ VRZLH GLH VRQVWLJHQ
'LHQVWOHLVWXQJHQZLUGELVHLQH EHUGXUFKVFKQLWWOLFKH=XQDKPHGHU:HUWVFK|SIXQJSURJ
QRVWL]LHUWHLQHXQWHUGXUFKVFKQLWWOLFKH(QWZLFNOXQJ EHUGHQJHVDPWHQ3URJQRVH]HLWUDXPZLUG
I UGLH6DFKJ WHUHU]HXJXQJXQGGLH(QHUJLHYHUVRUJXQJGDV.UHGLWXQG9HUVLFKHUXQJVZHVHQ
GLH XQWHUQHKPHQVEH]RJHQHQ 'LHQVWOHLVWXQJHQ XQG GLH |IIHQWOLFKHQ 'LHQVWOHLVWXQJHQ HUZDU
WHW'HU%HLWUDJGHV+DQGHOV]XUJHVDPWHQ%UXWWRZHUWVFK|SIXQJG UIWHLQHWZDPLWGHUQDWLR

²²
QDOHQ :DFKVWXPVUDWH ]XQHKPHQ 'LH ZDFKVWXPVVWlUNVWHQ%HUHLFKH LP +LQEOLFN DXI GLH %UXW
WRZHUWVFK|SIXQJ VLQG GLH %HUHLFKH 9HUNHKU XQG 1DFKULFKWHQ EHUPLWWOXQJ VRZLH GLH XQWHU
QHKPHQVEH]RJHQHQ'LHQVWOHLVWXQJHQ
'LH $UEHLWVORVHQTXRWH ZLUG GHPQDFK DXIJUXQG GHV JHULQJHQ :DFKVWXPV GHU %HY|ONH
UXQJLPHUZHUEVIlKLJHQ$OWHUVRZLHDXIJUXQGGHVJHULQJHUHQ$QWHLOVDXVOlQGLVFKHU6WDDWVDQ
JHK|ULJHU DQ GHU *HVDPWEHY|ONHUXQJ EHLGHV YRQ 6WDWLVWLN $XVWULD SURJQRVWL]LHUW XQWHU GDV
DNWXHOOHQ 1LYHDX VLQNHQ :LH VFKRQ YRU OLHJW GLH UHJLRQDOH $UEHLWVORVHQTXRWH DXFK LP
3URJQRVH]HLWUDXPGHXWOLFKXQWHUGHUQDWLRQDOHQGHU$EVWDQGHUZHLWHUWVLFKVRJDUDXI3UR
]HQWSXQNWH$OOHUGLQJVGDUIKLHUQLFKWXQHUZlKQWEOHLEHQGDVVGLHVH3URJQRVHQNHLQH9HUlQ
GHUXQJ GHU %LQQHQZDQGHUXQJVVWU|PH DXIJUXQG GHU XQWHUVFKLHGOLFKHQ $UEHLWVPDUNWVLWXDWLR
QHQ LQ GHQ %XQGHVOlQGHUQ EHU FNVLFKWLJHQ * QVWLJHUH $UEHLWVSODW]FKDQFHQ LQ 7LURO VROOWHQ
MHGRFKPLWWHOIULVWLJGD]XI KUHQGDVV$UEHLWVNUlIWHDXVDQGHUHQ5HJLRQHQYHUVWlUNWDXIGLHVHQ
$UEHLWVPDUNW GUlQJHQ ZDV ]X HLQHP ODQJVDPHUHQ 5 FNJDQJ GHU $UEHLWVORVLJNHLW EHLWUDJHQ
Z UGH
7UHQGVGHUEHUXIOLFKHQ1DFKIUDJHHQWZLFNOXQJ
1HEHQ VHNWRUDOHQ 9HUVFKLHEXQJHQ ZLUG HV DXFK ]X 9HUVFKLHEXQJHQ LQ GHU %HUXIVVWUXNWXU
NRPPHQ 'LHVH bQGHUXQJHQ GHU 1DFKIUDJH ZHUGHQ HLQHUVHLWV GXUFK GHQ :DQGHO LQ GHU
%UDQFKHQVWUXNWXUGHU:LUWVFKDIWYHUXUVDFKW$QGHUHUVHLWVNRPPWHV]XHLQHU9HUVFKLHEXQJGHU
%HGHXWXQJHLQ]HOQHU%HUXIHLQQHUKDOEGHU%UDQFKHQE]ZHQWVWHKHQDXFKQHXH%HUXIH'LHVHU
VWUXNWXUHOOH :DQGHO I KUW ]X $QSDVVXQJVEHGDUI DP $UEHLWVPDUNW XQG YHUODQJW )OH[LELOLWlW
VRZRKOYRQ%HWULHEHQDOVDXFKYRQ$UEHLWVNUlIWHQ(QWVFKHLGHQGLVWREGLH$QSDVVXQJVIlKLJ
NHLWYRUDOOHPGLHGHU$UEHLWVNUlIWHPLWGHP7HPSRGHV:DQGHOV6FKULWWKDOWHQNDQQ) UGLH
$QJOHLFKXQJ GHU 4XDOLILNDWLRQHQ XQG GHU %HUXIVVWUXNWXU DP $UEHLWVPDUNW JLOW GDV EHVRQGHUV
GD$XVXQG:HLWHUELOGXQJQLFKWQXU]HLWDXIZHQGLJXQGNRVWHQLQWHQVLYVRQGHUQDXFKZHVHQW
OLFKYRQGHU9RUELOGXQJDEKlQJLJLVW=XUVWUDWHJLVFKHQ$XVULFKWXQJZLUWVFKDIWVELOGXQJVXQG
DUEHLWVPDUNWSROLWLVFKHU $NWLYLWlWHQ LVW HV GDKHU YRQ HQWVFKHLGHQGHU %HGHXWXQJ ]XN QIWLJH
(QWZLFNOXQJHQDP$UEHLWVPDUNWDEVFKlW]HQ]XN|QQHQ
'HU7UHQG]XU7HUWLlULVLHUXQJVSLHJHOWVLFKGDEHLQLFKWQXULQGHUVHNWRUDOHQ%HVFKlIWLJXQJVHQW
ZLFNOXQJ ZLGHU VRQGHUQ DXFK LQ GHU %HUXIVODQGVFKDIW 'HU $QWHLO GHU XQVHOEVWlQGLJHQ
%HVFKlIWLJXQJLQ'LHQVWOHLVWXQJVEHUXIHQZLUG|VWHUUHLFKZHLWYRQDXIVWHLJHQ+LHU
EHLZHUGHQGUHL7HQGHQ]HQVLFKWEDU
• 'HUVWUXNWXUHOOH:DQGHOJHKW]XODVWHQYRQ%HUXIHQGLHW\SLVFKHU:HLVHLQGHU6DFKJ WHU
SURGXNWLRQLP%HUJEDXRGHUGHU/DQGZLUWVFKDIWEHKHLPDWHWVLQG
• =XGHP LVW HLQH 7HQGHQ] ]X %HUXIHQ PLW K|KHUHQ 4XDOLILNDWLRQVYRUDXVVHW]XQJHQ ]X EHR
EDFKWHQ 'LHV JLOW VRZRKO I U :LUWVFKDIWVEHUHLFKH LQ GHU %HUXIH PLW KRKHQ 6NLOO/HYHOV
EHUHLWVVWDUNYHUWUHWHQVLQGDOVDXFKI U%UDQFKHQPLWLQVJHVDPWUHODWLYJHULQJHQ4XDOLIL
NDWLRQVDQIRUGHUXQJHQDQ%HVFKlIWLJWH

²²
• 7lWLJNHLWHQPLW.XQGHQNRQWDNWZHUGHQVRZRKOGXUFKSRVLWLYH%UDQFKHQHIIHNWH'LHQVWOHLV
WXQJVRULHQWLHUXQJ DOV DXFK GXUFK SRVLWLYH %HUXIVHIIHNWH ]XODVWHQ YRQ 7lWLJNHLWHQ RKQH
.XQGHQNRQWDNWDQ%HGHXWXQJJHZLQQHQ
(LQH VWDUN SRVLWLYH %HVFKlIWLJXQJVG\QDPLN LVW LQ 7lWLJNHLWHQ DXI DNDGHPLVFKHP 1LYHDX
EHVRQGHUVLPWHFKQLVFKHQXQGPHGL]LQLVFKHQ%HUHLFK]XEHREDFKWHQZRYRQGLH%HVFKlIWL
JXQJYRQ)UDXHQXQG0lQQHUQLQlKQOLFKHU5HODWLRQSURILWLHUHQZLUG6HKUVFKZDFKIlOOWGDV
|VWHUUHLFKZHLWH %HVFKlIWLJXQJVZDFKVWXP DXIJUXQG GHU (QWZLFNOXQJ GHU =DKO GHU 6FK OHU,Q
QHQKLQJHJHQEHL/HKUNUlIWHQDXV
'DVNUlIWLJH%HVFKlIWLJXQJVZDFKVWXPLQ%HUXIHQDXI0DWXUDQLYHDXZLUGYRQ'DWHQYHUDUEHL
WXQJVIDFKNUlIWHQXQGYRQ%HUXIHQGHV*HVXQGKHLWVXQG6R]LDOEHUHLFKVJHWUDJHQ,QOHW]WHUHQ
QLPPWGHUKRKH)UDXHQDQWHLODQGHU%HVFKlIWLJXQJZHLWHU]X'LHTXDQWLWDWLYEHGHXWHQGVWHQ
%HUXIVJUXSSHQDXI0DWXUDQLYHDXGLH)LQDQ]XQG9HUNDXIVIDFKNUlIWHVRZLHGLHPDWHULDOXQG
LQJHQLHXUWHFKQLVFKHQ)DFKNUlIWHZHUGHQPLW:DFKVWXPVUDWHQXQWHUHLQHP3UR]HQWSUR-DKU
OHGLJOLFKPRGHUDWDQ%HVFKlIWLJXQJJHZLQQHQ
,QGHQ%HUXIHQDXIPLWWOHUHP4XDOLILNDWLRQVQLYHDXGK/HKU RGHU )DFKVFKXOQLYHDXLVWHLQH
VHKUKHWHURJHQ(QWZLFNOXQJ]XHUZDUWHQ) U% URNUlIWHXQGNDXIPlQQLVFKH$QJHVWHOOWHZLUG
OHGLJOLFK HLQ Pl‰LJHV %HVFKlIWLJXQJVZDFKVWXP SURJQRVWL]LHUW SUR -DKU %HVFKlIWL
JXQJV]XZlFKVH ZHUGHQ YRU DOOHP LQ % UREHUXIHQ PLW .XQGHQNRQWDNW SURJQRVWL]LHUW =XGHP
ZHUGHQ GLH $QIRUGHUXQJHQ DQ % UREHVFKlIWLJWH YLHOIlOWLJHU 'HXWOLFKH %HVFKlIWLJXQJVU FN
JlQJHZLUGHVEHL3RVWEHUXIHQJHEHQ
'LH %HVFKlIWLJXQJ EHL 'LHQVWOHLVWXQJVEHUXIHQ XQG 9HUNlXIHU,QQHQ VROOWH KLQJHJHQ GHXWOLFK
DQVWHLJHQ SUR -DKU $XIIDOOHQG LVW MHGRFK GDV QXU Pl‰LJH :DFKVWXP EHL HLQIDFKHQ
3IOHJHEHUXIHQ =X EHU FNVLFKWLJHQ LVW DOOHUGLQJV GDVV 3IOHJHWlWLJNHLWHQ GLH LP +DXVKDOW YRQ
)DPLOLHQDQJHK|ULJHQHUEUDFKWZHUGHQKLHUHEHQVRZHQLJHUIDVVWVLQGZLH3IOHJHWlWLJNHLWHQ
LPLQIRUPHOOHQ6HNWRU QLFKWDQJHPHOGHWH%HVFKlIWLJXQJ3IOHJHKLOIVWlWLJNHLWHQRKQH $XVELO
GXQJVHUIRUGHUQLV VROOWHQ ]XGHP QLFKW LQ GLHVHU %HUXIVJUXSSH HUIDVVW VHLQ VLH ]lKOHQ ]X GHQ
HEHQIDOOVZDFKVHQGHQ'LHQVWOHLVWXQJVKLOIVEHUXIHQ
,P WHFKQLVFKHQ %HUHLFK VWHLJW GLH 1DFKIUDJH QDFK %HVFKlIWLJWHQ LQ +DQGZHUNV XQG YHU
ZDQGWHQ %HUXIHQ PLW MlKUOLFK QXU VFKZDFK $QODJHQ XQG 0DVFKLQHQEHGLHQHU,QQHQ
XQG 0RQWLHUHU,QQHQ YHU]HLFKQHQ HLQHQ %HVFKlIWLJXQJVU FNJDQJ ELV LQ +|KH YRQ ²
SUR-DKU.UlIWLJH%HVFKlIWLJXQJVYHUOXVWHVLQGLQGHQ7H[WLOXQG%HNOHLGXQJVEHUXIHQVRZLHLQ
GHQ'UXFNKDQGZHUNVEHUXIHQ]XHUZDUWHQZlKUHQG%HVFKlIWLJXQJVJHZLQQHLQVSH]LDOLVLHUWHQ
0HWDOOEHUXIHQXQG(OHNWURXQG(OHNWURQLNEHUXIHQSURJQRVWL]LHUWZHUGHQ
'LH%HVFKlIWLJXQJVVWHLJHUXQJHQLQ% URXQG'LHQVWOHLVWXQJVEHUXIHQNRPPHQWHQGHQ]LHOOVWlU
NHU)UDXHQ]XJXWHZlKUHQGGLHVHLQ+DQGZHUNVEHUXIHQDXFKDEVROXWDQ%HVFKlIWLJXQJHLQ
E ‰HQ+DXSWYHUDQWZRUWOLFKGDI ULVWGHU5 FNJDQJLQ7H[WLOEHUXIHQPLWHLQHPKRKHQ)UDXHQ
DQWHLO *HUDGH 'LHQVWOHLVWXQJVEHUXIH DXI PLWWOHUHP 4XDOLILNDWLRQVQLYHDX ZDUHQ EHUHLWV ELVKHU

²²
YRQ)UDXHQGRPLQLHUWVRGDVVGLHVWDUNHJHVFKOHFKWVVSH]LILVFKH6HJPHQWDWLRQDP|VWHUUHLFKL
VFKHQ$UEHLWVPDUNWDXFKLQGHQQlFKVWHQ-DKUHQQLFKWDEQHKPHQZLUG
%HUXIH PLW JHULQJHQ 4XDOLILNDWLRQVDQIRUGHUXQJHQ ZHUGHQ HEHQIDOOV HLQH KHWHURJHQH (QW
ZLFNOXQJHUIDKUHQ%HVFKlIWLJXQJVYHUOXVWHLQGHU6DFKJ WHUHU]HXJXQJWUHIIHQEHVRQGHUVHLQ
IDFKH 7lWLJNHLWHQ ZlKUHQG K|KHU TXDOLIL]LHUWH %HUXIH OHLFKWH %HVFKlIWLJXQJVJHZLQQH YHU
]HLFKQHQ 'HU 'LHQVWOHLVWXQJVVHNWRU LVW GLH WUHLEHQGH .UDIW I U GLH SRVLWLYH (QWZLFNOXQJ GHU
1DFKIUDJHQDFK+LOIVNUlIWHQZlKUHQGLP6DFKJ WHUEHUHLFKHLQ5 FNJDQJEHL+LOIVDUEHLWVNUlI
WHQSURJQRVWL]LHUWZLUG'LHVEHGHXWHWJOHLFK]HLWLJGDVVVLFKGLH%HVFKlIWLJXQJLQ+LOIVEHUXIHQ
]XQHKPHQG]X)UDXHQYHUODJHUQZLUG$EHUDXFKGLH%HVFKlIWLJXQJYRQ0lQQHUQLQ+LOIVWlWLJ
NHLWHQZLUGGXUFKGLH([SDQVLRQLP'LHQVWOHLVWXQJVEHUHLFKOHLFKW]XQHKPHQ
0|JOLFKH(FNSIHLOHUHLQHUDUEHLWVPDUNWSROLWLVFKHQ6WUDWHJLH
$XVJHKHQGYRQGLHVHU$QDO\VHVFKOlJWGLHYRUOLHJHQGH6WXGLHDFKW(FNSIHLOHUYRUDQGHQHQ
GLH7LUROHU$UEHLWVPDUNWSROLWLNVWUDWHJLVFKDXVJHULFKWHWZHUGHQN|QQWH'LHVHN|QQHQXQWHUGHQ
IROJHQGHQ6FKODJZRUWHQ]XVDPPHQJHIDVVWZHUGHQ%HVFKlIWLJXQJVZDFKVWXPXQWHUVW W]HQ
6DLVRQDOLWlWEHNlPSIHQ1XW]HQGHV3RWHQWLDOVQHXHU$UEHLWVIRUPHQXQG9HUPHLGHQLKUHU5LVL
NHQ DNWLYH $UEHLWVPDUNWSROLWLN DXVZHLWHQ )RNXVVLHUXQJ DXI =LHOJUXSSHQ bOWHUH )UDXHQ
-XJHQGOLFKH(UK|KXQJGHU%HWHLOLJXQJDPOHEHQVODQJHQ/HUQHQ5HJLRQDOH'LIIHUHQ]LHUXQJ
GHU DUEHLWVPDUNWSROLWLVFKHQ 6WUDWHJLHQ XQG $XVEDX GHV ,QVWUXPHQWDULXPV GHU NRRSHUDWLYHQ
$UEHLWVPDUNWSROLWLN
%HVFKlIWLJXQJVZDFKVWXPXQWHUVW W]HQ
8P GLH $UEHLWVORVLJNHLW QDFKKDOWLJ ]X VHQNHQ PXVV GDV JHJHQZlUWLJ KRKH %HVFKlIWLJXQJV
ZDFKVWXPHUKDOWHQZHUGHQ'LHVLVWLQ7LUROEHVRQGHUVZLFKWLJZHLODOOH$QDO\VHQ]HLJHQGDVV
GDV$UEHLWVNUlIWHDQJHERWLQ7LUROEHVRQGHUVVWDUNDXIbQGHUXQJHQLQGHU%HVFKlIWLJXQJVODJH
UHDJLHUW'LH6FKDIIXQJYRQ$UEHLWVSOlW]HQPXVVGDKHUHLQYRUUDQJLJHV=LHOGHU$UEHLWVPDUNW
SROLWLN VHLQ 'XUFK HLQ ZHLWHUKLQ KRKHV %HVFKlIWLJXQJVZDFKVWXP Z UGH DXFK GLH (UI OOXQJ
DQGHUHUDUEHLWVPDUNWSROLWLVFKHU=LHOHDEVHLWVGHU9HUULQJHUXQJGHU$UEHLWVORVHQTXRWHZLHGLH
QDFKKDOWLJH ,QWHJUDWLRQ YRQ %HVFKlIWLJWHQ LQ GDV (UZHUEVOHEHQ GLH (UK|KXQJ GHU (UZHUEV
TXRWH GHU bOWHUHQ GLH 9HUULQJHUXQJ YRQ *HVFKOHFKWHUGLIIHUHQWLDOHQ XQG GLH 9HUPHLGXQJ
XQIUHLZLOOLJHU7HLO]HLWDUEHLWOHLFKWHUIDOOHQ
8PVHW]HQGHUEHVWHKHQGHQVWDQGRUWSROLWLVFKHQ.RQ]HSWH
,Q%XQGHVOlQGHUQZLH7LUROGHUHQ:LUWVFKDIWVVWUXNWXUGXUFKHLQHKRKH6SH]LDOLVLHUXQJDXIGHQ
7RXULVPXV EHL HLQHP JOHLFK]HLWLJ QLFKW XQZHVHQWOLFKHQ LQWHUQDWLRQDO ZHWWEHZHUEVIlKLJHQ
,QGXVWULHSRWHQWLDO XQG GXUFK HLQH GHXWOLFKH UlXPOLFKH 'LIIHUHQ]LHUXQJ JHSUlJW LVW LVW GDEHL
GHU (UKDOW GHU LQWHUQDWLRQDOHQ :HWWEHZHUEVIlKLJNHLW EHLGHU 6HNWRUHQ 6DFKJ WHUSURGXNWLRQ
XQG 7RXULVPXV XQG HLQH UHJLRQDOH 'LIIHUHQ]LHUXQJ GHU 6WDQGRUWVWUDWHJLHQ HLQH ]HQWUDOH

²²
9RUDXVVHW]XQJXPHLQDXVUHLFKHQGHV%HVFKlIWLJXQJVZDFKVWXPVLFKHU]XVWHOOHQ'HPHQWVSUH
FKHQGRULHQWLHUHQVLFKGLHYHUVFKLHGHQHQPD‰JHEOLFKHQ6WUDWHJLHGRNXPHQWHGHV/DQGHVDQ
HLQHU VRZRKO DQ GHU 7RXULVPXV DOV DXFK GHU ,QGXVWULHHQWZLFNOXQJ DQJHOHKQWHQ UHJLRQDO GLI
IHUHQ]LHUWHQ6WUDWHJLH6RZHUGHQLP/DQGHVHQWZLFNOXQJVNRQ]HSW=XNXQIWV5DXP7LUROLP.DSL
WHO :LUWVFKDIWVVWDQGRUW ]X LQVJHVDPW 7KHPHQEO|FNHQ =LHOYRUJDEHQ JHWURIIHQ ]X GHQHQ
XQWHU DQGHUHP GLH 6WlUNXQJ GHU ,QQRYDWLRQVNUDIW GLH 6WlUNXQJ YRQ /HLWZLUWVFKDIWV]ZHLJHQ
DEHU DXFK GLH 3URILOLHUXQJ YRQ *HZHUEHVWDQGRUWHQ XQG GLH (QWZLFNOXQJ GHV 7RXULVPXV LQ
5LFKWXQJHLQHV*DQ]MDKUHVWRXULVPXVJHK|UHQ'DEHLZLUGHLQH6HULHYRQ0D‰QDKPHQLQ$XV
VLFKW JHVWHOOW GLH ]XU (UUHLFKXQJ GLHVHU =LHOH ² XQG GDPLW DXFK ]X HLQHP ZHLWHUKLQ KRKHQ
%HVFKlIWLJXQJVZDFKVWXP²EHLWUDJHQN|QQHQ
,P:LUWVFKDIWVSURJUDPP²$UEHLWVSURJUDPP²7LUROZLUG EHUGLHVGLHYHUVWlUNWH9HUQHW
]XQJGHU7LUROHU:LUWVFKDIWGXUFKGHQ$XIEDXYRQ&OXVWHUQYHUVWlUNWHP:LVVHQVXQG7HFKQR
ORJLHWUDQVIHU YHUVWlUNWH $QZHQGXQJVIRUVFKXQJ YHUVWlUNWH $QVWUHQJXQJHQ ]XU 4XDOLIL]LHUXQJ
GHU$UEHLWVNUlIWHGHQ$XIEDXYRQ,PSXOV]HQWUHQYHUVWlUNWH%HWULHEVDQVLHGOXQJHQXQGHLQLJH
bQGHUXQJHQLP)RUVFKXQJVI|UGHUXQJVV\VWHPLQ$XVVLFKWJHVWHOOW
(UK|KXQJGHU=DKODQ8QWHUQHKPHQVJU QGXQJHQ
1HEHQGLHVHQ$NWLYLWlWHQXQG3URJUDPPHQZLUGDXIHXURSlLVFKHU(EHQHDEHUDXFKGLH6WlU
NXQJ GHV 8QWHUQHKPHUJHLVWHV XQG GDPLW HUK|KWH 8QWHUQHKPHQVJU QGXQJHQ XQG .08)|U
GHUXQJDOVHLQDUEHLWVPDUNWSROLWLVFKHV,QVWUXPHQWJHVHKHQXP]XVlW]OLFKH%HVFKlIWLJXQJ]X
VFKDIIHQXQGGLHHXURSlLVFKHQ=LHOYRUJDEHQ]XHUUHLFKHQ,QGLHVHP%HUHLFKHUZHLVWVLFK7LURO
DOVHLQ%XQGHVODQGLQGHPGLH*U QGXQJVLQWHQVLWlWXQWHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWW
OLHJWXQGGLHQHXJHJU QGHWHQ8QWHUQHKPHQVRIHUQVLHXQVHOEVWlQGLJ%HVFKlIWLJWHHLQVWHOOHQ
HWZDVZHQLJHU]XP%HVFKlIWLJXQJVZDFKVWXPEHLWUDJHQDOVLP EULJHQgVWHUUHLFK$OOHUGLQJV
ZHLVHQMXQJH8QWHUQHKPHQLQ7LURO EHUGXUFKVFKQLWWOLFKHhEHUOHEHQVUDWHQDXIhEHUGLHV]HLJW
VLFK GDVV GHU .086HNWRU 7LUROV JHUDGH LP 'LHQVWOHLVWXQJVEHUHLFK HLQ EHVRQGHUV ZLFKWLJHU
$UEHLWJHEHULVWXQG EHUGXUFKVFKQLWWOLFKYLHOH$UEHLWVSOlW]HVFKDIIW$OV1DFKWHLOLVWKLHUDOOHU
GLQJV]XVHKHQGDVV.08VLQgVWHUUHLFKLQVJHVDPWDXFKGXUFKHLQHVHKUKRKH+HWHURJHQLWlW
JHNHQQ]HLFKQHWVLQGZDVLQ5HJLRQHQPLWHLQHPKRKHQ$QWHLODQ.08V]XPRKQHGLHVVFKRQ
KRKHQ$UEHLWVPDUNWXPVFKODJEHLWUlJW
,P+LQEOLFNDXIGLHVH6WlUNHQXQG6FKZlFKHQN|QQWHVLFKGLH7LUROHU3ROLWLNGDKHU]XP=LHOVHW
]HQQHEHQHLQHU(UK|KXQJGHU*U QGXQJVTXRWHDXFKGLHSRVWHQWU\3HUIRUPDQFHYRQQHX
JHJU QGHWHQ 8QWHUQHKPHQ ]X YHUEHVVHUQ XQG ]X HLQHU 6WDELOLVLHUXQJ GHU $UEHLWVSOlW]H LP
.08%HUHLFKEHL]XWUDJHQ
,Q7LUROEHVWHKWGD]XHLQUHFKWEUHLWDXVJHEDXWHV,QVWUXPHQWDULXPGHU%HUDWXQJXQG)|UGHUXQJ
YRQ8QWHUQHKPHQVJU QGXQJHQMXQJHQ8QWHUQHKPHQXQG.08VhEHUGLHVHVKLQDXVJLOWHV]X
EHU FNVLFKWLJHQGDVV8QWHUQHKPHQVJU QGXQJHQRIWPDOVDXFKYRQGHQDGPLQLVWUDWLYHQ9HU
IDKUHQ DEKlQJHQ GLH ]X HLQHU VROFKHQ *U QGXQJ QRWZHQGLJ VLQG *HUDGH LQ GHU 9HUULQJH
UXQJDGPLQLVWUDWLYHU%DUULHUHQZXUGHQLQGHQOHW]WHQ-DKUHQLQgVWHUUHLFKZLFKWLJH)RUWVFKULWWH

²²
JHPDFKW 6R LVW HV PLWWOHUZHLOH P|JOLFK DOOH QRWZHQGLJHQ 8QWHUODJHQ XQG *HQHKPLJXQJHQ
LP 5DKPHQ YRQ 2QH6WRS6KRSV UHODWLY UDVFK ]X HUKDOWHQ :lKUHQG GHPQDFK GLH DGPLQL
VWUDWLYHQ+ UGHQ]XU$QPHOGXQJHLQHV8QWHUQHKPHQVGHXWOLFKJHULQJHUVLQGDOVQRFKYRU]HKQ
-DKUHQVROOWHGLH0LQLPLHUXQJGLHVHVDGPLQLVWUDWLYHQ$XIZDQGHVZHLWHUKLQHLQ]HQWUDOHV$QOLH
JHQ EOHLEHQ $EJHVHKHQ YRQ GHU HLQIDFKHQ *HVWDOWXQJ YRQ *HQHKPLJXQJVYHUIDKUHQ ]%
GXUFK 9HUZDOWXQJVYHUHLQIDFKXQJ XQG 1XW]XQJ PRGHUQHU .RPPXQLNDWLRQVWHFKQRORJLHQ LVW
GDEHLYRUDOOHPGDUDXI]XDFKWHQGDVVJHUDGHLQMHQHQ%UDQFKHQLQGHQHQHLQEHVRQGHUV
JUR‰HV %HVFKlIWLJXQJVSRWHQWLDO EHVWHKW GLH =XJDQJVEHVWLPPXQJHQ P|JOLFKVW HLQIDFK
JHVWDOWHWZHUGHQ
=ZHL VROFKH :DFKVWXPVEHUHLFKH VLQG GLH IUHLHQ%HUXIH XQG GLH *HVXQGKHLWV XQG 3IOHJHEH
UXIH (LQ *UR‰WHLO GLHVHU %HUXIH JHK|UW ]X GHQ XQWHUQHKPHQVQDKHQ ZLUWVFKDIWVEH]RJHQHQ
RGHU SHUV|QOLFKHQ 'LHQVWOHLVWXQJHQ GLH HLQ KRKHV :DFKVWXPVSRWHQWLDO DXIZHLVHQ ,Q GHQ
*HVXQGKHLWV XQG 3IOHJHEHUXIHQ ZLUG GLH 1DFKIUDJH VFKRQ DOOHLQH DXIJUXQG GHU GHPRJUD
SKLVFKHQ (QWZLFNOXQJ LQ GHQ QlFKVWHQ -DKUHQ ZDFKVHQ 'LH $XVVFK|SIXQJ GHV %HVFKlI
WLJXQJVSRWHQWLDOVLQGLHVHQ%HUHLFKHQZLUGGDEHL]XP7HLOLPPHUQRFKGXUFKKRKH=XWULWWVEDU
ULHUHQGXUFKGDV:HUEHXQG$VVR]LDWLRQVYHUERWXQGGXUFKZHWWEHZHUEVIHLQGOLFKH+RQRUDU
RUGQXQJHQ ]XP 7HLO ODQJH $XVELOGXQJV]HLWHQ XQG *HELHWVVFKXW] E]Z %HGDUIVSU IXQJ RGHU
VFKZHUH=XWULWWVSU IXQJHQEHKLQGHUW
(LQZHLWHUHU$QVDW]SXQNWGHU]XU(UK|KXQJGHU=DKOGHU*U QGXQJHQEHLWUDJHQN|QQWHOLHJW
LQ GHU )LQDQ]LHUXQJ YRQ 8QWHUQHKPHQVJU QGXQJHQ 'LH 6FKZlFKHQ GHU |VWHUUHLFKLVFKHQ
)LQDQ]PlUNWH KLQVLFKWOLFK GHU )LQDQ]LHUXQJ YRQ 8QWHUQHKPHQVJU QGXQJHQ VLQG KLQOlQJOLFK
EHNDQQW $XV 6LFKW GHU DUEHLWVPDUNWUHOHYDQWHQ =LHOJUXSSHQ JHKW HV DOOHUGLQJV JHUDGH EHL
*U QGXQJHQDXVGHU$UEHLWVORVLJNHLWRGHU8QWHUQHKPHQVJU QGXQJHQYRQ0LWJOLHGHUQEHVRQ
GHUVEHQDFKWHLOLJWHU*UXSSHQ]%DXVOlQGLVFKH6WDDWVE UJHU,QQHQXQG0LQGHUKHLWHQRIWXP
UHODWLYNOHLQH)LQDQ]LHUXQJVEHWUlJHGLHDEHUDXIJUXQGPDQJHOQGHU6LFKHUKHLWHQGHU*U QGH
U,QQHQ QLFKW DXIJHEUDFKW ZHUGHQ N|QQHQ ,Q HLQLJHQ (48$/3DUWQHUVFKDIWHQ ZXUGHQ KLHU LQ
.RRSHUDWLRQ]ZLVFKHQDUEHLWVPDUNWSROLWLVFKHQ$NWHXUHQXQG.UHGLWLQVWLWXWHQYHUVXFKWLQQRYD
WLYH)LQDQ]LHUXQJVIRUPHQI UJHI|UGHUWH.OHLQNUHGLWHEHL8QWHUQHKPHQVJU QGXQJHQ]X JHQH
ULHUHQ
=XVlW]OLFKLVWDXVDUEHLWVPDUNWSROLWLVFKHU6LFKWIHVW]XVWHOOHQGDVVEHL%HWULHEVDQVLHGOXQJHQXQG
1HXJU QGXQJHQ GLH UHFKW]HLWLJH,QIRUPDWLRQ GHV $06 ZLFKWLJLVW XP GHQ GDI U EHQ|WLJWHQ
4XDOLILNDWLRQVE]Z3HUVRQDOEHGDUI]XEHIULHGLJHQ
6LFKHUXQJGHVhEHUOHEHQVYRQ1HXJU QGXQJHQ
1HEHQ HLQHU P|JOLFKVW KRKHQ *U QGXQJVTXRWH PXVV HV DEHU DXFK HLQ =LHO VHLQ GDVV P|J
OLFKVWYLHOHGHUQHXJHJU QGHWHQ8QWHUQHKPHQ EHUOHEHQXQGLQZHLWHUHU)ROJHXQVHOEVWlQ
GLJH%HVFKlIWLJXQJVYHUKlOWQLVVHVFKDIIHQ6FKlW]XQJHQJHKHQGDYRQDXVGDVVHVLQ7LUROUXQG
8QWHUQHKPHQ GHU JHZHUEOLFKHQ :LUWVFKDIW RKQH HLQHQ XQVHOEVWlQGLJ %HVFKlIWLJWHQ
JLEW'HUHUVWH6FKULWW]XU6FKDIIXQJYRQ $UEHLWVSOlW]HQLVWI U.OHLQEHWULHEHRIWVFKZLHULJXQG

²²
DGPLQLVWUDWLYP KVDP1RFKZLFKWLJHUDOVGLHILQDQ]LHOOH)|UGHUXQJZlUHGDEHLRIWPDOVHLQH
%HUDWXQJ XP JOHLFKH $XVJDQJVEHGLQJXQJHQ KLQVLFKWOLFK GHU )lKLJNHLWHQ YRQ -XQJXQWHU
QHKPHU,QQHQKHU]XVWHOOHQ'DEHLVROOWHHLQH+HUDQJHKHQVZHLVHJHZlKOWZHUGHQGLHGDYRQ
DXVJHKW GDVV GLH *U QGXQJVSKDVH HLQHV 8QWHUQHKPHQV HLQLJH -DKUH GDXHUW XQG GXUFK
PHKUHUH3URIHVVLRQDOLVLHUXQJVVFKULWWHJHNHQQ]HLFKQHWLVW=LHONDQQHVGDKHUVHLQEHVWHKHQGH
%HUDWXQJVLQVWUXPHQWH GLH 8QWHUQHKPHQ LQ YHUVFKLHGHQHQ 3KDVHQ GHV *U QGXQJVSUR]HVVHV
DQJHERWHQZHUGHQ]XE QGHOQXQGYHUVWlUNWLQ)RUPHLQHVJXWSXEOL]LHUWHQ2QH6WRS%HUD
WXQJVVKRSVDQ]XELHWHQXQGXPIHKOHQGH%HUDWXQJVLQVWUXPHQWH]XHUJlQ]HQ
1HEHQGHU1DFKJU QGXQJVSKDVHLVWDXFKGLH9RUJU QGXQJVSKDVHHLQ$QVDW]SXQNWHLQHU3ROL
WLN ]XU (UK|KXQJ GHU *U QGXQJV]DKOHQ XQG GHU hEHUOHEHQVZDKUVFKHLQOLFKNHLWHQ GHU *U Q
GXQJHQ ,Q HLQLJHQ %XQGHVOlQGHUQ EHVWHKHQ GDEHL VSH]LHOOH %LOGXQJVI|UGHUXQJHQ I U 3HUVR
QHQ GLH EHUOHJHQ HLQ 8QWHUQHKPHQ ]X JU QGHQ RGHU HV ZHUGHQ 3UDNWLND I U SRWHQWLHOOH
8QWHUQHKPHQVJU QGHU,QQHQLQ%HWULHEHQGHUZDKUVFKHLQOLFKHQ*U QGXQJVEUDQFKHYHUPLWWHOW
*HUDGHVROFKH3UDNWLNDHUVFKHLQHQGDEHLJXWJHHLJQHWGHQSRWHQWLHOOHQ8QWHUQHKPHQVJU Q
GHUQHLQHUHDOLVWLVFKH(LQVFKlW]XQJGHUHLJHQHQ&KDQFHQ]XYHUPLWWHOQ
hEHUGLHVZlUHLQHLQHPVROFKHQ$QVDW]]XEHDFKWHQGDVVGHU(UIROJYRQ-XQJXQWHUQHKPHU,Q
QHQYRUDOOHPGDYRQDEKlQJWLQZLHZHLWVLHHVVFKDIIHQVLFKLQORNDOH1HW]ZHUNH]XLQWHJULH
UHQREVLHVLFKDOVRXQWHUGHQRUWVDQVlVVLJHQ8QWHUQHKPHQXQG.RQVXPHQW,QQHQHLQ.OLHQWHO
DXIEDXHQ N|QQHQ 6WDDWOLFKH ,QVWLWXWLRQHQ N|QQHQ GLH -XQJXQWHUQHKPHU,QQHQ EHL GLHVHU
Å1HW]ZHUNDUEHLW´HUIDKUXQJVJHPl‰QXUPDQJHOKDIWXQWHUVW W]HQ(LQHIU K]HLWLJH$QELQGXQJ
QHXHU 8QWHUQHKPHQ LQ GLH 7LUROHU &OXVWHU NDQQ VLFK GDKHU XQWHUVW W]HQG DXI GLH hEHUOHEHQV
ZDKUVFKHLQOLFKNHLWYRQ1HXJU QGXQJHQDXVZLUNHQ
1XW]HQGHVEHVFKlIWLJXQJVSROLWLVFKHQ3RWHQWLDOVGHV|IIHQWOLFKHQ6HNWRUV
1HEHQGHPSULYDWHQ6HNWRUELHWHWDXFKGHU|IIHQWOLFKH6HNWRU7LUROVHLQLJHVDQDUEHLWVPDUNW
SROLWLVFKHP6SLHOUDXPDUEHLWHWHQLQ7LURO3HUVRQHQRGHUDOOHUXQVHOEVWlQGLJ
%HVFKlIWLJWHQLQ8QWHUQHKPHQGHV6HNWRUVÅ1LFKW0DUNW'LHQVWOHLVWXQJHQ´'LH3HUVRQDOSROLWLN
HLQHV6HNWRUVPLWHLQHP$QWHLOYRQIDVWHLQHP9LHUWHOGHUXQVHOEVWlQGLJ%HVFKlIWLJWHQLVWI UGLH
%HVFKlIWLJXQJVODJHLP/DQGZLFKWLJ,QVEHVRQGHUHN|QQHQLP5DKPHQGHU3HUVRQDOSROLWLNGHU
*HELHWVN|USHUVFKDIWHQMHQH0D‰QDKPHQZLH]XP%HLVSLHOGLH(QWZLFNOXQJYRQ%LOGXQJVSOl
QHQEHVVHUH$UEHLWVEHGLQJXQJHQI UbOWHUHXPJHVHW]WZHUGHQGLHLQGHUDUEHLWVPDUNWSROLWL
VFKHQ 'LVNXVVLRQ LPPHU ZLHGHU YRQ GHQ $UEHLWJHEHU,QQHQ JHIRUGHUW ZHUGHQ ,Q GLHVHP
%HUHLFKN|QQHQRIWPDOVEHVRQGHUVOHLFKW3URMHNWH]XU6FKDIIXQJHLQHVXPIDVVHQGHQ$QJHER
WHV ]XU )OH[LELOLVLHUXQJ GHU $UEHLWV]HLWHQ ]XP $XVEDX GHU 0|JOLFKNHLWHQ ]XU 7HLO]HLWDUEHLW XQG
]XU (UK|KXQJ GHV $QJHERWHV YRQ %LOGXQJVNDUHQ] *OHLWSHQVLRQ XQG 7HOHDUEHLW XPJHVHW]W
ZHUGHQ=XEHDFKWHQLVWGDEHLGDVVGHU|IIHQWOLFKH%HUHLFKQLFKWQXUGLH/DQGHVEHGLHQVWH
WHQXPIDVVW,P5DKPHQHLQHU7LUROHU%HVFKlIWLJXQJVVWUDWHJLHN|QQWHPDQVLFKGDV=LHOVHW]HQ
VROFKH 0D‰QDKPHQ DXFK YHUVWlUNW DXI DQGHUH |IIHQWOLFKH %HVFKlIWLJXQJVYHUKlOWQLVVH *H
PHLQGHHEHQH%XQGHVGLHQVWVWHOOHQXQGDQGHUH%HGLHQVWHWHGHV|IIHQWOLFKHQ6HNWRUV]X EHU
WUDJHQ 'DV =LHO ZlUH HV GHQ |IIHQWOLFKHQ 6HNWRU LQ 7LURO LQVJHVDPW ]X HLQHP YRUELOGOLFKHQ

²²
$UEHLWJHEHU KLQVLFKWOLFK GHU ,QWHJUDWLRQ YRQ 7HLO]HLWEHVFKlIWLJWHQ XQG lOWHUHQ $UEHLWVNUlIWHQ
XQGDXFKKLQVLFKWOLFKGHU8PVHW]XQJYRQ6WUDWHJLHQGHVOHEHQVODQJHQ/HUQHQV]XPDFKHQ
'DEHLN|QQWH]XPHLQHQGDVEHVWHKHQGH%HUDWXQJV.QRZKRZDXVJHQ W]WZHUGHQXPLQWH
UHVVLHUWH|IIHQWOLFKH.|USHUVFKDIWHQ]XEHUDWHQ]XPDQGHUHQN|QQWHQEHVWHKHQGH,QLWLDWLYHQ
XQG3URJUDPPHYHUVWlUNWDXFKLP|IIHQWOLFKHQ6HNWRUDQJHERWHQZHUGHQ 2EZRKOHVGD]X
RKQH HLQHU HQWVSUHFKHQGHQ UHFKWOLFKHQ *UXQGODJH GHV :LOOHQV GHU EHWURIIHQHQ bPWHU
EHGDUIVFKHLQWGLHVH0|JOLFKNHLWEHVRQGHUVDWWUDNWLYZHLOLQWHUQDWLRQDOH(UIDKUXQJHQ]HLJHQ
GDVVEHVWLPPWH3URJUDPPHZLH]%6DEEDWLFDOVJHUDGHYRQ|IIHQWOLFK%HGLHQVWHWHQVWDUN
DQJHQRPPHQ ZHUGHQ ,QVEHVRQGHUH N|QQWH GDEHL DXI IROJHQGH $VSHNWH HLQJHJDQJHQ
ZHUGHQ
D
E
F
7HLO]HLWDUEHLW hEHU %HUDWXQJHQ N|QQWHQ LQWHUHVVLHUWH %HK|UGHQ EHU GLH 0|JOLFKNHLWHQ
GHU)OH[LELOLVLHUXQJGHU$UEHLWV]HLWHQLQIRUPLHUWZHUGHQ
9HUPHKUWH %HUDWXQJVDQJHERWH I U *HPHLQGHQ XQG DQGHUH |IIHQWOLFK UHFKWOLFKH
.|USHUVFKDIWHQ(LQVFKOlJLJH%HUDWXQJVSURJUDPPH]XU8PVHW]XQJYRQ%LOGXQJVSOlQHQ
LQ%HWULHEHQ%HVFKlIWLJXQJYRQbOWHUHQXQG]XP*HQGHU0DLQVWUHDPLQJN|QQWHQDXFK
YHUVWlUNW|IIHQWOLFKHQ.|USHUVFKDIWHQDQJHERWHQZHUGHQ
7UDQVLWDUEHLWVSOlW]HI U$UEHLWVORVH*HUDGHLP%HUHLFKGHU*HPHLQGHQEHVWHKWRIWPDOV
HLQH JUR‰H 1DFKIUDJH QDFK ORNDOHQ 'LHQVWOHLVWXQJHQ GLH ]XPHLVW ZHQLJHU TXDOLIL]LHUWH
$UEHLWVNUlIWH HUIRUGHUQ (LQ 7HLO GLHVHU 1DFKIUDJH N|QQWH EHIULHGLJW ZHUGHQ LQGHP
*HELHWVN|USHUVFKDIWHQ YHUVWlUNW $UEHLWVSOlW]H ² PLW 7UDQVLWFKDUDNWHU I U $UEHLWVORVH
]ZHLWHU$UEHLWVPDUNW²]XU9HUI JXQJVWHOOHQXQGGLHVHGXUFKGDV$06LP5DKPHQGHU
WUDGLWLRQHOOHQ $UEHLWVPDUNWI|UGHUXQJ JHI|UGHUW ZHUGHQ 'DEHL P VVWH VLFKHUJHVWHOOW
ZHUGHQGDVVGLHVH$UEHLWVSOlW]HQLFKW]X'DXHUDUEHLWVSOlW]HQZHUGHQ
hEHUGLHV N|QQHQ LQ GHU 3HUVRQDOSROLWLN GHU UHJLRQDOHQ *HELHWVN|USHUVFKDIWHQ ZLFKWLJH
,PSXOVHI UGLH*OHLFKVWHOOXQJYRQ0lQQHUQXQG)UDXHQJHVHW]WZHUGHQ,P|IIHQWOLFKHQ6HN
WRUDUEHLWHQ EHUSURSRUWLRQDOYLHOH)UDXHQ,QGLHVHP6HNWRULVWHVLQVJHVDPWEHVRQGHUVZLFK
WLJ ]% GXUFK REMHNWLYH $UEHLWVSODW]EHZHUWXQJHQ ]XU 6LFKHUVWHOOXQJ HLQHU JHUHFKWHQ (QWORK
QXQJ%HWULHEVNLQGHUJlUWHQRGHU)UDXHQI|UGHUSOlQHQDXIGLH*OHLFKVWHOOXQJYRQ)UDXHQXQG
0lQQHUQXQGGLH9HUHLQEDUNHLWYRQ%HUXIXQG)DPLOLH]XDFKWHQ
6FKOXVVHQGOLFK HUJLEW VLFK HLQ $QVDW]SXQNW I U DUEHLWVPDUNWSROLWLVFKH ,PSXOVH DXFK DXV GHU
|IIHQWOLFKHQ $XIWUDJVYHUJDEH XQG )|UGHUXQJ ,QVEHVRQGHUH N|QQHQ DUEHLWVPDUNWSROLWLVFKH
=LHOYRUVWHOOXQJHQ ]% %LOGXQJVSOlQH )UDXHQI|UGHUSOlQH EHVRQGHUH 0D‰QDKPHQ I U lOWHUH
$UEHLWQHKPHU,QQHQ LQ $XVVFKUHLEXQJVYHUIDKUHQ DOV HLQ .ULWHULXP PLW EHU FNVLFKWLJW ZHUGHQ
XPVRHLQHQ%HLWUDJ]XU%HZXVVWVHLQVELOGXQJLQGLHVHP%HUHLFK]XOHLVWHQ
9HUULQJHUXQJGHU6DLVRQDOLWlW
(LQ ZHLWHUHV )HOG LQ GHP GLH $UEHLWVPDUNWSROLWLN GHV %XQGHVODQGHV ]XU 9HUULQJHUXQJ YRQ
$UEHLWVORVLJNHLWEHLWUDJHQN|QQWHLVWLQGHU9HUPHLGXQJWHPSRUlUHU$UEHLWVSODW]YHUOXVWHGXUFK

²²
6DLVRQEHVFKlIWLJXQJ'DEHLJLOWHVLQGLHVHP%HUHLFKGLH6DLVRQDOLWlWVRZRKOLP7RXULVPXVDOV
DXFKLP%DXZHVHQ]XEHNlPSIHQ2EZRKOGLH0|JOLFKNHLWHQGHU7LUROHU3ROLWLNKLHU(LQIOXVV]X
QHKPHQ HKHU EHJUHQ]W HUVFKHLQHQ ZHLO VFKRQ ELVKHULJH 9HUVXFKH ]XU 9HUULQJHUXQJ GHU 6DL
VRQDOLWlWLQgVWHUUHLFKHKHUHUIROJORVZDUHQXQG EHUGLHVZLHGLHVH6WXGLH]HLJWHLQ*XWWHLO
GHU6DLVRQDUEHLWVORVLJNHLWLQ7LUROLP7RXULVPXVHQWVWHKWGHUYRUDOOHPYRQGHULQWHUQDWLRQDOHQ
1DFKIUDJH JHWULHEHQ ZLUG VROOWH ]XPLQGHVW YHUVXFKW ZHUGHQ YHUVWlUNWH 0D‰QDKPHQ LP
.DPSIJHJHQGLH6DLVRQDOLWlW]XVHW]HQ
gVWHUUHLFKZHLWH8PVWHOOXQJHQLP$UEHLWVORVHQYHUVLFKHUXQJVV\VWHP
(LQ JHQHUHOOHU $QVDW]SXQNW ]XU 9HUULQJHUXQJ GHU 6DLVRQDOLWlW GHU DOOHUGLQJV QXU DXI JHVDPW
|VWHUUHLFKLVFKHU(EHQHGXUFKVHW]EDULVWZlUHGDEHLHLQH5HIRUPGHU$UEHLWVORVHQYHUVLFKHUXQJ
LQ 5LFKWXQJ HLQHV VWlUNHU DQ GHUWDWVlFKOLFKHQ )OXNWXDWLRQ RULHQWLHUWHQ 6\VWHPV ,Q HLQHP VRO
FKHQ6\VWHPN|QQWHQGLH%HLWUDJV]DKOXQJHQVWlUNHUDQGDVWDWVlFKOLFKH$UEHLWVORVLJNHLWVULVLNR
JHNQ SIW ZHUGHQ 'DPLW ZlUHQ ]XPLQGHVW GLH ]XVlW]OLFKHQ ILQDQ]LHOOHQ $QUHL]H ]X HUK|KWHU
6DLVRQDOLWlW JHULQJHU (LQH 6WXGLH GHV ,QVWLWXWV I U K|KHUH 6WXGLHQ ]X VROFKHQ VR JHQDQQWHQ
([SHULHQFH5DWLQJ6\VWHPHQNRPPWGDEHL]XGHP(UJHEQLVGDVVHLQYROOHV([HULHQFH5DWLQJ
6\VWHPDXIJUXQGGHU.RQ]HQWUDWLRQGHU/DVWHQDXIHLQHHLQJHVFKUlQNWH=DKODQ8QWHUQHKPHQ
LQ gVWHUUHLFK ]X 0HKUEHODVWXQJHQ I KUHQ Z UGH GLH I U GLHVH 8QWHUQHKPHQ ZLUWVFKDIWOLFK
NDXPWUDJEDUVHLQG UIWHQ'LH6WXGLHVFKOlJWGDKHUYRUHLQHQ+|FKVWEHLWUDJVVDW]YRQGHU
/RKQVXPPHHLQ]XI KUHQ6HOEVWEHLGLHVHUDEJHPLOGHUWHQ)RUPGHV([SHULHQFH5DWLQJZ UGH
GLH MDKUHVGXUFKVFKQLWWOLFKH $UEHLWVORVHQTXRWH |VWHUUHLFKZHLW XP HLQHQ KDOEHQ 3UR]HQWSXQNW
JHVHQNWZHUGHQ
9HUULQJHUXQJGHU6DLVRQDOLWlWLP7RXULVPXV
1HEHQGLHVHPDOOJHPHLQHQ$QVDW]VFKOlJWHLQHQHXHUH6WXGLHGHV,QVWLWXWVI U:LUWVFKDIWVIRU
VFKXQJ I U GHQ 7RXULVPXV HLQH 6HULH YRQ 0D‰QDKPHQ ]XU %HNlPSIXQJ YRQ 6DLVRQDOLWlW YRU
GLH DXFK DXI /DQGHVHEHQH XPJHVHW]W ZHUGHQ N|QQHQ ,QVEHVRQGHUH VFKOlJW GLHVH 6WXGLH
YRU
• hEHU bQGHUXQJHQ GHU WUDGLWLRQHOOHQ $UEHLWV XQG )UHL]HLWVWUXNWXUHQ GLH HYHQWXHOO DXFK
GXUFKbQGHUXQJHQLQGHU)HULHQRUGQXQJXQGHLQHVWlUNHUHVDLVRQDOH3UHLVGLIIHUHQ]LHUXQJ
GXUFKJHVHW]WZHUGHQN|QQWHQXQGHLQH,QWHUQDWLRQDOLVLHUXQJGHU7RXULVPXVVWU|PH]XHLQHU
JOHLFKPl‰LJHUHQ9HUWHLOXQJGHU1DFKIUDJHLP-DKUHVYHUODXIEHL]XWUDJHQ
• 'XUFK6FKDIIXQJ]XVlW]OLFKHU$QJHERWHLQZHQLJHUVDLVRQDEKlQJLJHQ7HLOEHUHLFKHQ]%
:HOOQHVVWRXULVPXV (UULFKWXQJ YRQ .XOWXU XQG )UHL]HLWSDUNV GLH 6DLVRQDOLWlW DXFK DQJH
ERWVVHLWLJ]XYHUULQJHUQ
• 'LH7RXULVPXVI|UGHUXQJVWULNWDQGDV=LHOGHU)|UGHUXQJHLQHV*DQ]MDKUHVWRXULVPXV]XRULHQ
WLHUHQ 6R VROOWH EHUOHJW ZHUGHQ LQZLHZHLW GXUFK bQGHUXQJHQ GHU )|UGHUEHGLQJXQJHQ
I UGLYHUVH9HUDQVWDOWXQJHQ]%GXUFK9HUPHLGHQGHU)|UGHUXQJYRQ9HUDQVWDOWXQJHQLQ

²²
GHU6DLVRQXQGRGHU%HU FNVLFKWLJXQJGHU$XVZLUNXQJHQDXIGLH6DLVRQDOLWlWDOV.ULWHULXP
I U GLH )|UGHUYHUJDEH ]XPLQGHVW HLQ %HLWUDJ ]XU 9HUULQJHUXQJ GHU 6DLVRQDOLWlW JHOHLVWHW
ZHUGHQNDQQ
• hEHUYHUVWlUNWH.RRSHUDWLRQ]ZLVFKHQ7RXULVPXVEHWULHEHQ]% EHUJHPHLQVDPH3HUVR
QDOSRROVPLWXQWHUVFKLHGOLFKHQ6DLVRQYHUOlXIHQ GDV(QWVWHKHQYRQ6DLVRQDUEHLWVORVLJNHLW
P|JOLFKVW]XYHUPHLGHQ
1HEHQ GLHVHQ $QVDW]SXQNWHQ N|QQWH DEHU DXFK EHUOHJW ZHUGHQ LQZLHZHLW VLFK GXUFK
bQGHUXQJHQGHU)|UGHUEHGLQJXQJHQI UGLYHUVH9HUDQVWDOWXQJHQ]%GXUFK9HUPHLGHQGHU
)|UGHUXQJ YRQ 9HUDQVWDOWXQJHQ LQ GHU 6DLVRQ XQGRGHU %HU FNVLFKWLJXQJ GHU $XVZLUNXQJHQ
DXIGLH6DLVRQDOLWlWDOV.ULWHULXPI UGLH)|UGHUYHUJDEHHLQ%HLWUDJ]XU9HUULQJHUXQJGHU6DLVR
QDOLWlWJHOHLVWHWZHUGHQNDQQ
hEHUGLHV N|QQWH JHUDGH LP NOHLQ XQG PLWWHOEHWULHEOLFK RUJDQLVLHUWHQ 7RXULVPXVEHUHLFK YHU
VXFKW ZHUGHQ EHU %HUDWXQJVDQJHERWH XQG HQWVSUHFKHQGH $QUHL]H HLQH VWUDWHJLVFKH OlQ
JHUIULVWLJ RULHQWLHUWH 3HUVRQDOSODQXQJ LQ GHQ %HWULHEHQ DQ]XUHJHQ XQG ]X XQWHUVW W]HQ +LHU
N|QQWHQ 2UJDQLVDWLRQVPRGHOOH YRUDQJHWULHEHQ ZHUGHQ GLH )OH[LELOLWlWVSRWHQWLDOH QXW]HQ
DEHU PLW HLQHP JHULQJHUHQ VDLVRQDOHQ 8PVFKODJ DQ $UEHLWVNUlIWHQ GDV $XVODQJHQ ILQGHQ
0D‰QDKPHQ N|QQHQ GDEHL YRQ IOH[LEOHQ $UEHLWV]HLWPRGHOOHQ XQG EHWULHEOLFKHQ :HLWHUELO
GXQJVPD‰QDKPHQ ELV ]XU 8QWHUVW W]XQJ GHU %HWULHEH LQ GHU 3HUVRQDOUHNUXWLHUXQJ UHLFKHQ
$XFKGLH9HUELQGXQJYRQLQQRYDWLRQVI|UGHUQGHQ0D‰QDKPHQPLWSDUDOOHOODXIHQGHQ4XDOLIL
]LHUXQJVVWUDWHJLHQN|QQWHHLQHQ%HLWUDJOHLVWHQZHQQDXFK]XEHGHQNHQLVWGDVV%HWULHEHPLW
KRKHUVDLVRQDOHU)OXNWXDWLRQRIWQLFKWEHVRQGHUVLQQRYDWLRQVRULHQWLHUWVLQG
(LQ ZHLWHUHU $QVDW]SXQNW EHVW QGH GDULQ $UEHLWVORVHQ GLH HLQH :LHGHUHLQVWHOOXQJV]XVDJH
KDEHQDX‰HUKDOEGHU6DLVRQYHUVWlUNWPD‰JHVFKQHLGHUWH%LOGXQJVDQJHERWH]XPDFKHQZLH
GLHVJHJHQZlUWLJLQHLQLJHQ%LOGXQJVYHUE QGHQJHVFKLHKW:lKUHQGGLHVDXVDUEHLWVPDUNWSR
OLWLVFKHU 6LFKW LQVRIHUQ QLFKW ]LHOI KUHQG ZlUH ZHLO 3HUVRQHQ PLW :LHGHUHLQVWHOOXQJV]XVDJHQ
NHLQH 3UREOHPH EHLP )LQGHQ HLQHV $UEHLWVSODW]HV KDEHQ N|QQWH GLHV JHUDGH LP 7RXULVPXV
EHUHLFKDXVVWDQGRUWSROLWLVFKHU6LFKWGXUFKDXV 6LQQHUJHEHQ'XUFK6FKXOXQJHQYRQ6DLVRQ
DUEHLWVORVHQPLW6FKXOXQJVLQKDOWHQGLHI UGLH7RXULVPXVEUDQFKHZLFKWLJVLQGEHLJOHLFK]HLWL
JHP%H]XJGHV$UEHLWVORVHQJHOGHVN|QQWHKLHUQHEHQGHU9HUULQJHUXQJGHU6DLVRQDUEHLWVOR
VLJNHLWDXFKHLQ%HLWUDJ]XU9HUEHVVHUXQJGHU4XDOLWlWXQG:HWWEHZHUEVIlKLJNHLWGHU7LUROHU
7RXULVPXVLQGXVWULHJHOHLVWHWZHUGHQ
%HLGLHVHP$QVDW]JLOWHVDEHU]XEHU FNVLFKWLJHQGDVVGHUZLUWVFKDIWSROLWLVFKH*UXQGI U)|UGHUXQJHQYRQ*UR‰
YHUDQVWDOWXQJHQRIWPDOVLQLKUHP:HUEHZHUWOLHJW'LHVHU$VSHNWVROOWHDXFKZHLWHUKLQ%HU FNVLFKWLJXQJILQGHQ+LHU
N|QQWHVRJDUDUJXPHQWLHUWZHUGHQGDVVDXFK*UR‰YHUDQVWDOWXQJHQLQGHU6DLVRQ]XHLQHU9HUPHLGXQJYRQ6DLVR
QDOLWlWEHLWUDJHQZHQQVLH]XP%HLVSLHO EHUHLQH,QWHUQDWLRQDOLVLHUXQJGHU%HVXFKHUVWU|PH]XHLQHU(QW]HUUXQJGHU
%HVXFKHUVWU|PHEHLWUDJHQ

²²
9HUULQJHUXQJYRQ6DLVRQDOLWlWXQGH[]HVVLYHP%HVFKlIWLJWHQXPVFKODJLQDQGHUHQ%UDQFKHQ
1HEHQ GHP 7RXULVPXV JLEW HV LQ 7LURO DEHU DXFK DQGHUH %UDQFKHQ GLH ]X HLQHP KRKHQ
8PVFKODJ DQ %HVFKlIWLJXQJVYHUKlOWQLVVHQ EHLWUDJHQ ,QVEHVRQGHUH OLHJW LQ 7LURO DXFK GHU
%HVFKlIWLJWHQDQWHLOLQGHU%DXEUDQFKHPLW EHUGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWXQG
LVWLQVEHVRQGHUHLQHLQLJHQLQGXVWULHOOJHSUlJWHQ%H]LUNHQ7LUROVPLWYHUDQWZRUWOLFKI UGLHKRKH
6DLVRQDOLWlWGHU%HVFKlIWLJXQJXQG$UEHLWVORVLJNHLWLQ7LURO*HUDGHLQGLHVHP6HNWRUEHVWHKHQ
GDEHL DXIJUXQG GHV JU|‰HUHQ $QWHLOV GHU |IIHQWOLFKHQ $XIWUlJH LP %DX EHVVHUH &KDQFHQ
GXUFKHLQHHQWVSUHFKHQGH9HUJDEHSROLWLNDXI(EHQHGHU*HELHWVN|USHUVFKDIWHQ]XVlW]OLFKH
6DLVRQDOLWlW GLH ]XP %HLVSLHO GXUFK HLJHQH $XIWUDJVYHUJDEH HQWVWHKW ]X YHUPHLGHQ ]%
N|QQHQ EDXOLFKH ,QQHQDUEHLWHQ LQ GHQ :LQWHUPRQDWHQ NRQ]HQWULHUW ZHUGHQ XQG GXUFK
%HU FNVLFKWLJXQJ YRQ EHWULHEOLFKHQ 6WUDWHJLHQ ]XU 9HUPHLGXQJ YRQ 6DLVRQDUEHLWVORVLJNHLW LQ
GHQ$XVVFKUHLEXQJVEHGLQJXQJHQGLH6DLVRQDOLWlW]XYHUULQJHUQ
1XW]HQGHV3RWHQWLDOVQHXHU$UEHLWVIRUPHQXQG9HUPHLGXQJLKUHU5LVLNHQ
• 'DDXFKLQ=XNXQIWPLWHLQHU]XQHKPHQGHQ$W\SLVLHUXQJGHV%HVFKlIWLJXQJVV\VWHPV]X
UHFKQHQ LVW VLQG QHXH %HVFKlIWLJXQJVIRUPHQ ZLH ]XP %HLVSLHO GLH 7HLO]HLWDUEHLW XQG
JHULQJI JLJH %HVFKlIWLJXQJ LQ HLQHU $UEHLWVPDUNWVWUDWHJLH ]X EHU FNVLFKWLJHQ $OV
JUXQGVlW]OLFKH =LHOYRUVWHOOXQJ ]XU 5HJXOLHUXQJ GLHVHU QHXHQ %HVFKlIWLJXQJVIRUPHQ
N|QQWHHLQH6LFKWZHLVHGLHQOLFKVHLQGLHGDYRQDXVJHKWGDVV7HLO]HLWDUEHLWLQEHVWLPP
WHQ /HEHQVSKDVHQ ]% ZlKUHQG GHU .LQGHUHU]LHKXQJ RGHU EHL HLQJHVFKUlQNWHU
$UEHLWVIlKLJNHLW GLH 0|JOLFKNHLW VFKDIIW HLQ =XVDW]HLQNRPPHQ ]X HUZLUWVFKDIWHQ XQG
DXFK ]XVlW]OLFKH $UEHLWV XQG SRWHQWLHOO .DUULHUHSHUVSHNWLYHQ HUP|JOLFKW GDVV DEHU
6LWXDWLRQHQLQGHQHQ7HLO]HLWDUEHLW]XHLQHPXQIUHLZLOOLJHQ'DXHU]XVWDQGZLUGYHUPLH
GHQZHUGHQVROOWHQ(VVROOWHQGDKHU9HU]HUUXQJHQ]ZLVFKHQYHUVFKLHGHQHQ$UEHLWVIRU
PHQYHUPLHGHQZHUGHQ
• %HVRQGHUV ZLFKWLJ ZlUH HV GDEHL UHFKWOLFKH 5HJHOXQJHQ ]% *HVHW]H .ROOHNWLYYHU
WUlJH%HWULHEVYHUHLQEDUXQJHQURXWLQHPl‰LJDXFKGDKLQJHKHQG]X EHUSU IHQREVLH
JHJHQ EHU 7HLO]HLWEHVFKlIWLJWHQ GLVNULPLQLHUHQ XQG GLH 5DKPHQEHGLQJXQJHQ ]%
GXUFK .LQGHUEHWUHXXQJV XQG 3IOHJHSOlW]H VR ]X JHVWDOWHQ GDVV P|JOLFKVW YLHOH 3HU
VRQHQDXFKGLH0|JOLFKNHLWKDEHQ9ROO]HLW]XDUEHLWHQVRIHUQVLHGLHVZ QVFKHQ'HV
:HLWHUHQVROOWHHLQHVROFKH3ROLWLNGDUDXIDE]LHOHQGHQ%HG UIQLVVHQGHU$UEHLWQHKPH
U,QQHQ QDFK HLQHP :HFKVHO YRQ 7HLO]HLW LQ 9ROO]HLWEHVFKlIWLJXQJ XQG XPJHNHKUW
P|JOLFKVW ]X HQWVSUHFKHQ XP ]X YHUKLQGHUQ GDVV XQIUHLZLOOLJH 7HLO]HLWEHVFKlIWLJXQJ
HQWVWHKW$X‰HUGHP]HLJHQHLQLJH8QWHUVXFKXQJHQDXFKGDVV7HLO]HLWXQGJHULQJI JLJ
%HVFKlIWLJWHHLQHJHULQJHUH:HLWHUELOGXQJVLQWHQVLWlWDXIZHLVHQ
'DU EHUKLQDXVN|QQWHGDUDQJHGDFKWZHUGHQZLH]XP%HLVSLHOLQGHQ1LHGHUODQGHQ EOLFK
ZLUWVFKDIWVSROLWLVFKH =LHOYRUVWHOOXQJHQ KLQVLFKWOLFK GHV %HVFKlIWLJXQJVZDFKVWXPV ]XQHKPHQG
VHSDUDWI U9ROO]HLWXQG7HLO]HLWEHVFKlIWLJWH]XIRUPXOLHUHQ

²²
$XVZHLWHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLN
,Q 7LURO ZHUGHQ JHJHQZlUWLJ LP -DKU ZHQLJHU DOV GHU $UEHLWVORVHQ LQ 6FKXOXQJHQ
HUIDVVW GDV LVW GLH JHULQJVWH 6FKXOXQJVTXRWH XQWHU DOOHQ %XQGHVOlQGHUQ ,Q 2EHU|VWHUUHLFK
HUUHLFKWGLH6FKXOXQJVTXRWHXQWHUDQGHUHPDXIJUXQGGHUILQDQ]LHOOHQ8QWHUVW W]XQJGHV$06
GXUFKGDV/DQGPLWWOHUZHLOH EHU2EZRKOHLQ7HLOGHUJHULQJHQ6FKXOXQJVTXRWHGXUFK
GLH6DLVRQDOLWlWGHU$UEHLWVORVLJNHLWHUNOlUWZHUGHQNDQQOLHJWGHU$QWHLOGHU6FKXOXQJHQDXFK
GHXWOLFKXQWHUGHP1LYHDXYRQYHUJOHLFKEDUHQ7RXULVPXV%XQGHVOlQGHUQXQGDQGHUH,QGLND
WRUHQGHUDNWLYHQ$UEHLWVPDUNWSROLWLNGHXWHQHEHQIDOOVDXIHLQHXQWHUGXUFKVFKQLWWOLFKH$NWLYL
WlWKLQ'HU $EVWDQGLQ GHU6FKXOXQJVTXRWH ]X GHQDQGHUHQ%XQGHVOlQGHUQKDWVLFKDX‰HU
GHPLPOHW]WHQ-DKU]HKQWHKHUYHUJU|‰HUWDOVYHUULQJHUW
'LHVOlVVWHLQH$XVZHLWXQJGHU(UIDVVXQJGHU$UEHLWVORVHQLQ0D‰QDKPHQGHUDNWLYHQ$UEHLWV
PDUNWSROLWLNDOVZ QVFKHQVZHUWHUVFKHLQHQ=LHON|QQWHHVGDEHLVHLQ]XPLQGHVWPLWWHOIULVWLJDQ
GLH 0D‰QDKPHQLQWHQVLWlW DQGHUHU %XQGHVOlQGHU PLW KRKHU 6DLVRQDOLWlW KHUDQ]XNRPPHQ
HWZD.lUQWHQXQGHLQH(UIDVVXQJYRQUXQGGHU$UEHLWVORVHQLQ6FKXOXQJHQDQ]XVWUHEHQ
$XV6LFKWGHU(UJHEQLVVHGHU(YDOXLHUXQJVOLWHUDWXUEHVRQGHUVDWWUDNWLYHUVFKHLQHQGDEHL6FKX
OXQJHQGLH]LHOJUXSSHQJHUHFKWXQGLQ$EVWLPPXQJDXIGHQ%HGDUIGHUUHJLRQDOHQ:LUWVFKDIW
]HUWLIL]LHUEDUH=XVDW]TXDOLILNDWLRQHQYHUPLWWHOQ
%HVRQGHUVDXIIlOOLJLVWGDEHLGDVVLQ7LUROGHU$QWHLOGHUHKHUODQJIULVWLJHQ0D‰QDKPHQDQGHU
DNWLYHQ $UEHLWVPDUNWSROLWLN QLHGULJ LVW 'LHV LVW DXV 6LFKW HLQHU YHUPLWWOXQJVRULHQWLHUWHQ $UEHLWV
PDUNWSROLWLNGLHYHUVXFKW3HUVRQHQP|JOLFKVWVFKQHOOLQHLQHQ$UEHLWVSODW]]XYHUPLWWHOQXQGVLH
QLFKWXQQ|WLJLQ6FKXOXQJHQ]XKDOWHQYHUVWlQGOLFK $OOHUGLQJV]HLJHQJHUDGHLQWHUQDWLRQDOH
XQGQDWLRQDOH(YDOXLHUXQJVHUJHEQLVVHGDVV0D‰QDKPHQGLHHLQH9HUPLWWOXQJPLWJOHLFK]HLWL
JHU4XDOLIL]LHUXQJYHUELQGHQZLHGLHVLQgVWHUUHLFKLQ,PSODFHPHQW6WLIWXQJHQJHVFKLHKWGLH
VHV =LHO HEHQIDOOV HUUHLFKHQ XQG ]X HLQHU K|KHUHQ %HVFKlIWLJXQJVVWDELOLWlW GHU 9HUPLWWHOWHQ
EHLWUDJHQhEHUGLHV]HLJHQQHXHUH(YDOXLHUXQJHQGDVVVROFKHDXVGHU%XGJHWSHUVSHNWLYHGHV
$06 WHXUHQ 0D‰QDKPHQ EHL HLQHU HQWVSUHFKHQGHQ ]LHOJUXSSHQJHUHFKWHQ $XVJHVWDOWXQJ
XQGQDFK%HU FNVLFKWLJXQJGHU8PZHJUHQWDELOLWlWLQDQGHUHQ|IIHQWOLFKHQ+DXVKDOWHQQLFKW
]X HLQHU ZHVHQWOLFK K|KHUHQ 1HWWR.RVWHQEHODVWXQJ I KUHQ P VVHQ DOV ZHVHQWOLFK ZHQLJHU
LQWHQVLYHUH0D‰QDKPHQGLHGHPHQWVSUHFKHQGZHQLJHU]XUQDFKKDOWLJHQ,QWHJUDWLRQLQGDV
(UZHUEVOHEHQEHLWUDJHQ
'HV:HLWHUHQ]HLJWVLFKGDVVLQ7LUROGHU*UDGGHU(UIDVVXQJGHU$UEHLWVORVHQLQJHPHLQQ W]L
JHQ%HVFKlIWLJXQJVSURMHNWHQXQGVR]LDO|NRQRPLVFKHQ%HWULHEHQXQWHUGXUFKVFKQLWWOLFKKRFK
LVW ,Q GLHVHP %HUHLFK N|QQWH JHUDGH GHU 7LUROHU %HVFKlIWLJXQJVSDNW GD]X EHLWUDJHQ LQ
=XVDPPHQDUEHLW PLW GHQ *HPHLQGHQ QHXH VLQQYROOH 3URMHNWH ]X GHILQLHUHQ 'D DOOHUGLQJV
JHUDGH JHPHLQQ W]LJH %HVFKlIWLJXQJVSURMHNWH XQG VR]LDO|NRQRPLVFKH %HWULHEH QDFK GHQ
(UJHEQLVVHQ GHU YRUOLHJHQGHQ (YDOXLHUXQJHQ YRU DOOHP EHL EHVRQGHUV SUREOHPDWLVFKHQ =LHO
JUXSSHQ ZLUNXQJVYROO VLQG ZlUH HV EHVRQGHUV ZLFKWLJ ]XVlW]OLFKH $QKDOWVSXQNWH EHU GHQ
%HGDUIDQVROFKHQ3URMHNWHQ]XHUKDOWHQ

²²
6FKOXVVHQGOLFKVROOWHDXFKQLFKWDX‰HU%HWUDFKWJHODVVHQZHUGHQGDVVGDV $06 EHUGLHLQ
GHU)|UGHUVWDWLVWLNQLFKWGRNXPHQWLHUWHQ(LJHQOHLVWXQJHQZLFKWLJH,PSXOVH]XU9HUPLWWOXQJYRQ
$UEHLWVORVHQ VHW]W 'LH 6LFKHUVWHOOXQJ HLQHU KRKHQ 4XDOLWlW GLHVHU HLJHQHQ /HLVWXQJHQ 9HU
PLWWOXQJ XQG %HUDWXQJ VROOWH DXFK ZHLWHUKLQ HLQ ]HQWUDOHV $QOLHJHQ GHU UHJLRQDOHQ $UEHLWV
PDUNWSROLWLNVHLQ
)RNXVVLHUXQJDXILQWHJULHUWH*HVDPWVWUDWHJLHQI UHLQ]HOQH=LHOJUXSSHQ
• 1HEHQ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN N|QQWHQ DXFK DQGHUH $VSHNWH GHU %HVFKlIWL
JXQJVSROLWLN DXI EHVWLPPWH =LHOJUXSSHQ KLQ RULHQWLHUW ZHUGHQ $OV =LHOJUXSSHQ ELHWHQ
VLFKGDEHLlOWHUH$UEHLWVNUlIWH)UDXHQXQG-XJHQGOLFKHDQ1DWLRQDOHXQGLQWHUQDWLR
QDOH%HVW3UDFWLFH%HLVSLHOH]HLJHQGDEHLGDVV0D‰QDKPHQGHUDNWLYHQ$UEHLWVPDUNW
SROLWLN YRU DOOHP GDQQ EHVRQGHUV ZLUNXQJVYROO VLQG ZHQQ VLH LQ HLQH EUHLWHUH ]LHOJUXS
SHQVSH]LILVFKH6WUDWHJLHHLQJHEHWWHWVLQG
bOWHUH
(LQ %HUHLFK LQ GHP HLQ LQWHJULHUWHU 3ROLWLNDQVDW] EHVRQGHUV ORKQHQG HUVFKHLQW LVW GLH =LHO
JUXSSH GHU bOWHUHQ 1DFK GHQ (UJHEQLVVHQ GLHVHU 6WXGLH ODJ GLH %HVFKlIWLJXQJVTXRWH GHU
bOWHUHQLQ7LUROLP-DKUEHLUXQG6LHLVWGDKHUHLQHUGHUZHQLJHQ=LHOLQGLNDWRUHQLQ
GHQHQ7LUROQLFKWEHUHLWVKHXWHGLH(8ZHLWHQ9RUJDEHQHUUHLFKW$XVKHXWLJHU6LFKWHUVFKHLQW
HVDXFKHKHUXQZDKUVFKHLQOLFKGDVVGLHVHV=LHOELV]XP-DKUHUUHLFKWZHUGHQNDQQ=LHO
VROOWHHVDEHUVHLQGLH%HVFKlIWLJXQJVTXRWHGHUbOWHUHQELV EHUGLH0DUNH]XKHEHQ
XQGI UHLQH%HVFKlIWLJXQJVTXRWHGHUbOWHUHQYRQ EHUDQ]XVWUHEHQ
8P GLHV ]X HUUHLFKHQ LVW DOOHUGLQJV HLQH EUHLW DQJHOHJWH 3ROLWLNLQLWLDWLYH QRWZHQGLJ 'DEHL
N|QQWHGDUDQJHGDFKWZHUGHQGLHVHlKQOLFKGHPILQQLVFKHQ%HLVSLHODQYLHUVWUDWHJLVFKHQ
)HOGHUQ]XRULHQWLHUHQ
'HU 6HQVLELOLVLHUXQJ GHU gIIHQWOLFKNHLW I U GDV 7KHPD ² 'LHV NDQQ YRU DOOHP GXUFK HLQH
9HUDQNHUXQJ XQG .RPPXQLNDWLRQ GHV =LHOHV HLQHU GHXWOLFKHQ (UK|KXQJ GHU %HVFKlIWL
JXQJVTXRWHGHUbOWHUHQDOV4XHUVFKQLWWVPDWHULHLQDOOHQ%HUHLFKHQHUUHLFKWZHUGHQ
'HP(UKDOWGHU $UEHLWVIlKLJNHLWGHU bOWHUHQ²'LHVNDQQYRUDOOHPGXUFK JHVXQGKHLWVYHU
WUlJOLFKHUH*HVWDOWXQJGHU$UEHLWVEHGLQJXQJHQSUlYHQWLYPHGL]LQLVFKH0D‰QDKPHQXQG
LQWHQVLYH%HUDWXQJGHU8QWHUQHKPHQJHVFKHKHQ
'HU(UKDOWGHU%HVFKlIWLJXQJVIlKLJNHLW²ZRPLWYRUDOOHPGLHNRQWLQXLHUOLFKH:HLWHUELOGXQJ
GHU$UEHLWVNUlIWHJHPHLQWLVW=XPHLQHQJHKWHVGDEHLXPGLH(QWZLFNOXQJYRQVSH]LDOLVLHU
WHQ:HLWHUELOGXQJVDQJHERWHQI UbOWHUH]XPDQGHUHQXPHLQHXPIDVVHQGH9HUDQNHUXQJ
YRQ6WUDWHJLHQGHVOHEHQVEHJOHLWHQGHQ/HUQHQVLQGHQ7LUROHU8QWHUQHKPHQ
$QSDVVXQJGHU$UEHLWVEHGLQJXQJHQDQGLHEHVRQGHUHQ%HG UIQLVVHlOWHUHU$UEHLWQHKPHU
²KLHUXQWHUIDOOHQGLH*HVWDOWXQJGHU$UEHLWVEHGLQJXQJHQDP$UEHLWVSODW]DEHUDXFKGLH

²²
0|JOLFKNHLWHQIOH[LEOHU$UEHLWV]HLWJHVWDOWXQJXQGGHU$XVJHVWDOWXQJLQWHUQHU$UEHLWVPlUNWH
I UbOWHUH
'LH &KDQFHQ HLQH VROFKH 3ROLWLN LQ 7LURO XP]XVHW]HQ HUVFKHLQHQ GDEHL YRU DOOHP GHVZHJHQ
EHVRQGHUV JUR‰ ZHLO ]X YHUVFKLHGHQHQ 7HLOEHUHLFKHQ GLHVHU 6WUDWHJLH EHUHLWV HUSUREWH XQG
HUIROJUHLFKH ,QVWUXPHQWH EHVWHKHQ =LHO N|QQWH HV KLHU VHLQ HUJlQ]HQG ]X GHQ EHVWHKHQGHQ
3URMHNWHQHLQHQEUHLWHUDQJHOHJWHQ6FKZHUSXQNW]XELOGHQ
(LQ $QVDW]SXQNW LVW GDEHL GLH 3UlYHQWLRQ YRQ $XIO|VXQJHQ YRQ %HVFKlIWLJXQJVYHUKlOWQLVVHQ
XQG. QGLJXQJHQYRQlOWHUHQ$UEHLWQHKPHU,QQHQ+LHU]XN|QQWH]XP%HLVSLHO EHUSU IWZHU
GHQREGXUFKHLQHVWlUNHUH(LQELQGXQJGHU%HWULHEVlU]WHHLQHHQJHUH=XVDPPHQDUEHLWPLW
GHP *HVXQGKHLWVZHVHQ XQG LQWHQVLYHUH %HUDWXQJ GHU 8QWHUQHKPHQ KLQVLFKWOLFK GHU *HVWDO
WXQJYRQ$UEHLWVEHGLQJXQJHQPLWGHP=LHOHLQHU9HUPHLGXQJYRQ$UEHLWVXQIlKLJNHLWHQ9HU
EHVVHUXQJHQ KLQVLFKWOLFK GHP (UKDOW GHU $UEHLWVIlKLJNHLW YRQ bOWHUHQ P|JOLFK VLQG *HUDGH
GDVILQQLVFKH%HLVSLHO]HLJWGDVVLQGLHVHP%HUHLFKVXEVWDQWLHOOH9HUEHVVHUXQJHQP|JOLFKVLQG
1HEHQGHU6LFKHUXQJGHV(LJHQLQWHUHVVHVGHU8QWHUQHKPHQDQVROFKHQ0D‰QDKPHQZHOFKH
LQ)LQQODQG EHUGLH9HUSIOLFKWXQJGHU8QWHUQHKPHQELV]XGHU,QYDOLGLWlWVSHQVLRQHQLKUHU
0LWDUEHLWHU,QQHQ ]X ]DKOHQ GXUFKJHVHW]W ZLUG ELHWHQ VLFK KLHU YRU DOOHP %HUDWXQJVGLHQVWOHLV
WXQJHQDQ'DLQ7LUROJHUDGHGHUNOHLQEHWULHEOLFKH7RXULVPXVVHNWRUI UHLQHVROFKH0D‰QDKPH
DP JHHLJQHWVWHQ HUVFKHLQW VROOWH DOOHUGLQJV YHUVXFKW ZHUGHQ UHJLRQDOH XQG ORNDOH $NWHXUH
HQJLQGLH8PVHW]XQJHLQ]XELQGHQXPVRHLQHQKRKHQ,QIRUPDWLRQVVWDQGGHUI U.08VUHOH
YDQWHQ $QVSUHFKSDUWQHU VLFKHU]XVWHOOHQ XQG GLH %HUDWXQJVPD‰QDKPHQ EHVRQGHUV .08
JHUHFKW]XJHVWDOWHQ
,P5DKPHQGHUWUDGLWLRQHOOHQ$UEHLWVPDUNWSROLWLNGDUDQJHGDFKWZHUGHQHLQ)U KZDUQV\VWHP
I U JHVXQGKHLWVEHGLQJWH . QGLJXQJHQ ]X HWDEOLHUHQ 'D JHUDGH EHL JHVXQGKHLWVEHGLQJWHQ
$XIO|VXQJHQ YRQ 'LHQVWYHUKlOWQLVVHQ LQWHQVLYH 8PVFKXOXQJHQ XQG ZHLWUHLFKHQGH bQGHUXQ
JHQ GHU /HEHQVJHZRKQKHLWHQ QRWZHQGLJ VLQG N|QQWH HLQ VROFKHV )U KZDUQV\VWHP ]X HLQHU
EHVVHUHQ%HUDWXQJGHU%HWURIIHQHQI KUHQ
$EJHVHKHQ YRQ $NWLYLWlWHQ LP %HUHLFK GHU .XUULNXODHQWZLFNOXQJ I U 6FKXOXQJHQ GLH DXI GLH
EHVRQGHUHQ%HG UIQLVVHlOWHUHU7HLOQHKPHU,QQHQHLQJHKHQN|QQWH]XU6LFKHUXQJGHU%HVFKlI
WLJXQJVIlKLJNHLWLP%HUHLFKGHUDNWLYHQ$UEHLWVPDUNWSROLWLNYHUVWlUNWDXI0D‰QDKPHQJHVHW]W
ZHUGHQ GLH WUDGLWLRQHOOH $QVlW]H PLW ,PSODFHPHQW E]Z (PSRZHUPHQW(OHPHQWHQ NRPEL
QLHUHQ,Q'HXWVFKODQGKDWPDQGDEHLGLH(UIDKUXQJJHPDFKWGDVVHVJHUDGHEHLGHQbOWH
UHQ VLQQYROO VHLQ NDQQ WUDGLWLRQHOOH 4XDOLIL]LHUXQJVPD‰QDKPHQ PLW VROFKHQ (OHPHQWHQ ]X
NRPELQLHUHQ XP lOWHUHQ $UEHLWVORVHQ GHQ 1HXDQIDQJ EHL HLQHP QHXHQ $UEHLWJHEHU DXFK
QDFK $XIQDKPH GHU %HVFKlIWLJXQJ ]X HUOHLFKWHUQ $EJHVHKHQ YRQ ,PSODFHPHQW6WLIWXQJHQ
N|QQWHHLQHVROFKH.RPELQDWLRQGXUFKGLH)|UGHUXQJGHU4XDOLIL]LHUXQJLQ%HWULHEHQXQGGLH
%LQGXQJYRQ(LQJOLHGHUXQJVEHLKLOIHQDQHLQH$XVELOGXQJHU]LHOWZHUGHQ
'HV:HLWHUHQVROOWHQDEHUDXFKLQGLHVHP%HUHLFKGLH3RWHQWLDOHSUlYHQWLYHU$QVlW]H²GXUFK
HLQH XPIDVVHQGH (UIDVVXQJ GHU (UZHUEVWlWLJHQ LQ HLQ .RQ]HSW GHV OHEHQVODQJHQ /HUQHQV ²

²²
JHQXW]WZHUGHQ+LHU]XVROOWHQYRUDOOHPGLHEHVWHKHQGHQ,QVWUXPHQWHLP%HUHLFKGHUEHWULHE
OLFKHQXQGLQGLYLGXHOOHQ:HLWHUELOGXQJVI|UGHUXQJJHQXW]WXQGZHLWHUHQWZLFNHOWZHUGHQ
(LQZHLWHUHU$QVDW]SXQNWI UHLQHXPIDVVHQGH3ROLWLN]XU,QWHJUDWLRQGHUbOWHUHQLQGDV(UZHUEV
OHEHQ ELHWHW VLFK LQ GHU$QSDVVXQJ GHU $UEHLWV]HLWHQ XQG %HGLQJXQJHQ DQ GLH $UEHLWVIlKLJ
NHLW 1HEHQ DUEHLWVPDUNWSROLWLVFKHQ $QVlW]HQ ZLH GHQ $XIEDX HLQHU $UEHLWVNUlIWHhEHUODV
VXQJV*PE+ZLHVLH]XP%HLVSLHOLQ9RUDUOEHUJEHUHLWVH[LVWLHUWELHWHQVLFKKLHUDXFKEHWULHE
OLFKH$UEHLWV]HLWPRGHOOHDQGLHGXUFK]XVlW]OLFKH%HUDWXQJHQLQGX]LHUWZHUGHQN|QQWHQ
)UDXHQ
1HEHQ GHU QLHGULJHQ (UZHUEVEHWHLOLJXQJ GHU bOWHUHQ LVW GLH 8QJOHLFKKHLW YRQ )UDXHQ XQG
0lQQHUQDP7LUROHU$UEHLWVPDUNWHLQHZHLWHUH$XIIlOOLJNHLW,Q7LUROVLQG]ZDUGLH(8ZHLWHQ=LHOH
KLQVLFKWOLFK GHU )UDXHQEHVFKlIWLJXQJVTXRWH YRQ HUUHLFKW 'LH *HVFKOHFKWHUXQWHU
VFKLHGHEHL(UZHUEVTXRWH(LQNRPPHQXQG%HWURIIHQKHLWYRQ7HLO]HLWDUEHLWVLQGDEHU]XPHLVW
]X XQJXQVWHQ GHU )UDXHQ K|KHU DOV LP EULJHQ gVWHUUHLFK (LQH EHVRQGHUV ZLFKWLJH =LHO
JUXSSHLQ7LUROVLQGGDEHLGLH)UDXHQLP+DXSWHUZHUEVDOWHU*HUDGHEHL GLHVHU *UXSSH VLQG
GLH (UZHUEVTXRWHQ XQG (LQNRPPHQVXQWHUVFKLHGH ]ZLVFKHQ )UDXHQ XQG 0lQQHUQ K|KHU DOV
LP EULJHQgVWHUUHLFKGLHJHULQJH(UZHUEVEHWHLOLJXQJGHU)UDXHQLVW EHUGLHVPLWHLQHPYHU
JOHLFKVZHLVHKRKHQ$QWHLODQ$UEHLWVORVLJNHLWEHODVWHW=LHOHLQHUXPIDVVHQGHQ3ROLWLNGLHHLQH
9HUEHVVHUXQJ GHU 6LWXDWLRQ GHU )UDXHQ DQVWUHEW N|QQWH HV VHLQ ELV LQV -DKU LQ GHQ
JHVFKOHFKWVVSH]LILVFKHQ ,QGLNDWRUHQ ]X (QWORKQXQJ XQG (UZHUEVEHWHLOLJXQJ :HUWH ]X HUUHL
FKHQGLH]XPLQGHVWGHP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWHQWVSUHFKHQ
(LQHUVWHU$QVDW]SXQNW]XU9HUEHVVHUXQJGHU(UZHUEVEHWHLOLJXQJYRQ)UDXHQKlQJWGHVKDOEPLW
GHU9HUI JEDUNHLWYRQ.LQGHUEHWUHXXQJVSOlW]HQ]XVDPPHQ,Q7LUROZ UGHQUXQG)UDXHQ
GLH JHJHQZlUWLJNHLQHQ$UEHLWVSODW] VXFKHQ GLHV WXQ ZHQQ VLH HLQ HQWVSUHFKHQGHV %HWUHX
XQJVDQJHERWKlWWHQ=ZLVFKHQXQG)UDXHQGLHLQ7LUROHLQHU7HLO]HLWEHVFKlIWLJXQJ
QDFKJHKHQZ UGHQVLFKHLQH9ROO]HLWEHVFKlIWLJXQJZ QVFKHQZHQQVLHHLQHQHQWVSUHFKHQ
GHQ .LQGHUEHWUHXXQJVSODW] ILQGHQ N|QQWHQ 'LH %HUHLWVWHOOXQJ TXDOLWDWLYHQWVSUHFKHQGHU .LQ
GHUEHWUHXXQJVHLQULFKWXQJHQJHK|UWGDKHUPLW]XGHQHIIHNWLYVWHQ0D‰QDKPHQ]XU6WHLJHUXQJ
GHU (UZHUEVEHWHLOLJXQJ GHU )UDXHQ LP +DXSWHUZHUEVDOWHU %HL HLQHU VROFKHQ $XVZHLWXQJ GHU
.LQGHUEHWUHXXQJVHLQULFKWXQJHQVROOWHDXFKDXIGLH4XDOLWlWGLHVHU%HWUHXXQJEHVRQGHUV:HUW
JHOHJWZHUGHQ6R]HLJHQGLH(UJHEQLVVHGLHVHU6WXGLHYRUDOOHPHLQHQJHZLVVHQ$XIKROEHGDUI
EHLGHQgIIQXQJV]HLWHQ
1HEHQ TXDOLIL]LHUWHQ *DQ]WDJVHLQULFKWXQJHQ I U .LQGHU VLQG DXFK HQWVSUHFKHQGH (LQULFKWXQ
JHQ XQG 5DKPHQEHGLQJXQJHQ LP 3IOHJHEHUHLFK ZLFKWLJH 'HWHUPLQDQWHQ GHU &KDQFHQ
JOHLFKKHLW,POlQGOLFKHQ5DXPVLQGYRUDOOHPDQJHVLFKWVGHU9HUlQGHUXQJHQGLHVLFKGXUFK
GHQ GHPRJUDSKLVFKHQ :DQGHO HUJHEHQ GLHVEH] JOLFK LQQRYDWLYH /|VXQJVDQVlW]H JHIUDJW
%HLVSLHOVZHLVH LVW HLQH ,QVWLWXWLRQDOLVLHUXQJ YRQ ,QIRUPDWLRQVSODWWIRUPHQ ]X EHUOHJHQ GLH HV
GHQHLQ]HOQHQHUP|JOLFKWLQHLQHPNOHLQUlXPLJHQ8PIHOGTXDOLIL]LHUWH%HWUHXXQJVHLQULFKWXQ
JHQ]XRUJDQLVLHUHQHWZD EHUJHPHLQQ W]LJH9HUHLQHLQGHQHQ)DFKNUlIWHLQGHUMHZHLOLJHQ

²²
'LV]LSOLQPLW3HUVRQHQ]XVDPPHQDUEHLWHQGLHDQJHOHUQWZHUGHQN|QQHQ(VLVWDOVRQLFKWQRW
ZHQGLJGDVVDOOHURUWVNOHLQVWUlXPLJVWDDWOLFKH3IOHJHHLQULFKWXQJHQ$OWHQXQG3IOHJHKHLPH
HLQJHULFKWHW ZHUGHQ VRQGHUQ GDVV GLH 5DKPHQEHGLQJXQJHQ JHVFKDIIHQ XQG XQWHUVW W]W
ZHUGHQGLHHLQHVR]LDOYHUVLFKHUXQJVUHFKWOLFKDEJHVLFKHUWH%HVFKlIWLJXQJI U%HWUHXXQJVSHU
VRQHQHUP|JOLFKHQ
=XVlW]OLFK ]X 9HUEHVVHUXQJHQ LP %HUHLFK GHU .LQGHUEHWUHXXQJ XQG GHU 3IOHJH N|QQHQ DXFK
bQGHUXQJHQLQEHWULHEOLFKHQ$EOlXIHQHLQHQHUKHEOLFKHQ%HLWUDJ]XU9HUHLQEDUNHLWYRQ%HUXI
XQG)DPLOLHOLHIHUQ(LQJXWHV%HLVSLHOKLHUI UOLHIHUWHLQHQHXHUH6WXGLHGHU:LUWVFKDIWVNDPPHU
7LURO,QGLHVHUZHUGHQLQVJHVDPW EHU(LQ]HOPD‰QDKPHQDXIJHOLVWHWPLWGHQHQ8QWHUQHK
PHQ ]X HLQHU EHVVHUHQ 9HUHLQEDUNHLW YRQ %HUXI XQG )DPLOLH EHLJHWUDJHQ N|QQHQ (V N|QQWH
GDUDQJHGDFKWZHUGHQDXI*UXQGODJHGLHVHV0D‰QDKPHQNDWDORJHVVSH]LHOOH%HUDWXQJVSUR
JUDPPHI U8QWHUQHKPHQ]XHQWZLFNHOQ
%HLGHU(UVWHOOXQJYRQDUEHLWVPDUNWSROLWLVFKHQ0D‰QDKPHQVROOWHQDXFKGLHUHJLRQDOHQ8QWHU
VFKLHGHDP$UEHLWVPDUNWEHU FNVLFKWLJWZHUGHQ'LH*HVFKOHFKWHUXQWHUVFKLHGHVLQGJHUDGH
LQ GHQ %H]LUNHQ /DQGHFN XQG /LHQ] EHVRQGHUV JUR‰ 5HJLRQDOH $QVlW]H VLQG GDKHU I U HLQH
HUK|KWH9HUHLQEDUNHLWYRQ%HUXIXQG)DPLOLH]LHOI KUHQG'XUFKVLHLVWHVP|JOLFKGXUFK0D‰
VFKQHLGHUQ GHU 0D‰QDKPH DXI GLH UHJLRQDO UHOHYDQWHQ 3UREOHPH XQG LQWHQVLYH (LQELQGXQJ
UHJLRQDOHU $NWHXUH GHQ :LUNXQJVJUDG GHU 0D‰QDKPH ]X HUK|KHQ XQG HLQHQ ]XVlW]OLFKHQ
%HLWUDJ]XPUHJLRQDOHQ.RPSHWHQ]DXIEDX]XHU]LHOHQ
(LQ ZHLWHUHU $QVDW]SXQNW ]XU (UUHLFKXQJ GHV =LHOV HLQHU *OHLFKVWHOOXQJ GHU *HVFKOHFKWHU DP
$UEHLWVPDUNWLVWGLHYHUVWlUNWH)|UGHUXQJYRQ)UDXHQLQVRJHQDQQWHQÅ0lQQHUEHUXIHQ´XP
DXIGLHVH:HLVHGLH 6HJUHJDWLRQDP $UEHLWVPDUNW]XEHNlPSIHQ,Q7LUROZHUGHQJHUDGH]X
GLHVHP7KHPHQEORFNEHUHLWVHLQLJH0D‰QDKPHQGXUFKJHI KUW]%Å*LUOV·'D\´ÅPXW0lG
FKHQXQG7HFKQLN´GLHYRUDOOHPGHU,QIRUPDWLRQMXQJHU)UDXHQXQGGHU6HQVLELOLVLHUXQJYRQ
%LOGXQJVWUlJHUQGLHQHQ(VZlUHZ QVFKHQVZHUWGLHVHVFKRQEHVWHKHQGHQ,QLWLDWLYHQDXV]X
EDXHQ XQG ]X HUJlQ]HQ EHLVSLHOVZHLVH N|QQWH GLH =XVDPPHQDUEHLW PLW GHQ %HWULHEHQ ]XU
'XUFKI KUXQJYRQ7DJHQGHURIIHQHQ7 UXQGYRQ3UDNWLNDYHUVWlUNWZHUGHQ$XFKKLHUNDQQ
DXIVFKRQEHVWHKHQGH,QLWLDWLYHQDXIJHEDXWZHUGHQ
1HEHQGHU0|JOLFKNHLWGHV$XVEDXVVROFKHU0D‰QDKPHQVROOWHGDEHLDXFKYHUVWlUNWDQGLH
9HUQHW]XQJXQG.RRUGLQDWLRQYHUVFKLHGHQHU$NWLYLWlWHQLQGLHVHP%HUHLFKJHGDFKWZHUGHQ
(LQH0|JOLFKNHLWKLHU]XZlUHGLH%LOGXQJYRQ.RPSHWHQ]]HQWUHQZLHPDQVLH]XP%HLVSLHOLQ
'HXWVFKODQGPLWGHQVRJHQDQQWHQ.RPSHWHQ]]HQWUHQ]XP7KHPDÅ)UDXHQLQGHU,QIRUPDWL
RQVJHVHOOVFKDIW XQG 7HFKQRORJLH´ DQJHVWUHEW KDW $XIJDEH GLHVHU .RPSHWHQ]]HQWUHQ GLH
JHPHLQVDPYRQSULYDWHQXQG|IIHQWOLFKHQ7UlJHUQILQDQ]LHUWZHUGHQLVWHV%HUDWXQJ $XVELO
GXQJXQGgIIHQWOLFKNHLWVDUEHLW]XP7KHPD)UDXHQLQ,.7%HUXIHQDQ]XELHWHQhEHUGLHVVROOWHLQ
GLHVHP %HUHLFK DXFK HQJ PLW GHQ %LOGXQJVWUlJHUQ ]XVDPPHQJHDUEHLWHW ZHUGHQ 'LH hEHU
SU IXQJ XQG (UJlQ]XQJ YRQ EHVWHKHQGHQ 0DWHULDOLHQ ]XU 8QWHUVW W]XQJ YRQ 6FKXOZDKO XQG
%HUXIVHQWVFKHLGXQJLQGHQ6FKXOHQ DEHUDXFKLQGHQUHOHYDQWHQ bPWHUQXQG,QVWLWXWLRQHQ
N|QQWHHLQHQ7HLOGLHVHU.RRSHUDWLRQVDUEHLWGDUVWHOOHQ

²²
$XFK GLH JUR‰H .RQ]HQWUDWLRQ GHU 7HLO]HLWDUEHLW DXI )UDXHQ WUlJW ]X HLQHU 6HJUHJDWLRQ DP
$UEHLWVPDUNW EHL ,Q 7HLO]HLW EHVFKlIWLJWH )UDXHQ KDEHQ JHULQJHUH :HLWHUELOGXQJV XQG $XI
VWLHJVFKDQFHQ XQG GHPHQWVSUHFKHQG IODFKHUH %HUXIVNDUULHUHQ XQG VFKOHFKWHUH (LQNRP
PHQVFKDQFHQ 8P GLH 0DUJLQDOLVLHUXQJ YRQ 7HLO]HLWEHVFKlIWLJXQJ ]X YHUKLQGHUQ LVW HV QRW
ZHQGLJ7HLO]HLWDUEHLWDXVGHPELVKHULJHQJHVFKOHFKWVXQGEHUXIVSH]LILVFKHQ6FKHPD]XHQW
NRSSHOQ (LQ $QVDW]SXQNW ZlUH GLH 1RUPDOLVLHUXQJ GHU 7HLO]HLWDUEHLW DOV 3KDVH LP (UZHUEV
OHEHQV]\NOXV+LHULVWHVZLFKWLJGHQ%HG UIQLVVHQGHU$UEHLWQHKPHU,QQHQQDFKHLQHP:HFK
VHO YRQ 7HLO]HLW LQ 9ROO]HLWEHVFKlIWLJXQJ XQG XPJHNHKUW P|JOLFKVW ]X HQWVSUHFKHQ XP
XQIUHLZLOOLJH7HLO]HLWEHVFKlIWLJXQJ]XYHUKLQGHUQ(LQ]ZHLWHU$QVDW]SXQNWVROOWHGDV7HLO]HLWDQ
JHERWGLIIHUHQ]LHUHQXQGYHUVWlUNW0lQQHUXQGKRFKTXDOLIL]LHUWH$UEHLWVNUlIWHLQ7HLO]HLWHLQ
ELQGHQ
1HEHQ GHU EHUXIOLFKHQ 6HJUHJDWLRQ EHVWHKHQ DEHU DXFK HUKHEOLFKH /RKQXQWHUVFKLHGH ]ZL
VFKHQ 0lQQHUQ XQG )UDXHQ LQQHUKDOE HLQ]HOQHU 4XDOLILNDWLRQVJUXSSHQ 8P GLHVHU 8QJOHLFK
EHKDQGOXQJ YRQ 0lQQHUQ XQG )UDXHQ PLW lKQOLFKHQ 4XDOLILNDWLRQHQ ]X EHJHJQHQ N|QQWH
DXFK DQ ]XVlW]OLFKH 6HQVLELOLVLHUXQJVPD‰QDKPHQ LQ GHQ 8QWHUQHKPHQ JHGDFKW ZHUGHQ ,Q
%HOJLHQKDWPDQKLHU]XP%HLVSLHOYHUVXFKWGDV,QVWUXPHQWGHU$UEHLWVSODW]EHZHUWXQJHLQ]X
VHW]HQXP$UEHLWJHEHUXQGQHKPHU,QQHQYHUVWlUNWDXIHWZDLJHGLVNULPLQDWRULVFKH3UDNWLNHQ
LQGHU/RKQVHW]XQJKLQ]XZHLVHQXQGLQ6FKZHGHQZLOOPDQQRFKZHLWHUJHKHQLQGHP8QWHU
QHKPHQGD]XYHUSIOLFKWHWZHUGHQVROOHQHLQHQMlKUOLFKHQ*OHLFKVWHOOXQJVEHULFKW]XOHJHQ
6FKOXVVHQGOLFK SURILWLHUHQ )UDXHQ EHUSURSRUWLRQDO YRQ 4XDOLIL]LHUXQJVPD‰QDKPHQ VRGDVV
JHUDGH LQ GLHVHP %HUHLFK DXFK 0D‰QDKPHQ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN HLQH ZLFKWLJH
.RPSRQHQWHLQHLQHU*OHLFKVWHOOXQJVSROLWLNGDUVWHOOHQ'DEHLLVWYRUDOOHP]XEHU FNVLFKWLJHQ
GDVV 0D‰QDKPHQ GHU DNWLYHQ $UEHLWVPDUNWSROLWLN I U )UDXHQ DEJHVHKHQ YRQ K|KHUHQ 9HU
PLWWOXQJVTXRWHQ RIWPDOV DXFK GHP $EZDQGHUQ YRQ )UDXHQ DXV GHP $UEHLWVPDUNW HQWJH
JHQZLUNHQXQGVRPLWDXFKHLQHQ%HLWUDJ]XU6WHLJHUXQJGHU(UZHUEVTXRWHOHLVWHQ
-XJHQGOLFKH
2EZRKOGLH-XJHQGDUEHLWVORVLJNHLWLQ7LUROJHULQJHULVWDOVLP|VWHUUHLFKLVFKHQ'XUFKVFKQLWWZDU
LKU$QVWLHJLQGHQOHW]WHQ-DKUHQKRFK'LH$UEHLWVPDUNWSROLWLNKDWDXIGLHVH+HUDXVIRUGHUXQJ
YRUDOOHPGXUFKHLQHYHUVWlUNWH/HKUOLQJVI|UGHUXQJUHDJLHUW'LHELVODQJYRUOLHJHQGHKRKH=DKO
DQ )|UGHUIlOOHQ GHU JHJHQZlUWLJHQ /HKUVWHOOHQI|UGHUXQJ GHXWHW DOOHUGLQJV DXI PDVVLYH 0LW
QDKPHHIIHNWHKLQ$QVWDWWXQGLIIHUHQ]LHUW/HKUVWHOOHQ]XI|UGHUQZLHGLHVEHLP%OXP%RQXVGHU
)DOOLVWN|QQWHQYHUVWlUNW/HKUEHUXIHJHI|UGHUWZHUGHQGLHDOV]XNXQIWVWUlFKWLJHUDFKWHWZHU
GHQXQGI UGLHLQ=XNXQIWHLQ)DFKNUlIWHPDQJHOHUZDUWHWZLUG%HLVSLHOVZHLVHN|QQWHYHUVXFKW
ZHUGHQ GLH =DKO GHU /HKUVWHOOHQ LP KRFK TXDOLIL]LHUWHQ 'LHQVWOHLVWXQJVEHUHLFK ]X KHEHQ ,Q
(UJlQ]XQJN|QQWHDXFKYHUVXFKWZHUGHQDQVWHOOHGHU)|UGHUXQJYRQWHPSRUlUHQ/HKUJDQJV
SOlW]HQ-$6*MHQHQ-XJHQGOLFKHQGLHQLFKWLQHLQHZHLWHUI KUHQGHYROO]HLWVFKXOLVFKH$XV
ELOGXQJ YHUPLWWHOW ZHUGHQ N|QQHQ HLQH YROOZHUWLJH /HKUDXVELOGXQJ LQ HLQHU /HKUZHUNVWDWW
DQ]XELHWHQ

²²
2EHUVWHV=LHOVROOWHHVMHGRFKVHLQ-XJHQGOLFKHOlQJHULQVFKXOLVFKHU$XVELOGXQJ]XKDOWHQ(V
VROOWH YHUVXFKW ZHUGHQ -XJHQGOLFKH RKQH /HKUVWHOOH PLWWHOV LQGLYLGXHOOHU %LOGXQJVEHUDWXQJ
ZLHGHU]XU$XIQDKPHHLQHUYROO]HLWVFKXOLVFKHQ$XVELOGXQJ]XEHZHJHQ,Q'lQHPDUNKDWPDQ
LQ HLQHP VROFKHQ 3URJUDPP GLH (UIDKUXQJ JHPDFKW GDVV UXQG HLQ 'ULWWHO GHU DUEHLWVORVHQ
-XJHQGOLFKHQGD]XPRWLYLHUWZHUGHQNRQQWHHLQHVFKXOLVFKH$XVELOGXQJDXI]XQHKPHQ
'RFKQLFKWLPPHUOLHJWGLHVH(QWVFKHLGXQJLP(LQIOXVVEHUHLFKGHU-XJHQGOLFKHQ'LH%LOGXQJV
ZHJHQWVFKHLGXQJ YRQ -XJHQGOLFKHQ DP hEHUJDQJ ]ZLVFKHQ DXI 6FKXOVWXIH E]Z DP
(QGHGHU3IOLFKWVFKXOHZLUGZHVHQWOLFKYRQGHU(LQNRPPHQVVLWXDWLRQXQGYRP%LOGXQJVVWDQG
GHU(OWHUQVRZLHGHP=XJDQJ]X%LOGXQJVLQIRUPDWLRQHQEHHLQIOXVVW,P+LQEOLFNDXIGLHILQDQ
]LHOOHQ %HQDFKWHLOLJXQJHQ ]HLJW VLFK GDVV LP :HVHQWOLFKHQ ]ZHL )DNWRUHQ GLH 7HLOQDKPH DQ
HLQHUZHLWHUI KUHQGHQYROO]HLWVFKXOLVFKRUJDQLVLHUWHQ$XVELOGXQJYHUKLQGHUQ
• (LQHUVHLWVGLHEHJUHQ]WHQILQDQ]LHOOHQ5HVVRXUFHQ]XU8QWHUVW W]XQJGHU%LOGXQJVEHP KXQ
JHQ GHU .LQGHU ]% 1DFKKLOIHXQWHUULFKW 7HLOQDKPH DQ QLFKWVFKXOLVFKHQ %LOGXQJV XQG
)UHL]HLWDQJHERWHQ
• $QGHUHUVHLWVGDV'UlQJHQGHU(OWHUQLQ+DXVKDOWHQPLWQLHGULJHP(LQNRPPHQDXIHLQHQ
UDVFKHQ(LQWULWWLQGHQ$UEHLWVPDUNW
8PGHQ-XJHQGOLFKHQXQDEKlQJLJYRQGHUILQDQ]LHOOHQ6LWXDWLRQGHU(OWHUQGLH0|JOLFKNHLW
]X ELHWHQ LKUHQ )lKLJNHLWHQ HQWVSUHFKHQGH %LOGXQJVHLQULFKWXQJHQ ]X EHVXFKHQ N|QQWH HLQ
EHG UIWLJNHLWVDEKlQJLJHV 6WLSHQGLXP I U GLH $XVELOGXQJ DQ ZHLWHUI KUHQGHQ YROO]HLWVFKXOL
VFKHQ(LQULFKWXQJHQ%06%+6JHZlKUWZHUGHQ
(LQZHLWHUHU$QVDW]SXQNWZlUHHLQHZHLWHUH)RUFLHUXQJGHU$XVELOGXQJVEHP KXQJHQLP$XV
ELOGXQJVYHUEXQG,QGLHVHQVFKOLH‰HQVLFK%HWULHEH]XVDPPHQXPJHPHLQVDP/HKUOLQJHDXV
]XELOGHQ 'DGXUFK N|QQHQ HLQHUVHLWV KRFK VSH]LDOLVLHUWH %HWULHEH GLH NHLQ XPIDVVHQGHV %H
UXIVELOG PHKU DQELHWHQ N|QQHQ /HKUOLQJH DXVELOGHQ DQGHUHUVHLWV ZLUG HV P|JOLFK /HKUOLQJH
EUHLWHUDXV]XELOGHQ
6FKOXVVHQGOLFK N|QQWHQ -XJHQGOLFKH RKQH DEJHVFKORVVHQH (UVWDXVELOGXQJ PLW VFKZHUZLH
JHQGHQSHUV|QOLFKHQ3UREOHPODJHQLQ3URGXNWLRQVVFKXOHQEHWUHXWZHUGHQ(UVWH(UIDKUXQJHQ
PLWVROFKHQ(LQULFKWXQJHQLQ2EHU|VWHUUHLFKVLQGYLHOYHUVSUHFKHQG,QLKQHQZLUGYHUVXFKWGLH
5H,QWHJUDWLRQEHQDFKWHLOLJWHU-XJHQGOLFKHULQGHQ$UEHLWVPDUNWYRUDQ]XWUHLEHQVLHLQ/HKU
VWHOOHQE]ZDQZHLWHUI KUHQGH6FKXOHQ]XYHUPLWWHOQ]XVWDELOLVLHUHQXQGLKQHQEHUXIOLFKH2UL
HQWLHUXQJ]XELHWHQ'XUFKGLHSUDNWLVFKH7lWLJNHLWLQ:HUNVWlWWHQVROOHQ6HOEVWZHUWJHI KOXQG
9HUDQWZRUWXQJVEHZXVVWVHLQJHVWlUNWZHUGHQ
$XVOlQGLVFKH$UEHLWVNUlIWH
(LQHZHLWHUH$UEHLWVPDUNWJUXSSHGHUHQ$UEHLWVORVLJNHLWJHUDGHLQGHQOHW]WHQ-DKUHQEHVRQ
GHUVVWDUNDQJHVWLHJHQLVWLVWGLHGHUDXVOlQGLVFKHQ$UEHLWVNUlIWH'DEHLLVWIHVW]XKDOWHQGDVV
GLH *UXSSH GHU 3HUVRQHQ PLW 0LJUDWLRQVKLQWHUJUXQG LQ 7LURO NHLQH ]X YHUQDFKOlVVLJHQGH
*UXSSHPHKULVW,P-DKUZDUHQUXQGGHULQ7LUROZRKQKDIWHQ%HY|ONHUXQJLP$XV

²²
ODQG JHERUHQ 5HFKQHW PDQ ]X GLHVHQ 3HUVRQHQ GLH 3HUVRQHQ GHU ]ZHLWHQ XQG GULWWHQ
*HQHUDWLRQGD]XNDQQGDYRQDXVJHJDQJHQZHUGHQGDVVPLWWOHUZHLOHMHGHVHFKVWHELVVLH
EHQWHLQ7LUROZRKQKDIWH3HUVRQHLQHQ0LJUDWLRQVKLQWHUJUXQGKDWhEHUGLHVJHKHQDOOH%HY|O
NHUXQJVSURJQRVHQGDYRQDXVGDVVGHU$QWHLOGHULP$XVODQG*HERUHQHQDXIJUXQGHUK|KWHU
=XZDQGHUXQJ LQ GHQ QlFKVWHQ -DKUHQ QRFK VWHLJHQ ZLUG gVWHUUHLFKZHLW N|QQWH HU ODXW
%HY|ONHUXQJVSURJQRVHQLP-DKUEHUHLWVEHWUDJHQ
=XZDQGHUXQJ LVW DXFK HLQ UHJLRQDOHV 3KlQRPHQ ZHOFKHV VLFK YHUVWlUNW LQ 6WlGWHQ NRQ]HQW
ULHUW,Q,QQVEUXFNOLHJWGHU$QWHLOGHULP$XVODQG*HERUHQHQODXW9RONV]lKOXQJEHL
EHUHLWV DQQlKHUQG MHGHU I QIWH LQ ,QQVEUXFN :RKQKDIWH LVW GDKHU LP $XVODQG JHERUHQ ,Q
5HXWWHOLHJWGHU$QWHLOGHULP$XVODQG*HERUHQHQEHLXQGQXULQ,PVW/DQGHFN
XQG/LHQ]OLHJWGLHVHU$QWHLOXQWHU
'HPHQWVSUHFKHQG ZLFKWLJ LVW HV HLQH P|JOLFKVW QDFKKDOWLJH ,QWHJUDWLRQ DXVOlQGLVFKHU
$UEHLWVNUlIWH LQ GDV (UZHUEVOHEHQ VLFKHU]XVWHOOHQ $XVOlQGLVFKH $UEHLWVNUlIWH VLQG GDEHL DXI
HLQHU 5HLKH YRQ (EHQHQ EHQDFKWHLOLJW 6R VLQG LP $XVODQG *HERUHQH LQ VWlUNHUHP $XVPD‰
DUPXWVJHIlKUGHW KDEHQ ² YRU DOOHP LP +DXSWHUZHUEVDOWHU ² HLQH JHULQJHUH (UZHUEVTXRWH
XQGHLQHGHXWOLFKK|KHUH$UEHLWVORVHQTXRWHhEHUGLHVVLQG$XVOlQGHU,QQHQVFKOHFKWHULQV%LO
GXQJVV\VWHPLQWHJULHUWXQGDXFKDP:RKQXQJVPDUNWEHVWHKHQ$Q]HLFKHQHLQHU%HQDFKWHLOL
JXQJDXVOlQGLVFKHU6WDDWVDQJHK|ULJHU'LHEHVRQGHUHQ3UREOHPHGHUDXVOlQGLVFKHQ$UEHLWV
NUlIWHDP$UEHLWVPDUNWVLQGGHPQDFK.RQVHTXHQ]HLQHUZHLWEUHLWHUHQJHVDPWJHVHOOVFKDIWOL
FKHQ3UREOHPDWLNGHU,QWHJUDWLRQ
,QGLHVHP%HUHLFKVROOWHGDKHUHLQHXPIDVVHQGH,QWHJUDWLRQVSROLWLNIRUPXOLHUWZHUGHQGLHVLFK
DXI HLQH YHUEHVVHUWH ,QWHJUDWLRQ GHU ]ZHLWHQ *HQHUDWLRQ LQ GLH (UVWDXVELOGXQJ YHUVWlUNWH
$QVWUHQJXQJHQ LQ GHU ,QWHJUDWLRQ DXVOlQGLVFKHU $UEHLWVNUlIWH LQ GLH $XV XQG :HLWHUELOGXQJ
HLQH9HUULQJHUXQJGHU%HQDFKWHLOLJXQJDXVOlQGLVFKHU6WDDWVDQJHK|ULJHUDP:RKQXQJVPDUN
WHVNRQ]HQWULHUW
0LWGHP,QWHJUDWLRQVNRQ]HSWGHV/DQGHV* QJ|UOLHJWHLQHVROFKHLQWHJULHUWH6WUDWHJLH
I U 7LUROYRUGLHQHEHQHKHUDOOJHPHLQJHKDOWHQHQ/HLWOLQLHQXQG*UXQGVlW]HQDXFKLQHLQHU
9LHO]DKOYRQ/HEHQVEHUHLFKHQ%LOGXQJ6SUDFKI|UGHUXQJ:LUWVFKDIWXQG$UEHLW9HUZDOWXQJ
*HVXQGKHLWXQG6R]LDOHV:RKQHQXQG5DXPSODQXQJgIIHQWOLFKNHLWVDUEHLW3DUWL]LSDWLRQXQG
$QWLGLVNULPLQLHUXQJ 6SRUW )UHL]HLW XQG .XOWXU LQVJHVDPW 0D‰QDKPHQHPSIHKOXQJHQ ]XU
EHVVHUHQ,QWHJUDWLRQYRQDXVOlQGLVFKHQ$UEHLWVNUlIWHQPDFKW
,P%HUHLFK$UEHLWVPDUNWXQG:LUWVFKDIWVFKOlJWGLHVHV,QWHJUDWLRQVNRQ]HSWGDEHLYRUYHUVWlUNW
0D‰QDKPHQ LP %HUHLFK GHU $UEHLWVPDUNWLQWHJUDWLRQ YRQ LP $XVODQG JHERUHQHQ -XJHQGOL
FKHQ XQG )UDXHQ ]X VHW]WHQ ZREHL KLHU DXI GLH LP (48$/ 3URMHNW -RLQ ,Q JHZRQQHQHQ
(UIDKUXQJHQ DXIJHEDXW ZHUGHQ VROOWH XQG DXFK YHUVWlUNW 0D‰QDKPHQ I U PlGFKHQVSH]LIL
VFKH $QOLHJHQ JHPDFKW ZHUGHQ VROOWHQ ,P %HUHLFK GHU )UDXHQ PLW 0LJUDWLRQVKLQWHUJUXQG
VROOWH YHUVWlUNW LQ 5LFKWXQJ HLQHU 9HUPHLGXQJ HLQHV $EVLQNHQV GHU (UZHUEVTXRWH JHDUEHLWHW
ZHUGHQ

²²
)ODQNLHUW ZHUGHQ GLHVH 0D‰QDKPHQ LP ,QWHJUDWLRQVNRQ]HSW GXUFK HLQH 5HLKH YRQ EHWULHEOL
FKHQ $QVDW]SXQNWHQ GLH ]XP HLQHQ GHU 9HUEUHLWXQJ YRQ %HVW 3UDFWLFH0D‰QDKPHQ LP
%HUHLFK GHU EHWULHEOLFKHQ ,QWHJUDWLRQ GLHQHQ VROOHQ XQG ]XP DQGHUHQ GLH (UK|KXQJ GHV
$QWHLOVDXVOlQGLVFKHU$UEHLWVNUlIWHLQ) KUXQJVSRVLWLRQHQLQGHQ0LWWHOSXQNWVWHOOHQVROOWHQ(LQ
ZHLWHUHV )|UGHUSURJUDPP VROOWH VLFK EHUGLHV PLW GHU )|UGHUXQJ GHU 6HOEVWlQGLJNHLW YRQ
0LJUDQW,QQHQEHVFKlIWLJHQ
'DU EHUKLQDXVVWHOOWJHUDGHGHU(UZHUEYRQ'HXWVFKNHQQWQLVVHQHLQHQGHUZHVHQWOLFKHQ(LQ
IOXVVIDNWRUHQI UGLH9HUPLWWHOEDUNHLWYRQDXVOlQGLVFKHQ$UEHLWVNUlIWHQGDU'HPHQWVSUHFKHQG
ZLFKWLJ LVW HV ² ZLH LP ,QWHJUDWLRQVNRQ]HSW YRUJHVFKODJHQ ² DXVOlQGLVFKHQ $UEHLWVNUlIWHQ
EHUHLWVIU K]HLWLJHLQUHLFKKDOWLJHVXQGSUD[LVRULHQWLHUWHV$QJHERWDQ'HXWVFKNXUVHQDQ]XELH
WHQ+LHUNDQQGXUFKGLH6LFKHUVWHOOXQJHLQHV8QWHUULFKWVLQGHU0XWWHUVSUDFKHXQGGLHVSUDFKOL
FKH)U KI|UGHUXQJGHU.LQGHUHLQ]XVlW]OLFKHU1XW]HQHU]LHOWZHUGHQXQG DXFKHLQHVWlUNHUH
)|UGHUXQJGHU.LQGHUEHWUHXXQJZLHLP,QWHJUDWLRQVNRQ]HSWJHIRUGHUWNDQQKLHUKLOIUHLFKVHLQ
GDJHUDGH)DPLOLHQPLW0LJUDWLRQVKLQWHUJUXQGLKUH.LQGHUHKHULQ.LQGHUJlUWHQJHEHQZHQQ
GDV$QJHERWPLWNHLQHQ.RVWHQYHUEXQGHQLVW
,P 5DKPHQ HLQHV SUlYHQWLYHQ $QVDW]HV VROOWH DXFK YHUVXFKW ZHUGHQ .LQGHUQ YRQ DXVOlQGL
VFKHQ 6WDDWVE UJHU,QQHQ EHVVHUH $XVELOGXQJVSHUVSHNWLYHQ ]X JHEHQ *HUDGH LQ GLHVHP
%HUHLFK]HLJHQVLFKHLQLJHEHVRUJQLVHUUHJHQGH(QWZLFNOXQJHQ'HU$QWHLOGHU.LQGHUGHU]ZHL
WHQ *HQHUDWLRQ GLH HLQH 6RQGHUVFKXOH EHVXFKHQ LVW KRFK XQG QXU YHUJOHLFKVZHLVH ZHQLJH
YRQ LKQHQ VFKDIIHQ HLQHQ $EVFKOXVV HLQHU ZHLWHUI KUHQGHQ 6FKXOH ,Q 7LURO ZLH LQ gVWHUUHLFK
LQVJHVDPWEHVWHKWKLHUHLQ1DFKKROEHGDUIVRGDVVGDV,QWHJUDWLRQVNRQ]HSWHLQHEUHLWH0D‰
QDKPHQSDOHWWH YRUVLHKW GLH YRQ GHU LQWHUNXOWXUHOOHQ :HLWHUELOGXQJ GHU /HKUSHUVRQHQ XQG
YHUEHVVHUWHQ%HWUHXXQJVP|JOLFKNHLWHQI U(OWHUQXQG.LQGHUQQLFKWGHXWVFKHU0XWWHUVSUDFKH
EHUGLH(OWHUQELOGXQJXQG4XDOLWlWVVLFKHUXQJLP8QWHUULFKWELVKLQ]XU6FKDIIXQJYRQYHUEHV
VHUWHQ,QIRUPDWLRQVGDWHQEDQNHQUHLFKW
,QVJHVDPW HUVFKHLQW GDV ,QWHJUDWLRQVNRQ]HSW GHV /DQGHV 7LURO GDKHU JXW JHHLJQHW ]X HLQHU
EHVVHUHQ ,QWHJUDWLRQ YRQ 3HUVRQHQ PLW 0LJUDWLRQVKLQWHUJUXQG EHL]XWUDJHQ ,Q (UJlQ]XQJ ]X
GHQ0D‰QDKPHQN|QQWHDOOHUGLQJVDXFKDXISUR]HGXUDOHU(EHQHYHUVWlUNWYHUVXFKWZHUGHQ
9HWUHWHU,QQHQYRQ0LQGHUKHLWHQE]Z%HWURIIHQHQLQ7LUROLQGLH0D‰QDKPHQHQWZLFNOXQJHLQ
]XELQGHQ%HLVSLHOHDXV'HXWVFKODQG]HLJHQKLHUEHLGDVVJHUDGHLP%HUHLFKGHUORNDOHQ(QW
ZLFNOXQJ]XP%HLVSLHOLQGHU6WDGWWHLOVDQLHUXQJDEHUDXFKLQGHU%LOGXQJXQG4XDOLIL]LHUXQJ
GLHIU K]HLWLJH(LQEH]LHKXQJGHU%HWURIIHQHQ]XU:LUNVDPNHLWGHUHLQ]HOQHQ0D‰QDKPHQEHL
WUlJW=XGHPNDQQGXUFKGLH9HUQHW]XQJHLQHUUHJLRQDOHQ(QWZLFNOXQJVLQLWLDWLYHGLH3HUVRQHQ
PLW 0LJUDWLRQVKLQWHUJUXQG PLW HLQEH]LHKW PLW %LOGXQJVDQJHERWHQ ]% 6SUDFKDQJHERWHQ
HLQH]XVlW]OLFKH0RWLYDWLRQGHU/HUQHQGHQHU]LHOWZHUGHQ
(UK|KXQJGHU%HWHLOLJXQJDPOHEHQVEHJOHLWHQGHQ/HUQHQ
1HEHQGLHVHQ=LHOHQLVW²LQHLQHP%XQGHVODQGPLWEHVRQGHUHQVWlUNHQLP0LWWOHUHQ4XDOLILND
WLRQVVHJPHQW ² HLQH KRKH %HWHLOLJXQJ GHU 7LUROHU %HY|ONHUXQJ DQ :HLWHUELOGXQJ YRQ EHVRQ

²²
GHUHU %HGHXWXQJ 9RU DOOHP JLOW HV MHQH 3HUVRQHQJUXSSH ]X PRWLYLHUHQ GLH DXV GHQ XQWHU
VFKLHGOLFKVWHQ *U QGHQ NHLQ ,QWHUHVVH ]HLJW VLFK ZHLWHU]XELOGHQ ,KQHQ P VVHQ GLH 9RUWHLOH
VLFKWEDU JHPDFKW ZHUGHQ ² GDV NDQQ YRQ HLQHP K|KHUHQ (LQNRPPHQ EHU GHQ (UKDOW GHU
%HVFKlIWLJXQJVIlKLJNHLW ELV KLQ ]XP (UZHUE Q W]OLFKHQ :LVVHQV UHLFKHQ %HLVSLHOVZHLVH LVW GLH
7HLOQDKPHDQ.XUVHQ]XU9HUEHVVHUXQJGHU/HVHXQG6FKUHLEIlKLJNHLWHQSHUVHRIWPDOVQLFKW
DWWUDNWLYJHQXJ:HUGHQGLHVHMHGRFKPLWDQGHUHQ,QKDOWHQNRPELQLHUWVWHLJWGLH0RWLYDWLRQ
GHU/HUQHQGHQ'LH2(&'YHUZHLVWKLHUEHLDXIHLQH5HLKHYRQ3URMHNWHQEHLGHQHQGHU/HKU
SODQXPSUDNWLVFKH7KHPHQGHV$OOWDJVHUZHLWHUWZXUGH,Q%HUOLQZHUGHQLQHLQHP3URMHNW]XU
(UK|KXQJGHU/HVHXQG6FKUHLEIHUWLJNHLWDXFK)HUWLJNHLWHQGHV$OOWDJVYHUPLWWHOW'D]X]lKOHQ
)RUPXODUH DXVI OOHQ %HZHUEXQJVWUDLQLQJV GLH $QOHLWXQJ I U 5HQRYLHUXQJVDUEHLWHQ LP +DXV
RGHU)HUWLJNHLWHQLPKDXVZLUWVFKDIWOLFKHQ%HUHLFKZLH5H]HSWHOHVHQ0HQJHQNDONXOLHUHQXQG
HLQNDXIHQ'LHVHU=XJDQJLVWYRUDOOHPDXFKI UGLH=LHOJUXSSHGHU,PPLJUDQW,QQHQLQWHUHVVDQW
,QGHQ1LHGHUODQGHQZHUGHQ6SUDFKNXUVHI U,PPLJUDQW,QQHQXP7KHPHQZLH.LQGHUEHWUHX
XQJ 5HFKWVEHUDWXQJ XQG 8PJDQJ PLW *HOG HUZHLWHUW ZRGXUFK GLH 0RWLYDWLRQ GHU 7HLOQHK
PHU,QQHQVWHLJW
9HUVWlUNWH%LOGXQJVEHUDWXQJXQG$NNUHGLWLHUXQJYRQ:HLWHUELOGXQJVLQVWLWXWHQ
%LOGXQJVEHUDWXQJZLUGGDEHLLP5DKPHQGHVOHEHQVEHJOHLWHQGHQ/HUQHQV]XQHKPHQGZLFKWL
JHU6LHLVW9RUDXVVHW]XQJGDI UGDVV,QGLYLGXHQHLQHUVHLWVHLJHQYHUDQWZRUWOLFKH(QWVFKHLGXQ
JHQ I U LKUHQ %LOGXQJVZHJ WUHIIHQ N|QQHQ DQGHUHUVHLWV 7UDQVSDUHQ] XQG 2ULHQWLHUXQJVP|J
OLFKNHLWLP+LQEOLFNDXIGLH4XDOLWlWXQGGHQ1XW]HQGHVXPIDQJUHLFKHQ%LOGXQJVDQJHERWVVL
FKHUJHVWHOOW ZLUG (LQH JH]LHOWH %LOGXQJV XQG %HUXIVEHUDWXQJ NDQQ DXFK ]X HLQHU 5HGXNWLRQ
GHU 6FKXODEEU FKH RGHU 9HUN U]XQJ GHU $XVELOGXQJVGDXHU I KUHQ GD GXUFK HLQH NRPSH
WHQWH%HUXIVXQG%LOGXQJVEHUDWXQJGLH=DKOGHU$XVELOGXQJVZHFKVOHU,QQHQYHUULQJHUWZHUGHQ
NDQQ'LHEUHLWJHIlFKHUWH:HLWHUELOGXQJVODQGVFKDIWLQgVWHUUHLFKLVW]ZDU$XVGUXFNHLQHUJH
Z QVFKWHQ9LHOIDOWGLH:DKOP|JOLFKNHLWHQVFKDIIW3DUDOOHOGD]XI KUHQDEHU,QIRUPDWLRQVGHIL
]LWHKLQVLFKWOLFKGHV8PIDQJVGHU6WUXNWXUXQG4XDOLWlWDXI$QELHWHUVHLWH]XKRKHQ,QIRUPDWL
RQVXQG6XFKNRVWHQ) U/HUQHQGHVROOWH%LOGXQJVEHUDWXQJDQELHWHU EHUJUHLIHQGXQGXQDE
KlQJLJ DEHU DXFK QLHGHUVFKZHOOLJ IOlFKHQGHFNHQG XQG TXDOLWDWLY KRFKZHUWLJ ]XU 9HUI
JXQJ VWHKHQ =XGHP PXVV VLH VLFK DQ DOOH 3HUVRQHQ ULFKWHQ XQDEKlQJLJ YRQ GHUHQ (LQELQ
GXQJ LQ GHQ (UZHUEVSUR]HVV GDV EHGHXWHW DQ (UZHUEVWlWLJH DW\SLVFK RGHU YROO VR]LDOYHUVL
FKHUXQJVSIOLFKWLJ %HVFKlIWLJWH HEHQVR ZLH DQ $UEHLWVORVH XQG 3HUVRQHQ DX‰HUKDOE GHV (U
ZHUEVOHEHQV
'LH2(&'NRQVWDWLHUWI UgVWHUUHLFKLQGLHVHP=XVDPPHQKDQJ]HUVSOLWWHUWH,QIRUPDWLRQVXQG
%HUDWXQJVGLHQVWOHLVWXQJHQ,VWVLHEHLVSLHOVZHLVHEHL:HLWHUELOGXQJVHLQULFKWXQJHQDQJHVLHGHOW
EH]LHKWVLHVLFK EHUZLHJHQGDXIGDVLQVWLWXWVHLJHQH3URJUDPP,QIRUPDWLRQVGLHQVWOHLVWXQJHQ
EHLP$06ZHUGHQGDJHJHQNDXPYRQ3HUVRQHQLQ$QVSUXFKJHQRPPHQGLHQLFKWDUEHLWVORV
JHPHOGHW VLQG 'LH 2(&' VWHOOW GDKHU $XVEDXEHGDUI EHUZLHJHQG EHL $QJHERWHQ IHVW GLH
VLFKSULPlUDQ(UZDFKVHQHULFKWHQRGHUDQ-XJHQGOLFKHGLHVLFKQLFKWPHKULP%LOGXQJVV\V
WHP EHILQGHQ (LQHQ 6FKULWW LQ 5LFKWXQJ WUlJHUQHXWUDOH %LOGXQJVEHUDWXQJ KDW 7LURO EHUHLWV

²²
JHVHW]W ,P ,QWHUQHW ILQGHW VLFK HLQH 3ODWWIRUP GLH EHU .XUVDQJHERWH %HUDWXQJVVWHOOHQ XQG
)|UGHUXQJHQLQIRUPLHUW
(LQHQZHVHQWOLFKHQ%HLWUDJ]XU6FKDIIXQJYRQPHKU7UDQVSDUHQ]ELHWHWDXFKGLH(WDEOLHUXQJ
HLQHVTXDOLWDWLYKRFKZHUWLJHQ$NNUHGLWLHUXQJVV\VWHPVLQGHP0LQGHVWVWDQGDUGV]XU6LFKHUXQJ
GHU 4XDOLWlW GHU DQJHERWHQHQ :HLWHUELOGXQJVPD‰QDKPHQ JHVHW]W ZHUGHQ 'LH $NNUHGLWLH
UXQJVROOHLQHYHUOlVVOLFKH2ULHQWLHUXQJVKLOIH EHU4XDOLWlWXQG1LYHDXGHV:HLWHUELOGXQJVDQ
JHERWVOLHIHUQ'LH*UXQGODJHI UOHEHQVEHJOHLWHQGHV/HUQHQZLUGLQGHUIU KHQ.LQGKHLWXQG
LP*UXQGVFKXODOWHUJHOHJW
$GDSWLHUXQJGHV:HLWHUELOGXQJVDQJHERWHV
=XVlW]OLFKN|QQWHQIROJHQGH$QVDW]SXQNWH]XHLQHUZHLWHUHQ(UK|KXQJGHU:HLWHUELOGXQJVEH
WHLOLJXQJJHZlKOWZHUGHQ
• $XIGLH%HG UIQLVVH GHU,QGLYLGXHQ]XJHVFKQLWWHQH%LOGXQJVDQJHERWH²,QGHU%HIUDJXQJ
]XP 7KHPD /HEHQVODQJHV /HUQHQ LP -DKU ZXUGH DEJHIUDJW ZHOFKH bQGHUXQJHQ
QRWZHQGLJ ZlUHQ XP PHKU =HLW I U GLH 7HLOQDKPH DQ :HLWHUELOGXQJ DXIEULQJHQ ]X N|Q
QHQ8QWHUGHQbQGHUXQJHQGRPLQLHUWHQGHU:XQVFKQDFKPHKU%LOGXQJVDQJHERWLQGHU
1lKH GHV :RKQRUWHV GHU :XQVFK QDFK PHKU $EHQGNXUVHQ GHU :XQVFK |IWHU HLQH
EHWULHEOLFKH%LOGXQJVIUHLVWHOOXQJ]XEHNRPPHQXQGGHU:XQVFKQDFKPHKU:RFKHQHQG
DQJHERW%LOGXQJVDQELHWHUVLQGGDKHUJHIRUGHUWVLFKGHQ%HG UIQLVVHQGHU%LOGXQJVNRQVX
PHQWHQDQ]XSDVVHQ8PGHP1DFKGUXFN]XYHUOHLKHQN|QQWHGLH]HLWOLFKH6WUXNWXULHUXQJ
GHV %LOGXQJVDQJHERWHV GHU (UZDFKVHQHQELOGXQJVHLQULFKWXQJHQ LQ $NNUHGLWLHUXQJVV\VWH
PHQEHU FNVLFKWLJWZHUGHQ
'DU EHUKLQDXVNDQQGHU(LQVDW]LQQRYDWLYHU/HKUXQG/HUQPHWKRGHQ3HUVRQHQLQJHRJUD
ILVFKEHQDFKWHLOLJWHQ5HJLRQHQDEHUDXFK$UEHLWVNUlIWHQPLWDW\SLVFKHQ%HVFKlIWLJXQJV
]HLWHQ]%%HVFKlIWLJWHLP7RXULVPXVGHU%DXZLUWVFKDIWLP6FKLFKWEHWULHEGLH7HLOQDKPH
DQ%LOGXQJVPD‰QDKPHQHUOHLFKWHUQ(/HDUQLQJDOVHLQH)RUPGHVGLVWDQFHOHDUQLQJZLUG
LQgVWHUUHLFKODXW2(&'QRFKXQ]XUHLFKHQGZDKUJHQRPPHQHLQHVWlUNHUH1XW]XQJZlUH
GDKHUZ QVFKHQVZHUW
• 4XDOLIL]LHUXQJVYHUE QGH I|UGHUQ ² 0LW GHU 8QWHUQHKPHQVJU|‰H VWHLJW DXFK GLH :DKU
VFKHLQOLFKNHLW GHU EHWULHEOLFKHQ :HLWHUELOGXQJ *UR‰H %HWULHEH ZHLVHQ LP 8QWHUVFKLHG ]X
.OHLQXQG0LWWHOEHWULHEHQLQGHU5HJHOLQWHUQH6FKXOXQJVSURJUDPPHDXIXQGN|QQHQDXI
HLQH SURIHVVLRQHOOH 3HUVRQDOHQWZLFNOXQJ ]XU FNJUHLIHQ 8P DXFK GHQ 0LWDUEHLWHU,QQHQ LQ
.OHLQXQG0LWWHOEHWULHEHQYHUEHVVHUWHQ=XJDQJ]X4XDOLIL]LHUXQJHQ]XYHUVFKDIIHQN|QQ
WHQ 4XDOLIL]LHUXQJVYHUE QGH JHI|UGHUW ZHUGHQ EHLVSLHOVZHLVH GXUFK GLH )|UGHUXQJHQ
YHUWLNDOYHUEXQGHQHU8QWHUQHKPHQVQHW]ZHUNHLQGHQHQJUR‰H8QWHUQHKPHQGLH0LWDUEHL
WHU,QQHQLKUHU=XOLHIHUILUPHQDXVELOGHQ

²²
5HJLRQDOH'LIIHUHQ]LHUXQJDUEHLWVPDUNSROLWLVFKHU6WUDWHJLHQ
,QGXVWULHOOJHSUlJWH5HJLRQHQ6WUDWHJLHQ]XU%HZlOWLJXQJGHV6WUXNWXUZDQGHOVXQG
]LHOJUXSSHQIRNXVVLHUWHDNWLYH$UEHLWVPDUNWSROLWLN
'LH HUKHEOLFKHQ UHJLRQDOHQ 8QWHUVFKLHGH GHU $UEHLWVPDUNWODJH LQ 7LURO VROOWHQ DXFK ]X HLQHU
UHJLRQDOHQ'LIIHUHQ]LHUXQJGHUDUEHLWVPDUNWSROLWLVFKHQ6WUDWHJLHQI KUHQ 6RVLQGLQ,QGXVWULH
UHJLRQHQ YRU DOOHP 6WUDWHJLHQ GHV 8PJDQJV PLW GHP YHUVWlUNWHQ VWUXNWXUHOOHQ :DQGHO GLH
YHUVXFKHQ GLH :HWWEHZHUEVIlKLJNHLW GHU 8QWHUQHKPHQ GXUFK EHWULHEV XQG EUDQFKHQ
VSH]LILVFKH3URJUDPPH]XXQWHUVW W]HQYRQEHVRQGHUHU%HGHXWXQJ,QGLHVHQ5HJLRQHQVLQG
GDKHU3URJUDPPH]XU8PVHW]XQJGHVOHEHQVEHJOHLWHQGHQ/HUQHQVXQG]XU6WHLJHUXQJGHU%LO
GXQJVEHWHLOLJXQJGHU%HY|ONHUXQJHEHQVRZLFKWLJZLH]LHOJUXSSHQJHUHFKWH6FKXOXQJHQXQG
:HLWHUELOGXQJ 8QWHU GHP NODVVLVFKHQ ,QVWUXPHQWDULXP GHU DNWLYHQ $UEHLWVPDUNWSROLWLN HUZHL
VHQVLFKLQGLHVHQ5HJLRQHQ,PSODFHPHQWXQGDXFK2XWSODFHPHQW6WLIWXQJHQDOVEHVRQGHUV
JHHLJQHWXPGLHVHQ6WUXNWXUZDQGHO]XEHZlOWLJHQ'LHV]HLJWVLFKVFKRQDOOHLQHGDUDQGDVV
GHU*UR‰WHLOGHU7LUROHU 6WLIWXQJVPD‰QDKPHQLP2XWSODFHPHQW%HUHLFKGLH]XPHLVWLQ5HDN
WLRQDXI8PVWUXNWXULHUXQJHQYRQ*UR‰EHWULHEHQJHVFKDIIHQZXUGHQ]%(OHNWUD%UHJHQ]RGHU
$7:LQGLHVHQVWlUNHULQGXVWULHOOJHSUlJWHQ5HJLRQHQDQJHVLHGHOWVLQG1HEHQGHU5HVWUXNWX
ULHUXQJYRQ*UR‰EHWULHEHQLVWLQGLHVHQ5HJLRQHQGDPLW]XUHFKQHQGDVVHVDXFKLQPLWWOHUHQ
XQGNOHLQHUHQ%HWULHEHQ]XVROFKHQ8PVWUXNWXULHUXQJVPD‰QDKPHQNRPPHQZLUG+LHUN|QQWH
² EHUGHQYHUVWlUNWHQ(LQVDW]YRQ,PSODFHPHQW6WLIWXQJHQKLQDXVJHKHQG²DXFKLP2XWSOD
FHPHQW%HUHLFKDQEUDQFKHQRGHUVRJDUODQGHVZHLWH6WLIWXQJHQJHGDFKWZHUGHQ
6WlGWLVFKH%DOOXQJVJHELHWH9HUPHLGXQJVR]LDOHU([NOXVLRQ
,Q VWlGWLVFKHQ %DOOXQJVJHELHWHQ HUJHEHQ VLFK EHVRQGHUH +HUDXVIRUGHUXQJHQ LQ GHU 9HUPHL
GXQJVR]LDOHU([NOXVLRQGD6WlGWH]XPHLQHQLPPHUDXFK6HJUHJDWLRQVUlXPHVLQGLQGHQHQ
VLFK YHUVWlUNW 0LQGHUKHLWHQ $XVOlQGHU,QQHQ XQG DXFK VR]LDOH 5DQGJUXSSHQ DQVLHGHOQ XQG
]XP DQGHUHQ VWlGWLVFKH 5lXPH EHVRQGHUV VWDUN YRQ VHNWRUDOHP 6WUXNWXUZDQGHO EHWURIIHQ
VLQGZDVLPPHUHLQHJHZLVVH*HIDKUELUJWGDVV HLQ]HOQH*UXSSHQDXIGHU6WUHFNHEOHLEHQ
hEHUGLHV EHVWHKW KLHU GLH 1RWZHQGLJNHLW LP 5DKPHQ HLQHU DXI %HVFKlIWLJXQJVZDFKVWXP
RULHQWLHUWHQ3ROLWLNGLH6WDQGRUWYRUWHLOHGHU6WlGWH ]%GXUFKHLQHHQJHUH9HUNQ SIXQJ ]ZL
VFKHQ8QLYHUVLWlWHQXQG8QWHUQHKPHQI UEHVFKlIWLJXQJVSROLWLVFKH3URJUDPPH]XQXW]HQ
7RXULVPXVUHJLRQHQ6DLVRQDOLWlWXQG)UDXHQDUEHLWVORVLJNHLWEHNlPSIHQ
,Q7RXULVPXVUHJLRQHQEDOOHQVLFKKLQJHJHQGLH3UREOHPHGHUKRKHQ6DLVRQDOLWlWGHU$UEHLWVOR
VLJNHLW XQG GHU )UDXHQDUEHLWVORVLJNHLW 'HPHQWVSUHFKHQG ZLFKWLJ LVW HV KLHU 0D‰QDKPHQ ]XU
9HUULQJHUXQJGHU6DLVRQDOLWlWGHU$UEHLWVORVLJNHLWXP]XVHW]HQ*HQHUHOOVROOWHLQGLHVHQ5HJLR
QHQ YHUVXFKW ZHUGHQ GLH $UEHLWVORVHQ DX‰HUKDOE GHU 6DLVRQ YHUVWlUNW ]X VFKXOHQ XQG GXUFK
)OH[LEOLVLHUXQJVEHUDWXQJHQEHWULHEOLFKH$UEHLWV]HLWPRGHOOHYRUDQ]XWUHLEHQGLHPLWJHULQJHUHQ
VDLVRQDOHQ6FKZDQNXQJHQDXVNRPPHQ,P6FKXOXQJVEHUHLFKVFKHLQHQGDEHLGLHLQHLQLJHQ

²²
5HJLRQHQ EHUHLWV EHVWHKHQGHQ 4XDOLIL]LHUXQJVYHUE QGH GLH YRQ GHQ 7RXULVPXVEHWULHEHQ
VHOEVWIHVWJHOHJWH%LOGXQJVLQKDOWHDQELHWHQLQZHOFKH$UEHLWVNUlIWHYRP$UEHLWJHEHUYHUPLW
WHOWZHUGHQEHVRQGHUVJHHLJQHW
$OOHUGLQJVEHVFKHLQLJHQJHUDGHGLH(UIDKUXQJHQELVKHULJHU0D‰QDKPHQLP%HUHLFK6FKXOXQJ
XQG%HUDWXQJGDVVVLHLP.DPSIJHJHQVDLVRQDOH$UEHLWVORVLJNHLWSULPlUHLQHSXQNWXHOOH:LU
NXQJHQWIDOWHQN|QQHQ/DQJIULVWLJNDQQ6DLVRQDOLWlWQXUYHUPLHGHQZHUGHQZHQQHVJHOLQJW
GHQ7RXULVPXVLQ7LUROZLHLQGHQ6WUDWHJLHGRNXPHQWHQ]XU/DQGHVHQWZLFNOXQJDQYLVLHUWYHU
VWlUNWLQ5LFKWXQJ*DQ]MDKUHVWRXULVPXV]XHQWZLFNHOQZREHLKLHUYRUDOOHPLP%H]LUN/DQGHFN
DXFKLQ5LFKWXQJHLQHU6WlUNXQJGHU6RPPHUVDLVRQJHJDQJHQZHUGHQVROOWH
9RQ GHU DXV GHU 7RXULVPXVVWUXNWXU UHVXOWLHUHQGHQ 6DLVRQDOLWlW VLQG )UDXHQ EHVRQGHUV VWDUN
EHWURIIHQVRGDVVLQWRXULVWLVFKHQ5HJLRQHQDXFK0D‰QDKPHQ]XU9HUULQJHUXQJGHU$UEHLWVOR
VLJNHLWGHU)UDXHQHLQHQEHVRQGHUHQ6WHOOHQZHUWHLQQHKPHQVROOWHQ6R]HLJW]XP%HLVSLHOHLQH
QHXHUH6WXGLHGHU$0*GDVVGLHKRKH)UDXHQDUEHLWVORVLJNHLWXQGDXFKGHUKRKH$QWHLODQ
HQWPXWLJWHQ )UDXHQ GLH JDU NHLQH $UEHLW PHKU VXFKHQ LQ GHQ %H]LUNHQ ,PVW XQG /DQGHFN
GXUFK GLH .RPELQDWLRQ HLQHU 9LHO]DKO YRQ )DNWRUHQ YHUXUVDFKW ZLUG 'LHVH XPIDVVHQ QHEHQ
GHU 7RXULVPXVODVWLJNHLW GHU %HVFKlIWLJXQJ DXFK GHQ 0DQJHO DQ .LQGHUEHWUHXXQJVHLQULFKWXQ
JHQHLQHVFKOHFKWH9HUNHKUVDQELQGXQJYRQ%HZRKQHU,QQHQDX‰HUKDOEGHV,QQWDOVXQGHLQHQ
0DQJHODQ%HWUHXXQJVSOlW]HQI U bOWHUHXQG3IOHJHEHG UIWLJHXPIDVVHQ'HPHQWVSUHFKHQG
ZLFKWLJLVWHVLQGLHVHQ5HJLRQHQI UHLQHTXDOLWDWLYKRFKZHUWLJH9HUVRUJXQJPLW%HWUHXXQJV
SOlW]HQXQGHLQHHQWVSUHFKHQGH9HUNHKUVLQIUDVWUXNWXU]XVRUJHQ*HUDGHEHVVHUH9HUELQGXQ
JHQLP|IIHQWOLFKHQ9HUNHKUN|QQHQGDEHLGLH9HUPLWWOXQJVP|JOLFKNHLWHQI U)UDXHQGHXWOLFK
YHUEHVVHUQ
$X‰HUGHPVLQGLQGLHVHQ%H]LUNHQYLHOH)UDXHQWURW]JXWHU4XDOLILNDWLRQLQHKHUQLHGULJTXDOLIL
]LHUWHQVDLVRQDOHQ%HUXIHQLP7RXULVPXVEHVFKlIWLJW'LH(QWZLFNOXQJYRQWRXULVPXVJHUHFKWHQ
:HLWHUELOGXQJVDQJHERWHQ GLH DXFK LQ YHUEHVVHUWHQ $XIVWLHJVFKDQFHQ P QGHQ VROOWHQ LVW
GDKHUEHVRQGHUVZLFKWLJhEHUGLHVVROOWHQLQGLHVHQ5HJLRQHQYHUVWlUNWH9HUVXFKHXQWHUQRP
PHQZHUGHQ EHU%HZXVVWVHLQVELOGXQJXQGGLHLQVWLWXWLRQHOOH9HUDQNHUXQJYRQ *HQGHU 7KH
PHQ ]% *HQGHU 0DLQVWUHDPLQJ %HUDWHU,QQHQ HLQH bQGHUXQJ KLQVLFKWOLFK GHU 5ROOH GHU
)UDXHQLP(UZHUEVSUR]HVV]XEHZLUNHQ
/lQGOLFKH5HJLRQHQ%HVFKlIWLJXQJVFKDIIHQ/DQJ]HLWXQG)UDXHQDUEHLWVORVLJNHLWEHNlPSIHQ
,Q /LHQ] DOV GHP HLQ]LJHQ 5DQGJHELHW LQ 7LURO VFKHLQW GLH VFKOHFKWH $UEHLWVPDUNODJH DXI
PLWWOHUH6LFKWQXUO|VEDUZHQQHVJHOLQJWLQGHU5HJLRQ]XVlW]OLFKH$UEHLWVSOlW]H]XVFKDIIHQ
'LH HLQIDFKVWH 0|JOLFKNHLW GLH DOOHUGLQJV QXU LP 5DKPHQ GHU ZHWWEHZHUEVUHFKWOLFKHQ
%HVWLPPXQJHQ GHU (8 XQWHUVW W]W ZHUGHQ NDQQ ZlUHQ KLHU VLFKHUOLFK %HWULHEVDQVLHGOXQJHQ
YRQ8QWHUQHKPHQGLHDXFKODQJIULVWLJLQGLH5HJLRQLQYHVWLHUHQZROOHQ=XVlW]OLFKVROOWHDEHU
DXFK YHUVXFKW ZHUGHQ GXUFK UHJLRQDOH ,QLWLDWLYHQ GDV HQGRJHQH (QWZLFNOXQJVSRWHQWLDO GHU
5HJLRQYHUVWlUNWDQ]XVSUHFKHQ(QWZLFNOXQJVNRQ]HSWHI UGHQOlQGOLFKHQ5DXPVFKODJHQKLHU
YRU VROFKH ,QLWLDWLYHQ UXQG XP GLH 7KHPHQ 9HUVRUJXQJ GHU %HY|ONHUXQJ PLW QRWZHQGLJHQ

²²
/HLVWXQJHQGXUFKORNDOH$QELHWHUGLH5ROOHGHVOlQGOLFKHQ5DXPVDOV(UKROXQJVXQG5HNUHDWL
RQVUDXPVXQGUlXPOLFKGLVOR]LHUWH$UEHLWVIRUPHQ]%7HOHZRUNLQJ]XRUJDQLVLHUHQ
6R N|QQWH ]XP %HLVSLHO YHUVXFKW ZHUGHQ LQ =XVDPPHQDUEHLW PLW *HPHLQGHQ GLH 1DKYHUVRU
JXQJ GHU %HY|ONHUXQJ PLW |IIHQWOLFKHQ XQG SULYDWHQ 'LHQVWOHLVWXQJHQ ]X YHUEHVVHUQ ZREHL
KLHUDOOHUGLQJVRIWPDOVJHZHUEHUHFKWOLFKH%HVWLPPXQJHQ 6WLFKZRUWUHJLRQDOH1DKYHUVRUJHU
HLQH %HVFKUlQNXQJ GHU 0|JOLFKNHLWHQ GDUVWHOOHQ (V N|QQWH DXFK YHUVXFKW ZHUGHQ YHUVWlUNW
GLH)|UGHUP|JOLFKNHLWHQ]XU(QWZLFNOXQJGHVOlQGOLFKHQ5DXPV ]%I U9HUPDUNWXQJVLQLWLDWL
YHQLP%HUHLFKGHU/HEHQVPLWWHOHU]HXJXQJ]XQ W]HQRGHU]% EHUVSH]LHOOH$QJHERWHI U
3HUVRQHQGLH]%LP5DKPHQHLQHV6DEEDWLFDOVHLQHQOlQJHUHQ$XIHQWKDOWSODQHQYHUVWlUNW
3HUVRQHQDQ]X]LHKHQGLHWHPSRUlULKUHQ:RKQVLW]LQGLH5HJLRQYHUOHJHQZROOHQXPVRGLH
UHJLRQDOH .DXINUDIW ]X VWHLJHUQ $XFK EHU YHUVWlUNWH 7HOHZRUNLQJLQLWLDWLYHQ GLH VLFK DXI GLH
%DFNRIILFH %HUHLFKH YRQ 'LHQVWOHLVWHUQ PLW VSH]LILVFK |VWHUUHLFKLVFKHP .QRZKRZ %HGDUI
]%6WHXHUEHUDWHUEH]LHKHQN|QQWHQP|JOLFKHUZHLVHHLQLJH$UEHLWVSOlW]HJHVFKDIIHQZHU
GHQhEHUGLHVHUJLEWVLFKLQ/LHQ] EHUGHQ+RO]&OXVWHUHLQZHLWHUHU$QVDW]SXQNWGXUFKGHQ
GLH UHJLRQDOH %HVFKlIWLJXQJVQDFKIUDJH JHVWHLJHUW ZHUGHQ N|QQWH 6FKOXVVHQGOLFK EHVWHKHQ
I UGHQ%H]LUN/LHQ]$QNQ SIXQJVSXQNWHLP%HUHLFKHLQHUHQJHUHQ=XVDPPHQDUEHLWPLWGHP
QRUGLWDOLHQLVFKHQ=HQWUDOUDXPGHU )XQNWLRQGHU6WDGW/LHQ]DOV EHUUHJLRQDOHP=HQWUXPXQG
GDPLW LQ GHU EHUUHJLRQDOHQ =XVDPPHQDUEHLW VRZLH LQ GHU (QWZLFNOXQJ GHV WRXULVWLVFKHQ
$QJHERWHV
$OOHUGLQJVEHWRQHQ6WXGLHQ]XU(QWZLFNOXQJGHVOlQGOLFKHQ5DXPHVDEHUDXFKGDVVJHUDGH
GLHSHULSKHUHQ5HJLRQHQGHVOlQGOLFKHQ5DXPV²GLH7HLOHGHV%H]LUNHV/LHQ]XPIDVVHQ²YRU
EHVRQGHUHQEHVFKlIWLJXQJVSROLWLVFKHQ3UREOHPHQVWHKHQXQGGDVVGLHVH5HJLRQHQVHOEVWEHL
HQWVSUHFKHQGHU *HJHQVWHXHUXQJ ZRKO $EZDQGHUXQJVUHJLRQHQ EOHLEHQ ZHUGHQ hEHUGLHV
]HLJHQGLH%HLVSLHOHLQGHQHQHVLQGHU9HUJDQJHQKHLWJHODQJLQVROFKHSHULSKHUHQ5HJLRQHQ
HUIROJUHLFK QHXH ZLUWVFKDIWOLFKH $NWLYLWlWHQ LQ VLJQLILNDQWHP $XVPD‰ DQ]XVLHGHOQ ]% GHU
7KHUPHQWRXULVPXV LP 6 GEXUJHQODQG GDVV GLHV QXU PLW HLQHP HUKHEOLFKHQ ILQDQ]LHOOHQ 0LW
WHOHLQVDW]GXUFK)|UGHUXQJYRQ*UR‰LQYHVWLWLRQHQP|JOLFKZDU
1HEHQ GHQ 3UREOHPHQ GHU 6FKDIIXQJ YRQ $UEHLWVSOlW]HQ VWLFKW /LHQ] DOOHUGLQJV DXFK GXUFK
GHQK|FKVWHQ$QWHLOGHU/DQJ]HLWDUEHLWVORVHQDQGHU$UEHLWVORVLJNHLWXQGHLQHUKRKHQ$UEHLWV
ORVLJNHLWGHU)UDXHQKHUYRU:lKUHQGLP%HUHLFKGHU)UDXHQDUEHLWVORVLJNHLWGLH3UREOHPODJHQ
lKQOLFKJHODJHUWVLQGZLHLQGHQPHLVWHQLQWHQVLYHQ7RXULVPXVJHELHWHQ7LUROVNDQQGLH/DQJ
]HLWDUEHLWVORVLJNHLW ]XP HLQHQ GXUFK 9HUPLWWOXQJ YRQ %HVFKlIWLJWHQ LQ *HPHLQGHQ GLH ZRKO
]XPHLVW EHU(LQJOLHGHUXQJVEHLKLOIHQHUUHLFKWZHUGHQNDQQRGHU EHUHQWVSUHFKHQGHODQJIULV
WLJH 0D‰QDKPHQ ZLH ]XP %HLVSLHO VR]LDO|NRQRPLVFKH %HWULHEH EHNlPSIW ZHUGHQ $OOHU
GLQJVLVWDXFKGDYRQDXV]XJHKHQGDVVGLHVHLQ (UPDQJHOXQJYRQ $UEHLWVSOlW]HQYRUDOOHP
GHQ 8PVFKODJ DQ $UEHLWVNUlIWHQ HUK|KHQ XQG NDXP ]X ]XVlW]OLFKHQ $UEHLWVSOlW]HQ I KUHQ
ZHUGHQ

²²
5HJLRQDOGLIIHUHQ]LHUWH*HVWDOWXQJYRQ$UEHLWVPDUNWSROLWLVFKHQ0D‰QDKPHQ
1HEHQ GHQ XQWHUVFKLHGOLFKHQ 6FKZHUSXQNWVHW]XQJHQ ]ZLVFKHQ 5HJLRQHQ EHVWLPPHQ UHJLR
QDOH%HVRQGHUKHLWHQDXFKGLH8PVHW]XQJVEHGLQJXQJHQXQWHUGHQHQHLQ]HOQH0D‰QDKPHQ
VWDWWILQGHQ ,QVEHVRQGHUH VLQG LQ 7LURO LQ GHQ PHLVWHQ 5HJLRQHQ NOHLQ XQG PLWWHOEHWULHEOLFKH
6WUXNWXUHQYRQEHVRQGHUHU%HGHXWXQJREZRKOLQHLQLJHQ5HJLRQHQDXFKHLQGXUFKDXVUHOH
YDQWHU %HVWDQG DQ JU|‰HUHQ %HWULHEHQ H[LVWLHUW 'LHV KDW $XVZLUNXQJHQ DXI GLH 8PVHW]XQJV
P|JOLFKNHLWHQ YHUVFKLHGHQHU 0D‰QDKPHQ ZHLO LQ NOHLQ XQG PLWWHOEHWULHEOLFK VWUXNWXULHUWHQ
5HJLRQHQGLH0HKUKHLWGHU%HWULHEHNDXP3HUVRQDOHQWZLFNOXQJVSOlQHXQGVWUDWHJLHQKDEHQ
ZHUGHQ 0D‰QDKPHQ GLH GLH %HUDWXQJ YRQ 8QWHUQHKPHQ DOV =LHOULFKWXQJ KDEHQ P VVHQ
GDKHUYRQYRUQKHUHLQDXIGLHJHULQJHUHVWUDWHJLVFKH3ODQXQJVNDSD]LWlWYRQ.08V5 FNVLFKW
QHKPHQZREHLHVKLHUGXUFKDXVDQJHEUDFKWVHLQNDQQEHVWHKHQGH0D‰QDKPHQPLW]XVlW]
OLFKHQ%HUDWXQJVLQVWUXPHQWHQ]XHUJlQ]HQ6RKDWPDQ]XP%HLVSLHOLQ'lQHPDUNGLH(UIDK
UXQJ JHPDFKW GDVV .08V QXU VHKU VHOWHQ YRQ 6DEEDWLFDOV *HEUDXFK PDFKHQ ZDV XQWHU
DQGHUHP DXFK GDUDQ OLHJW GDVV GLHVH 8QWHUQHKPHQ LKUHQ :HLWHUELOGXQJVEHGDUI QXU VHOWHQ
V\VWHPDWLVFKHUKHEHQXQGRGHUIHVWVWHOOHQ
'HU9RUWHLONOHLQXQGPLWWHOEHWULHEOLFKHU6WUXNWXUHQOLHJWDOOHUGLQJVLQGHUOHLFKWHUHQ0RWLYDWLRQ
YRQ VROFKHQ %HWULHEHQ GXUFK )|UGHUXQJHQ XQG .RVWHQHUVSDUQLVVH :lKUHQG EHL *UR‰XQWHU
QHKPHQ ]XPHLVW HLQ JXWHU ,QIRUPDWLRQVVWDQG KLQVLFKWOLFK GHU (LQVSDUXQJVP|JOLFKNHLWHQ EHL
YHUVFKLHGHQHQ%HUDWXQJHQXQG)|UGHUXQJHQEHVWHKWOLHIHUQEHL.08VJHVRQGHUWH,QIRUPDWL
RQVDNWLYLWlWHQRIWPDOVEHVVHUH(UJHEQLVVH
,Q 5HJLRQHQ LQ GHQHQ JU|‰HUH ]XPHLVW LQGXVWULHOOH /HLWEHWULHEH DQJHVLHGHOW VLQG GLH ]XPHLVW
EHUOlQJHUIULVWLJH6WUDWHJLHQYHUI JHQVFKHLQHQ0D‰QDKPHQGLHEHLGHQ%HWULHEHQDQVHW
]HQ KLQJHJHQ RIWPDOV OHLFKWHU GXUFKI KUEDU ZHLO VROFKH %HWULHEH I U DUEHLWVPDUNWSROLWLVFKH
$NWHXUHOHLFKWHUDQVSUHFKEDUVLQGXQGVFKRQGXUFKGLH7HLOQDKPHHLQHVHLQ]HOQHQ%HWULHEHV
DQHLQHU0D‰QDKPHHLQHUKHEOLFKHU7HLOGHV $UEHLWVPDUNWHVDEJHGHFNWZHUGHQNDQQ $OOHU
GLQJV]HLJWVLFKDXFKGDVVJU|‰HUH%HWULHEHYRUDOOHPGDQQ]XUhEHUQDKPHYRQVR]LDOHU9HU
DQWZRUWXQJI UGHQUHJLRQDOHQ$UEHLWVPDUNWEHUHLWVLQGZHQQGLHVPLWHLQHUHQWVSUHFKHQGHQ
3XEOL]LWlWYHUEXQGHQLVW'LHVHV3XEOL]LWlWVEHG UIQLVYRQ*UR‰EHWULHEHQVROOWHGDKHU EHUDOOGRUW
PLWEHGDFKW ZHUGHQ ZR *UR‰EHWULHEH DOV 3DUWQHU LQ GHU 8PVHW]XQJ DUEHLWVPDUNWSROLWLVFKHU
9RUKDEHQDQJHVSURFKHQZHUGHQVROOHQ
,Q YLHOHQ 5HJLRQHQ 7LUROV LQVEHVRQGHUH LP 7LUROHU 2EHUODQG VWHOOHQ DXFK VFKOHFKWH |IIHQW
OLFKH 9HUNHKUVYHUELQGXQJHQ DX‰HUKDOE GHV ,QQWDOV HLQH 0RELOLWlWVEDUULHUH LQVEHVRQGHUH I U
)UDXHQ GDU *HUDGH LQ VROFKHQ HKHU SHULSKHUHQ 5HJLRQHQ LVW GDKHU DXFK HLQH GH]HQWUDOH
$QJHERWVHUVWHOOXQJLQ%HWUDFKW]X]LHKHQ(LQ%HLVSLHOKLHUI UVLQGPRELOH%HUDWXQJHQ
6FKOXVVHQGOLFKVROOWHDXFKEHGDFKWZHUGHQGDVVHVLQVEHVRQGHUHLQGHQ*UR‰VWlGWHQRIWPDOV
3HUVRQHQJUXSSHQJLEW GLH DXIJUXQGLKUHUVSH]LHOOHQ3UREOHPODJHQQLFKW:LOOHQVRGHU DXI
JUXQG PDQJHOQGHU 6SUDFKNHQQWQLVVH NDXP IlKLJ VLQG %HUDWXQJVDQJHERWH YRQ RIIL]LHOOHQ
6WHOOHQDQ]XQHKPHQVRGDVVKLHUDXFKLP'HVLJQYRQ0D‰QDKPHQHQWVSUHFKHQGH$GDSWLH

²²
UXQJHQ ]% )UHPGVSUDFKLJHV $QJHERW (LQEH]LHKHQ YRQ 0LQGHUKHLWHQYHWUHWHU,QQHQ RGHU
6WUHHWZRUNHUQYRUJHQRPPHQZHUGHQN|QQWHQ
5HJLRQDOH8PVHW]XQJ
,QGHU)RUPXOLHUXQJHLQHUUHJLRQDOHQ$UEHLWVPDUNWVWUDWHJLHVROOWHDXFKGLH)UDJHQDFKGHQI U
GLH8PVHW]XQJGHUUHJLRQDOHQ6WUXNWXUJHHLJQHWHQ,QVWLWXWLRQHQJHVWHOOWZHUGHQ,P5DKPHQ
GHU WHUULWRULDOHQ %HVFKlIWLJXQJVSDNWH LQ gVWHUUHLFK ZXUGHQ GDEHL LQ HLQLJHQ %XQGHVOlQGHUQ
9HUVXFKH HLQHU 5HJLRQDOLVLHUXQJ YRUJHQRPPHQ $OV 9RUWHLOH VROFKHU UHJLRQDOHU 6WUXNWXUHQ
PXVV GDEHL JHVHKHQ ZHUGHQ GDVV LKQHQ OHLFKWHU JHOLQJW UHJLRQDOH /HLWEHWULHEH 1*2V XQG
*HPHLQGHQ HLQ]XEH]LHKHQ XQG VLFK LQ GLHVHQ UHJLRQDOHQ 6WUXNWXUHQ DXFK UHODWLY OHLFKW HLQ
UHJLRQDOHV.QRZKRZ]XU(QWZLFNOXQJXQG$QSDVVXQJYRQ3URMHNWHQDXIEDXHQOlVVW$OV1DFK
WHLOPXVVDOOHUGLQJVJHVHKHQZHUGHQGDVVHV,QVWLWXWLRQHQXQWHUKDOEGHU%XQGHVODQGHEHQHRIW
DQ .RPSHWHQ]HQ XQG 5HVVRXUFHQ PDQJHOW XP GLH DQ VLH KHUDQJHWUDJHQHQ 3UREOHPH ]X
O|VHQZDV]X,QHIIL]LHQ]HQLQGHU8PVHW]XQJI KUHQNDQQ,QVJHVDPWVROOWHGDKHUZHQQVROFKH
5HJLRQDOLVLHUXQJHQ DQJHVWUHEW ZHUGHQ EHVRQGHUV DXI GDV =XVDPPHQVSLHO ]ZLVFKHQ 7RS
GRZQXQG%RWWRPXS(OHPHQWHQJHDFKWHWZHUGHQ
hEHUGLHVVROOWHYHUVXFKWZHUGHQQDFK0|JOLFKNHLWDXIEHVWHKHQGHQKLVWRULVFKJHZDFKVHQHQ
6WUXNWXUHQDXI]XEDXHQZREHLLQ7LUROGLHLQGHQPHLVWHQ%H]LUNHQEHVWHKHQGHQ5HJLRQDOHQW
ZLFNOXQJVYHUHLQH HLQHQ P|JOLFKHQ $QVDW]SXQNW ]XU 5HJLRQDOLVLHUXQJ GHU 3DNWH GDUVWHOOHQ
N|QQWHQ*HUDGHLQGLHVHQ5HJLRQHQN|QQWHLQMHQHQ)lOOHQLQGHQHQGLHVQRFKQLFKWJHJH
EHQLVWGXUFKGLH(LQEH]LHKXQJGHUUHJLRQDOHQ $UEHLWVPDUNWDNWHXUH]% $06HLQHHQJHUH
9HUNQ SIXQJYRQ5HJLRQDOXQG$UEHLWVPDUNWSROLWLNDQJHVWUHEWZHUGHQ
:HLWHUHQWZLFNOXQJGHUNRRSHUDWLYHQ$UEHLWVPDUNSROLWLN
1HEHQGHP$06WUDJHQLQ7LURO EHUGHQ%HVFKlIWLJXQJVSDNW7LURODXFKDQGHUH,QWVWLWXWLRQHQ
]XU 8PVHW]XQJ GHU $UEHLWVPDUNWSROLWLN LP /DQG EHL hEHU GHQ %HVFKlIWLJXQJVSDNW VLQG DXFK
GDV/DQG GLH $0* 7LUROXQGGLH6R]LDOSDUWQHULQGLH)LQDQ]LHUXQJGHUODQGHVZHLWHQ $UEHLWV
PDUNWSROLWLNHLQJHEXQGHQ
1HEHQGLHVHQILQDQ]LHOOHQ=XZHQGXQJHQGLHYRUDOOHP]XPLQGLHVHU6WXGLHYRUJHVFKODJHQHQ
$XVEDXGHUDNWLYHQ $UEHLWVPDUNWEHLWUDJHQN|QQWHQLVWDEHUJHUDGHGLH3DUWQHUVWUXNWXUGHV
%HVFKlIWLJXQJVSDNWHVEHVRQGHUVJHHLJQHW0D‰QDKPHQ]XVHW]HQGLHRKQHGLUHNWH%XGJHW
ZLUNVDPNHLWHLQHDUEHLWVPDUNWSROLWLVFKH:LUNXQJHQWIDOWHQN|QQHQ+LHUN|QQWHYHUVXFKWZHU
GHQ
$QGHUH =LHOEHUHLFKH GHU $UEHLWVPDUNWSROLWLN EHU VROFKH ZHQLJHU ILQDQ]LHUXQJVLQWHQVLYH
0D‰QDKPHQ DQ]XVSUHFKHQ %HLVSLHOH KLHUI U ZlUHQ GLH YHUVWlUNWH %HU FNVLFKWLJXQJ YRQ
DUEHLWVPDUNWSROLWLVFKHQ=LHOHQLQ9HUIDKUHQ]XU|IIHQWOLFKHQ $XIWUDJVYHUJDEHRGHU)|UGH
UXQJLQVEHVRQGHUHLP+LQEOLFNDXIGLH9HUPHLGXQJYRQ6DLVRQDOLWlW

²²
%HVWHKHQGH3DUWQHUYHUVWlUNWLQGLH*HVWDOWXQJ]XVlW]OLFKHULQWHJULHUWHU0D‰QDKPHQHLQ]X
ELQGHQ +LHU VROOWH EHUSU IW ZHUGHQ LQZLHIHUQ DXFK GLH HLJHQHQ DUEHLWVPDUNWSROLWLNUHOH
YDQWHQ$NWLRQHQGHU6R]LDOSDUWQHUXQGSRWHQWLHOODQGHUHURUJDQLVDWRULVFKHU(LQKHLWHQGHV
/DQGHV ]% 6R]LDOEHUHLFK *HJHQVWDQG GHV 3DNWHV VHLQ N|QQWHQ ZREHL KLHU DOOHUGLQJV
EHUGLHEHUHLWVVHLWODQJHPEHVWHKHQGHQ%HUDWXQJVDQJHERWHGHU6R]LDOSDUWQHUDXFKGLH
JHPHLQVDPH(QWZLFNOXQJQHXHU3URMHNWHDQJHVWUHEWZHUGHQN|QQWH
1HXH3DUWQHU]XU0LWDUEHLWDQGHU*HVWDOWXQJXQGDXFK)LQDQ]LHUXQJHLQ]HOQHU0D‰QDK
PHQGHV3DNWHV]XJHZLQQHQ,QVEHVRQGHUHN|QQWHKLHUDQHLQHYHUVWlUNWH(LQELQGXQJGHU
*HPHLQGHQ LP %HUHLFK GHU UHJLRQDOHQ 6WUDWHJLHQ RGHU EHL GHU 0LWDUEHLW DQ HLQ]HOQHQ
3URMHNWHQ JHGDFKW ZHUGHQ ZREHL KLHU DXI GLH SXQNWXHOOH .RILQDQ]LHUXQJ YRQ HLQ]HOQHQ
0D‰QDKPHQDEJHVWHOOWZHUGHQN|QQWH
,P 5DKPHQ HLQHU VWlUNHUHQ 5HJLRQDOLVLHUXQJ GHU 6WUDWHJLHQ EHU HLQ]HOQH 3LORWSURMHNWH
]XVlW]OLFKHLQQRYDWLYH3URMHNWHLPHLJHQHQ:LUNXQJVEHUHLFKGHV/DQGHV]XLQLWLLHUHQ

²²
/LWHUDWXUKLQZHLVH
$ERZG-0&RUEHO3.UDPDU])7KH(QWU\DQG([LWRI:RUNHUVDQGWKH*URZWKRI(VWDEOLVKPHQWV7KH5HYLHZRI
(FRQRPLFVDQG6WDWLVWLFV6
$OEDHN.7KH(YROXWLRQRIWKH(GXFDWLRQRI$SSUHQWLFHVLQ'HQPDUN8QLYHUVLW\RI&RSHQKDJHQ
$0*7LURO-DKUHVEHULFKW$UEHLWVPDUNWI|UGHUXQJVJHVHOOVFKDIW7LURO$0*7LURO,QQVEUXFN
$067LURO*HVFKlIWVEHULFKWPHKUHUH-DKUJlQJH,QQVEUXFN
$PWGHU7LUROHU/DQGHVUHJLHUXQJ$EWHLOXQJI U:LUWVFKDIWXQG$UEHLW7LUROHU:LUWVFKDIWVXQG$UEHLWVPDUNWEHULFKW²
.XU]EHULFKW(LJHQYHUODJ,QQVEUXFN
$QGHUVHQ-(WKHULQJWRQ')OH[LFXULW\ZRUNIDUHRULQFOXVLRQ"7KHSROLWLFVRI:HOIDUHDQG$FWLYDWLRQLQWKH8.DQG
'HQPDUN&$510$:RUNLQJ3DSHU1R8QLYHUVLW\RI$DOERUJ
$UQNLO57KH)LQQLVK:RUNSODFH'HYHORSPHQW3URJUDPPH0DQXVFULSW6RFLDOGHYHORSPHQW&R+lPHHQOLQQD
$UQNLO 5 7KH $FWLYH /DERXU 0DUNHW 3ROLF\ 5HIRUP ²7KH VHFRQG :DYH 0DQXVFULSW $QNLO 'LDORJXHV .RSHQKDJHQ
$UYDQLWLV6,QIRUPDWLRQ7HFKQRORJ\:RUNSODFH2UJDQL]DWLRQDQGWKH'HPDQGIRU(PSOR\HHVRI'LIIHUHQW(GXFDWLRQ
/HYHOV)LUP/HYHO(YLGHQFHIRUWKH6ZLVV(FRQRP\(7+ZRUNLQJSDSHUQR
%DDVNH:(/DQFDVWHU%.UDQ]O6(YDOXLHUXQJGHUREHU|VWHUUHLFKLVFKHQ,PSODFHPHQWVWLIWXQJHQ²$QDO\VHEHULFKW
$062EHU|VWHUUHLFK/LQ]
%DUWHOVPDQ(-'RPV08QGHUVWDQGLQJ3URGXFWLYLW\/HVVRQVIURP/RQJLWXGLQDO0LFURGDWD-RXUQDORI(FRQRPLF
/LWHUDWXUHYROQU6
%DXPRO :- 0DFURHFRQRPLFV DQG 8QEDODQFHG *URZWK 7KH $QDWRP\ RI 8UEDQ &ULVHV $PHULFDQ (FRQRPLF
5HYLHZ6
%HOOPDQQ/&DOLHQGR0+XMHU55DGLF'%HVFKlIWLJXQJVZLUNXQJHQWHFKQLVFKRUJDQLVDWRULVFKHQ:DQGHOV²HLQH
PLNUR|NRQRPHWULVFKH $QDO\VH PLW GHP /LQNHG ,$%3DQHO 0LWWHLOXQJHQ DXV GHU $UEHLWVPDUNW XQG %HUXIVIRU
VFKXQJ-J+HIW6
%H\HU1+lPPHUOH:*DUELVODQGHU6'HU*HEXUWHQU FNJDQJLQ7LURO:LUWVFKDIWVNDPPHU7LURO7LUROHU5HJLRQDOSROL
WLVFKH6WXGLHQ1U,QQVEUXFN
%H\HU 1 +lPPHUOH : *DUELVODQGHU 6 ,QLWLDWLYHQ I U HLQH0RGHUQH.08 3ROLWLN LQ 7LURO :LUWVFKDIWVNDPPHU 7LURO
7LUROHU5HJLRQDOSROLWLVFKH6WXGLHQ1U,QQVEUXFN
%H\HU1+lPPHUOH:*DUELVODQGHU6(LQ3HUVRQHQ8QWHUQHKPHQLQ7LURO6LWXDWLRQXQG=XNXQIWVSHUVSHNWLYHQ:LUW
VFKDIWVNDPPHU7LURO7LUROHU5HJLRQDOSROLWLVFKH6WXGLHQ1U,QQVEUXFN
%LIIO * (LQH QDWLRQDOH XQG HLQH LQWHUQDWLRQDOH $UEHLWVORVHQTXRWH 'HU 6WHLQ GHU :HLVHQ" LQ gVWHUUHLFKLVFKH
=HLWVFKULIWI U6WDWLVWLNXQG,QIRUPDWLN:LHQ6
%LIIO*(UIDVVXQJGHUZDKUHQ$UEHLWVORVLJNHLWLQgVWHUUHLFK:,)20RQDWVEHULFKWH:LHQ6
%LIIO * $UEHLWVPDUNWLQGLNDWRUHQ 'HILQLWLRQ XQG (UKHEXQJ QDFK QDWLRQDOHU XQG (80HWKRGH 6WXGLH GHV :,)2 LP
5DKPHQGHU$UEHLWVPDUNWYRUVFKDXLP$XIWUDJGHV$06gVWHUUHLFK:LHQ
%LIIO*'LH=XNXQIWGHU|VWHUUHLFKLVFKHQ%HUXIVXQG4XDOLILNDWLRQVODQGVFKDIWELV$065HSRUW
%LIIO*'HU%LOGXQJVZDQGHOLQgVWHUUHLFKLQGHQQHXQ]LJHU-DKUHQ:,)20RQDWVEHULFKW
%LIIO*/HRQL7K+DQGOXQJVRSWLRQHQI UHLQH(UK|KXQJGHU(LQNRPPHQVJHUHFKWLJNHLWXQG&KDQFHQJOHLFKKHLWI U
)UDXHQLQ2EHU|VWHUUHLFK6WXGLHGHVgVWHUUHLFKLVFKHQ,QVWLWXWVI U:LUWVFKDIWVIRUVFKXQJ:,)2:LHQ
%ODQFKDUG2.DW]O5HJLRQDOHYROXWLRQV%URRNLQJV3DSHUVRQ(FRQRPLF$FWLYLW\6

²²
%OXPEHUJHU:0DUNRZLWVFK-6WUDWHJLHQ]XU)|UGHUXQJGHU%HUXIVDXVELOGXQJLQgVWHUUHLFK,:,/LQ]:LHQ
%RFN6FKDSSHOZHLQ - (QWZLFNOXQJ XQG )RUPHQ GHU $UEHLWVORVLJNHLW LQ gVWHUUHLFK VHLW :,)2 0RQDWVEHULFKWH
6
%RFN6FKDSSHOZHLQ-([DPSOHVRI%HVW3UDFWLFHLQWKH/DERXUPDUNHWLQWKHSDUWLFLSDWLQJFRXQWULHVRI(1'($925
$XVWULD)UDQFH*HUPDQ\,UHODQG1HWKHUODQGV8QLWHG.LQJGRP0DQXVNULSW:,)2:LHQ
%RFN6FKDSSHOZHLQ-(QWZLFNOXQJXQG)RUPHQYRQ)OH[LELOLWlWXQGVR]LDOHU$EVLFKHUXQJLQGHQ(86WDDWHQHLQhEHU
EOLFN+LQWHUJUXQGSDSLHU]XP)OH[LFXULW\:RUNVKRSLP%0:$DP:,)2:LHQ
%RFN6FKDSSHOZHLQ-+XHPHU80DKULQJHU+0LWWHOIULVWLJH%HVFKlIWLJXQJVSURJQRVHI UgVWHUUHLFK%HUXIOLFKHXQG
VHNWRUDOH9HUlQGHUXQJHQELV:,)2
%RHUVPD/9DQ'LMN-5HJLRQDO/DERXU0DUNHW'\QDPLFVLQWKH1HWKHUODQGV3DSHUVLQ5HJLRQDO6FLHQFH
6
%|KHLP56WLJOEDXHU$:LQWHU(EPHU5:KHQDQGKRZWRH[SDQG\RXU%XVLQHVV0DQXVNULSW8QLYHUVLWlW/LQ]
%RRQH-YDQ2XUV&(IIHFWLYH/DERXUPDUNHW3ROLFLHV&(35'LVFXVVLRQ3DSHU1R&(35/RQGRQ
%RRWK$/)UDQFHVFRQL0)UDQN-/DERXUDVD%XIIHU'R7HPSRUDU\:RUNHUV6XIIHU",=$²:RUNLQJ3DSHU1R
,QVWLWXWHIRUWKH6WXG\RI/DERXU%RQQ
%UDQGHO)+RIHU+/DVVQLJJ/3LFKHOPDQQ.$VSHNWHGHU$UEHLWVPDUNWLQWHJUDWLRQYRQ/HKUDQIlQJHUQ,+6:LHQ
%UHJJHU - ( +DXJHQ 6W ( %/6 LQWURGXFHV QHZ UDQJH RI DOWHUQDWLYH XQHPSOR\PHQW PHDVXUHV 0RQWKO\ /DERXU
5HYLHZ2FWREHU6
%URZQ-HWDO1RQVWDQGDUG)RUPVDQG0HDVXUHVRI(PSOR\PHQWDQG8QHPSOR\PHQWLQ7UDQVLWLRQ$&RPSDUDWLYH
6WXG\RI(VWRQLD5RPDQLDDQG5XVVLD,=$'LVFXVVLRQ3DSHU,=$%RQQ
%XQGHVPLQLVWHULXP I U :LUWVFKDIW XQG $UEHLW 'HU $UEHLWVPDUNW LP -DKU %XQGHVPLQLVWHULXP I U :LUWVFKDIW XQG
$UEHLW:LHQ
%XQG/lQGHU.RPPLVVLRQ%/.=XNXQIWYRQ%LOGXQJXQG$UEHLW−3HUVSHNWLYHQYRQ$UEHLWVNUlIWHEHGDUIXQGDQJHERW
ELV+HIW%RQQ
&DOPIRUV/)RUVOXQG$+HPVWU|P0'RHVDFWLYH/DERXUPDUNHW3ROLF\:RUN"/HVVRQVIURPWKH6ZHGLVK([SHUL
HQFHV6ZHGLVK(FRQRPLF3ROLF\UHYLHZ6
&DOPIRUV / )RUVOXG $ +HOPVWU|P0 'RHVDFWLYH /DERXU0DUNHW3ROLF\ :RUN" /HVVRQV IURP WKH 6ZHGLVK ([SHUL
HQFHV&(6LIR:RUNLQJ3DSHU1R&(6LIR0 QFKHQ
&DUOVRQ(:LOOLDP)0LWFKHOO:)%H\RQGWKHXQHPSOR\PHQWUDWH²ODERXUXQGHUXWLOLVDWLRQDQGXQGHUHPSOR\
PHQWLQ$XVWUDOLDDQGWKH86$&RI)((:RUNLQJ3DSHU9HQWUHRIIXOO(PSOR\PHQWDQG(TXLW\8QLYHUVLW\RI
1HZFDVWOH$XVWUDOLD
&RFN[%'HMHPHSSH0'RWKH+LJKHU(GXFDWHG8QHPSOR\HG&URZG2XWWKH/RZHU(GXFDWHG2QHVLQD&RPSH
WLWLRQIRU-REV",=$'LVFXVVLRQ3DSHU1R%RQQ
'DYLV6W-+DOWLZDQJHU-*URVV-RE)ORZVLQ2UOH\$VKHQIHOWHUDQG'DYLG&DUG+DQGERRNRI/DERXU(FRQRPLFV
(OVHYLHU6
'HFUHVVLQ - )DWDV $ 5HJLRQDO /DERXU 0DUNHW '\QDPLFV LQ (XURSH (XURSHDQ (FRQRPLF 5HYLHZ
6
'HODLJOH 6 /RKHVW 2 5HJLRQDO /DERXU 0DUNHW '\QDPLFV (YDOXDWLRQ DQG $SSOLFDWLRQ WR %HOJLXP 0DQXVFULSW
8QLYHUVLWHFDWKRORTXHGH/RXYDLQ
'DQLVK*RYHUQPHQW'HQPDUNVQDWLRQDO5HIRUP3URJUDPPH.RSHQKDJHQ
'HXWVFKHU%LOGXQJVUDW+UVJ(PSIHKOXQJHQGHU%LOGXQJVNRPPLVVLRQ²6WUXNWXUSODQI UGDV%LOGXQJVZHVHQ6WXWWJDUW

²²
'LFNH+*OLVPDQQ+*U|KQ$'HUGHXWVFKH0DUNWI UEHUXIOLFKH:HLWHUELOGXQJ.LHOHU6WXGLHQ
'RVWDO:5HLQEHUJ$$UEHLWVODQGVFKDIW²7HLO8QJHEURFKHQHU7UHQGLQGLH:LVVHQVJHVHOOVFKDIW(QWZLFNOXQJ
GHU7lWLJNHLWHQXQG4XDOLILNDWLRQHQ1 UQEHUJ65HLKH6HULH,$%.XU]EHULFKW1U
'RVWDO : :HLWHUELOGXQJVEHGDUILP WHFKQLVFKHQ :DQGHO0LWWHLOXQJHQ DXVGHU $UEHLWVPDUNW XQG %HUXIVIRUVFKXQJ
-J,$%
'RVWDO:,$%3URJQRV7lWLJNHLWVXQG4XDOLILNDWLRQVSURJQRVHQLQ9HUlQGHUWH$UEHLWVZHOW²YHUlQGHUWH4XDOLILNDWLR
QHQ:HFKVHOZLUNXQJHQ]ZLVFKHQ$UEHLWVPDUNWXQG%HUXIVELOGXQJ%,%%%RQQ
'XOOHN8)ULMWHUV3:LQWHU(EPHU55HGXFLQJWKH6WDUWXSFRVWVIRU1HZ)LUPV7KH'RXEOH'LYLGHQGRQWKH/DERXU
0DUNHW8QLYHUVLW\RI9LHQD'HSDUWPHQWRI(FRQRPLFV:RUNLQJ3DSHU1R
(JEHUV*)XJPDQQ+HHVLQJ$3IHLIIHU87KRPDV8YRQGHU*URHEHQ*%LOGXQJXQG%HVFKlIWLJXQJ0DQD
JHUNUHLVGHU)ULHGULFK(EHUW6WLIWXQJKWWSOLEUDU\IHVGHSGIILOHVVWDEVDEWHLOXQJSGI
(OLDV3%LUFK0(VWDEOLVKPHQWRI&RPPXQLW\:LGH2FFXSDWLRQDO6WDWLVWLFV,6&2&20−$*XLGHIRU8VHUV8QL
YHUVLW\RI:DUZLFN,QVWLWXWHIRU(PSOR\PHQW5HVHDUFK)HEUXDU
(QWRUI++HFNPDQ-0F)DGGHQ'1REHOSUHLVI UGLH:HJEHUHLWHUGHU0LNUR|NRQRPHWULH: U]EXUJ(FRQRPLF
3DSHUV1U
(VSLQJ$QGHUVHQ*7KUHH:RUOGVRI:HOIDUH&DSLWDOLVP3ROLW\3UHVV&DPEULGJH
(VSLQJ$QGHUVHQ*HWDO$1HZ:HOIDUH$UFKLWHFWXUHIRU(XURSH"5HSRUWVXEPLWWHGWRWKH%HOJLDQ3UHVLGHQF\
RIWKH(XURSHDQ8QLRQ6HSWHPEHU
(ULFVRQ 5 3DNHV $ 0DQDJLQJ 3HUIHFW %XVLQHVV '\QDPLFV $ IUDPHZRUN IRU (PQPSLULFDO $QDO\VLV 5HYLHZ RI
(FRQRPLF6WXGLHV6
(8.RPPLVVLRQ $ 0HPRUDQGXP RQ /LIHORQJ /HDUQLQJ &RPPLVVLRQ RI WKH (XURSHDQ FRPPXQLW\ 6(&
%UXVVHOV
(XURSlLVFKH.RPPLVVLRQ%HVFKUHLEXQJGHU6R]LDOHQ/DJHLQ(XURSD/X[HPEXUJ
(XURSlLVFKH.RPPLVVLRQ%(XURSHDQ,QQRYDWLRQ6FRUHERDUG5HJLRQDO,QQRYDWLRQ3HUIRUPDQFHV7HFKQL
FDO3DSHUKWWSWUHQGFKDUWFRUGLVOXVFRUHERDUGVVFRUHERDUGSGIHLVBBWSBUHJLRQDOBLQQR
YDWLRQSGI
(XURSlLVFKH .RPPLVVLRQ D $XI GHP :HJ ]X HLQHP (XURSlLVFKHQ 4XDOLILNDWLRQVUDKPHQ I U OHEHQVODQJHV
/HUQHQ%U VVHO
(XURSlLVFKH.RPPLVVLRQ'UDIW-RLQW(PSOR\PHQW5HSRUW%U VVHO
(XURSlLVFKHU5DW(UK|KXQJGHU(UZHUEVEHWHLOLJXQJXQG)|UGHUXQJGHVDNWLYHQ$OWHUQV%U VVHO
)DJHUEHUJ-7HFKQRORJLFDOSURJUHVVVWUXFWXUDOFKDQJHDQGSURGXFWLYLW\JURZWKDFRPSDUDWLYHVWXG\6WUXFWXUDO
&KDQJHDQG(FRQRPLF'\QDPLFV6
)DWDV $ ,QWUDQDWLRQDO /DERXU 0LJUDWLRQ %XVLQHVV &\FOHV DQG *URZWK LQ *UHJRU\ ' +HVV DQG (ULF YDQ :LQFRRS
,QWUDQDWLRQDO0DFURHFRQRPLFV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
)HOGHUHU%+RIHU+6FKXK8(UIDKUXQJVEDVLHUWH$UEHLWVORVHQYHUVLFKHUXQJ,QVWLWXWI U+|KHUH6WXGLHQ3URMHNWEH
ULFKW'H]HPEHU
)LQLVK0LQLVWU\RI)LQDQFH7KH/LVERQVWUDWHJ\IRU*URZWKDQG-REV+HOVLQNL
)LVFKHU'=LQJJ60DUNH7LURO6WDQGRUWVWUDWHJLH7LURO²%HUQ,QQVEUXFN
)UHGULNVVRQ37KH'\QDPLFVRI5HJLRQDO/DERU0DUNHWVDQG$FWLYH/DERU0DUNHW3ROLF\6ZHGLVK(YLGHQFH2[IRUG
(FRQRPLF3DSHUV6
)UHHPDQ5%$UH

²²
)ULWVFK07XUEXOOHQFHDQG*URZWKLQ:HVW*HUPDQ\$&RPSDULVRQRI(YLGHQFHE\5HJLRQVDQG,QGXVWULHV5HYLHZV
LQ,QGXVWULDO2UJDQLVDWLRQ6
)ULWVFK00 OOHU3(IIHFWVRI1HZ%XVLQHVV)RUPDWLRQRQ5HJLRQDO'HYHORSPHQWRYHU7LPH5HJLRQDO6WXGLHV
6
)ULW]2HWDO0LWWHOIULVWLJH%HVFKlIWLJXQJVSURJQRVHI U2EHU|VWHUUHLFK²EHUXIOLFKHXQGVHNWRUDOH9HUlQGHUXQJHQELV
:,)2LQ.RRSHUDWLRQPLW-RDQQHXP5HVHDUFK:LHQ
)ULW]26WUHLFKHU*=DNDULDV*0XOWL5(*²HLQPXOWLUHJLRQDOHVPXOWLVHNWRUDOHV3URJQRVHXQG$QDO\VHPRGHOOI U
gVWHUUHLFK:LIR0RQDWVEHULFKWH:LHQ6
*DFV 9 +XEHU 3 4XDQWLW\ DGMXVWPHQWV LQ WKH UHJLRQDO ODERXU PDUNHWV RI (8 FDQGLGDWH FRXQWULHV 3DSHUV LQ
5HJLRQDO6FLHQFH9RO1R1RYHPEHU6
*HODXII*/HMRXU$7KHQHZ/LVERQ6WUDWHJ\²$Q(VWLPDWLRQRIWKH(FRQRPLF,PSDFWRIUHDFKLQJILYH/LVERQ7DU
JHWV%UXVVHOV
*|JJHO . *UlE - 3IHLIIHU ) 6HOEVWlQGLJNHLW LQ (XURSD ² (PSLULVFKH (YLGHQ] PLW /lQGHUGDWHQ =(:
'LVFXVVLRQ3DSHU
*UXEHU(%HUXIVELOGXQJLQgVWHUUHLFK³(LQEOLFNHLQHLQHQEHGHXWHQGHQ%LOGXQJVVHNWRULQ9HU]HWQLWVFK)6FKO|JO
33ULVFKO$:LHVHU5+UVJ-XJHQGOLFKH]ZLVFKHQ.DUULHUHXQG0LVHUH'LH/HKUDXVELOGXQJLQgVWHUUHLFK,Q
QRYDWLRQHQXQG+HUDXVIRUGHUXQJHQ9HUODJGHVg*%:LHQ6
*XJHU$+XHPHU80DKULQJHU+6FKZHUDUEHLW9RONVZLUWVFKDIWOLFKH.RVWHQXQG/HEHQVHUZDUWXQJ:,)2:LHQ
* QJ U +,QWHJUDWLRQ PLW =XJHZDQGHUWHQ ²,QWHJUDWLRQVNRQ]HSW GHV /DQGHV 7LURO PLW0D‰QDKPHQHPSIHKOXQJHQ
/DQG7LURO
+DOWLZDQJHU - & -XOLD , ODQH 6SOHW]HU - 5 :DJHV 3URGXFWLYLW\ DQG WKH '\QDPLF ,QWHUDFWLRQ RI %XVLQHVV DQG
:RUNHUV1%(5:RUNLQJ3DSHU
+DPPHU * 0RVHU & .ODSIHU . /HEHQVODQJHV /HUQHQ ² (UJHEQLVVH GHV 0LNUR]HQVXV -XQL 6WDWLVWLN $XVWULD
:LHQ
+DUW3(2XOWRQ1-RE&UHDWLRQLQWKH&RUSRUDWH6HFWRU7KH5HODWLYH,PSRUWDQFHRI%LUWKV'HDWKVDQG6XUYLYRUV
1,(65'LVFXVVLRQ3DSHU1R
+RIHU + :LQWHU(EPHU 5 /RQJLWXGLQDO 'DWD IURP 6RFLDO 6HFXULW\ 5HFRUGVLQ $XVWULD 6FKPROOHUV -DKUEXFK
6
+ROP$'DELVK/DERXU0DUNHW3ROLFDPHDVXUHDQ(YDOXDWLRQ3HHU5HYLHZ
+XEHU 3 $NWLYH %HVFKlIWLJXQJ LQ 2EHU|VWHUUHLFK 6WXGLH GHV gVWHUUHLFKLVFKHQ ,QVWLWXWV I U :LUWVFKDIWVIRUVFKXQJ LP
$XIWUDJGHU.DPPHUI U$UEHLWHUXQG$QJHVWHOOWH2EHU|VWHUUHLFK:,)2:LHQ
+XEHU 3 6FKZHUSXQNW 7HUULWRULDOH %HVFKlIWLJXQJVSDNWH LQ /XW] + 0DKULQJHU + :,)2 (YDOXLHUXQJ
(XURSlLVFKHU 6R]LDOIRQGV =LHO ² gVWHUUHLFK 6WXGLH GHV gVWHUUHLFKLVFKHQ ,QVWLWXWV I U :LUWVFKDIWVIRU
VFKXQJ
+XEHU3HWDO$QDO\VHGHU:LHQHU:LUWVFKDIWVDNWLYLWlWHQ6WXGLHLP$XIWUDJGHU6WDGW:LHQgVWHUUHLFKLVFKHV,QVWLWXW
I U:LUWVFKDIWVIRUVFKXQJ
+XEHU3HWDO$QDO\VHGHU:LUWVFKDIWVDNWLYLWlWHQLQ1LHGHU|VWHUUHLFK:,)26WXGLHLP$XIWUDJGHV$PWHVGHU1LHGHU
|VWHUUHLFKLVFKHQ/DQGHVUHJLHUXQJ:LHQ
+XEHU3+XHPHU8%HVFKlIWLJXQJLP+DQGHO6WXGLHGHVgVWHUUHLFKVLVFKHQ,QVWLWXWVI U:LUWVFKDIWVIRUVFKXQJ:,)2
:LHQ
+XEHU3+XHPHU8.UDWHQD.0DKULQJHU+0LWWHOIULVWLJH%HVFKlIWLJXQJVSURJQRVHI UgVWHUUHLFK²%HUXIOLFKHXQG
VHNWRUDOH9HUlQGHUXQJHQELV:,)2
+XEHU30D\HUKRIHU3$NWXHOOH+HUDXVIRUGHUXQJHQGHV:LHQHU%HVFKlIWLJXQJVV\VWHPV:,)2:LHQ

²²
+XEHU3:DOWHUVNLUFKHQ(0|JOLFKNHLWHQHLQHUUHJLRQDOHQ$UEHLWVPDUNWSROLWLNLQ2EHU|VWHUUHLFK6WXGLHGHV|VWHU
UHLFKLVFKHQ,QVWLWXWVI U:LUWVFKDIWVIRUVFKXQJ:,)2:LHQ
+XPPHO 0 5HLQEHUJ $ =XU ODQJIULVWLJHQ (QWZLFNOXQJ GHV TXDOLILNDWLRQVVSH]LILVFKHQ $UEHLWVNUlIWHDQJHERWV XQG
EHGDUIVLQ'HXWVFKODQG0LWWHLOXQJHQDXVGHU$UEHLWVPDUNWXQG%HUXIVIRUVFKXQJ-J+
+\JXP 2 %HVFKlIWLJXQJVZXQGHU 'lQHPDUN HLQ 0RGHOO" LQ 6FKPLGW * 6FK|QPDQQ . +UVJ YRQ 'lQHPDUN
OHUQHQ²/HDUQLQJIURP'HQPDUN:=%'LVFXVVLRQ3DSHU)66
-DFNPDQ55RSHU6W6WUXFWXUDO8QHPSOR\PHQW2[IRUG%XOOHWLQRI(FRQRPLFVDQG6WDWLVWLFV6
-LPHQR-)DQG6%HQWROLOD65HJLRQDOXQHPSOR\PHQWSHUVLVWHQFH6SDLQ/DERXU(FRQRPLFV
6
-RKQVRQ*&KDQJHVLQ(DUQLQJV,QHTXDOLW\7KH5ROHRI'HPDQG6KLIWV-RXUQDORI(FRQRPLF3HUVSHFWLYHVYRO
QRSS
-RYDQRYLF%6HOHFWLRQDQG(YROXWLRQLQ,QGXVWU\(FRQRPHWULFD6
.DOPDU0HWDO(UZHUEVWlWLJNHLWLQ7LUROELV6WXGLHLP$XIWUDJGHU$UEHLWHUNDPPHU7LURO,QQVEUXFN
.DOPDU0HWDO8QEHZlOWLJWH+HUDXVIRUGHUXQJHQGHU(UZHUEVWlWLJNHLWLQ7LURO6WXGLHLP$XIWUDJGHU$UEHLWHUNDP
PHU7LURO,QQVEUXFN
.LWVRQ00DUWLQ57\OHU3(GLWRULDO,Q+RQRXURI'DYLG.HHEOH3LRQHHULQWKH6WXG\RI5HJLRQDO(QWHUSULVHDQG
(QWUHSUHQHXUVKLS5HJLRQDO6WXGLHV6
.OXYH - 6FKPLGW & 0 &DQ WUDLQLQJ DQG (PSOR\PHQW VXEVLGLHV FRPEDW (XURSHDQ 8QHPSOR\PHQW" (FRQRPLF
3ROLF\6
.RQLQJ - HW DO

²²
0DKULQJHU + 7UHQGV LV -RE 6WDELOLW\ DQG 'HVWLQDWLRQV RI -RE (QGLQJV DV &RPSHWLQJ 5LVNV ² $ VXUYLYDO $QDO\VLV
$SSURDFKWR-RE6WDELOLW\LQD)ORZ6DPOHRI(PSOR\PHQW5HODWLRQVKLSVLQ$XVWULDIURPWRXQYHU|I
IHQWOLFKWH'LVVHUWDWLRQ8QLYHUVLWlW/LQ]
0DUWLQ-3*UXEE':KDW:RUNVDQGIRUZKRP$UHYLHZRI2(&'FRXQWULHVH[SHULHQFHZLWKDFWLYHODERUPDUNHW
SROLFLHV:RUNLQJ3DSHU2(&'3DULV
0DWD - 3RUWXJDO 3 *XLPDUH] 3 7KH VXUYLYDORI 1HZ 3ODQWV 6WDUW ²8S &RQGLWLRQDQG3RVW (QWU\ (YROXWLRQ,QWHU
QDWLRQDO-RXUQDORI,QGXVWULDO2UJDQLVDWLRQ6
0D\HUKRIHU38QWHUQHKPHQVJU QGXQJHQDOV:LUWVFKDIWVSROLWLVFKH=LHOJU|‰HLQ+DQGOHU++UVJ:LUWVFKDIWVVWDQG
RUWgVWHUUHLFK5DKPHQEHGLQJXQJHQLP8PEUXFK%XQGHVPLQLVWHULXPI U:LUWVFKDIWOLFKH$QJHOHJHQKHLWHQ6HN
WLRQ:LUWVFKDIWVSROLWLN:LHQ
0D\HUKRIHU33DOPH*D6DFKJ WHUHU]HXJXQJXQG'LHQVWOHLVWXQJHQ6HNWRUDOH:HWWEHZHUEVIlKLJNHLWXQG
UHJLRQDOH,QWHJUDWLRQVIROJHQ7HLOSURMHNWGHV)RUVFKXQJVSURJUDPPV35(3$5,7

²²
3HWHQGUD%6R]LDOUlXPOLFKH,QWHJUDWLRQYRQ=XZDQGHUHUQ:HUNVWDWWEHULFKW6FKDGHU6WLIWXQJ-lQQHU
3IHLIIHU)([LVWHQ]JU QGXQJHQ(LQ:HJ]XU%HVFKlIWLJXQJVI|UGHUXQJ=HLWVFKULIWI U$UEHLWVPDUNW)RUVFKXQJ
3O QQHFNH$:HUQHU''DVGXDOH$XVELOGXQJVV\VWHP³'LH%HGHXWXQJGHU%HUXIVDXVELOGXQJI U-XJHQGDUEHLWVOR
VLJNHLWXQG:DFKVWXP%HLWUlJH]XU2UGQXQJVSROLWLN1U,QVWLWXWGHUGHXWVFKHQ:LUWVFKDIW
5DPVWDG ( 6HOI (YDOXDWLRQ RI GHYHORSPHQWDO 3URMHFWV )LQQLVK 1DWLRQDO :RUNSODFH GHYHORSPHQW 3URJUDPPH
3XEOLFDWLRQV
5HJHULQJVNDQOLHW7KH6ZHGLVK5HIRUP3URJUDPPHIRU*URZWKDQG(PSOR\PHQW6WRFNKROP
5HLMHQJD)$'LVDELOLW\0DQDJHPHQW'LVFXVVLRQ3DSHUIRUWKH3HHU5HYLHZ3URJUDPPH1RYHPEHU
5HLQEHUJ $ +XPPHO 0 =XU ODQJIULVWLJHQ (QWZLFNOXQJ GHV TXDOLILNDWLRQVVSH]LILVFKHQ $UEHLWVNUlIWHDQJHERWV XQG
EHGDUIVLQ'HXWVFKODQGLQ0LWWHLOXQJHQDXVGHU$UEHLWVPDUNWXQG%HUXIVIRUVFKXQJ
5LEROLWV(/HKUOLQJVDXVELOGXQJLQgVWHUUHLFK³0LVHUHPDOGUHL:,626
5RMDV06ZHGHQDIWHUWKH6ZHGLVK0RGHO²IURP7XWRULDO6WDWHWR(QDEOLQJ6WDWH7LPEUR
6FKDUSI ) : 6R]LDOVWDDWHQ LQ GHU *OREDOLVLHUXQJVIDOOH" /HKUHQ DXV GHP LQWHUQDWLRQDOHQ 9HUJOHLFK 0D[ ² 3ODQFN
*HVHOVFKDIW]XU)|UGHUXQJGHU:LVVHQVFKDIWH9-DKUEXFK.|OQ6
6FKPLG * 6FK|QPDQQ . 9RQ 'lQHQ OHUQHQ ² /HDUQLQJ IURP 'HQPDUN :=% 'LVFXVVLRQ SDSHU :LVVHQ
VFKDIWV]HQWUXP%HUOLQ%HUOLQ
6FKQHHEHUJHU $3HWDQRYLWVFK $(LQJDQJVTXDOLILNDWLRQ YRQ /HKUDQIlQJHUQ ³ $QDO\VHQ XQG6FKOXVVIROJHUXQJHQ
,%:LQ,%:%LOGXQJ :LUWVFKDIW1U:LHQ
6FK|EHUO0HWDO'DV'DWHQYHUDUEHLWXQJVV\VWHPGHU:,)2$UEHLWVPDUNWDQDO\VHDXIGHU%DVLVYRQ,QGLYLGXDOGDWHQ
:$%,0DQXVFULSW:,)2:LHQ
6FK|QH5:HLQULFK.:HLJROG$9HUJOHLFKHQGH6WXGLH]XPDNWXHOOHQ(QWZLFNOXQJVVWDQGYRQ3URGXNWLRQVVFKXOHQ
LQ'lQHPDUNgVWHUUHLFKXQG'HXWVFKODQG78&KHPQLW]
6FKU|GHU+6FKLHO6$XVW)1LFKWWHLOQDKPHDQEHUXIOLFKHU:HLWHUELOGXQJ²0RWLYH%HZHJJU QGH+LQGHUQLVVH([
SHUWHQNRPPLVVLRQ )LQDQ]LHUXQJ /HEHQVODQJHQ /HUQHQV +UVJ %XQGHVPLQLVWHULXP I U %LOGXQJ XQG )RUVFKXQJ
ZEYELHOHIHOG
6FKQXU3$UEHLWVODQGVFKDIW²7HLO'LHQVWOHLVWXQJVJHVHOOVFKDIWDXILQGXVWULHOOHP1lKUERGHQ*HVDPWZLUWVFKDIW
OLFKHXQGVHNWRUDOH(QWZLFNOXQJ1 UQEHUJ65HLKH6HULH,$%.XU]EHULFKW1U
6H\GD67UHQGVXQG8UVDFKHQGHU+|KHUTXDOLIL]LHUXQJLQ'HXWVFKODQGLQLZWUHQGV-J+HIW,QVWLWXWGHU
GHXWVFKHQ:LUWVFKDIW.|OQ
6KLVKNLQ-(PSOR\PHQWDQG8QHPSOR\PHQW7KH'RXJKQXWRU+ROH0RQWKO\/DERXU5HYLHZ6
6PHUDO($6WUXFWXUDO9LHZRI7RXULVP*URZWK7RXULVP(FRQRPLFV6
6PHUDO(+XHPHU80DKULQJHU+1RYRWQ\%6PHUDO.6WUXNWXUDQDO\VHGHV$UEHLWVPDUNWHVLP%HKHUEHUJXQJV
XQG*DVWVWlWWHQZHVHQ:,)2
6PHUDO ( 0DKULQJHU + +XHPHU 8 $UEHLWVPDUNWSUREOHPH LP %HKHUEHUJXQJV XQG *DVWVWlWWHQZHVHQ :,)2
0RQDWVEHULFKWH
6SOHW]HU-57KH&RQWULEXWLRQRI(VWDEOLVKPHQW%LUWKVDQG'HDWKVWR(PSOR\PHQW*URZWK-RXUQDORI%XVLQHVVDQG
(FRQRPLF6WDWLVWLFV6
6WDKO)-RE&UHDWLRQ-RE'HVWUXFWLRQXQG&KXUQLQJ²$UEHLWVPDUNWEHZHJXQJHQLQgVWHUUHLFK]ZLVFKHQ XQG
'LSORPDUEHLW8QLYHUVLW\RI= ULFK
6WDWLVWLN$XVWULD6\VWHQPDWLNGHU:LUWVFKDIWVWlWLJNHLWHQ:LHQ
6WDWLVWLN$XVWULD9RONV]lKOXQJ²%LOGXQJVVWDQGGHU%HY|ONHUXQJ:LHQ

²²
6WHHGPDQ+%HQFKPDUNLQJ$SSUHQWLFHVKLS8.DQG&RQWLQHQWDO(XURSH&RPSDUHG&HQWUHIRU(FRQRPLF3HUIRUP
DQFH/6(KWWSFHSOVHDFXNSXEVGRZQORDGGSSGI
6WHLQHU0/DVVQLJJ/6FKQLWWVWHOOHQSUREOHPDWLNLQGHU6HNXQGDUVWXIH,+6LQ(U]LHKXQJXQG8QWHUULFKW1U
6
6WHLQHU0/DVVQLJJ/'URSRXWVXQGSUREOHPDWLVFKH7UDQVLWLRQ,+6:LHQ
6WLJOEDXHU$-REDQG:RUNHU)ORZVLQ$XVWULD²3K'WKHVLV8QLYHUVLW\RI/LQ]
6WLJOEDXHU$6WDKO):LQWHU(EPHU5=ZHLP OOHU--RE&UHDWLRQDQG-RE'HVWUXFWLRQLQD5HJXODWHG/DERU0DU
NHW7KH&DVHRI$XVWULD
6YHQVNW1lULQJVOLY$UHSRUWRQWKH6ZHGLVK5HIRUP3URJUDPPH6WRFNKROP
7LPPHU 0 3 6LUPDL $ 3URGXFWLYLW\ JURZWK LQ $VLDQ PDQXIDFWXULQJ WKH VWUXFWXUDO ERQXV K\SRWKHVLV H[DPLQHG
6WUXFWXUDO&KDQJHDQG(FRQRPLF'\QDPLFV6
9DQ6WHHO$-6WRUH\'-7KH/LQNEHWZHHQ)LUP%LUWKVDQG-RE&UHDWLRQ,VWKHUHD8SDDV7UHH(IIHFW"5HJRQDO
6WXGLHV6
9DUWDLQHQ 0 HW DO 7KH (IIHFWV RI 6XFFHVV RI 7HDP :RUN 3URMHFWV )LQQLVK 1DWLRQDO :RUNSODFH 'HYHORSPHQW
3URJUDPPH3XEOLFDWLRQV
9HU]HWQLWVFK)HWDO+UVJ-XJHQGOLFKH]ZLVFKHQ.DUULHUHXQG0LVHUH'LH/HKUDXVELOGXQJLQgVWHUUHLFK,QQRYDWLR
QHQXQG+HUDXVIRUGHUXQJHQ9HUODJGHVg*%:LHQ
9LVVHU-+HPPHULMFN$(LQ+ROOlQGLVFKHV:XQGHU"5HIRUPGHV6R]LDOVWDDWHVXQG%HVFKlIWLJXQJVZDFKVWXPLQGHQ
1LHGHUODQGHQ&DPSXV:LHQ
:DOWHUVNLUFKHQ(. QIWLJH.QDSSKHLWDQ)DFKNUlIWHQLQ1LHGHU|VWHUUHLFK:,)2
:DOWHUVNLUFKHQ($NWLYH%HVFKlIWLJXQJLQgVWHUUHLFK6WXGLHGHV|VWHUUHLFKLVFKHQ,QVWLWXWVI U:LUWVFKDIWVIRUVFKXQJLP
$XIWUDJGHU$UEHLWHUNDPPHU:LHQ
:HUQHU'$XVELOGXQJVVWHOOHQPDUNW]ZLVFKHQ%HVFKlIWLJXQJVU FNJDQJXQG)DFKNUlIWHPDQJHOLQLZWUHQGV-J
+HIW,QVWLWXWGHUGHXWVFKHQ:LUWVFKDIW.|OQ
:HUQHU')O WHU+RIIPDQQ&K=HGOHU5%HUXIVELOGXQJ%HGDUIVRULHQWLHUXQJXQG0RGHUQLVLHUXQJLQ.O|V+:5
+UVJ%LOGXQJV%HQFKPDUNLQJ'HXWVFKODQG³:DVPDFKWHLQHIIL]LHQWHV%LOGXQJVV\VWHPDXV".|OQ
:LOWKDJHQHWDO7RZDUGV)OH[LFXULW\"%DODQFLQJ)OH[LELOLW\DQG6HFXULW\LQ(8PHPEHUVWDWH3DSHUIRUWKHWK:RUOG
&RQJUZHVVRIWKH,QWHUQDWLRQDO,QGXVWULDO5HODWLRQV$VVRFLDWLRQ,,5$%HUOLQ
:.ghEHUOHEHQVTXRWHQYRQ8QWHUQHKHPHQVQHXJU QGXQJHQ:LUWVFKDIWVNDPPHUgVWHUUHLFK:LHQ
:ROIPD\U < .RRUG $XVZLUNXQJHQ GHU QHXHQ 6WUXNWXUIRQGVYHURUGQXQJ DXI gVWHUUHLFKV :LUWVFKDIWVVWDQGRUW XQG
([SRUWH6WXGLHGHV|VWHUUHLFKLVFKHQ,QVWLWXWVI U:LUWVFKDIWVIRUVFKXQJLP$XIWUDJGHV%XQGHVPLQLVWHULXPVI U:LUW
VFKDIWXQG$UEHLWXQGGHU:LUWVFKDIWVNDPPHUgVWHUUHLFK:LHQ