Dreißig Jahre danach

3,3(59(5/$*,6%11$ HERRNE\%22.= 5 86 'LHVHV(ERRNLVWQLFKW]XP9HUNDXIEHVWLPPW $/'286+8;/(< '5...

Author: Aldous Huxley

57 downloads 1093 Views 682KB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!

Report copyright / DMCA form

DOWNLOAD PDF

3,3(59(5/$*,6%11$ HERRNE\%22.= 5 86 'LHVHV(ERRNLVWQLFKW]XP9HUNDXIEHVWLPPW

$/'286+8;/(<

'5(,66,*-$+5('$1$&+ 2'(5 :,('(56(+(10,7'(5 :$&.(5(11(8(1:(/7

h%(56(7=7921 +(5%(57+(+(5/,76&+.$

53,3(5 &29(5/$* 0h1&+(1

'LH2ULJLQDO$XVJDEHHUVFKLHQ LP9HUODJ&KDWWR :LQGXV/RQGRQXQWHUGHP7LWHO

%5$9(1(::25/'5(9,6,7('

$XÀDJH7DXVHQG (LQEDQGXQG6FKXW]XPVFKODJYRQ:HUQHU5HEKXKQ *HVDPWKHUVWHOOXQJ*UDSKLVFKH.XQVWDQVWDOW-RV&+XEHU.* 'LHVVHQYRU0QFKHQ53LSHU &R9HUODJ0QFKHQ 3ULQWHGLQ*HUPDQ\

,QKDOW

925:257

h%(59g/.(581*

48$17,7b748$/,7b7025$/,7b7

h%(525*$1,6,(581*

3523$*$1'$,1(,1(5'(02.5$7,(

3523$*$1'$817(5(,1(5',.7$785 9(5.$8)6.h167(

*(+,51:b6&+(

&+(0,6&+(h%(55('81*

817(5%(:8667(h%(55('81*

+<3123b',(

(5=,(+81*=85)5(,+(,7

:$6/b6676,&+781"

$/'286+8;/(<'5(,66,*-$+5('$1$&+

925:257

'HV :LW]HV 6HHOH NDQQ ]XU OHLEKDIWLJHQ 8QZDKUKHLW ZHUGHQ 6R HOHJDQW XQG HLQSUlJVDP .U]H DXFK VHLQ PDJ NDQQ VLH QDWXUJHPl QLH DOOHQ 7DWVDFKHQ HLQHV YLHOIlOWLJHQ 6DFKYHUKDOWV JHUHFKW ZHUGHQ hEHU HLQHQ VROFKHQ YHUPDJ PDQ VLFK QXU PLWWHOV :HJODVVHQV XQG 9HUHLQIDFKHQV NXU]]XIDVVHQ:HJODVVXQJHQXQG9HUHLQIDFKXQJHQ KHOIHQXQV]XYHUVWHKQ²DEHULQYLHOHQ)lOOHQGDV )DOVFKH GHQQ ZDV ZLU HUIDVVHQ VLQG YLHOOHLFKW QXU GLH VlXEHUOLFK IRUPXOLHUWHQ 9RUVWHOOXQJHQ GHV 9HUHLQIDFKHUV QLFKW GLH XQJHKHXUH YLHOYHU]ZHLJWH :LUNOLFKNHLW YRQ GHU GLHVH 9RUVWHOOXQJHQ HLQ VR ZLOONUOLFKHU$XV]XJVLQG 'RFK GDV /HEHQ LVW NXU] XQG GHV /HUQHQV NHLQ (QGH QLHPDQG KDW =HLW IU DOOHV ,Q GHU 3UD[LV VLQG ZLU JHZ|KQOLFK JH]ZXQJHQ ]ZLVFKHQ HLQHU XQJHEKUOLFK NXU]HQ XQG JDU NHLQHU 'DUOHJXQJ ]X ZlKOHQ =X NU]HQ LVW DOVR HLQ QRWZHQGLJHV hEHOXQG$XIJDEHGHV.U]HQGHQLVWHVVRJXW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

HUNDQQPLWHLQHU$UEHLWIHUWLJ]XZHUGHQZHOFKH ZHQQDXFKDQVLFKVFKOHFKWGRFKEHVVHULVWDOV QLFKWV(UPX]XYHUHLQIDFKHQOHUQHQDEHUQLFKW ELV]XP9HUIlOVFKHQ(UPXOHUQHQVLFKDXIGDV :HVHQWOLFKH HLQHV 6DFKYHUKDOWV ]X NRQ]HQWULHUHQ RKQH]XYLHOHQlKHUEHVWLPPHQGH1HEHQXPVWlQGH GHU :LUNOLFKNHLW XQEHDFKWHW ]X ODVVHQ $XI GLHVH :HLVH LVW HU YLHOOHLFKW LPVWDQGH ]ZDU QLFKW GLH YROOH :DKUKHLW GHQQ GLH YROOH :DKUKHLW EHU LUJHQGHLQHQZLFKWLJHQ*HJHQVWDQGLVWXQYHUHLQEDU PLW .U]H DEHU EHWUlFKWOLFK PHKU ]X VDJHQ DOV GLH JHIlKUOLFKHQ 9LHUWHO XQG +DOEZDKUKHLWHQ ZHOFKH LPPHU GLH JDQJEDUH 0Q]H GHV 'HQNHQV ZDUHQ 'DV 7KHPD GHU )UHLKHLW XQG LKUHU )HLQGH LVW ULHVHQJUR XQG ZDV LFK KLHU JHVFKULHEHQ KDEH LVW VLFKHUOLFK ]X NXU] XP LKP JHUHFKW ]X ZHUGHQ DEHU LFK KDEH ZHQLJVWHQV YLHOH 6HLWHQ GHV 3UREOHPV EHUKUW (LQH MHGH LVW YLHOOHLFKW LQ GHU 'DUOHJXQJ HLQ ZHQLJ ]X VHKU YHUHLQIDFKW ZRUGHQ GLHVH DXIHLQDQGHUIROJHQGHQ EHUPlLJHQ 9HUHLQIDFKXQJHQVXPPLHUHQVLFKMHGRFK]XHLQHP %LOG ZHOFKHV ZLH LFK KRIIH HLQH $QGHXWXQJ GHU 5LHVHQKDIWLJNHLW XQG 9LHOIlOWLJNHLW GHU 6DFKH VHOEVWYHUPLWWHOW :HJJHODVVHQ DXV GHP %LOG QLFKW ZHLO VLH XQZLFKWLJ VLQG VRQGHUQ EOR DXV %HTXHPOLFKNHLW XQG ZHLO LFK VLH EHL IUKHUQ *HOHJHQKHLWHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

HU|UWHUWH VLQGGLHPHFKDQLVFKHQXQGPLOLWlULVFKHQ )HLQGH GHU )UHLKHLW ² GLH :DIIHQ XQG :HUN]HXJH ZHOFKH GLH 0DFKW GHU :HOWEHKHUUVFKHU EHU LKUH 8QWHUWDQHQ VR PlFKWLJ JHVWlUNW KDEHQ XQG GLH LPPHU UXLQ|VHUHQ NRVWVSLHOLJHQ 9RUEHUHLWXQJHQ IU LPPHU VLQQORVHUH VHOEVWP|UGHULVFKH .ULHJH %HLP/HVHQGHUIROJHQGHQ.DSLWHOVROOWHPDQVLFKDOV +LQWHUJUXQGGHQ8QJDULVFKHQ$XIVWDQGXQGVHLQH 1LHGHUVFKODJXQJ GHQNHQ GLH :DVVHUVWRIIERPEHQ GLH.RVWHQGHVVHQZDVMHGH1DWLRQª9HUWHLGLJXQJ© QHQQWXQGGLHVHHQGORVHQ.RORQQHQXQLIRUPLHUWHU MXQJHU 0lQQHU ZHLHU VFKZDU]HU EUDXQHU XQG JHOEHU GLH JHKRUVDP LKUHP JHPHLQVDPHQ 0DVVHQJUDE]XPDUVFKLHUHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

h%(59g/.(581*

,P -DKUH DOV LFK :DFNHUH QHXH :HOW VFKULHE ZDU LFK EHU]HXJW GD QRFK UHLFKOLFK ODQJH =HLW VHL 'LH Y|OOLJ RUJDQLVLHUWH *HVHOOVFKDIW GDV ZLVVHQVFKDIWOLFK JHQDXH .DVWHQV\VWHP GLH $EVFKDIIXQJGHVIUHLHQ:LOOHQVPLWWHOVPHWKRGLVFKHQ %HGLQJHQV GHU 5HÁH[H GLH GXUFK UHJHOPlLJH 9HUDEUHLFKXQJ FKHPLVFK KHUYRUJHUXIHQHU *OFNVHOLJNHLW DQQHKPEDU JHPDFKWH 9HUVNODYXQJ GLH LQ QlFKWOLFKHQ 6FKODIXQWHUULFKWVNXUVHQ HLQJHWULFKWHUWHQ LGHRORJLVFKHQ *ODXEHQVDUWLNHO ²GDVDOOHVZUGHZRKOHLQPDONRPPHQDEHUQLFKW LQ PHLQHU /HEHQV]HLW QLFKW HLQPDO LQ GHU PHLQHU (QNHO,FKZHLGDVJHQDXH'DWXPGHULQ:DFNHUH QHXH:HOWHU]lKOWHQ(UHLJQLVVHQLFKWPHKUDEHUVLH 8QWHUGLHVHP7LWHOHUVFKLHQGLHGHXWVFKHHUVWPDOVLQ/HLS]LJ DOV:HOW²ZRKLQ"YHU|IIHQWOLFKWHhEHUVHW]XQJLQ=ULFK 6LH OLHJW G]W LQ GHU )LVFKHU%FKHUHL YRU XQWHU GHP YRQ GHUHQ /HLWXQJJHZlKOWHQ7LWHO6FK|QHQHXH:HOW$OGRXV+X[OH\HQWQDKP GHQ7LWHO%UDYH1HZ:RUOG6KDNHVSHDUHV6WXUPYOZR0LUDQGDLQ 6FKOHJHOVhEHUVHW]XQJVDJW´ZDFNHUHQHXH:HOWGLHVROFKH%UJHU WUlJWµ$G8

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VSLHOWHQVLFKLUJHQGZDQQLPRGHU-DKUKXQGHUW Q ) QDFK )RUG DE :LU GLH ZLU LP ]ZHLWHQ 9LHUWHOGHV-DKUKXQGHUWVQ&KUOHEWHQZDUHQ ]XJHJHEHQHUPDHQ GLH %HZRKQHU HLQHU JUDXVLJHQ $UW YRQ :HOW DEHU GHU $OEWUDXP MHQHU -DKUH GHU JURHQ:LUWVFKDIWVNULVHZDUJUXQGYHUVFKLHGHQYRQ GHPLQ:DFNHUHQHXH:HOWEHVFKULHEHQHQ$OEWUDXP GHU=XNXQIW'HUXQVUHZDUHLQ$OEWUDXPYRQ]X ZHQLJ2UGQXQJGLHVHULP-DKUKXQGHUWQ) YRQ]XYLHO%HLPhEHUJDQJYRQGHPHLQHQ([WUHP ]XP DQGHUQ HUJlEH VLFK HLQH ODQJH =ZLVFKHQ]HLW VR VWHOOWH LFK PLU YRU ZlKUHQG ZHOFKHU GDV YRQ *OFN EHJQVWLJWHUH 'ULWWHO GHU 0HQVFKKHLW VLFK GDV %HVWH DXV EHLGHQ :HOWHQ KROHQ ZUGH ² GHU XQRUGHQWOLFKHQ:HOWGHV/LEHUDOLVPXVXQGGHUYLHO ]XRUGHQWOLFKHQªZDFNHUHQQHXHQ:HOW©LQZHOFKHU Y|OOLJUHLEXQJVORVHV)XQNWLRQLHUHQNHLQHQ5DXPIU )UHLKHLW RGHU SHUV|QOLFKH 8QWHUQHKPXQJVOXVW XQG (QWVFKOXNUDIWOLHH )DVW GUHLLJ -DKUH GDQDFK LQ GLHVHP GULWWHQ 9LHUWHOGHV-DKUKXQGHUWVQ&KUXQGODQJHYRU GHP(QGHGHV-DKUKXQGHUWVQ)IKOHLFKPLFK EHWUlFKWOLFKZHQLJHURSWLPLVWLVFKGHQQGDPDOVDOV LFK:DFNHUHQHXH:HOWVFKULHE'LH3URSKH]HLXQJHQ YRQ ZHUGHQ YLHO IUKHU ZDKU DOV LFK GDFKWH 'LH VHOLJH =HLW ]ZLVFKHQ ]X ZHQLJ 2UGQXQJ XQG GHP $OEWUDXP YRQ ]X YLHO 2UGQXQJ KDW QLFKW EHJRQQHQ XQG VFKHLQW QLFKW EHJLQQHQ ]X ZROOHQ ,P :HVWHQ DOOHUGLQJV HUIUHXHQ VLFK GLH 0HQVFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

QRFK LPPHU HLQHV JURHQ 0DHV YRQ )UHLKHLW $EHU DXFK LQ GHQMHQLJHQ /lQGHUQ GLH HLQH 7UDGLWLRQ GHPRNUDWLVFKHU 5HJLHUXQJ EHVLW]HQ VFKHLQW GLHVH )UHLKHLW XQG VRJDU GDV 9HUODQJHQ QDFK LKU LP 6FKZLQGHQ ]X VHLQ ,Q GHU EULJHQ :HOW LVW GLH )UHLKHLWGHV,QGLYLGXXPVVFKRQYHUVFKZXQGHQRGHU JDQ] RIIHQVLFKWOLFK XQPLWWHOEDU DP 9HUVFKZLQGHQ 'HU $OEWUDXP WRWDOHU 2UJDQLVLHUXQJ GHQ LFK LQV -DKUKXQGHUW Q ) YHUOHJW KDWWH LVW DXV GHU XQJHIlKUOLFK IHUQHQ =XNXQIW DXIJHWDXFKW XQG HUZDUWHWXQVQXQJOHLFKXPGLHQlFKVWH(FNH *HRUJH 2UZHOOV ZDU GLH YHUJU|HUWH 3URMHNWLRQHLQHU*HJHQZDUWZHOFKHGHQ6WDOLQLVPXV PLWHUOHEWHXQGHLQHUXQPLWWHOEDUHQ9HUJDQJHQKHLW ZHOFKHGDV%OKHQGHV1D]LVPXVPLWHUOHEWKDWWH LQ GLH =XNXQIW :DFNHUH QHXH :HOW KLQJHJHQ ZXUGHJHVFKULHEHQEHYRU+LWOHU]XU0DFKWJHODQJW XQGDOVGHUUXVVLVFKH7\UDQQQRFKQLFKWVRULFKWLJ LQ 6FKZXQJ JHNRPPHQ ZDU 6\VWHPDWLVFKHU 7HUURU ZDU QRFK QLFKW GLH EHlQJVWLJHQGH ]HLWJHQ|VVLVFKH 7DWVDFKH ]X GHU HU ZXUGH 8QGGLHNQIWLJH'LNWDWXUPHLQHULPDJLQlUHQ:HOW ZDUHLQJXW7HLOZHQLJHUEUXWDODOVGLHYRQ2UZHOO VR EULOODQW SRUWUlWLHUWH 8QWHU GHQ 9HUKlOWQLVVHQ YRQ VFKLHQ HQWVHW]OLFK EHU]HXJHQG ]X VHLQ $EHU 7\UDQQHQ VLQG VFKOLHOLFK VWHUEOLFK XQG 9HUKlOWQLVVH lQGHUQ VLFK 'LH MQJVWHQ (QWZLFNOXQJHQ LQ 5XODQG XQG GLH MQJVWHQ )RUWVFKULWWH LQ :LVVHQVFKDIW XQG 7HFKQLN KDEHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHP %XFK 2UZHOOV HLQLJHV YRQ VHLQHU JUXVHOLJHQ :LUNOLFKNHLWVlKQOLFKNHLW JHUDXEW (LQ $WRPNULHJ ZLUG VHOEVWYHUVWlQGOLFK MHGHUPDQQV 9RUDXVVDJHQ ]X 8QVLQQ PDFKHQ $EHU QHKPHQ ZLU IU GHQ $XJHQEOLFNDQGDVLFKGLH*URPlFKWHLUJHQGZLH GDYRQ ZHUGHQ ]XUFNKDOWHQ N|QQHQ XQV ]X YHUQLFKWHQ VR N|QQHQ ZLU VDJHQ GD HV QXQ VR DXVVLHKW DOV ZlUHQ GLH $XVVLFKWHQ IU HWZDV ZLH :DFNHUH QHXH :HOW JQVWLJHU DOV IU HWZDV ZLH ,P /LFKW GHVVHQ ZDV ZLU LQ MQJVWHU =HLW EHU GDV 9HUKDOWHQ GHU 7LHUH LP DOOJHPHLQHQ XQG GHU 0HQVFKHQ LP EHVRQGHUHQ JHOHUQW KDEHQ KDW VLFK JH]HLJW GD %HVWUDIXQJ XQHUZQVFKWHQ 9HUKDOWHQV DXI GLH 'DXHU HLQ ZHQLJHU ZLUNVDPHV %HKHUUVFKXQJVPLWWHOLVWDOV%HORKQXQJXQGGXUFK VLH9HUVWlUNXQJ HUZQVFKWHQ9HUKDOWHQVXQGGD HLQ 7HUURUUHJLPH LP JURHQ XQG JDQ]HQ ZHQLJHU JXW IXQNWLRQLHUW DOV HLQ 5HJLPH JHZDOWORVHQ 0DQLSXOLHUHQV GHU 8PZHOW XQG GHU *HGDQNHQ XQG *HIKOH LQGLYLGXHOOHU 0lQQHU )UDXHQ XQG .LQGHU %HVWUDIXQJ PDFKW XQHUZQVFKWHP 9HUKDOWHQ ]HLWZHLOLJ HLQ (QGH YHUPLQGHUW DEHU QLFKWGDXHUQGGLH1HLJXQJGHV2SIHUV]XVROFKHP 9HUKDOWHQ hEHUGLHV N|QQHQ GLH SV\FKR SK\VLVFKHQ1HEHQSURGXNWHGHU%HVWUDIXQJHEHQVR XQHUZQVFKW VHLQ ZLH GDV 9HUKDOWHQ IU GDV HLQ 0HQVFKEHVWUDIWZRUGHQLVW'LH3V\FKRWKHUDSLHLVW JURHQWHLOVPLWGHU$EVFKZlFKXQJGHUDQWLVR]LDOHQ )ROJHQ IUKHUHU %HVWUDIXQJHQ EHVFKlIWLJW 'LH LQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

EHVFKULHEHQH PHQVFKOLFKH *HVHOOVFKDIW LVW HLQH IDVW DXVVFKOLHOLFK PLWWHOV %HVWUDIXQJ XQG )XUFKW YRU %HVWUDIXQJ EHKHUUVFKWH *HVHOOVFKDIW ,Q GHU LPDJLQlUHQ :HOW PHLQHU HLJHQHQ )DEHO LVW %HVWUDIXQJ QLFKW VHKU KlXÀJ XQG JHZ|KQOLFK PLOG 'LH YRQ GHU 5HJLHUXQJ DXVJHEWH IDVW Y|OOLJH %HKHUUVFKXQJ ZLUG GXUFK V\VWHPDWLVFKHV 9HUVWlUNHQ HUZQVFKWHQ 9HUKDOWHQV HU]LHOW GXUFK YLHOH $UWHQ IDVW JHZDOWORVHQ VRZRKO SK\VLVFKHQ DOV DXFK SV\FKLVFKHQ 0DQLSXOLHUHQV XQG GXUFK JHQHWLVFKH 1RUPXQJ 1HXJHERUHQH LQ )ODVFKHQ XQG GLH ]HQWUDOLVLHUWH .RQWUROOH GHU )RUWSÁDQ]XQJ VLQG YLHOOHLFKW QLFKW XQP|JOLFK DEHU HV LVW JDQ] NODU GD ZLU QRFK ODQJH HLQH OHEHQGJHElUHQGH ZLOONUOLFK VLFK IRUWSÁDQ]HQGH 6SH]LHV EOHLEHQ ZHUGHQ )U SUDNWLVFKH =ZHFNH NDQQ PDQ YRQ JHQHWLVFKHU 1RUPXQJ DEVHKHQ 0HQVFKOLFKH *HVHOOVFKDIWHQ ZHUGHQ DXFK ZHLWHUKLQ SRVWQDWDO EHKHUUVFKW ZHUGHQ ² GXUFK %HVWUDIHQ ZLH LQ GHU 9HUJDQJHQKHLW XQG LQ LPPHU JU|HUHP $XVPD GXUFK GLH ZLUNVDPHUHQ 0HWKRGHQ GHV %HORKQHQV XQGZLVVHQVFKDIWOLFKHQ0DQLSXOLHUHQV ,Q 5XODQG KDW GLH DOWPRGLVFKH 'LNWDWXU 6WDOLQVLP6WLOYRQHLQHU]HLWJHPlHUHQ)RUP GHU 7\UDQQHL ]X ZHLFKHQ EHJRQQHQ ,Q GHQ REHUQ 6FKLFKWHQ GHU KLHUDUFKLVFKHQ 6RZMHWJHVHOOVFKDIW KDW GLH 9HUVWlUNXQJ HUZQVFKWHQ 9HUKDOWHQV GLH DOWHUQ 0HWKRGHQ GHU %HVWUDIXQJ XQHUZQVFKWHQ 9HUKDOWHQV ]X HUVHW]HQ EHJRQQHQ ,QJHQLHXUH XQG

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:LVVHQVFKDIWHU /HKUHU XQG 9HUZDOWXQJVEHDPWH ZHUGHQ IU JXWH $UEHLW DQVHKQOLFK EH]DKOW XQG VR PlLJEHVWHXHUWGDVLHHLQHQEHVWlQGLJHQ$QVSRUQ IKOHQ %HVVHUHV ]X OHLVWHQ XQG VR DXFK K|KHU EHORKQW ]X ZHUGHQ $XI JHZLVVHQ *HELHWHQ VWHKW HVLKQHQIUHLPHKURGHUZHQLJHUZDVVLHZROOHQ]X GHQNHQ XQG ]X WXQ %HVWUDIXQJ HUZDUWHW VLH QXU ZHQQ VLH EHU GLH YRUJHVFKULHEHQHQ *UHQ]HQ LQ GLH*HELHWHGHU,GHRORJLHQXQGGHU3ROLWLNVWUHXQHQ (EHQ ZHLO LKQHQ HLQ JHZLVVHV 0D EHUXÁLFKHU )UHLKHLW JHZlKUW LVW KDEHQ UXVVLVFKH /HKUHU :LVVHQVFKDIWHUXQG7HFKQLNHUVREHPHUNHQVZHUWH (UIROJH HU]LHOW 'LHMHQLJHQ MHGRFK GLH QDKH GHU %DVLVGHU6RZMHWS\UDPLGHOHEHQHUIUHXHQVLFKNHLQHU VROFKHQ9RUUHFKWHZLHVLHGHU*OFNKDEHQGHQRGHU EHVRQGHUV EHJDEWHQ 0LQGHU]DKO JHZlKUW ZHUGHQ ,KUH /|KQH VLQG PDJHU XQG VLH ]DKOHQ LQ )RUP YRQWHXHUQ3UHLVHQHLQHQXQYHUKlOWQLVPlLJJURHQ 7HLO GHU 6WHXHUQ 'DV *HELHW DXI GHP VLH WXQ N|QQHQ ZDV VLH ZROOHQ LVW lXHUVW EHVFKUlQNW XQG VLH ZHUGHQ YRQ LKUHQ %HKHUUVFKHUQ PHKU GXUFK %HVWUDIXQJ XQG GLH )XUFKW YRU %HVWUDIXQJ JHJlQJHOWDOVGXUFKJHZDOWORVHV0DQLSXOLHUHQRGHU GLH 9HUVWlUNXQJ HUZQVFKWHQ 9HUKDOWHQV PLWWHOV %HORKQXQJ'DV6RZMHWV\VWHPYHUELQGHW(OHPHQWH YRQPLWlQGHUQZHOFKHYRUDXVVHKHQODVVHQ ZDV LQ GHQ K|KHUQ .DVWHQ GHU ªZDFNHUHQ QHXHQ :HOW©YRUJLQJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

0LWWOHUZHLOH VFKHLQHQ XQSHUV|QOLFKH .UlIWH EHU ZHOFKHZLUIDVWJDUNHLQH*HZDOWKDEHQXQVLQGHU 5LFKWXQJ DXI GLH ZDFNHUH QHXZHOWOLFKH 1DFKWPDKU YRUZlUWV]XVFKLHEHQ XQG GLHVHV XQSHUV|QOLFKH 9RUZlUWVVFKLHEHQZLUGEHZXWEHVFKOHXQLJWGXUFK 5HSUlVHQWDQWHQ NRPPHU]LHOOHU XQG SROLWLVFKHU 2UJDQLVDWLRQHQ ZHOFKH HLQH $Q]DKO QHXHU 7HFKQLNHQGDIUHUIXQGHQKDEHQGLH*HGDQNHQXQG *HIKOH GHU 0DVVHQ ]XP 9RUWHLO HLQHU 0LQGHUKHLW ]X PDQLSXOLHUHQ 'LH YHUVFKLHGHQHQ 7HFKQLNHQ GHV 0DQLSXOLHUHQV ZHUGHQ LQ HLQHP VSlWHP .DSLWHO EHVSURFKHQ ZHUGHQ )U GHQ $XJHQEOLFN ZROOHQ ZLU XQVUH $XIPHUNVDPNHLW DXI GLHMHQLJHQ XQSHUV|QOLFKHQ.UlIWHEHVFKUlQNHQGLHKHXWHGLH :HOW VR lXHUVW XQVLFKHU IU GLH 'HPRNUDWLH VR XQJDVWOLFKIUSHUV|QOLFKH)UHLKHLWPDFKHQ:HOFKHV VLQGGLHVH.UlIWH"8QGZDUXPKDWGHU$OEWUDXPGHQ LFKLQV-DKUKXQGHUWQ)SURML]LHUWHVRVFKQHOOH )RUWVFKULWWHLQGHU5LFKWXQJDXIXQVJHPDFKW"'LH $QWZRUW DXI GLHVH )UDJHQ PX GRUW DQIDQJHQ ZR GDV/HEHQDXFKGHUK|FKVW]LYLOLVLHUWHQ*HVHOOVFKDIW VHLQHQ$QIDQJQLPPW²DXIGHU(EHQHGHU%LRORJLH $Q GHP HUVWHQ :HLKQDFKWVWDJ ]lKOWH GLH %HY|ONHUXQJ XQVUHV 3ODQHWHQ XQJHIlKU ]ZHLKXQGHUWIQI]LJ 0LOOLRQHQ ² DOVR ZHQLJHU DOV GLH KDOEH %HY|ONHUXQJ GHV KHXWLJHQ &KLQD 6HFK]HKQ-DKUKXQGHUWHVSlWHUDOVGLH3LOJHUYlWHU DP 3O\PRXWK 5RFN ODQGHWHQ ZDU GLH =DKO GHU 0HQVFKHQ DXI HLQ ZHQLJ PHKU DOV IQIKXQGHUW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

0LOOLRQHQ JHVWLHJHQ =XU =HLW GHU 8QWHU]HLFKQXQJ GHU DPHULNDQLVFKHQ 8QDEKlQJLJNHLWVHUNOlUXQJ KDWWH GLH :HOWEHY|ONHUXQJ GLH =DKO YRQ VLHEHQKXQGHUW 0LOOLRQHQ EHUVFKULWWHQ $OV LFK :DFNHUH QHXH :HOW VFKULHE KLHOW VLH EHL NQDSSXQWHU]ZHL0LOOLDUGHQ+HXWHNDXPGUHLLJ -DKUH VSlWHU VLQG HV XQVHU ]ZHL 0LOOLDUGHQ XQG DFKWKXQGHUW 0LOOLRQHQ 8QG PRUJHQ ² ZLHYLHOH PRUJHQ" 3HQLFLOOLQ ''7 XQG UHLQHV :DVVHU VLQG ZRKOIHLO ]X KDEHQ XQG LKUH :LUNXQJ DXI GLH |IIHQWOLFKH *HVXQGKHLW VWHKW DXHU DOOHP 9HUKlOWQLV ]X LKUHQ .RVWHQ $XFK GLH lUPVWH 5HJLHUXQJ LVW UHLFK JHQXJ LKUHQ 8QWHUWDQHQ HLQ EHWUlFKWOLFKHV 0D YRQ 6WHUEOLFKNHLWVEHVFKUlQ NXQJ ]X ELHWHQ 0LW GHU *HEXUWHQEHVFKUlQNXQJ LVWHVHLQHJDQ]DQGUH6DFKH6WHUEOLFKNHLWVEHVFK UlQNXQJ LVW HWZDV GDV YRQ HLQ SDDU 7HFKQLNHUQ ZHOFKHYRQHLQHUZRKOZROOHQGHQ5HJLHUXQJEH]DKOW ZHUGHQIUHLQJDQ]HV9RONEHVRUJWZHUGHQNDQQ *HEXUWHQEHVFKUlQNXQJKlQJWYRQGHU0LWZLUNXQJ HLQHV JDQ]HQ 9RONV DE 6LH PX YRQ ]DKOORVHQ ,QGLYLGXHQ DQJHZHQGHW ZHUGHQ YRQ ZHOFKHQ VLH PHKU ,QWHOOLJHQ] XQG :LOOHQVNUDIW IRUGHUW DOV GLH PHLVWHQGHUDXIGHU:HOWZLPPHOQGHQXQJHELOGHWHQ $QDOSKDEHWHQ EHVLW]HQ XQG ZR FKHPLVFKH RGHU PHFKDQLVFKH 0LWWHO GHU (PSIlQJQLVYHUKWXQJ EHQW]WZHUGHQ HLQHQJU|HUHQ*HOGDXIZDQGDOV GLH PHLVWHQ GLHVHU 0LOOLRQHQ VLFK GHU]HLW OHLVWHQ N|QQHQ hEHUGLHV JLEW HV QLUJHQGV LUJHQGZHOFKH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

UHOLJL|VH 7UDGLWLRQHQ GLH IU XQEHVFKUlQNWHV 6WHUEHQ VSUHFKHQ ZRJHJHQ UHOLJL|VH XQG VR]LDOH 7UDGLWLRQHQ]XJXQVWHQXQEHVFKUlQNWHQ*HEDUHQV ZHLW YHUEUHLWHW VLQG $XV DOOHQ GLHVHQ *UQGHQ OlW VLFK 6WHUEOLFKNHLWVEHVFKUlQNXQJ VHKU OHLFKW HU]LHOHQ *HEXUWHQEHVFKUlQNXQJ DEHU QXU PLW JURHQ 6FKZLHULJNHLWHQ 'LH 6WHUEOLFKNHLWV]DKOHQ VLQGGDKHULQGHQOHW]WHQ-DKUHQPLWHUVWDXQOLFKHU 3O|W]OLFKNHLW JHIDOOHQ GLH *HEXUWHQ]DKOHQ DEHU VLQG HQWZHGHU DXI LKUHP DOWHQ 6WDQG JHEOLHEHQ RGHUVLQGZHQQVLHJHIDOOHQVLQGVHKUZHQLJXQG VHKU ODQJVDP JHIDOOHQ $OV )ROJH GDYRQ VWHLJW GLH =DKO GHU 0HQVFKHQ VFKQHOOHU DOV ]X LUJHQGHLQHU =HLWLQGHU*HVFKLFKWHGHU6SH]LHV +LQ]X NRPPW GD GLH MlKUOLFKHQ =XQDKPHQ VHOEHU ]XQHKPHQ 6LH QHKPHQ UHJHOPlLJ QDFK GHQ 5HJHOQ GHU =LQVHV]LQVHQUHFKQXQJ ]X XQG VLH QHKPHQ DXFK XQUHJHOPlLJ ]X PLW MHGHU QHXHQ $QZHQGXQJ GHU *UXQGVlW]H |IIHQWOLFKHU +\JLHQH GXUFK HLQHQ WHFKQLVFK UFNVWlQGLJHQ 6WDDW *HJHQZlUWLJ EHODXIW VLFK GLH MlKUOLFKH =XQDKPH GHU :HOWEHY|ONHUXQJ DXI XQJHIlKU GUHLXQGYLHU]LJ 0LOOLRQHQ 'DV EHGHXWHW GD GLH 0HQVFKKHLW VLFK DOOH YLHU -DKUH XP GLH =DKO GHU JHJHQZlUWLJHQ %HY|ONHUXQJ GHU 86$ YHUPHKUW XQG DOOH DFKWHLQKDOE -DKUH XP GLH =DKO GHU JHJHQZlUWLJHQ %HY|ONHUXQJ ,QGLHQV %HL GHU ]ZLVFKHQ GHU *HEXUW &KULVWL XQG GHP %HJLQQ GHV 'UHLLJMlKULJHQ.ULHJVYRUKHUUVFKHQGHQMlKUOLFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

=XQDKPH GDXHUWH HV VHFK]HKQ -DKUKXQGHUWH ELV GLH (UGEHY|ONHUXQJ VLFK YHUGRSSHOWH %HL GHU JHJHQZlUWLJHQ =XQDKPH ZLUG VLH VLFK LQ ZHQLJHU DOV HLQHP KDOEHQ -DKUKXQGHUW YHUGRSSHOQ 8QG GLHVHVSKDQWDVWLVFKVFKQHOOH6LFKYHUGRSSHOQXQVUHU =DKO ZLUG DXI HLQHP 3ODQHWHQ VWDWWÀQGHQ GHVVHQ EHJHKUHQVZHUWHVWHXQGSURGXNWLYVWH*HELHWHVFKRQ GLFKW EHY|ONHUW VLQG GHVVHQ (UGVFKLFKWH HURGLHUW ZLUG GXUFK GLH UDVHQGHQ %HPKXQJHQ VFKOHFKWHU /DQGZLUWH PHKU /HEHQVPLWWHO ]X HU]HXJHQ XQG GHVVHQ OHLFKW JUHLIEDUHV 0LQHUDONDSLWDO PLW GHU %HGHQNHQORVLJNHLW HLQHV EHWUXQNHQHQ 6HHPDQQV YHUJHXGHW ZLUG ZHOFKHU VHLQH JHVSDUWH +HXHU YHUSUDW ,QGHUªZDFNHUHQQHXHQ:HOW©PHLQHU)DEHOZDU GDV3UREOHPGHV9HUKlOWQLVVHVYRQ%HY|ONHUXQJV]DKO ]X GHQ 1DWXUVFKlW]HQ ZLUNVDP JHO|VW ZRUGHQ (LQH 2SWLPDO]DKO IU GLH :HOWEHY|ONHUXQJ ZDU HUUHFKQHW ZRUGHQ XQG LQ HLQHU *HQHUDWLRQ QDFK GHUDQGHUQZXUGHGLHVH=DKOHLQJHKDOWHQ GLH VLFK ZHQQLFKPLFKUHFKWHULQQHUH DXIHLQZHQLJXQWHU ]ZHL 0LOOLDUGHQ EHOLHI ,Q GHU ZLUNOLFKHQ :HOW YRQ KHXWH LVW GDV %HY|ONHUXQJVSUREOHP QLFKW JHO|VW ZRUGHQ ,P *HJHQWHLO HV ZLUG PLW MHGHP -DKU HUQVWHUXQGGURKHQGHU8QGHVLVWGLHVHUJULPPLJH ELRORJLVFKH +LQWHUJUXQG YRU GHP VLFK DOOH GLH SROLWLVFKHQ ZLUWVFKDIWOLFKHQ NXOWXUHOOHQ XQG SV\FKRORJLVFKHQ 'UDPHQ XQVUHU =HLW DEVSLHOHQ -H ZHLWHU GDV -DKUKXQGHUW YRUVFKUHLWHW MH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

PHKU QHXH 0LOOLDUGHQ ]X GHQ VFKRQ YRUKDQGHQHQ KLQ]XNRPPHQ ELV PHLQH (QNHOLQ IQI]LJ VHLQ ZLUG ZHUGHQ HV PHKU DOV IQIHLQKDOE 0LOOLDUGHQ VHLQ ZLUG GLHVHU ELRORJLVFKH +LQWHUJUXQG LPPHU DXIGULQJOLFKHU XQG EHGURKOLFKHU LQ GLH 0LWWH XQG GHQ 9RUGHUJUXQG GHU *HVFKLFKWVEKQH UFNHQ 'DV 3UREOHP GHV 9HUKlOWQLVVHV GHU VLFK VFKQHOO YHUJU|HUQGHQ %HY|ONHUXQJHQ ]X VFKZLQGHQGHQ 1DWXUVFKlW]HQ ]X HLQHU VWDELOHQ *HVHOOVFKDIW XQG ]XP :RKOEHÀQGHQ GHV ,QGLYLGXXPV ² GLHV LVW QXQ GDV ]HQWUDOH 3UREOHP GHU 0HQVFKKHLW XQG HV ZLUG JDQ] JHZL IU HLQ -DKUKXQGHUW XQG YLHOOHLFKW IU PHKUHUH -DKUKXQGHUWH GDV ]HQWUDOH 3UREOHP EOHLEHQ (LQ QHXHV =HLWDOWHU KDW DQJHEOLFK DP 2NWREHU EHJRQQHQ 7DWVlFKOLFK DEHU LVW LQ GLHVHP =XVDPPHQKDQJ XQVHU JDQ]HV WULXPSKLHUHQGHV QDFKVSXWQLNLVFKHV *HUHGHEHODQJORVMDVLQQORV6RZHLWGLH0DVVHQGHU 0HQVFKKHLWEHWURIIHQVLQGZLUGGLH=XNXQIWQLFKW GDV:HOWUDXP]HLWDOWHUVHLQVRQGHUQGDV=HLWDOWHU GHU hEHUY|ONHUXQJ :LU N|QQHQ GLH :RUWH GHV DOWHQ/LHGFKHQVSDURGLHUHQXQGIUDJHQ :LUGGHQ:HOWUDXP]XGXUFKVFKZlUPHQ (XFKGHQ6XSSHQNHVVHOZlUPHQ 8QGGHQ%UDWVSLHGUHKQGUHKQGUHKQ" 'LH $QWZRUW LVW VHOEVWYHUVWlQGOLFK HLQ 1HLQ (LQH 1LHGHUODVVXQJ DXI GHP 0RQG ]X JUQGHQ PDJ YLHOOHLFKW YRQ HLQLJHP PLOLWlULVFKHP 9RUWHLO

$/'286+8;/(<'5(,66,*-$+5('$1$&+

IUGLHMHQLJH1DWLRQVHLQGLHVLFKGRUWQLHGHUOlW DEHU HV ZLUG QLFKW GDV JHULQJVWH GD]X EHLWUDJHQ GDV /HEHQ DXI GHU (UGH ZlKUHQG GHU IQI]LJ -DKUH ZHOFKH GLH JHJHQZlUWLJH %HY|ONHUXQJ ]X LKUHU 9HUGRSSHOXQJ EUDXFKHQ ZLUG IU GLH XQWHUHUQlKUWHQ XQG VLFK VWHWLJ YHUPHKUHQGHQ 0LOOLDUGHQHUWUlJOLFKHU]XPDFKHQ8QGDXFKZHQQ LUJHQGZDQQ LQ GHU =XNXQIW GLH $XVZDQGHUXQJ DXI GHQ 0DUV P|JOLFK ZHUGHQ VROOWH DXFK ZHQQ LUJHQGHLQH EHWUlFKWOLFKH =DKO YRQ 0HQVFKHQ YHU]ZHLIHOWJHQXJZlUHVLFKHLQQHXHV/HEHQXQWHU %HGLQJXQJHQ]XHUZlKOHQZHOFKHGHQHQDXIHLQHP GRSSHOWVRKRKHQ%HUJZLHGHU(YHUHVWYHUJOHLFKEDU VLQG ² ZHOFKHQ 8QWHUVFKLHG ZUGH GDV PDFKHQ" ,P /DXI GHU OHW]WHQ YLHU -DKUKXQGHUWH VLQG KEVFKYLHOH0HQVFKHQDXVGHU$OWHQLQGLH1HXH :HOW DXVJHZDQGHUW $EHU ZHGHU LKU $EVWU|PHQ QRFK GDV +HUEHUVWU|PHQ YRQ /HEHQVPLWWHOQ XQG 5RKVWRIIHQ KDW GLH 3UREOHPH GHU $OWHQ :HOW O|VHQ N|QQHQ (EHQVRZHQLJ ZLUG GLH 9HUVFKLIIXQJ HLQLJHU EHU]lKOLJHU 0HQVFKHQ DXI GHQ 0DUV PLW 8QNRVWHQ YRQ PHKUHUHQ 0LOOLRQHQ 'ROODU MH .RSI IU GLH %HI|UGHUXQJ GRUWKLQ XQG GLH 1LHGHUODVVXQJ GRUWVHOEVW HWZDV GD]X EHLWUDJHQ GDV3UREOHPGHVZDFKVHQGHQ%HY|ONHUXQJVGUXFNV DXI XQVHUP 3ODQHWHQ ]X O|VHQ 8QJHO|VW DEHU ZLUG GLHVHV 3UREOHP DOOH XQVUH lQGHUQ 3UREOHPH XQO|VEDU PDFKHQ 6FKOLPPHU QRFK HV ZLUG =XVWlQGH VFKDIIHQ EHL GHQHQ GLH )UHLKHLW GHV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,QGLYLGXXPVXQGGLHVR]LDOHQ6FKLFNOLFKNHLWHQGHU GHPRNUDWLVFKHQ /HEHQVZHLVH XQP|JOLFK MD IDVW XQGHQNEDUVHLQZHUGHQ 1LFKWDOOH'LNWDWXUHQHQWVWHKQDXIGLHVHOEH:HLVH 9LHOH 6WUDHQ IKUHQ ]XU ªZDFNHUHQ QHXHQ :HOW© DEHUGLHYLHOOHLFKWJHUDGHVWHXQGEUHLWHVWHYRQLKQHQ LVW GLH 6WUDH GLH ZLU KHXWH JHKQ GLH 6WUDH GLH EHU JLJDQWLVFKH =DKOHQ XQG EHVFKOHXQLJWH =XQDKPHQ IKUW :LU ZROOHQ NXU] GLH *UQGH GLHVHUHQJHQ:HFKVHOEH]LHKXQJ]ZLVFKHQ]XYLHOHQ XQG VLFK ]X UDVFK YHUPHKUHQGHQ 0HQVFKHQ XQG GHP $XINRPPHQ DXWRULWlUHU 3KLORVRSKLHQ XQG WRWDOLWlUHU5HJLHUXQJVV\VWHPHEHUEOLFNHQ -H VWlUNHU GHU 'UXFN JURHU XQG ]XQHKPHQGHU %HY|ONHUXQJHQ DXI GLH YHUIJEDUHQ 5RKVWRIIH XQG /HEHQVPLWWHO LVW GHVWR XQVLFKHUHU GLH ZLUWVFKDIWOLFKH /DJH GHU GLHVH KDUWH 3UIXQJ HUGXOGHQGHQ *HVHOOVFKDIW 'DV WULIIW EHVRQGHUV DXI GLHMHQLJHQ XQWHUHQWZLFNHOWHQ *HELHWH ]X ZR HLQSO|W]OLFKHV6LQNHQGHU6WHUEOLFKNHLWV]DKOGDQN ''73HQLFLOOLQXQGUHLQHP:DVVHUQLFKWYRQHLQHP HQWVSUHFKHQGHQ6LQNHQGHU*HEXUWHQ]DKOEHJOHLWHW LVW ,Q 7HLOHQ YRQ $VLHQ XQG LP JU|WHQ 7HLO YRQ 0LWWHO XQG 6GDPHULND ZlFKVW GLH %HY|ONHUXQJ VRVFKQHOOGDVLHVLFKLQZHQLJPHKUDOV]ZDQ]LJ -DKUHQYHUGRSSHOQZLUG:HQQGLH(U]HXJXQJYRQ 1DKUXQJVPLWWHOQ XQG 9HUEUDXFKVJWHUQ ZHQQ +lXVHU 6FKXOHQ XQG /HKUHU VWlUNHU YHUPHKUW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ZHUGHQ N|QQWHQ DOV GLH =DKO GHU 0HQVFKHQ VLFK YHUPHKUW ZlUH HV P|JOLFK GDV HOHQGH /RV GHU LQ GLHVHQ XQWHUHQWZLFNHOWHQ XQG EHUY|ONHUWHQ /lQGHUQ/HEHQGHQ]XYHUEHVVHUQ/HLGHUDEHUIHKOW HVGLHVHQ/lQGHUQQLFKWQXUDQODQGZLUWVFKDIWOLFKHQ 0DVFKLQHQXQGDQ,QGXVWULHDQODJHQZHOFKHIlKLJ ZlUHQ GLHVH 0DVFKLQHQ ]X HU]HXJHQ VRQGHUQ DXFK DQ GHP Q|WLJHQ .DSLWDO ]XU (UULFKWXQJ VROFKHU ,QGXVWULHDQODJHQ .DSLWDO LVW ZDV EULJEOHLEW QDFKGHP GLH SULPlUHQ %HGUIQLVVH HLQHU %HY|ONHUXQJ EHIULHGLJW ZRUGHQ VLQG $EHU GLH SULPlUHQ %HGUIQLVVH GHU PHLVWHQ 9|ONHU LQ XQWHUHQWZLFNHOWHQ /lQGHUQ ZHUGHQ QLH YROO EHIULHGLJW $P (QGH HLQHV MHGHQ -DKUHV EOHLEW IDVW QLFKWV EULJ 8QG GDKHU LVW IDVW NHLQ .DSLWDO YHUIJEDUXPLQGXVWULHOOHXQGODQGZLUWVFKDIWOLFKH %HWULHEH]XVFKDIIHQGXUFKZHOFKHGLH%HGUIQLVVH GHV 9RONV EHIULHGLJW ZHUGHQ N|QQWHQ hEHUGLHV KHUUVFKWLQDOOHQGLHVHQXQWHUHQWZLFNHOWHQ/lQGHUQ HLQ JURHU 0DQJHO DQ JHVFKXOWHQ $UEHLWVNUlIWHQ RKQHZHOFKHHLQHPRGHUQH,QGXVWULHRGHUPRGHUQH /DQGZLUWVFKDIW QLFKW EHWULHEHQ ZHUGHQ NDQQ 'LH JHJHQZlUWLJHQ 8QWHUULFKWVP|JOLFKNHLWHQ VLQG XQ]XOlQJOLFK GDV VLQG DXFK GLH ÀQDQ]LHOOHQ XQG NXOWXUHOOHQ 0LWWHO XP GLH EHVWHKHQGHQ 0|JOLFKNHLWHQ VR VFKQHOO ]X YHUEHVVHUQ ZLH GLH /DJH HV HUIRUGHUW 8QWHUGHVVHQ YHUPHKUW VLFK GLH %HY|ONHUXQJ HLQLJHU GLHVHU XQWHUHQWZLFNHOWHQ /lQGHUMlKUOLFKXPGUHLYRP+XQGHUW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,KUH WUDJLVFKH /DJH ZLUG LQ HLQHP ZLFKWLJHQ YHU|IIHQWOLFKWHQ %XFK 7KH QH[W +XQGUHG
$/'286+8;/(<'5(,66,*-$+5('$1$&+

DXIUHFKW]XKDOWHQ,PPHUPHKU0DFKWZLUGVRLQGHQ +lQGHQ GHU ([HNXWLYH XQG LKUHU EURNUDWLVFKHQ 0DQDJHU NRQ]HQWULHUW 'DV :HVHQ GHU 0DFKW DEHU LVW YRQ VROFKHU $UW GD VRJDU GLHMHQLJHQ GLH QLFKW QDFK LKU JHVWUHEW KDEHQ VRQGHUQ VLH VLFK DXIJHGUlQJW VHKHQ *HVFKPDFN DQ PHKU GDYRQ ÀQGHQ ª)KUH XQV QLFKW LQ 9HUVXFKXQJ© EHWHQ ZLUXQGPLWJXWHP*UXQGGHQQZHQQ0HQVFKHQ DOO]X ORFNHQG RGHU DOO]X ODQJH YHUVXFKW ZHUGHQ JHEHQ VLH JHZ|KQOLFK GHU 9HUVXFKXQJ QDFK (LQH GHPRNUDWLVFKH .RQVWLWXWLRQ LVW HLQ 0LWWHO GD]X GLH |UWOLFKHQ 0DFKWKDEHU GDUDQ ]X KLQGHUQ GHQ EHVRQGHUV JHIlKUOLFKHQ 9HUVXFKXQJHQ ]X HUOLHJHQ GLH HQWVWHKQ ZHQQ ]XYLHO 0DFKW LQ ]XZHQLJHQ +lQGHQ NRQ]HQWULHUW LVW (LQH VROFKH .RQVWLWXWLRQ EHZlKUW VLFK UHFKW JXW ZR ZLH LQ *UREULWDQQLHQ RGHU GHQ 86$ EHUOLHIHUXQJVJHPlH $FKWXQJ YRU NRQVWLWXWLRQHOOHQ 9HUIDKUHQ EHVWHKW :R DEHU GLH UHSXEOLNDQLVFKH RGHU EHVFKUlQNW PRQDUFKLVFKH 7UDGLWLRQ VFKZDFK LVW ZLUG DXFK GLH EHVWH .RQVWLWXWLRQ HKUJHL]LJH 3ROLWLNHU QLFKW GDYRQ DEKDOWHQ GHQ 9HUVXFKXQJHQ GHU 0DFKW JODWW XQG JHUQ ]X HUOLHJHQ 8QG LQ MHGHP /DQG ZR GHU %HY|ONHUXQJV]XZDFKV VFKZHU DXI GLH YHUIJEDUHQ 5RKVWRIIHXQG1DKUXQJVPLWWHO]XGUFNHQEHJLQQW PVVHQ QRWZHQGLJHUZHLVH GLHVH 9HUVXFKXQJHQ HQWVWHKQ hEHUY|ONHUXQJ IKUW ]X ZLUWVFKDIWOLFKHU 8QVLFKHUKHLW XQG VR]LDOHU 8QUXKH 8QUXKH XQG 8QVLFKHUKHLWIKUHQ]XQRFKPHKU.RQWUROOHGXUFK

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GLH =HQWUDOUHJLHUXQJ XQG ]X HLQHU 0HKUXQJ LKUHU 0DFKW :R HLQH NRQVWLWXWLRQHOOH 7UDGLWLRQ IHKOW ZLUG GLHVH YHUPHKUWH 0DFKW ZDKUVFKHLQOLFK DXI GLNWDWRULVFKH:HLVHDXVJHEWZHUGHQ$XFKZHQQGHU .RPPXQLVPXV QLH HUIXQGHQ ZRUGHQ ZlUH ZUGH GLHVZDKUVFKHLQOLFKJHVFKHKHQ'HU.RPPXQLVPXV DEHU LVW HUIXQGHQ ZRUGHQ $QJHVLFKWV GLHVHU JHJHEHQHQ 7DWVDFKH ZLUG GLH :DKUVFKHLQOLFKNHLW GD hEHUY|ONHUXQJ GXUFK 8QUXKHQ ]XU 'LNWDWXU IKUHQZHUGHJUDGH]XHLQH*HZLKHLW(VLVWHLQH ]LHPOLFK VLFKHUH :HWWH GD YRQ KHXWH LQ ]ZDQ]LJ -DKUHQ DOOH EHUY|ONHUWHQ XQG XQWHUHQWZLFNHOWHQ /lQGHUGHU:HOWXQWHULUJHQGHLQHU)RUPWRWDOLWlUHU +HUUVFKDIWVWHKQZHUGHQ²ZDKUVFKHLQOLFKGHUGHU NRPPXQLVWLVFKHQ3DUWHL :LH ZLUG GLHVH (QWZLFNOXQJ VLFK DXI GLH EHUY|ONHUWHQ DEHU KRFKLQGXVWULDOLVLHUWHQ XQG QRFK LPPHU GHPRNUDWLVFKHQ /lQGHU (XURSDV DXVZLUNHQ" :HQQ GLH QHXJHELOGHWHQ 'LNWDWXUHQ LKQHQ IHLQGOLFK ZlUHQ XQG ZHQQ GHU QRUPDOH =XVWURPYRQ5RKVWRIIHQDXVGHQXQWHUHQWZLFNHOWHQ /lQGHUQ DEVLFKWOLFK XQWHUEURFKHQ ZUGH EHIlQGHQ VLFK GLH 1DWLRQHQ GHU ZHVWOLFKHQ :HOW ZDKUKDIWLJ LQ HLQHU VHKU VFKOLPPHQ /DJH ,KUH LQGXVWULHOOHQ 6\VWHPH EUlFKHQ ]XVDPPHQ XQG LKUH KRFKHQWZLFNHOWH 7HFKQLN GLH LKQHQ ELVKLQ HUODXEWH HLQH YLHO JU|HUH %HY|ONHUXQJ DP /HEHQ ]X HUKDOWHQ DOV GXUFK GLH LP HLJQHQ /DQG ]X JHZLQQHQGHQ 5RKVWRIIH XQG /HEHQVPLWWHO

$/'286+8;/(<'5(,66,*-$+5('$1$&+

HUKDOWHQ ZHUGHQ N|QQWH ZUGH VLH QLFKW OlQJHU YRUGHQ)ROJHQGDYRQVFKW]HQ]XYLHOH0HQVFKHQ DXI HLQHP ]X NOHLQHQ *HELHW ]X KDEHQ )DOOV GLHV JHVFKlKH ZUGH GLH XQJHKHXUH 0DFKW GLH GLH =HQWUDOUHJLHUXQJHQ VLFK GXUFK XQJQVWLJH 8PVWlQGH DXIJHGUlQJW VlKHQ EDOG LP *HLVW WRWDOLWlUHU'LNWDWXUJHEUDXFKWZHUGHQ 'LH 86$ VLQG JHJHQZlUWLJ NHLQ EHUY|ONHUWHV /DQG:HQQVLFKGLH%HY|ONHUXQJMHGRFKZHLWHULP JHJHQZlUWLJHQ0DYHUPHKUWXQGGLHVH=XQDKPH LVW JU|HU DOV GLHMHQLJH ,QGLHQV ZHQQJOHLFK JOFNOLFKHUZHLVH EHWUlFKWOLFK JHULQJHU DOV GLH 0H[LNRVRGHU*XDWHPDODV NDQQGDV3UREOHPGHV 9HUKlOWQLVVHV YRQ %HY|ONHUXQJV]DKO ]XU 0HQJH YHUIJEDUHU 5RKVWRIIH XQG 1DKUXQJVPLWWHO OHLFKW DP %HJLQQ GHV -DKUKXQGHUWV XQDQJHQHKP ZHUGHQ )U GHQ $XJHQEOLFN LVW hEHUY|ONHUXQJ NHLQH XQPLWWHOEDUH %HGURKXQJ GHU SHUV|QOLFKHQ )UHLKHLW GHU 1RUGDPHULNDQHU 6LH EOHLEW MHGRFK HLQH PLWWHOEDUH HLQH QXU XP HLQH 6WXIH HQWIHUQWH %HGURKXQJ )DOOV hEHUY|ONHUXQJ GLH XQWHUHQWZLFNHOWHQ /lQGHU LQ GHQ 7RWDOLWDULVPXV WULHEH XQG IDOOV GLHVH QHXHQ 'LNWDWXUHQ VLFK PLW 5XODQG YHUEQGHWHQ GDQQ ZUGH GLH PLOLWlULVFKH/DJHGHU86$EHWUlFKWOLFKXQVLFKHUHU XQG GLH 9RUEHUHLWXQJHQ IU 9HUWHLGLJXQJ XQG 9HUJHOWXQJ PWHQ YHUPHKUW XQG EHVFKOHXQLJW ZHUGHQ)UHLKHLWDEHUNDQQZLHZLUMDDOOHZLVVHQ QLFKWLQHLQHP/DQGEOKHQZHOFKHVGDXHUQG DXI

$/'286+8;/(<'5(,66,*-$+5('$1$&+

.ULHJVIXOHEWRGHUDXFKQXULQHLQHPGHP.ULHJ lKQOLFKHQ=XVWDQG(LQHGDXHUQGH.ULVHUHFKWIHUWLJW GLHGDXHUQGH.RQWUROOHYRQDOOHPXQGMHGHPGXUFK GLH ([HNXWLYRUJDQH GHU =HQWUDOUHJLHUXQJ 8QG HLQHGDXHUQGH.ULVHLVWGDVZDVZLULQHLQHU:HOW ]X HUZDUWHQ KDEHQ LQ ZHOFKHU hEHUY|ONHUXQJ HLQHQ=XVWDQGHU]HXJWZLHHUHLQH'LNWDWXUXQWHU NRPPXQLVWLVFKHQ $XVSL]LHQ IDVW XQYHUPHLGEDU PDFKW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

48$17,7b748$/,7b7025$/,7b7

,QGHUªZDFNHUHQQHXHQ:HOW©PHLQHU3KDQWDVLH ZXUGHQ (XJHQLN XQG '\VJHQLN V\VWHPDWLVFK GXUFKJHIKUW ,Q GHU HLQHQ *UXSSH YRQ )ODVFKHQ HUKLHOWHQELRORJLVFKKRFKZHUWLJH2YDYRQELRORJLVFK KRFKZHUWLJHP6SHUPDEHIUXFKWHWGLHEHVWP|JOLFKH YRUJHEXUWOLFKH%HKDQGOXQJXQGZXUGHQVFKOLHOLFK DOV%HWDV$OSKDVXQGVRJDU$OSKDVSOXVDEJHIOOW ,Q HLQHU lQGHUQ YLHO ]DKOUHLFKHUHQ *UXSSH YRQ )ODVFKHQZXUGHQELRORJLVFK PLQGHUZHUWLJH 2YD YRQ ELRORJLVFK PLQGHUZHUWLJHP 6SHUPD EHIUXFKWHW GHP %RNDQRZVN\9HUIDKUHQ XQWHUZRUIHQ LGHQWLVFKH =ZLOOLQJHDXVHLQHPHLQ]LJHQ(L XQGSUlQDWDOPLW $ONRKRO XQG lQGHUQ 3URWHLQJLIWHQ EHKDQGHOW 'LH VFKOLHOLFK DEJHIOOWHQ *HVFK|SIH ZDUHQ EHLQDKH XQWHUPHQVFKOLFK VLH ZDUHQ DEHU IlKLJ GLH $UEHLW XQJHVFKXOWHU $UEHLWHU ]X YHUULFKWHQ XQG ZHQQ VLH RUGHQWOLFKNRQGLWLRQLHUWGXUFKIUHLHQXQGKlXÀJHQ =XJDQJ]XPlQGHUQ*HVFKOHFKWHQWVSDQQWGXUFK NRVWHQORVH 8QWHUKDOWXQJ EHVWlQGLJ DEJHOHQNW XQG LQ LKUHQ JXWHQ 9HUKDOWHQVZHLVHQ GXUFK WlJOLFKH *DEHQ YRQ 6RPD EHVWlUNW ZXUGHQ NRQQWH PDQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VLFKGDUDXI YHUODVVHQ GDVLHLKUHQ2EHUHQNHLQH 6FKHUHUHLHQEHUHLWHQZUGHQ ,QGLHVHUGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWV QXQ WXQ ZLU QLFKWV 6\VWHPDWLVFKHV KLQVLFKWOLFK XQVUHU =FKWXQJ DEHU DXI XQVUH ZLOONUOLFKH XQG XQJHUHJHOWH:HLVHhEHUY|ONHUQZLUXQVHUQ3ODQHWHQ QLFKW QXU ZLU OHJHQ HV VR VFKHLQW HV JUDGH]X GDUDXI DQ GD GLHVH JU|HUQ 0HQVFKHQPHQJHQ ELRORJLVFK PLQGHUZHUWLJHU VHLHQ ,Q GHU VFKOHFKWHQ DOWHQ =HLW EOLHEHQ .LQGHU PLW EHWUlFKWOLFKHQ RGHU VRJDU QXU JHULQJHQ HUEOLFKHQ 'HIHNWHQ QXU VHOWHQ DP /HEHQ +HXW]XWDJH JHODQJHQ GDQN VDQLWlUHQ $QODJHQ PRGHUQHU +HLOPLWWHONXQGH XQG VR]LDOHP *HZLVVHQ GLH PHLVWHQ GHU PLW HUEOLFKHQ 0lQJHOQ JHERUHQHQ .LQGHUQ ]XU 5HLIH XQG YHUPHKUHQ LKUH $UW 8QWHU GHQ MHW]W KHUUVFKHQGHQ 9HUKlOWQLVVHQ ZLUG MHGHU )RUWVFKULWW LQ GHU 0HGL]LQ GXUFK HLQH HQWVSUHFKHQGH 9HUPHKUXQJ GHUMHQLJHQ hEHUOHEHQGHQ ZHWWJHPDFKW GLH PLW LUJHQGZHOFKHQ JHQHWLVFKHQ 8Q]XOlQJOLFKNHLWHQ JHVFKODJHQ VLQG 7URW] GHQ QHXHQ :XQGHUPHGL]LQHQ XQG EHVVHUHU %HKDQGOXQJMDLQJHZLVVHP6LQQJUDGHLKUHWZHJHQ ZLUG GLH N|USHUOLFKH *HVXQGKHLW GHU %HY|ONHUXQJ LP DOOJHPHLQHQ NHLQH %HVVHUXQJ ]HLJHQ XQG YLHOOHLFKW VRJDU DEVLQNHQ 8QG ]XVDPPHQ PLW GHU 'XUFKVFKQLWWVJHVXQGKHLW ZLUG YLHOOHLFKW DXFK GLH 'XUFKVFKQLWWVLQWHOOLJHQ]VLQNHQ(LQLJHNRPSHWHQWH )DFKOHXWH VLQG VRJDU EHU]HXJW GD HLQ VROFKHV $EVLQNHQ VFKRQ HLQJHVHW]W KDW XQG IRUWGDXHUW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ª8QWHU 9HUKlOWQLVVHQ ZHOFKH YHUZHLFKOLFKHQG XQG DXFK XQJHUHJHOW VLQG© VFKUHLEW :+ 6KHOGRQ ªQHLJW XQVHU EHVWHU 6WDPP GD]X UHSURGXNWLY YRQ HLQHP YHUGUlQJW ]X ZHUGHQ GHU LKP LQ MHGHU +LQVLFKW QDFKVWHKW« ,Q HLQLJHQ DNDGHPLVFKHQ .UHLVHQ LVW HV 0RGH GHQ 6WXGHQWHQ ]X EHWHXHUQ GD GLH %HXQUXKLJXQJ EHU XQWHUVFKLHGOLFKH *HEXUWHQ]DKOHQ XQEHJUQGHW VHL GD HV VLFK GD EORXPZLUWVFKDIWOLFKH3UREOHPHKDQGOHRGHUEOR XP HU]LHKHULVFKH RGHU UHOLJL|VH RGHU NXOWXUHOOH RGHU HWZDV GHUJOHLFKHQ 'DV LVW XQEHUHFKWLJWHU 2SWLPLVPXV 5HSURGXNWLYH 'HOLQTXHQ] LVW HWZDV %LRORJLVFKHV XQG *UXQGOHJHQGHV© 8QG HU IJW KLQ]X ª1LHPDQG ZHL JHQDX ZLH ZHLW GHU GXUFKVFKQLWWOLFKH ,QWHOOLJHQ]TXRWLHQW LQ GLHVHP /DQG GHQ 86$ VHLW DEJHVXQNHQ LVW DOV 7HUPDQ YHUVXFKWH GLH %HGHXWXQJ GHV ,4 ]X VWDQGDUGLVLHUHQ© ,Q HLQHP XQWHUHQWZLFNHOWHQ XQG EHUY|ONHUWHQ /DQGZRYLHU)QIWHOGHU%HY|ONHUXQJZHQLJHUDOV ]ZHLWDXVHQG .DORULHQWlJOLFKHUKDOWHQXQGQXUHLQ )QIWHO VLFK HLQHU JHQJHQGHQ (UQlKUXQJ HUIUHXW N|QQHQ GD GHPRNUDWLVFKH (LQULFKWXQJHQ VSRQWDQ HQWVWHKQ"2GHUZHQQVLHYRQDXHQRGHUYRQREHQ DXIJH]ZXQJHQZHUGHQN|QQHQVLHVLFKGDKDOWHQ" 8QG QXQ ZROOHQ ZLU GHQ )DOO GHU UHLFKHQ LQGXVWULDOLVLHUWHQ GHPRNUDWLVFKHQ *HVHOOVFKDIW EHWUDFKWHQ LQ ZHOFKHU DOV )ROJH XQJHZROOWHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DEHU ZLUNVDPHU $QZHQGXQJ YRQ '\VJHQLN ,QWHOOLJHQ]TXRWLHQWHQ XQG N|USHUOLFKH /HEHQVNUDIW LP 6LQNHQ VLQG :LH ODQJH NDQQ HLQH VROFKH *HVHOOVFKDIW LKUH 7UDGLWLRQHQ LQGLYLGXHOOHU )UHLKHLW XQG GHPRNUDWLVFKHU 5HJLHUXQJ EHLEHKDOWHQ" ,Q IQI]LJ RGHU KXQGHUW -DKUHQ ZHUGHQ XQVUH .LQGHU GLH$QWZRUWDXIGLHVH)UDJHZLVVHQ ,Q]ZLVFKHQ VHKHQ ZLU XQV HLQHP lXHUVW EHXQUXKLJHQGHQVLWWOLFKHQ3UREOHPJHJHQEHU:LU ZLVVHQ GD GDV $QVWUHEHQ JXWHU =ZHFNH QLFKW GLH $QZHQGXQJVFKOHFKWHU0LWWHOUHFKWIHUWLJW:DVDEHU LVW·VPLWGHQMHQLJHQVLFKKHXWHVRKlXÀJHUJHEHQGHQ 6LWXDWLRQHQLQGHQHQJXWH0LWWHO(UJHEQLVVHKDEHQ ZHOFKHVLFKDOVVFKOHFKWHUZHLVHQ" :LUEHJHEHQXQV]XP%HLVSLHODXIHLQHWURSLVFKH ,QVHOXQGPLW+LOIHYRQ ''7URWWHQZLUGLH0DODULD DXV XQG UHWWHQ VR LQ ]ZHL RGHU GUHL -DKUHQ +XQGHUWWDXVHQGHQGDV/HEHQ'DVLVWRIIHQVLFKWOLFK JXW$EHUGLH+XQGHUWWDXVHQGHYRQ0HQVFKHQGLH VRJHUHWWHWZHUGHQXQGGLH0LOOLRQHQGLHYRQGLHVHQ JH]HXJW XQG JHERUHQ ZHUGHQ N|QQHQ PLW GHQ ]XU 9HUIJXQJ VWHKHQGHQ 0LWWHOQ GHU ,QVHO QLFKW DXVUHLFKHQG JHNOHLGHW EHKDXVW XQWHUULFKWHW MD QLFKWHLQPDOJHQJHQGHUQlKUWZHUGHQ6FKQHOOHU 7RG GXUFK 0DODULD LVW DEJHVFKDIIW ZRUGHQ DEHU HLQ GXUFK 8QWHUHUQlKUXQJ XQG hEHUIOOXQJ HOHQGJHPDFKWHV/HEHQLVWQXQGLH5HJHOXQGHLQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ODQJVDPHU 7RG GXUFK XQYHUEOPWHV 9HUKXQJHUQ EHGURKWHLQHLPPHUJU|HUH=DKOYRQ0HQVFKHQ 8QG ZLH VWHKW HV PLW GHQ YRQ *HEXUW XQ]XOlQJOLFKHQ 2UJDQLVPHQ GLH XQVUH 0HGL]LQ XQGXQVUHVR]LDOHQ'LHQVWHMHW]WDP/HEHQHUKDOWHQ VR GD VLH LKUHVJOHLFKHQ IRUWSÁDQ]HQ N|QQHQ" 'HQ 8QJOFNOLFKHQ ]X KHOIHQ LVW RIIHQVLFKWOLFK JXW $EHU XQVHUQ 1DFKNRPPHQ LQ %DXVFK XQG %RJHQ GLH )ROJHQ XQJQVWLJHU 0XWDWLRQHQ ]X EHUPLWWHOQXQGGHQJHQHWLVFKHQ9RUUDWVWHLFKDXV ZHOFKHPGLH$QJHK|ULJHQXQVUHU6SH]LHVLKUH/RVH ]LHKHQ ZHUGHQ LPPHU PHKU ]X YHUVHXFKHQ LVW QLFKWZHQLJHURIIHQVLFKWOLFKVFKOHFKW:LUEHÀQGHQ XQVGDLQHLQHPHWKLVFKHQ'LOHPPDXQG XP GHQ 0LWWHOZHJ ]X ÀQGHQ ZHUGHQ ZLU XQVUHU JDQ]HQ ,QWHOOLJHQ] XQG XQVUHV JDQ]HQ JXWHQ :LOOHQV EHGUIHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

h%(525*$1,6,(581*

'LH NU]HVWH XQG EUHLWHVWH 6WUDH ]X GHP $OEWUDXP YRQ GHU ªZDFNHUHQ QHXHQ :HOW© IKUW ZLH JHVDJW GXUFK hEHUY|ONHUXQJ XQG GLH EHVFKOHXQLJWH 9HUPHKUXQJ GHU 0HQVFKKHLW ² ]ZHL 0LOOLDUGHQ DFKWKXQGHUW 0LOOLRQHQ KHXWH IQI 0LOOLDUGHQ IQIKXQGHUW 0LOOLRQHQ XP GLH QlFKVWH -DKUKXQGHUWZHQGH ZREHL GHU JU|WH 7HLO GHU 0HQVFKKHLW YRU GHU :DKO ]ZLVFKHQ $QDUFKLH XQG WRWDOLWlUHP%HKHUUVFKWZHUGHQVWHKQZLUG$EHUGHU ZDFKVHQGH%HY|ONHUXQJVGUXFNDXIGLHYHUIJEDUHQ 5RKVWRIIHXQG1DKUXQJVPLWWHOLVWQLFKWGLHHLQ]LJH .UDIW GLH XQV GHP 7RWDOLWDULVPXV ]XWUHLEW 'LHVHU EOLQGH ELRORJLVFKH )HLQG GHU )UHLKHLW LVW PLW XQHUPHOLFK VWDUNHQ .UlIWHQ YHUEQGHW ZHOFKH JUDGH GXUFK GLHMHQLJHQ )RUWVFKULWWH GHU 7HFKQLN HQWVWHKQ DXI GLH ZLU DP PHLVWHQ VWRO] VLQG0LW5HFKWVWRO]VLQGNDQQPDQKLQ]XIJHQ GHQQ GLHVH )RUWVFKULWWH VLQG GLH )UFKWH YRQ *HQLH XQG EHKDUUOLFKHU KDUWHU $UEHLW YRQ /RJLN 9RUVWHOOXQJVYHUP|JHQ XQG 6HOEVWORVLJNHLW ² PLW HLQHP :RUW YRQ PRUDOLVFKHQ XQG LQWHOOHNWXHOOHQ 7XJHQGHQ IU ZHOFKH PDQ QXU %HZXQGHUXQJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

KHJHQNDQQ$EHUHVLVWQXQHLQPDODXIGLHVHU:HOW VRGDQLHPDQGMHHWZDVIUQLFKWVEHNRPPW-HQH HUVWDXQOLFKHQXQGEHZXQGHUQVZHUWHQ)RUWVFKULWWH PXWHQ EH]DKOW ZHUGHQ -D VLH PVVHQ VR ZLH GLH OHW]WHV -DKU JHNDXIWH :DVFKPDVFKLQH QRFK LPPHU ZHLWHU EH]DKOW ZHUGHQ XQG MHGH 5DWH LVW K|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lKLJHU GLH 0DVFKLQHULH GHU 0DVVHQKHUVWHOOXQJ JHPDFKW ZLUG GHVWR PHKU QHLJW VLH GD]X NRPSOL]LHUWHU XQG NRVWVSLHOLJHU ]X ZHUGHQ²XQGZLUGVRGHPEHVFKUlQNWEHPLWWHOWHQ 8QWHUQHKPHU LPPHU ZHQLJHU HUUHLFKEDU hEHUGLHV NDQQ0DVVHQHU]HXJXQJQLFKWRKQH0DVVHQYHUWULHE IXQNWLRQLHUHQDEHU0DVVHQYHUWULHEZLUIW3UREOHPH DXI ZHOFKH QXU YRQ GHQ JU|WHQ (U]HXJHUQ EHIULHGLJHQG JHO|VW ZHUGHQ N|QQHQ ,Q HLQHU :HOW GHU 0DVVHQHU]HXJXQJ XQG GHV 0DVVHQYHUWULHEV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

LVW GHU ªNOHLQH 0DQQ© PLW VHLQHP XQJHQJHQGHQ $UEHLWVNDSLWDO VHKU EHQDFKWHLOLJW ,P :HWWEHZHUE PLW GHP ªJURHQ 0DQQ© YHUOLHUW HU VHLQ *HOG XQG VFKOLHOLFKVHLQHEORH([LVWHQ]DOVXQDEKlQJLJHU (U]HXJHUGHUªJURH0DQQ©KDWLKQYHUVFKOXQJHQ :HQQ GHU ªNOHLQH 0DQQ© YHUVFKZLQGHW ZLUG LPPHU PHKU ZLUWVFKDIWOLFKH 0DFKW YRQ LPPHU ZHQLJHUXQGZHQLJHU/HXWHQDXVJHEW8QWHUHLQHU 'LNWDWXU ZHUGHQ GLH *URXQWHUQHKPHQ ZHOFKH GXUFK GLH IRUWVFKUHLWHQGH 7HFKQLN XQG GHQ GXUFK VLHEHGLQJWHQ5XLQGHU.OHLQXQWHUQHKPHQP|JOLFK JHPDFKW ZXUGHQ YRP 6WDDW GLULJLHUW ² GDV KHLW YRQ HLQHU NOHLQHQ *UXSSH YRQ 3DUWHLIKUHUQ XQG GHQ 6ROGDWHQ 3ROL]LVWHQ XQG %HDPWHQ ZHOFKH GHUHQ%HIHKOHDXVIKUHQ ,Q HLQHU NDSLWDOLVWLVFKHQ 'HPRNUDWLH ZLH GHQ 86$ ZHUGHQ GLH *URXQWHUQHKPHQ YRQ GHU ZLH 3URI & :ULJKW 0LOOV VLH JHQDQQW KDW 0DFKWHOLWH GLULJLHUW 'LHVH 0DFKWHOLWH EHVFKlIWLJW XQPLWWHOEDU PHKUHUH 0LOOLRQHQ GHV $UEHLWVKHHUV GHV /DQGHV LQ LKUHQ )DEULNHQ %URV XQG /DJHUKlXVHUQ EHKHUUVFKW QRFK YLHO PHKU 0LOOLRQHQ LQGHP VLH LKQHQ *HOG OHLKW GDPLW VLH LKUH (U]HXJQLVVH NDXIHQ XQG EHHLQÁXW GDGXUFK GD VLH GLH 0LWWHO GHU 0DVVHQEHQDFKULFKWLJXQJ EHVLW]W GLH *HGDQNHQ *HIKOH XQG +DQGOXQJHQ VR JXW ZLH MHGHUPDQQV 8P GLH :RUWH :LQVWRQ &KXUFKLOOV ]X SDUDSKUDVLHUHQ 1RFK QLH VLQG VR YLHOH VRVHKU YRQ VR ZHQLJHQ JHJlQJHOW ZRUGHQ :LU KDEHQ XQV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ZDKUKDIWLJVHKUZHLWHQWIHUQWYRQ-HIIHUVRQV,GHDO HLQHU ZLUNOLFK IUHLHQ *HVHOOVFKDIW EHVWHKHQG DXV HLQHU6WXIHQIROJHVLFKVHOEVWUHJLHUHQGHU(LQKHLWHQ ² ªGHQ HOHPHQWDUHQ 5HSXEOLNHQ GHU :DKOEH]LUNH GHQ*UDIVFKDIWVUHSXEOLNHQGHQ6WDDWHQUHSXEOLNHQ XQG GHU 5HSXEOLN GHU 8QLRQ ZHOFKH DOOH HLQH +LHUDUFKLHYRQ0DFKWKDEHUQELOGHQ© :LU VHKHQ DOVR GD GLH PRGHUQH 7HFKQLN ]XU .RQ]HQWULHUXQJ ZLUWVFKDIWOLFKHU XQG SROLWLVFKHU 0DFKW XQG ]XU (QWZLFNOXQJ HLQHU *HVHOOVFKDIW JHIKUW KDW ZHOFKH UFNVLFKWVORV LQ GHQ WRWDOLWlUHQ6WDDWHQK|ÁLFKXQGXQDXIIlOOLJLQGHQ 'HPRNUDWLHQ YRP *URXQWHUQHKPHUWXP XQG GHU *URUHJLHUXQJ EHKHUUVFKW ZLUG *HVHOOVFKDIWHQ EHVWHKQ DEHU DXV (LQ]HOPHQVFKHQ XQG VLQG QXU LQVRIHUQ JXW DOV VLH GHP (LQ]HOQHQ KHOIHQ VHLQH 0|JOLFKNHLWHQ]XYHUZLUNOLFKHQXQGHLQJOFNOLFKHV XQGIUXFKWEDUHV/HEHQ]XIKUHQ:HOFKH:LUNXQJ DXI GHQ (LQ]HOPHQVFKHQ KDWWHQ GLH WHFKQLVFKHQ )RUWVFKULWWHGHUOHW]WHQ-DKUH"+LHUIROJHGLH$QWZRUW DXI GLHVH )UDJH GLH HLQ 3KLORVRSK XQG 3V\FKLDWHU (ULFK)URPPJLEW ª8QVUH ]HLWJHQ|VVLVFKH ZHVWOLFKH *HVHOOVFKDIW LVW WURW] LKUHP PDWHULHOOHQ LQWHOOHNWXHOOHQ XQG SROLWLVFKHQ )RUWVFKULWW GHU JHLVWLJHQ *HVXQGKHLW LPPHU ZHQLJHU I|UGHUOLFK XQG QHLJW GD]X GLH LQQHUH 6LFKHUKHLW *OFNVHOLJNHLW 9HUQXQIW XQG /LHEHVIlKLJNHLW GHV HLQ]HOQHQ ]X XQWHUJUDEHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VLH QHLJW GD]X LKQ LQ HLQHQ $XWRPDWHQ ]X YHUZDQGHOQZHOFKHUIUVHLQ9HUVDJHQDOV0HQVFK PLW VLFK KlXIHQGHQ *HLVWHVNUDQNKHLWHQ XQG PLW HLQHUXQWHUHLQHPKHNWLVFKHQ7ULHE]X$UEHLWXQG VRJHQDQQWHP9HUJQJHQYHUERUJHQHQ9HU]ZHLÁXQJ EH]DKOW© 8QVUH ªVLFK KlXIHQGHQ *HLVWHVNUDQNKHLWHQ© N|QQHQ LQ QHXURWLVFKHQ 6\PSWRPHQ $XVGUXFN ÀQGHQ 'LHVH 6\PSWRPH VLQG DXIIlOOLJ XQG lXHUVW EHWUEOLFK $EHU ªKWHQ ZLU XQV GDYRU© VDJW(ULFK)URPPªJHLVWLJH+\JLHQHDOV9HUKWXQJ GHU 6\PSWRPH ]X GHÀQLHUHQ 6\PSWRPH DOV VROFKH VLQG QLFKW XQVUH )HLQGH VRQGHUQ XQVUH )UHXQGHZRVLFK6\PSWRPHÀQGHQLVWHLQ.RQÁLNW YRUKDQGHQ XQG HLQ .RQÁLNW ]HLJW VWHWV DQ GD GLH QDFK *DQ]ZHUGXQJ XQG *OFN VWUHEHQGHQ /HEHQVNUlIWHQRFKLPPHUNlPSIHQ©'LHZLUNOLFK KRIIQXQJVORVHQ )lOOH JHLVWLJHU (UNUDQNXQJ VLQG XQWHUGHQ0HQVFKHQ]XÀQGHQGLHGLHQRUPDOVWHQ ]XVHLQVFKHLQHQª9LHOHYRQLKQHQVLQGQRUPDOZHLO VLH XQVUHU /HEHQVZHLVH VR JXW DQJHSDW VLQG XQG LKUHPHQVFKOLFKH6WLPPHVFKRQVRIUKLP/HEHQ ]XP6FKZHLJHQJHEUDFKWZXUGHGDVLHVLFKQLFKW HLQPDOZHKUHQRGHUOHLGHQRGHU6\PSWRPHZLHGLH 1HXURWLNHU HQWZLFNHOQ© 6LH VLQG ZLH PDQ VDJHQ N|QQWH QRUPDO QLFKW LP DEVROXWHQ 6LQQ GHV :RUWVVLHVLQGQRUPDOQXULQ%H]LHKXQJDXIHLQH ]XWLHIVWDQRUPDOH*HVHOOVFKDIW,KUHYROONRPPHQH $QSDVVXQJ DQ GLHVH DQRUPDOH *HVHOOVFKDIW LVW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

HLQ 0DVWDE IU LKUH JHLVWLJH (UNUDQNXQJ 'LHVH 0LOOLRQHQ DQRUPDO QRUPDOHU 0HQVFKHQ GLH RKQH 6FKZLHULJNHLW LQ HLQHU *HVHOOVFKDIW OHEHQ ZHOFKHU VLH ZlUHQ VLH 9ROOPHQVFKHQ QLFKW DQJHSDW VHLQ GUIWHQ KHJHQ QRFK LPPHU ªGLH ,OOXVLRQ GHU ,QGLYLGXDOLWlW©7DWVlFKOLFKDEHUVLQGVLHLQKRKHP *UDG HQWLQGLYLGXDOLVLHUW ZRUGHQ ,KUH .RQIRUPLWlW HQWZLFNHOW VLFK ]X HWZDV ZLH 8QLIRUPLWlW $EHU ª8QLIRUPLWlW XQG )UHLKHLW VLQG XQYHUHLQEDU 8QLIRUPLWlW XQG JHLVWLJH *HVXQGKHLW VLQG DXFK XQYHUHLQEDU«'HU0HQVFKLVWQLFKWJHVFKDIIHQHLQ $XWRPDW]XVHLQXQGZHQQHUHLQHUZLUGZLUGGLH *UXQGODJHJHLVWLJHU*HVXQGKHLW]HUVW|UW© ,P/DXIGHU(YROXWLRQKDWVLFKGLH1DWXUHQGORVH 0KHJHJHEHQMHGHV(LQ]HOZHVHQYRQMHGHPlQGHUQ YHUVFKLHGHQ ]X PDFKHQ :LU SÁDQ]HQ XQVUH $UW IRUWLQGHPZLUGLH*HQHGHV9DWHUVPLWGHQHQGHU 0XWWHU LQ %HUKUXQJ EULQJHQ 'LHVH (UEIDNWRUHQ N|QQHQ DXI IDVW XQHQGOLFK YHUVFKLHGHQH :HLVH NRPELQLHUW VHLQ .|USHUOLFK XQG JHLVWLJ LVW MHGHU YRQ XQV HLQ]LJDUWLJ -HGH .XOWXU GLH XP GHU /HLVWXQJVIlKLJNHLW ZLOOHQ RGHU LP 1DPHQ HLQHV SROLWLVFKHQ RGHU UHOLJL|VHQ 'RJPDV GHQ (LQ]HOPHQVFKHQ ]X QRUPHQ VXFKW EHJHKW HLQHQ )UHYHODQGHUELRORJLVFKHQ1DWXUGHV0HQVFKHQ :LVVHQVFKDIWOlWVLFKDOVGLH=XUFNIKUXQJYRQ 9LHOKHLWDXI(LQKHLWGHÀQLHUHQ6LHVXFKWGLHHQGORV YHUVFKLHGHQHQ 1DWXUHUVFKHLQXQJHQ ]X HUNOlUHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

LQGHPVLHGLH(LQ]LJDUWLJNHLWEHVRQGHUHU(UHLJQLVVH XQEHDFKWHWOlWXQGVLFKGDUDXINRQ]HQWULHUWZDV GLHVH JHPHLQ KDEHQ XP VFKOLHOLFK LUJHQGHLQH $UW YRQ ª*HVHW]© DXV LKQHQ DE]XOHLWHQ LQ GHVVHQ %HJULIIHQ VLH VLQQYROO HUVFKHLQHQ XQG ZLUNVDP EHKDQGHOW ZHUGHQ N|QQHQ =XP %HLVSLHO IDOOHQ bSIHO YRP %DXP XQG GHU 0RQG EHZHJW VLFK EHU GHQ+LPPHO'LH0HQVFKHQKDEHQGLHVH7DWVDFKHQ VHLW XQYRUGHQNOLFKHQ =HLWHQ EHREDFKWHW 8P PLW *HUWUXGH6WHLQ]XVSUHFKHQVLHZDUHQEHU]HXJWHLQ $SIHOVHLHLQ$SIHOVHLHLQ$SIHOGHU0RQGGDJHJHQVHL GHU0RQGVHLGHU0RQGVHLGHU0RQG(VEOLHE,VDDF 1HZWRQ EHUODVVHQ ZDKU]XQHKPHQ ZDV GLHVH VHKU XQlKQOLFKHQ 1DWXUHUVFKHLQXQJHQ JHPHLQ KDEHQXQGHLQH*UDYLWDWLRQVWKHRULH]XIRUPXOLHUHQ QDFK ZHOFKHU JHZLVVH $VSHNWH GHV 9HUKDOWHQV YRQ bSIHOQ YRQ +LPPHOVN|USHUQ MD YRQ DOOHQ lQGHUQ .|USHUQ LP SK\VLNDOLVFKHQ 8QLYHUVXP VLFK LQ %HJULIIHQ HLQHV HLQ]LJHQ ,GHHQV\VWHPV HUNOlUHQ XQG EHKDQGHOQ OLHHQ ,P VHOEHQ *HLVW QLPPW GHU .QVWOHU GLH XQ]lKOLJHQ 9HUVFKLHGHQKHLWHQ XQG (LQ]LJDUWLJNHLWHQ GHU $XHQZHOW XQG VHLQHU HLJHQHQ 9RUVWHOOXQJVZHOW XQG JLEW LKQHQ 6LQQ LQQHUKDOEHLQHVJHRUGQHWHQ6\VWHPVELOGQHULVFKHU OLWHUDULVFKHURGHUPXVLNDOLVFKHU.RPSRVLWLRQ'HU :XQVFKHLQHU8QRUGQXQJ2UGQXQJDXI]XHUOHJHQ DXV 'LVKDUPRQLH +DUPRQLH XQG DXV 9LHOKHLW (LQKHLWKHUYRU]XEULQJHQLVWHLQH$UWLQWHOOHNWXHOOHQ ,QVWLQNWVHLQSULPlUHUXQGXUJUQGLJHUJHLVWLJHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

'UDQJ ,Q GHU :LVVHQVFKDIW GHU .XQVW XQG GHU 3KLORVRSKLHVLQGGLH:LUNXQJHQGLHVHVª:LOOHQV]XU 2UGQXQJ©ZLHLFKLKQQHQQHQP|FKWHJU|WHQWHLOV ZRKOWlWLJ $OOHUGLQJV KDW GHU :LOOH ]XU 2UGQXQJ YLHOH YRUHLOLJH 6\QWKHVHQ KHUYRUJHEUDFKW ZHOFKH DXI XQJHQJHQGHQ %HZHLVPLWWHOQ IXWHQ YLHOH DEVXUGHPHWDSK\VLVFKHXQGWKHRORJLVFKH6\VWHPH YLHOSHGDQWLVFKHV9HUNHQQHQYRQ9RUVWHOOXQJHQDOV :LUNOLFKNHLWHQ YRQ 6\PEROHQ XQG $EVWUDNWLRQHQ DOV *HJHEHQKHLWHQ XQPLWWHOEDUHU (UIDKUXQJ $EHU GLHVH ,UUWPHU VR EHGDXHUOLFK VLH VLQG VWLIWHQ QLFKW YLHO 6FKDGHQ MHGHQIDOOV QLFKW XQPLWWHOEDU ² ZHQQJOHLFK PDQFKPDO HLQ VFKOHFKWHV SKLORVRSKLVFKHV 6\VWHP PLWWHOEDU 6FKDGHQ VWLIWHQ NDQQZHQQHVDOV5HFKWIHUWLJXQJIUVLQQORVHXQG XQPHQVFKOLFKH+DQGOXQJHQJHEUDXFKWZLUG (UVW LQ GHU VR]LDOHQ 6SKlUH XQG DXI GHQ *HELHWHQ GHU 3ROLWLN XQG :LUWVFKDIW GD ZLUG GHU :LOOH]XU2UGQXQJZLUNOLFKJHIlKUOLFK'DZLUGDXV GHU WKHRUHWLVFKHQ =XUFNIKUXQJ XQKDQGOLFKHU 9LHOKHLWDXIYHUVWlQGOLFKH(LQKHLWLQGHU3UD[LVGLH =XUFNIKUXQJGHUPHQVFKOLFKHQ9HUVFKLHGHQKHLW DXI XQWHUPHQVFKOLFKH *OHLFKKHLW GHU )UHLKHLW DXI 6NODYHUHL ,Q GHU 3ROLWLN LVW GDV bTXLYDOHQW HLQHU YROOHQWZLFNHOWHQ ZLVVHQVFKDIWOLFKHQ 7KHRULH HLQHV YROOHQWZLFNHOWHQ SKLORVRSKLVFKHQ 6\VWHPV GLH WRWDOLWlUH 'LNWDWXU ,Q GHU :LUWVFKDIW LVW GDV bTXLYDOHQWHLQHVVFK|QNRPSRQLHUWHQ.XQVWZHUNV GLH UHLEXQJVORV ODXIHQGH )DEULN LQ ZHOFKHU GLH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

$UEHLWHU GHQ 0DVFKLQHQ YROONRPPHQ DQJHSDW VLQG 'HU :LOOH ]XU 2UGQXQJ NDQQ 7\UDQQHQ DXV GHQMHQLJHQ PDFKHQ GLH EOR GDQDFK VWUHEHQ HLQ 'XUFKHLQDQGHU ]X HQWZLUUHQ 'LH 6FK|QKHLW VlXEHUOLFKHU2UGQXQJZLUGDOV5HFKWIHUWLJXQJIU 'HVSRWLVPXVJHEUDXFKW 2UJDQLVLHUXQJ LVW XQHQWEHKUOLFK GHQQ )UHLKHLW HQWVWHKW XQG LVW VLQQYROO QXU LQQHUKDOE HLQHU VLFK VHOEVW UHJHOQGHQ *HPHLQVFKDIW IUHL ]XVDPPHQDUEHLWHQGHU (LQ]HOPHQVFKHQ 'RFK NDQQ 2UJDQLVLHUXQJ ZHQQJOHLFK XQHQWEHKUOLFK DXFK YHUKlQJQLVYROO VHLQ =XYLHO 2UJDQLVLHUXQJ YHUZDQGHOW GLH 0HQVFKHQ LQ $XWRPDWHQ HUVWLFNW GHQ VFK|SIHULVFKHQ *HLVW XQG EHVHLWLJW VFKRQ GLH0|JOLFKNHLWGHU)UHLKHLW:LHJHZ|KQOLFKOLHJW GHUHLQ]LJVLFKHUH.XUVLQGHU0LWWH]ZLVFKHQGHQ ([WUHPHQ GHV /DLVVH]IDLUH HLQHUVHLWV XQG WRWDOHU 5HJOHPHQWLHUXQJDQGUHUVHLWV :lKUHQGGHUOHW]WHQKXQGHUW-DKUHZDUGLHODQJH )ROJHWHFKQLVFKHU)RUWVFKULWWHYRQHQWVSUHFKHQGHQ )RUWVFKULWWHQ LQ GHU 2UJDQLVLHUXQJ EHJOHLWHW .RPSOL]LHUWHQ 0DVFKLQHQ PXWHQ NRPSOL]LHUWH VR]LDOH (LQULFKWXQJHQ DQ GLH 6HLWH JHVWHOOW ZHUGHQ GD]X EHVWLPPW VR JODWW XQG ZLUNVDP ]X IXQNWLRQLHUHQ ZLH GLH QHXHQ 3URGXNWLRQVPLWWHO 8P LQ GLHVH 2UJDQLVDWLRQHQ ]X SDVVHQ PXWHQ GLH ,QGLYLGXHQ VLFK HQWLQGLYLGXDOLVLHUHQ PXWHQ VLH LKUH DQJHERUHQH 9HUVFKLHGHQKHLW YHUOHXJQHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

XQG VLFK HLQHU 1RUP DQJOHLFKHQ PXWHQ VLH VLFK DXIV EHVWH EHPKHQ $XWRPDWHQ ]X ZHUGHQ 'LH HQWPHQVFKOLFKHQGHQ :LUNXQJHQ GHU hEHURUJDQLVLHUXQJ ZHUGHQ QRFK YHUVWlUNW GXUFK GLH HQWPHQVFKOLFKHQGHQ :LUNXQJHQ GHU hEHUY|ONHUXQJ -H PHKU GLH ,QGXVWULH VLFK DXVGHKQW HLQHQ GHVWR JU|HUQ 7HLO GHU VWHWLJ ]XQHKPHQGHQ%HY|ONHUXQJ]LHKWVLHLQGLHJURHQ 6WlGWH 'DV /HEHQ LQ JURHQ 6WlGWHQ DEHU LVW JHLVWLJHU*HVXQGKHLWQLFKW]XWUlJOLFKGHUK|FKVWH $QIDOO YRQ 6FKL]RSKUHQLH VR ZXUGH IHVWJHVWHOOW HUJLEW VLFK XQWHU GHQ ZLPPHOQGHQ (LQZRKQHUQ LQGXVWULHOOHU (OHQGVYLHUWHO DXFK HU]LHKW HV QLFKW ]X GHU $UW YRQ YHUDQWZRUWXQJVEHZXWHU )UHLKHLW LQQHUKDOENOHLQHUVLFKVHOEVWUHJLHUHQGHU*UXSSHQ GLHGLHHUVWH%HGLQJXQJ HLQHU HFKWHQ 'HPRNUDWLH LVW 'DV 6WDGWOHEHQ LVW DQRQ\P XQG VR]XVDJHQ DEVWUDNW 'LH 0HQVFKHQ VWHKQ PLWHLQDQGHU QLFKW DOV JDQ]H 3HUV|QOLFKNHLWHQ LQ %H]LHKXQJ VRQGHUQ DOV 9HUN|USHUXQJHQ ZLUWVFKDIWOLFKHU )XQNWLRQHQ RGHU ZHQQ VLH QLFKW EHL GHU $UEHLW VLQG DOV YHUDQWZRUWXQJVORVH 9HUJQJXQJVVXFKHQGH (LQHP VROFKHQ /HEHQ XQWHUZRUIHQ QHLJW GHU (LQ]HOQH GD]X VLFK HLQVDP XQG XQEHGHXWHQG ]X IKOHQ 6HLQ 'DVHLQ K|UW DXI LUJHQGZHOFKHQ 6LQQ XQG =ZHFN]XKDEHQ %LRORJLVFKJHVSURFKHQLVWGHU0HQVFKHLQPlLJ JHVHOOLJHVQLFKWHLQY|OOLJVR]LDOHV/HEHZHVHQ²HLQ *HVFK|SI GDV PHKU HLQHP :ROI VDJHQ ZLU RGHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

HLQHP(OHIDQWHQlKQHOWDOVHLQHU%LHQHRGHUHLQHU $PHLVH ,Q LKUHU XUVSUQJOLFKHQ )RUP KDWWHQ PHQVFKOLFKH *HVHOOVFKDIWHQ NHLQH bKQOLFKNHLW PLW HLQHP%LHQHQNRUERGHUHLQHP$PHLVHQKDXIHQVLH ZDUHQ EOR 5XGHO =LYLOLVDWLRQ LVW XQWHU DQGHUP GHU 9RUJDQJ GXUFK GHQ SULPLWLYH 5XGHO LQ HWZDV GHQRUJDQLVFKHQ*HPHLQVFKDIWHQVR]LDOHU,QVHNWHQ JURE XQG PHFKDQLVFK $QDORJHV XPJHIRUPW ZHUGHQ *HJHQZlUWLJ EHVFKOHXQLJHQ GHU 'UXFN GHUhEHUY|ONHUXQJXQGGHUWHFKQLVFKH)RUWVFKULWW GLHVHQ 9RUJDQJ 'HU 7HUPLWHQVWDDW VFKHLQW HLQ YHUZLUNOLFKEDUHV XQG LQ PDQFKHQ $XJHQ VRJDU HUVWUHEHQVZHUWHV ,GHDO JHZRUGHQ ]X VHLQ 8QQ|WLJ]XVDJHQGDGLHVHV,GHDOWDWVlFKOLFKQLH YHUZLUNOLFKW ZHUGHQ ZLUG (LQH JURH .OXIW WUHQQW GDV VR]LDOH ,QVHNW YRQ GHP QLFKW DOO]X JHVHOOLJHQ PLWHLQHPJURHQ*HKLUQDXVJHVWDWWHWHQ6lXJHWLHU XQG DXFK ZHQQ GDV 6lXJHWLHU VHLQ P|JOLFKVWHV WlWH GHP ,QVHNW QDFK]XDKPHQ EOLHEH GLH .OXIW EHVWHKQ6RVHKUVLHVLFKDXFKEHPKHQN|QQHQGLH 0HQVFKHQ NHLQHQ VR]LDOHQ 2UJDQLVPXV VFKDIIHQ VRQGHUQQXUHLQH2UJDQLVDWLRQ%HLGHP9HUVXFK HLQHQ2UJDQLVPXV]XVFKDIIHQ ZHUGHQ VLH EOR HLQHQWRWDOLWlUHQ'HVSRWLVPXV]XZHJHEULQJHQ :DFNHUH QHXH :HOW ELHWHW HLQ SKDQWDVLHYRO OHV XQG HLQLJHUPDHQ XQ]FKWLJHV %LOG HLQHU *HVHOOVFKDIW LQ ZHOFKHU GHU 9HUVXFK 0HQVFKHQ QDFK GHP (EHQELOG YRQ 7HUPLWHQ ]X HUVFKDIIHQ IDVW ELV DQ GLH *UHQ]HQ GHV 0|JOLFKHQ JHWULHEHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ZXUGH 'D ZLU DXI GLH ªZDFNHUH QHXH :HOW© KLQ JHVWHXHUWZHUGHQLVWRIIHQVLFKWOLFK1LFKWZHQLJHU RIIHQVLFKWOLFKDEHULVWHVGDZLUZHQQZLUZROOHQ XQVZHLJHUQN|QQHQPLWGHQEOLQGHQ.UlIWHQGLH XQV KLQVWHXHUQ ]XVDPPHQ]XZLUNHQ *HJHQZlUWLJ MHGRFKVFKHLQWGHU:XQVFK:LGHUVWDQG]XOHLVWHQ QLFKWVHKUVWDUNRGHUVHKUYHUEUHLWHW]XVHLQ:LH :LOOLDP :K\WH LQ VHLQHP EHPHUNHQVZHUWHQ %XFK 7KH2UJDQLVDWLRQ0DQ JH]HLJWKDWWULWWHLQHQHXH 6R]LDOHWKLNDQGLH6WHOOHXQVUHVWUDGLWLRQHOOHQHWKL VFKHQ 6\VWHPV ² GHVMHQLJHQ 6\VWHPV LQ GHP GDV ,QGLYLGXXPHWZDV3ULPlUHVLVW'LH6FKOVVHOZ|UWHU LQ GLHVHU 6R]LDOHWKLN VLQG ª$QSDVVXQJ© ªVR]LDO JHULFKWHWHV 9HUKDOWHQ© ª=XJHK|ULJNHLWVJHIKO© ª(UZHUEXQJ VR]LDOHU )HUWLJNHLWHQ© ª7HDPZRUN© ª *UXSSHQJOHLFKJHZLFKW©ª*UXSSHQOR\DOLWlW©ª*UXS SHQG\QDPLN© ª*UXSSHQGHQNHQ© ªJUXSSHQVFK|S IHULVFK© ,KUH JUXQGOHJHQGH $QQDKPH LVW GLH GD GDV VR]LDOH *DQ]H JU|HUHQ :HUW XQG JU|HUH %HGHXWXQJ KDW DOV VHLQH LQGLYLGXHOOHQ 7HLOH GD DQJHERUHQH ELRORJLVFKH 8QWHUVFKLHGH NXOWXUHOOHU *OHLFKI|UPLJNHLW JHRSIHUW ZHUGHQ PVVHQ GD GLH 5HFKWH GHV .ROOHNWLYV GHQ 9RUUDQJ KDEHQ YRU GHPZDVGDV-DKUKXQGHUWGLH0HQVFKHQUHFKWH QDQQWH *HPl GLHVHU QHXHQ 6R]LDOHWKLN KDW WH -HVXV Y|OOLJ XQUHFKW PLW GHU %HKDXSWXQJ GD GHU 6DEEDW IU GHQ 0HQVFKHQ JHPDFKW ZXUGH

'HXWVFKH $XVJDEH :LOOLDP + :K\WH MU ª+HUU XQG 2SIHU GHU 2UJDQLVDWLRQ©(FRQ9HUODJ'VVHOGRUI

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,P *HJHQWHLO GHU 0HQVFK ZXUGH IU GHQ 6DEEDW JHPDFKW XQG PX VHLQH HUHUEWHQ ,GLRV\QNUDVLHQ RSIHUQ XQG YRUJHEHQ GLH $UW YRQ VWDQGDUGLVLHUWHP $OOHUZHOWVNXPSDQ]XVHLQGLHGLH2UJDQLVDWRUHQYRQ *UXSSHQWlWLJNHLWDOVGDV,GHDOIULKUH=ZHFNHEH WUDFKWHQ 'LHVHU LGHDOH 0HQVFK LVW GHU 0DQQ GHU ªG\QDPLVFKH.RQIRUPLWlW©HLQN|VWOLFKHU$XVGUXFN HQWZLFNHOW LQWHQVLYH 7UHXH ]XU *UXSSH HLQ XQHU PGOLFKHV 9HUODQJHQ VLFK XQWHU]XRUGQHQ GD]X ]XJHK|UHQ8QGGLHVHULGHDOH0DQQPXHLQHLGHDOH )UDXKDEHQHLQHK|FKOLFKVWKHUGHQIUHXGLJHXQHQG OLFKDQSDVVXQJVIlKLJHXQGVLHPXVLFKQLFKWQXU GDPLWDEJHIXQGHQKDEHQGDLKUHV0DQQHV7UHXH DQHUVWHU6WHOOHGHU)LUPDJLOWVLHPXGLHVHUDXFK IU HLJHQH 5HFKQXQJ WlWLJ WUHX VHLQ ª(U IU *RWW DOOHLQ© ZLH 0LOWRQ YRQ $GDP XQG (YD VDJWH ªVLH IU *RWW LQ LKP© 8QG LQ HLQHU ZLFKWLJHQ +LQVLFKW LVW GDV (KHZHLE GHV LGHDOHQ 2UJDQLVDWLRQVPDQQV EHWUlFKWOLFK VFKOLPPHU GUDQ DOV XQVUH 8UPXWWHU ,KU XQG $GDP ZDU HV YRP +HUUQ HUODXEW EHL LK UHPªMXJHQGOLFKHQ7lQGHOQ©Y|OOLJKHPPXQJVORV]X VHLQ 1LFKWZHQGHWVHLQHPVFK|QHQ *HVSDQVVLFK$GDPDEQRFKZHLJHUW(YD 0\VWHULHQULWHQHKHOLFKHU/LHEH +HXW]XWDJH GDUI ZLH HLQ $UWLNHO LQ GHU +DUYDUG %XVLQHVV 5HYLHZ DXVIKUW GLH (KHIUDX GHV 0DQQHV GHU YHUVXFKW GHPYRQGHU VR]LDOHQ (WKLN

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DXIJHVWHOOWHQ,GHDOJHUHFKW]XZHUGHQªQLFKW]XYLHO YRQLKUHV0DQQHV=HLWXQG,QWHUHVVHEHDQVSUXFKHQ 6HLQHU DXVVFKOLHOLFKHQ .RQ]HQWULHUXQJ DXI VHLQH EHUXÁLFKH$XIJDEHKDOEHUPXVRJDUVHLQHVH[XHOOH %HWlWLJXQJDXIHLQHQ]ZHLWHQ3ODW]]XUFNYHUZLHVHQ ZHUGHQ© 'HU 0|QFK OHJW *HOEGH GHU $UPXW GHV *HKRUVDPV XQG GHU .HXVFKKHLW DE 'HP 2UJDQLVDWLRQVPDQQ LVW HV HUODXEW UHLFK ]X VHLQ DEHU HU YHUVSULFKW *HKRUVDP ªHU QLPPW $XWRULWlW RKQH *UROO KLQ HU EOLFNW ]X VHLQHQ 2EHUHQ DXI© ² 0XVVROLQL KD VHPSUH UDJLRQH XQG HU PX EHUHLW VHLQ]XPJU|HUQ5XKPGHU2UJDQLVDWLRQGLHLKQ DQJHVWHOOWKDWVRJDUGHQ)UHXGHQGHV(KHEHWWV]X HQWVDJHQ (VLVWZHUWKLHUYHUPHUNW]XZHUGHQGDLQ GLH 0LWJOLHGHU GHU 3DUWHL JH]ZXQJHQ VLQG HLQHU 6H[XDOHWKLN YRQ PHKU DOV SXULWDQLVFKHU 6WUHQJH ]X HQWVSUHFKHQ ,Q :DFNHUH QHXH :HOW KLQJHJHQ LVW DOOHQ HUODXEW LKUHQ VH[XHOOHQ 5HJXQJHQ RKQH +HPPXQJRGHU+LQGHUQLV]XIU|QHQ'LHLQ2UZHOOV )DEHOEHVFKULHEHQH*HVHOOVFKDIWLVWHLQHGDXHUQGLP .ULHJV]XVWDQG EHÀQGOLFKH XQG GDV =LHO GHU EHU VLH +HUUVFKHQGHQ LVW HUVWHQV VHOEVWYHUVWlQGOLFK

8QWHU0DR7VHWXQJVLQGDXVGLHVHQ5DWVFKOlJHQ]XU(UUHLFKXQJ HLQHV NDSLWDOLVWLVFKHQ ,GHDOV K|KHUH *HERWH LQ GHU )RUP YRQ 9HURUGQXQJHQ JHZRUGHQ ,Q GHQ QHXHQ 9RONVJHPHLQGHQ &KLQDV ZXUGH GDV (KHOHEHQ DEJHVFKDIIW 'DPLW NHLQH WLHIHUH =XQHLJXQJ DXINRPPHZHUGHQ(KHPlQQHUXQG(KHIUDXHQLQJHVRQGHUWHQ%DUDFNHQ XQWHUJHEUDFKW XQG QXU MHGH ]ZHLWH 6DPVWDJQDFKW GUIHQ VLH HLQH NXU]H=HLWZLH3URVWLWXLHUWHXQGLKUH.XQGHQ EHLHLQDQGHUOLHJHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

0DFKWXPLKUHU.|VWOLFKNHLWVHOEVWZLOOHQDXV]XEHQ XQG ]ZHLWHQV LKUH 8QWHUWDQHQ LQ MHQHP =XVWDQG EHVWlQGLJHU6SDQQXQJ]XHUKDOWHQGHQHLQ=XVWDQG EHVWlQGLJHQ .ULHJV YRQ GHQ LKQ )KUHQGHQ YHUODQJW ,QGHP VLH JHJHQ GLH 6H[XDOLWlW HLIHUQ VLQG GLH %RQ]HQ LPVWDQGH GLH HUIRUGHUOLFKH 6SDQQXQJLQLKUHQ$QKlQJHUQ]XHUKDOWHQXQGVLH N|QQHQ JOHLFK]HLWLJ LKUH 0DFKWJLHU DXI HLQH VHKU HUIUHXOLFKH $UW EHIULHGLJHQ 'LH LQ :DFNHUH QHXH :HOW EHVFKULHEHQH *HVHOOVFKDIW GDJHJHQ LVW HLQ :HOWVWDDWLQZHOFKHPGHU.ULHJDEJHVFKDIIWZXUGH XQGZRHVGDVREHUVWH=LHOGHU+HUUVFKHQGHQLVW LKUH8QWHUWDQHQXPMHGHQ3UHLVGDYRQDE]XKDOWHQ VFKZLHULJ ]X ZHUGHQ 'DV HUUHLFKHQ VLH XQWHU lQGHUQ 0HWKRGHQ GDGXUFK GD VLH HLQHQ GXUFK $EVFKDIIXQJ GHU )DPLOLH P|JOLFK JHZRUGHQHQ *UDGJHVFKOHFKWOLFKHU)UHLKHLWOHJDOLVLHUHQZHOFKHU GLHªZDFNHUHQHXH:HOW©JHJHQVRJXWZLHMHGH)RUP GHVWUXNWLYHU RGHU VFK|SIHULVFKHU HPRWLRQHOOHU 6SDQQXQJ VLFKHUW ,Q ZLUG GLH 0DFKWJLHU GXUFK =XIJXQJ YRQ 6FKPHU] EHIULHGLJW LQ :DFNHUHQHXH:HOWGXUFK=XIJXQJNDXPZHQLJHU HUQLHGULJHQGHU/XVW 'LHODQGOlXÀJHVR]LDOH(WKLNLVWJDQ]RIIHQVLFKWOLFK HLQH QDFKWUlJOLFKH 5HFKWIHUWLJXQJ GHU ZHQLJHU ZQVFKHQVZHUWHQ )ROJHQ GHU hEHURUJDQLVLHUXQJ 6LH VWHOOW HLQHQ UHFKW NOlJOLFKHQ 9HUVXFK GDU DXV GHU1RWHLQH7XJHQG]XPDFKHQXQGHLQHQSRVLWLYHQ :HUW DXV HLQHU XQHUIUHXOLFKHQ *HJHEHQKHLW ]X

$/'286+8;/(<'5(,66,*-$+5('$1$&+

]LHKHQ 6LH LVW HLQ VHKU XQUHDOLVWLVFKHV XQG GDKHU VHKUJHIlKUOLFKHV0RUDOV\VWHP'DVVR]LDOH*DQ]H GHVVHQ :HUW VR ZLUG DQJHQRPPHQ JU|HU LVW DOV GHU *HVDPWZHUW DOOHU VHLQHU 7HLOH LVW QLFKW HLQ 2UJDQLVPXV LQ GHP 6LQQ LQ GHP PDQ VLFK HLQ %LHQHQYRON RGHU HLQHQ 7HUPLWHQVWDDW DOV HLQHQ 2UJDQLVPXV YRUVWHOOHQ NDQQ (V LVW EOR HLQH 2UJDQLVDWLRQ HLQ 6WFN VR]LDOHU 0DVFKLQHULH :HUWH DEHU NDQQ HV QXU LQ %H]LHKXQJ ]XP /HEHQ XQG ]XP %HZXWVHLQ JHEHQ (LQH 2UJDQLVDWLRQ QXQ LVW ZHGHU EHZXW QRFK OHEHQGLJ ,KU :HUW LVW HLQ LQVWUXPHQWDOHU XQG GHULYDWLYHU $Q VLFK LVW VLH QLFKWV ZHUW VLH LVW QXU JXW LQ GHP $XVPD LQ GHP VLH GDV :RKO GHU ,QGLYLGXHQ I|UGHUW ZHOFKH 7HLOH GHV NROOHNWLYHQ *DQ]HQ VLQG 2UJDQLVDWLRQHQ GHQ 9RUUDQJ YRU 3HUVRQHQ HLQ]XUlXPHQ KHLW GLH =ZHFNH GHQ 0LWWHOQ XQWHURUGQHQ :DV JHVFKLHKWZHQQ=ZHFNHGHQ0LWWHOQXQWHUJHRUGQHW ZHUGHQ ZXUGH GHXWOLFK YRQ +LWOHU XQG 6WDOLQ GDUJHWDQ 8QWHU HLQHV ZLH GHV DQGHUQ +HUUVFKDIW ZXUGHQ SHUV|QOLFKH = ZHFNH RUJDQLVDWRULVFKHQ 0LWWHOQ XQWHUJHRUGQHW GXUFK HLQH 0LVFKXQJ DXV *HZDOWWlWLJNHLW XQG 3URSDJDQGD V\VWHPDWLVFKHP 7HUURU XQG GHP V\VWHPDWLVFKHQ 0DQLSXOLHUHQ YRQ *HKLUQHQ ,Q GHQ OHLVWXQJVIlKLJHUHQ 'LNWDWXUHQ YRQ 0RUJHQ ZLUG HV ZDKUVFKHLQOLFK YLHO ZHQLJHU *HZDOWWlWLJNHLW JHEHQ DOV XQWHU +LWOHU XQG 6WDOLQ 'LH 8QWHUWDQHQ GHV NQIWLJHQ 'LNWDWRUV ZHUGHQ VFKPHU]ORV YRQ HLQHP .RUSV DXIV K|FKVWH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DXVJHELOGHWHU6R]LDOLQJHQLHXUHPDQLSXOLHUWZHUGHQ ª'HU $QUHL] YRQ 6R]LDONRQVWUXNWLRQHQ LQ XQVHUQ 7DJHQ© VFKUHLEW HLQ HQWKXVLDVWLVFKHU %HIUZRUWHU GLHVHU QHXHQ :LVVHQVFKDIW ªJOHLFKW GHP $QUHL] GHQ WHFKQLVFKH .RQVWUXNWLRQHQ YRU IQI]LJ -DKUHQ EHVDHQ:DUGLHHUVWH+lOIWHGHV-DKUKXQGHUWV GLHbUDGHUWHFKQLVFKHQ,QJHQLHXUHVRN|QQWHVHLQH ]ZHLWH+lOIWHJDQ]JXWGLHbUDGHU6R]LDOLQJHQLHXUH VHLQ©²XQGGDV-DKUKXQGHUWZLUGYHUPXWHLFK GLHbUDGHU:HOWDXIVLFKWVUlWHGHVZLVVHQVFKDIWOLFK EHJUQGHWHQ .DVWHQV\VWHPV XQG GHU ªZDFNHUHQ QHXHQ :HOW© VHLQ $XI GLH )UDJH 4XLV FXVWRGLHW FXVWRGHV" ² ZHU ZLUG XQVUH :lFKWHU EHUZDFKHQ ZHU ZLUG GLH 0DQLSXOLHUHU PDQLSXOLHUHQ" ² LVW GLH $QWZRUWHLQHJODWWH9HUQHLQXQJGDVLHLUJHQGZHOFKH hEHUZDFKXQJEUDXFKHQZHUGHQ*HZLVVH'RNWRUHQ GHU 6R]LRORJLH VFKHLQHQ GHQ UKUHQGHQ *ODXEHQ ]X KHJHQ GD 'RNWRUHQ GHU 6R]LRORJLH QLH GXUFK 0DFKWYHUGRUEHQZHUGHQN|QQHQ:LH6LU*DODKDGV 6WlUNHLVWDXFKGLHLKUHJOHLFKGHU6WlUNHYRQ]HKQ 0lQQHUQ ZHLO LKU +HU] UHLQ LVW ² XQG LKU +HU] LVW UHLQZHLOVLH:LVVHQVFKDIWHUVLQGXQGVHFKVWDXVHQG 6WXQGHQODQJ6R]LDOZLVVHQVFKDIWHQVWXGLHUWKDEHQ /HLGHU DEHU LVW K|KHUH %LOGXQJ QLFKW XQEHGLQJW HLQH *DUDQWLH IU K|KHUH 7XJHQG RGHU K|KHUH SROLWLVFKH:HLVKHLW8QG]XGLHVHP0LWUDXHQDXV HWKLVFKHQ XQG SV\FKRORJLVFKHQ *UQGHQ NRPPW QRFK HLQ 0LWUDXHQ UHLQ ZLVVHQVFKDIWOLFKHQ &KDUDNWHUV.|QQHQZLUGLH7KHRULHQJHOWHQODVVHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DXIGLHGLH6R]LDOLQJHQLHXUHLKUH3UD[LVJUQGHQ XQG LQ GHUHQ %HJULIIHQ VLH LKU 0DQLSXOLHUHQ YRQ PHQVFKOLFKHQ :HVHQ UHFKWIHUWLJHQ" =XP %HLVSLHO VDJW XQV 3URI (OWRQ 0D\R NDWHJRULVFK ª'DV 9HUODQJHQ GHV 0HQVFKHQ EHVWlQGLJ PLW VHLQHQ 0LWPHQVFKHQ DOV $UEHLWVJHQRVVH DVVR]LLHUW ]X VHLQ LVW HLQ VWDUNHV ZHQQ QLFKW GDV VWlUNVWH PHQVFKOLFKH0HUNPDO©'LHVLVWP|FKWHLFKVDJHQ RIIHQNXQGLJ XQZDKU 0DQFKH 0HQVFKHQ KDEHQ GDVYRQ0D\REHVFKULHEHQH9HUODQJHQDQGUHDEHU QLFKW(VLVWHLQH6DFKHGHV7HPSHUDPHQWVXQGGHU HUHUEWHQ .RQVWLWXWLRQ -HGH VR]LDOH 2UJDQLVDWLRQ GLH DXI GHU $QQDKPH JUQGHW GD ªGHU 0HQVFK© ZHULPPHUªGHU0HQVFK©VHLQPDJ VLFKZQVFKH EHVWlQGLJ PLW VHLQHQ 0LWPHQVFKHQ DVVR]LLHUW ]X VHLQZlUHIUYLHOHLQGLYLGXHOOH0lQQHUXQG)UDXHQ HLQ 3URNUXVWHVEHWW 1XU GXUFK $EVFKQHLGHQ YRQ *OLHGPDHQ RGHU GXUFK GLH 6WUHFNIROWHU N|QQWHQ VLHLKPDQJHSDWZHUGHQ 8QG ZLH URPDQWLVFK LUUHIKUHQG VLQG GLH O\ULVFKHQ /REHVK\PQHQ DXI GDV 0LWWHODOWHU PLW ZHOFKHQ YLHOH KHXWLJH 7KHRUHWLNHU GHU VR]LDOHQ =XVWlQGHLKUH:HUNHVFKPFNHQª=XHLQHU=XQIW HLQHP )HXGDOJXW RGHU HLQHU 'RUIJHPHLQVFKDIW ]X JHK|UHQ EHVFKW]WH GHQ 0HQVFKHQ GHV 0LWWHODOWHUV ZlKUHQG VHLQHV JDQ]HQ /HEHQV XQG JDE LKP )ULHGHQ XQG +HLWHUNHLW© %HVFKW]WH LKQ ZRYRU" GUIHQ ZLU ZRKO IUDJHQ *HZL QLFKW YRU UFNVLFKWVORVHP 7\UDQQLVLHUWZHUGHQ YRQ VHLQHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

+|KHUHQ 8QG +DQG LQ +DQG PLW DOO GLHVHP ª)ULHGHQ© GLHVHU ª+HLWHUNHLW© JDE HV ZlKUHQG GHV JDQ]HQ 0LWWHODOWHUV XQJHKHXHU YLHO FKURQLVFKH )UXVWULHUXQJ XQG DNXWHV 8QJOFNOLFKVHLQ XQG HLQHQ OHLGHQVFKDIWOLFKHQ *UROO JHJHQ GDV VWDUUH KLHUDUFKLVFKH 6\VWHP GDV NHLQH YHUWLNDOH %HZHJXQJ DXI GHU VR]LDOHQ /HLWHU HUODXEWH XQG GHQMHQLJHQ GLH DQ GLH 6FKROOH JHEXQGHQ ZDUHQ VHKU ZHQLJ KRUL]RQWDOH %HZHJXQJ LP 5DXP 'LH XQSHUV|QOLFKHQ .UlIWH GHU hEHUY|ONHUXQJ XQG hEHURUJDQLVLHUXQJ XQG GLH 6R]LDOLQJHQLHXUH ZHOFKHYHUVXFKHQGLHVH.UlIWH]XOHQNHQGUlQJHQ XQV HLQHP QHXHQ PLWWHODOWHUOLFKHQ 5HJLPH ]X 'LHVHV HUQHXHUWH 5HJLPH ZLUG DQQHKPEDUHU DOV GDV XUVSUQJOLFKH JHPDFKW ZHUGHQ GXUFK VROFKH $QQHKPOLFKNHLWHQDXVGHUªZDFNHUHQQHXHQ:HOW© ZLH .LQGHUNRQGLWLRQLHUHQ XQG +\SQRSlGLH XQG YRQ 'URJHQ KHUYRUJHUXIHQH (XSKRULH IU GLH 0HKU]DKOGHU0HQVFKHQDEHUZLUGHVQRFKLPPHU HLQH$UWYRQ6NODYHUHLVHLQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

3523$*$1'$,1(,1(5'(02.5$7,(

ª'LH /HKUHQ (XURSDV© VFKULHE -HIIHUVRQ ªEHVDJWHQ GD GLH 0HQVFKHQ LQ YLHO]lKOLJHQ *HPHLQVFKDIWHQQLFKWLQGHQ*UHQ]HQYRQ2UGQXQJ XQG*HUHFKWLJNHLWJHKDOWHQZHUGHQN|QQHQHVVHL GHQQGXUFKSK\VLVFKHXQGPRUDOLVFKH*HZDOWYRQ %HK|UGHQEHUVLHDXVJHEWZHOFKHXQDEKlQJLJ YRQ LKUHP :LOOHQ VLQG« :LU GLH *UQGHU GHU QHXHQ DPHULNDQLVFKHQ 'HPRNUDWLH JODXEHQ GD GHU0HQVFKHLQYHUQXQIWEHJDEWHV:HVHQLVWYRQ GHU1DWXUPLW5HFKWHQXQGPLWHLQHPDQJHERUHQHQ 6LQQ IU *HUHFKWLJNHLW DXVJHVWDWWHW XQG GD HU YRP hEHOWXQ ]XUFNJHKDOWHQ XQG LQ VHLQHQ 5HFKWHQJHVFKW]WZHUGHQNDQQGXUFKPDYROOH 3HUVRQHQVHLQHUHLJHQHQ:DKODQYHUWUDXWH0DFKW ZHOFKH 3HUVRQHQ GXUFK $EKlQJLJNHLW YRQ VHLQHP :LOOHQ]XLKUHU3ÁLFKWDQJHKDOWHQZHUGHQ© 1DFK)UHXGLVFKHQ 2KUHQ NOLQJW GLHVH 6SUDFKH UKUHQG NXULRV XQG QDLY 'LH 0HQVFKHQ VLQG HLQ JXW 7HLO ZHQLJHU YHUQQIWLJ XQG DQJHERUHQ JH UHFKW DOV GLH 2SWLPLVWHQ GHV -DKUKXQGHUWV DQQDKPHQ $QGUHUVHLWV VLQG VLH ZHGHU VR PR

$/'286+8;/(<'5(,66,*-$+5('$1$&+

UDOLVFK EOLQG QRFK VR KRIIQXQJVORV XQYHUQQI WLJ ZLH GLH 3HVVLPLVWHQ GHV -DKUKXQGHUWV XQV JODXEHQ PDFKHQ P|FKWHQ 7URW] GHP ,FK XQG GHP 8QEHZXWHQ WURW] HQGHPLVFKHQ 1HXURVHQ XQG GHP 9RUKHUUVFKHQ HLQHV QLHGULJHQ ,QWHOOLJHQ]TXRWLHQWHQ VLQG GLH PHLVWHQ 0HQVFKHQ ZDKUVFKHLQOLFK DQVWlQGLJ XQG YHUQQIWLJ JHQXJ XP PLW GHU /HQNXQJ LKUHU HLJQHQ *HVFKLFNH EH WUDXW ]X ZHUGHQ 'HPRNUDWLVFKH (LQULFKWXQJHQ GLHQHQ GD]X GLH *HVHOOVFKDIWVRUGQXQJ PLW GHU )UHLKHLW XQG GHP 7DWHQGUDQJ GHV (LQ]HOQHQ ]X YHUHLQEDUHQ XQG GLH XQPLWWHOEDUH 0DFKW GHU +HUUVFKHU HLQHV /DQGHV GHU OHW]WJOWLJHQ 0DFKW GHU%HKHUUVFKWHQXQWHU]XRUGQHQ 'D LQ :HVWHXURSD XQG GHQ 86$ GLHVH (LQULFKWXQJHQ VLFK DOOHV LQ DOOHP JHQRPPHQ QLFKW JDU VR VFKOHFKW EHZlKUW KDEHQ LVW HLQ JH QJHQGHU %HZHLV GDIU GD GLH 2SWLPLVWHQ GHV -DKUKXQGHUWV QLFKW JDQ] XQUHFKW KDWWHQ :HQQ GHQ 0HQVFKHQ HLQH IDLUH &KDQFH JHJHEHQ ZLUG N|QQHQ VLH VLFK VHOEVW UHJLHUHQ XQG EHVVHU ZHQQJOHLFKYLHOOHLFKWPLWJHULQJHUHUPHFKDQLVFKHU 7FKWLJNHLW DOV VLH YRQ ª%HK|UGHQ ZHOFKH XQDE KlQJLJYRQLKUHP:LOOHQVLQG©UHJLHUWZHUGHQN|Q QHQ:HQQLKQHQHLQHIDLUH&KDQFHJHJHEHQZLUG ZLHGHUKROH LFK GHQQ GLH LVW HLQH XQHQWEHKUOLFKH 9RUDXVVHW]XQJ 9RQ NHLQHP 9RON GDV DXV HLQHP =XVWDQGGHU8QWHUWlQLJNHLWXQWHUHLQHP'HVSRWHQ MlKOLQJVLQGHQY|OOLJXQYHUWUDXWHQ=XVWDQGSROLWL

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VFKHU 8QDEKlQJLJNHLW JHODQJW OlW VLFK EHKDXS WHQ GD HV HLQH IDLUH &KDQFH KDW GHPRNUDWLVFKH (LQULFKWXQJHQ ]XP )XQNWLRQLHUHQ ]X EULQJHQ 8QG NHLQ 9RON LQ HLQHU JHIlKUGHWHQ ZLUWVFKDIWOL FKHQ /DJH KDW HLQH IDLUH &KDQFH VLFK VHOEVW GH PRNUDWLVFKUHJLHUHQ]XN|QQHQ'HU/LEHUDOLVPXV EOKW LQ HLQHP .OLPD GHV :RKOVWDQGV XQG ZHONW MH PHKU GHVVHQ $EQHKPHQ HV Q|WLJ PDFKW GD GLH 5HJLHUXQJ LPPHU KlXÀJHU XQG GUDVWLVFKHU LQ GLH $QJHOHJHQKHLWHQ LKUHU 8QWHUWDQHQ HLQJUHLIW hEHUY|ONHUXQJ XQG hEHURUJDQLVLHUXQJ VLQG ZRU DXILFKEHUHLWVKLQJHZLHVHQKDEH]ZHL8PVWlQGH ZHOFKH HLQH *HVHOOVFKDIW MHGHU IDLUHQ &KDQFH EH UDXEHQ GHPRNUDWLVFKH (LQULFKWXQJHQ ZLUNVDP ZHUGHQ]XODVVHQ :LU VHKHQ DOVR GD HV JHZLVVH JHVFKLFKWOLFKH ZLUWVFKDIWOLFKH GHPRJUDSKLVFKH XQG WHFKQROR JLVFKH 8PVWlQGH JLEW ZHOFKH HV -HIIHUVRQV YRQ GHU 1DWXU PLW XQYHUlXHUOLFKHQ 5HFKWHQ XQG HLQHP DQJHERUHQHQ *HUHFKWLJNHLWVVLQQ DXVJH VWDWWHWHQ PLW 9HUQXQIW EHJDEWHQ :HVHQ VHKU VFKZHU PDFKHQ LQQHUKDOE HLQHU GHPRNUDWLVFK RUJDQLVLHUWHQ *HVHOOVFKDIW LKUH 9HUQXQIW DQ ]XZHQGHQ LKUH 5HFKWH ]X IRUGHUQ XQG JHUHFKW ]X KDQGHOQ :LU %HZRKQHU GHV :HVWHQV ZDUHQ YRP *OFN lXHUVW EHJQVWLJW GDULQ XQVUH IDLUH &KDQFH JHKDEW ]X KDEHQ GDV JURH ([SHULPHQW GHV6LFKVHOEVWUHJLHUHQVPDFKHQ]XN|QQHQ/HLGHU VLHKWHVQXQVRDXVDOVZUGHXQVGXUFKGLHMQJV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

WHQ 9HUlQGHUXQJHQ LQ XQVHUQ 8PVWlQGHQ GLHVH XQHQGOLFK NRVWEDUH IDLUH &KDQFH VWFNFKHQZHLVH JHQRPPHQ 8QG GDV LVW QDWUOLFK QRFK QLFKW GLH JDQ]H *HVFKLFKWH 'LHVH EOLQGHQ XQSHUV|QOLFKHQ .UlIWHVLQGQLFKWGLHHLQ]LJHQ)HLQGHLQGLYLGXHOOHU )UHLKHLWXQGGHPRNUDWLVFKHU(LQULFKWXQJHQ (V JLEW DXFK .UlIWH YRQ DQGUHU ZHQLJHU DEV WUDNWHU $UW .UlIWH ZHOFKH ZLOOHQWOLFK YRQ PDFKW JLHULJHQ,QGLYLGXHQJHQXW]WZHUGHQN|QQHQGHUHQ =LHO HV LVW LKUH 0LWPHQVFKHQ WHLOZHLVH RGHU Y|OOLJ ]X EHKHUUVFKHQ 9RU IQI]LJ -DKUHQ DOV LFK HLQ .QDEH ZDU VFKLHQ HV Y|OOLJ VHOEVWYHUVWlQGOLFK ]X VHLQGDGLHVFKOLPPHQDOWHQ=HLWHQYRUEHLZDUHQ GD)ROWHUXQG0DVVHQVFKOlFKWHUHL6NODYHUHLXQG .HW]HUYHUIROJXQJHQ GHU 9HUJDQJHQKHLW DQJHK|U WHQ8QWHU/HXWHQZHOFKH=\OLQGHUKWHWUXJHQLQ (LVHQEDKQ]JHQUHLVWHQXQGMHGHQ0RUJHQHLQ%DG QDKPHQNDPHQVROFKH*UHXHOHLQIDFKJDUQLFKWLQ )UDJH:LUOHEWHQVFKOLHOLFKLP-DKUKXQGHUW (LQ SDDU -DKUH VSlWHU EHJLQJHQ GLHVH /HXWH GLH WlJOLFK HLQ %DG QDKPHQ XQG LP =\OLQGHUKXW ]XU .LUFKH JLQJHQ *UDXVDPNHLWHQ LQ HLQHP $XVPD GDV VLFK GLH XPQDFKWHWHQ $IULNDQHU XQG $VLDWHQ QLHKDWWHQWUlXPHQODVVHQ$QJHVLFKWVGHUMQJV WHQ *HVFKLFKWH ZlUH HV W|ULFKW DQ]XQHKPHQ GD VRHWZDVQLFKWZLHGHUJHVFKHKHQN|QQWH(VNDQQ JHVFKHKHQ XQG ZLUG ]ZHLIHOORV ZLHGHU JHVFKHKHQ $EHUPDQGDUIPLWHLQLJHP*UXQGJODXEHQGDLQ GHUXQPLWWHOEDUHQ=XNXQIWGLH6WUDIPHWKRGHQYRQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHQ 6WlUNXQJVPLWWHOQ XQG 0DQLSXODWLRQHQ GHUªZDFNHUHQQHXHQ:HOW©ZHLFKHQZHUGHQ (VJLEW]ZHL$UWHQYRQ3URSDJDQGD²YHUQQIWLJH 3URSDJDQGD IU +DQGOXQJHQ ZHOFKH PLW GHP DXIJHNOlUWHQ (LJHQQXW] GHUMHQLJHQ GLH VLH PDFKHQ XQG GHUMHQLJHQ DQ GLH VLH JHULFKWHW LVW EHUHLQVWLPPHQ XQG XQYHUQQIWLJH 3URSDJDQGD ZHOFKH PLW QLHPDQGV DXIJHNOlUWHP (LJHQQXW] EHUHLQVWLPPW VRQGHUQ YRQ /HLGHQVFKDIWHQ EOLQGHQ 5HJXQJHQ XQEHZXWHQ %HJLHUGHQ RGHU %HIUFKWXQJHQ GLNWLHUW ZLUG XQG VLFK DQ DOOH GLHVH ZHQGHW :R HV VLFK XPGLH+DQGOXQJHQYRQ ,QGLYLGXHQ GUHKW JLEW HV K|KHUH %HZHJJUQGH DOV DXIJHNOlUWHQ(LJHQQXW]:RDEHUDXIGHQ*HELHWHQ GHU 3ROLWLN XQG :LUWVFKDIW NROOHNWLY JHKDQGHOW ZHUGHQ PX LVW DXIJHNOlUWHV 6HOEVWLQWHUHVVH ZDKUVFKHLQOLFK GHU K|FKVWH DOOHU ZLUNVDPHQ %HZHJJUQGH :HQQ 3ROLWLNHU XQG LKUH :lKOHU LPPHU VR KDQGHOWHQ GD VLH DXI ODQJH 6LFKW LKU RGHULKUHV/DQGHV,QWHUHVVHI|UGHUWHQZlUHXQVUH :HOW GDV 3DUDGLHV DXI (UGHQ 7DWVlFKOLFK DEHU KDQGHOQ VLH RIW JHJHQ LKU HLJHQHV ,QWHUHVVH EOR XP LKUHQ ZHQLJVW UKPOLFKHQ /HLGHQVFKDIWHQ ]X IU|QHQIROJOLFKLVWGLH:HOWHLQH6WlWWHGHV(OHQGV 3URSDJDQGD IU VROFKH +DQGOXQJHQ GLH VLFK PLW DXIJHNOlUWHP(LJHQQXW]YHUWUDJHQZHQGHWVLFKDQ GLH 9HUQXQIW PLWWHOV ORJLVFKHU $UJXPHQWH ZHOFKH DXIGDVEHVWHYHUIJEDUHYROOXQGHKUOLFKGDUJHOHJWH %HZHLVPDWHULDO JHJUQGHW VLQG 3URSDJDQGD IU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VROFKH+DQGOXQJHQGLHYRQQLHGULJHP,PSXOVHQDOV DXIJHNOlUWHP(LJHQQXW]GLNWLHUWVLQGELHWHWIDOVFKHV YHUIlOVFKWHV RGHU XQYROOVWlQGLJHV %HZHLVPDWHULDO PHLGHW ORJLVFKH $UJXPHQWH XQG VXFKW LKUH 2SIHU GXUFK EORH :LHGHUKROXQJ YRQ 6FKODJZRUWHQ ]X EHHLQÁXVVHQ GXUFK ZWHQGH $QSUDQJHUXQJ IUHPGHURGHUKHLPLVFKHU6QGHQE|FNHXQGGXUFK OLVWLJH9HUTXLFNXQJGHUQLHGULJVWHQ/HLGHQVFKDIWHQ PLWGHQK|FKVWHQ,GHDOHQVRGD*UHXHOLP1DPHQ *RWWHVYHUEWZHUGHQXQGGLH]\QLVFKHVWH$UWYRQ 5HDOSROLWLN ]X HLQHU 6DFKH UHOLJL|VHU *UXQGVlW]H XQGSDWULRWLVFKHU3ÁLFKWZLUG 0LW-RKQ'HZH\V:RUWHQª(LQH(UQHXHUXQJGHV *ODXEHQV DQ GLH JHPHLQVDPH PHQVFKOLFKH 1DWXU XQGLKUH0|JOLFKNHLWHQLPDOOJHPHLQHQXQGDQLKUH )lKLJNHLWDXI9HUQXQIWXQG:DKUKHLWDQ]XVSUHFKHQ LP EHVRQGHUHQ LVW HLQ VLFKHUHUHV %ROOZHUN JHJHQ 7RWDOLWDULVPXVDOVHLQH6FKDXVWHOOXQJPDWHULHOOHQ (UIROJV RGHU HLQH GHYRWH 9HUHKUXQJ EHVRQGUHU UHFKWOLFKHUXQGSROLWLVFKHU)RUPHQ©'LH)lKLJNHLW DXI 9HUQXQIW XQG :DKUKHLW DQ]XVSUHFKHQ LVW LQ XQV DOOHQ YRUKDQGHQ 9RUKDQGHQ LVW DEHU OHLGHU DXFK GHU +DQJ DXI 8QYHUQXQIW XQG 8QZDKUKHLW DQ]XVSUHFKHQ ² EHVRQGHUV LQ GHQMHQLJHQ )lOOHQ LQ GHQHQ GLH 8QZDKUKHLW HLQ /XVWJHIKO KHUYRUUXIW RGHU GHU $SSHOO DQ GLH 8QYHUQXQIW HLQH DQWZRUWHQGH 6DLWH LQ GHQ SULPLWLYHQ XQWHUPHQVFKOLFKHQ 7LHIHQ XQVUHV :HVHQV ]XP (UNOLQJHQEULQJW,QPDQFKHQ7lWLJNHLWVEHUHLFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

KDEHQGLH0HQVFKHQHVJHOHUQWDXI9HUQXQIWXQG :DKUKHLW ]LHPOLFK IROJHULFKWLJ DQ]XVSUHFKHQ 'LH 9HUIDVVHUJHOHKUWHU$EKDQGOXQJHQDSSHOOLHUHQQLFKW DQ GLH /HLGHQVFKDIWHQ LKUHU ZLVVHQVFKDIWOLFKHQ XQG WHFKQLVFKHQ .ROOHJHQ 6LH OHJHQ GDU ZDV QDFK LKUHP EHVWHQ :LVVHQ GLH :DKUKHLW EHU LUJHQGHLQHQ EHVRQGHUQ $VSHNW GHU :LUNOLFKNHLW LVWVLHYHUZHQGHQGLH9HUQXQIW]XU(UNOlUXQJGHU YRQLKQHQEHREDFKWHWHQ7DWVDFKHQXQGVLHVWW]HQ LKUH$QVLFKWGXUFK$UJXPHQWHZHOFKHVLFKDQGLH 9HUQXQIW LQ lQGHUQ 0HQVFKHQ ZHQGHQ 'DV DOOHV LVW]LHPOLFKOHLFKWDXIGHQ*HELHWHQGHU3K\VLNXQG 7HFKQLNHVLVWYLHOVFKZHUHUDXIGHQ*HELHWHQGHU 3ROLWLNGHU5HOLJLRQXQGGHU(WKLN+LHUHQW]LHKHQ VLFKXQVGLHHUKHEOLFKHQ7DWVDFKHQRIW:DVGHUHQ %HGHXWXQJEHWULIIWVRKlQJWVLHVHOEVWYHUVWlQGOLFK YRQ GHP EHVRQGHUHQ ,GHHQV\VWHP DE LQ GHVVHQ %HJULIIHQ ZLU VLH DXVOHJHQ ZROOHQ 8QG GDV VLQG QLFKW GLH HLQ]LJHQ 6FKZLHULJNHLWHQ GHQHQ VLFK GHU YHUQQIWLJH :DKUKHLWVXFKHU JHJHQEHUVLHKW ,P|IIHQWOLFKHQZLHLPSULYDWHQ/HEHQJHVFKLHKWHV RIWGDPDQHLQIDFKNHLQH=HLWKDWGLHHUKHEOLFKHQ 7DWVDFKHQ ]X VDPPHOQ RGHU LKUH %HGHXWVDPNHLW ]X HUZlJHQ :LU VLQG JH]ZXQJHQ DXI *UXQG XQJHQJHQGHQ 7DWVDFKHQPDWHULDOV ]X KDQGHOQ XQG EHL HLQHP EHWUlFKWOLFK ZHQLJHU EHVWlQGLJHQ /LFKW DOV GHP GHU /RJLN 0LW GHP EHVWHQ :LOOHQ LQ GHU :HOW N|QQHQ ZLU QLFKW LPPHU Y|OOLJ ZDKUKHLWVJHWUHXRGHUNRQVHTXHQWYHUQQIWLJVHLQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,Q XQVUHU 0DFKW OLHJW HV QXU VR ZDKUKHLWVJHWUHX XQGYHUQQIWLJ]XVHLQZLHGLH8PVWlQGHHVXQV HUODXEHQXQGVRJXWZLUN|QQHQDXIGLHEHJUHQ]WH :DKUKHLWXQGGLHXQYROOVWlQGLJHQ9HUQXQIWJUQGH DQ]XVSUHFKHQ ZHOFKH XQV YRQ lQGHUQ ]X XQVUHU (UZlJXQJGDUJHERWHQZHUGHQ ª:HQQHLQH1DWLRQHUZDUWHWXQZLVVHQGXQGIUHL ]X VHLQ© VDJWH -HIIHUVRQ ªHUZDUWHW VLH ZDV QLH ZDU XQG QLH VHLQ ZLUG« 'DV 9RON NDQQ QLFKW LQ 6LFKHUKHLW VHLQ RKQH ,QIRUPDWLRQ :R GLH 3UHVVH IUHL LVW XQG MHGHUPDQQ OHVHQ NDQQ LVW DOOHV LQ 6LFKHUKHLW© 'LHVVHLWV GHV $WODQWLNV GDFKWH HLQ DQGUHU OHLGHQVFKDIWOLFK DQ GLH 9HUQXQIW JODXEHQGHU0DQQXPGLHVHOEH=HLWLQIDVWJHQDX GHQVHOEHQ %HJULIIHQ +LHU IROJW ZDV -RKQ 6WXDUW 0LOO EHU VHLQHQ 9DWHU GHQ PLOLWDULVWLVFKHQ 3KLORVRSKHQ -DPHV 0LOO VFKULHE ª6R Y|OOLJ YHUOLH HU VLFK DXI GHQ (LQIOX GHU 9HUQXQIW DXI GHQPHQVFKOLFKHQ*HLVWZDQQLPPHUHVP|JOLFK LVW DQ LKQ KHUDQ]XJHODQJHQ GD HU GDV *HIKO KDWWH HV ZlUH VFKRQ DOOHV JHZRQQHQ ZHQQ GLH JDQ]H%HY|ONHUXQJOHVHQN|QQWHXQGMHGH$UWYRQ 0HLQXQJPQGOLFKRGHUVFKULIWOLFKDQVLHJHULFKWHW ZHUGHQGUIWHXQGVLHPLWWHOVGHV:DKOUHFKWVHLQH JHVHW]JHEHQGH .|USHUVFKDIW HUQHQQHQ N|QQWH GDPLWGLHVHGHQ0HLQXQJHQGLHGLH%HY|ONHUXQJ VLFK]XHLJHQJHPDFKWKDW:LUNVDPNHLWYHUOHLKH© $OOHV LVW LQ 6LFKHUKHLW DOOHV ZlUH JHZRQQHQ $EHUPDOV K|UHQ ZLU GHQ RSWLPLVWLVFKHQ 7RQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHV -DKUKXQGHUWV -HIIHUVRQ DOOHUGLQJV ZDU HEHQVR5HDOLVWZLH2SWLPLVW(UZXWHDXVELWWUHU (UIDKUXQJ GD GLH 3UHVVHIUHLKHLW VFKlQGOLFK PLEUDXFKW ZHUGHQ NDQQ ª1LFKWV© HUNOlUWH HU ªNDQQQXQJHJODXEWZHUGHQZDVLQHLQHU=HLWXQJ ]X OHVHQ LVW 8QG GRFK© GDEHL EOLHE HU XQG ZLU N|QQHQ LKP QXU EHLVWLPPHQ ªLVW LQQHUKDOE GHV %HUHLFKV GHU :DKUKHLW GLH 3UHVVH HLQH HGOH (LQULFKWXQJ JOHLFKHUPDHQ GHU )UHXQG GHU :LVVHQVFKDIW XQG GHU EUJHUOLFKHQ )UHLKHLWHQ© 0DVVHQEHQDFKULFKWLJXQJ LVW NXU] JHVDJW ZHGHU JXW QRFK E|VH VLH LVW HLQIDFK HLQH 0DFKW XQG NDQQZLHMHGHDQGUH0DFKWHQWZHGHU]XP*XWHQ RGHU ]XP %|VHQ JHEUDXFKW ZHUGHQ $XI GLH HLQH $UW JHEUDXFKW VLQG 3UHVVH 5XQGIXQN XQG .LQR XQHQWEHKUOLFKIUGDV)RUWEHVWHKQGHU'HPRNUDWLH $XIHLQHDQGUH$UWJHEUDXFKWJHK|UHQVLH]XGHQ PlFKWLJVWHQ :DIIHQ LP $UVHQDO GHU 'LNWDWRUHQ $XIGHP*HELHWGHU0DVVHQEHQDFKULFKWLJXQJZLH DXIIDVWMHGHPlQGHUQGHV8QWHUQHKPHUWXPVKDW GHU WHFKQLVFKH )RUWVFKULWW GHP ªNOHLQHQ 0DQQ© JHVFKDGHW XQG GHP ªJURHQ 0DQQ© JHQW]W 1RFK YRU IQI]LJ -DKUHQ NRQQWH VLFK MHGHV GHPRNUDWLVFKH /DQG HLQHU JURHQ =DKO NOHLQHU =HLWXQJHQ XQG /RNDOEOlWWHU UKPHQ 7DXVHQGH YRQ 3URYLQ]UHGDNWHXUHQ JDEHQ WDXVHQGHQ XQDEKlQJLJHQ 0HLQXQJHQ $XVGUXFN ,UJHQGZR NRQQWHIDVWMHGHUPDQQIDVWDOOHVGUXFNHQODVVHQ +HXW]XWDJH LVW GLH 3UHVVH QRFK LPPHU JHVHW]OLFK

$/'286+8;/(<'5(,66,*-$+5('$1$&+

IUHLDEHUGLHPHLVWHQGHUNOHLQHQ=HLWXQJHQVLQG YHUVFKZXQGHQ 'HU 3UHLV GHV 5RWDWLRQVSDSLHUV GHU PRGHUQHQ 'UXFNHUSUHVVHQ XQG GHU YRQ $JHQWXUHQ DXVJHVDQGWHQ 1DFKULFKWHQ LVW ]X KRFK IU GHQ NOHLQHQ 0DQQ ,P WRWDOLWlUHQ 2VWHQ EHVWHKW HLQH SROLWLVFKH =HQVXU XQG GLH 2UJDQH GHU 0DVVHQPLWWHLOXQJ ZHUGHQ YRP 6WDDW JHOHQNW ,P GHPRNUDWLVFKHQ :HVWHQ EHVWHKW HLQH ZLUWVFKDIWOLFKH =HQVXU XQG GLH 2UJDQH GHU 0DVVHQPLWWHLOXQJ ZHUGHQ YRQ 0LWJOLHGHUQ GHU 0DFKWHOLWH JHOHQNW *HJHQ =HQVXU GXUFK VWHLJHQGH .RVWHQ XQG JHJHQ GLH .RQ]HQWUDWLRQ GHU 0LWWHLOXQJVPDFKW LQ GHQ +lQGHQ HLQLJHU ZHQLJHU JURHU .RQ]HUQH OlW VLFK ZHQLJHU HLQZHQGHQ DOV JHJHQ 9HUVWDDWOLFKXQJ XQG 5HJLHUXQJVSURSDJDQGDDEHUJHZLVLQGVLHQLFKW HWZDV GDV HLQ MHIIHUVRQVFKHU 'HPRNUDW ELOOLJHQ N|QQWH +LQVLFKWOLFK GHU 3URSDJDQGD VDKHQ GLH IUKHQ 9RUNlPSIHU DOOJHPHLQHQ /HVHQ XQG 6FKUHLEHQN|QQHQV XQG HLQHU IUHLHQ 3UHVVH QXU ]ZHL 0|JOLFKNHLWHQ YRUDXV GLH 3URSDJDQGD N|QQWH ZDKU VHLQ RGHU VLH N|QQWH IDOVFK VHLQ 6LH VDKHQ QLFKW YRUDXV ZDV WDWVlFKOLFK XQG YRU DOOHP LQ GHQ ZHVWOLFKHQ NDSLWDOLVWLVFKHQ 'HPRNUDWLHQ JHVFKHKHQ LVW ² GLH (QWZLFNOXQJ HLQHU ULHVLJHQ ,QGXVWULH GHU 0DVVHQPLWWHLOXQJ ZHOFKH VLFK GHU +DXSWVDFKHQDFKZHGHUPLWGHP:DKUHQQRFKGHP )DOVFKHQ EHIDW VRQGHUQ PLW GHP 8QZLUNOLFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHP PHKU RGHU ZHQLJHU %HODQJORVHQ 0LW HLQHP :RUW VLH XQWHUOLHHQ HV GLH IDVW XQEHJUHQ]WH =HUVWUHXXQJVVXFKW GHU 0HQVFKHQ LQ 5HFKQXQJ ]X VWHOOHQ ,Q GHU 9HUJDQJHQKHLW HUJDE VLFK IU GLH PHLVWHQ 0HQVFKHQ QLH HLQH *HOHJHQKHLW GLHVH 6XFKW Y|OOLJ ]X VWLOOHQ 6LH PRFKWHQ QDFK =HUVWUHXXQJHQ OHFK]HQ DEHU GLH =HUVWUHXXQJHQ ZXUGHQ LKQHQ QLFKWJHERWHQª:HLKQDFKWJDE·VLP-DKUQXUHLQH© )HVWH ZDUHQ ªIHLHUOLFK XQG UDU© HV JDE ZHQLJH /HVHU XQG VHKU ZHQLJ ]X OHVHQ XQG DP QlFKVWHQ NDP GHP .LQR DQ GHU QlFKVWHQ 6WUDHQHFNH GLH 3IDUUNLUFKHZRGLH9RUVWHOOXQJHQ]ZDUKlXÀJDEHU HLQLJHUPDHQ HLQW|QLJ ZDUHQ :HQQ ZLU =XVWlQGH ÀQGHQ ZROOHQ ZHOFKH VLFK DXFK QXU HQWIHUQW GHQ KHXWLJHQ YHUJOHLFKHQ ODVVHQ PVVHQ ZLU LQV NDLVHUOLFKH 5RP ]XUFNJHKQ ZR GLH 3OHEV EHL JXWHU/DXQHJHKDOWHQZXUGHGXUFKYLHOHUOHLKlXILJ YHUDEUHLFKWH XQHQWJHOWOLFKH =HUVWUHXXQJHQ ²YRQ SRHWLVFKHQ 'UDPHQ ELV ]X *ODGLDWRUHQVSLHOHQ YRQ 5H]LWDWLRQHQ 9HUJLOV ELV ]X %R[NlPSIHQ YRQ .RQ]HUWHQ ELV ]X PLOLWlULVFKHQ 3DUDGHQ XQG |IIHQWOLFKHQ +LQULFKWXQJHQ $EHU QLFKW HLQPDO LQ 5RP JDE HV HWZDV GHU XQXQWHUEURFKHQHQ =HUVWUHXXQJ bKQOLFKHV GLH KHXWH YRQ =HLWXQJHQ ,OOXVWULHUWHQ XQG 0DJD]LQHQ YRP 5XQGIXQN YRP )HUQVHKHQXQGYRP.LQRJHERWHQZLUG,Q:DFNHUH QHXH:HOWZHUGHQXQXQWHUEURFKHQH=HUVWUHXXQJHQ GHUIDV]LQLHUHQGVWHQ$UW)KOÀOPH5XWVFKLSXWVFKL

$/'286+8;/(<'5(,66,*-$+5('$1$&+

=HQWULIXJDOEUXPPEDOO DOV :HUN]HXJH GHU 3ROLWLN YHUZHQGHW XP GLH /HXWH GDYRQ DE]XKDOWHQ GHQ :LUNOLFKNHLWHQ GHU VR]LDOHQ XQG SROLWLVFKHQ /DJH ]XYLHO $XIPHUNVDPNHLW ]X VFKHQNHQ 'LH -HQVHLWVZHOW GHU 5HOLJLRQ LVW YHUVFKLHGHQ YRQ GHU -HQVHLWVZHOW GHU 8QWHUKDOWXQJ DEHU VLH lKQHOQ HLQDQGHU GDULQ GD VLH JDQ] HQWVFKLHGHQ ªQLFKW YRQGLHVHU:HOW©VLQG%HLGHVLQGVLH$EOHQNXQJHQ XQGZHQQPDQ]XEHVWlQGLJLQLKQHQOHEWN|QQHQ EHLGH ZLH 0DU[ HV DXVGUFNWH ª2SLXP IU GDV 9RON© ZHUGHQ XQG VR ]X HLQHU %HGURKXQJ GHU )UHLKHLW 1XU GLH :DFKVDPHQ N|QQHQ VLFK LKUH )UHLKHLWHQ EHZDKUHQ 8QG QXU GLHMHQLJHQ GLH EHVWlQGLJ XQG YHUVWlQGLJ ]XU 6WHOOH VLQG N|QQHQ KRIIHQ VLFK GXUFK GHPRNUDWLVFKH 9HUIDKUHQ ZLUNVDP VHOEHU ]X UHJLHUHQ (LQH *HVHOOVFKDIW GHUHQ PHLVWH $QJHK|ULJH HLQHQ JURHQ 7HLO LKUHU =HLW QLFKW DQ 2UW XQG 6WHOOH YHUEULQJHQ QLFKW KLHUXQGKHXWHXQGLQGHUHUUHFKHQEDUHQ=XNXQIW VRQGHUQ LUJHQGZR DQGHUV LQ GHQ EHODQJORVHQ -HQVHLWVZHOWHQ GHV 6SRUWV XQG GHU 0XVLFDOV GHU 0\WKRORJLH XQG PHWDSK\VLVFKHQ 3KDQWDVLH ZLUG HV VFKZHU ÀQGHQ GHQ %HHLQWUlFKWLJXQJHQ GXUFK GLHMHQLJHQ ]X ZLGHUVWHKQ GLH GLHVH *HVHOOVFKDIW PDQLSXOLHUHQXQGJlQJHOQ ,QLKUHU3URSDJDQGDYHUODVVHQVLFKGLHKHXWLJHQ 'LNWDWRUHQ JU|WHQWHLOV DXIV :LHGHUKROHQ 9HUVFKZHLJHQ XQG 5DWLRQDOLVLHUHQ ² GDV :LHGHUKROHQYRQ6FKODJZRUWHQZHOFKHVLHDOVZDKU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

KLQJHQRPPHQ GDV 9HUVFKZHLJHQ YRQ 7DWVDFKHQ ZHOFKHVLHXQEHDFKWHWJHODVVHQVHKHQZROOHQGDV (UZHFNHQXQG5DWLRQDOLVLHUHQYRQ/HLGHQVFKDIWHQ ZHOFKH ]XP 1XW]HQ GHU 3DUWHL RGHU GHV 6WDDWV YHUZHQGHWZHUGHQN|QQHQ6REDOGPDQVLFKDXIGLH .XQVWXQG:LVVHQVFKDIWGHV0DQLSXOLHUHQVEHVVHU YHUVWHKQZLUGZHUGHQGLH'LNWDWRUHQGHU=XNXQIW HV ]ZHLIHOORV OHUQHQ GLHVH 0HWKRGHQ PLW GHQ XQDXIK|UOLFKHQ=HUVWUHXXQJHQ]XNRPELQLHUHQGLH LP:HVWHQQXQLQHLQHP0HHUYRQ%HODQJORVLJNHLW DOOHV ]X HUWUlQNHQ GURKHQ ZDV DOV UDWLRQDOH 3URSDJDQGD]XU%HZDKUXQJLQGLYLGXHOOHU)UHLKHLW XQG]XP%HVWHKQ GHPRNUDWLVFKHU (LQULFKWXQJHQ XQHQWEHKUOLFKLVW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

3523$*$1'$817(5(,1(5',.7$785

,P /DXI GHU 1UQEHUJHU 3UR]HVVH KLHOW +LWOHUV 5VWXQJVPLQLVWHU $OEHUW 6SHHU HLQH ODQJH 5HGH ZRULQ HU PLW EHPHUNHQVZHUWHP 6FKDUIVLQQ GLH QDWLRQDOVR]LDOLVWLVFKH 7\UDQQHL EHVFKULHE XQG LKUH 0HWKRGHQ DQDO\VLHUWH ª'LH 'LNWDWXU +LWOHUV XQWHUVFKLHG VLFK LQ HLQHP JUXQGVlW]OLFKHQ 3XQNW YRQ DOOHQ JHVFKLFKWOLFKHQ 9RUJlQJHUQ (V ZDU GLH HUVWH'LNWDWXULQGLHVHU=HLWPRGHUQHU7HFKQLNHLQH 'LNWDWXU GLH VLFK ]XU %HKHUUVFKXQJ GHV HLJHQHQ 9RONHV GHU WHFKQLVFKHQ 0LWWHO LQ YROONRPPHQHU :HLVH EHGLHQWH 'XUFK GLH 0LWWHO GHU 7HFKQLN ZLH 5XQGIXQNXQG/DXWVSUHFKHUZXUGHDFKW]LJ0LOOLRQHQ 0HQVFKHQGDVVHOEVWlQGLJH'HQNHQJHQRPPHQVLH NRQQWHQGDGXUFKGHP:LOOHQHLQHVHLQ]HOQHQK|ULJ JHPDFKW ZHUGHQ« )UKHUH 'LNWDWXUHQ EHQ|WLJWHQ DXFKLQGHUXQWHUHQ)KUXQJ0LWDUEHLWHUPLWKRKHQ 4XDOLWlWHQ 0lQQHU GLH VHOEVWlQGLJ GHQNHQ XQG KDQGHOQ NRQQWHQ 'DV DXWRULWlUH 6\VWHP LQ GHU =HLW GHU 7HFKQLN NDQQ KLHUDXI YHU]LFKWHQ 6FKRQ DOOHLQ GLH 1DFKULFKWHQPLWWHO EHIlKLJHQ HV GLH $UEHLWGHUXQWHUHQ)KUXQJ]XPHFKDQLVLHUHQ$OV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

)ROJH GDYRQ HQWVWHKW GHU QHXH 7\S GHV NULWLNORVHQ %HIHKOVHPSIlQJHUV© ,Q GHU ªZDFNHUHQ QHXHQ :HOW© PHLQHU SURSKHWLVFKHQ )DEHO ZDU GLH 7HFKQLN ZHLW EHU GHQ 3XQNW KLQDXV IRUWJHVFKULWWHQ GHQ VLH ]X +LWOHUV =HLWHQ HUUHLFKW KDWWH GDKHU ZDUHQ GLH (PSIlQJHU YRQ %HIHKOHQ YLHO ZHQLJHU NULWLVFK DOV LKUH QDWLRQDOVR]LDOLVWLVFKHQ *HJHQVWFNH XQG YLHO IROJVDPHU JHJHQEHU GHU %HIHKOH HUWHLOHQGHQ (OLWH hEHUGLHV ZDUHQ VLH IU GLH (UIOOXQJ LKUHU XQWHUJHRUGQHWHQ )XQNWLRQHQ JHQHWLVFK JHQRUPW XQG SRVWQDWDO NRQGLWLRQLHUW ZRUGHQ XQG PDQ NRQQWH VLFK GDKHU GDUDXI YHUODVVHQ GD VLH VLFK IDVW VR YRUKHUVDJEDU ZLH 0DVFKLQHQ YHUKDOWHQ ZUGHQ :LH ZLU LQ HLQHP VSlWHP .DSLWHO VHKHQ ZHUGHQ JHKW GLHVHV .RQGLWLRQLHUHQ GDV %HGLQJHQ GHU 5HÁH[H ªGHU XQWHUHQ )KUXQJ© XQWHU GHQ NRPPXQLVWLVFKHQ 'LNWDWXUHQ EHUHLWV YRU VLFK 'LH &KLQHVHQXQGGLH5XVVHQYHUODVVHQVLFKQLFKWEOR DXIGLHPLWWHOEDUHQ:LUNXQJHQGHUIRUWVFKUHLWHQGHQ 7HFKQLN VLH DUEHLWHQ XQPLWWHOEDU DQ GHQ SV\FKR SK\VLVFKHQ 2UJDQLVPHQ LKUHU XQWHUHQ )KUXQJ XQG XQWHUZHUIHQ *HLVW XQG .|USHU HLQHP 6\VWHP UFNVLFKWORVHQ XQG DOOHQ %HULFKWHQ QDFK K|FKVW ZLUNVDPHQ .RQGLWLRQLHUHQV ª'HU $OEWUDXP YLHOHU 0HQVFKHQ© VDJWH 6SHHU ªGD HLQPDO GLH 9|ONHU GXUFKGLH7HFKQLNEHKHUUVFKWZHUGHQN|QQWHQHUZDU LPDXWRULWlUHQ6\VWHP+LWOHUVQDKH]XYHUZLUNOLFKW© 1DKH]X DEHU QLFKW JDQ] 'LH 1DWLRQDOVR]LDOLVWHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

KDWWHQ QLFKW =HLW ² XQG KDWWHQ YLHOOHLFKW QLFKW GLH Q|WLJH,QWHOOLJHQ]XQGGLHQ|WLJHQ.HQQWQLVVH²LKUH XQWHUH )KUHUVFKDIW GHU *HKLUQZlVFKH XQG GHP .RQGLWLRQLHUHQ ]X XQWHU]LHKHQ 'LHV LVW YLHOOHLFKW HLQHUGHU*UQGHGDVLHYHUVDJWHQ 6HLW +LWOHUV 7DJHQ LVW GDV $UVHQDO WHFKQLVFKHU %HKHOIH ZHOFKHV GHP 0|FKWHJHUQ'LNWDWRU ]XU 9HUIJXQJ VWHKW EHWUlFKWOLFK HUZHLWHUW ZRUGHQ 1HEHQ GHP 5XQGIXQN GHP /DXWVSUHFKHU GHU )LOPNDPHUD XQG GHU 5RWDWLRQVSUHVVH NDQQ GHU KHXWLJH 3URSDJDQGLVW YRP )HUQVHKHQ *HEUDXFK PDFKHQ XP DXFK GDV %LOG QLFKW QXU GLH 6WLPPH VHLQHV .OLHQWHQ ]X YHUEUHLWHQ XQG NDQQ VRZRKO %LOG DOV DXFK 6WLPPH DXI 6SXOHQ YRQ 0DJQHWRSKRQEDQG DXIQHKPHQ 'DQN GHP WHFKQLVFKHQ )RUWVFKULWW NDQQ GHU ªJURH %UXGHU© QXQIDVWVRDOOJHJHQZlUWLJVHLQZLH*RWW8QGQLFKW QXU LQ WHFKQLVFKHU +LQVLFKW LVW GHP 0|FKWHJHUQ 'LNWDWRU GHU $UP JHVWlUNW ZRUGHQ 6HLW +LWOHUV 7DJHQ LVW VHKU YLHO DXI GHQMHQLJHQ *HELHWHQ GHU DQJHZDQGWHQ3V\FKRORJLHXQG1HXURORJLHJHDUEHLWHW ZRUGHQ GLH GDV EHVRQGHUH %HWlWLJXQJVIHOG GHV 3URSDJDQGLVWHQ GHV ,GHRORJLHQHLQSDXNHUV XQG GHV *HKLUQZlVFKHUV VLQG ,Q GHU 9HUJDQJHQKHLW ZDUHQGLHVH6SH]LDOLVWHQLQGHU.XQVWGDV'HQNHQ YRQ /HXWHQ ]X lQGHUQ EOR (PSLULNHU 'XUFK HLQH 0HWKRGH YRQ 9HUVXFK XQG ,UUWXP KDWWHQ VLH 7HFKQLNHQXQG9HUIDKUHQDXVJHDUEHLWHWZHOFKHVLH VHKU ZLUNVDP DQZHQGHWHQ RKQH MHGRFK JHQDX ]X

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ZLVVHQ ZDUXP VLH ZLUNVDP ZDUHQ +HXWH LVW GLH .XQVW GLH *HLVW6HHOHQ DQGUHU ]X EHKHUUVFKHQ DXI GHP EHVWHQ :HJ HLQH :LVVHQVFKDIW ]X ZHUGHQ'LH3UDNWLNHUGLHVHU:LVVHQVFKDIWZLVVHQ ZDV VLH WXQ XQG ZDUXP VLH HV WXQ 6LH ZHUGHQ EHL LKUHU $UEHLW YRQ 7KHRULHQ XQG +\SRWKHVHQ JHOHLWHW ZHOFKH IHVW DXI HLQHU VROLGHQ *UXQGODJH H[SHULPHQWHOOHQ %HZHLVPDWHULDOV UXKHQ 'DQN GHQQHXHQ(LQVLFKWHQXQGGHQGXUFKGLHVHP|JOLFK JHPDFKWHQ9HUIDKUHQ ZLUG GHU $OEWUDXP GHU ªLQ +LWOHUV DXWRULWlUHP 6\VWHP QDKH]X YHUZLUNOLFKW© ZXUGHEDOGY|OOLJYHUZLUNOLFKEDUVHLQ %HYRU ZLU DEHU GLHVH QHXHQ (LQVLFKWHQ XQG 9HUIDKUHQ EHVSUHFKHQ ZROOHQ ZLU HLQHQ %OLFN DXI GHQ $OEWUDXP ZHUIHQ GHU LP QDWLRQDOVR]LDOLVWLVFKHQ 'HXWVFKODQG GHU 9HUZLUNOLFKXQJ VR QDKH NDP :HOFKHV ZDUHQ GLH 0HWKRGHQ GLH +LWOHU XQG *RHEEHOV DQZHQGHWHQ XPªDFKW]LJ0LOOLRQHQ0HQVFKHQGDVVHOEVWlQGLJH 'HQNHQ ]X QHKPHQ XQG VLH GHP :LOOHQ HLQHV HLQ]HOQHQ K|ULJ ]X PDFKHQ©" 8QG ZHOFKHV ZDU GLH 7KHRULH EHU GLH PHQVFKOLFKH 1DWXU DXI GLH VLFK GLHVH HUVFKUHFNHQG HUIROJUHLFKHQ 0HWKRGHQ JUQGHWHQ" 'LHVH )UDJHQ ODVVHQ VLFK JU|WHQWHLOV PLW +LWOHUV HLJQHQ :RUWHQ EHDQWZRUWHQ XQG ZDV IU EHPHUNHQVZHUW NODUH XQG NOXJH :RUWH VLQG GDV :HQQ HU EHU VR ULHVLJH $EVWUDNWLRQHQ ZLH 5DVVH XQG *HVFKLFKWH XQG 9RUVHKXQJ VFKUHLEW LVW+LWOHUHLQIDFKXQOHVEDU:HQQHUDEHUEHUGLH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

0DVVHQGHU'HXWVFKHQXQGGLH0HWKRGHQVFKUHLEW GLH HU DQZHQGHWH XP VLH ]X EHKHUUVFKHQ XQG ]X OHQNHQ GDQQ lQGHUW VLFK VHLQ 6WLO 8QVLQQ ZHLFKW GHP 6LQQ %RPEDVW HLQHU KDUWJHVRWWHQHQ XQG]\QLVFKHQ.ODUKHLW,QVHLQHQSKLORVRSKLVFKHQ (UJVVHQ HUJLQJ VLFK +LWOHU HQWZHGHU LQ ZRONLJHQ 7DJWUlXPHQRGHUJDEDQGUHU/HXWHKDOEJDUH,GHHQ ZLHGHU,QVHLQHQ%HPHUNXQJHQEHU9RONVPDVVHQ XQG3URSDJDQGDVFKULHEHUYRQ'LQJHQZHOFKHHU DXVHLJQHU(UIDKUXQJNDQQWH:LHVHLQIlKLJVWHU %LRJUDSK $ODQ %XOORFN VDJW ZDU ª+LWOHU GHU JU|WH 'HPDJRJ GHU *HVFKLFKWH© 'LHMHQLJHQ GLH KLQ]XIJHQªQXUHLQ'HPDJRJ©YHUVWHKQHVQLFKW GDV:HVHQSROLWLVFKHU0DFKWLQHLQHP=HLWDOWHUGHU 0DVVHQSROLWLN ULFKWLJ HLQ]XVFKlW]HQ :LH +LWOHU VHOEVW VDJWH ª)KUHQ KHLW 0DVVHQ EHZHJHQ N|QQHQ© +LWOHUV =LHO ZDU HV ]XHUVW GLH 0DVVHQ LQ %HZHJXQJ ]X EULQJHQ XQG GDQQ QDFKGHP HU VLH YRQ LKUHQ WUDGLWLRQHOOHQ $QKlQJOLFKNHLWHQ XQG PRUDOLVFKHQ %HJULIIHQ ORVJHVWHPPW KDWWH LKQHQ XQWHU GHU K\SQRWLVLHUWHQ =XVWLPPXQJ GHU 0HKUKHLW HLQH QHXH DXWRULWlUH 2UGQXQJ ZHOFKH HU VHOEVW HQWZRUIHQ KDWWH DXI]X]ZLQJHQ +LWOHU VFKULHE +HUPDQQ 5DXVFKQLQJ KHJH JURHQ 5HVSHNW YRU GHU NDWKROLVFKHQ .LUFKH XQG GHP-HVXLWHQRUGHQQLFKWZHJHQLKUHUFKULVWOLFKHQ /HKUH VRQGHUQ ZHJHQ GHU ª0DVFKLQHULH© GLH VLH DXVDUEHLWHWHQ XQG OHQNWHQ ZHJHQ LKUHV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

KLHUDUFKLVFKHQ 6\VWHPV LKUHU lXHUVW NOXJHQ 7DNWLN LKUHU .HQQWQLV GHU 0HQVFKHQQDWXU XQG LKUHVZHLVHQ%HQXW]HQVPHQVFKOLFKHU6FKZlFKHQ EHLP+HUUVFKHQEHU*OlXELJH².LUFKOLFKNHLWRKQH &KULVWHQWXPGLH'LV]LSOLQHLQHUP|QFKLVFKHQ5HJHO QLFKW XP *RWWHV ZLOOHQ QLFKW XP SHUV|QOLFKHV 6HHOHQKHLO ]X HUODQJHQ VRQGHUQ XP GHV 6WDDWV ZLOOHQ XQG ]XP JU|HUQ 5XKP XQG ]XU JU|HUQ 0DFKW GHV ]XP )KUHU JHZRUGHQHQ 'HPDJRJHQ ² GLHV ZDU GDV =LHO ]X GHP GDV V\VWHPDWLVFKH %HZHJHQGHU0DVVHQIKUHQVROOWH 6HKHQZLUHLQPDOZLH+LWOHUEHUGLH0DVVHQ GLHHULQ%HZHJXQJEUDFKWHGDFKWHXQGZLHHUGLHVH %HZHJXQJEHZLUNWH'HUHUVWH*UXQGVDW]YRQGHP HUDXVJLQJZDUHLQ:HUWXUWHLO'LH0DVVHQVHLHQ Y|OOLJYHUDFKWHQVZHUW6LHVHLHQXQIlKLJDEVWUDNW ]X GHQNHQ XQG LQWHUHVVLHUWHQ VLFK QLFKW IU LUJHQGHLQH 7DWVDFKH DXHUKDOE GHV .UHLVHV LKUHU HLJQHQ(UIDKUXQJ,KU9HUKDOWHQZHUGHQLFKWGXUFK :LVVHQ XQG 9HUQXQIW EHVWLPPW VRQGHUQ GXUFK *HIKOH XQG XQEHZXWH 7ULHEH 'LHVH 7ULHEH XQG *HIKOH VHLHQ HV LQ GLH GLH :XU]HOQ LKUHU SRVLWLYHQ HEHQVR ZLH LKUHU QHJDWLYHQ +DOWXQJHQ HLQJHVHQNWVHLHQ8P(UIROJ]XKDEHQPVVHHLQ 3URSDJDQGLVW OHUQHQ ZLH HU GLHVH ,QVWLQNWH XQG *HIKOH ]X PDQLSXOLHUHQ KDEH ª'LH 7ULHENUDIW ]X GHQ JHZDOWLJVWHQ 8PZlO]XQJHQ DXI GLHVHU (UGHODJ]XDOOHQ=HLWHQZHQLJHULQHLQHUGLH0DVVH EHKHUUVFKHQGHQ ZLVVHQVFKDIWOLFKHQ (UNHQQWQLV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DOV LQ HLQHP VLH EHVHHOHQGHQ )DQDWLVPXV XQG PDQFKPDOLQHLQHUVLHYRUZlUWVMDJHQGHQ+\VWHULH :HU GLH EUHLWH 0DVVH JHZLQQHQ ZLOO PX GHQ 6FKOVVHO NHQQHQ GHU GDV 7RU ]X LKUHP +HU]HQ |IIQHW© 1DFK)UHXGLVFK DXVJHGUFNW ]X LKUHP 8QEHZXWHQ +LWOHU ZLUNWH DP VWlUNVWHQ DXI GLHMHQLJHQ $QJHK|ULJHQ GHV XQWHUQ 0LWWHOVWDQGV GLH GXUFK GLH,QÁDWLRQYRQXQGGDQQQRFKPDOVGXUFK GLH :LUWVFKDIWVNULVH YRQ XQG GHU IROJHQGHQ -DKUH UXLQLHUW ZRUGHQ ZDUHQ ª'LH 0DVVHQ© YRQ GHQHQ HU VSULFKW ZDUHQ GLHVH YHUZLUUWHQ IUXVWULHUWHQ XQG FKURQLVFK lQJVWOLFKHQ 0LOOLRQHQ 8PVLHQRFKPHKUPDVVHQJOHLFKQRFKHLQKHLWOLFKHU XQWHUPHQVFKOLFK]XPDFKHQYHUVDPPHOWHHUVLH]X 7DXVHQGHQXQG$EHUWDXVHQGHQLQULHVLJHQ6lOHQXQG 6SRUWVWDGLHQ ZR GLH ,QGLYLGXHQ LKUH SHUV|QOLFKH ,GHQWLWlW MD VRJDU LKU HOHPHQWDUHV 0HQVFKHQWXP YHUOLHUHQXQGPLWGHU0DVVHYHUVFKPHO]HQNRQQWHQ (LQ 0HQVFK NDQQ DXI ]ZHLHUOHL :HLVH PLW GHU *HVHOOVFKDIWLQXQPLWWHOEDUH%HUKUXQJNRPPHQ DOV $QJHK|ULJHU HLQHU )DPLOLH HLQHU UHOLJL|VHQ *UXSSH HLQHV %HUXIV RGHU DEHU DOV $QJHK|ULJHU HLQHU 0HQVFKHQPHQJH *UXSSHQ VLQG IlKLJ VR PRUDOLVFK XQG LQWHOOLJHQW ZLH GLH ,QGLYLGXHQ ]X VHLQDXVGHQHQVLHEHVWHKQHLQH0HQVFKHQPHQJH LVWFKDRWLVFKKDWNHLQHLJHQHV=LHOXQGLVW]XDOOHP IlKLJ DXVJHQRPPHQ LQWHOOLJHQWHV +DQGHOQ XQG UHDOLVWLVFKHV'HQNHQ=XHLQHU0HQJHYHUVDPPHOW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YHUOLHUHQ 0HQVFKHQ GLH )lKLJNHLW YHUQQIWLJ ]X GHQNHQXQGHLQHPRUDOLVFKH:DKO]XWUHIIHQ,KUH %HHLQIOXEDUNHLWZLUGELV]XGHP3XQNWJHVWHLJHUW ZRVLHDXIK|UHQLUJHQGHLQHLJQHV8UWHLORGHUHLQHQ HLJQHQ:LOOHQ]XKDEHQ6LHZHUGHQVHKUHUUHJEDU VLH YHUOLHUHQ MHGHV *HIKO LQGLYLGXHOOHU RGHU NROOHNWLYHU9HUDQWZRUWOLFKNHLWVLHVLQGSO|W]OLFKHQ $QIlOOHQ YRQ :XW %HJHLVWHUXQJ XQG 3DQLN XQWHUZRUIHQ0LWHLQHP:RUWHLQ0HQVFKLQHLQHU 0HQJHEHQLPPWVLFKDOVKlWWHHUHLQHJURH'RVLV HLQHVVWDUNHQ5DXVFKPLWWHOVJHVFKOXFNW(ULVWGDV 2SIHUGHVVHQZDVLFKª+HUGHQYHUJLIWXQJ©JHQDQQW KDEH *OHLFK $ONRKRO LVW +HUGHQJLIW HLQH DNWLY H[WUDYHUWLHUHQGH 'URJH 'DV PDVVHQEHUDXVFKWH ,QGLYLGXXP HQWZLVFKW VHLQHU 9HUDQWZRUWOLFKNHLW ,QWHOOLJHQ]XQG6LWWOLFKNHLWLQHLQH$UWYRQUDVHQGHU DQLPDOLVFKHU*HLVWORVLJNHLW :lKUHQGVHLQHUODQJHQ/DXIEDKQDOV$JLWDWRU KDWWH +LWOHU GLH :LUNXQJHQ GHV +HUGHQJLIWV VWXGLHUWXQGJHOHUQWVLHIUVHLQHHLJQHQ=ZHFNH DXV]XEHXWHQ (U KDWWH HQWGHFNW GD GHU 5HGQHU VLFK YLHO ZLUNXQJVYROOHU DOV GHU 6FKULIWVWHOOHU DQ GLH ªJHKHLPQLVYROOHQ .UlIWH ©ZHQGHQ NDQQ GLH IU GLH +DQGOXQJHQ GHU 0HQVFKHQ GLH HLJHQWOLFKHQ %HZHJJUQGH VLQG /HVHQ LVW HLQH SULYDWH NHLQH NROOHNWLYH7lWLJNHLW'HU6FKULIWVWHOOHUVSULFKWQXU ]X ,QGLYLGXHQ ZHOFKH PLW VLFK DOOHLQ LQ HLQHP =XVWDQG QRUPDOHU 1FKWHUQKHLW GDVLW]HQ 'HU 5HGQHUVSULFKW]X0DVVHQYRQ,QGLYLGXHQZHOFKH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

EHUHLWVJXWPLW+HUGHQJLIWSUlSDULHUWVLQG6LHVLQG LKPDXVJHOLHIHUWXQGZHQQHUVHLQH6DFKHYHUVWHKW NDQQ HU PLW LKQHQ WXQ ZDV HU ZLOO $OV 5HGQHU YHUVWDQG VLFK +LWOHU JDQ] KHUYRUUDJHQG JXW DXI VHLQH6DFKH(UZDUZLHHUVHOEVWVDJWLPVWDQGH ªVLFK YRQ GHU EUHLWHQ 0DVVH LPPHU VR WUDJHQ ]X ODVVHQ GD LKP GDUDXV JHIKOVPlLJ JHUDGH GLH :RUWHIOVVLJZXUGHQGLHHUEUDXFKWHXPVHLQHQ MHZHLOLJHQ=XK|UHUQ]X+HU]HQ]XVSUHFKHQ©2WWR 6WUDVVHU QDQQWH LKQ HLQHQ /DXWVSUHFKHU GHU GLH JHKHLPHQ :QVFKH GLH XQ]XOlVVLJVWHQ ,QVWLQNWH GLH /HLGHQ XQG SHUV|QOLFKHQ $XÁHKQXQJHQ HLQHU JDQ]HQ1DWLRQDXVUXIH =ZDQ]LJMDKUHEHYRUGLHJURHQ:HUEHDJHQWXUHQ VLFK DXI ª0RWLYDWLRQVIRUVFKXQJ© YHUOHJWHQ HUIRUVFKWH +LWOHU V\VWHPDWLVFK GLH JHKHLPHQ %HIUFKWXQJHQ XQG +RIIQXQJHQ GLH %HJLHUGHQ bQJVWH XQG )UXVWULHUXQJHQ GHU GHXWVFKHQ 0DVVHQ XQG EHXWHWH VLH DXV *UDGH GXUFK GDV 0DQLSXOLHUHQ ªJHKHLPHU .UlIWH© EHZHJHQ XQV GLH :HUEHIDFKOHXWH LKQHQ LKUH :DUHQ DE]XQHKPHQ ²HLQH=DKQSDVWDHLQHEHVWLPPWH=LJDUUHQPDUNH HLQHQ SROLWLVFKHQ .DQGLGDWHQ 8QG GDGXUFK GD HU VLFK DQ GLHVHOEHQ JHKHLPHQ .UlIWH ZDQGWH ² XQG DQ DQGUH ]X JHIlKUOLFKH DOV GD VLFK GLH 9HUNDXIVSV\FKRORJHQ PLW LKQHQ EHIDVVHQ ZUGHQ ² EHZRJ +LWOHU GLH GHXWVFKHQ 0DVVHQ VLFK HLQHQ )KUHU HLQH ZDKQZLW]LJH 3KLORVRSKLH XQG GHQ ]ZHLWHQ:HOWNULHJ]XNDXIHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

$QGHUV DOV GLH 0DVVHQ KDEHQ ,QWHOOHNWXHOOH HLQH 9RUOLHEH IU 9HUQXQIW XQG HLQ ,QWHUHVVH DQ 7DWVDFKHQ ,KUH NULWLVFKHQ 'HQNJHZRKQKHLWHQ PDFKHQ VLH ZLGHUVWDQGVIlKLJ JHJHQ GLH $UW YRQ 3URSDJDQGD GLH VR VLFKHU DXI GLH 0HKUKHLW ZLUNW %HL GHU EUHLWHQ 0DVVH VFKULHE +LWOHU VWHKH GHU ,QVWLQNW DQ REHUVWHU 6WHOOH XQG DXV GHP ,QVWLQNW NRPPH GHU *ODXEH« :lKUHQG GDV JHVXQGH HLQIDFKH 9RON VLFK ]XVDPPHQVFKOLHH XPHLQH9RONVJHPHLQVFKDIW]XELOGHQXQWHUHLQHP )KUHU YHUVWHKW VLFK OLHIHQ GLH ,QWHOOHNWXHOOHQ KLQ XQG KHU ZLH +HQQHQ LQ HLQHP +KQHUKRI 0LW LKQHQ N|QQH PDQ QLFKW *HVFKLFKWH PDFKHQ VLH OLHHQ VLFK QLFKW DOV (OHPHQWH ]XU %LOGXQJ HLQHU *HPHLQVFKDIW YHUZHQGHQ ² ,QWHOOHNWXHOOH VLQGGLH$UWYRQ/HXWHQGLH%HZHLVHYHUODQJWXQG HQWVHW]W LVW EHU ORJLVFKH ,QNRQVHTXHQ]HQ XQG 7lXVFKXQJHQ 6LH KDOWHQ ]X JURH 9HUHLQIDFKXQJ IU GLH (UEVQGH GHV *HLVWHV XQG KDEHQ QLFKWV EULJ IU 6ORJDQV XQEHVWLPPWH %HKDXSWXQJHQ XQG JURVSUHFKHULVFKH 9HUDOOJHPHLQHUXQJHQ ZHOFKH ]XP +DQGZHUNV]HXJ GHV 3URSDJDQGLVWHQ JHK|UHQª-HGHZLUNXQJVYROOH3URSDJDQGD©VFKULHE +LWOHU ªKDW VLFK DXI QXU VHKU ZHQLJH 3XQNWH ]X EHVFKUlQNHQ XQG GLHVH VFKODJZRUWDUWLJ VR ODQJH ]X YHUZHUWHQ ELV DXFK EHVWLPPW GHU /HW]WH XQWHU HLQHP VROFKHQ :RUWH GDV *HZROOWH VLFK YRU]XVWHOOHQYHUPDJ©

$/'286+8;/(<'5(,66,*-$+5('$1$&+

'LH3KLORVRSKLHOHKUWXQV=ZHLIHO]XHPSÀQGHQ EHU 'LQJHZHOFKHXQVVHOEVWYHUVWlQGOLFK]XVHLQ VFKHLQHQ'LH3URSDJDQGDKLQJHJHQOHKUWXQVDOV VHOEVWYHUVWlQGOLFK'LQJHKLQ]XQHKPHQEHUZHO FKHXQVHU8UWHLOLQ6FKZHEH]XODVVHQRGHU=ZHLIHO ]XHPSÀQGHQYHUQQIWLJZlUH 'DV =LHO GHV 'HPDJRJHQ LVW HV VR]LDOHQ =XVDPPHQKDOW XQWHU VHLQHU HLJQHQ )KUXQJ ]X VFKDIIHQ 8QG ZLH %HUWUDQG 5XVVHOO HUNOlUW KDW ªGRJPDWLVFKH 6\VWHPH RKQH HPSLULVFKH *UXQGODJHQ ZLH GLH 6FKRODVWLN GHU 0DU[LVPXV XQG GHU )DVFKLVPXV EHVLW]HQ GHQ 9RUWHLO HL QHQ VWDUNHQ VR]LDOHQ =XVDPPHQKDOW XQWHU LK UHQ 6FKOHUQ ]X HU]HXJHQ© 'HU GHPDJRJLVFKH 3URSDJDQGLVW PX GDKHU NRQVHTXHQW GRJPDWLVFK VHLQ$OOHVZDVHUEHKDXSWHWEHKDXSWHWHUXQHLQ JHVFKUlQNW ,Q VHLQHP :HOWELOG JLEW HV NHLQ *UDX DOOHV LVW HQWZHGHU K|OOLVFK VFKZDU] RGHU KLPP OLVFK ZHL 0LW +LWOHUV :RUWHQ DXVJHGUFNW VROO WH GHU 3URSDJDQGLVW HLQH ªJUXQGVlW]OLFK VXEMHNWLY HLQVHLWLJH 6WHOOXQJQDKPH ]X MHGHU YRQ LKP EHDU EHLWHWHQ)UDJH©KDEHQ(UGDUIQLH]XJHEHQGDHU YLHOOHLFKWXQUHFKWKDEHRGHUGD/HXWHPLWDQGHUP *HVLFKWVSXQNW DXFK QXU WHLOZHLVH UHFKW KDEHQ N|QQWHQ0LW*HJQHUQVROOHPDQQLFKWDUJXPHQWLH UHQ PDQ VROOH VLH DQJUHLIHQ QLHGHUVFKUHLHQ RGHU ZHQQVLHOlVWLJZHUGHQOLTXLGLHUHQ'HUPRUDOLVFK ]LPSHUOLFKH,QWHOOHNWXHOOHVHLYLHOOHLFKWYRQVRHWZDV VFKRFNLHUW'LH0DVVHQDEHUªVHKHQ]XDOOHQ=HLWHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

LP UFNVLFKWVORVHQ $QJULII DXI HLQHQ :LGHUVDFKHU GHQ%HZHLVGHVHLJHQHQ5HFKWV© 6ROFKHU $UW DOVR ZDU +LWOHUV 0HLQXQJ EHU GLH 0HQVFKKHLW LQ GHU 0DVVH (V ZDU HLQH VHKU QLHGULJH 0HLQXQJ :DU HV DXFK HLQH XQULFKWLJH" 'HQ%DXPHUNHQQWPDQDQVHLQHQ)UFKWHQ8QG HLQH 7KHRULH EHU GLH PHQVFKOLFKH 1DWXU ZHOFKH ]X VROFKHQ 9HUIDKUHQ LQVSLULHUW ZLH VLH VLFK DOV VR JUlOLFK ZLUNXQJVYROO HUZLHVHQ KDEHQ PX ]XPLQGHVW HLQ (OHPHQW YRQ :DKUKHLW HQWKDOWHQ 7XJHQG XQG 9HUVWDQG HLJQHQ 0HQVFKHQ ZHOFKH VLFK DOV ,QGLYLGXHQ IUHL PLW lQGHUQ ,QGLYLGXHQ ]X NOHLQHQ *UXSSHQ ]XVDPPHQVFKOLHHQ 8QG HEHQVR HLJQHQ LKQHQ 6QGH XQG 'XPPKHLW 'LH XQWHUPHQVFKOLFKH *HLVWORVLJNHLW DEHU DQ ZHOFKH VLFK GHU 'HPDJRJ ZHQGHW GHU PRUDOLVFKH 6FKZDFKVLQQ DXI ZHOFKHQ HU VLFK YHUOlW ZHQQ HU VHLQH 2SIHU ]XP +DQGHOQ DQVWDFKHOW VLQG QLFKW IU 0HQVFKHQ DOV ,QGLYLGXHQ VRQGHUQ IU 0HQVFKHQ LQ GHU 0DVVH FKDUDNWHULVWLVFK *HLVWORVLJNHLW XQG PRUDOLVFKH ,GLRWLH VLQG NHLQH FKDUDNWHULVWLVFK PHQVFKOLFKHQ (LJHQVFKDIWHQ VLH VLQG 6\PSWRPH GHU +HUGHQYHUJLIWXQJ ,Q DOOHQ K|KHUQ :HOWUHOLJLRQHQ VLQG +HLO XQG (UOHXFKWXQJ QXU GHP HLQ]HOQHQ HUODQJEDU 'DV +LPPHOUHLFK LVW LP *HLVW HLQHV 0HQVFKHQ QLFKW LQ GHU NROOHNWLYHQ *HLVWORVLJNHLW HLQHU 0HQVFKHQPHQJH &KULVWXV YHUVSUDFK DQZHVHQG ]X VHLQ ZR ]ZHL RGHU GUHL YHUVDPPHOW VHLHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

(U VDJWH QLFKWV GDYRQ DQZHVHQG ]X VHLQ ZR 7DXVHQGH HLQDQGHU PLW +HUGHQJLIW EHUDXVFKHQ 8QWHU GHQ 1DWLRQDOVR]LDOLVWHQ ZDUHQ XQJHKHXUH 0HQJHQ YRQ 0HQVFKHQ JH]ZXQJHQ XQJHKHXHU YLHO =HLW GDUDXI ]X YHUZHQGHQ LQ JHVFKORVVHQHQ 5HLKHQ YRQ 3XQNW $ QDFK 3XQNW % XQG ZLHGHU ]XUFN ]X 3XQNW $ ]X PDUVFKLHUHQ 'LH JDQ]H %HY|ONHUXQJVRDXIGHP0DUVFK]XKDOWHQVFKUHLEW +HUPDQQ5DXVFKQLQJVHLHLQHPZLHHLQHVLQQORVH =HLW XQG (QHUJLHYHUVFKZHQGXQJ YRUJHNRPPHQ (UVW YLHO VSlWHU KDEH VLFK GDULQ HLQH VFKODXH $EVLFKW HQWKOOW GLH VLFK DXI HLQH ZRKOHUZRJHQH $QSDVVXQJ GHU 0LWWHO DQ GLH =ZHFNH JUQGHWH 0DUVFKLHUHQOHQNHGLH*HGDQNHQGHU0HQVFKHQDE 0DUVFKLHUHQW|WHGDV'HQNHQ0DUVFKLHUHQPDFKH GHU ,QGLYLGXDOLWlW HLQ (QGH 0DUVFKLHUHQ VHL GHU XQHQWEHKUOLFKH =DXEHUVWUHLFK JHZHVHQ XP GDV 9RONDQHLQHPHFKDQLVFKHJOHLFKVDPULWXDOLVWLVFKH 7lWLJNHLW]XJHZ|KQHQELVVLH]XU]ZHLWHQ1DWXU ZUGH 9RQVHLQHP6WDQGSXQNWDXVXQGDXIGHU(EHQH DXIGHUVHLQDEVFKHXOLFKHV:HUN]XYROOEULQJHQHU VLFK YRUQDKP KDWWH +LWOHU Y|OOLJ UHFKW PLW VHLQHU (LQVFKlW]XQJ GHU 0HQVFKHQQDWXU 8QV GLH ZLU GLH0HQVFKHQHKHUIU,QGLYLGXHQDOVIU7HLOHYRQ 0DVVHQRGHUUHJOHPHQWLHUWHQ.ROOHNWLYHQDQVHKHQ VFKHLQW HU HQWVHW]OLFK XQUHFKW ]X KDEHQ :LH N|QQHQZLULQHLQHP=HLWDOWHUVLFKEHVFKOHXQLJHQGHU hEHUY|ONHUXQJ VLFK EHVFKOHXQLJHQGHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

hEHURUJDQLVLHUXQJ XQG LPPHU ZLUNXQJVYROOHUHU 0LWWHO GHU 0DVVHQEHHLQÁXVVXQJ ZLH N|QQHQ ZLU GD GLH ,QWHJULWlW GHV PHQVFKOLFKHQ ,QGLYLGXXPV EHZDKUHQ XQG VHLQHQ :HUW LPPHU ZLHGHU JHOWHQG PDFKHQ" 'LHV LVW HLQH )UDJH ZHOFKH KHXWH QRFK JHVWHOOWXQGYLHOOHLFKWZLUNVDPEHDQWZRUWHWZHUGHQ NDQQ(LQH*HQHUDWLRQQDFKXQVZLUGHVYLHOOHLFKW ]XVSlWVHLQHLQH$QWZRUW]XÀQGHQXQGYLHOOHLFKW XQP|JOLFKLQGHPHUVWLFNHQGHQNROOHNWLYHQ.OLPD MHQHU=XNXQIWDXFKQXUGLH)UDJH]XVWHOOHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

9(5.$8)6.h167(

'HU )RUWEHVWDQG GHU 'HPRNUDWLH KlQJW YRQ GHU )lKLJNHLW ]DKOUHLFKHU 0HQVFKHQ DE DXVUHLFKHQG LQIRUPLHUW UHDOLVWLVFKH (QWVFKHLGXQJHQ ]X WUHIIHQ (LQH 'LNWDWXU KLQJHJHQ HUKlOW VLFK GXUFK GDV =HQVXULHUHQ RGHU (QWVWHOOHQ GHU 7DWVDFKHQ XQG GXUFK GHQ $SSHOO QLFKW DQ GLH 9HUQXQIW QLFKW DQ ªDXIJHNOlUWHQ (LJHQQXW]© VRQGHUQ DQ /HLGHQVFKDIWHQ XQG 9RUXUWHLOH XQG DQ GLH PlFKWLJHQ ªJHKHLPQLVYROOHQ .UlIWH© ZLH +LWOHU VLH QDQQWH GLH LQ GHQ XQEHZXWHQ 7LHIHQ MHGHU 0HQVFKHQVHHOHYRUKDQGHQVLQG ,QGHUZHVWOLFKHQ:HOWZHUGHQGLHGHPRNUDWLVFKHQ *UXQGVlW]H ODXW YHUNQGHW XQG YLHOH WFKWLJH XQG JHZLVVHQKDIWH 3XEOL]LVWHQ WXQ LKU P|JOLFKV WHV GLH :lKOHU PLWDXVUHLFKHQGHU,QIRUPDWLRQ]X YHUVRUJHQXQGVLHGXUFKYHUQQIWLJH%HZHLVJUQGH ]X EHUUHGHQ LP /LFKW GLHVHU $XINOlUXQJHQ HLQH UHDOLVWLVFKH :DKO ]X WUHIIHQ 'DV DOOHV LVW VHKU ]XP*XWHQ/HLGHUDEHUKDWGLH3URSDJDQGDLQGHQ ZHVWOLFKHQ'HPRNUDWLHQYRUDOOHQLQ$PHULND]ZHL *HVLFKWHU XQG HLQH JHVSDOWHQH 3HUV|QOLFKNHLW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

'LH /HLWXQJ GHV UHGDNWLRQHOOHQ 7HLOV KDW RIW HLQ GHPRNUDWLVFKHU'U-HN\OOLQQH²HLQ3URSDJDQGLVW ZHOFKHU VHKU JOFNOLFK ZlUH EHZHLVHQ ]X N|Q QHQ GD -RKQ 'HZH\ UHFKW KDWWH ZHQQ HU GLH )lKLJNHLWGHUPHQVFKOLFKHQ1DWXUDXI:DKUKHLW XQG 9HUQXQIW DQ]XVSUHFKHQ EHKDXSWHWH 'LHVHP ZUGLJHQ0DQQXQWHUVWHKWDEHUQXUHEHQHLQ7HLO GHU0DVFKLQHULHGHU0DVVHQEHQDFKULFKWLJXQJ$OV /HLWHUGHV$Q]HLJHQWHLOVÀQGHQZLUHLQHQDQWLGHPR NUDWLVFKHQZHLODQWLUDWLRQDOHQ0LVWHU+\GH²RGHU YLHOPHKU HLQHQ 'U +\GH GHQQ +\GH LVW KHXW]X WDJH 'U GHU 3V\FKRORJLH XQG EHVLW]W DXFK GDV 'RNWRUGLSORP GHU 6R]LDOZLVVHQVFKDIWHQ 'LHVHU 'U+\GHZlUHZDKUKDIWLJVHKUXQJOFNOLFKZHQQ MHGHUPDQQ GDV 9HUWUDXHQ -RKQ 'HZH\V DXI GLH PHQVFKOLFKH 1DWXU UHFKWIHUWLJWH :DKUKHLW XQG 9HUQXQIW VLQG -HN\OOV 6DFKH QLFKW GLH VHLQH 'U +\GHLVW0RWLYDWLRQVDQDO\WLNHUXQGVHLQH6DFKHLVW HVPHQVFKOLFKH6FKZlFKHQXQG8Q]XOlQJOLFKNHLWHQ ]X VWXGLHUHQ MHQH XQEHZXWHQ %HJLHUGHQ XQG %HIUFKWXQJHQ]XXQWHUVXFKHQYRQGHQHQVRYLHO GHVEHZXWHQ'HQNHQVXQGRIIHQHQ+DQGHOQVGHU 0HQVFKHQ EHVWLPPW ZLUG 8QG HU WXW GLHV QLFKW LP 6LQQ GHV 0RUDOLVWHQ ZHOFKHU GLH 0HQVFKHQ EHVVHUQRGHUGHV$U]WHVZHOFKHULKUH*HVXQGKHLW I|UGHUQ P|FKWH VRQGHUQ HLQIDFK XP GHQ EHVWHQ :HJ ]X ÀQGHQ DXV LKUHU 8QZLVVHQKHLW 9RUWHLO ]X ]LHKHQXQGLKUH8QYHUQXQIW]XPJHOGOLFKHQ1XW]HQ VHLQHU$UEHLWJHEHUDXV]XEHXWHQ$EHUN|QQWHPDQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VFKOLHOLFKHLQZHQGHQªGHU.DSLWDOLVPXVLVWWRWGHU .RQVXPHQWLVPXVLVW.|QLJ©²XQG.RQVXPHQWLVPXV EHQ|WLJH GLH 'LHQVWH YRQ $EVDW]VSH]LDOLVWHQ ZHOFKH LQ DOOHQ .QVWHQ GHU hEHUUHGXQJ HLQ VFKOLHOLFK GHU ZLGHUOLFKVWHQ JHEW VLQG 8QWHU HLQHP 6\VWHP IUHLHQ :HWWEHZHUEV VHL NRPPHU]L HOOH 3URSDJDQGD PLW DOOHQ XQG MHGHQ 0LWWHOQ DE VROXW XQHQWEHKUOLFK 'DV 8QHQWEHKUOLFKH LVW DEHU QLFKW QRWZHQGLJHUZHLVH GDV :QVFKHQVZHUWH :DV QDFKZHLVOLFK JXW LVW LQ GHU ZLUWVFKDIWOLFKHQ 6SKlUH NDQQ IU GLH 0HQVFKHQ DOV :lKOHU RGHU DXFK QXU DOV 0HQVFKHQZHVHQ DOOHV DQGUH DOV JXW VHLQ(LQHIUKHUH PRUDOLVFKHUH *HQHUDWLRQ ZlUH ]XWLHIVWHQWUVWHWJHZHVHQEHUGHQXQXPZXQGH QHQ=\QLVPXVGHU0RWLYDWLRQVDQDO\WLNHU +HXW]XWDJH OHVHQ ZLU HLQ %XFK ZLH 9DQFH 3DFNDUGV 7KH +LGGHQ 3HUVXDGHUV 'LH YHUERU JHQHQ hEHUUHGHU XQG VLQG GDEHL PHKU EHOXV WLJW DOV HQWVHW]W PHKU UHVLJQLHUW DOV HQWUVWHW $XI *UXQG GHU 3V\FKRDQDO\VH DXI *UXQG GHU 9HUKDOWHQVOHKUH DXI *UXQG GHV FKURQLVFKHQ YHU ]ZHLIHOWHQ $QJHZLHVHQVHLQV GHV 0DVVHQHU]HXJHUV DXI 0DVVHQYHUEUDXFK ZDUHQ VROFKH 3UDNWLNHQ QXU]XHUZDUWHQ $EHU ZHOFKHV GUIHQ ZLU ZRKO IUDJHQ VLQG GLH 3UDNWLNHQ GLH LQ =XNXQIW ]X HU ZDUWHQ VLQG" 9HUWUlJW VLFK +\GHV 7lWLJNHLW DXI GLH 'DXHU PLW GHU 7lWLJNHLW -HN\OOV" .DQQ HLQ

'HXWVFKH$XVJDEHXQWHUGHP7LWHOª'LHJHKHLPHQ9HUIKUHU©LP (FRQ9HUODJ'VVHOGRUI

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:HUEHIHOG]XJ IU 5DWLRQDOLWlW HUIROJUHLFK VHLQ JH JHQEHUHLQHPDQGHUQXQGVRJDUQRFKOHEKDIWHP IU,UUDWLRQDOLWlW"'DVVLQG)UDJHQZHOFKHLFKIU GHQ $XJHQEOLFN QLFKW ]X EHDQWZRUWHQ YHUVXFKHQ VRQGHUQVLHVR]XVDJHQLQ6FKZHEHODVVHQZHUGHDOV HLQHQ+LQWHUJUXQGSURVSHNWIUXQVUH%HVSUHFKXQJ GHU 0HWKRGHQ GHU 0DVVHQEHUUHGXQJ LQ HL QHU WHFKQLVFK YRUJHVFKULWWHQHQ GHPRNUDWLVFKHQ *HVHOOVFKDIW 'LH $XIJDEH GHV NRPPHU]LHOOHQ 3URSDJDQGLVWHQ LQHLQHU'HPRNUDWLHLVWDXIPDQFKH:HLVHOHLFKWHU XQG DXI PDQFKH :HLVH VFKZHUHU DOV GLH GHV YRQ HLQHP ]XU 0DFKW JHODQJWHQ RGHU GLH 0DFKW DQVWUHEHQGHQ 'LNWDWRU EHVFKlIWLJWHQ SROLWLVFKHQ 3URSDJDQGLVWHQ 6LH LVW LQVRIHUQ OHLFKWHU DOV IDVW MHGHUPDQQIU%LHU=LJDUHWWHQRGHU.KOVFKUlQNH YRUHLQJHQRPPHQ LVW DEHU ZRKO QLHPDQG IU 7\UDQQHQ 6LH LVW VFKZHUHU LQVRIHUQ DOV GHP NRPPHU]LHOOHQ 3URSDJDQGLVWHQ GXUFK GLH EHVRQGHUQ 5HJHOQ VHLQHV 6SLHOV QLFKW HUODXEW LVW VLFK DQ GLH ZLOGHUQ ,QVWLQNWH VHLQHV 3XEOLNXPV ]X ZHQGHQ 'HU ,QVHUHQW YRQ 0LOFKZLUWVFKDIWVS UGXNWHQ ZUGH QXU DOO]XJHUQ VHLQHQ /HVHUQ XQG +|UHUQVDJHQGDDOOHLKUH8QDQQHKPOLFKNHLWHQ GXUFK GLH 0DFKLQDWLRQHQ HLQHU %DQGH JRWWORVHU LQWHUQDWLRQDOHU 0DUJDULQHIDEULNDQWHQ YHUVFKXOGHW VHLHQ XQG HV LKUH SDWULRWLVFKH 3ÁLFKW VHL ORV]XPDUVFKLHUHQ XQG GLH )DEULNHQ GHU 8QWHUGUFNHU QLHGHU]XEUHQQHQ 6R HWZDV LVW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

MHGRFK GXUFK GLH 6SLHOUHJHOQ DXVJHVFKORVVHQ XQG HU PX VLFK PLW HLQHP VDQIWHP +HUDQJHKQ ]XIULHGHQ JHEHQ $EHU GDV VDQIWH +HUDQJHKQ LVW ZHQLJHUDXIUHJHQGDOVHLQVPLW9HUEDOLQMXULHQRGHU SK\VLVFKHU *HZDOWWlWLJNHLW $XI GLH 'DXHU VLQG =RUQ XQG +D VLFK VHOEVW DXI]HKUHQGH *HIKOH $XINXU]H6LFKWDEHU]DKOHQVLHKRKH'LYLGHQGHQLQ GHU)RUPYRQSV\FKLVFKHUXQGVRJDUGDVLHJURH 0HQJHQYRQ$GUHQDOLQXQG1RUDGUHQDOLQIUHLVHW]HQ SK\VLVFKHU %HIULHGLJXQJ /HXWH P|JHQ DQIlQJOLFK JHJHQ 7\UDQQHQ YRUHLQJHQRPPHQ VHLQ ZHQQ DEHU GLH 7\UDQQHQ RGHU DQJHKHQGHQ 7\UDQQHQ VLH PLW $GUHQDOLQ IUHLVHW]HQGHU 3URSDJDQGD EHU GLH 5XFKORVLJNHLWLKUHU)HLQGHEHKDQGHOQ²EHVRQGHUV VROFKHU )HLQGH GLH VFKZDFK JHQXJ VLQG XP VLH YHUIROJHQ ]X N|QQHQ ² VLQG VLH EHUHLW VLFK LKP PLW %HJHLVWHUXQJ DQ]XVFKOLHHQ ,Q VHLQHQ 5HGHQ ZLHGHUKROWH+LWOHULPPHUZLHGHU:|UWHUZLHª+D© ª*HZDOW©ªUFNVLFKWVORV©ª]HUWUHWHQ©XQGEHJOHLWHWH GLHKHIWLJHQ:|UWHUPLWQRFKKHIWLJHUHQ*HVWHQ(U VFKULHHUEUOOWHGLH$GHUQVFKZROOHQLKPDQVHLQ *HVLFKW ZXUGH SXWHUURW 6WDUNH *HPWVEHZHJXQJ LVW ZLH MHGHU 6FKDXVSLHOHU XQG 'UDPDWLNHU ZHL LQ K|FKVWHP *UDG DQVWHFNHQG 9RQ GHU E|VDUWLJHQ 5DVHUHL GHV 5HGQHUV LQÀ]LHUW VW|KQWH XQG VFKOXFK]WH XQG VFKULH GLH =XK|UHUVFKDIW LQ HLQHU2UJLHXQJHKHPPWHU/HLGHQVFKDIW8QGGLHVH 2UJLHQZDUHQVRJHQXUHLFKGDGLHPHLVWHQGLH VLH HUOHEW KDWWHQ HLIULJ ZLHGHUNDPHQ XQG QDFK

$/'286+8;/(<'5(,66,*-$+5('$1$&+

PHKU YHUODQJWHQ :LU VHKQHQ XQV IDVW DOOH QDFK )ULHGHQ XQG )UHLKHLW DEHU VHKU ZHQLJH YRQ XQV EULQJHQYLHO%HJHLVWHUXQJIUGLHMHQLJHQ*HGDQNHQ *HIKOH XQG +DQGOXQJHQ DXI GLH )ULHGHQ XQG )UHLKHLW KHUEHLIKUHQ 8PJHNHKUW ZQVFKW IDVW QLHPDQG.ULHJXQG7\UDQQHLDEHUVHKUYLHOH/HXWH ÀQGHQLQQLJHQ*HQXDQ*HGDQNHQ*HIKOHQXQG +DQGOXQJHQ ZHOFKH .ULHJ XQG 7\UDQQHL I|UGHUQ 'LHVH*HGDQNHQ*HIKOHXQG+DQGOXQJHQVLQG]X JHIlKUOLFKXPIUNRPPHU]LHOOH=ZHFNHDXVJHEHXWHW ]XZHUGHQ'HU:HUEHWH[WHUPXGLHVHV+DQGLNDS KLQQHKPHQXQGGDV%HVWP|JOLFKHPLWGHQZHQLJHU EHUDXVFKHQGHQ*HIKOHQGHQVWLOOHUHQ)RUPHQGHU ,UUDWLRQDOLWlWWXQ :LUNVDPH YHUQXQIWJHPlH 3URSDJDQGD ZLUG QXU P|JOLFK ZHQQ XQWHU DOOHQ %HWHLOLJWHQ HLQ NOD UHV (LQYHUVWlQGQLV KHUUVFKW EHU GDV :HVHQ GHU 6\PEROH XQG LKUH %H]LHKXQJHQ ]X GHQ V\PEROL VLHUWHQ 'LQJHQ XQG (UHLJQLVVHQ 9HUQXQIWZLGULJH 3URSDJDQGDKlQJWXPZLUNVDP]XVHLQYRQHLQHP DOOJHPHLQHQ1LFKWYHUVWHKQGHV:HVHQVGHU6\PEROH DE 6FKOLFKWH *HPWHU QHLJHQ GD]X GDV 6\PERO PLW GHP ZDV HV V\PEROLVLHUW JOHLFK]XVHW]HQ GHQ 'LQJHQ XQG (UHLJQLVVHQ HLQLJH GHU (LJHQVFKDIWHQ ]X]XVFKUHLEHQ GLH GXUFK GLH :|UWHU DXVJHGUFNW ZHUGHQ ZHOFKH GHU 3URSDJDQGLVW JHZlKOW KDW XP IU VHLQH HLJQHQ =ZHFNH YRQ MHQHQ ]X UHGHQ 0DQ QHKPH HLQ HLQIDFKHV %HLVSLHO 'LH PHLVWHQ 6FK|QKHLWVPLWWHOVLQGDXV/DQROLQKHUJHVWHOOWHLQHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

0LVFKXQJDXVJHUHLQLJWHP:ROOIHWWXQG:DVVHUZHO FKH]XHLQHU(PXOVLRQJHUKUWZLUG'LHVH(PXOVLRQ KDW YLHOH ZHUWYROOH (LJHQVFKDIWHQ VLH GULQJW LQ GLH +DXWHLQVLHZLUGQLFKWUDQ]LJVLHLVWHLQZHQLJDQ WLVHSWLVFKXVZ'LH:HUEHWH[WHUDEHUVSUHFKHQQLFKW YRQGHQZDKUHQ9RU]JHQGHU(PXOVLRQ6LHJHEHQ LKULUJHQGHLQHQPDOHULVFKOXVWYROOHQ1DPHQUHGHQ YHU]FNWXQGLUUHIKUHQGYRQZHLEOLFKHU6FK|QKHLW XQG]HLJHQXQV%LOGHUSUlFKWLJHU%ORQGLQHQZHOFKH LKU =HOOHQJHZHEH PLW +DXWQDKUXQJ IWWHUQ ª'LH 6FK|QKHLWVPLWWHOHU]HXJHU©VFKULHEHLQHUYRQLKQHQ ªYHUNDXIHQQLFKW/DQROLQVLHYHUNDXIHQ+RIIQXQJ© )UGLHVH+RIIQXQJGLHVHEHWUJHULVFKH$QGHXWXQJ HLQHV 9HUVSUHFKHQV VLH ]X YHUZDQGHOQ EH]DKOHQ )UDXHQ XQG 0lGFKHQ GHQ ]HKQ RGHU ]ZDQ]LJID FKHQ:HUWGHU(PXOVLRQZHOFKHGLH3URSDJDQGLVWHQ VRJHVFKLFNWGXUFKLUUHIKUHQGH6\PEROHPLWHLQHP WLHIHLQJHÁHLVFKWHQXQGIDVWDOOJHPHLQHQZHLEOLFKHQ :XQVFKLQ%H]LHKXQJJHVHW]WKDEHQ²GHP:XQVFK DQ]LHKHQGHUIUGDVDQGUH*HVFKOHFKW]XVHLQ'LH *UXQGUHJHOQ GLHVHU $UW YRQ 3URSDJDQGD VLQG lX HUVWHLQIDFK0DQÀQGHHLQDOOJHPHLQHV9HUODQJHQ LUJHQGHLQH ZHLWYHUEUHLWHWH XQEHZXWH )XUFKW RGHU %HVRUJQLV PDQ GHQNH VLFK HLQHQ :HJ DXV GLHVHQ :XQVFK RGHU GLHVH )XUFKW ]X GHP (U]HXJQLV GDV PDQ ]X YHUNDXIHQ KDW LQ %H]LHKXQJ ]X VHW]HQ GDQQ EDXH PDQ DXV Z|UWOLFKHQ RGHU ELOGOLFKHQ 6\PEROHQHLQH%UFNHEHUZHOFKHGLH.XQGVFKDIW YRQ 7DWVDFKHQ ]X NRPSHQVDWRULVFKHQ 7UlXPHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

XQG YRQ GHQ 7UlXPHQ ]X GHU ,OOXVLRQ VFKUHLWHQ NDQQGDGDV(U]HXJQLVZHQQJHNDXIW7UDXP]X :LUNOLFKNHLWPDFKHQZHUGHª:LUNDXIHQQLFKWPHKU 2UDQJHQZLUNDXIHQ/HEHQVNUDIW:LUNDXIHQQLFKW HLQIDFKHLQ$XWRZLUNDXIHQ3UHVWLJH©8QGVRLVWHV PLWDOOHPEULJHQ,QGHU=DKQSDVWD]XP%HLVSLHO NDXIHQZLUQLFKWEORHLQUHLQLJHQGHVXQGDQWLVHSWL VFKHV0LWWHOVRQGHUQ%HIUHLXQJYRQGHU)XUFKWVH[X HOODEVWRHQG]XVHLQ,Q:RGNDXQG:KLVN\NDXIHQ ZLUQLFKWHWZDHLQ3URWRSODVPDJLIWZHOFKHVLQNOHL QHQ 0HQJHQ GDV 1HUYHQV\VWHP DXI HLQH SV\FKLVFK ZHUWYROOH$UWKHUDE]XVWLPPHQYHUPDJZLUNDXIHQ *HPWOLFKNHLWXQGJXWH.DPHUDGVFKDIWKHU]HUZlU PHQGH *DVWIUHXQGVFKDIW XQG GLH JHLVWLJH %ULOODQ] GHU 0HUPDLG7DYHUQH ,Q XQVHUQ $EIKUPLWWHOQ NDXIHQZLUGLH*HVXQGKHLWHLQHV*ULHFKHQJRWWVGLH VWUDKOHQGH(UVFKHLQXQJHLQHU1\PSKH'LDQDV0LW GHQPRQDWOLFKHQ.DVVHQNQOOHUQGHV%XFKKDQGHOV HUZHUEHQ ZLU .XOWXU GHQ 1HLG XQVUHU ZHQLJHU EH OHVHQHQ 1DFKEDUQ XQG GLH $FKWXQJ GHU JHLVWLJ DQVSUXFKVYROOHQ ,Q MHGHP GLHVHU )lOOH KDW GHU 0RWLYDWLRQVDQDO\WLNHU HLQHQ WLHI HLQJHÁHLVFKWHQ :XQVFK RGHU HLQH HEHQVROFKH )XUFKW JHIXQGHQ GHUHQ (QHUJLH EHQW]W ZHUGHQ NDQQ XP GHQ 9HUEUDXFKHU]XEHZHJHQVLFKYRQVHLQHP%DUJHOG ]XWUHQQHQXQGVRPLWWHOEDUGLH5lGHUGHU,QGXVWULH LQ*DQJ]XKDOWHQ*HVSHLFKHUWLQ*HLVWXQG.|USHU ]DKOORVHU,QGLYLGXHQZLUGGLHVHSRWHQWLHOOH(QHUJLH GXUFKHLQH5HLKHYRQ6\PEROHQIUHLJHVHW]WXQGZHL

$/'286+8;/(<'5(,66,*-$+5('$1$&+

WHUJHOHLWHWXQGGLH/HLWXQJLVWVRUJIlOWLJVRDQJHOHJW GDVLHXP5DWLRQDOLWlWHLQHQ%RJHQPDFKWXQGGHQ ZDKUHQ6DFKYHUKDOWYHUGXQNHOW 0DQFKPDO WXQ GLH 6\PEROH LKUH :LUNXQJ GD GXUFK GD VLH VHOEVW VFKRQ XQYHUKlOWQLVPlLJ HLQGUXFNVYROO XQG QDFKKDOWHQG IHVVHOQG VLQG 9RQ GLHVHU $UW VLQG GLH 5LWXDOH XQG GDV )HVWJHSUlQJH GHU 5HOLJLRQHQ 'LHVH ª6FK|QKHLWHQ GHU +HLOLJNHLW© VWlUNHQ GHQ *ODXEHQ ZR HU EHUHLWV YRUKDQ GHQ LVW XQG WUDJHQ ZR QRFK NHLQHU YRUKDQGHQ LVW ]XU %HNHKUXQJ EHL 'D VLH VLFK QXU DQ GHQ 6FK|QKHLWVVLQQ ZHQGHQ YHUEUJHQ VLH ZHGHU GLH :DKUKHLW QRFK GHQ HWKLVFKHQ :HUW GHU /HKUH PLW GHU VLH JDQ] ZLOONUOLFK DVVR]LLHUW ZRUGHQ VLQG (V LVW MHGRFK HLQH VFKOLFKWH JHVFKLFKWOLFKH 7DWVDFKH GD GLH 6FK|QKHLWHQ GHU +HLOLJNHLW RIW YRQ GHQ 6FK|QKHLWHQGHU8QKHLOLJNHLWHUUHLFKWXQGEHUWURI IHQZRUGHQVLQG8QWHU+LWOHU]XP%HLVSLHOZDUHQ GLH MlKUOLFKHQ 1UQEHUJHU 3DUWHLWDJH 0HLVWHUZHUNH GHU .XQVW GHV 5LWXDOV XQG GHU ,QV]HQLHUXQJ ª,FK KDEHYRUGHP.ULHJLQGHQEHVWHQ=HLWHQGHVDOWHQ UXVVLVFKHQ %DOOHWWV VHFKV -DKUH LQ 6W 3HWHUVEXUJ YHUEUDFKW© VFKUHLEW 6LU 1HYLOOH +HQGHUVRQ GHU EULWLVFKH %RWVFKDIWHU LQ +LWOHUGHXWVFKODQG ªDEHU ZDV JURDUWLJH 6FK|QKHLW EHWULIIW KDEH LFK QLH HLQ %DOOHWW JHVHKHQ GDV VLFK PLW GHP 1UQEHUJHU 3DUWHLWDJ PHVVHQ NRQQWH© 0DQ GHQNW GDEHL DQ .HDWVª6FK|QKHLWLVW:DKUKHLW:DKUKHLW6FK|QKHLW LVW© /HLGHU EHVWHKW GLHVH ,GHQWLWlW QXU DXI HLQHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

OHW]WHQ EHULUGLVFKHQ (EHQH $XI GHU (EHQH GHU 3ROLWLNXQG7KHRORJLHLVW6FK|QKHLWY|OOLJYHUHLQEDU PLW 8QVLQQ XQG 7\UDQQHL 8QG GDV LVW HLQ *OFN GHQQZHQQ6FK|QKHLWXQYHUHLQEDUPLW8QVLQQXQG 7\UDQQHL ZlUH JlEH HV UHFKW ZHQLJ .XQVW DXI GHU :HOW 'LH 0HLVWHUZHUNH GHU 0DOHUHL %LOGKDXHUHL XQG$UFKLWHNWXUZXUGHQDOVUHOLJL|VHRGHUSROLWLVFKH 3URSDJDQGDJHVFKDIIHQ]XPJU|HUQ5XKPH*RWWHV HLQHU5HJLHUXQJRGHUHLQHU3ULHVWHUVFKDIW'LHPHLV WHQ .|QLJH XQG 3ULHVWHU DEHU ZDUHQ GHVSRWLVFK XQGDOOH5HOLJLRQHQZDUHQYRQ$EHUJODXEHQGXUFK VHW]W'DV*HQLHZDUGHU'LHQHUGHU7\UDQQHLXQG GLH .XQVW PDFKWH IU GHQ |UWOLFKHQ .XOW 5HNODPH 'LH=HLWVFKLHGGDQQVSlWHUGLHJXWH.XQVWYRQGHU VFKOHFKWHQ 0HWDSK\VLN .|QQHQ ZLU OHUQHQ GLHVH 6FKHLGXQJ QLFKW HUVW QDFKWUlJOLFK YRU]XQHKPHQ VRQGHUQJOHLFK]HLWLJ"'DVLVWGLH)UDJH ,Q GHU NRPPHU]LHOOHQ 3URSDJDQGD ZLUG GDV 3ULQ]LSGHVXQYHUKlOWQLVPlLJIHVVHOQGHQ6\PEROV NODU EHJULIIHQ -HGHU :HUEXQJVFKHI KDW VHLQH .XQVWDEWHLOXQJ XQG HV ZLUG EHVWlQGLJ YHUVXFKW GLH 3ODQNHQZlQGH PLW HLQGUXFNVYROOHQ 3ODNDWHQ GLH 5HNODPHVHLWHQ GHU 0DJD]LQH PLW OHEKDIWHQ =HLFKQXQJHQ XQG 3KRWRV ]X YHUVFK|QHUQ 'D JLEW HV NHLQH 0HLVWHUZHUNH GHQQ 0HLVWHUZHUNH JHIDOOHQ QXU HLQHP EHJUHQ]WHQ 3XEOLNXP XQG GHU :HUEHIDFKPDQQ LVW GDUDXI DXVGLH0HKUKHLW JHIDQJHQ]XQHKPHQ )U LKQ LVW GDV ,GHDO PlLJH 9RUWUHIÁLFKNHLW9RQGHQMHQLJHQGHQHQGLHVHQLFKW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DOO]XJXWH DEHU JHQJHQG HLQGUXFNVYROOH .XQVW JHIlOOW OlW VLFK HUZDUWHQ GD LKQHQ DXFK GLH (U]HXJQLVVH PLW GHQHQ VLH DVVR]LLHUW ZRUGHQ LVW XQGGLHVLHV\PEROLVFKYHUWULWWJHIDOOHQZHUGHQ(LQ DQGUHVXQYHUKlOWQLVPlLJIHVVHOQGHV6\PEROLVWGLH JHVXQJHQH5HNODPH6LHLVWHLQHMQJVWH(UÀQGXQJ DEHUJHVXQJHQH7KHRORJLHXQGJHVXQJHQH$QGDFKW ²GDV.LUFKHQOLHGXQGGHU3VDOP²VLQGVRDOWZLH GLH5HOLJLRQVHOEVW*HVXQJHQHU0LOLWDULVPXVGK GDV 0DUVFKOLHG LVW GHU $OWHUVJHQRVVH GHV .ULHJV XQG JHVXQJHQHU 3DWULRWLVPXV GHU 9RUOlXIHU XQVUHU 1DWLRQDOK\PQHQ ZXUGH ]ZHLIHOORV ]XU )|UGHUXQJ GHU *UXSSHQVROLGDULWlW ]XU %HWRQXQJ GHV8QWHUVFKLHGV]ZLVFKHQªXQV©XQGªLKQHQ©VFKRQ YRQGHQZDQGHUQGHQ+RUGHQSDOlROLWKLVFKHU-lJHU XQG1DKUXQJVDPPOHUYHUZHQGHW)UGLHPHLVWHQ 0HQVFKHQ KDW 0XVLN DQ VLFK HWZDV $Q]LHKHQGHV hEHUGLHV QHLJHQ 0HORGLHQ GD]X VLFK GHP *HLVW GHV +|UHUV HLQ]XSUlJHQ (LQH EHVWLPPWH 0HORGLH OlW HLQHQ HLQ /HEHQ ODQJ QLFKW PHKU ORV XQG JHLVWHUW LP *HGlFKWQLV 0DQ QHKPH ]XP %HLVSLHO HLQH JDQ] XQLQWHUHVVDQWH )HVWVWHOOXQJ RGHU HLQ VROFKHV :HUWXUWHLO 6R ZLH HV GD JHGUXFNW VWHKW ZLUG VLFK QLHPDQG YLHO GDUXP NPPHUQ 1XQ DEHU XQWHUOHJH PDQ GLH :RUWH HLQHU UHLHULVFKHQ XQG HLQSUlJVDPHQ 0HORGLH 6RJOHLFK HUKDOWHQ GLH :RUWH 0DFKW XQG ZHUGHQ VLFK EHUGLHV PHLVWHQV YRQ VHOEVW ZLHGHUKROHQ VR RIW GLH 0HORGLH JHK|UW ZLUG RGHU PDQ VLFK LKUHU VSRQWDQ HULQQHUW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

2USKHXVLVWHLQ%QGQLVPLW3DZORZHLQJHJDQJHQ ² GLH 0DFKW GHU 7|QH PLW GHP EHGLQJWHQ 5HIOH[ )U GHQ NRPPHU]LHOOHQ 3URSDJDQGLVWHQ ZLH IU VHLQH .ROOHJHQ DXI GHQ *HELHWHQ GHU 3ROLWLN XQG 5HOLJLRQ EHVLW]W GLH 0XVLN QRFK HLQHQ lQGHUQ 9RUWHLO 8QVLQQ GHQ ]X VFKUHLEHQ ]X VSUHFKHQ RGHUJHVSURFKHQ]XK|UHQIUHLQHQYHUQQIWLJHQ 0HQVFKHQEHVFKlPHQGZlUHZLUGYRQGHQVHOEHQ YHUQXQIWEHJDEWHQ0HQVFKHQPLW*HQXXQGVRJDU PLW HLQHU $UW YRQ LQWHOOHNWXHOOHU hEHU]HXJXQJ JHVXQJHQ RGHU JHVXQJHQ JHK|UW .|QQHQ ZLU HV OHUQHQ GHQ *HQX ]X VLQJHQ RGHU *HVXQJHQHV ]X K|UHQ YRQ GHU DOO]XPHQVFKOLFKHQ 1HLJXQJ ]X WUHQQHQ GLH 3URSDJDQGD GLH GHU *HVDQJ YHUPLWWHOW]XJODXEHQ"$XFKGDVLVWGLH)UDJH 'DQN GHU 6FKXOSÁLFKW XQG GHU 5RWDWLRQVSUHVVH LVW GHU 3URSDJDQGLVW VHLW YLHOHQ -DKUHQ LPVWDQGH VHLQH %RWVFKDIWHQ VR JXW ZLH MHGHP (UZDFKVHQHQ LQMHGHP]LYLOLVLHUWHQ/DQG]X]XOHLWHQ+HXW]XWDJH GDQNGHP5XQGIXQNXQGGHP)HUQVHKHQLVWHULQ GHU JOFNOLFKHQ /DJH VLFK VRJDU QLFKW ]XU 6FKXOH JHJDQJHQHQ (UZDFKVHQHQ XQG QRFK QLFKW ]XU 6FKXOHJHKHQGHQ.LQGHUQPLWWHLOHQ]XN|QQHQ .LQGHU VLQG ZLH QXU ]X HUZDUWHQ K|FKVW HPSIlQJOLFK IU3URSDJDQGD6LHNHQQHQGLH:HOW XQG LKU 7UHLEHQ QRFK QLFKW XQG VLQG GDKHU Y|OOLJ DUJORV ,KU NULWLVFKHV 9HUP|JHQ LVW XQHQWZLFNHOW 'LH MQJVWHQ YRQ LKQHQ KDEHQ QRFK QLFKW GDV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YHUVWlQGLJH $OWHU HUUHLFKW XQG GHQ DOWHUQ IHKOW GLH (UIDKUXQJ DXI ZHOFKH VLH LKU QHX HUZRUEHQHV 9HUVWlQGQLV DQZHQGHQ N|QQWHQ 0LOLWlUGLHQVWSÁLFKWLJH 5HNUXWHQ ZXUGHQ KlXÀJ ª.DQRQHQIXWWHU©JHQDQQW,KUH-QJHUQ%UGHUFKHQ XQG6FKZHVWHUFKHQVLQGQXQ5XQGIXQNIXWWHUXQG )HUQVHKIXWWHUJHZRUGHQ,QPHLQHU.LQGKHLWZXUGH XQVEHLJHEUDFKW.LQGHUYHUVFKHQXQGLQIURPPHQ +DXVKDOWHQ .LUFKHQOLHGHU ]X VLQJHQ +HXW]XWDJH WUlOOHUQ GLH OLHEHQ .OHLQHQ 5HNODPHOLHGFKHQ :DV LVW EHVVHU ² ª5KHLQJROG LVW PHLQ %LHU GDV ORE· LFK PLU© RGHU ª)LQVWHU ZDU·V GHU 0RQG VFKLHQ KHOOH©" ª:RKLQ VROO LFK PLFK ZHQGHQ"© RGHU ª$P 0XQGJHUXFKPDQ·VJOHLFKHUNHQQW'XSXW]WVLH QLFKWPLW3HSVRGHQW©":HUPDJGDVZLVVHQ" ª,FK EHKDXSWH QLFKW GD .LQGHU JH]ZXQJHQ ZHUGHQVROOWHQLKUH(OWHUQ]XSODJHQ(U]HXJQLVVH ]X NDXIHQ ZHOFKH VLH DXI GHP )HUQVHKVFKLUP DQJHSULHVHQ JHVHKHQ KDEHQ $QGUHUVHLWV DEHU NDQQ LFK PHLQH $XJHQ QLFKW YRU GHU 7DWVDFKH YHUVFKOLHHQ GD GDV WDJWlJOLFK JHVFKLHKW© 6R VFKUHLEW GHU 6WDU HLQHU GHU YLHOHQ DQ HLQH MXJHQGOLFKH =XVFKDXHUVFKDIW JHULFKWHWHQ 6HQGHUHLKHQª.LQGHU©IJWHUKLQ]XªVLQGOHEHQGH VSUHFKHQGH $XI]HLFKQXQJHQ GHVVHQ ZDV ZLU LKQHQ MHGHQ 7DJ VDJHQ© 8QG PLW GHU =HLW ZHUGHQ GLHVH OHEHQGHQ VSUHFKHQGHQ $XI]HLFKQXQJHQ GHU )HUQVHKUHNODPH KHUDQZDFKVHQ *HOG YHUGLHQHQ XQG GLH ,QGXVWULHHU]HXJQLVVH NDXIHQ ª%HGHQNHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

6LH© VFKUHLEW &O\GH 0LOOHU LQ 7KH 3URFHVV RI 3HUVXDVLRQ YHU]FNW ªZDV HV IU ,KUH )LUPD DQ *HZLQQ EHGHXWHQ NDQQ ZHQQ 6LH LPVWDQGH VLQG GLH5HÁH[HYRQHLQHU0LOOLRQRGHUYRQ]HKQ0LOOLRQHQ .LQGHUQ ]X EHGLQJHQ GLH GDQQ DOV (UZDFKVHQH GDUDXI JHGULOOW VLQG ,KU (U]HXJQLV ]X NDXIHQ ZLH 6ROGDWHQ LP YRUDXV GDUDXI JHGULOOW VLQG ZHQQ VLH GDQQ GDV .RPPDQGRZRUW !9RUZlUWV PDUVFKK|UHQ©-DPDQEHGHQNHGDVQXU8QG JOHLFK]HLWLJHULQQHUHPDQVLFKGDGLH'LNWDWRUHQ XQG GLH 0|FKWHJHUQ'LNWDWRUHQ EHU VR HWZDV VHLW-DKUHQQDFKJHGDFKWKDEHQXQGGD0LOOLRQHQ XQG 0LOOLRQHQ .LQGHU LP +HUDQZDFKVHQ VLQG ZHOFKH GDV LGHRORJLVFKH (U]HXJQLV GHV 'HVSRWHQ NDXIHQXQGZLHJXWJHGULOOWH6ROGDWHQDXIGLHGLHVHQ MXQJHQ *HPWHUQ YRQ GHQ 3URSDJDQGLVWHQ GHV 'HVSRWHQHLQJHWULFKWHUWHQ$XVO|VHZ|UWHUPLWGHP HQWVSUHFKHQGHQ9HUKDOWHQUHDJLHUHQZHUGHQ 6HOEVWUHJLHUXQJVWHKWLQXPJHNHKUWHP9HUKlOWQLV ]XU$Q]DKO-HJU|HUGHU:DKONUHLVGHVWRJHULQJHU GHU:HUWHLQHUHLQ]HOQHQ6WLPPH:HQQGHU:lKOHU EORHLQHUYRQ0LOOLRQHQLVWIKOWHUVLFKPDFKWORV HLQHTXDQWLWHQHJOLJHDEOH'LH.DQGLGDWHQGLHHU]X $PWXQG:UGHQJHZlKOWKDWVLQGZHLWZHJDXI GHU 6SLW]H GHU 0DFKWS\UDPLGH 7KHRUHWLVFK VLQG VLHGLH'LHQHUGHV9RONVWDWVlFKOLFKDEHUVLQGHV GLHVH 'LHQHU GLH %HIHKOH JHEHQ XQG HV LVW GDV 9RONWLHIXQWHQDQGHU%DVLVGHUJURHQ3\UDPLGH GDV JHKRUFKHQ PX =XQHKPHQGH %HY|ONHUXQJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

XQGIRUWVFKUHLWHQGH7HFKQLNKDEHQHLQH=XQDKPH GHU =DKO XQG 9LHOIDOW GHU 2UJDQLVDWLRQHQ ]XP (UJHEQLV JHKDEW HLQH =XQDKPH GHU LQ GHQ +lQGHQ GHU %HDPWHQ NRQ]HQWULHUWHQ 0DFKW XQG HLQH HQWVSUHFKHQGH $EQDKPH GHU YRQ GHQ :lKOHUQ DXVJHEWHQ .RQWUROOH JHNRSSHOW PLW HLQHU $EQDKPH GHU DOOJHPHLQHQ $FKWXQJ YRU GHPRNUDWLVFKHQ 9HUIDKUHQ 6FKRQ JHVFKZlFKW GXUFK GLH ULHVLJHQ XQSHUV|QOLFKHQ .UlIWH ZHOFKH LQ GHU PRGHUQHQ :HOW DP :HUN VLQG ZHUGHQ GHPRNUDWLVFKH (LQULFKWXQJHQ QXQ YRQ LQQHQ GXUFK GLH 3ROLWLNHU XQG LKUH 3URSDJDQGLVWHQ XQWHUK|KOW 'LH 0HQVFKHQ KDQGHOQ DXI VHKU YLHOH YHUVFKLHGHQH XQYHUQQIWLJH :HLVHQ DEHU DOOH VFKHLQHQ VLH IlKLJ ]X VHLQ ZHQQ LKQHQ HLQH IDLUH &KDQFH JHJHEHQ XQG LKQHQ GDV YHUIJEDUH 7DWVDFKHQPDWHULDO ]XJlQJOLFK JHPDFKW ZLUG HLQH YHUQQIWLJH :DKO ]X WUHIIHQ 'HPRNUDWLVFKH (LQULFKWXQJHQ ODVVHQ VLFK QXU GDQQ ]XP )XQNWLRQLHUHQ EULQJHQ ZHQQ DOOH GLH HV DQJHKW LKU P|JOLFKVWHV WXQ :LVVHQ ]X YHUEUHLWHQ XQG 9HUQXQIW ]X HUPXWLJHQ +HXW]XWDJH DEHU ]LHKHQ HV GLH 3ROLWLNHU XQG LKUH 3URSDJDQGLVWHQ LQ GHQ 'HPRNUDWLHQ YRU DOOHQ LQ GHU PlFKWLJVWHQ YRQ LKQHQ YRU GHPRNUDWLVFKH 9HUIDKUHQ LQ 8QVLQQ ]X YHUNHKUHQ LQGHP VLH VLFK IDVW DXVVFKOLHOLFK DQ GLH 8QZLVVHQKHLW XQG 8QYHUQXQIW GHU :lKOHU ZHQGHQ ª%HLGH 3DUWHLHQ© VR OLH VLFK GHU &KHIUHGDNWHXU HLQHU IKUHQGHQ DPHULNDQLVFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:LUWVFKDIWV]HLWVFKULIW YHUQHKPHQ ªZHUGHQ LKUH .DQGLGDWHQ XQG =LHOH PLW GHQVHOEHQ 0HWKRGHQ DXI GHQ 0DUNW EULQJHQ GLH GDV *HVFKlIWVOHEHQ HQWZLFNHOWKDWXP:DUHQ]XYHUNDXIHQ=XGLHVHQ 0HWKRGHQ JHK|UHQ IDFKNXQGLJH $XVZDKO GHU $QVSUHFKZHLVH XQG SODQPlLJH :LHGHUKROXQJ« 5XQGIXQNNXU]GXUFKVDJHQ XQG $Q]HLJHQ ZHUGHQ 0HUNZRUWH PLW JH]LHOWHU (LQGULQJOLFKNHLW ZLHGHUKROHQ 3ODNDWZlQGH ZHUGHQ 6FKODJVlW]H YRQ EHZlKUWHU .UDIW LQ GLH $XJHQ VSULQJHQ ODVVHQ« .DQGLGDWHQ PVVHQ DXHU HLQHU YROOW|QHQGHQ 6WLPPH XQG JXWHU $XVVSUDFKH DXFK GLH )lKLJNHLW EHVLW]HQ YRU GHU )HUQVHKNDPHUD !DXIULFKWLJDXV]XVHKHQ© 'LH SROLWLVFKHQ 9HUPDUNWHU ZHQGHQ VLFK QXU DQ GLH 6FKZlFKHQ GHU :lKOHU QLH DQ LKUH SRWHQWLHOOH 6WlUNH 6LH PDFKHQ NHLQHQ 9HUVXFK GLH0DVVHQ]XU7DXJOLFKNHLWIUV6LFKVHOEVWUHJLHUHQ ]X HU]LHKHQ VLH EHJQJHQ VLFK GDPLW VLH EOR ]X PDQLSXOLHUHQ XQG DXV]XEHXWHQ =X GLHVHP =ZHFNZHUGHQDOOH+LOIVPLWWHOGHU3V\FKRORJLHXQG DQGUHU6SH]LDOZLVVHQVFKDIWHQPRELOLVLHUWXQGDXIVLH ORVJHODVVHQ0LWVRUJIlOWLJDXVJHZlKOWHQ,QGLYLGXHQ GHU:lKOHUVFKDIWZHUGHQª7LHIHQLQWHUYLHZV©DQJHVWHOOW 'LHVH 7LHIHQLQWHUYLHZV HQWKOOHQ GLH XQEHZXWHQ %HIUFKWXQJHQ XQG :QVFKH GLH ]XU =HLW HLQHU :DKOLQHLQHU:lKOHUVFKDIWYRUKHUUVFKHQ3KUDVHQ XQG 9RUVWHOOXQJVELOGHU ZHOFKH GDKLQ ]LHOHQ GLHVH %HIUFKWXQJHQ]XEHVFKZLFKWLJHQRGHUZHQQQ|WLJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

]X YHUVWlUNHQ GLHVH :QVFKH ]X EHIULHGLJHQ ]XPLQGHVWV\PEROLVFKZHUGHQGDQQYRQ)DFKOHXWHQ DXVJHZlKOWDQ/HVHUQXQG=XK|UHUQHUSUREWXQG MHQDFKGHQVRHUKDOWHQHQ$XVNQIWHQJHZHFKVHOW RGHU YHUEHVVHUW :RQDFK LQ GHU SROLWLVFKHQ .DPSDJQHDOOHVEHUHLWLVWIUGLHMHQLJHQGLHVLFKDQ GLH0DVVHQ]XZHQGHQKDEHQ1XQLVWQLFKWVZHLWHU PHKU Q|WLJ DOV *HOG XQG HLQ .DQGLGDW ZHOFKHP EHLJHEUDFKW ZHUGHQ NDQQ ªDXIULFKWLJ© DXV]XVHKHQ 8QWHU GHU QHXHQ *ODXEHQVOHKUH KDEHQ SROLWLVFKH *UXQGVlW]HXQG3OlQHIUEHVWLPPWH$NWLRQHQGHQ JU|WHQ 7HLO LKUHU :LFKWLJNHLW DOOPlKOLFK YHUORUHQ 'LH3HUV|QOLFKNHLWGHV.DQGLGDWHQXQGGLH$UWZLH HUYRQGHQ:HUEHIDFKOHXWHQSURML]LHUWZLUGGDVVLQG GLH'LQJHDXIGLHHVZLUNOLFKDQNRPPW $XI GLH HLQH RGHU DQGUH $UW DOV NUDIWYROOHU 0DQQVNHUO RGHU JWLJHU 9DWHU PX GHU .DQGLGDW JODQ]XPZREHQ VHLQ (U PX DXFK HLQ 8QWHUKDOWXQJVNQVWOHUVHLQGHUVHLQ3XEOLNXPQLH ODQJZHLOW$XIJH]RJHQPLW5XQGIXQNXQG)HUQVHKHQ LVWGLHVHV3XEOLNXPJHZ|KQW]HUVWUHXW]XZHUGHQ XQG KDW HV QLFKW JHUQ ZHQQ PDQ YRQ LKP YHUODQJW VLFK ]X NRQ]HQWULHUHQ RGHU HLQH OlQJHUH JHLVWLJH $QVWUHQJXQJ ]X PDFKHQ $OOH 5HGHQ GHV 8QWHUKDOWXQJVNQVWOHU.DQGLGDWHQ PVVHQ GDKHU NQDSS XQG NQDOOLJ VHLQ 'LH JURHQ 7DJHVIUDJHQ PVVHQ LQ K|FKVWHQV IQI 0LQXWHQ EHKDQGHOW ZHUGHQ ² XQG OLHEHU QRFK GD GLH =XK|UHUVFKDIW VFKRQ JHUQ ]X HWZDV HLQ ZHQLJ 8QWHUKDOWVDPHUHP

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DOV ,QÁDWLRQ RGHU :DVVHUVWRIIERPEH ZHLWHUJHKQ P|FKWH LQ JDQ]HQ VHFK]LJ 6HNXQGHQ 'DV :HVHQ GHU 5HGHNXQVW LVW VR EHVFKDIIHQ GD EHL 3ROLWLNHUQ XQG *HLVWOLFKHQ VWHWV GLH 1HLJXQJ YRUKDQGHQ ZDU YHUZLFNHOWH )UDJHQ EHUPlLJ ]X YHUHLQIDFKHQ 9RQ GHU .DQ]HO RGHU GHU 7ULEQH KHUDE ÀQGHW HV DXFK GHU JHZLVVHQKDIWHVWH 5HGQHU VFKZHU GLH YROOH :DKUKHLW ]X VDJHQ 'LH 0HWKRGHQ GLH KHXWH DQJHZHQGHWZHUGHQXPGHQSROLWLVFKHQ.DQGLGDWHQ DQGHQ0DQQRGHUGLH)UDX]XEULQJHQDOVZlUHHU HLQ 'HRGRUDQV JHZlKUOHLVWHQ GHU :lKOHUVFKDIW JUDGH]XGDVLHQLHGLHYROOH:DKUKHLWEHULUJHQG HWZDV]XK|UHQEHNRPPHQZLUG

$/'286+8;/(<'5(,66,*-$+5('$1$&+

*(+,51:b6&+(

,Q GHQ ]ZHL YRUDXVJHJDQJHQHQ .DSLWHOQ KDEH LFK GLH 0HWKRGHQ GHVVHQ ZDV PDQ *HKLUQPDQLSXODWLRQHQ LP JURHQ QHQQHQ N|QQWH EHVFKULHEHQ ZLH VLH YRQ GHP JU|WHQ 'HPDJRJHQ XQG GHQ HUIROJUHLFKVWHQ 9HUNDXIVNDQRQHQ GLH GHU *HVFKLFKWH EHNDQQW VLQG DQJHZHQGHW ZXUGHQ$EHUNHLQPHQVFKOLFKHV3UREOHPOlWVLFK DXVVFKOLHOLFK GXUFK (QJURVPHWKRGHQ O|VHQ 'LH 6FKURWÁLQWH KDW LKUHQ 3ODW] DEHU GHQ KDW DXFK GLH ,QMHNWLRQVVSULW]H ,Q GHQ IROJHQGHQ .DSLWHOQ ZLOO LFK HLQLJH GHU ZLUNXQJVYROOHUHQ 0HWKRGHQ EHVFKUHLEHQ QDFK ZHOFKHQ QLFKW 0DVVHQ QLFKW HLQJDQ]HV3XEOLNXPVRQGHUQHLQ]HOQH,QGLYLGXHQ PDQLSXOLHUWZHUGHQ ,P/DXIVHLQHUHSRFKHPDFKHQGHQ9HUVXFKHEHU NRQGLWLRQLHUWH 5HÁH[H EHREDFKWHWH 3DZORZ GD 9HUVXFKVWLHUH ZHQQ VLH HLQHU OlQJHUQ SK\VLVFKHQ RGHU SV\FKLVFKHQ %HODVWXQJVSUREH DXFK VWUHVV JHQDQQW XQWHUZRUIHQ ZHUGHQ DOOH 6\PSWRPH HLQHV QHUYOLFKHQ =XVDPPHQEUXFKV ]HLJHQ ,KUH *HKLUQH ZHLJHUQ VLFK QRFK ZHLWHU ]X YHUVXFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

PLW HLQHU XQHUWUlJOLFKHQ /DJH IHUWLJ ]X ZHUGHQ XQG EHJLQQHQ VR]XVDJHQ ]X VWUHLNHQ XQG K|UHQ HQWZHGHU JDQ] DXI ]X DUEHLWHQ GHU +XQG YHUOLHUW GDV %HZXWVHLQ RGHU VLH QHKPHQ LKUH =XÁXFKW ]X SDVVLYHU 5HVLVWHQ] XQG 6DERWDJH GHU +XQG EHQLPPWVLFKXQUHDOLVWLVFKRGHUHQWZLFNHOWGLH$UW YRQ SK\VLVFKHQ 6\PSWRPHQ GLH ZLU EHL HLQHP 0HQVFKHQK\VWHULVFKHQHQQHQZUGHQ (LQLJH7LHUH VLQG ZLGHUVWDQGVIlKLJHU JHJHQ VWUHVV DOV DQGUH +XQGHGLHZDV3DZORZHLQHªVWDUNH[]LWDWRULVFKH© .RQVWLWXWLRQ QHQQW EHVLW]HQ EUHFKHQ VFKQHOOHU ]XVDPPHQ DOV +XQGH YRQ EOR ªOHEKDIWHP© LP *HJHQVDW] ]X HLQHP FKROHULVFKHQ RGHU VHKU DXIJHUHJWHQ 7HPSHUDPHQW (EHQVR JHODQJHQ ªVFKZDFKLQKLELWRULVFKH©+XQGHYLHOIUKHUDQV(QGH LKUHU .UlIWH DOV ªJOHLFKPWLJH XQHUVFKWWHUOLFKH© +XQGH $EHU DXFK GHU VWRLVFKHVWH +XQG LVW XQIlKLJXQEHJUHQ]W:LGHUVWDQG]XOHLVWHQ,VWGHU VWUHVV GHP HU XQWHUZRUIHQ ZLUG JHQJHQG VWDUN RGHU GDXHUW HU JHQJHQG ODQJH EULFKW HU ]XOHW]W VR MlPPHUOLFK XQG VR Y|OOLJ ]XVDPPHQ ZLH GHU VFKZlFKVWHVHLQHU$UW 3DZORZV (QWGHFNXQJHQ ZXUGHQ DXI GLH EHWUEOLFKVWH:HLVHXQGLQVHKUJURHP0DVWDE ZlKUHQGGHU]ZHL:HOWNULHJHEHVWlWLJW$OV(UJHEQLV HLQHV HLQ]HOQHQ NDWDVWURSKDOHQ (UOHEQLVVHV RGHU HLQHU )ROJH YRQ ZHQLJHU HQWVHW]OLFKHQ DEHU KlXÀJ ZLHGHUKROWHQ (UVFKWWHUXQJHQ HQWZLFNHOQ 6ROGDWHQ HLQH $Q]DKO VLH XQWDXJOLFK PDFKHQGHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

SV\FKRSK\VLVFKHU 6\PSWRPH ]HLWZHLOLJH %HZXWORVLJNHLW lXHUVWH (UUHJXQJ /HWKDUJLH IXQNWLRQDOH %OLQGKHLW RGHU /lKPXQJ Y|OOLJ XQUHDOLVWLVFKH 5HDNWLRQHQ DXI GHQ 5HL] YRQ (UHLJQLVVHQ VHOWVDPH 8PNHKUXQJHQ OHEHQVODQJ JHZRKQWHU9HUKDOWHQVZHLVHQ²DOOHGLHVH6\PSWRPH GLH 3DZORZ DQ VHLQHQ +XQGHQ EHREDFKWHWH WDXFKWHQ XQWHU GHQ 2SIHUQ GHVVHQ ZLHGHU DXI ZDV LP HUVWHQ :HOWNULHJ ª1HUYHQHUVFKWWHUXQJ© LP ]ZHLWHQ ª.DPSIPGLJNHLW© JHQDQQW ZXUGH -HGHU 0HQVFK ZLH MHGHU +XQG KDW VHLQH HLJQH LQGLYLGXHOOH %HODVWXQJVJUHQ]H 'LH PHLVWHQ 0lQQHU HUUHLFKHQ GLHVH *UHQ]H XQWHU GHQ 9HUKlOWQLVVHQ PRGHUQHU .ULHJIKUXQJ QDFK XQJHIlKU GUHLLJ 7DJHQ YRQ PHKU RGHU ZHQLJHU EHVWlQGLJHP VWUHVV 'LH EHUGXUFKVFKQLWWOLFK (PSÀQGOLFKHQ HUOLHJHQ VFKRQ QDFK IQI]HKQ 7DJHQ 'LH EHUGXUFKVFKQLWWOLFK =lKHQ N|QQHQ IQIXQGYLHU]LJRGHUVRJDUIQI]LJ7DJHDXVKDNHQ $EHU VWDUN RGHU VFKZDFK ]XOHW]W EUHFKHQ VLH DOOH ]XVDPPHQ $OOH KHLW GDV GHU DQIlQJOLFK *HVXQGHQ'HQQLURQLVFKHUZHLVHVLQGGLHHLQ]LJHQ GLH XQWHU GHP VWUHVV GHV PRGHUQHQ .ULHJV XQEHJUHQ]W DXVKDNHQ N|QQHQ GLH 3V\FKRSDWKHQ ,QGLYLGXHOOHU:DKQVLQQLVWLPPXQJHJHQGLH)ROJHQ NROOHNWLYHQ:DKQVLQQV 'LH 7DWVDFKH GD MHGHU 0HQVFK VHLQH %HODVWXQJVJUHQ]H KDW ZDU OlQJVW EHNDQQW XQG ZXUGH DXI HLQH JUREH XQZLVVHQVFKDIWOLFKH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:HLVH VHLW XQGHQNOLFKHQ =HLWHQ DXVJHQW]W ,Q PDQFKHQ )lOOHQ LVW ªGHV 0HQVFKHQ JUlOLFKH 8QPHQVFKOLFKNHLW JHJHQ GHQ 0HQVFKHQ© YRQ GHU 9RUOLHEH IU *UDXVDPNHLW XP LKUHU *UlOLFKNHLW XQG )DV]LQDWLRQ VHOEVW ZLOOHQ LQVSLULHUW JHZHVHQ |IWHU MHGRFK ZDU UHLQHU 6DGLVPXV PLW 1W]OLFKNHLWVHUZlJXQJHQ WKHRORJLVFKHQ *UQGHQ RGHUGHU6WDDWVUlVRQJHPLVFKW.|USHUOLFKH)ROWHU XQGDQGUH)RUPHQYRQVWUHVVZXUGHQYRQ-XULVWHQ DQJHZHQGHWXPZLGHUZLOOLJHQ=HXJHQGLH=XQJH ]XO|VHQYRQ3ULHVWHUQXP,UUJOlXELJH]XVWUDIHQ XQGVLH]XEHZHJHQLKUH0HLQXQJHQ]XlQGHUQYRQ GHU*HKHLPSROL]HLXP3HUVRQHQZHOFKHYHUGlFKWLJ ZDUHQ GHU 5HJLHUXQJ IHLQGOLFK JHVLQQW ]X VHLQ *HVWlQGQLVVH ]X HUSUHVVHQ 8QWHU +LWOHU ZXUGH GLH)ROWHUXQGVSlWHUGLH0DVVHQDXVURWWXQJJHJHQ GLHVHELRORJLVFKHQ.HW]HUGLH-XGHQDQJHZHQGHW )U HLQHQ MXQJHQ 1DWLRQDOVR]LDOLVWHQ ZDU HLQH 3ÁLFKWUHLVH GXUFK GLH 9HUQLFKWXQJVODJHU XP PLW +LPPOHU ]X VSUHFKHQ GLH EHVWH %HOHKUXQJ EHU LQIHULRUH 0HQVFKHQ XQG GLH XQWHUPHQVFKOLFKHQ 5DVVHQ 'D GHU $QWLVHPLWLVPXV GHQ +LWOHU DOV MXQJHU 0DQQ LQ GHQ $UPHQYLHUWHOQ YRQ :LHQ DXIJHVFKQDSSW KDWWH HLQHU %HVHVVHQKHLW JOHLFKNDP ZDU GLHVH (UQHXHUXQJ GHU YRP KHLOLJHQ 2IÀ]LXP JHJHQ GLH .HW]HU XQG +H[HQ DQJHZHQGHWHQ 0HWKRGHQ XQYHUPHLGOLFK $EHU LP /LFKW GHU )RUVFKXQJVHUJHEQLVVH 3DZORZV XQG GHU YRQ 3V\FKLDWHUQ EHL GHU %HKDQGOXQJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YRQ .ULHJVQHXURVHQ JHZRQQHQHQ (UNHQQWQLVVH HUVFKHLQW GHU $QWLVHPLWLVPXV DOV HLQ DEVFKHXOLFKHU XQG JURWHVNHU $QDFKURQLVPXV 9HUVFKLHGHQH $UWHQ YRQVWUHVVGLHUHLFKOLFKJHQJHQXPHLQHQY|OOLJHQ ]HUHEUDOHQ=XVDPPHQEUXFK]XYHUXUVDFKHQN|QQHQ GXUFK0HWKRGHQKHUEHLJHIKUWZHUGHQZHOFKH]ZDU KDVVHQVZHUW XQPHQVFKOLFK VLQG DEHU GRFK QLFKW ELV]XN|USHUOLFKHU)ROWHUJHKQ :DVLPPHULQIUKHUQ-DKUHQJHVFKHKHQVHLQPDJ HVVFKHLQW]LHPOLFKJHZL]XVHLQGDN|USHUOLFKH )ROWHUXQJHQYRQGHUNRPPXQLVWLVFKHQ3ROL]HLKHXWH QLFKWPHKULQJURHP$XVPDDQJHZHQGHWZHUGHQ 6LHKROWVLFKLKUH,QVSLUDWLRQQLFKWEHLP,QTXLVLWRU RGHUEHLP660DQQVRQGHUQEHLP3K\VLRORJHQXQG VHLQHQPHWKRGLVFKNRQGLWLRQLHUWHQ9HUVXFKVWLHUHQ )U GHQ 'LNWDWRU XQG VHLQH 3ROL]HL KDEHQ 3DZORZV )RUVFKXQJVHUJHEQLVVH ZLFKWLJH SUDNWLVFKH %HGHXWXQJHQ :HQQ GDV ]HQWUDOH 1HUYHQV\VWHP HLQHV +XQGHV ]XP =XVDPPHQEUHFKHQ JHEUDFKW ZHUGHQNDQQVRDXFKGDV]HQWUDOH1HUYHQV\VWHP HLQHVSROLWLVFKHQ+lIWOLQJV(VKDQGHOWVLFKHLQIDFK GDUXP GDV ULFKWLJH 0D YRQ VWUHVV ZlKUHQG GHU ULFKWLJHQ 'DXHU DQ]XZHQGHQ $P (QGH GHU %HKDQGOXQJLVWGHU+lIWOLQJGDQQLQHLQHP=XVWDQG GHU1HXURVHRGHU+\VWHULHXQGZLUGEHUHLWVHLQ]X JHVWHKQZDVLPPHUGLHLKQ*HIDQJHQKDOWHQGHQYRQ LKPJHVWDQGHQZLVVHQZROOHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

$EHU GDV *HVWlQGQLV JHQJW QLFKW (LQ KRIIQXQJVORVHU1HXURWLNHULVWQLHPDQGYRQ1XW]HQ :DV GHU LQWHOOLJHQWH XQG SUDNWLVFKH 'LNWDWRU EUDXFKW LVW QLFKW HLQ 3DWLHQW ZHOFKHU LQ HLQH $QVWDOW HLQ]XZHLVHQ LVW RGHU HLQ 2SIHU ZHOFKHV HUVFKRVVHQ ZHUGHQ VROO VRQGHUQ HLQ %HNHKUWHU ZHOFKHUIUGLH6DFKHGHV'LNWDWRUVDUEHLWHQZLOO(U KROWVLFKDOVRDEHUPDOV5DWEHL3DZORZXQGHUIlKUW GD GLH +XQGH DXI GHP :HJ ]XP HQGJOWLJHQ =XVDPPHQEUXFKEHUQRUPDOEHHLQÁXEDUZHUGHQ 1HXH 9HUKDOWHQVZHLVHQ N|QQHQ OHLFKW HLQJHEDXW ZHUGHQZlKUHQGGHU+XQGVLFKGHU*UHQ]HVHLQHV ]HUHEUDOHQ$XVKDUUHQVQlKHUWRGHUVLHVFKRQHUUHLFKW KDW XQG GLHVH QHXHQ 9HUKDOWHQVZHLVHQ VFKHLQHQ XQDXVWLOJEDU]XVHLQ'DV7LHUGHPVLHHLQJHSÁDQ]W ZXUGHQNDQQQLFKWZLHGHUGHNRQGLWLRQLHUWZHUGHQ :DVHVXQWHUVWUHVVJHOHUQWKDWEOHLEWHLQLQWHJUDOHU 7HLOVHLQHU.RQVWLWXWLRQ 6HHOLVFKHU VWUHVV NDQQ DXI YLHOHUOHL :HLVH KHUYRUJHUXIHQZHUGHQ+XQGHZHUGHQYHUVW|UWZHQQ 5HL]HXQJHZ|KQOLFKVWDUNVLQGZHQQGDV,QWHUYDOO ]ZLVFKHQHLQHP5HL]XQGGHUJHZRKQWHQ5HDNWLRQ XQJHEKUOLFK YHUOlQJHUW ZLUG XQG GDV 7LHU LQ HLQHP =XVWDQG GHU (UZDUWXQJ EOHLEW ZHQQ GDV *HKLUQ GXUFK 5HL]H LQ 9HUZLUUXQJ JHUlW ZHOFKH DOOHP ]XZLGHUODXIHQ ZDV GHU +XQG ]X HUZDUWHQ JHOHUQW KDW ZHQQ 5HL]H NHLQHQ 6LQQ LQQHUKDOE GHV GHP 2SIHU JHZRKQWHQ %H]LHKXQJVV\VWHPV ]X KDEHQ VFKHLQHQ )HUQHU KDW PDQ HQWGHFNW GD GLH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DEVLFKWOLFKH(LQÁ|XQJYRQ)XUFKW=RUQRGHU$QJVW GLH %HHLQÁXEDUNHLW GHV +XQGHV GHXWOLFK VWHLJHUW :HQQ GLHVH *HIKOH ODQJH JHQXJ DXI HLQHP KRKHQ *UDG GHU ,QWHQVLWlW JHKDOWHQ ZHUGHQ EHJLQQW GDV *HKLUQ ª]X VWUHLNHQ© 7ULWW GDV HLQ GDQQ N|QQHQ PLW JU|WHU /HLFKWLJNHLW QHXH 9HUKDOWHQVZHLVHQ HLQJHEDXWZHUGHQ =X GHQ $UWHQ YRQ N|USHUOLFKHP VWUHVV GLH GLH 6XJJHVWLELOLWlW GHV +XQGHV HUK|KHQ JHK|UHQ (UPGXQJ9HUZXQGXQJHQXQGMHJOLFKH.UDQNKHLW )U GHQ 0|FKWHJHUQ'LNWDWRU KDEHQ GLHVH (QWGHFNXQJHQ ZLFKWLJH SUDNWLVFKH %HGHXWXQJHQ 6LH EHZHLVHQ ]XP %HLVSLHO GD +LWOHU UHFKW KDWWH PLWGHU%HKDXSWXQJ0DVVHQYHUVDPPOXQJHQVHLHQ QDFKWV QRFK ZLUNXQJVYROOHU DOV EHL 7DJ ª0RUJHQV XQG VHOEVW WDJVEHU© VFKULHE HU ªVFKHLQHQ GLH ZLOOHQVPlLJHQ .UlIWH GHU 0HQVFKHQ VLFK QRFK LQ K|FKVWHU (QHUJLH JHJHQ GHQ 9HUVXFK GHU $XI]ZLQJXQJ HLQHV IUHPGHQ :LOOHQV XQG HLQHU IUHPGHQ 0HLQXQJ ]X VWUlXEHQ $EHQGV GDJHJHQ XQWHUOLHJHQ VLH OHLFKWHU GHU EHKHUUVFKHQGHQ .UDIW HLQHVVWlUNHUHQ:ROOHQV© 3DZORZ KlWWH LKP EHLJHVWLPPW (UPGXQJ HUK|KW GLH 6XJJHVWLELOLWlW 'DV LVW XQWHU DQGHUP GHU *UXQG GD GLH NRPPHU]LHOOHQ 3DWHQ YRQ )HUQVHKSURJUDPPHQ GLH $EHQGVWXQGHQ YRU]LHKHQ XQG EHUHLW VLQG PLW EDUHP *HOG IU GLHVH HQWVSUHFKHQG ]X EH]DKOHQ .UDQNKHLW LVW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

KLQVLFKWOLFK GHU %HHLQÁXEDUNHLW VRJDU QRFK ZLUNVDPHU DOV (UPGXQJ ,Q GHU 9HUJDQJHQKHLW ZDUHQ .UDQNHQ]LPPHU GHU 6FKDXSODW] ]DKOORVHU UHOLJL|VHU %HNHKUXQJHQ 'HU ZLVVHQVFKDIWOLFK DXVJHELOGHWH 'LNWDWRU GHU =XNXQIW ZLUG DOOH .UDQNHQKlXVHU VHLQHV +HUUVFKDIWVEHUHLFKV PLW .ODQJOHLWXQJHQ XQG PLW .RSINLVVHQOHLVHVSUHFKHUQ DXVVWDWWHQ .RQVHUYLHUWH hEHUUHGXQJ ZLUG ]X DOOHQ YLHUXQG]ZDQ]LJ6WXQGHQGHV7DJVGXUFKGHQbWKHU VFKZLUUHQXQGGLHZLFKWLJHUQ3DWLHQWHQZHUGHQYRQ SROLWLVFKHQ6HHOHQUHWWHUQXQG*HVLQQXQJVZDQGOHUQ EHVXFKW ZHUGHQ JHQDX ZLH LQ GHU 9HUJDQJHQKHLW LKUH9RUIDKUHQYRQ3ULHVWHUQ1RQQHQXQGIURPPHQ /DLHQEHVXFKWZXUGHQ 'LH 7DWVDFKH GD VWDUNH QHJDWLYH *HIKOH JHHLJQHW VLQG GLH 6XJJHVWLELOLWlW ]X HUK|KHQ XQG VRHLQHQ*HVLQQXQJVZHFKVHO]XHUOHLFKWHUQLVWODQJH YRU3DZORZEHREDFKWHWXQGDXVJHEHXWHWZRUGHQ:LH 'U :LOOLDP 6DUJDQW LQ VHLQHP DXIVFKOXUHLFKHQ %XFK %DWWOH IRU WKH 0LQG .DPSI XP GLH 6HHOH EHWRQW JUQGHWH VLFK -RKQ :HVOH\V XQJHKHXUHU (UIROJ DOV 3UHGLJHU DXI HLQ LQWXLWLYHV 9HUVWlQGQLV IU GDV ]HQWUDOH 1HUYHQV\VWHP (U HU|IIQHWH VHLQH 3UHGLJW HWZD PLW HLQHU ODQJHQ XQG LQV HLQ]HOQH JHKHQGHQ%HVFKUHLEXQJGHU4XDOHQ]XGHQHQVHLQH +|UHU ZHQQ VLH VLFKQLFKWEHNHKUWHQ]ZHLIHOORVLQ DOOH (ZLJNHLW YHUGDPPW VHLQ ZUGHQ 6REDOG GDQQ

'HXWVFKH$XVJDEHLP9HUODJ53LSHU &R0QFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

6FKUHFN XQG TXlOHQGHV 6FKXOGEHZXWVHLQ VHLQH =XK|UHUVFKDIW DQ GLH 6FKZHOOH RGHU LQ PDQFKHQ )lOOHQ EHU GLH 6FKZHOOH HLQHV Y|OOLJHQ ]HUHEUDOHQ =XVDPPHQEUXFKV JHEUDFKW KDWWHQ lQGHUWH HU GLH 7RQDUW XQG YHUVSUDFK GHQMHQLJHQ GLH JODXEWHQ XQG EHUHXWHQ GLH 5HWWXQJ LKUHU 6HHOH 'XUFK GLHVH $UW ]X SUHGLJHQ EHNHKUWH :HVOH\ 7DXVHQGH YRQ 0lQQHUQ )UDXHQ XQG .LQGHUQ +HIWLJH YHUOlQJHUWH )XUFKW ]HUPUEWH VLH XQG ULHI HLQHQ =XVWDQG VHKU YHUVWlUNWHU %HHLQÁXEDUNHLW KHUYRU ,QGLHVHP=XVWDQGZDUHQVLHIlKLJGLHWKHRORJLVFKHQ $XVVSUFKHGHV3UHGLJHQGHQIUDJORVKLQ]XQHKPHQ :RUDXI VLH GXUFK :RUWH GHV 7URVWHV UHLQWHJULHUW ZXUGHQXQGDXVLKUHUVFKZHUHQ3UIXQJPLWQHXHQ XQG LP DOOJHPHLQHQ EHVVHUQ 9HUKDOWHQVZHLVHQ KHUYRUJLQJHQ ZHOFKH LKUHP *HLVW XQG LKUHP 1HUYHQV\VWHPXQHQWZXU]HOEDUHLQJHSÁDQ]WZRUGHQ ZDUHQ 'LH :LUNVDPNHLW SROLWLVFKHU XQG UHOLJL|VHU 3URSDJDQGDKlQJWYRQGHQDQJHZHQGHWHQ0HWKRGHQ DEQLFKWYRQGHQJHSUHGLJWHQ/HKUHQ'LHVH/HKUHQ P|JHQZDKURGHUIDOVFKEHN|PPOLFKRGHUVFKlGOLFK VHLQ ² HV PDFKW ZHQLJ RGHU NHLQHQ 8QWHUVFKLHG :HQQ GLH %HOHKUXQJ DXI GLH ULFKWLJH :HLVH LP JHHLJQHWHQ6WDGLXPQHUYOLFKHU(UVFK|SIXQJ HUIROJW ZLUGVLHZLUNHQ8QWHUJQVWLJHQ8PVWlQGHQNDQQ VR JXW ZLH MHGHUPDQQ ]X VR JXW ZLH DOOHP EHNHKUW ZHUGHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:LUEHVLW]HQLQVHLQ]HOQHJHKHQGH%HVFKUHLEXQJHQ GHUYRQGHUNRPPXQLVWLVFKHQ3ROL]HLEHLSROLWLVFKHQ +lIWOLQJHQ DQJHZHQGHWHQ 0HWKRGHQ 9RQ GHP $XJHQEOLFN DQ ZR GDV 2SIHU LQ *HZDKUVDP JHEUDFKWZLUGZLUGHVV\VWHPDWLVFKYLHOHQ$UWHQYRQ N|USHUOLFKHP XQG VHHOLVFKHP VWUHVV XQWHUZRUIHQ 'HU+lIWOLQJZLUGVFKOHFKWJHQlKUW(VZLUGGDIU JHVRUJW GD HU VLFK lXHUVW XQEHKDJOLFK IKOH (V ZLUG LKP QLFKW JHVWDWWHW PHKU DOV ZHQLJH 1DFKWVWXQGHQ]XVFKODIHQ8QGGLHJDQ]H=HLWZLUG HU LQ HLQHP =XVWDQG GHU lQJVWOLFKHQ (UZDUWXQJ GHU 8QJHZLKHLW XQG KHIWLJHU %HIUFKWXQJHQ JHKDOWHQ 7DJ DXI 7DJ ² RGHU YLHOPHKU 1DFKW DXI 1DFKW GHQQ GLHVH SDZORZVFKHQ 3ROL]HLEHDPWHQ EHJUHLIHQ GHQ :HUW GHU (UPGXQJ DOV HLQHV 9HUVWlUNHUVGHU%HHLQÁXEDUNHLW²ZLUGHUYHUK|UW RIW YLHOH 6WXQGHQ KLQWHUHLQDQGHU XQG YRQ /HXWHQ ZHOFKHLKUP|JOLFKVWHVWXQLKP)XUFKWHLQ]XÁ|HQ LKQ ]X YHUZLUUHQ XQG UDWORV ]X PDFKHQ 1DFK HLQ SDDU :RFKHQ RGHU 0RQDWHQ VROFKHU %HKDQGOXQJ EHJLQQW VHLQ *HKLUQ ]X VWUHLNHQ XQG HU JHVWHKW ZDVLPPHUHUQDFKGHP:XQVFKGHULKQJHIDQJHQ +DOWHQGHQ JHVWHKQ VROO 'DQQ ZLUG LKP IDOOV HU QLFKW HUVFKRVVHQ VRQGHUQ EHNHKUW ZHUGHQ VROO GHU7URVWGHU+RIIQXQJJHERWHQ:HQQHUQXQGHQ ZDKUHQ *ODXEHQ DQQHKPHQ ZROOH N|QQH HU MHW]W QRFKJHUHWWHWZHUGHQ²QDWUOLFKQLFKWLP-HQVHLWV QLFKW LP HZLJHQ /HEHQ GHQQ RIÀ]LHOO JLEW HV NHLQ HZLJHV/HEHQ VRQGHUQLQGLHVHP

$/'286+8;/(<'5(,66,*-$+5('$1$&+

bKQOLFKHDEHUHWZDVZHQLJHUGUDVWLVFKH0HWKRGHQ ZXUGHQ ZlKUHQG GHV .RUHDNULHJV EHL PLOLWlULVFKHQ *HIDQJHQHQ DQJHZHQGHW ,Q GHQ FKLQHVLVFKHQ /DJHUQ ZXUGHQ GLH MXQJHQ ZHVWOLFKHQ *HIDQJHQHQ V\VWHPDWLVFKHP VWUHVV XQWHUZRUIHQ 6R ZXUGHQ GLHMHQLJHQ GLH DXFK QXU LP JHULQJVWHQ JHJHQ GLH /DJHUUHJHOQ YHUVWLHHQ LQ GLH .DQ]OHL GHV .RPPDQGDQWHQ JHUXIHQ XP KLHU YHUK|UW XQG HLQJHVFKFKWHUW XQG |IIHQWOLFK JHGHPWLJW ]X ZHUGHQ8QGGDV9HUIDKUHQZLHGHUKROWHVLFKLPPHU ZLHGHU ]X MHGHU 6WXQGH GHV 7DJV RGHU GHU 1DFKW 'LHVHEHVWlQGLJH4XlOHUHLHU]HXJWHLQGHQ2SIHUQ HLQ *HIKO GHU 5DWORVLJNHLW XQG FKURQLVFKHQ $QJVW 8P LKU 6FKXOGEHZXWVHLQ ]X YHUVWlUNHQ ZXUGHQ VLH JH]ZXQJHQ ODQJH DXWRELRJUDSKLVFKH %HULFKWH EHU LKUH 8Q]XOlQJOLFKNHLWHQ ]X VFKUHLEHQ XQG PLW LPPHU LQWLPHUHQ (LQ]HOKHLWHQ DEHU XQG DEHUPDOV ]X VFKUHLEHQ 8QG QDFKGHP VLH LKUH HLJQHQ 6QGHQ EHNDQQW KDWWHQ ZXUGHQ VLH JHQ|WLJW GLH 6QGHQ LKUHU *HIlKUWHQ DQ]XJHEHQ %HDEVLFKWLJW ZDU GDPLW LQQHUKDOE GHV /DJHUV HLQ QDFKWPDKULVFKHV .ROOHNWLY ]X VFKDIIHQ LQ ZHOFKHP MHGHU MHGHQ EHVSLW]HOWH XQG DQ]HLJWH =X GLHVHQ VHHOLVFKHQ %HODVWXQJHQ NDPHQ GLH N|USHUOLFKHQ GHU 8QWHUHUQlKUXQJ GHV 8QEHKDJHQV XQG GHV .UDQNVHLQV KLQ]X 'LH VR KHUEHLJHIKUWH 6XJJHVWLELOLWlW ZXUGH YRQ GHQ &KLQHVHQJHVFKLFNWDXVJHQW]WLQGHPVLHGLHVHQ DEQRUP HPSIlQJOLFKHQ *HPWHUQ JURH 0HQJHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

SURNRPPXQLVWLVFKHU XQG DQWLNDSLWDOLVWLVFKHU 6FKULIWHQ HLQSXPSWHQ 'LHVH SDZORZVFKHQ 9HUIDKUHQZDUHQEHPHUNHQVZHUWHUIROJUHLFK(LQHU YRQ MH VLHEHQ DPHULNDQLVFKHQ .ULHJVJHIDQJHQHQ PDFKWHVLFKZLHXQVDPWOLFKJHVDJWZLUGVFKZHUHQ .ROODERULHUHQV PLW GHQ FKLQHVLVFKHQ %HK|UGHQ VFKXOGLJ HLQHU YRQ MH GUHLHQ GHU .ROODERUDWLRQ LP NULHJVUHFKWOLFKHQ6LQQ 0DQGDUIQLFKWHWZDDQQHKPHQGDGLHVH$UWGHU %HKDQGOXQJYRQGHQ.RPPXQLVWHQDXVVFKOLHOLFK LKUHQ )HLQGHQ YRUEHKDOWHQ ZLUG 'LH MXQJHQ /HXWHGHUHQ$XIJDEHHVZlKUHQGGHUHUVWHQ-DKUH GHVQHXHQ5HJLPHVZDUVLFKDOVNRPPXQLVWLVFKH 0LVVLRQDUH XQG 2UJDQLVDWRUHQ LQ GHQ XQ]lKOLJHQ 6WlGWHQXQG'|UIHUQ&KLQDV]XEHWlWLJHQZXUGHQ HLQHP YLHO LQWHQVLYHUHQ (LQWULFKWHUXQJVNXUVXV XQWHUZRUIHQ DOV MHPDOV HLQ .ULHJVJHIDQJHQHU ,Q &KLQD XQGHU &RPPXQLVP EHVFKUHLEW 5 / :DONHU GLH 0HWKRGHQ GXUFK ZHOFKH GLH 3DUWHLIKUHU LPVWDQGH VLQG DXV JHZ|KQOLFKHQ 0lQQHUQ XQG )UDXHQ GLH 7DXVHQGH VHOEVWORVHU )DQDWLNHU ]X IDEUL]LHUHQ GLH ]XU 9HUEUHLWXQJ GHV NRPPXQLVWLVFKHQ (YDQJHOLXPV XQG ]XU 'XUFKIKUXQJ NRPPXQLVWLVFKHU 0DQDKPHQ HUIRUGHUOLFK VLQG %HL GLHVHP 6FKXOXQJVV\VWHP ZLUG GDV PHQVFKOLFKH 5RKPDWHULDO LQ EHVRQGUH /DJHU EHI|UGHUW ZR GLH ]X 6FKXOHQGHQ Y|OOLJ YRQ LKUHQ )UHXQGHQ )DPLOLHQ XQG GHU $XHQZHOW LP DOOJHPHLQHQ DEJHVFKQLWWHQ VLQG ,Q GLHVHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

/DJHUQ PVVHQ VLH HUPGHQGH N|USHUOLFKH XQG JHLVWLJH $UEHLW OHLVWHQ VLH VLQG QLH DOOHLQ VRQGHUQ LPPHU LQ *UXSSHQ VLH ZHUGHQ GD]X DQJHUHL]W HLQDQGHU]XEHVSLW]HOQHVZLUGYRQLKQHQYHUODQJW VHOEVWDQNOlJHULVFKH /HEHQVJHVFKLFKWHQ ]X VFKUHLEHQVLHOHEHQLQEHVWlQGLJHU)XUFKWYRUGHP JUlOLFKHQ *HVFKLFN GDV VLH GHVZHJHQ EHIDOOHQ N|QQWH ZDV YRQ 6SLW]HOQ EHU VLH EHULFKWHW ZRUGHQLVWRGHUZDVVLHVHOEVWJHVWDQGHQKDEHQ ,QGLHVHP=XVWDQGHUK|KWHU6XJJHVWLELOLWlWZHUGHQ VLH HLQHP LQWHQVLYHQ /HKUJDQJ LQ WKHRUHWLVFKHP XQGDQJHZDQGWHP0DU[LVPXVXQWHU]RJHQ²HLQHP /HKUJDQJ EHL ZHOFKHP GDV 1LFKWEHVWHKQ YRQ 3UIXQJHQ DOOHV P|JOLFKH YRQ VFKPlKOLFKHU $XVVWRXQJ ELV ]X HLQHU 6WUDI]HLW LQ HLQHP =ZDQJVDUEHLWVODJHU RGHU VRJDU GLH /LTXLGLHUXQJ EHGHXWHQ NDQQ 1DFK HWZD VHFKV 0RQDWHQ GLHVHU %HKDQGOXQJ UXIW GHU ODQJGDXHUQGH JHLVWLJH XQG N|USHUOLFKH VWUHVV GLHMHQLJHQ (UJHEQLVVH KHUYRU GLH 3DZORZV (QWGHFNXQJHQ JHPl ]X HUZDUWHQ VLQG (LQHU QDFK GHP DQGHUQ RGHU LQ JDQ]HQ *UXSSHQ EUHFKHQ GLH DXI GLHVH :HLVH *HVFKXOWHQ ]XVDPPHQ1HXURWLVFKHXQGK\VWHULVFKH6\PSWRPH WUHWHQDXI0DQFKHGHU2SIHUEHJHKQ6HOEVWPRUG EHL lQGHUQ ELV ]X Y + GHU *HVDPW]DKO VR ZLUG XQV EHULFKWHW HQWZLFNHOQ VLFK VFKZHUH *HLVWHVVW|UXQJHQ 'LHMHQLJHQ GLH GLH +lUWHQ GHV %HNHKUXQJVYRUJDQJVEHUVWHKQJHKQPLWQHXHQ XQG XQDXVWLOJEDUHQ 9HUKDOWHQVZHLVHQ GDUDXV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

KHUYRU$OOHLKUH%LQGXQJHQDQGLH9HUJDQJHQKHLW ² DQ )UHXQGH)DPLOLHWUDGLWLRQHOOH$QVWlQGLJNHLW XQG)U|PPLJNHLW²VLQGGXUFKJHVFKQLWWHQZRUGHQ 6LH VLQG QHXH 0HQVFKHQ QHX HUVFKDIIHQ LP (EHQELOG LKUHV QHXHQ *RWWHV XQG Y|OOLJ VHLQHP 'LHQVWJHZHLKW hEHUDOO LQ GHU NRPPXQLVWLVFKHQ :HOW HU]HXJHQ +XQGHUWH YRQ .RQGLWLRQLHUXQJV]H QWUDOHQ =HKQWDXVHQGH GLHVHU GLV]LSOLQLHUWHQ XQG KLQJHEXQJVYROOHQ MXQJHQ /HXWH :DV GLH -HVXLWHQ IU GLH NDWKROLVFKH .LUFKH ]XU =HLW GHU *HJHQUHIRUPDWLRQWDWHQGDVWXQQXQXQGZHUGHQ ]ZHLIHOORV DXFK ZHLWHUKLQ GLHVH (U]HXJQLVVH HLQHU ZLVVHQVFKDIWOLFKHUHQ XQG VRJDU QRFK KlUWHUHQ 6FKXOXQJ IU GLH NRPPXQLVWLVFKHQ 3DUWHLHQ (XURSDV$VLHQVXQG$IULNDVWXQ

'LHVH (U]LHKXQJVPHWKRGHQ ZHUGHQ QXQ DQVFKHLQHQG EHL MHGHUPDQQ DQJHZHQGHW (LQ ]Z|OIVWQGLJHU $UEHLWVWDJ JHZlKUOHLVWHW HLQHQGDXHUQGHQ(UVFK|SIXQJV]XVWDQG%HVSLW]HOXQJ'HQXQ]LDWLRQ XQG HLQH DOOJHJHQZlUWLJH 3ROL]HL I|UGHUQ HLQH FKURQLVFKH $QJVW 'LH HU]ZXQJHQH 8QWHUGUFNXQJ GHV *HVFKOHFKWVWULHEV XQG GHU +HU]HQVQHLJXQJHQ UXIW HLQ *HIKO lXHUVWHU KRIIQXQJVORVHU )UXVWUDWLRQ KHUYRU $XI 0lQQHU )UDXHQ XQG .LQGHU PLWWHOV GLHVHU EHZlKUWHQ SDZORZVFKHQ 0HWKRGHQ PUEH JHPDFKW HUJLHW VLFK HLQ XQDXIK|UOLFKHU 6WURP YRQ %HIHKOHQ GRJPDWLVFKHQ %HKDXSWXQJHQ JOKKHLHP &KDXYLQLVPXV +DJHVlQJHQ XQG 'URKXQJHQPLWVFKZHUHU%HVWUDIXQJJHPLOGHUWGXUFKFKLOLDVWLVFKH 9HUVSUHFKXQJHQHLQHUJORUUHLFKHQ=XNXQIW:LHYLHOH0LOOLRQHQXQWHU GLHVHUHU]LHKHULVFKHQ)HXHUSUREH]XVDPPHQEUHFKHQZHUGHQEOHLEW DE]XZDUWHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,Q SROLWLVFKHQ 'LQJHQ VFKHLQW 3DZORZ HLQ DOWPRGLVFKHU /LEHUDOHU JHZHVHQ ]X VHLQ $EHU GXUFK HLQH VHOWVDPH ,URQLH GHV 6FKLFNVDOV KDEHQ VHLQH )RUVFKXQJHQ XQG GLH 7KHRULHQ GLH HU DXI VLH DXIEDXWH HLQH JURH $UPHH YRQ )DQDWLNHUQ LQV/HEHQJHUXIHQZHOFKHVLFKPLW+HU]XQG+LUQ 5HÁH[ XQG 1HUYHQV\VWHP GHU 9HUQLFKWXQJ GHV DOWPRGLVFKHQ /LEHUDOLVPXV ZR LPPHU HU VLFK ILQGHWZLGPHQ *HKLUQZlVFKH ZLH VLH KHXWH JHKDQGKDEW ZLUG LVW HLQ =ZLWWHUYHUIDKUHQ XQG KlQJW ZDV LKUH :LUNVDPNHLW EHWULIIW WHLOV YRQ V\VWHPDWLVFKHU *HZDOWDQZHQGXQJ WHLOV YRQ JHVFKLFNWHP SV\FKRORJLVFKHP 0DQLSXOLHUHQ DE 6LH VWHOOW GLH 7UDGLWLRQ YRQ LP hEHUJDQJ ]XU 7UDGLWLRQ YRQ :DFNHUH QHXH :HOW GDU 8QWHU HLQHU VFKRQ ODQJH EHVWHKHQGHQ XQG JXW JHUHJHOWHQ 'LNWDWXU ZHUGHQ XQVUH KHXWH JHOlXÀJHQ 0HWKRGHQ KDOE JHZDOWVDPHQ 0DQLSXOLHUHQV ]ZHLIHOORV DOV DEVXUG URK HUVFKHLQHQ 9RQ IUKHVWHU .LQGKHLW DQ NRQGLWLRQLHUW XQG YLHOOHLFKW DXFK ELRORJLVFK JHQRUPW ZLUG GDV 'XUFKVFKQLWWVLQGLYLGXXP GHU PLWWOHUQ RGHU XQWHUQ .DVWH QLH HLQHU %HNHKUXQJ RGHUDXFKQXUHLQHVª$XIIULVFKHNXUVXV©LPZDKUHQ *ODXEHQ EHGUIHQ 'LH $QJHK|ULJHQ GHU K|FKVWHQ .DVWH DEHU ZHUGHQ LPVWDQGH VHLQ PVVHQ EHL QHXHQ 6LWXDWLRQHQ QHXH *HGDQNHQ ]X GHQNHQ )ROJOLFK ZLUG LKUH 6FKXOXQJ YLHO ZHQLJHU LQWHQVLY VHLQ DOV GLHGHQHQDXIHUOHJWHGHUHQ$XIJDEHHVVHLQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ZLUG QLFKW QDFK GHP :DUXP ]X IUDJHQ VRQGHUQ EOR PLW HLQHP 0LQGHVWPD YRQ *HWXH ]X WXQ ZDVVLH]XWXQKDEHQXQGJHJHEHQHQIDOOVGDEHL]X VWHUEHQ 'LHVH ,QGLYLGXHQ GHU 2EHUNDVWH ZHUGHQ QRFK LPPHU ([HPSODUH HLQHU ZLOGHQ 6SH]LHV VHLQ ²GHUVHOEHUQXUOHLFKWNRQGLWLRQLHUWHQ7UDLQHUXQG :lUWHUHLQHUULHVLJHQ+HUGHY|OOLJJH]lKPWHU7LHUH ,KUH:LOGKHLWZLUGHVLKQHQHUP|JOLFKHQ+HUHWLNHU XQG 5HEHOOHQ ]X ZHUGHQ :HQQ GDV JHVFKLHKW ZHUGHQVLHHQWZHGHUOLTXLGLHUWRGHULKUH*HKLUQH]XU 2UWKRGR[LH]XUFNJHZDVFKHQZHUGHQPVVHQRGHU VLHZHUGHQZLHLQ:DFNHUHQHXH:HOW DXILUJHQGHLQH ,QVHO YHUEDQQW ZHUGHQ ZR VLH QLFKW ZHLWHU OlVWLJ IDOOHQN|QQHQDXHUQDWUOLFKHLQHUGHPDQGHUQ $EHU DOOJHPHLQHV .RQGLWLRQLHUHQ LP .LQGHVDOWHU XQG GLH DQGHUQ 9HUIDKUHQ GHV 0DQLSXOLHUHQV XQG 'LULJLHUHQVOLHJHQQRFKLPPHUHLQLJH*HQHUDWLRQHQ ZHLW LQ GHU =XNXQIW 8QWHUZHJV LQ GLH ªZDFNHUH QHXH:HOW©ZHUGHQVLFKXQVUH%HKHUUVFKHUDXIGLH YRUOlXÀJHQ XQG EHUJDQJVZHLVHQ 9HUIDKUHQ GHU *HKLUQZlVFKHYHUODVVHQPVVHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

&+(0,6&+(h%(55('81*

,Q GHU ªZDFNHUHQ QHXHQ :HOW© PHLQHU )DEHO JDE HV NHLQHQ :KLVN\ NHLQHQ 7DEDN NHLQ KHLPOLFK JHKDQGHOWHV +HURLQ NHLQ JHVFKPXJJHOWHV .RNDLQ 'LH0HQVFKHQUDXFKWHQZHGHUQRFKWUDQNHQQRFK VFKQXSIWHQ VLH QRFK JDEHQ VLH HLQDQGHU 6SULW]HQ ZDQQ LPPHU VLFK MHPDQG QLHGHUJHVFKODJHQ RGHU XQWHU SDUL IKOWH VFKOXFNWH HU HLQH RGHU ]ZHL 7DEOHWWHQ HLQHV FKHPLVFKHQ 6RPD JHQDQQWHQ 3UlSDUDWV 'DV XUVSUQJOLFKH 6RPD YRQ ZHOFKHP LFK GHQ 1DPHQ GLHVHV K\SRWKHWLVFKHQ 5DXVFKPLWWHOV HQWOHKQWH ZDU HLQH XQEHNDQQWH 3ÁDQ]H P|JOLFKHUZHLVH $VFOHSLDV DFLGD ZHOFKH YRQ GHQ DOWHQ DULVFKHQ (UREHUHUQ ,QGLHQV EHL HLQHPLKUHUIHLHUOLFKVWHQUHOLJL|VHQ5LWHQYHUZHQGHW ZXUGH'HUEHUDXVFKHQGHDXVGHQ6WHQJHOQGLHVHU 3ÁDQ]HJHSUHWH6DIWZXUGHYRQGHQ3ULHVWHUQXQG $GHOLJHQLP/DXIHLQHUXPVWlQGOLFKHQ=HUHPRQLH JHWUXQNHQ ,Q GHQ +\PQHQ GHV 9HGD ZLUG XQV JHVDJW GD GLH 6RPDWULQNHU DXI YLHOH :HLVH JHVHJQHW VHLHQ LKU .|USHU ZHUGH JHVWlUNW LKU +HU] PLW 0XW )UHXGH XQG %HJHLVWHUXQJ HUIOOW LKU *HLVW HUOHXFKWHW XQG LQ HLQHU XQPLWWHOEDUHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

(UIDKUXQJ GHV HZLJHQ /HEHQV HPSIDQJHQ VLH GLH 9HUVLFKHUXQJ LKUHU 8QVWHUEOLFKNHLW $EHU GHU JHKHLOLJWH 6DIW KDWWH VHLQH 1DFKWHLOH 6RPD ZDU HLQH JHIlKUOLFKH 'URJH ² VR JHIlKUOLFK GD VRJDU GHUJURH+LPPHOVJRWW,QGUDPDQFKPDOHUNUDQNWH ZHQQ HU VLH JHWUXQNHQ KDWWH *HZ|KQOLFKH 6WHUEOLFKH NRQQWHQ DQ HLQHU ]X JURHQ 0HQJH VRJDU VWHUEHQ 'RFKGDV(UOHEQLVZDUVREHUDXV EHVHOLJHQGXQGHUOHXFKWHQGGDGDV6RPDWULQNHQ IU HLQ JURHV 9RUUHFKW DQJHVHKHQ ZXUGH )U GLHVHV9RUUHFKWZDUNHLQ3UHLV]XKRFK 'DV 6RPD GHU ªZDFNHUHQ QHXHQ :HOW© KDWWH NHLQHQ GHU 1DFKWHLOH VHLQHV LQGLVFKHQ 2ULJLQDOV ,Q NOHLQHUQ 0HQJHQ EUDFKWH HV HLQ *HIKO GHU 6HOLJNHLWLQJU|HUQOLHHVHLQHQ9LVLRQHQKDEHQ XQGZHQQPDQGUHL7DEOHWWHQQDKPYHUVDQNPDQ ELQQHQ ZHQLJHU 0LQXWHQ LQ HLQHQ HUIULVFKHQGHQ 6FKODI 8QG GDV DOOHV RKQH N|USHUOLFKHQ RGHU JHLVWLJHQ 6FKDGHQ 'LH %HZRKQHU GHU ªZDFNHUHQ QHXHQ :HOW© NRQQWHQ VLFK YRQ LKUHQ GVWHUQ 6WLPPXQJHQ RGHU YRQ GHQ ZRKOYHUWUDXWHQ bUJHUQLVVHQGHVWlJOLFKHQ/HEHQV)HULHQQHKPHQ RKQH LKUH *HVXQGKHLW ]X RSIHUQ RGHU LKUH 7FKWLJNHLWGDXHUQGKHUDE]XVHW]HQ ,Q GHU ªZDFNHUHQ QHXHQ :HOW© ZDU GDV 6RPDQHKPHQ NHLQ SULYDWHV /DVWHU HV ZDU HLQH SROLWLVFKH (LQULFKWXQJ HV ZDU JUDGH]X GLH (VVHQ]YRQ/HEHQ)UHLKHLWXQGGHP6WUHEHQQDFK

$/'286+8;/(<'5(,66,*-$+5('$1$&+

*OFN JHZlKUOHLVWHW GXUFK GLH %LOO RI 5LJKWV$EHU GLHVHVNRVWEDUVWH DOOHU XQDEGLQJEDUHQ 5HFKWH GHV 6WDDWVEUJHUVZDUJOHLFK]HLWLJHLQVGHUPlFKWLJVWHQ %HKHUUVFKXQJVPLWWHOLP$UVHQDOGHV'LNWDWRUV'DV V\VWHPDWLVFKH %HWlXEHQ GHV HLQ]HOQHQ ]XP :RKO GHV 6WDDWV XQG QHEHQEHL QDWUOLFK ]X VHLQHP HLJQHQ *HQX ZDU HLQ +DXSWVWFN LQ GHU 3ROLWLN GHU:HOWDXIVLFKWVUlWH'LHWlJOLFKH6RPDGRVLVZDU HLQH 9HUVLFKHUXQJ JHJHQ SHUV|QOLFKH VFKOHFKWH $QSDVVXQJ VR]LDOH 8QUXKH XQG GLH 9HUEUHLWXQJ XPVWU]OHULVFKHU,GHHQ5HOLJLRQVRHUNOlUWH0DU[ VHL2SLXPIUV9RON,QGHUªZDFNHUHQQHXHQ:HOW© ZDU HV XPJHNHKUW 2SLXP RGHU YLHOPHKU 6RPD ZDU GLH 5HOLJLRQ GHV 9RONV :LH GLH 5HOLJLRQ VR KDWWH GLHVH 'URJH GLH 0DFKW ]X WU|VWHQ XQG ]X HQWVFKlGLJHQVLHULHI9LVLRQHQHLQHUDQGHUQEHVVHUQ :HOWKHUYRUVLHERW+RIIQXQJVWlUNWHGHQ *ODXEHQ XQG I|UGHUWH GLH 1lFKVWHQOLHEH ª%LHU© VR VFKULHE HLQ'LFKWHU ªYLHOEHVVHUDOV0LOWRQ¶VJHWDQ *RWWHV:HJHUHFKWIHUWJHQNDQQ© 8QG ZLU GUIHQ QLFKW YHUJHVVHQ GD %LHU YHUJOLFKHQ PLW 6RPD HLQ 5DXVFKPLWWHO JU|EVWHU XQGXQYHUOlOLFKVWHU$UWLVW:HQQHVGDUXPJHKW *RWWHV :HJH YRU GHQ 0HQVFKHQ ]X UHFKWIHUWLJHQ GDQQYHUKlOWVLFK6RPD]X$ONRKROZLH$ONRKRO]X GHQWKHRORJLVFKHQ$UJXPHQWHQ0LOWRQV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,P -DKUH DOV LFK YRQ GHP LPDJLQlUHQ V\QWKHWLVFKHQ 3UlSDUDW VFKULHE PLWWHOV GHVVHQ NQIWLJH *HQHUDWLRQHQ VRZRKO JOFNOLFK DOV DXFK JHOHKULJ JHPDFKW ZHUGHQ ZUGHQ EHUHLWHWH GHU EHNDQQWHDPHULNDQLVFKH%LRFKHPLNHU'U,UYLQH3DJH VHLQH$EUHLVHDXV'HXWVFKODQGYRUZRHUGUHL-DKUH ODQJDP.DLVHU:LOKHOP,QVWLWXWEHUGLH&KHPLHGHV *HKLUQVJHDUEHLWHWKDWWHª(VLVWVFKZHU]XYHUVWHKQ© VFKULHE 3DJH QHXOLFK LQ HLQHU $EKDQGOXQJ ªZDUXP HV VR ODQJH GDXHUWH ELV GLH :LVVHQVFKDIWHU GDKLQ JHODQJWHQ GLH FKHPLVFKHQ 5HDNWLRQHQ LQ LKUHP HLJQHQ*HKLUQ]XXQWHUVXFKHQ,FKVSUHFKH©IJWHHU KLQ]XªDXVHLJHQVWHUSHUV|QOLFKHU(UIDKUXQJ$OVLFK KHLPNDP«NRQQWHLFKDXIGLHVHP*HELHWGHP GHU*HKLUQFKHPLH NHLQHQ$UEHLWVSRVWHQÀQGHQRGHU DXFKQXUGDVNOHLQVWH:HOOFKHQYRQ,QWHUHVVHGDIU HUUHJHQ©+HXWHQRFKQLFKWGUHLLJ-DKUHVSlWHULVW GDVQLFKWYRUKDQGHQH:HLOFKHQ]XHLQHU)OXWZHOOH ELRFKHPLVFKHU XQG SV\FKRSKDUPDNRORJLVFKHU )RUVFKXQJ DQJHVFKZROOHQ 'LH (Q]\PH ZHOFKH GLH $UEHLWGHV*HKLUQVUHJXOLHUHQZHUGHQHLIULJHUIRUVFKW ,P .|USHU VLQG ELVKHU XQEHNDQQWH FKHPLVFKH 6XEVWDQ]HQ ZLH $GUHQRFKURP XQG 6HURWRQLQ GHUHQ 0LWHQWGHFNHU 3DJH ZDU JHIXQGHQ XQG LVROLHUW ZRUGHQ XQG LKUH ZHLWUHLFKHQGHQ :LUNXQJHQ DXI XQVUH JHLVWLJHQ XQG N|USHUOLFKHQ )XQNWLRQHQ ZHUGHQ QXQ XQWHUVXFKW 0LWWOHUZHLOH ZHUGHQ QHXH 'URJHQ V\QWKHWLVFK KHUJHVWHOOW ² 'URJHQ ZHOFKH GLH :LUNXQJHQ YHUVFKLHGHQHU FKHPLVFKHU 6XEVWDQ]HQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YHUVWlUNHQRGHUNRUULJLHUHQRGHUKLQGHUQPLWWHOVGHUHU GDV 1HUYHQV\VWHP VHLQH WlJOLFKHQ XQG VWQGOLFKHQ :XQGHUDOV.RQWUROORUJDQGHV.|USHUVDOV:HUN]HXJ XQG 0LWWOHU GHV %HZXWVHLQV YROOEULQJW 9RQ XQVHUP JHJHQZlUWLJHQ %OLFNSXQNW JHVHKHQ LVW GDV ,QWHUHVVDQWHVWHDQGLHVHQQHXHQ3UlSDUDWHQGDVLH ]HLWZHLOLJGLHFKHPLVFKH%HVFKDIIHQKHLWGHV*HKLUQV XQG GHQ ]XJHK|ULJHQ *HLVWHV]XVWDQG YHUlQGHUQ RKQH GHP 2UJDQLVPXV DOV *DQ]HP LUJHQGHLQHQ GDXHUQGHQ 6FKDGHQ ]X]XIJHQ ,Q GLHVHU +LQVLFKW JOHLFKHQ VLH GHP 6RPD ² XQG JDQ] XQG JDU QLFKW GHQJHLVWXPVWLPPHQGHQ'URJHQGHU9HUJDQJHQKHLW 'DVNODVVLVFKH%HUXKLJXQJVPLWWHO]XP%HLVSLHOLVW 2SLXP$EHU2SLXPLVWHLQHJHIlKUOLFKH'URJHZHOFKH VHLW GHU QHXHUHQ 6WHLQ]HLW ELV KHUDXI LQ XQVUH 7DJH GLH0HQVFKHQVFKWLJJHPDFKWXQGLKUH*HVXQGKHLW UXLQLHUW KDW 'DVVHOEH JLOW YRQ GHP NODVVLVFKHQ (XSKRULNRQ GHP $ONRKRO ² GHP 5DXVFKPLWWHO GDV PLWGHQ:RUWHQGHV3VDOPVªGDV+HU]GHV0HQVFKHQ HUIUHXW©8QJOFNVHOLJHUZHLVHDEHUHUIUHXWGHU$ONRKRO GDV 0HQVFKHQKHU] QLFKW QXU HU YHUXUVDFKW LP hEHUPD JHQRVVHQ .UDQNKHLW XQG 6FKWLJNHLW XQG LVWVHLWDFKWRGHU]HKQWDXVHQG-DKUHQGLH+DXSWTXHOOH YRQ 9HUEUHFKHQ KlXVOLFKHP 8QIULHGHQ VLWWOLFKHU 9HUNRPPHQKHLWXQGYHUPHLGEDUHQ8QIlOOHQ 8QWHUGHQNODVVLVFKHQ$QUHJXQJVPLWWHOQVLQG7HH .DIIHHXQG0DWHJOFNOLFKHUZHLVHIDVWY|OOLJKDUPORV 6LH VLQG DXFKVHKUVFKZDFKH$QUHJXQJVPLWWHO,P *HJHQVDW] ]X GLHVHQ ª7DVVHQ GLH EHOHEHQ QLFKW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

EHWlXEHQ© LVW .RNDLQ HLQ VHKU VWDUNHV XQG VHKU JHIlKUOLFKHV5DXVFKJLIW'LHMHQLJHQGLH*HEUDXFK GDYRQ PDFKHQ PVVHQ IU LKUH (NVWDVHQ LKU *HIKO XQEHJUHQ]WH N|USHUOLFKH XQG JHLVWLJH .UlIWH ]X EHVLW]HQ VFKZHU EH]DKOHQ PLW =HLWHQ TXDOYROOHU1LHGHUJHVFKODJHQKHLWPLWVRJUlOLFKHQ N|USHUOLFKHQ 6\PSWRPHQ ZLH GHU (PSÀQGXQJ YRQ 0\ULDGHQ NUDEEHOQGHU ,QVHNWHQ EHUODXIHQ ]X ZHUGHQ XQG PLW :DKQYRUVWHOOXQJHQ ZHOFKH ]X *HZDOWYHUEUHFKHQ IKUHQ N|QQHQ (LQ DQGUHV 6WLPXODQV HLQHV -QJHUQ -DKUJDQJV LVW GDV $PSKHWDPLQ EHVVHU EHNDQQW XQWHU VHLQHP KDQGHOVEOLFKHQ 1DPHQ %HQ]HGULQ $PSKHWDPLQ LVW VHKU ZLUNVDP ² DEHU ZHQQ PLEUDXFKW DXI .RVWHQGHUJHLVWLJHQXQGN|USHUOLFKHQ*HVXQGKHLW 6FKlW]XQJVZHLVHJLEWHVLQ-DSDQKHXWHHWZDHLQH 0LOOLRQ$PSKHWDPLQVFKWLJH 9RQ GHQ NODVVLVFKHQ 9LVLRQHQHU]HXJHUQ VLQG GLH EHNDQQWHVWHQ GDV 3H\RWH 0H[LNRV XQG GHU 6GZHVWVWDDWHQ GHU 86$ XQG GHU ,QGLVFKH +DQI LQ GHU JDQ]HQ :HOW XQWHU GHP 1DPHQ +DVFKLVFK %KDQJ .LI RGHU 0DULKXDQD JHQRVVHQ 'HQEHVWHQPHGL]LQLVFKHQXQGDQWKURSRORJLVFKHQ *HZlKUVPlQQHUQ QDFK LVW 3H\RWH YLHO ZHQLJHU VFKlGOLFK DOV GHV :HLHQ 0DQQHV *LQ RGHU :KLVN\ (V HUODXEW GHQ ,QGLDQHUQ ZHOFKH HV EHL LKUHQ UHOLJL|VHQ 5LWHQ YHUZHQGHQ LQV 3DUDGLHV HLQ]XJHKQXQGVLFKPLWGHUJHOLHEWHQ*HPHLQVFKDIW HLQV ]X IKOHQ RKQH VLH IU GLHVHV 9RUUHFKW PLW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

HWZDV 6FKOLPPHUHP EH]DKOHQ ]X ODVVHQ DOV GHU 3HLQOLFKNHLW HWZDV GDV HLQHQ K|FKVW ZLGHUOLFKHQ *HVFKPDFN KDW NDXHQ ]X PVVHQ XQG VLFK HLQ RGHU]ZHL6WXQGHQODQJHLQLJHUPDHQDQJHHNHOW]X IKOHQ&DQQDELVLQGLFDLVWHLQHZHQLJHUXQVFKXOGLJH 'URJH²ZHQQJOHLFKQLFKWDQQlKHUQGVRVFKlGOLFK ZLH GLH 6HQVDWLRQVNUlPHU XQV JODXEHQ PDFKHQ P|FKWHQ 'HU bU]WHDXVVFKX GHQ GHU %UJHUPHLVWHU YRQ 1HZ
$/'286+8;/(<'5(,66,*-$+5('$1$&+

DEHU LKU 3UHLV LQ N|USHUOLFKHU *HVXQGKHLW XQG JHLVWLJHU /HLVWXQJVIlKLJNHLW DXVJHGUFNW LVW DXHURUGHQWOLFK QLHGULJ ,Q HLQHU :HOW LQ ZHOFKHU QLHPDQG HWZDV IU QLFKWV EHNRPPW ELHWHQ %HUXKLJXQJVPLWWHO VHKU YLHO IU VHKU ZHQLJ 0LOWRZQXQG&KORUSURPD]LQVLQGQRFKQLFKW6RPD DEHU VLH NRPPHQ JHZLVVHQ (LJHQVFKDIWHQ GLHVHV P\WKLVFKHQ3UlSDUDWV]LHPOLFKQDKH6LHJHZlKUHQ ]HLWZHLOLJH %HIUHLXQJ YRQ QHUY|VHU 6SDQQXQJ RKQHLQGHUJURHQ0HKU]DKOGHU)lOOHGDXHUQGHQ RUJDQLVFKHQ 6FKDGHQ ]X]XIJHQ XQG RKQH PHKU DOV HLQH ]LHPOLFK OHLFKWH %HHLQWUlFKWLJXQJ GHU JHLVWLJHQ XQG N|USHUOLFKHQ )lKLJNHLWHQ ZlKUHQG LKUHU :LUNXQJ ]X YHUXUVDFKHQ $XVJHQRPPHQ DOV 1DUNRWLND VLQG VLH ZDKUVFKHLQOLFK GHQ %DUELWXUDWHQ YRU]X]LHKHQ ZHOFKH GLH VFKDUIH 6FKQHLGHGHV*HLVWHVDEVWXPSIHQXQGLQJURHQ 0HQJHQ JHQRPPHQ HLQH $Q]DKO XQHUZQVFKWHU SV\FKRSK\VLVFKHU6\PSWRPHKHUYRUUXIHQXQG]X DXVJHVSURFKHQHU6FKWLJNHLWIKUHQN|QQHQ 0LW GHP /6' /\VHUJVlXUH'LlWK\ODPLG KDEHQ GLH 3KDUPDNRORJHQ MQJVW HLQHQ DQGHUQ (LJHQVFKDIWHQNRPSOH[GHV6RPDVJHVFKDIIHQ²HLQHQ :DKUQHKPXQJVYHUEHVVHUHU XQG 9LVLRQHQHU]HXJHU KHLWGDVZHOFKHUSK\VLRORJLVFKJHVSURFKHQIDVW NRVWHQORV LVW 'LHVHV EHPHUNHQVZHUWH 3UlSDUDW GDV VFKRQ LQ VR NOHLQHQ 'RVLHUXQJHQ ZLH RGHU VRJDU QXU 0LOOLRQVWHOQ HLQHV *UDPPV ZLUNVDP LVWYHUPDJJOHLFKGHP3H\RWH 0HQVFKHQLQHLQH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DQGUH:HOW]XYHUVHW]HQ,QGHU0HKU]DKOGHU)lOOH LVW GLHVH :HOW ]X GHU /6' =XWULWW YHUVFKDIIW KLPPOLVFKLQHLQLJHQNDQQVLHIHJHIHXHULVFKRGHU VRJDU K|OOLVFK VHLQ $EHU RE SRVLWLY RGHU QHJDWLY GDV/\VHUJVlXUHHUOHEQLVZLUGIDVWYRQMHGHUPDQQ GHU VLFK LKP XQWHU]LHKW DOV KRFKEHGHXWVDP XQG HUOHXFKWHQG HPSIXQGHQ $XI MHGHQ )DOO LVW GLH 7DWVDFKH GD GHU *HLVW VR JUQGOLFK XQG PLW VR ZHQLJ .RVWHQ IU GHQ .|USHU YHUlQGHUW ZHUGHQ NDQQJDQ]XQGJDUHUVWDXQOLFK 0HLQ 6RPD ZDU QLFKW QXU HLQ 9LVLRQHQ KHUYRUUXIHQGHV XQG HLQ EHUXKLJHQGHV 0LWWHO HV ZDUDXFKXQG]ZHLIHOORVXQP|JOLFK HLQ6WLPXODQV IU *HLVW XQG .|USHU XQG EHZLUNWH VRZRKO DNWLYH (XSKRULH DOV DXFK GLH QHJDWLYH *OFNVHOLJNHLW GLH GHU%HIUHLXQJYRQ$QJVWXQG6SDQQXQJIROJW 'DV LGHDOH NUlIWLJH DEHU XQVFKlGOLFKH $QUHJXQJVPLWWHOHUZDUWHWQRFKVHLQH(QWGHFNXQJ $PSKHWDPLQLVWZLHZLUJHVHKHQKDEHQQRFKODQJH NHLQEHIULHGLJHQGHVHVIRUGHUWHLQHQ]XKRKHQ3UHLV IU GDV ZDV HV ELHWHW (LQ PHKUYHUVSUHFKHQGHU .DQGLGDW IU GLH 5ROOH GHV 6RPDV LQ GHVVHQ GULWWHU )XQNWLRQ LVW ,SURQLD]LG GDV KHXWH GD]X YHUZHQGHWZLUGGHSULPLHUWH.UDQNHLKUHP(OHQG ]X HQWUHLHQ GLH DSDWKLVFKHQ ]X EHOHEHQ XQG LP DOOJHPHLQHQ GLH YHUIJEDUH VHHOLVFKH (QHUJLH DOOHU ]X YHUPHKUHQ 1RFK PHKU YHUVSULFKW GHP =HXJQLV HLQHV KHUYRUUDJHQGHQ 3KDUPDNRORJHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

PHLQHU %HNDQQWVFKDIW QDFK HLQ QHXHV 3UlSDUDW ZHOFKHV VLFK QRFK LP 9HUVXFKVVWDGLXP EHÀQGHW XQG 'HDQHU KHLHQ ZLUG 'HDQHU LVW HLQ $PLQR $ONRKRO YRQ GHP DQJHQRPPHQ ZLUG GD HU GLH (U]HXJXQJYRQ$]HW\OFKROLQLP.|USHUVWHLJHUWXQG GDGXUFKDXFKGLH7lWLJNHLWXQG/HLVWXQJVIlKLJNHLW GHV 1HUYHQV\VWHPV :HU GLH QHXH 3LOOH VFKOXFNW EUDXFKW ZHQLJHU 6FKODI IKOW VLFK IULVFKHU XQG ]XYHUVLFKWOLFKHU GHQNW VFKQHOOHU XQG EHVVHU ² XQG GDV DOOHV]XPLQGHVWDXINXU]H 'DXHU IDVW RKQHRUJDQLVFKH.RVWHQ(VNOLQJWIDVW]XJXWXP ZDKU]XVHLQ :LU VHKHQ DOVR GD HV ]ZDU PHLQ 6RPD QRFK QLFKW JLEW XQG ZDKUVFKHLQOLFK QLH JHEHQ ZLUG GD DEHU ]LHPOLFK JXWH (UVDW]PLWWHO IU GLH YHUVFKLHGHQHQ :LUNXQJHQ GHV 6RPDV VFKRQ HQWGHFNWZRUGHQVLQG(VJLEWKHXWHSK\VLRORJLVFK ELOOLJH %HUXKLJXQJVPLWWHO SK\VLRORJLVFK ELOOLJH 9LVLRQHQHU]HXJHU XQG SK\VLRORJLVFK ELOOLJH $QUHJXQJVPLWWHO 'D HLQ 'LNWDWRU ZHQQ HU ZROOWH YRQ GLHVHQ 3UlSDUDWHQ *HEUDXFK IU SROLWLVFKH =ZHFNH PDFKHQ N|QQWH OLHJW DXI GHU +DQG (U N|QQWH VLFK JHJHQ SROLWLVFKH 8QUXKHQ VLFKHUQ LQGHP HU GHQ FKHPLVFKHQ =XVWDQG GHU *HKLUQH VHLQHU 8QWHUWDQHQ lQGHUW XQG VLH VR PLW LKUHP 6NODYHQGDVHLQ DXVV|KQW (U N|QQWH %HUXKLJXQJVPLWWHO EHQW]HQ XP GLH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

$XIJHUHJWHQ]XEHVFKZLFKWLJHQ$QUHJXQJVPLWWHO XP %HJHLVWHUXQJ LQ GHQ *OHLFKJOWLJHQ ]X HUZHFNHQ XQG KDOOX]LQDWRULVFKH 0LWWHO XP GLH $XIPHUNVDPNHLW GHU (OHQGHQ YRQ LKUHP (OHQG DE]XOHQNHQ $EHU ZLH VR IUDJW PDQ VLFK ZRKO ZLUGGHU'LNWDWRUVHLQH8QWHUWDQHQGDKLQEULQJHQ GLHVH 3LOOHQ ]X VFKOXFNHQ GLH VLH VR GHQNHQ IKOHQ XQG KDQGHOQ PDFKHQ ZHUGHQ ZLH HU HV ZQVFKHQVZHUW ILQGHW" $OOHU :DKUVFKHLQOLFKNHLW QDFKZLUGHVJHQJHQGLHVH3LOOHQEORHUKlOWOLFK ]X PDFKHQ +HXW]XWDJH VLQG $ONRKRO XQG 7DEDN DOOJHPHLQ HUKlOWOLFK XQG GLH 0HQVFKHQ JHEHQ EHWUlFKWOLFKPHKUIUGLHVHVHKUXQEHIULHGLJHQGHQ (XSKRULND 3VHXGRVWLPXODQWLD XQG 6HGDWLYH DXV DOV VLH IU GLH (U]LHKXQJ LKUHU .LQGHU DXV]XJHEHQ EHUHLW VLQG 2GHU PDQ EHWUDFKWH GLH %DUELWXUDWH XQG GLH %HUXKLJXQJVPLWWHO ,Q GHQ 86$ VLQG GLHVH 3UlSDUDWH QXU DXI lU]WOLFKH 9HUVFKUHLEXQJ HUKlOWOLFK $EHU GLH 1DFKIUDJH GHV DPHULNDQLVFKHQ 3XEOLNXPV QDFK HWZDV GDV GDV /HEHQ LQ HLQHU VWlGWLVFKLQGXVWULHOOHQ 8PZHOW HLQ ZHQLJ HUWUlJOLFKHU PDFKHQ ZUGH LVW VR JUR GD GLH bU]WH QXQ 5H]HSWH IU GLH YHUVFKLHGHQHQ %HUXKLJXQJVPLWWHO ELV ]XU =DKO YRQDFKWXQGYLHU]LJ0LOOLRQHQLP -DKU VFKUHLEHQ hEHUGLHV ZLUG GLH 0HKU]DKO GLHVHU 5H]HSWH PHKU DOVHLQPDODQJHIHUWLJW(LQ+XQGHUW'RVLHUXQJHQ YRQ *OFNVHOLJNHLW VLQG QLFKW JHQXJ /D DXV GHP 'UXJVWRUH QRFK HLQH )ODVFKH KROHQ ² XQG

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ZHQQ GLH ]X (QGH LVW ZLHGHU HLQH« (V LVW QLFKW ]X EH]ZHLIHOQ GD %HUXKLJXQJVPLWWHO ZHQQ VLH VR OHLFKW XQG ELOOLJ ]X NDXIHQ ZlUHQ ZLH $VSLULQ QLFKW ZLH JHJHQZlUWLJ PLOOLRQHQZHLVH YHUEUDXFKW ZUGHQ VRQGHUQ PLOOLDUGHQZHLVH 8QGHLQJXWHVELOOLJHV$QUHJXQJVPLWWHOZlUHIDVW HEHQVREHOLHEW 8QWHU HLQHU 'LNWDWXU ZUGHQ EHL MHGHU 9HUlQGHUXQJ GHU 8PVWlQGH GLH $SRWKHNHU DQJHZLHVHQ ZHUGHQ LKUH 7RQDUW ]X lQGHUQ ,Q =HLWHQ QDWLRQDOHU .ULVH ZlUH HV LKUH $XIJDEH GHQ 9HUNDXI YRQ $QUHJXQJVPLWWHOQ ]X VWHLJHUQ =ZLVFKHQ.ULVHQDEHUN|QQWHQ]XYLHO/HEKDIWLJNHLW XQG (QHUJLH GHU 8QWHUWDQHQ GHP 7\UDQQHQ UHFKW SHLQOLFK ZHUGHQ ,Q VROFKHQ =HLWHQ ZUGHQ GLH 0DVVHQ GULQJHQG HUPDKQW ZHUGHQ EHUXKLJHQGH XQG 9LVLRQHQ HU]HXJHQGH 0LWWHO ]X NDXIHQ 8QWHU GHP (LQÁX GLHVHU %HVFKZLFKWLJXQJV6\UXSH ZUGHQ VLH JDQ] YHUOlOLFK LKUHP +HUUQ XQG 0HLVWHUNHLQH8QDQQHKPOLFKNHLWHQEHUHLWHQ :LH GLH 'LQJH KHXWH OLHJHQ N|QQHQ %HUXKLJXQJVPLWWHO PDQFKH /HXWH GDUDQ KLQGHUQ QLFKW QXU LKUHQ +HUUVFKHUQ VRQGHUQ DXFK VLFK VHOEVWJHQXJ8QDQQHKPOLFKNHLWHQ]XEHUHLWHQ=X YLHO 6SDQQXQJ LVW HLQ .UDQNKHLWV]XVWDQG GDV LVW DEHU DXFK ]X ZHQLJ 6SDQQXQJ (V JLEW JHZLVVH *HOHJHQKHLWHQ ZR ZLU JHVSDQQW VHLQ VROOWHQ ZR HLQ hEHUPD DQ *HODVVHQKHLW XQG EHVRQGHUV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

HLQHU YRQ DXHQ GXUFK HLQ FKHPLVFKHV 3UlSDUDW DXIJH]ZXQJHQHQ 5XKH XQG *HODVVHQKHLW Y|OOLJ XQDQJHEUDFKWLVW %HLHLQHUXQOlQJVWYHUDQVWDOWHWHQ.RQIHUHQ]EHU 0HSUREDPDW DQ ZHOFKHU LFK WHLOQDKP VFKOXJ HLQ KHUYRUUDJHQGHU %LRFKHPLNHU VFKHU]ZHLVH YRU GLH 5HJLHUXQJ GHU 86$ VROOWH GHQ 6RZMHWY|ONHUQ IQI 0LOOLDUGHQ 3RUWLRQHQ GLHVHV EHOLHEWHVWHQ %HUXKLJXQJVPLWWHOV ]XP *HVFKHQN PDFKHQ 'HU 6FKHU] KDWWH DXFK VHLQH HUQVWH 6HLWH $XV HLQHP :HWWVWUHLW ]ZLVFKHQ ]ZHL %HY|ONHUXQJHQ YRQ GHQHQ GLH HLQH XQDXIK|UOLFK GXUFK 'URKXQJHQ XQG 9HUVSUHFKXQJHQ HUUHJW XQG EHVWlQGLJ GXUFK HLQVWUHELJH 3URSDJDQGD JHOHQNW ZLUGZlKUHQGGLH DQGUH QLFKW ZHQLJHU EHVWlQGLJ GXUFK )HUQVHKHQ DEJHOHQNWXQGGXUFK0LOWRZQEHUXKLJWZLUG²ZHOFKHU GHU EHLGHQ *HJQHU ZLUG GD ZDKUVFKHLQOLFKHU DOV 6LHJHUKHUYRUJHKQ" 1LFKW QXU NDOPLHUHQG KDOOX]LQLHUHQG XQG VWLPXOLHUHQG ZLUNWH GDV 6RPD PHLQHU )DEHO HV YHUPRFKWH DXFK GLH %HHLQÁXEDUNHLW ]X HUK|KHQ XQG NRQQWH VR GD]X YHUZHQGHW ZHUGHQ GLH :LUNXQJHQ GHU 5HJLHUXQJVSURSDJDQGD ]X YHUVWlUNHQ 0HKUHUH 3UlSDUDWH ZHOFKH EHUHLWV LQ GHU 3KDUPDNRS|H VWHKQ N|QQHQ ZHQLJHU ZLUNVDP XQG PLW JU|HUQ SK\VLRORJLVFKHQ .RVWHQ IU GHQVHOEHQ =ZHFN YHUZHQGHW ZHUGHQ 'D JLEW HV ]XP %HLVSLHO GDV 6FRSRODPLQ GHQ :LUNVWRII

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHV %LOVHQNUDXWV XQG LQ JURHQ 0HQJHQ HLQ VWDUNHV *LIW GD JLEW HV IHUQHU 3HQWRWKDO XQG 1DWULXPDP\WDO 3HQWRWKDO DXV LUJHQGHLQHP ZXQGHUOLFKHQ *UXQG ªGDV :DKUKHLWVVHUXP© JHQDQQW LVW YRQ GHU 3ROL]HL YHUVFKLHGHQHU /lQGHU GD]XEHQW]WZRUGHQZLGHUVSHQVWLJHQ9HUEUHFKHUQ *HVWlQGQLVVH]XHQWULQJHQRGHUVLHLKQHQYLHOOHLFKW ]X VXJJHULHUHQ 3HQWRWKDO XQG 1DWULXPDP\WDO VHQNHQ GLH 6FKUDQNH ]ZLVFKHQ %HZXWVHLQ XQG 8QWHUEHZXWVHLQXQGVLQGZHUWYROOEHL%HKDQGOXQJ YRQ ª.DPSIPGLJNHLW© PLWWHOV HLQHV 9HUIDKUHQV GDV LQ (QJODQG DOV ª$EUHDJLHUXQJVWKHUDSLH© LQ GHQ 86$ DOV ª1DUNRV\QWKHVH© EHNDQQW LVW (V ZLUG EHKDXSWHW GD GLHVH 3UlSDUDWH PDQFKPDO YRQ GHQ .RPPXQLVWHQ YHUZHQGHW ZHUGHQ ZHQQ VLH ZLFKWLJH+lIWOLQJHIUGDV|IIHQWOLFKH(UVFKHLQHQLP *HULFKWVVDDOYRUEHUHLWHQ 0LWWOHUZHLOH VLQG 3KDUPDNRORJLH %LRFKHPLH XQG1HXURORJLHDXIGHP0DUVFKXQGZLUN|QQHQ JDQ] JHZL VHLQ GD VLH LP /DXI GHU QlFKVWHQ SDDU-DKUHQHXHXQGEHVVHUHFKHPLVFKH9HUIDKUHQ HQWGHFNHQZHUGHQGLH%HHLQÁXEDUNHLW]XHUK|KHQ XQG SV\FKLVFKH :LGHUVWlQGH KHUDE]XVHW]HQ :LH DOOHVDQGUHN|QQHQDXFKGLHVH(QWGHFNXQJHQ]XP *XWHQRGHU]XP6FKOHFKWHQYHUZHQGHWZHUGHQ6LH N|QQHQ GHQ 3V\FKLDWHU EHL VHLQHP .DPSI JHJHQ GLH *HLVWHVNUDQNKHLWHQ XQWHUVWW]HQ RGHU VLH N|QQHQ GHP 'LNWDWRU EHL VHLQHP .DPSI JHJHQ GLH )UHLKHLW KHOIHQ :DKUVFKHLQOLFK ZHUGHQ VLH GD GLH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:LVVHQVFKDIW J|WWOLFK XQSDUWHLLVFK LVW EHLGHV WXQ YHUVNODYHQ XQG EHIUHLHQ KHLOHQ XQG JOHLFK]HLWLJ YHUQLFKWHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

817(5%(:8667(h%(55('81*

,Q HLQHU )XQRWH ]XU $XÁDJH VHLQHU 7UDXPGHXWXQJ ZLHV )UHXG DXI GLH $UEHLWHQ 2WWR 3|W]OVKLQHLQHV|VWHUUHLFKLVFKHQ1HXURORJHQGHU NXU] YRUKHU HLQH $EKDQGOXQJ YHU|IIHQWOLFKW KDWWH ZRULQHUVHLQH9HUVXFKHPLWGHP7DFKLVWRVNRSEH VFKULHE'DV7DFKLVWRVNRSLVWHLQ$SSDUDWZHOFKHQ HVLQ]ZHL)RUPHQJLEW²DOV*XFNNDVWHQLQZHOFKHQ GLH 9HUVXFKVSHUVRQ DXI HLQ %LOG EOLFNW GDV LKU IUGHQ%UXFKWHLOHLQHU6HNXQGHJH]HLJWZLUGRGHU DOV /DWHUQD PDJLFD PLW HLQHP 6FKQHOOYHUVFKOX GLH HLQ %LOG IU JDQ] NXU]H 'DXHU DXI HLQHQ 6FKLUP ZHUIHQ NDQQ %HL GLHVHQ 9HUVXFKHQ ªOLH 3|W]O YRQ YHUVFKLHGHQHQ 9HUVXFKVSHUVRQHQ LQ =HLFKQXQJHQ À[LHUHQ ZDV VLH YRQ HLQHP WDFKLVWR VNRSLVFKH[SRQLHUWHQ%LOGEHZXWDXIJHIDWKDW WHQ«(UNPPHUWHVLFKGDQQXPGHQ7UDXPGHU 9HUVXFKVSHUVRQ LQ GHU IROJHQGHQ 1DFKW XQG OLH JHHLJQHWH $QWHLOH GLHVHV 7UDXPV JOHLFKIDOOV GXUFK HLQH=HLFKQXQJGDUVWHOOHQ(VHUJDEVLFKGDQQXQ YHUNHQQEDUGDGLHQLFKWYRQGHU9HUVXFKVSHUVRQ DXIJHIDWHQ (LQ]HOKHLWHQ GHV H[SRQLHUWHQ %LOGHV 0DWHULDO IU GLH 7UDXPELOGXQJ JHOLHIHUW KDW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

WHQ«© 0LW YHUVFKLHGHQHQ $ElQGHUXQJHQ XQG 9HUIHLQHUXQJHQ ZXUGHQ 3|W]OV 9HUVXFKH PHKU PDOV ZLHGHUKROW ]XOHW]W YRQ &KDUOHV )LVFKHU GHU GUHL YRU]JOLFKH $EKDQGOXQJHQ EHU 7UlXPH XQG ªYRUEHZXWH :DKUQHKPXQJ© ]XP -RXUQDO RI WKH $PHULFDQ 3V\FKRDQDO\WLF $VVRFLDWLRQ EHLJHWUDJHQ KDW 0LWWOHUZHLOH ZDUHQ GLH DNDGHPLVFKHQ 3V\FKR ORJHQ QLFKW PLJ ,KUH $UEHLWHQ KDEHQ GLH 5HVXOWDWH 3|W]OV EHVWlWLJW XQG JH]HLJW GD GLH 0HQVFKHQ WDWVlFKOLFK EHWUlFKWOLFK PHKU VHKHQ XQG K|UHQ DOV VLH EHZXW XQG ZLVVHQWOLFK VHKHQ XQG K|UHQ XQG GD ZDV VLH VHKHQ XQG K|UHQ RKQH HV ]X ZLVVHQ YRP 8QWHUEHZXWVHLQ IHVWJH KDOWHQ ZLUG XQG LKU EHZXWHV 'HQNHQ )KOHQ XQG 9HUKDOWHQ EHHLQÁXW 5HLQH :LVVHQVFKDIW EOHLEWQLFKWHZLJUHLQ)UKHURGHUVSlWHUZLUGVLH VLFKLQDQJHZDQGWH:LVVHQVFKDIWXQGVFKOLHOLFK LQ 7HFKQRORJLH YHUZDQGHOQ 'LH 7KHRULH PRGX OLHUW QDFK GHU LQGXVWULHOOHQ 3UD[LV :LVVHQ ZLUG 0DFKW )RUPHOQ XQG /DERUDWRULXPVYHUVXFKH PD FKHQ HLQH 0HWDPRUSKRVH GXUFK XQG NRPPHQ DOV :DVVHUVWRIIERPEH]XP9RUVFKHLQ,PYRUOLHJHQGHQ )DOO EHZDKUWHQ VLFK 3|W]OV KEVFKHV 6WFNFKHQ UHLQHU:LVVHQVFKDIWXQGDOOHGLHDQGHUQKEVFKHQ 6WFNFKHQ UHLQHU :LVVHQVFKDIW DXI GHP *HELHW YRUEHZXWHU :DKUQHKPXQJ LKUH XUVSUQJOL FKH 5HLQKHLW HLQH HUVWDXQOLFK ODQJH =HLW 'DQQ LP )UKVRPPHU JHQDX YLHU]LJ -DKUH QDFK

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHU 9HU|IIHQWOLFKXQJ MHQHU $EKDQGOXQJ 3|W]OV ZXUGH EHNDQQWJHJHEHQ GD GLHVH 5HLQKHLW GHU 9HUJDQJHQKHLWDQJHK|UHGLH)RUVFKXQJVHUJHEQLVVH ZDUHQ DQJHZHQGHW ZRUGHQ VLH ZDUHQ LQ GHQ %HUHLFK GHU 7HFKQRORJLH HLQJHJDQJHQ 'LHVH %HNDQQWJDEH ULHI EHWUlFKWOLFKHV $XIVHKHQ KHU YRU XQG LQ GHU JDQ]HQ ]LYLOLVLHUWHQ :HOW ZXUGH EHU VLH JHUHGHW XQG JHVFKULHEHQ .HLQ :XQGHU GHQQ GLH ªVXEOLPLQDOH 3URMHNWLRQ© ZLH GDV QHXH 9HUIDKUHQ JHQDQQW ZXUGH ZDU LQQLJ YHUEXQGHQ PLW0DVVHQXQWHUKDOWXQJXQGLP/HEHQGHV]LYLOL VLHUWHQ0HQVFKHQVSLHOWGLH0DVVHQXQWHUKDOWXQJ KHXWH HLQH 5ROOH ZHOFKH VLFK QXU GHUMHQLJHQ GHU 5HOLJLRQLP0LWWHODOWHUYHUJOHLFKHQOlW 8QVHU=HLWDOWHUKDWYLHOH%HLQDPHQEHNRPPHQ ² GDV =HLWDOWHU GHU $QJVW GDV $WRP]HLWDOWHU GDV :HOWUDXP=HLWDOWHU (V N|QQWH PLW HEHQVRJXWHP *UXQG GDV =HLWDOWHU GHU )HUQVHKVFKWLJNHLW GHU 6FKQXO]HQRSHU XQG GHV 3ODWWHQMRFNH\V JHQDQQW ZHUGHQ ,Q HLQHP VROFKHQ =HLWDOWHU NRQQWH GLH %HNDQQWJDEH GD 3|W]OV UHLQH :LVVHQVFKDIW LQ GHU )RUP HLQHV 9HUIDKUHQV IU XQWHUVFKZHOOLJH 3URMHNWLRQ DQJHZDQGW ZRUGHQ ZDU QLFKW YHUIHK OHQ LQWHQVLYVWHV ,QWHUHVVH EHL GHQ XQWHUKDOWH QHQ 0DVVHQ GHU :HOW ]X HUUHJHQ 'HQQ GDV QHXH 9HUIDKUHQZDUXQPLWWHOEDUIUVLHEHVWLPPW8QG VHLQ =ZHFN ZDU LKUH *HKLUQH ]X PDQLSXOLHUHQ RKQHGDVLHVLFKEHZXWZlUHQZDVPLWLKQHQJH VFKHKH 0LWWHOV HLJHQV HQWZRUIHQHU 7DFKLVWRVNRSH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VROOWHQ :RUWH XQG %LOGHU IU GDV 7DXVHQGVWHO HL QHU 6HNXQGH RGHU QRFK ZHQLJHU DXI GLH 6FKLUPH GHU)HUQVHKDSSDUDWHXQGGLH/HLQZDQGGHU.LQRV ZlKUHQG GDV 3URJUDPP DEOLHI QLFKW HWZD YRUKHU RGHUQDFKKHU JHZRUIHQZHUGHQ ª7ULQN &RFD&ROD© RGHU ª=QG GLU HLQH &DPHO DQ© VROOWH GHU 8PDUPXQJ GHV /LHEHVSDDUV GHQ 7UlQHQ GHU 0XWWHU PLW GHP JHEURFKHQHQ +HU]HQ PLWWHOVhEHUEOHQGHQVDXIJHGUXFNWZHUGHQXQGGLH 6HKQHUYHQ GHU =XVFKDXHU ZUGHQ GLHVH JHKHLPHQ %RWVFKDIWHQ DXIEHZDKUHQ LKU 8QWHUEHZXWHV ZUGH DXI VLH DQVSUHFKHQ XQG ]X JHJHEHQHU =HLW ZUGHQVLHEHZXWQDFKGHU6DXJÁDVFKHRGHUQDFK 7DEDN OHFK]HQ 8QG GD]ZLVFKHQ ZUGHQ DQGUH JHKHLPH%RWVFKDIWHQ]XOHLVHIUEHZXWHV+|UHQ JHÁVWHUWRGHU]XVFKULOOGDIU JHTXLHNW ZHUGHQ %HZXWZUGHGHU=XK|UHUVHLQH$XIPHUNVDPNHLW HWZDHLQHU3KUDVHZLHª+RQLJSXSSHLFKOLHEHGLFK© VFKHQNHQDEHUXQWHUKDOEGHU%HZXWVHLQVVFKZHOOH ZUGHQ VHLQH XQJODXEOLFK HPSÀQGOLFKHQ 2KUHQ XQGVHLQXQWHUEHZXWHU*HLVWGLHIURKH%RWVFKDIW YRQ GHU *HEXUW GHV QHXHVWHQ 'HRGRUDQV RGHU /D[DWLYVYHUQHKPHQ ,VW GLHVH $UW GHU NRPPHU]LHOOHQ 3URSDJDQGD ZLUNOLFK ZLUNVDP" 'DV YRQ GHU +DQGHOVÀUPD GLH DOVHUVWHHLQ9HUIDKUHQIUVXEOLPLQDOH3URMHNWLRQ HQWKOOWH EHLJHEUDFKWH %HZHLVPDWHULDO ZDU XQEHVWLPPW XQG ZLVVHQVFKDIWOLFK EHWUDFKWHW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VHKUXQEHIULHGLJHQG'HU%HIHKOPHKU3XIIPDLV]X NDXIHQ LQ UHJHOPlLJHQ $EVWlQGHQ ZLHGHUKROW ZlKUHQG LQ HLQHP .LQR HLQ )LOP JH]HLJW ZXUGH VROO DQJHEOLFK LQ GHU 3DXVH HLQH 6WHLJHUXQJ GHV 3XIIPDLVYHUNDXIVXPY+]XP(UJHEQLVJHKDEW KDEHQ $EHU HLQ HLQ]HOQHU 9HUVXFK EHZHLVW VHKU ZHQLJhEHUGLHVZXUGHJUDGHGLHVHU9HUVXFKDXI HLQHVHKUXQ]XOlQJOLFKH:HLVHDQJHVWHOOW(VJDE GDEHLNHLQH.RQWUROOYHUVXFKHHVZXUGHJDUNHLQH 5FNVLFKWDXIGLHYLHOHQYHUlQGHUOLFKHQ8PVWlQGH JHQRPPHQ GLH ]ZHLIHOORV GHQ 9HUEUDXFK HLQHU =XVFKDXHUVFKDIW DQ 3XIIPDLV EHHLQÁXVVHQ N|QQWHQ8QGZDUGLHVEHUKDXSWGLHZLUNVDPVWH $UWGDVYRQGHQZLVVHQVFKDIWOLFKHQ(UIRUVFKHUQ GHU XQWHUEHZXWHQ :DKUQHKPXQJ LQ YLHOHQ -DKUHQDQJHVDPPHOWH:LVVHQDQ]XZHQGHQ":DUHV DQVLFKZDKUVFKHLQOLFKGDPDQLQGHPPDQEOR GHQ1DPHQHLQHV(U]HXJQLVVHVXQGHLQHQ%HIHKO HV ]X NDXIHQ EOLW]DUWLJ DXI GLH /HLQZDQG ZDUI LPVWDQGHZlUHGHQ.lXIHUZLGHUVWDQG]XEHVLHJHQ XQG QHXH .XQGHQ ]X ZHUEHQ" 'LH $QWZRUW DXI GLHVHEHLGHQ)UDJHQLVWGRFK]LHPOLFKRIIHQNXQGLJ HLQ1HLQ'DVKHLWDEHUVHOEVWYHUVWlQGOLFKQLFKW GD GLH (QWGHFNXQJHQ GHU 1HXURORJHQ XQG 3V\FKRORJHQ RKQH MHGH SUDNWLVFKH %HGHXWXQJ VHLHQ *HVFKLFNW DQJHZDQGW N|QQWH 3|W]OV KEVFKHV6WFNFKHQUHLQHU:LVVHQVFKDIWJDQ]JXW HLQ PDFKWYROOHV :HUN]HXJ IU GDV 0DQLSXOLHUHQ QLFKWVDUJZ|KQHQGHU*HPWHUZHUGHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

8P LQ GLHVHU +LQVLFKW HLQ SDDU EHGHXWVDPH :LQNH ]X HUKDOWHQ ZROOHQ ZLU XQV QXQ YRQ GHQ 3XIIPDLVYHUNlXIHUQ GHQMHQLJHQ ]XZHQGHQ GLH PLW ZHQLJHU /lUP DEHU PHKU 9RUVWHOOXQJVJDEH XQG EHVVHUQ 0HWKRGHQ DXI GHPVHOEHQ *HELHW H[SHULPHQWLHUW KDEHQ ,Q *UREULWDQQLHQ ZR GDV 9HUIDKUHQ *HPWHU XQWHUKDOE GHU %HZXWVHLQVVFKZHOOH ]X PDQLSXOLHUHQ DOV ªVWURERQLVFKH,QMHNWLRQ©EHNDQQWLVWKDEHQ)RUVFKHU GLH SUDNWLVFKH :LFKWLJNHLW EHWRQW GLH ULFKWLJHQ SV\FKRORJLVFKHQ %HGLQJXQJHQ IU XQWHUEHZXWH hEHUUHGXQJ]XVFKDIIHQ(LQH6XJJHVWLRQREHUKDOE GHU %HZXWVHLQVVFKZHOOH WXW HKHU LKUH :LUNXQJ ZHQQGHU(PSIlQJHULQHLQHUOHLFKWHQK\SQRWLVFKHQ 7UDQFHLVWRGHUXQWHUGHP(LQÁXJHZLVVHU'URJHQ VWHKW RGHU GXUFK .UDQNKHLW 1DKUXQJVPDQJHO RGHU LUJHQGHLQH $UW YRQ N|USHUOLFKHP RGHU VHHOLVFKHP VWUHVV JHVFKZlFKW LVW :DV DEHU IU 6XJJHVWLRQHQ REHUKDOE GHU %HZXWVHLQVVFKZHOOH JLOW WULIIW DXFK EHL 6XJJHVWLRQHQ XQWHUKDOE GLHVHU 6FKZHOOH ]X 0LW HLQHP :RUW MH QLHGULJHU GHU :LGHUVWDQGVVSLHJHO HLQHU 3HUVRQ GHVWR JU|HU GLH :LUNVDPNHLW VWURERQLVFK LQML]LHUWHU 6XJJHVWLRQHQ 'HU ZLVVHQVFKDIWOLFK DXVJHELOGHWH 'LNWDWRU YRQ PRUJHQ ZLUG VHLQH )OVWHUPDVFKLQHQ XQG VHLQH $SSDUDWH IU VXEOLPLQDOH 3URMHNWLRQ LQ 6FKXOHQ XQG.UDQNHQKlXVHUQ.LQGHUXQG.UDQNHVLQGLQ KRKHP0DVXJJHVWLEHO XQGDXIDOOHQ|IIHQWOLFKHQ 3OlW]HQ DXIVWHOOHQ ZR HLQH =XK|UHUVFKDIW PLWWHOV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GLH 6XJJHVWLELOLWlW HUK|KHQGHU 5HGHNQVWH RGHU 5LWXDOH YRUEHUHLWHQG PUEH JHPDFKW ZHUGHQ NDQQ 9RQ GHQ %HGLQJXQJHQ XQWHU ZHOFKHQ PDQ HUZDUWHQGDUIGDVXEOLPLQDOH6XJJHVWLRQZLUNVDP VHLQZHUGHZHQGHQZLUXQVQXQGHQ6XJJHVWLRQHQ VHOEVW ]X ,Q ZHOFKHQ $XVGUFNHQ VROOWH VLFK GHU 3URSDJDQGLVWDQGDV8QWHUEHZXWVHLQVHLQHU2SIHU ZHQGHQ" 8QPLWWHOEDUH %HIHKOH ª.DXIW 3XIIPDLV© RGHU ª:lKOW -RQHV© XQG EORH %HKDXSWXQJHQ ª6R]LDOLVPXV VWLQNW© RGHU ª;=DKQSDVWH EHVHLWLJW EHOQ0XQGJHUXFK© ZHUGHQZDKUVFKHLQOLFKQXUDXI VROFKH*HPWHUZLUNHQGLHEHUHLWVIU-RQHVRGHU 3XIIPDLVHLQJHQRPPHQVLQGRGHUVLFKEHUHLWVGHU *HIDKUHQEHOQ.|USHUJHUXFKVRGHUGHULP%HVLW] GHU $OOJHPHLQKHLW EHÀQGOLFKHQ 3URGXNWLRQVPLWWHO EHZXW VLQG $EHU GHQ EHVWHKHQGHQ *ODXEHQ ]X VWlUNHQ JHQJW QLFKW :HQQ GHU 3URSDJDQGLVW VHLQ *HOG ZHUW LVW PX HU HLQHQ QHXHQ *ODXEHQ VFKDIIHQPXHUZLVVHQZLHHUGLH*OHLFKJOWLJHQ XQGGLH8QHQWVFKLHGHQHQDXIVHLQH6HLWHEULQJHQ NDQQ PX HU LPVWDQGH VHLQ GLH )HLQGVHOLJHQ ]X EHVlQIWLJHQ XQG YLHOOHLFKW VRJDU ]X EHNHKUHQ (U ZHLGDHUGHQVXEOLPLQDOHQ%HKDXSWXQJHQXQG %HIHKOHQ GLH VXEOLPLQDOH hEHUUHGXQJ KLQ]XIJHQ PX 2EHUKDOE GHU %HZXWVHLQVVFKZHOOH LVW HLQH GHU ZLUNVDPVWHQ 0HWKRGHQ QLFKWUDWLRQDOHU hEHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

UHGXQJ GLHMHQLJH GLH PDQ hEHUUHGXQJ GXUFK $VVR]LDWLRQ QHQQHQ N|QQWH 'HU 3URSDJDQGLVW DVVR]LLHUW ZLOONUOLFK GDV EHVWLPPWH (U]HXJQLV GHQ .DQGLGDWHQ RGHU GLH 6DFKH IU GLH HU VLFK HLQVHW]W PLW HLQHU ,GHH 3HUVRQ RGHU 6DFKH ZHO FKH YRQ GHQ PHLVWHQ /HXWHQ LQ HLQHP JHJHEH QHQ .XOWXUNUHLV IUDJORV IU JXW JHKDOWHQ ZLUG 6R NDQQ LQ HLQHP :HUEHIHOG]XJ ZHLEOLFKH 6FK|QKHLW ZLOONUOLFK PLW DOOHP XQG MHGHP DQJHIDQJHQ YRQ HLQHP *HOlQGHEDJJHU ELV ]X HLQHP KDUQWUHLEHQ GHQ 0LWWHO DVVR]LLHUW ZHUGHQ LQ HLQHU SROLWLVFKHQ .DPSDJQHNDQQ3DWULRWLVPXVPLWMHGHPEHOLHELJHQ =LHO VHL HV $SDUWKHLG VHL HV ,QWHJUDWLRQ XQG PLW MHGHU$UWYRQ3HUVRQVHLVLHHLQ0DKDWPD*DQGKL VHLVLHHLQ6HQDWRU0F&DUWK\YHUNQSIWZHUGHQ 9RU-DKUHQEHREDFKWHWHLFKLQ0LWWHODPHULNDHLQ %HLVSLHO YRQ hEHUUHGXQJ GXUFK $VVR]LDWLRQ ZHO FKHV PLFK PLW HLQHU HQWVHW]WHQ %HZXQGHUXQJ IU GLH0lQQHUHUIOOWHGLHHVHUGDFKWKDWWHQ,QGHQ %HUJHQ*XDWHPDODVVLQGGLHHLQ]LJHQLPSRUWLHUWHQ .XQVWZHUNH GLH JUDWLV YHUWHLOWHQ EXQWHQ .DOHQGHU GHU DXVOlQGLVFKHQ )LUPHQ GHUHQ (U]HXJQLVVH DQ GLH,QGLDQHUYHUNDXIWZHUGHQ'LH.DOHQGHUDXVGHQ 86$]HLJWHQ%LOGHUYRQ+XQGHQYRQ/DQGVFKDIWHQ YRQ MXQJHQ :HLEOLFKNHLWHQ LP =XVWDQG WHLOZHLVHU 1DFNWKHLW)UGHQ,QGLDQHUDEHUVLQG+XQGHEOR 1XW]REMHNWH /DQGVFKDIWHQ HWZDV ZRYRQ HU MHGHQ 7DJ VHLQHV /HEHQV QXU DOO]XYLHO VLHKW XQG KDOE QDFNWH%ORQGLQHQVLQGIULKQXQLQWHUHVVDQWYLHO

$/'286+8;/(<'5(,66,*-$+5('$1$&+

OHLFKW VRJDU HLQ ZHQLJ DEVWRHQG $PHULNDQLVFKH .DOHQGHUZDUHQGDKHUYLHOZHQLJHUEHOLHEWDOVGHXW VFKH GHQQ GLH GHXWVFKHQ 9HUVHQGHU KDWWHQ VLFK GLH0KHJHQRPPHQKHUDXV]XÀQGHQZDV,QGLDQHU VFKlW]HQXQGZRIUVLHVLFKLQWHUHVVLHUHQ,FKHULQ QHUH PLFK EHVRQGHUV HLQHV ZDKUHQ 0HLVWHUVWFNV NRPPHU]LHOOHU 3URSDJDQGD (V ZDU HLQ .DOHQGHU ZHOFKHU YRQ HLQHP $VSLULQHU]HXJHU YHUVDQGW ZXU GH $P )X GHV %LOGV VDK PDQ GLH ZRKOEHNDQQWH 6FKXW]PDUNHDXIGHPZRKOEHNDQQWHQ)OlVFKFKHQ PLW GHQ ZHLHQ 7DEOHWWHQ 'DUEHU ZDUHQ NHLQH 6FKQHHODQGVFKDIWHQ RGHU +HUEVWZlOGHU ]X VHKHQ NHLQH &RFNHUVSDQLHOV RGHU YROOEXVLJHQ 5HYXHJLUOV 1HLQ²GLHOLVWLJHQ'HXWVFKHQKDWWHQGLHVFKPHU] VWLOOHQGHQ 7DEOHWWHQ PLW HLQHP JUHOOEXQWHQ XQG lXHUVWOHEHQVlKQOLFKHQ%LOGGHUKO'UHLIDOWLJNHLW DVVR]LLHUW ZHOFKH DXI HLQHU .XPXOXVZRONH VD XPJHEHQ YRP KO -RVHI GHU -XQJIUDX 0DULD DV VRUWLHUWHQ +HLOLJHQ XQG HLQHU JURHQ =DKO YRQ (QJHOQ 'LH ZXQGHUEDUHQ (LJHQVFKDIWHQ GHU $]HW\OVDOL]\OVlXUHZDUHQVRLQGHQVFKOLFKWHQXQG WLHIUHOLJL|VHQ *HPWHUQ GXUFK *RWWYDWHU XQG DOOH KLPPOLVFKHQ+HHUVFKDUHQJDUDQWLHUW 'LHVH $UW YRQ hEHUUHGXQJ GXUFK $VVR]LDWLRQ LVW HWZDV ZRIU VLFK GLH 9HUIDKUHQ VXEOLPLQDOHU 3URMHNWLRQJDQ]EHVRQGHUVJXW]XHLJQHQVFKHLQHQ $XVHLQHU9HUVXFKVUHLKHZHOFKHDQGHU1HZ
$/'286+8;/(<'5(,66,*-$+5('$1$&+

VLFK GD VLFK GLH GXUFK HLQ EHZXW JHVHKHQHV %LOG KHUYRUJHUXIHQHQ *HIKOH HLQHV 0HQVFKHQ DElQGHUQ OLHHQ LQGHP PDQ HV LKP LQ VHLQHP 8QWHUEHZXWVHLQPLWHLQHPlQGHUQ%LOGDVVR]LLHU WHRGHUEHVVHUQRFKPLWZHUWEHWRQWHQ:|UWHUQ6R VFKLHQ HLQ OHHUHV DXVGUXFNVORVHV *HVLFKW DXI GHU (EHQH GHV 8QWHUEHZXWHQ PLW GHP :RUW ªJOFN OLFK© DVVR]LLHUW GHP :DKUQHKPHQGHQ ]X OlFKHOQ IUHXQGOLFK OLHEHQVZUGLJ HQWJHJHQNRPPHQG GUHLQ ]XVHKHQ :HQQ GDVVHOEH *HVLFKW HEHQIDOOV DXI GHU (EHQH GHV 8QWHUEHZXWHQ PLW GHP :RUW ª]RUQLJ© DVVR]LLHUW ZXUGH QDKP HV HLQHQ DEVWRHQGHQ $XVGUXFN DQ XQG VFKLHQ GHP :DKUQHKPHQGHQ IHLQGVHOLJ XQG XQDQJHQHKP JHZRUGHQ ]X VHLQ (LQHU *UXSSH MXQJHU )UDXHQVSHUVRQHQ VFKLHQ HV DXFK VHKU PlQQOLFK ]X ZHUGHQ ² ZRJHJHQ HV LKU ZHQQ HV PLW ªJOFNOLFK© DVVR]LLHUW ZXUGH DOV GDV *HVLFKWHLQHU3HUVRQLKUHVHLJQHQ*HVFKOHFKWVYRU NDP 9lWHU XQG (KHPlQQHU ELWWH QRWLHUHQ )U GHQNRPPHU]LHOOHQXQGSROLWLVFKHQ3URSDJDQGLVWHQ VLQG GLHVH (UJHEQLVVH ² GDV OLHJW DXI GHU +DQG ² K|FKVW EHGHXWXQJVYROO :HQQ HU VHLQH 2SIHU LQ HLQHQ=XVWDQGDEQRUPKRKHU%HHLQÁXEDUNHLWYHU VHW]HQNDQQZHQQHULKQHQZlKUHQGVLHLQGLHVHP =XVWDQGVLQGGDV'LQJRGHUGLH3HUVRQRGHUGXUFK HLQ 6\PERO GLH JXWH RGHU VFKOHFKWH 6DFKH GLH HU ]X YHUNDXIHQ KDW ]HLJHQ XQG DXI GHU (EHQH GHV 8QWHUEHZXWHQGLHVHV'LQJGLHVH3HUVRQRGHUGLH VHV6\PEROPLWHLQHPZHUWEHWRQWHQ:RUWRGHU%LOG

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YHUNQSIHQ NDQQ ZLUG HU YLHOOHLFKW LPVWDQGH VHLQ LKUH*HIKOHXQG0HLQXQJHQDE]XlQGHUQRKQHGD VLH HLQH $KQXQJ GDYRQ KDEHQ ZDV HU GD WXW (V VROOWHODXWGHU%HKDXSWXQJHLQHUXQWHUQHKPXQJVOXV WLJHQ NRPPHU]LHOOHQ *UXSSH LQ 1HZ 2UOHDQV P|J OLFK VHLQ GHQ 8QWHUKDOWXQJVZHUW YRQ )LOPHQ XQG )HUQVHKVWFNHQGXUFK$QZHQGXQJGLHVHU7HFKQLN ]XHUK|KHQ /HXWHHPSÀQGHQJHUQVWDUNH*HPWVEHZHJXQJHQ XQG JHQLHHQ GDKHU JHUQ 7UDJ|GLHQ 5HLHU JH KHLPQLVYROOH 0RUGJHVFKLFKWHQ XQG 'UDPHQ GHU /HLGHQVFKDIW 'LH 'UDPDWLVLHUXQJ HLQHU 5DXIHUHL RGHU HLQHU 8PDUPXQJ UXIW LP =XVFKDXHU VWDU NH *HPWVEHZHJXQJHQ KHUYRU 6LH N|QQWH VRJDU QRFKVWlUNHUHKHUYRUUXIHQZHQQVLHDXIGHU(EHQH GHV 8QWHUEHZXWHQ PLW SDVVHQGHQ :|UWHUQ RGHU 6\PEROHQ DVVR]LLHUW ZUGH =XP %HLVSLHO N|QQWH LQ GHU )LOPIDVVXQJ YRQ +HPLQJZD\V ,Q HLQHP lQ GHUQ/DQGGHU7RGGHU+HOGLQEHLGHU*HEXUWLKUHV .LQGHV GDGXUFK QRFK EHWUEOLFKHU DOV HU VFKRQ LVW JHPDFKW ZHUGHQ GD ZlKUHQG GLHVH 6]HQH VSLHOW VXEOLPLQDO ZLHGHU XQG ZLHGHU VROFKH RPL Q|VH :|UWHU ZLH ª6FKPHU]© ª%OXW© XQG ª7RG© DXI GLH /HLQZDQG JHEOLQNW ZUGHQ %HZXW ZUGHQ GLHVH :|UWHU QLFKW JHVHKHQ DEHU LKUH :LUNXQJ DXI GDV 8QWHUEHZXWVHLQ N|QQWH VHKU JUR VHLQ XQG GLHVH :LUNXQJ N|QQWH GLH DXI GHU (EHQH GHV %HZXWVHLQVGXUFKGLH0LPLNXQGGHQ'LDORJKHU YRUJHUXIHQHQ *HPWVEHZHJXQJHQ PlFKWLJ YHUVWlU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

NHQ :HQQ ZLH HV ]LHPOLFK JHZL ]X VHLQ VFKHLQW VXEOLPLQDOH3URMHNWLRQGLH*HPWVEHZHJXQJHQGHU .LQREHVXFKHUNRQVHTXHQWYHUVWlUNHQNDQQLVWGLH )LOPLQGXVWULHYLHOOHLFKWGRFKQRFKYRUGHP%DQNURWW ]X UHWWHQ ² GDV KHLW ZHQQ GLH 3URGX]HQWHQ YRQ )HUQVHKVWFNHQ GDPLW QLFKW IUKHU ]XU 6WHOOH VLQG ,P /LFKW GHVVHQ ZDV KLHU EHU hEHUUHGXQJ GXUFK $VVR]LDWLRQ XQG GLH 9HUVWlUNXQJ YRQ *HPWVEHZHJXQJHQ GXUFK XQWHUVFKZHOOLJH 6XJJHVWLRQ JHVDJW ZRUGHQ LVW ZROOHQ ZLU QXQ YHUVXFKHQ XQV YRU]XVWHOOHQ ZLH HLQH SROLWLVFKH 9HUVDPPOXQJ YRQ PRUJHQ DXVVHKHQ ZLUG 'HU .DQGLGDW ZHQQ HV EHUKDXSW QRFK .DQGLGDWHQ JHEHQ ZLUG RGHU GHU EHVWHOOWH 9HUWUHWHU GHU KHUUVFKHQGHQ 2OLJDUFKLH ZLUG VHLQH 5HGH VR KDOWHQ GD DOOH VLH K|UHQ N|QQHQ 0LWWOHUZHLOH ZHUGHQ GLH 7DFKLVWRVNRSH GLH )OVWHU XQG 4XLHNPDVFKLQHQ GLH 3URMHNWLRQVDSSDUDWH IU VR VFKZDFKH %LOGHU GD QXU GDV 8QWHUEHZXWVHLQ DXI VLH DQVSUHFKHQ NDQQ ZDV HU VDJW GXUFK V\VWHPDWLVFKHV $VVR]LLHUHQ GHV 0DQQHV XQG GHU 6DFKH GLH HU YHUÀFKW PLW SRVLWLY JHODGHQHQ :|UWHUQ XQG JHKHLOLJWHQ %LOGHUQ YHUVWlUNHQ XQG GXUFK VWURERQLVFKHV ,QML]LHUHQ QHJDWLY JHODGHQHU :|UWHU XQG YHUKDWHU 6\PEROH ZDQQ LPPHU HU GLH)HLQGHGHV6WDDWVRGHUGHU3DUWHLHUZlKQW,Q GHQ86$ZHUGHQ%LOGHU$EUDKDP/LQFROQVXQGGLH :RUWHª5HJLHUXQJGXUFKGDV9RON©EOLW]DUWLJDXIGLH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

5HGQHUWULEQHSURML]LHUWZHUGHQ,Q5XODQGZLUG GHU5HGQHUQDWUOLFKPLWEOLW]DUWLJDXÁHXFKWHQGHQ %LOGHUQ /HQLQV PLW GHP :RUW ª9RONVGHPRNUDWLH© XQG GHP 3URSKHWHQEDUW 9DWHU 0DU[HQV DVVR]LLHUW ZHUGHQ :HLO GDV DOOHV QRFK KEVFK XQJHIlKUOLFK LQ GHU =XNXQIW UXKW N|QQHQ ZLU HV XQV OHLVWHQ ]X OlFKHOQ ,Q ]HKQ RGHU ]ZDQ]LJ -DKUHQ ZLUG HV ZDKUVFKHLQOLFK ZHLW ZHQLJHU EHOXVWLJHQG ]X VHLQ VFKHLQHQ GHQQ ZDV KHXWH EOR VFLHQFH ILFWLRQ LVW ZLUGGDQQDOOWlJOLFKHSROLWLVFKH7DWVDFKHJHZRUGHQ VHLQ 3|W]O ZDU HLQV GHU 9RU]HLFKHQ GLH LFK DOV LFK :DFNHUH QHXH :HOW VFKULHE DXV LUJHQGHLQHP *UXQGEHUVDK,QPHLQHU)DEHOÀQGHWVLFKNHLQH $QVSLHOXQJ DXI VXEOLPLQDOH 3URMHNWLRQ (V LVW HLQ 8QWHUODVVXQJVLUUWXP GHQ LFK ZROOWH LFK GDV %XFKKHXWHEHUDUEHLWHQJDQ]JHZLULFKWLJVWHOOHQ ZUGH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

+<3123b',(

,P6SlWVRPPHUZXUGHGDV:RRGODQG5RDG &DPS HLQH 6WUDIDQVWDOW LP /DQGNUHLV 7XODUH LQ .DOLIRUQLHQ GHU 6FKDXSODW] HLQHV PHUNZUGLJHQ XQG LQWHUHVVDQWHQ 9HUVXFKV 0LQLDWXUODXWVSUHFKHU ZXUGHQ XQWHU GLH .RSINLVVHQ HLQHU *UXSSH YRQ 6WUDIJHIDQJHQHQ JHWDQ GLH VLFK IUHLZLOOLJ DOV SV\FKRORJLVFKH 9HUVXFKVNDQLQFKHQ JHPHOGHW KDWWHQ -HGHU GLHVHU .RSINLVVHQOHLVHVSUHFKHU RGHU )OVWHUDSSDUDWH ZDU PLW HLQHP 3ODWWHQVSLHOHU LQ GHU .DQ]OHL GHV 'LUHNWRUV YHUEXQGHQ :lKUHQG GHU JDQ]HQ 1DFKW ZLHGHUKROWH VWQGOLFK HLQ LQVSLUDWRULVFKHV)OVWHUQHLQHNXU]H+RPLOLHEHU ªGLH *UXQGVlW]H PRUDOLVFKHQ /HEHQVZDQGHOV© 8P 0LWWHUQDFKW HUZDFKHQG K|UWH HLQ 6WUlÁLQJ GLHVHV OHLVH6WLPPFKHQHWZDGLH.DUGLQDOWXJHQGHQSUHLVHQ RGHU LQ 9HUWUHWXQJ VHLQHV EHVVHUQ ,FKV PXUPHOQ ª,FKELQYRQ/LHEHXQG0LWJHIKOIUDOOHHUIOOWVR ZDKUPLU*RWWKHOIH© 1DFKGHP LFK YRQ GHP :RRGODQG 5RDG &DPS JHOHVHQ KDWWH VDK LFK PLU GDUDXIKLQ GDV ]ZHLWH .DSLWHO PHLQHU :DFNHUHQ QHXHQ :HOW DQ ,Q

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GLHVHP .DSLWHO HUNOlUW GHU 'LUHNWRU GHU %UXW XQG 1RUPDQVWDOWHQ IU :HVWHXURSD HLQHU *UXSSH DQJHKHQGHU 1RUPHU XQG %UWHU GDV )XQNWLRQLHUHQ GLHVHV VWDDWOLFK JHOHLWHWHQ 6\VWHPV HWKLVFKHU (U]LHKXQJ GDV LP -DKUKXQGHUW Q ) DOV +\SQRSlGLH EHNDQQW LVW 'LH IUKHVWHQ 9HUVXFKH PLW 6FKODIXQWHUULFKW VR VDJW GHU 'LUHNWRU VHLQHU =XK|UHUVFKDIW ZDUHQ DXI IDOVFKHU )lKUWH XQG GDKHU HUIROJORV 'LH (U]LHKHU KDWWHQ YHUVXFKW LKUHQ VFKOXPPHUQGHQ =|JOLQJHQ JHLVWLJH %LOGXQJ ]XYHUPLWWHOQ$EHUJHLVWLJH7lWLJNHLWYHUWUlJWVLFK QLFKWPLW6FKODI'LH+\SQRSlGLHKDWWHHUVWGDQQ (UIROJ DOV VLH IU GLH VLWWOLFKH %LOGXQJ YHUZHQGHW ZXUGH²PLWlQGHUQ:RUWHQIUGDV%HGLQJHQRGHU 1RUPHQ GHV 9HUKDOWHQV GXUFK YHUEDOH 6XJJHVWLRQ ]XU=HLWKHUDEJHVHW]WHQSV\FKLVFKHQ:LGHUVWDQGV ª5HÁH[QRUPXQJ RKQH :RUWH LVW JUREVFKOlFKWLJ XQG VXPPDULVFK VLH YHUPDJ NHLQ IHLQHUHV 8QWHUVFKHLGXQJVJHIKO]XYHUOHLKHQNHLQULFKWLJHV %HQHKPHQIUVFKZLHULJH/HEHQVODJHQHLQ]XLPSIHQ ZLHGHU6WDDWHVYHUODQJW'D]XEUDXFKWHV:RUWH MHGRFK :RUWH RKQH 6LQQ«© GLH $UW YRQ :RUWHQ GLH ]X LKUHP 9HUVWlQGQLV NHLQHU $QDO\VH EHGDUI VRQGHUQ JDQ] XQG JDU YRP VFKODIHQGHQ *HKLUQ JHVFKOXFNWZHUGHQNDQQ'DVLVWZDKUH+\SQRSlGLH ªGDV VWlUNVWH 0LWWHO ]XU +HEXQJ GHU 6LWWOLFKNHLW XQG GHV *HPHLQVFKDIWVJHIKOV GDV HV MH JHJHEHQ KDW© ,Q GHU ªZDFNHUHQ QHXHQ :HOW© KDWWH PDQ QLH 6FKZLHULJNHLWHQ PLW HLQHP LKUHU GHQ XQWHUQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

.DVWHQ DQJHK|UHQGHQ %UJHU :DUXP" :HLO YRQ GHP$XJHQEOLFNDQZRHVVSUHFKHQXQGYHUVWHKQ NRQQWHZDV]XLKPJHVSURFKHQZXUGHMHGHV.LQG GHU XQWHUQ .DVWHQ 1DFKW IU 1DFKW ZlKUHQG GHU 6WXQGHQ GHU 6FKOlIULJNHLW XQG GHV 6FKODIV HQGORV ZLHGHUKROWHQ (LQÁVWHUXQJHQ DXVJHVHW]W ZDU 'LHVH 6XJJHVWLRQHQ ZDUHQ ªZLH 7URSIHQ ÁVVLJHQ 6LHJHOZDFKVHV7URSIHQGLHNOHEHQVLFKYHUNUXVWHQ XQG PLW GHP ZRUDXI VLH IDOOHQ YHUVFKPHO]HQ ELV GHU )HOVEORFN HLQ HLQ]LJHU 6FKDUODFKNOHFNV LVW %LV HQGOLFK GHU *HLVW GHV .LQGHV DXV ODXWHU VROFKHQ (LQÁVWHUXQJHQ EHVWHKW XQG GLH 6XPPH GLHVHU (LQIOVWHUXQJHQ VHOEVW GHU *HLVW GHV .LQGHV LVW 8QG QLFKW QXU GHU GHV .LQGHV DXFK GHV (UZDFKVHQHQ ² DXI /HEHQV]HLW 'HU XUWHLOHQGH EHJHKUHQGH (QWVFKOVVH IDVVHQGH 9HUVWDQG ² HU LVWDXVGLHVHQ(LQÁVWHUXQJHQDXIJHEDXW8QGDOOH GLHVH(LQÁVWHUXQJHQVLQGXQVHUH(LQÁVWHUXQJHQ ²(LQÁVWHUXQJHQGHV6WDDWV«© %LV KHXWH VLQG VRYLHO LFK ZHL NHLQH EHWUlFKWOLFKHUHQ K\SQRSlGLVFKHQ (LQÁVWHUXQJHQ YRQLUJHQGHLQHP6WDDWYHUDEUHLFKWZRUGHQDOVGLH LP /DQGNUHLV 7XODUH 8QG JHJHQ GLH $UW GHU GRUW DQ *HVHW]EUHFKHU JHULFKWHWHQ K\SQRSlGLVFKHQ 6XJJHVWLRQHQOlWVLFKQLFKWVHLQZHQGHQ:HQQGRFK ZLUDOOHXQGQLFKWQXUGLH,QVDVVHQYRQ:RRGODQG 5RDG&DPSZlKUHQGXQVUHV6FKODIVPLW/LHEHXQG 0LWJHIKOIUDOOHYROOJHIOOWZHUGHQN|QQWHQ1HLQ HVLVWQLFKWGLHGXUFKGDVLQVSLUDWRULVFKH*HÁVWHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YHUPLWWHOWH /HKUH ZRJHJHQ PDQ (LQZlQGH HUKHEW VRQGHUQGDV3ULQ]LSHLQHV6FKODIXQWHUULFKWVGXUFK )XQNWLRQlUHGHV6WDDWV,VWGLH+\SQRSlGLHGLH$UW YRQ0LWWHOGLHQDFKLKUHP(UPHVVHQ]XJHEUDXFKHQ %HDPWHQ GHQHQ GLH $XVEXQJ YRQ $XWRULWlW LQ HLQHU GHPRNUDWLVFKHQ *HVHOOVFKDIW EHUWUDJHQ LVW JHVWDWWHWVHLQVROOWH",PJHJHQZlUWLJHQ)DOOZHQGHQ VLHVLHQXUEHL)UHLZLOOLJHQDQXQGPLWGHQEHVWHQ $EVLFKWHQ $EHU HV EHVWHKW NHLQH *HZlKU GDIU GD LQ lQGHUQ )lOOHQ GLH $EVLFKWHQ JXW RGHU GLH %HOHKUXQJ QXU IU )UHLZLOOLJH VHLQ ZHUGH -HGHV *HVHW]MHGHVR]LDOH(LQULFKWXQJZHOFKHHVP|JOLFK PDFKWGD%HDPWHLQ9HUVXFKXQJJHIKUWZHUGHQ LVW VFKOHFKW -HGHV *HVHW] MHGH (LQULFKWXQJ ZHOFKHVLHYRUGHU9HUVXFKXQJEHZDKUWGLHLKQHQ EHUWUDJHQH *HZDOW ]X LKUHP HLJQHQ 9RUWHLO RGHU ]XP1XW]HQGHV6WDDWVRGHULUJHQGHLQHUSROLWLVFKHQ ZLUWVFKDIWOLFKHQ RGHU NLUFKOLFKHQ 2UJDQLVDWLRQ ]X PLEUDXFKHQLVWJXW'LH+\SQRSlGLHZlUHZHQQ ZLUNXQJVYROOHLQXQJHKHXHUPlFKWLJHV:HUN]HXJLQ GHQ+lQGHQHLQHVMHGHQGHULQGHU/DJHZlUHHLQHU LKP DXVJHOLHIHUWHQ =XK|UHUVFKDIW 6XJJHVWLRQHQ DXI]X]ZLQJHQ(LQHGHPRNUDWLVFKH*HVHOOVFKDIWLVW HLQH GHP /HLWVDW] YHUVFKULHEHQH *HVHOOVFKDIW GD 0DFKW RIW PLEUDXFKW ZLUG XQG GDKHU %HDPWHQ QXU LQ EHJUHQ]WHP $XVPD XQG IU EHJUHQ]WH =HLW DQYHUWUDXW ZHUGHQ GDUI ,Q HLQHU VROFKHQ *HVHOOVFKDIWVROOWHGLH$QZHQGXQJGHU+\SQRSlGLH GXUFK %HDPWH JHVHW]OLFK JHUHJHOW VHLQ ² GDV KHLW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

QDWUOLFK ZHQQ GLH +\SQRSlGLH WDWVlFKOLFK HLQ HFKWHV :HUN]HXJ GHU 0DFKW LVW $EHU LVW VLH GDV WDWVlFKOLFK" :LUG VLH KHXWH VR JXW IXQNWLRQLHUHQ ZLH LFK PLU LKU )XQNWLRQLHUHQ LP -DKUKXQGHUW Q ) YRUVWHOOWH" :LU ZROOHQ GHQ 7DWVDFKHQEHVWDQG SUIHQ ,P 3V\FERORJLFDO %XOOHWLQ IU -XOL KDEHQ&KDUOHV:6LPRQXQG:LOOLDP+(PPRQV GLH]HKQEHGHXWHQGVWHQ6WXGLHQDXIGLHVHP*HELHW DQDO\VLHUWXQGJHZHUWHW$OOHGLHVH6WXGLHQEHIDVVHQ VLFK PLW GHP *HGlFKWQLV +LOIW 6FKODI 8QWHUULFKW GHP 6FKOHU EHLP $XVZHQGLJOHUQHQ" 8QG ELV ]X ZHOFKHP $XVPD ZLUG GHU HLQHP 6FKODIHQGHQ HLQJHÁVWHUWH/HKUVWRIIDPQlFKVWHQ0RUJHQEHLP (UZDFKHQQRFKLP*HGlFKWQLVEHZDKUW"6LPRQXQG (PPRQV DQWZRUWHQ IROJHQGHUPDHQ ª(V ZXUGHQ ]HKQ 6FKODÁHUQVWXGLHQ GXUFKJHVHKHQ 9LHOH YRQ GLHVHQ VLQG XQNULWLVFK YRQ +DQGHOVÀUPHQ RGHU LQ SRSXOlUHQ =HLWVFKULIWHQ XQG LQ =HLWXQJVDUWLNHOQ DOV%HZHLVIUGLH0|JOLFKNHLWLP6FKODI]XOHUQHQ ]LWLHUW ZRUGHQ (V ZXUGH HLQH NULWLVFKH $QDO\VH GLHVHU 6WXGLHQ GXUFKJHIKUW ,KU 9HUVXFKVSODQ LKUH6WDWLVWLNLKUH0HWKRGRORJLHXQGLKUH0HUNPDOH GHV 6FKODIV ZXUGHQ HLQJHKHQG XQWHUVXFKW $OOH GLHVH 6WXGLHQ ZLHVHQ 6FKZlFKHQ DXI GHP HLQHQ RGHUlQGHUQGLHVHU*HELHWHDXI© 'LH 6WXGLHQ PDFKHQ HV QLFKW XQ]ZHLGHXWLJ NODU GD /HUQHQ WDWVlFKOLFK ZlKUHQG GHV 6FKODIV VWDWWÀQGHW$EHUHLQLJHV/HUQHQVFKHLQWVWDWW]XÀQGHQ LQ ªHLQHU EHVRQGHUQ $UW YRQ :DFK]XVWDQG XQG

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GLH 9HUVXFKVSHUVRQHQ HULQQHUQ VLFK VSlWHU QLFKW PHKU RE VLH GDULQ ZDFK ZDUHQ 'DV NDQQ YRQ JURHU SUDNWLVFKHU %HGHXWXQJ VHLQ KLQVLFKWOLFK HLQHU (UVSDUQLV DQ /HUQ]HLW DEHU HV NDQQ QLFKW DOV6FKODÁHUQHQKLQJHVWHOOWZHUGHQ«'DV3UREOHP ZLUG WHLOZHLVH GXUFK HLQH XQJHQJHQGH 'HÀQLWLRQ GHV6FKODIHQVYHUZLUUW© 0LWWOHUZHLOH EOHLEW GLH 7DWVDFKH EHVWHKQ GD LQ GHU DPHULNDQLVFKHQ $UPHH ZlKUHQG GHV ]ZHLWHQ :HOWNULHJVXQGYHUVXFKVZHLVHVRJDUVFKRQZlKUHQG GHV HUVWHQ GLH EHL 7DJ HUWHLOWH 8QWHUZHLVXQJ LP 0RUVHDOSKDEHW XQG LQ IUHPGHQ 6SUDFKHQ GXUFK 8QWHUULFKW ZlKUHQG GHV 6FKODIV HUJlQ]W ZXUGH ² RIIHQEDU PLW EHIULHGLJHQGHQ (UJHEQLVVHQ 6HLW GHP (QGH GHV ]ZHLWHQ :HOWNULHJV KDEHQ PHKUHUH +DQGHOVÀUPHQLQGHQ86$XQGDQGHUVZRHLQHJURH =DKOYRQ.RSINLVVHQVSUHFKHUQXQGDXIEHVWLPPWH =HLWHQ HLQ]XVWHOOHQGHQ 3ODWWHQVSLHOHUQ XQG 7RQEDQGJHUlWHQYHUNDXIWYRUDOOHPDQ6FKDXVSLHOHU GLHHVHLOLJKDEHQLKUH5ROOH]XOHUQHQ3ROLWLNHUXQG 3UHGLJHUGLHGHQ(LQGUXFNHUZHFNHQP|FKWHQDXV GHP6WHJUHLIEHUHGVDP]XVHLQDQ6WXGHQWHQGLH VLFK DXI 3UIXQJHQ YRUEHUHLWHQ XQG VFKOLHOLFK ]X LKUHP JU|WHQ 1XW]HQ DQ GLH ]DKOORVHQ /HXWH GLHVLFKPLWVLFKVHOEVWVRZLHVLHVLQGXQ]XIULHGHQ IKOHQXQGVLFKJHUQVXJJHULHUHQODVVHQRGHUVLFK VHOEHU VXJJHULHUHQ P|FKWHQ HLQ DQGUHU 0HQVFK ]X ZHUGHQ 6HOEVWHUWHLOWH 6XJJHVWLRQHQ N|QQHQ OHLFKW DXI HLQ 7RQEDQG DXIJHQRPPHQ XQG LPPHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

ZLHGHU DEJHK|UW ZHUGHQ EHL 7DJ ZLH ZlKUHQG GHV 6FKODIHQV 6XJJHVWLRQHQ YRQ DXHQ KHU JLEW HV DOV *UDPPRSKRQSODWWHQ ]X NDXIHQ ZHOFKH GLH PDQQLJIDOWLJVWHQ KLOIUHLFKHQ 7H[WH HLQJHULW]W WUDJHQ (V VLQG 3ODWWHQ DXI GHP 0DUNW IU GDV +HUDEVHW]HQYRQ6SDQQXQJXQGGDV+HUEHLIKUHQ JUQGOLFKHU (UKROXQJ 3ODWWHQ ]XU )|UGHUXQJ GHV 6HOEVWYHUWUDXHQV YRQ +DQGHOVUHLVHQGHQ YLHO JHNDXIW 3ODWWHQ ]XU (UK|KXQJ GHV 6FKDUPV GHU 3HUV|QOLFKNHLW XQG LKUHU PDJQHWLVFKHQ $Q]LHKXQJVNUDIW8QWHUGHQDPPHLVWHQJHNDXIWHQ ÀQGHQ VLFK 3ODWWHQ ]XU (U]LHOXQJ ªVH[XHOOHU +DUPRQLH© XQG 3ODWWHQ IUV 6FKODQNZHUGHQ ª6FKRNRODGH LVW PLU VFKQXSSH .DUWRIIHO ODVVHQ PLFK NDOW .XFKHQ XQG 6FKODJVDKQH N|QQHQ PLU JHVWRKOHQ ZHUGHQ© (V JLEW 3ODWWHQ XQG 7RQElQGHU ]XU %HVVHUXQJ GHU *HVXQGKHLW XQG VRJDU ]XU (UK|KXQJ GHV (LQNRPPHQV 8QG GDV %HPHUNHQVZHUWH DQ DOOHGHP LVW ODXW GHQ XQDXIJHIRUGHUW YRQ GDQNEDUHQ .lXIHUQ GLHVHU 3ODWWHQXQG7RQElQGHUHLQJHVDQGWHQ=HXJQLVVHQ GD YLHOH /HXWH WDWVlFKOLFK PHKU *HOG YHUGLHQHQ QDFKGHP VLH VROFKH K\SQRSlGLVFKH 6XJJHVWLRQHQ DEJHK|UWKDEHQGDYLHOHGLFNH'DPHQVFKODQNHU ZHUGHQ XQG YLHOH 3DDUH DXI GHU 6FKZHOOH GHU 6FKHLGXQJVH[XHOOH+DUPRQLHHU]LHOHQXQGZHQQ VLH QLFKW JHVWRUEHQ VLQG JOFNOLFK XQG ]XIULHGHQ QRFKKHXWHOHEHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,Q GLHVHP =XVDPPHQKDQJ LVW HLQH $EKDQGOXQJ YRQ 7KHRGRUH ; %DUEHU 6OHHS DQG +\SQRVLV ZHOFKH LP -RXUQDO RI &OLQLFDO DQG ([SHULPHQWDO +\SQRVLV YRP 2NWREHU HUVFKLHQ DXIVFKOXUHLFK%DUEHUZHLVWGDUDXIKLQGDHLQ EHGHXWVDPHU 8QWHUVFKLHG ]ZLVFKHQ OHLFKWHP XQG WLHIHP 6FKODI EHVWHKW ,Q WLHIHP 6FKODI YHU]HLFKQHW GHU(OHNWUR(Q]HSKDORJUDSKNHLQH$OSKDZHOOHQLQ OHLFKWHP6FKODIWDXFKHQ$OSKDZHOOHQDXI,QGLHVHU +LQVLFKW VWHKW OHLFKWHU 6FKODI GHP :DFKVHLQ XQG GHU +\SQRVH LQ ZHOFKHQ EHLGHQ $OSKDZHOOHQ YRUKDQGHQ VLQG QlKHU DOV GHP =XVWDQG WLHIHQ 6FKODIV (LQ ODXWHV *HUlXVFK YHUXUVDFKW GDV (UZDFKHQHLQHULQWLHIHP6FKODIEHÀQGOLFKHQ3HUVRQ (LQ ZHQLJHU KHIWLJHU 5HL] ZHFNW GHQ 6FKODIHQGHQ QLFKW VRQGHUQ YHUXUVDFKW GDV :LHGHUDXIWDXFKHQ YRQ $OSKDZHOOHQ 7LHIHU 6FKODI LVW IU NXU]H =HLW OHLFKWHP6FKODIJHZLFKHQ (LQ WLHI 6FKODIHQGHU LVW (LQÁVWHUXQJHQ QLFKW ]XJlQJOLFK :HQQ DEHU HLQ LQ OHLFKWHP 6FKODI %HÀQGOLFKHU (LQÁVWHUXQJHQ HUKlOW VSULFKW HU VR IDQG%DUEHUDXIGLHVHOEH:HLVHDXIVLHDQZLHHULQ K\SQRWLVFKHU7UDQFHDXI6XJJHVWLRQHQUHDJLHUW 9LHOHGHUIUKHQ(UIRUVFKHUGHU+\SQRVHVWHOOWHQ lKQOLFKH 9HUVXFKH DQ 0LOQH %UDPZHOO YHU]HLFKQHW LQ VHLQHP NODVVLVFKHQ ]XP HUVWHQPDO YHU|IIHQWOLFKWHQ :HUN +LVWRU\ 3UDFWLFH DQG 7KHRU\ RI +\SQRWLVP GD ªYLHOH *HZlKUVOHXWH EHKDXSWHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

QDWUOLFKHQ6FKODILQK\SQRWLVFKHQ6FKODIYHUZDQGHOW ]X KDEHQ 1DFK :HWWHUVWUDQG LVW HVRIWVHKUOHLFKW VLFK PLW VFKODIHQGHQ 3HUVRQHQ EHVRQGHUV .LQGHUQ HQ UDSSRUW ]X VHW]HQ« :HWWHUVWUDQG KlOW GLHVH 0HWKRGH +\SQRVH KHUEHL]XIKUHQ IU SUDNWLVFK VHKU ZHUWYROO XQG EHKDXSWHW VLH RIW PLW (UIROJ DQJHZHQGHW]XKDEHQ©%UDPZHOO]LWLHUWYLHOHDQGUH HUIDKUHQH +\SQRWLVHXUH HLQVFKOLHOLFK VROFKHU KHUYRUUDJHQGHU$XWRULWlWHQZLH%HUQKHLP0ROOXQG )RUHO ZHOFKH GDVVHOEH (UJHEQLV HU]LHOWHQ +HXWH ZUGH HLQ VROFKH 9HUVXFKH $QVWHOOHQGHU QLFKW GDYRQVSUHFKHQªQDWUOLFKHQLQK\SQRWLVFKHQ6FKODI ]XYHUZDQGHOQ©(ULVWQLFKWEHUHLWPHKU]XVDJHQ DOVGDOHLFKWHU6FKODILP*HJHQVDW]]XWLHIHP6FKODI RKQH$OSKDZHOOHQ HLQ=XVWDQGLVWLQZHOFKHPYLHOH 9HUVXFKVSHUVRQHQ6XJJHVWLRQHQHEHQVREHUHLWZLOOLJ DQQHKPHQZLHLQGHU+\SQRVH=XP%HLVSLHOZHUGHQ YLHOH9HUVXFKVSHUVRQHQQDFKGHPLKQHQLQOHLFKWHP 6FKODIJHVDJWZXUGHGDVLHLQHLQHUNOHLQHQ:HLOH VHKU GXUVWLJ DXIZDFKHQ ZUGHQ SQNWOLFK PLW WURFNHQHU.HKOHXQGHLQHPVWDUNHQ9HUODQJHQQDFK :DVVHUHUZDFKHQ'LH*HKLUQULQGHPDJ]XXQWlWLJ VHLQ XP IROJHUHFKW ]X GHQNHQ DEHU VLH LVW DOHUW JHQXJXPDXI6XJJHVWLRQHQDQ]XVSUHFKHQXQGVLH DQGDVDXWRQRPH1HUYHQV\VWHPZHLWHU]XJHEHQ :LHZLUEHUHLWVJHVHKHQKDEHQKDWWHGHUEHNDQQWH VFKZHGLVFKH $U]W XQG 9HUVXFKVOHLWHU :HWWHUVWUDQG EHVRQGHUQ(UIROJEHLGHUK\SQRWLVFKHQ%HKDQGOXQJ VFKODIHQGHU .LQGHU ,Q XQVHUQ 7DJHQ ZHUGHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:HWWHUVWUDQGV 0HWKRGHQ YRQ HLQHU $Q]DKO YRQ .LQGHUlU]WHQ EHIROJW ZHOFKH MXQJH 0WWHU LQ GHU .XQVW XQWHUULFKWHQ LKUHQ .LQGHUQ ZlKUHQG GHU 6WXQGHQ OHLFKWHQ 6FKODIV KLOIUHLFKH 6XJJHVWLRQHQ HLQ]XÁVWHUQ 'XUFK GLHVH $UW YRQ +\SQRSlGLH N|QQHQ .LQGHU YRP %HWWQlVVHQ XQG 1lJHOEHLHQ JHKHLOW ZHUGHQ N|QQHQ GDUDXI YRUEHUHLWHW ZHUGHQ VLFK IXUFKWORV FKLUXUJLVFKHQ (LQJULIIHQ ]X XQWHU]LHKHQN|QQHQPLW=XYHUVLFKWXQG*HZLKHLW JHVWlUNW ZHUGHQ ZHQQ DXV LUJHQGHLQHP *UXQG LKUH /HEHQVXPVWlQGH EHWUEOLFK JHZRUGHQ VLQG ,FK VHOEVW KDEH EHPHUNHQVZHUWH (UIROJH WKHUDSHXWLVFKHQ 6FKODIXQWHUULFKWV EHL NOHLQHQ .LQGHUQ JHVHKHQ bKQOLFKH (UIROJH N|QQWHQ ZDKUVFKHLQOLFK EHL YLHOHQ (UZDFKVHQHQ HU]LHOW ZHUGHQ )UHLQHQ0|FKWHJHUQ'LNWDWRULVWGLH/HKUHDXV DOOHGHP NODU 8QWHU JHHLJQHWHQ %HGLQJXQJHQ ZLUNW +\SQRSlGLH WDWVlFKOLFK XQG VR ZLOO HV VFKHLQHQ XQJHIlKU HEHQVR VLFKHU ZLH +\SQRVH 'DV PHLVWH YRQDOOHGHPZDVPLWHLQHU3HUVRQLQK\SQRWLVFKHU 7UDQFH YRUJHQRPPHQ ZHUGHQ NDQQ NDQQ DXFK PLW HLQHP 0HQVFKHQ LQ OHLFKWHP 6FKODI DQJHVWHOOW ZHUGHQ*HVSURFKHQH6XJJHVWLRQHQN|QQHQGXUFK GLH VFKOXPPHUQGH *HKLUQULQGH GHP 0LWWHOKLUQ GHP+LUQVWDPPXQGGHPDXWRQRPHQ1HUYHQV\VWHP ZHLWHUJHJHEHQZHUGHQ6LQGGLHVH6XJJHVWLRQHQJXW YHUIDW XQG ZHUGHQ VLH KlXÀJ ZLHGHUKROW ODVVHQ VLFK GLH N|USHUOLFKHQ )XQNWLRQHQ GHV 6FKOlIHUV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YHUEHVVHUQ RGHU VW|UHQ QHXH *HIKOVNRPSOH[H HLQEDXHQ XQG DOWH DElQGHUQ SRVWK\SQRWLVFKH %HIHKOHJHEHQ6ORJDQV)RUPHOQXQG$XVO|VHZ|UWHU WLHILQV*HGlFKWQLVHLQVHQNHQ.LQGHUHLJQHQVLFK EHVVHU GD]X K\SQRSlGLVFK EHKDQGHOW ]X ZHUGHQ DOV (UZDFKVHQH XQG GHU ]XNQIWLJH 'LNWDWRU ZLUG GDV ]X VHLQHP 9RUWHLO YROO DXVQW]HQ .LQGHUQ LP *HKVFKXOHQ XQG .LQGHUJDUWHQDOWHU ZHUGHQ ZlKUHQG LKUHV 1DFKPLWWDJVVFKOlIFKHQV K\SQRSlGLVFKH 6XJJHVWLRQHQ YHUDEUHLFKW ZHUGHQ )U lOWHUH .LQGHU XQG EHVRQGHUV GLH .LQGHU YRQ 3DUWHLPLWJOLHGHUQ ² IU GLH -XQJHQ XQG 0lGHOV GLH ]X )KUHUQ 9HUZDOWXQJVEHDPWHQ XQG /HKUHUQ KHUDQZDFKVHQ VROOHQ ² ZLUG HV ,QWHUQDWH JHEHQ ZR HLQH YRUWUHIÁLFKH 7DJHVDXVELOGXQJ GXUFK QlFKWOLFKHQ6FKODIXQWHUULFKWHUJlQ]WZHUGHQZLUG :HQQ HV VLFK XP (UZDFKVHQH KDQGHOW ZLUG GHQ .UDQNHQ EHVRQGHUH $XIPHUNVDPNHLW JHZLGPHW ZHUGHQ :LH 3DZORZ YRU YLHOHQ -DKUHQ GDUWDW ZHUGHQ ZLOOHQVVWDUNH XQG ZLGHUVWDQGVIlKLJH +XQGHQDFKHLQHU2SHUDWLRQRGHUZHQQVLHDQHLQHU HQWNUlIWHQGHQ .UDQNKHLW OHLGHQ Y|OOLJ VXJJHVWLEHO 8QVHU'LNWDWRUZLUGGDKHUGDIUVRUJHQGDMHGHV .UDQNHQKDXV DXVUHLFKHQG PLW .ODQJOHLWXQJHQ YHUVHKHQ LVW $XV HLQHU %OLQGGDUPRSHUDWLRQ HLQHU 1LHGHUNXQIW HLQHP $QIDOO YRQ /XQJHQHQW]QGXQJ RGHU *HOEVXFKW OlW VLFK GLH *HOHJHQKHLW ]X HLQHP LQWHQVLYHQ .XUVXV LQ 3DUWHLWUHXH XQG GHP ZDKUHQ *ODXEHQ XQG ]X HLQHP ª$XIIULVFKHU©

$/'286+8;/(<'5(,66,*-$+5('$1$&+

LQ GHQ *UXQG]JHQ GHU |UWOLFK YRUKHUUVFKHQGHQ ,GHRORJLH PDFKHQ $QGUH KLOÁRV DXVJHOLHIHUWH =XK|UHUVFKDIWHQ ZlUHQ LQ GHQ *HIlQJQLVVHQ LQ $UEHLWVODJHUQ LQ .DVHUQHQ LQ 6FKLIIHQ DXI KRKHU 6HH QDFKWV LQ =JHQ XQG )OXJ]HXJHQ XQG LQ GHQ WUEVHOLJHQ :DUWHVlOHQ GHU 2EXV XQG (LVHQEDKQVWDWLRQHQ ]X ÀQGHQ $XFK ZHQQ GLH GLHVHQ JHIDQJHQHQ =XK|UHUVFKDIWHQ HUWHLOWHQ K\SQRSlGLVFKHQ 6XJJHVWLRQHQ EHL QLFKW PHKU DOV ]HKQ YRP +XQGHUW ZLUNVDP ZUGHQ ZlUHQ GLH (UJHEQLVVH GRFKQRFKHLQGUXFNVYROOXQGIUHLQHQ 'LNWDWRUK|FKVWZQVFKHQVZHUW 9RQ GHU PLW OHLFKWHP 6FKODI XQG +\SQRVH YHUEXQGHQHQ HUK|KWHQ 6XJJHVWLELOLWlW ZROOHQ ZLU XQV QXQ GHU QRUPDOHQ 6XJJHVWLELOLWlW GHUMHQLJHQ ]XZHQGHQ GLH ZDFK VLQG ² RGHU ZHQLJVWHQV JODXEHQ ZDFK ]X VHLQ 7DWVlFKOLFK VLQG ZLH GLH %XGGKLVWHQ EHKDUUOLFK EHWRQHQ GLH PHLVWHQ YRQ XQV DOOH]HLW LQ KDOEHP 6FKODI XQG JHKQ DOV 6FKODIZDQGOHU ZHOFKH IUHPGHQ 6XJJHVWLRQHQ JHKRUFKHQGXUFKV/HEHQ(UOHXFKWXQJLVWY|OOLJHV :DFKVHLQ 'DV :RUW ª%XGGKD© OlW VLFK PLW ªGHU :DFKH©EHUVHW]HQ *HQHWLVFK LVW MHGHU 0HQVFK HLQ]LJDUWLJ XQG DXI YLHOH :HLVH MHGHP lQGHUQ 0HQVFKHQ XQlKQOLFK 'LH 6SDQQH GHU LQGLYLGXHOOHQ $EZHLFKXQJHQ YRQ GHU VWDWLVWLVFKHQ 1RUP LVW HUVWDXQOLFK ZHLW 8QG GLH VWDWLVWLVFKH 1RUP GDV ZROOHQ ZLU QLFKW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

YHUJHVVHQLVWQXUEHLYHUVLFKHUXQJVPDWKHPDWLVFK HQ%HUHFKQXQJHQYRQ1XW]HQQLFKWLPZLUNOLFKHQ /HEHQ ,P ZLUNOLFKHQ /HEHQ JLEW HV NHLQH VROFKH 3HUVRQ ZLH GHQ 'XUFKVFKQLWWVPHQVFKHQ (V JLEW QXU EHVRQGHUH 0lQQHU )UDXHQ XQG .LQGHU HLQ MHGHV PLW VHLQHQ DQJHERUHQHQ ,GLRV\QNUDVLHQ GHV *HLVWV XQG GHV .|USHUV XQG DOOH YHUVXFKHQ VLH RGHU ZHUGHQ JH]ZXQJHQ LKUH ELRORJLVFKHQ 9HUVFKLHGHQKHLWHQ LQ GLH *OHLFKI|UPLJNHLW LUJHQGHLQHVNXOWXUHOOHQ0RGHOV]X]ZlQJHQ 6XJJHVWLELOLWlW LVW HLQH GHU (LJHQVFKDIWHQ GLH EH]HLFKQHQG YRQ ,QGLYLGXXP ]X ,QGLYLGXXP YDULLHUHQ 8PZHOWOLFKH )DNWRUHQ VSLHOHQ JHZL LKUH 5ROOH GDEHL GHQ HLQHQ 0HQVFKHQ PHKU DOV HLQHQ lQGHUQ IU 6XJJHVWLRQHQ HPSIlQJOLFK ]X PDFKHQ DEHU HV JLEW QLFKW ZHQLJHU JHZL DXFK NRQVWLWXWLRQHOOH8QWHUVFKLHGHLQGHU6XJJHVWLELOLWlW GHU ,QGLYLGXHQ bXHUVWHU :LGHUVWDQG JHJHQ 6XJJHVWLRQ LVW UHFKW VHOWHQ 8QG GDV ]XP *OFN 'HQQ ZHQQ MHGHU 0HQVFK VR XQHPSIlQJOLFK IU 6XJJHVWLRQHQ ZlUH ZLH HV PDQFKH VLQG ZlUH HLQ VR]LDOHV /HEHQ XQP|JOLFK 0HQVFKOLFKH *HVHOOVFKDIWHQ N|QQHQ PLW HLQHP YHUQQIWLJHQ 0D YRQ /HLVWXQJVIlKLJNHLW IXQNWLRQLHUHQ ZHLO GLH PHLVWHQ 0HQVFKHQ ]ZDU LQ YHUVFKLHGHQHP *UDGDEHUGRFK]LHPOLFKVXJJHVWLEHOVLQG([WUHPH 6XJJHVWLELOLWlWLVWZDKUVFKHLQOLFKHEHQVRVHOWHQZLH H[WUHPH 1LFKWVXJJHVWLELOLWlW 8QG DXFK GDV LVW HLQ *OFN 'HQQ ZHQQ GLH PHLVWHQ 0HQVFKHQ VRVHKU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DXIYRQDXHQNRPPHQGH6XJJHVWLRQHQDQVSUHFKHQ ZUGHQZLHGLHMHQLJHQDQGHUlXHUVWHQ*UHQ]HGHU 6XJJHVWLELOLWlWZUGHHLQHYHUQQIWLJH:DKOIUGLH 0HKU]DKO GHU :lKOHUVFKDIW VR JXW ZLH XQP|JOLFK XQG GHPRNUDWLVFKH (LQULFKWXQJHQ N|QQWHQ VLFK QLFKWHUKDOWHQRGHUQLFKWHLQPDOHQWVWHKQ 9RU HLQ SDDU -DKUHQ IKUWH LP 0DVVDFKXVHWWV *HQHUDO +RVSLWDO HLQH )RUVFKXQJVJUXSSH HLQHQ K|FKVW DXIVFKOXUHLFKHQ 9HUVXFK EHU GLH VFKPHU]VWLOOHQGHQ :LUNXQJHQ YRQ 3ODFHERV GXUFK (LQ 3ODFHER LVW LUJHQG HWZDV ZRYRQ GHU 3DWLHQW JODXEW HV VHL HLQ ZLUNXQJVYROOHV +HLOPLWWHO GDV DEHUWDWVlFKOLFKSKDUPDNRORJLVFKZLUNXQJVORVLVW %HL GLHVHP ([SHULPHQW ZDUHQ GLH 9HUVXFKVREMHNWH HLQKXQGHUW]ZHLXQGVHFK]LJ3DWLHQWHQZHOFKHVRHEHQ DXV GHP 2SHUDWLRQVVDDO NDPHQ XQG EHWUlFKWOLFKH 6FKPHU]HQOLWWHQ6RRIWHLQ3DWLHQWHLQ0HGLNDPHQW ]XU /LQGHUXQJ VHLQHU 6FKPHU]HQ YHUODQJWH ZXUGH LKPHLQH(LQVSULW]XQJHQWZHGHUYRQ0RUSKLXPRGHU YRQ GHVWLOOLHUWHP :DVVHU JHPDFKW $OOH 3DWLHQWHQ HUKLHOWHQ HLQLJH (LQVSULW]XQJHQ YRQ 0RUSKLXP XQG HLQLJH YRQ GHVWLOOLHUWHP :DVVHU 8QJHIlKU GUHLLJ YRP +XQGHUW GHU 3DWLHQWHQ HPSIDQGHQ QLH HLQH (UOHLFKWHUXQJ GXUFK GDV 3ODFHER $QGUHUVHLWV HPSIDQGHQ YLHU]HKQ YRP +XQGHUW (UOHLFKWHUXQJ QDFKMHGHU(LQVSULW]XQJGHVWLOOLHUWHQ:DVVHUV'HQ YHUEOHLEHQGHQVHFKVXQGIQI]LJYRP+XQGHUWZXUGH GXUFKGDV3ODFHERHLQLJH0DOH(UOHLFKWHUXQJ]XWHLO DQGUH0DOHDEHUQLFKW

$/'286+8;/(<'5(,66,*-$+5('$1$&+

,Q ZHOFKHU +LQVLFKW XQWHUVFKLHGHQ VLFK GLH VXJJHVWLEHOQ UHDJLHUHQGHQ 3HUVRQHQ YRQ GHQ QLFKWVXJJHVWLEHOQ QLFKWUHDJLHUHQGHQ" 6RUJIlOWLJH 8QWHUVXFKXQJ XQG 3UIXQJ HQWKOOWHQ GD ZHGHU $OWHU QRFK *HVFKOHFKW HLQ EHGHXWXQJVYROOHU )DNWRU ZDU 0lQQHU UHDJLHUWHQ DXI GDV 3ODFHER HEHQVR KlXÀJ ZLH )UDXHQ XQG MXQJH HEHQVR KlXÀJ ZLH DOWH $XFK VFKLHQ GHU ,QWHOOLJHQ]JUDG JHPHVVHQ QDFK GHQ EOLFKHQ 7HVWV QLFKW YRQ %HGHXWXQJ ]X VHLQ 'HU GXUFKVFKQLWWOLFKH ,QWHOOLJHQ]TXRWLHQW GHU ]ZHL *UXSSHQ ZDU XQJHIlKU GHUVHOEH %H]HLFKQHQG XQWHUVFKLHGHQ VLFK GLH $QJHK|ULJHQ GHU EHLGHQ *UXSSHQ YRU DOOHP LP 7HPSHUDPHQW LQ GHU $UW GHU *HIKOH ZHOFKH VLH VLFK VHOEVW XQG lQGHUQ /HXWHQ JHJHQEHU KHJWHQ 'LH 5HDJLHUHQGHQ ZDUHQ EHUHLWHU ]XU0LWZLUNXQJDOVGLH1LFKWUHDJLHUHQGHQVLHZDUHQ ZHQLJHUNULWLVFKXQGZHQLJHUDUJZ|KQLVFK6LHPDFKWHQ GHQ .UDQNHQZlUWHULQQHQ NHLQH 6FKZLHULJNHLWHQ XQG ZDUHQ GHU $QVLFKW GLH 3ÁHJH GLH VLH LQ GHP .UDQNHQKDXVHUKLHOWHQVHLªHLQIDFKZXQGHUYROO©$EHU ZHQQJOHLFK GLH 5HDJLHUHQGHQ ZHQLJHU XQIUHXQGOLFK JHJHQDQGUHZDUHQDOVGLH1LFKWUHDJLHUHQGHQZDUHQ VLH LP DOOJHPHLQHQ YLHO lQJVWOLFKHU XP VLFK VHOEVW EHVRUJW8QWHU'UXFNQHLJWHGLHVHbQJVWOLFKNHLWGD]X VLFK LQ YHUVFKLHGHQH SV\FKRVRPDWLVFKH 6\PSWRPH XP]XVHW]HQZLH0DJHQEHVFKZHUGHQ'XUFKIDOOXQG .RSIVFKPHU]HQ7URW]RGHUZHJHQLKUHUbQJVWOLFKNHLW ZDUHQ GLH 5HDJLHUHQGHQ XQJHKHPPWHU LQ GHU =XUVFKDXVWHOOXQJYRQ*HIKOHQXQGJHVSUlFKLJHUDOV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GLH1LFKWUHDJLHUHQGHQ6LHZDUHQDXFKYLHOUHOLJL|VHU YLHOWlWLJHULQGHQ$QJHOHJHQKHLWHQLKUHU.LUFKHXQG DXI HLQHU XQWHUEHZXWHQ (EHQH YLHO PHKU PLW GHQ 2UJDQHQLKUHV%HFNHQVXQG8QWHUOHLEVEHVFKlIWLJW (VLVWLQWHUHVVDQWGLHVH=DKOHQIUGLH5HDNWLRQ DXI3ODFHERVPLWGHQ6FKlW]XQJHQ]XYHUJOHLFKHQ GLH DXI LKUHP 6SH]LDOJHELHW YRQ $XWRUHQ ZHOFKH EHU +\SQRVH JHVFKULHEHQ KDEHQ DQJHVWHOOW ZXUGHQ 8QJHIlKU HLQ )QIWHO GHU 0HQVFKHQ VR VDJHQ XQV GLHVH LVW VHKU OHLFKW ]X K\SQRWLVLHUHQ (LQ ]ZHLWHV )QIWHO OlW VLFK EHUKDXSW QLFKW K\SQRWLVLHUHQ RGHU QXU GDQQ ZHQQ 0HGLNDPHQWH RGHU (UPGXQJ GHQ SV\FKLVFKHQ :LGHUVWDQG KHUDEJHVHW]W KDEHQ 'LH UHVWOLFKHQ GUHL )QIWHO ODVVHQ VLFK HWZDV ZHQLJHU OHLFKW K\SQRWLVLHUHQ DOV GLHHUVWH*UXSSHDEHUEHWUlFKWOLFK OHLFKWHU DOV GLH ]ZHLWH (LQ (U]HXJHU K\SQRSlGLVFKHU 7RQElQGHU XQG 3ODWWHQ VDJWH PLU GD HWZD ]ZDQ]LJ YRP +XQGHUWVHLQHU.XQGHQEHJHLVWHUWVHLHQXQGLKPYRQ YHUEOIIHQGHQLQVHKUNXU]HU=HLWHU]LHOWHQ(UIROJHQ EHULFKWHWHQ $P lQGHUQ (QGH GHV 6SHNWUXPV GHU 6XJJHVWLELOLWlW JLEW HV HLQH 0LQGHUKHLW YRQ DFKW YRP +XQGHUW GLH UHJHOPlLJ LKU *HOG ]XUFNYHUODQJW=ZLVFKHQGLHVHQEHLGHQ([WUHPHQ VWHKQGLHMHQLJHQGLH]ZDUNHLQHVFKQHOOHQ(UIROJH HU]LHOHQ DEHU VXJJHVWLEHO JHQXJ VLQG XP PLW GHU =HLW GRFK EHHLQÁXW ]X ZHUGHQ :HQQ VLH DXVGDXHUQG GHQ HQWVSUHFKHQGHQ K\SQRSlGLVFKHQ 8QWHUZHLVXQJHQ]XK|UHQHU]LHOHQVLHDP(QGHZDV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VLH JHZROOW KDEHQ ² 6HOEVWYHUWUDXHQ RGHU VH[XHOOH +DUPRQLHRGHU*HZLFKWVYHUOXVWRGHUPHKU*HOG 'HQ ,GHDOHQ GHU 'HPRNUDWLH XQG )UHLKHLW VWHKW GLH QDFNWH 7DWVDFKH PHQVFKOLFKHU 6XJJHVWLELOLWlW HQWJHJHQ(LQ)QIWHOMHGHU:lKOHUVFKDIWNDQQIDVW LP 1X K\SQRWLVLHUW ZHUGHQ (LQ 6LHEHQWHO NDQQ GXUFK(LQVSULW]XQJHQYRQ:DVVHU YRQ 6FKPHU]HQ EHIUHLW ZHUGHQ HLQ 9LHUWHO VSULFKW SURPSW XQG EHJHLVWHUWDXI+\SQRSlGLHDQ8QGGLHVHQDOO]XVHKU ]XU0LWDUEHLWEHUHLWHQ0LQGHUKHLWHQPXPDQQRFK GLH ODQJVDP DQODXIHQGHQ 0HKUKHLWHQ KLQ]X]lKOHQ GHUHQ ZHQLJHU DXHURUGHQWOLFKH 6XJJHVWLELOLWlW ZLUNXQJVYROO YRQ MHGHP DXVJHEHXWHW ZHUGHQ NDQQ GHU VLFK DXI GLHVHV *HVFKlIW YHUVWHKW XQG EHUHLW LVW GLH QRWZHQGLJH =HLW XQG 0KH GDUDQ ]X ZHQGHQ ,VW LQGLYLGXHOOH )UHLKHLW YHUHLQEDU PLW HLQHP KRKHQ *UDG LQGLYLGXHOOHU 6XJJHVWLELOLWlW" .|QQHQ GHPRNUDWLVFKH (LQULFKWXQJHQ GHQ 8PVWXU]YRQLQQHQKHUEHUOHEHQGHQJHVFKLFNWH *HKLUQPDQLSXOLHUHU DQVWUHEHQ ZHOFKH LQ GHU :LVVHQVFKDIW XQG .XQVW GHV $XVEHXWHQV GHU 6XJJHVWLELOLWlW YRQ ,QGLYLGXHQ ZLH YRQ 9RONVPHQJHQJHEWVLQG"%LV]XZHOFKHP$XVPD NDQQGLHDQJHERUHQH1HLJXQJDOO]XVXJJHVWLEHO]X VHLQ ]XP HLJQHQ %HVWHQ XQG ]XP %HVWHQ HLQHU GHPRNUDWLVFKHQ *HVHOOVFKDIW GXUFK (U]LHKXQJ QHXWUDOLVLHUW ZHUGHQ" :LH ZHLW NDQQ GLH $XVEHXWXQJ XQJHZ|KQOLFKHU6XJJHVWLELOLWlWGXUFK *HVFKlIWVOHXWH*HLVWOLFKHXQGVROFKH3ROLWLNHUGLH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DQGHU0DFKWVLQGRGHUVLHDQVWUHEHQYRQ*HVHW]HV ZHJHQ HLQJHGlPPW ZHUGHQ" $XVGUFNOLFK RGHU PLWJHPHLQWVLQGGLHHUVWHQ]ZHL)UDJHQLQIUKHUQ .DSLWHOQ EHVSURFKHQ ZRUGHQ ,P IROJHQGHQ ZLOO LFK PLFK PLW GHQ 3UREOHPHQ GHU 9HUKWXQJ XQG +HLOXQJEHIDVVHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

(5=,(+81*=85)5(,+(,7

(U]LHKXQJ ]XU )UHLKHLW PX GDPLW EHJLQQHQ 7DWVDFKHQ IHVW]XVWHOOHQ XQG :HUWXQJHQ DXV]XVSUHFKHQ XQG PX GDQQ JHHLJQHWH 0HWKRGHQHQWZLFNHOQGLHVH:HUWH]XYHUZLUNOLFKHQ XQGGLHMHQLJHQ/HXWH]XEHNlPSIHQGLHZDVLPPHU LKUH *UQGH VHLQ P|JHQ OLHEHU GLH 7DWVDFKHQ XQEHDFKWHWODVVHQRGHUGLH:HUWHOHXJQHQ ,Q HLQHP IUKHUQ .DSLWHO KDEH LFK GDV 6R]LDOHWKRV EHVSURFKHQ LQ GHVVHQ %HJULIIHQ GLH DXV hEHURUJDQLVLHUXQJ XQG hEHUY|ONHUXQJ VLFK HUJHEHQGHQ hEHO JHUHFKWIHUWLJW ZHUGHQ XQG GHQ $QVFKHLQ GHV *XWHQ HUKDOWHQ 6WHKW HLQ VROFKHV :HUWV\VWHP LP (LQNODQJ PLW XQVHUP :LVVHQ YRP .|USHUEDX XQG 7HPSHUDPHQW GHV 0HQVFKHQ" 'LH 6R]LDOHWKLN QLPPW DQ 1DKUXQJ VHL YRQ EHUUDJHQGHU :LFKWLJNHLW EHL GHU %HVWLPPXQJ PHQVFKOLFKHQ9HUKDOWHQVXQGGLH1DWXUYHUDQODJXQJ ² GLH SV\FKRSK\VLVFKH $XVUVWXQJ PLW ZHOFKHU GHU HLQ]HOQH 0HQVFK JHERUHQ ZLUG ² VHL HLQ ]X YHUQDFKOlVVLJHQGHU )DNWRU ,VW GDV DEHU ZDKU" ,VWHVZDKUGDGHU0HQVFKQLFKWVDQGUHVLVWDOV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GDV 3URGXNW VHLQHU VR]LDOHQ 8PZHOW" 8QG ZHQQ HV QLFKW ZDKU LVW ZHOFKH 5HFKWIHUWLJXQJ NDQQ HV IU GLH %HKDXSWXQJ JHEHQ GDV ,QGLYLGXXP VHL ZHQLJHUZLFKWLJDOVGLH*UXSSHYRQZHOFKHUHVHLQ *OLHGLVW" $OOHV XQV ]XJlQJOLFKH 7DWVDFKHQPDWHULDO IKUW ]X GHP 6FKOX GD LP /HEHQ GHV (LQ]HOQHQ XQG JDQ]HU *HVHOOVFKDIWHQ 9HUHUEXQJ QLFKW ZHQL JHU EHGHXWVDP LVW DOV .XOWXU -HGHV ,QGLYLGXXP LVW ELRORJLVFK HLQ]LJDUWLJ XQG YRQ DOOHQ lQGHUQ ,QGLYLGXHQ YHUVFKLHGHQ )UHLKHLW LVW GDKHU HLQ JURHV *XW 'XOGVDPNHLW HLQH JURH 7XJHQG XQG =ZDQJVRUJDQLVLHUXQJ HLQ JURHV 0LJHVFKLFN $XV SUDNWLVFKHQ XQG WKHRUHWLVFKHQ *UQGHQ VLQG 'LNWDWRUHQ 2UJDQLVDWLRQVPHQVFKHQ XQG JHZLVVH :LVVHQVFKDIWHU GDUDXI DXV GLH YHUWUDFN WH 9HUVFKLHGHQKHLW GHU 0HQVFKHQQDWXUHQ DXI LUJHQGHLQH KDQGOLFKH *OHLFKI|UPLJNHLW ]X UHGX ]LHUHQ ,P HUVWHQ $XIÁDPPHQ VHLQHV EHKDYLRULV WLVFKHQ (LIHUV HUNOlUWH - % :DWVRQ UXQGZHJ HU N|QQH ªQLFKWV ÀQGHQ ZDV GLH $QQDKPH HUEOLFKHU 9HUKDOWHQVZHLVHQ RGHU EHVRQGUHU %HJDEXQJHQ PXVLNDOLVFKHU NQVWOHULVFKHU XVZ ZHOFKH VLFK DQJHEOLFK LQ )DPLOLHQ IRUWHUEHQ VWW]W© 8QG DXFK KHXWH QRFK K|UHQ ZLU HLQHQ KHUYRUUDJHQ GHQ 3V\FKRORJHQ % ) 6NLQQHU YRQ GHU +DUYDUG 8QLYHUVLWlW PLW 1DFKGUXFN EHKDXSWHQ ªZlKUHQG ZLVVHQVFKDIWOLFKH (UNOlUXQJ LPPHU XPIDVVHQGHU ZLUG VFKHLQW VLFK GHU %HLWUDJ GHQ GHU HLQ]HOQH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

]X OHLVWHQ VLFK UKPHQ NDQQ LPPHU PHKU GHP 1XOOSXQNW ]X QlKHUQ 'LH YLHOJHUKPWHQ VFK|SIH ULVFKHQ.UlIWHGHV0HQVFKHQVHLQH/HLVWXQJHQLQ GHU.XQVWGHU:LVVHQVFKDIWXQGGHU(WKLNVHLQH )lKLJNHLW HLQH :DKO ]X WUHIIHQ XQG XQVHU 5HFKW LKQ IU GLH )ROJHQ VHLQHU :DKO YHUDQWZRUWOLFK ]X PDFKHQ²QLFKWVYRQDOOHGHPVWLFKWDXVGHPQHX HQZLVVHQVFKDIWOLFKHQ6HOEVWELOGQLVGHV0HQVFKHQ KHUYRU© 0LW HLQHP :RUW 6KDNHVSHDUHV 'UDPHQ ZXUGHQQLFKWYRQ6KDNHVSHDUHJHVFKULHEHQQLFKW HLQPDOYRQ%DFRQRGHUGHP*UDIHQYRQ2[IRUGVLH ZXUGHQ YRP HOLVDEHWKDQLVFKHQ (QJODQG JHVFKULH EHQ 9RU PHKU DOV VHFK]LJ -DKUHQ VFKULHE :LOOLDP -DPHVHLQHQ(VVD\EHU*URH0HQVFKHQXQGLKUH 8PZHOW ZRULQ HU WUDFKWHWH GDV KHUYRUUDJHQGH ,QGLYLGXXPJHJHQGLH$QJULIIH+HUEHUW6SHQFHUV]X YHUWHLGLJHQ 6SHQFHU KDWWH YHUNQGHW ªGLH :LVVHQVFKDIW© GLHVH ZXQGHUYROO EHTXHPH 3HUVRQLÀ]LHUXQJGHUYRQGHQ3URIHVVRUHQ;<XQG = ]X HLQHP JHJHEHQHQ =HLWSXQNW YHUIRFKWHQHQ 0HLQXQJHQ KDEHGHQªJURHQ0HQVFKHQ©Y|OOLJEH VHLWLJW ª'HU JURH 0HQVFK© VR KDWWH 6SHQFHU JH VFKULHEHQªPXPLWDOOHQlQGHUQ3KlQRPHQHQGHU *HVHOOVFKDIWGLHLKQKHUYRUEUDFKWHDOVHLQ3URGXNW LKUHU9RUJHVFKLFKWHNODVVLÀ]LHUWZHUGHQ©'HUJURH 0HQVFK VHL YLHOOHLFKW RGHU VFKHLQH ªGHU XQPLWWHO EDUH 8UKHEHU YRQ 9HUlQGHUXQJHQ« $EHU ZHQQ HV LUJHQG HWZDV ZLH HLQH ZLUNOLFKH (UNOlUXQJ GLHVHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

9HUlQGHUXQJHQ JHEHQ VROO PX VLH LQ MHQHP $JJUHJDW YRQ 9HUKlOWQLVVHQ JHVXFKW ZHUGHQ DXV GHPVRZRKOHUZLHVLHHQWVWDQGHQVLQG©'LHVLVWHLQ %HLVSLHO GLHVHU OHHUHQ 7LHIVLQQLJNHLWHQ GHQHQ XQ P|JOLFKHLQ6LQQPLWZHOFKHPVLFKRSHULHUHQOLHH EHLJHOHJW ZHUGHQ NDQQ :DV XQVHU 3KLORVRSK GD VDJW KHLW HLQIDFK GD ZLU DOOHV ZLVVHQ PVVHQ EHYRUZLULUJHQGHWZDVYROOYHUVWHKQN|QQHQ'DUDQ LVW QLFKW ]X ]ZHLIHOQ 7DWVlFKOLFK DEHU ZHUGHQ ZLU QLHDOOHVZLVVHQ:LUPVVHQXQVGDKHUPLWWHLOZHL VHP9HUVWHKQXQGQlFKVWOLHJHQGHQ8UVDFKHQHLQ VFKOLHOLFKGHV(LQÁXVVHVJURHU0HQVFKHQ]XIULH GHQ JHEHQ ª:HQQ LUJHQG HWZDV PHQVFKOLFK JHZL LVW©VFKUHLEW:LOOLDP-DPHVªLVWHVGLHVGDGLHLP HLJHQWOLFKHQ6LQQVRJHQDQQWH*HVHOOVFKDIWLQZHO FKHUGHUJURH0HQVFKDXIZlFKVWLKQQLFKWJHVWDO WHWEHYRUQLFKWHUVLHQHXJHVWDOWHQNDQQ:DVLKQ JHVWDOWHW VLQG SK\VLRORJLVFKH .UlIWH PLW ZHOFKHQ GLH VR]LDOHQ SROLWLVFKHQ JHRJUDSKLVFKHQ XQG LQ JURHP $XVPD DXFK GLH DQWKURSRORJLVFKHQ 9HUKlOWQLVVH HEHQVRYLHO RGHU HEHQVRZHQLJ ]X WXQ KDEHQZLHGHU.UDWHUGHV9HVXYPLWGHP)ODFNHUQ GLHVHV *DVOLFKWV EHL GHP LFK GLHV VFKUHLEH ,VW HV P|JOLFK GD 0U 6SHQFHU GHU 0HLQXQJ LVW GLH .RQYHUJHQ]VR]LRORJLVFKHU.UDIWOLQLHQDXI6WUDWIRUG RQ$YRQVHLXPGHQ$SULOVRVWDUNJHZH VHQGDHLQ:6KDNHVSHDUHPLWDOOHQVHLQHQJHLV WLJHQ %HVRQGHUKHLWHQ GRUW JHERUHQ ZHUGHQ PX WH"« 8QG PHLQW HU HWZD GD IDOOV EHVDJWHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:6KDNHVSHDUHDP%UHFKGXUFKIDOOJHVWRUEHQZlUH HLQH DQGUH 0XWWHU LQ 6WUDWIRUGRQ$YRQ QRWZHQGL JHUZHLVH HLQ 'XSOLNDW YRQ LKP ]XU :HOW JHEUDFKW KlWWH XP GDV VR]LRORJLVFKH *OHLFKJHZLFKW ZLHGHU KHU]XVWHOOHQ"© 3URI 6NLQQHU LVW ([SHULPHQWDO SV\FKRORJHXQGVHLQ%XFKEHUª:LVVHQVFKDIWXQG PHQVFKOLFKHV9HUKDOWHQ©LVWDXI7DWVDFKHQJHJUQ GHW/HLGHUDEHUJHK|UHQGLH7DWVDFKHQHLQHUVREH JUHQ]WHQ .ODVVH DQ GD VHLQH 6FKOXIROJHUXQJHQ ZHQQ HU HQGOLFK HLQH 9HUDOOJHPHLQHUXQJ ZDJW VR VFKOHFKWZHJXQUHDOLVWLVFKVLQGZLHMHQHGHUYLNWRUL DQLVFKHQ7KHRUHWLNHU8QGGDVXQYHUPHLGOLFKGHQQ 3URI6NLQQHUV*OHLFKJOWLJNHLWGDJHJHQZDV-DPHV GLHªSK\VLRORJLVFKHQ.UlIWH©QHQQWLVWIDVWVRYROO VWlQGLJZLHGLH+HUEHUW6SHQFHUV'LHJHQHWLVFKHQ GDV 9HUKDOWHQ GHU 0HQVFKHQ EHVWLPPHQGHQ )DNWRUHQ ZHUGHQ YRQ LKP DXI ZHQLJHU DOV HLQHU 6HLWH DEJHWDQ ,Q VHLQHP %XFK ÀQGHW VLFK NHLQ +LQZHLV DXI GLH )RUVFKXQJVHUJHEQLVVH GHU .RQVWLWXWLRQVPHGL]LQ QRFK LUJHQGHLQH $QGHXWXQJ MHQHU .RQVWLWXWLRQVSV\FKRORJLH LQ GHUHQ %HJULIIHQ XQGVRZHLWLFKHV]XEHXUWHLOHQYHUPDJLQGHUHQ %HJULIIHQ DOOHLQ HV YLHOOHLFKW P|JOLFK LVW HLQH YROO VWlQGLJH XQG UHDOLVWLVFKH %LRJUDSKLH HLQHV HLQ]HO QHQ 0HQVFKHQ LQ %H]LHKXQJ DXI GLH HUKHEOLFKHQ 7DWVDFKHQVHLQHV'DVHLQV]XVFKUHLEHQ²DXIVHLQHQ .|USHUVHLQ7HPSHUDPHQWVHLQH*HLVWHVJDEHQVHL QH XQPLWWHOEDUH 8PZHOW YRQ $XJHQEOLFN ]X $XJHQEOLFN VHLQH =HLW VHLQHQ :RKQRUW XQG VHLQH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

%LOGXQJ (LQH :LVVHQVFKDIW GHV PHQVFKOLFKHQ 9HUKDOWHQVLVWZLHHLQH:LVVHQVFKDIWGHUDEVWUDNWHQ %HZHJXQJ²QRWZHQGLJDEHUIUVLFKDOOHLQJHJHQ EHU GHQ 7DWVDFKHQ Y|OOLJ XQ]XOlQJOLFK 0DQ EH WUDFKWHHLQH/LEHOOHHLQH5DNHWHXQGHLQHVLFKEUH FKHQGH:HOOH$OOHGUHLYHUDQVFKDXOLFKHQGLHVHOEHQ *UXQGJHVHW]HGHU%HZHJXQJDEHUVLHYHUDQVFKDXOL FKHQ VLH DXI YHUVFKLHGHQH :HLVH 8QG GLH 8QWHUVFKLHGH VLQG PLQGHVWHQV VR ZLFKWLJ ZLH GLH *OHLFKKHLWHQ)UVLFKDOOHLQNDQQXQVHLQ6WXGLXP GHU%HZHJXQJIDVWJDUQLFKWVEHUGDVVDJHQZDV LQHLQHPJHJHEHQHQ)DOOEHZHJWZLUG(EHQVRNDQQ XQVHLQ6WXGLXPGHV9HUKDOWHQVIUVLFKDOOHLQIDVW QLFKWV EHU GHQ LQGLYLGXHOOHQ *HLVW.|USHU VDJHQ GHU LQ LUJHQGHLQHP EHVWLPPWHQ $XJHQEOLFN GLHVHV 9HUKDOWHQ]HLJW)UXQVDEHUGLHZLU*HLVW.|USHU VLQGLVWHLQH.HQQWQLVGHU*HLVW.|USHUYRQEHUUD JHQGHU :LFKWLJNHLW hEHUGLHV ZLVVHQ ZLU GXUFK %HREDFKWXQJXQG(UIDKUXQJGDGLH8QWHUVFKLHGH ]ZLVFKHQ LQGLYLGXHOOHQ *HLVW.|USHUQ XQJHKHXHU JURVLQGXQGGDHLQLJH*HLVW.|USHULKUHVR]LDOH 8PZHOWWLHIEHHLQÁXVVHQN|QQHQXQGGDVDXFKWXQ :DV GLHVHQ OHW]WHQ 3XQNW EHWULIIW EHÀQGHW VLFK %HUWUDQG 5XVVHOO LQ YROOHU hEHUHLQVWLPPXQJ PLW :LOOLDP-DPHV²XQGPLWVRJXWZLHMHGHPP|FKWH LFK KLQ]XIJHQ DXHU GHQ 9HUIHFKWHUQ VSHQFHUL VFKHU RGHU EHKDYLRULVWLVFKHU :LVVHQVFKDIWOLFKNHLW 1DFK 5XVVHOOV $QVLFKW JLEW HV GUHLHUOHL 8UVDFKHQ JHVFKLFKWOLFKHU 9HUlQGHUXQJ ² ZLUWVFKDIWOLFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

8PVFKZXQJ SROLWLVFKH 7KHRULH XQG EHGHXWHQGH ,QGLYLGXHQ ª,FK JODXEH QLFKW© VDJW 5XVVHOO ªGD LUJHQGHLQV YRQ GLHVHQ GUHLHQ XQEHDFKWHW JHODVVHQ RGHUJlQ]OLFKDOVGLH:LUNXQJYRQ8UVDFKHQDQGUHU $UW KLQZHJHUNOlUW ZHUGHQ NDQQ© 6R ZlUH HWZD ZHQQ%LVPDUFNXQG/HQLQLP.LQGHVDOWHUJHVWRUEHQ ZlUHQXQVUH:HOWVHKUYHUVFKLHGHQYRQGHUGLHVLH ]XP7HLOGXUFK%LVPDUFNXQG/HQLQKHXWHLVWª'LH +LVWRULNLVWQRFKQLFKWHLQH:LVVHQVFKDIWXQGNDQQ QXU GXUFK 9HUIlOVFKXQJHQ XQG :HJODVVXQJHQ GHQ $QVFKHLQ YRQ :LVVHQVFKDIWOLFKNHLW HUKDOWHQ© ,P ZLUNOLFKHQ/HEHQLP/HEHQZLHHVYRQ7DJ]X7DJ JHOHEWZLUGNDQQGDV,QGLYLGXXPQLHKLQZHJHUNOlUW ZHUGHQ1XULQGHU7KHRULHVFKHLQWVLFKVHLQ%HLWUDJ GHP1XOOSXQNW]XQlKHUQLQGHU3UD[LVLVWHUYRQ DXVVFKODJJHEHQGHU :LFKWLJNHLW :HQQ LQ GHU :HOW HLQ 6WFN $UEHLW JHOHLVWHW ZLUG ZHU OHLVWHW HV WDW VlFKOLFK" :HVVHQ $XJHQ XQG 2KUHQ EHVRUJHQ GDV :DKUQHKPHQZHVVHQ*HKLUQGDV'HQNHQZHUKDW GLH PRWLYLHUHQGHQ *HIKOH GHQ :LOOHQ GHU GLH +LQGHUQLVVH EHUZLQGHW" *HZL QLFKW GLH VR]LDOH 8PZHOW GHQQ HLQH *UXSSH LVW NHLQ 2UJDQLVPXV VRQGHUQQXUHLQHEOLQGHXQEHZXWH2UJDQLVDWLRQ $OOHVZDVLQQHUKDOEHLQHU*HVHOOVFKDIWJHWDQZLUG ZLUG YRQ ,QGLYLGXHQ JHWDQ 'LHVH ,QGLYLGXHQ VLQG QDWUOLFK WLHI EHHLQÁXW YRQ GHU |UWOLFKHQ .XOWXU GHQ KHUUVFKHQGHQ 7DEXV XQG 6LWWHQJHVHW]HQ GHQ DXV GHU 9HUJDQJHQKHLW EHUNRPPHQHQ LQ HLQHP .RUSXV PQGOLFKHU 7UDGLWLRQHQ RGHU VFKULIWOLFKHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

hEHUOLHIHUXQJHQ DXI EHZlKUWHQ ULFKWLJHQ XQG IDO VFKHQ.HQQWQLVVHQDEHUZDVLPPHUVLFKHLQMHGHU HLQ]HOQHYRQGHU*HVHOOVFKDIWQLPPWRGHUXPJH QDXHU ]X VHLQ ZDV LPPHU HU VLFK YRQ lQGHUQ ]X *UXSSHQ ]XVDPPHQJHVFKORVVHQHQ ,QGLYLGXHQ QLPPW RGHU DXV GHQ YRQ lQGHUQ OHEHQGHQ RGHU YHUVWRUEHQHQ ,QGLYLGXHQ JHVDPPHOWHQ V\PEROL VFKHQ8UNXQGHQ ZLUGYRQLKPJDQ]DXIVHLQHHLJ QHHLQ]LJDUWLJH:HLVHYHUZHQGHWZHUGHQ²PLWVHL QHQ EHVRQGHUQ 6LQQHQ VHLQHU ELRFKHPLVFKHQ .RQVWLWXWLRQVHLQHPXQGQLHPDQGDQGHUV.|USHU EDX XQG 7HPSHUDPHQW $XFK QRFKVRYLHO ZLVVHQ VFKDIWOLFKH(UNOlUXQJZLHXPIDVVHQGVLHDXFKVHLQ PDJ NDQQ GLHVH VHOEVWYHUVWlQGOLFKHQ 7DWVDFKHQ QLFKWKLQZHJHUNOlUHQ8QGYHUJHVVHQZLUQLFKWGD 3URI 6NLQQHUV ZLVVHQVFKDIWOLFKHV 3RUWUlW GHV 0HQVFKHQ DOV HLQHV 3URGXNWV GHU VR]LDOHQ 8PZHOW QLFKW GDV HLQ]LJH ZLVVHQVFKDIWOLFKH 3RUWUlW LVW (V JLEW DQGUH UHDOLVWLVFKHU lKQOLFKH .RQWHUIHLV 0DQ EHWUDFKWH]XP%HLVSLHOGDVYRQ3URI5RJHU:LOOLDPV DQJHIHUWLJWH:DVHUPDOWLVWQLFKWHLQ9HUKDOWHQLP DEVWUDNWHQ6LQQVRQGHUQHVVLQG*HLVW.|USHUZHO FKH VLFK YHUKDOWHQ ² *HLVW.|USHU ZHOFKH GDV (U]HXJQLV WHLOV GHU 8PZHOW GLH VLH PLW lQGHUQ *HLVW.|USHUQJHPHLQKDEHQWHLOVLKUHUK|FKVWHLJ QHQ (UEPDVVH VLQG ,Q 7KH +XPDQ )URQWLHU XQG )UHH EXW 8QHTXDO KDW VLFK 3URI :LOOLDPV PLW UHL FKHQLQVHLQ]HOQHJHKHQGHQ%HOHJHQEHUGLHVHDQ JHERUHQHQ 8QWHUVFKLHGH ]ZLVFKHQ ,QGLYLGXHQ YHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

EUHLWHW IU GLH 'U :DWVRQ NHLQH 6WW]H ÀQGHQ NRQQWH XQG GHUHQ :LFKWLJNHLW LQ 3URI 6NLQQHUV $XJHQVLFKGHP1XOOSXQNWQlKHUW8QWHUGHQ7LHUHQ ZLUG ELRORJLVFKH 9DULDELOLWlW LQQHUKDOE HLQHU JHJH EHQHQ6SH]LHVLPPHUDXIIDOOHQGHUMHK|KHUZLUDXI GHU HYROXWLRQlUHQ /HLWHU VWHLJHQ 'LHVH ELRORJLVFKH 9DULDELOLWlWLVWDPJU|WHQEHLP0HQVFKHQXQGGHU 0HQVFK ]HLJW HLQHQ K|KHUQ *UDG ELRFKHPLVFKHU VWUXNWXUHOOHU XQG WHPSHUDPHQWOLFKHU 9HUVFKLH GHQKHLW DOV GLH $QJHK|ULJHQ LUJHQGHLQHU lQGHUQ 6SH]LHV'DVLVWHLQHNODUHEHREDFKWEDUH7DWVDFKH $EHU ZDV LFK GHQ 2UGQXQJVZLOOHQ JHQDQQW KDEH GDV 9HUODQJHQ GHU YHUZLUUHQGHQ 0DQQLJIDOWLJNHLW GHU'LQJHXQG(UHLJQLVVHIDEDUH*OHLFKI|UPLJNHLW DXI]X]ZLQJHQ KDW YLHOH GD]X YHUIKUW GLHVH 7DWVDFKH XQEHDFKWHW ]X ODVVHQ 6LH KDEHQ ELRORJL VFKH (LQ]LJDUWLJNHLW EDJDWHOOLVLHUW XQG LKUH JDQ]H $XIPHUNVDPNHLW DXI GLH HLQIDFKHP XQG EHLP JH JHQZlUWLJHQ6WDQGXQVUHV:LVVHQVYHUVWlQGOLFKHP 8PZHOWIDNWRUHQ ZHOFKH GDV 9HUKDOWHQ GHV 0HQVFKHQPLWEHVWLPPHQJHULFKWHWª$OVHLQ(UJHE QLV GLHVHV DXI GLH 8PZHOW NRQ]HQWULHUWHQ 'HQNHQV XQG )RUVFKHQV© VFKUHLEW 3URI :LOOLDPV ªLVW GLH /HKUH YRQ GHU ZHVHQWOLFKHQ *OHLFKI|UPLJNHLW GHU .OHLQNLQGHUZHLWKLQDN]HSWLHUWZRUGHQXQGZLUGYRQ HLQHU JURHQ *UXSSH YHUIRFKWHQ ZHOFKH VLFK DXV 6R]LDOSV\FKRORJHQ6R]LRORJHQ6R]LDODQWKURSRORJHQ XQG YLHOHQ lQGHUQ GDUXQWHU DXFK +LVWRULNHUQ 9RONVZLUWVFKDIWOHUQ (U]LHKHUQ 5HFKWVJHOHKUWHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

XQG0lQQHUQGHV|IIHQWOLFKHQ/HEHQV]XVDPPHQ VHW]W 'LHVH /HKUH LVW DXFK GHU YRUKHUUVFKHQGHQ 'HQNZHLVH YLHOHU /HXWH HLQYHUOHLEW ZRUGHQ ZHOFKH PLWGHU*HVWDOWXQJHU]LHKHULVFKHURGHUUHJLHUXQJV SROLWLVFKHU 5LFKWOLQLHQ ]X WXQ KDWWHQ XQG ZLUG RIW IUDJORVYRQGHQMHQLJHQKLQJHQRPPHQGLHVLFKZH QLJHLJHQHNULWLVFKH*HGDQNHQPDFKHQ© (LQ6\VWHPGHU(WKLNDXIHLQH]LHPOLFKUHDOLVWLVFKH (LQVFKlW]XQJGHU(UIDKUXQJVWDWVDFKHQJHJUQGHW ZLUG HKHU PHKU 1XW]HQ DOV 6FKDGHQ VWLIWHQ $EHU YLHOHHWKLVFKH6\VWHPHVLQGDXIHLQH(LQVFKlW]XQJ GHU (UIDKUXQJ HLQH $QVLFKW YRP :HVHQ GHU 'LQJH JHJUQGHW ZRUGHQ ZHOFKH KRIIQXQJVORV XQUHDOLVWLVFKLVW(LQHVROFKH(WKLNZLUGHKHUPHKU 6FKDGHQ DOV 1XW]HQ VWLIWHQ 6R ZXUGH ELV LQ GLH MQJVWH =HLW DOOJHPHLQ JHJODXEW GD VFKOHFKWHV :HWWHU 9LHKNUDQNKHLWHQ XQG VH[XHOOH ,PSRWHQ] GXUFKGLHE|VZLOOLJHQ%HWlWLJXQJHQYRQ=DXEHUHUQ YHUXUVDFKW VHLQ N|QQHQ XQG LQ YLHOHQ )lOOHQ WDWVlFKOLFK YHUXUVDFKW VHLHQ =DXEHUHU ]X IDQJHQ XQG XP]XEULQJHQ ZDU GDKHU 3ÁLFKW ² XQG GLHVH 3ÁLFKW ZDU EHUGLHV LP ]ZHLWHQ %XFK 0RVHV YRQ *RWWJHERWHQZRUGHQª'XVROOVWHLQH+H[HQLFKWDP /HEHQODVVHQ©'LH6\VWHPHGHU(WKLNXQGGHV5HFKWV GLH DXI GLHVH LUULJH $QVLFKW YRP :HVHQ GHU 'LQJH JHJUQGHWVLQGZDUHQZlKUHQGGHU-DKUKXQGHUWH LQGHQHQVLHYRQ0lQQHUQLQREULJNHLWOLFKHU6WHOOXQJ VHKU HUQVWJHQRPPHQ ZXUGHQ GLH 8UVDFKH GHU HQWVHW]OLFKVWHQhEHO'LH2UJLHQYRQ%HVSLW]HOXQJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

/\QFKMXVWL] XQG -XVWL]PRUGHQ ZHOFKH JHPl GLHVHQ LUULJHQ $QVLFKWHQ YRQ =DXEHUHL XQG 0DJLH DOV ORJLVFK XQG DOV K|KHUHV *HERW HUVFKLHQHQ IDQGHQQLFKWLKUHVJOHLFKHQELVDXIXQVUH7DJHZR GDV NRPPXQLVWLVFKH (WKRV JHJUQGHW DXI LUULJH ZLUWVFKDIWOLFKH XQG GDV QDWLRQDOVR]LDOLVWLVFKH (WKRV JHJUQGHW DXI LUULJH UDVVLVFKH $QVLFKWHQ *UHXHO YRQ QRFK JU|HUP $XVPD EHIDKOHQ XQG UHFKWIHUWLJWHQ.DXPZHQLJHUXQHUZQVFKWH)ROJHQ ZLUGZDKUVFKHLQOLFKGLHDOOJHPHLQH$QHLJQXQJHLQHU 6R]LDOHWKLNKDEHQZHOFKHVLFKDXIGLHLUULJH$QVLFKW JUQGHWGDGLHXQVUHHLQHGXUFKDXVVR]LDOH6SH]LHV VHL GD 0HQVFKHQNLQGHU DOV JOHLFKI|UPLJ JHERUHQ ZUGHQXQG,QGLYLGXHQGDV3URGXNWGHVGXUFKGLH NROOHNWLYH8PZHOWXQGLQQHUKDOELKUHUHUIROJHQGHQ %HGLQJWZHUGHQV VHLHQ :lUHQ GLHVH $QVLFKWHQ ULFKWLJZlUHQGLH0HQVFKHQZDKUKDIWLJ([HPSODUH HLQHU ZLUNOLFK VR]LDOHQ 6SH]LHV XQG ZlUHQ LKUH LQGLYLGXHOOHQ8QWHUVFKLHGHJHULQJIJLJXQGN|QQWHQ GXUFK JHHLJQHWHV %HGLQJHQ Y|OOLJ DXVJHEJHOW ZHUGHQGDQQZlUH)UHLKHLWRIIHQEDUXQQ|WLJXQG GHU 6WDDW ZlUH JHUHFKWIHUWLJW ZHQQ HU GLH .HW]HU ZHOFKH VLH IRUGHUQ YHUIROJWH )U GLH HLQ]HOQH 7HUPLWH LVW GHU 'LHQVW DP 7HUPLWHQEDX Y|OOLJH )UHLKHLW'LH0HQVFKHQDEHUVLQGQLFKWY|OOLJVR]LDO VLH VLQG QXU PlLJ JHVHOOLJ ,KUH *HVHOOVFKDIWHQ VLQG NHLQH 2UJDQLVPHQ ZLH GHU %LHQHQNRUE RGHU GHU $PHLVHQKDXIHQ VLH VLQG 2UJDQLVDWLRQHQ PLW lQGHUQ :RUWHQ HLJHQV IUV NROOHNWLYH /HEHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

NRQVWUXLHUW hEHUGLHV VLQG GLH 8QWHUVFKLHGH ]ZLVFKHQ GHQ ,QGLYLGXHQ VR JUR GD WURW] LQWHQVLYVWHPHU]LHKHULVFKHP$XVEJHOQHLQH[WUHP (QGRPRUSKHU XP : + 6KHOGRQV 7HUPLQRORJLH ]X YHUZHQGHQ VHLQH JHVHOOLJHQ YLVFHURWRQLVFKHQ 0HUNPDOHEHLEHKDOWHQHLQH[WUHPHU 0HVRPRUSKHU GXUFK 'LFN XQG 'QQ HQHUJHWLVFK VRPDWRWRQLVFK EOHLEHQ XQG HLQ H[WUHPHU (NWRPRUSKHU LPPHU ]HUHEURWRQLVFK LQWURYHUWLHUW XQG EHUHPSÀQGOLFK VHLQ ZLUG ,Q GHU ªZDFNHUHQ QHXHQ :HOW© PHLQHU )DEHO ZXUGH VR]LDO HUZQVFKWHV 9HUKDOWHQ GXUFK HLQGRSSHOWHV9HUIDKUHQJHQHWLVFKHQ0DQLSXOLHUHQV XQG SRVWQDWDOHQ .RQGLWLRQLHUHQV JHZlKUOHLVWHW .OHLQNLQGHUZXUGHQLQ)ODVFKHQNXOWLYLHUWXQGHLQ KRKHU*UDGYRQ*OHLFKI|UPLJNHLWGHVPHQVFKOLFKHQ 3URGXNWVZXUGHPLW6LFKHUKHLWGDGXUFKHU]LHOWGD GLH 2YD HLQHU EHVFKUlQNWHQ $Q]DKO YRQ 0WWHUQ YHUZHQGHW XQG MHGHV 2YXP DXI VROFKH :HLVH EHKDQGHOW ZXUGH GD HV VLFK ZLHGHUKROW VSDOWHWH XQGVRLGHQWLVFKH=ZLOOLQJHLQ6FKEHQYRQKXQGHUW RGHUPHKUKHUYRUEUDFKWH $XI GLHVH :HLVH ZDU HV P|JOLFK VWDQGDUGL VLHUWH 0DVFKLQHQEHGLHQHU IU VWDQGDUGLVLHUWH 0DVFKLQHQ]XHU]HXJHQ8QGGLH6WDQGDUGLVLHUXQJ GHU 0DVFKLQHQEHGLHQHU ZXUGH QDFK GHU *HEXUW QRFK YHUYROONRPPQHW GXUFK QRUPHQGHV .LQGHU NRQGLWLRQLHUHQ +\SQRSlGLH XQG FKHPLVFK KHUEHL JHIKUWH (XSKRULH DOV (UVDW] IU GLH %HIULHGLJXQJ VLFKIUHLXQGVFK|SIHULVFK]XIKOHQ,QGHU:HOWLQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHUZLUOHEHQWUHLEHQXQVZLHLQIUKHUQ.DSLWHOQ DXVJHIKUWZXUGHXQJHKHXUHXQSHUV|QOLFKH.UlIWH HLQHU=HQWUDOLVLHUXQJYRQ0DFKWXQGHLQHU]ZDQJV RUJDQLVLHUWHQ *HVHOOVFKDIW ]X 'LH JHQHWLVFKH 1RUPXQJ GHU ,QGLYLGXHQ LVW QRFK QLFKW P|JOLFK DEHU *URUHJLHUXQJ XQG *URXQWHUQHKPHUWXP EHVLW]HQ EHUHLWV RGHU ZHUGHQ GDV EDOG DOOH GLH 9HUIDKUHQIU*HKLUQPDQLSXODWLRQGLHLQ:DFNHUH QHXH:HOWEHVFKULHEHQVLQGXQGGD]XQRFKDQGUH ZHOFKH PLU WUlXPHQ ]X ODVVHQ LFK ]X SKDQWDVLH DUP ZDU 'D GLH %HKHUUVFKHU GHU EHUY|ONHUWHQ XQG EHURUJDQLVLHUWHQ :HOW YRQ PRUJHQ QRFK QLFKW LPVWDQGH VHLQ ZHUGHQ (PEU\RV JHQHWLVFKH *OHLFKI|UPLJNHLW DXI]X]ZLQJHQ ZHUGHQ VLH YHUVX FKHQGHQ(UZDFKVHQHQXQGGHUHQ.LQGHUQVR]LDOH XQGNXOWXUHOOH*OHLFKI|UPLJNHLWDXI]X]ZLQJHQ8P GLHVH]XHU]LHOHQZHUGHQVLHZHQQQLFKWGDUDQJH KLQGHUW *HEUDXFK YRQ DOOHQ LKQHQ ]XU 9HUIJXQJ VWHKHQGHQ JHKLUQPDQLSXOLHUHQGHQ 9HUIDKUHQ PD FKHQ XQG QLFKW ]|JHUQ GLHVH 0HWKRGHQ QLFKWUDWL RQDOHU hEHUUHGXQJ GXUFK ZLUWVFKDIWOLFKHQ =ZDQJ XQG 'URKXQJHQ PLW N|USHUOLFKHU *HZDOWWlWLJNHLW ]X YHUVWlUNHQ 6ROO GLHVH $UW YRQ 7\UDQQHL YHU PLHGHQ ZHUGHQ PVVHQ ZLU RKQH 9HU]XJ EHJLQ QHQXQVVHOEVWXQGXQVUH.LQGHU]X)UHLKHLWXQG 6HOEVWUHJLHUXQJ]XHU]LHKHQ (LQHVROFKH(U]LHKXQJ]XU)UHLKHLWVROOWHZLHLFK EHUHLWVVDJWHYRUDOOHPHLQ8QWHUULFKWLQ7DWVDFKHQ XQG :HUWHQ VHLQ ² GHQ 7DWVDFKHQ LQGLYLGXHOOHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

9HUVFKLHGHQKHLW XQG JHQHWLVFKHU (LQ]LJDUWLJNHLW XQG GHQ :HUWHQ GHU )UHLKHLW 'XOGVDPNHLW XQG 1lFKVWHQOLHEH ZHOFKH GLH HWKLVFKHQ .RUROODULHQ GLHVHU 7DWVDFKHQ VLQG /HLGHU DEHU JHQJHQ ULFKWLJHV :LVVHQ XQG JHVXQGH *UXQGVlW]H QRFK QLFKW (LQH JDU QLFKW DXIUHJHQGH :DKUKHLW NDQQ GXUFK HLQH DXIUHJHQGH 8QZDKUKHLW YHUGXQNHOW ZHUGHQ(LQJHVFKLFNWHU$SSHOODQ/HLGHQVFKDIWLVW RIW]XVWDUNIUGLHEHVWHQDOOHUJXWHQ9RUVlW]H'LH :LUNXQJHQIDOVFKHUXQGYHUGHUEOLFKHU3URSDJDQGD ODVVHQ VLFK QLFKW DQGHUV QHXWUDOLVLHUHQ DOV GXUFK HLQH JUQGOLFKH (LQEXQJ LQ GHU .XQVW GHUHQ 9HUIDKUHQVZHLVHQ ]X DQDO\VLHUHQ XQG LKUH 6RSKLVWHUHLHQ ]X GXUFKVFKDXHQ 'LH 6SUDFKH KDW GHQ)RUWVFKULWWGHU0HQVFKKHLWYRQ7LHUKDIWLJNHLW ]XU=LYLOLVLHUWKHLWHUP|JOLFKW'LH6SUDFKHKDWGLH 0HQVFKKHLWDEHUDXFK]XGLHVHUEHKDUUOLFKJHKHJWHQ 7RUKHLWXQGGLHVHUV\VWHPDWLVFKHQGLHVHUZDKUKDIW WHXÁLVFKHQ 6FKOHFKWLJNHLW LQVSLULHUW GLH QLFKW ZHQLJHUNHQQ]HLFKQHQGIUPHQVFKOLFKHV9HUKDOWHQ VLQGDOVGLHYRQGHU6SUDFKHLQVSLULHUWHQ7XJHQGHQ V\VWHPDWLVFKHQ9RUEHGDFKWVXQGGXUFKJHKDOWHQHQ HQJHOKDIWHQ :RKOZROOHQV 'LH 6SUDFKH HUODXEW GHP GHU VLH JHEUDXFKW 'LQJHQ 3HUVRQHQ XQG (UHLJQLVVHQ $XIPHUNVDPNHLW ]X VFKHQNHQ DXFK ZHQQ GLHVH 'LQJH XQG 3HUVRQHQ DEZHVHQG VLQG XQG GLH (UHLJQLVVH VLFK JDU QLFKW HUHLJQHQ 'LH 6SUDFKH JLEW XQVHUQ (ULQQHUXQJHQ EHVWLPPWH *HVWDOW XQG YHUZDQGHOW LQGHP VLH (UIDKUXQJHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

LQ 6\PEROH EHUVHW]W GLH 8QPLWWHOEDUNHLW YRQ %HJLHUGH RGHU $EVFKHX YRQ +D RGHU /LHEH LQ IHVWH *UXQGVlW]H GHV )KOHQV XQG %HQHKPHQV $XI HLQH XQV Y|OOLJ XQEHZXWH :HLVH ZlKOW GDV UDGLlUH )OHFKWZHUN GHV *HKLUQV DXV ]DKOORVHQ 5HL]HQ GLHMHQLJHQ ZHQLJHQ (UIDKUXQJHQ GLH IU XQVYRQSUDNWLVFKHU%HGHXWXQJVLQG9RQGLHVHQ XQEHZXW DXVJHZlKOWHQ (UIDKUXQJHQ PDFKHQ ZLU PHKU RGHU ZHQLJHU EHZXW HLQH NOHLQHUH =DKO ]X DEVWUDNWHQ %HJULIIHQ EH]HWWHOQ GLHVH PLW :|UWHUQDXVXQVHUP:RUWVFKDW]XQGNODVVLÀ]LHUHQ VLHGDQQLQQHUKDOEHLQHV]XJOHLFKPHWDSK\VLVFKHQ ZLVVHQVFKDIWOLFKHQ XQG HWKLVFKHQ 6\VWHPV ZHOFKHV DXV :|UWHUQ HLQHU K|KHUQ (EHQH GHU %HJULIIVELOGXQJ]XVDPPHQJHEDXWLVW,QGHQ)lOOHQ ZR GDV $XVZlKOHQ XQG $EVWUDKLHUHQ YRQ HLQHP 6\VWHP GLNWLHUW ZXUGHQ ZHOFKHV DOV $QVFKDXXQJ YRP:HVHQGHU'LQJHQLFKWDOO]XLUULJLVWXQGZR GLH Z|UWOLFKH %H]HWWHOXQJ YHUVWlQGLJ JHZlKOW XQG GHUHQV\PEROLVFKH1DWXUNODUEHJULIIHQZXUGHZLUG XQVHU9HUKDOWHQUHDOLVWLVFKXQGOHLGOLFKDQVWlQGLJ VHLQ 8QWHU GHP (LQIOX VFKOHFKW JHZlKOWHU :|UWHUDEHUZHOFKHRKQHMHGHV%HJUHLIHQLKUHVEOR V\PEROLVFKHQ &KDUDNWHUV DXI VROFKH (UIDKUXQJHQ DQJHZHQGHW ZHUGHQ GLH QDFK HLQHP 6\VWHP LUULJHU ,GHHQ DXVJHZlKOW XQG DEVWUDKLHUW ZXUGHQ EHQHKPHQ ZLU XQV PHLVW PLW HLQHU 7HXÁLVFKNHLW XQGHLQHURUJDQLVLHUWHQ'XPPKHLWGHUHQVWXPPH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

7LHUH JUDGH ZHLO VLH VWXPP VLQG XQG QLFKW VSUHFKHQN|QQHQ EHJQDGHWXQIlKLJVLQG ,Q LKUHU DQWLUDWLRQDOHQ 3URSDJDQGD YHUGUHKHQ GLH)HLQGHGHU)UHLKHLWV\VWHPDWLVFKGLH0LWWHOGHU 6SUDFKHXPLKUH2SIHULQHLQ'HQNHQ)KOHQXQG +DQGHOQ]XORFNHQRGHU]XVFKHXFKHQZHOFKHVGHQ *HKLUQPDQLSXOLHUHUQJHQHKPLVW(LQH(U]LHKXQJ ]XU)UHLKHLWXQG]XGHU/LHEHXQG,QWHOOLJHQ]GLH ]XJOHLFK GLH %HGLQJXQJHQ XQG GLH (UJHEQLVVH GHU )UHLKHLWVLQG PXXQWHUDQGHUPHLQH(U]LHKXQJ LPSDVVHQGHQ*HEUDXFKGHU6SUDFKHVHLQ:lKUHQG GHU OHW]WHQ ]ZHL RGHU GUHL *HQHUDWLRQHQ KDEHQ GLH 3KLORVRSKHQ YLHO =HLW XQG 'HQNHQ DXI GLH $QDO\VH YRQ 6\PEROHQ XQG GLH %HGHXWXQJ YRQ %HGHXWXQJHQ YHUZHQGHW ,Q ZHOFKHU %H]LHKXQJ VWHKQ GLH :|UWHU XQG 6lW]H GLH ZLU VSUHFKHQ ]X GHQ'LQJHQ3HUVRQHQXQG(UHLJQLVVHQPLWGHQHQ ZLU LP $OOWDJVOHEHQ ]X WXQ KDEHQ" 'LHVH )UDJH ]X HU|UWHUQZUGH ]X YLHO =HLW HUIRUGHUQ XQG XQV ]X ZHLWIKUHQ*HQJHHV]XVDJHQGDDOOHVLQWHOOHN WXHOOH0DWHULDOIUHLQHQJUQGOLFKHQ8QWHUULFKWLP SDVVHQGHQ*HEUDXFKGHU6SUDFKH²HLQHQ8QWHUULFKW DXIMHGHU6WXIHYRP.LQGHUJDUWHQELV]X.XUVHQIU *UDGXLHUWH²QXQ]XU9HUIJXQJVWHKW(LQHVROFKH $XVELOGXQJ LQ GHU .XQVW ]ZLVFKHQ GHP JHK|ULJHQ XQG XQJHK|ULJHQ *HEUDXFK YRQ 6\PEROHQ ]XXQ WHUVFKHLGHQN|QQWHVRJOHLFKLKUHQ$QIDQJQHKPHQ -D VLH KlWWH VFKRQ ]X MHGHU =HLW ZlKUHQG GHU OHW] WHQ GUHLLJ RGHU YLHU]LJ -DKUH HLQJHIKUW ZHUGHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

N|QQHQ8QGGRFKZHUGHQ.LQGHUQLUJHQGVDXIHLQH V\VWHPDWLVFKH :HLVH JHOHKUW ZDKUH YRQ IDOVFKHQ VLQQYROOH YRQ VLQQORVHQ %HKDXSWXQJHQ ]X XQWHU VFKHLGHQ:DUXPLVWGDVVR":HLOGLH(UZDFKVHQHQ VRJDU LQ GHQ GHPRNUDWLVFKHQ /lQGHUQ QLFKW ZRO OHQ GD GHQ .LQGHUQ GLHVH $UW YRQ $XVELOGXQJ ]XWHLOZHUGH ,QGLHVHP=XVDPPHQKDQJLVWGLHNXU]HWUDXULJH *HVFKLFKWH GHV ,QVWLWXWH IRU 3URSDJDQGD $QDO\VLV K|FKVW EH]HLFKQHQG 'LHVHV ,QVWLWXW ZXUGH DOV GLH QDWLRQDOVR]LDOLVWLVFKH 3URSDJDQGD DP OlUPHQGVWHQ XQG ZLUNXQJVYROOVWHQ ZDU YRQ 0U )LOHQH GHP 3KLODQWKURSHQ DXV 1HX(QJODQG JH JUQGHW 8QWHUVWW]W YRQ GLHVHP ,QVWLWXW ZXUGHQ $QDO\VHQ YHUQXQIWZLGULJHU 3URSDJDQGD JHPDFKW XQG HV ZXUGHQ /HKUEFKHU IU 0LWWHOVFKOHU XQG8QLYHUVLWlWVVWXGHQWHQYRUEHUHLWHW'DQQNDP GHU.ULHJ²HLQWRWDOHU.ULHJDQDOOHQ)URQWHQGHQ JHLVWLJHQ QLFKW ZHQLJHU DOV GHQ OHLEOLFKHQ 'D DOOH DOOLLHUWHQ 5HJLHUXQJHQ VLFK PLW ªSV\FKRORJLVFKHU .ULHJIKUXQJ© EHIDWHQ VFKLHQ HLQ QDFKGUFN OLFKHU +LQZHLV GDUDXI ZLH ZQVFKHQVZHUW GDV $QDO\VLHUHQYRQ3URSDJDQGDZlUHHLQZHQLJWDNW ORV]XVHLQ'DV,QVWLWXWZXUGHJHVFKORVVHQ $EHUVFKRQYRUGHP$XVEUXFKGHU)HLQGVHOLJNHLWHQ JDE HV YLHOH /HXWH ZHOFKHQ VHLQH 7lWLJNHLW K|FKVW EHGHQNOLFK ]X VHLQ VFKLHQ *HZLVVH (U]LHKHU ]XP %HLVSLHO PLELOOLJWHQ GLH 8QWHUZHLVXQJ LP $QDO\VLHUHQ YRQ 3URSDJDQGD DXV GHP *UXQG

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GD VLH GLH KHUDQZDFKVHQGH -XJHQG XQJHEKU OLFK]\QLVFKPDFKHQZUGHVLHZXUGHDXFKQLFKW YRQ GHQ 0LOLWlUEHK|UGHQ ZLOONRPPHQ JHKHLHQ ZHOFKH EHIUFKWHWHQ GD 5HNUXWHQ EHJLQQHQ N|QQWHQ GLH bXHUXQJHQ GHU 'ULOOIHOGZHEHO ]X DQDO\VLHUHQ8QGGD]XNDPHQQRFKGLH*HLVWOLFKHQ XQG GLH ,QVHUHQWHQ 'LH *HLVWOLFKHQ ZDUHQ JH JHQ 3URSDJDQGD$QDO\VH ZHLO VLH GHQ *ODXEHQ XQWHUK|KOHQ XQG GHQ .LUFKJDQJ YHUKLQGHUQ N|QQWH GLH ,QVHUHQWHQ ZDUHQ GDJHJHQ ZHLO 3URSDJDQGD$QDO\VHYLHOOHLFKWGLH7UHXH]XJHZLV VHQ +DQGHOVPDUNHQ XQWHUJUDEHQ XQG GHQ $EVDW] YHUULQJHUQZUGH 'LHVH %HIUFKWXQJHQ XQG $EQHLJXQJHQ ZDUHQ QLFKWXQEHJUQGHW(LQH]XHLQJHKHQGHYRQ]XYLHOHQ GHVJHPHLQHQ9RONVYRUJHQRPPHQH8QWHUVXFKXQJ GHVVHQZDVVHLQH+HUUHQXQG+LUWHQVDJHQN|QQWH VLFK DOV K|FKVW XPVWU]OHULVFK HUZHLVHQ ,Q LKUHU JHJHQZlUWLJHQ )RUP LVW GLH *HVHOOVFKDIWVRUGQXQJ IU LKU )RUWEHVWHKQ GDYRQ DEKlQJLJ GD RKQH ]X YLHOH 9HUOHJHQKHLW EHUHLWHQGH )UDJHQ VRZRKO GLH 3URSDJDQGD KLQJHQRPPHQ ZHUGH GLH YRQ GHQ DQ GHU 0DFKW 6HLHQGHQ ORVJHODVVHQ ZLUG DOV DXFK GLH 3URSDJDQGD GLH GXUFK |UWOLFKH 7UDGLWLRQHQ JHKHLOLJW LVW $EHUPDOV EHVWHKW GDV 3UREOHPGDULQGHQJROGHQHQ0LWWHOZHJ]XÀQGHQ ,QGLYLGXHQ PVVHQ VXJJHVWLEHO JHQXJ VHLQ XP ZLOOLJ XQG IlKLJ ]X VHLQ LKUH 6R]LDOJHPHLQVFKDIW IXQNWLRQLHUHQ]XODVVHQDEHUQLFKWVRVXJJHVWLEHO

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GD VLH KLOÁRV GHP =DXEHUEDQQ EHUXIVPlLJHU *HKLUQPDQLSXOLHUHU YHUIDOOHQ (EHQVR VROOWHQ VLH JHQXJ EHU 3URSDJDQGD$QDO\VH JHOHKUW ZHUGHQ XP YRU HLQHP XQNULWLVFKHQ *ODXEHQ DQ JODWWHQ 8QVLQQ EHZDKUW ]X EOHLEHQ DEHU QLFKW VR YLHO GD VLH GLH QLFKW LPPHU UDWLRQDOHQ (UJVVH GHU ZRKOPHLQHQGHQ +WHU GHU 7UDGLWLRQ JODWWZHJ ]XUFNZLHVHQ :DKUVFKHLQOLFK OlW VLFK GHU JROGHQH 0LWWHOZHJ ]ZLVFKHQ /HLFKWJOlXELJNHLW XQG Y|OOLJHU 6NHSVLV QLFKW GXUFK $QDO\VH DOOHLQ HQWGHFNHQ XQG HLQKDOWHQ 'LHVHV ]LHPOLFK QHJDWLYH +HUDQJHKQ DQ GDV3UREOHPZLUGGXUFKHWZDV3RVLWLYHUHVHUJlQ]W ZHUGHQ PVVHQ ² GLH %HNDQQWJDEH HLQHU *UXSSH DOOJHPHLQ DQHUNHQQEDUHU :HUWH ZHOFKH DXI HLQHU IHVWHQ *UXQGODJH YRQ 7DWVDFKHQ EHUXKHQ 'DV VLQG HUVWHQV HLQPDO GHU :HUW LQGLYLGXHOOHU )UHLKHLWEHUXKHQGDXIGHU7DWVDFKHPHQVFKOLFKHU 9HUVFKLHGHQKHLW XQG JHQHWLVFKHU (LQ]LJDUWLJNHLW GDQQ GHU :HUW GHU 1lFKVWHQOLHEH XQG GHV 0LWJHIKOV JHJUQGHW DXI GLH DOWYHUWUDXWH MQJVW YRQ GHU PRGHUQHQ 3V\FKLDWULH ZLHGHUHQWGHFNWH 7DWVDFKH GD ZDV LPPHU GLH JHLVWLJH XQG N|USHUOLFKH 9HUVFKLHGHQKHLW GHU 0HQVFKHQ VHLQ PDJ/LHEHIUVLHQRWZHQGLJLVWZLH1DKUXQJXQG 2EGDFKXQGVFKOLHOLFKGHU:HUWGHU,QWHOOLJHQ] RKQH ZHOFKH GLH /LHEH PDFKWORV XQG GLH )UHLKHLW XQHUUHLFKEDULVW'LHVH*UXSSHYRQ:HUWHQZLUGXQV HLQ .ULWHULXP OLHIHUQ QDFK ZHOFKHP 3URSDJDQGD

$/'286+8;/(<'5(,66,*-$+5('$1$&+

EHXUWHLOW ZHUGHQ NDQQ 'LHMHQLJH 3URSDJDQGD GLHIUXQVLQQLJXQGDXFKXQPRUDOLVFKEHIXQGHQ ZLUG NDQQ VRJOHLFK UXQGZHJ ]XUFNJHZLHVHQ ZHUGHQ 'LHMHQLJH GLH EOR XQYHUQQIWLJ DEHU PLW /LHEH XQG )UHLKHLW YHUHLQEDU LVW XQG QLFKW JUXQGVlW]OLFK GHP *HEUDXFK GHV 9HUVWDQGV HQWJHJHQVWHKW NDQQ SURYLVRULVFK DOV GDV ZDV VLH ZHUWLVWKLQJHQRPPHQZHUGHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:$6/b6676,&+781"

:LU N|QQHQ ]XU )UHLKHLW HU]RJHQ ZHUGHQ ² YLHO EHVVHU DOV ZLU JHJHQZlUWLJ IU VLH HU]RJHQ ZHU GHQ$EHUGLH)UHLKHLWZLUGZLHLFK]X]HLJHQYHU VXFKW KDEH DXV YLHOHQ 5LFKWXQJHQ EHGURKW XQG GLHVH %HGURKXQJHQ VLQG VHKU YHUVFKLHGHQHU $UW ² GHPRJUDSKLVFKHU VR]LDOHU SROLWLVFKHU SV\FKR ORJLVFKHU 8QVUH .UDQNKHLW KDW HLQH 9LHO]DKO ]X VDPPHQZLUNHQGHU 8UVDFKHQ XQG OlW VLFK QLFKW DQGHUV NXULHUHQ DOV GXUFK HLQH 9LHO]DKO ]XVDP PHQZLUNHQGHU $U]QHLHQ 8P PLW HLQHU NRPSOH[HQ PHQVFKOLFKHQ /DJH IHUWLJ]XZHUGHQ PVVHQ ZLU DOOH )DNWRUHQ YRQ %HODQJ QLFKW EOR HLQHQ HLQ ]LJHQ LQ 5HFKQXQJ VWHOOHQ 1LFKWV ZHQQ QLFKW DOOHV JHQJW GD MH ZLUNOLFK 'LH )UHLKHLW LVW EH GURKW XQG (U]LHKXQJ ]XU )UHLKHLW LVW GULQJHQG Q|WLJ$EHUDXFKYLHOHVDQGUHLVWGDGULQJHQGQ|WLJ ²]XP%HLVSLHOVR]LDOH2UJDQLVLHUXQJIU)UHLKHLW *HEXUWHQUHJHOXQJ IU )UHLKHLW *HVHW]JHEXQJ IU )UHLKHLW:LUZROOHQEHLGLHVHUEHJLQQHQ 6HLW GHQ =HLWHQ GHU 0DJQD &KDUWD XQG VRJDU VFKRQIUKHUZDUHQGLHHQJOLVFKHQ*HVHW]HPDFKHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GDUDXI EHGDFKW GLH OHLEOLFKH )UHLKHLW GHV (LQ]HOPHQVFKHQ]XVFKW]HQ(LQH3HUVRQZHOFKH DXV*UQGHQYRQ]ZHLIHOKDIWHU*HVHW]PlLJNHLWLQ +DIWJHKDOWHQZLUGLVWQDFKGHPJHPHLQHQ5HFKW ZLHHVGXUFKGDV6WDWXWYRQNODUJHVWHOOWZLUG EHUHFKWLJWYRQHLQHPGHUK|KHUQ*HULFKWVK|IH HLQ +DEHDVFRUSXV5HVNULSW ]X YHUODQJHQ 'LHVHU 9RUIKUXQJVEHIHKO LVW YRQ HLQHP 5LFKWHU GHV 2EHUJHULFKWV DQ HLQHQ 3ROL]HLEHDPWHQ RGHU *HIlQJQLVDXIVHKHU JHULFKWHW XQG EHÀHKOW LKP ELQQHQ HLQHU JHQDQQWHQ )ULVW GLH 3HUVRQ GLH HU LQ *HZDKUVDP KlOW ]ZHFNV 8QWHUVXFKXQJ LKUHV )DOOVYRUGHQ*HULFKWVKRI]XEULQJHQ:RKOJHPHUNW QLFKW GLH VFKULIWOLFKH %HVFKZHUGH GLHVHU 3HUVRQ DXFK QLFKW LKUHQ UHFKWOLFKHQ 9HUWUHWHU VRQGHUQ LKUFRUSXVLKUHQ/HLEGLHVDOO]XIHVWH)OHLVFKGDV JH]ZXQJHQ ZXUGH DXI HLQHU3ULWVFKH]XVFKODIHQ GLH EHOULHFKHQGH *HIlQJQLVOXIW HLQ]XDWPHQ GLH DQZLGHUQGH *HIlQJQLVNRVW ]X HVVHQ 'LHVH %HGDFKWQDKPH DXI GLH JUXQGOHJHQGH %HGLQJXQJ GHU)UHLKHLW²GDV)HKOHQN|USHUOLFKHQ=ZDQJV²LVW ]ZHLIHOORVQRWZHQGLJDEHUVLHLVWQRFKQLFKWDOOHV ZDV QRWZHQGLJ LVW (V LVW GXUFKDXV P|JOLFK GD HLQ 0HQVFK QLFKW LP *HIlQJQLV XQG GRFK QLFKW LQ )UHLKHLW LVW ² GD HU XQWHU NHLQHP SK\VLVFKHQ =ZDQJ VWHKW XQG GRFK SV\FKLVFK HLQ *HIDQJHQHU LVW JH]ZXQJHQ VR ]X GHQNHQ ]X IKOHQ XQG ]X KDQGHOQZLHGLH9HUWUHWHUGHV1DWLRQDOVWDDWVRGHU LUJHQGZHOFKHU SULYDWHU ,QWHUHVVHQ LQQHUKDOE GHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

1DWLRQ LKQ GHQNHQ IKOHQ XQG KDQGHOQ ODVVHQ ZROOHQ (V ZLUG QLH VR HWZDV ZLH HLQHQ +DEHDV PHQWHP%HIHKO JHEHQ GHQQ NHLQ 3ROL]HLEHDPWHU RGHU *HIlQJQLVDXIVHKHU NDQQ HLQHQ XQJHVHW]OLFK JHIDQJHQJHKDOWHQHQ *HLVW YRU *HULFKW EULQJHQ XQG NHLQH 3HUVRQ GHUHQ *HLVW GXUFK GLH LQ IUKHUQ .DSLWHOQ XPULVVHQHQ 0HWKRGHQ LQ +DIW JHQRPPHQ ZXUGH ZlUH LQ GHU /DJH VLFK EHU GLHVH +DIW ]X EHVFKZHUHQ 3V\FKLVFKHU =ZDQJ LVW VR EHVFKDIIHQ GD GLHMHQLJHQ GLH XQWHU GLHVHP =ZDQJ KDQGHOQ HV XQWHU GHP (LQGUXFN WXQ VLH KDQGHOWHQ DXV HLJHQHP $QWULHE 'DV 2SIHU YRQ *HKLUQPDQLSXODWLRQHQ ZHL QLFKW GD HV HLQ 2SIHU LVW )U HLQHQ VROFKHQ 0HQVFKHQ VLQG GLH *HIlQJQLVPDXHUQ XQVLFKWEDU XQG HU JODXEW IUHL ]XVHLQ'DHUQLFKWIUHLLVWLVWQXUlQGHUQ/HXWHQ DXJHQVFKHLQOLFK 6HLQH *HIDQJHQVFKDIW LVW HLQH UHLQREMHNWLYH 1HLQ ZLHGHUKROH LFK HV NDQQ QLH VR HWZDV ZLH HLQ +DEHDVPHQWHP5HVNULSW JHEHQ $EHU HV NDQQ YRUEHXJHQGH *HVHW]JHEXQJ JHEHQ ² HLQH bFKWXQJ GHV SV\FKLVFKHQ 6NODYHQKDQGHOV HLQ *HVHW] ]XP 6FKXW]GHU*HPWHUJHJHQVNUXSHOORVH/LHIHUDQWHQ JLIWLJHU 3URSDJDQGD QDFK GHP 0XVWHU GHU *HVHW]H ]XP6FKXW]GHV/HLEHVJHJHQVNUXSHOORVH/LHIHUDQWHQ YHUIlOVFKWHU 1DKUXQJVPLWWHO XQG JHIlKUOLFKHU 'URJHQ=XP%HLVSLHON|QQWHXQGLFKJODXEHVROOWH HV *HVHW]H JHEHQ ZHOFKH GDV 5HFKW |IIHQWOLFKHU ]LYLOHU XQG PLOLWlULVFKHU %HDPWHU HLQVFKUlQNHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GLH XQWHU LKUHP %HIHKO RGHU LQ LKUHP *HZDKUVDP LKQHQ DXVJHOLHIHUWHQ =XK|UHUVFKDIWHQ HLQHP 6FKODIXQWHUULFKW]XXQWHUZHUIHQ(VN|QQWHXQGLFK JODXEHVROOWH*HVHW]HJHEHQZHOFKHGHQ*HEUDXFK VXEOLPLQDOHU3URMHNWLRQDQ|IIHQWOLFKHQ2UWHQRGHU DXI GHP )HUQVHKVFKLUP YHUELHWHQ (V N|QQWH XQG LFK JODXEH VROOWH *HVHW]H JHEHQ ZHOFKH SROLWLVFKH .DQGLGDWHQ QLFKW QXU GDUDQ KLQGHUQ PHKU DOV HLQHQ JHZLVVHQ *HOGEHWUDJ IU LKUHQ :DKOIHOG]XJ DXI]XZHQGHQVRQGHUQVLHDXFKKLQGHUQ]XGHU$UW YRQ YHUQXQIWZLGULJHU 3URSDJDQGD ]X JUHLIHQ GLH DXVGHPJDQ]HQGHPRNUDWLVFKHQ9HUIDKUHQ8QVLQQ PDFKW 6ROFKHYRUEHXJHQGH*HVHW]JHEXQJN|QQWHHLQLJHV *XWH WXQ DEHU ZHQQ GLH JURHQ XQSHUV|QOLFKHQ .UlIWHGLHKHXWHGLH)UHLKHLWEHGURKHQZHLWHUKLQ DQ:XFKW]XQHKPHQNDQQVLHGDVQLFKWIUVHKU ODQJH =HLW 'LH EHVWHQ 6WDDWVYHUIDVVXQJHQ XQG YRUEHXJHQGHQ*HVHW]HZHUGHQPDFKWORVVHLQJHJHQ GHQ GXUFK VWHLJHQGH =DKOHQ XQG IRUWVFKUHLWHQGH 7HFKQLN EHVWlQGLJ ZDFKVHQGHQ 'UXFN GHU hEHUY|ONHUXQJ XQG GHU hEHURUJDQLVLHUXQJ 'LH 9HUIDVVXQJHQ ZHUGHQ QLFKW ZLGHUUXIHQ XQG GLH JXWHQ *HVHW]H QLFKW DXV GHU *HVHW]HVDPPOXQJ JHVWULFKHQ ZHUGHQ DEHU GLHVH OLEHUDOHQ )RUPHQ ZHUGHQEORGD]XGLHQHQHLQH]XLQQHUVWLOOLEHUDOH 6XEVWDQ] ]X PDVNLHUHQ XQG ]X YHU]LHUHQ :LUG GHU hEHUY|ONHUXQJ XQG hEHURUJDQLVLHUXQJ QLFKW (LQKDOWJHWDQZHUGHQZLULQGHQGHPRNUDWLVFKHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

/lQGHUQ ZRKO HLQH 8PNHKUXQJ GHV 9RUJDQJV ]X VHKHQEHNRPPHQGHU(QJODQGLQHLQH'HPRNUDWLH XPZDQGHOWHZlKUHQGHVDOOHlXHUHQ)RUPHQHLQHU 0RQDUFKLH EHLEHKLHOW 8QWHU GHP XQQDFKJLHELJHQ 9RUVWRVLFKEHVFKOHXQLJHQGHUhEHUY|ONHUXQJXQG ]XQHKPHQGHUhEHURUJDQLVLHUXQJXQGPLWWHOVVWHWV ZLUNVDPHUHU 0HWKRGHQ GHU *HKLUQPDQLSXODWLRQ ZHUGHQ GLH 'HPRNUDWLHQ LKU :HVHQ YHUlQGHUQ GLHZXQGHUOLFKHQDOWPRGLVFKHQ)RUPHQ²:DKOHQ 3DUODPHQWH 9HUIDVVXQJVJHULFKWVK|IH XQG DOOH EULJHQ²ZHUGHQEOHLEHQDEHUGLH]XJUXQGHOLHJHQGH 6XEVWDQ] ZLUG HLQH QHXH $UW YRQ JHZDOWORVHP 7RWDOLWDULVPXVVHLQ$OOHGLHWUDGLWLRQHOOHQ1DPHQ DOOHGLHJHKHLOLJWHQ6FKODJZRUWHZHUGHQJHQDXGDV EOHLEHQ ZDV VLH LQ GHU JXWHQ DOWHQ =HLW ZDUHQ 'HPRNUDWLHXQG)UHLKHLWZHUGHQGDV7KHPDMHGHU 5XQGIXQNVHQGXQJ XQG MHGHV /HLWDUWLNHOV VHLQ ²DEHU'HPRNUDWLHXQG)UHLKHLWLQGHP6LQQGHQ LKQHQ GHU 6SUHFKHU RGHU 6FKUHLEHU JHEHQ ZLUG 0LWWOHUZHLOH ZHUGHQ GLH KHUUVFKHQGH 2OLJDUFKLH XQGLKUHJXWJHGULOOWH(OLWHYRQ6ROGDWHQ3ROL]LVWHQ *HGDQNHQYHUIHUWLJHUQ XQG *HKLUQPDQLSXODWRUHQ KEVFK VWLOO GDV JDQ]H :HUNHO VR ODXIHQ ODVVHQ ZLHHVLKQHQSDW :LHN|QQHQZLUDOVRGLHULHVLJHQXQSHUV|QOLFKHQ .UlIWH]JHOQGLHKHXWHXQVUHVFKZHUJHZRQQHQHQ )UHLKHLWHQ EHGURKHQ" ,Q EORHQ :RUWHQ XQG DOOJHPHLQHQ $XVGUFNHQ OlW VLFK GLH )UDJH PLW JU|WHU /HLFKWLJNHLW EHDQWZRUWHQ 0DQ EHWUDFKWH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GDV 3UREOHP GHU hEHUY|ONHUXQJ ,PPHU VFKQHOOHU GUFNW VWHLJHQGHU %HY|ONHUXQJV]XZDFKV LPPHU VFKZHUHUDXIGLH1DWXUVFKlW]HXQG1DWXUSURGXNWH :DV LVW GD ]X WXQ" 8QYHUNHQQEDU PVVHQ ZLU PLW JU|WP|JOLFKHU *HVFKZLQGLJNHLW GLH *HEXUWHQ]DKOHQELVDXIGHQ3XQNWYHUULQJHUQZRVLH GLH6WHUEOLFKNHLWV]DKOHQQLFKWPHKUEHUVFKUHLWHQ *OHLFK]HLWLJ PVVHQ ZLU PLW P|JOLFKVWHU %HVFKOHXQLJXQJ GLH 1DKUXQJVPLWWHOHU]HXJXQJ VWHLJHUQ ZLU PVVHQ HLQH ZHOWZHLWH 3ROLWLN ]XU (UKDOWXQJ XQVUHV $FNHUODQGV XQG XQVUHU )RUVWH HLQOHLWHQXQGGXUFKIKUHQZLUPVVHQSUDNWLVFK YHUZHUWEDUH (UVDW]VWRIIH YRU]XJVZHLVH ZHQLJHU JHIlKUOLFKHXQGZHQLJHUVFKQHOOVLFKHUVFK|SIHQGH DOV 8UDQ IU XQVUH JHJHQZlUWLJHQ %HWULHEV XQG %UHQQVWRIIH HQWZLFNHOQ XQG ZlKUHQG ZLU PLW GHQ VFKZLQGHQGHQ 9RUUlWHQ OHLFKW JUHLIEDUHU 0LQHUDOHKDXVKDOWHQPVVHQZLUQHXHXQGQLFKW ]X NRVWVSLHOLJH 0HWKRGHQ DXVDUEHLWHQ QDFK ZHOFKHQGLHVH0LQHUDOHDXVLPPHUlUPHUHQ(U]HQ JHZRQQHQZHUGHQN|QQHQ²YRQGHQHQGDVlUPVWH GDV 0HHUZDVVHU LVW 'DV DOOHV DEHU XQQ|WLJ ]X EHPHUNHQ LVW IDVW XQHQGOLFK OHLFKWHU JHVDJW DOV JHWDQ 'HU MlKUOLFKH *HEXUWHQ]XZDFKV VROOWH YHUULQJHUWZHUGHQ$EHUZLH"=ZHL:HJHVWHKQ]XU :DKO ² +XQJHUVQRW 3HVWLOHQ] XQG .ULHJ VLQG GHU HLQH *HEXUWHQEHVFKUlQNXQJ LVW GHU DQGUH 'LH PHLVWHQ YRQ XQV ZlKOHQ *HEXUWHQEHVFKUlQNXQJ ² XQG VHKHQ VLFK VRJOHLFK HLQHP 3UREOHP

$/'286+8;/(<'5(,66,*-$+5('$1$&+

JHJHQEHU GDV HLQ .RSI]HUEUHFKHQ ]XJOHLFK IU GLH 3K\VLRORJLH GLH 3KDUPDNRORJLH 6R]LRORJLH 3V\FKRORJLH XQG VRJDU GLH 7KHRORJLH LVW 'LH ª3LOOH© LVW QRFK ODQJH QLFKW SHUIHNW 6REDOG XQG ZHQQ VLH YHUYROONRPPQHW LVW ZLH NDQQ VLH GDQQ DQ GLH YLHOHQ KXQGHUW 0LOOLRQHQ P|JOLFKHU 0WWHU RGHU ZHQQ HV HLQH 3LOOH VHLQ ZLUG ZHOFKH EHLP 0DQQ ZLUNW P|JOLFKHU 9lWHU YHUWHLOW ZHUGHQ GLH VLH ZHUGHQ VFKOXFNHQ PVVHQ ZHQQ GLH *HEXUWHQ]DKO GHU 6SH]LHV 0HQVFK YHUULQJHUW ZHUGHQVROO"8QGZLHN|QQHQEHLGHQEHVWHKHQGHQ VR]LDOHQ *HZRKQKHLWHQ XQG JHJHQEHU GHQ .UlIWHQGHUNXOWXUHOOHQXQGSV\FKLVFKHQ7UlJKHLW GLHMHQLJHQGLHGLH3LOOHQHKPHQPWHQVLHDEHU QLFKW QHKPHQ ZROOHQ GD]X EHUUHGHW ZHUGHQ VLFK DQGHUV ]X EHVLQQHQ" 8QG ZDV LVW·V PLW GHQ (LQZHQGXQJHQ GHU U|PLVFKNDWKROLVFKHQ .LUFKH JHJHQ MHGH )RUP YRQ *HEXUWHQEHVFKUlQNXQJ DXVJHQRPPHQ GLH VRJHQDQQWH 5K\WKPXVPHWKRGH YRQ .QDXV2JLQL HLQH 0HWKRGH QHEHQEHL ZHOFKH VLFK ELVKHU DOV IDVW JDQ] XQZLUNVDP HUZLHVHQ KDW GLH *HEXUWHQ]DKO JUDGH MHQHU LQGXVWULHOO UFNVWlQGLJHQ %HY|ONHUXQJHQ ]X YHUULQJHUQ EHL GHQHQ HLQH VROFKH 9HUULQJHUXQJ DP GULQJHQGVWHQ Q|WLJLVW"8QGGLHVH)UDJHQEHUGLHK\SRWKHWLVFK YROONRPPHQH 3LOOH PVVHQ PLW HEHQVRZHQLJ $XVVLFKW DXI EHIULHGLJHQGH $QWZRUWHQ JHVWHOOW ZHUGHQZLHGLH)UDJHQEHUGLHEHUHLWVYHUIJEDUHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

FKHPLVFKHQ XQG PHFKDQLVFKHQ 0HWKRGHQ GHU *HEXUWHQEHVFKUlQNXQJ :HQQ ZLU YRQ GHQ 3UREOHPHQ GHU *HEXUWHQEHVFKUlQNXQJ ]X GHQ 3UREOHPHQ ZHLWHUJHKQ GLH YHUIJEDUHQ 1DKUXQJVPLWWHO ]X YHUPHKUHQ XQG XQVUH 1DWXUVFKlW]H ]X VFKRQHQ VHKHQ ZLU XQV 6FKZLHULJNHLWHQ JHJHQEHU ZHOFKH YLHOOHLFKW QLFKW JDQ] VR JUR DEHU QRFK LPPHU XQJHKHXHUVLQG'DLVWYRUDOOHPGDV3UREOHPGHU (U]LHKXQJ:LHEDOGN|QQHQGLHXQ]lKOLJHQ%DXHUQ XQG/DQGZLUWHGLHKHXWHGDIUYHUDQWZRUWOLFKVLQG GHQ JU|WHQ 7HLO GHV 1DKUXQJVPLWWHOEHGDUIV GHU :HOW ]X EHIULHGLJHQ GD]X HU]RJHQ ZHUGHQ EHVVHUH 0HWKRGHQ DQ]XZHQGHQ" 8QG VREDOG XQG ZHQQ VLH GD]X HU]RJHQ VLQG ZR ZHUGHQ VLH GDV Q|WLJH .DSLWDOKHUQHKPHQXPVLFKPLWGHQ0DVFKLQHQ]X YHUVHKHQGHP%HWULHEVVWRIIXQGGHQ6FKPLHUPLWWHOQ GHU HOHNWULVFKHQ .UDIW GHQ .XQVWGQJHUQ XQG GHQ YHUEHVVHUWHQ 5DVVHQ YRQ 1DKUXQJVSÁDQ]HQ XQG +DXVWLHUHQ RKQH ZHOFKH GLH EHVWH ODQGZLUWVFKDIWOLFKH $XVELOGXQJ QXW]ORV LVW" (EHQVRLVWHVPLWGHU)UDJHZHUGLH0HQVFKKHLW LQGHQ*UXQGVlW]HQXQGGHU3UD[LVGHU(UKDOWXQJ GHU1DWXUVFKlW]HHU]LHKHQVROO8QGZLHVROOHQGLH KXQJULJHQ %DXHUQEUJHU HLQHV /DQGHV GHVVHQ %HY|ONHUXQJ XQG 1DKUXQJVPLWWHOEHGDUI UDSLG DQVWHLJHQJHKLQGHUWZHUGHQ5DXEEDX]XWUHLEHQ" 8QG ZHU ZLUG ZHQQ VLH GDUDQ JHKLQGHUW ZHUGHQ N|QQHQ IU LKUHQ 8QWHUKDOW EH]DKOHQ ZlKUHQG

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GLH YHUZXQGHWH XQG HUVFK|SIWH (UGH DOOPlKOLFK IDOOV GDV QRFK P|JOLFK LVW JHVXQGJHSÁHJW XQG LKUH )UXFKWEDUNHLW ZLHGHUKHUJHVWHOOW ZLUG" 2GHU PDQ EHWUDFKWH GLH UFNVWlQGLJHQ PHQVFKOLFKHQ *HVHOOVFKDIWHQ GLH MHW]W YHUVXFKHQ VLFK ]X LQGXVWULDOLVLHUHQ :HQQ HV LKQHQ JHOLQJW ZHU VROO VLH EHL LKUHP YHU]ZHLIHOWHQ %HPKHQ GLH DQGHUQ HLQ]XKROHQ XQG VLFK DXI JOHLFKHU +|KH ]X KDOWHQ GDUDQKLQGHUQGLHXQHUVHW]OLFKHQ1DWXUVFKlW]HGHV 3ODQHWHQ VR GXPP XQG PXWZLOOLJ ]X YHUJHXGHQ ZLHGDVLKUH9RUOlXIHULQGHP5HQQHQWDWHQXQG QRFK LPPHU WXQ" 8QG ZR ZLUG ZHQQ GHU 7DJ GHU $EUHFKQXQJ NRPPW LQ GHQ lUPHUQ /lQGHUQ MHPDQG GLH ZLVVHQVFKDIWOLFKHQ $UEHLWVNUlIWH XQG GLHULHVLJHQ.DSLWDOEHWUlJHÀQGHQGLHHUIRUGHUOLFK VHLQ ZHUGHQ XP GLH XQHQWEHKUOLFKHQ 0LQHUDOH DXV (U]HQ ]X JHZLQQHQ GHUHQ *HKDOW ]X QLHGULJ LVWXPXQWHUGHQEHVWHKHQGHQ9HUKlOWQLVVHQLKUH ([WUDNWLRQ WHFKQLVFK P|JOLFK XQG ZLUWVFKDIWOLFK JHUHFKWIHUWLJW ]X PDFKHQ" (V NDQQ VHLQ GD PLW GHU=HLWSUDNWLVFKYHUZHUWEDUH$QWZRUWHQDXIDOOH GLHVH )UDJHQ JHIXQGHQ ZHUGHQ $EHU LQ ZLHYLHO =HLW" %HL MHGHP :HWWODXI ]ZLVFKHQ GHU =DKO GHU 0HQVFKHQ XQG GHU 0HQJH GHU 1DWXUVFKlW]H LVW GLH =HLW JHJHQ XQV $P (QGH GHV JHJHQZlUWLJHQ -DKUKXQGHUWVZHUGHQYLHOOHLFKWZHQQZLUXQVVHKU DQVWUHQJHQ ]ZHLPDO VR YLHO 1DKUXQJVPLWWHO DXI GHP :HOWPDUNW VHLQ ZLH KHXWH $EHU HV ZHUGHQ DXFK XQJHIlKU ]ZHLPDO VR YLHO 0HQVFKHQ DXI GHU

$/'286+8;/(<'5(,66,*-$+5('$1$&+

:HOWVHLQXQGPHKUHUH0LOOLDUGHQGLHVHU0HQVFKHQ ZHUGHQ LQ JDQ] RGHU WHLOZHLVH LQGXVWULDOLVLHUWHQ /lQGHUQ OHEHQ XQG ]HKQPDO VR YLHO .UDIW %HWULHEVVWRII :DVVHU +RO] XQG XQHUVHW]OLFKH 0LQHUDOH YHUEUDXFKHQ ZLH LKUH (OWHUQ KHXWH 0LW HLQHP :RUW XP GLH 1DKUXQJVPLWWHO ZLUG HV VR VFKOHFKW EHVWHOOW VHLQ ZLH KHXWH XQG XP GLH 5RKVWRIIHEHWUlFKWOLFKVFKOHFKWHU (LQH/|VXQJGHV3UREOHPVGHUhEHURUJDQLVLHUXQJ LVW NDXP ZHQLJHU VFKZLHULJ ]X ÀQGHQ DOV GLH GHU EHLGHQlQGHUQ$XFKKLHULVWGLH$QWZRUWLQEORHQ :RUWHQXQGDOOJHPHLQHQ$XVGUFNHQJDQ]HLQIDFK 6R]XP%HLVSLHOLVWHVHLQSROLWLVFKHV$[LRPGD 0DFKW GHP %HVLW] IROJW $EHU HV LVW QXQ HLQH KLVWRULVFKH 7DWVDFKH GD GLH 3URGXNWLRQVPLWWHO VHKU VFKQHOO ]XP PRQRSROLVWLVFKHQ %HVLW] GHV *URJHVFKlIWV XQG GHU *URUHJLHUXQJ ZHUGHQ 'DUXP PX PDQ ZHQQ PDQ DQ GLH 'HPRNUDWLH JODXEW 9RUNHKUXQJHQ WUHIIHQ GHQ %HVLW] VR ZHLW DOVP|JOLFK]XYHUWHLOHQ 2GHUPDQEHWUDFKWHGDV:DKOUHFKW,P3ULQ]LS LVWHVHLQJURHV9RUUHFKW,QGHU3UD[LVLVWHVZLH GLH MQJVWH *HVFKLFKWH ZLHGHUKROW JH]HLJW KDW DQ XQGIUVLFKQRFKNHLQH*HZlKUIU)UHLKHLW'DKHU PX PDQ ZHQQ PDQ HLQH GXUFK $EVWLPPXQJ ]XVWDQGHJHNRPPHQH 'LNWDWXU YHUPHLGHQ ZLOO GLH ULHVLJHQPDVFKLQHQDUWLJHQ.ROOHNWLYHGHUPRGHUQHQ *HVHOOVFKDIW LQ VLFK VHOEVW UHJLHUHQGH IUHLZLOOLJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

]XVDPPHQDUEHLWHQGH *UXSSHQ ]HUWHLOHQ ZHOFKH IlKLJVLQGDXHUKDOEGHUEURNUDWLVFKHQ6\VWHPH GHV *URJHVFKlIWV XQG GHU *URUHJLHUXQJ ]X IXQNWLRQLHUHQ hEHUY|ONHUXQJ XQG hEHURUJDQLVLHUXQJ KDEHQ GLH PRGHUQH 0HWURSROH JHVFKDIIHQ LQ ZHOFKHU HLQ YROOHV PHQVFKOLFKHV /HEHQ PLW YLHOIlOWLJHQ SHU V|QOLFKHQ %H]LHKXQJHQ IDVW XQP|JOLFK JHZRUGHQ LVW 'DKHU PX PDQ ZHQQ PDQGLHVHHOLVFKJHLV WLJH 9HUDUPXQJ GHU (LQ]HOPHQVFKHQ XQG JDQ]HU *HVHOOVFKDIWHQ YHUPHLGHQ ZLOO GLH *URVWDGW YHU ODVVHQXQGGLHNOHLQHQ/DQGJHPHLQVFKDIWHQZLHGHU EHOHEHQRGHUDQGHUQIDOOVGLH*URVWDGWYHUPHQVFKOL FKHQLQGHPPDQLQQHUKDOELKUHV1HW]ZHUNVPHFKD QLVFKHU2UJDQLVDWLRQHQGLHVWlGWLVFKHQbTXLYDOHQWH NOHLQHU/DQGJHPHLQVFKDIWHQDXIEDXWLQZHOFKHQGLH ,QGLYLGXHQ DOV YROOVWlQGLJH 3HUVRQHQ ]XVDPPHQ NRPPHQ XQG ]XVDPPHQDUEHLWHQ N|QQHQ QLFKW DOV EORH9HUN|USHUXQJHQVSH]LDOLVLHUWHU)XQNWLRQHQ 'DV DOOHV LVW KHXWH XQYHUNHQQEDU XQG ZDU WDWVlFKOLFKVFKRQYRUIQI]LJ-DKUHQXQYHUNHQQEDU 9RQ+LODLUH%HOORFELV]X0RUWLPHU$GOHUYRQGHQ IUKHQ $SRVWHOQ GHU NRRSHUDWLYHQ .UHGLWYHUHLQH ELV ]X GHQ %RGHQUHIRUPHUQ GHV PRGHUQHQ ,WDOLHQ XQG-DSDQKDEHQ0HQVFKHQZHOFKHJXWHQ:LOOHQV ZDUHQ VHLW *HQHUDWLRQHQ GLH 'H]HQWUDOLVLHUXQJ ZLUWVFKDIWOLFKHU 0DFKW XQG GLH ZHLWH 9HUWHLOXQJ GHV %HVLW]HV EHIUZRUWHW 8QG ZLHYLHOH VLQQUHLFKH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

(QWZUIH IU GLH 6WUHXXQJ GHU 3URGXNWLRQ IU HLQH 5FNNHKU ]XU ª'RUÀQGXVWULH© LP NOHLQHQ 0DVWDE VLQG QLFKW YRUJHVFKODJHQ ZRUGHQ 8QG GDQQ JDE HV 'XEUHXLOV DXVIKUOLFKH 3OlQH GHQ YHUVFKLHGHQHQ$EWHLOXQJHQHLQHUHLQ]HOQHQJURHQ LQGXVWULHOOHQ 2UJDQLVDWLRQ HLQ JHZLVVHV 0D YRQ $XWRQRPLH XQG ,QLWLDWLYH ]X EHUODVVHQ (V JDE GLH 6\QGLNDOLVWHQ PLW LKUHQ %ODXSDXVHQ IU HLQH VWDDWHQORVH*HVHOOVFKDIWRUJDQLVLHUWDOV)|GHUDWLRQ SURGXNWLYHU *UXSSHQ XQWHU GHQ $XVSL]LHQ GHU *HZHUNVFKDIWHQ,Q$PHULNDKDEHQ$UWKXU0RUJDQ XQG %DNHU %URZQHOO GLH 7KHRULH HLQHU QHXHQ $UW GHV *HPHLQVFKDIWVOHEHQV IU 'RUI XQG .OHLQVWDGW HQWZRUIHQ XQG LKUH SUDNWLVFKH 'XUFKIKUXQJ EHVFKULHEHQ 3URI 6NLQQHU YRQ GHU +DUYDUG8QLYHUVLWlW KDW GDV 3UREOHP YRP *HVLFKWVSXQNW GHV 3V\FKRORJHQ GDUJHOHJW LQ VHLQHP QDFK 7KRUHDXV :DOGHQ EHWLWHOWHQ %XFK :DOGHQ =ZHL HLQHP XWRSLVFKHQ 5RPDQ HLQHU VLFK VHOEVW HUKDOWHQGHQ XQG DXWRQRPHQ *HPHLQVFKDIW ZHOFKH VR ZLVVHQVFKDIWOLFK RUJDQLVLHUW LVW GD QLHPDQG MH LQ DQWLVR]LDOH 9HUVXFKXQJHQ NRPPW XQG MHGHU 0HQVFKRKQHGD]X=ZDQJRGHUXQHUZQVFKWHU 3URSDJDQGD JHJULIIHQ ]X ZHUGHQ EUDXFKW WXW ZDV HU WXQ VROO XQG JOFNOLFK XQG VFK|SIHULVFK LVW ,Q )UDQNUHLFK HUULFKWHWHQ ZlKUHQG XQG QDFK GHP ]ZHLWHQ :HOWNULHJ 0DUFHO %DUEX XQG VHLQH $QKlQJHUHLQH$Q]DKOYRQVLFKVHOEVWYHUZDOWHQGHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

QLFKWKLHUDUFKLVFKHQ 3URGXNWLRQVJHPHLQVFKDIWHQ ZHOFKH ]XJOHLFK *HPHLQVFKDIWHQ IU JHJHQVHLWLJH +LOIH XQG YROOPHQVFKOLFKHV /HEHQ ZDUHQ 8QG PLWWOHUZHLOH KDW LQ /RQGRQ GDV ([SHULPHQW LQ GHU 9RUVWDGW 3HFNKDP EHZLHVHQ GD HV P|JOLFK LVW LQGHP PDQ GHQ *HVXQGKHLWVGLHQVW PLW GHQ ZHLWHUUHLFKHQGHQ ,QWHUHVVHQ GHU *UXSSH NRRUGLQLHUW HLQH HFKWH *HPHLQVFKDIW VRJDU LQ HLQHU0HWURSROH]XVFKDIIHQ :LU VHKHQ DOVR GD GLH .UDQNKHLW GHU hEHURUJDQLVLHUXQJ NODU HUNDQQW ZRUGHQ LVW GD YHUVFKLHGHQH XPIDVVHQGH .XUHQ GDJHJHQ YHUVFKULHEHQ XQG %HKDQGOXQJHQ GHU 6\PSWRPH GD XQG GRUW XQG RIW PLW EHWUlFKWOLFKHP (UIROJ YHUVXFKW ZRUGHQ VLQG 8QG GRFK YHUVFKOLPPHUW VLFKGLH.UDQNKHLWVWHWLJWURW]DOOGLHVHP3UHGLJHQ XQG GLHVHU EHLVSLHOKDIWHQ 3UD[LV :LU ZLVVHQ GD HV JHIlKUOLFK LVW 0DFKW VLFK LQ GHQ +lQGHQ HLQHU KHUUVFKHQGHQ2OLJDUFKLHNRQ]HQWULHUHQ]XODVVHQ GHQQRFK NRQ]HQWULHUW VLFK 0DFKW WDWVlFKOLFK LQ LPPHU ZHQLJHU +lQGHQ :LU ZLVVHQ GD IU GLH PHLVWHQ 0HQVFKHQ GDV /HEHQ LQ HLQHU PRGHUQHQ 5LHVHQVWDGW DQRQ\P DWRPLVFK XQG QLFKW Y|OOLJ PHQVFKOLFK LVW GHQQRFK ZHUGHQ 5LHVHQVWlGWHVWHWLJLPPHUULHVLJHUXQGGHU7\SXV GHU YHUVWlGWHUWLQGXVWULDOLVLHUWHQ /HEHQVZHLVH EOHLEW XQYHUlQGHUW :LU ZLVVHQ GD LQ HLQHU VHKU JURHQ XQG NRPSOH[HQ *HVHOOVFKDIW GLH 'HPRNUDWLH IDVW VLQQORV LVW DXHU LQ %H]LHKXQJ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DXI DXWRQRPH *UXSSHQ YRQ KDQGOLFKHU *U|H GHQQRFK ZHUGHQ LPPHU PHKU $QJHOHJHQKHLWHQ GHU 1DWLRQ YRQ GHQ %URNUDWHQ GHU *URUHJLHUXQJ XQG GHV *URJHVFKlIWV JHOHLWHW (V LVW QXU DOO]X RIIHQVLFKWOLFK GD LQ GHU 3UD[LV GDV 3UREOHP GHU hEHURUJDQLVLHUXQJ IDVW HEHQVR VFKZHU ]X O|VHQ LVW ZLHGDVGHUhEHUY|ONHUXQJ,QEHLGHQ)lOOHQZLVVHQ ZLU ZDV JHWDQ ZHUGHQ VROOWH DEHU LQ NHLQHP GHU EHLGHQ ZDUHQ ZLU ELVKHU LPVWDQGH DXI *UXQG XQVUHV:LVVHQVZLUNVDP]XKDQGHOQ $QGLHVHP3XQNWDQJHODQJWÀQGHQZLUXQVHLQHU VHKU EHXQUXKLJHQGHQ )UDJH JHJHQEHU :ROOHQ ZLU ZLUNOLFK DXI *UXQG XQVUHV :LVVHQV KDQGHOQ" +lOW HLQH 0HKUKHLW GHU %HY|ONHUXQJ HV IU GHU 0KH ZHUW VLFK EHWUlFKWOLFK DQ]XVWUHQJHQ XP GLHJHJHQZlUWLJH]XWRWDOLWlUHU.RQWUROOHYRQDOOHP XQGMHGHPIKUHQGH'ULIWDXI]XKDOWHQXQGZHQQ P|JOLFK UFNJlQJLJ ]X PDFKHQ" ,Q GHQ 86$ ² XQG VLH VLQG GDV SURSKHWLVFKH %LOG GHU EULJHQ YHUVWlGWHUWHQ XQG LQGXVWULDOLVLHUWHQ :HOW ZLH VLH LQ HLQ SDDU -DKUHQ VHLQZLUG²KDEHQ GLH MQJVWHQ (UJHEQLVVH GHU 0HLQXQJVIRUVFKXQJ HQWKOOW GD HLQH WDWVlFKOLFKH 0HKUKHLW MXQJHU 0HQVFKHQ XQWHU ]ZDQ]LJ GLH :lKOHUVFKDIW YRQ PRUJHQ NHLQ 9HUWUDXHQ ]X GHPRNUDWLVFKHQ (LQULFKWXQJHQ KDW QLFKWV VLHKW ZDV JHJHQ GLH =HQVXU XQEHOLHEWHU ,GHHQ VSULFKW QLFKW JODXEW GD 5HJLHUXQJ GHV 9RONVIUGDV9RONP|JOLFKLVWXQGY|OOLJ]XIULHGHQ ZlUH ZHQQ VLH ZHLWHU LQ GHP 6WLO OHEHQ N|QQWH

$/'286+8;/(<'5(,66,*-$+5('$1$&+

DQ GHQ GLH .RQMXQNWXU VLH JHZ|KQW KDW XQG YRQ REHQKHUYRQHLQHU2OLJDUFKLHDVVRUWLHUWHU)DFKOHXWH UHJLHUW ZUGH 'D VR YLHOH GHU ZRKOJHQlKUWHQ MXQJHQª)HUQVHKHU©LQGHUPlFKWLJVWHQ'HPRNUDWLH GHU :HOW VR Y|OOLJ JOHLFKJOWLJ JHJHQ GLH ,GHH GHU 6HOEVWUHJLHUXQJ VR RKQH MHGHV ,QWHUHVVH IU *HGDQNHQIUHLKHLW XQG GDV 5HFKW DXI HLQH DEZHLFKHQGH 0HLQXQJ VLQG LVW EHWUEOLFK DEHU QLFKWDOO]XHUVWDXQOLFKª)UHLZLHGHU9RJHO©VDJHQ ZLUXQGEHQHLGHQGLHEHVFKZLQJWHQ*HVFK|SIHXP LKU 9HUP|JHQ XQEHVFKUlQNWHU %HZHJXQJVIUHLKHLW LQ DOOHQ GUHL 'LPHQVLRQHQ $EHU OHLGHU YHUJHVVHQ ZLUGHQ'URQWH-HGHU9RJHOGHUJHOHUQWKDWVLFK HLQHQ JXWHQ /HEHQVXQWHUKDOW DXV GHP %RGHQ ]X ZKOHQ RKQH JH]ZXQJHQ ]X VHLQ VHLQH )OJHO ]X JHEUDXFKHQZLUGEDOGDXIGDV9RUUHFKWGHV)OLHJHQV YHU]LFKWHQ XQG IU LPPHU DXI GHP (UGERGHQ EOHLEHQ(LQ*OHLFKHVWULIIWDXFKDXIGLH0HQVFKHQ ]X:HQQGDV%URWGUHLPDOWlJOLFKUHJHOPlLJXQG UHLFKOLFKJHERWHQZLUGZHUGHQYLHOHJDQ]]XIULHGHQ VHLQ YRP %URW DOOHLQ ]X OHEHQ ² RGHU ]XPLQGHVW YRQ%URWXQG=LUNXVVSLHOHQDOOHLQª$P(QGH©VDJW GHU *URLQTXLVLWRU LQ 'RVWRMHZVNLV 3DUDEHO ªDP (QGHZHUGHQVLHXQVLKUH)UHLKHLW]X)HQOHJHQ XQG]XXQVVDJHQ!0DFKWXQV]XHXHUQ6NODYHQ DEHUIWWHUWXQV©8QGZHQQ$OLRVFKD.DUDPDVRZ VHLQHQ %UXGHU GHQ (U]lKOHU GHU *HVFKLFKWH IUDJW RE GHU *URLQTXLVLWRU GDV LURQLVFK PHLQH DQWZRUWHW ,ZDQ ª.HLQH 6SXU (U EHKDXSWHW HV

$/'286+8;/(<'5(,66,*-$+5('$1$&+

VHLVHLQ9HUGLHQVWXQGGDVGHU.LUFKHGDVLHGLH )UHLKHLWEHVLHJWKDEHQXQG]ZDUXPGLH0HQVFKHQ JOFNOLFK ]X PDFKHQ© -D XP GLH 0HQVFKHQ JOFNOLFK]XPDFKHQªGHQQQLFKWV©GDVEHWRQWGHU *URLQTXLVLWRU ªZDU HLQHP 0HQVFKHQ RGHU HLQHU PHQVFKOLFKHQ*HVHOOVFKDIWMHXQHUWUlJOLFKHUDOVGLH )UHLKHLW©1LFKWVDXHUGHU8QIUHLKHLWGHQQZHQQ HV PDO VFKOHFKW JHKW GLH 5DWLRQHQ YHUNOHLQHUW ZHUGHQ XQG GLH 6NODYHQKDOWHU LKUH )RUGHUXQJHQ HUK|KHQ ZHUGHQ GLH HUGJHEXQGHQHQ 'URQWHQ DEHUPDOV QDFK LKUHQ )OJHOQ VFKUHLHQ ² QXU XP DEHUPDOV DXI VLH ]X YHU]LFKWHQ VREDOG GLH =HLWHQ VLFK EHVVHUQ XQG GLH 'URQWHQKDOWHU PLOGHU XQG IUHLJHELJHUZHUGHQ 'LH MXQJHQ /HXWH GLH KHXWH GLH 'HPRNUDWLH VR ZHQLJ VFKlW]HQ ZHUGHQ YLHOOHLFKW ]X )UHLKHLWVNlPSIHUQKHUDQZDFKVHQ'HU6FKUHLª*HEW PLU)HUQVHKQXQG)UDQNIXUWHUDEHUEHOlVWLJWPLFK QLFKW PLW GHQ 9HUDQWZRUWOLFKNHLWHQ GHU )UHLKHLW© ZLUG YLHOOHLFKW XQWHU YHUlQGHUWHQ 8PVWlQGHQ GHP 6FKUHL ZHLFKHQ ª*HEW PLU )UHLKHLW RGHU JHEW PLU GHQ 7RG© )DOOV HLQH VROFKH 5HYROXWLRQ VWDWWILQGHW ZLUG VLH ]XP 7HLO GXUFK GDV :LUNHQ YRQ .UlIWHQ YHUXUVDFKW VHLQ EHU ZHOFKH DXFK GLH PlFKWLJVWHQ +HUUVFKHU VHKU ZHQLJ 0DFKW KDEHQ XQG ]XP 7HLO GXUFK GLH 8QWFKWLJNHLW GLHVHU +HUUVFKHU LKUH 8QIlKLJNHLW ZLUNVDPHQ *HEUDXFK YRQ GHQ *HKLUQPDQLSXOLHUPLWWHOQ ]X PDFKHQ PLW ZHOFKHQ :LVVHQVFKDIW XQG 7HFKQLN

$/'286+8;/(<'5(,66,*-$+5('$1$&+

GHQ 0|FKWHJHUQ7\UDQQHQ YHUVRUJW KDEHQ XQG ZHLWHU YHUVRUJHQ ZHUGHQ :HQQ PDQ EHGHQNW ZLH ZHQLJ GLH *URLQTXLVLWRUHQ IUKHUHU =HLWHQ ZXWHQ XQG ZLH DUPVHOLJ VLH DXVJHUVWHW ZDUHQ HUVFKHLQHQ HLQHP LKUH /HLVWXQJHQ DOV JDU QLFKW VR VFKOHFKW ,KUH 1DFKIROJHU DEHU GLH JXW XQWHUULFKWHWHQ ZLVVHQVFKDIWOLFK JUQGOLFK JHVFKXOWHQ 'LNWDWRUHQ GHU =XNXQIW ZHUGHQ ]ZHLIHOORV LPVWDQGH VHLQ QRFK YLHO %HVVHUHV ]X OHLVWHQ 'HU *URLQTXLVLWRU ZLUIW &KULVWXV YRU GLH 0HQVFKHQGD]XDXIJHUXIHQ]XKDEHQIUHL]XVHLQ XQG VDJW LKP ª:LU KDEHQ 'HLQ :HUN EHULFKWLJW XQG HV DXI 0LUDNHO 0\VWHULHQ XQG 0DFKW JHJUQGHW© $EHU 0LUDNHO 0\VWHULHQ XQG 0DFKW JHQJHQ QLFKW XP GLH XQEHJUHQ]WH 'DXHU HLQHU 'LNWDWXU ]X JHZlKUOHLVWHQ ,Q PHLQHU )DEHO YRQ GHU ªZDFNHUHQ QHXHQ :HOW© KDWWHQ GLH 'LNWDWRUHQ GLH :LVVHQVFKDIW MHQHQ GUHLHQ KLQ]XJHIJW XQG ZDUHQ VR LPVWDQGH LKUH $XWRULWlW ]X YHUVWlUNHQ GXUFKGDV0DQLSXOLHUHQGHU.|USHUGHU(PEU\RV GHU 5HÁH[H GHU .LQGHU XQG GHU *HKLUQH GHU +DOEZFKVLJHQXQG(UZDFKVHQHQ 6WDWW EOR ]X UHGHQ YRQ :XQGHUQ XQG V\PEROLVFK DXI 0\VWHULHQ DQ]XVSLHOHQ ZDUHQ VLH LPVWDQGH LKUHQ 8QWHUWDQHQ GXUFK HLQH 'URJH GLH XQPLWWHOEDUH (UIDKUXQJ YRQ 0\VWHULHQ XQG 0LUDNHOQ]XJHEHQ²EORHQ*ODXEHQLQHNVWDWLVFKH (UNHQQWQLV XP]XZDQGHOQ 'LH 'LNWDWRUHQ IUKHUHU=HLWHQVWU]WHQZHLOVLHLKUH8QWHUWDQHQ

$/'286+8;/(<'5(,66,*-$+5('$1$&+

QLH PLW JHQXJ %URW JHQXJ =LUNXVVSLHOHQ JHQXJ 0LUDNHOQ XQG 0\VWHULHQ YHUVRUJHQ NRQQWHQ $XFK EHVDHQ VLH NHLQ ZLUNOLFK ZLUNVDPHV 6\VWHP GHU *HKLUQPDQLSXODWLRQ ,Q GHU 9HUJDQJHQKHLW ZDUHQ )UHLGHQNHU XQG 5HYROXWLRQlUH RIW GDV 3URGXNW GHU IU|PPVWHQ XQG RUWKRGR[HVWHQ (U]LHKXQJ 'DV LVW QLFKW HUVWDXQOLFK 'LH YRQ RUWKRGR[HQ (U]LHKHUQ DQJHZHQGHWHQ 0HWKRGHQ ZDUHQ XQG VLQG QRFK LPPHU lXHUVW XQZLUNVDP 8QWHU HLQHP ZLVVHQVFKDIWOLFK JHVFKXOWHQ 'LNWDWRU ZLUG (U]LHKXQJZLUNOLFKHWZDVOHLVWHQ²PLWGHP(UJHEQLV GD GLH PHLVWHQ 0HQVFKHQ GD]X KHUDQZDFKVHQ ZHUGHQ LKUH 6NODYHUHL ]X OLHEHQ XQG VLFK QLH YRQ 5HYROXWLRQ WUlXPHQ ]X ODVVHQ (V VFKHLQW NHLQHQJXWHQ*UXQG]XJHEHQGDHLQHGXUFKXQG GXUFKZLVVHQVFKDIWOLFKH'LNWDWXUMHJHVWU]WZHUGHQ VROOWH0LWWOHUZHLOHYHUEOHLEWQRFKLPPHUHLQZHQLJ )UHLKHLW LQ GHU :HOW 9LHOH MXQJH /HXWH VFKHLQHQ DOOHUGLQJV )UHLKHLW QLFKW ]X VFKlW]HQ $EHU HLQLJH YRQXQVJODXEHQQRFKLPPHUGDRKQH)UHLKHLWGLH 0HQVFKHQQLFKWY|OOLJPHQVFKOLFKZHUGHQN|QQHQ XQGGD)UHLKHLWGDKHUK|FKVWZHUWYROOLVW9LHOOHLFKW VLQGGLH0lFKWHGLHKHXWHGLH)UHLKHLWEHGURKHQ]X VWDUNDOVGDLKQHQVHKUODQJH:LGHUVWDQGJHOHLVWHW ZHUGHQ N|QQWH (V LVW GHQQRFK XQVUH 3ÁLFKW DOOHVZDVLQXQVHUQ.UlIWHQVWHKW]XWXQXPLKQHQ :LGHUVWDQG]XOHLVWHQ (1'(

Dreißig Jahre danach oder Wiedersehen mit der Wackeren Neuen Welt

Dreißig Jahre danach oder Wiedersehen mit der Wackeren Neuen Welt

11.9. - zehn Jahre danach: Der Einsturz eines Lügengebäudes

11.9. - zehn Jahre danach: Der Einsturz eines Lügengebäudes

Was kommt danach

Was kommt danach

Bittersüße Jahre

Bittersüße Jahre

Bittersüße Jahre

Bittersüße Jahre

Sieben Jahre

Derrida und danach? Literaturtheoretische Diskurse der Gegenwart

Derrida und danach? Literaturtheoretische Diskurse der Gegenwart

Die Stadt, nicht lange danach (v1.0)

Die Stadt, nicht lange danach (v1.0)

Die Stadt, nicht lange danach (v1.0)

Die Stadt, nicht lange danach (v1.0)

6000 jahre mathematik

6000 jahre mathematik

Die wilden Jahre

Die wilden Jahre

50 Jahre LSD-Erfahrung

50 Jahre LSD-Erfahrung

Die Vierziger Jahre 1

Die Vierziger Jahre 1

Zwei Jahre Ferien

Zwei Jahre Ferien

Die verlorenen Jahre

Die verlorenen Jahre

Hundert Jahre Einsamkeit

Hundert Jahre Einsamkeit

Fechtbuch aus dem Jahre

Fechtbuch aus dem Jahre

Die wilden Jahre

Die wilden Jahre

Sieben Jahre ohne dich

Sieben Jahre ohne dich

70 Jahre industrialisierte Datenverarbeitung

70 Jahre industrialisierte Datenverarbeitung

Die Jahre der Aliens

Die Jahre der Aliens

Hundert Jahre Einsamkeit

Hundert Jahre Einsamkeit

Die Vierziger Jahre 1

Die Vierziger Jahre 1

Revolte im Jahre 2100

Revolte im Jahre 2100

Die Vierziger Jahre 2

Die Vierziger Jahre 2

110000 Jahre später

110000 Jahre später

110000 Jahre später

110000 Jahre später

Die wilden Jahre

Die wilden Jahre

Revolte Im Jahre 2100

Revolte Im Jahre 2100

Die wilden Jahre

Die wilden Jahre

Our partners will collect data and use cookies for ad personalization and measurement. Learn how we and our ad partner Google, collect and use data. Agree & close