...

KammerMitteilungen 4/2008

by user

on
Category: Documents
11

views

Report

Comments

Transcript

KammerMitteilungen 4/2008
 .ELVKERK Ã 2V 4:7X ;SVX[IGLWIP
&7(:77&,+ @:* $* 4&$%
96*&9&,+ :+ "6&$97+$
&9&,+5 @=&7$+ * 6%
7&+9+ 7 6)+7"6&$97
)) 62 96 -9@ <,+ )+%
$:7+ :+ $97+=)9
62 +7%,6" ,+#+ :+96
,69&,+ <,+ %&@/6%
7&+9 ):7 +()
%YJWmX^I
.A $:!&" "79))9 6"+ @:*
9+7$:9@ &+ +@)&+
7 /77&69 79:6)&$ =++
7&$ ,@&+ 96+++3
(EW EOXYIPPI 8LIQE
6:7" 6 +(9+
&+ )97 $* &**6 =&6
+:
&IVMGLXI YRH &IOERRXQEGLYRKIR
6&$9 ;6 & @=&9 &9@:+" 6 &69+ 9@:+"7<6%
7**):+"
= &+ 6*+? 79))9 6,7$;6 6
':6&79&7$+ 6:!7,6"+&79&,++ <,6
(MI /EQQIV VmX
!6+6 <,6 6&$9
7 7& ;6!+ =7 7& +&$9 ;6!+
0
2IYIW EYW +IWIX^KIFYRK YRH &IVYJWTSPMXMO
:+7(&+99 7$)&#9 4*:7*++5
,& &+ 6!9 "969+
1IPHYRKIR EYW &V‚WWIP
+97$&:+" ;6 & &+6&$9:+" &+7 :6,/&7$+
:79&@&))+ 9@7 !;6 &<&)% :+ +)77$+
:6,/&7$7 6)*+9 !;6=,699 ,*%%6,6+:+"
W
RK
Y
X
P
WXE
R
E
V
:I
X
M
1
RK RHIV
Y
X
L
%G
OEPI
[[[VIGLXWER[EPXWOEQQIVHYIWWIPHSVJHI
Q?B-> 1>>1=1> 5>? -@2 019 "-=7?
7-@9 D@ 25:01:LN
5>/4;2@:3.-@1==F@1=@=7;A5/"-?45->)41=
)'' (-+
5> D@= @28-31 @:?1= 019 (5?18 Q&* ;9<-7?7;991:?-=N 1=>/451:1:
H.1=-=.15?1?1 @28-31
/- '15?1: 31.@:01:
.,%+$*-$)(,*+ $, $, + $ )(- (# +,# $( (
6 0-:-/4 O =>/415:? A;=-@>>5/4?85/4 1D19.1= ! 51>1= ;991:?-= D15/4:1? >5/4 0@=/4 >15:1 *+0$,)+$ (-$ +- .,+$#-.(" -@>
51=2H= .H=3? >/4;: 0-> @?;=1:?1-9 B18/41> -/4B5>>1: 01= =5/4?1=85/41: '15?1
01= =1/4?>-:B-8?85/41: '15?1 B51 -@/4 01= 01= -/4-:31>?188?1: D@>-991:2H4=?
51 ;991:?51=@:3 5>? 7;9<-7? @:0 B5=0 0@=/4 D-48=15/41 4582=15/41 15><5181 @:0
B1=?A;881 <=-7?5>/41 -:08@:3>-:B15>@:31: 1=3F:D?
51 -7?@1881 &1/4?><=1/4@:3 D@9 &* 5>? @:?1= @>B1=?@:3 A;: 914= -8> :?>/4150@:31: B15?3141:0 .5> D@9 .1=H/7>5/4?53? :>.1>;:01=1
B1=01: 051 D@9 5: =-2? 31?=1?1:1: .+ " &.(" ( 1.+ +"3-.(",
/ + $(+.(" II - .5> . &* 1.1:>; H.1=>5/4?85/4 0-=31>?188? @:0 -@>2H4=85/4
1=8F@?1=? B51 051 5:D18415?1: D@ 01= 5:2H4=@:3 01> +!)&",#)()++, 51 @92-:3
=15/41 ;991:?51=@:3 D@= ,#2!-," 3#+ @:0 54=1= (+ #(.(" .1D514? -@/4
.1=15?> 051 31<8-:?1: E:01=@:31: 0@=/4 4 95? 15:
-> +1=7 B1:01? >5/4 -: &5/4?1= &1/4?><28131= &1/4?>-:BF8?1 @:0 &1/4?>
-:B-8?>2-/4-:31>?188?1
., ( -$'' ( 1.+ .!&" Q+1= L 15:1 7=5?5>/41 0@=/40-/4?1 ;991:?51=@:3 95? 1531:1: 1:7-:>F?D1:
>@/4? B5=0 -: 051>19 ;991:?-= D@7H:2?53 :5/4? A;=.157;991: @:0 >;88?1
1> -@/4 3-= :5/4? 1=>? A1=>@/41: ?B-> 1>>1=1> 5>? -@2 019 "-=7? 7-@9 D@
25:01:LN
"##% !# ! &#)#" $ .-)+ (
!$ &% $" *5D1<=F>$! - ! &!&# &1/4?>2-/4B5=?5:
!% #(&# H=;A;=>?141=5: &#"' &5/4?1=5: -9 !-:01>>;D5-831=5/4?
"! %$ 5<8&<28 $.1==1351=@:3>=-? - "! # -/4-:B-8?
2H= '?=-2=1/4? &121=1:? @- 2H= 1.H4=1:=1/4?
5??1 -@>>/4:1501: @:0 15:>/45/71:
1>?188@:3 .5??1 <1= -C ;01= <1= %;>? -:
0 " 3#+ (!+ $ +;8?1=> 8@B1= 1@?>/48-:0 9. J #5101=8->>@:3 #1@B510
%;>?2-/4 J #1@B510 J (1812;: BBBB;8?1=>78@B1=01 J "-58 5:2;B;8?1=>78@B1=01
# ,- && 0*& .,%+$*-$)(,*+ $, 6 0-:-/4 O '# ,@ .1D5141: H.1= 4=1 @/44-:08@:3 ;01= 05=17? .159 *1=8-3
1>?1881: '51 95? 051>19 ;@<;: <1= -C ;01= =512 A1=>-:07;>?1:2=15 5::1=4-8. 1@?>/48-:0> '51 7G:
:1: 4=1 1>?188@:3 5::1=4-8. A;: +;/41: ;4:1 :3-.1: A;: =H:01: 5: (1C?2;=9 D =512 -C
"-58 ;01= 0@=/4 &H/7>1:0@:3 01= +-=1 B501==@21: 51 =5>? .135::? 2=H41>?1:> 95? =4-8? 051>1=
1814=@:3 ,@= +-4=@:3 01= +501==@2>2=5>? 31:H3? 051 =1/4?D15?531 .>1:0@:3 01> +501==@2> ;01= 01=
+-=1 -: 051 +;8?1=> 8@B1= 1@?>/48-:0 9. 1001>0;=21= '?= #1@B510 9 -881 15:1>
B5=7>-91: +501==@2> ;01= 15:1= B5=7>-91: &H/73-.1 >5:0 051 .1501=>15?> 19<2-:31:1: !15>?@:31: +-
=1 .DB -@2<=15> D@=H/7D@31BF4=1: 51 &H/7>1:0@:3 5>? 2H= '51 5: 61019 -88 7;>?1:2=15
1>/4F2?>2H4=1= = )8=5/4 1=9-:: P & G8: P #-91 *;=:-91
'?=-K1 -@>:@991=
%!, $=?
-?@9
):?1=>/4=52?
—ƒ<ÏÅÚgÁàg†Uƒ—†Å
—sÁ”<φ—g—
ԗ_ ss†à†gg
5gÁ<ÔÏL<Áԗzg—
x¯ <ƒÁz<—z
Á¯ x
Ф¯¤Ó¯Óââl
—ƒ<ÏÅÚgÁàg†Uƒ—†Å
_†ÏÁ†<
6ÁÏÛgUƒÅg
'LVNXVVLRQ ]XP 7KHPD Ä5LFKWHUPHGLDWLRQ XQG JH
ULFKWVQDKH 0HGLDWLRQ³ ]ZLVFKHQ GHP 3UlVLGHQWHQ GHV
2EHUODQGHVJHULFKWV &HOOH 'U 3HWHU *|W] YRQ 2OHQ
KXVHQ XQG 5HFKWVDQZDOW 'U +DQV*HRUJ 0RQ‰HQ
XQWHU 0RGHUDWLRQ YRQ 5$.9L]HSUlVLGHQW
&ODXV -HQFNHO
ÔsÅ@Ïàg
KlXILJ JHVWHOOWH )UDJHQ ]XP 'DWHQVFKXW] LQ
.DQ]OHLHQ
9RQ 5$ .ODXV 0 %ULVFK //0
:DV SDVVLHUW VWHXHUOLFK ZHQQ VLFK 6R]LHQ WUHQQHQ"
9RQ 5$ 'U .ODXV 2WWR
<Å <ŽÏÔgg /ƒg”<
+HUDXVJDEH GHU +DQGDNWHQ ± (LQ DOWHV 7KHPD
LPPHU ZLHGHU QHX
9RQ 5$LQ 'U 6XVDQQH 2IIHUPDQQ%XUFNDUW
+DXSWYHUVDPPOXQJ GHU %XQGHVUHFKWV
DQZDOWVNDPPHU
%HULFKW EHU GLH ]ZHLWH 6LW]XQJ GHU 9LHUWHQ
6DW]XQJVYHUVDPPOXQJ
/DZ ± 0DGH LQ *HUPDQ\
± %5$. VWHOOW %URVFKUH GHU MXULVWLVFKHQ %HUXIV
RUJDQLVDWLRQHQ YRU
%)+8UWHLO YRP ]XU 8PVDW]VWHXHU
EHIUHLXQJ $XVNXQIWVVFKUHLEHQ GHV '$,
(QWVFKHLGXQJ GHV $*+ 15: ]XU )DOO
JHZLFKWXQJ XQG ]XU YHUIDVVXQJVNRQIRUPHQ
$XVOHJXQJ YRQ † 6 )$2
%HVFKOXVV GHV %9HUI* ]XU %HUDWXQJVKLOIH
%5$. EHJU‰W HLQVWZHLOLJH $QRUGQXQJ ]XU
9RUUDWVGDWHQVSHLFKHUXQJ
0LWJOLHGHUZHFKVHO LP 9RUSUIXQJVDXVVFKXVV
IU 9HUZDOWXQJVUHFKW
+HUPDQQ *U|KH ZLUG 6WDDWVPLQLVWHU LP %XQGHV
NDQ]OHUDPW
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
†g <””gÁ Á@Ï
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
=') SODQW 'RNX$QZDOWVVHULH
± 6XFKH QDFK 1DFKEDUVFKDIWVIlOOHQ
bQGHUXQJ GHU %HVHW]XQJ GHV 9RUVWDQGHV GHV
'LQVODNHQHU $QZDOWYHUHLQV
%LWWH GHU %5$. XP hEHUPLWWOXQJ YRQ =DKOHQ
PDWHULDO ]X † $EV X =32
-89(8PIUDJH ]X GHQ .DQ]OHLXPVlW]HQ $UEHLWVNRVWHQHUKHEXQJ GXUFK GDV
6WDWLVWLVFKH %XQGHVDPW
3RVLWLRQVSDSLHU ]XU %HVROGXQJ XQG 9HUVRUJXQJ
GHU 5LFKWHU XQG 6WDDWVDQZlOWH
9HUEUDXFKHUSUHLVLQGH[ IU 'HXWVFKODQG
$XVELOGXQJVSDNWVWDWLVWLN ]XP $XVELOGXQJVNDPSDJQH GHU %5$.
7DJXQJ GHU GHXWVFKQLHGHUOlQGLVFKHQ
-XULVWHQNRQIHUHQ] LQ $PVWHUGDP YRP
ELV &RQJUHVV RI WKH $QWZHUS %DU
1HXHV YRQ KHLPLVFKHQ $XWRUHQ
5HIHUHQGDUH YRU *HULFKW
± :DV VLH GUIHQ ZDV VLH QLFKW GUIHQ
9RQ 5$LQ 'U 6XVDQQH 2IIHUPDQQ%XUFNDUW
gÔgÅ <ÔÅ gÅgÏàzgLԗz
ԗ_ gÁÔsÅ©†Ï†Ž
*HVHW] ]XU (UJlQ]XQJ GHU %HNlPSIXQJ GHU
*HOGZlVFKH XQG GHU 7HUURULVPXVEHNlPSIXQJ
LQ .UDIW JHWUHWHQ
5HIRUP GHV HKHOLFKHQ *WHUUHFKWV DXI GHQ :HJ
JHEUDFKW
%5$. EHJU‰W *HVHW]HQWZXUI IU HLQ XP
IDVVHQGHV %HZHLVHUKHEXQJVYHUERW EHL %HUXIV
JHKHLPQLVWUlJHUQ
)QIWHV *HVHW] ]XU bQGHUXQJ GHV 'ULWWHQ
6R]LDOJHVHW]EXFKHV LQ .UDIW JHWUHWHQ
)**5HIRUP SDVVLHUW GHQ %XQGHVUDW
9HURUGQXQJ ]XU %LOGXQJ JHPHLQVDPHU $PWV
JHULFKWH IU =ZDQJVYHUVWHLJHUXQJV XQG =ZDQJV
YHUZDOWXQJVVDFKHQ YHUDEVFKLHGHW
%XQGHVNDELQHWW EHVFKOLH‰W Ä2PEXGVPDQQ³
*HVHW]HQWZXUI GHV %XQGHVUDWHV HLQHV *HVHW]HV
]XU bQGHUXQJ GHV %HUDWXQJVKLOIHUHFKWV
0R0L* LQ .UDIW JHWUHWHQ
)RUGHUXQJVVLFKHUXQJVJHVHW] YHU|IIHQWOLFKW
—ƒ<ÏÅÚgÁàg†Uƒ—†Å
!<!BK KE; !;!<<!;E/& !; &;!/KF!;)
<(;!*B!/ !/ 1; !;E/&< E;(<!BKE/& E/
E<B!--E/& !<(-1<<!/
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
CL?
g_ԗzg— <ÔÅ Á×ÅÅg
/B<(!* E/& !< B!< KE; !-B!;-*(!/
!;/BH1;BE/& G!;<(*! !B
CL>
/B<(!* E/& F!; *! */;*(BE/& !*/!<
E;14*<(!/ E<B*K*!--!/ !BK!< #F; *G*-)
E/ / !-<<(!/
CL>
(.!/!<(-E<< KE; !;F,<*(B*&E/& !; */
/ !;!/ *B&-*! <BB!/ !; !;&/&!/!/
!;E;B!*-E/&!/ */ !*/!. /!E!/ B;#G!;#(;!/
*/ ;#B &!B;!B!/
CL>
/B<(-*!'E/& !< E;14*<(!/ ;-.!/B<
KE; B;,E/& G1/ E;1+E<B
CL"
!<(-E<<G1;<(-& F!; *! /B!;K!*(/E/&
!< !;!*/,1..!/< F!; *! !;*(B<<B/ <)
G!;!*/;E/&!/ E;( *! CL"
E;14*<(!< ;-.!/B !#F;H1;B!B
1.))!;1; /E/&
CL"
BE *! KE. !;(-B!/ G1/ / -!;/ E/ E#!;/
!*. ;!/!;H!; G1;&!-!&B
CL0
/H-B<;!(B@!;E#<;!(B
;!*B<;!(B
/,) E/ 4*B-.;,B;!(B
E) E/ ;(*B!,B!/;!(B
.*-*!/;!(B
!F(;!/;!(B@
1<B!/;!(B
!<!--<(#B<;!(B
#BE/&<;!(B
/ !-<) E/ !<!--<(#B<;!(B
/<1-G!/K;!(B
*!B) E/ 1(/E/&<!*&!/BE.<;!(B
##!/B-*(!< !(B
!(B<!;BE/&<&!<!BK
B!E!;;!(B
B;#;!(B@B;#4;1K!<<;!(B
!;;E(!;,;! *B;!(B
!;,!(;<;!(B
!;H-BE/&<;!(B
!BB!H!;<;!(B
*;B<(#B<;!(B
*G*-;!(B@*G*-4;1K!<<;!(B
C33
C3D
C30
C30
CDL
CDC
CD?
CD>
CD>
CD"
CD0
CC3
CCD
CCD
CCD
CCC
CCC
CC%
CC%
CC%
CC$
*(B-*/*!/G1;<(-& #F; )H!*B &F-B*&!
!;;E(!;;!(B! G1/ !; )
1..*<<*1/
G1;&!-!&B
CL0
*/*&E/& F!; /B!;(-B<G!;1; /E/& !;K*!-B
CL0
1;B*- E/&<G!;/<B-BE/&!/ 5/*(B /E;6 #F;
(/H-B!
CC0
(B&E/&!/ !< !EB<(!/ /H-B<*/<B*BEB< !88 CC0
*(B-*/*! F!; <B;#;!(B-*(!/ (EBK !;
.H!-B G!;<(*! !B
C3L
*gÁŝ—<—<UƒÁ†UƒÏg—
C3L
E-<<E/&!/
2<(E/&!/
1/<E-BB*1/ KE ,F/#B*&!/ (H!;4E/,B!/ !;
)E<B*K41-*B*,
5gÁ<—ÅÏ<Ïԗzц—Ûg†Åg
” —@UƒÅÏg— gsÏ[
g†<zg—ƒ†—Ûg†Å[
,BE!--!; B/ *88 ;<(#B<B!E!;;!#1;.
*!<!; E<&! -*!&B !; 9!;/<B-BE/&<,-!/ !;
DLL0: !; !(B</H-B<,..!; F<<!- 1;# !*8
*; *BB!/ E/<!;! !<!; E. #;!E/ -*(! !(BE/&8
C%L
C%D
”©ÁgÅÅԔ
/#1;.B*1/!/ E/ 1##*K*!--! !;-EB;E/&!/
F<<!- 1;#8
!; !(B</H-B<,..!;
!(B</H-B<,..!; F<<!- 1;# 5;!*-*&;B(<B;8 D$ %L%>0
F<<!- 1;# !-8 LD33)%0$LDL !-!#I LD33)%0$LDD" )*- */#1
;!(B</H-B<,..!;) E!<<!- 1;#8 ! /B!;/!B HHH8;!(B</H-B<,..!;)
E!<<!- 1;#8 !68
!(B</H-B*/ ;8 E<//! ##!;.//)E;,;B E4B&!)
<(#B<#F(;!;*/ !; !(B</H-B<,..!; F<<!- 1;# 5 ;!<<! H*! 1!/68
!;-& ;8 BB1 (.* B E<BG)!*/!.//)#!; $" $L0?"
2-/ !-8 LDD3)0C>C")L3 !-!#I LDD3)0C>C")0D3 )*- */#11BB1)
<(.* B8 !8
4;,<<! 2-/1// 5 C>L $L3 0"6 CL? LD 3$$= 1<B&*;1.B
2-/ 5 C>L 3LL $L6 $C0 $L $L"8
! G*!;B!-+(;-*(8
5
" !/ *B&-*! !;/ !; !(B</H-B<,..!; F<<!- 1;# H!;)
!/ *! ..!;*BB!*-E/&!/ *. (.!/ !; *B&-*! <(#B 1(/! ;(!E/&
!*/!; !<1/ !;!/ !KE&<&!F(; KE&!<B!--B8 (;!<1//!.!/B $%"L F 5KK&-8
E<B!--&!F(;6= */K!-(!#B 3?"L F 5KK&-8 !;</ ,1<B!/68 / *!<!/ ;!*<!/
*<B *! !(;H!;B<B!E!; .*B ?$% 7 5B!E!;<BK > 76 !/B(-B!/8
" !&*/ . 1;# 5/K!*&!/-!*BE/&6 !-!#1/ LD33)"">)3%"% I
LD33)"">)3$LL )*- #K8.;,!B*/&#(G!;-&8 !8 F-B*& *<B *! ;!*<-*<B!
;8 % G1. 3838DLL"8
3D83$L I!.4-;!8
1J!/< ##<!B !* !8
*! !*B<(;*#B <1H*! --! */ *(; !/B(-B!/!/
!*/K!-/!/ !*B;&! E/ *- E/&!/ <*/ E;(!!;;!(B-*( &!<(FBKB8 < &*-B
E( #F; /B<(!* E/&!/ E/ !;!/ !*B<BK! H!// E/ <1H!*B <*! ;! ,B*1)
/!-- !;!*B!B 1 !; ;! *&*!;B H1; !/ <*/ 8 ! ! !;H!;BE/& *! /*(B E<)
;F,-*( G1. ;(!!;;!(B<&!<!BK KE&!-<<!/ *<B ! ;# !; G1;(!;*&!/
E<B*..E/& !< !;-&<8 < &*-B */<!<1/ !;! #F; !;G*!-#-B*&E/&!/
!;!*BE/&!/ !;<!BKE/&!/ *,;1G!;#*-.E/&!/ E/ *! */<4!*(!;E/)
&!/ E/ !;;!*BE/&!/ */ !-!,B;1/*<(!/ J<B!.!/8
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
*(
)<'6229#
+YXIR 6EX ² JMRHIR 7MI YRXIV
[[[VIGLXWER[EPXWOEQQIV
HYIWWIPHSVJHI
)>'%$ 9) 6'')+12
%1 :1 9)2
$6 "$69 *+ :+ 66+ ,))"&+++ :+ ,))"+
% ((1
7:$+ & +!,6*9&,++ ;6 & 9@:+"7<67**):+" ,6 &
+=)97"6&$976(&9 =,))+ & &++ +96" :! +6=&9&"
:)77:+" ,6 6)&$:+" &+6 $+=)97@&$+:+" 79)%
)+ &+9677&69 & 6 (9:)) 9+ &+ $+ +6$+:+" 6
7$!97";$6 ,6 6!,)"7$,+,66 ,6 +-9&"+ & & +:%
79 %+97$&:+" @:6 :#+/6;!:+" ,6 7 79@ @:6
:6"):+" 7 $9769:+"76$97 &* ,))9>93 &7 ))7
:+ <&)7 *$6 !&++ & 0*&79 7$,+ &* 679+ 4)&(51 :!
6 ,*/" $66 $97+=)97(**6 ;77),6!2
2 )<'62;12*1"9)"2$
<1& % 6>9)"2;12(('9)"
% )<'62"1%#621&%6
&69'' %)<%2
26>"9)"
91*-%2# %#6'%)%)
9'229)"2<2)
:* &7/&) (9:)) &+=&7
9)2%)#%6'%#1 91*$
-%2#1 )<'6292<%2
&69'' %)<%2
)19)") 1 1 )9 3 7 1 )9 3 4 )1#)9)"2-1*'(6%&
(26>2691 9 91#'9) *26)
%#6%" )62#%9)")
%#6'%)%) >91 <169)" ;*) )<'62&)>'%)
1%;161"
1921#6
#)<'62#6)
%6%*)
=)%&92)<'6
$*16%'9)"2>16%%&6
:#1)1#6
'&610 #62;1&#1
1)192%'9)"
92%'9)" *
*16%'9)" -1:6.1/
#62#<%16.%)/
:* &7/&) $+=)97$!9+
1)26'69)")
122
*)6&6
(-1229(
*)6&6122)
2%6$)*1(6%*)2$
-'%#6)
%)&'%26
6%#<*16$9#
*1)
/EQQIV1MXXIMPYRKIR 6%/ (‚WWIPHSVJ #)<'62#6)
%#6%" *12#1%6)
19)26>1")
% *16%'9)"2-'%#6 )# 3 ! 20 8 )00
%#6%" )62#%9)")
%)<%2 :1 )61"
:#1)*1)9)"
*1('66 :1 *16%'9)"2)#<%2 %00 ;*) 3 , *1-1:9)"2922#:22
#)<'6 .()2'%26)/
)62#%"9)"2)61" :1 % 1%69)" ;*)
#)<'62)61")
%61691'%26
'%
"" '
! # !
""( $$))
)) %"%
" )$# &
{ÉÓään
! " /EQQIV1MXXIMPYRKIR
6%/ (‚WWIPHSVJ
_†ÏÁ†<
_†ÏÁ†<
gÁ†UƒÏŗ<ƒg g_†<φ— o ƒ—g —Û<ÏŔg_†<ϝÁg—·
'LH 0HGLDWLRQ ZLUG NRPPHQ 'LH
$QZlOWH UHDOLVLHUHQ HV DEHU QLFKW
'LH 0HGLDWLRQ ± HLQ ZLVVHQVFKDIWOLFK
IXQGLHUWHV 9HUIDKUHQ ]XU 6WUHLW
VFKOLFKWXQJ ± ZLUG DXFK LQ 'HXWVFK
ODQG (UIROJ KDEHQ 1LFKW QXU ZHLO DO
OHV ZDV LQ GHQ 86$ HUIROJUHLFK LVW
DXFK KLHU EHU NXU] RGHU ODQJ ]XU
0RGH ZLUG VRQGHUQ ZHLO HV NRQNUHWH
$QKDOWVSXQNWH GDIU JLEW GDVV GLH
0HGLDWLRQ DXFK KLHU (LQ]XJ KDOWHQ
ZLUG
GDQQ QLFKW ]X IUFKWHQ ZHQQ PDQ PLW
LKP HLQH YHUQQIWLJH 9HUHLQEDUXQJ
WULIIW
2E PDQ GDV ZLOO RGHU QLFKW GLH 0HGL
DWLRQ NRPPW 'LH )UDJH LQVEHVRQGH
UH LP JHULFKWVQDKHQ %HUHLFK LVW QXU
6LQG GLH $QZlOWH EHWHLOLJW RGHU QLFKW"
.DQQ KLHU HLQ %HUXIVIHOG IU GLH $Q
ZDOWVFKDIW HUVFKORVVHQ ZHUGHQ RGHU
QLFKW"
1DWUOLFK NDQQ KLHU HLQ %HUXIVIHOG HU
VFKORVVHQ ZHUGHQ :LU PVVHQ QXU
DNWLY ZHUGHQ
(V JLEW HLQH (80HGLDWLRQVULFKWOLQLH
$XV GLHVHP *UXQGH LQLWLLHUW GLH
GLH LQ QDWLRQDOHV 5HFKW XP]XVHW]HQ
&ODXV -HQFNHO
5HFKWVDQZDOWVNDPPHU
'VVHOGRUI
LVW +LHU]X JLEW HV LP %XQGHVPLQLVWH
HLQ 3LORWSURMHNW GXUFK GDV ]XVDPPHQ
ULXP GHU -XVWL] HLQH $UEHLWVJUXSSH
PLW GHQ |UWOLFKHQ $QZDOWYHUHLQHQ GLH 0HGLDWLRQ LQ GHU
'HU 'HXWVFKH -XULVWHQWDJ KDW VLFK HLQJHKHQG PLW
.ROOHJHQVFKDIW DEHU DXFK EHL GHQ 0DQGDQWHQ EHNDQQW
GHP 7KHPD EHIDVVW XQG ]DKOUHLFKH %HVFKOVVH ]X GHQ
JHPDFKW XQG JH]HLJW ZLUG GDVV JHULFKWVQDKH 0HGLDWLRQ
UHFKWOLFKHQ .RQVHTXHQ]HQ JHIDVVW
GXUFK $QZDOWVPHGLDWRUHQ HLQ YHUQQIWLJHV 9HUIDKUHQ
=XU]HLW JLEW HV ]ZDU ZRKO QRFK PHKU $QZDOWVPHGLDWR
LVW GDV DOOHQ %HWHLOLJWHQ ± *HULFKW 3UR]HVVEHYROOPlFK
UHQ DOV 0HGLDWLRQVYHUIDKUHQ MHGRFK QLPPW LP JHULFKWOL
WLJWHQ 0DQGDQWHQ $QZDOWVPHGLDWRU ± QW]W
FKHQ %HUHLFK GLH =DKO GHU 0HGLDWLRQVYHUIDKUHQ VWDUN ]X
'DV 3UREOHP OLHJW DXI GHU .RVWHQVHLWH )U GLH ULFKWHUOL
6SLW]HQUHLWHU LVW GDV /DQG 1LHGHUVDFKVHQ 'RUW ILQGHW
FKH 0HGLDWLRQ ZHUGHQ NHLQH ]XVlW]OLFKHQ .RVWHQ HUKR
GLH ULFKWHUOLFKH 0HGLDWLRQ PLW VWHLJHQGHU 7HQGHQ] VWDWW
EHQ 'LHV ZLUG DXFK NQIWLJ VR VHLQ GHQQ SHU 6DOGR ZLUG
]% PLW GHU]HLW MHZHLOV NQDSS )lOOHQ EHLP /DQGJH
GHU $XIZDQG GHU *HULFKWH GXUFK GLH ULFKWHUOLFKH 0HGL
ULFKW XQG EHLP $PWVJHULFKW *|WWLQJHQ $XFK LQ DQGHUHQ
DWLRQ QLFKW JU|‰HU 'HU =HLWDXIZDQG GHU 5LFKWHUPHGLD
%H]LUNHQ JLEW HV HUIROJUHLFKH 3LORWYHUIDKUHQ ,Q 1RUG
WRUHQ ZLUG GXUFK GLH =HLWHLQVSDUXQJ EHL GHQ 6WUHLWULFK
UKHLQ:HVWIDOHQ JLEW HV HLQ HUIROJUHLFKHV 3LORWYHUIDKUHQ
WHUQ PHKU DOV DXVJHJOLFKHQ 'HU $QZDOWVPHGLDWRU PXVV
LQ 2VWZHVWIDOHQ/LSSH 1XQPHKU KDW LQ XQVHUHP %H]LUN
QDWUOLFK EH]DKOW ZHUGHQ
JHUDGH GDV /DQGJHULFKW .UHIHOG PLW GHU ULFKWHUOLFKHQ
,Q GHP 3LORWSURMHNW ZHUGHQ $QZDOWVPHGLDWRUHQ XP
0HGLDWLRQ EHJRQQHQ YRQ =LYLOULFKWHUQ KDEHQ VLFK
GHQ 0DUNW ]X HUVFKOLH‰HQ IU HLQHQ JHZLVVHQ =HLWUDXP
GRUW ]X 0HGLDWRUHQ DXVELOGHQ ODVVHQ
IU ¼ SOXV 0HKUZHUWVWHXHU WlWLJ ZHUGHQ
'LH )ROJH LVW NODU (V ZLUG LQ VWHLJHQGHP 0D‰H ULFKWHU
'LHV ZLUG DXFK GD]X IKUHQ GDVV GLH 5LFKWHU YRQ GHU
OLFKH 0HGLDWLRQVYHUIDKUHQ JHEHQ 'LH )UDJH LVW QXU RE
$QZDOWVPHGLDWLRQ EHU]HXJW ZHUGHQ 'HQQ 9RUDXVVHW
GLHVHU 0DUNW DXFK IU $QZDOWVPHGLDWRUHQ HUVFKORVVHQ
]XQJ IU HLQH JHULFKWVQDKH $QZDOWVPHGLDWLRQ LVW GDVV
ZHUGHQ NDQQ RGHU QLFKW
GHU 5LFKWHU JHPl‰ † $EV 6DW] =32 GDV 9HUIDK
'LH 9RUXUWHLOH GHU 5HFKWVDQZlOWH ODXWHQ :DV VROO GDV
UHQ XQWHUEULFKW IU HLQH DX‰HUJHULFKWOLFKH 6WUHLWVFKOLFK
GDV KDEHQ ZLU GRFK VFKRQ LPPHU JHPDFKW :LU IKUHQ
WXQJ DOVR HLQH 0HGLDWLRQ GXUFK HLQHQ 5HFKWVDQZDOW
VFKOLH‰OLFK VWlQGLJ 9HUJOHLFKVYHUKDQGOXQJHQ 'D]X
hEHU GHQ 9HUODXI GHV 3LORWSURMHNWV XQG GDUEHU DQ ZHO
EUDXFKW PDQ DXFK NHLQH EHVRQGHUHQ .HQQWQLVVH :HQQ
FKHQ *HULFKWHQ $QZDOWVPHGLDWLRQ DQJHERWHQ ZHUGHQ
ZLU XQV DXI HLQHQ $QZDOWVPHGLDWRU HLQODVVHQ GDQQ JH
ZLUG EHULFKWHQ ZLU LQ GHQ QlFKVWHQ .DPPHU0LWWHLOXQ
EHQ ZLU GLHVHP .ROOHJHQ GLH &KDQFH XQV VSlWHU GLH
JHQ
0DQGDWH ZHJ]XQHKPHQ
-HW]W VHL YHUZLHVHQ DXI GHQ :RUWZHFKVHO LQ GLHVHP
:HU VLFK DXFK QXU HWZDV PLW GHU 0HGLDWLRQ EHIDVVW RGHU
+HIW 6 II
DP EHVWHQ HLQPDO HLQ 0HGLDWLRQVYHUIDKUHQ HUOHEW ZLUG
PLW 6LFKHUKHLW IHVWVWHOOHQ GDVV HV VLFK XP HLQH YHUQQI
5HFKWVDQZDOW
WLJH )RUP GHU NRQVHQVXDOHQ 6WUHLWEHLOHJXQJ KDQGHOW
&ODXV -HQFNHO
HEHQ QLFKW XP Ä9HUJOHLFKVYHUKDQGOXQJHQ IKUHQ³ 9RU
GHU .RQNXUUHQ] GHV $QZDOWVPHGLDWRUV EUDXFKW PDQ VLFK
9L]HSUlVLGHQW XQG 6FKDW]PHLVWHU GHU 5$. 'VVHOGRUI
ÓÊÊ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
6ÁÏÛgUƒÅg
6ÁÏÛgUƒÅg
†ÅŽÔÅņ— àԔ /ƒg”< º,†UƒÏgÁ”g_†<φ— ԗ_ zgÁ†UƒÏŗ<ƒg g_†<φ—»
àۆÅUƒg— _g” *Á@ņ_g—Ïg— _gÅ !LgÁ<—_gÅzgÁ†UƒÏÅ gg
Á¯ *gÏgÁ Ïà ڝ— !g—ƒÔÅg— ԗ_ ,gUƒÏÅ<—Û<Ï Á¯ <—Å…gÁz —{g—
ԗÏgÁ _gÁ<φ— ڝ— ,…5†àg©Á@ņ_g—Ï <ÔÅ g—UŽg
'LH SUR]HVVEHJOHLWHQGH 0HGLDWLRQ GK 0HGLDWLRQ GLH
LP 5DKPHQ HLQHV EHUHLWV DQKlQJLJHQ *HULFKWVYHUIDKUHQV
GXUFKJHIKUW ZLUG LVW ]XU]HLW LQ DOOHU 0XQGH 'DEHL JLEW
HV ]ZHL XQWHUVFKLHGOLFKH 0RGHOOH GLH 5LFKWHUPHGLDWLRQ
EHL GHU 5LFKWHU DOV 0HGLDWLRUHQ IXQJLHUHQ XQG GLH JH
ULFKWVQDKH 0HGLDWLRQ EHL GHU 5HFKWVDQZlOWH XQG DQGHUH
3HUVRQHQ GLH 0HGLDWRUHQUROOH EHUQHKPHQ ,Q 1RUG
UKHLQ:HVWIDOHQ ZLUG DNWXHOO DQ GUHL /DQGJHULFKWHQ $D
FKHQ (VVHQ XQG QHXHUGLQJV .UHIHOG GLH 5LFKWHUPHGLDWL
RQ HUSUREW )UDX -XVWL]PLQLVWHULQ 5RVZLWKD 0OOHU3LH
SHQN|WWHU KDW ]XJHVDJW DQ HLQ XQG GHPVHOEHQ *HULFKW
QLFKW EHLGH 0RGHOOH ÄNRQNXUULHUHQG³ SUDNWL]LHUHQ ]X
ZROOHQ 'RUW ZR HV GHU $QZDOWVFKDIW JHOLQJH GLH JH
ULFKWVQDKH 0HGLDWLRQ PLW $QZDOWVPHGLDWRUHQ ]X LQVWDO
OLHUHQ ZHUGH VLH DXI GLH (LQIKUXQJ YRQ 5LFKWHUPHGLD
WLRQ YHU]LFKWHQ
'LH 5HFKWVDQZDOWVNDPPHU 'VVHOGRUI VLHKW VLFK KLHU LQ
GHU 3IOLFKW EHU :HJH QDFK]XGHQNHQ ZLH HLQH P|J
OLFKVW EUHLWH ,PSOHPHQWLHUXQJ YRQ JHULFKWVQDKHU $Q
ZDOWVPHGLDWLRQ JHOLQJHQ NDQQ 'LH .DPPHU EOLFNW GHV
KDOE LQ DQGHUH %XQGHVOlQGHU XQG *HULFKWVEH]LUNH LQ GH
QHQ EHUHLWV (UIDKUXQJHQ PLW EHLGHQ 0RGHOOHQ GHU SUR
]HVVEHJOHLWHQGHQ 0HGLDWLRQ EHVWHKHQ Ä9RU]HLJHEH
]LUN³ LVW LQ GLHVHP =XVDPPHQKDQJ GHU 2/*%H]LUN
&HOOH ZHVKDOE GHU 3UlVLGHQW GHV 2/* &HOOH 'U 3HWHU
*|W] YRQ 2OHQKXVHQ ]X HLQHP 6WUHLW*HVSUlFK LQ GLH
.DPPHU HLQJHODGHQ ZXUGH
0LW 'U *|W] YRQ 2OHQKXVHQ GLVNXWLHUWH 5HFKWVDQZDOW
XQG 0HGLDWRU 'U +DQV*HRUJ 0RQ‰HQ DXV 1HXVV 'LH
0RGHUDWLRQ GHV *HVSUlFKV LQ GHU .DPPHUJHVFKlIWV
VWHOOH EHUQDKP 9L]HSUlVLGHQW &ODXV -HQFNHO
-HQFNHO ,FK GDUI 6LH ]XQlFKVW ELWWHQ VLFK XQVHUHQ
/HVHUQ YRU]XVWHOOHQ
'U *|W] YRQ 2OHQKXVHQ -DKUH DOW -XUDVWXGLXP LQ
%RQQ $VVLVWHQW DQ GHU 8QLYHUVLWlW %RFKXP GDQQ 5LFK
WHU LQ 1LHGHUVDFKVHQ JHZRUGHQ ZDU LQ YHUVFKLHGHQHQ
,QVWDQ]HQ WlWLJ $* /* 2/* 3UlVLGHQW GHV /DQGJH
ULFKWV *|WWLQJHQ HLQH NXU]H =HLW LP -XVWL]PLQLVWHULXP
VHLW 3UlVLGHQW GHV 2EHUODQGHVJHULFKWV &HOOH $P
/* *|WWLQJHQ 0LWEHJUQGHU GHV 3URMHNWV Ä*HULFKWOLFKH
0HGLDWLRQ LQ 1LHGHUVDFKVHQ³ ]XP 0HGLDWRU DXV
9RQ OLQNV QDFK UHFKWV 'U *|W] YRQ 2OHQKXVHQ -HQFNHO 'U 0RQ‰HQ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
ÓÊÉ
6ÁÏÛgUƒÅg
JHELOGHW ZRUGHQ XQG VHLWGHP PLW JUR‰HU %HJHLVWHUXQJ
DOV VROFKHU WlWLJ MHW]W DXFK DP 2EHUODQGHVJHULFKW LQ
&HOOH
'U 0RQ‰HQ ,FK ELQ -DKUH XQG KDEH LQ 7ELQJHQ XQG
LQ .|OQ -XUD VWXGLHUW 0HLQ EHUXIOLFKHU :HUGHJDQJ EH
JDQQ LQ GHU )LQDQ]YHUZDOWXQJ 1RUGUKHLQ:HVWIDOHQ VHLW
5HFKWVDQZDOW VHLW )DFKDQZDOW IU 6WHXHU
UHFKW ,FK ELQ DEHU EHUHLWV LQ GLH 5HFKWVDEWHLOXQJ
GHU :HVW/% HLQJHWUHWHQ YRQ GRUW ELQ LFK LQ GLH :*=
%DQN GLH :HVWGHXWVFKH *HQRVVHQVFKDIWV=HQWUDOEDQN
LQ 'VVHOGRUI JHZHFKVHOW XQG KDEH GHQ %HUHLFK 5HFKW
XQG %HWHLOLJXQJHQ EHUQRPPHQ 6SlWHU ZDU LFK GRUW
]HKQ -DKUH LP 9RUVWDQG ,FK ELQ MHW]W *HVFKlIWVIKUHU HL
QHU )DPLOLHQKROGLQJ KDEH PHKUHUH $XIVLFKWV XQG %HL
UDWVPDQGDWH 6HLW -DKUHQ ELQ LFK VFKZHUSXQNWPl‰LJ
DOV 0HGLDWRU DNWLY 'LH $XVELOGXQJ ]XP 0HGLDWRU KDEH
LFK EHL GHU YRUPDOLJHQ *:0. GHU *HVHOOVFKDIW IU
:LUWVFKDIWVPHGLDWLRQ XQG .RQIOLNWPDQDJHPHQW LQ
0QFKHQ XQG EHL GHU 'HXWVFKHQ $QZDOWV$NDGHPLH JH
PDFKW ,FK ELQ HLQ VHKU HQJDJLHUWHU 9HUIHFKWHU GHU 0HGL
DWLRQ XQG ZR LPPHU LFK NDQQ ZHUEH LFK IU GLH 0HGLD
WLRQ ,FK YHUVXFKH DXFK GLH 5LFKWHU GDYRQ ]X EHU]HX
JHQ GDVV GLH $QZDOWVPHGLDWLRQ HLQH JXWH 6DFKH LVW
-HQFNHO 9LHOHQ 'DQN :LU KDEHQ HV KLHU PLW ]ZHL 0H
GLDWRUHQ ]X WXQ ,FK P|FKWH 6LH ELWWHQ MHW]W QRFK HWZDV
JHQ $XFK GLH 5LFKWHUPHGLDWRUHQ ZDUHQ GDYRQ VHKU
EHU]HXJW ZHLO GLH (LQLJXQJVTXRWH JHZDOWLJ KRFK ZDU
:LU VLQG LQ *|WWLQJHQ DXI HLQH LJH (LQLJXQJVTXRWH
JHNRPPHQ GK YRQ LQ GHU 0HGLDWLRQ YHUKDQGHOWHQ
)lOOHQ ZXUGHQ HUIROJUHLFK PLW HLQHU (LQLJXQJ DEJH
VFKORVVHQ 'DV *DQ]H ZXUGH ZLVVHQVFKDIWOLFK EHJOHLWHW
3DUWHLHQ $QZlOWH 5LFKWHU 0HGLDWRUHQ ZXUGHQ EHIUDJW
:HU 0HGLDWLRQ VHOEVW HUOHEW KDWWH ZDU GDIU JHZRQQHQ
,FK KDEH LPPHU GDPLW JHZRUEHQ NRPPHQ 6LH HLQPDO
]X PLU 6LH ZHUGHQ ZLHGHUNRPPHQ 8QG GDV LVW DXFK VR
HLQJHWUHWHQ
:LU PDFKHQ DP 2/* LQ &HOOH MHW]W GLHVHOEH (UIDKUXQJ
$QIDQJV 6NHSVLV JHUDGH LP %HUXIXQJVYHUIDKUHQ DEHU
ZHQQ GLH %HWHLOLJWHQ HUVW HLQPDO DQ GHU 0HGLDWLRQ WHLO
JHQRPPHQ KDEHQ VLQG VLH EHU]HXJW GDVV GLHVH GRFK
HLQH JDQ] JXWH $OWHUQDWLYH ]XP *HULFKWVYHUIDKUHQ GDU
VWHOOW 1LFKW HWZDV %HVVHUHV DEHU HLQH JXWH $OWHUQDWLYH
'U 0RQ‰HQ -D LFK ELQ ZLH JHVDJW VHLW JXW ]HKQ -DK
UHQ DOV 0HGLDWRU VHKU DNWLY ,FK KDEH ]X %HJLQQ PHLQHU
7lWLJNHLW LQ HLQHP VHKU VWDUNHQ 8PIDQJ EHL 6HUYLFH
FOXEV ZLH 5RWDU\ RGHU /LRQV RGHU DQGHUHQ 9HUHLQLJXQ
JHQ 9RUWUlJH ]XP 7KHPD 0HGLDWLRQ JHKDOWHQ HLQH Ä,Q
QRYDWLRQ LQ XQVHUHU 6WUHLWNXOWXU³ $OOH =XK|UHU ZDUHQ
KHOODXI EHJHLVWHUW GDV K|UW VLFK JXW DQ XQG ZLU PVVHQ
HV XQEHGLQJW PDFKHQ 'LH 8PVHW]XQJ GDQDFK LQ GHU 3UD
[LV ZDU DOOHUGLQJV UHODWLY ]XUFNKDOWHQG XQG EHVFKHLGHQ
'LH 9RUWUlJH KDEHQ MHGRFK ]X HLQLJHQ 0HGLDWLRQHQ JH
IKUW 5XQG GHU 9HUIDKUHQ HQGHWHQ PLW HLQH HLQ
YHUQHKPOLFKHQ 5HJHOXQJ 'LH 3DUWHLHQ ZDUHQ ZLUNOLFK
]XIULHGHQ ZHLO VLH HQGOLFK GLH 0|JOLFKNHLW KDWWHQ XQ
JHKLQGHUW LKUH 6LFKW GHV .RQIOLNWHV JHJHQEHU GHU *H
JHQSDUWHL GDU]XVWHOOHQ 'LH %HPKXQJHQ GLHVH SRVLWL
YHQ (IIHNWH GHU 0HGLDWLRQ DXFK LQ GHU 5HFKWVDQZDOW
VFKDIW XP]XVHW]HQ KDEHQ VLFK EHGDXHUOLFKHUZHLVH DOV
VHKU ]lK KHUDXVJHVWHOOW
5$.9L]HSUlVLGHQW
ZHLWHU ,KUH (UIDKUXQJHQ PLW GHU 0HGLDWLRQ ]X VFKLOGHUQ
6LH KDEHQ MD EHLGH YHUVFKLHGHQH (UIDKUXQJHQ DOV 0HGL
DWRUHQ DOV (QWZLFNOHU YRQ 3LORWSURMHNWHQ RGHU GXUFK
ZLVVHQVFKDIWOLFKH RGHU VFKULIWVWHOOHULVFKH %HJOHLWXQJ
'U *|W] YRQ 2OHQKXVHQ $OV LFK YRU VHFKV -DKUHQ
EHLP /DQGJHULFKW *|WWLQJHQ LQ *HULFKWVYHUIDKUHQ 0H
GLDWLRQ DQJHERWHQ KDEH ZXVVWH PDQ QRFK QLFKW RE PDQ
EHUKDXSW 0HGLDWLRQ LP *HULFKWVYHUIDKUHQ GXUFKIKUHQ
N|QQH 'LH HUVWHQ (UIDKUXQJHQ ZDUHQ DXVJHVSURFKHQ
SRVLWLY 'LHMHQLJHQ GLH DQ GHQ 0HGLDWLRQHQ WHLOQDKPHQ
GLH 3DUWHLHQ XQG GLH $QZlOWH ZDUHQ VHKU DQJHWDQ XQG
]XIULHGHQ PLW GHP (UJHEQLV GHU 0HGLDWLRQVYHUKDQGOXQ
ÓÊl
8QG SO|W]OLFK EOKWH HLQ QHXHV 3IOlQ]FKHQ DXI QlPOLFK
GLH 5LFKWHUPHGLDWLRQ 'LH -XVWL] PDFKW VLFK GLH SRVLWL
YHQ (IIHNWH GHU 0HGLDWLRQ ]XHLJHQ ,FK ZLOO QLFKW YHU
KHKOHQ GDVV LFK GDEHL ]XQlFKVW HLQPDO SUR $QZDOW
VFKDIW 3RVLWLRQ EH]RJHQ XQG JHIUDJW KDEH RE GLH 5LFK
WHU GLH MD LP *UXQGH HLQH JDQ] DQGHUH )XQNWLRQ KDEHQ
HLJHQWOLFK DOV 0HGLDWRUHQ WlWLJ ZHUGHQ GUIHQ 5FNHQ
GHFNXQJ IU PHLQH 3RVLWLRQ VDK LFK LQ GHP QHXHQ † =32 GHU PLW GHU =325HIRUP HLQJHIKUW ZRUGHQ
LVW .RQNUHW JHKW HV XP † $EV 6 =32 ]X GHV
VHQ %HGHXWXQJ LFK PHKUHUH $XIVlW]H YHUIDVVW KDEH
'LHV LPPHU PLW GHU =LHOVHW]XQJ GLH *HULFKWH VROOWHQ
YRQ GHU LKQHQ HLQJHUlXPWHQ (UPlFKWLJXQJ *HEUDXFK
PDFKHQ XQG JHHLJQHWH )lOOH DQ $QZDOWVPHGLDWRUHQ DE
JHEHQ 2EZRKO LFK VHOEVW +DQGHOVULFKWHU DP /DQGJH
ULFKW 'VVHOGRUI ELQ KDEH LFK IHVWJHVWHOOW GDVV DXFK LQ
GHU 5LFKWHUVFKDIW HLQH VHKU JUR‰H =XUFNKDOWXQJ LQ 6D
FKHQ 0HGLDWLRQ IHVW]XVWHOOHQ LVW 0DQ KDW JDU NHLQH $P
ELWLRQHQ YRQ † $EV 6 =32 *HEUDXFK ]X PD
FKHQ ,FK KDEH DOOHUGLQJV LPPHU GLH *HOHJHQKHLW JH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
6ÁÏÛgUƒÅg
QXW]W LQ GLH 9HUKDQGOXQJHQ DXFK PHGLDWLYH (OHPHQWH
XQG 7HFKQLNHQ HLQ]XEULQJHQ %LVODQJ LVW 0HGLDWLRQ HLQ
]lKHV *HVFKlIW IU GLH $QZDOWVFKDIW (V PDJ GDEHL HKHU
GLH %HIUFKWXQJ PLWVFKZLQJHQ KLHU WXH VLFK HWZDV DXI
GHVVHQ $XVZLUNXQJHQ IU GLH $QZlOWH VLFK QLFKW JHQDX
EHUEOLFNHQ ODVVHQ 'DEHL LVW 0HGLDWLRQ IU $QZlOWH
XQG 3DUWHLHQ YRUWHLOKDIW
-HQFNHO :LU UHGHQ KLHU MD KHXWH LQ GHU +DXSWVDFKH EHU
ULFKWHUOLFKH XQG JHULFKWVQDKH DQZDOWOLFKH 0HGLDWLRQ
,FK JODXEH ZLU VLQG XQV DOOH HLQLJ GDVV HV VLFK XP HLQ
9HUIDKUHQ KDQGHOW GDV DOOHQ %HWHLOLJWHQ KHOIHQ NDQQ
GHQ 5LFKWHUQ GHQ $QZlOWHQ XQG YRU DOOHP GHQ 3DUWHLHQ
8QG HV EULQJW DXFK $UEHLWVHQWODVWXQJ *OHLFKZRKO JLEW
HV GD]X MD ± QDWXUJHPl‰ PXVV PDQ IDVW VDJHQ ± XQWHU
VFKLHGOLFKH 3RVLWLRQHQ 'HVZHJHQ PHLQH )UDJH 6LQG
ULFKWHUOLFKH XQG DQZDOWOLFKH JHULFKWVQDKH 0HGLDWLRQ
.RQNXUUHQ]SURMHNWH"
'U 0RQ‰HQ -D HV VLQG .RQNXUUHQ]SURMHNWH XQGRGHU
SURGXNWH =XQlFKVW P|FKWH LFK IHVWVWHOOHQ GDVV GLH
/HLVWXQJVHUEULQJHU DOVR 5LFKWHUPHGLDWRUHQ XQG $Q
ZDOWVPHGLDWRUHQ QDFK PHLQHU $XIIDVVXQJ DOV 0HGLDWR
UHQ EHU GLH JOHLFKH 4XDOLILNDWLRQ YHUIJHQ =ZLVFKHQ
5LFKWHUPHGLDWRUHQ XQG $QZDOWVPHGLDWRUHQ JLEW HV NHL
QH IDFKOLFKHQ 'LIIHUHQ]HQ *OHLFKZRKO JLEW HV HLQH
.RQNXUUHQ] XQG GLHVH .RQNXUUHQ] OLHJW LQ HUVWHU /LQLH
GDULQ GDVV GLH -XVWL] KLHU HLQHQ :HWWEHZHUEVYRUWHLO DXI
GHU 3UHLVHEHQH KDW
'LH $QZDOWVPHGLDWLRQ ± VSULFK GLH JHULFKWVQDKH 0HGL
DWLRQ GXUFK $QZlOWH ± LVW PLW HLQHP ]XVlW]OLFKHQ .RV
WHQDXIZDQG YHUEXQGHQ 1LFKW GDJHJHQ GLH 5LFKWHUPH
GLDWLRQ :HQQ HLQH 5LFKWHUPHGLDWLRQ GXUFKJHIKUW XQG
HUIROJUHLFK DEJHVFKORVVHQ ZLUG GDQQ ZLUG EHL GHQ 3DU
WHLHQ OHGLJOLFK GLH HLQH *HULFKWVJHEKU GLH EHL HLQHU
JWOLFKHQ (LQLJXQJ IlOOLJ ZLUG HUKREHQ PHKU QLFKW
:HQQ GDJHJHQ EHL GHU $QZDOWVPHGLDWLRQ GLH $QZDOWV
PHGLDWRUHQ HUIROJUHLFK JHZHVHQ VLQG DOVR LP *UXQGH
JHQRPPHQ GLH JOHLFKH /HLVWXQJ HUEUDFKW KDEHQ ZLH GLH
5LFKWHUPHGLDWRUHQ ZLUG GLHVHU 0HKUZHUW YRQ GHQ 3DU
WHLHQ ]XVlW]OLFK YHUJWHW 2EZRKO GLH -XVWL] QLFKW ]XP
(UIROJ EHLJHWUDJHQ KDW GDV 9HUIDKUHQ DEHU JWOLFK DEJH
VFKORVVHQ ZXUGH YHUEOHLEW HLQH *HULFKWVJHEKU EHL LKU
'DV LVW HLQH %HODVWXQJ GLH QDFK PHLQHP 'DIUKDOWHQ
HLQH :HWWEHZHUEVYHU]HUUXQJ DXVPDFKW ,FK ELQ ODQJH
=HLW LQ GHU *HQRVVHQVFKDIWVRUJDQLVDWLRQ JHZHVHQ XQG
GRUW LPPHU VHKU VWDUN PLW GHP 3ULQ]LS GHU 6XEVLGLDULWlW
NRQIURQWLHUW ZRUGHQ 1DFK PHLQHP 'DIUKDOWHQ JLOW
DXFK LP %HUHLFK GHU JHULFKWVQDKHQ 0HGLDWLRQ GHU
*UXQGVDW] GHU 6XEVLGLDULWlW GK GLH |IIHQWOLFKH +DQG
VSULFK GLH -XVWL] VROOWH HUVW GDQQ WlWLJ ZHUGHQ ZHQQ GLH
ÄSULYDWH +DQG³ QLFKW OHLVWXQJVIlKLJ LVW 'DV LVW GHU HUVWH
*UXQGVDW]
'HU ]ZHLWH *UXQGVDW] LVW ZLU KDEHQ PLW † $EV 6 =32 HLQH JDQ] NODUH $QOHLWXQJVUHJHOXQJ HLQH $XI
IRUGHUXQJ GHV *HVHW]JHEHUV DQ GLH -XVWL] ]XU (QWODVWXQJ
GHU -XVWL] XQG ]XU )|UGHUXQJ GHU JWOLFKHQ 6WUHLWEHLOH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
JXQJ GDV $QJHERW GHU $QZDOWVPHGLDWRUHQ ]X QXW]HQ
XQG GLH DX‰HUJHULFKWOLFKH 6WUHLWVFKOLFKWXQJ KHUEHL]X
IKUHQ
'U *|W] YRQ 2OHQKXVHQ 0DQ PXVV DQ GHU ULFKWLJHQ
6WHOOH DQVHW]HQ 'LH )UDJH GHV :HWWEHZHUEVYRUWHLOV
RGHU QDFKWHLOV LVW QLFKW GLH ULFKWLJH 6WHOOH XP 0HGLDWL
RQ ]X I|UGHUQ (V NDQQ QLFKW GDUXP JHKHQ RE MHW]W GHU
6WDDW PLW GHU 5LFKWHUPHGLDWLRQ LUJHQGZHOFKH :HWWEH
'U *|W] YRQ 2OHQKXVHQ
ZHUEVYRUWHLOH KDW 6XEVLGLDULWlW ZLUG VLFK GDULQ ]HLJHQ
GDVV 3DUWHLHQ JDU QLFKW HUVW ]X *HULFKW JHKHQ VRQGHUQ
DX‰HUJHULFKWOLFK LKUHQ 6WUHLW PLW +LOIH HLQHV 0HGLDWRUV
EHLOHJHQ ZUGHQ 'DV ZlUH GHU ULFKWLJH :HJ 'D ELQ LFK
PLW ,KQHQ HLQHU 0HLQXQJ GHQ VROOWHQ ZLU DQVWUHEHQ XQG
I|UGHUQ :HQQ DEHU GLH 3DUWHLHQ HLQPDO EHL *HULFKW
VLQG GDQQ LVW GHU 6XEVLGLDULWlWVIDOO HLQJHWUHWHQ 'DQQ
KDEHQ GLH 3DUWHLHQ XQG GHUHQ $QZlOWH HV QLFKW JH
VFKDIIW GHQ .RQIOLNW RKQH *HULFKW EHL]XOHJHQ 'DQQ LVW
GDV *HULFKW DXIJHUXIHQ HLQH IU GLH 3DUWHLHQ JXWH XQG
]XIULHGHQVWHOOHQGH 9HUIDKUHQVDUW ]XU 9HUIJXQJ ]X VWHO
OHQ 'DV NDQQ HLQ 8UWHLO VHLQ 'DV NDQQ HLQ 9HUJOHLFKV
JHVSUlFK VHLQ GDV NDQQ DEHU DXFK HLQH 0HGLDWLRQ VHLQ
8QG LQVRIHUQ LVW GDV NHLQH )UDJH PHKU YRQ 6XEVLGLDULWlW
'DQQ KDEHQ ZLU GHQ .RQIOLNW EHL *HULFKW XQG HU PXVV
GRUW DXFK JHO|VW ZHUGHQ 'HVKDOE VLQG ZLU GDQQ DXFK
EHUHFKWLJW YRQ GHU 0HWKRGH GHU 0HGLDWLRQ *HEUDXFK ]X
PDFKHQ ]XPDO HV MD IU GLH 3DUWHLHQ HLQH JQVWLJH $O
WHUQDWLYH LVW GDV EHOHJW GLH KRKH =XIULHGHQKHLW
,FK JHEH ,KQHQ 5HFKW GDVV GLH *HULFKWVJHEKUHQUHJH
OXQJ EHL JWOLFKHU (LQLJXQJ JHlQGHUW ZHUGHQ VROOWH GDV
KDEH LFK DXFK DXI GHP -XULVWHQWDJ JHIRUGHUW 'LH 5FN
HUVWDWWXQJ YRQ ]ZHL *HULFKWVJHEKUHQ EHL 9HUJOHLFKV
VFKOXVV VROOWH DEJHVFKDIIW ZHUGHQ GDV ZDU HLQPDO DOV
$QUHL] JHGDFKW IU GLH 3DUWHLHQ XP 9HUJOHLFKH DE]X
VFKOLH‰HQ KDW DEHU QLFKW GDV JHEUDFKW ZDV HV EULQJHQ
VROOWH 'DV N|QQHQ ZLU UXKLJ ZLHGHU UFNJlQJLJ PD
Óʙ
6ÁÏÛgUƒÅg
FKHQ :HQQ GDV UFNJlQJLJ JHPDFKW ZRUGHQ LVW XQG GLH
*HULFKWVJHEKUHQ HLQJH]DKOW VLQG KDEHQ ZLU DXFK NHL
QHQ :HWWEHZHUEVYRUWHLO PHKU GDQQ NRVWHW HLQH 0HGLD
WLRQ EHL *HULFKW DXFK *HOG XQG GDQQ N|QQHQ 6LH DXFK
DOWHUQDWLY ]XP DX‰HUJHULFKWOLFKHQ 0HGLDWRU JHKHQ (V
EOHLEW QXU QRFK GLH )UDJH ZLH ZLU LQ JHULFKWVQDKHQ 0H
GLDWLRQHQ GDV *HOG DXI GLH DX‰HUJHULFKWOLFKHQ 0HGLDWR
UHQ XPOHLWHQ
-HQFNHO 'DUI LFK GDQQ JOHLFK HLQH )UDJH QDFKVFKLHEHQ
DQ 6LH 'U *|W] YRQ 2OHQKXVHQ ,VW ULFKWHUOLFKH 0HGLD
WLRQ QDFK GHU GHU]HLWLJHQ *HVHW]HVODJH EHUKDXSW ]XOlV
VLJ" (V JLEW MD 6WLPPHQ GLH VDJHQ HV KDQGHOH VLFK XP
HLQH 5HFKWVGLHQVWOHLVWXQJ GLH QLFKW GXUFK GLH =32 JH
GHFNW VHL IU GHUDUWLJH 5HFKWVGLHQVWOHLVWXQJHQ JHOWH GDV
5HFKWVGLHQVWOHLVWXQJVJHVHW]
'U *|W] YRQ 2OHQKXVHQ 5HFKWVIRUPDO JHVHKHQ LVW
0HGLDWLRQ LP *HVHW] QLFKW DXVGUFNOLFK JHUHJHOW 'DV
NDQQ DXFK NHLQHU HUZDUWHQ 'DV LVW HLQH QHXH 0HWKRGH
GLH LVW YRQ GHU =32 QLFKW DXVGUFNOLFK HUIDVVW $EHU
GHP )HKOHQ DXVGUFNOLFKHU 5HJHOXQJHQ EHJHJQHQ -XULV
WHQ DQ YLHOHUOHL 6WHOOHQ 0LW DQDORJHU $QZHQGXQJ NDQQ
PDQ VROFKH /FNHQ VFKOLH‰HQ 'HVKDOE LVW 0HGLDWLRQ
JHVHW]OLFK LQVRZHLW HLQH ]XOlVVLJH %HWlWLJXQJ YRQ 5LFK
WHUQ DOV 0HGLDWRUHQ 0HLQ 9RUVFKODJ DXI GHP 'HXW
VFKHQ -XULVWHQWDJ ODXWHWH GDVV GXUFK HLQH DXVGUFNOLFKH
JHVHW]OLFKH 5HJHOXQJ 0HGLDWLRQ HLQH 5HFKWVJUXQGODJH
YHUOLHKHQ ZHUGHQ VROOWH
'U 0RQ‰HQ ,FK P|FKWH JDU QLFKW LQ UHFKWOLFKH 'LV
NXVVLRQHQ HLQWUHWHQ RE LUJHQGHWZDV ]XOlVVLJ LVW RGHU RE
LUJHQGHLQH /FNH EHVWHKW GLH PDQ GXUFK HLQH DQDORJH
$QZHQGXQJ EHVWLPPWHU 9RUVFKULIWHQ VFKOLH‰HQ NDQQ
1DFK PHLQHP 'DIUKDOWHQ KDEHQ ZLU HV KLHU PLW HLQHU
IDNWLVFKHQ (UZHLWHUXQJ GHV 'LHQVWOHLVWXQJVDQJHERWHV
GHU -XVWL] ]X WXQ GLH YRQ GHQ %UJHUQ DQJHQRPPHQ
ZLUG 'DQQ JLOW GHU *UXQGVDW] ÄZR NHLQ .OlJHU GD NHLQ
5LFKWHU³ 2E GDV DOOHV ZHWWEHZHUEVZLGULJ LVW RGHU QLFKW
GDUEHU N|QQHQ VLFK 3URIHVVRUHQ HUHLIHUQ 1DFK PHL
QHP 'DIUKDOWHQ NDQQ PDQ GDV DXFK LQ GHU 7DW HUQVWKDIW
GLVNXWLHUHQ ,FK JODXEH DEHU NDXP GDVV GLH $QZDOW
VFKDIW 5LFKWHUPHGLDWRUHQ ZHJHQ :HWWEHZHUEVYHUVWR‰HV
RGHU GHUJOHLFKHQ LQ $QVSUXFK QHKPHQ ZLUG 'DV ZLOO
LFK DXFK JDU QLFKW
,FK ZLOO EHVWLPPWH $VSHNWH IRFXVVLHUHQ XP DXI GLHVH
:HLVH GD]X EHL]XWUDJHQ EHVWHKHQGH JHVHW]OLFKH /
FNHQ ]X VFKOLH‰HQ XQG GDV 7lWLJNHLWVIHOG GHU 5LFKWHUPH
GLDWLRQ NODU ]X UHJHOQ :HQQ 'U *|W] YRQ 2OHQKXVHQ
VLFK GDIU VWDUN PDFKW GLH *UDX]RQH LQ GHU VLFK GLH
5LFKWHUPHGLDWLRQ EHZHJW HLQGHXWLJ ]X NOlUHQ GDQQ
NDQQ LFK QXU VDJHQ GDV LVW LQ 2UGQXQJ XQG HV PXVV VHLQ
'HQQ GLH 5LFKWHUPHGLDWLRQ ZLUG PLW DQ 6LFKHUKHLW JUHQ
]HQGHU :DKUVFKHLQOLFKNHLW LQ 'HXWVFKODQG IOlFKHQGH
FNHQG HLQJHVHW]W ZHUGHQ +HUU %DPEHUJHU GHU -XVWL]
PLQLVWHU YRQ 5KHLQODQG3IDO] KDW VLFK NU]OLFK HUVW LQ
HLQHU 9HUDQVWDOWXQJ LQ GHP 6LQQH JHlX‰HUW GDVV DXFK LQ
5KHLQODQG3IDO] GLH 5LFKWHUPHGLDWLRQ IOlFKHQGHFNHQG
HLQJHIKUW ZLUG 'DV (QWVFKHLGHQGH IU PLFK LVW GDVV LQ
ÓÉâ
MHGHP )DOO 5HJHOXQJHQ JHWURIIHQ ZHUGHQ GLH NHLQH
VSLW]ILQGLJHQ MXULVWLVFKHQ %HWUDFKWXQJHQ HUIRUGHUQ
VRQGHUQ GHU $QZDOWVPHGLDWLRQ ZLH GHU 5LFKWHUPHGLDWL
RQ GLH JOHLFKHQ &KDQFHQ HLQUlXPHQ
-HQFNHO 'DUI LFK 6LH VR YHUVWHKHQ GDVV DXFK 6LH GLH
ULFKWHUOLFKH 0HGLDWLRQ UHFKWVSROLWLVFK QLFKW DQJUHLIHQ
ZROOHQ"
'U 0RQ‰HQ 5HFKWVSROLWLVFK ZUGH LFK HV LQ MHGHP )DOO
DQJUHLIHQ 0LW GHU 5LFKWHUPHGLDWLRQ ZLUG YRQ GHU 5LFK
WHUVFKDIW HLQH 7lWLJNHLW ZDKUJHQRPPHQ GLH QXQ HLQPDO
JDQ] NODU LKUHQ (UIROJ DXFK GHP 8PVWDQG YHUGDQNW GDVV
GLH 5LFKWHU HLQH KRKH 5HSXWDWLRQ LQ GHU %HY|ONHUXQJ JH
QLH‰HQ 'LH $QZlOWH JHQLH‰HQ HEHQIDOOV HLQH KRKH 5HSX
WDWLRQ $EHU 5LFKWHU KDEHQ HLQH DQGHUH Ä%XJZHOOH³ DOV
$QZlOWH :HQQ HLQ 5LFKWHU YRUVFKOlJW ODVVHQ ZLU GRFK
0HGLDWLRQ PDFKHQ GDQQ ZLUG GDV JDQ] DQGHUV DXIJH
QRPPHQ DOV ZHQQ HLQ $QZDOW HLQHU 3DUWHL 0HGLDWLRQ
YRUVFKOlJW 'DV LVW HLQ 6\VWHPXQWHUVFKLHG GHQ NHLQHU
YRQ XQV EHLGHQ ZHGHU +HUU *|W] YRQ 2OHQKXVHQ QRFK
LFK ]X YHUWUHWHQ KDEHQ 'DV VLQG HLQIDFK GLH 0DUNWJHJH
EHQKHLWHQ $EHU UHFKWVSROLWLVFK JHVHKHQ ZUGH LFK VD
JHQ ZHQQ DOOHV GDV ZDV 'U *|W] YRQ 2OHQKXVHQ KLHU
DQJHVSURFKHQ KDW XPJHVHW]W ZUGH GDQQ PVVWH QDFK
GHU UHLQHQ /HKUH † $EV 6 =32 ZLHGHU DXV GHP
*HVHW] HQWIHUQW ZHUGHQ ZHLO GDIU GDQQ LP *UXQGH NHLQ
5DXP PHKU EOLHEH :HOFKHU 5LFKWHU XQG ZHOFKH 3DUWHL
ZUGHQ HLQH DX‰HUJHULFKWOLFKH SUR]HVVQDKH 0HGLDWLRQ
YRUVFKODJHQ E]Z PLWPDFKHQ ZHQQ GLH 5LFKWHUPHGLDWL
RQ DOV ,Q+RXVH/|VXQJ EHUHLW VWHKW"
-HQFNHO 'DQNH VHKU :LU N|QQHQ LP *UXQGH IHVWKDOWHQ
GDVV GLH ULFKWHUOLFKH 0HGLDWLRQ GLH ZRKO QRFK JDQ]
EHUZLHJHQG LQ 3LORWSURMHNWHQ OlXIW HLQ JUR‰HU (UIROJ
LVW 'LH DQZDOWOLFKH JHULFKWVQDKH 0HGLDWLRQ LVW ELVKHU
]XPLQGHVW ]DKOHQPl‰LJ QRFK NHLQ (UIROJ :HQQ PDQ
GLH =DKOHQ YHUJOHLFKW GDQQ VWHOOW PDQ IHVW GDVV GLH ULFK
WHUOLFKHQ 0HGLDWLRQVIlOOH HLQ 9LHOIDFKHV GHU DQZDOWOL
FKHQ 0HGLDWLRQVIlOOH DXVPDFKHQ :RUDQ OLHJW GDV"
'U *|W] YRQ 2OHQKXVHQ 'DV OLHJW DXFK DQ GHP 9HU
KDOWHQ GHU $QZDOWVFKDIW $QZlOWH GLH GLH :DKO KDEHQ
LKUHP 0DQGDQWHQ HLQH 5LFKWHUPHGLDWLRQ RGHU HLQH $Q
ZDOWVPHGLDWLRQ YRU]XVFKODJHQ EHYRU]XJHQ YLHOIDFK GLH
5LFKWHUPHGLDWLRQ +LHU PXVV $XINOlUXQJVDUEHLW LQ GHU
$QZDOWVFKDIW JHOHLVWHW ZHUGHQ ,FK VWLPPH QlPOLFK
+HUUQ 0RQ‰HQ Y|OOLJ ]X GDVV LQ GHU IDFKOLFKHQ 4XDOLIL
NDWLRQ ]ZLVFKHQ $QZDOWVPHGLDWRU XQG 5LFKWHUPHGLDWRU
NHLQ 8QWHUVFKLHG EHVWHKW 8QWHUVFKLHGH HUJHEHQ VLFK DO
OHQIDOOV DXV XQWHUVFKLHGOLFKHQ 3HUV|QOLFKNHLWHQ 'D JLEW
HV VRZRKO LQ GHU 5LFKWHUVFKDIW DOV DXFK LQ GHU $QZDOW
VFKDIW 0HGLDWRUHQ GLH HLQH KRKH )lKLJNHLW KDEHQ ]X
YHUKDQGHOQ ]X PRGHULHUHQ ]X YHUPLWWHOQ XQG 3DUWHLHQ
]X HLQHU (LQLJXQJ ]X JHOHLWHQ 'HQQRFK EHVWHKHQ LQ GHU
$QZDOWVFKDIW HUKHEOLFKH 9RUEHKDOWH GHP 0DQGDQWHQ
]X UDWHQ ]X HLQHP $QZDOWVPHGLDWRU ]X JHKHQ +LHU OLHJW
GHU 6FKZDU]H 3HWHU QLFKW EHL GHU -XVWL] VRQGHUQ EHL GHU
5HFKWVDQZDOWVFKDIW 'LH -XVWL] VROOWH DEHU ± XQG GDV ]HL
JHQ MD XQVHUH 3LORWSURMHNWH +LOGHVKHLP 6WDGH .|OQ ±
GD]X EHLWUDJHQ GDVV LQ GHU %HY|ONHUXQJ XQG LQ GHU $Q
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
6ÁÏÛgUƒÅg
ZDOWVFKDIW GLH $N]HSWDQ] IU GLH DQZDOWOLFKH 0HGLDWLRQ
ZlFKVW XQG GD]X P|FKWH LFK DXFK JHUQH EHLWUDJHQ
-HQFNHO :LH NDQQ GLHV NRQNUHW JHVFKHKHQ"
'U *|W] YRQ 2OHQKXVHQ :LU N|QQHQ GDV QXU ZLHGHU
EHU 3LORWSURMHNWH PDFKHQ ZLH VLH VFKRQ DQJHODXIHQ
VLQG LQGHP LQ GHU 5LFKWHUVFKDIW %HUHLWVFKDIW JHZHFNW
ZLUG *HULFKWVYHUIDKUHQ DQ $QZDOWVPHGLDWRUHQ DE]XJH
EHQ 'DQQ PVVHQ DXFK GLH $QZlOWH LQ GHQ MHZHLOLJHQ
9HUIDKUHQ PLWZLUNHQ :HQQ DOOH DQ HLQHP 6WUDQJ ]LH
KHQ LVW GDV HLQH .OHLQLJNHLW ,FK KDEH PDQFKPDO GLH %H
IUFKWXQJ GDVV GLH ,QIRUPDWLRQHQ JDU QLFKW DQ GLH 3DUWHL
VHOEVW JHODQJHQ VRQGHUQ GDVV GDV VFKRQ YRUKHU DXVJH
EUHPVW ZLUG ,Q GHU 5LFKWHUVFKDIW PXVV KLHU DXFK QRFK
YLHO $XINOlUXQJVDUEHLW JHOHLVWHW ZHUGHQ GHQQ HV VLQG
:HJH GLH YRQ -DKUKXQGHUWH ODQJ JHSUlJWHQ ULFKWHUOLFK
MXULVWLVFKHQ :HJHQ ZHJIKUHQ
'U 0RQ‰HQ +LHU LP .DPPHUEH]LUN GHU 5HFKWVDQ
ZDOWVNDPPHU 'VVHOGRUI KDEHQ ZLU QRFK NHLQH (UIDK
UXQJ PLW 5LFKWHUPHGLDWLRQ 6LH ZXUGH JHUDGH HUVWPDOV
XQG ]ZDU DP /DQGJHULFKW .UHIHOG HLQJHIKUW ,FK VHOEVW
KDEH DXFK NHLQH (UIDKUXQJ PLW GHU 5LFKWHUPHGLDWLRQ
ELQ DOVR LQVRIHUQ =HXJH YRP +|UHQVDJHQ 0HLQH (UIDK
UXQJHQ EDVLHUHQ LQ HUVWHU /LQLH DXI GHU DX‰HUJHULFKWOL
FKHQ 0HGLDWLRQ )U GLHVH NDQQ LFK ]XQlFKVW HLQPDO GLH
(UIROJVTXRWHQ GLH +HUU *|W] YRQ 2OHQKXVHQ IU GLH
5LFKWHUPHGLDWLRQ JHQDQQW KDW EHVWlWLJHQ 'DV WULIIW DOVR
DXFK IU GLH DX‰HUJHULFKWOLFKH 0HGLDWLRQ ]X :DV ZLU
DEHU JDQ] NODU VHKHQ PVVHQ LVW GDVV VRZRKO EHL GHU
5LFKWHUVFKDIW DOV DXFK EHL GHU $QZDOWVFKDIW GLH JlQJLJHQ
.RQIOLNWEHDUEHLWXQJVYHUIDKUHQ HLQH ODQJH 7UDGLWLRQ DXI
ZHLVHQ 0HGLDWLRQ HUVFKHLQW GDPLW QLFKW VR JDQ] NRPSD
WLEHO :LU K|UHQ YRQ 9RUEHKDOWHQ LQ GHU 5LFKWHUVFKDIW
JHQDXVR ZLH YRQ 9RUEHKDOWHQ EHL GHU $QZDOWVFKDIW
'LH 9RUEHKDOWH LQ GHU $QZDOWVFKDIW N|QQWHQ XQWHU 8P
VWlQGHQ HPRWLRQDO DXFK QRFK HLQPDO HWZDV HUK|KW ZHU
GHQ ZHQQ GDV 6FKXOH PDFKW ZDV PLU QHXOLFK EHL GHP
0HGLDWLRQVWDJ GHU $UEHLWVJHPHLQVFKDIW 0HGLDWLRQ HU
]lKOW ZXUGH GDVV QlPOLFK ]XQHKPHQG 5LFKWHU HLQH 1H
EHQWlWLJNHLWVHUODXEQLV EHDQWUDJHQ XP GDQQ DOV 0HGLD
WRU QHEHQEHUXIOLFK WlWLJ ]X ZHUGHQ 6RZHLW LFK PLFK HU
LQQHUH ± LFK ELQ DXFK DOV 6FKLHGVULFKWHU WlWLJ ± LVW HV VR
GDVV HLQ 5LFKWHU SUR -DKU QXU HLQ 6FKLHGVJHULFKWVYHUIDK
UHQ PDFKHQ GDUI 2E GDV EHL GHU 0HGLDWLRQ DXFK VR JHO
WHQ VROO ZHL‰ LFK QLFKW $EHU DXI MHGHQ )DOO LVW HV ZLHGHU
XP HLQH $N]HQWYHUVFKLHEXQJ GLH PDQ EHUFNVLFKWLJHQ
PXVV 0HLQHU $QVLFKW QDFK ZlUH HV JDQ] JXW ZHQQ PDQ
GHQ 6FKUHLEWLVFK GD ODVVHQ ZUGH ZR HU LVW 'LH 5LFKWHU
EOHLEHQ DOV 5LFKWHUPHGLDWRUHQ LP *HULFKW 'LH DX‰HUJH
ULFKWOLFKH 0HGLDWLRQ EHUODVVHQ VLH GHQ $QZlOWHQ
'U *|W] YRQ 2OHQKXVHQ ,FK P|FKWH GRFK HLQPDO GLH
%HIUFKWXQJ DEPLOGHUQ GDVV QXQ 5LFKWHU PLW 1HEHQ
WlWLJNHLWVJHQHKPLJXQJHQ LQ GHQ 0DUNW IU 0HGLDWLRQ
GUlQJHQ 'DV LVW QXU LQ JDQ] JHULQJHP 8PIDQJ GHU )DOO
+HUU 'U 0RQ‰HQ LQ GHU 6FKLHGVJHULFKWVEDUNHLW JLEW HV
GLHVHV 1HEHQHLQDQGHU ]ZLVFKHQ DQZDOWOLFKHQ 6FKLHGV
ULFKWHUQ XQG ULFKWHUOLFKHQ 6FKLHGVULFKWHUQ VHLW ODQJHU
=HLW 'DV KDW 7UDGLWLRQ HV KDW VLFK ELVODQJ QRFK QLH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
PDQG GDUEHU EHVFKZHUW 'DV 1HEHQWlWLJNHLWVUHFKW LVW
QXQ EHL 6FKLHGVJHULFKWHQ XQG EHL 0HGLDWLRQ JOHLFKHU
PD‰HQ VWUHQJ XQG GD LVW 9RUVRUJH JHWURIIHQ GDVV GDV
ZLUNOLFK IU GHQ 0DUNW RKQH %HGHXWXQJ EOHLEHQ ZLUG
GD ELQ LFK ]LHPOLFK VLFKHU
-HQFNHO :LUG GHU 3HQVHQVFKOVVHO IU ULFKWHUOLFKH 0H
GLDWRUHQ YHUlQGHUW DOVR JLEW HV ]XVlW]OLFKH 6WHOOHQ EHL
GHQ *HULFKWHQ DQ GHQHQ ULFKWHUOLFKH 0HGLDWLRQ EHWULH
EHQ ZLUG"
'U *|W] YRQ 2OHQKXVHQ *DQ] LP *HJHQWHLO 5LFKWHU
OLFKH 0HGLDWLRQ LVW MD OHGLJOLFK HLQH DQGHUH $UW GHU .RQ
IOLNWEHLOHJXQJ 6LH ZLUG PLW GHPVHOEHQ 3HUVRQDO HUOH
GLJW GDV DXFK IU GLH VWUHLWLJH -XVWL] ]XU 9HUIJXQJ
VWHKW (V JLEW DOOHUGLQJV DOV JHZLVVHQ $QUHL] IU GLH 0H
GLDWLRQVJHULFKWH GHQ 9RUWHLO GDVV HLQ 5HFKWVNRQIOLNW
GXUFK 0HGLDWLRQ ZHQLJHU ]HLW XQG DUEHLWVDXIZlQGLJ HU
OHGLJW ZHUGHQ NDQQ 'DV LVW GHU 9RUWHLO IU GLH 0HGLDWL
RQVJHULFKWH 0HKU 6WHOOHQ JLEW HV DXI NHLQHQ )DOO ,Q GHU
5LFKWHUVFKDIW ZXUGH LP *HJHQWHLO EHIUFKWHW 0HGLDWL
RQ N|QQH ]XP 6WHOOHQDEEDX EHLWUDJHQ VHOEVW GDV KDW LQ
GHU 5LFKWHUVFKDIW *HJQHU HU]HXJW
'U 0RQ‰HQ :RUXP HV PLU JLQJ LVW )ROJHQGHV :HQQ
5LFKWHUPHGLDWLRQ DQ *HULFKWHQ HLQJHIKUW ZLUG ZLUG
GDV ULFKWLJ ZLH HLQH (U|IIQXQJVSDUW\ JHIHLHUW PLW JUR
‰HP 3UHVVHUXPPHO XQG GHUJOHLFKHQ (V LVW DOVR JDU
QLFKWV 6HOEVWYHUVWlQGOLFKHV VRQGHUQ HWZDV %HVRQGHUHV
:HQQ GLH 5LFKWHUPHGLDWLRQ WDWVlFKOLFK 7HLO GHU ULFKWHU
OLFKHQ 7lWLJNHLW LVW GDQQ N|QQWH PDQ VDJHQ ZLU SUDNWL
]LHUHQ GLH 5LFKWHUPHGLDWLRQ RKQH VLH PLW JUR‰HP 5XP
PHO ZLH HLQ QHXHV 3URGXNW LP 0DUNW HLQ]XIKUHQ
1HKPHQ ZLU QXU HLQPDO GHQ JHUDGH GUXFNIULVFKHQ )O\HU
GHU MHW]W LP /DQGJHULFKW .UHIHOG YHUWHLOW ZLUG 'DQDFK
LVW 0HGLDWLRQ HWZDV +HUYRUUDJHQGHV DEHU YRU DOOHP LVW
VLH NRVWHQORV 6LH LVW NRVWHQORV IU GLH 0DQGDQWHQ (V LVW
LP *UXQGH JHQRPPHQ HLQ 0DUNWDXIWULWW ZLH PDQ LKQ HL
JHQWOLFK YRQ 8QWHUQHKPHQ JHZRKQW LVW 9HUJOHLFKEDUHV
ZDU GHQ $QZlOWHQ IUKHU GXUFK EHUXIVUHFKWOLFKH 9RU
VFKULIWHQ YHUERWHQ $OVR ZHQQ 5LFKWHUPHGLDWLRQ HLQJH
IKUW ZLUG GDQQ PHLQH LFK PDQ VROOWH GDV LQ DOOHU %H
VFKHLGHQKHLW PDFKHQ XQG QLFKW VR JUR‰DUWLJ YHUNDXIHQ
:HQQ PDQ VLFK LQVEHVRQGHUH EHLP .RVWHQDUJXPHQW HW
ZDV ]XUFNQHKPHQ ZUGH KlWWHQ ZLU HKHU GLH &KDQFH
ZHWWEHZHUEVIUHLHU QHEHQHLQDQGHU ]X H[LVWLHUHQ
'U *|W] YRQ 2OHQKXVHQ :LU EUDXFKHQ GDV IU GLH
0RWLYDWLRQ GHU %HWHLOLJWHQ :LU EUDXFKHQ GDV IU GLH
0RWLYDWLRQ GHU 5LFKWHUPHGLDWRUHQ DEHU DXFK IU GLH
$QZlOWH GDPLW GLH $QZlOWH GDUDXI DXIPHUNVDP JH
PDFKW ZHUGHQ +LHU OLHJW DXFK EHL GHU (LQIKUXQJ YRQ
5LFKWHUPHGLDWLRQ LPPHU ZLHGHU GDV PHLVWH 3RWHQ]LDO
:LU PVVHQ GLH $QZDOWVFKDIW EHU]HXJHQ GLHVHV $QJH
ERW DQ]XQHKPHQ
-HW]W NRPPH LFK HLQPDO ]X HLQHP $VSHNW +HUU 'U
0RQ‰HQ GHQ 6LH ELWWH DXFK EHUFNVLFKWLJHQ PVVHQ
(LQH JXW HLQJHIKUWH *HULFKWVPHGLDWLRQ LVW HLQH ZXQGHU
EDUH 9RUVWXIH IU GLH DQZDOWOLFKH 0HGLDWLRQ :LU PD
FKHQ GDV EHNDQQW 'LH *HULFKWH KDEHQ 0HGLDWLRQ LQ
Óɤ
6ÁÏÛgUƒÅg
'HXWVFKODQG EHNDQQW JHPDFKW 8QG GDYRQ KDEHQ DXFK
GLH $QZDOWVPHGLDWRUHQ HLQHQ 1XW]HQ 'HQQ GDV KDEHQ
VLH ELVKHU DOOHLQH QLFKW JHVFKDIIW GDV EHNDQQW ]X PD
FKHQ $XFK 6LH N|QQHQ GLH (LQIKUXQJ YRQ 0HGLDWLRQ
JUR‰ DXI]LHKHQ XQG EHNDQQW PDFKHQ 6LH EUDXFKHQ QXU
GLH 8QWHUVWW]XQJ ,KUHU HLJHQHQ .ROOHJHQVFKDIW :LU
VROOWHQ EHUKDXSW ILQGH LFK XQVHUH (QHUJLH GDUDXI YHU
ZHQGHQ GDV JHPHLQVDPH =LHO ]X HUUHLFKHQ XQG QLFKW
YHUVXFKHQ XQV PLW 9HUERWHQ ]X EHVFKlIWLJHQ 'DV IKUW
QLFKW ZHLWHU :LU PVVHQ PHGLDWLY YRUJHKHQ XQG ZLH LQ
HLQHU 0HGLDWLRQ XQVHU JHPHLQVDPHV =LHO YRU $XJHQ KD
EHQ :LU N|QQHQ DOVR ZLH LQ HLQHU 0HGLDWLRQ JHPHLQ
VDPH /|VXQJVRSWLRQHQ DXIEOlWWHUQ XQG HLQH /|VXQJ
VXFKHQ GLH XQV GLHVHP =LHO QlKHU EULQJW XQV DEHU QLFKW
JHJHQVHLWLJ EORFNLHUHQ 'D]X JHK|UW DXFK GDVV GLH (UVW
HLQIKUXQJ YRQ 0HGLDWLRQ |IIHQWOLFKNHLWVZLUNVDP LVW
'U 0RQ‰HQ +HUU 'U *|W] YRQ 2OHQKXVHQ LFK ELQ
PLW ,KQHQ HLQLJ 0DQ VROOWH LQ GHU 7DW PHGLDWLY JHPHLQ
VDP YHUVXFKHQ HLQH /|VXQJ ]X ILQGHQ ,FK KDEH MD YHU
VXFKW EHL GHU =XUFNQDKPH GHU :HUEHDNWLYLWlWHQ HLQH
VROFKH ]X LQLWLLHUHQ 'DV DQGHUH EOHLEW MD GDQQ LPPHU
QRFK XQEHQRPPHQ ,FK JODXEH GDVV JOHLFKZRKO GLH
)UDJH LPPHU QRFK LP 5DXP VWHKW RE GLH MXVWL]LHOOH 0H
GLDWLRQ WDWVlFKOLFK 7U|IIQHU IU GLH QLFKW MXVWL]LHOOH
0HGLDWLRQ LVW ,FK ILQGH HV JXW GDVV ZLU LQ GHU 6RJZLU
NXQJ GHU 5LFKWHUPHGLDWLRQ GDV 7KHPD 0HGLDWLRQ LP
PHU ZHLWHU EHNDQQW JHPDFKW KDEHQ 6R JHVHKHQ NDQQ
PDQ GHU -XVWL] QXU GDQNEDU VHLQ
'LH )UDJH EOHLEW JOHLFKZRKO ZLH NULHJHQ ZLU GDV 1H
EHQHLQDQGHU JHUHJHOW" 'HQQ GHU XUVSUQJOLFKH $QVDW]
ZDU MD GLH (QWODVWXQJ GHU -XVWL] :LH YHUPHLGHQ ZLU HLQH
$UW Ä)RUXPVKRSSLQJ³ ZDV GLH 0HGLDWLRQ DQEHODQJW"
:LH NULHJHQ ZLU JHUHJHOW GDVV QLFKW DOOH %UJHU XQG
DXFK $QZlOWH GLH *HULFKWH EHPKHQ XP ]XU 5LFKWHU
PHGLDWLRQ ]X JHODQJHQ ZHLO VLH DXI GLHVH :HLVH NRVWHQ
JQVWLJ DQ HLQ JXWHV (UJHEQLV NRPPHQ"
-HQFNHO (V JLEW VFKRQ .ROOHJHQ GLH .ODJH HLQUHLFKHQ
XQG JOHLFK LQ GLH .ODJHVFKULIW VFKUHLEHQ PDQ UHJH HLQ
ULFKWHUOLFKHV 0HGLDWLRQVYHUIDKUHQ DQ 'LHV GUIWH PHL
QHV (UDFKWHQV ZRKO LQ GLH IDOVFKH 5LFKWXQJ JHKHQ
'U *|W] YRQ 2OHQKXVHQ ,FK KDEH VROFKH .ODJHVFKULI
WHQ DXFK VFKRQ JHVHKHQ 'DV VLQG DEHU OHGLJOLFK bX‰H
UXQJHQ GLH HLQH .RPSURPLVVEHUHLWVFKDIW GHU 3DUWHL VLJ
QDOLVLHUHQ VROOHQ (V LVW QLFKW HLQH $UW (UVFKOHLFKHQ HL
QHU VWDDWOLFKHQ /HLVWXQJ GLH PDQ LP *UXQGH DXFK DX
‰HUJHULFKWOLFK EHNRPPHQ N|QQWH DEHU GDQQ .RVWHQ GD
IU DXIZHQGHQ PVVWH 'LH .HUQIUDJH LVW ZLH EHNRP
PHQ ZLU GLH $QZDOWVFKDIW GD]X LKUHQ 0DQGDQWHQ YRU
(LQUHLFKXQJ GHU .ODJH GLH 2SWLRQHQ GDU]XOHJHQ GLH
HLQH 3DUWHL KDW ZHQQ VLH VLFK LQ HLQHP .RQIOLNW EHILQ
GHW 'LH 2SWLRQ HQWZHGHU .ODJH ]X HUKHEHQ RGHU HLQ
0HGLDWLRQVYHUIDKUHQ GXUFK]XIKUHQ +LHU ZlUH HV GRFK
GXUFKDXV P|JOLFK GDVV $QZlOWH LKUHQ 0DQGDQWHQ UD
WHQ EHL HLQHP DX‰HUJHULFKWOLFKHQ 0HGLDWRU HLQH 0HGLD
WLRQ YRU]XQHKPHQ 8QG GDV NDQQ VLFK NRVWHQPl‰LJ
GXUFKDXV PHVVHQ ODVVHQ PLW GHQ $XIZHQGXQJHQ GLH EHL
ÓÉÓ
*HULFKW HQWVWHKHQ ZHQQ HUVW HLQPDO GUHL *HULFKWVJH
EKUHQ HLQJH]DKOW ZHUGHQ PVVHQ
*HUDGH EHL KRKHQ 6WUHLWZHUWHQ LVW GDV GXUFKDXV HLQ NRQ
NXUUHQ]IlKLJHV $QJHERW :HQQ HLQ 0HGLDWRU QDFK 6WXQ
GHQVlW]HQ DEUHFKQHW GDQQ NDQQ EHL HQWVSUHFKHQGHU
6WXQGHQDQ]DKO KLHU GXUFKDXV HLQ NRVWHQJQVWLJHUHV (U
JHEQLV KHUDXVNRPPHQ :HQQ 6LH HLQPDO EHUOHJHQ ZLH
ODQJH HLQ %DXSUR]HVV EHL *HULFKW GDXHUQ NDQQ ZRP|J
OLFK QRFK EHU ]ZHL ,QVWDQ]HQ ,FK KDEH JHUDGH ZLHGHU
HLQHQ %DXSUR]HVV LQ GHU 0HGLDWLRQ HUOHGLJW GHU VHFKV
-DKUH ODQJ LQ GHU HUVWHQ ,QVWDQ] DQKlQJLJ ZDU XQG ZLU
KDEHQ LQ HLQHU GUHLVWQGLJHQ 0HGLDWLRQ LQ GHU %HUX
IXQJVLQVWDQ] GLH 6DFKH EHLJHOHJW 'DQQ NDQQ PDQ HU
PHVVHQ ZHOFKHQ .RVWHQYRUWHLO HLQH DX‰HUJHULFKWOLFKH
0HGLDWLRQ VFKRQ IU DOOH %HWHLOLJWHQ JHEUDFKW KlWWH 8QG
GDV ]X WUDQVSRUWLHUHQ LVW ]XQlFKVW HLQPDO $XIJDEH GHV
EHUDWHQGHQ $QZDOWV GHU PLW GHU 'XUFKVHW]XQJ GHU )RU
GHUXQJ EHDXIWUDJW LVW
,FK JODXEH DEHU GDVV KLHU VFKRQ HUVWH $QVlW]H GD VLQG
VR HWZDV HLQ]XIKUHQ LQGHP QlPOLFK GLH 5HFKWVVFKXW]
YHUVLFKHUXQJHQ ]XQHKPHQG DXFK 0HGLDWLRQHQ ILQDQ]LH
UHQ (V JLEW JHUDGH EHL GHQ JUR‰HQ 5HFKWVVFKXW]YHUVL
FKHUXQJHQ hEHUOHJXQJHQ XQG DXFK 3LORWSURMHNWH GHQ
.XQGHQ GHQ HLJHQHQ 9HUVLFKHUXQJVQHKPHUQ DQ]XELH
WHQ HLQH 0HGLDWLRQ GXUFK]XIKUHQ XQG QLFKW GHQ JH
ULFKWOLFKHQ :HJ ]X EHVFKUHLWHQ 'DV VLQG JDQ] JXWH $Q
VlW]H GLH PDQ ZHLWHUYHUIROJHQ PXVV
-HQFNHO 'U *|W] YRQ 2OHQKXVHQ 6LH VDJWHQ 6LH VHLHQ
EHUHLW DXFK GLH DQZDOWOLFKH JHULFKWVQDKH 0HGLDWLRQ PLW
]X I|UGHUQ 6LH VDJWHQ QDWUOLFK PVVH GDV EHL GHU $Q
ZDOWVFKDIW EHNDQQW JHPDFKW ZHUGHQ 'LHV GUIWH ZDKU
VFKHLQOLFK HKHU GLH $XIJDEH GHU .DPPHUQ XQG 9HUHLQH
VHLQ $EHU ZLH N|QQWH PDQ GDV SUDNWLVFK DQJHKHQ DOVR
ZLH N|QQWH GLH -XVWL] KHOIHQ"
'U *|W] YRQ 2OHQKXVHQ +LHU KDEHQ ZLU KRIIQXQJV
YROOH $QVlW]H EHL GHQ EHVWHKHQGHQ 3LORWSURMHNWHQ DQ
ZDOWOLFKHU 0HGLDWLRQ LP *HULFKWVYHUIDKUHQ (V JLEW GRUW
1HW]ZHUNH XQG $EVSUDFKHQ LQ GHQHQ *HULFKWH VLFK YHU
SIOLFKWHW KDEHQ PHGLDWLRQVJHHLJQHWH 9HUIDKUHQ DQ $Q
ZDOWVPHGLDWRUHQ DE]XJHEHQ 'DV 3UREOHP OLHJW LQ GHU
.RVWHQEHODVWXQJ 'LH DX‰HUJHULFKWOLFKH 0HGLDWLRQ LQ
*HULFKWVYHUIDKUHQ ZLUG ]XU]HLW YRQ GHQ $QZDOWVNDP
PHUQ DOV 6XEYHQWLRQ ILQDQ]LHUW :DV JHVFKLHKW ZHQQ
GLHVH 6XEYHQWLRQ ZHJIlOOW :HU EHUQLPPW GDQQ GLH
.RVWHQ GHU 0HGLDWLRQ" 'D]X KDWWH LFK HLQPDO GLH ,GHH
HQWZLFNHOW GDVV GHU 6WDDW IU JHOXQJHQH RGHU YHUVXFKWH
0HGLDWLRQHQ DQ $QZDOWVPHGLDWRUHQ )DOOSDXVFKDOHQ
]DKOHQ N|QQWH :HQQ QlPOLFK GDGXUFK GHP 6WDDW ULFK
WHUOLFKH $UEHLWVNUDIW HUVSDUW EOHLEW PVVWH HLQ NRVWHQ
Pl‰LJHU (QWODVWXQJVHIIHNW GXUFK 5HGX]LHUXQJ YRQ 3HU
VRQDOHLQVDW] DXFK IU GLHVH $UW GHU 0HGLDWLRQ HLQWUHWHQ
-HQFNHO 'DV VHW]W DEHU HLQH JHVHW]OLFKH 5HJHOXQJ YRU
DXV
'U 0RQ‰HQ 'LH JHVHW]OLFKHQ 5HJHOXQJHQ N|QQWHQ
MHW]W HUIROJHQ GD GLH (80HGLDWLRQVULFKWOLQLH XPJH
VHW]W ZHUGHQ PXVV 'DUEHU KDEHQ ZLU MD DXFK VHKU LQ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
6ÁÏÛgUƒÅg
WHQVLY LQ (UIXUW EHLP 'HXWVFKHQ -XULVWHQWDJ GLVNXWLHUW
,FK JODXEH DXFK GDVV GLHV HLQH 0|JOLFKNHLW LVW GLH (QW
VFKHLGXQJ IU GLH 5LFKWHUPHGLDWLRQ RGHU IU GLH $Q
ZDOWVPHGLDWLRQ ]X OHQNHQ (V ZlUH MD LP *UXQGH JH
QRPPHQ DXFK JDU QLFKWV 1HXHV IU GLH *HULFKWH ,Q YLH
OHQ $QJHOHJHQKHLWHQ GLH 6DFKWKHPHQ EHWUHIIHQ ZHUGHQ
YRQ GHQ *HULFKWHQ 6DFKYHUVWlQGLJH HLQJHVFKDOWHW ,FK
ZLOO MHW]W QLFKW GHQ KRFKWUDEHQGHQ %HJULII EHPKHQ
GDVV GLH 0HGLDWRUHQ 6DFKYHUVWlQGLJH LQ 6DFKHQ .RQ
IOLNWPDQDJHPHQW VLQG $EHU ZHQQ ZLU EHL GHU 5LFKWHU
PHGLDWLRQ ELVODQJ EHU $QDORJLHQ VSUHFKHQ GDQQ NDQQ
PDQ DXFK EHL GHU 9HUJWXQJ GHU $QZDOWVPHGLDWRUHQ
$QDORJLHQ EHPKHQ 6R KDW HLQ HUVWLQVWDQ]OLFKHV *H
ULFKW EHIXQGHQ GDVV GHU $QZDOWVPHGLDWRU LP 5DKPHQ
GHU 3UR]HVVNRVWHQKLOIH ]X YHUJWHQ VHL ZHLO VHLQH 7lWLJ
NHLW GHU HLQHV 6DFKYHUVWlQGLJHQ HQWVSUHFKH 'DV VLQG MD
XQWHU 8PVWlQGHQ *HGDQNHQ GLH PDQ DXIJUHLIHQ XQG
YHUWLHIHQ PXVV HLQIDFK XP DXFK GLH 7U GDIU ]X |II
QHQ ZLH PDQ HLQH JHJHQEHU GHU -XVWL] EHUHLWV HUEUDFK
WH *HOGOHLVWXQJ DXI GHQ DX‰HUJHULFKWOLFKHQ $QZDOWV
PHGLDWRU XPOHLWHQ NDQQ
-HQFNHO 'DV VLQG DOOHV 9RUVFKOlJH GLH VLFKHUOLFK ZHL
WHUIKUHQ $EHU IKUW GDV ]X HLQHP (UIROJ" 6LH KDEHQ LQ
,KUHP *HULFKWVEH]LUN ZHQQ LFK GDV ULFKWLJ VHKH ]ZHL
0RGHOOH ODXIHQ HLQPDO LQ +LOGHVKHLP GD JLEW HV QXU DQ
ZDOWOLFKH 0HGLDWLRQ XQG ]XP DQGHUHQ LQ 6WDGH PLW EHL
GHQ 0HGLDWLRQVDUWHQ VR]XVDJHQ 'LH =DKO GHU
)lOOH LVW VHKU EHVFKHLGHQ LP 9HUKlOWQLV ]X GHQHQ GHU
ULFKWHUOLFKHQ 0HGLDWLRQ :RPLW KlQJW GDV ]XVDPPHQ"
$OVR LFK KDEH GHQ (LQGUXFN GDVV GHU 5LFKWHU DOV QHX
WUDOH ,QVWDQ] ZDKUJHQRPPHQ ZLUG GLH KLHU]X HKHU EHUX
IHQ VHL DOV $QZlOWH GLH LQ HUVWHU /LQLH QLFKW DOV 6FKOLFK
WHU ZDKUJHQRPPHQ ZHUGHQ VRQGHUQ DOV ,QWHUHVVHQYHU
WUHWHU :DV PXVV DQ GLHVHU 6WHOOH QRFK YHUEHVVHUW ZHU
GHQ"
'U *|W] YRQ 2OHQKXVHQ ,FK ILQGH GLH 3URMHNWHUJHE
QLVVH LQ +LOGHVKHLP XQG 6WDGH DX‰HURUGHQWOLFK HUPXWL
JHQG :LU KDEHQ LPPHUKLQ LP HUVWHQ -DKU GHV 3URMHNWV
DQ MHGHP GLHVHU EHLGHQ 6WDQGRUWH FD 0HGLDWLRQVYHU
IDKUHQ GXUFKJHIKUW 'DV ILQGH LFK HLQH UHODWLY KRKH $Q
]DKO ZHQQ PDQ VLFK EHUOHJW PLW ZHOFKHU 6NHSVLV GLH
VHV 3URMHNW EHJOHLWHW ZRUGHQ LVW 8QG HUVWDXQOLFKHUZHLVH
LVW GLH =HLWGDXHU GHU 0HGLDWLRQVYHUKDQGOXQJHQ JHQDXVR
ODQJ JHZHVHQ ZLH EHL GHQ 5LFKWHUPHGLDWLRQHQ 'LH $Q
ZDOWVPHGLDWRUHQ DQ GLHVHQ *HULFKWVVWDQGRUWHQ GLH 6LH
JHQDQQW KDEHQ EUDXFKHQ HLQH 'XUFKVFKQLWWVGDXHU YRQ
6WXQGHQ SUR 0HGLDWLRQVIDOO 8QG GDQQ ORKQW VLFK
DXFK HLQH )DOOSDXVFKDOH $OVR GDV VLQG HLJHQWOLFK HUPX
WLJHQGH =HLFKHQ
:DV PXVV VLFK lQGHUQ" 'LH $QZlOWH KDEHQ EHIUFKWHW
GDVV GHU DQZDOWOLFKH .ROOHJH DOV 0HGLDWRU EHL GHQ 0DQ
GDQWHQ HLQHQ EHVRQGHUV JXWHQ (LQGUXFN PDFKHQ N|QQWH
XQG GHU 0DQGDW EHLP QlFKVWHQ 5HFKWVVWUHLW GHQ 0HGLD
WRU DOV $QZDOW DXIVXFKH $OVR HLQ .RQNXUUHQ]JHGDQNH
LQQHUKDOE GHU $QZDOWVFKDIW :LH ZHLW HU WUDJIlKLJ LVW
XQG RE HV VLFK XP HLQH JUXQGORVH %HIUFKWXQJ KDQGHOW
YHUPDJ LFK QLFKW ]X VDJHQ (V GUIWH HKHU JUXQGORV VHLQ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
'LH PHLVWHQ 3DUWHLHQ IKUHQ LQ LKUHP /HEHQ QLFKW VHKU
YLHOH 5HFKWVVWUHLWLJNHLWHQ HWZD GHU SULYDWH +lXVOHEDX
HU GHU VLFK PLW GHP %DXXQWHUQHKPHU LQ HLQHP 5HFKWV
VWUHLW EHILQGHW GHU ZLUG VR VFKQHOO NHLQHQ ZHLWHUHQ %DX
SUR]HVV IKUHQ XQG GDQQ DXFK QLFKW QDFK HLQHP $QZDOW
$XVVFKDX KDOWHQ
'U 0RQ‰HQ ,FK VHKH GDV JDQ] JHQDX VR ZLH +HUU 'U
*|W] YRQ 2OHQKXVHQ ,FK VHKH DXFK GDVV GDV $UJXPHQW
PLW GHP P|JOLFKHQ :HWWEHZHUEVQDFKWHLO HLQ $QJVW
DUJXPHQW LVW ,FK JODXEH QLFKW GDVV GDV VDFKOLFK EHJUQ
GHW LVW 'HQQ PDQ PXVV VHKHQ ZLU KDEHQ MlKUOLFK EHU
0LR =LYLOJHULFKWVYHUIDKUHQ XQG JHJHQEHU GLHVHQ
0LR 9HUIDKUHQ ZLUNHQ VLFK EXQGHVZHLW JHVHKHQ RGHU 0HGLDWLRQVIlOOH LP *UXQGH JHQRPPHQ NDXP
DXV $OVR ZRUEHU UHGHQ ZLU ZLUWVFKDIWOLFK JHVHKHQ" ,FK
JODXEH GDVV HV VLFK KLHUEHL XP HLQH XQEHUHFKWLJWH $QJVW
KDQGHOW XQG GLHVH $QJVW NDQQ PDQ HEHQ QXU GXUFK JXWH
%HLVSLHOH HOLPLQLHUHQ
$EHU ZLU NRPPHQ MD HUVW JDU QLFKW LQ GLH %HLVSLHOVLWXD
WLRQ KLQHLQ 'DV LVW GDV 3UREOHP XQG GHVKDOE VLQG GLH
hEHUOHJXQJHQ GLH ZLU KLHU LQ 'VVHOGRUI LP 5DKPHQ
HLQHV 3URMHNWHV HQWZLFNHOQ ]LHOIKUHQG 'DQDFK GUIHQ
GLH $QZDOWVPHGLDWRUHQ ]ZHL -DKUH QDFK $EVFKOXVV HL
QHU 0HGLDWLRQ NHLQ 0DQGDW YRQ HLQHU GHU 6WUHLWSDUWHLHQ
DQQHKPHQ $OVR ZHQQ GDQQ ZHGHU PLW GHQ 0HGLDQWHQ
QRFK PLW VRQVW MHPDQGHP GHU DQ GHP 9HUIDKUHQ EHWHL
OLJW ZDU HLQ 0DQGDWVYHUKlOWQLV EHJUQGHW ZHUGHQ GDUI
ZlUH GLH HQWVSUHFKHQGH 6RUJH MD HLJHQWOLFK JHQRPPHQ
-HQFNHO (V JLEW MD DXFK QRFK HLQ SDDU UHFKWOLFKH 3UR
EOHPH EHL JHULFKWOLFKHU RGHU DQZDOWOLFKHU 0HGLDWLRQ
LQVJHVDPW =% EHL JHVFKHLWHUWHQ 0HGLDWLRQHQ 'DQQ
NRPPW P|JOLFKHUZHLVH GHU *HJQHU XQG EHQHQQW GHQ
$QZDOW RGHU GHQ 0HGLDWRU DOV =HXJHQ IU LQ GHU 0HGLD
WLRQ DEJHJHEHQH (UNOlUXQJHQ GLH HLJHQWOLFK QLFKW LQ
GHP ZLHGHUDXIJHQRPPHQHQ VWUHLWLJHQ 9HUIDKUHQ YHU
ZDQGW ZHUGHQ VROOHQ :DV NDQQ PDQ GD WXQ EHL GHU MHW
]LJHQ 5HFKWVODJH"
'U 0RQ‰HQ 'D HULQQHUH LFK HLJHQWOLFK DQ GLH .UHDWL
YLWlW GHU $NWHXUH 6RZHLW HV VLFK KLHU XP 5LFKWHUPHGLD
WRUHQ RGHU XP $QZDOWVPHGLDWRUHQ KDQGHOW GLH EHL
VSLHOVZHLVH DOV =HXJHQ EHIUDJW ZHUGHQ N|QQWHQ VLH VLFK
DXI LKU $XVVDJHYHUZHLJHUXQJVUHFKW EHUXIHQ 8QG ZHQQ
GDQQ HLQHU WURW]GHP ]X KDUWQlFNLJ LVW GUIWH VLFK GDV
QDFKWHLOLJ DXI GDV Ä(ULQQHUXQJVYHUP|JHQ³ GHV 0HGLD
WRUV DXVZLUNHQ 'DQQ NDQQ LFK GLH )UDJH HEHQ JDU QLFKW
EHDQWZRUWHQ 'DV LVW DXFK QRFK YRQ HLQHU DQGHUHQ 6HLWH
]X EHWUDFKWHQ 'LH IUHLHQ 0HGLDWRUHQ VLQG GLHMHQLJHQ
GLH DXFK GLH 0HGLDWLRQVYHUHLQEDUXQJ PLW GHQ 0DQGDQ
WHQ DEVFKOLH‰HQ ,Q GLHVH 0HGLDWLRQVYHUHLQEDUXQJ
NRPPW MD JDQ] NODU HLQ %HZHLVWKHPHQ XQG =HXJHQYHU
ERW KHUHLQ VRGDVV VFKRQ DXI GHU ]LYLOUHFKWOLFKHQ (EHQH
DXVJHVFKORVVHQ LVW GDVV PDQ DOV =HXJH YHUQRPPHQ
ZHUGHQ NDQQ (V LVW GDQQ DQ GHQ 3DUWHLHQ VLFK DXI GDV
=HXJHQYHUERW ]X EHUXIHQ 'DVV GLH 5LFKWHU HLQH VROFKH
9HUHLQEDUXQJ EHUFNVLFKWLJHQ GDYRQ JHKH LFK HLQPDO
DXV
ÓÉÐ
6ÁÏÛgUƒÅg
-HQFNHO =XU JOHLFKHQ )UDJH XQG QRFK HUJlQ]HQG
6SLHOW GDV LQ GHU 3UD[LV QDFK ,KUHU (UIDKUXQJ HLQH 5ROOH"
GXUFK $QZDOWVPHGLDWRUHQ RGHU DQGHUH DX‰HUJHULFKW
OLFKH 0HGLDWRUHQ LQ *HULFKWVYHUIDKUHQ HLQJUHLIW
'U *|W] YRQ 2OHQKXVHQ ,Q GHU 3UD[LV KDW GDV ELVKHU
NHLQH 5ROOH JHVSLHOW ,FK EHUEOLFNH EHU 0HGLD
WLRQVYHUIDKUHQ GLH DP /DQGJHULFKW *|WWLQJHQ JHODXIHQ
VLQG LQ GHP 3URMHNW Ä*HULFKWOLFKH 0HGLDWLRQ³ 'D KDW HV
NHLQHQ HLQ]LJHQ )DOO JHJHEHQ LQ GHP GLH )UDJH GHV
=HXJQLVYHUZHLJHUXQJVUHFKWV YRQ 0HGLDWRUHQ RGHU GHU
9HUWUDXOLFKNHLW HLQH 5ROOH JHVSLHOW KDW 'HQQRFK PHLQH
LFK GDVV GDV JHVHW]OLFK JHUHJHOW ZHUGHQ PXVV (V PXVV
.ODUKHLW KHUUVFKHQ XQG DXFK LQVRZHLW GLH /FNH JH
VFKORVVHQ ZHUGHQ GLH GXUFK GLH (LQIKUXQJ YRQ 0HGL
DWLRQ HQWVWDQGHQ LVW :LU VROOWHQ KLHU HLQH NODUH 5HJH
OXQJ KDEHQ GDVV 0HGLDWRUHQ HLQ =HXJQLVYHUZHLJH
UXQJVUHFKW KDEHQ XQG GDVV LQ GHU 0HGLDWLRQ YHUWUDXOLFK
JHJHEHQH ,QIRUPDWLRQHQ QLFKW LP 3UR]HVV YHUZHUWHW
ZHUGHQ GUIHQ
,FK NRPPH ]XUFN DXI PHLQH )DOOSDXVFKDOH +HUU 'U
0RQ‰HQ KDW HV DXFK HUZlKQW HV JLEW YLHOH YHUJOHLFKEDUH
)lOOH 1HKPHQ ZLU GLH %HDXIWUDJXQJ YRQ $QZlOWHQ RGHU
DQGHUHU 3HUVRQHQ DOV JHULFKWOLFK EHVWHOOWH %HWUHXHU GLH
PLW )DOOSDXVFKDOHQ YHUJWHW ZHUGHQ ,QVROYHQ]YHUZDO
WHU VRQVWLJH 6DFKYHUVWlQGLJH 'DUDQ PXVV PDQ VLFK QXU
RULHQWLHUHQ GDQQ NDQQ PDQ DXFK GLHVHV ,QVWUXPHQW
UHFKWOLFK VDXEHU JHUHJHOW HLQIKUHQ
-HQFNHO :HQQ LFK GDV QRFK HLQPDO NXU] QDFKVFKLHEHQ
GDUI 0DQ N|QQWH MD DXFK GHQ ULFKWHUOLFKHQ 0HGLDWRU DOV
=HXJHQ EHQHQQHQ ,VW HV GD HLQH 0|JOLFKNHLW GDVV GHU
GDQQ YRQ VHLQHP 3UlVLGHQWHQ NHLQH $XVVDJHHUODXEQLV
HUKlOW"
'U *|W] YRQ 2OHQKXVHQ 'LHVH 0|JOLFKNHLW EHVWHKW
'DV PVVWH PDQ DXFK VR KDQGKDEHQ XP GDV ,QVWUXPHQW
GHU 0HGLDWLRQ DOV VROFKHV ZLUNVDP ]X HUKDOWHQ :LH JH
VDJW KDEH LFK KLHU]X DEHU NHLQHQ SUDNWLVFKHQ )DOO HUOHEW
GDV ]HLJW GLH JHULQJH 5HOHYDQ] +lXILJ ZHUGHQ VROFKH
$UJXPHQWH ]XU 8QWHUPDXHUXQJ HLQHU $EZHKUKDOWXQJ
JHJHQEHU GHU 0HGLDWLRQ YHUZHQGHW 'DV VLQG NHLQH
HUQVWKDIW DXWKHQWLVFK JHIKUWHQ %HGHQNHQ 'HQQRFK
GLH 5LFKWOLQLH VLHKW GDV YRU HV PXVV JHUHJHOW ZHUGHQ
'U 0RQ‰HQ ,FK VHKH GDV DXFK VR GDVV GDV 7KHPD
=HXJQLVYHUZHLJHUXQJVUHFKW LP *UXQGH JHQRPPHQ NHL
QH SUDNWLVFKH 5HOHYDQ] KDEHQ ZLUG ± JHQDXVR ZHQLJ
ZLH GDV 7KHPD 9HUMlKUXQJVHLQUHGH %HUHLWV QDFK GHU
EHVWHKHQGHQ 5HFKWVODJH ZLUG GXUFK HLQH 0HGLDWLRQ GLH
9HUMlKUXQJ JHKHPPW 'DV VLQG DOOHV YRUJHVFKREHQH $U
JXPHQWH GLH LP *UXQGH JHQRPPHQ GHQ $QVFKHLQ HU
ZHFNHQ DOV ZUGH DXI VDFKOLFKHU (EHQH DUJXPHQWLHUW
,FK ELQ DXFK GHU IHVWHQ hEHU]HXJXQJ GDVV PLW GHU 8P
VHW]XQJ GHU 0HGLDWLRQVULFKWOLQLH HLQH .ODUVWHOOXQJ HU
IROJHQ ZLUG VRGDVV GDQQ GLHVHQ JDQ]HQ $UJXPHQWHQ
GHU :LQG DXV GHQ 6HJHOQ JHQRPPHQ LVW
-HQFNHO :HOFKH JHVHW]OLFKHQ 5HJHOXQJHQ PVVWHQ HU
IROJHQ XP DOO GLHVH DQJHVSURFKHQHQ 3UREOHPH XQG 3UR
EOHPFKHQ RGHU YHUPHLQWOLFKHQ 3UREOHPH ]X EHUZLQ
GHQ XP GLH JHULFKWVQDKH 0HGLDWLRQ ZLUNOLFK LQ GLH 3UR
]HVVRUGQXQJ ]X LPSOHPHQWLHUHQ"
'U *|W] YRQ 2OHQKXVHQ 0HLQ 9RUVFKODJ LVW 0HGLD
WLRQ LQ GLH =32 DXI]XQHKPHQ 'LH VFKODQNHVWH /|VXQJ
ZlUH HLQH (UZHLWHUXQJ GHV † $EV ± 9HUZHLVXQJ
QLFKW QXU DQ GHQ DX‰HUJHULFKWOLFKHQ 0HGLDWRU VRQGHUQ
DXFK DQ GHQ JHULFKWVLQWHUQHQ 0HGLDWRU %HJOHLWHQG GD]X
GLH 5HJHOXQJ GHV =HXJQLVYHUZHLJHUXQJVUHFKWV XQG
9HUZHUWXQJVYHUERWV YHUWUDXOLFKHU ,QIRUPDWLRQHQ VRZLH
EHJOHLWHQG HLQH .RVWHQUHJHOXQJ GLH EHL 0HGLDWLRQHQ
ÓÉx
'U 0RQ‰HQ ,Q GLHVHP 6LQQH KDWWH LFK PLFK MD EHUHLWV
HUNOlUW $XFK KLHU NDQQ LFK +HUUQ 'U *|W] YRQ 2OHQKX
VHQ QXU ]XVWLPPHQ ,FK VHKH GDV JDQ] JHQDXVR $XV DQ
ZDOWOLFKHU 6LFKW EHVWQGH LP *UXQGH JHQRPPHQ NHLQ
ZHLWHUHU +DQGOXQJVEHGDUI ZHQQ GLH DX‰HUJHULFKWOLFKHQ
0HGLDWRUHQ DXV HLQHP *HULFKWVNRVWHQYRUVFKXVV Rb
EH]DKOW ZUGHQ *XW IlQGH LFK HV DXFK ]X UHJHOQ GDVV
HLQ 5LFKWHU RGHU HLQ $QZDOWVPHGLDWRU HLQH LKP DQJH
WUDJHQH JHULFKWVQDKH 0HGLDWLRQ QXU DXV ZLFKWLJHP
*UXQG DEOHKQHQ GDUI
-HQFNHO *LEW HV YRQ ,KQHQ QRFK HWZDV ZDV JHVDJW ZHU
GHQ VROOWH"
'U *|W] YRQ 2OHQKXVHQ ,Q GHU JDQ]HQ 'LVNXVVLRQ
KDOWH LFK HV IU ZLFKWLJ GDVV GLH 3DUWHLHQ HLQHV .RQ
IOLNWV XQG HLQHV 3UR]HVVHV LQ GHQ %OLFN JHQRPPHQ ZHU
GHQ 'DV *DQ]H LVW NHLQ 6HOEVW]ZHFN VRQGHUQ VROO GHQ
.RQIOLNWSDUWHLHQ GLHQHQ XQG GDUDQ VROOWH VLFK GLH JH
VDPWH 'LVNXVVLRQ RULHQWLHUHQ (V JHKW QLFKW GDUXP EH
VWLPPWH %HUXIVJUXSSHQ ]XIULHGHQ]XVWHOOHQ VRQGHUQ HV
JHKW GDUXP GHQ LQ HLQHP 5HFKWVNRQIOLNW EHILQGOLFKHQ
3DUWHLHQ HLQH :DKO ]X ELHWHQ HLQH :DKO GHU .RQIOLNW
O|VXQJ XQG HLQ ,QVWUXPHQW ZLH VLH HLQHQ .RQIOLNW P|J
OLFKVW QHUYHQ XQG NRVWHQVFKRQHQG EHLOHJHQ N|QQHQ
'U 0RQ‰HQ :LU PVVHQ LQ MHGHP )DOO YRQ GHU %H
WUDFKWXQJ ZHJNRPPHQ GDVV 5LFKWHUPHGLDWLRQ XQG $Q
ZDOWVPHGLDWLRQ LP :HWWEHZHUE ]XHLQDQGHU VWHKHQ :LU
PVVHQ VHKHQ EHLGHV VLQG VLFK HUJlQ]HQGH Ä3URGXNWH³
GLH HLQHQ XQWHUVFKLHGOLFKHQ $QVDW] KDEHQ $XV PHLQHU
6LFKW LVW JDQ] ZLFKWLJ GDVV VLFK GLH 5HFKWVDQZlOWLQQHQ
XQG 5HFKWVDQZlOWH YHUVWlUNW LKUHU $XIJDEH DOV .RQIOLNW
PDQDJHU EHZXVVW ZHUGHQ GDVV VLH DOVR VFKRQ EHL GHU
%HUDWXQJ GHV 0DQGDQWHQ ± ZDV RKQHKLQ JHVHW]OLFK YRU
JHJHEHQ LVW ± JHQDX DQDO\VLHUHQ DXI ZHOFKHP :HJH GHU
0DQGDQW DP EHVWHQ ]XU /|VXQJ VHLQHV .RQIOLNWV
JHODQJW ,FK VDJH KLHU EHZXVVW ]XU /|VXQJ VHLQHV .RQ
IOLNWV JHODQJW XQG QLFKW ]X VHLQHP 5HFKW 'HQQ EHL GHU
0HGLDWLRQ VWHKW QLFKW GDV 5HFKW LP 9RUGHUJUXQG VRQ
GHUQ GDV ,QWHUHVVH GHV 0DQGDQWHQ 'DV LVW HLQ JDQ] JUR
‰HU 8QWHUVFKLHG ]X HLQHP *HULFKWVYHUIDKUHQ 8QG GLH
/|VXQJ GHV .RQIOLNWV LVW PHLQHU $QVLFKW QDFK GDV
:LFKWLJVWH ZDV ZLU HUUHLFKHQ ZROOHQ
-HQFNHO ,FK EHGDQNH PLFK EHL ,KQHQ IU GLHVHV *H
VSUlFK ,FK JODXEH GLHVHU :RUWZHFKVHO ZLUG HLQH :HU
EXQJ IU GLH 0HGLDWLRQ VHLQ IU GLH ULFKWHUOLFKH 0HGLD
WLRQ XQG GDPLW DXFK IU GLH JHULFKWVQDKH DQZDOWOLFKH
0HGLDWLRQ 9LHOHQ 'DQN
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
ÔsÅ@Ïàg
ÔsÅ@Ïàg
¤â ƒ@Ôs†z zgÅÏgÏg Á<zg— àԔ <Ïg—ÅUƒÔÏà †— <—àg†g—
5— ,gUƒÏÅ<—Û<Ï <ÔÅ ¯ Á†ÅUƒ\ ¯¯\ —
<Uƒ<—Û<Ï s×Á —sÁ”<φ—ÅÏgUƒ—z†gÁgUƒÏ ԗ_ <Ïg—ÅUƒÔÏàLg<ÔsÏÁ<zÏgÁ _gÁ _Ág† —Á_Áƒg†—…ÛgÅÏs@†ÅUƒg—
,gUƒÏÅ<—Û<ÏŎ<””gÁ— <””\ ×ÅÅg_Ás ԗ_ —
'LH QDFKIROJHQG GDUJHVWHOOWHQ )UDJH
VWHOOXQJHQ VWHOOHQ GHQ $XIWDNW ]X HL
QHU 5HLKH GDU GLH VLFK LQ GHQ .DP
PHUPLWWHLOXQJHQ LQ JHZLVVHQ ]HLW
OLFKHQ $EVWlQGHQ PLW GHP 7KHPD
'DWHQVFKXW] LQ .DQ]OHLHQ EHIDVVW
'LH DQJHVSURFKHQHQ )UDJHVWHOOXQJHQ
JUHLIHQ ]XP HLQHQ DNWXHOOH UHFKWSROL
WLVFKH 'LVNXVVLRQHQ DXI GLH GLH $Q
ZDOWVFKDIW QLFKW XQEHUKUW ODVVHQ
=XP DQGHUHQ UHVXOWLHUHQ VLH DXV NRQ
NUHWHQ $QIUDJHQ DQ GHQ 9HUIDVVHU DOV
.RQWUROOEHDXIWUDJWHQ GHU 5$. LP
%HUHLFK 'DWHQVFKXW] ,Q GHQ ZHLWHUHQ
%HLWUlJHQ ZHUGHQ )UDJHVWHOOXQJHQ
GLH KLHU QXU DQJHULVVHQ ZHUGHQ ZHL
WHU YHUWLHIW
:HU LVW GLH ]XVWlQGLJH $XI
VLFKWVEHK|UGH IU GLH .RQWUROOH
GHV 'DWHQVFKXW]HV"
'LHV LVW HEHQIDOOV XPVWULWWHQ 'LH
%XQGHVUHFKWVDQZDOWVNDPPHU YHUWULWW
± LQVEHVRQGHUH XQWHU 9HUZHLV DXI GLH
DQZDOWOLFKH
9HUVFKZLHJHQKHLWV
SIOLFKW ± GLH $XIIDVVXQJ GDVV DOOHLQ
GLH MHZHLOV |UWOLFK ]XVWlQGLJH
5HFKWVDQZDOWVNDPPHU $XIVLFKWEH
K|UGH LVW 'LH 'DWHQVFKXW]EHK|UGHQ
VRZLH 7HLOH GHU /LWHUDWXU GLIIHUHQ]LH
UHQ KLQJHJHQ GDQDFK RE PLW GHU 9HU
.ODXV 0 %ULVFK
ZHQGXQJ GHU SHUVRQHQEH]RJHQHQ
'DWHQ )UDJHVWHOOXQJHQ GHV %HUXIV
UHFKWV RGHU VROFKH GHV DOOJHPHLQHQ 'DWHQVFKXW]UHFKWV
EHWURIIHQ VLQG =XPLQGHVW IU GHQ )DOO GDVV EHL HLQHU
$XVNXQIW JHJHQEHU GHU $XIVLFKWVEHK|UGH GLH DQZDOW
OLFKH 9HUVFKZLHJHQKHLWVSIOLFKW XQG GDV 9HUWUDXHQVYHU
'DWHQVFKXW] XQG $QZDOWVFKDIW
KlOWQLV GHV $QZDOWV ]X VHLQHQ 0DQGDQWHQ JHIlKUGHW
'HU 8PJDQJ PLW Ä,QIRUPDWLRQHQ³ ZLUIW LQ GHU WlJOLFKHQ
ZlUH ZLUG GLH DOOJHPHLQH 'DWHQVFKXW]DXIVLFKW YHU
$QZDOWVSUD[LV LPPHU ZLHGHU DXFK GDWHQVFKXW]UHFKW
QHLQW 'HP KDW VLFK QXQPHKU DXFK GLH 5HFKWVSUHFKXQJ
OLFKH )UDJHQ DXI 2IWPDOV LVW GDEHL HLQH JHZLVVH 8Q
DQJHVFKORVVHQ XQG HLQHQ $XVNXQIWVDQVSUXFK GDWHQ
VLFKHUKHLW IHVW]XVWHOOHQ RE XQG JHJHEHQHQIDOOV ZHOFKH
VFKXW]UHFKWOLFKHU $XIVLFKWVEHK|UGHQ DEJHOHKQW 8P
GDWHQVFKXW]UHFKWOLFKHQ $QIRUGHUXQJHQ EHL GHU 9HUZHQ
GLH YHUEOHLEHQGH 5HFKWVXQVLFKHUKHLW LP 9HUKlOWQLV YRQ
GXQJ SHUVRQHQEH]RJHQHU 'DWHQ LQ HLQHU $QZDOWVNDQ]OHL
'DWHQVFKXW] XQG $QZDOWVUHFKW ]X EHVHLWLJHQ KDW GLH
]X EHDFKWHQ VLQG 'LH QDFKIROJHQGHQ $QWZRUWHQ DXI W\
%XQGHVUHFKWVDQZDOWVNDPPHU HLQHQ 9RUVFKODJ ]XU LQ
SLVFKH )UDJHVWHOOXQJHQ VROOHQ KHOIHQ GDV 9HUVWlQGQLV
IRUPDWLRQVUHFKWOLFKHQ (UJlQ]XQJ GHU %5$2 YRUJH
EHU GDV =XVDPPHQZLUNHQ YRQ DQZDOWOLFKHQ %HUXIV
OHJW GHU GLH DOOHLQLJH $XIVLFKW GXUFK GLH 5HFKWVDQ
SIOLFKWHQ XQG 'DWHQVFKXW] ]X YHUWLHIHQ
ZDOWVNDPPHUQ YRUVLHKW
6LQG GDWHQVFKXW]UHFKWOLFKH 9RUVFKULIWHQ LP
$QZDOWVEUR EHUKDXSW ]X EHDFKWHQ"
'DV 9HUKlOWQLV GDWHQVFKXW]UHFKWOLFKHU 9RUVFKULIWHQ
LQVEHVRQGHUH GHV %XQGHVGDWHQVFKXW]JHVHW]HV ]X GHQ
EHUXIVVWlQGLVFKHQ 9RUVFKULIWHQ LVW XPVWULWWHQ 1DFK
GHU ZRKO YRUKHUUVFKHQGHQ 0HLQXQJ WULWW LP 6LQQH GHV
† $EV %'6* GDV %XQGHVGDWHQVFKXW]JHVHW] QXU
GRUW ]XUFN ZR 6FKQLWWPHQJHQ ]XP 5HJHOXQJVJHKDOW
YRQ EHUXIVVWlQGLVFKHQ 9RUVFKULIWHQ ZLH HWZD † D
$EV %5$2 † $EV 1U 6W*% XQG † %25$ EHVWHKHQ 'DV EHGHXWHW DEHU DXFK GDVV DX‰HU
KDOE GLHVHU 6FKQLWWPHQJHQ GDWHQVFKXW]UHFKWOLFKH
9RUVFKULIWHQ GXUFKDXV ]XU $QZHQGXQJ NRPPHQ N|Q
QHQ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
6 $EHO LQ 5R‰QDJHO +UVJ +DQGEXFK 'DWHQVFKXW]UHFKW 0QFKHQ
.DS 5Q I /DVDURII '6% %5$. 1-:6SH]LDO
D$ 5SNH 1-: II
6WHOOXQJQDKPH GHU %5$. YRP DEUXIEDU XQWHU KWWS
ZZZEUDNGHVHLWHQSGI6WHOOXQJQDKPHQ6WQSGI
5SNH
=53 I
6 3HWUL LQ 6LPLWLV %'6* $XIODJH %DGHQ%DGHQ † 5Q YJO DXFK HWZD 8/' 6WHOOXQJQDKPH ]X )UDJHQ SHUVRQHQEH]RJHQHU 'DWHQ
YHUDUEHLWXQJ GXUFK 5HFKWVDQZlOWH DEUXIEDU XQWHU KWWSVZZZGDWHQ
VFKXW]]HQWUXPGHZLUWVFKDIWVWHOOXQJQDKPHBEUDNKWP
6 $* 7LHUJDUWHQ 1-: I PLW $QP 'DKQV 1-:6SH]LDO 6KWWSZZZEUDNGHVHLWHQSGI6WHOOXQJQDKPHQ%HVFKOBB+9B
%5$2SGI
ÓÉu
ÔsÅ@Ïàg
.& )-- - 40( )-0 ) -(
- )0-40-(- '
A.:'DAK9'A,)'9 09:'9)"A. :'D,. 4; $%
:6 2 56
): ):A D-:A9)AA.6 ),H): H)9 ) 93",)'AD.%
KD9 :A,,D.% ).: A9),)'. A.:'DAKD"(
A9%A. 45 ). .H,A:+.K,). %.9,, %(
,'.A6> 9H)%. H)9 *0' ). ",)'A KD9 (
:A,,D.% .%.0--. D. ) ').:)'A,)' 9 0.(
A90,,9'A : )""9.K)9A6 ): :'9.+.
:)' D" ) ! 9%,-&)% :'9 H.)%. ! A. )
.)'A - .H,A:%')-.): D.A9",,. H) AH 9(
:0.,A.6= %9.KD.%:390,- KH):'. -..(
A.K0%.. A. D" 9 ).. D. :0.:A)%. 39:0(
..K0%.. A. D" 9 .9. )A :). )
":A D.G9-),)'6 ) -)A G9D.. 'A:D.:)(
'9')A :0,,A '9 D9' ). ).DA)% %,D.%
: :AK%9: :)A)%A H9.6
' - ),,. : :AK%9: +.. ) %9D.(
:AK,)' ). ).A9.9 )A9)A9 09 ). IA9. 9(
:0. -)A - -A : A9DA H9. 4; $ :6 C
AK B 56 . 9 %, ):A *0' ) :A,,D.% )(
.: ).A9.. D"A9%A. KD -3"',.622 ) :A,(
,D.% ).: IA9.. ):A %%. .D9 .. D.390(
,-A):' -1%,)' H.. %H'9,):AA ):A :: ) I(
A9. 9:0. +).9,) D%9)"" D" -.A:K0%. (
A. 9',A62C :A ): .)'A 9 ,, :A'A : ):)+0
:: : D9' ) :A,,D.% KD ).- 0.",)+A -)A .H,A,)'. 9D":%')-.): +0--A6
G0. D.'.%)% ):A KD 'A. :: ). :A,,D.%
.D9 .. 9"099,)' ):A H.. ) .K,) -).:A.:
K'. 9)A.'-9 :A.)% -)A 9 DA0-A):)9A. 9(
9)AD.% 39:0..K0%.9 A. :'"A)%A 4; $"
:6 2 AK $ 56 KD %'19. AH .%:A,,A
'A:.H,A D. +9A9)A:-)A9)A9 D.'.%)%
G0. 0 : :)' D- 0,,( 09 ),K)A:'"A)%A
'.,A6 -:A9)AA. ):A 0 9E9 ').D: D' 0K).
D. 9A.9 :0H) D:KD),. -)AKDK',. :).6
D- ), H)9 ): D.A9 9H): D" ) -.%,.
9)A.'-9)%.:'"A K)'D.%:H): ) -.(
%,. D9'"A)%+)A 9 :'"A)%D.% %,'.A6/
)'A)%9H): +.. : *0' D" ) 9)A.'-9)(
%.:'"A .)'A .+0--.62L 09 - ).A9%9D.
:: D9' ) :A,,D.% ).: -1%,)'. ):)(
+. "E9 : )."09-A)0.,, ,:A:A)--D.%:9'A (
%%.A H9. :0,, ):A G),-'9 .A:'). :: ).
9:0. 39:0..K0%.9 A. G99)AA6 '9
:). ,, 9:0.. ) D9'"A ). 9 .K,) -)A 39(
:0..K0%.. A. D-%'. -)AKDK',.6
& ( ( 40 -( - )0-40
-(- )-- 3( '
:A ). KD :A,,. :0 ):A 9D" KD 'A. ::
):9 ) .0AH.)% '+D. D. DG9,::)%+)A
:)AKA 4; $ :6 C 56 ) D"% : ):A
: ) D" ) ).',AD.% A.:'DAK9'A,)'9
09:'9)"A. ').KDH)9+.6 KD :0,, 9 D.A9 .9) 09.D.%:%-& .H.D.% 9 A.G99)(
AD.%:390%9-- E9H'. D. ) ) - A.(
D-%.% AA)%. 9:0.. ').:)'A,)' 9 ).',AD.%
> , ). 0&.%, 49:%65 666 36 =622 .6 BC ""6
= A,,D.%.'- 9 (3K), CLL$ C < E3+ .H, CLL$
##C 4###5< 9A).% CLL# 2C$ 42C#L5< '.: (3K), CLL>
C #6
)-)A): ). 9:6 666 ; $" .6 CB6
/ 0,?'0-9D: D.:A.:'DAK%:AK /6 D",% E.'. CLL=
; $" .62C< '.: (3K), CLL> C #< '.)9 .H, CLL$ >C26
2L )-)A): ). 9:6 666 ; $" .6 CC6
ÓÉÊ
& -( 3 "(0))-40 1( 3( ) -) %()" 4" - (--(
))" ( ( )- 2(3 - 3( '
9D.:AK,)' :). 39:0..K0%. A. )9+A
)- A90"".. KD 9'. 4; $ :6 C AK 2 56
.::0.9 .. H.. : :)' D- 39:0..K0%.
A. : %.9: '.,A ):A ). :0,' )9+A9'(
D.% 9 0"A-,: .)'A -1%,)'6 9 A.D-%.% -)A
A. 9)AA9 ):A 9 D' 0'. )9+A9'D.% %(
9'A"9A)%A H.. ): KD9 '9D.% 9'A)%A9 .A9(
::. 9"099,)' ):A D. +). 9D. KD9 ..'- (
:A'A :: :'DAKHE9)% .A9:: : A90"".. .
- D::',D:: 9 99)AD.% 09 DAKD.% E9(
H)%. 4; C :6 2 96 C 56 9. A. G0.H,A KD9 '9.'-D.% : .A: G9H.A
).A ): 9'A)%A. .A9::.6 ) .H,A,)'
'H)%3",)'A H)9+A :: D9' ) 3)'9D.%
%.9,, +). :'DAKHE9)%. .A9::. : A90""(
.. - D::',D:: 9 99)AD.% 09 DAKD.%
E9H)%. +1...62B
+& 0)) (-- ))" ( ( )- 1( (0 0 (3 0 ) (
%()" 4" - "(( '
D: 9E.. 9 9.:39.K -E::A 9 9)AA %9D.(
:AK,)' E9 . -%.% -)A :).. 39:0..K0%(
.. A. )."09-)9A H9. 4; BB :6 2 56 ,(
,9).%: :)'A 9 :AK%9 ). D:.'- "E9 .
,, G09 :: ) A. D"%9D. ).9 'A:G09:'9)"A
09 )'9- :. .' %')- %',A. H9. -E:(
:. 4; BB :6 C 96 B 56 9D.A9 ",,A D' )
.H,A,)' 9:'H)%.')A:3",)'A .' ; CLB A
D. ; $B :6 C 62$ ):9 %E'9A -)A 09(
9.% G09 . ."09-A)0.:9'A. : A90""..62#
.9.",,: HE9 ). .'9)'A)%D.%:3",)'A D.(
22
2C
2B
2$
2#
'.)9 .H, CLL$ >2 4>CL56
E33+ .H, CLL$ ##C 4###5< 9A).% CLL# 2C$ 42C#L56
, ). 0&.%, 49:%65 666 36 =622 .6 2=6
'.)9 .H, CLL$ >2 4>C256
, ). 0&.%, 49:%65 666 36 =622 .6 C$6
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
ÔsÅ@Ïàg
A9 -:A.. :0%9 KD ).- 9:A0& %%. 9D":(
3",)'A. %%.E9 - )%.. .A. "E'9.62>
*& - ( ("4)) ( )%(1 0 (
-0 #)0 "( %((0 '
9D.:AK,)' :). 39:0..K0%. A. KD 9)'(
A)%. 09 KD ,1:'. H.. :) D.9)'A)% :). D. KD
:399. H.. A9)A E9 ) )'A)%+)A 9 A. (
:A'A 4; B# 56 ): 93",)'AD.% ").A D" )
9)A ).: 'A:.H,A: ).: 9%,-&)% +). .(
H.D.%6 : ,)%A ). 9 AD9 :).9 A)%+)A :: 9
: 0"A-,: -)A :A9)A)%. 'G9',A. KD AD. 'A6 )
G099.%)%. %,D.%. : 9D":9'A: :A)--.
) :: 9 'A:.H,A :). ..A. G09
'A:G9,D:A. KD H'9. D. ) ::. .A9:(
:. KD G9A9A. 'A6 9 -D:: '9 D' ). 9 %
:). :A9)A)% 'G9',A ! AH G09 9)'A ! )- ).(
. :).: ..A. G09KDA9%.6 9. ) A. )-(
-9 .. G0. )'- KD :399. H.. .%H)::')A E9
)'9 )'A)%+)A :AE. +1..A 9 :).. .H,A,)'.
93",)'AD.%. .)'A -'9 .'+0--.62=
& - 1( 0 )
-) )%(- 3( '
9D.:AK,)' ):A : KD,::)% 39:0..K0%. A.
D' .' .)%D.% : .A: H)A9 KD :3)(
'9.6 D- ).. ).A ): 9 9-)D.% G0. 0,,)(
:)0.:390,-. :0 :: ) 3)'9D.% KD9 '9D.%
.H,A,)'9 9D":3",)'A. 9"099,)' ):A62 ): %),A
:0H0', "E9 A. : ..A. ,: D' "E9 :0,' :
%.9:6 D- .9. :A,,. 39:0..K0%. A.
). ).9 .K,) )- ,,%-).. ). H)'A)%: .0H(
0H 9 .K,) 9 ::. 1:'D.% .)'A %"099A
H9. +.. AH .. H.. E9 '9 09 '9(
K'.A 9:0.. 9A. 09 .A9.'-. ) )'9.
9",'AD.%. D:)0.. D":3,AD.%. D. :0.:A)(
%. 'A:K)'D.%. A9DA D. %,)AA H9.62/
) D,::)%+)A 9 D"H'9D.% 39:0..K0%.9
A. 9%)A :)' :',)&,)' 9 D' D: 9 +A.(
3",)'A)%+)A D. 9')G)9D.%:3",)'A : 'A:.(
H,A: 4; #L 56 ) A90"".. :). ) D9'
) .H,A,)'. 9D":3",)'A. G09 ).- A.-)::(
9D' ').9)'. %:'EAKA6
2> , ). 0&.%, CLLB 36 =622 .6 CB< +9 ). , 49:%65
A.:'DAK ). .H,A:'"A 0A9)A D. D:A)K C6 D",% E.'.
CLLB $#< '.)9 .H, CLL$ >2 4>C256
2= 6 D' :90"" >?CLL# 2C ""6< E3+ CLL 22C2 422CB56
2 6 :90"" >?CLL# 2C ""6
2/ , ). 0&.%, 49:%65 666 36 =622 .6 2 < E33+ .H,
CLL$ ##C 4###56
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
!& - )"( )-"() - )- 0 %()" 4" - 40 )1-4 '
) ). ; $B :6 C D. ; CLB A .09-)9A
.H,A,)' 'H)%3",)'A .A',A +). D::% E9
9A D. ): )'99 A'.):'. :)'9D.%6 .(
'.%)% G0. 0 ) A'.):'(09%.):A09):'. (
:A)--D.%. : D.:A.:'DAK%:AK: )9+A .(
KDH.. :). 09 .)'A :0,,A. :) ). *- ,, (
'AA H9.6 ; / D. ) KD 9,::. .,(
% .A',A. ). ,,%-).%E,A)% :'9)D.% 390(
"::)0.,,9 A.9:6 '9 )'A'AD.% +1..A ,:
:A.:( 09 :A9"9'A,)' 9,G.A )'A"9A)%+)A
)- -%.% .%:'. H9.6CL D' ) 9 A.(
G99)AD.% ). ).9 .H,A:+.K,) :). '9 A'.)(
:' D. 09%.):A09):' &.'-. KD- 'DAK G0.
39:0..K0%.. A. KD A9"".6 ): D-"::A ).:(
:0.9 &.'-. KD9 DA9)AA:( D%.%:( D(
%9)"":( D. )A9%+0.A90,,6
$5& )- 0) - )0-4(-( )" (- 3 ) ) 0 1("
)- "( "4-- -'
"E9 ) A.:'DAK9'A,)' D9A),D.% -'A :
).. .A9:') 0 ). .K,) ,: E90%-).(
:'"A 09 0K)AA %"E'9A H)96 ) 9 0K)AA !
D' H.. :) E919A,)' 09%.):)9A ):A ! '.,A :
:)' D- ). %-).:- G9.AH09A,)' A,, )).. G0. ; B :6 = 6 %%. :). ) 9 E(
90%-).:'"A ) ).K,.. .H,A )- A.:'DAK(
9'A,)'. ).. KD)..9 79)AA8 4; B :6 AK C
56C2 ): 'A KD9 0,% :: 9 )A9% G0.
39:0..K0%.. A. )..9', 9 E90%-).(
:'"A :A9)+A 9'A,)' 9.K. %:AKA :).6 .::0.(
9 .. H.. ) E90%-).:'"A %-).:-:
9:0., :'"A)%A ):A 9D" KD 'A. :: ..0'
,, ."09-A)0.. ) -)A . ..A. ).: .(
H,A: KD:--.'.%. %%.E9 . E9)%. .(
H,A. 9 E90%-).:'"A %')- KD ',A. :).6
): ):A ). 9:A9 ).) D9' ). .A:39'. 9%(
.):A)0. 9 ,+A90.):'. A.G99)AD.% D. )(
.9 -)A G9D... :,+A)G. D%9)"":9'A)%D.%
0'. H)A9: KD 9,):)9.6CC
CL , ). 0&.%, 49:%65 666 36 =622 .6 C "6
C2 , ). 0&.%, 49:%656 666 36 =622 .6 $L ""6
CC , ). 0&.%, 49:%65 666 36 =622 .6 #2
ÓÉÉ
ÔsÅ@Ïàg
6<Å ©<ÅņgÁÏ ÅÏgÔgÁ†Uƒ\ Ûg—— ņUƒ -à†g— ÏÁg——g—·
5— ,gUƒÏÅ<—Û<Ï Á¯ <ÔÅ !Ïϝ\ ×Á—LgÁz
<Uƒ<—Û<Ï s×Á -ÏgÔgÁÁgUƒÏ ԗ_ 5ÁņÏàg—_gÁ _gÅ ÔÅÅUƒÔÅÅgÅ -ÏgÔgÁÁgUƒÏ Lg† _gÁ ,
'HU QRUPDOH 7UHQQXQJVIDOO (LQHU
RGHU PHKUHUH LQ HLQHU *GE5 RGHU HL
QHU 3DUWQHUVFKDIWVJHVHOOVFKDIW YHU
EXQGHQHQ 5HFKWVDQZlOWH ZROOHQ GLH
=XVDPPHQDUEHLW PLW GHQ DQGHUHQ *H
VHOOVFKDIWHUQ EHHQGHQ XQG DXV GHU *H
VHOOVFKDIW DXVVFKHLGHQ 'LH *UQGH
OLHJHQ RIW GDULQ GDVV QDFK $XI
IDVVXQJ GHU DXVVFKHLGHQVZLOOLJHQ
5HFKWVDQZlOWH GLH *HZLQQYHUWHLOXQJ
PLW GHQ YRQ GHQ HLQ]HOQHQ *HVHOO
VFKDIWHUQ HUZLUWVFKDIWHWHQ +RQRUDUHQ
QLFKW PHKU EHUHLQVWLPPW 7UHQ
QXQJVJUXQG N|QQHQ DEHU DXFK EH
KDXSWHWH 3IOLFKWZLGULJNHLWHQ GHU EUL
JHQ *HVHOOVFKDIWHU VHLQ SHUV|QOLFKH
)HKGHQ RGHU GHU :XQVFK ]X HLQHU EH
UXIOLFKHQ 9HUlQGHUXQJ
hEHUVFKXVVUHFKQXQJ JHPl‰ † $EV (6W* ZDV LKU XQDEKlQJLJ YRQ
GHU +|KH GHU HU]LHOWHQ 8PVlW]H RGHU
*HZLQQH JHVWDWWHW LVW † $2
'HU *HZLQQ HUPLWWHOW VLFK DOVR DXV
GHQ ]XJHIORVVHQHQ +RQRUDUHQ HLQ
VFKOLH‰OLFK 8PVDW]VWHXHU DE]JOLFK
GHU DEJHIORVVHQHQ %HWULHEVDXVJDEHQ
EUXWWR =XIOXVV XQG $EIOXVVSULQ]LS
QDFK † (6W* ZREHL ,QYHVWLWLRQHQ
LQ $QODJHJWHU VWHXHUOLFK QXU PLW GHQ
$EVHW]XQJHQ IU $EQXW]XQJ EHUFN
VLFKWLJW ZHUGHQ GUIHQ † (6W*
+RQRUDUIRUGHUXQJHQ XQIHUWLJH /HLV
WXQJHQ QRFK QLFKW DEUHFKHQEDUH
'U .ODXV 2WWR
0DQGDWH XQG DXIZDQGVZLUNVDPH
9HUELQGOLFKNHLWHQ ] % GLH LP )RO
JHPRQDW IlOOLJHQ /RKQVWHXHUQ XQG 8PVDW]VWHXHUQ ZHU
GHQ EHL GLHVHU $UW GHU *HZLQQHUPLWWOXQJ QLFKW EHUFN
(LQH JWOLFKH 7UHQQXQJ ZLUG YLHOIDFK ZLH IROJW DEJH
VLFKWLJW
ZLFNHOW 'LH DXVVFKHLGHQGHQ 5HFKWVDQZlOWHQ KDEHQ
VLFK PHLVW VFKRQ LP 9RUIHOG QHXH .DQ]OHLUlXPH JHVL
,Q EHVWLPPWHQ )lOOHQ KLHU]X XQWHQ PXVV ]XU *HZLQQ
FKHUW RGHU DEJHNOlUW ZHOFKHU DQGHUHQ 6R]LHWlW VLH VLFK
HUPLWWOXQJ GXUFK 9HUP|JHQVYHUJOHLFK %LODQ]LHUXQJ
DQVFKOLH‰HQ ,KQHQ ZLUG JHPl‰ † $EV %25$ JH
† $EV (6W* JHZHFKVHOW ZHUGHQ (V HQWVWHKW HLQ
VWDWWHW GLH YRQ LKQHQ EHDUEHLWHWHQ 0DQGDQWHQ VFKULIW
VRJ hEHUJDQJVHUJHEQLV ZHLO LQ HLQHU %LODQ] DXFK GLH
OLFK ]X EHIUDJHQ ZHOFKHU 5HFKWVDQZDOW GDV VFKZHEHQGH
HUWUDJVZLUNVDPHQ +RQRUDUIRUGHUXQJHQ XQG XQIHUWLJHQ
0DQGDW ZHLWHUEHDUEHLWHQ VROO 'LH +DQGDNWHQ ZHUGHQ
/HLVWXQJHQ VRZLH GLH DXIZDQGVZLUNVDPHQ 9HUELQGOLFK
GHP RGHU GHQ DXVVFKHLGHQGHQ 5HFKWVDQZlOWHQ EHUJH
NHLWHQ ] % RIIHQH /LHIHUDQWHQUHFKQXQJHQ /RKQVWHX
EHQ ZHQQ VLH GLH )lOOH ZHLWHUEHDUEHLWHQ VROOHQ 'LH DXV
HU 8PVDW]VWHXHU %HUXIVJHQRVVHQVFKDIW HUIDVVW ZHUGHQ
VFKHLGHQGHQ 5HFKWVDQZlOWH HUKDOWHQ QDFK 0D‰JDEH LK
PVVHQ $EVFKQLWW (6W5LFKWOLQLHQ ,Q GHU 5HJHO
UHU 6R]LHWlWVEHWHLOLJXQJ HLQHQ 7HLO GHU %URDXVVWDWWXQJ
IKUW GHU :HFKVHO GHU *HZLQQHUPLWWOXQJVDUW ]X HLQHP
HEHQVR GLH YRQ LKQHQ JHIDKUHQHQ .UDIWIDKU]HXJH $U
hEHUJDQJVJHZLQQ ZHLO GLH HUWUDJVZLUNVDPHQ 3RVLWLR
EHLWVYHUKlOWQLVVH ZHUGHQ WHLOZHLVH EHUJHOHLWHW ,Q IL
QHQ GLH DXIZDQGVZLUNVDPHQ 3RVLWLRQHQ GHXWOLFK EHU
QDQ]LHOOHU +LQVLFKW HUKDOWHQ VLH QRFK GHQ 6WDQG LKUHV
VWHLJHQ (V LVW QLFKWV 8QJHZ|KQOLFKHV ZHQQ SUR $Q
.DSLWDONRQWRV ]XP $XVVFKHLGHQVVWLFKWDJ DOVR GLH QRFK
ZDOW QLFKW HUIOOWH +RQRUDUIRUGHUXQJHQ ]ZLVFKHQ
QLFKW HQWQRPPHQHQ *HZLQQDQWHLOH DXIJUXQG GHU SUDNWL
(XUR XQG (XUR EHVWHKHQ
]LHUWHQ (LQQDKPHQhEHUVFKXVVUHFKQXQJ 'LH +RQRUDU
IRUGHUXQJHQ ZHUGHQ PHLVW VR DXIJHWHLOW GDVV GHU DXV
VFKHLGHQGH 5HFKWVDQZDOW GLHMHQLJHQ HUKlOW GLH PLW GHQ
PLWJHQRPPHQHQ RGHU YRQ LKP EHDUEHLWHWHQ +DQGDNWHQ
YHUEXQGHQ VLQG 'LH *HVHOOVFKDIWHU ZUGHQ GLHVH $UW
GHU 7UHQQXQJ DOV 5HDOWHLOXQJ EH]HLFKQHQ ZHLO GHU
0DQGDQWHQVWDPP GDV %URLQYHQWDU XQG GLH +RQRUDU
IRUGHUXQJHQ UHDO JHWHLOW XQG $XVJOHLFKV]DKOXQJHQ LQVR
ZHLW QLFKW JHOHLVWHW ZXUGHQ
%HYRU GHU 7UHQQXQJVIDOO VWHXHUOLFK EHKDQGHOW ZLUG
VROOHQ ]XQlFKVW VWHXHUOLFKH %HJULIIH HUOlXWHUW ZHUGHQ
(LQQDKPHQhEHUVFKXVVUHFKQXQJ XQG :HFKVHO
GHU *HZLQQHUPLWWOXQJVDUW
1DKH]X MHGH 5HFKWVDQZDOWVVR]LHWlW HUPLWWHOW LKUHQ *H
ZLQQ PRQDWOLFK RGHU MlKUOLFK LQ )RUP GHU (LQQDKPHQ
ÓÉl
6WLOOH 5HVHUYHQ
,Q HLQHU 6WHXHUELODQ] PVVHQ GLH :LUWVFKDIWVJWHU PLW
LKUHP VWHXHUOLFKHQ %XFKZHUW DQJHVHW]W ZHUGHQ 'LHVHU
HUPLWWHOW VLFK DXV GHQ $QVFKDIIXQJVNRVWHQ YHUPLQGHUW
XP GLH $EVHW]XQJHQ IU $EQXW]XQJ QDFK † $EV (6W* † $EV 1U (6W* %HLVSLHOH (LQ QHXHV
.UDIWIDKU]HXJ ZLUG IU QHWWR (XUR DQJHVFKDIIW
'HU VWHXHUOLFKH $EVFKUHLEXQJV]HLWUDXP EHWUlJW -DKUH
1DFK 0RQDWHQ OLHJW GHU VWHXHUOLFKH %XFKZHUW EHL
(XUR ,VW GDV )DKU]HXJ QDFK GHU 6FKZDFNH
+lQGOHUHLQNDXIVOLVWH QRFK (XUR ZHUW LVW PLW
GHP VWHXHUOLFKHQ %XFKZHUWDQVDW] HLQH VWLOOH 5HVHUYH
YRQ (XUR YHUEXQGHQ GLH LQ EHVWLPPWHQ VWHXHU
OLFKHQ )lOOHQ DXIJHGHFNW XQG YHUVWHXHUW ZHUGHQ PXVV
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
ÔsÅ@Ïàg
%HL )RWRNRSLHUJHUlWHQ XQG ('9+DUGZDUH EHWUlJW GHU
VWHXHUOLFKH $EVFKUHLEXQJV]HLWUDXP -DKUH EHL %UR
HLQULFKWXQJVJHJHQVWlQGHQ -DKUH 'LHVH ODQJHQ $E
VFKUHLEXQJV]HLWUlXPH IKUHQ YLHOIDFK ]X GHP (UJHEQLV
GDVV PLW GHQ VWHXHUOLFKHQ %XFKZHUWDQVlW]HQ NHLQH VWLO
OHQ 5HVHUYHQ YHUEXQGHQ VLQG
$QGHUV LVW HV EHLP 0DQGDQWHQVWDPP DXFK 3UD[LVZHUW
JHQDQQW 'DEHL KDQGHOW HV VLFK XP HLQ VHOEVWJHVFKDIIH
QHV LPPDWHULHOOHV (LQ]HOZLUWVFKDIWVJXW IU GDV HLQ $N
WLYSRVWHQ QLFKW DQJHVHW]W ZHUGHQ GDUI † $EV +*% ,Q +|KH GHV :HUWHV GHV 0DQGDQWHQVWDPPHV
RGHU 3UD[LVZHUWHV EHVWHKHQ GHVZHJHQ VWLOOH 5HVHUYHQ
1DFK GHQ 5LFKWOLQLHQ GHU %XQGHVUHFKWVDQZDOWVNDPPHU
%5$.0LWWHLOXQJHQ LVW GHU 3UD[LVZHUW MH
QDFK GHQ 8PVWlQGHQ GHV (LQ]HOIDOOHV PLW GHP ID
FKHQ ELV ]XP IDFKHQ GHV -DKUHVXPVDW]HV GHU
5HFKWVDQZDOWVVR]LHWlW DQ]XVHW]HQ
$QZDFKVHQ HLQHU %HWHLOLJXQJ LVW HLQH 9HUlX‰H
UXQJ LP VWHXHUOLFKHQ 6LQQ
6FKHLGHW HLQ 5HFKWVDQZDOW DXV HLQHU 6R]LHWlW DXV VHL HV
GXUFK GLH UHFKWVJHVWDOWHQGH :LUNXQJ HLQHU .QGLJXQJ
† %*% RGHU HLQYHUQHKPOLFK VR ZlFKVW VHLQ *H
VHOOVFKDIWVDQWHLO GHQ YHUEOHLEHQGHQ *HVHOOVFKDIWHUQ DQ
† $EV 6 %*% 9HUJOHLFKEDUHV JHVFKLHKW EHL
GHU hEHUWUDJXQJ VHLQHV *HVHOOVFKDIWVDQWHLOV LP :HJH
GHU 6RQGHUUHFKWVQDFKIROJH DQ HLQHQ *HVHOOVFKDIWHU RGHU
HLQHQ 'ULWWHQ PLW =XVWLPPXQJ DOOHU EULJHQ *HVHOO
VFKDIWHU 6WHXHUOLFK VLQG GLHV )lOOH GHU 9HUlX‰HUXQJ GHV
*HVHOOVFKDIWVDQWHLOV 'HU 9HUlX‰HUXQJVJHZLQQ LVW DOV
(LQNQIWH DXV VHOEVWlQGLJHU $UEHLW ]X HUIDVVHQ † $EV † $EV 6 1U (6W*
9HUlX‰HUXQJVJHZLQQ LVW GHU 8QWHUVFKLHG ]ZLVFKHQ GHU
$EILQGXQJ XQG GHP %XFKZHUW GHV DXIJHJHEHQHQ *H
VHOOVFKDIWVDQWHLOV 'HU %XFKZHUW GHV DXIJHJHEHQHQ *H
VHOOVFKDIWVDQWHLOV HQWVSULFKW L G 5 GHP $QWHLO DQ GHQ
VWHXHUOLFKHQ %XFKZHUWHQ GHU DXIJHJHEHQHQ :LUW
VFKDIWVJWHU PLW GHP GHU 5HFKWVDQZDOW DQ GHU 6R]LHWlW
EHWHLOLJW LVW DOVR ] % ó GHV %XFKZHUWHV GHU ('9
+DUGZDUH GHU %URHLQULFKWXQJ GHV 0DQGDQWHQVWDP
PHV HWF
6WHXHUOLFK LVW HV ]XQlFKVW RKQH %HGHXWXQJ RE GLH $E
ILQGXQJ LQ *HOG RGHU LQ 6DFKZHUWHQ EHVWHKW %HL 6DFK
ZHUWHQ LVW GHU JHPHLQH :HUW PD‰JHEOLFK DOVR GHUHQ
QRUPDOHU 9HUlX‰HUXQJVSUHLV † %HZ* (UKlOW HLQ DXV
HLQHU 6R]LHWlW DXVVFKHLGHQGHU *HVHOOVFKDIWHU ó GHV
0DQGDQWHQVWDPPHV GHU 6R]LHWlW KDW HU X D GLHVHQ
6DFKZHUW DOV 9HUlX‰HUXQJVJHZLQQ ]X YHUVWHXHUQ
5HDOWHLOXQJ LP VWHXHUOLFKHQ 6LQQ
'HU *HVHW]JHEHU KDW GLH 5HDOWHLOXQJ VHLW GHP QXU PHKU LQ † $EV 6 (6W* JHUHJHOW QlPOLFK QXU
GLH 5HDOWHLOXQJ HLQHU 0LWXQWHUQHKPHUVFKDIW 'LH 5HDO
WHLOXQJ HLQHU 0LWXQWHUQHKPHUVFKDIW LVW DEHU QXU JHJH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
EHQ ZHQQ GLH *HVHOOVFKDIW YROOVWlQGLJ DXIJHO|VW XQG
EHHQGHW ZLUG XQG GDPLW DXFK LKUH 6WHXHUQXPPHU YHU
OLHUW %HL GHU 5HDOWHLOXQJ HLQHU 0LWXQWHUQHKPHUVFKDIW LVW
GLH )RUWIKUXQJ GHU VWHXHUOLFKHQ %XFKZHUWH GHU :LUW
VFKDIWVJWHU ]ZLQJHQG YRUJHVFKULHEHQ GLH UHDO DXI GLH
0LWXQWHUQHKPHU DXIJHWHLOW ZHUGHQ VRIHUQ GLH 9HUVWHXH
UXQJ GHU VWLOOHQ 5HVHUYHQ JHVLFKHUW LVW
%LV JDOW QRFK GHU VRJ 0LWXQWHUQHKPHUHUODVV GHU
EHL $XVVFKHLGHQ HLQHV *HVHOOVFKDIWHUV JHJHQ 6DFKZHUWH
QRFK ZDKOZHLVH GLH )RUWIKUXQJ GHU VWHXHUOLFKHQ %XFK
ZHUWH GHU EHUQRPPHQHQ :LUWVFKDIWVJWHU HUODXEWH
6WHXHUOLFKH %HKDQGOXQJ GHV 7UHQQXQJVIDOOHV ODXW
)LQDQ]YHUZDOWXQJ
'DV $XVVFKHLGHQ HLQHV 5HFKWVDQZDOWV DXV HLQHU IRUW
EHVWHKHQGHQ 6R]LHWlW LVW NHLQ )DOO GHU 5HDOWHLOXQJ HLQHU
0LWXQWHUQHKPHUVFKDIW L 6 YRQ † $EV 6 (6W*
ZHLO GLH ELVKHULJH *HVHOOVFKDIW QLFKW HQGHW 'LH LQ † $EV 6 (6W* YRUJHVFKULHEHQH %XFKZHUWIRUWIK
UXQJ JUHLIW QLFKW HLQ
1DFK $XIIDVVXQJ GHU )LQDQ]YHUZDOWXQJ YHUlX‰HUW
GHU DXVVFKHLGHQGH 5HFKWVDQZDOW VHLQHQ 0LWXQWHUQHK
PHUDQWHLO DQ GHU 6R]LHWlW 'LHV IKUW ]X HLQHP 9HUlX‰H
UXQJVJHZLQQ QDFK † $EV † $EV 6 1U (6W* 'HU 8QWHUVFKLHG ]ZLVFKHQ GHU JHPHLQHQ :HUW
GHU EHUWUDJHQHQ 6DFKZHUWH XQG GHUHQ VWHXHUOLFKHP
%XFKZHUW DOVR GLH VWLOOHQ 5HVHUYHQ VLQG ]X YHUVWHXHUQ
'HU 0DQGDQWHQVWDPP LVW HLQ YHUNHKUVIlKLJHV LPPD
WHULHOOHV :LUWVFKDIWVJXW 'LHVHV LVW QDFK GHQ YRP %H
UXIVVWDQG HPSIRKOHQHQ *UXQGVlW]HQ ]X EHZHUWHQ XQG
EHL GHU (UPLWWOXQJ GHV 9HUlX‰HUXQJVJHZLQQHV DQ]XVHW
]HQ 'LH QDFKODXIHQGHQ 0DQGDQWHQ VLQG YRQ GHP DXV
VFKHLGHQGHQ *HVHOOVFKDIWHU DQJHVFKDIIW 'LH $QVFKDI
IXQJVNRVWHQ VLQG DXI HLQHQ =HLWUDXP YRQ ELV -DKUHQ
DE]XVFKUHLEHQ %)+ 8UW Y ± ,9 5 %6W%O ,, %HLP $XVVFKHLGHQ HLQHV *HVHOOVFKDIWHUV DXV HLQHU
6R]LHWlW LVW GHU 9HUlX‰HUXQJVJHZLQQ QDFK † $EV (6W* ZHOFKHU QDFK † (6W* WDULIEHJQVWLJW LVW YRP
ODXIHQGHQ *HZLQQ DE]XJUHQ]HQ MHGHQIDOOV GDQQ ZHQQ
QDFK %HUFNVLFKWLJXQJ GHV )UHLEHWUDJV YRQ ¼ JHPl‰ † $EV (6W* HLQ VWHXHUSIOLFKWLJHU XQG DXFK
WDULIEHJQVWLJWHU 9HUlX‰HUXQJVJHZLQQ HQWVWHKW 'LH
5HFKWVDQZDOWVVR]LHWlW PXVV GHVZHJHQ ]XP $XVVFKHL
GHQVVWLFKWDJ YRQ GHU *HZLQQHUPLWWOXQJ GXUFK (LQQDK
PH hEHUVFKXVVUHFKQXQJ JHPl‰ † $EV (6W* ]XU
*HZLQQHUPLWWOXQJ GXUFK 9HUP|JHQVYHUJOHLFK JHPl‰
† $EV (6W* EHUZHFKVHOQ %)+ 8UW Y ± ;, 5 '6W5( (V HQWVWHKW IU GLH 6R
]LHWlW HLQ hEHUJDQJVJHZLQQ GHU LP :HVHQWOLFKHQ DXV
GHQ +RQRUDUIRUGHUXQJHQ EHVWHKW 'LHVHU hEHUJDQJVJH
ZLQQ LVW JHPl‰ GHP *HZLQQYHUWHLOXQJVVFKOVVHO DXI
DOOH 6R]LHQ DXI]XWHLOHQ +LQZHLV 'LH ]HLWOLFK QDFK GHP
6WLFKWDJ ]XIOLH‰HQGHQ %HWUlJH DXI EHUHLWV HUIDVVWH +R
QRUDUIRUGHUXQJHQ ZLUNHQ VLFK GDQQ QLFKW PHKU DOV *H
Óə
ÔsÅ@Ïàg
ZLQQ DXV 'HU hEHUJDQJVJHZLQQ GXUFK :HFKVHO GHU
*HZLQQHUPLWWOXQJVDUW IKUW DOVR ]X HLQHP ]HLWOLFKHQ
9RU]LHKHQ YRQ *HZLQQ
'HU :HFKVHO GHU *HZLQQHUPLWWOXQJVDUW LVW GDQQ QLFKW
HUIRUGHUOLFK ZHQQ GHU 9HUlX‰HUXQJVJHZLQQ HLQ ODXIHQ
GHU *HZLQQ LVW XQG GHVZHJHQ GLH 7DULIYHUJQVWLJXQJ
QDFK † $EV (6W* VRJ )QIWHOUHJHOXQJ RGHU QDFK
† $EV (6W* GHV 'XUFKVFKQLWWVVWHXHUVDW]HV
EHL 9ROOHQGXQJ GHV /HEHQVMDKUHV QLFKW HLQJUHLIHQ
/DXIHQGHU *HZLQQ OLHJW YRU ZHQQ HLQ DXVVFKHLGHQGHU
5HFKWVDQZDOW VHLQHQ ELVKHULJHQ 0DQGDQWHQVWDPP LQ
GHP |UWOLFK EHJUHQ]WHQ :LUNXQJVNUHLV GHU 6R]LHWlW ZHL
WHUEHDUEHLWHW ZHLO GDQQ GDV XQJHVFKULHEHQH 7DWEH
VWDQGVPHUNPDO GHU † $EV † $EV (6W* QlP
OLFK GHU %HHQGLJXQJ GHU IUHLEHUXIOLFKHQ 7lWLJNHLW EH
]JOLFK GHV ELVKHULJHQ 6WHXHUVXEMHNWV QLFKW JHJHEHQ LVW
'HU DXVVFKHLGHQGH *HVHOOVFKDIWHU GHU PLW 6DFKZHU
WHQ DEJHIXQGHQ ZLUG NDQQ QLFKW GDV %XFKZHUWSULYLOHJ
GHV † $EV 6 1U (6W* LQ $QVSUXFK QHKPHQ
'RUW LVW JHUHJHOW GDVV HLQ *HVHOOVFKDIWHU GHU IU GLH
0LQGHUXQJ YRQ *HVHOOVFKDIWVUHFKWHQ DXV GHP *HVDPW
KDQGVYHUP|JHQ GHU 0LWXQWHUQHKPHUVFKDIW HLQ]HOQH
:LUWVFKDIWVJWHU HUKlOW XQG LQ VHLQHP %HWULHE IRUWIKUW
GLH VWHXHUOLFKHQ %XFKZHUWH GHU HUKDOWHQHQ :LUWVFKDIWV
JWHU IRUWIKUHQ PXVV 'LH )LQDQ]YHUZDOWXQJ ZHQGHW
GLHVH 5HJHOXQJ ]X (LQ]HOZLUWVFKDIWVJWHUQ GHVZHJHQ
QLFKW DQ ZHLO VLH † $EV (6W* DOV OH[ VSHFLDOLV ]X
† $EV 6 1U (6W* EHXUWHLOW
:DV LVW ]X WXQ EHL $OWIlOOHQ"
'LH )LQDQ]YHUZDOWXQJ KDW LKUH $XIIDVVXQJ ]XU 5HLFK
ZHLWH GHV † $EV 6 (6W* XQG GDPLW LKUH 9RUVWHO
OXQJ EHU GLH )lOOH HLQHU 5HDOWHLOXQJ LP 6LQQH GHV *H
VHW]HV LQ HLQHP 6FKUHLEHQ YRP ± %6W%O , IHVWJHVFKULHEHQ VRJ 5HDOWHLOXQJVHUODVV 'DEHL
LVW DQJHRUGQHW ZRUGHQ GDVV GHU (UODVV DXI DOOH QRFK RI
IHQHQ )lOOH VHLW GHP DQ]XZHQGHQ LVW DOVR XD
DXI DOOH )lOOH YRQ $XVVFKHLGHQ YRQ *HVHOOVFKDIWHUQ DXV
6R]LHWlWHQ EHL GHQHQ GHU %HVFKHLG EHU GLH HLQKHLWOLFKH
XQG JHVRQGHUWH )HVWVWHOOXQJ GHU (LQNQIWH YHUIDKUHQV
UHFKWOLFK QRFK DElQGHUEDU LVW %HL GHQ %HWULHEVSU
IXQJVVWHOOHQ LVW GLHVHU 3UIXQJVVWRII ]ZLVFKHQ]HLWOLFK
]XP 6FKZHUSXQNWWKHPD JHZRUGHQ VRGDVV YLHOHQ
5HFKWVDQZlOWHQ 8QJHPDFK GURKW
(V LVW K|FKVWULFKWHUOLFK QRFK QLFKW JHNOlUW RE † $EV (6W* GLH $QZHQGXQJ GHV %XFKZHUWSULYLOHJV
QDFK † $EV 6 1U (6W* YHUGUlQJW (V LVW P|J
OLFK GDVV GHU %)+ DXFK EHL HLQHP $XVVFKHLGHQ HLQHV
*HVHOOVFKDIWHUV JHJHQ 6DFKZHUWDEILQGXQJ GLH )RUWIK
UXQJ GHU VWHXHUOLFKHQ %XFKZHUWH HUODXEW ZHLO DQ VLFK
QLFKW HLQ]XVHKHQ LVW GDVV GLH 0LQGHUXQJ YRQ *HVHOO
VFKDIWVUHFKWHQ JHJHQ hEHUWUDJXQJ YRQ (LQ]HOZLUW
VFKDIWVJWHUQ SULYLOHJLHUW LVW QLFKW KLQJHJHQ GLH YROO
VWlQGLJH 9HUlX‰HUXQJ HLQHV *HVHOOVFKDIWVDQWHLOV (V EH
VWHKW DXFK NHLQ VDFKOLFKHV $UJXPHQW IU HLQH VRIRUWLJH
Ólâ
*HZLQQUHDOLVLHUXQJ ZHQQ HLQ 5HFKWVDQZDOW GLH LKP
QDFKODXIHQGHQ 0DQGDQWHQ DX‰HUKDOE GHU DOWHQ 6R]LHWlW
ZHLWHU EHWUHXW 'HU 5HFKWVDQZDOW KDW ZLUWVFKDIWOLFK ZH
GHU VHLQHQ %HUXI DXIJHJHEHQ QRFK VHLQHQ IUHLEHUXI
OLFKHQ %HWULHE YHUlX‰HUW (U EHDUEHLWHW ZHLWHUKLQ GLH
0DQGDWH GLH LKP DQYHUWUDXW ZRUGHQ VLQG *HlQGHUWH
)HVWVWHOOXQJVEHVFKHLGH GLH HLQHQ 9HUlX‰HUXQJVJHZLQQ
HUIDVVHQ VROOWHQ GHVZHJHQ PLW 5HFKWVPLWWHOQ EHNlPSIW
ZHUGHQ
(V LVW DXFK QRFK QLFKW K|FKVWULFKWHUOLFK HQWVFKLHGHQ
RE GLH 0DQGDQWHQ GLH HLQHP DXVVFKHLGHQGHQ 5HFKWVDQ
ZDOW QDFK GHU %HIUDJXQJ QDFK † $EV %25$ QDFK
ODXIHQ YRQ GHP DXVVFKHLGHQGHQ *HVHOOVFKDIWHU LP
=XJH GHV $XVVFKHLGXQJVYRUJDQJHV DQJHVFKDIIW ZRUGHQ
VLQG XQG GDPLW PLW LKUHP $QVFKDIIXQJVSUHLV HUIDVVW
ZHUGHQ PVVHQ (LQH $QVFKDIIXQJ OLHJW EHJULIIOLFK QXU
YRU ZHQQ HLQ :LUWVFKDIWVJXW YRQ HLQHP 9HUP|JHQV
WUlJHU DXI HLQHQ DQGHUHQ EHUJHKW 'LHVHU 6DFKYHUKDOW
PXVV EHL QDFKODXIHQGHQ 0DQGDQWHQ QLFKW JHJHEHQ VHLQ
(V LVW DXFK IUDJOLFK RE QDFKODXIHQGH 0DQGDQWHQ HLQ
VHOEVWlQGLJ EHZHUWEDUHV :LUWVFKDIWVJXW GDUVWHOOHQ 'LH
VHOEVWlQGLJH %HZHUWEDUNHLW LVW %HJULIIVPHUNPDO IU GDV
9RUOLHJHQ HLQHV :LUWVFKDIWVJXWHV %)+ 8UW Y
± ,9 5 %6W%O ,, *HJHQ GDV
9RUOLHJHQ HLQHV :LUWVFKDIWVJXWHV VSULFKW GDVV NHLQ
'ULWWHU IU HLQHQ 0DQGDQWHQVWDPP HWZDV EH]DKOHQ ZU
GH ZHQQ GHU 5HFKWVDQZDOW GHU QDFK HUNOlUWHP :XQVFK
GHU 0DQGDQWHQ LKUH )lOOH EHDUEHLWHQ VROO IU GLHVHQ
0DQGDQWHQVWDPP DP 2UW WlWLJ LVW
(V VROOWH GHVZHJHQ PLW 5HFKWVPLWWHOQ EHNlPSIW ZHUGHQ
ZHQQ LQ GHQ 9HUlX‰HUXQJVJHZLQQ GHU JHPHLQH :HUW HL
QHV 0DQGDQWHQVWDPPHV HLQJHUHFKQHW ZLUG *HVFKLHKW
GLHV LVW GDUDXI KLQ]XZHLVHQ GDVV GLH $QVFKDIIXQJVNRV
WHQ GHV 0DQGDQWHQVWDPPHV DXI HLQHQ =HLWUDXP YRQ ELV -DKUHQ DEJHVFKULHEHQ ZHUGHQ N|QQHQ %HL HLQHU
JOHLFKEOHLEHQGHQ (LQNRPPHQVWHXHUSURJUHVVLRQ YHU
EOHLEW SHU 6DOGR QXU GLH 9ROOYHU]LQVXQJ GHU (LQNRP
PHQVWHXHU QDFK † D $2 DOV /DVW
:LH VROO HLQ $XVVFKHLGHQ JHJHQ 6DFKZHUWDEILQGXQJ
JHVWDOWHW ZHUGHQ"
'LH )LQDQ]YHUZDOWXQJ HUODXEW ZRKO GDQQ GLH ]ZLQ
JHQGH )RUWIKUXQJ GHU %XFKZHUWH ZHQQ GHU DXV HLQHU
6R]LHWlW DXVVFKHLGHQGH *HVHOOVFKDIWHU DOV 6DFKZHUWDE
ILQGXQJ HLQHQ 7HLOEHWULHE HUKlOW ,QVRZHLW ZHUGHQ † 8PZ6W* UH]LSURN E]Z † $EV (6W* DQDORJ DQJH
ZDQGW :HQQ GLH (LQEULQJXQJ HLQHV 7HLOEHWULHEHV ]X
VWHXHUOLFKHQ %XFKZHUWHQ LQ HLQH 3HUVRQHQJHVHOOVFKDIW
P|JOLFK LVW † 8PZ6W* PXVV GLHV DXFK IU GHQ
XPJHNHKUWHQ )DOO GHU $EILQGXQJ LQ )RUP GHU $XVEULQ
JXQJ HLQHV 7HLOEHWULHEHV P|JOLFK VHLQ † $EV (6W*
HUODXEW GLH XQHQWJHOWOLFKH hEHUWUDJXQJ HLQHV 7HLOEHWULH
EHV ]X VWHXHUOLFKHQ %XFKZHUWHQ %HL HLQHU DQDORJHQ
$QZHQGXQJ JLOW GLHV DXFK IU GLH HQWJHOWOLFKH hEHUWUD
JXQJ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
ÔsÅ@Ïàg
(LQ 7HLOEHWULHE LVW HLQ PLW HLQHU JHZLVVHQ 6HOEVWlQGLJ
NHLW DXVJHVWDWWHWHU RUJDQLVDWRULVFK JHVFKORVVHQHU 7HLO
GHV *HVDPWEHWULHEV GHU IU VLFK DOOHLQ OHEHQVIlKLJ LVW
%)+ Y ± *U6 %6W%O ,, 'HU
7HLOEHWULHE PXVV VFKRQ YRUKDQGHQ VHLQ ZHQQ HU *HJHQ
VWDQG HLQHU 9HUlX‰HUXQJ E]Z HLQHV 7DXVFKHV LVW (LQ
ZHVHQWOLFKHV 0HUNPDO GHV 7HLOEHWULHEHV LVW HLQH IU LKQ
HLQJHULFKWHWH JHVRQGHUWH *HZLQQHUPLWWOXQJ :ROOHQ
VLFK *HVHOOVFKDIWHU LQ GHU :HLVH WUHQQHQ ZLH GLHV LP
$XVJDQJVIDOO EHVFKULHEHQ LVW VROOWHQ VLH IU HLQHQ =HLW
UDXP YRQ PLQGHVWHQV 0RQDWHQ QRFK EHVVHU IU 0RQDWH IU GHQ DXVVFKHLGXQJVEHUHLWHQ 5HFKWVDQZDOW HL
QHQ 7HLOEHWULHE RUJDQLVLHUHQ 'LHV JHVFKLHKW GXUFK 6L
PXOLHUXQJ HLQHU %URJHPHLQVFKDIW LQQHUKDOE GHU 6R]LH
WlW 'LH +RQRUDUHLQQDKPHQ YRQ GHQMHQLJHQ 0DQGDQWHQ
GLH HLQ DXVVFKHLGHQGHU *HVHOOVFKDIWHU PLWQHKPHQ ZLUG
VROOWHQ LQ HLQHU JHVRQGHUWHQ (LQQDKPHQhEHUVFKXVV
UHFKQXQJ HUIDVVW ZHUGHQ HEHQVR GLH 3HUVRQDODXVJDEHQ
GHU 0LWDUEHLWHU XQG $QJHVWHOOWHQ GLH GHP DXVVFKHLGHQ
GHQ 5HFKWVDQZDOW IROJHQ $QGHUH %HWULHEVDXVJDEHQ
VROOWHQ YHUXUVDFKHQVJHUHFKW ]XJHRUGQHW ZHUGHQ %H
VWLPPWH 7HLOH GHV $QODJHYHUP|JHQV VROOWHQ GHP 7HLO
EHWULHE ]XJHRUGQHW ZHUGHQ 'LH (UJHEQLVVH GHV 7HLOEH
WULHEHV N|QQHQ ZlKUHQG GHV %HVWHKHQV GHU 6R]LHWlW ZHL
WHUKLQ QDFK 0D‰JDEH GHV *HZLQQYHUWHLOXQJVVFKOVVHOV
DXI GLH *HVHOOVFKDIWHU YHUWHLOW ZHUGHQ :LFKWLJ LVW QXU
GDVV HLQ 7HLOEHWULHE HQWVWHKW GHU GDQQ LQ GLHVHU )RUP
GHP DXVVFKHLGHQGHQ *HVHOOVFKDIWHU ]XP $XVVFKHLGHQV
VWLFKWDJ EHUWUDJHQ ZLUG
EULQJXQJ HLQHU (LQ]HONDQ]OHL GLH GHU DXVVFKHLGHQGH
5HFKWVDQZDOW ]XQlFKVW LQQH KDW LQ HLQH 3HUVRQHQJHVHOO
VFKDIW ]X VWHXHUOLFKHQ %XFKZHUWHQ JHPl‰ † 8PZ
6W* P|JOLFKHUZHLVH HLQHQ )DOO GHU 9HUlX‰HUXQJ L6
YRQ † $EV 6 (6W* E]Z YRQ † $EV 6 (6W* GDUVWHOOW %HLGH 1RUPHQ VHKHQ YRU GDVV GLH UHDO
EHUWUDJHQHQ :LUWVFKDIWVJWHU PLW LKUHQ VWHXHUOLFKHQ
%XFKZHUWHQ IRUWJHIKUW ZHUGHQ PVVHQ 5FNZLUNHQG
VLQG DEHU DXI GHQ =HLWSXQNW GHU 5HDOWHLOXQJ RGHU GHU
6DFKZHUWDEILQGXQJ GLH HPSIDQJHQHQ :LUWVFKDIWVJWHU
PLW LKUHP JHPHLQHQ :HUW DQ]XVHW]HQ XQG GDPLW GHUHQ
VWLOOHQ 5HVHUYHQ ]X YHUVWHXHUQ ZHQQ GLH :LUWVFKDIWV
JWHU LQQHUKDOE HLQHU 6SHUUIULVW YRQ -DKUHQ EHJLQQHQG
PLW $EJDEH GHU )HVWVWHOOXQJVHUNOlUXQJ IU GDV 7UHQ
QXQJVMDKU YHUlX‰HUW ZHUGHQ 'LHVHU 9HUlX‰HUXQJVIDOO
N|QQWH GXUFK GLH (LQEULQJXQJ LQ HLQH 6R]LHWlW KHUYRUJH
UXIHQ ZHUGHQ XQG VROOWH GHVZHJHQ YHUPLHGHQ ZHUGHQ
'HU (PSIHKOXQJ VROOWH IU GHQ )DOO JHIROJW ZHUGHQ GDVV
GDV $XVVFKHLGHQ DXV HLQHU 6R]LHWlW JHJHQ 6DFKZHUWDE
ILQGXQJ DOV HLQ )DOO GHV † $EV 6 1U (6W* EHXU
WHLOW ZLUG ZDV GXUFK GLH 5HFKWVSUHFKXQJ QRFK ]X NOlUHQ
LVW
6WHKW HLQ $XVVFKHLGHQ ]XP -DKUHVZHFKVHO DQ VROOWH
GHU 6WLFKWDJ GHV $XVVFKHLGHQV HQWZHGHU DXI GHQ RGHU GHQ HLQHV .DOHQGHUMDKUHV JHOHJW ZHUGHQ 0XVV
ZHJHQ GHV $QIDOOV HLQHV WDULIEHJQVWLJWHQ 9HUlX‰H
UXQJVJHZLQQHV GLH *HZLQQHUPLWWOXQJVDUW GHU (LQQDK
PHQhEHUVFKXVVUHFKQXQJ JHZHFKVHOW ZHUGHQ ]XU *H
ZLQQHUPLWWOXQJVDUW GXUFK 9HUP|JHQVYHUJOHLFK HQW
VWHKW HLQ hEHUJDQJVJHZLQQ L G 5 LQ +|KH GHU +RQR
UDUIRUGHUXQJHQ 1DFK GHP $XVVFKHLGHQ N|QQHQ DEHU
VRZRKO GLH YHUEOHLEHQGH 6R]LHWlW DOV DXFK GHU DXVJH
VFKLHGHQH *HVHOOVFKDIWHU LQ VHLQHP %HWULHE EHL GHU *H
ZLQQHUPLWWOXQJVDUW ZLHGHU ]XUFNZHFKVHOQ VRGDVV LQ
+|KH GHV hEHUJDQJVJHZLQQHV DXFK HLQ hEHUJDQJVYHU
OXVW DQIlOOW )DOOHQ hEHUJDQJVJHZLQQ XQG hEHUJDQJV
YHUOXVW LP JOHLFKHQ .DOHQGHUMDKU DQ ZDV EHL GHU HPS
IRKOHQHQ *HVWDOWXQJ PDFKEDU LVW VLQG GLH VWHXHUOLFKHQ
$XVZLUNXQJHQ XQEHGHXWHQG 'LH )LQDQ]YHUZDOWXQJ
YHU]LFKWHW GDQQ X 8 DXI GHQ :HFKVHO GHU *HZLQQ
HUPLWWOXQJVDUW
$XV *UQGHQ GHU 9RUVLFKW VROOWH HLQ DXVVFKHLGHQGHU
*HVHOOVFKDIWHU GHU NHLQHQ 7HLOEHWULHE EHUQLPPW GLH
LKP QDFKODXIHQGHQ 0DQGDQWHQ QLFKW LQ HLQH DQGHUH 6R
]LHWlW HLQEULQJHQ VRQGHUQ DOOHQIDOOV ]XU 1XW]XQJ ]XU
9HUIJXQJ VWHOOHQ 'HU 0DQGDQWHQVWDPP EOLHEH GDQQ
6RQGHUEHWULHEVYHUP|JHQ ZHQQ VLFK GHU DXVVFKHLGHQGH
5HFKWVDQZDOW HLQHU DQGHUHQ 6R]LHWlW DQVFKOLH‰W 'HU
*UXQG IU GLHVH (PSIHKOXQJ OLHJW GDULQ GDVV GLH (LQ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
Ól¤
<Å <ŽÏÔgg /ƒg”<
<Å <ŽÏÔgg
/ƒg”<
gÁ<ÔÅz<Lg _gÁ <—_<ŽÏg— o †— <ÏgÅ /ƒg”< †””gÁ ۆg_gÁ —gÔ
5— ,gUƒÏÅ<—Û@Ï†— Á¯ -ÔÅ<——g !ssgÁ”<——…ÔÁUŽ<ÁÏ
<Ô©ÏzgÅUƒ@sÏÅs׃ÁgÁ†— _gÁ ,gUƒÏÅ<—Û<ÏŎ<””gÁ ×ÅÅg_Ás
9LHOH $QIUDJHQ GLH GLH 5HFKWVDQ
ZDOWVNDPPHU HUUHLFKHQ KDEHQ GLH
$XIEHZDKUXQJ XQG +HUDXVJDEH GHU
+DQGDNWHQ ]XP *HJHQVWDQG (V JHKW
XP GLH )UDJHQ ZDV ZLH ODQJH XQG
ZDUXP" =X XQWHUVFKHLGHQ VLQG GLH
3IOLFKW ]XU $XIEHZDKUXQJ XQG GLH ]XU
+HUDXVJDEH GHU +DQGDNWHQ %HVRQ
GHUH $NWXDOLWlW JHZLQQW GDV 7KHPD
GXUFK HLQH (QWVFKHLGXQJ GHV $Q
ZDOWVJHULFKWV
'VVHOGRUI
YRP
LQ GHU ± ]X 8QUHFKW ± GLH
([LVWHQ] HLQHU DXFK EHUXIVUHFKWOLFKHQ
+HUDXVJDEHSIOLFKW YHUQHLQW ZLUG
VLFK QXU DXI GLH VSlWHUH +HUDXVJDEH
SIOLFKW (V ZLUG NODUJHVWHOOW GDVV GLH
EHUXIVUHFKWOLFKH 3IOLFKW GHV 5HFKWV
DQZDOWV ]XU +HUDXVJDEH EHVWLPPWHU
6FKULIWVWFNH QLFKW ZHLWHU UHLFKW DOV
GLH ]LYLOUHFKWOLFKH 'HQQ EHL ]LYLO
UHFKWOLFKHU %HWUDFKWXQJ N|QQWH GHU
$QZDOW HLQHP +HUDXVJDEHDQVSUXFK
GHV 0DQGDQWHQ GHU VLFK DXI 'LQJH
ULFKWHW GLH GHP 0DQGDQWHQ EHUHLWV
YRUOLHJHQ PLW GHP (LQZDQG GHU (U
IOOXQJ EHJHJQHQ
$ 'HU %HJULII GHU +DQGDNWH
=XQlFKVW PXVV JHNOlUW ZHUGHQ ZDV EHUKDXSW XQWHU
Ä+DQGDNWH³ ]X YHUVWHKHQ LVW 'LH %XQGHVUHFKWVDQZDOWV
RUGQXQJ NHQQW NHLQH /HJDOGHILQLWLRQ GHV %HJULIIV
QLPPW DEHU LQ † $EV X HLQLJH 8PVFKUHLEXQ
JHQ YRU DXV GHQHQ VLFK KHUOHLWHQ OlVVW ZDV HLQH E]Z
ÄGLH³ +DQGDNWH LVW XQG ZHOFKHQ ,QKDOW GLH +DQGDNWH KDW
E]Z KDEHQ PXVV
6R EHVFKUHLEW † $EV %5$2 GHQ =ZHFN GHU +DQG
DNWH GDKLQ GDVV GXUFK LKUH $QOHJXQJ HLQ JHRUGQHWHV
%LOG EHU GLH YRQ GHP 5HFKWVDQZDOW HQWIDOWHWH 7lWLJNHLW
JHJHEHQ ZHUGHQ VROO 'HU ,QKDOW GHU +DQGDNWH PXVV DOVR
JHHLJQHW VHLQ GHQ 0DQGDWVYHUODXI XQG GLH 7lWLJNHLW GHV
$QZDOWV ]X GRNXPHQWLHUHQ
† $EV %5$2 EHVWLPPW GDVV +DQGDNWHQ L6 GHU
$EV X GHV † QXU GLH 6FKULIWVWFNH VLQG GLH GHU
5HFKWVDQZDOW DXV $QODVV VHLQHU EHUXIOLFKHQ 7lWLJNHLW
YRQ GHP $XIWUDJJHEHU RGHU IU LKQ HUKDOWHQ KDW QLFKW
DEHU GHU %ULHIZHFKVHO ]ZLVFKHQ GHP 5HFKWVDQZDOW XQG
VHLQHP $XIWUDJJHEHU XQG GLH 6FKULIWVWFNH GLH GHU $XI
WUDJJHEHU EHUHLWV LQ 8UVFKULIW RGHU $EVFKULIW HUKDOWHQ KDW
$OOHUGLQJV LVW GLHVH (LQVFKUlQNXQJ QLFKW JHHLJQHW XQG
QLFKW GD]X EHVWLPPW HLQH UHVWULNWLYH 'HILQLWLRQ GHV
+DQGDNWHQ%HJULIIV LQVJHVDPW YRU]XQHKPHQ 'HQQ
VHOEVWYHUVWlQGOLFK JHK|UHQ DXFK GLH .RUUHVSRQGHQ]
]ZLVFKHQ $QZDOW XQG 0DQGDQW HEHQVR ZLH DOOH VRQVWL
JHQ PDQGDWVEH]RJHQHQ 6FKULIWVWFNH ± XQDEKlQJLJ GD
YRQ RE GLHVH LQ LUJHQGHLQHU )RUP DXFK GHP $XIWUDJJH
EHU YRUOLHJHQ ± ]X GHQ 0DQGDWVXQWHUODJHQ 'LH (LQ
VFKUlQNXQJ GHV +DQGDNWHQ%HJULIIV LQ $EV EH]LHKW
ÓlÓ
† $EV %5$2 VWHOOW VFKOLH‰OLFK
NODU GDVV GHU $QZDOW VLFK ]XP )KUHQ
YRQ +DQGDNWHQ DXFK GHU HOHNWURQL
VFKHQ 'DWHQYHUDUEHLWXQJ EHGLHQHQ
GDUI GLH +DQGDNWHQ DOVR QLFKW QRWZHQGLJHUZHLVH LQ 3D
SLHUIRUP YRUOLHJHQ PVVHQ VRQGHUQ HWZD DXFK DOV
&RPSXWHU'LVNHWWH RGHU EOR‰H 'DWHL LQ HLQHP 'DWHQ
PDQDJHPHQWV\VWHP H[LVWLHUHQ N|QQHQ
'U 6XVDQQH 2IIHUPDQQ%XUFNDUW
=XU +DQGDNWH XQG LQ GLH +DQGDNWH JHK|UHQ DOOH 6FKULIW
VWFNH GLH GHU 5HFKWVDQZDOW YRQ VHLQHP 0DQGDQWHQ HU
KDOWHQ KDW ZLH 8UNXQGHQ %HOHJH 9HUWUlJH .ODJHVFKULI
WHQ HWF DX‰HUGHP 6FKULIWVWFNH GLH GHU $QZDOW IU VHL
QHQ 0DQGDQWHQ YRQ DQGHUHQ HUKlOW ZLH JHJQHULVFKH
6FKULIWVlW]H 6FKULIWVlW]H XQG (QWVFKHLGXQJHQ YRQ *H
ULFKWHQ GHU 6WDDWVDQZDOWVFKDIW RGHU VRQVWLJHQ %HK|UGHQ
*XWDFKWHQ =XVWHOOXQJVXQWHUODJHQ ZLH ]% DXFK %ULHI
XPVFKOlJH PLW 'DWXPVYHUPHUN XQG VFKOLH‰OLFK DOOHV
ZDV EHL GHU 0DQGDWVEHDUEHLWXQJ DQIlOOW DOVR DXFK 9HU
PHUNH XQG 1RWL]HQ GHV $QZDOWV VRZHLW HV VLFK QLFKW XP
EOR‰H 6FKULIWVDW]HQWZUIH 6FKPLHU]HWWHO Xb KDQGHOW
% 'LH 3IOLFKW ]XU $XIEHZDKUXQJ GHU +DQGDNWHQ
(V H[LVWLHUHQ YHUVFKLHGHQH JHVHW]OLFKH 5HJHOXQJHQ GLH
GHQ 5HFKWVDQZDOW ]XU $XIEHZDKUXQJ VHLQHU +DQGDNWHQ
%*+= 1-: 0'5 $QZ%O 1-: 0'5 P $QP %RUJPDQQ $QZ%O
)HXHULFK:H\ODQG .RPPHQWDU ]XU %XQGHVUHFKWVDQZDOWVRUG
QXQJ † %5$2 5GQ )HXHULFK:H\ODQG DD2 † %5$2 5GQ DXVIKUOLFK +DUWXQJ5|PHU
PDQQ1HUOLFK .RPPHQWDU ]XU %HUXIV XQG )DFKDQZDOWVRUGQXQJ † %5$2 5GQ II YJO ]XP *DQ]HQ DXFK .LOLDQYRP 6WHLQ2IIHUPDQQ
%XUFNDUW 3UD[LVKDQGEXFK IU $QZDOWVNDQ]OHL XQG 1RWDULDW † 5GQ
II
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
<Å <ŽÏÔgg /ƒg”<
YHUSIOLFKWHQ 'DEHL JHOWHQ MHZHLOV HLJHQH =HLWEHVWLP
PXQJHQ
'LH $XIEHZDKUXQJVIULVW GHU %XQGHVUHFKWV
DQZDOWVRUGQXQJ
1DFK † $EV 6 %5$2 VLQG GLH +DQGDNWHQ ÄDXI
GLH 'DXHU YRQ IQI -DKUHQ QDFK %HHQGLJXQJ GHV $XI
WUDJV³ DXI]XEHZDKUHQ
*HP † $EV 6 %5$2 HUOLVFKW GLH 3IOLFKW ]XU
$XIEHZDKUXQJ GHU +DQGDNWHQ ZHQQ GHU 5HFKWVDQZDOW
GHQ $XIWUDJJHEHU DXIJHIRUGHUW KDW GLH $NWHQ LQ (PS
IDQJ ]X QHKPHQ XQG GHU $XIWUDJJHEHU GLHVH $XIIRUGH
UXQJ LQQHUKDOE YRQ VHFKV 0RQDWHQ QLFKW QDFKJHNRP
PHQ LVW 'LHVH 5HJHOXQJ KDW VFKRQ PDQFKHQ $QZDOW LQ
GLH /DJH YHUVHW]W EHIUFKWHWHQ 3ODW]SUREOHPHQ LP
.DQ]OHLDUFKLY ]X HQWJHKHQ
'LH 6HFKV0RQDWV)ULVW NDQQ GXUFK HQWVSUHFKHQGH $XI
IRUGHUXQJ DOOHUGLQJV HUVW LQ /DXI JHVHW]W ZHUGHQ QDFK
GHP GHU $XIWUDJ EHHQGHW LVW
8QWHU 8PVWlQGHQ NDQQ HV UDWVDP VHLQ GLH +DQGDNWHQ
OlQJHU DOV LQ † $EV 6 %5$2 JHIRUGHUW DXI]XEH
ZDKUHQ 'HQQ VHLW (QGH JLOW DXFK IU 5HFKWVDQ
ZlOWH GLH UHJHOPl‰LJH GUHLMlKULJH 9HUMlKUXQJVIULVW GHV
† %*% GLH JHP † $EV %*% PLW GHP
6FKOXVV GHV -DKUHV EHJLQQW LQ GHP
GHU $QVSUXFK HQWVWDQGHQ LVW
XQG
GHU *OlXELJHU YRQ GHQ GHQ $QVSUXFK EHJUQGHQGHQ
8PVWlQGHQ XQG GHU 3HUVRQ GHV 6FKXOGQHUV .HQQWQLV
HUODQJW RGHU RKQH JUREH )DKUOlVVLJNHLW HUODQJHQ
PVVWH
$X‰HUGHP JLOW † $EV %*% ZRQDFK 6FKDGHQVHU
VDW]DQVSUFKH
RKQH 5FNVLFKW DXI GLH .HQQWQLV RGHU JURE IDKUOlVVL
JH 8QNHQQWQLV LQ ]HKQ -DKUHQ YRQ LKUHU (QWVWHKXQJ
DQ
XQG
RKQH 5FNVLFKW DXI LKUH (QWVWHKXQJ XQG GLH .HQQWQLV
RGHU JURE IDKUOlVVLJH 8QNHQQWQLV LQ -DKUHQ YRQ
GHU %HJHKXQJ GHU +DQGOXQJ GHU 3IOLFKWYHUOHW]XQJ
RGHU GHP VRQVWLJHQ GHQ 6FKDGHQ DXVO|VHQGHQ (UHLJ
QLV DQ YHUMlKUHQ
0D‰JHEOLFK LVW GDEHL GLH IUKHU HQGHQGH )ULVW
=X GHU ZHLWJHKHQGHQ 8QP|JOLFKNHLW EHL +RWOLQH0DQGDWHQ EHL GHQHQ HV
DQ ÄGULWWJHULFKWHWHP 6FKULIWYHUNHKU³ IHKOW HLQH HFKWH +DQGDNWH ]X IKUHQ
YJO *HOPNH $QZ%O 6R )HXHULFK:H\ODQG DD2 † %5$2 5GQ XQWHU +LQZHLV DXI GLH
DPWOLFKH %HJUQGXQJ
$P LVW GDV Ä*HVHW] ]XU $QSDVVXQJ YRQ 9HUMlKUXQJVYRUVFKULI
WHQ DQ GDV *HVHW] ]XU 0RGHUQLVLHUXQJ GHV 6FKXOGUHFKWV³ YRP %*%O , 6 II LQ .UDIW JHWUHWHQ GXUFK GDV XD † E %5$2 DXIJH
KREHQ ZXUGH GHU IUKHU YRUVDK GDVV 6FKDGHQVHUVDW]DQVSUFKH GHV 0DQ
GDQWHQ JHJHQEHU VHLQHP $QZDOW LQ GUHL -DKUHQ YRQ GHP =HLWSXQNW DQ LQ
GHP GHU $QVSUXFK HQWVWDQGHQ ZDU VSlWHVWHQV MHGRFK LQ GUHL -DKUHQ QDFK
%HHQGLJXQJ GHV $XIWUDJV YHUMlKUWHQ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
'LH $XIEHZDKUXQJVIULVWHQ GHU $EJDEHQRUGQXQJ
1DFK † $EV X $2 VLQG %FKHU XQG $XI]HLFK
QXQJHQ ,QYHQWDUH -DKUHVDEVFKOVVH /DJHEHULFKWH GLH
(U|IIQXQJVELODQ] VRZLH GLH ]X LKUHP 9HUVWlQGQLV HUIRU
GHUOLFKHQ $UEHLWVDQZHLVXQJHQ XQG VRQVWLJHQ 2UJDQLVD
WLRQVXQWHUODJHQ 1U VRZLH %XFKXQJVEHOHJH 1U ]HKQ -DKUH DXI]XEHZDKUHQ
)U GLH HPSIDQJHQHQ +DQGHOV RGHU *HVFKlIWVEULHIH
1U :LHGHUJDEHQ GHU DEJHVDQGWHQ +DQGHOV RGHU
*HVFKlIWVEULHIH 1U XQG VRQVWLJH 8QWHUODJHQ GLH IU
GLH %HVWHXHUXQJ YRQ %HGHXWXQJ VLQG 1U JLOW HLQH
VHFKVMlKULJH $XIEHZDKUXQJVIULVW VRZHLW QLFKW LQ DQGH
UHQ 6WHXHUJHVHW]HQ NU]HUH $XIEHZDKUXQJVIULVWHQ ]X
JHODVVHQ VLQG
'HU %HJLQQ GHU $XIEHZDKUXQJVIULVW ULFKWHW VLFK QDFK
† $EV $2 (V LVW GLHV GHU 6FKOXVV GHV .DOHQGHU
MDKUHV LQ GHP ]% HLQ %XFKXQJVEHOHJ HQWVWDQGHQ LVW
'LH $XIEHZDKUXQJVIULVWHQ QDFK GHP *HOG
ZlVFKHJHVHW]
*HP † $EV GHV *HOGZlVFKHJHVHW]HV *Z* VLQG
GLH QDFK GHP *Z* ]X HUKHEHQGHQ $QJDEHQ XQG HLQ]X
KROHQGHQ ,QIRUPDWLRQHQ EHU 9HUWUDJVSDUWQHU ZLUW
VFKDIWOLFK %HUHFKWLJWH *HVFKlIWVEH]LHKXQJHQ XQG
7UDQVDNWLRQHQ ]X GHQHQ JUXQGVlW]OLFK DXFK 5HFKWVDQ
ZlOWH YHUSIOLFKWHW VLQG DXI]X]HLFKQHQ XQG GLH $XI
]HLFKQXQJHQ VRZLH VRQVWLJH %HOHJH IQI -DKUH DXI]XEH
ZDKUHQ
'LH $XIEHZDKUXQJVIULVW EHJLQQW JUXQGVlW]OLFK PLW GHP
6FKOXVV GHV .DOHQGHUMDKUHV LQ GHP GLH MHZHLOLJH $QJD
EH IHVWJHVWHOOW ZRUGHQ LVW † $EV 6 *Z*
& 'LH 3IOLFKW ]XU +HUDXVJDEH GHU +DQGDNWHQ DQ
GHQ $XIWUDJJHEHU
:DV GLH +HUDXVJDEH GHU $NWHQ DQ GHQ 0DQGDQWHQ DQ
JHKW LVW ]ZLVFKHQ GHU ]LYLOUHFKWOLFKHQ XQG GHU EHUXIV
UHFKWOLFKHQ %HWUDFKWXQJ ]X XQWHUVFKHLGHQ
, 'LH ]LYLOUHFKWOLFKH +HUDXVJDEHSIOLFKW
,Q ]LYLOUHFKWOLFKHU +LQVLFKW HUJLEW VLFK GLH +HUDXVJDEH
SIOLFKW DXV GHQ †† %*% 1DFK † %*% LVW
GHU %HDXIWUDJWH YHUSIOLFKWHW ÄGHP $XIWUDJJHEHU DOOHV
ZDV HU ]XU $XVIKUXQJ GHV $XIWUDJV HUKlOW XQG ZDV HU
DXV GHU *HVFKlIWVEHVRUJXQJ HUODQJW³ KHUDXV]XJHEHQ
$Q GLHVHU 6WHOOH VFKOLH‰W VLFK ZLHGHU GHU .UHLV ]XU
+DQGDNWHQ'HILQLWLRQ
%HLVSLHO 'XUFK HLQH EHJDQJHQH DQZDOWOLFKH 3IOLFKWYHUOHW]XQJ ]%
IDOVFKH %HUDWXQJ EHL $EVFKOXVV HLQHV *HVHOOVFKDIWVYHUWUDJV HQWVWHKW HUVW
HLQ 6FKDGHQ 'HU $QVSUXFK LVW YHUMlKUW =ZDU HQGHW GLH )ULVW GHU
1U HUVW GLH )ULVW GHU 1U LVW DEHU DEJHODXIHQ ± %HLVSLHO HQW
QRPPHQ DXV 3DODQGW+HLQULFKV .RPPHQWDU ]XP %UJHUOLFKHQ *HVHW]
EXFK † %*% 5GQ 6LHKH REHQ $
ÓlÐ
<Å <ŽÏÔgg /ƒg”<
=XU $XVIKUXQJ GHV $XIWUDJV HUKDOWHQ † $OW
%*% KDW GHU %HDXIWUDJWH GDVMHQLJH ZDV LKQ ± ZLH ]%
GLH YRP 0DQGDQWHQ XQWHU]HLFKQHWH 9ROOPDFKW ± UHFKW
OLFK RGHU ± ZLH ]% 4XLWWXQJHQ XQG %HOHJH ]XP 1DFK
ZHLV RGHU ]XU $EZHKU HLQHU )RUGHUXQJ ± WDWVlFKOLFK LQ
GLH /DJH YHUVHW]HQ VROOWH GHQ $XIWUDJ DXV]XIKUHQ
'LH $OW XPIDVVW JUXQGVlW]OLFK DOOH 8QWHUODJHQ GLH
GHU 0DQGDQW VHLQHP $QZDOW VHOEVW DXVJHKlQGLJW KDW
$XV GHU *HVFKlIWVEHVRUJXQJ HUODQJW † $OW
%*% LVW GDV ZDV GHU %HDXIWUDJWH QLFKW YRP $XIWUDJJH
EHU VRQGHUQ DOV )ROJH VHLQHU 7lWLJNHLW ± ]% YRQ HLQHP
'ULWWHQ ± HUKDOWHQ KDW (UIRUGHUOLFK LVW HLQ LQQHUHU =X
VDPPHQKDQJ GHV (UODQJWHQ PLW GHP JHIKUWHQ *H
VFKlIW ZREHL DXV GHU *HVFKlIWVEHVRUJXQJ QXU GDV HU
ODQJW LVW ZDV GHU %HDXIWUDJWH LQ (UIOOXQJ GHV $XIWUDJV
HUKDOWHQ KDW 8QWHU GLH $OW IDOOHQ GHU GXUFK GHQ
5HFKWVDQZDOW IU GHQ $XIWUDJJHEHU JHIKUWH 6FKULIWYHU
NHKU PLW GHU *HJHQVHLWH GHP *HULFKW HWF GLH .RSLHQ
HLJHQHU 6FKULIWVlW]H GHV $QZDOWV XQG GLH GHP 5HFKWVDQ
ZDOW ]XJHJDQJHQHQ 6FKULIWVlW]H 'ULWWHU
(LQH Ä9HUWUDXOLFKNHLW³ FRQILGHQWLDOLWp ZLH VLH LP UR
PDQLVFKHQ 5HFKWVUDXP YLHOIDFK JLOW YJO =LII GHU
&&%(5LFKWOLQLHQ NHQQW GDV GHXWVFKH 5HFKW QLFKW
'HU GHXWVFKH $QZDOW LVW GHP]XIROJH QLFKW QXU EHUHFK
WLJW VRQGHUQ YHUSIOLFKWHW VHLQHP 0DQGDQWHQ GLH JH
VDPWH PLW HLQHP JHJQHULVFKHQ .ROOHJHQ JHZHFKVHOWH
.RUUHVSRQGHQ] DXV]XKlQGLJHQ
3UREOHPDWLVFK LVW LQ GLHVHP =XVDPPHQKDQJ =LII GHU &&%(5LFKWOLQLHQ GHU GHQ HXURSlLVFKHQ 5HFKWVDQ
ZDOW GHU QLFKW ]XU YHUWUDXOLFKHQ %HKDQGOXQJ HLQHV
6FKULIWVWFNV LQ GHU /DJH LVW YHUSIOLFKWHW GLHVHV DQ GHQ
$EVHQGHU ]XUFN]XVHQGHQ RKQH GHQ ,QKDOW EHNDQQW ]X
PDFKHQ +LHU HUJLEW VLFK HLQ GHXWOLFKHV 6SDQQXQJVIHOG
]XP GHXWVFKHQ 5HFKW GDV OHW]WOLFK XQO|VEDU LVW (LQ
GHXWVFKHU 5HFKWVDQZDOW WXW GHVKDOE JXW GDUDQ VFKRQ EHL
GHU DOOHUHUVWHQ .RQWDNWDXIQDKPH PLW HLQHP .ROOHJHQ
HWZD DXV GHP URPDQLVFKHQ 5HFKWVNUHLV DXI GLH 8QP|J
OLFKNHLW GHU YHUWUDXOLFKHQ .RUUHVSRQGHQ] KLQ]XZHLVHQ
8PVWULWWHQ LVW LQZLHZHLW DXFK 8QWHUODJHQ XQWHUKDOE GHV
Ä6FKULIWVDW]QLYHDXV³ XQWHU † $OW %*% IDOOHQ
/HW]WOLFK ZLUG GLHVHU 6WUHLW DOOHUGLQJV XP ÄGHV .DLVHUV
%DUW³ JHIKUW ZHLO NHLQ 0DQGDQW $QVWR‰ GDUDQ QHKPHQ
ZLUG GDVV GLH DQ LKQ KHUDXVJHJHEHQH +DQGDNWH XP
6FKULIWVDW]HQWZUIH KDQGVFKULIWOLFKH 1RWL]HQ Xb YRQ
GHQHQ HU NDXP MHPDOV HWZDV ZLVVHQ NDQQ XQG GLH RKQH
:HUW IU LKQ VLQG EHUHLQLJW ZXUGH
7URW] YLHOIDFK JHlX‰HUWHU JHJHQWHLOLJHU $QVLFKW 6WLFK
ZRUW 0HLQH $NWHQ JHK|UHQ GRFK VFKOLH‰OLFK PLU
VSLHOW GLH HLJHQWXPVUHFKWOLFKH =XRUGQXQJ GHU HLQ]HOQHQ
%HVWDQGWHLOH GHU +DQGDNWH IU GLH %HXUWHLOXQJ GHU +HU
DXVJDEHSIOLFKW NHLQH 5ROOH 'HP † %*% XQWHUIDO
OHQ DOVR VRZRKO GLH $NWHQLQKDOWH GLH ± ZLH ]% HLQH
*HEXUWV RGHU +HLUDWVXUNXQGH GHV 0DQGDQWHQ ± RKQHKLQ
LQ GHVVHQ (LJHQWXP VWHKHQ DOV DXFK VROFKH GLH ± ZLH
VHOEVW YHUIDVVWH 6FKULIWVlW]H ± ]XQlFKVW (LJHQWXP GHV
$QZDOWV VLQG
,, 'LH EHUXIVUHFKWOLFKH +HUDXVJDEHSIOLFKW
.DXP GLVNXWLHUW VRQGHUQ VWLOOVFKZHLJHQG YRUDXVJHVHW]W
ZXUGH ELVODQJ GDVV GHU 5HFKWVDQZDOW QLFKW QXU LQ ]LYLO
UHFKWOLFKHU VRQGHUQ DXFK LQ EHUXIVUHFKWOLFKHU +LQVLFKW
]XU +HUDXVJDEH GHU +DQGDNWH DQ GHQ 0DQGDQWHQ YHU
SIOLFKWHW LVW +HUJHOHLWHW ZXUGH GLHVH 9HUSIOLFKWXQJ DXV
† %5$2 (LQ DNWXHOOHU %HVFKOXVV GHV $QZDOWV
JHULFKWV 'VVHOGRUI YRP ]LHKW GLHV QXQ LQ
=ZHLIHO
'HU (QWVFKHLGXQJ OLHJW GHU $QWUDJ HLQHV 'VVHOGRUIHU
.DPPHUPLWJOLHGV ]XJUXQGH GDV JHJHQ HLQHQ 5JHEH
VFKHLG GHU .DPPHU XQG HLQHQ ZHLWHUHQ %HVFKHLG GXUFK
GHQ VHLQ (LQVSUXFK JHJHQ GLH 5JH ]XUFNJHZLHVHQ ZRU
GHQ ZDU $QWUDJ DXI JHULFKWOLFKH (QWVFKHLGXQJ JHVWHOOW
KDWWH 'LH 5JH ZDU YHUKlQJW ZRUGHQ ZHLO GHU .ROOHJH
8QWHUODJHQ GLH LKP YRQ HLQHP IUKHUHQ LQ]ZLVFKHQ YHU
VWRUEHQHQ 0DQGDQWHQ EHUODVVHQ ZRUGHQ ZDUHQ QLFKW
YROOVWlQGLJ DQ GLH (UEHQ KHUDXVJHJHEHQ KDWWH 'DV $Q
ZDOWVJHULFKW 'VVHOGRUI KRE VRZRKO GHQ 5JHEHVFKHLG
DOV DXFK GLH (LQVSUXFKVHQWVFKHLGXQJ GHU .DPPHU DXI
=XU %HJUQGXQJ IKUW HV DXV HLQH %HUXIVSIOLFKW ]XU +H
UDXVJDEH GHU +DQGDNWHQ EHVWHKH QLFKW (V H[LVWLHUH QXU
HLQ ]LYLOUHFKWOLFKHU +HUDXVJDEHDQVSUXFK GHV 0DQGDQWHQ
GHU DXV † %*% IROJH † $EV %5$2 DXI GHQ GLH
$QZDOWVNDPPHU VLFK EHUXIHQ KDWWH UHJHOH GDV =XUFN
EHKDOWXQJVUHFKW GHV 5HFKWVDQZDOWV DQ GHU +DQGDNWH EH
JUQGH IU VLFK JHQRPPHQ MHGRFK NHLQH 3IOLFKW L6 YRQ
† $EV %5$2 (WZDV DQGHUHV HUJHEH VLFK DXFK
QLFKW XQWHU +LQ]X]LHKXQJ GHU *HQHUDONODXVHO GHV † %5$2 ZHLO GLHVH QLFKW RKQH ZHLWHUHV GLH 0|JOLFKNHLW
HU|IIQH ]LYLOUHFKWOLFKH 3IOLFKWHQ HLQHV $QZDOWV DOV %H
UXIVSIOLFKWHQ LQ GDV %HUXIVUHFKW ]X EHUIKUHQ
'LH ± DXI GHQ HUVWHQ %OLFN EHVWHFKHQG ZLUNHQGH ±
5HFKWVDXIIDVVXQJ GHV $QZDOWVJHULFKWV VWHKW LP :LGHU
VSUXFK ]XP HUNOlUWHQ :LOOHQ GHV *HVHW]JHEHUV XQG LVW
GDKHU XQ]XWUHIIHQG
'DEHL LVW GHP $QZDOWVJHULFKW ]XQlFKVW ]X]XJHEHQ GDVV
GLH 9RUVFKULIW GHV † %5$2 XQYROOVWlQGLJ LVW 6LH UH
JHOW ± ZLH HLQJDQJV VFKRQ GDUJHVWHOOW ± DXVGUFNOLFK QXU
± GLH 3IOLFKW ]XP )KUHQ YRQ +DQGDNWHQ
0.R%*%6HLOHU † 5GQ I
0.R%*%6HLOHU † 5GQ X 0.R%*%6HLOHU † 5GQ 0.R%*%6HLOHU † 5GQ 9HUQHLQHQG 0.R%*%6HLOHU † 5GQ EHMDKHQG ELV GLIIHUHQ]LH
UHQG )HXHULFK:H\ODQG DD2 † %5$2 5GQ +DUWXQJ5|PHUPDQQ
1HUOLFK DD2 † %5$2 5GQ II XQG +HQVVOHU3UWWLQJ6WREEH .RP
PHQWDU ]XU %XQGHVUHFKWVDQZDOWVRUGQXQJ † %5$2 5GQ Ólx
± GLH 3IOLFKW ]XU $XIEHZDKUXQJ YRQ +DQGDNWHQ
XQG
+DUWXQJ5|PHUPDQQ1HUOLFK DD2 † %5$2 5GQ 9JO ]XP *DQ]HQ .LOLDQYRP 6WHLQ2IIHUPDQQ%XUFNDUW DD2 † 5GQ
II
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
<Å <ŽÏÔgg /ƒg”<
± GDV 5HFKW XQWHU EHVWLPPWHQ 9RUDXVVHW]XQJHQ GLH
+HUDXVJDEH GHU +DQGDNWHQ ]X YHUZHLJHUQ
(LQH 3IOLFKW ]XU +HUDXVJDEH GHU +DQGDNWHQ DQ GHQ
0DQGDQWHQ LVW GDJHJHQ QLFKW H[SOL]LW HQWKDOWHQ $OOHU
GLQJV HUJLEW VLFK GLHVH 3IOLFKW LQ]LGHQWHU DXV $EV GHU
LQ EHVWLPPWHQ )lOOHQ HLQ =XUFNEHKDOWXQJVUHFKW JH
ZlKUW 'LH 5HJHOXQJ HLQHV =XUFNEHKDOWXQJVUHFKWV LQ
GHU %XQGHVUHFKWVDQZDOWVRUGQXQJ PDFKW EHUKDXSW QXU
GDQQ 6LQQ ZHQQ PDQ JOHLFK]HLWLJ IU GHQ 1RUPDOIDOO
YRQ HLQHU EHUXIVUHFKWOLFKHQ +HUDXVJDEHSIOLFKW DXVJHKW
'DVV GLHV DXFK GHU *HVHW]JHEHU VR VLHKW HUJLEW VLFK DXV
GHU DPWOLFKHQ %HJUQGXQJ ]X † %5$2 D) GHU LQ
KDOWOLFK QLFKW YHUlQGHUWHQ 9RUOlXIHUEHVWLPPXQJ YRQ
† %5$2 +LHU KHL‰W HV %7'UXFNV 6 Ä'DV =XUFNEHKDOWXQJVUHFKW HUOLVFKW VREDOG GHU $Q
VSUXFK DXI =DKOXQJ GHU *HEKUHQ XQG $XVODJHQ EHIULH
GLJW LVW )U GLH $XVEXQJ GHV =XUFNEHKDOWXQJVUHFKWV
N|QQHQ VLFK DXV GHQ %HUXIVSIOLFKWHQ GHV 5HFKWVDQZDOWV
LP (LQ]HOIDOO %HVFKUlQNXQJHQ HUJHEHQ 6R NDQQ GLH
UFNVLFKWVORVH *HOWHQGPDFKXQJ GHV =XUFNEHKDOWXQJV
UHFKWV IU JHULQJIJLJH 5FNVWlQGH VLFK DOV HLQH 9HUOHW
]XQJ GHU DOOJHPHLQHQ %HUXIVSIOLFKW † GDUVWHOOHQ
XQG ]X HLQHU HKUHQJHULFKWOLFKHQ %HVWUDIXQJ IKUHQ «
,VW GHU 5HFKWVDQZDOW ZHJHQ GHU *HEKUHQ XQG $XVODJHQ
EHIULHGLJW VR KDW HU GLH +DQGDNWHQ GHP $XIWUDJJHEHU
KHUDXV]XJHEHQ 'LH +HUDXVJDEHSIOLFKW HUVWUHFNW VLFK
ZLH DXV $EV 6 KHUYRUJHKW QLFKW DXI GHQ %ULHI
ZHFKVHO ]ZLVFKHQ GHP 5HFKWVDQZDOW XQG GHP $XIWUDJ
JHEHU XQG DXI GLH 6FKULIWVWFNH GLH GHU $XIWUDJJHEHU
EHUHLWV LQ 8UVFKULIW RGHU $EVFKULIW HUKDOWHQ KDW «³
'HU *HVHW]JHEHU KDW DOVR EHL 6FKDIIXQJ GHU 5HJHOXQJ
GHV =XUFNEHKDOWXQJVUHFKWV JDQ] VHOEVWYHUVWlQGOLFK GLH
([LVWHQ] HLQHU QLFKW QXU ]LYLOUHFKWOLFKHQ VRQGHUQ DXFK
EHUXIVUHFKWOLFKHQ 3IOLFKW ]XU +HUDXVJDEH GHU +DQGDN
WHQ YRUDXVJHVHW]W $QGHUQIDOOV ZlUH HLQH 5HJHOXQJ GHV
=XUFNEHKDOWXQJVUHFKWV LP %HUXIVUHFKW DOVR LQ GHU
%XQGHVUHFKWVDQZDOWVRUGQXQJ QLFKW QXU XQQ|WLJ VRQ
GHUQ YHUIHKOW 8QG ZHQQ GLH XQEHUHFKWLJWH $XVEXQJ
HLQHV WDWVlFKOLFK QLFKW EHVWHKHQGHQ =XUFNEHKDO
WXQJVUHFKWV HLQHQ %HUXIVUHFKWVYHUVWR‰ GDUVWHOOW PXVV
GLHV IU HLQ 8QWHUODVVHQ GHU +HUDXVJDEH RKQH GLH %HUX
IXQJ DXI HLQ =XUFNEHKDOWXQJVUHFKW HUVW UHFKW JHOWHQ
'DV $QZDOWVJHULFKW 'VVHOGRUI YHUZHLVW ]XU %HJUQ
GXQJ VHLQHU JHJHQWHLOLJHQ $XIIDVVXQJ DXI %*+= XQG GLH .RPPHQWLHUXQJHQ YRQ +DUWXQJ5|PHU
PDQQ XQG )HXHULFK:H\ODQG
$OOHUGLQJV EHIDVVW VLFK GLH LQ %H]XJ JHQRPPHQH %*+
(QWVFKHLGXQJ YRP EHUKDXSW QLFKW PLW GHU
)UDJH QDFK HLQHU EHUXIVUHFKWOLFKHQ +HUDXVJDEHSIOLFKW
9LHOPHKU JHKW HV XP GLH $QVSUFKH GHV .RQNXUVYHU
ZDOWHUV JHJHQ GHQ 5HFKWVDQZDOW GHV *HPHLQVFKXOGQHUV
† %5$2 D)
%*+= † %5$2
1-: <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
DXI +HUDXVJDEH YRQ +DQGDNWHQ XQG (LQVLFKWQDKPH LQ
GLH +DQGDNWHQ 'HU %*+ OHLWHW HQWVSUHFKHQGH $QVSU
FKH DXV † %*% XQG EULJHQV DXFK ÄL9 PLW³ DXV
† %5$2 KHU XQG EHOHXFKWHW VRGDQQ QXU QRFK GLH )UD
JH RE GLH DQZDOWOLFKH 6FKZHLJHSIOLFKW HLQHU +HUDXV
JDEHSIOLFKW HQWJHJHQVWHKH
)HXHULFK:H\ODQG IKUHQ OHGLJOLFK DXV GLH +DQGDN
WHQ GHV 5HFKWVDQZDOWV JHK|UWHQ ]X GHQ QDFK † %*%
KHUDXV]XJHEHQGHQ 8QWHUODJHQ † %5$2 VHW]H GLHVH
VLFK DXV GHP $QZDOWVGLHQVWYHUWUDJ HUJHEHQGH +HUDXV
JDEHSIOLFKW YRUDXV (LQH %HPHUNXQJ ZRQDFK † %5$2 NHLQH HQWVSUHFKHQGH %HUXIVSIOLFKW EHJUQGH
IHKOW KLQJHJHQ
$XFK 1HUOLFK lX‰HUW VLFK QLFKW DXVGUFNOLFK ]X GHU
)UDJH RE QHEHQ GHU ]LYLOUHFKWOLFKHQ DXFK HLQH EHUXIV
UHFKWOLFKH +HUDXVJDEHSIOLFKW EHVWHKH (U IRUPXOLHUW OH
GLJOLFK ÄEHVRQGHUH³ EHUXIVUHFKWOLFKH 3IOLFKWHQ DXI GLH
GHU 5HFKWVDQZDOW LP =XVDPPHQKDQJ PLW GHU +HUDXV
JDEH GHU +DQGDNWH 5FNVLFKW ]X QHKPHQ KlWWH VHLHQ LQ
† $EV %5$2 QLFKW YRUJHVHKHQ 6R EHVWHKH HWZD
NHLQH 3IOLFKW ]XP $XVVRUWLHUHQ YRQ 6FKULIWVWFNHQ YRQ
GHQHQ GHU 0DQGDQW EHUHLWV HLQH 8U RGHU $EVFKULIW HU
KDOWHQ KDEH
$Q DQGHUHU JHZLFKWLJHU 6WHOOH LQ GHU /LWHUDWXU ZLUG
GHXWOLFK 3DUWHL IU GLH DXFK EHUXIVUHFKWOLFKH +HUOHLWXQJ
YRQ +HUDXVJDEHSIOLFKW XQG =XUFNEHKDOWXQJVUHFKW HU
JULIIHQ 6WREEH PDKQW GHQ GDV =XUFNEHKDOWXQJVUHFKW
DXVEHQGHQ 5HFKWVDQZDOW ]X JU|‰WP|JOLFKHU 6RUJIDOW
ZHLO GLH XQEHUHFKWLJWH 9RUHQWKDOWXQJ GHU +DQGDNWHQ VR
ZRKO HLQH EHUXIVUHFKWOLFKH 6DQNWLRQ DXVO|VHQ DOV DXFK
6FKDGHQVHUVDW]DQVSUFKH EHJUQGHQ N|QQH 6WREEH
JHKW GDEHL JDQ] VHOEVWYHUVWlQGOLFK GDYRQ DXV GDVV HLQ
]X 8QUHFKW DXVJHEWHV =XUFNEHKDOWXQJVUHFKW HLQH %H
UXIVSIOLFKWYHUOHW]XQJ GDUVWHOOW 'LHVH $UJXPHQWDWLRQ
VHW]W DEHU ZLH EHUHLWV DQ DQGHUHU 6WHOOH DXVJHIKUW
GHQNQRWZHQGLJ YRUDXV GDVV EHUKDXSW HUVW HLQH EHUXIV
UHFKWOLFKH +HUDXVJDEHSIOLFKW EHVWHKW 'HQQ ZHQQ HV DQ
HLQHU VROFKHQ 3IOLFKW IHKOW NDQQ DXFK HLQ ]X 8QUHFKW
DXVJHEWHV =XUFNEHKDOWXQJVUHFKW NHLQHQ 9HUVWR‰ ZR
JHJHQ" DXVO|VHQ
' (LQVFKUlQNXQJHQ GHU +HUDXVJDEHSIOLFKW
† %5$2 EHQHQQW PHKUHUH $XVQDKPHQ YRQ GHU
JUXQGVlW]OLFKHQ 3IOLFKW ]XU +HUDXVJDEH GHU +DQGDNWHQ
, 'LH HUJHEQLVORVH $XIIRUGHUXQJ ]XU $EKROXQJ GHU
+DQGDNWHQ
*HP † $EV 6 %5$2 HUOLVFKW GLH 3IOLFKW ]XU
$XIEHZDKUXQJ GHU +DQGDNWHQ XQG GDPLW DXFK GLH
3IOLFKW GLH $NWHQ QRFK OlQJHU ]XU +HUDXVJDEH RGHU ]XU
$D2 † %5$2 5GQ $D2 † %5$2 5GQ +HQVVOHU3UWWLQJ6WREEH DD2 † 5GQ Ólu
<Å <ŽÏÔgg /ƒg”<
%HIULHGLJXQJ HLQHV YLHOOHLFKW LUJHQGZDQQ HLQPDO JHO
WHQG JHPDFKWHQ +HUDXVJDEHDQVSUXFKV YRU]XKDOWHQ
ZHQQ GHU 5HFKWVDQZDOW GHQ $XIWUDJJHEHU DXIJHIRUGHUW
KDW GLH +DQGDNWHQ LQ (PSIDQJ ]X QHKPHQ XQG GHU
$XIWUDJJHEHU GLHVHU $XIIRUGHUXQJ LQQHUKDOE YRQ VHFKV
0RQDWHQ QLFKW QDFKJHNRPPHQ LVW 'LHVHU Ä.|QLJVZHJ³
NDQQ ZLH VFKRQ JHVDJW PDQFKHP $QZDOW GDEHL KHOIHQ
$UFKLYHQJSlVVH LQ GHQ *ULII ]X EHNRPPHQ
'LH 6HFKV0RQDWV)ULVW NDQQ GXUFK HQWVSUHFKHQGH $XI
IRUGHUXQJ DOOHUGLQJV HUVW LQ *DQJ JHVHW]W ZHUGHQ QDFK
GHP GHU $XIWUDJ EHHQGHW LVW
,, %ULHIZHFKVHO ]ZLVFKHQ $QZDOW XQG 0DQGDQW
6FKULIWVWFNH GLH GHP 0DQGDQWHQ EHUHLWV
YRUOLHJHQ
1DFK † $EV +V %5$2 JLOW GLH +HUDXVJDEH
SIOLFKW QLFKW IU GHQ %ULHIZHFKVHO ]ZLVFKHQ GHP
5HFKWVDQZDOW XQG VHLQHP $XIWUDJJHEHU XQG IU GLHMHQL
JHQ 6FKULIWVWFNH GLH GHU $XIWUDJJHEHU EHUHLWV LQ 8U
RGHU $EVFKULIW HUKDOWHQ KDW
%HL GLHVHQ 8QWHUODJHQ GLH GHP 0DQGDQWHQ EHNDQQW
VLQG ZHLO HU VLH HQWZHGHU ZLH HLQHQ %ULHI DQ VHLQHQ $Q
ZDOW VHOEVW YHUIDVVW RGHU EHUHLWV HUKDOWHQ KDW JLOW GHU
+HUDXVJDEHDQVSUXFK DOV JDU QLFKW HUVW HQWVWDQGHQ VR
EHLP %ULHI GHV 0DQGDQWHQ RGHU DOV GXUFK (UIOOXQJ HU
ORVFKHQ
8P GRNXPHQWLHUHQ ]X N|QQHQ YRQ ZHOFKHQ 6FKULIWVW
FNHQ GHU 0DQGDQW EHUHLWV $EVFKULIWHQ HUKDOWHQ KDW VROO
WH GHU $QZDOW HQWVSUHFKHQGH .HQQ]HLFKQXQJHQ YRUQHK
PHQ
,,, 'DV =XUFNEHKDOWXQJVUHFKW QDFK † $EV %5$2
*HP † $EV 6 %5$2 NDQQ GHU 5HFKWVDQZDOW
VHLQHP $XIWUDJJHEHU GLH +HUDXVJDEH GHU +DQGDNWHQ
YHUZHLJHUQ ELV HU ZHJHQ VHLQHU *HEKUHQ XQG $XVOD
JHQ EHIULHGLJW LVW :HQQ GHU $XIWUDJ HUOHGLJW XQG GDV
0DQGDW EHHQGHW LVW GHU 0DQGDQW DEHU GLH 5HFKQXQJ
VHLQHV $QZDOWV QRFK QLFKW LQ YROOHU +|KH EHJOLFKHQ
KDW LVW GLH =XUFNEHKDOWXQJ GHU +DQGDNWHQ RIWPDOV GDV
HLQ]LJH 'UXFNPLWWHO GDV GHU $QZDOW DXVEHQ NDQQ 'DV
JOHLFKH JLOW ZHQQ GDV 0DQGDW YRU]HLWLJ EHHQGHW ZXUGH
XQG GHU 0DQGDQW QLFKW ]DKOHQ ZLOO
'HP DOOJHPHLQHQ =XUFNEHKDOWXQJVUHFKW QDFK † $EV %*% JHKW † $EV %5$2 DOV OH[ VSHFLDOLV
YRU
)HXHULFK:H\ODQG DD2 † %5$2 5GQ XQWHU +LQZHLV DXI GLH DPWO
%HJUQGXQJ
+DUWXQJ5|PHUPDQQ1HUOLFK DD2 † %5$2 5GQ .LOLDQYRP
6WHLQ2IIHUPDQQ%XUFNDUW DD2 † 5GQ ÓlÊ
)lOOLJNHLW GHV 9HUJWXQJVDQVSUXFKV DOV
9RUDXVVHW]XQJ"
'LH IUKHU QLFKW XQXPVWULWWHQH )UDJH RE GHU *HEKUHQ
DQVSUXFK IlOOLJ VHLQ PXVV DOVR YRP 9RUOLHJHQ GHU 9RU
DXVVHW]XQJHQ GHV † $EV 59* DEKlQJW ZLUG LQ]ZL
VFKHQ DOOJHPHLQ YHUQHLQW )HXHULFK KDW VHLQH YRU
PDOV JHJHQWHLOLJH $XIIDVVXQJ DXIJHJHEHQ
(V ZUGH DXFK GHP 6LQQ XQG =ZHFN YRQ † $EV %5$2 ZLGHUVSUHFKHQ GHP $QZDOW GDV 'UXFNPLWWHO
GHV =XUFNEHKDOWXQJVUHFKWV ]X YHUVDJHQ ZHQQ HLQ =HU
ZUIQLV PLW GHP 0DQGDQWHQ RGHU GLH =DKOXQJVXQZLO
OLJNHLW GHV 0DQGDQWHQ VFKRQ ]XWDJH WULWW EHYRU GHU $XI
WUDJ HUOHGLJW E]Z GDV 0DQGDW EHHQGHW LVW
9LHOPHKU PXVV HV JHQJHQ GDVV GHU 5HFKWVDQZDOW GHP
0DQGDQWHQ HLQH GHQ $QIRUGHUXQJHQ YRQ † 59* HQW
VSUHFKHQGH 5HFKQXQJ HUWHLOW KDW
1DFK HLQHU QRFK ZHLWHUJHKHQGHQ $XIIDVVXQJ LVW DXFK
HLQH VROFKH %HUHFKQXQJ HQWEHKUOLFK ZHQQ GHU 0DQGDQW
GHILQLWLY HUNOlUW KDW GLH (QWJHJHQQDKPH HLQHU VSH]LIL
]LHUWHQ 5HFKQXQJ DE]XOHKQHQ XQGRGHU XQWHU NHLQHQ
8PVWlQGHQ ]DKOHQ ]X ZROOHQ † $EV %5$2 VWHOOH
GLH 9RUDXVVHW]XQJ GHU 5HFKQXQJVOHJXQJ QLFKW DXI
'DVV VLFK GHU 5HFKWVDQZDOW P|JOLFKHUZHLVH EHUXIV
UHFKWVZLGULJ YHUKDOWH ZHLO HU HV XQWHUODVVHQ KDEH JHP
† %25$ QDFK %HHQGLJXQJ GHV 0DQGDWV XQYHU]J
OLFK DE]XUHFKQHQ VSLHOH IU GLH )UDJH RE GDV DQZDOWOL
FKH =XUFNEHKDOWXQJVUHFKW DQ GHU +DQGDNWH GHP *UXQ
GH QDFK EHVWHKH RGHU QLFKW NHLQH 5ROOH
'LH (QWVFKHLGXQJ GHU )UDJH RE IU GLH *HOWHQG
PDFKXQJ GHV =XUFNEHKDOWXQJVUHFKWV ]XPLQGHVW RUG
QXQJVJHPl‰H 5HFKQXQJVOHJXQJ YHUODQJW ZLUG VROOWH
YRQ GHQ 8PVWlQGHQ GHV (LQ]HOIDOOV DEKlQJLJ JHPDFKW
ZHUGHQ (LQHUVHLWV VROO GHU 0DQGDQW QDWUOLFK GLH 0|J
OLFKNHLW KDEHQ ]X EHUSUIHQ DXI ZHOFKHU *UXQGODJH
XQG LQ ZHOFKHU +|KH )RUGHUXQJHQ DQ LKQ JHVWHOOW ZHU
GHQ $QGHUHUVHLWV N|QQHQ GRUW ZR GHU 0DQGDQW VLFK
YHUWUDJVZLGULJ YHUKlOW E]Z YHUWUDJVZLGULJHV 9HUKDOWHQ
DQNQGLJW GLH $QIRUGHUXQJHQ DQ GLH 9HUWUDJVWUHXH GHV
$QZDOWV QLFKW ]X KRFK VHLQ
9RUVLFKWVKDOEHU VROOWH GHU 5HFKWVDQZDOW GHU GDPLW
UHFKQHW VLFK DXI HLQ =XUFNEHKDOWXQJVUHFKW EHUXIHQ ]X
PVVHQ DXI 1XPPHU VLFKHU JHKHQ XQG GHP 0DQGDQWHQ
HLQH 5HFKQXQJ L6 YRQ † 59* ]XNRPPHQ ODVVHQ
1LPPW GHU 0DQGDQW GLHVH QLFKW HQWJHJHQ RGHU QLFKW ]XU
.HQQWQLV KDW GHU $QZDOW MHGHQIDOOV DOOHV DXV VHLQHU
6LFKW (UIRUGHUOLFKH JHWDQ
+DUWXQJ5|PHUPDQQ1HUOLFK DD2 † %5$2 5GQ +HQVVOHU3UW
WLQJ6WREEH DD2 † %5$2 5GQ )HXHULFK LQ )HXHULFK:H\ODQG .RPPHQWDU ]XU %XQGHVUHFKWVDQZDOWVRUG
QXQJ $XIO † %5$2 5GQ XQWHU +LQZHLV DXI /LQJHQEHUJ+XP
PHO=XFN(LFK=XFN .RPPHQWDU ]X GHQ DQZDOWOLFKHQ 6WDQGHVULFKWOLQLHQ
† 5GQ I
)HXHULFK:H\ODQG .RPPHQWDU ]XU %XQGHVUHFKWVDQZDOWVRUGQXQJ
$XIO † %5$2 5GQ +HQVVOHU3UWWLQJ6WREEH DD2 † %5$2 5GQ +DUWXQJ5|PHUPDQQ1HUOLFK DD2 † %5$2 5GQ <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
<Å <ŽÏÔgg /ƒg”<
(LQVFKUlQNXQJHQ GHV =XUFNEHKDOWXQJVUHFKWV
'DV =XUFNEHKDOWXQJVUHFKW JLOW PLW IROJHQGHQ (LQ
VFKUlQNXQJHQ
D
(V EH]LHKW VLFK QLFKW DXI 8UNXQGHQ ZLH ]% GHQ 3HUVR
QDODXVZHLV 5HLVHSDVV RGHU )KUHUVFKHLQ GLH GHU 0DQ
GDQW QDFK |IIHQWOLFKUHFKWOLFKHQ %HVWLPPXQJHQ EHL VLFK
IKUHQ PXVV
E
(V EH]LHKW VLFK QXU DXI GLH HLJHQHQ +DQGDNWHQ GHV $Q
ZDOWV QLFKW DXI GLH HLQHV +DXSW RGHU 8QWHUEHYROOPlFK
WLJWHQ RGHU HLQHV .RUUHVSRQGHQ]DQZDOWV
F
'HU 9HUJWXQJV RGHU $XVODJHQHUVDW]DQVSUXFK PXVV
DXV GHP 0DQGDW VWDPPHQ GHVVHQ %HDUEHLWXQJ GXUFK
GLH ]XUFNJHKDOWHQH +DQGDNWH GRNXPHQWLHUW ZLUG )U
9HUJWXQJVDQVSUFKH DXV DQGHUHQ 0DQGDWHQ GDUI GDV
=XUFNEHKDOWXQJVUHFKW QLFKW DXVJHEW ZHUGHQ VHOEVW
ZHQQ VLH GHQVHOEHQ /HEHQVVDFKYHUKDOW EHWUHIIHQ
G
=DKOW GHU 0DQGDQW GHU GLH %HUHFKWLJXQJ GHU *HEKUHQ
IRUGHUXQJ EHVWUHLWHW XQWHU 9RUEHKDOW VWHKW GHP 5HFKWV
DQZDOW NHLQ =XUFNEHKDOWXQJVUHFKW ]X (U GDUI HLQ VRO
FKHV QLFKW HWZD JHOWHQG PDFKHQ XP GDV $QHUNHQQWQLV
GHU %HUHFKWLJXQJ VHLQHU *HEKUHQIRUGHUXQJ ]X HU]ZLQ
JHQ
'LH %LOOLJNHLWVNODXVHO GHV † $EV 6 %5$2
6HLQH JUXQGVlW]OLFKH *UHQ]H ILQGHW GDV =XUFNEHKDO
WXQJVUHFKW QDFK † $EV 6 %5$2 GDQQ ZHQQ GLH
9RUHQWKDOWXQJ GHU +DQGDNWHQ RGHU HLQ]HOQHU 6FKULIW
VWFNH QDFK GHQ 8PVWlQGHQ XQDQJHPHVVHQ ZlUH
8P GHP =XUFNEHKDOWXQJVUHFKW QLFKW GLH :LUNXQJ HL
QHV HIIHNWLYHQ 'UXFNPLWWHOV ]X QHKPHQ LVW GLH %LOOLJ
NHLWVNODXVHO GHV $EV 6 HQJ DXV]XOHJHQ 1XU HLQH
EHVRQGHUV VFKZHUH %HHLQWUlFKWLJXQJ GHV 0DQGDQWHQ
DOVR HWZD GDV 'URKHQ HLQHV XQYHUKlOWQLVPl‰LJ KRKHQ
+HQVVOHU3UWWLQJ6WREEH DD2 † %5$2 5GQ +HQVVOHU3UWWLQJ6WREEH DD2 † %5$2 5GQ %*+ 1-: %RUJPDQQ $QZ%O )HXHULFK
:H\ODQG DD2 † %5$2 5GQ +HQVVOHU3UWWLQJ6WREEH DD2 † %5$2 5GQ .LOLDQYRP 6WHLQ2IIHUPDQQ%XUFNDUW DD2 † 5GQ
D$ +DUWXQJ5|PHUPDQQ1HUOLFK DD2 † %5$2 5GQ GHU
DXVIKUW JHUDGH GLH YRUHQWKDOWHQH +DQGDNWH N|QQH JHQDX GDVMHQLJH
'UXFNPLWWHO JHJHQEHU GHP 0DQGDQWHQ GDUVWHOOHQ GDV GHU *HVHW]JHEHU
GHP 5HFKWVDQZDOW GXUFK 6FKDIIXQJ GHV DQZDOWOLFKHQ =XUFNEHKDOWXQJV
UHFKWV KDEH ]XU 9HUIJXQJ VWHOOHQ ZROOHQ 6HLQH *UHQ]H ILQGH GDV =XUFN
EHKDOWXQJVUHFKW QXU GRUW ZR VHLQH $XVEXQJ LP (LQ]HOIDOO XQDQJHPHVVHQ
HUVFKHLQH
)HXHULFK:H\ODQG DD2 † %5$2 5GQ <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
6FKDGHQV NDQQ DXVQDKPVZHLVH GLH $XVEXQJ GHV =X
UFNEHKDOWXQJVUHFKWV DXVVFKOLH‰HQ
'URKW GHP 0DQGDQWHQ DQJHVLFKWV GHU $XVEXQJ GHV
=XUFNEHKDOWXQJVUHFKWV HLQ 9HUP|JHQVVFKDGHQ VLQG
GLH +|KH GHU *HEKUHQIRUGHUXQJ XQG GLH GHV 6FKDGHQV
]XHLQDQGHU LQ %H]XJ ]X VHW]HQ -H ZHLWHU GLH 6FKHUH
]ZLVFKHQ QLHGULJHUHU )RUGHUXQJ XQG K|KHUHP 6FKD
GHQ DXVHLQDQGHUNODIIW GHVWR HKHU LVW GDV %HKDUUHQ DXI
GHP =XUFNEHKDOWXQJVUHFKW XQDQJHPHVVHQ
%HVRQGHUV UHOHYDQW ZLUG GLH )UDJH QDFK GHU $QJHPHV
VHQKHLW RGHU 8QDQJHPHVVHQKHLW GHU $XVEXQJ GHV =X
UFNEHKDOWXQJVUHFKWV LQ GHQ )lOOHQ YRU]HLWLJHU 0DQ
GDWVEHHQGLJXQJ XQG VSH]LHOO GDQQ ZHQQ GHU XQ]XIULH
GHQH 0DQGDQW HLQHQ DQGHUHQ 5HFKWVDQZDOW EHDXIWUDJW
GHU ]XU VDFKJHUHFKWHQ %HDUEHLWXQJ GHU $QJHOHJHQKHLW
GLH +DQGDNWHQ VHLQHV 9RUJlQJHUV EHQ|WLJW
† %25$
(LQH 3Ul]LVLHUXQJ YRQ † $EV 6 %5$2 YHUVXFKW
GLH ± VHOWVDP DQPXWHQGH ± 9RUVFKULIW GHV † %25$
'LHVHU EHVWLPPW ± ZDV VHOEVWYHUVWlQGOLFK LVW XQG GHV
KDOE NHLQHU DXVGUFNOLFKHQ (UZlKQXQJ EHGDUI ± GDVV
HLQHP EHUHFKWLJWHQ ,QWHUHVVH GHV 0DQGDQWHQ DXI +HU
DXVJDEH GHU +DQGDNWHQ GDGXUFK 5HFKQXQJ JHWUDJHQ
ZHUGHQ NDQQ GDVV LKP .RSLHQ EHUODVVHQ ZHUGHQ
5LFKWHW VLFK GDV EHUHFKWLJWH ,QWHUHVVH JHUDGH DXI GLH +H
UDXVJDEH GHU 2ULJLQDOH VROO GHU $QZDOW DQELHWHQ GUIHQ
GLHVH DQ HLQHQ YRQ GHP 0DQGDQWHQ ]X EHDXIWUDJHQGHQ
5HFKWVDQZDOW ]X WUHXHQ +lQGHQ KHUDXV]XJHEHQ ZHQQ
GDPLW GHP EHUHFKWLJWHQ ,QWHUHVVH GHV 0DQGDQWHQ 5HFK
QXQJ JHWUDJHQ ZHUGHQ NDQQ
'LH 9RUVFKULIW LVW QLFKW QXU XQVLQQLJ VLH VWHKW DXFK LQ
GLUHNWHP :LGHUVSUXFK ]X † $EV 6 %5$2 'HQQ
HQWZHGHU LVW GLH $XVEXQJ GHV =XUFNEHKDOWXQJVUHFKWV
DQJHPHVVHQ GDQQ NDQQ GHU 5HFKWVDQZDOW GLHVHV HLQ
VFKUlQNXQJVORV DXVEHQ RKQH VLFK HLQHU +LOIVNRQVWUXN
WLRQ EHGLHQHQ ]X PVVHQ 2GHU GLH $XVEXQJ GHV =X
UFNEHKDOWXQJVUHFKWV LVW QLFKW DQJHPHVVHQ GDQQ PXVV
GHU $QZDOW GLH +DQGDNWHQ KHUDXVJHEHQ XQG NDQQ VLFK
GLHVHU 3IOLFKW QLFKW GXUFK LUJHQGZHOFKH 1RWO|VXQJHQ
HQW]LHKHQ
6HOEVW DOV Ä5HWWXQJVDQNHU³ LQ =ZHLIHOVIlOOHQ LVW † %25$ QXU EHGLQJW JHHLJQHW ZHLO GLH )UDJH QDFK GHU
%HUHFKWLJXQJ GHU =XUFNKDOWXQJ YRQ +DQGDNWHQ QLFKW
QXU DP %HUXIVUHFKW VRQGHUQ DXFK XQG YRU DOOHP DP =L
YLOUHFKW JHPHVVHQ ZLUG XQG HLQ ]X 8QUHFKW DXVJHEWHV
=XUFNEHKDOWXQJVUHFKW 6FKDGHQVHUVDW]DQVSUFKH DXV
O|VHQ NDQQ
%*+ 1-: )HXHULFK:H\ODQG DD2 † %5$2 5GQ
+HQVVOHU3UWWLQJ6WREEH DD2 † %5$2 5GQ ,Q GLHVHP 6LQQH +DUWXQJ5|PHUPDQQ1HUOLFK DD2 † %25$ 5GQ XQG +HQVVOHU3UWWLQJ6WREEH DD2 † %25$ 5GQ II .LOLDQYRP
6WHLQ2IIHUPDQQ%XUFNDUW DD2 † 5GQ ÓlÉ
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
gÁ†UƒÏg ԗ_
gŽ<——Ï”<UƒÔ—zg—
¤¤É¯ <Ô©ÏÚgÁÅ<””Ô—z _gÁ ԗ_gÅÁgUƒÏÅ<—Û<ÏŎ<””gÁ
$P IDQG LQ 1UQEHUJ GLH +DXSWYHU
VDPPOXQJ GHU %XQGHVUHFKWVDQZDOWVNDPPHU VWDWW
%5$21RYHOOH
%UHLWHQ 5DXP QDKP GLH 'LVNXVVLRQ EHU HLQH JHSODQWH
ZHLWHUH %5$21RYHOOLHUXQJ HLQ 'DV *HVHW]HVYRUKD
EHQ WUlJW GHQ VSHUULJHQ 7LWHO Ä(QWZXUI IU HLQ *HVHW]
]XU 0RGHUQLVLHUXQJ YRQ 9HUIDKUHQ LP DQZDOWOLFKHQ XQG
QRWDULHOOHQ %HUXIVUHFKW ]XU (UULFKWXQJ HLQHU 6FKOLFK
WXQJVVWHOOH GHU 5HFKWVDQZDOWVFKDIW VRZLH ]XU bQGHUXQJ
GHU 9HUZDOWXQJVJHULFKWVRUGQXQJ GHU )LQDQ]JHULFKWV
RUGQXQJ XQG NRVWHQUHFKWOLFKHU 9RUVFKULIWHQ³ (V JHKW
KLHUEHL XP GLH ,PSOHPHQWLHUXQJ YHUZDOWXQJVJHULFKWOL
FKHU 5HJHOXQJHQ LQ GHU %XQGHVUHFKWVDQZDOWVRUGQXQJ
XP GLH (LQIKUXQJ HLQHU XQDEKlQJLJHQ EXQGHVZHLW
WlWLJHQ Ä6FKOLFKWXQJVVWHOOH GHU 5HFKWVDQZDOWVFKDIW³
6WLFKZRUW 2PEXGVPDQQ XQG ]% DXFK XP GLH (U
K|KXQJ GHU ]XOlVVLJHUZHLVH JHIKUWHQ )DFKDQZDOWVEH
]HLFKQXQJHQ YRQ ]ZHL DXI GUHL † F $EV 6 %5$2
'HQ 6FKZHUSXQNW GHU 'LVNXVVLRQ LQ GHU +DXSWYHU
VDPPOXQJ GLH ZHQLJH 7DJH YRU 9HUDEVFKLHGXQJ GHV
5HJLHUXQJVHQWZXUIV DP VWDWWIDQG ELOGHWH HU
ZDUWXQJVJHPl‰ GHU 2PEXGVPDQQ 'LH 7HLOQHKPHU EH
JU‰WHQ GLH YRUJHVFKODJHQHQ 5HJHOXQJHQ LP *UR‰HQ
XQG *DQ]HQ XQG VSUDFKHQ VLFK LQVJHVDPW IU HLQ VFKODQ
NHV P|JOLFKVW NRVWHQJQVWLJHV 0RGHOO DXV
*HPHLQVFKDIWVZHUEXQJ IU GLH GHXWVFKH $QZDOW
VFKDIW
6FKRQ VHLW OlQJHUHP VRUJW HLQH %URVFKUH GHU /DZ 6R
FLHW\ RI (QJODQG DQG :DOHV XQWHU GHU hEHUVFKULIW Ä-XULV
GLFWLRQ RI FKRLFH³ XQWHU HXURSlLVFKHQ XQG VRJDU 86
DPHULNDQLVFKHQ 5HFKWVDQZlOWHQ IU 8QUXKH ,Q GHU %UR
VFKUH ZLUG VHKU GHXWOLFK IU GDV EULWLVFKH 5HFKW DOV GDV
DQJHEOLFK EHVVHUH 5HFKWVV\VWHP JHZRUEHQ
%5$.3UlVLGHQW $[HO & )LOJHV EHULFKWHWH GDVV LQ]ZL
VFKHQ GLH GHXWVFKHQ MXULVWLVFKHQ %HUXIVRUJDQLVDWLRQHQ
%XQGHVUHFKWVDQZDOWVNDPPHU 'HXWVFKHU 5LFKWHUEXQG
'HXWVFKHU $QZDOWYHUHLQ %XQGHVQRWDUNDPPHU XQG
'LH DXIPHUNVDPHQ /HVHU GHU .DPPHU0LWWHLOXQJHQ ZHUGHQ IHVWVWHOOHQ
GDVV VLFK QLFKW ]X MHGHU +DXSWYHUVDPPOXQJ HLQ %HULFKW ILQGHW 'DV KlQJW
GDPLW ]XVDPPHQ GDVV YLHOH +DXSWYHUVDPPOXQJHQ DOV VRJ 3UlVLGHQWHQ
NRQIHUHQ]HQ DEJHKDOWHQ ZHUGHQ DQ GHQHQ ± ZLH GHU 1DPH VFKRQ VDJW ±
QXU GLH .DPPHUSUlVLGHQWHQ QLFKW DXFK ZHLWHUH 0LWJOLHGHU GHV 3UlVLGLXPV
XQG GHU *HVFKlIWVIKUXQJ WHLOQHKPHQ :LU EHVFKUlQNHQ XQV LQ XQVHUHQ
%HULFKWHQ DXI GLH ÄJUR‰HQ³ 9HUVDPPOXQJHQ LQ GHQHQ 7KHPHQ YRQ ZHLW
UHLFKHQGHU %HGHXWXQJ EHKDQGHOW ZHUGHQ
Óll
'HXWVFKHU 1RWDUYHUHLQ GLH ,QLWLDWLYH HUJULIIHQ XQG PLW
GHQ 9RUDUEHLWHQ IU HLQH HLJHQH GHXWVFKH %URVFKUH XQ
WHU GHP 0RWWR Ä/DZ PDGH LQ *HUPDQ\³ EHJRQQHQ KlW
WHQ 'HXWVFKHV 5HFKW VHL HIIL]LHQWHU NRVWHQJQVWLJHU
XQG EHUHFKHQEDUHU DOV DQGHUH 5HFKWVRUGQXQJHQ ,P *OR
EDO &RPSHWLWLYHQHVV 5HSRUW GHV :HOWZLUW
VFKDIWVIRUXPV KDEH 'HXWVFKODQG LQ GHU .DWHJRULH Ä(IIL
]LHQ] GHU UHFKWOLFKHQ 5DKPHQEHGLQJXQJHQ³ GHQ ]ZHLWHQ
YRQ LQVJHVDPW 3OlW]HQ EHOHJW 'LHV VHL HLQH HUIUHXOL
FKH 1DFKULFKW IU DOOH 8QWHUQHKPHU GHQQ VLH N|QQWHQ
ZLFKWLJH 5HVVRXUFHQ IU LKUH HLJHQWOLFKH *HVFKlIWVWlWLJ
NHLW HLQVHW]HQ VWDWW VLFK PLW 5HFKWVVWUHLWLJNHLWHQ ]X EH
ODVWHQ 'LHVH 9RUWHLOH PVVWHQ GDUJHVWHOOW ZHUGHQ
'LH 7HLOQHKPHU JDEHQ HLQH 5HLKH YRQ $QUHJXQJHQ GLH
+HUU .ROOHJH )LOJHV GDQNEDU DXIQDKP 'LH %URVFKUH
VROO ]JLJ IHUWLJJHVWHOOW ZHUGHQ
-XULVWHQDXVELOGXQJ
=X GHQ 'DXHUWKHPHQ GHU +DXSWYHUVDPPOXQJHQ JHK|
UHQ UHJHOPl‰LJ GLH -XULVWHQDXVELOGXQJ XQG LKUH 5HIRUP
5HFKWVDQZDOW (NNHKDUG 6FKlIHU 9L]HSUlVLGHQW GHU
%5$. XQG 3UlVLGHQW GHU 5HFKWVDQZDOWVNDPPHU 7K
ULQJHQ VWHOOWH GLH DNWXHOOHQ hEHUOHJXQJHQ GHV %5$.
$XVVFKXVVHV IU -XULVWHQDXVELOGXQJ YRU (U SOlGLHUWH IU
HLQ JHPHLQVDPHV 9RUJHKHQ YRQ %XQGHVUHFKWVDQZDOWV
NDPPHU 'HXWVFKHP 5LFKWHUEXQG XQG 'HXWVFKHP $Q
ZDOWYHUHLQ $OOHQ JHQDQQWHQ 2UJDQLVDWLRQHQ PVVH HV
GDUXP JHKHQ GLH 4XDOLWlW LQ GHQ UHJOHPHQWLHUWHQ MXULV
WLVFKHQ %HUXIHQ DXIUHFKW]XHUKDOWHQ 'HVKDOE VHL HV
ZLFKWLJ VR ZHLW ZLH P|JOLFK PLW HLQHU 6WLPPH ]X VSUH
FKHQ *HVSUlFKH DXV GHU OHW]WHQ =HLW KlWWHQ DXFK ]XWDJH
JHI|UGHUW GDVV HV ZLFKWLJH *HPHLQVDPNHLWHQ ]XP 7KH
PD %DFKHORU0DVWHU JHEH 6R VHL PDQ GDULQ HLQLJ GDVV
GHU %RORJQD3UR]HVV QXU GDQQ XPJHVHW]W ZHUGHQ VROOH
ZHQQ GLHV DXI TXDOLWlWVZDKUHQGH $UW XQG :HLVH JHVFKH
KH 'LH 6WDDWVH[DPQLD PVVWHQ HUKDOWHQ EOHLEHQ 9RU
DXVVHW]XQJ IU HLQH (LQJDQJVSUIXQJ ]XP 9RUEHUHL
WXQJVGLHQVW VROOH HLQ PLQGHVWHQV YLHUMlKULJHV XQLYHUVLWl
UHV 6WXGLXP GHU 5HFKWVZLVVHQVFKDIWHQ VHLQ
.XU] YRU 5HGDNWLRQVVFKOXVV GLHVHU $XVJDEH GHU .DPPHU0LWWHLOXQJHQ ODJ
GLH %URVFKUH EHUHLWV YRU 6LHKH KLHU]X QlKHU 6 'DV 3URMHNW LVW HLQJHEHWWHW LQ HLQ Ä%QGQLV IU GDV GHXWVFKH 5HFKW³ GDV
DP LQ %HUOLQ YRUJHVWHOOW ZXUGH 'DV %QGQLV GHP GDV %XQGHV
PLQLVWHULXP GHU -XVWL] GLH %XQGHVUHFKWVDQZDOWVNDPPHU GHU 'HXWVFKH
$QZDOWYHUHLQ GHU 'HXWVFKH 5LFKWHUEXQG GLH %XQGHVQRWDUNDPPHU GHU
'HXWVFKH -XULVWLQQHQEXQG XQG GHU 'HXWVFKH 1RWDUYHUHLQ DQJHK|UHQ ZLOO
YRU DOOHP EHL 8QWHUQHKPHQ LP $XVODQG IU GLH (IIHNWLYLWlW XQG KRKH
.RVWHQWUDQVSDUHQ] GHV GHXWVFKHQ 5HFKWV ZHUEHQ (V ZXUGH GHVKDOE HLQ
JHPHLQVDPHV 3RVLWLRQVSDSLHU YHUDEVFKLHGHW GDV HLQ =HKQ3XQNWH5DK
PHQSURJUDPP IU GLH 9RUWHLOH GHV GHXWVFKHQ 5HFKWV DXFK LP JOREDOHQ
5HFKWVYHUNHKU HQWKlOW
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
'LH 7HLOQHKPHU QDKPHQ GLHV PLW JUR‰HU =XVWLPPXQJ
]XU .HQQWQLV
3UlVLGHQW GHU 5HFKWVDQZDOWVNDPPHU 0QFKHQ GHU
9HUVDPPOXQJ YRUVWHOOWH
bQGHUXQJVYRUVFKOlJH ]XP 59*
'LHVH 9RUVFKOlJH GLH YRQ GHU *HEKUHQUHIHUHQWHQWD
JXQJ GHU %5$. LQ GHU GRUWLJHQ 6LW]XQJ DP QRFK HUJlQ]W ZXUGHQ OLHJHQ LQ]ZLVFKHQ GHP %XQGHV
MXVWL]PLQLVWHULXP YRU
'HU %5$.$XVVFKXVV 59* KDW HLQH 5HLKH YRQ 9RU
VFKOlJHQ ]XU bQGHUXQJ GHV 59* HUDUEHLWHW GLH 5HFKWV
DQZDOW +DQVM|UJ 6WDHKOH 9L]HSUlVLGHQW GHU %5$. XQG
VRE
gÁ†UƒÏ ×LgÁ _†g àÛg†Ïg -†Ïàԗz _gÁ 5†gÁÏg— -<ÏàԗzÅÚgÁÅ<””Ô—z
$P WDJWH GLH 9LHUWH 6DW]XQJVYHUVDPPOXQJ
]XP ]ZHLWHQ 0DO ,P 0LWWHOSXQNW GHU 6LW]XQJ VWDQGHQ
GLH )DFKDQZDOWVRUGQXQJ ZLH VFKRQ VR RIW XQG GLH 7KH
PHQ Ä8PJDQJ PLW )UHPGJHOGHUQ³ VRZLH Ä%HUDWXQJV
KLOIH³ ,P (LQ]HOQHQ LVW )ROJHQGHV ]X EHULFKWHQ
)DFKDQZDOWVFKDIW IU $JUDUUHFKW
G %HVRQGHUKHLWHQ GHV (UE XQG )DPLOLHQUHFKWV
H %HVRQGHUKHLWHQ GHU 9HUWUDJVJHVWDOWXQJ XQG EHVRQGHUH
9HUWUDJVW\SHQ ]% ODQGZLUWVFKDIWOLFKH .RRSHUDWLRQHQ
0DVFKLQHQJHPHLQVFKDIWHQ $EVDW] XQG (LQNDXIVYHUWUl
JH LQFO $*% *HVHOOVFKDIWHQ %HZLUWVFKDIWXQJVYHUWUlJH
(UZHUE ODQGZLUWVFKDIWOLFKHU %HWULHEH
I
%HVFKORVVHQ ZXUGH GLH (LQIKUXQJ HLQHU ZHLWHUHQ ± LQV
JHVDPW ± )DFKDQZDOWVFKDIW QlPOLFK GHU IU $JUDU
UHFKW
E *UXQG]JH GHV 8PZHOWUHFKWV
F 1DWXU XQG 3IODQ]HQVFKXW]UHFKW
G 'QJHPLWWHO XQG 6DDWJXWYHUNHKUVUHFKW 6RUWHQVFKXW]
UHFKW
,
(UJlQ]XQJ GHV † )$2
H 7LHUVFKXW] ]XFKW XQG VHXFKHQUHFKW
«GDV +DQGHOV XQG *HVHOOVFKDIWVUHFKW GDV 8UKHEHU XQG 0H
GLHQUHFKW GDV ,QIRUPDWLRQVWHFKQRORJLHUHFKW GDV %DQN XQG .D
SLWDOPDUNWUHFKW VRZLH GDV $JUDUUHFKW YHUOLHKHQ ZHUGHQ
I
K :HLQUHFKW )RUVWUHFKW -DJG XQG )LVFKHUHLUHFKW
† P 1DFK]XZHLVHQGH EHVRQGHUH .HQQWQLVVH LP $JUDUUHFKW
)U GDV )DFKJHELHW $JUDUUHFKW VLQG EHVRQGHUH .HQQWQLVVH QDFK
]XZHLVHQ LQ GHQ %HUHLFKHQ
L
ODQGZLUWVFKDIWOLFKHV 6WHXHUUHFKW
M
%HVRQGHUKHLWHQ GHV 6R]LDOYHUVLFKHUXQJVUHFKWV
N 6WDDWVEHLKLOIHQUHFKW $JUDUEHLKLOIHQUHFKW &URVV&RP
SOLDQFH9HUSIOLFKWXQJHQ
DJUDUVSH]LILVFKHV 2UGQXQJVZLGULJNHLWHQ XQG 6WUDIUHFKW
DJUDUVSH]LILVFKHV (85HFKW HLQVFKOLH‰OLFK VHLQHU 8PVHW]XQJ
LQ QDWLRQDOHV 5HFKW
D (*9HUWUDJ /DQGZLUWVFKDIW 8PZHOW
E GDVV ZDQQ XQG YRQ ZHP LP /HKUJDQJ DOOH GDV )DFKJHELHW LQ
† $EV †† ELV P EHWUHIIHQGH %HUHLFKH XQWHUULFKWHW ZRUGHQ
VLQG
,9
(LQIJXQJ GHV † P )$2(
)OXUEHUHLQLJXQJ XQG )OXUQHXRUGQXQJVYHUIDKUHQ
J *UXQGVWFNVYHUNHKUV XQG /DQGSDFKWYHUNHKUVUHFKW
,,
(UJlQ]XQJ GHV † 6DW] OLW W )$2(
,,,
bQGHUXQJ GHV † $EV E
DJUDUVSH]LILVFKHV 9HUZDOWXQJVUHFKW
D 5HFKW GHU *HQHKPLJXQJVYHUIDKUHQ ]% %,P6FK*
%DX*% $QODJHQ ]XU 9HUDUEHLWXQJ QDFKZDFKVHQGHU
5RKVWRIIH XQG DJUDUUHFKWOLFKH %HVRQGHUKHLWHQ HUQHXHU
EDUHU (QHUJLHQ
'LH HQWVSUHFKHQG JHlQGHUWHQ E]Z QHX JHIDVVWHQ 9RU
VFKULIWHQ GHU )DFKDQZDOWVRUGQXQJ ODXWHQ
W $JUDUUHFKW )lOOH 9RQ GLHVHQ )lOOHQ PVVHQ VLFK PLQGHVWHQV
MHZHLOV )lOOH DXI GLH LQ † P 1U XQG EHQDQQWHQ %HUHLFKH
EH]LHKHQ 0LQGHVWHQV )lOOH PVVHQ UHFKWVI|UPOLFKH 9HUIDKUHQ
*HULFKWVYHUIDKUHQ DX‰HUJHULFKWOLFKH 5HFKWVEHKHOIVYHUIDKUHQ
6FKOLFKWXQJV RGHU 6FKLHGVYHUIDKUHQ VHLQ
%HVRQGHUKHLWHQ GHV $UEHLWVUHFKWV
E (*:HWWEHZHUEVUHFKW .DUWHOOUHFKW
F (89HURUGQXQJHQ 5LFKWOLQLHQ
DJUDUVSH]LILVFKHV 9HUIDKUHQVUHFKW
D /DQGZLUWVFKDIWVYHUIDKUHQVUHFKW
E *UXQG]JH GHU (8*HULFKWVEDUNHLW
DJUDUVSH]LILVFKHV =LYLOUHFKW
.HLQH %HVFKOXVVIDVVXQJ ]XU =ZHLJVWHOOH
D
'HU $XVVFKXVV KDWWH PHKUHUH 9RUVFKOlJH ]XU QlKHUHQ
5HJHOXQJ GHU =ZHLJVWHOOH XQWHUEUHLWHW GLH YRQ GHU 6DW
]XQJVYHUVDPPOXQJ DXFK DXVIKUOLFK GLVNXWLHUW ZXUGHQ
$OOHUGLQJV ZXUGHQ KLHU]X NHLQH %HVFKOVVH JHIDVVW VRQ
GHUQ GDV 7KHPD DXI GLH QlFKVWH 6LW]XQJ YHUWDJW
DJUDUVSH]LILVFKH )UDJHQ GHV EHVRQGHUHQ 6FKXOGUHFKWV
]% /DQGSDFKWUHFKW
E 3URGXNWKDIWXQJVUHFKW L9P *UXQG]JHQ GHV /HEHQV
PLWWHOUHFKWV
F
-DJG XQG -DJGSDFKWUHFKW
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
Ól™
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
8PJDQJ PLW )UHPGJHOGHUQ XQG DQGHUHQ
9HUP|JHQVZHUWHQ
'LH 6DW]XQJVYHUVDPPOXQJ IDVVWH HLQLJH %HVFKOVVH ]XU
1HXIDVVXQJ E]Z bQGHUXQJ YRQ † $EV %25$
'LH 5HJHOXQJ ODXWHW ELVODQJ
Ä)UHPGJHOGHU XQG VRQVWLJH 9HUP|JHQVZHUWH LQVEHVRQ
GHUH :HUWSDSLHUH XQG DQGHUH JHOGZHUWH 8UNXQGHQ VLQG
XQYHU]JOLFK DQ GHQ %HUHFKWLJWHQ ZHLWHU]XOHLWHQ 6R
ODQJH GLHV QLFKW P|JOLFK LVW VLQG )UHPGJHOGHU DXI $Q
GHUNRQWHQ ]X YHUZDOWHQ GLHV VLQG IU VWlQGLJH $XIWUDJ
JHEHU XQG LP hEULJHQ LQ GHU 5HJHO (LQ]HODQGHUNRQWHQ
$XI HLQHP 6DPPHODQGHUNRQWR GUIHQ %HWUlJH EHU
¼ IU HLQHQ HLQ]HOQHQ 0DQGDQWHQ QLFKW OlQJHU DOV
HLQHQ 0RQDW YHUZDOWHW ZHUGHQ 6RQVWLJH 9HUP|JHQV
ZHUWH VLQG JHVRQGHUW ]X YHUZDKUHQ 'DV JLOW QLFKW VR
ODQJH HWZDV DQGHUHV YHUHLQEDUW LVW 'LH 3IOLFKW ]XU $E
UHFKQXQJ QDFK † EOHLEW XQEHUKUW³
.QIWLJ VROOHQ ODXWHQ
± † $EV 6 +V %25$
Ä« GLHV VLQG LQ GHU 5HJHO (LQ]HODQGHUNRQWHQ³
† $EV 6 %25$
Ä'LH YRUVWHKHQGHQ %HVWLPPXQJHQ JHOWHQ QLFKW VRODQJH HWZDV
DQGHUHV LQ 7H[WIRUP YHUHLQEDUW LVW³
± † $EV 6 %25$
ÄhEHU )UHPGJHOGHU LVW XQYHU]JOLFK VSlWHVWHQV PLW %HHQGLJXQJ
GHV 0DQGDWV DE]XUHFKQHQ³
'HU IU GDV 7KHPD Ä*HOG 9HUP|JHQVLQWHUHVVHQ +RQR
UDU³ ]XVWlQGLJH $XVVFKXVV KDWWH DX‰HUGHP YRUJH
VFKODJHQ † $EV %25$ XP HLQHQ 6DW] ZLH IROJW
]X HUJlQ]HQ
Ä%HL GHU (LQULFKWXQJ HLQHV (LQ]HODQGHUNRQWRV KDW GHU
5HFKWVDQZDOW GLH NRQWRIKUHQGH %DQN6SDUNDVVH XQZL
GHUUXIOLFK DQ]XZHLVHQ GHPGHQ ZLUWVFKDIWOLFK %HUHFK
WLJWHQ DXI 9HUODQJHQ $XVNXQIW EHU .RQWREHZHJXQJHQ
]X HUWHLOHQ³
$X‰HUGHP VROOWH GHU IROJHQGH QHXH † $EV %25$
HLQJHIJW ZHUGHQ
Ä'LH (QWJHJHQQDKPH YRQ 9HUP|JHQVZHUWHQ YRQ GHP
0DQGDQWHQ XQGRGHU GHP $QVSUXFKVJHJQHU ]XP =ZH
FNH GHU WUHXKlQGHULVFKHQ 9HUZDOWXQJ RGHU 9HUZDKUXQJ
IU EHLGH 3DUWHLHQ LVW XQ]XOlVVLJ³
%HLGH 9RUVFKOlJH IDQGHQ QLFKW GLH HUIRUGHUOLFKH VDW
]XQJVlQGHUQGH 0HKUKHLW
5HJHOXQJHQ GHU 3IOLFKWHQ XQG 5HFKWH GHV 5HFKWV
DQZDOWV LQ =XVDPPHQKDQJ PLW %HUDWXQJVKLOIH
PDQGDWHQ
6FKOLH‰OLFK ZXUGH DXI 9RUVFKODJ GHV $XVVFKXVVHV HLQ
QHXHU † D %25$ YHUDEVFKLHGHW GHU GLH 3IOLFKWHQ
DEHU DXFK GLH 5HFKWH GHV $QZDOWV LQ =XVDPPHQKDQJ
PLW GHU $QQDKPH XQG %HDUEHLWXQJ YRQ %HUDWXQJVKLOIH
PDQGDWHQ QlKHU UHJHOQ XQG GDGXUFK VRZRKO IU GHQ
әâ
5HFKWVDQZDOW DOV DXFK IU EHUDWXQJVKLOIHEHUHFKWLJWH
0DQGDQWHQ .ODUKHLW VFKDIIHQ VROO 'LHV VFKLHQ LQVEH
VRQGHUH YRU GHP +LQWHUJUXQG HLQHU 5HFKWVSUHFKXQJ HU
IRUGHUOLFK GLH PLWXQWHU QLFKW HLQPDO GLH IHKOHQGH 6DFK
NXQGH HLQHV $QZDOWV ]XU %HDUEHLWXQJ HLQHV EHVWLPPWHQ
)DOOHV DOV ÄZLFKWLJHQ *UXQG³ IU GLH $EOHKQXQJ HLQHV
%HUDWXQJVKLOIHPDQGDWV L6 YRQ † D $EV 6 %5$2 DQHUNHQQHQ ZLOO
† D %25$( ODXWHW
Ä 'HU 5HFKWVDQZDOW LVW QLFKW YHUSIOLFKWHW YRU 9RUODJH HLQHV
%HUHFKWLJXQJVVFKHLQHV XQG =DKOXQJ GHU %HUDWXQJVKLOIHJHEKU
QDFK 1U 99 59* GLH %HUDWXQJVKLOIHOHLVWXQJ ]X HUEULQJHQ
'HU 5HFKWVDQZDOW LVW QLFKW YHUSIOLFKWHW HLQHQ %HUDWXQJVKLOIH
DQWUDJ ]X VWHOOHQ
'HU 5HFKWVDQZDOW NDQQ GLH %HUDWXQJVKLOIH LP (LQ]HOIDOO DXV
ZLFKWLJHP *UXQG DEOHKQHQ RGHU EHHQGHQ (LQ ZLFKWLJHU *UXQG
NDQQ LQ GHU 3HUVRQ GHV 5HFKWVDQZDOWHV VHOEVW RGHU LQ GHU 3HUVRQ
RGHU GHP 9HUKDOWHQ GHV 0DQGDQWHQ OLHJHQ (LQ ZLFKWLJHU *UXQG
NDQQ DXFK GDULQ OLHJHQ GDVV GLH %HUDWXQJVKLOIHEHZLOOLJXQJ QLFKW
GHQ 9RUDXVVHW]XQJHQ GHV %HUDWXQJVKLOIHJHVHW]HV HQWVSULFKW (LQ
ZLFKWLJHU *UXQG OLHJW LQVEHVRQGHUH YRU ZHQQ
D GHU 5HFKWVDQZDOW GXUFK HLQH (UNUDQNXQJ RGHU GXUFK EHUXIOL
FKH hEHUODVWXQJ DQ GHU %HUDWXQJ9HUWUHWXQJ JHKLQGHUW LVW
RGHU HV LKP DXI GHP 5HFKWVJHELHW DXI GHP %HUDWXQJVKLOIH
JHZQVFKW ZLUG DQ KLQUHLFKHQGHQ 5HFKWVNHQQWQLVVHQ RGHU
DQ (UIDKUXQJ IHKOW
E GHU EHUDWXQJVKLOIHEHUHFKWLJWH 0DQGDQW VHLQH (LJHQOHLVWXQJ
QDFK HLQPDOLJHU 0DKQXQJ QLFKW HUEULQJW
F GHU EHUDWXQJVKLOIHEHUHFKWLJWH 0DQGDQW VHLQH IU GLH 0DQ
GDWVEHDUEHLWXQJ HUIRUGHUOLFKH 0LWDUEHLW YHUZHLJHUW
G GDV 9HUWUDXHQVYHUKlOWQLV ]ZLVFKHQ $QZDOW XQG 0DQGDQW DXV
*UQGHQ GLH LP 9HUKDOWHQ RGHU LQ GHU 3HUVRQ GHV 0DQGDQWHQ
OLHJHQ VFKZHUZLHJHQG JHVW|UW LVW
H VLFK KHUDXVVWHOOW GDVV GLH (LQNRPPHQV XQGRGHU 9HUP|
JHQVYHUKlOWQLVVH GHV 0DQGDQWHQ GLH %HZLOOLJXQJ YRQ %HUD
WXQJVKLOIH QLFKW UHFKWIHUWLJHQ
I
%HUDWXQJVKLOIH LQ HLQHP %HUDWXQJVKLOIHVFKHLQ IU HLQH QLFKW
NRQNUHW EH]HLFKQHWH $QJHOHJHQKHLW EHZLOOLJW ZXUGH
J %HUDWXQJVKLOIH LQ HLQHP %HUDWXQJVKLOIHVFKHLQ IU PHKUHUH
$QJHOHJHQKHLWHQ EHZLOOLJW ZXUGH³
=XP ,QNUDIWWUHWHQ GHU QHXHQ %HVFKOVVH
$OOH %HVFKOVVH GHU 6DW]XQJVYHUVDPPOXQJ VWHKHQ XQWHU
GHP 9RUEHKDOW GHU *HQHKPLJXQJ E]Z GHU 1LFKWEHDQ
VWDQGXQJ GXUFK GDV %XQGHVMXVWL]PLQLVWHULXP † H
%5$2 :HQQ GDV %0- VLFK HUNOlUW KDW YHU|IIHQWOLFKW
GLH %XQGHVUHFKWVDQZDOWVNDPPHU GLH EHVFKORVVHQHQ
bQGHUXQJHQ LQ GHU QlFKVWHQ HUUHLFKEDUHQ $XVJDEH GHU
%5$.0LWWHLOXQJHQ 'LH %HVFKOVVH WUHWHQ VRGDQQ
ÄPLW GHP HUVWHQ 7DJ GHV GULWWHQ 0RQDWV GHU DXI GLH 9HU
|IIHQWOLFKXQJ LQ GHQ IU 9HUODXWEDUXQJHQ GHU %XQGHV
UHFKWVDQZDOWVNDPPHU EHVWLPPWHQ 3UHVVHRUJDQH IROJW³
† G $EV %5$2 LQ .UDIW 'LHV GUIWH IU GLH KLHU
ZLHGHUJHJHEHQHQ %HVFKOVVH ± GLH *HQHKPLJXQJ GXUFK
GDV %0- XQWHUVWHOOW ± HWZD LP 0DL GHU )DOO VHLQ
:LU ZHUGHQ 6LH HQWVSUHFKHQG LQIRUPLHUHQ
VRE
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
<Û o <_g †— gÁ”<—Ý
o , ÅÏgÏ ÁÅUƒ×Ág _gÁ ÔÁ†ÅφÅUƒg— gÁÔsŝÁz<—†Å<φ—g— ڝÁ
:LH LQ GHU +DXSWYHUVDPPOXQJ GHU %XQGHVUHFKWV
DQZDOWVNDPPHU DP LQ 1UQEHUJ VLHKH KLHU
]X GHQ %HULFKW DXI 6 I EHVSURFKHQ KDW GLH %XQ
GHVUHFKWVDQZDOWVNDPPHU ]XVDPPHQ PLW GHP 'HXW
VFKHQ $QZDOWYHUHLQ GHP 'HXWVFKHQ 5LFKWHUEXQG GHU
%XQGHVQRWDUNDPPHU XQG GHP 'HXWVFKHQ 1RWDUYHUHLQ
HLQH %URVFKUH HUVWHOOW LQ GHU GLH 9RU]JH GHV GHXW
VFKHQ 5HFKWV SUlVHQWLHUW ZHUGHQ
'LHVH %URVFKUH LVW 7HLO HLQHV Ä%QGQLVVHV IU GDV GHXW
VFKH 5HFKW³ GDV GDV %XQGHVPLQLVWHULXP GHU -XVWL] PLW
GHQ JHQDQQWHQ MXULVWLVFKHQ %HUXIVRUJDQLVDWLRQHQ JH
VFKORVVHQ KDW %URVFKUH XQG %QGQLV VLQG QLFKW ]XOHW]W
$QWZRUWHQ DXI DJJUHVVLYH :HUEHPD‰QDKPHQ GHU /DZ
6RFLHW\ RI (QJODQG DQG :DOHV
'LH LQ GHXWVFKHU XQG HQJOLVFKHU 6SUDFKH YHUIDVVWH %UR
VFKUH EHKDQGHOW GLH 7KHPHQ
! /DZ ± 0DGH LQ *HUPDQ\
*OREDO HIIHNWLY NRVWHQJQVWLJ
! 'HXWVFKHV 5HFKW ± EHVWH 9RUDXVVHW]XQJHQ IU ZLUW
VFKDIWOLFKH $NWLYLWlWHQ
! 5HFKWVVLFKHUKHLW GXUFK .RGLILNDWLRQHQ 9HUWUDJV
UHFKW XQG 9HUWUDJVIUHLKHLW
! 'DV 9HUWUDJVUHFKW ± PD‰JHVFKQHLGHUWH /|VXQJHQ
LP (LQ]HOIDOO
! 'DV *HVHOOVFKDIWVUHFKW ± GLH SDVVHQGH 5HFKWVIRUP
IU ,KU 8QWHUQHKPHQ
'HU %URVFKUH YRUDQJHVWHOOW LVW HLQ *UX‰ZRUW YRQ )UDX
%XQGHVMXVWL]PLQLVWHULQ %ULJLWWH =\SULHV LQ GHP HV
KHL‰W
! 'LH |IIHQWOLFKHQ 5HJLVWHU ± YHUOlVVOLFKH 'DWHQ LP
,PPRELOLHQ XQG +DQGHOVUHFKW
ÄÃ0DGH LQ *HUPDQ\µ LVW QLFKW QXU HLQ 4XDOLWlWVVLHJHO IU
GHXWVFKH $XWRV RGHU 0DVFKLQHQ VRQGHUQ DXFK IU GHXW
VFKHV 5HFKW )DLUH *HVHW]H XQG HLQH OHLVWXQJVIlKLJH -XV
WL] VLQG HLQ *DUDQW IU JHVHOOVFKDIWOLFKHQ )ULHGHQ LQGL
YLGXHOOH )UHLKHLW XQG ZLUWVFKDIWOLFKHQ (UIROJ
! 'LH GHXWVFKHQ *HULFKWH ± XQDEKlQJLJ VFKQHOO XQG
NRVWHQJQVWLJ
,P =HLWDOWHU GHU |NRQRPLVFKHQ *OREDOLVLHUXQJ LVW 5HFKW
HLQ ZLFKWLJHU :HWWEHZHUEVIDNWRU 'HXWVFKHV 5HFKW LVW
7HLO GHV .RGLILNDWLRQVUHFKWV GDV VLFK DXI GHP HXURSlL
VFKHQ .RQWLQHQW HQWZLFNHOW KDW 'LHVHV 5HFKW LVW YRUKHU
VHKEDU EH]DKOEDU XQG GXUFKVHW]EDU 8QVHUH *HVHW]
EFKHU WDULHUHQ XQWHUVFKLHGOLFKH ,QWHUHVVHQ IDLU DXV XQG
VRUJHQ IU JHUHFKWH /|VXQJHQ 'HU =XJDQJ ]XP 5HFKW
LVW IU MHGHUPDQQ RIIHQ GHQQ *HUHFKWLJNHLW GDUI QLFKW
YRP *HOG DEKlQJHQ 6FKOLH‰OLFK VRUJW HLQH HIIHNWLYH
-XVWL] GDIU GDVV GHXWVFKH *HULFKWH UDVFK HQWVFKHLGHQ
XQG GLH 8UWHLOH YROOVWUHFNW ZHUGHQ GHQQ JXWHV 5HFKW LVW
DXFK VFKQHOOHV 5HFKW
'HXWVFKHV 5HFKW KDW HLQH JUR‰H *HVFKLFKWH XQG HV KDW
VHLQH 4XDOLWlW LQ VFKZLHULJHQ =HLWHQ EHZLHVHQ 1DFK
GHP =ZHLWHQ :HOWNULHJ KDW HV GDV :LUWVFKDIWVZXQGHU LQ
:HVWGHXWVFKODQG HUP|JOLFKW XQG QDFK GHP )DOO GHU
%HUOLQHU 0DXHU GLH 7UDQVIRUPDWLRQ LQ 2VWGHXWVFKODQG
XQWHUVWW]W +HXWH KHUUVFKHQ LQ JDQ] 'HXWVFKODQG :RKO
VWDQG XQG 'HPRNUDWLH 'LHVH YHUGDQNHQ ZLU QLFKW ]X
OHW]W XQVHUHP 5HFKW :HU VLFK KHXWH LQ DOOHU :HOW IU
NRQWLQHQWDOHXURSlLVFKHV IU GHXWVFKHV 5HFKW HQWVFKHL
GHW WULIIW HLQH JXWH :DKO GHQQ 5HFKW Ã0DGH LQ *HUPD
Q\µ LVW HLQ *DUDQW IU (UIROJ³
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
! )LQDQ]LHUXQJHQ ± UHFKWVVLFKHU HIIL]LHQW XQG IOH[L
EHO
! 'LH 5ROOH GHV *HULFKWV ± SURIHVVLRQHOOH 9HUIDK
UHQVOHLWXQJ
! 'DV %HZHLVUHFKW ± (IIL]LHQ] GXUFK LQWHOOLJHQWH
%HZHLVUHJHOQ
! 'HU 8UNXQGHQSUR]HVV ± EHVRQGHUV VFKQHOOH
'XUFKVHW]XQJ ,KUHU 5HFKWH
! *HULFKWOLFKH XQG DX‰HUJHULFKWOLFKH 6WUHLWVFKOLFK
WXQJ ± LPPHU HLQH 2SWLRQ
! (LQVWZHLOLJHU 5HFKWVVFKXW] ± VFKQHOOH JHULFKWOL
FKH +LOIH
! 9RUOlXILJH 9ROOVWUHFNEDUNHLW ± VFKQHOOH 'XUFKVHW
]XQJ ,KUHU 5HFKWH
! 3DWHQWVDFKHQ LQ 'HXWVFKODQG ± ZHOWZHLW IKUHQG
! 'LH GHXWVFKH 6FKLHGVJHULFKWVEDUNHLW ± HLQH $OWHUQD
WLYH ]XU VWDDWOLFKHQ -XVWL]
! .RPSHWHQW LP GHXWVFKHQ 5HFKW 5HFKWVDQZlOWH XQG
1RWDUH
! $QKDQJ
:DKO GHV GHXWVFKHQ 5HFKWV 0XVWHUNODXVHOQ
VRE
ә¤
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
: ©<—Ï ŽÔ…—Û<ÏÅÅgÁ†g o
-ÔUƒg —<Uƒ <UƒL<ÁÅUƒ<sÏÅs@g—
'DV =') SODQW IU HLQH QHXH UHDOH 'RNX$QZDOWV
VHULH LQ GHU HLQ 6FKOLFKWHU YHUVXFKW ]ZHL VWUHLWHQGH 3DU
WHLHQ DQ HLQHQ 7LVFK ]X EHNRPPHQ XQG HLQH DX‰HUJH
ULFKWOLFKH (LQLJXQJ ]X HUUHLFKHQ
)U GLH $XIJDEH GHV 6FKOLFKWHUV ZXUGH +HUU .ROOHJH
+HUEHUW 3 6FKRQV DXV 'XLVEXUJ 9L]HSUlVLGHQW GHU
.DPPHU XQG 9RUVLW]HQGHU XQVHUHU *HEKUHQDEWHLOXQJ
JHZRQQHQ
,Q GHQ HUVWHQ EHLGHQ 6HQGXQJHQ GLH YRUDXVVLFKWOLFK 2V
WHUQ DXVJHVWUDKOW ZHUGHQ VROO GDV 7KHPD Ä1DFK
EDUVFKDIWVVWUHLW³ LP 0LWWHOSXQNW VWHKHQ
'DV =') LVW GHVKDOE DXI GHU 6XFKH QDFK JHHLJQHWHQ )lO
OHQ XQG KDW GLH 5HFKWVDQZDOWVNDPPHU XP 0LWKLOIH JH
EHWHQ
'D GHU .DPPHU QDWXUJHPl‰ NDXP HQWVSUHFKHQGH (U
NHQQWQLVVH YRUOLHJHQ XQG ZLU DXIJUXQG XQVHUHU 9HU
VFKZLHJHQKHLWVYHUSIOLFKWXQJ † %5$2 DQ MHGHU
:HLWHUJDEH YRQ 6DFKYHUKDOWVPDWHULDO JHKLQGHUW VLQG
JHEHQ ZLU GLHVH %LWWH DQ 6LH VHKU JHHKUWH 'DPHQ XQG
+HUUHQ .ROOHJLQQHQ XQG .ROOHJHQ ZHLWHU
:HQQ 6LH HLQHQ LQWHUHVVDQWHQ )DOO VFKLOGHUQ ZROOHQ XQG
± QDFK 5FNVSUDFKH PLW GHU 0DQGDQWVFKDIW ± GUIHQ
ZHQGHQ 6LH VLFK ELWWH DQ GLH 3URGXNWLRQVILUPD VDJDPH
GLD )UDX 9HUD 3IHLIIHU ± RGHU )UDX
6WHIDQLH 6FKZDOIHQEHUJ ± 6LH N|Q
QHQ +HUUQ .ROOHJHQ 6FKRQV DXFK XQ
PLWWHOEDU DQVSUHFKHQ
VRE
…0ÁÏg† ڝ” ¤É¯x¯Óââl àÔÁ 0”Å<ÏàÅÏgÔgÁLgsÁg†Ô—zÈ
ÔŎԗsÏÅÅUƒÁg†Lg— _gÅ ,Q GHQ YRUDQJHJDQJHQHQ .DPPHU0LWWHLOXQJHQ KDWWHQ
ZLU EHUHLWV DXI GLH %)+(QWVFKHLGXQJ YRP ]XU 8PVDW]VWHXHU EHL HQWJHOWOLFK GXUFKJHIKUWHQ )RUW
ELOGXQJVVHPLQDUHQ GXUFK VHOEVWVWlQGLJH 5HIHUHQWHQ
KLQJHZLHVHQ 'DV 8UWHLO LVW LP hEULJHQ EHU GLH ,QWHU
QHWVHLWH ZZZEXQGHVILQDQ]KRIGH DE]XUXIHQ
0LWWOHUZHLOH HUUHLFKWH XQV HLQ $XVNXQIWVVFKUHLEHQ GDV
XQV YRP 'HXWVFKHQ $QZDOWVLQVWLWXW '$, ]XU 9HUI
JXQJ JHVWHOOW ZXUGH GDV DXI HLQHU JXWDFKWHUOLFKHQ $XV
NXQIW EHUXKW GDV GDV '$, QDFK GHU 9HU|IIHQWOLFKXQJ
GHU (QWVFKHLGXQJ EHDXIWUDJW KDWWH ,Q GHP 0XVWHU$QW
ZRUWVFKUHLEHQ GHV '$, DQ 5HIHUHQWHQ ZLUG DXVJHIKUW
GDVV *UXQGODJH GHV %)+8UWHLOV YRP HLQH
YHUDOWHWH 5HFKWVODJH JHZHVHQ VHL 1DFK GHP DNWXHOO JHO
WHQGHQ 8PVDW]VWHXHUUHFKW VHL GLH 7lWLJNHLW GHU 5HIHUHQ
WHQ QDFK ZLH YRU XPVDW]VWHXHUIUHL
'LHV HUJHEH VLFK EHUHLWV DXV GHP QHXHQ 1RUPJHIJH
'XUFK GDV 6WHXHUHQWODVWXQJVJHVHW] YRP ZXUGH † 1U 86W* PLW :LUNXQJ
YRP JHlQGHUW %LV GDKLQ KDWWH GLH 9HUZDOWXQJ
LQ $EVFKQLWW D 86W5 DXFK GLH (UWHLOXQJ YRQ 8QWHU
ULFKW GXUFK VHOEVWVWlQGLJH /HKUHU DQ (LQULFKWXQJHQ GLH
EHU HLQH HQWVSUHFKHQGH %HVFKHLQLJXQJ GHU /DQGHVEH
K|UGH QDFK † 1U %XFKVW E 86W* D) YHUIJWHQ
әÓ
DOV VWHXHUIUHL EHKDQGHOW 'HU %)+ VDK GLHVH 5HJHOXQJ
RKQH 6WW]H LP *HVHW]
,Q GHU )ROJH XQWHUVFKHLGHW QXQPHKU MHGRFK GDV *HVHW]
]ZLVFKHQ GHU %HIUHLXQJ IU GLH XQPLWWHOEDU GHP 6FKXO
XQG %LOGXQJV]ZHFN GLHQHQGHQ /HLVWXQJHQ SULYDWHU
6FKXOHQ XQG DQGHUHU DOOJHPHLQ RGHU EHUXIVELOGHQGHU
(LQULFKWXQJHQ † 1U %XFKVW D 86W* XQG GHU %H
IUHLXQJ IU GLH XQPLWWHOEDU GHP 6FKXO XQG %LOGXQJV
]ZHFN GLHQHQGHQ 8QWHUULFKWVOHLVWXQJHQ VHOEVWVWlQGLJHU
/HKUHU
'HPJHPl‰ EHIUHLW † 1U %XFKVW E 'RSSHO
EXFKVW EE DXFK GLH XQPLWWHOEDU GHP 6FKXO XQG %LO
GXQJV]ZHFN GLHQHQGHQ 8QWHUULFKWVOHLVWXQJHQ VHOEVW
VWlQGLJHU /HKUHU VRIHUQ VLH DQ SULYDWHQ 6FKXOHQ XQG
DQGHUHQ DOOJHPHLQ RGHU EHUXIVELOGHQGHQ (LQULFKWXQ
JHQ XQWHUULFKWHQ XQWHU GHU 9RUDXVVHW]XQJ GDVV GLHVH
(LQULFKWXQJHQ GLH 9RUDXVVHW]XQJHQ GHV † 1U %XFKVW D HUIOOHQ
1DFK $XIIDVVXQJ GHV '$, JHKH GLH DNWXHOOH 5HFKWVODJH
GDKHU KLQDXV EHU GLH VHLQHU]HLW JHOWHQGH 5HFKWVODJH
GLH *HJHQVWDQG GHV LQ 5HGH VWHKHQGHQ 8UWHLOV GHV %)+
JHZHVHQ VHL
VFK
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
—ÏÅUƒg†_ԗz _gÅ ,6 àÔÁ <zgۆUƒÏԗz ԗ_ àÔÁ ÚgÁs<ÅÅԗzŎ—sÁ”g—
Ôŏgzԗz ڝ— Ç u -¯ ¤ !
$P KDW GHU $QZDOWVJHULFKWVKRI LQ +DPP HL
QHQ EHPHUNHQVZHUWHQ %HVFKOXVV JHIDVVW LQ GHP HU VLFK
DXVIKUOLFK PLW GHU )UDJH GHU )DOOJHZLFKWXQJ LQVEHVRQ
GHUH DEHU DXFK PLW GHU GHU YHUIDVVXQJVNRQIRUPHQ $XV
OHJXQJ YRQ † 6 )$2 LP +LQEOLFN DXI 0XWWHUVFKXW]
]HLWHQ EHIDVVW 'HU $*+ NRPPW ]X GHP (UJHEQLV GDVV
EHL GHU %HUHFKQXQJ GHV 'UHL-DKUHV=HLWUDXPV GLH =HL
WHQ GHV %HVFKlIWLJXQJVYHUERWHV QDFK GHQ †† 0X
6FK* YRQ GHU]HLW :RFKHQ ]X EHUFNVLFKWLJHQ VLQG
1DFK † $EV 0X6FK* GUIWHQ ZHUGHQGH 0WWHU LQ
GHQ OHW]WHQ VHFKV :RFKHQ YRU GHU (QWELQGXQJ QLFKW
EHVFKlIWLJW ZHUGHQ HV VHL GHQQ GDVV VLH VLFK ]XU $U
EHLWVOHLVWXQJ DXVGUFNOLFK EHUHLW HUNOlUWHQ 'LH (UNOl
UXQJ N|QQH MHGHU]HLW ZLGHUUXIHQ ZHUGHQ 1DFK † $EV 0X6FK* GUIWHQ 0WWHU ELV ]XP $EODXI YRQ
DFKW :RFKHQ QDFK GHU (QWELQGXQJ QLFKW EHVFKlIWLJW
ZHUGHQ 'LHVHP 6FKXW]DQOLHJHQ VRZLH GHP YHUIDV
VXQJVUHFKWOLFKHQ 6FKXW]JHGDQNHQ DXV $UW $EV ** Ä-HGH 0XWWHU KDW $QVSUXFK DXI GHQ 6FKXW] XQG
GLH )UVRUJH GHU *HPHLQVFKDIW³ VHL GXUFK YHUIDV
VXQJVNRQIRUPH $XVOHJXQJ YRQ † 6 )$2 5HFK
QXQJ ]X WUDJHQ
$UW $EV ** HQWKDOWH HLQ HFKWHV *UXQGUHFKW LP 6LQ
QH HLQHV VXEMHNWLY |IIHQWOLFKHQ 5HFKWV DXI 6FKXW] XQG
)UVRUJH GLH 9RUVFKULIW VROOH GLH EHVRQGHUHQ %HODVWXQ
JHQ LP =XVDPPHQKDQJ PLW GHU 6FKZDQJHUVFKDIW XQG
GHU ELRORJLVFKHQ 0XWWHUVFKDIW DXVJOHLFKHQ 'LH 1RUP
UHFKWIHUWLJH GLH 8QJOHLFKEHKDQGOXQJ YRQ 0DQQ XQG
)UDX VLH ZLUNH DOV VSH]LHOOHV 'LVNULPLQLHUXQJVYHUERW
XQG YHUELHWH GLH %HQDFKWHLOLJXQJ YRQ 0WWHUQ JHJHQ
EHU 1LFKWPWWHUQ $OV JHVFKW]WH 6LWXDWLRQ VHL DXFK HU
IDVVW ZHQQ GLH 0XWWHU ZLUWVFKDIWOLFKH RGHU EHUXIOLFKH
1DFKWHLOH HUOHLGH GLH DXI GLH ELRORJLVFKH 0XWWHUVFKDIW
LQVEHVRQGHUH GLH ,QDQVSUXFKQDKPH YRQ 0XWWHUVFKXW]
]HLWHQ ]XUFN]XIKUHQ VHLHQ 'HU $QVSUXFK DXI 6FKXW]
XQG )UVRUJH VWHKH DXFK QLFKW HWZD QXU $UEHLWQHKPH
ULQQHQ ]X VRQGHUQ DXFK VHOEVWVWlQGLJ HUZHUEVWlWLJHQ
0WWHUQ
(LQH LQ GHQ 'UHL-DKUHV=HLWUDXP IDOOHQGH *HEXUW KDEH
]XU )ROJH GDVV GHU EHWURIIHQHQ 5HFKWVDQZlOWLQ QLFKW
GHU YROOH =HLWUDXP IU DQZDOWOLFKH 7lWLJNHLW ]XU (UODQ
JXQJ GHU HUIRUGHUOLFKHQ )DOO]DKOHQ ]XU 9HUIJXQJ VWH
KH VRQGHUQ HLQ XP GLH GXUFK 6FKZDQJHUVFKDIW XQG *H
EXUW HLQKHUJHKHQGHQ (LQVFKUlQNXQJHQ YHUPLQGHUWHU
=HLWUDXP 'LHVHU =HLWUDXP N|QQH LQ 2ULHQWLHUXQJ DQ GLH
†† 0X6FK* JHQHUDOLVLHUHQG PLW GHQ GRUW JHQDQQWHQ
=HLWUlXPHQ EHPHVVHQ ZHUGHQ 'HQQ GLHVHQ =HLWUlXPHQ
OLHJH GLH $QQDKPH GHV *HVHW]JHEHUV ]XJUXQGH GDVV
6FKZDQJHUH E]Z 0WWHU W\SLVFKHUZHLVH LQ GHQ GRUW JH
6LHKH XQWHQ 6 <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
QDQQWHQ =HLWUlXPHQ GHU 6FKRQXQJ EHGUIWHQ GLH KRKH
%HGHXWXQJ GHU GDEHL EHWURIIHQHQ 5HFKWVJWHU ZHUGH GD
GXUFK EHOHJW GDVV 9HUVW|‰H JHJHQ GLH %HVFKlIWLJXQJV
YHUERWH QDFK † 0X6FK* 6WUDIWDWHQ XQG 2UGQXQJV
ZLGULJNHLWHQ GDUVWHOOHQ N|QQWHQ $QWUDJVWHOOHULQQHQ HU
OLWWHQ GXUFK GLH *HEXUW LKUHV .LQGHV LQ GHU DQZDOWOLFKHQ
7lWLJNHLW EHVRQGHUH 1DFKWHLOH PLW GHQHQ PlQQOLFKH
5HFKWVDQZlOWH HEHQVR ZLH 5HFKWVDQZlOWLQQHQ GLH QLFKW
LQQHUKDOE GHV 'UHL-DKUHV=HLWUDXPV GHV † 6 )$2
0WWHU ZUGHQ QLFKW EHODVWHW VHLHQ 'LHVH EHVRQGHUH
%HODVWXQJ JHJHQEHU PlQQOLFKHQ )DFKDQZDOWVEHZHU
EHUQ XQG VROFKHQ %HZHUEHULQQHQ GLH QLFKW LQQHUKDOE
GHV =HLWUDXPV 0WWHU ZUGHQ EHGUIH GHV DQJHPHVVH
QHQ $XVJOHLFKV XP GLH &KDQFHQJOHLFKKHLW DOOHU %HZHU
EHU XQG %HZHUEHULQQHQ ZLHGHUKHU]XVWHOOHQ
=HLWOLFKH XQG LQKDOWOLFKH $EJUHQ]XQJVVFKZLHULJNHLWHQ
VWHOOWHQ VLFK EHL HLQHU +HUDQ]LHKXQJ GHU )ULVWHQ GHU
†† 0X6FK* QLFKW 'HQQ GLH )ULVWHQ EHWUJHQ VWHWV
MHZHLOV E]Z :RFKHQ XQG VHLHQ GXUFK GHQ *HEXUWV
WHUPLQ ]HLWOLFK IL[LHUW 'LH 9HUKLQGHUXQJ GHU 5HFKWVDQ
ZlOWLQ VHL LQ GLHVHP =HLWUDXP YROOVWlQGLJ XQG HUIDVVH
GLH YROOH 7lWLJNHLW 'LH .U]H GHU 6XPPH GHU =HLWUlX
PH YRQ :RFKHQ EHUKUH GHQ PD‰JHEOLFKHQ *H
VLFKWVSXQNW GHU 6LFKHUXQJ GHU $NWXDOLWlW GHU (UIDKUXQ
JHQ GHV 5HFKWVDQZDOWV QLFKW VXEVWDQ]LHOO
'LH *HIDKU HLQHU ZHLWHUHQ $XIZHLFKXQJ GHU 'UHL-DK
UHV)ULVW VHL PLW GHU %HUFNVLFKWLJXQJ GHU =HLWHQ GHV
%HVFKlIWLJXQJVYHUERWV QDFK GHP 0X6FK* QLFKW YHU
EXQGHQ 'HQQ GLHVH =HLWHQ VHLHQ HWZD PLW =HLWHQ HLQHU
.UDQNKHLW GLH LP +LQEOLFN DXI GLH %HVWLPPXQJ LKUHU
7UDJZHLWH XQG LKUHU ]HLWOLFKHQ 'DXHU ]X QLFKW KDQGKDE
EDUHQ $EJUHQ]XQJVVFKZLHULJNHLWHQ IKUWHQ XQG GLH RK
QHKLQ 0lQQHU XQG )UDXHQ LQ JOHLFKHU :HLVH WUHIIHQ
N|QQWHQ QLFKW YHUJOHLFKEDU (EHQVR ZHQLJ VHLHQ GLH
=HLWHQ GHV %HVFKlIWLJXQJVYHUERWV QDFK GHP 0XWWHU
VFKXW]JHVHW] PLW GHU (OWHUQ]HLW QDFK GHP %XQGHVHO
WHUQJHOG XQG (OWHUQ]HLWJHVHW] %((* ]X YHUJOHLFKHQ
GLH IU 0RQDWH LQ $QVSUXFK JHQRPPHQ ZHUGHQ XQG
GHVKDOE GD]X IKUHQ N|QQWHQ GDVV VLFK GHU MHZHLOLJH
$QWUDJVWHOOHU PLW VHLQHQ SUDNWLVFKHQ (UIDKUXQJHQ QLFKW
PHKU DXI GHU +|KH GHU =HLW EHILQGH XQG GLH RKQHKLQ
9lWHUQ XQG 0WWHUQ JOHLFKHUPD‰HQ ]XU 9HUIJXQJ
VWQGHQ
'LH EHWURIIHQH 5HFKWVDQZDOWVNDPPHU .|OQ KDW EH
VFKORVVHQ QLFKW VRIRUWLJH %HVFKZHUGH ]XP %*+ ]X HU
KHEHQ VRGDVV GHU %HVFKOXVV 5HFKWVNUDIW HUODQJW
'HU $XVVFKXVV GHU 6DW]XQJVYHUVDPPOXQJ EHIDVVW VLFK
DNWXHOO HEHQIDOOV PLW GHQ 7KHPHQ 0XWWHUVFKXW] XQG
(OWHUQ]HLWHQ
VRE
әÐ
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
gÅUƒÔÅÅ _gÅ 5gÁs àÔÁ gÁ<Ïԗzцsg
'DV %XQGHVYHUIDVVXQJVJHULFKW KDW PLW %HVFKOXVV YRP
%Y5 HQWVFKLHGHQ GDVV GLH 9HU
VDJXQJ YRQ %HUDWXQJVKLOIH LQ $QJHOHJHQKHLWHQ GHV .LQ
GHUJHOGHV QDFK GHP (LQNRPPHQVWHXHUJHVHW] YHUIDV
VXQJVZLGULJ VHL
'LH 5HJHOXQJ GHV † $EV %HU+* QDFK GHU %HUD
WXQJVKLOIH QXU LQ GHQ GRUW DXVGUFNOLFK QDFK 5HFKWVJH
ELHWHQ DXIJH]lKOWHQ $QJHOHJHQKHLWHQ JHZlKUW ZHUGH
VHL QLFKW PLW GHP DOOJHPHLQHQ *OHLFKKHLWVVDW] ]X YHU
HLQEDUHQ
6R VHLHQ QDFK GHU DEVFKOLH‰HQGHQ $XI]lKOXQJ $QJHOH
JHQKHLWHQ GHV 6R]LDOUHFKWV EHUDWXQJVKLOIHIlKLJ ZlK
UHQG $QJHOHJHQKHLWHQ GHV 6WHXHUUHFKWV QLFKW HUIDVVW VHL
HQ ZDV ]X HLQHU 8QJOHLFKEHKDQGOXQJ YRQ 5HFKWVVX
FKHQGHQ IKUH 'LH $EJUHQ]XQJ ULFKWH VLFK YLHOPHKU DO
OHLQ QDFK GHP HU|IIQHWHQ 5HFKWVZHJ )U GLH 0HKU]DKO
GHU .LQGHUJHOGDQJHOHJHQKHLWHQ GLH EHUZLHJHQG .LQ
GHUJHOG QDFK GHP (LQNRPPHQVWHXHUJHVHW] VLQG IU GLH
GHU 5HFKWVZHJ YRU GHQ )LQDQ]JHULFKWHQ HU|IIQHW LVW
N|QQH NHLQH %HUDWXQJVKLOIH JHZlKUW ZHUGHQ $QJHOH
JHQKHLWHQ GHV .LQGHUJHOGHV QDFK GHP %XQGHVNLQGHU
JHOGJHVHW] GLH GHU 6R]LDOJHULFKWVEDUNHLW ]XJHZLHVHQ
VHLHQ VHLHQ GHPJHJHQEHU EHUDWXQJVKLOIHIlKLJ
)U GLHVH 8QJOHLFKEHKDQGOXQJ VLHKW GDV %XQGHVYHUIDV
VXQJVJHULFKW NHLQHQ WUDJIlKLJHQ VDFKOLFKHQ *UXQG 'LH
(QWVFKHLGXQJ N|QQHQ 6LH GHU 3UHVVHPLWWHLOXQJ GHV %XQ
GHVYHUIDVVXQJVJHULFKWV 1U YRP HQWQHKPHQ GLH XQWHU ZZZEXQGHVYHUIDVVXQJVJHULFKW
GH DE]XUXIHQ LVW
VFK
, LgzÁ×{Ï g†—ÅÏÛg††zg —Á_—Ô—z àÔÁ 5ÁÁ<ÏÅ_<Ïg—Å©g†UƒgÁԗz
0LW 3UHVVHHUNOlUXQJ 1U YRP KDW GLH %XQ
GHVUHFKWVDQZDOWVNDPPHU EHJU‰W GDVV GDV %XQGHVYHU
IDVVXQJVJHULFKW QXQPHKU GLH IUKHUH HLQVWZHLOLJH $Q
RUGQXQJ DXFK DXI GLH 9RUUDWVGDWHQVSHLFKHUXQJ LP %H
UHLFK GHU *HIDKUHQDEZHKU GHV 9HUIDVVXQJVVFKXW]HV
XQG GHU 1DFKULFKWHQGLHQVWH DXVJHZHLWHW KDW 'HU $EUXI
GHU RKQH $QODVV XQG DXI 9RUUDW JHVSHLFKHUWHQ 7HOHNRP
PXQLNDWLRQVGDWHQ VHL GDPLW YRUOlXILJ QXU QRFK ]XU $E
ZHKU HLQHU GULQJHQGHQ *HIDKU IU /HLE /HEHQ RGHU
)UHLKHLW HLQHU 3HUVRQ IU GHQ %HVWDQG RGHU GLH 6LFKHU
KHLW GHV %XQGHV RGHU HLQHV /DQGHV RGHU ]XU $EZHKU HL
QHU JHPHLQHQ *HIDKU ]XOlVVLJ $XFK ZHQQ HV VLFK QXU
XP HLQH YRUOlXILJH 5HJHOXQJ KDQGHOH KDEH GDV %XQGHV
YHUIDVVXQJVJHULFKW GDPLW GRFK NODUJHVWHOOW GDVV RKQH
$QODVV JHVSHLFKHUWH 'DWHQ QXU GDQQ YHUZHQGHW ZHUGHQ
GUIWHQ ZHQQ HV VLFK XP HLQH GULQJHQGH *HIDKU IU
EHUUDJHQG ZLFKWLJH 5HFKWVJWHU KDQGHOH 'DV %XQGHV
YHUIDVVXQJVJHULFKW ZDKUH GDPLW GDV 9HUWUDXHQ LQ GLH
DOOJHPHLQH 8QEHIDQJHQKHLW GHV HOHNWURQLVFKHQ ,QIRU
PDWLRQV XQG *HGDQNHQDXVWDXVFKV :LH GHU 3UlVLGHQW
GHU %XQGHVUHFKWVDQZDOWVNDPPHU +HUU 5HFKWVDQZDOW
$[HO & )LOJHV HUNOlUWH PVVWHQ GLHVH *UXQGVlW]H DXFK
EHLP JHSODQWHQ %.$*HVHW] EHDFKWHW ZHUGHQ 'LH ]XU
$EZHKU GHV LQWHUQDWLRQDOHQ 7HUURULVPXV HUKREHQHQ 'D
WHQ GUIWHQ QLFKW RKQH ZHLWHUHV XQG ZLH ELVKHU JHVFKH
KHQ ]XU 9HUIROJXQJ YRQ 6WUDIWDWHQ JHULQJHUHU %HGHX
WXQJ ZLH 'LHEVWDKO YHUZHQGHW ZHUGHQ
'LH 3UHVVHHUNOlUXQJ LP 2ULJLQDOZRUWODXW N|QQHQ 6LH EHL
%HGDUI EHU XQVHUH .DPPHUJHVFKlIWVVWHOOH DQIRUGHUQ
VFK
†Ïz†g_gÁÛgUƒÅg †” 5Á©Á×sԗzÅ<ÔÅÅUƒÔÅÅ s×Á 5gÁÛ<ÏԗzÅÁgUƒÏ
+HUU .ROOHJH +RUVW :RKOJHPXWK GHU ELVODQJ 9RUVLW
]HQGHU GHV 9RUSUIXQJVDXVVFKXVVHV IU 9HUZDOWXQJV
UHFKW ZDU KDW QDFK $EODXI GHU +lOIWH GHU MHW]LJHQ Ä/H
JLVODWXUSHULRGH³ VHLQ $PW DXV $OWHUVJUQGHQ QLHGHUJH
OHJW (V PXVVWH GHVKDOE HLQH HQWVSUHFKHQGH 1HXEHVHW
]XQJ YRUJHQRPPHQ ZHUGHQ 'HU 3UlVLGHQW GHU 5HFKWV
DQZDOWVNDPPHU $OIUHG 8OULFK GDQNWH +HUUQ :RKOJH
PXWK LP 1DPHQ GHV .DPPHUYRUVWDQGV IU VHLQ HQJD
JLHUWHV XQG KRFK TXDOLIL]LHUWHV :LUNHQ LP $XVVFKXVV
,Q VHLQHU 6LW]XQJ DP KDW GHU 9RUVWDQG +HUUQ
.ROOHJHQ 'U :LOIULHG - %DQN ELVKHULJHV VWHOOYHUWUHWHQ
GHV 0LWJOLHG ]XP RUGHQWOLFKHQ 0LWJOLHG XQG +HUUQ
әx
.ROOHJHQ :ROIUDP 7DFNH ]XP QHXHQ VWHOOYHUWUHWHQGHQ
0LWJOLHG GHV 9HUZDOWXQJVUHFKWV$XVVFKXVVHV EHUXIHQ
'HU $XVVFKXVV VHW]W VLFK VRPLW MHW]W ZLH IROJW ]XVDPPHQ
2UGHQWOLFKH 0LWJOLHGHU
5$ 'U :LOIULHG - %DQN 'VVHOGRUI
5$ .DUO +HLQ] %RUWORII 'VVHOGRUI
5$ 3URI 'U .ODXV 2HKPHQ 'VVHOGRUI
6WHOOYHUWUHWHQGHV 0LWJOLHG
5$ :ROIUDP 7DFNH 0RHUV
VRE
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
gÁ”<—— Á ƒg ۆÁ_ -Ï<<ÏŔ†—†ÅÏgÁ †” ԗ_gŎ<—àgÁ<”Ï
0LW :LUNXQJ ]XP LVW GDV KLHVLJH .DPPHU
PLWJOLHG +HUPDQQ *U|KH DXV 1HXVV YRQ GHU %XQGHV
NDQ]OHULQ ]XP 6WDDWVPLQLVWHU LP .DQ]OHUDPW EHUXIHQ
ZRUGHQ (U IROJW DXI +LOGHJDUG 0OOHU GLH LQ GLH :LUW
VFKDIW JHZHFKVHOW LVW +HUU .ROOHJH *U|KH OHJWH VHLQ HUVWHV XQG VHLQ ]ZHLWHV 6WDDWVH[DPHQ DE XQG
LVW VHLW ]XU $QZDOWVFKDIW ]XJHODVVHQ =XOHW]W ZDU
+HUU .ROOHJH *U|KH LQVEHVRQGHUH DOV -XVWLWLDU GHU 8QL
RQVIUDNWLRQ LP %XQGHVWDJ WlWLJ
VFK
—_gÁԗz _gÁ gÅgÏàԗz _gÅ 5ÁÅÏ<—_gÅ _gÅ †—ŏ<Žg—gÁ —Û<ÏÚgÁg†—Å
:LH GLH 9RUVLW]HQGH GHV 'LQVODNHQHU $QZDOWYHUHLQV
)UDX 5HFKWVDQZlOWLQ %HDWH 6WDKO DP PLW
WHLOWH LVW GHU 9RUVWDQG GHV 'LQVODNHQHU $QZDOWYHUHLQV
PLW GHU OHW]WHQ -DKUHVKDXSWYHUVDPPOXQJ QHX EHVHW]W
ZRUGHQ 1HXH 9RUVLW]HQGH LVW QXQ ± ZLH EHUHLWV JHVFKLO
GHUW ± )UDX 5HFKWVDQZlOWLQ %HDWH 6WDKO 6WHOOYHUWUHWHULQ
XQG .DVVLHUHULQ LVW )UDX 5HFKWVDQZlOWLQ %LUJLW +HQQLJ
VFK
†ÏÏg _gÁ , Ԕ 3LgÁ”†ÏϏԗz ڝ— :<ƒg—”<ÏgÁ†< àÔ Ç uÓÓ Lů Ó Ô¯ Ð :*!
'LH %XQGHVUHFKWVDQZDOWVNDPPHU LQIRUPLHUW XQV EHU
HLQH EHLP 3HWLWLRQVDXVVFKXVV GHV 'HXWVFKHQ %XQGHV
WDJV HLQJHJDQJHQH 3HWLWLRQ GLH VLFK JHJHQ † $EV =32 ULFKWH XQG HLQH =XOlVVLJNHLW GHU 5HFKWVEHVFKZHUGH
IRUGHUH
,Q GLHVHP =XVDPPHQKDQJ KDEH GDV %XQGHVMXVWL]PLQLV
WHULXP GLH %5$. XP hEHUPLWWOXQJ YRQ =DKOHQPDWHULDO
]X GHU )UDJH JHEHWHQ ZLH RIW HV ]X HLQHU PLVVEUlXFK
OLFKHQ 1XW]XQJ GHU 9RUVFKULIW NRPPH
'D GHU %5$. HQWVSUHFKHQGH HPSLULVFKH 'DWHQ QLFKW
YRUOLHJHQ ELWWHW VLH GLH HLQ]HOQHQ 5HJLRQDONDPPHUQ
LKUH 0LWJOLHGHU ]XU hEHUPLWWOXQJ VROFKHQ 0DWHULDOV DXI
]XUXIHQ
%LWWH VHQGHQ 6LH HQWVSUHFKHQGH ,QIRUPDWLRQHQ XQPLWWHO
EDU DQ GLH %XQGHVUHFKWVDQZDOWVNDPPHU 5HFKWVDQZlO
WLQ $QDEHO YRQ 3UHXVFKHQ ± SUHXVFKHQ#EUDNGH
VRE
05…0”sÁ<zg àÔ _g— <—àg†Ô”Å@Ïàg— ÓââÉ
,Q LKUHU 2NWREHUDXVJDEH EHULFKWHWH GLH =HLWVFKULIW Ä-8
9( 5HFKWVPDUNW³ EHU GLH $XVZHUWXQJ LKUHU 8PIUDJH
EHU GLH .DQ]OHLXPVlW]H GHV ]XUFNOLHJHQGHQ -DKUHV
HLQH 3DUWQHUVWXQGH EHL (XUR ,Q OlQGOLFKHQ 5HJLR
QHQ LVW GHU GXUFKVFKQLWWOLFKH 6WXQGHQVDW] PLW (XUR
GHXWOLFK QLHGULJHU
%HIUDJW ZXUGHQ UXQG PLWWHOJUR‰H .DQ]OHLHQ PLW
ZHQLJHU DOV $QJHVWHOOWHQ VRZLH %RXWLTXHQ QDFK LK
UHQ GXUFKVFKQLWWOLFKHQ 6WXQGHQVlW]HQ IU 3DUWQHU XQG
$VVRFLDWHV ,QVJHVDPW JLQJHQ $QWZRUWHQ HLQ +LQ]X
NDPHQ 5HFKHUFKHJHVSUlFKH EHL .DQ]OHLHQ DXFK *UR‰
NDQ]OHLHQ XQG $XVNQIWH YRQ UXQG 0DQGDQWHQ
$XFK LQ GHQ HLQ]HOQHQ 5HFKWVJHELHWHQ XQWHUVFKHLGHQ
VLFK GLH 6WXQGHQVlW]H HUKHEOLFK :HJHQ GHU (LQ]HOKHL
WHQ GUIHQ ZLU DXI GLH 2ULJLQDOXPIUDJH YHUZHLVHQ GLH
EHU XQVHUH .DPPHUJHVFKlIWVVWHOOH DQJHIRUGHUW ZHUGHQ
NDQQ
$XV GHU 8PIUDJH JHKW KHUYRU GDVV 0DQGDQWHQ LP
'XUFKVFKQLWW IU HLQH 6WXQGH 5HFKWVEHUDWXQJ EHL HLQHP
3DUWQHU (XUR XQG IU HLQH 6WXQGH EHL HLQHP $VVR
FLDWH (XUR EH]DKOHQ 'DEHL VLQG LQ GHQ 0HWURSROUH
JLRQHQ GLH 3UHLVH K|KHU DOV DXI GHP /DQG ,Q ZLUWVFKDIW
OLFKHQ =HQWUHQ OLHJHQ GLH GXUFKVFKQLWWOLFKHQ .RVWHQ IU
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
=XVDPPHQIDVVHQG OlVVW VLFK VDJHQ GDVV GLH (UJHEQLVVH
GLH YRQ -89( KHUDXVJHDUEHLWHW ZXUGHQ GHXWOLFK K|KHU
VLQG DOV GLH (UJHEQLVVH GHU 8QWHUVXFKXQJ GHV 6ROGDQ ,Q
VWLWXWV IU $QZDOWPDQDJHPHQW XQG GHV ,QVWLWXWV IU
)UHLH %HUXIH 'RUW ODJHQ GLH 'XUFKVFKQLWWVVlW]H QRFK
EHL FD (XUR
VFK
әu
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
ÁLg†ÏŎÅÏg—gÁƒgLԗz Óââl _ÔÁUƒ _<Å -Ï<φÅφÅUƒg ԗ_gÅ<”Ï
'DV 6WDWLVWLVFKH %XQGHVDPW KDW GLH 5HFKWVDQZDOWVNDP
PHUQ EHU GLH %XQGHVUHFKWVDQZDOWVNDPPHU JHEHWHQ HLQ
,QIRUPDWLRQVVFKUHLEHQ ]XU $UEHLWVNRVWHQHUKHEXQJ JHJHQEHU GHQ .DPPHUPLWJOLHGHUQ EHNDQQW]XPDFKHQ
'DV ,QIRUPDWLRQVVFKUHLEHQ DXV $XJXVW N|QQHQ 6LH
EHU XQVHUH .DPPHUJHVFKlIWVVWHOOH DQIRUGHUQ
'LH (UKHEXQJ GHV 6WDWLVWLVFKHQ $PWHV GHU (XURSlLVFKHQ
*HPHLQVFKDIWHQ (XURVWDW EHWULIIW GLH $UEHLWVNRVWHQ IU
GDV -DKU $E 2NWREHU ZHUGHQ GDKHU 8QWHU
QHKPHQ ± VRPLW DXFK 5HFKWVDQZDOWVNDQ]OHLHQ ± PLW RGHU PHKU $UEHLWQHKPHUQ DQJHVFKULHEHQ XQG JHEHWHQ
GLH IU GLH (UKHEXQJ HUIRUGHUOLFKHQ $QJDEHQ ]XP 3HUVR
QDODXIZDQG LP *HVFKlIWVMDKU LP =XJH LKUHV -DK
UHVDEVFKOXVVHV ]XVDPPHQ]XVWHOOHQ 'LH HLJHQWOLFKHQ
)UDJHE|JHQ VROOHQ ]X %HJLQQ GHV -DKUHV EHL GHQ
EHULFKWVSIOLFKWLJHQ 8QWHUQHKPHQ HLQJHKHQ
'LH $UEHLWVNRVWHQHUKHEXQJ GLH GXUFK (8*HVHW]H DOOH
YLHU -DKUH DQJHVHW]W ZLUG LQIRUPLHUW EHU /|KQH XQG
*HKlOWHU 8PIDQJ XQG =XVDPPHQVHW]XQJ YRQ 3HUVR
QDONRVWHQ VRZLH GLH $Q]DKO YRQ WDWVlFKOLFK JHOHLVWHWHQ
$UEHLWVVWXQGHQ %HIUDJW ZHUGHQ DOOH UHFKWOLFK VHOEVW
VWlQGLJHQ (LQULFKWXQJHQ DOVR VRZRKO 3HUVRQDO XQG
.DSLWDOJHVHOOVFKDIWHQ DOV DXFK )UHLEHUXIOHU .|USHU
VFKDIWHQ XQG 6WLIWXQJHQ SULYDWHQ XQG |IIHQWOLFKHQ
5HFKWV 'LH (UJHEQLVVH GHU $UEHLWVNRVWHQHUKHEXQJ
ZHUGHQ XD YRQ GHU (XURSlLVFKHQ .RPPLVVLRQ GHU (X
URSlLVFKHQ =HQWUDOEDQN GHU 2(&' GHU %XQGHVUHJLH
UXQJ XQG GHQ 8QWHUQHKPHQ VHOEVW JHQXW]W 6LH HUP|JOL
FKHQ 3URJQRVHQ EHU %HVFKlIWLJXQJ XQG ,QIODWLRQ 7D
ULIYHUKDQGOXQJHQ $EVFKlW]XQJ YRQ GHQ )ROJHQ ZLUW
VFKDIWV XQG VR]LDOSROLWLVFKHU 0D‰QDKPHQ XQG HLQH
(LQRUGQXQJ GHU 6R]LDOSROLWLN
*HJHQEHU GHU OHW]WHQ $UEHLWVNRVWHQHUKHEXQJ VRO
OHQ VLFK IROJHQGH 3XQNWH JHlQGHUW KDEHQ (V ZLUG HLQH
QHXH .ODVVLILNDWLRQ GHU :LUWVFKDIWV]ZHLJH HLQJHIKUW
HV ZHUGHQ PHKU )UDJHQ ]XU EHWULHEOLFKHQ $OWHUVYRUVRU
JH XQG ZHQLJHU )UDJHQ ]XU $UEHLWV]HLW JHVWHOOW $X‰HU
GHP LVW HV HUVWPDOV P|JOLFK RQOLQH DQ GHU (UKHEXQJ
WHLO]XQHKPHQ
0LW (UJHEQLVVHQ GHU (UKHEXQJ LVW 0LWWH ]X UHFK
QHQ ,Q GHU %XQGHVUHSXEOLN 'HXWVFKODQG ILQGHW GLH $U
EHLWVNRVWHQHUKHEXQJ DOV 6WLFKSUREHQHUKHEXQJ
VWDWW (V VROOHQ EXQGHVZHLW FD UHSUlVHQWDWLY DXV
JHZlKOWH 8QWHUQHKPHQ HLQEH]RJHQ ZHUGHQ )U $UEHLW
JHEHU EHVWHKW $XVNXQIWVSIOLFKW QDFK † 9HUGLHQVWVWD
WLVWLNJHVHW] 9HUG6WDW* L9 PLW † %XQGHVVWDWLVWLN
JHVHW] %6WDW*
VFK
*Å†Ï†—Å©<©†gÁ àÔÁ gŝ_ԗz ԗ_ 5gÁŝÁzԗz _gÁ ,†UƒÏgÁ ԗ_ -Ï<<ÏÅ<—Û@Ïg
'HU 'HXWVFKH 5LFKWHUEXQG XQG GHU %XQG 'HXWVFKHU
9HUZDOWXQJVULFKWHU XQG 9HUZDOWXQJVULFKWHULQQHQ KDEHQ
LQ HLQHU JHPHLQVDPHQ 3UHVVHHUNOlUXQJ XQG HLQHP EHL
JHIJWHQ 3RVLWLRQVSDSLHU GLH $QSDVVXQJ GHU %HVROGXQJ
GHU 5LFKWHU JHIRUGHUW 'LH 3UHVVHPHOGXQJ VRZLH GDV 3R
VLWLRQVSDSLHU N|QQHQ 6LH LQ XQVHUHU .DPPHUJHVFKlIWV
VWHOOH DQIRUGHUQ
'LH 5LFKWHUVFKDIW DUJXPHQWLHUW PLW HLQHP *XWDFKWHQ
GHU %HUDWXQJVJHVHOOVFKDIW .LHQEDXP GDV GLH 5LFKWHU
EHVROGXQJ PLW *HKDOWVGDWHQ YRQ 0LWDUEHLWHUQ LQ GHU 3UL
YDWZLUWVFKDIW XQG LQ LQWHUQDWLRQDOHQ VRZLH JUR‰HQ $Q
ZDOWVNDQ]OHLHQ YHUJOHLFKW
1DFK $XIIDVVXQJ GHU %XQGHVUHFKWVDQZDOWVNDPPHU VHL
HV ]ZDU ULFKWLJ GDVV GLH -XVWL] HEHQVR ZLH JUR‰H .DQ]
OHLHQ XQG 8QWHUQHKPHQ GLH -XULVWHQ PLW GHQ EHVWHQ 4XD
OLILNDWLRQHQ HLQVWHOOH 'LHVH YHUGLHQWHQ LQ GHU 3ULYDW
ZLUWVFKDIW VHOEVWYHUVWlQGOLFK DXFK PHKU DOV LQ GHU -XVWL]
$OOHUGLQJV VHL HV ]ZHLIHOKDIW RE GLH LQ GHP 3RVLWLRQV
SDSLHU ]XJUXQGH JHOHJWHQ =DKOHQ ZLUNOLFK ULFKWLJ VHLHQ
6LH HUVFKLHQHQ VHKU KRFK IU 'XUFKVFKQLWWV]DKOHQ 'DU
EHU KLQDXV VHL ]X EHUFNVLFKWLJHQ GDVV GHU 9HUJOHLFK
LQVRIHUQ KLQNH DOV GDVV 5LFKWHU HUKHEOLFK JHULQJHUH 6R
]LDODEJDEHQ OHLVWHQ PVVWHQ DOV DQJHVWHOOWH 5HFKWVDQ
ZlOWH RGHU 8QWHUQHKPHQVMXULVWHQ *OHLFKZRKO VHL HV QD
WUOLFK ULFKWLJ GDVV HLQ IXQNWLRQLHUHQGHV 5HFKWVV\VWHP
HUIRUGHUH GDVV DXFK 5LFKWHU XQG 6WDDWVDQZlOWH DQJH
PHVVHQ LKUHQ /HLVWXQJHQ HQWVSUHFKHQG YHUJWHW ZU
GHQ
VFK
5gÁLÁ<ÔUƒgÁ©Ág†Å†—_gÜ s×Á gÔÏÅUƒ<—_
:LH GDV 6WDWLVWLVFKH %XQGHVDPW PLWWHLOW LVW GHU 9HUEUDX
FKHUSUHLVLQGH[ IU 'HXWVFKODQG LP -XOL JHJHQEHU
әÊ
-XOL XP JHVWLHJHQ 'LH ,QIODWLRQVUDWH YHU
EOLHE GDPLW DXFK LP -XOL DXI LKUHP K|FKVWHQ 6WDQG
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
VHLW IDVW -DKUHQ ,P 9HUJOHLFK ]XP 9RUPRQDW -XQL
HUK|KWH VLFK GHU ,QGH[ XP 'LH 6FKlW]XQJ
IU -XOL ZXUGH GDPLW EHVWlWLJW 'LH ,QIODWLRQVUDWH LP
-XOL LVW ZHVHQWOLFK YRP 3UHLVDXIWULHE GHU 9HU
EUDXFKVJWHU JHSUlJW 'RUW ZDU HLQ $QVWLHJ XP ]X
YHU]HLFKQHQ 9RU DOOHP GLH 3UHLVH IU (QHUJLH XQG 1DK
UXQJVPLWWHO ODJHQ LP -XOL PLW XQG ZHLW
EHU GHP 9RUMDKUHVPRQDW XQG HUNOlUHQ JXW ]ZHL 'ULWWHO
GHU *HVDPWSUHLVVWHLJHUXQJVUDWH 'LH GHWDLOOLHUWH 6WDWLVWLN
N|QQHQ 6LH LP ,QWHUQHW XQWHU ZZZGHVWDWLVGH DEUXIHQ
VFK
ÔÅL†_ԗzÅ©<ŽÏÅÏ<φÅφŽ àԔ Ф¯™¯Óââl
'LH %XQGHVDJHQWXU IU $UEHLW KDW JHPHLQVDP PLW GHQ
3DUWQHUQ GHV $XVELOGXQJVSDNWHV DP HLQH
3UHVVHHUNOlUXQJ ]XU /DJH DXI GHP $UEHLWVPDUNW DEJH
JHEHQ
4XLQWHVVHQ] GHU (UNOlUXQJ LVW GDVV GDV JHPHLQVDPH
+DQGHOQ ELVODQJ GHXWOLFKH (UIROJH ]HLJH GD HUVWPDOV
VHLW VLHEHQ -DKU PHKU XQEHVHW]WH 6WHOOHQ DOV XQYHUVRUJWH
%HZHUEHU YRUOlJHQ $XFK LQ GLHVHP -DKU KDEH VLFK GLH
%LODQ] GHV $XVELOGXQJVSDNWHV QRFKPDOV YHUEHVVHUW 'LH
*HVDPWZLUWVFKDIW KDEH GLH =DKO GHU QHX DEJHVFKORVVH
QHQ $XVELOGXQJVYHUWUlJH ]XP JHJHQEHU
GHP 9RUMDKU XP DXI $XVELO
GXQJVYHUWUlJH VWHLJHUQ N|QQHQ %HL GHQ )UHLHQ %HUXIHQ
VHLHQ 9HUWUlJH DEJHVFKORVVHQ ZRUGHQ HLQ OHLFK
WHV 0LQXV YRQ ± 'LH EHL GHU 3DNWYHUOlQJH
UXQJ LP 0lU] QRFK HLQPDO HUK|KWHQ XQG VHKU HKU
JHL]LJHQ =LHOH VHLHQ PLW GHU (LQZHUEXQJ YRQ $XVELOGXQJVSOlW]HQ XQG $XVELOGXQJVEHWULHEHQ
EHUVFKULWWHQ ZRUGHQ 6WHOOHQ IU (LQVWLHJVTXD
OLIL]LHUXQJHQ VHLHQ HEHQIDOOV HLQJHZRUEHQ ZRUGHQ GDV
(QJDJHPHQW ZHUGH IRUWJHVHW]W
=XP (QGH GHV %HUXIVEHUDWXQJVMDKUHV XQG DP VHLHQ EHL GHU $XVELOGXQJVYHUPLWWOXQJ
QRFK XQEHVHW]WH $XVELOGXQJVSOlW]H UHJLVWULHUW
JHZHVHQ ,KQHQ KlWWHQ XQYHUVRUJWH %HZHUEHULQ
QHQ XQG %HZHUEHU JHJHQEHUJHVWDQGHQ 'DPLW VHL GLH
=DKO GHU XQEHVHW]WHQ $XVELOGXQJVSOlW]H HUVWPDOV VHLW
ZLHGHU K|KHU DOV GLH GHU XQYHUVRUJWHQ %HZHUEHU
+LQ]XZHLVHQ VHL DOOHUGLQJV DXFK DXI ZHLWHUKLQ EHVWH
KHQGH UHJLRQDOH XQG VWUXNWXUHOOH 8QWHUVFKLHGH DXI GHP
$XVELOGXQJVPDUNW ,Q HLQLJHQ 5HJLRQHQ XQG %HUXIHQ
ZHUGH HV ]XQHKPHQG VFKZLHULJ DOOH YRUKDQGHQHQ
$XVELOGXQJVSOlW]H ]X EHVHW]HQ 'LH =DKOHQ ]HLJWHQ
DEHU DXFK GDVV GDV VWDUNH (QJDJHPHQW GHU 3DNWSDUWQHU
VLFK DXV]DKOH ± XQWHUVWW]W YRQ GHU ELVODQJ ZHLWJHKHQG
JQVWLJHQ NRQMXQNWXUHOOHQ /DJH GLH YROO DXI GHQ $XV
ELOGXQJVPDUNW GXUFKVFKODJH =X GHP JXWHQ (UJHEQLV
KlWWHQ OHW]WOLFK DXFK GLH YRQ GHU %XQGHVDJHQWXU IU
$UEHLW JHI|UGHUWH DX‰HUEHWULHEOLFKH $XVELOGXQJ XQG
GLH $XVELOGXQJVI|UGHUSURJUDPPH GHU %XQGHVUHJLH
UXQJ EHLJHWUDJHQ 0DQ N|QQH GDKHU IHVWKDOWHQ GDVV
GLH 3HUVSHNWLYHQ IU GLH 9HUPLWWOXQJ DXV %HZHUEHU
VLFKW VHKU JXW OLHIHQ *OHLFKHV JlOWH IU GLH $NWLYLWlWHQ
]XU 1DFKYHUPLWWOXQJ YRQ $UEHLWVDJHQWXUHQ $UEHLWV
JHPHLQVFKDIWHQ XQG .DPPHUQ 'DPLW ZHUGH GLH =XVD
JH GHV $XVELOGXQJVSDNWHV DOOHQ -XJHQGOLFKHQ HLQ $Q
JHERW ]X XQWHUEUHLWHQ DXFK LQ GLHVHP -DKU ZLHGHUXP
HLQJHO|VW
$EVFKOLH‰HQG UXIW GLH %XQGHVDJHQWXU $XVELOGXQJVEH
WULHEH GD]X DXI LQ LKUHP (QJDJHPHQW QLFKW QDFK]XODV
VHQ 'LH $XVELOGXQJVEHWULHEH E|WHQ -XJHQGOLFKHQ HLQH
=XNXQIWVFKDQFH XQG VLFKHUWHQ GHQ HLJHQHQ NQIWLJHQ
)DFKNUlIWHQDFKZXFKV
'LH 3UHVVHHUNOlUXQJ LP 2ULJLQDO GLH GD]XJHK|ULJH
$XVELOGXQJVSDNWVWDWLVWLN GHV %XQGHVYHUEDQGHV GHU
)UHLHQ %HUXIH XQG GLH (LQ]HODXIOLVWXQJ IU 5H1R3DW
)DFKDQJHVWHOOWH N|QQHQ 6LH DXI XQVHUHU .DPPHUJH
VFKlIWVVWHOOH DQIRUGHUQ
VFK
ÔÅL†_ԗzŎ<”©<z—g _gÁ ,
%HNDQQWOLFK KDEHQ VLFK GLH )UHLHQ %HUXIH GHP QDWLRQD
OHQ 3DNW IU $XVELOGXQJ XQG )DFKNUlIWHQDFKZXFKV LQ
'HXWVFKODQG ELV DQJHVFKORVVHQ
1DFK ZLH YRU VLQG DEHU LP %HUHLFK GHU 5HFKWVDQZDOWV
XQG 1RWDUIDFKDQJHVWHOOWHQ GLH $XVELOGXQJV]DKOHQ UFN
OlXILJ 'HVKDOE KDW GLH %XQGHVUHFKWVDQZDOWVNDPPHU
HLQH NDPPHUEHUJUHLIHQGH :HUEHNDPSDJQH XQWHU GHP
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
0RWWR Ä5HFKW FOHYHU³ YRUEHUHLWHW GLH HV GHQ .DPPHUQ
HUP|JOLFKW PLW HLQKHLWOLFKHP $XIWUHWHQ :LHGHUHUNHQ
QXQJVZHUW XQG LQ YLHOIlOWLJHQ %HUHLFKHQ MXQJH 0HQ
VFKHQ IU GHQ %HUXI GHVGHU 5HFKWVDQZDOWVIDFKDQJH
VWHOOWHQ1RWDUIDFKDQJHVWHOOWHQ ]X LQWHUHVVLHUHQ
(LQ *UR‰WHLO GHU :HUEXQJ EHILQGHW VLFK LP ,QWHUQHW XQWHU
ZZZUHFKWFOHYHULQIR 'RUW VLQG DOOH (UVWLQIRUPDWLRQHQ
әÉ
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
]XP $XVELOGXQJVYHUKlOWQLV YRQ 5HFKWVDQZDOWV XQG
1RWDUIDFKDQJHVWHOOWHQ ]X ILQGHQ 'LH 6HLWHQ LQIRUPLH
UHQ EHU GHQ $XVELOGXQJVEHUXI GHQ %URDOOWDJ GLH
$XVELOGXQJ LQ .DQ]OHL XQG 6FKXOH VRZLH )RUWELOGXQJV
P|JOLFKNHLWHQ 6R ZLUG GHQ ,QWHUHVVHQWHQ EHLVSLHOVZHL
VH HUNOlUW ZHOFKH 9RUDXVVHW]XQJHQ VLH PLWEULQJHQ VROO
WHQ ZLH LKUH $XVELOGXQJ LQ .DQ]OHL XQG 6FKXOH NRQNUHW
DEOlXIW XQG ZLH YLHO VLH LQ GHU $XVELOGXQJ YHUGLHQHQ
'DVV GLH Ä.DUULHUH³ PLW GHP %HVWHKHQ GHU $EVFKOXVV
SUIXQJ QLFKW EHHQGHW LVW VROO ]XGHP GXUFK GHQ +LQ
ZHLV DXI GLH )RUWELOGXQJVP|JOLFKNHLWHQ XQWHUVWULFKHQ
ZHUGHQ
)HUQHU XQWHUVWW]W GLH DXI GHU +RPHSDJH LQWHJULHUWH
6WHOOHQE|UVH $QZDOWVNDQ]OHLHQ XQG %HZHUEHU LQ GHU
9HUPLWWOXQJ YRQ $XVELOGXQJVYHUKlOWQLVVHQ 'LH %XQ
GHVUHFKWVDQZDOWVNDPPHU VWHOOW DXFK MHGHU]HLW JHUQH
QHXH $QJHERWH RGHU *HVXFKH YRQ $XVELOGXQJVSOlW]HQ
HLQ (QWVSUHFKHQGH *HVXFKH N|QQHQ SHU (0DLO DQ
IUDQNH#EUDNGH JHULFKWHW ZHUGHQ
1HEHQ GHU ,QWHUQHWVHLWH VWHKW GHQ 5HFKWVDQZDOWVNDP
PHUQ HLQ 7DVFKHQEXFK IU 5HFKWVDQZDOWVIDFKDQJHVWHOO
WH ]XU 9HUIJXQJ GDV DOV +DQGEXFK IU GLH $XVELOGXQJ
MHGHP LQWHUHVVLHUWHQ %HZHUEHU MHGHQIDOOV MHGHP $XV]X
ELOGHQGHQ DQ GLH +DQG JHJHEHQ ZHUGHQ VROOWH (QWVSUH
FKHQG JHVWDOWHQ VLFK DXFK )O\HU 3ODNDWH XQG 0HVVHVWlQ
GH GLH GHQ .DPPHUQ ]XU 9HUIJXQJ VWHKHQ
'LH 5HFKWVDQZDOWVNDPPHU 'VVHOGRUI KDW GDV YRUKDQ
GHQH 0DWHULDO EHUHLWV HUIROJUHLFK EHL YHUVFKLHGHQHQ
$XVELOGXQJVPHVVHQ HLQJHVHW]W XP VR HUVWHV ,QWHUHVVH
DQ GHP $XVELOGXQJVEHUXI ]X ZHFNHQ
'LH %XQGHVUHFKWVDQZDOWVNDPPHU HUKRIIW VLFK PLW GHU
JHVDPWHQ .DPSDJQH GDVV VLH VR GDV ,QWHUHVVH TXDOLIL
]LHUWHU %HZHUEHU ZHFNW XQG JOHLFK]HLWLJ GLH $XVELO
GXQJVPGLJNHLW GHU .DQ]OHLHQ EHUZLQGHW 'XUFK JH
]LHOWH ,QIRUPDWLRQHQ EHU GHQ $XVELOGXQJVEHUXI VROO HU
UHLFKW ZHUGHQ GDVV GLH ZLUNOLFK ,QWHUHVVLHUWHQ XQG 4XD
OLIL]LHUWHQ DQJHVSURFKHQ ZHUGHQ XQG VLFK LQ GHQ .DQ]
OHLHQ EHZHUEHQ
VFK
Ê⯠/<zԗz _gÁ _gÔÏÅUƒ…—†g_gÁ@—_†ÅUƒg— ÔÁ†ÅÏg—Ž—sgÁg—à †— ”ÅÏgÁ_<”
ڝ” Я L†Å u¯¤â¯Óââl
'LH -DKUHVWDJXQJ GHU GHXWVFKQLHGHUOlQGLVFKHQ -X
ULVWHQNRQIHUHQ] LQ $PVWHUGDP IDQG EHVRQGHUH %HDFK
WXQJ ]XP HLQHQ GXUFK GLH 7HLOQDKPH GHV GHXWVFKHQ %RW
VFKDIWHUV LQ GHQ 1LHGHUODQGHQ ]XP DQGHUHQ GXUFK GLH
9HUOHLKXQJ GHV QLHGHUOlQGLVFKHQ 9HUGLHQVWRUGHQV DQ
GLH EHLGHQ GHXWVFKHQ 2UJDQLVDWLRQHQ GHU .RQIHUHQ]
:LFKWLJVWHU 7DJHVRUGQXQJVSXQNW ZDU HLQ 9RUWUDJ GHV
%XQGHVYHUIDVVXQJVULFKWHUV 3URI 'U 8GR GL )DELR XQWHU
GHP 7LWHO Ä'LIIHUHQ]LHUWH )UHLKHLW XQG YHUERWHQH 'LV
NULPLQLHUXQJ³ 'LH 8PVHW]XQJ GHU HXURSlLVFKHQ $QWL
GLVNULPLQLHUXQJVULFKWOLQLH LQ QDWLRQDOHV 5HFKW XQG GH
UHQ 9ROO]XJ ]HLJH LQ EHVRQGHUHU :HLVH DXI LQ ZHOFKHU
:HLVH GLH *UHQ]HQ ]ZLVFKHQ 9HUZDOWXQJVUHFKW XQG 3UL
YDWUHFKW LPPHU PHKU YHUZLVFKW ZUGHQ GXUFK GLH $XV
GHKQXQJ VWDDWOLFKHU .RQWUROOHQ LQ ]LYLOUHFKWOLFKH XQG
SULYDWH )UHLKHLWVVSKlUHQ :HQQ GLH JHVHW]OLFK QRUPLHUWH
$QWLGLVNULPLQLHUXQJ GD]X IKUH GDVV DOOH ]LYLOUHFKWOL
FKHQ %HUHLFKH XQWHU GHP *HVLFKWVSXQNW GHU 'LVNULPL
QLHUXQJ ]X SUIHQ VLQG EHVWHKH GLH *HIDKU GHU (QWPQ
GLJXQJ GHV %UJHUV LQ VHLQHQ )UHLKHLWVUHFKWHQ
(LQ ZHLWHUHU +|KHSXQNW ZDU GHU 9RUWUDJ YRQ +HUUQ
3URI %DFNHV +RFKVFKXOOHKUHU IU 6WDDWV XQG 9HUZDO
WXQJVUHFKW DQ GHU 8QLYHUVLWlW 0DDVWULFKW PLW GHP 7LWHO
Ä%HVVHUH /XIW LP 1DFKEDUODQG"³ ]XU (IIHNWLYLWlW YRQ
(*5HFKW EHL XQWHUVFKLHGOLFKHQ YHUZDOWXQJVSUR]HVVX
DOHQ 5HJHOXQJHQ $P %HLVSLHO GHU )HLQVWDXEULFKWOLQLH
GHU (8 VWHOOWH +HUU 3URI %DFNHV GDU GDVV YLHOIDFK (8
5LFKWOLQLHQ HLQLJHUPD‰HQ SUREOHPORV LQ GHQ 0LWJOLHG
әl
VWDDWHQ GHU (8 LQ QDWLRQDOHV 5HFKW XPJHZDQGHOW ZU
GHQ GHU QDWLRQDOH 9ROO]XJ GDQQ DEHU DXFK ]HLJH GDVV
GLH /HJLWLPDWLRQ YLHOHU (85LFKWOLQLHQ ZHJHQ XQWHU
VFKLHGOLFKHU QDWLRQDOHU $XVIKUXQJ IUDJZUGLJ ZHUGH
ZHLO GLH 'LVNXVVLRQVEHUHLWVFKDIW GHU 0LWJOLHGVWDDWHQ
EHU GLH 8PVHW]XQJ GHU 5LFKWOLQLHQ ZHLWJHKHQG XQWHU
HQWZLFNHOW VHL GLH ,QWHUSUHWDWLRQ LQ GHQ 0LWJOLHGVWDDWHQ
QLFKW ]X YHUHLQKHLWOLFKHQ VHL HWZD KLQVLFKWOLFK GHU
6DFKYHUKDOWVHUPLWWOXQJ KLQVLFKWOLFK GHU NODUHQ 'HILQL
WLRQ GHU .ODJHEHIXJQLV %HWURIIHQHU XQG KLQVLFKWOLFK GHU
GHXWOLFKHQ (UVFKZHUXQJ GHU 8PVHW]XQJ GXUFK XQWHU
VFKLHGOLFKH 9HUIDKUHQVGDXHUQ ELV ]X -DKUHQ YRU GHQ
QDWLRQDOHQ *HULFKWHQ WHLOV PLW EHDFKWOLFKHU .RVWHQEH
ODVWXQJ GHU 9HUIDKUHQVEHWHLOLJWHQ 6R VHL ]% LQ GHQ
PHLVWHQ (86WDDWHQ GHUMHQLJH NODJHEHIXJW GHU HLQH
%HWURIIHQKHLW GXUFK )HLQVWRIIEHODVWXQJ EHKDXSWH ZlK
UHQG LQ 'HXWVFKODQG XQG LQ gVWHUUHLFK YRQ GHP .OlJHU
HLQ VXEMHNWLY|IIHQWOLFKHV 5HFKW JHOWHQG JHPDFKW ZHU
GHQ PVVH GK NRQNUHWHU 1DFKZHLV GHU %HODVWXQJ IU
2UWH DQ GHQHQ VLFK NODJHEHIXJWH .OlJHU VLJQLILNDQW
ODQJH DXIKLHOWHQ DOVR QLFKW QXU YRUEHUJHKHQG EHWURI
IHQ VHLHQ
:lKUHQG LQ HLQLJHQ (8/lQGHUQ HQWVSUHFKHQG GHU (8
5LFKWOLQLH ]XU )HVWVWHOOXQJ GHU )HLQVWDXEEHODVWXQJ IOl
FKHQGHFNHQGH 0HVVVWDWLRQHQ HLQJHULFKWHW VHLHQ ZU
GHQ ]XP %HLVSLHO LQ 'HXWVFKODQG GLH %HK|UGHQ QXU GRUW
PHVVHQ ZR HLQH .ODJHEHIXJQLV DOVR HLQH NRQNUHWH %H
WURIIHQKHLW EHVWHKH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
'LH JUR‰H 7HLOQDKPH DXV GHXWVFKHU XQG QLHGHUOlQGL
VFKHU 5LFKWHUVFKDIW XQG $QZDOWVFKDIW EHOHJWH EHL GLHVHU
-XELOlXPVYHUDQVWDOWXQJ GDV QDFK ZLH YRU OHEKDIWH ,QWH
UHVVH DQ JUHQ]EHUVFKUHLWHQGHU .RPPXQLNDWLRQ XQG
)UDJHQ DXV GHP HXURSlLVFKHQ 5HFKW
9RQ
5HFKWVDQZDOW
0DUWLQ 3XIIHUW %HGEXUJ+DX
0LWJOLHG GHV 3UlVLGLXPV GHU 5HFKWVDQZDOWVNDPPHU
'VVHOGRUI
,QVJHVDPW HLQH ZLHGHUXP VHKU JHOXQJHQH 9HUDQVWDOWXQJ
—zÁgÅÅ s σg —ÏÛgÁ© <Á
$QOlVVOLFK GHU (U|IIQXQJ GHV *HULFKWVMDKUHV YHUDQVWDOWHWH GLH 5HFKWVDQZDOWVNDPPHU $QWZHUSHQ LQ
GHU =HLW YRP ELV LKUH DOOMlKUOLFKH -DKUHV
WDJXQJ ,Q GHUHQ 0LWWHOSXQNW VWDQG ZLH LPPHU GLH IHLHU
OLFKH (U|IIQXQJ GHV *HULFKWVMDKUHV LP PRGHUQHQ -XVWL]
SDODVW ]X $QWZHUSHQ 'LH (U|IIQXQJVYHUDQVWDOWXQJ ZXU
GH GXUFK HLQHQ )HVWYRUWUDJ GHV EHOJLVFKHQ .ROOHJHQ 6WLMQ
9HUELVW ]XP 7KHPD Ä$XVXIHUQGH *HVHW]JHEXQJ³ XP
UDKPW 'DV GRUW VNL]]LHUWH 3KlQRPHQ Ä$ GR]HQ ODZV
WKLUWHHQ PLVHULHV³ LVW DXFK LQ 'HXWVFKODQG QLFKW XQEH
NDQQW
$P IDQG GDUEHU KLQDXV HLQH LQWHUQDWLRQDOH
6HPLQDUYHUDQVWDOWXQJ PLW 7HLOQHKPHUQ DXV %HOJLHQ
GHQ 1LHGHUODQGHQ )UDQNUHLFK GHP 9HUHLQLJWHQ .|QLJ
UHLFK VRZLH 'HXWVFKODQG ]X GHP 7KHPD ÄRYHUH[SRV
XUH RI MXVWLFH³ VWDWW EHL GHU GLH 5ROOHQ GHU $QZDOWVFKDIW
GHU 0HGLHQ VRZLH GHU -XVWL] LP $OOJHPHLQHQ YRQ YHU
VFKLHGHQHQ 6HLWHQ EHOHXFKWHW ZXUGHQ 'DEHL NRQQWH
IHVWJHVWHOOW ZHUGHQ GDVV ]DKOUHLFKH 3UREOHPH GLH VLFK
LQVEHVRQGHUH LQ GHQ %HQHOX[6WDDWHQ VRZLH LP 9HUHL
QLJWHQ .|QLJUHLFK EHLP 8PJDQJ PLW GHU 3UHVVH LP *H
ULFKWVVDDO HUJHEHQ GXUFK GLH VWUDIIHQ XQG VWULQJHQWHQ
5HJHOXQJHQ GHV *HULFKWVYHUIDVVXQJVJHVHW]HV LQ
'HXWVFKODQG JDU QLFKW HUVW HQWVWHKHQ N|QQHQ )HUQHU
NRQQWH NODUJHVWHOOW ZHUGHQ GDVV GLH GHXWVFKHQ EHUXIV
UHFKWOLFKHQ 5HJHOXQJHQ IU 5HFKWVDQZlOWH KLQUHLFKHQG
VLFKHU JHZlKUOHLVWHQ GDVV ]XP HLQHQ GDV 0DQGDWVJH
KHLPQLV VWHWV JHZDKUW EOHLEW XQG ]XP DQGHUHQ PLW 3UHV
VH -XVWL] XQG VRQVWLJHQ 9HUIDKUHQVEHWHLOLJWHQ HLQ JH
RUGQHWHU 8PJDQJ VWDWWILQGHW
VFK
gÔgŠڝ— ƒg†”†ÅUƒg— ÔϝÁg—
$Q GLHVHU 6WHOOH ZHLVHQ ZLU DXI QHXH MXULVWLVFKH )DFKE
FKHU XQG VRQVWLJH 9HU|IIHQWOLFKXQJHQ KLQ GLH XQWHU %H
WHLOLJXQJ YRQ 0LWJOLHGHUQ GHU 5HFKWVDQZDOWVNDPPHU
'VVHOGRUI RGHU YRQ GHU .DPPHU 'VVHOGRUI QDKHVWH
KHQGHQ 3HUVRQHQ YHUIDVVW ZXUGHQ
:HQQ 6LH VHOEVW $XWRULQ HLQHV VROFKHQ :HUNHV VLQG
GDV GHP .DPPHUYRUVWDQG E]Z GHU *HVFKlIWVVWHOOH
YLHOOHLFKW QRFK QLFKW EHNDQQW LVW IUHXHQ ZLU XQV DXI ,K
UHQ +LQZHLV
3UWWLQJ:HJHQ:HLQUHLFK %*%.RPPHQWDU
$XIODJH 'LHVHV -DKU LVW EHUHLWV GLH $XIODJH GHV QHXHQ HLQElQ
GLJHQ %*%.RPPHQWDUV HUVFKLHQHQ GHU PLW GHP 9RU
VDW] DQJHWUHWHQ LVW GHP 3DODQGW .RQNXUUHQ] ]X PDFKHQ
'DV HQJDJLHUWH $XWRUHQWHDP VWHOOW HLQH 0LVFKXQJ DXV
5LFKWHUQ 5HFKWVDQZlOWHQ 1RWDUHQ XQG 8QLYHUVLWlWV
SURIHVVRUHQ GDU GDUXQWHU VR UHQRPPLHUWH 1DPHQ ZLH
'LHWHU 0HGLFXV $XFK GUHL %*+5LFKWHU JHK|UHQ ]X
GHP 7HDP $XV 'VVHOGRUIHU 6LFKW VLQG YLHU 3HUVRQHQ
KHUYRU]XKHEHQ GUHL 5LFKWHU E]Z 9RUVLW]HQGH 5LFKWHU
GHV 2EHUODQGHVJHULFKWV 'VVHOGRUI 6WHIDQ /HXSHUW]
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
.ODXV 3LHSHU XQG 'U -UJHQ 6R\ND XQG HLQH 5HFKWVDQ
ZlOWLQ %ULJLWWH )UHQVFK 'LH +HUDXVJHEHU VLQG 3URI
'U +DQQV 3UWWLQJ 8QLYHUVLWlWVSURIHVVRU LQ .|OQ
3URI 'U *HUKDUG :HJHQ 5HFKWVDQZDOW LQ 6WXWWJDUW
XQG +RQRUDUSURIHVVRU LQ 7ELQJHQ VRZLH *HUG :HLQ
UHLFK 5LFKWHU DP 2/* 2OGHQEXUJ
$XFK GLHVHV -DKU KDEHQ +HUDXVJHEHU XQG $XWRUHQ LKU
9HUVSUHFKHQ MlKUOLFK HLQH 1HXDXIODJH ]X SUlVHQWLHUHQ
KDOWHQ N|QQHQ 'LH $XIODJH EULQJW GDV :HUN DXI GHQ
6WDQG YRP 6LH HQWKlOW LQVEHVRQGHUH HLQH XP
IDVVHQGH XQG YROOVWlQGLJH .RPPHQWLHUXQJ GHV QHXHQ
8QWHUKDOWVUHFKWV GDV GHU *HVHW]JHEHU DP YHUDEVFKLHGHW KDW %*%O , 6 )HUQHU VLQG EH
UFNVLFKWLJW $UW GHV *HVHW]HV ]XU 5HIRUP GHV 9HUVL
FKHUXQJVYHUWUDJVUHFKWV YRP $UW GHV
*HVHW]HV ]XU %HUHLQLJXQJ YRQ %XQGHVUHFKW YRP
VRZLH $UW $EV GHV 3HUVRQHQVWDQGV
UHFKWVUHIRUPJHVHW]HV YRP 'DUEHU KLQDXV
LVW ± ZLH VFKRQ LQ GHU 9RUDXIODJH ± HLQH (UZHLWHUXQJ GHU
.RPPHQWLHUXQJ YRQ 1HEHQJHVHW]HQ YRUJHQRPPHQ
ZRUGHQ 1HX LQ GLH $XIODJH VLQG GDV *HZDOWVFKXW]
JHVHW] GLH +DXVUDWVYHURUGQXQJ GDV /HEHQVSDUWQHU
ә™
gÁ†UƒÏg ԗ_ gŽ<——Ï”<UƒÔ—zg—
VFKDIWVJHVHW] VRZLH GDV 3URGXNWKDIWXQJVJHVHW] DXIJH
QRPPHQ $XIJUXQG GHU EHVRQGHUHQ %HGHXWXQJ XQG $N
WXDOLWlW LVW IHUQHU HLQH LQWHQVLYH .RPPHQWLHUXQJ GHV )L
QDQ]LHUXQJVOHDVLQJV QHX LQWHJULHUW ZRUGHQ $XFK LP
hEULJHQ LVW GDV JHVDPWH :HUN DQKDQG GHV QHXHVWHQ
6WDQGHV YRQ 5HFKWVSUHFKXQJ XQG /LWHUDWXU EHUDUEHLWHW
6R PXVVWHQ LQVEHVRQGHUH EHL GHU .RPPHQWLHUXQJ GHV
0LHWUHFKWV GLH :(*5HIRUP VRZLH GLH QHXH %*+
5HFKWVSUHFKXQJ ]X 6FK|QKHLWVUHSDUDWXUHQ EHUFNVLFK
WLJW ZHUGHQ
9RU 'UXFNOHJXQJ GHU $XIODJH LVW GHU 0LWDXWRU 3URI
'U +DQV 5DXVFK YHUVWRUEHQ (U KDWWH VHLQ 0DQXVNULSW
]XU 1HXDXIODJH LQ DOOHQ ZHVHQWOLFKHQ 7HLOHQ QRFK YRU
VHLQHP 7RGH IHUWLJVWHOOHQ N|QQHQ
1¾ 0e ^‘U} ‰>†
Å>± qÁ¯ ±U} 'DV :HUN LVW EHZXVVW HLQElQGLJ XQG IU GLH 3UD[LV NRQ
]LSLHUW (V YHU]LFKWHW ZHLWJHKHQG DXI $ENU]XQJHQ 'LH
.RPPHQWLHUXQJHQ ZLUNHQ SUlJQDQW XQG JXW OHVEDU 'HU
7H[W RULHQWLHUW VLFK DQ GHU 5HFKWVSUHFKXQJ $XIIDOOHQG
LVW GDV %HPKHQ GLH PRGHUQHQ HXURSlLVFKHQ 7HQGHQ
]HQ XQG (QWZLFNOXQJHQ LP 3ULYDWUHFKW ]X YHUGHXWOL
FKHQ
'DV :HUN LVW LP /XFKWHUKDQG 9HUODJ 9HUODJVJUXSSH
:ROWHUV .OXZHU 1HXZLHG HUVFKLHQHQ XPIDVVW UXQG
6HLWHQ XQG NRVWHW (XUR
VRE
*RGHIURLG 9HUEUDXFKHUNUHGLWYHUWUlJH $XIODJH
'HU YRQ +HUUQ 5HFKWVDQZDOW 'U &KULVWRSK *RGHIURLG
YHUIDVVWH %DQG JLEW HLQHQ V\VWHPDWLVFKHQ hEHUEOLFN
EHU GLH HLQ]HOQHQ 9HUWUDJVDUWHQ GHV 9HUEUDXFKHUNUH
GLWV XQG HUOlXWHUW GLH KLHUEHL ZLFKWLJHQ 5HFKWVIUDJHQ
'DV YRQ 'U )UDQ]-RVHI 6FKRO] JHJUQGHWH XQG QXQ
PHKU VFKRQ LQ GHU $XIODJH HUVFKLHQHQH :HUN EHKDQ
GHOW DXI QHXHVWHP 6WDQG 9HUEUDXFKHUGDUOHKHQVYHUWUlJH
'DUOHKHQVYHUPLWWOXQJVYHUWUlJH )LQDQ]LHUXQJVOHDVLQJ
YHUWUlJH 7HLO]DKOXQJVJHVFKlIWH 5DWHQOLHIHUXQJVYHUWUl
JH VRZLH JUHQ]EHUVFKUHLWHQGH 9HUEUDXFKHUNUHGLWYHU
WUlJH 6FKZHUSXQNWH ELOGHQ GDEHL GLH 5HJHOXQJHQ ]XP
:LGHUUXIVUHFKW GLH 5HJHOQ EHU GHQ )HUQDEVDW] YRQ )L
QDQ]GLHQVWOHLVWXQJHQ GLH JUXQGOHJHQGHQ (QWVFKHLGXQ
JHQ GHV (X*+ ]XP +DXVWUZLGHUUXI VRZLH GHU 9HU
EUDXFKHUEHJULII GLH $QZHQGXQJ GHV 9HUEUDXFKHUNUH
GLWUHFKWV DXI ([LVWHQ]JUQGHU GLH $QJDEH GHV *HVDPW
EHWUDJHV GHU YRP 'DUOHKHQVQHKPHU ]X HUEULQJHQGHQ
7HLOOHLVWXQJHQ GHU (LQZHQGXQJVGXUFKJULII EHL YHUEXQ
GHQHQ 9HUWUlJHQ GLH 5HFKWVIROJHQ GHV 6FKXOGQHUYHU]X
JHV XQG OHW]WOLFK GLH $XINOlUXQJVSIOLFKWHQ GHU .UHGLW
LQVWLWXWH
'HU $XWRU LVW 0LWJOLHG GHU 5HFKWVDQZDOWVNDPPHU 'V
VHOGRUI XQG VHLW ]XU 5HFKWVDQZDOWVFKDIW ]XJHODV
VHQ
'DV +DQGEXFK HUVFKHLQW LP &+ %HFN 9HUODJ 0Q
FKHQ XPIDVVW 6HLWHQ XQG NRVWHW (XUR
-ÌiÕiÀ˜ ÃV…>}i˜ ˆ˜ i`iÀ >˜âiˆ >Ã iÀ…iLˆV…iÀ œÃÌi˜‡
v>ŽÌœÀ âÕ ÕV…i ՘` ŽŸ˜˜i˜ …Ài˜ i܈˜˜ i“«vˆ˜`ˆV…
ÃV…“BiÀ˜° Õà `ˆiÃi“ LiÜB…ÀÌi˜ >˜`LÕV… iÀv>…Ài˜ -ˆi
>iÃ] Ü>à -ˆi LiÌÀˆiLÃ܈ÀÌÃV…>v̏ˆV… ՘` ÃÌiÕiÀˆV… vØÀ iˆ˜i
ۜÀÌiˆ…>vÌi ؅À՘} …ÀiÀ >˜âiˆ ܈ÃÃi˜ “ØÃÃi˜° à ˆÃÌ
˜iˆÌ՘} ՘` >V…ÃV…>}iÜiÀŽ âÕ}iˆV… ՘` À՘`Փ
>Õv `i“ ˜iÕiÃÌi˜ -Ì>˜`° /՘ -ˆi >Ãœ “> Ü>à vØÀ ÈV…°
iÃÌii˜ -ˆi `>à ÕV… ۜ˜ œ}iÀ iÞiÀ° >à ܈À` -ˆi
ÃÌiÕiÀˆV… i˜Ì>ÃÌi˜° iÃi«ÀœLi¶ ÜÜÜ°œÌ̜‡ÃV…“ˆ`Ì°`i
iÃÌiÃV…iˆ˜ >Ý ­äÓ Ó£® ™ ÎÇ În‡™ {Î
>] ˆV… LiÃÌii “ˆÌ £{‡ÌB}ˆ}i“ ,ØVŽ}>LiÀiV…Ì iÞiÀ] ° ˆi iÃÌiÕiÀ՘}
`iÀ ˜Ü>ÌÎ>˜âiˆ 6œ˜ -Ì *Àœv° œ}iÀ iÞiÀ° ΰ] ۜÃÌB˜`ˆ} ØLiÀ>ÀLiˆÌiÌi
Õv>}i ÓääÇ] ÎÇÇ -iˆÌi˜ i݈Žœ˜vœÀ“>Ì] }L`° {™]nä Ó «Õà 6iÀÃ>˜`ŽœÃÌi˜°
- ™Çn‡Î‡xä{‡£n™È·£
ÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚ
>“i
ÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚ
-ÌÀ>~i
ÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚ
*<
"ÀÌ
ÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚ
>ÌՓ
1˜ÌiÀÃV…ÀˆvÌ
™Éän
iÃÌii˜ -ˆi Liˆ …ÀiÀ ÕV……>˜`Õ˜} œ`iÀ Liˆ“ 6iÀ>}
À° " Ì Ì œ - V … “ ˆ ` Ì ± * œ Ã Ì v > V … x £ £ ä Ó È ± x ä ™ { È Ÿ  ˜
VFK
Ðââ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
†g <””gÁ Á@Ï
†g <””gÁ Á@Ï
,gsgÁg—_<Ág ڝÁ gÁ†UƒÏ
o 6<Šņg _×Ásg—\ Û<Šņg —†UƒÏ _×Ásg—
%HL YLHOHQ 5HFKWVDQZlOWHQ VLQG 5HIHUHQGDUH WlWLJ ± LQ
GHU $QZDOWVVWDJH LQ GHU :DKOVWDJH RGHU ± ORVJHO|VW
YRP HLJHQWOLFKHQ 5HIHUHQGDUGLHQVW ± DOV IUHLH 0LWDUEHL
WHU 6R DOOWlJOLFK GLH 0LWDUEHLW YRQ 5HIHUHQGDUHQ LQ GHQ
.DQ]OHLHQ LVW VR JUR‰ LVW GLH 8QVLFKHUKHLW GDUEHU RE
XQG ± ZHQQ MD ± XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ HLQ
5HIHUHQGDU DXFK YRU *HULFKW DXIWUHWHQ GDUI
'LH KLHU KHUUVFKHQGH 8QVLFKHUKHLW ZLUG QRFK GDGXUFK
YHUVWlUNW GDVV GXUFK GDV Ä*HVHW] ]XU 1HXUHJHOXQJ GHV
5HFKWVEHUDWXQJVUHFKWV³ YRP HLQLJH GHU
HLQVFKOlJLJHQ 9RUVFKULIWHQ JHlQGHUW ZXUGHQ
, 9RU GHQ =LYLOJHULFKWHQ
%LV ]XP IDQGHQ VLFK QlKHUH 5HJHOXQJHQ ]XU
]LYLOSUR]HVVXDOHQ 9HUWUHWXQJVEHIXJQLV YRQ 5HIHUHQGD
UHQ LQ † $EV %5$2 'LHVHU ODXWHWH
Ä$XI GHQ 5HIHUHQGDU GHU XQWHU %HLVWDQG GHV 5HFKWVDQ
ZDOWV GLH $XVIKUXQJHQ GHU 3DUWHLUHFKWH EHUQLPPW LVW
† $EV XQG GHU =LYLOSUR]HVVRUGQXQJ QLFKW DQ]X
ZHQGHQ 'DV JOHLFKH JLOW ZHQQ GHU 5HIHUHQGDU GHQ
5HFKWVDQZDOW LQ )lOOHQ YHUWULWW LQ GHQHQ HLQH 9HUWUHWXQJ
GXUFK HLQHQ 5HFKWVDQZDOW QLFKW JHERWHQ LVW³
:LH VLFK DXV GHP =XVDPPHQVSLHO PLW † $EV 6 %5$2 HUJDE EH]RJ VLFK GLH 9RUVFKULIW DXI ÄGHQ 5HIH
UHQGDU GHU LP 9RUEHUHLWXQJVGLHQVW EHL LKP GHP
5HFKWVDQZDOW EHVFKlIWLJW LVW³ DOVR DXI GHQ 6WDWLRQVUH
IHUHQGDU GK GHQ 5HIHUHQGDU LQ GHU $QZDOWVVWDJH $XI
GLHVHQ ZDUHQ † $EV XQG =32 D) QLFKW DQ]X
ZHQGHQ ZDV EHGHXWHWH GDVV GHU 6WDWLRQVUHIHUHQGDU
GHP LP %HLVWDQG GHV $QZDOWV GLH $XVEXQJ GHU 3DUWHL
UHFKWH EHUWUDJHQ ZDU LP $QZDOWVSUR]HVV HEHQVR ZH
QLJ ]XUFNJHZLHVHQ ZHUGHQ GXUIWH ZLH HLQ 5HIHUHQGDU
GHU LP 3DUWHLSUR]HVV RKQH $QZDOW DOOHLQ YRU *HULFKW
DXIWUDW
'XUFK GDV Ä*HVHW] ]XU 1HXUHJHOXQJ GHV 5HFKWVEHUD
WXQJVUHFKWV³ ZXUGH † $EV %5$2 D) DXIJHKREHQ
XQG GLH 1RUPLHUXQJ GHU 9HUWUHWXQJVEHIXJQLV YRQ 6WDWL
%*%O , )HXHULFK:H\ODQG .RPPHQWDU ]XU %XQGHVUHFKWVDQZDOWVRUGQXQJ † %5$2 5GQ 9JO KLHU]X UFNVFKDXHQG )HXHULFK:H\ODQG DD2 † %5$2 5GQ PZ1DFKZ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
RQVUHIHUHQGDUHQ LQ GHU 9HUKDQGOXQJ LQ † =32 Q)
EHUQRPPHQ 'LHVHU ODXWHW MHW]W XQWHU GHU hEHUVFKULIW
Ä8QWHUYHUWUHWXQJ LQ GHU 9HUKDQGOXQJ³
Ä'HU EHYROOPlFKWLJWH 5HFKWVDQZDOW NDQQ LQ 9HUIDKUHQ
LQ GHQHQ GLH 3DUWHLHQ GHQ 5HFKWVVWUHLW VHOEVW IKUHQ N|Q
QHQ ]XU 9HUWUHWXQJ LQ GHU 9HUKDQGOXQJ HLQHQ 5HIHUHQ
GDU EHYROOPlFKWLJHQ GHU LP 9RUEHUHLWXQJVGLHQVW EHL
LKP EHVFKlIWLJW LVW³
$XFK KLHU LVW QXU GHU 6WDWLRQVUHIHUHQGDU GK GHU 5HIH
UHQGDU GHU GHP 5HFKWVDQZDOW LQ GHU $QZDOWVVWDJH ]X
JHZLHVHQ LVW QLFKW DXFK GHU 5HIHUHQGDU LQ GHU :DKOVWD
JH RGHU GHU 5HIHUHQGDU DOV IUHLHU 0LWDUEHLWHU JHPHLQW
'HU QHXH † =32 VSULFKW MHW]W QXU QRFK YRP 3DUWHL
SUR]HVV VRGDVV VLFK GLH )UDJH QDFK GHQ 5HFKWHQ GHV 5H
IHUHQGDUV LP $QZDOWVSUR]HVV VWHOOW 'LH $QWZRUW HUJLEW
VLFK DXV HLQHP ± HWZDV NRPSOL]LHUWHQ =XVDPPHQVSLHO ±
YHUVFKLHGHQHU 9RUVFKULIWHQ
8UVSUQJOLFK KDWWH † =32( HLQHQ $EVDW] HQWKDO
WHQ GHU ODXWHQ VROOWH
Ä,P hEULJHQ GDUI GHU 5HIHUHQGDU GLH $XVIKUXQJHQ GHU
3DUWHLUHFKWH LQ GHU 9HUKDQGOXQJ LQ $QZHVHQKHLW GHV
5HFKWVDQZDOWV EHUQHKPHQ³
'DQQ MHGRFK ZXUGH † $EV =32 JHJHQEHU GHU XU
VSUQJOLFK YRUJHVHKHQHQ )DVVXQJ SUl]LVLHUW XQG PLW
IROJHQGHP :RUWODXW YHUVHKHQ
Ä,Q GHU 9HUKDQGOXQJ N|QQHQ GLH 3DUWHLHQ PLW %HLVWlQ
GHQ HUVFKHLQHQ %HLVWDQG NDQQ VHLQ ZHU LQ 9HUIDKUHQ
LQ GHQHQ GLH 3DUWHL GHQ 5HFKWVVWUHLW VHOEVW IKUHQ NDQQ
DOV %HYROOPlFKWLJWHU ]XU 9HUWUHWXQJ LQ GHU 9HUKDQGOXQJ
EHIXJW LVW³
'D 6WDWLRQVUHIHUHQGDUH ± EHL HQWVSUHFKHQGHU %HYROO
PlFKWLJXQJ GXUFK LKUHQ $XVELOGHU ± LP 3DUWHLSUR]HVV
]XU 9HUWUHWXQJ EHIXJW VLQG VLQG VLH ]XJOHLFK EHIXJW LP
$QZDOWVSUR]HVV DOV %HLVWDQG GHU 3DUWHL ]X IXQJLHUHQ
,Q GHU DPWOLFKHQ %HJUQGXQJ ]XU DNWXHOOHQ )DVVXQJ YRQ
† =32 KHL‰W HV GHQQ DXFK GHU :HJIDOO GHV ± XU
VSUQJOLFK YRUJHVHKHQHQ ± $EVDW]HV VHL UHGDNWLRQHOOHU
1DWXU GD GLH $XVIKUXQJHQ GHU 3DUWHLUHFKWH GXUFK HL
QHQ 5HIHUHQGDU DOV %HLVWDQG QXQPHKU EHUHLWV GXUFK GLH
JHlQGHUWH )DVVXQJ GHV † HUP|JOLFKW ZHUGH 8QG LQ
GHU %HJUQGXQJ ]X † =32 DXI GLH LQ GHU VRHEHQ ]L
WLHUWHQ 6WHOOH YHUZLHVHQ ZLUG KHL‰W HV IROJHULFKWLJ
GXUFK GLH RIIHQH )RUPXOLHUXQJ ZHUGH XD † $EV %7'UXFNV Y 6 :LH ]XYRU
%7'UXFNV Y 6 Ðâ¤
†g <””gÁ Á@Ï
=32( GHU GHP † $EV %5$2 GHV ± VHLQHU]HLW ±
JHOWHQGHQ 5HFKWV HQWVSUHFKH REVROHW
,, 9RU GHQ 6WUDIJHULFKWHQ
,P VWUDIUHFKWOLFKHQ %HUHLFK LVW ]ZLVFKHQ :DKO XQG
3IOLFKWYHUWHLGLJXQJ ]X XQWHUVFKHLGHQ
5HFKWVDQZDOW EHUWUDJHQ GRFK NDQQ ]XP 9HUWUHWHU
DXFK HLQ 5HIHUHQGDU EHVWHOOW ZHUGHQ GHU VHLW PLQGHVWHQV
0RQDWHQ LP 9RUEHUHLWXQJVGLHQVW EHVFKlIWLJW LVW
† $EV 6 +V %5$2 $OOHUGLQJV NDQQ GLH
%HVWHOOXQJVP|JOLFKNHLW YRQ 5HIHUHQGDUHQ GXUFK ODQ
GHVUHFKWOLFKH %HVWLPPXQJHQ ZHLWHU HLQJHVFKUlQNW ZHU
GHQ
† 6W32 EHVWLPPW GDVV GHU DOV 9HUWHLGLJHU JHZlKOWH
5HFKWVDQZDOW ÄPLW =XVWLPPXQJ GHVVHQ GHU LKQ JHZlKOW
KDW GLH 9HUWHLGLJXQJ HLQHP 5HFKWVNXQGLJHQ GHU GLH
HUVWH 3UIXQJ IU GHQ -XVWL]GLHQVW EHVWDQGHQ KDW XQG GD
ULQ VHLW PLQGHVWHQV HLQHP -DKU XQG GUHL 0RQDWHQ EH
VFKlIWLJW LVW EHUWUDJHQ NDQQ³
,VW HLQ 5HIHUHQGDU ]XP 9HUWUHWHU EHVWHOOW VWHKHQ LKP
JHP † $EV %5$2 VlPWOLFKH %HIXJQLVVH GHV
5HFKWVDQZDOWV ]X GHQ HU YHUWULWW (U LVW GDQQ ZLH GHU
E]Z HLQ $QZDOW ]X EHKDQGHOQ
'HU :DKOYHUWHLGLJHU HUWHLOW GHP 5HIHUHQGDU ]XU 9RU
QDKPH GHU 9HUWHLGLJXQJ HLQH 8QWHUYROOPDFKW GLH QLFKW
GHU =XVWLPPXQJ GHV *HULFKWV ZRKO DEHU GHU GHV $XI
WUDJJHEHUV EHGDUI 'LH =XVWLPPXQJ NDQQ IU HLQHQ EH
VWLPPWHQ 5HIHUHQGDU HUWHLOW ZHUGHQ DEHU DXFK IU DOOH
GHP 5HFKWVDQZDOW ]XU $XVELOGXQJ ]XJHZLHVHQHQ
Ä5HFKWVNXQGLJHQ³ 6LH NDQQ MHGHU]HLW ]XUFNJHQRP
PHQ ZHUGHQ 'HU 5HFKWVDQZDOW LVW ]XU hEHUZDFKXQJ
GHU 9HUWHLGLJHUWlWLJNHLW GHV 5HIHUHQGDUV YHUSIOLFKWHW
'U 6XVDQQH 2IIHUPDQQ%XUFNDUW
5HFKWVDQZlOWLQ
+DXSWJHVFKlIWVIKUHULQ GHU 5HFKWVDQZDOWVNDPPHU
'VVHOGRUI
8QWHU GHQ HQJHQ 9RUDXVVHW]XQJHQ GHV † $EV 6W32 NDQQ HLQ 5HIHUHQGDU DXFK ]XP 3IOLFKWYHUWHLGLJHU
EHVWHOOW ZHUGHQ 'LH 9RUVFKULIW EHVWLPPW
Ä,Q GHQ )lOOHQ GHV † $EV 1U XQG VRZLH GHV
† $EV N|QQHQ DXFK 5HFKWVNXQGLJH ZHOFKH GLH
YRUJHVFKULHEHQH HUVWH 3UIXQJ IU GHQ -XVWL]GLHQVW EH
VWDQGHQ KDEHQ XQG GDULQ VHLW PLQGHVWHQV HLQHP -DKU XQG
GUHL 0RQDWHQ EHVFKlIWLJW VLQG IU GHQ HUVWHQ 5HFKWV]XJ
DOV 9HUWHLGLJHU EHVWHOOW ZHUGHQ MHGRFK QLFKW EHL GHP
*HULFKW GHVVHQ 5LFKWHU VLH ]XU $XVELOGXQJ EHUZLHVHQ
VLQG³
0|JOLFK LVW HLQH 3IOLFKWYHUWHLGLJHUEHVWHOOXQJ DOVR
JUXQGVlW]OLFK QXU YRU GHP $PWVJHULFKW QLFKW DXFK YRU
GHP /DQGJHULFKW RGHU GHP 2EHUODQGHVJHULFKW XQG
DXFK QLFKW LP DQZDOWVJHULFKWOLFKHQ 9HUIDKUHQ
'LH (LQVFKUlQNXQJ YRQ † $EV OHW]WHU +V QLFKW
EHL GHP *HULFKW GHVVHQ 5LFKWHU VLH ]XU $XVELOGXQJ
EHUZLHVHQ VLQG EH]LHKW VLFK QLFKW DXI GDV JHVDPWH
$PWVJHULFKW VRQGHUQ QXU DXI GHQ 6SUXFKN|USHU (LQ
]HOULFKWHU RGHU 6FK|IIHQULFKWHU
,,, 'HU 5HIHUHQGDU DOV DPWOLFK EHVWHOOWHU 9HUWUHWHU
*DQ] DQGHUV VWHOOW VLFK GLH 6LWXDWLRQ LQVJHVDPW GDU
ZHQQ GHU 5HIHUHQGDU DPWOLFK EHVWHOOWHU 9HUWUHWHU HLQHV
5HFKWVDQZDOWV LVW 1DFK † $EV %5$2 VROO GLH
5HFKWVDQZDOWVNDPPHU GLH 9HUWUHWXQJ ]ZDU HLQHP
:LH ]XYRU
.UHNHOHU/|IIHOPDQQ:HUQHU .RPPHQWDU ]XU 6W32 † 5GQ .UHNHOHU/|IIHOPDQQ:HUQHU DD2 † 5GQ (* +DPEXUJ (*( ;,, .UHNHOHU/|IIHOPDQQ:HUQHU DD2 † 5GQ ÐâÓ
2/* 'VVHOGRUI 1-: -0%O 1: )HXHULFK:H\ODQG DD2 † %5$2 5GQ <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÔgÅ <ÔÅ gÅgÏàzgLԗz ԗ_ gÁÔsÅ©†Ï†Ž
gÔgÅ <ÔÅ gÅgÏàzgLԗz
ԗ_ gÁÔsÅ©†Ï†Ž
gÅgÏà àÔÁ Áz@—àԗz _gÁ gŽ@”©sԗz
_gÁ g_Û@ÅUƒg ԗ_ _gÁ /gÁÁÁ†Å”ÔŅ
s†—<—à†gÁԗz †— Á<sÏ zgÏÁgÏg—
'DV *HVHW] ]XU (UJlQ]XQJ GHU %HNlPSIXQJ GHU *HOG
ZlVFKH XQG GHU 7HUURULVPXVILQDQ]LHUXQJ *HOGZlVFKH
EHNlPSIXQJVHUJlQ]XQJVJHVHW] ± *Z%HN(UJ* LVW LP
%XQGHVJHVHW]EODWW -DKUJDQJ 7HLO 1U 6 YHUNQGHW ZRUGHQ XQG DP LQ .UDIW
JHWUHWHQ 'DV $UWLNHOJHVHW] HQWKlOW bQGHUXQJHQ GHV
6WUDIJHVHW]EXFKHV ]X † 6W*% VRZLH HLQH 1HXIDV
VXQJ GHV *HOGZlVFKHJHVHW]HV
VFK
,gsÁ” _gÅ gƒg†Uƒg— ×ÏgÁÁgUƒÏÅ <Ôs _g—
6gz zgLÁ<UƒÏ
'DV %XQGHVNDELQHWW KDW DP HLQHQ *HVHW]HQW
ZXUI ]XU 5HIRUP GHV HKHOLFKHQ *WHUUHFKWV XQG GHU
9HUZDOWXQJ YRQ *LURNRQWHQ EHWUHXWHU 0HQVFKHQ EH
VFKORVVHQ
'LH 5HIRUP KDW IROJHQGH (FNSXQNWH
=XNQIWLJ VROO EHL GHU %HUHFKQXQJ GHV =XJHZLQQDXV
JOHLFKV QHJDWLYHV $QIDQJVYHUP|JHQ GHV (KHJDWWHQ %H
UFNVLFKWLJXQJ ILQGHQ 'LH =XVWHOOXQJ GHV 6FKHLGXQJV
DQWUDJV VROO NQIWLJ QLFKW QXU IU GLH %HUHFKQXQJ GHV
=XJHZLQQV VRQGHUQ DXFK IU GLH NRQNUHWH +|KH GHU
$XVJOHLFKVIRUGHUXQJ PD‰JHEOLFK VHLQ 'DGXUFK VROO GHU
*HIDKU EHJHJQHW ZHUGHQ GDVV GHU DXVJOHLFKVSIOLFKWLJH
(KHJDWWH VHLQ 9HUP|JHQ LQ GHU =HLW ]ZLVFKHQ GHU =X
VWHOOXQJ GHV 6FKHLGXQJVDQWUDJV XQG GHU UHFKWVNUlIWLJHQ
6FKHLGXQJ EHLVHLWH VFKDIIHQ NDQQ 'HU DXVJOHLFKVEH
UHFKWLJWH (KHJDWWH VROO NQIWLJ VHLQH $QVSUFKH LQ HL
QHP YRUOlXILJHQ 5HFKWVVFKXW]YHUIDKUHQ YRU *HULFKW VL
FKHUQ N|QQHQ 'DPLW VROO HEHQIDOOV YHUKLQGHUW ZHUGHQ
GDVV GHU DQGHUH (KHSDUWQHU VHLQ 9HUP|JHQ JDQ] RGHU LQ
7HLOHQ EHLVHLWH VFKDIIW
=XVlW]OLFK VLQG LQ GHP ELVODQJ YRUOLHJHQGHQ 5HJLH
UXQJVHQWZXUI HLQLJH bQGHUXQJHQ GHV %HWUHXXQJVUHFKWV
HQWKDOWHQ =XP HLQHQ VROO HV NQIWLJ RKQH YRUPXQG
VFKDIWVJHULFKWOLFKH *HQHKPLJXQJ P|JOLFK VHLQ GDVV
GHU %HWUHXHU REHUKDOE HLQHV *XWKDEHQVWDQGHV GHV *LUR
NRQWRV GHV %HWUHXWHQ DOOWlJOLFKH hEHUZHLVXQJHQ XQG
$XV]DKOXQJHQ YRP .RQWR GHV %HWUHXWHQ YRUQLPPW 9RU
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
HLQHP 0LVVEUDXFK VROO GHU %HWUHXWH GDGXUFK JHVFKW]W
VHLQ GDVV GHU %HWUHXHU EHU (LQQDKPHQ XQG $XVJDEHQ
GHV %HWUHXWHQ JHQDX DEUHFKQHQ XQG GLH .RQWREHOHJH
HLQUHLFKHQ PXVV =XP ]ZHLWHQ VROO HV ]XNQIWLJ P|J
OLFK VHLQ UHLQH %HWUHXXQJVYHUIJXQJHQ GLH QLFKW PLW
HLQHU 9RUVRUJHYROOPDFKW YHUNQSIW VLQG LQ GDV ]HQWUDOH
9RUVRUJHUHJLVWHU GDV EHL GHU %XQGHVQRWDUNDPPHU JH
IKUW ZLUG HLQWUDJHQ ]X ODVVHQ
VFK
, LgzÁ×{Ï gÅgÏàg—ÏÛÔÁs s×Á g†— Ԕ…
s<ÅÅg—_gÅ gÛg†ÅgÁƒgLԗzÅÚgÁLÏ Lg† g…
ÁÔsÅzgƒg†”—†ÅÏÁ@zgÁ—
'LH %XQGHVUHFKWVDQZDOWVNDPPHU EHJU‰W LQ HLQHU
3UHVVHHUNOlUXQJ YRP GLH 6LH EHU XQVHUH
.DPPHUJHVFKlIWVVWHOOH DQIRUGHUQ N|QQHQ GHQ YRQ GHU
)'3)UDNWLRQ YRUJHVWHOOWHQ *HVHW]HQWZXUI PLW GHP
5HFKWVDQZlOWH EHL KHLPOLFKHQ (UPLWWOXQJVPD‰QDKPHQ
LQ JOHLFKHU :HLVH JHVFKW]W ZHUGHQ VROOHQ ZLH 6WUDI
YHUWHLGLJHU *HLVWOLFKH XQG $EJHRUGQHWH 'DV JHOWHQGH
5HFKW VHKH HLQ %HZHLVHUKHEXQJVYHUERW XQG GDPLW HLQ
$EK|UYHUERW QXU EHL 6WUDIYHUWHLGLJHUQ YRU ZlKUHQG
ÄQRUPDOH³ 5HFKWVDQZlOWH SULQ]LSLHOO DEJHK|UW ZHUGHQ
GUIWHQ
Ä'LHVH $XIVSDOWXQJ GHU $QZDOWVFKDIW LQ HLQH =ZHL
.ODVVHQ*HVHOOVFKDIW LVW QLFKW ]X UHFKWIHUWLJHQ 6LH EH
GHXWHW HLQH XQYHUKlOWQLVPl‰LJH %HHLQWUlFKWLJXQJ GHV
KRFK VHQVLEOHQ 9HUWUDXHQVYHUKlOWQLVVHV ]ZLVFKHQ 0DQ
GDQW XQG 5HFKWVDQZDOW³ HUNOlUWH GHU 3UlVLGHQW GHU %XQ
GHVUHFKWVDQZDOWVNDPPHU $[HO & )LOJHV
+HUU .ROOHJH )LOJHV ZLHV ]XGHP GDUDXI KLQ GDVV HLQH
8QWHUVFKHLGXQJ ]ZLVFKHQ 6WUDIYHUWHLGLJHUQ HLQHUVHLWV
XQG ÄQRUPDOHQ³ 5HFKWVDQZlOWHQ DQGHUHUVHLWV VFKRQ
GHVKDOE QLFKW SUDNWLNDEHO VHL ZHLO JHUDGH LQ HLQHP IU
KHQ 6WDGLXP KHLPOLFKHU (UPLWWOXQJVPD‰QDKPHQ IU
GLH 3ROL]HL RIW QLFKW HUNHQQEDU VHL RE HLQ 5HFKWVDQZDOW
DOV 6WUDIYHUWHLGLJHU RGHU LQ VRQVWLJHU )XQNWLRQ DOV
5HFKWVDQZDOW WlWLJ VHL $XFK GLH )UDJH GHU 9HUZHUWEDU
NHLW HLQHV YRQ LKP PLW VHLQHP 0DQGDQWHQ JHIKUWHQ
*HVSUlFKV N|QQH GHVKDOE HUVW QDFK XPIDVVHQGHU 3U
IXQJ GHV 6DFKYHUKDOWV EHDQWZRUWHW ZHUGHQ 3UlVLGHQW
)LOJHV VSUDFK ]XGHP GDYRQ GDVV GLHVH JHZLOONUWH 8Q
WHUVFKHLGXQJ GHV *HVHW]HV HLQ HUKHEOLFKHV 0LVV
EUDXFKVSRWHQWLDO 5HFKWVDQZlOWH DE]XK|UHQ LQ VLFK WUD
JH ELV VLFK GHUHQ 6WUDIYHUWHLGLJHUHLJHQVFKDIW HUZLHVHQ
ÐâÐ
gÔgÅ <ÔÅ gÅgÏàzgLԗz ԗ_ gÁÔsÅ©†Ï†Ž
KDEH (V JHEH DXFK NHLQH 9HUDQODVVXQJ GLH 6WUDIYHU
IROJXQJVEHK|UGHQ PLW HLQHP GHUDUWLJHQ 9HUWUDXHQVYRU
VFKXVV DXV]XVWDWWHQ GHQQ GDQQ ZlUHQ %HZHLVHUKH
EXQJVYHUERWH JUXQGVlW]OLFK EHUIOVVLJ 'HU YRUJH
VWHOOWH *HVHW]HQWZXUI EHVHLWLJH GDKHU QXU GLH YRQ GHU
%5$. VFKRQ LPPHU NULWLVLHUWH XQJHUHFKWIHUWLJWH 8QWHU
VFKHLGXQJ
VFK
חsÏgÅ gÅgÏà àÔÁ —_gÁԗz _gÅ Á†ÏÏg—
-à†<zgÅgÏàLÔUƒgÅ †— Á<sÏ zgÏÁgÏg—
'DV )QIWH *HVHW] ]XU bQGHUXQJ GHV 'ULWWHQ 6R]LDOJH
VHW]EXFKHV GDV GDV *HVHW] ]XU 9HUEHVVHUXQJ GHU $XV
ELOGXQJVFKDQFHQ I|UGHUXQJVEHGUIWLJHU MXQJHU 0HQ
VFKHQ HQWKlOW LVW LP %XQGHVJHVHW]EODWW YHUNQGHW ZRU
GHQ XQG DP LQ .UDIW JHWUHWHQ
'DPLW EHVWHKW QXQ HLQH JHVHW]OLFKH 5HJHOXQJ ]XU )|UGH
UXQJ YRQ -XJHQGOLFKHQ PLW QLFKW DXVUHLFKHQGHU VFKXOL
VFKHU %LOGXQJ E]Z YRQ /HUQEHHLQWUlFKWLJWHQ RGHU VR]L
DO EHQDFKWHLOLJWHQ -XJHQGOLFKHQ *HUHJHOW LVW LQVEHVRQ
GHUH ZHU XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ HLQH )|UGH
UXQJ GHQ VRJ $XVELOGXQJVERQXV LQ $QVSUXFK QHKPHQ
NDQQ =LHO GHU ,QLWLDWLYH LVW HV ZHLWHUH $XVELOGXQJVSOlW
]H ]X VFKDIIHQ XQG JHUDGH MXQJHQ 0HQVFKHQ GLH ELVKHU
ZHQLJ &KDQFHQ DXI GHP $XVELOGXQJVPDUNW KDWWHQ HLQH
3HUVSHNWLYH ]X ELHWHQ
:HJHQ GHU ZHLWHUHQ (LQ]HOKHLWHQ GUIHQ ZLU DXI GLH
3UHVVHPLWWHLOXQJ GHV %XQGHVPLQLVWHULXPV IU $UEHLW
XQG 6R]LDOHV YHUZHLVHQ GLH 6LH JHUQH EHU XQVHUH .DP
PHUJHVFKlIWVVWHOOH DQIRUGHUQ N|QQHQ 'DV *HVHW] VHOEVW
ILQGHQ 6LH LP %XQGHVJHVHW]EODWW -DKUJDQJ 7HLO 1U 6 II
VFK
…,gsÁ” ©<ÅņgÁÏ _g— ԗ_gÅÁ<Ï
1DFKGHP GHU 'HXWVFKH %XQGHVWDJ GDV *HVHW] EHU GDV
9HUIDKUHQ LQ )DPLOLHQVDFKHQ XQG LQ GHQ $QJHOHJHQ
KHLWHQ GHU )UHLZLOOLJHQ *HULFKWVEDUNHLW )DP)* EH
UHLWV LP -XQL EHVFKORVVHQ KDWWH KDW GDV *HVHW]
QXQ DP DXFK GHQ %XQGHVUDW SDVVLHUW 'DV
)DP)* ZLUG DP LQ .UDIW WUHWHQ 'LH /lQGHU
KDWWHQ JHJHQ HLQ XUVSUQJOLFK IUKHU JHSODQWHV ,QNUDIW
WUHWHQ LQWHUYHQLHUW 6LH KDEHQ QXQ MHGRFK HLQ -DKU =HLW
GLH 1HXRUJDQLVDWLRQ GHU JHULFKWOLFKHQ $EOlXIH YRU]X
QHKPHQ
VFK
Ðâx
5gÁÁ_—Ô—z àÔÁ †_ԗz zg”g†—Å<”gÁ
”ÏÅzgÁ†UƒÏg s×Á :Û<—zÅÚgÁÅÏg†zgÁԗzŅ
ԗ_ :Û<—zÅÚgÁÛ<ÏԗzÅÅ<Uƒg— ÚgÁ<L…
ÅUƒ†g_gÏ
'LH /DQGHVUHJLHUXQJ 1RUGUKHLQ:HVWIDOHQ KDW DP
GLH 9HURUGQXQJ ]XU %LOGXQJ JHPHLQVDPHU
$PWVJHULFKWH IU =ZDQJVYHUVWHLJHUXQJV XQG =ZDQJV
YHUZDOWXQJVVDFKHQ .RQ]HQWUDWLRQV 92 =9* YHUDE
VFKLHGHW GLH DP LQ .UDIW WUHWHQ ZLUG 'HPQDFK
ZHUGHQ GLH =ZDQJVYHUVWHLJHUXQJV XQG =ZDQJVYHUZDO
WXQJVVDFKHQ LP 2EHUODQGHVJHULFKWVEH]LUN 'VVHOGRUI
GHP $PWVJHULFKW 'XLVEXUJ IU GLH $PWVJHULFKWVEH]LUNH
'XLVEXUJ 'XLVEXUJ+DPERUQ XQG 'XLVEXUJ5XKURUW
VRZLH GHP $PWVJHULFKW .OHYH IU GLH $PWVJHULFKWEH
]LUNH (PPHULFK XQG .OHYH ]XJHZLHVHQ )HUQHU ZLUG GLH
=ZDQJVYHUVWHLJHUXQJ YRQ GHQ LP 6FKLIIVUHJLVWHU HLQJH
WUDJHQHQ 6FKLIIHQ XQG YRQ 6FKLIIVEDXZHUNHQ GLH LP
6FKLIIVEDXUHJLVWHU HLQJHWUDJHQ VLQG RGHU LQ GLHVH 5HJLV
WHU HLQJHWUDJHQ ZHUGHQ N|QQHQ GHP $PWVJHULFKW 'XLV
EXUJ5XKURUW IU GLH $PWVJHULFKWH GHV 2EHUODQGHVJH
ULFKWVEH]LUNV 'VVHOGRUI ]XJHZLHVHQ
'HQ 9HURUGQXQJVWH[W ILQGHQ 6LH LP *HVHW] XQG 9HU
RUGQXQJVEODWW IU GDV /DQG 1RUGUKHLQ:HVWIDOHQ 1U YRP 6 I
VFK
ԗ_gŎ<L†—gÏÏ LgÅUƒ†g{Ï º!”LÔ_Ņ
”<——»
$P KDW GLH %XQGHVUHJLHUXQJ GHQ (QWZXUI
HLQHV *HVHW]HV ]XU (UULFKWXQJ HLQHU XQDEKlQJLJHQ EXQ
GHVZHLW WlWLJHQ Ä6FKOLFKWXQJVVWHOOH GHU 5HFKWVDQZDOW
VFKDIW³ EHVFKORVVHQ 6LH WUlJW GDPLW HLQHU )RUGHUXQJ GHU
%XQGHVUHFKWVDQZDOWVNDPPHU DXV GHP )UKMDKU 5HFKQXQJ YJO KLHU]X .DPPHU0LWWHLOXQJHQ 6 I
,Q HLQHU 3UHVVHPLWWHLOXQJ GHV %0- YRP ZLUG
)UDX %XQGHVMXVWL]PLQLVWHULQ %ULJLWWH =\SULHV PLW GHQ
:RUWHQ ]LWLHUW Ä0LW GHU QHXHQ 6FKOLFKWXQJVVWHOOH EH
NRPPHQ 5HFKWVXFKHQGH GLH 0|JOLFKNHLW EHL 6WUHLWLJ
NHLWHQ PLW LKUHU 5HFKWVDQZlOWLQ RGHU LKUHP 5HFKWVDQ
ZDOW HLQH HLQYHUQHKPOLFKH /|VXQJ RKQH $QUXIXQJ GHU
*HULFKWH ]X HUUHLFKHQ 'HU *HVHW]HQWZXUI RULHQWLHUW VLFK
GDEHL DQ GHP 9RUELOG DQGHUHU HUIROJUHLFKHU Ã2PEXGV
PDQQµ(LQULFKWXQJHQ ZLH HWZD EHL %DQNHQ RGHU 9HUVL
FKHUXQJHQ 'LH QHXH 6FKOLFKWXQJVVWHOOH NDQQ NRVWHQORV
LQ $QVSUXFK JHQRPPHQ ZHUGHQ 6LH XQWHUVFKHLGHW VLFK
YRQ GHQ EHUHLWV EHVWHKHQGHQ 6FKOLFKWXQJVDQJHERWHQ
|UWOLFKHU 5HFKWVDQZDOWVNDPPHUQ GXUFK LKUH JHVHW]OLFK
JDUDQWLHUWH 8QDEKlQJLJNHLW XQG GXUFK GLH 3HUVRQ GHV
6FKOLFKWHUV GHU QLFKW DXV GHQ 5HLKHQ GHU 5HFKWVDQZlOWH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
gÔgÅ <ÔÅ gÅgÏàzgLԗz ԗ_ gÁÔsÅ©†Ï†Ž
NRPPHQ GDUI 'DGXUFK VWlUNHQ ZLU GDV 9HUWUDXHQ GHU
%UJHULQQHQ XQG %UJHU LQ GLH $QZDOWVFKDIW =XVDP
PHQ PLW GHQ RUWVQDKHQ 9HUPLWWOXQJVDQJHERWHQ ZLUG GLH
EXQGHVZHLWH 6FKOLFKWXQJVVWHOOH GHU 5HFKWVDQZDOWVFKDIW
HLQHQ ZHVHQWOLFKHQ %HLWUDJ ]XU 9HUPHLGXQJ JHULFKWOL
FKHU $XVHLQDQGHUVHW]XQJHQ XQG GDPLW DXFK ]XU *H
ULFKWVHQWODVWXQJ OHLVWHQ³
'LH QHXH 6FKOLFKWXQJVVWHOOH VROO EHL GHU %5$. DQJHVLH
GHOW ZHUGHQ ,KU 7lWLJNHLWVEHUHLFK ZLUG VLFK DXI DOOH ]L
YLOUHFKWOLFKHQ 6WUHLWLJNHLWHQ ]% DXI VROFKH EHU GLH
+|KH GHU $QZDOWVYHUJWXQJ RGHU EHU +DIWXQJVDQVSU
FKH GHV 0DQGDQWHQ JHJHQ GHQ $QZDOW HUVWUHFNHQ
'LH JHSODQWHQ 5HJHOXQJHQ ]XU (LQIKUXQJ GHV Ä2P
EXGVPDQQV³ VLQG %HVWDQGWHLO GHV Ä5HJLHUXQJVHQWZXUIV
IU HLQ *HVHW] ]XU 0RGHUQLVLHUXQJ YRQ 9HUIDKUHQ LP
DQZDOWOLFKHQ XQG QRWDULHOOHQ %HUXIVUHFKW ]XU (UULFK
WXQJ HLQHU 6FKOLFKWXQJVVWHOOH GHU 5HFKWVDQZDOWVFKDIW
VRZLH ]XU bQGHUXQJ GHU 9HUZDOWXQJVJHULFKWVRUGQXQJ
GHU )LQDQ]JHULFKWVRUGQXQJ XQG NRVWHQUHFKWOLFKHU 9RU
VFKULIWHQ³ 'HU (QWZXUI YHUHLQW GHQ EHUDUEHLWHWHQ 5H
IHUHQWHQHQWZXUI HLQHV *HVHW]HV ]XU 0RGHUQLVLHUXQJ YRQ
9HUIDKUHQ LP DQZDOWOLFKHQ XQG QRWDULHOOHQ %HUXIVUHFKW
PLW GHP OHLFKW PRGLIL]LHUWHQ $UEHLWVHQWZXUI GHV %0YRP ]XU (LQIKUXQJ HLQHU 6FKOLFKWXQJVVWHOOH
EHL GHU %5$.
'DV *HVHW] EHGDUI QLFKW GHU =XVWLPPXQJ GHV %XQGHV
UDWHV %HL ]JLJHQ %HUDWXQJHQ LP 3DUODPHQW NDQQ HV LP
)UKMDKU LQ .UDIW WUHWHQ
VRE
gÅgÏàg—ÏÛÔÁs _gŠԗ_gÅÁ<ÏgÅ g†—gÅ
gÅgÏàgÅ àÔÁ —_gÁԗz _gÅ gÁ<ÏԗzŅ
ƒ†sgÁgUƒÏÅ
'HU %XQGHVUDW KDW DP EHVFKORVVHQ GHQ (QW
ZXUI HLQHV *HVHW]HV ]XU bQGHUXQJ GHV %HUDWXQJVKLOIH
UHFKWV GHU /lQGHU 6DFKVHQ$QKDOW 1LHGHUVDFKVHQ
1RUGUKHLQ:HVWIDOHQ 6DFKVHQ XQG 6FKOHVZLJ+ROVWHLQ
EHLP 'HXWVFKHQ %XQGHVWDJ HLQ]XEULQJHQ 'HU *HVHW]
HQWZXUI GHU YRUJHQDQQWHQ /lQGHU JHKW DXI GHQ (QWZXUI
GHU %XQG/lQGHU$UEHLWVJUXSSH Ä%HJUHQ]XQJ GHU $XV
JDEHQ IU GLH %HUDWXQJVKLOIH³ ]XUFN *HJHQEHU GHP
(QWZXUI GHU %XQG/lQGHU$UEHLWVJUXSSH ZHLVW GHU *H
VHW]HQWZXUI GHV %XQGHVUDWHV IROJHQGH bQGHUXQJHQ DXI
,P *HJHQVDW] ]X GHP (QWZXUI GHU %XQG/lQGHU$U
EHLWVJUXSSH VLQG LP (QWZXUI GHV %XQGHVUDWHV GLH 9RU
DXVVHW]XQJHQ XQWHU GHQHQ %HUDWXQJVKLOIH IU GLH 9HU
WUHWXQJ JHZlKUW ZHUGHQ NDQQ VHKU YLHO GHXWOLFKHU IRU
PXOLHUW 1DFK GHP YRUJHVFKODJHQHQ † $EV %HU+*
( HUVWUHFNW VLFK GLH %HUHFKWLJXQJ DXI %HUDWXQJVKLOIH
GXUFK 9HUWUHWXQJ ZHQQ GLHVH QDFK GHU %HUDWXQJ HUIRU
GHUOLFK LVW 'LH (QWVFKHLGXQJ RE HLQH 9HUWUHWXQJ LP
(LQ]HOIDOO WDWVlFKOLFK HUIRUGHUOLFK LVW HUIROJW GHPJHPl‰
JUXQGVlW]OLFK HUVW QDFK GHU %HUDWXQJ 1XU IU GHQ $XV
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
QDKPHIDOO GDVV GLH (UIRUGHUOLFKNHLW GHU 9HUWUHWXQJ YRQ
$QIDQJ DQ EHUHLWV YRU GHU %HUDWXQJ RIIHQVLFKWOLFK LVW
VROO $EV 6 GLH VRIRUWLJH $XVVWHOOXQJ GHV %HUHFKWL
JXQJVVFKHLQHV DXFK IU %HUDWXQJVKLOIH GXUFK 9HUWUH
WXQJ HUP|JOLFKHQ 'DUEHU KLQDXV IlOOW DXI GDVV GHU
(QWZXUI GHU %XQG/lQGHU$UEHLWVJUXSSH QRFK YRQ GHU
9HUWUHWXQJ ÄGXUFK HLQHQ 5HFKWVDQZDOW VHLQHU :DKO³
VSUDFK 'LHVHU :RUWODXW LVW LP (QWZXUI GHV %XQGHVUDWHV
QXQPHKU HUVDW]ORV HQWIDOOHQ 'RUW ZLUG OHGLJOLFK Ä%HUD
WXQJVKLOIH GXUFK 9HUWUHWXQJ³ IRUPXOLHUW 'LH %HJUQ
GXQJ OlVVW VLFK GD]X QLFKW ZHLWHU DXV
)HUQHU VROO GXUFK HLQHQ QHXHQ † $EV %HU+*( HU
P|JOLFKW ZHUGHQ GDVV GXUFK /DQGHVJHVHW] GLH %LOOL
JXQJ XQG *HZlKUXQJ YRQ %HUDWXQJVKLOIH ]XU (LQIK
UXQJ |IIHQWOLFKHU 5HFKWVEHUDWXQJ DXFK LQ DQGHUHQ /lQ
GHUQ DEZHLFKHQG YRQ GLHVHP *HVHW] JHUHJHOW ZLUG 'LHV
VROO DXFK IU GLH (LQIKUXQJ HLQHU DXVVFKOLH‰OLFKHQ =X
VWlQGLJNHLW DQZDOWOLFKHU %HUDWXQJVVWHOOHQ L6 GHV † $EV ]XU *HZlKUXQJ YRQ %HUDWXQJVKLOIH JHOWHQ $XV
GHU (QWZXUIVEHJUQGXQJ HUJLEW VLFK KLHU]X GDVV HV VLFK
XP HLQH gIIQXQJVNODXVHO ]XU (LQIKUXQJ |IIHQWOLFKHU
5HFKWVEHUDWXQJ RGHU DXVVFKOLH‰OLFKHU =XVWlQGLJNHLW GHU
DQZDOWOLFKHQ %HUDWXQJVVWHOOHQ ]XU %LOOLJXQJ XQG *H
ZlKUXQJ YRQ %HUDWXQJVKLOIH IU DOOH /lQGHU KDQGHOQ
VROO %LVODQJ LVW GLH (LQULFKWXQJ |IIHQWOLFKHU 5HFKWVEH
UDWXQJVVWHOOHQ QXU LQ GHQ 6WDGWVWDDWHQ P|JOLFK
%H]JOLFK GHU ZHLWHUHQ (LQ]HOKHLWHQ GHU 5HJHOXQJ YHU
ZHLVHQ ZLU DXI GLH NRQNUHWH (QWZXUIVEHJUQGXQJ GLH
6LH EHU XQVHUH .DPPHUJHVFKlIWVVWHOOH DEIRUGHUQ N|Q
QHQ
%H]JOLFK GHV OHW]WJHQDQQWHQ 3XQNWHV GUIWH LQVJHVDPW
GLH *HIDKU EHVWHKHQ GDVV GLH %HUDWXQJVKLOIH DXV GHQ
+lQGHQ GHU $QZDOWVFKDIW JHQRPPHQ XQG KLQ ]X HLQHU
%HUDWXQJVKLOIH GXUFK |IIHQWOLFKH %HUDWXQJVVWHOOHQ JH
IKUW ZLUG
'XUFK † 59*( VROO IHUQHU NODUJHVWHOOW ZHUGHQ GDVV
GLH 9HUJWXQJVDQVSUFKH GHV 5HFKWVDQZDOWV JHJHQEHU
GHU 6WDDWVNDVVH GXUFK HLQH $XIKHEXQJ HLQHU (QWVFKHL
GXQJ GHV $PWVJHULFKWV JHP † $EV RGHU $EV GHV
%HU+*( QLFKW EHUKUW ZHUGHQ VRZHLW GHU 5HFKWVDQ
ZDOW ]X GHU =HLW GHU *HZlKUXQJ GHU %HUDWXQJVKLOIH LP
+LQEOLFN DXI GHQ %HVWDQG GHV %HUHFKWLJXQJVVFKHLQV LQ
JXWHP *ODXEHQ ZDU
/HW]WOLFK VROO GLH %HUDWXQJVKLOIHJHEKU IU GHQ )DOO GHU
*HZlKUXQJ YRQ %HUDWXQJVKLOIH GXUFK 9HUWUHWXQJ JHJHQ
EHU GHP (QWZXUI GHU %XQG/lQGHU$UEHLWVJUXSSH YRQ
DXI (XUR KHUDEJHVHW]W ZHUGHQ 'LHV HQWVSULFKW
DXFK GHU )RUGHUXQJ GHU %5$. LQ LKUHU 6WHOOXQJQDKPH
]XP (QWZXUI GHU %XQG/lQGHU$UEHLWVJUXSSH GLH GLHVH
LP )HEUXDU DEJHJHEHQ KDWWH :HLWHUKLQ LVW JHUH
JHOW GDVV GLH %HUDWXQJVKLOIHJHEKU DXI GHQ 9HUJWXQJV
DQVSUXFK JHJHQ GLH 6WDDWVNDVVH DQ]XUHFKQHQ LVW 'LHV
VROO ]XU +lOIWH DOVR LQ +|KH YRQ (XUR JHVFKHKHQ
9RP )RUWJDQJ GHV *HVHW]JHEXQJVYHUIDKUHQV ZHUGHQ
ZLU 6LH DXI GHP /DXIHQGHQ KDOWHQ
VFK
Ðâu
gÔgÅ <ÔÅ gÅgÏàzgLԗz ԗ_ gÁÔsÅ©†Ï†Ž
gÅgÏà àÔÁ 5gÁLgÅÅgÁԗz _gÁ zÁg—à×LgÁ…
ÅUƒÁg†Ïg—_g— Á_gÁԗzÅ_ÔÁUƒÅgÏàԗz
ԗ_ :ÔÅÏgÔ—z LgÅUƒÅÅg—
† †— Á<sÏ zgÏÁgÏg—
$P LVW GDV *HVHW] ]XU 0RGHUQLVLHUXQJ GHV
*PE+5HFKWV XQG ]XU %HNlPSIXQJ YRQ 0LVVEUlXFKHQ
0R0L* YRP LP %XQGHVJHVHW]EODWW ,
II YHUNQGHW ZRUGHQ ,Q .UDIW JHWUHWHQ LVW GDV
ODQJH HUZDUWHWH *HVHW] DP (LQH =XVDPPHQIDVVXQJ GHU ZHVHQWOLFKHQ ,QKDOWH GHU
1HXUHJHOXQJ ILQGHQ 6LH LQ HLQHU 3UHVVHPLWWHLOXQJ GHV
%XQGHVMXVWL]PLQLVWHULXPV YRP ZZZEPM
EXQGGH 'DV %0- EHWRQW PLW $EVFKOXVV GHU VHLW ODQ
JHP HUZDUWHWHQ 5HIRUP VHL GDV *PE+5HFKW LP -DKUKXQGHUW DQJHNRPPHQ 'LH :HWWEHZHUEVIlKLJNHLW
GHU *PE+ ± LQVEHVRQGHUH DXFK LP LQWHUQDWLRQDOHQ 9HU
JOHLFK ± ZHUGH JHVWlUNW 'LH ÄQHXH³ *PE+ VHL HLQH PR
GHUQH VFKODQNH 5HFKWVIRUP IU GHQ 0LWWHOVWDQG ([LV
WHQ]JUQGHUQ VWHKH NQIWLJ PLW GHU KDIWXQJVEHVFKUlQN
WHQ 8QWHUQHKPHUJHVHOOVFKDIW ]XVlW]OLFK HLQH (LQVWLHJV
YDULDQWH GHU *PE+ ]XU 9HUIJXQJ ,QVJHVDPW VHL GDV
QHXH *PE+5HFKW PRGHUQHU XQG SUD[LVWDXJOLFKHU JH
ZRUGHQ 'D GLH $WWUDNWLYLWlW GHU *PE+ DOV 5HFKWVIRUP
QLFKW ]XOHW]W GDYRQ DEKlQJH GDVV *OlXELJHU LQ )lOOHQ
GHU .ULVH XQG GHU ,QVROYHQ] ZLUNVDP JHVFKW]W ZUGHQ
VHL ]XGHP GHU 6FKXW] YRU 0LVVEUDXFK YHUEHVVHUW ZRU
GHQ 'LH JUXQGOHJHQGH 0RGHUQLVLHUXQJ GHV *PE+
5HFKWV RULHQWLHUH VLFK DQ GHQ 0D[LPHQ )OH[LELOLVLHUXQJ
XQG 'HUHJXOLHUXQJ DXI GHU HLQHQ 6HLWH XQG %HNlPSIXQJ
GHU 0LVVEUDXFKVJHIDKU DXI GHU DQGHUHQ 6HLWH %HVRQGH
UH 1HXHUXQJHQ VHLHQ GDEHL GDV 0XVWHUSURWRNROO IU XQ
NRPSOL]LHUWH *PE+6WDQGDUGJUQGXQJHQ VRZLH GLH
*PE+9DULDQWH GLH RKQH 0LQGHVWVWDPPNDSLWDO DXV
NRPPH
'HU %XQGHVWDJ KDW DP GDV *HVHW] ]XU 9HU
EHVVHUXQJ GHU JUHQ]EHUVFKUHLWHQGHQ )RUGHUXQJVGXUFK
VHW]XQJ XQG =XVWHOOXQJ EHVFKORVVHQ 'DV $UWLNHOJHVHW]
HQWKlOW bQGHUXQJHQ GHU =LYLOSUR]HVVRUGQXQJ GHV *H
ULFKWVYHUIDVVXQJVJHVHW]HV GHV 5HFKWVSIOHJHUJHVHW]HV
GHV $UEHLWVJHULFKWVJHVHW]HV GHV 5HFKWVDQZDOWVYHUJ
WXQJVJHVHW]HV VRZLH GHV %*% :HJHQ GHU (LQ]HOKHLWHQ
GUIHQ ZLU DXI GLH RIIL]LHOOH )XQGVWHOOH %XQGHVJHVHW]
EODWW -DKUJDQJ 7HLO 1U 6 II YHUZHLVHQ
'DV *HVHW] WULWW JHPl‰ VHLQHP $UWLNHO HWDSSHQZHLVH
LQ .UDIW XQG ]ZDU DP VRZLH
VFK
VRE
Á_gÁԗzÅņUƒgÁԗzÅzgÅgÏà ÚgÁ ssg—Ϗ†UƒÏ
%HUHLWV LQ GHQ .DPPHU0LWWHLOXQJHQ 6 KDWWHQ ZLU EHU GHQ (QWZXUI HLQHV *HVHW]HV ]XU 6LFKH
UXQJ YRQ :HUNXQWHUQHKPHUDQVSUFKHQ XQG ]XU YHUEHV
VHUWHQ 'XUFKVHW]XQJ YRQ )RUGHUXQJHQ )RUGHUXQJVVL
FKHUXQJVJHVHW] ± )R6L* EHULFKWHW 'DV *HVHW] LVW QXQ
PHKU DP LP %XQGHVJHVHW]EODWW 7HLO 1U 6 YHU|IIHQWOLFKW ZRUGHQ 'DV *HVHW] ZLUG
DP LQ .UDIW WUHWHQ :HJHQ GHU LQKDOWOLFKHQ
(LQ]HOKHLWHQ GHV *HVHW]HV VHL DXI GHQ %HULFKW LQ GHQ
.DPPHU0LWWHLOXQJHQ YHUZLHVHQ
VFK
ÐâÊ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
g_ԗzg— <ÔÅ Á×ÅÅg
g_ԗzg—
<ÔÅ Á×ÅÅg
—ÏÅUƒg†_ԗz _gÅ ,<ÏgÅ àÔÁ gÏgÁ†Uƒg—
5gÁ<—Ï۝ÁÏԗz ÚgÁ<LÅUƒ†g_gÏ
$P KDW GHU 5DW GHU (XURSlLVFKHQ 8QLRQ HLQH
(QWVFKHLGXQJ YHUDEVFKLHGHW PLW GHU HU GLH 0LWJOLHG
VWDDWHQ GD]X HUPlFKWLJW GDV +DDJHU hEHUHLQNRPPHQ
YRP EHU GLH =XVWlQGLJNHLW GDV DQ]XZHQ
GHQGH 5HFKW GLH $QHUNHQQXQJ 9ROOVWUHFNXQJ XQG =X
VDPPHQDUEHLW DXI GHP *HELHW GHU HOWHUOLFKHQ 9HUDQW
ZRUWXQJ XQG GHU 0D‰QDKPHQ ]XP 6FKXW] YRQ .LQGHUQ
HQWZHGHU ]X UDWLIL]LHUHQ E]Z LKQHQ EHL]XWUHWHQ RGHU
HLQH (UNOlUXQJ EHU GLH $QZHQGXQJ GHU HLQVFKOlJLJHQ
LQWHUQHQ 9RUVFKULIWHQ GHV *HPHLQVFKDIWVUHFKWV DE]XJH
EHQ
'LH (XURSlLVFKH 8QLRQ IRUGHUW GLH 0LWJOLHGVWDDWHQ
EHUGLHV GD]X DXI GLH LQ GHP hEHUHLQNRPPHQ HQWKDO
WHQHQ 5HJHOQ DXFK JHJHQEHU 'ULWWVWDDWHQ ]X EHDFK
WHQ 6R VROOHQ LQVEHVRQGHUH GLH LQWHUQDWLRQDOH $QZHQ
GXQJ JHPHLQVDPHU 5HJHOXQJHQ ]XP .LQGHUVFKXW] HU
P|JOLFKW XQG GLH .RQVROLGLHUXQJ GHU JHPHLQVDPHQ
*UXQGVlW]H LP %HUHLFK HOWHUOLFKH 9HUDQWZRUWXQJ ]XP
:RKOH GHV .LQGHV ZHOWZHLW JHI|UGHUW ZHUGHQ 'LH
2ULJLQDOHQWVFKHLGXQJ $%O / YRP NDQQ LQ XQVHUHU .DPPHUJHVFKlIWVVWHOOH DEJHIUDJW
ZHUGHQ
VFK
—ÏÅUƒg†_ԗz ×LgÁ _†g †—Á†UƒÏԗz g†—gÅ
ÔÁ©@†ÅUƒg— ÔÅφà†gg— gÏàgÅ s×Á :†Ú†…
ԗ_ <—_gÅÅ<Uƒg—
'LH .RPPLVVLRQ GHU (XURSlLVFKHQ *HPHLQVFKDIW KDW
XQWHU GHP HLQHQ 9RUVFKODJ ]X HLQHU (QWVFKHL
GXQJ GHV (XURSlLVFKHQ 3DUODPHQWV XQG GHV 5DWHV EHU
GLH (LQULFKWXQJ HLQHV (XURSlLVFKHQ -XVWL]LHOOHQ 1HW]HV
IU =LYLO XQG +DQGHOVVDFKHQ YRUJHOHJW 'XUFK GLH GD
PLW HLQKHUJHKHQGH bQGHUXQJ GHU HQWVSUHFKHQGHQ 5DWV
HQWVFKHLGXQJHQ VROOHQ GHU 5HFKWVUDKPHQ EHUDUEHLWHW
GLH 2UJDQLVDWLRQ QHX VWUXNWXULHUW XQG ]XVlW]OLFKH 0LWWHO
EHUHLWVJHVWHOOW ZHUGHQ
'DV EHUHLWV VHLW H[LVWLHUHQGH (XURSlLVFKH -XVWL]L
HOOH 1HW] KDW DOV ]HQWUDOH $XIJDEH GLH (UOHLFKWHUXQJ GHU
MXVWL]LHOOHQ =XVDPPHQDUEHLW ]ZLVFKHQ GHQ 0LWJOLHG
VWDDWHQ LQ =LYLO XQG +DQGHOVVDFKHQ EHL 9HUIDKUHQ PLW
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
JUHQ]EHUVFKUHLWHQGHQ %H]JHQ 'LH GHU]HLW UXQG 0LWJOLHGHU 9HUWUHWHU GHU -XVWL] XQG 9HUZDOWXQJVEH
K|UGHQ GHU 0LWJOLHGVWDDWHQ N|QQHQ GDV -XVWL]LHOOH 1HW]
QXW]HQ XP $XVNQIWH ]X DOOJHPHLQHQ )UDJHQ GHV
5HFKWV GHU 0LWJOLHGVWDDWHQ XQG EHU GHQ 6WDQG LP $XV
ODQG DQKlQJLJHU 5HFKWVVDFKHQ ]X HUKDOWHQ VRZLH JJI
GLUHNWH .RQWDNWH KHU]XVWHOOHQ +LHU]X VLQG .RQWDNWVWHO
OHQ LQ GHQ 0LWJOLHGVWDDWHQ HLQJHULFKWHW 'LH YRUKDQGH
QH .DSD]LWlW GHV 1HW]HV VROO GXUFK GLH gIIQXQJ GHV
1HW]HV QXQ DXFK IU $QJHK|ULJH GHU 5HFKWVEHUXIH HU
K|KW ZHUGHQ LQGHP %HUXIVNDPPHUQ DOV 0LWJOLHGHU GHV
1HW]HV DXIJHQRPPHQ ZHUGHQ XQG DOV ]XVlW]OLFKH .RQ
WDNWVWHOOHQ GLHQHQ VROOHQ $XFK GLH DOOJHPHLQH gIIHQW
OLFKNHLW VROO VFKULWWZHLVH =XJDQJ ]X GHQ .RQWDNWVWHOOHQ
HUKDOWHQ )HUQHU VWHOOW GLH .RPPLVVLRQ QXQPHKU LP
5DKPHQ GHV (XURSlLVFKHQ -XVWL]LHOOHQ 1HW]HV LP ,QWHU
QHW ,QIRUPDWLRQHQ EHUHLW GLH 6LH XQWHU KWWSHF
HXURSDHXFLYLOMXVWLFHLQGH[BGHKWP DEUXIHQ N|QQHQ
'HQ .RPPLVVLRQVYRUVFKODJ LP 2ULJLQDOWH[W NDQQ ,K
QHQ XQVHUH .DPPHUJHVFKlIWVVWHOOH EHL %HGDUI ]XU 9HU
IJXQJ VWHOOHQ
VFK
,<ƒ”g—LgÅUƒÔÅÅ àÔÁ gÁ×UŽÅ†UƒÏ†zԗz
_gÁ †— <—_gÁg— †Ïz†g_ÅÏ<<Ïg— _gÁ 0 gÁ…
z<—zg—g— 5gÁÔÁÏg†Ô—zg— †— g†—g” —gÔg—
-ÏÁ<sÚgÁs<ƒÁg— †— Á<sÏ zgÏÁgÏg—
$P WUDW GHU YRP 5DW GHU -XVWL] XQG ,QQHQ
PLQLVWHU YHUDEVFKLHGHWH 5DKPHQEHVFKOXVV -,
GHQ 6LH EHU XQVHUH .DPPHUJHVFKlIWVVWHOOH DQIRUGHUQ
N|QQHQ ]XU %HUFNVLFKWLJXQJ GHU LQ DQGHUHQ 0LWJOLHG
VWDDWHQ GHU (XURSlLVFKHQ 8QLRQ HUJDQJHQHQ 9HUXUWHL
OXQJHQ LQ HLQHP QHXHQ 6WUDIYHUIDKUHQ LQ .UDIW
'HU 5DKPHQEHVFKOXVV HUVHW]W $UW GHV (XURSlLVFKHQ
hEHUHLQNRPPHQV YRP ,QKDOWOLFK PVVHQ
GLH 0LWJOLHGVWDDWHQ QXQPHKU ELV ]XP VLFKHU
VWHOOHQ GDVV LQ 6WUDIYHUIDKUHQ DXFK IUKHUH 9HUXUWHLOXQ
JHQ GLH JHJHQ GLH EHWURIIHQH 3HUVRQ ZHJHQ HLQHU DQGH
UHQ 7DW LQ HLQHP DQGHUHQ 0LWJOLHGVWDDW HUJDQJHQ VLQG
ZLH LP ,QODQG HUJDQJHQH IUKHUH 9HUXUWHLOXQJHQ EH
UFNVLFKWLJW ZHUGHQ 9RU XQG ZlKUHQG GHV 6WUDIYHUIDK
UHQV VRZLH GHU 6WUDIYROOVWUHFNXQJ VROOHQ GLHVH 9HUXUWHL
OXQJHQ PLW GHQ JOHLFKHQ YHUIDKUHQV XQG PDWHULHOOUHFKW
OLFKHQ :LUNXQJHQ ZLH LQOlQGLVFKH (QWVFKHLGXQJHQ YHU
VHKHQ ZHUGHQ 'DEHL NDQQ HLQH IUKHUH (QWVFKHLGXQJ
DXVQDKPVZHLVH QlPOLFK ZHQQ GDV QHXH 9HUIDKUHQ GLH
ÐâÉ
g_ԗzg— <ÔÅ Á×ÅÅg
VHV EHL HLQHU IUKHUHQ LQOlQGLVFKHQ 9HUXUWHLOXQJ ]XU
)ROJH JHKDEW KlWWH DXFK DEJHlQGHUW DXIJHKREHQ RGHU
EHUSUIW ZHUGHQ .HLQH 9HUSIOLFKWXQJ ]XU %HUFNVLFK
WLJXQJ EHVWHKW ZHQQ GLH ]XJUXQGH OLHJHQGH 7DW QDFK LQ
QHUVWDDWOLFKHP 5HFKW NHLQH 6WUDIWDW GDUVWHOOW RGHU GDV LQ
QHUVWDDWOLFKH 5HFKWVV\VWHP GLH YHUKlQJWH 6DQNWLRQ JDU
QLFKW NHQQW
1LFKW JHUHJHOW LVW KLQJHJHQ GLH (LQKROXQJ YRQ $XVNQI
WHQ EHU LQ DQGHUHQ 0LWJOLHGVWDDWHQ HUIROJWH 9HUXUWHL
OXQJHQ +LHU JHOWHQ QDFK ZLH YRU GLH 5HFKWVLQVWUXPHQWH
EHU GLH 5HFKWVKLOIH VRZLH GHQ $XVWDXVFK YRQ ,QIRUPD
WLRQHQ DXV 6WUDIUHJLVWHUQ
VFK
—ÏÅUƒ†g{ԗz _gÅ ÔÁ©@†ÅUƒg— *<Á<…
”g—ÏÅ àÔÁ -Ï@ÁŽÔ—z ڝ— ÔÁÔÅÏ
$XI VHLQHU 3OHQDUWDJXQJ KDW VLFK GDV (XURSlLVFKH 3DUOD
PHQW DP ]XP (QWZXUI GHV %HVFKOXVVHV ]XU
6WlUNXQJ YRQ (XURMXVW SRVLWLRQLHUW
=LHO GHV %HVFKOXVVHV LVW GLH 9HUEHVVHUXQJ GHU RSHUDWL
YHQ (IIL]LHQ] YRQ (XURMXVW 'LH bQGHUXQJHQ GHV (XUR
SlLVFKHQ 3DUODPHQWV EH]LHKHQ VLFK YRU DOOHP DXI HLQH
9HUEHVVHUXQJ GHV 'DWHQVFKXW]HV =XNQIWLJ VROO VL
FKHUJHVWHOOW ZHUGHQ GDVV IU DOOH YRQ (XURMXVW YHUZHQ
GHWHQ $UWHQ YRQ SHUVRQHQEH]RJHQHQ 'DWHQ HLQ DQJH
PHVVHQHU 6FKXW] JHZlKUOHLVWHW LVW ,Q GLHVHP =XVDP
PHQKDQJ IRUGHUW GDV (XURSlLVFKH 3DUODPHQW GHQ 5DW
GD]X DXI P|JOLFKVW EDOG HLQHQ 5DKPHQEHVFKOXVV EHU
GHQ 6FKXW] SHUVRQHQEH]RJHQHU 'DWHQ GLH LP 5DKPHQ
GHU SROL]HLOLFKHQ XQG MXVWL]LHOOHQ =XVDPPHQDUEHLW YHU
DUEHLWHW ZHUGHQ DQ]XQHKPHQ 'HV :HLWHUHQ VROO HLQH
3HUVRQ JHJHQ GLH DXIJUXQG HLQHV (UVXFKHQV YRQ (XUR
MXVW HUPLWWHOW DEHU NHLQH 6WUDIYHUIROJXQJ HLQJHOHLWHW
ZXUGH LQQHUKDOE HLQHV -DKUHV KLHUYRQ XQWHUULFKWHW ZHU
GHQ $X‰HUGHP IRUGHUW GDV (XURSlLVFKH 3DUODPHQW GLH
6FKDIIXQJ HLQHV 5HFKWVEHKHOIV LQ )lOOHQ LQ GHQHQ GLH
(UPLWWOXQJHQ DXI RIIHQNXQGLJ XQ]XUHLFKHQGHU *UXQG
ODJH GXUFKJHIKUW ZRUGHQ VLQG 0LWJOLHGVWDDWHQ ZHUGHQ
]XGHP GD]X DXIJHIRUGHUW GDIU 6RUJH ]X WUDJHQ GDVV
GLH (QWVFKHLGXQJ HLQHU QDWLRQDOHQ %HK|UGH JHULFKWOLFK
EHUSUIW ZHUGHQ NDQQ HKH VLH (XURMXVW PLWJHWHLOW
ZLUG 'LH LQ GHU ,QLWLDWLYH GHU 0LWJOLHGVWDDWHQ YRUJHVH
KHQH Ä.RRUGLQLHUXQJV]HOOH³ VROO EHU HLQH HLQKHLWOLFKH
.RQWDNWVWHOOH ]X HUUHLFKHQ VHLQ GD (XURMXVW LQ VHLQHU
.RRUGLQLHUXQJVIXQNWLRQ HLQH WlJOLFKH MHGHU]HLWLJH
9HUIJEDUNHLW HUIRUGHUH 'LH $EJHRUGQHWHQ KDEHQ
OHW]WOLFK NODUJHVWHOOW GDVV HLQ 0LWJOLHGVWDDW QLFKW DXI
(UPLWWOXQJV XQG 6WUDIUHJLVWHU DQGHUHU 0LWJOLHGVWDDWHQ
]XJUHLIHQ NDQQ
VFK
Ðâl
gÅUƒÔÅÅڝÁÅUƒ<z ×LgÁ _†g 0—ÏgÁàg†Uƒ…
—Ô—z _gÅ 3LgÁg†—Ž””g—Å ×LgÁ _†g g…
Á†UƒÏÅÅÏ<—_ÅÚgÁg†—L<Áԗzg— _ÔÁUƒ _†g 'LH (XURSlLVFKH .RPPLVVLRQ KDW GHP 5DW DP HLQHQ 9RUVFKODJ IU HLQHQ %HVFKOXVV GHV 5DWHV ]XU 8Q
WHU]HLFKQXQJ HLQHV hEHUHLQNRPPHQV EHU *HULFKWV
VWDQGVYHUHLQEDUXQJHQ GXUFK GLH (* YRUJHOHJW 0LW GHP
LP 5DKPHQ GHU +DDJHU .RQIHUHQ] IU ,QWHUQDWLR
QDOHV 3ULYDWUHFKW JHVFKORVVHQHQ hEHUHLQNRPPHQ ZXUGH
HLQH IDNXOWDWLYH ZHOWZHLW QXW]EDUH JHULFKWOLFKH $OWHUQD
WLYH ]XP EHVWHKHQGHQ 6FKLHGVJHULFKWVYHUIDKUHQ JH
VFKDIIHQ XP GLH 5HFKWVVLFKHUKHLW XQG %HUHFKHQEDUNHLW
LQ GHQ +DQGHOVEH]LHKXQJHQ PLW 'ULWWVWDDWHQ ]X HUK|KHQ
'LH 8QWHU]HLFKQXQJ GHV hEHUHLQNRPPHQV GXUFK GLH (*
ZUGH HLQH 9HUHLQKHLWOLFKXQJ GHU 9RUVFKULIWHQ LQQHU
KDOE GHU *HPHLQVFKDIW LP 9HUKlOWQLV ]X 'ULWWVWDDWHQ EH
ZLUNHQ 'LH =LHOH GHV hEHUHLQNRPPHQV JHKHQ PLW GH
QHQ GHU (X*992 NRQIRUP GHUHQ $QZHQGXQJVEHUHLFK
EHUKUW ZLUG ZHQQ PLQGHVWHQV HLQH 3DUWHL LKUHQ $XIHQW
KDOWVRUW LQ HLQHP 9HUWUDJVVWDDW KDW $XVJHQRPPHQ ZHU
GHQ VROOWHQ MHGRFK DXV 6LFKW GHU (XURSlLVFKHQ .RPPLV
VLRQ 5HFKWVVDFKHQ L9 PLW EHVWLPPWHQ 9HUVLFKHUXQJV
YHUWUlJHQ VRZLH 8UKHEHU XQG YHUZDQGWH 6FKXW]UHFKWH
GHUHQ *OWLJNHLW DQ HLQHQ 0LWJOLHGVWDDW JHEXQGHQ LVW
VFK
ÔÁ©@†ÅUƒgÅ *<Á<”g—Ï Lgs×Á۝ÁÏgÏ
,”……5gÁÁ_—Ô—z
'DV (XURSlLVFKH 3DUODPHQW KDW VLFK DP PLW
GHP 9HURUGQXQJVYRUVFKODJ EHU GLH =XVWlQGLJNHLW XQG
GDV DQZHQGEDUH 5HFKW LQ (KHVDFKHQ 5RP ,,, EHIDVVW
XQG ]XJXQVWHQ YRQ PHKU 5HFKWVVLFKHUKHLW HLQH 1HXUH
JHOXQJ XQG 9HUHLQIDFKXQJ GHU IU LQWHUQDWLRQDOH 6FKHL
GXQJHQ JHOWHQGHQ 5HJHOQ JHIRUGHUW 'HQ HEHQIDOOV LQ
GLHVHP +HIW YRUJHVWHOOWHQ .RPPLVVLRQVYRUVFKODJ KDW
GDV (XURSlLVFKH 3DUODPHQW PLW bQGHUXQJHQ JHELOOLJW
'LH (QWVFKOLH‰XQJ GHV (XURSlLVFKHQ 3DUODPHQWV 3
7$ N|QQHQ 6LH EHU XQVHUH .DPPHUJH
VFKlIWVVWHOOH DQIRUGHUQ
:LH EHUHLWV DXVJHIKUW VROOHQ PLW GHU 9HURUGQXQJ KDU
PRQLVLHUWH .ROOLVLRQVUHJHOQ IU GLH (KHVFKHLGXQJ HLQ
JHIKUW ZHUGHQ 'LH (KHJDWWHQ N|QQHQ GHQ *HULFKWV
VWDQG VRZLH GDV DQZHQGEDUH 5HFKW HLQYHUQHKPOLFK IHVW
OHJHQ VRIHUQ ]X GLHVHP 0LWJOLHGVWDDW E]Z ]X GHU
5HFKWVRUGQXQJ HLQ HQJHU %H]XJ EHVWHKW ,Q (UPDQJH
OXQJ HLQHU 5HFKWVZDKO N|QQWH GDV DQZHQGEDUH 5HFKW
QDFK HLQHU 5HLKH YRQ $QNQSIXQJVSXQNWHQ EHVWLPPW
ZHUGHQ GLH GLH *HZlKU GDIU ELHWHQ GDVV VLFK GDV 9HU
IDKUHQ QDFK GHU 5HFKWVRUGQXQJ ULFKWHW ]X GHU HV GHQ
HQJVWHQ %H]XJ DXIZHLVW
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
g_ԗzg— <ÔÅ Á×ÅÅg
'DV (XURSlLVFKH 3DUODPHQW KDW VLFK GDPLW DXFK IU HLQH
HLQGHXWLJH /|VXQJ YRQ P|JOLFKHQ .RQIOLNWIlOOHQ DXVJH
VSURFKHQ ,Q )lOOHQ LQ GHQHQ QDFK GHP EHVWLPPWHQ
5HFKW HLQH 6FKHLGXQJ QLFKW P|JOLFK LVW RGHU VLH IU HL
QHQ (KHSDUWQHU LQ GLVNULPLQLHUHQGHU :HLVH HUIROJW VROO
GDV 5HFKW GHV *HULFKWVVWDQGV JHOWHQ
VFK
-ÏÔ_†g àԔ 5gÁƒ<Ïg— ڝ— @—_gÁ— ԗ_
@ÔsgÁ— Lg†” 6<Ág—gÁÛgÁL ڝÁzggzÏ
$P KDW GLH (8.RPPLVVLRQ ]ZHL 6WXGLHQ
YRUJHOHJW PLW GHQHQ GDV 9HUKDOWHQ YRQ +lQGOHUQ XQG
.lXIHUQ EHLP :DUHQHUZHUE XQWHUVXFKW ZLUG 'LH 6WXGL
HQ QDPHQV (XUREDURPHWHU VRZLH (XUREDURPHWHU
N|QQHQ 6LH EHL ,QWHUHVVH EHU XQVHUH .DPPHUJH
VFKlIWVVWHOOH DQIRUGHUQ
%HLGH 6WXGLHQ NRPPHQ ]X GHP (UJHEQLV GDVV GHU ,QWHU
QHWKDQGHO DXI QDWLRQDOHU (EHQH ]XQHKPH ZlKUHQG HU LP
JUHQ]EHUVFKUHLWHQGHQ %HUHLFK PHKU RGHU ZHQLJHU VWDJ
QLHUH 'DV EHVWHKHQGH ,QWHUHVVH GHU 9HUEUDXFKHU DP
(LQNDXI MHQVHLWV GHU /DQGHVJUHQ]H ZHUGH QLFKW DXVUHL
FKHQG EHGLHQW GHU +lQGOHU YHUNDXIWHQ QXU LP ,Q
ODQG :UGHQ GLH 5HJHOQ IU GHQ JUHQ]EHUVFKUHLWHQGHQ
9HUNDXI KDUPRQLVLHUW ZUGHQ DOOHU 9RUDXVVLFKW QDFK
GHU ELVODQJ QXU QDWLRQDO DJLHUHQGHQ +lQGOHU DXFK
(8ZHLW YHUNDXIHQ
'LH YRUJHQDQQWHQ (UJHEQLVVH VWW]HQ GLH (8.RPPLV
VLRQ EHL LKUHP 9RUKDEHQ GLH EHVWHKHQGHQ 9HUEUDXFKHU
ULFKWOLQLHQ ]X EHUDUEHLWHQ 'LH 5LFKWOLQLHQ VROOHQ ]XP
HLQHQ HLQ]HOQ ]XP DQGHUHQ DEHU DXFK DOV *DQ]HV HLQHU
hEHUSUIXQJ XQWHU]RJHQ ZHUGHQ XP /FNHQ RGHU 8Q
]XOlQJOLFKNHLWHQ GLH LQ HLQHU RGHU DOOHQ 5LFKWOLQLHQ JH
PHLQVDP EHVWHKHQ DXI]XVSUHQ
'LH $VSHNWH GLH DOOHQ 5LFKWOLQLHQ JHPHLQVDP VLQG ZLH
]% 'HILQLWLRQ DOOJHPHLQH %HVWLPPXQJHQ EHU ,QIRU
PDWLRQVHUIRUGHUQLVVH VRZLH 5HJHOQ ]XP :LGHUUXI XQG
5FNWULWW N|QQWHQ LP :HJH GHU 9ROOKDUPRQLVLHUXQJ LQ
)RUP HLQHV IU QDWLRQDOH XQG JUHQ]EHUVFKUHLWHQGH 9HU
WUlJH JHOWHQGHQ KRUL]RQWDOHQ 5HFKWVLQVWUXPHQWV JHUH
JHOW ZHUGHQ 6SH]LILVFKH 3UREOHPH N|QQWHQ ZLH ELVKHU
GXUFK VHNWRUDOH 5LFKWOLQLHQ JHO|VW ZHUGHQ
VFK
,†UƒÏ†—†g—ڝÁÅUƒ<z s×Á 0…Ûg†Ï z׏φzg
5gÁLÁ<ÔUƒgÁÁgUƒÏg ڝ— _gÁ 0…””†Å…
ņ— ڝÁzggzÏ
'LH (8.RPPLVVLRQ KDW DP HLQHQ 5LFKWOLQL
HQYRUVFKODJ IU (8ZHLW JOWLJH 9HUEUDXFKHUUHFKWH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
YRUJHOHJW 'HU 9RUVFKODJ IDVVW GLH %HVWLPPXQJHQ YRQ
YLHU EHUHLWV EHVWHKHQGHQ 9HUEUDXFKHUULFKWOLQLHQ PLW
GHP =LHO GHU 9HUHLQIDFKXQJ XQG +DUPRQLVLHUXQJ ]X
VDPPHQ %HWURIIHQ VLQG GLH 9HUEUDXFKVJWHUNDXI
)HUQDEVDW] .ODXVHO XQG +DXVWUZLGHUUXIVULFKWOLQLH
'LH 5HJHOXQJHQ VROOHQ ]XGHP DQ GLH YHUVWlUNWH 1XW
]XQJ GHV ,QWHUQHWV DQJHSDVVW ZHUGHQ XQG DXFK )UDJHQ
GHV HFRPPHUFH XPIDVVHQ 'HU 5LFKWOLQLHQYRUVFKODJ
EHWULIIW LQVEHVRQGHUH .DXI XQG 'LHQVWOHLVWXQJVYHUWUlJH
]ZLVFKHQ 8QWHUQHKPHQ XQG 9HUEUDXFKHUQ
'LH YRUJHVHKHQHQ %HVWLPPXQJHQ EHU YRUYHUWUDJOLFKH
,QIRUPDWLRQVSIOLFKWHQ YHUSIOLFKWHQ GHQ 8QWHUQHKPHU
GDEHL ]XU ,QIRUPDWLRQ EHU VHLQH ,GHQWLWlW XQG GLH ZH
VHQWOLFKHQ 0HUNPDOH GHV 3URGXNWV ZLH 3UHLV =XVDW]
NRVWHQ XQG *HEKUHQ YRU 9HUWUDJVVFKOXVV $X‰HUGHP
VLHKW GHU 5LFKWOLQLHQYRUVFKODJ YRU GDVV GHU 8QWHUQHK
PHU LQQHUKDOE YRQ PD[LPDO 7DJHQ ]XU /LHIHUXQJ
YHUSIOLFKWHW LVW XQG ELV ]XU /LHIHUXQJ GLH *HIDKU WUlJW
(UIROJW GLH /LHIHUXQJ JDU QLFKW RGHU QLFKW UHFKW]HLWLJ
VROO GHU 9HUEUDXFKHU GDV 5HFKW DXI .RVWHQHUVWDWWXQJ
ELQQHQ VLHEHQ 7DJHQ KDEHQ )HUQHU LVW HLQH 9HUHLQKHLW
OLFKXQJ GHU :LGHUUXIVIULVW DXI 7DJH VRZLH GLH (LQ
IKUXQJ HLQHV 6WDQGDUG:LGHUUXIVIRUPXODUV YRUJHVH
KHQ (LQKHLWOLFK JHUHJHOW ZHUGHQ VROO DXFK GDV *HZlKU
OHLVWXQJVUHFKW /HW]WOLFK ZLUG GLH (LQIKUXQJ HLQHU
ÄVFKZDU]HQ /LVWH³ YRQ SHU VH YHUERWHQHQ 9HUWUDJVNODX
VHOQ XQG GLH HLQHU ÄJUDXHQ /LVWH³ YRQ ELV ]XP %HZHLV
GHV *HJHQWHLOV DOV PLVVEUlXFKOLFK JHOWHQGHQ 9HUWUDJV
NODXVHOQ YRUJHVFKODJHQ
:HJHQ ZHLWHUHU (LQ]HOKHLWHQ YHUZHLVHQ ZLU DXI GHQ
NRQNUHWHQ 5LFKWOLQLHQYRUVFKODJ GHQ 6LH EHU XQVHUH
.DPPHUJHVFKlIWVVWHOOH DQIRUGHUQ N|QQHQ
VFK
†—†zԗz ×LgÁ 0—ÏgÁƒ<ÏÅÚgÁÁ_—Ô—z
gÁà†gÏ
'LH -XVWL] XQG ,QQHQPLQLVWHU GHU 0LWJOLHGVWDDWHQ KDEHQ
VLFK DP EHU HLQH 9HURUGQXQJ EHU GLH =X
VWlQGLJNHLW XQG GDV DQZHQGEDUH 5HFKW VRZLH GLH $QHU
NHQQXQJ XQG 9ROOVWUHFNXQJ LQ 8QWHUKDOWVVDFKHQ JHHL
QLJW 'DV RIIL]LHOOH 5DWVGRNXPHQW 1U $'' N|QQHQ 6LH EHU XQVHUH .DPPHUJHVFKlIWVVWHOOH ± EHL
,QWHUHVVH ± DQIRUGHUQ
'LH 8QWHUKDOWVYHURUGQXQJ VROO GD]X EHLWUDJHQ 8QWHU
KDOWVDQVSUFKH HXURSDZHLW HIIHNWLYHU GXUFKVHW]HQ ]X
N|QQHQ *HVFKDIIHQ ZHUGHQ 5HJHOQ EHU GLH =XVWlQGLJ
NHLW GDV DQZHQGEDUH 5HFKW VRZLH GLH $QHUNHQQXQJ XQG
9ROOVWUHFNXQJ YRQ LQ DQGHUHQ 0LWJOLHGVWDDWHQ HUJDQJH
QHQ 8QWHUKDOWVHQWVFKHLGXQJHQ GLH QLFKW QXU .LQGHV
XQWHUKDOWVVDFKHQ VRQGHUQ DXFK 8QWHUKDOWVDQVSUFKH
YRQ (KHJDWWHQ XQG /HEHQVSDUWQHUQ VLQG 'LH 9HURUG
Ðâ™
g_ԗzg— <ÔÅ Á×ÅÅg
QXQJ UHJHOW GDUEHU KLQDXV GHQ $QVSUXFK DXI *HZlK
UXQJ YRQ 3UR]HVVNRVWHQKLOIH
1DFK (LQLJXQJ DXI 0LQLVWHUHEHQH LVW PLW GHU HQGJOWL
JHQ 9HUDEVFKLHGXQJ GHU 9HURUGQXQJ NXU]IULVWLJ ]X
UHFKQHQ 'LH 9HURUGQXQJ ZLUG ]ZHLHLQKDOE -DKUH QDFK
LKUHU 9HUDEVFKLHGXQJ XQG 9HU|IIHQWOLFKXQJ LP $PWV
EODWW GLUHNW LQ GHQ 0LWJOLHGVWDDWHQ JHOWHQ
VFK
,†UƒÏ†—†g ×LgÁ ÅÏÁ<sÁgUƒÏ†Uƒg— -UƒÔÏà _gÁ
0”ÛgÏ ÚgÁ<LÅUƒ†g_gÏ
'HU 5DW GHU (XURSlLVFKHQ 8QLRQ KDW DP GLH
5LFKWOLQLH EHU GHQ VWUDIUHFKWOLFKHQ 6FKXW] GHU 8PZHOW
YHUDEVFKLHGHW XQG LVW GDEHL GHU 6WHOOXQJQDKPH GHV (X
URSlLVFKHQ 3DUODPHQWV DXV 0DL JHIROJW GLH GHQ
]ZLVFKHQ .RPPLVVLRQ (XURSlLVFKHP 3DUODPHQW XQG
5DW JHIXQGHQHQ .RPSURPLVV ZLGHUVSLHJHOW
'XUFK GLH 5LFKWOLQLH 3(&216 GHUHQ 7H[W
6LH EHU XQVHUH .DPPHUJHVFKlIWVVWHOOH DQIRUGHUQ N|Q
QHQ ZHUGHQ EHVWLPPWH VFKZHUH 8PZHOWGHOLNWH LQ DOOHQ
0LWJOLHGVWDDWHQ DOV 6WUDIWDW HLQJHVWXIW =XU :DKUXQJ GHV
VWUDIUHFKWOLFKHQ %HVWLPPWKHLWVJHERWV HQWKlOW GLH 5LFKW
OLQLH LP $QKDQJ HLQH /LVWH GHU XPZHOWUHFKWOLFKHQ HXUR
SlLVFKHQ 5HFKWVYRUVFKULIWHQ GHUHQ 9HUOHW]XQJ HLQH
VWUDIUHFKWOLFKH )ROJH DXVO|VHQ NDQQ $QNQSIXQJVSXQNW
IU GLH 6WUDIEDUNHLW ZHUGHQ GDEHL JHQHUHOO QXU UHFKWV
ZLGULJH +DQGOXQJHQ VHLQ
$QVWLIWXQJ XQG %HLKLOIH ZHUGHQ IHUQHU QXU ]X YRUVlW]OL
FKHQ +DQGOXQJHQ VWUDIEDU VHLQ
'HU 9RUVFKODJ IU GLH 5LFKWOLQLH ZDU YRQ GHU (XURSlL
VFKHQ .RPPLVVLRQ YRUJHOHJW ZRUGHQ QDFKGHP GHU
5DKPHQEHVFKOXVV -, EHU GHQ 6FKXW] GHU 8P
ZHOW GXUFK GHQ (X*+ DXIJHKREHQ ZRUGHQ ZDU $OOHU
GLQJV KDW GLH YRQ GHU .RPPLVVLRQ YRUJHVFKODJHQH 9RU
JDEH YRQ 6WUDIDUWHQ XQG K|KH NHLQHQ (LQJDQJ LQ GLH
5LFKWOLQLH JHIXQGHQ 'LHV VWHKW LP (LQNODQJ PLW GHU
5HFKWVSUHFKXQJ GHV (X*+ GHU LQ HLQHP 8UWHLO DXV 6HS
WHPEHU IHVWJHVWHOOW KDWWH GDVV GHU *HPHLQVFKDIWV
JHVHW]JHEHU ]ZDU ]XP (UODVV VWUDIUHFKWOLFKHU 0D‰QDK
PHQ EHIXJW VHL ZHQQ GLHVH ]XU 'XUFKIKUXQJ HXURSlL
VFKHU 8PZHOWJHVHW]JHEXQJ HUIRUGHUOLFK VLQG LQ HLQHU
(QWVFKHLGXQJ LP 2NWREHU DEHU VRGDQQ NODUJHVWHOOW
KDWWH GDVV GLH %HVWLPPXQJHQ ]X $UW XQG 0D‰ GHU 6DQN
WLRQHQ LP DOOHLQLJHQ =XVWlQGLJNHLWVEHUHLFK GHU 0LW
JOLHGVWDDWHQ YHUEOHLEHQ VROOWHQ
—ÅԏÏ<φ— àÔ Ž×—sφzg— -UƒÛgÁ©Ô—ŽÏg—
_gÁ 0…ÔÅφ੝†Ï†Ž
:LH EHUHLWV PHKUIDFK EHULFKWHW IROJW GLH ,QQHQ XQG
5HFKWVSROLWLN LQ GHU (XURSlLVFKHQ 8QLRQ GHU]HLW GHP
+DDJHU 3URJUDPP 'DV VHLW JHOWHQGH )QI-DKUHV
3URJUDPP GDV LQVEHVRQGHUH GLH %HUHLFKH $V\O XQG ,P
PLJUDWLRQ *UXQGUHFKWH XQG GLH MXVWL]LHOOH XQG SROL]HLOL
FKH =XVDPPHQDUEHLW XPIDVVW VROO GXUFK HLQ QHXHV
0HKUMDKUHVSURJUDPP IU GHQ =HLWUDXP ELV LP %HUHLFK -XVWL] )UHLKHLW XQG 6LFKHUKHLW DEJHO|VW ZHU
GHQ =X VHLQHU 9RUEHUHLWXQJ XQG GHU 'HILQLWLRQ VHLQHU
3ULRULWlWHQ KDW GLH HXURSlLVFKH .RPPLVVLRQ QXQ HLQH
ELV ]XP DQGDXHUQGH .RQVXOWDWLRQ HLQJHOHL
WHW =HQWUDOH $VSHNWH VLQG GDEHL GLH :DKUXQJ GHU
*UXQGUHFKWH GLH 8QLRQVEUJHUVFKDIW PLW GHU 7HLOQDK
PH DQ .RPPXQDO XQG (XURSDZDKOHQ GHU )UHLH 3HUVR
QHQYHUNHKU 'DWHQVFKXW] MXVWL]LHOOH =XVDPPHQDUEHLW LQ
=LYLO XQG 6WUDIVDFKHQ 'URJHQEHNlPSIXQJ SROL]HLOL
FKH =XVDPPHQDUEHLW %HNlPSIXQJ YRQ 7HUURULVPXV
XQG RUJDQLVLHUWHU .ULPLQDOLWlW OHJDOH XQG LOOHJDOH (LQ
ZDQGHUXQJ ,QWHJUDWLRQ $V\OSROLWLN 9LVDSROLWLN XQG
$X‰HQJUHQ]HQ
'HU 9RUEHUHLWXQJ GHV QHXHQ 3URJUDPPV GLHQHQ XD
DXFK GLH $UEHLWHQ HLQHU VRJ =XNXQIWVJUXSSH -XVWL]
GHU 9HUWUHWHU GHU YHUJDQJHQHQ GHU]HLWLJHQ XQG NQIWL
JHQ 5DWVSUlVLGHQWVFKDIWHQ VRZLH ,UODQG DQJHK|UWHQ
'LHVH *UXSSH UlW XD GD]X HLQHQ GHU 6FKZHUSXQNWH GHU
NQIWLJHQ -XVWL]SROLWLN DXI GLH *HZlKUOHLVWXQJ HLQHV KR
KHQ 6FKXW]QLYHDXV LP %HUHLFK GHU %UJHUUHFKWH ]X OH
JHQ XQG 0LQGHVWUHFKWH ]X VFKDIIHQ 'LHVHV LQVEHVRQGH
UH YRQ GHU GHXWVFKHQ 5DWVSUlVLGHQWVFKDIW YRUDQJHWULH
EHQH XQG YRQ GHU %5$. LQWHQVLY XQWHUVWW]WH 9RUKDEHQ
ZDU LP YHUJDQJHQHQ -DKU DP :LGHUVWDQG HLQLJHU 0LW
JOLHGVWDDWHQ ]XQlFKVW JHVFKHLWHUW ,P %HUHLFK GHV =LYLO
UHFKWV HPSILHKOW GLH *UXSSH GLH JUHQ]EHUVFKUHLWHQGH
5HFKWVGXUFKVHW]XQJ LQ GHQ )RNXV ]X QHKPHQ (V VHL
ZLFKWLJ GLH 5HFKWVXQVLFKHUKHLWHQ EHU $QZHQGEDUNHLW
YRQ .ROOLVLRQVUHJHOQ DE]XEDXHQ $X‰HUGHP VROOWHQ GLH
$UEHLWHQ DQ GHP JHPHLQVDPHQ 5HIHUHQ]UDKPHQ IU HLQ
HXURSlLVFKHV 9HUWUDJVUHFKW PLW GHP =LHO EHVVHUHU
5HFKWVVHW]XQJ YHUIROJW ZHUGHQ /HW]WOLFK ZLUG LP %H
UHLFK GHV )DPLOLHQUHFKWV HLQ %HGDUI IU (YDOXDWLRQ
QHXH 5HFKWVLQVWUXPHQWH XQG JHJHQVHLWLJH $QHUNHQQXQJ
YRQ (QWVFKHLGXQJHQ VWDWXLHUW
9RP )RUWJDQJ GHU %HUDWXQJHQ ZHUGHQ ZLU 6LH VHOEVW
YHUVWlQGOLFK DXI GHP /DXIHQGHQ KDOWHQ
VFK
'LH 5LFKWOLQLH LVW YRQ GHQ 0LWJOLHGVWDDWHQ LQQHUKDOE YRQ
0RQDWHQ XP]XVHW]HQ
VFK
Фâ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
,gUƒÏÅ©ÁgUƒÔ—zŅ
×LgÁņUƒÏ
$XI GHQ IROJHQGHQ 6HLWHQ ILQGHQ 6LH HLQH $XVZDKO DQ
(QWVFKHLGXQJHQ GLH YRQ EHVRQGHUHU EHUXIV RGHU JH
EKUHQUHFKWOLFKHU %HGHXWXQJ VLQG RGHU DXIJUXQG GHV
UHJLRQDOHQ %H]XJV 5HOHYDQ] IU ,KUH WlJOLFKH $UEHLW
KDEHQ $EJHGUXFNW ZHUGHQ LQ GHU 5HJHO QXU GLH /HLWVlW
]H XQG GHU +LQZHLV DXI HLQH RGHU PHKUHUH )XQGVWHOOHQ
6ROOWHQ ,KQHQ GLH DQJHJHEHQHQ )XQGVWHOOHQ QLFKW ]X
JlQJOLFK VHLQ N|QQHQ 6LH GHQ 9ROOWH[W DXFK LQ GHU
.DPPHUJHVFKlIWVVWHOOH XQWHU DQIRU
GHUQ 'D MHGHV 0LWJOLHG GHU 5HFKWVDQZDOWVNDPPHU
'VVHOGRUI DXFK GLH %5$.0LWWHLOXQJHQ HUKlOW ZHU
GHQ (QWVFKHLGXQJHQ GLH GRUW HUZlKQW VLQG QDFK 0|J
OLFKNHLW QLFKW DXIJHQRPPHQ
VFK
—Û<ÏÅÁgUƒÏËgÁÔsÅÁgUƒÏ
GHP 9RUEULQJHQ GHV 5HFKWVXFKHQGHQ HLQ $QVSUXFK
QLFKW HLQPDO LP %HUHLFK GHV 0|JOLFKHQ OLHJW
9* 6WXWWJDUW 8UW Y ± . )XQGVWHOOH 1-:6SH]LDO 8QZUGLJNHLW GHV $QWUDJVWHOOHUV LQ HLQHP :LHGHU
=XODVVXQJVYHUIDKUHQ
%5$2 † 1U (V LVW DXVUHLFKHQG GLH =XODVVXQJ ]X YHUZHLJHUQ ZHQQ
HLQ HKHPDOLJHU 5HFKWVDQZDOW QDFK GHP (QW]XJ VHLQHU
=XODVVXQJ VHLQ .DQ]OHLVFKLOG PLW GHU %HJUQGXQJ QLFKW
HQWIHUQW GDVV DXIJUXQG HLQHV QHX JHVWHOOWHQ =XODVVXQJV
DQWUDJV GK QDFK %HUHLQLJXQJ VHLQHU XQ]XOlQJOLFKHQ IL
QDQ]LHOOHQ 9HUKlOWQLVVH GLH ]XP XUVSUQJOLFKHQ :LGHU
UXI VHLQHU =XODVVXQJ JHIKUW KDEHQ PLW VHLQHU :LHGHU
]XODVVXQJ ]X UHFKQHQ VHL
/HLWVDW] GHU 5HGDNWLRQ
8QWHUEUHFKXQJ GHV 3UR]HVVHV EHL YRUOlXILJHP 7lWLJ
NHLWVYHUERW JHJHQ 5HFKWVDQZDOW
%*+ %HVFKO Y ± $QZ= % )XQGVWHOOH 'LH 2ULJLQDOHQWVFKHLGXQJ NDQQ EHU XQVHUH
.DPPHUJHVFKlIWVVWHOOH DEJHIRUGHUW ZHUGHQ
%5$2 †† =32 †† (LQ YRUOlXILJHV 7lWLJNHLWVYHUERW JHJHQ HLQHQ 5HFKWV
DQZDOW QDFK †† %5$2 IKUW ]XU 8QWHUEUH
FKXQJ HLQHV =LYLOSUR]HVVHV JHP † =32 DXFK GDQQ
ZHQQ GDV HUNHQQHQGH *HULFKW GDYRQ QLFKWV ZHL‰
(LQH JOHLFKZRKO GXUFKJHIKUWH %HZHLVDXIQDKPH LVW
]X ZLHGHUKROHQ HLQ HUJDQJHQHV 8UWHLO LVW QLFKW QLFKWLJ
MHGRFK DXI GLH %HUXIXQJ KLQ DXI]XKHEHQ XQG GHU
5HFKWVVWUHLW DQ GDV *HULFKW HUVWHU ,QVWDQ] ]XUFN]XYHU
ZHLVHQ
=XU )DOOJHZLFKWXQJ XQG ]XU 9HUOlQJHUXQJ GHV 'UHL
-DKUHV=HLWUDXPV XP GHQ =HLWUDXP GHV %HVFKlIWL
JXQJVYHUERWV JHP †† 0X6FK* EHL HQWVSUHFKHQ
GHU YHUIDVVXQJVNRQIRUPHU $XVOHJXQJ YRQ † 6 )$2
** $UW )$2 † 6 X 0X6FK* †† )XQGVWHOOH 1-: I
(LQH K|KHUH RGHU QLHGULJHUH *HZLFKWXQJ JHP † 6 )$2 NDQQ QLFKW SDXVFKDO IU EHVWLPPWH )DOOJUXS
SHQ VRQGHUQ VWHWV QXU EH]RJHQ DXI GDV HLQ]HOQH 0DQGDW
YRUJHQRPPHQ ZHUGHQ
$XVNXQIW EHU GLH DQZDOWOLFKH %HUXIVKDIWSIOLFKWYHU
VLFKHUXQJ
† 6 )$2 LVW YHUIDVVXQJVNRQIRUP GDKLQ DXV]XOH
JHQ GDVV VLFK GHU 'UHL-DKUHV=HLWUDXP XP GHQ =HLW
UDXP GHV %HVFKlIWLJXQJVYHUERWHV GHU †† 0X6FK*
YHUOlQJHUW
%5$2 † $EV 6 /HLWVlW]H GHU 5HGDNWLRQ
'LH (UWHLOXQJ HLQHU $XVNXQIW EHU GLH %HUXIVKDIW
SIOLFKWYHUVLFKHUXQJ HLQHV $QZDOWV GXUFK GLH 5HFKWV
DQZDOWVNDPPHU VHW]W YRUDXV GDVV GLH $XVNXQIW ]XU
*HOWHQGPDFKXQJ YRQ 6FKDGHQVHUVDW]DQVSUFKHQ HUWHLOW
ZLUG 6LH NRPPW QLFKW LQ %HWUDFKW ZHQQ VFKRQ QDFK
$*+ 15: %HVFKO Y ± $*+ $*+
1:
2/* +DPP 8UW Y ± ,,, =5 <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
)XQGVWHOOH 'LH (QWVFKHLGXQJ NDQQ LQ GHU .DPPHUJH
VFKlIWVVWHOOH )UDX +DXEULFK ± DQJH
IRUGHUW RGHU LP ,QWHUQHW ZZZUHFKWVDQZDOWVNDPPHU
Ф¤
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
GXHVVHOGRUIGH 5XEULN Ä)DFKDQZDOWVFKDIWHQ:LFKWLJH
(QWVFKHLGXQJHQ³ DEJHUXIHQ ZHUGHQ
$X‰HURUGHQWOLFKH .QGLJXQJ ZHJHQ 'LHEVWDKOV HL
QHV /LSSHQVWLIWV ± EHWULHEVYHUIDVVXQJVZLGULJ HUODQJ
WH ,QIRUPDWLRQ
=XU )UDJH ZDQQ HLQ ÄZHVHQWOLFKHU³ KDQGHOV RGHU
JHVHOOVFKDIWVUHFKWOLFKHU %H]XJ L6 YRQ † 6 OLW S
6 )$2 JHJHEHQ LVW
%*% † %HWU9* †† $EV 1U ** $UW $EV $EV $EV =32 † )$2 † 6 OLW S 6 (LQ )DOO ZHLVW GDQQ HLQHQ ZHVHQWOLFKHQ KDQGHOVUHFKW
OLFKHQ RGHU JHVHOOVFKDIWVUHFKWOLFKHQ %H]XJ L6 YRQ † 6 OLW S 6 )$2 DXI ZHQQ KDQGHOV RGHU JHVHOO
VFKDIWVUHFKWOLFKH )UDJHQ UHOHYDQW RGHU MHGHQIDOOV LQ %H
WUDFKW ]X ]LHKHQ VLQG XQG GLHVH HLQH GDV :HVHQ GHV )DO
OHV SUlJHQGH 5ROOH VSLHOHQ
/HLWVDW] GHU 5HGDNWLRQ
6lFKV $*+ %HVFKO Y ± $*+ ,,
)XQGVWHOOH 'LH (QWVFKHLGXQJ NDQQ LQ GHU .DPPHUJH
VFKlIWVVWHOOH )UDX +DXEULFK ± DQJH
IRUGHUW RGHU LP ,QWHUQHW ZZZUHFKWVDQZDOWVNDPPHU
GXHVVHOGRUIGH 5XEULN Ä)DFKDQZDOWVFKDIWHQ:LFKWLJH
(QWVFKHLGXQJHQ³ DEJHUXIHQ ZHUGHQ
ÁLg†ÏÅÁgUƒÏ
8QWHU]HLFKQXQJ HLQHU .QGLJXQJ PLW =XVDW] ÄL$³
OlVVW QRFK NHLQHQ VLFKHUHQ 5FNVFKOXVV DXI EOR‰H
%RWHQVWHOOXQJ ]X ± 0D‰JHEHQG *HVDPWXPVWlQGH ±
.QGLJXQJVYHU]LFKW EHL $XVVSUXFK HLQHU $EPDK
QXQJ JLOW DXFK LQ :DUWH]HLW
.6FK* † $EV %*% † $EV †† $EV † :LUG GLH .QGLJXQJVHUNOlUXQJ IU GHQ $UEHLWJHEHU
YRQ HLQHP 9HUWUHWHU PLW GHP =XVDW] ÄL$³ XQWHU]HLFK
QHW HUJLEW VLFK GDUDXV DOOHLQ QRFK QLFKW GDVV GHU (UNOl
UHQGH OHGLJOLFK DOV %RWH JHKDQGHOW KDW 0D‰JHEOLFK VLQG
YLHOPHKU JHP †† %*% GLH *HVDPWXPVWlQGH
'HU VR HUPLWWHOWH UHFKWVJHVFKlIWOLFKH 9HUWUHWXQJVZLOOH
PXVV LQ GHU 8UNXQGH MHGHQIDOOV DQGHXWXQJVZHLVH $XV
GUXFN JHIXQGHQ KDEHQ
'HU *UXQGVDW] GDVV GHU $UEHLWJHEHU PLW GHP $XV
VSUXFK HLQHU $EPDKQXQJ ]XJOHLFK DXI GDV 5HFKW ]XU
.QGLJXQJ DXV GHQ *UQGHQ YHU]LFKWHW ZHJHQ GHUHU
GLH $EPDKQXQJ HUIROJW LVW JLOW DXFK EHL HLQHU $EPDK
QXQJ GLH LQ GHU :DUWH]HLW GHV † $EV .6FK* DXVJH
VSURFKHQ ZLUG
%$* 8UW Y ± $=5 )XQGVWHOOH '% I
ФÓ
9RP $UEHLWQHKPHU ]X /DVWHQ GHV $UEHLWJHEHUV EH
JDQJHQH 9HUP|JHQVGHOLNWH VLQG UHJHOPl‰LJ JHHLJQHW
HLQH DX‰HURUGHQWOLFKH .QGLJXQJ DXV ZLFKWLJHP *UXQG
]X UHFKWIHUWLJHQ 'LHV JLOW QDFK GHU VWlQGLJHQ 5HFKWVSUH
FKXQJ GHV 6HQDWV DXFK GDQQ ZHQQ GLH UHFKWVZLGULJH
9HUOHW]XQJVKDQGOXQJ QXU 6DFKHQ YRQ JHULQJHP :HUW
EHWULIIW
'LH 'XUFKIKUXQJ YRQ 7DVFKHQNRQWUROOHQ GHU 0LW
DUEHLWHU XQWHUOLHJW GHP 0LWEHVWLPPXQJVUHFKW GHV %H
WULHEVUDWV QDFK † $EV 1U %HWU9*
%HDFKWHW GHU $UEHLWJHEHU GDV 0LWEHVWLPPXQJVUHFKW
GHV %HWULHEVUDWV QDFK † $EV 1U %HWU9* RGHU
VLFK DXV HLQHU %HWULHEVYHUHLQEDUXQJ KLHU %93HUVR
QHQNRQWUROOH HUJHEHQGH 3IOLFKWHQ QLFKW VR IKUW GLHVHU
8PVWDQG QLFKW GD]X GDVV GHU $UEHLWJHEHU GLH XQVWUHLWL
JH 7DWVDFKH HLQHV LP %HVLW] GHU $UEHLWQHKPHULQ ZlK
UHQG HLQHU 3HUVRQHQNRQWUROOH DXIJHIXQGHQHQ *HJHQ
VWDQGV KLHU HLQHV /LSSHQVWLIWV LQ HLQHP .QGLJXQJV
VFKXW]SUR]HVV QLFKW YHUZHUWHQ NDQQ
(LQ Ä6DFKYRUWUDJVYHUZHUWXQJVYHUERW³ NHQQW GDV
GHXWVFKH =LYLOSUR]HVVUHFKW QLFKW 'HU EHLJHEUDFKWH 7DW
VDFKHQVWRII LVW HQWZHGHU XQVFKOVVLJ RGHU XQEHZLHVHQ
DEHU QLFKW ÄXQYHUZHUWEDU³ 'DV $UEHLWVJHULFKW LVW DQ
RUGQXQJVJHPl‰ LQ GHQ 3UR]HVV HLQJHIKUWHQ 6DFKYRU
WUDJ GHU 3DUWHLHQ JHEXQGHQ ,QVEHVRQGHUH XQVWUHLWLJH
7DWVDFKHQ PXVV HV EHUFNVLFKWLJHQ XQG GDUI HLQHQ 3DU
WHLYRUWUDJ QLFKW RKQH JHVHW]OLFKH *UXQGODJH XQEHDFKWHW
XQG XQYHUZHUWHW ODVVHQ
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
%$* 8UW Y ± $=5 )XQGVWHOOH 1-: II
%HUHFKQXQJ GHU 'XUFKVFKQLWWVOHLVWXQJ EHL .QGL
JXQJ ZHJHQ 0LQGHUOHLVWXQJ
.6FK* † 'LH YHUKDOWHQVEHGLQJWH .QGLJXQJ JHJHQEHU HLQHP
OHLVWXQJVVFKZDFKHQ $UEHLWQHKPHU NDQQ QDFK † $EV .6FK* JHUHFKWIHUWLJW VHLQ ZHQQ GHU $UEHLWQHK
PHU VHLQH DUEHLWVYHUWUDJOLFKHQ 3IOLFKWHQ GDGXUFK YRU
ZHUIEDU YHUOHW]W GDVV HU IHKOHUKDIW DUEHLWHW
(LQ $UEHLWQHKPHU JHQJW ± PDQJHOV DQGHUHU 9HUHLQ
EDUXQJHQ ± VHLQHU 9HUWUDJVSIOLFKW ZHQQ HU XQWHU DQJH
PHVVHQHU $XVVFK|SIXQJ VHLQHU SHUV|QOLFKHQ /HLVWXQJV
IlKLJNHLW DUEHLWHW (U YHUVW|‰W JHJHQ VHLQH $UEHLWVSIOLFKW
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
QLFKW DOOHLQ GDGXUFK GDVV HU GLH GXUFKVFKQLWWOLFKH )HK
OHUKlXILJNHLW DOOHU $UEHLWQHKPHU EHUVFKUHLWHW
VHKHQ N|QQHQ YRU ZHOFKHP *HULFKW DX‰HUKDOE VHLQHV
:RKQVLW]VWDDWV HLQH .ODJH JHJHQ LKQ ]XOlVVLJ ZlUH
$OOHUGLQJV NDQQ GLH OlQJHUIULVWLJH GHXWOLFKH hEHU
VFKUHLWXQJ GHU GXUFKVFKQLWWOLFKHQ )HKOHUTXRWH MH QDFK
WDWVlFKOLFKHU )HKOHU]DKO $UW 6FKZHUH XQG )ROJHQ GHU
IHKOHUKDIWHQ $UEHLWVOHLVWXQJ HLQ $QKDOWVSXQNW GDIU
VHLQ GDVV GHU $UEHLWQHKPHU YRUZHUIEDU VHLQH YHUWUDJOL
FKHQ 3IOLFKWHQ YHUOHW]W /HJW GHU $UEHLWJHEHU GLHV LP
3UR]HVV GDU VR PXVV GHU $UEHLWQHKPHU HUOlXWHUQ ZDU
XP HU WURW] HUKHEOLFK XQWHUGXUFKVFKQLWWOLFKHU /HLVWXQ
JHQ HLQH /HLVWXQJVIlKLJNHLW DXVVFK|SIW
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
%$* 8UW Y ± $=5 )XQGVWHOOH 1-: II
5lXPOLFKHU $QZHQGXQJVEHUHLFK GHV .QGLJXQJV
VFKXW]JHVHW]HV
.6FK* † $EV (*%*% $UW ** $UW † $EV .6FK* HUIDVVW QXU %HWULHEH GLH LQ GHU %XQ
GHVUHSXEOLN 'HXWVFKODQG OLHJHQ
%$* 8UW Y ± $=5 )XQGVWHOOH 1-: II
,QWHUQDWLRQDOH =XVWlQGLJNHLW GHXWVFKHU *HULFKWH ±
2UW GHU +DXSWYHUZDOWXQJ
(X*992 $UW $EV 1U (* $UW $EV +DXSWYHUZDOWXQJ LP 6LQQH GHV $UW $EV (X*9
92 LVW GHU 2UW DQ GHP GLH :LOOHQVELOGXQJ XQG GLH HL
JHQWOLFKH XQWHUQHKPHULVFKH /HLWXQJ GHU MXULVWLVFKHQ
3HUVRQ HUIROJW 0D‰JHEOLFK LVW GHU 2UW DQ GHP GLH
JUXQGOHJHQGHQ XQWHUQHKPHULVFKHQ (QWVFKHLGXQJHQ JH
WURIIHQ ZHUGHQ RKQH GDVV HV GHU .XQGJDEH HLQHV HQW
VSUHFKHQGHQ :LOOHQV GXUFK GLH MXULVWLVFKH 3HUVRQ EH
GDUI (V LVW ZHGHU QRWZHQGLJ GDVV GLH MXULVWLVFKH 3HUVRQ
DQ GLHVHP 2UW GLH (LQWUDJXQJ HLQHU +DXSW RGHU =ZHLJ
QLHGHUODVVXQJ EHDQWUDJW QRFK GDVV LQ GLHVHP 0LWJOLHG
VWDDW XQWHU EOR‰HU %HLEHKDOWXQJ GHV VDW]XQJVPl‰LJHQ
6LW]HV LP *UQGXQJVVWDDW GLH JHVDPWH *HVFKlIWVWlWLJ
NHLW DXVJHEW ZLUG
:HUGHQ PHKUHUH 3HUVRQHQ ]XVDPPHQ YHUNODJW NDQQ
HLQH 3HUVRQ GLH LKUHQ :RKQVLW] LP +RKHLWVJHELHW HLQHV
0LWJOLHGVWDDWV KDW XQWHU GHU EHVRQGHUHQ 9RUDXVVHW]XQJ
GHV $UW 1U (X*992 YRU GHP *HULFKW GHV 2UWHV
YHUNODJW ZHUGHQ DQ GHP HLQHU GHU %HNODJWHQ VHLQHQ
:RKQVLW] KDW 'DQDFK PXVV ]ZLVFKHQ GHQ .ODJHQ HLQH
VR HQJH %H]LHKXQJ EHVWHKHQ GDVV HLQH JHPHLQVDPH
9HUKDQGOXQJ XQG (QWVFKHLGXQJ JHERWHQ HUVFKHLQW XP
ZLGHUVSUHFKHQGH (QWVFKHLGXQJHQ ]X YHUPHLGHQ (LQ LQ
IRUPLHUWHU XQG YHUVWlQGLJHU %HNODJWHU PXVV YRUKHU
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
%$* 8UW Y ± $=5 )XQGVWHOOH 1-: II
%HWULHEVEHGLQJWH .QGLJXQJ ZHJHQ DXVODXIHQGHQ
$XIWUDJV ± %HWULHEVVWLOOOHJXQJ
.6FK* † $EV 6FKRQ HLQH EHDEVLFKWLJWH %HWULHEV RGHU $EWHLOXQJV
VWLOOOHJXQJ NDQQ VLFK DXVQDKPVZHLVH DOV HLQ GULQJHQGHV
EHWULHEOLFKHV (UIRUGHUQLV L6 YRQ † $EV .6FK*
GDUVWHOOHQ QlPOLFK ZHQQ GLH IU GHQ NQIWLJHQ :HJIDOO
GHU %HVFKlIWLJXQJ GHV $UEHLWQHKPHUV PD‰JHEOLFKHQ
(QWZLFNOXQJHQ EHUHLWV ]XP .QGLJXQJV]HLWSXQNW IHVW
VWHKHQ
'LH ]XU .QGLJXQJ IKUHQGH 2UJDQLVDWLRQVHQWVFKHL
GXQJ PXVV EHUHLWV ]XP .QGLJXQJV]HLWSXQNW HQGJOWLJ
JHWURIIHQ ZRUGHQ VHLQ XQG GLH 6FKOLH‰XQJ GHV %HWULHEV
RGHU GHU %HWULHEVDEWHLOXQJ DXV 6LFKW GHU $UEHLWVYHU
WUDJVSDUWHLHQ ]XP .QGLJXQJV]HLWSXQNW EHUHLWV )RUPHQ
DQJHQRPPHQ KDEHQ 'HVZHJHQ LVW HLQH .QGLJXQJ ZH
JHQ %HWULHEVVFKOLH‰XQJ QLFKW VR]LDO JHUHFKWIHUWLJW VR
ODQJH GHU $UEHLWJHEHU GHQ 6WLOOOHJXQJVEHVFKOXVV OHGLJ
OLFK HUZRJHQ DEHU QRFK QLFKW HQGJOWLJ JHIDVVW KDW
*OHLFKHV JLOW ZHQQ GHU $UEHLWJHEHU LP .QGLJXQJV]HLW
SXQNW QRFK LQ HUQVWKDIWHQ 9HUKDQGOXQJHQ EHU GLH 9HU
lX‰HUXQJ GHV %HWULHEV RGHU GHU %HWULHEVDEWHLOXQJ VWHKW
RGHU VLFK XP QHXH $XIWUlJH EHPKW 'DQQ OLHJW NHLQH
XQEHGLQJWH XQG HQGJOWLJH 6WLOOOHJXQJVDEVLFKW YRU
'LHVH *UXQGVlW]H JHOWHQ DXFK IU JHPHLQQW]LJH DP
0DUNW WHLOQHKPHQGH 8QWHUQHKPHQ
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
%$* 8UW Y ± $=5 )XQGVWHOOH 1-: II
%HWULHEVEHGLQJWH .QGLJXQJ EHL DQVFKOLH‰HQGHU
9HUJDEH GHU 7lWLJNHLW DQ IUHLH 0LWDUEHLWHU
.6FK* † $EV 'LH (QWVFKHLGXQJ GHV 8QWHUQHKPHUV EHVWLPPWH $XI
JDEHQ LQ =XNXQIW QLFKW PHKU GXUFK $UEHLWQHKPHU VRQ
GHUQ GXUFK IUHLH 0LWDUEHLWHU DXVIKUHQ ]X ODVVHQ NDQQ
DOV GULQJHQGHV EHWULHEOLFKHV (UIRUGHUQLV L6 GHV † $EV 6 .6FK* HLQH RUGHQWOLFKH .QGLJXQJ UHFKW
IHUWLJHQ
(V LVW YRQ GHU 8QWHUQHKPHUIUHLKHLW JHGHFNW XQG QLFKW
PLVVEUlXFKOLFK ZHQQ HLQ $UEHLWJHEHU VLFK HQWVFKOLH‰W
ФÐ
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
$XIJDEHQ QLFKW PHKU VHOEVW XQWHU (LQVDW] HLJHQHU $U
EHLWQHKPHU ]X HUOHGLJHQ VRQGHUQ GXUFK 'ULWWH YRUQHK
PHQ ]X ODVVHQ
'DV *HVHW] ]ZLQJW GHQ 0DUNWWHLOQHKPHU QLFKW GHQ
%HGDUI DQ /HLVWXQJHQ DXVVFKOLH‰OLFK GXUFK $UEHLWVYHU
WUlJH ]X GHFNHQ (U NDQQ YLHOPHKU DXI MHGHQ UHFKWOLFK
]XOlVVLJHQ 9HUWUDJVW\S ]XUFNJUHLIHQ PXVV DEHU GDQQ
DXFK GLH MHZHLOLJHQ ± DXFK QDFKWHLOLJHQ ± UHFKWOLFKHQ
)ROJHQ LQ .DXI QHKPHQ
6R YHU]LFKWHW HU ZHQQ HU NHLQH $UEHLWVYHUWUlJH
VFKOLH‰W DXI GDV 'LUHNWLRQVUHFKW 'HU 8QWHUQHKPHU EH
JLEW VLFK LQ 8PVHW]XQJ VHLQHU XQWHUQHKPHULVFKHQ (QW
VFKHLGXQJ VHLQHV JHUDGH GXUFK GDV SHUV|QOLFKH :HL
VXQJVUHFKW JHSUlJWHQ (LQIOXVVHV DXI VHLQH YRUPDOLJHQ
$UEHLWQHKPHU
9RUDXVVHW]XQJ LVW GDVV HV VLFK EHL GHQ QHX HLQ]XJH
KHQGHQ 9HUWUDJVYHUKlOWQLVVHQ WDWVlFKOLFK XQG QLFKW QXU
]XP 6FKHLQ XP VROFKH HLQHU IUHLHQ 0LWDUEHLW KDQGHOW
$QVSUFKH ELQQHQ HLQHU )ULVW YRQ GUHL 0RQDWHQ HLQ]X
NODJHQ VLQG XP GHUHQ 9HUIDOO ]X YHUKLQGHUQ JHQJW GLH
(UKHEXQJ GHU .QGLJXQJVVFKXW]NODJH XP GDV (UO|
VFKHQ GHU YRP $XVJDQJ GHV .QGLJXQJVUHFKWVVWUHLWV
DEKlQJLJHQ $QQDKPHYHU]XJVDQVSUFKH GHV $UEHLWQHK
PHUV ]X YHUKLQGHUQ
%$* 8UW Y ± $=5 )XQGVWHOOH 0'5 :LGHUVSUXFK JHJHQ %HWULHEVEHUJDQJ $XVEXQJ
DXFK QDFK %HHQGLJXQJ GHV $UEHLWVYHUKlOWQLVVHV
P|JOLFK ± :LGHUVSUXFKVIULVW ZLUG HUVW GXUFK RUG
QXQJVJHPl‰H 8QWHUULFKWXQJ LQ /DXI JHVHW]W ± :L
GHUVSUXFKVUHFKW NDQQ YHUZLUNHQ
%*% † D $EV $EV $EV 2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
1XU HLQH RUGQXQJVJHPl‰H 8QWHUULFKWXQJ VHW]W GLH
:LGHUVSUXFKVIULVW LQ *DQJ
%$* 8UW Y ± $=5 'LH 8QWHUULFKWXQJ LVW QLFKW RUGQXQJVJHPl‰ ZHQQ
HLQH 'DUVWHOOXQJ GHU EHJUHQ]WHQ JHVDPWVFKXOGQHULVFKHQ
1DFKKDIWXQJ JHP † D $EV %*% IHKOW
)XQGVWHOOH 1-: II
(LQVWHOOXQJ XQG 9HUVHW]XQJ =XVWLPPXQJVYHUZHL
JHUXQJ ZHJHQ 9HUVWR‰HV JHJHQ TXDOLWDWLYH %HVHW
]XQJVUHJHO ± 9RUDXVVHW]XQJ GDVV 9HUVWR‰ JHJHQ JH
VHW]OLFKHV RGHU WDULIOLFKHV 9HUERW QXU GXUFK 8QWHU
EOHLEHQ GHU SHUVRQHOOHQ 0D‰QDKPH YHUKLQGHUW ZHU
GHQ NDQQ ± %HVHW]XQJVUHJHO LVW YRQ WDULIOLFKHU (LQ
JUXSSLHUXQJVQRUP DE]XJUHQ]HQ
'DV :LGHUVSUXFKVUHFKW NDQQ DXFK QRFK QDFK %HHQGL
JXQJ GHV $UEHLWVYHUKlOWQLVVHV DXVJHEW ZHUGHQ (V
ZLUNW DXI GHQ =HLWSXQNW GHV %HWULHEVEHUJDQJV ]XUFN
'DV :LGHUVSUXFKVUHFKW LVW YHUZLUNW ZHQQ GHU 9HU
SIOLFKWHWH DQQHKPHQ GXUIWH HU ZHUGH QLFKW PHKU LQ $Q
VSUXFK JHQRPPHQ
%$* 8UW Y ± $=5 )XQGVWHOOH '% %HWU9* † $EV 6 $EV 1U XQG $EV 79* † $EV † $EV 'HU %HWULHEVUDW NDQQ VHLQH =XVWLPPXQJ ]X HLQHU (LQ
VWHOOXQJ RGHU 9HUVHW]XQJ JHP † $EV 1U %HWU9* YHUZHLJHUQ ZHQQ HLQH WDULIOLFKH 5HJHOXQJ GLH
%HVFKlIWLJXQJ DOV VROFKH YHUELHWHW RGHU QXU XQWHU EH
VWLPPWHQ %HGLQJXQJHQ HUODXEW $OV WDULIOLFKH 9HUERWV
QRUPHQ NRPPHQ LQVEHVRQGHUH TXDOLWDWLYH %HVHW]XQJV
UHJHOXQJHQ LQ %HWUDFKW +LHU]X JHK|UHQ QLFKW VROFKH
7DULIEHVWLPPXQJHQ GLH GHU WDULIJHUHFKWHQ (LQJUXSSLH
UXQJ GLHQHQ
%$* %HVFKO Y ± $%5 )XQGVWHOOH '% II
=ZHLVWXILJH $XVVFKOXVVIULVW LQ $*%
%*% †† II ,VW LQ GHQ $OOJHPHLQHQ *HVFKlIWVEHGLQJXQJHQ GHV $U
EHLWJHEHUV JHUHJHOW GDVV YRQ GHU *HJHQVHLWH DEJHOHKQWH
Фx
$QK|UXQJ GHV %HWULHEVUDWV ± .HLQ $EVFKOXVV GHV
$QK|UXQJVYHUIDKUHQV GXUFK 6WHOOXQJQDKPH HLQHV
HLQIDFKHQ %HWULHEVUDWVPLWJOLHGV ZlKUHQG QRFK ODX
IHQGHU $QK|UXQJVIULVW ± %HL $QK|UXQJ ]XU )ROJH
NQGLJXQJ %H]XJ DXI QRFK DXV]XVSUHFKHQGH .QGL
JXQJ HUIRUGHUOLFK
%HWU9* † %*% † .6FK* † 1DFK † $EV 6 %HWU9* EHVWHKW HLQH $QK|
UXQJVSIOLFKW GHV $UEHLWJHEHUV YRU MHGHU .QGLJXQJ
1DFK 6LQQ XQG =ZHFN GHU 9RUVFKULIW GHP %HWULHEVUDW
*HOHJHQKHLW ]X JHEHQ DXI GHQ .QGLJXQJVHQWVFKOXVV
GHV $UEHLWJHEHUV (LQIOXVV ]X QHKPHQ NDQQ HLQ $QK|
UXQJVYHUIDKUHQ JUXQGVlW]OLFK QXU IU GLH .QGLJXQJ
:LUNVDPNHLW HQWIDOWHQ IU GLH HV HLQJHOHLWHW ZRUGHQ LVW
'LHV JLOW LQVEHVRQGHUH GDQQ ZHQQ GHU $UEHLWJHEHU
ZHJHQ %HGHQNHQ JHJHQ GLH :LUNVDPNHLW GHU HUVWHQ
.QGLJXQJ YRUVRUJOLFK HUQHXW NQGLJW 'DV GXUFK GLH
RUGQXQJVJHPl‰H $QK|UXQJ HUZRUEHQH 5HFKW ]XP $XV
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
VSUXFK GHU .QGLJXQJ LVW GXUFK GHQ =XJDQJ GHU .QGL
JXQJ ÄYHUEUDXFKW³
(QWVFKHLGHQG LVW GDVV GHU %HWULHEVUDW EHL MHGHU YRP
$UEHLWJHEHU EHDEVLFKWLJWHQ .QGLJXQJ VHLQH LKP JH
VHW]OLFK HLQJHUlXPWHQ 5HFKWH XQWHU $XVVFK|SIXQJ GHU
GDIU YRUJHVHKHQHQ )ULVWHQ ZDKU]XQHKPHQ LQ GHU /DJH
VHLQ PXVV
'HP LVW *HQJH JHWDQ ZHQQ VLFK HLQH $QK|UXQJ IU
GHQ %HWULHEVUDW HUNHQQEDU DXI HLQH QRFK DXV]XVSUHFKHQ
GH .QGLJXQJ EH]LHKW
'DV JLOW DXFK GDQQ ZHQQ HLQ $QK|UXQJVIRUPXODU EH
QXW]W ZLUG GDV VLFK XUVSUQJOLFK DXI HLQH EHUHLWV DXVJH
VSURFKHQH .QGLJXQJ EH]RJ
%$* 8UW Y ± $=5 )XQGVWHOOHQ 1-: II
'% 8Q]XOlVVLJHU $XIO|VXQJVDQWUDJ GHV $UEHLWQHKPHUV
LQ GHU $QVFKOXVVEHUXIXQJ
.6FK* † 1LPPW GHU LP .QGLJXQJVVFKXW]SUR]HVV LQ HUVWHU ,Q
VWDQ] XQWHUOHJHQH $UEHLWJHEHU GLH YRQ LKP HLQJHOHJWH
%HUXIXQJ LQ GHU %HUXIXQJVYHUKDQGOXQJ ]XUFN VR ZLUG
GDPLW GHU YRP $UEHLWQHKPHU HUVWPDOV GXUFK $QVFKOXVV
EHUXIXQJ YHUIROJWH $XIO|VXQJVDQWUDJ XQ]XOlVVLJ
%$* 8UW Y ± $=5 *URE IHKOHUKDIW LVW HLQH VR]LDOH $XVZDKO QXU ZHQQ
HLQ HYLGHQWHU LQV $XJH VSULQJHQGHU VFKZHUHU )HKOHU
YRUOLHJW XQG GHU ,QWHUHVVHQDXVJOHLFK MHGH $XVJHZRJHQ
KHLW YHUPLVVHQ OlVVW
'XUFK † $EV 6 .6FK* VROO GHQ %HWULHEVSDUW
QHUQ HLQ ZHLWHU 6SLHOUDXP EHL GHU 6R]LDODXVZDKO HLQJH
UlXPW ZHUGHQ 'DV *HVHW] JHKW GDYRQ DXV GDVV XQWHU
DQGHUHP GXUFK GLH *HJHQVlW]OLFKNHLW GHU YRQ GHQ %H
WULHEVSDUWQHUQ YHUWUHWHQHQ ,QWHUHVVHQ XQG GXUFK GLH DXI
EHLGHQ 6HLWHQ YRUKDQGHQH .HQQWQLV GHU EHWULHEOLFKHQ
9HUKlOWQLVVH JHZlKUOHLVWHW LVW GDVV GLHVHU 6SLHOUDXP
DQJHPHVVHQ XQG YHUQQIWLJ JHQXW]W ZLUG 1XU ZR GLHV
QLFKW GHU )DOO LVW VRQGHUQ GHU YRP *HVHW]JHEHU JH
ZlKUWH 6SLHOUDXP YHUODVVHQ ZLUG VR GDVV GHU 6DFKH
QDFK QLFKW PHKU YRQ HLQHU ÄVR]LDOHQ³ $XVZDKO GLH 5HGH
VHLQ NDQQ GDUI JUREH )HKOHUKDIWLJNHLW DQJHQRPPHQ
ZHUGHQ
+DW GHU $UEHLWJHEHU HQWJHJHQ † $EV .6FK* NHL
QH 6R]LDODXVZDKO YRUJHQRPPHQ VR VSULFKW HLQH YRP
$UEHLWJHEHU DXV]XUlXPHQGH WDWVlFKOLFKH 9HUPXWXQJ
GDIU GDVV GLH $XVZDKO DXFK LP (UJHEQLV VR]LDOZLGULJ
LVW
'HU $UEHLWJHEHU PXVV GDQQ GDUOHJHQ ZHVKDOE WURW]
GHU JHJHQ † $EV .6FK* YHUVWR‰HQGHQ hEHUOHJXQ
JHQ DXVQDKPVZHLVH LP (UJHEQLV VR]LDOH *HVLFKWVSXQN
WH DXVUHLFKHQG EHUFNVLFKWLJW VHLQ VROOHQ
%$* 8UW Y ± $=5 )XQGVWHOOH 1-: )XQGVWHOOH 1-: I
9RUUDQJ GHU bQGHUXQJVNQGLJXQJ ± $QJHERW QHXHU
9HUJWXQJ
1RWZHQGLJNHLW HLQHU ILOLDOEHUJUHLIHQGHQ 6R]LDODXV
ZDKO ± Ä*UREH )HKOHUKDIWLJNHLW³ GHU 1DPHQVOLVWH
.6FK* † $EV 1DFK † $EV 6 .6FK* ZLUG YHUPXWHW GDVV GLH
.QGLJXQJ GXUFK GULQJHQGH EHWULHEOLFKH (UIRUGHUQLVVH
LP 6LQQH GHV $EVDW]HV EHGLQJW LVW ZHQQ EHL GHU .Q
GLJXQJ DXIJUXQG HLQHU %HWULHEVlQGHUXQJ QDFK † %HWU9* GLH $UEHLWQHKPHU GHQHQ JHNQGLJW ZHUGHQ
VROO LQ HLQHP ,QWHUHVVHQDXVJOHLFK ]ZLVFKHQ $UEHLWJH
EHU XQG %HWULHEVUDW QDPHQWOLFK EH]HLFKQHW VLQG
'LH 9HUPXWXQJVEDVLV GDVV HLQH %HWULHEVlQGHUXQJ
QDFK † %HWU9* YRUODJ XQG IU GLH .QGLJXQJ GHV
$UEHLWQHKPHUV NDXVDO ZDU XQG GDVV GHU $UEHLWQHKPHU
RUGQXQJVJHPl‰ LQ HLQHP ,QWHUHVVHQDXVJOHLFK EHQDQQW
LVW KDW GDEHL GHU $UEHLWJHEHU VXEVWDQ]LLHUW GDU]XOHJHQ
XQG JJI ]X EHZHLVHQ
'HU 0D‰VWDE GHU JUREHQ )HKOHUKDIWLJNHLW L6 GHV † $EV 6 .6FK* XPIDVVW DXFK GDQQ GLH %LOGXQJ GHV
DXVZDKOUHOHYDQWHQ 3HUVRQHQNUHLVHV ZHQQ HV XP GLH
)UDJH JHKW RE $UEHLWQHKPHU HLQHU DQGHUHQ $UEHLWVVWlW
WH LQ GLH $XVZDKO HLQ]XEH]LHKHQ VLQG
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
.6FK* †† 6ROO EHL HLQHU bQGHUXQJVNQGLJXQJ GXUFK GDV bQGH
UXQJVDQJHERW QHEHQ GHU 7lWLJNHLW $UEHLWVOHLVWXQJV
SIOLFKW DXFK GLH *HJHQOHLVWXQJ 9HUJWXQJ JHlQGHUW
ZHUGHQ VLQG EHLGH (OHPHQWH GHV bQGHUXQJVDQJHERWV
DP 9HUKlOWQLVPl‰LJNHLWVJUXQGVDW] ]X PHVVHQ
(UJLEW VLFK GLH +|KH GHU 9HUJWXQJ IU GLH JHlQGHUWH
7lWLJNHLW QLFKW DXWRPDWLVFK HWZD DXV HLQHP 7DULIYHUWUDJ
RGHU HLQHU YRP $UEHLWJHEHU DXIJHVWHOOWHQ 9HUJWXQJV
RUGQXQJ VRQGHUQ KDW GHU $UEHLWJHEHU GLH *HKlOWHU DOOHU
YHUJOHLFKEDUHQ $UEHLWQHKPHU IUHL DXVJHKDQGHOW VR LVW
QDFK GHQ *UXQGVlW]HQ GHU DEJHVWXIWHQ 'DUOHJXQJV XQG
%HZHLVODVW ]X SUIHQ RE GLH GHP $UEHLWQHKPHU NRQNUHW
DQJHERWHQH 9HUJWXQJ GHVVHQ bQGHUXQJVVFKXW] KLQUHL
FKHQG EHUFNVLFKWLJW
'HU $UEHLWJHEHU LVW QLFKW YHUSIOLFKWHW GHP EHWURIIH
QHQ $UEHLWQHKPHU LP :HJH GHU bQGHUXQJVNQGLJXQJ
GLH K|FKVWH IU YHUJOHLFKEDUH 7lWLJNHLWHQ JH]DKOWH 9HU
JWXQJ DQ]XELHWHQ (U KDW YLHOPHKU OHGLJOLFK GHQ $U
EHLWQHKPHU GHP JHJHQEHU HU HLQH bQGHUXQJVNQGL
JXQJ DXVVSULFKW XQWHU %HUFNVLFKWLJXQJ VHLQHV bQGH
Фu
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
UXQJVVFKXW]HV LQ GDV IUHL DXVJHKDQGHOWH 9HUPJWXQJV
JHIJH HLQ]XRUGQHQ
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
7DULIOLFKH .QGLJXQJVIULVWHQ 9HU]LFKW DXI 6WDIIH
OXQJ QDFK $OWHU XQG %HWULHEV]XJHK|ULJNHLW LQ .OHLQ
EHWULHEHQ ELV $UEHLWQHKPHU ]XOlVVLJ ± 6WDIIHOXQJ
YHUIDVVXQJVUHFKWOLFK QLFKW JHERWHQ
%$* 8UW Y ± $=5 %*% † $EV ** $UW )XQGVWHOOH 1-: 1DFK † $EV 6 %*% VLQG WDULIYHUWUDJOLFKH 5H
JHOXQJHQ ]XOlVVLJ GLH IU .OHLQEHWULHEH HLQKHLWOLFKH
.QGLJXQJVIULVWHQ XQG .QGLJXQJVWHUPLQH RKQH 6WDI
IHOXQJ QDFK %HWULHEV]XJHK|ULJNHLW XQG $OWHU YRUVHKHQ
$QVSUXFK DXI 7HLO]HLWDUEHLW ZlKUHQG GHU (OWHUQ]HLW
%((* † $EV %(U]** † $EV )HKOHQGHU %HVFKlIWLJXQJVEHGDUI VWHOOW HLQHQ GULQJHQGHQ
EHWULHEOLFKHQ *UXQG GDU GHU GLH $EOHKQXQJ HLQHV $Q
WUDJV DXI (OWHUQWHLO]HLW UHFKWIHUWLJHQ NDQQ
%$* 8UW Y ± $=5 )XQGVWHOOH 1-:6SH]LDO *HPHLQVFKDIWVEHWULHE VHW]W JHPHLQVFKDIWOLFKH 9HU
IROJXQJ HLQHV %HWULHEV]ZHFNV YRUDXV ± $UEHLWQHK
PHUHLQVDW] DOOHLQ DXI %DVLV HLQHU 3HUVRQDOJHVWHOOXQJ
QLFKW DXVUHLFKHQG ± :HFKVHOVHLWLJHU DUEHLWJHEHU
EHUJUHLIHQGHU 3HUVRQDOHLQVDW] HUIRUGHUOLFK
%HWU9* † $EV 6 +*2 † $EV XQG †† D (LQ *HPHLQVFKDIWVEHWULHE L6 GHV † $EV 6 %HWU9* VHW]W GHQ DUEHLWJHEHUEHUJUHLIHQGHQ (LQVDW]
GHU $UEHLWQHKPHU GHU EHWHLOLJWHQ 8QWHUQHKPHQ ]XU (U
IOOXQJ HLQHV RGHU PHKUHUHU JHPHLQVDPHU DUEHLWVWHFK
QLVFKHU %HWULHEV]ZHFNH YRUDXV %HL HLQHU DXI HLQHU
3HUVRQDOJHVWHOOXQJ EHVFKUlQNWHQ XQWHUQHKPHULVFKHQ
=XVDPPHQDUEHLW ]ZHLHU 8QWHUQHKPHQ HQWVWHKW NHLQ
*HPHLQVFKDIWVEHWULHE ZHQQ GDV SHUVRQDOVWHOOHQGH
8QWHUQHKPHQ QLFKW DQ GHU (UUHLFKXQJ GHV DUEHLWVWHFK
QLVFKHQ %HWULHEV]ZHFNV GHV DQGHUHQ 8QWHUQHKPHQV
PLWZLUNW
'LH =XVDPPHQDUEHLW GHU DQ HLQHP *HPHLQVFKDIWVEH
WULHE EHWHLOLJWHQ $UEHLWJHEHU YROO]LHKW VLFK EHL )HKOHQ
YRQ DQGHUZHLWLJHQ $QKDOWVSXQNWHQ UHJHOPl‰LJ LQ )RUP
HLQHU %*%*HVHOOVFKDIW 'LH IU GLH $QQDKPH HLQHV
*HPHLQVFKDIWVEHWULHEV HUIRUGHUOLFKH $EVSUDFKH EHU
GLH JHPHLQVDPH )KUXQJ HLQHV HLQKHLWOLFKHQ %HWULHEV
NDQQ DEHU DXFK EHL DQGHUHQ 5HFKWVIRUPHQ GHU =XVDP
PHQDUEHLW HUIOOW VHLQ
'LH 9RUVFKULIWHQ GHU KHVVLVFKHQ *HPHLQGHRUGQXQJ
EHU GLH ZLUWVFKDIWOLFKH %HVWlWLJXQJ GHU *HPHLQGHQ
VWHKHQ HLQHU $EVSUDFKH EHU GLH )KUXQJ HLQHV DXV HLQHU
MXULVWLVFKHQ 3HUVRQ GHV 3ULYDWUHFKWV XQG HLQHU .RPPX
QH JHELOGHWHQ *HPHLQVFKDIWVEHWULHEV QLFKW HQWJHJHQ
%$* %HVFKO Y ± $%5 )XQGVWHOOH '% II
ФÊ
%$* 8UW Y ± $=5 )XQGVWHOOH '% II
6HOEVWPRUG HLQHV $UEHLWQHKPHUV 6FKDGHQVHUVDW]
DQVSUXFK GHU (UEHQ" ± 6HOEVWW|WXQJ QDFK $XV
VSUXFK XQEHUHFKWLJWHU .QGLJXQJ UHJHOPl‰LJ QLFKW
DGlTXDW NDXVDO ± Ä0REELQJ³ NHLQH HLJHQH $Q
VSUXFKVJUXQGODJH
%*% †† =32 †† $UE** †† $** †† ** $UW $EV $OOHLQ GHU $XVVSUXFK HLQHU UHFKWVXQZLUNVDPHQ EH
WULHEVEHGLQJWHQ .QGLJXQJ GXUFK GHQ $UEHLWJHEHU YHU
OHW]W GHQ $UEHLWQHKPHU QLFKW LQ VHLQHP 3HUV|QOLFKNHLWV
UHFKW 'LHV LVW QXU GDQQ GHU )DOO ZHQQ GLH .QGLJXQJ
GHQ $UEHLWQHKPHU EHU GHQ EOR‰HQ .QGLJXQJVDXV
VSUXFK KLQDXV LQ VHLQHP 3HUV|QOLFKNHLWVUHFKW EHHLQ
WUlFKWLJW 'DIU WUlJW GHU $UEHLWQHKPHU GLH 'DUOHJXQJV
XQG %HZHLVODVW
(LQ $UEHLWJHEHU GHU HLQH UHFKWVXQZLUNVDPH .QGL
JXQJ LP /DXI HLQHV .QGLJXQJVVFKXW]SUR]HVVHV ]XUFN
JHQRPPHQ XQG GDQQ GHP $UEHLWQHKPHU XQWHU 9HUVWR‰
JHJHQ GDV 'LUHNWLRQVUHFKW QHXH 7lWLJNHLWHQ ]XJHZLHVHQ
KDW KDW HLQHQ GDUDXIKLQ YRP $UEHLWQHKPHU YHUEWHQ
6HOEVWPRUG QLFKW DGlTXDW NDXVDO YHUXUVDFKW 'LHV JLOW
QLFKW ZHQQ REMHNWLY HUNHQQEDUH $QKDOWVSXQNWH IU HLQH
6XL]LGJHIlKUGXQJ GHV $UEHLWQHKPHUV YRUJHOHJHQ KDEHQ
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
%$* 8UW Y ± $=5 )XQGVWHOOH '% II
9RUIRUPXOLHUWHU $XIKHEXQJVYHUWUDJ XQWHUOLHJW NHL
QHU $QJHPHVVHQKHLWVNRQWUROOH ± :LUNVDPNHLW HLQHV
$XIKHEXQJVYHUWUDJV XQG :LHGHUHLQVWHOOXQJ SUR]HV
VXDO XQWHUVFKLHGOLFKH 6WUHLWJHJHQVWlQGH ± ,Q %H
JUQGXQJ GHU %HUXIXQJ EHLGH )UDJHQ ]X EHUFN
VLFKWLJHQ
=32 † $EV † ,QV2 † $EV %*%
† F $EV † $EV †† <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
'LH LQ HLQHP YRP $UEHLWJHEHU YRUIRUPXOLHUWHQ $XI
KHEXQJVYHUWUDJ YHUHLQEDUWH HLQYHUQHKPOLFKH %HHQGL
JXQJ GHV $UEHLWVYHUKlOWQLVVHV XQWHUOLHJW NHLQHU $QJH
PHVVHQKHLWVNRQWUROOH L6 GHV † $EV 6 %*%
ZHLO KLHUGXUFK QLFKW YRQ 5HFKWVYRUVFKULIWHQ DEJH
ZLFKHQ ZLUG † $EV %*% 'LH %HHQGLJXQJVYHU
HLQEDUXQJ LVW HLQ VHOEVWVWlQGLJHV 5HFKWVJHVFKlIW EHL
GHP GLH +DXSWOHLVWXQJ GLH %HHQGLJXQJ GHV $UEHLWVYHU
KlOWQLVVHV LVW 'LH %HHQGLJXQJ DOV VROFKH NDQQ GDKHU
NHLQHU $QJHPHVVHQKHLWVSUIXQJ XQWHU]RJHQ ZHUGHQ
0DFKW HLQ $UEHLWQHKPHU GLH 8QZLUNVDPNHLW HLQHV
$XIKHEXQJVYHUWUDJV JHOWHQG XQG YHUODQJW HU KLOIVZHLVH
VHLQH :LHGHUHLQVWHOOXQJ KDQGHOW HV VLFK XP XQWHU
VFKLHGOLFKH 6WUHLWJHJHQVWlQGH =XP HLQHQ JHKW HV XP
GLH :LUNVDPNHLW GHU %HHQGLJXQJ XQG ]XP DQGHUHQ XP
GLH %HJUQGXQJ HLQHV $UEHLWVYHUKlOWQLVVHV
:HLVW GDV $UEHLWVJHULFKW HLQH HQWVSUHFKHQGH .ODJH
PLW GHU %HJUQGXQJ DE GLH $XIKHEXQJVYHUHLQEDUXQJ
VHL ZLUNVDP XQG HLQ :LHGHUHLQVWHOOXQJVDQVSUXFK EHVWH
KH QLFKW ZHLO GLH *HVFKlIWVJUXQGODJH QLFKW ZHJJHIDOOHQ
VHL † %*% KDW VLFK GHU .OlJHU LQ GHU %HUXIXQJV
EHJUQGXQJ VRZRKO PLW GHU )UDJH GHU :LUNVDPNHLW GHV
$XIKHEXQJVYHUWUDJV DOV DXFK PLW GHU %HJUQGXQJ GHV
$UEHLWVJHULFKWV ]XP :HJIDOO GHU *HVFKlIWVJUXQGODJH
DXVHLQDQGHU]XVHW]HQ ZHQQ HU EHLGH 6WUHLWJHJHQVWlQGH
]XP *HJHQVWDQG GHU %HUXIXQJ PDFKHQ ZLOO 6HW]W HU
VLFK LQQHUKDOE GHU %HUXIXQJVEHJUQGXQJVIULVW QLFKW PLW
GHU %HJUQGXQJ GHV $UEHLWVJHULFKWV ]XP :HJIDOO GHU
*HVFKlIWVJUXQGODJH DXVHLQDQGHU LVW GLH %HUXIXQJ KLQ
VLFKWOLFK GHV :LHGHUHLQVWHOOXQJVDQVSUXFKV XQ]XOlVVLJ
*HJHQVWDQG GHU JHULFKWOLFKHQ hEHUSUIXQJ LP %HUX
IXQJV XQG 5HYLVLRQVYHUIDKUHQ LVW GDQQ DOOHLQ GLH :LUN
VDPNHLW GHV $XIKHEXQJVYHUWUDJV
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
%$* 8UW Y ± $=5 )XQGVWHOOH '% I
-XELOlXPV]XZHQGXQJ (UO|VFKHQ GHV $QVSUXFKV
DXV EHWULHEOLFKHU hEXQJ ± .HLQ (QWVWHKHQ JHJHQOlX
ILJHU EHWULHEOLFKHU hEXQJ EHL ]HLWQDKHU *HOWHQGPD
FKXQJ YRQ 6HLWHQ GHV $UEHLWQHKPHUV LQ XQYHUlQGHU
WHU +|KH
%*% † GHPVHOEHQ -DKU EHJHKW GLH =DKOXQJ LQ GHU YRUKHULJHQ
+|KH VR KLQGHUW GLHV GDV (QWVWHKHQ HLQHU JHJHQOlXILJHQ
EHWULHEOLFKHQ hEXQJ
%$* 8UW Y ± $=5 )XQGVWHOOHQ 1-: II
'% I
6R]LDODXVZDKO EHL EHWULHEVEHGLQJWHU .QGLJXQJ ±
$XVZDKOULFKWOLQLH L6 GHV † %HWU9* NDQQ ZHGHU
9HUJOHLFKEDUNHLW GHU $UEHLWVSOlW]H QRFK HQWJHJHQ
VWHKHQGH EHWULHEOLFKH %HGUIQLVVH L6 GHV † $EV 6 .6FK* ELQGHQG UHJHOQ
.6FK* † $EV XQG %HWU9* † 1DFK GHU VWlQGLJHQ 5HFKWVSUHFKXQJ GHV 6HQDWV EH
VWLPPW VLFK GHU .UHLV GHU LQ GLH VR]LDOH $XVZDKO HLQ]X
EH]LHKHQGHQ YHUJOHLFKEDUHQ $UEHLWQHKPHU LQ HUVWHU
/LQLH QDFK DUEHLWVSODW]EH]RJHQHQ 0HUNPDOHQ DOVR ]X
QlFKVW QDFK GHU DXVJHEWHQ 7lWLJNHLW 'LHV JLOW QLFKW QXU
EHL HLQHU ,GHQWLWlW GHU $UEHLWVSOlW]H VRQGHUQ DXFK GDQQ
ZHQQ GHU $UEHLWQHKPHU DXIJUXQG VHLQHU 7lWLJNHLW XQG
$XVELOGXQJ HLQH DQGHUVDUWLJH DEHU JOHLFKZHUWLJH 7lWLJ
NHLW DXVIKUHQ NDQQ 'LH 1RWZHQGLJNHLW HLQHU NXU]HQ
(LQDUEHLWXQJV]HLW VWHKW HLQHU 9HUJOHLFKEDUNHLW QLFKW HQW
JHJHQ ÄTXDOLILNDWLRQVPl‰LJH $XVWDXVFKEDUNHLW³ 'LH
9HUJOHLFKEDUNHLW ZLUG QRFK QLFKW DOOHLQ GDGXUFK DXV
JHVFKORVVHQ GDVV HLQ]HOQH $UEHLWQHKPHU EHVWLPPWH
7lWLJNHLWHQ EHVRQGHUV EHKHUUVFKHQ EHLVSLHOVZHLVH EH
VWLPPWH 0DVFKLQHQ EHGLHQHQ N|QQHQ
$Q HLQHU 9HUJOHLFKEDUNHLW IHKOW HV ZHQQ GHU $UEHLW
JHEHU GHQ $UEHLWQHKPHU DXIJUXQG GHV ]XJUXQGH OLHJHQ
GHQ $UEHLWVYHUWUDJV QLFKW HLQVHLWLJ DXI GHQ DQGHUHQ $U
EHLWVSODW] XP RGHU YHUVHW]HQ NDQQ ÄDUEHLWVYHUWUDJOLFKH
$XVWDXVFKEDUNHLW³
$XVZDKOULFKWOLQLHQ QDFK † %HWU9* L9P † $EV .6FK* N|QQHQ GLH JHVHW]OLFKHQ $QIRUGHUXQJHQ
IU GLH 9HUJOHLFKEDUNHLW YRQ $UEHLWQHKPHUQ QLFKW YHU
GUlQJHQ † $EV .6FK* EHWULIIW QXU GLH *HZLFKWXQJ
GHU $XVZDKONULWHULHQ XQG QLFKW GLH =XVDPPHQVHW]XQJ
GHV DXVZDKOUHOHYDQWHQ 3HUVRQHQNUHLVHV RGHU GLH .RQ
NUHWLVLHUXQJ GHU HQWJHJHQVWHKHQGHQ EHWULHEOLFKHQ %H
GUIQLVVH L6 YRQ † $EV 6 .6FK* (LQH $XV
ZDKOULFKWOLQLH NDQQ GHVKDOE QLFKW GLH 9HUJOHLFKEDUNHLW
RGHU 1LFKWYHUJOHLFKEDUNHLW YRQ $UEHLWQHKPHUQ YRUJH
EHQ EHLVSLHOVZHLVH LQGHP GLH 5LFKWOLQLH EHVWLPPWH $U
EHLWQHKPHU EHVWLPPWHU $EWHLOXQJHQ RGHU $UEHLWVJUXS
SHQ ]X 9HUJOHLFKVJUXSSHQ ]XVDPPHQIDVVW
=DKOW HLQ $UEHLWJHEHU EHU ]HKQ -DKUH DQ DOOH 0LW
DUEHLWHU QDFK ]HKQMlKULJHU %HWULHEV]XJHK|ULJNHLW YRU
EHKDOWORV HLQH -XELOlXPV]XZHQGXQJ LQ GHUVHOEHQ +|KH
ZLUG GDGXUFK HLQH EHWULHEOLFKH hEXQJ EHJUQGHW GLH
GHQ HLQ]HOQHQ $UEHLWQHKPHUQ HLQHQ YHUWUDJOLFKHQ $Q
VSUXFK DXI GLHVH /HLVWXQJ YHUVFKDIIW
*URE IHKOHUKDIW L6 YRQ † $EV .6FK* LVW HLQH *H
ZLFKWXQJ GHU 6R]LDOGDWHQ GDQQ ZHQQ VLH MHGH $XVJHZR
JHQKHLW YHUPLVVHQ OlVVW GK ZHQQ HLQ]HOQH 6R]LDOGDWHQ
EHUKDXSW QLFKW HLQGHXWLJ XQ]XUHLFKHQG RGHU PLW HLQ
GHXWLJ EHUK|KWHU %HGHXWXQJ EHUFNVLFKWLJW ZHUGHQ
9HUULQJHUW GHU $UEHLWJHEHU JHQHUHOO GLH +|KH GHU
=DKOXQJ DE HLQHP EHVWLPPWHQ -DKU XQG YHUODQJW HLQ $U
EHLWQHKPHU GHU VHLQ ]HKQMlKULJHV %HWULHEVMXELOlXP LQ
† $EV 6 .6FK* VWHOOW GLH 5HJHO IU GLH 6R]LDO
DXVZDKO GDU 'LH $XVNODPPHUXQJ VRJ /HLVWXQJVWUlJHU
ELOGHW QDFK 6 GHU 1RUP GLH $XVQDKPH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
ФÉ
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
%$* 8UW Y ± $=5 )XQGVWHOOH '% bQGHUXQJVNQGLJXQJ ]XU /RKQNRVWHQVHQNXQJ DXI
%DVLV HLQHV 6DQLHUXQJVSODQV ± :HLWJHKHQGH (UUHL
FKXQJ GHV (LQVSDUYROXPHQV LQIROJH (LQYHUVWlQGQLV
GHV ZHLW EHUZLHJHQGHQ 7HLOV GHU %HOHJVFKDIW IKUW
QLFKW ]XP :HJIDOO GHV .QGLJXQJVJUXQGV JHJHQ
EHU ZLGHUVSUHFKHQGHQ $UEHLWQHKPHUQ
.6FK* †† (LQH bQGHUXQJVNQGLJXQJ ]XU (QWJHOWVHQNXQJ LVW EH
JUQGHW ZHQQ EHL HLQHU $XIUHFKWHUKDOWXQJ GHU ELVKHUL
JHQ 3HUVRQDONRVWHQVWUXNWXU ZHLWHUH EHWULHEOLFK QLFKW
PHKU DXIIDQJEDUH 9HUOXVWH HQWVWQGHQ GLH DEVHKEDU ]X
HLQHU 5HGX]LHUXQJ GHU %HOHJVFKDIW RGHU VRJDU ]X HLQHU
6FKOLH‰XQJ GHV %HWULHEV IKUHQ XQG HLQ 6DQLHUXQJVSODQ
DOOH PLOGHUHQ 0LWWHO DXVVFK|SIW XQG GLH YRQ GHQ $UEHLW
QHKPHUQ ]X WUDJHQGHQ /DVWHQ JOHLFKPl‰LJ YHUWHLOW
/LHJHQ GLHVH 9RUDXVVHW]XQJHQ YRU XQG KDW VLFK GLH
JUR‰H 0HKUKHLW GHU $UEHLWQHKPHU KLHU FD PLW
GHU 5HGX]LHUXQJ GHU 9HUJWXQJ IUHLZLOOLJ HLQYHUVWDQ
GHQ HUNOlUW VR NDQQ HLQ $UEHLWQHKPHU GHP JHJHQEHU
GLH 5HGX]LHUXQJ GXUFK bQGHUXQJVNQGLJXQJ HUIROJW
VLFK QLFKW GDUDXI EHUXIHQ GLH bQGHUXQJVNQGLJXQJ VHL
LKP JHJHQEHU QLFKW PHKU HUIRUGHUOLFK ZHLO GHU 6DQLH
UXQJVHUIROJ VFKRQ GXUFK GLH IUHLZLOOLJHQ *HKDOWVUHGX
]LHUXQJHQ HUUHLFKW VHL
.QGLJW HLQ $UEHLWJHEHU GDV $UEHLWVYHUKlOWQLV ZLH
GHUKROW IULVWORV XQG OHJW HU JHJHQ HLQ 8UWHLO GHV /$*
GDV GHU JHJHQ GLH HUVWH .QGLJXQJ JHULFKWHWHQ .ODJH
VWDWWJHJHEHQ KDW 1LFKW]XODVVXQJVEHVFKZHUGH HLQ ZLUG
GLHVH %HVFKZHUGH XQEHJUQGHW ZHQQ QDFK 9HUNQ
GXQJ GHV 8UWHLOV GHV /$* GDV $UEHLWVJHULFKW GHU JHJHQ
GLH ]ZHLWH .QGLJXQJ JHULFKWHWHQ .ODJH VWDWWJLEW XQG
GLHVH (QWVFKHLGXQJ UHFKWVNUlIWLJ ZLUG 'LH P|JOLFKHQ
=XODVVXQJVJUQGH GHV † $EV $UE** VLQG GDQQ
QLFKW PHKU HQWVFKHLGXQJVHUKHEOLFK ZHLO GXUFK GLH (QW
VFKHLGXQJ GHV $UEHLWVJHULFKWV UHFKWVNUlIWLJ IHVWVWHKW
GDVV ]XP .QGLJXQJVWHUPLQ HLQ $UEHLWVYHUKlOWQLV EH
VWDQGHQ KDW
'HU $UEHLWJHEHU NDQQ GHQ (LQWULWW GLHVHU 5HFKWVIROJHQ
YHUKLQGHUQ LQGHP HU GLH $XVVHW]XQJ GHV .QGLJXQJV
UHFKWVVWUHLWV EHU GLH VSlWHUH .QGLJXQJ EHDQWUDJW † =32 (LQHP VROFKHQ $XVVHW]XQJVDQWUDJ LVW UHJHOPl‰LJ
VWDWW]XJHEHQ *HJHQ GLH $EOHKQXQJ GHU $XVVHW]XQJ GHV
9HUIDKUHQV EHVWHKW GLH 0|JOLFKNHLW GHU VRIRUWLJHQ %H
VFKZHUGH QDFK † =32 'HV :HLWHUHQ NDQQ GHU $U
EHLWJHEHU GLH ]XU %HJUQGXQJ GHU HUVWHQ .QGLJXQJ YHU
IDVVWHQ 6FKULIWVlW]H LQ GHQ 5HFKWVVWUHLW EHU GLH :LUN
VDPNHLW GHU ]ZHLWHQ .QGLJXQJ HLQIKUHQ XQG XQWHU %H
]XJQDKPH GDUDXI JHOWHQG PDFKHQ ]XP 7HUPLQ GHU ]ZHL
WHQ .QGLJXQJ KDEH NHLQ $UEHLWVYHUKlOWQLV PHKU EHVWDQ
GHQ *HJHQ HLQ GHU .QGLJXQJVVFKXW]NODJH VWDWWJHEHQ
GHV 8UWHLO NDQQ GHU $UEHLWJHEHU %HUXIXQJ HLQOHJHQ
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
%$* 8UW Y ± $=1 )XQGVWHOOH 1-: II
2ULHQWLHUXQJVVlW]H GHU 5LFKWHULQQHQ XQG 5LFKWHU GHV
%$*
:HLWHUHU $QZHQGXQJVEHUHLFK GHV 'LVNULPLQLH
UXQJVYHUERWV
%$* 8UW Y ± $=5 5LOL (*
)XQGVWHOOHQ 1-: 'DV 'LVNULPLQLHUXQJVYHUERW JLOW DXFK IU QLFKW EHKLQ
GHUWH 3HUVRQHQ GLH HLQH %HQDFKWHLOLJXQJ HUIDKUHQ ZHLO
VLH HLQHQ EHKLQGHUWHQ $QJHK|ULJHQ SIOHJHQ
'% II
5HFKWVNUDIW HLQHV GHU .QGLJXQJVVFKXW]NODJH VWDWW
JHEHQGHQ 8UWHLOV
.6FK* † =32 †† ** $UW $EV $EV $UE** †† D
0LW GHU 5HFKWVNUDIW GHV GHU .QGLJXQJVVFKXW]NODJH
QDFK † .6FK* VWDWWJHEHQGHQ 8UWHLOV VWHKW QDFK GHU
VWlQGLJHQ 5HFKWVSUHFKXQJ GHV %$* IHVW GDVV GDV $U
EHLWVYHUKlOWQLV GXUFK GLH DQJHJULIIHQH .QGLJXQJ QLFKW
DXIJHO|VW ZRUGHQ LVW 'DPLW LVW JUXQGVlW]OLFK ]XJOHLFK
HQWVFKLHGHQ GDVV EHL HLQHU DX‰HURUGHQWOLFKHQ .QGL
JXQJ ]XP =HLWSXQNW GHV =XJDQJV GHU .QGLJXQJ ]ZL
VFKHQ GHQ 3DUWHLHQ HLQ $UEHLWVYHUKlOWQLV EHVWDQGHQ KDW
'LHVH 5HFKWVSUHFKXQJ YHUVW|‰W ZHGHU JHJHQ $UW $EV QRFK JHJHQ $UW $EV **
Фl
(X*+ 8UW Y ± &
)XQGVWHOOH 1-:6SH]LDO %HWULHEVYHUHLQEDUXQJ ]X 9LGHREHUZDFKXQJ LP %H
WULHE (LQJULII LQ 3HUV|QOLFKNHLWVUHFKWH GHU $UEHLW
QHKPHU PXVV 9HUKlOWQLVPl‰LJNHLWVJUXQGVDW] EH
DFKWHQ ± $QJHPHVVHQKHLW YRQ 9LGHREHUZDFKXQJV
PD‰QDKPHQ ULFKWHW VLFK QDFK (LQJULIIVLQWHQVLWlW ±
%HL 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ
5lXPHQ LVW † E %'6* ]X EHDFKWHQ
%HWU9* † $EV 6 ** $UW $EV %'6* † E
$UEHLWJHEHU XQG %HWULHEVUDW VLQG JUXQGVlW]OLFK EHIXJW
HLQH 9LGHREHUZDFKXQJ LP %HWULHE HLQ]XIKUHQ 'LH
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
=XOlVVLJNHLW GHV GDPLW YHUEXQGHQHQ (LQJULIIV LQ GLH
3HUV|QOLFKNHLWVUHFKWH GHU $UEHLWQHKPHU ULFKWHW VLFK
QDFK GHP *UXQGVDW] GHU 9HUKlOWQLVPl‰LJNHLW
%$* %HVFKO Y ± $%5 $XINOlUXQJVSIOLFKWYHUOHW]XQJ GHU ILQDQ]LHUHQGHQ
%DQN ± .HQQWQLV GHU VXEMHNWLYHQ 9RUDXVVHW]XQJHQ
IU %HJLQQ GHU UHJHOPl‰LJHQ 9HUMlKUXQJVIULVW
)XQGVWHOOH '% II
%*% †† $EV 1U (*%*%
$UW † $EV 6 <—Ž… ԗ_ <©†Ï<”<ÁŽÏÁgUƒÏ
=XP 9RUOLHJHQ GHU VXEMHNWLYHQ 9RUDXVVHW]XQJHQ GHV
† $EV 1U %*% EHL 6FKDGHQVHUVDW]DQVSUFKHQ
GLH DXI YRUYHUWUDJOLFKHV $XINOlUXQJVYHUVFKXOGHQ GHU IL
QDQ]LHUHQGHQ %DQN ZHJHQ HLQHV NRQNUHWHQ :LVVHQVYRU
VSUXQJV LP =XVDPPHQKDQJ PLW HLQHU DUJOLVWLJHQ 7lX
VFKXQJ GHV $QOHJHUV GXUFK XQULFKWLJH $QJDEHQ GHV
9HUPLWWOHUV EHU GDV $QODJHREMHNW JHVWW]W VLQG
%HUHLFKHUXQJVDXVJOHLFK EHL LUUWPOLFKHU =XYLHO
EHUZHLVXQJ
%*% † $EV 6 $OW 'LH %DQN NDQQ YRQ GHP JXWJOlXELJHQ =DKOXQJVHPSIlQ
JHU GLH LUUWPOLFKH =XYLHOEHUZHLVXQJ QLFKW LP :HJH
GHU 1LFKWOHLVWXQJVNRQGLNWLRQ KHUDXVYHUODQJHQ
%*+ 8UW Y ± ;, =5 ,Q GLHVHQ )lOOHQ UHFKWIHUWLJW GLH .HQQWQLV GHV *OlXEL
JHUV GDVV GLH LKP ]XJHVDJWH 0LHWH YRQ %HJLQQ DQ QLFKW
HU]LHOW ZXUGH QLFKW GHQ 6FKOXVV DXI HLQH .HQQWQLV YRQ
GHQ GHQ $QVSUXFK EHJUQGHQGHQ 8PVWlQGHQ XQG GHU
3HUVRQ GHV 6FKXOGQHUV L6 GHV † $EV 1U %*%
%*+ 8UW Y ± ;, =5 )XQGVWHOOH 1-: II
)XQGVWHOOH 0'5 II
$XINOlUXQJVSIOLFKWHQ GHU ILQDQ]LHUHQGHQ %DQN EHU
0LHWSRROULVLNHQ ± )ROJHQ HLQHU $XINOlUXQJVSIOLFKW
YHUOHW]XQJ
%*% D) †† %HL %DXKHUUHQ XQG (UZHUEHUPRGHOOHQ WUHIIHQ GLH
ILQDQ]LHUHQGH %DQN GLH GHQ %HLWULWW GHV 'DUOHKHQVQHK
PHUV ]X HLQHP IU GDV (UZHUEVREMHNW EHVWHKHQGHQ
0LHWSRRO ]XU 9RUDXVVHW]XQJ GHU 'DUOHKHQVDXV]DKOXQJ
JHPDFKW KDW QLFKW RKQH :HLWHUHV EHU GLH GDPLW YHU
EXQGHQHQ 5LVLNHQ $XINOlUXQJVSIOLFKWHQ ZHJHQ HLQHV
GXUFK VLH EHZXVVW JHVFKDIIHQHQ RGHU EHJQVWLJWHQ EH
VRQGHUHQ *HIlKUGXQJVWDWEHVWDQGV
5HFKWVIROJH HLQHU HWZDLJHQ 9HUOHW]XQJ HLQHU $XINOl
UXQJVSIOLFKW EHU GLH DOOJHPHLQHQ )ROJHQ HLQHV 0LHW
SRROEHLWULWWV NDQQ OHGLJOLFK HLQ $QVSUXFK DXI (UVDW] GHU
0HKUNRVWHQ RGHU 0LQGHUHLQQDKPHQ VHLQ GLH VLFK GXUFK
GLH 0LHWSRROEHWHLOLJXQJ HUJHEHQ QLFKW KLQJHJHQ HLQ
$QVSUXFK DXI 5FNDEZLFNOXQJ VlPWOLFKHU 9HUWUlJH
'D .UHGLWLQVWLWXWH GHQ :HUW GHU LKQHQ JHVWHOOWHQ 6L
FKHUKHLWHQ JUXQGVlW]OLFK QXU LP HLJHQHQ ,QWHUHVVH VRZLH
LP ,QWHUHVVH GHU 6LFKHUKHLW GHV %DQNHQV\VWHPV QLFKW
DEHU LP .XQGHQLQWHUHVVH SUIHQ XQG HUPLWWHOQ NDQQ
VLFK DXV HLQHU OHGLJOLFK ]X EDQNLQWHUQHQ =ZHFNHQ HU
IROJWHQ %HOHLKXQJVZHUWHUPLWWOXQJ JUXQGVlW]OLFK NHLQH
3IOLFKWYHUOHW]XQJ GHU %DQN JHJHQEHU GHP .UHGLWQHK
PHU HUJHEHQ
%*+ 8UW Y ± ;, =5 )XQGVWHOOH 1-: II
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
8QZLUNVDPNHLW GHU IRUPXODUPl‰LJHQ =ZDQJVYROO
VWUHFNXQJVXQWHUZHUIXQJ EHL )RUGHUXQJVDEWUHWXQJ
DQ )LQDQ]LQYHVWRU
=32 †† $EV $EV 1U %*% †† $EV 6 $OW 'LH IRUPXODUPl‰LJH 8QWHUZHUIXQJ XQWHU GLH VRIRUWLJH
=ZDQJVYROOVWUHFNXQJ LQ HLQHU *UXQGVFKXOGEHVWHOOXQJV
XUNXQGH KLQVLFKWOLFK GHU 'DUOHKHQVIRUGHUXQJ LVW DOV XQ
DQJHPHVVHQH %HQDFKWHLOLJXQJ GHV .UHGLWQHKPHUV L6
GHV † $EV 6 %*% ]X TXDOLIL]LHUHQ ZHQQ GLH
%DQN GLH .UHGLWIRUGHUXQJ IUHL DQ EHOLHELJH 'ULWWH DEWUH
WHQ NDQQ
/HLWVlW]H 1-:5HGDNWLRQ
/* +DPEXUJ %HVFKO Y ± 7 )XQGVWHOOH 1-: II
<ԅ ԗ_ ÁUƒ†ÏgŽÏg—ÁgUƒÏ
0lQJHOKDIWXQJ WURW] 2KQH5HFKQXQJ$EUHGH
%*% †† 2E HLQ :HUNYHUWUDJ DXIJUXQG HLQHU 2KQH5HFKQXQJ
$EUHGH LQVJHVDPW QLFKWLJ LVW ULFKWHW VLFK QDFK † %*%
Ф™
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
+DW HLQ ,QJHQLHXU VHLQH 9HUPHVVXQJVOHLVWXQJHQ PDQ
JHOKDIW HUEUDFKW XQG KDW VLFK GLHVHU 0DQJHO LP %DXZHUN
EHUHLWV YHUN|USHUW KDQGHOW HU UHJHOPl‰LJ WUHXZLGULJ
ZHQQ HU VLFK ]XU $EZHKU YRQ 6FKDGHQVHUVDW]DQVSU
FKHQ GHV %HVWHOOHUV GDUDXI EHUXIW GLH *HVHW]ZLGULJNHLW
GHU 2KQH5HFKQXQJ$EUHGH IKUH ]XU *HVDPWQLFKWLJ
NHLW GHV :HUNYHUWUDJV
%*+ 8UW Y ± 9,, =5 )XQGVWHOOH 1-:55 I
<”††g—ÁgUƒÏ
8QWHUKDOWVUHFKWOLFKH %HUFNVLFKWLJXQJ HLQHU bQGH
UXQJ GHU /HEHQV XQG (LQNRPPHQVYHUKlOWQLVVH
QDFK 5HFKWVNUDIW GHU 6FKHLGXQJ
%*% † $EV 6 %HL GHU %HPHVVXQJ GHV QDFKHKHOLFKHQ 8QWHUKDOWV
QDFK GHQ HKHOLFKHQ /HEHQVYHUKlOWQLVVHQ † $EV 6 %*% VLQG VSlWHUH bQGHUXQJHQ GHV YHUIJ
EDUHQ (LQNRPPHQV JUXQGVlW]OLFK ]X EHUFNVLFKWLJHQ
XQG ]ZDU XQDEKlQJLJ GDYRQ ZDQQ VLH HLQJHWUHWHQ VLQG
RE HV VLFK XP 0LQGHUXQJHQ RGHU 9HUEHVVHUXQJHQ KDQ
GHOW RGHU RE GLH 9HUlQGHUXQJ DXIVHLWHQ GHV 8QWHUKDOWV
SIOLFKWLJHQ RGHU GHV 8QWHUKDOWVEHUHFKWLJWHQ HLQJHWUHWHQ
LVW
'DV 8QWHUKDOWVUHFKW ZLOO GHQ JHVFKLHGHQHQ (KHJDW
WHQ QLFKW EHVVHU VWHOOHQ DOV HU ZlKUHQG GHU (KH VWDQG
RGHU DXIJUXQG HLQHU DEVHKEDUHQ (QWZLFNOXQJ RKQH GLH
6FKHLGXQJ VWHKHQ ZUGH 'DKHU VLQG QXU VROFKH 6WHLJH
UXQJHQ GHV YHUIJEDUHQ (LQNRPPHQV ]X EHUFNVLFKWL
JHQ GLH VFKRQ LQ GHU (KH DQJHOHJW ZDUHQ QLFKW DEHU
]% HLQ (LQNRPPHQV]XZDFKV LQIROJH HLQH .DUULHUH
VSUXQJV
'LH %HUFNVLFKWLJXQJ HLQHU QDFKHKHOLFKHQ 9HUULQJH
UXQJ GHV YHUIJEDUHQ (LQNRPPHQV ILQGHW LKUH *UHQ]H
HUVW LQ GHU QDFKHKHOLFKHQ 6ROLGDULWlW 1XU EHL XQWHUKDOWV
UHFKWOLFK OHLFKWIHUWLJHP 9HUKDOWHQ LVW GHVZHJHQ YRQ HL
QHP ILNWLYHQ (LQNRPPHQ DXV]XJHKHQ 'LHVH 9RUDXV
VHW]XQJ OLHJW QLFKW YRU ZHQQ HLQ 8QWHUKDOWVVFKXOGQHU
.LQGHU DXV HLQHU QHXHQ %H]LHKXQJ EHNRPPW 'DKHU LVW
LQ VROFKHQ )lOOHQ YRQ GHQ WDWVlFKOLFKHQ 9HUKlOWQLVVHQ
DXV]XJHKHQ XQG DXFK GLH QHXH 8QWHUKDOWVSIOLFKW EHL GHU
%HPHVVXQJ GHV QDFKHKHOLFKHQ 8QWHUKDOWV ]X EHUFN
VLFKWLJHQ
%*+ 9HUVlXPQLVXUW Y ± ;,, =5 )XQGVWHOOH %*+5HSRUW II P $QP *XW
GHXWVFK
ÐÓâ
%HUFNVLFKWLJXQJ PLHWIUHLHQ :RKQHQV EHL GHU 8Q
WHUKDOWVEHUHFKQXQJ
%*% † $EV 1DFK GHU 7UHQQXQJ GHU 3DUWHLHQ LVW GHU 9RUWHLO PLHW
IUHLHQ :RKQHQV ]XQlFKVW UHJHOPl‰LJ QXU QRFK LQ GHP
8PIDQJ ]X EHUFNVLFKWLJHQ ZLH HU VLFK DOV DQJHPHVVH
QH :RKQXQJVQXW]XQJ GXUFK GHQ LQ GHU (KHZRKQXQJ
YHUEOLHEHQHQ (KHJDWWHQ GDUVWHOOW 'DEHL LVW DXI GHQ
0LHW]LQV DE]XVWHOOHQ GHQ HU DXI GHP |UWOLFKHQ :RK
QXQJVPDUNW IU HLQH GHP HKHOLFKHQ /HEHQVVWDQGDUG HQW
VSUHFKHQGH NOHLQHUH :RKQXQJ ]DKOHQ PVVWH ,VW HLQH
:LHGHUKHUVWHOOXQJ GHU HKHOLFKHQ /HEHQVJHPHLQVFKDIW
DOOHUGLQJV QLFKW PHKU ]X HUZDUWHQ HWZD ZHQQ HLQ 6FKHL
GXQJVDQWUDJ UHFKWVKlQJLJ LVW RGHU GLH (KHJDWWHQ GLH YHU
P|JHQVUHFKWOLFKHQ )ROJHQ LKUHU (KH DEVFKOLH‰HQG JHUH
JHOW KDEHQ VLQG VROFKH $XVQDKPHQ YRQ GHU JUXQGVlW]
OLFKHQ %HUFNVLFKWLJXQJ GHV YROOHQ 0LHWZHUWV QLFKW
PHKU JHUHFKWIHUWLJW
9RQ GHP 9RUWHLO PLHWIUHLHQ :RKQHQV VLQG JUXQGVlW]
OLFK GLH PLW GHP (LJHQWXPVHUZHUE YHUEXQGHQHQ .RVWHQ
DE]XVHW]HQ ZHLO GHU (LJHQWPHU QXU LQ +|KH GHU 'LIIH
UHQ] JQVWLJHU OHEW DOV HLQ 0LHWHU 'HU 7LOJXQJVDQWHLO
GHU .UHGLWUDWHQ NDQQ DEHU GDQQ QLFKW PHKU EHUFNVLFK
WLJW ZHUGHQ ZHQQ GHU DQGHUH (KHJDWWH QLFKW PHKU YRQ
GHU PLW GHU 7LOJXQJ HLQKHUJHKHQGHQ 9HUP|JHQVELOGXQJ
SURILWLHUW XQG GDKHU HLQH HLQVHLWLJH 9HUP|JHQVELOGXQJ
]X /DVWHQ GHV 8QWHUKDOWVEHUHFKWLJWHQ VWDWWILQGHW ZLH HV
LP )DOO GHV JHVHW]OLFKHQ *WHUVWDQGHV DE =XVWHOOXQJ GHV
6FKHLGXQJVDQWUDJV GHU )DOO LVW
%*+ 8UW Y ± ;,, =5 )XQGVWHOOH %*+5HSRUW I
(UPLWWOXQJ GHV ILNWLYHQ (LQNRPPHQV GHV 8QWHU
KDOWVSIOLFKWLJHQ
** $UW $EV $EV %*% † $EV 'LH $XIHUOHJXQJ YRQ 8QWHUKDOWVOHLVWXQJHQ VFKUlQNW
GHQ 9HUSIOLFKWHWHQ LQ VHLQHU GXUFK $UW $EV ** JH
VFKW]WHQ +DQGOXQJVIUHLKHLW HLQ 'LHVH LVW MHGRFK QXU LP
5DKPHQ GHU YHUIDVVXQJVPl‰LJHQ 2UGQXQJ JHZlKUOHLV
WHW ]X GHU DXFK GDV 8QWHUKDOWVUHFKW JHK|UW VRZHLW GLH
VHV PLW $UW $EV ** LQ (LQNODQJ VWHKW 'HU DXVJH
XUWHLOWH 8QWHUKDOW GDUI QLFKW ]X HLQHU XQYHUKlOWQLVPl‰L
JHQ %HODVWXQJ GHV 8QWHUKDOWVSIOLFKWLJHQ IKUHQ :LUG
GLH *UHQ]H GHV =XPXWEDUHQ HLQHV 8QWHUKDOWVDQVSUXFKV
EHUVFKULWWHQ LVW GLH %HVFKUlQNXQJ GHU 'LVSRVLWLRQV
IUHLKHLW GHV 9HUSIOLFKWHWHQ LP ILQDQ]LHOOHQ %HUHLFK DOV
)ROJH GHU 8QWHUKDOWVDQVSUFKH QLFKW PHKU %HVWDQGWHLO
GHU YHUIDVVXQJVPl‰LJHQ 2UGQXQJ XQG NDQQ YRU GHP
*UXQGUHFKW GHV $UW $EV ** QLFKW EHVWHKHQ
:LUG HLQHP 8QWHUKDOWVVFKXOGQHU GLH (UZLUWVFKDIWXQJ
HLQHV (LQNRPPHQV DEYHUODQJW ZHOFKHV HU REMHNWLY
QLFKW HU]LHOHQ NDQQ OLHJW UHJHOPl‰LJ HLQ XQYHUKlOWQLV
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
Pl‰LJHU (LQJULII LQ VHLQH ZLUWVFKDIWOLFKH +DQGOXQJV
IUHLKHLW YRU
'LH %HVWLPPXQJ GHU +|KH GHV %HWUDJV GHQ HLQ 8Q
WHUKDOWVSIOLFKWLJHU UHDOLVWLVFKHUZHLVH DP $UEHLWVPDUNW
]X YHUGLHQHQ LQ GHU /DJH LVW HUIRUGHUW LP +LQEOLFN DXI
GLH 9HUPHLGXQJ HLQHU XQ]XPXWEDUHQ %HODVWXQJ HLQH
2ULHQWLHUXQJ DQ WUDJIlKLJHQ 7DWVDFKHQJUXQGODJHQ XQWHU
(LQEH]LHKXQJ GHU SHUV|QOLFKHQ 9RUDXVVHW]XQJHQ GHV
8QWHUKDOWVSIOLFKWLJHQ HWZD $OWHU JHVXQGKHLWOLFKH %H
HLQWUlFKWLJXQJHQ 'DXHU HLQHU $UEHLWVXQIlKLJNHLW XQG
GHU /DJH DP $UEHLWVPDUNW
/HLWVlW]H 1-:555HGDNWLRQ
%9HUI* .DPPHU GHV (UVWHQ 6HQDWV %HVFKO Y
± %Y5 )XQGVWHOOH 1-:55 I
6LFKHUKHLWVOHLVWXQJ IU hEHUQDKPH HLQJHEUDFKWHU
9HUP|JHQVJHJHQVWlQGH EHL %HHQGLJXQJ GHU *WHU
JHPHLQVFKDIW
%*% †† $EV $EV 6 1DFK %HHQGLJXQJ GHU *WHUJHPHLQVFKDIW NDQQ HLQ
(KHJDWWH GLH hEHUQDKPH YRQ LKP HLQJHEUDFKWHU 9HUP|
JHQVJHJHQVWlQGH DXFK GDQQ YHUODQJHQ ZHQQ GDV EHU
VFKVVLJH *HVDPWJXW LP hEULJHQ QRFK QLFKW YHUWHLOW LVW
'HP DQGHUHQ (KHJDWWHQ VWHKW MHGRFK HLQ $QVSUXFK
DXI 6LFKHUKHLWVOHLVWXQJ LQ +|KH GHV KlOIWLJHQ :HUWV GLH
VHU 9HUP|JHQVJHJHQVWlQGH ]X GLHVHQ $QVSUXFK NDQQ
HU JHP † %*% GHP hEHUQDKPHYHUODQJHQ HQWJH
JHQVHW]HQ
%*+ 8UW Y ± ;,, =5 )XQGVWHOOH 1-: II
'HU REMHNWLYH 7DWEHVWDQG GHV IU HLQH 9HUZLUNXQJ
QDFK † 1U %*% VSUHFKHQGHQ +lUWHJUXQGHV
NDQQ DXFK GDGXUFK HUIOOW VHLQ GDVV GHU 8QWHUKDOWVEH
UHFKWLJWH GHQ 9HUSIOLFKWHWHQ QLFKW XQJHIUDJW EHU HLQHQ
HUKHEOLFKHQ $QVWLHJ GHV HLJHQHQ (LQNRPPHQV LQIRU
PLHUW
+DW GHU 8QWHUKDOWVEHUHFKWLJWH HLQH YROO]HLWLJH (U
ZHUEVWlWLJNHLW LQ GHP YRQ LKP HUOHUQWHQ RGHU YRU GHU
(KH DXVJHEWHQ %HUXI DXIJHQRPPHQ N|QQHQ HKHEH
GLQJWH 1DFKWHLOH L6 YRQ † E %*% QLFKW PLW GHQ
GXUFK GLH 8QWHUEUHFKXQJ GHU (UZHUEVWlWLJNHLW ZlKUHQG
GHU (KH EHGLQJWHQ JHULQJHUHQ 5HQWHQDQZDUWVFKDIWHQ
EHJUQGHW ZHUGHQ ZHQQ IU GLHVH =HLW HLQ 9HUVRU
JXQJVDXVJOHLFK VWDWWJHIXQGHQ KDW 'HU 1DFKWHLO LQ GHU
9HUVRUJXQJVELODQ] LVW GDQQ LQ JOHLFKHP 8PIDQJ YRQ
EHLGHQ (KHJDWWHQ ]X WUDJHQ XQG GDPLW YROOVWlQGLJ DXV
JHJOLFKHQ
%*+ 8UW Y ± ;,, =5 )XQGVWHOOH 1-: II
(UZHUEVREOLHJHQKHLW
*UXQGVFKXONLQGHUQ
EHL
%HWUHXXQJ
'LH +|KHUVWXIXQJ GHV .LQGHVXQWHUKDOWV XP HLQH (LQ
NRPPHQVJUXSSH LVW HLQH ZHVHQWOLFKH bQGHUXQJ L6 GHV
† $EV =32
%HWUHXW GLH LQ GHU (KH QLFKW HUZHUEVWlWLJ JHZHVHQH
(KHIUDX ]ZHL .LQGHU LP *UXQGVFKXODOWHU NDQQ YRQ LKU
DXFK QDFK GHP QHXHQ 8QWHUKDOWVUHFKW QLFKW DEUXSW HLQH
9ROO]HLWWlWLJNHLW YHUODQJW ZHUGHQ 'DV .LQGHVZRKO HU
IRUGHUW YLHOPHKU HLQHQ JHVWXIWHQ hEHUJDQJ KLHU DE
0LWWH IQI 6WXQGHQ $UEHLWV]HLW SUR 7DJ
/HLWVlW]H 1-:5HGDNWLRQ
=32 †† $EV )XQGVWHOOH 1-: I
2/* 'VVHOGRUI %HVFKO Y ± :) )XQGVWHOOH 1-: 2EOLHJHQKHLW ]XU XQJHIUDJWHQ ,QIRUPDWLRQ EHU VSl
WHUH (LQNRPPHQVlQGHUXQJHQ
%*% †† E 1U %*% D) †† $EV $EV 6 <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
]ZHL
=32 † $EV %*% †† bQGHUXQJ GHV LP 9DWHUVFKDIWVIHVWVWHOOXQJVYHUIDK
UHQ WLWXOLHUWHQ .LQGHVXQWHUKDOWV
(V LVW DOV ÄQDFKOlVVLJHV 9HUKDOWHQ³ LP 5DKPHQ GHV
† =32 ]X EHZHUWHQ ZHQQ GHU .OlJHU HLQHU $ElQ
GHUXQJVNODJH QDFK † =32 HV WURW] JHERWHQHU =ZHL
IHO XQWHUOlVVW VLFK UHFKW]HLWLJ YRU $EODXI GHU .ODJHIULVW
EHU GLH ]XWUHIIHQGH $QVFKULIW GHV EHNODJWHQ .LQGHV ]X
YHUJHZLVVHUQ XQG HV GDGXUFK ]X HLQHP YHUVSlWHWHQ (LQ
WULWW GHU 5HFKWVKlQJLJNHLW NRPPW
YRQ
2/* 'VVHOGRUI %HVFKO Y ± :) *HOWHQGPDFKXQJ GHV 8PJDQJVUHFKWV GHV .LQGHV
GXUFK HLQHQ (OWHUQWHLO
%*% † $EV 'DV 5HFKW DXI 8PJDQJ PLW VHLQHQ (OWHUQ VWHKW GHP
.LQG DOV K|FKVWSHUV|QOLFKHV 5HFKW ]X XQG NDQQ GHVZH
JHQ DXFK QXU YRQ LKP YHUWUHWHQ GXUFK GHQ VRUJHEHUHFK
WLJWHQ (OWHUQWHLO RGHU LP )DOOH HLQHV ,QWHUHVVHQNRQ
IOLNWV GXUFK HLQHQ 9HUIDKUHQVSIOHJHU QLFKW DEHU YRQ
GHP VRUJHEHUHFKWLJWHQ (OWHUQWHLO LP HLJHQHQ 1DPHQ JH
ULFKWOLFK JHOWHQG JHPDFKW ZHUGHQ
%*+ %HVFKO Y ± ;,, =% )XQGVWHOOH 1-: I
ÐÓ¤
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
(UZHUEVREOLHJHQKHLW EHL %HWUHXXQJ YRQ ]ZHL .LQ
GHUQ
%*% †† E
1DFK GHP QHXHQ 8QWHUKDOWVUHFKW LVW HV GHP XQWHU
KDOWVEHUHFKWLJWHQ (KHJDWWHQ WURW] %HWUHXXQJ YRQ ]ZHL
DFKW XQG HOIMlKULJHQ .LQGHUQ JUXQGVlW]OLFK ]X]XPXWHQ
HLQHU YROOVFKLFKWLJHQ (UZHUEVWlWLJNHLW QDFK]XJHKHQ
(LQH EHUHLWV EHJRQQHQH %HUXIVIRUWELOGXQJ GDUI EHU
GHQ KLQDXV ]X (QGH JHIKUW ZHUGHQ
5HLFKW GDV (LQNRPPHQ GHV 8QWHUKDOWVSIOLFKWLJHQ ]XU
'HFNXQJ GHV %HGDUIV QDFKUDQJLJHU 8QWHUKDOWVEHUHFK
WLJWHU KLHU JHVFKLHGHQH (KHIUDX XQG 0XWWHU GHV QLFKW
HKHOLFKHQ .LQGHV QLFKW DXV LVW GHU .LQGHVXQWHUKDOW DXI
GHQ 0LQGHVWXQWHUKDOW KHUDE]XVWXIHQ
/HLWVlW]H 1-:5HGDNWLRQ
2/* .|OQ 8UW Y ± 8) )XQGVWHOOH 1-: I
%HUHFKQXQJ GHV %HWUHXXQJVXQWHUKDOWV LP 0DQJHO
IDOO
%*% † $EV 6 (*=32 † $EV /HGLJOLFK HLQH EHVRQGHUH %HWUHXXQJVEHGUIWLJNHLW
GHV .LQGHV LP (LQ]HOIDOO YHUPDJ HLQH $XVZHLWXQJ GHV
%HWUHXXQJVXQWHUKDOWV EHU GHVVHQ /HEHQVMDKU KLQDXV
]X UHFKWIHUWLJHQ
1DFK HLQHU hEHUJDQJV]HLW KLHU VHFKV 0RQDWH KDW
GLH 0XWWHU HLQHV VHFKV -DKUH DOWHQ .LQGHV MHGHQIDOOV HL
QHU KDOEVFKLFKWLJHQ %HUXIVWlWLJNHLW QDFK]XJHKHQ
,P 0DQJHOIDOO LVW IU GDV .LQG OHGLJOLFK GHU 0LQGHVW
XQWHUKDOW HLQ]XVWHOOHQ 'HU 5HVWEHWUDJ LVW ]ZLVFKHQ GHU
JHVFKLHGHQHQ XQG GHU QHXHQ (KHIUDX ]X YHUWHLOHQ ZR
EHL MHZHLOV GHU 6HOEVWEHKDOWVVDW] DOV (LQVDW]EHWUDJ DQ]X
VHKHQ LVW
/HLWVlW]H 1-:5HGDNWLRQ
'LH $XVZLUNXQJHQ HLQHU YRUEHUJHKHQGHQ 8QWHUEUH
FKXQJ GHU (UZHUEVWlWLJNHLW DXI GLH NQIWLJH $OWHUVYHU
VRUJXQJ EHODVWHQ QDFK 'XUFKIKUXQJ GHV 9HUVRUJXQJV
DXVJOHLFKV UHJHOPl‰LJ EHLGH (KHJDWWHQ LQ JOHLFKHP
8PIDQJ (LQ GDGXUFK HQWVWDQGHQHU 1DFKWHLO LVW GDQQ
YROOVWlQGLJ DXVJHJOLFKHQ
%*+ 8UW Y ± ;,, =5 )XQGVWHOOH 1-: I
%HPHVVXQJ GHV %HWUHXXQJVXQWHUKDOWV ± +|KH XQG
'DXHU
%*% †† O $EV 'LH IU GLH +|KH GHV 8QWHUKDOWVEHGDUIV QDFK †† O $EV $EV 6 $EV %*% UHOHYDQWH /H
EHQVVWHOOXQJ GHV 8QWHUKDOWVEHUHFKWLJWHQ HUJLEW VLFK
DXFK GDQQ ZHQQ HU VFKRQ YRU GHU *HEXUW GHV JHPHLQVD
PHQ .LQGHV PLW GHP DQGHUHQ (OWHUQWHLO ]XVDPPHQJH
OHEW KDW DXV GHQ (LQNQIWHQ GLH HU RKQH GLH *HEXUW GHV
.LQGHV KlWWH $XFK LQ HLQHP VROFKHQ )DOO LVW QLFKW HLQ
4XRWHQXQWHUKDOW QDFK GHQ (LQNRPPHQV XQG 9HUP|
JHQVYHUKlOWQLVVHQ LQQHUKDOE GHU QLFKWHKHOLFKHQ /HEHQV
JHPHLQVFKDIW JHVFKXOGHW
(OWHUQEH]RJHQH *UQGH GLH QHEHQ NLQGEH]RJHQHQ
*UQGHQ IU HLQH 9HUOlQJHUXQJ GHV %HWUHXXQJVXQWHU
KDOWV QDFK † O $EV %*% VSUHFKHQ N|QQHQ NRP
PHQ LQVEHVRQGHUH GDQQ LQ %HWUDFKW ZHQQ GLH (OWHUQ PLW
LKUHP JHPHLQVDPHQ .LQG ]XVDPPHQJHOHEW KDEHQ XQG
GHVZHJHQ HLQ HYHQWXHOOHU 9HUWUDXHQVWDWEHVWDQG DOV
1DFKZLUNXQJ GLHVHU )DPLOLH ]X EHUFNVLFKWLJHQ LVW
%HL GHU %HPHVVXQJ GHU (UZHUEVREOLHJHQKHLW GHV EH
WUHXHQGHQ (OWHUQWHLOV LVW ]X EHDFKWHQ RE GHU LKP QHEHQ
RGHU QDFK GHU (U]LHKXQJ XQG %HWUHXXQJ LQ VWDDWOLFKHQ
(LQULFKWXQJHQ YHUEOHLEHQGH $QWHLO DQ GHU %HWUHXXQJ
XQG (U]LHKXQJ GHV .LQGHV LQ 9HUELQGXQJ PLW HLQHU YROO
VFKLFKWLJHQ (UZHUEVWlWLJNHLW ]X HLQHU EHUREOLJDWLRQV
Pl‰LJHQ %HODVWXQJ IKUHQ ZUGH
%*+ 8UW Y ± ;,, =5 )XQGVWHOOH 1-: II
2/* 'VVHOGRUI %HVFKO Y ± :) )XQGVWHOOH 1-: I
%HIULVWXQJ GHV QDFKHKHOLFKHQ $XIVWRFNXQJVXQWHU
KDOWV
%*% † E %*% D) †† $EV $EV 6 (LQH %HIULVWXQJ GHV QDFKHKHOLFKHQ $XIVWRFNXQJVXQ
WHUKDOWV NDQQ UHJHOPl‰LJ QLFKW DOOHLQ PLW GHU (UZlJXQJ
DEJHOHKQW ZHUGHQ GDPLW HQWIDOOH GHU (LQVDW]]HLWSXQNW
IU HLQHQ VSlWHUHQ $QVSUXFK DXI $OWHUVXQWHUKDOW QDFK
† 1U %*%
ÐÓÓ
'DUOHJXQJVODVW IU GDV 1LFKWEHVWHKHQ HLQHU VR]LDO
IDPLOLlUHQ %H]LHKXQJ ]ZLVFKHQ UHFKWOLFKHP 9DWHU
XQG .LQG
%*% † $EV 1U $EV $EV =32 † G
=XP 8PIDQJ GHU $PWVDXINOlUXQJVSIOLFKW XQG ]XU
'DUOHJXQJVODVW GHV .OlJHUV IU GDV 1LFKWEHVWHKHQ HLQHU
VR]LDOIDPLOLlUHQ %H]LHKXQJ ]ZLVFKHQ GHP UHFKWOLFKHQ
9DWHU XQG GHP .LQG LP )DOOH GHU $QIHFKWXQJ GHU 9DWHU
VFKDIW GXUFK GHQ ELRORJLVFKHQ 9DWHU
'DV %HVWHKHQ HLQHU VR]LDOIDPLOLlUHQ %H]LHKXQJ LVW
DXIJUXQG GHU JHVHW]OLFKHQ 'HILQLWLRQ GLHVHU %H]LHKXQJ
LQ † $EV 6 %*% XQZLGHUOHJOLFK VWHWV ]X EHMD
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
KHQ ZHQQ GHU UHFKWOLFKH 9DWHU IU GDV .LQG WDWVlFKOLFKH
9HUDQWZRUWXQJ WUlJW
+DW GHU ELRORJLVFKH 9DWHU NHLQH 8PVWlQGH GDUJHOHJW
XQG VLQG DXFK VRQVW NHLQH $QKDOWVSXQNWH HUVLFKWOLFK GLH
JHJHQ HLQH IRUWGDXHUQG ZDKUJHQRPPHQH WDWVlFKOLFKH
9HUDQWZRUWXQJ VSUHFKHQ GDUI GHU 7DWULFKWHU DXFK RKQH
ZHLWHUH $PWVHUPLWWOXQJ GDYRQ DXVJHKHQ GDVV GHU
UHFKWOLFKH 9DWHU GLH YRQ LKP EHUQRPPHQH 9HUDQWZRU
WXQJ ZHLWHUKLQ WUlJW
/HLWVlW]H XQG 1-:5HGDNWLRQ
%*+ 8UW Y ± ;,, =5 )XQGVWHOOH 1-: II
2/* 'VVHOGRUI %HVFKO Y ± ,, : )XQGVWHOOH $*6 )HVWVHW]XQJ GHU IU HLQ YRUJHULFKWOLFKHV $EZHKU
VFKUHLEHQ HQWVWDQGHQHQ *HVFKlIWVJHEKU
99 59* 1U =32 † $EV 6 'LH GHP %HNODJWHQ GXUFK HLQ YRUJHULFKWOLFKHV $EZHKU
VFKUHLEHQ HQWVWDQGHQHQ .RVWHQ VWHOOHQ VRZHLW VLH DXI
GLH 9HUIDKUHQVJHEKU QLFKW DQUHFKHQEDU VLQG NHLQH
QRWZHQGLJHQ .RVWHQ GHU 5HFKWVYHUWHLGLJXQJ L6G † $EV 6 =32 GDU
%*+ %HVFKO Y ± , =% )XQGVWHOOH 59*UHSRUW I
gL׃Ág—ÁgUƒÏ˝ÅÏg—ÁgUƒÏ
)HVWVWHOOXQJVNODJH LQ (LQJUXSSLHUXQJVVWUHLWLJNHLWHQ
*HVFKlIWVZHUW LP HLQVWZHLOLJHQ $QRUGQXQJVYHUIDK
UHQ QDFK *HZ6FK*
.RVW2 †† $EV D 59* † 'D HLQVWZHLOLJH $QRUGQXQJHQ LQ *HZDOWVFKXW]VDFKHQ
GDV +DXSWVDFKHYHUIDKUHQ KlXILJ HQWEHKUOLFK PDFKHQ
LVW EHL PDVVLYHQ 5HFKWVYHUOHW]XQJHQ GHU *HVFKlIWVZHUW
GHV $QRUGQXQJVYHUIDKUHQV PLW GHP GHU +DXSWVDFKH ]X
EHPHVVHQ
2/* 'VVHOGRUI %HVFKO Y ± ,, :) *.* † $EV 6 %HL )HVWVWHOOXQJVNODJHQ LQ (LQJUXSSLHUXQJVVWUHLWLJ
NHLWHQ LVW UHJHOPl‰LJ GHU :HUW GHV GUHLMlKULJHQ 8QWHU
VFKLHGVEHWUDJHV ]XU EHJHKUWHQ 9HUJWXQJ JHP † $EV 6 *.* RKQH $EVFKODJ IHVW]XVHW]HQ
'LHV JLOW VRZRKO EHL .ODJHQ LP |IIHQWOLFKHQ 'LHQVW
ZLH LQ GHU 3ULYDWZLUWVFKDIW
/$* 'VVHOGRUI %HVFKO Y ± 7D )XQGVWHOOH 59*UHSRUW )XQGVWHOOH $*6 .HLQH %HVFKZHUGH JHJHQ 6WUHLWZHUWIHVWVHW]XQJ HLQHV
29*
=HLWSXQNW GHU %HDQWUDJXQJ YRQ %HUDWXQJVKLOIH
*.* †† $EV 6 $EV 6 (V LVW YHUIDVVXQJVUHFKWOLFK QLFKW ]X EHDQVWDQGHQ ZHQQ
IU GLH %HZLOOLJXQJ GHU QDFK † $EV 6 %HU+* EH
DQWUDJWHQ %HUDWXQJVKLOIH JHIRUGHUW ZLUG GDVV GDV IU HL
QHQ VFKULIWOLFKHQ %HUDWXQJVKLOIHDQWUDJ YRUJHVHKHQH
)RUPXODU YRU %HJLQQ GHU DQZDOWOLFKHQ %HUDWXQJ MHGHQ
IDOOV DEHU LQ HQJHP ]HLWOLFKHQ =XVDPPHQKDQJ PLW GLH
VHU DXVJHIOOW XQG XQWHU]HLFKQHW ZLUG
*HJHQ GLH 6WUHLWZHUWIHVWVHW]XQJ HLQHV 2EHUYHUZDO
WXQJVJHULFKWV LVW GLH %HVFKZHUGH DQ GDV %XQGHVYHUZDO
WXQJVJHULFKW XQ]XOlVVLJ
*HJHQ HLQHQ QLFKW EHVFKZHUGHIlKLJHQ 6WUHLWZHUWIHVW
VHW]XQJVEHVFKOXVV HLQHV 2EHUYHUZDOWXQJVJHULFKWV NDQQ
DXFK NHLQH *HJHQYRUVWHOOXQJ DQ GDV %XQGHVYHUZDO
WXQJVJHULFKW HUKREHQ ZHUGHQ
%9HUZ* %HVFKO Y ± % %HU+* † $EV 6 %9HUI* %HVFKO Y ± %Y5 )XQGVWHOOH $*6 II
)XQGVWHOOH 59*UHSRUW 6WUHLWZHUW HLQHU 5lXPXQJVNODJH
9HUJWXQJVDQVSUXFK LP 3UR]HVVNRVWHQKLOIHYHUIDK
UHQ 9HUMlKUXQJ
*.* †† $EV 6 =32 † %*% †† II %5$*2 † 6 59* † $EV %HJHKUW GHU .OlJHU GLH 5lXPXQJ HLQHV *UXQGVWFNV
ÄXQWHU (QWIHUQXQJ DOOHU $XIEDXWHQ³ VR HUK|KW VLFK GHU
6WUHLWZHUW GHU 5lXPXQJVNODJH XP GLH ]X VFKlW]HQGHQ
$EEUXFKNRVWHQ
$XFK GHU 9HUJWXQJVDQVSUXFK GHV LP 3UR]HVVNRVWHQ
KLOIHYHUIDKUHQ EHLJHRUGQHWHQ 5HFKWVDQZDOWV JHJHQ GLH
/DQGHVNDVVH XQWHUOLHJW JHP † %*% GHU GUHLMlKUL
JHQ 9HUMlKUXQJVIULVW
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
ÐÓÐ
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
%HL HLQHU 9HUWUHWXQJ LP HLQVWZHLOLJHQ $QRUGQXQJV
YHUIDKUHQ QDFK † =32 EHJLQQW GLH 9HUMlKUXQJVIULVW
± XQJHDFKWHW GHU 'DXHU GHV QDFKIROJHQGHQ +DXSWVDFKH
YHUIDKUHQV ± PLW GHP 6FKOXVV GHV -DKUHV LQ GHP GLH JH
ULFKWOLFKH $QRUGQXQJ HUODVVHQ ZLUG
'LH (LQUHGH GHU 9HUMlKUXQJ LVW XQEHDFKWOLFK ZHQQ
VLH YRQ 6HLWHQ GHV /DQGHV ZLOONUOLFK HUKREHQ ZLUG
† %*% 'LHV NRPPW LQ %HWUDFKW ZHQQ VLFK GLH
/DQGHVNDVVH GDEHL QLFKW DQ GLH HLQVFKOlJLJHQ 9HUZDO
WXQJVYRUVFKULIWHQ KlOW
)U GLH JHJHQ HLQHQ HUZDUWHWHQ $QWUDJ DXI (UODVV HLQHU
HLQVWZHLOLJHQ 9HUIJXQJ EHL *HULFKW HLQJHUHLFKWH
6FKXW]VFKULIW PLW 6DFKYRUWUDJ HUKlOW GHU PLW GHU 9HUWUH
WXQJ LP HUZDUWHWHQ (LOYHUIDKUHQ EHWUDXWH 5HFKWVDQZDOW
GLH IDFKH *HEKU QDFK 1U 59* 99 ZHQQ
GHU 9HUIJXQJVDQWUDJ EHL *HULFKW HLQJHKW XQG VSlWHU
ZLHGHU ]XUFNJHQRPPHQ ZLUG
%*+ %HVFKO Y ± , =% )XQGVWHOOH 1-:55 I
2/* 'VVHOGRUI %HVFKO Y ± ,, :) )XQGVWHOOH $*6 II
%HJLQQ GHU UHJHOPl‰LJHQ 9HUMlKUXQJVIULVW IU %H
UHLFKHUXQJVDQVSUFKH
*HEKUHQPl‰LJH =XRUGQXQJ DQZDOWOLFKHQ $E
VFKOXVVVFKUHLEHQV QDFK (LOYHUIDKUHQ
%*% †† $EV 1U II 59* † %*% † 59* †† $EV 6 1U E $EV 'DV $EVFKOXVVVFKUHLEHQ HLQHV 5HFKWVDQZDOWV PLW GHP
QDFK (UZLUNHQ HLQHU DXI 8QWHUODVVXQJ HLQHU bX‰HUXQJ
JHULFKWHWHQ HLQVWZHLOLJHQ 9HUIJXQJ GHU $QWUDJVJHJQHU
GD]X DXIJHIRUGHUW ZLUG GHQ 9HUIJXQJVDQVSUXFK DQ]X
HUNHQQHQ XQG DXI :LGHUVSUXFK VRZLH GLH 6WHOOXQJ HLQHV
$QWUDJV QDFK † =32 ]X YHU]LFKWHQ JHK|UW KLQVLFKW
OLFK GHU $QZDOWVJHEKUHQ ]XU DQJHGURKWHQ +DXSWVDFKH
NODJH XQG QLFKW PHKU ]XP (LOYHUIDKUHQ .RPPW HV QLFKW
]XP +DXSWVDFKHSUR]HVV ZHLO GHU $QWUDJVJHJQHU GLH
JHIRUGHUWHQ (UNOlUXQJHQ DEJLEW VWHKW GHP $QWUDJVWHOOHU
JUXQGVlW]OLFK HLQ PDWHULHOOUHFKWOLFKHU .RVWHQHUVWDW
WXQJVDQVSUXFK ]X
%*+ 8UW Y ± 9, =5 )XQGVWHOOH %*+5HSRUW II
)RUPEHGUIWLJNHLW HLQHV 6FKXOGYHUVSUHFKHQV ]XU
hEHUQDKPH YRQ $QZDOWVNRVWHQ
%*% †† +*% † (UNOlUW VLFK HLQ 'ULWWHU EHUHLW GLH .RVWHQ HLQHV 0DQ
GDWV ]X EHUQHKPHQ OLHJW GDULQ QLFKW RKQH ZHLWHUHV GLH
%HDXIWUDJXQJ GHV 5HFKWVDQZDOWV LQ HLJHQHP 1DPHQ
'LH IU GHQ 9HUMlKUXQJVEHJLQQ QDFK † $EV 1U %*% HUIRUGHUOLFKH .HQQWQLV RGHU JURE IDKUOlVVLJH 8Q
NHQQWQLV YRQ GHQ DQVSUXFKVEHJUQGHQGHQ 8PVWlQGHQ
XQG GHU 3HUVRQ GHV 6FKXOGQHUV VHW]W JUXQGVlW]OLFK NHLQH
]XWUHIIHQGH UHFKWOLFKH :UGLJXQJ YRUDXV 'DV JLOW DXFK
IU %HUHLFKHUXQJVDQVSUFKH QDFK GHQ †† II %*%
KLHU 5FNIRUGHUXQJ GHU YHUWUDJOLFKHQ 9HUJWXQJ ZH
JHQ 9HUVWR‰HV JHJHQ GDV 5HFKWVEHUDWXQJVJHVHW]
%*+ %HVFKO Y ± ,,, =5 )XQGVWHOOH $*6 II P $QP 6FKRQV
=XVWlQGLJNHLWV5HFKWVPLWWHOVWUHLWZHUW
PXQJVNODJHQ
IU
5lX
=32 †† ,VW EHL HLQHU .ODJH DXI 5lXPXQJ XQG +HUDXVJDEH HLQHV
0LHWREMHNWV GLH 'DXHU GHV 0LHWYHUKlOWQLVVHV VWUHLWLJ VR
LVW IU GLH :HUWEHUHFKQXQJ ]XU %HVWLPPXQJ GHU ÄVWUHL
WLJHQ =HLW³ DXI GHQ =HLWSXQNW DE]XVWHOOHQ ]X GHP GDV
0LHWYHUKlOWQLV MHGHQIDOOV JHHQGHW KlWWH /lVVW VLFK HLQ
VROFKHU =HLWSXQNW QLFKW VLFKHU IHVWVWHOOHQ LVW YRQ HLQHU
GUHLHLQKDOEIDFKHQ 5HVWGDXHU DXV]XJHKHQ
%*+ 8UW Y ± 9,,, =5 )XQGVWHOOH 1-:6SH]LDO $*6 I
'LH .RVWHQEHUQDKPHHUNOlUXQJ GHV 'ULWWHQ LVW DOV
6FKXOGYHUVSUHFKHQ IRUPEHGUIWLJ HV VHL GHQQ HU KDQ
GHOW DOV .DXIPDQQ
9HUVFKLHGHQH *HJHQVWlQGH EHL 8QWHUODVVXQJVDQ
VSUFKHQ JHJHQ PHKUHUH %HNODJWH
2/* 'VVHOGRUI 8UW Y ± ,, 8 %5$*2 † $EV 6 99 59* 1U )XQGVWHOOH $*6 II
9HUIDKUHQVJHEKU IU (LQUHLFKXQJ HLQHU 6FKXW]
VFKULIW QDFK 5FNQDKPH GHV 9HUIJXQJVDQWUDJV ±
.RVWHQ GHU 6FKXW]VFKULIW ,,,
59* † $EV 6 $QO 1U ÐÓx
%HL HLQHP LQKDOWVJOHLFKHQ JHJHQ PHKUHUH %HNODJWH JH
ULFKWHWHQ 8QWHUODVVXQJVEHJHKUHQ KDQGHOW HV VLFK QLFKW
XP GHQVHOEHQ *HJHQVWDQG GHU DQZDOWOLFKHQ 7lWLJNHLW
GDV JLOW DXFK ZHQQ HLQH MXULVWLVFKH 3HUVRQ XQG LKU 2U
JDQ LQ $QVSUXFK JHQRPPHQ ZHUGHQ
%*+ %HVFKO Y ± ; =% )XQGVWHOOH $*6 II P $QP 6FKQHLGHU
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
:HJIDOO GHU 9HUIDKUHQVJHEKU EHL JHULFKWOLFKHP
9HUJOHLFK
)DKUWNRVWHQ IU -9$%HVXFKH $QVFKDIIXQJVNRVWHQ
IU Ä7LFNHW ³
*.* .RVW9HU] 9RUEHP %*% † $EV 59* † 99 59* 1U ,Q DUEHLWVUHFKWOLFKHQ 6WUHLWLJNHLWHQ HQWIlOOW GLH JH
ULFKWOLFKH 9HUIDKUHQVJHEKU QXU GDQQ ZHQQ GXUFK GHQ
9HUJOHLFK GDV JHVDPWH 9HUIDKUHQ EHHQGHW ZLUG 'LHV LVW
GDQQ QLFKW GHU )DOO ZHQQ GHU 9HUJOHLFK NHLQH .RVWHQ
UHJHOXQJ HQWKlOW XQG GLH 3DUWHLHQ GLH .RVWHQHQWVFKHL
GXQJ GHP *HULFKW EHUODVVHQ KDEHQ
'LH 6WDDWVNDVVH WULIIW GLH %HZHLVODVW GDIU GDVV $XV
ODJHQ GHV 3IOLFKWYHUWHLGLJHUV ]XU VDFKJHPl‰HQ :DKU
QHKPXQJ GHU ,QWHUHVVHQ GHU 3DUWHL ZLH ]% IU %HVXFKH
LQ GHU -XVWL]YROO]XJVDQVWDOW QLFKW HUIRUGHUOLFK ZDUHQ
'LH JHULFKWOLFKH 9HUIDKUHQVJHEKU HQWIlOOW QXU EHL
%HHQGLJXQJ GHV 9HUIDKUHQV GXUFK HLQHQ 9HUJOHLFK GHU
GLH 9RUDXVVHW]XQJHQ GHV † %*% HUIOOW
%$* %HVFKO Y ± $=5 )XQGVWHOOH 59*UHSRUW I %HVSUHFKXQJ YRQ
+ +DQVHQV
6RIHUQ GHU 9HUWHLGLJHU ]X VHLQHQ %HVXFKHQ LQ GHU -XV
WL]YROO]XJVDQVWDOW PLW |IIHQWOLFKHQ 9HUNHKUVPLWWHOQ DQ
JHUHLVW LVW XQG KLHUEHL HLQH VRJ 1HW]IDKUNDUWH Ä7LFNHW
³ EHQXW]W KDW NDQQ HU GDIU QLFKW DQWHLOLJH $Q
VFKDIIXQJVNRVWHQ QDFK † $EV 59* DOV $XVODJHQ
HUVWDWWHW YHUODQJHQ
2/* 'VVHOGRUI %HVFKO Y ± ,,,9, )XQGVWHOOH 59*UHSRUW I %HVSUHFKXQJ YRQ
' %XUKRII
.HLQ 9HUWUDXHQVVFKXW] EHL $QUHFKQXQJ GHU HQWVWDQ
GHQHQ *HVFKlIWVJHEKU
99 59* 1U 9RUEHP $EV 'D VLFK GXUFK GLH DQWHLOLJH $QUHFKQXQJ HLQHU YRUJH
ULFKWOLFK HQWVWDQGHQHQ *HVFKlIWVJHEKU 1U 99
59* DXI GLH 9HUIDKUHQVJHEKU GHV JHULFKWOLFKHQ 9HU
IDKUHQV JHP 9RUEHP $EV 99 59* QLFKW GLH EH
UHLWV HQWVWDQGHQH *HVFKlIWVJHEKU VRQGHUQ GLH QDFK
1U 99 59* DQIDOOHQGH 9HUIDKUHQVJHEKU YHU
PLQGHUW NDQQ LQ GHU .RVWHQIHVWVHW]XQJ EHL HQWVWDQGHQHU
*HVFKlIWVJHEKU QXU HLQH HQWVSUHFKHQG YHUULQJHUWH
9HUIDKUHQVJHEKU IHVWJHVHW]W ZHUGHQ
3UR]HVVEHYROOPlFKWLJWHU DP GULWWHQ 2UW
=32 † $EV 6 'DV JLOW DXFK GDQQ ZHQQ DXIJUXQG ELVKHULJHU hEXQJ
NODJHZHLVH QXU HLQH KDOEH *HVFKlIWVJHEKU JHOWHQG JH
PDFKW ZRUGHQ LVW
(V LVW IU VLFK DOOHLQ NHLQ DXVUHLFKHQGHU *UXQG HLQHQ
ZHGHU DP 6LW] GHV 3UR]HVVJHULFKWV QRFK GHU 3UR]HVVSDU
WHL QLHGHUJHODVVHQHQ 5HFKWVDQZDOW PLW GHU 3UR]HVVYHU
WUHWXQJ ]X EHDXIWUDJHQ ZHQQ HLQH ]X GHU 8QWHUQHK
PHQVJUXSSH JHK|UHQGH +DQGHOVJHVHOOVFKDIW GHQ DQ HL
QHP GULWWHQ 2UW QLHGHUJHODVVHQHQ 5HFKWVDQZDOW QXU GHV
KDOE ZlKOW ZHLO GLHVHU PLW GHQ *HVHOOVFKDIWHUQ GHU ]XU
8QWHUQHKPHQVJUXSSH JHK|UHQGHQ *HVHOOVFKDIWHQ GXUFK
HLQH ODQJMlKULJH YHUWUDXHQVYROOH =XVDPPHQDUEHLW YHU
EXQGHQ LVW XQG GDKHU IU DOOH *HVHOOVFKDIWHQ GLHVHU
*UXSSH WlWLJ ZLUG
%*+ %HVFKO Y ± ,,, =% %*+ %HVFKO Y ± 9,,, =% )XQGVWHOOH 59*SURIHVVLRQHOO )XQGVWHOOH 59*UHSRUW I
9HUJWXQJ HLQHV =HXJHQEHLVWDQGV
99 59* 1UQ II
3IOLFKWYHUWHLGLJXQJ QDFK † E 6W32 LVW NHLQH (LQ
]HOWlWLJNHLW
'LH 9HUJWXQJ GHU 7lWLJNHLW GHV EHLJHRUGQHWHQ =HX
JHQEHLVWDQGHV ULFKWHW VLFK QDFK 7HLO $EVFKQLWW 99
59* XQG QLFKW QDFK 1U 99 59*
99 59* 1UQ II II 6W32 † D
1HEHQ GHU *UXQGJHEKU HUKlOW GHU EHLJHRUGQHWH =HX
JHQEHLVWDQG GLH 9HUIDKUHQVJHEKU QXU ZHQQ HU HLQH XQ
WHU GLHVHQ *HEKUHQWDWEHVWDQG IDOOHQGH 7lWLJNHLW HQWIDO
WHW KDW 'LH HUVWPDOLJH (LQDUEHLWXQJ JHQJW GDIU QLFKW
:LUG HLQ $QZDOW QDFK $XVEOHLEHQ GHV $QJHNODJWHQ LQ
GHU +DXSWYHUKDQGOXQJ JHP † D 6W32 ]XP 3IOLFKW
YHUWHLGLJHU EHVWHOOW KDQGHOW HV VLFK QLFKW XP HLQH (LQ
]HOWlWLJNHLW 'HU $QZDOW HUKlOW GDKHU GLH *HEKUHQ QDFK
1UQ II 99 59*
2/* .|OQ %HVFKO Y ± :V 2/* 'VVHOGRUI %HVFKO Y ± ,,, :V )XQGVWHOOH $*6 II
)XQGVWHOOH $*6 I
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
ÐÓu
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
%HVFKZHUGH JHJHQ )HVWVHW]XQJ GHU 3.+$QZDOWV
YHUJWXQJ %HUHFKQXQJ GHU *HEKUHQHUK|KXQJ EHL
%HWUDJVUDKPHQJHEKUHQ
99 59* 1U 59* †† $EV $EV 6** †† ,P 9HUIDKUHQ EHWUHIIHQG GLH )HVWVHW]XQJ GHU 3.+
$QZDOWVYHUJWXQJ LVW GLH %HVFKZHUGH DQ GDV /6* JH
JHQ GLH (QWVFKHLGXQJ GHV 6* QLFKW GXUFK GLH 9RUVFKULI
WHQ GHV 6** DXVJHVFKORVVHQ
9HUWULWW GHU 5HFKWVDQZDOW PHKUHUH $XIWUDJJHEHU
NDQQ EHL %HWUDJVUDKPHQJHEKUHQ GDV 'RSSHOWH GHV
0LQGHVW XQG +|FKVWEHWUDJHV QLFKW EHUVWLHJHQ ZHUGHQ
/6* 15: %HVFKO Y ± / % $6
)XQGVWHOOH 59*UHSRUW II %HVSUHFKXQJ YRQ
+ +DQVHQV
%HUFNVLFKWLJXQJ GHU $QUHFKQXQJ GHU *HVFKlIWVJH
EKU LP .RVWHQIHVWVHW]XQJVYHUIDKUHQ
99 59* 1U 9RUEHP $EV =32
†† II
'LH LQ 9RUEHP $EV 99 59* JHUHJHOWH WHLOZHLVH
$QUHFKQXQJ HLQHU YRUJHULFKWOLFK HQWVWDQGHQHQ *H
VFKlIWVJHEKU QDFK 1U 99 59* DXI GLH LP JH
ULFKWOLFKHQ 9HUIDKUHQ HQWVWDQGHQH 9HUIDKUHQVJHEKU
QDFK 1U 99 59* LVW LP .RVWHQIHVWVHW]XQJVYHU
IDKUHQ XQDEKlQJLJ GDYRQ ]X EHUFNVLFKWLJHQ RE GLH
*HVFKlIWVJHEKU DXI PDWHULHOOUHFKWOLFKHU *UXQGODJH
YRP 3UR]HVVJHJQHU ]X HUVWDWWHQ XQG RE VLH XQVWUHLWLJ
JHOWHQG JHPDFKW WLWXOLHUW RGHU EHUHLWV EHJOLFKHQ LVW
%*+ %HVFKO Y ± 9,,, =% )XQGVWHOOH 59*UHSRUW I %HVSUHFKXQJ YRQ
+ +DQVHQV
7HUPLQVJHEKU EHL XQVWUHLWLJHP 9HUJOHLFKVWHOHIRQDW
99 59* 1U (LQH GXUFK DX‰HUJHULFKWOLFKH 9HUKDQGOXQJHQ HQWVWDQGH
QH 7HUPLQVJHEKU NDQQ LP .RVWHQIHVWVHW]XQJVYHUIDK
UHQ LQ $QVDW] JHEUDFKW ZHUGHQ ZHQQ GLH WDWEHVWDQGOL
FKHQ 9RUDXVVHW]XQJHQ GHV *HEKUHQWDWEHVWDQGV JHP
† $EV =32 DOV XQVWUHLWLJ DQ]XVHKHQ VLQG
VLQG JUXQGVlW]OLFK HUVWDWWXQJVIlKLJ ZHQQ HLQ HQWVSUH
FKHQGHU $QWUDJ JHVWHOOW ZLUG 2E GDV HUNHQQHQGH *H
ULFKW GLH 6FKXW]VFKULIW YHUZHUWHW KDW LVW XQHUKHEOLFK
2/* 'VVHOGRUI %HVFKO Y ± , : )XQGVWHOOH $*6 I
9HUJWXQJ GHV DQ 6WHOOH HLQHV 3IOLFKWYHUWHLGLJHUV EH
VWHOOWHQ 9HUWHLGLJHUV
59* † $EV 99 59* 7HLO $EVFKQLWW 'HU 9HUJWXQJVDQVSUXFK GHV 9HUWHLGLJHUV GHU DQ 6WHOOH
GHV YHUKLQGHUWHQ 3IOLFKWYHUWHLGLJHUV IU HLQHQ +DXSWYHU
KDQGOXQJVWHUPLQ DOV 9HUWHLGLJHU EHVWHOOW ZRUGHQ LVW EH
VFKUlQNW VLFK QLFKW DXI GLH 7HUPLQVJHEKUHQ VRQGHUQ
XPIDVVW DOOH GXUFK GLH DQZDOWOLFKH 7lWLJNHLW LP (LQ]HO
IDOO YHUZLUNOLFKWHQ *HEKUHQWDWEHVWlQGH GHV 7HLOV $E
VFKQLWW GHV 9HUJWXQJVYHU]HLFKQLVVHV LQ $QO ]X † $EV 59*
2/* .DUOVUXKH %HVFKO Y ± :V )XQGVWHOOH 1-: $QUHFKQXQJ HLQHU K|KHUHQ *HEKU DOV LP .RV
WHQIHVWVHW]XQJVYHUIDKUHQ
99 59* 9RUEHP $EV 1UQ 'LH YRUJHULFKWOLFK HQWVWDQGHQH *HVFKlIWVJHEKU QDFK
1U 99 59* LVW DXI GLH 9HUIDKUHQVJHEKU GHV DQ
VFKOLH‰HQGHQ JHULFKWOLFKHQ 9HUIDKUHQV DQ]XUHFKQHQ
'LH ZHJHQ GHVVHOEHQ *HJHQVWDQGV HQWVWDQGHQH *H
VFKlIWVJHEKU LVW ]XU +lOIWH K|FKVWHQV PLW HLQHP *H
EKUHQVDW] YRQ ]XU $QUHFKQXQJ ]X EULQJHQ (LQH
$QUHFKQXQJ PLW GHP 6DW] VHW]W YRUDXV GDVV GLH
*HVFKlIWVJHEKU GHQ 6DW] YRQ HUUHLFKW RGHU EHU
VFKUHLWHW
'HU )HVWVHW]XQJVJHJQHU KDW GLH 8PVWlQGH GDU]XOH
JHQ GLH HLQH $EZHLFKXQJ YRQ GHU *HVFKlIWVJHEKU
UHFKWIHUWLJHQ GHQQ LQVRZHLW EH]LHKHQ VLH VLFK DXI HLQH
$XVQDKPH ]XP JHEKUHQJHVHW]OLFKHQ 5HJHOIDOO
%*+ %HVFKO Y ± ,9 =% )XQGVWHOOH $*6 I
%*+ %HVFKO Y ± ;,, =% )XQGVWHOOH 1-: I
gÅgÅUƒ<sÏÅÁgUƒÏ
.RVWHQ HLQHU 6FKXW]VFKULIW
=32 †† $EV 6 'LH .RVWHQ HLQHU 6FKXW]VFKULIW ]XU 9HUWHLGLJXQJ JHJHQ
HLQHQ $QWUDJ DXI (UODVV HLQHU HLQVWZHLOLJHQ 9HUIJXQJ
ÐÓÊ
.QGLJXQJ GHU 0LWJOLHGVFKDIW GXUFK 0HKUKHLW GHU
*HVHOOVFKDIWHU EHL )RUWVHW]XQJVNODXVHO
%*% †† $EV $EV <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
(LQH JHVHOOVFKDIWVYHUWUDJOLFKH )RUWVHW]XQJVNODXVHO
QDFK GHU LP )DOOH HLQHU .QGLJXQJ HLQHV *HVHOOVFKDI
WHUV GLHVHU DXVVFKHLGHW XQG GLH *HVHOOVFKDIW XQWHU GHQ
YHUEOHLEHQGHQ *HVHOOVFKDIWHUQ IRUWJHVHW]W ZLUG ILQGHW
PDQJHOV DQGHUZHLWLJHU JHVHOOVFKDIWVYHUWUDJOLFKHU 5HJH
OXQJ DXFK GDQQ $QZHQGXQJ ZHQQ GLH 0HKUKHLW GHU *H
VHOOVFKDIWHU GLH 0LWJOLHGVFKDIW NQGLJW
(LQH JHVHOOVFKDIWVYHUWUDJOLFKH )RUWVHW]XQJVNODXVHO
VWHOOW IU GLH DXVVFKHLGHQGHQ *HVHOOVFKDIWHU NHLQH XQ]X
OlVVLJH .QGLJXQJVEHVFKUlQNXQJ L6 YRQ † $EV %*% GDU 'LHV JLOW DXFK GDQQ ZHQQ GLH LP *HVHOO
VFKDIWVYHUWUDJ YHUHLQEDUWH $EILQGXQJVUHJHOXQJ ]X /DV
WHQ GHU DXVVFKHLGHQGHQ *HVHOOVFKDIWHU JURE XQELOOLJ LVW
,Q GLHVHP )DOO NDQQ DOOHUGLQJV GLH $EILQGXQJVUHJHOXQJ
XQZLUNVDP VHLQ
:HUGHQ GLH GXUFK .QGLJXQJ DXVVFKHLGHQGHQ *H
VHOOVFKDIWHU GXUFK HLQH LP *HVHOOVFKDIWVYHUWUDJ YHUHLQ
EDUWH $EILQGXQJVEHVFKUlQNXQJ JHJHQEHU GHU JHVHW]OL
FKHQ 5HJHOXQJ XQDQJHPHVVHQ EHQDFKWHLOLJW LVW HLQHU
VROFKHQ $EILQGXQJVUHJHOXQJ DOV XQ]XOlVVLJH .QGL
JXQJVHUVFKZHUXQJ GLH UHFKWOLFKH $QHUNHQQXQJ ]X YHU
VDJHQ
$Q GLH 6WHOOH GHU XQZLUNVDPHQ $EILQGXQJVUHJHOXQJ
WUHWHQ GLH DOOJHPHLQHQ 5HJHOQ GDQDFK VWHKW EHL HLQHU
)UHLEHUXIOHUVR]LHWlW GHQ DXVJHVFKLHGHQHQ *HVHOOVFKDI
WHUQ GDV XQHLQJHVFKUlQNWH 5HFKW ]X XP GLH 0DQGDQWHQ
GHU 6R]LHWlW ]X ZHUEHQ VLH KDEHQ $QWHLO DP *HVHOO
VFKDIWVYHUP|JHQ XQG VLQG DQ GHQ VFKZHEHQGHQ *H
VFKlIWHQ ]X EHWHLOLJHQ
%*+ 9HUVlXPQLVXUW Y ± ,, =5 <—_gÅ… ԗ_ gÅgÅUƒ<sÏÅÁgUƒÏ
1DFKWUlJOLFKHV $XVHLQDQGHUIDOOHQ YRQ VWDWXWDUL
VFKHP XQG WDWVlFKOLFKHP *HVHOOVFKDIWVVLW] L6 GHV
† D $EV *PE+* ± 'HP DQIlQJOLFKHQ 1LFKWLJ
NHLWVJUXQG YHUJOHLFKEDUHU 6DW]XQJVPDQJHO ± )HVW
VWHOOXQJ GHU $XIO|VXQJ GHU *HVHOOVFKDIW GXUFK %H
VFKOXVV GHV 5HJLVWHUJHULFKWV JHP † D $EV 9DU )**
*PE+* † D )** † D
'LH IDNWLVFKH JHJHQ † D $EV *PE+* YHUVWR‰HQGH
9HUODJHUXQJ GHV 6LW]HV GHU *HVHOOVFKDIW IKUW ]X HLQHP
QDFKWUlJOLFKHQ ± GHP JOHLFKDUWLJHQ DQIlQJOLFKHQ 1LFK
WLJNHLWVJUXQG YHUJOHLFKEDUHQ ± 6DW]XQJVPDQJHO GHU GLH
HQWVSUHFKHQGH $QZHQGXQJ GHV † D $EV 9DU
)** UHFKWIHUWLJW
%*+ %HVFKO Y ± ,, =% )XQGVWHOOH '% II
+DIWXQJ GHV *PE+*HVFKlIWVIKUHUV IU XQWHUEOLH
EHQH /HLVWXQJHQ DQ 6R]LDONDVVHQ
*PE+* † $EV %*% † $EV 6W*% † D
$EV )XQGVWHOOH 1-: II
0LW GHQ 3IOLFKWHQ HLQHV RUGHQWOLFKHQ XQG JHZLVVHQKDI
WHQ *HVFKlIWVOHLWHUV LVW HV YHUHLQEDU ZHQQ HU ]XU 9HU
PHLGXQJ VWUDIUHFKWOLFKHU 9HUIROJXQJ IlOOLJH /HLVWXQJHQ
DQ GLH 6R]LDONDVVHQ HUEULQJW
<sÏԗzÅÁgUƒÏ
%*+ 8UW Y ± ,, =5 )XQGVWHOOH 0'5 I
0DQJHOKDIWLJNHLW GHV QLFKW ]XYHUOlVVLJ VFKOLH‰HQGHQ
&DEULR9HUGHFNV
%*% †† $EV 6 $EV 6 1U (LQ QLFKW ]XYHUOlVVLJ |IIQHQGHV XQG VFKOLH‰HQGHV
&DEULR9HUGHFN VWHOOW MHGHQIDOOV EHL HLQHP 1HXZDJHQ
HLQHQ 6DFKPDQJHO QDFK † $EV 6 1U %*%
GDU
'HOLNWVKDIWXQJ GHV *PE+*HVHOOVFKDIWHUV ZHJHQ
H[LVWHQ]YHUQLFKWHQGHQ (LQJULIIV
%*% † /HLWVlW]H 1-:555HGDNWLRQ
$Q HLQHP GLH +DIWXQJ QDFK † %*% EHJUQGHQGHQ
H[LVWHQ]YHUQLFKWHQGHQ (LQJULII IHKOW HV ZHQQ GHU *H
VHOOVFKDIWHU ]ZDU )RUGHUXQJHQ GHU *PE+ JHJHQ 'ULWWH
DXI HLQ HLJHQHV .RQWR HLQ]LHKW PLW GLHVHQ 0LWWHOQ MH
GRFK 9HUELQGOLFKNHLWHQ GHU *HVHOOVFKDIW EHJOHLFKW XQG
]XVlW]OLFK LQ EHWUlFKWOLFKHP 8PIDQJ DXV HLJHQHP 9HU
P|JHQ ZHLWHUH *HVHOOVFKDIWVVFKXOGHQ WLOJW
2/* 'VVHOGRUI 8UW Y ± 8 %*+ %HVFKO Y ± ,, =5 )XQGVWHOOH 1-:55 II
)XQGVWHOOH 0'5 I
$QJHVLFKWV GHU IU GHQ .lXIHU PD‰JHEOLFKHQ VSH]LIL
VFKHQ )RUP GHU )DKU]HXJQXW]XQJ LVW GLHVHU 0DQJHO
QLFKW DOV XQHUKHEOLFK L6 GHV † $EV 6 %*% DQ
]XVHKHQ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
ÐÓÉ
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
—ŝÚg—àÁgUƒÏ
%DUJHVFKlIW EHL =DKOXQJ PLWWHOV /DVWVFKULIW
,QV2 † 1DFKWUlJOLFKH $QPHOGXQJ HLQHU )RUGHUXQJ DOV DXI
XQHUODXEWHU +DQGOXQJ EHUXKHQG
,QV2 †† $EV $EV $EV 6 1U $EV 6 $EV XQG $EV $EV $EV XQG $EV 'HU ,QVROYHQ]YHUZDOWHU LVW YHUSIOLFKWHW DXFK IU HLQH
EHUHLWV ]XU 7DEHOOH IHVWJHVWHOOWH )RUGHUXQJ QDFKWUlJOLFK
DQJHPHOGHWH 7DWVDFKHQ DXV GHQHQ VLFK QDFK (LQVFKlW
]XQJ GHV *OlXELJHUV HUJLEW GDVV LKU HLQH YRUVlW]OLFK EH
JDQJHQH XQHUODXEWH +DQGOXQJ GHV 6FKXOGQHUV ]XJUXQGH
OLHJW LQ GLH 7DEHOOH HLQ]XWUDJHQ 'LHVHU 1DFKWUDJVDQ
PHOGXQJ NDQQ QXU GHU 6FKXOGQHU ZLGHUVSUHFKHQ ZHQQ
GHU %HVWDQG GHU )RUGHUXQJ YRQ HLQHU 9RUVDW]WDW QLFKW
DEKlQJW
,VW GLH ,QVROYHQ]WDEHOOH ZHJHQ GHU $QPHOGXQJ YRQ
7DWVDFKHQ DXV GHQHQ VLFK QDFK (LQVFKlW]XQJ GHV *OlX
ELJHUV HUJLEW GDVV GHU )RUGHUXQJ HLQH YRUVlW]OLFK EH
JDQJHQH XQHUODXEWH +DQGOXQJ GHV 6FKXOGQHUV ]XJUXQGH
OLHJW XQULFKWLJ VR LVW GDJHJHQ HLQH 7DEHOOHQEHVFKZHUGH
LQ *HVHW]HVDQDORJLH ]XU 9HU]HLFKQLVEHVFKZHUGH XQ
VWDWWKDIW
,VW GLH ,QVROYHQ]WDEHOOH ZHJHQ GHU $QPHOGXQJ YRQ
7DWVDFKHQ DXV GHQHQ VLFK QDFK (LQVFKlW]XQJ GHV *OlX
ELJHUV HUJLEW GDVV GHU )RUGHUXQJ HLQH YRUVlW]OLFK EH
JDQJHQH XQHUODXEWH +DQGOXQJ GHV 6FKXOGQHUV ]XJUXQGH
OLHJW OFNHQKDIW VR NDQQ GHU EHWURIIHQH *OlXELJHU GHQ
5HFKWVJUXQG VHLQHU IHVWJHVWHOOWHQ )RUGHUXQJ QXU DX‰HU
KDOE GHV ,QVROYHQ]YHUIDKUHQV JHJHQ GHQ 6FKXOGQHU LP
.ODJHZHJH JHOWHQG PDFKHQ (LQH 7DEHOOHQIHVWVWHO
OXQJVNODJH JHJHQ GHQ ,QVROYHQ]YHUZDOWHU LVW XQ]XOlV
VLJ
%*+ 8UW Y ± ,; =5 )XQGVWHOOH 1-:55 I
=LHKW GHU 9HUNlXIHU LP XQPLWWHOEDUHQ $QVFKOXVV DQ HLQH
YRQ LKP HUEUDFKWH /LHIHUXQJ GHQ .DXISUHLV DXIJUXQG HL
QHU (LQ]LHKXQJVHUPlFKWLJXQJ YRQ GHP .RQWR GHV
6FKXOGQHUV HLQ XQG ZLUG GHU /DVWVFKULIWHLQ]XJ YRQ GHP
6FKXOGQHU RGHU GHP ,QVROYHQ]YHUZDOWHU QDFKIROJHQG
JHQHKPLJW LVW EHL GHU %HXUWHLOXQJ RE HLQH %DUGHFNXQJ
YRUOLHJW DXI GHQ =HLWSXQNW GHV /DVWVFKULIWHLQ]XJV XQG
QLFKW GHQ GHU VSlWHUHQ *HQHKPLJXQJ DE]XVWHOOHQ
%*+ 8UW Y ± ,; =5 )XQGVWHOOH 0'5 I
$QIHFKWEDUNHLW YRQ *OREDO]HVVLRQHQ
,QV2 †† $EV 1U 'DV :HUWKDOWLJPDFKHQ JOREDO DEJHWUHWHQHU )RUGHUXQ
JHQ LVW DOV VHOEVWVWlQGLJH 5HFKWVKDQGOXQJ DQIHFKWEDU
JUXQGVlW]OLFK DEHU QXU DOV NRQJUXHQWH 'HFNXQJ (LQ DQ
IHFKWEDUHV Ä:HUWKDOWLJPDFKHQ³ LVW LQ GHU +HUEHLIK
UXQJ GHU )lOOLJNHLW GHU DEJHWUHWHQHQ )RUGHUXQJ ]X VH
KHQ LQVEHVRQGHUH GXUFK /HLVWXQJVHUEULQJXQJ JHJHQ
EHU GHQ 'ULWWVFKXOGQHUQ GLH IU HLQH $QIHFKWXQJ HU
IRUGHUOLFKH *OlXELJHUEHQDFKWHLOLJXQJ NDQQ DXFK LQ GHU
(UEULQJXQJ GHU /HLVWXQJHQ GXUFK $UEHLWQHKPHU GHV
6FKXOGQHUV OLHJHQ
%*+ 8UW Y ± ,; =5 )XQGVWHOOH 1-:6SH]LDO *HVHOOVFKDIWHULQVROYHQ] EHL =ZHL3HUVRQHQ*E5 PLW
)RUWVHW]XQJNODXVHO
%*% †† II ,QV2 †† $EV 6 .HLQH 6SHUUZLUNXQJ GHV † ,QV2 IU +DIWXQJ GHV
*HVFKlIWVIKUHUV
,QV2 † 'DV )LQDQ]DPW NDQQ DXFK QDFK ,QVROYHQ]HU|IIQXQJ
EHU GDV 9HUP|JHQ HLQHU *PE+ GHUHQ *HVFKlIWVIK
UHU DXV †† $2 SHU +DIWXQJVEHVFKHLG LQ $Q
VSUXFK QHKPHQ † ,QV2 VWHKW GHP QLFKW HQWJHJHQ GD
NHLQ Ä*HVDPWVFKDGHQ³ LP 6LQQH GLHVHU 9RUVFKULIW YRU
OLHJW
6FKHLGHW GHU YRUOHW]WH *HVHOOVFKDIWHU DXV HLQHU %*%
*HVHOOVFKDIW DXV IU GLH LP *HVHOOVFKDIWVYHUWUDJ EH
VWLPPW LVW GDVV GLH *HVHOOVFKDIW XQWHU GHQ YHUEOHLEHQ
GHQ *HVHOOVFKDIWHUQ IRUWJHVHW]W ZLUG IKUW GLHV ± VRZHLW
QLFKWV $EZHLFKHQGHV JHUHJHOW LVW ± ]XU OLTXLGDWLRQVOR
VHQ 9ROOEHHQGLJXQJ GHU *HVHOOVFKDIW XQG ]XU $QZDFK
VXQJ GHV *HVHOOVFKDIWVYHUP|JHQV EHL GHP OHW]WHQ YHU
EOLHEHQHQ *HVHOOVFKDIWHU
'HU %HVFKOXVV EHU GLH (U|IIQXQJ GHV ,QVROYHQ]YHU
IDKUHQV EHU GDV 9HUP|JHQ HLQHV QLFKW H[LVWHQWHQ
6FKXOGQHUV KLHU HLQHU YROO EHHQGHWHQ %*%*HVHOO
VFKDIW LVW QLFKWLJ XQG ELQGHW GLH 3UR]HVVJHULFKWH QLFKW
%)+ %HVFKO Y ± 9,, % %*+ 8UW Y ± ,, =5 )XQGVWHOOH 1-:6SH]LDO )XQGVWHOOH 1-: I
ÐÓl
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
6WHOOXQJ HLQHV ,QVROYHQ]DQWUDJV GXUFK HLQHQ YRQ
PHKUHUHQ DOOHLQYHUWUHWXQJVEHUHFKWLJWHQ *HVFKlIWV
IKUHUQ ± %HUHFKWLJXQJ GHV YHUEOLHEHQHQ *HVFKlIWV
IKUHUV ]XU 5FNQDKPH GHV $QWUDJV QDFK ZLUNVD
PHU $EEHUXIXQJ GHV DQWUDJVWHOOHQGHQ *HVFKlIWV
IKUHUV
,QV2 † $EV † $EV † %*% † 'HU YHUEOLHEHQH *HVFKlIWVIKUHU GHU *PE+ NDQQ GHQ
YRQ GHP DEEHUXIHQHQ *HVFKlIWVIKUHU YRU VHLQHU $EEH
UXIXQJ JHVWHOOWHQ $QWUDJ DXI (U|IIQXQJ GHV ,QVROYHQ]
YHUIDKUHQV EHU GDV 9HUP|JHQ GHU *HVHOOVFKDIW XQWHU
GHQ 9RUDXVVHW]XQJHQ GHV † $EV ,QV2 ]XUFNQHK
PHQ ZHQQ VLFK GLHV QLFKW DOV UHFKWVPLVVEUlXFKOLFK GDU
VWHOOW
%*+ %HVFKO Y ± ,; =% Y|OOLJH =XJDQJVYHUVSHUUXQJ ZHJHQ %DX HLQHU 8%DKQ
7UDVVH
=XU :LUNVDPNHLW YRQ 0LHWYHUWUDJVNODXVHOQ LQ HLQHP
*HVFKlIWVUDXPPLHWYHUWUDJ
(LQH .ODXVHO ZRQDFK lX‰HUH (LQZLUNXQJHQ GXUFK
'ULWWH ZLH ]% 9HUNHKUVXPOHLWXQJHQ $XIJUDEXQJHQ
6WUD‰HQVSHUUHQ *HUlXVFK *HUXFKV XQG 6WDXEEHODV
WXQJHQ Rb XQDEKlQJLJ YRP $XVPD‰ NHLQHQ )HKOHU GHV
0LHWJHJHQVWDQGV EHJUQGHQ VRIHUQ VLH QLFKW YRP 9HU
PLHWHU LQIROJH 9RUVDW]HV RGHU JUREHU )DKUOlVVLJNHLW ]X
YHUWUHWHQ VLQG EHQDFKWHLOLJW GHQ 0LHWHU XQDQJHPHVVHQ
XQG LVW GHVZHJHQ JHP † %*% XQZLUNVDP
/HLWVDW] 1-:555HGDNWLRQ
.* 8UW Y ± 8 )XQGVWHOOH 1-:55 II
)XQGVWHOOH '% II
.HLQ ZLUNVDPHV 0LHWHUK|KXQJVYHUODQJHQ IU (LQID
PLOLHQKlXVHU GXUFK %H]XJQDKPH DXI 0LHWVSLHJHO
8Q]XOlVVLJH 9HUUHFKQXQJ YRQ =DKOXQJVHLQJlQJHQ
DXI GHP *HVFKlIWVNRQWR GHU LQVROYHQWHQ *HVHOO
VFKDIW PLW GHP 'HEHWVDOGR ± $QIHFKWEDUHV 3IDQG
UHFKW GHU %DQN VWHKW *OlXELJHUEHQDFKWHLOLJXQJ
QLFKW HQWJHJHQ ± ,QVROYHQ]YHUZDOWHU PXVV $QIHFKW
EDUNHLW GHV 3IDQGUHFKWV QLFKW LQQHUKDOE GHU $QIHFK
WXQJVIULVW JHULFKWOLFK JHOWHQG PDFKHQ
%*% † D
0LHWHUK|KXQJVYHUODQJHQ IU (LQIDPLOLHQKlXVHU GLH ±
RKQH :HLWHUHV ± GXUFK %H]XJQDKPH DXI HLQHQ 0LHWVSLH
JHO EHJUQGHW ZHUGHQ IHKOW GLH RUGQXQJVJHPl‰H %H
JUQGXQJ JHP † D %*%
/HLWVDW] 1-:555HGDNWLRQ
,QV2 † $EV 1U † D D)
/* .UHIHOG 8UW Y ± 6 'HU ,QVROYHQ]YHUZDOWHU GHU GLH 8Q]XOlVVLJNHLW HLQHU
$XIUHFKQXQJ RGHU 9HUUHFKQXQJ JHOWHQG PDFKW ZHLO HLQ
,QVROYHQ]JOlXELJHU GLH 0|JOLFKNHLW KLHU]X GXUFK DQ
IHFKWEDUH 5HFKWVKDQGOXQJ HUODQJW KDW PXVV GLH $Q
IHFKWEDUNHLW YRQ GHU REMHNWLYHQ *OlXELJHUEHQDFKWHLOL
JXQJ P|JOLFKHUZHLVH HQWJHJHQVWHKHQGHQ 5HFKWHQ GHV
,QVROYHQ]JOlXELJHUV QLFKW LQQHUKDOE GHU $QIHFKWXQJV
IULVW JHULFKWOLFK JHOWHQG PDFKHQ
)XQGVWHOOH 1-:55 I
%*+ 8UW Y ± ,; =5 )XQGVWHOOH '% II
†gυ ԗ_ 6ƒ—Ô—zÅg†zg—ÏԔÅÁgUƒÏ
5DXFKHQ LQ HLQHU 0LHWZRKQXQJ
%*% †† $EV 5DXFKHQ LQ HLQHU 0LHWZRKQXQJ JHKW EHU GHQ YHUWUDJV
JHPl‰HQ *HEUDXFK KLQDXV XQG EHJUQGHW HLQH 6FKD
GHQVHUVDW]SIOLFKW GHV 0LHWHUV ZHQQ GDGXUFK 9HU
VFKOHFKWHUXQJHQ GHU :RKQXQJ YHUXUVDFKW ZHUGHQ GLH
VLFK QLFKW PHKU GXUFK 6FK|QKHLWVUHSDUDWXUHQ L6G † $EV 6 GHU =ZHLWHQ %HUHFKQXQJVYHURUGQXQJ EHVHL
WLJHQ ODVVHQ VRQGHUQ GDUEHU KLQDXVJHKHQGH ,QVWDQG
VHW]XQJVDUEHLWHQ HUIRUGHUQ 'DV JLOW XQDEKlQJLJ GDYRQ
RE HLQ 5HQRYLHUXQJVEHGDUI EHUHLWV YRU]HLWLJ HQWVWHKW
%*+ 8UW Y ± 9,,, =5 )XQGVWHOOH %*+5HSRUW II
0LHWPLQGHUXQJ EHL Y|OOLJHU 9HUVSHUUXQJ GHV =X
JDQJV ]XP /DGHQORNDO ± 6RXYHQLUJHVFKlIW
%*% †† F 'LH =XJDQJVEHKLQGHUXQJ ]X HLQHP /DGHQORNDO LQIRO
JH YRQ %DXPD‰QDKPHQ VWHOOW HLQHQ 0DQJHO GHU 0LHWVD
FKH GDU DXFK ZHQQ VLH QLFKW GXUFK YRP 9HUPLHWHU EH
HLQIOXVVEDUH %DXPD‰QDKPHQ KHUYRUJHUXIHQ ZLUG KLHU
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
.RQWHUQ GHV 0LHWHUK|KXQJVYHUODQJHQV PLW Ä(LQ
ZHQGXQJHQVDOYH³
%*% †† +HL]NRVWHQ92 †† =XU $EJUHQ]XQJ HLQHU 1HEHQNRVWHQSDXVFKDOH YRQ HL
QHU DE]XUHFKQHQGHQ 1HEHQNRVWHQYRUDXV]DKOXQJ
Ðә
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
=XU %HUHFKQXQJ DQWHLOLJHU +HL]NRVWHQ EHL XQ]XOlVVL
JHU +HL]NRVWHQSDXVFKDOH
NXQJ ± LKUHQ 0LQGHVWDXIZDQG KLHU MHZHLOV JHVFKlW]WH
(XUR ]X HUVWDWWHQ
(LQH ÄDXWRPDWLVFKH³ 0LHWDQSDVVXQJVNODXVHO VHW]W HLQ
0LHWHUK|KXQJVYHUODQJHQ GHV 9HUPLHWHUV QLFKW YRUDXV
GLHVHV LVW QXU IU GHQ 9HU]XJ GHV 0LHWHUV PLW GHQ (UK|
KXQJVEHWUlJHQ EHGHXWVDP
'HU 8PVWDQG GDVV QLFKW MHZHLOV HLQ VHSDUDWHU (LJHQ
WPHUEHVFKOXVV EHU GLH (QWVFKlGLJXQJ MHGHV (LQ]HOQHQ
GHU EHWURIIHQHQ :RKQXQJVHLJHQWPHU VRQGHUQ DXV RU
JDQLVDWRULVFKHQ *UQGHQ QXU HLQ %HVFKOXVV JHIDVVW ZRU
GHQ LVW IKUW QLFKW ]X GHU %HXUWHLOXQJ GDVV VLFK GLH *H
VDPW]DKO GHU YRQ GHQ EHJQVWLJWHQ (LJHQWPHUQ DEJH
JHEHQHQ 6WLPPHQ DXI GLH %HVFKOXVVIDVVXQJ DXVJHZLUNW
KDEHQ NDQQ
=XU 0LHWPLQGHUXQJ EHL %DXOlUP XQG %HOlVWLJXQJHQ
GHV 0LHWHUV XQG VHLQHU %HVXFKHU GXUFK 'ULWWH KLHU MH
ZHLOV YHUQHLQW
2/* 'VVHOGRUI 8UW Y ± 8 )XQGVWHOOH 1-:55 II
1LFKW NRQJUXHQWH %HWULHEVNRVWHQ$EUHFKQXQJV]HLW
UlXPH
%*% † $EV :HQQ EHU YHUEUDXFKVDEKlQJLJH %HWULHEVNRVWHQ
QLFKW JHWUHQQW YRQ GHQ VRQVWLJHQ %HWULHEVNRVWHQ DE]X
UHFKQHQ LVW VR LVW HLQH *HVDPWDEUHFKQXQJ GHU %HWULHEV
NRVWHQ QLFKW GHVKDOE IRUPHOO XQZLUNVDP ZHLO GHU $E
UHFKQXQJV]HLWUDXP HLQHU LQ GLH *HVDPWDEUHFKQXQJ HLQ
JHVWHOOWHQ $EUHFKQXQJ YHUEUDXFKVDEKlQJLJHU %HWULHEV
NRVWHQ QLFKW GHFNXQJVJOHLFK LVW PLW GHP GHU *HVDPWDE
UHFKQXQJ ]XJUXQGH OLHJHQGHQ $EUHFKQXQJV]HLWUDXP
%HL HLQHU DXI GDV .DOHQGHUMDKU EH]RJHQHQ *HVDPWDE
UHFKQXQJ EHU GLH %HWULHEVNRVWHQ EHJLQQW GLH )ULVW IU
GLH $EUHFKQXQJ GHU 9RUDXV]DKOXQJHQ DXI GLH %HWULHEV
NRVWHQ PLW GHP (QGH GHV .DOHQGHUMDKUHV DXFK GDQQ
ZHQQ GHU LQ GLH *HVDPWDEUHFKQXQJ HLQEH]RJHQHQ $E
UHFKQXQJ YHUEUDXFKVDEKlQJLJHU %HWULHEVNRVWHQ HLQ GD
YRQ DEZHLFKHQGHU $EUHFKQXQJV]HLWUDXP ± HWZD GLH
MlKUOLFKH +HL]SHULRGH ± ]XJUXQGH OLHJW
%*+ 8UW Y ± 9,,, =5 )XQGVWHOOH 0'5 2/* 'VVHOGRUI %HVFKO Y ± :[ )XQGVWHOOH 1-: II
.RVWHQWUDJXQJ LQ ÄZHUGHQGHU :RKQXQJVHLJHQW
PHUJHPHLQVFKDIW³
:(* †† $EV 9RU (QWVWHKHQ HLQHU :RKQXQJVHLJHQWPHUJHPHLQ
VFKDIW ELOGHQ GLH (UZHUEHU IU GLH HLQH $XIODVVXQJVYRU
PHUNXQJ LP *UXQGEXFK HLQJHWUDJHQ XQG GHQHQ GHU %H
VLW] DQ GHU HUZRUEHQHQ :RKQXQJ EHUJHEHQ ZRUGHQ LVW
HLQH VR JHQDQQWH ZHUGHQGH *HPHLQVFKDIW
6LH VLQG YHUSIOLFKWHW HQWVSUHFKHQG † $EV :(*
GLH .RVWHQ XQG /DVWHQ GHV NQIWLJHQ JHPHLQVFKDIWOL
FKHQ (LJHQWXPV ]X WUDJHQ 'LHVH 9HUSIOLFKWXQJ HQWIlOOW
QLFKW GDGXUFK GDVV HLQH :RKQXQJVHLJHQWPHUJHPHLQ
VFKDIW LP 5HFKWVVLQQH HQWVWHKW
%*+ %HVFKO Y ± 9 =% )XQGVWHOOH 1-: II
6WUHLWZHUW EHL %HJUQGXQJ HLQHV QHXHQ 0LHWYHUKlOW
QLVVHV LP 3UR]HVVYHUJOHLFK
59* † )ROJHQ GHV ± QLFKWLJHQ ± 8UDOW(LJHQWPHUEHVFKOXV
VHV ]XU )HQVWHUVDQLHUXQJ LQ Ä(LJHQUHJLH³
:(* †† %*% †† (*%*% $UW † $EV $EV %HVFKOLH‰HQ :RKQXQJVHLJHQWPHU PHKUKHLW
OLFK GDVV MHGHU :RKQXQJVHLJHQWPHU IU GLH .RVWHQ GHU
,QVWDQGVHW]XQJ E]Z (UQHXHUXQJ GHU LP %HUHLFK VHLQHU
6RQGHUHLJHQWXPVHLQKHLW JHOHJHQHQ )HQVWHU VHOEVW DXI
]XNRPPHQ KDW XQG VWHOOW VLFK GLHVH %HVFKOXVVIDVVXQJ
PLW 5FNVLFKW DXI GLH (QWVFKHLGXQJ GHV %*+ YRP
DOV QLFKWLJ KHUDXV QDFKGHP EHUHLWV PHKUHUH
:RKQXQJVHLJHQWPHU DXI LKUH .RVWHQ LKUH )HQVWHU VD
QLHUW KDEHQ VR HQWVSULFKW HV RUGQXQJVJHPl‰HU 9HUZDO
WXQJ GLHVHQ ± EHL GHU +|KH QDFK QLFKW PHKU QDFKZHLV
EDUHQ .RVWHQ UHFKWOLFKHU 8QVLFKHUKHLW KLQVLFKWOLFK GHV
9HUMlKUXQJVEHJLQQV XQG DXV]XVFKOLH‰HQGHU 9HUZLU
ÐÐâ
'HU *HJHQVWDQGVZHUW HLQHV 9HUJOHLFKV EHVWLPPW VLFK
GDQDFK ZRUEHU XQG QLFKW ZRUDXI VLFK GLH 3DUWHLHQ YHU
VWlQGLJHQ :LUG LQ HLQHP 3UR]HVVYHUJOHLFK HLQ QHXHV
0LHWYHUKlOWQLV EHJUQGHW XQG ]XJOHLFK GDV ELVKHULJH
EHVWULWWHQH 0LHWYHUKlOWQLV IU EHHQGHW HUNOlUW LVW GLH
-DKUHVPLHWH GLHVHV 9HUWUDJVYHUKlOWQLVVHV IU GHQ :HUW
PD‰JHEHQG :HU ]XYRU HLQHP EHVWLPPWHQ 6WUHLWZHUW
]XJHVWLPPW KDW HUNOlUW QLFKW VFKOVVLJ HLQHQ 5HFKWVPLW
WHOYHU]LFKW XQG ZLUG WURW]GHP YRQ GHU HQWVSUHFKHQGHQ
)HVWVHW]XQJ EHVFKZHUW
2/* 'VVHOGRUI %HVFKO Y ± : )XQGVWHOOH 1-: 9,,,
6FKZHUH (UNUDQNXQJ DOV .QGLJXQJVJUXQG
%*% † <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
(LQH VFKZHUH .UDQNKHLW GHV 0LHWHUV UHFKWIHUWLJW QLFKW
GLH .QGLJXQJ GHV 0LHWYHUWUDJHV
2/* 'VVHOGRUI %HVFKO Y ± : )XQGVWHOOH 1-: 9,,,
.HLQH .RPSHQVDWLRQ XQZLUNVDPHU 'HNRUDWLRQV
$*% EHU 0LHW]XVFKODJ ± ÄUHJHOPl‰LJ³
%*% †† $EV $EV 6 $EV ,, %HUHFKQXQJV92 † $EV 'HU 9HUPLHWHU LVW QLFKW EHUHFKWLJW LP )DOOH GHU 8QZLUN
VDPNHLW HLQHU .ODXVHO ]XU 9RUQDKPH GHU 6FK|QKHLWVUH
SDUDWXUHQ GXUFK GHQ 0LHWHU YRQ GLHVHP HLQH 0LHWHUK|
KXQJ LQ )RUP HLQHV =XVFKODJV ]XU RUWVEOLFKHQ 9HU
JOHLFKVPLHWH ]X YHUODQJHQ
%*+ 8UW Y ± 9,,, =5 'HU =LYLOVHQDW VFKOLH‰W VLFK GHU 5HFKWVSUHFKXQJ GHV
=LYLOVHQDWV LP :RKQUDXP DQ ZRQDFK GLH hEHUWUD
JXQJ GHU 6FK|QKHLWVUHSDUDWXUHQ DXI GHQ 0LHWHU GXUFK
HLQH )RUPXODUNODXVHO XQZLUNVDP LVW 0LW GHQ VWDUUHQ
)ULVWHQ ZLUG GHP 0LHWHU GHU (LQZDQG JHQRPPHQ GDVV
EHUKDXSW NHLQ 5HQRYLHUXQJVEHGDUI EHVWHKW 'LHV IKUW
]X HLQHU XQDQJHPHVVHQHQ %HQDFKWHLOLJXQJ LP 6LQQH GHV
† %*%
/HLWVlW]H GHU 5HGDNWLRQ
%*+ 8UW Y ± ;,, =5 )XQGVWHOOH 3UHVVHPLWWHLOXQJ GHV %*+ 1U Y
DEUXIEDU XQWHU ZZZEXQGHVJHULFKWVKRIGH
%ssg—Ϗ†UƒgÅ ,gUƒÏ
)XQGVWHOOH 1-: II
0LHWYHUWUDJVHLQWULWW NUDIW *HVHW]HV ± %XQGHVDQVWDOW
IU ,PPRELOLHQDXIJDEHQ
%*% † $EV DQDORJ %*% D) † 'HU QHXH (LJHQWPHU YHUPLHWHWHQ :RKQUDXPV WULWW DXFK
GDQQ DQ 6WHOOH GHV 9HUPLHWHUV LQ GLH 5HFKWH XQG 3IOLFK
WHQ DXV EHVWHKHQGHQ 0LHWYHUKlOWQLVVHQ HLQ ZHQQ HU GDV
(LJHQWXP QLFKW GXUFK HLQ 9HUlX‰HUXQJVJHVFKlIW VRQ
GHUQ NUDIW *HVHW]HV HUZLUEW
%*+ 8UW Y ± 9,,, =5 )XQGVWHOOH 1-: 6WUHLWLJPDFKHQ YHUWUDJVPl‰LJHQ 0LHWJHEUDXFKV
GXUFK ZDKUHQ (LJHQWPHU ± $QZDOWVKDIWXQJ XQG
0LHWHUV 9RUNDXIVUHFKW
%*% D) †† 6 %*% †† $EV D $EV 'HP 0LHWHU GHU 5lXPH YRQ HLQHP QLFKW YHUIJXQJVEH
UHFKWLJWHQ 9HUPLHWHU JHPLHWHW KDW ZLUG GHU YHUWUDJVPl
‰LJH *HEUDXFK EHUHLWV GDGXUFK HQW]RJHQ GDVV GHU ZDKUH
%HUHFKWLJWH QLFKW EHUHLW LVW GHQ 0LHWHU GLH 0LHWVDFKH ]X
GHQ PLW GHP 9HUPLHWHU YHUHLQEDUWHQ .RQGLWLRQHQ QXW
]HQ ]X ODVVHQ
$PWVHQWKHEXQJ HLQHV HKUHQDPWOLFKHQ 5LFKWHUV ZH
JHQ 9HUVWR‰HV JHJHQ 9HUIDVVXQJVWUHXHSIOLFKW
$UE** † 6 %DG:UWW5L* † $EV XQG **
$UW $EV 6 $EV 6 $EV %9HUI**
† D $EV '5L* †† $EV (LQ HKUHQDPWOLFKHU 5LFKWHU NDQQ ZHJHQ IHKOHQGHU
9HUIDVVXQJVWUHXH DXV GHP $PW HQWIHUQW ZHUGHQ (U
]HLJW PDQJHOQGH 9HUIDVVXQJVWUHXH ZHQQ HU LQ VHLQHP
DX‰HUDPWOLFKHQ 9HUKDOWHQ 0LWJOLHG HLQHU %DQG LVW GLH
DQ HLQHU $OOLDQ] YRQ 5HFKWVH[WUHPLVWHQ WHLOQLPPW XQG
/LHGHU DXI HLQHU &' YHU|IIHQWOLFKW KDW GLH EXQGHVZHLW
GHU %HVFKODJQDKPH ZHJHQ 9HUVWR‰HV JHJHQ †† D
6W*% XQWHUOLHJW
)U GLH $PWVHQWKHEXQJ HKUHQDPWOLFKHU 5LFKWHU XQG
GLH (QWODVVXQJ KDXSWDPWOLFKHU 5LFKWHU PVVHQ QLFKW
]ZLQJHQG GLH JOHLFKHQ 0D‰VWlEH JHOWHQ GHQQ GHP HK
UHQDPWOLFKHQ 5LFKWHU ZLUG PLW GHU $PWVHQWKHEXQJ QLFKW
JOHLFK]HLWLJ GLH ZLUWVFKDIWOLFKH ([LVWHQ]JUXQGODJH HQW
]RJHQ 'DKHU LVW HLQH $PWVHQWKHEXQJ HLQHV HKUHQDPWOL
FKHQ 5LFKWHUV RKQH NRQNUHWHV 'LHQVWYHUJHKHQ XQG RKQH
I|UPOLFKHV 'LV]LSOLQDUYHUIDKUHQ YHUIDVVXQJVUHFKWOLFK
QLFKW ]X EHDQVWDQGHQ
%9HUI* .DPPHU GHV =ZHLWHQ 6HQDWV %HVFKO Y
± %Y5 )XQGVWHOOH 1-: II
%*+ 8UW Y ± ,; =5 )XQGVWHOOH 1-: II
6FK|QKHLWVUHSDUDWXUHQ PLW VWDUUHQ )ULVWHQ DXFK EHL
*HZHUEHUlXPHQ XQZLUNVDP
%*% † <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
1LFKWUDXFKHUVFKXW] LQ *DVWVWlWWHQ ± Ä5DXFKHUFOXE³
%D\*6* $UW 1U ** $UW 'LH 0|JOLFKNHLW HLQH *DVWVWlWWH ]XP /RNDO HLQHV Ä5DX
FKHUFOXEV³ ]X PDFKHQ GHVVHQ 0LWJOLHGHUQ JHVWDWWHW LVW
GRUW ]X UDXFKHQ LVW QLFKW YRQ 9RUDXVVHW]XQJHQ DEKlQ
ÐФ
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
JLJ GLH GLH %HWUHLEHU EHVWLPPWHU *UXSSHQ YRQ *DVWVWlW
WHQ QLFKW HUIOOHQ N|QQHQ 'HQ (UIRUGHUQLVVHQ IU GLH
$QHUNHQQXQJ HLQHV Ä5DXFKHUFOXEV³ ± IHVWH 0LWJOLHGHU
VWUXNWXU PLW EHNDQQWHP RGHU DEUXIEDUHP 0LWJOLHGHUEH
VWDQG (LQODVVNRQWUROOHQ PLW =XUFNZHLVXQJ YRQ Ä/DXI
NXQGVFKDIW³ NHLQ (UZHUE GHU 0LWJOLHGVFKDIW DP (LQ
JDQJ GHU *DVWVWlWWH ± NDQQ DXFK LQ VSH]LHOO DXVJHULFKWH
WHQ *DVWVWlWWHQ RGHU LQ %HWULHEHQ GHU JHWUlQNHJHSUlJWHQ
.OHLQJDVWURQRPLH QDFKJHNRPPHQ ZHUGHQ *OHLFK
KHLWVZLGULJH RGHU IU HLQ]HOQH 6SDUWHQ GHV *DVWURQR
PLHJHZHUEHV XQ]XPXWEDUH ZLUWVFKDIWOLFKH %HODVWXQJHQ
ODVVHQ VLFK QLFKW HUNHQQHQ
/HLWVDW] 1-:5HGDNWLRQ
%9HUI* .DPPHU GHV (UVWHQ 6HQDWV %HVFKO Y
± %Y5 )XQGVWHOOH 1-: -ÏgÔgÁÁgUƒÏ
)DKUWNRVWHQ ]X EHUXIOLFKHU %LOGXQJVPD‰QDKPH VLQG
DOV :HUEXQJVNRVWHQ YROO DEVHW]EDU
(6W* D) † $EV 6 1U (6W* † $EV 6 1U 6 )KUW HLQ YROOEHVFKlIWLJWHU $UEHLWQHKPHU HLQH OlQJHU
IULVWLJH MHGRFK YRUEHUJHKHQGH EHUXIOLFKH %LOGXQJV
PD‰QDKPH GXUFK VR ZLUG GHU 9HUDQVWDOWXQJVRUW LP $OO
JHPHLQHQ QLFKW ]X HLQHU ZHLWHUHQ UHJHOPl‰LJHQ $UEHLWV
VWlWWH L6 GHV † $EV 6 1U (6W* D) 'LH )DKUW
NRVWHQ GHV $UEHLWQHKPHUV ]X GHU %LOGXQJVHLQULFKWXQJ
VLQG GHVKDOE QLFKW PLW GHU (QWIHUQXQJVSDXVFKDOH VRQ
GHUQ LQ WDWVlFKOLFKHU +|KH DOV :HUEXQJVNRVWHQ ]X EH
UFNVLFKWLJHQ
%)+ 8UW Y ± 9, 5 =ZHLWZRKQVLW] OlVVW $XVQDKPHQ ]X
)XQGVWHOOH 1-: ** $UW $EV $EV (V LVW QDFK %XQGHVUHFKW IUHLJHVWHOOW 6WXGLHUHQGH GLH
PLW GHU +DXSWZRKQXQJ EHL GHQ (OWHUQ JHPHOGHW VLQG
YRQ GHU =ZHLWZRKQXQJVWHXHU IU HLQH :RKQXQJ DP
6WXGLHQRUW DXV]XQHKPHQ
-ÏÁ<sÁgUƒÏË-ÏÁ<s©ÁàgÅÅÁgUƒÏ
/HLWVDW] GHU 5HGDNWLRQ
%HWUXJ GXUFK (UVWHOOHQ HLQHU EHUK|KWHQ 5HFKQXQJ
%9HUI* 8UW Y ± & & &
& 6W*% †† II %*% † $EV $OW )XQGVWHOOH 'LH (QWVFKHLGXQJ LVW XQWHU ZZZEXQGHV
YHUIDVVXQJVJHULFKWGH DE]XUXIHQ
,gUƒÏÅLgÁ<ÏԗzÅzgÅgÏà
5HFKWVDQZDOW DOV (UIOOXQJVJHKLOIH LP %HUDWXQJV
YHUWUDJ HLQHU :LUWVFKDIWVSUIXQJVJHVHOOVFKDIW
5'* † $EV 5%HU* $UW †† 1U **
$UW $EV (V ZLUG GDUDQ IHVWJHKDOWHQ GDVV HV IU GHQ (UODXEQLV
YRUEHKDOW QDFK GHP 5HFKWVEHUDWXQJVJHVHW] QLFKW GDUDXI
DQNRPPW RE GHU 9HUWUDJVSDUWQHU GHV 5HFKWVXFKHQGHQ
VLFK ]XU (UIOOXQJ VHLQHU %HUDWXQJVSIOLFKWHQ HLQHV ]XJH
ODVVHQHQ 5HFKWVEHUDWHUV DOV (UIOOXQJVJHKLOIHQ EHGLHQW
(LQH YHUIDVVXQJVNRQIRUPH LQ GLHVHU +LQVLFKW HUZHL
WHUQGH $XVOHJXQJ GHV $UW † 1U 5%HU* NRPPW
QLFKW LQ %HWUDFKW
%*+ 8UW Y ± ,,, =5 )XQGVWHOOH 1-: II
ÐÐÓ
%HL HLQHU +DQGZHUNHUUHFKQXQJ VHW]W GHU 9RUZXUI GHV
YHUVXFKWHQ %HWUXJV ]XP 1DFKWHLO GHV .XQGHQ REMHNWLY
lX‰HUH 7DWVHLWH YRUDXV GDVV GLH 5HFKQXQJ QLFKW HU
EUDFKWH /HLVWXQJHQ HQWKlOW RGHU VHL HV LQVJHVDPW RGHU
LQ HLQ]HOQHQ 3RVLWLRQHQ ÄNUDVV EHUK|KW³ LVW
1LFKW MHGHU Ä$XVUHL‰HU QDFK REHQ³ LQ HLQHU +DQGZHU
NHUUHFKQXQJ LVW HLQ YHUVXFKWHU %HWUXJ ]XP 1DFKWHLO
GHV .XQGHQ 'LH 6FKZHOOH ]XU 6WUDIEDUNHLW NDQQ HUVW EHL
HLQHP DXIIlOOLJHQ 0LVVYHUKlOWQLV YRQ /HLVWXQJ XQG *H
JHQOHLVWXQJ EHUVFKULWWHQ VHLQ 'DV 0LVVYHUKlOWQLV LVW
DXIIlOOLJ ZHQQ GLH Ä*UHQ]H GHV 'RSSHOWHQ³ GHU EOLFKHQ
9HUJWXQJ GLH QDFK † $EV $OW %*% DOV YHUHLQ
EDUW DQ]XVHKHQ LVW HUUHLFKW RGHU EHUVFKULWWHQ ZLUG
=XP 9RUZXUI GHU %HLKLOIH ]XP YHUVXFKWHQ 3UR]HVV
EHWUXJ VRZLH GHU IDOVFKHQ XQHLGOLFKHQ $XVVDJH XQG DQ
GHUHU $XVVDJHGHOLNWH GXUFK (UVWDWWXQJ HLQHV IDOVFKHQ
*XWDFKWHQV
2/* 'VVHOGRUI %HVFKO Y ± :V )XQGVWHOOH 1-: :LUNVDPH =XVWHOOXQJ HLQHV %X‰JHOGEHVFKHLGV EHL
ÄDX‰HUJHULFKWOLFKHU 9ROOPDFKW³
2:L* † $EV 6 1:/DQGHV]XVWHOOXQJV* † <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
(LQHP 5HFKWVDQZDOW GHU LQ GHP EHK|UGOLFKHQ %X‰
JHOGYHUIDKUHQ WDWVlFKOLFK DOV 9HUWHLGLJHU EHDXIWUDJW XQG
WlWLJ LVW MHGRFK DXV WDNWLVFKHQ (UZlJXQJHQ Ä9HUMlK
UXQJVIDOOH³ OHGLJOLFK HLQH ÄDX‰HUJHULFKWOLFKH 9ROO
PDFKW³ ]X GHQ $NWHQ JHUHLFKW KDW NDQQ GHU %X‰JHOGEH
VFKHLG QDFK † $EV 6 2:L* ZLUNVDP ]XJHVWHOOW
ZHUGHQ
(LQ =XVWHOOXQJVPDQJHO ZLUG DXFK GDQQ JHKHLOW ZHQQ
GHU (PSIlQJHU LP =HLWSXQNW GHU =XVWHOOXQJ QLFKW HPS
IDQJVEHUHFKWLJW ZDU MHGRFK GXUFK GLH QDFKWUlJOLFKH (U
WHLOXQJ HLQHU =XVWHOOXQJVYROOPDFKW HPSIDQJVEHUHFKWLJW
ZLUG
2/* 'VVHOGRUI %HVFKO Y ± 2:L ,,,
)XQGVWHOOH 1-: II
2/* 2OGHQEXUJ %HVFKO Y ± :V )XQGVWHOOH 1-: I
5gÁLÁ<ÔUƒgÁŽÁg_†ÏÁgUƒÏ
.HLQH 3IOLFKW ]XU *HVDPWEHWUDJVDQJDEH EHL DOV Ä6L
FKHUKHLWV.RPSDNW5HQWH³ EH]HLFKQHWHP .DSLWDO
DQODJHPRGHOO
9HUEU.U* † $EV 6 1U OLW E 6 LQ GHU )DV
VXQJ YRP =XU *HVDPWEHWUDJVDQJDEH EHL GHP DOV Ä6LFKHUKHLWV
.RPSDNW5HQWH³ EH]HLFKQHWHQ .DSLWDODQODJHPRGHOO
9HUMlKUXQJVEHJLQQ EHL %HVWHFKXQJ XQG %HVWHFKOLFK
NHLW
6W*% †† D :HUGHQ %HVWHFKXQJ XQG %HVWHFKOLFKNHLW LQ GHU )RUP
EHJDQJHQ GDVV GHU %HVWHFKHQGH ]XQlFKVW GHQ 9RUWHLO
JHZlKUW XQG GHU $PWVWUlJHU VRGDQQ GLH SIOLFKWZLGULJH
'LHQVWKDQGOXQJ YRUQLPPW VR EHJLQQW GLH 9HUMlKUXQJ
EHLGHU 6WUDIWDWHQ HUVW PLW GHU 9RUQDKPH GHU 'LHQVW
KDQGOXQJ
%*+ 8UW Y ± 6W5 )XQGVWHOOH 1-: II
,VW EHL HLQHU XQHFKWHQ $EVFKQLWWVILQDQ]LHUXQJ ]XU 7LO
JXQJ HQGIlOOLJHU 'DUOHKHQ HLQH .DSLWDOOHEHQVYHUVLFKH
UXQJ YRUJHVHKHQ GLH QLFKW LQ 5DWHQ VRQGHUQ GXUFK HL
QHQ NUHGLWILQDQ]LHUWHQ (LQPDOEHWUDJ DQJHVSDUW ZLUG VR
OLHJW DQGHUV DOV EHL ZLHGHUKROWHQ 3UlPLHQ]DKOXQJHQ DXI
HLQH 7LOJXQJV.DSLWDOOHEHQVYHUVLFKHUXQJ NHLQH 7LO
JXQJ LQ 7HLOEHWUlJHQ YRU 'LH DXI GDV ]XU )LQDQ]LHUXQJ
GHU (LQPDOSUlPLH DXIJHQRPPHQH 'DUOHKHQ SHULRGLVFK
]X HQWULFKWHQGHQ =LQVHQ VLQG NHLQH 7LOJXQJVOHLVWXQJHQ
$XI VLH NDQQ † $EV 6 1U OLW E 6 9HUEU.U*
DXFK QLFKW HQWVSUHFKHQG DQJHZHQGHW ZHUGHQ
%*+ 8UW Y ± ;, =5 )XQGVWHOOH '% 0HKUHUH 7DWEHWHLOLJWH DOV 3DUWHLHQ ÄGHUVHOEHQ
5HFKWVVDFKH³
6W*% † 0HKUHUH 7DWEHWHLOLJWH GHUVHOEHQ 6WUDIWDW N|QQHQ 3DUWHL
HQ L6 GHV † 6W*% VHLQ
%*+ 8UW Y ± 6W5 )XQGVWHOOH 1-: II
$QNODJH JHJHQ 5LFKWHU ZHJHQ 9HUGDFKWV GHU YHU
VXFKWHQ (USUHVVXQJ ± 'URKXQJ PLW 8QWHUODVVHQ
6W*% †† $EV 6W32 † D
9HUODQJW HLQ PLW GHU ]XVWlQGLJHQ 6WDDWVDQZlOWLQ YHUKHL
UDWHWHU 5LFKWHU YRQ HLQHP %HVFKXOGLJWHQ GHU GXUFK GDV
(UPLWWOXQJVYHUIDKUHQ ]XQHKPHQG LQ HUKHEOLFKH ZLUW
VFKDIWOLFKH 6FKZLHULJNHLWHQ JHUlW GLH =DKOXQJ HLQHV
*HOGEHWUDJV PLW GHU ± IU GHQ %HVFKXOGLJWHQ JODXEKDI
WHQ ± $QNQGLJXQJ LP )DOOH GHU =DKOXQJ ZHUGH HU HLQH
9HUIDKUHQVHLQVWHOOXQJ EHZLUNHQ DQGHUQIDOOV QLFKW VR
OLHJW GDULQ GLH 'URKXQJ PLW HLQHP HPSILQGOLFKHQ hEHO
LP 6LQQH GHV (USUHVVXQJVWDWEHVWDQGV
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
5gÁŽgƒÁÅÁgUƒÏ
)DKUHUODXEQLVYHUOXVW GXUFK 7UXQNHQKHLWVIDKUW PLW
HLQHP )DKUUDG
6W*% † +DW HLQ 5DGIDKUHU PLW HLQHU %$. YRQ PHKU DOV Å
DP 6WUD‰HQYHUNHKU WHLOJHQRPPHQ VR NDQQ LKP GLH
)DKUHUODXEQLV HQW]RJHQ ZHUGHQ
%9HUZ* 8UW Y ± & )XQGVWHOOH 1-:6SH]LDO 9HUVLFKHUXQJVVFKXW]
1DFKW]HLW
EHL
)DKUUDGGLHEVWDKO
]XU
9+% † (LQH .ODXVHO LQ GHU +DXVUDWYHUVLFKHUXQJ ZRQDFK DXFK
9HUVLFKHUXQJVVFKXW] IU 'LHEVWlKOH ]ZLVFKHQ XQG
ÐÐÐ
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
8KU EHVWHKW EHVFKUHLEW HLQH ]XOlVVLJH 5LVLNREHJUHQ
]XQJ
%*+ 8UW Y ± ,9 =5 )XQGVWHOOH 1-:6SH]LDO .HLQ +DIWSIOLFKWIDOO ZHQQ (UVWZDJHQ =ZHLWZDJHQ
VFKlGLJW
3IO9* † 1U (LQ $QVSUXFK DXI 6FKDGHQVHUVDW] GHV 9HUVLFKHUXQJV
QHKPHUV JHJHQ GLH .I]+DIWSIOLFKWYHUVLFKHUXQJ EHVWHKW
QLFKW ZHQQ HLQH PLWYHUVLFKHUWH 3HUVRQ GLH 6DFKVFKlGHQ
GXUFK *HEUDXFK GHV YHUVLFKHUWHQ )DKU]HXJV YHUXUVDFKW
KDW
9HUWUDXHQ GHV $QZDOWV DXI 9HUOlQJHUXQJ GHU %HUX
IXQJVEHJUQGXQJVIULVW
.R*2 † D
(LQ 5HFKWVPLWWHOIKUHU GDUI QLFKW GDUDXI YHUWUDXHQ GDVV
HLQHU RKQH MHJOLFKH $QJDEH YRQ *UQGHQ EHDQWUDJWHQ
9HUOlQJHUXQJ GHU )ULVW ]XU %HJUQGXQJ GHU %HUXIXQJ
VWDWWJHJHEHQ ZLUG :LUG HLQ VROFKHU $QWUDJ DP OHW]WHQ
7DJ GHU )ULVW QDFK %URVFKOXVV JHVWHOOW XQG HUVW QDFK
)ULVWDEODXI DEJHOHKQW KDW GHU 5HFKWVPLWWHOIKUHU GLH
)ULVWYHUVlXPXQJ ]X YHUWUHWHQ :LHGHUHLQVHW]XQJ LQ GLH
YHUVlXPWH %HJUQGXQJVIULVW NDQQ LQ HLQHP VROFKHQ )DOO
QLFKW JHZlKUW ZHUGHQ
%9HUZ* %HVFKO Y ± % )XQGVWHOOH 1-: ;
%*+ 8UW Y ± ,9 =5 )XQGVWHOOH 1-:6SH]LDO I
6gÏÏLgÛgÁLÅÁgUƒÏ
)KUHUVFKHLQWRXULVPXV ± $QHUNHQQXQJ GHU (8
)KUHUVFKHLQH
5LOL (:* 6W9* † 'LH 5LFKWOLQLH (:* YHUOHLKW GHP $XVVWHOOHU
PLWJOLHGVWDDW GLH DXVVFKOLH‰OLFKH =XVWlQGLJNHLW VLFK ]X
YHUJHZLVVHUQ GDVV GLH YRQ LKP DXVJHVWHOOWHQ )KUHU
VFKHLQH XQWHU %HDFKWXQJ GHU LQ GLHVHU 5LFKWOLQLH YRUJH
VHKHQHQ 9RUDXVVHW]XQJHQ HUWHLOW ZHUGHQ (V LVW DOOHLQ
6DFKH GLHVHV 0LWJOLHGVWDDWV JHHLJQHWH 0D‰QDKPHQ LQ
%H]XJ DXI GLHMHQLJHQ )KUHUVFKHLQH ]X HUJUHLIHQ EHL
GHQHQ VLFK QDFKWUlJOLFK KHUDXVVWHOOW GDVV LKUH ,QKDEHU
GLHVH 9RUDXVVHW]XQJHQ QLFKW HUIOOHQ
8PIDQJ HLQHV DXI 8QWHUVDJXQJ YRQ 3URGXNWEH]HLFK
QXQJHQ JHULFKWHWHQ 8QWHUODVVXQJVDQWUDJV ± 'XIW
YHUJOHLFK PLW 0DUNHQSDUIP
8:* † $EV 6 (X*+ 8UW Y ± & XQG &
6WW]W VLFK GDV PLW HLQHU .ODJH YHUIROJWH 8QWHUODVVXQJV
EHJHKUHQ GDUDXI GDVV GLH EHDQVWDQGHWHQ bX‰HUXQJHQ
GHV %HNODJWHQ YRP 9HUNHKU LQ HLQHU EHVWLPPWHQ :HLVH
YHUVWDQGHQ ZHUGHQ EUDXFKW GHU 8QWHUODVVXQJVDQWUDJ
QXU GLH ]X XQWHUVDJHQGH bX‰HUXQJ ]X XPIDVVHQ $XV
GHP $QWUDJ PXVV VLFK QLFKW HUJHEHQ GDVV GDV 9HUERW
XQWHU GHU 9RUDXVVHW]XQJ HLQHV EHVWLPPWHQ 9HUNHKUV
YHUVWlQGQLVVHV DXVJHVSURFKHQ ZHUGHQ VROO
)XQGVWHOOH 1-:6SH]LDO %*+ 8UW Y ± =5 )XQGVWHOOH 1-:55 II
5gÁÛ<ÏԗzÅÁgUƒÏ
6†ÁÏÅUƒ<sÏÅÁgUƒÏ
)RUWZLUNHQ GHU %HZLOOLJXQJ YRQ 3UR]HVVNRVWHQKLOIH
9Z*2 †† $EV 1U =32 †† $EV 6 $EV 1UQ ELV 'LH IU GLH JHVDPWH ,QVWDQ] KLHU %HUXIXQJVLQVWDQ]
DXVJHVSURFKHQH %HZLOOLJXQJ YRQ 3UR]HVVNRVWHQKLOIH
ZLUNW EHL HLQHU =XUFNYHUZHLVXQJ GHU 6DFKH GXUFK GDV
5HFKWVPLWWHOJHULFKW DQ GDV *HULFKW GHV XQWHUHQ 5HFKWV
]XJV IRUW
%9HUZ* %HVFKO Y ± % )XQGVWHOOH 1-: I
ÐÐx
.DUHQ]HQWVFKlGLJXQJ DXIJUXQG HLQHV :HWWEHZHUEV
YHUERWV IU HLQHQ *PE+*HVFKlIWVIKUHU ± 9HU
WUDJOLFKHU $XVVFKOXVV GHU .DUHQ]HQWVFKlGLJXQJ EHL
DX‰HURUGHQWOLFKHU .QGLJXQJ
*PE+* † +*% † (LQH 5HJHOXQJ LP $QVWHOOXQJVYHUWUDJ HLQHV *PE+*H
VFKlIWVIKUHUV ZRQDFK GLH .DUHQ]HQWVFKlGLJXQJ IU HLQ
QDFKYHUWUlJOLFKHV :HWWEHZHUEVYHUERW HQWIlOOW ZHQQ GHU
*HVFKlIWVIKUHU GXUFK VHLQ 9HUKDOWHQ $QODVV ]X HLQHU
DX‰HURUGHQWOLFKHQ .QGLJXQJ JHJHEHQ KDW LVW ZLUNVDP
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
2/* .|OQ 8UW Y ± 8 %*+ 8UW Y ± , =5 )XQGVWHOOH '% I
)XQGVWHOOH 1-: I
%HJLQQ GHV =DKOXQJVYHU]XJV LP *HVFKlIWVYHUNHKU
=DKOXQJ GXUFK %DQNEHUZHLVXQJ LVW UHFKW]HLWLJ EH
ZLUNW PLW GHU *XWVFKULIW GHV %HWUDJV DXI GHP .RQWR
GHV *OlXELJHUV
Ä$OVEDOGLJH³ $EJDEH GHU 0DKQVDFKH DQ GDV 3UR
]HVVJHULFKW
5LFKWOLQLH (* $UW $EV %XFKVW F =LII LL
'LH ]HLWOLFKH *UHQ]H IU GHP $QWUDJVWHOOHU ]XUHFKHQED
UH JHULQJIJLJH 9HU]|JHUXQJHQ NDQQ EHL $EJDEH GHU
6WUHLWVDFKH DQ GDV 3UR]HVVJHULFKW QDFK (UKHEXQJ GHV
:LGHUVSUXFKV JHJHQ HLQHQ HUJDQJHQHQ 0DKQEHVFKHLG
QLFKW DQKDQG GHU 5HJHOXQJ GHV † $EV =32 EH
VWLPPW ZHUGHQ
$UW $EV %XFKVW F =LII LL GHU 5LFKWOLQLH (* GHV (XURSlLVFKHQ 3DUODPHQWV XQG GHV 5DWHV YRP
]XU %HNlPSIXQJ YRQ =DKOXQJVYHU]XJ LP *H
VFKlIWVYHUNHKU LVW GDKLQ DXV]XOHJHQ GDVV EHL HLQHU =DK
OXQJ GXUFK %DQNEHUZHLVXQJ GHU JHVFKXOGHWH %HWUDJ
GHP .RQWR GHV *OlXELJHUV UHFKW]HLWLJ JXWJHVFKULHEHQ
VHLQ PXVV ZHQQ GDV (QWVWHKHQ YRQ 9HU]XJV]LQVHQ YHU
PLHGHQ RGHU EHHQGHW ZHUGHQ VROO
=32 †† $EV $EV %*+ %HVFKO Y ± ,,, =% )XQGVWHOOH %*+5HSRUW I
(X*+ 8UW Y ± 5V & )XQGVWHOOH '% I
3IOLFKW ]XU XPIDVVHQGHQ DQZDOWOLFKHQ 5HFKWVEHUD
WXQJ
%*% † :†Ú†ÁgUƒÏË:†Ú†©ÁàgÅÅÁgUƒÏ
=XU )UDJH GHU $QZHQGXQJ GHV Ä*HERWHV GHV VLFKHUV
WHQ :HJV³ EHL GHU DQZDOWOLFKHQ 3UIXQJ YRQ 9HUMlK
UXQJVIULVWHQ
.HLQH 9HUMlKUXQJVKHPPXQJ GXUFK EOR‰H (LQUHL
FKXQJ HLQHV 3UR]HVVNRVWHQKLOIHDQWUDJV
*LEW GHU 0DQGDQW QLFKW HLQGHXWLJ ]X HUNHQQHQ GDVV
HU QXU GHV 5DWHV LQ HLQH EHVWLPPWH 5LFKWXQJ EHGDUI LVW
GHU 5HFKWVDQZDOW YHUSIOLFKWHW LKQ XPIDVVHQG XQG P|J
OLFKVW HUVFK|SIHQG ]X EHOHKUHQ
%*% † $EV 1U 'LH (LQUHLFKXQJ HLQHV 3UR]HVVNRVWHQKLOIHDQWUDJV EH
ZLUNW NHLQH 9HUMlKUXQJVKHPPXQJ ZHQQ GDV *HULFKW
GLH %HNDQQWJDEH DQ GHQ *HJQHU QLFKW YHUDQODVVW
%HDQWUDJW GHU $QWUDJVWHOOHU XQDEKlQJLJ YRQ GHQ (U
IROJVDXVVLFKWHQ GHV 3UR]HVVNRVWHQKLOIHJHVXFKV GHVVHQ
%HNDQQWJDEH DQ GLH *HJHQVHLWH ]X YHUDQODVVHQ PXVV
GDV *HULFKW GLHVHP (UVXFKHQ HQWVSUHFKHQ
/HLWVDW] 1-:555HGDNWLRQ
%*+ 8UW Y ± ,; =5 )XQGVWHOOH 1-:55 I
9HUMlKUXQJVEHJLQQ EHL %HUHLFKHUXQJVDQVSUFKHQ
%*+ 8UW Y ± ,; =5 %*% †† )XQGVWHOOH %*+5HSRUW I
5HLFKZHLWH GHU %LQGXQJVZLUNXQJ HLQHV )HVWVWHO
OXQJVXUWHLOV ± 6FKPLHUPLWWHO
'LH IU GHQ 9HUMlKUXQJVEHJLQQ QDFK † $EV 1U %*% HUIRUGHUOLFKH .HQQWQLV RGHU JURE IDKUOlVVLJH 8Q
NHQQWQLV YRQ GHQ DQVSUXFKVEHJUQGHQGHQ 8PVWlQGHQ
XQG GHU 3HUVRQ GHV 6FKXOGQHUV VHW]W JUXQGVlW]OLFK NHLQH
]XWUHIIHQGH UHFKWOLFKH :UGLJXQJ YRUDXV 'DV JLOW DXFK
IU %HUHLFKHUXQJVDQVSUFKH QDFK GHQ †† II %*%
=32 † $EV %*+ %HVFKO Y ± ,,, =5 'LH 5HLFKZHLWH GHU %LQGXQJVZLUNXQJ HLQHV )HVWVWHO
OXQJVXUWHLOV LVW LQ HUVWHU /LQLH GHU 8UWHLOVIRUPHO ]X HQW
QHKPHQ 1XU ZHQQ GLH 8UWHLOVIRUPHO DOOHLQ QLFKW DXV
UHLFKW GLH 5HLFKZHLWH GHU %LQGXQJVZLUNXQJ ]X HUIDV
VHQ VLQG GHU 7DWEHVWDQG XQG GLH (QWVFKHLGXQJVJUQGH
HUIRUGHUOLFKHQIDOOV DXFK GDV 3DUWHLYRUEULQJHQ HUJlQ
]HQG KHUDQ]X]LHKHQ
)XQGVWHOOH 1-:55 I
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
8Q]XOlVVLJH 9HUPXWXQJ EHUDWXQJVJHUHFKWHQ 9HU
KDOWHQV
%*% † =32 † ÐÐu
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
0DFKW GHU 0DQGDQW JHOWHQG HU KlWWH EHL VDFKJHUHFKWHU
VWHXHUOLFKHU %HUDWXQJ GLH QDFKWHLOLJHQ )ROJHQ HLQHU %H
WULHEVDXIVSDOWXQJ YHUPLHGHQ LQGHP HU ZHVHQWOLFKH 7HL
OH GHV %HWULHEVYHUP|JHQV DXI VHLQH (KHIUDX EHUWUDJHQ
KlWWH PXVV HU GLHV JHP † =32 EHZHLVHQ 'LH (U
OHLFKWHUXQJ HLQHV $QVFKHLQVEHZHLVHV NRPPW LKP QLFKW
]XJXWH
%*+ 8UW Y ± ,; =5 )XQGVWHOOH 1-: II
+DQGVFKULIWOLFK EHJODXELJWH $EVFKULIW GHU QLFKW XQ
WHU]HLFKQHWHQ %HUXIXQJVVFKULIW
=32 †† 1U $EV 'HU 0DQJHO GHU 8QWHUVFKULIW LQ HLQHP DOV 8UVFKULIW GHU
%HUXIXQJ JHGDFKWHQ 6FKULIWVDW] NDQQ GXUFK HLQH JOHLFK
]HLWLJ HLQJHUHLFKWH EHJODXELJWH $EVFKULIW GLHVHV 6FKULIW
VDW]HV EHKREHQ ZHUGHQ DXI GHU GHU %HJODXELJXQJVYHU
PHUN YRQ GHP 3UR]HVVEHYROOPlFKWLJWHQ KDQGVFKULIWOLFK
YROO]RJHQ ZRUGHQ LVW
%*+ %HVFKO Y ± ;,, =% )XQGVWHOOH 1-: hEHUODVVXQJ HLQIDFK ]X HUOHGLJHQGHU $XIJDEHQ DQ
]XYHUOlVVLJHV %URSHUVRQDO
=32 †† $EV (LQ 5HFKWVDQZDOW NDQQ GLH HLQIDFK ]X HUOHGLJHQGH $XI
JDEH GHU hEHUPLWWOXQJ HLQHV IULVWZDKUHQGHQ 6FKULIWVDW
]HV SHU 7HOHID[ VHLQHP JHVFKXOWHQ XQG ]XYHUOlVVLJ DU
EHLWHQGHQ %URSHUVRQDO EHUODVVHQ (U EUDXFKW GLH $XV
IKUXQJ GHU HUWHLOWHQ :HLVXQJ QLFKW NRQNUHW ]X EHUZD
FKHQ RGHU ]X NRQWUROOLHUHQ
%*+ %HVFKO Y ± , =% )XQGVWHOOH 0'5 I
:LHGHUHLQVHW]XQJ LQ %HUXIXQJVIULVW QDFK 3UR]HVV
NRVWHQKLOIHYHUVDJXQJ ± %HGUIWLJNHLWVSURJQRVH XQG
9LHUUDWHQJUHQ]H
=32 †† $EV +DW GDV *HULFKW 3UR]HVVNRVWHQKLOIH YHUVDJW ZHLO GLH
.RVWHQ GHU 3UR]HVVIKUXQJ YRUDXVVLFKWOLFK YLHU 0R
QDWVUDWHQ XP FD (XUR XQWHUVFKUHLWHQ NDQQ LP 9HU
IDKUHQ GHU :LHGHUHLQVHW]XQJ LQ GHQ YRULJHQ 6WDQG JH
JHQ GLH 9HUVlXPXQJ GHU %HUXIXQJVIULVW GHP $QWUDJ
VWHOOHU QLFKW HQWJHJHQJHKDOWHQ ZHUGHQ HU KDEH YHUQQI
WLJHUZHLVH QLFKW PLW GHU *HZlKUXQJ YRQ 3UR]HVVNRVWHQ
KLOIH UHFKQHQ GUIHQ
%*+ %HVFKO Y ± 9,,, =% )XQGVWHOOH 1-:55 I
:LHGHUHLQVHW]XQJ QDFK 3.+(QWVFKHLGXQJ ± .DX
VDO]XVDPPHQKDQJ 0LWWHOORVLJNHLW)ULVWYHUVlXPXQJ
=32 † 9HUVlXPW HLQH PLWWHOORVH 3DUWHL GLH )ULVW ]XU %HJUQ
GXQJ GHU %HUXIXQJ VR NRPPW HLQH :LHGHUHLQVHW]XQJ LQ
GHQ YRULJHQ 6WDQG QDFK GHU (QWVFKHLGXQJ EHU GLH 3UR
]HVVNRVWHQKLOIH QXU LQ %HWUDFKW ZHQQ GLH 0LWWHOORVLJ
NHLW IU GLH )ULVWYHUVlXPXQJ NDXVDO JHZRUGHQ LVW 'LHV
LVW QLFKW GHU )DOO ZHQQ GHU EHLP %HUXIXQJVJHULFKW ]X
JHODVVHQH 5HFKWVDQZDOW EHUHLW ZDU GLH %HUXIXQJ DXFK
RKQH GLH %HZLOOLJXQJ YRQ 3UR]HVVNRVWHQKLOIH ]X EH
JUQGHQ ZDV GHU 7DWVDFKH HQWQRPPHQ ZHUGHQ NDQQ
GDVV YRU $EODXI GHU )ULVW HLQH YROOVWlQGLJH DOOHUGLQJV
DOV Ä(QWZXUI³ EH]HLFKQHWH %HUXIXQJVEHJUQGXQJV
VFKULIW HLQJHUHLFKW ZXUGH
%*+ 8UW Y ± 9, =% )XQGVWHOOH 1-: II
5HFKWOLFKHV *HK|U YRU 2UGQXQJVJHOGYHUKlQJXQJ ±
'LH ZWHQGH 5HFKWVSIOHJHULQ
*9* † %HQDFKULFKWLJXQJ EHU 3UR]HVVEUJVFKDIWVEHVWHO
OXQJ ± 1DFKZHLV GHU 6LFKHUKHLWVOHLVWXQJ
=32 †† %HL HLQHU 3UR]HVVEUJVFKDIW LVW GHU 1DFKZHLV GHU 6L
FKHUKHLWVOHLVWXQJ JHJHQEHU GHP 6FKXOGQHU HUEUDFKW
ZHQQ GHU *HULFKWVYROO]LHKHU LKP GLH %UJVFKDIWVXUNXQ
GH ]XJHVWHOOW KDW HLQ 1DFKZHLV GHU %UJVFKDIWVEHVWHO
OXQJ JHJHQEHU GHP 3UR]HVVEHYROOPlFKWLJWHQ GHV
6FKXOGQHUV LVW QLFKW HUIRUGHUOLFK
%HL GHU )HVWVHW]XQJ YRQ 2UGQXQJVPLWWHOQ QDFK † *9* JLOW GDV 2SSRUXQLWlWVSULQ]LS 'DV *HULFKW NDQQ
HLQ 2UGQXQJVPLWWHO YHUKlQJHQ HV EHGDUI DEHU QLFKW MHGH
8QJHEKU HLQHU $KQGXQJ 2UGQXQJVPLWWHO VLQG QXU GDV
lX‰HUVWH 0LWWHO YHUOHW]WHV $QVHKHQ GHV *HULFKWV ZLH
GHUKHU]XVWHOOHQ
9RU GHU 9HUKlQJXQJ GHV 2UGQXQJVJHOGV LVW JUXQG
VlW]OLFK UHFKWOLFKHV *HK|U ]X JHZlKUHQ 9RQ HLQHU $Q
K|UXQJ NDQQ QXU LQ NUDVVHQ $XVQDKPHIlOOHQ DEJHVHKHQ
ZHUGHQ 'LH XQWHUEOLHEHQH $QK|UXQJ NDQQ LQ GHU %H
VFKZHUGHLQVWDQ] QLFKW QDFKJHKROW ZHUGHQ
%*+ %HVFKO Y ± , =% 2/* .|OQ %HVFKO Y ± :V )XQGVWHOOH 1-: II
)XQGVWHOOH 1-: II
ÐÐÊ
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
:LGHUUXI GHU %H]XJVEHUHFKWLJXQJ DXV /HEHQVYHUVL
FKHUXQJ GXUFK (UEHQ GHV 9HUVLFKHUXQJVQHKPHUV
%*% †† 99* † 'LH (UNOlUXQJ GHV 9HUVLFKHUXQJVQHKPHUV JHJHQEHU
VHLQHP /HEHQVYHUVLFKHUHU HLQ 'ULWWHU VHL IU GLH 7RGHV
IDOOOHLVWXQJ EH]XJVEHUHFKWLJW EHLQKDOWHW ± EH]RJHQ DXI
GDV 9DOXWDYHUKlOWQLV ]ZLVFKHQ GHP 9HUVLFKHUXQJVQHK
PHU XQG GHP 'ULWWHQ ± UHJHOPl‰LJ GHQ NRQNOXGHQWHQ
$XIWUDJ GHP 'ULWWHQ QDFK (LQWULWW GHV 9HUVLFKHUXQJV
IDOOV GDV =XZHQGXQJVDQJHERW GHV 9HUVLFKHUXQJVQHK
PHUV ]X EHUEULQJHQ
2E GHU 'ULWWH GLH 9HUVLFKHUXQJVOHLVWXQJ LP 9HUKlOW
QLV ]X GHQ (UEHQ GHV 9HUVLFKHUXQJVQHKPHUV EHKDOWHQ
GDUI EHDQWZRUWHW JUXQGVlW]OLFK DOOHLQ GHV 9DOXWDYHU
KlOWQLV
(UODQJW GHU 'ULWWH QDFK GHP 7RGH GHV 9HUVLFKHUXQJV
QHKPHUV .HQQWQLV YRQ VHLQHU %H]XJVEHUHFKWLJXQJ XQG
IRUGHUW HU GHVKDOE YRP 9HUVLFKHUHU GLH 7RGHVIDOOOHLV
WXQJ VR ZLUG LKP HLQ 6FKHQNXQJVDQJHERW GHV 9HUVLFKH
UXQJVQHKPHUV QLFKW VFKRQ GDGXUFK EHUPLWWHOW GDVV GHU
9HUVLFKHUHU 8QWHUODJHQ ]XU 3UIXQJ GHV 6DFKYHUKDOWV
KLHU GLH hEHUVHQGXQJ GHV 9HUVLFKHUXQJVVFKHLQV XQG
HLQHU 6WHUEHXUNXQGH DQIRUGHUW
=XU $XVOHJXQJ HLQHU DQ GHQ 9HUVLFKHUHU JHULFKWHWHQ
(UNOlUXQJ QDFK GHUHQ :RUWODXW GLH (UEHQ GHV 9HUVLFKH
UXQJVQHKPHUV DOOHLQ GLH LP 'HFNXQJVYHUKlOWQLV HLQJH
UlXPWH %H]XJVEHUHFKWLJXQJ GHV 'ULWWHQ DQIHFKWHQ
† %*% LVW QLFKW DQ]XZHQGHQ ZHQQ GHU GHP %R
WHQ HUWHLOWH $XIWUDJ YRU hEHUPLWWOXQJ GHU (UNOlUXQJ DQ
GHQ (PSIlQJHU ZLUNVDP ZLGHUUXIHQ ZXUGH
%*+ 8UW Y ± ,9 =5 )XQGVWHOOH 1-: II
'LH 9HUP|JHQVQDFKWHLOH GLH HLQ .lXIHU LQIROJH HLQHU
DUJOLVWLJHQ 7lXVFKXQJ HUOHLGHW ELOGHQ XQVHOEVWVWlQGLJH
)DNWRUHQ HLQHV HLQKHLWOLFKHQ 6FKDGHQVHUVDW]DQVSUXFKV
IU VLH N|QQHQ GHVKDOE NHLQH XQWHUVFKLHGOLFKHQ 9HUMlK
UXQJVIULVWHQ JHOWHQ
%*+ 8UW Y ± 9 =5 )XQGVWHOOH 1-: 3IOLFKW GHV 5$ ]XU )ULVWHQSUIXQJ
=32 † 'HP 5HFKWVDQZDOW REOLHJW HLQH 3IOLFKW ]XU HLJHQYHUDQW
ZRUWOLFKHQ 3UIXQJ RE GDV )ULVWHQGH YRQ VHLQHU
)DFKDQJHVWHOOWHQ ULFKWLJ HUPLWWHOW ZRUGHQ LVW ZHQQ LKP
GLH $NWHQ ± HWZD DXI 9RUIULVW ± ]XU %HDUEHLWXQJ YRUJH
OHJW ZHUGHQ
%*+ %HVFKO Y ± 9, =% )XQGVWHOOH 0'5 $QZDOWVYHUVFKXOGHQ QDFK %HHQGLJXQJ GHV 0DQGDWV
=32 †† $EV 'LH =XUHFKQXQJ HLQHV $QZDOWVYHUVFKXOGHQV VHW]W GDV
%HVWHKHQ HLQHV ZLUNVDPHQ 0DQGDWV LP ,QQHQYHUKlOWQLV
YRUDXV † $EV =32 HUIDVVW GHVKDOE HLQ QDFK GHU
.QGLJXQJ GHV 0DQGDWVYHUKlOWQLVVHV OLHJHQGHV VFKXOG
KDIWHV 9HUKDOWHQ HLQHV $QZDOWV QLFKW PHKU
%*+ %HVFKO Y ± ;,, =% )XQGVWHOOH 1-: II
9HUOHW]XQJ GHV $QVSUXFKV DXI UHFKWOLFKHV *HK|U
** $UW =32 † 'HU $QVSUXFK HLQHU 3DUWHL DXI *HZlKUXQJ UHFKWOLFKHQ
*HK|UV LVW YHUOHW]W ZHQQ HLQ *HULFKW LKUHQ VFKOVVLJHQ
XQG VXEVWDQWLLHUWHQ 9RUWUDJ DOOHLQ GHVKDOE IU XQVFKOV
VLJ KlOW ZHLO LQ HLQHP YRQ LKU YRUJHOHJWHQ 6DFKYHUVWlQ
GLJHQJXWDFKWHQ DXV HLQHP DQGHUHQ 9HUIDKUHQ DXI GDV
VLH VLFK EHUXIHQ KDW QLFKW DOOH DXIJHZRUIHQHQ )UDJHQ
EHDQWZRUWHW VLQG
%*+ %HVFKO Y ± ,, =5 )XQGVWHOOH 0'5 I
(LQKHLWOLFKH 9HUMlKUXQJ IU HLQ]HOQH )DNWRUHQ GHV
6FKDGHQVHUVDW]HV
%*% D) †† 6 <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
(LQUHGH GHU 9HUMlKUXQJ JHJHQEHU 5HJUHVVIRUGH
UXQJ GHV 6R]LDOYHUVLFKHUXQJVWUlJHUV ± $QHUNHQQWQLV
GXUFK =DKOXQJ DQ *HVFKlGLJWHQ
%*% LG) ELV † 6*% † $EV %*% † =DKOXQJHQ HLQHV 6FKlGLJHUV XQG VHLQHV +DIWSIOLFKW
YHUVLFKHUHUV DQ GHQ *HVFKlGLJWHQ N|QQHQ DXFK GDQQ
HLQH $QHUNHQQXQJ GHU 6FKXOG EHLQKDOWHQ ZHQQ VLH QDFK
hEHUJDQJ GHV 6FKDGHQVHUVDW]DQVSUXFKV DXI HLQHQ 7Ul
JHU GHU 3IOHJHYHUVLFKHUXQJ HUIROJHQ
(LQHP +DIWSIOLFKWYHUVLFKHUHU GHU GXUFK =DKOXQJ HL
QHV 3IOHJHJHOGEHWUDJV DQ GHQ *HVFKlGLJWHQ EHZLUNW
GDVV GHU *HVFKlGLJWH NHLQH /HLVWXQJ DXV GHU 3IOHJHYHU
VLFKHUXQJ EHDQWUDJW XQG GHU GDPLW GLH .HQQWQLV GHV 6R
]LDOYHUVLFKHUXQJVWUlJHUV YRQ GHP (UVDW]DQVSUXFK JH
JHQ GHQ 6FKlGLJHU XQG GHVVHQ +DIWSIOLFKWYHUVLFKHUHU
ÐÐÉ
,gUƒÏÅ©ÁgUƒÔ—zÅ×LgÁņUƒÏ
YHUKLQGHUW NDQQ GLH %HUXIXQJ DXI GLH (LQUHGH GHU 9HU
MlKUXQJ QDFK 7UHX XQG *ODXEHQ YHUZHKUW VHLQ
%*+ 8UW Y ± 9, =5 6FKULIWIRUP(LQUHLFKXQJ HLQHV HOHNWURQLVFK EHU
PLWWHOWHQ 'RNXPHQWV ± %HUXIXQJVEHJUQGXQJ SHU
(0DLO
)XQGVWHOOH 1-: II
=32 †† 1U D
9HUIDVVXQJVJHPl‰H 5HJHOXQJ GHV † $EV 6 =32
** $UW $EV $EV =32 †† $EV $EV $EV (V YHUVW|‰W QLFKW JHJHQ GDV DXV $UW $EV LQ 9HUELQ
GXQJ PLW $UW $EV ** IROJHQGH *HERW GHU 5HFKWV
VFKXW]JOHLFKKHLW GDVV DXI † $EV 6 =32 JH
VWW]WH %HVFKOVVH EHU GLH =XUFNZHLVXQJ HLQHU %HUX
IXQJ HLQHUVHLWV JHP † $EV =32 XQDQIHFKWEDU
VLQG ZlKUHQG 8UWHLOH PLW HQWVSUHFKHQGHP ,QKDOW DQGH
UHUVHLWV HQWZHGHU PLW GHU 5HYLVLRQ DQJHIRFKWHQ RGHU ±
XQWHU %HUFNVLFKWLJXQJ GHU :HUWJUHQ]H GHV † 1U (*=32 ± PLW GHU 1LFKW]XODVVXQJVEHVFKZHUGH DQJH
JULIIHQ ZHUGHQ N|QQHQ
(LQH %HUXIXQJVEHJUQGXQJ LVW LQ VFKULIWOLFKHU )RUP
HLQJHUHLFKW VREDOG GHP %HUXIXQJVJHULFKW HLQ $XV
GUXFN GHU DOV $QKDQJ HLQHU HOHNWURQLVFKHQ 1DFKULFKW
EHUPLWWHOWHQ GLH YROOVWlQGLJH %HUXIXQJVEHJUQGXQJ
HQWKDOWHQHQ %LOGGDWHL KLHU 3')'DWHL YRUOLHJW ,VW GLH
'DWHL GXUFK (LQVFDQQHQ HLQHV YRP 3UR]HVVEHYROO
PlFKWLJWHQ XQWHU]HLFKQHWHQ 6FKULIWVDW]HV KHUJHVWHOOW
LVW DXFK GHP 8QWHUVFKULIWVHUIRUGHUQLV GHV † 1U =32 JHQJW
%*+ %HVFKO Y ± ; =% )XQGVWHOOH 1-: II
%HUHFKQXQJ GHU 5HLVHSUHLVPLQGHUXQJ EHL EHVRQGH
UHU 6FKZHUH HLQHV PDQJHOEHJUQGHQGHQ (UHLJQLVVHV
± %HLQDKH$EVWXU] DXI 5FNIOXJ
%9HUI* 6HQDWVEHVFKO Y ± %Y5 %*% † G $EV )XQGVWHOOH 0'5 I
%HL EHVRQGHUHU 6FKZHUH NDQQ HLQ (UHLJQLV GDV ]X HL
QHP 0DQJHO IKUW HLQH 0LQGHUXQJ UHFKWIHUWLJHQ GLH
QLFKW DXI GHQ DQWHLOLJHQ 5HLVHSUHLV IU GLH 'DXHU GHV (U
HLJQLVVHV EHVFKUlQNW LVW
9ROOVWUHFNXQJ GHV $QVSUXFKV DXI 1HQQXQJ GHV 1D
PHQV GHV .LQGHVYDWHUV
%*+ %HVFKO Y ± ; =5 )XQGVWHOOH 1-: I
=32 †† $EV 'HU WLWXOLHUWH $QVSUXFK DXI 1HQQXQJ GHV 9DWHUV GHV
QLFKWHKHOLFKHQ .LQGHV LVW LQ GHU 5HJHO DXFK YROOVWUHFN
EDU ZHLO GXUFK GLH 9ROOVWUHFNXQJ GHU (LQJULII LQ GLH
*UXQGUHFKWH GHU DXVNXQIWVSIOLFKWLJHQ .LQGHVPXWWHU
QLFKW EHU GDV 0D‰ KLQDXV YHUWLHIW ZLUG LQ GHP LKUH
JUXQGUHFKWOLFK JHVFKW]WHQ ,QWHUHVVHQ EHUHLWV GXUFK GLH
UHFKWVNUlIWLJH 9HUXUWHLOXQJ EHUKUW VLQG
(V EHJHJQHW XQWHU YHUIDVVXQJVUHFKWOLFKHQ *HVLFKWV
SXQNWHQ NHLQHQ %HGHQNHQ ZHQQ GHP 6FKHLQYDWHU GHU
PLW =XVWLPPXQJ GHU 0XWWHU GLH 9DWHUVFKDIW DQHUNDQQW
KDWWH HLQ ]LYLOUHFKWOLFKHU $QVSUXFK JHJHQ GLH 0XWWHU
DXI 1HQQXQJ GHV WDWVlFKOLFKHQ 9DWHUV ]XJHVSURFKHQ
ZLUG QDFKGHP GLH 8QZLUNVDPNHLW GHU 9DWHUVFKDIWV
DQHUNHQQXQJ UHFKWVNUlIWLJ IHVWJHVWHOOW ZRUGHQ LVW
*UHQ]HQ JHZHUEOLFKHU 1DFKIUDJH SHU (0DLO ± )&
7URVFKHQUHXWK
8:* † $EV 1U *LEW HLQ 6SRUWYHUHLQ LQ GHU 5HFKWVIRUP GHV HLQJHWUDJH
QHQ 9HUHLQV DXI VHLQHU :HEVLWH HLQH (0DLO$GUHVVH DQ
VR OLHJW GDULQ NHLQH NRQNOXGHQWH (LQZLOOLJXQJ JHZHUE
OLFKH $QIUDJHQ QDFK 'LHQVWOHLVWXQJHQ GHV 9HUHLQV PLW
WHOV (0DLO ]X HPSIDQJHQ
%*+ 8UW Y ± , =5 )XQGVWHOOH 1-: II
'D QXQPHKU GLH 8QULFKWLJNHLW GHU (UNOlUXQJ GHU 0XW
WHU EHU GLH 9DWHUVFKDIW GHV .LQGHV IHVWVWHKW LVW HV LKU
]X]XPXWHQ GXUFK $QJDEH GHV WDWVlFKOLFKHQ 9DWHUV DQ
GHU %HVHLWLJXQJ GHU GHP 6FKHLQYDWHU HQWVWDQGHQHQ
1DFKWHLOH PLW]XZLUNHQ
/HLWVlW]H XQG 1-:5HGDNWLRQ
%*+ %HVFKO Y ± , =% )XQGVWHOOH 1-: II
ÐÐl
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
5gÁ<—ÅÏ<Ïԗzц—Ûg†Åg
)DFKLQVWLWXW IU 6R]LDOUHFKW
5gÁ<—ÅÏ<Ïԗzц—Ûg†Åg
)RUWELOGXQJVYHUDQVWDOWXQJHQ QLFKW QXU IU )DFK
DQZlOWH
'LH 5HFKWVDQZDOWVNDPPHU 'VVHOGRUI VHW]W GLH HUIROJ
UHLFKH .RRSHUDWLRQ PLW GHP 'HXWVFKHQ $QZDOWVLQVWLWXW
H9 '$, IRUW XQG ELHWHW DXFK LP -DKU )RUWELO
GXQJVYHUDQVWDOWXQJHQ IU )DFKDQZlOWH XQG QDWUOLFK
DXFK IU 1LFKW)DFKDQZlOWH DQ
:LU IKUHQ LQ GHQ HLQ]HOQHQ )DFKJHELHWHQ PLQGHVWHQV
]ZHL VWQGLJH 6HPLQDUH GXUFK GLH )DFKDQZlOWHQ GLH
0|JOLFKNHLW JHEHQ LKUHU )RUWELOGXQJVSIOLFKW DXV † )$2 ]X JHQJHQ 'LH 9HUDQVWDOWXQJHQ ZHUGHQ YRQ
KRFKNDUlWLJHQ 5HIHUHQWHQ JHOHLWHW GLH GDV '$, VWHOOW
6LH ILQGHQ MHZHLOV LQ GHU =HLW YRQ 8KU ELV 8KU HQWZHGHU LP 6LW]XQJVVDDO GHU 5HFKWVDQZDOWVNDP
PHU LP ,QGXVWULH&OXE RGHU LP 0HUFXUH +RWHO 'VVHO
GRUI +DIHQ VWDWW 'LH .XUVJHEKU EHWUlJW MHZHLOV (XUR
'HWDLOOLHUWH ,QIRUPDWLRQHQ ]X GHQ HLQ]HOQHQ 6HPLQDUHQ
HQWQHKPHQ 6LH ELWWH GHP EHLOLHJHQGHQ 9HUDQVWDOWXQJVND
OHQGHU XQG GHP ,QWHUQHW ZZZUHFKWVDQZDOWVNDPPHU
GXHVVHOGRUIGH 5XEULN Ä9HUDQVWDOWXQJHQ)RUWELOGXQJ
)DFKDQZlOWH³
)DFKOHKUJDQJ 6R]LDOUHFKW +HXVHQVWDPP
7HLO ELV 7HLO ELV 7HLO ELV 7HLO ELV 7HLO ELV 7HLO ELV )DFKLQVWLWXW IU 6WHXHUUHFKW
)DFKOHKUJDQJ 6WHXHUUHFKW %RFKXP
7HLO 7HLO 7HLO 7HLO 7HLO 7HLO ELV ELV ELV ELV ELV ELV )DFKLQVWLWXW IU 6WHXHUUHFKW(UEUHFKW
3UD[LVIRUXP (UEVFKDIWVVWHXHUUHIRUP
6WXWWJDUW
)DFKLQVWLWXW IU 9HUNHKUVUHFKW
)DFKOHKUJDQJ 9HUNHKUVUHFKW +HXVHQVWDPP
(LQ $QPHOGHIRUPXODU EHILQGHW VLFK DXI GHU 5FNVHLWH
GHV 9HUDQVWDOWXQJVNDOHQGHUV 6LH KDEHQ DXFK GLH 0|J
OLFKNHLW VLFK RQOLQH XQWHU ZZZUHFKWVDQZDOWVNDPPHU
GXHVVHOGRUIGH 5XEULN Ä9HUDQVWDOWXQJHQ³ DQ]XPHOGHQ
7HLO 7HLO 7HLO 7HLO 7HLO 7HLO )DFKWDJXQJHQ GHV 'HXWVFKHQ $QZDOWVLQVWLWXWV H9
$QIUDJHQ XQG $QPHOGXQJHQ ULFKWHQ 6LH ELWWH GLUHNW DQ
)DFKLQVWLWXW IU $UEHLWVUHFKW
)DFKOHKUJDQJ $UEHLWVUHFKW %HUOLQ
7HLO ELV 7HLO ELV 7HLO ELV ELV ELV ELV ELV ELV ELV 'HXWVFKHV $QZDOWVLQVWLWXW H9
8QLYHUVLWlWVVWUD‰H %RFKXP
7HOHIRQ 7HOHID[ (0DLO LQIR#DQZDOWVLQVWLWXWGH
)DFKLQVWLWXW IU +DQGHOV XQG *HVHOOVFKDIWVUHFKW
)DFKOHKUJDQJ +DQGHOV XQG *HVHOOVFKDIWVUHFKW +HX
VHQVWDPP
7HLO 7HLO 7HLO 7HLO 7HLO 7HLO ELV ELV ELV ELV ELV ELV <””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
ÐЙ
*gÁŝ—<—<UƒÁ†UƒÏg—
>LœÀ] ,œ}iÀ
*gÁŝ—<—<UƒÁ†UƒÏg—
>ÀVˆ> >`iÀ˜]
>˜Õi ˜Ìœ˜ˆœ
ŸŽi] i˜
ÀBÌâ] >˜ˆi
:ԏ<ÅÅԗzg—
Ài˜âiL>V…] ˜˜ˆŽ>
'D HV VHLW GHP NHLQH =XODVVXQJHQ ]X EHVWLPP
WHQ *HULFKWHQ PHKU JLEW QHKPHQ ZLU LP )ROJHQGHQ QXU
QRFK HLQH 8QWHUWHLOXQJ QDFK GHU $QVlVVLJNHLW LQ GHQ
HLQ]HOQHQ /DQGJHULFKWV%H]LUNHQ YRU
œiLi˜ÃÌÀ° £>] {ä{ÇÇ ØÃÃi`œÀv
Ÿ˜ˆ}Ã>ii x™] {äÓ£x ØÃÃi`œÀv
ÀؘÜ>`] ˜`Àj
-Ì>Õvv>V…iÀÜi} {] {äÓΣ ØÃÃi`œÀv
ÞÀ] >˜ˆi
+ˆ>}i˜ -ÌÀ° £] {äÇ£ä ˆ`i˜
iVŽiÀ] ˜`Ài>Ã
À>v‡`œv‡*>Ìâ £x]
{äӣΠØÃÃi`œÀv
œÌÌvÀˆi`ÃÌÀ° £ä] xÓäÈÓ >V…i˜
LœÛΈ] 6>`ˆ“ˆÀ
ÀiˆÌi -ÌÀ° ș] {äӣΠØÃÃi`œÀv
i~ˆ˜}] >̅>Àˆ˜>
>Àˆ>
œV…ÃÌiˆ˜] ˆÀŽ
V…؈V…] >˜ˆi
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
œvv“>˜˜] Տˆ>
Ì…œvv] ˜˜iŽi
iœÀ}‡œVŽ‡-ÌÀ° n] {ä{Ç{ ØÃÃi`œÀv
Ài˜`Ì] …ÀˆÃ̜«…
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
>À}] -ˆ“œ˜i
ÀؘÃÌÀ° {Î] {äÈÈÇ iiÀLÕÃV…
>`>
>ÕiÀ] 7ˆˆ>“
Ÿ˜ˆ}Ã>ii x™] {äÓ£x ØÃÃi`œÀv
VŽiÀÃÌÀ° ÓÎ] {äÓÎÎ ØÃÃi`œÀv
>ÕiÀ] -Ûi˜ /…œÀÃÌi˜ œ…>˜˜iLjÀV…L>Փ‡-ÌÀ° Î]
{äÈÈÇ iiÀLÕÃV…
>Փ>˜˜] …ÀˆÃ̈>˜
BÀŽˆÃV…i -ÌÀ° {Ó] {äÈÓx ØÃÃi`œÀv
7ˆ…i“
iVŽiÀ] >ÀVœ
i˜˜i`Þ`>““ £Ç] {ä{ÇÈ ØÃÃi`œÀv
/iÀÃÌii}i˜ÃÌÀ° £™qΣ]
{ä{Ç{ ØÃÃi`œÀv
,œLiÀ̇-̜â‡-ÌÀ° ә]
{ä{Çä ØÃÃi`œÀv
>ÃiÀ˜i˜ÃÌÀ° £ä] {äӣΠØÃÃi`œÀv
Àœ˜i“iÞiÀ] V…ˆ“
i˜Živi˜`] />ÀiŽ
LœÕ iL`ˆ]
œâÃÌÀ° Ó] {äÓÓ£ ØÃÃi`œÀv
ÀiÌâiÀ] ŸÀ˜
iˆ˜}] ˆÛ>
¯ …gà†ÁŽ ×ÅÅg_Ás
œÀ`ÃÌÀ° ££È] {ä{ÇÇ ØÃÃi`œÀv
À>v‡`œv‡*>Ìâ £x]
{äӣΠØÃÃi`œÀv
Ÿ˜ˆ}Ã>ii {™qx£] {äÓ£Ó ØÃÃi`œÀv
iVˆˆi˜>ii x™] {ä{Ç{ ØÃÃi`œÀv
Ÿˆ˜Ž] ->˜`À>
i˜À>̅iÀ -ÌÀ° £nqÓä]
{äӣΠØÃÃi`œÀv
œÌŽiÃÌÀ° £{L] {ä{ÇÇ ØÃÃi`œÀv
œÌâ] iȘi
-iL>Ã̈>˜ÃÜi} Óä] {äÓΣ ØÃÃi`œÀv
œœÃ] À° >˜‡*…ˆˆ«« À>v‡`œv‡*>Ìâ £x]
{äӣΠØÃÃi`œÀv
œÀÃ̓>˜˜] iÀÃ̈˜
>…˜ÃÌÀ° ™] {äÓ£Ó ØÃÃi`œÀv
ŸÛiLiÀ˜`Ì]
À° ˜`Ài>Ã
>˜Ãi˜] >À̈˜ °
Ÿ˜ˆ}Ã>ii £ää] {äÓ£x ØÃÃi`œÀv
,>̅>ÕÃÕviÀ £Èq£Ç] {äӣΠØÃÃi‡
`œÀv
ˆÃV…œvv] ˜> 8ˆ“i˜> i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
՘}] i>˜ˆi
>“«] À° ->Lˆ˜i
>˜‡7ii“‡*>Ìâ £]
{äÓ£Ó ØÃÃi`œÀv
£än œÕiÛ>À` i˜iÀ> >VµÕiÃ]
ÀØÃÃi
i˜˜i`Þ`>““ £Ç] {ä{ÇÈ ØÃÃi`œÀv
Õ“] iȘi 1ÀˆŽi
؏ˆV…iÀ -ÌÀ° nä] {ä{ÇÇ ØÃÃi`œÀv
œi“Ži] Àˆi`ÀˆV…
>݈“ˆˆ>˜
œÀ}`œÀv] ˆÀŽœ
iÌ̏iÀ] À° -Ìiv>˜
>˜Ã
iˆ˜] ˆÀÃ̈˜
>À‡/…iœ`œÀ‡-ÌÀ° È]
{äӣΠØÃÃi`œÀv
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
iˆ˜iLÀiV…Ì] >Àˆœ
ŸÃi] 6>iÎ>
À>v‡`œv‡*>Ìâ £x]
{äӣΠØÃÃi`œÀv
i˜À>̅iÀ -ÌÀ° £nqÓä]
{äӣΠØÃÃi`œÀv
7>}˜iÀÃÌÀ° Î] {äÓ£Ó ØÃÃi`œÀv
ˆi`iÀŽ>ÃÃiiÀ œ…Üi} £n]
{äx{Ç ØÃÃi`œÀv
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
ÀˆÌâi] ,œ“Þ
œÕ“LÕÃÃÌÀ° Î{] {äx{™ ØÃÃi`œÀv
ÕV…] À° ˆV…>i
À>vi˜LiÀ}iÀ ii ÓÎÎ]
{äÓÎÇ ØÃÃi`œÀv
>À‡/…iœ`œÀ‡-ÌÀ° È]
{äӣΠØÃÃi`œÀv
>À‡/…iœ`œÀ‡-ÌÀ° È]
{äӣΠØÃÃi`œÀv
,ՅÀÌ>ÃÌÀ° Ó>] {äÓÎÎ ØÃÃi`œÀv
ˆiÃ}i˜] ,>ˆ˜iÀ
ÕÃi] >˜>
ÕÃÃi] >Lˆ>˜ ۜ˜
iˆŽ] >“âi
œ}i] -ˆ“œ˜i
œ…˜] "ˆÛiÀ
`i ÀÕޘ "ÕLœÌiÀ]
ŸÀ˜ iÝ>˜`iÀ
i…ˆœ] -iL>Ã̈>˜
ˆiÀŽiÃ] /…œÀÃÌi˜
ˆV…i]
ˆVœˆ˜i
À>v‡`œv‡*>Ìâ £x]
{äӣΠØÃÃi`œÀv
>Àˆi˜ÃÌÀ° £Ó] {£{ÈÓ
iÕÃÃ
-Ìiˆ˜LiVŽiÀ iˆi £]
{Ó£äÎ 7Õ««iÀÌ>
>˜Ã‡ŸVŽiÀ‡-ÌÀ° ÓÓ]
{ä{ÇÈ ØÃÃi`œÀv
œÃŽ>ÕiÀ -ÌÀ° £™] {äÓÓÇ ØÃÃi`œÀv
i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
BÀLiÀ] *>ÌÀˆVˆ>
i`܈}
i…i“>˜˜] ->ÃV…>
>>}Üi} Ó>] {£ÎxÓ œÀÃV…i˜LÀœˆV…
iVŽ] >ÀŽÕÃ
ˆ˜`i˜ÃÌÀ° Ó£Î] {äÓÎx ØÃÃi`œÀv
-V…>`œÜÃÌÀ° ££] {äÓ£Ó ØÃÃi`œÀv
Ài˜â] À° ȉiv œÃiv iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
ÕV…Ã] ˜}œ
Ðxâ
i˜À>̅iÀ -ÌÀ° £nqÓä]
{äӣΠØÃÃi`œÀv
ˆ“Ži] 9ۜ˜˜i
>˜iÌÌi
œ˜ÞÃ] …ÀˆÃ̈>˜
À>Õ~] ˜>
iÀˆ˜iÀ ii Ó£] {äÓ£Ó ØÃÃi`œÀv
ÀivˆÃ] -ŸÀi˜
i`“Ø…i˜«>Ì⠙]
{äx{x ØÃÃi`œÀv
ÀiˆÌi -ÌÀ° ș] {äӣΠØÃÃi`œÀv
i««iÀ] …ÀˆÃ̜«…
7>ÃÃiÀÃÌÀ° £Î] {äӣΠØÃÃi`œÀv
Ÿ…Ži˜] >˜ˆi
Ÿ˜ˆ}Ã>ii x™] {äÓ£x ØÃÃi`œÀv
Õ`܈}] -ŸÀi˜
i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
>ââœÌ̈] *iÌiÀ
*>Ì>˜i˜ÃÌÀ° Ç] {äÓÎÎ ØÃÃi`œÀv
iVŽi˜LœÀ}]
>̅>Àˆ˜>
ˆiVŽœ] ,>`œÃ>Ü
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
ؘÃÌiÀÃÌÀ° Ó{n] {ä{Çn ØÃÃi`œÀv
œÌˆ˜}] ˜`Ài
ÀiˆÌi -ÌÀ° ș] {äӣΠØÃÃi`œÀv
œÀ“>˜˜] …ÀˆÃ̈>˜
œi̅iÃÌÀ° Èn] {äÓÎÇ ØÃÃi`œÀv
*>“LiÀ}iÀ]
À° iÀLiÀÌ
*>Տ] À° >ÀÃÌi˜
iÝ>˜`iÀ
*iÌiÀÃ] Õ`ˆÌ…
1…>˜`ÃÌÀ° Ó`] {ännx ,>̈˜}i˜
*iÌiÀÃi˜] À° >Ìi
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
*ˆiÀi˜Ži“«iÀ] ˜˜>
iœÀ}‡œVŽ‡-ÌÀ° n] {ä{Ç{ ØÃÃi`œÀv
*ˆ˜˜i]
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
Ÿ˜ˆ}Ã>ii {™qx£] {äÓ£Ó ØÃÃi`œÀv
ˆiÃ œ…>˜˜ià Ÿ˜ˆ}Ã>ii x™] {äÓ£x ØÃÃi`œÀv
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
*gÁŝ—<—<UƒÁ†UƒÏg—
*œ…i] /ˆ“œ
1iÀ`ˆ˜}iÀ -ÌÀ° ™ä] {ä{Ç{ ØÃÃi`œÀv
,>>Ìâ] ->LÀˆ˜>
i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
,>Յ>ÕÃ]
À° iÝ>˜`iÀ
,ˆiVŽ] …ÀˆÃ̈˜i
““iÀ“>˜˜ÃÌÀ° ££] {äÓ£ä ØÃÃi`œÀv
<œ…œv n] {äÓÓ£ ØÃÃi`œÀv
ˆLˆ}] -œ˜> >Àˆ>
œ˜˜iÌ] /…œ“>Ã
,ˆiŽi˜LÀ>Վ]
*Àœv° À° >ÕÃ
,ŸÃ˜iÀ] À° /œLˆ>Ã
i˜˜i`Þ`>““ £Ç] {ä{ÇÈ ØÃÃi`œÀv
->ŽˆV] ˆÀ˜iÃ
À˜Ã̇˜œ~‡-ÌÀ° ÓÓ] {äÓ£™ ØÃÃi`œÀv
/i“>˜˜] ->Lˆ˜i
-V…iÀiˆŽ] >Ì̅ˆ>Ã
“>˜Õi‡iÕÌâi‡-ÌÀ° ££]
{äx{Ç ØÃÃi`œÀv
Ÿ˜ˆ}Ã>ii x™] {äÓ£x ØÃÃi`œÀv
7>}BÀ̘iÀ]
,œv‡ ˆiÃ
-V…i՘i“>˜˜] À°
>ÀV *iÌiÀ
-V…Ÿ˜Ž˜iV…Ì]
À° >ÀVÕÃ
-V…œÌi˜Àœi…À] >ÀV
iVˆˆi˜>ii ÇÈ] {ä{Ç{ ØÃÃi`œÀv
>…˜] -iL>Ã̈>˜
Àˆi`ÀˆV…
>“i] ˜`Ài>Ã
i˜˜i`Þ`>““ £Ç] {ä{ÇÈ ØÃÃi`œÀv
iÌÌiLiVŽÃÌÀ° È>] {ä{ÇÇ ØÃÃi`œÀv
-V…ÕL“>˜˜‡7>}˜iÀ] Ÿ˜ˆ}Ã>ii Óä] {äÓ£Ó ØÃÃi`œÀv
>ÕLjiÌiÀ
-V…ÕÃÌiÀ] >À̈˜>
>À‡/…iœ`œÀ‡-ÌÀ° È]
{äӣΠØÃÃi`œÀv
-V…܈i˜ˆ˜}] -ÕÃ>˜˜i ÀiˆÌi -ÌÀ° ș] {äӣΠØÃÃi`œÀv
-iÀ}œ] ˆŽ>
Ÿ˜ˆ}Ã>ii x™] {äÓ£x ØÃÃi`œÀv
-iÛi˜…iVŽ] /…œ“>Ã
i˜˜i`Þ`>““ £Ç] {ä{ÇÈ ØÃÃi`œÀv
-œÌiÃiŽ] >ÀV
i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
-Ì>“iÀ] À° iˆÝ
-V…Õ}] -ˆŽi
i…˜iÀÃÌÀ° Îä] {x{n£ ؏…iˆ“ >˜ `iÀ
,ՅÀˆi`ÀˆV…‡LiÀ̇-ÌÀ° ÓÓ]
{ÈxÎx ˆ˜Ã>Ži˜
>…˜ÃÌÀ° {{] {x{Èn ؏…iˆ“ >˜ `iÀ
,Յœ…i˜ÃÌÀ° Î{] {È£{x "LiÀ…>ÕÃi˜
À>˜`i˜LiÀ} È] {x{Çn ؏…iˆ“ >˜
`iÀ ,ՅÀ
>…˜ÃÌÀ° {{] {x{Èn ؏…iˆ“ >˜ `iÀ
,ՅœV…vi`ÃÌÀ° È{] {Ç£™n ՈÃLÕÀ}
¯ …gà†ÁŽ gÚg
œÌi˜] À° i“ÕÌ
œLiÃÌÀ° £ä] {ÇÈÓÎ iÛi>iÀ
iV…iÀˆ˜}] >Àii˜
-ˆi“i˜ÃÃÌÀ° Σ] {ÇxÎÎ iÛi
ŸiÀ] ->˜`À>
Ÿ˜ÃÌiÀÜi} x] {ÇÈän i`iÀ˜
5¯ …gà†ÁŽ Ágsg_
i˜Ì…] 9ۜ˜˜i
À>V>ÕiÀÃÌÀ° ™£q™Î] {ÇǙ™ Àivi`
iÀ˜>À`] Û>‡>Àˆ>
>ÀŽÌÃÌÀ° Ón] {£ÎÎ{
iÌÌiÌ>
-ÌÀ˜>`] ,iLiVV>
À>v‡`œv‡*>Ìâ £x]
{äӣΠØÃÃi`œÀv
7iˆ~i˜LÕÀ}ÃÌÀ° ÇÎ]
{ä{ÇÈ ØÃÃi`œÀv
"Ì̜‡>…˜‡-ÌÀ° Çx] {äx™£ ØÃÃi`œÀv
-ÌÀŸV…] ,iˆ˜…ˆ`
iˆV…ÃÌÀ° £{] {äÓ££ ØÃÃi`œÀv
-܈>̜ÜÞ] >Àœˆ˜i
˜˜>
/i˜Lˆi}] ˜˜iÌÌi
>ˆÃiÀÃÜiÀ̅iÀ -ÌÀ° ££™]
{ä{Ç{ ØÃÃi`œÀv
œÃÌޘˆ˜iÀ -ÌÀ° È] {äÇÈ{ >˜}i˜vi`
5¯ …gà†ÁŽ —Uƒg—z<_L<Uƒ
1ÌÃV…] À° ˆÀ>“
-V…>`œÜÃÌÀ° ££L] {äÓ£Ó ØÃÃi`œÀv
>Փ}>ÀÌ] >ÕÃ
6ˆi}i˜iÀ] À° iÀ`
iVˆˆi˜>ii x] {ä{Ç{ ØÃÃi`œÀv
6Õ /ÕÞiÌ] ˆV…
Ÿ˜ˆ}Ã>ii x™] {äÓ£x ØÃÃi`œÀv
7>}i˜“>˜˜] ÀˆÃ
i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
7>ˆÌÃV…ˆiÃ] >ÀŽÕÃ
£{] ÀÕi À>Ói °*° Ι] ÕÝi“LœÕÀ}
œiÀÌâ] ˆiÌiÀ
7>ÌiÀ] >À̈˜>
À>vi˜LiÀ}iÀ ii £Óx]
{äÓÎÇ ØÃÃi`œÀv
>Õ«ÌÃÌÀ° ÎÓ] {äÇÈ{ >˜}i˜vi`
Õ`}i˜] >À̈˜
-̜À“]
ˆV…œ>Ã
7>Ì…iÀ] ->˜`À>
7iÃÃiLÕÀ}]
iÝ>˜`iÀ
7iÌ̈V…] À° >ÀÃÌi˜
7œv] ˆÀˆ>“ Õ`ˆÌ…
7œœÜΈ] À°
˜`Ài>Ã
7œÌiÀÃ] ˆVœi
<i՘iÀÌ] -ˆŽi
œœV…Ã] À° 7œv}>˜} *>««i>ii £x] {ÇnÇÇ 7ˆˆV…
ˆiLiiÀ] ÃÌÀˆ`
ØÃÃi`œÀviÀ -ÌÀ° £Ó] {ÇnÇÇ 7ˆˆV…
iˆ˜i“>˜˜]
…ÀˆÃ̈>˜i
>ÀŽÌÃÌÀ° Ón] {£ÎÎ{
œiVŽiÀ] iÌ̈˜>
Ì>Žˆ] `i
iÌÌiÌ>
i…˜iÀ -ÌÀ° ÎÎ]
{£äș Ÿ˜V…i˜}>`L>V…
-i˜>̜Ài˜Üˆ˜Ži ™] {£Çx£ 6ˆiÀÃi˜
>}iŽÀiÕâÃÌÀ° {È]
{£äÈ£ Ÿ˜V…i˜}>`L>V…
ÀiÕâ…iÀÀi˜ÃÌÀ° £Î] {£n{{ 7i}LiÀ}
i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
,…iˆ˜L>…˜ÃÌÀ° ÓnqÎn]
{£äÈÎ Ÿ˜V…i˜}>`L>V…
-ÕÀ“>] ,>«…‡˜`Ài>à "…iÀŽˆÀV…Üi} ÈÈ]
{£äș Ÿ˜V…i˜}>`L>V…
i˜À>̅iÀ -ÌÀ° £nqÓä]
{äӣΠØÃÃi`œÀv
iœÀ}‡œVŽ‡-ÌÀ° n] {ä{Ç{ ØÃÃi`œÀv
5¯ …gà†ÁŽ 6Ô©©gÁÏ<
i`“Ø…i«>Ìâ £] {äx{x ØÃÃi`œÀv
˜ `iÀ Àiˆ…iˆÌ Óx] {ÓÈxÎ -œˆ˜}i˜
>Õ«ÌÃÌÀ° ™Ó] {äÈÈn iiÀLÕÃV…
`iœ…>˜˜‡>`ÕÃ]
>Ài˜
œÃV…] ˜}œ
Ÿ˜ˆ}Ã>ii Ç{] {äÓ£Ó ØÃÃi`œÀv
؏iÀ] ØÀ}i˜
œv>Õi ™x] {Ó£äÎ 7Õ««iÀÌ>
,Ø̅iÀ] ˜`Ài>Ã
-ˆi«i] >À`œ
¯ …gà†ÁŽ ԆÅLÔÁz
ގ>˜] ÌÕ}
Ÿ˜iÀ -ÌÀ° {Î] {Çäx£ ՈÃLÕÀ}
>À̅] œÌ…>À
,ˆiÃi˜ÃÌÀ° {] {È£{x "LiÀ…>ÕÃi˜
Õ}}iÀÌ] iˆŽi
iÌ̈˜>
˜}i] >˜Õi>
,>˜i˜LiÀ}ÃÌÀ° Èn] {Ç£ÈÈ ÕˆÃLÕÀ}
9œŽ>ÀˆL>Ã] -i“À>
>ȘœÃÌÀ° £™qÓ£] {Ó£äÎ 7Õ««iÀÌ>
œÀ`Àˆ˜} xÈ] {ÓxǙ iˆˆ}i˜…>ÕÃ
Àˆi`ÀˆV…‡LiÀ̇-ÌÀ° £{È]
{Ó££Ç 7Õ««iÀÌ>
/>ÃÌÀ° Óx] {Ó骂 -œˆ˜}i˜
ë>˜>`i ÓÈ] {È{nÎ 7iÃi
À>˜Ž] Տˆ> >̅>Àˆ˜> ˆ˜`˜iÀÃÌÀ° £Èx] {È£{™ "LiÀ…>ÕÃi˜
œœ“LiŽ] Տˆ>
œÌ…Àˆ˜}iÀÃÌÀ° ÓäÓ]
{Èä{x "LiÀ…>ÕÃi˜
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás xËÓââl
Ðx¤
*gÁŝ—<—<UƒÁ†UƒÏg—
ÅUƒÔ—zg—
>˜âi˜“؏iÀ] 6iÀ>
-V…˜iˆ`iÀ] ˆ“ˆÌÀˆ
ŸVŽ˜iÀ] >À}>ÀiÌ
-V…Տâi‡7iÏ>À˜] >ÕÇ
7œv}>˜}
-V…ÜiˆÌâiÀ] ->˜`À> °
Ÿ~] 1ÀˆV…
¯ …gà†ÁŽ
×ÅÅg_Ás
Àˆ}>Ì] À° ,ˆV>À`>
ÃV…iÀ] À° ->À>…
>˜Ã] À° `Àˆ>˜
>˜}i˜] /…œ“>Ã
i}iÀ] >Õà °
iÀ}iÀ] 6>jÀˆi
iˆ˜ÀˆV…] iˆ˜â‡Ø˜ÌiÀ
iÀÌi] Õ`}iÀ
ŸÌÌi] >ÕÃ
ˆiÀ“>˜˜] iÀ˜>`iÌÌi
Փ“iÀ] ˜`Ài>
œ}>Ìâ] >˜>
Õ~iˆ˜] Ži
œÞ>Vˆ]
>Õ«] >ÀŽÕÃ
œÀ>ÞÀ
Àˆ}œ] œÀˆÃ
ÀœÌœ…>˜˜] À˜`
*ˆÃ] 7œv}>˜}
-Ì>>ÌÃ] œÀ˜iˆ> À>˜âˆÃŽ>
,œLˆ˜iÌ] >ÌÀˆ˜
-ÌiVŽ…>˜] >Àˆi
-V…Տâ] À° iˆÝ
-Ìiˆ˜iÀÌ] />“>À>
/…œi˜˜iÃ] À>˜Ž
-Ìiˆ˜Ž>“«v] À° >˜œ
/ˆ˜Ž] À° ÀˆÃ̈˜>
/œ“ˆVˆV] À° -Ìiv>˜
7ˆÌ̎œ««] -ˆ“œ˜i
5¯ …gà†ÁŽ
—Uƒg—z<_L<Uƒ
<ˆi}iÀ] ˜}i
iVŽiÀ] ˜}iˆ˜>
7i…À…>…˜] >ˆ
iˆ˜}iÀÃ] œÌ…>À
ÕV……œâ] ˜`Ài>Ã
iˆ˜‡7œvv] -ˆ“œ˜i
ÕÀ}] À° ˆV…>i
œV…] i˜Ã‡>À܈˜
ØȘ}] >Վi
Ø««iÀÃ] À° 7œv…>À`
¯ …gà†ÁŽ
ԆÅLÔÁz
>LÀœÜ] >˜ˆi
i`Õj] ŸÀ}
ˆiLÃV…] iÀÃ̈˜
ŸL] À° Ài}œÀ
iˆiÀ] À° ˜Ži
-V…“ˆ`Ì] 7ˆ˜vÀˆi`‡>˜Ã
i˜i݈`œÕ] ˜˜>
-ÌÀBÌiÀ] À° œ…>˜˜
iÞiÀ] *iÌÀ>
6œ“iÀ] iˆŽœ
ˆ˜œÌ…] >À̓ÕÌ
7iÌâi] >Ì̅ˆ>Ã
iˆV…] À° -Ûi˜>
ÀiÏiÀ‡i˜â] iˆŽi
ÀiÜÃ] À° ˆÃ>Li̅
“`i] ï˜>
˜}iÃ] ÕÌÌ>
>À“œ˜Ì] Û>
iˆÌ∘}iÀ] iÝ>˜`iÀ
ˆi`i] >Õà 7iÀ˜iÀ
ˆÃV…iÀ] ØÀ}i˜
iˆÃV…vÀiÃÃiÀ] >À̈˜
ÀŸ…ˆV…] À° ˆV…>i
œii] œÌÌvÀˆi`
>i~i˜] ˜`Ài>
7œv] Տˆ>˜i‡>Àˆ>
*>ŽÕ>] À° iÀˆLiÀÌ
*v>vv] À° >ÀŽÕà ˆV…>i
,iâœÀˆ] À° iÝ>˜`iÀ
-V…ˆ`iÀ] ˆV…>i
-V…“>œÜÎÞ] 1À°
/…œ“>Ã
ØVŽˆ˜}] >À̈˜
-Ÿ…˜}i˜] >̅ˆ>Ã
ÀBṎ}>“] ˜>
>““] -ˆ“œ˜i
5¯ …gà†ÁŽ
Ágsg_
iˆÌâiÀ] ˜`Ài>
"i«i˜] œÌ…>À
7>ÌiÀ] i“ÕÌ œÃiv
<—_zgÁ†UƒÏ
6Ô©©gÁÏ<
ˆi`ˆ˜}“iˆiÀ] À° ÀˆŽ>
>viÀÌ] À° ˆiÌÀˆV…
ˆiÃi}>˜}] 1viÀÌ
¯ …gà†ÁŽ
gÚg
*iÀ}>˜`i] >˜>
-ˆ“œ˜] >Ã̈>˜
Li] ˆÀŽ
-̟VŽi] Ýi
ÀŸ˜iÀÌ] ,iˆ˜iÀ
/…iˆ˜iÀ] ˆÀVœ
†ÏÏg —†UƒÏ ÚgÁzgÅÅg—q
$QZDOWVVXFKH
(LQWUDJHQ YRQ Ä7HLOEHUHLFKHQ GHU %HUXIVWlWLJNHLW³
† %25$ XQG 6SUDFKNHQQWQLVVHQ
XQWHU ZZZUDNGGRUIVXFKGLHQVWGHEDFNHQG
6XFKHQ QDFK 5HFKWVDQZlOWLQQHQ XQG 5HFKWVDQZlOWHQ
GLH DXI EHVWLPPWHQ 5HFKWVJHELHWHQ WlWLJ VLQG XQGRGHU
EHU EHVWLPPWH 6SUDFKNHQQWQLVVH YHUIJHQ
XQWHU ZZZUHFKWVDQZDOWVNDPPHUGXHVVHOGRUIGH
5XEULN Ä$QZDOWVVXFKH³
ÐxÓ
.DQ]OHL XQG 6WHOOHQE|UVH
(LQVWHOOHQ HLQHU HLJHQHQ Ä$Q]HLJH³ PLW HLQHP $QJHERW
RGHU *HVXFK XQWHU ZZZUHFKWVDQZDOWVNDPPHU
GXHVVHOGRUINDQ]OHLERHUVHGHEDFNHQG
6XFKH QDFK Ä$Q]HLJHQ³
XQWHU ZZZUHFKWVDQZDOWVNDPPHUGXHVVHOGRUIGH
5XEULN Ä.DQ]OHL XQG 6WHOOHQE|UVH³
<””gÁ†ÏÏg†Ô—zg— , ×ÅÅg_Ás {ÉÓään
A !*EA%3@0H/@H*9 ,! 5&9
H%/(! ,!A!A /AA,.!@A %I@ 0HAE!@+
(I/E,(! !*EA(!AE/EH1( (,E *1!1
I!@ 59PPP !L*@E! K,!/%*
!@6@3E! HAE!@ H1 3@0H/@! H%
.EH!//!0 E1 1 ,! 19 @M,A+
(!@!*E ,1 !,1!0 19
,1%I*@!1! 0HAE!@!O3(!1! @+
/HE!@H1(!1 ,1 -!!0 6,E!/ *!/%!1
*1!1 A,* H* ,1 !*EA(!,!E!1
A*1!// OH@!*EOH%,1!1 ,! *1!1
1,*E A3 (!/H%,( A,1 H1 !@04(+
/,*!1 *1!1 ,1 -!!0 // ,! 6!@%!.+
E! 16AAH1( !,1!A HAE!@A 1 !1
.31.@!E!1 !(!/H1(AA*K!@*/E9
,! HE3@!1 !,1! (!/H1(!1!
,A*H1( !@%*@!1!@ H1 K!@A,!@E!@
@.E,.!@ HA //!1 @!/!K1E!1 !@H%!1
H1E!@AEIEO!1 ,! 0,E L!@EK3//!1
H@0C(1!@C@E011 "%
% *, '6 -#33 6% 5;;/ 5,4/
#3' 9#$)')-&3 , #'$%, &#3 '
6.3-' *5( , (/"4";";/;;"4
@M,AE,66A H1 *,/%@!,*!1 *!.+
/,AE!19 A (,E O*/@!,*! 3AE!11+
[email protected](!1 H1 ,1L!,A! H% AE!H+
!@/,*! 31A!;H!1O!19 H@OH0 #
0,E !0 !*EA%3@0H/@H* .41+
1!1 //! @!,E!1 !*EA1L/E!
3E@! 1E!@1!*0!1A-H@,AE!1
E!H!@!@E!@ ,@EA*%EA6@I%!@9
!@ ,! 0,E(!/,!%!@E! AE!*!1
*1!1 ,! HAE!@ H1 3@0H/@!
1EI@/,* H* %I@ !1 ,1,K,H!//!1
,1AEO 0 OH@ !@%I(H1(9
,1%* A*1!// H1 .30%3@E!/
.411!1 A,! K!@1!@E !@!,E!E
H1 ,1 *@! !,(!1!1 E!,!1 I!@+
1300!1 L!@!19
A !*EA%3@0H/@H*9 ,1%*
./AA!$ ,! L@?A 0,E !,1!@ !A!6@3!<
&&&"%
%
" HA%I//!1 H1 %M!1 '$ $ # ##
,* !AE!//! 0,E 5'+E(,(!0 I.(!@!*E H@0C(1!@C@E011 "%
% *, 6% #'$%, &#3 ' 6.3-' *5( +%6. -.'$).3', (/"4";";/;;"4
0!
E@)!
@E
!/!%31
M
EH0
1E!@A*@,%E
2CP"
! A E ! / / ! 1 , ! ! , * @ ! @ H * * 1 / H 1 ( 3 ! @ ! , 0 ! @ / ( @9 E E 3 * 0 , E : 3 A E % * & 5 5 P G B : & P 2 ' B 4 / 1
,1 H* K31 @.E,.!@1 %I@ @.+
EN6,A*! !*/!@;H!//!1 H1 !,1!
E,.!@ 0,E !0 ,! ,1 -!!0 //
@%3/( K!@A6@!*!1! @3O!AA+
,0 1H0@!*!1 OH0 @,*E,(!1
%I*@H1(9 !11 ,! HE3@!1 A,1
@(!1,A .300!19
6@M,A!@%*@!1! 6!O,/,AE!1 ,!
!!1 !@ HA%I*@/,*!1 !+
(!1H L,AA!1 LA !@ @.E,.!@
*1/H1( A0E/,*!@ 1E!@*/EA+
K31 !,1!0 A3/*!1 H* !@L@E!E9
1A6@I*! H1 !@!1 @,*E,(!@
!/AEK!@AE1/,* ,AE A 1+
!@!*1H1( O!,(!1 *1!1 ,!
H* @H1H0 H% 1!H!AE!0 E19
HE3@!1 ,1 L!,E!@!1 6,E!/1 H*
A *!,)E ,! (!A0E! !%3@0
L,! 01 A,! H)!@(!@,*E/,* H1
6@3O!AAH/ !@%3/(@!,* H@*A!EOE9
A (,E K,!/! [email protected],A*! !,+
!A 1E!@*/EA@!*EA # A0E !@
%I@ ,! @M,A A3 L,*E,(!1 1!H!1
IAA!/3@%!@ !//! # ,AE ,1 ,!
A6,!/! L,! !EL ,! OH@ @,*E,(!1
.EH!//! H%/(! !@!,EA .306/!EE
!@!*1H1( !A 1E!@*/EA9 ,!
!,1(!@!,E!E9
%,1!1 6@M,A!@6@3E! HAE!@
*,/%@!,*! *!./,AE!1 H1 L!@E+
K3//! @M,A*,1L!,A!9 H0 !,+
A6,!/ H% (!!,(1!E! E@E!(,!1
*,1(!@C@,!A*!CA* 1+
*,1(!@C@,!A*!CA* % "
"" 1+
A6@I*! !@!*1H1( E@E!(,!1 H@*A!EOH1(9 )' #!3-#'
& -%#' -, 3 !#' - )-., #!3- & -%#' ,,
-!- -#.! 6' #!3-#' & -%#' -, ' ).!, , '6 -#33 6% 5;; /5 #3' 9#$)'"
)-&3 , (; , (/"4";"/(0"0
H* 1E!@*/EA@!*E9 !EOE !AE!//!1$
!A!6@3!< &&&"""
=
" HA%I//!1 H1 %M!1 '$ $ # # #
,* !AE!//! 0,E 5'+E(,(!0 I.(!@!*E *,1(!@C@,!A*!CA* % "
"" , 6% , (; +%6. -.'$).3', (/"4";"/(0"0
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
0!
E@)!
@E
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
!/!%31
M
EH0
1E!@A*@,%E
'CP"
! A E ! / / ! 1 , ! ! , * @ ! @ H * * 1 / H 1 ( 3 ! @ ! , 0 ! @ / ( @9 E E 3 * 0 , E : 3 A E % * & 5 5 P G B : & P 2 ' B 4 / 1
/EQQIV1MXXIMPYRKIR 6%/ (‚WWIPHSVJ ,! .EH!//! H%/(! ,!A!A /A+
A,.!@A K30 HE3@ !@ A 30+
6HE!@@!*E (!6@(E *E L,! .!,1
1!@!@ !@A*/,!)E *1!1 L,!!@
ANAE!0E,A* H1 K!@AE1/,*
-!!A @3/!0 0,E !0 ,! !,0
@L!@ 3!@ ,1AEO K31 *!HE! .31%@31E,!@E L!@!1 .41+
1!19 A !@. ,AE 6@M,A3@,!1E,!@E
!L!(E A,* L,AA!1A*%E/,* H%
*4*AE!0 ,K!H H1 ,AE # L,!
,00!@ # @,*EH1(L!,A!19
A 1H* LH@! OH0
@3)E!,/ .306/!EE 1!H !@!,E!E
H0 *!0!1 L,! ,! - 8)'
"#.36' ' H1 )&+63-.3-"
-!3 !@!,*!@E H1 A6,!(!/E !M.E
,! !@O!,E,(! !E@,!/,*! @M,A
!@ @1*! L,!@9
!@ !,1 !E,//,!@E!A E,*L3@E+
K!@O!,*1,A .300!1 ,! A*1!//
, !'#- % " +!@E@(A@!*E
7!*EA6@!*H1( !@E@(A(!AE/EH1(8 E!1A*HEO
!*EAA*HEO9 )' -), -, )!' !'#-, , 6% 5;;( 5,54 #3' 9#$)')-&3 , */( ,
(/"4";"0;(4"
" HA%I//!1 H1 %M!1 '$ $ #
=
,* !AE!//! 0,E 5'+E(,(!0 I.(!@!*E
K31 -!!0 @3/!0 OH A!,1!@
4AH1(9 1A*H/,*! !,A6,!/!
!@/!,*E!@1 A !@AE11,A .30+
6/!M!@ HA00!1*1(!9 @/HE!@E!
HAE!@E!ME! H1 @E!,/AO,EE! K!@+
!,1%*!1 ,! A,*!@! HA(!AE/+
EH1( EN6,A*!@ !@E@(!9 1 ,0
1*1( %,1!1 ,! H% @H1 5&P
!,E!1 .306/!EE! !@E@(A!,A6,!/!
H1 HAE!@9 3*!1 *1!,!@
1H* !A +!*EA 0)+
(!A*1!,!@E %I@ H@,AE!19
!11 ,! /A3 H* 1* 1!H!A+
E!@ !*EA/(! !, !@ !AE/EH1(
!@*1/H1( 3!@ !@6@I%H1(
K31 !@E@(!1 A,*!@ (!*!1 L3//!1
.300!1 ,! 1 !@ !HH%/(!
.H0 K3@!,9 K31 I@%!1 ,!
A,* (!@1 A!/AE I!@O!H(!19 H0
!,A6,!/ 0,E !,1!@ ./!,1!1 !A!+
6@3!9 &&&"""
# #
9 *1!,!@ % " , 6% ,
*/( +%6. -.'$).3', (/"4";"0;(4"
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
0!
E@)!
@E
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
!/!%31
M
EH0
1E!@A*@,%E
5PCP"
! A E ! / / ! 1 , ! ! , * @ ! @ H * * 1 / H 1 ( 3 ! @ ! , 0 ! @ / ( @9 E E 3 * 0 , E : 3 A E % * & 5 5 P G B : & P 2 ' B 4 / 1
/ER^PIM YRH 7XIPPIRF}VWI
.DPPHUPLWJOLHGHU DEHU DXFK ZHLWHUH 3HUVRQHQ 5HFKWVDQZlOWH DXV HLQHP DQGHUHQ .DPPHUEH]LUN $VVHVVRUHQ
5HIHUHQGDUH 6WXGHQWHQ VRZLH $QJHK|ULJH HLQHV VR]LHWlWVIlKLJHQ %HUXIV KDEHQ GLH 0|JOLFKNHLW HLQHQ QHXHQ
6R]LXV RGHU $QJHVWHOOWHQ HLQHQ -RE HLQHQ 6WDJHQ RGHU 3UDNWLNXPVSODW] QHXH .DQ]OHLUlXPH HWF ]X VXFKHQ
XQG ]X ILQGHQ
$Q]HLJHQVFKOXVV IU $XVJDEH $Q]HLJHQSUHLV
=HLOHQEUHLWH
&KLIIUH$Q]HLJHQ
&KLIIUH*HEKU
SUR =HLOH ¼ %HUHFKQHW ZHUGHQ PLQGHVWHQV =HLOHQ ¼ PP
]XVlW]OLFK =HLOHQ ¼ ]XVlW]OLFKHU =HLOHQEHGDUI IU &KLIIUH7H[W
¼ ,KUHQ $Q]HLJHQWH[W ULFKWHQ 6LH ELWWH DXVVFKOLH‰OLFK SHU (0DLO DQ DQ]HLJHQ#RWWRVFKPLGWGH
%LWWH EHDFKWHQ 6LH 7H[WH RKQH 7HOHIRQ1XPPHU RGHU $GUHVVH HUVFKHLQHQ DXWRPDWLVFK XQWHU &KLIIUH
$OOH 3UHLVH YHUVWHKHQ VLFK ]X]JOLFK 0Z6W
:LU ZHLVHQ GDUDXI KLQ GDVV DOOH $QJDEHQ XQG 'DWHQ QDFK EHVWHP :LVVHQ HUVWHOOW ZHUGHQ (V ZLUG MHGRFK NHLQH
*HZlKU IU GHUHQ 9ROOVWlQGLJNHLW XQG 5LFKWLJNHLW EHUQRPPHQ )U GLH ,QKDOWH VLQG GLH MHZHLOLJHQ ,QVHUHQWHQ
YHUDQWZRUWOLFK
9HUODJ 'U 2WWR 6FKPLGW $Q]HLJHQDEWHLOXQJ *DEULHOH -RLVWHQ 7HOHIRQ "### %%
'" #% )" #%% # %
&# #!
)" ( % ("
& "%
*& #%* )##!
% # #"% ! ("
%& #& (
&%## %"
#* " "
%# & "
(*%"& " "
# )))!%"
&"%!
!@ (@3)! @%3/( ,!A!A 1H*A
!@H*E H% A!,1!0 !A31!@!1 31+
O!6E9 A !*1!/E A (!A0E! ,!E+
@!*E HA !@ 1L/EA6!@A6!.E,K!
H1 3@,!1E,!@E A,* !, .31A!;H!1E
0 EN6,A*!1 1( !A 1EA9
30 !@AE!1 !A6@* ,A OH@ !+
I*@!1@!*1H1( L,@ *1!1 //!A
1 ,! 1 (!(!!1 LA ,! @H+
*!1 H0 ,! 1E!@!AA!1 *@!@ /,!1+
E!/ 36E,0/ H@*OHA!EO!19 1 0E!+
@,!//!@ L,! ,1 6@3O!AAH/!@ ,1A,*E9
/A !@0,!E!@+ 3!@ ,!E!@1L/E9
0%AA!1 .300!1E,!@E! *!.+
/,AE!1 K!@*,1!@1 AA ,! ,1 @!*E+
/,*!@ 3!@ EEA*/,*!@ ,1A,*E
!ELA K!@(!AA!1 3!@ I!@A!*!19
HAE!@%3@0H/,!@H1(!1 *!/%!1 *1!1
36E,0/! !@E@(A(!AE/EH1(!1 OH
!1EL,.!/19 306/!M! HA00!1+
IEO!1.,@*!1 7@A(98 &
"
% ""
-6. ' 8)' -, %6. 73:'$#-!',
-#33 8)' *4 -!-'' -$3#$-' #& #3-!3,
4, 6% 5;;/ 5, #3' 9#$)')-&3 ,
*5( , (/"4";"*;("5
*1(! L!@!1 0,E 1A*H/,*!1
!,A6,!/!1 K!@!HE/,*E9 !//!1 ,1
+3@0 !@/!,*E!@1 *1!1 !1 0+
(1( 0,E !@ HAH%!@1!1 AH,AE,.9
1 !A (,E L,!!@ -!! !1(! ,66A
!@ 6@M,A!@%*@!1!1 HE3@!1 OH@
-!L!,/A @,*E,(!1 E@E!(,! H1 .E,.9
A !@. LH@! (@H1/!(!1
I!@@!,E!E H0 1!H! 6,E!/ !@+
L!,E!@E H1 @H1H0 H% !1 .EH!//!1
E1 (!@*E9
=!@!,EA ,1 !@ F9 H%/(! !@A*,!+
1!1 !1EL,.!/E A,* A 1L/EA+
*1H* ,!E@!*E 0!*@ H1
0!*@ OH !,1!0 E1@L!@. H1
/AA,.!@ H1E!@ !1 ,00!@ O*/+
@!,*!@ L!@!1!1 0,!E@!*E/,*!1
,E!/19>
6-36. 33-' #' )# 41;/
!A!6@3!< &&&"""
" HA%I//!1 H1 %M!1 '$ $ # ##
,* !AE!//! 0,E 5'+E(,(!0 I.(!@!*E IEO!1.,@*!1 7@A(98 &
"
% "" 4, 6% , *5( +%6. -.'$).3', (/"4";"*;("5
0!
E@)!
@E
!/!%31
M
EH0
1E!@A*@,%E
"CP"
! A E ! / / ! 1 , ! ! , * @ ! @ H * * 1 / H 1 ( 3 ! @ ! , 0 ! @ / ( @9 E E 3 * 0 , E : 3 A E % * & 5 5 P G B : & P 2 ' B 4 / 1
((( !! %(! &"'%%) * *# !
%! ! &!"% %!"!&
" !(!%!!
Fly UP