Vierteljahreshefte für freie Geschichtsforschung, 5.

Jahrgang, Heft 3, September 2001

VffG, Jahrgang 2, Nr. 2, Juni 1998, 82 Seiten ISSN: 1370-7507
Appell an unsere Unterstützer · Kurzwellen-Entlausungsanlagen in Auschwitz · Die ›Gaskammern‹ von Majdanek · »Ein Kommentar ist

Vierteljahreshefte
an dieser Stelle überflüssig« · Auschwitz: Krema-Zerstörung als Propaganda-Bremse · Das Detail · Die »Gaskammer« von Auschwitz I ·
Wiedergutmachung: Korrektur eines Fehlurteils · Der Mythos von der Vernichtung Homosexueller im Dritten Reich · Guido Knopp: Meister
der Gehirnwäsche · Deutschland und seine Neurosen · Zweifeln verboten, fragen verboten, zitieren verboten!
VffG, Jahrgang 2, Nr. 3, September 1998, 82 Seiten

für freie
Wer zu spät kommt, den bestraft das Leben · »Schlüsseldokument« ist Fälschung · Dokumentation eines Massenmordes
· Verdrängte Schiffskatastrophen · Vatikan und »Holocaust«: »Komplizenschaft« zurückgewiesen · R. Graham und Revisionismus ·
Lügen über Waffen-SS-Division · Auschwitz Sterbebücher · Auschwitz-Überleben · Kriegsgerüchte · »Vor dem Lesen vernichten!«
· Falsche Erinnerungen überall – nur nicht in der Zeitgeschichte · J. W. Goethe knapp BRD-Zensur entgangen · Ein Schritt zurück
in polizeistaatliche Intoleranz.

Geschichtsforschung
VffG, Jahrgang 2, Nr. 4, Dezember 1998, 82 Seiten
Zensoren und Zensierte · Cremonini-Preis 1999 · »Gasdichte« Türen in Auschwitz · Kurzwellen-Entlausungsanlage, Teil 2 · Redefreiheit,
dissidente Historiker und Revisionisten, Teil 1 · Aus Kriegspropaganda werden historische »Tatsachen« · 1944: Schreckensjahr im Kaukasus
· »Holocaust in neuem Licht« – Hintergrundinformationen · Repression gegen Dissidenten in Schweiz · Eine Zensur findet nicht statt, es sei
denn... · Liste eingezogener Schriften · Dänisches Zeugen-Potpourri.
VffG, Jahrgang 3, Nr. 1, März 1999, 120 Seiten
Deutschlands Historiker anno 1999 · Eine Fallstudie früher integrierter Kriegführung · Redefreiheit…, Teil 2 · Rückblick
auf den Revisionismus · Wie die Siegerpropaganda aus Bäckereien »Krematorien« schuf · »Zur Bestreitung des
Holocaust – Fakten und Motive« · Geschichte und Pseudogeschichte · Die 1998’er Konferenz in Adelaide, Australien · Das Rudolf 5. Jahrgang • Heft 3 • September 2001
Gutachten in der Kritik, Teil 2 · Pyrrhussieg in der Schweiz für die jüdische Gedankenpolizei · Die Wilkomirski-Pleite · Fragen an
die UNESCO zum Thema Auschwitz.
VffG, Jahrgang 3, Nr. 2, Juni 1999, 120 Seiten
Große Zeiten erfordern große Maßnahmen · Kriegsgründe: Kosovo 1999 – Westpreußen 1939 · Partisanenkrieg und Repressaltötungen · Der
Erste Holocaust anno 1914-1927 · Polnische Bevölkerungsverluste während des Zweiten Weltkrieges · Der Lebensweg eines tschechischen „den Holocaust hat es nie gegeben“:
»Partisanen« · Geschichte und Pseudogeschichte, Teil 2 · Versuche der Widerlegung revisionistischer Thesen · Woher stammt eigentlich der Der Schuß ins eigene Knie, S. 244
David-Stern? · Gewißheit um Werner Heisenberg · Irrtümer, Lügen und Unsinn über Wagner · Über den Abfall eines jüdischen Revisionisten ·
Redefreiheit…, Teil 3 · Zensur und Willkür ohne Ende · Kristallnacht in Barcelona, u.v.a.m.
VffG, Jahrgang 3, Nr. 3, September 1999, 120 Seiten Revisionismus und Zionismus:
Vom Sinn dieser Zeitschrift · Das KL Stutthof · Der große Patentraub · Wlassow in neuem Licht · Die Wandlungen der Totenzahl von
Auschwitz · Wieviele Tote gab es im KL Auschwitz? · Über das Schicksal der Juden Deutschlands 39-45 · Der unbekannte Hunger-Holocaust ·
Neues aus Palästina, S. 248ff.
Sowjetische Bildfälschungen · Gehirnwäsche: Britische Propaganda 39-45 · Aufstieg und Fall des Charles A. Lindbergh · Die Entrechtung der
Sudetendeutschen durch die Beneš-Dekrete · Konrad Henlein und die sudetendeutsche Frage · Grenzen der Naturwissenschaft · Wahnwelten
Finkelstein redet Tacheles, S. 250
· Redefreiheit…, Teil 4 · Jürgen Graf: Urteil von Appelationsgericht bestätigt, u.v.a.m.
VffG, Jahrgang 3, Nr. 4, Dezember 1999, 120 Seiten Sport im KZ:
Fern-Akademie für freie Geschichtsforschung · Fremdarbeiter im Dritten Reich · Deutsche Zwangsarbeit und ihr Entschädigung · Verweigerte
Gerechtigkeit · Ist Amerika seit 250.000 Jahren besiedelt? · Wer waren die wirklichen Ureinwohner Amerikas? · Geschichtlicher Hintergrund Schwimmbad in Auschwitz, S. 254
und Perspektive in der „Holocaust“-Kontroverse · Die Holocaust-Religion · 100 Millionen Opfer des Kommunismus: Warum? · Wie
war das in Kulmhof/Chelmno? · Sinti und Roma · Peenemünde und Los Alamos · Die Entmachtung der deutschen Vertriebenen – letzter
Akt · „Deutsche Geschichtsschreibung“ · Bundesprüfstelle verweigert Political Correctness · Deutschsprachiges über den Holocaust Marschall Pétain, Retter Frankreichs:
im Internet · Wissenschaft oder Ideologie? Ende des tragischen Helden, S. 255
VffG, Jahrgang 4, Nr. 1, Juni 2000, 120 Seiten
Zensoren zensieren? · Pseudo-Experten · D. Irving ./. D. E. Lipstadt · Van Pelt auf den Zahn gefühlt · Aus dem Gerichtsprotokoll ·
Architektonische Stümpereien · Gutachter- und Urteilsschelte · »Schlüsseldokument« – eine alternative Interpretation · Vergasungslügen gegen Sowjetunion im 2. Weltkrieg:
Deutschland · Ein Verfahrenstechniker zu Vergasungsbehauptungen · Treblinka archäologisch betrachtet · Großbritannien – Aggressorstaat Nr.
1 · Wie Churchill den 3. Weltkrieg gegen Stalin plante · Englands Kriegsgründe für den 2. Weltkrieg · Der rätselhafte General A.A. Wlassow
Der finnische Winterkrieg, S. 262
· Einheit 731: wie man einen Holocaust zum Verschwinden bringt · Die Einkreisung Deutschlands · Echte Geschichte · Freispruch für Fall Barbarossa, um Europas Überle-
polnischen Historiker · Prozeß gegen Dr. Toben · Aus der Forschung: Zweierlei Kronzeugen · u.a.m.
ben, S. 270
VffG, Jahrgang 4, Nr. 2, August 2000, 120 Seiten
Von der Angst · Holocaust-Orthodoxie · Zum Gedenken an W. Pfeifenberger · Zum Gedenken an R. Elstner · Deutschland – ein
Sommer-Alptraum · Rebellion · Was geschah mit nach Auschwitz deportierten, unregistrierten Juden? · “Schon 1942 wußte man, , daß…” · ½Westalliierte Kriegsverbrechen:
Leichenkeller von Birkenau · Elie Wiesel: Serienlügner · Das üben wir bis zur Vergasung! · Claude Lanzmann – ein Lügner! · Eine andere
Gaskammer-Besichtigung · Juden unter NS-Herrschaft · Der geheimnisvolle Tod von H. Himmler · WK II: Wessen Krieg war es? · Leistungen
Die Ardennenschlacht, S. 279
der Wehrmacht zur Rettung von Flüchtlingen · Galileo Galilei · Verleihung des Cremonini-Preises · Implementierung einer neuen Weltreligion
· Nazifizierung der Deutschen · Ideologische Versuchung · Unsere jüdischen Wurzeln? · u.a.m. Churchill, Teil 2, S. 293
VffG, Jahrgang 4, Nr. 3&4 (Doppelnummer), Dezember 2000, 232 Seiten (als Einzelheft € 30,-)
Deutschland, ein Ganzjahres-Alptraum · War das 20. Jahrhundert ein „deutsches“ Jahrhundert? · Revisionistische
Britische Kriegsverbrechen, S. 305
Wiedergeburt · Der Kongreß der Verfolgten · Historische Vergangenheit und politische Gegenwart · Was widerfuhr den ungarischen Juden?
· Bombenschutzeinrichtungen in Birkenau: Eine Neubewertung · Berichte zum KL Auschwitz · Amtlich sanktionierter Betrug in Dachau Ex Occidente Lux:
· Der Giftmordfall Marie Besnard · „Swing tanzen verboten“ · Das Ende von U 85 · Eine Armee von Nieten · Washington oder Wilson? ·
Entstehungsgeschichte des jüdischen Volkes · Wilhelm II. und T. Herzl · Sieg der verlorenen Revolution · u.a.m.
Nordische „Mumien“ in China, S. 317
Castle Hill Publishers

VffG, Jahrgang 5, Nr. 1, Mai 2001, 120 Seiten

Revisionismus und Zionismus · Großbritannien, die Juden und Palästina · Grobbritanniens Propagandanetz in den Vereinigten Staaten
zwischen den beiden Weltkriegen · US-Intrigen zur Ausweitung des Zweiten Weltkriegs · Das Roosevelt-Vermächtnis und der Fall Vergessene Holocaust-Opfer: Einige wenige der ungezählten
Kent · Der totale Krieg · Alliierte Pläne zur Ausrottung des deutschen Volkes · Gräberschändung auf bundesdeutsche Anordnung · Opfer des alliierten Bombenterrors gegen die europäische Zivil-
Vergewaltigte Elie Wiesel deutsche Mädels? · Der Holocaust begann anno 1648 · Die Shoah: Fiktives Abbild und bloßer Glaube? · Esquire bevölkerung: Bei lebendigem Leibe verbrannt und vergast.
Magazine berichtet über Revisionismus · Einige Fälle von physischer Bedrohung und Gewaltanwendung gegen Revisionisten · Jagd
auf Germar Rudolf, Teil 2 · »Die Strafbarkeit des Auschwitz-Leugnens« · Imitationen und Fälschungen zum Holocaust · Mythen und
Legenden des transatlantischen Sklavenhandels.
VffG, Jahrgang 5, Nr. 2, Juli 2001, 120 Seiten
Von Beirut nach Amman · Beirut: Die unmögliche revisionistische Konferenz · Die Geschichte eines Forums, das nicht stattfinden sollte
· Die Führer der islamischen Staaten sollten ihr Schweigen zum „Holocaust“-Betrug brechen · Auswirkung und Zukunft des Holocaust-
Revisionismus · Zyklon B, Auschwitz und der Prozeß gegen Dr. Bruno Tesch · Eine Neubewertung Churchills – Teil 1 · Dr. Joseph Goebbels
und die „Kristallnacht“ · Die Wiege der Zivilisation am falschen Ort? · Ein Volk gibt es unter uns… · Realität und Wirklichkeit · Der Angler, der
Karpfen und der Revisionist · Jagd auf Germar Rudolf, Teil 3 · Aus der Forschung · Bücherschau · Leserbriefe · In Kürze

€ 15,- pro Einzelheft bei Nachbestellung (€ 13,75 im Normalabo); Sammelbände (Leinen) Jahrgänge 1997 & 1998: € 60,- ;
Jahrgänge 1999 & 2000: € 70,-; Preise zuzüglich € 1,- Porto & Verpackung für jede angefangene € 12,50 in Europa. PO Box 118, Hastings TN34 3ZQ, Großbritannien
Bitte richten Sie Ihre Bestellung an: Castle Hill Publishers, PO Box 118, Hastings TN34 3ZQ, Großbritannien
 Vierteljahreshefte für freie Geschichtsforschung
Herausgeber, Verlag und Vertrieb: Castle Hill Publishers, PO Box 118, Hastings TN34 3ZQ, Großbritannien
Gegründet: im Sommer 1996, Erstausgabe März 1997
Chefredaktion: Dipl.-Chem. Germar Rudolf
Fremdsprachenredaktion: Jürgen Graf
Lektorat: Patricia Willms
Fax: +44-1825-764253
E-Post: Redaktion: VffG@vho.org; Verlag: chp@vho.org; Abos & Einzelhefte: vffgorder@vho.org
Internetz: http://www.vho.org/VffG
Anzeigen: Liste vom 15.10.1997; bitte fordern Sie unsere Media-Daten an (www.vho.org/VffG/MediaDaten.pdf).
ISSN: 1370-7507
Erscheinungsweise: vierteljährlich, nach Möglichkeit jeweils
März, Juni, September, Dezember.
Umfang: zur Zeit etwa 120 Seiten DIN A4 gebunden.
Jahresbezug:
– Normal-Abo: inkl. Versand: € 55,- (3-Jahres-Abo: € 150,-).
– Vorzugs-Abo: Lehrlinge, Arbeitslose, Sozialhilfeempfänger,
Wehr- und Zivildienstleistende oder Rentner mit kleinem
Einkommen (Nachweis erforderlich) € 38,- (3 J.: € 96,- ).
– Förder-Abo: € 100,- (3 Jahre: € 270,- ).
– Frei-Abo: Spender mit einem jährlichen Spendenaufkommen
≥€ 55,- erhalten VffG für ein Jahr gratis, werden jedoch
danach gebeten, das Abo in ein Normal-Abo umzuwandeln.
Einzelverkaufspreis: € 15,-*
Probeheft: aktuelles Heft: € 6,-; Erstausgabe: € 3.*
Werbeexemplare: Bei Bedarf können wir Ihnen Werbeexem-
plare sowie Werbematerial für VffG zukommen lassen. Bitte
wenden Sie sich dazu an die Redaktion.
Versand: außerhalb Großbritanniens per Luftpost, Porto und
Verpackung sind inklusive.
Zahlungsbedingungen: 60 Tage rein netto.
Zahlungsweise:
– bar: vorzugsweise €, SF, £ oder US$.
Voraussetzungen für den Abdruck von Artikeln in den Vierteljahresheften für freie Geschichtsforschung:
Inhaltliche Voraussetzungen:
Themengebiete: Geschichte, insbesondere Zeitgeschichte;
daneben auch Meinungs- und Forschungsfreiheit. Nach
Möglichkeit neuartige, bisher unveröffentlichte Berichte,
Übersichtsartikel bzw. Forschungsergebnisse;
Stil: systematischer Aufbau; sachlich; Belegung von Tat-
sachenbehauptungen; merkliche Trennung von Meinung und
Tatsachenbehauptungen.
Äußere Voraussetzungen: Aus naheliegenden Gründen drucken
wir Beiträge gegebenfalls auch unter Pseudonymen ab, die
wir selbstverständlich streng vertraulich behandeln. Anonym
zugesandte Beiträge, die ebenfalls willkommen sind, können
nur veröffentlicht werden, wenn sie inhaltlich annähernd
druckreif sind.
Es besteht keine Umfangsbeschränkung für eingereichte
Beiträge. Beiträge, die merklich 10 Seiten in unserer Zeitschrift
überschreiten (etwa 50.000 Zeichen, bzw. 9.000 Wörter),
müssen damit rechnen, in mehrere Teile zerlegt in aufein-
anderfolgenden Ausgaben publiziert zu werden. In solchen
Fällen ist dafür zu sorgen, daß der Beitrag eine Gliederung
aufweist, die eine solche Teilung erlaubt.
Beiträge von zwei Seiten Länge oder mehr sollten mit
Abbildungen versehen sein, um den Text aufzulockern
(Buchumschläge behandelter Werke, Dokumenten-Faksimiles,
Portraits behandelter Personen und evtl. der Beitragsautoren,
Autorvorstellungen, Bilder historischer Ereignisse etc.).
* zuzüglich €1,- Porto & Verpackung für jede angefangene € 12,50 der Gesamtbestellung.
– Schecks; vorzugsweise ausgestellt auf Germar Rudolf:
• im Geltungsbereich des Euro in €.
• in £ nur, wenn Scheck von britischer Bank!
• in US$ nur, wenn von kanadischer oder US-Bank!
– online per Kreditkarte: www.vho.org/chp.
– Überweisung: unsere Bankverbindungen in Deutschland,
England und den USA teilen wir Ihnen gerne auf Anfrage
vertraulich mit.
Kündigung: 3 Monate vor Ablauf des Bezugszeitraumes,
ansonsten Verlängerung um ein (bzw. 3) Jahr(e).
Urheberrecht: Abdruck der Beiträge nur nach Vereinbarung
gestattet. Alle Rechte vorbehalten.
Tantiemen: Wir zahlen jenen Wissenschaftlern, die unter
Verfolgung leiden, ein Honorar für Beiträge, die in unserer
Zeitschrift publiziert werden. Dies scheint uns der angemes-
senste Weg zu sein, wie ihnen geholfen werden kann.
Unterstützung: Sollten Sie unsere Arbeit wertvoll finden, so
bitten wir Sie herzlich, uns nach Kräften zu unterstützen, sei
es durch Abonnements, die Übernahme von Patenschaften,
die Vermittlung neuer Abonnenten und Interessenten oder gar
durch Spenden. Spendenüberschüsse fließen zu 100% in die
Erforschung wichtiger geschichtlicher Fragen.
Vorgehensweise: Mit Ausnahme anonym zugesandter Beiträge
werden Korrekturbögen nach Erfassung zugesandt, ein
Recht auf Abdruck entsteht dadurch nicht. Das eventuelle
Erscheinungsdatum behält sich die Redaktion vor. Ein
Autorenhonorar wird nur gezahlt, falls der Autor unter
gesellschaftlicher und/oder staatlicher Verfolgung wegen
seinen Meinungsäußerungen leidet. Es wird jeweils nur ein
Belegexemplar versandt. Auf ausdrücklichen Wunsch können
bis zu fünf Belegexemplare zugesandt werden.
Daten: Wir bevorzugen Daten auf Diskette (PC, evtl. auch
MAC, 3,5”/1,44MB und ZIP/100 oder 250 MB). Die Datei-
formate der üblichen Textverarbeitungsprogramme können in
der Regel alle verarbeitet werden, vorteilhaft sind jedoch aus
Gründen der Portabilität Dateien des Formats *.rtf (Rich Text
Format). Wir selbst verwenden bevorzugt MS Word97/2000
sowie PageMaker 6.5/InDesign (MS Publisher und Quark
Express können gelesen werden). Bitte senden Sie Ihre
Manusripte nicht per Fax, da dies ein automatische Erfassung
(OCR) erschwert. Bilder können sowohl in allen gängigen
Bildformaten auf Diskette als auch im Original zugesandt
werden.
3,5”-Disketten sowie unverlangte Manuskripte werden
nicht zurückgesandt, verlangte Original-Manuskripte und
Abbildungen nur auf ausdrückliche Bitte.
Falls Sie mit diesen Bedingungen einverstanden sind,
erwarten wir gerne Ihre Arbeiten.
Bestellschein Abonnement und/oder Probehefte
† Ja, ich möchte Abo(s) der Vierteljahreshefte für freie Geschichtsforschung (VffG) beziehen. Ich weiß, daß sich
Wenn Sie den Umschlag dieses VffG-Heftes nicht zerschneiden wollen,
mein Abo automatisch verlängert, wenn ich nicht mindestens 3 Monate vor Ablauf kündige. Bitte kreuzen Sie das Abo Ihrer Wahl
an. Sie können die fällige Summe in bar oder per Scheck beilegen, andernfalls erhalten Sie eine Rechnung:
kopieren Sie diese Seite einfach und füllen Sie die Kopie aus.
Bezugszeitraum: 1 Jahr (4 Hefte) 3 Jahre (12 Hefte)
Förderabo: † € 100,- (25,00/Heft) † € 270,- (22,50/Heft)
Normal-Abo: † € 55,- (13,75/Heft) † € 150,- (12,50/Heft)
Vorzugsabo*: † € 38,- (9,50/Heft) † € 96,- (8,00/Heft)
* Für Azubis, Arbeitslose, Sozialhilfeempfänger, Wehr- bzw. Zivildienstleistende oder Rentner mit kleinem Einkommen (Nachweis nicht vergessen!).
† Ja, ich möchte Probeexemplar(e) der Erstausgabe (VffG Nr. 1/1997) zum Schnupperpreis von je nur € 3,- (beiliegend
in bar oder Briefmarken) beziehen.
† Ja, ich möchte Probeexemplar(e) der zur Zeit aktuellen Nummer von VffG zum Schnupperpreis von je nur € 6,- (beiliegend
in bar, Briefmarken, oder als Scheck) beziehen.
Meine Abonnementbestellung kann ich innerhalb einer Woche
Name (ab Datum des Poststempels) schriftlich widerrufen. Mit meiner
zweiten Unterschrift bestätige ich, von diesem Widerrufsrecht
Kenntnis genommen zu haben:
Straße/Postfach
PLZ Wohnort
Datum Unterschrift
Datum Unterschrift
H
VffG bietet Ihnen außerdem die Möglichkeit, einem Freund, einem Verwandten oder einer öffentlichen Institution (z.B.
öffentliche oder Universitätsbibliothek) ein Geschenk- bzw. Patenabonnement zu vermachen. Falls Sie ein derartiges
Abo einrichten wollen, wenden Sie sich bitte an uns.
Zudem besteht die Möglichkeit, daß Sie auf Ihr eigenes Abo einen Nachlaß erhalten, wenn es Ihnen gelingt, für VffG
einen neuen Leser zu werben. Sobald der von Ihnen vermittelte neue Abonnent seine Rechnung beglichen hat, haben
Sie als Vermittler ein Anrecht darauf, daß sich Ihr Abonnement um zwei (bei Förderabonnenten um eine) Ausgabe(n)
pro geworbenen Neuleser kostenlos verlängert.
Haben Sie etwas verpaßt? Dann bestellen Sie doch einfach nach!
VffG, Jahrgang 1, Nr. 1, März 1997, 58 Seiten
Offenkundigkeit · Zyklon B – eine Ergänzung· Selbstassistierter Holocaust-Schwindel · Französischer Hersteller von
Holocaust-Giftgas? · Bilanz der Affäre Garaudy/Abbé Pierre · Historiker gesteht: Keine Beweise für Nazi-Gaskammern!
· Zur Legalität von Geiselerschießungen im Kriege · Vor 25 Jahren: Ein anderer Auschwitzprozeß · Englands jüdisches
Oberkommando vor Gericht · Loyalität · Juden in Wehrmachtsuniform · Guido Knopp und die historische Wahrheit ·
Kandidaten für den Cremonini-Preis · Zur Wissenschaftsfreiheit in Deutschland · Bücherverbrennung in Deutschland
heute · »Prawda«: Der Holocaust ist ein Mythos.
VffG, Jahrgang 1, Nr. 2, Juni 1997, 74 Seiten: bald wieder erhältlich!
Aufgeschnappt · Die Wannsee-Konferenz · Wieviele Juden überlebten den Holocaust? · Sonderbehandlung · Die
Gespensterkrankheit · Das Loch in der Tür · Das Tagebuch der Anne Frank · Der unbefohlene Völkermord · Seit 1983
gilt: Völkermord durch Telepathie · Ein KGB-Novellist: Gerald Fleming · Revisionismus im Cyberspace · Focus,
Monitor und die historische Wahrheit · Revisionistische Gutachten · Das Rudolf Gutachten in der Kritik · Zur Lage des
Holocaust-Revisionismus · Aktion Troja · Völkermord ist nicht gleich Völkermord · Deutschland verletzt die Freiheit der
Meinungsäußerung · Bücherverbrennung in Deutschland.
VffG, Jahrgang 1, Nr. 3, September 1997, 90 Seiten: bald wieder erhältlich!
Pseudohumanistische Heuchler · Holocaust: Dieselmotorabgase töten langsam · Revisionisten haben Luftüberlegenheit
· Auschwitz-Kronzeuge Dr. Hans Münch im Gespräch · „Wissenschaftler“ am Werk · Abraham Bomba, der Friseur von
Treblinka · Auschwitz: Die Paradoxie der Erlebnisse · Geschichtliche Korrekturen · Über die Feigheit des Establishments
· Über den Mut von Einzelgängern · Grundlagen zur Zeitgeschichte: Gutachterliche Stellungnahme · Ziviler Ungehorsam
in der Justiz? · Büchervernichtung in Deutschland.
VffG, Jahrgang 1, Nr. 4, Dezember 1997, 82 Seiten: bald wieder erhältlich!
Verbotene Erkenntnisse gefährlicher Wissenschaft · Rudolf Gutachten: »psychopathologisch und gefährlich« · Technik
und Arbeitsweise deutscher Gasschutzbunker im Zweiten Weltkrieg · Volksverhetzung? Volksverhetzung! · Sauna ein
»Verbrechen«? · Was geschah den 75.000 aus Frankreich deportierten Juden? · Die Juden von Kaszony · Wieviel Gefangene
wurden nach Auschwitz gebracht ? · Himmlers Befehl, die Vergasung der Juden zu stoppen · Einige Anmerkungen zur
NS-Sprache gegenüber den Juden · Christopher Browning: Ein unwissender Experte · Ein Deutscher Soldat in Auschwitz
und Buchenwald · Aus der Forschung · Über die Ignoranz der deutschen Elite · Die Menschenrechtsorganisationen und der
Revisionismus · Büchervernichtung in Deutschland
VffG, Jahrgang 2, Nr. 1, März 1998, 82 Seiten
Sie drehen durch · Grundwasser im Gelände des KGL Birkenau (Auschwitz) · Die »Gasprüfer« von Auschwitz · Ein
Akt der Solidarität · Zweimal Dachau · Irren-Offensive · Einige Anmerkungen zu jüdischen Bevölkerungsstatistiken ·
Revisionistisches aus unerwarteter Ecke · Ein Australier in Auschwitz · Die Affäre Papon-Jouffa-Faurisson · Maurice Papon
und Yves Jouffa: zweierlei Maß? · Milliarden Franc den Juden geraubt… oder von Marschall Pétain? · Büchervernichter
und ihre Opfer · 451 Grad Fahrenheit · Vom Holocaust Museum ausgeladen: Schriftsteller spricht beim Nationalen
Presseclub · Aus der Forschung.
€ 15,- pro Einzelheft bei Nachbestellung (€ 13,75 im Normalabo); Sammelbände (Leinen) Jg. 1997 & 1998: € 60,- ;
Jg. 1999 & 2000: € 70,-; Preise zuzüglich € 1,- Porto & Verpackung für jede angefangene € 12,50 in Europa.
Bitte richten Sie Ihre Bestellung an: Castle Hill Publishers, PO Box 118, Hastings TN34 3ZQ, Großbritannien


,QKDOW

*UR‰WHUURULVPXVXQGGLH)ROJHQ 
9RQ'LSO&KHP*HUPDU5XGROI
ÄGHQKRORFDXVWKDWHVQLHJHJHEHQ³
9RQ*HUPDU5XGROI
$XVFKZLW]ZLHHVZLUNOLFKZDUÂ(LQH3URMHNWYRUVWHOOXQJ
9RQ*HUPDU5XGROI&DUOR0DWWRJQR:HUQHU5DGHPDFKHU0LFKDHO*lUWQHU-UJHQ*UDI
1HLQ]XU=HQVXU1HLQ]XP)DQDWLVPXV
9RQ0DUN:HEHU
*UR‰HU(UIROJGHV2IIHQHQ%ULHIHVDQDUDELVFKH,QWHOOHNWXHOOHYRP,QVWLWXWHIRU+LVWRULFDO5HYLHZ
$UDELVFKHU,QWHOOHNWXHOOHUJHJHQ=HQVXUYRQ'U,EUDKLP$OORXVK 
1RUPDQ)LQNHOVWHLQEHU-XGHQ$QWLVHPLWLVPXVXQG,VUDHO 
9RQ$QJHOD6FKQHLGHU
'LH5HYLVLRQLVWHQVLQGVFKZHU]XZLGHUOHJHQ 
9RQ3URID''U5REHUW)DXULVVRQ
'DV6FKZLPPEDGLP6WDPPODJHU$XVFKZLW]
9RQ3URID''U5REHUW)DXULVVRQ
'LH.UHX]LJXQJYRQ)UDQNUHLFKV5HWWHU 
9RQ+DUU\(OPHU%DUQHV
'HUILQQLVFKH:LQWHUNULHJYRQ 
9RQ6WHSKHQ5DSHU
8QWHUQHKPHQ%DUEDURVVDXQG(XURSDVhEHUOHEHQ 
9RQ'DQLHO0LFKDHOV
'LH$UGHQQHQVFKODFKW±HLQNOHLQHUSHUV|QOLFKHU$XVVFKQLWW 
9RQ&KDUOWRQ0RQFULHI
(LQH1HXEHZHUWXQJ&KXUFKLOOV±7HLO
9RQ3URI'U5DOSK5DLFR
%ULWLVFKH.ULHJVYHUEUHFKHQ
9RQ9LYLDQ%LUG
'DV5lWVHOGHUZHL‰HQÄ0XPLHQ³YRQhUPFKL 
9RQ'U$OH[DQGHU-DFRE
0|JOLFKH9HUZDQGWHGHU.HOWHQLQ:HVWFKLQDHQWGHFNWYRQ-RKQ7LIIDQ\ 
0DOQDFKJHGDFKW 
9RQ'LSO,QJ:HUQHU5DGHPDFKHU
'LH/JHQXQVHUHU=HLW 
9RQ%DXUDWKF'LSO,QJ:DOWHU/IWO
Ä'LH5HGHXQG3UHVVHIUHLKHLWLVWDEJHVFKDIIW³
9RQ'U2OLYHU%HFNVWHLQ
'HU)DOO*DPOLFK 
9RQ0DJ$OIRQV%DXHU
'LH1HXVHHODQG6DJD
9RQ5REHUW+&RXQWHVV3K'
7HUURU6ROLGDULWlWVYHUZHLJHUXQJDOV6LFKHUKHLWVULVLNR
9RQ5ROI-RVHI(LELFKW0$
$XVGHU)RUVFKXQJ
'HU)DOO-HGZDEQHXQGGDV9HUERWVJHVHW]YRQ%DXUDWKF'LSO,QJ:DOWHU/IWO
(ULQQHUXQJHQDQHLQHQ.ULHJGHUQLHPDOVVWDWWIDQGYRQ$QGUHD6FKQHLGHU
%FKHUVFKDX
'LH'HILQLWLRQGHV+RORFDXVWlQGHUWVLFKYRQ5LFKDUG$:LGPDQQ 
'HU=XJIlKUWVFKRQ±VDQIWHU5HYLVLRQLVPXVLQ'lQHPDUNYRQ'U&KULVWLDQ/LQGWQHU
+LPPOHU'LHQVWWDJHEXFKXQG+LWOHUV%HIHKO]XU$XVURWWXQJGHU-XGHQYRQ'USKLO,OVH6FKLUPHU9RZLQFNHO 
/HVHUEULHIH 
,Q.U]H 

9II*ÂÂ-DKUJDQJÂ+HIW 


*UR‰WHUURULVPXVXQGGLH)ROJHQ
9RQ'LSO&KHP*HUPDU5XGROI

'LHVFKUHFNOLFKHQ7HUURUDQJULIIHDXIGDV:RUOG7UDGH&HQWHU
XQG GDV 3HQWDJRQ YRP  6HSWHPEHU  KDEHQ DXFK GLH
5HGDNWLRQ GHU 9LHUWHOMDKUHVKHIWH IU IUHLH *HVFKLFKWVIRU
VFKXQJQLFKWJDQ]XQEHUKUWJHODVVHQ'LHV,KQHQGDU]XOHJHQ
IKOHQ ZLU XQV YHUSIOLFKWHW GHQQ HV HUNOlUW QLFKW QXU GLH
6FKZLHULJNHLWHQ GLH ZLU KDWWHQ GLHVH $XVJDEH EHUKDXSW
KHUDXVJHEHQ]XN|QQHQVRQGHUQZLUIWDXFKHLQEH]HLFKQHQGHV
/LFKWDXIGLH:HOWLPDOOJHPHLQHQLQGHUZLUOHEHQ
)UGLHVH$XVJDEHYRQ9II*ZDUHQ]ZHL%HLWUlJHYRUJHVHKHQ
GLH EHU HLQHQ LQWHUHVVDQWHQ MXULVWLVFKHQ )DOO EHULFKWHQ GHU
VLFK ]XU =HLW LQ GHQ 86$ HQWIDOWHW 'LH +DXSWYHUKDQGOXQJ
GLHVHV )DOOHV VROOWH (QGH 6HSWHPEHU VWDWWILQGHQ MHGRFK OLHI
GDQQVFKOLH‰OLFKDOOHVDQGHUVDEGDDXIJUXQGGHV=XVDPPHQ
EUXFKV GHV /XIWYHUNHKUV *HULFKWVGRNXPHQWH LKU =LHO QLFKW
UHFKW]HLWLJ HUUHLFKWHQ XQG VFKOLH‰OLFK VRJDU 7HLOH GHV *H
ULFKWVSHUVRQDOV DXIJUXQG PDVVLYHU 6LFKHUKHLWVNRQWUROOHQ HUVW
VHKUYHUVSlWHW]XP7HUPLQHUVFKHLQHQNRQQWHQ(VNDPGDKHU
]XHLQHU9HUWDJXQJGHVJDQ]HQ)DOOHVZHVKDOEZLUXQVYHUDQ
OD‰W VDKHQ GLH YRU ,KQHQ OLHJHQGH LP 6HSWHPEHU EHUHLWV LP
'UXFN EHILQGOLFKH $XVJDEH DQ]XKDOWHQ XQG GLH GHQ )DOO EH
WUHIIHQGHQ %HLWUlJHDXIHLQHVSlWHUH$XVJDEH]XYHUVFKLHEHQ
XQGKLHUGXUFKDQGHUH]XHUVHW]HQ:LUELWWHQGDKHUXP9HU
VWlQGQLV GD‰ GLHVH $XVJDEH HWZDV YHUVSlWHW EHL ,KQHQ HLQ
JHKW
,FK VHOEVW ZDU YRQ GHQ (UHLJQLVVHQ LQ 1HZ <RUN EHWURIIHQ
ZDV LFK ]XP $QOD‰ QHKPHQ GDUI XP GLH 'LQJH KLHU HLQPDO
HLQ ZHQLJ XQWHU GLH /XSH ]X QHKPHQ GHQQ HV JLEW QLFKW QXU
XQWHU 'HXWVFKODQGV Ä5HFKWHQ³ (OHPHQWH GLH RIIHQEDU QLFKW
EHJULIIHQKDEHQZDVVLFKKLHUDEVSLHOWYJOGHQ%HLWUDJYRQ
ILQDQ] GHQ LP :RUOG 7UDGH&HQWHUV:7&DUEHLWHQGHQ$Q
JHVWHOOWHQXQWHU]XVFKLHEHQ
'RFKODVVHQ6LHPLFKGDV3UREOHPQRFKHWZDVGHXWOLFKHUPD
FKHQ LQGHP LFK HV DXI HLQH SHUV|QOLFKH (EHQH VWHOOH ZR HV
KRIIHQWOLFKDOOHPHLQH/HVHUQDFKYROO]LHKHQN|QQHQ
(LQH)UHXQGLQYRQPLUGLHLQHLQLJHQ0RQDWHQPHLQH]ZHLWH
)UDX VHLQ N|QQWH VWDPPW DXV 0DQKDWWDQ ,KUH )DPLOLH OHEW
Q|UGOLFKGHV:7&%HVDJWH)UHXQGLQEHIDQGVLFKDP0RUJHQ
GHV'LHQVWDJVGHP6HSWHPEHULQ0DQKDWWDQLQHL
QHP 5HVWDXUDQW ZHQLJH .LORPHWHU YRP :7& HQWIHUQW )U
GHQ 1DFKPLWWDJ KDWWH VLH PLW HLQHU)UHXQGLQHLQHQ(LQNDXIV
EXPPHO LQ GHQ (LQNDXIVHWDJHQ GHV :7& JHSODQW $XV EH
NDQQWHQ *UQGHQ LVW HV GD]X GDQQ QLFKW PHKU JHNRPPHQ
1RFKHLQH:RFKH]XYRUKDWWHLFKPLWGHP*HGDQNHQJHVSLHOW
VLH QDFK 1HZ <RUN ]X EHJOHLWHQ :DV ZlUH QXQ JHZHVHQ
ZHQQ«"
'HU$QVFKODJKDW8QVFKXOGLJHJHW|WHWXQGHUKlWWHDXFKPLFK
W|WHQ N|QQHQ HLQHQ *HJQHU GHU 86$X‰HQSROLWLN XQG HLQHQ
6\PSDWKLVDQWHQ GHU Y|ONHUUHFKWOLFK JHGHFNWHQ )RUGHUXQJHQ
GHUDUDELVFKHQ9|ONHU:HQQDOVRMHPDQGLUJHQGZR6FKDGHQ
IUHXGHEHUGDVHPSILQGHWZDVLQ$PHULNDJHVFKDKVRP|JH
HUGRFKELWWHGDUEHUQDFKGHQNHQZDVHUYRQMHPDQGHPKDO
WHQZUGHGHU6FKDGHQIUHXGHEHUHLQH*HZDOWWDWHPSILQGHW
GXUFKGLH6RKQRGHU7RFKWHU(KHIUDXRGHU(KHPDQQ)UHXQG
RGHU )UHXQGLQ XPNDPHQ 'HU JUXQGOHJHQGVWH PHQVFKOLFKH
$QVWDQG XQG GLH ZLFKWLJVWHQ PHQVFKOLFKHQ (PSILQGXQJHQ
$Q]HLJH
5-(LELFKWVRQGHUQDXFKXQWHUGHQ5HYLVLRQLVWHQ
$XIGLH)UDJHREGLH%HNlPSIXQJGHV5HJLPHVYRQ6DGGDP
+XVVHLQ GXUFK XPIDVVHQGH (LQIXKUER\NRWWH GHQ 7RG YRQ HL
QHU KDOEHQ 0LOOLRQXQVFKXOGLJHULUDNLVFKHU.LQGHUUHFKWIHUWL
JHEHDQWZRUWHWHGLHGDPDOLJH86$X‰HQPLQLVWHULQ0DGHOHLQ
$OEULJKWHLQVWPLWMD
)UDJH ª:LU KDEHQ JHK|UW GD‰ HLQH KDOEH 0LOOLRQ .LQGHU
JHVWRUEHQLVW>DOV)ROJHGHU6DQNWLRQHQJHJHQGHQ,UDN@,FK
PHLQH GDV VLQG PHKU .LQGHU DOV LQ +LURVKLPD JHVWRUEHQ
VLQG>«@,VWHVGLHVHQ3UHLVZHUW"©
$OEULJKW ª>«@ :LU GHQNHQ GD‰ HV GDV ZHUW LVW© 86
3ROLW)HUQVHKPDJD]LQ0LQXWHV
'LH$PHULNDQHUEH]HLFKQHQGHUDUWLJH6FKlGHQDOVªFROODWHUDO
GDPDJH©1XQKDEHQVLHGDVHUVWH0DOLQLKUHU*HVFKLFKWHGLH
HUVWHQHLJHQHQGHUDUWLJHQ6FKlGHQ]XEHNODJHQ]XJHIJWYRQ
HLQHPXQVLFKWEDUHQXQGXQEHNDQQWHQ)HLQG
(VJLEW]\QLVFKH6WLPPHQGLHEHKDXSWHQLPPHUKLQVHLHQGLH
86$ MD HLQH 'HPRNUDWLH XQG VRPLW GDV 9RON GLUHNW YHUDQW
ZRUWOLFKIUGLH$X‰HQSROLWLNGHU86$(VPVVHGDKHUGDPLW
UHFKQHQIUGLHVH3ROLWLN]XU9HUDQWZRUWXQJJH]RJHQ]XZHU
GHQ'LH%UJHUGHV,UDNGDJHJHQOHEWHQLQHLQHU'LNWDWXUXQG
N|QQWHQVLFKLKUHV)KUHUVQLFKWHUZHKUHQ
'LHVH$UJXPHQWDWLRQLVWYHUIKUHULVFKDEHUJHQDXVRLUUHIK
UHQG GHQQ GLH 86$ VLQG HLQH 3OXWRNUDWLH ZR QXU 3UlVLGHQW
ZHUGHQ NDQQ ZHU GDV Ä*UR‰H *HOG³ KLQWHU VLFK ZHL‰ 2KQH
GLH8QWHUVWW]XQJGXUFKGLHLP%HVLW]YRQ*UR‰LQGXVWULHXQG
+RFKILQDQ] EHILQGOLFKHQ 0HGLHQ XQG RKQH GLH )LQDQ]LHUXQJ
GHV 0XOWL0LOOLRQHQ WHXUHQ :DKONDPSIHV ZLUG QLHPDQG LQ
GHQ86$DXFKQXUHLQ3UlVLGHQWVFKDIWVNDQGLGDW(VLVWGDKHU
]XPLQGHVWQDLYGLH9HUDQWZRUWXQJIUGLH3ROLWLNGHU+RFK

 9II*ÂÂ-DKUJDQJÂ+HIW

VROOWHQ HLQH VROFKH 6FKDGHQIUHXGH JDU QLFKW HUVW DXINRPPHQ
ODVVHQ
(V LVW LPPHU QRFK XQJHZL‰ ZHU KLQWHU GLHVHP $QVFKODJ
VWHFNW DEHU DOOH 9HUGDFKWVPRPHQWH ZHLVHQ DXI LVODPLVFKH
)XQGDPHQWDOLVWHQKLQ/HW]WOLFKNRPPWHVDEHUJDUQLFKWGDU
DXI DQ ZHU GLH 8UKHEHU VLQG :HU GLH XQVFKXOGLJHQ 2SIHU
YRQ'UHVGHQXQG+LURVKLPDEHNODJWGDUIDXFKQLFKWHLQH6H
NXQGH ODQJ 6FKDGHQIUHXGH EHU GLH JHQDXVR XQVFKXOGLJHQ
2SIHU YRQ 1HZ <RUN XQG :DVKLQJWRQ YHUOLHUHQ QXUZHLOHU
GLH86$X‰HQSROLWLNQLFKWPDJ
6HLWGHP6HSWHPEHUJHKWGLH$QJVWXPLQGHQ86$0DQ
IUFKWHWIUGLH=XNXQIWGDV6FKOLPPVWH7HUURULVWHQN|QQWHQ
HLQH LQ HLQHU <DFKW HLQJHVFKPXJJHOWH $WRPERPEH LQ 1HZ
<RUNH[SORGLHUHQODVVHQGLH6WDXGlPPH6GNDOLIRUQLHQVXQ
WHU $QVFKOlJHQ NROODELHUHQ ODVVHQ XQG GDPLW GLH 0HWURSROH
/RV $QJHOHV DXVWURFNQHQ RGHU PLW HLQIDFK DXV]XIKUHQGHQ
ELRORJLVFKHQ E]Z *LIWJDV.DPLND]HDQJULIIHQ $PHULNDV %H
Y|ONHUXQJ GH]LPLHUHQ XQG VHLQH :LUWVFKDIW SDUDO\VLHUHQ =X
JODXEHQGLHVZUGHGLH86$]XUbQGHUXQJLKUHU$X‰HQSROL
DXIEHLGHQ6HLWHQ1RWZHQGLJZlUHLQGHU7DWHLQhEHUGHQNHQ
GHU86$X‰HQSROLWLNLP1DKHQ2VWHQDOOHUGLQJVVFKHLQWQXQ
JHUDGHGDV*HJHQWHLOGHU)DOO]XVHLQGHQQLP6FKDWWHQYRQ
1HZ<RUNKDW,VUDHOLQGHQOHW]WHQ:RFKHQHLQHUFNVLFKWVOR
VH3ROLWLNGHUÄHWKQLVFKHQ6lXEHUXQJ³XQGGHU8QWHUGUFNXQJ
GHU,QWLIDGDLQ3DOlVWLQDGXUFKJHIKUWXQGGLH86$VFKHLQHQ
QXQQRFKHKHUEHUHLW]XVHLQLP1DKHQ2VWHQDXIDOOHVHLQ]X
VFKODJHQZDVQLFKWSDULHUW
*DEHVYRUGHP6HSWHPEHUIU,VUDHOV$JJUHVVLRQHQPDV
VLYH 6FKHOWH VR VFKZHLJHQ GLH 0HGLHQ QXQ $QWL$UDELVPXV
XQG ,VODPLVPXV PDFKHQ VLFK LP :HVWHQ EUHLWHU GHQQ MH LQ
GHQ 86$ NRPPW HV VRJDU ]X hEHUJULIIHQ JHJHQ 0HQVFKHQ
DUDELVFKHU +HUNXQIW 'HU 6DFKH GHU 3DOlVWLQHQVHU XQG DOOHU
$UDEHU XQG 0RVOHPV ZXUGH GXUFK GLH 7HUURUDQVFKOlJH HLQ
XQJHPHLQJUR‰HU6FKDGHQ]XJHIJWXQGGDPLWDXFKDOOMHQHQ
GLH LUJHQGZLH PLW GLHVHQ *UXSSHQ V\PSDWKLVLHUHQ 'D]X JH
K|UW DXFK GHU +RORFDXVW5HYLVLRQLVPXV GHU PLQGHVWHQV VHLW
GHU $IIlUH $EEp 3LHUUH5RJHU *DUDXG\ HLQH VLFK VWHWLJ YHU
EHVVHUQGH %H]LHKXQJ ]X DUDELVFKHQ ,QWHOOHNWXHOOHQDXIJHEDXW
WLN YHUOHLWHQ LVW DEHU HLQH ,OOXVLRQ GDV *HJHQWHLO GUIWH GHU
)DOOVHLQGHQQGHUDUWLJHEHVWLDOLVFKH*HZDOWWUHLEWGLH%HY|O
NHUXQJQXULQGLH$UPHGHUHLJHQHQ5HJLHUXQJZLHGLHGHXW
VFKH(UIDKUXQJ]ZLVFKHQEHZHLVW(UVWZHQQPDQ
GLH 86$ GHUDUW LQ GLH 6WHLQ]HLW ]XUFNERPEHQ ZUGH ZLH
GLHVHHVLP=ZHLWHQ:HOWNULHJPLW-DSDQXQG'HXWVFKODQGJH
WDQ KDEHQ ZUGHQ VLH ZRKO LKUH $X‰HQSROLWLN EHUGHQNHQ
XQG VHOEVW GDV GUIWH ]ZHLIHOKDIW VHLQ :HOFKH ZDKQVLQQLJH
.DONXODWLRQ OLHJW DOVR KLQWHU GHU RIIHQVLFKWOLFKHQ (VNDODWL
RQVWDNWLNGHU$WWHQWlWHU"
(VLVWVLFKHUULFKWLJGD‰GLHQLFKWLPPHUZHLVHXQGDXVJHZR
JHQH 86$X‰HQSROLWLN HLQH GHU 8UVDFKHQ IU GHQ $QVFKODJ
LVWDEHUGDVNDQQLQNHLQHU:HLVH]XU5HFKWIHUWLJXQJGHU7DW
KHUKDOWHQQRFKGDUIGLHVGD]XIKUHQGD‰PDQVLFKGHUQRW
ZHQGLJHQ 6ROLGDULWlW LP .DPSI JHJHQ GHQ 7HUURULVPXV HQW
]LHKW 'LH (UHLJQLVVH GHV  6HSWHPEHUV ZDUHQ QLFKW OHGLJ
OLFKHLQH=lVXUIU$PHULNDVRQGHUQIUGLH:HOWLQVJHVDPW
'LHVHV JUDXHQKDIWH %HLVSLHO GHV H[WUHP HIIHNWLYHQ XQG HLQ
IDFKDXV]XIKUHQGHQPDVVHQPRUGHQGHQ7HUURULVPXVVHW]WHLQ
%HLVSLHO GDV YRQ DQGHUHQ QDFKJHDKPW ZHUGHQ ZLUG ,VODPL
VFKH)XQGDPHQWDOLVWHQVLQGQLFKWGLHHLQ]LJHQ0HQVFKHQGLH
]XVRHWZDVIlKLJVLQG
0DQQVWHOOHVLFKQXUYRUHVJlEHLQGHU=XNXQIWHLQVWHLQDQ
GHUHV UHYLVLRQLVWLVFKHV 'HXWVFKODQG GDV GDQQ YRQ DQGHUHQ
HQWJHJHQJHVHW]WHQ 7HUURUJUXSSHQ HEHQVR PLW 7RG XQG 9HU
QLFKWXQJ EHU]RJHQ ZUGH" $QVlW]H GD]X JDE HV MD EHUHLWV
QDFK GHP =ZHLWHQ :HOWNULHJ DOV NOHLQH 7HUURUJUXSSHQ LQ
'HXWVFKODQG HLQVLFNHUWHQ XQG 7DXVHQGH XQVFKXOGLJHU 'HXW
KDWYJOGD]X9II*XQG
'HU)UDJHÄ:HPQW]WHV³IROJHQGNRPPWHVGDKHUQXQEH
VRQGHUV LQ GHQ DUDELVFKHQ /lQGHUQ XQG *HPHLQGHQ LQ GHU
'LDVSRUD ]X ZLOGHQ 6SHNXODWLRQHQ RE QLFKW YLHOOHLFKW GHU
0RVVDGVHOEVWKLQWHUGHQ$QVFKOlJHQVWHFNHQN|QQWH6ROFKH
6SHNXODWLRQHQKDEHQNDXPHLQH%DVLVDEHUVLH]HLJHQZLHDO
OH %HWHLOLJWHQ E]Z %HWURIIHQHQ QXQ 6FKXOGYRUZUIH JHJHQ
HLQDQGHU HUKHEHQ ZLH PDQ VLFK PHKU XQG PHKU YRQ HLQHU
IULHGOLFKHQ9HUVWlQGLJXQJHQWIHUQWVLFKHQWIUHPGHW
'LH$QVFKOlJHYRP6HSWHPEHUKDEHQDEHUGDUEHUKLQDXV
QRFK ZHLWHUH 6FKlGHQ YHUXUVDFKW QlPOLFK LP %HUHLFK GHU
0HQVFKHQ XQG %UJHUUHFKWH XQG GDV ZLUG ZRP|JOLFK DXFK
GHP5HYLVLRQLVPXVQRFK6FKDGHQ]XIJHQ
,Q.ULHJV]HLWHQWHQGLHUHQDOOH6WDDWHQGD]XGLH%UJHUUHFKWH
ÄDXV 6LFKHUKHLWVJUQGHQ³ HLQ]XVFKUlQNHQ(VLVWDEHUHEHQVR
HLQH5HJHOGD‰GLHVH(LQVFKUlQNXQJHQQDFK%HHQGLJXQJGHV
.ULHJHVIDVWQLHDXIJHKREHQZHUGHQ0DQHULQQHUHVLFKQXUDQ
GLH 1RWVWDQGVJHVHW]JHEXQJ :HVWGHXWVFKODQGV LP .DOWHQ
.ULHJ $XFK 7HUURU GLHQW RIW DOV 5HFKWIHUWLJXQJ YRQ *HVHW
]HVYHUVFKlUIXQJHQ PLW HLQKHUJHKHQGHQ (LQVFKUlQNXQJHQ GHU
0HQVFKHQUHFKWH VR HWZD LQ GHQ HU -DKUHQ LP =XJH GHV
%DDGHU0HLQKRI7HUURUVXQGGHVLQGHQHU-DKUHQHVNDOLH
UHQGHQ 7HUURUV GHU RUJDQLVLHUWHQ .ULPLQDOLWlW /HLGHU OHKUW GLH
*HVFKLFKWHGD‰HVHUVW]XVWDDWOLFKHQ([]HVVHQJHJHQ8QVFKXO
GLJHNRPPHQPX‰EHYRUGHUDUWLJHEHUPl‰LJH(LQVFKUlQNXQ
JHQ GHU 0HQVFKHQUHFKWH ZLHGHU UFNJlQJLJ JHPDFKW ZHUGHQ
RIW VRJDU HUVW GXUFK GHQ .ROODSV GHV JDQ]HQ 6WDDWHV E]Z ]X
PLQGHVW VHLQHV SROLWLVFKHQ 6\VWHPV 'HXWVFKODQG KDW GDIU MD
VFKHUHUPRUGHWHQYJO9II*6
:HQQ PDQ DX‰HUGHP GLH 6FKDGHQVIlKLJNHLW GHV 7HUURUV YRU
 -DKUHQ PLW GHP YRQ KHXWH YHUJOHLFKW VR NDQQ HV HLQHP
QXUJUDXHQYRUGHUJLJDQWLVFKHQ9HUQLFKWXQJVZXWZHOFKHGHU
7HUURULVPXVLQZHLWHUHQ-DKUHQPLWGHQGDQQ]XU9HUI
JXQJVWHKHQGHQ7HFKQRORJLHQZLUGIUHLVHW]HQN|QQHQ6FKRQ
HLQHLQ]LJHUUHOLJL|VHURGHUSROLWLVFKHU)DQDWLNHUPDJLQHLQL
JHQKXQGHUW-DKUHQYLHOOHLFKWLQGHU/DJHVHLQGLHJDQ]H:HOW
]XYHUQLFKWHQ
'LHVLVWGDV0HQHWHNHOYRQ1HZ<RUNQLFKWGLH)UDJHREGLH
1DKRVW3ROLWLNGHU86$JHUHFKWLVWRGHUQLFKW:HUVLFKGDKHU
GHU 6ROLGDULWlW LP .DPSI JHJHQ GHQ 7HUURULVPXV HQW]LHKW
HQW]LHKW VLFK MHGHU SROLWLVFKHQ 9HUDQWZRUWXQJ LP $QJHVLFKW
HLQHVNDXP]XEHUVFKlW]HQGHQ5LVLNRVIUMHGHHLQ]HOQH1D
WLRQZLHIUGLH0HQVFKKHLWLQVJHVDPW
(VKHUUVFKWZLHGHUHLQPDO.ULHJZHOWZHLW=XKRIIHQLVWGD‰
HU QLFKW HVNDOLHUW XQG ZHLWHUH 8QVFKXOGLJH]X2SIHUQPDFKW
9II*ÂÂ-DKUJDQJÂ+HIW
OHLGHUHLQHWUDXULJH5HLKHVFKOHFKWHU(UIDKUXQJHQ
'LH86$XQGPLWLKULKUH9HUEQGHWHQEHILQGHQVLFKQXQDXI
GHP JOHLFKHQ .ULHJVSIDG %LVKHU JDE HV LQ GHQ 86$ EHL
VSLHOVZHLVH ZHGHU HLQH 0HOGH QRFK HLQH $XVZHLVSIOLFKW IU
86%UJHU'DVVROOQXQJHlQGHUWZHUGHQ]XVDPPHQPLWHL
QHU JDQ]HQ 5HLKHYRQ6SLHOUDXPDXVZHLWXQJHQLP(LQZDQGH
UXQJVXQG3ROL]HLUHFKW3DUDOOHOGD]XZLUGZRKOQXQGDV$XV
OLHIHUXQJVUHFKW LQ GHU (8 JDQ] DEJHVFKDIIW XQG GXUFK HLQHQ
HXURSDZHLWJHOWHQGHQ+DIWEHIHKOHUVHW]WZHUGHQGHU]ZDU]X
QlFKVW DXI GHQ 7HUURULVPXV EHVFKUlQNW EOHLEW DEHU HLQ ZHL
WHUJHKHQGHU(QWZXUIOLHJWGHP(XURSDUDWEHUHLWVYRU(VPDJ
DOVR QXU HLQH )UDJH GHU =HLW VHLQ ELV 5HYLVLRQLVWHQ YRP
6FKODJH &DUOR 0DWWRJQRV RGHU 'DYLG ,UYLQJV PLW HLQHP YRQ
+DQV+HLNR .OHLQ XQWHU]HLFKQHWHQ +DIWEHIHKO LQ LKUHQ +HL
PDWOlQGHUQ YHUKDIWHW XQG LQ HLQ GHXWVFKHV *HIlQJQLV GHSRU
WLHUWZHUGHQ
 6FK|QH1HXH:HOW Ƒ



/LQNVGDV2ULJLQDOGHUÅRULJLQHOOHQ´
SURYRNDWLYHQ:HUEHNDPSDJQHIU
GDV%HUOLQHU+RORFDXVW'HQNPDO
GHQJLJDQWLVFKHQ*H‰OHUKXWGHU
1HX]HLW
8QWHQHLQLJH9DULDWLRQHQ]XJHVDQGW
YRQ,QWHUQHW$NWLYLVWHQ
6HOEVWYHUVWlQGOLFKZDUGLH9HUVX
FKXQJ]XJUR‰DOVGD‰ZLULKUKlWWHQ
ZLGHUVWHKHQN|QQHQXQGVRKDEHQ
ZLUQXQXQVHUHQHLJHQHQ$XINOHEHU
XQGHLQHNOHLQH.DUWHPLW7H[WDXI
GHU5FNVHLWHNUHLHUWGLH6LHJHJHQ
8QNRVWHQHUVWDWWXQJIOHL‰LJLQ
'HXWVFKODQG]XIlOOLJLUJHQGZRYHU
OLHUHQN|QQHQ«-


:LHELWWH"""
:LHELWWH"""

 

GHQKRORFDXVW 6DJHV
KDWHVQLHJHJHEHQ ³GHQKRORFDXVW
NHLQH
NHLQH *DVNDP
NHLQ
*DVNDPPHUQ
NHLQ %HIHKO
NHLQ
%HIHKO
NHLQ 3ODQ
3ODQ
PHUQ
KDWHVQLHJHJHEHQ´
NHLQ
NHLQ %XGJHW
%XGJHW
NHLQH
NHLQH 9HUQLFKWXQJ
9HUQLFKWXQJ XQG'XNULHJVW-DKUH*HIlQJ
XQG'XNULHJVW-DKUH*HIlQJQLV
QLV
$EHUî0LOOLRQHQ:LHGHUJXPDFKXQJVDQWU
$EHUî0LOOLRQHQ:LHGHUJXPDFKXQJVDQWUl
QWUlJH
JH
 

 

 9II*ÂÂ-DKUJDQJÂ+HIW


ÄGHQKRORFDXVWKDWHVQLHJHJHEHQ³
2GHU'DUISURYR]LHUHQQXUZHUGLH0DFKWDXIVHLQHU6HLWHKDW"
9RQ*HUPDU5XGROI

:LHVLFKGLH+RORFDXVW,QGXVWULHLQVHLJHQH.QLHVFKR‰
ª(V ZlUH VFKOLPP HLQ 3ODNDW ]X KDEHQ GDV QLHPDQG
EHDFKWHW©
0LW GLHVHQ :RUWHQ EHJUQGHWH %HUOLQV %UJHUPHLVWHU .ODXV
:RZHUHLWYRUGHU3UHVVHGLH:DKOGHVOLQNVREHQDEJHELOGH
WHQ :HUEHSODNDWV IU GDV %HUOLQHU +RORFDXVW'HQNPDO $3
 YJO LP ,QWHUQHW GLH 6HLWH KWWSZZZKRORFDXVW
LKUH.ULWLNHUXQGNQGLJWH6WUDIDQ]HLJHDQ$XFKJHJHQLKU
3ODNDW KDWWHQ PHKUHUH 3HUVRQHQ $Q]HLJH ZHJHQ 9RONVYHU
KHW]XQJHUVWDWWHW©
'LHJHJHQGLH,QLWLDWRUHQGLHVHU:HUEHNDPSDJQHHLQJHUHLFKWH
$Q]HLJHZHJHQ9RONVYHUKHW]XQJZXUGHYRQGHU6WDDWVDQZDOW
VFKDIW IUHLOLFK DEJHZLHVHQ GD GLH ,QLWLDWRUHQ GHV 3ODNDWV VL
FKHUOLFKQLFKWEHDEVLFKWLJWKlWWHQGHQ+RORFDXVW]XOHXJQHQ
GHQNPDOEHUOLQGHLQGH[SKS î P JUR‰ LVW GDV :HUEH $QGHUVGDJHJHQZLUG0DQIUHG5RHGHUEHKDQGHOWGHVVHQ
SODNDWGDVDQGHU:DQGHLQHU%DQNQDKHGHP%UDQGHQEXUJHU SURYR]LHUWH 3URYRNDWLRQ YRQ GHU 6WDDWVDQZDOWVFKDIW YHUIROJW
7RUHQWKOOWZXUGH6RJDUGHU9RUVLW]HQGHGHU-GLVFKHQ*H
PHLQGH LQ %HUOLQ $OH[DQGHU %UHQQHU VSUDFK VLFK IU GLHVH
3URYRNDWLRQ DXV 2EZRKO VLFK ZRP|JOLFK EHVRQGHUV lOWHUH
-XGHQSURYR]LHUWVHKHQN|QQWHQZUGHGHU=ZHFNGLHVHV0LW
WHOKHLOLJHQ
'LH QLFKW PLQGHU EULVDQWHQ HUVWHQ ]ZHL 6lW]H GHV .OHLQJH
GUXFNWHQ DXI GHP 3ODNDW GDV QXU OHVHQ NDQQ ZHU VWHKHQ
EOHLEWXQGQDKHKHUDQJHKWODXWHWHXUVSUQJOLFKZLHIROJW
ª(VJLEWLPPHUQRFKYLHOHGLHGDVEHKDXSWHQ,Q-DKUHQ
ZHUGHQHVQRFKPHKUVHLQ©
:RP|JOLFKDXIJUXQGYRQ3URWHVWHQZDUXPPDQGHQQVLFKHU
VHLQN|QQHGD‰HVLQ-DKUHQQRFKPHKUVHLQZUGHQZXU
GHGLHVHU7H[WNXU]H=HLWVSlWHUZLHIROJWXPJHlQGHUW
ª(VJLEWLPPHUQRFKYLHOHGLHGDVEHKDXSWHQ,Q-DKUHQ
ZLUG$3(VNRPPWHEHQLQ'HXWVFKODQGQLFKWGDU
DXI DQ ZDV PDQ VDJW VRQGHUQ PLW ZHOFKHQ +LQWHUJHGDQNHQ
PDQHVWXW(VVLQGPLWKLQGLH*HGDQNHQGLHLQ'HXWVFKODQG
GDV9HUEUHFKHQNRQVWLWXLHUHQ
)UHXGVFKH)HKOOHLVWXQJ
)UHLOLFKLVWGLHLQGHQHUVWHQ]ZHL6lW]HQGHV.OHLQJHGUXFNWHQ
HQWKDOWHQH$XVVDJHGHV3ODNDWHVHVZHUGHE]ZN|QQWHLQ
-DKUHQQRFKPHKU/HXWHJHEHQGLHGHQ+RORFDXVWEHVWUHLWHQ
SDUDGR[XQGZDKU]XJOHLFK
8QVHUH H[DNWH .HQQWQLV EHU MHGHV QRUPDOH JHVFKLFKWOLFKH
(UHLJQLV QLPPW PLW YHUVWUHLFKHQGHU =HLW ]X 'LHV QLFKW HWZD
WURW] GHV 8PVWDQGHV GD‰ GLH =HLW]HXJHQ VWHUEHQVRQGHUQLQ
JHZLVVHU :HLVH VRJDU ZHLO GLHMHQLJHQ 3HUVRQHQ VWHUEHQ GLH
N|QQWHQHVQRFKPHKUVHLQ©+HUYRUKHEXQJKLQ]XJHIJW
hEHU GLHVHU3ODNDWHVROOWHQEHUDOOLQ'HXWVFKODQGJH
NOHEWZHUGHQXQGHLQHSDUDOOHOGD]XODXIHQGH$Q]HLJHQNDP
SDJQHLQ3UHVVHXQG)HUQVHKHQVRZLHHLQHKDOEH0LOOLRQIUHLH
3RVWNDUWHQVROOWHQGLHVHV0RWLYDOOHQ'HXWVFKHQEHNDQQWPD
FKHQ
.DXP GD‰ GLHVH $NWLRQ |IIHQWOLFK YHUNQGHW ZDU PDFKWHQ
VLFK JHZLHIWH ,QWHUQHW XQG &RPSXWHUQDUUHQ PLW GHQ ÄIDO
VFKHQ³ $QVLFKWHQ GDUDQ GLHVH 6DFKH XP]XPQ]HQ (LQLJH
(UJHEQLVVH N|QQHQ 6LH OLQNV EHZXQGHUQ 'LHVH XQG DQGHUH
$NWLYLWlWHQIKUWHQGDQQDXFKSURPSWGD]XGD‰HVJHJHQGLH
%HUOLQHU+ROR:HUEHU3URWHVWHKDJHOWH
ª$EJHKlQJW±+RORFDXVW3ODNDWIDQGIDOVFKH)UHXQGH
GSD ±'DVLQVEHVRQGHUHEHL5HYLVLRQLVWHQPLW%HL
IDOO EHGDFKWH 6SHQGHQSODNDW IU GDV +RORFDXVW0DKQPDO
LQ %HUOLQ ZLUG ÄVR VFKQHOO ZLH P|JOLFK³ DEJHKlQJW 'DV
WHLOWH/HD5RVKYRP)|UGHUYHUHLQDP0RQWDJGHUGSDPLW
:HJHQVHLQHUIHWWHQ6FKODJ]HLOHÄ'HQ+RORFDXVWKDWHVQLH
JHJHEHQ³ KDJHOWH HV VHLW HWOLFKHQ 7DJHQ PDVVLYH .ULWLN
LQVEHVRQGHUHYRQ9HUWUHWHUQGHU+RORFDXVW,QGXVWULHDEHU
DXFKYRQ2SIHUYHUElQGHQ'HULQNOHLQHU6FKULIWJHKDOWHQH
=XVDW]Ä(VJLEWLPPHUQRFKYLHOHGLHGDVEHKDXSWHQ,Q
-DKUHQN|QQWHQHVQRFKPHKUVHLQ6SHQGHQ6LHGHVKDOEIU
GDV 'HQNPDO IU GLH HUPRUGHWHQ -XGHQ (XURSDV³ VHL YRQ
GHQPHLVWHQ%HREDFKWHUQJDUQLFKWUHJLVWULHUWZRUGHQEH
KDXSWHWHQGLH.ULWLNHU=XGHPKDEHGDVUHFKWHÄHQIDQWWHU
ULEOH³0DQIUHG5RHGHU(QGH-XOLHLQH$NWLRQYRUGHP3OD
NDW GXUFKJHIKUW EHL GHU HU HLQ 7UDQVSDUHQW PLW GHU $XI
VFKULIWÄ:HKUPDFKWVYHUEUHFKHQDXFKQLFKW³JH]HLJWKDEH
'DV =')0DJD]LQ Ä)URQWDO ³ ZLOO DP 'LHQVWDJDEHQG
HQWVSUHFKHQGH )LOPDXIQDKPHQ SUlVHQWLHUHQ /HD 5RVK
]HLJWHVLFKDQJHVLFKWVGHU$NWLRQJHQDXVRHLQIDOOVUHLFKZLH
9II*ÂÂ-DKUJDQJÂ+HIW
GDUDQ EHWHLOLJW ZDUHQ 'HQQ GLH 7HLOQHKPHU DQ JHVFKLFKWOL
FKHQ (UHLJQLVVHQ KDEHQ LPPHUDXFKSHUV|QOLFKHQ,QWHUHVVHQ
XQG LKUH 'DUVWHOOXQJHQ VLQG GHVKDOE RIW YHU]HUUW 'LHVH 7HQ
GHQ] ]X 9HU]HUUXQJHQ ]X EHUZLQGHQ LVW RIW HUVW P|JOLFK
ZHQQ PDQ DXI GLHVH 3HUVRQHQ XQG LKUH /REE\JUXSSHQ NHLQH
5FNVLFKW PHKU QHKPHQ PX‰ LQVEHVRQGHUH GDQQ ZHQQ HV
VLFKXPHLQIOX‰UHLFKH3HUVRQHQE]Z/REE\JUXSSHQKDQGHOW
:HQQ DOVR GLH $XVVDJH VWLPPW HV ZHUGH LQ  -DKUHQ QRFK
PHKU /HXWH JHEHQ GLH GHU $QVLFKW VLQG GD‰ HV ÄGHQ +ROR
FDXVW QLFKW JHJHEHQ KDW³ GDQQ PX‰ GLHV *UQGH KDEHQ GLH
QLFKW LQ GHQ /HXWHQ OLHJHQ VRQGHUQ LQ XQVHUHQ ZDFKVHQGHQ
(UNHQQWQLVVHQ EHU GHQ Ä+RORFDXVW³ XQG LP VFKZLQGHQGHQ
(LQIOX‰ GHUMHQLJHQ 3HUVRQHQ XQG *UXSSLHUXQJHQ GLH EH]J
OLFK GHU *HVFKLFKWVVFKUHLEXQJ GHV +RORFDXVWV VWDUNH QLFKW
REMHNWLYH,QWHUHVVHQKDEHQ
'DV 3DUDGR[ OLHJW QXQ GDULQ GD‰ GLH 9RUDXVVDJH GHU +ROR
FDXVW'RJPDWLNHU LQ  -DKUHQ ZUGH HV QRFK PHKU GLHVHU
ÄWHXIOLVFKHQ$XVFKZLW]/HXJQHU³JHEHQLKULQGLUHNWHV(LQJH
VWlQGQLV YRQ GHU )DOVFKKHLW LKUHV 'RJPDV LVW ,Q LKUHP EOLQ
GHQ )DQDWLVPXVHUNHQQHQVLHGDVIUHLOLFKQLFKWVRQGHUQQHK
PHQGLHVHHUDKQWH:LGHUOHJXQJLKUHV'RJPDVQXU]XP$QOD‰
HV PLW QRFK JU|‰HUHP )DQDWLVPXV ]X YHUWHLGLJHQ E]Z PLW
*HZDOWDQGHUHQDXI]XQ|WLJHQ
$XINOlUXQJVNDPSDJQH
'LH JDQ]H $QJHOHJHQKHLW LVW DOVR ZLHGHU HLQPDOHLQZXQGHU
EDUHU SV\FKRORJLVFKHU 2IIHQEDUXQJVHLG GHU+RORFDXVWHUXQG
GHQPX‰PDQDXVQXW]HQ'LH6DFKHLVWZDKUOLFK]XYHUIKUH
ULVFK XQG ]X SURYRNDWLY ± LQ DQGHUHP 6LQQH DOV YRQ GHQ
,QLWLDWRUHQXUVSUQJOLFKJHSODQW±DOVGD‰PDQVLHXQJHQXW]W
YRUEHL]LHKHQODVVHQN|QQWH(VKDEHQVLFKGDKHUHLQLJH5HYL
VLRQLVWHQ GLH .|SIH GDUEHU ]HUEURFKHQ ZLH PDQ DXI GLHVHU
:HOOH PLWUHLWHQ N|QQWH XQG DOV(UJHEQLVZXUGHQYLHU'LQJH


HQWZRUIHQ GLH IU HLQH0DVVHQYHUWHLOXQJLQ'HXWVFKODQGJH OLFKQLFKWGD‰EHLXQVGDV*HOGDXIGHQ%lXPHQZlFKVWRGHU
GDFKWVLQG GD‰ZLUHLQHQ0LOOLDUGlUDOV6SRQVRUJHIXQGHQKlWWHQ%HLGHV
0(LQHQ$XINOHEHUîFPPLWGHPDXIGLHVHU6HL
WH XQWHQ OLQNV ZLHGHUJHJHEHQHQ 0RWLY :LU KDEHQ MHGHU
$XVJDEH GLHVHU 9LHUWHOMDKUHVKHIWH HLQHQ VROFKHQ $XINOH
EHU EHLJHOHJW :HLWHUH $XINOHEHU N|QQHQ EHL XQV EHVWHOOW
ZHUGHQPLWGHUXQWHQZLHGHUJHJHEHQHQ3UHLVVWDIIHOXQJ
0(LQH .DUWH LQ JOHLFKHU *U|‰H PLW GHP JOHLFKHQ )URQWVHL
WHQPRWLY XQG HLQHP 5FNVHLWHQWH[W ZLH XQWHQ UHFKWV DXI
JHIKUW (LQH .DUWH OLHJW GLHVHU $XVJDEH YRQ 9II* EHL
:HLWHUH ([HPSODUH N|QQHQ EHL XQV EHVWHOOW ZHUGHQ PLW
WULIIW OHLGHU QLFKW ]X 7URW] XQVHUHU EHVFKUlQNWHQ 0LWWHO VLQG
ZLU DEHU GHU 0HLQXQJ GD‰ PDQ YRQ QLHPDQGHP YHUODQJHQ
NDQQ DXI JXW *OFN *HOG DQ HLQH XQEHNDQQWH $GUHVVH LP
$XVODQG ]X VHQGHQ XP GDQQ GDUDXI ]X KRIIHQ HLQH 'UXFN
VFKULIWYRQXQEHNDQQWHU4XDOLWlW]XHUKDOWHQ(VLVWGDKHUDOV
YHUWUDXHQVELOGHQGH 0D‰QDKPH DEVROXW QRWZHQGLJ GD‰ ZLU
XQVHUH,QIREURVFKUHDQ1HXNXQGHQNRVWHQORVDEJHEHQ
)UHLOLFK NRVWHW GDV *HOG DEHU ZDKUVFKHLQOLFK ZLUG HV QXU
GDQQ ZLUNOLFK WHXHU ZHQQ XQVHUH $NWLRQ HLQ GXUFKVFKODJHQ
IROJHQGHU3UHLVVWDIIHOXQJLQ¼SUR.DUWH'0 ¼î
3UHLVVWDIIHOXQJIUÄ9LVLWHQ³NDUWHQXQG$XINOHEHU
ÄGHQ+RORFDXWKDWHVQLHJHJHEHQ³
      !
  
      
0LQGHVWDEQDKPH.DUWHQE]Z$XINOHEHUSUR%HVWHOOXQJ.RVWHQ]X]JOLFK3RUWRXQG
9HUSDFNXQJ¼SURDQJHIDQJHQH¼GHU*HVDPWEHVWHOONRVWHQ
1XQ ZlUH HV IHLQ ZHQQ 6LH HLQHV VSlWHQ $EHQGV HLQHQ6SD
]LHUJDQJGXUFKHLQ9LHUWHO,KUHU6WDGWRGHUHLQHV1DFKEDUGRU
GHU(UIROJZLUG8QGGDLFKEHU]HXJWELQGD‰HLQHHUIROJUHL
FKH.DPSDJQHDXFKHUIROJUHLFKXQWHUVWW]WZHUGHQZLUGKDEH
LFK PLFK HQWVFKORVVHQ GHQ 6SUXQJ LQV 8QJHZLVVH ]X ZDJHQ
XQGGLHYRQYLHOHQPHLQHU8QWHUVWW]HUJUR‰]JLJYHUDQOD‰WHQ
6SHQGHQQXQGHPGHXWVFKHQ9RONH]XJXWHNRPPHQ]XODVVHQ
'LH%URVFKUHPLW9LHU)DUEHQ8PVFKODJZXUGHXQWHU0LWDU
EHLWPHKUHUHUIKUHQGHU5HYLVLRQLVWHQYHUID‰WXQGYRQ/DLHQ
JHJHQJHOHVHQXPVLFKHU]XVWHOOHQGD‰DXFKGLHULFKWLJHQ)UD
JHQ JHVWHOOW XQG YHUVWlQGOLFK XQG EHU]HXJHQG EHDQWZRUWHW
ZHUGHQ
IHVPDFKHQN|QQWHQQLFKW,KUHLJHQHV9LHUWHORGHU'RUIXQG hEHU GDV GLHVHP +HIW EHLJHOHJWH ([HPSODU KLQDXV NDQQ LFK
ZLH ]XIlOOLJ DQ )X‰JlQJHUDPSHOQ %XVKDOWHVWHOOHQ XQG DQGH ,KQHQ DOV PHLQHQ WUHXHQ .XQGHQ GLHVH ,QIREURVFKUH OHLGHU
UHQ2UWHQZR0HQVFKHQVLFKDQVDPPHOQ%DKQK|IH|IIHQWOL QLFKWNRVWHQORV]XU9HUIJXQJVWHOOHQGHQQHUVWHQVZLUGGDULQ
FKH 7RLOHWWHQ 8QWHUIKUXQJHQ $XINOHEHU LKUHU %HVWLP IU 6LH ZDKUVFKHLQOLFK RKQHKLQ QLFKWV 1HXHV EHULFKWHW XQG
PXQJ]XIKUHQP|JOLFKVWRKQH=HXJHQRGHUÄ9LVLWHQ³NDUWHQ ]ZHLWHQVNDQQLFKDXVILQDQ]LHOOHQ*UQGHQZLUNOLFKQXUQHX
DXI %lQNHQ LQ 5HVWDXUDQWV XQG LQ |IIHQWOLFKHQ 9HUNHKUVPLW HQ.XQGHQGLHVHQ9RUWHLO]XNRPPHQODVVHQ'LHVHV$QJHERW
WHOQOLHJHQODVVHQ0DQNDQQMDPDOZDVYHUJHVVHQXQGYHUOLH VROOWH DOV :HUEHPD‰QDKPH DOVR DXI 3HUVRQHQ EHVFKUlQNW
UHQRGHU"
.RVWHQORVH,QIRUPDWLRQ
6RZRKO GLHVH .DUWH DOV DXFK GHU $XINOHEHU HQWKDOWHQ GHQ
+LQZHLV GD‰ PDQ EHL GHU DQJHJHEHQHQ $GUHVVH NRVWHQORVHV
EOHLEHQGLHQRFKNHLQHQLQWHQVLYHQ.RQWDNWPLWGHP5HYL
VLRQLVPXVKDEHQ
$OOH3HUVRQHQGLHEHUHLWV.XQGHQYRQ&DVWOH+LOO3XEOLVKHUV
VLQGGDUILFKGDKHUELWWHQIUGHQ(UZHUEZHLWHUHU([HPSODUH
GLHVHU%URVFKUHIROJHQGH6HOEVWNRVWHQSUHLVH3RUWR 9HU
,QIR0DWHULDOEHVWHOOHQNDQQ:lKUHQGGLH+RORFDXVW6FKQRU SDFNXQJ]X]DKOHQLQ¼SUR%URVFKUH'0 ¼î
UHUDOVRPLWLKUHU$NWLRQXP*HOGEHWWHOQKDEHQZLUXQVHQW 3UHLVVWDIIHOXQJ,QIR%URVFKUH+RORFDXVW
VFKORVVHQGDVHUVWH0DOLQGHU*HVFKLFKWHGHV5HYLVLRQLVPXV
      !
HWZDV NRVWHQORV DQ]XELHWHQ VSULFK ]X YHUVFKHQNHQ (V KDQ
      
GHOWVLFKGDEHLXPHLQHVHLWLJH,QIRUPDWLRQVEURVFKUH]XU
=X]JOLFK3RUWRXQG9HUSDFNXQJ¼SURDQJHIDQJHQH¼GHU*HVDPWEHVWHOONRVWHQ
GLGDNWLVFKVDQIWHQ(LQIKUXQJLQGHQ5HYLVLRQLVPXVXPGHP
'HU 7H[W GHU %URVFKUH NDQQ ]XGHP LP ,QWHUQHW NRVWHQORV
2WWR1RUPDOYHUEUDXFKHUGDV7KHPDVDQIWVFKRQHQGXQGYHU
HLQJHVHKHQXQGKHUXQWHUJHODGHQZHUGHQXQG]ZDUVRZRKODOV
VWlQGOLFK QDKH ]X EULQJHQ 6LH HQWKlOW ]XGHP +LQZHLVH ZR
,QWHUQHW'RNXPHQWPLW/LQNV]XYLHOHQUHYLVLRQLVWLVFKHQ$UWL
ZHLWHUH,QIRUPDWLRQHQ]XEHNRPPHQVLQG(LQ([HPSODUGLH
NHOQDOVDXFKDOV3')'RNXPHQW]XP$XVGUXFNHQDXI,KUHP
VHU ,QIR%URVFKUH OLHJW GLHVHU$XVJDEHYRQ9II*EHL%LWWH
'UXFNHUZRPLWVLHHLQHH[DNWH.RSLHGHU%URVFKUHHUKDOWHQ
QDFK/HNWUHZHLWHUJHEHQRGHULUJHQGZRÄYHUJHVVHQ³
8QG QXQ QL[ ZLH DXI LQ GHU 1DFKW XQG GLH %ULHINlVWHQ GHU
1XQZHUGHQ6LHVLFKIUDJHQZDUXPZLUGLHVHV0DWHULDOGHP
QLFKWXQPLWWHOEDUHQ1DFKEDUVFKDIWIOHL‰LJEHOLHIHUW
1RUPDOEUJHUNRVWHQORVDQELHWHQ'HU*UXQGGDIULVWVLFKHU

 
$XINOHEHUXQG9RUGHUVHLWHGHU9LVLWHQNDUWH 7H[WGHU5FNVHLWHGHU9LVLWHQNDUWH

 9II*ÂÂ-DKUJDQJÂ+HIW


$XVFKZLW]ZLHHVZLUNOLFKZDUÂ(LQH3URMHNWYRUVWHOOXQJ
9RQ*HUPDU5XGROI&DUOR0DWWRJQR:HUQHU5DGHPDFKHU0LFKDHO*lUWQHU-UJHQ*UDI

/LHEH/HVHULQQHQXQG/HVHU 'D‰ HLQ GHUPD‰HQ HKUJHL]LJHV XQG XPIDVVHQGHV 3URMHNW QLFKW
'LHUHYLVLRQLVWLVFKH)RUVFKXQJVWHKWQLFKWVWLOO&DUOR0DWWRJQR RKQH HUKHEOLFKH )LQDQ]PLWWHO YHUZLUNOLFKW ZHUGHQ NDQQ YHU
-UJHQ*UDIXQG5LFKDUG.UHJHKDEHQHLQXPIDQJUHLFKHV%XFK VWHKWVLFKYRQVHOEVW9LHUYRQXQVZHUGHQDQQlKHUQGYROODPW
EHU 7UHEOLQND LQ $QJULII JHQRPPHQ GDV ELV ]XP 6SlWKHUEVW OLFKPLWGLHVHU$UEHLWEHVFKlIWLJWVHLQ&DUOR0DWWRJQR:HUQHU
IHUWLJVHLQXQGGHP0\WKRVYRPÄ9HUQLFKWXQJVODJHU³GHQ7R 5DGHPDFKHUXQG0LFKDHO*lUWQHUPLWGHU$QDO\VHYRQ7DXVHQ
GHVVWR‰YHUVHW]HQZLUG(VVROO]XQlFKVWLQGHXWVFKHUXQGGDQQ GHQYRQ'RNXPHQWHQGLHVH$UEHLWOlXIWVFKRQVHLW-DKUHQVROO
LQ HQJOLVFKHU 6SUDFKH HUVFKHLQHQ 8QDEKlQJLJ GDYRQ ZLUG 5 QXQ DEHU YHUVWlUNW LQ $QJULII JHQRPPHQ ZHUGHQ XQG -UJHQ
.UHJH ELV ]XP -DKUHVHQGH GDV (UJHEQLV VHLQHU %RGHQUDGDUXQ *UDIGHUQHEHQVHLQHPHLJHQHQ%HLWUDJYRUDOOHP$QDO\VHHL
WHUVXFKXQJDXIGHP*HOlQGHYRQ%HO]HFXQG7UHEOLQNDSUlVHQ
WLHUHQ(LQHDXIWHLOVXQYHU|IIHQWOLFKWHQGHXWVFKHQ'RNXPHQWHQ
GHU.ULHJV]HLWIX‰HQGH6WXGLH]XU)UDJHGHU16-XGHQSROLWLNLQ
GHQEHVHW]WHQVRZMHWLVFKHQ*HELHWHQVROOLQGHUQlFKVWHQ$XV
JDEHGHU9II*HUVFKHLQHQ
6R EHGHXWVDP DOO GLHVH )RUVFKXQJHQ XQG 3XEOLNDWLRQHQ DXFK
VLQG=HQWUDOHV7KHPDGHU5HYLVLRQLVWHQLVWXQGEOHLEWGDV/D
JHU$XVFKZLW]'LH3URSDJDQGDGHU([WHUPLQDWLRQLVWHQKDWVLFK
GHUPD‰HQDXI$XVFKZLW]NRQ]HQWULHUWGD‰±ZLH:LOKHOP6WlJ
OLFK VFKRQ  IHVWKLHOW ± GLH 7KHVH YRQ GHU V\VWHPDWLVFKHQ
-XGHQYHUQLFKWXQJPLWGLHVHPVWHKWXQGIlOOW
)QI YRQ XQV ± *HUPDU 5XGROI &DUOR 0DWWRJQR :HUQHU 5D
QHU 9LHO]DKO YRQ *HULFKWV XQG 9HUQHKPXQJVSURWRNROOHQ GLH
YLHOHQYRQ&0DWWRJQRJHVFKULHEHQHQ.DSLWHODXVGHP,WDOLH
QLVFKHQ XQG GD]X XQ]lKOLJH 7H[WH DXV GHP 5XVVLVFKHQ XQG
3ROQLVFKHQEHUVHW]HQPX‰
*5XGROIXQG0*lUWQHUVLQGJOFNOLFKHUZHLVHQLFKWDXIHLQH
SHUV|QOLFKH(QWORKXQJDQJHZLHVHQDEHUGLHGUHLUHVWOLFKHQ$X
WRUHQN|QQHQVHOEVWYHUVWlQGOLFKQLFKW0RQDWHODQJYRQ/XIW
XQG/LHEHOHEHQ$XFKGHU'UXFNGHV:HUNHVGDVNDXPLQKR
KHQ6WFN]DKOHQZLUGDEJHVHW]WZHUGHQN|QQHQEHGDUIGHU8Q
WHUVWW]XQJ%HLHLQHPPRQDWOLFKHQ)LQDQ]EHGDUIYRQ'0
SUR 3HUVRQ ZLU VLQG VHKU EHVFKHLGHQ GHQQ ZHOFKHU :LVVHQ
VFKDIWOHUZlUHVFKRQPLWHLQHPVROFKOlFKHUOLFKHP0RQDWVORKQ
GHPDFKHU0LFKDHO*lUWQHUXQG-UJHQ*UDI±SODQHQHLQJUR
‰HV ]ZHLElQGLJHV :HUN EHU $XVFKZLW] GD‰ DXI ODQJH -DKUH
GDVHQWVFKHLGHQGH:RUW]XGLHVHP7KHPDGDUVWHOOHQZLUG'HU
HUVWH %DQG ZLUGGLH*HVFKLFKWHGHV/DJHUVDQKDQGYRQ2ULJL
QDOGRNXPHQWHQ GDUVWHOOHQ XQG GHQ YRQ GHU *HJHQVHLWH KlXILJ
JHlX‰HUWHQ 9RUZXUI HQWNUlIWHQ GD‰ GLH 5HYLVLRQLVWHQ LPPHU
QXUNULWLVLHUHQXQGNHLQHDOWHUQDWLYHQ7KHVHQ]XU*HVFKLFKWHGHU
.RQ]HQWUDWLRQVODJHUXQG]XPMGLVFKHQ6FKLFNVDOZlKUHQGGHV
=ZHLWHQ :HOWNULHJV DXIVWHOOHQ ,Q GLHVHP HUVWHQ %DQG ZHUGHQ
XDIROJHQGH7KHPHQEHOHXFKWHW
]XIULHGHQ" N|QQHQ 6LH VLFK GLH.RVWHQVHOEVWDXVUHFKQHQXP
DOOHLQHGLH9RUDUEHLWHQIUGLHVHV:HUN]XILQDQ]LHUHQ
'HU9HUODJ&DVWOH+LOO3XEOLVKHUVXQWHU*HUPDU5XGROIKDWVLFK
EHUHLW HUNOlUW GDV 5LVLNR DXI VLFK]XQHKPHQXQGIUGLH(QW
ORKQXQJ GHU $XWRUHQ IU GLHVH =HLW DXI]XNRPPHQ VRZLHOHW]W
OLFKGDV:HUNDXFK]XYHUOHJHQ:LUKRIIHQDEHUGD‰HVMHGHP
HLQOHXFKWHQZLUGGD‰*HUPDU5XGROIRKQHGLHJUR‰]JLJH8Q
WHUVWW]XQJ GXUFK GLH WUHXHQ /HVHU GHU 9LHUWHOMDKUHVKHIWH IU
IUHLH *HVFKLFKWVIRUVFKXQJ QLFKW LQ GHU /DJH VHLQ ZLUG GLHVHV
3URMHNWILQDQ]LHOOGXUFK]XVWHKHQ
 =HQWUDOEDXOHLWXQJGHU:DIIHQ66XQG3ROL]HL$XVFKZLW] $XVGLHVHP*UXQGHZHQGHQZLUXQVDQ6LHPLWGHUKHU]OLFKHQ
 .RQVWUXNWLRQXQG$XIEDXGHV/DJHUV %LWWH XQV ELV LQV -DKU  KLQHLQ NUlIWLJ ]X XQWHUVWW]HQ
 'LH+lIWOLQJH 6FKRQ LQ GHU 9HUJDQJHQKHLW KDEHQ ZLU GXUFK YLHOHUOHL 9HU|I
 'LHVDQLWlUHQ$QODJHQ IHQWOLFKXQJHQYRQ$UWLNHOQXQG%FKHUQEHZLHVHQGD‰ZLU]X
 $QGHUH$QODJHQ VHUL|VHU ZLVVHQVFKDIWOLFKHU $UEHLW IlKLJ VLQG GLH GLH *UXQG
 'HU+lIWOLQJVNUDQNHQEDX PDXHUQGHV6WDDWVP\WKRVGHU%XQGHVUHSXEOLN'HXWVFKODQGXQG
 'LH+lIWOLQJVWUDQVSRUWHQDFK$XVFKZLW] GHU 1HXHQ :HOWRUGQXQJ HUVFKWWHUQ XQG ZLU P|FKWHQ GLHV LQ
 'LH+lIWOLQJVEHUVWHOOXQJHQDXV$XVFKZLW] EH]XJDXIGDVKLHUJHVFKLOGHUWHIUGLHJHVFKLFKWOLFKH:DKUKHLW
VR XQJHKHXHU ZLFKWLJH 3URMHNW HUQHXW XQWHU %HZHLV VWHOOHQ
 'LH6WHUEOLFKNHLW
6lPWOLFKHDXVGUFNOLFKIUGLHVHV3URMHNWEHVWLPPWHQ6SHQGHQ
 'LH%HIUHLXQJGHV/DJHUV
NRPPHQYROOXPIlQJOLFKLKP]XJXWH
 'RNXPHQWH )DOOV6LHXQVXQWHUVWW]HQP|FKWHQVRVWHKHQ,KQHQKLHU]XGLH
,P]ZHLWHQ%DQGZLUGGLH7KHVHYRPÄ9HUQLFKWXQJVODJHU³PLW XQWHQVWHKHQGHQ0LWWHOXQG:HJH]XU9HUIJXQJ:LUGDQNHQ
ELVKHUQLFKWJHNDQQWHU*UQGOLFKNHLWXQG6\VWHPDWLNZLGHUOHJW ,KQHQVFKRQMHW]WKHU]OLFKLPYRUDXV -XOL
IROJHQGH7KHPHQNRPPHQXD]XU6SUDFKH
 (QWVWHKXQJGHURIIL]LHOOHQ*HVFKLFKWVVFKUHLEXQJ 6SHQGHQ6WLFKZRUWÄ*UXQGPDXHUQ³
 6RQGHUEHKDQGOXQJLQ$XVFKZLW] ±EDUYRU]XJVZHLVH'0¼6)…RGHU86]XVHQGHQDQ
 'LHHUVWHDQJHEOLFKH0HQVFKHQYHUJDVXQJ 32%R[+DVWLQJV71=4
 'LHDQJHEOLFKHQ0HQVFKHQYHUJDVXQJHQLP.UHPD, ±6FKHFNVYRU]XJVZHLVHDXVJHVWHOOWDXI*HUPDU5XGROI
 'LH%LUNHQDXHU%XQNHU ‡ LP*HOWXQJVEHUHLFKGHV(XURLQ'0RGHU¼
 'LHÄ*DVNDPPHUQ³GHU.UHPDWRULHQ ‡ LQ…QXUZHQQ6FKHFNYRQEULWLVFKHU%DQN
 *XWDFKWHQEHUGLHÄ*DVNDPPHUQ³ ‡ LQ86QXUZHQQYRQNDQDGLVFKHURGHU86%DQN
 'LH.UHPLHUXQJV|IHQ ±RQOLQHPLW.UHGLWNDUWHZZZYKRRUJFKSÄ6SHQGHQ³
 'LH(QWVWHKXQJGHU*HUFKWHEHUGLHÄ*DVNDPPHUQ³
±hEHUZHLVXQJ DXI GHQ 1DPHQ Ä*HUPDU 5XGROI³ RGHU
 'LH=HXJHQDXVVDJHQ
Ä&DVWOH+LOO3XEOLVKHUV³DQ
 'LH$XVFKZLW]3UR]HVVH
 'RNXPHQWH ‡ 'HXWVFKODQG *HUPDU 5XGROI 9RONVEDQN +HLGHQ
'HU *HVDPWXPIDQJ GHU EHLGHQ %lQGH ZLUG VLFK DXI  ELV KHLP%/=.W1U
6HLWHQEHODXIHQGLH$UEHLWVROO(QGHGLHVHV-DKUHVEHJLQ ‡ (QJODQG YRQ 'HXWVFKODQG DXV ZHJHQ GHU *HEKUHQ
QHQ 'DV :HUN VROO LQ FD  0RQDWHQ GK ELV 0LWWH  QXUIU%HWUlJHJU|‰HU¼VLQQYROO+6%&%DQN
YROOHQGHWVHLQ  6HDVLGH (DVWERXUQH %1 14 8. %DQN FRGH
DFFRXQW

9II*ÂÂ-DKUJDQJÂ+HIW 


1HLQ]XU=HQVXU1HLQ]XP)DQDWLVPXV
(LQ2IIHQHU%ULHIDQYLHU]HKQDUDELVFKH,QWHOOHNWXHOOH
9RQ0DUN:HEHU

$Q =XGHQ9RUWUDJHQGHQEHLXQVHUHQ9HUVDPPOXQJHQXQG]XGHQ
$GRQLV$OL$KPDG6DLG 0DKPRXG'DUZLVK %HLWUDJHQGHQ]XXQVHUHU=HLWVFKULIW-RXUQDORI+LVWRULFDO5H
0RKDPPHG+DUEL (OLDV.KRXU\ YLHZ JHK|UHQ DQJHVHKHQH :LVVHQVFKDIWOHU DXV GHU JDQ]HQ
*HUDUG.KRXU\ 6DODK6WHWLH :HOW HLQVFKOLH‰OLFK GHV SDOlVWLQHQVLVFKHQ +LVWRULNHUV ,VVD
0RKDPDG%HUDGD -DPHO(GGLQH 1DKNOHK $XWRU GHU YLHUElQGLJHQ (Q]\NORSlGLH ]XP 3DOlVWL
%HQ6KHLNK (GZDUG:6DLG QD3UREOHPXQG6DPL+DGDZL$XWRUGHV%XFKHV%LWWHU+DU
'RPLQLTXH(GGH )D\H]0DOODV YHVW3DOHVWLQH 
)DURXN0DUGDP%H\ .KDOLGD6DLG $QGHUH EHNDQQWH 9RUWUDJHQGH EHL ,+5.RQIHUHQ]HQ ZDUHQ
(OLDV6DQEDU  GHU 86+LVWRULNHU XQG 3XOLW]HU3UHLVWUlJHU -RKQ7RODQG$X
 WRUPHKUHUHU%HVWVHOOHUDXIGHP*HELHWGHU*HVFKLFKWH-RKQ
6LH KDEHQ QHXOLFK HLQHQ |IIHQWOLFKHQ $SSHOO JHWlWLJW LQ GHP %HQQHWW HLQ EHNDQQWHU DXVWUDOLVFKHU 0HQVFKHQUHFKWVDQZDOW
6LHGLH%HK|UGHQGHV/LEDQRQGD]XDXIIRUGHUWHQGLH.RQIH XQG 9RUVLW]HQGHU GHU $XVWUDOLDQ &LYLO /LEHUWLHV 8QLRQ DX
UHQ] Ä5HYLVLRQLVPXV XQG =LRQLVPXV´ LQ %HLUXW ]X YHUELHWHQ VWUDOLVFKHQ 0HQVFKHQUHFKWVYHUHLQLJXQJ VRZLH GHU HKHPDOL
'LHVH .RQIHUHQ] GLH IU GHQ  0lU] ELV ]XP $SULOJH JHU86.RQJUH‰DEJHRUGQHWH3DXOÄ3HWH³0F&ORVNH\
SODQW ZDU ZXUGH PLW GHU 8QWHUVWW]XQJ XQVHUHV ,QVWLWXWV RU 'DV ,+5 JLEW ]XGHP GLH HQJOLVFKVSUDFKLJH )DVVXQJ GHV %X
JDQLVLHUW 'LHV ZXUGH ]XP %HLVSLHO LQ /H 0RQGH DP  FKHV'LH*UQGXQJVP\WKHQGHVPRGHUQHQ,VUDHOKHUDXV7KH
0lU]EHULFKWHW
,KU $XIUXI HUIROJWH NXU] QDFKGHP GUHL JU|‰HUH MGLVFK
]LRQLVWLVFKH2UJDQLVDWLRQHQ±GHU:RUOG-HZLVK&RQJUHVVGLH
$QWL'HIDPDWLRQ/HDJXHXQGGDV6LPRQ:LHVHQWKDO&HQWHU±
GDV JHSODQWH 7UHIIHQ DQJHSUDQJHUW XQG JHIRUGHUW KDWWHQ GD‰
HV YRP /LEDQRQ YHUERWHQ ZLUG (V ZDU QLFKW EHUUDVFKHQG
GD‰ ,VUDHOV %RWVFKDIWHU LQ )UDQNUHLFKLKUHQ$SSHOO|IIHQWOLFK
JHOREWKDW
=XVDPPHQPLWGHQ9HUHLQLJWHQ6WDDWHQXQGGHQ5HJLHUXQJHQ
DQGHUHU/lQGHUVHW]WHQGLHVHGUHLMGLVFKHQ*UXSSHQGHQ/L
EDQRQ XQWHU 'UXFN GDV YLHUWlJLJH 7UHIIHQ ]X YHUELHWHQ $OV
5HDNWLRQGDUDXIYHUNQGHWH/LEDQRQV3UHPLHUPLQLVWHUDP
0lU] GLH .RQIHUHQ] Ä5HYLVLRQLVPXV XQG =LRQLVPXV³ ZHUGH
QLFKW]XJHODVVHQZHUGHQ
,KU$XIUXIDQGLHOLEDQHVLVFKHQ%HK|UGHQHLQIULHGOLFKHVYRQ
SULYDWHU +DQG RUJDQLVLHUWHV 7UHIIHQ YRQ :LVVHQVFKDIWOHUQ
$XWRUHQXQG)RUVFKHUQ]XYHUELHWHQ±HLQ7UHIIHQGDVLQGHQ
PHLVWHQ/lQGHUQHLQVFKOLH‰OLFKGHQ86$Y|OOLJOHJDOZlUH±
YHUVHW]W GHU )UHLKHLW GHP )ULHGHQ XQG GHU *HUHFKWLJNHLW HL
QHQVFKZHUHQ6FKODJ
6LH KDEHQ GLH .RQIHUHQ] YHUXUWHLOW EHYRU VLH LUJHQG HWZDV
EHUGHQ,QKDOWGHU9RUWUlJHZX‰WHQRGHUVRJDUEHYRU6LHGLH
,GHQWLWlWGHU9RUWUDJHQGHQNDQQWHQ
,KU$XIUXILVWEHOHLGLJHQGIUGLH/LEDQHVHQGHQHQVLHZRKOHLQ
XQJHQJHQGHV8UWHLOVYHUP|JHQXQWHUVWHOOHQXPVLFKVHOEVWHLQH
DXIJHNOlUWHXQGIXQGLHUWH0HLQXQJEHUGLH*HVFKLFKWHGHV
-DKUKXQGHUWV]XELOGHQ-HGHUVROOWHGDV5HFKWKDEHQVLFKHLQH
IXQGLHUWH0HLQXQJEHUGLHUHYLVLRQLVWLVFKHQ$UJXPHQWH]XELO
GHQ(VGDUIQLFKWVHLQGD‰LQHLQHP7HLOGHU:HOWHLQEHVWLPP
WHU 6WDQGDUG IU GLH 5HGHIUHLKHLW JLOW LQ GHU DUDELVFKHQ :HOW
GDJHJHQHLQQLHGULJHUHUVFKOHFKWHUHU6WDQGDUG
6LHKDEHQLKUHQ5XIQDFK=HQVXUPLWGHU%HKDXSWXQJJHUHFKW
IHUWLJW XQVHUH .RQIHUHQ] VHL ÄDQWLVHPLWLVFK³ 'LHVH %HJUQ
GXQJLVWMlPPHUOLFKDQJHVLFKWVGHU7DWVDFKHZLHVFKQHOOGLH
9HUWHLGLJHUGHV]LRQLVWLVFKHQ6WDDWHVGLHVHVELOOLJH$WWULEXWDOO
MHQHQDQKHIWHQGLHJHJHQ,VUDHOVNULPLQHOOH3ROLWLNVLQG
6HLWEHU]ZDQ]LJ-DKUHQKDWVLFKXQVHU,QVWLWXWGXUFKZHJJH
JHQ )DQDWLVPXV =HQVXU XQG 8QWHUGUFNXQJ JHZDQGW LQGHP
HVVLFKIUHLQEHVVHUHVJHVFKLFKWOLFKHV%HZX‰WVHLQHLQVHW]WH

)RXQGLQJ0\WKVRI0RGHUQ,VUDHOGDVPlFKWLJH([SRVpGHV
IUDQ]|VLVFKHQ :LVVHQVFKDIWOHUV 5RJHU *DUDXG\ GDV LQ GHU
JDQ]HQDUDELVFKHQ:HOWJHSULHVHQZXUGH
,VW HV ,KUH $QVLFKW GD‰ HV VROFKHQ 3HUV|QOLFKNHLWHQ QLFKW
PHKU HUODXEW VHLQ VROOWH LUJHQGZR LKUH 0HLQXQJ ]X lX‰HUQ
RGHUQXULP/LEDQRQQLFKWRGHUQXUQLFKWEHLHLQHPYRP,+5
RUJDQLVLHUWHQ7UHIIHQ",VW,KU$XIUXI]XU=HQVXUDXIGHQ/LED
QRQEHVFKUlQNWRGHUGUIHQZLUQXQDXFK$XIUXIHYRQ,KQHQ
HUZDUWHQlKQOLFKH7UHIIHQLQ)UDQNUHLFK.DQDGDGHQ9HUHL
QLJWHQ6WDDWHQRGHULQDQGHUHQ/lQGHUQ]XYHUELHWHQ"'UIHQ
ZLU LQ hEHUHLQVWLPPXQJ PLW LKUHP $XIUXI GDV 7UHIIHQ EHU
Ä5HYLVLRQLVPXVXQG=LRQLVPXV³]XYHUELHWHQQXQDXFKGDPLW
UHFKQHQ GD‰ 6LH GLH =HQVXU UHYLVLRQLVWLVFKHU %FKHU =HLW
VFKULIWHQXQG5XQGIXQNVHQGXQJHQXQWHUVWW]HQ"
:LU VLQG VWRO] GDUDXI 8QWHUVWW]XQJ YRQ 3HUVRQHQ PLW GHQ
XQWHUVFKLHGOLFKVWHQ SROLWLVFKHQ $QVLFKWHQ VRZLH HWKQLVFKHQ
XQGUHOLJL|VHQ+LQWHUJUQGHQHUKDOWHQ]XKDEHQ6RZDU-RKQ
6DFN HLQHU GHU 5HGQHU DXI GHU  ,+5.RQIHUHQ] LP 0DL
 LQ 6GNDOLIRUQLHQ -RKQ 6DFN LVW HLQ -XGH (LQ %HULFKW
GLHVHV DOWJHGLHQWHQ DPHULNDQLVFKHQ -RXUQDOLVWHQ XQG $XWRUV
HUVFKLHQGLHVHV-DKULQGHU)HEUXDU$XVJDEHGHV(VTXLUH 0D
JD]LQV'HU%HULFKWEDVLHUWDXI6DFNV7HLOQDKPHZlKUHQGGLH
VHVGUHLWlJLJHQ7UHIIHQV(UYHUZDUIGDULQGLHRIWZLHGHUKROWH
/JHGDV,+5XQGGLH5HYLVLRQLVWHQVHLHQÄ+DVVHU³RGHU)D
QDWLNHU6DFNEHVFKULHEGLH9RUWUDJHQGHQXQG7HLOQHKPHUGHU
,+5.RQIHUHQ]DOVªXPJlQJOLFKDXIJHVFKORVVHQLQWHOOLJHQW
LQWHOOHNWXHOO©(UEHVWlWLJWH]XGHPGD‰HLQH9LHO]DKOUHYLVLR
QLVWLVFKHU$UJXPHQWHXQG(UJHEQLVVHWDWVlFKOLFKZDKUVLQG
$XI GHU JDQ]HQ :HOW ZlFKVW GLH (LQVLFKW GD‰ GLH Ä+ROR
FDXVW³.DPSDJQH HLQH GHU +DXSWZDIIHQ LP MGLVFK]LRQLVWL
VFKHQ$UVHQDOLVWXQGGD‰VLHEHQXW]WZLUGXPGLHDQVRQVWHQ
QLFKW ]X UHFKWIHUWLJHQGH LVUDHOLVFKH 3ROLWLN ]X UHFKWIHUWLJHQ
XQG DOV PlFKWLJHV ,QVWUXPHQW ]XU (USUHVVXQJ HQRUPHU *HOG
VXPPHQ YRQ GHQ $PHULNDQHUQ XQG (XURSlHUQ 6RJDU HLQLJH
PXWLJHMGLVFKH$XWRUHQKDEHQVLFK|IIHQWOLFKJHJHQGDVJH
ZDQGWZDVVLHGHQÄ+RORFDXVW.XOW³GLHÄ+RORFDXVW.HXOH³
Ä+RORFDXVWRPDQLH³XQGGLHÄ+RORFDXVW,QGXVWULH³QHQQHQ
,QGHP HV VLFK IU HLQ EUHLWHUHV |IIHQWOLFKHV *HVFKLFKWVEH
ZX‰WVHLQ HLQVHW]W KDW GDV ,+5 GDUDXI KLQJHZLHVHQ GD‰ M
9II*ÂÂ-DKUJDQJÂ+HIW

GLVFK]LRQLVWLVFKH 9HU]HUUXQJHQ GHU 9HUJDQJHQKHLW QLFKW DXI
GLH *HVFKLFKWH 3DOlVWLQDV XQG GHV 1DKHQ 2VWHQV EHVFKUlQNW
VLQGVRQGHUQGD‰VLHDXFK*HVFKLFKWVOJHQGHUHXURSlLVFKHQ
*HVFKLFKWHGHV-DKUKXQGHUWVXPIDVVHQ'LH3DOlVWLQHQVHU
P|JHQ KHXWH GLH RIIHQVLFKWOLFKVWHQ 2SIHU MGLVFK]LRQLVWL
VFKHU*HVFKLFKWVOJHQVHLQDEHUVLHVLQGEHLZHLWHPQLFKWDO
OHLQ 0LOOLRQHQ (XURSlHU ZXUGHQ HEHQIDOOV ]X 2SIHUQ lKQOL
FKHU 9HU]HUUXQJHQ GHU 9HUJDQJHQKHLW ZREHL GLH Ä+ROR
FDXVW´.DPSDJQH GLH ZLFKWLJVWH GDYRQ LVW $EHU ZLU PVVHQ
DOOH GHUDUWLJHQ *HVFKLFKWVOJHQ ]XUFNZHLVHQ GLH LKUHQ 8U
VSUXQJ LQ GHU 9HUDFKWXQJ IU GLH QLFKWMGLVFKH 0HQVFKKHLW
KDEHQ RE VLH QXQ GHQ 1DKHQ 2VWHQ EHWUHIIHQ (XURSD RGHU
GLH9HUHLQLJWHQ6WDDWHQ
:HQQ GLH UHYLVLRQLVWLVFKH $XIIDVVXQJ EHU GHQ +RORFDXVW
ZLUNOLFKVRSULPLWLYXQGIDOVFKZlUHZLHXQVHUH.ULWLNHUVXJ
JHULHUHQ VR KlWWH VLH ZRKO NDXP 8QWHUVWW]XQJ HUKDOWHQ YRQ
8QLYHUVLWlWVSURIHVVRUHQ ZLH HWZD $UWKXU %XW] XQG 5REHUW
)DXULVVRQ +LVWRULNHUQ ZLH 5RJHU *DUDXG\ XQG +DUU\ (OPHU
%DUQHV XQG HKHPDOLJHQ .RQ]HQWUDWLRQVODJHULQVDVVHQ ZLH HW
ZD 3DXO 5DVVLQLHU 'LHVH 3HUVRQHQ KDEHQ VLFK QLFKW GHVKODE
GD]X HQWVFKORVVHQ |IIHQWOLFK GLH RUWKRGR[H +RORFDXVWJH
VFKLFKWH]XYHUZHUIHQ±ZRPLWVLHVLFKGHU=HQVXUXQGQRFK
6FKOLPPHUHP DXVVHW]WHQ ± HWZD ZHLO VLH 1DUUHQ VLQG RGHU
ZHLOVLHE|VDUWLJH0RWLYHKDWWHQVRQGHUQDXIJUXQGHLQHUHKU
OLFKHQXQGJUQGOLFKHQ$EZlJXQJGHU%HZHLVH
$QVWDWW HLQHQ $XIUXI ]X XQWHU]HLFKQHQ GHU OHGLJOLFK GHQ ,Q
WHUHVVHQ,VUDHOVXQGGHV=LRQLVPXVGLHQWKlWWHQ6LHVLFKEHV
VHU IU GLH 2SIHU YRQ )DQDWLVPXV XQG 8QWHUGUFNXQJ HLQJH
VHW]W
,Q YLHOHQ /lQGHUQ ZHUGHQ GLHMHQLJHQ GLH GLH +RORFDXVW
%HKDXSWXQJHQ EHVWUHLWHQ ZLH .ULPLQHOOH EHKDQGHOW GK IU
LKUH IULHGOLFKHQ $QVLFKWHQ MD VRJDU IU bX‰HUXQJHQ GLH


*UR‰HU(UIROJGHV2IIHQHQ%ULHIHVDQDUDELVFKH,QWHOOHNWXHOOH
,QVWLWXWHIRU+LVWRULFDO5HYLHZ

'HU REHQ ZLHGHUJHJHEHQH 2IIHQH %ULHI GHV ,QVWLWXWH IRU +L
VWRULFDO5HYLHZKDWLP1DKHQ2VWHQZHLWH9HUEUHLWXQJJHIXQ
GHQ'HUYRP,QVWLWXWVGLUHNWRU0DUN:HEHUYHUID‰WH%ULHILVW
QDFKZHLVOLFK ZDKU VLQG PLW *HOGVWUDIHQ EHOHJW XQG HLQJH
VSHUUW =XGHP ZXUGHQ HLQLJH 5HYLVLRQLVWHQ ZHJHQ LKUHU $Q
VLFKWHQN|USHUOLFKDQJHJULIIHQ(LQHUZXUGHJDUHUPRUGHW6R
JDUKLHULQGHQ9HUHLQLJWHQ6WDDWHQVLQG5HYLVLRQLVWHQYHUSU
JHOWDQJHJULIIHQXQGDXIVFKZDU]HQ/LVWHQDXIJHIKUWZRUGHQ
8QVHU ,QVWLWXW ZDU ZLHGHUKROW GDV =LHO YRQ +D‰ XQG*HZDOW
,P -XOL  ZXUGH XQVHU %UR GXUFK HLQHQ YHUKHHUHQGHQ
%UDQGDQVFKODJ QLHGHUJHEUDQQW HLQ 9HUEUHFKHQ IU GDV QLH
PDOVMHPDQGYHUKDIWHWZXUGH
'HU MGLVFKDPHULNDQLVFKH :LVVHQVFKDIWOHU 1RDP &KRPVN\
EHZLHVDQQREHVRQGHUHQ0XWDOVHU|IIHQWOLFKGLH5HGH
IUHLKHLWIUGLH+RORFDXVW6NHSWLNHUYHUWHLGLJWH(UKDWGLHVHQ
6WDQGSXQNWWURW]PDVVLYHU.ULWLNQLHYHUODVVHQ'LHVHU6WDQG
SXQNW LVW VHOEVWYHUVWlQGOLFK GHU HLQ]LJH HWKLVFK YHUWUHWEDUH
GHQHLQDXIULFKWLJHU,QWHOOHNWXHOOHUHLQQHKPHQNDQQ-HW]WHW
ZD-DKUHGDQDFKKDEHQ6LHDXIEHVFKlPHQGH:HLVH,KUH
1DPHQ GDIU KHUJHJHEHQ XP ]X VWDDWOLFKHU 8QWHUGUFNXQJ
GLVVLGHQWHU+LVWRULNHUDXI]XUXIHQ
8P GLH *HVFKLFKWH ]XYHUVWHKHQEHGDUIHVGHURIIHQHQYHU
QQIWLJHQ 'HEDWWH QLFKW KLQJHJHQ GHU %HOHLGLJXQJ XQG =HQ
VXU 'DV JLOW DXFK IU GDV HPRWLRQVJHODGHQH 7KHPD Ä+ROR
FDXVW³ $Q ,KUH YHUDEVFKHXHQVZHUWH 8QWHUVWW]XQJ IU GLH
=HQVXU UHYLVLRQLVWLVFKHU :LVVHQVFKDIWOHU ZLUG PDQ VLFK HULQ
QHUQ XQG HV ZLUG LKU $QVHKHQ EHIOHFNHQ :LU P|FKWHQ 6LH
GDKHUELWWHQ,KUHQ6WDQGSXQNW]XEHUGHQNHQ
+RFKDFKWXQJVYROO
0DUN:HEHU
'LUHNWRU
,QVWLWXWHIRU+LVWRULFDO5HYLHZ
ZHEHU#LKURUJ
  $SULO LQ GHU UHJHOPl‰LJ HUVFKHLQHQGHQ 5XEULN
YRQ ,EUDKLP $OORXVK 'HU $UWLNHO NDQQ RQOLQH HLQJHVHKHQ
ZHUGHQ XQWHU KWWSZZZDVVDEHHOFRP 2SWLRQ ÄPDTDODW³
LQ DUDELVFKHQ hEHUVHW]XQJHQ LQ GHU HLQIOX‰UHLFKHQ %HLUXWHU $UWLNHO$VVDEHHOLVWHLQHGHUDXIODJHQVWlUNVWHQ=HLWVFKULIWHQ
7DJHV]HLWXQJ$Q1DKDU0DLLQGHUVDXGLDUDELVFKHQ=HL
WXQJ $O :DWDQ GHU MRUGDQLVFKHQ 7DJHV]HLWXQJ $O $UDE $O
<RZPGHUMRUGDQLVFKHQ:RFKHQVFKULIW $VVDEHHOGHUNXZDL
WLVFKHQ :RFKHQVFKULIW $O0XMWDPDD XQG LQ GHQ ]ZHL DUDEL
VFKHQRQOLQH3HULRGLND$OMDUHHGDXQG$O6KDDEHUVFKLHQHQ
0LWWH0lU]KDWWHQSURPLQHQWHDUDELVFKH6FKULIWVWHOOHUHLQH
|IIHQWOLFKH(UNOlUXQJDEJHJHEHQLQGHUVLHGLHOLEDQHVLVFKHQ
%HK|UGHQGD]XDXIULHIHQGLH.RQIHUHQ]Ä5HYLVLRQLVPXVXQG
=LRQLVPXV³LQ%HLUXW]XYHUELHWHQEHLGHUHQ2UJDQLVDWLRQGDV
,+5JHKROIHQKDWWH.XU]YRU%HJLQQGHVYLHUWlJLJHQ7UHIIHQV
DP0lU]YHUNQGHWHGDQQ/LEDQRQV3UHPLHUPLQLVWHUGD‰
HVQLFKW]XJHODVVHQZUGH
'HU2IIHQH%ULHIGHV,+5HUVFKLHQEHLVSLHOVZHLVHLQGHU:R
FKHQ]HLWVFKULIW $VVDEHHO LQ $PPDQ -RUGDQLHQ $XVJDEH 1U

9II*ÂÂ-DKUJDQJÂ+HIW
GHV/DQGHV'U$OORXVKHLQMRUGDQLVFKHU6FKULIWVWHOOHUOHEWH
-DKUHODQJLQGHQ9HUHLQLJWHQ6WDDWHQ(UVWXGLHUWHDQGHU
2KLR8QLYHUVLWlWXQGGHU2NODKRPD6WDDWV8QLYHUVLWlWZRHU
HLQHQ 'RNWRUKXW IU :LUWVFKDIWZLVVHQVFKDIWHQ HUKLHOW ,Q GHQ
YRUDXVJHJDQJHQHQ YLHU $XVJDEHQ YRQ $VVDEHHO ZLGPHWH HU
VHLQH Z|FKHQWOLFKH .ROXPQH HLQHU YLHUWHLOLJHQ 6HULH GHV 7L
WHOV ª5HYLVLRQLVWLVFKH +LVWRULNHU XQG GHU 6WXU] GHV $GRQLV
(GZDUG6DLGXQG0DKPRXG'DUZLVK©'U$OORXVKNDQQSHU
(PDLOHUUHLFKWZHUGHQXQWHUDOORXVK#\DKRRFRP
'HU2IIHQH%ULHIGHV,+5NDQQLQ$UDELVFKDXFKLQGHUVDXGL
DUDELVFKHQ 7DJHV]HLWXQJ $O :DWDQ $XVJDEH YRP  $SULO
LP.XOWXUWHLOHLQJHVHKHQZHUGHQKWWSZZZDOZDWDQFRPVD
-XQL



$UDELVFKHU,QWHOOHNWXHOOHUJHJHQ=HQVXU
9RQ'U,EUDKLP$OORXVK

Ä+RORFDXVW³DOVSDOlVWLQHQVLVFKHVXQGDUDELVFKHV7KHPDDXI
]XJUHLIHQ
'LHVH QHXH bX‰HUXQJ YRQ 0DKPRXG 'DUZLVK IROJW HLQHU LP
$SULOEHUV,QWHUQHWYHUEUHLWHWHQ(UNOlUXQJYRQ(GZDUG6DLG
LQGHUHULQHWZDVDJWHGD‰HU]ZDULP3ULQ]LSJHJHQGLHUHYL
VLRQLVWLVFKHQ +LVWRULNHU VHL GD‰ HU DEHU QLHPDOV LUJHQGHLQH
DUDELVFKH5HJLHUXQJGD]XDXIJHIRUGHUWKDEHHLQHLQWHOOHNWXHO
OH.RQIHUHQ]]XYHUELHWHQXQGGD‰GLHMHQLJHQGLHGLH8QWHU
VFKULIWHQGHUYLHU]HKQDUDELVFKHQ,QWHOOHNWXHOOHQIUGLH3HWL
WLRQ VDPPHOWHQ LKP LP 3ULQ]LS HLQ JDQ] DQGHUHV 'RNXPHQW
 YRUOHJWHQYJO9II*6
 'LH ZDKUH %HGHXWXQJ YRQ 0DKPRXG 'DUZLVKV MQJVWHU (U
,Q HLQHP RIIHQHQ 6FKXOGHLQJHVWlQGQLV GDV EHU GDV 6DWHOOL
WHQSURJUDPP/%&LQ0LOOLRQHQ+DXVKDOWHEHUWUDJHQZXUGH
KDW 0DKPRXG 'DUZLVK HLQHUGHU8QWHU]HLFKQHUGHV$XI
UXIV ]XP 9HUERW GHU .RQIHUHQ] Ä5HYLVLRQLVPXV XQG =LRQLV
PXV³HUNOlUW
ª:LUKDEHQHLQHQ)HKOHUJHPDFKWDOVZLUGLHOLEDQHVLVFKH
5HJLHUXQJ DXIIRUGHUWHQ GLH UHYLVLRQLVWLVFKH .RQIHUHQ] LQ
%HLUXW]XYHUELHWHQ©
'LHVH(UNOlUXQJZXUGHDP6RQQWDJGHP-XOLZlKUHQGHL
QHUEHOLHEWHQ)HUQVHKVHQGXQJGHV7LWHOVÄ+HZDU$O8PPRXU³
DXVJHVWUDKOW
0DKPRXG'DUZLVKIJWHKLQ]XHUHUNHQQHQXQGD‰GLH)RU
GHUXQJGHUYLHU]HKQDUDELVFKHQ,QWHOOHNWXHOOHQGLHUHYLVLRQL
VWLVFKH.RQIHUHQ]LQ%HLUXW]XYHUELHWHQHLQH9HUOHW]XQJGHV
0HQVFKHQUHFKWV UHYLVLRQLVWLVFKHU +LVWRULNHU DXI 0HLQXQJV
XQG:LVVHQVFKDIWVIUHLKHLWZDUDXFKZHQQHUGDJHJHQLVWGHQ





1RUPDQ)LQNHOVWHLQEHU-XGHQ$QWLVHPLWLVPXVXQG,VUDHO
9RQ$QJHOD6FKQHLGHU

'DV ,QWHUHVVH DP +RORFDXVW XQG GHQ GDPLW ]XVDPPHQKlQ
JHQGHQ SROLWLVFKHQ XQG ILQDQ]LHOOHQ 0DQLSXODWLRQHQ XQG
0DFKWNlPSIHQ LVW LQ GHQ OHW]WHQ -DKUHQ LQ GHU DUDELVFKHQ
:HOW VSUXQJKDIW DQJHVWLHJHQ 'LHVHV ,QWHUHVVH JLOW QLFKW QXU
GHP+RORFDXVW5HYLVLRQLVPXVGHUHUVWPDOVGXUFKGLHIUDQ]|
VLVFKH$IIlUHXPGHQNDWKROLVFKHQ$EW$EEp3LHUUHXQGGHQ
IUKHUHQ NRPPXQLVWLVFKHQ ,QWHOOHNWXHOOHQ XQG MHW]LJHQ 9RU
NlPSIHUGHV,VODPV5RJHU*DUDXG\KRKH:HOOHQVFKOXJYJO
NOlUXQJHUJLEWVLFKDOOHUGLQJVDXVGHU7DWVDFKHGD‰'DUZLVK
DQIlQJOLFKVHLQH$XIIRUGHUXQJ]XP9HUERWGHU%HLUXWHU.RQ
IHUHQ] EHNUlIWLJW KDWWH DOV HU GD]X YRQ GHU VDXGLDUDELVFKHQ
7DJHV]HLWXQJ$O:DWDQLP$SULOLQWHUYLHZWZRUGHQZDU
'DUZLVKV6LQQHVZDQGHOVSLHJHOWGDKHUGHQZDFKVHQGHQ'UXFN
ZLHGHU GHU YRQ GHU DUDELVFKHQ %HY|ONHUXQJ DXVJHEW ZLUG
GLH EHU GLH 3HWLWLRQ GHU YLHU]HKQ DUDELVFKHQ ,QWHOOHNWXHOOHQ
HU]UQWVLQG
7DWVlFKOLFKN|QQHQGLH8QWHUVWW]HUGHV+RKORFDXVWLKUH6D
FKHQXUPLWZHLWVFKZHLILJHQ(UNOlUXQJHQGDUOHJHQZLHHWZD
Ä'LHVHV 7KHPD DXI]XJUHLIHQ LVW SROLWLVFK QLFKW UDWVDP³ Ä,FK
EUDXFKHPHKU>XQEHVFKUlQNWH@=HLWXPLQGLHVHU6DFKHPHKU
,QIRUPDWLRQHQ ]X VDPPHOQ³ Ä/D‰W XQV QLFKW EHU =DKOHQ
VWUHLWHQ³XVZ'LHVVLQGGLHEOLFKHQ.OLVFKHHVHLQHU0LQGHU
KHLW LQ GHU DUDELVFKHQ :HOW GLH GHQ +RORFDXVW0\WKRV KlW
VFKHOQ
1RUPDQ)LQNHOVWHLQQLPPW
NHLQ%ODWWYRUGHQ0XQG

6DPLD1DVVDU0HONLVSULFKWPLWGHPIUHLPWLJHQ$XWRU

1RUPDQ * )LQNHOVWHLQ OHKUW ,QWHUQDWLRQDOH %H]LHKXQJHQ XQG
3ROLWLVFKH7KHRULHDQGHU&LW\8QLYHUVLW\YRQ1HZ<RUN(U
9II*6$XFKGLHHWZDVZHQLJHUXPVWULWWHQH.UL PDFKWH HLQHQ $EVFKOX‰ LQ 3ROLWRORJLH DQ GHU 3ULQFHWRQ 8QL
WLNDP6KRDK%XVLQHVVE]ZGHU+RORFDXVW,QGXVWULHZLUGLP YHUVLWlWXQGVFKULHEHLQH'LVVHUWDWLRQEHUGHQ=LRQLVPXV(U
1DKHQ2VWHQDXIPHUNVDPYHUIROJW LVW $XWRU HLQLJHU %FKHU ,PDJH DQG 5HDOLW\ RI WKH ,VUDHO
'LH LQ %HLUXW HUVFKHLQHQGH OLEDQHVLVFKH 7DJHV]HLWXQJ 7KH 3DOHVWLQH FRQIOLFW $EELOG XQG :LUNOLFKNHLW GHV LVUDHOLVFK
'DLO\6WDUYHU|IIHQWOLFKWHDP-XOLHLQH5H]HQVLRQGHV SDOlVWLQHQVLVFKHQ.RQIOLNWV7KH5LVHDQG)DOORI3DOHVWLQH
%XFKHV'LH+RORFDXVW,QGXVWULHGHV863ROLWRORJHQ3URI'U $3HUVRQDO$FFRXQWRIWKH,QWLIDGD<HDUV$XIVWLHJXQG)DOO
1RUPDQ )LQNHOVWHLQ YJO GD]X GLH 5H]HQVLRQ LQ 9II* 3DOlVWLQDV (LQ SHUV|QOLFKHU %HULFKW GHU -DKUH GHU ,QWLIDGD
 6*HIROJWZLUGGLHVH5H]HQVLRQYRQHL
QHP,QWHUYLHZGHV6DPLD1DVVDU0HONLPLW3URI)LQNHOVWHLQ
LQGHPVLFKHLQLJHHUVWDXQOLFKHXQGNODUH$XVVDJHQEHILQGHQ
GLH GHQ /HVHUQ GHU 9II* QLFKW YRUHQWKDOWHQ ZHUGHQ VROOWHQ
1DFKIROJHQGZHUGHQGLHZHVHQWOLFKHQ3DVVDJHQGLHVHV,QWHU
VRZLH$1DWLRQRQ7ULDO(LQH1DWLRQYRU*HULFKWGDVHU]X
VDPPHQ PLW 5XWK %HWWLQD %LUQ YHUID‰WH >YJO 9II*  6
II@6HLQOHW]WHVXQGXPVWULWWHQVWHV%XFK'LH+RORFDXVW
,QGXVWULHLVW]XU=HLWHLQ1XPPHU%HVWVHOOHUEHUDOOLQ(X
URSD ZLUG DEHU LQ GHQ 9HUHLQLJWHQ 6WDDWHQ PLW 6FKZHLJHQ
YLHZVGDKHUZLHGHUJHJHEHQ6 6DPLD) )LQNHOVWHLQ EHUJDQJHQ,QGLHVHP,QWHUYLHZGDVLQ)LQNHOVWHLQV+DXVLQ

 9II*ÂÂ-DKUJDQJÂ+HIW

1HZ < RUN JHIKUW ZXUGH VSUDFK 6DPLD 1DVVDU 0HONL PLW WLYH $FWLRQ³@ ELV KLQ ]X NULWLNORVHU 8QWHUVWW]XQJ ,VUDHOV
GHP $XWRU EHU VHLQ %XFK GHVVHQ $XVZLUNXQJHQ XQG GHQ XQG GHU 'HPLOLWDULVLHUXQJ GHU 3DOlVWLQHQVHU 6HOEVWYHU
1DKHQ2VWHQ66DPLD))LQNHOVWHLQ
 ZHUGHQ
6:LHNRPPHQ6LHPLWGLHVHUJDQ]HQ.RQWURYHUVH]XUHFKW"
))U PLFK ILQGHW GLHVH .RQWURYHUVH LQ HLQHU IUHPGHQ :HOW
VWDWWZHLOHVLQGHQ9HUHLQLJWHQ6WDDWHQQLFKWVGHUJOHLFKHQ ),FK KDEH GDUEHU ODQJH QDFKJHGDFKW XQG JODXEH QLFKW
JLEW*HVWHUQULHIPLFKHLQHIUKHUH0LWDUEHLWHULQDXV%HO
JLHQDQXQGVDJWHPLUVLHVHLLQHLQHQ%XFKODGHQJHJDQ
JHQ XQG KDEH PHLQ %XFK GRUW LQ KHUYRUJHKREHQHU :HLVH
DXVJHVWHOOWJHVHKHQ+LHULQGHQ9HUHLQLJWHQ6WDDWHQNDQQ
PDQGDV%XFKQLFKWILQGHQ'DVJDQ]H7KHDWHUILQGHWDOVR
LQHLQHUIUHPGHQ:HOWVWDWW,FKNRPPHPLUKLHUQLFKWZLH
HLQ3URPLQHQWHUYRUGDVJLEWHVKLHUQLFKW
6$PHULND LVW ZLH HLQH :DQG GHV 6FKZHLJHQV :LH EOHLEHQ
6LHPLWGHP1DKHQ2VWHQLQ9HUELQGXQJPLWGHU.RQWUR
YHUVH GLH ,KU %XFK LQ (XURSD YHUXUVDFKW XQG PLW GHP
ZDVGLH,QGXVWULHYRUKDW"
),P ZHVHQWOLFKHQ GXUFK GDV ,QWHUQHW (PDLO .RUUHVSRQ
GHQ] 'LH 86$ VLQG GHU )LUPHQVLW] GHU +RORFDXVW,QGX
VWULHMHGHQ7DJLVWKLHUHWZDVORV(VJLEW]XU=HLWWDWVlFK  'LHV LVW GHU =ZHFN GHU +RORFDXVW,GHRORJLH GHQQ HLQH
OLFKNHLQHHLQ]LJH$XVJDEHGHU1HZ<RUN7LPHVGLHNHLQHQ
$UWLNHO EHU GHQ 1D]L+RORFDXVW HQW
KlOW 'DV HLQ]LJH 7KHPDGDVLQWHQVL
YHU EHKDQGHOW ZLUG LVW GDV :HWWHU
'DV LVW ZDKU (V JLEW NHLQH HLQ]LJH
$XVJDEH GHV 6XQGD\ %RRN 5HYLHZ
>JU|‰WHV 86%XFK5H]HQVLRQVPDJD
]LQ@ GLH NHLQ %XFK EHU GHQ +ROR
FDXVWHQWKlOW:HQQPDQKHXWHYHU|I
IHQWOLFKWZHUGHQZLOOGDQQDPEHVWHQ
LQGHP PDQ EHU GHQ +RORFDXVW
VFKUHLEW
6,Q ,KUHP %XFK Ä'LH +RORFDXVW ,QGX
VWULH³ VDJHQ 6LH GLH DPHULNDQLVFKHQ
-XGHQ EHQXW]WHQ GHQ +RORFDXVW XQG
,VUDHO XP HLQH KRKH 3RVLWLRQ LQ GHU
*HVHOOVFKDIW ]X HUUHLFKHQ 1XQ VLQG
VLH MD DQ GHU 6SLW]H GHU *HVHOOVFKDIW
'RFKZDVNRPPWMHW]W" 1RUPDQ*)LQNHOVWHLQ
)(VGLHQWVHKUQW]OLFKHQ=ZHFNHQ'LH
DPHULNDQLVFKHQ-XGHQVLQGLQGHUZLUNOLFKSKlQRPHQDOHQ
/DJHGLHZLUWVFKDIWOLFKHUIROJUHLFKVWHHWKQLVFKH*UXSSHLQ
GHQ86$]XVHLQXQGHVLVWGDVHKUQW]OLFK]XEHKDXSWHQ
PDQVHLHLQ2SIHU'LHVZLUGYRQGLHVHU*UXSSHGD]XEH
QW]W XP VLFK YRU MHGHU $UW GHU .ULWLN ]X LPPXQLVLHUHQ
'DV LVW JHQDX GDV JOHLFKH ZDV ,VUDHO WXW ,VUDHO LVW GLH
YLHUWRGHUIQIWJU|‰WH0LOLWlUPDFKWGHU:HOWXQGEHKDXS
WHWIRUWZlKUHQGÄLFK$UPHULFKZHUGHDQJHJULIIHQ³'LHV
LVW HLQH ZXQGHUYROOH LGHRORJLVFKH :DIIH XQG VLH ZHUGHQ
GLHVHEHVWLPPWQLFKWDXIJHEHQ
6$EHU ZHQQ GHU +RORFDXVW HLQ 0LWWHO ]X HLQHP =ZHFN LVW
XQGGLHVHU=ZHFNOHW]WOLFKHUUHLFKWZXUGHZDVSDVVLHUWDOV
QlFKVWHV"
)5LFKWLJ DEHU GDV DPHULNDQLVFKH -XGHQWXP LVW ZLUWVFKDIW
OLFK XQG SROLWLVFK VR PlFKWLJ GD‰ VLH GHQ +RORFDXVW LP
PHUQRFKQ|WLJKDEHQXP.ULWLNDE]XZHKUHQGHQQGLHVH
.ULWLNZlUHDQGHUQIDOOVUHFKWPDVVLY
6'HQNHQ6LHGLH.ULWLNZlUHEHUHFKWLJW"
)-DLQHLQLJHQ)lOOHQQDWUOLFK'DVEHWULIIWGLH(LQVWHOOXQJ
GHU DPHULNDQLVFKHQ MGLVFKHQ (OLWH ]X DOOHQ P|JOLFKHQ
7KHPHQ YRQ HU]ZXQJHQHU *OHLFKEHUHFKWLJXQJ>Ä$IILUPD
9II*ÂÂ-DKUJDQJÂ+HIW
VWlQGOLFK ZlUH .ULWLN EHUHFKWLJW XQG VLH VROOWH JHlX‰HUW
6:DV JODXEHQ 6LH ZDV HV PLW HFKWHP $QWLVHPLWLVPXV DXI
VLFKKDW"
GD‰ HV GDUDXI HLQH HLQIDFKH $QWZRUW JLEW ,FK ELQ DOOHU
GLQJV JHJHQ GLH EOLFKH +RORFDXVW)RUPXOLHUXQJ MHGH
)RUP GHV $QWLVHPLWLVPXV VHL LUUDWLRQDO HV VHL OHGLJOLFK
GLHVHUY|OOLJLUUDWLRQDOH+D‰GHU1LFKWMXGHQJHJHQGLH-X
GHQ XQG -XGHQ ZUGHQ QLHPDOV HLQH 9HUDQWZRUWXQJ WUD
JHQIUGDVLKQHQJHJHQEHUJHlX‰HUWH9HUKDOWHQDQGHUHU
,FKGHQNHGD‰GLHVH)RUPXOLHUXQJDXVVFKOLH‰OLFKHJRLVWL
VFKH XQG LGHRORJLVFKH *UQGH KDW ,FK GHQNH GLHVLVWDE
VXUG0DQZHQGHHVQXUHLQPDOSUDNWLVFKDQ.DQQLUJHQG
MHPDQG HUQVWKDIW EHKDXSWHQ GHU +D‰ GHQ YLHOH 3DOlVWL
QHQVHURGHUPHLQHWZHJHQDXFK/LEDQHVHQJHJHQGLH-XGHQ
HPSILQGHQKDEHQLFKWVPLWGHP]XWXQZDVGLH-XGHQJH
WDQKDEHQ"
]HQWUDOH (LJHQVFKDIW GHU JDQ]HQ +RORFDXVW,GHRORJLH LVW
GD‰GLH9HUQLFKWXQJGHU-XGHQY|OOLJ
LUUDWLRQDOZDU6LHVDJHQLPPHUMHGHU
9|ONHUPRUGMHGHUDQGHUH0RUGKDEH
HLQUDWLRQDOHV0RWLY/DQG(LJHQWXP
:RKOVWDQG (V JHEH LPPHU HLQHQ
*UXQG ZRKLQJHJHQ GLHVHU 0RUG HLQ
]LJDUWLJVHLZHLOHULUUDWLRQDOVHL'HU
]ZHLWH6FKULWWLVWGDQQGDV$UJXPHQW
GHU +RORFDXVW VHL GLH =XVSLW]XQJ GHV
$QWLVHPLWLVPXV GHU 1LFKWMXGHQ ZHV
KDOE GLH 6FKOX‰IROJHUXQJ VHL DOOHU
$QWLVHPLWLVPXV VHL Y|OOLJ LUUDWLRQDO
GDVLVWHLQVHKUQW]OLFKHU7ULFN
6,FKGHQNH,KU%XFKLVWHLJHQWOLFKHLQH
VHKU SURMGLVFKHV %XFK (V LVW ]X
PLQGHVW HLQ HKUOLFKHV GDV GHQ -XGHQ
PLWWHLOWVLHPVVHQDXISDVVHQ

)'DPLW ELQLFKHLQYHUVWDQGHQ$P(Q
GH GHV %XFKHV VFKULHE LFK GD‰ GDV
DPHULNDQLVFKH -XGHQWXP XQG ,VUDHO HLQH VWUXNWXUHOOH
6\PPHWULH DXIZHLVHQ 'XUFK LKUH $UURJDQ] XQG LKU +HU
XPZXFKHUQ PLW LKUHP SROLWLVFKHQ XQG ZLUWVFKDIWOLFKHQ
*HZLFKWKDEHQVLHVLFKLQHLQH(FNHKLQHLQPDQ|YULHUWZR
LKU hEHUOHEHQ QXQ ZLUNOLFK Y|OOLJ YRQ GHU KHUUVFKHQGHQ
86(OLWH DEKlQJW ,FK GHQNH QLFKW GD‰ GLHV IU HLQ ]DK
OHQPl‰LJVRNOHLQHV9RONHLQHJXWH6WUDWHJLHLVW,FKGHQNH
VLHLVWYHUUFNW1XQPDQNDQQGLH=XNXQIWQLFKWYRUDXV
VDJHQ DEHU GDV DOOHV ZLUG QRFK DXI GLH 8UKHEHU ]XUFN
IDOOHQ $XI ZHQ NDQQ VLFK ,VUDHO GHQQ KHXWH QRFK YHUODV
VHQ"$XIQLHPDQGHQ-HGHUYHUDEVFKHXW,VUDHODXFKZHQQ
VLH DQGHUHV YRUJHEHQ DEHU ZLU ZLVVHQ ZDV VLH ZLUNOLFK
GHQNHQQLFKWZHLOVLHLUUDWLRQDOH$QWLVHPLWHQVLQGVRQGHUQ
LQ:DKUKHLWZHLO,VUDHOGLHJUR‰H0HQJHJXWHQ:LOOHQVGHQ
HV EHL VHLQHU *UQGXQJ DXIJUXQG GHV 1D]L+RORFDXVW PLW
DXIGHQ:HJEHNDPLQ]ZLVFKHQYHUVSLHOWKDW
60HLQ (LQGUXFN LVW GD‰ GLH 86$ IU GLH DPHULNDQLVFKHQ
-XGHQ LP 3ULQ]LS LKU =XKDXVH VLQG ZlKUHQG ,VUDHO HLQH
$UWDXVOlQGLVFKHV3URMHNWGDUVWHOOW6LHVFKHLQHQVLFKQLFKW
NODU GDUEHU ]X VHLQ GD‰ VLH HLQHP DQGHUHQ 9RON VHLQH
+HLPDWVWUHLWLJPDFKHQ


),FKGHQNHQLFKWGD‰VLHGDVZLUNOLFKEHNPPHUW'HU5DV
VLVPXVLVWEHLDPHULNDQLVFKHQ-XGHQWLHIYHUZXU]HOW
65DVVLVPXVJHJHQGLH$UDEHU"
)*HJHQ$UDEHUJHJHQ6FKZDU]HRIIHQJHVDJWJHJHQMHGHQ
Ä$OOHZROOHQGLH-XGHQHUPRUGHQ$OOHVLQGQHLGLVFKZHLO
ZLUVRYLHOEHVVHUVLQG³
68QGMHW]WKDEHQZLUHLQHQHXH*HQHUDWLRQYRQ-XGHQGH
UHQ,GHQWLWlWGLHVH2SIHUUROOHLVW
)'LHVH%HKDXSWXQJGHU-XGHQVLHVHLHQ2SIHULVWVHKUVRQ
GHUEDU(VLVWGLHVHLQHJDQ]EHVRQGHUH$UWYRQÄ2SIHU³
(VLVWQLFKWGLH$UWÄZLUVLQG2SIHUZLUOHLGHQ³(LQEL‰
FKHQ GDYRQ LVW IUHLOLFK GDULQ HQWKDOWHQ ZHLO GLH -XGHQ HV
OLHEHQ ]X JODXEHQ VLH ZUGHQ LPPHU OHLGHQ DEHU HV LVW
WDWVlFKOLFKHKHUGDV2SIHUYRP7\SÄZLUVLQG2SIHUZDU
XPJUHLIVWGXXQVDQ"³RGHUÄZLUVLQG2SIHUZHLOVLHXQV
DQJUHLIHQ XQG VLH JUHLIHQ XQV DQ ZHLO ZLU VR YLHO EHVVHU
VLQG³
 (V JLEW VLFKHU DQGHUH *UXSSHQ GLH DOV 2SIHU DQJHVSUR
FKHQZHUGHQN|QQHQ$EHUGLH-XGHQVLQGNHLQH2SIHU6LH
VLQG GLH HUIROJUHLFKVWH *UXSSH LQ GHQ 86$ 'DV LVW HLQH
IDOVFKH:DKUQHKPXQJ:DUXPQHQQWVLFKGLHHUIROJUHLFK
VWH*UXSSHZRKOVHOEVWHLQ2SIHU"
 :HQQ VLH ZLUNOLFK 2SIHU ZlUHQ VR ZUGHQ VLH VLFK QLFKW
EHVFKZHUHQZLHVLHHVMQJVWLQHLQHP$UWLNHOLQGHU1HZ
<RUN7LPHVWDWHQGD‰QXU DOOHU6WXGHQWHQLP*UXQG
VWXGLXP DQ GHU 3ULQFHWRQ 8QLYHUVLWlW MGLVFKH VHLHQ -X
GHQKDEHQQXUHLQHQ$QWHLOYRQ3UR]HQWDQGHUDPHUL
NDQLVFKHQ %HY|ONHUXQJ 'DV LVW GDV 7KHPD GDV XQWHU
VXFKWZHUGHQP‰WH
60HUNHQGLH$PHULNDQHUZDVYRUVLFKJHKW"
)'LHDPHULNDQLVFKHQ-XGHQKDEHQNHLQH9RUVWHOOXQJGDYRQ
'LH 1LFKWMXGHQ GDJHJHQ VFKRQ :HQQ PDQ PLW HLQHP
1LFKWMXGHQVSULFKWVRZLUGHUJHOHJHQWOLFKVRHWZDVVDJHQ
ZLHÄPHLQHQ6LHQLFKWGD‰HV]XYLHOH+RORFDXVW0XVHHQ
JLEW"³ 'LHVHU K&DXYLQLVPXV GLHVH EHUWULHEHQH 8QWHU
VWW]XQJIUDOOHV-GLVFKHYHUEOHQGHWXQGLFKGHQNHGD‰
GLHVHLQ3UREOHPLVW
6-D DEHU GLHVHU K&DXYLQLVPXV IU DOOHV -GLVFKH YHUZDQ
GHOWVLFKLP1DKHQ2VWHQLQHLQH0HQJH7RWHU
)1LFKWVN|QQWHGHQHQPHKUHJDOVHLQ'LHHLQ]LJHQGLHGH
UHQ $XIPHUNVDPNHLW HUODQJWHQ ZDUHQ GLH .lPSIHU YRQ
+LVEROOKD >EHL GHU IOXFKWDUWLJHQ5lXPXQJGHV6GOLEDQRQ
LP+HUEVW@+LVEROODKKDWJHQDXGDV5LFKWLJHJHWDQ
.HLQH 9HUKDQGOXQJHQ NHLQH =HLWYHUVFKZHQGXQJ PLW 9HU
KDQGOXQJHQ (V JLEW QXU HLQH 6DFKH EHU GLH YHUKDQGHOW
ZLUG ZDQQ LKU DE]LHKW 9HUKDQGHOW ZLUG QDFKGHP LKU
(XFK]XUFNJH]RJHQKDEWGDYRUJLEWHVQLFKWV]XYHUKDQ
GHOQ'DVLVWGHUULFKWLJH:HJ'DVLVWGLHHLQ]LJH6SUDFKH
GLHVLHYHUVWHKHQ
6'HQNHQ 6LH GD‰ IU GLH 3DOlVWLQHQVHU HLQ (QGH LQ 6LFKW
LVW"
)1HLQ,FKPHLQHGD‰GLH3DOlVWLQHQVHUGLH,VUDHOLVEHVLH
JHQN|QQHQLFKJODXEHGLHVZLUNOLFK'HU%HJULII,QWLIDGD
EHGHXWHW ÄDEVFKWWHOQ³ ZLH HLQ +XQG VHLQH )O|KH DE
VFKWWHOW DEHU GLHVHV $EVFKWWHOQ ZDU ELVKHU ]LHPOLFK

REHUIOlFKOLFK6LHEUDXFKHQHLQHQHXH)KUXQJGLHZLUN
OLFK HQJDJLHUW XQG VFKODX LVW 'LH 3DOlVWLQHQVHU N|QQWHQ
,VUDHOULFKWLJJHKHQGKHUXPKHW]HQ6LHWDWHQGLHVLQGHQHU
VWHQ ]ZHL -DKUHQ  XQG  ,VUDHO KDWWH GDPDOV
ZLUNOLFK KDUW JHJHQ VLH ]X NlPSIHQ DEHU HV ZDU KRII
QXQJVORVVREDOGGLHDOWH)KUXQJVULHJHXP<DVVLU$UDIDW
]XUFNNHKUWH
6)UGLHYRUDXVVHKEDUH=XNXQIWZLUGHVDOVRVREOHLEHQZLH
HVLVW
)(V ZLUG VFKOLPPHU ZHUGHQ ,VUDHO ZLUG GLH 3DOlVWLQHQVHU
LQGLH8QWHUZHUIXQJSUJHOQ,FKELQEHUKDXSWQLFKWRS
WLPLVWLVFK 5HYROWHQ HUJHEHQ VLFK VFKOLFKW DXV )UXVWUDWLR
QHQXQGVLHN|QQHQQXUHLQHEHVWLPPWH=HLWDQKDOWHQ(V
JLEW NHLQH VWUDWHJLVFKH 9LVLRQ NHLQ WDNWLVFKHV .RQ]HSW
NHLQ *HIKO GDIU ZDQQ PDQ GLH =JHO DQ]LHKHQ XQG
ZDQQJHKHQODVVHQPX‰(VZLUGGDKHUQLFKWODQJHDQKDO
WHQ 'DV 9RON JLEW DXI ,FK ELQ GDKHU VHKU SHVVLPLVWLVFK
'LHVRJHQDQQWH)KUXQJGHU3DOlVWLQHQVHUKDWNHLQH9LVL
RQ
6:DVLVW6KDURQV6WUDWHJLH"
),P3ULQ]LSZDUHVHLQH6WUDWHJLHYRQ=XFNHUEURWXQG3HLW
VFKH%DUDNKDWWHGDV=XFNHUEURWZDVEHGHXWHWGD‰HULK
QHQ EHVWLPPWH =XJHVWlQGQLVVH PDFKWH KRIIHQG GD‰ GLH
3DOlVWLQHQVHUGLHVHDQQHKPHQZUGHQGDVLHVLFKDXIGHP
3DSLHU JXW DXVPDFKWHQ XQG $UDIDW ZDU LPPHU QXU DXI
3DSLHU]XJHVWlQGQLVVH DXV 6LH GDFKWHQ GD‰ GLHV IXQNWLR
QLHUHQ ZUGH XQG DOV HV QLFKW NODSSWH NDP 6KDURQ LQV
6SLHO $EHU PDQ HULQQHUH VLFK GD‰ HV QLFKW 6KDURQ LVW
VRQGHUQ 6KDURQ3HUHV (V LVW GLH JOHLFKH )KUXQJ 6LH
EUDFKWHQDOVR6KDURQLQV6SLHODEHU3HUHVLVWLPPHUQRFK
DQVHLQHU6HLWH-HW]WYHUVXFKHQVLHHVPLWGHU3HLWVFKHLQ
GHPVLHGLH3DOlVWLQHQVHUGD]XSUJHOQZROOHQGLHLVUDHOL
VFKHQ%HGLQJXQJHQ]XDN]HSWLHUHQ
6-DDEHU,VUDHONDQQGLH0LOOLRQHQ3DOlVWLQHQVHUGRFK
QLFKWLJQRULHUHQ
)1XQGDV.RQ]HSWLVWVFKOLFKWHLQVGDIULNDQLVFKHVVSULFK
GLH (UULFKWXQJYRQ%DQWX6WDDWHQXPLKQHQGDQQLQGLH
VHQ6WDDWHQLKUH8QDEKlQJLJNHLW]XJHEHQ
6:DVZROOHQGLH,VUDHOLVHUUHLFKHQ"
)6LH ZROOHQ HUUHLFKHQ ZDV VLH LPPHU ZROOWHQ 6LH ZROOHQ
GHQ1DKHQ2VWHQGRPLQLHUHQXQGVRYLHOHLJHQHSK\VLVFKH
0DFKW XQG 5HVVRXUFHQ VLFKHUVWHOOHQ ZLH VLH LUJHQG N|Q
QHQZDVEHGHXWHWGD‰VLHDOOHV0|JOLFKHLQGLHVHU5HJLRQ
LQ %HVLW] QHKPHQ YRP 0LWWHOPHHU ELV ]XP -RUGDQ XP
GDQQ GHQ 5HVW GHU 5HJLRQ GXUFK GLH $XVEXQJ EOR‰HQ
7HUURUVXQWHU.RQWUROOH]XKDOWHQ
6:HQQ6LHHLQ.LQGKlWWHQZDVZUGHQVLHLKPVDJHQ"
),FK ZUGH KRIIHQWOLFK VDJHQ Ä)LQGH KHUDXV ZDV 'X LP
/HEHQHUUHLFKHQZLOOVWZLHDXFKLFKHVWDW³0HLQH(OWHUQ
KDEHQPLUZLUNOLFKNHLQH:HUWHDXIJH]ZXQJHQZHGHUUHOL
JL|VH QRFK LQWHOOHNWXHOOH 6LH ZDUHQ VFKOLFKW JXWH (OWHUQ
(VJLEWGDHLQJXWHV6SULFKZRUWYRQ(GZDUG6DLGGHU$L
PH&HVDLUH]X]LWLHUHQSIOHJWHÄ%HLP5HQGH]YRXVPLWGHP
6LHJJLEW¶V3ODW]IUMHGHQ³,FKPDJGDV
9II*ÂÂ-DKUJDQJÂ+HIW


'LH5HYLVLRQLVWHQVLQGVFKZHU]XZLGHUOHJHQ
9RQ3URID''U5REHUW)DXULVVRQ

8QWHUGHU/HLWXQJYRQ)UDQFRLVH&LELHOKDEHQQHXQ+DXSWYHU GHUOHJW ZHUGHQ EHLVSLHOVZHLVH PLW GHP $UJXPHQW GHV $Q
IDVVHU GDUXQWHU(OLH%DUQDYL±GHUJHJHQZlUWLJH%RWVFKDIWHU JULIIV DXI GHU SHUV|QOLFKHQ (EHQH PLW GHP $UJXPHQW GHV
,VUDHOV LQ )UDQNUHLFK ± XQG GHU +LVWRULNHU -HDQ /RLJQRQ HLQ .QSSHOV RGHU DXFK PLW $UJXPHQWHQ DXV GHP $UVHQDO GHU
-RXUQDO GH OD )UDQFH HW GHV )UDQFDLV K&URQLTXH SROLWLTXH 3URSDJDQGD'DPSIZDO]H GHQ %HVFKZ|UXQJVIRUPHOQ GHV
FXOWXUHOOH HW UHOLJLHXVH GH O&RYLV i  7DJHEXFK )UDQN 5DEELQHUV ZHLQHUOLFKHQ %HWURIIHQKHLWVULWXDOHQ XQG GHP .DX
UHLFKVXQGGHU)UDQ]RVHQ3ROLWLVFKHNXOWXUHOOHXQGUHOLJL|VH GHUZHOVFK (OLH :LHVHOV KLOIW GLHV DOOHV QLFKW PHKU ZHLWHU VR
&KURQLNYRQ&KORGZLJELV]XP-DKUHYHU|IIHQWOLFKW,Q
HLQHP LP 1RXYHO 2EVHUYDWHXU HUVFKLHQHQHQ $UWLNHO HQWKOOW
$QQH &ULJQRQ GD‰ GLH :DKO GHU LQ GDV :HUN DXIJHQRPPH
QHQ1DPHQXQWHUGLHVHQ]HKQ3HUVRQHQELVZHLOHQ=ZLVWLJNHL
WHQKDQGJUHLIOLFKH$XVHLQDQGHUVHW]XQJHQXQGPHKURGHUZH
QLJHUÄNRPSOH[H³'HEDWWHQDXVJHO|VWKDW6LHVFKUHLEWGD]X
ª$QGHUH 'HEDWWHQ ZDUHQ NRPSOH[HU )DXULVVRQ EHLVSLHOV
ZHLVH6ROOWHGHU5HYLVLRQLVPXVHLQHU(UZlKQXQJIUZU
GLJ EHIXQGHQ ZHUGHQ" )UDQFRLVH L&ELHO ZDU GDJHJHQ
/RLJQRQ GDIU 'HU +LVWRULNHU KDW VLFK VFKOLH‰OLFK GXUFK
JUHLIWPDQHEHQ]XUURKHQ*HZDOWHLJHQVHUODVVHQHU6RQGHUJH
VHW]H GDQN GHQHQ GLHVHQ YHUDEVFKHXXQJVZUGLJHQ 5HYLVLRQL
VWHQGLH$EHUNHQQXQJYRQ'LSORPHQXQGDNDGHPLVFKHQ7LWHOQ
%HUXIVYHUERWHGHUILQDQ]LHOOH5XLQXQG*HIlQJQLVVWUDIHQ]XWHLO
ZHUGHQXQGGLHPDQFKHYRQLKQHQLQGHQ6HOEVWPRUGWUHLEHQ
:HUGLH1HXJLHUDXIEULQJWLQGHPHLQJDQJVHUZlKQWHQ:HUN
]XP 9HUJOHLFK GLH 1DPHQ 0DUWKH +DQDX 2XVWULF 6WDYLVN\
XQG -RDQRYLFL QDFK]XVFKODJHQ YLHU3HUVRQHQGLHGDQNLKUHU
YLUWXRVHQ%HKHUUVFKXQJGHU/JHXQGGHV%HWUXJV)UDQNUHLFK
]ZLVFKHQXQGHQRUPHQILQDQ]LHOOHQ6FKDGHQ]XJH
JHVHW]W)DXULVVRQLVWGULQ6 ©
,Q GHU 7DW NRPPW GHU 1DPH )DXULVVRQ ]XVDPPHQ PLW GHQ
1DPHQ 3DXO 5DVVLQLHU 0DXULFH %DUGqFKH +HQUL 5RTXHV
3LHUUH *XLOODXPH XQG 5RJHU *DUDXG\ DXI GHQ 6HLWHQ I
GHV%XFKHVYRUXQGJLEWGHQ$QVWR‰]X$XVIKUXQJHQEHU
GDVZDVPLWGHPEDUEDULVFKHQKl‰OLFKHQXQGXQDQJHPHVVH
QHQ1HRORJLVPXVª1HJDWLRQLVPXV©EH]HLFKQHWZLUGhEHUGLH
ªNOHLQH*UXSSHYRQ,QGLYLGXHQ©GLHVLFKDXIGHP)HOGHGHV
ª1HJDWLRQLVPXV©KHUYRUJHWDQKDEHQKHL‰WHV
ª'D VLH GLH /JHLQH[WUHPHP*UDGEHKHUUVFKHQVLQGVLH
PLWORJLVFKHQ$UJXPHQWHQVFKZHU]XZLGHUOHJHQ©
IJWKDEHQZLUGNHLQHUOHL+LQZHLVGDUDXIILQGHQGD‰PDQLQ
QHUKDOEGLHVHUªNOHLQHQ*UXSSHYRQ,QGLYLGXHQ©ªGLH/JHLQ
H[WUHPHP*UDG© EHKHUUVFKWKDW'LHVHªNOHLQH*UXSSH©EOHLEW
YRQMHGHU.ULWLNYHUVFKRQW
/l‰W VLFK GLHV YLHOOHLFKW GDPLW HUNOlUHQ GD‰ GLHVH YLHU
6FKZLQGOHU PLW )UDQFRLVH &LELHO XQG (OLH %DUQDYLGLH=XJH
K|ULJNHLW]XGHQ.LQGHUQ,VUDHOVJHPHLQKDWWHQ"9RQ0DUWKH
+DQDX GLH DOV VLPSOH ª*HVFKlIWVIUDX© GDUJHVWHOOW ZLUG XQG
YRQ 2XVWULF ZLUG XQV QLFKW PLWJHWHLOW GD‰ VLH -XGHQ ZDUHQ
EHL6WDYLWVN\Ol‰WPDQGLVNUHWGXUFKEOLFNHQGD‰HUªHLQHUQD
WXUDOLVLHUWHQMGLVFKHQ)DPLOLH©HQWVSURVVHQZDUZDVGHQEH
'LHVH $QVFKXOGLJXQJ LVW ]XP *HPHLQSODW] JHZRUGHQ (LQ
ZHLWHUHV 0DO KHL‰W HV EH]JOLFK GHU 5HYLVLRQLVWHQ VLH VHLHQ
PLW ORJLVFKHQ $UJXPHQWHQ VFKZHU ]X ZLGHUOHJHQ 'RFK ]XP
*OFN IU GLH *HJHQVHLWH N|QQHQ GLH 5HYLVLRQLVWHQ PLW $U
JXPHQWHQ ZHOFKH PLW /RJLN QLFKWV ]X WXQ KDEHQ OHLFKW
ZLGHUOHJWZHUGHQEHLVSLHOVZHLVHPLWGHP$UJXPHQWGHV$Q
UKPWHQ-RDQRYLFLDOLDV-RLQRYLFLRGHU0RQVLHXU-RVHSKDQ
EHODQJWVRILQGHWPDQLP-RXUQDOGHOD)UDQFHHWGHV)UDQ
FDLV NHLQH 6SXU GHU ([LVWHQ] GLHVHV %HVVDUDELHUV GHU HLQ
:XQGHU DXI GHP *HELHW GHV 9HUEUHFKHQV GHV %HWUXJV XQG
GHV 'RSSHOVSLHOV ]XU =HLW GHU MGLVFKHQ .ROODERUDWLRQ GHU
8PWULHEH GHV %RGHQVDW]HV LQQHUKDOE GHU 5HVLVWDQFH XQG GHU
DXINRPPHQGHQ9LHUWHQ5HSXEOLNZDU
(V LVW XQJHPHLQ YLHOVDJHQG GD‰ IU GDV 9HUODJVKDXV *DOOL
PDUG XQG GLH SDWHQWLHUWHQ ,QWHOOHNWXHOOHQ MHQH 5HYLVLRQLVWHQ
GLHVLFKQLFKWGDPLW]XIULHGHQJHEHQªGLH/JHLQH[WUHPHP
*UDG]XEHKHUUVFKHQ©RIIHQEDUVFKOLPPHUVLQGDOV%HWUJHU
XQGKRFKNDUlWLJH.ULPLQHOOH
:HQQ VLFK GLH 5HYLVLRQLVWHQ YRU $XJHQ KDOWHQ ZRKHU GLHVH
$QVFKXOGLJXQJHQ NRPPHQ HUOLHJHQ VLH ZRP|JOLFK GHU
6FKZlFKHVLFKJHVFKPHLFKHOW]XIKOHQXQGGDULQHLQ]XVlW]
OLFKHV0RWLY]XU:HLWHUIKUXQJLKUHU$XIJDEH]XILQGHQ
‹-XQL
$QPHUNXQJHQ


 4XDUWR*DOOLPDUG)HEUXDU

 1RXYHO2EVHUYDWHXU-XQL

 0DQP‰WHDXFKDXI6KLQZHLVHQZRPDQXQWHUGHP'DWXPGHV
)HEUXDUOLHVW
 ª0RELOLVLHUXQJGHU+LVWRULNHUJHPHLQVFKDIW)HUQDQG%UDXGHO3LHUUH
9LGDO1DTXHW3LHUUH& KDXQX3KLOLSSH$ULHV/HRQ3ROLDNRYJHJHQ
GLH1HJDWLRQLVWHQÄ(VGDUINHLQH'HEDWWHEHUGLH([LVWHQ]GHU*DV
NDPPHUQJHEHQXQGGLH1HJDWLRQLVWHQVLQGNHLQH+LVWRULNHU³© 

 8PQXUHLQ%HLVSLHO]XHUZlKQHQ,QHLQHPXQWHUGHU2EKXWYRQ-DFTXHV
-XOOLDUGXQG0LFKHO:LQRFNKHUDXVJHJHEHQHQ:HUNHUKHEW)ORUHQW%UD
\DUGGLHVH$QNODJHXQWHUGHU5XEULNª1HJDWLRQLVPXV©'LFWLRQQDLUHGHV
LQWHOOHFWXHOVIUDQoDLV/HVSHUVRQQHVOHVOLHX[OHVPRPHQWV (Q]\NORSl
GLHGHUIUDQ]|VLVFKHQ,QWHOOHNWXHOOHQ3HUVRQHQ2UWH$XJHQEOLFNH
6HXLO6I

9II*ÂÂ-DKUJDQJÂ+HIW 

'DV6FKZLPPEDGLP6WDPPODJHU$XVFKZLW]
9RQ3URID''U5REHUW)DXULVVRQ

'HU GHXWVFKDXVWUDOLVFKH 5HYLVLRQLVW )UHGULFN 7|EHQ KDW XQV
KHXWH GLH 7DWVDFKH ]XU .HQQWQLV JHEUDFKW GD‰ VLFK QHEHQ
GHP 6FKZLPPEDG LP 6WDPPODJHU $XVFKZLW] VHLW MQJVWHP
HLQ 6FKLOG EHILQGHW DXI GHP HLQ +LQZHLV LQ 3ROQLVFK (QJ
OLVFK XQG+HEUlLVFKVWHKWPLWGHPPDQGHP%HVXFKHUJODX
EHQPDFKHQZLOOGLHVHV6FKZLPPEDGVHLWDWVlFKOLFKHLQ)HX
HUO|VFKWHLFK JHZHVHQ 'HU 7H[ W ODXWHW EHUVHW]W YJO $EELO
GXUFK GLH EHIHVWLJWH 6WUD‰HQ IKUWHQ (LQH GULWWH 6WUD‰H
IKUWH XP GLHVHV 4XDGUDW KHUXP XQG ZDU YRQ %LUNHQXP
JHEHQGLH%LUNHQDOOHHGLHDOV6SD]LHUZHJIUGLH+lIWOLQJH
JHGDFKWXQGPLW%lQNHQDXVJHVWDWWHWZDUKLHUJDEHVDXFK
HLQ)UHLEDG©
0DUF.OHLQ3URIHVVRUDQGHUPHGL]LQLVFKHQ)DNXOWlWLQ6WUD‰
EXUJOHJWH:HUWGDUDXI]XHUZlKQHQGD‰VHLQHHUVWH$XVVDJH
GXQJ ª5REHUW :HLO /HKUHU IU 1DWXUZLVVHQVFKDIWHQ DP *\PQDVL
ª)HXHUO|VFKUHVHUYRLU ZDKUVFKHLQOLFK $QIDQJ  LQ XP YRQ 6DDUJHPQG ]XU *HJHQOHVXQJ XQG 3UIXQJ©  YRUJH
)RUPHLQHV6FKZLPPEDGHVJHEDXW© OHJWZXUGHGHULPJOHLFKHQ/DJHULQWHUQLHUWJHZHVHQZDU6
'U 7|EHQ IUXJ ZDQQ JHQDX GLHVHV 6FKLOG HUULFKWHW ZXUGH
,FK VHOEVW KDEH NHLQH $KQXQJ DEHU GLH ,QVFKULIW LVW JHQDXVR
LUUHIKUHQGZLHHLQH5HLKHDQGHUHU%HKDXSWXQJHQRGHU(UNOl
UXQJHQ GHV $XVFKZLW]0XVHXPV (V LVW XQYHUVWlQGOLFK ZDU
XP GLH 'HXWVFKHQ LP .RQ]HQWUDWLRQVODJHU $XVFKZLW] DQVWDWW
HLQHV HLQIDFKHQ /|VFKUHVHUYRLUV HLQHV LQ GHU $UW HLQHV
6FKZLPPEDGHV KlWWHQ DQODJHQ VROOHQ«  NRPSOHWW PLW 6WDUW
EO|FNHQXQGHLQHP6SUXQJEUHWW
'LHVHV 6FKZLPPEDG ZDU HLQ 6FKZLPPEDG 8QG HV ZDU IU
GLH,QVDVVHQGHV.RQ]HQWUDWLRQVODJHUVJHGDFKW'HUHKHPDOLJH
+lIWOLQJ0DUF.OHLQHUZlKQWHV]ZHLPDOLQVHLQHQ(ULQQHUXQ
JHQEHUGDV/DJHU,QHLQHP$UWLNHOGHV7LWHOVª$XVFKZLW],
6WDPPODJHU© VFKULHEHU 
ª$Q 6RQQXQG)HLHUWDJHQZHQQGLHPHLVWHQ.RPPDQGRV
)UHL]HLWKDWWHQZDUHQGLH$UEHLWVVWXQGHQDQGHUV'HU$Q

:lKUHQGGHVHUVWHQ=QGHO9HUIDKUHQVLQ7RURQWRWUXJ
LFKEHU0DUF.OHLQV(ULQQHUXQJYRUDEHUGHUZLUNOLFKH6SH
]LDOLVW DXI GHP *HELHW GHV 6FKZLPPEDGHV GHV 6WDPPODJHUV
$XVFKZLW]ZDU]XMHQHU=HLWNHLQDQGHUHUDOVGHUVFKZHGLVFKH
5HYLVLRQLVW 'LWOLHE )HOGHUHU :HQQ LFK PLFK UHFKW HULQQHUH
YHU|IIHQWOLFKWHGLHNDQDGLVFKH3UHVVHVRJDUHLQHQ$UWLNHOPLW
HLQHU6FKODJ]HLOHEHUVHLQH$XVVDJHEHUGDV6FKZLPPEDG
,QVHLQHQ6FKULIWHQNRPPW)HOGHUHULPPHUZLHGHUDXIGLHVHQ
6DFKYHUKDOW]XVSUHFKHQZLHDXFKDXIDQGHUHUHFKWNRQNUHWHQ
XQGJHQDXHQ7KHPHQGLHIUGLH9HUWUHWHUGHUH[ WHUPLQDWLR
QLVWLVFKHQ$UJXPHQWHJHQDXVREHXQUXKLJHQGVLQG
1DWUOLFK NRQQWH GDV :DVVHU GHV 6FKZLPPEDGHV YRQ GHU
)HXHUZHKU LP 1RWIDOO ]XP /|VFKHQ EHQXW]W ZHUGHQ ,Q VHL
QHP%FKOHLQVFKUHLEW0DUF.OHLQªLP/DJHUJDEHV)HXHU
WULWWVDSSHOOZDUJHJHQ0LWWDJDP$EHQGHUKROWHPDQVLFK ZHKUOHXWHPLWVHKUPRGHUQHU$XVUVWXQJ©  68QWHUMHQHQ
RGHUZLGPHWHVLFKHLQHU$XVZDKOVSRUWOLFKHURGHUNXOWXUHO 'LQJHQGLHHUEHLVHLQHU$QNXQIWGRUWLP-XQLQLFKWHU
OHU%HWlWLJXQJ)X‰EDOO%DVNHWEDOOXQG:DVVHUEDOOVSLHOH ZDUWHWKDWWHªLQHLQHP/DJHUGHVVHQVFKOHFKWHU5XIGDQNGHU
LP)UHLEDGGDVLQQHUKDOEGHV/DJHUVYRQ+lIWOLQJHQJH DOOLLHUWHQ5XQGIXQNVHQGXQJHQGHUJDQ]HQ:HOWEHNDQQWZDU© 
EDXW ZRUGHQ ZDU ]RJHQ GLH =XVFKDXHUPDVVHQ DQ (V VHL ZLH PDQ DQPHUNHQ PDJ EHIDQG VLFK ªHLQ .UDQNHQKDXV PLW
DQJHPHUNWGD‰QXUGLHVHKUILWWHQXQGZRKOHUQlKUWHQGLH 6SH]LDOLVWHQDEWHLOXQJHQ ]XVDPPHQ PLW GHQ PRGHUQVWHQ
YRQKDUWHU$UEHLWDXVJHQRPPHQZDUHQVLFKVROFKHQ6SLHOH .UDQNHQKDXV3UD[HQ©  IU GLH +lIWOLQJH 6  ª HLQ JUR‰
KLQJHEHQNRQQWHQGLHGHQOHEKDIWHVWHQ$SSODXVGHU0DVVH UlXPLJHV XQG JXW DXVJHUVWHWHV :DVFKKDXV ]XVDPPHQ PLW
GHUDQGHUHQ+lIWOLQJHDXIVLFK]RJHQ©+HUYRUKHEXQJKLHU *HPHLQVFKDIWV:&V GLH QDFK GHQ PRGHUQHQ +\JLHQHSULQ]L
KLQ]XJHIJW SLHQ JHEDXW ZRUGHQ ZDUHQ©  6  ª GLH .XU]ZHOOHQHQWODX
,QVHLQHP%FKOHLQ2EVHUYDWLRQVHWUpIOH[LRQVVXUOHVFDPSV VXQJVDQODJHGLHJHUDGHHUULFKWHWZRUGHQZDU©  6ª GLH
GHFRQFHQWUDWLRQQD]LVVFKULHEHUZHLWHU PHFKDQLVFKH%lFNHUHL©  6GHU5HFKWVEHLVWDQGIU+lIW
ª$XVFKZLW] , EHVWDQG DXV  DXV 6WHLQ HUULFKWHWHQ%ORFNV OLQJH 6 I GDV 9RUKDQGHQVHLQ HLQHU ª 'LlWNFKH©  IU HL
GLH LQ GUHL SDUDOOHO YHUODXIHQGHQ 5HLKHQ DQJHOHJW ZDUHQ QLJHGHU.UDQNHQPLWªEHVRQGHUHQ6XSSHQXQGVRJDUEHVRQ
GHUHP%URW© 6ª HLQH%FKHUHLLQGHUHLQHUHLFKH1DFK
VFKODJOLWHUDWXU NODVVLVFKH %FKHU XQG 3HULRGLND JHIXQGHQ
ZHUGHQNRQQWHQ©  6GLHWlJOLFKH9RUEHLIDKUWNQDSSDP
/DJHU YRUEHL GHV ª6FKQHOO]XJHV.UDNDX%HUOLQ©  6HLQ
.LQR HLQ .DEDUHWW HLQ 2UFKHVWHU 6  XVZ 0DUF .OHLQ
EHULFKWHW DXFK EHU GLH VFKUHFNOLFKHQ $VSHNWH GHV /DJHUOH
EHQVXQGEHUDOOGLH*HUFKWHHLQVFKOLH‰OLFKGHUªVFKUHFNOL
FKHQ*HVFKLFKWHQ©  EHU9HUJDVXQJHQGLHHUELVQDFK.ULHJV
HQGHZRKOQLFKWVRULFKWLJJHJODXEWKDWWHXQGGDQQDXFKQXU
'DQN GHU =HXJHQDXVVDJHQ LQ GHQ ªYHUVFKLHGHQHQ .ULHJVYHU
EUHFKHUSUR]HVVHQ© 6
(LQ DQGHUHU +lIWOLQJ GHV .RQ]HQWUDWLRQVODJHUV $XVFKZLW]
XQG-XGHZLH0.OHLQXQG5:HLOVFKULHEHLQHQNXU
]HQ=HXJHQEHULFKWGHV7LWHOVª8QH3LVFLQHj$XVFKZLW]© (LQ
6FKZLPPEDG LQ $XVFKZLW]  (U EHULFKWHW GDULQ HU KDEH LP
-XOL  HLQ 'XW]HQG 0LWJHIDQJHQH EHLP %DX GHVEHVDJWHQ
 6FKZLPPEDGHV JHVHKHQ GDV ZLH HU EHULFKWHW ªHLQ 6SUXQJ
7H[WGHV6FKLOGHVGHU0XVHXPVYHUZDOWXQJYRUGHP
6FKZLPPEDGLP.RQ]HQWUDWLRQVODJHU$XVFKZLW]
EUHWWXQGHLQH(LQVWLHJVOHLWHU©  KDWWHZR]XHUQRFKKlWWHKLQ
(LQPDO/JQHULPPHU/JQHU« ]XIJHQ N|QQHQ Ä]XVDPPHQ PLWGUHL6WDUWEO|FNHQIU:HWW

 9II*ÂÂ-DKUJDQJÂ+HIW

VFKZLPPHU³(UVFKULHEJHJHQ(QGHGLHVHV0RQDWVªKDWHLQ DEHUGHQQRFKGLUHNWYRUGHQ$XJHQGLHVHU)KUHUEHIDQGXQG
5HJLVVHXU HLQLJH +lIWOLQJH GRUW EHLP 6FKZLPPHQ JHILOPW© YRQ GHP HLQ )RWR GHQ $UWLNHO EHJOHLWHW 'HP 8QWHUWLWHO HQW
:LH]XHUZDUWHQKDWHUVHLQHQ%HULFKWPLWGHQEOLFKHQ3ODWL QHKPHQ ZLU GD‰ GLHVHV %LOG GHV PLW :DVVHU JHIOOWHQ
WGHQGHU%UXWDOLWlWHQGHU660lQQHUXQGGHU.DSRVDQJHUHL
FKHUW XQG LQ GHU (UULFKWXQJ VRZRKO GHV 6FKZLPPEDGHV DOV
DXFKGHV)LOPHVHUNDQQWHHUQLFKWVDQGHUHVDOVHLQH3URSDJDQ
GDDNWLRQ 6HLQ %HULFKW HQGHW PLW ]ZHL LQWHUHVVDQWHQ $QPHU
NXQJHQ=XQlFKVWGD‰NHLQHUGHU)KUHUGHV$XVFKZLW]
0XVHXPVEHUGDV6FKZLPPEDGÄ%HVFKHLG³ZX‰WHGDVVLFK
6FKZLPPEDGHV LP JOHLFKHQ -DKU DXIJHQRPPHQ ZXUGH 6R
GDQQ EHPHUNW GHU $XWRU HU ZUGH JHUQHZLVVHQZRVLFKHL
JHQWOLFKKHXWHGHUGDPDOVDXIJHQRPPHQH)LOPEHILQGHW6HL
QH)UDJHLVWlKQOLFKGHQHQGLHYRQHLQLJHQ5HYLVLRQLVWHQJH
VWHOOW ZHUGHQ .DQQ VLFK GHU )LOP YLHOOHLFKW LPª+DXSWTXDU
WLHU GHV ,QWHUQDWLRQDOHQ 5RWHQ .UHX]HV© EHILQGHQ" 'DPLW
PHLQWH GHU $XWRU EHVWLPPW GHQ ,QWHUQDWLRQDOHQ 6XFKGLHQVW
,QWHUQDWLRQDO7UDFLQJ6HUYLFH,76LQ$UROVHQ:DOGHFNGHU
XQWHU GHU 'LUHNWLRQ GHV ,QWHUQDWLRQDOHQ .RPLWHHV GHV 5RWHQ

6FKZLPPEDGLP6WDPPODJHU$XVFKZLW]LP)UKMDKU
DXIJHQRPPHQYRQ'U5REHUW+&RXQWHVV(LQ/|VFKWHLFK
PLWGUHL6WDUWEO|FNHQXQGHLQHP'UHL0HWHU6SUXQJEUHWWLVW
]LHPOLFKXQJHZ|KQOLFK/LQNVXQGUHFKWVYRP6FKZLPPEDG
EHILQGHQVLFKQDFK$XVVDJHYRQ'U&RXQWHVV]XGHPZHLW
VLFKWEDUURWH:DVVHUK\GUDQWHQZDVGDV$QOHJHQYRQ
/|VFKWHLFKHQXQVLQQLJPDFKW0DQEHPHUNHGD‰GDV
6FKZLPPEDGQRFK-DKUHQDFKVHLQHU(UULFKWXQJGDV
:DVVHUKlOWRKQHGD‰HVDXFKQXULPJHULQJVWHQJHZDUWHW
.UHX]HV RSHULHUW ,&5& GHVVHQ +DXSWTXDUWLHU VLFK LQ *HQI
EHILQGHW 6HLW  KDW GLHVHU 6XFKGLHQVW 5HYLVLRQLVWHQ YRQ
VHLQHQ $UFKLYHQ DXVJHVSHUUW GLH IU LKUH DX‰HURUGHQWOLFKH
5HLFKKDOWLJNHLW DQ4XHOOHQEHNDQQWVLQG'DV6WDDWOLFKH0X
VHXP LQ $XVFKZLW] VHOEVW EHVLW]W VHKU ZDKUVFKHLQOLFK HLQH
'RNXPHQWDWLRQEH]JOLFKGHUYHUVFKLHGHQHQ$VSHNWHGHU(U
ULFKWXQJ GLHVHV 6FKZLPPEDGHV ]% GLH 3URMHNWLHUXQJ 3OD
QXQJ)LQDQ]LHUXQJ$QIRUGHUXQJXQG/LHIHUXQJYRQ%DXPD
WHULDOLHQ %HUHLWVWHOOXQJ YRQ $UEHLWVNUlIWHQ VRZLH ,QVSL]LH
UXQJHQ
‹
$QPHUNXQJHQ


 'HO¶8QLYHUVLWpDX[FDPSVGHFRQFHQWUDWLRQ7pPRLJQDJHVVWUDVERXU
JHRLVOHV%HOOHVOHWWUHV3DULV6

 %HREDFKWXQJHQXQGhEHUOHJXQJHQEHUGLHQD]LVWLVFKHQ.RQ]HQWUDWLRQV
ODJHU'LHVLVWHLQVHLWLJHV%FKOHLQGDVLQ&DHQJHGUXFNWZXU
GHKLHU]LWLHUWGLH6HLWH6HLQ7H[WLVWHLQ:LHGHUDEGUXFNHLQHV$UWL
NHOVYRQ.OHLQLQGHQ(WXGHVJHUPDQLTXHV 1U6

 5(VUDLO+lIWOLQJVUHJLVWULHUQXPPHUª8QHSLVFLQHj$X
VFKZLW]©LQ$SUqV$XVFKZLW] %XOOHWLQGHO¶$PLFDOHGHVGpSRUWpV
G¶$XVFKZLW]1U2NWREHU6
ZRUGHQZlUH




'LH.UHX]LJXQJYRQ)UDQNUHLFKV5HWWHU
'LHVFKlQGOLFKH%HKDQGOXQJYRQ0DUVFKDOO+HQUL3pWDLQ
9RQ+DUU\(OPHU%DUQHV

1DFKGHPLP9HUIDKUHQJHJHQ0DUVFKDOO+HQUL3KLOLSSH3pWDLQGLH$QNODJHYHUOHVHQZRUGHQZDUVWDQGGHU0DU
VFKDOONHU]HQJHUDGHXQGODVPLWIHVWHU6WLPPHVHLQHYRUEHUHLWHWH(UNOlUXQJ6LHHQGHWHPLWGHQ:RUWHQ
ª(LQ0DUVFKDOO)UDQNUHLFKVELWWHWQLHPDQGHQXP*QDGH,KU8UWHLOZLUGVLFKYRU*RWWXQGGHU1DFKZHOWYHU
DQWZRUWHQPVVHQ'LHVZLUGPHLQHP*HZLVVHQXQGPHLQHP$QGHQNHQJHQJHQ,FKEHUODVVHGDV)UDQNUHLFK©
'LH  5LFKWHU GHV 9HUIDKUHQV EUDXFKWHQ VLHEHQ 6WXQGHQ XP ]X HLQHU VHKU XQJHZ|KQOLFKHQ (QWVFKHLGXQJ ]X
NRPPHQ (V ZXUGH GLH 7RGHVVWUDIH YHUKlQJW DEHU GLH 5LFKWHU GUFNWHQ GHQ :XQVFK DXV GD‰ GDV 8UWHLO QLFKW
YROOVWUHFNWZHUGHQVROOH*HQHUDO&KDUOHVGH*DXOOHZDQGHOWHGDV8UWHLOVRIRUWLQOHEHQVOlQJOLFKH+DIWXP

0DQ VDJW GD‰ XQJHUHFKWH +DQGOXQJHQ RIW DXI GHQ 8UKHEHU *UXSSH URWWHWHQ VLFK JHJHQ HLQH 3HUV|QOLFKNHLW GHV 0LOLWlUV
]XUFNIDOOHQ 'LHVH (UIDKUXQJ NRQQWH PDQ UHFKW DXJHQIlOOLJ ]XVDPPHQ GHQ KHUYRUUDJHQGVWHQ 6ROGDWHQ GHQ )UDQNUHLFK
EHLP 9HUIDKUHQ JHJHQ 0DUVFKDOO +HQUL 3KLOLSSH 3pWDLQ PD VHLW7DUHQQHXQG1DSROHRQKHUYRUJHEUDFKWKDW*DQ]JOHLFK
FKHQ(VZDUGHUUHLQVWH)DOO'UH\IX‰±QXUXPJHNHKUW JOWLJZRIU3pWDLQSHUV|QOLFKVWHKWHUZDU]XP6\PEROGHU
,P )DOO 'UH\IX‰  YHUVFKZRUHQ VLFK GLH 1DWLRQDOLVWHQ
5R\DOLVWHQ NDWKROLVFKHQ 1DWLRQDOLVWHQ ZLH 0DXULFH %DUUHV
XQG&KDUOHV0DXUUDVGLH0DVVHGHV0LOLWlUVXQGJDQ]DOOJH
PHLQ GLH 5HDNWLRQlUHQ JHJHQ HLQHQ OLEHUDOHQ MGLVFKHQ 2IIL
]LHU(VZDUHLQDQWLUHSXEOLNDQLVFKHU&RXS
,P 9HUIDKUHQ JHJHQ 0DUVFKDOO 3pWDLQ ZDUHQ GLH 5ROOHQ YHU
WDXVFKW'LH5HSXEOLNDQHUGLH5DGLNDOHQGLHDOWH9RONVIURQW
9II*ÂÂ-DKUJDQJÂ+HIW
PLOLWlULVFKHQ XQG DQWLUHSXEOLNDQLVFKHQ .UlIWH )UDQNUHLFKV
JHZRUGHQ'LH)DNWHQVFKHLQHQ]ZDUGDUDXIKLQ]XZHLVHQGD‰
*HQ &KDUOHV GH *DXOOH LQ VHLQHQ 9RUNULHJVWDJHQ HQJHU PLW
GHQ0LOLWlUVXQG5R\DOLVWHQYHUEXQGHQZDUDOV3pWDLQHVMH
PDOV ZDU $EHU 3pWDLQ ZXUGH GD]X DXVHUVHKHQ GLH YROOH
:XFKWGHV$QJULIIVGHUHU]XWUDJHQGLHGHQ)DOO)UDQNUHLFKV
KHUEHLIKUWHQ


:LH DOOH JHELOGHWHQ 0HQVFKHQ ODV LFK GDUEHU ZLH *HQ
3pWDLQLP(UVWHQ:HOWNULHJ9HUGXQYHUWHLGLJWHXQGZLHHUGLH
HUQVWH0HXWHUHLGHUIUDQ]|VLVFKHQ$UPHHHUVWLFNWHDEHUPHLQ
HUVWHU SHUV|QOLFKHU .RQWDNW PLW GHP 0DUVFKDOO HUIROJWH LP
2NWREHUDOVHUDQOl‰OLFKGHV-DKUHVWDJVGHU.DSL
WXODWLRQ YRQ <RUNWRZQ DOV 5HSUlVHQWDQW GHU IUDQ]|VLVFKHQ
5HJLHUXQJ LQ GHQ 9HUHLQLJWHQ 6WDDWHQ ZDU hEULJHQV VDJW
PDQ GD‰LKPGDPDOVGHUEHUVFKZHQJOLFKVWH:LOONRPPJH
ERWHQ ZXUGH GHU MH HLQHP )UDQ]RVHQ VHLW /DID\HWWHV KLVWRUL
VFKHP%HVXFKGDUJHERWHQZXUGH
'DPDOVJDEGHU0DUVFKDOODOVHU1HZ<RUNEHVXFKWHHLQ,Q
WHUYLHZLQGHPHUGLHMHQLJHQDQJULIIGLH)UDQNUHLFKWHLOZHLVH
IU GHQ (UVWHQ :HOWNULHJ YHUDQWZRUWOLFK PDFKWHQ XQG GLH
1DFKNULHJVSROLWLN )UDQNUHLFKV NULWLVLHUWHQ (V PDFKWH PLU HL
QLJHV 9HUJQJHQ GHP 0DUVFKDOO GLHVEH]JOLFK LQ PHLQHP
/HLWDUWLNHOLQGHU1HZ<RUNHU:RUOG7HOHJUDPYRP2N
WREHUVDQIWDEHUEHVWLPPWHLQVEHU]XJHEHQ
'LH |IIHQWOLFKH $XIPHUNVDPNHLW ULFKWHWH VLFK GDQQ ]XU =HLW
GHVIUDQ]|VLVFKHQ:DIIHQVWLOOVWDQGVLP-XQLZLHGHUDXI
GHQ0DUVFKDOOXQGLFKODVDXFKKLHUEHU$EHUHUVWLP6RP
PHUNDPLFKQRFKHLQPDOPLWVHLQHP/HEHQVZHJLQGL
UHNWHQ .RQWDNW 'DPDOV ZDU LFK GDEHL HLQ 0DQXVNULSW EHU
GDV /HEHQ XQG :HUN YRQ 0DUVFKDOO 3pWDLQ KHUDXV]XJHEHQ
,FK JLQJ DOOH HUKlOWOLFKHQ 4XHOOHQ EHU GHQ 0DUVFKDOO GXUFK
XQGZXUGHPLWGHQ7DWVDFKHQJXWYHUWUDXW6SlWHUODVLFKGDQQ
DOOHVZDVGHU0DUVFKDOOMHJHVFKULHEHQKDWXQGJDEHVKHUDXV
OLFKHQ'HIlWLVPXVLP(UVWHQ:HOWNULHJXQG=DXGHUQVEHLGHU
9HUWHLGLJXQJ )UDQNUHLFKV ]ZLVFKHQ GHQ ]ZHL :HOWNULHJHQ
DXIJHJULIIHQ XQG YHUQLFKWHQG ZLGHUOHJW (V ZXUGH DXFK JH
]HLJW GD‰ HV NHLQHUOHL 0|JOLFKNHLW IU)UDQNUHLFKJDE
GHQ .ULHJ ZHLWHU]XIKUHQ DQVWDWW HLQHQ :DIIHQVWLOOVWLOOVWDQG
DQ]XQHKPHQ$EHUPHKUGD]XVSlWHU
6HLW LFK GLHVH 0DQXVNULSWH GXUFKJHVHKHQ XQG GLH 6FKULIWHQ
XQG3URNODPDWLRQHQGHV0DUVFKDOOVKHUDXVJHJHEHQKDEHVLQG
HLQH5HLKH%FKHUHUVFKLHQHQGLHGHQ0DUVFKDOODXIVKHIWLJ
VWH DQJUHLIHQ ZREHL GLH PHLVWHQ GLH /JHQZLHGHUKROHQXQG
DXVVFKPFNHQGLHVHLQH)HLQGHDXVGHU=HLWGHV(UVWHQ:HOW
NULHJVYHUEUHLWHWHQ,FKELQ]XGHUhEHU]HXJXQJJHODQJWGD‰
LQGHUMQJVWHQ=HLWZDKUVFKHLQOLFKNHLQHDQGHUH*HVWDOWGHU
DUWLJ JQDGHQORV XQJHUHFKWIHUWLJW XQG DEVLFKWOLFK YHUOHXPGHW
ZXUGHZLH0DUVFKDOO3pWDLQ
6ROFKH 9HUOHXPGXQJHQ XQG 6FKPlKXQJHQ DXI]XGHFNHQ LVW
GHUHLQ]LJH*UXQGZHVKDOELFKPLFKMHW]WPLWVHLQHP)DOOEH
IDVVH9RQGHQ,QWHUHVVHQXQGhEHU]HXJXQJHQGHV0DUVFKDOOV
VSUHFKHQPLFKSHUV|QOLFKQXUZHQLJHDQPLW$XVQDKPHYLHO
OHLFKWVHLQHU9RUOLHEHIUGLH(VVD\VYRQ0RQWDLJQH,FKELQ
VFKOLFKWZHJ VFKRFNLHUW YRQ GHU 9HUORJHQKHLW )HLJKHLW GHP
6FKZLQGHO XQG GHU 8QULWWHUOLFKNHLW VHLQHU $QJUHLIHUYRQGH
QHQGLHPHLVWHQPLWJHQDXGHQ.UlIWHQXQG*UXSSLHUXQJHQEH
JHLVWHUW ]XVDPPHQJHDUEHLWHW KDEHQGLHGLHPLOLWlULVFKH6WlUNH
)UDQNUHLFKVLQGHQ-DKUHQYRUXQWHUPLQLHUWKDEHQ
'LH ZLFKWLJVWHQ GHU JHJHQ 0DUVFKDOO 3pWDLQ HUKREHQHQ $Q
DXFK VHLQH 5HGHQ 3URNODPDWLRQHQ XQG (UODVVH DOV HU LQ NODJHQVLQGHUZDULP(UVWHQ:HOWNULHJHLQXQIlKLJHU'H
9LFK\ 6WDDWVFKHI ZDU ,FK JODXEH VDJHQ ]X N|QQHQ GD‰ LFK IDLWLVWHUOLH‰QDFKGLH9HUWHLGLJXQJ)UDQNUHLFKVKLQ
PHKUDOVMHGHU$PHULNDQHUEHU3pWDLQXQGVHLQH3ROLWLNZHL‰ WHUKHUKLQNHQ  HU YHUHLWHOWH GLH YRQ GH *DXOOH HPSIRKOHQH
'LHVHV 6WXGLXP JDE PLU GLH hEHU]HXJXQJ GD‰ 0DUVFKDOO 0HFKDQLVLHUXQJGHUIUDQ]|VLVFKHQ$UPHHHUNROODERULHUWH
3pWDLQ HLQ JUR‰HU 6ROGDW LVW HLQ QREOHU &KDUDNWHU XQG HLQ QDFK  PLW GHQ 1DWLRQDOVR]LDOLVWHQ  HU ZDU ODQJH YRU
EHUDXV SDWULRWLVFKHU )UDQ]RVH ,P 9HUODXI GHV %XFKHV GDV HLQIKUHQGHUIUDQ]|VLVFKHU)DVFKLVWHUEDWXP
QRFK QLFKW YHU|IIHQWOLFKW ZXUGH KDEHQ LFK MHGH JHJHQ GHQ HLQHQ :DIIHQVWLOOVWDQG DOV VLFK GLH IUDQ]|VLVFKH $UPHH PLW
0DUVFKDOO JHULFKWHWH $QVFKXOGLJXQJ EH]JOLFK VHLQHV DQJHE /HLFKWLJNHLW QDFK 1RUGDIULND KlWWH ]XUFN]LHKHQ XQG XQEH
VFKUlQNWJHJHQGLH'HXWVFKHQKlWWHGXUFKKDOWHQN|QQHQXQG
 DOV 6WDDWVFKHI YRQ 9LFK\ YHUNDXIWH HU )UDQNUHLFK DEVLFKW
OLFKXQGEHUVFKZHQJOLFKDQGLH1DWLRQDOVR]LDOLVWHQ
:HQQPDQGLHHFKWHQJHVFKLFKWOLFKHQ7DWVDFKHQDXVGHQ2UL
JLQDOTXHOOHQ ]XVDPPHQVDPPHOW ZLGHUOHJHQ VLH YROOVWlQGLJ
XQGEHUZlOWLJHQGMHGHHLQ]HOQHGLHVHU$QVFKXOGLJXQJHQXQG
HQWODUYHQZLHIDOVFKVLHVLQG
3pWDLQ YHUEUDFKWH HLQHQ *XWWHLO VHLQHV PLOLWlULVFKHQ /HEHQV
YRUDOV3URIHVVRUGHU0LOLWlUZLVVHQVFKDIW'DEHL]HLFK
QHWH HU VLFK GXUFK GLH 0RGHUQLWlWXQG9HUQXQIWVHLQHU,GHHQ
DXVYRUDOOHPGXUFKVHLQH%HWRQXQJGHU1RWZHQGLJNHLW6WUD
WHJLHXQG7DNWLNDQJHVLFKWVGHUPRGHUQLVLHUWHQ.ULHJIKUXQJ
GHU0HFKDQLVLHUXQJGHUPLOLWlULVFKHQ$XVUVWXQJXQGGHU]X
QHKPHQGHQ,QWHQVLWlWGHV*HVFKW]IHXHUVDE]XlQGHUQ
 GLH IUDQ]|VLVFKHQ $UPHHQ YRU GHU lX‰HUVWHQ 1LHGHUODJH QXU
0DUVFKDOO3pWDLQVFKDXW(QGH0DLDXIGLHMXEHOQGH
0HQJHLQ1DQF\KHUXQWHU)UDQ]|VLVFKH$QKlQJHUWUDWHQ
HWZD]XGLHVHU=HLWDXIXQGEUDFKWHQLKPXQZDKUVFKHLQOLFKH
2YDWLRQHQGDUVDQJHQGLH0DUVHLOODLVHGLHYLHU-DKUHODQJ
YHUERWHQJHZHVHQZDU(LQ)LOPEHUGLHVH0DVVHQEHJHL
VWHUXQJZXUGHLQ/RQGRQ&KDUOHVGH*DXOOH3pWDLQV5LYD
OHQXPGLH0DFKWXQGHKHPDOLJHP6FKW]OLQJJH]HLJWGHU
GDUEHUVHKUYHUlUJHUWZDU6SlWHUVSUDFK3pWDLQLQ3DULV
PLWVRVWDUNHQDQWLGHXWVFKHQ:HQGXQJHQGD‰GLH5HGH
]HQVLHUWXQGIUGLH9HUZHQGXQJLQ3UHVVHXQG5DGLRDE
JHlQGHUWZXUGH

'DPLWOHJWHHUVLFKPLWGHUDOWHQ*DUGHGHQ+LQWHUZlOGOHUQ
DQ GLH VLFK DQ GLH QDSROHRQLVFKH 7UDGLWLRQ GHV )URQWDODQ
JULIIV KLHOW DEHU PLW GHU =HLW VHW]WHQ VLFK VHLQH ,GHHQ GXUFK
6LHHUKLHOWHQLKUHEOXWLJH5HFKWIHUWLJXQJLP+HUEVWDOV
GXUFK GLH ,QHIIHNWLYLWlW XQG 6FKZHUIlOOLJNHLW GHV 'HXWVFKHQ
2EHUNRPPDQGRV JHUHWWHW ZXUGH VSH]LHOO GHV NUDQNHQ DOWHQ
XQIlKLJHQ YRQ 0ROWNH GHU *HQHUDOVWDEVFKHI GHU GHXWVFKHQ
$UPHHZDU
1DFKGHP VLH DQ GHU 0DUQH GLH 6FKHUEHQ DXIJHVDPPHOW KDW
WHQ PX‰WHQ GLH IUDQ]|VLVFKHQ *HQHUDOH VLFK QDFK 3pWDLQV
.ULHJIKUXQJV3KLORVRSKLH ULFKWHQ ± RGHU HQGJOWLJ GHQ
.ULHJ YHUOLHUHQ $EHU VLH OHUQWHQ QLFKW DOOH LKUH /HNWLRQ VR
JOHLFKYRUDOOHPQLFKW-RIIUH)RFK0DQJLQXQG1LYHOOH6LH
9II*ÂÂ-DKUJDQJÂ+HIW

ZROOWHQZHLWHUKLQGLHQDSROHRQLVFKH7DNWLNYHUIROJHQPLWHL
QHU SO|W]OLFKHQ EHUUDVFKHQGHQ $XJHQ]XXQGGXUFK2IIHQ
VLYHDXIHLQHQ'XUFKEUXFK]XKRIIHQZREHLVLHQLFKWPLWGHU
JHlQGHUWHQ6WlUNHGHU9HUWHLGLJXQJUHFKQHWHQGLHGXUFKDXV
JHGHKQWH *UlEHQ 6FKQHOOIHXHU$UWLOOHULH XQG W|GOLFKH 0D
VFKLQHQJHZHKUHKHUEHLJHIKUWZRUGHQZDU
0DUVFKDOO 3pWDLQ VWHOOWH GHQ ,UUWXP XQG GLH *HIlKUOLFKNHLW
VROFK YHUDOWHWHU 0LOLWlUDXIIDVVXQJHQ DP  -XQL  LQ HL
QHP0HPRUDQGXPDQGDVIUDQ]|VLVFKH2EHUNRPPDQGRGHXW
OLFKIHVW
ª'HU JHJHQZlUWLJH .ULHJ KDW GLH )RUP HLQHV 9HUVFKOHL‰
'HU (UIROJ YRQ 3pWDLQV JHVFKLFNWHU XQG JHGXOGLJHU +HHUHV
5HRUJDQLVDWLRQ]HLJWHVLFKLQ*lQ]H(QGH0lU]DOVEH
UHLWV VHLQH UDVFKH 9HUOHJXQJ GHU IUDQ]|VLVFKHQ 5HVHUYHQ ]XU
8QWHUVWW]XQJ GHU (QJOlQGHU ± HLQH IDVW EHUPHQVFKOLFKH
.UDIWDQVWUHQJXQJ ± GLH :XFKW GHV /XGHQGRUIIVFKHQ 9RUVWR
‰HVJHEURFKHQKDWWHEHYRU)RFKDP0lU]]XP*HQHUDOLV
VLPXV GHU $OOLLHUWHQ HUQDQQW ZXUGH .XU] GDUDXI EHGXUIWH HV
3pWDLQV)HOGKHUUQNXQVWXPGDV8QKHLODE]XZHQGHQQDFKGHP
)RFK PHKUHUH EHUHLOWH XQG OHLFKWVLQQLJH $QJULIIH DXI GLH
GHXWVFKHQ/LQLHQYHUVXFKWKDWWH
8QG VFKOLH‰OLFK ZDU HV 3pWDLQV 6WUDWHJLH GDV *RXUDXG
NULHJHV DQJHQRPPHQ (V JLEW QLFKW PHKU ZLH IUKHU (QW
VFKHLGXQJVVFKODFKWHQ'HU(UIROJZLUGOHW]WOLFKGHP]XIDO
OHQGHUGHQOHW]WHQ0DQQ]XU9HUIJXQJKDW(VLVWGDKHU
ZLFKWLJ ]X HUNHQQHQ GD‰ HV DP NOJVWHQ LVW IU GLH (QG
SKDVHGHV.ULHJHVHLQHOHW]WH5HVHUYHDXI]XKHEHQGLHHLQ
JHVHW]WZHUGHQNDQQZHQQGLH'HXWVFKHQJH]ZXQJHQVLQG
QDFKHLQHUOHW]WHQ$QVWUHQJXQJLKUH2IIHQVLYHDXI]XJHEHQ
,Q GHU =ZLVFKHQ]HLW LVW HV UDWVDP LP +LQEOLFN DXI GLHVHQ
HQWVFKHLGHQGHQ $XJHQEOLFN GLH =HUPUEXQJ XQG $XIUHL
EXQJXQVHUHU7UXSSHQVRZHLWZLHP|JOLFK]XEHJUHQ]HQ©
$EHU 3RLQFDUp XQG -RIIUH K|UWHQ QLFKW DXI 3pWDLQ WURW] GHU
/HKUHQYRP$XJXVWXQG6HSWHPEHU,P6HSWHPEHU
ZXUGHEHL$UWRLVXQG&KDPSDJQHHLQSO|W]OLFKHU$QJULIIEH
IRKOHQ GHU )UDQNUHLFK VFKZHUH 2SIHU DQ 0DQQVFKDIW XQG
$XVUVWXQJ NRVWHWH DEHU NHLQHQ PLOLWlULVFKHQ (UIROJ RGHU
9RUWHLOEUDFKWH
1RFKHUQVWHUZDUGLHYHUKHHUHQGHXQGEOXWLJH2IIHQVLYHYRQ
1LYHOOHLP$SULOLQGHUGLH)UDQ]RVHQEHLQDKHVRYLHOH
6ROGDWHQ YHUORUHQ ZLH EHL GHU KHURLVFKHQ 9HUWHLGLJXQJ YRQ
9HUGXQ DEHU QLFKWV JHZDQQHQ 'LHV IKUWH (QGH $SULO 
]XU 0HXWHUHL GHU IUDQ]|VLVFKHQ $UPH HLQHU NULWLVFKHQ /DJH
GLH3pWDLQEHUHLQLJHQPX‰WH(UZDUGLHHLQ]LJH)KUXQJVSHU
V|QOLFKNHLW GHV IUDQ]|VLVFKHQ 0LOLWlUV JHZHVHQGHUGHQ0XW
XQG GHQ5HDOLVPXVKDWWHRIIHQJHJHQGLHVHEHUVWU]WHQ2I
IHQVLYHQ YRP )UKOLQJ  HLQ]XWUHWHQ EHYRU VLH EHIRKOHQ
ZXUGHQ
2EZRKO 3pWDLQ 9HUGXQ JHUHWWHW KDWWHQDFKGHPVHLQ9RUJlQ
JHUGLHVHJUR‰HHQWVFKHLGHQGH)HVWXQJEHLQDKHYHUORUHQKlWWH
ZXUGHHUVRJDULQEH]XJDXIGLHVHJOlQ]HQGHXQGNKQH+HO
GHQWDW GHV 'HIlWLVPXV EHVFKXOGLJW (V VWHOOW VLFK KHUDXV GD‰
VHLQÄ'HIlWLVPXV³GDULQEHVWDQGHLQHQ3ODQIUHLQHQJHRUG
QHWHQ5FN]XJ]XHQWZHUIHQIDOOVVLFKGLH9HUWHLGLJXQJYRQ
9HUGXQDOVXQP|JOLFKHUZHLVHQVROOWHXPVRMHGHXQJHRUGQH
WH)OXFKWGHVVLFK]XUFN]LHKHQGHQ+HHUHV]XYHUKLQGHUQ(LQ
5FN]XJ ZDU QLFKW Q|WLJ $EHU MHGHU 7DNWLNHU GHU VHLQ 6DO]
ZHUWLVWZUGH0D‰QDKPHQHUJUHLIHQXPVLFKGDUDXIYRU]X
EHUHLWHQ±XQGJHQDXGDVKDW3pWDLQJHWDQ
1DFKGHP GDV VFKOHFKWEHUDWHQH XQG WHXHU EH]DKOWH 8QJHVWP
YRQ 0DQJLQ XQG 1LYHOOH GLH IUDQ]|VLVFKH $UPHH LP $SULO
 GDKLQJHPHW]HOW XQG GHPRUDOLVLHUW KDWWH XQG EHL GHQ
HPS|UWHQ 6ROGDWHQ 0HXWHUHL ZHLW YHUEUHLWHW ZDU ZXUGH
3pWDLQ ]XP 2EHUNRPPDQGLHUHQGHQ GHU JHVDPWHQ IUDQ]|VL
VFKHQ 6WUHLWNUlIWHJHPDFKWXQGLKPILHOGLHVFKZLHULJH$XI
JDEH]XGLH0HXWHUHL]XHUVWLFNHQXQGGLH0RUDOGHUIUDQ]|
VLVFKHQ$UPHHZLHGHUKHU]XVWHOOHQ'DVZlUHNHLQHPDQGHUHQ
IUDQ]|VLVFKHQ *HQHUDO JHOXQJHQ XQG GLH 0HLVWHUOHLVWXQJ
3pWDLQV ZDU HLQH GHU +DXSWHUIROJH GHV (UVWHQ :HOWNULHJV
*HQ -RKQ 3HUVKLQJ KDW LKU EHZHJW 7ULEXW JH]ROOW %LV ]XP
+HUEVW  ZDU GLH 0RUDO GHU 6ROGDWHQ ZLHGHUKHUJHVWHOOW
XQG GLH IUDQ]|VLVFKH $UPHH ZDU LQ GHU /DJH GHP JUR‰HQ
9RUVWR‰/XGHQGRUIIVLP)UKMDKUVWDQG]XKDOWHQ
9II*ÂÂ-DKUJDQJÂ+HIW
0DQ|YHU ZRGXUFK DP  -XQL  /XGHQGRUII GLH HQW
VFKHLGHQGH )DOOH JHVWHOOW ZXUGH GLH GHQ YHU]ZHLIHOWHQ GHXW
VFKHQ9RUVWR‰DXI3DULVEHHQGHWH'LHVH.DWDVWURSKHYHUQLFK
WHWH GLH GHXWVFKHQ .UlIWH XQG ]HUVW|UWH LKUH 0RUDO 'DQDFK
NRQQWH GLH YRQ 3pWDLQ ZLHGHU LQ LKUHQ IUKHUHQ =XVWDQG YHU
VHW]WH IUDQ]|VLVFKH $UPHH GLH IKUHQGH 5ROOH EHLP =XUFN
ZHUIHQ GHU 'HXWVFKHQ EHUQHKPHQ XQG GLHVH ]ZLQJHQ LP
1RYHPEHU XP HLQHQ :DIIHQVWLOOVWDQG ]X ELWWHQ ,Q VHLQHP
%XFK7KH\:RQWKH:DUVFKUHLEW)UDQN6LPRQGV
ª3pWDLQ VWXGLHUWH GDV 3UREOHP JHGXOGLJ XQG V\VWHPDWLVFK
OIWHWH GDV *HKHLPQLV HUDUEHLWHWH GLH /|VXQJ $OV /XGHQ
GRUII LP -XOL VHLQH OHW]WH 2IIHQVLYH XQWHUQDKP ±HU
KDWWH GHQ .DLVHU HLQJHODGHQ XP GLHVHP Ä)ULHGHQVVWXUP³
EHL]XZRKQHQ±UFNWHQGLHGHXWVFKHQ6WXUPWUXSSHQLQHLQH
:VWH YRU ZR VLH HLQHVFKQHOOHXQGYROOVWlQGLJH9HUQLFK
WXQJ HUHLOHQVROOWH'DPLWEUDFK3pWDLQDXIGHP6FKODFKW
IHOG YRQ K&DPSDJQH ZR LKP VHOEVW  HLQ JUR‰HU 6LHJ
HQWJDQJHQ ZDU GUHL -DKUH VSlWHU GLH $QJULIIVNUDIW GHU
GHXWVFKHQ $UPHH :HQQ )RFK VSlWHU GHQ .ULHJ JHZDQQ ±
GLH*UXQGODJHGHV6LHJHVZDUYRQ3pWDLQJHOHJWZRUGHQ©
'DV 8UWHLO IDLUHU XQG VDFKNXQGLJHU 0LOLWlUKLVWRULNHU GUIWH
ODXWHQGD‰3pWDLQHLQHVGHUGUHL0LOLWlUWDOHQWHHUVWHQ*UDGHV
ZDU GLH GHU (UVWH :HOWNULHJ KHUYRUJHEUDFKW KDW ]XVDPPHQ
PLWGHP'HXWVFKHQYRQ+RIIPDQXQGGHP5XVVHQ%UXVVLORY

,P'H]HPEHUEHUUHLFKW3RLQFDUp3pWDLQLQ0HW]GHQ
0DUVFKDOOVVWDE,P(UVWHQ:HOWNULHJZDU3pWDLQGHUMHQLJH
GHULQGHQ5HLKHQGHUIUDQ]|VLVFKHQ$UPHHGLH+RIIQXQJ
ZLHGHUHLQNHKUHQOLH‰DOVGLH0RUDODXILKUHP7LHISXQNW
ZDU(UJDELKQHQQHXHV9HUWUDXHQLQGHQ(QGVLHJ
EHWUXJHQ)UDQNUHLFKV9HUOXVWHGXUFK7RGXQG*HIDQJHQ
VFKDIWQXUJHJHQEHULP-DKUGHP
-DKUYRQ-RIIUHV2EHUEHIHKO'DQNGHU6FKRQXQJGHU+LOIV
PLWWHOGLH3pWDLQVRZRKOLQEH]XJDXI0HQVFKHQXQG0DWH
ULDOHUUHLFKWHLQGHPHUDXIGLH$QNXQIWGHU$PHULNDQHUZDU
WHWHZXUGHGDV8QKHLOGXUFKGHQ6LHJYRP0lU]ZLH
GHUJXWJHPDFKW


(VJDEHLQH5HLKH]ZHLWUDQJLJHU*HQHUDOHZLH)RFKLQ)UDQN
UHLFK/XGHQGRUIIXQGYRQ0DFNHQVHQLQ'HXWVFKODQGXQGGHU
*UR‰IUVW1LNRODXVLQ5X‰ODQG
)RFKZlUH]XUQDSROHRQLVFKHQ=HLWHLQJUR‰HU*HQHUDOJHZH
VHQDEHUHUZDUQLHLQGHU/DJHVLFKJDQ]DQGLH*HJHEHQKHL
WHQGHUPRGHUQHQ.ULHJIKUXQJDQ]XSDVVHQ
2E3pWDLQHLQJU|‰HUHV0LOLWlUJHQLHZDUDOVYRQ+RIIPDQXQG
%UXVVLORYLVW$QVLFKWVVDFKH)UDQN6LPRQGVKDWJHVFKULHEHQ
GD‰3pWDLQDXIDOOHQ6HLWHQGHUHLQ]LJH*HQHUDOZDUGHUZlK
UHQGGHVJDQ]HQ.ULHJHVNHLQHQ)HKOHUPDFKWH±XQGHUHQW
JLQJGHPEHVWLPPWQLFKWGXUFK8QWlWLJNHLW
3pWDLQV 5ROOH LP (UVWHQ :HOWNULHJ ZLUG DP EHVWHQ EHVFKULH
EHQZHQQPDQLKQDOVGHQ2UJDQLVDWRUGHV6LHJHVIUGLHDOOL
LHUWHQ +HHUH EH]HLFKQHW (LQHU GHU IKUHQGHQ 9HUIDVVHU EHU
GLH6FKODFKWHQGHV(UVWHQ:HOWNULHJVIRUPXOLHUWHHVVR
ª3pWDLQZDU0HLVWHUGHUWHFKQLVFKHQ(LQ]HOKHLWHQGHVPR
GHUQHQ*HIHFKWVXQGJODXEWHDQGLHhEHUOHJHQKHLWGHU0D
VFKLQH EHU GHQ0HQVFKHQ$XIWDNWLVFKHP*HELHWXQGDOV
2UJDQLVDWRUKDWWH3pWDLQQLFKWVHLQHVJOHLFKHQXQWHUGHQDO
OLLHUWHQ*HQHUDOHQ©
'LHYLHOOHLFKWPD‰JHEOLFKVWH%HXUWHLOXQJEHU3pWDLQDOVGHQ
2UJDQLVDWRU IU GHQ 6LHJ )UDQNUHLFKV XQG GHU $OOLLHUWHQ
VWDPPWYRQ3DXO3DLQOHYHGHP3UHPLHU)UDQNUHLFKV
ª3pWDLQV 0LOLWlUSKLORVRSKLH LVW HLQH UDWLRQDOH SRVLWLYH
/HKUHZHOFKHGLH]XU9HUIJXQJVWHKHQGHQ.UlIWHEHUFN
VLFKWLJW GLH 0LWWHO ZLH VLH HLQJHVHW]W ZHUGHQ N|QQHQ GHQ
5DGLXVLKUHV(LQVDW]JHELHWHVRKQHLKQHQ0HQVFKHQXQP|J
OLFKHV DE]XYHUODQJHQ XQG ]XJOHLFK VLFKHUVWHOOW GD‰ GHU
.ULHJVPDVFKLQHLQDOOLKUHQ)RUPHQGDVb X‰HUVWHZDVVLH
OHLVWHQ NDQQ DEYHUODQJW ZLUG 'LHVH 'RNWULQ ZLUG XQV HU
ODXEHQVWDUN]XEOHLEHQELV]XUOHW]WHQ3UIXQJ'XUFKVLH
ZHUGHQ ZLU XQVHUHQ $OOLLHUWHQ LP $XJHQEOLFN GHU 6FKOX‰
UXQGH HLQH ]DKOHQVWDUNH XQG JXWDXVJHELOGHWH $UPHH VRZLH
HLQHQ HLQGUXFNVYROOHQ %HVWDQG DQ .ULHJVPDWHULDO XQG
VFKZHUHU$UWLOOHULH]XIKUHQZDVHLQQRWZHQGLJHU%HVWDQG
WHLOGHVJHPHLQVDPHQ6LHJHVZLUG©
%HLGLHVHU*HGHQN)HLHULP6HSWHPEHULQ'LQDQW%HO
(V JLEW NHLQH QDFKGUFNOLFKHUH :UGLJXQJ 3pWDLQV DOV 0LOL
WlUEHIHKOVKDEHUDOVGHU$XVVSUXFKGHQ)UDQNUHLFKV3UlVLGHQW
5D\PRQG 3RLQFDUp LP $XJXVW  YHUODV DOV HU 3pWDLQ GLH
0LOLWlUPHGDLOOHYHUOLHK
ª,P /DXIH GLHVHV .ULHJHV KDW HU EHL GHQ YHUVFKLHGHQHQ
.RPPDQGRV GLH HU DXVEWH ±%ULJDGH 'LYLVLRQ $UPHH
NRUSV $UPHH $UPHHJUXSSH GDV IUDQ]|VLVFKH +HHU ±LP
PHUGLHK|FKVWHPRUDOLVFKHXQGWHFKQLVFKH(LJQXQJDQGHQ
7DJ JHOHJW %LV LQV ,QQHUVWH 6ROGDW KDW HU RKQH 8QWHUOD‰
GLHUHLQVWH3IOLFKWHUIOOXQJXQGGDVJU|‰WH6HOEVWRSIHUXQ
WHU %HZHLV JHVWHOOW (U KDWEHLGHQLKPXQWHUVWHOOWHQ7UXS
SHQHLQHVWUDIIHXQGZRKOZROOHQGH'LV]LSOLQDXIUHFKWHUKDO
WHQ KDW LKUH 0RUDO KRFKJHKDOWHQ XQG LKU 9HUWUDXHQ LQ
K|FKVWHP*UDGYHUVWlUNW(UKDWVLFKGXUFKGLH$UWZLHHU
GHQ GHXWVFKHQ $QVWXUP ]XP 6WHKHQ EUDFKWH XQG VLHJUHLFK
]XUFNVFKOXJ ]X UHFKW GLH XQVWHUEOLFKH 'DQNEDUNHLW GHU
1DWLRQHUZRUEHQ©
=ZLVFKHQ GHQ ]ZHL :HOWNULHJHQ YHUZDQGWH 3pWDLQ VHLQH %H
PKXQJHQKDXSWVlFKOLFKGDUDXI)UDQNUHLFKIUGHQQlFKVWHQ
JUR‰HQ .RQIOLNW YRU]XEHUHLWHQ GHU YLHOOHLFKW DXI GDV /DQG
]XNRPPHQ ZUGH (U ZXUGH  ]XP 9L]HSUlVLGHQW GHV
2EHUVWHQ .ULHJVUDWV HUQDQQW XQG  ]XP *HQHUDOLQVSHN
WHXUGHUIUDQ]|VLVFKHQ$UPHHHLQ$PWGDVHUELVLQQH
KDWWH DOV HU *HQHUDOLQVSHNWRU GHU /XIWYHUWHLGLJXQJ ZXUGH
ZDUHUQHXQ0RQDWHODQJ.ULHJVPLQLVWHUHUQDQQWH
LKQ 0LQLVWHUSUlVLGHQW 'DODGLHU ]XP %RWVFKDIWHU LQ 6SDQLHQ
XQGLP0DLEUDFKWHLKQGHU=XVDPPHQEUXFKGHUIUDQ]|
VLVFKHQ 9HUWHLGLJXQJ YRU GHP $QVWXUP GHU 'HXWVFKHQ QDFK
3DULV ]XUFN 'D HU GLH /DJH IU KRIIQXQJVORV DQVDK EDW HU
XPHLQHQ:DIIHQVWLOOVWDQG1DFKGHPHULP5DKPHQGHV:DI
IHQVWLOOVWDQGVGLH9LFK\5HJLHUXQJXQWHUVWULNWHU:DKUXQJGHU
9HUIDVVXQJ JHELOGHW KDWWH ZDU 3pWDLQ 6WDDWVFKHI GHU QHXHQ
9LFK\5HJLHUXQJXQGEOLHEDXIGLHVHP3RVWHQELVHULP$X
JXVWYRQGHQ'HXWVFKHQPLW*HZDOWDEJHVHW]WZXUGH
6lPWOLFKH9HUWHLGLJXQJVRSHUDWLRQHQXQGPLOLWlULVFKH6WlUNHQ
GLH )UDQNUHLFK ]ZLVFKHQ GHQ ]ZHL :HOWNULHJHQ DQ GHQ 7DJ
OHJWHJLQJHQDXIGLH9RUDXVVLFKWXQG%HPKXQJHQYRQ0DU
VFKDOO3pWDLQ]XUFN
(UZDUIUGLH5HRUJDQLVDWLRQGHUIUDQ]|VLVFKHQ$UPHHQDFK
GHP .ULHJ YHUDQWZRUWOLFK XQG IU GLH 3ODQXQJ GHV QHXHQ
IUDQ]|VLVFKHQ9HUWHLGLJXQJVV\VWHPV(UHQWZDUIGLH3OlQHIU
GLH%HIHVWLJXQJGHUIUDQ]|VLVFKHQ*UHQ]HQGLHYRQ0DJLQRW
XQGDQGHUHQDXVJHIKUWZXUGHQ(UZROOWHGLH0DJLQRW/LQLH
ELV ]XP .DQDO DXVZHLWHQ XQG GLH 1LFKWEHIROJXQJ GLHVHU
(PSIHKOXQJ HUZLHV VLFK  DOV HQWVFKHLGHQGH 6FKZlFKH
GHUIUDQ]|VLVFKHQ9HUWHLGLJXQJ3pWDLQYHUEHVVHUWHXQGHUZHL
WHUWHDXFKGDV6\VWHPGHU0LOLWlULQVWUXNWLRQHQEHGHXWHQG$OV
.ULHJVPLQLVWHU VRUJWH HU  ]ZHFNV 6WlUNXQJ VRZRKO GHU
$UPHH ZLH DXFK GHV 9HUWHLGLJXQJVV\VWHPV IU QRFK QLH GD
JHZHVHQH*HOGPLWWHO
(LQHGHUJURWHVNHQ/HJHQGHQGLHQDFKGHP:DIIHQVWLOOVWDQG
HQWVWDQGHQEHVDJWHGD‰GH*DXOOHYHUVXFKWKDEHGLHIUDQ]|
VLVFKH$UPHHPLW3DQ]HUQDXV]XUVWHQXQG]XPRGHUQLVLHUHQ
DEHUYRQ3pWDLQGDUDQJHKLQGHUWZRUGHQVHL
JLHQVLHKWPDQ0DUVFKDOO3pWDLQXQGVHLQHQ$GMXWDQWHQ
&KDUOHVGH*DXOOHOLQNVGDKLQWHUGHU|UWOLFKH%UJHUPHLVWHU
PLW=\OLQGHU'HU0DQQLP9RUGHUJUXQGLVWXQEHNDQQW,P
+HUEVWKLHOWGH*DXOOH9RUOHVXQJHQDQGHU6RUERQQH
$EHUVRJOlQ]HQGVHLQ$XIWULWWZDUVRZDUGRFKVHLQH]LYLOH
=XK|UHUVFKDIWEHUVHLQH,GHHQNHLQEL‰FKHQEHJHLVWHUWHU
DOVGLH0LOLWlUV]XYRUJHZHVHQZDUHQ'HQQRFKHUNDQQWHQ
HLQLJH+HHUIKUHUVHLQ.|QQHQXQGVLHNRQQWHQHLQHQ
0DQQGHUVRGHXWOLFKXQWHU3pWDLQV)LWWLFKHQZDUQLFKW
LJQRULHUHQ

3pWDLQ XQG QLFKW GH *DXOOH ZDU GHU JUR‰H 9HUIHFKWHU GHU
3DQ]HUZDIIHIUGDVIUDQ]|VLVFKH0LOLWlUV\VWHP'DVKDWWHHU
EHJRQQHQ]XOHKUHQEHYRUGH*DXOOHJHERUHQZDU.HLQDQGH
UHU IUDQ]|VLVFKHU 0LOLWlU WUXJ VR YLHO ZLH 3pWDLQ ]XU MHZHLOV
YHUZLUNOLFKWHQ$XVVWDWWXQJGHUIUDQ]|VLVFKHQ$UPHHPLW3DQ
]HUQ EHL (U ZDU DXFK GHU VWlUNVWH IUDQ]|VLVFKH %HIUZRUWHU
HLQHUVWDUNHQ/XIWZDIIH3pWDLQHUNDQQWHLP(UVWHQ:HOWNULHJ
GLHHQWVFKHLGHQGH%HGHXWXQJGHU.ULHJIKUXQJDXVGHU/XIW
9II*ÂÂ-DKUJDQJÂ+HIW

(UVFKULHEGDPDOV
ª'LH )OXJ]HXJ)UDJHEHKHUUVFKWGHQ.ULHJ0LW/XIWEHU
OHJHQKHLW N|QQWHQ ZLU DOOH 7UXSSHQNRQ]HQWUDWLRQHQ LQ GHQ
IHLQGOLFKHQ5HLKHQYHUKLQGHUQ©
/LGGHOO +DUW VFKULHE HLQGULQJOLFK EH]JOLFK 3pWDLQ XQG GHU
PLOLWlULVFKHQ0HFKDQLVLHUXQJ
ª3pWDLQHUZLHVVLFKDOVHLQHUGHUHUVWHQXQGZHQLJHQ)K
UHU GHU GLH )XQNWLRQVZHLVH GHV PRGHUQHQ .ULHJHV YHU
VWDQGZLHHUYRQEHZDIIQHWHQ,QGXVWULHQDWLRQHQHQWZLFNHOW
ZRUGHQZDU©
:DV GH *DXOOH DQEHWUDI VR YHUGDQNWH HU VHLQH PLOLWlULVFKH
.DUULHUHXQG%HI|UGHUXQJKDXSWVlFKOLFK3pWDLQ%HLGHQ0LOL
WlUPDQ|YHUQ]HLJWHGH*DXOOHEHWUlFKWOLFKH2ULJLQDOLWlW
,Q (ULQQHUXQJ DQ VHLQH HLJHQHQ 6FKZLHULJNHLWHQ EHL GHU %H
NlPSIXQJ DUFKDLVFKHU 0LOLWlUYRUVWHOOXQJHQ OLH‰ 3pWDLQ GH
*DXOOH NRPPHQ XQG OLH‰ LKQ ]XP ,QVWUXNWHXU DQ GHU.ULHJV
VFKXOHHUQHQQHQ6SlWHUPDFKWHHUGH*DXOOH]XVHLQHP$GMX
WDQWHQ XQG EHKLHOW LKQ LQ GLHVHU 6WHOOXQJ VRODQJH HU EHL GHU
$UPHHIKUXQJ ZDU  QDFKGHP GH *DXOOH VHLQ HUVWHV
%XFK'LH3KLORVRSKLHGHU)KUXQJYHU|IIHQWOLFKWKDWWHHPS
IDKO3pWDLQLKQ*HQHUDO:H\JDQGXQGGH*DXOOHZXUGH]XP
*HQHUDOVHNUHWlU GHV 2EHUVWHQ5DWHVGHU1DWLRQDOHQ9HUWHLGL
JXQJHUQDQQW'H*DXOOHUHDJLHUWHLQDQJHPHVVHQHU:HLVHHU
ZLGPHWHVHLQH%FKHU3pWDLQXQGSULHV3pWDLQV0LOLWlUJHQLXV
1RFKVWHOOWHHULQHLQHP%XFKIHVWGD‰3pWDLQV0HLVWHU
VFKDIWLQGHU7DNWLNVRKHUDXVUDJHQGZDUGD‰VLHIDVWHKHUDOV
HLQ 1DWXUJHVHW] GHQQ DOV HLQH PHQVFKOLFKH +DQGOXQJ HU
VFKLHQ
:lKUHQG GHU JDQ]HQ HU -DKUH DUEHLWHWH 3pWDLQ NKQ XQHU
PGOLFK XQG IDVW RKQH +LOIH DQGHUHU IU GLH JUQGOLFKH 0H
FKDQLVLHUXQJGHUIUDQ]|VLVFKHQ$UPHHXQGGUlQJWHYRUDOOHP
DXI GLH %LOGXQJ HLQHU IUDQ]|VLVFKHQ /XIWZDIIH GLH PLW GHU
16'HXWVFKODQGVPLWKDOWHQRGHUVLHEHUWUHIIHQNRQQWH
$OOGLHVVWHKWLQDXVJHSUlJWHP.RQWUDVW]XGHU/HWKDUJLHXQG
6HOEVWJHIlOOLJNHLW GHU 9RONVIURQW EHL 0LOLWlU XQG 9HUWHLGL
JXQJVVDFKHQ=XGLHVHU=HLWVDJWH/HRQ%OXPVHOEVW
ª:LU >GLH 6R]LDOLVWHQ@ ODVVHQ QLFKW HLQPDO GHQ *HGDQNHQ
DQHLQHQP|JOLFKHQ.ULHJ]X©
)RFK GHU DOV $XWRULWlW IU GLH IUDQ]|VLVFKHQ 6R]LDOLVWHQ
VSUDFKHUNOlUWHGD‰DOOHHQHUJLVFKHQ6FKULWWHGLHJHHLJQHWZl
UHQ )UDQNUHLFK ]X UVWHQ GHQ .ULHJ PLW 16'HXWVFKODQG QXU
XQYHUPHLGOLFKHUPDFKWHQ:LH$:LOOLDPVHVIRUPXOLHUWH
ª'LH IUDQ]|VLVFKH /XIWZDIIH ZDU LP URWHQ 'UHFN YHU
VXPSIW©
$EHU YLHOH GHU %FKHU GLH HUVFKLHQHQ VLQG XQG 3pWDLQ DQ
SUDQJHUQZHLOHUGLHIUDQ]|VLVFKH9HUWHLGLJXQJYRUXQ
WHUPLQLHUWKDEHZXUGHQYRQIUKHUHQ$QKlQJHUQGHUOHWKDUJL
VFKHQ9RONVIURQW.RDOLWLRQYHUID‰W
2EZRKO3pWDLQYRQVHLQHUSROLWLVFKHQ3KLORVRSKLHKHUVLFKHU
OLFKNHLQEHJHLVWHUWHU5HSXEOLNDQHUZDUZDUHUHLQ0LOLWlUSDU
H[FHOOHQFH GHUOR\DOGHUMHZHLOLJHQIUDQ]|VLVFKHQ5HJLHUXQJ
GLHQWH :lKUHQG GHV %HVWHKHQV GHU 5HSXEOLN YHUKLHOW VLFK
3pWDLQ GXUFK XQG GXUFK OR\DO ]X LKU :LH 6WDQWRQ /HHGV HV
IRUPXOLHUWH
ª3pWDLQGHUHLQIOX‰UHLFKVWHDOOHU*HQHUDOHZDUHLQ5HSX
EOLNDQHU GHU PHKU DOV MHGHU DQGHUH GDV 5HJLPH ]XU =HLW
GHV6WDYLVN\6NDQGDOVUHWWHWH©
3pWDLQ ZDU DOOHV DQGHUH DOV HLQ 9RUNULHJV.ROODERUDWHXU PLW
GHQ 'HXWVFKHQ XQG WUDW PHKU DOV MHGHU DQGHUH SURPLQHQWH
)UDQ]RVH PLW :DUQXQJHQ YRU GHU *HIDKU GHU 160LOLWlUEH
GURKXQJ KHUYRU XQG GUlQJWH VHLQH /DQGVOHXWH VLFK GDIU ]X
ZDSSQHQ7DWVlFKOLFKVDJWHHULQHLQHP$UWLNHOLQGHU5HYXH
9II*ÂÂ-DKUJDQJÂ+HIW
GHVGHX[0RQGHV DP0lU]PLWEHPHUNHQVZHUWHU3Ul
]LVLRQJHQDXGLH$UW%OLW]NULHJYRUDXVPLWGHU)UDQNUHLFKLP
)UKMDKUHUREHUWZXUGH(UPDFKWHGHXWOLFKGD‰)UDQN
UHLFK VHOEVW  QLFKW GDUDXI YRUEHUHLWHW ZDU HLQHU VROFKHQ
,QYDVLRQ:LGHUVWDQGHQWJHJHQ]XVWHOOHQXQGZDUQWHGD‰ªGLH
GLHVEH]JOLFK KHUUVFKHQGH GHU]HLWLJH 8QJOHLFKKHLW ]ZLVFKHQ
)UDQNUHLFK XQG 'HXWVFKODQG YRQ  DQ ZDKUVFKHLQOLFK
QRFK VFKOLPPHU ZHUGH© (U EHWRQWH EHVRQGHUV GLH 7DWVDFKH
GD‰]XIULHGHQVWHOOHQGHXQGVLFKHUH%H]LHKXQJHQPLW'HXWVFK
ODQG QXU DXIUHFKW HUKDOWHQ ZHUGHQ N|QQWHQ ZHQQ )UDQNUHLFK
PLW 'HXWVFKODQG YROOH PLOLWlULVFKH 3DULWlW EHKLHOW ]DKOHQPl
‰LJZLHDXFKPLOLWlUWHFKQLVFKXQGLQGHU/DJHVHL*HZDOWPLW
*HZDOW]XHUZLGHUQ
(LQ DXVJH]HLFKQHWHV XQG JXWIXQGLHUWHV 8UWHLO EHU 3pWDLQV
%HPKXQJHQ )UDQNUHLFK ]X ZDUQHQ XQG ]X UVWHQ HUJLQJ
GXUFK3DXO%HUQLHUGHQ$EJHRUGQHWHQGHU5DGLNDOHQ6R]LDOL
VWHQLQVHLQHP3DUODPHQWVEHULFKWLP0DL
ª0LW NODUHU 9RUDXVVLFKW IU GLH P|JOLFKHQ (QWZLFNOXQJHQ
KDWWHGHUJUR‰H6ROGDWYRU]JOLFKGLH*UXQGODJHIUGLH]X
HUULFKWHQGH 6WUXNWXU JHOHJW ZDU GXUFK GDV /DQG JHUHLVW
XP VHLQH3OlQH]XHUOlXWHUQHUEUDFKWHLQDOOHV%HOHEXQJ
XQG ]HLJWH VLFK LPPHU EHVRUJW XP GHQ 6FKXW] GHU =LYLOEH
Y|ONHUXQJJHJHQHLQH]XQHKPHQGZDFKVHQGH*HIDKU©
,Q EH]XJ DXI GLH YLHOHQ ZHOWEHNDQQWHQ PLOLWlULVFKHQ )HKOHU
EHUGLHVHLWJHVFKULHEHQZLUGLVWNHLQH%HKDXSWXQJDE
VXUGHU DOV GLH GD‰ VLFK GLH IUDQ]|VLVFKH $UPHH  QDFK
1RUGDIULND KlWWH ]XUFN]LHKHQ XQG HLQH =HLWODQJ PLW EHHLQ
GUXFNHQGHP (UIROJ KlWWH NlPSIHQ N|QQHQ (V ZDU *HQHUDO
:H\JDQGXQGQLFKW3pWDLQGHUVHLQH5HJLHUXQJLP-XQL
ZLHGHUKROW GDUEHU LQIRUPLHUWH GD‰ HLQH ZHLWHUH DNWLYH
.ULHJIKUXQJJHJHQGLH'HXWVFKHQXQP|JOLFKVHL
%HYRU3pWDLQXPHLQHQ:DIIHQVWLOOVWDQGEDWKDWWHGLH5HJLH
UXQJ GUHL LKUHU EHVWHQ 0LOLWlUH[SHUWHQ SHU )OXJ]HXJ QDFK
1RUGDIULND JHVFKLFNW XP GLH 0|JOLFKNHLW ]X SUIHQ GHQ
.ULHJGRUWZHLWHU]XIKUHQ'LHVH)DFKOHXWHlX‰HUWHQHLQPWLJ
XQG EHVWLPPW GLH $QVLFKW GD‰ MHGHU *HGDQNH DQ HLQH )RUW
IKUXQJ GHV .ULHJHV LQ 1RUGDIULND lX‰HUVW YHUZHJHQ VHL (V
ZDU HLQH KRIIQXQJVORVH /DJH :HQQ LP -XQL  LQ 1RUG
DIULND :LGHUVWDQG JHOHLVWHW ZRUGHQ ZlUH LVW VRJDU lX‰HUVW
ZDKUVFKHLQOLFKGD‰GLH1DWLRQDOVR]LDOLVWHQGLH,WDOLHQHUXQG
6SDQLHU LQ 1RUGDIULND HLQJHIDOOHQ ZlUHQ XQG YRU (QGH GHV
6RPPHUV GDV JDQ]H 0LWWHOPHHUEHFNHQ HLQJHQRPPHQ KlWWHQ
(VLVWVHKUZDKUVFKHLQOLFKGD‰GLH1DWLRQDOVR]LDOLVWHQVFKQHOO
JDQ]6SDQLHQEHVHW]WKlWWHQ
:DKUVFKHLQOLFK UHWWHWH GHU :DIIHQVWLOOVWDQG VRJDU (QJODQG
LQGHP GLH (QJOlQGHU HLQH $WHPSDXVH HUKLHOWHQ GLH VLH lX
‰HUVWQ|WLJKDWWHQXPVLFKQDFKGHP6FKRFNGHU.DWDVWURSKH
YRQ'QNLUFKHQ]XHUKROHQXQG]XUHRUJDQLVLHUHQ'DVZXUGH
YRQ PD‰JHEOLFKHQ HQJOLVFKHQ 0LOLWlUV ]XJHJHEHQ .HLQ JH
ULQJHUHUDOVJHUDGH:LQVWRQ&KXUFKLOOHUNOlUWHYRUGHPDPH
ULNDQLVFKHQ .RQJUH‰ GD‰ ªQLHPDQG ]X VDJHQ YHUPDJ ZHO
FKHV 8QJOFN XQG /HLG XQV EHVFKLHGHQ ZRUGHQ ZlUH ZHQQ
VLFK'HXWVFKODQGHQWVFKLHGHQKlWWHQDFKGHPIUDQ]|VLVFKHQ
=XVDPPHQEUXFKLP-XQLLQGLH%ULWLVFKHQ,QVHOQHLQ]X
IDOOHQ©:LUZLVVHQMHW]WGD‰GLH(QJOlQGHULKUH=XVWLPPXQJ
GD]X JDEHQ GD‰ )UDQNUHLFK XP HLQHQ :DIIHQVWLOOVWDQG EDW
HLQH7DWVDFKHGLH5H\QDXGYRUVHLQHQ0LQLVWHUQYHUKHLPOLFK
WH
$OV GLH IUDQ]|VLVFKH 0LOLWlUODJH KRIIQXQJVORV ZXUGH VWDQG
0DUVFKDOO 3pWDLQ ]X VHLQHP /DQG DQVWDWW LQ GHU 6WXQGH GHU
*HIDKU XQG GHU 1RW ZHJ]XODXIHQ (U ZDU QLFKW HLQH MHQHU
Ä5DWWHQ³ GLH GDV VLQNHQGH 6FKLII YHUOLH‰HQ XP LQV $XVODQG


]XIOLHKHQGRUWHLQJXWHV/HEHQ]XIKUHQXQG(UJVVHJHJHQ
GHQ 0DQQ ]X ULFKWHQ GHU QLFKW YRU GHU $XIJDEH ]XUFN
VFKUHFNWH )UDQNUHLFK GXUFK GLH JU|‰WHQ 3UIXQJHQ XQG 6RU
JHQVHLQHU*HVFKLFKWH]XIKUHQVHLW-XOLXV&lVDULP0lU]
Y&KU*DOOLHQEHWUDW
$OV$GPLUDO:LOOLDP'/HDOO\QDFKVHLQHU7lWLJNHLWDOVDPH
ULNDQLVFKHU%RWVFKDIWHUEHLGHU9LFK\5HJLHUXQJLP6RPPHU
QDFKGHQ86$]XUFNNHKUWHJDEHUIROJHQGH(UNOlUXQJ
DE
ª0HLQH %H]LHKXQJHQ ]X 0DUVFKDOO3pWDLQGHUEHLPLUHLQ
KRKHV $QVHKHQ JHQLH‰W ZDUHQ HQJ KHU]OLFK XQG GHQ ,Q
WHUHVVHQ VHLQHV 9RONHV GLHQOLFK (U VWHKW XQWHU VWlQGLJHP
KDUWHQ 'UXFN VHLWHQV GHU %HVHW]HU ZDV HV IU LKQ lX‰HUVW
VFKZLHULJPDFKWYLHOYRQGHP]XHUUHLFKHQZDVHU]XU(U
OHLFKWHUXQJ)UDQNUHLFKVWXQP|FKWH©
$P-XQLVFKULHE$GPLUDO/HDOO\IROJHQGHQ%ULHIDQ
0DUVFKDOO3pWDLQXQGGHU%ULHIZXUGHEHLP9HUIDKUHQJHJHQ
GHQ0DUVFKDOODOVEHU]HXJHQGHU%HZHLVGDIUYRUJHOHJWGD‰
3pWDLQQLHPDOVIUHLQH.ROODERUDWLRQPLWGHQ1DWLRQDOVR]LD
OLVWHQZDU
ª,FKVFKlW]H,KUHSHUV|QOLFKH)UHXQGVFKDIWXQG,KUHQ(LQ
VDW]IUGDV:RKOGHVIUDQ]|VLVFKHQ9RONHVVHKUKRFKHLQ
6LHKDEHQPLURIW,KUHOHLGHQVFKDIWOLFKH+RIIQXQJJHlX‰HUW
GD‰ GLH 16,QYDVRUHQ YHUQLFKWHW ZUGHQ :lKUHQG GLHVHU
GHPKLVWRULVFKHQ+LQWHUJUXQGEHWUDFKWHW0HKUDOVMHGHUDQGH
UH )UDQ]RVH KDWWH 3pWDLQ ± YHUJHEOLFK ± YHUVXFKW )UDQNUHLFK
LQGLH/DJH]XYHUVHW]HQGHPGHXWVFKHQ0LOLWlUDQJULIIZLGHU
VWHKHQ ]X N|QQHQ $OV VLFK GLHV LP -XQL DOVXQP|JOLFK
HUZLHV WDW 3pWDLQ ZDV MHGHU JUR‰H IUDQ]|VLVFKH )KUHU GHU
NHLQ 9HUUlWHU )HLJOLQJ RGHU +DQGODQJHU ZDU JHWDQ KlWWH
QlPOLFK ]X VHLQHP /DQG ]X VWHKHQ XQG IU GLHVHV ]X HUUHL
FKHQ ZDV XQWHU GHP 6WLHIHO GHV (UREHUHUV P|JOLFK ZDU ,Q
GLHVHU/DJHEHGXUIWH)UDQNUHLFKZLHQLHGHU'LHQVWHHLQHVWDS
IHUHQ 3DWULRWHQ GHU ZLOOHQV ZDU LQ GHU 6WXQGH GHU JU|‰WHQ
1RWEHLVHLQHP/DQGDXV]XKDUUHQ
'DV8UWHLOGHU*HVFKLFKWHZLUGYLHOOHLFKWVHLQGD‰NHLQDQGH
UHU PHKU DOV 0DUVFKDOO 3pWDLQ KlWWH HUUHLFKHQ N|QQHQ DOV HV
GDUXPJLQJGLH1DWLRQDOVR]LDOLVWHQKLQ]XKDOWHQXQGXQWHUGHU
9LFK\5HJLHUXQJIUVHLQ9RONGLHEHVWP|JOLFKHQ%HGLQJXQ
JHQ ]X HUODQJHQ :HQQ HU YRQ GHQ 'HXWVFKHQ JH]ZXQJHQ
ZXUGH %HDPWH EHL VLFK ]X KDEHQ GHUHQ 0RWLYH XQG SROLWL
VFKH=LHOVHW]XQJHQIUDJZUGLJZDUHQNRQQWHHUQLFKWVGDJH
JHQWXQ,P1RYHPEHUVDJWH3pWDLQ]X3URI/RXLV5RX
JLHU ª>3LHUUH@ /DYDO LVW GHU 0DQQ GHQ LFK DP PHLVWHQ DXI
GHU:HOWYHUDEVFKHXH©DEHUGLHSROLWLVFKH/DJHXQGGHUGHXW
VFKH'UXFN]ZDQJHQGHQ0DUVFKDOO/DYDOHLQ]XVHW]HQ
(V LVW ZHQLJ YHUVWDQGHQ ZRUGHQ LQ ZHOFK KRKHP *UDG GLH
([LVWHQ] GHV 9LFK\5HJLPHV XQG GLH 3ROLWLN 0DUVFKDOO
=HLW   XQWHUQDKPHQ 6LH DXI PHLQH %LWWH KLQ 3pWDLQVIU)UDQNUHLFKXQGGLH$OOLLHUWHQYRQ1XW]HQZDU(U
6FKULWWHHQWJHJHQGHQ:QVFKHQGHU$FKVHXQG]XJXQVWHQ VWHQV KLQGHUWH GHU :DIIHQVWLOOVWDQG XQG GLH %LOGXQJ GHU
GHUDOOLLHUWHQ6DFKH-HGHV0DOZHQQ6LHPHLQHQ(PSIHK
OXQJHQVLFKGHQ$FKVHQPlFKWHQ]XZLGHUVHW]HQXQGGHUHQ
)RUGHUXQJHQ ]X YHUZHLJHUQ QLFKW IROJWHQ OHJWHQ 6LH PLU
GHQ *UXQG GDIU GDU QlPOLFK GD‰ HLQ HQWVSUHFKHQGHV
+DQGHOQ HLQH ]XVlW]OLFKH 8QWHUGUFNXQJ ,KUHV 9RONHV
GXUFK GLH %HVHW]HU ]XU )ROJH KlWWH ,FK KDWWH GDPDOV ZLH
KHXWH GLH hEHU]HXJXQJ GD‰ ,KUH +DXSWVRUJH GDV :RKO
XQG GHU 6FKXW] GHV VFKXW]ORVHQ IUDQ]|VLVFKHQ 9RONHV ZDU
'HU*HGDQNHGD‰6LHLUJHQGHLQDQGHUHV,QWHUHVVHKlWWHQ
ZDUPLUXQYRUVWHOOEDU©
'DV LVW GLH %HXUWHLOXQJ HLQHV JUR‰HQ XQG UHFKWVFKDIIHQGHQ
DPHULNDQLVFKHQ 3DWULRWHQ HLQHV 0DQQHV GHVVHQ )lKLJNHLW
XQG 6FKDUIVLQQ 3UlVLGHQW 5RRVHYHOWVRVHKUYHUWUDXWHGD‰HU
LKQ SUDNWLVFK PLW GHU )KUXQJ GHU DPHULNDQLVFKHQ .ULHJVDQ
VWUHQJXQJHQEHWUDXWH
'LH GXUFK 3URI /RXLV 5RXJLHU ]ZLVFKHQ GHU &KXUFKLOO
5HJLHUXQJXQG9LFK\DXVJHKDQGHOWHhEHUHLQNXQIWGLHDP
2NWREHU  XQWHUVFKULHEHQ XQG LP IROJHQGHQ 0RQDW YRQ
EHLGHQ 5HJLHUXQJHQ UDWLIL]LHUW ZXUGH LVW HLQ DXVUHLFKHQGHU
XQGEHU]HXJHQGHU%HZHLVGDIUGD‰VLFK&KXUFKLOOXQGVHL
QH9HUEQGHWHQVLFKHUZDUHQGD‰3pWDLQV6\PSDWKLHXQG3R
OLWLNYROOVWlQGLJDXI6HLWHQ)UDQNUHLFKVXQGGHU$OOLLHUWHQZD
UHQ
'LH±ZHQQJOHLFKQHJDWLYH±:UGLJXQJGHU1DWLRQDOVR]LDOL
VWHQ EH]JOLFK 3pWDLQV PXWLJHU 9HUWHLGLJXQJ GHU IUDQ]|VL
VFKHQ ,QWHUHVVHQ ZlKUHQG GHU 16+HUUVFKDIW NRPPW DP EH 
VWHQGXUFKHLQHQKHIWLJHQ%ULHIYRQ5LEEHQWURSVYRP1R 'U0pQpWUHOZDUVRZRKO0DUVFKDOO3pWDLQV$U]WDOVDXFK
YHPEHU  DQ 3pWDLQ ]XP $XVGUXFN LQ GHP YRQ 5LEEHQ /HLWHUVHLQHV3ULYDWVHNUHWDULDWV+LHUVHKHQZLUGHQ0DU
WURS 3pWDLQ LQ EH]XJ DXI GLH 9LFK\5HJLHUXQJ ZHJHQ GHV VFKDOODXIVHLQHPWlJOLFKHQ6SD]LHUJDQJPLW0pQpWUHOLQ
ªVWlQGLJHQ.DPSIHVXQGGDXHUQGHQ:LGHUVWDQGVJHJHQ©GLH 9LFK\(QWJHJHQHLQHP*HUFKWGD‰3pWDLQGHU1LHUHQEH
VFKZHUGHQKDWWH'URJHQQHKPHJDELKP0pQpWUHOQXU
163ROLWLN NULWLVLHUWH %HLP *HULFKWVYHUIDKUHQ NDP KHUDXV
6DXHUVWRII=XYRUZDU0pQpWUHOV9DWHU$U]WGHV0DUVFKDOOV
GD‰YRQ5LEEHQWURS3pWDLQDOVªDOWHU,PPHU1HLQ©EH]HLFKQHW JHZHVHQ1DFKGHPIHKOJHVFKODJHQHQ$WWHQWDWVYHUVXFKDXI
KDWWHDXIJUXQGVHLQHVXQEHUZLQGOLFKHQ:LOOHQVVLFKGHU=X $GROI+LWOHUZROOWH3pWDLQGHPGHXWVFKHQ.DQ]OHUVHLQH
VDPPHQDUEHLWPLWGHQ1DWLRQDOVR]LDOLVWHQ]XZLGHUVHW]HQ *OFNZQVFKHVHQGHQª'DVLVWQXUHOHPHQWDUH+|IOLFKNHLW
0DQNDQQ3pWDLQDOV6WDDWVFKHIYRQ9LFK\QXUGDQQIDLUXQG ±YRQHLQHP6WDDWVREHUKDXSW]XPDQGHUHQ©$EHU0pQpWUHO
YHUQQIWLJ EHXUWHLOHQ ZHQQ PDQ VHLQH +DQGOXQJVZHLVH YRU SURWHVWLHUWHHPS|UWª1HLQGDVIUDQ]|VLVFKH9RONZUGH
GDVQLHYHUVWHKHQ©

 9II*ÂÂ-DKUJDQJÂ+HIW

9LFK\5HJLHUXQJ GLH 'HXWVFKHQ GDUDQ JDQ] )UDQNUHLFK ]X
EHVHW]HQ :HQQ GLH 1DWLRQDOVR]LDOLVWHQ DXFK GDV YRQ GHU
9LFK\5HJLHUXQJ NRQWUROOLHUWH *HELHW EHVHW]W KlWWHQ KlWWHQ
VLH PHKU :DUHQ 1DKUXQJVPLWWHO 0LOLWlUEDVHQ XQG /HXWH
'HXWVFKODQG]XJXWHNRPPHQODVVHQN|QQHQDOVHVVRGHU)DOO
ZDU'DVZDUHLQHUVWHUJUR‰HU9RUWHLOIU)UDQNUHLFKXQGGLH
$OOLLHUWHQ 3pWDLQ YHUHLWHOWH /DYDOV 3ODQ )UDQNUHLFK LQ HLQHQ
.ULHJ PLW (QJODQG ]X YHUZLFNHOQ LQGHP HU GLH IUDQ]|VLVFKH
)ORWWH ]XU (UREHUXQJ %UD]]DYLOOHV VFKLFNWH 3pWDLQ VFKLFNWH
*HQHUDO:H\JDQGQDFK1RUGDIULNDXPGLHVIHVWJHJHQLWDOLH
QLVFKHQ XQG GHXWVFKHQ 'UXFN ]X KDOWHQ ZDV LKP JHODQJ
:H\JDQG ZLGHUVHW]WH VLFK GHQ )RUGHUXQJHQ VRZRKO GHU ,WD
OLHQHU ZLH DXFK 5RPPHOV (U KLHOW GLH (LQJHERUHQHQ XQWHU
.RQWUROOHXQGRUJDQLVLHUWHGDV5FNJUDWIUHLQH$UPHH'LH
VH9LFK\3ROLWLNLQ1RUGDIULNDGLHYRQ:H\JDQGV1DFKIROJHU
IRUWJHIKUW ZXUGH UHWWHWH (QJODQG GDV 0LWWHOPHHU &KXUFKLOO
JDE ]X ZHQQ GLH IUDQ]|VLVFKHQ +lIHQ LQ $IULND GHQ 'HXW
VFKHQLQGLH+lQGHJHIDOOHQZlUHQGDQQKlWWHQGLH%ULWHQGDV
JDQ]H 0LWWHOPHHUEHFNHQ DXIJHEHQ PVVHQ $X‰HUGHP HU
OHLFKWHUWHGLHIUDQ]|VLVFKH$IULNDSROLWLNGHU9LFK\5HJLHUXQJ
GLH/DQGXQJGHUDPHULNDQLVFKHQ7UXSSHQLP1RYHPEHU
LQ,WDOLHQ(VLVWGDKHUQLFKWP|JOLFK]XVDJHQZLHYLHOOlQJHU
GHU HXURSlLVFKH 7HLO GHV .ULHJHV RKQH GLH 9LFK\5HJLHUXQJ
XQG3pWDLQV3ROLWLNKlWWHGDXHUQN|QQHQ
:DV VHLQ HLJHQHV 9RON DQJLQJ VR EHZDKUWH 3pWDLQ HV QLFKW
QXUYRUHLQHUGLUHNWHQGHXWVFKHQ8QWHUGUFNXQJVRQGHUQZDU
±GXUFK3URI5RXJLHU±LQGHU/DJHDXI&KXUFKLOOHLQ]XZLU
NHQ GLH %ORFNDGH JHJHQ 9LFK\ LQ JHZLVVHP 8PIDQJ DXI]X
KHEHQXQGVRPLWIUGLHOHLGHQGH%HY|ONHUXQJPHKU1DKUXQJ
]X EHNRPPHQ 6FKOLH‰OLFK EHZLUNWHQ 3pWDLQV 5HIRUPHQ XQG
DGPLQLVWUDWLYHQ %HPKXQJHQ GLH EHVWP|JOLFKH 1XW]XQJ YRQ
1DKUXQJXQG:DUHQIUGLH)UDQ]RVHQLP9LFK\*HELHW
(V ZDU IU GLH SURPLQHQWHQ XQG ZRUWUHLFKHQ IUDQ]|VLVFKHQ
([LODQWHQ HLQIDFK LQ HLQHP OX[XUL|VHQ /RQGRQHU +RWHO RGHU
LQHLQHP3HQWKRXVHLQGHU1HZ<RUNHU&LW\]XVLW]HQXQGGHQ
0DUVFKDOO ]X NULWLVLHUHQ ZHLO HU QLFKW +LWOHU LQV *HVLFKW
VSXFNWH $EHU 3pWDLQV .ULWLNHU ZDUHQ ]XHUVW GDUDXI EHGDFKW
GD‰ VLH DX‰HUKDOE GHU 5HLFKZHLWH DOOHU GHXWVFKHQ .DQRQHQ
XQG*DXOHLWHULQ6LFKHUKHLWZDUHQ
:HQQ ZLU ]X GHQ SROLWLVFKHQ VR]LDOHQ XQG ZLUWVFKDIWOLFKHQ
,GHDOHQ 0DUVFKDOO 3pWDLQV NRPPHQ VLQG GLH 7DWVDFKHQ NODU
ZHQQ DXFK DEVROXW QLFKW HLQIDFK 3pWDLQ LVW EHVFKXOGLJW ZRU
GHQ HLQ 0RQDUFKLVW RGHU HLQ )DVFKLVW XVZ ]X VHLQ 6HLQH
,GHDOH YRP SHUIHNWHQ 6WDDW ODVVHQ VLFK DEHU QLFKW LQ GDV 5D
VWHUHLQHUEHVWLPPWHQSROLWLVFKHQ5LFKWXQJSUHVVHQ'HU.HUQ
YRQ3pWDLQVSROLWLVFKHU,GHRORJLHLVWHLQVHQWLPHQWDOHUNDWKROL
VFKHU1DWLRQDOLVPXVGHUIULKQGXUFK-HDQQHG¶$UFV\PEROL
VLHUWZLUG,KU1DPHXQGLKUH7DWHQWDXFKHQLQVHLQHQ5HGHQ
EHU)UDQNUHLFKLQGHVVHQMQJVWHU6WXQGHGHU*HIDKULPPHU
ZLHGHUDXI-HDQQHG¶$UFLVWGLHVWlQGLJH0DKQXQJGD‰VLFK
)UDQNUHLFKDXVGHP$EJUXQGHUKHEHQXQGDOOH6FKZLHULJNHL
WHQ XQG VFKHLQEDU XQEH]ZLQJEDUHQ +LQGHUQLVVH EHUZLQGHQ
NDQQ$EHUGHUIUYLHOH3DWULRWHQXQGHQJDJLHUWH.LUFKHQOHX
WHW\SLVFKH)DQDWLVPXVZXUGHEHL3pWDLQGXUFKVHLQH%HZXQ
GHUXQJIUGLH7ROHUDQ]XQG:HOWJHZDQGWKHLWVHLQHVIUDQ]|VL
VFKHQ/LHEOLQJVYHUIDVVHUV0LFKHOGH0RQWDLJQHJHGlPSIW
'HU SROLWLVFKH +DXSWPHQWRU 0DUVFKDOO 3pWDLQV ZDU %LVFKRI
%RVVXHW GHU JUR‰H IUDQ]|VLVFKH 9HUIHFKWHU GHV *RWWHVJQD
GHQWXPV $EHU 3pWDLQ ZDU 5HDOLVW JHQXJ XP ]X ZLVVHQ GD‰
GLH bUD GHU 0RQDUFKLH GHU 9HUJDQJHQKHLW DQJHK|UW (U ZDU
NHLQ5R\DOLVWYRQ%RVVXHWKDWHUQXUGLH,GHHGHVDXWRULWlUHQ
6WDDWHV EHUQRPPHQ LQ GHP GHU )KUHU QLFKW VR VHKU GHP
9II*ÂÂ-DKUJDQJÂ+HIW
9RONJHJHQEHUYHUDQWZRUWOLFKLVWVRQGHUQIUGDV9RONXQG
GHVVHQ:RKOHUJHKHQ,QGHU)UDJHZDVGHU)KUHU]XJXQVWHQ
VHLQHV 9RONHV WXQ VROOWH VXFKW 3pWDLQ LQ GHU MQJHUHQ SROLWL
VFKHQXQGZLUWVFKDIWOLFKHQ/LWHUDWXU5DW
(ULVWVHKUVWDUNYRQGHPIUDQ]|VLVFKHQNDWKROLVFKHQ6R]LDOUH
IRUPHU)UHGHULF/H3OD\EHHLQIOX‰WZRUGHQGHUGLH:LFKWLJ
NHLWEHWRQWHLQ)UDQNUHLFKGLHSDWULDUFKDOLVFKH)DPLOLHPLWLK
UHU 2UGQXQJ XQG )UXFKWEDUNHLW ZLHGHU]XEHOHEHQ VRZLH GLH
JUXQGOHJHQGH VR]LDOH %HGHXWXQJ GHU QDWUOLFKHQ JHRJUDSKL
VFKHQ *OLHGHUXQJ XQG GLH IXQGDPHQWDOH 5ROOH GHU /DQGZLUW
VFKDIWIUHLQHJHVXQGH:LUWVFKDIW
9RP)KUHUGHVIUDQ]|VLVFKHQNDWKROLVFKHQ6R]LDOLVPXV*UDI
$OEHUW GH 0XU EHUQDKP 3pWDLQ GLH 9RUVWHOOXQJ GD‰ GHU
6WDDW HLQH XPIDVVHQGH .RQWUROOH EHU GDV :LUWVFKDIWVOHEHQ
DXVEHQPX‰$EHUGLH$UWZLHGLHVH.RQWUROOHVLFKHUJHVWHOOW
XQG GXUFKJHIKUW ZHUGHQ VROO KDW 3pWDLQ YRQ )UDQNUHLFKV
DGPLQLVWUDWLYHQ 6\QGLNDOLVPXV HLQHV (PLOH 'XUNKHLP XQG
DQGHUHU EHUQRPPHQ 'HU TXDVLVR]LDOLVWLVFKH 6WDDW GHQ
3pWDLQYRU$XJHQKDWZLUNWEHUHLQHQNRUSRUDWLYHQ$XIEDX
'DVLVWGLHHLQ]LJHHUNHQQEDUHbKQOLFKNHLWGLH3pWDLQVSROLWL
VFKHXQGZLUWVFKDIWOLFKH7KHRULHQPLWGHP)DVFKLVPXVKDEHQ
DEHU GHU DGPLQLVWUDWLYH 6\QGLNDOLVPXV NDQQ DXJHQVFKHLQOLFK
QLFKW PLW )DVFKLVPXV JOHLFKJHVHW]W ZHUGHQ (U N|QQWH YRQ
GHQ UDGLNDOVWHQ :LUWVFKDIWVUHIRUPHUQ EHQXW]W ZHUGHQ XQG
ZXUGH VR YRQ QLHPDQGHP DQGHUHP DOV GHQ UHYROXWLRQlUHQ
IUDQ]|VLVFKHQ6\QGLNDOLVWHQEHIUZRUWHW
3pWDLQYHUVXFKWHLQVHLQHQZlKUHQGGHU9LFK\5HJLHUXQJYRU
JHVFKODJHQHQ 5HIRUPHQ GHV SROLWLVFKHQ XQG ZLUWVFKDIWOLFKHQ
/HEHQV )UDQNUHLFKV GLH RELJHQ ,GHDOH IROJHULFKWLJ XQG HQW
VFKORVVHQ XP]XVHW]HQ :RULQ GLHVH 5HIRUPHQ EHVWDQGHQ ±
]XPLQGHVWDXIGHP3DSLHU±ZXUGHYRQ3DXO9DXFKHULQVHL
QHPEHPHUNHQVZHUWHQ$UWLNHOEHUª'LHQDWLRQDOH5HYROXWLRQ
LQ)UDQNUHLFK©LP0lU]LQ3ROLWLFDO6FLHQFH4 XDUWHUO\
JXWEHVFKULHEHQ
'HXWVFKHU :LGHUVWDQG XQG GLH 6FKZLHULJNHLWHQ GHU 9LFK\
=HLWKLQGHUWHQGLHPHLVWHQGLHVHU5HIRUPHQEHUGLH([LVWHQ]
DXIGHP3DSLHUKLQDXV]XJHKHQDEHUVLH]HLJHQGHXWOLFKJHQXJ
GLH ,GHHQ XQG SROLWLVFKHQ =LHOH YRQ 0DUVFKDOO 3pWDLQ DOV
6WDDWVPDQQ XQG 6R]LDOUHIRUPHU 'LHVH 9RUVWHOOXQJHQ ]LHOHQ
DXI GLH (UULFKWXQJ HLQHV DXWRULWlUHQ 6WDDWHV LQ GHP EHU
6WlQGHGHUJHKREHQHQ%HUXIHXQGGHU,QGXVWULHHLQDXVJHNO
JHOWHV3URJUDPPIUHLQHGXUFKRUJDQLVLHUWH*HVHOOVFKDIWYHU
ZLUNOLFKW ZHUGHQ VROOWH GDV GLH /DQGZLUWVFKDIW GDV +DQG
ZHUNXQGGHQ+DQGHOXPIDVVHQVROOWHLP,QWHUHVVHHLQHVEO
KHQGHUHQ )UDQNUHLFKV $EHU DOO GDV HUIRUGHUWH DOV *UXQGODJH
HLQH :LHGHUEHOHEXQJ GHU IUDQ]|VLVFKHQ )DPLOLH GLH GLH *H
EXUWHQUDWH HUK|KHQ XQG GHQ .LQGHUQ SDWULRWLVFKHQ (LIHU HLQ
IO|‰HQVROOWH
-HGHU GHU PHLQHQ JHLVWLJHQ XQG SROLWLVFKHQ 6WDQGRUW NHQQW
ZLUG VRIRUW IHVWVWHOOHQ GD‰ HLQH PLOLWlULVFKH /DXIEDKQ (LIHU
IU NDWKROLVFKHQ $XWRULWlWVJODXEHQ LQWHQVLYHU 1DWLRQDOLVPXV
XQG GHUJOHLFKHQ GDV OHW]WH LVW ]X GHP LFK PLFK SHUV|QOLFK
KLQJH]RJHQ IKOH 'D LFK DEHU ZLH 3pWDLQ 0RQWDLJQH EH
ZXQGHUHNDQQLFKHLQHQ(KUHQPDQQDFKWHQGHUYRQ$XIIDV
VXQJHQEHU]HXJWLVWGLHYRQGHQPHLQHQDEZHLFKHQ
0HLQHU0HLQXQJQDFKJDEHVLQGHUJDQ]HQ*HVFKLFKWH)UDQN
UHLFKVNHLQHQREOHUH3HUV|QOLFKNHLWDOV+HQUL3KLOLSSH3pWDLQ
XQGLFKJODXEHGD‰HUYRQ9HUIDVVHUQVFKOHFKWJHPDFKWXQG
YRQ3ROLWLNHUQDQJHJULIIHQZLUGGLHZHGHUGXUFKHLQHQUHFKW
VFKDIIHQHQ&KDUDNWHUQRFKGXUFKZLUNOLFKH2SIHUEHUHLWVFKDIW
IU)UDQNUHLFKTXDOLIL]LHUWVLQGGHP0DUVFKDOOGLH6WLHIHO]X
SXW]HQ,FKWHLOHGLHPHLVWHQGHUSROLWLVFKHQ$QVLFKWHQVHLQHU


KHXWLJHQ $QJUHLIHU DEHU LFK NDQQ LKUH /JHQ QLFKW OHLGHQ
8QGLFKJODXEHGDUEHUKLQDXVGD‰LKUH/JHQLKUHYHUQQI
WLJHQSROLWLVFKHQXQGZLUWVFKDIWOLFKHQ=LHOVHW]XQJHQYHUJLIWHQ
XQGJHIlKUGHQXQGLKU9HUGLHQVWVFKPlOHUQ)UDQNUHLFK]XUH
KDELOLWLHUHQ
0DQ NDQQ QLFKWV 3DVVHQGHUHV ILQGHQ XP GLHVH NXU]H hEHU
VLFKW EHU 3pWDLQV /DXIEDKQ XQG ,GHHQ DE]XUXQGHQ DOV GLH
EHVWLPPWHXQGNODUXPULVVHQH:UGLJXQJGXUFK&RO&KDUOHV
6ZHHQ\LQVHLQHPZLFKWLJHQ%XFK0RPHQWRI7UXWKEHUGHQ
3ODW] GHQ GHU 0DUVFKDOO LQ GHU MQJVWHQ *HVFKLFKWH HLQ
QLPPW
ª%HYRUZLUGHQIUDQ]|VLVFKHQ6FKDXSODW]YHUODVVHQQHLJHQ
ZLUXQVYROOHU$FKWXQJYRUGHPDOWHQ0DUVFKDOOLQVHLQHP
/HLG 7URW] DOOHU 9HUOHXPGXQJHQ XQG %HVFKLPSIXQJHQ KDW
HUXQV]ZHL-DKUHODQJJXWJHGLHQW:HQQZLUMHW]WLQ1RUG
DIULND VLQG ZHQQ VLFK LQ GHU JDQ]HQ :HOW )UDQ]RVHQ XP
XQV VDPPHOQ YHUGDQNHQ ZLU HV LKP VHLQHP 0XW VHLQHU
+DUWQlFNLJNHLW VHLQHP +HURLVPXV >«@ $OV GLH .DWDVWUR
3DVVDJLHUH GHV +LQWHUGHFNV GLH DXI GHP 6FKLII JHEOLHEHQ
ZDUHQXQGZHLWHUKLQYHUVXFKWHQHVVLFKHULQGHQ+DIHQ]X
EULQJHQ :HQQ GHU 6LHJ HUUXQJHQ LVW ZHQQ ZLU XQVHUH
)DKQHQ DXI GHQ 5XLQHQ YRQ %HUOLQ DXIJHSIODQ]W KDEHQ
VROOWHQ ZLU GHV HUVWHQ %DXPHLVWHUV XQVHUHV 6LHJHV +HQUL
3KLOLSSH 3pWDLQ GHP 0DUVFKDOO YRQ )UDQNUHLFK JHGHQ
NHQ©
0HLQHU 0HLQXQJ QDFK JDE HV LQ )UDQNUHLFK VHLW GHQ 7DJHQ
YRQ2EHUVW+HQU\XQG0DMRU(VWHUKD]\GHQ+DXSWVFKXOGLJHQ
GHU 'UH\IX‰$IIDLUH NHLQH YHUDQWZRUWXQJVORVHUH 3HUVRQ GHV
|IIHQWOLFKHQ/HEHQVDOVGLH$QNOlJHU3pWDLQV8QGLFK]ZHLI
OHGDUDQGD‰HVLQGHU*HVFKLFKWHVHLWGHU=HLWGD3RQWLXV3L
ODWXV-HVXV&KULVWXVGHU.UHX]LJXQJEHUJDEHLQDEVWR‰HQGH
UHV3DUDGR[RQJDEDOVGLH)DUFH&KDUOHVGH*DXOOHVGHUDXV
)UDQNUHLFKJHIORKHQZDUDOVGDV/DQGLQ*HIDKUZDUXQGGHU
GDQQ GDV 7RGHVXUWHLO GHV 0DQQHV XPZDQGHOWH GHU EHL YLHU
DXIHLQDQGHUIROJHQGHQ $QOlVVHQ ÄGHU 5HWWHU )UDQNUHLFKV³ JH
ZHVHQZDU
SKH NDP YHUOLH‰HQ GLH 3ROLWLNHU GLH 3URILWPDFKHU GLH (QWQRPPHQ GHU %DUQHV 5HYLHZ   6   7KLUG 6W 6(
)HLJOLQJH XQG GLH 6FKZlFKOLQJH GDV 6FKLIIVZUDFN ZLH HLQ :DVKLQJWRQ '&  86$ EHUVHW]W YRQ 3DWULFLD :LOOPV +DUU\ (O
+DXIHQ GUHFNLJHU 5DWWHQ 9RP VLFKHUHQ +DIHQ GHU 9HUHL PHU %DUQHVZDUHLQHGHU.RU\SKlHQGHUUHYLVLRQLVWLVFKHQ,GHHXQGGHU1D
QLJWHQ 6WDDWHQ RGHU (QJODQGV DXV VSXFNWHQ VLH GDQQ LKUH PHQVJHEHUGHU%DUQHV5HYLHZ(UVWDUE
*HKlVVLJNHLWJOHLFKHUPD‰HQDXI.DSLWlQ0DQQVFKDIWRGHU





'HUILQQLVFKH:LQWHUNULHJYRQ
6WDOLQGLH$OOLLHUWHQXQGGDV+HOGHQWXPGHU)LQQHQ
9RQ6WHSKHQ5DSHU

'DV +HOGHQWXP GHU )LQQHQ LP =ZHLWHQ :HOWNULHJ PDFKWH VLFK EH]DKOW 'LH 6RZMHWXQLRQ KDWWH DOV OHW]WHV LKUHU
.ULHJV]LHOHGLHY|OOLJH$EVRUELHUXQJ)LQQODQGVLQGDVÄ5RWH,PSHULXP³JHSODQW$EHUGDQNGHVlX‰HUVWZLUNVDPHQ
:LGHUVWDQGV GHU ILQQLVFKHQ $UPHH ZXUGH 6WDOLQ VFKOLH‰OLFK JH]ZXQJHQ %HGLQJXQJHQDQ]XQHKPHQGLHHV)LQQ
ODQGHUP|JOLFKWHQDOVXQDEKlQJLJHV/DQGZHLWHU]XEHVWHKHQ

)LQQODQGVJHRJUDSKLVFKH1lKH]X/HQLQJUDGVRZLHGLH7DWVD WUHWHQGHQ$X‰HQPLQLVWHU]X'LHVHHUNOlUWHQGD‰GLH6RZMHW
FKH GD‰ GLH VGOLFKH .VWHQOLQLH )LQQODQGV GHQ *ROI EH XQLRQXPIDQJUHLFKH$EWUHWXQJHQYRQ,QVHOXQG.VWHQVWW]
KHUUVFKWHGHQGLH5RWH)ORWWHYRQLKUHP6WW]SXQNWEHL.URQ SXQNWHQ VRZLH DQGHUH WHUULWRULDOH $QSDVVXQJHQ EHQ|WLJH GLH
VWDGWDXVSDVVLHUHQPX‰WHOLH‰GLHY|OOLJHSROLWLVFKHXQGPLOL JHHLJQHW VHLHQ /HQLQJUDG YRU HLQHU IHLQGOLFKHQ 6HHPDFKW]X
WlULVFKH 8QDEKlQJLJNHLW )LQQODQGV IU GLH PLOLWlULVFKHQ 3OD VFKW]HQ XQG XP GLH *UHQ]QlKH /HQLQJUDGV ]X EHVHLWLJHQ
QHU GHU 6RZMHWXQLRQ LUJHQGZLH JHIlKUOLFK HUVFKHLQHQ 1DWU 'LH6RZMHWVHUKREHQIROJHQGH)RUGHUXQJHQ
OLFK VWHOOWH )LQQODQG IU GLH 8G665 NHLQH XQPLWWHOEDUH %H  )LQQODQG PVVH VHLQH ,QVHOQ LP *ROIYRQ)LQQODQGDQGLH
GURKXQJ GDU DEHU LPPHUKLQ NRQQWH HV MHGHU *UR‰PDFKW GLH 6RZMHWXQLRQDEWUHWHQ
LQ GHU 6RZMHWXQLRQ LQWHUYHQLHUHQ ZROOWH DOV $XVJDQJVEDVLV  )LQQODQGPVVHVHLQH*UHQ]HDXIGLHNDUHOLVFKH/DQGHQJH
GLHQHQ (LQH VROFKH 0DFKW NRQQWH 'HXWVFKODQG )UDQNUHLFK ]ZLVFKHQGHU2VWVHHXQGGHP/DGRJDVHH]XUFNQHKPHQ
RGHU VRJDU *UR‰EULWDQQLHQ VHLQ )LQQODQGV 8QDEKlQJLJNHLW  (LQ /XIW6HHVWW]SXQNW EHL +DQJR DQ GHU (LQPQGXQJ LQ
ZDUHWZDVZDVGHUVRZMHWLVFKH'LNWDWRU-RVHI6WDOLQIHVWHQW GHQ*ROIYRQ)LQQODQGPVVHGHU6RZMHWXQLRQIUGUHL‰LJ
VFKORVVHQZDU]XlQGHUQ -DKUHYHUSDFKWHWZHUGHQ
$P  2NWREHU  ZXUGH HLQH $ERUGQXQJ ILQQLVFKHU'L  )LQQODQG PVVH VHLQHQ 7HLO GHU +DOELQVHO 5\EDFK\ LQ
SORPDWHQQDFK0RVNDXEHUXIHQ$OVGLHVHGRUWHLQWUDINDPHQ /DSSODQGDQGLH6RZMHWXQLRQDEWUHWHQ
DXFK GLSORPDWLVFKH 1RWHQ GHU VFKZHGLVFKHQ QRUZHJLVFKHQ  )LQQODQGPVVHHLQHª9HUHLQEDUXQJ]XUJHJHQVHLWLJHQ8Q
XQG GlQLVFKHQ 0LQLVWHU LQ 0RVNDX DQ 'DULQ NDP GLH +RII WHUVWW]XQJ© PLW GHU 6RZMHWXQLRQ XQWHU]HLFKQHQ $OV *H
QXQJ]XP$XVGUXFNGD‰GLH6RZMHWXQLRQQLFKWVXQWHUQHKPHQ JHQOHLVWXQJ IU GLH =XVWLPPXQJ ]X GLHVHQ 9RUVFKOlJHQ
ZHUGHZRPLW)LQQODQGV8QDEKlQJLJNHLWXQG1HXWUDOLWlWYHU ZXUGH)LQQODQGHLQH$QJOHLFKXQJDQVHLQH*UHQ]HLQ.DUH
OHW]WZUGHQ$EHUGLH6RZMHWVOHKQWHQHVDEGLHVH1RWHQHQW OLHQDQJHERWHQ
JHJHQ]XQHKPHQ $OVGLH6LW]XQJDXIJHKREHQZXUGHZXUGHGHUILQQLVFKHQ'H
'LH ILQQLVFKH 'HOHJDWLRQ WUDI HLQ XQG VWHOOWH IHVW GD‰ 6WDOLQ OHJDWLRQ JHVWDWWHW 6WDOLQV 9RUVFKOlJH QDFK +HOVLQNL ]X WHOH
VHOEVW IU HLQH YRUEHUHLWHQGH %HVSUHFKXQJ ]XJHJHQ ZDU 'LH JUDILHUHQ $OV GLH *HVSUlFKH DP  2NWREHU ZLHGHUDXIJH
)LQQHQ K|UWHQ 6WDOLQ 0RORWRZ XQG 3RWHPNLQ GHP VWHOOYHU QRPPHQZXUGHQDPVLHUWH6WDOLQVLFKGDUEHUGD‰GLHILQQL

 9II*ÂÂ-DKUJDQJÂ+HIW

VFKH 'HOHJDWLRQ VWDQGKDIW EOLHE XQG HUNOlUWH GD‰ GLH%HGLQ
JXQJHQ VR ZLH VLH VWHKHQ XQDQQHKPEDU VHLHQ XQG %HUDWXQ
JHQ PLW GHU KHUUVFKHQGHQ 5HJLHUXQJ LQ +HOVLQNL HUIRUGHUOLFK
PDFKWHQ 6WDOLQ QDKP GLH ILQQLVFKH 'HOHJDWLRQ EHLP :RUW
XQG EDW GLH )LQQHQ KHLP]XUHLVHQ VLFK GLH HUIRUGHUOLFKH %H
IXJQLVHLQ]XKROHQXQG]XUFN]XNHKUHQ
ª8QWHU]HLFKQHQ6LHDP2NWREHUHLQH9HUHLQEDUXQJXQG
DP7DJHGDUDXIZHUGHQZLUHLQ)HVWIU6LHYHUDQVWDOWHQ©
$OV GLH ILQQLVFKH 'HOHJDWLRQ QDFK +DXVH JHIDKUHQ ZDU WUDW
DP2NWREHUHLQ6WDDWVUDW]XVDPPHQXQGGLHYRQGHQ6R
ZMHWV JHPDFKWHQ 9RUVFKOlJH ZXUGHQ HUQVWKDIW EHVSURFKHQ
$QJHVLFKWV GHU VRZMHWLVFKHQ )RUGHUXQJHQ ZLHV GLH ILQQLVFKH
5HJLHUXQJ YRQ 3UlVLGHQW &DMDQGHU GLH 9RUVFKOlJH QLFKW
JOHLFK]XUFNVRQGHUQHQWVFKOR‰VLFKGHQ6RZMHWVHLQHQDE
JHVFKZlFKWHQ .RPSURPL‰ DQ]XELHWHQ &DMDQGHU QHLJWH ]XP
.RPSURPL‰ZDVGLH,QVHOQLP*ROIXQGGLH$QSDVVXQJHQDQ
GLHNDUHOLVFKH*UHQ]HEHWUDIYRUDXVJHVHW]WGD‰GLHEHIHVWLJ
WHQ 6WHOOXQJHQ TXHU GXUFK GLH /DQGHQJH LQ ILQQLVFKHU +DQG
EOLHEHQ DEHU VlPWOLFKH $QVSUFKH DXI GHQ 6WW]SXQNW EHL
+DQJRXQGDXI*UHQ]DQSDVVXQJHQDXIGHU+DOELQVHO5\EDFK\
ZXUGHQ ]XUFNJHZLHVHQ 3UlVLGHQW &DMDQGHU WUDI VLFK DXFK
HWZD ]XU JOHLFKHQ =HLW PLW 0DUVFKDOO 0DQQHUKHLP XQG HQW
VFKLHGVLFKGDIUGD‰HVGDV%HVWHVHLVLFKDXIDOOH(YHQWXD
OLWlWHQ JHID‰W ]XPDFKHQXQGGDKHUDSSHOOLHUWHGLHILQQLVFKH
5HJLHUXQJ DQ LKUH /DQGVOHXWH HLQHP 9HUWHLGLJXQJVGDUOHKHQ
LQ+|KHYRQ0LOOLRQHQ)LQQPDUN]X]XVWLPPHQ
'LH ILQQLVFKH 'HOHJDWLRQ NHKUWH GDQQ QDFK 0RVNDX ]XUFN
XQG OHJWH DP  2NWREHU GHQ 6RZMHWV GLH *HJHQYRUVFKOlJH
LKUHU 5HJLHUXQJ YRU 1DFK ]ZHL 6WXQGHQ 'LVNXVVLRQ NDPHQ
GLH*HVSUlFKH]XHLQHP6WLOOVWDQGGDGLH6RZMHWVDXIGHQXU
VSUQJOLFKYRQ6WDOLQJHPDFKWHQ9RUVFKOlJHQEHKDUUWHQ'LH
ILQQLVFKH'HOHJDWLRQQXQXQWHUGHU/HLWXQJGHU0LQLVWHU3DD
VLNLYO XQG 7DQQHU KLHOW DQ LKUHQ *HJHQYRUVFKOlJHQ IHVW 'D
NHLQH6HLWHQDFKJHEHQZROOWHUHLVWHGLHILQQLVFKH'HOHJDWLRQ
DE (LQ HUVWDXQWHU 0RORWRZ ZROOWH ZLVVHQ RE GLH )LQQHQ HL
QHQ .RQIOLNW SURYR]LHUHQ ZROOWHQ ZRUDXI GLH )LQQHQ HUNOlU
WHQVLHKlWWHQQLFKWGHQ:XQVFKHLQHQ.ULHJ]XEHJLQQHQVLH
VHLHQ MHGRFK GDYRQ EHU]HXJW GD‰ GLH 6RZMHWV HLQHQ $Q
JULIIVNULHJSODQWHQ
1DWUOLFK NRQQWH YRP VRZMHWLVFKHQ 6WDQGSXQNW DXV JHVHKHQ
HLQ NOHLQHU .ULHJ JDQ] JXW VHLQ 'LH VRZMHWLVFKH 3UHVVH EH
ULFKWHWHEHUHLWVLQHLQHU6HULHYRQ$UWLNHOQGD‰)LQQODQGYRU
8Q]XIULHGHQKHLWVSUKH1DFKGHUÄ5RWHQ3UHVVH³]XXUWHLOHQ
VWDQGGDV3UROHWDULDWYRUHLQHUZHLWYHUEUHLWHWHQ5HYROWH0DV
VLYH )DKQHQIOXFKW VHLWHQV HLQJH]RJHQHU ILQQLVFKHU 6ROGDWHQ
IlQGHQWDJWlJOLFKVWDWWXQGGLHILQQLVFKH%HY|ONHUXQJODQJH
YRQ LKUHQ NDSLWDOLVWLVFKHQ +HUUHQ XQWHUGUFNW ZDUWH QXU DXI
GLH$QNXQIWGHU5RWHQ$UPHHXPGDQQDXIGLH6WUD‰H]XJH
KHQ:DUGHPHWZDOHW]WHQ(QGHVQLFKWVRJHZHVHQLP)DOOH
GHV YRQ .DSLWDOLVWHQ XQWHUGUFNWHQ 3ROHQ XQG GHU EDOWLVFKHQ
5HSXEOLNHQ"
2EZRKOGLH%HULFKWHLQGHU6RZMHWLVFKHQ3UHVVHQLFKWV$QGH
UHVDOV3URSDJDQGDZDUHQGLHGDUDXIDE]LHOWH8QWHUVWW]XQJ
IU 6WDOLQV Ä5RWHQ ,PSHULDOLVPXV³ ]X HUUHJHQ JDE HV NHLQHQ
:HJDQGHU7DWVDFKHYRUEHLGD‰)LQQODQGVLFKRIIHQVLFKWOLFK
LQHLQHUKRIIQXQJVORVHQ/DJHEHIDQG6FKZHGHQKDWWHEHUHLWV
VHLQH$EVLFKWYHUNQGHWEHLHYHQWXHOOHQ.RQIOLNWHQ]ZLVFKHQ
)LQQODQGXQGGHU6RZMHWXQLRQQHXWUDO]XEOHLEHQ8QGGLHDO
OLLHUWHQ0lFKWH(QJODQGXQG)UDQNUHLFKZDUHQPHKUPLWVLFK
VHOEVW DOV PLW DQGHUHQ 1DWLRQHQ LQ (XURSD EHVFKlIWLJW $EHU
GLH )LQQHQ ZDUHQ GHU $QVLFKW GD‰ 'HXWVFKODQG JHZL‰ LKUHQ
IHVWHQ6WDQGSXQNWJHJHQURWH$JJUHVVLRQXQWHUVWW]HQZUGH
9II*ÂÂ-DKUJDQJÂ+HIW
+LWOHU ZDU VHLW ODQJHP HLQ *HJQHU GHV %ROVFKHZLVPXV XQG
YLHOHQHXWUDOH)KUXQJVSHUV|QOLFKNHLWHQVDKHQLQ'HXWVFKODQG
GHQ QDWUOLFKHQ $QIKUHU XP GHU VRZMHWLVFKHQ $QJULIIVOXVW
(LQKDOW]XJHELHWHQ'HQ)LQQHQZDUMHGRFKGDVJHKHLPH=X
VDW]SURWRNROO ]XP 1LFKWDQJULIIVSDNW ZRQDFK )LQQODQG ]XU
VRZMHWLVFKHQ(LQIOX‰VSKlUHJHK|UHQVROOWHQLFKWEHNDQQW
*HVSUlFKH ]ZLVFKHQ )LQQODQG XQG GHU 6RZMHWXQLRQ JLQJHQ
HLQH=HLWODQJZHLWHUXQGHLQYHUEOIIWHU6WDOLQZXQGHUWHVLFK
GD‰GLH)LQQHQGLH'LVNXVVLRQHQHUQVWQDKPHQ,Q6WDOLQVJLH
ULJHQ$XJHQZDUHQGLHVH*HVSUlFKHQLFKWVPHKUDOVHLQH)RU
PDOLWlW GLH GHP VFKQHOOHQ 9HUVFKZLQGHQ )LQQODQGV YRQ GHU
/DQGNDUWHYRUDXVJLQJ:lKUHQG6WDOLQXQG0RORWRZGLH'LV
NXVVLRQ LQ *DQJ ]X KDOWHQ YHUVXFKWHQ lQGHUWHQ VLH HLQ SDDU
)RUGHUXQJHQXPGLH7UIULKUH$UPHHQDFK)LQQODQGKLQHLQ
]X |IIQHQ $EHU LQ]ZLVFKHQ ZDU GLH |IIHQWOLFKH 0HLQXQJ VR
GD‰GLH)LQQHQQLFKWEHUHLWZDUHQGLH5RWH$UPHHEHUILQQL
VFKHV*HELHWKHUUVFKHQ]XODVVHQ
$OV HV GHQ +HUUHQ LP .UHPO DOOPlKOLFK GlPPHUWH GD‰ GLH
)LQQHQGLH5RWH$UPHHQLFKWIUHLZLOOLJQDFK)LQQODQGKLQHLQ
ODVVHQZROOWHQEHUOHJWHQVLHVLFKZDVVLHQXQWXQVROOWHQ'D
HVQLFKWPHKUP|JOLFKZDU)LQQODQGPLWIULHGOLFKHQ0LWWHOQ±
QlPOLFK'URKXQJHQ±LQGDVÄ5RWH,PSHULXP³HLQ]XYHUOHLEHQ
NDPGHUÄJUR‰H6WDOLQ³]XGHP6FKOX‰*HZDOWDQZHQGHQ]X
PVVHQ $OOHV ZDV EULJ EOLHE ZDU OHGLJOLFK HLQ 9RUZDQG
GDVPDU[LVWLVFKH*HGDQNHQJXW]XEHVWlWLJHQ
1DFK HLQHP 0RQDW 9HUKDQGOXQJHQ GLH LKUHU HUVWHQ =XVDP
PHQNXQIW IROJWHQ JDE 0RORWRZ DP  1RYHPEHU EHNDQQW
GD‰ILQQLVFKH$UWLOOHULHEDWWHULHQDQGHU*UHQ]HGDV)HXHUDXI
VRZMHWLVFKH 7UXSSHQ HU|IIQHW KlWWHQ 'DV DQJHEOLFKH $UWLOOH
ULHIHXHU W|WHWHYLHU0lQQHUXQGYHUZXQGHWHQHXQLQGHPVR
ZMHWLVFKHQ 'RUI0DLQLOD(VLVWEHPHUNHQVZHUWGD‰GLH)LQ
QHQ LQQHUKDOE GHU )HXHUGLVWDQ] ]X GLHVHP 'RUI EHUKDXSW
NHLQH$UWLOOHULHKDWWHQHEHQVRZLHGLH7DWVDFKHGD‰DPJOHL
FKHQ 1DFKPLWWDJ ILQQLVFKH *UHQ]ZDFKHQ LKUH 9RUJHVHW]WHQ

(LQYHUZXQGHUWHU5XVVHZLUGYRQHLQHUILQQLVFKHQ.UDQNHQ
VFKZHVWHULQHLQHP)HOGOD]DUHWWJHSIOHJW6RZMHWLVFKHQ6RO
GDWHQZXUGHYRQLKUHQSROLWLVFKHQ.RPPDQGHXUHQHLQJHUH
GHWVLHZUGHQEHL*HIDQJHQQDKPHGXUFKGLH)LQQHQHU
VFKRVVHQRGHUJHIROWHUW7URW]GLHVHUOJHQKDIWHQ:DUQXQ
JHQHUJDEHQVLFKYLHOHVRZMHWLVFKH6ROGDWHQGHQ)LQQHQ
XQGEOLHEHQELV]XP.ULHJVHQGHXQEHKHOOLJW


GDYRQXQWHUULFKWHWKDWWHQGD‰VLH$UWLOOHULHIHXHUDXV5LFKWXQJ
GHUVRZMHWLVFKHQ6HLWHGHU*UHQ]HK|UHQNRQQWHQ8QJHDFKWHW
GHU%HUHFKWLJXQJGHUVRZMHWLVFKHQ$QVSUFKHIRUGHUWH0ROR
WRZGD‰GLHILQQLVFKH$UPHHVLFKNPYRQGHUVRZMHWLVFK
ILQQLVFKHQ *UHQ]H ]XUFN]LHKHQ VROOWH 3UlVLGHQW &DMDQGHU
ZLHV GLHVH )RUGHUXQJ ]ZDU QLFKW ]XUFN VFKOXJ MHGRFK YRU
GD‰GLH$UPHHQEHLGHU/lQGHUVLFKJOHLFKZHLWYRQGHU*UHQ
]H ]XUFN]LHKHQ VROOWHQ 'UHL 7DJH QDFK GHP Ä0DLQLOD
=ZLVFKHQIDOO³EUDFKGLH6RZMHWXQLRQLKUHGLSORPDWLVFKHQ%H
]LHKXQJHQ ]X )LQQODQG DE 2KQH ZHLWHUH 9HUKDQGOXQJ PDU
VFKLHUWHGLH5RWH$UPHHDPQlFKVWHQ7DJGHP1RYHPEHU
QDFK)LQQODQGHLQ(VJDENHLQH.ULHJVHUNOlUXQJ
1DFK $EVFKOX‰GHUILQQLVFKHQ0RELOPDFKXQJKlWWH0DQQHU
KHLPEHUHLQH0DQQVFKDIWVVWlUNHYRQ'LYLVLRQHQYHUIJW
DEHU HU VWDQG GHQ 6RZMHWV DQIDQJV PLW OHGLJOLFK 
0DQQ XQG )OXJ]HXJHQJHJHQEHU(LQ9RUWHLOGHUILQQL
VFKHQ 6ROGDWHQ ZDU GD‰ VLH DQ GHQ :DOG JHZ|KQW WFKWLJH
-lJHUXQGJXWH6FKLOlXIHUZDUHQZHVKDOEVLHVHKUVFKQHOOGLH
.XQVW GHU LUUHJXOlUHQ .ULHJIKUXQJ EHKHUUVFKWHQ 'LH ILQQL
VFKH $UPHH XPID‰WH DXFK  )UDXHQ DXFK DOV ª/RWWDV©
EHNDQQW ± ZDV IU GLH9DWHUODQGVOLHEHGHVGDPDOV
0HQVFKHQXPIDVVHQGHQILQQLVFKHQ9RONHVEH]HLFKQHQGLVW
6REDOG GLH 1DFKULFKW YRQGHPVRZMHWLVFKHQ$QJULIIEHNDQQW
JHZRUGHQ ZDU ZXUGH GDV ILQQLVFKH .DELQHWW HLOLJVW ]XVDP
PHQJHUXIHQ,P/DXIHGHU6LW]XQJZDUHLQ6XPPHQEHU+HO
VLQNL ]X K|UHQ (LQH )ORWWH VRZMHWLVFKHU %RPEHU ZDU DXIJH
WDXFKW XQG HLQLJH GDYRQ ZDUIHQ )OXJEOlWWHU DE LQ GHQHQ GLH
$UEHLWHU GULQJHQG DXIJHIRUGHUW ZXUGHQ LKUH 5HJLHUXQJ DXI
]XJHEHQ XQG VLFK GHU 5RWHQ $UPHH DQ]XVFKOLH‰HQ XP LKUH
NDSLWDOLVWLVFKHQ8QWHUGUFNHU]XEHUZlOWLJHQ8PGLHILQQL
VFKHQ$UEHLWHU]XHUPXWLJHQGLH,QYDVLRQLKUHV/DQGHVGXUFK
GLH 6RZMHWXQLRQ ]X XQWHUVWW]HQ ZDUIHQ GLHVH %RPEHQIOXJ
]HXJH7DXVHQGHYRQ%UDQGXQG6SUHQJERPEHQEHUGHUYHU
WHLGLJXQJVORVHQ+DXSWVWDGWDE
$OV GLH (QWZDUQXQJVVLUHQHQ YHUNOXQJHQ ZDUHQ ZXUGH GLH
+DXSWVWDGW DXI 6FKDGHQ XQWHUVXFKW 9LHOH 0HQVFKHQ KDWWHQ
GDV /HEHQ YHUORUHQ XQG PHKUHUH *HElXGH ZDUHQ ]HUVW|UW
ZRUGHQ 'LH $UW GHU =HUVW|UXQJ GHXWHWH GDUDXI KLQ GD‰ GLH
 ZXUGHQ GXUFK 0LQHQ JHVSUHQJW GLH DXV DOWHQ 5RKUHQ KHUJH
7HPSHUDWXUHQXQWHU±ƒ&W|WHWHQGLHVHVRZMHWLVFKHQ,Q
IDQWHULVWHQDOVVLHLQLKUHP=ZHLPDQQ/RFKVD‰HQ6RHW
ZDVSDVVLHUWHGHQILQQLVFKHQ9HUWHLGLJHUQDXFKQLFKWDQQl
KHUQGVRRIWLP:LQWHUNULHJZHLOVLHWHLOZHLVHDOV$XV
ZHLFKWDNWLNXQGWHLOZHLVHXP(UIULHUXQJHQ]XYHUPHLGHQ
XQWHUGHP%HIHKOVWDQGHQVWlQGLJLQ%HZHJXQJ]XEOHLEHQ
ZHQQVLHVLFKQLFKWJHUDGHLQEHKHL]WHQXQWHULUGLVFKHQ%XQ

NHUQEHIDQGHQ

5RWH /XIWZDIIH NHLQH 3UREOHPH KDWWHHLQH6WDGW]XERPEDU
GLHUHQGLHJUR‰JHQXJZDUXPVLHQLFKWY|OOLJ]XYHUSDVVHQ
DEHU MHGHU *UDG YRQ *HQDXLJNHLW JLQJ EHU LKUH )lKLJNHLW
KLQDXV =ZHL GHU EHGHXWHQGVWHQ *HElXGH GLH EHL GHP /XIW
DQJULII ]HUVW|UW ZXUGHQ ZDUHQ GLH =HQWUDOPRONHUHL XQG GLH
%RWVFKDIWGHU6RZMHWXQLRQ
(V JDE ]ZHL )DNWRUHQ ZHOFKH GLH 9HUWHLGLJHU ZlKUHQG GHV
)UKZLQWHUVVWDUNEHJQVWLJWHQ(UVWHQVZDUGDV7HUUDLQ)LQQ
ODQGVPLWULHVLJHQ:lOGHUQEHGHFNWGLHGHQ9HUWHLGLJHUQDXV
UHLFKHQG 6FKXW] ERWHQ XQG HV NOHLQHUHQ $EWHLOXQJHQ ILQQL
VFKHU6ROGDWHQHUP|JOLFKWHQGLH.RORQQHQVRZMHWLVFKHU6RO
GDWHQ GLH YHUVXFKWHQ GLH ZHQLJHQ 6WUD‰HQ ]X EHQXW]HQ GLH
GXUFK GHQ :DOG IKUWHQ DXV GHP +LQWHUKDOW DQ]XJUHLIHQ
=ZHLWHQV JDE HV GLH :LQWHUNlOWH 'HU ILQQLVFKH :LQWHU PLW
VHLQHQ VFKUHFNOLFKHQ 7HPSHUDWXUHQ WUDI GLH 6RZMHWV ZHLW
VFKOLPPHU DOV GLH )LQQHQ 'LH )LQQHQ ]RJHQ VLFK EHUHLWV DXI
LKUH6WW]SXQNWH]XUFNXQGPDFKWHQDXVJLHELJ*HEUDXFKYRQ
HLQHU 3ROLWLN GHU YHUEUDQQWHQ (UGH LQ GHQ *HELHWHQ GLH VLH
GHQ6RZMHWVEHUOLH‰HQ
1DWUOLFKKlWWHNHLQHUGHU)DNWRUHQGLHVLFKDXIGLHVHQ.ULHJ
DXVZLUNWHQ LUJHQGHLQH 5ROOH JHVSLHOW KlWWH HV QLFKW GLH EH
ZXQGHUQVZHUWH 9DWHUODQGVOLHEH GHV ILQQLVFKHQ 9RONHV JHJH
EHQ6RJDUDOVGLH5RWH/XIWZDIIHLKUHHLJHQH%RWVFKDIWERP
EDUGLHUWH YHUNQGHWH 5DGLR 0RVNDX PDQ KDEH HLQH 5XQG
IXQNPHOGXQJDXV)LQQODQGDEJHK|UW'DULQVHLPLWJHWHLOWZRU
GHQGD‰GDVVLFKHUKHEHQGHILQQLVFKH3UROHWDULDWHLQHÄ9RONV
UHJLHUXQJ GHU )LQQLVFKHQ'HPRNUDWLVFKHQ5HSXEOLN³XQWHUGHU
)KUXQJ HLQHV +HUUQ 2WWR .XXVLQHQ LQV /HEHQ JHUXIHQ KDEH
GHUJOHLFK]HLWLJDOVGHUHQ0LQLVWHUSUlVLGHQWXQG$X‰HQPLQLVWHU
IXQJLHUH'LH5HJLHUXQJYRQ.XXVLQHQHWDEOLHUWHVLFKLQ7HUL
MRNLGHUHUVWHQYRQGHU5RWHQ$UPHHEHVHW]WHQ6WDGW
,QQHUKDOEHLQHV7DJHVEHULFKWHWH5DGLR0RVNDX.XXVLQHQVHL
LQ0RVNDXHLQJHWURIIHQZRGLH6RZMHWXQLRQVHLQH5HJLHUXQJ
DQHUNDQQWKDEH,QQHUKDOEYRQ6WXQGHQKDWWH.XXVLQHQMH
GHU HLQ]HOQHQ VHLWHQV GHU 6RZMHWV JHJHQ )LQQODQG HUKREHQHQ
)RUGHUXQJHQLQEH]XJDXIGLH$QHLJQXQJYRQ7HUULWRULHQ]X
JHVWLPPW$XIGLHVH:HLVHZDUGLH,QYDVLRQ)LQQODQGVGXUFK
GLH 6RZMHWV QDFK PDU[LVWLVFKHU :HOWDQVFKDXXQJ NHLQHVZHJV
HLQH 9HUOHW]XQJ GHU ILQQLVFKHQ 6RXYHUlQLWlW VRQGHUQ HLQH
Ä$XIUHFKWHUKDOWXQJ³GHUILQQLVFKHQ6RXYHUlQLWlW'LHZHVHQW
OLFKH$XVZLUNXQJGLHVHUYRQGHUVRZMHWLVFKHQ5HJLHUXQJJH
WURIIHQHQ 0D‰QDKPHQ EHVWDQG GDULQ GD‰ GLH )LQQHQ GDYRQ
EHU]HXJWZXUGHQGD‰GLHY|OOLJH8QWHUZHUIXQJLKUHV/DQGHV
YRQ$QIDQJDQDXIGHUVRZMHWLVFKHQ7DJHVRUGQXQJJHVWDQGHQ
KDWWHXQGGD‰GLH)RUGHUXQJQDFK0LOLWlUVWW]SXQNWHQIUGLH
6RZMHWV QXU HLQH 0|JOLFKNHLW ZDU GLH 7U ]XU (UREHUXQJ
DXI]XVWR‰HQ
6WDOLQ JODXEWH GD‰ VHLQH 7UXSSHQ LQQHUKDOE HLQHU :RFKH LQ
+HOVLQNLVHLQZUGHQDEHUGLH'LQJHHQWZLFNHOWHQVLFKQLFKW
VR'LH)LQQHQGLHGHQ6RZMHWVVRZRKOLQ0DQQVFKDIWVVWlUNH
DOV DXFK PDWHULDOPl‰LJ XQWHUOHJHQ ZDUHQ VFKOXJHQ DXI MHGH
P|JOLFKH$UWXQG:HLVHJHJHQGLHHLQGULQJHQGHQ5XVVHQ]X
UFN)LQQLVFKH6FKDUIVFKW]HQ]RJHQDQGHQ)ODQNHQVRZMH
WLVFKHU3DQ]HUNRORQQHQYRUEHLXQGOLH‰HQZRKOJH]LHOWH6FKV
VH LQ GLH GDKLQWHU PDVVLHUWH ,QIDQWHULH SUDVVHOQ 3DQ]HU
VWHOOW ZRUGHQ ZDUHQ JHIOOW PLW &KORULGKDU] XQG DXVJHO|VW
GXUFKYHUVWHFNWH6WROSHUGUlKWH(VJDEDQGHUH0LQHQLQZDV
VHUGLFKWHQ.lVWHQGLHXQWHUGHU(LVGHFNH]XJHIURUHQHU)OVVH
H[SORGLHUWHQZHQQVRZMHWLVFKH3DQ]HUGDUEHUKLQZHJUROOWHQ
1RFK SULPLWLYHUH 9HUWHLGLJXQJVPHWKRGHQ EHVWDQGHQ DXV LQ
GLH(LVGHFNH]XJHIURUHQHU)OVVHHLQJHVlJWHQ/|FKHUQVRZLH
9II*ÂÂ-DKUJDQJÂ+HIW

6FKHLQ9HUWHLGLJXQJVVWHOOXQJHQ KHUJHVWHOOW DXV 3DSSH XQG
$EIDOOKRO]:HQQVRZMHWLVFKH3DQ]HUGXUFKGLHVHV1HW]ZHUN
YRQ)DOOHQKLQGXUFKIXKUHQNDPHQILQQLVFKH6ROGDWHQDXVJH
WDUQWHQ9HUVWHFNHQKHUDXVXQGUDPPWHQbVWHRGHU%UHFKVWDQ
JHQ LQ GLH 3DQ]HUNHWWHQ 'DGXUFK YRQ GHU 6WUD‰H DEJHNRP
PHQ ZXUGH GLH %HVDW]XQJ GD]X YHUOHLWHW DXV]XVWHLJHQ XQG
IHVW]XVWHOOHQZDVGLH8UVDFKHGHVVHQZDU,QGHP$XJHQEOLFN
ZXUGHQ GLH VRZMHWLVFKHQ 3DQ]HUEHVDW]XQJHQ HUEDUPXQJVORV
YRQ 6FKDUIVFKW]HQ XQWHU %HVFKX‰ JHQRPPHQ GLH LQ GHQ
XPJHEHQGHQ :lOGHUQ XPKHUVWUHLIWHQ $EHU GDV )XUFKWEDUVWH
IU GLH VRZMHWLVFKHQ 3DQ]HUEHVDW]XQJHQ ZDUHQ GLH MHW]W EH
UFKWLJWHQÄ0RORWRZ&RFNWDLOV³'LHVHHLQIDFKHXQGW|GOLFKH
9RUULFKWXQJ EHVWDQG DXV HLQHU OHHUHQ :RGNDIODVFKH GLH PLW
HLQHU 0LVFKXQJ DXV .HURVLQ gO XQG %HQ]LQ JHIOOW ZXUGH
PLW HLQHP EHQ]LQJHWUlQNWHQ /DSSHQ XP GHQ )ODVFKHQKDOV
KHUXP :HQQ HLQ =LHO VLFK QlKHUWH VHW]WHQ GLH )LQQHQ GHQ
/DSSHQ LQ %UDQG XQG ZDUIHQ GHQ 0RORWRZ&RFNWDLO LQ HLQH
RIIHQH /XNH RGHU 6FKLH‰VFKDUWH KLQHLQ ZRGXUFK LP ,QQHUHQ
HLQORGHUQGHV)HXHUHQWVWDQG
'LHVHLUUHJXOlUH$UWGHU.ULHJIKUXQJULFKWHWHEHLGHQVFKQHOO
GHPRUDOLVLHUWHQVRZMHWLVFKHQ7UXSSHQ9HUZVWXQJHQDQ'LH
 6RZMHWLVFKH $UPHH GLH LQHLQHU)URQWYRQNPLQGHU
NDUHOLVFKHQ/DQGHQJHYRUVWLH‰EOLHEPLWHLQHU6HULHYRQYHU
VWHFNWHQ 6SUHQJODGXQJHQ VFKRQ YRU GHU 0DQQHUKHLP/LQLH
DXI GHU 6WHOOH VWHKHQ =ZHL 'LYLVLRQHQ GHU  6RZMHWLVFKHQ
$UPHHGLHXQGHUUHLFKWHQDP'H]HPEHU7ROYD
MDULXQGJHULHWHQLQGHQ+LQWHUKDOWYRQVLHEHQILQQLVFKHQ%D
WDLOORQHQ XQWHU 2EHUVW 7DOYHOD %HLGLHVHPhEHUIDOODXVGHP
+LQWHUKDOWYHUORUHQGLH6RZMHWVEHU0DQQ
'HQ6RZMHWVHUJLQJHVLQ0LWWHOILQQODQGQRFKVFKOHFKWHU'LH
DXI 2XOX ]XKDOWHQGH OLQNH .RORQQH GHU  $UPHH JHULHW EHL
6XRPXVVDOPL LQ HLQHQ *HJHQDQJULII HLQHU ILQQLVFKHQ $EWHL
OXQJXQWHU2EHUVW6LLODVYXR$P'H]HPEHUZXUGHGLHVR
ZMHWLVFKH'LYLVLRQDEJHVFKQLWWHQXQGVSlWHUDP'H
]HPEHUJHULHWGLHVRZMHWLVFKH'LYLVLRQGLHYHUVXFKWHGHQ
5FN]XJDQ]XWUHWHQLQHLQHQ+LQWHUKDOWXQGZXUGHYHUQLFKWHW
'LH5RWH)ORWWHHUOLWWHLQlKQOLFKHV6FKLFNVDO6LHYHUOLH‰LK
UHQ 0DULQHVWW]SXQNW EHL .URQVWDGW PLW GHQ EHLGHQ ULHVLJHQ
6FKODFKWVFKLIIHQGHU2NWREHU5HYROXWLRQXQGGHU0DUDWEH
JOHLWHW YRQ HLQHU )ORWWLOOH YRQ =HUVW|UHUQ 'LHVH )ORWWH IXKU
ZDKOORVLQGHU2VWVHHKHUXPELVHLQLJHJXWSOD]LHUWH*UDQDWHQ
YRQILQQLVFKHQ.VWHQEDWWHULHQVLHGD]XYHUDQOD‰WHQVLFKPLW
JUR‰HU +DVW ]XUFN]X]LHKHQ ,Q PLQGHVWHQV HLQHP )DOOH YHU
VXFKWH HLQ VRZMHWLVFKHV 8%RRW HLQ ILQQLVFKHV .ULHJVVFKLII
]X YHUVHQNHQ MHGRFK YHUJHEOLFK 'HXWVFKH 0DULQHRIIL]LHUH
DXI HLQHP %HREDFKWXQJVVFKLII EHREDFKWHWHQ GLH $NWLRQ PLW
VFKOHFKW YHUKRKOHQHP $PVHPHQW GD GLHVHV ÄILQQLVFKH
.ULHJVVFKLII³ HLQ XQEHZDIIQHWHV XQG XQYHUWHLGLJWHV VFKZHGL
VFKHV+DQGHOVVFKLIIZDU
0LWHUVWDXQOLFKHP(UIROJHUJULIIHQGLH)LQQHQDP'H]HP
EHU GLH ,QLWLDWLYH PLW HLQHU 2IIHQVLYH JHJHQ GHQ UXVVLVFKHQ
5LHVHQ 'LH 6RZMHWV ZXUGHQ ]XUFNJHGUlQJW XQG LQQHUKDOE
GHV VRZMHWLVFKHQ .RPPDQGRV HQWVWDQG 9HUZLUUXQJ 'DQQ
JUXEHQ VLFK GLH )LQQHQHLQXQGHUZDUWHWHQGHQQlFKVWHQ$Q
JULII ,Q GHQ GD]ZLVFKHQ OLHJHQGHQ:RFKHQJDEHVWlJOLFKHQ
$UWLOOHULHEHVFKX‰ XQG %RPEHQDEZUIH GXUFK )OXJ]HXJH GLH
VLFKMHGRFKDOVNDXPPHKUDOVHLQbUJHUQLVHUZLHVHQ6HOWVD
PHUZHLVH ZXUGH GHQ )LQQHQ MHGHVPDO HLQH 5XKHSDXVH JH
J|QQW ZHQQ GHU 0DULRQHWWHQ0LQLVWHUSUlVLGHQW GHU 6RZMHWV
.XXVLQHQHLQH$QVSUDFKHEHU5DGLRDEJDE-HGHVPDOZHQQ
HLQH GLHVHU 5XQGIXQNVHQGXQJHQ VWDWWIDQG XQWHUEUDFKHQ GLH
6RZMHWVGLH.DPSIKDQGOXQJHQZDVHVGHQ)LQQHQHUP|JOLFK
9II*ÂÂ-DKUJDQJÂ+HIW
WHVLFKZLHGHUPLW/HEHQVPLWWHOQXQG0XQLWLRQ]XYHUVRUJHQ
9LHOOHLFKWZDU.XXVLQHQGRFKQLFKWVRJDQ]ZHUWORV±]XPLQ
GHVWIUGLH)LQQHQ
=XUJOHLFKHQ=HLWDOVGLH6RZMHWVVLFKZDKOORVYRUGHU0DQ
QHUKHLP/LQLH KLQ XQG KHU EHZHJWHQ GUDQJHQ YLHU VRZMHWL
VFKH $UPHHJUXSSHQ LP 1RUGHQ EHU GLH *UHQ]H QDFK YRUQ
+LHUJDEHVNHLQH6FKW]HQJUlEHQRGHUEHIHVWLJWH6WHOOXQJHQ
VRQGHUQQXUHQGORVH.LHIHUQZlOGHU,QGLHVH:lOGHUWURWWHWHQ
ODQJH5HLKHQVRZMHWLVFKHU6ROGDWHQKLQHLQ6RZRKOGLH:lO
GHUDOVDXFKGDV6FKQHHWUHLEHQOLH‰HQGHQVRZMHWLVFKHQ9RU
PDUVFK QXU ODQJVDP YRUDQNRPPHQ XQG PDFKWHQ DXFK GHQ
)ODQNHQVFKXW]JHUDGH]XXQP|JOLFK%HLGLHVHU6DFKODJHZXU
GHGLH*U|‰HGHUEHLGHQJHJHQHLQDQGHUNlPSIHQGHQ$UPHHQ
SUDNWLVFKEHGHXWXQJVORV'LHPHLVWHQ)LQQHQOHEWHQLKUKDOEHV
/HEHQODQJDXI6FKLHUQXQGGLHILQQLVFKH$UPHHPDFKWHYRQ
GLHVHU )lKLJNHLW ZHLWJHKHQG *HEUDXFK ,Q GHQ 6WXQGHQ GHU
'XQNHOKHLW IHJWHQ ILQQLVFKH 6ROGDWHQ EHU GLH 6FKQHHZHKHQ
KLQZHJELVVLHDXIGLH0DVVHGHUVRZMHWLVFKHQ6ROGDWHQWUD
IHQ'LH)LQQHQIHXHUWHQLQGLH3DQ]HUPDVVHQKLQHLQXQGEH
YRU GLH VRZMHWLVFKHQ ,QIDQWHULVWHQ LKUH *HZHKUH VFKX‰EHUHLW
KDWWHQ ZDUHQ GLH )LQQHQ OlQJVW LQ GHQ :lOGHUQ YHUVFKZXQ
GHQ
'HU VRZMHWLVFKH 9RUPDUVFK LP 1RUGHQ EOLHE GDQQ DXFK DXI
GHU 6WHOOH VWHKHQ 1|UGOLFK GHV /DGRJDVHHV WULHEHQ HLQ SDDU
ILQQLVFKH %DWDLOORQH GLH  6RZMHWVROGDWHQ ]XUFN GLH
YRQ$UWLOOHULHJHVFKW]HQXQWHUVWW]WZXUGHQ'LH6RZMHWV
KDWWHQ9HUOXVWHYRQ7RWHQ*HIDQJHQHQXQGYRQ
GHQ )LQQHQ HUEHXWHWHQ 3DQ]HUQ  $UWLOOHULHJHVFKW]HQ 
0DVFKLQHQJHZHKUHQ XQG  *HZHKUHQ 'HU VRZMHWLVFKH
9RUVWR‰DXI2XOXZDUJOHLFKHUPD‰HQNDWDVWURSKDO1DFKELW
WHUHQ .lPSIHQ ZXUGHQ ]ZHL GHU GUHL LQ GHQ $QJULII YHUZLN
NHOWHQ'LYLVLRQHQYHUQLFKWHW
$OVGDVQHXH-DKUDQEUDFKYHUORU6WDOLQVHLQH*HGXOGDOVHU
%HULFKWH EHU GLHVH .DWDVWURSKHQ HUKLHOW 'LH6RZMHWVZDUHQ
YHU]ZHLIHOWPGHXQGHUVFK|SIW8PGLHÄ0RUDO³ZLHGHUKHU
]XVWHOOHQ EHZHJWHQ VLFK JUR‰H )RUPDWLRQHQ JXW EHZDIIQHWHU
1.:'7UXSSHQ LQ GHQ UFNZlUWLJHQ *HELHWHQ XPKHU PLW
GHP %HIHKO (LQ]HOSHUVRQHQ RGHU VRJDU JDQ]H (LQKHLWHQ GLH
YHUVXFKWHQGDV6FKODFKWIHOG]XYHUODVVHQKLQ]XULFKWHQ
1XQ EHVWlWLJWH GLH 5RWH $UPHH GLH QXQ HQGOLFK VR NlPSIWH
ZLH 6WDOLQ HV ZROOWH ZLHGHU HLQPDO LKUHQ EDUEDULVFKHQ 5XI
'LH 5RWH /XIWZDIIH PDFKWH GDV 6FKLH‰HQ PLW 0DVFKLQHQJH

(LQILQQLVFKHV+DXVLQGHU6WDGW9LLSXULVWHKWLQ)ODPPHQ
QDFKGHPHVYRQ)OLHJHUERPEHQJHWURIIHQZXUGH'LHVHPLW
WHODOWHUOLFKH6WDGWZDUHLQHVGHU+DXSW]LHOHGHU6RZMHWV
ZHLOVLHGLH$OOZHWWHU$XWREDKQYRQGHU0DQQHUKHLP/LQLH

ELV]XUILQQLVFKHQ+DXSWVWDGW+HOVLQNLEHKHUUVFKWH


ZHKUHQDXI=LYLOLVWHQDXIRIIHQHU6WUD‰H]XUHJXOlUHQ9RUIlO
OHQ XQG 3ULYDWKlXVHU ZXUGHQ RIW IU )ODPPHQZHUIHUDQJULIIH
DXVJHVXFKW 1DWUOLFK PDFKWH MHGHV YRQ VRZMHWLVFKHQ 6ROGD
WHQEHVHW]WH'RUIGLHQRUPDOHQ$XVVFKUHLWXQJHQGXUFKQlP
OLFK3OQGHUXQJ5lXEHUHLXQG0DVVHQYHUJHZDOWLJXQJHQ)U
GLH5RWH$UPHHVFKLHQHVQRUPDOH3UD[LV]XVHLQVLFKP|J
OLFKVWEDUEDULVFK]XYHUKDOWHQYRUDOOHPJHJHQXQEHZDIIQHWH
)UDXHQXQGNOHLQH0lGFKHQ
2EZRKO 6WDOLQ GHU Ä5RWH 7HUURU³ DOV ZLUNVDPHV 0LWWHO ]XU
.ULHJIKUXQJ VHKU JHILHO NRQQWH GLHVHU GDV 3UREOHP GHU HU
QLHGULJHQGHQ .DWDVWURSKH QLFKW EHUZLQGHQ LQ GDV VLFK GLH
5RWH$UPHHKLQHLQPDQ|YULHUWKDWWH6WDOLQXQGVHLQHPLOLWlUL
VFKHQ%HUDWHUZDUHQKDXSWVlFKOLFKIUGLHVRZMHWLVFKHQ9HU
OXVWHYHUDQWZRUWOLFK'LH6RZMHWVQDKPHQGLH9DWHUODQGVOLHEH
GHV ILQQLVFKHQ 9RONHV NDXP ]XU .HQQWQLV XQG EHXUWHLOWHQ
DXFK GLH )lKLJNHLWGHUILQQLVFKHQ$UPHHIDOVFKLQLKUHPHL
JHQHQ/DQG]XPDQ|YULHUHQ'DUEHUKLQDXVYHUVDJWHGHUVR
ZMHWLVFKH *HQHUDOVWDE ZlKUHQG GHV :LQWHUV LPPHU ZLHGHU
EHVRQGHUV ZHLO PRWRULVLHUWH XQG JHSDQ]HUWH )RUPDWLRQHQ
:DOGZHJHHQWODQJJHVFKLFNWZXUGHQZRNHLQ3ODW]]XP0D
Q|YULHUHQYRUKDQGHQZDU
6WDOLQ QDKP GLH DQIlQJOLFKHQ 5FNVFKOlJH ZHGHU DXI GLH
OHLFKWH6FKXOWHUQRFKNRQQWHHUHVVLFKOHLVWHQQRFKPHKU=HLW
]X YHUOLHUHQ ,Q HLQHU 6LW]XQJ DP  'H]HPEHU  YHUXU
WHLOWHGHU9|ONHUEXQGGLHVRZMHWLVFKH$JJUHVVLRQJHJHQ)LQQ
ODQG XQG ELOOLJWH GLH ,QWHUYHQWLRQ VHLQHU 0LWJOLHGVVWDDWHQ LQ
6NDQGLQDYLHQXPPLW]XKHOIHQ)LQQODQG]XUHWWHQ:HJHQGHU
LPPHU VWlUNHU ZHUGHQGHQ %HGURKXQJ HLQHU ,QWHUYHQWLRQ VHL
WHQV GHV $XVODQGV ULHI GDV VRZMHWLVFKH 2EHUNRPPDQGR 5H
VHUYHVWUHLWNUlIWH DXV GHQ 0LOLWlUEH]LUNHQ GHU JDQ]HQ 6RZMHW
XQLRQGD]XDXIPLOLWlULVFKH5HVVRXUFHQIUHLQHQHXH2IIHQ
VLYHJHJHQ)LQQODQGEHUHLW]XVWHOOHQ
'HU $QJULII GHU 6RZMHWXQLRQ DXI )LQQODQG ZXUGH LQ (XURSD
HEHQVR ZLH LQ $PHULND DOOJHPHLQ YHUXUWHLOW )UDQNUHLFK
*UR‰EULWDQQLHQ 'lQHPDUN 1RUZHJHQ 6FKZHGHQ %HOJLHQ
8QJDUQ ,WDOLHQ XQG GLH 9HUHLQLJWHQ 6WDDWHQ GUFNWHQ VDPW
XQG VRQGHUVLKUH6\PSDWKLHIU)LQQODQGLQ*HVWDOWYRQ3Ol
QHQ ]XU /LHIHUXQJ YRQ :DIIHQ 0XQLWLRQ $U]QHLPLWWHO XQG
/HEHQVPLWWHODXVXP)LQQODQGLQVHLQHP.DPSI]XXQWHUVWW
]HQ HLQ IUHLHV XQG XQDEKlQJLJHV /DQG ]X EOHLEHQ ,WDOLHQ
ZROOWH.ULHJVPDWHULDOQDFK)LQQODQGVFKLFNHQXQGVLFKGDEHL
GHUGHXWVFKHQ%DKQOLQLHQ]XU2VWVHHEHGLHQHQ
$EHU 5LEEHQWURS GHU GHXWVFKH $X‰HQPLQLVWHU XQWHUVDJWH
GHQ 7UDQVLWYHUNHKU YRQ .ULHJVPDWHULDO GXUFK 'HXWVFKODQG
GDVIU)LQQODQGEHVWLPPWZDU5LEEHQWURSLQIRUPLHUWH%HO
JLHQ GDKLQJHKHQG GD‰ GLHV DXFK IU HLQH YRUJHVFKODJHQH
/LHIHUXQJ YRQ 0XQLWLRQ JHOWH 5LEEHQWURS JLQJ VRJDU QRFK
ZHLWHU DOV HU HLQHQ %HIHKO ]XUÄ1LFKWZLHGHUDXVIXKU³HUOLH‰
XQGGDPLWGHU/LHIHUXQJJHZLVVHU6HQGXQJHQ(LQKDOWJHERW
GLH IU 6FKZHGHQ XQG GDKHU IU )LQQODQG EHVWLPPW ZDUHQ
'LHVH QHJDWLYH +DOWXQJ VHLWHQV 'HXWVFKODQG ]ZDQJ MHQH
/lQGHUGLH)LQQODQG+LOIH]XNRPPHQOLH‰HQGD]XVLFKPLW
GHQ QRUZHJLVFKHQ +lIHQ XQG VFKZHGLVFKHQ (LVHQEDKQYHU
ELQGXQJHQ ]X EHJQJHQ XP :DIIHQ XQG 1DFKVFKXE QDFK
)LQQODQG]XOLHIHUQ
'lQHPDUN6FKZHGHQXQG1RUZHJHQWUDWHQQLFKWLQGHQ.ULHJ
JHJHQ GLH 6RZMHWXQLRQ HLQ $EHU VLH YHUWUDWHQ DXFK GLH $Q
VLFKW PDQ N|QQH QLFKW ]XODVVHQ GD‰ )LQQODQG NDPSIORV XQ
WHUJHKH 6FKZHGHQ DOOHLQ HQWVDQGWHPHKUDOV)UHLZLOOL
JH SOXV  3DQ]HUDEZHKUNDQRQHQ  )HOGJHVFKW]H 
)OXJDEZHKUJHVFKW]H  0DVFKLQHQJHZHKUH XQG 
*HZHKUHDOOHPLW0XQLWLRQ

'D GLH &RGHV GHU DOOLLHUWHQ VWUDWHJLVFKHQ 3ODQXQJ VRZRKO
GXUFK GLH 'HXWVFKHQ DOV DXFK GXUFK GLH 6RZMHWV JHEURFKHQ
ZRUGHQZDUHQZX‰WH6WDOLQYRQGHQDOOLLHUWHQ3OlQHQ7UXS
SHQ QDFK 6NDQGLQDYLHQ ]X HQWVHQGHQ 'LH $XVVLFKW DXI HLQ
(LQJUHLIHQVHLWHQVGHU%ULWHQXQG)UDQ]RVHQLQ)LQQODQGYHU
VHW]WH6WDOLQLQ$QJVWXQG6FKUHFNHQ6WDOLQGUDQJGDUDXIGHQ
.ULHJ PLW )LQQODQG ]XP $EVFKOX‰ ]X EULQJHQ XP DOOLLHUWH
/DQGXQJHQ ]X YHUKLQGHUQ ZDV DXFK LPPHU GLH .RVWHQ DQ
0DQQ XQG 0DWHULDO VHLQ PRFKWHQ 'LH )LQQHQ KDWWHQ EHUHLWV
GDPLW EHJRQQHQ PLW GHQ 6RZMHWV ]X YHUKDQGHOQ XP GHQ
.ULHJ ]X EHHQGHQ DEHU GLH )LQQHQ ZROOWHQ )ULHGHQVEHGLQ
JXQJHQ GXUFKVHW]HQ EHL GHQHQ 6WDOLQ PLW OHHUHQ +lQGHQ GD
JHVWDQGHQ KlWWH (V ZDU IU 6WDOLQ XQGHQNEDU VLFK PLW GHP
NOHLQHQ)LQQODQGDXIHLQ5HPLVHLQ]XODVVHQ'LH6RZMHWVWUD
IHQVRIRUWPDVVLYH9RUEHUHLWXQJHQIUHLQHDQGHUH2IIHQVLYH
HLQH 2IIHQVLYH XP GHQ .ULHJ ]X EHHQGHQ XQJHDFKWHW GHU
9HUOXVWHGLHGLH5RWH$UPHHHUOHLGHQZUGH
'LH]ZHLWH2IIHQVLYHGHV.ULHJHVEHJDQQDP)HEUXDU
hEHUGLHVH]ZHLWH3KDVHVFKULHE0DQQHUKHLP
ª'LH 5XVVHQ KDWWHQ MHW]W JHOHUQW LKUH YHUVFKLHGHQHQ :DI
IHQJDWWXQJHQ ]X NRRUGLQLHUHQ ,KUH $UWLOOHULH ZDU IOH[LEHO
GHQ %HZHJXQJHQ GHU ,QIDQWHULH DQJHSD‰W XQG VLH ZXUGH
PLWJUR‰HU*HQDXLJNHLWYRQ%HREDFKWXQJVEDOORQVDXVXQG
YRQ DXI 3DQ]HUQ DXIJHVHW]WHQ %HREDFKWHUQ GLULJLHUW 'D
GHU )HLQG ZHGHU VHLQH 0lQQHU QRFK VHLQH 3DQ]HU YHU
VFKRQWHZDUHQVHLQH9HUOXVWHLPPHUQRFKIXUFKWEDUKRFK
0DQFKPDO ZXUGHQ PHKUHUH 5HJLPHQWHU DXI EHJUHQ]WHP
7HUUDLQ ]XVDPPHQJHSIHUFKW XQG ELOGHWHQ VRPLW HLQ NRP
SDNWHVXQEHZHJOLFKHV=LHOIUXQVHUH$UWLOOHULH'HU)HLQG
HUOLWW VR VFKZHUH 9HUOXVWH GD‰ ZLU DQ HLQHP 7DJH *HIDQ
JHQH YRQ VDJH XQG VFKUHLEH ]ZDQ]LJ IULVFK HLQJHVHW]WHQ
(LQKHLWHQPDFKHQNRQQWHQ(LQHQHXHUXVVLVFKH7DNWLNEH
VWDQGLQ=JHQEHZDIIQHWHU6FKOLWWHQGLHYRQ3DQ]HUQJH
]RJHQ ZXUGHQ ZREHL MHGHV )DKU]HXJ ± 3DQ]HU HLQJH
VFKORVVHQ ±PLW ,QIDQWHULVWHQ EHPDQQW ZXUGH )ODPPHQ
ZHUIHQGH3DQ]HUZXUGHQDXFKJHJHQXQVHLQJHVHW]W©
=LHOGHVVRZMHWLVFKHQ$QJULIIVZDU6XPPDHLQ6WW]SXQNWDQ
GHU ILQQLVFKHQ UHFKWHQ )ODQNH ,Q GHQ HUVWHQ  6WXQGHQ GHV
$QJULIIVZXUGH6XPPDYRQ7DXVHQGHQYRQ$UWLOOHULHJUDQDWHQ
JHWURIIHQ )LQQLVFKH %HREDFKWHU ]lKOWHQ  $UWLOOHULHJH
VFKW]H GLH LQQHUKDOE HLQHV 6HNWRUV YRQ HLQHP .LORPHWHU
DXIJHVWHOOW ZDUHQ ,QQHUKDOE YRQ IQI 7DJHQ HUIROJWH GHU
+DXSWDQJULII GHU 6RZMHWV (LQKXQGHUWIQI]LJ 3DQ]HU VWLH‰HQ
YRUXQGVHW]WHQVLFKDQGLH6SLW]HGHUVRZMHWLVFKHQ,QIDQWHULH
hEHU%RPEHUIORJHQGDUEHUKLQZHJXQGOLH‰HQ%RPEHQ
DXI %HIHVWLJXQJHQ UFNZlUWLJH 9HUELQGXQJHQ XQG 1DFK
VFKXEZHJHIDOOHQ'LHILQQLVFKHQ6ROGDWHQNlPSIWHQPLWLKUHU
JHZRKQWHQ+DUWQlFNLJNHLWZXUGHQDEHUYRUGHU]DKOHQPl‰LJ
EHUZlOWLJHQGHQ hEHUOHJHQKHLW GHU 6RZMHWV DOOPlKOLFK ]X
UFNJHGUlQJW6RZMHWLVFKH7RWHODJHQKDXIHQZHLVHXPKHUVR
ZHLWGDV$XJHVHKHQNRQQWHDEHUQHXH:HOOHQUROOWHQDQGDX
HUQGEHUGHQ+RUL]RQWKHUDQPLW1.:'7UXSSHQKLQWHULK
QHQ
7LPRVFKHQNR VWHOOWH VHLQH 2IIHQVLYH GDQQ ZHLWHUQDFK2VWHQ
XP XQG XP GHQ  )HEUXDU KHUXP YROO]RJ HU GHQ HUVWHQ
'XUFKEUXFK GXUFK GLH 0DQQHUKHLP9HUWHLGLJXQJVOLQLH 'LH
5RWH $UPHH JULII GHQ 'XUFKEUXFK GXUFK GLH 0DQQHUKHLP
/LQLHZHLWHUDQXQGZHLWHWHGLHHQWVWDQGHQH/FNHDXV0DQ
QHUKHLP VDK VLFK GDQQ JH]ZXQJHQ HLQHQ DOOJHPHLQHQ 5FN
]XJ]XEHIHKOHQ
'LH ILQQLVFKHQ 6ROGDWHQ ]RJHQ VLFK LQ YROONRPPHQHU 2UG
QXQJ]XUFNXQGELOGHWHQDP)HEUXDUHLQHQHXH9HUWHLGL
9II*ÂÂ-DKUJDQJÂ+HIW

JXQJVIURQW 'LH QHXH ILQQLVFKH 6WHO QHQ5HJLHUXQJ HQWKOOWH GD‰ GLH 6R
OXQJ ZDU OlQJHU DOV GLH YRUKHULJH VR ZMHWXQLRQ GLH Y|OOLJH (LQYHUOHLEXQJ
GD‰ GLH ILQQLVFKHQ 5HVHUYHQ XQG )LQQODQGVLQGDVÄ5RWH,PSHULXP³DOV
.UlIWH VHKU DXVJHGQQW ZDUHQ LKUXOWLPDWLYHV.ULHJV]LHOJHSODQWKDW
6FKOLH‰OLFKPX‰WH0DQQHUKHLPZHLWH WH =XP =HLWSXQNW GHU )ULHGHQVYHU
UH5FN]JHEHIHKOHQZREHLHUMHGHV HLQEDUXQJ LP 0lU] ZDU .XXVLQHQ
0DO ]XP *HJHQDQJULII EHUJLQJ XP VFKRQ IDVW YHUJHVVHQ XQG 6WDOLQ ZXU
GHQ ILQQLVFKHQ 6ROGDWHQ HLQHQ JHRUG GH ]XU $QQDKPH YRQ %HGLQJXQJHQ
QHWHQ 5FN]XJ ]X HUP|JOLFKHQ $P JH]ZXQJHQ GLH HV )LQQODQG HUP|J
)HEUXDUKDWWHQVRZMHWLVFKH6ROGD OLFKWHQ DOV XQDEKlQJLJHV /DQG ZHL
WHQ GLH ,QVHOIHVWXQJ .RLYLVWR LP *ROI WHU]XEHVWHKHQ (V ZDU ]ZHLIHOORV GLH
YRQ)LQQODQGHLQJHQRPPHQ $QJVW YRU GHP 3ODQ GHU $OOLLHUWHQ
7LPRVFKHQNR EHIDKO GDQQ GHU  $U 6NDQGLQDYLHQ PLW HLQHU *DUQLVRQ ]X
PHH ]XP )HVWODQG EHU]XVHW]HQ XQG EHOHJHQGLH6WDOLQYHUDQOD‰WKDWWHPLW
9LLSXUL HLQ]XQHKPHQ VREDOG GDV (LV VR JUR‰HU (LOH HLQHQ 9HUWUDJ DE]X
GLFNJHQXJZDUXP3DQ]HU]XWUDJHQ VFKOLH‰HQGHUVRVWDUNYRQVHLQHQXU
6LH EHJDQQHQ GDPLW DP  0lU] $P VSUQJOLFKHQ=LHOHQDEZLFK$EHUGLH
 0lU] EHULFKWHWH 0DQQHUKHLP GD‰ 9HUDQWZRUWXQJ IU GDV GHPWLJHQGH
HLQ ODQJIULVWLJHU :LGHUVWDQG ZHJHQ 'HVDVWHUGHVÄ:LQWHUNULHJV³ODJOHW]W
GHV 0DQJHOV DQ 0HQVFKHQPDWHULDO HQGOLFKHLQ]LJXQGDOOHLQEHL6WDOLQ(V
XQG 0XQLWLRQ XQP|JOLFK VHL $P  LVW ]ZHLIHOKDIW RE HLQ 0DQQ ZLH 6WD
0lU] PDFKWH VLFK HLQH ILQQLVFKH 'H OLQ EHUHLW JHZHVHQ ZlUH GLH 9HUDQW
OHJDWLRQ DXI GHQ :HJ QDFK 0RVNDX ZRUWXQJ IU XQVDJEDUHV /HLGHQ XQG
XP)ULHGHQKHUEHL]XIKUHQ=XGLHVHU 'HPWLJXQJ VHLQHU 6ROGDWHQ XQG VHL
'HOHJDWLRQ JHK|UWHQ GHU ILQQLVFKH QHV /DQGHV DXI VLFK ]X QHKPHQ DEHU
0LQLVWHUSUlVLGHQW 5\WL 0LQLVWHU RKQH VHOEVW HLQ lQJVWOLFKHU SDUDQRLGHU
3RUWHIHXLOOH 3DDVLNLYL 9HUWHLGL 0DQQ ZLH 6WDOLQPX‰YRQGHUIXUFKW
JXQJVPLQLVWHU *HQHUDO :DOGHQ XQG EDUHQ %HODVWXQJ JHZX‰W KDEHQ GLH
GHU :RUWIKUHU GHV .RPLWHHV IU )LQQLVFKH6FKLVROGDWHQLP:LQWHUNULHJ GHU .ULHJ PLW )LQQODQG GHQ 5HVVRXU
$XVZlUWLJH $QJHOHJHQKHLWHQ 3URI DXI3DWURXLOOHJHJHQHLQPDU FHQXQGGHU0RUDOGHU6RZMHWVDXIHU
9RLRQPDD VFKLHUHQGH6RZMHWVLQHLQHP:DOGQ|UGOLFK OHJW KDWWH 1RFK NDWDVWURSKDOHU ZDU
0DQQHUKHLPID‰WHGHQVLFKGDUDXVHU GHV3RODUNUHLVHV,KU1DFKVFKXEZLUGDXI GLH 7DWVDFKH GD‰ HLQ KXQGHUW 7DJH
JHEHQGHQ )ULHGHQVYHUWUDJ ZLH IROJW YRQ5HQWLHUHQJH]RJHQHQ6FKOLWWHQWUDQV ZlKUHQGHU .ULHJ GHQ %HZHLV GDIU
SRUWLHUW)LQQLVFKH0lQQHUZLHGLHVHGH]L
]XVDPPHQ HUEUDFKW KDWWH GD‰ GDV Ä5RWH ,PSHUL
PLHUWHQGLH5HLKHQGHUVRZMHWLVFKHQ'LYL
ª'DV DEJHWUHWHQH 7HUULWRULXP EH VLRQHQGLHJHJHQVLHDXIJHEUDFKWZRUGHQ XP³HLQHJHZDOWLJHVFKOHFKWJHIKUWH
OLHIVLFKDXI4XDGUDWNLORPH ZDUHQ2EZRKOGLH)LQQHQHWZD7RWH XQG NRUUXSWH 'LNWDWXU ZDU GLH VLFK
WHUXQGVHLQH%HZRKQHUPDFKWHQ XQG9HUZXQGHWH]XEHNODJHQKDWWHQEUDFK HLQHQ7HXIHOXPGLH$UEHLWHUGHU:HOW
3UR]HQW GHU *HVDPWEHY|ONHUXQJ WHQVLHGHQ6RZMHWVPLQGHVWHQVGUHLPDOVR VFKHUWH XQG JHZL‰ NHLQ Ä3DUDGLHV GHU
GHV/DQGHVDXV)DVW0HQ YLHOH9HUOXVWHEHL $UEHLWHUXQG%DXHUQ³ZDU
VFKHQPX‰WHQLKUH+lXVHUXQGGDV/DQGDXIJHEHQGDVLK (LQP|JOLFKHVPLOLWlULVFKHV(LQJUHLIHQJHJHQGLH6RZMHWXQLRQ
UHQ 9RUIDKUHQ VHLW *HQHUDWLRQHQ JHK|UW KDWWH 'LHVH 5H ZDUYRQGHQ%ULWHQXQG)UDQ]RVHQDE0LWWH'H]HPEHU
JLRQHQKDWWHQ3UR]HQWGHV:LUWVFKDIWVOHEHQVGHV/DQGHV DQQlKHUQGYLHU0RQDWHODQJLQ%HWUDFKWXQJJH]RJHQZRUGHQ
EH]JOLFK )RUVW XQG /DQGZLUWVFKDIW VRZLH ,QGXVWULH DXV 'LH $OOLLHUWHQ ZROOWHQ HLQH JHVFKLFNWH 3ROLWLN DQZHQGHQ XP
JHPDFKW>«@'HUHLQ]LJH7URVWLQGLHVHP(OHQGZDUGD‰ 'HXWVFKODQG YRQ GHU /LHIHUXQJ YRQ (LVHQHU]DE]XVFKQHLGHQ
GHU .UHPO XQV NHLQ 9HUWHLGLJXQJVEQGQLV DXIJH]ZXQJHQ YRQGHPVHLQH.ULHJVLQGXVWULHDEKLQJ.XU]YRUGHP:DIIHQ
KDWWH© VWLOOVWDQGGHUGHQVRZMHWLVFKILQQLVFKHQ.ULHJEHHQGHWHYHU
'HU :DIIHQVWLOOVWDQG WUDW DP  0lU] LQ .UDIW ]Z|OI 6WXQ ID‰WHQ GLH EULWLVFKHQ 6WDEVFKHIV HLQHQ %HULFKW IU GDV .DEL
GHQ QDFK 8QWHU]HLFKQXQJ GHV UXVVLVFKILQQLVFKHQ 3DNWHV LQ QHWW EHU GLH 0LOLWlULVFKHQ $XVZLUNXQJHQ GHU )HLQGVHOLJNHL
0RVNDX :lKUHQ GHV .ULHJHV KDWWH )LQQODQG PLQGHVWHQV WHQPLW5X‰ODQGLP-DKUH
0lQQHU]XGHQ)DKQHQJHUXIHQXPVHLQH*UHQ]HQ]X 'LHV ZDU HLQ XPIDQJUHLFKHV 'RNXPHQW GDV HLQHQ hEHUEOLFN
YHUWHLGLJHQ XQG YRQ GLHVHQ ZDUHQ  JHIDOOHQ XQG EHULQWHUQH6FKZlFKHQGHU6RZMHWVJHZlKUWH(VEHID‰WVLFK
YHUZXQGHWZRUGHQ'LH6RZMHWVKDWWHQIQI$UPHHGL PLW LQWHQVLYHU SROLWLVFKHU 8Q]XIULHGHQKHLW VFKOHFKWHQ EHU
YLVLRQHQYHUORUHQGLHNRPSOHWWYHUQLFKWHWZXUGHQVRZLHGUHL IRUGHUWHQ .RPPXQLNDWLRQVWHFKQLNHQ XQG GHU 'HVDYRXLHUXQJ
DQGHUH GLH LQ GHQ IQI 0RQDWHQ ]ZLVFKHQ 1RYHPEHU  XQG (UVFK|SIXQJ GHV 0LOLWlUV QDFK GHP IDVW WRWDOHQ )HKO
XQG0lU]GH]LPLHUWZXUGHQ0RORWRZJDEDP0lU] VFKODJ LQ )LQQODQG *HJHQ DOOGLHVH6FKZlFKHQZRJGHU%H
YRU GHP 2EHUVWHQ 6RZMHW EHNDQQW GD‰ GLH 5RWH $UPHH ULFKW GLH )lKLJNHLW GHU 6RZMHWV DE GHQ ,QWHUHVVHQ GHV EULWL
7RWHXQG9HUZXQGHWH]XEHNODJHQKDWWH'LH VFKHQ :HOWUHLFKHV 6FKDGHQ ]X]XIJHQ LQVEHVRQGHUH EHL
5RWH$UPHHKDWWH]XGHP3DQ]HUXQG)OXJ]XJHYHU *UHQ]ODJHQZLHLP1DKHQ2VWHQLQ$IJKDQLVWDQXQG,QGLHQ
ORUHQ 'HU%HULFKWNDP]XGHP6FKOX‰GD‰GHQVRZMHWLVFKHQ)lKLJ
7URW] DOO GLHVHU /HLGHQ GHU ILQQLVFKHQ %HY|ONHUXQJ EHVWHKW NHLWHQGLH5HVVRXUFHQHQWJHJHQJHVWHOOWZHUGHQNRQQWHQEHU
NHLQ=ZHLIHOGDUDQGD‰GDV+HOGHQWXPGHU)LQQHQVLFKVHKU GLH GDV %ULWLVFKH :HOWUHLFK VHOEVW YHUIJWH $EHU ZLFKWLJHU
JHORKQW KDWWH 'LH VRZMHWLVFKH 8QWHUVWW]XQJ IU GLH .XXVL ZDUGHU*HGDQNHGD‰HVP|JOLFKZDU0lFKWHKLQ]X]X]LHKHQ

9II*ÂÂ-DKUJDQJÂ+HIW 

GLHGHUVRZMHWLVFKHQ6DFKHIHLQGOLFKJHJHQEHUVWDQGHQZLH VFKHQ3OlQHQLQ1RUZHJHQHLQ]XJUHLIHQ'LH'HXWVFKHQKDW
]%GLH7UNHL-DSDQXQGP|JOLFKHUZHLVHVRJDU,WDOLHQ WHQNHLQH=HLWYHUORUHQLKUHHLJHQHQ3OlQHYRU]XEHUHLWHQXP
'LHJDQ]HQYLHU0RQDWHKLQGXUFKZlKUHQGGHUGLH$OOLLHUWHQ 'HXWVFKODQGV=XJDQJ]XGHQ(LVHQHU]PLQHQ]XJDUDQWLHUHQ
3ODQXQJHQ IU )HLQGVHOLJNHLWHQ PLW GHU 6RZMHWXQLRQ GXUFK $PJOHLFKHQ7DJHDOVGLH%ULWHQLKUH2SHUDWLRQHQJHJHQGDV
IKUWHQZDUHQ6WDOLQXQGVHLQH0DULRQHWWHQLKQHQJHJHQEHU QHXWUDOH1RUZHJHQEHJDQQHQZXUGHGLH:HOWYRQGHU1DFK
lX‰HUVW K|IOLFK XQG EHJLHULJ GDUDXI GHQ $OOLLHUWHQ ]X JHIDO ULFKWEHUUDVFKWGD‰HLQHWFKWLJHXQGPXWLJHGHXWVFKH,QYD
OHQ $P  -DQXDU  WHLOWH GHU VRZMHWLVFKH %RWVFKDIWHU VLRQVVWUHLWPDFKW7UXSSHQDQDOOHQ3XQNWHQHQWODQJGHU.VWH
,ZDQ0DLVN\GHPEULWLVFKHQ$X‰HQPLQLVWHULXPPLWGD‰VHLQH 1RUZHJHQV JHODQGHW KDWWH 'LH /XIWZDIIH JHZDQQ VFKQHOO
5HJLHUXQJGDUXPEHVRUJWVHLPLWGHQ%ULWHQ]XVDPPHQ]XDU /XIWEHUOHJHQKHLWEHUGDVVGOLFKH1RUZHJHQXQGGLHN|QLJ
EHLWHQXQGGHXWHWHDQGD‰GHU3DNWPLW'HXWVFKODQGQXUHLQH OLFKH)DPLOLH1RUZHJHQVIOFKWHWHLQV,QODQG$P$EHQGGHV
=ZHFNYHUHLQEDUXQJ ZDU GLH PDQ OHLFKW DXIJHEHQ N|QQH ,P QlFKVWHQ 7DJHV GHP  $SULO  VSUDFK 9LGNXQ 4XLVOLQJ
)HEUXDUXQG0lU]GHVJOHLFKHQ-DKUHVZXUGHQ/RUG+DOLID[ WULXPSKLHUHQGEHUGHQQRUZHJLVFKHQ6WDDWVUXQGIXQN'LHVHU
GHP EULWLVFKHQ $X‰HQPLQLVWHU lKQOLFKH XQYHUKRKOHQH $QQl 6FKODJ JHJHQ GDV 3UHVWLJH XQG GLH 0DFKW GHU $OOLLHUWHQ ZDU
KHUXQJVYHUVXFKHXQWHUEUHLWHW'LH6RZMHWVVFKOXJHQVRJDUHLQ YHUKHHUHQG
+DQGHOVDENRPPHQ PLW (QJODQG YRU 'LHVH YHUlQGHUWH +DO ,P 0RUJHQJUDXHQ GHV  $SULO EDW GHU GHXWVFKH %RWVFKDIWHU
WXQJGHU6RZMHWVZDUHLQHXQPLWWHOEDUH)ROJHGHU$QJVWGLH YRQ 6FKXOHQEXUJ LQ 0RVNDX XP HLQ *HVSUlFK PLW 0RORWRZ
6WDOLQ EHIDOOHQ KDWWH 6HLQH 5RWH $UPHH ZDU VFKRQ YRQ GHQ %HL GLHVHP =XVDPPHQWUHIIHQ YHUNQGHWH YRQ 6FKXOHQEXUJ
)LQQHQ JHGHPWLJW ZRUGHQ XQG QXQ VWDQG HU YRU GHU $XV 'HXWVFKODQGVHLGD]XJH]ZXQJHQJHZHVHQLQ'lQHPDUNXQG
VLFKWJHJHQHUVWNODVVLJH$UPHHQNlPSIHQ]XPVVHQGLHYRQ 1RUZHJHQ]XLQWHUYHQLHUHQ9RQ6FKXOHQEXUJIXKUIRUW
]ZHL PlFKWLJHQ 5HLFKHQ JHIKUW ZXUGHQ XQG GLH DQ YLHOHQ ª'LH 5HLFKVUHJLHUXQJ LVW GHU $QVLFKW GD‰ XQVHUH +DQG
)URQWHQDQJUHLIHQNRQQWHQ OXQJVZHLVHDXFKLP,QWHUHVVHGHU6RZMHWXQLRQOLHJHQGHQQ
$QJHVLFKWV GHU ZDFKVHQGHQ $QJVW PLW GHU 6WDOLQ XQG VHLQH GLH 'XUFKIKUXQJ GHV XQV EHNDQQWHQ DQJORIUDQ]|VLVFKHQ
0lQQHULP.UHPOZHLWHUKLQIHUWLJZHUGHQPX‰WHQYHUVXFKWHQ 3ODQV KlWWH ]XU )ROJH JHKDEW GD‰ 6NDQGLQDYLHQ HLQ
VLHQLFKWQXUGLH%ULWHQ]XEHVlQIWLJHQVRQGHUQUFNWHQDXFK .ULHJVVFKDXSODW] JHZRUGHQ ZlUH XQG GDV KlWWH DOOHU
DOOPlKOLFKYRQ'HXWVFKODQGDEGDVVLFKEHUHLWVLP.ULHJEH :DKUVFKHLQOLFKNHLWQDFK]XHLQHU:LHGHUHU|IIQXQJGHUILQ
IDQG 'LH 6RZMHWV HQWOLH‰HQ NHLQH 9RONVGHXWVFKHQ PHKU DXV QLVFKHQ)UDJHJHIKUW©
GHPHUREHUWHQ3ROHQXQGGHQEDOWLVFKHQ6WDDWHQGLH'HSRUWD 0RORWRZZDUEHUGLH1DFKULFKWHUIUHXW
WLRQ GHXWVFKHU *HIDQJHQHU DXV VRZMHWLVFKHQ .HUNHUQ K|UWH ª'LH 6RZMHWXQLRQ KDW GLH 0D‰QDKPHQ UHFKW JXW YHUVWDQ
SO|W]OLFK DXI XQG GLH VRZMHWLVFKH 5HJLHUXQJ ]RJ LKUH (LQOD GHQ GLH 'HXWVFKODQG DXIJH]ZXQJHQ ZXUGHQ 'LH (QJOlQ
GXQJ DQ GLH 'HXWVFKH .ULHJVPDULQH LQ EH]XJ DXI LKUH 1RUG GHUVLQGVLFKHUOLFK]XZHLWJHJDQJHQ6LHKDEHQGLH5HFKWH
EDVLV ]XUFN 'LHVH YHUlQGHUWH +DOWXQJ JLSIHOWH PLW GHU(LQ
VWHOOXQJ GHU /LHIHUXQJ YRQ *HWUHLGH XQG gO QDFK 'HXWVFK
ODQG
:HLOGLH)LQQHQHLQHQ:DIIHQVWLOOVWDQGDEJHVFKORVVHQKDWWHQ
GHUGHQ.ULHJEHHQGHWHJODXEWHQGLH6RZMHWVGDPLWZUGHQ
GLH EULWLVFKHQ 3OlQH ]XU %HVHW]XQJ 6NDQGLQDYLHQV EHHQGHW
VHLQ'LH$QJULIIVOXVWGHU%ULWHQZDUMHGRFKQXUQRFKJU|‰HU
JHZRUGHQ 'D GLH NULHJIKUHQGHQ 6WDDWHQ DQVFKHLQHQG LKUH
VWUDWHJLVFKHQ (UZlJXQJHQ DXI GLH %HKHUUVFKXQJ GHU (U]PL
QHQLQ6NDQGLQDYLHQNRQ]HQWULHUWHQNRQQWHGLHVHLQHQZHLWH
UHQ$XVEUXFKYRQ)HLQGVHOLJNHLWHQPLW)LQQODQGKHUYRUUXIHQ
'D HV WDWVlFKOLFK EULWLVFKH 3OlQH JDE 7UXSSHQ LQ 1RUZHJHQ
]XODQGHQXQGQDFK6FKZHGHQHLQ]XPDUVFKLHUHQZDUXPKlW
WHQ VLH QLFKW DXFK LQ )LQQODQG HLQPDUVFKLHUHQ VROOHQ" 'LHV
KlWWHVLFKHUOLFKHLQH:LHGHUDXIQDKPHGHV.RQIOLNWVEHGHXWHW
'HU5RWHQ$UPHHZDUHVQXUNQDSSJHOXQJHQ)LQQODQGHLQHQ
:DIIHQVWLOOVWDQGDXI]X]ZLQJHQ:LHVROOWHQGLH6RZMHWVDEHU
HLQ )LQQODQG EHVLHJHQ LQ GHP IUHPGH 7UXSSHQ PLW OHLFKWHP
=XJDQJ]X:DIIHQXQG1DFKVFKXENDVHUQLHUWZDUHQ"'LHDXI
6WDOLQ XQG 0RORWRZ ODVWHQGH %HVRUJQLV ZXUGH GDKHU LPPHU
JU|‰HU $EHU GLH $JJUHVVLRQ %ULWDQQLHQV JHJHQ 1RUZHJHQ
IRUGHUWHHLQHVFKQHOOH5HDNWLRQ'HXWVFKODQGVKHUDXVVHKU]XU
(UOHLFKWHUXQJ6WDOLQVXQGGHQ3ODQHUQGHU5RWHQ$UPHH
$P  $SULO  YHUNQGHWH GLH %ULWLVFKH $GPLUDOLWlW GD‰
LQ QRUZHJLVFKHQ *HZlVVHUQ 0LQHQIHOGHU DQJHOHJW ZRUGHQ
VHLHQ,QGHU)UKHGLHVHV0RUJHQVKDWWHQYLHUEULWLVFKH=HU
VW|UHULQGHQ=XIDKUWVZHJHQQDFK1DUYLN0LQHQYHUOHJW$Q
VFKOLH‰HQG KDWWHQ GLH %ULWHQ Ä2SHUDWLRQ :LOIUHG³ HQWIDOWHW
ZHOFKH GLH /DQGXQJ DOOLLHUWHU 6WUHLWNUlIWH LQ 1RUZHJHQ YRU 
VDKEHYRUGLHVH]XUVFKZHGLVFKHQ*UHQ]HYRUUFNWHQ+LWOHU )LQQLVFKH)OFKWOLQJHHQWIOLHKHQGHP.ULHJPLWLKUHP9LHK
XQG GLH 6WlEH GHU 'HXWVFKHQ .ULHJVPDULQH XQG GHV +HHUHV HQWODQJHLQHU6WUD‰HZREHUDOO.LVWHQXQG%HWW]HXJXP
KDWWHQVFKRQVHLW%HJLQQGHV.ULHJHV.HQQWQLVYRQGHQEULWL KHUOLHJW'LHPHLVWHQEHQXW]WHQ3IHUGHVFKOLWWHQDEHUHLQDO
WHV$XWREHPKWVLFKHEHQIDOOVYRUDQ

 9II*ÂÂ-DKUJDQJÂ+HIW

QHXWUDOHU/lQGHUY|OOLJPL‰DFKWHW:LUZQVFKHQ'HXWVFK
ODQGEHLVHLQHQ9HUWHLGLJXQJVPD‰QDKPHQYROOHQ(UIROJ©
,QQHUKDOE YRQ :RFKHQ ZXUGH GLH :LUWVFKDIWVKLOIH ZLHGHU
DXIJHQRPPHQ ZHOFKH GLH 6RZMHWXQLRQ 'HXWVFKODQG LP JH
JHQVHLWLJHQ +DQGHOVDENRPPHQ ]XJHVLFKHUW KDWWH (V NDQQ
NHLQ =ZHLIHO EHVWHKHQ GD‰ GLH 1LHGHUODJH )LQQODQGV 6WDOLQ
GD]XYHUDQOD‰WKDEHQPX‰]XJODXEHQQXQZUGHQGLH:LQ
NHO]JHGHU%ULWHQXQG)UDQ]RVHQDXIK|UHQ$EHUGLH3ODQXQ
JHQ GHU $OOLLHUWHQ ]XP (LQPDUVFK QDFK 6NDQGLQDYLHQ ZDUHQ
ZHLWHUJHJDQJHQ'LH/DQGXQJHQDOOLLHUWHU7UXSSHQLQ1RUZH
JHQ KDWWHQ XQPLWWHOEDU EHYRUJHVWDQGHQ XQG GLH 6RZMHWXQLRQ
KlWWHQLFKWVDQGHUHVWXQN|QQHQDOVDXIHLQHQP|JOLFKHQ$Q
JULII ]X ZDUWHQ $EHU +LWOHU JULII HLQ XQG GLH :HKUPDFKW
IKUWH HLQH 6FKODFKW YRU GHU 6WDOLQ ]XUFNJHVFKUHFNW ZDU
6WDOLQ ZDU GHU $XIIDVVXQJ GD‰ +LWOHU XQG GLH 'HXWVFKH
:HKUPDFKWLKQJHUHWWHWKDWWHQ
$EHU VHLQ *HIKO GHU (UOHLFKWHUXQJ ZXUGH GXUFK GLH %ULWHQ
VFKQHOOEHVHLWLJW2EZRKOGLHGHXWVFKH$NWLRQNKQZDUZDU
VLH LQ NHLQHU :HLVH XQPLWWHOEDU HQWVFKHLGHQG ,QQHUKDOE YRQ
]HKQ 7DJHQ KDWWH GLH PlFKWLJH EULWLVFKH .ULHJVPDULQH ]HKQ
GHXWVFKH =HUVW|UHU YHUQLFKWHW RGHU NDPSIXQIlKLJ JHPDFKW
8P GLH 0RQDWVPLWWH KHUXP ODQGHWHQ EHWUlFKWOLFKH DOOLLHUWH
6WUHLWNUlIWHLQ1RUZHJHQ2EZRKOGLH'HXWVFKHQEHUEHUOH
JHQH:DIIHQXQGHLQHEHVVHUH$XVELOGXQJYHUIJWHQZDUNHL
QHVZHJVNODUZHUGHU6LHJHUVHLQZUGH$XIGHU6LW]XQJGHV
2EHUVWHQ $OOLLHUWHQ .ULHJVUDWV YRP  $SULO VFKOXJHQ GLH
)UDQ]RVHQGLH(QWVHQGXQJHLQHUDXVUHLFKHQGHQ=DKOYRQ6RO
GDWHQYRUXPJDQ]6NDQGLQDYLHQ]XEHIUHLHQ$OOLLHUWH$UPH
HQVWDQGHQQXUNPYRQGHUILQQLVFKHQ*UHQ]HXQGJHUDGH
NPYRQGHU6RZMHWXQLRQVHOEVWHQWIHUQW
%HLGLHVHQ(UHLJQLVVHQGLHVLFKZHQLJHQWIHUQWYRQGHUVRZMH
WLVFKHQ *UHQ]H ]XWUXJHQ EHJDQQ GLH .RPLQWHUQ .RPPXQL
0LWDUEHLWHUQ GHU |UWOLFKHQ %HK|UGHQ HKHPDOLJHQ 6ROGDWHQ
XQG VRJDU $QJHK|ULJHQ GHU 3ROL]HLNUlIWH ZXUGH YHUKDIWHW
1HEHQ GHUHQ 9HUVFKOHSSXQJ ]X =ZDQJVDUEHLW XQG GHU 9HU
QLFKWXQJGHUSROQLVFKHQ,QWHOOLJHQ]KDWWH6WDOLQQRFKHLQHDQ
GHUH *UXSSH LP 6LQQ GLH HU DOV HLQH %HGURKXQJ DQVDK GDV
SROQLVFKH 2IIL]LHUVNRUSV ,Q GUHL $UUHVWODJHUQ EHL 2VWDVFK
NRZ .RO]LHON XQG 6WDULRELHOVN ZXUGHQ DQQlKHUQG 
SROQLVFKH2IIL]LHUHIHVWJHKDOWHQ
1DFKGHP GLH .ULVH LQ 1RUZHJHQ LP 0DL YRUEHUJHJDQJHQ
ZDU XQG DQJHVLFKWV GHV DQVFKOLH‰HQGHQ (LQPDUVFKHV GHU
'HXWVFKHQ LQ GLH 1LHGHUODQGH VRZLH GHU VLFK GDQDFK DQ
VFKOLH‰HQGHQUDVFKHQ1LHGHUODJH)UDQNUHLFKVZDUVLFK6WDOLQ
GHU 6WlUNH 16'HXWVFKODQGV YROO EHZX‰W $P  -XQL 
OLH‰ 0RORWRZ GHQ GHXWVFKHQ %RWVFKDIWHU LQ 0RVNDX ]X VLFK
NRPPHQ XQG ªGUFNWH LKP JHJHQEHU GLH ZlUPVWHQ *OFN
ZQVFKHGHUVRZMHWLVFKHQ5HJLHUXQJIUGHQJUR‰DUWLJHQ(U
IROJ GHU 'HXWVFKHQ :HKUPDFKW DXV© 0LW GLHVHU (UNOlUXQJ
ZXUGH GLH ZLUWVFKDIWOLFKH =XVDPPHQDUEHLW GHU 6RZMHWV PLW
'HXWVFKODQG ZLHGHU HLQPDO IRUWJHVHW]W 6RZMHWLVFKHV *HWUHL
GH*XPPLgOXQGDQGHUH/LHIHUXQJHQIORVVHQQDFK'HXWVFK
ODQG GD 6WDOLQ GLH $XIIDVVXQJ YHUWUDW GD‰ GLH 6RZMHWXQLRQ
+LWOHUGD]XKDEHLKU/DQGIUVLH]XYHUWHLGLJHQ$EHUZLHGLH
*HVFKLFKWHOHKUWVROOWHGDVQLFKWGHU)DOOVHLQ
6RIRUWQDFKGHP(LQPDUVFKGHU'HXWVFKHQLQGLH6RZMHWXQLRQ
EHWWHOWH 6WDOLQ GLH %ULWHQ XQG VSlWHU GHU 9HUHLQLJWHQ 6WDDWHQ
XP +LOIH DQ $EHU VRZMHWIHLQGOLFKH (OHPHQWH LQ *UR‰EULWDQ
QLHQ ZLH DXFK LQ GHQ 86$ IUDJWHQ VLFK VRJOHLFK ZDUXP VLH
HLQHQ 0DQQ ZLH 6WDOLQ XQWHUVWW]HQ VROOWHQ GHU XQVFKXOGLJH
9|ONHU LQ 2VWHXURSD DQJHJULIIHQ XQG YHUVNODYW KDWWH 6WDOLQV
)HOG]XJ GHU Ä0RKUHQZlVFKH³ VHW]WH VRIRUW HLQ 'LH VRZMHWL
VFKH 3ROLWLN YRQ  ZDU QXQ NHLQH 3ROLWLN GHU $JJUHVVLRQ
PHKUVRQGHUQZXUGHQXQ]XHLQHU3ROLWLNGHV6FKXW]HVXPLQ
VWLVFKH,QWHUQDWLRQDOHGDPLWGLHDOOLLHUWHQ.ULHJVDQVWUHQJXQ
JHQYRQLQQHQKHUODKP]XOHJHQ'LHIUDQ]|VLVFKHXQGEULWL
VFKH .RPPXQLVWLVFKH 3DUWHL VWDUWHWHQ HLQHQ 3URSDJDQGDIHOG
]XJXPGLH/DQGXQJHQGHU'HXWVFKHQLQ1RUZHJHQDOVOHJL
WLPH5HDNWLRQDXIÄDOOLLHUWH$JJUHVVLRQ³HUVFKHLQHQ]XODVVHQ
$XI GHP *HELHW GHU 6RZMHWXQLRQ UHFKQHWH 6WDOLQ QRFK PLW
JDQ]DQGHUHQ6RUJHQIDOOVGLH%ULWHQGHQ6LHJEHU'HXWVFK
ODQG GDYRQWUDJHQ VROOWHQ1DFKGHPVRZMHWLVFKHQ(LQPDUVFK
LQ 3ROHQ KDWWH GLH EULWLVFKH 5HJLHUXQJ GHQ $QJULII DOV XQJH
UHFKWIHUWLJW YHUXUWHLOW XQG EHWRQW VLH KDOWH GLH 9HUSIOLFKWXQ
WHUSUHWLHUW 'D VLH $OOLLHUWH JHJHQ +LWOHU EHQ|WLJWHQ ZDUHQ
VRZRKO&KXUFKLOODOVDXFK5RRVHYHOWJHQHLJW6WDOLQEHLGLHVHU
0RKUHQZlVFKH]XKHOIHQ'DPLWOLH‰HQVLFKQXQGLH9HUHLQLJ
WHQ 6WDDWHQ XQG (QJODQG GD]X PL‰EUDXFKHQ 6WDOLQ ]X VFKW
]HQ (V ZDU HLQH 0DQLSXODWLRQ GLH DOOH IUHLHQ ZLH DXFK XQ
IUHLHQ9|ONHUGHU:HOWLQGHQGDUDXIIROJHQGHQIQI]LJ-DKUHQ
ELWWHUEHUHXHQVROOWHQ
$QPHUNXQJHQ

0LWIUHXQGOLFKHU*HQHKPLJXQJYRQ7KH%DUQHV5HYLHZ6
JHQJHJHQEHU3ROHQHLQXQGZROOHGHQ.ULHJVRODQJHIRUWVHW
]HQELV3ROHQZLHGHUKHUJHVWHOOWVHL(VZDU6WDOLQQLFKWNODU
ZRHLQZLHGHUHUVWDQGHQHV3ROHQVHLQH*UHQ]HQKDEHQN|QQWH
DEHU HV VWDQG IHVW GD‰ HV HLQ XQDEKlQJLJHV XQG IHLQGOLFKHV
3ROHQ LP )DOOH HLQHV DOOLLHUWHQ 6LHJHV DQ GHU VRZMHWLVFKHQ
*UHQ]H JHEHQ ZUGH 6WDOLQ YHUVSUWH GD‰ HV XQYHUPHLGEDU
VHLQZUGHHLQHQ7HLORGHUJDUJDQ]3ROHQ]XUlXPHQ,Q$Q
EHWUDFKWGHUIHLQGOLFKHQ+DOWXQJ(QJODQGVXQG)UDQNUHLFKVLQ
GHQ HUVWHQ 0RQDWHQ GHV -DKUHV  ZDU HV GXUFKDXV P|J
OLFK GD‰ VLH XQWHU GHQ EHVLHJWHQ 3ROHQ HLQHQ $XIVWDQG DXI
ZLHJHOQ N|QQWHQ 6WDOLQ EHJDQQ GDKHU GDPLW IU GLHVHQ )DOO
3OlQH]XVFKPLHGHQ
1XU IQI 7DJH QDFKGHP GLH $OOLLHUWHQ ]XJHVWLPPW KDWWHQ
6ROGDWHQ QDFK )LQQODQG ]X HQWVHQGHQ IKUWH GHU 1.:' LQ
7DXVHQGHQ YRQ SROQLVFKHQ +lXVHUQ 5D]]LHQ GXUFK 2EZRKO
GHU VRZMHWLVFKH 6HNWRU 3ROHQV ]XP =HLWSXQNW GHU VRZMHWL
VFKHQ (UREHUXQJ VFKRQ GXUFKNlPPW ZRUGHQ ZDU ZDU 6WDOLQ
7KLUG6W6(:DVKLQJWRQ'&86$EHUVHW]WYRQ+DQV
5XGROIYRQGHU+HLGH

 1LNRODL7ROVWR\6WDOLQ¶V6HFUHW:DU1HZ<RUN6

 ,QQHUKDOEGHVHUVWHQ0RQDWVGHV$XIUXIVGD]XKDWWHGDV9HUWHLGLJXQJV
GDUOHKHQQLFKWQXUGHQ6WDQGYRQ0LOOLRQHQ0DUNHUUHLFKWVRQGHUQ
ZDUWDWVlFKOLFKPLWZHLWHUHQ0LOOLRQHQ0DUNGXUFKGDVILQQLVFKH
9RONEHU]HLFKQHWZRUGHQ

 2WWR.XXVLQHQZDUHLQMlKULJHUILQQLVFKHU%ROVFKHZLVWGHULQGLH
6RZMHWXQLRQIOFKWHWHQDFKGHPGHU9HUVXFKGHU%ROVFKHZLVWHQJHVFKHL
WHUWZDU)LQQODQG]XEHKHUUVFKHQ$OVHULQGHU6RZMHWXQLRQHLQWUDI
EHUWUXJ/HQLQLKPHLQH$XIJDEHLQGHU.RPLQWHUQ6SlWHUZXUGH.XXVL
QHQ+DXSWEHUDWHU6WDOLQVIUDXVZlUWLJH$QJHOHJHQKHLWHQ.XXVLQHQKDWWH
GHQSHUV|QOLFKHQ(KUJHL]EHUHLQHUREHUWHVXQWHUZRUIHQHVXQGJHVlX
EHUWHV)LQQODQGDOVGHVVHQEROVFKHZLVWLVFKHU+HUU]XUHJLHUHQ1DFKGHP
HVGHQ6RZMHWVPL‰OXQJHQZDU)LQQODQG]XHUREHUQOHEWH.XXVLQHQDOV
SHQVLRQLHUWHU9HUUlWHUZHLWHULQGHU6RZMHWXQLRQ

 'LH6RZMHWXQLRQKDWWHPHKUDOV%RPEHUXQG.DPSIIOXJ]HXJHJH
JHQGLHILQQLVFKHQ)OXJ]HXJHDXIJHERWHQ

 (EHQGD6

 (EHQGD6

 7ROVWR\DD2$QP6
QXQ VR QHUY|V GD‰ HU HLQH ZHLWHUH 6lXEHUXQJ LP VRZMHWLVFK 
 $OIUHG6HLGO+J'LH%H]LHKXQJHQ]ZLVFKHQ'HXWVFKODQGXQGGHU6R
EHVHW]WHQ 3ROHQ DQRUGQHWH (LQH 8QPHQJH YRQ .OHLQEDXHUQ ZMHWXQLRQ7ELQJHQ6
XQG /DQGDUEHLWHUQ $QJHVWHOOWHQ GHV |IIHQWOLFKHQ 'LHQVWHV

9II*ÂÂ-DKUJDQJÂ+HIW 


8QWHUQHKPHQ%DUEDURVVDXQG(XURSDVhEHUOHEHQ
9RQ'DQLHO0LFKDHOV

(LQ KDOEHV -DKUKXQGHUW ODQJ YRQ  ELV  ZDU GLH YRQ GHQ 9HUHLQLJWHQ 6WDDWHQ RUJDQLVLHUWH XQGJHIKUWH
1$72LQ.DPSIEHUHLWVFKDIWXPMHGHQ9HUVXFKVHLWHQVGHU6RZMHWXQLRQ:HVWHXURSD]XEHUUHQQHQ]XYHUHLWHOQ
$EHUGLH8G665ZXUGHQLFKWHUVWHLQH%HGURKXQJIU(XURSDDOVGLH9HUHLQLJWHQ6WDDWHQVLHHQGOLFKDOVVRO
FKHHUNDQQWHQXQGGLH1$72XQGDQGHUHDQWLNRPPXQLVWLVFKH6LFKHUKHLWVSDNWHLQV/HEHQULHIHQ'HU.RPPXQLV
PXVZDUVFKRQHLQH%HGURKXQJIU(XURSDODQJHEHYRUGLH1$72JHVFKDIIHQZXUGH

 ZDU GLH 6RZMHWXQLRQ XQWHU 6WDOLQV EUXWDOHQ DEHU ZLUN  ZDU GLH 6LWXDWLRQ IU (XURSD LQ GHU 7DW GVWHU 1XU
VDPHQ XQG ]ZHFNGLHQOLFKHQ )KUXQJVPHWKRGHQ ]XU HUVWHQ 'HXWVFKODQGGDVEHUHLQHQ%UXFKWHLOGHU6WlUNHGHU6RZMHW
6XSHUPDFKWGHU:HOWJHZRUGHQXQGHQWZLFNHOWHHQWODQJLKUHU XQLRQ YHUIJWH KDWWH HLQH JHZLVVH &KDQFH GHU VRZMHWLVFKHQ
HXURSlLVFKHQ*UHQ]HEHGURKOLFKH6WUHLWNUlIWH6HLWGHU5HYR %HGURKXQJ HQWJHJHQ]XWUHWHQ 8QYHUVWlQGOLFKHUZHLVH KDWWHQ
OXWLRQ LP -DKUH  KDWWH GLH 6RZMHWXQLRQ ]XQlFKVW GXUFK (QJODQGXQG)UDQNUHLFK'HXWVFKODQGGHQ.ULHJHUNOlUW
8QWHUZHUIXQJ XQG $XIVWDFKHOXQJ ]XU 5HYROXWLRQ XQG GDQQ YRUJHEOLFK LP 1DPHQ 3ROHQV REZRKO LKUH EHZDIIQHWHQ
GXUFK HLQH EHGURKOLFKH 6WUHLWPDFKW YHUVXFKW (XURSD IUGHQ 6WUHLWNUlIWHQLFKWHLQPDOLQGHU/DJHZDUHQLUJHQGZLHHLQ]X
.RPPXQLVPXV ]X HUREHUQ 0LWWH  ZDU LKUH 0RELOLVLH JUHLIHQ(LQKDOEHV-DKUODQJKLHOWHQGLHGHXWVFKHQ6WUHLWNUlIWH
UXQJIUHLQHQJHZDOWLJHQ0LOLWlUVFKODJVFKRQIDVWYROOVWlQGLJ JHJHQ GLH %ULWHQ XQG )UDQ]RVHQ LP VRJ Ä6LW]NULHJ³ HLQHQ
GXUFKJH]RJHQ :DIIHQVWLOOVWDQGHLQZRKOLQGHU+RIIQXQJDXIHLQHIULHGOLFKH
'LH9HUHLQLJWHQ6WDDWHQGLHVLFKLP-XQLRIIL]LHOOQRFK /|VXQJDOOHU3UREOHPH$OVMHGRFKRIIHQVLFKWOLFKZXUGHGD‰
QLFKWLP.ULHJEHIDQGHQOHLVWHWHQGHVVHQXQJHDFKWHWLQVWHWLJ GLH )UDQ]RVHQ XQG %ULWHQ EHUKDXSW QLFKWDQ9HUKDQGOXQJHQ
ZDFKVHQGHU *U|‰HQRUGQXQJ 0LOLWlUKLOIH DQ (QJODQG XQG DQ LQWHUHVVLHUWZDUHQXQGDQJHVLFKWVGHVVHQGD‰GLHVRZMHWLVFKH
GLH 6RZMHWXQLRQ 'DUEHU KLQDXV KDWWH 3UlVLGHQW 5RRVHYHOW *HIDKU LPPHU EHGURKOLFKHU ZXUGH VFKOXJHQ GLH GHXWVFKHQ
GLH$WODQWLN)ORWWHGHU86$EHUHLWVLQ.ULHJV]XVWDQGPLWGHU 6WUHLWNUlIWH VFKOLH‰OLFK ]X XQG VFKDOWHWHQ GLH 6WUHLWNUlIWH GHU
'HXWVFKHQ .ULHJVPDULQH YHUVHW]W XQG 'HXWVFKODQGV )HLQGH ZHVWOLFKHQ$OOLLHUWHQDXIGHP.RQWLQHQWLQZHQLJHUDOVHLQHP
HLQVFKOLH‰OLFK 6WDOLQV 5X‰ODQG ZXUGHQ PLW 6HHWUDQVSRUWHQ 0RQDWDXV
XQG EHU GHQ :HJ YRQ /HQG/HDVH XQG DQGHUHQ 9HUHLQED :lKUHQG GHV )UDQNUHLFK)HOG]XJV KDWWHQ GLH 'HXWVFKHQ QXU
UXQJHQLQMHGP|JOLFKHU:HLVHODXIHQGXQWHUVWW]W,P)HUQHQ VHFKV'LYLVLRQHQDQGHU2VWIURQWGHQHQPHKUDOVKXQGHUWVR
2VWHQ HUULFKWHWH 3UlVLGHQW 5RRVHYHOW JDQ] DEJHVHKHQ YRQ ZMHWLVFKH'LYLVLRQHQJHJHQEHUVWDQGHQ+lWWHQGLH5XVVHQ]X
SURYRNDWLYHQGLSORPDWLVFKHQ+DQGOXQJHQ/XIWVWW]SXQNWHLQ GLHVHP =HLWSXQNW LKUHQ $QJULII JHVWDUWHW GDQQ ZlUH (XURSD
&KLQD IU K&HQDXOW¶V )O\LQJ 7LJHUV  GLH YRQ GRUW DXV VWDUWH YHUORUHQJHZHVHQ*OFNOLFKHUZHLVHZXUGHQVRJDUGLH5XVVHQ
WHQ XP GLH +DXSWLQVHO -DSDQ DQ]XJUHLIHQ ,P *UXQGH JH YRQGHU6FKQHOOLJNHLWGHVGHXWVFKHQ6LHJHVY|OOLJEHUUDVFKW
QRPPHQEHIDQGHQVLFKGLH9HUHLQLJWHQ6WDDWHQXQWHU9HUOHW (V ZLUG KHXWH DOOJHPHLQ DQHUNDQQW GD‰ GLH 'HXWVFKHQ QLH
]XQJGHU1HXWUDOLWlWVJHERWHVRJDUVFKRQYRU3HDUO+DUERUPLW PDOV.ULHJPLWGHP:HVWHQZROOWHQ0LWHLQHU*HVWHGHVJX
'HXWVFKODQGXQG-DSDQLP.ULHJV]XVWDQG WHQ:LOOHQVJHVWDWWHWHQGLH'HXWVFKHQGHQ%ULWHQLKUH0lQQHU
 ª$OOHVZDVLFKXQWHUQHKPHULFKWHWVLFKDXVVFKOLH‰OLFKJH
'LHVLVWHLQH3RVWNDUWHGLHXUVSUQJOLFKLQHLQHP.DU
WRQPLW6FKRNRODGHGHU0DUNHÄ(VWUHOOD³DXV.XEDODJ
JHGUXFNWYRQGHU&RPSDQLD/LWRJUDILFDGHOD+DEDQD
GDWLHUWYRQXQGGLHHLQVRZMHWLVFKHV.ULHJVIOXJ
]HXJYRP7\S,OMXVFKLQGDUVWHOOW1DFKGHP6WDOLQVJH
SODQWH2IIHQVLYHGXUFKGHQGHXWVFKHQ3UlYHQWLYVFKODJ
YHUHLWHOWZRUGHQZDUZXUGHQYLHOHGLHVHU)DOOVFKLUPMl
JHULQ:DFKGLYLVLRQHQQHXDXIJHVWHOOWGLHVLFKVSlWHU
DOVHQWVFKHLGHQGIUGLH:HQGHGHV.ULHJVJOFNVGHU
'HXWVFKHQHUZHLVHQVROOWHQ

YRQ 'QNLUFKHQ DE]X]LHKHQ 0DL-XQL  0LW :RUWHQ
XQG7DWHQOLH‰+LWOHUXQPL‰YHUVWlQGOLFKHUNHQQHQGD‰HUQXU
LP 2VWHQ IUHLH +DQG KDEHQ ZROOWH XP PLW GHU VRZMHWLVFKHQ
%HGURKXQJIHUWLJ]XZHUGHQ(UJLQJVRJDUVRZHLW*DUDQWLHQ
DQ]XELHWHQXPGD]XEHL]XWUDJHQGDV%ULWLVFKH:HOWUHLFKYRU
GHP 8QWHUJDQJ ]X EHZDKUHQ 'LH )ULHGHQVPLVVLRQ YRQ 5X
GROI+HVVZXUGH]XUFNJHZLHVHQ+HVVIUXQ]XUHFKQXQJVIlKLJ
HUNOlUW XQG VSlWHU LQ EULWLVFKHP *HZDKUVDP LQ GHU )HVWXQJ
6SDQGDXHUZUJW1DFKGHP7RGHYRQ5XGROI+HVVZXUGHGLH
)HVWXQJJHVFKOHLIWXQGGHP(UGERGHQJOHLFKJHPDFKW
$P  $XJXVW  GK YRU GHP (LQPDUVFK GHXWVFKHU
7UXSSHQ LQ 3ROHQ EHVFKULHE +LWOHU JHJHQEHU -DFRE %XUFN
KDUGW GHP %HYROOPlFKWLJWHQ GHV 9|ONHUEXQGV GLH /DJH LQ
GLH LKQ GLH EULWLVFKIUDQ]|VLVFKH *DUDQWLHQ DQ 3ROHQ YHUVHW]W
KDWWHQZLHIROJW
JHQ5X‰ODQG:HQQGHU:HVWHQ]XGXPPXQG]XYHUEOHQGHW
LVW XP GDV ]X EHJUHLIHQ GDQQ VHKH LFK PLFK OHLGHU JH
]ZXQJHQHLQH9HUHLQEDUXQJPLWGHQ5XVVHQ]XWUHIIHQGHQ
:HVWHQ]XVFKODJHQXQGPLFKGDQQQDFKGHVVHQ1LHGHUOD
JH PLW DOO PHLQHQ .UlIWHQ JHJHQ 5X‰ODQG]XZHQGHQ,FK
EUDXFKH GLH 8NUDLQH VR GD‰ PDQ XQV QLFKW DXVKXQJHUQ
NDQQZLHHVLPOHW]WHQ.ULHJHJHVFKDK©
$QGHUHUVHLWV HUNOlUWH GDV NRPPXQLVWLVFKH 5HJLPH RIIHQ XQG
LPPHUZLHGHUGD‰HLQH.RH[LVWHQ]]ZLVFKHQ.RPPXQLVPXV
9II*ÂÂ-DKUJDQJÂ+HIW

XQG.DSLWDOLVPXVDXIODQJH6LFKWXQP|JOLFKVHL6FKlUIHUDXV 'HXWVFKODQG QXU EHU ZHQLJH 'LYLVLRQHQ LQ GHQ DQ 6R
JHGUFNWHVZDULPPHUGLH$EVLFKWGHV%ROVFKHZLVPXVGHQ ZMHWUX‰ODQG DQJUHQ]HQGHQ 3URYLQ]HQ YHUIJWH 1XU HLQ
:HVWHQ]XEHHUGLJHQ %OLQGHU NRQQWH EHUVHKHQ GD‰ GHU $XIEDX HLQHU 0LOLWlU
$XIGHU*UXQGODJHGHV.ODVVHQKDVVHVZLH/HQLQLKQLQ5X‰ PDFKW YRQ HLQ]LJDUWLJHQ ZHOWKLVWRULVFKHQ 'LPHQVLRQHQ
ODQG HWDEOLHUW KDWWH KDW GHU .RPPXQLVPXV%ROVFKHZLVPXV YRQVWDWWHQ JLQJ 8QG GLHV JHVFKDK QLFKW XP HWZDV ]X
VWHWVHLQH3ROLWLNGHV([SDQVLRQLVPXVXQGGHU$XVURWWXQJYRQ VFKW]HQGDVEHGURKWZXUGHVRQGHUQYLHOPHKUXPGDVDQ
Ä.ODVVHQIHLQGHQ³ YHUIROJW  ZHQLJH -DKUH QDFKGHP GLH ]XJUHLIHQZDVYHUWHLGLJXQJVXQIlKLJ]XVHLQVFKLHQ©
%ROVFKHZLNHQ LQ 5X‰ODQG DQ GLH 0DFKW JHNRPPHQ ZDUHQ 8QG GDKHU JULIIHQ LQ GHQ 0RUJHQVWXQGHQ GHV  -XQL 
KDWWH/HQLQK|FKVWSHUV|QOLFKHUNOlUWGDVGHU.ULHJGDVEHVWH GHXWVFKH 6WUHLWNUlIWH DXIJHWHLOW LQ GUHL $UPHHJUXSSHQ GLH
9HKLNHOVHLXPGLH5HYROXWLRQLQGLHNDSLWDOLVWLVFKHQ/lQGHU 6RZMHWXQLRQ LP 5DKPHQ GHV 8QWHUQHKPHQV %DUEDURVVD PLW
]XWUDJHQ  'LYLVLRQHQ GDUXQWHU  3DQ]HUGLYLVLRQHQ XQG  'LYL
ª'DV+DXSWKLQGHUQLVIUXQVHUHQ)RUWVFKULWWLQGHQOHW]WHQ VLRQHQYHUEQGHWHU/lQGHUPLW3DQ]HUQ$UWLOOH
YLHU-DKUHQLVWGLH7DWVDFKHGD‰HVZHVWHXURSlLVFKHQ.D ULHJHVFKW]HQ XQG  .DPSIIOXJ]HXJHQ DQ 'HQ 'HXW
SLWDOLVWHQJHOXQJHQLVWGHQ.ULHJ]XEHHQGHQXQGGDGXUFK VFKHQ JHJHQEHU VWDQGHQ ]ZHL 6WDIIHOYHUElQGH UXVVLVFKHU
GLH5HYROXWLRQKLQDXV]XVFKLHEHQ© 6WUHLWNUlIWH GHU HUVWH GDYRQ EHVWHKHQG DXV IQI $UPHHJUXS
$OVQDFK/HQLQV7RG6WDOLQEHIDKO3OlQH]XU(UULFKWXQJGHV SHQ PLW  'LYLVLRQHQ  PRWRULVLHUWHQ (LQKHLWHQ XQG
3DODVWHVGHU6RZMHWVLQ0RVNDX]XHQWZHUIHQLQGHPDOOH1D  3DQ]HUQ 'LH ]ZHLWH 6WDIIHO EHVWDQG DXV ZHLWHUHQ 
WLRQHQGHU:HOWQDFKLKUHU%ROVFKHZLVLHUXQJGHUHLQVWDOVVR 'LYLVLRQHQ XQG QRFK HLQPDO  3DQ]HUQ 'LH 9HUElQGH
]LDOLVWLVFKH5HSXEOLNHQYHUWUHWHQVHLQVROOWHQOHJWHGHU'LNWD ]lKOWHQ]XVDPPHQJHQRPPHQUXQGVRZMHWLVFKH)OXJ
WRUHLQHQIHLHUOLFKHQ(LGDEXQGVDJWH ]HXJHYRQGHQHQPRGHUQVWHU%DXDUWXQG]XU%RGHQXQ
ª$OVHUXQVYHUOLH‰YHUPDFKWH*HQRVVH/HQLQXQVGLH9HU WHUVWW]XQJ JHHLJQHW ZDUHQ 6RZMHWLVFKH 6WUHLWNUlIWH KDWWHQ
DQWZRUWXQJGDIUGLH8QLRQGHU>6RZMHWLVFKHQ@6R]LDOLVWL  $UWLOOHULHJHVFKW]H XQG LQVJHVDPW  +DXELW
VFKHQ5HSXEOLNHQ]XVWlUNHQXQGDXV]XGHKQHQ:LUVFKZ| ]HQ XQG *UDQDWZHUIHU 'LH 5RWH $UPHH HUIUHXWH VLFK HLQHU
UHQ 'LU *HQRVVH /HQLQ GD‰ ZLU GLHVHV 'HLQ KHLOLJVWHV
*HERWLQHKUHQYROOHU:HLVHHUIOOHQZHUGHQ©
6WDOLQHUNDQQWHDXFKGD‰GLHNDSLWDOLVWLVFKHQ6WDDWHQQLHPDOV
GXUFK :DKOHQ HLQHP NRPPXQLVWLVFKHQ 5HJLPH ]XVWLPPHQ
ZUGHQ (V P‰WH LKQHQ KDOW DXIJH]ZXQJHQ ZHUGHQ PHLQWH
HU,QHLQHU5HGHYRUGHP3ROLWEURDP$XJXVWGK
DP 9RUDEHQG GHV =ZHLWHQ :HOWNULHJV IKUWH 6WDOLQ LP (LQ
]HOQHQDXV
ª'LH(UIDKUXQJGHUOHW]WHQ]ZDQ]LJ-DKUHKDWJH]HLJWGD‰
]X )ULHGHQV]HLWHQ GLH NRPPXQLVWLVFKH %HZHJXQJ QLHPDOV
VWDUNJHQXJLVWGLH0DFKW]XHUJUHLIHQ'LH'LNWDWXUHLQHU
VROFKHQ 3DUWHL ZLUG HUVW DOV )ROJH HLQHV JUR‰HQ .ULHJHV
P|JOLFK *HQRVVHQ (V OLHJW LP ,QWHUHVVH GHU 8G665 GD‰
]ZLVFKHQ GHP 5HLFK XQG GHP NDSLWDOLVWLVFKHQ DQJOR
IUDQ]|VLVFKHQ%ORFN.ULHJDXVEULFKW$OOHVVROOWHGDKHUJH
WDQZHUGHQDXIGD‰GLHVHU.ULHJVLFKVRODQJHZLHP|JOLFK
GDKLQ]LHKWPLWGHP=LHOEHLGH6HLWHQ]XVFKZlFKHQ©
(VOLHJWNODUDXIGHU+DQGGD‰6WDOLQ]XPIUGLH6RZMHWXQL
RQJQVWLJVWHQ=HLWSXQNWLQGHQ.ULHJHLQWUHWHQZROOWHQDFK
GHPGLH+DXSWNRQWUDKHQWHQVLFKJHJHQVHLWLJHUVFK|SIWKDWWHQ
$P0DLHLQLJH:RFKHQEHYRUGLH'HXWVFKHQDQJULI
IHQYHUNQGHWH6WDOLQLQHLQHU5HGHYRU$EVFKOX‰NDQGLGDWHQ
GHU)UXQVH0LOLWlUDNDGHPLH
ª8QVHU .ULHJVSODQ LVW IHUWLJ >«@ :LU N|QQHQ GHQ .ULHJ
PLW 'HXWVFKODQG LQQHUKDOE GHU QlFKVWHQ ]ZHL 0RQDWH EH
JLQQHQ>«@-HW]WZRZLUVWDUNVLQGPVVHQZLUYRQ9HU
WHLGLJXQJ DXI $QJULII EHUJHKHQ >«@ 'LH 5RWH $UPHH LVW
HLQH PRGHUQH $UPHH >«@ ,FK HUKHEH PHLQ *ODV DXI GDV
QHXH =HLWDOWHU GDV LQ GHU (QWZLFNOXQJ XQVHUHV VR]LDOLVWL
VFKHQ 9DWHUODQGHV DQJHEURFKHQ LVW /DQJ OHEH GLH DNWLYH
RIIHQVLYH3ROLWLNGHV6RZMHWVWDDWHV©
+LWOHUHUOlXWHUWHVHLQH*UQGHIUGHQ$QJULIIDXI5X‰ODQGLQ
VHLQHU.ULHJVHUNOlUXQJDQGLH9HUHLQLJWHQ6WDDWHQDP'H 
]HPEHU 'DVEHUKPWHÄ9=HLFKHQ³&KXUFKLOOVIUÄYLFWRU\³RGHUDXI
ª6FKRQZXUGHHVYRQ0RQDW]X0RQDWLPPHUNODUHU
GD‰GLH3OlQHGHV0DQQHVLP.UHPODXIGLH%HKHUUVFKXQJ
XQGVRPLWDXIGLH9HUQLFKWXQJJDQ](XURSDVDE]LHOWHQ,FK
KDEH GHU 1DWLRQ YRP $XIEDX GHU VRZMHWUXVVLVFKHQ 0LOL
WlUPDFKW LP 2VWHQ EHULFKWHW VFKRQ ]X HLQHU =HLW DOV
9II*ÂÂ-DKUJDQJÂ+HIW
/DWHLQLVFKÄYLFWRULD³VWDPPWEHUKDXSWQLFKWYRQGHPEULWL
VFKHQ)KUHU(VZXUGHQlPOLFKVFKRQ]X$QIDQJGHV.ULH
JHVYRQHXURSlLVFKHQ)UHLZLOOLJHQYHUZHQGHWXPLKUHQHU
ZDUWHWHQ6LHJEHUGHQ%ROVFKHZLVPXV]XV\PEROLVLHUHQ
+LHUOLHJWDQVFKHLQHQGHLQ%HULFKWDXVGHQHUVWHQ7DJHQGHU
9LFK\5HJLHUXQJYRUPLW'DWXPYRP0DL


VHFKVIDFKHQ hEHUPDFKW EHU GLH :HKUPDFKW LQ EH]XJ DXI KHUZXUGHQQLFKWGHXWVFKH:DIIHQHLQKHLWHQLQV/HEHQJHUXIHQ
3DQ]HU )OXJ]HXJH XQG $UWLOOHULH 8QG GHQQRFK EHKDUUHQ XP (XURSD ]X YHUWHLGLJHQ 1RUZHJHU XQG 'lQHQ ELOGHWHQ
$SRORJHWHQIUGLH6RZMHWXQLRQKHXWHQRFKGDUDXIGD‰6WD VFKRQEDOGGDV)ULNRUSV'DQPDUNXQGGLH'LYLVLRQ1RUGODQG
OLQXQGGLH8G665QLFKWDXIGHQ.ULHJYRUEHUHLWHWJHZHVHQ .RPPDQGHXU &KULVWLDQ )ULHGULFK YRQ 6FKDOOEXUJ GLH
VHLHQ )UDQ]RVHQVWHOOWHQGLH'LYLVLRQ&KDUOHPDJQHDXIGLH.URDWHQ
6RJDUQRFKPHKUVRZMHWLVFKH)RUPDWLRQHQEHZHJWHQVLFKDP GLH *HELUJVGLYLVLRQ +DQGVFKDU GLH *DOL]LHU 8NUDLQHU HLQH
-XQLDQGLHUXVVLVFKH:HVWIURQW6LHVROOWHQ$QIDQJ-XOLLQ *UHQDGLHUGLYLVLRQ GLH /HWWHQ ]ZHL *UHQDGLHUGLYLVLRQHQ GLH
6WHOOXQJVHLQ (VWHQHLQH*UHQDGLHUGLYLVLRQGLH$OEDQHUGLH'LYLVLRQ6NDQ
9HUEQGHWPLW'HXWVFKODQGZDUHQ,WDOLHQ8QJDUQ5XPlQLHQ GHUEHJ GLH +ROOlQGHU GLH 3DQ]HUJUHQDGLHUGLYLVLRQ 1HGHU
XQG)LQQODQG9HUEQGHWPLWGHU6RZMHWXQLRQZDUHQGDV9HU ODQGGLH%HOJLHU:DOORQHQXQG)ODPHQGLH'LYLVLRQHQ/DQ
HLQLJWH.|QLJUHLFKXQGGLHÄIUHLHQ³)UDQ]RVHQ]XVDPPHQPLW
GHQYLHOHQ/lQGHUQLKUHUMHZHLOLJHQ.RORQLDOUHLFKHXQGQDFK
GHP$QJULIIDXI3HDUO+DUERUGLH9HUHLQLJWHQ6WDDWHQ
:DV GLH LQQHUH 6LFKHUKHLW EHWULIIW VR EHVFKlIWLJWH 'HXWVFK
ODQGLQVJHVDPW/HXWHLQGHU*HVWDSRGLH6RZMHW
XQLRQKDWWH1.:'%HDPWH
2EZRKO HV 'HXWVFKODQG XQG VHLQHQ $FKVHQYHUEQGHWHQ JH
ODQJ UXQG GUHL 0LOOLRQHQ VRZMHWLVFKH *HIDQJHQH ]X PDFKHQ
XQG  3DQ]HU  $UWLOOHULHJHVFKW]H XQG 
)OXJ]HXJ VFKRQ LQ GHQ HUVWHQ YLHU 0RQDWHQ GHV .ULHJHV ]X
]HUVW|UHQ EUDFKWH %DUEDURVVD QLFKW GHQ VFKQHOOHQ 6LHJ EHU
GLH 6RZMHWXQLRQ GHQ +LWOHU EUDXFKWH 8QG PLW GHP  'H
]HPEHU VWDQGHQ GLH 9HUHLQLJWHQ 6WDDWHQ DNWLY 6HLWH DQ 6HLWH
PLW(QJODQGXQGGHU8G665LP.ULHJH$OVNODUZXUGHGD‰
GLH'HXWVFKHQLQLKUHP%OLW]NULHJJHJHQGLH6RZMHWXQLRQNHL
QHQ (UIROJ KDWWHQ ERWHQ )UHLZLOOLJH DXV JDQ] (XURSD LKUH
'LHQVWHDQLQGHP.UHX]]XJJHJHQGHQ%ROVFKHZLVPXV'D
JHPDUFNXQG:DOORQLHQ.RPPDQGHXU/pRQ'HJUHOOH
,WDOLHQHUDX‰HUKDOEGHUUHJXOlUHQLWDOLHQLVFKHQ$UPHHELOGHWHQ
HLQHLWDOLHQLVFKH*UHQDGLHUGLYLVLRQ)LQQHQDX‰HUKDOEGHUILQ
QLVFKHQ $UPHH VWHOOWHQ HLQ %DWDLOORQ DXI 6SDQLHQ HQWVDQGWH
GLH %ODXH 'LYLVLRQ DQ GLH UXVVLVFKH )URQW DX‰HUKDOE GHU
*UHQ]HQGHV5HLFKHVOHEHQGH9RONVGHXWVFKHVWHOOWHQPHKUHUH
'LYLVLRQHQ DXI GLH %HLQH 6RJDU LQGLVFKH *HIDQJHQH XQWHU
GHU )KUXQJ YRQ 6XEOLDV &KDQGUD %RVH IRUPLHUWHQ VLFK ]X
HLQHU,QGLVFKHQ/HJLRQLQGHU+RIIQXQJ,QGLHQYRQGHUEULWL
VFKHQ8QWHUGUFNXQJEHIUHLHQ]XN|QQHQ
,QJHZLVVHU:HLVHN|QQHQGLHVHLQWHUQDWLRQDOHQ(LQKHLWHQDOV
9RUOlXIHU GHU 1$72DQJHVHKHQZHUGHQGLHHUVWRUJD
QLVLHUW ZXUGH 'DV 6FKLFNVDO GLHVHU IUKHQ HXURSlLVFKHQ
)UHLZLOOLJHQ XQG HXURSlLVFKHQ 9HUWHLGLJXQJVPDFKW GHUHQ
0LVVLRQ GDULQ EHVWDQG GHQ ERVFKHZLVWLVFKHQ $QVWXUP ]XP
6WHKHQ]XEULQJHQZDULQGHU7DWJULPPLJ$OOHKDEHQWDSIHU
JHNlPSIWQLFKWXQEHGLQJWIU+LWOHUVRQGHUQIU(XURSDXQG
JHJHQ GHQ %ROVFKHZLVPXV 5HVWH HLQLJHU GLHVHU (LQKHLWHQ
QDKPHQ VRJDU DP (QGNDPSI XP %HUOLQ WHLO 'D GLH PHLVWHQ
YRQLKQHQDQGHU2VWIURQWVWDQGHQZXUGHQYLHOHhEHUOHEHQGH
GHV.ULHJHV]XU=ZDQJVDUEHLWLQGLH6RZMHWXQLRQYHUIUDFKWHW
$XFKDXIZLUWVFKDIWOLFKHU(EHQHJLQJHQGLH3OlQHGHU1DWLR
QDOVR]LDOLVWHQ IU HLQHQ *HPHLQVDPHQ (XURSlLVFKHQ 0DUNW
GHQHQ YRQ .RQUDG $GHQDXHU 5REHUW 6FKXPDQ XQG$OLFHGH
*DVSHUL LQ 5RP LP -DKUH  XP HWZD  -DKUH YRUDXV
JHQHKPLJWHGHU5HLFKVZLUWVFKDIWVPLQLVWHUXQG3UlVLGHQW
GHU5HLFKVEDQN:DOWKHU)XQNGHU%HUOLQHU:LUWVFKDIWVXQLYHU
VLWlWLQ=XVDPPHQDUEHLWPLWIKUHQGHQ,QGXVWULHOOHQGLH9HU
|IIHQWOLFKXQJ GHV :HUNHV (XURSlLVFKH :LUWVFKDIWVJHPHLQ
VFKDIW LQ GHP ]XU ,QWHJUDWLRQ HXURSlLVFKHU ZLUWVFKDIWOLFKHU
XQGLQGXVWULHOOHU5HVVRXUFHQDXIJHIRUGHUWZLUG'HU3ODQVHW]
WHGLHIUHLZLOOLJH%HWHLOLJXQJHXURSlLVFKHU,QGXVWULHQXQG$U
EHLWHU YRUDXV YHUVSUDFK GLH $QKHEXQJ GHU $UEHLWVQRUPHQ
XQG GHU %HGLQJXQJHQQLFKWGHXWVFKHU,QGXVWULHQXQG$UEHLWHU
DXIGHQ6WDQGGHQGHUGHXWVFKH$UEHLWHUGDPDOVJHQR‰
'DVJDQ]H%HZHLVPDWHULDOGDUXQWHUYRUDOOHPGLH9RUZlUWV
YHUOHJXQJ VRZMHWLVFKHU 7UXSSHQ DP 9RUDEHQG GHV .ULHJHV
GLH$Q]DKOXQG7\SHQVRZMHWLVFKHU3DQ]HU)OXJ]HXJH/XIW
ODQGHWUXSSHQ$UWLOOHULHJHVFKW]HGLHVDPWXQGVRQGHUVGLHLQ
'HXWVFKODQG EHNDQQWHQ =DKOHQ ZHLW EHUVFKULWWHQ XQG GLH
ZDV GLH 3DQ]HU EHWULIIW LQ :LUNOLFKNHLW YRQ EHVVHUHU %DXDUW
XQG PLW 'LHVHOPRWRUHQ EHWULHEHQ ZXUGHQ ]% GLH 7\SHQ
 VFKDOO +HUUPDQQ *|ULQJ XQG *HQHUDOREHUVW $OIUHG -RGO DXV
(LQHIUDQ]|VLVFKH3RVWNDUWHDXVGHP=ZHLWHQ:HOWNULHJGLH
GHQÄ0DUVFK(XURSDVJHJHQGHQ%ROVFKHZLVPXV³GDUVWHOOW
0DQEHDFKWHGLH)ODJJHQ]DKOUHLFKHUHXURSlLVFKHU/lQGHU

7XQG.9EHOHJHQHLQGHXWLJGLH$QJULIIVEHUHLWVFKDIWGHU
6RZMHWVXQGGHUHQ$EVLFKW]XHLQHPJQVWLJHQ=HLWSXQNWHL
QHJHZDOWLJH2IIHQVLYH]XVWDUWHQ
5XVVLVFKH$QDO\WLNHUVFKlW]HQGD‰GLH'HXWVFKHQLKUHQ3Ul
YHQWLYVFKODJ ]ZHL ELV YLHU :RFKHQ YRU GHP JHSODQWHQ $Q
VWXUPGHU6RZMHWVGXUFKIKUWHQ
9RU GHP 1UQEHUJHU 0LOLWlUJHULFKWVKRI VDJWHQ 5HLFKVPDU
GHU GHXWVFKH $QJULII LP -XQL  VHL HLQ UHLQHU 3UlYHQWLY
VFKODJJHZHVHQ*|ULQJEH]HXJWH
9II*ÂÂ-DKUJDQJÂ+HIW



+LHUVWHKWLQÄUHDNWLRQlUHP³NODVVLVFKHQ.\ULOOLVFKJHVFKULH
+LHUVLQGGHXWVFKH6ROGDWHQ]XVHKHQGLHVLFKLP'H]HPEHU
EHQª:HUDXFKLPPHUPLWGHP6FKZHUW]XXQVNRPPWZLUG
6WDOLQV7UXSSHQHUJHEHQ2EZRKOGLHVH0lQQHULP
GXUFKGDV6FKZHUWXPNRPPHQ'DUDXIVWDQGXQGVWHKW5X‰
.DPSIJHKlUWHWH9HWHUDQHQZDUHQKDWWHQVLHDPHLJHQHQ
ODQG©'LHVHU6SUXFKVWDPPWYRPKHLOLJHQ$OH[DQGHU1HZVNLM
/HLEHGLH$XVZLUNXQJGHUJU|‰WHQQDWUOLFKHQ9HUWHLGLJXQJ
:lKUHQGGHV=ZHLWHQ:HOWNULHJHVZXUGH6WD
5X‰ODQGVJHVSUWGDVVWUHQJH:LQWHUZHWWHU
OLQV5X‰ODQGNXU]]HLWLJ]XPNRQVHUYDWLYVWHQ/DQG(XURSDV
ª'LH 6LPRYLF$IIlUH >@ ZDU GHU OHW]WH XQG HQWVFKHLGHQGH
*HVLFKWVSXQNW GHU GLH OHW]WHQ *HZLVVHQVELVVH GHV)KUHUV
LQ EH]XJ DXI 5X‰ODQGV +DOWXQJ ]HUVWUHXWH XQG LKQ GD]X
YHUDQOD‰WH3UlYHQWLYPD‰QDKPHQLQGLHVHU5LFKWXQJXQWHU
DOOHQ8PVWlQGHQ]XHUJUHLIHQ©
-RGOVDJWHDXV
ª(V ZDU XQEHVWUHLWEDU HLQ UHLQHU 3UlYHQWLYNULHJ :DV ZLU
VSlWHU KHUDXVEHNDPHQ ZDU GLH *HZL‰KHLW JHZDOWLJHU
)URQWEHZHJXQJHQVHLWHQVGHU5XVVHQDXIXQVHUH*UHQ]H]X
,FK P|FKWH PLU (LQ]HOKHLWHQ HUVSDUHQ LFK NDQQ DEHU QXU
VDJHQ GD‰ REZRKO XQV KLQVLFKWOLFK GHV 7DJHV XQG GHU
6WXQGH HLQH WDNWLVFKH hEHUUDVFKXQJ JHODQJ GLHV MHGRFK
NHLQH VWUDWHJLVFKH hEHUUDVFKXQJ ZDU 5X‰ODQG ZDU YROO
XQGJDQ]DXIGHQ.ULHJYRUEHUHLWHW©
%HYRUGLHVHKRKHQGHXWVFKHQ*HQHUDOHGXUFKGHQ6WUDQJKLQ
JHULFKWHW ZXUGHQ ZDV EULJHQV HLQH 0L‰DFKWXQJ GHU *HQIHU
.RQYHQWLRQHQ EHU GLH %HKDQGOXQJ YRQ .ULHJVJHIDQJHQHQ
ELHWHQ GHU 68 ±6LELULHQ HLQVFKO  )HUQRVW .DXNDVXV XQG
,QQHUDVLHQ±EHUHLWVLP-XOLDQGHUGHXWVFKHQ2VWIURQW
LP .DPSI >«@ 'LHVH EHLGHQ 6FKZHUSXQNWH >GHV 68 $XI
PDUVFKHV XP /HPEHUJ XQG %LDO\VWRN@ ODVVHQ GHXWOLFK GLH
$EVLFKW HUNHQQHQ GXUFK 9RUVWR‰ LQ DOOJHPHLQHU 5LFKWXQJ
/LW]PDQQVWDGW GLH LQ GHP YRUVSULQJHQGHQ 7HLO GHV *HQH
UDOJRXYHUQHPHQWVVWHKHQGHQGHXWVFKHQ.UlIWHHLQ]XNHVVHOQ
XQG]XYHUQLFKWHQXQGEHLJQVWLJHU(QWZLFNOXQJGHU/DJH
LP 1RUGHQ GXUFK 9RUVWR‰ LQ 5LFKWXQJ (OELQJ 2VWSUHX‰HQ
YRP5HLFKDE]XWUHQQHQ©
-DKU]HKQWH VSlWHU EHVWlWLJWHQ IUHLH UXVVLVFKH XQG DPHULNDQL
VFKH 0LOLWlUDQDO\WLNHU XQG +LVWRULNHU GD‰ GLH %HZHUWXQJHQ
GHUGHXWVFKHQ0LOLWlUVGLHLQ1UQEHUJ]XP7RGHGXUFKGHQ
6WUDQJ YHUXUWHLOW ZXUGHQ ULFKWLJ ZDUHQ %ULWLVFKH $QDO\WLNHU
VWHOOHQMHW]WVRJDULQ)UDJHREHVNOXJZDUGD‰(QJODQGGHQ
3ROHQ HLQH *DUDQWLH JDE GLH XQP|JOLFK HLQJHKDOWHQ ZHUGHQ
NRQQWHXQGGLHXQHUELWWOLFK]XP.ULHJIKUWH(LQHIULHGOLFKH
ZDUZXUGHQVLH]XQlFKVWGDUEHU]X5DWHJH]RJHQZLHGDV
ZDVYRQ(XURSDEULJJHEOLHEHQZDUDPEHVWHQ]XYHUWHLGLJHQ
ZlUH
'LH%HKDQGOXQJGLH2EHUVW5*HKOHQ/HLWHUGHVGHXWVFKHQ
0LOLWlUJHKHLPGLHQVWHVDQGHU2VWIURQW]XWHLOZXUGHZDUY|O
OLJDQGHUVXQGEH]HLFKQHQGIUGDVIHKOHQGH:LVVHQGHUDPH
ULNDQLVFKHQ 5HJLHUXQJ EHU VRZMHWLVFKH PLOLWlULVFKH 3OlQH
XQG)lKLJNHLWHQ*HKOHQXQGYLHOHZHLWHUHVHLQHUHKHPDOLJHQ
.ROOHJHQ YRQ GHXWVFKHQ *HKHLPGLHQVWHQ GHUHU PDQ KDEKDIW
/|VXQJGHUSROQLVFKHQ)UDJHKlWWHLQGLH:HJHJHOHLWHWZHU
GHQN|QQHQ'HU:HVWHQZDUMDVFKRQGDEHLJHZHVHQGLHXQ
JHUHFKWHQ XQG VWUDIHQGHQ %HGLQJXQJHQ GHV 9HUVDLOOHU 9HU
WUDJVLQGLHVHP3XQNWH]XNRUULJLHUHQXQGKlWWHGDPLWIRUWIDK
UHQVROOHQ
.ULHJVKHW]HU LQ GHQ 9HUHLQLJWHQ 6WDDWHQ QDQQWHQ GLHVHQ %H
ULFKWLJXQJVYRUJDQJ DEZHUWHQG Ä$SSHDVHPHQW³ ZDV VRYLHO
ZLHÄ%HVFKZLFKWLJXQJ³KHL‰W
,Q VHLQHU 7ULORJLH 'HU (LVEUHFKHU 'HU 7DJ 0 XQG 6WDOLQV
ZHUGHQNRQQWHZXUGHQGHU&,$]XJHWHLOWZRLKUH(UIDKUXQJ
XQG LKU )DFKZLVVHQ GULQJHQG EHQ|WLJW ZXUGH 'LH GHXWVFKHQ
'LHQVWVWHOOHQEHIDQGHQVLFKLQ3XOODFK
$P6HSWHPEHUKDWWH*HKOHQV$EWHLOXQJHLQHQ%HULFKW
EHUGHQVRZMHWLVFKHQ$XIPDUVFKLQGHU=HLWXQPLWWHOEDUYRU
GHP $XVEUXFK GHU )HLQGVHOLJNHLWHQ ]XVDPPHQJHVWHOOW +LHU
HLQLJH$XV]JH
ª'D‰GLH68]XHLQHP2IIHQVLY.ULHJJHJHQGDV'HXWVFKH
5HLFKYRUEHUHLWHWZDUOl‰WVLFKDXVGHP=HLWSXQNWGHV$XI
EDXVXQGGHU=XVDPPHQVHW]XQJGHV+HHUHVVRZLHDXVGHP
$XIPDUVFK HUNHQQHQ >«@ ,Q GHU =XVDPPHQVHW]XQJ GHV
+HHUHVOl‰WGHUVHKUVWDUNH$QWHLODQ3]'LYGHQEHZX‰WHQ
$XIEDX HLQHV $QJULIIVKHHUHV HUNHQQHQ >«@ YRQ GHQ 
6FKW]'LY >VWDQGHQ@ DOOHLQH DXV GHQ HQWIHUQWHVWHQ *H
9II*ÂÂ-DKUJDQJÂ+HIW
YHUKLQGHUWHU (UVWVFKODJ EHU 9RUVSLHO XQG $XVEUXFK GHV
GHXWVFKUXVVLVFKHQ.ULHJHVZDU9LNWRU6XZRURZHLQHUGHUHU
VWHQ *HVFKLFKWVIRUVFKHU GHU LQ EHU]HXJHQGHU :HLVH 6WDOLQV
3ODQ EHVFKULHE QLFKW QXU 'HXWVFKODQG ]X HUREHUQ VRQGHUQ
DXFK GDV EULJH (XURSD VRZLH GLH SHLQOLFK JHQDXHQ .ULHJV
YRUEHUHLWXQJHQXQGGLH0RELOPDFKXQJGLHLQGHU6RZMHWXQL
RQ XQWHU GHU /HLWXQJ GHV *HQHUDOVWDEVFKHIV 0DUVFKDOO %RULV
6FKDSRVFKQLNRZGXUFKJHIKUWZXUGHQ (VEUDXFKWQLFKWEH
WRQW]XZHUGHQGD‰6XZRURZV7KHVHGHUYRQGHU6RZMHWXQL
RQDXVJHEUWHWHQXQGYRQGHQ5HJLHUXQJHQGHU:HVWDOOLLHUWHQ
EHUQRPPHQHQ :HLVKHLW JHUDGH]X LQV *HVLFKW VFKOlJW 'HU
:RUWIKUHUIUGLH2SSRVLWLRQJHJHQGLH*HGDQNHQVFKXOHYRQ
6XZRURZ XQG DQGHUHU LVW HLQ JHZLVVHU *DEULHO *RURGHW]N\
/HLWHU GHV&XPPLQJV,QVWLWXWHGHU8QLYHUVLWlWYRQ7HO$YLY


2EZRKO HU VHOEVW LQ (QJODQG DXVJHELOGHW ZXUGH VLQG VHLQH
)RUVFKXQJVPLWDUEHLWHU JU|‰WHQWHLOV XPJHVLHGHOWH VRZMHWLVFKH
-XGHQ
+HXWHVWHKW6XZRURZPLWVHLQHU$XIIDVVXQJGHU+DXSWXUVDFKH
IU GLH EHLQDKH NDWDVWURSKDOHQ 1LHGHUODJHQ ZHOFKH GLH5RWH
$UPHH LQ GHQ $QIDQJVPRQDWHQ GHV 5X‰ODQGIHOG]XJV HUOLWWHQ
KDW MHGRFK QLFKW PHKU DOOHLQ DXI ZHLWHU )OXU 9LHOH VRZMHWL
VFKHXQGZHVWOLFKH0LOLWlUDQDO\WLNHUVWLPPHQLKP]XHEHQVR
HLQLJHMXQJHUXVVLVFKHUHYLVLRQLVWLVFKH+LVWRULNHU
$Q HUVWHU 6WHOOH XQWHU GHQ HXURSlLVFKHQ 0LOLWlUDQDO\WLNHUQ
GLH6XZRURZV7KHVHVRJDUQRFKZHLWHUDXVEDXHQVWHKHQGHU
GHXWVFKH+LVWRULNHU'U-RDFKLP+RIIPDQQGHVVHQ:HUN6WD
OLQV 9HUQLFKWXQJVNULHJ VFKRQ LQGHUVLHEWHQ$XIODJHHUVFKLH
QHQLVW GHUGHXWVFKH)RUVFKHU)ULW]%HFNHUGHUGDV%XFK,P
.DPSI IU (XURSD 6WDOLQV 6FKULWWH JHJHQ 'HXWVFKODQG XQG
GHQ :HVWHQ VFKULHE XQG GHU gVWHUUHLFKHU 'U (UQVW 7R
SLWVFKGHVVHQ+DXSWZHUN]XGLHVHP7KHPDGHQ7LWHO6WDOLQV
.ULHJWUlJW
(LQ ZHLWHUHU GHXWVFKHU +LVWRULNHU XQG 6ODZLVW :ROIJDQJ
6WUDXVV KDW  HLQ %XFK GHV 7LWHOV 8QWHUQHKPHQ %DUED
URVVD XQG GHU UXVVLVFKH +LVWRULNHUVWUHLW KHUDXVJHEUDFKW LQ
GHPHUGLH(UNHQQWQLVVHMXQJHUUXVVLVFKHU+LVWRULNHUGHU5H
YLVLRQLVWLVFKHQ6FKXOHGHU*HVFKLFKWVIRUVFKHUEHVFKUHLEWGLH
6WDOLQV.ULHJVVFKXOGEHZHUWHQ
,QVEHVRQGHUHKHEW6WUDXVVGLHUHYLVLRQLVWLVFKHQ:HUNHMXQJHU
5XVVHQ KHUYRU , %XVFKXMHZD 9 'RURVFKHQNR , 3DZORZD
XQG DQGHUHU GLH LQ ]ZHL YRU NXU]HP HUVFKLHQHQHQ %FKHUQ
YHU|IIHQWOLFKW ZXUGHQ 3ODQWH 6WDOLQ HLQHQ $QJULIIVNULHJ JH
JHQ+LWOHU" XQG6HSWHPEHU0DL$XV$Q
OD‰ GHV  -DKUHVWDJHV GHU 9HUQLFKWXQJ GHV IDVFKLVWLVFKHQ
'HXWVFKODQG LP .RQWH[W PLW GHP %HJLQQ GHV =ZHLWHQ :HOW
NULHJHVDXVGHPQDFKVWHKHQGH=LWDWHHQWQRPPHQVLQG
'RURVFKHQNRVWHOOWIHVW
ª>(@V ODJ LQ 6WDOLQV XUHLJHQHP ,QWHUHVVH GHQ .ULHJ ]X
HQWIDFKHQ HLQPDO PLW GHP DOOJHPHLQHQ =LHO GHU 0DFKWHU
REHUXQJLQ(XURSD]XPDQGHUHQPLWHLQHPXQPLWWHOEDUHQ
'LHVHVRZMHWLVFKHQ6ROGDWHQWUHWHQLQGHQ*HELUJVDXVOlX
IHUQGHV.DXNDVXV]XP*HJHQDQJULIIDQ'LHVH$XIQDKPH
ZXUGHXPGHQ$XJXVWKHUXPJHPDFKWZlKUHQGGHU
]ZHLWHQGHXWVFKHQ*UR‰RIIHQVLYH0DQEHDFKWHGLHSULPLWL
*HZLQQ GHU VLFK DXV GHU 9HUQLFKWXQJ 3ROHQV XQG GHU
(UREHUXQJ *DOL]LHQV HUJDE 'DV ZLFKWLJVWH 0RWLY 6WDOLQV
ZDUDEHUGHU.ULHJVHOEVW>«@GHU6WXU]GHUHXURSlLVFKHQ
2UGQXQJXQGGHUVLFKGDUDXVHUJHEHQGHQ0|JOLFKNHLWXQ
WHUVROFKHQ%HGLQJXQJHQVHLQH'LNWDWXU]XHWDEOLHUHQ©
%XVFKXMHZDVFKUHLEW
ª'LH JDQ]H 7LHIH GHU 7UDJ|GLH GLH XQVHUH IQI 0LOOLRQHQ
VWDUNH$UPHHLP-XQLHUHLOWHPX‰DXVJHORWHWZHUGHQ
'DV %|VH ZHOFKHV GLH 0DFKWKDEHU GHU 6RZMHWXQLRQ IU
$QGHUHDXVJHKHFNWKDWWHQWUDIXUSO|W]OLFKGXUFKXQGXUFK
VLFKWLJHV6FKLFNVDOXQVHUHLJHQHV/DQG©
,QGHQ9HUHLQLJWHQ6WDDWHQVWLPPW5XVVHOO+66WROIL3URIHV
VRUDQGHU1DYDO3RVWJUDGXDWH6FKRROLQ0RQWHU\.DOLIRUQL
HQ GHU ZHVHQWOLFKHQ %HKDXSWXQJ 6XZRURZV RIIHQEDU ]X (U
VFKUHLEW
ª+LWOHUVFKHLQW6WDOLQNQDSS]XYRUJHNRPPHQ]XVHLQ.U]
OLFK YHU|IIHQWOLFKWHV %HZHLVPDWHULDO XQG EHVRQGHUV HLQ
OHXFKWHQGH $UJXPHQWH EHOHJHQ GD‰ 6WDOLQ $QIDQJ -XQL
 HLQH PDVVLYH 9HUOHJXQJ VRZMHWLVFKHU 6WUHLWNUlIWH DQ
GLH ZHVWOLFKH *UHQ]H LQ GLH :HJH OHLWHWH'LH%HZHLVHXQ
WHUPDXHUQ GLH $QVLFKW GD‰ 6WDOLQ GLH LP :HVWHQ NRQ]HQ
WULHUWHQ.UlIWHVRVFKQHOOZLHP|JOLFKP|JOLFKHUZHLVH0LWWH
-XOL IUHLQVRZMHWLVFKHV%DUEDURVVDYHUZHQGHQZROOWH
$XVVDJHQ YRQ *HIDQJHQHQ XQWHUVWW]HQ HEHQVR GLH $QVLFKW
GD‰ 6WDOLQ 'HXWVFKODQG   DQJUHLIHQ ZROOWH 'HU DX‰HU
JHZ|KQOLFKH$XIPDUVFKGHUVRZMHWLVFKHQ6WUHLWNUlIWHDQGHU
ZHVWOLFKHQ*UHQ]HHUNOlUWVLFKDPEHVWHQDOV2IIHQVLYHLQVDW]
IUHLQHQ$QJULIIRKQH7RWDOPRELOLVLHUXQJGXUFKGRUW]XGLH
VHP=ZHFNPDVVLHUWHlX‰HUVWVWDUNH.UlIWH©
5& 5DDFN DQ GHU &DOLIRUQLD 6WDWH 8QLYHUVLW\ KDW GLH )UDJH
HLQJHKHQG VWXGLHUW XQG VFKHLQW ± XQWHU 9RUEHKDOW ± GLH *O
WLJNHLW GHU ZHVHQWOLFKHQ %HKDXSWXQJ 6XZRURZV ]X DN]HSWLH
UHQ
ª>6XZRURZV@ DOOJHPHLQHV 6FKHPD IU HLQHQ 9RUVWR‰ GHU
5RWHQ$UPHHQDFK:HVWHQLVWLQ]ZLVFKHQ]XJXWDOVKLVWRUL
VFKH7DWVDFKHIXQGLHUWXPLUJHQGZHOFKH=ZHLIHODQ]XPHO
GHQ RKQH ]XHUVW GLH GDKLQWHU VWHFNHQGHQ =HXJHQDXVVDJHQ
]XHQWNUlIWHQ©
-HGRFK VFKRQ -DKUH YRU GHU 9HU|IIHQWOLFKXQJGHU:HUNH6X
ZRURZVXQGDQGHUHU$QDO\WLNHUZDU*HQHUDOPDMRU3LRWU*UL
JRUMHQNRHLQPLWKRKHQ$XV]HLFKQXQJHQYHUVHKHQHUVRZMHWL
VFKHU.ULHJVYHWHUDQGHU0LWWHGHUHU-DKUHDQGHU)UXQVH
0LOLWlUDNDGHPLHGR]LHUWHHLQDXVJHVSURFKHQUHYLVLRQLVWLVFKHU
.ULWLNHUGHUDPWOLFKHQVRZMHWLVFKHQ'DUVWHOOXQJGHU$QIDQJV
VWDGLHQGHV.ULHJHV
 YHUVXFKWH *ULJRUMHQNR VHLQH $UJXPHQWH ]XU 8QWHUVWW
]XQJ GHU 7KHVH GD‰ VRZMHWLVFKH 6WUHLWNUlIWH  IU HLQHQ
hEHUUDVFKXQJVDQJULII DXI 'HXWVFKODQG EHUHLWJHVWHOOW ZXUGHQ
]XYHU|IIHQWOLFKHQ*ULJRUMHQNRDUJXPHQWLHUWHVR
ª0HKU DOV GLH +lOIWH GHU 6RZMHWDUPHHQ LQ GHQ ZHVWOLFKHQ
6RQGHUPLOLWlUEH]LUNHQ EHIDQGHQ VLFK XQPLWWHOEDU YRU GHP
-XQLLP*HELHWYRQ%LDOLVWRNXQGZHVWOLFKGDYRQ
GDVKHL‰WLQHLQHP5DXPGHUWLHILQGDVSROQLVFK7HUULWRUL
XP XQWHU GHXWVFKHU %HVHW]XQJ KLQHLQUDJWH *ULJRUMHQNR
Ä6ROFKH 9HUWHLOXQJ ZlUH QXU GDQQ EHJUQGHW ZHQQ GLHVH
7UXSSHQIUHLQHhEHUUDVFKXQJVRIIHQVLYHEHVWLPPWZlUHQ
%HLP JHJQHULVFKHQ $QJULII ZDUHQ GLHVH 7UXSSHQ VFKRQ
EDOGXPID‰W©
)UVHLQHXQZLOONRPPHQH$QDO\VHZXUGH*ULJRUMHQNRLQHLQH
VRZMHWLVFKH,UUHQDQVWDOWHLQJHZLHVHQ
YHQ:DIIHQ'DV0D[LP*HZHKUREHQXQGGDV.ROEHQJH =ZHL %lQGH PLW DPWOLFKHQ VRZMHWLVFKHQ 'RNXPHQWHQ GLH
ZHKU0LWWHGHXWHQGDUDXIKLQGD‰YLHOH6RZMHWVROGDWHQ VLFKDXIGLH/DJHXQPLWWHOEDUYRUGHP.ULHJHEH]LHKHQVLQG
LPPHUQRFK:DIIHQDXVGHP(UVWHQ:HOWNULHJEHQXW]WHQ

 9II*ÂÂ-DKUJDQJÂ+HIW

MHW]W YRQ GHU QHXHQ UXVVLVFKHQ 5HJLHUXQJ XQWHU GHP 7LWHO %ROVFKHZLNHQLQ-XJRVODZLHQHLQHQ3XWVFKLQ6]HQHZRGXUFK
JRG 'RNXPHQW\  YHU|IIHQWOLFKW ZRUGHQ (LQH =XVDP GLHGRUWLJHGHXWVFKIUHXQGOLFKH5HJLHUXQJGXUFKHLQSURUXVVL
PHQIDVVXQJ GHU EHLGH %lQGH ZXUGH YRQ /HZ %HV\PHQVN\ VFKHV5HJLPHHUVHW]WZXUGH
KHUDXVJHEUDFKW:HQQGLHVHUXPIDQJUHLFKH5HJLHUXQJVEHULFKW (KHPDOLJH KRFKUDQJLJH VRZMHWLVFKH 2IIL]LHUHKDEHQMHW]WGLH
DXFK NHLQ 'RNXPHQW GDKLQJHKHQG HQWKlOW GD‰ VLFK 6WDOLQ GHXWVFKH (LQVFKlW]XQJ GHU PLOLWlULVFKHQ /DJH LP -XQL 
VHOEVW DXI HLQH 2IIHQVLYH YRUEHUHLWHWH VR JHKW DXV GHP %H YROOEHVWlWLJW,QHLQHP$XIVDW]LQGHU3UDZGDLP-DKUH
ULFKW GHQQRFK HLQGHXWLJ KHUYRU GD‰ 6WDOLQ XQG GDV VRZMHWL DOV GLH *HIDKU GHU (LQOLHIHUXQJ LQ HLQH ,UUHQDQVWDOW YRUEHU
VFKH 2EHUNRPPDQGR VFKRQ ODQJH YRU GHP HLJHQWOLFKHQ $Q ZDUNRQQWH2EHUVW%3HWURZRIIHQ]XJHEHQ
JULIIEHVWHQVEHU+LWOHUV%DUEDURVVDSOlQHXQWHUULFKWHWZDUHQ ª8QUHDOLVWLVFKH 3OlQH RIIHQVLYHU 1DWXU ZXUGHQ YRU GHP
%H]\PHQVN\VFKULHE .ULHJH HQWZRUIHQ DOV )ROJH HLQHU hEHUVFKlW]XQJ XQVHUHU
ª'LHVH 'RNXPHQWH DXV VRZMHWLVFKHQ $UFKLYHQ ODVVHQ HU HLJHQHQ >VRZMHWLVFKHQ@ )lKLJNHLWHQ XQG HLQH 8QWHUVFKlW
NHQQHQ GD‰ GLH 0DUVFKlOOH 7LPRVFKHQNR XQG 6FKD ]XQJGHV)HLQGHV(QWVSUHFKHQGGLHVHU3OlQHEHJDQQHQZLU
SRVFKQLNRZ0LWJOLHGHUGHV9RONVNRPPLVVDULDWVIU9HUWHL GDPLW.UlIWHDQGHUZHVWOLFKHQ*UHQ]H]XJUXSSLHUHQ>«@
GLJXQJ XQG GHV *HQHUDOVWDEV GHU 5RWHQ $UPHH DP  DEHUGHU)HLQGNDPXQV]XYRU>«@
6HSWHPEHULQGHU7DWVFKRQHLQH'LUHNWLYHÄhEHUGLH 'XUFK VHLQH HQWVFKHLGHQGH =XVDPPHQEDOOXQJ YRQ 6WUHLW
(QWZLFNOXQJGHU6WUHLWNUlIWHGHU5RWHQ$UPHHLP)DOOHHL NUlIWHQXQG.ULHJVPDWHULDOVFKDIIWHHU>GHU)HLQG@NRPSDN
QHV .ULHJHV JHJHQ )LQQODQG³ DQ 6WDOLQ XQG 0RORWRZ JH WH *UXSSLHUXQJHQ GLH GHP 6WDQGRUW %LDO\VWRN XQG GHU
ULFKWHWKDWWHQ© Q|UGOLFKHQ .DQWH GHU YRUJHVFKREHQHQ 6WHOOXQJ EHL /HP
'HU5LEEHQWURS0RORWRZ3DNWZXUGHLP$XJXVWXQWHU EHUJ VFKZHUH 6FKOlJH ]XIJWH LQ GHQHQ HLQH VHKU JUR‰H
]HLFKQHWXPGHQ,QWHUHVVHQEHLGHU6HLWHQ]XGLHQHQ(UVWHQV $Q]DKOVRZMHWLVFKHU7UXSSHQGHUEHLGHQ*UHQ]EH]LUNHNRQ
JDEHUGHQ'HXWVFKHQIUHLH+DQGGLHHWKQLVFKHQ6lXEHUXQJHQ ]HQWULHUWZDUHQ,UUWPHULQGHUVWUDWHJLVFKHQ3ODQXQJXQG
LQ'DQ]LJXQG:HVWSUHX‰HQJHZDOWVDP]XEHHQGHQQDFKGHP $XIVWHOOXQJXQVHUHUEHZDIIQHWHQ6WUHLWNUlIWHKDWWHQDXIGHQ
GHU :HVWHQ HLQH IULHGOLFKH /|VXQJ UXQGZHJ DEJHOHKQW KDWWH %HJLQQGHV.ULHJHVHLQHW|GOLFKH$XVZLUNXQJ©
=ZHLWHQV UlXPWH HU 6WDOLQ PHKU =HLW HLQ IU GHVVHQ .ULHJV ,P-DKUHVFKULHE0DMRU9$6HPLGHWNROHLWHQGHUZLV
YRUEHUHLWXQJHQ ZlKUHQG HV 'HXWVFKODQG QDFK GHQ .ULHJVHU VHQVFKDIWOLFKHU)RUVFKHUDP,QVWLWXWIU0LOLWlUJHVFKLFKWHGHU
NOlUXQJHQ GHU %ULWHQ XQG )UDQ]RVHQ PLW GHP :HVWHQ ]X WXQ 8G665 IROJHQGHV QLHGHU ZRPLW HU GLH $QDO\VH YRQ 2EHUVW
KDWWH6WDOLQXQGVHLQH0DUVFKlOOHHQWZDUIHQVHOEVW3OlQHIU *HKOHQ KLQVLFKWOLFK GHU $XIVWHOOXQJ GHV (LQVDW]HV XQG =X
HLQHQ 0LOLWlUVFKODJ JHJHQ 'HXWVFKODQG PLW GHP 7LWHO ª%H VDPPHQVHW]XQJVRZMHWLVFKHU6WUHLWNUlIWHEHVWlWLJWH
WUDFKWXQJHQ ]XP 3ODQ IU GHQ VWUDWHJLVFKHQ (LQVDW] GHU EH
ZDIIQHWHQ 6WUHLWNUlIWH GHU 6RZMHWXQLRQ© HUVWHOOW LP $XJXVW
XQGDQJHQRPPHQLP0DL
'HU]HLWOLFKH$EODXIGHU(UHLJQLVVHELV]XU8QWHU]HLFKQXQJGHV
3DNWHVHLQVFKOLH‰OLFKVHLQHUJHKHLPHQ=XVDW]SURWRNROOHLVWDXFK
YRQGHQHKHPDOLJHQ2IIL]LHUHQGHU5RWHQ$UPHH*HQHUDO2OHJ
6DULQXQG2EHUVW/HZ'ZRUHWVN\DXIJH]HLFKQHWZRUGHQ
ª0HKUXQGPHKU*HVFKLFKWVIRUVFKHUQHLJHQ]XGHU$QVLFKW
GD‰ GLH +DXSWXUVDFKH GHV .RQIOLNWV GLH OHQLQLVWLVFK
VWDOLQLVWLVFKH 3ROLWLN GHU :HOWUHYROXWLRQ XQWHU GHQ URWHQ
%DQQHUQGHV%ROVFKHZLVPXVZDU>«@8QVHUHHLJHQKlQGL
JH 1DFKIRUVFKXQJ LQ GHQ $UFKLYHQ GHV 6RZMHWVWDDWHV XQG
YRUDOOHQ'LQJHQGLH'XUFKIRUVWXQJGHUNODVVLIL]LHUWHQ3D
SLHUHGHV=HQWUDONRPLWHHVGHU.RPPXQLVWLVFKHQ3DUWHLEH
VWlWLJWGLHJHWURIIHQH6FKOX‰IROJHUXQJ>«@'HUEROVFKHZL
VWLVFKH 'LNWDWRU KDWWH HEHQ DQGHUH 3OlQH IU GLH =XNXQIW
YHUEXQGHQ PLW GHU +HUUVFKDIW EHU (XURSD PLW +LOIH GHU
.ULHJVPDVFKLQH +LWOHUV XP GDQQ VSlWHU 'HXWVFKODQG DOV
5LYDOHEHLGHUY|OOLJHQ+HJHPRQLHEHUGHQ.RQWLQHQWDXV
]XVFKDOWHQ©
1DFKGHP GHU 3DNW DEJHVFKORVVHQ ZDU EHVHW]WHQLP6HSWHP
EHUVRZMHWLVFKH6WUHLWNUlIWHGDV|VWOLFKH3ROHQELV]XHL
QHU 'HPDUNDWLRQVOLQLH GLH HLJHQV GDIU HLQJHULFKWHW ZRUGHQ
ZDU XP GHXWVFKH XQG UXVVLVFKH 6WUHLWNUlIWH YRQHLQDQGHU ]X
WUHQQHQ,P:LQWHUILHOHQGLH%ROVFKHZLNHQLQ)LQQ
ODQG HLQ XQG EHVHW]WHQ QDFK hEHUZLQGXQJ GHV WDSIHUHQ :L
GHUVWDQGV GHU )LQQHQ VWUDWHJLVFKH 7HLOH GHV /DQGHV ,P -XQL
 ZXUGHQ GLH 5XPlQHQ YRQ GHQ %ROVFKHZLNHQ JH]ZXQ
JHQ%HVVDUDELHQXQGGLHQ|UGOLFKH%XNRZLQDDQGLH6RZMHW
XQLRQ DE]XWUHWHQ $P  $XJXVW  EHVHW]WH GHU 6RZMHW

VWDDW/LWDXHQXQGZDQGHOWHGDV/DQGLQHLQHÄ6RZMHWUHSXEOLN³ 'LHVHVDEVXUGH3URSDJDQGDSODNDWPHLQWª6ROGDWHQGHU
XP $P  $XJXVW ZXUGHQ /HWWODQG XQG (VWODQG EHVHW]W 5RWHQ$UPHHUHWWHWXQV©'DVUXVVLVFKH9RONZDUQDLYXQG
XQG HEHQIDOOV ]X Ä6RZMHWUHSXEOLNHQ³ HUNOlUW ,Q HQJHU =X WHQGLHUWHGD]XGHUNRPPXQLVWLVFKHQ3URSDJDQGD]XJODX
VDPPHQDUEHLW PLW GHP EULWLVFKHQ *HKHLPGLHQVW VHW]WHQ GLH EHQ$OV(UJHEQLVGHVVHQNlPSIWHHV]HLWZHLVHYHUELVVHQ
JHJHQVHLQH%HIUHLHU

9II*ÂÂ-DKUJDQJÂ+HIW 

ª0HLQH $QDO\VH GHV 9HUWHLGLJXQJVSODQV IU GLH ZHVWOLFKH
6WDDWVJUHQ]H ]HLJW GD‰ GLH +DXSWVWUHLWNUlIWH GHV 0LOLWlU
JHELHWV LQ GHU YRUJHVFKREHQHQ 6WHOOXQJ EHL %LDO\VWRN
NRQ]HQWULHUWZDUHQ1HXQ]HKQGHU'LYLVLRQHQGHUHUVWHQ
6WDIIHO ZXUGHQ GRUWKLQ YHUOHJW GDUXQWHU DOOH JHSDQ]HUWHQ
XQGPRWRULVLHUWHQ9HUElQGH
'LH lX‰HUVW VWDUNH ;
 $UPHH ZDU LP 0LWWHOSXQNW GHU (LQ
VDW]NUlIWHVWDWLRQLHUW6LHZDULP9HUJOHLFK]XGHU,,,XQG
,9$UPHHQDFKYRUQHJHVFKREHQZRUGHQ$OV)ROJHGDYRQ
ZDUHQ GLH )ODQNHQ GLHVHV 7UXSSHQYHUEDQGV VFKZDFK XQG
GHU )HLQG YHUVlXPWH QLFKW GLH VLFK IU LKQ DXV GLHVHU
6FKZlFKHHUJHEHQGHQ9RUWHLOH]XQXW]HQ
,QVJHVDPW JHVHKHQ ZDU GLH =XVDPPHQVWHOOXQJ GHU 6WUHLW
NUlIWH LP ZHVWOLFKHQ 6SH]LDO0LOLWlUJHELHW YLHO EHVVHU IU
HLQH2IIHQVLYHDOV]XU9HUWHLGLJXQJJHHLJQHW©
=XDUJXPHQWLHUHQ6WDOLQKDEH+LWOHUQLFKW]XJHWUDXWDQ]XJUHL
IHQ ZUGH EHGHXWHQ GD‰ GLH 0DUVFKlOOH 7LPRVFKHQNR XQG
6FKDSRVFKQLNRZ)KUXQJVNUlIWHGHV9RONVNRPPLVVDULDWVIU
9HUWHLGLJXQJE]ZGHV*HQHUDOVWDEVGHU5RWHQ$UPHHHEHQVR
QDLYZDUHQ=XDUJXPHQWLHUHQGD‰GLH5RWH$UPHHQLFKWDXI
GHQ .ULHJ YRUEHUHLWHW ZDU ZUGH HV XQP|JOLFK PDFKHQGDV
9RUKDQGHQVHLQ YRQ 0LOOLRQHQ 6ROGDWHQ XQG ]DKOORVHQ 7DX
VHQGHQYRQ3DQ]HUQXQG)OXJ]HXJHQLQGHQ*UHQ]EH]LUNHQLP
-XQLSODXVLEHO]XHUNOlUHQ(VZlUHGRFKYLHOORJLVFKHU
DQ]XQHKPHQ GD‰ 6WDOLQ XQG GLH )KUXQJVNUlIWH GHU 5RWHQ
$UPHHQLFKWGDPLWUHFKQHWHQGD‰+LWOHUDXVJHUHFKQHW]XGHP
=HLWSXQNWDQJUHLIHQZUGHDOVHUHVGDQQWDWVlFKOLFKWDWGK
EHYRUVLHLKUHQHLJHQHQ(LQPDUVFKQDFK(XURSDLQ6]HQHVHW
]HQNRQQWHQ
8P QDFK GHP XQHUZDUWHW VFKQHOOHQ 6LHJ 'HXWVFKODQGV LQ
)UDQNUHLFK PHKU =HLW ]X JHZLQQHQ VHW]WH GLH VRZMHWLVFKH
)KUXQJ WUHXHQ *ODXEHQV LKUHQ 9HUVDQG YRQ 5RKJWHUQ JH
Pl‰ GHP 1LFKWDQJULIIVSDNW IRUW LQ GHU +RIIQXQJ GDPLW GHQ
$QVWXUPGHU'HXWVFKHQKLQDXV]XVFKLHEHQ
6RPLW ZHLVHQ VlPWOLFKH REMHNWLYHQ %HZHLVH GDUDXI KLQ GD‰
6WDOLQXQGVHLQH0DUVFKlOOHNHLQHVZHJVHLQHPGHXWVFKHQ$Q
JULII VR EOLQG JHJHQEHUVWDQGHQ ZLH HLQLJH YHUPXWHQ VRQ
GHUQ GD‰ VLH JDQ] HLQIDFK YRQ +LWOHU EHUUXPSHOW ZXUGHQ
GHVVHQ6WUHLWNUlIWHHUIROJUHLFKPLWWHQLQGHQJHZDOWLJHQDEHU
 )HLQGZLUGYRQXQVHUHU$UWLOOHULHEHJU‰WZHUGHQ=DKOORVH
6RZMHWLVFKH6ROGDWHQPDUVFKLHUHQZlKUHQGGHU3DUDGH
]XP7DJGHU5HYROXWLRQLP1RYHPEHUXQWHUGHP
ZDFKVDPHQ$XJHGHV*HQRVVHQ-RVHI6WDOLQKLHUQLFKW]X
QRFKXQYROOVWlQGLJHQ$XIPDUVFKGHU5RWHQ$UPHHKLQHLQJH
VWR‰HQZDUHQ'LH.RPELQDWLRQJXWHUGHXWVFKHU1DFKULFKWHQ
GLHQVWH +LWOHUV (QWVFKHLGXQJ DQ]XJUHLIHQ XQG GLH HIIHNWLYH
$XVIKUXQJ GHV $QJULIIV WUXJHQ JDQ] HLQIDFK GHQ 6LHJ EHU
GHQVRZMHWLVFKHQ1DFKULFKWHQGLHQVWXQG6WDOLQVPHWKRGLVFKHQ
DEHU ]X ODQJVDPHQ 7UXSSHQDXIEDX GDYRQ ,QGHP HU VLFK ]X
VHKUDXIVWUHQJH/RJLNYHUOLH‰XQGGDEHL+LWOHUVYHU]ZHLIHOWH
/DJHDX‰HUDFKWOLH‰KDWWH6WDOLQVLFKVFKOLFKWXQGHUJUHLIHQG
YHUUHFKQHW
+LWOHUOLH‰VLFKDXIGLHVHVOHW]WHQGOLFKW|GOLFKHV6SLHOHLQXQ
JHDFKWHWGHU7DWVDFKHGD‰GHU.ULHJPLW(QJODQGQRFKQLFKW
HLQPDO EHHQGHW ZDU XQG REZRKO GLH GHXWVFKHQ 6WUHLWNUlIWH
]DKOHQ XQG PDWHULDOPl‰LJ JHUDGH GHVZHJHQ LQ GHU 0LQGHU
KHLW ZDUHQ ZHLO HU LQVWLQNWLY KRIIWH 6WDOLQ ZUGH EHUKDXSW
QLFKW PLW HLQHP GHXWVFKHQ $QJULII UHFKQHQ XQG GD‰ HU GHV
ZHJHQHLQHDXVJH]HLFKQHWH&KDQFHKDWWHHUIROJUHLFK]XVHLQ
(U HUNDQQWH ]ZHLIHOORV DXFK GD‰ HLQH ZHLWHUH 9HU]|JHUXQJ
GLH(UIROJVFKDQFHQYHUULQJHUQZUGH'HU=HLWIDNWRUZDUYRQ
ZHVHQWOLFKHU %HGHXWXQJ GD QXU HLQ NKQHV XQHUZDUWHWHV
6SLHOZLH%DUEDURVVDP|JOLFKHUZHLVHGHQ6LHJEULQJHQN|QQ
WH EHYRU GLH NRPELQLHUWH 0DFKW GHU 8G665 (QJODQGV XQG
LKUHU ]DKOUHLFKHQ +LOIVNUlIWH XQG 6DWHOOLWHQ LQ (UVFKHLQXQJ
WUHWHQ NRQQWHQ 'LH $OOLDQ] ]ZLVFKHQ GHQZHVWOLFKHQ$OOLLHU
WHQ XQG GHU 6RZMHWXQLRQ ZDU VFKRQ LQ .UDIW JHZHVHQEHYRU
GHU.ULHJEHJDQQ
$QJHVLFKWV GLHVHU XQYRUWHLOKDIWHQ *HJHEHQKHLWHQ OLH‰ VLFK
+LWOHU ZRKOZLVVHQG GD‰ GLH ZHVWOLFKHQ $OOLLHUWHQ DXI 5X‰
ODQGV0DQQVFKDIWVVWlUNH]lKOWHQXPGDV%ODWW]XZHQGHQDXI
GLHVHV VFKLFNVDOKDIW 6SLHO HLQ XQG VHW]WH DOOHV GDUDQ GLH
8G665 PLW HLQHP NXU]HQ GUHL ELV YLHU 0RQDWH ZlKUHQGHQ
%OLW]NULHJ DXV GHP .ULHJ KHUDXV]XQHKPHQ 2KQH 5X‰ODQG
KlWWHQZHGHU(QJODQGQRFKGLH9HUHLQLJWHQ6WDDWHQLQGHQHX
URSlLVFKHQ .RQWLQHQW HLQPDUVFKLHUHQ N|QQHQ RGHU ZROOHQ
$OVHVLKPELV'H]HPEHUQRFKQLFKWJHOXQJHQZDUGLH
6DFKHGXUFK]X]LHKHQZDUGHU.ULHJSUDNWLVFKHQGJOWLJYHU
ORUHQ
'LH +DUWQlFNLJNHLW MD VRJDU GHU )DQDWLVPXV GHV SROLWLVFKHQ
XQG PLOLWlULVFKHQ :LGHUVWDQGV GHU 'HXWVFKHQ JHJHQEHU GHU
HLQIDOOHQGHQ XQG PDURGLHUHQGHQ VRZMHWLVFKHQ 6ROGDWHVND ELV
]XUOHW]WHQ6WXQGHGHV.DPSIHVLVWDXV+LWOHUVOHW]WHP$XIUXI
DQ GLH GHXWVFKHQ 6WUHLWNUlIWH DQ GHU 2VWIURQW DP  $SULO
]XHUNHQQHQ
ª6ROGDWHQ DQ GHU 2VWIURQW (LQ OHW]WHV 0DO EHUHLWHW XQVHU
MGLVFKEROVFKHZLVWLVFKHU7RGIHLQGVHLQH0DVVHQ]XHLQHP
$QJULIIYRU(UZLOO'HXWVFKODQG]HUVW|UHQXQGXQVHU9RON
YHUQLFKWHQ ,KU 6ROGDWHQ DQ GHU 2VWIURQW NHQQW EHUHLWV
VFKRQVHOEVWGDV6FKLFNVDOGDVGHXWVFKH)UDXHQ0lGFKHQ
XQG .LQGHU HUZDUWHW :lKUHQG DOWH 0lQQHU XQG .LQGHU
HUPRUGHWZHUGHQZHUGHQXQVHUH)UDXHQXQG0lGFKHQ]X
.DVHUQHQKXUHQ IU GLH 5RWH $UPHH :HU EHUOHEW ZLUG
QDFK6LELULHQYHUIUDFKWHW
:LU EHKDOWHQ GLH 9RUEHUHLWXQJHQ GHV )HLQGHV IU GLHVHQ
$QJULII LP $XJH XQG VHLW -DQXDU LVW DOOHV 0|JOLFKH JHWDQ
ZRUGHQ XP HLQH VWDUNH $EZHKUIURQW DXI]XEDXHQ 'HU
QHXH (LQKHLWHQ KDEHQ XQVHUH ,QIDQWHULH YHUVWlUNW 1RWHLQ
KHLWHQ QHXH 6WHOOXQJHQ XQG GHU 9RONVVWXUP KDEHQ XQVHUH
VHKHQDP*UDEPDO/HQLQVYRUEHL6WDOLQKDWWHVLFKXUSO|W]
OLFKDXIÄ1DWLRQDOLVPXV³XPJHVWHOOWQDFKGHPHUHUNDQQWKDW
WHGD‰GHU=ZHLWH:HOWNULHJGRFKQLFKWVRJXWOLHI6HLQH
QDWLRQDOLVWLVFKHQ|IIHQWOLFKHQ3DUROHQVWDQGHQMHGRFKLP
:LGHUVSUXFK]XGHPVWDUNPDU[LVWLVFKHQLGHRORJLVFKHQ*H
KDEHGLHVHU3DUDGH

)URQWYHUVWHLIW'LHVPDOZLUGGHU%ROVFKHZLNZLHGHUHLQPDO
GDV6FKLFNVDO$VLHQVHUOHLGHQ(UPX‰XQGZLUGVLFKDQGHU
6FKZHOOHGHU+DXSWVWDGWGHV'HXWVFKHQ5HLFKHVYHUEOXWHQ
-HGHUGHULQGLHVHP$XJHQEOLFNLQXQVHUHU*HVFKLFKWHVHL
QH3IOLFKWQLFKWHUIOOWLVWHLQ)HLQGXQVHUHV9RONHV-HGHV
9II*ÂÂ-DKUJDQJÂ+HIW

5HJLPHQWXQGMHGH'LYLVLRQGLHHVZDJHQVROOWHLKUH6WHO
OXQJ ]X YHUODVVHQ YHUUlW XQVHUH )UDXHQ XQG .LQGHU GLH
GHP%RPEHQWHUURUDXIXQVHUH6WlGWHZLGHUVWDQGHQKDEHQ
+DOWHW YRU DOOHP QDFK LUJHQGZHOFKHQ YHUUlWHULVFKHQ 2IIL
]LHUHQ RGHU 6ROGDWHQ $XVVFKDX GLH QXU XP LKU HLJHQHV
ZHUWORVHV/HEHQ±YLHOOHLFKWLP6ROGGHU5XVVHQXQGVRJDU
LQ GHXWVFKHU 8QLIRUP ±HV ZDJHQ VROOWHQ JHJHQ XQV ]X
NlPSIHQ)DOOV(XFKLUJHQGHLQ8QEHNDQQWHUGHQ%HIHKOHU
WHLOW(XFKDE]XVHW]HQRGHUGHQ5FN]XJDQ]XWUHWHQQHKPW
LKQVRIRUWIHVWXQGIDOOVQRWZHQGLJW|WHWLKQXQJHDFKWHWGHV
5DQJHVRGHU'LHQVWJUDGHVGHQHUEHNOHLGHQPDJ:HQQLQ
GHQNRPPHQGHQ7DJHQXQG:RFKHQMHGHU6ROGDWDQGHU2VW
IURQWVHLQH3IOLFKWWXWGDQQZLUG$VLHQVOHW]WHU$QVWXUP]HU
VFKODJHQHEHQVRZLHDP(QGHGHU$QJULIIXQVHUHU)HLQGHLP
:HVWHQVFKHLWHUQZLUG%HUOLQEOHLEWGHXWVFK:LHQZLUGZLH
GHUGHXWVFKXQG(XURSDZLUGQLHPDOVUXVVLVFK
(QWZLFNHOWGHQIDQDWLVFKHQ*HLVWGD‰,KUQLFKWQXUGHQDE
VWUDNWHQ %HJULII HLQHV 9DWHUODQGHV VRQGHUQ YLHOPHKU (XUH
HLJHQHQ )UDXHQ (XUH HLJHQHQ .LQGHU XQG GDPLW XQVHUH
=XNXQIWYHUWHLGLJW
0HLQH 2VWIURQWVROGDWHQ 'DV JDQ]H GHXWVFKH 9RON YHUOl‰W
VLFKDXI(XFKLQGLHVHQNULWLVFKHQ6WXQGHQXQGLKUHHLQ]LJH
+RIIQXQJLVWGD‰(XUH(QWVFKORVVHQKHLW(XHU)DQDWLVPXV
(XUH :DIIHQ XQG .DPSIWFKWLJNHLW GLHVH EROVFKHZLVWLVFKH
)OXWLQHLQEROVFKHZLVWLVFKHV%OXWEDGYHUZDQGHOQ
'LHVHU $XJHQEOLFN LQ GHU *HVFKLFKWHZRHVGDV6FKLFNVDO
JHZROOWKDWGHQJU|‰WHQ.ULHJVYHUEUHFKHUDOOHU=HLWHQYRQ
GHU (UGH YHUVFKZLQGHQ ]X ODVVHQ >%H]XJ DXI 5RRVHYHOWV
7RG@ZLUGGHQ:HQGHSXQNWGHV.ULHJHVNHQQ]HLFKQHQ
$GROI+LWOHU©
'LH 7UHXH XQG GHU 3URIHVVLRQDOLVPXV GHU 'HXWVFKHQ :HKU
PDFKW HUJHEHQ VLFK DXV GHP OHW]WHQ %HULFKW GHU:HKUPDFKW
GLHVLFKVFKOLH‰OLFKDP0DLHUJDE
ª$XVGHP+DXSWTXDUWLHUGHV*UR‰DGPLUDO'|QLW]EHULFKWHW
GDV2EHUNRPPDQGRGHU:HKUPDFKWGD‰GHXWVFKH'LYLVLR
QHQGLH:HLFKVHOPQGXQJXQGGHQZHVWOLFKHQ7HLOGHU)UL
VFKHQ 1HKUXQJ HUELWWHUW YHUWHLGLJHQ 'LH  ,QIDQWHULHGLYL
VLRQ WDW VLFK EHVRQGHUV KHUYRU )U GLHVHV EHLVSLHOKDIWH
9HUKDOWHQ ZXUGH LKUHP .RPPDQGHXU *HQHUDO YRQ 6DXN
NHQ GDV (LFKHQODXE PLW 6FKZHUWHUQ XQG %ULOOLDQWHQ ]XP
5LWWHUNUHX]YHUOLHKHQ
'LH +DXSWVWUHLWPDFKW XQVHUHU $UPHHJUXSSH LQ .XUODQG
GLHXQWHUGHP.RPPDQGRYRQ*HQHUDO+LOSHUWPRQDWHODQJ
]DKOHQPl‰LJ ZHLW EHUOHJHQHQ VRZMHWLVFKHQ 3DQ]HU XQG
,QIDQWHULHIRUPDWLRQHQ JHJHQEHUVWDQG XQG GLH LQ VHFKV
JUR‰HQ 6FKODFKWHQ LKUH 6WHOOXQJ KLHOW KDW VLFK XQVWHUEOL
FKHQ 5XKP HUZRUEHQ 8QVHUH 6WUHLWNUlIWHKDEHQMHGHYRU
]HLWLJH.DSLWXODWLRQYHUZHLJHUW8QVHUH)OXJ]HXJHHYDNXLH
UHQ ZHLWHUKLQ GLH 9HUZXQGHWHQ XQG )DPLOLHQREHUKlXSWHU
QDFK:HVWHQ2IIL]LHUHXQG6WDEVDQJHK|ULJHEOLHEHQEHLLK
UHQ 6ROGDWHQ $XI GHU *UXQGODJH YHUHLQEDUWHU %HGLQJXQ
JHQ K|UHQ DOOH )HLQGVHOLJNHLWHQ XQG 7UXSSHQEHZHJXQJHQ
]X0LWWHUQDFKWDXI
'LH9HUWHLGLJHUYRQ%UHVODXGLH]ZHL0RQDWHODQJVRZMHWL
VFKHQ $QJULIIHQ KHOGHQKDIW ZLGHUVWDQGHQ KDEHQ KDEHQ
VLFK VRHEHQ GHQ EHUZlOWLJHQGHQ )HLQGNUlIWHQ HUJHEHQ
>«@
:HLW YRP 9DWHUODQG HQWIHUQW KDEHQ GLH 9HUWHLGLJHU YRQ
6WW]SXQNWHQ DP $WODQWLN GLH 6ROGDWHQ LQ 1RUZHJHQ XQG
GLH *DUQLVRQ DP lJlLVFKHQ 0HHU GLH (KUH GHV GHXWVFKHQ
6ROGDWHQ GXUFK VROGDWLVFKH 'LV]LSOLQ XQG JHKRUVDPH $XV
IKUXQJYRQ%HIHKOHQDXIUHFKWHUKDOWHQ
9II*ÂÂ-DKUJDQJÂ+HIW
'LH:DIIHQVFKZHLJHQQXQVHLW0LWWHUQDFKWDQDOOHQ)URQ
WHQ $XI %HIHKO GHV *UR‰DGPLUDOV '|QLW] KDW GLH :HKU
PDFKWQXQHLQH6FKODFKWEHHQGHWGLHKRIIQXQJVORVJHZRU
GHQLVW8QGVRPLWLVWHLQ.DPSIGHUVHFKV-DKUHODQJKHO
GHQKDIW JHIRFKWHQ ZXUGH ]X (QGH JHJDQJHQ (U EUDFKWH
XQV JUR‰H 6LHJH DEHU HEHQVR VFKZHUH 9HUOXVWH $P (QGH
KDW VLFK GLH 'HXWVFKH :HKUPDFKW EHUOHJHQHQ )HLQGNUlI
WHQHUJHEHQ
6HLQHP (LG JHWUHX KDW GHU GHXWVFKH 6ROGDW VHLQ b
X‰HUVWHV
IU VHLQ 9DWHUODQG JHWDQ 'LH +HLPDWIURQW KDW XQVHUH
6WUHLWNUlIWHELV]XP(QGHPLWDOOHQP|JOLFKHQ$QVWUHQJXQ
JHQXQGJUR‰HQ2SIHUQ]XU6HLWHJHVWDQGHQ'LHVHUHLQPD
OLJHQ 'HPRQVWUDWLRQ YRQ 7UHXH XQG /R\DOLWlW VHLWHQV GHU
6ROGDWHQDQGHU)URQWXQGGHU+HLPDWIURQWZLUGHLQHV7D
JHV GLH JHEKUHQGH $QHUNHQQXQJ LQ GHQ $QQDOHQ GHU *H
VFKLFKWH ]XWHLO ZHUGHQ 'LH (UUXQJHQVFKDIWHQ XQG 2SIHU
GHXWVFKHU 6WUHLWNUlIWH ]X /DQGH LQ GHU /XIW XQG DXI 6HH
ZLUG DXFK XQVHUHQ )HLQGHQ QLFKW HQWJDQJHQ VHLQ -HGHU
6ROGDWNDQQGDKHUVWRO]VHLQH:DIIHQQLHGHUOHJHQXQGWDS
IHU XQG HQWVFKORVVHQ LQ GLHVHQ lX‰HUVW VFKZLHULJHQ 7DJHQ
XQVHUHU *HVFKLFKWH GLH XQEHGLQJW QRWZHQGLJH $UEHLW OHL
VWHQVRGD‰XQVHU9RONEHUOHEHQNDQQ
,QGLHVHU6WXQGHJHGHQNWGLH:HKUPDFKWGHQYLHOHQ.DPH
UDGHQGLHYRUGHP)HLQGJHIDOOHQVLQG'LH7RWHQYHUODQ
JHQ YRQ XQV /HEHQGHQ XQEHGLQJWH =XQHLJXQJ 'LV]LSOLQ
XQG 2UGQXQJ EHLP 6WLOOHQ GHU ]DKOUHLFKHQ :XQGHQ DXV
GHQHQXQVHU9DWHUODQGEOXWHW©
(LQHV GHU VHOWHQHQ 7ULEXWH GHU +LWOHUV IHKOJHVFKODJHQHP
6SLHO ]XWHLO ZXUGH ]ROOWH LKP GHU EHPHUNHQVZHUWH 9LNWRU
6XZRURZGHULQVHLQHPMQJVWHQ%XFKVFKULHE
Ä$P  -XQL  YHUVHW]WH +LWOHU VLFK VHOEVW HLQHQ
VHOEVWP|UGHULVFKHQ6FKODJDEHUJOHLFK]HLWLJGHP%ROVFKH
ZLVPXV HLQHQ W|GOLFKHQ 6FKODJ 8QJHDFKWHW GHVVHQ ZLH
VLFK GLH 'LQJH VSlWHU HQWZLFNHOWHQ 6WDOLQ ZlUH QLHPDOV
PHKULQGH/DJHJHZHVHQGLH:HOWIUGHQ6R]LDOLVPXV]X
HUREHUQ©
$P6FKOX‰GHV=ZHLWHQ:HOWNULHJVLP-DKUHWUDWHQ(QJ
ODQG XQG GLH 9HUHLQLJWHQ 6WDDWHQ 2VW XQG 0LWWHOHXURSD DQ

(LQGHXWVFKHU6ROGDWHQIULHGKRILQ/LWDXHQ=ZLVFKHQ-XQL
XQG6HSWHPEHUYHUORUHQGLH'HXWVFKHQHWZDHLQH0LO
OLRQHQ0DQQLP.DPSIJHJHQGLH6RZMHWV


GLH 6RZMHWXQLRQ DE XQG EHUOLH‰HQ HLQ YHUWHLGLJXQJVORV GDU
QLHGHUOLHJHQGHV ZHVWOLFKHV 5XPSIHXURSD VHLQHP 6FKLFNVDO
1DFK GHQ %HGLQJXQJHQ YRQ 3RWVGDP XQG -DOWD ZXUGH 2VW
GHXWVFKODQG 3ROHQ HLQYHUOHLEW  0LOOLRQHQ 'HXWVFKH YRQ
+DXV XQG +RI YHUWULHEHQ ZRYRQ HWZD  0LOOLRQHQ HOHQGLJ
XPNDPHQ XQG 0LWWHOHXURSD ZXUGH YRQ GHQ 5XVVHQ EHVHW]W
0LOOLRQHQ GHXWVFKHU .ULHJVJHIDQJHQHU XQG =LYLOSHUVRQHQ
ZXUGHQQDFK%HOLHEHQGHU$OOLLHUWHQVR]XVDJHQDOV5HSDUDWLR
QHQ]XU=ZDQJVDUEHLWKHUDQJH]RJHQ
0HKU'HXWVFKHVWDUEHQGXUFKGLH+DQGGHUVLHJUHLFKHQ$OOL
LHUWHQ QDFK LKUHU .DSLWXODWLRQ DOV ZlKUHQG GHV HLJHQWOLFKHQ
.ULHJHV,QGHQZHVWOLFKHQ%HVDW]XQJV]RQHQZXUGHGLHGHXW
VFKH ,QGXVWULH GHPRQWLHUW GLH %HY|ONHUXQJ DXI +XQJHUUDWLR
QHQ JHVHW]W ,QGXVWULHSDWHQWH EHVFKODJQDKPW XQG :LVVHQ
VFKDIWOHU LQ GLH 9HUHLQLJWHQ 6DDWHQ XQG QDFK (QJODQG YHU
EUDFKW ,Q GHU 6RZMHW]RQH IDQGHQ 0DVVHQKLQULFKWXQJHQ VWDWW
)UDXHQZXUGHQYHUJHZDOWLJWGLH,QGXVWULHGHPRQWLHUWXQGGLH
=RQHJUQGOLFKEROVFKHZLVLHUW
'LH 6RZMHWXQLRQ VHW]WH LKUH 3ROLWLN GHV ([SDQVLRQLVPXV XQG
GHU%HVHLWLJXQJGHU.ODVVHQIHLQGHELVZHLWLQGLH1DFKNULHJV
]HLW KLQHLQ IRUW'LHNRPPXQLVWLVFKHQ3DUWHLHQLQ)UDQNUHLFK
XQG ,WDOLHQ ZDUHQ JUR‰ JXW RUJDQLVLHUW XQG ZXUGHQ YRQ GHU
6RZMHWXQLRQ E]Z GHU .RPLQWHUQ  XQWHUVWW]W 'LH
8G665 VHW]WHQ  GHQ WVFKHFKRVORZDNLVFKHQ 3XWVFK LQ
6]HQHZXUGHGLH%HUOLQHU%ORFNDGHHLQJHULFKWHW&KLQD
ILHOXQWHUNRPPXQLVWLVFKH+HUUVFKDIW
8PKHUXPKDWWHQ(QJODQGXQGGLH9HUHLQLJWHQ6WDDWHQ
HQGOLFKHUNDQQWGD‰GHU%ROVFKHZLVPXVNXU]GDYRUVWDQGGLH
:HOWKHUUVFKDIW ]X HUULQJHQ XQG GD‰ HU IU GDV ZHVWOLFKH
$EHQGODQG HLQH W|GOLFKH %HGURKXQJ GDUVWHOOWH 6RJDU &KXU
FKLOO K|UWH PDQ LQ HLQHP VHLQHU QFKWHUQHQ $XJHQEOLFNH
PXUPHOQ
,ªFKEHIUFKWHZLUKDEHQGDVIDOVFKH6FKZHLQJHVFKODFKWHW©  $VWURSK\VLN XQG KDW YHUVFKLHGHQH $UWLNHO XQG %XFKEHVSUHFKXQJHQ JH
8QG VRPLW YROO]RJHQ GLH 9HUHLQLJWHQ 6WDDWHQ XQG (QJODQG
GLH VLFK UHLFKOLFK VSlW GHU PRQVWU|VHQ *HIDKU GXUFK GLH 6R
ZMHWXQLRQ EHZX‰W ZXUGHQ HLQ GLSORPDWLVFKHV :HQGHPDQ|
YHU YRQ 2UZHOOVFKHQ $XVPD‰HQ 'LH 6RZMHWXQLRQ ZDU QXQ
GHU )HLQG XQG 5HVWGHXWVFKODQG ZXUGH DXIJHIRUGHUW VHLQH
:LUWVFKDIW ZLHGHU DXI]XEDXHQ XQG XQWHU DPHULNDQLVFKHP
8QWHUGHQ8PVWlQGHQGLHLQGHU9RUNULHJV]HLWYRUKHUUVFKWHQ
DOVGLH6RZMHWXQLRQJDQ](XURSDPLWEHUZlOWLJHQGHU0DFKW
EHGURKWHWDW'HXWVFKODQGXQWHUGHU)KUXQJYRQ$GROI+LWOHU
GDVHLQ]LJ5LFKWLJHZHQQ'HXWVFKODQGXQG(XURSDEHUOHEHQ
ZROOWHQ(VIKUWHHLQHQ3UlYHQWLYVFKODJJHJHQGLH8G665LQ
GHU +RIIQXQJ GLHVH LQ HLQHP GUHLPRQDWLJHQ %OLW]NULHJ ]HU
VFKODJHQ]XN|QQHQ'DVYHU]ZHLIHOWH6SLHOVFKOXJIHKODEHU
JHQXJ YRQ (XURSD XQG JHQXJ YRQ 'HXWVFKODQG EHUOHEWHQ
XPHLQQHXHVOHEHQGLJHV9HUHLQWHV(XURSD]XVFKDIIHQZlK
UHQGGLHHKHPDOLJH6XSHUPDFKW8G665VLFKDXIJHO|VWKDW
+lWWH +LWOHU ]X HLQHP VSlWHUHQ =HLWSXQNW DQJUHLIHQ ZROOHQ
XQG ZlUH 6WDOLQ VRPLW LQ GHU /DJH JHZHVHQ VHLQH ,QYDVLRQ
ZLH JHSODQW GXUFK]XIKUHQ GDQQ ZlUH JDQ](XURSDYHUORUHQ
JHZHVHQ 8QG GLH :HVWPlFKWH ZlUHQ DQ GLHVHU .DWDVWURSKH
PLWVFKXOGLJJHZHVHQ
$OV $XWRU LQ GHP DQJHVHKHQHQ EULWLVFKHQ -RXUQDO 7KH R&Q
WHPSRUDU\ 5HYLHZ NXU] QDFK GHP .ULHJH NDQQWH *HRUJH
*ODVJRZGLH5LFKWLJNHLWGHU+DQGOXQJVZHLVH+LWOHUVDQ
ª(VZDULQ:LUNOLFKNHLWHLQHGHU6HOWVDPNHLWHQGHVYHUPDV
VHOWHQ .ULHJHV YRQ  GD‰ HV +LWOHU ZDU GHU GDV
UXVVLVFKH 6SLHO NODU GXUFKVFKDXWH XQG GHVKDOE 5X‰ODQG
IUKQLFKW]XVSlWLQGHQ.ULHJKLQHLQEUDFKWH$EHUGDPLW
PDFKWH HU 5X‰ODQG ]XP Ä$OOLLHUWHQ³ GHU :HVWPlFKWH GLH
VLFK QLFKW GLH =HLW GD]X QDKPHQ LUJHQG HWZDV ]X GXUFK
VFKDXHQQXU+LWOHUWDWGLHV,Q)DLUQH‰]X+LWOHUV$QGHQ
NHQ PX‰ GDUDQ HULQQHUW ZHUGHQ GD‰ HU 5XGROI +HVV DXI
GHP/XIWZHJHQDFK*UR‰EULWDQQLHQHQWVDQGWHXPGRUWHL
QH:DUQXQJDXV]XVSUHFKHQGLHQLFKWEHDFKWHWZXUGH©
'DQLHO : 0LFKDHOV ZDU EHU YLHU]LJ -DKUH ODQJ hEHUVHW]HU YRQ UXVVLVFKHQ
XQGGHXWVFKHQ7H[WHQIUGDV869HUWHLGLJXQJVPLQLVWHULXPXQGIUSULYDWH
8QWHUQHKPHU0U0LFKDHOVDUEHLWHWHYRQELVDOV6SUDFKHQVSH]LD
OLVW LP 1DFKULFKWHQ]HQWUXP GHU 86.ULHJVPDULQH (U LVW GHU 9HUIDVVHU YHU
VFKLHGHQHU ZLVVHQVFKDIWOLFKHU %HULFKWH XQG %LEOLRJUDSKLHQ LQ *HR XQG
VFKULHEHQ GLH XD LQ JHRJUDSKLVFKHQ XQG KLVWRULVFKHQ =HLWVFKULIWHQ YHU|I
IHQWOLFKW ZXUGHQ ,Q 1HZ <RUN &LW\ JHERUHQ OHEW HU KHXWH LQ :DVKLQJWRQ
'&
$QPHUNXQJHQ

0LWIUHXQGOLFKHU*HQHKPLJXQJYRQ7KH%DUQHV5HYLHZHQWQRPPHQGHU
.RPPDQGR HLQH $UPHH LQV /HEHQ ]X UXIHQ XP GLH ZHLWHUH $XVJDEH67KLUG6W6(:DVKLQJWRQ'&
$XVEUHLWXQJGHV%ROVFKHZLVPXV]XYHUKLQGHUQ
(XURSDXQGGLH:HOWN|QQHQGDQNEDUGDIUVHLQGD‰GLH9HU
HLQLJWHQ 6DDWHQ OHW]WHQGOLFK GLH ULFKWLJH (QWVFKHLGXQJ WUDIHQ
XQG GLH /DVW GHU (LQGlPPXQJ GHU VRZMHWLVFKHQ $JJUHVVLRQ
DXILKUH6FKXOWHUQQDKPHQ'LH7DWVDFKHEOHLEWMHGRFKEHVWH
KHQ GD‰ 'HXWVFKODQG HLQ XQPLWWHOEDUHU 1DFKEDU YRQ 6R
ZMHWUX‰ODQG GLHVH (QWVFKHLGXQJ VFKRQ YLHO IUKHU WUHIIHQ
86$EHUVHW]WYRQ+DQV5XGROIYRQGHU+HLGH

 $QWKRQ\&6XWWRQ1DWLRQDO6XLFLGH$UOLQJWRQ+RXVH3DWULFN
$EED]LD0U5RRVHYHOW¶V1DY\7KH3ULYDWH:DURIWKH86$WODQWLF
)OHHW 1DYDO,QVWLWXWH3UHVV$QQDSROLV'RQ0F/HDQ
ª7LJHUVRID'LIIHUHQW6WULSH©6ROGLHURI)RUWXQH-DQXDU6
3UlVLGHQW5RRVHYHOWV%HUDWHUIUGHQ)HUQHQ2VWHQZDUHQ/DXFKOLQ
&XUULHXQG+DUU\'H[WHU:KLWHEHLGHVRZMHWLVFKH$JHQWHQ'LH5XVVHQ
KRIIWHQGLHMDSDQLVFKHQ6WUHLWNUlIWHYRQ6LELULHQDE]XOHQNHQVRGD‰VLH
LKUHVLELULVFKHQ6WUHLWNUlIWHDQGLHGHXWVFKH)URQWYHUOHJHQNRQQWHQ

PX‰WH±'HXWVFKODQGWDWGLHVDXFKXQGPX‰WHDOV)ROJH  ,Q)UDQNUHLFKGU{OHGHJXHUUH :LW]NULHJLQ(QJODQG3KRQ\:DU
GDYRQIXUFKWEDUOHLGHQ(VJHODQJLKPMHGRFKGHQZWHQGHQ 6FKHLQNULHJJHQDQQW

 5R\'HQPDQ0LVVHG& KDQFHV%ULWDLQDQG(XURSHLQWKH7ZHQWLHWK
%lUVFKZHU]XYHUZXQGHQXQG]XPLQGHVWKDOE(XURSD]XUHW &
HQWXU\ ,QGLJR/RQGRQ6'LHVH3DVVDJHZLUGDXFKLQ3DW
WHQ %XFKDQDQV%XFK$5HSXEOLF1RWDQ(PSLUH]LWLHUW
$QJHVLFKWV GHU 8PVWlQGH GLH QDFK GHP =ZHLWHQ :HOWNULHJ 
 9LNWRU6XZRURZ6WDOLQVYHUKLQGHUWHU(UVWVFKODJ3RXUOH0pULWH6HOHQWH
YRUKHUUVFKWHQ DOV GLH 6RZMHWXQLRQGDPLWGURKWHGDV]XYHU 

 $GROIYRQ7KDGGHQ6WDOLQV)DOOH(UZROOWH.ULHJ.XOWXUXQG=HLWJH
VFKOLQJHQZDVYRQ(XURSDEULJJHEOLHEHQZDUXQWHUQDKPHQ VFKLFKWH$UFKLYGHU=HLW5RVHQKHLP
GLH9HUHLQLJWHQ6WDDWHQXQWHUGHU)KUXQJYRQ3UlVLGHQW7UX 
 -RDFKLP+RIIPDQQ6WDOLQV9HUQLFKWXQJVNULHJ +HUELJ
PDQ GDV HLQ]LJ 5LFKWLJH LQGHP VLH PLW GHU *UQGXQJ GHU 0QFKHQ$XIODJHUXVVLVFKHU7H[WJDQ]]LWLHUW

1$72 XQG GHP $EVFKOX‰ DQGHUHU UHJLRQDOHU DQWLNRPPXQL

VWLVFKHU9HUWUlJHLP)HUQHQ2VWHQXQGDQGHUVZRHLQ%ROOZHUN
 7KH-RXUQDORI+LVWRULFDO5HYLHZ
 5DQMDQ%RUUDª6XEKDV& KDQGUD%RVH7KH,QGLDQ1DWLRQDO$UP\DQG
7KH:DURI,QGLD
V/LEHUDWLRQ ©7KH-RXUQDORI+LVWRULFDO5HYLHZ
JHJHQ HLQH ZHLWHUH EROVFKHZLVWLVFKH ([SDQVLRQ DXIEDXWH 'DV 6YKRRUJ*%-RXUQDOV-+5%RUUDKWPO
.UlIWHYHUKlOWQLV]ZLVFKHQGHUIUHLHQ:HOWXQGGHU6RZMHWXQLRQ .DUO2WWR%UDXQª0\H[SHULHQFHVZLWK6XEKDV& KDQGUD%RVH ©7KH
PDFKWHHVP|JOLFKGLH6RZMHWXQLRQLQ6FKDFK]XKDOWHQRKQH 
%DUQHV5HYLHZ6
GD‰HVQRWZHQGLJZXUGHVLHGLUHNWDQ]XJUHLIHQ  )ULW]6WHQ]HOª1XUIUHLZLOOLJH5HNUXWLHUXQJ©1DWLRQ
(XURSD -XQL
6)XQNZXUGHLQ1UQEHUJ]XOHEHQVOlQJOLFKHU+DIWYHUXUWHLOW

 9II*ÂÂ-DKUJDQJÂ+HIW

 
 ,QWHUQDWLRQDOHU0LOLWlUJHULFKWVKRIÄ%ODXH6HULH³1UQEHUJ%G6  5&5DDFNª6WDOLQ¶V5ROHLQWKH&
RPLQJRI:RUOG:DU,, ©:RUOG
I%G6I $IIDLUV
 
 0lU]3XWVFKLQ-XJRVODZLHQJHJHQGLHGDPDOVEHVWHKHQGH  :ROIJDQJ6WUDXVVDD2$QP6I

GHXWVFKIUHXQGOLFKHMXJRVODZLVFKH5HJLHUXQJXQG]XJXQVWHQHLQHUVRZMHW  $1-DNRZOHZ+JJRG'RNXPHQW\ 'DV-DKU'RNXPHQ
IUHXQGOLFKHQ5HJLHUXQJJHVWHXHUWYRQEULWLVFKHQXQGVRZMHWLVFKHQ*H WHYHU|IIHQWOLFKWLQ]ZHL%lQGHQLQGHU6HULH5RVVLMD;
;
:HN >5X‰ODQG
KHLPGLHQVWHQ LP-DKUKXQGHUW@
 
 +RIIPDQQDD2$QP6  .RPVRPROVNDMD3UDZGD6
 
 96XZRURZ'HU(LVEUHFKHU+LWOHULQ6WDOLQV.DONO.OHWW&RWWD6WXWW  2OHJ6DULQ/HY'YRUHWVN\$OLHQ:DUV7KH6RYLHW8QLRQ
V$JJUHVVLRQV
JDUWGHUV'HU7DJ0HEHQGDGHUVDD2$QP $JDLQVWWKH:RUOG3UHVLGLR3UHVV1RYDWR&DOLIRUQLD6I
 
 )ULW]%HFNHU,P.DPSIXP(XURSD6WDOLQV6FKDFK]JHJHJHQ'HXWVFK  3UDZGD

ODQGXQGGHQ:HVWHQ/HRSROG6WRFNHU9HUODJ*UD]6WXWWJDUW  :RHQQRLVWRULWVFKHVNLMVFKXUQDO1U6
 
 (UQVW7RSLWVFK6WDOLQV.ULHJ'LHVRZMHWLVFKH/DQJ]HLWVWUDWHJLHJHJHQ  1DFK%HV\PHQVN\DD2$QPZXUGHGHU%HJULIIªSHUHFKLWULW©DXV
GHQ:HVWHQDOVUDWLRQDOH0DFKWSROLWLN%XVVH6HHZDOG+HUIRUG JHWULFNVWYRQ6WDOLQKlXILJEHQXW]W$XFK&KUXVFKWVFKRZVFKULHELQ
 VHLQHQ(ULQQHUXQJHQGHU2EHUVWH%HIHKOVKDEHUGHU6RZMHWXQLRQKDEH

 :ROIJDQJ6WUDXVV8QWHUQHKPHQ%DUEDURVVDXQGGHUUXVVLVFKH+LVWRUL GLHVHV9HUERIWYHUZHQGHW

NHUVWUHLW+HUELJ0QFKHQ  :DOWKHU+XEDWVFK+LWOHUV:HLVXQJHQIUGLH.ULHJIKUXQJ'HXWVFKHU

 *ULJRUL%RUGLXJRZXQG:ODGLPLU1HZHVFKLQª*RWRZLOOL6WDOLQ1DVWX 7DVFKHQEXFKYHUODJ6I5FNEHUVHW]XQJ

SDWHOQXMX:RMQ\*LWOHUD"©$,52;;;0RVNDX  9LNWRU6XZRURZ2WVFKLVFKWVFKHQLMH6DWVFKHP6WDOLQREHVJODZLOVYRMX

 ,3DZORZDXQG9'RURVFKHQNR6HQWMDEUMD±0DL3MD DUPLMX"'LH6lXEHUXQJ:DUXPHQWKDXSWHWH6WDOLQVHLQH$UPHH"$67
WLGHVMDWLOHWLMH5DVJURPD)DVFKLVWNRM*HUPDQLLZ.RQWHNVWH1DWVFKDOD 0RVNDX

:WRURM0LURZRM:RMQ\1RYRVLELUVN0HPRULDO  *HRUJH*ODVJRZ7KH& RQWHPSRUDU\5HYLHZ 1U-DQXDU6

 5XVVHOO+66WROIL+LWOHU¶V3DQ]HUV(DVW:RUOG:DU,,5HLQWHUSUHWHG  
8QLYHUVLW\RI2NODKRPD3UHVV






'LH$UGHQQHQVFKODFKW±HLQNOHLQHUSHUV|QOLFKHU$XVVFKQLWW
9RQ&
KDUOWRQ0RQFULHI

*HJHQ(QGH'H]HPEHUZDUNODUGD‰GLH$UGHQQHQVFKODFKWIUGLH'HXWVFKHQYHUORUHQZDU'LH$PHULNDQHU
EHJDQQHQZLHGHUPLWPDVVLYHQ9RUVW|‰HQ,KU+D‰DXIDOOHV'HXWVFKHZXUGHQXQQLFKWPHKUQXUGXUFKGLHMDKUH
ODQJH *UHXHOSURSDJDQGD JHQlKUW VRQGHUQ DXFK GXUFK GLH LQ GHQ 9RUZRFKHQ HUOLWWHQHQ 9HUOXVWH ZREHL GLH (U
VFKLH‰XQJIOFKWHQGHUJHIDQJHQHU866ROGDWHQGXUFK-RFKHQ3HLSHUV(LQKHLWQDKH0DOPpG\IUEHVRQGHUHV$XI
VHKHQVRUJWH'LHVHU+D‰HQWOXGVLFKGHPHQWVSUHFKHQGLQGHUPDVVHQKDIWHQ(UVFKLH‰XQJGHXWVFKHU*HIDQJHQHUGLH
]ZDU VFKRQ PLW GHU /DQGXQJ GHU :HVWDOOLLHUWHQ LQ GHU 1RUPDQGLH EHJDQQ QDFK GHP Ä0DVVDNHU³ YRQ 0DOPpG\
DEHUZRKOLKUHQ+|KHSXQNWHUUHLFKWH'HU$XWRUGLHVHV%HULFKWHVJLEWXQVHLQHQ(LQEOLFNLQHLQHQZLQ]LJHQ$E
VFKQLWWGLHVHV*HVFKHKHQV

8QVHUH 7HLOQDKPH DQ GHU $UGHQQHQVFKODFKW EHJDQQ DP  +JHO ZDU HLQ LGHDOHU 3ODW] IUV %LZDN 'DV HUVWH ZDV LFK
'H]HPEHULQGHU1lKHGHU6WDGW1HXIFKDWHDX%HOJLHQ EHPHUNWH ZDU GDV :UDFN HLQHV )OXJ]HXJV XQG ]ZHL OHEORVH
8QVHUH.RORQQHYRQ3DQ]HUQXQG+DOENHWWHQIDKU]HXJHQVWHOO )RUPHQDXIGHP6FKQHHGLHZLH/HLFKHQDXVVDKHQ'LH9RU
WH GDV .DPSINRPPDQGR % GHU  863DQ]HUGLYLVLRQ GHU VWHOOXQJ HLQHU /HLFKH ZDU IU HLQHQ MlKULJHQ -XQJHQ DXV
GULWWHQ$UPHHXQWHU*HRUJH3DWWRQ-UGDUXQGZDUQDFK1RU
GHQJHUROOWZRKLQXQGZR]XZX‰WHQZLUQLFKW
,FK HULQQHUH PLFK GD‰ GHU 7DJ NDOW XQG ZLQGLJ ZDU (LQH
6FKQHHVFKLFKW EHGHFNWH GHQ %RGHQ XQG ZDU KLHU XQG GRUW
ZHJJHZHKW:LUKDWWHQYLHOH1DFKVFKXE/DVWHUDXIGHU6WUD‰H
LQ 5LFKWXQJ DXI GDV +LQWHUODQG JHWURIIHQ 0LU ZDUHQ EHVRQ
GHUV GLH .UDQNHQZDJHQ DXIJHIDOOHQ GHQHQ ZLU EHJHJQHWHQ
,FK VDK LKUH URWHQ /LFKWHU EOLQNHQ ZDV EHGHXWHWH GD‰ VLH
9HUZXQGHWH ZHJEUDFKWHQ )U PLFK ZDU QRFK EHGHXWVDPHU
GD‰ GD YRUQH GHU .DPSI ZDU 6FKOLH‰OLFK NDPHQ ZLU DQ GHU
$UWLOOHULHYRUEHLPLWLKUHQ]XP+LPPHOJHULFKWHWHQ.DQRQHQ
URKUHQ'LH.DQRQHQNHXFKWHQXQGIDXFKWHQLPPHUZLHGHU
VWLH‰HQLKU)HXHUDXVXQGEHUXKLJWHQVLFKGDQQZLHGHU'DU
DXV HUVDK LFK GD‰ ZLU QDKH GHQ GHXWVFKHQ /LQLHQ ZDUHQ
=XHUVW NDPHQ ZLU DQ ÄJUR‰HQ -XQJV³ XQG ÄODQJHQ 7RPV³
YRUEHLPPXQGPP+DXELW]HQXQGGDQQQlKHUDQ
GHU )URQW GHQ 6WDQGDUGJHVFKW]HQ PLW  PP GLH GLH
)URQWVLFKHUWHQ
6SlWDP1DFKPLWWDJERJPHLQH.RPSDQLH%YRP3DQ]HU
,QIDQWHULH%DWDLOORQQDFKOLQNVYRQGHU6WUD‰HDE$XIHLQHP
9II*ÂÂ-DKUJDQJÂ+HIW
6KLSSHQVEXUJ 3HQQV\OYHQLD HWZD 1HXHV ,FK ZDU JHVSDQQW
XQGQHXJLHULJHLQHQ%OLFNDXIVLH]XZHUIHQ$OVLFKGLHHUVWH
/HLFKH LP 6FKQHH DQVDK ZX‰WH LFK GD‰ LFK QLFKW JHVFKDXW
KDEHQ VROOWH (V ZDU GLH /HLFKH HLQHV GHXWVFKHQ .DPSIIOLH
JHUV 6HLQ *HVLFKW ZDU HUVWDUUW XQG KDWWH GHQ VFKUHFNOLFKHQ
%OLFNLQZHLWH)HUQH(UZDUKLHU6WXQGHQRGHUPHKUJHOH
JHQ XQG VWHLI JHIURUHQ 6HLQH )LQJHU ZDUHQ ZHL‰ XQG KDUW
6HLQH %HLQH ZDUHQ JHEURFKHQ XQG XQWHU LKP ]XVDPPHQJH
NUPPW *,V KDWWHQ GLH /HLFKH EHUHLWV JHSOQGHUW -HPDQG
KDWWH VFKRQ VHLQH VFKDIIHOOJHIWWHUWHQ )OLHJHUVWLHIHO ZHJJH
QRPPHQXQGHUODJQXUPLW6RFNHQDQGHQ)‰HQGD'LH7D
VFKHQDQVHLQHU8QLIRUPZDUHQQDFKDX‰HQJHVWOSWXQGPLFK
HUVFKUHFNWHGHU6WXPSIVHLQHV0LWWHOILQJHUV(LQ*,KDWWHLKQ
DEJHVFKQLWWHQXPGHQ5LQJ]XEHNRPPHQGHQHUWUXJ
'DV ZDU JHQXJ ,FK KDWWH PHKU JHVHKHQ DOV LFK ZROOWH ,FK
JLQJPLWHLQHPZLGHUOLFKHQGXPSIHQ*HIKOLP0DJHQZHJ
(VZDU(VVHQV]HLWDEHULFKVSUWHNHLQ9HUODQJHQQDFK(VVHQ
'DVZDUPHLQHHUVWH%HJHJQXQJPLWGHP7RG6LHKLQWHUOLH‰
HLQHQ VWDUNHQ (LQGUXFN LQ PHLQHU MXQJHQ 6HHOH 'LH JDQ]H
=HLW ZlKUHQG GLHVHU VFKODIORVHQ 1DFKW VDK LFK GDV *HVLFKW


hEHUVLFKWVNDUWHGHU$UGHQQHQVFKODFKWYRP'H]HPEHU
GLHVHV)OLHJHUVYRUPLU,QGHQIROJHQGHQ7DJHQZDULFKYLHOH
0DOH GHP 7RG QDKH ,FK VDK YLHOH PHLQHU )UHXQGH VWHUEHQ
XQG GLH 0HUNZUGLJNHLW GHU (UVFKHLQXQJ 7RG EHHLQGUXFNWH
PLFKLPPHUZHQLJHU
'LH.RPSDQLHHUJULIIULQJVXP6LFKHUXQJVPD‰QDKPHQZLHHV
XQV VFKRQ]XP,QVWLQNWJHZRUGHQZDUXQGPDFKWHVLFK]XP
/DJHUQ IU GLH 1DFKW EHUHLW :LU VWHOOWHQ XQVHUH 0DVFKLQHQ
JHZHKU:DFKSRVWHQDXIXQGJUXEHQVFKPDOH*UlEHQIUGHQ
)DOO YRQ /XIW RGHU $UWLOOHULH$QJULIIHQ $QGHUH KDWWHQ YRU
XQV DQ GLHVHP $EKDQJ 6FKW]HQO|FKHU XQG 6FKW]HQJUlEHQ
JHJUDEHQ ZLU PX‰WHQ DOVR QXU ZHQLJH /|FKHU JUDEHQ =XP
*OFN JDE HV HLQHQ 6WURKKDXIHQ LQ XQVHUHP *HELHW XP GHQ
ZLUXQVHUH%HWWHQPDFKWHQ,FK]RJHWZDV6WURKDXVGHP+DX
IHQXQGEHUHLWHWHPLUPHLQ/DJHUGDUDXI,FKQDKPQRFKPHKU
6WURK XQG OHJWH HV EHU PLFK 'LH 1DFKW ZDU NODU XQG GHU
0RQGHUOHXFKWHWHGHQ6FKQHH:lKUHQGLFKDOV:DFKWSRVWHQ
DQ GHU 5HLKH ZDU VFKR‰ HLQ GHXWVFKHV $XINOlUXQJVIOXJ]HXJ
EHUXQVHUHU6WHOOXQJKHUXQWHU$OVHV]XP]ZHLWHQ0DOKHU
XQWHUNDPVFKRVVHQHLQLJHDXVXQVHUHQ(LQKHLWHQ/HXFKWVSXU
JHVFKRVVH DXV GHQ 0DVFKLQHQJHZHKUHQ LQ GLH 5LFKWXQJ DXV
GHU GDV *HUlXVFK NDP DEHU RKQH (UJHEQLV :lKUHQG GHU
1DFKWEHKLHOWGLH$UWLOOHULHLKUEHXQUXKLJHQGHV)HXHUDXIGLH
IHLQGOLFKHQ6WHOOXQJHQEHL6LHIHXHUWHDXIGDVIHLQGOLFKH+LQ
WHUODQG XQG GLH *UDQDWHQ)HXHUVW|‰H HUOHXFKWHWHQ GHQ +LP
PHO :lKUHQG GHU 1DFKW ZXUGH VWR‰ZHLVH JHIHXHUW DEHU JH
JHQ0RUJHQQDKPGHU5K\WKPXV]X

)UKDP0RUJHQNDPPHLQ=XJIKUHU/HXWQDQW6WULQJIHOORZ
YRQ HLQHP 7UHIIHQ PLW GHP .RPSDQLHIKUHU +DXSWPDQQ
)DEULFN]XUFNXQGEUDFKWH,QIRUPDWLRQHQEHUGHQ$QJULII
GHQZLUDPQlFKVWHQ7DJGXUFKIKUHQVROOWHQ,FKODJZDFKLQ
PHLQHP6FKODIVDFNXQGK|UWHZLHHUGHP=XJIKUHUXQGGHQ
*UXSSHQIKUHUQ GLH (LQ]HOKHLWHQ GHV $QJULIIV PLWWHLOWH (LQH
$QZHLVXQJ GHV /HXWQDQWV NRQQWH LFK QLFKW YHUJHVVHQ Ä(V
ZLUG IHLQGOLFKHV $UWLOOHULHIHXHU JHEHQ XQG GDV QLFKW ]X
NQDSS'LH'HXWVFKHQODVVHQLKU)HXHULPPHUYRUUFNHQKDO
WHWDOVRGLH0lQQHULQ%HZHJXQJ³
8P  8KU UROOWH LFK PHLQHQ 6FKODIVDFN ]XVDPPHQ XQG
JLQJ ]XP (VVHQVZDJHQ 1DFK HLQHP HLOLJHQ )UKVWFN NDP
LFK ]XUFN ]X PHLQHP +DOENHWWHQIDKU]HXJ XQG PDFKWH DOOHV
IUGHQ$QJULIIEHUHLW8QVHUH.RPSDQLHVROOWHGHUÄ%DNHU³
.RPSDQLHGHV3DQ]HU%DWDLOORQVIROJHQ'LH3DQ]HUVROO
WHQ XP  8KU GDV *HELHW GXUFKTXHUHQ $XV XQEHNDQQWHQ
*UQGHQ NDPHQ GLH 3DQ]HU ]X IUK +DXSWPDQQ )DEULFN VL
JQDOLVLHUWH XQVHUHP =XJ ORV]XJHKHQ KLQWHU GHQ 3DQ]HUQ KHU
GLH6WUD‰HKLQXQWHU:LUZDUIHQKDVWLJXQVHUH$XVUVWXQJDXI
GDV+DOENHWWHQIDKU]HXJXQG]RJHQORVGLH6WUD‰HKLQXQWHU(V
JDE HLQH 9HU]|JHUXQJ QDFKGHP GHU OHW]WH 3DQ]HU YRUEHLJH
IDKUHQ ZDUXQGVRYHUORUXQVHU=XJGLH9HUELQGXQJPLWGHU
.RORQQH $Q GHU HUVWHQ .UHX]XQJ IUDJWH /HXWQDQW 6WULQJIHO
ORZ GHQ %DWDLOORQV.RPPDQGHXU 2EHUVW -DPHV 5 . +RII
PDQGHUGRUWVWDQGZHOFKH5LFKWXQJGLH3DQ]HUHLQJHVFKOD
JHQKDWWHQ'HU2EHUVWZLHVGLHIDOVFKH6WUD‰HHQWODQJ±XQ
9II*ÂÂ-DKUJDQJÂ+HIW

VHU +DOENHWWHQIDKU]HXJ IKUWH QXQ HLQHQ VHOEVWlQGLJHQ $Q VWHOOHQ'LH$QJHVSDQQWKHLWZXUGHGXUFKGHQ.UDFKYRQ*UD
JULIIDQ QDWHQ YHUVWlUNW GLH LQ GHQ %lXPHQ DXI EHLGHQ 6HLWHQ GHU
,FK EHPHUNWH LP 9RUEHLPDUVFK HLQ SDDU 3DQ]HU GLH KLQWHU 6WUD‰H HLQVFKOXJHQ :LU IXKUHQ HLQHQ +JHO KLQDXIXQGVWLH
6WHLQJHElXGHQKHUDXVUDJWHQXQGLFKPHUNWHEDOGGD‰GLHVXQ ‰HQDXIXQVHUH3DQ]HUGLHVLFKDXIGHP.DPPGHV%HUJUN
VHUH9RUSRVWHQZDUHQ'DVQlFKVWHZDVLFKPHUNWHZDUGD‰ NHQV LQ *HIHFKWVIRUPDWLRQ DXIJHVWHOOW KDWWHQ 0HLQ )DKU]HXJ
ZLUXQVLP1LHPDQGVODQGEHIDQGHQXQGDXIHLQPDOGHU7HXIHO KLHOWDXIGHU6SLW]HGHV+JHOVXQGIXKUGDQQ0HWHUZHL
ORVZDU'LH.UDXWVPDFKWHQVLFKVHOEVW]XP$QJULIIDXIXQG WHU ,FK K|UWH HLQH ([SORVLRQ KLQWHU XQV XQG VDK GD‰ HLQH
LKUH$UWLOOHULHEHUHLWHWHLKQYRU$OVGHU/HXWQDQWPHUNWHGD‰ 0|UVHUJUDQDWHGDV]ZHLWH7UXSSHQIDKU]HXJKLQWHUXQVJHWURI
ZLU DXI GHU IDOVFKHQ 6WUD‰H ZDUHQ EUDFKWH HU XQVHUH NOHLQH IHQKDWWHDOVHVXQVHUHYRULJH3RVLWLRQEHUQDKP'DV)DKU
.RORQQH]XP+DOWHQ(VEHJDQQJHUDGHKHOO]XZHUGHQGLHVH ]HXJ ZDU XQEUDXFKEDU XQG GUHL 0lQQHU ZDUHQ YHUZXQGHW
IDKOH'lPPHUXQJ'LHGHXWVFKHQ*UDQDWHQH[SORGLHUWHQQLFKW 'DVZDUHQVRZHLWLFKGDPDOVZX‰WHXQVHUHHUVWHQ9HUOXVWH
ZHLW HQWIHUQW XQG PDQ NRQQWH GDV +HXOHQ GHU 6FKUDSQHOOV LQ 0DQ WUXJ GLH 9HUZXQGHWHQ ]X HLQHP *UDEHQ GHQ GLH 'HXW
GHU/XIWK|UHQ'LH5XLQHHLQHV%DXHUQKDXVHVVFKZHOWHQHEHQ VFKHQJHUDGHJHUlXPWKDWWHQDOVZLUEHUGHQ+JHONDPHQ
XQVHUHP )DKU]HXJ ,P )DKU]HXJ ]X VLW]HQ XQG GLH *UDQDWHQ ,FKHUIXKUVSlWHUGD‰PHKUHUH*UDQDWHQGLH.UHX]XQJJHWURI
DXIVFKODJHQ ]X K|UHQ IO|‰WH PLU JUR‰HQ 6FKUHFNHQ HLQ ,FK IHQKDWWHQQDFKGHPZLUGXUFKJHNRPPHQZDUHQ(LQH*UDQD
ZX‰WHGD‰MHGHU]HLWHLQHXQVHU)DKU]HXJWUHIIHQRGHULQGHQ WHVFKOXJGLUHNWLPGULWWHQ+DOENHWWHQIDKU]HXJGHV=XJHVHLQ
%lXPHGDUEHUH[SORGLHUHQNRQQWH'DVZDUPHLQHHUVWH(U W|WHWHGUHL0lQQHUXQGYHUZXQGHWHPHKUHUHDQGHUH
IDKUXQJPLWGHP*HGDQNHQGD‰LFKJHW|WHWRGHUVFKUHFNOLFK 0HLQH$XIJDEHLP=XJZDU0HOGHUIU/HXWQDQW6WULQJIHOORZ
YHUZXQGHWZHUGHQN|QQWH2EZRKOLFK$QJVWKDWWHYHUVXFKWH ]X VHLQ ,FK IROJWH LKP EHUDOO KLQ ZLH HLQ +XQG VHLQHP
LFKHLQSDDU:LW]H]XPDFKHQDEHUGLH-XQJVZDUHQQLFKWLQ +HUUQIROJW$OVZLUDXIGHP.DPPGHV+JHOVDQKLHOWHQOLH‰
GHU6WLPPXQJGD]X HU GLH )DKU]HXJH XQG 0lQQHU VLFK YHUWHLOHQ 6LQQ GHU 6DFKH
:LU VD‰HQ DOOH GLFKW ]XVDPPHQJHGUlQJW LP +DOENHWWHQIDKU ZDU]XYHUKLQGHUQGD‰HLQH*UDQDWHPHKUDOVHLQHQRGHU]ZHL
]HXJ XQG YHUVXFKWHQ XQV VR NOHLQ ZLH 0lQQHUYHUOHW]HQNRQQWH
P|JOLFK ]XPDFKHQ XQG XQVHUH .|SIH XQ +LHU HUKLHOW LFK PHLQH HUVWH /HNWLRQ LQ
WHUKDOE GHU  PP 3DQ]HUSODWWH ]X KDOWHQ GHXWVFKHU7DUQXQJ,QGHU(FNHHLQHV+HX
GLHGLH6HLWHGHV)DKU]HXJVELOGHWH VFKREHUV KDWWHQ GLH 'HXWVFKHQ VRUJIlOWLJ
,Q GHU =ZLVFKHQ]HLW ZDU /HXWQDQW 6WULQJ HLQ0DVFKLQHQJHZHKUYHUVWHFNW6LHKDWWHQ
IHOORZ ]XU OHW]WHQ .UHX]XQJ ]XUFNJHJDQ HLQ (FN GHV 6FKREHUV DXVJHJUDEHQ XQG
JHQ XQG KDWWH HQWGHFNW GD‰ ZLU GRUW QDFK GXUFK 6WURKEVFKHO LP =DXQ HUVHW]W 0DQ
OLQNVKlWWHQDEELHJHQVROOHQ(UNDP]XXQ NRQQWHELV]XP*HZHKUKLQJHKHQRKQHHV
VHUHP )DKU]HXJ ]XUFN XQG OLH‰ XQVHUH ]X VHKHQ ,FK ZDU VR HLIULJ GHP /HXWQDQW
.RORQQHZHQGHQXQG]XUFNJHKHQ6REDOG ]X IROJHQ GD‰ LFK HV QLFKW EHPHUNWH DOV
ZLU ]XUFNIXKUHQ IKOWH LFK PLFK EHVVHU ZLU JLQJHQ DEHU HU ]HLJWH HV PLU DOV ZLU
6R ODQJH ZLU XQV EHZHJWHQ RGHU HWZDV WD YRUEHLJLQJHQ 'LH 'HXWVFKHQ GLH GLHVH
WHQ KDWWH LFK NHLQH =HLW $QJVW ]X KDEHQ 6WHOOXQJ LQQHJHKDEW KDWWHQ KDWWH VLH HUVW
DEHU ZHQQ ZLU DQKLHOWHQ IKOWH LFK PLFK YRU HLQ SDDU 0LQXWHQYHUODVVHQ6LHKDWWHQ
KLOIORV GDV0DVFKLQHQJHZHKU0XQLWLRQ*HZHKUH
'HU )URQWDEVFKQLWW GHQ ZLU SDVVLHUWHQ XQG SHUV|QOLFKH $XVUVWXQJVJHJHQVWlQGH
ZXUGH YRQ HLQHU DQGHUHQ 'LYLVLRQ JHKDO (LQ866ROGDWZlKUHQGGHU$U KHUXPOLHJHQODVVHQ,FKHULQQHUHPLFKGD‰
WHQ 6LH ZDUHQ VHKU EHVRUJW XQG EHWURIIHQ GHQQHQVFKODFKW ZLUVHKUDXI)DOOHQDFKWHWHQZLHZLUHVLP
DOVVLHVDKHQGD‰VLFKXQVHUH)DKU]HXJH]XUFN]RJHQXQGHL 8QWHUULFKW KLHUEHU JHOHUQW KDWWHQ /HRQDUG 'ULFNV QDKP HLQ
QLJH YRQ LKQHQ EHVWLHJHQ LKUH )DKU]HXJH XQG EHJDQQHQ GHQ ODQJHV6WFN=DXQGUDKWXQGKDNWHHVEHLGHP*HZHKUHLQ(U
5FN]XJ,FKVDKZLHVLFKHLQH5HLKHYRQ,QIDQWHULHPlQQHUQ JLQJ]HKQ0HWHU]XUFNXQG]RJ=XPHLQHUJUR‰HQ9HUZXQ
PLW GHQ ,QVLJQLHQ 3HQQV\OYDQLDV GHP URWHQ 6FKOVVHOVWHLQ GHUXQJ ZDU NHLQH )DOOH HLQJHEDXW WURW] DOOHU JHJHQWHLOLJHQ
EHU GLH (LVHQEDKQVFKLHQHQ ]XUFN]RJHQ ,FK HUIXKU VSlWHU 8QWHUZHLVXQJHQ
GD‰XQVHUHHLJHQH'LYLVLRQVHLW%HJLQQGHV$QJULIIVYHU :LU ZDUWHWHQ DXI GHP +JHO NXU]H =HLW ELV +DXSWPDQQ
VXFKWKDWWHGLH'HXWVFKHQ]XUFN]XKDOWHQ*UXSSHQGLHVHU,Q )DEULFN NDP (U KDWWH GHQ DQGHUHQ 7HLOGHU.RPSDQLHEHU
IDQWHULVWHQ NlPSIWHQ XQWHQ DQ GHU 6WUD‰H QHEHQ XQVHUHP QRPPHQGHUQLFKWEHLXQVZDUXQGZDU]XGHUNOHLQHQ6WDGW
)DKU]HXJ6LHVDKHQPGHXQGHUVFK|SIWDXVDOVRELKQHQDO -RGHQYLOOHKLQXQWHUJHJDQJHQ(UNDPEHUVJDQ]H*HVLFKWOD
OHVJOHLFKJOWLJZlUH6LHKDWWHQLKUH*HZHKUHEHUGHU6FKXO FKHQG KHUDXI XQG HU]lKOWH XQV YRQ GHP QHWWHQ NOHLQHQ *H
WHUKlQJHQXQGLKUH*HVLFKWHUWUXJHQGXQNOH%DUWVWRSSHOQ IHFKWGD‰VLHGRUWXQWHQLQGHU6WDGWJHKDEWKDWWHQ
'HU $QEOLFN GLHVHU VLFK ]XUFN]LHKHQGHQ 0lQQHU HUIOOWH %DOGGDUDXINDPGHU%DWDLOORQVNRPPDQGHXUXQGHVJDEHLQH
PLFK PLW )XUFKW ,FK HUZDUWHWH GD‰ GLH GHXWVFKH ,QIDQWHULH %HVSUHFKXQJGHU2IIL]LHUH(VZXUGHEHVWLPPWGD‰ZLUTXHU
EHUGLHVH*OHLVHNlPH'HU.DPSINDPQlKHUXQGLFKZROOWH IHOGHLQDQJUHLIHQVROOWHQ8QVHU=LHOZDUHLQ:DOGDXIHLQHP
QLFKW XQYRUEHUHLWHW VHLQ ,FK OXG PHLQ *HZHKU GXUFK XQG +JHOLQGHU)HUQH'LH3DQ]HUZDUHQDQGHU6SLW]HGHV$Q
NQLHWHDXIGHP6LW]EHUHLWDXIMHGHQ'HXWVFKHQ]XVFKLH‰HQ JULIIV ,FK HULQQHUH PLFK ZLH GLH OHLFKWHQ 3DQ]HU EHU GHQ
GHUEHUGLHYRQGHQ(LVHQEDKQVFKLHQHQJHELOGHWH$QKHEXQJ 6FKQHH EUHVFKWHQ UXFNZHLVH DQIXKUHQ XQG VLFK PKWHQ XQG
NRPPHQZUGH 6FKQHHZRONHQDXIZLUEHOWHQ'LH3DQ]HUJULIIHQLQ*HIHFKWVOL
$OV ZLU GLH .UHX]XQJ HUUHLFKWHQ KHUUVFKWH HLQH DOOJHPHLQH QLH DQ XQG XQVHUH +DOENHWWHQIDKU]HXJH IROJWHQ LQ DXIJHORN
9HUZLUUXQJ)DKU]HXJHYHUVXFKWHQLQDOOH5LFKWXQJHQJOHLFK NHUWHU)RUPDWLRQLQHLQHU(QWIHUQXQJYRQ0HWHU,FKHU
]HLWLJ ]X NRPPHQ 0HKUHUH 2IIL]LHUH YHUVXFKWHQ GHQ 9HU LQQHUHPLFKZLHZLUGHQ+JHOKLQXQWHUIHJWHQXQGXQWHQLQ
NHKU]XGLULJLHUHQXQGDXVGHP&KDRVZLHGHU2UGQXQJKHU]X GHU(EHQHPHKUHUHXQVHUHU6KHUPDQ3DQ]HUEUHQQHQVDKHQ

9II*ÂÂ-DKUJDQJÂ+HIW 

8QVHUH3DQ]HUNRQQWHQQLFKWPLWGHQ7LJHUSDQ]HUQGHU'HXW
VFKHQ PLW LKUHQ HU .DQRQHQ XQG LKUHU QLHGHUHQ 6LOKRXHWWH
PLWKDOWHQ 'LH 3DQ]HU GLH ZLU DQIKUWHQ ZDUHQ VFKRQ DXI
GHP.DPPGHV$EKDQJVJHJHQEHUGHP:DOGGHUGLHIHLQG
OLFKHQ*HZHKUHYHUEDUJ'DV*HIHFKWZDULP*DQJH8QVHUH
3DQ]HUIHXHUWHQXQGHUKLHOWHQ*HJHQIHXHU:LUVFKORVVHQQH
EHQXQVHUH3DQ]HUDXIXQGVWLHJHQDXV:LUELOGHWHQTXHUEHU
GHQ +JHO HLQH ,QIDQWHULH6FKW]HQOLQLH (V ZDU VFKQHOO ]X
HUNHQQHQGD‰XQVHUH3DQ]HUJHVFKODJHQZHUGHQZUGHQ$Q
GHU JDQ]HQ )URQW HQWODQJ EHJDQQHQ 3DQ]HU ]X EUHQQHQ 'LH
GHXWVFKH 3$. XQGHU*HVFKW]HZDUHQJXWYHUJUDEHQXQG
JHWDUQW:LUKDWWHQYHUVlXPW]XU(U|IIQXQJHLQ$UWLOOHULHIHX
HUDXIGLHIHLQGOLFKHQ6WHOOXQJHQORV]XODVVHQXQGXQVHUH$U
WLOOHULHEHJDQQHUVWMHW]WHLQSDDU*UDQDWHQLQGHP:DOGQLH
GHUJHKHQ ]X ODVVHQ $OV ZLU LP 6FKQHH ODJHQ JDE /HXWQDQW
6WULQJIHOORZ GHQ %HIHKO GDV %DMRQHWW DXI]XVHW]HQ ,FK JODX
EHMHGHULP=XJKDWWHHWZDVYRQMHQHPK\VWHULVFKHQ$QJVWJH
IKO GDV HLQHQ HUJUHLIHQ NDQQ 'HU )HLQG PX‰ QDKH VHLQ ±
ZR]XVRQVWGHU%HIHKOGDV%DMRQHWWDXI]XVHW]HQ",FKUHFKQH
WHGDPLWHLQH:HOOHGHXWVFKHU,QIDQWHULHEHUGLHOHLFKWH$Q
KHEXQJ YRU XQV DQJUHLIHQ ]X VHKHQ 'LH JDQ]H =HLW EHU
VFKOXJHQ HLQ SDDU *UDQDWHQ EHL XQV HLQ (LQ 6WFN HLQHV
6FKUDSQHOOVWUDIGDV+DOENHWWHQIDKU]HXJ
=X GLHVHU =HLW ZDU GHQ 5HNUXWHQ GHU $QJULIIVSODQ QLFKW EH
NDQQW:LUZX‰WHQQLFKWZDVZLUWXQVROOWHQ,FKKDWWHQXUHL
QH XQNODUH 9RUVWHOOXQJ GD‰ GDV IHLQGOLFKH )HXHU DXV GHP
:DOGYRUXQVNDP,FKVDKHLQLJHXQVHUHU*UDQDQWHQLP:DOG
HWZD0HWHUYRUXQVHLQVFKODJHQ,FKZHUIHXQVHUHQ2IIL
]LHUHQQRFKKHXWHYRUGD‰VLHXQVQLFKWEHUGLH/DJHLQIRU
PLHUWHQ
,FKHUIXKUVSlWHUGD‰ZLUGHQ:DOGDQJUHLIHQVROOWHQPLWGHQ
3DQ]HUQ DOV 8QWHUVWW]XQJ /HXWQDQW 6WULQJIHOORZ PX‰ HQW
VFKLHGHQ KDEHQ GD‰ ZLU ]X ZHLW YRQ XQVHUHP =LHO HQWIHUQW
ZDUHQXPHLQHQRIIHQHQ$QJULII]XPDFKHQGDKHUJDEHU%H
IHKODXI]XVLW]HQ'LHVHU%HIHKOEHGXUIWHNHLQHUJUR‰HQhEHU
UHGXQJ:LUVWU|PWHQDOOHLQGLH)DKU]HXJH(VVFKLHQDOVRE
GDULQZHJHQGHUJDQ]HQ$XVUVWXQJLP)DKU]HXJQLFKWJHQXJ
3ODW] ZlUH 0HKUHUH -XQJV VHW]WHQ VLFK LQ GHU (LOH DXI GHQ
6FKR‰ GHUMHQLJHQ GLH HLQHQ 6LW]SODW] JHIXQGHQ KDWWHQ :LU
EHIUFKWHWHQGD‰LQMHGHP$XJHQEOLFNHLQHGLHVHUGHXWVFKHQ
3DQ]HUDEZHKUJUDQDWHQ GLH GLH 3DQ]HU NQDFNWHQ XQVHU )DKU
]HXJWUHIIHQN|QQWH
(V ZXUGH MHW]W GHXWOLFK GD‰ VLFK HLQLJH XQVHUHU 3DQ]HU ]X
UFN]RJHQ XQG YHUVXFKWHQ KLQWHU GHP .DPP GHV +JHOV
6FKXW] ]X VXFKHQ XQG VLFK YRU GHP P|UGHULVFKHQ )HXHU ]X
YHUVWHFNHQ8QVHU/HXWQDQWEUOOWH]XP3DQ]HUNRPPDQGDQWHQ
KHUEHU GHU XQVHUHP )DKU]HXJ DP QlFKVWHQ ZDU XQG IUXJ
ZDUXP GLH 3DQ]HU VLFK ]XUFN]|JHQ 'HU 0DMRU VFKLHQ HV
QLFKW]XZLVVHQ/HXWQDQW6WULQJIHOORZJDEQXQHLQHQJHJHQ
ODXWHQGHQ %HIHKO DE]XVLW]HQ XQG VLFK]XUFN]X]LHKHQ'DQQ
EHJDQQHLQHLUUVLQQLJH.OHWWHUSDUWLHLQV7DOKLQDEYRQZRZLU
HEHQJHNRPPHQZDUHQ'LH)DKUHUEUDFKWHQGLH)DKU]HXJHVR
VFKQHOOVLHNRQQWHQ]XP:HQGHQ:LUYHUVXFKWHQHLQHSURYL
VRULVFKH/LQLHDQHLQHP=DXQHQWODQJ]XELOGHQDEHUDOVGLH
)DKU]HXJH YRUEHLNDPHQ VD‰HQ ZLU DXI XQG NHKUWHQ LQ GLH
6WDGW-RGHQYLOOH]XUFNYRQZRZLUHEHQJHNRPPHQZDUHQ
,Q-RGHQYLOOHZXUGHQGLH+DOENHWWHQIDKU]HXJHDXIHLQHP)HOG
KLQWHU GHU 6WDGW YHUWHLOW XQG GLH 0lQQHU VXFKWHQ VLFK MHGH
EUDXFKEDUH'HFNXQJ'DVZDUGDV(QGHXQVHUHV(LQVDW]HVDP
HUVWHQ7DJ$XVPHLQHU6LFKWZDUGHU$QJULIIHLQ)HKOVFKODJ
DEJHVHKHQYRQGHU(LQQDKPHGHU6WDGW'HU)HKOVFKODJUKUWH
YRQ XQHUIDKUHQHQ 2IIL]LHUHQ XQG XQJHEWHQ 7UXSSHQ 1DFK

XQVHUHQ (UIDKUXQJHQ VSlWHU LQ %HOJLHQ KlWWHQ ZLU HV EHVVHU
PDFKHQN|QQHQ8QGGDVWDWHQZLULQGHQIROJHQGHQ0RQDWHQ
1DFKXQVHUHP5FN]XJYRQGHP+JHOJLQJHQGHU/HXWQDQW
XQGLFKLQGLH6WDGWXP9HUELQGXQJ]XDQGHUHQ2IIL]LHUHQ]X
EHNRPPHQ XQG ]X HUIDKUHQ ZLH HV JHODXIHQ ZDU 'LH 'HXW
VFKHQEHJDQQHQGLH6WDGWXQGXQVHUH)DKU]HXJHPLW0|UVHU
XQG $UWLOOHULH*HVFKRVVHQ HLQ]XGHFNHQ :LUZLFKHQLQHLQHQ
.HOOHUDXVXQGOLH‰HQGLH0XVLNGUDX‰HQVSLHOHQ
6REDOGGLH$UWLOOHULHHLQEL‰FKHQQDFKJHODVVHQKDWWHVFKLFNWH
PLFKGHU/HXWQDQWGRUWKLQZRGLH)DKU]HXJHJHSDUNWZDUHQ
XPGLH0lQQHULQGLH6WDGW]XEULQJHQZRVLHLQGHQ*HElX
GHQ 'HFNXQJ ILQGHQ NRQQWHQ $OV LFK ]X GHQ -XQJV KLQDXV
NDP IDQG LFK VLH KLQWHU +HFNHQ ]XVDPPHQJHGUlQJW XQG LQ
*UlEHQ KLQJHVWUHFNW 6LH VDKHQ ]X 7RGH HUVFKUHFNW DXV XQG
GDFKWHQHVVHLYHUUFNWYRQPLULPRIIHQHQ*HOlQGHKHUXP
]XODXIHQ 0HKUHUH GHU -XQJV ZDUHQ DXI GHP )HOG YHUZXQGHW
XQGHLQSDDUJHW|WHWZRUGHQ=ZHL-XQJVYHUORUHQGLH1HUYHQ
XQGHUOLWWHQHLQH)URQWQHXURVH(LQHUZDUYRQPHLQHU*UXSSH
'LHVH 1DFKW ZDU GLH HUVWH YLHOHU HOHQGHQ 1lFKWH GLH QRFK
NRPPHQ VROOWHQ 0HLQH .RPSDQLH VROOWH HLQHQ 6HNWRU GHU
6WDGWYHUWHLGLJHQXQGZLUJUXEHQ6FKW]HQO|FKHUXQGVWHOOWHQ
0DVFKLQHQJHZHKUH DQ GHU lX‰HUHQ %HJUHQ]XQJ DXI (V ZDU
HLQH +XUHQQDFKW ZLH ZLU ]X VDJHQ SIOHJWHQ (V ZDU NDOWPLW
6FKQHHUHJHQXQG6FKQHHVWXUP'HU%RGHQZDUJHIURUHQXQG
ZLGHUVHW]WHVLFKXQVHUHQ%HPKXQJHQXQVHLQ]XJUDEHQ0HL
QHU *UXSSH JHODQJ HV VFKOLH‰OLFK PHKUHUH /|FKHU ]X VFKDU
UHQ XQG ZLU VWHOOWHQ XQVHUH  PP *HVFKW]H DP )DKU]HXJ
DXI,QGLHVHU1DFKWZXUGHQLFKWYLHOJHVFKODIHQ-HGHU0DQQ
KLHOW HWZD YLHU 6WXQGHQ :DFKGLHQVW LQ GHQ 6FKW]HQO|FKHUQ
XQGYHUVXFKWHGDQQ]XVFKODIHQ'HUJHVDPWH=XJZDULQHLQ
NOHLQHV+DXVHLQJHSIHUFKW:LUVFKOLHIHQDXIGHP%RGHQXQG
MHGHVPDO ZHQQ MHPDQG ]XU 7U NDP ZXUGH DXI PLFK JHWUH
WHQ,FKHULQQHUHPLFKDOVLFKDXI:DFKHZDUZLH-RH0RUDQ
DQ PLU YRUEHLNDP XQG GLH 6WUD‰H HQWODQJ JLQJ GLH DXV GHU
6WDGWIKUWH,FKVDJWHLKPGD‰HUDXIGLHIHLQGOLFKHQ/LQLHQ
]XJLQJ (U PX‰ EHWUXQNHQ JHZHVHQ VHLQ $P QlFKVWHQ 7DJ
ZDU HU QLFKW GD DOV GHU $QJULII EHJDQQ :LU IDQGHQ GHQ
NDPSIOXVWLJHQ ,UHQ VSlWHU HU KDWWH VLFK LQ HLQHU 'DFKVWXEH
YHUVWHFNW

'HXWVFKH6ROGDWHQSOQGHUQGLH/HLFKHQDPHULNDQLVFKHU
6ROGDWHQZlKUHQGLKUHV9RUVWR‰HVGXUFKGLH$UGHQQHQ
$XIJUXQGVWlQGLJHQ1DFKVFKXEPDQJHOVZDUHQQHXH6WLHIHO
EHLGHQ'HXWVFKHQVHKUEHJHKUW
9II*ÂÂ-DKUJDQJÂ+HIW

$P QlFKVWHQ 7DJ GHP  'H]HPEHU VROOWHQ ZLU XQVHUHQ
$QJULII IRUWVHW]HQ 'LH :DFKHQ ZXUGHQ HLQJHKROW XQG ZLU
VWLHJHQ LQ XQVHUH +DOENHWWHQIDKU]HXJH XQG ZDUHQ DEPDUVFK
EHUHLW ,FK HULQQHUH PLFK GD‰ LFK PLFKW QLFKW HQWVFKHLGHQ
NRQQWHRELFKPHLQHQ0DQWHODQ]LHKHQVROOWHRGHUQLFKW,FK
]RJ LKQ PHKUHUH 0DOH DQ XQG DXV (U ZDU VHKU VFKZHU XQG
XQSUDNWLVFK EHLP *HKHQ RGHU /DXIHQ DEHU HU JDE JXWHQ
6FKXW] ZHQQ LFK PLFK LQ GHQ 6FKQHH OHJWH ,FK EHVFKOR‰
VFKOLH‰OLFK LKQ DQ]X]LHKHQ XQG VSlWHU LQ GLHVHU 1DFKW ZDU
LFKGDUEHUVHKUIURK
$Q GLHVHP 0RUJHQ JDE HV HLQH 9HU]|JHUXQJ EHLP $QJULII
'LHVHV0DOERPEDUGLHUWHXQVHUH$UWLOOHULHGLHIHLQGOLFKH6WHO
OXQJ,FKNDPKRFKDXIGHQ+JHOXPHLQLJHQGHU3DQ]HUOHX
WHHLQHQ%HVXFK]XPDFKHQZlKUHQGZLUDXIGHQ$QJULIIZDU
WHWHQ 0HKUHUH YRQ LKQHQ VWDQGHQ KLQWHU LKUHQ 3DQ]HUQ ]X
VDPPHQ VFKPRO]HQ 6FKQHH XQG YHUVXFKWHQ .DIIHH ]X PD
FKHQ6LHHU]lKOWHQPLUGD‰VLHDP9RUWDJ3DQ]HUYHUORUHQ
KDWWHQXQGHLQH5HLKH-XQJVYHUZXQGHWZXUGHQ'HU.RPSD
QLHIKUHU XQG HLQ DQGHUHU -XQJH ZDUHQ JHIDOOHQ 0HKUHUH
3DQ]HU IHXHUWHQ ]X GLHVHU =HLW 6LH KDWWHQ %HZHJXQJHQ DXI
GHP +JHO YRU XQV DXVJHPDFKW XQG EWHQ QXQ LKUH 7UHIIVL
FKHUKHLW
8P8KUJDEGHU%DWDLOORQVNRPPDQGHXUGDV=HLFKHQGHQ
$QJULII]XEHJLQQHQ:LUVWLHJHQDXIXQGIXKUHQORVPLWGHQ
3DQ]HUQ YRUDXV :LU UDVWHQ GLH JOHLFKH 7DOVRKOH KHUXQWHU
GXUFKGLHZLUXQVDP9RUWDJ]XUFNJH]RJHQKDWWHQ'LHVPDO
VSXFNWHQ DOOH XQVHUH 0DVFKLQHQJHZHKUH )HXHU (V ZDU HLQ
WU|VWOLFKHU .ODQJ GLHVH *HZHKUH VFKQDWWHUQ ]X K|UHQ /HXW
QDQW 6WULQJIHOORZ PLW GHP HU *HVFKW] DXI XQVHUHP )DKU
]HXJIHXHUWHHLQSDDU5XQGHQXQGKDWWHGDQQ/DGHKHPPXQJ
8QVHUH$QJULIIVVSLW]HDXV3DQ]HUQXQG+DOENHWWHQIDKU]HXJHQ
(LQHGHXWVFKH3DQ]HUEHVDW]XQJEHLHLQHU2ULHQWLHUXQJV
SDXVHZlKUHQGGHV9RUVWR‰HVLQGLH$UGHQQHQ
9II*ÂÂ-DKUJDQJÂ+HIW
MDJWH GDV 7DO KLQXQWHU DXI GLH QlFKVWH 6WDGW ]X ELV PHKUHUH
)DKU]HXJHVWHFNHQEOLHEHQXQGXQWHUIHLQGOLFKHV)HXHUJHULH
WHQ'DVWLHJHQZLUDXVGHQ)DKU]HXJHQDXVXQGQDKPHQLQHL
QHP(QJSD‰DQGHU6WUD‰H'HFNXQJ
+RZDUG$QGHUVRQV)DKU]HXJZDUYRQHLQHU*UDQDWHJHWURIIHQ
ZRUGHQXQGXQEUDXFKEDUDEHU]XP*OFNKDWWHQDOOH0lQQHU
HVYHUODVVHQ'LH.RPSDQLHELOGHWHHLQH6FKW]HQOLQLHHQWODQJ
GHU 6WUD‰H XQG QDKP KLQWHU HLQHU %|VFKXQJ 'HFNXQJ :LH
JHZ|KQOLFK KDWWH LFK NHLQH $KQXQJ ZDV ZLU DQJULIIHQ RGHU
ZR GHU )HLQG VHLQ VROOWH ,FK K|UWH 0DVFKLQHQJHZHKUIHXHU
YRQ UFNZlUWV EHU XQVHUH .|SIH IHJHQ DEHU HV VWHOOWH VLFK
KHUDXV GD‰ HV YRQXQVHUHQHLJHQHQ3DQ]HUQNDP+LHUKDWWH
.HOO\0D\QDUGHLQHQJOFNOLFKHQ7UHIIHUPLWVHLQHU%D]RRND
(UIHXHUWHDXIGDV'DFKIHQVWHUHLQHV+DXVHVQDKHGHU6WUD‰H
(VZDUHLQZXQGHUEDUHU7UHIIHUXQGHLQ.UDXWNDPDXVGHP
DQGHUHQ 'DFKIHQVWHUJHIORJHQ(UNDPQLFKWZHLWELVHUYRQ
.DOLEHU0*VYRQHLQHU)OLHJHUDEZHKUEDWWHULHQLHGHUJH
PlKWZXUGH
'HU3ODQVDKYRUGD‰ZLUGHQ+JHOYRUXQVDQJUHLIHQVROO
WHQ'DV%DWDLOORQNDPDXVGHU6WUD‰HKHUDXVZLHPDQHVEHL
GHU *UXQGDXVELOGXQJ OHUQW PLW 6SUQJHQ 'HFNXQJVQDKPH
XQG $QVWUPHQ ± DOOHV JHQDX ZLH LP /HKUEXFK :LU JULIIHQ
EHUGLHIUHLH)OlFKHXQGGHQ+JHOKRFKDQELVZLU%HIHKO
EHNDPHQDQ]XKDOWHQ-HW]WHQWVFKLHGHQGLH2IIL]LHUHGD‰ZLU
GHQIDOVFKHQ+JHODQJHJULIIHQKDWWHQ'LH'HXWVFKHQZDUHQ
JDUQLFKWGRUWREHQ-HPDQGKDWWHHLQHQ)HKOHUJHPDFKW0LU
ZXUGH VSlWHU HU]lKOW GD‰ GHU 3DQ]HU%HIHKOVKDEHU XQVHUHQ
%DWDLOORQVNRPPDQGHXU 2EHUVWOHXWQDQW +RRPDQ DQEUOOWH
XQGLKQIUDJWHREHUEHUKDXSWIlKLJVHLVHLQH/HXWH]XIK
UHQ6HLQH$QWZRUWZDUÄ,FKVFKlW]HQLFKW³
6SlWHU HUIXKU LFK GD‰ XQVHU %DWDLOORQVNRPPDQGHXU GLH
3DQ]HUOXNH DXI VHLQH 6FKXOWHU IDOOHQ OLH‰ XQG YHUZXQGHW ZDU
XQGHUVHW]WZXUGH'DVEHUHLQLJWHGLH/DJH2EHUVW+RIIPDQV
1DFKIROJHU ZDU 0DMRU7DQVD\HLQZDJHPXWLJHU:HVW3RLQW
2IIL]LHU,FKHULQQHUHPLFKZLHHUPLWVHLQHUHUKHUXPOLHI
LQVHLQHUKRKHQ6WLPPH%HIHKOHVFKULHXQGGRUWXPKHUOLHIZR
GDV*HIHFKWDPKHL‰HVWHQZDU
'DZLUPLWXQVHUHP$QJULIIDXIGHQIDOVFKHQ+JHOXQEHVRQ
QHQ JHKDQGHOW KDWWHQ IKUWH 0DMRU 7DQVD\ XQG +DXSWPDQQ
)DEULFNXQVHUH.RPSDQLHHQWODQJHLQHU(LVHQEDKQVFKLHQHXP
GHQ+JHOKHUXP:LUJLQJHQPHKUHUHKXQGHUW0HWHUODQJLQ
HLQHU .RORQQH YRQ  0DQQ DQ GHQ 6FKLHQHQ HQWODQJ DE
ZlUWVXQGGDQQEHUV)HOGKRFKEHUGHQ+JHO,FKEHPHUN
WH PHKUHUH HUOHGLJWH DPHULNDQLVFKH 3DQ]HU DXI GHP +JHO
DEHUVRQVWQLFKWV2EZRKOLFKHVQLFKWZX‰WHKLHOWHQZLUDXI
GLH 6WDGW &KHQRJQH LQ %HOJLHQ ]X ZDV YHUPXWOLFK XQVHU XU
VSUQJOLFKHV=LHOZDU'LHVH6WDGWVROOWH=HXJHGHUEOXWLJVWHQ
.lPSIHXQVHUHV)HOG]XJVLQ%HOJLHQZHUGHQ
8QVHUH.RPSDQLHNDPLQDXIJHORFNHUWHU)RUPDWLRQEHUGHQ
+JHOYRUDQGHUHUVWH=XJ,FKHULQQHUHPLFKGD‰ZLUGXUFK
6FKQHHYHUZHKXQJHQ JHZDWHW XQG GXUFK PHKUHUH 6WDFKHO
GUDKW]lXQHJHNURFKHQVLQG$OVLFKEHUGHQ*LSIHOGLHVHVRI
IHQHQ+JHOVNDPKDWWHLFKNHLQH9RUVWHOOXQJYRQGHU)DOOH
LQ GLH ZLU JLQJHQ 0HKUPDOV H[SORGLHUWHQ *UDQDWHQ LQ GHQ
.LHIHUQHWZDP]XPHLQHU/LQNHQXQG6FKUDSQHOOVWUDIHQ
GHQ 6FKQHH XP PLFK KHUXP ,FK NRQQWH ]X GLHVHU =HLW QLFKW
DXVPDFKHQREGDVQDKH8QWHUVWW]XQJXQVHUHU$UWLOOHULHRGHU
GHU)HLQGZDU,FKVFKlW]HHVZDUHQGLH'HXWVFKHQGHQQVLH
HQWGHFNWHQMHGH%HZHJXQJGLHZLUPDFKWHQ
3O|W]OLFK HUVFKUDN LFK :LHGHU EHNDP LFK GLHVH SO|W]OLFKH
hEHONHLW LP 0DJHQ 9RU PLU ZDUHQ ]ZHL 0DQQ6FKW]HQ
O|FKHU ,FK NRQQWH GLH 8PULVVH DPHULNDQLVFKHU -XQJV *,V


DXVPDFKHQGLHLQVLW]HQGHU+DOWXQJ]XVDPPHQJHIDOOHQZDUHQ
± WRW 'HU 6FKQHH ZDU EHU LKUH /HLFKHQ JHZHKW XQG LFK
NRQQWHLKUH=JHNDXPHUNHQQHQ'DZX‰WHLFKGD‰KLHUHW
ZDVIDXOZDU-HPDQGULHIGD‰KLHUYRUZHQLJHQ7DJHQGLH
3DQ]HUGLYLVLRQYHUMDJWZRUGHQZDU
$OV ZLU ZHLWHUJLQJHQ ULHI +DXSWPDQQ )DEULFN GD‰ MHPDQG
HLQSDDU6FKVVHLQHLQHQ+HXVFKREHUZHLWHUYRUQHDEIHXHUQ
VROOWH (U JODXEWH GD‰ MHPDQG GD GULQ VHLQ N|QQWH -HPDQG
VFKR‰HLQSDDUPDOXQGGDVHUZLHVVLFKDOVJUR‰HV*OFN'LH
'HXWVFKHQ JODXEWHQ ZLU KlWWHQ VLH HQWGHFNWXQGIHXHUWHQORV
PLW LKUHQ 0DVFKLQHQJHZHKUHQ 'HQ .ODQJ GLHVHV *HZHKUV
ZHUGH LFK QLH PHKU YHUJHVVHQ 'DV GHXWVFKH 0DVFKLQHQJH
ZHKUKDWHLQHYLHOK|KHUH)HXHUUDWHDOVXQVHUH*HZHKUHXQG
GDKHU VLQG VLH OHLFKW ]X XQWHUVFKHLGHQ 'HU .ODQJ GHV *H
ZHKUVNDPEHUGHQ6FKQHHDOV(FKR]XUFNXQGDOOHVLQPLU
VFKLHQVWLOO]XVWHKHQ:LUZDUHQVHFKVLQGHUHUVWHQ5HLKHDOV
ZLUGHQ.DPPGHV+JHOVEHUVFKULWWHQXQGZLUNRQQWHQGLH
6WDGW&KHQRJQHPYRUXQVVHKHQ:LUJLQJHQDOOHLQVWLQN
WLY LQ GHQ 6FKQHH LQ 'HFNXQJ ,FK VFKDXWH PLFK QDFK HLQHP
/RFKXPDEHUHVJDENHLQHV
'LH HUVWH *HZHKUVDOYH KDWWH ]ZHL 0lQQHU JHW|WHW XQG GUHL
YHUZXQGHW LFK DOOHLQ KDWWH *OFN JHKDEW $OV LFK GHQ .RSI
KRE XP PLFK XP]XVHKHQ VDK LFK -XQJV OLQNV YRQ PLU LP
6FKQHH]DSSHOQXQGVLFKZLQGHQ,FKZX‰WHGD‰VLHJHWURIIHQ
ZRUGHQZDUHQXQGZROOWH]XLKQHQNRPPHQDEHULFKNRQQWH
QLFKW,FKZX‰WHXQJHIlKUZHUVLHZDUHQREZRKOLFKLKUH*H
VLFKWHU QLFKW VHKHQ NRQQWH )HOGZHEHO 3HWHUVRQ YRQ 2UHJRQ
ZDUWRW.LGQH\DXV7ROHGR2KLRZDUWRWXQG%LOO%DVVHUW
XQG &KDUOLH +RFNHU YRQ 3KLODGHOSKLD ZDUHQVFKZHUYHUZXQ
GHW
-RKQQ\.DOHGHUQDKHEHLPLUODJEHJDQQYROOHU6FKPHU]]X
ZLPPHUQ (U ULHI PLU ]X GD‰ HU JHWURIIHQ ZRUGHQ VHL ,FK
NURFKDXIGHP%DXFKGXUFKGHQ6FKQHH]XLKPKLQXQGVWHOOWH
IHVW GD‰ LKQ GLH .XJHO LP %HLQHV JHWURIIHQ KDWWH DEHU GLH
:XQGHEOXWHWHQLFKWVHKU(VVDKQDFKHLQHPVDXEHUHQ'XUFK
VFKX‰ DXV,FKQDKPVHLQH&DUOLVOH%LQGHYRQVHLQHP*UWHO
XQGYHUEDQGVHLQ%HLQ,FKJDELKPVHLQH:XQGWDEOHWWHDEHU
GDV:DVVHUPLWGHQHQVLHHLQJHQRPPHQZHUGHQVROOWHQZDU
LQVHLQHU)HOGIODVFKHJHIURUHQ,FKVDJWHLKPHUVROOH6FKQHH
PLWGHQ7DEOHWWHQHVVHQ,FKHULQQHUWHPLFKDQPHLQH*UXQG
DXVELOGXQJQDKPGHQ/DGHVWUHLIHQ0XQLWLRQYRQVHLQHP*U
WHODEXQGZLHVLKQDQQDFKKLQWHQ]XNULHFKHQ6REDOG.DOH
ZHJZDUZXUGHPHLQH$XIPHUNVDPNHLWZLHGHUDXIGDVGHXW
VFKH 0DVFKLQHQJHZHKU JHULFKWHW (V YHUEUHLWHWH LPPHU QRFK
7RG EHU GHQ 6FKQHH ,FK ZX‰WH GD‰ LFK LUJHQGZR LQ HLQ
/RFK NRPPHQ PX‰WH RGHU GLHVHV *HZHKU ZUGH PLFK NULH
JHQ,FKHQWGHFNWHHLQ/RFKHWZDPZHLWHUXQWHQDP+JHO
XQG UDQQWH GDUDXI ORV (V ZDU PLW 6FKQHH JHIOOW DEHU LFK
SOXPSVWHKLQHLQ
0HLQH 'HFNXQJ ZDU QXU HLQ QLHGHUHU 6SDOWHQJUDEHQ -HGHV
PDOZHQQGDV0DVFKLQHQJHZHKUHLQHQ)HXHUVWR‰DEJDEYHU
VXFKWHLFKPHLQHQ+LQWHUQPHKULQGDV/RFK]XEHNRPPHQ
RGHUHLQ%HLQKHUHLQ]X]LHKHQ,QGLHVHU=HLWHPSIDQGLFKGDV
WLHIVWH *HIKO YRQ (LQVDPNHLW XQG 9HUODVVHQKHLW GDV LFK MH
HUOHEWKDEH,FKVFKDXWH]XUFNXQGVDKQLHPDQGHQYRP=XJ
KLQWHUPLU'LHZHQLJHQ-XQJVUHFKWVYRQPLUZDUHQHQWZHGHU
JHW|WHW RGHU ODJHQ PLW GHP *HVLFKW QDFK XQWHQ JDQ] VWLOO
/LQNVYRQPLUXQGYRUPLUZDUHQQXU'HXWVFKH(LQSDDU0H
WHU]XPHLQHUUHFKWHQODJHLQWRWHU'HXWVFKHU(UPX‰HLQSDDU
7DJH]XYRUJHW|WHWZRUGHQVHLQGHQQHUZDUJDQ]VWHLIJHIUR
UHQ
0LUJLQJGHU*HGDQNHGXUFKGHQ.RSIGD‰VLFKGLH.RPSD
QLHYLHOOHLFKW]XUFN]LHKHQXQGPLFKKLHU]XUFNODVVHQZUGH
,FKGDFKWHEHLPLUÄ6FK|Q0RQFULHIHVVLHKWDXVDOVREGDV
(QGH QDKH LVW³ 0HLQH 0RUDO ZDU DXI GHP DEVROXWHQ 7LHI
SXQNW
,FK KDWWH HLQH :DIIH LQ GHU +DQG XQG ZDU HQWVFKORVVHQ VLH
]X JHEUDXFKHQZDVDXFKLPPHUJHVFKHKHQP|JH,FKVDKLQ
GHP+DXVYRUPLUHWZDVYRUVLFKJHKHQ.UDXWVUDQQWHQKHU
XP XQG GHVKDOE VFKR‰ LFK PLW PHLQHP *HZHKU ORV $OV LFK
.DOH(UVWH+LOIHJHOHLVWHWKDWWHKDWWHLFKPHLQ*HZHKUKLQWHU
PLU KHUJH]RJHQ XQG 6FKQHH XQG 'UHFN LQ GHQ /DXI EHNRP
PHQ,FKIHXHUWHHLQHQ6FKX‰DEGDQQNOHPPWHPHLQ*HZHKU
,FK KDWWH 3UREOHPH GHQ $E]XJ ]XUFN]X]LHKHQ DEHU LFK
NRQQWH PHLQ 0*HZHKU LPPHU QRFK PDQXHOOEHGLHQHQ,FK
EH]ZHLIOHGD‰LFKLUJHQGHWZDVWUDIDEHUHVZDUHLQJXWHV*H
IKO]XVFKLH‰HQXQGHWZDV]XWXQ
0HLQ HLQVDPHV NOHLQHV 6FKODFKWIHOG HUZDFKWH VFKQHOO ]XP
/HEHQ,FKK|UWH0DVFKLQHQJHZHKUIHXHUYRQKLQWHQNRPPHQ
GDV ZDU HLQ ZXQGHUEDUHU .ODQJ ,FK VDK ZLH GLHVH ZXQGHU
VFK|QHQ URWHQ /HXFKWVSXUJHVFKRVVH DXV XQVHUHQ *HVFKW]HQ
LP %RJHQ EHU GHQ 6FKQHH LQ GLH 6WHOOXQJHQ GHU 'HXWVFKHQ
JLQJHQ,FKK|UWHXQVHUH3DQ]HUKLQWHQNRPPHQXQGLFKZX‰
WH GD‰ LFK QLFKW PHKU DOOHLQ ZDU :DV IU HLQ ZXQGHUEDUHV
*HIKOJDEPLUGHU$QEOLFNXQVHUHU3DQ]HU
,FK JODXEWH DXIVSULQJHQ XQG JDQ] DOOHLQ GLH IHLQGOLFKH 6WHO
OXQJ DQJUHLIHQ ]X PVVHQ ,FK ZDU VR HUUHJW GD‰ LFK NHLQH
$QJVW PHKU KDWWH +LQWHU PLU K|UWH LFK 6WLPPHQ 5XIH XQG
%HIHKOH ,FK VDK .DPHUDGHQ PHLQHV =XJHV YRQ GHQ
%XVFKJUHQ]HQ ]X GHQ 6FKQHHYHUZHKXQJHQ VSULQJHQ $OV VLH
EHLPLUDQNDPHQJLQJLFKPLWLKQHQZHLWHU,FKHLOWH]XHLQHP
YHUODVVHQHQGHXWVFKHQ3DQ]HU0HWHUYRUPLUXQGQDKPGD
KLQWHU'HFNXQJ
%HLGHP3DQ]HUVFKOR‰VLFKPLUEDOGGHUNOHLQH+ROTXLVWDQ
GHUVHLQ0DVFKLQHQJHZHKUDXIVWHOOWHXQGIUGLH$UEHLWEHUHLW
PDFKWH$OVQlFKVWHVWLH‰HQ%RE)RUG\FH3HQQV\OYDQLD6WDWH
)UHVK (ULH XQG 3DXO *HQWLOH ]X XQV6LHEUDFKWHQ0XQLWLRQ
IU GDV 0DVFKLQHQJHZHKU PLW 'LH 8QWHURIIL]LHUH VFKORVVHQ
VLFKXQVEDOGDQ$OVQlFKVWHVVSLHOWHXQV+ROTXLVWHLQH0HOR
 GLH DXI VHLQHP 0DVFKLQHQJHZHKU (U KLHOW GLH 'HXWVFKHQ LQ
9RUVWR‰HQGHGHXWVFKH6ROGDWHQ]X%HJLQQGHU$UGHQQHQ 7UDE GLH VLFK XP GDV +DXV HWZD  P YRU XQV HLQJHJUDEHQ
VFKODFKW

 9II*ÂÂ-DKUJDQJÂ+HIW

KDWWHQ,FKHQWVFKLHGGD‰GLHVGHU$XJHQEOLFNZDUXPPHLQ
*HZHKU DXVHLQDQGHU]XQHKPHQ XQG GHQ 6FKQHH KHUDXV]XEH
NRPPHQ
$OV GLH .RPSDQLH JHQJHQG .UlIWH LQ GHU 1lKH GHU 'HXW
VFKHQ XP GDV +DXV ]XVDPPHQJH]RJHQ KDWWH JULIIHQ ZLU VLH
DQ$OVZLUGDV+DXVHUUHLFKWHQNDPHLQ'HXWVFKHUPLWHUKR
KDXIHQ YRU PLU XQG GUHL +DQGJUDQDWHQ DOV 6LFKHUKHLWVPD‰
QDKPH
,FKGDFKWH&XVWXQGLFKKlWWHQXQVIUGLH1DFKWQLHGHUJHODV
VHQDEHUEDOGNDPGHU*UXSSHQIKUHUXQGWHLOWHXQVPLWGD‰
XQVHUH/|FKHU]XZHLWYRQGHU9HUWHLGLJXQJVOLQLHZHJZDUHQ
XQG GD‰ ZLU XQV ]XUFN]LHKHQ XQG QHXH JUDEHQ VROOWHQ )OX
EHQHQ+lQGHQKHUDXV5R\6WRXWYRQ0LVVRXUL0RHUVFKR‰
LKQ=ZHLZHLWHUH'HXWVFKHNDPHQDXVHLQHPDQGHUHQ8QWHU
VWDQGXQG8II]+DUW]HODXV3KLODGHOSKLDHUVFKR‰VLHPLWVHL
QHU HU 3LVWROH 6LH EHIROJWHQ XQVHUHQ %HIHKO NHLQH*HIDQ
JHQHQ]XPDFKHQ0HLQH.RPSDQLHKDWWHGLHGHXWVFKHQ6WHO
OXQJHQDQ5DQGGHVNOHLQHQ'RUIHVEHUUDQQWXQGZLUEHJDQ
QHQ GXUFK GDV 'RUI YRU]XVWR‰HQ (V ZDU HLQH DOOJHPHLQH
9HUZLUUXQJ PLW 5XIHQ XQG :HUIHQ YRQ *UDQDWHQ 8QVHUH
3DQ]HUNUHX]WHQXQGZDO]WHQKHUXP,FKPX‰WHDXISDVVHQXP
QLFKWYRQHLQHP3DQ]HUQLHGHUJHZDO]W]XZHUGHQRGHULQGDV
0QGXQJVIHXHULKUHUHU.DQRQHQ]XJHUDWHQ
:LU NDPHQ QLFKW ZHLW QDFK &KHQRJQH KLQHLQ (V ZDU  8KU
DEHQGVXQGHVZXUGHEHVFKORVVHQIUGLH1DFKWHLQH9HUWHL
GLJXQJVOLQLH]XELOGHQGLHGXUFKGLH5DQGJHELHWHGHV'RUIHV
ODXIHQ VROOWH 0HLQH .RPSDQLH % JUXE HLQH /LQLH DXI GHU
UHFKWHQ6HLWHGHU6WUD‰HGLHLQGLH6WDGWIKUWHXQG.RPSD
QLH&DXIGHUOLQNHQ6HLWHGHU6WUD‰H-HW]WKDWWHQZLU=HLWXQ
VHUH1DVHQ]X]lKOHQXQG]XVHKHQZHUGDZDUXQG=HLWXP
XQVHUH 0XQLWLRQ XQG 9HUVRUJXQJVUDWLRQHQ ]X EHUSUIHQ
0HLQ EHVWHU .DPHUDG 0F &DUW\ YRQ 1HEUDVND ZXUGH DXV
XQVHUHP =XJ YHUPL‰W 1LHPDQG VFKLHQ ]X ZLVVHQ ZDV PLW
LKPJHVFKHKHQZDU6SlWHUHUIXKULFKGD‰HUYRP6SOLWWHUHL
QHU0|UVHUJUDQDWHLQGLH6FKXOWHUJHWURIIHQZRUGHQZDU
-DPHV&XVWDXV1HZ<RUN&LW\XQGLFKEHJDQQHQ]XVDPPHQ
XQVHUH 6FKW]HQO|FKHU ]X JUDEHQ (V ZDU 6FKQHH DXI GHP
%RGHQXQGHUZDUFPWLHIJHIURUHQ:LUKDWWHQQXUZHQLJ
6FKDQ]ZHUN]HXJ ]XP *UDEHQ XQG GHU JHIURUHQH %RGHQ ZL
GHUVHW]WHVLFKXQVHUHQ%HPKXQJHQDEHUZLUKDFNWHQILHEHU
KDIW LQ GHQ %RGHQ (V ZDU XQV EHIRKOHQ ZRUGHQ HLQHQ *H
JHQDQJULII ]X HUZDUWHQ VREDOG PDQ VHLQH 6WHOOXQJ HLQJH
QRPPHQKDW&XVWXQGLFKKDWWHQHLQ/RFKJHJUDEHQGDVWLHI
JHQXJ ZDU XP GDULQ VLW]HQ ]X N|QQHQ ZHQQ GLH 'HXWVFKHQ
HLQHQ *HJHQDQJULII PDFKWHQ'HUEHJDQQPLWHLQHPKHIWLJHQ
$UWLOOHULH6SHUUIHXHU&XVWXQGLFKKDWWHQ0LQXWHQJHKDEW
XPGDV/RFK]XJUDEHQDEHUHVUHWWHXQVHU/HEHQ%RE)RU
G\FH3HQQV\OYDQLDGHU]ZHLWHGHUVLFKPLUDQGHP1DFKPLW
FKHQG XQG 9HUZQVFKXQJHQ DXVVWR‰HQG EHJDQQHQ ZLU HLQ
QHXHV/RFK]XJUDEHQ:lKUHQGGHUJDQ]HQ=HLWDOVZLUGDV
QHXH /RFK JUXEHQ ZDUHQ ZLU HLQHP P|JOLFKHQ $UWLOOHULH
6SHUUIHXHUDXVJHVHW]W:LHGHUPX‰WHQZLUPLWXQVHUHQ6SLHO
]HXJVSDWHQ GHQ JHIURUHQHQ %RGHQ KDFNHQ XQG ]HUNOHLQHUQ
,FKZDUVRNDOWXQGHUVFK|SIWGD‰LFKPLFKKLQVHW]WHXQG]ZL
VFKHQPHLQHQ%HLQHQJUXE
'LH+lXVHUDQGHU6WUD‰H]XPHLQHU/LQNHQEUDQQWHQOLFKWHU
ORK 'DV JDE GHU 6]HQH HLQHQ VFKDXHUOLFKHQ $QVWULFK 'LH
)ODPPHQ ]XFNWHQ XQG IODFNHUWHQ XQG EHOHXFKWHWHQ GHQ
6FKDXSODW] XQG HUOHXFKWHWHQ XQVHUH NOHLQH :HOW ,FK KDWWH
PHLQHQ %OLFN DXI HLQ EUHQQHQGHV +DXV ZHLWHU KLQWHQ DQ GHU
6WUD‰HJHULFKWHWDOVLFK]ZHL)LJXUHQLP/LFKWGHV)HXHUVVDK
6LHJLQJHQDXIGLH'XQNHOKHLW]X=XHUVWGDFKWHLFKHVVHLHQ
*,V DEHU GDQQ lQGHUWH LFK PHLQH $QVLFKW ,FK HU|IIQHWH PLW
PHLQHP *HZHKU GDV )HXHU DXI VLH ,FK K|UWH HWZDV VW|KQHQ
XQG UXIHQ XQG GDQQ Ä.DPHUDG .DPHUDG³ =ZHL 0lQQHU
VWDSIWHQDXVGHU'XQNHOKHLWDXIPLFK]XXQGKLHOWHQGLH+lQ
GH ]XU .DSLWXODWLRQ KRFK 6LH ZDUHQ PHLQH HUVWHQ *HIDQJH
QHQ
,FKEHUJDEGLH]ZHL*HIDQJHQHQ-RH0LQQDXJKYRQ+DUULV
EXUJGHUGHXWVFKVSUHFKHQNRQQWH6SlWHUHUIXKULFKGD‰GLH
VH ]ZHL 0lQQHU KLQWHU HLQHQ +HXVFKREHU JHEUDFKW XQG HU
VFKRVVHQ ZRUGHQ ZDUHQ 'HU %HIHKO ZDU JHZHVHQ Ä1HKPW
NHLQH*HIDQJHQHQEHLGLHVHP9RUVWR‰³
'DV )HXHU LQ GHQ EUHQQHQGHQ *HElXGHQ VDK IU PLFK HLQOD
GHQGDXVGHULFKLQPHLQHP6FKW]HQORFKIURU,FKEHVFKOR‰
]XP )HXHU KLQEHU]XJHKHQ XQG PLFK HLQ EL‰FKHQ DXI]XZlU
PHQ'LHVWDUNH:lUPHGHV)HXHUVIKOWHVLFKJXWDQXQGLFK
ZDUGDEHLPHLQNOHLQHV/DJHUIHXHU]XJHQLH‰HQDOVLFK]XIlO
OLJDXIGHQYHUNRKOWHQ*HJHQVWDQGEHLPHLQHQ)‰HQVDK=X
HUVWGDFKWHLFKHVVHLHLQYHUEUDQQWHU.ORW]DEHUEHLJHQDXH
UHP +LQVHKHQ PHUNWH LFK GD‰ HV GLH YHUNRKOWH /HLFKH HLQHV
'HXWVFKHQZDU,FKILQJDQEHUGLH0|JOLFKNHLWQDFK]XGHQ
NHQGD‰PLFKHLQSDDU.UDXWVEHUUDVFKHQN|QQWHQZlKUHQG
LFKKLHUYRP)HXHUEHOHXFKWHWVWDQG'LHVHU*HGDQNHXQGGHU
WDJ EHL GHP 3DQ]HU DQJHVFKORVVHQ KDWWH ZXUGH LQ VHLQHP
/RFKKLQWHUXQVJHW|WHW(UEHNDPGDV/RFKQLFKWUHFKW]HLWLJ
IHUWLJGD‰HVLKQJHQJHQGVFKW]HQNRQQWH
$OVVLFKGDV6SHUUIHXHUIRUWVHW]WHVD‰HQ&XVWXQGLFKLQXQVH
UHP /RFK XQG VFKDXWHQ XQV DQ :LU ZDUHQ ]ZHL IXUFKWVDPH
NDOWH HUVFK|SIWH -XQJV -HGHVPDO ZHQQ HLQH *UDQDWH HLQ
VFKOXJ VFKORVVHQ ZLU GLH $XJHQ XQG VFKUHFNWHQ ]XVDPPHQ
*UDQDWHQH[SORGLHUWHQULQJVXPXQVHU/RFKXQGZDUIHQ'UHFN
DXI :LH ODQJH NRQQWH GLHVHU %HVFKX‰ GDXHUQ" :UGH GLH
QlFKVWH *UDQDWH XQV WUHIIHQ" :DV ZUGH QDFK GHP %HVFKX‰
NRPPHQ" 1XQ DXI GDV %RPEDUGHPHQW IROJWH 0DVFKLQHQJH
ZHKUIHXHU GHU .UDXWV,FKHUZDUWHWHHLQHQ,QIDQWHULH$QJULII
DEHUXQVHUH3DQ]HUXQG$UWLOOHULHNDPHQ]XXQVHUHU5HWWXQJ
'LH$UWLOOHULHZDUI*UDQDWHQYRUXQVHUH6WHOOXQJXQGGLH3DQ
]HU DXI GHP +JHO KLQWHU XQV EHQXW]WHQ LKUH 0DVFKLQHQJH
ZHKUH 'DV VFKUHFNWH GLH .UDXWV YRU MHGHP $QJULII DXI XQV
DE
%DOG ZDU HV XP 0LWWHUQDFKW 6\OYHVWHUDEHQG  ,FK
YHUEUDFKWH LKQ LQ HLQHP 6FKW]HQORFK NDOW ]LWWHUQG HOHQG
XQGIUDJWHPLFKRELFKEHUOHEHQZUGH±PLWHLQHP'UHFN
9II*ÂÂ-DKUJDQJÂ+HIW
YHUNRKOWH*HIlKUWHIKUWHQGD]XGD‰LFKEHVFKOR‰]XPHLQHP
NDOWHQ6FKW]HQORFK]XUFN]XNHKUHQ
'LH3DUROHJLQJXPGD‰XQVHUH+DOENHWWHQIDKU]HXJHDXIGHP
+JHOKLQWHUXQVZDUHQXQGGD‰ZLUHLQHUQDFKGHPDQGHUHQ
ORVNRQQWHQXP(VVHQXQGXQVHUH0lQWHO]XKROHQ&XVWEOLHE
LQXQVHUHP/RFKXQGLFKJLQJKRFK]XPÄ7UR‰³$XVLUJHQG
HLQHP*UXQGZDULFKVHKUGXUVWLJ$OVLFKLP+DOENHWWHQIDKU
]HXJ KHUXPVW|EHUWH IDQG LFK HLQH 'RVH .RQGHQVPLOFK XQG
LFKGDFKWHGD‰LFKGLHJHUQHWULQNHQZUGH,FKGXUFKERKUWH
VLHPLWPHLQHP0HVVHUXQGWUDQNGLH0LOFK(VZDUHLQHELW
WHUH$U]QHLDEHULFKWUDQNVLH'LHÄ&³5DWLRQHQZDUHQLQGHU
'RVH KDUW JHIURUHQ DEHU LUJHQGZLH NRQQWH LFK GHQ (LQWRSI
PLWPHLQHP0HVVHUORVNULHJHQ,FKZDUKXQJULJ
(WZD JHJHQ 0LWWHUQDFKW NDP GHU %HIHKO YRQ REHQ GD‰ ZLU
XQVHUH 6WHOOXQJ LQ GHU 6WDGW UlXPHQ XQG XQV DXI GHQ +JHO
]XUFN]LHKHQ VROOWHQ ,FK K|UWH *HUFKWHGLH*UQGHKLHUIU
VHLHQGD‰GLH'HXWVFKHQ9HUVWlUNXQJHQXQG3DQ]HU]XP$Q
JULIILQGLH6WDGWEUDFKWHQ,FKJODXEWHGDPDOVGLHVHQ*HUFK
WHQDEHUKHXWHZHL‰LFKGD‰GLH2IIL]LHUHHWZDVDQGHUHVYRU
KDWWHQ


0HLQ=XJVDPPHOWHVLFKEHLPJOHLFKHQ+HXVFKREHUDXIGHP
+JHOZRDP1DFKPLWWDJ]XYRUGLH6FKLH‰HUHLEHJRQQHQKDW
WH:LUVROOWHQHLQHQHXH9HUWHLGLJXQJVOLQLHDXIGHP%HUJUN
NHQDXI]LHKHQ
=XPGULWWHQ0DOLQGLHVHU1DFKWVROOWHQ&XVWXQGLFKHLQ/RFK
DXVGHPJHIURUHQHQ%RGHQNUDW]HQ(LQLJHQ.HUOVZXUGHYRQ
GHU3DQ]HUGLYLVLRQ6FKW]HQO|FKHUJHJUDEHQEHYRUVLHVLFK
]XUFN]RJDEHUZLUPX‰WHQXQVHU/RFKVHOEVWJUDEHQ
&XVW ZDU VR HUVFK|SIW GD‰ HU QLFKW JUDEHQ NRQQWH (U OHJWH
VLFKLQGHQ6FKQHHXQGVDJWHPLUGD‰HVLKPHJDOVHLREHU
VWHUEHRGHUQLFKW(UNRQQWHQLFKWJUDEHQ0LUJLQJHVJHQDX
VRDEHULFKEHJDQQHLQEL‰FKHQLP%RGHQKHUXP]XVWRFKHUQ
XQGVR]XWXQDOVRELFKPLW%HJHLVWHUXQJEHLGHU$UEHLWZl
UH $OV LFK HWZDV ORVJHJUDEHQ KDWWH EHUUHGHWH LFK -LP HV
ZHJ]XVFKDXIHOQ XQG ZHFNWH VR VHLQ ,QWHUHVVHIUGDV9RUKD
EHQ
'HU QlFKVWH 7DJ ZDU GHU 1HXMDKUVWDJ  'DKHLP LQ GHQ
6WDDWHQZDUHVHLQ)HLHUWDJ0HLQH0XWWHUSIOHJWHHLQJUR‰HV
)HVWHVVHQ DE]XKDOWHQ 'DUDQ GDFKWH LFK DOV LFK LP IDKOHQ
/LFKW GHU 'lPPHUXQJ ]X XQVHUHP +DOENHWWHQIDKU]HXJ KLQ
EHUWURWWHWH,FKZDUDXIHLQHZHLWHUH'RVHÄ&³5DWLRQDXV
$OVHVDP1HXMDKUVPRUJHQKHOOZXUGHZDULFKHUVWDXQWEHU
GLH $QVDPPOXQJ YRQ )DKU]HXJHQ DP $EKDQJ KLQWHU XQVHUHU
6WHOOXQJ 'D VWDQGHQ +DOENHWWHQIDKU]HXJH XQG 3DQ]HU 3DQ
]HU]HUVW|UHU -HHSV XQG .UDQNHQZDJHQ $XI GLH NOHLQH 6WDGW
&KHQRJQH VROOWH HLQ ZHLWHUHU $QJULII HUIROJHQ 'LH 3DQ]HU
%HVDW]XQJHQ ZDUHQ GDEHL LKUH 3DQ]HU DXI]XZlUPHQ XP VLH
IUGHQJUR‰HQ9RUVWR‰YRU]XEHUHLWHQ
(V YHUJLQJHQ PHKUHUH 6WXQGHQ GHV 0RUJHQV ZlKUHQG GLH
9RUEHUHLWXQJHQIUGHQ$QJULIIJHWURIIHQZXUGHQ(LQH$UWLO
OHULH9RUEHUHLWXQJ ZDU LP *DQJH 'LH 3DQ]HU UHLKWHQ VLFK
TXHUEHUGHQ+JHODQGHU6WDUWOLQLHDXI$XFKXQVHU,QIDQWH
ULH%DWDLOORQ ZDU LQ HLQHU *HIHFKWVOLQLH KLQWHU GHQ 3DQ]HUQ
DXVHLQDQGHUJH]RJHQ'HU]ZHLWHXQGGULWWH=XJXQVHUHU.RP
SDQLHZDUHQDXIGHU/LQLHXQGPHLQ=XJZDUGLUHNWKLQWHULK
QHQ :LU KDWWHQ DP 9RUWDJ GLH PHLVWHQ9HUOXVWHHUOLWWHQXQG
ZXUGHQ GHVKDOE MHW]W DOV 8QWHUVWW]XQJ HLQJHVHW]W ,FK KDWWH
DQ GLHVHP 0RUJHQ YLHO ]XWXQ-DPHV&XVWKDWWHYRUJHVFKOD
JHQ GD‰ HU XQG LFK EHLP $QJULII ]XVDPPHQKDOWHQ XQG XQV
XPHLQDQGHU NPPHUQ VROOWHQ ZDV PLU HLQJXWHU*HGDQNH]X
VHLQVFKLHQ/HXWQDQW6WULQJIHOORZKDWWHPLUDXFKJHVDJWGD‰
LFK PLFK DQ LKQ UDQKlQJHQ VROOWH GD HU IDVW Y|OOLJ HUVFK|SIW
ZDU (U JDE PLU VHLQ :DONLH7DONLH ]XP 7UDJHQ XQG $EK|
UHQ
'HU$QJULIIEHJDQQXQGGLH.UDXWVZDUHQEHUHLW6REDOGXQ
VHUH-XQJVEHUGHQ5FNHQGHV+JHOVDXIGLH6WDGW]XORV
JLQJHQHUZDFKWHQGLHGHXWVFKHQ0DVFKLQHQJHZHKUH]XP/H
EHQ 0|UVHU HU|IIQHWHQ GDV )HXHU DXI XQVHUH 3DQ]HU 0HKU
$UWLOOHULHXQWHUVWW]XQJ ZXUGH DQJHIRUGHUW 0HKU 3DQ]HU XQG
6WXUPJHVFKW]HZXUGHQDXIGHQ.DPPJHVFKDIIWXP]XYHU
VXFKHQ GLHVH 0DVFKLQHQJHZHKUH DXV]XVFKDOWHQ /HXWQDQW
'XSRQWYRP=XJJLQJDXIGHP.DPPKHUXPXQGYHUVXFK
WH GLH IHLQGOLFKHQ 0DVFKLQHQJHZHKUH DXV]XPDFKHQ DOV HU
YRQGHP*HZHKUQDFKGHPHUVXFKWHLQGLH6FKXOWHUJHWURI
IHQ ZXUGH (U NURFK YRP .DPP ]XUFN XQG ODJ LP 6FKQHH
/HXWQDQW6WULQJIHOORZULHILKP]XVLFKQLFKW]XEHZHJHQXQG
UXKLJ ]X EOHLEHQ (U IRUGHUWH HLQHQ .UDQNHQMHHS DQ XQG GHU
/HXWQDQW XQG LFK JLQJHQ KRFK XP 'XSRQWDXIGDV)DKU]HXJ
ODGHQ]XKHOIHQ
'LH 6DQLWlWHU KDWWHQ DQ GLHVHP 0RUJHQ DOOH +lQGH YROO ]X
WXQ hEHU GHQ JDQ]HQ +JHO HUW|QWHQ GLH 5XIH Ä6DQLWlWHU³
Ä6DQLWlWHU³Ä%ULQJWHLQH7UDJH³

'LH'HXWVFKHQZDUHQPLWLKUHP0|UVHUIHXHUlX‰HUVWSUl]LVH
(VVFKLHQDOVREVLHLKUH*UDQDWHQGLUHNWLQGLH7UPHXQVH
UHU3DQ]HUIDOOHQODVVHQNRQQWHQ0HKUHUHYHUZXQGHWH3DQ]HU
OHXWHODJHQLQHLQHP*UDQDWWULFKWHUXQGZDUWHWHQDXIPHGL]L
QLVFKH 9HUVRUJXQJ 'HU /HXWQDQW OLH‰ PLFK HLQHQ -HHS VX
FKHQ XP VLH ZHJ]XVFKDIIHQ ,FK NRQQWH NHLQHQ 6DQLWlWVMHHS
ILQGHQ GHVKDOE JDE LFKHLQHP.RPSDQLH)DKU]HXJGHQ$XI
WUDJ:LUOXGHQGLH9HUZXQGHWHQDXIXQGIXKUHQORV]XP%D
WDLOORQV9HUEDQGVSODW]LP+LQWHUODQG=XP*OFNNDQQWHGHU
)DKUHUGHQ:HJ]XUFNQDFK-RGHQYLOOH(VZDUHLQHKROSULJH
)DKUW EHU GHQ 6FKQHH XQG GHQ JHIURUHQHQ %RGHQ DEHU HV
VROOWH VFKQHOO JHKHQ :LU OXGHQ XQVHUH /DGXQJ 9HUZXQGHWHU
DEXQGPDFKWHQXQVGDQQZLHGHUDXI]XUFNDQGLH)URQW
=XHUVW YHUOLHI GHU $QJULII VFKOHFKW 'HU )HLQG KDWWH XQV DXI
GHP%HUJUFNHQIHVWJHQDJHOW$OOPlKOLFKKDOIXQVXQVHUEHU
OHJHQHV)HXHUGXUFK]XEUHFKHQXQGZLUJLQJHQORVGHQ+JHO
KLQXQWHULQGLH6WDGW0HLQ=XJVROOWHZHLWHUKLQWHQQDFK]LH
KHQ DEHU LQ GHU 9HUZLUUXQJ ZXUGHQ ZLU XQWHU GHQ 5HVW GHU
.RPSDQLH JHPLVFKW :LU NlPSIWHQ Y|OOLJ GXUFKHLQDQGHU LQ
HLQHP+DXIHQ
,FKHULQQHUHPLFKEHVRQGHUVDQ8II]:DUILHOGGHUGLH6WUD‰H
KLQXQWHUOLHIXQGDXVGHU+IWHPLWHLQHPOHLFKWHQ0DVFKLQHQ
JHZHKUIHXHUWH(UVDKDXVZLHGHU+HOGLQHLQHP+ROO\ZRRG
)LOP 'HU 0XQLWLRQVJUWHO ZDU EHU VHLQH 6FKXOWHU JHVFKOD
JHQXQGHUVSXFNWHZLHGLH+|OOHDXIDOOHVZDVHUVDK
$OOHVOLHIJXWELVHLQ0DVFKLQHQJHZHKUIHXHUDXVHLQHUXQEH
NDQQWHQ6WHOOXQJORVJLQJ(VNODQJZLHHLQHVXQVHUHUHLJHQHQ
*HZHKUHDEHUHVVHW]WHXQVHUH-XQJVGLHJDQ]H6WUD‰HHQWODQJ
DX‰HU*HIHFKW(VVDKDXVDOVREGDV)HXHUDXVHLQHPJUR‰HQ
6WHLQKDXV HWZD  0HWHU YRU XQV NDP DEHU ZLU VDKHQ NHLQ
$Q]HLFKHQHLQHU%HZHJXQJRGHUIHLQGOLFKHQ$NWLRQ
,FKKRFNWHLQHLQHP*UDEHQQHEHQGHU6WUD‰HDOVHLQH.XJHO
GXUFKPHLQHQOLQNHQ'DXPHQVFKOXJXQGLQGHQREHUHQ+DQG
VFKXW]PHLQHV*HZHKUVIXKU'HU6WR‰GHV*HVFKRVVHVUL‰PLU
GDV *HZHKU DXV GHU +DQG XQG ZDUI PLFK KHUXP ,FK ODJ LP
*UDEHQ XQG ZXQGHUWHPLFKZDVJHVFKHKHQZDU0HLQQlFK
VWHU*HGDQNHZDUPLUPHLQ*HZHKUZLHGHU]XEHVFKDIIHQ,FK
NURFK VR ZHLW GD‰ LFK HV ]X IDVVHQ EHNDP XQG ]RJ HV DP
5LHPHQ]XPLUKHUGDQQPDFKWHLFKHLOLJVWGD‰LFKZHJNDP
:lKUHQGGHU$UGHQQHQVFKODFKWVHW]WHQGLH'HXWVFKHQ6RO
GDWHQLQHUEHXWHWHQ868QLIRUPHQHLQXPKLQWHUGHQ86
/LQLHQ9HUZLUUXQJ]XVWLIWHQ'LHVH6ROGDWHQZXUGHQVSlWHU
GHP.ULHJVUHFKWIROJHQGHUVFKRVVHQZLHKLHULP%LOGH
9II*ÂÂ-DKUJDQJÂ+HIW

$XIGHUDQGHUHQ6WUD‰HQVHLWHZDU%HDFKDXV/RV$QJHOHVYRQ GHUWUDILFKQLFKWXQGZLHGHUVSUDQJLFKLQGHQ(LQJDQJXP
GHUJOHLFKHQ)HXHUJDUEHLQEHLGH%HLQHJHWURIIHQZRUGHQ,FK QLFKWJHWURIIHQ]XZHUGHQ,FKZDUQRFKJlQ]OLFKNDPSIXQHU
UDQQWHEHUGLH6WUD‰H]XLKPKLQDEHUPHKUHUHDQGHUH-XQJV IDKUHQVRQVWKlWWHLFKQLHPDOVYHUVXFKWHLQ2EHUJHVFKR‰PLW
KDOIHQLKPEHUHLWV6LHZLHVHQPLFKDQDP(FN]XVLFKHUQGD +DQGJUDQDWHQDQ]XJHKHQ:LHLFKVSlWHUHUIXKUKlWWHLFKGLH
ZLUQLFKWZX‰WHQYRQZRGDV)HXHUNDP *UDQDWH]XP.HOOHUIHQVWHUKLQHLQZHUIHQVROOHQGDQQKlWWHLFK
$OV LFK GD]X =HLW KDWWH EHWUDFKWHWH LFK PHLQHQ 'DXPHQ XQG
PHKU (UIROJ JHKDEW 'LH 'HXWVFKHQ YHUVWHFNWHQ VLFK LPPHU
PHLQ *HZHKU 'LH .XJHO ZDU GXUFK GLH 6HLWH PHLQHV 'DX LP.HOOHUGDHUEHVVHUHQ6FKXW]YRU*UDQDWHQERW
PHQVJHVFKODJHQDEHUHUEOXWHWHQLFKWHUQVWOLFK'HUK|O]HUQH )HOGZHEHO)HUJXVRQEHIDKOPLUYRQGHP*HElXGH]XUFN]X
+DQGVFKXW] DQ PHLQHP *HZHKU ZDU ]HUWUPPHUW XQG GLH NRPPHQ GDPLW GLH 3DQ]HU GDV +DXV QRFKPDOV EHVFKLH‰HQ
.XJHOKDWWHGHQ/DXIJHWURIIHQXQGZDUGDQQDEJHSUDOOW=XP NRQQWHQ:LUODJHQKLQWHUHLQHU+HFNHDQGHU6HLWHGHV+DX
*OFNIXQNWLRQLHUWHHVQRFK VHVDOVLFKGLH-XQJVOLQNVYRQPLUYRQGHP+DXV]XUFNUHQ
:lKUHQGLFKGRUWVLFKHUWHEHPHUNWHLFKGD‰VLFKHLQHDPHUL QHQVDK0HLQ.DPHUDG&XVWZDUHLQHUYRQGHQHQGHUEHU
NDQLVFKH$UWLOOHULH(LQKHLWPLUQlKHUWH'LH=XJPDVFKLQHKDW KDXSW NHLQH &KDQFH KDWWHZHJ]XNRPPHQ(UZDUIGLH$UPH
WHGLHROLYJUQH7DUQIDUEHXQGGHQZHL‰HQ6WHUQXQVHUHV+HH KRFKXQGILHOGDQQXP(LQH.XJHOKDWWHLKQLQGHQ.RSIJH
UHV 'LH 'HXWVFKHQ KDWWHQ VLH EHL LKUHP (QWODVWXQJVGXUFK WURIIHQ/HXWQDQW-RQHVGHUDP*UDEHQEHLGHU6WUD‰HVWDQG
EUXFK HLQJHQRPPHQ XQG EHQXW]WHQ VLH ]XP 6FKOHSSHQ GHU EHNDP YRQ GHU JOHLFKHQ )HXHUJDUEH HLQH .XJHO LQ GLH %UXVW
$UWLOOHULH XQGVWDUEIDVWVRIRUW
'HU$XVJDQJVSXQNWGHVIHLQGOLFKHQ)HXHUVGDVXQVHUHQ9RU ,Q GHU 9HUZLUUXQJ XQG $XIUHJXQJ GHV *HIHFKWV ZX‰WH LFK
VWR‰ DXIKLHOW ZXUGH VFKOLH‰OLFK LQ HLQHP JUR‰HQ 6WHLQKDXVQLFKW GD‰ -LP JHW|WHW ZRUGHQ ZDU XQG LFK ZX‰WH QLFKW HLQ
YRU XQV DXVJHPDFKW 3DQ]HUIHXHU ZXUGH DXV ZHQLJHU DOV  PDO GD‰ GLHVHV W|GOLFKH )HXHU DXV GHP .HOOHUIHQVWHU GHV
0HWHU (QWIHUQXQJ DXI GDV +DXV JHULFKWHW XQG NODIIHQGH /| +DXVHVNDPZRLFKODJ(WZDVVSlWHUIUDJWHLFKGHQ)HOGZH
FKHULQGLH:lQGHJHVFKRVVHQ EHO ZR &XVWHU VHL (U VDJWH GLH .UDXWV KlWWHQ LKQ JHNULHJW
'HU=XJIKUHUEHIDKOGDQQPHKUHUHQYRQXQVPLW+DQGJUDQD XQGHUOlJHGUEHQEHLGHU+HFNH,FKNRQQWHQLFKWJODXEHQ
WHQ YRU]XJHKHQ XQG GDV *HElXGH PLW +DQGJUDQDWHQ ]X EH GD‰-LPVRHWZDVSDVVLHUWVHLQN|QQWHGDKHUHLOWHLFKKLQEHU
VWFNHQ-DPHV&XVWXQGLFKJLQJHQYRUXQGGXFNWHQXQVEHL ]XGHP.|USHUGHUEHLGHU+HFNHODJ'DZDU-LPDEHUGHU
GHU +DXVZDQG -LP PDFKWH GHQ HUVWHQ 9HUVXFK HLQH +DQG -XQJH GHU GRUW LP 6FKQHH ODJ KDWWH ZHQLJ bKQOLFKNHLW PLW
JUDQDWH GXUFK HLQ REHUHV )HQVWHU GHV +DXVHV KRFK]XZHUIHQ GHP -LP GHQ LFK VR JXW NDQQWH 6HLQ *HVLFKW KDWWH GLHVHQ
,QVHLQHU+DVWYHUIHKOWH-LPGDV)HQVWHUXQGGLH+DQGJUDQDWH VFKUHFNOLFKHQ %OLFN HLQHV JHZDOWVDPHQ 7RGHV (U ]HLJWH GDV
ILHOZLHGHUDXIGHQ%RGHQ-LPZDUIVLFKVHOEVWDXIGHQ%RGHQ *ULQVHQHLQHV&KLQHVHDEHUGDVZDUQLHW\SLVFKIU-LPJHZH
QHEHQGHP*HElXGHXQGVLHH[SORGLHUWHPQHEHQLKP'LH VHQ 'HU -LP GHQ LFK VR JXW NDQQWH ZDU YRQ PLU JHJDQJHQ
6WR‰ULFKWXQJ GHU *UDQDWHQVSOLWWHU JLQJ QDFK REHQ XQG ZLH XQG LFK NHKUWH GHP OHEORV LP 6FKQHH OLHJHQGHQ -XQJHQ GHQ
GXUFKHLQ:XQGHUZXUGH-LPV/HEHQQRFKHLQSDDU0LQXWHQ 5FNHQ
JHVFKRQW'DVZDUGDVOHW]WH0DOGD‰LFK-LPOHEHQGVDK -HW]WEUDQQWHGDV+DXV(LQ3DQ]HUIKUHUXQWHQDQGHU6WUD
'D-LPNHLQHQ(UIROJJHKDEWKDWWH]RJLFKGHQ6WLIWDXVPHL ‰H ULHI GD‰ MHPDQG YHUVXFKWH DXV GHP .HOOHU ]X HQWNRP
QHU+DQGJUDQDWHXQGJLQJYRU,FK]LHOWHDXIGDV)HQVWHUGHV PHQ :LU VWDQGHQ DOOH PLW XQVHUHQ *HZHKUHQ EHUHLW :LU
2EHUJHVFKRVVHV XQG ZLH -LP ZDU LFK ]X DXIJHUHJW XP GDVZDUHQ ]RUQLJ XQG ZLOG GDUDXI ]X W|WHQ GHQ 7RG VR YLHOHU
)HQVWHU ]X WUHIIHQ 'LH *UDQDWH ILHO DXI GHQ %RGHQ XQG LFK
-XQJV]XUlFKHQGLHGLHVH.UHDWXUHQYHUZXQGHWRGHUJHW|WHW
VSUDQJLQHLQHQRIIHQHQ(LQJDQJXPQLFKWJHWURIIHQ]XZHU KDWWHQ
GHQDOVVLHH[SORGLHUWH,FKQDKPQRFKHLQH*UDQDWHXQGXQ 'LH%HVDW]XQJGHV+DXVHVZXUGHGXUFKGHQ5DXFKKLQDXVJH
WHUQDKPHLQHQZHLWHUHQ9HUVXFKGDV)HQVWHU]XWUHIIHQ:LH WULHEHQ 'DV HUVWH ZDV VLFK LQ GHU .HOOHUWU ]HLJWHZDUHLQH
GHXWVFKH 5RW.UHX])DKQH 6LH EDWHQ
XP *QDGH DEHULQXQVHUHQ+HU]HQJDE
HV NHLQ (UEDUPHQ :LU ULHIHQ GHQ
.UDXWV ]X KHUDXV]XNRPPHQ 'HU HUVWH
0DQQGHUGXUFKGHQ5DXFKKHUDXVNDP
ZDU HLQ GHXWVFKHU 6DQLWlWHU (U ZDQNWH
HLQ SDDU 6FKULWWH XQG HLQH 5HLKH *H
ZHKUH NQDOOWHQ (U ILHO LQ GHQ 6FKQHH
NURFKHLQSDDU)X‰ZHLWXQGILHOZLHGHU
KLQ(UODJVWLOO
$XV GLHVHP .HOOHU NDPHQ VFKUHFNOLFKH
5XIH XQG 6FKUHLH 'LH /HXWH ZXUGHQ
GXUFK GHQ 5DXFK GULQQHQ HUVWLFNW XQG
GUDX‰HQHUZDUWHWHVLHGHU7RGDXVXQVH
UHQ*HZHKUHQ
1RFK HLQ .UDXW WDVWHWH VHLQHQ :HJ
GXUFKGLH7UPDFKWHHLQSDDU6FKULWWH
XQGEHJHJQHWHHLQHP.XJHOKDJHO1RFK
PHKUHUH 'HXWVFKH HLOWHQ GXUFK GLH 7U
XQG ILHOHQ GUDX‰HQ LQ GHQ 6FKQHH (LQ
%HIHKOYRQJDQ]REHQIUGLH866ROGDWHQLP=ZHLWHQ:HOWNULHJª(VZHUGHQNHLQH 5LQJ YRQ /HLFKHQ ELOGHWH VLFK XP GHQ
*HIDQJHQHJHPDFKW©(LQHUPRUGHWHUGHXWVFKHU6ROGDW (LQJDQJ

9II*ÂÂ-DKUJDQJÂ+HIW 

%DOGPHUNWHQZLUGD‰=LYLOLVWHQLP.HOOHUHLQJHVSHUUWZDUHQ
GHQQ ZLU NRQQWHQ )UDXHQ VFKUHLHQ K|UHQ :LU VWHOOWHQ GDV
)HXHUHLQDOV)UDXHQXQG.LQGHUDXVGHPUDXFKHQGHQ.HOOHU
KHUDXVHLOWHQ6LHZDUHQYRQGHQ'HXWVFKHQJHIDQJHQJHKDOWHQ
ZRUGHQGDPLWVLHQLFKWGHUHQ6WHOOXQJYHUUDWHQNRQQWHQ'LH
VH /HXWH VWUPWHQ XPKHU ZLH ZLOGJHZRUGHQH 7LHUH 6LH XP
DUPWHQVLFKDXFKXQGN‰WHQVLFKZHLOVLHVRIURKZDUHQDXV
GLHVHU EUHQQHQGHQ +|OOH HQWNRPPHQ ]X VHLQ XQG ZHLO VLH
IURK ZDUHQ GD‰ ZLU VLH QLFKW ZLH GLH 'HXWVFKHQ HUVFKRVVHQ
,FKHULQQHUHPLFKGD‰HLQMXQJHV0lGFKHQHLQHJUR‰HRIIHQH
6FKQLWWZXQGH GLUHNW XQWHUP .QLH KDWWH :LU EHUUHGHWHQVLH
VLFK DXI GLH 6WUD‰H ]X OHJHQ ZlKUHQG HLQ 6DQLWlWHU LKU %HLQ
YHUEDQG'LH=LYLOLVWHQWUDXWHQXQVQRFKLPPHUQLFKW6LHZD
UHQ YRQ GHU $XIUHJXQJ XQG GHQ *UDQDWHQ HUVFKUHFNW 'LH
)UDXHQSDFNWHQVFKQHOOLKUH.LQGHUDXIGLH$UPHXQGUDQQWHQ
DXI GHQ :DOG ]X :LU YHUVXFKWHQ VLH DXI]XKDOWHQ ZHLO GHU
:DOGQLFKWYRUXQVHUHU$UWLOOHULHVLFKHUZDUDEHUVLHEHDFKWH
WHQXQVHUH:DUQXQJHQQLFKW
$OVGLHVHU6WW]SXQNWGHV:LGHUVWDQGVEHUZXQGHQZDUJLQ
JHQZLUZHLWHUGLH+DXSWVWUD‰HGHU6WDGWKLQXQWHU,FKVFKDXWH
DXIPHUNVDPQDFKDOOHQ)HQVWHUQREVLFKHWZDVEHZHJWH$XV
HLQHPZHL‰HQ6WHLQKDXVDXIHLQHP+JHOOLQNVYRQGHU6WUD‰H
HUVFKLHQHLQ0DQQPLWHLQHUZHL‰HQ)DKQH,FKVFKULHLKP]X
XQGZLQNWHGD‰HUKHUNRPPHQVROOH(UNDP]XU6WUD‰HKHU
XQWHU YRQ HLQHP 'XW]HQG DQGHUHU JHIROJW 6LH VWHOOWHQ VLFK
DXIGHU6WUD‰HLQ5HLKHXQGPHKUHUH-XQJVGXUFKVXFKWHQVLH
QDFK:DIIHQXQG%HXWH'DVZDUHQGHXWVFKH6XSHUPlQQHUGLH
PLWGHP$XIWUDJEHWUDXWJHZHVHQZDUHQYRQ5XQGVWHGWV.RUUL
GRUQDFK$QWZHUSHQRIIHQ]XKDOWHQ9LHOHYRQLKQHQZDUHQMX
JHQGOLFKH DUURJDQWH -XQJV YRQ   -DKUHQ +LWOHU-XJHQG
(LQLJHYRQLKQHQWUXJHQ8QLIRUPWHLOHYRQXQVGLHVLHXQVHUHQ
-XQJVYRQGHU3DQ]HUGLYLVLRQGLHVLHJHW|WHWRGHUJHIDQJHQ
JHQRPPHQKDWWHQDEJHQRPPHQKDWWHQ±QHKPHLFKDQ
-HW]WKDWWHQZLUGLH6WDGWJHVlXEHUW'LHPHLVWHQ*HElXGHZD
UHQ HQWZHGHU ]HUVW|UW ZRUGHQ RGHU EUDQQWHQ GXUFK XQVHUHQ
$UWLOOHULH XQG 3DQ]HUEHVFKX‰ (V JDE LPPHU QRFK HLQ SDDU
'HXWVFKHGLHVLFKLQGHU6WDGWXQGGHQ:lOGHUQYHUVWHFNWHQ
'DVZXUGHGHXWOLFKGXUFKGDV+HFNHQVFKW]HQ)HXHUGDVDE
XQG ]X LPPHU ZLHGHU DXIWUDW 'DV +DXSWJHIHFKW ZDU YRUEHL
XQG ZLU VD‰HQ DP 6WUD‰HQUDQG XQG YHUVXFKWHQ XQV YRQ GHU
(UVFK|SIXQJXQVHUHVPRUJHQGOLFKHQ*HIHFKWV]XHUKROHQ
(LQLJHGHU-XQJVOLH‰HQHLQLJH*HIDQJHQHVLFKDXIVWHOOHQ,FK
ZX‰WH GD‰ VLH VLH HUVFKLH‰HQ ZUGHQ XQG GDV ZDU PLU YHU
KD‰W,FKYHUVWHFNWHPLFKKLQWHUHLQHPXQVHUHU3DQ]HUGDPLW
PLFKQLHPDQGVHKHQXQGELWWHQNRQQWHEHLGHU$EVFKODFKWH
UHL]XKHOIHQ=XP*OFNHQWVFKLHGHLQHUGHU.DPHUDGHQVLH
QLFKWRIIHQ]XHUVFKLH‰HQZR'HXWVFKHGLHVLFKLQGHQ:lO
GHUQ YHUVWHFNW KLHOWHQ =HXJHQ GLHVHU *UHXHOWDWHQ ZHUGHQ
NRQQWHQ 6LH OLH‰HQ GLH *HIDQJHQHQ ]XUFN GHQ +JHO KRFK
PDUVFKLHUHQXPVLHPLWGHP5HVWGHU*HIDQJHQHQ]XHUPRU
GHQGLHZLUDQGLHVHP0RUJHQJHPDFKWKDWWHQ
8QVHUH 3DQ]HU EHZHJWHQ VLFK MHW]W GLH 6WUD‰H KRFK XP HLQH
9HUWHLGLJXQJVVWHOOXQJDX‰HUKDOEGHU6WDGWHLQ]XQHKPHQ8Q
VHUH $XIJDEH LQ GHU 6WDGW ZDU HUOHGLJW ZLU KDWWHQ GLH 6WDGW
YRQ IHLQGOLFKHP :LGHUVWDQG EHIUHLW $OV QlFKVWHV VROOWH VLFK
PHLQH.RPSDQLHQHXIRUPLHUHQXQGUHRUJDQLVLHUHQ
'LH-XQJVVDPPHOWHQVLFKQHEHQGHU6WUD‰HXQGD‰HQZDVVLH
DQ 5DWLRQHQ EHL VLFK KDWWHQ XQG UHGHWHQ EHU GLH 8QWHUQHK
PXQJGHV0RUJHQV8QVHUH5HLKHQZDUHQJHOLFKWHW9LHOHXQ
VHUHU.DPHUDGHQODJHQKLQWHQDXIGHP+JHOYRUGHU6WDGW
,FKILQJJHUDGHDQPLFKZRKOXQGHQWVSDQQW]XIKOHQDOVHLQ
SDDUGHXWVFKH*UDQDWHQKHUEHUSILIIHQXQGGLH6WUD‰HHQWODQJ

HLQVFKOXJHQ (LQ SDDU XQVHUHU -XQJV JLQJHQ JHUDGH DXI GHU
6WUD‰H XQG ZXUGHQ JHWURIIHQ (V JDE ZLHGHU GHQ 5XI QDFK
GHP6DQLWlWHU
1DFKHLQHU6WXQGH5DVWEHNDPHQZLU%HIHKOGXUFKGLH6WDGW
]XUFN]XJHKHQ XQG XQV XQVHUHQ )DKU]HXJHQ DXI GHU DQGHUHQ
6HLWHGHU6WDGWDQ]XVFKOLH‰HQ:LUELOGHWHQVRHWZDVZLHHLQH
.RORQQHXQGWURWWHWHQ]XUFN
$OVZLUGHQ+JHOKRFKDXVGHU6WDGWJLQJHQVDKLFKGD‰HL
QLJH XQVHUHU -XQJV GHXWVFKH *HIDQJHQH DXI GHQ)HOGHUQEHL
GHUVHLWVGHU6WUD‰H$XIVWHOOXQJQHKPHQOLH‰HQ(VPVVHQ
RGHU  -XQJV LQ MHGHU *UXSSH JHZHVHQ VHLQ 0DVFKLQHQJH
ZHKUH ZXUGHQ DXIJHVWHOOW 'LHVH -XQJV VROOWHQ PLW GHP 0D
VFKLQHQJHZHKUQLHGHUJHPDFKWXQGHUPRUGHWZHUGHQ:LUZD
UHQGDEHLGLHJOHLFKHQ9HUEUHFKHQ]XEHJHKHQGHUHUZLUMHW]W
GLH -DSDQHU XQG GLH 'HXWVFKHQ EHVFKXOGLJWHQ 'DPDOV NDP
PLU GLH VFKUHFNOLFKH %HGHXWXQJ GHVVHQ ZDV YRU VLFK JLQJ
QLFKW]X%HZX‰WVHLQ1DFKGHP7|WHQXQGGHP'XUFKHLQDQ
GHU DQ GLHVHP 0RUJHQ EHXQUXKLJW PLFK GHU *HGDQNH QRFK
HLQLJH .UDXWV ]X W|WHQ QLFKW VRQGHUOLFK ,FK ZROOWH QLFKW DQ
GHU 7|WXQJ PLWZLUNHQ 0HLQH +DXSWVRUJH ZDU GD‰ GLH LP
*HK|O] YHUVWHFNWHQ 'HXWVFKHQ GLHV 0DVVDNHU VHKHQ N|QQWHQ
XQG XQV GLH JOHLFKH %HKDQGOXQJ ZLGHUIDKUHQ N|QQWH ZHQQ
ZLU JHIDQJHQJHQRPPHQ ZUGHQ ,FK NHKUWH GHP 6FKDXSODW]
GHQ5FNHQXQGJLQJGHQ+JHOKRFK
=XUFNEHLP+DOENHWWHQIDKU]HXJJUXEHQZLUHLQLJHJHIURUHQH
&5DWLRQHQ DXV XQG YHUVXFKWHQ VLH DP $XVSXII DXI]XWDXHQ
'DV:DVVHULQGHU)HOGIODVFKHZDUWHLOZHLVHJHIURUHQDEHUHV
JHODQJPLUHLQEL‰FKHQ]XP7ULQNHQKHUDXV]XEHNRPPHQ
,Q GHU =HLW GLH PLU EOLHE YHUVXFKWH LFK PHLQH $XVUVWXQJ
ZLHGHU LQ 2UGQXQJ ]X EULQJHQ ,FK QDKP PHLQ *HZHKU DXV
HLQDQGHU XQG UHLQLJWH XQG |OWH HV VR JXW LFK NRQQWH,FKEH
NDP PHKU 0XQLWLRQ XQG +DQGJUDQDWHQ ]XP (UVDW] GHU YHU
EUDXFKWHQ
(VZDUMHW]WGUHL8KUQDFKPLWWDJV2EZRKOZLUPGHXQGHU
VFK|SIWZDUHQNDPGHU%HIHKOGHQ$QJULIIIRUW]XIKUHQ:LU
VROOWHQ ZHLWHU YRUVWR‰HQ 8QVHU =LHO ZDU GLH 6FKQHOOVWUD‰H
%DVWRJQH1HXIFKDWHDX GHUHU ZLU XQV EHPlFKWLJHQ VROOWHQ
'DV 6LJQDO ]XP $XIVLW]HQ XQG 9RUEHUHLWHQ ]XP $XVUFNHQ
ZXUGHJHJHEHQ
9LHU0lQQHUYRQPHLQHP=XJIHKOWHQ
$OV LFK GLH 6WUD‰H KLQXQWHU LQ GLH 6WDGW ]XUFNJLQJ VFKDXWH
LFKDXIGLH)HOGHUZRGLHGHXWVFKHQ-XQJVHUVFKRVVHQZRUGHQ
ZDUHQ'XQNOHOHEORVH*HVWDOWHQODJHQLP6FKQHH
$OVZLUGLH6WDGWDXIGHUDQGHUHQ6HLWHUlXPWHQYHUOLH‰HQXQ
VHUH)DKU]HXJHGLH6WUD‰HXQGIXKUHQGXUFKGHQ6FKQHHEHU
GDV/DQG:LUVWLH‰HQYRUXQGEOLHEHQVRZHLWZLUNRQQWHQ
LQ XQVHUHQ )DKU]HXJHQ GDQQ VWLHJHQ ZLU DE XQG JLQJHQ ]X
)X‰ ZHLWHU 8QVHUH YRUJHVFKREHQH /LQLH ZDU LQ HLQHU /LFK
WXQJ ]ZLVFKHQ ]ZHL 6WUHLIHQ .LHIHUQZDOG :LU ELOGHWHQ .R
ORQQHQ]XMHIQIXQGZDUHQVWlQGLJLQ$ODUPEHUHLWVFKDIWRE
HV =HLFKHQ IHLQGOLFKHU $NWLYLWlWHQ JDE (V ZDU QXQ IDVW IQI
8KUXQGGLH'XQNHOKHLWVHQNWHVLFKVFKQHOOKHUHLQ,FKKDWWH
NHLQH $KQXQJ ZRKLQ ZLU JLQJHQ RGHU ZDV JHVFKHKHQ VROOWH
(VJLQJHLQIDFKGDUXPGHP9RUGHUPDQQQDFK]XJHKHQXQG]X
KRIIHQGD‰MHPDQGZX‰WHZDV6DFKHZDU9RQ=HLW]X=HLW
ZHQQ $UWLOOHULH*UDQDWHQ LQ GHU 1lKH QLHGHUJLQJHQ OHJWHQ
ZLUXQVLQGHQ6FKQHH1LHPDQGZXUGHJHWURIIHQ
:LUWURWWHWHQDQGLHVHP$EHQGZHLWHUGXUFKGHQ6FKQHHELV
ZLU HV QLFKW PHKU IU UDWVDP KLHOWHQ ZHLWHU]XJHKHQ :LU HU
KLHOWHQGHQ%HIHKOXQVHLQ]XJUDEHQ0HLQHP=XJZXUGHHLQ
6LFKHUXQJVEHUHLFK]XJHZLHVHQ(VZDUMHW]WGXQNHOXQGXQVHU
6WDQGRUWZDUPHUNZUGLJXQGYHUZLUUHQG:LUZDUHQDXIHL
9II*ÂÂ-DKUJDQJÂ+HIW

QHPNDKOHQ$EKDQJPLW*HK|O]RGHU%lXPHQ0HWHUYRU
XQV ,FK JUXE PLW ]ZHL DQGHUHQ -XQJV HLQ /RFK (LQHU ZDU
5DQTXLVWXQGGHUDQGHUHZXUGHÄ6QXII\³JHQDQQW6QXII\ZDU
VFKZHUK|ULJXQGQLFKWDOO]XYHUOl‰OLFK
:LU EHNDPHQ XQVHU 6FKDQ]ZHUN]HXJ XQG EHJDQQHQ VR
VFKQHOO ]X JUDEHQ ZLH QXU P|JOLFK :LU NUDW]HQ GHQ 6FKQHH
ZHJ XQG GXUFKEUDFKHQ GLH .UXVWH GHV JHIURUHQHQ %RGHQV
'DV*UDEHQZDUOHLFKW±]XOHLFKW$OVZLUDQGHUWKDOE)X‰WLHI
JHJUDEHQKDWWHQZDUHQZLULP6FKODPPXQGVFKQHOOOLHIGDV
:DVVHU]XVDPPHQ'DVZDUlX‰HUVWHQWPXWLJHQG:LUZDUHQ
ZHQLJHUDOV]ZHL)X‰WLHIJHNRPPHQXQGDXI:DVVHUJHVWR
‰HQ'LH1DFKWZUGHNDOWZHUGHQXQGLFKZX‰WHGD‰ZLULQ
HLQHPPLW:DVVHUJHIOOWHQ/RFKQLFKWODQJHDXVKDOWHQNRQQ
WHQ:LUEHVFKORVVHQLQGHU1lKHDXIHWZDVK|KHUHP%RGHQ
HLQ QHXHV /RFK DQ]XIDQJHQ 'LHVPDO JUXEHQ ZLU HLQ ZHLWHV
/RFK XQG JLQJHQ QLFKW VHKU WLHI :LU DUEHLWHWHQ DEZHFKVHOQ
XQGKDWWHQEDOGHLQ/RFKGDVIDVWGUHL)X‰WLHIZDU'DVPX‰
WHJHQJHQ:LUZDJWHQQLFKWWLHIHU]XJHKHQ=ZHLYRQXQV
KDWWHQ JHDUEHLWHW ZlKUHQG GHU GULWWH ODXVFKWH :LU ZROOWHQ
QLFKWEHUUDVFKWZHUGHQ
$OVGDV/RFKIHUWLJZDUZDJWHQZLUHV]XP(QGHGHV*HK|O
]HV KLQXQWHU]XJHKHQ XQG .LHIHUQ]ZHLJH ]X VFKQHLGHQ 'LHVH
VROOWHQ XQV YRU GHU )HXFKWLJNHLW DP %RGHQ VFKW]HQ :LU
PHOGHWHQ HV GHQ -XQJV ]XU 5HFKWHQ XQG /LQNHQ ZHQQ ZLU
]XP*HK|O]JLQJHQ
:lKUHQG ZLU JUXEHQ HUNODQJ HLQ VFKDXULJHU /DXW DXV GHP
*HK|O] (V NODQJ QDFK HLQHP 0DQQ GHU XP +LOIH ULHI 'HU
6FKUHL ZDU ODQJJH]RJHQ XQG YRQ IXUFKWHUUHJHQGHP .ODQJ
GHQLFKQRFKPHKUHUH1lFKWHGDQDFKK|UWH.HLQHUKDWWHGHQ
0XW GRUWKLQ ]X JHKHQ XQG QDFK]XVHKHQ (V KlWWH HLQ 7ULFN
GHU'HXWVFKHQRGHUHLQYHUZXQGHWHU'HXWVFKHUVHLQN|QQHQ
'DZLU]XGULWWZDUHQEHVFKORVVHQZLUGD‰MHGHUHLQH6WXQGH
:DFKHVFKLHEHQXQGGDQQGHQQlFKVWHQ0DQQZHFNHQVROOWH
9RQ 6FKODI ZDU DEHU NHLQH 5HGH 0LU ZDU]XNDOW]XlQJVW
OLFK XQG ]X HOHQG XP VFKODIHQ ]X N|QQHQ ,FK G|VWH IU HLQ
SDDU0LQXWHQXQGZDFKWHGDQQMHZHLOVPLWHLQHP6FKODJZLH
GHUDXI,FKVWUHQJWHPHLQH$XJHQXQG2KUHQDQXPGLH'XQ
NHOKHLWULQJVXPXQVHUH6WHOOXQJ]XGXUFKGULQJHQ
0HLQH )‰H EHUHLWHWHQ PLU JDQ] XQHUWUlJOLFKH %HVFKZHUGHQ
0HLQH6FKXKHZDUHQQD‰JHZRUGHQDOVLFKGXUFKGHQ6FKQHH
JHVWDPSIWZDUXQGMHW]WEHJDQQHQVLH]XJHIULHUHQ
(LQLJH 0DOH ZlKUHQG GHU 1DFKW ZXUGHQ XQVHUH +DOENHWWHQ
IDKU]HXJH]XXQVKRFKJHEUDFKW'LH-XQJVYHUOLH‰HQDEZHFK
VHOQGLKUH/|FKHUXQGJLQJHQ]XUFN]XGHQ)DKU]HXJHQXP
VLFK DXI]XZlUPHQ 'LH )DKUHU OLH‰HQ GHQ 0RWRU ODXIHQ XP
HLQEL‰FKHQ:lUPH]XHU]HXJHQ
.XU]YRUGHU0RUJHQGlPPHUXQJGRQQHUWHQPHKUHUHhEHUUD
VFKXQJVVDOYHQ LQ XQVHUH )DKU]HXJJUXSSH 'LHMHQLJHQ GLH
VWDQGHQZXUGHQYRP6FKQHHJHWURIIHQ:LHGXUFKHLQ:XQ
GHUZXUGHQLHPDQGYHUOHW]W'LH'HXWVFKHQPVVHQGHQ/lUP
XQVHUHV0RWRUVJHK|UWRGHUHLQ/LFKWYRQGHQ.RFKHUQJHVH
KHQKDEHQ6LHZDUHQGLHVEH]JOLFKVHKUHPSILQGOLFK'LHVHU
6FKUHFNHQZDUJHQXJ(VJDE%HIHKOGLH)DKU]HXJHZLHGHULQ
GLH UFNZlUWLJHQ /LQLHQ ]XUFN]XQHKPHQ :HLO VLH VR
VFKQHOOZHJJHIDKUHQZDUHQKDWWHLFKPHLQH+DQGVFKXKHDQ
GHU6HLWHGHU.HWWHOLHJHQODVVHQZRLFKPLWGHP$XVSXII
URKUPHLQH+lQGHJHZlUPWKDWWH(VZDUHLQHVFKOLPPH6D
FKH RKQH +DQGVFKXKH GHP )URVWZHWWHU DXVJHVHW]W ]X VHLQ
,FK UDVWH KHUXP XP PLU QRFK HLQ 3DDU]XEHVFKDIIHQDEHU
RKQH (UIROJ 6FKOLH‰OLFK HUKLHOW LFK YRP HUVWHQ )HOGZHEHO
HLQ DOWHV 3DDU GDV /|FKHU KDWWH 'DV ZDU DEHU EHVVHU DOV
QLFKWV
9II*ÂÂ-DKUJDQJÂ+HIW
.XU]QDFKGHP0RUJHQJUDXHQHUKLHOWHQZLUGLHEHUUDVFKHQ
GH0LWWHLOXQJGD‰ZLUXQV]XUFN]LHKHQVROOWHQ'HQ*HUFK
WHQ ]XIROJH ZDUHQ ZLU QLFKW VWDUNJHQXJXPXQVHUH6WHOOXQJ
]X KDOWHQ ,FK JODXEWH HV DEHU HV ZDU PLU ]XZLGHU %RGHQ
DXI]XJHEHQ GHQ ZLU PLW VRYLHO0KHQHLQJHQRPPHQKDWWHQ
:LUVDPPHOWHQXQVHUH=XVDW]0XQLWLRQXQG$XVUVWXQJUXQG
XP XQVHUH /|FKHU ]XVDPPHQ XQG OHJWHQ HV GRUW DXI HLQHQ
+DXIHQ ZR HV GLH )DKU]HXJH EHTXHP DXIQHKPHQ NRQQWHQ
'LH -XQJV VFKQDWWHUWHQ XQG ZDUHQ EHU GLH SO|W]OLFKH :HQ
GXQJGHU(UHLJQLVVHHUUHJW8QGGDQQNDPLPW\SLVFKHQÄEH
VFKLVVHQHQ³ $UPHH6WLO HLQ ZHLWHUHU %HIHKO GD‰ ZLU XQVHUH
6WHOOXQJ KDOWHQ VROOWHQ :LU NHKUWHQ YHUGURVVHQ ]X XQVHUHQ
/|FKHUQ]XUFN,UJHQGZLHEHLP:HFKVHOGHU$XVUVWXQJVL
FKHUWH LFK PLU HLQ EHU]lKOLJHV 0DVFKLQHQJHZHKU (V JDE
NHLQHQ )X‰ GDIU DEHU LFK QDKP HV ]X PHLQHP /RFK XQG
VWHOOWHHVDXI'DV*HZHKUZDUJHIURUHQDEHULFKWDWPHLQEH
VWHVXPHVIXQNWLRQVWFKWLJ]XPDFKHQ
,FKKDWWH0KHJHKDEWPLFKZDFK]XKDOWHQDOVGDV*HIHFKW
SO|W]OLFK ORVJLQJ *DUEHQ YRQ *UDQDWHQ PLW ZHL‰HP 3KRV
SKRUUDXFKILHOHQLQGLH*HK|O]H0HWHUOLQNVYRQXQVHUHU
)URQW 0HLQH PGHQ $XJHQ VDKHQ )LJXUHQ GXUFK GHQ 5DXFK
VFKOHLFKHQ XQG LFK IHXHUWH PLW GHP *HZHKU GDQDFK ,FK
JODXEWHGD‰GHU5DXFKHLQHQhEHUUDVFKXQJVDQJULIIGHU'HXW
VFKHQ WDUQHQ VROOWH 0HLQH 1HUYHQ JLQJHQ PLW PLU GXUFK (V
ZDUDOOHV(LQELOGXQJ±DX‰HUGHQ5DXFKERPEHQ:LUNRQQWHQ
GHQ /lUP YRQ 3DQ]HUPRWRUHQ EHU GHP %HUJUFNHQ YRU XQV
K|UHQ,FKVDKPHKUHUH)DKU]HXJHGLHVLFKGXUFKGLH%lXPH
EHZHJWHQ0HLQHJHTXlOWHQ1HUYHQJODXEWHQDQHLQHQ3DQ]HU
DQJULII±XQGNHLQHUXQVHUHU3DQ]HUZDUKLHU
,FKZDUVHKUHUOHLFKWHUWDOVLFKHUIXKUGD‰VLHYRQHLQHUDQGH
UHQ (LQKHLW VWDPPWHQ GLH DQ XQVHUHU UHFKWHQ )ODQNH DQJULII
'DV *HIHFKW HUVWDUE XQG LFK HQWVSDQQWH PLFK XQG YHUVXFKWH
HLQEL‰FKHQ]XVFKODIHQ:LUKDWWHQGXUFKJHKDOWHQXQGZDUWH
WHQQXQDXIGHQ%HIHKODQ]XJUHLIHQRGHUXQV]XUFN]X]LHKHQ
6RYHUJLQJGHU0RUJHQXQGGDQQGHU1DFKPLWWDJ
*HJHQ  8KU HUKLHOWHQ ZLU %HIHKO ]XP 'RUI 0RQW\ YRU]X
UFNHQ HWZD  0HWHU YRQ XQVHUHU MHW]LJHQ 6WHOOXQJ 'D
PLWVRHUIXKULFKVSlWHUVROOWHGLH.RQWUROOHEHUGLH+DXSW
VWUD‰H]ZLVFKHQ%DVWRJQHXQG0DUFKHHUODQJWZHUGHQ
:LUYHUOLH‰HQXQVHUH6FKW]HQJUlEHQXQGYHUHLQLJWHQXQVDXI
GHP%HUJUFNHQPLWGHQXQVXQWHUVWW]HQGHQ3DQ]HUQ(VJDE
NHLQH$Q]HLFKHQIHLQGOLFKHU$NWLYLWlWHQ(VZDU]XUXKLJ
3DXO*HQWLOHXQGLFKZlUPWHQXQVKLQWHUHLQHP3DQ]HUDXIDOV
0|UVHUJUDQDWHQ HLQVFKOXJHQ :LU ILHOHQ LQ GHQ 6FKQHH 3DXO
ULHI GD‰ HU JHWURIIHQ VHL ,FKNURFKKLQEHUXPLKP]XKHO
IHQ XQG DOV LFK LKQ XPGUHKWH HQWGHFNWH LFK %OXW DXV HLQHU
NODIIHQGHQ:XQGHDQGHU%UXVWODXIHQ,FKYHUVXFKWHHVPLW
PHLQHU EHKDQGVFKXKWHQ )DXVW ]X VWRSSHQ DEHU LFK PHUNWH
GD‰GDVQLFKWUHLFKWH,FKIDQGLQHLQHP*UDQDWWULFKWHULQGHU
1lKHHLQHQ6DQLWlWVMHHSXQGEHUUHGHWHGLH6DQLWlWHU]X3DXO
PLW]XNRPPHQ :LU OHJWHQ LKQ DXI GLH 0RWRUKDXEH XQG LFK
NURFK]X3DXOKLQDXIGDPLWHUQLFKWKHUDEILHO'HU-HHSUDVWH
XQG KSIWH EHU GHQ JHIURUHQHQ %RGHQ $OOHV ZDV LFK WXQ
NRQQWHZDUIHVWKDOWHQ
$QGHUJUDXHQ)DUEHYRQ3DXOV*HVLFKWNRQQWHLFKVHKHQGD‰
HVPLW3DXOYRUEHLZDU$EHULFKNRQQWHQLFKWDXIJHEHQ
1DFKGHP LFK 3DXOV OHEORVH *HVWDOW EHL GHU %DWDLOORQV9HU
EDQGVVWHOOH QLHGHUJHOHJW KDWWHEHJDQQLFKGRUWKLQ]XUFN]X
JHKHQZRLFKGLH.RPSDQLHYHUODVVHQKDWWH9RU$XIUHJXQJ
EHU3DXOKDWWHLFKPHLQ*HZHKUYHUORUHQ,FKYHUVXFKWHHLQ
*HZHKUYRQGHQ)DKUHUQGHU)DKU]HXJHDQGHQHQLFKYRUEHL
NDPDXV]XOHLKHQDEHUVLHKDWWHQNHLQHVEULJ$OVLFKEHLGHU


6WHOOHDQNDPZRZLU3DXODXIGHQ-HHSJHODGHQKDWWHQIDQG PLFKVHOEVWPLW0DQWHO)HOGIODVFKH6FKDQ]ZHUN]HXJ3DWUR
LFKPHLQ*HZHKU,FKKDWWHHVJHJHQGHQ-HHSJHOHKQW$OVGHU QHQJXUW XQG .DUDELQHU LQ GDV 'XQNHO GLHVHV UXQGHQ /RFKHV
)DKUHU ZHQGHWH ZXUGH PHLQ *HZHKU ]HUWUPPHUW =XP KLQXQWHU]XODVVHQDEHULFKTXHWVFKWHPLFKKLQHLQ'DV,QQHUH
*OFNIDQGLFKHLQHQ.DUDELQHULP6FKQHHOLHJHQ±HUJHK|UWH HLQHV3DQ]HUVZDUHLQHVHOWVDPHQHXH:HOWIUPLFKDEHULFK
YLHOOHLFKW3DXO IDQG GDV .DOLEHU 0DVFKLQHQJHZHKU XQG GHQ %HREDFK
-HW]W ZDU GLH 'XQNHOKHLW HLQJHEURFKHQ XQG GLH .RPSDQLH WXQJVVFKOLW]$OOHVZDVLFKVHKHQNRQQWHZDUGDV$XIEOLW]HQ
ZDVYRQLKUEULJZDUNlPSIWHVLFK]XP'RUIGXUFK9LHOH H[SORGLHUHQGHU *UDQDWHQ GLH YRQ XQVHUHU $UWLOOHULH JHIHXHUW
GHU *HElXGH EUDQQWHQ XQG LFK NRQQWH JHJHQ GLH RUDQJHQ ZXUGHQ (V JDE YRU ODXWHU 0XQLWLRQVNLVWHQ NDXP 3ODW] IU
)ODPPHQ GLH 8PULVVH YRUUFNHQGHU 0lQQHU VHKHQ ,FK IDQG PHLQH)‰H-HW]WEHJDQQHQPHLQHQDVVHQ)‰HHLQ]XIULHUHQ
PHLQHQ=XJXQGUHLKWHPLFKHLQDOVHULQHLQHU/LQLHDP5DQG ,FK YHUVXFKWH DXI]XVWDPSIHQ DEHU GDV KLHOW GLH .lOWH QLFKW
GHV 'RUIHV YRUUFNWH :LU ZDWHWHQ GXUFK HLQHQ %DFK ZR DXI,FKVD‰LP'XQNHOQIU|VWHOWHXQGZDUWHWH
GXUFKXQVHUH)‰HSLWVFKQD‰ZXUGHQ'DVZUGHGLH=DKOHU 3O|W]OLFK JDE HV HLQH EHWlXEHQGH ([SORVLRQ GLH GHQ 3DQ]HU
IURUHQHU)‰HLQGHUIROJHQGHQNDOWHQ1DFKWHUK|KHQ HUVFKWWHUWH'HU3DQ]HUNRPPDQGDQWVFKULHÄ:LUVLQGJHWURI
+DXVIU+DXVZXUGHGXUFKVXFKWDEHUNHLQH'HXWVFKHQZXU IHQ³XQGDOOHEHHLOWHQVLFKGHQ3DQ]HU]XYHUODVVHQEHYRUHU
GHQJHIXQGHQ8QVHUH*UDQDWZHUIHUKDWWHQVLHZDKUVFKHLQOLFK )HXHU ILQJ 'DV ZDU IU PLFK HLQH QHXH (UIDKUXQJ ,FK
YHUWULHEHQ TXHWVFKWHODQJVDPZLHGHUPHLQH)HOGIODVFKH0DQWHO.DUDEL
'DPHLQ=XJNHLQHQ:DFKGLHQVWKDEHQVROOWHOLH‰HQZLUXQV QHUXQGDOOHVGXUFKGDV/RFK=XP*OFNZDUQXUGDVKLQWHUH
IU GLH 1DFKW LQ HLQHP +DXV (QGH GDV 3DQ]HUV DQJHVHQJW
QLHGHU 'DV ZDU XQVHUH HUVWH XQG GDV *HWULHEH ZHJJHEOD
8QWHUNXQIW VHLW YLHU 7DJHQ VHQ
'LH+DOENHWWHQIDKU]HXJHZXU 'LH3DQ]HUOHXWHPHOGHWHQGHQ
GHQ KHUJHEUDFKW XQG ZLU 6FKDGHQ LKUHP .RPPDQGDQ
SDFNWHQ XQVHUH .ODPRWWHQ WHQ GHU VLH DQZLHV GHQ 3DQ
DXV ]HU DXV GHU /LQLH ]X ]LHKHQ
/HXWQDQW 6WULQJIHOORZ ULHI IDOOV HU EHZHJW ZHUGHQ NRQQ
QDFK VHLQHP 6FKODIVDFN GHQ WH 'D VLFK GHU *UDQDQWHQEH
LFK IU LKQ LQ GHQ .HOOHU KLQ VFKX‰ XQG GLH $XIUHJXQJ JH
XQWHU WUXJ ,FK EOLHE LP (UG OHJW KDWWHQ XQG VLFK NHLQ
JHVFKR‰ &ROHPDQgIHQ ZXU )HLQGJH]HLJWKDWWHNHKUWHLFK
GHQ DQJH]QGHW XQG ZLU ]XP+DXV]XUFN
ZlUPWHQ GDQQ XQVHUH & 'RUWLP+DXVODJHQGLH5HVWH

5DWLRQHQDXI -RFKHQ3HLSHUZlKUHQGGHV$UGHQQHQ)HOG]XJHVEHLHLQHU GHV =XJHV HQWZHGHU DXI GHP
$OV LFK PLFK JHUDGH DXI GHP /DJHEHVSUHFKXQJ6HLQH(LQKHLWPDFKWHZlKUHQGLKUHV %RGHQ RGHU UKUWHQ DXI GHQ
)X‰ERGHQ ]XP $XVUXKHQ QLH 9RUVWR‰HVEHL0DOPpG\YLHOHDPHULNDQLVFKH*HIDQJHQH &ROHPDQ.RFKHUQ 6XSSH XQG
GHUJHODVVHQ KDWWH EHJDQQHQ (LQHJU|‰HUH*UXSSHGDYRQZXUGHHUVFKRVVHQ:LHVLFK .DNDR ,FK WUDW EHU GLH HLQ
GLH 'HXWVFKHQ GLH 6WDGW PLW VSlWHUKHUDXVVWHOOWHZHLOVLHRIIHQEDULQHLQHP0RPHQWGHU JHZLFNHOWHQ *HVWDOWHQ DXI
*UDQDWHQ ]X EHVFKLH‰HQ 'LH 9HUZLUUXQJ]XIOLHKHQYHUVXFKWH3HLSHUXQGVHLQH.DPHUD GHP %RGHQ XQG OHJWH PLFK
:lQGH GHV 5DXPHV ]LWWHUWHQ GHQZXUGHQZHJHQGLHVHV9RUIDOOVZHJHQDQJHEOLFKHU QLHGHU DEHU QLFKW ]XP 6FKOD
.ULHJVYHUEUHFKHQDQJHNODJWIUFKWHUOLFKJHIROWHUWXQGDQ
XQG EHEWHQ ,FK HUZDUWHWH MH IHQ 'LH $QJVW YRU HLQHU
VFKOLH‰HQGQDFKHLQHP6FKDXSUR]H‰]XP7RGHYHUXUWHLOW
GHQ $XJHQEOLFN HLQHQ GLUHN 3HLSHUZXUGHVSlWHUEHJQDGLJWXQGHQWODVVHQ'LHIRUWZlK hEHUUDVFKXQJ XQG JHOHJHQWOL
WHQ(LQVFKODJLQGDV+DXV(LQ UHQGHQ*UHXHOOJHQEHUGLHVHQ9RUIDOOVFKUWHQGHQ+D‰ FKH *UDQDWHQ PDFKWHQ DOOHV
%LOGYRQ&KULVWXVEHLPOHW]WHQ JHJHQLKQ(QGHGHUHU-DKUHNDPHUVFKOLH‰OLFKEHLHL DQGHUH DOV HLQ EL‰FKHQ '|VHQ
$EHQGPDKO WDQ]WH DQ GHU QHP%UDQGDQVFKODJDXIVHLQ+DXVLQ)UDQNUHLFKXP XQP|JOLFK
:DQG -DQXDU
3O|W]OLFK K|UWH LFK GUDX‰HQ GHQ 5XI Ä*HJHQDQJULII³ (LQ 'HU QlFKVWH 0RUJHQ ZDU JUDX HV ILHO 6FKQHHUHJHQ 2FKVHQ
6FKDXHU IXKU PLU EHU GHQ 5FNHQ ,FK IUFKWHWH LQ GLHVHP JLQJHQKLOIORVLP*DUWHQKLQWHUGHP+DXVXPKHUPDQFKHPLW
+DXVXP]LQJHOW]XZHUGHQ,FKHUJULIIPHLQHQ.DUDELQHUXQG WLHIHQ:XQGHQLP)HOO(LQHP3IHUGKLQJGHU'QQGDUPKHU
UDVWHQDFKGUDX‰HQ DXV 9LHOH ZDUHQ WRW 'DV ZDU HLQ HUEDUPXQJVZUGLJHU $Q
'RUWZDUJU|‰WH9HUZLUUXQJ6FKZDU]H*HVWDOWHQUDQQWHQKLHU EOLFN
XQG GRUW 6FKQHHWUHLEHQ HUIOOWH GLH /XIW ,FK IDQG XQVHUH 'HU HUVWH )HOGZHEHO %ODFNEXUQ JDE GLH 3DUROH DXV GD‰ ZLU
3DQ]HULQ*HIHFKWVOLQLHDP5DQGGHU6WDGWXQGEHVFKOR‰GD‰ DEJHO|VWZUGHQ,FKNRQQWHQLFKWJODXEHQGD‰GDVZDKUVHLQ
GLHVGHUEHVWH$XIHQWKDOWVRUWVHL$XIGLH6WDGWKDJHOWHQ*UD VROOWH ,FK VWHOOWH PLU YRU GD‰ PDQ LP .ULHJ LPPHU ZHLWHU
QDWHQ ,FK NQLHWH LP 6FKQHH EHLP 3DQ]HU XQG VWDUUWH LQ GLH JLQJELVQLHPDQGPHKUGDZDU'LH.RPSDQLHKDWWHZHQLJHU
6FKZlU]H XQG KLHOW $XVVFKDX QDFK =HLFKHQ HLQHU DQJUHLIHQ DOV LKUH KDOEH 6WlUNH :LU ZDUHQ MHW]W ]X HUVFK|SIW XQG YRP
GHQ,QIDQWHULH8QVHUH$UWLOOHULHXQG3DQ]HUKDWWHQGDV)HXHU )URVWDQJHJULIIHQXPQRFKLUJHQGHLQHQZLUNXQJVYROOHQ$Q
HU|IIQHWXQGHVZDUZLUNOLFKHLQJUR‰HV)HVWZLHGHU-XOL JULIIGXUFKIKUHQ]XN|QQHQ
:LHJHZ|KQOLFKIURULFKXQGKDWWH$QJVW±DEHUNHLQH'HXW 'HU =XJ VDPPHOWH VLFK XQG WURWWHWH ]X GHQ ZDUWHQGHQ +DOE
VFKHQWDXFKWHQDXI±QXU8QJHZL‰KHLW NHWWHQIDKU]HXJHQ 9RU XQVHUHP :HJJDQJ VDK LFK GD‰ 0lQ
(LQ3DQ]HUPDQQVFKULHYRP7XUPGD‰HUHLQHQ%RUGVFKW]HQ QHUPLWGHQ=HLFKHQGHU/XIWODQGH'LYLVLRQDQJHNRPPHQ
EHQ|WLJWH,KU6FKW]HZDUKHXWHYHUZXQGHWZRUGHQ2EZRKO ZDUHQ6LHOXQJHUWHQKHUXPXQGZDUWHWHQ,FKGDFKWHEHLPLU
LFKQLHLQHLQHP3DQ]HUJHZHVHQZDUGDFKWHLFKPLUGDVVHL Ä-XQJVZHQQLKUZ‰WHWZDVHXFKEHYRUVWHKW%HVVHULKUDOV
EHVVHUDOVLP6FKQHH]XKRFNHQ(VZDUHLQHNQLIIOLJH6DFKH LFK³

 9II*ÂÂ-DKUJDQJÂ+HIW

,QPHLQHP)DKU]HXJJDEHVDX‰HUPLUQXUQRFK]ZHL0lQQHU
'LH .ODPRWWHQ ZDUHQ LQ KRIIQXQJVORVHP 'XUFKHLQDQGHU DXI
GHP%RGHQ:LUSOXPSVWHQQXUKLQHLQ]XPGHXQG]XHOHQG
XP XQV GDUXP ]X NPPHUQ DEHU LQQHUOLFK IURK ZHJ]XNRP
PHQ XQG GLH 6SDQQXQJ ZDU ZHJ 5HJHQ XQG 6FKQHHUHJHQ
ILHOXQGGLH3ODQHREHQDXIGHP)DKU]HXJZDUKHUXQWHUJHODV
VHQ ± ZLH HV LPPHU JHZHVHQ ZDU VHLWGHP ZLU LQ GLH *H
IHFKWV]RQHQJHNRPPHQZDUHQ,FKVDQNLQHLQHQWLHIHQWLHIHQ
6FKODIGHQHUVWHQULFKWLJHQ6FKODIVHLWIQI7DJHQ
,FK HULQQHUH PLFK DQ EHUKDXSW QLFKWV ELV ZLU DQ GLHVHP
$EHQG LQ &KrQH %HOJLHQ DQNDPHQ 'DV VROOWH XQVHU (UKR
OXQJVJHELHWVHLQ
:LU EHWWHWHQ XQV IU GLH 1DFKW LQ HLQHQ +HXVFKREHU =ZHL
VHKU QHWWH EHOJLVFKH 0lGFKHQ EUDFKWHQ XQV .DIIHH (U ZDU
KHL‰ XQG VFKPHFNWH JXW $OV LFK PLFK LQ PHLQHQ 6FKODIVDFN
VFKPLHJWH VFKLHQ GHU .ULHJ JDQ] ZHLW ZHJ ,FK ZUGH PLFK
GDUXPDPQlFKVWHQ0RUJHQVRUJHQ
:LU EOLHEHQ  7DJH ODQJ IU HLQH ,QVWDQGVHW]XQJVSDXVH LQ
&KrQH%HOJLHQ8QGZDVIUHLQH3DXVHZDUGDVIUXQV:LU
KDWWHQ*HOHJHQKHLWJXWHVKHL‰HV(VVHQ]XEHNRPPHQXQGGLH
VR VHKU EHQ|WLJWH 5XKH (V ZXUGH XQV QHXH .OHLGXQJ XQG
$XVUVWXQJDXVJHJHEHQ
(VLVWEHPHUNHQVZHUWGD‰GDPDOVHLQIDFKH6ROGDWHQXQG
YLHU2IIL]LHUHHLQVDW]EHUHLWZDUHQ$XIJUXQGGLHVHV9HUOXVWHV
DQ0lQQHUQZXUGHGHU]ZHLWH=XJDXIJHO|VWXQGGLH0lQQHU
GHPHUVWHQXQGGULWWHQ=XJ]XJHWHLOW
$P-DQXDUHUKLHOWHQZLUGHQ%HIHKOXQVPDUVFKEHUHLW]X
PDFKHQ :LU UFNWHQ DQ GLHVHP $EHQG DXV XQG YHUEUDFKWHQ
GHQ*UR‰WHLOGHU1DFKWDXIGHU6WUD‰H(VZDUIUKDP0RU
JHQ DOV ZLU GLH 6WDGW 9LOOHURX[ LQ %HOJLHQ HUUHLFKWHQ 'DV
:HWWHU ZDU ZLHGHU IURVWLJ XQG NDOW :LU OLWWHQ XQWHU NDOWHQ
+lQGHQXQG)‰HQ'LH0lQQHUVWDPSIWHQDXIGHU6WUD‰HDXI
XQG DE XQG YHUVXFKWHQ VLFK ZDUP ]X KDOWHQ :LU PDFKWHQ
)HXHU XQG GUlQJWHQ XQV GDUXP ]XVDPPHQ 'HU 6FKQHH KDWWH
HLQH+|KHYRQ]ZHL)X‰RGHUPHKUHUUHLFKW'LH9HUELQGXQJ
YRQ 7LHIVFKQHH PLW XQVHUHQ VFKZHUIlOOLJHQ *XPPLVWLHIHOQ
PDFKWHGDV*HKHQVHKUVFKZHUXQGHUPGHQG
$QGLHVHP7DJGHP-DQXDUZXUGHGLH.RPSDQLH%GHP
6RQGHUNRPPDQGR %ODFNMDFN ]XJHZLHVHQ :LU ]RJHQ GXUFK
GLH XQV MHW]W EHNDQQWH 6WDGW %DVWRJQH XQG JUXEHQ XQV QRUG
|VWOLFKGHU6WDGWHLQ$P0RUJHQGHV-DQXDUVDOVZLUXQV
]XP$QJULIIYRUEHUHLWHWHQZDUHQQXQEHLGHU.RPSDQLHGUHL
2IIL]LHUH XQG  HLQIDFKH 6ROGDWHQ HLQVDW]EHUHLW 8QVHUH
WHQ:DFKHQLQGHU6WDGWDXIXQGOLH‰HQXQVQLHGHUXPDXFK
GDV GXUFK]XVWHKHQ :lKUHQG GHU 1DFKW JDE HV ZLHGHUKROWH
*HUFKWHEHU%HZHJXQJHQIHLQGOLFKHU)DKU]HXJH
$PIROJHQGHQ7DJGHP-DQXDUYHUHLQWHQZLUXQVZLHGHU
PLW GHP %DWDLOORQ XQG ZXUGHQ 7HLO GHV 6RQGHUNRPPDQGRV
6KDPURFN :LU UFNWHQ ]X )X‰ GXUFK WLHIHQ 6FKQHH YRU XQG
JULIIHQ TXHUIHOGHLQ DQ XQWHUVWW]W YRQ 3DQ]HUQ XQG 3DQ]HU
]HUVW|UHUQ 8QVHU HUVWHV =LHO ZDUHQ GLH :lOGHU |VWOLFK YRQ
1RYLOOH XQG VGOLFKH GHU 6FKQHOOVWUD‰H EHL 6W 9LWK $OV ZLU
GLHVH 6WHOOXQJ HUUHLFKW KDWWHQ WUDIHQ ZLU DXI ZHQLJ :LGHU
VWDQGDXVGHQ:lOGHUQ
'DQQ UFNWHQ ZLU ]X XQVHUP ]ZHLWHQ =LHO YRU QlPOLFK GHQ
:lOGHUQQ|UGOLFKGHU6WUD‰HQDFK6W9LWK$OVZLUGLHVHV=LHO
HUUHLFKWHQ JHULHWHQ ZLU LQ VFKZHUHV )HXHU 3DQ]HUEUHFKHQGH
HUKSIWHEHUGHQJHIURUHQHQ6FKQHH
,QGLHVHU1DFKWELOGHWHQZLUXQVHUH6LFKHUXQJXQGJUXEHQXQV
ZLHEOLFKHLQ'LH+DOENHWWHQIDKU]HXJHNDPHQZlKUHQGGHU
1DFKW XQG EUDFKWHQ XQV &5DWLRQV'RVHQ XQG 'HFNHQ $P
0RUJHQ EHIDQGHQ ZLU ZLHGHU DXI GHP $QJULII XQG GLH %
.RPSDQLHZDUDXIGLH3DQ]HUGHV3DQ]HU%DWDLOORQVDXI
JHVWLHJHQ:LHHLQ-RFNH\DXIGHQ3DQ]HUQEHUGLHVHJHIUR
UHQHQ+JHO%HOJLHQV]XUHLWHQZDUHLQHQHXH(UIDKUXQJIU
XQV
'LH0DVFKLQHQWDXFKWHQXQGKSIWHQGXUFKGLH6FKQHHYHUZH
KXQJHQ XQG HV EHGXUIWH HLQHV IHVWHQ *ULIIHV XP REHQ ]X
EOHLEHQ $OV GLH 3DQ]HU KLHOWHQ EHJDQQHQ LKUH .DQRQHQ ]X
IHXHUQ 'HU 0QGXQJVNQDOO ZDU VFKUHFNOLFK XQG UWWHOWH XQG
VFKWWHOWHGHQJDQ]HQ3DQ]HU(VEUDXFKWQLFKWJHVDJW]XZHU
GHQ GD‰ GLHVH 3DQ]HU DXI GHQ 6SLW]HQ GHU +JHO PLW LKUHQ
6LOKRXHWWHQ HLQ DXVJH]HLFKQHWHV =LHO IU GLH HU *HVFKW]H
DEJDEHQ'HU*HGDQNHDQHLQHQGLUHNWHQ7UHIIHUKLHOWXQVHW
ZDVLQ$WHP
8QVHU $QJULII IKUWH XQV EHU GLH 6FKQHOOVWUD‰H %DVWRJQH
+RXIIDOL]H:LUNDPHQZHVWOLFKGHU6WDGW:LFRXUWYRUEHLXQG
HUUHLFKWHQ XQVHU (QG]LHO QlPOLFK GLH :lOGHU DXI GHU +RFK
HEHQH VGOLFK YRQ +RXIIDOL]H :LU JULIIHQ GLHVH :lOGHU LQ
*HIHFKWVOLQLHDQXQGEDOOHUWHQDXVMHGHP*HZHKUXQG.DUDEL
QHU 8QVHUH )HXHUVWlUNH ZDU ]X YLHO IU GLH 'HXWVFKHQ (QW
ZHGHUVLHIORKHQRGHUHUJDEHQVLFK(LQH)ODNYHUHLWHOWHEHL
QDKH GHQ $QJULII 'LH 'HXWVFKHQ YHUVXFKWHQ GHQ /DXI QLH
GHU]XKDOWHQXPGLUHNWHV)HXHUJHJHQXQV]XULFKWHQDEHUGDV
VFKOXJIHKO'LH/HXFKWVSXUJHVFKRVVHIORJHQZXQGHUEDUEHU
XQVHUH.|SIHKLQZHJXQGXQVHU$QJULIIZDUHLQ(UIROJ
$XIJDEH ZDU GHP 6RQGHUNRPPDQGR 6KDPURFN .OHHEODWW
)HXHUVFKXW]]XJHEHQDEHUHVHQGHWHGDPLWGD‰ZLUGLH6WDGW
&REUXDQJULIIHQ0LWGHQ)DKU]HXJHQNDPHQZLU]X:lOGHUQ
GLHGLH6WDGWEHUVDKHQXQGQDFKHLQHP$UWLOOHULHXQG3DQ
]HU6SHUUIHXHU JULIIHQ ZLU DXI XQVHUHQ )DKU]HXJHQ DQ 'LH
6WDGW ZDU YRQ .UDXWV JXW YHUWHLGLJW 6LH KDWWHQ VLFK LQ 6WHO
OXQJHQUXQGXPGLH6WDGWHLQJHJUDEHQXQGEHQXW]WHQDXFKGLH
+lXVHUIUGLH9HUWHLGLJXQJ'LHYRQXQVHQWZLFNHOWH)HXHU
NUDIWXQGGLH3DQ]HUZDUHQMHGRFK]XYLHOIULKUHJHVFKZlFK
WH 0RUDO XQG YLHOH YRQ LKQHQ HUJDEHQ VLFK DOV ZLU LQ GHQ
1DKNDPSIEHUHLFKNDPHQ
'LHVH6WDGW]XVlXEHUQZDUHLQHVFKZLHULJH$XIJDEHGDMHGHV
+DXV YRQ GHU 'DFKVWXEH ELV ]XP .HOOHU GXUFKVXFKW ZHUGHQ
PX‰WH'LHHUVFKUHFNWHQXQGYHUZXQGHWHQ=LYLOLVWHQHUK|KWHQ
GLH:LUUQLVXQVHUHU$XIJDEH'LH=DKOXQVHUHUJHIDOOHQHQXQG
JHW|WHWHQ 0lQQHU ZDU KRFK GHQQ ZLU HUKLHOWHQ 0|UVHU XQG
3DQ]HUIHXHU YRP QlFKVWHQ +JHO +HFNHQVFKW]HQ)HXHU
]ZDQJXQVXQVPLWJUR‰HU9RUVLFKW]XEHZHJHQ=ZHL0lQ
QHUZXUGHQJHW|WHWEHYRUZLUGLHVH/HNWLRQOHUQWHQ:LUVWHOO
9II*ÂÂ-DKUJDQJÂ+HIW
:LU VlXEHUWHQ GLH :lOGHU YRQ 'HXWVFKHQ XQG KLHOWHQ VWDQG
'HU)HLQGIORKEHUGDV)HOGLQ5LFKWXQJDXI+RXIIDOL]H(LQ
*HVFKW]JHVSDQQ PDFKWH HLQHQ YHU]ZHLIHOWHQ 9HUVXFK ]X
HQWNRPPHQ (LQ HLQ]HOQHU 'HXWVFKHU YHUVXFKWH HLQH /HLQH
GDUDXIIHVW]XPDFKHQDEHUHUZDUHLQHOHLFKWH%HXWHIUXQVH
UH*HZHKUHXQGILHOWRWLQGHQ6FKQHH'DQQIHXHUWHHLQ0D
VFKLQHQJHZHKUDXIGDVIOLHKHQGH*HVSDQQHVH[SORGLHUWHDOV
RE HV YRQ HLQHU HU *UDQDWH JHWURIIHQ ZRUGHQ ZlUH 'LH
GUHL'HXWVFKHQGLHGLH0DQQVFKDIWGHV*HVFKW]HVELOGHWHQ
ZXUGHQ LQ GLH /XIW JHZRUIHQ XQG GDV *HVSDQQ EUDFK LQ
)ODPPHQDXV
:LU ELOGHWHQ HLQH 9HUWHLGLJXQJVVWHOOXQJ XP GLH :lOGHU XQG
PDFKWHQXQVIUGLH1DFKW]XUHFKW8QVHUH)DKU]HXJHEUDFK
WHQXQV(VVHQXQG'HFNHQXQGGLHGULQJHQGEHQ|WLJWH0XQL
WLRQ
$Q GLHVHP $EHQG ]RJ+DXSWPDQQ(OPRUH)DEULFNPLWHLQHU
3DWURXLOOH DXV XP HLQLJH %DXHUQKlXVHU YRU XQV ]X XQWHUVX
FKHQ$OVVLH]XUFNNDPHQKDWWHQVLHGHXWVFKH*HIDQJHQH
EHL VLFK GLH LQ GHQ *HElXGHQ =XIOXFKW JHVXFKW KDWWHQ 'LH


6lXEHUXQJ GLHVHU :lOGHU EHHQGHWH GLH $UGHQQHQVFKODFKW LQ
%HOJLHQ$QGLHVHP$EHQGVWHOOWHQ(LQKHLWHQGHU.DYDOOH
ULH6FKZDGURQ9HUELQGXQJPLWGHUHUVWHQ$UPHHKHUGLHYRQ
1RUGHQKHUXQWHUNDP:LUZXUGHQDP0RUJHQGHV-DQXDUV
GXUFK HLQ 6SHUUIHXHU HLQHU GHXWVFKHQ 5DNHWHQEDWWHULH JH
ZHFNW'DVNRVWHWHXQVPHKUHUH0lQQHU$QGLHVHP1DFKPLW
WDJ ZXUGHQ ZLU YRQ 7HLOHQ GHU  /XIWODQGH'LYLVLRQ DEJH
O|VW XQG ]RJHQ XQV PLW HLQHP 0DUVFK DXI GHU 6WUD‰H QDFK
&KDPSVLQ%HOJLHQ]XUFNHLQIDFKH6ROGDWHQXQGXQVHU
.RPSDQLHIKUHU+DXSWPDQQ)DEULFNZDUHQHLQVDW]EHUHLW
'HU (UIROJ GHV (LQVDW]HV XQVHUHU .RPSDQLH LQ GLHVHQ NULWL
VFKHQ 7DJHQ LQ %HOJLHQ PX‰ LQ ZHLWHP 8PIDQJ +DXSWPDQQ
(OPRUH )DEULFN ]XJHVFKULHEHQZHUGHQ6HLQH)XUFKWORVLJNHLW
XQGVHLQKRKHU.DPSIJHLVWOLH‰HQXQVWURW]IHLQGOLFKHP)HXHU
XQG GHPRUDOLVLHUHQGHQ 9HUKlOWQLVVHQ YRUZlUWVJHKHQ ,Q GLH
VHP OHW]WHQ *HIHFKW ZDU GLH .RPSDQLH YRQ GHU *U|‰H KHU
HKHUHLQ=XJPLW+DXSWPDQQ)DEULFNDOVLKU)KUHU
'LH .RPSDQLH NDP DP  -DQXDU LQ HLQHP HUVFK|SIWHQ =X
VWDQGLQ&KDPSVDQ8QVHUH8QWHUNQIWHZDUHQ6FKHXQHQXQG
YHUQLFKWHWH +lXVHU $OOHV ZDV ZLU ZROOWHQ ZDU HLQIDFK LU
JHQGHLQ 3ODW] DQ GHP PDQ VFKODIHQ NRQQWH XQG 6FKXW] YRU
.lOWHIDQG±PHKUEHNDPHQZLUDXFKQLFKW
(V ZDU IU XQV ZLH GHU +LPPHO GD‰ ZLU QLFKW QXU XQVHUHQ
.|USHU VRQGHUQ DXFK XQVHUHQ *HLVW HUKROHQ NRQQWHQ :LU
EOLHEHQKLHUYRPELV]XP-DQXDU'DVZDUQXUHLQNXU
]HU =HLWUDXP DEHU HV JDE XQV *HOHJHQKHLW XQVHUH *HZHKUH
]X VlXEHUQ XQG XQVHUH $XVUVWXQJ DXI 9RUGHUPDQQ ]X EULQ
JHQXQGDXFKHLQSDDU%ULHIHDQXQVHUH/LHEHQ]X+DXVH]X
VFKUHLEHQ(VZDUVFKZHU]XVFKUHLEHQXQG]XVDJHQDOOHVVLH
VRFNHQDXVJHJHEHQ%HVVHUVSlWDOVQLHDEHUHVZlUHYLHOEHV
VHU JHZHVHQ ZHQQ ZLU GDV HLQHQ 0RQDW IUKHU KlWWHQ EH
NRPPHQN|QQHQ$P-DQXDUJLQJHVQDFK0DVVXO%HOJL
HQ 'LHVH 6WDGW ZDU QLFKW YRP .ULHJ EHWURIIHQ ZRUGHQ ZLU
NRQQWHQGHVKDOEEHVVHUH8QWHUNQIWHEHNRPPHQ'LHPHLVWHQ
*UXSSHQXQG=JHIDQGHQ+lXVHULQGHQHQVLHZRKQHQNRQQ
WHQ 'LH /HXWH ZDUHQ VHKU IUHXQGOLFK ]X XQV ZDV GD]X EHL
WUXJXQVHUHQ$XIHQWKDOWDQJHQHKPHU]XPDFKHQ
(LQH ZRKOJHKWHWH (ULQQHUXQJ DQ XQVHUH =HLW LQ 0DVVXO ZDU
GLH*HOHJHQKHLWHLQH'XVFKH]XQHKPHQ:LUIXKUHQPLW/D
VWHUQ QDFK 1HXIFKDWHDX %HOJLHQ ZR GLH 4XDUWLHUPHLVWHUHL
WUDQVSRUWDEOH'XVFKHQDXIJHVWHOOWKDWWH'DVZDUGLHHUVWH*H
OHJHQKHLW]XP'XVFKHQVHLWZLU(QJODQG]ZHL0RQDWH]XYRU
YHUODVVHQKDWWHQ
:lKUHQGZLULQ0DVVXOZDUHQHUKLHOWHQZLUZHLWHUH0DQQ
(UVDW]'DVEUDFKWHXQVHUH.RPSDQLHVWlUNHDXIHLQIDFKH
6ROGDWHQ XQG  2IIL]LHUH :LU ZDUHQ MHW]W EHUHLW XQVHUHU
QlFKVWHQ%HVWLPPXQJHQWJHJHQ]XJHKHQ
6FKOX‰EHPHUNXQJHQ
'LH ,QIRUPDWLRQHQ LQ GLHVHP %HULFKW HQWVWDPPHQ SHUV|QOL
FKHQ%ULHIHQGLHLFKDQPHLQHQ9DWHU&KDUOHV3VFKULHE(U
ZDULP(UVWHQ:HOWNULHJ+DXSWPDQQGHU,QIDQWHULHJHZHVHQ
'LH 1DPHQ YRQ 6WlGWHQ XQG =LHOHQ P|JHQ XQJHQDX VHLQ
'DPDOVKDWWHLFKNHLQH.HQQWQLVXQVHUHU=LHOH8QVZXUGHQXU
JHVDJWZLUVROOWHQ]XUQlFKVWHQ6WDGWRGHU+JHOYRUUFNHQ
'LH (UPRUGXQJ GHXWVFKHU *HIDQJHQHU LVW VHKU EHGDXHUOLFK
%HYRU GHU $QJULII ORVJLQJ YHUVDPPHOWH 2EHUVW <DOH GHU
.RPPDQGHXUGHV.DPSINRPPDQGRV%]XGHPGLH3DQ
JXW XQG GLH )DPLOLH EUlXFKWH VLFK QLFKW ]X VRUJHQ DEHU LU
JHQGZLHWDWPDQHVXQGZHQGHWHVLFKGDQQDQGHUHQ3IOLFKWHQ
]X0lQQHUZXUGHQGHU.RPSDQLHDOV(UVDW]]XJHZLHVHQ
$P-DQXDUZDUHQZLUZLHGHUDXIGHU6WUD‰HXQGEHZHJWHQ
XQV DXI HLQ EHZDOGHWHV *HELHW VGZHVWOLFK YRQ )R\ ]X ZR
GDV 6RQGHUNRPPDQGR 5RFNHW JHELOGHW ZXUGH :LU KDWWHQ
*OFNXQGIDQGHQLQGLHVHU1DFKWHLQLJHGHXWVFKH*UlEHQXQG
VFKOLHIHQGDULQ$PQlFKVWHQ7DJUFNWHQZLU]XHLQHP6DP
PHOSODW]LQGHU1lKHYRQ1RYLOOH%HOJLHQ'LHVHV*HELHWZDU
HUVWLQGHUOHW]WHQ:RFKHYRP)HLQGJHVlXEHUWZRUGHQ(VJH
ODQJGHQ-XQJVHWZDV+RO]]XILQGHQVRGD‰ZLUGHQ7DJXP
HLQ)HXHUJHGUlQJWYHUEULQJHQNRQQWHQ:LUEOLHEHQKLHUGLH
VH 1DFKW XQG UFNWHQ DP QlFKVWHQ 7DJ ]X GHU 6WDGW %RXUF\
YRU 8QVHUH GDPDOLJH $XIJDEH ZDU GLH  /XIWODQGH
'LYLVLRQ]XXQWHUVWW]HQGLHGHQ)HLQGQDFK2VWHQYHUIROJWH
8QVHUH.DYDOOHULHPDFKWHHUIROJORVH9HUVXFKHGHQ)HLQG]X
WUHIIHQ
%RXUF\ ZDU JHQDX ZLH VR YLHOH DQGHUH EHOJLVFKH 6WlGWH GLH
DOV6FKODFKWIHOGIUGLHDPHULNDQLVFKHQXQGGHXWVFKHQ6WUHLW
NUlIWH GLHQWHQ :HQLJ +lXVHU ZDUHQ EULJ JHEOLHEHQ NHLQHV
KDWWH PHKU )HQVWHUVFKHLEHQ .KH XQG 6FKZHLQH UDQQWHQ LQ
GHQ6WUD‰HQDX‰HUGHPZDUHQGDGLHXQJOFNVHOLJHQ.DGDYHU
WRWHQ9LHKV'LHZHQLJHQNULHJVPGHQ=LYLOLVWHQGLHLQLKUHQ
+lXVHUQ DXVKDUUWHQ ZRKQWHQ LP .HOOHU RGHU ZR LPPHU VLH
6FKXW] ILQGHQ NRQQWHQ :LH EOLFK OHEWHQ ZLU LQ 6FKHXQHQ
RGHU DQ LUJHQGHLQHU 6WHOOH GLH HLQ EL‰FKHQ 6FKXW] YRU GHP
:HWWHUERW:LUVSDQQWHQ6HJHOWXFKEHUGLH)HQVWHUVRGD‰
ZLU HLQ EL‰FKHQ /LFKW KDWWHQ DEHU GLH .lOWH GUDX‰HQ KDOWHQ
NRQQWHQ
%HYRUZLUXQV]XU5XKHQLHGHUODVVHQNRQQWHQPX‰WHQZLUGLH
7UPPHU ZHJUlXPHQ 'LH .FKH ZDU LQ HLQHU DOWHQ 6FKXOH
XQWHUJHEUDFKW:LUEOLHEHQ]ZHL7DJHLQ%RXUFDYRPELV
]XP-DQXDU(QGOLFKZXUGHQXQV6FKXKHXQGGLFNH:ROO

]HUGLYLVLRQ JHK|UWH GLH 0lQQHU XQG KLHOW LKQHQ HLQH
VFKZXQJYROOH 5HGH 'DV HLQH ZRUDQ LFK PLFK HULQQHUH LVW
GD‰ HU VDJWH ª0DFKW NHLQH *HIDQJHQHQ© 'DPDOV VDJWH PLU
GDVQLFKWV*OFNOLFKHUZHLVHGDXHUWHGLHVHU:DKQVLQQQXUHLQ
SDDU 7DJH ,FK HUIXKU VSlWHU YRQ GHU (UPRUGXQJ DPHULNDQL
VFKHU*HIDQJHQHUGXUFKGLH'HXWVFKHQEHL0DOPHG\LQ%HOJL
HQ,FKQHKPHDQGD‰GDVGLH7UDJ|GLHHU|IIQHWH
,FKKDWWH*OFNXQGNRQQWHIUGHQ5HVWGHV.ULHJHVEHLPHL
QHU(LQKHLWEOHLEHQ0HLQ)DKU]HXJGHUÄ%$7³YHU]HLFKQHWH
EHU.DPSIPHLOHQ,FKEHHQGHWHGHQ.ULHJ$QIDQJ0DL
LQ HLQHP .RQ]HQWUDWLRQVODJHU EHL /LQ] LQ gVWHUUHLFK 'DV
.RQ]HQWUDWLRQVODJHU 0DXWKDXVHQ ZDU HLQH VFKOLPPH 0DK
QXQJ ZDUXP ZLU QDFK (XURSD JHNRPPHQ ZDUHQ ,FK ZDU
VWRO] GDUDXI DXFKHLQHQNOHLQHQ%HLWUDJ]XUOHW]WHQ9HUQLFK
WXQJGHV'ULWWHQ5HLFKHVJHOHLVWHW]XKDEHQ
,FKNHKUWHLP)HEUXDULQGLH9HUHLQLJWHQ6WDDWHQ]XUFN
XQGQDKPZLHGHUPHLQH6WXGLHQDP3HQQV\OYDQLD6WDWH&RO
OHJH DXI ,FK PDFKWH LP -XQL  DQ GHU 8QLYHUVLWlW YRQ
3HQQV\OYDQLD LQ 3KLODGHOSKLD PHLQ $EVFKOX‰H[DPHQ LQ 7LHU
PHGL]LQ,FKELQVHLW-DKUHQ7LHUDU]WKLHULQ6KLSSHQVEXUJ
3$1DFKGHPLFKPHLQH3UD[LVYHUNDXIWKDEHDUEHLWHLFKMHW]W
KDOEWDJVIUGHQQHXHQ$U]W
,P $XJXVW  HUIOOWH LFK GDV9HUVSUHFKHQGDVLFK-DPHV
&XVW DP 6\OYHVWHUDEHQG  JHJHEHQ KDWWH ,FK EHVXFKWH
VHLQH)DPLOLHLQ1HZ<RUN&LW\(VZDUVFKPHU]KDIWIUVLH
DEHUVLHZUGLJWHQPHLQHQ%HVXFK
%LOGTXHOOHQ
±KWWSZZZWKHKLVWRU\QHWFRPZRUOGZDULLLPDJHV
BOKWP
±'HVFHQW LQWR 1LJKWPDUH 7LPH/LIH %RRNV $OH[DQGULD
9$
9II*ÂÂ-DKUJDQJÂ+HIW

(LQH1HXEHZHUWXQJ&KXUFKLOOV±7HLO
9RQ3URI'U5DOSK5DLFR

:LH$PHULNDQRFKPDOVLQHLQHQ.ULHJYHUZLFNHOWZXUGH
,P 6HSWHPEHU  EHJDQQ(QJODQGPLW'HXWVFKODQG.ULHJ
JHPl‰ GHU*DUDQWLHGLH&KDPEHUODLQLP0lU]EHUVWU]WDQ
3ROHQJHJHEHQKDWWH/OR\G*HRUJHKDWWHGLH*DUDQWLHªVSDW
]HQKLUQLJ© JHQDQQW ZlKUHQG &KXUFKLOO VLH XQWHUVWW]W KDWWH
7URW]GHP VFKULHE &KXUFKLOO LQ VHLQHU *HVFKLFKWH GHV .ULH
JHV
ª+LHU ZDU HQGOLFK GLH (QWVFKHLGXQJ ± JHWURIIHQ LP
VFKOHFKWHVWHQ $XJHQEOLFN XQG DXI GHU XQEHIULHGLJHQGVWHQ
*UXQGODJH ±ZDV VLFKHU ]XP *HPHW]HO YRQ ]LJ 0LOOLRQHQ
/HXWHIKUHQPX‰©
$OVGHU.ULHJORVJLQJZXUGH&KXUFKLOOZLHGHUDXIVHLQHQDO
WHQ3RVWHQDOV(UVWHU/RUGGHU$GPLUDOLWlWEHUXIHQ'DQQLP
HUVWHQ0RQDWGHV.ULHJHVHUHLJQHWHVLFKHWZDV(UVWDXQOLFKHV
GHU3UlVLGHQWGHU9HUHLQLJWHQ6WDDWHQEHJDQQHLQHQSHUV|QOL
FKHQ%ULHIZHFKVHO±QLFKWPLWGHP3UHPLHUPLQLVWHUVRQGHUQ
PLWGHP&KHIGHUEULWLVFKHQ$GPLUDOLWlWXQGEHUJLQJGDEHL
DOOHEOLFKHQGLSORPDWLVFKHQ.DQlOH
'LH0LWWHLOXQJHQGLH]ZLVFKHQGHP3UlVLGHQWHQXQGGHP(U
VWHQ/RUGKLQXQGKHUVWU|PWHQZXUGHQYRQHLQHUNUDPSIKDI
WHQ *HKHLPKDOWXQJ XPJHEHQ GLH LQ GHU 7\OHU.HQW$IIDLUH
JLSIHOWH 'HU DPHULNDQLVFKH 'HFKLIIULHU$QJHVWHOOWH DQ GHU
/RQGRQHU86%RWVFKDIWZXUGHGXUFKGLHEULWLVFKHQ%HK|UGHQ
YHUXUWHLOW XQG LQKDIWLHUW 'LH 3UREOHPDWLN EHVWDQG GDULQ GD‰
HLQLJH GHU 1DFKULFKWHQ +LQZHLVH HQWKLHOWHQ GD‰ 5RRVHYHOW
VRJDUEHYRUGHU.ULHJEHJDQQHLQHUHLQGHXWLJQHXWUDOLWlWVZLG
ULJHQ =XVDPPHQDUEHLWPLWGHPNULHJVIKUHQGHQ(QJODQG]X
VWLPPWH
$P-XQLEHVXFKWHQ*HRUJH9,XQGVHLQH)UDX.|
QLJLQ0DU\GLH5RRVHYHOWVLP+\GH3DUN,QSULYDWHQ*HVSUl
FKHQPLWGHP.|QLJYHUVSUDFK5RRVHYHOW(QJODQGYROOH8Q
WHUVWW]XQJLP)DOOHGHV.ULHJHV(UEHDEVLFKWLJWHLP$WODQ
WLNHLQH=RQH]XHUULFKWHQGLHYRQGHU860DULQHNRQWUROOLHUW
ZHUGHQVROOWHXQGGHU3UlVLGHQWHUNOlUWHGHQ1RWL]HQGHV.|
QLJV]XIROJH
ª:HQQ HU HLQ 8%RRW VlKH ZUGH HU HV VRIRUW YHUVHQNHQ
XQGDXIGLH)ROJHQZDUWHQ©
'HU %LRJUDSK *HRUJHV ,9 :KHHOHU%HQQHWW PHLQWH GD‰
GLHVH8QWHUKDOWXQJHQªGHQ.HUQGHVNQIWLJHQ+DQGHOVÄ%D
VHQIU=HUVW|UHU³ HQWKLHOW XQG DXFK GHV HLJHQWOLFKHQ /HLK
XQG3DFKW$ENRPPHQV©$OV5RRVHYHOWPLWGHP(UVWHQ/RUG
GHU$GPLUDOLWlWNRPPXQL]LHUWHZDULKPNODUGD‰HUPLWGHP
5HJLHUXQJVPLWJOLHG DXV &KDPEHUODLQV .DELQHWW LQ 9HUELQ
GXQJ ZDU GHVVHQ .ULHJVOVWHUQKHLW VLFK PLW VHLQHU HLJHQHQ
PHVVHQNRQQWH
 ZXUGH &KXUFKLOO HQGOLFK 3UHPLHUPLQLVWHU LURQLVFKHU
ZHLVH DOV GLH 5HJLHUXQJ &KDPEHUODLQ ZHJHQ GHV QRUZHJL
VFKHQ)LDVNRV]XUFNWUDWGDV&KXUFKLOOPHKUDOVMHGHUDQGHUH
KHUEHLJHIKUW KDWWH 6R ZLH HU QDFK GHP)DOOYRQ3ROHQJH
JHQ HLQHQ 9HUKDQGOXQJVIULHGHQ JHNlPSIW KDWWH VR YHUVFKOR‰
HUVLFKZHLWHUKLQDOOHQ9RUVFKOlJHQPLW+LWOHU]XYHUKDQGHOQ
9LHOHGHUHQWVFKHLGHQGHQ'RNXPHQWHVLQGDXFKQDFKDOOGHQ
-DKUHQQRFKXQWHU9HUVFKOX‰DEHUHVLVWHUNHQQEDUGD‰HVLP
/DQG XQG LQ GHU 5HJLHUXQJ HLQH VWDUNH )ULHGHQVSDUWHL JDE
'D]X JHK|UWH /OR\G *HRUJH LP 8QWHUKDXV XQG LP .DELQHWW
+DOLID[GHU$X‰HQPLQLVWHU6HOEVWQDFKGHP)DOOYRQ)UDQN
UHLFK ZLHV &KXUFKLOO +LWOHUV HUQHXWH )ULHGHQVIKOHU ]XUFN
'LHVZLUGPHKUDOVDOOHVDQGHUHDOVGHU$XVJDQJVSXQNWVHLQHU
9II*ÂÂ-DKUJDQJÂ+HIW
*U|‰H DQJHVHKHQ 'HU EULWLVFKH +LVWRULNHU -RKQ &KDUPOH\
HQWIDFKWHHLQHQZWHQGHQ3URWHVWVWXUPDOVHUGDUDXIKLQZLHV
GD‰ HLQ 9HUKDQGOXQJVIULHGH  (QJODQG XQG (XURSD ]XP
9RUWHLO KlWWH JHUHLFKHQ N|QQHQ (LQ <DOH+LVWRULNHU GHU LQ
GHU1HZ<RUN7LPHV%RRN5HYLHZVFKULHEQDQQWH&KDUPOH\V
7KHVHªPRUDOLVFKHNHOKDIW©$EHU&KDUPOH\VZLVVHQVFKDIWOL
FKHV XQG DXVIKUOLFKHV :HUN NRPPW ]X GHU HQWVFKHLGHQGHQ
6FKOX‰IROJHUXQJ GD‰ &KXUFKLOOV XQQDFKJLHELJH :HLJHUXQJ
GHQ)ULHGHQVEHGLQJXQJHQYRQEHUKDXSWHLQ2KU]XOHL
KHQ]XP9HUKlQJQLVIUGDVZXUGHZDV&KXUFKLOODQJHEOLFK
DP WHXHUVWHQ ZDU GDV (PSLUH XQG HLQ QLFKWVR]LDOLVWLVFKHV
XQG LQ GHU :HOWSROLWLN XQDEKlQJLJHV (QJODQG 0DQ N|QQWH
KLQ]XIJHQ GD‰ HV DXFK GHP HXURSlLVFKHQ -XGHQWXP ]XP
9HUKlQJQLV ZXUGH (V LVW YHUZXQGHUOLFK GD‰ HV NULWLVFKH
7KHVHQEHUGHQ=ZHLWHQ:HOWNULHJJLEWGLHHLQKDOEHV-DKU
KXQGHUWQDFKGHQ(UHLJQLVVHQHLQHUKLVWRULVFKHQ'HEDWWHQLFKW
]XJlQJOLFKVLQG
/OR\G *HRUJH +DOLID[ XQG GLH DQGHUHQ ZDUHQ IU HLQHQ
.RPSURPL‰)ULHGHQRIIHQZHLOLKQHQNODUZDUGD‰(QJODQG
XQGGLH'RPLQLRQVDOOHLQH'HXWVFKODQGQLFKWEHVLHJHQNRQQ
WHQ1DFKGHP)DOO)UDQNUHLFKVNRQQWH&KXUFKLOOV=LHOHLQHV
WRWDOHQ 6LHJHV QXU XQWHU GHU %HGLQJXQJ YHUZLUNOLFKWZHUGHQ
GD‰GLH9HUHLQLJWHQ6WDDWHQLQHLQHQZHLWHUHQ:HOWNULHJYHU
ZLFNHOW ZUGHQ .HLQ :XQGHU GD‰ &KXUFKLOO VHLQ JDQ]HV
+HU]GDUDQVHW]WHXPJHQDXGDV]XHUUHLFKHQ
-RVHSK .HQQHG\ GHU DPHULNDQLVFKH %RWVFKDIWHU LQ (QJODQG
EHPHUNWHQDFKHLQHP*HVSUlFKPLW&KXUFKLOO
ª'LH %ULWHQ ZHUGHQ MHGH 6WXQGH PLW hEHUOHJXQJHQ YHU
EULQJHQZLHZLUKLQHLQJH]RJHQZHUGHQN|QQHQ©
$OV HU /LVVDERQ PLW HLQHP 6FKLII QDFK 1HZ <RUN YHUOLH‰
IOHKWH HU GDV $X‰HQPLQLVWHULXP DQ ]X YHUNQGHQ GD‰ GLH
9HUHLQLJWHQ6WDDWHQHVQLFKWDOV.ULHJVJUXQGPLW'HXWVFKODQG
DQVHKHQ ZUGHQ ZHQQ GDV 6FKLII DXI JHKHLPQLVYROOH :HLVH
PLWWHQ LP $WODQWLN H[SORGLHUHQ VROOWH ,Q VHLQHQ XQYHU|IIHQW
OLFKWHQ0HPRLUHQVFKULHE.HQQHG\
ª,FKGDFKWHGDVZUGHPLFKGDYRUVFKW]HQGD‰& KXUFKLOO
HLQH%RPEHDXIGHP6FKLIIDQEULQJHQOLH‰©
.HQQHG\V %HIUFKWXQJHQ ZDUHQ YLHOOHLFKW QLFKW EHUWULHEHQ
'HQQ LP (UVWHQ :HOWNULHJ ZDU HV ]ZDU ZLFKWLJIUGLHEULWL
VFKH 3ROLWLN JHZHVHQ $PHULND LQ GHQ .ULHJ ]X YHUZLFNHOQ
IU&KXUFKLOOV3ROLWLNLP=ZHLWHQ:HOWNULHJZDUHVDEHUJDQ]
XQG JDU XQDEGLQJEDU ,Q )UDQNOLQ 5RRVHYHOW IDQG &KXUFKLOO
HLQHQEHUHLWZLOOLJHQ.RPSOL]HQ
'D‰ 5RRVHYHOW GXUFK VHLQH +DQGOXQJHQ XQG SULYDWHQ bX‰H
UXQJHQ YRU GHP  'H]HPEHU  HLQHQ NODUHQ .ULHJVSODQ
EHNXQGHWHLVWQLHPDOVZLUNOLFKLQ)UDJHJHVWHOOWZRUGHQ8P
)UDJHQ ZLH VHLQ P|JOLFKHV 9RUDXVZLVVHQ GHV $QJULIIV DXI
3HDUO+DUERUZXUGHKHIWLJGHEDWWLHUW6FKRQIRUPXOLHUWH
7KRPDV $ %DLOH\ HLQ +LVWRULNHU YRQ6WDQIRUGGHUVLFKPLW
'LSORPDWLH EHID‰W ZLH GHU SUR5RRVHYHOWVFKH6WDQGSXQNW LQ
:LUNOLFKNHLWODXWHQPX‰
)
ª UDQNOLQ 5RRVHYHOW KDW GDV DPHULNDQLVFKH 9RON ZlKUHQG
GHU=HLWYRU3HDUO+DUERUZLHGHUKROWJHWlXVFKW>«@(UZDU
ZLHHLQ$U]WGHUGHP3DWLHQWHQ]XGHVVHQHLJHQHP:RKO/
JHQHU]lKOHQPX‰>«@'DV/DQGZDUELV]XP7DJYRQ3HDUO
+DUERUEHUZlOWLJHQGJHJHQHLQH,QWHUYHQWLRQXQGHLQRIIH
QHU9HUVXFKGDV9RONLQGHQ.ULHJ]XIKUHQKlWWH]XHLQHP
VLFKHUHQ)HKOVFKODJJHIKUWXQGGHUIDVWVLFKHUHQ(QWIHUQXQJ


5RRVHYHOWVDXVVHLQHP$PWXQGGDPLW]XHLQHPY|OOL 2UJDQLVDWLRQGHQJHUDGHHQWVWHKHQGHQ86*HKHLPGLHQVW
JHQ6FKHLWHUQVHLQHUJUXQGOHJHQGHQ=LHOH© &KXUFKLOOKDWWHVRJDUEHLGHU)OXWSUREULWLVFKHUXQGDQWLGHXW
&KXUFKLOO VHOEVW PDFKWH VLFKQLHGLH0KH5RRVHYHOWV5ROOH VFKHU3URSDJDQGDHLQH+DQGLP6SLHOGLHLQGHQ-DKUHQEH
DOV 0LWYHUVFKZ|UHU ]X YHUKHLPOLFKHQ ,P -DQXDU  EH YRU GLH 86$ LQ GHQ .ULHJ HLQWUDWHQYRQ+ROO\ZRRGLQ8P
VXFKWH +DUU\ +RSNLQV /RQGRQ &KXUFKLOO EHVFKULHE LKQ DOVODXIJHVHW]WZXUGH*RUH9LGDOEHPHUNWVFKDUIVLFKWLJLQ6FUH
ªGHQ ]XYHUOlVVLJVWHQ XQG SHUIHNWHVWHQ .RPPXQLNDWLRQVNDQDO HQLQJ+LVWRU\GD‰HWZDDEGLH$PHULNDQHUHLQHP)LOP
]ZLVFKHQGHP3UlVLGHQWHQXQGPLU>«@+DXSWVWW]HXQG$Q QDFK GHP DQGHUHQ DXVJHVHW]W ZXUGHQ GHU (QJODQG XQG GLH
WUHLEHUDXFKIU5RRVHYHOW© .ULHJVKHOGHQ GLH GDV (PSLUH DXIEDXWHQ YHUKHUUOLFKWH :LH
ª,FKYHUVWDQGVFKQHOO>+RSNLQV@SHUV|QOLFKH'\QDPLNXQG GLH=XVFKDXHUGLHVHU3URGXNWLRQHQVDJW9LGDO
GLHEHUUDJHQGH:LFKWLJNHLWVHLQHU0LVVLRQ>«@+LHUZDU ª:LUG GLHQWHQ ZHGHU /LQFROQ QRFK -HIIHUVRQ 'DYLV :LU
HLQ %RWVFKDIWHU GHV 3UlVLGHQWHQ YRQ K|FKVWHU :LFKWLJNHLW GLHQWHQGHU.URQH©
(LQH 6FKOVVHOILJXU GLH LQ +ROO\ZRRG GLHVH )LOPH GUHKWH
IU XQVHU /HEHQ 0LW JOlQ]HQGHQ $XJHQ XQG UXKLJHU EH
ªGLHXQVDOOHVRQGHUEDUHQJOLVFKPDFKWHQ©ZDUGHUDXV8Q
KHUUVFKWHU /HLGHQVFKDIW VDJWH HU Ä'HU 3UlVLGHQW LVW HQW
VFKORVVHQGD‰ZLUGHQ.ULHJ]XVDPPHQJHZLQQHQ9HUVWH JDUQHPLJULHUWH)UHXQG&KXUFKLOOV$OH[DQGHU.RUGD9LGDO
VFKUHLEWVHKU]XWUHIIHQG
KHQ 6LH PLFK QLFKW IDOVFK (U KDW PLFK KLHUKHU JHVFKLFNW
ª'HQHQ GLH GLH KHXWLJH ]LRQLVWLVFKH 3URSDJDQGD XQDQJH
XP ,KQHQ ]X VDJHQ GD‰ HU ,KQHQ GXUFKKHOIHQ ZLUG NRVWH
HVZDVHVZROOHJDQ]HJDOZDVPLWLKPJHVFKLHKW±HVJLEW QHKPILQGHQNDQQLFKQXUVDJHQGD‰GDVWDSIHUHNOHLQH,V
UDHO YRQ KHXWH HLQH 0HQJH YRQ GHQ WDSIHUHQ NOHLQHQ (QJ
QLFKWV ZDV LQ PHQVFKOLFKHU 0DFKW VWHKW ZDV HU QLFKW WXQ
ZLUG³+LHUVD‰HUGUUJHEUHFKOLFKNUDQNDEHUJOKHQG OlQGHUQGHUHU-DKUHJHOHUQWKDEHQPX‰'LH(QJOlQGHU
YRQWLHIVWHP9HUVWlQGQLVGHU6DFKH(VJLQJGDUXP+LWOHU XQWHUKLHOWHQ HLQH 3URSDJDQGD)OXW GLH VFKOLH‰OLFK XQVHUH
]XEHVLHJHQ]XUXLQLHUHQXQGDE]XVFKODFKWHQ±DOOHDQGH JHVDPWH .XOWXU GXUFKGUDQJ >«@ +ROO\ZRRG ZDU PHKU
UHQ=LHOH/R\DOLWlWHQXQG=ZHFNHZDUHQQDFKUDQJLJ© RGHU ZHQLJHU VXEWLO YRQ EULWLVFKHQ 3URSDJDQGLVWHQ LQILO
HUIXKUGLHgIIHQWOLFKNHLWVFKOLH‰OLFKGLH*HVFKLFKWHYRQ WULHUW©
:LOOLDP6WHSKHQVRQGHPEULWLVFKHQ$JHQWHQPLWGHP'HFN :lKUHQGGLH$PHULNDQHUEHDUEHLWHWZXUGHQEHULHWHQVLFKGLH
QDPHQª,QWUHSLG©GHUYRQ&KXUFKLOOLQGLH9HUHLQLJWHQ ]ZHL9HUEQGHWHQZLHVLHGLUHNWH)HLQGVHOLJNHLWHQ]ZLVFKHQ
6WDDWHQ JHVFKLFNW ZRUGHQ ZDU 6WHSKHQVRQ HUULFKWHWH VHLQ
GHQ 9HUHLQLJWHQ 6WDDWHQ XQG 'HXWVFKODQG KHUEHLIKUHQ VROO
+DXSWTXDUWLHU LP 5RFNHIHOOHU &HQWHU PLW GHP %HIHKO MHGHV
WHQ,P$XJXVWWUDIHQVLFK5RRVHYHOWXQG&KXUFKLOOEHL
0LWWHODQ]XZHQGHQGDVQRWZHQGLJZDUXPGD]XEHL]XWUDJHQ GHU$WODQWLN.RQIHUHQ]+LHUHUVWHOOWHQVLHGLH$WODQWLF&KDUWD
GLH9HUHLQLJWHQ6WDDWHQLQGHQ.ULHJ]XEHNRPPHQ0LWYRO PLW LKUHQ Ä9LHU )UHLKHLWHQ³ HLQVFKOLH‰OLFK ÄGHU )UHLKHLW YRQ
OHP:LVVHQXQG8QWHUVWW]XQJ5RRVHYHOWVXQGDXFKGHU=X 1RW³HLQHP%ODQNRVFKHFNXPDQJORDPHULNDQLVFKH6R]LDOSR
VDPPHQDUEHLW PLW %XQGHVEHK|UGHQ ILQJHQ 6WHSKHQVRQ XQG OLWLN EHU GHQ JDQ]HQ (UGEDOO ]X YHUEUHLWHQ $OV &KXUFKLOO
VHLQH HWZD  $JHQWHQ ª3RVW DE ]DSIWHQ /HLWXQJHQ DQ QDFK/RQGRQ]XUFNNDPLQIRUPLHUWHHUGDV.DELQHWWZDVHU
NQDFNWHQ 3DQ]HUVFKUlQNH HQWIKUWHQ 0HQVFKHQ >«@ IDEUL YHUHLQEDUW KDWWH 'UHL‰LJ -DKUH VSlWHU ZXUGHQ GLH EULWLVFKHQ
]LHUWHQ *HUFKWH© XQG VFKZlU]WHQ XQDXIK|UOLFK LKUH /LHE 'RNXPHQWH IUHLJHJHEHQ 'LH 1HZ <RUN 7LPHV EHULFKWHWH VR
OLQJV=LHOJUXSSH DQ GLH Ä,VRODWLRQLVWHQ³ hEHU 6WHSKHQVRQEHUGLH(QWKOOXQJHQ
KDWWH&KXUFKLOOGHIDFWRGLH.RQWUROOHEHU:LOOLDP'RQRYDQV ª(KHPDOV VWUHQJ JHKHLPH 8QWHUODJHQ GHU EULWLVFKHQ 5HJLH
UXQJ GLH KHXWH |IIHQWOLFK ]XJlQJOLFK
ZXUGHQ EHVDJHQ GD‰ 3UlVLGHQW
)UDQNOLQ'5RRVHYHOWLP$XJXVW
3UHPLHUPLQLVWHU :LQVWRQ &KXUFKLOO
VDJWHHUVXFKHHLQHQ=ZLVFKHQIDOOGHU
HVUHFKWIHUWLJHQZUGHGLH)HLQGVHOLJ
NHLWHQ JHJHQ 1D]L'HXWVFKODQG ]X HU
|IIQHQ $P  $XJXVW EHULFKWHWH
&KXUFKLOO GHP .ULHJVNDELQHWW LQ /RQ
GRQEHUDQGHUH$VSHNWHGHV1HXIXQG
ODQG7UHIIHQV >$WODQWLN &KDUWD@ GLH
QLFKW YHU|IIHQWOLFKW ZRUGHQ VLQG >«@
Ä(U>5RRVHYHOW@ZDURIIHQVLFKWOLFKHQW
VFKORVVHQ HLQ]XWUHWHQ :HQQ HU GLH
)UDJH EHU .ULHJ XQG )ULHGHQ GHP
.RQJUH‰ YRUOHJHQ VROOWH ZUGH GHU
PRQDWHODQJ GLVNXWLHUHQ³ IJWHQ GLH
.DELQHWWVSURWRNROOH KLQ]X Ä'HU 3Ul
VLGHQW KDWWH JHVDJW HU ZUGH .ULHJ
IKUHQDEHULKQQLFKWHUNOlUHQXQGHU
ZUGH LPPHU SURYRNDWLYHU DXIWUHWHQ
:HQQ HV GHQ 'HXWVFKHQ QLFKW JHILHOH
N|QQWHQ VLH MD DPHULNDQLVFKH .UlIWH
DQJUHLIHQ>«@$OOHVVROOWHJHWDQZHU
:LQVWRQ&KXUFKLOOPLW)'5RRVHYHOWXQGGHP(KHSDDU&KLDQJ.DLWVFKHFNLQ.DL GHQXPHLQHQ=ZLVFKHQIDOO]XHU]ZLQ
UR JHQ©

 9II*ÂÂ-DKUJDQJÂ+HIW

$P  -XOL  VFKULHE $GPLUDO /LWWOH YRQ GHU EULWLVFKHQ
0DULQH'HOHJDWLRQLQ:DVKLQJWRQDQ$GPLUDO3RXQGGHQ(U
VWHQ/RUGGHU$GPLUDOLWlW
ªGLHJU|‰WH+RIIQXQJ$PHULNDLQGHQ.ULHJ]XEHNRPPHQ
EHVWHKWLQGHQ*HOHLWVFKXW]0D‰QDKPHQQDFK,VODQG/D‰W
XQV KRIIHQ GD‰ GLH 'HXWVFKHQ QLFKW ODQJH GDPLW ZDUWHQ
VLHDQ]XJUHLIHQ©
/LWWOHIJWHYLHOOHLFKWLP6SD‰KLQ]X
ª6RQVWJODXEHLFKHVZlUHGDVEHVWHIUXQVHLQHQ$QJULII
GXUFK XQVHUH HLJHQHQ 8%RRWH ]X RUJDQLVLHUHQ ± DP OLHE
VWHQDXIGLH(VNRUWH©
(LQ SDDU :RFKHQ IUKHU VFKULHE &KXUFKLOO DXI GHU 6XFKH
QDFKHLQHU*HOHJHQKHLW$PHULNDLQGHQ.ULHJ]XEHNRPPHQ
DQ 3RXQG EH]JOLFK GHV GHXWVFKHQ .ULHJVVFKLIIHV 3ULQ] (X
JHQ
ª(VZlUH]%EHVVHUZHQQHVYRQHLQHP866FKLIIJHRUWHW
ZUGHGHQQGDVN|QQWHHVGD]XYHUOHLWHQDXIGLHVHV6FKLII
]XIHXHUQXQGGDPLWHLQHQ9RUIDOOOLHIHUQIUGHQGLH86
5HJLHUXQJDOO]XGDQNEDUZlUH©
(V JDE ]XQHKPHQG =ZLVFKHQIlOOH LP 1RUGDWODQWLN DOV VLFK
GLH86$HLQHP.ULHJPLW'HXWVFKODQGQlKHUWHQ
$EHU &KXUFKLOO YHUJD‰ QLFKW GDV 0LWWHO GHU Ä+LQWHUWU ]XP
.ULHJ³DOVRGLH9HUZLFNOXQJGHU9HUHLQLJWHQ6WDDWHQPLW-D
SDQXP$PHULNDLQHLQHQ.RQIOLNWPLW+LWOHU]XEULQJHQ6LU
5REHUW &UDLJLH GHU EULWLVFKH %RWVFKDIWHU LQ 7RNLR ZLH DXFK
GHU DPHULNDQLVFKH %RWVFKDIWHU -RVHSK *UHZ EHPKWHQ VLFK
ILHEHUKDIW GHQ .ULHJ ]X YHUPHLGHQ &KXUFKLOO ZLHV VHLQHQ
$X‰HQPLQLVWHU $QWKRQ\ (GHQ DQ &UDLJLH DXI /LQLH]XEULQ
JHQ
ª,KP VROOWH VLFKHUOLFK JHUDGH KHUDXV JHVDJW ZHUGHQ GD‰
GHU .ULHJVHLQWULWW GHU 9HUHLQLJWHQ 6WDDWHQ HQWZHGHU JHJHQ
'HXWVFKODQG XQG ,WDOLHQ RGHU JHJHQ -DSDQ PLW EULWLVFKHQ
,QWHUHVVHQ YROO YHUHLQEDU LVW 1LFKWV DXI GHP5VWXQJVVHN
WRU KDW YHUJOHLFKEDUH %HGHXWXQJ ZLH HLQH JHPHLQVDPH
.ULHJIKUXQJGHVEULWLVFKHQ:HOWUHLFKV]XVDPPHQPLWGHQ
9HUHLQLJWHQ6WDDWHQ©
&KXUFKLOO ZDUI VHLQHQ (LQIOX‰ LQ GLH :DDJVFKDOH XP GLH
DPHULNDQLVFKH 3ROLWLN JHJHQEHU -DSDQ XQQDFKJLHELJ ]X PD
FKHQ YRU DOOHP LQ GHQ OHW]WHQ 7DJHQ YRU GHP $QJULII DXI
3HDUO +DUERU (LQ &KXUFKLOOIUHXQGOLFKHU .ULWLNHU 5LFKDUG
/DPEVFKULHENU]OLFK
ª:DU HV JHUHFKWIHUWLJW GD‰ >&KXUFKLOO@ YHUVXFKWH GLH -D
SDQHU]XHLQHP$QJULIIDXIGLH9HUHLQLJWHQ6WDDWHQ]XSUR
YR]LHUHQ" >«@  KDWWH (QJODQG NHLQH $XVVLFKW
'HXWVFKODQGRKQHGLH+LOIHGHU86$DOVDNWLYHP9HUEQGH
WHQ ]X EHVLHJHQ &KXUFKLOO JODXEWH GD‰ GHU .RQJUH‰ QLH
PDOV 5RRVHYHOW EHYROOPlFKWLJHQ ZUGH 'HXWVFKODQG GHQ
.ULHJ ]X HUNOlUHQ >«@ ,P .ULHJ PVVHQ GLH QDWLRQDOHQ
)KUHU (QWVFKHLGXQJHQ LP +LQEOLFN DXI LKUH :LUNXQJ DXI
GLH.ULHJVDQVWUHQJXQJHQWUHIIHQ(VOLHJW:DKUKHLWLQGHP
DOWHQ 6SULFKZRUW ,Q GHU /LHEH XQG LP .ULHJ LVW DOOHV HU
ODXEW©
.HLQ:XQGHUGD‰&KXUFKLOODP)HEUXDULP8QWHU
KDXVEH]JOLFK$PHULNDV.ULHJVHLQWULWWHUNOlUWH
ª'DVLVWZRYRQLFKJHWUlXPWKDEHZDVLFKDQJHVWUHEWKD
EHZRIULFKJHDUEHLWHWKDEH±XQGMHW]WLVWHVJHVFKHKHQ©
&KXUFKLOOV 9HUHKUHU ZHUIHQ LKP LQ NHLQHU :HLVH YRU ZLH HU
$PHULND LQ GHQ =ZHLWHQ :HOWNULHJ JHEUDFKW KDW ,P *HJHQ
WHLOVLHKDOWHQHVLKP]XJXWH+DUU\-DIIDVFKHLQWLQVHLQHUXQ
LQIRUPLHUWHQ XQG YHUNUDPSIWHQ $SRORJLH GLH OHW]WH OHEHQGH
3HUVRQ]XVHLQGLHVLFKZHLJHUW]XJODXEHQGD‰GHU0DQQGHU
YLHOHQ -DKUKXQGHUWH LQ LUJHQGHLQHP *UDG IU $PHULNDV
9II*ÂÂ-DKUJDQJÂ+HIW
.ULHJVHLQWULWW YHUDQWZRUWOLFK ZDU :DUHQ HV VFKOLH‰OLFK QLFKW
GLH-DSDQHUGLH3HDUO+DUERUERPEDUGLHUWKDWWHQ"
$EHUZLHVWHKWHVPLWGHUDPHULNDQLVFKHQ5HSXEOLN":DVEH
GHXWHWHVIUGLH$PHULNDQHUGD‰HLQHULKUHU3UlVLGHQWHQPLW
HLQHP DXVOlQGLVFKHQ 5HJLHUXQJVREHUKDXSW NROODERULHUWH XP
VLHLQHLQHQ:HOWNULHJ]XYHUVWULFNHQ"'LH)UDJHKlWWH&KXU
FKLOOZHQLJLQWHUHVVLHUW,KPEHGHXWHWHQGLH9HUHLQLJWHQ6WDD
WHQQLFKWVDOVVRXYHUlQHXQDEKlQJLJH1DWLRQPLWLKUHUHLJH
QHQ:HVHQVDUWXQGLKUHP3ODW]LQGHU2UGQXQJGHU'LQJH)U
LKQ ZDUHQ GLH $PHULNDQHU HLQHV GHU ÄHQJOLVFK VSUHFKHQGHQ
9|ONHU³(UHUZDUWHWHHLQHJHPHLQVDPH6WDDWVEUJHUVFKDIWIU
%ULWHQ XQG $PHULNDQHU HLQ Ä=XVDPPHQPLVFKHQ³ DXI GHP
:HJ]XUDQJORDPHULNDQLVFKHQ:HOWKHUUVFKDIW
$EHU PDQ VROOWHPHLQHQGD‰GLH&KXUFKLOO5RRVHYHOW,QWULJH
IU$PHULNDQHUZLFKWLJVHLQP‰WH'RFKKLHUZLUGGLH.ULWLN
JHVWRSSWEHYRUVLHEHUKDXSWEHJLQQW(VLVWHLQPRUDOLVFKHV
3RVWXODW XQVHUHU =HLW GD‰ ]XU 9HUQLFKWXQJ +LWOHUV DOOHV HU
ODXEW ZDU $EHU ZDUXP LVW HV RIIHQNXQGLJ GD‰ GLH 0RUDO
 XQG  HLQHQ .UHX]]XJ JHJHQ +LWOHU QRWZHQGLJ
PDFKWH DEHU QLFKW JHJHQ 6WDOLQ" =X GLHVHP =HLWSXQNW KDWWH
+LWOHU 7DXVHQGH JHW|WHW DEHU 6WDOLQ KDWWH EHUHLWV 0LOOLRQHQ
XPJHEUDFKW 7DWVlFKOLFK YHUKLHOWHQ VLFK GLH 6RZMHWVELV]XP
-XQL  ZHLW P|UGHULVFKHU JHJHQEHU GHQ 3ROHQ LQ LKUHU
%HVDW]XQJV]RQHDOVGLH1DWLRQDOVR]LDOLVWHQLQGHULKUHQ(WZD
  3ROHQ ZXUGHQ LQ GHQ *XODJ GHSRUWLHUW XQG HWZD
GLH +lOIWH YRQ LKQHQ VWDUE LQQHUKDOE GHU HUVWHQ ]ZHL -DKUH
1RUPDQ'DYLHVVFKUHLEW
ª6WDOLQ EHUWUDI +LWOHU LQ VHLQHP :XQVFK GLH 3ROHQ DXI
GHQ6WDWXVHLQHU6NODYHQQDWLRQKHUDE]XZUGLJHQ©
1DWUOLFKJDEHVhEHUOHJXQJHQEH]JOLFKGHV*OHLFKJHZLFKWV
GHU .UlIWH GLH HLQH 8QWHUVFKHLGXQJ GHU ]ZHL 'LNWDWRUHQ EH
ZLUNWHQ $EHU HV PX‰ QRFK HUNOlUW ZHUGHQ ZDUXP HV HLQHQ
GRSSHOWHQ 0D‰VWDE JHEHQ VROO GHP]XIROJH HLQ .RPSURPL‰
PLW GHP HLQHQ 'LNWDWRU PRUDOLVFK HNHOKDIW© JHZHVHQ ZlUH
ZlKUHQG .ROODERUDWLRQ PLW GHP DQGHUHQ PRUDOLVFK QLFKW ]X
EHDQVWDQGHQZDU
Ä(UVWIlQJWPDQGHQ+DVHQ³
$P$QIDQJGHV.ULHJHVHUNOlUWH&KXUFKLOO
ª,FKKDEHQXUHLQ/HEHQV]LHO+LWOHU]XEHVLHJHQXQGGDV
PDFKWGLH6DFKHIUPLFKVHKUHLQIDFK©
ª6LHJ 6LHJ XP MHGHQ 3UHLV© ZRUWZ|UWOLFK JHQRPPHQ ± GDV
ZDUVHLQH3ROLWLNSUDNWLVFKELV]XP(QGH(V]HLJW&KXUFKLOOV
JUXQGVlW]OLFKHQ XQG YHUKHHUHQGHQ )HKOHU LP =ZHLWHQ :HOW
NULHJ GD‰ HU GLH RSHUDWLYH 6WUDWHJLH YRQ GHU SROLWLVFKHQ DE
VRQGHUWH 'HU RSHUDWLYHQ 6WUDWHJLH ZLGPHWH HU PLW GHU 3OD
QXQJ XQG /HLWXQJ PLOLWlULVFKHU )HOG]JH DOO VHLQH =HLW XQG
.UDIW ZDV HU MD VR DX‰HURUGHQWOLFK OLHEWH 'HU SROLWLVFKHQ
6WUDWHJLHQlPOLFKGHP(LQSDVVHQGHUPLOLWlULVFKHQ2SHUDWLR
QHQ LQ GLH JU|‰HUH XQG YLHO EHGHXWHQGHUH SROLWLVFKH =LHOVHW
]XQJ GHU VLH GRFK GLHQHQ VROOWHQ ZLGPHWH HU NHLQHUOHL %H
PKXQJHQ
6WDOLQ YHUVWDQG GDJHJHQ YROONRPPHQ GD‰ GHU JDQ]H =ZHFN
HLQHV .ULHJHV GDULQ EHVWHKW EHVWLPPWH SROLWLVFKH )RUGHUXQ
JHQ GXUFK]XVHW]HQ 'DV LVW GHU 6LQQ GHV EHUKPWHQ $XV
VSUXFKVYRQ&ODXVHZLW]GHU.ULHJVHLGLH)RUWVHW]XQJGHU3R
OLWLN PLW DQGHUHQ 0LWWHOQ %HL (GHQV %HVXFK LQ 0RVNDX LP
'H]HPEHU  ZDU 6WDOLQ REZRKO GLH :HKUPDFKW DQ GHQ
$X‰HQEH]LUNHQ 0RVNDXV VWDQG PLW VHLQHQ )RUGHUXQJHQ
VFKQHOOEHLGHU+DQGEULWLVFKH$QHUNHQQXQJGHUVRZMHWLVFKHQ
+HUUVFKDIWEHUGLH%DOWLVFKHQ6WDDWHQXQGGLH*HELHWHGLHHU
VRHEHQ )LQQODQG 3ROHQ XQG 5XPlQLHQ HQWULVVHQ KDWWH VLH


ZXUGHQLKPOHW]WOLFK]XJHELOOLJW:lKUHQGGHVJDQ]HQ.ULH
JHV YHUORU HU QLH GLHVH XQG DQGHUH ZHVHQWOLFKHQ .ULHJV]LHOH
DXVGHP$XJH&KXUFKLOOGDJHJHQZLGPHWHVHLQHQ.ULHJV]LH
OHQ±ZRULQVLHDXFKLPPHUEHVWDQGHQKDEHQP|JHQ±QLHHL
QHQ*HGDQNHQWURW]KlXILJHU$QPDKQXQJHQGXUFK(GHQ(U
HUNOlUWHVHLQH$UWGLH6DFKHDQ]XJHKHQVHLJHPl‰GHP5H
]HSWIU+DVHQSIHIIHUª(UVWIlQJWPDQVHLQHQ+DVHQ©(UVW
+LWOHU VFKODJHQ GDQQ DQIDQJHQ EHU GLH =XNXQIW (QJODQGV
XQG (XURSDV QDFK]XGHQNHQ &KXUFKLOO ID‰WH HV ZLH EHUHLWV
HUZlKQWVR]XVDPPHQ
ª+LWOHU]XEHVLHJHQ]XUXLQLHUHQXQGDE]XVFKODFKWHQ±DOOH
DQGHUHQ =LHOH /R\DOLWlWHQ XQG =ZHFNH ZDUHQ QDFKUDQ
JLJ©
7XYLD %HQ0RVKH KDW GLH 8UVDFKH GLHVHU JURWHVNHQ *OHLFK
JOWLJNHLWVFKDUIVLQQLJDXIJH]HLJW
ª'UHL‰LJ -DKUH ]XYRU KDWWH &KXUFKLOO ]X $VTXLWK JHVDJW
GD‰GHU(KUJHL]VHLQHV/HEHQVZDUÄJUR‰HVLHJUHLFKH$U
PHHQLQGHU6FKODFKW]XEHIHKOLJHQ³:lKUHQGGHV=ZHLWHQ
:HOWNULHJV ZDU HU HQWVFKORVVHQ GLH JQVWLJH *HOHJHQKHLW
YROO]XQXW]HQGLHLKPGLHSUDNWLVFKXQHLQJHVFKUlQNWHPLOL
WlULVFKH +DQGKDEXQJ GHV JUR‰HQ .RQIOLNWV ERW (U QHLJWH
GD]X GLH %HKDQGOXQJ YRQ $QJHOHJHQKHLWHQ GLH LKQ YRQ
GLHVHP9HUJQJHQDEOHQNHQNRQQWHQ]XLJQRULHUHQRGHU]X
YHUVFKLHEHQ>«@$XIGLHVH:HLVHVFKREHUGLH%HKDQGOXQJ
GHU7KHPHQKLQDXVPLWGHQHQHUVLFKLQVHLQHU(LJHQVFKDIW
DOV 0LQLVWHUSUlVLGHQW KlWWH EHIDVVHQ VROOHQ RGHU OHJWH VLH
JDUYROOVWlQGLJDXI(LV©
&KXUFKLOOV 3ROLWLN GHU 5XQGXP8QWHUVWW]XQJ YRQ 6WDOLQ
EORFNLHUWH DQGHUH P|JOLFKHUZHLVH JQVWLJHUH 9RUJHKHQVZHL
VHQ'HU0LOLWlUH[SHUWH+DQVRQ%DOGZLQVWHOOWH]XP%HLVSLHO
IHVW
ª(V JLEW NHLQHUOHL =ZHLIHO GD‰ HV LP ,QWHUHVVH (QJODQGV
GHU 9HUHLQLJWHQ 6WDDWHQ XQG GHU :HOW JHZHVHQ ZlUH GHQ

&KXUFKLOOLP-DKULQ.DQDGD
ZlKUHQGHLQHU5DGLRVHQGXQJ

EHLGHQJUR‰HQ'LNWDWXUHQ]XHUODXEHQVLFKJHJHQVHLWLJELV
]XU (UVFK|SIXQJ ]X EHNULHJHQ RGHU VLH VRJDU GD]X ]X HU
PXQWHUQ (LQ VROFKHU .DPSIPLWGHUVLFKGDUDXVHUJHEHQ
GHQ 6FKZlFKXQJ VRZRKO GHV .RPPXQLVPXV ZLH GHV 1D
]LVPXV KlWWH GLH 6FKDIIXQJ HLQHV VWDELOHUHQ )ULHGHQV QXU
XQWHUVWW]HQN|QQHQ©
6WDWWGLHVHQ:HJ]XJHKHQRGHU]%GHQ6WXU]+LWOHUVGXUFK
16JHJQHULVFKH'HXWVFKH]XI|UGHUQVWDWWVROFKHhEHUOHJXQ
JHQ DXFK QXU DQ]XVWHOOHQ OLH‰ &KXUFKLOO YRQ $QIDQJ DQ 6R
ZMHWUX‰ODQGVHLQHJDQ]H8QWHUVWW]XQJDQJHGHLKHQ
)UDQNOLQ 5RRVHYHOWV 1DLYLWlW JHJHQEHU -RVHSK 6WDOLQ LVW
ZRKOEHNDQQW(UEHWUDFKWHWH6WDOLQDOVÄSURJUHVVLYHQ³*HQRV
VHQ XQG XQVFKlW]EDUHQ 0LWDUEHLWHU EHL GHU 6FKDIIXQJ GHU
NQIWLJHQ 1HXHQ :HOWRUGQXQJ $EHU GLH 1HRNRQVHUYDWLYHQ
XQGDQGHUHGLH5RRVHYHOWVGLHVEH]JOLFKHP:DKQVLQQ&KXU
FKLOOV $OWH:HOW6FKODXKHLW XQG *HULVVHQKHLW HQWJHJHQVWHOOHQ
ZROOHQVLQGHEHQVRVFKZHULP,UUWXP
5RRVHYHOWV hEHONHLW HUUHJHQGH 6FKPHLFKHOHLHQ JHJHQEHU
6WDOLQ ZHUGHQ YRQ GHQHQ &KXUFKLOOV OHLFKW DXIJHZRJHQ *H
QDXZLH5RRVHYHOWEHUKlXIWH&KXUFKLOOGHQNRPPXQLVWLVFKHQ
0|UGHUPLWZLGHUOLFKHP/REXQGZDUXP6WDOLQVSHUV|QOLFKH
)UHXQGVFKDIW EHVRUJW $X‰HUGHP JDE HV NHLQHQ 8QWHUVFKLHG
]ZLVFKHQVHLQHQSULYDWHQXQGVHLQHQ|IIHQWOLFKHQ/REKXGHOHL
HQ6WDOLQVXQGGHVVHQ9HUVLRQGHV.RPPXQLVPXVGLHVRDQ
GHUVDOVGLHDEVWR‰HQGHÄWURW]NLVWLVFKH³$XVJDEHVHL
1RFK LP -DQXDU  VSUDFK HU (GHQ JHJHQEHU YRQ GHQ
ªWLHIJUHLIHQGHQ bQGHUXQJHQ GLH LP :HVHQ GHV UXVVLVFKHQ
6WDDWHV XQG VHLQHU 5HJLHUXQJ YRU VLFK JHJDQJHQ VLQG GHP
QHXHQ9HUWUDXHQ]X6WDOLQGDVLQXQVHUHQ+HU]HQJHZDFKVHQ
LVW©,QHLQHP%ULHIDQVHLQH)UDX&OHPHQWLQHVFKULHE&KXU
FKLOOQDFKGHU.RQIHUHQ]YRQ0RVNDXLP2NWREHU
ª,FK KDWWH HLQLJH VHKU QHWWH *HVSUlFKH PLW GHP DOWHQ %l
UHQ,FKPDJLKQMHGHVPDOPHKU-HW]WUHVSHNWLHUHQVLHXQV
XQGLFKELQVLFKHUGD‰VLHPLWXQV]XVDPPHQDUEHLWHQZRO
OHQ©
9HUIDVVHUZLH,VDLDK%HUOLQGLHGHQ(LQGUXFNYHUPLWWHOQZRO
OHQGD‰&KXUFKLOODOOH'LNWDWRUHQHLQVFKOLH‰OLFK6WDOLQKD‰WH
XQGYHUDFKWHWHVLQGHQWZHGHUXQZLVVHQGRGHUXQHKUOLFK
&KXUFKLOOV%HIUZRUWHUEHKDXSWHQRIWGD‰GHUUHLIHXQGOLVWL
JH EULWLVFKH 6WDDWVPDQQ LP *HJHQVDW] ]X GHQ $PHULNDQHUQ
GLH *HIDKU GXUFK GLH 6RZMHWXQLRQ YRUDXVVDK XQG YHUELVVHQ
GDUDQ JHDUEHLWHW KDEH VLH DE]XZHQGHQ &KXUFKLOOV EHUKPWH
Ä0LWWHOPHHU6WUDWHJLH³ (XURSD DQ VHLQHP ÄZHLFKHQ 8QWHU
OHLE³DQ]XJUHLIHQVWDWWVLFKDXIHLQH,QYDVLRQ1RUGIUDQNUHLFKV
]XNRQ]HQWULHUHQVROODQJHEOLFKGHU%HZHLVGDIUVHLQ$EHU
GLHVH5HFKWIHUWLJXQJKDW&KXUFKLOOLP1DFKKLQHLQ]XVDPPHQ
JHEUDXW QDFKGHP GHU .DOWH .ULHJ EHJRQQHQ KDWWH (V JLEW
NDXP ZHQQ EHUKDXSW ]HLWJHQ|VVLVFKH %HZHLVH GDIU GD‰
GHU:XQVFKGLH5XVVHQQDFK:LHQXQG%XGDSHVW]XUFN]X
VFKODJHQ LUJHQGHLQH 5ROOH EHL &KXUFKLOOV %HIUZRUWXQJ GHU
ÄZHLFKHQ8QWHUOHLE6WUDWHJLH³VSLHOWH&KXUFKLOOIKUWHGDPDOV
DXVVFKOLH‰OLFK PLOLWlULVFKH *UQGH DQ %HQ0RVKH VWHOOW
IHVW
ª'LHRIIL]LHOOHQEULWLVFKHQ+LVWRULNHUKDEHQYHUVLFKHUWGD‰
&KXUFKLOOQLFKWYRUGHU]ZHLWHQ+lOIWHXQGGHUhEHU
TXHUXQJGHV.DQDOVPLWhEHUOHJXQJHQEHJDQQGHQ5XVVHQ
LQ 6GRVWHXURSD PLW PLOLWlULVFKHQ 0LWWHOQ ]XYRU]XNRP
PHQ©
=XGHP=HLWSXQNWZlUHHLQHVROFKH%HZHJXQJDEHUDXVPHK
UHUHQ *UQGHQ XQP|JOLFK JHZHVHQ 'LHV ZDU OHGLJOLFK HLQH
ZHLWHUHYRQ&KXUFKLOOVEL]DUUHQPLOLWlULVFKHQ,GHHQZLHHWZD
DXFK GDV (LQGULQJHQ LQ GLH )HVWXQJ (XURSD EHU 1RUZHJHQ
9II*ÂÂ-DKUJDQJÂ+HIW

RGHU GLH ,QYDVLRQ 1RUGIUDQNUHLFKV ELV  KLQDXV]XVFKLH ª]ZHLIHOORVGLH(UULFKWXQJHLQHVNRPPXQLVWLVFKHQ5HJLPHV
EHQ =X GLHVHU =HLW KlWWHQ GLH 5XVVHQ GHQ 5KHLQ EHUHLWV HULQ-XJRVODZLHQVHLQZUGHLQHQJHP$QVFKOX‰DQ0RVNDX
UHLFKWJHKDEW :LH VFKlW]WH GLH 5HJLHUXQJ 6HLQHU 0DMHVWlW HLQH VROFKH
$X‰HUGHP EHUXKWH GLH DPHULNDQLVFKH 2SSRVLWLRQ ]X &KXU 0|JOLFKNHLWHLQ">«@&KXUFKLOOV$QWZRUWOLH‰EHLPLUNHL
FKLOOV6GVWUDWHJLHQLFKWDXI%OLQGKHLWJHJHQEHUGHUNRPPX QHQ =ZHLIHO EHU GLH /|VXQJ GHV 3UREOHPV (U VDJWH VR
QLVWLVFKHQ *HIDKU *HQHUDO $OEHUW & :HGHPH\HU HLQHU GHU ODQJH GLH JDQ]H ZHVWOLFKH =LYLOLVDWLRQ GXUFK GLH 1D]L
VFKlUIVWHQ $QWLNRPPXQLVWHQ LP DPHULNDQLVFKHQ 0LOLWlU *HIDKUEHGURKWVHLN|QQWHQZLUHVXQVQLFKWOHLVWHQXQVHUH
VFKULHE $XIPHUNVDPNHLW YRQ GHU DQVWHKHQGHQ 7KHPDWLN GXUFK (U
ª:HQQ ZLU GXUFK GLH /MXEOMDQDgIIQXQJ LQ GHQ %DONDQ ZlJXQJHQEHUODQJIULVWLJH3ROLWLNDEOHQNHQ]XODVVHQ>«@
HLQJHGUXQJHQ ZlUHQ KlWWHQ ZLU WKHRUHWLVFK GLH 5XVVHQ 3ROLWLNNRPPWHUVWLQ]ZHLWHU/LQLHLQ%HWUDFKW©
QDFK :LHQ XQG %XGDSHVW WUHLEHQ N|QQHQ $EHU GRUW ZlUH 0DQ NDQQ VLFK NDXP HLQH OHLFKWIHUWLJHUH (LQVWHOOXQJ ]XP
GLH /RJLVWLN JHJHQ XQV JHZHVHQ HV ZlUH GRUW QDKH]X XQ
.ULHJIKUHQGHQNHQDOV3ROLWLNªLQ]ZHLWHU/LQLHLQ%HWUDFKW©
P|JOLFK JHZHVHQ PHKU DOV ]ZHL 'LYLVLRQHQ GXUFK GLH ]X ]LHKHQ :DV GLH ÄPHQVFKOLFKHQ .RVWHQ³ YRQ &KXUFKLOOV
DGULDWLVFKHQ+lIHQ]XYHUVRUJHQ>«@'DV9RUKDEHQGHQ 3ROLWLNDQJHKWDOVHLQ%HUDWHUDXVIKUWHGD‰7LWR-XJRVODZL
%DONDQ YRU GHP .RPPXQLVPXV ]X UHWWHQ KlWWH QLHPDOV HQ LQ HLQH NRPPXQLVWLVFKH 'LNWDWXU QDFK 6RZMHWPRGHOO XP
GXUFK HLQH Ä:HLFKH8QWHUOHLE,QYDVLRQ³ EHZHUNVWHOOLJW ZDQGHOQZROOHHUZLGHUWH&KXUFKLOO
ZHUGHQ N|QQHQ GHQQ &KXUFKLOO VHOEVW KDWWH IU 7LWR GHQ ª+DEHQ6LHYRUGRUW]XOHEHQ"©
:HJ]XP(UIROJEHUHLWVJHEDKQW>«GHU@VLFKPLWEULWLVFKHU &KXUFKLOOVZRKOZROOHQGH+DOWXQJJHJHQEHU6WDOLQXQG5X‰
+LOIHLQ-XJRVODZLHQHLQJHULFKWHWKDWWHODQJHEHYRU,WDOLHQ ODQG VWHKW LQ VFKDUIHP .RQWUDVW ]X VHLQHU +DOWXQJ 'HXWVFK
VHOEVWHUREHUWZXUGH© ODQG JHJHQEHU %HL +LWOHU HQWGHFNWH &KXUFKLOO GHQ DOWHQ
:HGHPH\HUV %HPHUNXQJ EHU -XJRVODZLHQ WUHIIHQ LQV *HLVW GHV 3UHX‰HQWXPV GDV DQJHEOLFK QLFKW QXU ]ZHL :HOW
6FKZDU]H &KXUFKLOO ZLHV GLHVEH]JOLFKGHQ5DWVHLQHVHLJH NULHJH YHUXUVDFKW KDWWH VRQGHUQ DXFK GHQ GHXWVFK
QHQ $X‰HQPLQLVWHULXPV ]XUFN XQG YHUOLH‰VLFKVWDWWGHVVHQ IUDQ]|VLVFKHQ .ULHJ -HW]W EHNlPSIWH HU ªGLH 1D]L7\UDQQHL
XQGGHQSUHX‰LVFKHQ0LOLWDULVPXV©GLHª]ZHL+DXSWHOHPHQWH
DXI ,QIRUPDWLRQHQ GLH LKP YRU DOOHP GHU &KHI GHV .DLURHU
%URVGHV62(GHU$EWHLOXQJIU6SH]LDORSHUDWLRQHQOLHIHU LP GHXWVFKHQ /HEHQ GLH DEVROXW YHUQLFKWHW ZHUGHQ PV
WH GLH YRQ HLQHP NRPPXQLVWLVFKHQ $JHQWHQ QDPHQV -DPHV VHQ© ,P 2NWREHU  ZDU &KXUFKLOO LPPHU QRFK GDEHL
.OXJPDQ JHOHLWHW ZXUGH &KXUFKLOO ]RJ GLH EULWLVFKH 8QWHU 6WDOLQ]XHUNOlUHQ
VWW]XQJ IU GLH *XHULOOD$UPHH GHU/R\DOLVWHQGHV*HQHUDOV ª'DV3UREOHPZDUZLHPDQ'HXWVFKODQGELV]X/HE]HLWHQ
0LKDLORYLF]XUFNXQGOLH‰VLHVWDWWGHVVHQGHPNRPPXQLVWL XQVHUHU (QNHO GDUDQ KLQGHUQ N|QQWH ZLHGHU DXI GLH )‰H
VFKHQ 3DUWLVDQHQIKUHU 7LWR ]XNRPPHQ :DV HLQ 6LHJ IU ]XNRPPHQ©
7LWREHGHXWHQZUGHZDUIU&KXUFKLOONHLQ*HKHLPQLV$OV 'RQDOG&:DWWNRPPHQWLHUWHGLHVZLHIROJW
)LW]UR\ 0DFOHDQ YRQ &KXUFKLOO EHIUDJW ZXUGH EHYRU HU DOV ª&KXUFKLOO ZRKQWH HLQH *HLVWHVYHUZLUUXQJ LQQH EH]JOLFK
9HUELQGXQJVPDQQ]X7LWRJHVFKLFNWZXUGHEHPHUNWH0DFOH GHUSUHX‰LVFKHQ$ULVWRNUDWLHGHV1D]LVPXVXQGGHU4XHOOH
DQ GD‰ XQWHU NRPPXQLVWLVFKHU )KUXQJ OHW]WHQGOLFK GDV GHV GHXWVFKHQ 0LOLWlUH[SDQVLRQLVPXV >« 6HLQH $QVLFKW@
=LHOGHU3DUWLVDQHQ ZDU GHU YRQ 6LU 5REHUW 9DQVLWWDUW XQG 6LU :DUUHQ )LVKHU
EHPHUNHQVZHUWlKQOLFKGDVKHL‰WVLH
VHW]WH VLFK DXV HLQHU JHUDGH]X UDVVL
VWLVFKHU $QWLSDWKLH XQG hEHUOHJXQ
JHQ LQ EH]XJ DXI GDV *OHLFKJHZLFKW
GHU.UlIWH]XVDPPHQ©
&KXUFKLOOV =LHO ZDU QLFKW HLQIDFK GLH
:HOW]LYLOLVDWLRQ YRU GHQ 1DWLRQDOVR]LD
OLVWHQ ]X UHWWHQ VRQGHUQ PLW VHLQHQ
:RUWHQ ªDXI XQEHJUHQ]WH =HLW KLQ ]X
YHUKLQGHUQ GD‰ VLH >GLH 'HXWVFKHQ@
ZLHGHU DOV HLQH EHZDIIQHWH 0DFKW DXI
VWHLJHQ©
'D ZXQGHUW HV ZHQLJ GD‰ &KXUFKLOO
VLFK ZHLJHUWH GHQ $SSHOOHQ GHU JHJHQ
+LWOHUHLQJHVWHOOWHQGHXWVFKHQ2SSRVLWL
RQ DXFK QXU *HK|U ]X VFKHQNHQ GLH
ZLHGHUKROWYHUVXFKWHPLWGHUEULWLVFKHQ
5HJLHUXQJ LQ 9HUELQGXQJ ]X NRPPHQ
$QVWDWW DOOH $QVWUHQJXQJHQ ]X XQWHU
QHKPHQXP]XHLQHP3XWVFKJHJHQGLH
1DWLRQDOVR]LDOLVWHQ ]X HUPXQWHUQ XQG
LKQ ]X XQWHUVWW]HQ DQWZRUWHWH &KXU
FKLOODXIGLHYRPGHXWVFKHQ:LGHUVWDQG
DXVJHVWUHFNWHQ )KOHU PLW HLVLJHP
$XJXVW:lKUHQGDXIVHLQHQ%HIHKOKLQLQ(XURSD+XQGHUWWDXVHQGHXQVFKXO 6FKZHLJHQ :LHGHUKROWH :DUQXQJHQ
GLJH=LYLOLVWHQVHLQHP%RPEHQ+RORFDXVW]XP2SIHUIDOOHQOl‰WHVVLFK:LQVWRQ YRQ $GDP YRQ 7URWW XQG DQGHUHQ :L
&KXUFKLOOLQ.DQDGDJXWJHKHQ« GHUVWDQGVIKUHUQ YRU GHU GURKHQGHQ

9II*ÂÂ-DKUJDQJÂ+HIW 

Ä%ROVFKHZLVLHUXQJ³(XURSDVPDFKWHQDXI&KXUFKLOONHLQHUOHL
(LQGUXFN
(LQ+LVWRULNHUVFKULHENU]OLFK
ª'XUFKVHLQH8QQDFKJLHELJNHLWXQGVHLQH:HLJHUXQJ*H
VSUlFKH PLW RSSRVLWLRQHOOHQ 'HXWVFKHQ ]X IKUHQ VFKOXJ
&KXUFKLOO GLH *HOHJHQKHLW DXV GHQ .ULHJ LP -XOL  ]X
EHHQGHQ©
=X GHU 'XPPKHLW NRPPW QRFK 1LHGHUWUlFKWLJNHLW &KXUFKLOO
XQG VHLQ +DXIHQ KDWWHQ QXU YHUlFKWOLFKH :RUWH IU GLH SXW
VFKHQGHQ GHXWVFKHQ 2IIL]LHUH EULJ VHOEVW DOV VLH GXUFK GLH
*HVWDSRKLQJHULFKWHWZXUGHQ
&KXUFKLOO ERW GHQ 'HXWVFKHQ GLH QDFK HLQHP :HJ VXFKWHQ
GHQ.ULHJ]XEHHQGHQEHYRUGLH5RWH$UPHHQDFK0LWWHOHX
URSD VWU|PWH VWDWW +LOIH QXU GDV 6FKODJZRUW YRQ GHU EHGLQ
)ULHGHQVNRQIHUHQ] DE]XKDQGHOQ ZlUHQ GHXWOLFK DQ|GHWHQ
>«@ 'HU 0LQLVWHUSUlVLGHQW YHUVFKZHQGHWH VHLQH DEQHK
PHQGHQ .UlIWH IU 'LQJH IU GLH HLJHQWOLFK 6ROGDWHQ ]X
VWlQGLJ VLQG 0HLQ 7DJHEXFK YRP +HUEVW  EHULFKWHW
ZLHLFKPLW6LU6WDIIRUG&ULSSVVSUDFKXQGKHUDXVIDQGGD‰
HUPHLQH6RUJHQWHLOWH(UZROOWHGD‰VLFKGHU0LQLVWHUSUl
VLGHQWDXIGLHJUR‰DQJHOHJWH6WUDWHJLHGHV.ULHJHVXQGGLH
KRKH3ROLWLNNRQ]HQWULHUH>«@1LHPDQGNRQQWH>&KXUFKLOO@
]XU(LQVLFKWLQVHLQH)HKOHUEULQJHQ©
6RUJVDPYHUVFKOHLHUWH.ULHJVYHUEUHFKHQ
(LQLJH.ULHJVHUHLJQLVVHYHUGLHQHQ(UZlKQXQJGLH&KXUFKLOOV
&KDUDNWHU RIIHQEDUHQ (LQ YHUKlOWQLVPl‰LJ XQEHGHXWHQGHU
=ZLVFKHQIDOO ZDU GHU HQJOLVFKH $QJULII DXI GLH IUDQ]|VLVFKH
JXQJVORVHQ .DSLWXODWLRQ +LQWHUKHU ORJ &KXUFKLOO LP 8QWHU
KDXV EHU VHLQH 5ROOH LQ &DVDEODQFD EH]JOLFK 5RRVHYHOWV
$QNQGLJXQJEHUGLH3ROLWLNGHUEHGLQJXQJVORVHQ.DSLWXOD
WLRQXQGZXUGHJH]ZXQJHQVHLQH(UNOlUXQJ]XZLGHUUXIHQ
(LVHQKRZHU ZDU HLQHU YRQ GHQHQ GLH KHIWLJ XQG EHKDUUOLFK
JHJHQGLH)RUPHOGHUEHGLQJXQJVORVHQ.DSLWXODWLRQHLQWUDWHQ
ZHLO VLH GLH .ULHJVDQVWUHQJXQJHQ EHHLQWUlFKWLJWH GD VLH GLH
.DPSIPRUDO GHU:HKUPDFKWDQKRE7DWVlFKOLFKZXUGHGDV
6FKODJZRUWYRQ*RHEEHOVDXIJHJULIIHQXQGWUXJGD]XEHLGD‰
GLH'HXWVFKHQELV]XPELWWHUHQ(QGHDXVKLHOWHQ
'LH VFKlGOLFKH :LUNXQJ GLHVHU 3ROLWLN ZXUGH LQ XQHUPH‰OL
FKHP*UDGHYRP0RUJHQWKDX3ODQHUK|KWGHUGHQ'HXWVFKHQ
HLQHUVFKUHFNHQGHV%LOGGDYRQJDEZDVªEHGLQJXQJVORVH.D
SLWXODWLRQ©EHGHXWHQZUGH'LHVHU3ODQGHUYRQ5RRVHYHOW
XQG &KXUFKLOO LQ 4XHEHF XQWHU]HLFKQHW ZXUGH IRUGHUWH GD‰
'HXWVFKODQGLQHLQ$FNHUXQG:HLGHODQGXPJHZDQGHOWZHU
GHQ VROOWH VRJDU GLH .RKOHQJUXEHQ GHV 5XKUJHELHWHV VROOWHQ
]HUVW|UWZHUGHQ'LH7DWVDFKHGD‰GLHVGHQ7RGYRQ]LJ0LO
OLRQHQ 'HXWVFKHQ EHGHXWHW KlWWHJLEWHLQHSHUIHNWH$QDORJLH
]X +LWOHUV DQJHEOLFKHQ 3OlQHQ ZLH PLW 5X‰ODQG XQG GHU
8NUDLQHYHUIDKUHQZHUGHQVROOWH
&KXUFKLOO ZDU XUVSUQJOLFK JHJHQ GHQ 3ODQ (U ZXUGH DEHU
YRQ 3URIHVVRU /LQGHPDQQ HLQHP HEHQVR ZDKQVLQQLJHQ
'HXWVFKHQKDVVHU ZLH 0RUJHQWKDX VHOEVW GDIU JHZRQQHQ
/LQGHPDQQ HUNOlUWH JHJHQEHU /RUG 0RUDQ &KXUFKLOOV /HL
EDU]W
ª,FK HUNOlUWH :LQVWRQ GD‰ GHU 3ODQ (QJODQG YRU GHP
)ORWWH EHL 0HUVHO.HELU 2UDQ YRU GHU .VWH $OJHULHQV
1DFKGHP)DOO)UDQNUHLFKVIRUGHUWH&KXUFKLOOGD‰GLH)UDQ
]RVHQLKUH)ORWWHDQ(QJODQGDXVOLHIHUWHQ'LH)UDQ]RVHQZLH
VHQGLHV]XUFNXQGVLFKHUWHQ]XHKHULKUH6FKLIIH]XYHUVHQ
NHQDOV]X]XODVVHQGD‰VLHLQGHXWVFKH+lQGHILHOHQ*HJHQ
GHQ 5DW VHLQHU 0DULQHRIIL]LHUH EHIDKO &KXUFKLOO GHQ HQJOL
VFKHQ6FKLIIHQYRUGHUDOJHULVFKHQ.VWHGDV)HXHU]XHU|II
QHQ (WZD  IUDQ]|VLVFKH 6HHOHXWH ZXUGHQ JHW|WHW 'DV
ZDURIIHQVLFKWOLFKQDFKMHGHUPDQQV'HILQLWLRQHLQ.ULHJVYHU
EUHFKHQ HLQ QLFKW KHUDXVJHIRUGHUWHU $QJULII DXI GLH .UlIWH
HLQHV 9HUEQGHWHQ RKQH HLQH .ULHJVHUNOlUXQJ ,Q 1UQEHUJ
ZXUGHQ GHXWVFKH 2IIL]LHUH IU ZHQLJHU ]X +DIWVWUDIHQ YHUXU
WHLOW'D&KXUFKLOOGLHVNODUZDUORJHULQVHLQHP*HVFKLFKWV
ZHUN EHU 0HUVHO.HELU XQG XQWHUVFKOXJ GLHVEH]JOLFKHV
%HZHLVPDWHULDO LQ GHU RIIL]LHOOHQ EULWLVFKHQ .ULHJVJHVFKLFK
WH 0LW GHP $QJULII DXI GLH IUDQ]|VLVFKH )ORWWH EHVWlWLJWH
&KXUFKLOOLQ]ZHL:HOWNULHJHQVHLQH5ROOHDOVGHU+DXSWEHO
WlWHUJHJHQGLH6SLHOUHJHOQGHU.ULHJIKUXQJGLHVLFKLP:H
VWHQEHU-DKUKXQGHUWHKHUDXVJHELOGHWKDWWHQ
$EHU GDV JUR‰H .ULHJVYHUEUHFKHQ GDV IU LPPHU PLW &KXU
FKLOOV 1DPHQ YHUEXQGHQ VHLQ ZLUG LVW GLH 7HUURU%RPEDU
GLHUXQJ GHU 6WlGWH 'HXWVFKODQGV GLH DOOHV LQ DOOHP 
=LYLOLVWHQ GDV /HEHQ NRVWHWH XQG  VFKZHU YHUZXQGH
WH0DQYHUJOHLFKHGDVPLWGHQJUREJHVFKlW]W%UL
WHQGLHEHLGHXWVFKHQ/XIWDQJULIIHQGDV/HEHQYHUORUHQ(VLVW
HLQH7DWVDFKHGD‰EHLQDKHVRYLHOH)UDQ]RVHQGXUFKDOOLLHUWH
/XIWDQJULIIH JHW|WHW ZXUGHQ ZLH (QJOlQGHU YRQ GHQ 'HXW
%DQNURWW UHWWHQ ZUGH ZHLO HLQ JHIlKUOLFKHU .RQNXUUHQW VFKHQ JHW|WHW ZXUGHQ 'HU 3ODQ ZDU KDXSWVlFKOLFK GXUFK
EHVHLWLJW ZUGH« :LQVWRQ KDWWH GLH 6DFKH QRFK QLFKW DXV 3URIHVVRU /LQGHPDQQ &KXUFKLOOV )UHXQG XQG 5DWJHEHU HQW
GLHVHU 3HUVSHNWLYH EHWUDFKWHW XQG HU K|UWH DXI YRQ HLQHU ZLFNHOW XQG YRP %HIHKOVKDEHU GHV %RPEHUNRPPDQGRV $U
JUDXVDPHQ%HGURKXQJGHVGHXWVFKHQ9RONHV]XVSUHFKHQ©
0RUJHQWKDX]XIROJHZXUGHGHU(QWZXUIGHV3ODQHVDOOHLQYRQ
&KXUFKLOOIRUPXOLHUW$OV5RRVHYHOWQDFK:DVKLQJWRQ]XUFN
NDP GUFNWHQ +XOO XQG 6WLPVRQ LKU (QWVHW]HQ DXV XQG EH
OHKUWHQGHQ3UlVLGHQWHQVFKQHOOHLQHV%HVVHUHQ&KXUFKLOOGD
JHJHQZDURKQH5HXH$OVHULQVHLQHU*HVFKLFKWHGHV.ULHJHV
]XP0RUJHQWKDX3ODQNDPYHUGUHKWHHUGHVVHQ9RUJHVFKLFK
WHXQGORJLQGHPHUVHLQH5ROOHXQGVHLQH8QWHUVWW]XQJGD
IUYHUVFKZLHJ
WKXU +DUULV Ä%RPEHU +DUULV³ GXUFKJHIKUW ZRUGHQ +DUULV
HUNOlUWH
ª:LU KDEHQ EHLP %RPEHU.RPPDQGR LPPHU QDFK GHP
*UXQGVDW] YHUIDKUHQ GD‰ HV EHVVHU LVW LUJHQG HWZDV LQ
'HXWVFKODQG]XERPEDUGLHUHQDOVJDUQLFKWV©
+DUULV XQG DQGHUH EULWLVFKHQ /XIWZDIIHQ)KUHU EUVWHWHQ
VLFK GD‰ (QJODQG EDKQEUHFKHQG EHL GHU PDVVLYHQ $QZHQ
GXQJ YRQ )OlFKHQERPEDUGLHUXQJHQ ZDU -0 6SDLJKW HKH
PDOLJHU +DXSW8QWHUVWDDWVVHNUHWlU GHV /XIWZDIIHQPLQLVWH
$EJHVHKHQ YRQ GHU 7KHPDWLN GLHVHV 3ODQHV ZXQGHUWH VLFK
/RUG0RUDQZLH&KXUFKLOODXIGHU.RQIHUHQ]YRQ4XHEHFHU
VFKHLQHQ NRQQWH ªRKQH VLFK *HGDQNHQ EHU GLH =XNXQIW
'HXWVFKODQGVJHPDFKW]XKDEHQREZRKOGHVVHQ.DSLWXODWLRQ
DE]XVHKHQZDU©'LH$QWZRUWZDUGD‰ªHUVRPLWGHU.ULHJ
IKUXQJEHDQVSUXFKWZDUGD‰LKPZHQLJ=HLWEOLHEGLH=X
NXQIW]XSODQHQ©
ª0LOLWlULVFKH(LQ]HOKHLWHQKDWWHQLKQODQJHIDV]LQLHUWZlK
UHQG LKQ VROFKH 3UREOHPH GLH ZDKUVFKHLQOLFK DXI HLQHU

ULXPVEHPHUNWHGD‰GLH'HXWVFKHQXQGGLH)UDQ]RVHQGLH
/XIWZDIIHKDXSWVlFKOLFKDOV(UZHLWHUXQJGHU$UWLOOHULH]ZHFNV
8QWHUVWW]XQJGHU.DPSIWUXSSHQDQVDKHQZlKUHQGGLH%ULWHQ
HUNDQQWHQGD‰VLHGDPLWGLH+HLPDWEDVHGHV)HLQGHV]HUVW|
UHQ NRQQWHQ 'HPHQWVSUHFKHQG EDXWHQ VLH LKUH %RPEHU XQG
UVWHWHQVLHLKUH%RPEHU*HVFKZDGHUDXV
&KXUFKLOO ORJ VFKDPORV YRU GHP 8QWHUKDXV XQG GHU gIIHQW
OLFKNHLWDOVHUEHKDXSWHWHGD‰QXU0LOLWlUXQG,QGXVWULHDQOD
JHQERPEDUGLHUWZUGHQ,Q:LUNOLFKNHLWZDUGDV=LHOVRYLH
9II*ÂÂ-DKUJDQJÂ+HIW

OH =LYLOLVWHQ ZLH QXU P|JOLFK ]X W|WHQ ± GDKHU Ä)OlFKHQ³
%RPEDUGLHUXQJ XQG %RPEHQÄ7HSSLFKH³ ± XP DXI GLHVH
:HLVHGLH0RUDOGHU'HXWVFKHQ]XEUHFKHQXQGVLH]XU.DSL
WXODWLRQ]XWHUURULVLHUHQ
+DUULVVWDQGZHQLJVWHQV]XVHLQHQhEHU]HXJXQJHQ(UGUlQJWH
GLH5HJLHUXQJ|IIHQWOLFK]XYHUNQGHQ
ª$OV =LHO GHU YHUHLQWHQ %RPEHURIIHQVLYH VROOWHXQ]ZHLGHX
WLJDQJHJHEHQZHUGHQGLH=HUVW|UXQJGHUGHXWVFKHQ6WlG
WH GDV 7|WHQ GHU GHXWVFKHQ $UEHLWHU XQG GLH =HUVW|UXQJ
GHV]LYLOLVLHUWHQ/HEHQVLQJDQ]'HXWVFKODQG©
'HU0RUGIHOG]XJDXVGHU/XIWPDFKWH'HXWVFKODQGGHP(UG
ERGHQ JOHLFK (LQH WDXVHQG -DKUH DOWH 6WDGWNXOWXU ZXUGH ]X
QLFKWHJHPDFKWDOVJUR‰H6WlGWHGLHLQGHQ$QQDOHQGHU:LV
VHQVFKDIW XQG .XQVW EHUKPWH ZDUHQ ]X UDXFKHQGHQ 7UP
PHUKDXIHQ UHGX]LHUW ZXUGHQ (V JDE +|KHSXQNWH GLH %RP
EDUGLHUXQJ /EHFNV DOV GLH DOWH +DQVHVWDGW ªZLH =XQGHU
EUDQQWH© GHU /XIWDQJULII DXI .|OQ PLW  %RPEHUQ XQG
GLH IROJHQGHQ /XIWDQJULIIH GLH DXI LUJHQGHLQH ZXQGHUEDUH
:HLVH GHQ JUR‰HQ 'RP LP ZHVHQWOLFKHQ YHUVFKRQWHQ DEHU
GHQ5HVWGHU6WDGW]HUVW|UWHQHLQVFKOLH‰OLFKGUHL]HKQURPDQL
VFKHU .LUFKHQ GHU )HXHUVWXUP GHU +DPEXUJ YHU]HKUWH XQG
HWZD0HQVFKHQW|WHWH.HLQ:XQGHUGD‰VLFKHLQ]L
YLOLVLHUWHU(XURSlHUZLH-RVHSK6FKXPSHWHULQ+DUYDUGDOVHU
GDYRQHUIXKUYHUDQOD‰WVDKªHLQHPMHGHQGHUHVK|UHQZLOO©
]X VDJHQ GD‰ &KXUFKLOO XQG 5RRVHYHOW PHKU ]HUVW|UWHQ DOV
'VFKLQJLV.KDQ
6LQQORVH9HUQLFKWXQJVZXW'DVEUHQQHQGH.|QLJHVEHUJ
QDFKGHPhEHUIDOOGXUFK&KXUFKLOOVIOLHJHQGH0DVVHQP|U
GHUEDQGHNXU]YRUGHP(LQWUHIIHQYRQ&KUXFKLOOV)UHXQGHQ
GHQPRUGHQGHQXQGEUDQGVFKDW]HQGHQ6RZMHWV
9II*ÂÂ-DKUJDQJÂ+HIW
'LHVFKOLPPVWH7DWZDUGLH9HUQLFKWXQJYRQ'UHVGHQLP)H
EUXDU/DXWGHURIIL]LHOOHQ*HVFKLFKWHGHU5$)
ª'LH9HUQLFKWXQJ'HXWVFKODQGVKDWWHELVGDKLQHLQHQ8P
IDQJ DQJHQRPPHQ GHU $WWLOD RGHU 'VFKLQJLV .KDQ HU
VFKUHFNWKlWWH©
'UHVGHQ GLH +DXSWVWDGW GHV DOWHQ .|QLJUHLFKV 6DFKVHQ ZDU
HLQXQYHU]LFKWEDUHU+DOWDXIHLQHU%HVLFKWLJXQJVUHLVHHLQ-X
ZHO GHV %DURFN LQ (XURSD 'HU .ULHJ ZDU SUDNWLVFK YRUEHL
GLH6WDGWPLW0DVVHQKLOIORVHU)OFKWOLQJHJHIOOWGLHYRUGHP
9RUPDUVFK GHU 5RWHQ $UPHH IOFKWHWHQ 'HQQRFK ZXUGH
'UHVGHQGUHL7DJHXQGGUHL1lFKWHODQJYRPELV]XP
)HEUXDU PLW %RPEHQ ]HUWUPPHUW0LQGHVWHQV0HQ
VFKHQZXUGHQJHW|WHWYLHOOHLFKWDXFKRGHUPHKU'HU
=ZLQJHUGLH)UDXHQNLUFKHGLH%UKOHU7HUUDVVHGLHGLH(OEH
EHUVDK ZR LQ 7XUJHQMHZV 9lWHU XQG 6|KQH 2QNHO 3DZHO
VHLQHOHW]WHQ-DKUHYHUEUDFKWHGLH6HPSHU2SHUZR5LFKDUG
6WUDXVVGLH3UHPLHUHGHV5RVHQNDYDOLHUVGLULJLHUWHXQGSUDN
WLVFK DOOHV DQGHUH ZXUGH HLQJHlVFKHUW &KXUFKLOO KDWWH GD]X
DXIJHKHW]W$EHUHUZDUYRQGHU(QWUVWXQJGLHGDUDXIIROJWH
HUVFKWWHUW:lKUHQGLQ*HRUJHWRZQXQG+ROO\ZRRGQXUZH
QLJH MHPDOV YRQ 'UHVGHQ JHK|UW KDEHQ EHGHXWHWH GLH 6WDGW
HWZDV LQ 6WRFNKROP =ULFK XQGGHP9DWLNDQVRJDULQ/RQ
GRQ:DVWDWXQVHU+HOG"(UVFKLFNWHHLQ0HPRUDQGXPDQGLH
6WDEVFKHIV
ª(VVFKHLQWPLUGD‰GHU$XJHQEOLFNJHNRPPHQLVWXPGLH
)UDJH ]X EHUGHQNHQ GD‰ GHXWVFKH 6WlGWH ERPEDUGLHUW
ZHUGHQQXUXPGHQ6FKUHFNHQ]XHUK|KHQZHQQDXFKPLW
DQGHUHQ 9RUZlQGHQ 6RQVW HUODQJHQ ZLU GLH +HUUVFKDIW
EHUHLQY|OOLJ]HUVW|UWHV/DQG>«@'LH=HUVW|UXQJ'UHV
GHQVKLQWHUOl‰WHUQVWH=ZHLIHOEHUGLH)KUXQJGHUDOOLLHU
WHQ%RPEDUGLHUXQJHQ>«@,FKKDOWHHVIUQRWZHQGLJVLFK
SUl]LVHU DXI PLOLWlULVFKH =LHOH ]X NRQ]HQWULHUHQ >«@ DOV
DXI UHLQH 7HUURUDNWH XQG PXWZLOOLJH =HUVW|UXQJ ZLH HLQ
GUXFNVYROOGLHVHDXFKVHLQP|JHQ©
'LH 0LOLWlUFKHIV GXUFKVFKDXWHQ &KXUFKLOOV VFKlQGOLFKHV
6SLHO'DVLHPHUNWHQGD‰VLHDQGHQ3UDQJHUJHVWHOOWZHUGHQ
VROOWHQ ZHLJHUWHQ VLH VLFK GDV 0HPRUDQGXP HQWJHJHQ]X
QHKPHQ 1DFK GHP .ULHJ GHPHQWLHUWH &KXUFKLOO EHLOlXILJ
.HQQWQLVYRQGHU%RPEDUGLHUXQJ'UHVGHQVJHKDEW]XKDEHQ
LQGHPHUVDJWH
ª,FKJODXEWHGLH$PHULNDQHUKlWWHQHVJHWDQ©
8QGGLH%RPEDUGLHUXQJHQJLQJHQZHLWHU$P0lU]ZXU
GH :U]EXUJ LP /DXIH YRQ  0LQXWHQ GHP (UGERGHQ
JOHLFKJHPDFKW %HUOLQ XQG 3RWVGDP ZXUGHQ VRJDU QRFK ELV
0LWWH$SULOLPPHUZLHGHUERPEDUGLHUWXQGZHLWHUH=L
YLOLVWHQ ZXUGHQ JHW|WHW (QGOLFK K|UWH HV DXI :LH %RPEHU
+DUULV EHPHUNWH JDE HV OHW]WOLFK LQ 'HXWVFKODQG NHLQH =LHOH
PHKU IU ZHLWHUH %RPEDUGLHUXQJHQ (V GUIWH NDXP Q|WLJ
VHLQ ]X EHULFKWHQ GD‰ &KXUFKLOO GHQ $WRPERPEHQDEZXUI DXI
+LURVKLPDXQG1DJDVDNLEHIUZRUWHWHGHUGHQ7RGYRQZHLWH
UHQ=LYLOLVWHQRGHUPHKU]XU)ROJHKDWWH$OVVLFK7UX
PDQGHQ0\WKRVYRQGHQÄJHUHWWHWHQDPHULNDQLVFKHQ
/HEHQ³DXVGDFKWHZHLOGDGXUFKHLQH,QYDVLRQGHUMDSDQLVFKHQ
+DXSWLQVHO YHUPLHGHQ ZRUGHQ VHL ±GLH K|FKVWHQ PLOLWlULVFKHQ
6FKlW]XQJHQEHOLHIHQVLFKDXI±NU|QWH&KXUFKLOOVHLQH
/JH GLH $WRPERPEHQ KlWWHQ  /HEHQ JHUHWWHW HLQ
VFKOLH‰OLFK$PHULNDQHUSKDQWDVLHUWHHU
'HU (LIHU PLW GHP &KXUFKLOO GLH 6WlGWH=HUVW|UXQJ DXV
GHU/XIWOHLWHWHRGHULKU%HLIDOOVSHQGHWHVROOWHEHLGHQHQ
)UDJHQ DXIZHUIHQ GLH LKQ LPPHU QRFK DOV GHQ JUR‰HQ
Ä.RQVHUYDWLYHQ³ VHLQHU =HLW RGHU YLHOOHLFKW DOOHU =HLWHQ
DQVHKHQ6LHWlWHQJXWGDUDQGLH%HXUWHLOXQJHLQHVHFKWHQ


.RQVHUYDWLYHQ ZLH (ULN YRQ .XHKQHOW/HGGLKQ ]X EHGHQ
NHQGHUVFKULHE
1LFKWEULWHQEHGHXWHWHQ&KXUFKLOOQLFKWVGHU0HQVFKHQOH
EHQ LKU :RKOHUJHKHQ LKUH )UHLKHLW PLW GHU JOHLFKHQ HOH
JDQWHQ 9HUDFKWXQJ RSIHUWH ZLH VHLQ .ROOHJH LP :HL‰HQ
+DXV©
GLHGXQNOH6HLWH
8QGVRNRPPHQZLUDOVR]XP-DKUXQGGHPDOOHVEHU
VWUDKOHQGHQ 6LHJ GHV DEVROXW *XWHQ EHU GDV DEVROXW %|VH
'LH 0\VWLN GLHVHV -DKUHV LVW VR PlFKWLJ GD‰ VLFK GLH IDGHQ
:RKOIDKUWVVWDDWHQGHVKHXWLJHQ(XURSDVEHLMHGHU*HOHJHQKHLW
GDUDQKRFK]LHKHQXPHLQEL‰FKHQYRPVWDUNEHQ|WLJWHQ$E
JODQ]GHV5XKPHV]XHUODQJHQ
'LHVFKZDU]H6HLWHGLHVHV6LHJHVLVWDEHUGXUFKDXVQLFKWXQ
WHUGUFNW ZRUGHQ (V LVW GLH *HVFKLFKWH GHU 9HUEUHFKHQ XQG
*UHXHOWDWHQ GHU 6LHJHU XQG LKUHU 6FKW]OLQJH 'D :LQVWRQ
&KXUFKLOOEHLPDOOLLHUWHQ6LHJHLQH]HQWUDOH5ROOHJHVSLHOWKDW
LVWHVDXFKGLH*HVFKLFKWHGHU9HUEUHFKHQXQG*UHXHOWDWHQLQ
GLH &KXUFKLOO YHUZLFNHOW ZDU 'DV VFKOLH‰W GLH HU]ZXQJHQH
5HSDWULLHUXQJYRQHWZD]ZHL0LOOLRQHQVRZMHWLVFKHU8QWHUWD
QHQ LQ GLH 6RZMHWXQLRQ HLQ 'DUXQWHU ZDUHQ =HKQWDXVHQGH
GLH PLW GHQ 'HXWVFKHQ JHJHQ 6WDOLQ JHNlPSIW KDWWHQ XQWHU
GHU9HUDQWZRUWXQJYRQ*HQHUDO:ODVVRZXQGVHLQHUª5XVVL
VFKHQ%HIUHLXQJVDUPHH©$OH[DQGHU6ROVFKHQL]\QVFKUHLEWLP
$UFKLSHO*XODJ
ª,Q LKUHP HLJHQHQ /DQG ZXUGHQ 5RRVHYHOW XQG &KXUFKLOO
DOV GLH 9HUN|USHUXQJ VWDDWVPlQQLVFKHU :HLVKHLW YHUHKUW
8QV HUVFKLHQ EHL XQVHUHQ *HVSUlFKHQ LQ UXVVLVFKHQ *H
IlQJQLVVHQ LKUH IRUWJHVHW]WH'XPPKHLWXQG.XU]VLFKWLJNHLW
HUVWDXQOLFK RIIHQNXQGLJ >«@ :RULQ ODJ GHU PLOLWlULVFKH
RGHUSROLWLVFKH=ZHFNGD‰VLH+XQGHUWWDXVHQGHEHZDIIQH
WHU6RZMHWEUJHUGLHHQWVFKORVVHQZDUHQVLFKQLFKW]XHU
JHEHQGHU9HUQLFKWXQJGXUFK6WDOLQV+DQGSUHLVJDEHQ"©
$P VFKlQGOLFKVWHQ ZDU GLH $XVOLHIHUXQJ GHU .RVDNHQ 6LH
ZDUHQ QLH 6RZMHWEUJHU JHZHVHQ GD VLH LP %UJHUNULHJ JH
JHQGLH5RWH$UPHHJHNlPSIWKDWWHQXQGGDQQHPLJULHUWZD
UHQ6WDOLQZDUYHUVWlQGOLFKHUZHLVHEHVRQGHUVGDUDXIDXVLK
UHUKDEKDIW]XZHUGHQXQGGLH%ULWHQWDWHQLKPGHQ*HIDOOHQ
6ROVFKHQL]\QVFKULHEEHU:LQVWRQ&KXUFKLOO
ª(UOLHIHUWHGDV.RVDNHQNRUSVPLW0DQQGHUVRZMH
WLVFKHQ %HIHKOVJHZDOW DXV0LWLKQHQ]XVDPPHQOLHIHUWHHU
DXFK YLHOH :DJHQODGXQJHQ YROO PLW DOWHQ /HXWHQ )UDXHQ
XQG.LQGHUQDXV>«@'LHVHUJUR‰H+HOGGHPPLWGHU=HLW
EHUDOO LQ (QJODQG 0RQXPHQWH HUULFKWHW ZHUGHQ EHIDKO
DXFKVLHGHP7RGHSUHLV]XJHEHQ©
'LHÄ6lXEHUXQJ³YRQDQJHEOLFKHQ.ROODERUDWHXUHQLQ)UDQN
UHLFK ZDU HLQ %OXWEDG GDV PHKU 2SIHU IRUGHUWH DOV GLH
6FKUHFNHQVKHUUVFKDIWGHU*UR‰HQ5HYROXWLRQXQGEHVFKUlQN
WHVLFKQLFKWDXIGLHMHQLJHQGLHDXIGLHHLQHRGHUDQGHUH$UW
GHQ'HXWVFKHQJHKROIHQKDWWHQ%HWURIIHQZDUHQDXFKVlPWOL
FKH 5HFKWVJHULFKWHWHQ GHUHQ /LTXLGLHUXQJ GHQ NRPPXQLVWL
VFKHQ:LGHUVWDQGVJUXSSHQHLQ$QOLHJHQZDU
'LH 0DVVDNHU GLH &KXUFKLOOV 6FKW]OLQJ 7LWR GXUFKIKUWH
PVVHQGHU/LVWHKLQ]XJHIJWZHUGHQ=HKQWDXVHQGH.URDWHQ
QLFKW QXU GLH 8VWDVFKD VRQGHUQ DOOH Ä.ODVVHQIHLQGH³ QDFK
NODVVLVFKHP NRPPXQLVWLVFKHQ 6WLO 'DQQ ZDU GD QRFK GHU
0RUG DQ HWZD  VORZHQLVFKHQ DQWLNRPPXQLVWLVFKHQ
.lPSIHUQGXUFK7LWRXQGVHLQH0RUGVFKZDGURQHQ$OV7LWRV
3DUWLVDQHQ LQ 7ULHVW UDQGDOLHUWHQ GDV HU  YHUVXFKWH DQ
VLFK ]X UHL‰HQ ZXUGHQ ZHLWHUH 7DXVHQGH LWDOLHQLVFKH $QWL
NRPPXQLVWHQPDVVDNULHUW

$OVGLH7UXSSHQYRQ&KXUFKLOOVVRZMHWLVFKHQ$OOLLHUWHQGXUFK
0LWWHOHXURSD XQG GHQ %DONDQ IHJWHQ EHJDQQHQ GLH 0DVVHQ
GHSRUWDWLRQHQ 0DQFKH LQ GHU HQJOLVFKHQ 5HJLHUXQJ KDWWHQ
%HGHQNHQ XQG IKOWHQ HWZDV 9HUDQWZRUWOLFKNHLW %HL &KXU
FKLOOJDEHVQLFKWVGHUJOHLFKHQ,P-DQXDUlX‰HUWHHU]
%]XP$X‰HQPLQLVWHULXP
ª:DUXPPDFKHQZLUVRHLQHQ:LUEHOZHJHQGHUUXVVLVFKHQ
'HSRUWDWLRQHQYRQ'HXWVFKHQXQGDQGHUHQDXV5XPlQLHQ"
,FKNDQQQLFKWVHKHQZDVGLH5XVVHQIDOVFKPDFKHQZHQQ
VLHRGHU7DXVHQGYRQLKQHQLKUH5HLVHDEDUEHLWHQ
ODVVHQ>«@,FKIUPHLQ7HLONDQQQLFKWVHKHQZDVGDUDQ
IDOVFK VHLQ VROOWH ZHQQ GLH 5XVVHQ 5XPlQHQ EHOLHELJHU
+HUNXQIW QHKPHQ XP VLH LQ GHQ UXVVLVFKHQ .RKOHQIHOGHUQ
DUEHLWHQ]XODVVHQ©
8PGLHGHXWVFKH=LYLOLVWHQZXUGHQ]XP$UEHLWHQLQ
GLH6RZMHWXQLRQGHSRUWLHUWLQhEHUHLQVWLPPXQJPLWGHU9HU
HLQEDUXQJ]ZLVFKHQ&KXUFKLOOXQG5RRVHYHOWDXI-DOWDGHU]X
IROJHVROFKH6NODYHQDUEHLWHLQHSDVVHQGH)RUPGHUÄ:LHGHU
JXWPDFKXQJ³GDUVWHOOH
'DV VFKOLPPVWH YRQ DOOHP ZDU GLH 9HUWUHLEXQJ YRQ HWZD
0LOOLRQHQ'HXWVFKHQDXVLKUHUDQJHVWDPPWHQ+HLPDWLQ2VW
XQG :HVWSUHX‰HQ 6FKOHVLHQ 3RPPHUQ XQG GHP 6XGHQWHQ
ODQG'LHVHUIROJWHJHPl‰GHU9HUHLQEDUXQJYRQ7HKHUDQZR
&KXUFKLOO YRUVFKOXJ 3ROHQ ÄQDFK :HVWHQ ]X YHUOHJHQ³ XQG
GHP 3ODQ GHV WVFKHFKLVFKHQ )KUHUV (GXDUG%HQHVFKEH]J
OLFK GHU ÄHWKQLVFKHQ 6lXEHUXQJ³ YRQ %|KPHQ XQG 0lKUHQ
GHP &KXUFKLOO VWLOOVFKZHLJHQG ]XJHVWLPPW KDWWH (WZD DQ
GHUWKDOE ELV ]ZHL 0LOOLRQHQ GHXWVFKH =LYLOLVWHQ VWDUEHQ GD
EHL'HUXQJDULVFKH/LEHUDOH*DVSDU7DPDVVFKULHEGD‰HL
QHJHVDPWHDOWKHUJHEUDFKWH.XOWXUDXVJHO|VFKWZXUGHDOVGLH
'HXWVFKHQ ªGHUHQ $KQHQ XQVHUH.DWKHGUDOHQ.O|VWHU8QL
YHUVLWlWHQXQG%DKQK|IHJHEDXWKDEHQ©DXV2VWPLWWHOHXURSD
YHUWULHEHQ ZXUGHQ $EHU ZDUXP VROOWH GDV IU &KXUFKLOOV
9HUHKUHULPKHXWLJHQ$PHULNDGLHVLFKVHOEVWÄ.RQVHUYDWLYH³
QHQQHQLUJHQGHWZDVEHGHXWHQ"
'DQQDOV*LSIHOGHV*DQ]HQNDPHQGLH1UQEHUJHU3UR]HV
VHGLHYRPJUR‰HQ6HQDWRU5REHUW7DIWDOV-XVWL]IDUFHYHUXU
WHLOW ZXUGHQ EHL GHU 6WDOLQV 5LFKWHU XQG 6WDDWVDQZlOWH GLH
DOWJHGLHQWHQ 0LWVWUHLWHU GHU 6lXEHUXQJHQ GHU HU -DKUH DQ
HLQHPZHLWHUHQJUR‰HQ6FKDXSUR]H‰PLWPDFKWHQ
(WZD  NODJWH &KXUFKLOO PLW HPS|UWHU 6WLPPH EHU GLH
(UHLJQLVVHLQ2VWHXURSD
ª9RQ6WHWWLQDQGHU2VWVHHELV7ULHVWDQGHU$GULDKDWVLFK
HLQ(LVHUQHU9RUKDQJEHU(XURSDKHUDEJHVHQNW©
*RHEEHOV KDWWH GHQ $XVGUXFN ªHLVHUQHU 9RUKDQJ© JHSUlJW
DEHUHUZDUWURW]GHPULFKWLJ
'HU HXURSlLVFKH .RQWLQHQW HQWKLHOW QXQ HLQH HLQ]LJH +HJH
PRQLDOPDFKW-RKQ&KDUPOH\VFKUHLEW
ª$OV GLH 6FKHXNODSSHQ GHV .ULHJHV DEJHQRPPHQ ZXUGHQ
EHJDQQ &KXUFKLOO GDV $XVPD‰ GHV JHPDFKWHQ )HKOHUV ]X
HUNHQQHQ©
7DWVlFKOLFKSD‰W&KXUFKLOOVHLJHQH%HNXQGXQJWLHIVWHU6HOEVW
]ZHLIHOVFKOHFKW]XGHPQDFKWUlJOLFKHQ7ULXPSKJHVFKUHLVHL
QHU %HZXQGHUHU 1DFK GHP .ULHJ VDJWH &KXUFKLOO ]X 5REHUW
%RRWKE\
ª+LVWRULNHU QHLJHQ GD]X .ULHJVPLQLVWHU ZHQLJHU QDFK GHQ
GXUFKLKUH)KUXQJHUUHLFKWHQ6LHJHQ]XEHXUWHLOHQDOVQDFK
GHQSROLWLVFKHQ(UJHEQLVVHQGLHVLFKGDUDXVHUJDEHQ:HQQ
PDQ PLW GLHVHP 0D‰VWDE PL‰W ZHL‰ LFK QLFKW RE PDQ
JODXEWGD‰LFKPHLQH6DFKHEHVRQGHUVJXWJHPDFKWKDEH©
,P9RUZRUWGHVHUVWHQ%DQGHVVHLQHU*HVFKLFKWHGHV=ZHLWHQ
:HOWNULHJHVHUNOlUWH&KXUFKLOOZDUXPHUVREHVRUJWZDU
9II*ÂÂ-DKUJDQJÂ+HIW

ª'LH PHQVFKOLFKH 7UDJ|GLH HUUHLFKW LKUHQ +|KHSXQNW LQ
GHU 7DWVDFKH GD‰ ZLU QDFK DOO GHQ $QVWUHQJXQJHQ XQG
2SIHUQ GLH YRQ +XQGHUWHQ 0LOOLRQHQ 0HQVFKHQ HUEUDFKW
ZXUGHQXQGGHQ6LHJHQGHU*HUHFKWHQ6DFKHLPPHUQRFK
NHLQHQ )ULHGHQ XQG NHLQH 6LFKHUKHLW JHIXQGHQ KDEHQ XQG
GD‰ ZLU VRJDU VFKOLPPHUHQ *HIDKUHQ DXVJHVHW]W VLQG DOV
MHQHQGLHZLUEHUZXQGHQKDEHQ©
$P 6LHJHVWDJ LQ (XURSD KDWWH HU GHQ 6LHJ ªGHU 6DFKH GHU
)UHLKHLW LQ MHGHP /DQG© YHUNQGHW $EHUYRUVHLQHP3ULYDW
VHNUHWlUJUEHOWHHU
ª:DVZLUG]ZLVFKHQGHPZHL‰HQ6FKQHH5X‰ODQGVXQGGHQ
ZHL‰HQ.OLSSHQYRQ'RYHUOLHJHQ"©
(VZDUHLQEL‰FKHQVSlWIUGLHVH)UDJH:DVVROOHQZLUDOVR
PLW HLQHP 6WDDWVPDQQ PDFKHQ GHU EHU -DKUH KLQZHJ GLH
7DWVDFKH LJQRULHUWH GD‰ GLH $XVO|VFKXQJ 'HXWVFKODQGV DOV
0DFKWLQ(XURSD«JHZLVVH.RQVHTXHQ]HQPLWVLFKEUDFKWH"
+DEHQZLUHVGDPLWHLQHP]ZHLWHQ%LVPDUFNRGHU0HWWHUQLFK
]XWXQ"2GHULVWHVGHU)DOOHLQHVZHLWHUHQ:RRGURZ:LOVRQ
HLQHVQHXHQ3ULQ]GHU'XPPHQ"
0LWGHP*OHLFKJHZLFKWGHU.UlIWH
LQ (XURSD HUOLWW VHLQH HLJHQH 3ROL
WLN 6FKLIIEUXFK HV JDE IU &KXU
FKLOOQXUQRFKHLQH+LOIHGLH$PH
ULNDQHU IU LPPHU LQ (XURSD ]X
KDOWHQ 'HVKDOE VHLQH EHVRUJWHQ
5HGHQ YRU GHQ $PHULNDQHUQ HLQ
VFKOLH‰OLFK VHLQHU Ä(LVHUQHU
9RUKDQJ³5HGHLQ)XOWRQ0LVVRX
UL 1DFKGHP HU 'HXWVFKODQG DOV
GDV QDWUOLFKH *HJHQJHZLFKW ]X
5X‰ODQG DXI GHP .RQWLQHQW ]HU
VW|UWKDWWHZDUHUMHW]WJH]ZXQJHQ
GLH9HUHLQLJWHQ6WDDWHQLQQRFKHL
QHQ .ULHJ ]X YHUZLFNHOQ GLHVHV
0DO HLQHQ .DOWHQ .ULHJ GHU 
-DKUH GDXHUQ VROOWH XQGGHU$PH
ULND JUXQGOHJHQG XQG YLHOOHLFKW
XQZLGHUUXIOLFKYHUlQGHUWKDW
'HU7ULXPSKGHV
:RKOIDKUWVVWDDWHV
 ZXUGHQ LQ *UR‰EULWDQQLHQ
DOOJHPHLQH :DKOHQ DEJHKDOWHQ
XQG GLH /DERXU 3DUWHL JHZDQQ HL
QHQHUGUXWVFKDUWLJHQ6LHJ&OHPHQW$WWOHHXQGVHLQH.ROOHJHQ
EHUQDKPHQ GLH 0DFKW XQG VFKXIHQ HLQHQ VR]LDOLVWLVFKHQ
:RKOIDKUWVVWDDW$EHUDQJHVLFKWVGHV.ULHJHVZDUGLH6R]LDOL
VLHUXQJ (QJODQGV YLHOOHLFKW XQYHUPHLGOLFK JHZHVHQ 6LH ZDU
HLQ QDWUOLFKHV 1HEHQSURGXNW GHV 6ROLGDULWlWVVLQQV XQG GHV
NROOHNWLYLVWLVFKHQ %HZX‰WVHLQV GHU .ULHJV]HLW GHV *HIKOV
GD‰GDV.ULHJVHUOHEQLVLUJHQGZLH.ODVVHQVWUXNWXUXQG+LHUDU
FKLH±QRUPDOH=JHMHGHUPRGHUQHQ*HVHOOVFKDIW±EHUKROW
XQGDQVW|‰LJJHPDFKWKDWWHQ8QGHVJDEHLQHQ]ZHLWHQ)DN
WRU GLH EULWLVFKH *HVHOOVFKDIW ZDU LQ GHQ .ULHJVMDKUHQ XQWHU
&KXUFKLOO VHOEVW EHUHLWVZHLWJHKHQGVR]LDOLVLHUWZRUGHQ/XG
ZLJYRQ0LVHVVFKULHEGD]X
ª(UVW EHUQDKP 'HXWVFKODQG GDQQ *UR‰EULWDQQLHQ XQG
GDQDFK YLHOH DQGHUHQ HXURSlLVFKHQ /lQGHU HLQH ]HQWUDOH
3ODQXQJDOVVLHDXIGHP:HJGHV,QWHUYHQWLRQLVPXVLPPHU
ZHLWHU IRUWVFKULWWHQ GLH +LQGHQEXUJVFKH )RUP GHV 6R]LD
OLVPXV (V LVWEHPHUNHQVZHUWGD‰LQ'HXWVFKODQGGLHHQW
VFKHLGHQGHQ0D‰QDKPHQQLFKWYRQGHQ1DWLRQDOVR]LDOLVWHQ
9II*ÂÂ-DKUJDQJÂ+HIW
HUJULIIHQZXUGHQVRQGHUQHLQLJH=HLWYRU+LWOHUV0DFKWHU
JUHLIXQJ GXUFK %UQLQJ >«@ XQG LQ *UR‰EULWDQQLHQ QLFKW
YRQ GHU /DERXU 3DUWHL VRQGHUQ YRP NRQVHUYDWLYHQ 3UH
PLHUPLQLVWHU&KXUFKLOO©
:lKUHQG &KXUFKLOO .ULHJ IKUWH HUODXEWH HU $WWOHH EHL YHU
VFKLHGHQHQ .DELQHWWVDXVVFKVVHQ EHU ,QQHQSROLWLN GHQ9RU
VLW] ]X IKUHQ XQG *HVHW]HQWZUIH ]XU *HVXQGKHLWVSROLWLN
$UEHLWVORVLJNHLW (U]LHKXQJ XVZ DXV]XDUEHLWHQ &KXUFKLOO
VHOEVW KDWWH EHUHLWV GHQ *HQHUDOSODQ IUGHQ:RKOIDKUWVVWDDW
GHQ %HYHULGJH%HULFKW DN]HSWLHUW ,Q HLQHU 5DGLR5HGH IRU
PXOLHUWHHUHVVR
ª6LHPVVHQPLFKXQGPHLQH.ROOHJHQDOVVWDUNH%HIUZRU
WHUVWDDWOLFKHU=ZDQJVYHUVLFKHUXQJHQIUDOOH.ODVVHQXQG
IUDOOH=ZHFNHDQVHKHQYRQGHU:LHJHELVLQV*UDE©
'D‰0LVHVPLWVHLQHU%HXUWHLOXQJYRQ&KXUFKLOOV5ROOHUHFKW
KDWWHZLUGGXUFKGLH6FKOX‰IROJHUXQJHQYRQ:+*UHHQOHDI
LQVHLQHUPRQXPHQWDOHQ6WXGLHEHU,QGLYLGXDOLVPXVXQG.RO
OHNWLYLVPXV LP PRGHUQHQ (QJODQG EH]HXJW *UHHQOHDI VWHOOW
IHVWGD‰HV&KXUFKLOOZDUGHU
ªLQ GHQ .ULHJVMDKUHQ 5$ %XW
OHU DQZLHV GLH (U]LHKXQJ GHV
9RONHV ]X YHUEHVVHUQ XQG GHU
GLH ,GHH HLQHV 9LHU-DKUHVSODQV
IU QDWLRQDOH (QWZLFNOXQJ DQ
QDKP XQG I|UGHUWH VDPW GHU
9HUSIOLFKWXQJ 9ROOEHVFKlIWL
JXQJ LQ GHU 1DFKNULHJV]HLW ]X
HUODQJHQ (U ELOOLJWH DXFK GLH
9RUVFKOlJH HLQ QDWLRQDOHV 9HU
VLFKHUXQJVV\VWHP :RKQ XQG
*HVXQGKHLWVKLOIHQ ]X VFKDIIHQ
XQG HUDN]HSWLHUWHGD‰VLFKGHU
%HUHLFK VWDDWOLFKHU 8QWHUQHK
PXQJHQ DXVZHLWHWH :HJHQ GLH
VHU .RDOLWLRQVSROLWLN VSUDFK
(QRFK 3RZHOO YRQ HLQHU ZDKU
KDIWLJHQVR]LDOHQ5HYROXWLRQGLH
VLFKLQGHQ-DKUHQYROO
]RJ =LHOH GLHVHU $UW ZDUHQ LQ
GHU SROLWLVFKHQ (UNOlUXQJ GHU
.RQVHUYDWLYHQHQWKDOWHQGLHGHU
3UHPLHUYRUGHU:DKOYRQ
KHUDXVJDE©
$OV GLH .RQVHUYDWLYHQ  ZLH
GHU DQ GLH 0DFKW NDPHQ ªZlKOWH &KXUFKLOO HLQH 5HJLHUXQJ
GLH LQ GHU JDQ]HQ *HVFKLFKWH DP ZHQLJVWHQ DOV NRQVHUYDWLY
HUNHQQEDU ZDU© (V JDE NHLQHQ 9HUVXFK GHQ :RKOIDKUWV
VWDDWXP]XNHKUHQXQGGLHHLQ]LJH%UDQFKHGLHZLUNOLFKSUL
YDWLVLHUWZXUGHZDUHQGLH6SHGLWLRQHQ&KXUFKLOOªOLH‰GHQ
.HUQ LKUHV :HUNHV >GHU /DERXU5HJLHUXQJ@ XQDQJHWDVWHW©
'HUÄNRQVHUYDWLYH³6LHJKDWWHGLHJOHLFKH)XQNWLRQZLH6LHJH
GHU5HSXEOLNDQHULQGHQ9HUHLQLJWHQ6WDDWHQVHLW(LVHQKRZHU
GHQ 6R]LDOLVPXV ]X NRQVROLGLHUHQ &KXUFKLOO QDKP HV VRJDU
DXI VLFK Ä8Q]XOlQJOLFKNHLWHQ³ LQ GHQ )UVRUJHSURJUDPPHQ
GHUYRULJHQ/DERXU5HJLHUXQJLQEH]XJDXI:RKQXQJHQXQG
|IIHQWOLFKHQ $UEHLWHQ ]X EHKHEHQ $P KLQWHUOLVWLJVWHQ ZDU
GD‰ HU VHLQHQ OLQNHQ /DERXU0LQLVWHU :DOWHU 0RQFNWRQ DQ
ZLHVGLH*HZHUNVFKDIWHQXPMHGHQ3UHLV]XEHVFKZLFKWLJHQ
&KXUFKLOOV.DSLWXODWLRQYRUGHQ*HZHUNVFKDIWHQZDUªGLNWLHUW
YRQUHLQHPSROLWLVFKHQ(LJHQLQWHUHVVH©©XQGVHW]WHGHQ5DK
PHQ IU GHQ *HZHUNVFKDIWVPRUDVW GHU LQ (QJODQG ZlKUHQG
GHUQlFKVWHQ]ZHL-DKU]HKQWHYRUKHUUVFKWH



$EHU LQ :LUNOLFKNHLW NPPHUWH VLFK&KXUFKLOOQLHEHVRQGHUV
XPGLH,QQHQSROLWLNDXFKQLFKWXPGDV3ULQ]LSGHU:RKOIDKUW
DX‰HUDOV0LWWHOXPLQV$PW]XNRPPHQXQGGRUW]XYHUEOHL
EHQ (U OLHEWH GLH 0DFKW XQG GLH 0|JOLFKNHLWHQ GLH GLH
YRQSURILWLHUHQPVVHQ©
8QGHUIJWHGHPKLQ]X
ª'LH7DWVDFKHGD‰GLH9HUWUHWHUGHV-XGHQWXPVLQ(QJODQGXQG$PH
ULNDKHXWHGHQ.ULHJJHJHQ'HXWVFKODQGRUJDQLVLHUHQXQGILQDQ]LHUHQ
ZLUGYRQLKUHQ9HUWUHWHUQLQ(XURSDWHXHUEH]DKOWZHUGHQPVVHQ±
0DFKW JDE XP HLQ /HEHQ YROOHU 'UDPDWLN XQG .DPSI XQG XQGGDVLVWQXUUHFKWVR©5FNEHUVHW]WDXV/RXLV3/RFKQHU+J
HQGORVHP.ULHJ]XIKUHQ 7KH*RHEEHOV'LDULHV'RXEOHGD\*DUGHQ&LW\1<
(V JLEW HLQH VHKU YHUORFNHQGH $UW :LQVWRQ &KXUFKLOO ]X VH 6

 3DXO$GGLVRQª/OR\G*HRUJHDQG&RPSURPLVH3HDFHLQWKH6HFRQG
KHQGD‰HUHLQ]XWLHIVWIHKOHUKDIWHU0HQVFKZDUGHULQHLQHP
NULWLVFKHQ $XJHQEOLFN DXIJHUXIHQ ZXUGH GHQ .DPSI PLW HL
QHP HLQPDOLJ IXUFKWEDUHQ %|VHQ DXI]XQHKPHQ XQG GHVVHQ
)HKOHU]XHLQHPJORUUHLFKHQ6LHJEHLWUXJHQVRZLH0HUOLQLQ
&6 /HZLV¶ JUR‰HP FKULVWOLFKHQ 5RPDQ 7KDW +LGHRXV
6WUHQJWK (LQH VROFKH %HXUWHLOXQJ ZlUH PHLQHU $QVLFKW
QDFKREHUIOlFKOLFK,FKGDJHJHQOHJHQDKHGD‰HLQHHKUOLFKH
3UIXQJ VHLQHU /DXIEDKQ ]X HLQHU DQGHUHQ 6FKOX‰IROJHUXQJ
IKUWZHQQDOOHVJHVDJWXQGJHWDQLVWGDQQVWHOOWVLFKKHUDXV
GD‰:LQVWRQ&KXUFKLOOHLQ0DQQYROOHU%OXWDQGHQ+lQGHQ
:RUOG:DU©LQ$-37D\ORU+J/OR\G*HRUJH7ZHOYH(VVD\V$WKH
QHXP1HZ<RUN6&KXUFKLOOVHOEVWWHLOWH6WDOLQ
PLW
ª:LUGDFKWHQQLHPDOVGDUDQHLQHQ6HSDUDWIULHGHQDE]XVFKOLH‰HQ
QRFKQLFKWHLQPDOLQMHQHP-DKUDOVZLUJDQ]DOOHLQHZDUHQXQGUHFKW
HLQIDFKHLQHQ)ULHGHQKlWWHQHUUHLFKHQN|QQHQGHUGDV%ULWLVFKH
:HOWUHLFKQLFKWHUQVWKDIWHWZDVJHNRVWHWKlWWHVRQGHUQDXI,KUH.R
VWHQJHJDQJHQZlUH©HEHQGD6&KXUFKLOOEH]LHKWVLFKKLHUEHL
DXI'HXWVFKODQGV$QJHERW)ULHGHQXQG:LHGHUKHUVWHOOXQJGHU*UHQ]HQ
LP:HVWHQDOV*HJHQOHLVWXQJIU(QJODQGV6WLOOKDOWHQLP)DOOHHLQHV
GHXWVFKVRZMHWLVFKHQ.ULHJHV$QPG5HG

 'DYLG,UYLQJDD2$QP6
HLQ3ROLWLNHURKQH3ULQ]LSLHQZDUGHVVHQ9HUKHUUOLFKXQJGD]X 
 7KRPDV$%DLOH\7KH0DQLQWKH6WUHHW7KH,PSDFWRI$PHULFDQ3X
GLHQWMHGHQ%HJULIIYRQ(KUOLFKNHLWXQG0RUDOLQGHU3ROLWLN
XQG*HVFKLFKWH]XNRUUXPSLHUHQ
$QPHUNXQJHQ

5DOSK5DLFRLVW3URIHVVRUIU*HVFKLFKWHDP%XIIDOR6WDWH&ROOHJHXQGHKH
PDOLJHU$EVROYHQWGHV/XGZLJYRQ0LVHV,QVWLWXWH'LHVHU%HLWUDJLVWGHP
HKUHQGHQ*HGHQNHQDQ+HQU\5HJQHU\JHZLGPHWGHUIUHLOLFKIUGLHVHQ%HL
WUDJQLFKWYHUDQWZRUWOLFKLVW(QWQRPPHQZXUGHHUGHP%XFKYRQ-RKQ9
EOLF2SLQLRQRQ)RUHLJQ3ROLF\0DFPLOODQ1HZ<RUN6
-QJVWNRPPHQWLHUWHHLQ$XWRU%DLOH\¶V$QVLFKWZLHIROJW
ª:HQQ5RRVHYHOWXQGDQGHUH3UlVLGHQWHQORJHQWDWHQVLHGLHVLQ
:LUNOLFKNHLW]XLKUHQHLJHQHQ*XQVWHQRGHUZDVVLHGDIUKLHOWHQ$EHU
VLHODJHQRIWIDOVFKZHLOVLHGD]XQHLJWHQ]XPLQGHVWVRNXU]VLFKWLJ]X
VHLQZLHGLH0DVVHQ>@5RRVHYHOWV=HUVW|UHU+DQGHOPDUNLHUWHLQHQ
:HQGHSXQNWLP*HEUDXFKXQG0L‰EUDXFKGHU0DFKWGHV3UlVLGHQWHQ
GHUHLQH6HULHJHIlKUOLFKHUXQGRIWNDWDVWURSKDOHUDXVOlQGLVFKHU
$EHQWHXHUHLQOHLWHWH©
'HQVRQ+J7KH&RVWVRI:DU$PHULFD¶V3\UUKLF9LFWRULHV$XIODJH
7UDQVDFWLRQ3XEOLVKHUV1HZ%UXQVZLFN/RQGRQ6KLHU6


 :LQVWRQ&KXUFKLOO7KH*DWKHULQJ6WRUP%G7KH6HFRQG:RUOG:DU
 5REHUW6KRJDQ+DUG%DUJDLQ6FULEQHU¶V1HZ<RUNSS
'HUNODVVLVFKHUHYLVLRQLVWLVFKH6WDQGSXQNW]X5RRVHYHOWV.ULHJVSR
OLWLNZXUGHXDYRQ&KDUOHV$%HDUGGDUJHOHJW3UHVLGHQW5RRVHYHOWDQG
WKH&RPLQJRI:DU<DOH8QLYHUVLW\3UHVV1HZ+DYHQ&RQQ
+RXJKWRQ0LIIOLQ%RVWRQ6&KXUFKLOONRPPHQWLHUWHGLH*D
UDQWLHZXUGHHLQHP3ROHQJHJHEHQªGDVQXUVHFKV0RQDWHYRUKHUPLW

GHP$SSHWLWHLQHU+\lQHDQGHU3OQGHUXQJXQG=HUVW|UXQJGHVWVFKH
FKRVORZDNLVFKHQ6WDDWHVWHLOJHQRPPHQKDWWH©(UEH]RJVLFKGDEHLDXI

GLH$QQHNWLHUXQJGHV7HVFKHQHU*HELHWHVPLWGHU3ROHQDQJHELFKHWK
QLVFKSROQLVFKHEHVLHGHOWH*HELHWHYRQMHQHPEL]DUUHQ*HELOGH]XUFNJH

VRZLHLQ+DUU\(OPHU%DUQHV+J3HUSHWXDO:DUIRU3HUSHWXDO
3HDFH&D[WRQ&DOGZHOO,GDKR
 :LQVWRQ6&KXUFKLOO7KH*UDQG$OOLDQFH%G7KH6HFRQG:RUOG
:DU+RXJKWRQ0LIIOLQ%RVWRQSS
 :LOOLDP6WHYHQVRQ$0DQ&DOOHG,QWUHSLG+DUFRXUW%UDFH-RYDQRYLFK
1HZ<RUN
IRUGHUWKDWWHGDV&KXUFKLOOJHUQHKRFKWUDEHQGªWVFKHFKRVORZDNLVFKHQ  ,UYLQJDD2$QP6

6WDDW©QDQQWH  *RUH9LGDO6FUHHQLQJ+LVWRU\+DUYDUG8QLYHUVLW\3UHVV&DPEULGJH

 'DYLG,UYLQJ&KXUFKLOO¶V:DU%G7KH6WUXJJOHIRU3RZHU9HULWDV 0DVV6

%XOOVEURRN:HVWHUQ$XVWUDOLD6YJODXFK7\OHU*DWH  (EHQGD6

ZRRG.HQWª'DV5RRVHYHOW9HUPlFKWQLVXQGGHU)DOO.HQW©9II*  (EHQGD69JODXFK%LOO.DXIIPDQ$PHULFD)LUVW,WV+LVWRU\&XO
6YKRRUJ9II*.HQWKWPO WXUHDQG3ROLWLFV3URPHWKHXV%RRNV$PKHUVW1<6

 -DPHV/HXW]Hª7KH6HFUHWRIWKH&KXUFKLOO5RVVHYHOW&RUUHVSRQGHQFH EHUª7KH0HUFKDQWVRI'HDWKRI6XQVHW%RXOHYDUG©'LH+lQGOHUGHV
6HSWHPEHU0D\©-RXUQDORI&RQWHPSRUDU\+LVWRU\ 7RGHVDP6XQVHW%RXOHYDUG

6/HXW]HVFKOX‰IROJHUWGLHVVHLGHUZDKUH*UXQGZDU  ª:DU(QWU\SODQV/DLGWR5RRVHYHOW©1HZ<RUN7LPHV

XPEHLGH5HJLHUXQJHQLQVJHKHLPEHVFKORVVHQ7\OHU]XP6FKZHLJHQ]X  3DWULFN%HHVO\5RRP%ULWLVK1DYDO,QWHOOLJHQFH+DU
EULQJHQ FRXUW%UDFH-RYDQRYLFK6DQ'LHJR6)1


 -RKQ::KHOOHU%HQQHWW.LQJ*HRUJH9,+LV/LIHDQG5HLJQ6W0DU  9JO]%:LOOLDP+HQU\&KDPEHUOLQ$PHULFD¶V6HFRQG&UXVDGH+HQU\
WLQ¶V3UHVV1HZ<RUN6II:KHOOHU%HQQHWWIJWKLQ]X 5HJQHU\&KLFDJR6

ª1DFKVHLQHU5FNNHKUQDFK/RQGRQWHLOWHGHU.|QLJGDV:LFKWLJVWH  5LFKDUG/DPE&KXUFKLOODV:DU/HDGHU&DUUROODQG*UDI1HZ<RUN
VHLQHU*HVSUlFKHPLWGHP863UlVLGHQWHQGHQHQWVSUHFKHQGHQ.UHL 6

VHQPLWXQGHUKLHOWGLHVHV*HVSUlFKIUVRZLFKWLJGD‰HUVHLQH  (EHQGD6

KDQGVFKULIWOLFKHQ1RWL]HQGDUEHUGHQJDQ]HQ.ULHJKLQGXUFKLQVHL  (EHQGD6

QHP$NWHQNRIIHUPLWVLFKKHUXPWUXJ©  &KDPEHUOLQDD2$QP6%H]JOLFK&KXUFKLOOV9HUZHQGXQJ

 %DVLO/LGHOO+DUWª7KH0LOLWDU\6WUDWHJLVW©LQ$-37D\ORUXD&KXU GHUÄ+LQWHUWU]XP.ULHJ³IUGLH86$VLHKH-RKQ&RVWHOOR'D\VRI,Q
FKLOO5HYLVHG$&ULWLFDO$VVHVVPHQW'LDO3UHVV1HZ<RUN6 IDP\0DF$UWKXU5RRVHYHOW&KXUFKLOO7KH6KRFNLQJ7UXWK5HYHDOHG
 3RFNHW%RRNV1HZ<RUN%H]JOLFKGHU3HDUO+DUERU)UDJHLVWLQ

 -RKQ&KDUPOH\&KXUFKLOO7KH(QGRI*ORU\+RGGHUDQG6WRXJKWRQ WHUHVVDQWZDVVRJDUHLQÄPDLQVWUHDP³+LVWRULNHUZLH:DUUHQ).LPEDOO
/RQGRQ6 +HUDXVJHEHUGHU&KXUFKLOO5RRVHYHOW%ULHIZHFKVHOVFKUHLEW

 9JODXFK&KDUPOH\V5H]HQVLRQYRQ&OLYH3RQWLQJV:HUN&KXUFKLOO ª=ZHLIHOEH]JOLFKGHULPPHUQRFKXQWHU9HUVFKOX‰JHKDOWHQHQEULWL
6LQFODLU6WHYHQVRQ/RQGRQLQ7LPHV/LWHUDU\6XSSOHPHQW
6

 *DGGLV6PLWKª:KRVH)LQHVW+RXU"©1HZ<RUN%RRN5HYLHZ
6
 $PNRPPHQWLHUWH*RHEEHOVLQVHLQHP7DJHEXFKGLH9HUQLFK
WXQJGHUHXURSlLVFKHQ-XGHQGLHGDPDOVYRQVWDWWHQJLQJ
VFKHQ*HKHLPGLHQVWDNWHQEHUGHQMDSDQLVFKHQ$QJULIIDXI3HDUO+DU
ERUVLQGLPPHUQRFKQLFKWEHVHLWLJW,QIRUPDWLRQGLH&KXUFKLOO
ZRP|JOLFKLQGHU+RIIQXQJQLFKWDQGLH$PHULNDQHUZHLWHUOHLWHWHGD‰
HLQVROFKHU$QJULIIGLH86$LQGHQ.ULHJKLQHLQ]|JHQ©
 9JODXFK:DUUHQ).LUQEDOOª:KHHO:LWKLQD:KHHO&KXUFKLOO5RR
VHYHOWDQGWKH6SHFLDO5HODWLRQVKLS©LQ5REHUW%ODNH:LOOLDP5RJHU
ª$XFKKLHULVWGHU)KUHUHLQXQHUVFKURFNHQHU9HUIHFKWHUHLQHUUDGL
NDOHQ/|VXQJGXUFK%HGLQJXQJHQHU]ZXQJHQXQGGDKHUXQHUELWWOLFK
=XP*OFNVWHKHQXQVLP.ULHJHHLQHJDQ]H5HLKHYRQ0|JOLFKNHLWHQ
RIIHQGLHXQVLQ)ULHGHVQ]HLWHQYHUVFKORVVHQZlUHQ:LUZHUGHQGD

/RXLV+J&KXUFKLOO1RUWRQ1HZ<RUN6ZR.LPEDOO-D
PHV5XVEULGJHUXQG(ULF1DYH]LWLHUW%HWUD\DODW3HDUO+DUERU+RZ
&KXUFKLOO/XUHG5RRVHYHOWLQWR:RUOG:DU,,6XPPLW1HZ<RUN
.LPEDOOEHVFKZHUWVLFKGD‰WURW]VFKULIWOLFKHU$QIUDJHQGXUFKLKQXQG
DQGHUH+LVWRULNHUGLHEULWLVFKHQ5HJLHUXQJVXQWHUODJHQ]XGHQ%H]LHKXQ
9II*ÂÂ-DKUJDQJÂ+HIW

 
JHQPLW-DSDQJHJHQ(QGHGHV-DKUHVXQWHU9HUVFKOX‰EOHLEHQ%OD .XUVHLQHQRFKKDWHUMHHLQHQVROFKHHUZRJHQ6HLQ(LQWUHWHQIUHL
NHHEHQGD6)15REHUW6PLWK7KRPSVRQ$7LPHIRU:DU QHQ )HOG]XJ DXI GHP %DONDQ ZDU YHUNHKUW DEHU HLQ VROFKHU )HOG]XJ
)UDQNOLQ'HODQR5RRVHYHOWDQGWKH3DWKWR3HDUO+DUERU3UHQWLFH+DOO ZlUHIUGHQ*HVDPWVLHJLP.ULHJHNHLQ5LVLNRJHZHVHQ©
1HZ<RUNSUlVHQWLHUWHLQHUHFKWQW]OLFKHQHXHUH:LHGHUJDEHGHU  =XULVNLHUHQGHQ.ULHJ]XYHUOLHUHQVFKHLQWHLQPHKUDOV]ZLQJHQGHV
(QWVWHKXQJGHV.ULHJHVPLW-DSDQ .ULWHULXP]XVHLQIUHLQHQZDKUOLFKXQZHLVHQVWUDWHJLVFKHQ.XUV
 
 +DUU\9-DIIDª,Q'HIHQVHRI&KXUFKLOO©0RGHUQ$JH6  $OEHUW&:HGHPH\HU:HGHPH\HU5HSRUWV+ROW1HZ<RUNS
 $OOHDQGHUHQZDUHQJHJHQ&KXUFKLOOV3ODQHLQVFKOLH‰OLFKVHLQHUHL

 -&KDUPOH\DD2$QP6 JHQHQPLOLWlULVFKHQ5DWJHEHU%URRNHEHPHUNWHVHLQHP9RUJHVHW]WHQJH

 1RUPDQ'DYLHV*RG¶V3OD\JURXQG$+LVWRU\RI3RODQG%GWR JHQEHUZHQQVLHVHLQH,GHHQYHUZLUNOLFKHQZUGHQGDQQªVROOHQZLU
WKH3UHVHQW&ROXPELD8QLYHUVLW\3UHVV1HZ<RUN6 ZRKOHLQHQ)HOG]XJEHUGLH$OSHQLP:LQWHUYRUEHUHLWHQ©&3RQWLQJV

 %H]JOLFKHLQHU.ULWLNGHU$QVLFKW+LWOHUV=LHOVHLJHZHVHQÄGLH:HOW]X DD2$QP6

HUREHUQ³YJO*HRIIUH\6WRDNHV+LWOHUDQGWKH4XHVWIRU:RUOG'RPLQD  5/DPEDD2$QP6

WLRQ%HUJ/HDPLQJWRQ6SD(QJODQG  &KXUFKLOOVHLJHQHV$XVZlUWLJHV$PWLQIRUPLHUWHLKQGD‰

 $-37D\ORUª7KH6WDWHVPDQ©LQGHUVXDDD2$QP6

 %H]JOLFKGHUÄ%ROVFKHZLVLHUXQJGHV%DONDQV³SURWHVWLHUWH(GHQ]XP
%HLVSLHOLP0DLJHJHQEHU&KXUFKLOO
ª:LUPVVHQEHUGLH$XVZLUNXQJHQGLHVHU(QWZLFNOXQJHQQDFKGHQ
NHQDQVWDWWXQVZLHELVKHUDXIGLHNXU]IULVWLJH)UDJH]XEHVFKUlQNHQ
ZDVXQVZlKUHQGGHV.ULHJHVXQGGDIUDPPHLVWHQDEZLUIW©
ªZLUPLWHLQHPNRPPXQLVWLVFKHQ6WDDWHQGHQZUGHQGHUQDFKGHP
.ULHJHQJDQGLH8G665DQJHOHKQWZlUHXQGGLHEOLFKHQWHUURULVWL
VFKHQ0HWKRGHQDQZHQGHQZUGHXPGLH2SSRVLWLRQ]XXQWHUGUN
NHQ©
 (EHQGD6$QWKRQ\(GHQWHLOWHGHP.DELQHWWLP-XQLPLW
ª:HQQLUJHQGMHPDQGDQGHUJHJHQZlUWLJHQ/DJHVFKXOGLVWLQGHU
 -&KDUPOH\DD2$QP6 NRPPXQLVWLVFKJHIKUWH%HZHJXQJHQGLHPlFKWLJVWHQ(OHPHQWHLQ-X

 7XYLD%HQ0RVKH&KXUFKLOO6WUDWHJ\DQG+LVWRU\/\QQH5LHQQHU JRVODZLHQXQG*ULHFKHQODQGVLQGVRVLQGZLUHV©
%RXOGHU&26I  (GHQ]XIROJHKDWWHQEULWLVFKH$JHQWHQGLH$UEHLWIUGLH5XVVHQHUOHGLJW

 (EHQGD6 -&KDUPOH\DD2$QP6
 
 +DQVRQ:%DOGZLQ*UHDW0LVWDNHVRIWKH:DU+DUSHU1HZ<RUN  )LW]UR\0DFOHDQ(DVWHUQ$SSURDFKHV-RQDWKDQ&DSH/RQGRQ6
6 
 
 5RRVHYHOWV(LQVWHOOXQJZLUGLQIROJHQGHUbX‰HUXQJWUHIIHQGDXVJHGUFNW  5/DPEDD2$QP6&KXUFKLOOJODXEWH7LWRV9HUVSUHFKHQ
ª:HQQLFKLKP>6WDOLQ@DOOHVJHEHZDVLFKQXULUJHQGNDQQXQGYRQ IUHLH:DKOHQXQGHLQH9RONVDEVWLPPXQJEHUGLH0RQDUFKLHDE]XKDOWHQ
LKPLP*HJHQ]XJQLFKWVYHUODQJH>GDQQ@$GHOYHUSIOLFKWHWZLUGHU VFKOLH‰OLFKNRQ]HQWULHUWHVLFK&KXUFKLOOQXUDXIHLQHLQ]LJHV7KHPD
QLFKWYHUVXFKHQLUJHQGHWZDV]XDQQHNWLHUHQXQGZLUGPLWPLU]X

VDPPHQIUHLQH:HOWGHV)ULHGHQVXQGGHU'HPRNUDWLHDUEHLWHQ©
 5REHUW1LVEHW5RRVHYHOWDQG6WDOLQ7KH)DLOHG&RXUWVKLS5HJQHU\
:DVKLQJWRQ'&6-RVHSK6REUDQV$QPHUNXQJHQLQVHLQHP
'HXWVFKH]XW|WHQ6LHKHDXFK-&KDUPOH\DD2$QP6
 =XP%HLVSLHOIKUWH&KXUFKLOODPDXV
ª'LH=ZLOOLQJVZXU]HODOOXQVHUHQhEHOV1D]L7\UDQQHLXQGSUHX‰L
VFKHU0LOLWDULVPXVPX‰DXVJHURWWHWZHUGHQ%LVGLHVHUUHLFKWLVWJLEW
NXU]HQ%HLWUDJª3DO-RH\©6REUDQ¶V$XJXVW6IVLQG HVNHLQ2SIHUGDVZLUQLFKWEULQJHQZHUGHQXQGNHLQH*HZDOW]XGHU
YROOHUIULKQW\SLVFKHU(LQVLFKW ZLUQLFKWJUHLIHQZHUGHQ©

 7%HQ0RVKHDD2$QP6I  5XVVHOO*UHQIHOO8QFRQGLWLRQDO+DWUHG'HYLQ$GDLU1HZ<RUN

 &3RQWLQJVDD2$QP6 6
 
 ,VDLDK%HUOLQª:LQVWRQ&KXUFKLOO©LQ+HQU\+DUG\+J3HUVRQDO,P  &3RQWLQJVDD2$QP6

SUHVVLRQV9LNLQJ1HZ<RUN6ZRULQ&KXUFKLOO]LWLHUWZLUGHU  'RQDOG&DPHURQ:DWWª&KXUFKLOODQG$SSHDVHPHQW©LQ5%ODNH:
KDEHEHU6WDOLQJHVDJWHUVHLª]XJOHLFKHLQDEJHEUKWHUYHUVFKODJHQHU

DEHUDXFKVFKOHFKWLQIRUPLHUWHU5LHVH©'RFKVHOEVWGLHVHV=LWDW]HLJW
GD‰&KXUFKLOO6WDOLQLQHLQHJDQ]DQGHUH.DWHJRULHHLQRUGQHWHDOVGHQ
XQDXVVSUHFKOLFKE|VHQ+LWOHU:LHGLH$UEHLWHQYRQ-&KDUPOH\&3RQ

WLQJXQG7%HQ0RVKHDXVIKUOLFKGDUOHJHQZDU&KXUFKLOOVW\SLVFKH
(LQVWHOOXQJJHJHQEHU6WDOLQELV]XP.ULHJVHQGHYRQ)UHXQGVFKDIWXQG
%HZXQGHUXQJJHSUlJW%HUOLQV%HLWUDJPLWVHLQHUNLWVFKLJHQ9HUOLHEWKHLW
IUGHQªJU|‰WHQ0HQVFKHQXQVHUHU=HLW©PX‰PDQJHOHVHQKDEHQXP
5/RXLV+JDD2$QP6
 ,QHLQHP0HPRUDQGXPDQ$OH[DQGHU&DGRJDQYRP)RUHLJQ2IILFH5L
FKDUG/DPE7KH*KRVWVRI3HDFH0LFKDHO5XVVHOO6DOLVEX
U\(QJODQG6
 3HWHU+RIIPDQQ*HUPDQ5HVLVWDQFHWR+LWOHU+DUYDUG8QLYHUVLW\3UHVV
&DPEULGJH0DVV6GHUV7KH+LVWRU\RIWKH*HUPDQ
5HVLVWDQFH0,73UHVV&DPEULGJH0DVV6XQGGHUV
ª7KH4XHVWLRQRI:HVWHUQ$OOLHG&R2SHUDWLRQZLWKWKH*HUPDQ$Q
HV]XJODXEHQ(LQ,QGL]IUGLH8UVDFKHYRQ%HUOLQV/HLGHQVFKDIWLVWVHLQ WL1D]L&RQVSLUDF\©7KH+LVWRULFDO-RXUQDO
+LQZHLVDXV&KXUFKLOOV6\PSDWKLHIUªGDV5LQJHQGHU-XGHQIULKUH 6

6HOEVWEHVWLPPXQJLQ3DOlVWLQD©  *LOHV0DF'RQRJK$*RRG*HUPDQ$GDPYRQ7URWW]X6RO]2YHUORRN

 9JO-&KDUPOH\DD2$QP6IEH]JOLFKGHUÄ2SHUDWLRQ 3UHVV:RRGVWRFN1<6I

$UPSLW³8QWHUQHKPHQ$FKVHOK|KOHGHU$XVZHLWXQJGHV,WDOLHQ  5/DPEDD2$QP6/DPEEHJUQGHWGLHVH7KHVHDXVIKU
)HOG]XJHVPLWHLQHP9RUVWR‰QDFK:LHQ(QWJHJHQGHQ9HUWHLGLJHUQ OLFKXQGEHU]HXJHQGLQVHLQHP:HUN7KH*KRVWVRI3HDFHDD2$QP
&KXUFKLOOVDXVGHU=HLWGHV.DOWHQ.ULHJHVVFKOX‰IROJHUW&KDUPOH\
ª(VJLENDXP%HZHLVHGDIUGD‰&KXUFKLOOV8QWHUVWW]XQJIUÄ2SH
UDWLRQ$UPSLW³SROLWLVFKH0RWLYHKDWWH>«HUXQWHUVWW]WHVLH@DXVHL
QHP*UXQGGHQMHGHU6WXGHQWQDFKIKOHQNDQQVLHEHIOJHOWHVHLQH
3KDQWDVLH©

6=XHLQHPZHQLJHUVFKOVVLJHQ8UWHLONRPPW.OHPHQV
YRQ.OHPSHUHU*HUPDQ5HVLVWDQFH$JDLQVW+LWOHU7KH6HDUFKIRU$OOLHV
$EURDG&ODUHQGRQ2[IRUGEHV6ZRULQHU
GLH6FKZLHULJNHLWHQHLQHUMHGHQ9HUHLQEDUXQJ]ZLVFKHQGHUEULWLVFKHQ
5HJLHUXQJXQGGHPGHXWVFKHQ:LGHUVWDQGKHUYRUKHEW'LHVODJLQVEH
 9JO$-37D\ORUDD2$QP6I
ª(LQHU9HUVLRQIROJHQGVHL&KXUFKLOOEHUGDV$QZDFKVHQVRZMHWL
VFKHU0DFKWIOOHDODUPLHUWJHZHVHQXQGKDEHYHUVXFKW*HJHQPD‰
QDKPHQ]XHUJUHLIHQZHQQQLFKWVFKRQVRGRFK]XPLQGHVWHLQH

JDQ]H:HLOHYRU.ULHJVHQGH>«@(VLVWVFKZLHULJGLHVH$QVLFKWPLW
]HLWJHQ|VVLVFKHQ8QWHUODJHQ]XEHOHJHQ&KXUFKLOOVFKZDQNWHQLHPDOV
LQVHLQHU(QWVFKORVVHQKHLWGD‰1D]L'HXWVFKODQGY|OOLJYHUQLFKWHW
ZHUGHQPVVH>«@,PZHLWHUHQ6LQQHKDWWH&KXUFKLOONHLQHUOHLHXUR
SlLVFKH3ROLWLN6HLQH3HUVSHNWLYHZDUUHLQQHJDWLYGLH1LHGHUODJH
'HXWVFKODQGV>«@0LW&KXUFKLOOJDEHVLPPHUQXUHLQH6DFKH]XUJH
JHEHQHQ=HLW©
VRQGHUHDQGHU/R\DOLWlWGHU%ULWHQJHJHQEHULKUHQVRZMHWLVFKHQ9HU
EQGHWHQXQGDXIGHP%HVWHKHQGHU'HXWVFKHQHLQ1DFKNULHJVGHXWVFK
ODQGPVVHDOOHGHXWVFKEHVLHGHOWHQ*HELHWHXPIDVVHQZLHHWZD'DQ]LJ
XQGGDV6XGHWHQODQG
 0DULH9DVVLOWFKLNRYGLHGHQ9HUVFKZ|UHUQQDKHVWDQGGUFNWHLQLKUHQ
%HUOLQ'LDULHV.QRSI1HZ<RUN6LKUH9HU
EOIIXQJEHUGLHYRQGHQ%ULWHQHLQJHQRPPHQH+DOWXQJDXV
ª'LHDOOLLHUWHQ)XQNVSUFKHHUJHEHQIUXQVNHLQHQ6LQQVLHQHQQHQ
ZHLWHUKLQ1DPHQYRQ/HXWHQGLHVREHKDXSWHQVLHDQGHP3XWVFK
WHLOJHQRPPHQKDWWHQ$EHUHLQLJHYRQLKQHQVLQGQRFKQLFKWHLQPDORI
IL]LHOODQJHNODJWZRUGHQ,FKHULQQHUHPLFK$GDP7URWWJHZDUQW]X
 6LHKHDXFK7%HQ0RVKHDD2$QP6EH]JOLFKGHU KDEHQGD‰GLHVSDVVLHUHQZHUGH(UKRIIWHZHLWHUKLQDXIGLH8QWHU
QLFKWJHJHQGLHVRZMHWLVFKHQ*HZLQQHJHULFKWHWHQVGOLFKHQ6WUDWHJLH VWW]XQJGHU$OOLLHUWHQIUHLQÄDQVWlQGLJHV³'HXWVFKODQGXQGLFK

 (EHQGD6 VDJWHLKPLPPHUZLHGHU]XU=HLWVHLHQVLHGDUDXIDXV'HXWVFKODQG]X

 (LQ%HLVSLHOIUGDV$XVPD‰GHU8QUHGOLFKNHLW]XGHU&KXUFKLOOV$SROR ]HUVW|UHQMHGHV'HXWVFKODQGXQGGD‰VLHQLFKWDXIK|UHQZUGHQGLH
JHWHQ=XIOXFKWQHKPHQZLUGYRQ-RKQ.HHJDQLQª&KXUFKLOOV6WUDWHJ\© ÄJXWHQ³'HXWVFKHQ]XVDPPHQPLWGHQÄE|VHQ³]XYHUQLFKWHQ©

LQ5%ODNH:5/RXLV+JDD2$QP6JHOLHIHUWZRULQ  7%HQ0RVKHDD2$QP66LHKHDXFK$QQH$UP
HUEHU&KXUFKLOOEHKDXSWHW VWURQJ8QFRQGLWLRQDO6XUUHQGHU*UHHQZRRG:HVWSRUW&RQQ>@
ª$EHUHUWUDWZHGHUMHPDOVIUHLQHQZDKUOLFKXQZHLVHQVWUDWHJLVFKHQ XQG5/DPEDD2$QP68QWHUGHQKHIWLJVWHQ

9II*ÂÂ-DKUJDQJÂ+HIW 

 
.ULWLNHUQGHU3ROLWLNGHUEHGLQJXQJVORVHQ.DSLWXODWLRQ]XU.ULHJV]HLWZLH  $PQlFKVWHQ7DJIJWHGHU6WDEVFKHIKLQ]X
DXFKGHU%RPEDUGLHUXQJGHU=LYLOEHY|ONHUXQJEHIDQGVLFKGHU0LOL ª%H]GHVQHXHQ%RPEDUGLHUXQJVEHIHKOV,FKQHKPHDQGD‰NODULVW
WlUH[SHUWH/LGGHOO+DUWVLHKH%ULDQ%RQG/LGGHOO+DUW$6WXG\RIKLV GD‰GLHEHEDXWHQ*HELHWHGDV=LHOJHELHWVLQGXQGQLFKWEHLVSLHOVZHLVH
0LOLWDU\7KRXJKW5XWJHUV8QLYHUVLW\3UHVV1HZ%UXQVZLFN1- GLH+DIHQJHELHWHRGHU/XIWIDKUWIDEULNHQ©
6  6$*DUUHWWDD2$QP6,QGHPHUQDFKGHP.ULHJEHUGDV

 5/DPEDD2$QP6 =LHOGHU%RPEDUGLHUXQJHQORJXQGHV]XYHUWXVFKHQYHUVXFKWHKDW&KXU

 (EHQGD6 FKLOOLQGLUHNW]XJHJHEHQGD‰*UR‰EULWDQQLHQGDV.ULHJVY|ONHUUHFKWJH

 /RUG&KHUZHOODOV)ULHGULFK$OH[DQGHU/LQGHPDQQLQ%DGHQ%DGHQJH EURFKHQKDWWH(EHQGD6I

ERUHQ3URIHVVRUDQGHU8QLYHUVLWlW2[IRUG$QPG5HG  (EHQGD6I
 
 /RUG0RUDQ&KXUFKLOO7KH6WUXJJOHIRU6XUYLYDO+RXJK  5LFKDUG6ZHGEHUJ6FKXPSHWHU$%LRJUDSK\3ULQFHWRQ8QLYHUVLW\
WRQ0LIIOLQ%RVWRQ6I&KXUFKLOOVVFKQHOOHV$XIJUHLIHQGLHVHV 3UHVV3ULQFHWRQ1-6

WUJHULVFKHQ$UJXPHQWVZHFNWHUKHEOLFKH=ZHLIHODQ3DXO$GGLVRQ%H  6$*DUUHWWDD2$QP6

KDXSWXQJ&KXUFKLOOVHLLQGHU'RNWULQGHV)UHLKDQGHOVÄJHVFKXOW³JHZH
VHQGLHLQLKPWLHIYHUZXU]HOWJHZHVHQVHL&KXUFKLOORQWKH+RPH)URQW
3LPOLFR/RQGRQ60HKULQhEHUHLQVWLPPXQJ
PLWGHU%HZHLVODJHHLQVFKOLH‰OLFK&KXUFKLOOVY|OOLJHU$EOHKQXQJGHV
)UHLKDQGHOVLQGHQHU-DKUHQLVWGD‰HUGLH:LUWVFKDIWVWKHRULHGHU
 0+DVWLQJVDD2$QP6I,P1RYHPEHUVFKOXJ&KXU
FKLOOIUGHQ,WDOLHQ)HOG]XJYRU
ª$OOH,QGXVWULH]HQWUHQVROOWHQLQLQWHQVLYHU:HLVHDQJHJULIIHQXQGMHGH
$QVWUHQJXQJVROOWHXQWHUQRPPHQZHUGHQXPVLHXQEHZRKQEDU]XPD
FKHQXQGXPGLH%HY|ONHUXQJ]XWHUURULVLHUHQXQG]XSDUDO\VLHUHQ©
0DUNWZLUWVFKDIWEHQXW]WHRGHUYHUZDUIZLHHVLKPJHUDGHLQVSROLWLVFKH  &3RQWLQJDD2$QP6

.RQ]HSWSD‰WH  (LQHP+LVWRULNHUJHJHQEHUGHUHLQLJH'HWDLOVEHUSUIHQZROOWHEH

 0RUDQDD2$QP6I

 (EHQGD6'D‰GHU*HLVW]XPLQGHVWGHV0RUJHQWKDX3ODQVGLHDOOL
LHUWH1DFKNULHJVSROLWLNLQ'HXWVFKODQGZHLWHUKLQOHLWHWHZLUGLQ)UHGD
8WOH\V:HUN7KH+LJK&RVWRI9HQJHDQFH+HQU\5HJQHU\&KLFDJR
JH]HLJWGW.RVWSLHOLJH5DFKH5HSULQW9HUODJIUJDQ]KHLWOLFKH
PHUNWH&KXUFKLOO
ª,FKNDQQPLFKGDDQJDUQLFKWVHULQQHUQ,FKGDFKWHGLH$PHULNDQHU
WDWHQGDV/XIWZDIIHQFKHI0DUVKDOO+DUULVZlUHGLH3HUVRQGLH]XEH
IUDJHQZlUH©
 1RUPDQ5RVH&KXUFKLOO7KH8QUXO\*LDQW)UHH3UHVV1HZ<RUN
)RUVFKXQJXQG.XOWXU9L|O 6
 
 5/DPEDD2$QP66LHKHDXFK&3RQWLQJDD2$QP  6$*DUUHWWDD2$QP6

6XQG%/+DUWDD2$QP6  6LHKH%DUWRQ-%HUQVWHLQª$SRVWZDUP\WK86OLYHVVDYHG©

 'LHEULWLVFKHª%HVHVVHQKHLWPLWVFKZHUHQ%RPEHUQ©KDWWHDXFKDXIGLH %XOOHWLQRIWKH$WRPLF6FLHQWLVWV-XQH-XO\6XQG
.ULHJVDQVWUHQJXQJHQ$XVZLUNXQJHQ6LHIKUWH]XP%HLVSLHO]XHLQHP GHUVª:URQJ1XPEHUV©7KH,QGHSHQGHQW0RQWKO\-XO\6
0DQJHODQ.DPSIIOXJ]HXJHQLQ6LQJDSXU$-37D\ORUDD2$QP 6LHKHDXFKGHUVª6HL]LQJWKH&RQWHVWHG7HUUDLQRI(DUO\1XFOH
6=XP*HVDPWWKHPDVLHKH6WHSKHQ$*DUUHWW(WKLFVDQG$LUSRZHU DU+LVWRU\6WLPVRQ&RQDQWDQG7KHLU$OOLHV([SODLQWKH'HFLVLRQWR
LQ:RUOG:DU,,7KH%ULWLVK%RPELQJRI*HUPDQ&LWLHV6W0DUWLQ¶V
3UHVV1HZ<RUN6LHKHDXFK0D[+DVWLQJV%RPEHU&RPPDQG
'LDO3UHVV1HZ<RUN'DYLG,UYLQJ$SRFDO\SVH7KH'H
VWUXFWLRQRI'UHVGHQ9HULWDV/RQGRQ(ULF0DUNXVHQXQG'DYLG
.RSI7KH+RORFDXVWDQG6WUDWHJLF%RPELQJ*HQRFLGHDQG7RWDO:DU
LQWKHWK&HQWXU\:HVWYLHZ%RXOGHU&RORXQG%HQMDPLQ
&ROE\¶7ZDVD)DPRXV9LFWRU\$UOLQJWRQ+RXVH1HZ5RFKHOOH1<
6=XUEULWLVFKHQ$QZHQGXQJGHU/XIWVWUHLWNUlIWH]XU
Ä%HIULHGXQJ³NRORQLVLHUWHU9|ONHUVLHKH&KDUOHV7RZQVHQGª&LYLOL]DWLRQ
DQGÄ)ULJKWIXOQHVV³$LU&RQWUROLQWKH0LGGOH(DVW%HWZHHQWKH

8VHWKH$WRPLF%RPE©'LSORPDWLF+LVWRU\6ZR
GDUDXIKLQJHZLHVHQZLUGHLQZLFKWLJHV0RWLYGHUSROLWLVFKHQ(OLWHIU
GLHIUKH3URSDJDQGD.DPSDJQH]XU5HFKWIHUWLJXQJGHV$WRPERPEHQ
DEZXUIVVHLJHZHVHQHLQHPEHIUFKWHWHQ5FN]XJGHVDPHULNDQLVFKHQ
9RONHVLQGHQÄ,VRODWLRQLVPXV³YRU]XEDXHQ(VLVWLQWHUHVVDQW]XVHKHQ
GD‰5LFKDUG1L[RQPDQFKPDODXFKDOVÄYHUUFNWHU%RPEHU³YRQ,QGR
&KLQDEH]HLFKQHWGLHªDEVLFKWOLFKHQ$QJULIIHDXI=LYLOLVWHQ©UHFKWIHUWLJ
WHLQGHPHUDXIGLH$WRPERPEHQDEZUIHEHUMDSDQLVFKH6WlGWHVRZLH
DXIGLH$QJULIIHDXI+DPEXUJXQG'UHVGHQYHUZLHV5LFKDUG01L[RQ
ª/HWWHUVWRWKH(GLWRU©1HZ<RUN7LPHV
:DUV©LQ&KULV:ULJOH\+J:DUIDUH'LSORPDF\DQG3ROLWLFV(V  (ULNYRQ.XHKQHOW/HGGLKQ/HIWLVP5HYLVLWHG)URPGH6DGHDQG0DU[
VD\VLQ+RQRURI$-37D\ORU+DPLVK+DPLOWRQ/RQGRQ6 WR+LWOHUDQG3RO3RW5HJQHU\:DVKLQJWRQ'&6'LHVHV
 :HUNHQWKlOWHLQH9LHO]DKOVFKDUIVLFKWLJHU3DVVDJHQEHU&KXUFKLOO]%

 &3RQWLQJVDD2$QP6YJO+RUVW%RRJª7KH/XIWZDIIHDQG DXI6XQGIVRZLHEHU5RRVHYHOW

,QGLVFULPLQDWH%RPELQJXSWR©LQ+RUVW%RRJ+J7KH&RQGXFW  $OHNVDQGU,6RO]KHQLWV\Q7KH*XODJ$UFKLSHODJR$Q([
RIWKH$LU:DULQWKH6HFRQG:RUOG:DU%HUJ1HZ<RUN6 SHULPHQWLQ/LWHUDU\,QYHVWLJDWLRQ+DUSHUDQG5RZ1HZ<RUN
 6Q
 
 0+DVWLQJVDD2$QP6VFKULHE+DUULV  (EHQGD6I

ª,FKPHLQHGLHJDQ]HQhEHUEOHLEVHODOOHUGHXWVFKHQ6WlGWHVLQGQLFKW  3KLOLSSH%RXUGUHO/¶eSXUDWLRQVDXYDJH3HUULQ3DULV
GLH.QRFKHQHLQHVHLQ]LJHQEULWLVFKHQ*UHQDGLHUVZHUW© %GXQG0DXULFH%DUGqFKH+J/¶eSXUDWLRQ6RQGHU
 (EHQGD66SlWHUVFKULHE+DUULV
ª'LH'HXWVFKHQEHUOLH‰HQHVLKUHQ6ROGDWHQGLH3ROLWLNGHU/XIWZDIIH
YRU]XVFKUHLEHQGLHDXVGUFNOLFKGD]XHQWZRUIHQZDUGDV+HHUEHL

VFKQHOOHQ9RUVW|‰HQ]XXQWHUVWW]HQ>«@9LHO]XVSlWHUNDQQWHQVLH
GHQ9RUWHLOHLQHUVWUDWHJLVFKHQ%RPEHUIORWWH©

DXVJDEHYRQ'pIHQVHGH,¶2FFLGHQW-DQXDU)HEUXDUXQG6LVOH\
+XGGOHVWRQ)UDQFH7KH7UDJLF<HDUV'HYLQ$GDLU1HZ
<RUN6
 6LHKH]%5LFKDUG:HVW7LWRDQGWKH5LVHDQG)DOORI<XJRVODYLD&DU
UROODQG*UDI1HZ<RUN6I
 (PU\V+XJKHV:LQVWRQ&KXUFKLOO%ULWLVK%XOOGRJ([SRVLWLRQ1HZ

<RUN6

 3ULQFLSDO$VVLVWDQW6HFUHWDU\RIWKH$LU0LQLVWU\

 -06SDLJKW%RPELQJ9LQGLFDWHG*HRIIUH\%OHV/RQGRQ6
6SDLJKWHUNOlUWHGLH%ULWHQVROOWHQVWRO]GDUDXIVHLQGD‰
ªZLUGDPLWEHJDQQHQ2EMHNWHLPGHXWVFKHQ+DXSWJHELHW]XERPEDU
GLHUHQEHYRUGLH'HXWVFKHQGDPLWEHJDQQHQ2EMHNWHLPEULWLVFKHQ
+DXSWJHELHW]XERPEDUGLHUHQ©
 +LWOHUZDU]ZDUEHUHLWJHOHJHQWOLFK]XP0LWWHOGHVVWUDWHJLVFKHQ%RP
EDUGHPHQWV]XJUHLIHQ

ªMHGRFKZROOWHHUQLFKWGD‰HVDOOJHPHLQH3UD[LVZLUG(UWDWVHLQEH
VWHVXPHVGXUFKLQWHUQDWLRQDOH9HUWUlJH]XYHUELHWHQ©
 (EHQGD6'DHUZlKUHQGGHV.ULHJHVVFKULHEORJ6SDLJKWVHLQH

/HVHUIUHLOLFKDQLQGHPHUYHUVLFKHUWHGHXWVFKH=LYLOLVWHQZUGHQQXU
]XIlOOLJGXUFKEULWLVFKH%RPEDUGHPHQWVJHW|WHW
 
 $PZXUGHGHP%RPEHUNRPPDQGR%HIHKO1UEHUUHLFKW
LQGHPDQJHRUGQHWZXUGHGLH$QVWUHQJXQJHQVHLHQQXQ
ªDXIGLH0RUDOGHUIHLQGOLFKHQ=LYLOEHY|ONHUXQJXQGLQVEHVRQGHUHDXI
GLH,QGXVWULHDUEHLWHU]XULFKWHQ©

 &3RQWLQJDD2$QP6
 +HUEHUW0LW]ND=XU*HVFKLFKWHGHU0DVVHQGHSRUWDWLRQHQYRQ2VWGHXW
VFKHQLQGLH6RZMHWXQLRQLP-DKUH$WHOLHU+EQHU(LQKDXVHQ
%H]JOLFKZHLWHUHU9HUEUHFKHQDQGHXWVFKHQ=LYLOLVWHQQDFKGHP
.ULHJHVLHKHXD+HLQ]1DZUDWLO'LHGHXWVFKHQ1DFKNULHJVYHUOXVWHXQ
WHU9HUWULHEHQHQ*HIDQJHQHQXQG9HUVFKOHSSWHQ+HUELJ0Q
FKHQ%HUOLQ-RKQ6DFN$Q(\HIRUDQ(\H%DVLF%RRNV1HZ
<RUNXQG-DPHV%DFTXH9HUVFKZLHJHQH6FKXOG'LHDOOLLHUWH%H
VDW]XQJVSROLWLNLQ'HXWVFKODQGQDFK8OOVWHLQ%HUOLQ)UDQNIXUWD
0
 $OIUHGGH=D\DV1HPHVLVDW3RWVGDP7KH$QJOR$PHULFDQVDQGWKH
([SXOVLRQRIWKH*HUPDQV%DFNJURXQG([HFXWLRQ&RQVHTXHQFHV
5RXWOHGJHDQG.HJDQ3DXO/RQGRQ
 *DVSDU07DPDVª7KH9DQLVKLQJ*HUPDQV©7KH6SHFWDWRU
6
 =XU.ULWLNDQGHQ1UQEHUJHU7ULEXQDOHQYJO/RUG+DQNH\3ROLWLFV
7ULDOVDQG(UURUV+HQU\5HJQHU\&KLFDJRXQG)-39HDOH
$GYDQFHWR%DUEDULVP7KH'HYHORSPHQWRI7RWDO:DUIDUHIURP6HUDMH
YRWR+LURVKLPD'HYLQ$GDLU1HZ<RUN
9II*ÂÂ-DKUJDQJÂ+HIW

 
 -&KDUPOH\DD2$QP6 +JDD2$QP6$GGLVRQIKUWDXV

 5REHUW%RRWK\5HFROOHFWLRQVRID5HEHO+XWFKLVRQ/RQGRQ6 ª%LV]XP)UKOLQJKDWWHGLH.RDOLWLRQVUHJLHUXQJ*HVHW]HQWZUIH
I IUHLQHXPIDVVHQGH6R]LDOYHUVLFKHUXQJ)DPLOLHQQDFKOlVVHXQGHLQHQ

 &KXUFKLOODD2$QP6LYY QDWLRQDOHQ*HVXQGKHLWVGLHQVWYRUEHUHLWHW©$OV2SSRVLWLRQVIKUHUGHU

 51LVEHWDD2$QP6 QlFKVWHQVHFKV-DKUHªPDFKWH>&KXUFKLOO@XQYHUlQGHUOLFKGLH%HKDXS

 9JO5REHUW+LJJVª7KH&ROG:DU(FRQRP\2SSRUWXQLW\&RVWV,GHR WXQJGHU$UEHLWHUSDUWHLVWUHLWLJVLHKDEHHLQ0RQRSRODXIGLHVR]LDOH
ORJ\DQGWKH3ROLWLFVRI&ULVLV©([SORUDWLRQVLQ(FRQRPLF+LVWRU\ )UDJHXQGEHVWDQGGDUDXIGD‰GDV9HUGLHQVWIUGLH9HUWHLOXQJGHU
6 1DFKNULHJVZRKOIDKUWGHU.ULHJVNRDOLWLRQ]XVWQGHXQGQLFKWGHU

 /XGZLJYRQ0LVHV+XPDQ$FWLRQ<DOH8QLYHUVLW\3UHVV1HZ+DYHQ $WWOHH5HJLHUXQJ©
&RQQ6  %H]JOLFKHLQHU*HJHQPHLQXQJYJO.HYLQ-HIIUH\V7KH&KXUFKLOO&RDOL

 -&KDUPOH\DD2$QP69JO3HWHU&ODUNH/LEHUDOVDQG
6RFLDO'HPRFUDWV&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH6


ª$OVGLH&KXUFKLOO.RDOLWLRQLP0DLJHELOGHWZXUGHWHLOWHVLH

GHP6R]LDOLVPXVHLQH]HQWUDOHSROLWLVFKH5ROOH]XGLHLKPVHLW
QLFKWPHKU]XWHLOJHZRUGHQZDU'HU9RONVNULHJKDWWHHLQH9RONVIK

UXQJ]XU)ROJHLQGHUJHZ|KQOLFKH6R]LDOLVWHQXQGJXWH/LEHUDOHGLH
DXIVWHLJHQGHQ(OHPHQWHZDUHQ>«@$QWL%HIULHGXQJDQWL
WLRQDQG:DUWLPH3ROLWLFV0DQFKHVWHU8QLYHUVLW\3UHVV
0DQFKHVWHU
 :+*UHHQOHDI7KH%ULWLVK3ROLWLFDO7UDGLWLRQ%G7KH,GHRORJLFDO
+HULWDJH0HWKXHQ/RQGRQ6I
 $QGUHZ5REHUWV(PLQHQW&KXUFKLOOLDQV6LPRQDQG6FKXVWHU1HZ<RUN
6
 (EHQGD65REHUWVZHLVWGDUDXIKLQ
ª$OVGLH6WDKOLQGXVWULHSULYDWLVLHUWZXUGHZXUGHVLHGHQQRFKLP
DSSHDVHPHQWZDUGHUGRPLQLHUHQGH0\WKRV(UKDOIGHQ6FKXOGLJHQ 3ULQ]LSZHLWHUKLQEHUGHQÄ,URQDQG6WHHO%RDUG³JHIKUW©

YRQ0QFKHQ]XYHUGUlQJHQXQGHUKDOIDXFKGHQ&KDPEHUODLQ  5R\-HQNLQVª&KXUFKLOO7KH*RYHUQPHQWRI©LQ5%ODNH
.RQVHQVLQGHU,QQHQSROLWLNEHUGHQ+DXIHQ]XZHUIHQ.H\QHVNDP :5/RXLV+JDD2$QP6

SO|W]OLFK]XHLQHU6FKOVVHOVWHOOXQJLP)LQDQ]PLQLVWHULXP'LHSDWULR  3DXO$GGLVRQDD2$QP6

WLVFKH5HDNWLRQGHU/DERXU3DUWHL]XUJHPHLQVDPHQ6DFKHZXUGH  $5REHUWDD2$QP6

GXUFKGLHPDVVLYH3UlVHQ]YRQ(UQHVW%HYLQDOV$UEHLWVPLQLVWHUV\P  &6/HZLV7KDW+LGHRXV6WUHQJWK$0RGHUQ)DLU\7DOHIRU
EROLVLHUW© *URZQ8SV&ROOLHU1HZ<RUN>@6

 3DXO$GGLVRQª&KXUFKLOODQG6RFLDO5HIRUP©LQ5%ODNH:5/RXLV






%ULWLVFKH.ULHJVYHUEUHFKHQ
9RQ9LYLDQ%LUG

 -DKUH QDFK GHP Ä:DIIHQVWLOOVWDQG³ YRP  1RYHPEHU  NRPPW HQGOLFK GLH :DKUKHLW KHUDXV HQJOLVFKH
6ROGDWHQKDEHQRIWLKUH*HIDQJHQHQHUVFKRVVHQ6FKHX‰OLFKNHLWHQZLHVLHLQGLHVHP$UWLNHOEHVFKULHEHQZHUGHQ
KDEHQVLFKHUOLFKGHQ(UVWHQ:HOWNULHJYHUOlQJHUW8QGZDVGLH%ULWHQLP(UVWHQ:HOWNULHJHUSUREWHQGDVKDEHQVLH
GDQQ LP =ZHLWHQ :HOWNULHJ ]XU 0HLVWHUOHLVWXQJ JHVWHLJHUW 'LH 0DVVHQDEVFKODFKWXQJ KLOI XQG ZHKUORVHU 0HQ
VFKHQ 6LU +DUWOH\ 6KDZFURVV GHU LQ]ZLVFKHQ EHWDJWH +DXSWDQNOlJHU EHLP VRJHQDQQWHQ 1UQEHUJHU 3UR]H‰ KDW
NU]OLFKHLQJHVWDQGHQGD‰HUZlKUHQGGLHVHUVFKOLPPHQ-XVWL]IDUFHLQQHUOLFKJHZQVFKWKDEHDXFKGLHJUR‰HQDO
OLLHUWHQ.ULHJVYHUEUHFKHUYRU*HULFKWVWHOOHQ]XN|QQHQ(UPHLQWHQDWUOLFK:LQVWRQ&KXUFKLOO)UDQNOLQ'5RR
VHYHOWDQG-RVHI6WDOLQGUHLGHUVFKOLPPVWHQ0DVVHQP|UGHUGLHGHUJDQ]HQ0HQVFKKHLW]XU6FKDQGHJHUHLFKHQ

'LHHUVWH5XQGH$XIZlUPEXQJHQ :UGHQ HUODQJHQ VROOWH VDK GLH 'HXWVFKHQ DOV %UXGHUYRON
,QGHQ(ULQQHUXQJHQHQJOLVFKHU.ULHJVYHWHUDQHQDXVGHP(U GHVVHQ 6ROGDWHQ IU HLQH LKUHU $QVLFKW QDFK JHUHFKWH 6DFKH
VWHQ:HOWNULHJ±VHLHQVLHLQ)RUPYRQ5RPDQHQRGHU7DWVD NlPSIWHQ6SlWHUZXUGHHUHLQJOKHQGHU%HZXQGHUHUGHVYRQ
FKHQEHULFKWH±ZHUGHQLKUHGHXWVFKHQ*HJQHUVHOWHQVFKOHFKW $GROI+LWOHUEHJUQGHWHQQHXHQ'HXWVFKODQGVXQGHUVDKGHQ
JHPDFKWRGHULKQHQGXUFKLUJHQGHLQH6HLWH*UHXHOWDWHQJHJHQ =ZHLWHQ :HOWNULHJ DOV HLQ YROOHQGHWHV 8QJOFN IU (QJODQG
.ULHJVJHIDQJHQHXQWHUVWHOOW7DWVlFKOLFKZDUQlPOLFKHKHUGDV XQG'HXWVFKODQGDQ
*HJHQWHLOGHU)DOO'DVHUJLEWVLFKDXVGHQ:HUNHQEHUKPWHU 6ROFKH (PSILQGXQJHQ ZXUGHQ DXFK YRQ YLHOHQ 8QWHURIIL]LH
'LFKWHU XQG 6FKULIWVWHOOHU GHV (UVWHQ :HOWNULHJHV ZLH HWZD UHQXQG0DQQVFKDIWHQXQGLKUHQ2IIL]LHUHQJHlX‰HUW'HU9D
6LHJIULHG6DVVRRQ:LOIUHG2ZHQ5LFKDUG$OGLQJWRQ+HQU\ WHUGHV$XWRUVGLHVHV$UWLNHOVZDUZlKUHQGGHQVFKUHFNOLFKHQ
:LOOLDPVRQ5REHUW*UDYHVRGHUYLHOHUDQGHUHU*UDYHV]ROOW 6FKODFKWHQ DQ GHU 6RPPH +DXSWPDQQ EHL GHQ N|QLJOLFKHQ
LQVHLQHP5RPDQ*RRG%\HWR$OO7KDWGHUWDWVlFKOLFKHLQH
QXUGUIWLJDOV5RPDQJHWDUQWH$XWRELRJUDSKLHZDUGHQGHXW
VFKHQ 6ROGDWHQ $QHUNHQQXQJ LQGHP HU DXV GHP 6FKOLPPHQ
VHLQHU HLJHQHQ .ULHJVHULQQHUXQJHQ DEOHLWHW GD‰ VLH ZlKUHQG
GHP JUR‰HQ DOOLLHUWHQ 9RUVWR‰ YRP 2NWREHU  QLHPDOV
ZLUNOLFK EHVLHJW ZRUGHQ ZDUHQ 8QG HU HQGHW VHLQ %XFK PLW
GHU%HPHUNXQJ
ª=XP6FKOX‰IKOWHQZLUGD‰ZLUGLH)UDQ]RVHQXQGQLFKW
GLH'HXWVFKHQKlWWHQEHNULHJHQVROOHQ©
+HQU\:LOOLDPVRQHLQZHLWHUHU9HWHUDQGHV6FKW]HQJUDEHQV
GHU VSlWHU PLW VHLQHP %XFK 7DUND WKH 2WWHU 1REHOSUHLV
9II*ÂÂ-DKUJDQJÂ+HIW
3LRQLHUHQ 5R\DO (QJLQHHUV XQG VSUDFK RIW YRQ GHU 5LWWHU
OLFKNHLWGHUGHXWVFKHQ6ROGDWHQGLHVFKODJDUWLJLKU0DVFKLQHQ
JHZHKUIHXHUHLQVWHOOWHQZHQQGLH]HUVSUHQJWHQ5HVWHEULWLVFKHU
5HJLPHQWHU QDFK YHUJHEOLFKHQ )URQWDODQJULIIHQ GLH )HOGPDU
VFKDOO+DLJEHIRKOHQKDWWH]XLKUHQ/LQLHQ]XUFNWDXPHOWHQDOV
(KUHQEH]HXJXQJIUGLHDX‰HUJHZ|KQOLFKH7DSIHUNHLWGHUEULWL
VFKHQ ,QIDQWHULH 7URW] GLHVHU *HIKOH EHL YLHOHQ HQJOLVFKHQ
6ROGDWHQDOOHU'LHQVWJUDGHJDEHVOHLGHUHLQHQJUR‰HQ7HLOGHV
EULWLVFKHQ+HHUHVGHUJDQ]DQGHUVGDFKWHXQGKDQGHOWH
*HJHQ  ZDUHQ YLHOH $QJHK|ULJH GHU DOWHQ %HUXIVDUPHH
JHW|WHWRGHUVFKZHUYHUZXQGHWZRUGHQXQGDQLKUH6WHOOHWUD


WHQ 0DVVHQ XQHUIDKUHQHU :HKUSIOLFKWLJHU GLH LQ GHU LPPHU
EUXWDOHU ZHUGHQGHQ +|OOH GHV 6FKW]HQJUDEHQ.ULHJHV VWHN
NHQEOLHEHQ
,PPHU ZLHGHUNHKUHQGH $QJULIIH XP HLQ SDDU KXQGHUW 0HWHU
DXIJHZHLFKWHQ PLW *UDQDWHQWULFKWHUQ EHGHFNWHQ %RGHQ ]X
JHZLQQHQ RIW JHIROJW YRQ HLQHP 5FN]XJ NRVWHWHQ HLQHQ
HQRUPHQ 7ULEXW DQ /HEHQ 'HU *UR‰WHLO GLHVHU :HKUSIOLFKWL
JHQ$UPHHDXV$UEHLWHUQXQG/HXWHQGHUXQWHUHQ0LWWHONODVVH
ZDUEHUHLWVGXUFK-DKUHLQGXVWULHOOHUXQGNRPPHU]LHOOHU$XV
EHXWXQJ YHUURKW ZRUGHQ XQG IU GHQ EULWLVFKHQ *HQHUDOVWDE
ZDUHQVLHZLHHQWEHKUOLFKHV9LHKXQGZXUGHQDXFKDOVVROFKHV
EHKDQGHOW
%HYRUVLH(QJODQGYHUOLH‰HQZDUHQGLHVH6ROGDWHQGHUXQDXI
K|UOLFKHQ +D‰SURSDJDQGDDXVJHVHW]WGLHYRQGHU1RUWKFOLII
3UHVVH XQG DQGHUHQ DXVJHVSXFNW ZXUGH GLH GLH Ä+XQQHQ³
OHW]WH (V JDE DXFK HLQHQ ZHLWYHUEUHLWHWHQ 6FKZDFKVLQQ XQG
HLQH,JQRUDQ]YHUEXQGHQPLWHLQHPEHUNRPPHQHQ+D‰GHV
,QVXODQHUVDXIDOOH$XVOlQGHUGLHYRQ1DWXUDXVMHGHPDOVXQ
WHUOHJHQ DQJHVHKHQ ZXUGHQ GHU YRQ *HEXUW DQ %ULWH ZDU
/RUG 3RQVRQE\ XQWHUVXFKW LQ VHLQHP DXVJH]HLFKQHWHQ %XFK
$EVLFKWOLFKH/JHQLQ.ULHJV]HLWHQGHQSV\FKRORJLVFKHQ+LQ
WHUJUXQG GHUHU GLH YRQ GLHVHP +D‰ YHUJLIWHW ZXUGHQ XQG
GHFNWDXFKGLHKLPPHOVFKUHLHQGHQ/JHQGHUHQJOLVFKHQ3UR
SDJDQGDLP(UVWHQ:HOWNULHJDXI
,Q VHLQHP MQJVW HUVFKLHQHQ %XFK 7KH 3LW\ RI :DU JUXE GHU
MXQJH EULWLVFKH +LVWRULNHU 1LDOO)HUJXVRQVHOEVWHLQ6FKRWWH
HLQLJH DX‰HURUGHQWOLFK VFKRFNLHUHQGH 9RUIlOOH YRQ *UHXHOWD
WHQ JHJHQ .ULHJVJHIDQJHQH DXV HLQVFKOLH‰OLFK GHU YRQ ªGHQ
'DPHQ DXV GHU +|OOH© ± VR QDQQWHQ GLH GHXWVFKHQ 6ROGDWHQ
GLH 7UXSSHQ DXV GHP +RFKODQG PLW LKUHQ 6FKRWWHQU|FNHQ
JHPHLQW ZDUHQ GLH 'HXWVFKHQ DOV JHPHLQH XQPHQVFKOLFKH
0RQVWHU GDUVWHOOWHQ GHQHQ PDQ QLHPDOV 3DUGRQ JHZlKUHQ
VROOWH'LHVH+XQQHQVFKODFKWHWHQDQJHEOLFKJDQ]NOHLQH.LQ
GHUDEYHUJHZDOWLJWHQ)UDXHQDXIGDV*UDXVDPVWHXQGZDUHQ
IHLJH 0|UGHU 6LH ZDUHQ Y|OOLJ MHQVHLWV GHU *UHQ]HQ GHV (U
ODXEWHQXQGYHUGLHQWHQQLFKWGDVJHULQJVWH(UEDUPHQ
6R HQWZLFNHOWH VLFK LP (UVWHQ :HOWNULHJ LQ NUDVVHP *HJHQ
VDW] ]X GHQ *HIKOHQ GHV EHVVHUHQ 7\SV GHV EULWLVFKHQ
Ä7RPP\³EHLGHQ8QWHURIIL]LHUHQXQG0DQQVFKDIWHQGHUEUL
WLVFKHQ $UPHH XQG HLQLJHQ K|KHUHQ 2IIL]LHUHQ HLQH DQGHUH
XQGGDYRQVHKUYHUVFKLHGHQH+DOWXQJGLHQLHLQGHURIIL]LHO
OHQ .ULHJVJHVFKLFKWH HUZlKQW ZXUGH +LHU JHKW HV XP GLH
ZLOONUOLFKH(UVFKLH‰XQJYRQGHXWVFKHQ6ROGDWHQGLHVLFKHU
JHEHQ KDWWHQ YRQ GHQHQ YLHOH YHUZXQGHW ZDUHQ 'LHV ZDUHQ
NDOWEOWLJ GXUFKJHIKUWH (UVFKLH‰XQJHQ XQG GXUFKDXV QLFKW
LQYHUHLQ]HOWHQ)lOOHQ
)HUJXVRQV1DFKIRUVFKXQJHQ]XIROJHHUVFKRVVHQGLHEULWLVFKHQ
6ROGDWHQLP(UVWHQ:HOWNULHJRIWLKUH*HIDQJHQHQHLQH7DW
VDFKHGLHEHU-DKUHODQJYHUKHLPOLFKWZRUGHQLVW)HUJX
VRQ LVW EHU]HXJW GD‰ VROFKH *UHXHO WDWVlFKOLFK GHQ (UVWHQ
:HOWNULHJYHUOlQJHUWKDEHQZHLOLQIROJHGHVVHQGLHGHXWVFKHQ
6ROGDWHQ OLHEHU ELV ]XP (QGH NlPSIWHQ DOV VLFK JHIDQJHQ
QHKPHQXQGHUVFKOLH‰HQ]XODVVHQ
:LH LQ DOOHQ .ULHJHQ ZXUGHQ JHIDQJHQH *HJQHU DOV 4XHOOHQ
QW]OLFKHU 1DFKULFKWHQ ZLH DXFK DOV ELOOLJH $UEHLWVNUlIWH DQ
JHVHKHQ$EHU)HUJXVRQKDWELVODQJXQEHNDQQWH%HZHLVH]XP
9RUVFKHLQ JHEUDFKW GD‰ EULWLVFKH 6ROGDWHQ RIW LKUHP 'UDQJ
QLFKW ZLGHUVWHKHQ NRQQWHQ GHXWVFKH .ULHJVJHIDQJHQH ]X W|
WHQ'LHVZDURIIHQEDUHLQ%UXFKGHV$UWLNHOVFGHU+DDJHU
/DQGNULHJVRUGQXQJ GHU EHVWLPPW GD‰HVYHUERWHQLVWHLQHQ
*HIDQJHQHQ]XW|WHQRGHU]XYHUZXQGHQGHUVLFKGXUFK1LH
GHUJHOHJHQVHLQHU:DIIHQHUJHEHQKDW(VLVW]XGHPHLQH9HU
(V JDE XQG JLEW P|JOLFKHUZHLVH LPPHU QRFK HLQ JDQ] ZL
GHUOLFKHV (OHPHQW EHL PDQFKHQ EULWLVFKHQ 0LOLWlUV GDV GLH
DOOJHPHLQH$QVWlQGLJNHLWXQG0HQVFKOLFKNHLWPL‰DFKWHWHXQG
9HUWUlJH ZLH GLH *HQIHU .RQYHQWLRQ PLW LKUHU 9HUHLQEDUXQJ
EHU HLQH IDLUH %HKDQGOXQJ YRQ .ULHJVJHIDQJHQHQ JURE YHU
 5HJLPHQWV GLH EHL 6W -XOLHQ JHIDQJHQ JHQRPPHQ ZRUGHQ
'HUIUDQ]|VLVFKH*HQHUDO-RVHSK-RIIUHGHUIUDQ]|VLVFKH
3UlVLGHQW5D\PRQG3RLQFDUp.|QLJ*HRUJH9GHUIUDQ]|
VLVFKH*HQHUDO)HUGLQDQG)RFKXQG*HQHUDO6LU'RXJODV
+DLJKDOWHQLP$XJXVWHLQH=XVDPPHQNXQIWLP6FKOR‰
%HDXTXHVQHDE(LQHQJOLVFKHU-RXUQDOLVWGHU+DLJV
6FKOR‰+DXSWTXDUWLHUEHVXFKWHPHLQWHGD‰LQPLWWHQ
GHV.UDFKHVGHV$UWLOOHULH)HXHUV³GDV/HEHQYRQ6LU
OHW]XQJ GHV $UWLNHOV G GHU GHQ %HIHKO YHUELHWHW GD‰ NHLQ
3DUGRQJHJHEHQZLUG'LHEHVWU]HQGH:DKUKHLWEHUGLHEUL
WLVFKH$UPHHLP(UVWHQ:HOWNULHJLVWGD‰GLHVH%HVWLPPXQ
JHQRIWQLFKWHLQJHKDOWHQZXUGHQXQGLQPDQFKHQ)lOOHQDXI
%HIHKOYRQREHQ
%DOGQDFKGHP(UVWHQ:HOWNULHJYHU|IIHQWOLFKWHHLQGHXWVFKHU
0LOLWlUDU]WHLQH5HLKHYRQ$QVFKXOGLJXQJHQEHU7|WXQJYRQ
.ULHJVJHIDQJHQHQGXUFKEULWLVFKH7UXSSHQ0DQFKHEULWLVFKH
6ROGDWHQVREHKDXSWHWHHUªHUVFKRVVHQRKQHJUR‰H8PVWlQ
GH©*HIDQJHQHGLH]XVFKZHUYHUZXQGHWZDUHQXPKLQWHUGLH
)URQWJHVFKDIIW]XZHUGHQ
/DXW =HXJQLV HLQHV )HOGZHEHO 'UHZHQLFN EH]JOLFK GHU
6FKODFKWYRQ3RVHQZXUGHQLP0DL
ªHWZD  0lQQHU GHU >GHXWVFKHQ@  ,QIDQWHULH5HVHUYH
GLH LQ HLQHP *UDEHQ DEJHVFKQLWWHQ ZDUHQ XQG VLFK HLQHP
HQJOLVFKHQ6HUJHDQWHQHUJHEHQKDWWHQJHW|WHWZlKUHQGVLH
DEJHIKUWZXUGHQ©
9LHU 0RQDWH VSlWHU EHKDXSWHWH GHU ,QIDQWHULVW 2EHUEHFN DXV
+DQQRYHU GD‰  RGHU/HXWHGHV,QIDQWHULH5HVHUYH
ZDUHQ
ªLQHLQ%HWRQ+DXVLQGHU1lKHGHU]ZHLWHQ/LQLHGHU(QJ
OlQGHU JHVFKLFNW ZXUGHQ 'LH PHLVWHQ YRQ LKQHQ ZXUGHQ
GXUFK+DQGJUDQDWHQXQG5HYROYHUVFKVVHJHW|WHW©
(QJOLVFKH6ROGDWHQNRQQWHQDXFKEUXWDOZHUGHQZHQQVLHYRQ
*HIDQJHQHQ%HXWHIRUGHUWHQ+XJR=LPPHUPDQQ]XIROJH
'RXJODV+DLJGHPHLQHVJUR‰HQVFKRWWLVFKHQ6FRWFK>VLF@
*HOHKUWHQlKQHOWHGHUVHLQH/lQGHUHLHQVHOEVWYHUZDOWHQ
ZLOO´*HKWPDQ]XUFN]X+DLJVIUKHU9HUJDQJHQKHLWDOV
.RUSV.RPPDQGHXUGDQQLVWVHLQ1DPHPHKUDOVGHUHLQHV
MHGHQDQGHUHQZHVWOLFKHQ%HIHKOVKDEHUVDXIGHP6FKODFKW
IHOGPLWXQQ|WLJHQ0DVVHQDEVFKODFKWXQJHQYHUEXQGHQ

ª(LQHP >'HXWVFKHQ@GHUYRU(UUHJXQJVHLQHQ*UWHOQLFKW
VFKQHOOJHQXJDEPDFKHQNRQQWHZXUGHLP1RYHPEHU
GDV%DMRQHWWGXUFKGHQJDQ]HQ.|USHUJHVWR‰HQ©
%ULWLVFKH .RPPDQGHXUHVWULWWHQDEGD‰VLFKVROFKH9RUIlOOH
MHHUHLJQHWKlWWHQ*HQHUDOOHXWQDQW6LU-RKQ0RQDVKEHKDXS
9II*ÂÂ-DKUJDQJÂ+HIW

WHWH LQ VHLQHP %HULFKW EHU GHQ )HOG]XJ GHU DXVWUDOLVFKHQ
$UPHHLQ)UDQNUHLFK
ª0LUNDPQLHPDOVHLQ)DOOYRQ%UXWDOLWlWRGHU8QPHQVFK
OLFKNHLWJHJHQ*HIDQJHQH]XU.HQQWQLV©
,QVHLQHQ.ULHJVPHPRLUHQ$3ULYDWHLQWKH*XDUGVEHVFKUHLEW
GHU 6FKULIWVWHOOHU 6WHSKHQ *UDKDP ZLH LKP YRQ HLQHP $XV
ELOGHUJHVDJWZLUG
ª'HU ]ZHLWH %DMRQHWW0DQQ W|WHW GLH 9HUZXQGHWHQ 'X
NDQQVW HV GLU QLFKW OHLVWHQ YRQ YHUZXQGHWHQ )HLQGHQ GLH
XPGHLQH)‰HKHUXPOLHJHQEHKLQGHUW]XZHUGHQ6HLQLFKW
]LPSHUOLFK 'LH $UPHH UVWHW GLFK PLW HLQHP JXWHQ 3DDU
6WLHIHODXV'XZHL‰WZLHPDQVLHEHQXW]W©
*UDKDPIlKUWVSlWHUIRUWPLWGHU%HVFKUHLEXQJZLH
ªGHU*HGDQNH*HIDQJHQH]XPDFKHQXQEHOLHEWZXUGH(LQ
JXWHU 6ROGDW ZDU GHU GHU NHLQH *HIDQJHQH ]X PDFKHQ
SIOHJWH :HQQ PDQ DXIJHIRUGHUW ZXUGH *HIDQJHQH ]XP
(LQVSHUUHQ]XHVNRUWLHUHQZDUHVLPPHUJHUHFKWIHUWLJWVLH
XQWHUZHJV ]X W|WHQ XQG ]X VDJHQ GD‰ VLHYHUVXFKWKlWWHQ
]XIOLHKHQ©
*UDKDP EHULFKWHW YRQ HLQHP EULWLVFKHQ 6ROGDWHQ GHU
ªVFKZRUQLHHLQHQ*HIDQJHQHQ]XPDFKHQ©XQGIJWKLQ]X
ª'LH$XIIDVVXQJGLHLQGHU$UPHEH]JOLFKGHU'HXWVFKHQ
JHSIOHJW ZXUGH ZDU GD‰ VLH HLQH $UW 8QJH]LHIHU ZDUHQ
HWZDZLH3HVWHUUHJHUGLHDXVJHO|VFKWZHUGHQPX‰WHQ© 
0DQPX‰XQWHUVFKHLGHQ]ZLVFKHQGHP7|WHQGDVDXIEHLGHQ
6HLWHQ LQ GHU +LW]H GHV*HIHFKWVHUIROJWHXQGGHQNDOWEOWLJ
GXUFKJHIKUWHQ 7|WXQJHQ DX‰HUKDOE GHV 6FKODFKWIHOGHV (LQ
7DJHEXFKGDVHLQ)HOGZHEHOQDPHQV+DUU\)LQFKYRP5R\
:DKQVLQQHUUHJWZDUHQJHUHLFKWLKQHQGLHVHUNU|QHQGH$NW
GHU*QDGHJHJHQLKUH)HLQGH]XHZLJHU(KUH©
'LH7DWVDFKHGD‰HUKLHUYRQVREHHLQGUXFNWZDUGHXWHWHKHU
GDUDXIKLQGD‰GLHVGLH$XVQDKPHXQGQLFKWGLH5HJHOZDU
(LQDQGHUHUEULWLVFKHU6ROGDWHULQQHUWHVLFK
ª'HXWVFKH GLH VLFK HUJDEHQ NURFKHQ RIW DXI GHQ .QLHQ
XQG KLHOWHQ PLW GHQ +lQGHQ HLQ %LOG YRQ HLQHU )UDXRGHU
HLQHP .LQG EHU LKUHQ .RSI ±DEHU DOOH ZXUGHQ JHW|WHW
'LH $XIUHJXQJ ZDU YRUEHL :LU W|WHWHQ NDOWEOWLJ ZHLO HV
XQVHUH 3IOLFKW ZDU VR YLHOH ZLH QXU P|JOLFK ]X W|WHQ ,FK
GDFKWHRIWPDOVDQGLH/XVLWDQLD-DLFKKDWWHVRJDUIUGLH
VHQ 7DJ GHU 5DFKH JHEHWHW XQG DOV HU NDP W|WHWHLFKJH
QDXVRYLHOHZLHLFKPLUYRP6FKLFNVDOHUKRIIWKDWWHW|WHQ
]XN|QQHQ©
'LHVH %H]XJQDKPH DXI GLH 9HUVHQNXQJ GHU /XVLWDQLD LVW LQ
WHUHVVDQWZHLOVLH]HLJWZLHGLHVHUYHUURKWH6ROGDWGXUFK/
JHQEHUGHQ9HUOXVWGLHVHV6FKLIIHVEHHLQIOX‰WZRUGHQLVW(V
LVWYRQ&ROLQ6LPSVRQLQVHLQHPDXVJH]HLFKQHWHQ%XFKKLHU]X
DO 6XVVH[ 5HJLPHQW DP HUVWHQ 7DJ GHU 6FKODFKW YRQ <SHUQ
IKUWHOLHIHUWHLQLJHHQWODUYHQGH(LQ]HOKHLWHQ
ª:LUVFKLFNWHQ+DXIHQYRQ*HIDQJHQHQ]XUFN6LHZDUHQ
YROOVWlQGLJ]X7RGHHUVFKURFNHQ0DQFKHUGHUDUPHQ7HX
IHO ZXUGH NDOWEOWLJ GXUFK XQVHUH HUUHJWHQ 0lQQHU HU
VFKRVVHQ©
&KDUOHV7DPHVHLQHLQIDFKHU*HIUHLWHULQGHU+RQRXUDEOH$U
WLOOHU\&RPSDQ\EHVFKUHLEWHLQHQ9RUIDOOQDFKHLQHP$QJULII
EHL%HOOHZDDUGHEHL<SHUQ
ª:LU ZDUHQ DFKW 6WXQGHQ ODQJ XQWHU GHU %RPEDUGLHUXQJ
)U PLFK ZDU HV IDVW ZLH HLQ 7UDXP :LU PVVHQ GDPDOV
VFKOLFKWZHJZDKQVLQQLJJHZHVHQVHLQ(LQLJHGHU.XPSHOV
VDKHQ JDQ] YHUUFNW DXV QDFKGHP GDV )HXHU YRUEHL ZDU
$OV ZLU LQ GLH GHXWVFKHQ 6FKW]HQJUlEHQ HLQGUDQJHQIDQ
GHQZLU+XQGHUWH'HXWVFKHGLHGXUFKXQVHUHQ%HVFKX‰LQ
6WFNH JHULVVHQ ZRUGHQ ZDUHQ (LQH JUR‰H =DKO NDP KHU
DXV XQG EDW XP *QDGH (V EUDXFKW ZRKO QLFKW JHVDJW ]X 
ZHUGHQ ±VLH ZXUGHQ VRIRUW HUVFKRVVHQ ZDV GLH JU|‰WH 'LHVHÄ%LOGNDUWH³$Q]HLJHGLHHLQLJHEULWLVFKH%XUVFKHQ
*QDGH ZDU GLH ZLU LKQHQ HUZHLVHQ NRQQWHQ 'LH 5R\DO ]HLJWGLHVLFKPLWHLQEL‰FKHQ6SRUWHLQHQVFK|QHQ7DJLQ
6FRWVQDKPHQHWZD*HIDQJHQH,KUH2IIL]LHUHEHIDKOHQ )UDQNUHLFKPDFKHQZROOHQHUVFKLHQLQ(QJODQGNXU]QDFK
LKQHQLKUH5DWLRQHQPLWLKQHQ]XWHLOHQXQGVR]XWXQDOV GHP$XVEUXFKGHV.ULHJHVLP$XJXVW(LQ3ODNDWYRQ
ZDUEHWLWHOWª9RUZlUWV]XP6LHJ±PHOGHWHXFKMHW]W©
REGLH2IIL]LHUHQLFKWGDVHLHQ'LH6FKRWWHQHUVFKRVVHQVR XQG]HLJWHHLQHQDQJUHLIHQGHQEULWLVFKHQ.DYDOOHULVWHQGHU
IRUWGHQJDQ]HQ+DXIHQXQGULHIHQÄ7RGXQG7HXIHOIUMH PLWJH]RJHQHP6FKZHUWDXIHLQHPZDFNHUHQ5R‰VD‰%DOG
GHQ YRQ HXFK³ 8QG LQ IQI 0LQXWHQ ZDU GHU %RGHQ NQ| ZXUGHQGLH3ODNDWHDQGHU+HLPDWIURQWUHDOLVWLVFKHUDEJH
FKHOWLHIPLWGHXWVFKHP%OXWEHGHFNW© VHKHQYRQGHPIRUWJHVHW]WHQ7KHPDGHUÄ+DVVHGHQ+XQ
(V ZDU VRJDU HLQ $QOD‰ IU .RPPHQWDUH ZHQQ 'HUDUWLJHV QHQ³3URSDJDQGD,Q)UDQNUHLFKXQG'HXWVFKODQGEHWRQWHQ
QLFKW JHVFKDK 6R ZDU HLQLULVFKHU/HXWQDQWGHU'LYLVLRQ GLH.ULHJVSODNDWHHKHUGDV(GOHXQGGDV2SIHUGHU.lPSIHU
EHL*LQFK\LP6HSWHPEHUEHUUDVFKWXQGYHUZLUUWEHU GHU1DWLRQVWDWWGHQ*HJQHU]XYHUWHXIHOQ$EHU/RQGRQV
3URSDJDQGD0DFKHUVFKUHFNWHQQLFKWYRU%HVFKUHLEXQJHQ
GLH%HKDQGOXQJYRQ'HXWVFKHQGLHVLFKHUJHEHQKDWWHZHLO
GHU'HXWVFKHQDOVUDXEJLHULJH0RQVWHU]XUFNYRQGHUHQ
ªQLFKW HLQHU GHU  +XQQHQ GLH ELV ]XP OHW]WHQ $XJHQ +lQGHQGDV%OXWWURIIXQGGLHDOOHV8QVFKXOGLJHDXILKUHP
EOLFN XQVHUH /HXWH QLHGHUJHPHW]HOW KDEHQ JHW|WHW ZRUGHQ :HJ]HUPDOPWHQ6ROFKHVWHWVVLFKWEDUHQ3ODNDWHXQGGLH
LVW ,FK VDK QLFKW HLQ HLQ]LJHV %HLVSLHO GDIU GD‰ HLQ *H .ULHJVJUHXHO(U]lKOXQJHQGLHYRQGHU3UHVVHGHU)OHHW
IDQJHQHUHUVFKRVVHQRGHUPLWGHP%DMRQHWWJHW|WHWZXUGH 6WUHHWJHEUDFKWZXUGHQIO|‰WHYLHOHQ5HNUXWHQHLQHQEH
:HQQPDQVLFKYRU$XJHQKlOWGD‰XQVHUH0lQQHUELV]XP VRQGHUHQ+D‰HLQDOVVLHVLFKDXIGHQ:HJ]XP6FKODFKW
IHOGEHJDEHQ

9II*ÂÂ-DKUJDQJÂ+HIW 

HLQGHXWLJ EHZLHVHQ ZRUGHQ GD‰ GLH /XVLWDQLD :DIIHQ XQG
0XQLWLRQIUGLH%ULWHQVFKPXJJHOWH
%H]JOLFK GHU %HIHKOH YRQ K|KHUHU 6WHOOH *HIDQJHQH ]X HU
VFKLH‰HQ±ZDVGLHMHQLJHQGLHVROFKH9HUEUHFKHQGXUFKIKU
,QVHLQHQ1RWL]HQ$XVGHQMQJVWHQ.lPSIHQEHLP.RUSV
YRP$XJXVWGUlQJWH*HQHUDO6LU&ODXG-DFRE±GHU
-XGH ZDU ± GDUDXI GD‰ NHLQH *HIDQJHQHQ JHPDFKW ZHUGHQ
VROOWHQ GD VLH EHLP 6lXEHUQ GHV *HIHFKWVIHOGHV KLQGHUOLFK
WHQPLWGHU(QWVFKXOGLJXQJYHUVDKGD‰VLHÄQXU%HIHKOHQJH
KRUFKWHQ³ ± JLEW HV HLQH 0HQJH %HZHLVH EHU 2IIL]LHUH GLH
LKUH0lQQHUHUPDKQWHQÄGLH+XQQHQ]XW|WHQ³'HU%HIHKOV
KDEHU GHU  'LYLVLRQ GUlQJWH VHLQH 0lQQHU LP 'H]HPEHU
ªMHGHQEHZDIIQHWHQ'HXWVFKHQEHLMHGHUQXUP|JOLFKHQ
*HOHJHQKHLW ]X W|WHQ© REZRKO HU VSH]LIL]LHUWH ªEHZDIIQHW©
0DMRU -RKQ 6WHZDUW YRQ GHU %ODFN :DWFK HU]lKOWH VHLQHU
)UDXGD‰VHLQ%DWDLOORQEHL/RRVªVHKUZHQLJ*HIDQJH
QHQDKP©XQGIJWHKLQ]X
ª'LH+DXSWVDFKHLVWVHKUYLHOH+XQQHQ]XW|WHQPLWVRJH
ULQJHQHLJHQHQ9HUOXVWHQZLHQXUP|JOLFK©
%HGHQNWPDQGLHEHUHLWVHUZlKQWH5LWWHUOLFKNHLWGLHGLHGHXW
VFKHQ 0DVFKLQHQJHZHKU%HGLHQHU GHQ ]HUVSUHQJWHQ IOLHKHQ
GHQ 5HVWHQ EULWLVFKHU $QJUHLIHU QDFK ZLHGHUKROWHQ 1LHGHUOD
JHQHUZLHVHQHUVFKHLQWHVVRZRKOXQGDQNEDUZLHDXFKXQNODU
ZDUXPHVZlKUHQGGHU6RPPH6FKODFKWHQGHQEULWLVFKHQ%H
IHKO JDE ªNHLQH *HIDQJHQHQ ]X PDFKHQ© 'LH 6RPPH ZLUG
EOLFKHUZHLVH DOV GDV 0DVVHQOHLGHQ GHU EULWLVFKHQ $UPHH
GDUJHVWHOOW GDQN GHU YHUEUHFKHULVFKHQ 'XPPKHLW YRQ )HOG
PDUVFKDOO 'RXJODV +DLJ XQG VHLQHV 6WDEHV $EHU HLQ 6ROGDW
LP 6XIIRON5HJLPHQW K|UWH ZLH HLQ %ULJDGLHU DP 9RUDEHQG
GHU6FKODFKWVDJW
ª6LH QHKPHQ YLHOOHLFKW *HIDQJHQH DEHU LFK ZLOO VLH QLFKW
VHKHQ©
(LQ6ROGDWYRQGHU+LJKODQGOHLFKWHQ,QIDQWHULHHULQQHUWH
VLFKDQGHQ%HIHKO
ª'HP )HLQG GDUI NHLQ 3DUGRQ HUZLHVHQ ZHUGHQ XQG HV
ZHUGHQNHLQH*HIDQJHQHQJHPDFKW´  HUKREHQHQ+lQGHQJHQlKHUWKDWWH>%UHQQDQXQGVHLQH0L
VHLHQ2EHUVW)UDQN0D[ZHOO7UlJHUGHV9LFWRULD&URVVEH
IDKO VHLQHQ 0lQQHUQ GHV  'LYLVLRQVEDWDLOORQV GHV 
0LGGOHVH[5HJLPHQWV EHL LKUHP $QJULII DXI7KHUSDODP
6HSWHPEHU NHLQH *HIDQJHQHQ ]X PDFKHQ ZHLO QlPOLFK ªDOOH
'HXWVFKHQYHUQLFKWHWZHUGHQPVVHQ©
$P  2NWREHU KLQWHUOLH‰ 0D\ZHOO VHLQHP %DWDLOORQ HLQH
$EVFKLHGVQDFKULFKW GLH YRQ VHLQHP 1DFKIROJHU ]XVDPPHQ
PLW GHQ %DWDLOORQV%HIHKOHQ YHUEUHLWHW ZXUGH 'DULQ OREW HU
VHLQH0lQQHUZHLOVLH
ªEHJRQQHQ KDEHQ ]X OHUQHQ GD‰ GLHHLQ]LJH$UWZLHPDQ
GHQ 'HXWVFKHQ EHKDQGHOW GLH LVW LKQ ]X W|WHQ >«@ ,FK
ZHL‰JDUQLFKWZLHHLQ*HIDQJHQHUDXVVLHKWXQGHLQHUGHU
*UQGHKLHUIULVWGD‰GDV%DWDLOORQZHL‰ZLHHVIUVHLQH
GXUVWLJHQ6HHOHQVRUJHQPX‰>«@(ULQQHUWHXFKGD‰GDV
>5HJLPHQW@PLWGHP%HLQDPHQÄGLH=lKHQ³W|WHW>XQG@
NHLQH*HIDQJHQHPDFKW©
bKQOLFKH %HZHLVH N|QQHQ IU  JHIXQGHQ ZHUGHQ ZlK
UHQGGHUEOXWLJHQ6FKODFKWYRQ3DVVFKHQGDHOHLQGHUNDQDGL
VFKH 7UXSSHQ ZLH DXFK EULWLVFKH HLQH HQWVFKHLGHQGH 5ROOH
VSLHOWHQ
$EHU HV JHVFKDK LPPHU QRFK GD‰ DQGHUH EULWLVFKH 6ROGDWHQ
DQJHZLGHUW RGHU HPS|UW ZDUHQ QDFKGHP VLH (UVFKLH‰XQJHQ
YRQ *HIDQJHQHQ RGHU YRQ /HXWHQ GLH VLFK HUJHEHQ ZROOWHQ
PLWDQJHVHKHQ KDWWHQ $QWKRQ\ %UHQQDQ YRP 5R\DO ,ULVK 5H
JLPHQWEHVFKUHLEWHLQHQ9RUIDOODOV
ªHLQHU XQVHUHU +DXSWJHIUHLWHQ DEVLFKWOLFK QDFK HLQHP
'HXWVFKHQ JHVFKRVVHQ XQG LKQ JHW|WHW KDWWH GHU VLFK PLW
WRIIL]LHUH@VDKHQGLHVDOVVHKUHUQVWDQXQGDOOH$UWHQYRQ
9HUZQVFKXQJHQZXUGHQJHJHQGHQ0|UGHUJHULFKWHW©
$QGHUHUVHLWVHULQQHUWVLFK-DPHV2¶%ULHQYRQGHQ'XEOL
QHU)VLOLHUHQGD‰LKPYRQVHLQHP$UPHHJHLVWOLFKHQHLQHP

+LHUZHUGHQhEHUOHEHQGHGHV&XQDUG/LQLHQVFKLIIVXQGYHU
NDSSWHQ0XQLWLRQVIUDFKWVFKLIIHV/XVLWDQLDJH]HLJWGDVDP
HQJOLVFKHQ*HLVWOLFKHQQDPHQV7KRUQWRQJHVDJWZXUGH
ª$OVR -XQJV ZLU JHKHQ PRUJHQ IUK ]XP $QJULII XQG
ZHQQLKULUJHQGZHOFKH*HIDQJHQHPDFKWZLUGHXUH5DWLRQ
DXIGLH+lOIWHJHNU]W:HQQLKU*HIDQJHQHPDFKWZHUGHQ
VLH PLW HXUHQ 5DWLRQHQ HUQlKUW )ROJOLFK EHNRPPW LKU GLH
KDOEH5DWLRQ'LH/|VXQJLVWDOVRPDFKWNHLQH*HIDQJHQHQ
±W|WHWVLH©
(VJDEQRFKPHKUFKULVWOLFKH*HLVWOLFKHGLHHEHQVRJHPHLQH
9RUVFKOlJHIUGLH%HKDQGOXQJGHUÄ+XQQHQ³KDWWHQ(LQ9L
NDU VFKULHE DOV HU ZLHGHU LQ (QJODQG ZDU %ULHIH DQ =HLWXQ
JHQLQGHQHQHUIRUGHUWHGD‰DOOHGHXWVFKHQ*HIDQJHQHQPLW
GHP Ä.DLQV]HLFKHQ³ JHEUDQGPDUNW ZHUGHQ VROOWHQ 'LH .LU
FKHQ XQWHUVWW]WHQ XQG HUPXQWHUWHQ PLW ZHQLJHQ $XVQDKPHQ
GLH0DVVHQ$EVFKODFKWXQJHQDQGHU:HVWIURQW
(V JDE YLHOH EULWLVFKHQ 6ROGDWHQ DOOHU 'LHQVWJUDGH GLH EHU
GLH KLHU EHVFKULHEHQHQ *UHXHOWDWHQ HQWVHW]W ZDUHQ (V EOHLEW
XQEHNDQQWLQZHOFKHP8PIDQJGDVEULWLVFKH2EHUNRPPDQGR
EHU GLHVH *UHXHOXQWHUULFKWHWZDU)HOGPDUVFKDOO/RUG+DLJ
JDEQLHHLQHQ.RPPHQWDUKLHU]XDE
(VJDEDEHUDXFK0L‰JULIIHJHJHQEULWLVFKH7UXSSHQIUGLH
+DLJGLUHNWYHUDQWZRUWOLFKZDU$EJHVHKHQYRQGHQHQRUPHQ
9HUOXVWHQ GLH GXUFK VHLQH $UURJDQ] XQG 'XPPKHLW YHUXU
VDFKWZRUGHQZDUHQHUKDWWHZLHGHUKROWGDV/HEHQYRQ+XQ
GHUWWDXVHQGHQMXQJHU(QJOlQGHUZLHDXFK$XVWUDOLHUXQG.D
0DLPLW/HXWHGDYRQ$PHULNDQHU QDGLHUYHUJHXGHWZDUHUYHUDQWZRUWOLFKIUGLHVXPPDULVFKH
YHUVHQNWZXUGH'HXWVFKODQGKDWWHGLH$PHULNDQHUJHZDUQW +LQULFKWXQJYLHOHU6ROGDWHQHLQVFKOLH‰OLFKPDQFKHUGLHQRFK
QLFKWDQ%RUG]XJHKHQ

 9II*ÂÂ-DKUJDQJÂ+HIW

UHLQH.LQGHUZDUHQXQGEHLGHU$QZHUEXQJEHULKU$OWHUJH
ORJHQKDWWHQXQGGDQQHLQHQ*UDQDWHQ6FKRFNHUOLWWHQ
+HQU\:LOOLDPVRQYHUVLFKHUWHLQVHLQHQ*HVFKLFKWHQEHUGHQ
(UVWHQ :HOWNULHJ GD‰ GDV GHXWVFKH 2EHUNRPPDQGR LP *H
JHQVDW]]XPEULWLVFKHQQLHPDOV6ROGDWHQKLQULFKWHQOLH‰ZHLO
VLH HLQHQ *UDQDWHQ6FKRFN EHNDPHQ XQG QXU VHOWHQ ZHJHQ
GHV9RUZXUIVGHU)HLJKHLW
:lKUHQGGHU*HGHQNIHLHUIUGHQ:DIIHQVWLOOVWDQGYRP
 1RYHPEHU IRUGHUWH GLH IKUHQGH =HLWXQJ 'DLO\ ([SUHVV 
HLQ VRQVW IU VHLQH LPSHULDOLVWLVFKH +DOWXQJ EHNDQQWHV %ODWW
GLH %HVHLWLJXQJ GHU 6WDWXH YRQ )HOGPDUVFKDOO +DLJ GLH LQ
:KLWHKDOO GDV .ULHJVHKUHQPDO EHUEOLFNW 'HU $EUL‰ ZXUGH
JHIRUGHUWZHLO+DLJGLH%OWHGHUEULWLVFKHQ-XJHQGJHRSIHUW
XQGGDPLW(QJODQGQLFKWZLHGHUJXW]XPDFKHQGHQ6FKDGHQ]X
JHIJWKDEH
'HU*UR‰WHLOGHUEULWLVFKHQ$UPHHGHUYHUURKWLQ
*HLVWXQG6HHOHHUVFKWWHUWXQGRIWSK\VLVFK]XJUXQGHJHULFK
WHWQDFK(QJODQG]XUFNNHKUWHNDPQLFKWLQHLQÄIU+HOGHQ
JHPDFKWHV /DQG³ 'LH PHLVWHQ YRQ LKQHQ VROOWHQ -DKUH GHU
9HUDUPXQJ XQG 9HU]ZHLIOXQJ HUOHEHQ EHJOHLWHW YRQ PUUL
VFKHP =RUQ 7DWVlFKOLFK KDWWH GHU .ULHJ IU (QJODQG QLFKWV
JHEUDFKW VRQGHUQ HKHU VHLQHQ $EVWLHJ EHVFKOHXQLJW HLQHQ
1LHGHUJDQJGHUGXUFKGHQ=ZHLWHQ:HOWNULHJYROOHQGHWZXU
GH
,Q ]ZHL QHXHQ 6WXGLHQ EHU GHQ (UVWHQ :HOWNULHJ HQWODVWHQ
GLH]ZHL+LVWRULNHU1LDOO)HUJXVRQXQG-RKQ.HHJDQ'HXWVFK
ODQG YRQ GHP 9RUZXUI GHQ (UVWHQ :HOWNULHJ JHZROOW RGHU
YHUXUVDFKW ]X KDEHQ )HUJXVRQ JHKW VRJDU ZHLWHU XQG GUFNW
GLH $QVLFKW DXV GD‰ HLQ GHXWVFKHU 6LHJ  IU DOOH 6HLWHQ
EHVVHU JHZHVHQ ZlUH ZHLO GLH VLFK GDUDXV HUJHEHQGH :HOW
XQHQGOLFKVFK|QHUXQGIULHGIHUWLJHUJHZHVHQZlUHDOVGLHGLH
VLFKGDQQLQGLHVHP-DKUKXQGHUWHQWZLFNHOWKDW
 JDE HV EHL GHQ ]XUFNNHKUHQGHQ EULWLVFKHQ 7UXS
SHQ 0HXWHUHLHQ LQ GHUHQ EOXWLJHQ $XVHLQDQGHUVHW]XQJHQ
0HXWHUHUXQG0LOLWlUSROL]LVWHQHUVFKRVVHQXQGPLWGHP%DMR
QHWWHUVWRFKHQZXUGHQ$EHUVROFKH9RUIlOOHZXUGHQQDWUOLFK
QLHPDOV LQ HLQHU 3UHVVH EHULFKWHW GLH ZHLWHUKLQ JHJHQ GLH
Ä+XQQHQ³ ZWHWH (V JDE YLHOH EHL GHU]XUFNNHKUHQGHQ$U
PHH GLH DP OLHEVWHQ LKUH 0DVFKLQHQJHZHKUH DXI GLHMHQLJHQ
JHULFKWHWKlWWHQGLHVLHLQGLH+|OOHGLHVHV.ULHJHVJHWULHEHQ
KDWWHQ HLQVFKOLH‰OLFK GHU /HXWH YRQ GHU 6HQVDWLRQV3UHVVH
$EHUGDVJHVFKDKQLH
9RQEHVVHUHU6HLWH]HLJWHQVLFKGLHEULWLVFKHQ6ROGDWHQZlK
UHQGGHU5KHLQODQG%HVHW]XQJ'HUHKHPDOLJHEUL
WLVFKH 2EHUNRPPDQGLHUHQGH GHV 5KHLQODQGV DSSHOOLHUWH SHU
V|QOLFKDQGLH5HJLHUXQJGULQJHQGHUIRUGHUOLFKH0D‰QDKPHQ
JHJHQ GLH $XVKXQJHUXQJ GHU GHXWVFKHQ %HY|ONHUXQJ ]X XQ
WHUQHKPHQ GLH GHQ 7RG YLHOHU )UDXHQ XQG .LQGHU ZLH DXFK
DOWHU XQG NUDQNHU 0HQVFKHQ YHUXUVDFKWH 'LHV ± VR EHNODJWH
VLFKGHU%HIHKOVKDEHU±ZUGHHUQVWKDIWGLH0RUDOGHU7UXS
SHQEHHLQWUlFKWLJHQGLHEHUGDVVFKUHFNOLFKH(OHQGGDVVLH
VDKHQHUVFKWWHUWZDUHQ
'LH8UVDFKHGLHVHVZHLWYHUEUHLWHWHQ+XQJHUVZDUGLHVRUJIlO
WLJGXUFKGDFKWHEULWLVFKH3ROLWLNZHLWHUKLQHLQWRWDOHV(PEDU
JR IU 1DKUXQJ XQG DQGHUH 9HUVRU
JXQJVJWHU DXIUHFKW]XHUKDOWHQ ZDV
ZHOWZHLWH 9HUXUWHLOXQJ KHUYRUULHI $OV
GDV (PEDUJR VFKOLH‰OLFK DXIJHKREHQ
ZXUGHZDUHV]XVSlW+XQGHUWWDXVHQGH
8QVFKXOGLJHU ZDUHQ XPJHNRPPHQ
ZlKUHQG GLH 1RUWKFOLII3UHVVH LQ LKUHQ
6FKODJ]HLOHQ K|KQLVFK JHWLWHOW KDWWH
ª+XQQHQ1DKUXQJ:LQVHOQ©

=ZHLWH5XQGH(LQ+RORFDXVWQDFK
GHPDQGHUHQ
(VLVWlX‰HUVWEHGDXHUOLFKGD‰6LU+DUW
OH\ VHLQH *HGDQNHQ EHU GDV 1UQEHU
JHU 7ULEXQDO ZLH DP $QIDQJ GLHVHV
%HLWUDJHV DQJHIKUW QLFKW ]XU =HLW GLH
VHV VWDOLQLVWLVFKHQ 6FKDXSUR]HVVHV
NXQGJDE±HWZDVDQGHUHVZDUHVQLFKW±
LQVEHVRQGHUH GD 6LU +DUWOH\ %HULFKWHQ
]XIROJH MHW]W NRSIVFKWWHOQG KHUXPOlXIW
XQGPXUPHOW
Ä6FKZDU]HXQG%UDXQH³VRZLHGLH.|QLJOLFK,ULVFKH+LOIVSROL]HLPDUVFKLHUHQGXUFK ª+LWOHU KDWWH UHFKW 'HU .ULHJ >GHU
HLQHLULVFKH6WUD‰H6LHZDUHQLQ/RQGRQ*ODVJRZXQG%LUPLQJKDPUHNUXWLHUWH([
%HDPWH%HLGH(LQKHLWHQHUODQJWHQVFKQHOOHLQHQVFKOHFKWHQ5XIZHJHQEHUPl‰L
=ZHLWH :HOWNULHJ@ KlWWH YHUPLHGHQ
JHP7ULQNHQJHPHLQVFKDIWOLFKHQ*HZDOWWDWHQXQGZLOGHQÄ5HSUHVVDOLHQ³JHJHQHL ZHUGHQVROOHQHVZDUHLQIDWDOHU)HK
QH%HY|ONHUXQJGLHPLWLKUHQ)HLQGHQYRQGHU,ULVFKHQ5HSXEOLNDQLVFKHQ$UPHH OHUGHUGDV6FKLFNVDOGHV$OWHQ(QJ
V\PSDWKLVLHUWHXQGLKQHQ6FKXW]JHZlKUWH'DV(UVFKHLQHQGHUÄ6FKZDU]HQXQG ODQGVEHVLHJHOWH©
%UDXQHQ³VRZLHGHU+LOIVWUXSSHQPDUNLHUWHGDV(QGHGHULULVFKHQ%UJHUZHKULQ 6ROFKH$QVLFKWHQZXUGHQDXFKYRQGHP
ZHLWHQ*HELHWHQ,UODQGV$P1RYHPEHUIHXHUWHHLQH$EWHLOXQJGHU+LOIV YHUVWRUEHQHQ$ODQ&ODUNHJHlX‰HUWGHP
WUXSSHQLQHLQHP'XEOLQHU)X‰EDOOIHOGLQGLH0HQJHXQGEHKDXSWHWH)HXHUGHU,5$ HKHPDOLJHQ 6WDDWVVHNUHWlU IU :HKUEH
]XHUZLGHUQ=Z|OI=XVFKDXHUZXUGHQHUVFKRVVHQRGHUEHLGHUIROJHQGHQ3DQLN]X
VFKDIIXQJ HLQ YHUVWRFNWHU %HZXQGHUHU
7RGHJHWUDPSHOW,Q]ZLVFKHQPDFKWHQ$UDEHUGLHJHJHQGLH%DOIRXU(UNOlUXQJDQ
JLQJHQLQ-HUXVDOHP$XIVWlQGHXQGJULIIHQ-XGHQXQGLKU(LJHQWXPDQ'HUDUDEL $GROI +LWOHUV GHU ZLHGHUKROW HUNOlUW
VFKH$XIVWDQGEUHLWHWHVLFKLQGHQ,UDNDXVZDVGHQGRUWLJHQ.RPPDQGHXU*HQ KDW GD‰ (QJODQG  6HOEVWPRUG
6LU$\OPHU+DOGDQHQDFKJUR‰HQ*LIWJDV/LHIHUXQJHQVFKUHLHQOLH‰'LH5HJLHUHQ EHJDQJHQ KDW DOV HV 'HXWVFKODQG GHQ
GHQGHV:HOWUHLFKHVZDUHQHUOHLFKWHUWGD‰GLH%HY|ONHUXQJ]X+DXVHGXUFKGLH .ULHJ HUNOlUWH XQG GD‰ :LQVWRQ &KXU
%UXWDOLWlWHQGHU6FKZDU]HQXQG%UDXQHQLQ,UODQGGHUDUWDEJHOHQNWZDUGD‰VLH FKLOO (QJODQG DQ GLH 86$ ÄGHQ %DFK
QLFKWPHUNWHZDVLP,UDNYRUVLFKJLQJ

9II*ÂÂ-DKUJDQJÂ+HIW 

KLQXQWHU³ DXVYHUNDXIW KDEH DQVWDWW YHUQQIWLJHUZHLVH  $EPDFKXQJ QXU PLOLWlULVFKH =LHOH ]X ERPEDUGLHUHQ DOV VLH
PLW'HXWVFKODQG)ULHGHQ]XVFKOLH‰HQ±ZLHYLHOH0LWJOLHGHU HLQH0lGFKHQVFKXOHDXI6\OWDQJULII*OFNOLFKHUZHLVHZDUHQ
GHVGDPDOLJHQHQJOLVFKHQ.DELQHWWVHVZROOWHQ GLH0lGFKHQEHUHLWVDXVGHU6FKXOHHYDNXLHUWZRUGHQ
'HQQRFKYHUVXFKWGDVEULWLVFKH(VWDEOLVKPHQWZHLWHUKLQ±PLW 7URW] GLHVHU 3URYRNDWLRQ EWH GLH /XIWZDIIH ]X GLHVHU =HLW
8QWHUVWW]XQJGXUFKGLHPDQLSXOLHUWHQXQGRIWXQLQIRUPLHUWHQ QLFKWGXUFK%RPEDUGLHUXQJGHUEULWLVFKHQ,QVHOQ9HUJHOWXQJ
0HGLHQ ± (QJODQGV 5ROOH LQ ]ZHLYHUKHHUHQGHQ:HOWNULHJHQ /DXW -0 6SDLJKW GHP 6WDDWVVHNUHWlUV GHV /XIWZDIIHQPLQL
]X UHFKWIHUWLJHQ LQGHP HV ZDKUKHLWVZLGULJ 'HXWVFKODQG GLH VWHULXPVLQVHLQHP%XFK%RPELQJ9LQGLFDWHG
JDQ]H 6FKXOG ]XVFKLHEHQ ZLOO 'LH GHQQRFK HUVLFKWOLFKH QD ª+LWOHU QDKP GLH %RPEDUGLHUXQJ ]LYLOHU =LHOH QXU ZLGHU
WLRQDOH $UURJDQ] XQG GLH DOOHV GXUFKGULQJHQGH +HXFKHOHL VWUHEHQG DXI ±GUHL 0RQDWH QDFKGHP GLH 5$) EHJRQQHQ
OHXJQHQ JOHLFKHUPD‰HQ GD‰ HV ZlKUHQG GHV =ZHLWHQ :HOW KDWWH GHXWVFKH ]LYLOH =LHOH ]X ERPEDUGLHUHQ +LWOHU ZlUH
NULHJHV XQG GDQDFK HQJOLVFKH .ULHJVYHUEUHFKHQ JDE GLH GHU MHGHU]HLW EHUHLW JHZHVHQ GDV *HPHW]HO ]X EHHQGHQ +LWOHU
5HGHZHUWVLQG$EHUHVJDEGHUHQYLHOHXQGVLHVWHOOHQHLQHQ ZDUZLUNOLFKGDUDXIHUSLFKWPLW(QJODQG]XHLQHU9HUHLQ
HFKWHQ+RORFDXVWGDU EDUXQJ]XNRPPHQXPGDV9RUJHKHQGHU/XIWZDIIHDXIGDV
'DV )ROJHQGH JLEW HLQH NXU]H hEHUVLFKW EHU HLQLJH GHU .DPSIJHELHW]XEHVFKUlQNHQ©
VFKOLPPHUHQ XQG QLFKW EHVWUDIWHQ HQJOLVFKHQ .ULHJVYHUEUH $QIDQJ0DLZXUGHGDV3DWWGHV6LW]NULHJHVDQGHU:HVW
FKHQ ZlKUHQG HLQHV .ULHJHV DXV GHP GDV Ä9HUHLQLJWH³ .| IURQWSO|W]OLFKGXUFKGHQGHXWVFKHQ:HVWIHOG]XJEHHQGHWDOV
QLJUHLFK DOV JHWHLOWHV VHLQHU :HOWPDFKW EHUDXEWHV *DQ]HV HLQH YHUKlOWQLVPl‰LJ NOHLQH DEHU DXVJH]HLFKQHW DXVJHELOGHWH
KHUYRUJLQJ GDV LPPHU ZHLWHU IDVW DXI HLQHQ 'ULWWH:HOW XQG JHIKUWH GHXWVFKH +HHUHVHLQKHLW PLW LKUHQ PDVVLHUWHQ
6WDWXV DEJHVXQNHQ LVW XQG UDVFK YRQ GHU 'HNDGHQ] ]XU 3DQ]HUGLYLVLRQHQ PLW VFKQHOOHP (UIROJ HLQH ULHVLJH (LQNUHL
'HJHQHUDWLRQIRUWVFKUHLWHW VXQJVEHZHJXQJYROOIKUWHLQGHPVLHGXUFKGLHIUDQ]|VLVFKHQ
$E GHP  6HSWHPEHU  JDE HV QDFK GHU 1LHGHUODJH 3R EHOJLVFKHQ XQG HQJOLVFKHQ 9HUWHLGLJXQJVVWHOOXQJHQ GXUFK
OHQV ELV 0DL  GDV ZDV LQ (QJODQG ]\QLVFK DOV Ä6FKHLQ EUDFK XQG GDV *URV GHV HQJOLVFKHQ ([SHGLWLRQVNRUSV %()
NULHJ³ 6LW]NULHJ EH]HLFKQHW ZXUGH PLW QXU IOFKWLJHQ )HX LQ5LFKWXQJDXIGLH.DQDOKlIHQ]XUFNZDUI
HUZHFKVHOQ]ZLVFKHQHQJOLVFKHQIUDQ]|VLVFKHQXQGGHXWVFKHQ :lKUHQG GHV GDUDXIIROJHQGHQ HQJOLVFKHQ 5FN]XJV GXUFK
6WUHLWNUlIWHQGLHHQWODQJHLQHU:HVWIURQWNRQ]HQWULHUWZDUHQ %HOJLHQXQG)UDQNUHLFKJDEHV9RUIlOOHEHLGHQHQVRJHQDQQWH
GLHDQGDV6FKW]HQJUDEHQV\VWHPGHV(UVWHQ:HOWNULHJVHULQ ÄYHUGlFKWLJH³ =LYLOLVWHQ XQG ÄIQIWH .RORQQH³/HXWH GXUFK
QHUWH SDQLNEHIDOOHQHHQJOLVFKH(LQKHLWHQHUVFKRVVHQZXUGHQ-HGHU
,Q GLHVHP =HLWUDXP JDE HV RIIHQEDU HLQH XQDXVJHVSURFKHQH GHU GDV 3HFK KDWWH QRUGLVFK DXV]XVHKHQ DOVR PLW EORQGHP
9HUHLQEDUXQJ ]ZLVFKHQ GHU HQJOLVFKHQ XQG GHU GHXWVFKHQ +DDU XQG EODXHQ $XJHQ ± HLQ LQ GHQ Q|UGOLFKHQ *HELHWHQ
/XIWZDIIH NHLQH %RPEDUGHPHQWV EHU HLQH EHVWLPPWH /LQLH )UDQNUHLFKVQLFKWXQJHZ|KQOLFKHU$QEOLFN±ZXUGHRKQHODQ
KLQDXVGXUFK]XIKUHQXQGDXFKGDQQQXUJHJHQHLQGHXWLJPL JHV )UDJHQ SURPSW QLHGHUJHVFKRVVHQ 1LFKW HLQPDO 1RQQHQ
OLWlULVFKH =LHOH (LQ YHUHLQ]HOWHU 9HU
VXFKGHU.|QLJOLFKHQ/XIWZDIIH5$)
HLQHQ 7HLO GHU YRU $QNHU OLHJHQGHQ
GHXWVFKHQ )ORWWH ]X ERPEDUGLHUHQ HQ
GHWHPLWHLQHUY|OOLJHQ.DWDVWURSKHYRQ
GHU QXU ZHQLJH HQJOLVFKH )OXJ]HXJH
ZHQQ EHUKDXSW ZHOFKH ]XUFNNHKU
WHQ $OV GHP HQJOLVFKHQ /XIWZDIIHQPL
QLVWHU .LQJVOH\:RRG QDKHJHOHJW ZXU
GHGHXWVFKH)DEULNHQ]XERPEDUGLHUHQ
HUZLGHUWHHU
ª%HVWLPPW QLFKW 6LH VLQG 3ULYDWHL
JHQWXP©
$XI GHXWVFKHU 6HLWH ZDU +LWOHU DEJH
QHLJW HLQH %RPEDUGLHUXQJ GHU HQJOL
VFKHQ ,QVHO DQ]XIDQJHQ ZHLO HU LPPHU
QRFK KRIIWH (QJODQG ZUGH ]X 6LQQHQ
NRPPHQ XQG GHQ .ULHJ QLFKW ZHLWHU
YHUIROJHQ GD HU NODU EULWLVFKHQ ,QWHUHV
VHQ]XZLGHUOLHI'DKHUIDQGGLHHUZDUWH 0lQQHUGHUNDQDGLVFKHQ'LYLVLRQWUDJHQHLQHQLKUHU9HUZXQGHWHQDP2NWREHU
WH %RPEDUGLHUXQJ /RQGRQV GDPDOV YRP6FKODFKWIHOGYRQ3DVVFKHQGDHOH)URQWYRUVSUXQJYRQ<SHUQ(QGH0DL
QLFKW VWDWW =XJHJHEHQ ]XU 6HH JDE HV ZXUGHGLH]XQHKPHQGH=DKOIUDQ]|VLVFKHU'HVHUWLRQHQYRQGHU)URQWOLQLH]X
EHGHXWHQGHUH 6FKLIIVVFKODFKWHQ PLW |UWOLFKHQ0HXWHUHLHQ2EZRKOGLH0HXWHUHLHQLQQHUKDOEYRQ:RFKHQDXIK|UWHQ
6LHJHQDXIEHLGHQ6HLWHQ XQWHUQDKPHQGLHIUDQ]|VLVFKHQ7UXSSHQQLFKWVPHKUDOVGLH6WHOOXQJHQ]XKDOWHQ
6RODQJH GLH 6WLPPXQJ GHV 6LW]NULHJHV (VEOLHEGHQ7UXSSHQ*UR‰EULWDQQLHQVXQGVHLQHV(PSLUHVXQGKLHUDPHULNDQL
DQKLHOWVRODQJHJDEHVDXFKNHLQHHUQVW VFKHQYRUEHKDOWHQ]XP$QJULII]XJHKHQ'LHDOOLLHUWH0RUDOZDUDX‰HUEHLGHQ
QHXDQJHNRPPHQHQÄ<DQNV³DOOJHPHLQYRQRSWLPLVWLVFKHP,GHDOLVPXV]X=\QLV
OLFKH /JHQ3URSDJDQGD EHU GHXWVFKH PXVXQGGLUHNWHP+D‰DXIGLH.RPPDQGR6WUXNWXUHQJHVXQNHQ'LHVH+DOWXQJ
*UHXHOLP*HJHQVDW]]XP(UVWHQ:HOW ZDUZHLWHQWIHUQWYRQGHUGHV$XJXVWDOVGHUUHLFKH$PHULNDQHU:LOOLDP
NULHJ ± GDV VROOWH HUVW VSlWHU NRPPHQ 7KDZDXV3LWWVEXUJJHUDGHEHLGHUIUDQ]|VLVFKHQ$UPHHHLQJH]RJHQZRUGHQZDU
$EHU GLH 5$) EUDFK ZlKUHQG GHV 6LW] XQGQDFK+DXVHVFKULHEª,FKHUJUHLIHMHW]W3DUWHLZHQQDXFKLQQRFKVREHVFKHL
NULHJHV VFKOLH‰OLFK GLH VWLOOVFKZHLJHQGH GHQHP8PIDQJLPJU|‰WHQXQGYLHOOHLFKWOHW]WHQ.ULHJGHU*HVFKLFKWHGHUVLFKRI
IHQEDULQHLQHQ.DPSIGHU=LYLOLVDWLRQJHJHQGLH%DUEDUHLHQWZLFNHOWKDW©

 9II*ÂÂ-DKUJDQJÂ+HIW

RGHU DQGHUH )UDXHQ ± DQJHEOLFK YHUNOHLGHWH GHXWVFKH )DOO
VFKLUPVSULQJHU±ZXUGHQYHUVFKRQW
'LH JHVFKODJHQH HQJOLVFKH $UPHH XQG GLH HQJOLVFKH 3UHVVH
EHJDQQHQGHQÄ'HIlWLVPXV³LKUHUIUDQ]|VLVFKHQ9HUEQGHWHQ
IU GDV 'HEDNHO YHUDQWZRUWOLFK ]X PDFKHQ ZRJHJHQ LQ
:DKUKHLW GLH IUDQ]|VLVFKHQ 6ROGDWHQ WDSIHU ZHLWHUNlPSIWHQ
XP GHQ HQJOLVFKHQ XQG DQGHUHQ 9HUEQGHWHQ EHLP 5FN]XJ
HLQH $WHPSDXVH ]X YHUVFKDIIHQ'DVXQGLV]LSOLQLHUWH9HUKDO
WHQHLQLJHUHQJOLVFKHU6ROGDWHQZXUGHRIWEHJOHLWHWYRP3OQ
GHUQ SULYDWHU +lXVHU /lGHQ XQG :RKQXQJHQ XQWHU :DIIHQ
JHZDOW HLQH XQHUIUHXOLFKH 6HLWH GHV EULWLVFKHQ ([SHGLWLRQV
NRUSVLQEH]XJDXIVHLQH%HKDQGOXQJGHVIUDQ]|VLVFKHQ$OOL
LHUWHQGLHYRQKRFKUDQJLJHQEULWLVFKHQ2IIL]LHUHQQLHEHVWULW
WHQ ZXUGH $OV GHU EULWLVFKH 5FN]XJ LQ PDQFKHQ *HJHQGHQ
]XU ZLOGHQ )OXFKW DXVDUWHWH JLQJHQ PDQFKH (LQKHLWHQ GD]X
EHU'XPGXP*HVFKRVVHJHJHQYRUUFNHQGHGHXWVFKH7UXS
SHQ ]X YHUZHQGHQ 6ROFKH H[SORGLHUHQGHQ *HVFKRVVH YHUXU
VDFKHQ VFKUHFNOLFKH :XQGHQ XQG VLQG JHPl‰ GHU *HQIHU
.RQYHQWLRQ GLH (QJODQG XQWHU]HLFKQHW KDW VWUHQJ YHUERWHQ
6LH KDWWHQ DXFK %HIHKO NHLQH *HIDQJHQHQ ]X PDFKHQ DX‰HU
]XUÄ%HIUDJXQJ³
'LHVHV9HUKDOWHQHUERVWHHLQH66(LQKHLWGHUDUWGD‰VLH9HU
JHOWXQJEWHXQGHLQH5HLKHJHIDQJHQHUHQJOLVFKHU6ROGDWHQ±
$QJHK|ULJHGHV:DUZLFNVKLUH5HJLPHQWV±HUVFKR‰
$P(QGHGHV.ULHJHVZXUGHMHGHUEHNDQQWHhEHUOHEHQGHGLH
ª(LJHQWOLFKZDUHVJDUNHLQVFKOHFKWHV(UOHEQLV©
'DV GHXWVFKH 9HUKDOWHQ VWDQG LP NUDVVHQ *HJHQVDW] ]XU %H
KDQGOXQJ GHXWVFKHU .ULHJVJHIDQJHQHU GXUFK IDVW DOOH EULWL
VFKHQ 'LHQVWJUDGH GHQHQ HLQJHWULFKWHUW ZRUGHQ ZDU JHIDQ
JHQH 'HXWVFKH ZLH 8QJH]LHIHU ]X EHKDQGHOQ XQG LKQHQ LKUH
$XV]HLFKQXQJHQ 5DQJDE]HLFKHQ XQG SHUV|QOLFKHQ %HVLW]W
PHU HLQVFKOLH‰OLFK LKUHU :LQWHUhEHUPlQWHO ZHJ]XQHKPHQ
$XI GLHVH :HLVH ZHWWHLIHUWHQ GLH (QJOlQGHU ]XQHKPHQG PLW
GHU EDUEDULVFKHQ 9RUJHKHQVZHLVH LKUHU ÄJORUUHLFKHQ 6RZMHW
$OOLLHUWHQ³
.HLQH GLHVHU HQJOLVFKHQ *HZDOWWDWHQ ZlKUHQG GHV 5FN]XJV
YRQ  RGHU GHU ]DKOUHLFKHQ DQGHUHQ 9RUNRPPQLVVH LP
=ZHLWHQ :HOWNULHJ ZXUGH MHPDOV XQWHUVXFKW RGHU EHVWUDIW
REZRKOVLHJDQ]NODUHLQH9HUOHW]XQJGHU.RQYHQWLRQHQGDU
VWHOOWHQGLH(QJODQGIHLHUOLFKXQWHU]HLFKQHWKDWWH
'LH %ULWLVFKH ([SHGLWLRQV6WUHLWNUDIW EHVWDQG  RIWPDOV
DXVVFKOHFKWGLV]LSOLQLHUWHQXQJHELOGHWHQ(OHPHQWHQGLHDXFK
SK\VLVFKXQGJHLVWLJYRQJHULQJHU4XDOLWlWZDUHQHLQH7DWVD
FKHGLHGHXWVFKH0LOLWlUlU]WHNRPPHQWLHUWHQDOVVLHGLHEULWL
VFKHQ .ULHJVJHIDQJHQHQ ]XU =HLW YRQ'QNLUFKHQXQWHUVXFK
WHQ ,KUVFKOHFKWHU=XVWDQGZDUGDV(UJHEQLVYLHOHU-DKUHLQ
GXVWULHOOHU$XVEHXWXQJXQG)HKOHUQlKUXQJ]XVDPPHQPLWHL
QHPDOOJHPHLQQLHGHUHQ/HEHQVVWDQGDUG
'HU HQJOLVFKH 0LOLWlUKLVWRULNHU $OLVWDLU +RUQH EHVFKULHE LQ
HLQHP DXIVFKOX‰UHLFKHQ $UWLNHO ª'XQNLUN ± 7KH 3RLVRQHG
VHU66(LQKHLW]XU6WUHFNHJHEUDFKWDOV.ULHJVYHUEUHFKHUYRU K&DOLFH © 'QNLUFKHQ±GHUYHUJLIWHWH.HOFKZRULQVLFKGDV
*HULFKWJHVWHOOWXQGXPJHKHQGKLQJHULFKWHW$EHUGLH(QJOlQ ZDKUH %LOG GHV 5FN]XJ'HEDNHOV GHV EULWLVFKHQ ([SHGLWL
GHU KDWWHQ VHOEVW GXUFK LKUH 9HUOHW]XQJ GHU KHUUVFKHQGHQ RQVNRUSV YRQ GHP VSlWHU GXUFK RIIL]LHOOH +LVWRULNHU XQG GLH
.ULHJIKUXQJVUHJHOQGLHGHXWVFKH9HUJHOWXQJKHUDXIEHVFKZR HQJOLVFKHQ0HGLHQJHPDFKWHQXQWHUVFKLHG
UHQ:LHGHUHLQPDOKDWWHGLHHQJOLVFKH'RSSHOPRUDOREVLHJW $XFKDQGHUHHQJOLVFKHQ9HUIDVVHUKDEHQIHVWJHVWHOOWGD‰GLH
ZLHGLHVLP9HUODXIGHV.ULHJHV]XQHKPHQGGHU)DOOZHUGHQ 5HWWXQJ DOOHV DQGHUH DOV HLQ :XQGHU ZDU EHL GHP VLFK HLQH
VROOWH $UPDGD NOHLQHU %RRWH DOOHU $UW LQ KRFKKHU]LJHU :HLVH YRQ
'LHGHXWVFKH%HKDQGOXQJHQJOLVFKHU.ULHJVJHIDQJHQHU±HLQ (QJODQG DXV DXIPDFKWH GHQ .DQDO ]X EHUTXHUHQ XP GLH
VFKOLH‰OLFKHLQLJHUKRFKUDQJLJHU2IIL]LHUH±ZDULPDOOJHPHL HQJOLVFKHQ7UXSSHQYRQGHQ6WUlQGHQ]XUHWWHQVRQGHUQGD‰
QHQULWWHUOLFKXQGJHOHJHQWOLFKVRJDUJUR‰]JLJZLHYRQEULWL LQ:DKUKHLWGLH0HKUKHLWGHUPXWORVHQXQGEHLQDKHDXIUKUH
VFKHQ %HWURIIHQHQ EHVWlWLJW ZLUG (LQ JHIDQJHQJHQRPPHQHU ULVFKHQ 7UXSSHQ GXUFK ZHVHQWOLFK JU|‰HUH 6FKLIIH JHUHWWHW
HQJOLVFKHU 6ROGDW *HRUJH 0DUVKDOO HU]lKOWH ZDV HUHUOHEWH ZXUGHZREHLGLH6ROGDWHQHUELWWHUWJHJHQHLQDQGHUNlPSIWHQ
DOVVHLQH(LQKHLWGHXWVFKH7UXSSHQJHIDQJHQQDKP(UEHULFK XP DOV HUVWH DQ %RUG ]X NRPPHQ 9LHOH KDWWHQ LKUH :DIIHQ
WHWH ZLH EHUDXV SHLQOLFK LKP GDV VFKOHFKWH %HWUDJHQ VHLQHU
.DPHUDGHQZDU
0DUVKDOOEHULFKWHWHGD‰GLHGHXWVFKHQ*HIDQJHQHQQDFKGHP
VLH YRQ GHQ%ULWHQHQWZDIIQHWZRUGHQZDUHQDQHLQDQGHUJH
EXQGHQJHVFKODJHQXQGJHWUHWHQZXUGHQXQGGD‰LKUHSHUV|Q
OLFKH +DEH JHVWRKOHQ ZXUGH 'HQ *HIDQJHQHQ ZXUGHQ LKUH
$UPEDQGXKUHQDEJHQRPPHQVRZLHUHOLJL|VHRGHUSHUV|QOLFKH
6FKPXFNVWFNH)DPLOLHQDQGHQNHQXQGMHGH$UWÄ6RXYHQLUV³
'HU*HIUHLWH0DUVKDOOHU]lKOWHGDQQZHLWHUZDVJHVFKDKDOV
VLFK GDV 6FKODFKWHQJOFN ZHQGHWH XQG HU XQG GLH $QJHK|UL
JHQ VHLQHU (LQKHLW JHIDQJHQJHQRPPHQ ZXUGHQ (U HU]lKOWH
GD‰VLHHUZDUWHWHQ]XUFNJH]DKOW]XEHNRPPHQZDVVLHDXV
JHWHLOWKDWWHQXQGGD‰VLHJDQ]HUOHLFKWHUWZDUHQEHUGDVDQ
VWlQGLJH%HQHKPHQGHUGHXWVFKHQ7UXSSHQ
'HQHQJOLVFKHQ6ROGDWHQZXUGHYRQGHQ'HXWVFKHQLKUH%HX
WH DEJHQRPPHQ DEHUQLFKWVYRPSHUV|QOLFKHQ(LJHQWXPGHU
HQJOLVFKHQ ,QIDQWHULVWHQ ZXUGH DQJHUKUW 'LH JHIDQJHQHQ
6ROGDWHQ ZXUGHQ PLW $FKWXQJ XQG LQ hEHUHLQVWLPPXQJ PLW
GHQ5HJHOQEHKDQGHOWHVJDENHLQH9HUJHOWXQJQLFKWHLQPDO
GXUFKGLHGHXWVFKHQ6ROGDWHQGLHVLHNXU]]XYRUVRVFKOHFKW

EHKDQGHOWKDWWHQ*HIUHLWHU0DUVKDOOYHUEUDFKWHGHQ5HVWGHV +LHUZLUGGLHYHUORUHQH+RIIQXQJGHVVWHUEHQGHQEULWLVFKHQ
.ULHJHVDOV$UEHLWHULQVFKOHVLVFKHQ6DO]PLQHQ$XIGLH)UD 5HLFKHVJH]HLJW'DV6FKODFKWVFKLII3ULQFHRI:DOHVNRPPW
JHREGDVHLQKDUWHV/HEHQZDUDQWZRUWHWHGHULQ]ZLVFKHQDOW LP'H]HPEHULQ6LQJDSXUDQ,QQHUKDOEZHQLJHU7DJH
JHZRUGHQH9HWHUDQ ZXUGHHV]XVDPPHQPLWGHP6FKODFKWVFKLII5HSXOVHGXUFK
GLHMDSDQLVFKH/XIWZDIIHYHUVHQNW

9II*ÂÂ-DKUJDQJÂ+HIW 

ZHJJHZRUIHQ XQG ZDUHQ VR GHPRUDOLVLHUW XQG GHVRULHQWLHUW
GD‰GLHMHQLJHQGLHHVVFKDIIWHQQDFK+DXVH]XNRPPHQYRQ
LKUHQ)UDXHQXQG)DPLOLHQLKUH=LYLONOHLGXQJYHUODQJWHQ$OV
DXFK HLQLJH IUDQ]|VLVFKH 6ROGDWHQ YHUVXFKWHQ LQ GLH NOHLQHQ
5XGHUERRWH ]X VWHLJHQ XP GLH 5HWWXQJVVFKLIIH ]X HUUHLFKHQ
ZXUGHQVLHYRQGHQ(QJOlQGHUPLW:DIIHQJHZDOWDEJHZLHVHQ
ZHLO VLH VHOEVW GHQ Ä(KUHQSODW]³ EHDQVSUXFKWHQ 'HUDUWLJH
(SLVRGHQZHUGHQPDQFKPDOLQKHXWLJHQIUDQ]|VLVFKHQ)LOPHQ
EHUGLHGDPDOLJH=HLWQDFKJHVWHOOW
.XU] QDFK GHP 'HEDNHO YRQ 'QNLUFKHQ QDFKGHP GLH JH
VHW]Pl‰LJH IUDQ]|VLVFKH 9LFK\5HJLHUXQJ PLW 'HXWVFKODQG
HLQHQ HKUHQKDIWHQ :DIIHQVWLOOVWDQG JHVFKORVVHQ KDWWH EHIDKO
&KXUFKLOOSO|W]OLFKGHUHQJOLVFKHQ)ORWWHHLQHQKLQWHUKlOWLJHQ
hEHUUDVFKXQJVDQJULII DXI GDV *URV GHU IUDQ]|VLVFKHQ )ORWWH
GXUFK]XIKUHQ GLH LQ GHP DOJHULVFKHQ )ORWWHQVWW]SXQNW
0HUVHO.HELU YRU $QNHU ODJ 9LHOH IUDQ]|VLVFKHQ 6FKLIIH
ZXUGHQ EHL GLHVHP IHLJHQ $QJULII LKUHV HKHPDOLJHQ 9HUEQ
GHWHQ YHUVHQNW RGHUXQEUDXFKEDUJHPDFKW0LW.URNRGLOVWUl
QHQLP*HVLFKWYHUVXFKWH&KXUFKLOOLP8QWHUKDXVGLHVHVDE
VWR‰HQGH 9HUEUHFKHQ ]X UHFKWIHUWLJHQ XQG IJWH GHU 9HUOHW
]XQJ QRFK 6FKLPSI KLQ]X LQGHP HU EHKDXSWHWH GD‰ HU
Ä)UDQNUHLFKOLHEH³$EHUHUHUZlKQWHQDFKGHPKLQWHUOLVWLJHQ
HQJOLVFKHQ $QJULII QLFKW ZDV YRQ GHU /RQGRQHU 'DLO\ 0DLO
NU]OLFKHQWKOOWZXUGHGD‰7LHIIOLHJHUGHU5$)LPPHUZLHGHU
KDXIHQZHLVH IUDQ]|VLVFKH 6HHOHXWH PLW GHP 0DVFKLQHQJHZHKU
QLHGHUPlKWHQDOVVLHLP:DVVHUXPLKU/HEHQNlPSIWHQ
'DV ZDU HLQ (UHLJQLV DQ GDV PDQ VLFK LQ )UDQNUHLFK LPPHU
QRFK PLW JUR‰HU %LWWHUNHLW HULQQHUW YRU DOOHP VHLWHQV GHU
)UDQ]RVHQGHUHQ$QJHK|ULJHEHLGLHVHPJUDXVLJHQ*HPHW]HO
XPNDPHQRGHUYHUZXQGHWZXUGHQ%LVDXIGHQKHXWLJHQ7DJ
YHUIOXFKHQYLHOHIUDQ]|VLVFKHQ0WWHUXQG:LWZHQEHVRQGHUV
GHQ 1DPHQ YRQ :LQVWRQ &KXUFKLOO XQG (QJODQGV DOV ÄSHUIL
GHV$OELRQ³'DVZDUHLQDEVLFKWOLFKHV.ULHJVYHUEUHFKHQYRQ
JUR‰HP$XVPD‰DXIGDVEDOGGDUDXIGLHIHLJH(UPRUGXQJGHV
IUDQ]|VLVFKHQ $GPLUDOV 'DUODQ GXUFK EULWLVFKH $JHQWHQ LQ
$OJLHUIROJWH
'LH EULWLVFKHQ 0LOLWlUDNWHQ DXV GHU .ULHJV]HLW GLH LP -XOL
 IU GLH gIIHQWOLFKNHLW ]XJlQJOLFK ZXUGHQ ]HLJHQ GD‰
HLQLJHHQJOLVFKH2IIL]LHUHH[WUHPHU*UDXVDPNHLWJHJHQGHXW
VFKH .ULHJVJHIDQJHQH IU VFKXOGLJ EHIXQGHQ ZXUGHQ $EHU
QXUHLQSDDUGLHVHU7lWHUNDPHQMHYRUHLQ.ULHJVJHULFKWXQG
PLW GHP )RUWJDQJ GHV .ULHJHV K|UWHQ 8QWHUVXFKXQJHQ XQG
%HVWUDIXQJ Y|OOLJ DXI 'LH *HQIHU XQG DQGHUH .RQYHQWLRQHQ
ZXUGHQGLHVEH]JOLFKLPPHUZLHGHULJQRULHUW+LHUVLQGHLQL
JH%HLVSLHOHVROFK]XJHJHEHQHU0L‰KDQGOXQJHQ
(LQEULWLVFKHU2IIL]LHUZROOWHHLQHPEHU(QJODQGDEJHVFKRV
VHQHQ3LORWHQGHU/XIWZDIIHGLH+RGHQDEUHL‰HQZlKUHQGHLQ
DQGHUHU2IIL]LHU*HIDQJHQHXQWHUGHP9RUZDQGLKQHQHLQHQ
'ULQN DQ]XELHWHQ LQ GLH 2IIL]LHUVPHVVH HLQOXG XQG VLH GDQQ
PL‰EUDXFKWH ,Q GLHVHQ )lOOHQ NDPHQ GLH EHWUHIIHQGHQ 2IIL
]LHUHYRUGDV.ULHJVJHULFKWXQGZXUGHQXQHKUHQKDIWDXVGHP
'LHQVWHQWODVVHQ
'LHVH'RNXPHQWHGLHXUVSUQJOLFK-DKUHODQJXQWHU9HU
VFKOX‰ EOHLEHQ VROOWHQ RIIHQEDUHQ XD $QVFKXOGLJXQJHQ JH
JHQ 2EHUVWOHXWQDQW *X\ %UDNH%URFNPDQ GLHQVWKDEHQGHU
ª'HU%ULJDGHJHQHUDOEHIDKOGHQ*HIDQJHQHQLKUH2YHUDOOV
DXV]X]LHKHQ EDW XP HLQ 7DVFKHQPHVVHU XQG VFKOLW]WH LKUH
+RVHQDP5FNHQDXIXQGQDKPLKUH*UWHODEVRGD‰GLH
+RVHQ ELV ]X GHQ .Q|FKHOQ KHUXQWHUILHOHQ 'DQQ IXKU HU
GHP/XIWZDIIHQ0DMRUPLWGHP6SD]LHUVWRFNLQGLH/HQGHQ
XQGVDJWHÄ,KU.LQGHUVFKlQGHULKUKDEWPHLQH0XWWHUJH
W|WHW³ 'HU %ULJDGHJHQHUDO JLQJ GDQQ YRQ GHP 0DMRU ]X
GHP DQGHUHQ *HIDQJHQHQ GHU DXFK GLH +lQGH KRFKKLHOW
DOVHULQGLH/HQGHQJHVWR‰HQZXUGH©
(LQ +DXIHQ MRKOHQGHU 6ROGDWHQ VDK GHP 9RUIDOO ]X (LQLJH
0lGFKHQXQG]LYLOH$UEHLWHUYHUVXFKWHQHLQ]XVFKUHLWHQZXU
GHQ DEHU YRQ GHP %ULJDGHJHQHUDO EHVFKLPSIW XQG HU GURKWH
LKQHQVLHIHVWVHW]HQXQGYRUHLQ.ULHJVJHULFKWVWHOOHQ]XODV
VHQ
%HL HLQHP VSlWHUHQ 9RUIDOO VDJWH GHU %ULJDGHJHQHUDO VHLQHP
GHXWVFKHQ*HIDQJHQHQ
ª:HQQ $GROI +LWOHU KLHUKHU NRPPW ZHUGHQ ZLU LKP VHLQH
>+RGHQ@HLQ]HOQKHUDXVUHL‰HQXQGGXKDVW*OFNGD‰GLU
GLHGHLQHQQLFKWDXVJHULVVHQZHUGHQ©
%UDNH%URFNPDQQZXUGHHLQHVGHUJXWHQ2UGQXQJXQGPLOLWl
ULVFKHQ 'LV]LSOLQ DEWUlJOLFKHQ 9HUKDOWHQV XQG HLQHV $QJULIIV
DXI HLQHQ GHXWVFKHQ 2IIL]LHU IU VFKXOGLJ EHIXQGHQ XQG DXV
GHP 'LHQVWHQWODVVHQ$QGHUHGHUDUWLJH)lOOHN|QQWHQDXIJH
]lKOW ZHUGHQ DEHU YRQ  DQ ZXUGH VR HWZDV SUDNWLVFK
QLFKW PHKU GRNXPHQWLHUW =X GLHVHU =HLW KDWWH GDV EULWLVFKH
0LOLWlUEHJRQQHQPLWLKUHPVRZMHWLVFKHQ$OOLLHUWHQLQEH]XJ
DXI XQIDLUHV 9HUKDOWHQ JHJHQEHU .ULHJVJHIDQJHQHQ]XZHWW
HLIHUQ
$P  1RYHPEHU  JULIIHQ ]ZHL HQJOLVFKH .DPSIIOXJ
]HXJH GDV GHXWVFKH /D]DUHWWVFKLII 7ELQJHQ LQGHU$GULDEHL
3RODDQ$OV)ROJHGDYRQVWDUEHQYLHOHGHXWVFKH9HUZXQGHWH
'DV6FKLIIZDUGHXWOLFKPLWGHU5RWHQ.UHX])ODJJHJHNHQQ
]HLFKQHW JHZHVHQ DEHU GDV ZXUGH DEVLFKWOLFK LJQRULHUW XQG
GDV 6FKLII JQDGHQORVYHUVHQNW,QGLHVHP)DOOHQWVFKXOGLJWHQ
VLFKGLH(QJOlQGHUDEHUGLHYHUDQWZRUWOLFKHQ3LORWHQZXUGHQ
QLH YRUV .ULHJVJHULFKW JHVWHOOW REZRKO VLH RKQH =ZHLIHO
.ULHJVYHUEUHFKHUZDUHQGLHGLH*HQIHUXQGDQGHUH.RQYHQ
WLRQHQYHUOHW]WKDWWHQ
%HL GHU .RPPDQGR$NWLRQ DXI GHU .DQDOLQVHO 6DUN LQ GHU
1DFKW YRP  2NWREHU  KDWWH GDV EULWLVFKH .RPPDQGR
HLQH 5HLKH GHXWVFKH *HIDQJHQH JHPDFKW $OV VLFK GLH .RP
PDQGRWUXSSV XQWHU VFKZHUHP GHXWVFKHQ )HXHU VFKQHOO ]X
UFN]LHKHQ PX‰WHQ W|WHWHQ VLH YLHU GHXWVFKH *HIDQJHQH LQ
GHPVLHLKQHQGLH.HKOHGXUFKVFKQLWWHQ,KUH/HLFKHQZXUGHQ
VSlWHU YRQ GHQ GHXWVFKHQ 7UXSSHQ JHIXQGHQ QDFKGHP GLH
.RPPDQGRV JHIOFKWHW ZDUHQ 6LH KDWWHQ LPPHU QRFK GLH
+lQGHJHEXQGHQ
'LHVH *UDXVDPNHLW YHUDQOD‰WH HLQHQ ZWHQGHQ +LWOHU GHQ
Ä.RPPDQGR%HIHKO³ ]X HUODVVHQ GHU DOV 9HUJHOWXQJ EHIDKO
GD‰NQIWLJ$QJHK|ULJHYRQIHLQGOLFKHQhEHUIDOONRPPDQGRV
VXPPDULVFK HUVFKRVVHQ ZHUGHQ VROOWHQ RE VLH VLFK HUJDEHQ
RGHUQLFKW(VZDU*OHLFKHVIU*OHLFKHVDEHUZLHGHUHLQPDO
KDWWHQ GLH (QJOlQGHU GLH JDQ]H $EVFKHXOLFKNHLW EHJRQQHQ
6SlWHU YHUVXFKWHQ VLH +LWOHUV JHUHFKWIHUWLJWHQ %HIHKO DOV
.ULHJVYHUEUHFKHQ GDU]XVWHOOHQ ZDV EHVWLPPW QLFKW ]XWUDI
%ULJDGHJHQHUDOGLHVLFKDXIHLQHQ9RUIDOODP6HSWHPEHU
 LQ GHU :DUPLQVWHU.DVHUQH EH]LHKHQ =ZHL %HVDW
]XQJVPLWJOLHGHU HLQHV KHUXQWHUJHKROWHQ GHXWVFKHQ %RPEHUV
ZXUGHQ IHVWJHKDOWHQ ELV GHU ÄGHXWOLFK JDQ] ZWHQGH³ %ULJD
GHJHQHUDOGDKHUNDP
0DMRU 5 0 0LOOHU YRQ GHU $QNODJH EHULFKWHWH GHP JHKHL
0DQPX‰VLFKDXFKLQV*HGlFKWQLVUXIHQGD‰YLHOHGHUVRJH
QDQQWHQ .RPPDQGRV DXV 7KXJKV DXV 9HUJHZDOWLJHUQ XQG
0|UGHUQ EHVWDQGHQ GLH DXV *HIlQJQLVVHQ HQWODVVHQ ZRUGHQ
ZDUHQ GD PDQ DQQDKP GD‰ VLH EHUHLW VHLHQ ÄGLH +XQQHQ³
RKQH*QDGH]XW|WHQ,KUH9RUJlQJHUZDUGLHÄ)UHPGHQWUXS
SH³ *HQGDUPHULH JHZHVHQ GLH  XQWHU GHP 1DPHQ
PHQ7ULEXQDO ª%ODFN DQG 7DQV© 6FKZDU]H XQG %UDXQH JOHLFKIDOOV YRQ

 9II*ÂÂ-DKUJDQJÂ+HIW

&KXUFKLOO UHNUXWLHUW ZRUGHQ ZDU XP LULVFKH 0lQQHU )UDXHQ $QVWUPHGXUFKIKUHQZlKUHQG/DXWVSUHFKHUSOlUUWHQª7|WHW
XQG.LQGHU]XHUPRUGHQVLHKH.DVWHQ
%HL GHP XQJOFNVHOLJHQ 'LHSSH$QJULII DQ GHP EULWLVFKH
.RPPDQGRVZLHGHU]XVDPPHQPLWNDQDGLVFKHQ7UXSSHQEH
WHLOLJW ZDUHQ ZXUGHQ GHXWVFKH *HIDQJHQH JHPDFKW YRQ GH
QHQ HLQLJH HUPRUGHW ZXUGHQ %HL GHQ 'RNXPHQWHQ GLH GLH
'HXWVFKHQ IDQGHQ QDFKGHP VLH GLH .DQDGLHU EHVLHJW KDWWHQ
EHIDQG VLFK HLQ %HIHKO GD‰ GHXWVFKHQ *HIDQJHQHQ GLH 'DX
PHQ ]XVDPPHQJHEXQGHQ GLH +lQGH DXI GHP 5FNHQ JHIHV
VHOW XQG GLH GDYRQ DXVJHKHQGH 6FKQXU IHVW XP GHQ +DOV JH
EXQGHQZHUGHQVROOWH$QGHUHQ*HIDQJHQHQZXUGHQGLH+lQ
GH PLW 6WDFKHOGUDKW JHIHVVHOW $OOH GHUDUWLJHQ %HKDQGOXQJHQ
ZLGHUVSUDFKHQGHU*HQIHU.RQYHQWLRQDEHUGLH7lWHUZXUGHQ
QLHDQJHNODJWXQGZHUGHQGHUHQJOLVFKHQgIIHQWOLFKNHLWKHXWH
DOV ÄULWWHUOLFKH +HOGHQ³ GDUJHVWHOOW 6LH ZDUHQ IHLJH .ULHJV
YHUEUHFKHURKQH(KUHXQG$QVWDQG
$XIGHP+|KHSXQNWGHV=ZHLWHQ:HOWNULHJHVDOV&KXUFKLOOV
YRP6XIIJHSUlJWHQ9HUOHXPGXQJHQGHUÄE|VDUWLJHQ+XQQHQ³
LPPHUZVWHUZXUGHQEHNDPHQ(LQKHLWHQGHUQHXDXVJHELOGH
WHQ EULWLVFKHQ 6ROGDWHQ ÄYRQ JDQ] REHQ³ GHQ %HIHKO
6FKODFKWK|IH]XEHVXFKHQXPGDVVFKUHFNOLFKH(QGHGHUDU
PHQ YHUVFKUHFNWHQ .UHDWXUHQ DQ]XVHKHQ LKUH NOlJOLFKHQ
6FKUHLHDQ]XK|UHQGLHYRQJUR‰VSUHFKHULVFKHQ$XVUXIHQEUX
WDOHU )HOGZHEHO EHJOHLWHW ZXUGHQ ªGLH +XQQHQ GDV JOHLFKH
6FKLFNVDOHUOHLGHQ]XODVVHQ©'DUEHUKLQDXVZXUGHMHGH$E
WHLOXQJEHLP9HUODVVHQGHV6FKDXSODW]HVPLW(LPHUQYRQ%OXW
JHWUlQNWXPVLHDXIGLHVFKUHFNOLFKHQ6]HQHQLQ(XURSDYRU
]XEHUHLWHQGLHYRQ&KXUFKLOOXQG5RRVHYHOWXQGLKUHP:DI
IHQEUXGHU -RVHI 6WDOLQ YHUEW ZXUGHQ $OV GLH 1DFKULFKWHQ
EHUGLHVH6FKODFKWKDXV%HVXFKHGXUFKVLFNHUWHQJDEHVHLQL
JH3URWHVWHYRQ3DUODPHQWVPLWJOLHGHUQXQGDQJHEOLFKZXUGHQ
GLHVHGUDVWLVFKHQ0D‰QDKPHQHLQJHVWHOOW
 EHJDQQ GLH HQJOLVFKH $UPHH HLQ ZHLWHUHV ([SHULPHQW
]XU Ä+D‰(LQEXQJ³ 7UXSSHQ PX‰WHQ lX‰HUVW VWUDSD]L|VH
'UHVGHQLP0lU]
(ZLJHV6FKDQGPDODOOLLHUWHU.ULHJVYHUEUHFKHQ
9II*ÂÂ-DKUJDQJÂ+HIW
GLHVHQ+XQQHQ7|WHWGLHVHQ+XQQHQ©6LHZXUGHQGDQQ]XP
%HVXFKHLQHUÄ+D‰+DOOH³EHIRKOHQHLQHP5DXPGHUPLW)R
WRVJHIlOVFKWHUGHXWVFKHU*UHXHODXVJHVFKPFNWZDU
=X GHQ .ULHJVYHUEUHFKHQ GLH YRQ DOOLLHUWHQ 7UXSSHQ XQWHU
EULWLVFKHP2EHUNRPPDQGREHJDQJHQZXUGHQJHK|UW]%GLH
7|WXQJYRQ*HIDQJHQHQGHU66'LYLVLRQÄ+LWOHU-XJHQG³
LQGHU1RUPDQGLHGXUFK.DQDGLHU'LHNDQDGLVFKHQ*H
QHUDOH JDEHQ DP 9RUDEHQG GHU /DQGXQJ LKUHQ XQUKPOLFKHQ
%HIHKODXVª:LUVLQGQLFKWDQ*HIDQJHQHQLQWHUHVVLHUW©ZDV
IUGLHNDQDGLVFKHQ7UXSSHQHLQ)UHLEULHIIUGLH(UPRUGXQJ
HLQHV MHGHQ *HIDQJHQHQ ZDU 'LH 'HXWVFKHQ EWHQ 9HUJHO
WXQJ LQGHP VLH MHGHQ JHIDQJHQHQ .DQDGLHU HUVFKRVVHQ DEHU
HVJLEWNHLQHQ=ZHLIHOZHUVROFKH$NWLRQHQEHJRQQHQKDW(V
ZDUHQ GLH .DQDGLHU GLH IU LKUH GHPWLJHQGH XQG EOXWLJH
1LHGHUODJH YRQ 'LHSSH  QDFK 5DFKH GUVWHWHQ :HGHU
GHU%HIHKOGHUNDQDGLVFKHQ*HQHUDOHQRFKGDV9HUKDOWHQLK
UHU6ROGDWHQZXUGHMHPDOVHLQHU8QWHUVXFKXQJXQWHU]RJHQ
1HEHQEHL VROOWH EHPHUNW ZHUGHQ GD‰ VLFK GLH NDQDGLVFKHQ
6ROGDWHQLQ(QJODQG±YLHOHYRQLKQHQZDUHQ0LVFKOLQJHDXV
GHQ:lOGHUQLP:HVWHQ.DQDGDV±HLQHQVFKOHFKWHQ5XIJH
PDFKW KDWWHQ ZHLO VLH RIW HQJOLVFKH0lGFKHQYHUJHZDOWLJWHQ
XQG PDQFKPDO VRJDU HUPRUGHWHQ ± HLQ VFKOHFKWHU 5XI GHQ
VLH VLFK PLW GHQ $QJHK|ULJHQ GHU VRJHQDQQWHQ IUHLHQ SROQL
VFKHQ$UPHHWHLOWHQ
(V LVW EHNDQQW GD‰ HQJOLVFKH )DOOVFKLUPVSULQJHU GLH KLQWHU
GLH GHXWVFKHQ/LQLHQDEVSUDQJHQVLFKQDFKGHU,QYDVLRQGHU
$OOLLHUWHQ DOOHU GHXWVFKHQ *HIDQJHQHQ HQWOHGLJWHQ LQGHP VLH
LKQHQLP6FKODIGLH.HKOHGXUFKVFKQLWWHQ(VJLEW]DKOUHLFKH
ZHLWHUH JHVLFKHUWH %HULFKWH EHU *HIDQJHQHQW|WXQJHQ 
GXUFKGLH%ULWHQXQGGXUFKGLH$PHULNDQHU
9RU HLQLJHQ -DKUHQ EHKDXSWHWH HLQ DQJHVHKHQHU DPHULNDQL
VFKHU +LVWRULNHU XQG 5HFKWVH[SHUWH 'U $OIUHG GH =D\DV LQ
VHLQHP %XFK 'HU :HKUPDFKWVXQWHUVXFKXQJVDXVVFKX‰ 
  EHGHXWHQGH EULWLVFKH .ULHJVYHUEUHFKHQ 0DQ NDQQ XQ
P|JOLFK GH =D\DV EHVFKXOGLJHQ HLQ ÄQHRQD]LVWLVFKHU $SROR
JHW³ ]X VHLQ (U LVW HLQIDFK QXU HKUOLFK HQWVFKORVVHQ GLH
:DKUKHLWEHUGLHYRQÄGHUDQGHUHQ6HLWH³EHJDQJHQHQ*UHX
HOIHVW]XVWHOOHQ'UGH=D\DVHUNOlUWHLQHLQHU9RUOHVXQJYRU
GHP $OO 6RXOV &ROOHJH LQ 2[IRUG GD‰ GLH EULWLVFKHQ9HUOHW
]XQJHQ GHU *HQIHU .RQYHQWLRQ XQG DQGHUHU .RQYHQWLRQHQ
DXFKGLH9HUVHQNXQJHLQHVGHXWVFKHQ/D]DUHWWVFKLIIVLQ6NDQ
GLQDYLHQXQGGLH(UVFKLH‰XQJVFKLIIEUFKLJHUGHXWVFKHU6HH
OHXWHXPID‰WH'RFKREZRKOGLH%HKDXSWXQJHQ'UGH=D\DV
EHOHJWZDUHQZXUGHQVLHYRQGHQEULWLVFKHQ0HGLHQXQG%H
K|UGHQ ZHLWJHKHQG LJQRULHUW 6HLQH )HVWVWHOOXQJHQ EDVLHUWHQ
DXI ,QWHUYLHZV PLW GHXWVFKHQ hEHUOHEHQGHQ XQG 0LOLWlUULFK
WHUQXQGZDUHQYRP6WXGLXPYRQ%lQGHQ'RNXPHQWHXQ
WHUPDXHUWGLHGHU:HKUPDFKWVXQWHUVXFKXQJVDXVVFKX‰HUVWHOOW
KDWWHGHUJHELOGHWZRUGHQZDUXPDOOLLHUWH.ULHJVUHFKWV
YHUOHW]XQJHQ IHVW]XVWHOOHQ 'LHVH $NWHQ XPIDVVHQ  )lOOH
XQGZXUGHQYRQDPHULNDQLVFKHQ7UXSSHQEHVFKODJQDKPW
XQGQDFKGHQ86$YHUEUDFKWZRVLHELV$QIDQJGHUHU-DKUH
DOVÄJHKHLP³HLQJHVWXIWZXUGHQ'UGH=D\DVVWXGLHUWH+XQGHU
WH GDPLW ]XVDPPHQKlQJHQGHU $NWHQ LQ 'HXWVFKODQG VRZLH
DPHULNDQLVFKHEULWLVFKHXQGVFKZHL]HU$NWHQ
'LH ZHVHQWOLFKHQ .ULHJVYHUEUHFKHQ XPIDVVHQ GLH (UVFKLH
‰XQJ VFKLIIEUFKLJHU GHXWVFKHU 6HHOHXWH GXUFK HQJOLVFKH
7UXSSHQQDFKGHU9HUVHQNXQJGHVGHXWVFKHQ=HUVW|UHUV(ULFK
*LHVH LP $SULO  LQ 1RUZHJHQ $XV %HIUDJXQJHQ GHXW
VFKHU hEHUOHEHQGHU HLQVFKOLH‰OLFK GHV .DSLWlQV GHV =HUVW|
UHUV .RPPDQGDQW .DUO 6FKPLGW XQG GHU 'XUFKVLFKW GHXW


'UHVGHQQDFK&KXUFKLOOV)UHXQGVFKDIWVEHVXFKLP)HEUXDU8QJH]lKOWH0HQVFKHQPDVVHQLQQXUHLQHUHLQ]LJHQ1DFKW
EHLOHEHQGLJHP/HLEHYHUEUDQQWJHVRWWHQJHNRFKWJHVFKPRUWJHEUDWHQRGHUVFKOLFKWGXUFK.RKOHQPRQR[LGYHUJDVW
VFKHUXQGEULWLVFKHU6FKLIIVWDJHEFKHU]XGLHVHP9RUIDOOJHKW
KHUYRU GD‰ HLQH XQEHNDQQWH $Q]DKO 'HXWVFKHU JHW|WHW VWDWW
]X.ULHJVJHIDQJHQHQJHPDFKWZXUGH
,Q HLQHP DQGHUHQ EHNDQQWHQ )DOO ZXUGHQ 'HXWVFKH DQ %RUG
GHV JULHFKLVFKHQ 6FKLIIHV 2VLV 3DUDVHNHYL PLW GHP 0DVFKL
QHQJHZHKU HUVFKRVVHQ DOV VLH YHUVXFKWHQ QDFK GHU 9HUVHQ
NXQJGHV6FKLIIHVGXUFKGDVEULWLVFKHV8%RRW7RUTXD\ ZHJ
]XVFKZLPPHQ 2IIL]LHOOH %HULFKWH HUZlKQWHQ QLH GD‰ GLH
'HXWVFKHQHUVFKRVVHQZXUGHQQXUGD‰ÄVLHXPNDPHQ³$EHU
4XHOOHQ GHU .|QLJOLFKHQ 0DULQH EHVDJHQ GD‰ .RPPDQGDQW
0LHUV¶ /RJEXFK EHU GLH 3DWURXLOOH ]XJLEW GD‰ GLH 0DQQ
VFKDIWhEHUOHEHQGHPLWGHP0*QLHGHUPlKWH
'UHL:RFKHQQDFKGLHVHQ7|WXQJHQZXUGHGHP.RPPDQGDQ
WHQGHV8%RRWV7RUTXD\$QWKRQ\0LHUVGHUGDPDOV-DK
UH DOW ZDU YRQ GHP VFKZDFKN|SILJHQ .|QLJ *HRUJH 9, ÄLQ
$QHUNHQQXQJ VHLQHU 9HUGLHQVWH³ GDV 9LNWRULD.UHX] YHUOLH
KHQ'LHVHU.ULHJVYHUEUHFKHUHQGHWHVHLQH/DXIEDKQDOV.RQ
WHUDGPLUDO6LU$QWKRQ\*&0LHUVXQGVWDUELP-XOLPLW
-DKUHQ0LHUVZDUEHNDQQWIUVHLQEOHV]JHOORVHV7HP
SHUDPHQWXQGVHLQH$UURJDQ]
'HU YHUVWRUEHQH &DSW 6WHSKHQ 5RVNLOO RIIL]LHOOHU .ULHJVKL
VWRULNHU GHU EULWLVFKHQ 0DULQH EH]HLFKQHWH GLH *HIDQJHQHQ
(UVFKLH‰XQJHQPLWGHP0DVFKLQHQJHZHKULP0LWWHOPHHUYRU
.UHWDGXUFKEULWLVFKH8%RRW/HXWHDOVÄVFKlQGOLFK³(VZLUG
DQJHQRPPHQGD‰.RPPDQGDQW0LHUV%HIHKOGLHhEHUOHEHQ
GHQ]XHUVFKLH‰HQEHLQDKHHLQH0HXWHUHLXQWHUGHU%HVDW]XQJ
GHU7RUT XD\ KHUYRUULHIZHLOGHU2IIL]LHUGHV8%RRWHVXQG
ULNDQLVFKH )ORWWHQRIIL]LHUH DQ *UR‰DGPLUDO .DUO '|QLW] JH
VFKLFNW KDEHQ XP LKP LKUH 6\PSDWKLH XQG 8QWHUVWW]XQJ
DXV]XGUFNHQQDFKGHPGHU$GPLUDOEHLGHPQLHGHUWUlFKWLJHQ
1UQEHUJHU 3UR]H‰ ]X 8QUHFKW DQJHNODJW XQG HLQJHVSHUUW
ZRUGHQZDU
'HUEULWLVFKH%RPEHQKRORFDXVW
(V ZLUG RIW YHUVLFKHUW XQG ZHLWKLQ JHJODXEW GD‰ GLH %RPEDU
GLHUXQJ]LYLOHU=LHOHLP=ZHLWHQ:HOWNULHJYRQGHQ'HXWVFKHQ
DQJHIDQJHQ ZRUGHQ VHL $EHU GDV LVW JDQ] XQG JDU HLQH /JH
ZLHGXUFK6SDLJKWEHVWlWLJWZLUGGHUJDQ]GHXWOLFKHUNOlUWH
ª:LU KDEHQ DOV HUVWH GLH %RPEDUGLHUXQJ YRQ =LHOHQ LQ
'HXWVFKODQGVHOEVWDQJHIDQJHQ©
'DVJLOWDXFKIUGHQÄ%OLW]³JHJHQ/RQGRQ=XHLQHU=HLWDOV
&KXUFKLOO QDFK GHU .DWDVWURSKH YRQ 'QNLUFKHQ YHU]ZHLIHOW
HLQH $EOHQNXQJ EHQ|WLJWH XP GLH DEIODXHQGH 6WLPPXQJ GHU
EULWLVFKHQgIIHQWOLFKNHLWGDYRQ]XEHU]HXJHQGD‰GHU.ULHJ
IRUWJHVHW]W ZHUGHQ PVVH EHIDKO &KXUFKLOO DEVLFKWOLFK YHU
QLFKWHQGH/XIWDQJULIIHDXI%HUOLQEHLGHQHQYLHOH)UDXHQXQG
.LQGHUVWDUEHQ'LHGHXWVFKH$QWZRUWGDUDXIZDUGHUÄ%OLW]³
JHJHQ/RQGRQXQGDQGHUHHQJOLVFKH6WlGWH
7DWVlFKOLFK SODQWH GLH 5$) EHUHLWVGLH%RPEDUGLHUXQJ
YRQ=LYLOLVWHQLQGHXWVFKHQ6WlGWHQ'DVZDUHLQH:HLWHUHQW
ZLFNOXQJ HLQHU $QIDQJ GHU HU -DKUH YRP GDPDOLJHQ /XIW
IDKUWVPLQLVWHU :LQVWRQ &KXUFKLOO HLQJHOHLWHWHQ 7DNWLN DOV HU
]XVDPPHQ PLW GHP HLIULJHQ MXQJHQ 3\URPDQHQ Ä%RPEHU
+DUULV³GLH=HUVFKODJXQJDXIVWlQGLVFKHU6WlPPHLQ0HVRSR
HLQ 6ROGDW DQ %RUG VLFK ZHLJHUWHQ GLH 'HXWVFKHQ GLH HLQHP
*HELUJVMlJHUUHJLPHQWDXI.UHWDDQJHK|UWHQ]XHUVFKLH‰HQ
&DSW 5RVNLOOV $QVLFKWHQ VWLPPWHQ PLW GHU KRKHQ 0HLQXQJ
EHUHLQGLHGLHPHLVWHQEULWLVFKHQ)ORWWHQRIIL]LHUHYRQLKUHQ
*HJQHUQXQGGHUHQ6FKLIIHQKDWWHQHLQH7DWVDFKHGLHGXUFK
+XQGHUWHYRQ%ULHIHQEHVWlWLJWZLUGGLHHQJOLVFKHXQGDPH

WDPLHQGHPKHXWLJHQ,UDNIRUWIKUWHLQGHPVLHGHUHQ6WlGWH
XQG '|UIHU PLW 6SUHQJ XQG %UDQGERPEHQ ]HUERPEWHQ
&KXUFKLOOEHIUZRUWHWHDXFKGHQ*HEUDXFKYRQ*LIWJDVGDHV
HLQHQ ÄDXVJH]HLFKQHWHQ (IIHNW³ DXI GLH 0RUDO KDEH 'HU GD
PDOLJH EULWLVFKH 5$).RPPDQGHXU LQ GLHVHP *HELHW .RP
PRGRUH&KDUOWRQWUDWYROOHU$EVFKHXYRUGLHVHUXQPHQVFKOL
9II*ÂÂ-DKUJDQJÂ+HIW

FKHQ*UDXVDPNHLWYRQVHLQHP3RVWHQ]XUFN$EHU&KXUFKLOO
XQG +DUULV EHUQDKPHQ LP =ZHLWHQ :HOWNULHJ GLHVH 7DNWLN
GHVPDVVLYHQ)HXHUERPEDUGHPHQWVLQJUR‰HP0D‰VWDE
9LHOH/HXWHLQ(QJODQGVWLPPHQKHXWHEHUHLQGD‰GLH%RP
EDUGLHUXQJ XQG GLH )HXHUVWUPH ]DKOORVHU GHXWVFKHQ 6WlGWH
XQG ,QQHQVWlGWH LP =ZHLWHQ :HOWNULHJ HLQ VFKZHUHV .ULHJV
YHUEUHFKHQGDUVWHOOHQ,P(UVWHQ:HOWNULHJUHGHWHGHUGDPD
$P 0RUJHQ QDFK GHP $QJULII DXI 'UHVGHQ EHPHUNWH HLQ
%%&1DFKULFKWHQVSUHFKHUK|KQLVFK
ª,Q'UHVGHQJLEWHVVRJXWZLHNHLQ3RU]HOODQPHKU©
(V JDE DXFK NDXP QRFK 0HQVFKHQ 'LH =HUVW|UXQJ GLH EHL
GHP 'UHVGHQHU )HXHUVWXUP ZWHWH ZDU GLH VFKOLPPVWH GHV
=ZHLWHQ:HOWNULHJHVXQGNDQQIDVWQLFKWEHVFKULHEHQZHUGHQ
+XQGHUWWDXVHQGH (LQZRKQHU XQG )OFKWOLQJH ZXUGHQ EXFK
OLJH &KHI GHV 5R\DO )O\LQJ &RUSV GHP 9RUOlXIHU GHU 5$)
VHLQHP6WDE]XGD‰GLH%RPEDUGLHUXQJGHXWVFKHU6WlGWHXQG
6WDGW]HQWUHQ GHQ DOOLLHUWHQ 6LHJ EHVFKOHXQLJHQ ZUGH 9LHOH
VHLQHU 6WDEVDQJHK|ULJHQ VDKHQ HLQH VROFKH 7DNWLN DOV XQHK
UHQKDIW XQG ÄJHJHQ GLH .ULHJVUHJHOQ³ DQ $EHU LP =ZHLWHQ
:HOWNULHJZDJWHQHVQXUZHQLJH5$)2IIL]LHUHGLHVH7DNWLN
LQ)UDJH]XVWHOOHQ
,Q GHU 1DFKW GHV  )HEUXDU  JULII HLQH ULHVLJH )ORWWH
5$) XQG 86%RPEHU PLW 8QWHUVWW]XQJ YRQ 6FKZDGURQHQ
1DFKWNlPSIHUQGLHXQYHUWHLGLJWH,QQHQVWDGWYRQ'UHVGHQDQ
'HU $QJULII JLQJ DP IROJHQGHQ 7DJ XQG LQ GHU 1DFKW GDUDXI
ZHLWHUELVYRQGHUJDQ]HQ6WDGWGLHHLQVW(OEIORUHQ]JHQDQQWH
VWlEOLFKLQLKUHQ+lXVHUQLQ6WUD‰HQXQG/XIWVFKXW]EXQNHUQ
GLH NHLQHQ 6FKXW] YRU GHQ )ODPPHQ ERWHQ JHVFKPRUW 'LH
hEHUEOHLEVHO YRQ 0lQQHUQ )UDXHQ XQG .LQGHUQ ZLH DXFK
7LHUHQ ZXUGHQ LQ HLQH ]lKIOVVLJH 0DVVH YHUZDQGHOW +RFK
H[SORVLYH%RPEHQPLWYHU]|JHUWHU=QGXQJYHUJU|‰HUWHQGHQ
+RUURU DOV ]DKOORVH 3HUOHQ JHVFKLFKWVWUlFKWLJHU %DXZHUNH
VDPW ,QKDOW ]HUVW|UW ZXUGHQ :lKUHQG GHU 7DJHVVWXQGHQ GHV
)HEUXDUVVFKRVVHQ7LHIIOLHJHUPLW0DVFKLQHQJHZHK
UHQ 7DXVHQGH /HXWH ]XVDPPHQ GLH DXI GLH (OEZLHVHQ JH
IOFKWHW ZDUHQ XP GHP ,QIHUQR ]X HQWNRPPHQ 1LHPDQG
NHQQWGLHJHQDXH=DKOGHU7RGHVRSIHUYRQ'UHVGHQ
0DUWLQ&DLGLQJDELQVHLQHPKHUYRUUDJHQGHQ:HUN7KH1LJKW
ZXUGHSUDNWLVFKQXUUDXFKHQGH7UPPHUKDXIHQEULJZDUHQ
'HU $QJULII ZXUGH VR GXUFKJHIKUW GD‰ GLH HQWVWHKHQGHQ
JUR‰HQ)HXHUHLQHQ)HXHUVWXUPKHUYRUULHIHQGHPQXUZHQLJH
0HQVFKHQLQGHU,QQHQVWDGWHQWNDPHQbKQOLFKH$QJULIIHGLH
ULHVLJH )HXHUVWUPH HQWIDFKWHQ ZDUHQ EHUHLWV LQ DQGHUHQ
GHXWVFKHQ 6WlGWHQ GXUFKJHIKUW ZRUGHQ YRU DOOHP LQ +DP
EXUJZRHVHLQHJUR‰H$Q]DKO2SIHUJDEDEHU'UHVGHQZDU
]ZHLIHOORV GLH 6WDGW GLH DP PHLVWHQ XQWHU &KXUFKLOOV XQG
+DUULV¶7HUURUJHOLWWHQKDW'UHVGHQ±LP-DKUKXQGHUWHL
QHVGHU/LHEOLQJV]LHOHEULWLVFKHU7RXULVWHQ±KDWWHNHLQH/XIW
YHUWHLGLJXQJ 8QG /XIWZDIIH)RUPDWLRQHQ GLH WURW] ]DKOHQ
Pl‰LJHU 8QWHUOHJHQKHLW HLQLJHUPD‰HQ KlWWHQ 6FKXW] JHEHQ
N|QQHQ ZDUHQ DXV LUJHQGHLQHP *UXQG QRUGZlUWV YHUOHJW
ZRUGHQ
+DPEXUJ 'LHG 'LH 1DFKW LQ GHU +DPEXUJ VWDUE GHQ
VFKUHFNOLFKVWHQ%HULFKWGHQHVMHEHUGLH:LUNXQJHQGHULQ
GHQGHXWVFKHQ6WlGWHQHU]HXJWHQ)HXHUVWUPHJDEDOVHUGHQ
&KHIGHU+DPEXUJHU)HXHUZHKU]LWLHUW
ª,KU6FKUHFNHQ]HLJWVLFKLP+HXOHQXQG:WHQGHV)HXHU
VWXUPV GHP K|OOLVFKHQ /lUP H[SORGLHUHQGHU %RPEHQ XQG
GHQ 7RGHVVFKUHLHQ JHTXlOWHU PHQVFKOLFKHU :HVHQ ZLH
DXFKLQGHUJUR‰HQ6WLOOHQDFKGHQ$QJULIIHQ'LH6SUDFKH
NDQQ QLFKW GDV $XVPD‰ GHV 6FKUHFNHQV VFKLOGHUQ GHU GLH
0HQVFKHQ  7DJH XQG 1lFKWH ODQJ HUJULIIHQ KDWWH XQG
GHUHQ 6SXUHQ XQDXVO|VFKOLFK LQ GDV $QJHVLFKW GHU 6WDGW
XQGLKUHU(LQZRKQHUJHVFKULHEHQZDU
.HLQH 9RUVWHOOXQJVNUDIW ZLUG MH GLH JUDXVDPHQ 6FKUHN
NHQVV]HQHQ LQ GHQ YLHOHQ /XIWVFKXW]EXQNHUQ HUPHVVHQ XQG

'UHVGHQ0DVVHQNUHPLHUXQJGHUPHQVFKOLFKHQhEHUEOHLEVHOEULWLVFKHUXQGDPHULNDQLVFKHU9HUEUHFKHQJHJHQGLH
0HQVFKKHLW,QVJHVDPWVWDUEHQPLQGHVWHQ0HQVFKHQGHQ)HXHUXQG*DVWRGLPDOOLLHUWHQ%RPEHQKRORFDXVW

9II*ÂÂ-DKUJDQJÂ+HIW 

EHVFKUHLEHQ N|QQHQ 'LH 1DFKZHOW NDQQ QXU GDV +DXSW ]HQ IDVW HLQ -DKU QDFK .ULHJVHQGH LQWHUQDWLRQDOH 5RW
HQWEO|‰HQLP*HGHQNHQDQGDV6FKLFNVDOGLHVHUXQVFKXOGL .UHX]9HUHLQEDUXQJHQGLHVLHIHLHUOLFKXQWHU]HLFKQHW
JHQ0HQVFKHQGLHGHU0RUGOXVWHLQHVVDGLVWLVFKHQ)HLQGHV KDEHQ 'LH *HQIHU .RQYHQWLRQ YHUELHWHW DXVGUFNOLFK
JHRSIHUW ZXUGHQ 1LFKW HLQPDO +LURVKLPD RGHU 1DJDVDNL .ULHJVJHIDQJHQH PLW JHIlKUOLFKHQ $UEHLWHQ RGHU GHP
GLH GHQ YHUQLFKWHQGHQ 6FKODJ GHU $WRPERPEH HUOLWWHQ 7UDQVSRUW YRQ .ULHJVPDWHULDO ]X EHVFKlIWLJHQ WURW]GHP
NRPPHQGHUXQVDJEDUHQ+|OOHYRQ+DPEXUJJOHLFK©  ZXUGHQ 7DXVHQGH GHXWVFKHU 6ROGDWHQ EHL OHEHQVJH
2VZDOG 6SHQJOHU KDW LQ VHLQHP SURSKHWLVFKHQ :HUN 'HU 8Q IlKUOLFKHQ $UEHLWHQ HLQJHVHW]W EHL GHU 5lXPXQJ YRQ 0L
WHUJDQJ GHV $EHQGODQGHV JHZDUQW GD‰ GHU (LQVDW] IDUELJHU QHQIHOGHUQXQG%HVHLWLJXQJYRQ:DVVHUPLQHQXQGGHP$E
7UXSSHQGXUFKGLH%ULWHQXQGLKUHIUDQ]|VLVFKHQ9HUEQGHWHQ UL‰]HUVW|UWHU+lXVHU©
OHW]WOLFKGHUZHL‰HQ5DVVHGHQY|OOLJHQ9HUOXVWGHU$FKWXQJEHL 'LHH[WUHPH+LQWHUKlOWLJNHLWXQGHPS|UHQGH*UDXVDPNHLWGHV
GHQQLFKWZHL‰HQ9|ONHUQHLQEULQJHQZUGHHLQH7DWVDFKHGLH EULWLVFKHQ 9HUUDWV DQ XQ]lKOLJHQ 7DXVHQGHQ DQWLNRPPXQLVWL
PDQ QDFKSUIHQ NDQQ ZHQQ PDQ KHXW]XWDJH GLH QlFKVWEHVWH VFKHU .RVDNHQXQG-XJRVODZHQLQgVWHUUHLFKZXUGHDXVIKU
HQJOLVFKH*UR‰VWDGWEHVXFKWDQJHIDQJHQPLW/RQGRQ OLFKGXUFK*UDI1LNRODL7ROVWRL/RUG%HWKHOOXQGDQGHUHGR
,Q EHLGHQ :HOWNULHJHQ VHW]WHQ GLH (QJOlQGHU (LQJHERUHQH DXV NXPHQWLHUW 'LHVH .ULHJVJHIDQJHQHQ XQG KHLPDWORVHQ 1LFKW
GHQ.RORQLHQLKUHVÄZHLWUHLFKHQGHQ,PSHULXPV³HLQGLH.RSI NRPEDWWDQWHQZXUGHQ6WDOLQV+HQNHUXQG7LWRVP|UGHULVFKHQ
&0  3DUWLVDQHQDXVJHOLHIHUWXQGNDXPHLQHUYRQLKQHQEHUOHEWH
MlJHU ZDUHQ 'LH =HLWVFKULIW GHU 8QLYHUVLWlW &DPEULGJH $
EHVFKULHENU]OLFKLKUHQ(LQVDW]'LHVH:LOGHQKDWWHQGHQHP 2EZRKOHLQSDDUDQVWlQGLJHEULWLVFKH2IIL]LHUHXQG6ROGDWHQ
S|UHQGHQULWXHOOHQ%UDXFKLKUHQHUPRUGHWHQ*HIDQJHQHQ.|U XQWHU*HIDKUIUVLFKVHOEVWHLQLJHQ.ULHJVJHIDQJHQHQXQG=L
SHUWHLOHDE]XVFKQHLGHQVLH]XNRFKHQXQGGDQQ]XHVVHQ$XFK YLOLVWHQ]XU)OXFKWYHUKHOIHQNRQQWHQZXUGHGLHJUR‰H0HKU
YRQGHQ*XUNKD7UXSSHQVLQGJOHLFKDU KHLW GHU .ULHJVJHIDQJHQHQ XQG =LYLOL
WLJH DEVFKHXOLFKH 5LWXDOH PLW GHQ /HL VWHQYRQHQJOLVFKHQ6ROGDWHQPLWHPS|
FKHQLKUHUWRWHQ)HLQGHEHNDQQW UHQGHU %UXWDOLWlW LQ GLH 9LHKZDJHQ JH
'LH EULWLVFKH *HKHLPRUJDQLVDWLRQ GLH WULHEHQ PLW GHQHQ VLH LKUHQ 0|UGHUQ
DOV 6SHFLDO 2SHUDWLRQV ([HFXWLYH EH EHUDQWZRUWHW ZHUGHQ VROOWHQ 0lQQHU
NDQQWLVWZDUQLFKWQXUGDUDXIVSH]LDOL )UDXHQVRJDUNOHLQH.LQGHUZXUGHQPLW
VLHUW $JHQWHQ LQ GDV GHXWVFKEHVHW]WH .HXOHQXQG%DMRQHWWHQWUDNWLHUWXQGJH
(XURSD ]X VFKLFNHQ XP 6DERWDJH XQG OHJHQWOLFKJDUHUVFKRVVHQZHQQVLHYHU
DOOJHPHLQ EOXWLJH +LQWHUKDOWVDQJULIIH VXFKWHQ:LGHUVWDQG]XOHLVWHQ
GXUFK]XIKUHQ XQG 9HUZLUUXQJ ]X VWLI 8QWHUGHQ*HQHUDOHQGHU:HL‰HQ.RVD
WHQVRQGHUQVWHOOWHDXFKHLQHJDQ]H6H NHQ JDE HV PHKUHUH lOWHUH (PLJUDQWHQ
ULH W|GOLFKHU )DOOHQ KHU GLH PDVVHQKDIW ZLHHWZDGHQMlKULJHQ*HQHUDO.UDV
DXV GHU /XIW DEJHZRUIHQ ZXUGHQ 6LH QRZGHQ6WDOLQV$JHQWHQVHLWGHPUXV
UHLFKWHQ YRQ YHUJLIWHWHU 1DKUXQJ VLVFKHQ %UJHUNULHJ YHUIROJW KDWWHQDOV
6SUHQJVWRIIODGXQJHQ LQ :HLQIODVFKHQ GLH (QJOlQGHU HQJH 9HUEQGHWH .UDV
XQG HOHNWULVFKHQ +HL]NLVVHQ ELV ]X H[ QRZV JHZHVHQ ZDUHQ 'LH .RVDNHQ
SORGLHUHQGHQ )OOIHGHUKDOWHUQ XQG 6WLI *HQHUDOH KDWWHQ HLQLJHV *ROG EHL VLFK
WHQ GLH GHXWVFKH .LQGHU W|WHQ RGHU VLH (LQEULWLVFKHU0DMRUGHUYRQGHP*ROG
YHUNUSSHOQ VROOWHQ ZHQQ GLHVH QLFKWV HUIXKU EHJLQJ 9HUUDW XQG VHW]WH VLFK
DKQHQGGDPLWKDQWLHUWHQ EHU GLH %HIHKOH KLQZHJ GLH *HQHUDOH
=X VROFK VFKPXW]LJHQ 7ULFNV GLH YRQ QLFKWGHQ60(56+$JHQWHQGHU5RWHQ
GHP DOV .*%$JHQWHQ YHUGlFKWLJWHQ :LQVWRQ&KXUFKLOOLQGHULKPDPPHLVWHQ $UPHH DXV]XOLHIHUQ (U EHUJDE LKQHQ
6HIWRQ 'HOPHU RUJDQLVLHUW ZXUGHQ JH JH]LHPHQGHQ3RVHHLQHVNDOWEOWLJHQ GLH *HQHUDOH JHJHQ GDV *ROG :HU GHU
K|UWH DXFK GDV =XVDPPHQEUDXHQ UFNVLFKWVXQGEHVLQQXQJVORVHQ0DV 9HUUlWHU ZDU ZXUGH QLH DXIJHGHFNW
VFKDPORVHU /JHQ EHU GDV *H VHQP|UGHUV XQG HU ZXUGH QLH IU VHLQ 9HUEUHFKHQ
VFKOHFKWVOHEHQXQG%HQHKPHQGHXWVFKHU)KUXQJVSHUV|QOLFK EHVWUDIW .UDVQRZV OHW]WH :RUWH ]X GHQ 60(56+$JHQWHQ
NHLWHQ XQG GLH (UILQGXQJ YRQ *UHXHOJHVFKLFKWHQ EHU 'HXW ZDU DOV VLH LKQ XQG GLH DQGHUHQ *HQHUDOH LQ GLH ZDUWHQGHQ
VFKHZDVVFKRQLPPHUHLQH6SH]LDOLWlWGHU%ULWHQZDU $XWRVVWLH‰HQ
(LQZHLWHUH)DFHWWHHQJOLVFKHU.ULHJVYHUEUHFKHQZXUGHNU] ª'HU HLQ]LJH )HKOHU GHQ LFK MH JHPDFKW KDEH ZDU GHQ
OLFK GXUFK GLH QRUZHJLVFKH =HLWXQJ 0RUJHQEODGHW JHOLHIHUW %ULWHQ]XYHUWUDXHQ©
6LH EHULFKWHWH EHU GLH (QWGHFNXQJ DOWHU =HLWXQJVDUWLNHO GH .UDVQRZXQGGLHDQGHUHQ*HQHUDOHZXUGHQQDFK0RVNDXJH
QHQ]XIROJHGHXWVFKHQ3LRQLHUHQXQGDQGHUHQ6ROGDWHQEHIRK EUDFKWZRVLH]XHUVWJHIROWHUWXQGGDQQJHKlQJWZXUGHQ'LH
OHQ ZXUGH XQWHU EULWLVFKHP .RPPDQGR 0LQHQ ]X UlXPHQ (QJOlQGHUKDWWHQVLHJHQDXVRYHUUDWHQZLHVLHVRYLHOHDQGHUH
'LHGHXWVFKHQ.ULHJVJHIDQJHQHQPX‰WHQ6FKXOWHUDQ6FKXOWHU LP=ZHLWHQ:HOWNULHJXQGGDQDFKYHUUDWHQKDWWHQ
EHUGLH0LQHQIHOGHUJHKHQXPIHVW]XVWHOOHQREQRFK0LQHQ 'LH KLHU EHVFKULHEHQHQ .ULHJVYHUEUHFKHQ XQG *UHXHOWDWHQ
GD ZDUHQ 'HU (LQVDW] YRQ .ULHJVJHIDQJHQHQ ]XU 0LQHQUlX VLQGDOOHDXILKUH5LFKWLJNHLWEHUSUIWZRUGHQ6LHVWHOOHQQXU
PXQJ ZDU LP =ZHLWHQ :HOWNULHJ HLQH EHOLHEWH 7DNWLN YRQ HLQHQ ZLQ]LJHQ %UXFKWHLO GHU HQJOLVFKHQ 9HUEUHFKHQ GDU
(QJODQGV XQG $PHULNDV ÄJORUUHLFKHP 6RZMHW$OOLLHUWHQ³ (V +HXWH ZR GLH $XIO|VXQJ *UR‰EULWDQQLHQV VFKQHOO IRUWVFKUHL
KHL‰WGD‰YLHOHKXQGHUWGHXWVFKH*HIDQJHQHDXIGLHVH:HLVH WHW OLHJW HLQH VFKUHFNOLFKH %OXWVFKXOG EHU GHP /DQG HLQH
VWDUEHQ ± HLQH NODUH 9HUOHW]XQJ GHU *HQIHU .RQYHQWLRQ (LQ 1HPHVLV GLH VHOEVW LP 9HUODXI GHU =HLW ZRKO NDXP MHPDOV
6SUHFKHU GHV ,QWHUQDWLRQDOHQ 5RWHQ .UHX]HV LQ *HQI lX‰HUWH DXVJHO|VFKWZHUGHQNDQQ
VLFKGD]XDP$SULO &KXUFKLOOGDV0RQVWHUDXVGHP$EJUXQGIKUWH(QJODQGGHQ
ª'LH9HUHLQLJWHQ6WDDWHQ(QJODQGXQG)UDQNUHLFKYHUOHW :HJ]XU+|OOHKLQDEDXVGHUHVNHLQ(QWULQQHQPHKUJLEW

 9II*ÂÂ-DKUJDQJÂ+HIW

%LEOLRJUDSKLH VRUWPHQWRIOLHVFLUFXODWHGGXULQJWKH*UHDW:DU*$OOHQ 8QZLQ
± $OGLQJWRQ5LFKDUG'HDWKRID+HUR&KDWWR :LQGXV/RQGRQ /RQGRQ
± $OOHQ+:KR:RQWKH%DWWOHRI%ULWDLQ"$UWKXU%DUNHU/RQGRQ ± 3RQWLQJ&OLYH0\WKDQG5HDOLW\ +DPLVK+DPLOWRQ/RQGRQ

± $OOHQ+57KH/HJDF\RI/RUG5HQFKDUG&DVVHOO
± 3XEOLF5HFRUGV2IILFH.HZ/RQGRQ
± %DUQHW&RUHOOL7KH&
ROODSVHRI%ULWLVK3RZHU /RQGRQ0HWKXHQ
± 5HDG-DPHV0RUJDQ$WURFLW\3URSDJDQGD <DOH8QLYHUVLW\
± %LUG9LYLDQ7KH'HDWKRI'UHVGHQ(XURSHDQ0DJD]LQH/RQGRQ$SULO 3UHVV1HZ+DYHQ

± 5RGHQEHUJHU$[HO'HU7RGYRQ'UHVGHQ)UDQ]0OOHU5RGHQEHUJHU
± &DLGLQ0DUWLQ7KH1LJKW+DPEXUJ'LHG%DOODQW\QH1; :LHQ
± &
DPEULGJH8QLYHUVLW\0DJD]LQH & $0 &DPEULGJH2NWREHU ± 6DQGHUV0LFKDHO/3KLOLS07D\ORU%ULWLVKSURSDJDQGDGXULQJWKH
± &KDUOWRQ/(2:DU)URPWKH$LU/RQJPDQV/RQGRQ )LUVW:RUOG:DU 0DFPLOODQ/RQGRQ
± 'DLO\0DLO6DPVWDJ1RYHPEHUªGHDG©0HUVHO.HELU ± 6DVVRRQ6LHJIULHG:DU3RHPV/RQGRQ
± 'LONV'7KH8QQHFHVVDU\:DU&URRP+HOP/RQGRQ ± 6DVVRRQ6LHJIULHG0HPRLUVRIDQ,QIDQWU\2IILFHU/RQGRQ
± (FNHUW+RUVW.ULHJVVFKXOG0QFKHQ ± 6LPSVRQ&ROLQ/XVLWDQLD3HQJXLQ%RRNV+DUPRQGVZRUWK0LGGOHVH[
± )HUJXVRQ1LDOO7KH3LW\RI:DU$OOHQ/DQH/RQGRQ 
± *UDYHV5REHUW*DRG%\WR$OO7KDW/RQGRQ ± 6XQGD\7HOHJUDSK1RYHPEHUª$OOLHV0DGH*HUPDQV:DON
± ,UYLQJ'DYLG&
KXUFKLOO¶V:DU %G%XOOVEURRN9HULWDV/RQGRQ 2YHU/DQG0LQHV©
± ,UYLQJ'DYLG7KH'HVWUXFWLRQRI'UHVGHQ/RQGRQ.LPEHU ± 7D\ORU$-37KH2ULJLQVRIWKH6HFRQG:RUOG:DU/RQGRQ+DPLVK
± .HHJDQ-RKQ7KH)LUVW:RUOG:DU+XWFKLQVRQ/RQGRQ +DPLOWRQ
± 0DF0LOODQ1RUPDQ7KH& KRVHQ,QVWUXPHQW /RQGRQ%RGOH\+HDG ± =D\DV$OIUHGGH'LH:HKUPDFKWVXQWHUVXFKXQJVVWHOOH'HXWVFKH(UPLWW
 OXQJHQEHUDOOLLHUWH9|ONHUUHFKWVYHUOHW]XQJHQLP=ZHLWHQ:HOWNULHJ
8OOVWHLQ)UDQNIXUW0
± 0F.HH$OH[DQGHU'UHVGHQ7KH'HYLO¶V7LQGHUER[ *UDQDGD
 9LYLDQ%LUGLVWEULWLVFKHU+LVWRULNHU9HUIDVVHUXQG-RXUQDOLVWGHUVLFKDXV
IKUOLFKPLWYHUERUJHQHQ$VSHNWHQGHU*HVFKLFKWHGHUZHVWOLFKHQ.XOWXUEH
± 0F/DXJKOLQ0LFKDHO'HDWKRID& LW\ 3KRHQL[3XEOLFDWLRQV ID‰WKDW
± 0RUJHQEODGHW2VOR1RUZHJHQ1RYHPEHUGHU$UWLNHOEHUXKW 0LW IUHXQGOLFKHU *HQHKPLJXQJ YRQ 7KH %DUQHV 5HYLHZ HQWQRPPHQ GHU
ZDKUVFKHLQOLFKDXI6WXHYROG/DVVHQ%LUJHU1RHRPODQGPL $XVJDEH   6    6   7KLUG 6W 6(
QHU\GGLQJHQL5RPVGDORPUnGHW 5RPVGDO6RJHODJcUVVNULIW :DVKLQJWRQ'&86$EHUVHW]WYRQ3DWULFLD:LOOPV
1RUZHJHQ
± 3RQVRQE\$UWKXU$XJXVWXV:LOOLDP+DUU\%DURQ$EVLFKWOLFKH/JHQLQ
$QPHUNXQJHQ
.ULHJV]HLWHQ(LQH$XVZYRQ/JHQGLHZlKUHQGG:HOWNULHJHVLQ 
DOOHQ9|ONHUQYHUEUHLWHWZXUGHQ%XFKNUHLVI%HVLQQXQJX$XIEDX 
 0LWJOLHGHLQHU%DQGHLQGLVFKHU5lXEHUXQG0|UGHUGLHLKUH2SIHU
6HHKHLPDG%HQJO)DOVHKRRGLQ:DU7LPH& RQWDLQLQJDQDV HUZUJWHQ

 9RQGHQ(QJOlQGHUQUHNUXWLHUWHNULHJHULVFKH(LQJHERUHQHDXV1HSDO
 
 

'DV5lWVHOGHUZHL‰HQÄ0XPLHQ³YRQhUPFKL
9RQ'U$OH[DQGHU-DFRE

$UFKlRORJHQXQG+LVWRULNHUJHKHQEOLFKHUZHLVHGDYRQDXVGD‰GLH.XOWXU&KLQDVGLHHWZDY&KU“HLQ
-DKUKXQGHUWEHJDQQVLFKIDVWJDQ]LVROLHUWYRP5HVWGHU:HOWHQWZLFNHOWKDW,QGHQOHW]WHQ-DKUHQVLQGMHGRFKHU
VWDXQOLFKH$QKDOWVSXQNWHGDIUDQV/LFKWJHNRPPHQGD‰HVVRJDUVFKRQYRUKHULQ2VW7XUNHVWDQZR5RWFKLQDLQ
MQJVWHU=HLWVHLQH1XNOHDUZDIIHQJHWHVWHWKDW0HQVFKHQJDEGLHGHUHXURSLGHQ5DVVHDQJHK|UWHQJHQDXHUJHVDJW
GHUQRUGLVFKHQ5DVVH8QGHVVLHKWVRDXVDOVKlWWHQGLHVH(XURSlHUHLQHQHQWVFKHLGHQGHQ(LQIOX‰DXIGLHNXOWXUHO
OH(QWZLFNOXQJ&KLQDVJHKDEWLQGHPVLHLKU:LVVHQEHU$UFKLWHNWXU5DGEDX0HWDOOXUJLHXQGDQGHUH6DFKJHELH
WHQDFK&KLQDWUXJHQ'LH6DPPOXQJZLVVHQVFKDIWOLFKHU$EKDQGOXQJHQGLHYRQ3URI9LFWRU0DLULQ7KH%URQ]H
$JHDQG(DUO\,URQ$JH3HRSOHVRI(DVWHUQ& HQWUDO$VLD KHUDXVJHJHEHQZXUGHZLUIWHLQ/LFKWDXIGLHJHKHLPQLV
YROOH$EVWDPPXQJGHU0XPLHQGHV7DULP%HFNHQV±YRUDOOHPXQWHUDUFKlRORJLVFKHQXQGVSUDFKOLFKHQ$VSHNWHQ
6RVHQVDWLRQHOOZLHGLHVH(QWGHFNXQJLVWVREHPHUNHQVZHUWLVWGDVY|OOLJH6FKZHLJHQGHU$QWKURSRORJHQYRQGH
QHQ PDQ DQJHVLFKWV GLHVHU DX‰HUJHZ|KQOLFKHQ )XQGH DXI LKUHP )DFKJHELHW GRFK HLQH )OXW YRQ $UWLNHO HUZDUWHQ
VROOWH'DUVWHOOXQJHQVlPWOLFKHU(LQ]HOKHLWHQLQ:RUWXQG%LOG'16$QDO\VHQEHUGLH+HUNXQIWGLHVHU(XURSLGHQ
XQG 'LVNXVVLRQVEHLWUlJH GLH GDV DOOHV ± JHUQH NRQWURYHUV ± HU|UWHUQ$EHUDQVFKHLQHQGEULQJWHVNHLQH0HULWHQ
EHU GLH hEHUOHJHQKHLW DUFKDLVFKHU HXURSLGHU .XOWXUHQ ]X EHULFKWHQ +LHU ]HLJW VLFK ZLH HV XP GLH )UHLKHLW GHU
:LVVHQVFKDIWEHVWHOOWLVW

(LQH GHU VHQVDWLRQHOOVWHQ DQWKURSRORJLVFKHQ (QWGHFNXQJHQ H[WUHPH7URFNHQKHLWGHV.OLPDVXQGGHQ6DO]JHKDOWGHV%R
GHV-DKUKXQGHUWVZDUGLH$XIILQGXQJYRQ-DKUHDOWHQ GHQV NRQVHUYLHUW ZRUGHQ ± JDQ] lKQOLFK ZLH GLH HEHQIDOOV
PHQVFKOLFKHQ hEHUUHVWHQ EHL hUPFKL LP ]HQWUDODVLDWLVFKHQ IHKOEH]HLFKQHWHQ Ä(LVPXPLHQ³ GHU ,QNDV RGHU GHP VLELUL
7DULP%HFNHQ'LH)XQGHZHUGHQPHLVWDOV0XPLHQEH]HLFK VFKHQÄPXPLIL]LHUWHQ(LVPlGFKHQ³YRQ3DV\U\N
QHW REJOHLFK GDV QLFKW JDQ] ULFKWLJ LVW 'LH .|USHU DXV GHP 'LH0XPLHQZLHZLUVLHKLHUDXFKQHQQHQZROOHQZXUGHQLQ
7DULP%HFNHQZXUGHQQLFKWDXIGLHJOHLFKH:HLVHZLHLP$O 6LQNLDQJJHIXQGHQGDVDXFKDOV8LJXULVFKH$XWRQRPH5HJL
WHQ bJ\SWHQ PXPLIL]LHUW VRQGHUQ VLH VLQG HLQIDFK GXUFK GLH RQ EHNDQQW LVW XQG Q|UGOLFK YRQ 7LEHW XQG VGZHVWOLFK GHU

9II*ÂÂ-DKUJDQJÂ+HIW 

0RQJROHLOLHJWLQHLQHP*HELHWGDVVHLWGHP-DKUKXQGHUW
YRQ&KLQDEHDQVSUXFKWZLUG
'LHVHDUFKlRORJLVFKHQ)XQGHEHZHLVHQGD‰HVLQHLQHPKHXWH
]X&KLQDJHK|UHQGHQ*HELHWVHKUIUK,QGRHXURSlHUJDEGLH
P|JOLFKHUZHLVH GHQ YHUVFKLHGHQHQ DQGHUHQ 9|ONHUQ GLHVHU
5HJLRQHLQVFKOLH‰OLFKGHQ&KLQHVHQVHOEVWGHQ*HEUDXFKGHV
6WUHLWZDJHQV GLH 0HWDOOXUJLH VRZLH :HEWHFKQLNHQ EHUPLW
WHOWKDEHQ(VN|QQWHVRJDUVHLQGD‰VLHGLHFKLQHVLVFKH.XO
WXULQ*DQJJHVHW]WKDEHQ
(VLVWEHNDQQWGD‰GLH&KLQHVHQHLQH5HLKHYRQ:RUWHQGLH
PLW 5lGHUQ XQG 6WUHLWZDJHQ ]X WXQ KDEHQ DXV LQGRHXURSlL
VFKHQ4XHOOHQHQWOHKQWKDEHQ'LH$UFKlRORJLHVDJWXQVGD‰
GLH.XQVW6SHLFKHQ5lGHUKHU]XVWHOOHQ±XQGGDPLW6WUHLWZD
JHQ GLH OHLFKW JHQXJ VLQG XP YRQ 3IHUGHQ JH]RJHQ ZHUGHQ
]XN|QQHQ±LPXQGIUKHQ-DKUWDXVHQGY&KUDPZHVW 
OLFKHQ (QGH $VLHQV LQ GHU *HJHQG GHV VGOLFKHQ 8UDOV HQW 0XPLIL]LHUWH/HLFKHDXVhUPFKL'LHVRJHQDQQWHÄ:XSX
ZLFNHOWZXUGH )UDX³HLQHHWZD-DKUHDOWHEORQGH)UDX
'DV ]ZHLElQGLJH 6DPPHOZHUN 7KH
%URQ]H$JHDQG(DUO\,URQ$JH3HRSOHV
RI(DVWHUQ& HQWUDO$VLD ZLUIWHLQ/LFKW
DXI GLH JHKHLPQLVYROOH $EVWDPPXQJ
GHU 0XPLHQ GHV 7DULP%HFNHQV XQG
NQSIWDQHLQIUKHUYRQ3URI0DLUKHU
DXVJHJHEHQHV 6DPPHOZHUN DQ GDV
HEHQIDOOVGLHHXURSLGHQ0XPLHQXQGLK
UHP|JOLFKHQ9HUELQGXQJHQ]XGHQ7R
FKDUHUQ ]XP 7KHPD KDW GLH DUFKlROR
JLVFKHQ)XQGHQIROJHQGHWZD-DK
UHVSlWHULQGHUJOHLFKHQ*HJHQGOHEWHQ
VLHKH GHQ ]ZHLWHQ %HLWUDJ ]XP 7KHPD
ZHLWHU XQWHQ 0DLUV HUVWHV 6DPPHO
ZHUN HQWKlOW HLQLJH ZHUWYROOH 6WXGLHQ
YRQ -3 0DOORU\ '4 $GDPV XQG '
5LQJH EHU GLH DUFKlRORJLVFKHQ XQG
VSUDFKOLFKHQ 9HUIOHFKWXQJHQ GHU HXUR
SLGHQ 9|ONHU PLW GHP |VWOLFKHQ =HQ
WUDODVLHQ XQG GHQ 7RFKDUHUQ VRZLH HL
QHQ IDV]LQLHUHQGHQ $UWLNHO YRQ -DPHV
2SLHEHUGLHP|JOLFKHQ9HUELQGXQJHQ
]ZLVFKHQ GHQ 7RFKDUHUQ XQG GHQ *XWL
XQG7XNUL6WlPPHQLPKHXWLJHQ,UDQ

3URWR,QGRHXURSlHUXQG3URWR
7RFKDUHU
'HU HUVWH 7HLO GHV ]ZHLElQGLJHQ :HU
NHV EHJLQQW PLW HLQHU DUFKlRORJLVFKHQ
5HNRQVWUXNWLRQ GHU SURWRLQGRHXURSl
LVFKHQ XQG SURWRWRFKDULVFKHQ 6WlPPH
'DEHL LVW (OHQD .X]LPDV $UWLNHO EHU
GLHNXOWXUHOOHQ%H]LHKXQJHQGHV7DULP
%HFNHQV ]X GHQ 9LHK]FKWHUQ GHU DVLD
WLVFKHQ 6WHSSH LQ GHU %URQ]H]HLW EH
PHUNHQVZHUW 'DV IUKHVWH (UVFKHLQHQ
GHU ,QGRHXURSlHU LQ =HQWUDODVLHQ ZLUG
YRQ .X]PLQD DXI GLH -DPQDMD.XOWXU
 YG=WU LQ GHQ 6WHSSHQ
6GUX‰ODQGV GDWLHUW GLH LP  -DKUWDX
VHQG YG=WU GDV *HELHW ]ZLVFKHQ 'R
QDXXQGGHP8UDOHLQQDKPHQ6
9RQ GHU -DPQDMD.XOWXU OHLWHW VLFK GLH
$IDQDVMHZR.XOWXUDEªGLHVRZRKOGHQ
$OWDLXQGGDV-HQLVVHL%HFNHQZLHDXFK

0XPLIL]LHUWH/HLFKHDXVhUPFKL'HUVRJHQDQQWHÄ0DQQYRQ7VFKHUWVFKHQ³HLQ
QRUGLVFKHUFPJUR‰HU0DQQPLWEUDXQHP+DDUHQHLQJHKOOWLQHLQLQWHQVLYUR
WHV7XFK'DVURWH%DQGXPVHLQHQ6FKlGHOLPRELJHQ%LOGLVWRULJLQDOXQGZXUGH
ZDKUVFKHLQOLFKEHLGHQ%HHUGLJXQJVIHLHUOLFKNHLWHQDQJHOHJWXPHLQ$XINODSSHQ
GHV.LHIHUV]XYHUKLQGHUQ
9II*ÂÂ-DKUJDQJÂ+HIW

Ä'LH6FK|QKHLWYRQ/RXODQ³HLQH-DKUHDOWHHXURSLGH
)UDX
(XURSLGH)UDXHLQJHKOOWLQNXQVWYROOJHZHEWH.OHLGHU2E
ZRKOXQVYRQGHQÄ0XPLHQ³VHOEVWNHLQH6FKULIWHQEHUOLHIHUW
VLQGXQGZLUQLFKWHLQPDOZLVVHQZLHVLHVLFKVHOEHUQDQQWHQ
LVWHVUHFKWZDKUVFKHLQOLFKGD‰VLHGLH9RUIDKUHQGHU7RFKD
UHUZDUHQGLHHWZD-DKUHVSlWHULQGHUJOHLFKHQ*HJHQG
OHEWHQXQGYRQGHQHQPDQZHL‰GD‰VLHHLQH6SUDFKHKDW
WHQGLHGHUXUVSUQJOLFKHQ6SUDFKHLQ,UODQG6FKRWWODQGXQG
:DOHVVHKUlKQOLFKZDU
.RSIHLQHU.LQGHU0XPLHGLHLQHLQ7XFKJHZLFNHOWLVW'LH
6WRIIHGHU0XPLHQ/HXWHlKQHOQHUVWDXQOLFKGHQ7DUWDQHQ
6FKRWWODQGV=XVDPPHQPLWGHQDQGHUHQ$QKDOWVSXQNWHQ
GHXWHWGLHVDXIHLQHQJHPHLQVDPHQ8UVSUXQJGLHVHUYRUJH
VFKLFKWOLFKHQ%HY|ONHUXQJYRQFKLQHVLVFK7XUNHVWDQXQGGHU
.HOWHQ
Ä0XPLH³HLQHV.LQGHVLQHLQHU)LO]KOOHDXVEODXHU:ROOHPLW
URWHQ=LSIHOQYRQHLQHP*UDELQ7VFKHUWVFKHQLP7DULP
%HFNHQHWZDY&KU%OlXOLFKH6WHLQHGLHGLH$XJHQ
EHGHFNHQN|QQWHQGDUDXIKLQGHXWHQGD‰GHU6lXJOLQJEODXH
$XJHQKDWWH(VLVWEHPHUNHQVZHUWGD‰GLH+DXWLPPHUQRFK
ZHL‰LVWXQGGLH+DDUHVLQGDQVFKHLQHQGU|WOLFK'LH/HLFKH
LVWLQHLQURWEUDXQHV7XFKJHKOOWGDVPLWHLQHUURWEODXHQ
.RUGHO]XVDPPHQJHEXQGHQLVW
7XZDXQGGLHZHVWOLFKH0RQJROHLXPID‰WHXQGLQGLH]ZHLWH
+lOIWHGHVXQGGHQ$QIDQJGHV-DKUWDXVHQGYG=WUGD
WLHUWZLUG©
.X]PLQDQLPPWDQGD‰GLH3URWR7RFKDUHUPLWGHUªRVWZlUWV
JHULFKWHWHQ :DQGHUXQJ GHU -DPQDMD6WlPPH LP  -DKUW
DXIWDXFKWHQXQG.RQWDNWPLWGHQ)LQQXJULHUQKDWWHQ©6
$QDORJGD]XSUlVHQWLHUW'DYLG:$QWKRQ\HLQH5HNRQVWUXN
WLRQ ZLH VLFK GDV 5HLWHQ DXI 3IHUGHQ XQG GHU 7UDQVSRUW DXI
:DJHQ LQ =HQWUDODVLHQ DXVJHEUHLWHW KDW 'DV 5HLWHQ DXI GHP
5FNHQYRQ3IHUGHQLVWDQGHUZHOWOLFKHQ*UHQ]HGHUHXUDVL
YG=WULQ9HUELQGXQJVWHKHQ©HEHQGDZDVEHGHXWHQN|QQ VFKHQ6WHSSHGXUFKGLH)XQGVWHOOHYRQ'HUHLYNDDP'QMHSULQ
WH GD‰ ªGLH 7RFKDUHU IUKHU DOV GLH ,UDQHU LQ 2VWWXUNHVWDQ GHU 8NUDLQH LQ GHU .XSIHU]HLW EHOHJW 'LHVHU )XQGRUW JHK|UW

9II*ÂÂ-DKUJDQJÂ+HIW 

]XU .XOWXU YRQ 6UHGQL 6WRJ  YG=WU 'LH HUVWHQ (VLVWQLFKWJHVLFKHUWGD‰GLH0XPLHQ/HXWH6WUHLWZDJHQEH
)DKU]HXJH PLW 5lGHUQ HUVFKHLQHQ ZHVWOLFK GHV .DVSLVFKHQ QXW]WHQDEHUDQJHVLFKWVGHUYRUOLHJHQGHQ7DWVDFKHQHUVFKHLQW
0HHUHV LQ GHU -DPQDMD .XOWXU  YG=WU GHQQ HLQ GLHV ZDKUVFKHLQOLFK ZLH DXFK GD‰ VLH GLHVHV :LVVHQ GHP
ODQJVDPHU:DJHQPLW9ROOVFKHLEHQUlGHUQNHLQ6WUHLWZDJHQ FKLQHVLVFKHQ 6FKDQ6WDPP YHUPLWWHOWHQ =ZHLIHOORV HQW
ZXUGH EHL %DO¶NL DP XQWHUHQ 'QMHSU JHIXQGHQ XQG DXI VWDPPW HLQ EHWUlFKWOLFKHU $QWHLO GHV DOWFKLQHVLVFKHQ :RUW
YG=WUGDWLHUW6
$VNR 3DUSROD JHKW YRQ GHU (UILQGXQJ GHV RFKVHQJH]RJHQHQ
:DJHQV E]Z GHV :DJHQ PLW 9ROOVFKHLEHQUlGHUQ 
YG=WULP1DKHQ2VWHQDXVYRQZRHUVLFKLQQHUKDOEYRQHLQ
SDDU-DKUKXQGHUWHQEHUGHQ.DXNDVXVVHKUZHLWQDFK(XUDVL
VFKDW]HVGHP,QGRJHUPDQLVFKHQ±QLFKWQXULQEH]XJDXIGLH
.XQVWGHU6WUHLWZDJHQVRQGHUQDXFKDXIGHP*HELHWGHU$U
FKLWHNWXUGHU*|WWHUYHUHKUXQJGHU+HLONXQGHXQGLQDQGHUHQ
%HUHLFKHQ
'LH $XVJUDEXQJHQ GHU 0XPLHQ*UlEHU EUDFKWHQ HLQ SDDU
HQKLQHLQYHUEUHLWHWKDEHQVROO6 EURQ]HQH 6FKPXFNVWFNH ]XWDJH VRZLH 6SXUHQ YRQ 0HWDOO
$XFK $VNR 3DUSROD EHWRQW GD‰ YRP IUKHQ 3URWR,QGRHXUR ZHUN]HXJHQ ]XU +RO]EHDUEHLWXQJ 'LH )XQGVWHOOH LP 7DULP
SlLVFK ªQXU GHU SURWRDULVFKH G K LQGLVFKH XQG LUDQLVFKH %HFNHQ ZLUG DXIJUXQG GHU $QQDKPH GD‰ GLH %URQ]H]HLW LP
$EOHJHU HLQ :RUW IU Ä6WUHLWZDJHQ³ KDW© 6  'LH $Q 1DKHQ2VWHQJHJHQY&KUEHJDQQDXIY&KUGD
GURQRZR.XOWXUXQGGLHYHUZDQGWH%DONHQJUlEHU.XOWXUGLH WLHUW'LHJHJHQZlUWLJHDUFKlRORJLVFKH)XQGODJHGHXWHWGDUDXI
EHL3DUSRODPLWGHQLUDQLVFKHQ$ULHUQLQ9HUELQGXQJJHEUDFKW KLQGD‰GLH%URQ]H]HLWLPÄHLJHQWOLFKHQ&KLQD³QLFKWYRUHW
ZHUGHQ EUDFKWHQ GHQ GXUFK 3IHUGH EHVWLPPWHQ /HEHQVVWLO
QDFK&KLQDZDVVLFKGXUFKGLH]DKOUHLFKHQVSUDFKOLFKHQ$Q
OHLKHQGHV&KLQHVLVFKHQEHL3IHUGHQDPHQXQGP\WKRORJLVFKHQ
5HLWHUPRWLYHQ]HLJW
$OH[DQGHU /XERWVN\V $UWLNHO EHU DOWFKLQHVLVFKH/HKQZ|UWHU
DXV GHP 7RFKDULVFKHQ ]HLJW GD‰ HLQ *UR‰WHLO GHU FKLQHVL
VFKHQ %HJULIIH GLH PLW 6WUHLWZDJHQ XQG %HIHVWLJXQJHQ HLQ
VFKOLH‰OLFK 6WlGWHEDX ]X WXQ KDEHQ YRQ HLQHU LQGRHXURSlL
VFKHQ 6SUDFKH DEJHOHLWHW VLQG GLH GHU $XWRU DOV WRFKDULVFK
LGHQWLIL]LHUW REZRKO GLH 6WUHLWZDJHQ VHOEVW ZLH REHQ HU
ZlKQWHLQHW\SLVFKH(UILQGXQJGHULQGRDULVFKHQ$QGURQRZR
.XOWXUVLQGXQG]XQlFKVWDQGHUHQLUDQLVFKHQ1DFKEDUQZHLWHU
ZDY&KULQ*DQJNDP:HQQGHU*HEUDXFKYRQ%URQ
]HEHUHLWV-DKUKXQGHUWHYRUKHULPEHQDFKEDUWHQ7DULP*HELHW
EHJDQQ ZLUIW GLHV =ZHLIHO DXI GLH /HKUPHLQXQJ GHU]XIROJH
VLFKGLHFKLQHVLVFKH.XOWXUY|OOLJDEJHVRQGHUWYRQGHQZHLWHU
LP :HVWHQ DXI DOOHQ %HUHLFKHQ HQWVWDQGHQHQ 1HXHUXQJHQ
HQWZLFNHOWKDEHXQGGD‰GLH&KLQHVHQVRJUXQGOHJHQGH7HFK
QLNHQZLH0HWDOOEHDUEHLWXQJXQG6FKULIWJDQ]XQDEKlQJLJHU
IXQGHQKDEHQVROOHQ
&6FRWW/LWWOHWRQYHUPXWHWGD‰HLQHGHUVN\WKLVFKHQ6SlWZLU
NXQJHQDXIGLHPRQJROLVFKHQ%HY|ONHUXQJHQGLHMDSDQLVFKHQ
6DPXUDL XQG LKUH DOWNRUHDQLVFKHQ *HJHQVWFNH KHUYRUJH
EUDFKWKDEHQN|QQWHDOVRULHQWDOLVFKH9HUVLRQGHULQGRLUDQL
JHJHEHQ ZXUGHQ 'HU WRFKDULVFKH 8UVSUXQJ GHU FKLQHVLVFKHQ VFKHQ .ULHJHUNDVWH GHU ªNVKDWUL\D© 7DWVlFKOLFK lKQHOW GHU
%HJULIIHPX‰DOVRDXIGLHYRQ$GDPVGDUJHOHJWHQ.RQWDNWHGHU %UDXFK]ZHLYHUVFKLHGHQODQJH6FKZHUWHUPLWVLFK]XIKUHQ
7RFKDUHUPLWGHQRVWLUDQLVFKHQ6WlPPHQ]XUFNJHKHQ GHU HQWVSUHFKHQGHQ *HSIORJHQKHLW GHU 6N\WKHQ XQG DQGHUHU

'LH.DUWH]HLJWGDV*HELHWGHV7DULP%HFNHQVPLWHLQLJHQGHU)XQGVWHOOHQLPKHXWHFKLQHVLVFKHQ7XUNHVWDQZRGLHVRJH
QDQQWHQ0XPLHQJHIXQGHQZXUGHQ'HU3IHLOYHUDQVFKDXOLFKWGLHNXOWXUHOOHhEHUWUDJXQJLQGRHXURSlLVFKHU7HFKQRORJLHDQHLQ
VWHLQ]HLWOLFKHV&KLQDGDV]XGLHVHUIUKHQ=HLWUHFKWSULPLWLYZDU5HLWDXVUVWXQJ6WUHLWZDJHQXQGGDPLWYHUEXQGHQH)HUWLJ
NHLWHQZHUGHQKLHUGXUFKHLQ6WHLQUHOLHIDXVGHP-DKUKXQGHUWQ&KUYHUDQVFKDXOLFKWGDVHLQHQElUWLJHQZHL‰HQ.QHFKW
]HLJWGHUGDV6WUHLWSIHUGGHV]ZHLWHQ7
DQJ.DLVHUVIKUWGHUUHJLHUWH(LQHZHLWHUHYRPÄ0XPLHQ³9RONQDFK&KLQD
EHUPLWWHOWH7HFKQRORJLHZDUGLH0HWDOOYHUDUEHLWXQJGLHKLHUGXUFKHLQEURQ]HQHVYDVHQI|UPLJHQ*HIl‰PLWNRQLVFKHP)X‰
JHVWHOOXQGGUHLSLO]I|UPLJHQ9RUVSUQJHQ$XVEXFKWXQJHQDQMHGHPGHUEHLGHQ+DQGJULIIHYRU$XJHQJHIKUWZLUG(V
VWDPPWDXVGHP*HELHWGHU'VXQJDUHLYRQ6LQNLDQJ]XUVSlWHQ+DQ=HLWQ&KU

 9II*ÂÂ-DKUJDQJÂ+HIW

QRUG|VWOLFKHULUDQLVFKHU.ULHJHU6FKOLH‰OLFKEHIUZRUWHW/LWWOH IUKHVWHQ.|QLJUHLFKGHU0LWDQQLHULQ:HVWDVLHQFDY
WRQ HLQH P|JOLFKH 9HUELQGXQJ ]ZLVFKHQ GHQ :XVXQ ± HLQHP &KUXQGGHPHUVWHQ$XIEOKHQGHUDULVFKHQ.XOWXULQ,QGLHQ
QDFKVN\WKLVFKHU6WDPPJHJHQ(QGHGHV-DKUWDXVHQGVY&KU FDY&KU(VJLEWNHLQHQ$XIVFKOX‰EHUGLHVSUDFK
GHU LQ FKLQHVLVFKHQ $XI]HLFKQXQJHQ DOV EODXJUQlXJLJ XQG OLFKH RGHU UHOLJL|VH =XJHK|ULJNHLW GHU 0XPLHQ 'LH LQGRHX
URWKDDULJEHVFKULHEHQZLUG±XQGGHQ<XH]KLGLH7RFKDUHUZD URSlLVFKH WRFKDULVFKH 6SUDFKH LVW LQ GLHVHP *HELHW HUVW YLHO
UHQ (U PHLQW GD‰ HV HQJH .RQWDNWH ]ZLVFKHQ GHQ EHLGHQ VSlWHULP-DKUKQ&KUEHOHJWVRGD‰GLH0XPLHQQXU
VSUDFKOLFKYHUVFKLHGHQHQ*UXSSHQJHJHEHQKDEHQN|QQWH K\SRWKHWLVFK DOV $KQHQ GHU 7RFKDUHU HLQJHRUGQHW ZHUGHQ
-XKD -DQKXQHQV $UWLNHO NRQ]HQWULHUW VLFK DXI GLH OLQJXLVWL N|QQHQV$UWLNHOEHUGLH7RFKDUHU
VFKHQ%HZHLVHIUGDV3IHUGLQ2VWDVLHQ(UYHUWULWWGLH$XI
IDVVXQJ GD‰ GDV 3IHUG VFKRQ LQ QHROLWKLVFKHU =HLW EHL GHQ
3URWR,QGRHXURSlHUQ ]ZLVFKHQ GHP VGOLFKHQ 8UDO LP :H
VWHQ XQG GHP ZHVWOLFKHQ $OWDL LP 2VWHQ QDFKJHZLHVHQ LVW
ZDV QDKHOHJW GD‰ ªWDWVlFKOLFK GLH 3URWR,QGRHXURSlHU DOV
HUVWHV GDV 3IHUG GRPHVWL]LHUWHQ ZHQQ PDQ DXFK QLFKW DXV
VFKOLH‰HQ NDQQ GD‰ GDV 7LHU ]X JOHLFKHU =HLW DXFK GHQ
VSUDFKOLFKHQ 9RUIDKUHQ GHU 8JULHU -HQLVVHLHU XQG 7XUN
9|ONHUQEHNDQQWZDU©
&RODUXVVRPHLQWGD‰GLHHXURSLGHQRUGLVFKH3K\VLRJQRPLH
GHU 0XPLHQ LKUH 5HLWNOHLGXQJ XQG Ä6RQQHQV\PERO
7lWRZLHUXQJHQ³ EHZHLVHQ GD‰ GLH 0XPLHQ HLQH )UKIRUP
GHV LUDQLVFKHQ ± WRFKDULVFKHQ ± =ZHLJHV GHV ,QGRHXURSlL
VFKHQ VSUDFKHQ XQG LQ GHQ lOWHVWHQ )lOOHQ ZRP|JOLFK JDU
SURWRLQGRHXURSlLVFKRGHUHLQHVSlWHOHLFKWYHUlQGHUWH)RUP
HLQHVLQGRHXURSlLVFKHQ'LDOHNWV$XIMHGHQ)DOOPX‰LUJHQG
ZDQQ ZlKUHQG GHU ODQJHQ :DQGHUURXWH RGHU LQ :HVWFKLQD
VHOEVW HLQH QLFKWLQGRHXURSlLVFKH %HLPLVFKXQJ HUIROJW VHLQ
'LHXUVSUQJOLFKH+HLPDWGHU0RQJROHQZDUMHGRFKQLFKWLQ
=HQWUDODVLHQJHOHJHQVRQGHUQHKHULQGHUQRUG|VWOLFKHQ3HUL
SKHULHYLHOOHLFKWLPZHVWOLFKHQ7HLOGHUVGOLFKHQ0DQGVFKX
UHL ª(V LVW GDKHU P|JOLFK GD‰ GLH 0RQJROHQ GLH *UXQGEH
JULIIH GHU 3IHUGHKDOWXQJ YRQ QLFKWPRQJROLVFKHQ 9|ONHUQ HU
KLHOWHQGLHZlKUHQGHLQHUIUKHQYRUJHVFKLFKWOLFKHQ(SRFKH
6
7RFKDULVFK LVW HLQH .HQWXP6SUDFKH LP *HJHQVDW] ]XU LQ
GRLUDQLVFKHQ 6SUDFKH GLH GHU 6DWHP*UXSSH DQJHK|UW 'LH
%LOG'DUVWHOOXQJHQ GHU KLVWRULVFKHQ 7RFKDUHU ]HLJHQ MHGRFK
LQGRLUDQLVFKH%H]JHZlKUHQGGLHWRFKDULVFKHQ7H[WHVHOEVW
%H]LHKXQJHQ]XUEXGGKLVWLVFKHQ5HOLJLRQDXIZHLVHQGLHYLHO
LQGHUPRQJROLVFKHQ6WHSSHZRKQWHQ©6'LHVVLQGMH
GRFKVFKZHU]XYHULIL]LHUHQGH6SHNXODWLRQHQ
/HLGHU KDWWHQ GLH 0XPLHQ ZHQLJ *UDEEHLJDEHQ DXV 0HWDOO
RGHU7|SIHUZDUHQ(VJLEWMHGRFKHLQH)OOHYRQ7H[WLOLHQDXV
GHQ *UlEHUQ XQG GLH PLW GHU .OHLGXQJ YHUEXQGHQHQ :RUWH
N|QQHQ PDQFKH *HVFKLFKWH HU]lKOHQ 'LH HQJOLVFKHQ :RUWH
OHLFKW EHU GLH 7RFKDUHU DQ LKUH FKLQHVLVFKHQ 1DFKEDUQ YHU
PLWWHOWZXUGH
/HLGHU VLQG GLH YRQ 0DLU KHUDXVJHJHEHQHQ %lQGH IU GHQ
GXUFKVFKQLWWOLFKHQ /DLHQ ]X IDFKZLVVHQVFKDIWOLFK LKP ZUGH
GLH /HNWUH YRQ (OL]DEHWK %DUEHUV 0XPPLHV RI hUPFKL
PHKUEULQJHQ(LQHGHU)UDJHVWHOOXQJHQGLH(%DUEHUXQWHU
IUÄZHEHQ³WRZHDYHXQGÄQlKHQ³WRVHZVLQGVHKUDOWHQ VXFKWLVWREGLHKHXWHLQGHUKLHUEHKDQGHOWHQ5HJLRQOHEHQ
8UVSUXQJV XQG HQWVWDPPHQ HLQHU SURWRLQGRJHUPDQLVFKHQ GHQ 8LJXUHQ WURW] GHU KHXWLJHQ 6SUDFKXQWHUVFKLHGH 1DFK
6SUDFKH$QGHUH:RUWHZLH)LO]ÄIHOW³ZXUGHQGDQQYRQDQ NRPPHQGHU7RFKDUHUVHLQN|QQWHQGLH8LJXUHQVSUHFKHQHL
GHUHQ 4XHOOHQ HQWOHKQW %HL GHP 0XPLHQ9RON VFKHLQW HV QH 7XUN6SUDFKH GLH 7RFKDUHU KDWWHQ QDWUOLFK HLQH LQGRHX
lKQOLFK ]X VHLQ ,KUH 6WRIIH VLQG KLQUHLFKHQG JXW HUKDOWHQ URSlLVFKH6SUDFKH
VSH]LHOOGLHGHUEHL+DPLRGHU.XPXOJHIXQGHQHQ0XPLHQ
GD‰ PDQ HLQH YHUEOIIHQGH bKQOLFKNHLW PLW 6WRIIHQ JOHLFKHQ
$OWHUV DXV 0LWWHOHXURSDHUNHQQHQNDQQGLHYRQGHQ9RUIDK
UHQGHU.HOWHQJHZREHQZRUGHQVLQG±DOVRDXFKYRQ,QGRHX
URSlHUQ±GLHDEHUDPDQGHUHQ(QGH(XUDVLHQVOHEWHQ
'LHVHQ ]HQWUDODVLDWLVFKHQ 6WDPP GHU )UK]HLW GHVVHQ 1DPH
XQEHNDQQW LVW XPJHEHQ LPPHU QRFK YLHOH *HKHLPQLVVH 'LH
:LVVHQVFKDIWOHUNRQQWHQQRFKQLFKWJHQDXDENOlUHQREGLHVH
Ä0XPLHQ/HXWH³ 3URWR6N\WKHQ 3URWR.HOWHQ RGHU EHLGHV
ZDUHQ
'LHIUKHVWHQLP7DULP%HFNHQJHIXQGHQHQ0XPLHQN|QQHQ
DXI HWZD  Y&KU GDWLHUW ZHUGHQ GK VRZRKO YRU GHP
'U$OH[DQGHU-DFRELVW+LVWRULNHUXQGKDWQHXQ%FKHUEHU1DWXUSKLORVR
SKLHXQG3ROLWLVFKH3KLORVRSKLHYHU|IIHQWOLFKW(UZDUDOV)RUVFKHUDQPHKUH
UHQ )DNXOWlWHQ GHU 8QLYHUVLWlW 7RURQWR ]X *DVW HLQVFKOLH‰OLFK GHU 3KLORVR
SKLVFKHQ )DNXOWlW GHU )DNXOWlW IU 3ROLWLNZLVVHQVFKDIWHQ XQG GHU )DNXOWlW
IU5HOLJLRQVVWXGLHQ(ULVWLQ7RURQWR]X+DXVH


0|JOLFKH9HUZDQGWHGHU.HOWHQ
LQ:HVWFKLQDHQWGHFNW
9RQ-RKQ7LIIDQ\

hEHUUDVFKHQGHUZHLVH JLEW HV LP HQWOHJHQHQ =HQWUDODVLHQ %H
OHJH HLQHU DOWHQ 6SUDFKH RGHU JHQDX JHQRPPHQ HLQHP
6SUDFKHQSDDU GLH ]XULQGRHXURSlLVFKHQ)DPLOLHJHK|UWRE
ZRKO GLH 6SUDFKH KHXWH DXVJHVWRUEHQ LVW'LHVHHUVWYRUNXU
]HP HQWGHFNWH 6SUDFKH GDV 7RFKDULVFKH ZXUGH HUVW LQ GHQ
HUVWHQ -DKU]HKQWHQ GHV  -DKUKXQGHUWV LQ 7H[WHQ YRQ 2VW
7XUNHVWDQ HUNDQQW 6LH KDWGXUFK+DQGVFKULIWHQEHUOHEWGLH
LP  -DKUKXQGHUW Q &KU DXIJH]HLFKQHW ZXUGHQ $X‰HUGHP
ZXUGHQ LQ +|KOHQ DP )X‰ GHV 9RUJHELUJHV ZHVWOLFK YRQ
hUPFKLWRFKDULVFKH,QVFKULIWHQJHIXQGHQGLHELVLQV-DKU
KXQGHUW]XUFNJHKHQXQG]XVDPPHQPLWÄ5LWWHUQ³PLW6FKLO
GHUQJHPDOWZDUHQGLHODQJH6FKZHUWHUVFKZLQJHQ'LH5LWWHU
ZHUGHQPLWODQJHQ%lUWHQGLHPDQFKPDOURWVLQGXQGHXUR
SlLVFKDXVVHKHQGHQ*HVLFKWHUQGDUJHVWHOOW
 2VW7XUNHVWDQZDUDP(QGHGHVXQG$QIDQJGHV-DKU
(LQHPLQGHVWHQV-DKUHDOWHPXPLIL]LHUWHHXURSLGH/HL
KXQGHUWV =LHO ]DKOUHLFKHU DUFKlRORJLVFKHQ ([SHGLWLRQHQ 'LH
FKHDXVGHU*HJHQGXPhUPFKL

9II*ÂÂ-DKUJDQJÂ+HIW 

*HJHQG EHVWHKW KDXSWVlFKOLFK DXV HLQHP ZHLWDXVJHGHKQWHQ RIWEHLVROFKHQ'LQJHQLVWXQVHUH%HZHLVODJHEUXFKVWFNKDIW
WURFNHQHQ *HELHW GDV DOV 7DULP%HFNHQ EHNDQQW LVW XQG DXI XQGXQVHUH0XWPD‰XQJHQVLQGVHKUJHZDJW
GUHL6HLWHQYRQ%HUJHQEHJUHQ]WZLUGGLHHVYRQGHQEHQDFK (V LVW QLFKW EHNDQQW ZDQQ GLH 7RFKDUHU LQ =HQWUDODVLHQ DQ
EDUWHQ *HELHWHQ YRQ 7LEHW ,QGLHQ $IJKDQLVWDQ .LUJLVLHQ NDPHQ DEHU DQVFKHLQHQG EHVWDQG LKUH .XOWXU ELV ]XP (QGH
8VEHNLVWDQXQG7DGVFKLNLVWDQWUHQQW'LH7DNODPDNDQ:VWH GHVHUVWHQ-DKUWDXVHQGVQDFK&KU'DQDFKZXUGHQVLHHQWZH
QLPPW GHQ JU|‰WHQ 7HLO GHV %HFNHQV HLQ 5LQJV XP GLH 2D GHUYRQGHUZDFKVHQGHQ7XUNEHY|ONHUXQJGLHVHV*HELHWHVDV
VHQ GLH YHUHLQ]HOW LQ GHP *HELHW YRUNRPPHQ VLQG 6LHGOXQ VLPLOLHUW RGHU VLH VWDUEHQ HLQIDFK DXV 6LH VSLHOWHQ LQ LKUHP
JHQ HQWVWDQGHQ ,P /DXIH GHU -DKUKXQGHUWH KDEHQ VLFK GRUW =HLWDOWHU LQ =HQWUDODVLHQ HLQH 6FKOVVHOUROOH EHL GHU 9HUEUHL
HLQH5HLKH.XOWXUHQHQWZLFNHOW WXQJGHV%XGGKLVPXVXQWHUGHQ7XUN9|ONHUQXQGHVN|QQWH
'HU %XGGKLVPXV XQG GDV QHVWRULDQLVFKH &KULVWHQWXP KDEHQ
GDV *HELHW GXUFKGUXQJHQ 6HLW GHU DUDELVFKHQ ,QYDVLRQ LQ
=HQWUDODVLHQ LP  -DKUKXQGHUW ZXUGH GLH %HY|ONHUXQJ DOO
PlKOLFK ]XP ,VODP EHNHKUW GHU KHXWH GRUW GLH KHUUVFKHQGH
5HOLJLRQLVW2EZRKOGLHEHUZLHJHQGH0HKUKHLWGHU(LQKHL
PLVFKHQKHXWHGHQ7XUNY|ONHUQDQJHK|UWJDEHVYRUGHP
-DKUWDXVHQGXQVHUHU=HLWUHFKQXQJLP7DULP%HFNHQHLQHJDQ
]H5HLKHLQGRHXURSlLVFKHU6WlPPH,QGHU1lKHYLHOHUKHXWL
JHU 6WlGWHOLHJHQGLH5XLQHQDOWHU6LHGOXQJHQGDUXQWHUYLHOH
EXGGKLVWLVFKH.O|VWHU'XUFKGLHWURFNHQHQ.OLPDYHUKlOWQLVVH
EOLHEHLQHJUR‰H=DKOKLVWRULVFKHU'RNXPHQWHHUKDOWHQ
6HLW HWZD  XQG YHUVWlUNW LP HUVWHQ -DKU]HKQWGHVOHW]WHQ
-DKUKXQGHUWVEHJDQQHQHXURSlLVFKH(QWGHFNHUZLHGHU$VLHQ
IRUVFKHU0DUF$XUHO6WHLQYLHOHGLHVHU'RNXPHQWHLQHXURSlL
VFKH0XVHHQ]XEULQJHQ'LH)XQGHXPID‰WHQ:HUNHGLHXD 
DXIFKLQHVLVFKWLEHWDQLVFKXQGLQDQGHUHQ6SUDFKHQJHVFKULH )XQGVWFNHLQHV0DQXVNULSWVGHV7RFKDULVFKHQÄ7RFKD
EHQHZDUHQ=ZHLGLHVHU6SUDFKHQGLHYRUKHUXQEHNDQQWZD ULVFK$³'DV7RFKDULVFKHDXV=HQWUDODVLHQLVWVHLWYLHOHQ
UHQ ZXUGHQ DOV PLWHLQDQGHU YHUZDQGW HUNDQQW VLH VWDQGHQ -DKUKXQGHUWHQDXVJHVWRUEHQXQGZDUGHP.HOWLVFKHQQDKH
VLFK VRJDU VR QDKH GD‰ VLH DOV ]ZHL 'LDOHNWH HLQHU HKHPDOV YHUZDQGW'LH6FKULIWW\SHQZXUGHQRIIHQEDULQGLVFKHQ
JHPHLQVDPHQ 6SUDFKH DQJHVHKHQ ZHUGHQ NRQQWHQ 'LH PHL 6FKULIWW\SHQHQWOHKQW
VWHQ 0DQXVNULSWH GLHVHU 6SUDFKH ZDUHQ LQ %UDKPL6FKULIW ±
HLQHU QRUGLQGLVFKHQ 6LOEHQVFKULIW ± DXI 3DOPEOlWWHU 3DSLHU
XQG+RO]WDIHOQJHVFKULHEHQ(V]HLJWHVLFKEDOGGD‰HLQJUR
‰HU7HLOGHU+DQGVFKULIWHQhEHUVHW]XQJHQEHNDQQWHUEXGGKL
VWLVFKHU6DQVNULW:HUNHGDUVWHOOWHQXQGPDQFKHZDUHQ]ZHL
VSUDFKLJZDVGLH(QWVFKOVVHOXQJGHUQHXHQ6SUDFKHVHKUHU
OHLFKWHUWH 'HU *UR‰WHLO GHU 7H[WH VWDPPWDXVGHPXQG
-DKUKXQGHUW $X‰HU UHOLJL|VHQ 7H[WHQ JDE HV .ORVWHU
.RUUHVSRQGHQ] XQG %HULFKWH +DQGHOVGRNXPHQWH .DUDZD
QHQ3DVVLHUVFKHLQHXQGPHGL]LQLVFKHXQGPDJLVFKH7H[WH
'LH$QDO\VHGXUFKHXURSlLVFKH6SUDFKIRUVFKHUHUJDEGD‰GLH
QHXHQWGHFNWHQ 6SUDFKHQ LQGRHXURSlLVFK ZDUHQ REZRKO VLH
DQIDQJV ZHQLJ bKQOLFKNHLW PLW DQGHUHQ EHNDQQWHQ LQGRHXUR
SlLVFKHQ=ZHLJHQ]HLJWHQYRUDOOHPGHPJHRJUDSKLVFKQDKHQ
LUDQLVFKHQ=ZHLJ:LHEHLMHGHPQHXHQ)XQGZXUGHHLQ(WL
NHWW JHEUDXFKW XP GLH 6SUDFKH ]X EHQHQQHQ 'D LQ DOWHQ
7XUN0DQXVNULSWHQGLH6SUHFKHUGLHVHU6SUDFKHDOVª7ZJKU\©
EH]HLFKQHW ZXUGHQ VHW]WH PDQ VLH PLW GHQ 7RFKDURL JOHLFK
HLQHP6WDPPGHUODXWGHQ6FKULIWHQGHUJULHFKLVFKHQ.ODVVLN
LP-DKUKQ&KULQ%DNWULHQ2VWLUDQXQG$IJKDQLVWDQJH
OHEWKDW'DKHUZXUGHGLH6SUDFKHWRFKDULVFKJHQDQQWXQGLK
UH]ZHL'LDOHNWHDOV$XQG%XQWHUVFKLHGHQ'LDOHNW$ZDULQ
0DQXVNULSWHQGLHDXVGHP2VWWHLOGHV7DULP%HFNHQVXPGLH
6WlGWH4DUDVKDKUXQG7XUIDQVWDPPWHQ'DKHUZLUGHUJHZ|KQ
OLFKDOVWXUIDQLVFKRGHURVWWRFKDULVFKEH]HLFKQHW'HU'LDOHNW%
ZLUG PDQFKPDO NXWVFKDLVFK RGHU ZHVWWRFKDULVFK JHQDQQW ZHLO
GLH PHLVWHQ VR JHVFKULHEHQHQ 0DQXVNULSWH LQ GHU 1lKH GHU
6WDGW.XWVFKDZHLWHULP:HVWHQJHIXQGHQZXUGHQ
2EGLH6SUHFKHUGLHVHU'LDOHNWHZLUNOLFKGLH7RFKDURLGHU$O

WHQ*ULHFKHQZDUHQZLUGQRFKGLVNXWLHUW0DQQLPPWMHW]WLP =ZHLWRFKDULVFKH(GHOPlQQHURSIHUQEXGGKLVWLVFKHQ*|W
DOOJHPHLQHQDQGD‰GLH6SUHFKHUGHV7RFKDULVFKHQHLQHUVHKU WHUQ*HOGVlFNH'HUUHFKWHGHUEHLGHQKDWURWEUDXQH+DDUH
IUKHQ $EZDQGHUXQJ DXV GHP LQGRHXURSlLVFKHQ .HUQJHELHW XQGEODXH$XJHQ:DKUVFKHLQOLFKKDQGHOWHVVLFKEHLGHQ
DQJHK|UWHQP|JOLFKHUZHLVHEHUHLWVY&KU$EHUZLHVR 7RFKDUHUQXP1DFKIDKUHQGHUPXPLIL]LHUWHQ/HLFKHQDXV
hUPFKLXQGlKQOLFKHQ*HJHQGHQ

 9II*ÂÂ-DKUJDQJÂ+HIW

DXFKVHLQGD‰GHU%XGGKLVPXVEHUGLH7RFKDUHUYRQ,QGLHQ $QPHUNXQJHQ
LQVHLJHQWOLFKH&KLQDYHUEUHLWHWZXUGH 
0LWIUHXQGOLFKHU*HQHKPLJXQJHQWQRPPHQ7KH%DUQHV5HYLHZ
/H[LNDOLVFKH bKQOLFKNHLWHQ GHV 7RFKDULVFKHQ PLW GHP ,WDOR
.HOWLVFKHQ ]HLJHQ GD‰ GLH 6SUHFKHU GLHVHU 6SUDFKHQ LQ GHU
LQGRHXURSlLVFKHQ 8UKHLPDW LQ 9HUELQGXQJ ZDUHQ EHYRU GLH
7RFKDUHULKUH:DQGHUXQJQDFK2VWHQXQGGLH.HOWHQXQG,WD
OLNHU QDFK :HVWHQ XQWHUQDKPHQ 9RU DOOHP JODXEHQ GLH
6SUDFKIRUVFKHU MHW]W GD‰ GLH WRFKDULVFKHQ 6SUDFKHQ PLW GHU
6I7KLUG6W6(:DVKLQJWRQ'&86$±EHUVHW]W
XQGEHDUEHLWHWYRQ3DWULFLD:LOOPV=XVlW]OLFK]XGHQLQGHU%DUQHV5HYLHZ
ZLHGHUJHJHEHQHQ%LOGHUQZXUGHQHLQLJH$EELOGXQJHQGHP,QWHUQHWHQW
QRPPHQKWWSZZZGLVFRYHU\FRPVWRULHVKLVWR
U\GHVHUWPXPPLHVGHVHUWPXPPLHVKWPO

NHOWLVFKHQ 6SUDFKH QRFK HQJHU YHUZDQGW VLQG DOV GLH LWDOL
VFKHQ 6SUDFKHQ GLH ODQJH DOV 6FKZHVWHUVSUDFKJUXSSH GHV
.HOWLVFKHQ DQJHVHKHQ ZXUGHQ 7RFKDULVFK ]ZHLJWH YRQ GHU
SURWRLQGRHXURSlLVFKHQ6SUDFKHUHFKWIUKDE]XVDPPHQPLW
 9LFWRU+0DLU+J7KH%URQ]H$JHDQG(DUO\,URQ$JH3HRSOHVRI
(DVWHUQ&HQWUDO$VLD %G6,QVWLWXWHIRUWKH6WXG\RI0DQ
WK6W1::DVKLQJWRQ'&

 6N\WKLVFKH%HJUlEQLVVWlWWHDXVGHP-DKUKYG=WULP$OWDL

 $XFK;LQJMLDQJJHVFKULHEHQ$QPGHVhEHUV

 -RXUQDORI,QGR(XURSHDQ6WXGLHV+HUEVW:LQWHU

GHU NHOWLVFKHQ 6SUDFKH ± VR VFKOX‰IROJHUQ GLH 6SUDFKJH  'LHVHV9RONZXUGHLQDOWHQJULHFKLVFKHQ$XI]HLFKQXQJHQ*HWDHJHQDQQW

VFKLFKWVIRUVFKHU  'LHPDQFKPDODOVÄZHVWOLFKH³XQGÄ|VWOLFKH³EH]HLFKQHWHQ*UXSSHQGHU
DULVFKHQ6SUDFKIDPLOLHXQWHUVFKHLGHQVLFKJDQ]JUREGXUFKGLH$XVVSUD
.|QQWHQ GLH 7DUWDQHQWUDJHQGHQ 9|ONHU GLH ]X GHQ Ä0XPL FKHGHVÄF³/DXWHVLQ:RUWHQZLHÄFHQWXP³³VDWHP³DXVGHP$ZHVWL
HQ³ 2VW7XUNHVWDQV ZXUGHQ GLH $KQHQ GHU EHLQDKH NHOWLVFK
VSUHFKHQGHQ7RFKDUHUVHLQGLHDQGHUJOHLFKHQ6WHOOHOHEWHQ"
(VWUHQQWVLHHLQ=HLWUDXPYRQHWZD-DKUHQ'RQ5LQJH
6SUDFKJHVFKLFKWOHU YRQ GHU 8QLYHUVLWlW 3HQQV\OYDQLD NRP
PHQWLHUWGLHVYRUVLFKWLJVR
ª,FK VFKlW]H GD‰ >GLH 0XPLHQ/HXWH@ HLQH $UW ,QGRHXUR
SlLVFKJHVSURFKHQKDEHQ$EHUREHVHLQHIUKH)RUPGHV
7RFKDULVFKHQRGHUHLQDQGHUHU=ZHLJGHU)DPLOLHZDUZLH
HWZDLQGRLUDQLVFKZHUGHQZLUYLHOOHLFKWQLHVLFKHUZLVVHQ© 
'LH)RUVFKXQJDQGLHVHQIDV]LQLHUHQGHQ)XQGHQJHKWZHLWHU



0DOQDFKJHGDFKW
9RQ'LSO,QJ:HUQHU5DGHPDFKHU

(V VWHKW XQ]ZHLIHOKDIW IHVW GD‰ GDV 165HJLPH 9HUEUHFKHQ
VFKHQDXVJHVSURFKHQÄVFKDWHP³ ÄKXQGHUW³GDVLP:HVWHQDOVÄN³
/DXWXQGLP2VWHQDOVÄV³/DXWDXVJHVSURFKHQZLUG'LHPHLVWHQ6SUDFK
IRUVFKHUXQWHUWHLOHQGLH6SUDFKIDPLOLHQLFKWPHKUDXWRPDWLVFKLQGLHVH
]ZHL*UXSSHQWHLOZHLVHZHLOVLHGLH,PSOLNDWLRQYHUPHLGHQP|FKWHQ
GD‰GLH,QGRHXURSlHUHLQHIUKH7HLOXQJLQ]ZHL=ZHLJHGXUFKOLHIHQRE
ZRKOGLH%HJULIIHQRFKEHQXW]WZHUGHQ$X‰HUGHPLVWGLHVHV0HUNPDO
QXUHLQHVYRQPHKUHUHQ0XVWHUQGDVGLH*UHQ]HQGHUHWZDYHUVFKLH

GHQHQLQGRHXURSlLVFKHQ8QWHUIDPLOLHQEHUVFKQHLGHW
 (OL]DEHWK:%DUEHU7KH0XPPLHVRI8ULLPFKL::1RUWRQ &R
1HZ<RUNYJODXFK,YDU/LVVQDU7KH6LOHQW3DVW*33XWQDP¶V
6RQV1HZ<RUN
UHQ3ODWWIRUPHQLQGHU.DPPHUUDVFKXQG]XYHUOlVVLJÄYHUJD
XQVlJOLFKHQ $XVPD‰HV EHJDQJHQ KDW 'DUDQ ]X ]ZHLIHOQ LVW VHQ³ULFKWLJHUVWLFNHQXQGYHUJLIWHQN|QQHQ
XQDQVWlQGLJ 'DVWDWHQDEHUGLHGHXWVFKHQ9HUEUHFKHUQLFKW
'DYHUODQJHQLPPHUZLHGHUGLHVRJHQDQQWHQÄ5HYLVLRQLVWHQ³ 8QYHUVWlQGOLFKHUZHLVH WULHEHQ VLH GLH 2SIHU LQ NDOWH .HOOHU
6DFKEHZHLVH IU GLH 9HUEUHFKHQ LQVEHVRQGHUH YHUEHL‰HQ VLH UlXPHLQGHQHQGDVYRQREHQHLQJHVFKWWHWHXQGH[WUHPWHX
VLFK LQ GLH /HXJQXQJ GHU 0DVVHQYHUJDVXQJHQ YRQ -XGHQ LQ UH=\NORQ%QLFKWÄYHUJDVHQ³6LHGHSXQNWFDƒ&VRQGHUQ
GHQ.=V EOR‰ODQJVDPYHUGXQVWHQNRQQWH
(VVLQGDEHUGLHVH9HUEUHFKHQGHU16=HLWGXUFKHLQH8Q]DKO
YRQ =HXJHQ VR QRWRULVFK GD‰ VLH DOV RIIHQNXQGLJ ]X JHOWHQ
KDEHQ
=ZDUVDJWVFKRQ:LWWJHQVWHLQ6DW]ªhEHU*HZL‰KHLW©
ª(VPX‰JH]HLJWZHUGHQGD‰GHU=HXJHLQGHU/DJHZDU]X
ZLVVHQ©
$EHU LQIROJH GHU (UJHEQLVVH GHU 1UQEHUJHU .ULHJVYHUEUH
FKHUSUR]HVVHEHGDUIHVNHLQHU6DFKEHZHLVHPHKU
(V JHKW LQ HUVWHU /LQLH XP GHQ V\VWHPDWLVFKHQ 9|ONHUPRUG
LQVEHVRQGHUH DQ GHQ -XGHQ GXUFK GLH VRJHQDQQWHQ 0DVVHQ
YHUJDVXQJHQ VHL HV LQ *DVNDPPHUQ PLW =\NORQ % HLQHP
%ODXVlXUHKDOWLJHQ (QWZHVXQJVPLWWHO RGHU 'LHVHODXVSXIIJD
VHQXQGLQ]ZHLWHU/LQLHXPGLH*DVZDJHQZRHEHQIDOOVPLW
$XVSXIIJDVHQJHW|WHWZRUGHQLVW
'LH'HXWVFKHQKDWWHQVHKUJXWIXQNWLRQLHUHQGH*DVNDPPHUQ
%DXDUWXQG)XQNWLRQVZHLVHVLQGVHKUJHQDXLQGHU)DFKOLWHUD
WXU EHVFKULHEHQ %UH\PHVVHU3XQWLJDP %ODXVlXUHJDVNDP
PHUQ ]XU )OHFNILHEHUDEZHKU 9RUZlUPHLQULFKWXQJHQ 8P
ODXIHLQULFKWXQJHQ XVZ VRUJWHQ GRUW IU HLQH UDWLRQHOOH %H
KDQGOXQJHWZDYRQ8QLIRUPHQ'DKlWWHPDQDQVWHOOHGLH8QL (LQYHUODXVWHU=XJIlKUWLQGLH(LVHQEDKQEHJDVXQJVDQODJH
%XGDSHVWHLQ(QWQRPPHQ*3HWHUVª(LQHPRGHUQH(L
IRUPHQ DXI IDKUEDUHQ .OHLGHUVWlQGHUQ ]XU (QWZHVXQJ HLQ]X
VHQEDKQ(QWZHVXQJVDQODJH©$Q]HLJHUIU6FKlGOLQJVNXQ
EULQJHQDXFKRKQHZHLWHUHVGLHSUlVXPWLYHQ2SIHUDXIIDKUED GH6I

9II*ÂÂ-DKUJDQJÂ+HIW 

$QPHUNXQJ-HGHU+DXVIUDXLVWGHU WHQ XQG QDFK GLHVHU $XIDUEHLWXQJ
]HLWOLFKH 8QWHUVFKLHG ]ZLVFKHQ DXFK]XÄEHZlOWLJHQ³
9HUGDPSIHQ:DVVHUNRFKWXQGYHU 'LH'HXWVFKHQKDWWHQDEHUHLQDEVR
VFKZLQGHW VHKU VFKQHOO DXV GHP OXW W|GOLFKHV 0LWWHO ]X =HKQWDXVHQ
.RFKWRSI XQG 9HUGXQVWHQ Q DFK GHQ MD ]X +XQGHUWWDXVHQGHQ GHQ
JLH‰HQEHL+\GURNXOWXUNODU +RO]JDVJHQHUDWRU
'DUEHU KLQDXV PX‰WHQ GLH LQQHU :LH PDQ GHP )DFKEXFK 'LH *DV
OLFK XQG lX‰HUOLFK PLW %ODXVlXUH YHUVRUJXQJ 7DIHO  *DV]XVDP
NRQWDPLQLHUWHQ /HLFKHQ GHU 9HUJD PHQVHW]XQJ EHL GHU 9HUNRKOXQJ
VWHQ PKVDP DXV GHP .HOOHU JH YRQ +RO] 6HLWH  OHLFKW HQWQHK
VFKOHSSW ZHUGHQ %HL %HQXW]XQJ PHQ NDQQ LVW DXV HLQLJHQ 6lFNHQ
GHUREHULUGLVFKHQ*DVNDPPHUQKlW EHUDOO OHLFKW EHVFKDIIEDUHU +RO]
WHPDQGLH/HLFKHQDXIGHQIDKUED VFKHLWH  NJ +RO] HUVHW]HQ  NJ
UHQ 3ODWWIRUPHQ EOR‰ DXV GHU .DP %HQ]LQ HLQ *DVFRFNWDLO YRQ 
PHU ]X GHQ .UHPDWRULHQ RKQH EH  &2 XQG  &2 ªLQ EH
VRQGHUH0KHVFKDIIHQN|QQHQ GHXWHQGHQ*DVPHQJHQ©LP7HPSH
0DQ PX‰ DXFK ZLVVHQ GD‰ HV ]% UDWXUEHUHLFK YRQ ƒ& ]X JH
LQ %XGDSHVW HLQH (LVHQEDKQHQWZH ZLQQHQ %HLP ,QKDOLHUHQ GLHVHV
VXQJVDQODJH *DVNDPPHU IU 3HU &RFNWDLOV WULWW QDFK  6HNXQGHQ
VRQHQZDJJRQV JHJHEHQ KDW LQ GHU %HZX‰WORVLJNHLW XQG QDFK  0LQX
PDQ GLH :DJJRQV QLFKW QXU OHHU WHQGHU*HKLUQWRGHLQ
VRQGHUQDXFKYROOEHVHW]WKlWWHÄYHU :HUVROOGD*DVNDPPHUQEHQXW]HQ
JDVHQ³ N|QQHQ 8QG GD WUDQVSRU GLHGDVWHXUHXQGJHOHJHQWOLFKQLFKW
WLHUWHQ GLH 'HXWVFKHQ +XQGHUWWDX EHVFKDIIEDUH =\NORQ % EHQ|WLJWHQ
VHQGH ]XU 9HUJDVXQJ QDFK $X GDV]XGHPEHLEOR‰NXU]]HLWLJGDX
VFKZLW] XQG GDV EHL GUFNHQGHP HUQGHQ 0HQVFKHQYHUJDVXQJHQ ZH
0DQJHO DQ UROOHQGHP 0DWHULDO" =X JHQ GHU Q|WLJHQ ÄhEHUGRVLHUXQJ³
GLHVHU =HLW ZXUGHQ LQ gVWHUUHLFK YRQZHLOLQGHQHUVWHQ0LQX
/RNRPRWLYHQ XQG :DJJRQV VFKRQ WHQQXUGHV*LIWHVDEGDPSIHQ
4XHUVFKQLWWGXUFKHLQHQ+RO]JDVJHQHUDWRUGHU
]XKDXI YRQ DOOLLHUWHQ 7LHIIOLHJHUQ )D.URPDJ'HUDUWLJH*HQHUDWRUHQJDEHVLP
]XDXIZHQGLJLVWXQGJHIDKUHQWUlFK
]HUVFKRVVHQ =ZHLWHQ:HOWNULHJ]X+XQGHUWWDXVHQGHQLQ WLJHQWVRUJWZHUGHQPX‰WH"
%HL GHU 7|WXQJ GXUFK 'LHVHODXV 'HXWVFKODQG6LHEUDXFKWHQQXU+RO]XQG:DV 8QG ]XU 3URGXNWLRQ GHU 'LHVHODXV
SXIIJDVH LQ GHQ REHULUGLVFKHQ *DV VHUDOV%HWULHEVVWRIIXQGSURGX]LHUWHQHLQ SXIIJDVH ZXUGHQ QDFK GHQ QRWRUL
NDPPHUQZLHVLHHWZD*HUVWHLQEH VFKQHOOW|GOLFKHV*LIWJDV%LOOLJHUXQGHLQIDFKHU VFKHQ =HXJHQDQJDEHQ 3DQ]HUPRWR
VFKUHLEW XQG LQ GHQHQ GLH 7|WXQJ ZDUGHU*DVWRGLP'HXWVFKODQGGHU-DKUH UH YHUZHQGHW 5XVVLVFKHGDHVNHL
JHVWRSSWH0LQXWHQGDXHUWHJLQJ QLFKW]XKDEHQ QHGHXWVFKHQ3DQ]HUPLW'LHVHOPR
PDQRIIHQVLFKWOLFKDXFKVHKUXPVWlQGOLFKYRU WRUHQ JDE :LH ZDU GHQQ GDV PLW GHU (UVDW]WHLOEHVFKDIIXQJ
$EJHVHKHQGDYRQGD‰EHL'LHVHODXVSXIIJDVHQZHJHQGHVKR YRUDOOHPEHLP5FN]XJGHUGHXWVFKHQ$UPHHQ"
KHQ 6DXHUVWRIIJHKDOWHV OHGLJOLFK GHU 12 6WLFNVWRIIGLR[LG $XFKEHLGHU9HUZHQGXQJGHU*DVZDJHQGUlQJWVLFKGLH)UD
*HKDOWVFKlGOLFKH)ROJH/XQJHQ|GHPQDFK6WXQGHQXQG JH DXI ZDUXP GHQQ GLH 'HXWVFKHQ HUVW PKVDP 'LHVHODXV
GHU 5X‰JHKDOW VFKlGOLFKH )ROJH /XQJHQNUHEV QDFK -DKUHQ SXIIJDVH LQ GLH JHVFKORVVHQHQ $XIEDXWHQ HLQJHOHLWHW KDEHQ
EHUKDXSW JHIlKUOLFK ZDU ZDU GHU *HKDOW DQ &2 JLIWLJHV ZHQQVLHGRFKYLHOHLQIDFKHUXQGZLUNVDPHUJOHLFKGDV*HQH
.RKOHQPRQR[LG XQG 12 JLIWLJHV 6WLFNVWRIIR[LG YHUQDFK UDWRUJDVKlWWHQHLQOHLWHQN|QQHQ"
OlVVLJEDUJHULQJXQGLQ0LQXWHQ(LQZLUNXQJV]HLWMHGHQIDOOV 'LH +DQGKDEXQJ GHV PLW GHP KRFKJLIWLJHQ &2 EHIUDFKWHWHQ
QLFKWW|GOLFK *HQHUDWRUJDVHV ZDU VR JHIlKUOLFK GD‰ GLH )DKUHU GHU GHXW
'DV GXUFK =HXJHQEHZHLV QRWRULVFKH 7|WXQJVPLWWHO ZDU DOVR VFKHQ *HQHUDWRUZDJHQ HLQHQ VSH]LHOOHQ Ä*DVIKUHUVFKHLQ³
QXUEHGLQJWWDXJOLFKGLH7|WXQJPLW'LHVHODXVSXIIJDVHQPX‰ HUZHUEHQPX‰WHQXQGHLQH*HIDKUHQ]XODJHYRQ5HLFKVSIHQ
DQGHUVVWDWWJHIXQGHQKDEHQGDLVWLQGHU7DW QLJSURJHIDKUHQHP.LORPHWHUHUKLHOWHQ
QRFKHWZDVDXI]XDUEHLWHQ 8QG GDQQ QRFK HWZDV -HGHV -DKU OLHVW PDQ
'XUFK GLH Ä2IIHQNXQGLJNHLW³ LVW GLHV DEHU YRQ 8QIlOOHQ PLW *lUJDV LQ GHQ |VWHUUHLFKL
QLFKWP|JOLFKGDPLWHPSILQGOLFKHQ6WUDIHQ VFKHQ:HLQNHOOHUQXQGYRQGHQW|GOLFKHQ8Q
EHGURKW 9RQ GHQ 5HYLVLRQLVWHQ UHJHOPl‰LJ IlOOHQ LQ XQJHOIWHWHQ 6LORV LQ GHU /DQGZLUW
]XU (QWODVWXQJ EHDQWUDJWH RGHU YRUJHOHJWH VFKDIWGRUWHQWVWHKWDXFK&2LQ0HQJHQ
Ä6DFKEHZHLVH³ZHUGHQPLWGHP+LQZHLVDXI :DUXP KDEHQ GLH 'HXWVFKHQ GHQQ*LIWJDVH
GLH Ä2IIHQNXQGLJNHLW³ LQIROJH YLHOIDFKHU
=HXJHQEHZHLVHDEJHOHKQW
$QPHUNXQJ'LH2IIHQNXQGLJNHLWXQG1RWR
ULWlW J HJHQWHLOLJH 6DFKDUJXPHQWH ZHUGHQ
DOVÄSVHXGRZLVVHQVFKDIWOLFK³HUVWJDUQLFKW
DXFKJHIlKUOLFKIUGLH+HQNHUYHUZHQGHW
ZHQQHVYLHOUDVFKHUJHKWGLH/HXWHPLWGHP
XQJLIWLJHQ&2]XHUVWLFNHQ"
'D PDQ QXQ DQ GHQ $QJDEHQ GHU JHZL‰
KRQRULJHQ=HXJHQQLFKW]ZHLIHOQNDQQGLHMD
VDFKOLFK EHKDQGHOW KLQGHUQ XQV VRPLW GLH :HUEH]HLFKHQGHV'ULWWHQ5HL VHKU KlXILJ DXFK )ODPPHQ DXV .UHPDWR
6FKDWWHQ GHU 9HUJDQJHQKHLW ]X EHVHLWLJHQ FKHV]XU)|UGHUXQJGHU*LIWJDV ULXPVNDPLQHQ KDEHQ VFKODJHQ VHKHQ EOHLEW
DOVR GLH 9HUJDQJHQKHLW HQGOLFK DXI]XDUEHL JHQHUDWRUWHFKQRORJLH QXUHLQ6FKOX‰

 9II*ÂÂ-DKUJDQJÂ+HIW

'LH'HXWVFKHQZDUHQ9HUEUHFKHUDEHUEHUDXVGXPPH9HU VFKLFKWH*UDEHUW7ELQJHQ6
EUHFKHU
6LHKDEHQIULKUHÄ7|WXQJVPDVFKLQHULH³ZRKOGLH,QVWUXPHQ
WHYHUZHQGHWGLHEHLNULWLVFKHU%HWUDFKWXQJYRQ$XIZDQGXQG
:LUNXQJDPVFKOHFKWHVWHQJHHLJQHWZDUHQ
.HLQ:XQGHUGD‰VLHGHQ.ULHJYHUORUHQKDEHQ
ZZZYKRRUJ'J]]KWPOE]ZKWPO-UJHQ*UDI$X
VFKZLW]7lWHUJHVWlQGQLVVHXQG$XJHQ]HXJHQGHV
+RORFDXVW1HXH9LVLRQHQ9HUODJ:UHQORV
=80352%/(0'(5=<./21%9(5*$681*(1*5XGROI
'DV5XGROI*XWDFKWHQ$XIODJH&DVWOH+LOO3XEOLVKHUV
(LQ9RONGDVVRGXPPH+HQNHUKDWKDWRIIHQEDUDXFKJOHLFK +DVWLQJVZZZYKRRUJ'UJD
GXPPH:DIIHQVFKPLHGH =80352%/(0'(5',(6(/9(5*$681*(1&RQUDG*ULHE
ª+RORFDXVW'LHVHOPRWRUDEJDVHW|WHQODQJVDP©9II*
/LWHUDWXUKLQZHLVH 6ZZZYKRRUJ9II**ULHEKWPO)ULHG
=80352%/(0'(5=(8*(1$866$*(10DQIUHG.|KOHU ULFK3%HUJª'LHVHO*DVNDPPHUQ0\WKRVLP0\WKRV©LQ
ª'HU:HUWYRQ$XVVDJHQXQG*HVWlQGQLVVHQ]XP+RORFDXVW© (UQVW*DXVV+JDD26
XQG5REHUW)DXULVVRQª'LH=HXJHQGHU*DVNDPPHUQYRQ$X ZZZYKRRUJ'J]]KWPO
VFKZLW]©LQ(UQVW*DXVV+J*UXQGODJHQ]XU=HLWJH





'LH/JHQXQVHUHU=HLW
9RQ%DXUDWKF'LSO,QJ:DOWHU/IWO

(VLVWHLQ3KlQRPHQXQVHUHU=HLWGD‰GLH%UJHUPLWÄ/JHQ³ 'LH2]RQORFKOJH
XQVLFKHUJHPDFKWZHUGHQ1HXGHXWVFKYHUXQVLFKHUWZHUGHQ 'DV 2]RQORFK LVW YRP 0HQVFKHQ QLFKW EHHLQIOX‰EDU /HGLJ
GD‰$QJVW1HXGHXWVFKÄbQJVWH³YHUEUHLWHWZLUG0DQPDOW OLFKGLH3DWHQWLQWHUHVVHQDQJHZLVVHQ6WRIIHQKDEHQGLH2]RQ
3RSDQ]H DXFK XQWHU 0LWZLUNXQJ NRUUXPSLHUWHU Ä:LVVHQ ORFKOJHEHUKDXSWDXIGDV7DSHWJHEUDFKW
VFKDIWOHU³DQGLH:DQGXQGJUHLIWGDQQGHQÄYHUXQVLFKHUWHQ³
%UJHUQ LQ GLH 7DVFKH ÄgNRVWHXHU³ 'HU %UJHU ZLUG GD]X 'LH.OLPDOJH
JHEUDFKW IU Y|OOLJ VLQQORVH 0D‰QDKPHQ ]X ]DKOHQ $EOD‰ 'DV .OLPD LVW HLQ VWDWLVWLVFKHU :HUW EHU GLH DQ HLQHP 2UW
WKHRULH 7HW]HO 'LH 6HHOH DXV GHP )HJHIHXHU VSULQJW GHU KHUUVFKHQGH :LWWHUXQJ 'D GHU 0HQVFK ELV GDWR GDV :HWWHU
3IHQQLJLQGHP.DVWHQNOLQJWRGHU]XKRIIHQPLWGHPDEJH QLFKWEHHLQIOXVVHQNDQQNDQQHUXQWHU$QZHQGXQJHOHPHQWD
SUH‰WHQ RGHU DEJHOXFKVWHQ *HOG VLFK 5XKH ]X HUNDXIHQ UHU/RJLNDXFKGDV.OLPDQLFKWEHHLQIOXVVHQ
6FKXW]JHOGWKHRULH /DVVHQ ZLU GLH Ä/JHQ³ HLQPDO 5HYXH
SDVVLHUHQ 'LH7UHLEKDXVOJH
'LH (UGH LVW NHLQ PLW HLQHP *ODVGDFK EHGHFNWHV 7UHLEKDXV
'LH:DOGVWHUEHQOJH VRQGHUQ KlQJW IUHL LP NDOWHQ :HOWUDXP 1XOO .HOYLQ 
,Q]ZLVFKHQSDVVpGDVLFKMHGHUPDQQGDYRQEHU]HXJHQNRQQ
WHGD‰GHU:DOGQLFKWÄVWLUEW³XQGDXFKQLFKWGDUDQGHQNW]X
VWHUEHQ ,Q gVWHUUHLFK ZDFKVHQ MlKUOLFK  :DOGIOlFKH ]X
%lXPHVLQGJHVWRUEHQZHJHQhEHUDOWHUXQJZHJHQ0RQRNXO
WXUXVZ0DQIUDJH)RUVWIDFKOHXWHGLHELVKHU]XPÄ:DOGVWHU
ƒ & 8QG DXFK LQ HLQHP 7UHLEKDXV ZLUG HV VHKU
VFKQHOO NDOW ZHQQ PDQ GLH +HL]XQJ DEGUHKW :DUXP YHUHLVHQ
:LQGVFKXW]VFKHLEHQYRQ3.:VDXFKGDQQZHQQGLH/XIWWHP
SHUDWXUHWZDƒ&EHWUlJW":HLOGLH(UGHNHLQ7UHLEKDXVLVW
EHQ³ IUXVWULHUW JHVFKZLHJHQ KDEHQ XQG VLFK MHW]W HUVW WUDXHQ 'LH/JHYRQGHQ7UHLEKDXVJDVHQ
GLH:DKUKHLW]XVDJHQ 'D GLH (UGH NHLQ 7UHLEKDXV LVW NDQQ HV DXFK NHLQH Ä7UHLE
KDXVJDVH³ JHEHQ /DXW %5'8PZHOWPLQLVWHU 7ULWWLQ XQG
'LH3RONDSSHQDEVFKPHO]OJH0HHUHVVSLHJHODQVWLHJVOJH |VWHUUHLFKLVFKHP /DQGZLUWVFKDIWVPLQLVWHU 0ROWHUHU LVW GDV
:HQQGDV(LVGHU$UNWLVVFKPLO]WSDVVLHUWJDUQL['DVDUNWL
VFKH(LVVFKZLPPWDXIGHP0HHUXQGZLHHLQHLQIDFKHV([
SHULPHQW PLW VFKZLPPHQGHQ (LVZUIHOQ LQ HLQHU 6HNWVFKDOH
MHGHUPDQQ DG RFXORV GHPRQVWULHUHQ NDQQ VWHLJW GDQQ GDV
0HHU XP NHLQHQ 0LOOLPHWHU 8QG LQ GHU $QWDUNWLV KDW HV
ƒ& EHL HLQHP $QVWLHJ GHU 7HPSHUDWXU XP HLQ SDDU *UDG
7ULHEKDXVJDV .RKOHQGLR[LG &2 VRJDU ªJLIWLJ© +DEHQ GLH
QRFKQLH6RGDZDVVHUJHWUXQNHQRKQHGDQDFKJOHLFKWRWXPJH
IDOOHQ ]X VHLQ" :LH DKQXQJVORV GDUI HLQ 0LQLVWHU VHLQ" 'DV
YLHO YHUOHXPGHWH &2 LVW GLH 4XHOOH XQVHUHV /HEHQV 2KQH
&2 NHLQH 3KRWRV\QWKHVH RKQH 3IODQ]HQ NHLQH 0HQVFKKHLW
1LHGHUOlQGLVFKH $JUDULHU EODVHQ .RKOHQGLR[LG LQ LKUH HFK
SDVVLHUWJDUQL['HQQ(LVVFKPLO]WHUVWEHLƒ& WHQ 7UHLEKlXVHU HLQ 'DV (UJHEQLV (UVWHQV ZDFKVHQ GLH
3IODQ]HQ UDVFKHU XQG IHVWHU XQG ]ZHLWHQV IDOOHQ GLH LQVSL]LH
1RFKPDOV0HHUHVVSLHJHODQVWLHJVOJH
:HQQ HV ZlUPHU ZLUG PX‰ GHU 0HHUHVVSLHJHO VLQNHQ 'LH
REHUIOlFKOLFKH (UZlUPXQJ NOLQJW UDVFK DE GLH OLQHDUH $XV
GHKQXQJ LVW YHUQDFKOlVVLJEDU GLH 2EHUIOlFKHQYHUGXQVWXQJ
ZLUG DEHUVWHLJHQ'LHUHODWLYH/XIWIHXFKWLJNHLWVWHLJWDQXQG
HV ZLUG ORJLVFKHUZHLVH PHKU5HJHQJHEHQ8PGLH0HQJHQ
GLIIHUHQ]$EIOX‰]X1LHGHUVFKODJPX‰GHU0HHUHVVSLHJHOVLQ
NHQXQG6DYDQQHQXQG:VWHQJHELHWHZHUGHQPHKU1LHGHU
VFKODJHUKDOWHQ
9II*ÂÂ-DKUJDQJÂ+HIW
UHQGHQ$JUDULHUEHLP%HVXFKQLFKWWRWXP6HKUZRKOHUVWLN
NHQDEHUXQYRUVLFKWLJH:HLQEDXHUQLQQLHGHU|VWHUUHLFKLVFKHQ
:HLQNHOOHUQ ZlKUHQG GHU *lUXQJ LKUHV 0RVWHV $EHU QLFKW
ZHLO&2JLIWLJLVWVRQGHUQZHJHQGHV6DXHUVWRIIPDQJHOVGD
GDVVFKZHUHUH&2GHQ6DXHUVWRIIDXVGHP.HOOHUYHUGUlQJW
8QGZLHLVWGDVLQGHU$WPRVSKlUH"(LQ0RO6DXHUVWRIIZLHJW
 *UDPP HLQ 0RO .RKOHQVlXUH ZLHJW  *UDPP LVW DOVR
VFKZHUHUDOV6DXHUVWRII:LHVRVROOGLH.RKOHQVlXUHLQ
NP+|KHHLQ7UHLEKDXVELOGHQ"


'LH(QHUJLHVSDUOJH
(LQH.UHDWLRQGHU'lPPVWRIILQGXVWULH6RIHUQHLQ7HFKQLNHU
VHLQH .HQQWQLVVH XQG GHQ JHVXQGHQ 0HQVFKHQYHUVWDQG QLFKW
LQGHU*DUGHUREHDEJHJHEHQKDWNDQQHUVLFKDXVUHFKQHQZR
HVHLQ|NRQRPLVFKHV2SWLPXP]ZLVFKHQ'lPPVWRIIGLFNHXQG
YHUQQIWLJHP (QHUJLHYHUEUDXFK JLEW 1DFK GHQ KHXWLJHQ
Y|OOLJ JHKHLOW ZHUGHQ GDVhEHUVWHKHQGHU.UDQNKHLWYHUOHLKW
HLQHQ PHKUHUH 0RQDWH DQKDOWHQGHQ 6FKXW] JHJHQ GHQVHOEHQ
9LUXVW\S1RWVFKODFKWXQJHQVLQGVHOWHQHUIRUGHUOLFK7LHUHPLW
VFKZDFKHP +HU] VWHUEHQ JHOHJHQWOLFK DOV 6SlWIROJH GHU (U
NUDQNXQJGHQ+HU]WRGGLHEUDXFKWPDQQLFKW]XNHXOHQQXU
]X HQWVRUJHQ 6FKXW]LPSIXQJ EHZLUNW  ELV PRQDWLJH ,P
(PSIHKOXQJHQZLUGLPSOL]LWPHKU(QHUJLHDQGLH$X‰HQKDXW
HLQHV 2EMHNWHV JHNOHEW DOV MH DXI /HEHQVGDXHU DQ (QHUJLH
HLQJHVSDUW ZHUGHQ NDQQ 'DV QHQQHQ QLFKWNRUUXPSLHUWH
)DFKOHXWH HLQ QHJDWLYHV 3HUSHWXXP 0RELOH 0DQFKH /HXWH
NULHJHQ HEHQ DXFK LP :LGHUVSUXFK ]X GHQ +DXSWVlW]HQ GHU
7KHUPRG\QDPLN1REHOSUHLVH
0HUNH:DVSK\VLNDOLVFKQLFKWÄJHKW³LVWDXFKFKHPLVFKXQ
P|JOLFKDXFKZHQQHVGLH)RUPHOQHUODXEHQ
PXQLWlW 'LH 0DXO XQG .ODXHQVHXFKH EUHLWHW VLFK LQ =ZL
VFKHQUlXPHQ YRQ PHKUHUHQ ELV YLHOHQ -DKUHQ DOV 3DQ]RRWLH
EHUJUR‰H*HELHWHDXVXQGHUOLVFKWGDQQYRQVHOEVW
9HUVWHKHQ6LHGLH+\VWHULHGLHKHXW]XWDJHXPGLH0DXOXQG
.ODXHQVHXFKHJHPDFKWZLUG":HUNHXOWDXI9HUGDFKWJHVXQ
GH 7LHUH LQ 0DVVHQ EOR‰ ZHLO HLQHV DQJHVWHFNW LVW XQG DOOH
QDFK HLQ SDDU :RFKHQ GXUFK HLQ hEHUVWHKHQ GHU .UDQNKHLW
LPPXQLVLHUWEHUOHEHQ"8QGGLHSDDU+HU]VFKZDFKHQVWHUEHQ
RKQHGLHV RKQH 1RWVFKODFKWXQJ :HU KDW GD VHLQHQ JHVXQGHQ
'LH$WRPOJH 0HQVFKHQYHUVWDQGXPPDWHULHOOHU,QWHUHVVHQZLOOHQDEHU]DK
7VFKHUQRE\ODOV0HQHWHNHO'DVLVWVRZLHZHQQLFKGHQ([ OHQ GUIHQ ZLU DOOH EHLVHLWH JHVWHOOW" :LHYLHO ]DKOW ZHU DQ
]H‰ HLQHV EHWUXQNHQHQ *HLVWHUIDKUHUV DOV W\SLVFKH )ROJH GHV NRUUXPSLHUWH([SHUWHQ"8QGZDUXPIDOOHQGLH$JUDUSROLWLNHU
$XWRYHUNHKUVEHWUDFKWH:HUVWHOOWHQGOLFKGLHWRWHQ.XPSHOV RKQH GHQ HLJHQHQ JHVXQGHQ 0HQVFKHQYHUVWDQG ]X VWUDSD]LH
GHU .RKOHJHZLQQXQJ GHQ 2SIHUQ GHU IULHGOLFKHQ $WRP UHQ DXI GLHVH Ä([SHUWHQ³ KHUHLQ" 6LH VROOWHQ GDV HLQPDO LQ
HQHUJLHJHJHQEHU"(VKDWMDDXFKQLHMHPDQGGLHYRQ3IHUGHQ 5XKH EHUOHJHQ XQG QLFKW GLH $XVVHQGXQJHQ LQWHUHVVLHUWHU
]X 7RGH JHWUHWHQHQ +XIVFKPLHGH GHQ 2SIHUQ GHV .I] .UHLVHDOVÄQW]OLFKH,GLRWHQ³JUDWLVYHUEUHLWHQ
9HUNHKUVJHJHQEHUJHVWHOOW
'LH*HVFKLFKWVOJHQ
'LH%6(/JH +LHUPX‰LFKDOVJHEUDQQWHV.LQGSDVVHQ,FKN|QQWHGDVHKU
%6(LVWNHLQHÄ(SLGHPLH³.HLQH.XKVWHFNWLKUH1DFKEDUNXK YLHO HU]lKOHQ $EHU HQWJHJHQ GHU EOLFKHQ 5HJHO GHU -XVWL]
DQ :DV VROOHQ DOVR GLH Ä0DVVHQNHXOXQJHQ³" 'DV EHL GHU ZRQDFK HLQ 6DFKYHUVWlQGLJHQJXWDFKWHQ GHUJHVWDOW VHLQ PX‰
9HUEUHQQXQJKDEHQ6LHJHZX‰WGDVGLH7LHUHQXUEHWlXEWOH GD‰ PDQ GDQDFK GLH *ODXEZUGLJNHLW YRQ =HXJHQDXVVDJHQ
EHQGLJYHUEUDQQWZHUGHQ"HQWVWHKHQGH&2NRQWHUNDULHUWDOOH EHXUWHLOHQ NDQQ LVW KLHUEHL DOOHV VR ÄQRWRULVFK³ XQG ÄRIIHQ
%HPKXQJHQQDFK.\RWRGHQ&2$XVVWR‰]XYHUULQJHUQ NXQGLJ³ GD‰ GDYRQ DEZHLFKHQGH GHP 6DFKYHUVWlQGLJHQHLG
NRPSDWLEOHZLVVHQVFKDIWOLFKIXQGLHUWH$XVVDJHQDOVÄSVHXGR
'LH0DXOXQG.ODXHQVHXFKHQOJH ZLVVHQVFKDIWOLFK³ DOOHQIDOOV VRJDU S|QDOLVLHUEDU EHLVHLWH JH
'LH QHXHVWH %UVVHOHU +RUURUPHOGXQJ 'DV /DQGZLUWVFKDIWV VFKREHQ ZHUGHQ 1LFKW HLQPDO =ZHLIHO GUIHQ HQWJHJHQ GHU
EXGJHWLVWZHJHQGHU0DXOXQG.ODXHQVHXFKHMHW]WVFKRQHU ,QWHQWLRQ GHV *HVHW]JHEHUV ]XIROJH PDQ OHVH GLH 6WHQRJUD
VFK|SIW'HURKQH+\VWHULHGHQNHQGH%UJHUIUDJWVLFKZHP SKLVFKHQ3URWRNROOHGHVgVWHUUHLFKLVFKHQ1DWLRQDOUDWHVNRQ
GLH0DXOXQG.ODXHQVHXFKHQ+\VWHULHGHQQHLJHQWOLFKQW]W NUHWJHlX‰HUWZHUGHQ
'LH 0DXO XQG .ODXHQVHXFKH LVW HLQH PHOGHSIOLFKWLJH KRFK 
DQVWHFNHQGHILHEHUKDIWH9LUXVHUNUDQNXQJGHU.ODXHQWLHUHEH $OOHVLQDOOHPEOHLEWGDKHUEHL8QEHIDQJHQHQXQGDXVUHLFKHQG
VRQGHUVGHU5LQGHU'LH6\PSWRPH6FKPDW]HQ*HLIHUDEVRQ 6DFKNXQGLJHQGLH)UDJH
GHUXQJHQ KHIWLJHV )LHEHU 9HUVLHJHQ GHU 0LOFK EHL .KHQ
)UH‰XQOXVW/DKPKHLWQDFKHLQELV]ZHL7DJHQVFKPHU]KDIWHU :LUGGLH/JH3IOLFKW"
%ODVHQDXVVFKODJ XVZ 'LH .UDQNKHLW NDQQ LP DOOJHPHLQHQ






Ä'LH5HGHXQG3UHVVHIUHLKHLWLVWDEJHVFKDIIW³
'LH(QWVWHKXQJVJHVFKLFKWHGHV0DXONRUESDUDJUDSKHQ†6W*%Ä9RONVYHUKHW]XQJ³
9RQ'U2OLYHU%HFNVWHLQ

(LQH HQWVSUHFKHQGH *UXQGJHVHW]lQGHUXQJ LVW EHUIlOOLJ XP ([LVWHQ]HQ YHUQLFKWHW XQG /HVHU V\VWHPNULWLVFKHU :HUNH
HQGOLFKGLHLPYRUGHPRNUDWLVFKHQ$EVXUGLVWDQGHXWVFKHU1D GXUFK+DXVGXUFKVXFKXQJHQHLQJHVFKFKWHUW
WLRQ WDWVlFKOLFK KHUUVFKHQGH *HVLQQXQJVGLNWDWXU YHUIDVVXQJV 1XU PHKU RGHU PLQGHU V\VWHPNRQIRUPH 0HLQXQJHQ ILQGHQ
UHFKWOLFKQDFK]XYROO]LHKHQ QRFK 9HUEUHLWXQJ LQ GHU %DQDQHQUHSXEOLN 'HXWVFKODQG 'DV
9HUIDVVXQJVODJH XQG 9HUIDVVXQJVZLUNOLFKNHLW ZHLFKHQ LQ XQV DXIJH]ZXQJHQH $IIHQWKHDWHU GHU SROLWLVFK NRUUHNWHQ
'HXWVFKODQGPHKUGHQQMHDEVXUGYRQHLQDQGHUDE:LHXQWHU 6SUDFKHKDWVHLQHQDEVXUGHQ+|KHSXQNWHUUHLFKW
GHQ 1D]LV RGHU 6WDVLV ZHUGHQ JHLVWLJH $EZHLFKOHU YHUIROJW 3ROLWLVFKH6WDDWVDQZlOWHXQG5LFKWHUEHWUHLEHQZLHGHUHLQPDO
XQG ILQGHQ VLFK YRU 6WUDIJHULFKWHQ ZLHGHU ,KUH %FKHU XQG GDV VFKPXW]LJH +DQGZHUN GHU *HVLQQXQJVVFKQIIHOHL XQG
6FKULIWHQZHUGHQEHVFKODJQDKPWXQGYHUEUDQQWYHUOHJHULVFKH YHUIROJXQJLQ3HUIHNWLRQ'LHQLFKWDXV]XURWWHQGH0HQWDOLWlW

 9II*ÂÂ-DKUJDQJÂ+HIW

GHU *HVLQQXQJVEHVWUDIXQJ IHLHUW
VFKUHFNOLFKH8UVWlQG
'HU LGHRORJLVFKH +HEHO IU GLHVH ]X
WLHIVWIDVFKLVWLVFKH=HQVXUKHL‰WLQGHU
1HXVSUDFKH GHU 9RONVIHLQGH Ä9RONV
YHUKHW]XQJ³ HLQ DQWLGHPRNUDWLVFKHV
IUHLKHLWVIHLQGOLFKHV0DFKZHUNXPGDV
LQIRUPDWRULVFK JOHLFKJHVFKDOWHWH 9RON
GDUDQ ]X KLQGHUQ EHVWLPPWH ,QIRUPD
WLRQHQ]XHUIDKUHQ,QIRUPDWLRQHQGH
UHQ XQJHKLQGHUWH 9HUEUHLWXQJ LQ GHQ
86$ GHQHQ ZLU XUVSUQJOLFK XQVH
UHQ 0DXONRUE ]X YHUGDQNHQ KDWWHQ
GXUFK GDV DOOHV EHUUDJHQGH 3ULQ]LS
GHU:DKUKHLWVVXFKHJHVFKW]WLVW
:HUQXQVLQGGLHLGHRORJLVFKHQ8UKH
EHUGHV0DXONRUESDUDJUDSKHQGHQVLH
Ä9RONVYHUKHW]XQJ³ QHQQHQ" 1DFK
ZHVVHQ 3IHLIH PVVHQ LQ]ZLVFKHQ GLH
PHLVWHQ 9|ONHU (XURSDVWDQ]HQ":HO
'LH0HLQXQJV
'LNWDWXU,
 GDV .RQ]HSW GHU -XGHQ /RHZHQVWHLQ
$PW\UDQQLVFKVWHQLVWMHQH
+HUUVFKDIWZHOFKHDXV
0HLQXQJHQ9HUEUHFKHQ
PDFKWGHQQMHGHUPDQQKDW
GDVXQYHUEUFKOLFKH5HFKW
DXI*HGDQNHQIUHLKHLW
6SLQR]D
 'LH ÄGHXWVFKHQ³ 6DWUDSHQ GLHVHV
1LHPDQGVFKDIIWJU|‰HUHV
8QUHFKWDOVGHUGHUHVLQ
)RUPHQGHV5HFKWVEHJHKW
VLFK ZHGHU GLH -XGHQ 7KHRGRUH .DXI
PDQQRFK+HQU\0RUJHQWKDXPLWLKUHQ
3ODQHQ DXI SK\VLVFKH 7RWDODXV
O|VFKXQJE]Z$JUDULVLHUXQJ'HXWVFK
ODQGV GXUFK DEHU GHUHQ 0D[LPDOIRU
GHUXQJHQIKUWHQVWUDWHJLVFKGD]XGD‰
XQG 5LHVPDQ DXI (LQIKUXQJ HLQHU
ªPLOLWDQW GHPRFUDF\© LQ 'HXWVFKODQG
EHUQRPPHQZXUGH
(V ZDU HLQHV GHU YLHOHQ (OHPHQWH LP
6FKDFKHUXPHLQHEHVLHJWH1DWLRQ6LH
IRUGHUWHQYRQXQVHLQHQK|KHUHQ3UHLV
DOV VLH UHDOLVWLVFKHUZHLVH HUZDUWHQ
NRQQWHQXPGHQ3UHLV]XHUKDOWHQGHQ
VLHYRQYRUQKHUHLQZROOWHQ
6FKDFKHUVXPGDV$XVPD‰GHU'HPWL
JXQJ XQG (UQLHGULJXQJ GHV GHXWVFKHQ
9RONHV JLQJHQ MHGRFK ZHLWHU ,Q 2U
FKHU VLQLVWUH *HLVW ZLUNW KLQWHU MHQHQ
GHQHQ GLH 9|ONHU LKUH JHLVWLJH 9HU
NUSSOXQJ XQG (QWPQGLJXQJ LKUH
'HPWLJXQJXQG(UQLHGULJXQJ]XYHU
GDQNHQKDEHQ"
'HU +HEHO ]XU LQWHOOHNWXHOOHQ 8QWHU
3ODWRY& ZHOOVFKHU1HXVSUDFKHQWDUWXQJHUNOlUWHQ
 VLH LKU ROLJDUFKLVFKHV 6\VWHP GHU 3DU
WHLHQZLUWVFKDIW ]XU 'HPRNUDWLH VRZLH
1LHZDUGDV$QGHUVVHLQHLQ LKUH YRONVIHLQGOLFKH Ä/REE\NUDWLH³ ]XU
VFKZHUHUHV9HUJHKHQDOVLQ ªIUHLKHLWOLFKGHPRNUDWLVFKHQ *UXQG
XQVHUHU=HLWGHU7ROHUDQ] RUGQXQJ© XQG KDWWHQ DXI GLHVH :HLVH
GUFNXQJ0DQLSXODWLRQXQG.RQWUROOH
IUHPGHU 9|ONHU KHL‰W ªPLOLWDQW GH
PRFUDF\© HLQ $XVGUXFN GHU HUVWPDOV
GXUFK GHQ -XGHQ .DUO /RHZHQVWHLQ
HLQHP IUKHUHQ 3ROLWLNZLVVHQVFKDIWOHU
3LHU3DROR3DVROLQL HLQ,QVWUXPHQWLQGHU+DQGJHUDGHMHQH
 DE]XZHKUHQ GHUHQ YRUQHKPVWHV $QOLH
JHQ HV LVW HQGOLFK ZDKUH 'HPRNUDWLH
(LQ=HQVRULVWHLQ%HDPWHU
XQG9RONVPDFKWKHU]XVWHOOHQ
GHU'LQJHHPSILHKOWLQGHPHU 1LFKWV IUFKWHQ GLH 3URILWHXUH GHV
DP $PKHUVW &ROOHJH 86$ HLQJH VLHYHUELHWHW IRUWGDXHUQGHQ%HVDW]XQJVXQUHFKWVXQG
IKUW ZXUGH XQG GHVVHQ LQKDOWOLFKHV
.RQ]HSW VSlWHU YRQ GHP -XGHQ 'DYLG
5LHVPDQ EHUQRPPHQ XQG YDULLHUW
ZXUGH
'DVKLQWHUOLVWLJH.RQ]HSWGHUªPLOLWDQW
GHPRFUDF\© LVW HV XQGHPRNUDWLVFKH
IUHLKHLWVIHLQGOLFKH $NWH DOV 0D‰QDK
)UDQN:HGHNLQG GHU ÄYHUHZLJWHQ³ 9RONVHQWUHFKWXQJ
 PHKU DOV GLH (LQIKUXQJ ZDKUHU 'H
:HUYRQGHQIQI|IIHQWOLFKHQ PRNUDWLHGXUFKDEVROXWH,QIRUPDWLRQV
IUHLKHLW XQG SOHELV]LWlUHU 0LWZLUNXQJ
0HLQXQJHQDEZHLFKWXQG GHV9RONHVDQ]HQWUDOHQ6FKLFNVDOVHQW
EHLVHLWHWULWWKDWLPPHUGLH VFKHLGXQJHQ]%(8(LQVFKPHO]XQJ
+HUGHJHJHQVLFK GHU GHXWVFKHQ 1DWLRQ (QWVROLGDULVLH
PHQ ]XP 6FKXW] HLQHU WDWVlFKOLFK )ULHGULFK1LHW]VFKH UXQJ GHV 9RONHV GXUFK 7ROHULHUXQJ
QLFKWH[LVWLHUHQGHQ'HPRNUDWLH]XOH
JLWLPLHUHQXPDXIGLHVH:HLVH.UlIWH
GHU QDWLRQDOHQ (PDQ]LSDWLRQ XQG GHV
QDWLRQDOHQ:LGHUVWDQGVDE]XZHKUHQ
'HU ÄGHXWVFKHQ³ 9ROOVWUHFNHU GLHVHU
+LQWHUOLVWGHUHQKHXWLJH(UEHQVLFKLQ
 XQG %DJDWHOOLVLHUXQJ GHU 0DVVHQNUL
'LH=HQVXULVWGLHMQJHUHYRQ PLQDOLWlW QLFKW DVVLPLOLHUEDUHU $UW
IUHPGHU JOREDOH 9HUPDUNWXQJ GHV
]ZHLVFKlQGOLFKHQ 0HQVFKHQ XQG VHLQHU 9RONVJHPHLQ
6FKZHVWHUQ'LHlOWHUHKHL‰W VFKDIWHQ =HUVW|UXQJ LGHQWLWlWVVWLIWHQ
,QTXLVLWLRQ'LH=HQVXULVWGDV GHU .XOWXU *HPHLQVFKDIWV XQG (U
NDXP ]X EHUELHWHQGHU &KX]SH PLW
GHP $WWULEXW ÄDQVWlQGLJ³ VFKPFNHQ
JDEHQ /RHZHQVWHLQV 3URGXNW GHQ
6FKZLQGHOEHJULII ªZHKUKDIWH 'HPR
NUDWLH© HLQ .RQ]HSW GDV QDFK /RH
ZHQVWHLQ LQVEHVRQGHUH GD]X IKUHQ
OHEHQGLJH(LQJHVWlQGQLVGHU
+HUUVFKHQGHQGD‰VLHQXU
YHUGXPPWH6NODYHQWUHWHQ
DEHUNHLQHIUHLHQ9|ONHU
UHJLHUHQN|QQHQ
]LHKXQJVZHUWHHWF
Ä'HXWVFKH³ 5LFKWHU XQG 6WDDWVDQZlOWH
IKUHQ IRUWGDXHUQGHV %HVDW]XQJVXQ
UHFKW DXV ZHQQ VLH 'HXWVFKH GLH LKU
JUXQGJHVHW]OLFK JDUDQWLHUWHV 5HFKWDXI
IUHLH 0HLQXQJVlX‰HUXQJ DXVEHQ YRU
VROOWH GLH 5HGH 3UHVVH 9HUVDPP
OXQJV XQG 3DUWHLJUQGXQJVIUHLKHLW IU
EHVWLPPWH $XVVDJHQ XQG =LHOH DXV]X
VFKDOWHQEHVWLPPWHSROLWLVFKH6\PER
OH]XYHUELHWHQGDVDNWLYHXQGSDVVLYH
:DKOUHFKW IU EHVWLPPWH %HY|ONH
UXQJVWHLOHHLQ]XVFKUlQNHQXQG%HUXIV
YHUERWH]XYHUKlQJHQ
6R JHVFKDK HV GDQQ LP EHVLHJWHQ
-RKDQQ1HVWUR\ *HULFKW ]HUUHQ LKUH ([LVWHQ]HQ YHU
 QLFKWHQ XQG GHQ JOHLFKJHVFKDOWHWHQ
SKLORVHPLWLVFKHQ 0HGLHQ ]XP )UD‰
)DOOV)UHLKHLWEHUKDXSW YRUZHUIHQ
LUJHQGHWZDVEHGHXWHWGDQQ $QGHUV DOV GHU (8&OXE YRONVIHLQGOL
EHGHXWHWVLHGDV5HFKWGDUDXI FKHU HXURSlLVFKHU 2OLJDUFKLHQ KDEHQ
GHQ/HXWHQGDV]XVDJHQZDV ÄGLH 866LHJHU³ GHQ DQWLGHPRNUDWL
VLHQLFKWK|UHQZROOHQ VFKHQ IUHLKHLWVIHLQGOLFKHQ $QJULII GHU
-XGHQ /RHZHQVWHLQ XQG 5LHVPDQ
*HRUJH2UZHOO
1DFKNULHJVGHXWVFKODQG =ZDU VHW]WHQ HUIROJUHLFKDEJHZHKUW

9II*ÂÂ-DKUJDQJÂ+HIW 

'DV .RQ]HSW GHU ªPLOLWDQW GHPRFUDF\© RGHU ªZHKUKDIWHQ
'HPRNUDWLH©ZXUGHLQGHQ86$IUK]HLWLJDOVGDVHUNDQQW
ZDVHVZLUNOLFKLVW(LQKLQWHUOLVWLJHV,QVWUXPHQWGHU(QWPQ
'LH0HLQXQJVGLNWDWXU
GLJXQJ(QWGHPRNUDWLVLHUXQJXQG:DKUKHLWVXQWHUGUFNXQJ
'HPRNUDWLH H[LVWLHUWQXUGXUFKDEVROXWH,QIRUPDWLRQVIUHLKHLW ,,
'HVKDOE LVW QDFK GHP 869HUIDVVXQJVYHUVWlQGQLV MHGH 0HL 
QXQJVlX‰HUXQJ ]X VFKW]HQ VR XQDQJHQHKP XQG HQWODUYHQG :HUGLH%HJULIIHYRUJLEWVWHXHUWGDV'HQNHQ
VLHIUEHVWLPPWH7HLOHGHU%HY|ONHUXQJDXFKVHLQPDJ :LFKWLJHVZLUGSROLWLVFKWDEXLVLHUWXQGGLH
9RONVIHLQGOLFKH .RPSURPLVVH VHOEVW ZHQQ VLH LQ LKUHU +LQ
WHUOLVW QLFKW VR GXUFKVLFKWLJ DQJHOHJW VLQG ZLH GLH GHU -XGHQ 8QZDKUKHLW]XP'RJPDHUKREHQ
/RHZHQVWHLQ XQG 5LHVPDQ Ol‰W GHU HUVWH =XVDW] ]XU 86 -|UJ+DLGHU
9HUIDVVXQJ QLFKW ]X 'LHV ZXUGH LPPHU ZLHGHU GXUFK GHQ 
2EHUVWHQ *HULFKWVKRI GHU 86$ EHVWlWLJW GDV LQ GLHVHU +LQ =XU=HLWLVWHVGHU7XJHQGWHUURUGHUSROLWLFDO
VLFKW VWHWV HLQH ZHVHQWOLFK XQDEKlQJLJHUH 6WHOOXQJ HLQQDKP FRUUHFWQHVVGHUIUHLH5HGH]XP
DOV GDV GXUFK 3DUWHLJlQJHU GHV KHUUVFKHQGHQ 9LHUHUNDUWHOOV
EHVHW]WH%XQGHVYHUIDVVXQJVJHULFKW
KDOVEUHFKHULVFKHQ5LVLNRPDFKW
0DUWLQ:DOVHU
8QWHUGUFNXQJXQG3|QDOLVLHUXQJEHVWLPPWHU0HLQXQJVlX‰H
UXQJHQEHLJOHLFK]HLWLJHU=XODVVXQJDQGHUHUV\VWHPNRQIRUPHU 
bX‰HUXQJHQZLGHUVSUHFKHQLQGHQ86$QLFKWQXUGHP)UHL ,FKJHZLQQHLPPHUPHKUXQGPHKUGHQ
KHLWVSULQ]LSVRQGHUQYRUDOOHPDXFKGHULQGHU(UJlQ]XQJ (LQGUXFNGD‰PDQLQGHU%XQGHVUHSXEOLN
YHUEUJWHQ*DUDQWLHGHVJOHLFKHQ5HFKWVVFKXW]HVDOOHU%UJHU PLWWOHUZHLOHOHEWZLHLP2UZHOOVFKHQ6WDDW
(VVHLVRGLHVWlQGLJH5HFKWVSUHFKXQJGHVK|FKVWHQ*HULFKWV +LOWUXG6FKU|GHU
GHU 86$ DEVROXW XQ]XOlVVLJ XQG HLQ 9HUVWR‰ JHJHQ GHQ
*OHLFKKHLWVJUXQGVDW] EHVWLPPWH V\VWHPIHLQGOLFKH 0HL 
QXQJVlX‰HUXQJHQ]XXQWHUGUFNHQRGHUJDU]XEHVWUDIHQZlK %XQGHVGHXWVFKHU3OXUDOLVPXV±GDVLVWGLH
UHQG DQGHUH V\VWHPNRQIRUPH 0HLQXQJVlX‰HUXQJHQ ]XJHODV 9LHOIDOWGHU9HUERWH
VHQZUGHQYJO]XOHW]W5$9Y&LW\RI6W3DXO86 1DWLRQ (XURSD
/(G QG  6&W  -XQL  'LH :DKUKHLWVVX
FKHVRGDV*HULFKWVHLLP:HJHGHU*WHUDEZlJXQJHLQZH
VHQWOLFKK|KHUHV*XWDOVHLQHP|JOLFKH3HUV|QOLFKNHLWVYHUOHW
]XQJ YRQ %HY|ONHUXQJVWHLOHQ (V N|QQH VR GDV K|FKVWH *H
ULFKWDXFKQLFKWKLQJHQRPPHQZHUGHQGHQ,QIRUPDWLRQVIOX‰
GXUFKHLQH%HVFKODJQDKPHEHVWLPPWHU6FKULIWHQ]XXQWHUEUH

.XQGHGLHYRUJHVFKULHEHQLVWXQGGHUHQ
%H]ZHLIOXQJPLW6WUDIHQEHGURKWZLUGNDQQ
RIIHQNXQGLJNHLQH2IIHQNXQGLJNHLWVHLQ
VRQGHUQQXUHLQJHVHW]OLFKJHVFKW]WHV'RJPD
FKHQRGHUJDUY|OOLJ]XXQWHUELQGHQQXUXPVSlWHUIHVW]XVWHO 5HLQKROG2EHUOHFKQHU6R]LRORJH
OHQ GD‰ HLQH VROFKH LQ MHGHP )DOO QDFKUDQJLJH 9HUOHW]XQJ 
EHUKDXSW QLFKW JHJHEHQ VHL GHQQ ]ZLVFKHQ]HLWOLFK N|QQWHQ
*HVLQQXQJVYHUIROJHUYRP6FKODJH)ULHGPDQDOOHLQGXUFKLKUH
1DWUOLFKGDUIMHGHUVHLQH0HLQXQJVDJHQ±
6WUDIDQ]HLJHQGLH%HVFKODJQDKPHGHULKQHQNULWLVFKJHVLQQWHQ YRUDXVJHVHW]WHUYHUWULWWNHLQHGHXWVFKHQ
6FKULIWHQHUZLUNHQXPVLFKHLQHUJHJHQVLHJHULFKWHWHQ.ULWLN ,QWHUHVVHQ
QLFKWVWHOOHQ]XPVVHQ -UJHQ6FKZDE
:LH DEHU VWHKW HV LQ 'HXWVFKODQG ZR DOOHLQ GXUFK GLHEOR‰H 
([LVWHQ]GHV†6W*%GDV)UHLKHLWVXQG*OHLFKKHLWVSULQ 'HU9RONVYHUKHW]XQJVSDUDJUDSK(LQKLOIORVHU
]LS PLW )‰HQ JHWUHWHQ ZLUG ZHQQ -XGHQ GHQGHXWVFKHQ%H
Y|ONHUXQJVWHLO GHU LQ 'HXWVFKODQG OHEHQGHQ 0HQVFKHQ ÄYHU 9HUVXFKGHQ+LVWRULNHUVWUHLWPLWMXULVWLVFKHQ
KHW]HQ³" 0LWWHOQDXWRULWDWLY]XHQWVFKHLGHQ
*LOWLPGHXWVFKHQ$EVXUGLVWDQGDVXUVSUQJOLFKYRQMGLVFKHQ
+LUQHQ HUGDFKWH 0DXONRUENRQ]HSW DXFK IU -XGHQ" 6LQG
ÄYHUKHW]WH³ 'HXWVFKH QDFK IRUWEHVWHKHQGHP %HVDW]XQJVXQ
UHFKWJHQDXVRVFKXW]ZUGLJZLHYHUKHW]WH-XGHQ"*LOWZHQLJ
VWHQVLQVRZHLWGHU*OHLFKKHLWVJUXQGVDW]"
0LWQLFKWHQ4XRGOLFHW-RYLQRQOLFHWERYL
,Q HLQHP /JHQPDFKZHUN EHOVWHU 6RUWH GDV IDVW OFNHQORV
DQGLHLQIDPH1DFKNULHJVKHW]HHLQHV7KHRGRUH.DXIPDQXQG
+HW]NDPSDJQHQ LQ GHQ MGLVFKHQ *D]HWWHQ 1HZ <RUN 7LPHV
XQG :DVKLQJWRQ 3RVW DQVFKOLH‰W EHKDXSWHWH GHU YRQ 5XGROI
+RUVW0HLHUWD]

'LHQHXHQ7XJHQGZlFKWHUVLQGGLHWUDXULJHQ
5HVWHXQG$EN|PPOLQJHGHUHU%HZHJXQJ
GLHGHQODQJHQ0DUVFKGXUFKGLH,QVWLWXWLRQHQ
JHVFKDIIWKDEHQXQGMHW]WLQ
=HLWXQJVUHGDNWLRQHQ3DUWHLVHNUHWDULDWHQ
.LUFKHQYHUVDPPOXQJHQ6HPLQDUHQXQG
$XJVWHLQ'HU6SLHJHOJHEDXFKSLQVHOWH-XGH'DQLHO*ROGKD
,QVWLWXWLRQHQVLW]HQ
JHQ GD‰ HLQH ULHVLJH ªYDVW© 0HKUKHLW GHU 'HXWVFKHQ YRQ =HLWJHLVWPDJD]LQ:,(1(5
GHQ -XGHQPRUGHQ GHU 1D]LV QLFKW QXU JHZX‰W KDEH VRQGHUQ 
GD‰ VLH +LWOHUV ZLOOIlKULJH 9ROOVWUHFNHU JHZHVHQ VHLHQ HLQH 0DQYHUEUHQQWKHXWHNHLQH.HW]HUPHKU
LQIDPH/JHGLHDX‰HUGHP/JQHU*ROGKDJHQNHLQVHUL|VHU GDVLVWLPPHUKLQHLQZHVHQWOLFKHU)RUWVFKULWW
+LVWRULNHUWHLOWYJO]%'HU6SLHJHO6XQG JHJHQEHUGHU=HLW0DUWLQ/XWKHUV
GLH SULPlU GD]X GLHQHQ VROO GHQ YRU DOOHP YRQ GHQ -XGHQ
2UWZLQ/RZDFN0G%

 9II*ÂÂ-DKUJDQJÂ+HIW

ZlKUHQG XQG QDFK GHP =ZHLWHQ :HOWNULHJ LQ GHU 86 /LWHUDWXUKLQZHLVH
DPHULNDQLVFKHQ %HY|ONHUXQJ JHVFKUWHQ XQG LP 6FKZLQGHQ ±.DUO/RHZHQVWHLQª0LOLWDQW'HPRFUDF\DQG)XQGDPHQWDO
EHJULIIHQHQ +D‰ DXI 'HXWVFKH XQG 'HXWVFKHV QHX ]X HQWID 5LJKWV ,© $PHULFDQ 3ROLWLFDO 6FLHQFH 5HYLHZ  -XQL
FKHQ 6
2KQHMHGHQ=ZHLIHOHUIOOHQGLHJURWHVNHQ/JHQGHV'DQLHO ±.DUO/RHZHQVWHLQª0LOLWDQW'HPRFUDF\DQG)XQGDPHQWDO
*ROGKDJHQGHQ6WUDIWDWEHVWDQGGHV†6W*%XQGVLQG]X 5LJKWV,,©$PHULFDQ3ROLWLFDO6FLHQFH5HYLHZ$XJXVW
JOHLFK HLQHU GHU YLHOHQ VSlWHQ %HZHLVH GDIU GD‰ 0DUWLQ 6
/XWKHUV6FKULIWEHUª'LH-XGHQXQGLKUH/JHQ©DN ±'DYLG 5LHVPDQ ª'HPRFUDF\DQG'HIDPDWLRQ©&ROXPELD
WXHOOHUGHQQMH]XVHLQVFKHLQW
8QGGHQQRFKKDWHVQDFKKLHVLJHQ(UNHQQWQLVVHQNHLQHHLQ]L
JH 6WDDWVDQZDOWVFKDIW LQ 'HXWVFKODQG JHZDJW HLQ (UPLWW
OXQJVYHUIDKUHQJHJHQGHQ*ROGKDJHQHLQ]XOHLWHQJHVFKZHLJH
GHQQJHJHQLKQ$QNODJH]XHUKHEHQ
'LHVHV 8QWHUODVVHQ VHLQHUVHLWV HUIOOW ÄQRUPDOHUZHLVH³ GHQ
6WUDIWDWEHVWDQG GHU 6WUDIYHUHLWHOXQJ LP $PW ††   D
/DZ5HYLHZ6
±=HFKDULDK &KDIHH -U )UHH 6SHHFK LQ WKH 8QLWHG 6WDWHV
+DUYDUG8QLYHUVLW\3UHVV&DPEULGJH
±0DUWLQ /XWKHU 7KH -HZV DQG 7KHLU /LHV  ,6%1 

±7KHRGRUH1.DXIPDQ*HUPDQ\0XVW3HULVK,6%1

6W*% DEHU ZDV LVW VFKRQ QRUPDO LP $EVXUGLVWDQ 'HXWVFK
ODQG :DV GHP 2FKVHQ QLFKW HUODXEW LVW PX‰ -XSLWHU QRFK
ODQJHQLFKWYHUERWHQVHLQ
'DQLHO*ROGKDJHQVHOEVWVFKLHQVLFKLQGHVVHQEHZX‰W]XVHLQ
GD‰VHLQ3DPSKOHWSOXPSHVWHU*HVFKLFKWVYHUIlOVFKXQJHLJHQW
OLFK LQ GHP QRFK LPPHU YRQ IRUWGDXHUQGHP %HVDW]XQJVXQ
UHFKW EHKHUUVFKWHQ 'HXWVFKODQG GHU 6WUDIEDUNHLW XQWHUOlJH
$XFKZHL‰HUDOV86%UJHUXQG-XGHQXUDOO]XJXWGD‰GDV
GHXWVFKH9RONGHQ0DXONRUESDUDJUDSKHQÄ9RONVYHUKHW]XQJ³
OHW]WOLFKMGLVFKHPÄ(UILQGHUJHLVW³]XYHUGDQNHQKDW
:RKOGHVKDOEZHLOHUGHQVSlWHQ=RUQGHVJHGHPWLJWHQXQG
HQWPQGLJWHQGHXWVFKHQ9RONHVYRUDXVVLHKWXQGIUFKWHWIRU
GHUWH HU GDKHU GLH $EVFKDIIXQJ GLHVHV DQWLGHPRNUDWLVFKHQ
IUHLKHLWVIHLQGOLFKHQ 6FKDQGSDUDJUDSKHQ YJO 'HU 6SLHJHO
±'DQLHO - *ROGKDJHQ +LWOHU¶V :LOOLQJ ([HFXWLRQHUV 
,6%1GHXWVFK+LWOHUVZLOOLJH9ROOVWUHFNHU

±&DUO)ULHGULFK%HUJ:ROIVJHVHOOVFKDIW±'LHGHPRNUDWLVFKH
*HPHLQVFKDIW XQG LKUH )HLQGH  ,6%1 
 (LQJH]RJHQ XQG YHUEUDQQW $Q]HLJHQHUVWDWWHU 0LFKHO
)ULHGPDQ 9RUVWDQGVPLWJOLHG GHV =HQWUDOUDWV GHU -XGHQ LQ
'HXWVFKODQG RQOLQH LP 9ROOWH[W NRVWHQORV HUKlOWOLFK
ZZZYKRRUJ'Z
±&DUO)ULHGULFK %HUJ ,Q 6DFKHQ 'HXWVFKODQG  ,6%1
(LQJH]RJHQXQGYHUEUDQQW$Q]HLJHQHUVWDW
WHU 0LFKHO )ULHGPDQ 9RUVWDQGVPLWJOLHG GHV =HQWUDOUDWV
GHU-XGHQLQ'HXWVFKODQGRQOLQHLP9ROOWH[WNRVWHQORVHU
KlOWOLFKZZZYKRRUJ'LVG
6
6LQGZLU'HXWVFKHQHLQKDOEHV-DKUKXQGHUWQDFK.ULHJVHQGH
ZLUNOLFKQRFKVRXQPQGLJGD‰ZLUDXFKGDIUHUVWGLHMGL
VFKH$EVHJQXQJEUDXFKHQ"
,P GHXWVFKHQ 9RONVPXQG ZLUG GHU †  6W*% Ä-XGHQ
VFKXW]SDUDJUDSK³JHQDQQW:RKONDXPMHPDQGLP9RONHZLUG
ELVKHU JHDKQW KDEHQ ZLH QDKH GLHVHU $XVGUXFN GHU (QWVWH
KXQJVJHVFKLFKWHGLHVHV3DUDJUDSKHQNRPPW
$XIGHQXQWUJOLFKHQ,QVWLQNWGHV9RONHVYRQGHUKHUUVFKHQ
GHQ&OLTXHVWlQGLJDOV9RUXUWHLOGLIIDPLHUWLVWDOOHPDO9HUOD‰





$10(5.81*'(55('$.7,21
'LH5HGDNWLRQVWLPPWPLWGHP$XWRUEHUHLQGD‰GLHXQWHU
VFKLHGOLFKH %HKDQGOXQJ DQJHEOLFK DQWLMGLVFKHU XQG DQWL
GHXWVFKHU Ä9RONVYHUKHW]HU³ KLHU DXIJH]HLJW DP %HLVSLHO 'D
QLHO -RQDK *ROGKDJHQV XQJHUHFKW XQG YHUIDVVXQJVZLGULJ LVW
'LH 5HGDNWLRQ GLVWDQ]LHUW VLFK MHGRFK YRQ GHP P|JOLFKHQ
(LQGUXFN VLH ZUGH HLQH VWUDIUHFKWOLFKH 9HUIROJXQJ *ROGKD
JHQVZHJHQGHVVHQ%FKHUEHIUZRUWHQ$XFK*ROGKDJHQKDW
HLQ5HFKWVHLQH0HLQXQJHQXQJHVWUDIW]XlX‰HUQ

'HU)DOO*DPOLFK
2GHU:LHOHLFKWPDQ]XP9HUEUHFKHUZLUG
9RQ0DJ$OIRQV%DXHU

'HU,QKDEHUHLQHUNOHLQHQ:LHQHU5HDONDQ]OHL0DJ+DQV*DP ,PPRELOLHQEUDQFKH
OLFK ZXUGH DP YRP*HVFKZRUHQHQJHULFKWEHLP/DQ 1HLQ(UKDWWHEOR‰IUGLH:RFKHQ]HLWXQJ=XU=HLWGHPDQ
GHVJHULFKWIU6WUDIVDFKHQ:LHQYRQDFKW*HVFKZRUHQHQXQWHU WLIDVFKLVWLVFKHQ=HLWJHLVW]XIROJHHLQÄUHFKWVH[WUHPHV³%ODWW
GHP9RUVLW]GHV5LFKWHUV'U.DUOKHLQ]6HHZDOGPLWDOVR HLQHZRKOZROOHQGH%XFKEHVSUHFKXQJYHUID‰W
HLQVWLPPLJ IU VFKXOGLJ HUNDQQW XQG ]X HLQHP -DKU )UHLKHLWV (U KDWWH GHP %XFK 'DV (QGH GHU 7DEXV YRQ 5XGROI *UDI
VWUDIHYHUXUWHLOWH9U+9'DGHU'HOLQ &]HUQLQ QDFK XPIDQJUHLFKHQ =LWDWHQ GDUDXV GHUHQ $XVVDJH
TXHQWQLFKWYRUEHVWUDIWZDUZXUGHGLH6WUDIHXQWHU6HW]XQJHL LP:LGHUVSUXFK]XUYHU|IIHQWOLFKWHQ0HLQXQJQRWRULVFKXQG
QHU3UREH]HLWYRQGUHL-DKUHQ]XU%HZlKUXQJDXVJHVHW]W RIIHQNXQGLJ VWDQGHQ HLQH UHJH %HDFKWXQJ JHZQVFKW 'DV
+DWWH *DPOLFK .OLHQWHQ EHWURJHQ" +DWWH HU 7UHXKDQGJHOGHU %XFKVR*DPOLFKVROOH]XU/lXWHUXQJGHU*HVFKLFKWVDXIIDV
XQWHUVFKODJHQ" +DWWH HU XQWHU 9RUVSLHJHOXQJ IDOVFKHU 7DWVD VXQJ GHU /HVHU EHLWUDJHQ GLHV YRU DOOHP EHL 3ROLWLNHUQ XQG
FKHQ ,PPRELOLHQ EHUWHXHUW YHUNDXIW RGHU YHUPLWWHOW" 0DQ /HKUHUQ,Q9II*6ILQGHWVLFKHLQH%HVSUHFKXQJ
K|UWXQGOLHVWMDVRYLHOEHUNULPLQHOOH0DFKHQVFKDIWHQLQGHU GLHVHV%XFKHV

9II*ÂÂ-DKUJDQJÂ+HIW 

0HKU EUDXFKWH *DPOLFK QLFKW ]X WXQ $XI GLH $Q]HLJH QDFK 'LSO,QJ :DOWHU /IWO LQ VHLQHP *XWDFKWHQ +RORFDXVW
GHP PHQVFKHQUHFKWV XQG YHUIDVVXQJVZLGULJHQ |VWHUUHLFKL *ODXEH XQG )DNWHQ IHVWJHVWHOOW GD‰ 1DWXUJHVHW]H JOHLFKHU
VFKHQ9HUERWVJHVHW]IROJWHGDV6WUDIYHUIDKUHQZLHGDV$PHQ PD‰HQ IU )DVFKLVWHQ XQG $QWLIDVFKLVWHQ JHOWHQ (LQH %LQ
LP *HEHW 'HU =HLWXQJ SDVVLHUWH QLFKWV GHP $XWRU GHV %X VHQZDKUKHLW 'LH EH]HXJWHQ 0DVVHQYHUJDVXQJHQ HUIRUGHUQ
FKHVSDVVLHUWHDXFKQLFKWVGDEHLZDUGDV%XFKLQ]ZLVFKHQLQ DEHU HLQH VHOHNWLYH $QZHQGXQJGHU1DWXUJHVHW]H6RJHKWHV
GHUYLHUWHQ$XIODJHHUVFKLHQHQ HEHQQLFKW0DQPX‰JHOHJHQWOLFKDXFKPLW%HWRQXQJOHVHQ
'HU6WDDWVDQZDOWQDKPGDVPLWGHU%HPHUNXQJKLQGD‰MDGDV 8QG GD‰ GLH /LVWH GHU GHXWVFKHQ .ULHJVYHUEUHFKHQ VWlQGLJ
/HVHQQLFKWYHUERWHQVHL$EHUGDV/REHQ'DVVLFKPLWGHP NU]HUZLUG]HLJWVRVFK|QGHU)DOO-HGZDEQH$OVGLH'HXW
,QKDOW,GHQWLIL]LHUHQ'LH$XIIRUGHUXQJ]XUÄ/lXWHUXQJ³'DV VFKHQQDFKGHPhEHUIDOODXIGLHÄIULHGOLHEHQGH6RZMHWXQLRQ³
DOOHV ZDU VWUDIEDU ,QNULPLQLHUW ZXUGHQ HUVWHQV ª'HU 0\WKRV ZHU ODFKW GD" 9RUWUHWHQ XQG VHOEVW GLH $Q]HLJH ZHJHQ
GHU  0LOOLRQHQ© ]ZHLWHQV GLH)HVWVWHOOXQJGD‰GLHEH]HXJ 9RONVYHUKHW]XQJ]XP|VWHUUHLFKLVFKHQ'HQXQ]LDWLRQV]HQWUXP
WHQ 0DVVHQYHUJDVXQJHQ PLW WUDJHQ 6HOEVWDQ]HLJHSIOLFKW
=\NORQ % 62 QLFKW VWDWWJHIXQ ª-HGHUMGLVFKH0HQVFK ZLUGGHPQlFKVW*HVHW]QDFK
GHQ KDEHQ NRQQWHQ XQG GULW GHP GDV 9HUERWVJHVHW] MHW]W
WHQV GD‰ GLH ODQJH /LVWH GHU
NDQQYRQXQVHUHU3DUVFKDDEOHLWHQ VFKRQ GLH 'HQXQ]LDWLRQV
GHXWVFKHQ .ULHJVYHUEUHFKHQ
VWlQGLJNU]HUZLUGXQG]ZDU
LP *HJHQVDW] ]XU /LVWH GHU
$OOLLHUWHQ
'LHVH 0HLQXQJVlX‰HUXQJHQ
UHLFKWHQIUHLQ-DKU)UHLKHLWV
XQGPLWGLHVHU(UNHQQWQLVOHEHQ SIOLFKW HQWKlOW DP 
GDVVGDVMGLVFKH9RONGHQ GDV 'RUI -HGZDEQH HUREHUW
KDWWHQ EUDFKWHQ VLH DP
%HJUHQ]XQJHQGHU1DWXUJHVHW]HQLFKW   -XGHQ XP
XQWHUZRUIHQLVW© 6SlWHU IDQG HLQ SROQLVFKHU
-GLVFKH5XQGVFKDX0DFFDEL 3URIHVVRUKHUDXVGD‰GLHSRO
VWUDIH (LQ 7RWVFKODJ HLQHV %DVHO1RYHPEHU QLVFKHQ 1DFKEDUQ GLH 7lWHU
7UNHQ DQ HLQHP 'HXWVFKHQ ZDUHQ 'D UHGX]LHUWH VLFK GLH
ZLUGEHNDQQWOLFKLQ'HXWVFKODQGZHVHQWOLFKPLOGHUEHVWUDIW 2SIHU]DKOJDQ]VFKQHOODXIMHGHQIDOOVVDJWGDVGHUSROQL
+DWWH *DPOLFK HWZDV ÄJHOHXJQHW³" +DWWH HU GHQ 1DWLRQDOVR VFKH-XVWL]PLQLVWHU'DQQEHKDXSWHWHPDQGLH'HXWVFKHQKlW
]LDOLVPXVÄYHUKHUUOLFKW³"1HLQHUKDWWHEOR‰GLH:DKUKHLWJH WHQ ÄDQJHVWLIWHW³ $EHU GLH SROQLVFKHQ 1DFKEDUQ VDJWHQ GLH
VFKULHEHQ$EHUJHUDGHGDVLVWKHXW]XWDJHVWUDIEDU 'HXWVFKHQ KDEHQ XQV EHIUHLW 'LH (UPRUGXQJ GHU -XGHQ ZDU
'D‰GLHVHFKV0LOOLRQHQHLQ0\WKRVVLQGKDWMDEHNDQQWOLFK SDWULRWLVFKH 3IOLFKW DOV 6WUDIH IU GLH .ROODERUDWLRQ PLW GHQ
VFKRQ0DUWLQ%URV]DWJHZL‰NHLQ5HYLVLRQLVWDOV*HULFKWV %ROVFKHZLVWHQ1DFK]XOHVHQLP6SLHJHOXQGGHULVWEHNDQQW
VDFKYHUVWlQGLJHULP3UR]H‰JHJHQ8OI0HLQROIDXVJHVDJW'DV OLFK NHLQ UHYLVLRQLVWLVFKHV 2UJDQ GD ZLUG GDV VFKRQ VWLP
ZDU DOVR QRWRULVFK $EHU HJDO ZDV GLH 5HFKQXQJ HUJLEW GD PHQ'DEHGXUIWHHVNHLQHU$QVWLIWXQJGXUFKGLH'HXWVFKHQ
VWHKW HEHQ 2IIHQNXQGLJNHLW JHJHQ 2IIHQNXQGLJNHLW XQG GLH PHKU'LH3ROHQEUDXFKWHQDXFKQDFKGHP.ULHJNHLQHGHXW
2IIHQNXQGLJNHLW GHU VHFKV 0LOOLRQHQ LVW HEHQ K|KHUUDQJLJHV VFKHQ$QVWLIWHUIU-XGHQSRJURPH
*XW%DVWD *DPOLFK KDW DOVR QXU GLH :DKUKHLW JHVDJW $EHU QLFKW GLH
'D‰ DXIJUXQG GHU 1DWXUJHVHW]H GLH EH]HXJWHQ 0DVVHQYHUJD ÄYRONVSlGDJRJLVFK HUZQVFKWH³ VRQGHUQ GLH ÄVR]LDOHWKLVFK
VXQJHQVRDOVRZLHYRQ=HXJHQJHVFKLOGHUWXQGDQJHEOLFKHQ YHUZLUUHQGH³8QGGDVLVWVWUDIEDU
7lWHU IUHLZLOOLJ" JHVWDQGHQ QLFKW VWDWWJHIXQGHQ KDEHQ 6RVLW]WMHW]W+DQV*DPOLFKEUDYLQVHLQHU.DQ]OHLXQGGHQNW
N|QQHQ EHGDUI OlQJVW NHLQHU (U|UWHUXQJ PHKU 6FKRQ  GDUEHUQDFKZLHYLHOH:DKUKHLWHQHVJLEWXQGREGLH1DWXU
KDWWH GHU GDPDOLJH 3UlVLGHQW GHU gVWHUUHLFKLVFKHQ %XQGHVLQ JHVHW]HIUEHVWLPPWH=HLWJHQRVVHQGRFKQLFKWJHOWHQ
JHQLHXUNDPPHU XQG JHULFKWOLFK EHHLGHWH 6DFKYHUVWlQGLJH





'LH1HXVHHODQG6DJD
9RQ5REHUW+&RXQWHVV3K'

$OVGHUQHXVHHOlQGLVFKH*HVFKLFKWVVWXGHQW-RHO6$+D\ZDUGLP-DKUVHLQH([DPHQVDUEHLWEHUGHQ+ROR
FDXVW5HYLVLRQLVPXV YRUOHJWH NRQQWH HU QLFKW ZLVVHQ ZHOFKHV 6FKLFNVDO LKQ VFKOLH‰OLFK HUZDUWHQ ZUGH =ZDU
ZXUGHVHLQH$UEHLWLQGHUHUGHQ5HYLVLRQLVPXVNULWLVFKDEHUGXUFKDXVZRKOZROOHQGXQWHUVXFKWHYRQVHLQHQ3UR
IHVVRUHQDOVVHKUJXWEHZHUWHW'RFKKDWWHQ+D\ZDUGXQGVHLQH3URIHVVRUHQGLH5HFKQXQJRKQHGHQ:LUWJHPDFKW
(VGDXHUWHIDVWVLHEHQ-DKUHELVGLHMGLVFKH*HPHLQGHLQ1HXVHHODQGVFKOLH‰OLFK]XP+DOODOLEOLHVXQGGHQ.RSI
GHV LQ]ZLVFKHQ SURPRYLHUWHQ DQ GHU 0DVVH\ 8QLYHUVLWlW OHKUHQGHQ -XQJKLVWRULNHUV IRUGHUWH 'HU QDFKVWHKHQGH
%HLWUDJJLEWHLQHQ(LQEOLFNLQGHQ+LQWHUJUXQGGLHVHU0HQVFKHQMDJGDPDQGHUHQ(QGHGHU:HOW

(LQIKUXQJ JHQEHZHUWHWZRUGHQLVW(VKDQGHOWVLFKGDEHLXPHLQHUHFKW
'LH /HVHU YRQ 9II* P|JHQ ZLVVHQ GD‰ GLH ZHOWZHLW HUVWH JHUHFKWHDXVJHZRJHQHXQGSRVLWLYH%HKDQGOXQJGHV5HYLVLR
8QLYHUVLWlWVH[DPHQVDUEHLW LQ *HVFKLFKWH ]XP +RORFDXVW QLVPXV'HU$XWRULVW-RHO6WXDUW$QWKRQ\+D\ZDUGGHU7LWHO
5HYLVLRQLVPXV  DQ GHU 8QLYHUVLWlW YRQ &KULVWFKXUFK GHU$UEHLWODXWHW7KH)DWHRIWKH-HZVLQ*HUPDQ+DQGV$Q
1HXVHHODQG YRUJHOHJW XQG PLW GHQ K|FKVWHQ $XV]HLFKQXQ +LVWRULFDO(QTXLU\LQWRWKH'HYHORSPHQWDQG6LJQLILFDQFHRI

 9II*ÂÂ-DKUJDQJÂ+HIW

+RORFDXVW5HYLVLRQLVP'DV6FKLFNVDOGHU-XGHQLQGHXWVFKHQ 9LHOH /HVHU ZDUHQ YHUVWlQGOLFKHUZHLVH YHUZXQGHUW EHU GLH
+lQGHQ(LQHKLVWRULVFKH8QWHUVXFKXQJEHUGLH(QWZLFNOXQJ 9HUZLUUXQJ GLH EH]JOLFK GHU Ä+D\ZDUG$UEHLW³ KHUUVFKWH
XQG %HGHXWXQJ GHV +RORFDXVW5HYLVLRQLVPXV 'LHVH  ,FK ZHUGH QDFKIROJHQG HLQLJH +LQWHUJUXQGLQIRUPDWLRQHQ XQG
VHLWLJH$UEHLWEHILQGHWVLFKVHLWLP3ULQ]LSXQWHU6FKOR‰ SHUV|QOLFKH (UIDKUXQJHQ PLWWHLOHQ GLH HLQ ZHQLJ DXINOlUHQ
XQG5LHJHOXQGZXUGHPLUDOVHUVWHP$X‰HQVWHKHQGHQ$QIDQJ VROOHQXQGVRPLWGLH9HUZXQGHUXQJEHVHLWLJHQ]XPDOLFKHLQH
DOV)RWRNRSLHXQGDXI&'EHUUHLFKW%HLJHIJWZDUHL DXVIKUOLFKH $NWH PLW .RUUHVSRQGHQ] PLW PHLQHP )UHXQG
QH .RSLH GHU RIIL]LHOOHQ lX‰HUVW SRVLWLYHQ %HZHUWXQJ GLHVHU6WXDUWKDEH=XGHPHUKLHOWLFKVHLQH$UEHLWXPVLHEHL
$UEHLWGXUFK3URIHVVRU9LQFHQW2UDQJH 7KHVHV  'LVVHUWDWLRQV 3UHVV ]XYHU|IIHQWOLFKHQHLQHP9HU
,P-DKUO|VWHGLHMGLVFKH*HPHLQGH1HXVHHODQGVHLQHQ ODJGHUDQJHVLFKWVGHU([DPHQVDUEHLWYRQ6WXDUWVRZLHHLQHU
Ä6NDQGDO³ DXV DOV VLH GLH 8QLYHUVLWlW YRQ &KULVWFKXUFK DXIlKQOLFKHQ $UEHLW VHLQHV .RPPLOLWRQHQ 6 'DQLHO (DWRQ JH
IRUGHUWH 'U +D\ZDUGV ([DPHQVDUEHLW IUXQJOWLJ]XHUNOl JUQGHW ZRUGHQ ZDU (DVWRQV ([DPHQVDUEHLW PLW GHP 7LWHO
UHQXQGIUGLH=XNXQIWVLFKHU]XVWHOOHQGD‰lKQOLFKH$UEHLWHQ ª-XGJHPHQW RQ 1XUHPEHUJ© 8UWHLO LQ 1UQEHUJ ZXUGH PLU
QLHZLHGHUDQJHIHUWLJWZUGHQ HEHQIDOOV LP -DQXDU  GXUFK 6WXDUW EHUUHLFKW 6LH LVW
HEHQVRUHYLVLRQLVWLVFKXQGHLQHKHUYRUUDJHQGH.ULWLNGHU%H
+LQWHUJUXQG PKXQJHQ GHV ,QWHUQDWLRQDOHQ 0LOLWlUWULEXQDOV GLH ]ZHLIHO
'DV QHEHQVWHKHQGH )RWR ZXUGH LP -DQXDU  LQ PHLQHP KDIWHQ 1UQEHUJHU H[SRVWIDFWR *HVHW]H DOV 9|ONHUUHFKW
*DUWHQ DXIJHQRPPHQ DOV 6WXDUW +D\ZDUG GDV HUVWH 0DO LQ GXUFK]XVHW]HQ $OV DX‰HQVWHKHQGHU %HREDFKWHU HUNHQQW PDQ
VHLQHP/HEHQPLWHLQHU+DQGIHXHUZDIIHVFKR‰ GD‰HVGDPDOVDQGHUKLVWRULVFKHQ)DNXOWlWGHU8QLYHUVLWlWYRQ
2EZRKO HU LQ GHU QHXVHHOlQGLVFKHQ /XIWZDIIH JHGLHQW KDWWH &KULVWFKXUFKHLQ.OLPDJDEGDVIUGLH$QZHQGXQJGHUUHYL
XQGDOV7HLOVHLQHU$XVELOGXQJDP*HZHKU VLRQLVWLVFKHQ 0HWKRGH LP EHVWHQ 6LQQH
DXVJHELOGHW ZRUGHQ ZDU PHLQWH HU ZlK JQVWLJ ZDU ± XQG GDV QDWUOLFK JDQ] ]X
UHQG VHLQHV %HVXFKHV GDV HLQ]LJH 0DO UHFKW
GD‰HUHLQH+DQGIHXHUZDIIHJHVHKHQKDEH $XI VHLQHU 5HLVH GXUFK GLH 86$ WUDI
VHLLQHLQHP0XVHXPVHLQHV+HLPDWODQGHV 6WXDUW GDQQ QRFK 0DUN :HEHU YRP ,QVWL
JHZHVHQ ,FK JDE LKP GDKHU PHLQHQ WXWH IRU +LVWRULFDO5HYLHZVRZLHDXIPHL
0DJQXP5HYROYHU XQG ZLU VFKRVVHQ HLQ QH (PSIHKOXQJ KLQ GHQ MXQJHQ MGLVFKHQ
SDDU0DODXIHLQH)ODVFKHLQPHLQHP*DU 5HYLVLRQLVWHQ'DYLG&ROH
WHQ(UZDUGDYRQUHFKWEHHLQGUXFNW 0LW 6WXDUWV DXVGUFNOLFKHU *HQHKPLJXQJ
9LHOHQ LVW 'U +D\ZDUG GDGXUFK EHNDQQW VDQGWH LFK VFKOLH‰OLFK )RWRNRSLHQ VHLQHU
GD‰ HU LQ HLQHP DP  'H]HPEHU  $UEHLWDQ3URIHVVRU'U(UQVW1ROWHVRZLH
YRQ GHU 8QLYHUVLWlW YRQ &DQWHUEXU\ LQ DQ3URI5REHUW)DXULVVRQ1ROWHPLWGHP
&KULVWFKXUFK YHU|IIHQWOLFKWHQ 5HSRUW E\ LFK VHLW  HLQH IUHXQGVFKDIWOLFKH %H
WKH-RHO+D\ZDUG:RUNLQJ3DUW\%HULFKW NDQQWVFKDIWSIOHJHVFKULHEEHU+D\ZDUGV
GHU -RHO +D\ZDUG 8QWHUVXFKXQJVNRPPLV $UEHLW PLW EHZXQGHUQGHQ :RUWHQ $XI
VLRQ]XU=HQWUDOILJXUHLQHV6NDQGDOVZXU PHLQHQ +LQZHLV GD‰ GHUDUWLJH $UEHLWHQ
GH DQGHXWVFKHQ8QLYHUVLWlWHQHUDUEHLWHWZHU
)UDQGHUHZLHGHUXPLVW'U+D\ZDUGDP GHQP‰WHQYHUVLFKHUWHPLU1ROWHGD‰HL
EHVWHQEHNDQQWGXUFKVHLQHREHQHUZlKQWH QHVROFKH$UEHLWLPKHXWLJHQ'HXWVFKODQG
([DPHQVDUEHLW GHU PDQ GXUFKDXV HLQH XQP|JOLFK VHL)DXULVVRQKLQJHJHQVSUDFK
(LVEUHFKHUIXQNWLRQ ]XVSUHFKHQ NDQQ -RHO+D\ZDUGZlKUHQGHLQHV%H QXU PLW YHUlFKWOLFKHQ :RUWHQ EHU +D\
+D\ZDUGV3URIHVVRU'U9LQFHQW2UDQJH VXFKHVLP+DXVH&RXQWHVVDQQR ZDUGV$UEHLW
HPSIDKO JOHLFK HLQH YLHUIDFK  IU GLHVH EHLPhEXQJVVFKLH‰HQPLWHL
$UEHLW XQG IJWH KLQ]X ªGLHVH $UEHLW QHP5HYROYHU
UHFKWIHUWLJWGLH9HUOHLKXQJGHUHUVWNODVVLJHQ:UGH©
'U 2UDQJH IJWH GHU YRUJHOHJWHQ $UEHLW GLH IDV]LQLHUHQGH =XVDPPHQIDVVXQJYRQ+D\ZDUGV$UEHLW
6FKOX‰IROJHUXQJ KLQ]X GD‰ ]ZDU 9HUEUHFKHQ JHJHQ -XGHQ 'DGLHPHLVWHQ/HVHUYRQ9II*NHLQH*HOHJHQKHLWJHKDEWKD
EHJDQJHQZRUGHQVHLHQMHGRFK EHQ GLHVH LPPHU QRFK XQYHU|IIHQWOLFKWH ([DPHQVDUEHLW ]X
ª'LHVH9HUEUHFKHQVWHOOWHQDEHUNHLQHQ9|ONHUPRUGGDU(V OHVHQPHLQHLFKGD‰HVDQJHEUDFKWLVWGLH6FKOX‰IROJHUXQJHQ
VLQGNHLQHHLQ]LJDUWLJHQ9HUEUHFKHQVLHVLQGYRQJOHLFKHU +D\ZDUGVGLHVLFKDXIGHQ6HLWHQEHILQGHQKLHUHW
*U|‰HQRUGQXQJ ZLH GLH GHU +HUUVFKHU GHU 6RZMHWXQLRQ ZDVNRPSULPLHUWDXI]XOLVWHQ
YRUZlKUHQGXQGQDFKGHP=ZHLWHQ:HOWNULHJ2EGLH1D ª(LQHVRUJIlOWLJHXQGXQSDUWHLLVFKH8QWHUVXFKXQJGHU]X
]LV QDFK HLQHP 6LHJ LQ GLHVHP .ULHJ GLH MGLVFKH 5DVVH JlQJOLFKHQ %HZHLVH EH]JOLFK GHU 1D]L*DVNDPPHUQ HU
DXVJHURWWHW KlWWHQ LVW HLQH )UDJH GLH +D\ZDUG ULFKWLJHU JLEW GD‰ VRJDU GLHVH DQVFKHLQHQG LQ GLH .DWHJRULH GHU
ZHLVHQLFKWXQWHUVXFKWKDW© *UHXHOSURSDJDQGDIDOOHQ
'U2UDQJHVFKULHEZHLWHUKLQ  $OOLLHUWH )OXJ]HXJH ZDUIHQ EHU GHP /DJHU $XVFKZLW]
ª0HLQHU$QVLFKWQDFKEHKlOW+D\ZDUGHLQHQEHZXQGHUQV JUR‰H 0HQJHQ )OXJEOlWWHU DE YHUID‰W DXI GHXWVFK XQG
ZHUWNODUHQ.RSIXQGVWHXHUWHLQHQHLQIKOVDPHQ.XUV]ZL SROQLVFK LQ GHQHQ DXVJHIKUW ZXUGH GD‰ 9HUJDVXQJHQ
VFKHQGHQMHQLJHQGLHDXIJUREH:HLVHGLH([LVWHQ]GHV+R VWDWWILQGHQZUGHQ
ORFDXVWEHVWUHLWHQXQGMHQHQGLHPLW9HKHPHQ]GDIUHLQ  >«@ GDV *HUFKW GD‰ 0HQVFKHQ YRQ GHQ 1D]LV YHUJDVW
WUHWHQ GD‰ GHU +RORFDXVW LQ VHLQHU *HVDPWKHLW DN]HSWLHUW ZUGHQ IDQG ZlKUHQG GHV .ULHJHV LQ HLQLJHQ 5HJLRQHQ
XQG YRQ MHGHU ZLVVHQVFKDIWOLFKHQ 8QWHUVXFKXQJ DXVJH (XURSDVZHLWH9HUEUHLWXQJXQGIKUWHGD]XGD‰PDQFKH
QRPPHQZHUGHQPVVH© 3HUVRQHQ DQ 9HUJDVXQJHQ JODXEWHQ RKQH LUJHQGZHOFKH

9II*ÂÂ-DKUJDQJÂ+HIW 

%HZHLVHGDIUJHVHKHQ]XKDEHQ
 >«@ *DVNDPPHUQ ZDUHQ QXU HLQH GHU YLHOHQ *HUlWH GLH
ODXWDOOLLHUWHQ%HULFKWHQYRQGHQ1D]LVYHUZHQGHWZRUGHQ
VHLHQXP-XGHQ]XYHUQLFKWHQ
 >«@ ZlKUHQG GHV ,QWHUQDWLRQDOHQ 0LOLWlUWULEXQDOV XQG
+D\ZDUG HUZlKQW VRGDQQ 5HYLVLRQLVWHQ ZLH 0DUN :HEHU
5REHUW)DXULVVRQXQG'DYLG,UYLQJGHUHQ%FKHUXQG$UWLNHO
ªDXVJHZRJHQ XQG NRPSHWHQW VLQG XQG VRZRKO VROLGH )RU
VFKXQJVHUJHEQLVVHDOVDXFKKRFKHQWZLFNHOWH$QDO\VHQHQW
KDOWHQ>«@'HUZDKUKHLWVVXFKHQGH+LVWRULNHUKDWYRQGLH
ZlKUHQG GHU QlFKVWHQ FD ]ZHL -DKU]HKQWH ZXUGH EH
KDXSWHWGD‰GLH1D]LV-XGHQQLFKWQXULQ/DJHUQDXIEH
VHW]WHP *HELHW VRQGHUQ DXFK DXI GHXWVFKHP %RGHQ V\
VWHPDWLVFKYHUJDVWKlWWHQ>«@2EZRKODEHUGLH%HZHLVH
IU9HUJDVXQJHQLQ'HXWVFKODQGQLFKWZHQLJHUJODXEKDIW
VLQGDOVGLHIU9HUJDVXQJHQLQ3ROHQDQJHIKUWHQ%HZHL
VH EHKDXSWHQ ([SHUWHQ DXI GLHVHP *HELHW QXQ GD‰ HV
NHLQH V\VWHPDWLVFKH 9HUQLFKWXQJ LQ *DVNDPPHUQ DXI
GHXWVFKHP%RGHQJHJHEHQKDEH
 >«@HVLVWDXJHQVFKHLQOLFKGD‰GLHYRQHKHPDOLJHQ+lIW
OLQJHQ XQG YRP 663HUVRQDO JHJHEHQHQ %HVFKUHLEXQJHQ
EHU9HUJDVXQJHQLQGHQ|VWOLFKHQ7RGHVODJHUQYLHOH,UU
VHQ:LVVHQVFKDIWOHUQQLFKWV]XEHIUFKWHQ©6
(UVFKOLH‰WVHLQH$UEHLWPLWHLQHPODQJHQ=LWDWGHVDPHULNDQL
VFKHQ )RUVFKHUV /DLUG :LOFR[ DE GHU HUNOlUW KDWWH HV JHEH
ª([WUHPLVWHQ XQG )DQDWLNHU DXI EHLGHQ 6HLWHQ© GHU +ROR
FDXVW.RQWURYHUVH 'LH 5HYLVLRQLVWHQ VLQG DEHU GLH HQWVFKHL
GHQG6FKZlFKHUHQXQGZHUGHQ]XGHPZHJHQGHUDEZHLFKHQ
GHQ$QVLFKWHQLKUHU)RUVFKXQJHQXQG9HU|IIHQWOLFKXQJHQYHU
IROJW :LOFR[ PHLQW DXFK GD‰ IKUHQGH -XGHQ LQ GHU +ROR
FDXVW,QGXVWULHGHQ(LQGUXFNPDFKHQZUGHQGD‰
ªGLH-XGHQ$QJVWKDEHQGDV7KHPDEHUKDXSW]XGLVNXWLH
UHQZHLOVLHGLH(UJHEQLVVHIUFKWHQ'LHVHV$UJXPHQWKDW
HLQLJHVIUVLFKXQGPDQPX‰VLFKZLUNOLFKZXQGHUQZDV
WPHU)HKOHU(UILQGXQJHQXQG9HU]HUUXQJHQHQWKDOWHQ
 >«@GLH9LHO]DKOGHURULJLQDOHQGHXWVFKHQ%DXSOlQHXQG
$UFKLWHNWXU]HLFKQXQJHQ IU GLH .UHPDWRULXPVJHElXGH LQ
$XVFKZLW] GLH DQJHEOLFK GLH*DVNDPPHUQEHKHUEHUJWHQ
HQWKDOWHQ NHLQHQ +LQZHLV GD‰GLHVH*HElXGHMHPDOV]XU
0HQVFKHQW|WXQJYHUZHQGHWZXUGHQ
 >«@8QWHUVXFKXQJHQGHUPDWHULHOOHQhEHUUHVWHGHU.UH
PDWRULXPVJHElXGHLQ$XVFKZLW]XQG0DMGDQHNLQDQGH
VLH>GLH-XGHQ@]XIUFKWHQKDEHQ©6
(VLVWPHLQHIHVWHhEHU]HXJXQJGD‰+D\ZDUGV$UEHLWLPPHU
QRFK DOV %XFK YHU|IIHQWOLFKW ZHUGHQ VROOWH2EZRKOZLUGDU
EHU GLVNXWLHUWHQ GLHV LP 9HUODJ 7KHVHV  'LVVHUWDWLRQV
3UHVV]XWXQKDWHUPLUQLHGLHVFKULIWOLFKH(UODXEQLVGD]XJH
JHEHQ LQVEHVRQGHUH GD HU ± ]X UHFKW ± VHLQH 'RNWRUDUEHLW
GXUFKGLHMGLVFKH*HPHLQGH1HXVHHODQGVJHIlKUGHWVDK
UHQ /DJHUQ LVW QLFKWV PHKU YRUKDQGHQ EHVWlWLJHQ GD‰
GLHVH *HElXGH LQ hEHUHLQVWLPPXQJ PLW GHQ %DXSOlQH
XQG $UFKLWHNWXU]HLFKQXQJHQ HUULFKWHW ZRUGHQ ZDUHQ XQG
GD‰ HV NHLQH ]XVlW]OLFKHQ VWUXNWXUHOOHQ bQGHUXQJHQ JDE
XPVLHLQ*DVNDPPHUQ]XYHUZDQGHOQ
 >«@ ZlKUHQG GLH (LJHQVFKDIWHQ XQG GLH $QRUGQXQJ GHU
PDWHULHOOHQ hEHUUHVWH GLHVHU *HElXGH GHQ LQ GHQ %DX
SOlQHQ JH]HLJWHQ HQWVSULFKW lKQHOQ GLH %HVFKUHLEXQJHQ
GHUVFKRQLQVLFKZLGHUVSUFKOLFKHQXQGQLFKWSODXVLEOHQ
-GLVFKHU$QJULIIDXI+D\ZDUGV$UEHLW
(VGDXHUWHHLQLJH-DKUHEHYRU.RSLHQYRQ'U+D\ZDUGV$U
EHLWLQGLH+lQGHYRQ3HUVRQHQJHULHWHQGLHDXI6WXDUWV:LO
OHQGLH$UEHLWQLFKW]XYHU|IIHQWOLFKHQNHLQH5FNVLFKWQDK
PHQ,P-DKUHUVFKLHQVHLQH$UEHLWDOV5DXENRSLHLP,Q
WHUQHW ZRGXUFK VLH UHODWLY VFKQHOO EHNDQQW ZXUGH 'LH HQW
VSUHFKHQGHQ 5HDNWLRQHQ MGLVFKHU .UHLVH OLH‰HQ GDQQ DXFK
QLFKWODQJHDXVVLFKZDUWHQ
$OV LFK VFKOLH‰OLFK HUIXKU GD‰ GLH QHXVHHOlQGLVFKH MGLVFKH
$XJHQ]HXJHQ$XVVDJHQ ZHGHU GHQ PDWHULHOOHQ hEHUUH *HPHLQGH 1=-& GLH 8QLYHUVLWlW YRQ &DQWHUEXU\ DXIJHIRU
VWHQQRFKGHQLQGHQ3OlQHQZLHGHUJHJHEHQHQ*HElXGHQ
>«@ QRFK QLFKW HLQPDO PLW GHU KHXWH ]XU 9HUIJXQJ VWH
KHQGHQ IRUWJHVFKULWWHQHQ WHFKQLVFKHQ $XVUVWXQJ LVW HV
P|JOLFKPHQVFKOLFKH/HLFKQDPHPLWDXFKQXUDQQlKHUQG
GHU 5DWH HLQ]XlVFKHUQ ZLH HV LQ GHQ PHLVWHQ %FKHUQ
EHUGHQ+RORFDXVWEHKDXSWHWZLUG
>«@ GHWDLOOLHUWH /XIWELOGDXIQDKPHQ GHV JHVDPWHQ $X
VFKZLW]NRPSOH[HV GLH LQ ]XIlOOLJHQ $EVWlQGHQ ZlKUHQG
GHV -DKUHV  JHPDFKW ZXUGHQ DOV VLFK GLH 9HUJD
VXQJVDNWLYLWlWHQ DQJHEOLFK DXI GHP +|KHSXQNW EHIDQGHQ
GHUWKDWWHGLH9HUOHLKXQJGHV6WDDWVH[DPHQV0$DQ+D\
ZDUG UFNJlQJLJ ]X PDFKHQ LKP DOVR VHLQHQ DNDGHPLVFKHQ
*UDG ]X HQW]LHKHQ GDFKWH LFK QDWUOLFK VRJOHLFK DQ GDV
6FKLFNVDOYRQ'U+HQUL5RTXHVGHUVHLQHQ'RNWRUWLWHO
YRQGHU8QLYHUVLWlW1DQWHVHUKDOWHQKDWWHDEHUNXU]H=HLWVSl
WHU HUOHEHQ PX‰WH GD‰ HU LKP YRP IUDQ]|VLVFKHQ (U]LH
KXQJVPLQLVWHU$ODLQ'HYDTXHWZLHGHUHQW]RJHQZXUGH'HUDU
WLJHWRWDOLWlUH+DQGOXQJHQVLQGIUHLOLFKQLFKWYRQ1DWLRQHQ]X
HUZDUWHQ GLH GHP IUHLKHLWOLFKHQ ZHVWOLFKHQ GHPRNUDWLVFKHQ
,GHDOGHU5HGH)RUVFKXQJV3UHVVHXQG9HUVDPPOXQJVIUHL
FD ]HKQWDXVHQG WlJOLFK ]HLJHQ NHLQHQ +LQZHLV GD‰
GLHVHP|UGHULVFKHQ9RUJlQJHVWDWWIDQGHQ
>«@ GLH 9HUJDVXQJVEHKDXSWXQJ LVW XQYHUHLQEDU PLW GHP
EHUZlOWLJHQGHQ *HZLFKW GHU %HZHLVH EHU GLH RIIL]LHOOH
1D]L3ROLWLN LQ EH]XJ DXI GLH MGLVFKH )UDJH 8QVHUH
VRUJIlOWLJH XQG XQSDUWHLLVFKH 6WXGLH OHJW QDKH GD‰ GLH
3ROLWLN QLFKW GLH GHU WRWDOHQ 9HUQLFKWXQJ VRQGHUQ HLQH
EUXWDOH3ROLWLNGHU'HSRUWDWLRQXQG=ZDQJVDUEHLWZDU©
'LHVH ]Z|OI 6FKOX‰IROJHUXQJHQ NRQ]HQWULHUHQ VLFK DXI GDV
'RJPD GHU RUWKRGR[HQ +RORFDXVW/HJHQGH EHU GLH 0HQ
VFKHQJDVNDPPHUQ $QVFKOLH‰HQG OHJWH +D\ZDUG VHLQH $Q
VLFKW EHU GLH $Q]DKO GHU MGLVFKHQ 2SIHU XQWHU 16 E]Z
GHXWVFKHU+HUUVFKDIWGDU6
ª,Q GLHVHU $UEHLW ZLUG NHLQH 6FKlW]XQJ JHPDFKW REZRKO
GLH *HVDPW]DKO ]ZHLIHOVIUHL K|KHU DOV HLQH 0LOOLRQ XQG
ZHLWDXVQLHGULJHUDOVGLHV\PEROLVFKH=DKOYRQVHFKV0LO
OLRQHQLVW©

KHLW YHUSIOLFKWHW VLQG =X GHQ GHUDUWLJ WRWDOLWlUHQ 1DWLRQHQ
]lKOHQ KHXWH )UDQNUHLFK 'HXWVFKODQG gVWHUUHLFK GLH
6FKZHL]XQG,VUDHO
,FKZHL‰GD‰+D\ZDUGZHGHUHLQ$QWLVHPLWQRFKHLQ5DVVLVW
RGHU HLQ +LWOHU166\PSDWKLVDQW LVW ZLH LKQ GHU 1=-& ]X
YHUXQJOLPSIHQYHUVXFKWH(LQLJHJHZLVVHQORVHMGLVFKH)DQD
WLNHU DXV &KULVWFKXUFK KDWWHQ VRJDU HLQ 9LGHR ]XVDPPHQJH
IlOVFKWLQGHPVLH$XIQDKPHQYRQ+D\ZDUGPLWDQGHUHQ6H
TXHQ]HQ ]XVDPPHQVFKQLWWHQ VR GD‰ +D\ZDUG DOV +LWOHUOLHE
KDEHU HUVFKLHQ (LQ VROFKHV 9LGHR ZXUGH DXFK 3URIHVVRU
2UDQJH ]XJHVDQGW GHU MHGRFK GLHVH )lOVFKXQJ HUNDQQWH XQG
YHUZDUI
+D\ZDUG KDW PLU GHXWOLFK VHLQH $EOHKQXQJ YRQ .RPPHQWD
UHQ *HIKOHQ XQG VRJDU H[WUHPLVWLVFKHQ $QVLFKWHQ PDQFKHU
5HYLVLRQLVWHQ PLWJHWHLOW 6WXDUW KDW ]XGHP HLQH WLHIH =XQHL
JXQJ IU GDV 9RON XQG/DQGÄ(UHW]<LVUDHO³ZRHUHLQ-DKU
YHUEUDFKWHXQGPRGHUQHV+HEUlLVFKOHUQWH(UEHWUDFKWHWVLFK
9II*ÂÂ-DKUJDQJÂ+HIW

VHOEVWVHLQHU$EVWDPPXQJQDFKDOV7HLOMXGHREZRKOHUKHXWH
HLQSURWHVWDQWLVFKHU&KULVWLVW
$QJHVLFKWVGHUE|VDUWLJHQ$WWDFNHQGHV1=-&DXILKQVHLQHQ
DNDGHPLVFKHQ*UDGVHLQH)DPLOLHVHLQH)DNXOWlWDXI3URIHV
VRU 2UDQJH XQG HLQZHLWHUHV0LWJOLHGGHU)DNXOWlWXQGOHW]W
OLFKDXIGLHJDQ]H8QLYHUVLWlWULHWLFKLKPGLHVHMGLVFKHQH[
WUHPLVWLVFKHQ)DQDWLNHUHLQIDFK]XLJQRULHUHQ(UVROOHGDUDXI
EHVWHKHQGD‰LQHLQHP|IIHQWOLFKHQ)RUXPEHUVHLQH$UEHLW
GLVNXWLHUW ZLUG )DOOV PDQ ]HLJHQ N|QQH GD‰ HU )HKOHU JH
PDFKW KDEH VR VROOH PDQ GDIU %HZHLVH YRUEULQJHQ GLH HU
GDQQSUIHQZHUGH:HQQHUGDQQEHU]HXJWVHLVLFKJHLUUW]X
KDEHQVRVROOHHUVHLQH$UEHLWNRUULJLHUHQ
$QVWDWWDEHU0DUWLQ/XWKHUVEHUKPWHQ6WDQGSXQNWLQ:RUPV
LP -DKU  ]X EHUQHKPHQ  ± ª+LHU VWHK¶ LFK ,FK NDQQ
QLFKW DQGHUV *RWW KHOIH PLU© ± HQWVFKLHG VLFK 6WXDUW +D\
ZDUGVLFKLPDOOJHPHLQHQ]XHQWVFKXOGLJHQXQGVRJDUHLQ]X
JHVWHKHQGD‰HUGDPDOVHLQMXQJHUXQUHLIHU6WXGHQWJHZHVHQ
VHLGD‰HUDQJHVLFKWVQHXHU%HZHLVHVHLQH$UEHLWLQ]ZLVFKHQ
EHUGDFKW KDEH XQG QLFKW PHKU PLW GHQ GDULQ HQWKDOWHQHQ
6FKOX‰IROJHUXQJHQEHUHLQVWLPPH
8QWHUGHPHQRUPHQ'UXFNGURKHQGHU*HULFKWVXQG$QZDOWV
NRVWHQ VRZLH GHP GURKHQGHQ 9HUOXVW VHLQHV DNDGHPLVFKHQ
*UDGHVXQGVRJDUVHLQHU$QVWHOOXQJDQGHU0DVVH\8QLYHUVL
WlW ZRGXUFK HU VHLQH ZXQGHUYROOH )UDX XQG ]ZHL 7|FKWHU
QLFKW OlQJHU KlWWH XQWHUVWW]HQ N|QQHQ HQWVFKLHG HU VLFK
QDFK]XJHEHQXQGDXIHLQH%HIULHGLJXQJVHLQHU)HLQGH]XKRI
IHQ ,FK VDJWH LKP YRUDXV GD‰ VLFK GLHVH )HLQGH QLFKW EH
VFKZLFKWLJHQODVVHQZUGHQ8QG6WXDUWPX‰WHGDQQWDWVlFK
OLFKHUIDKUHQGD‰VLFKGHU1=-&GXUFKVHLQH8QWHUZUILJNHLW
EHUKDXSWQLFKWEHHLQGUXFNW]HLJWH
'D‰GLH8QLYHUVLWlWYRQ&KULVWFKXUFKLKPGDQQOHW]WOLFKGRFK
QLFKW GHQ 7LWHO HQW]RJ LVW ZRP|JOLFK QXU GHU 7DWVDFKH ]X
YHUGDQNHQ GD‰ 6WXDUW +D\ZDUG LP -DKU  EHUHLWV GHQ
'RNWRUWLWHOEHVD‰GHUDXIGHP0$*UDGHVDXIEDXWXQGEHL
GHVVHQ:HJIDOODXWRPDWLVFKDXFKHQW]RJHQZRUGHQZlUHZDV
GDQQGRFKZRKOVHOEVWGHQSROLWLVFKHQ([WUHPLVWHQXQG)HLJ
OLQJHQ DQ GHU 8QLYHUVLWlW &KULVWFKXUFK DOV ]X YLHO GHU 6WUDIH
HUVFKLHQHQVHLQPDJ'LHHLQJHVHW]WH8QWHUVXFKXQJVNRPPLV
VLRQ PDFKWH OHGLJOLFK GLH EOLFKHQ SVHXGRPRUDOLVFKHQ XQG
SVHXGRZLVVHQVFKDIWOLFKHQ .OLPP]JH ]XU $QSUDQJHUXQJ
+D\ZDUGV XQG VHLQHU 3URIHVVRUHQ XQG HPSIDKO EHVWLPPWH
0D‰QDKPHQGLHLQ=XNXQIWYHUKLQGHUQVROOHQGD‰HVDQGHU




7HUURU6ROLGDULWlWVYHUZHLJHUXQJDOV6LFKHUKHLWVULVLNR
'U)UH\V3DUROHª6WHUEHQIU1HZ<RUN"©LVWDEZHJLJ
9RQ5ROI-RVHI(LELFKW0$

,.HLQH$OWHUQDWLYH]XU6ROLGDULWlW
1DFK GHQ NULHJVlKQOLFKHQ .DPLND]H7HUURUDQVFKOlJHQ LQ
1HZ <RUN XQG :DVKLQJWRQPX‰WHIUMHGHQQRUPDOYHUVWlQ
GLJHQ=HLWJHQRVVHQDXVQDWLRQDOHP,QWHUHVVHKHUDXVXQGEHU
DOOH 3DUWHLJUHQ]HQ KLQZHJ NODU HUNDQQW ZHUGHQ GD‰ GHU LQ
WHUQDWLRQDOH 7HUURULVPXV HLQH *HIDKU IU DOOH EHGHXWHW DOOH
WUHIIHQNDQQXQGVRPLWDXFKQXULQLQWHUQDWLRQDOHU6ROLGDULWlW
JHPHLQVDPEHNlPSIW(LQKDOWJHERWHQZHUGHQNDQQ
%HLGLHVHPJUR‰HQ.RQIOLNWDP%HJLQQGHV-DKUKXQGHUWV
HLQHU=HLWHQZHQGHJOHLFKZXUGHGLH]ZLVFKHQVWDDWOLFKH6ROL
9II*ÂÂ-DKUJDQJÂ+HIW
8QLYHUVLWlW LQ &KULVWFKXUFK QRFK HLQH XQDEKlQJLJH *H
VFKLFKWVIRUVFKXQJJHEHQZLUG
.U]OLFK VFKOXJ LFK 6WXDUW YRU HU P|JH PLU GLH 9HU|IIHQWOL
FKXQJ VHLQHU $UEHLW JHQHKPLJHQ XQG ]ZDU PLW HLQHP 9RU
XQG1DFKZRUWEHUGLHMGLVFKHQ$QJULIIHJHJHQLKQDXVGHQ
-DKUHQ  :LH ]X HUZDUWHQ KDW HU DXFK GDV DEJH
OHKQW $QJHVLFKWV GHU SUHNlUHQ /DJH LQ GHU HU VLFK VHLW GHP
$EVFKOX‰GHU8QWHUVXFKXQJHQJHJHQLKQEHILQGHWP|FKWHHU
VLFKLQ=XNXQIWDQGHUHQ7KHPHQIHOGHUQGHUHXURSlLVFKHQ0L
OLWlUJHVFKLFKWHZLGPHQ+HXWHOHKUW'U+D\ZDUGDQGHU0DV
VH\8QLYHUVLWlWLQ3DOPHUVWRQ1RUWK0LOLWlUJHVFKLFKWH(UOHL
GHW XQWHUGHPVFKOHLFKHQGHQ9HUOXVWVHLQHV$XJHQOLFKWHV(U
OHLGHWDEHUZRKODXFKXQWHUGHU)UDJHREHUGDPDOVZRKOGHQ
ULFKWLJHQ .XUV HLQVFKOXJ XP VHLQH ([DPHQVDUEHLW ]X YHUWHL
GLJHQ,FKVFKULHELKPGD‰HUHLQHQJHIlKUOLFKHQ3Ul]HGHQ]
IDOOJHVHW]WKDW6HLQH6WXGHQWHQXQG.ROOHJHQN|QQHQLKQQXQ
IUDJHQZDQQHUGHQQZRKOVHLQHDOV%XFKYHU|IIHQWOLFK
WH 'RNWRUDUEHLW DOV IDOVFKHUNOlUHQXQG]XUFN]LHKHQZHUGH
]XPDO HU GLHV MD DXFK PLW VHLQHU ([DPHQVDUEHLW VFKRQ JH
PDFKW KDW :LH SHLQOLFK PX‰ HV LKP VHLQ VLFK PLW GLHVHP
6WLJPDYRU6WXGHQWHQXQG.ROOHJHQVHLQHU)DNXOWlW]XVWHOOHQ
,FKKRIIHLPPHUQRFKGD‰HUHLQVWGRFKQRFKVHLQH0HLQXQJ
lQGHUW]XPDOVHLQH$UEHLW±PLWDOOLKUHQ0lQJHOQ±GLHHUVWH
LKUHU$UWDXIGHUJHVDPWHQ(UGHLVW0DQNDQQQXUKRIIHQGD‰
+D\ZDUGV ([DPHQVDUEHLW HLQVW HLQH,QVSLUDWLRQXQGHLQ9RU
ELOGIUGLH6WXGHQWHQ(XURSDVVHLQZLUG
$QPHUNXQJHQ

'U5REHUW+&RXQWHVVLVW*UQGHUGHV9HUODJHV7KHVHV 'LVVHUWDWLRQV
3UHVV32%R[&DSVKDZ$/86$ZZZWDGSRUJ

 9JO9II*66I6LHKHDXFK+D\ZDUGV%HLWUDJ
]XP.ULPIHOG]XJLQ9II*6

 -+D\ZDUGVFKULHEPLUHLQPDOGLH-XGHQLQ&KULVWFKXUFKZUGHQGLHVH
VHKUHQJOLVFKDXVVHKHQGH6WDGWª&KLFKL©QHQQHQXP]XYHUPHLGHQGHQ
1DPHQª&KULVW©DXV]XVSUHFKHQ3HUV|QOLFKH.RUUHVSRQGHQ])HEUXDU



 'HU$UEHLWEHLJHIJWHQ(UNOlUXQJYRQ92UDQJHYRP
 $EJHVHKHQYRQ]HLWZHLVHLP,QWHUQHWDXVJHVWHOOWHQ5DXENRSLHQJHJHQ
GLH-+D\ZDUGMHGRFKYRUJLQJXPVLH]XXQWHUGUFNHQ$QPG5HG

 'HQHQJOLVFKHQ2ULJLQDOWH[WYHU|IIHQWOLFKHQZLULP,QWHUQHWYHUPHLGHQ
GLHVKLHUDEHUDXV3ODW]JUQGHQ

 6WRSSHGDW6WDOLQJUDG7KH/XIWZDIIHDQG+LWOHU¶V'HIHDWLQWKH(DVW
8QLYHUVLW\3UHVVRI.DQVDV
GDULWlW LP %HUHLFK GHU 6LFKHUKHLWVSROLWLN QXQ XQPLWWHOEDU HLQ
6FKOVVHOEHJULII6ROLGDULWlWDOVHLQXQDEGLQJEDUHV(UIRUGHUQLV
DXFK IU GLH GHXWVFKH 6LFKHUKHLWVSROLWLN RKQH :HQQ XQG
$EHU
1XUEHLSROLWLVFKH[WUHPLVWLVFKHQ+DVDUGHXUHQXQSROLWLVFKHQ
,UUOLFKWHUQXQGYROONRPPHQ9HUDQWZRUWXQJVORVHQLP,QWHUHV
VH LKUHV HLJHQHQ .OHPSQHUODGHQV NRQQWH GHU *HGDQNH DXI
NRPPHQKLHUN|QQWHVLFK'HXWVFKODQGGHU6ROLGDULWlWLQ1RW
XQG*HIDKUYHUZHLJHUQVLFKHLQIDFKDXVNOLQNHQZHJGXFNHQ
GHQ.RSILQGHQ6DQGVWHFNHQ



(LQH VROFKH 9HUKDOWHQVZHLVH ZlUH ZDKUOLFK HLQ 9HUEUHFKHQ
DQGHQ6LFKHUKHLWVEHGUIQLVVHQXQVHUHV9RONHVGDVDXFKGHV
HIIHNWLYHQ6FKXW]HVYRU0DVVHQYHUEUHFKHQXQG0DVVHQRSIHUQ
GXUFK HLQHQ 7HUURULVPXV JDQ] QHXHU 'LPHQVLRQ EHGDUI :DV
:DVKLQJWRQ XQG 1HZ <RUN WUDI NDQQ DXFK PRUJHQ %HUOLQ
+DPEXUJ)UDQNIXUWRGHU0QFKHQWUHIIHQ
:DV SULPlU PLW JHNDSHUWHQ )OXJ]HXJHQ GXUFK /XIWSLUDWHQ
GXUFKJHIKUW ZXUGH NDQQ VFKRQ PRUJHQ DQGHUQRUWV ZLHGHU
KROWZHUGHQRGHUQRFKJUDXVDPHUPLWEDNWHULRORJLVFKHQXQG
FKHPLVFKHQ 0LWWHOQ DOV =HUVW|UXQJVZDIIHQ 6WLFKZRUW 0LO]
EHL%HGDUI]XHLQHP(LQVDW]DNWLYLHUWZHUGHQLQ'HXWVFKODQG
GLH LUJHQGZDQQ ORVVFKODJHQ N|QQWHQ 8QG ZLH YLHOH ZHUGHQ
QRFKDXIWDXFKHQ"
ª,P %XQGHVVLFKHUKHLWVUDW ZLUG GDYRQ DXVJHJDQJHQ© VR GLH
6= YRP  6HSWHPEHU ªGD‰ 'HXWVFKODQG GHU]HLW DXI GHU
Ä%HGURKXQJVVNDOD³DXI3ODW]YLHUOLHJW±QDFKGHQ9HUHLQLJ
WHQ6WDDWHQ,VUDHOXQG*UR‰EULWDQQLHQEHLGHDXI5DQJ]ZHL
VRZLH)UDQNUHLFK©=XGHPJLEWHVLP$XVODQGNHLQHJHZDOW
WlWLJH RGHU WHUURULVWLVFKH *UXSSH GLH LQ 'HXWVFKODQG QLFKW
DXFKYHUWUHWHQLVW6RªOlXIWLQ'HXWVFKODQGHLQHGHUJU|‰WHQ
EUDQG GXUFKJHIKUW ZHUGHQ 8QG ZDV ZUGH 'HXWVFKODQG
DXVULFKWHQN|QQHQZHQQHVGDQQQLFKWDXFKDXIGLHHXURSlL
VFKHXQGZHOWZHLWH6ROLGDULWlWLQ1RWXQG*HIDKUEDXHQN|QQ
WH ZHLO HV ]XYRU DQGHUHQ 6ROLGDULWlW =XVDPPHQKDOW YHUZHL
JHUWH"
6LFKHUKHLWVDNWLRQHQVHLW%HVWHKHQGHU%XQGHVUHSXEOLNXPGLH
%HGURKXQJVODJHQDFKGHQ$QVFKOlJHQLQ1HZ<RUNXQG:D
VKLQJWRQ LQGHQ*ULII]XEHNRPPHQ'LH*HKHLPGLHQVWHXQG
GDV%XQGHVNULPLQDODPWDUEHLWHQHQJ]XVDPPHQXP,QIRUPD
WLRQHQ ± DXFK YRQ DXVOlQGLVFKHQ *HKHLPGLHQVWHQ ± ]X VDP
6LFK HLQIDFK DXV]XNOLQNHQ XQG HLQHQ 6RQGHUZHJ KLHU ]X VX
FKHQ ZlUH VFKOLFKW JHPHLQJHIlKUOLFK XQG PX‰ DXFK DOV HLQH
lX‰HUVW JHPHLQJHIlKUOLFKH H[WUHPLVWLVFKQDUUHQVlXPHULVFKH
3ROLWLNYRUVWHOOXQJ JHEUDQGPDUNW ZHUGHQ 1DFK GHQNULHJIK
UHQGDV\PPHWULVFKHQ .DPLND]H7HUURUDQVFKOlJHQ LQ 1HZ
<RUN XQG :DVKLQJWRQ ZXUGH IROJOLFK GDV REHUVWH *HERW GHU
]ZLVFKHQVWDDWOLFKHQ 6ROLGDULWlW YRQ GHQ 6WDDWHQ XQG LKUHQ
5HSUlVHQWDQWHQVRIRUWDOVDOWHUQDWLYORVHUNDQQW8QGDXFKYRQ
GHUGHXWVFKHQ5HJLHUXQJZXUGHGLHVHNODUHXQGXQDEGLQJEDUH
3RVLWLRQ GHU DOWHUQDWLYORVHQ 6ROLGDULWlW JODVNODU RKQH 9HU]|
JHUXQJ HLQJHQRPPHQ XQG VRPLW GHU DOWHUQDWLYORVULFKWLJH
:HJHLQJHVFKODJHQ6ROLGDULWlWKHL‰WDXFKGD‰PDQGHP7HU
URULVPXV QXU GXUFK HLQ EUHLWHV $QWLWHUURUEQGQLV RGHU HLQH
$QWLWHUURUNRDOLWLRQ GLH *UXQGODJH PLWWHO XQG ODQJIULVWLJ
HQW]LHKHQ NDQQ'LH1RWZHQGLJNHLW]XU6ROLGDULWlWNDPGDQQ
DXFKZHOWZHLWDOOEHUDOONODU]XP$XVGUXFN
'HU :HOWVLFKHUKHLWVUDW GHU 81 OHJWH LQ VHQVDWLRQHOOHU (LQ
VWLPPLJNHLW DOVR LQ (LQPWLJNHLW PLW 5X‰ODQG XQG &KLQD
GDUEHU KLQDXV EHVWDQG DXFK (LQPWLJNHLW PLW ,QGLHQ 3DNL
PHOQ]XYHUDUEHLWHQXQG6FKOVVHGDUDXV]X]LHKHQ©6=
6ROLGDULWlW EHGHXWHW GD‰ ZLU DQ GHU 6HLWH GHUMHQLJHQ VWHKHQ
GLH VLFK GHP 7HUURULVPXV HQWJHJHQVWHOOHQ (LQH 6ROLGDULWlW
GLH ZLU VHOEVW GDQQ DXFK GULQJHQG EHQ|WLJHQ ZHQQ HV XQV
WULIIW%XQGHVNDQ]OHU*HUKDUG6FKU|GHUYHUWUDWIROJHQGHV
ª'XUFK GLH 7HUURUDQVFKOlJH KDQGHOW HV VLFK XP HLQHQ
.ULHJJHJHQGLH=LYLOLVDWLRQ(VLVWHLQ.DPSIXPGLH.XO
WXUEHLGHVNDQQQLFKWGXUFKJHVLFKWVORVHXQGJHVFKLFKWVOR
VH7HUURULVWHQNDSXWWJHPDFKWZHUGHQ'LH86$KDEHQ$Q
VSUXFKDXI6ROLGDULWlWGHU'HXWVFKHQXQG]ZDUDXIXQHLQ
JHVFKUlQNWH6ROLGDULWlW©
8QG DP   IKUWH .DQ]OHU 6FKU|GHU LP 'HXWVFKHQ
%XQGHVWDJIROJHQGHVDXV
ª:DV ZROOHQ ZLU DOV 'HXWVFKH XQG (XURSlHU HUUHLFKHQ
8QHLQJHVFKUlQNWH 6ROLGDULWlW PLW GHQ 86$ EHL DOOHQ QRW
ZHQGLJHQ0D‰QDKPHQ=X5LVLNHQDXFKLP0LOLWlULVFKHQ
LVW'HXWVFKODQGEHUHLW]X$EHQWHXHUQQLFKW'LHVHZHUGHQ
YRQXQVGDQNGHUEHVRQGHUHQ+DOWXQJGHUDPHULNDQLVFKHQ
5HJLHUXQJ DXFK QLFKW YHUODQJW XQG VLFKHU DXFK QLFKW YHU
VWDQ .XED VRZLH YLHOHQ GHU DUDELVFKHQ 6WDDWHQ GDU GD‰
QLFKW QXU GHU .ULHJVIDOO EHL HLQHP $QJULII HLQHV 6WDDWHV DXI
HLQHQ DQGHUHQ JHJHEHQ LVW VRQGHUQ DXFK GDQQ ZHQQ ªGHU
$QJULIIYRQ7HUURULVWHQ©HUIROJWGLHVVHLGDQQDXFKPLW.ULHJ
JOHLFK]XVHW]HQ 'HU 816LFKHUKHLWVUDW HUNOlUWH HLQVWLPPLJ
GLH .DPLND]H$QJULIIH LQ 1HZ<RUNXQG:DVKLQJWRQZlUHQ
$QVFKOlJH DXI GHQ :HOWIULHGHQ HLQH %HGURKXQJ IU GHQ
:HOWIULHGHQ$XFKKLHUDXVUHVXOWLHUWXQDEGLQJEDUQDFK$UWLNHO
GHU81&KDUWDGDV5HFKW]XU6HOEVWYHUWHLGLJXQJLQNOXVLYH
GHU ZHOWZHLWHQ 6XFKH QDFK GHQ 6FKXOGLJHQ (LQH %HVWUDIXQJ
GHU $JJUHVVRUHQ LVW QLFKW QXU QRWZHQGLJ VRQGHUQ DXFK OHJL
WLP
ODQJWZHUGHQ >«@:LUEHILQGHQXQVQLFKWLP.ULHJJHJHQ
HLQHQ6WDDW8QGZLUEHILQGHQXQVDXFKQLFKWLP.ULHJJH
JHQ GLH LVODPLVFKH :HOW LQVJHVDPW 'LH 7HUURULVWHQ KDEHQ
XQV GHQ .ULHJ HUNOlUW XQG VLH ZHUGHQ GDIU ]XU 5HFKHQ
VFKDIW JH]RJHQ ZHUGHQ 'LH $QVFKOlJH KDEHQ QLFKWV PLW
5HOLJLRQ ]X WXQ 6LH VLQG$XVGUXFNHLQHUYHUEUHFKHULVFKHQ
*HVLQQXQJ 'LH HUVFKUHFNHQGH 0L‰DFKWXQJ PHQVFKOLFKHQ
/HEHQVLVWHLQH.DPSIDQVDJHDQMHGH=LYLOLVDWLRQ©
$OVGLUHNWH5HDNWLRQDXIGLH5HGHGHVDPHULNDQLVFKHQ3UlVL
GHQWHQDP6HSWHPEHUYRUGHP.RQJUH‰VDJWHGLH%XQGHV
UHJLHUXQJ GHQ 86$ ªHUQHXW DXVGUFNOLFK PLOLWlULVFKH +LOIH
EHL GHU %HNlPSIXQJ GHV LQWHUQDWLRQDOHQ 7HUURULVPXV ]X©
$OV .RQVHTXHQ] GHV 81%HVFKOXVVHV NDP HV GDQQ ]X HLQHU
ZHLWHUHQ 6ROLGDULWlW GHU 6ROLGDULWlW GHU 1$720LWJOLHGHU
GXUFK GLH (UNOlUXQJ GHV %QGQLVIDOOHV IDOOV $UWLNHO  GHV
1$729HUWUDJHVJHJHEHQLVWDOVRHLQ$QJULIIYRQ$X‰HQDXI
HLQ 0LWJOLHGVODQG HUIROJWH =XU XQPLWWHOEDUHQ $XVO|VXQJ GHV
%QGQLVIDOOHVEHGDUIHVMHW]WQXUQRFKGHUDPHULNDQLVFKHQ(U
NOlUXQJ GD‰ HV VLFK XP HLQHQ $QJULII YRQ $X‰HQ KDQGHOWH
ZDV]ZHLIHOORVJHJHEHQLVW
'LH (UNOlUXQJ GHV %QGQLVIDOOHV LVW YROONRPPHQ EHUHFKWLJW
]XPDO GLH 'HXWVFKHQ VLFK VHOEVW EHGURKW IKOHQ XQG EHGURKW
VLQG6RVSULFKWGHU,QQHQPLQLVWHUYRQ1RUGUKHLQ:HVWIDOHQ
)ULW] %HKUHQV VFKRQ KHXWH YRQ HWZD ª 6FKOlIHUQ© RGHU
ª6OHHSHUV©QDFKULFKWHQGLHQVWOLFKH%H]HLFKQXQJYRQZHOWZHLW
LQ 1HW]ZHUNHQ OHEHQGHQ XQG DXVJHELOGHWHQ 7HUURULVWHQ GLH

6=7UHIIHQGEHPHUNWHHLQ.RPPHQWDWRUHLQHU7DJHV
]HLWXQJ
ª%XVKWDWYLHOXPGHU:HOW]XYHUVLFKHUQGD‰GHUXQJH]
JHOWH $QJULIIDXI$PHULNDNHLQHXQJH]JHOWH$QWZRUWQDFK
VLFK]LHKHQZLUG:HQQHUGLHVHV9HUVSUHFKHQHLQO|VWGDQQ
JHEKUWGHU$QWL7HUURU.RDOLWLRQ$PHULNDVDOOH8QWHUVWW
]XQJ DXFK ZHQQ VLH YRQ 5FNVFKOlJHQ EHJOHLWHW VHLQ
ZLUG©
'LH +DOWXQJ GHU NDWKROLVFKHQ .LUFKH LQ 'HXWVFKODQG LVW HLQ
GHXWLJ DXFK ZDV GLH PLOLWlULVFKH 6ROLGDULWlW DQEHWULIIW %L
VFKRI +HLQULFK 0XVVLQJKRII 6WHOOYHUWUHWHQGHU 9RUVLW]HQGHU
GHU'HXWVFKHQ%LVFKRIVNRQIHUHQ]HUNOlUWHGD‰LP1RWIDOOHLQ
ªPLOLWlULVFKJHVWW]WHU.DPSI©JHJHQGHQ7HUURULVPXVHUODXEW
VHL'HU.DPSIP‰WHMHGRFKEHJUHQ]WZHUGHQ.ODULVWDXFK
9II*ÂÂ-DKUJDQJÂ+HIW


GD‰PDQGHQLQWHUQDWLRQDOHQ7HUURULVPXVPLWVHLQHQ]DKOUHLFK GHQ9|ONHUPRUGGXUFK0DVVHQDXVWUHLEXQJDQGHQDUPHQ.R
DQJHOHJWHQ 1HW]ZHUNHQ EHUDOO LQ GHU :HOW PLW 7DXVHQGHQ VRYR$OEDQHUQ 6LHKH DXFK PHLQH GLHVEH]JOLFKHQ %HLWUlJH
YRQ HQWVFKORVVHQHQ .lPSIHUQ VRJ ª6FKOlIHUQ© LQ HWZD  KLHU]XHWZDXQWHUKWWSZZZNRQVHUYDWLYGHHLELFKW
6WDDWHQGHU:HOWQXULQJHPHLQVDPHU6ROLGDULWlWHLQ6FKOV 5FNEOHQGH %HLP .RVRYR.RQIOLNW JLQJ HV JODVNODU XP HLQ
VHOZRUWLQGHUJDQ]HQ$XVHLQDQGHUVHW]XQJLQHLQHP%QG
QLV RGHU HLQHU .RDOLWLRQ HQWJHJHQWUHWHQ NDQQ PLW GHP =LHO
LKQ ]X EHVHLWLJHQ 'HU 'HXWVFKH %XQGHVWDJ EHVFKOR‰ GDQQ
DXFK DP  6HSWHPEHU PLW EHUZlOWLJHQGHU 0HKUKHLW QLFKW
QXUGLHJHQHUHOOHVRQGHUQYRUDOOHPDXFKGLHPLOLWlULVFKH6R
OLGDULWlWGHQ86$DXFKEHLHLQHPPLOLWlULVFKHQ*HJHQVFKODJ
EHL]XVWHKHQ9RQ$EJHRUGQHWHQVWLPPWHQGDIUQXU
$EJHRUGQHWHVWLPPWHQGDJHJHQ6('3'6 63' 
Y|ONLVFKHV 3ULQ]LS XP HLQH QDWLRQDOH )UDJH GHQ QDWLRQDOHQ
,PSHUDWLY+LHUNRQQWHQLFKWGHUJHULQJVWH3ODW]VHLQIUHLQHQ
SROLWLVFK NRQWUDSURGXNWLYHQ LGHRORJLVFKHQ $QWLDPHULNDQLV
PXV:LU1DWLRQDOSDWULRWHQNlPSIHQIUGLHQDWLRQDOH)UDJH
VLH LVW XQWHLOEDU 'LH QDWLRQDOH )UHLKHLW XQVHUHV 9RONHV NDQQ
QXU DXFK LP .DPSI RGHU LQ GHU VHOEVWYHUVWlQGOLFKHQ 8QWHU
VWW]XQJXPGLHQDWLRQDOH)UHLKHLWHLQHVMHGHQDQGHUHQ9RONHV
HUIDKUHQ ZHUGHQ %HLP .RVRYR.RQIOLNW JLQJ HV XP GLH QD
*UQH XQG63' *UQH 6('3'6 HQW WLRQDOH Y|ONLVFKH )UHLKHLW XQG 6HOEVWEHVWLPPXQJ GHU .RVR
KLHOWHQVLFK YR$OEDQHU(VJLQJXPGHQQDWLRQDOHQ,PSHUDWLYDXFKIUGLH
6RGDQQHUNOlUWHQDXFKGLH6WDDWVXQG5HJLHUXQJVFKHIVGHU .RVRYR$OEDQHU =XPDO DXFK XP HLQHQ 6LHJ LP .DPSI XP
(XURSlLVFKHQ 8QLRQ (8 EHL LKUHP 7UHIIHQ LQ %UVVHO DP
HLQVWLPPLJLKUHJHPHLQVDPHXQGXQHLQJHVFKUlQNWH6R
OLGDULWlWLP.DPSIJHJHQGHQ7HUURULVPXV'LH6WDDWVXQG
5HJLHUXQJVFKHIV GHU (8 VWHOOWHQVLFKJHVFKORVVHQHQWVFKORV
VHQXQJHWHLOWHLQVWLPPLJXQGHLQPWLJKLQWHUGLH86$DXFK
ZDVGLHPLOLWlULVFKH+LOIHGLH%HWHLOLJXQJDQ0LOLWlUVFKOlJHQ
DQEHWULIIW
:HLOHVXP6ROLGDULWlWJHKWGLHDXFKLPHLJHQHQQDWLRQDOHQ
,QWHUHVVHGHVMHZHLOLJHQ9RONHVXQG6WDDWHVOLHJW
(V KHL‰W LQ GHU JHPHLQVDPHQ (UNOlUXQJ XD GD‰ MHGHV (8
0LWJOLHGJUXQGVlW]OLFKIUPLOLWlULVFKH*HJHQVFKOlJH]XU9HU
IJXQJ VWHKW XQG ]XU8QWHUVWW]XQJEHUHLWLVW'LH6WDDWV
XQG 5HJLHUXQJVFKHIV GHU (8 EHVFKORVVHQ GDUEHU KLQDXVHLQ
3XQNWH3URJUDPPJHJHQGHQ7HUURULVPXV(LQHUGHU3XQNWH
EHWULIIWGLH$XVWURFNQXQJGHUILQDQ]LHOOHQ4XHOOHQGHU)LQDQ
]LHUXQJVZHJH GHV 7HUURULVPXV DXFK GLHV ZlUH RKQH ]ZL
VFKHQVWDDWOLFKH6ROLGDULWlWQLFKW]XEHZHUNVWHOOLJHQ
$PZXUGHQDNWXHOOH8PIUDJHQGHV(PQLG,QVWLWXWVEH
NDQQWQDFKGHQHQGLH'HXWVFKHQGDVGHXWVFKH9RONLQLKUHU
HUGUFNHQGHQ EHUZlOWLJHQGHQ 0HKUKHLW LKUH 6ROLGDULWlW PLW
GHQ86$]XP$XVGUXFNEUDFKWHQ'DQDFKYRWLHUWHQGHU
'HXWVFKHQ GDIU VLFK DNWLY DQ PLOLWlULVFKHQ 0D‰QDKPHQ GL
UHNW ]X EHWHLOLJHQ 8QG  YRWLHUWHQIUPLOLWlULVFKH+LOIH
LQORJLVWLVFKHU$UWXQG:HLVHGHU'HXWVFKHQEHNXQGH
WHQDOVRQLFKWQXULKUHXQPLWWHOEDUHPRUDOLVFKHXQGSROLWLVFKH
6ROLGDULWlW VRQGHUQ DXFK GLH %HUHLWVFKDIW ]XU PLOLWlULVFKHQ
+LOIH]XPPLOLWlULVFKHQ6FKODJLQGLHVHURGHUMHQHU)RUP
'DV+DXSWHUIRUGHUQLVGHU6ROLGDULWlWZXUGHIROJOLFKDOOEHUDOO
EHJULIIHQEHNUlIWLJWXQGEHVFKORVVHQ,Q'HXWVFKODQGYRQDO
OHQ SROLWLVFKHQ 3DUWHLHQ PLW $XVQDKPH GHU 6('3'6 XQG
GHP +HUUQ 'U *HUKDUG )UH\ VHLQHP 1DWLRQDO=HLWXQJV
0LOLHX GHU GDPLW HLQKHUJHKHQGHQ 6XENXOWXU XQG IROJOLFK
GLH0HQVFKHQUHFKWHJHJHQ9|ONHUPRUGGXUFK0DVVHQDXVWUHL
EXQJJHJHQ9HUWUHLEXQJVKRORFDXVW8QGZHUZ‰WHLQGLHVHU
0DWHULH QLFKW EHVVHU %HVFKHLG DOV ZLU 'HXWVFKHQ VHOEVW EH
]JOLFK GHV 9HUWUHLEXQJVKRORFDXVW DQ 2VWGHXWVFKHQ XQG 6X
GHWHQGHXWVFKHQ (V JLQJ XP GHXWVFKHV QDWLRQDOHV ,QWHUHVVH
GXUFKDX‰HQSROLWLVFKHXQGHXURSDSROLWLVFKH1RWZHQGLJNHLWHQ
.RQIOLNWKHUGHYRUXQVHUHU+DXVWUH]XEHVHLWLJHQ
=XP.RVRYR.RQIOLNWXQGGHUQRWZHQGLJHQXQGDOWHUQDWLYOR
VHQ 3IOLFKW DXFK GHV (LQJUHLIHQV GHU 'HXWVFKHQ XP DXFK ±
XPHV]XZLHGHUKROHQZHLOPDQHVQLFKWRIWJHQXJZLHGHUKR
OHQNDQQ±GLH0HQVFKHQUHFKWHXQG6LFKHUKHLWVODJHYRULKUHU
HLJHQHQ+DXVWUQLFKWLQ)UDJHVWHOOHQ]XODVVHQZlUH+HUUQ
'U *HUKDUG )UH\ XQG VHLQHP 1DWLRQDO=HLWXQJV0LOLHX XQG
VRPLW 6XENXOWXU QLFKW QXU VHLQH HQJXP]LUNHOWH -XEHO NQ
GHQGH +DXV XQG +RI/LWHUDWXU ]X HPSIHKOHQ DOVR GLH HLJH
QHQ%UHYLHUHVRQGHUQHWZDDXFKGDV:HUNYRQ.RQUDG&OH
ZLJ XQG -HQV 5HXWHU 'HU .RVRYR.RQIOLNW 8UVDFKHQ
$NWHXUH9HUODXI  6HLWHQ PLW ]DKOUHLFKHQ %HLWUlJHQ YRQ
OHKUHQGHQ 3URIHVVRUHQ GHV 9|ONHUUHFKWV XQG GHU 3ROLWLNZLV
VHQVFKDIW 0QFKHQ  'LH VHUELVFKH EUXWDOH 9HUQLFK
WXQJVSROLWLNJHJHQEHUGHQDUPHQ.RVRYR$OEDQHUQZLUGKLHU
EHUDXVGHXWOLFKXQGHUVWUDQJLJKHUDXVJHDUEHLWHW
1XQ WDW 'U )UH\ DXFK ]X GHQ )UDJHQ GHV :HOWWHUURULVPXV
bKQOLFKHVLQXQJODXEOLFKHUXQGXQYHUDQWZRUWOLFKVWHU$UWXQG
:HLVHNXQGZDVXPHLQYLHOIDFKHVVFKZHUJHZLFKWLJHULVWDOV
DOOHVDQGHUHMHPDOV]XYRU
,,,'U)UH\VMQJVWHU*HVLFKWVYHUOXVW
,Q GHU HUVWHQ $XVJDEH QDFK GHP 7HUURUDQJULII LQ 1HZ <RUN
XQG :DVKLQJWRQ SUlVHQWLHUW 'U *HUKDUG )UH\V 1DWLRQDO
=HLWXQJ HLQH HQJ XP]LUNHOWH 6XENXOWXU PLW +HLOVDQVSUXFK
JUR‰ DXI GHUHUVWHQ6HLWHLQ%DONHQEHUVFKULIW$XVJDEH1U
DXFKVHLQHVSDUWHLSROLWLVFKHQ:XUPIRUWVDW]HVGHU'98  YRP  6HSW  GLH )UDJH GLH DOOHUGLQJV QXU DOV
,,'U)UH\V,UUZHJLP.RVRYRNRQIOLNW
6FKRQGHQ.RVRYR.RQIOLNWOLH‰'U)UH\ELV]XPhEHUGUX‰
LPPHU ZLHGHU YROONRPPHQ LGHRORJLVFKDQWLDPHULNDQLVFK
YHUEOHQGHW IHUQDE MHGHU DX‰HQSROLWLVFKHQ XQG HXURSDSROLWL
VFKHQ 9HUQXQIW MHGHU DXFK SURGXNWLYHQ SROLWLVFKHQ +DOWXQJ
XQG 3ROLWLNIlKLJNHLW LQ GHU 1DWLRQDO=HLWXQJ DOV 86
LPSHULDOLVWLVFKHQ $NW XQG 1$72hEHUIDOO GDUVWHOOHQ XQG
KHPPXQJVORV GLIIDPLHUHQPLWGHU%XQGHVZHKUDOVZLOOIlKUL
JHU +LOIVWUXSSH 'DEHL ZDU LQ GHU 1DWLRQDO=HLWXQJV
6XENXOWXU ]X OHVHQ GLH GHXWVFKH )KUXQJ JHK|UH YRU GDV
.ULHJVYHUEUHFKHUWULEXQDOLQ'HQ+DDJ'DEHLYHUNDQQWH)UH\
9II*ÂÂ-DKUJDQJÂ+HIW
6FKHLQIUDJH JHGDFKW LVW ª:HJHQ 1HZ <RUN VWHUEHQ"© XQG
LP8QWHUWLWHOª7|GOLFKH*HIDKUHQIUGDVGHXWVFKH9RON©'LH
Y|OOLJ YHUIHKOWH 3DUROH GHV +HUUQ 'U )UH\ LQ %H]XJ DXI GHQ
:HOWWHUURULVPXVLVWDOVRDXVJHJHEHQZDVJHQDXVR]XHUZDU
WHQZDUª:HJHQ1HZ<RUNVWHUEHQ"©VROOKHL‰HQ+DOWHQZLU
XQVGDUDXVNHLQH6ROLGDULWlW,QGHPHUVWHQGLHVEH]JOLFKHQ
YHUTXHUHQ$UWLNHODXIGHUHUVWHQ6HLWHGHUIDVWDXVVFKOLH‰OLFK
KLVWRULVFK IDOVFK EHDUEHLWHWH 5HPLQLV]HQ]HQ DXIELHWHW DXFK
V\PSWRPDWLVFK IU GHQ OHW]WOLFK OHHUODXIHQGHQ SROLWLVFKHQ
+HL‰OXIWDQVSUXFKZHLOPDQSHUPDQHQW*HVFKLFKWHPLW3ROLWLN
YHUZHFKVHOW LPPHU XQG LPPHU ZLHGHU DXI GHU /HHUODXIVSXU
HLQHU %HZlOWLJXQJV XQG 5HFKWIHUWLJXQJVSXEOL]LVWLN YHUEOHL



EHQGKHL‰WHVVXEVWDQ]KDIW]XP7KHPDHLJHQWOLFKQXU
ª/DXWHW GHU 6FKOX‰ DXV GHU *HVFKLFKWH >«@ GD‰ VLFK GLH
'HXWVFKHQQXUPHKULQNHLQHDQGHUHQGHQQGLHHLJHQHQ$Q
JHOHJHQKHLWHQHLQPLVFKHQ"2GHUVLQGZLUVR]XVDJHQÄZLH
GHU VR ZHLW³ >VLF@ GD‰ 'HXWVFKODQG VHLQH 1DVH KLQHLQ
VWHFNW ZR VLH QLFKW KLQHLQJHK|UW XQG GD‰ HV GLH )LQJHU
QDFK GRUW DXVVWUHFNW ZR PDQ VLH VLFK QXU YHUEUHQQHQ
NDQQ"©
(V ZLUG GDQQ LQGLUHNW HPSIRKOHQ VLFK QLFKW ªDNWLY
NlPSIHULVFKXPIUHPGH$QJHOHJHQKHLWHQ]XVFKHUHQE]ZVLFK
YRUGHQ.DUUHQDQGHUHUVSDQQHQ©]XODVVHQ8PGLHVZHLWHU
KLQ]XXQWHUPDXHUQZLUGJHZLVVHQORVXQGVNUXSHOORVGLH*H
ª9RUGHP'ULWWHQ:HOWNULHJ"6FKZHUZLHJHQGH.RQVHTXHQ
]HQGHU7HUURUDQVFKOlJHLQGHQ86$©
+LHU JLEW QXQ GHU +DXSWPDWDGRU QRFKPDOV QHEHQ VHLQHU SUL
PlUHQ3DUROHª6WHUEHQIU1HZ<RUN"©VHLQHZHLWHUHQJHLVWLJ
VXEVWDQ]DUPHQ3DUROHQDXVZREHLHUQXQYROONRPPHQLQGDV
SROLWLVFK KHOOHUOHXFKWHWH 0LOLHX LGHRORJLVFKDQWLDPHULNDQL
VFKHUKRO]VFKQLWWDUWLJHU6FKDUIPDFKHUHLQWDXFKW±GLH1DPHQ
VLQGEHNDQQWDEHUQLFKWQHQQHQVZHUW3HLQOLFKSHLQOLFKPDQ
YHUIJW QXU EHU HLQH KDXFKGQQH SROLWLVFKH .RQ]HSWLRQ HL
QHQRGHU]ZHL3XQNWH6FKOX‰3XQNW$XV'LH3ROLWLNIlKLJNHLW
GHU GHXWVFKHQ 5HFKWHQ XQG LKU JUR‰HU (UIROJ :DV WUlJWQXQ
'U )UH\ LP 1DWLRQDO=HLWXQJV0LOLHX XQWHU GHP JHQDQQWHQ
VFKLFKWHGHV]ZHLWHQ5HLFKHVGHU'HXWVFKHQQD
WLRQDO VHOEVWEHVSHLHULVFK XQG QDWLRQDO ZUGHORV YHUIlOVFKW
XPJHERJHQ XQG ]XUHFKWJHERJHQ PDQ EUDXFKW MD LPPHU XQG
LQ MHGHP )DOO XQG XQWHU DOOHQ 8PVWlQGHQ GLH 5HFKWIHUWLJXQJ
GHU HLJHQHQ LGHRORJLVFKHQ 9HUEOHQGXQJ DXI 7HXIHO NRPP
DQJVWPDFKHQGHQ 7LWHO ª9RU HLQHP 'ULWWHQ :HOWNULHJ"© XQV
IU KHOOHUOHXFKWHWH $UJXPHQWDWLRQHQ YRU" (U EHOHKUW XQG EH
UHLFKHUWXQVGDXQWHUDQGHUHPPLWGHQIROJHQGHQ$UJXPHQWD
WLRQHQ
ª:DUXP DOVR 'HXWVFKODQG EHL GHQ VLFK DQEDKQHQGHQ
UDXVXQGJHVFKLFKWVNOLWWHUQGEHKDXSWHW
ª0LWGHP$EWULWWGHV(LVHUQHQ.DQ]OHUVZXFKVGLH1HLJXQJ
LQ %HUOLQ DXFK IHUQ GHU +HLPDW XQG LQ GHQ $XJHQ HLQHU
DUJZ|KQLVFKHQ :HOW K\SHUDNWLY PLW]XPLVFKHQ 'DV 9HU
KlQJQLVQDKPVHLQHQ/DXI©
2K ZHOFK HLQH *HVFKLFKWVNOLWWHUXQJ ZHOFK HLQH *HVFKLFKWV
ORVLJNHLW ZHOFK HLQH QDWLRQDOH 6HOEVWEHVSHLXQJ QXU XP GHQ
HLJHQHQ LGHRORJLVFKHQ 4XDUN .lVH XQG 4XDWVFK 9HUEOHQ
GXQJ XQG 9HUUDW DQ GHQ 6LFKHUKHLWVLQWHUHVVHQDXFKGHVHLJH
QHQ 9RONHV XQWHUPDXHUQ ]X N|QQHQ $XFK LVW HV GDQQ Y|OOLJ
EHODQJORVGD‰)UH\XQG.RQVRUWHQVHLW0RQDWHQSRVLWLYEHU
.DLVHU:LOKHOP,,EHULFKWHWHQHLQH.DLVHU:LOKHOP*HGHQN
0HGDLOOH KHUVWHOOWHQ XQG XQXQWHUEURFKHQ GHYRWLRQDO
KlQGOHULVFKDQELHWHQXQGDQSUHLVHQXQGGDQQGLHVHV'LHHL
JHQH 6NUXSHOORVLJNHLW GRPLQLHUW LP .OHPSQHUODGHQ MH H[DNW
GRUW ZR HV ]XU 8QWHUPDXHUXQJ GHU HLJHQHQ LGHRORJLVFKHQ
9HUEOHQGXQJHQ SVHXGRQDWLRQDO JHEUDXFKW ZLUG 1XQ GD LVW
ZLUNOLFKNHLQHUOHL6XEVWDQ]XPGLHGHXWVFKH5HFKWHZLUNOLFK
HUQVWKDIWZHLWHU]XWUDJHQ9LHOH/HXWHVLQGZLUNOLFKVFKRQQD
KHDQ$O]KHLPHURGHUKDEHQGLH*UHQ]H]X$O]KHLPHUEHUHLWV
EHUVFKULWWHQZDVDXFKYRP$OWHUKHUSD‰W
,QGHUJHQDQQWHQ$XVJDEHGHU1DWLRQDO=HLWXQJLVWDXIGHUHU
VWHQ 6HLWH GDQQ LQ )HWWGUXFN DXFK QRFK IROJHQGHV ]X OHVHQ
QHEHQHLQHP%LOGYRQ2VDPDELQ/DGHQ
ª2E JLJDQWLVFKH 9HUJHOWXQJVVFKOlJH ELV KLQ ]XU $XV
O|VFKXQJYRQ6WDDWHQ>VLF@ZLHVLH869L]HDX‰HQPLQLVWHU
:ROIRZLW]DQNQGLJWHGLH:HOWVLFKHUHUPDFKHQVWHKWGD
KLQ'HXWVFKODQGMHGHQIDOOVZUGHVLFKEHUVFKlW]HQZROO
WHHVPLWGHP7RUVRDQ%XQGHVZHKUZHOWZHLWDOVNOHLQH6X
SHUPDFKWDJLHUHQXQGVLFKVR]XU=LHOVFKHLEHHUEDUPXQJV
ORVHU*HJHQVFKOlJHPDFKHQ©
$XFK KLHU QXU XQVlJOLFKVWH LGHRORJLVFKDQWLDPHULNDQLVFKH
$QVFKXOGLJXQJHQ GHU EHYRUVWHKHQGHQ 6WDDWHQYHUQLFKWXQJHQ
GLH NHLQHU QlKHUHQ 5HFKHUFKH VWDQGKDOWHQ LQQHUKDOE YRQ 
0LQXWHQ PX‰WH :ROIRZLW] GLHV PLW ]HQWUDOHP %HGDXHUQ DXI
.lPSIHQPLWZLUNHQXQGVLFKGDPLWDOV2EMHNWYRQ*HJHQ
VFKOlJHQSUlVHQWLHUHQVROOWHEOHLEWXQHUILQGOLFK'DVGHXW
VFKH 9RON KDW GDV 5HFKW VHLQH /HEHQVLQWHUHVVHQ ]X ZDK
UHQÄ'HXWVFKODQG]XHUVW³©
8QG
ª*lQ]OLFKXQYHUVWlQGOLFKLVWHVGD‰3ROLWLNHUGHUHWDEOLHU
WHQ 3DUWHLHQ DQNQGLJHQ 'HXWVFKODQG ZHUGHEHLNULHJHUL
VFKHQ$XVHLQDQGHUVHW]XQJHQGDEHLVHLQ©
8QG]XP6FKOX‰VFKUHLEWHU
ª1LFKWZHLWHUIKUHQXQV.UlIWH]HKUHQGH,QWHUYHQWLRQHQLP
.RVRYRXQGLQ0D]HGRQLHQRGHUJDULP1DKHQ2VWHQRGHU
LQ $IJKDQLVWDQ ZR ZLU OHW]WOLFK QLFKWV DXVULFKWHQ $OOH
.UDIW EUDXFKHQ ZLU XQG PVVHQ ZLU GDUDXI NRQ]HQWULHUHQ
'HXWVFKODQGVLFKHU]XPDFKHQ©
0DQ EHDFKWH DXFK KLHU GLH +HUHLQQDKPH VHLQHU .RVRYR
3ROLWLN3KLORVRSKLHLQGHQ%HZHUWXQJVSUR]H‰DXFKGHU)UDJHQ
]XP LQWHUQDWLRQDOHQ 7HUURULVPXV 'HU LGHRORJLVFKDQWLDPHUL
NDQLVFKH.UHLVVFKOLH‰WVLFK'HU+HUU'U*HUKDUG)UH\OHKQW
DOVRNODUMHGH6ROLGDULWlWPLWDQGHUHQ6WDDWHQLP.DPSIJHJHQ
GHQ7HUURULVPXVDEYHUNHQQWDOVRYROONRPPHQGDV*HERWGHU
6WXQGH GLH 6LFKHUKHLWVHUIRUGHUQLVVH GHV HLJHQHQ 9RONHV XQ
VHUHV 'HXWVFKHQ 9RONHV :LH HLQ 7UDXPWlQ]HU JODXEW HU
'HXWVFKODQG N|QQWH VLFK JHJHQ GHQ LQWHUQDWLRQDOHQ 7HUURULV
PXV DXI VLFK VHOEVW ]XUFN]LHKHQ XQG JDQ] HLQIDFK DXVNOLQ
NHQ DOVR DOOHLQ VFKW]HQ HLQHQ 6RQGHUZHJ IDKUHQ 8QG GLHV
EHL GHU KHXWLJHQ LQWHUQDWLRQDOHQ 9HUIOHFKWXQJ XQG 9HUQHW
]XQJEHLP=XVWDQGLQ(XURSD2K6DQFWD6LPSOLFLWDV
*ODVNODU PX‰ KLHU IHVWJHVWHOOW ZHUGHQ 'LH SROLWLVFKHQ 9RU
VWHOOXQJHQGHV'U*HUKDUG)UH\XQGVHLQHV1DWLRQDO=HLWXQJ
0LOLHXV VLQG HLQ 6LFKHUKHLWVULVLNR IU XQVHU 9RON 'U )UH\V
'DUOHJXQJHQ ]X GHQ JUR‰HQ *HIDKUHQ GHV :HOWWHUURULVPXV
VLQG HLQH JURWHVN XQSROLWLVFKH %HZHUWXQJ 1LFKWV LVW KHXWH
ZLFKWLJHU DOV GD‰ GLH XQWHUGUFNWH GHPRNUDWLVFKH GHXWVFKH
5HFKWHLQXQVHUHUQLFKWQXUVR]LDOHQVRQGHUQDXFKSROLWLVFKHQ
=ZHLGULWWHOJHVHOOVFKDIWGHU$XVJUHQ]XQJXQG6WLJPDWLVLHUXQJ
%XVKV $QZHLVXQJ VRIRUW SHLQOLFKVW ]XUFNQHKPHQ XQG HU
QHXWGLH$XIIRUGHUXQJKDOWHQZLUXQVGDUDXVNHLQH6ROLGDUL
WlW(VZLUGMHGRFKQRFKNODUHU'LHJDQ]HGULWWH6HLWHGHU1D
WLRQDO=HLWXQJ VWDPPW YRP 1DWLRQDO=HLWXQJV0LOLHX*XUX
XQG '98:XUPIRUWVDW].RPPDQGHXU 'U )UH\ VHOEVW 'LH
hEHUVFKULIWGLHVHUÄWLHIHQ³(UNHQQWQLVVHODXWHW

GHV QDWLRQDO GHQNHQGHQ XQG IKOHQGHQ GHXWVFKHQ 3DWULRWLV
PXV HLQ 3RWHQWLDO YRQ DG KRF  ELV  DXFKGLHVR]LDO
YHUDQWZRUWEDUH3UlVHQWDWLRQ$UJXPHQWDWLRQXQGVHUL|VH3ROL
WLNWDXJOLFKNHLWILQGHWXQGZLGHUVSLHJHOWXQGHEHQQLFKWDQGDX
HUQG LQ 9HUUXI JHEUDFKWLQGLH=RQHGHUSROLWLVFKHQ/lFKHU
OLFKNHLWXQGGHU3ROLWLNXQIlKLJNHLWJHIKUWZLUG
9II*ÂÂ-DKUJDQJÂ+HIW


$XVGHU)RUVFKXQJ
'HU)DOO-HGZDEQHXQGGDV9HUERWVJHVHW]
2GHU:DKUKHLWYHUVXVÄ2IIHQNXQGLJNHLW³XQGÄ1RWRULWlW³
9RQ%DXUDWKF'LSO,QJ:DOWHU/IWO

$PNXU]QDFKGHXWVFKHQhEHUIDOODXIGLHIULHGOLH WUDJLQGLHVHP+HIWYRP/*IU6WUDIVDFKHQ:LHQ]XHLQHP
EHQGH6RZMHWXQLRQDPYHUEWHQHLQPDUVFKLHUHQGH -DKUDXI%HZlKUXQJYHUXUWHLOWZRUGHQLVW
GHXWVFKH7UXSSHQ66XQG*HVWDSRHLQ0DVVDNHUDQGHQM
GLVFKHQ %HZRKQHUQ GHV RVWSROQLVFKHQ 'RUIHV -HGZDEQH 6LH
WULHEHQ GLH 2SIHU YRU DOOHP )UDXHQ XQG .LQGHU LQ HLQHU
6FKHXQH ]XVDPPHQ XQG YHUEUDQQWHQ VLH GRUW (V JDE 
2SIHU
6R HU]lKOWH HV GLH Ä=HLWJHVFKLFKWH³ ELV ]X GHP 7DJ DOV GHU
(U KDWWH XD VLQQJHPl‰ JHVFKULHEHQ GD‰ GLH =DKO GHU GHXW
VFKHQ .ULHJVYHUEUHFKHQ ODXIHQG DEQLPPW GLH GHU DOOLLHUWHQ
MHGRFK]XQLPPW
'HU )DOO -HGZDEQH UHFKWIHUWLJW DEHU GLHVH $XVVDJH QDFKWUlJ
OLFK
'HUUHFKQHULVFKH%HZHLVXQGGLH0DWKHPDWLNNHQQWQXUULFK
SROQLVFKH +LVWRULNHU -DQ 7RPDV] *URVV 3URIHVVRU DQ GHU WLJRGHUXQULFKWLJ
1HZ<RUN8QLYHUVLW\VHLQ%XFK1HLJKERUV1DFKEDUQYHU [ [
|IIHQWOLFKWH 'DULQ ZLUG GHU1DFKZHLVJHIKUWGD‰GLH7lWHU  
\ \
GLHSROQLVFKHQ1DFKEDUQZDUHQVLHKHGD]X'HU6SLHJHO+HIW 'DPLWZLUGGDVGHXWVFKHXQGZLUgVWHUUHLFKHUKlQJHQMDPLW
6HLWH%LVGDKLQZDUQRWRULVFKXQGRIIHQ
NXQGLJGD‰'HXWVFKHGLH7lWHUZDUHQ
'D QXQ DEHU GLH 'HXWVFKHQ DOV 7lWHU DEKDQGHQ JHNRPPHQ
ZDUHQ ZXUGH GLH Ä=HLWJHVFKLFKWH³ RIIHQEDU JHQDXHU ÄKLQWHU
IUDJW³XQGGHU)DOOQHXHUOLFKXQWHUVXFKWMDPDQIKUWHYRU2UW
VRJDU$XVJUDEXQJHQGXUFKXPGLH=DKOGHU2SIHUIHVW]XVWHO
GULQQHQVRZLUGHVXQVWDJWlJOLFKHLQJHKlPPHUW6QGHQUH
JLVWHUPDWKHPDWLVFKXQEHVWUHLWEDUNOHLQHU,VWGDV9HUKDUPOR
VXQJ"1HLQ/HGLJOLFKGDV$XI]HLJHQXQEHVWUHLWEDUHU)DNWHQ
'HU9HUIDVVHUIUDJWVLFKQXQDOVDXFKHLQPDOXQJHUHFKWIHUWLJW
9HUIROJWHU ZLHVR -XULVWHQ QLFKW ]ZLVFKHQ XQEHVWUHLWEDUHQ
9HUEUHFKHQVROFKHEHVWUHLWHQMDLQGHU5HJHOQLFKWHLQPDOGLH
OHQVRZLHGLH$UWXQG:HLVHZLHVLHXPNDPHQ 5HYLVLRQLVWHQXQGVROFKHQ9HUEUHFKHQEHLGHQHQGLH7lWHU
(LQHU0HOGXQJGHV.XULHUYRPLVW]XHQWQHKPHQGD‰ XQG DOOHQIDOOV GLH 2SIHU]DKO XQG GLH 7|WXQJVDUW QRFK QLFKW
ODXWHLQHU$XVVDJHGHVSROQLVFKHQ-XVWL]PLQLVWHUV.DF]\QVN\ IHVWVWHKHQ VLH VLQG EOR‰ QDFK KHUUVFKHQGHU 0HLQXQJ RIIHQ
ªGDV3RJURPLQ-HGZDEQHQLFKWVRQGHUQ2SIHUJH NXQGLJXQGQRWRULVFK]XXQWHUVFKHLGHQYHUP|JHQRGHUZRO
IRUGHUWKDEH©
$OVGLH6FKXOGLJHQQRFKXQWHU*HVWDSRXQG66YHUPXWHWZXU
GHQ ZDUHQ HV HEHQ QDFK GHU Ä1RWRULWlW³ XQG Ä2IIHQNXQGLJ
NHLW³2SIHU(UVWQDFKGHPHLQSROQLVFKHU+LVWRULNHU3R
OHQDOV7lWHUDXVIRUVFKWHZXUGHRIIHQEDUJHQDXHUXQWHUVXFKW
XQGGDZDUHQHVQXUPHKU2SIHU
'LH $QJHOHJHQKHLW Ol‰W DEHU HLQLJH )UDJHQ RIIHQ +lWWH GHU
9HUIDVVHU HWZD YRU HLQHP -DKU YRQ HLQHP SROQLVFKHQ Ä=HLW
]HXJHQ³EHUGLH:DKUKHLWLQIRUPLHUWGLHVH:DKUKHLW|IIHQW
OLFK DXVJHVSURFKHQ VR KlWWHQ LKQ ZRKO %HUXIVGHQXQ]LDQWHQ
MHJOLFKHU*HQHVHZHJHQÄ9HUKDUPORVXQJ³XQGZHJHQÄ/HXJ
QXQJXQEHVWUHLWEDUHU169HUEUHFKHQ³QDFK†KGHV|VWHUUHL
FKLVFKHQ9HUERWVJHVHW]HV†GHVGHXWVFKHQ6WUDIJHVHW]EX
FKHVRGHU†ELVGHV6FKZHL]HU6WUDIJHVHW]EXFKHVDQJH]HLJW
OHQ%HZHLVYHUERW
6RZRKO GLH 2IIHQNXQGLJNHLW DOV DXFK GLH 1RWRULWlW XQWHUOLH
JHQ ZLH GHU )DOO -HGZDEQH MD JHUDGH]X NODVVLVFK EHZHLVW
GHP:DQGHOXQGDXFKKLHUJLOW
1LFKWVLVWVRIHLQJHVSRQQHQ
DOOHVNRPPWDQV/LFKWGHU6RQQHQ
8QGZLHZDUGDVEHL.DW\Q"1DFKGHU(QWVFKXOGLJXQJ-HO]LQV
EHLGHQ3ROHQJLQJPDQ]XU7DJHVRUGQXQJEHU(LQIDFKVR
6R HLQIDFK LVW GDV LQ GHU Ä=HLWJHVFKLFKWH³ :XUGHQ DEHU GD
QDFK GLH XQVFKXOGLJ JHKHQNWHQ GHXWVFKHQ 2IIL]LHUH UHKDELOL
WLHUW"'HU=HLWJHLVWLVWRIIHQEDUEOLQGDXIHLQHP$XJH
:LHN|QQHQHVIKUHQGH-XULVWHQYHUWUHWHQGD‰HLQPHQVFKHQ
UHFKWVZLGULJHV XQG YHUIDVVXQJVZLGULJHV OHGLJOLFK GDV 0lQ
WHOFKHQ GHU Ä9HUIDVVXQJVEHVWLPPXQJ³ EHZDKUW HV YRU GHU
'LHVHU 'HQXQ]LDWLRQ ZlUH YROODXWRPDWLVFK GLH $QNODJH JH $XIKHEXQJ *HVHW] ZHLWHUKLQ REHQGUHLQ JHJHQ GLH ZLUNOL
IROJWGHQQHVLVWMDZLUNOLFKNODU'LH5HGXNWLRQYRQDXI FKHQ$EVLFKWHQGHV*HVHW]JHEHUVVLHKHGHU%HLODJHQ]X
 LVW GHU NODVVLVFKH )DOO GHU 9HUKDUPORVXQJ GHU +LQZHLV GHQ 6WHQRJUDSKLVFKHQ 3URWRNROOH GHV |VWHUUHLFKLVFKHQ1DWLR
DXIQLFKWGHXWVFKH7lWHUGHUNODVVLVFKH)DOOGHU/HXJQXQJ
,QGHU+DXSWYHUKDQGOXQJYRUGHQ*HVFKZRUHQHQKlWWHGHU6H
QDWHLQHQ%HZHLVDQWUDJGRFKGHQSROQLVFKHQ$XJHQ]HXJHQ]X
YHUQHKPHQ RGHU JDU YRU 2UW $XVJUDEXQJHQ GXUFK]XIKUHQ LQ
+LQEOLFN DXI GDV |VWHUUHLFKLVFKH Ä%HZHLVWKHPHQYHUERW³ GDV
VWHKW]ZDUQLUJHQGVLP9HUERWVJHVHW]LVWDEHUHLQH6FK|SIXQJ
XP GHQ |VWHUUHLFKLVFKHQ *HULFKWHQ GLH :DKUKHLWVILQGXQJ LQ
QDOUDWHV ;9,,, *HVHW]JHEXQJVSHULRGH  VR ULJRURV
H[HNXWLHUWZLUG"
(VVROOWHEOR‰GDV9HUKDUPORVHQHWFGHUZLUNOLFKXQEHVWUHLW
EDUHQ9HUEUHFKHQS|QDOLVLHUWZHUGHQXQGQLFKWGDVREMHNWLYH
)RUVFKHQEHUDOOHQIDOOVEHVWUHLWEDUH)RUVFKWGDQQHLQPDOHLQ
6DFKNXQGLJHU HLQ IRUHQVLVFK XQG IDFKOLFK %HVWTXDOLIL]LHUWHU
XQG QLFKW GHU +HUU -DJVFKLW] RKQH DXVUHLFKHQGH WHFKQLVFKH
KHLNOHQ *HVFKLFKWVIUDJHQ ]X HUVSDUHQ ± VLHKH  2V  XQGQDWXUZLVVHQVFKDIWOLFKH.HQQWQLVVHZLUNOLFKXQGNRPPW
2*+±JODWWDEJHZLHVHQGLHVPLWGHP+LQZHLVGD‰ GDEHL]XÄYRONVSlGDJRJLVFKXQHUZQVFKWHQ³(UJHEQLVVHQVR
GLH$EOHKQXQJHLQHVVROFKHQDXIGLH:LGHUOHJXQJHLQHUKLVWRUL LVW GDV ÄSVHXGRZLVVHQVFKDIWOLFK³ RGHU ZLVVHQVFKDIWOLFK HU
VFKHQ 7DWVDFKH DE]LHOHQGHQ %HZHLVDQWUDJHV NHLQH 9HUOHW]XQJ VFKHLQHQG:LHZROOHQ-XULVWHQHUNHQQHQZDVLQ6DFKIUDJHQ
YRQ EHUHFKWLJWHQ 9HUWHLGLJHULQWHUHVVHQ GDUVWHOOW 'HU 9HUIDVVHU ZR]X EUDXFKWH PDQ VRQVW 6DFKYHUVWlQGLJH LP 9HUIDKUHQ"
ZlUHJODWWDEHUY|OOLJXQVFKXOGLJYHUXUWHLOWZRUGHQ WHFKQLVFKXQGQDWXUZLVVHQVFKDIWOLFKZDKURGHUXQZDKULVW"
'HU9HUIDVVHUGDUIGDUDXIKLQZHLVHQGD‰HUVWXQOlQJVW0DJ 3RSSHU KDW JHVDJW :LVVHQVFKDIWOLFK LVW ZDV YHULIL]LHUEDU
+DQV*DPOLFKIUHLQH%XFKEHVSUHFKXQJYJOVHSDUDWHQ%HL RGHUIDOVLIL]LHUEDULVW

9II*ÂÂ-DKUJDQJÂ+HIW 

'LH .HXOH ÄSVHXGRZLVVHQVFKDIWOLFK³ LQ 9HUIDKUHQ QDFK GHP
9HUERWVJHVHW] RKQH WHFKQLVFKH 6DFKYHUVWlQGLJH ]X]X]LHKHQ
LVW HLQPHQVFKHQUHFKWVZLGULJHV,QVWUXPHQWHVGLHQWOHGLJOLFK
GHU-XVWL]GLHVLFKGLHKHLNOH$XVHLQDQGHUVHW]XQJEHU:DKU
KHLWXQG8QZDKUKHLWHUVSDUHQZLOOÄPDQ³LVWMDVRÄVHQVLEHO³
(LQH )HVWVWHOOXQJ ª+LWOHU ZDU HLQ 6R]LDOUHYROXWLRQlU© )DOO
:DV JHVWHUQ QRFK QRWRULVFK XQG RIIHQNXQGLJ ZDU LVW HV MH
GHQIDOOVLP)DOOH-HGZDEQHQLFKWPHKU
.|QQWHGDVQLFKWDXFKLQPDQFKHQDQGHUHQÄQRWRULVFKHQXQG
RIIHQNXQGLJHQ³ )lOOHQ VR VHLQ GD‰ HUVWHQV GLH 7lWHU DQGHUH
ZDUHQ XQG ]ZHLWHQV GLH 2SIHU]DKO XP HLQH =HKQHUSRWHQ]
NOHLQHULVW"
*DPOLFK-DKUEHGLQJWHU]LWLHUWHEOR‰DXV&]HUQLQV%XFK %HLGH)DNWHQlQGHUQMDQLFKWVDQGHQ9HUEUHFKHQMHGRFKDQ
VWHOOWZRKONHLQHªXQEHVWUHLWEDUEHJDQJHQH9HUEUHFKHQEHU GHQ )ROJHQ IUIDOVFKEHVFKXOGLJWH8QEHWHLOLJWH8QGZDUXP
KDXSW LQ $EUHGH XQG GDVLP.HUQ©VLHKHGHU%HLODJHQ Ol‰WPDQQLFKWGLHRIIHQH'LVNXVVLRQ]X"6ROOGDVDOOHVLQ=LU
]XGHQ6WHQRJUDSKLVFKHQ3URWRNROOHGHV|VWHUUHLFKLVFKHQ1D NHOQGLHEOR‰PD[LPDO3HUVRQHQXPIDVVHQGUIHQHU|UWHUW
WLRQDOUDWHV;9,,,*HVHW]JHEXQJVSHULRGH" ZHUGHQ" :HU KDW $QJVW YRU (UJHEQLVVHQ GLH GLH Ä1RWRULWlW
*HUDGH GHU )DOO -HGZDEQH ]HLJW GLH 0HQVFKHQUHFKWV XQG XQG 2IIHQNXQGLJNHLW³ LQ ZHLWHUHQ )lOOHQ lKQOLFK -HGZDEQH
9HUIDVVXQJVZLGULJNHLW GHV 9HUERWVJHVHW]HV DXI XQGVWHOOWGLH LQV:DQNHQEULQJHQN|QQHQ"
LPPHU ZLHGHU LQ GHQ 6WUDIVDFKHQ QDFK GHP 9HUERWVJHVHW] 0DQ OHVH QDFK EHL ,QJHERUJ %DFKPDQQ ª'LH :DKUKHLW LVW
KHUDQJH]RJHQHÄ1RWRULWlWXQG2IIHQNXQGLJNHLW³DXIGHQ3UI GHP0HQVFKHQ]XPXWEDU©
VWDQG




(ULQQHUXQJHQDQHLQHQ.ULHJGHUQLHPDOVVWDWWIDQG
9RQ$QGUHD6FKQHLGHU

-RH6KDUNH\EHULFKWHWHEHUHLWVDP-XQLLQ$PHULNDV LQQHUXQJHQ³ DQ .ULHJVHUHLJQLVVH GLH QDFKZHLVOLFK QLH VWDWW
DQJHVHKHQVWHU7DJHV]HLWXQJ1HZ<RUN7LPHVYRQHLQHP3Kl IDQGHQ
QRPHQ GDV GHQ /HVHUQ GHU 9LHUWHOMDKUHVKHIWH PHKU DOV EH 86*HQHUDO6PLWKHUZlKQWHLQGLHVHP=XVDPPHQKDQJ$SULO
NDQQWYRUNRPPHQGUIWH 2OLYHU KlWWH LP 9HUODXIH LKUHU ,QWHUYLHZV PLW 9LHWQDP9HWH
Ä:LHGHUJHZRQQHQH(ULQQHUXQJHQ³ODJHQDQGHU:XU]HOHLQHV UDQHQGHQ(LQVDW]YRQ6DULQTXDVLDOVJHJHEHQYRUDXVJHVHW]W
Ä6NDQGDOV³GHUGLH86$$QIDQJNXU]DXIUWWHOWH9HWH ZDVGLHVHIUHLOLFKYHUQHLQWH
UDQHQ GHV 9LHWQDPNULHJHV EHKDXSWHWHQ EHVWLPPWH 86 1DFK $XIIDVVXQJ YRQ ([SHUWHQ IU IDOVFKH (ULQQHUXQJHQ LVW
(LQKHLWHQ EHL GHQHQ VLH HLQJHVHW]W JHZHVHQ VHLHQ KlWWHQ LP HV QLFKW VFKZHU GDV *HGlFKWQLV HLQHU HPSIlQJOLFKHQ 3HUVRQ
9LHWQDPNULHJGDV1HUYHQJDV6DULQHLQJHVHW]W$OVEHUGLHVH ]X PDQLSXOLHUHQ ZHQQ GLH ULFKWLJHQ %HGLQJXQJHQ JHJHEHQ
DQJHEOLFKHQ9RUJlQJHDP$SULOYRQGHUDOWJHGLHQWHQ VHLHQ
.ULHJVEHULFKWHUVWDWWHULQ $SULO 2OLYHU GHV 1DFKULFKWHQVHQGHUV 3DPHOD )UH\G 'LUHNWRULQ GHU 866WLIWXQJ )DOVFKHV (ULQQH
&11 LP )HUQVHKHQ EHULFKWHW ZXUGH VHW]WH GDV 869HUWHL
GLJXQJVPLQLVWHULXP VRJDU HLQH 8QWHUVXFKXQJVNRPPLVVLRQ
HLQXPGLH9RUZUIHDXI]XKHOOHQ
(VVWHOOWHVLFKMHGRFKEDOGKHUDXVGD‰GLH]HQWUDOHQ%HKDXS
WXQJHQLPZHVHQWOLFKHQGXUFKHLQH,QWHUYLHZ7HFKQLNJHZRQ
QHQZRUGHQZDUHQGLH]%YRQGHU$PHULNDQLVFKHQ3V\FKLD
WULVFKHQ 9HUHLQLJXQJ DOV LUUHIKUHQG YHUXUWHLOW ZLUG 'LHVH
7HFKQLN]XUÄ:LHGHUJHZLQQXQJ³YHUJHVVHQHUÄ(ULQQHUXQJHQ³
EHUXKW DXI HLQHU PDVVLY VXJJHVWLYHQ %HHLQIOXVVXQJ GHV %H
IUDJWHQ GHP DXI GLHVH :HLVH Ä(ULQQHUXQJHQ³ DQ (UHLJQLVVH
XQG (UOHEQLVVH HLQJHSIODQ]W ZHUGHQ N|QQHQ GLH QLH HUOHEW
ZXUGHQE]ZQLHVWDWWIDQGHQ
Ä:LHGHUJHZRQQHQH(ULQQHUXQJHQ³KDEHQLQGHQ86$LQGHQ
OHW]WHQ -DKUHQ ZLHGHUKROW IU ZLUNOLFKH 6NDQGDOH JHVRUJW GD
VLH RIW DOVIDOVFKH$XVJDQJVEDVLVXQGÄ%HZHLVH³IU.LQGHV
PL‰KDQGOXQJHQ ,Q]HVW 6DWDQVULWXDOH XQG VH[XHOOHQ 0L‰
EUDXFK YHUZHQGHW ZXUGHQ DOOHQ YRUDQ GXUFK GLH 86
-XJHQGlPWHU GHUHQ EHUHLIULJH $QJHVWHOOWH YLHOHQ .LQGHUQ
XQG (UZDFKVHQHQ VFKUHFNOLFKH .LQGKHLWVHUOHEQLVVH JHUDGH]X
UXQJVV\QGURP )DOVH 0HPRU\ 6\QGURPH )RXQGDWLRQ HLQHU
9HUHLQLJXQJ YRQ 0HGL]LQHUQ XQG )RUVFKHUQ GLH VLFK ]XU
$XIJDEHPDFKWIDOVFKH(ULQQHUXQJHQ]XLGHQWLIL]LHUHQIKUWH
GD]XDXV
ª(LQH IDOVFKH (ULQQHUXQJ EHU .ULHJVJUHXHO ZLHGHU]XJH
ZLQQHQLVWQLFKWVRXQJHZ|KQOLFKZLHVLHGHQNHQ©
1DWUOLFK WULIIW GLHV DXFK DXIGLHÄ(ULQQHUXQJHQ³YLHOHU=HLW
]HXJHQ GHU DQJHEOLFK YRQ GHQ 'HXWVFKHQ LP =ZHLWHQ :HOW
NULHJEHJDQJHQHQ*UHXHO]X]XPDOHVQLFKWVLQXQVHUHU:HOW
JLEW ZDV PLW JU|‰HUHU HLQVHLWLJHU VXJJHVWLYHU :XFKW ªTXDVL
DOVJHJHEHQYRUDXVJHVHW]W©XQGVHLW-DKUHQEHUDOOH0DV
VHQPHGLHQ6WXQGHQWlJOLFKZHOWZHLWYHUEUHLWHWZLUG
L/WHUDWXU
±(OLVDEHWK/RIWXV.DWKHULQH.HWFKDP7KH0\WKRI5HSUHV
VHG0HPRU\6W0DUWLQ¶V3UHVV1HZ<RUN
±(OLVDEHWK /RIWXV ª)DOVFKH (ULQQHUXQJHQ© 6SHNWUXP GHU
:LVVHQVFKDIW-DQXDU6
±*HUPDU5XGROIª)DOVFKH(ULQQHUXQJHQEHUDOO±QXUQLFKW
HLQUHGHWHQZDVYLHOH)DPLOLHQLQ1RWXQG8QJOFNVWU]WH LQGHU=HLWJHVFKLFKWH©9II*6
,Q OHW]WHU =HLWKDEHQGLHSV\FKRORJLVFKHQ)DFKOHXWHQXQHQW ±5RQDOG 5HHYHV ª)DOVFKH (ULQQHUXQJHQ LP 'LVQH\ODQG©
GHFNWGD‰DXFKGLHSV\FKRORJLVFKHQ'LHQVWHIU.ULHJVYHWH 9II*6I
UDQHQ GHU 86$UPHH lKQOLFK VXJJHVWLYH Ä%HKDQGOXQJV³0H
WKRGHQYHUZHQGHQ(LQLJH9HWHUDQHQKDEHQGDKHUKHXWHÄ(U

 9II*ÂÂ-DKUJDQJÂ+HIW


%FKHUVFKDX
'LH'HILQLWLRQGHV+RORFDXVWlQGHUWVLFK
9RQ5LFKDUG$:LGPDQQ

-DQ 7 *URVV 1HLJKERUV 7KH 'HVWUXFWLRQ RI WKH -HZLVK GLHVHLQ%UDQGJHVHW]WZXUGH1HLJKERUVZLUGGDGXUFKLQWHU
&RPPXQLW\LQ-HGZDEQH3RODQG'LH9HUQLFKWXQJGHUM HVVDQW XQG VRJDU NRQWURYHUV GD‰ *URVV PHLQW GLH 0|UGHU
GLVFKHQ *HPHLQGH LQ -HGZDEQH 3ROHQ 3ULQFHWRQ 8QL
YHUVLW\3UHVV3ULQFHWRQXQG2[IRUG6
 )U*URVVLVWGLHVHV(UHLJQLV±JHZL‰HLQHUYRQYLHOHQGHUDU
2EZRKO GLH 5HYLVLRQLVWHQ IlOVFKOLFK EH]LFKWLJW ZHUGHQ GHQ
+RORFDXVW ]X ÄOHXJQHQ³ KDEHQ VLH LQ :LUNOLFKNHLW MDKUHODQJ
QXUYHUVXFKWGHQÄ+RORFDXVW³QHX]XGHILQLHUHQ,QGHUJlQ
JLJHQ *HVFKLFKWVVFKUHLEXQJ ZLUG Ä+RORFDXVW³ DOV GLH V\VWH
PDWLVFKH 9HUQLFKWXQJ YRQ EHU
VHFKV 0LOOLRQHQ HXURSlLVFKHQ -X
GHQ GXUFK GLH 1DWLRQDOVR]LDOLVWHQ
YRU XQG ZlKUHQG GHV =ZHLWHQ
:HOWNULHJHV GHILQLHUW 2IWPDOV
ZLUG DXFK GLH KDXSWVlFKOLFKH
0RUGPHWKRGH *DVNDPPHUQ LQ
GLH 'HILQLWLRQ PLW HLQEH]RJHQ
5HYLVLRQLVWHQ KDEHQ MDKUHODQJ DU
JXPHQWLHUW GD‰ GLH 7|WXQJHQ GLH
HUIROJW VLQG LQ :LUNOLFKNHLW QLFKW
V\VWHPDWLVFKHU $UW ZDUHQ 6LH KD
EHQ DX‰HUGHP YHUVLFKHUW GD‰ GLH
=DKO  0LOOLRQHQ HLQH PD‰ORVH
hEHUWUHLEXQJGDUVWHOOWXQGGD‰GLH
*HVFKLFKWHQ EHU 0DVVHQYHUJD
VXQJHQVFKOLFKWZHJIDOVFKVLQG,Q
/lQGHUQ GLH PDQ HLQPDO DOV GLH
DXIJHNOlUWHVWHQ GHU :HOW DQVDK
ZXUGHQ5HYLVLRQLVWHQZHJHQMHGHU
GLHVHU )HVWVWHOOXQJ DQJHNODJW LQ
KDIWLHUW YHUSUJHOW RGHU VRQVWZLH
YHUIROJW
$OV -DQ *URVV GDUDQ JLQJ 1HLJK
ERUV ]X VFKUHLEHQ GLH *HVFKLFKWH
GHU 9HUQLFKWXQJ GHU -XGHQ YRQ
-HGZDEQH LQ 3ROHQ KDW HU ZDKU
VFKHLQOLFK QLFKW LQ %HWUDFKW JH]R
JHQ GD‰ VHLQ :HUN HLQH 5HYLVLRQ
GHV+RORFDXVWGDUVWHOOW6LFKHUZl
UH HU EHUUDVFKW HLQ 5HYLVLRQLVW
JHQDQQW ]X ZHUGHQ XQG ZDKUVFKHLQOLFK HUVFKURFNHQ ZHQQ
PDQLKQDOVÄ+RORFDXVW/HXJQHU³EH]HLFKQHQZUGH
*URVVPHUNWHMHGRFKGD‰1HLJKERUVQLFKWLQGDVEHVWHKHQGH
3DUDGLJPD SD‰W XQG IKUWH DXV GD‰ VHLQ %XFK ª]X HLQHP
*HQUH JHK|UW GDV HUVW MHW]W DOOPlKOLFK DQIlQJW GLH LKP DQ
JHPHVVHQH ZLVVHQVFKDIWOLFKH %HDFKWXQJ ]X ILQGHQ XQG GDV
7lWHU2SIHU=XVFKDXHU9HUKlOWQLV EHKDQGHOW $EHU HV ]HLJW
VLFK GD‰ DXFK GLHVH %HJULIIH JURE VLQG XQG GDV NDQQ DOV
+LQZHLV GDUDXI YHUVWDQGHQ ZHUGHQ GD‰ MHGH 0DVVHQPRUG
VHLHQ LQ :LUNOLFKNHLW QLFKW GHXWVFKH Ä1D]LV³ JHZHVHQ VRQ
GHUQGLHSROQLVFKH=LYLOEHY|ONHUXQJ
WLJHQ 9RUIlOOHQ GLH LQ GLHVHU GXQNOHQ =HLW JHVFKDKHQ ± HLQ
ZLFKWLJHV7HLOVWFNGHV+RORFDXVW3X]]OHV$EHUGLH6FKUHN
NHQ GHV  -XOL  ZDUHQ QDWUOLFK HLQGHXWLJ QLFKW V\VWH
PDWLVFKVLHKDWWHQQLFKWVPLW*DVNDPPHUQ]XWXQXQG±ZDV
DP ZLFKWLJVWHQ LVW ± GLH 0RUGH
ZXUGHQ *URVV ]XIROJH QLFKW YRQ
Ä1D]LV³ EHJDQJHQ 'HU KHUN|PP
OLFKHQ 'HILQLWLRQ ]XIROJH PX‰WHQ
GLH 'HXWVFKHQ ZHQQGLHVH7UDJ|
GLH WDWVlFKOLFK HLQH +RORFDXVW
(SLVRGH ZDU YHUDQWZRUWOLFK VHLQ
$EHU VLH ZDUHQ HV QLFKW :LU VWH
KHQ GDKHU DP %HJLQQ HLQHU =HLW
ZR GLH PLW GHP 6WURP VFKZLP
PHQGHQ $XWRUHQ HUNHQQHQ ZLH
XQKDOWEDUGLHJHJHQZlUWLJHÄ+ROR
FDXVW³'HILQLWLRQ LVW :DV QRW WXW
LVW ± ZLH HV GLH 5HYLVLRQLVWHQ JH
IRUGHUW KDEHQ ± HLQH HLQIDFKHUH
'HILQLWLRQ (V LVW NODU IU *URVV
GD‰ GHU Ä+RORFDXVW³ ªGLH 7UDJ|
GLH LVW GLH (XURSDV -XGHQ ZlK
UHQGGHV=ZHLWHQ:HOWNULHJVEHU
NDP©
0LW HLQHUVROFKHQ'HILQLWLRQIlQJW
GLH -HGZDEQH*HVFKLFKWH DQ XQV
HLQHQ $QJHOSXQNW IU GLH *H
VFKHKQLVVH GHU GDPDOLJHQ =HLW ]X
JHEHQ 2KQH HLQH VROFKH 8PGHIL
QLHUXQJEOHLEHQGLHVH=HLWXQGLKUH
(UHLJQLVVHXQYHUVWlQGOLFK
2EZRKO *URVV HLQHQ ZHUWYROOHQ
'LHQVWJHOHLVWHWKDWLQGHPHUHLQH
 1HXGHILQLHUXQJ GHV Ä+RORFDXVW³
SRSXOlU JHPDFKW XQG DXIJHGHFNW
KDW GD‰ GLH *HVFKHKQLVVH LQ -HGZDEQH GXUFK GLH SROQLVFKH
%HY|ONHUXQJGXUFKJHIKUWZXUGHQYHUOHJWVLFKGDV%XFKDXI
HLQHHEHQVRQHEXO|VH$UJXPHQWDWLRQZLHVRYLHOHDQGHUH%
FKHUGHUKHUN|PPOLFKHQ+RORFDXVW+LVWRULNHU:HLOLKPZRKO
DXIJLQJGD‰VLFKGLH(UHLJQLVVHYRQ-HGZDEQHQLFKWLQGLHRU
WKRGR[H *HOHKUVDPNHLWHLQELQGHQODVVHQYHUVXFKW*URVVVHL
QHHLJHQH0HWKRGHGHQ+RORFDXVW]XHUNOlUHQ
ª$XV GHP ZDV LQ -HGZDEQH JHVFKDK ZLUG GHXWOLFK GD‰
ZLU GHQ +RORFDXVW DOV KHWHURJHQH (UVFKHLQXQJ DQJHKHQ
(SLVRGHLKUHHLJHQH6LWXDWLRQV'\QDPLNKDWWH©6I PVVHQ(LQHUVHLWVPVVHQZLULKQDOVHLQ6\VWHPEHWUDFK
'DV%XFKYRQ*URVVVWHOOWGLH6WDQGDUG'HILQLWLRQGHVÄ+ROR WHQ N|QQHQ GDV JHPl‰ HLQHP YRUJHID‰WHQ ± ZHQQ DXFK
FDXVW³ LQ )UDJH *URVV IKUW DXV HLQH JUR‰H $Q]DKO -XGHQ VLFK VWlQGLJ HQWZLFNHOQGHQ ± 3ODQ IXQNWLRQLHUWH $EHU ]X
XQJHIlKU  VHL DP  -XOL  LQ -HGZDEQH LQ 3ROHQ JOHLFK PVVHQ ZLU LKQ DOV HLQ 0RVDLN VHKHQ N|QQHQ GDV
HUPRUGHW ZRUGHQ 1DFK HLQHU 0RUGRUJLH ZXUGH GLH YHUEOHL VLFK DXV YHUVFKLHGHQHQ (LQ]HOHUHLJQLVVHQ ]XVDPPHQVHW]W
EHQGH %HY|ONHUXQJ LQ HLQH 6FKHXQH JHWULHEHQ XQG VWDUE DOV GLH GXUFK |UWOLFKH (QWVFKHLGXQJVWUlJHU LPSURYLVLHUW ZXU

9II*ÂÂ-DKUJDQJÂ+HIW 

GHQ XQG QLFKW DXI HU]ZXQJHQHP 9HUKDOWHQ EHUXKWHQ© 6 ZLU ZDKUVFKHLQOLFK EHJHKHQ ZHQQ ZLU XPJHNHKUW HLQHQ
I YRUVLFKWLJHQ 6NHSWL]LVPXV JHJHQEHU MHGHU =HXJHQDXVVDJH
'LHVHPKVDPH'HILQLWLRQYHUDQVFKDXOLFKW*URVV¶*HGDQNHQ ZDOWHQ ODVVHQ ELV HLQH XQDEKlQJLJH %HVWlWLJXQJ LKUHV ,Q
JlQJHGXUFKGDVJDQ]H%XFK(UHU]lKOWHLQH*HVFKLFKWHGLH
1HXODQGDEVWHFNWDEHUGDHUGHVVHQ%HGHXWXQJVFKHXWPDFKW
HUHLQH.HKUWZHQGXQJXPHVZLHGHULQHLQHHKHUDQQHKPEDUH
)RUPHLQ]XSDVVHQ
$Q PHKUHUHQ 6WHOOHQ HUNOlUW *URVV GD‰ GLH 'HXWVFKHQ QLFKW
EHWHLOLJWZDUHQ
ª:DVGLHGLUHNWH%HWHLOLJXQJGHU'HXWVFKHQEHLP0DVVHQ
PRUGDQGHQ-XGHQDP-XOLLQ-HGZDEQHDQJHKW
>«@PX‰PDQ]XJHEHQGD‰VLHVLFKVR]LHPOLFKGDUDXIEH
KDOWVJHIXQGHQZXUGH© 6I
0LW HLQHP VROFKHQ 0D‰VWDE ZLUG *URVV¶ $N]HSWDQ] HLQLJHU
GHU SKDQWDVWLVFKHQ *HVFKLFKWHQ XP GLH -HGZDEQH(SLVRGH
YHUVWlQGOLFK (U EDXW VHLQHQ )DOO KDXSWVlFKOLFK DXI GHQ %H
ULFKW YRQ 6]PXO :DVHUV]WDMQ DXI 'LHVHV 'RNXPHQW LVW YROO
ªXQJODXEOLFKHU©(LQ]HOKHLWHQYRQGHQHQHLQLJHQLFKWDXVHU
VWHU+DQGEHNDQQWVHLQN|QQHQ2EZRKOGLH]XJUXQGHOLHJHQGH
*HVFKLFKWHZDKUVHLQPDJPVVHQ5HYLVLRQLVWHQXQGDQGHUH
GHQNHQGH0HQVFKHQEH]JOLFKHLQLJHU(LQ]HOKHLWHQVNHSWLVFK
VFKUlQNWH)RWRVGDYRQ]XPDFKHQ© 6 EOHLEHQJDQ]]XVFKZHLJHQYRQ*URVV¶0HWKRGHDOVVROFKHU
*URVVJHKWVRJDUVRZHLW]X]XJHEHQGD‰GHU$X‰HQSRVWHQGHU 2EZRKO1HLJKERUVHLQEHVVHUGXUFKGDFKWHV%XFKVHLQN|QQWH
GHXWVFKHQ*HQGDUPHULHªGHUVLFKHUVWH2UWLQGHU6WDGWIUGLH LVWHVZHUWYROOZHLOHVEHJRQQHQKDWDXVGHPJUR‰HQ6WURP
-XGHQZDUXQGHLQLJHEHUOHEWHQQXUZHLOVLH]XIlOOLJ]XGHU YRQ(SLVRGHQGLHGLH+RORFDXVW*HVFKLFKWHELOGHQGLHVHHL
=HLW GRUW ZDUHQ© 6  $Q DQGHUHU 6WHOOH YHUVXFKW *URVV QH (SLVRGH DXI]XNOlUHQ (V LVW NODU GD‰ GLH *HVFKLFKWH GHU
MHGRFK GLH 'HXWVFKHQPLWKLQHLQ]X]LHKHQLQGHPHUEHKDXS 7UDJ|GLH GHU HXURSlLVFKHQ -XGHQ LP=ZHLWHQ:HOWNULHJYHU
WHW GD‰ ªGLH 7UDJ|GLH GHV -HGZDEQHU -XGHQWXPV QXU HLQH VWlQGOLFKHUZLUGZHQQPHKU$XWRUHQGHV(VWDEOLVKPHQWVGLH
(SLVRGHLQGHPP|UGHULVFKHQ.ULHJGDUVWHOOWGHQ+LWOHUJH %HGHXWXQJ YRQ *URVV¶ $EZHLFKXQJ YRQ GHU GRJPDWLVFKHQ
JHQDOOH-XGHQIKUWH©6
$PVFKZHUVWHQ]XYHUGDXHQVLQGZRKOVHLQH*HGDQNHQJlQJH
EH]JOLFK GHU =HXJHQEHULFKWH YRQ hEHUOHEHQGHQ (U DUJX
PHQWLHUW GD‰ GHU +RORFDXVW HLQ GHUDUWLJ HLQPDOLJHV (UHLJQLV
VHLGD‰PDQGHQ=HXJHQDXVVDJHQVHOEVWGDQQJODXEHQVFKHQ
NHQPX‰ZHQQVLHªXQJODXEOLFK©VLQG*URVVVFKUHLEW
ª,FKSOlGLHUHQXUIUHLQH%HVHLWLJXQJXQVHUHU8QJOlXELJ
'HILQLWLRQ GHV Ä+RORFDXVW³ EHJUHLIHQ :HQQ PDQ GLH P\WKL
VFKHQ GLH DEVXUGHQ XQG GLH YRQ GHU 3URSDJDQGD JHSUlJWHQ
(OHPHQWHYRQGHU+RORFDXVW*HVFKLFKWHDE]LHKWZUGHQLFKW
QXU GLH HXURSlLVFKH =HLWJHVFKLFKWH YHUVWlQGOLFKHU ZHUGHQ
VRQGHUQ DXFK GLH $NWLYLWlWHQ GHU +RORFDXVW/REE\ ZUGHQ
]XP%DQNURWWJHEUDFKW
1HLJKERUV LVW HLQ ZHLWHUHU 6FKULWW LQ 5LFKWXQJ DXI HLQH .RU
NHLW© 6
(UHUNOlUWVHLQH0HWKRGHIROJHQGHUPD‰HQ
ª:HQQ ZLU =HXJQLVVH YRQ hEHUOHEHQGHQ EHWUDFKWHQ VLQG
ZLU ZRKOEHUDWHQ ZHQQ ZLU GLH $QIDQJVSUlPLVVH LQ EH]XJ
DXIGLH(LQVFKlW]XQJLKUHV%HZHLVZHUWHVYRQHLQHUDSULRUL
NULWLVFKHQ $XIQDKPH lQGHUQ LQ HLQH SULQ]LSLHOO EHMDKHQGH
:HQQZLUGDVZDVZLULQHLQHPEHVWLPPWHQ%HULFKWOHVHQ
DOV7DWVDFKHDN]HSWLHUHQELVZLUEHU]HXJHQGH$UJXPHQWH
UHNWXUGHU*HVFKLFKWVVFKUHLEXQJGHV+RORFDXVWDQJHVLFKWVHL
QHU YROOVWlQGLJHUHQ 'RNXPHQWDWLRQ JHVFKLFKWOLFKHU 7DWVD
FKHQ
$10(5.81*'(55('$.7,21
(LQH([KXPLHUXQJGHU/HLFKHQYRQ-HGZDEQHHUJDEGD‰GDV
0DVVHQJUDEÄQXU³HWZD/HLFKHQHQWKlOWDOVRZHQL
JHU DOV YRQ *URVV¶ =HXJHQ EHKDXSWHW $)3  YJO
IU GDV *HJHQWHLO ILQGHQ YHUPHLGHQ ZLU PHKU )HKOHU DOV 9II*6






'HU=XJIlKUWVFKRQ±VDQIWHU5HYLVLRQLVPXVLQ'lQHPDUN
9RQ'U&
KULVWLDQ/LQGWQHU

+HOJH +DJHPDQQ 8QGHU 7YDQJ ±0LQHU\GQLQJHQYHGGHQ .ULHJ QXU HLQ VHKU HQJHV 0HLQXQJV6SHNWUXP ]X :RUW NDP
M\VNHYHVWN\VW8QWHU=ZDQJ±GLH0LQHQUlXPXQJDQ LVW KLHU LQ GHQ OHW]WHQ -DKUHQ HWZDV LQ *lUXQJ JHUDWHQ 'HU
GHU MWOlQGLVFKHQ :HVWNVWH  $NDGHPLVN )RUODJ 6FKOHLHU GHV YRQ :LGHUVWDQGVNUHLVHQ JHSUlJWHQ *HVFKLFKWV
$6 .RSHQKDJHQ   6 PLW ]DKOU %LOGHUQ  ELOGHVZLUGPHKUXQGPHKUGXUFKO|FKHUWRGHUZHJJH]RJHQ
'.U,6%1ZZZDNDGHPLVNGN
6WHIDQ(PNM U6WLNNHUGUDE±0RGVWDQGEHY JHOVHQVOLNYL
GHULQJDIGDQVNHUHXQGHUEHV WWHOVHQ'HQXQL]DQWHQ0RUG
±'LH/LTXLGLHUXQJHQYRQ'lQHQGXUFKGLH:LGHUVWDQGV
hEHU HLQ -DKU]HKQW ODQJ ZDU GLH HLQ]LJH NULWLVFKH 8QWHUVX
FKXQJ GLHVHU =HLW 'LWOHY 7DPPV LQ GHQ DFKW]LJHU -DKUHQ HU
VFKLHQHQH $UEHLW 5HWVRSJ¡UHW  EHU GLH (QWQD]LIL]LHUXQJ LQ
'lQHPDUN
,QGHQOHW]WHQ-DKUHQKDEHQMHGRFKPHKUHUH9HUIDVVHUEHJRQ
EHZHJXQJ ZlKUHQG GHU %HVHW]XQJ $VFKHKRXJ 'DQVN QHQ GLH 1DFKNULHJV0DFKWEHUQDKPH QDFKLKUHUMXULVWLVFKHQ
)RUODJ$6EURVFK6'.U,6%1 XQG OHJDOHQ *UXQGODJH ]X KLQWHUIUDJHQ XQG GDV .ULHJV XQG
ZZZDVFKHKRXJGN 1DFKNULHJVJHVFKHKHQ DQ GHQ GHPRNUDWLVFKHQ 0RUDO XQG
 :HUWHGHNODUDWLRQHQ ]X PHVVHQ 'LHVH *HQHUDWLRQ YRQ +LVWR
2EZRKO HV LQ 'lQHPDUN ZHGHU HLQHQ ÄRUJDQLVLHUWHQ³ 5HYL ULNHUQKDWGDV6FKZDU]:HL‰'HQNHQDXIJHJHEHQ±LKUUHLFKW
VLRQLVPXV JLEW QRFK GHU]HLW LUJHQGHLQH =HLWVFKULIW GLH VLFK Ä$QWLQD]LVPXV³ QLFKW PHKU DOV 5HFKWIHUWLJXQJ IU 8QUHFKW
NULWLVFKPLWGHU*HVFKLFKWVVFKUHLEXQJGHU.ULHJVXQG1DFK 1DFKGHP GLH HUVWHQ )UDJH]HLFKHQ JHVHW]W XQG HNODWDQWH
NULHJV]HLW EHID‰W XQG REZRKO LQ GHQ -DKU]HKQWHQ QDFK GHP 5HFKWVYHUVW|‰H GHU *XWPHQVFKHQ VFKRQXQJVORV DXIJHGHFNW

 9II*ÂÂ-DKUJDQJÂ+HIW

ZXUGHQNDQQPLW6SDQQXQJYHUIROJWZHUGHQ]XZHOFKHQ(U
NHQQWQLVVHQVLFKGLHVHV)UHLGHQNHUWXPZHLWHUKLQGXUFKULQJW
%HVRQGHUVKRIIQXQJVYROOVWLPPWHVZHQQGLH7DEXVGHU9l
WHUYRQGHQHLJHQHQ.LQGHUQEHU%RUGJHZRUIHQZHUGHQZLH
HVEHLPHUVWHQKLHU]XEHVSUHFKHQGHQ7LWHOGHU)DOOLVW
'HU 9HUIDVVHU LVW -XULVW XQG 6RKQ HLQHV GlQLVFKHQ :LGHU
VWlQGOHUV6HLQ9DWHU3&)ORULDQ/DUVHQKDWWHDOVGl
QLVFKHU 2IIL]LHU LQ 6FKZHGHQ EHL GHU $XIVWHOOXQJ GHU 'lQL
VFKHQ %ULJDGH PLWJHZLUNW GLHQWH GDQQ  LQ (QJODQG EHL
GHUGlQLVFKHQ0LOLWlUPLVVLRQGHV6+$()XQGNDPLP$SULO
PLWGHPEULWLVFKHQ*HQHUDO'HZLQJYRQ6WRFNKROPDXV
QDFK 'lQHPDUN ]XUFN =XVDPPHQ PLW GHP HQJOLVFKHQ 0L
QHQH[SHUWHQ 0DMRU +ROODQG EHIHKOLJWH HU GLH 0LQHQUlXPXQJ
GHUGlQLVFKHQ.VWH'LH0LQHQUlXPXQJVHOEVWZXUGH±XQWHU
9HUVWR‰ JHJHQ GLH +DDJHU /DQGNULHJVRUGQXQJ ± GHXWVFKHQ
.ULHJVJHIDQJHQHQDXIHUOHJW
$OV GHP9HUIDVVHU-DKU]HKQWH
VSlWHU HLQ =HLWXQJVDXVVFKQLWW
/LQGHPDQQEHDXIWUDJWH+DXSWPDQQ*HXHUGHQ&KHIGHU3LR
QLHU6FKXOHLQ+RUVHQVPLWGHU'XUFKIKUXQJGHU0LQHQUlX
PXQJ 'DV LP $SULO  LQQHUKDOE GHU 'lQLVFKHQ %ULJDGH
XQWHU GHP ,QJHQLHXUVRIIL]LHU '$ :LHWK.QXGVHQ HUULFKWHWH
3LRQLHUNRPPDQGRNDPVRPLWEHLGHU5lXPXQJGHUHWZD]ZHL
0LOOLRQHQ/DQGPLQHQQLFKW]XP(LQVDW]VRQGHUQEWHQXUGLH
.RQWUROOH DXV 'LH  0DQQ GHV .RPPDQGRV ZXUGHQ
YRQGHPHQJOLVFKHQ0LQHQH[SHUWHQ0DMRU+ROODQGHLQJHZLH
VHQ XQG EHZDFKWHQ ]XJOHLFK DXFK GLH HLQJHVHW]WHQ NULHJVJH
IDQJHQHQ'HXWVFKHQ
'LH 'HXWVFKHQ KDWWHQ EHUHLWV DP  0DL PLW GHU 0LQHQUlX
PXQJEHJRQQHQ'HQGHXWVFKHQ2IIL]LHUHQZXUGHQ0LQHQNDU
WHQDXVJHKlQGLJWXQGVRIHUQGLH0LQHQVLFKWEDUXQGLQhEHU
HLQVWLPPXQJ PLW GHQ .DUWHQ DXVJHOHJW ZDUHQ ZDU GLH 5lX
PXQJQLFKWVFKZLHULJ*HVXFKWZXUGHPLW6SDWHQ%DMRQHWWHQ
ODQJHQ (LVHQVWDQJHQ XQG HOHNWULVFKHQ 0LQHQVRQGHQ GLH MH
GRFK YRQ VFKOHFKWHU 4XDOLWlW
XQG EHL GHQ VRJ +RO]PLQHQ
KLHUEHU LQ GLH +DQG NDP 3DQ]HUPLQHQ LQ +RO]NlVWHQ
IKOWH HU VLFK YHUSIOLFKWHW XQQW]ZDUHQ
GHPGDPDOLJHQ*HVFKHKHQDXI 'LH $UEHLW ZDU QDWUOLFK JH
GHQ *UXQG ]X JHKHQ XQG GDV IlKUOLFK MHGHU 6FKULWW NRQQWH
(UJHEQLV VHLQHU )RUVFKXQJ GHQ 7RG EHGHXWHQ 'D]X NDP
SUlVHQWLHUW GDV NOHLQH DEHU GHU=HLWGUXFN±GLH(QJOlQGHU
KRFKNDUlWLJH:HUN YHUODQJWHQGD‰HLQ6ROGDWGHU
7HLO , EHVFKUHLEW GLH 2UJDQL GXUFK 6DQG *UDV +HLGHNUDXW
VLHUXQJXQG'XUFKIKUXQJGHU RGHU VXPSILJH :LHVHQ NURFK
0LQHQUlXPXQJ 1DFK GHU EH DOOH0LQXWHQHLQH0LQHHQW
GLQJXQJVORVHQ .DSLWXODWLRQ IHUQHQ VROOWH ZDV MHGRFK RIW
GHU :HKUPDFKW LQ 'lQHPDUN QLFKWUHDOLVLHUEDUZDU
DP  VROOWHQ GLH GHXW $QIDQJV ZDUHQ HWZD 
VFKHQ 7UXSSHQ 'lQHPDUN GHXWVFKH.ULHJVJHIDQJHQHPLW
VFKQHOOVWP|JOLFK YHUODVVHQ ± GHU 0LQHQUlXPXQJ EHVFKlI
]X)X‰$P0DLZXUGHGHU WLJW DP  NDP HLQ %D
GHXWVFKH 2EHUNRPPDQGLHUHQ WDLOORQ DXV HLQHP HQJOLVFKHQ
GH *HQHUDOREHUVW *HRUJ /LQ .ULHJVJHIDQJHQHQODJHU EHL
GHPDQQ ± HLQ 2IIL]LHU DOWHU (LGHUVWHGWGD]XXQGGLH6WlUNH
6FKXOH ± SHUV|QOLFK IU GLH VWLHJDXI0DQQLP$X
0LQHQUlXPXQJYHUDQWZRUWOLFK JXVW DQGHUWKDOE 0RQDWH YRU
JHPDFKW(UPX‰WHGHXW (QGHGHU$UEHLWJDUDXI
VFKH 6ROGDWHQ KDXSWVlFKOLFKH 0DQQ
3LRQLHUH DXV GHQ 0DUVFKNR 'LH 9HUSIOHJXQJ HQWVSUDFK LQ
ORQQHQ KHUDXVQHKPHQ XQG DQ NHLQHU :HLVH GHU KDUWHQ XQG
GLH :HVWNVWH 'lQHPDUNV JHIlKUOLFKHQ $UEHLW XQG YRU
GHQ $WODQWLNZDOO DENRPPDQ DOOHPGLH6ROGDWHQGLHVLFKLQ
GLHUHQ %HL GHU 8QWHU]HLFK +RIIQXQJ DXI EHVVHUH 9HU
QXQJ GHU %HGLQJXQJVORVHQ SIOHJXQJ DXV GHU EULWLVFKHQ
.DSLWXODWLRQ DP  0DL ZDU GDYRQ QLFKW GLH 5HGH JHZHVHQ *HIDQJHQVFKDIW LQ (LGHUVWHGW ÄIUHLZLOOLJ³ JHPHOGHW KDWWHQ
XQGGHU9HUIDVVHU]HLJWPDFKWSROLWLVFKHV*HVSUZHQQHUGLH ZXUGHQ ELWWHU HQWWlXVFKW 6LH EHNDPHQ QLFKW HLQPDO GLH GHQ
)UDJHDXIZLUIWREGLH$OOLLHUWHQGLHVHVKHLNOH7KHPDDEVLFKW *HQIHU .RQYHQWLRQHQ HQWVSUHFKHQGHQ 5DWLRQHQ =ZDU IKUW
OLFKHUVW]XU6SUDFKHEUDFKWHQQDFKGHPGLH(QWZDIIQXQJGHU GHU 9HUIDVVHU DQ GD‰ LQ JDQ] (XURSD 1DKUXQJVPDQJHO
'HXWVFKHQLQ'lQHPDUNGXUFKJHIKUWZDU KHUUVFKWHHUIKUW]XJOHLFKDEHUDXVGD‰LQ'lQHPDUNUHLFK
'D‰ GLHV HLQ HKUOLFKHV %XFK LVW ]HLJW +DJHPDQQV )HVWVWHO OLFK1DKUXQJVPLWWHOYRUKDQGHQZDUHQ±ZDVDXFKDXVGHQ$N
OXQJ GD‰ *HQHUDO 'HZLQJ EHL VHLQHU $QNXQIW LQ 'lQHPDUN WHQGHV5LJVDUFKLYLQ.RSHQKDJHQKHUYRUJLQJ*HQHUDOPDMRU
ªHLQH LP JUR‰HQ *DQ]HQ JXWIXQNWLRQLHUHQGH *HVHOOVFKDIW 9DJQ %HQQLNH IRUGHUWH DP  -XQLEHLP*HQHUDONRP
YRU>IDQG@ GLH QLFKW LQ QHQQHQVZHUWHP *UDG YRQ  -DKUHQ PDQGRHLQHDQVWlQGLJH%HKDQGOXQJGHUGHXWVFKHQ0LQHQUlX
%HVDW]XQJ XQG .ULHJ JHSUlJW ZDU© 6  +HUYRUKHEXQJ PHU±LKUH7DJHVUDWLRQEHWUXJNFDOSUR7DJ1RFKDP
GXUFKGHQ5H]'DVLQ'lQHPDUNJlQJLJH.OLVFKHHPLWGHP
DXFK GHU 9HUIDVVHU JUR‰ JHZRUGHQ LVW ODXWHW QDWUOLFK JDQ]
DQGHUV6LFKGXUFK%HIDVVXQJPLWGHQ7DWVDFKHQYRQVROFKHQ
9RUHLQJHQRPPHQKHLWHQO|VHQ]XN|QQHQ]HLFKQHWGHQHFKWHQ
+LVWRULNHUDXV±RGHUVROOPDQVDJHQGHQ5HYLVLRQLVWHQ"
9II*ÂÂ-DKUJDQJÂ+HIW
-XOL VWHOOWHQ GLH EULWLVFKHQ 0LOLWlUlU]WH IHVW GD‰ GLH 0LQHXUH
QLFKW LKUH  NFDO SUR 7DJ HUKLHOWHQ +DXSWPDQQ *HXHU
PRQLHUWHDP-XOLGD‰VHLQH7UXSSHQQLFKWEHNDPHQZDV
LKQHQ ]XVWDQG XQG LKQHQ YRQ GlQLVFKHU 6HLWH YHUVSURFKHQ
ZRUGHQ ZDU ,Q HLQHU GHVZHJHQ DQJHVHW]WHQ .RQIHUHQ] GHU


6+$()0LVVLRQ DP  EHL GHU HV XP 6HLIH (VVHQ
.OHLGXQJ XQG 6WLHIHO IU GLH *HIDQJHQHQ JLQJ VHW]WH VLFK
DXFK0DMRU6WDQOH\+ROODQGIUK|KHUH5DWLRQHQHLQ2EGLH
VHQ )RUGHUXQJHQ VWDWWJHJHEHQ ZXUGH ZDU GHQ 'RNXPHQWHQ
QLFKW]XHQWQHKPHQ'DV5RWH.UHX]KDWWHNHLQHQ.RQWDNW]X
GHQ PLQHQUlXPHQGHQ *HIDQJHQHQ ± XQG DXFK NHLQHHQWVSUH
FKHQGHQ 9HUVXFKH XQWHUQRPPHQ 'LH GHXWVFKHQ 0LQHQUlX
PHU ZDUHQ DOVR Y|OOLJ YRQ GHU 8PZHOW DEJHVFKQLWWHQ XQG
NRQQWHQVLFKDQNHLQH,QVWDQ]ZHQGHQ
'LHGHXWVFKHQ3LRQLHUHPX‰WHQQLFKWQXUVFKZHUHN|USHUOLFKH
$UEHLW OHLVWHQ VLH VWDQGHQ DXFK XQWHU JUR‰HP SV\FKLVFKHQ
'UXFN 6LH ZXUGHQ YRQ LKUHQ HLJHQHQ 2IIL]LHUHQ LQ GLH 0L
QHQIHOGHUEHIRKOHQGHQHQHVYRQGHQ(QJOlQGHUQXQG'lQHQ
EHUODVVHQ EOLHE ZLH VLH LKUH 6ROGDWHQ ÄPRWLYLHUHQ³ VROOWHQ
7HLO ,, GHV EHVSURFKHQHQ %XFKHV PLW GHU hEHUVFKULIW ª'DV
9HUEUHFKHQ©EHID‰WVLFKPLWGHUMXULVWLVFKHQ6HLWH+DJHPDQQ
EHKDQGHOWNXU]GLH5HJHOQ]XP6FKXW]GHU.ULHJVJHIDQJHQHQ
GLH+DDJHU.RQYHQWLRQYRQ±GLHDXFKYRQGHU6RZMHW
XQLRQXQWHU]HLFKQHWZXUGH±XQGGLH*HQIHU.RQYHQWLRQYRP

'LHVH 3XQNWH EHGUIHQ IU XQVHUH /HVHU NDXP ZHLWHUHU $XV
IKUXQJ ± ZlKUHQG VLH IU GHQ 9HUIDVVHU HLQH VFKRFNDUWLJH
(QWGHFNXQJ GDUVWHOOWHQ XQGGDVJOHLFKHJLOWIUGLHGlQLVFKH
gIIHQWOLFKNHLW
%HPHUNHQVZHUW XQG ULFKWXQJVZHLVHQG LVW GLH ,QWHUSUHWDWLRQ
GHV %HJULIIV ªEHGLQJXQJVORVH .DSLWXODWLRQ© GLH GHU -XULVW
+DJHPDQQSUlVHQWLHUWXQGGLHPDQLQGHUGHXWVFKHQ/LWHUDWXU
QLFKW ILQGHW 6LH ZLUG GXUFK =LWDWH DXV &KXUFKLOOV 5HGHQ EH
XQGGLH'LV]LSOLQZDUVLFKHUKDUW
'LH YRP 6+$() EHIRKOHQH .RQWUROOH EHLQKDOWHWH GD‰ GHXW
VFKH3LRQLHUWUXSSHQ]XP$EVFKOX‰EHUGLH)HOGHUPDUVFKLH
UHQ PX‰WHQ GLH YRQ 3HUVRQHQPLQHQ JHUlXPW ZRUGHQ ZDUHQ
XQG PLW JHSDQ]HUWHQ )DKU]HXJHQ EHU GLH *HELHWH IDKUHQ
OHJW6
ª'HU $XVGUXFN Ä EHGLQJXQJVORVH .DSLWXODWLRQ³ EHGHXWHW
>«@ GD‰ GLH $OOLLHUWHQ LP $XJHQEOLFN GHU hEHUJDEH GHQ
'HXWVFKHQ JHJHQEHU QLFKW GXUFK LUJHQGHLQHQ 9HUWUDJ
RGHUDQGHUH9HUSIOLFKWXQJHQJHEXQGHQVLQG5HGHLP8Q
PX‰WHQZR3DQ]HUPLQHQJHOHJHQKDWWHQ WHUKDXV©
,Q1RUZHJHQ±ZRPDQGHQ'lQHQJUR‰]JLJ5DWVFKOlJHIU 0LWDQGHUHQ:RUWHQªEHGLQJXQJVORVH.DSLWXODWLRQ©EHLQKDO
GLH0LQHQVXFKHJHJHEHQKDWWH±ZXUGHQEHLGLHVHQ.RQWUROO WHWHQLFKWQXUGD‰GLH6LHJHUGHPEHVLHJWHQ'HXWVFKH5HLFK
JlQJHQ YHUHLQ]HOW VFKDUIH 0LQHQ JHOHJW XP GLH (IIHNWLYLWlW LKUH %HGLQJXQJHQ GLNWLHUWHQ ± HV EHGHXWHWH GDUEHU KLQDXV
GHU.RQWUROOHQ]XEHUSUIHQ%HUQKDUG‘VWHUnVEHULFKWHWHDP GD‰VLFKGLH6LHJHULQLKUHU0DFKWDXVEXQJQLFKWHLQPDOYRQ
LP5XQGIXQNEHUGLH0LQHQUlXPXQJ Y|ONHUUHFKWOLFKHQ 3ULQ]LSLHQ EHVFKUlQNHQ ODVVHQ ZROOWHQ
ª'LH 'HXWVFKHQ PX‰WHQ V\VWHPDWLVFK EHU GLH )HOGHU JH 'LHVHHUNOlUWH$EVLFKWNDPGDQQEHNDQQWOLFKDXFK]XU'XUFK
KHQ XQG PLW GQQHQ VSLW]HQ (LVHQVWDQJHQ KHUXPVWRFKHUQ IKUXQJ VHL HV PLW GHU9HUKDIWXQJGHU5HLFKVUHJLHUXQJRGHU
=XOHW]W ZXUGH HLQH EHVWLPPWH $Q]DKO 'HXWVFKHU EHRUGHUW GHU $XIWHLOXQJ 'HXWVFKODQGV GDV PLW +DJHPDQQV :RUWHQ
6FKXOWHUDQ6FKXOWHUODQJVDPGXUFKGDV)HOG]XJHKHQ6LH ªVRZRKO IRUPDO ZLH DXFK UHDO ]X H[LVWLHUHQ DXIK|UWH © 'LH
VROOWHQEHLP0DUVFKLHUHQPLW(LVHQVWDQJHQLQGLH(UGHYRU GDULQ OLHJHQGH 8QJHKHXHUOLFKNHLW XQG $QNODJH LVW GHP 9HU
LKQHQ VWHFKHQ 'DV ZXUGH PHKUPDOV ZLHGHUKROW ZHQQ HV IDVVHUEHZX‰W±ZlKUHQGHUVLFKZDKUVFKHLQOLFKNHLQH*HGDQ
GHU .RQWUROORIIL]LHU IU Q|WLJ EHIDQG 8P GLH :LUNVDPNHLW NHQEHUGDVGDUDXIIROJHQGHÄ,QWHUUHJQXP³JHPDFKWKDWGDV
GLHVHUOHW]WHQDEVFKOLH‰HQGHQ.RQWUROOH]XEHUSUIHQZXU Y|ONHUUHFKWOLFKELVKHXWHQLFKWEHHQGHWLVW
GHQLQHLQ]HOQHQ)lOOHQ]XHUVWVFKDUIH0LQHQLP)HOGDXVJH 'LHVH 6LFKWZHLVHVFKHLQWPLUGHQWDWVlFKOLFKVLQJXOlUHQ9|O
OHJW RKQH GD‰ GLH 'HXWVFKHQ GDYRQ ZX‰WHQ 'LHVH 0LQHQ NHUUHFKWVYHUVWR‰GHU$OOLLHUWHQNODUHU]XP$XVGUXFN]XEULQ
ZXUGHQLPPHULPPHUYRQGHQ'HXWVFKHQJHIXQGHQ©  JHQ DOV GLH DQVRQVWHQ ]X K|UHQGHQ %HWHXHUXQJHQ GDV 'HXW
2EGLHGlQLVFKHQ.RQWUROOHXUHHLQHlKQOLFKH)DQWDVLHDQGHQ
7DJOHJWHQGDUEHUVFKZHLJHQVLFKGLH$UFKLYHDXV
'HU =HLWGUXFN ZDU HLQHU GHU ZLFKWLJVWHQ 8QJOFNVIDNWRUHQ
%LV ]XP  QRWLHUWH +DXSWPDQQ *HXHU  7RWH XQG 
6FKZHUYHUZXQGHWHLQVHLQHP5HJLPHQWZDUHQOHLFKWYHU
OHW]W
+DJHPDQQYHUJOHLFKWGLH7RGHVUDWHQYRQLQGHQJUR‰HQ
.ULHJVJHIDQJHQHQODJHUQ PLW   EHL GHU 0LQHQUlXPXQJ
%H]LHKWPDQDXFKGLH6FKZHUYHUOHW]WHQHLQVRHUJLEWVLFKHL
QH4XRWHYRQ
,P ElQGLJHQ %HULFKW GHU 0DVFNHNRPPLVVLRQ ZHUGHQ ELV
]XP±HLQHP0RQDWYRU$EVFKOX‰GHU0LQHQUlXPXQJ
±7RWHXQG6FKZHUYHUOHW]WHDQJHJHEHQ
:DKUVFKHLQOLFKZDUHQGLH9HUOXVWHDEHUK|KHUDOVGLHRIIL]LHO
OHQ GlQLVFKHQ =DKOHQ .DUO )ULHOLW] JLEW GLH 9HUOXVWH SHU 
2NWREHU  PLW  7RWHQ XQG  6FKZHUYHUOHW]WHQ VR
ZLH  /HLFKWYHUOHW]WHQ DQ )ULHOLW] EHULFKWHW DXFK GD‰ GLH
(QJOlQGHU GLH GHXWVFKHQ 3LRQLHUWUXSSHQ IU LKUH UDVFKH
0LQHQUlXPXQJ LQ 'lQHPDUN EHORKQWHQ ± QLFKW PLW
)UHLODVVXQJ VRQGHUQ PLW HLQHU XQJHIlKUOLFKHQ $UEHLW GHP
:LHGHUDXIEDXGHU(LVHQEDKQLP+DPEXUJHU5DXP
(LQ VFKOLPPHUHU 'DQN ZXUGH *HQHUDOREHUVW /LQGHPDQQ ]X
WHLO HU ZXUGH DP  -XQL  LQ Ä6LONHERUJ %DG³ GHP 
+DXSWTXDUWLHU GHU 'HXWVFKHQ :HKUPDFKW LQ 'lQHPDUN YHU 'LHVHV6FKLOGOLH‰GHU6WDQGRUWNRPPDQGDQWLP0DLLP
KDIWHWXQGQDFK1UQEHUJYHUEUDFKW(UVWZXUGHHUHQW GlQLVFKHQ*UHQ]RUW.UXVDXDQEULQJHQ(VYHUDQVFKDXOLFKW
ODVVHQ XQWHUZHOFKVWUHQJHU'LV]LSOLQGLHDE]LHKHQGHQGHXWVFKHQ
7UXSSHQJHKDOWHQZXUGHQ

 9II*ÂÂ-DKUJDQJÂ+HIW

VFKH 5HLFK EHVWHKH IRUW ZHLO QXU GLH :HKUPDFKW NDSLWXOLHUW
KDEH)UHLQHQ$X‰HQVWHKHQGHQZLH+DJHPDQQLVWNODUGD‰
KLHUGLH0DFKWGDV5HFKWJHEURFKHQKDW
(LQHZHLWHUH)ROJHGHUDEVROXWHQ5HFKWORVLJNHLWEHVWDQGGDU
LQGD‰GLH.ULHJVJHIDQJHQHQZLH6WDDWHQORVHEHKDQGHOWZXU
GHQDOVRRKQHMHJOLFKHQ6FKXW]LKUHV+HLPDWODQGHV
(LQHU %HKDQGOXQJ EHU DOOLLHUWH 9HUVW|‰H JHJHQ GLH *HQIHU
.RQYHQWLRQ PX‰ ±IUGlQLVFKH9HUKlOWQLVVHZRKO]ZLQJHQG
± HLQ $EVFKQLWW EHU ÄGHXWVFKH.ULHJVYHUEUHFKHQ³YRUDXVJH
KHQ ZREHL VLFK GHU 9HUIDVVHU LP :HVHQWOLFKHQ DXI /RUG
5XVVHOV %XFK 7KH 6FRXUJH RIWKH6ZDVWLNDYHUOl‰W±GHQHU
HLQPDO DOV +LVWRULNHU XQG GDQQ DOV 5HFKWVDQZDOW YRUVWHOOW
=ZDU EUlXFKWH GLHV NHLQ :LGHUVSUXFK ]X VHLQ ZLH +DJH
PDQQVHLJHQH$UEHLW]HLJWGLHGRUWZRVLHDXIHLJHQVWlQGLJH
)RUVFKXQJXQG*HGDQNHQ]XUFNJUHLIWGXUFKDXVGHU+LVWRUL
NHU]XQIW(KUHPDFKW
+DJHPDQQV *ODXEH GD‰ GLH *HVFKLFKWVZLVVHQVFKDIW XQDE
KlQJLJYRQPDFKWSROLWLVFKHQ(UZlJXQJHQVHLXQGGD‰DQGHUH
LKU7KHPDPLWGHPJOHLFKHQ2EMHNWLYLWlWVVWUHEHQDQJHKHQZLH
HU VHOEVW LVW MHGRFK QDLY ± ZHQQ VLH DXFKIUGHQ0HQVFKHQ
+DJHPDQQXQGVHLQH$XIULFKWLJNHLWVSULFKW0DQVROOWHHVHL
QHPHKUOLFKHQ0HQVFKHQQLFKW]XP9RUZXUIPDFKHQGD‰HU
QLFKWVRIRUWHLQHQ.ROOHJHQGXUFKVFKDXWGHUVHLQ7KHPDPLW
ZHQLJHU HKUOLFKHQ 0RWLYHQ DQJHKW YRU DOOHP ZHQQ GLHVHU
YRPODQGOlXILJHQ*HVFKLFKWVELOGEHVWlWLJWZLUG
(V GUIWH QXU HLQH )UDJH GHU =HLW VHLQ ELV +DJHPDQQ HQW
GHFNWGD‰QLFKWQXUVHLQ6SH]LDOWKHPD0LQHQUlXPXQJGXUFK
.ULHJVJHIDQJHQHWDEXLVLHUWXQGYRQ0\WKHQYHU]HUUWZLUGXQG
HU GDV $XVPD‰ HUNHQQW LQGHPGLH.ULHJVXQG1DFKNULHJV
JHVFKLFKWHLQWHUQDWLRQDOYRQDOOLLHUWHU3URSDJDQGDXQGLQ'l
QHPDUN YRQ /HJHQGHQ GHU :LGHUVWlQGOHU EHKHUUVFKW ZLUG
'D‰ HU DXI GHP :HJ GD]X LVW ]HLJW GHU ,,, 7HLO VHLQHV %X
FKHVEHWLWHOWª'DV1DFKVSLHO©ZRVLFKGHU$XWRUVRZRKOPLW
GHP V\VWHPDWLVFKHQ XQG MDKU]HKQWHODQJHQ 6FKZHLJHQ EHU
GLHVHV .ULHJVYHUEUHFKHQ EHID‰W ZLH DXFK PLW GHU 3ROHPLN
GHUHUDXVJHVHW]WZXUGHVHLWHUHUVWPDOVVHLQH)RUVFKXQJVHU
JHEQLVVHYRUVWHOOWH
'HU 7LWHO GHV %XFKHV 8QWHU =ZDQJ ULFKWHW VLFK JHJHQ GHQ
(LQZDQG GLH 0LQHQUlXPHU VHLHQ IUHLZLOOLJ ]X :HUN JHJDQ
JHQ+DJHPDQQNRQWHUWNXU]XQGEQGLJ)UHLZLOOLJNHLWEHLQ
KDOWHGD‰PDQMHGHU]HLWDXFKDXIK|UHQNDQQ±GLHGHXWVFKHQ
0LQHQUlXPHUZXUGHQMHGRFKQLFKWJHIUDJWREVLH/XVWKlWWHQ
RGHUQLFKW
6LHHUKLHOWHQDXFKNHLQHQ/RKQIULKUH$UEHLWLKUH9HUSIOH
JXQJZDUHOHQGLJXQGVLHXQWHUVWDQGHQGHP.RPPDQGRLKUHU
9RUJHVHW]WHQGLHZLHGHUXPYRQGHQGlQLVFKHQ.RQWUROOHXUHQ
NRPPDQGLHUWZXUGHQ
'LH IU GDV 1LYHDX GHU GlQLVFKHQ 'LVNXVVLRQ EH]HLFKQHQGH
%HKDXSWXQJ PDQ N|QQH QLFKW .ULHJVJHIDQJHQHU VHLQ QDFK
GHPGHU.ULHJ]X(QGHVHLZHLVW+DJHPDQQDOV0\WKRV]X
UFN XQG PDFKW PLW ]ZHL =HLOHQ GDUDXI DXIPHUNVDP GD‰
'lQHPDUN GLH OHW]WHQ .ULHJVJHIDQJHQHQ HUVW  XQG
VFKOHLHUWZXUGH(VVHLQLFKWVRPHUNZUGLJªGD‰GLHVHU7HLO
GHU %HIUHLXQJ QLFKW HU]lKOW ZXUGH ± EHLQKDOWHWH HU GRFK
6SUHQJVWRII LP ZDKUVWHQ 6LQQ GHV :RUWHV© 'HP ,G\OO YRQ
ª'lQHPDUNZDUEHIUHLWXQGGHU)ULHGHEUDFKDXV©VWHOOWGHU
$XWRU GLHVHV YRQ GlQLVFKEULWLVFKHU 6HLWH EHJDQJHQH .ULHJV
YHUEUHFKHQ JHJHQEHU *DQ] NODU GD‰ HU VLFK GDPLW HUKHEOL
FKH.RQWURYHUVHQHLQJHKDQGHOWKDW
,P -DQXDU GLHVHV -DKUHV KDW VLFK GHU 9HUIDVVHU DQ GHQ GlQL
VFKHQ 0LQLVWHUSUlVLGHQWHQ 3RXO 1\UXS 5DVPXVVHQ JHZDQGW
XQGHLQH(QWVFKlGLJXQJIUGLHEHUOHEHQGHQ.ULHJVJHIDQJH
QHQ JHIRUGHUW ± HU LVW DEHU ELV 0DL  NHLQHU $QWZRUW JH
ZUGLJWZRUGHQ+HOJH+DJHPDQQV.RPPHQWDU
ª'lQHPDUNVVFK|QHU.DPSIIUGLH0HQVFKHQUHFKWHLVWHL
QH+HXFKHOHL*HVFKLFKWOLFKJHVHKHQLVWGLH0LQHQUlXPXQJ
HLQ W\SLVFKHV %HLVSLHO GHU GlQLVFKHQ 6HOEVWJHUHFKWLJNHLW
XQGGHUYHUEOIIHQGJXWHQWZLFNHOWHQ)lKLJNHLWGLH:DKU
KHLW ]X YHUGUlQJHQ XQG ]X YHUVFKZHLJHQ ±XQG GlQLVFKHU
5HDOSROLWLN :HQQ GLH :DKUKHLW XQEHTXHP LVW ±GDV LVW VR
YRQ*UXQGDXIGlQLVFK©
9LHOOHLFKW VROOWH PDQ GLHVHV KDUWH 8UWHLO QLFKW DXI GLH'lQHQ
DOV 9RON EH]LHKHQ VRQGHUQDXIGLH3ROLWLNHU±GLHZLHGHUXP
QLFKWVFKOHFKWHUVLQGDOVGLHPHLVWHQGHPRNUDWLVFKHQ3ROLWLNHU
GHU DQGHUHQ GHPRNUDWLVFKHQ 1DWLRQHQ GHUHQ KRKOSKUDVLJH
(UJVVH YRQ +XPDQLWlWVVFKZDIHOHLHQ WULHIHQ ZlKUHQG VLH LQ
GHU 3UD[LV GLH JUXQGOHJHQGVWHQ 0HQVFKHQUHFKWH PLW )‰HQ
WUHWHQ
:LH ZRKOWXHQG ZLUNW GDJHJHQ GLH HKUOLFKH $XVHLQDQGHUVHW
]XQJ PLW GHU 9HUJDQJHQKHLW GLH +HOJH +DJHPDQQ GDUELHWHW
6HLQ %XFK LVW VHLQHP 9DWHU XQG GHQ GHXWVFKHQ 6ROGDWHQ JH
ZLGPHW GLH EHL GHU 0LQHQUlXPXQJ /HEHQ RGHU *HVXQGKHLW
YHUORUHQ +DJHPDQQ KDW GDPLW ]X HLQHU HFKWHQ 9HUV|KQXQJ
HLQHQJUR‰HQ%HLWUDJJHOHLVWHW

'HU 9HUIDVVHU GHV ]ZHLWHQ KLHU EHVSURFKHQHQ %XFKHV QLPPW
GLH EHU  0RUGH XQWHU GLH /XSH GLH YRQ GlQLVFKHQ :L
GHUVWlQGOHUQ DQ /DQGVOHXWHQ YHUEW ZXUGHQ ZHLO VLH DQJHE
OLFK'HQXQ]LDQWHQZDUHQ
$XFK GLHVHV %XFK VWHOOW ERKUHQGH )UDJHQ ± XQG EHJLQQW PLW
HLQHP 3DXNHQVFKODJ IULVFK IUDQN XQG IUHL QLPPW HV DOV
VHOEVWYHUVWlQGOLFKHQ $XVJDQJVSXQNW GD‰ GLH %HVHW]XQJ 'l
QHPDUNV PLW GHQ 'HXWVFKHQ YRUDE YHUHLQEDUW ZDU 'LHVH
7KHRULHZXUGHELVKHULQGHUGlQLVFKHQgIIHQWOLFKNHLWDOV7DEX
EHKDQGHOW XQG QLFKW GLVNXWLHUW VRQGHUQ WRWJHVFKZLHJHQ ,P
=XVDPPHQKDQJ PLW GHP 7KHPD GLHVHV %XFKHV NRPPW PDQ
KLHUDQ DEHU JDU QLFKW YRUEHL ± GHQQ GDV JDQ]H 'LOHPPD GHU
GHXWVFKHQ %HVDW]HU ZLUG GXUFK GLH VHOEVWDXIHUOHJWHQ %H
VFKUlQNXQJHQ GLHVHU Ä)ULHGHQVEHVHW]XQJ³ FKDUDNWHULVLHUW GLH
9HUHLQEDUXQJ PLW GHU GlQLVFKHQ 5HJLHUXQJ GD‰ 'lQHPDUN
P|JOLFKVWVHLQH(LJHQVWlQGLJNHLWXQG6HOEVWYHUZDOWXQJEHKDO
WHQ VROOH ZHQQ HV GHU %HVHW]XQJ NHLQHQ :LGHUVWDQG HQWJH
JHQVWHOOW HV JDE EHLP (LQPDUVFK GHU 'HXWVFKHQ QXU DQ YHU
HLQ]HOWHQ 6WHOOHQ *HIHFKWH ZR GLH 'lQHQ QLFKW GDUEHU LQ
(QJODQGHUVWHQWOLH‰
'HU :LGHUVSUXFK ]ZLVFKHQ .ULHJVHQGH XQG IRUWEHVWHKHQGHU
.ULHJVJHIDQJHQVFKDIW±EHLGHQ6SlWKHLPNHKUHUQDXV5X‰ODQG
-DKUHQDFK.ULHJVHQGH±YHUGLHQWDEHUHLQHDXVIKUOLFKHUH
%HKDQGOXQJXQGHVZlUHHUIUHXOLFKZHQQVLFKGHU-XULVW+D
JHPDQQGLHVHU)UDJHLQHLQHUHLJHQHQ$EKDQGOXQJ]XZHQGHQ
ZUGH
'D‰+HOJH+DJHPDQQVHLQ7KHPDVFKRQXQJVORVDQJHKW]HLJW
LQVEHVRQGHUH 7HLO ,,, ZR GHU HLQPDO HUERVWH 9HUIDVVHU ZHL
WHUERKUW ZDUXP GLHVHV 9HUEUHFKHQ YHUVFKZLHJHQ XQG YHU
9II*ÂÂ-DKUJDQJÂ+HIW
IRUPLHUWZRUGHQZDUHQGD‰VLHGLH:DIIHQVWUHFNHQVROOWHQ
:lUH 'lQHPDUN WDWVlFKOLFK āEHUIDOOHQ³ XQG ÄHUREHUW³ ZRU
GHQ ZlUH HV EHUKDXSW QLFKW ]X YHUVWHKHQ ZDUXPGLH'HXW
VFKHQVROFKH=XUFNKDOWXQJDQGHQ7DJOHJHQVROOWHQ
'LH'HXWVFKHQKDEHQVLFKDQGLHVH$EPDFKXQJJHKDOWHQXQG
VLFK NDXP LQ GLH GlQLVFKH ,QQHQSROLWLN HLQJHPLVFKW ± GLHV
JLQJVRJDUVRZHLWGD‰GLHGlQLVFKHQ1DWLRQDOVR]LDOLVWHQXQ
WHU)ULW]&ODXVHQDQGHUNXU]HQ/HLQHJHKDOWHQZXUGHQZlK
UHQG PDQ GHXWVFKHUVHLWV PLW GHU GlQLVFKHQ 5HJLHUXQJ XQWHU
GHP 6R]LDOGHPRNUDWHQ 6WDXQLQJ ]XVDPPHQDUEHLWHWH 'LHVHU


EHWULHE RKQHKLQ HLQH LQ YLHOHU +LQVLFKW QDWLRQDOVR]LDOLVWLVFKH
3ROLWLNXQGKDWYLHOHGHUVR]LDOHQ(UUXQJHQVFKDIWHQGHV'ULW
WHQ5HLFKHVEHUQRPPHQDQJHIDQJHQYRQGHU9RONVUHQWHGLH
LQ 'lQHPDUN DXFK QDFK  EHLEHKDOWHQ ZXUGH VLH ZLUG
QLFKW EHU HLQH 5HQWHQYHUVLFKHUXQJ ILQDQ]LHUW VRQGHUQ EHU
GLH6WHXHUQVRGD‰MHGHU'lQH±DOVRQLFKWQXU(UZHUEVWlWLJH
± LP 5HQWHQDOWHU HLQH VWDDWOLFKH 3HQVLRQ EH]LHKHQ NDQQ ZDV
]DKONOHLQHU*USSFKHQ±MHGHQ)DOOJHQDXJHSUIWKDEHEH
YRUHLQ%HIHKO]XP7|WHQHUJDQJHQVHLXQGYLHOIDFKKHUUVFKWH
GLH 9RUVWHOOXQJ HV KDEH HLQH $UW 8UWHLO YRUJHOHJHQ $EHU
VFKRQ EDOG QDFK .ULHJVHQGH PHKUWHQ VLFK GLH 6WLPPHQ ZR
$QJHK|ULJH YRQ (UPRUGHWHQ EHWHXHUWHQ GD‰ GLH *HW|WHWHQ
NHLQH'HQXQ]LDQWHQJHZHVHQVHLHQ
(PNM U HU|UWHUW ]XHUVW GLH 7HUPLQRORJLH XQG ZlKOW EHZX‰W
YRUDOOHPQLFKWEHUXIVWlWLJHQ)UDXHQ]XJXWHNRPPW
'LHVH9HUHLQEDUXQJKDWWHELV]XP$XJXVW%HVWDQG
DOV VLH GXUFK GHQ 5FNWULWW GHU GlQLVFKHQ 5HJLHUXQJ JHJHQ
VWDQGVORV ZXUGH %LV GDKLQ EWH GLH GlQLVFKH 3ROL]HL LKUH
)XQNWLRQDXVXQGGLH)ULHGHQVEHVHW]XQJ]ZDQJGLH'HXWVFKHQ
]X DN]HSWLHUHQ GD‰ GLH GlQLVFKHQ :LGHUVWlQGOHU QDFK GHP
GlQLVFKHQ6WUDIJHVHW]HQ±GKPLOGH±DEJHXUWHLOWZXUGHQ
'LH GHXWVFKH 1LFKWHLQPLVFKXQJ ZDU IUGLHGlQLVFKH:LGHU
VWlQGOHU VRJDU GHUDUW EHUHFKHQEDU GD‰ VLH ZHJHQ GHU GHXW
VFKHQ $QNQGLJXQJ DOV 5HSUHVVDOLH IU MHGHQ HUPRUGHWHQ
GHXWVFKHQ6ROGDWHQIQI'lQHQKLQ]XULFKWHQLKUH2SIHUQLFKW
XQWHU GHQ 'HXWVFKHQ VRQGHUQ XQWHU
LKUHQ HLJHQHQ /DQGVOHXWHQ DXVZlKO
WHQ =ZLVFKHQ  XQG  'lQHQ
ZXUGHQ DOV VRJ VWLNNHU 'HQXQ]L
ZHUWIUHLHXQGHPRWLRQVORVH$XVGUFNH'HQ%HJULII'HQXQ]L
DQWHQ/LTXLGDWLRQVHW]WHULQVUHFKWH/LFKWQXUEHLHLQHPJH
ULQJHQ3UR]HQWVDW]±QDFKPDQFKHQ6FKlW]XQJHQQXU±
KDWWHQGLH2SIHU,QIRUPDWLRQHQDQGLH'HXWVFKHQJHJHEHQ
'DVZLUIWQDWUOLFKGLH)UDJHDXIZHVKDOEGLHDQGHUHQ
JHW|WHWZXUGHQ±XQGZHUGHQ%HIHKOGD]XJDE(PNM UVWHOOW
PLQXWL|V GLH HLQ]HOQHQ %HKDXSWXQJHQ HLQDQGHU JHJHQEHU
6FKRQ GLH GDEHL ]XP $XVGUXFN NRPPHQGHQ :LGHUVSUFKH
PDFKHQGHXWOLFKDXIZHOFKGQQHU*UXQGODJH±XPQLFKWYRQ
:LOONU]XVSUHFKHQ±GLH:LGHUVWlQGOHUEHU/HEHQXQG7RG
HQWVFKLHGHQ 0HLVW VFKLHEWGHUMHZHLOVEHIUDJWH:LGHUVWDQGV
PDQQ GLH 9HUDQWZRUWXQJ HLQHP DQ
GHUHQ]XYHUZHLVWDXIQLFKWH[LVWHQ
WH RGHU QLFKW KDQGOXQJVIlKLJH *UH
PLHQ XQG ]XOHW]W YHUOLHUW VLFK GLH
DQW YRQ GlQLVFKHQ :LGHUVWlQGOHUQ 6SXULP1HEXO|VHQ$XFKEH]JOLFK
XPJHEUDFKW ± DQJHEOLFK ZHLO VLH GHU YRU GHP 0RUG YRUJHQRPPHQHQ
:LGHUVWDQGVOHXWH JHJHQ %H]DKOXQJ 8QWHUVXFKXQJHUJLEWVLFKGDVJOHLFKH
DQ GLH GlQLVFKH 3ROL]HL RGHU GLH %LOGPHLVWJDEHVJDUNHLQH,QVWDQ]
'HXWVFKHQYHUUDWHQKDEHQ GLH HLQH JUQGOLFKH XQG REMHNWLY
+LHUVHW]WQXQGLH$UEHLWGHVMXQJHQ QDFKYROO]LHKEDUH8QWHUVXFKXQJYRU
+LVWRULNHUV 6WHIDQ (PNM U HLQ (U QDKPRGHUYRUQHKPHQNRQQWHXP
KLQWHUIUDJW±HUVWPDOVVHLW-DKUHQ GDQQ DXI GLHVHU *UXQGODJH GHQ /L
± GLH HWDEOLHUWHQ 0\WKHQ :LH EUL TXLGDWLRQVEHIHKO]XJHEHQ
VDQW GDV 7KHPD LPPHU QRFK LVW HU =ZDU QDKP GHU )UHLKHLWVUDW GLH
JLEW VLFK GDUDXV GD‰ GHU 9HUIDVVHU EHUJHRUGQHWH Ä9HUDQWZRUWXQJ³ IU
DXFK ELV ]XU $EIDVVXQJ VHLQHV %X GLH7|WXQJHQDXIVLFKDEHUGLHNRQ
FKHVNHLQH(LQVLFKWLQGLH$UFKLYDOL NUHWH (QWVFKHLGXQJ IU HLQH /LTXL
HQGHV-XVWL]PLQLVWHULXPVHUKLHOW GLHUXQJZXUGHKDXSWVlFKOLFKYRU2UW
(PNM UJHKWVHLQ7KHPDYRQ*UXQG JHWURIIHQ GK K|FKVWHQV DXI GHU
DXI DQ ,P 5DKPHQ VHLQHU $E (EHQH GHV $QIKUHUV HLQHU *UXSSH
VFKOX‰DUEHLW KDW HU HLQH /LVWH EHU DQVRQVWHQYRQGHU*UXSSHRGHUDXFK
GLH 7RGHVIlOOH HUVWHOOW GLH HU DEHU YRQ (LQ]HOSHUVRQHQ 'LH %HVFKOX‰
PLW 5FNVLFKW DXI GLH )DPLOLHQ GHU IDVVXQJ ZDU DOVR JDQ] NXU] XQG
%HWURIIHQHQ QLFKW YHU|IIHQWOLFKW
6HLQH 4XHOOH VLQG  YHUVFKLHGHQH
RIIL]LHOOH /LVWHQ GLH LP 6RPPHU
DXVJHDUEHLWHWZXUGHQXPGLH7|WXQJHQIUGLHGLH:L
GHUVWDQGVEHZHJXQJ GLH 9HUDQWZRUWXQJ EHUQHKPHQ ZROOWH
YRQ GHQHQ DE]XVRQGHUQ GLH XQWHU GHP 'HFNPDQWHO GHV :L
GHUVWDQGV PLW NULPLQHOOHQ 0RWLYHQ HUIROJW VLQG (PNM U
NRPPWDXI7|WXQJHQSOXVYHUVXFKWH$QVFKOlJH
6HLWGHPHUVWHQ$QVFKODJVWLHJGLH=DKOVWlQGLJXQGHV
NDOLHUWHDEELV]XUGHXWVFKHQ.DSLWXODWLRQ±LQGHU=HLW
YRQ1RYHPEHUELV]XP0DLHUIROJWHQ$Q
VFKOlJHDOVRDOOHU$QVFKOlJHEHUKDXSW0LW)RUWGDXHU
GHU %HVHW]XQJ VHW]WH GLH :HKUPDFKW $QWL7HUURU.RUSV HLQ
GLH ]XU 9HUJHOWXQJ YRQ /LTXLGLHUXQJHQ 5HSUHVVDOLHQ GXUFK
IKUWHQ
'LH 0RUGH ªLP %OXWUDXVFK QDFK GHP  © KDW(PNM U
QLFKWPHKUEHUFNVLFKWLJWHEHQVRZLHHU0RUGHDQ$QJHK|UL
JHQGHUGHXWVFKHQ0LQGHUKHLWQLFKWPLWHLQEH]RJHQKDW
:lKUHQG GHV .ULHJHV IDQG VLFK GLH GlQLVFKH gIIHQWOLFKNHLW
PLW GHU (UNOlUXQJ DE GD‰ GLH :LGHUVWDQGVEHZHJXQJ ± LQ
:LUNOLFKNHLWNHLQHHLQKHLWOLFKH%HZHJXQJVRQGHUQHLQH9LHO

VHOEVWZHQQGLH)lOOHQDFKREHQZHL
WHUJHJHEHQZXUGHQNDPHQVLHVHOWHQ
ZHLWHU DOV ELV ]XU QlFKVWHQ )K
UXQJVHEHQH
0DQPHUNWGHP9HUIDVVHUVHLQ(UVFKUHFNHQDQDOVHUDOOPlK
OLFK JHZDKU ZLUG GD‰ GLH LQ GHU gIIHQWOLFKNHLW KHUUVFKHQGH
$XIIDVVXQJQLFKWGHQ7DWVDFKHQHQWVSULFKWGLH7|WXQJHQGHU
:LGHUVWDQGVEHZHJXQJVHLHQDXIHLQHUQDFKYROO]LHKEDUHQXQG
REMHNWLYLHUEDUHQ *UXQGODJH HUIROJW =ZDU ]HLJW DXFK HU GLH
GlQLVFKH 7HQGHQ] GLH +DQGOXQJHQ GHU :LGHUVWDQGVOHXWH ELV
]XP%HZHLVGHV*HJHQWHLOVDOVJHUHFKWIHUWLJWDQ]XVHKHQDEHU
GRUW ZR HU NRQNUHW (LQ]HOIlOOH DEKDQGHOW NRPPW GLHVH +DO
WXQJVHKULQV:DQNHQ
'LH *UXQGODJH IU GLH /LTXLGDWLRQHQ VLQG IU (PNM U ± ZLH
IUMHGHQUHFKWVVWDDWOLFKGHQNHQGHQ0HQVFKHQ±QLFKWEHIULH
GLJHQG,QPHKUDOVGHU+lOIWHGHU)lOOHEUDFKWHQGLH:LGHU
VWlQGOHU LKU 2SIHU DXIJUXQG JDQ] VXPPDULVFKHU 9HUGDFKWV
PRPHQWH XP 'HU (UPRUGHWH EUDXFKWH QXU DXI GLH HLQH RGHU
DQGHUH $UW GLH $XIPHUNVDPNHLW DXI VLFK JHOHQNW ]X KDEHQ
HQWZHGHUZHLOHUGLUHNWLQGHXWVFKHQ'LHQVWHQVWDQGRGHUZHLO
HU HLQH $UEHLW KDWWH ZLH ]%'ROPHWVFKHURGHU+DQGZHUNHU
9II*ÂÂ-DKUJDQJÂ+HIW

IU GLH :HKUPDFKW (LQH ZHLWHUH 0RWLYDWLRQ ZDU GXUFKDXV
QLFKWHWZD1RWZHKUVRQGHUQVFKOLFKW5DFKH
ª(VOl‰WVLFKDXFKQLFKWEHVWUHLWHQGD‰LQPDQFKHQ)lOOHQ
0RUGHGXUFKJHIKUWZXUGHQXPGHQ7RGYRQ*UXSSHQND
PHUDGHQ]XUlFKHQGLHGHU%HWUHIIHQGHYHUUDWHQKDWWH©
$XFK HLQH 5HLKH 0LWJOLHGHU GHU '16$3 'DQPDUNV 1DWLR
]XHUVWÄYHUK|UW³ZHUGHQVROOWHQ±(PNM UJLEWDQGLH+HOGHQ
GHV:LGHUVWDQGVKlWWHQEHIUFKWHWLKU2SIHUN|QQHVLFKZHK
UHQ ± ZHVKDOE VLH HV YRUVRUJOLFK HUVFKRVVHQ :LOO PDQ GLHVH
9RUJHKHQVZHLVH QLFKW DOV Y|OOLJ VWPSHUKDIW EH]HLFKQHQ VR
EOHLEWQXUGHU9HUGDFKW±GHQ(PNM UQLFKWlX‰HUW±GD‰HV
VLFK KLHU XP HLQH UHLQH 6FKXW]EHKDXSWXQJ KDQGHOW ZHLO GLH
QDOVRFLDOLVWLVNH $UEHMGHU 3DUWL ZXUGH XPJHEUDFKW :LH
(PNM UVFKUHLEW
ªGLH 0LWJOLHGVFKDIW LQ GHU QDWLRQDOVR]LDOLVWLVFKHQ 3DUWHL
>NRQQWH@ GLH ± OHJLWLPH ± *UXQGODJH DXVPDFKHQ GD‰ MH
PDQGJHW|WHWZXUGH©
:DKUOLFK HLQH JXWH 9RUEHUHLWXQJ DXI GLH NRPPHQGH GHPR
NUDWLVFKH*HVHOOVFKDIW8QGVRNRPPW(PNM U]XGHU6FKOX‰
7lWHU NHLQHUOHL %HZHLVH RGHU 5HFKWIHUWLJXQJVJUQGH IU LKUH
$QVFKXOGLJXQJHQELHWHQN|QQHQ±PLWDQGHUHQ:RUWHQZLOO
NUOLFKHU0RUG
,P]ZHLWHQ7HLOGHV%XFKHVJHKW(PNM UGHU)UDJHQDFKZLH
GLH :LOONU GLHVHU 0RUGH YRU GHU gIIHQWOLFKNHLW YHUVFKOHLHUW
ZXUGH 6FKRQ EDOG QDFK GHU GHXWVFKHQ .DSLWXODWLRQ ZXUGH
GHXWOLFK GD‰ YRQ GHQ :LGHUVWDQGVJUXSSHQ 0HQVFKHQ RKQH
IROJHUXQJ6
ª(VJLEWPHKUHUH8UVDFKHQZDUXPGLH/LTXLGDWRUHQ>QDFK
GHP .ULHJ@ LKUH (QWVFKHLGXQJVJUXQGODJH QLFKW YRUOHJWHQ
(UVWHQVQDWUOLFKZHLOHVGLH*UXQGODJHHLQHUMXULVWLVFKHQ
6FKXOG±ZLHPDQVLHQDFKGHP.ULHJIRUGHUWH±LQZLUNOLFK
DXVUHLFKHQGH %HJUQGXQJ XPJHEUDFKW ZRUGHQ ZDUHQ 0HQ
VFKHQGLHDOVRWDWVlFKOLFKXQVFKXOGLJZDUHQ
'LH VRJ *HJHQEHZHJXQJ XQWHU GHP IUKHUHQ -XVWL]PLQLVWHU
6YHQQLQJ 5\WWHU VRZLH +DUWZLJ )ULVFK XQG .. 6WHLQFNH
YHUODQJWH DXIJUXQG HLQHU 9LHO]DKO YRQ %HVFKZHUGHQ VHLWHQV
YLHOHQ)lOOHQQLFKWJDE©6
2EZRKO(PNM ULP=ZHLIHOVIDOOJHQHLJWLVWGHQ(UNOlUXQJHQ
GHU:LGHUVWlQGOHU*ODXEHQ]XVFKHQNHQXQWHUVFKHLGHWHUNUL
WLVFK ]ZLVFKHQ (UOHEQLVOLWHUDWXU XQG KLVWRULVFKHQ 7DWVDFKHQ
XQG YHUVFKOLH‰W QLFKW GLH $XJHQ ZHQQ GLHVEH]JOLFK HLQH
'LVNUHSDQ] HUNHQQEDU ZLUG (U GXUFKIRUVFKW JHQDX ZHOFKH
REMHNWLYH ,QVWDQ] ± YRQ GHUHQ ([LVWHQ] GLH GlQLVFKH gIIHQW
OLFKNHLW EHU]HXJW LVW ± HLQH 3UIXQJ GHU 7|WXQJHQ GXUFKJH
IKUWKDWNRPPWGDQQDEHU]XGHUhEHU]HXJXQJGD‰HVVRO
FKH3UIXQJVJUHPLHQLQGHU5HJHOQLFKWJDE'LH9RUVWHOOXQJ
HLQHVVSH]LHOOHQ*HULFKWVLQ-WODQGIUVROFKHhEHUSUIXQJHQ
XQG(QWVFKHLGXQJHQLVWQLFKWKDOWEDU±ZDKUVFKHLQOLFKEHUXKW
VLH DXI HLQHU IDOVFKHQ $XIIDVVXQJ EHU HLQ /RNDONRPLWHH LQ
cUKXVGDVIUNXU]H=HLW]XJHZLVVHQ)lOOHQ6WHOOXQJQDKP
XQG DXFK HLQ /LTXLGLHUXQJVDXVVFKX‰ GHV )UHLKHLWVUDWV PX‰
VLFKLQGHQ%HUHLFKGHU6DJHYHUZHLVHQODVVHQ(VLVWGXUFK
DXV GHQNEDU GD‰ GHU *ODXEH DQ VROFKH *UHPLHQ GLH HLQHP
*HULFKW lKQHOQ EHZX‰W YRQ GHQHQ SURSDJLHUW ZXUGH GLH HV
EHVVHUZX‰WHQXQGVSlWHUYRQGHQ+RIKLVWRULNHUQGHV:LGHU
)DPLOLHQDQJHK|ULJHU YRQ (UPRUGHWHQ HLQH 8QWHUVXFKXQJ
GXUFK GDV -XVWL]PLQLVWHULXP (LQH VROFKH IDQG DEHU QLH VWDWW
XQGDXFKKLHUOHJW(PNM UGHQ)LQJHUDXIGLH:XQGHZLHHV
JHVFKHKHQNRQQWHGD‰GLH/HXWHGHV:LGHUVWDQGVQLHPDOV|I
IHQWOLFK5HFKHQVFKDIWEHUGLHYRQLKQHQYHUEWHQ0RUGHDE
OHJHQPX‰WHQ
'LH :LGHUVWDQGVEHZHJXQJ KDWWH LQ GHU HUVWHQ 1DFKNULHJVUH
JLHUXQJ LKU HLJHQHV 0LQLVWHULXP GDV 0LQLVWHULXP IU EHVRQ
GHUH $QJHOHJHQKHLWHQ $Q VHLQHU 6SLW]H VWDQG )URGH -DNRE
VHQ GHU HKHPDOLJH /HLWHU GHV .RPPDQGRDXVVFKXVVHV GHV
)UHLKHLWVUDWV )URGH -DFREVHQ YHUVLFKHUWH GD‰ GLH 7|WXQJHQ
QDFK JUQGOLFKHU 8QWHUVXFKXQJ GXUFK NRPSHWHQWH XQG YHU
DQWZRUWXQJVEHZX‰WH/HXWHHUIROJWVHLHQXQGEHUQDKPVRJDU
ÄGLH9HUDQWZRUWXQJGDIU³±XQGIDQGGDPLW*ODXEHQ
6YHQQLQJ 5\WWHU ZDU GDJHJHQ GHU $XIIDVVXQJ GD‰  GHU
0RUGHQLFKW'HQXQ]LDQWHQEHWUDIHQ'LHVH8QJHKHXHUOLFKNHLW
NRQQWH )URGH -DNREVHQ MHGRFK VR YHUVFKOHLHUQ GD‰ VLH GHU
gIIHQWOLFKNHLWHLQKDOEHV-DKUKXQGHUWODQJQLFKW]XP%HZX‰W
VHLQNDP'HU5HLFKVSROL]HLFKHIGHUVRQDLYJHZHVHQZDU]X
VWDQGV)U(PNM ULQGHVLVWHVHLQIDFKHLQ0L‰YHUVWlQGQLV
GDVGDUDXI]XUFNJHKHGD‰HLQ3ROL]HLWUXSSLQHLQLJHQ)lOOHQ
EH]JOLFK 'HQXQ]LDQWHQ (UPLWWOXQJHQ DQJHVWHOOW KDW ZDV MH
GRFK QLFKW GDV YRUKHUUVFKHQGH %LOGZDU(PNM UEULQJWGLHV
DXFKGDGXUFK]XP$XVGUXFNGD‰HUGLH0RUGHDQXQEHWHLOLJ
WHQ%HJOHLWSHUVRQHQLQVHLQH$XIOLVWXQJPLWHLQEH]LHKWGLHVH
ZXUGHQ YRQ GHQ %HK|UGHQ DOV Ä)HKOVFKVVH³ DEJHWDQ XQG
NRPPHQ EHL GHQ 'HQXQ]LDQWHQ7|WXQJHQ JDU QLFKW LQ (U
JODXEHQ HV VHL DQJHPHVVHQ GLH /LTXLGDWRUHQ ]XYHUQHKPHQ
KDWWH LQ HLQHP 5XQGVFKUHLEHQ PLWJHWHLOW GD‰ HV ªDXIJUXQG
GHUYRUOLHJHQGHQ,QIRUPDWLRQHQQRWZHQGLJVHLQZLUGEHLHL
QHUQLFKWJHULQJHQ$Q]DKO)lOOHZHLWHUH8QWHUVXFKXQJHQDQ
]XVWHOOHQ© (U ZXUGH DEHU VFKQHOO ]XUFNJHSILIIHQ XQG YRQ
)URGH-DFREVHQHLQHV%HVVHUHQEHOHKUWGHUMHJOLFKHXQDEKlQ
JLJH8QWHUVXFKXQJGHU0RUGHKLQWHUWULHE]XQlFKVWXQWHU%H
UXIXQJDXIHLQHDQJHEOLFKDOOHQ:LGHUVWDQGVOHXWHQ]XJH
VFKHLQXQJ±PLWGHU%HPHUNXQJGD‰GLH*UXQGODJHEHLGHQ
VRJ)HKOVFKVVHQNDXPDQGHUVZDUDOVEHLGHQDOV,QIRUPDQ
WHQDXVJHZlKOWHQ2SIHUQ
(OPNM U IKUW %HLVSLHOH YRQ /LTXLGDWLRQHQ DQ GLH ZLUNOLFK
HUVFKUHFNHQ ODVVHQ DXIJUXQG ZHOFKHU =XIlOOLJNHLWHQ GLH :L
GHUVWDQGVOHXWH 7|WXQJHQ YRUQDKP ,Q HLQLJHQ )lOOHQ IKUWHQ
GLH :LGHUVWlQGOHU YHUVFKLHGHQH 9RUXQWHUVXFKXQJHQ GXUFK
GK 2EVHUYDWLRQ 'XUFKVXFKXQJHQ RGHU VLH XQWHU]RJHQ LKU
2SIHU JHZLVVHQ 3UIXQJHQ XP GLH 6FKXOG GHV %HWUHIIHQGHQ
QDFK]XZHLVHQ ,Q ZHQLJHQ )lOOHQ ZXUGH HLQ9HUK|UPLWGHP
%HWUHIIHQGHQDEJHKDOWHQ'DGLHVIDVWLPPHUPLWGHU(UVFKLH
‰XQJGHV9HUGlFKWLJWHQHQGHWHPX‰PDQVLFKIUDJHQREGD
EHL GDV (UJHEQLV GHU %HIUDJXQJ YRQ YRUQKHUHLQ IHVWVWDQG ±
QLFKW ]XOHW]W XQWHU GHP SV\FKRORJLVFKHQ *HVLFKWVSXQNW ZLH
VHKUGLHGlQLVFKHQ:LGHUVWlQGOHULPPHUDXI)ROWHUIL[LHUWZD
UHQ,QHLQHU5HLKHYRQ)lOOHQZXUGHQÄ9HUGlFKWLJH³HUVFKRV
VHQGLHQRFKJDUQLFKWHLQHV9HUUDWVEHUIKUWZDUHQVRQGHUQ
9II*ÂÂ-DKUJDQJÂ+HIW
VLFKHUWH$PQHVWLHGLHHUVLFKGDQQYRQGHU5HJLHUXQJVFKULIW
OLFKIL[LHUHQOLH‰
$E$SULOEHJDQQ)URGH-DNREVHQV0LQLVWHULXPHLQH8Q
WHUVXFKXQJ GLH GLHVH %H]HLFKQXQJ DEHU NDXP ZHUW LVW (LQH
2EMHNWLYLHUXQJ GHU 6DFKYHUKDOWH ZXUGH JDU QLFKW DQJHVWUHEW
'D‰EHUKDXSW3ROL]LVWHQHLQJHVFKDOWHWZXUGHQVROOWHQXUGLH
MHQLJHQ EHUXKLJHQ GLH GHU $XIIDVVXQJ ZDUHQ GD‰ HV VLFK LQ
HLQHP 5HFKWVVWDDW QXQ HLQPDO JHK|UW HLQH 8QWHUVXFKXQJ
GXUFK]XIKUHQZHQQMHPDQGXPJHEUDFKWZRUGHQLVW
-DNREVHQVHW]WHGXUFKGD‰HUYRQGHU3ROL]HLHLQ9HU]HLFKQLV
DOOHUZlKUHQGGHU%HVDW]XQJV]HLW8PJHEUDFKWHQHUKLHOW0LW
WHOV GHU =HQWUDONDUWHL GHU :LGHUVWDQGVNUHLVH XQG LQ =XVDP
PHQDUEHLWPLWGHQ:LGHUVWDQGVJUXSSHQVXFKWH-DNREVHQGDQQ
GLH )lOOH DXV GLH QlKHU XQWHUVXFKW ZHUGHQ VROOWHQ ZHLO VLH
YRQ GHQ :LGHUVWDQGVEHZHJXQJHQ RGHU LQGHUHQ,QWHUHVVHHU
IROJWZDUHQ'LHDQGHUHQ)lOOHGXUIWHGLH3ROL]HLXQWHUVXFKHQ
)DOOVVLFKDEHU]HLJWHGD‰HLQ)DOOGRFKXQWHUGLH9HUDQWZRU


WXQJGHU:LGHUVWDQGVEHZHJXQJILHOVROOWHHUZLHGHUDQ)URGH 3HUVRQHQJHW|WHWZXUGHQ©XQGLQHLQHP,QWHUYLHZHUNOlUWHHU
-DNREVHQV]XU%HKDQGOXQJJHKHQ ªGD‰ LFK DXV PHLQHP *HUHFKWLJNHLWVJHIKO KHUDXV VDJHQ
=XGLHVHU=HQWUDONDUWHLEHPHUNW(PNM U PX‰GD‰GLHVHNHLQH'HQXQ]LDQWHQZDUHQ ©(LQJURWHVNHV
ª'LH'DWHQGHU=HQWUDONDUWHLZXUGHQEHUHLWVZlKUHQGGHU 6FKDXVSLHO GHQQ GDV (LQJHVWlQGQLV KDWWH ZLH (PNM U IHVW
%HVHW]XQJ JHVDPPHOW $XV 6LFKHUKHLWVJUQGHQ ZXUGH GHU VWHOOWHLQHUHLQH$OLEL)XQNWLRQ(VVROOWHQXUDXVGUFNHQGD‰
1DPHQ GHV 0HOGHUV QLFKW QRWLHUW ZHVKDOE GLH $QJDEHQ DOOH DQGHUHQ 7|WXQJHQ ]X UHFKW HUIROJW ZDUHQ RKQH GD‰ LU
VHLWKHU QLFKW NRQWUROOLHUW ZHUGHQ NRQQWHQ 'LH .DUWHL HQW JHQG MHPDQG GLHVH (LQVFKlW]XQJ NRQWUROOLHUHQ NRQQWH 'LH
KlOW GLH 1DPHQ YRQ FD  ÄQDWLRQDO DQJUHLIEDUHQ³ QHXQ(KUHQHUNOlUXQJHQZXUGHQSROLWLVFKEHQXW]WXPKHUYRU
3HUVRQHQ (WZD  ZXUGHQ XD DXIJUXQG GLHVHU ,Q ]XKHEHQGD‰EHL7|WXQJHQQXU)HKOHUJHVFKHKHQVHLHQ
IRUPDWLRQHQLQWHUQLHUWXQGEHLGHUMXULVWLVFKHQ$E 6LH HUIROJWHQ QLFKW XP GLH 8QVFKXOGLJHQ MXULVWLVFK IUHL]X
UHFKQXQJ>@ QDFK GHU %HIUHLXQJ JHPl‰ GHP 6WUDIJHVHW] VSUHFKHQ 'LH 9HUIDKUHQ NRQQWHQ QXU DXIJHQRPPHQ ZHUGHQ
=XVDW]YHUXUWHLOW0DQPX‰GRFKVDJHQGD‰GLH)HKOHUTXR VRIHUQQHXHJHZLFKWLJH%HZHLVHDQV/LFKWJHNRPPHQZDUHQ
WH UHFKW JUR‰ ZDU XQG HLQH 5HLKH /HXWH ZXUGH DXIJUXQG *HQHUHOO JDOWHQGLH*HW|WHWHQDOVVFKXOGLJVRODQJHQLFKWGDV
YRQ %DJDWHOOHQ QRWLHUW 'D‰ VLFK )URGH -DNREVHQ DXI GLH *HJHQWHLO EHZLHVHQ ZDU ZDV LP *HJHQVDW] ]XU DOOJHPHLQHQ
=HQWUDONDUWHL VWW]WH ]HLJW HKHU ZHOFKH %HGHXWXQJ HU LKU 5HFKWVSUD[LV VWHKW ZR JHZ|KQOLFK GHU $QNOlJHU DXFK GLH
]XPD‰ DOV GD‰ HV HWZDV EHU GLH XQNRQWUROOLHUEDUHQ ,Q %HZHLVODVW WUlJW 6SlWHU EHUQDKP GDV -XVWL]PLQLVWHULXP GLH
IRUPDWLRQHQDXVVDJWGLHGLHVH.DUWHLEHLQKDOWHWH© %HKDQGOXQJ XQG VWHOOWH QRFK ]ZDQ]LJ KDOEKHU]LJH (UNOlUXQ
-DNREVHQ EHUOLH‰ VHLQH HLJHQHQ (UPLWWOXQJHQ YLHU :LGHU JHQ DXV EHL GHQHQ MHZHLOV GHU )DOO PLW VHLQHU VFKZDFKHQ
VWlQGOHUQ +DQV &KULVWHQVHQ XQG VHLQHQ EHLGHQ %UGHUQ .DM *UXQGODJHEHVFKULHEHQZXUGHRKQHGD‰DEHU%HGDXHUQEHU
XQG $[HO VRZLH HLQHP $OVWHG 1LHO GLH*HVFKHKQLVVHDXVJHGUFNWZXUGH
VHQ $OV GDV -XVWL]PLQLVWHULXP ]ZHL (LQH GHU (KUHQHUNOlUXQJHQ EULQJW ]X
HLJHQH (UPLWWOHU HUQDQQWH JHODQJ HV JOHLFK]XP$XVGUXFNZLHOHLFKWIHUWLJ
)URGH-DFREVHQGLHVHVHLQHUHLJHQHQ GLH 8QWHUVXFKXQJ YRU HLQHP 0RUG
VR]XVDJHQSULYDWHQ3ROL]HLPDQQVFKDIW VHLQNRQQWH6(LQ6HNUHWlU3H
]X XQWHUVWHOOHQ YRQ GHU PDQ QLFKW WHUVZXUGHJHW|WHWZHLOVHLQ1DPHPLW
HLQPDO ZHL‰ DXV ZHVVHQ 7DVFKH VLH HLQHP2&KU4XLVWYHUZHFKVHOWZXU
EH]DKOWZXUGH1LHPDQGVRQVW±QLFKW GH GHU VLFK DXV LUJHQGHLQHP *UXQG
HLQPDOGDV-XVWL]PLQLVWHULXP±EHNDP DOV'U3HWHUVEH]HLFKQHWH3HWHUVKDW
(LQVLFKWLQGLHJHVDPPHOWHQ,QIRUPD WHVLFKVRQVWDXINHLQH:HLVHEHPHUN
WLRQHQ EDU JHPDFKW VR GD‰ LKP HLQH (KUH
6FKOLH‰OLFK PDFKWH -DNREVHQ HLQHQ QHUNOlUXQJDXVJHVWHOOWZXUGH
.XKKDQGHO XQWHU %HUXIXQJ DXI HLQH :LH)URGH-DFREVHQV0LQLVWHULXPIU
DQJHEOLFK PQGOLFK HUIROJWH $PQH EHVRQGHUH $QJHOHJHQKHLWHQ QDFK
VWLH=XVDJHGHUVHOEVWHUQDQQWHQ1DFK .ULHJVHQGH GLH 5HFKWPl‰LJNHLW GHU
NULHJVUHJLHUXQJ GHU Ä%HIUHLXQJVUH 7|WXQJHQ XQWHUVXFKW KDW ]HLJW HLQ
JLHUXQJ³ IRUGHUWH HU YRQ GHU HUVWHQ %HLVSLHO 6  (LQ .DVHUQHQSROL
JHZlKOWHQGlQLVFKHQ5HJLHUXQJGHUHQ ]LVW ZXUGH HUVFKRVVHQ ZHLO HU *H
VFKULIWOLFKH =XVLFKHUXQJ HLQHU $PQH UFKWHQ ]XIROJH LQ HLQHU 8QLIRUP GHU
VWLH VRQVW N|QQH HU GHP 0LQLVWHULXP 0DULQHZDFKHJHVHKHQZRUGHQVHLXQG
IU EHVRQGHUH $QJHOHJHQKHLWHQ QLFKW HLQHQ:LGHUVWDQGVIKUHUDQGLH'HXW
GLH 1DPHQ GHU *HW|WHWHQ EHQHQQHQ VFKHQ YHUUDWHQ KDEHQ VROO :LH VLFK
'LHVH $EPDFKXQJ ZXUGH LP -DQXDU 'lQLVFKHV3ODNDWYRQ'HQXQ]LDQWHQ KLQWHUKHU ]HLJWH ZDU GLHV XQ]XWUHI
 VFKULIWOLFK QLHGHUJHOHJW XQG LP ZHUGHQDOV8QNUDXWDQJHVHKHQGDVYHU IHQG XQG $XVJDQJVSXQNW GHV JDQ]HQ
$SULOPRGLIL]LHUWVRGD‰ZHQLJ QLFKWHWZHUGHQPX‰ *HUFKWV ZDU QXU VHLQH 8QLIRUP GLH
VWHQV HLQLJH )lOOH XQWHUVXFKW ZHUGHQ NRQQWHQ GLH DEHU HQJ HLQHU0DULQHXQLIRUPlKQHOWH
EHJUHQ]WZDUHQ9RQGHQEHU)lOOHQZXUGHQQXUIU 'DV 0LQLVWHULXP IU EHVRQGHUH $QJHOHJHQKHLWHQ JDE GLHVHQ
HLQH 8QWHUVXFKXQJ ]XJHODVVHQ 9RUDXVVHW]XQJ KLHUIU ZDU 7RG DOV ªGXUFK HLQH .ULHJVKDQGOXQJ YHUXUVDFKW© DQ PX‰WH
QlPOLFKGD‰GLH$QJHK|ULJHQJHZLFKWLJH%HZHLVHGDIUOLH DEHU VSlWHU GHQ 9RUZXUI HLQHU ªXQQDWLRQDOHQ +DOWXQJ© GHV
IHUWHQGD‰GDV2SIHUNHLQ,QIRUPDQWGHU'HXWVFKHQJHZHVHQ 2SIHUV]XUFNQHKPHQ
ZDU'LH)lOOHZRHVNHLQH$QJHK|ULJHQJDEGLH$QJHK|UL %HPHUNHQVZHUW LVW DXFK GD‰ VLFK EHL GHU 8QWHUVXFKXQJ GHV
JHQ NHLQH =ZHLIHO DQ GHU Ä6FKXOG³ GHV (UPRUGHWHQlX‰HUWHQ )DOOV HLQ ORNDOHU :LGHUVWDQGVIKUHU EHOlVWLJW IKOWH XQG GHQ
RGHU NHLQH %HZHLVH KLHUIU YRUOHJHQNRQQWHQZDUHQDOVRHL XQWHUVXFKHQGHQ 3ROL]LVWHQ SROLWLVFKH YHUGlFKWLJWH XP LKQ
QHU8QWHUVXFKXQJEHUKDXSWQLFKW]XJlQJLJ(PNM UHUZlJW ORV]XZHUGHQGDGHUGLH/LTXLGDWRUHQYHUK|UHQZROOWH
GD‰GDKHUPDQFKH)lOOHGHQ%HK|UGHQJDUQLFKW]XU.HQQWQLV (QWVFKHLGHQG VLQG QXQ GLH $XVIKUXQJHQ (PNM UV GD‰ GLH
NDPHQ ± YRUDOOHPLQEH]XJDXIGLHPL‰JOFNWHQ$QVFKOlJH )lOOHLQGHQHQHLQH(KUHQHUNOlUXQJHUWHLOWZXUGHVLFKNDXP
ZR GLH EHUOHEHQGHQ 2SIHU QDFK .ULHJVHQGH NHLQ ,QWHUHVVH YRQ YLHOHQ GHU )lOOH XQWHUVFKHLGHQ LQ GHQHQ NHLQH (KUHQHU
KDWWHQDXIVLFKDXIPHUNVDP]XPDFKHQ NOlUXQJHUWHLOWZXUGH±JDQ]]XVFKZHLJHQYRQDOOGHQ)lOOHQ
)URGH -DFREVHQV 0LQLVWHULXP VWHOOWH ELV ]X VHLQHU $XIO|VXQJ GLHJDUQLFKWHLQHU8QWHUVXFKXQJXQWHU]RJHQZHUGHQNRQQWHQ
DPJDQ]HQHXQVRJHQDQQWH(KUHQHUNOlUXQJHQZHJHQ ZHLOGDV2SIHUÄXQQDWLRQDO³JHKDQGHOWDOVRDXIGLHHLQHRGHU
XQYHUVFKXOGHWHU /LTXLGLHUXQJ DXV ± ZDV MHGRFK LQ NHLQHP DQGHUH:HLVHPLWGHQ'HXWVFKHQV\PSDWKLVLHUWRGHU±OHJDO±
9HUKlOWQLVVWHKW]XGHU9LHO]DKOYRQ%HVFKZHUGHQDQGDV0L ]XVDPPHQJHDUEHLWHW KDWWH 6R UHLFKWH ]% LP )DOO HLQHV 
QLVWHULXP )URGH -DFREVHQ UlXPWH HLQ ªGD‰ XQVFKXOGLJH MlKULJHQ0lGFKHQVIUGLH(UVFKLH‰XQJDXVGD‰HVLQGHU*H

 9II*ÂÂ-DKUJDQJÂ+HIW

VHOOVFKDIWHLQHVGHXWVFKHQ6ROGDWHQJHVHKHQZRUGHQZDU6 WLHUHQ GLHVH JHODQJWHQ DEHU QLFKW ZHLWHU DOV ELV ]XP /DJHU
2EZRKOGHP0LQLVWHULXPIUEHVRQGHUH$QJHOHJHQKHLWHQ
NODUZDUGD‰GLH*UXQGODJHIUGLHVHQ)DOOVFKZDFKZDUXQG
ªDXI ORVHP .ODWVFK XQG 7UDWVFK©EHUXKWHEHKDQGHOWHHVGHQ
)DOOQDFKGHP3ULQ]LSGD‰HLQ'HQXQ]LDQWVFKXOGLJZDUVR
ODQJHQLFKWGDV*HJHQWHLOEHZLHVHQZDU±XQGGHU7lWHUPX‰
WH VLFK QLFKW YHUDQWZRUWHQ 0LW ZDV IU %HJUQGXQJHQ PDQ
VLFK ]XIULHGHQ JDE LVW IU HLQHQ 1LFKW'lQHQ RIWPDOVXQID‰
EDU (LQ 0RUG DQ HLQHP 'HXWVFKHQ ZDU IU GLH %HK|UGHQ
EHUKDXSW XQLQWHUHVVDQW ± HU ZXUGH LPPHU DOV OHJLWLPH
.ULHJVKDQGOXQJDQJHVHKHQ
,Q HLQHU )UDJHVWXQGH LP /DQGHVWKLQJ VHW]WH GHU$EJHRUGQHWH
6WHLQFNHGXUFKGD‰HLQ$XVVFKX‰GHVGlQLVFKHQ5HLFKVWDJHV
JHELOGHWZHUGHQVROOWHXPGLH)lOOH]XXQWHUVXFKHQ$EHUGHU
$XVVFKX‰ZXUGHGDQQYRP0LQLVWHULXPIUEHVRQGHUH$QJH
OHJHQKHLWHQHUQDQQW±DOVDGPLQLVWUDWLYHU$XVVFKX‰GHUNHLQH
%HIXJQLV KDWWH (QWVFKHLGXQJHQ ]X WUHIIHQ (U GXUIWH QXU GLH
VSH]LHOOHQ YRP 0LQLVWHULXP IU EHVRQGHUH $QJHOHJHQKHLWHQ
DXVJHZlKOWHQ)lOOHEHKDQGHOQ1DFKDX‰HQOLH‰PDQGHQ(LQ
GUXFN EHVWHKHQ GD‰ GHU 5HLFKVWDJVDXVVFKX‰ HLQ ,QVWUXPHQW
VHLGDVVLFKHUVWHOOHQVROOWHGD‰GLH%HKDQGOXQJGHU)lOOHXQ
WHU NRQWUROOLHUWHQ 9HUKlOWQLVVHQ DEOLHI 'HU 5HLFKVWDJVDXV
VFKX‰EHKDQGHOWHHWZD)lOOHNRQQWHDEHUDXIJUXQGVHLQHU
6DW]XQJNHLQH5HKDELOLWLHUXQJVHUNOlUXQJHQDXVVWHOOHQ
$XIGLH7KHVHGD‰HLQ7HLOGHU:LGHUVWDQGVPRUGH]LHOJHULFK
WHWH$NWLRQHQ]XU$XVVFKDOWXQJQLFKWQXUSROLWLVFKHU*HJQHU
VRQGHUQ SROLWLVFKHU .RQNXUUHQWHQ ZDU PLW GHQHQ .RPPXQL
VWHQ SDWULRWLVFKH XQG ÄQDWLRQDONRQVHUYDWLYH³ :LGHUVWlQGOHU
DXVVFKDOWHWH JHKW GHU 9HUIDVVHU QLFKW HLQ )U LKQ ZLH YLHO
OHLFKWIUGLHGlQLVFKHgIIHQWOLFKNHLWLQVJHVDPWLVWGHU]HQWUD
OH 3XQNW GHU 0\WKRV EHU GLH :LGHUVWDQGVEHZHJXQJ 6HLQH
6FKOX‰IROJHUXQJLVW
ª'LH 'HQXQ]LDQWHQ0RUGH ZDUHQ GLH 6FKPXW]ZlVFKH GHU
:LGHUVWDQGVEHZHJXQJ GHQQ VREDOG GLH IKUHQGHQ /HXWH
GHU:LGHUVWDQGVEHZHJXQJHQ±YLHOOHLFKWYRUDOOHPGLH/HX
WH GHV )UHLKHLWVUDWHV ±HLQUlXPWHQGD‰GLHVH0RUGHRKQH
.RQWUROOH HUIROJW ZDUHQ ZXUGH GLH :LGHUVWDQGEHZHJXQJ
]XU )LNWLRQ >«@ $QJHEOLFK ZDU GLH :LGHUVWDQGVEHZHJXQJ
XP VR EHVVHU RUJDQLVLHUW MH QlKHU GLH %HIUHLXQJ NDP VR
GD‰ VLH EHL GHU %HIUHLXQJ DOV IHVWJHIJWH (LQKHLW LQ (U
VFKHLQXQJ WUHWHQ NRQQWH 'LH /LTXLGLHUXQJHQ ]HLJHQ DEHU
JHQDXGDV*HJHQWHLOXQGGDPLWZXUGHGHUXUHLJHQVWH*OR
ULHQVFKHLQGHU:LGHUVWDQGVEHZHJXQJEHGURKW1LFKWJHQXJ
GDPLWGD‰VLFKHUZLHVGD‰GLH0RUGHRKQH.RQWUROOHHU
IROJWZDUHQZDUHQVLHLQPDQFKHQ)lOOHQDXFKYRQ/HXWHQ
EHJDQJHQZRUGHQGLHHLQHVRHQJH9HUELQGXQJ]XPNULPL
QHOOHQ0LOLHXKDWWHQGD‰PDQ]XJDQ]VSLW]ILQGLJHQMXULVWL
VFKHQ1XDQFHQJUHLIHQPX‰WHXPGLHVH7|WXQJHQYRQJH
Z|KQOLFKHQ NULPLQHOOHQ 0RUGHQ DE]XJUHQ]HQ ,Q PDQFKHQ
)lOOHQVDKPDQVLFKJH]ZXQJHQ]X]XJHEHQGD‰GLH/LTXL
GLHUXQJHQ RKQH .RQWUROOH HUIROJW ZDUHQ XQG GD HUIDQG
)U¡VOHY GLUHNW Q|UGOLFK YRQ )OHQVEXUJ 9RP /DJHU)U¡VOHY
LVWEHNDQQWGD‰GLHGHXWVFKH:DFKPDQQVFKDIWYHUODQJWHGLH
JOHLFKHQ 9HUSIOHJXQJV5DWLRQHQ ZLH GLH *HIDQJHQHQ DXVJH
KlQGLJW]XEHNRPPHQ(WZD'lQHQVWDUEHQLQGHXWVFKHQ
.RQ]HQWUDWLRQVODJHUQGLH%HVHW]XQJLQVJHVDPWIRUGHUWH
7RWHDOV)ROJHGHV.ULHJV]XVWDQGV'DEHLVLQGGLH'HQXQ]LDQ
WHQ0RUGH HLQJHUHFKQHW VRZLH FD  GlQLVFKH 6HHOHXWH
XQGFDGlQLVFKH:LGHUVWlQGOHU
1RFKHLQ9HUJOHLFKLVWDXIVFKOX‰UHLFK'lQHQPHOGH
WHQ VLFK ]XU :DIIHQ66  ZXUGHQ DQJHQRPPHQ XQG ]R
JHQLQV)HOG±XQGFDILHOHQ
(PNM UEH]LHKWDXFK6WHOOXQJ]XGHUbQGHUXQJGHVGlQLVFKHQ
6WUDIJHVHW]HVLP-XQLGLH
ªGHU5DFKHDQGHQHQGLHDXIGDVIDOVFKH3IHUGJHVHW]WKDW
WHQ HLQH MXULVWLVFKH $XIPDFKXQJ JHEHQ VROOWH >«@ 0DQ
NDQQDXFKVDJHQGD‰GLHZHQLJVWHQJHJHQHWZDVYHUVWR‰HQ
KDWWHQ ZDV QDFK GlQLVFKHP *HVHW] VWUDIEDU ZDU 0DQ
NDQQ QXU IURK GDUEHU VHLQ GD‰ PDQ KHXWH QLFKW XQWHU
VFKHLGHQPX‰]ZLVFKHQGHQHQGLHEHVWUDIWZHUGHQVROOWHQ
XQG GHQHQ EHL GHQHQ GDV QLFKW GHU )DOO ZDU 'LH :LGHU
VWDQGVEHZHJXQJLQWHUQLHUWHXQGJXWZXUGHQ
QDFK GHQ LOOHJDOHQ *HVHW]HQ PLW UFNZLUNHQGHU .UDIW EH
VWUDIW 'HU ]HQWUDOH %HJULII ZDU /DQGHVYHUUDW ZREHL GHU
%HJULIIVHOEVWYRUDXVVHW]WGD‰VLFK'lQHPDUNLP.ULHJV]X
VWDQG PLW 'HXWVFKODQG EHIDQG ZDV MD QLFKW GHU )DOO ZDU
'LH :LGHUVWDQGVOHXWHPHLQWHQGD‰VLHJHJHQ'HXWVFKODQG
LQ GHQ .ULHJ JH]RJHQ ZDUHQ 'HU GlQLVFKH 6WDDW KDW GLHV
DEHU QLFKW JHWDQ >«@ 'LH 0RUGH GHU :LGHUVWDQGVEHZH
JXQJJLQJHQQLFKWLQGLH>GHU(QWQD]LIL]LHUXQJLQ'HXWVFK
ODQG YHUJOHLFKEDUH@ VRJ ÄUHFKWOLFKH $EUHFKQXQJ³ QDFK
.ULHJVHQGH HLQ GHQQ VLH ZDUHQ MD DXI GHU ULFKWLJHQ 6HLWH
>«@EHJDQJHQZRUGHQ±XQGPDQZROOWHMDGLHDQGHUHQ]X
IDVVHQNULHJHQ©
'LHVHV GHWDLOOLHUWH :HUN KHEW VLFK GXUFK HLJHQVWlQGLJH *H
GDQNHQXQGNULWLVFKH%HZHUWXQJZRKOWXHQGDXVGHUVRQVWE
OLFKHQ 6WDQGDUG*HVFKLFKWVEHWUDFKWXQJ XQG :LGHUVWDQGV%H
ZHLKUlXFKHUXQJKHUDXV
0DQNDQQHUZDUWXQJVYROOLQGLH=XNXQIWEOLFNHQZDVGHUGl
QLVFKH5HYLVLRQLVPXVNQIWLJQRFKDQhEHUUDVFKXQJHQELHWHQ
ZLUG
$QPHUNXQJHQ


 5HFKWOLFKHJHULFKWOLFKH$EUHFKQXQJ HLQHGHU(QWQD]LIL]LHUXQJYHU
JOHLFKEDUH6lXEHUXQJZREHLGDV$GMHNWLY]XP6XEVWDQWLYLPJOHLFKHQ
9HUKlOWQLVVWHKWZLHEHLHLQHPVFKZDU]HQ6FKLPPHO

 /RUG5XVVHO+DJHNRUVHWVVY|EH.RSHQKDJHQ

 'DVGlQLVFKH:RUWVWLNNHKDWVRZRKOGLH%HGHXWXQJVWHFKHQZLHDXFK
]XVWHFNHQJHEHQ

 (VLVWFKDUDNWHULVWLVFKIUGDVVHLW-DKUHQKHUUVFKHQGHSROLWLVFKH.OL
PDLQ'lQHPDUNGD‰HVIU$XVGUFNHZLHªUHWVRSJ¡U ©UHFKWOLFKH$E
UHFKQXQJ±REZRKOVLHVFKRQDXIJUXQGUFNZLUNHQGHU*HVHW]HQLFKWVPLW
PDQ GLH )RUPXOLHUXQJ ORVH DQJHVFKORVVHQH *UXSSHQ GLH 5HFKW]XWXQKDWZLHDXFKªEHIULHOVH©%HIUHLXQJRGHUª)ULKHGVN  P
DOOHV YRQ JHZ|KQOLFKHQ :LGHUVWDQGVJUXSSHQ ELV KLQ ]X
NULPLQHOOHQ*UXSSHQDEGHFNHQNRQQWH©
(PNM UV %XFK VWHOOW DXFK HLQLJH LQWHUHVVDQWH 9HUJOHLFKH DQ
GLH]XGHQNHQJHEHQ
$E 0lU]  NDPHQ HWZD  GHXWVFKH )OFKWOLQJH
QDFK'lQHPDUN6LHZDUHQEHLLKUHU$QNXQIWLQHLQHUHOHQGHQ
9HUIDVVXQJVWDUEHQGDUXQWHU.LQGHU
'LH 'HXWVFKHQ ZROOWHQ  GlQLVFKH :LGHUVWlQGOHU GHSRU
9II*ÂÂ-DKUJDQJÂ+HIW
SHU©)UHLKHLWVNlPSIHUNHLQHZHUWIUHLHXQGREMHNWLYSDVVHQGH%H]HLFK
QXQJJLEW

 1DFKGHP0DLZXUGHQGLHVHGHXWVFKHQ)OFKWOLQJHKLQWHU6WDFKHOGUDKW
JHKDOWHQXQGHUKLHOWHQDQIDQJVNHLQHUOHL8QWHUVWW]XQJ'HQ'lQHQZDU
HVYHUERWHQLKQHQ(VVHQRGHUVRQVWLJH+LOIVPLWWHO]XJHEHQ:XUGHPDQ
EHL=XZLGHUKDQGOXQJHQHQWGHFNWNRQQWHGDVPHKUHUH0RQDWH*HIlQJQLV
HLQEULQJHQ'LHVH%HKDQGOXQJZLUGLQGHUKHXWLJHQ)OFKWOLQJVGHEDWWH
Y|OOLJYHUVFKZLHJHQXQGYHUGUlQJW$QPGh



+LPPOHU'LHQVWWDJHEXFKXQG+LWOHUV%HIHKO]XU$XVURWWXQJGHU-XGHQ
9RQ'USKLO,OVH6FKLUPHU9RZLQFNHO

'HU 'LHQVWNDOHQGHU +HLQULFK +LPPOHUV  ,P $XI
WUDJ GHU )RUVFKXQJVVWHOOH IU=HLWJHVFKLFKWHLQ+DPEXUJ
EHDUEHLWHW NRPPHQWLHUW XQG HLQJHOHLWHW YRQ 3HWHU :LWWH
XD9RUZRUW8ZH/RKDOPXQG:ROIJDQJ6FKHIIOHU+DP
EXUJ &KULVWLDQV  +DPEXUJHU %HLWUlJH ]XU 6R]LDO
XQG =HLWJHVFKLFKWH 4XHOOHQ %G  ,6%1 [
 6 *HE '0  JHI|UGHUW YRQ GHU 9RONVZD
JHQ6WLIWXQJ
 'LHQVWNDOHQGHUV &KULVWLDQ *HUODFK LVW +,6$XWRU XQG 0LW
9RUXQVOLHJHQIQI3XEOLNDWLRQHQWHLOVLQ%XFKIRUPWHLOVDOV
%URVFKUHXQGLQ]ZHL)lOOHQDOV5H]HQVLRQHQLQZHOWEHNDQQ
WHQ 7DJHV]HLWXQJHQ :LU ZROOHQ GLHVH IQI 7LWHO QLFKW XQVH
+DPEXUJ
'LHJUDSKLVFKVHKUDQVSUHFKHQGH$XIPDFKXQJGHV'LHQVWND
OHQGHUVOl‰WHLQH1lKH]XGHP]ZLVFKHQ]HLWOLFKLQV=ZLHOLFKW
JHUDWHQHQ +DPEXUJHU ,QVWLWXW IU 6R]LDOIRUVFKXQJ GHV
-DQ3KLOLSS 5HHPWVPD YHUPXWHQ GDV lX‰HUOLFK JDQ] lKQOLFK
JHVWDOWHWH%FKHUKHUDXVEULQJW8QGLQGHU7DW]XUFNKDOWHQG
DEHUGHXWOLFKZLUGLKPDXI6HLWHJHGDQNW'LH9HUELQGXQJ
EHVWHKW DXFK EHU HLQHQ GHU %HDUEHLWHU XQG +HUDXVJHEHU GHV
ZLUNHQGHUDQ9HUQLFKWXQJVNULHJ9HUEUHFKHQGHU:HKUPDFKW
ELV YRQ+DQQHV+HHUXQG-DQ3KLOLSS5HHPWVPD
'D&KULVWLDQ*HUODFKXQVQRFKHLQPDOEHJHJQHWLQVHLQHUEHL
UHUVHLWVLPNODVVLVFKHQ6LQQHUH]HQVLHUHQVRQGHUQXQVKDXSW
VlFKOLFKPLWGHUMHZHLOVXQWHUVFKLHGOLFKHQ:HLVHGHU'DUVWHO
OXQJ HLQHU ]HQWUDOHQ )UDJH EHVFKlIWLJHQ +DW +LWOHU DP 
'H]HPEHUE]ZDP'H]HPEHUGHQ%HIHKO]XU
$XVURWWXQJGHU-XGHQJHJHEHQ"
,P'LHQVWNDOHQGHU+LPPOHUVODXWHWGLHIUDJOLFKH6WHOOHVR6
5HHPWVPD LP +,6 +DPEXUJHU ,QVWLWXW IU 6R]LDOIRUVFKXQJ
HUVFKLHQHQHQ $XIVDW]VDPPOXQJ .ULHJ (UQlKUXQJ 9|ONHU
PRUGVROOHUKLHULQVHLQHU(LJHQVFKDIWDOV0LWEHDUEHLWHUXQG
+HUDXVJHEHUNXU]YRUJHVWHOOWZHUGHQ
-DKUJDQJ6WXGLXPDQGHU78%HUOLQGRUWDP=HQ
WUXP IU $QWLVHPLWLVPXVIRUVFKXQJ 3URPRWLRQ EHU 'LH GHXW
 VFKH :LUWVFKDIWV XQG 9HUQLFKWXQJVSROLWLN LQ :HL‰UX‰ODQG
  GLHVH $QJDEHQ VLQG GHP +,6:HUN 9HUQLFKWXQJV
ª9RUWUDJVQRWL]+LPPOHUV NULHJHQWQRPPHQ6
 'LH EULJHQ +HUDXVJHEHU%HDUEHLWHU GHV 'LHQVWNDOHQGHUV
)KUHUKDXSWTXDUWLHU )KUHU QlPOLFK 3HWHU :LWWH 0LFKDHO :LOGW 0DUWLQD 9RLJW 'LHWHU
:ROIVVFKDQ]H;,, K 3RKO3HWHU.OHLQ&KULVWRSK'LHFNPDQQXQG$QGUHM$QJULFN
 VLQGHQWZHGHUPLWGHP=HQWUXPIU$QWLVHPLWLVPXVIRUVFKXQJ
-XGHQIUDJH  DOV3DUWLVDQHQDXV]XURWWHQ DQ GHU 7HFKQLVFKHQ 8QLYHUVLWlW%HUOLQGHP,QVWLWXWIU=HLW
1HXRUJDQLVDWLRQG:DIIHQ66 JHVFKLFKWHLQ0QFKHQRGHUGHUREHQHUZlKQWHQ)RUVFKXQJV
 /HLEVWDQGDUWH VWHOOHIU=HLWJHVFKLFKWHLQ+DPEXUJYHUEXQGHQ
 *HELUJVGLY© 'LH ZHOWDQVFKDXOLFKH$XVULFKWXQJGHU+HUDXVJHEHUVFKDUOl‰W
 HLQH JHZLVVH %HVRUJQLV ZDFKZHUGHQGD‰+LPPOHUV'LHQVW
NDOHQGHU QLFKWPLWGHUKLHUEHLEHVRQGHUVDQJHEUDFK
'HU'LHQVWNDOHQGHU+HLQULFK+LPPOHUV WHQ 2EMHNWLYLWlW KHUDXVJHJHEHQ ZXUGH 'DV LVW DEHU DXI GHQ
'HU 'LHQVWNDOHQGHU  ODJ VHLW .ULHJVHQGH LP ª=HQ HUVWHQXQG]ZHLWHQ%OLFNQLFKWGHU)DOO
WUXP IU GLH $XIEHZDKUXQJ KLVWRULVFKGRNXPHQWDULVFKHU 'HU'LHQVWNDOHQGHUZXUGHYRPMHZHLOLJHQ$GMXWDQWHQJHIKUW
6DPPOXQJHQ© 6RQGHUDUFKLY LQ 0RVNDX XQWHU 9HUVFKOX‰ XQGEDUJIUGLH8PJHEXQJ+LPPOHUVNHLQH*HKHLPQLVVH
XQG ZXUGH HUVW  IU GLH )RUVFKXQJ ]XJlQJOLFK JH ª'LH(GLWLRQGHV'LHQVWNDOHQGHUV+LPPOHUVNDQQ
PDFKW ,P %HVWDQG GHV %XQGHVDUFKLYV .REOHQ] MHW]W %HU XQG ZLOO QLFKW ]XU )RUVFKXQJVNRQWURYHUVH XP GLHÄ(QGO|
OLQIHKOWHQELVGDKLQGLHVHEHLGHQ'LHQVWNDOHQGHU-DKUHPLW VXQJ³ QHXH 7KHVHQ ELHWHQ VRQGHUQ LQ HUVWHU /LQLH QHXH
DQGHUHQ:RUWHQDOOHVDQGHUHZDUYRUKDQGHQ,Q$QEHWUDFKW 0DWHULDOLHQ 'LH YRUUDQJLJH $EVLFKW EHVWDQG GDULQ GDV
GHU5ROOH+LPPOHUVGHUDOVGHUVFKOHFKWKLQ%|VHPLWMHGHU 'RNXPHQWLQHGWLLHUWHU)RUPUDVFKGHU)RUVFKXQJ]XU9HU
PHQVFKHQUHFKWVZLGULJHQ 7DW GHU 1DWLRQDOVR]LDOLVWHQ LQ
9HUELQGXQJJHEUDFKWZLUGLVWHVEHXQUXKLJHQGXQGYHUEOI
IHQG ZLH ZHQLJ EHNDQQWGDV9RUKDQGHQVHLQGLHVHU3ULPlU
TXHOOHQZDUXQGLVW
'DV8QWHUQHKPHQLQGHPGHU'LHQVWNDOHQGHUYHU|I
IJXQJ]XVWHOOHQ© (LQOHLWXQJ6
'RFKGDQQOHVHQZLU
ª6HOEVWYHUVWlQGOLFK ZLUG GLH 5ROOH +LPPOHUV XQG GHU
66)KUXQJ EHLP 0RUG DQ GHQ HXURSlLVFKHQ -XGHQ LP
%UHQQSXQNW GHV ,QWHUHVVHV HLQHU (GLWLRQ GHV 'LHQVWNDOHQ
IHQWOLFKW ZXUGH LVW LQ HUVWHU /LQLH 'UXFNHUHL XQGLQGHPEH GHUVGHV5HLFKVIKUHUV66VWHKHQ©6
NDQQWHQ +DQGEXFK YRQ 9LQ]2O]RJ+DFNHU 'RNXPHQWDWLRQ ,QGLHYRUOLHJHQGH(GLWLRQZXUGHQGLH7HOHIRQQRWL]HQ+LPP
GHXWVFKVSUDFKLJHU 9HUODJH 0QFKHQ 2O]RJ  $XVJDEH OHUV YROOVWlQGLJ HLQJHDUEHLWHW GD]X DXVJHZlKOWH 7HLOH VHLQHV
 QLFKW DXIJHIKUW $P 6FKOX‰ GHU KLHU YRUOLHJHQGHQ HLJHQKlQGLJ JHIKUWHQ 7DVFKHQNDOHQGHUV DXV]XJVZHLVH HLQ
9HU|IIHQWOLFKXQJVLQGDFKW6HLWHQZHUEHQGH,QIRUPDWLRQEHU YRQ'U5XGROI%UDQGWLP=XJHGHV1UQEHUJHUbU]WH
ª=HLWJHVFKLFKWH EHL K&ULVWLDQV © DEJHGUXFNW PLW HLQLJHQ
GXUFKDXV HLQGUXFNVYROOHQ 7LWHOQ DEHU DXFK DOOHUOHL ZHOWDQ
VFKDXOLFK )HVWJHOHJWHP VR ] % 'DV 8QUHFKWVUHJLPH )RU
VFKXQJEHUGHQ1DWLRQDOVR]LDOLVPXV'LH1RWGHU-XGHQWHL
OHQ -GLVFKH (U]LHKXQJ LP QDWLRQDOVR]LDOLVWLVFKHQ 'HXWVFK
ODQG  5DVVHQXWRSLH XQG *HQR]LG Ä$ULVLHUXQJ LQ
+DPEXUJ³ 'LHV DOOHV VLQG 9HU|IIHQWOLFKXQJHQ GHU )RU
VFKXQJVVWHOOH IU =HLWJHVFKLFKWH LQ +DPEXUJ IUKHU )RU
VFKXQJVVWHOOH IU *HVFKLFKWH GHV 1DWLRQDOVR]LDOLVPXV LQ

SUR]HVVHVKLQJHULFKWHWV6XQGHLQYRQGHP$GMXWDQWHQ
:HUQHU*URWKPDQQJHVRQGHUWJHIKUWHU7HUPLQNDOHQGHUZR
EHLGLHHLQ]HOQHQ7HLOHW\SRJUDSKLVFKXQGGXUFKDQGHUH0LWWHO
XQWHUVFKHLGEDUJHPDFKWZXUGHQ'D]XJLEWHVHLQVHKUQW]OL
FKHV JHOEHV .DUWRQEODWW GDV GHP %XFK EHLOLHJW XQG GLH
ª6FKULIWDUWHQXQGLKUH%HGHXWXQJLP4 XHOOHQWHLO ©DXIOLVWHW
'LH VHKU XPIDQJUHLFKHQ XQG ]DKOUHLFKHQ )X‰QRWHQ HUOlXWHUQ
GLH =XVDPPHQKlQJH GHU RIW QLFKW RKQH ZHLWHUHV GHXWEDUHQ
(LQWUDJXQJHQGHV4XHOOHQWHLOV(VHQWVWHKWGHU(LQGUXFNK|FK
9II*ÂÂ-DKUJDQJÂ+HIW

VWHU *HZLVVHQKDIWLJNHLW XQG ZLVVHQVFKDIWOLFKHU 7XJHQG 6R
OREHQVZHUW GLH *HVWDOWXQJ GHV 4XHOOHQWH[WHV DXFK VHLQ PDJ
LQ GHQ )X‰QRWHQ ZLUG GLH ZHOWDQVFKDXOLFKH $XVULFKWXQJ GHU
+HUDXVJHEHU GHXWOLFK 'LHVH XQVHUH%HKDXSWXQJVROODQHLQL
JHQ EHOLHELJ KHUDXVJHJULIIHQHQ %HLVSLHOHQ DQVFKDXOLFK JH
PDFKWZHUGHQ
)U )UHLWDJ  JLEW HVNHLQ7HUPLQEODWWZDVRIWYRU
NRPPW XQG LQ GHU (LQOHLWXQJ JHQDX HUOlXWHUW ZLUG V 6
$XV HLQHU )X‰QRWH DXI GHU JOHLFKHQ 6HLWH GLH VLFK XP HLQHQ
DQGHUHQ %HVLFKWLJXQJVRUW +LPPOHUV GUHKW Ol‰W VLFK ]XU 1RW
VFKOLH‰HQ GD‰ EHL 0RJLOHZ  XQG 0RJLOHZ  YHUVFKLHGHQH
%HDUEHLWHUDP:HUNZDUHQGLHLKUH$UEHLWVHUJHEQLVVH±HQW
JHJHQ GHQ 9HUVLFKHUXQJHQ LP 9RUZRUW ± QLFKW IUHXQGVFKDIW
OLFKDXVWDXVFKWHQ
6REHJLQQWVLFKEDOGHLQ1HEHOEHUGLH%HDUEHLWHUWlWLJNHLW]X
EUHLWHQ DXV GHP KHUDXV PLW 0XWPD‰XQJHQ JHVFKRVVHQ ZLUG
$EHUHUNHQQEDUGXUFKHFNLJH.ODPPHUQLVWGHPIHK
OHQGHQ 4XHOOHQWH[W KLQ]XJHIJW ª>+LPPOHU LQ 0RJLOHZ@ ©
XQGª>)OXJQDFK6PROHQVN7UHIIHQPLW*HQHUDOIHOGPDUVFKDOO
Y %RFN %DFK=HOHZVNL XQG *HQHUDO Y 6FKHQFNHQGRUII
DEHQGV 5FNIOXJ QDFK 0RJLOHZ@© (LQHQ DXI GLHVH :HLVH
QDFKSUIEDUHQ %HOHJ JLEW HV DEHU QXU IU +LPPOHUV %HVXFK
EHLY%RFNLQ)RUPHLQHUQDFKWUlJOLFKHQ1RWL]LQGHVVHQ7D
JHEXFK $OOHV EULJH LVW HUVFKORVVHQ XQG DOV +DXSWEHOHJ ]L
WLHUWGHU%HDUEHLWHUVLFKVHOEVW±&KULVWLDQ*HUODFK,QGHU
)X‰QRWHLVWDXVIKUOLFKGLH5HGHYRQ0DVVHQHUVFKLH‰XQJHQ
ª+LPPOHU EHVXFKWH XD GDV >«@ =ZDQJVDUEHLWVODJHU LQ
0RJLOHZLQGHPDQGLHVHP7DJ0HQVFKHQHUVFKRVVHQ
ZXUGHQ©
1DFK0HLQXQJGHV%HDUEHLWHUVJDEHVQRFKHLQZHLWHUHV7UHI
IHQ
ª%HL GHP 7UHIIHQ PLW D&UO =HQQHU GUIWH GLHVHU 0HOGXQJ
EHU GDV ]ZHL 7DJH]XYRUEHHQGHWH0DVVDNHULQ%RULVVRZ
HUVWDWWHWKDEHQEHLGHP6LSRHLQKHLWHQDXVVHLQHP%HUHLFK
REZRKOVLHLQGHU6WDGWQLFKWÄ]XVWlQGLJ³ZDUHQ-X
GHQHUPRUGHWKDWWHQ©
$EHU GDPLW QLFKW JHQXJ GHU 0XWPD‰XQJHQ :LH LQ GHU JOHL
FKHQ )X‰QRWH HWZDV ZHLWHU REHQ EHULFKWHW ZLUG VROOWH GDV
=ZDQJVDUEHLWVODJHU0RJLOHZªRIIHQVLFKWOLFK© -XGHQDXV0LW
WHOHXURSDDXIQHKPHQXQGYHUQLFKWHQXQGªDQVFKHLQHQG© EH
0DQ LVW VHKU VFKQHOO JHQHLJW DXFK DQGHUH (UOlXWHUXQJHQ DQ
]X]ZHLIHOQ%HLGHU)X‰QRWH]XGHP]ZHLWHQ%HVLFKWLJXQJVRUW
+LPPOHUV DP  0lU]  ZLUG DEHU QLFKW PLW JH]LQNWHQ
.DUWHQ JHVSLHOW VLH LVW DEVROXW VDFKOLFK XQG LQIRUPDWLY 'LH
$UEHLWGHUHLQ]HOQHQ+HUDXVJHEHULVWOHLGHUQLFKWGLIIHUHQ]LHUW
PDQNDQQQXUYHUPXWHQGD‰ZLVVHQVFKDIWOLFKXQWHUVFKLHGOLFK
TXDOLIL]LHUWH0LWDUEHLWHUDP:HUNZDUHQ
$OOJHPHLQZlUHHVUDWVDPJHZHVHQGLH)X‰QRWHQGLHGXUFK
VFKQLWWOLFK PHKU DOV GLH +lOIWH GHU 6HLWH ± EHL HQJHUHP =HL
OHQDEVWDQG ± HLQQHKPHQ ZHQLJHU JHVFKZlW]LJ ]X JHVWDOWHQ
XQG DQVWDWW ªHV N|QQWH VHLQ© ª]ZHL 8PVWlQGH N|QQWHQ GD]X
JHIKUW KDEHQ GD‰© ªP|JOLFKHUZHLVH EHZLUNWH GLHV© JDU
QLFKWV]XVDJHQZHQQPDQVLFKVRZHQLJVLFKHULVW,QGHUKLHU
KHUDQJH]RJHQHQ EHOLHELJ KHUDXVJHVXFKWHQ )X‰QRWH DXI 6
JHKWHVXP%DQDOLWlWHQQlPOLFKXPGLH)UDJHZDUXPHV
IUPDQFKH7DJHNHLQH7HUPLQEOlWWHUJLEW'DVLVWDEHULQGHU
(LQOHLWXQJVFKRQKLQUHLFKHQGJHQDXJHNOlUWZRUGHQ
'D‰ HV DXFK QW]OLFKH LQIRUPDWLYH )X‰QRWHQ JLEW GHXWHWHQ
ZLUREHQVFKRQDQ
6LHKWPDQYRQGHQKLHUDXIJHOLVWHWHQ)HKOHUQXQG0L‰OLFKNHL
WHQDEXQGEHVFKUlQNWVLFKDXIGHQLQVJHVDPWOREHQVZHUWJH
VWDOWHWHQ 4XHOOHQWHLO VR IlOOW ± ZLH DP %HLVSLHO GHV 0RJL
OHZ%HVXFKVVFKRQGHXWOLFKZLUG±GDV)HKOHQYRQ(LQWUlJHQ
DXI GLH PDQ HLJHQWOLFK HUZDUWHQ ZUGH 'DV KDW DXFK GHU
VWDQGGHU3ODQGRUWHLQHVWDWLRQlUH*DVNDPPHU]XHUULFKWHQ 
ªGRFK LVW GHU =HLWSXQNW QLFKW JDQ] NODU 'DV 9RUKDEHQ YRQ
-XGHQGHSRUWDWLRQHQ SHU %DKQ RGHU 6FKLII QDFK 0RJLOHZ
VFKHLWHUWH VSlWHU DQ 7UDQVSRUWSUREOHPHQ© 4XHOOH *HUODFK
)DLOXUH RI 3ODQV XQG %UHLWPDQQ 2IILFLDO 6HFUHWV :KDW WKH
1D]LVSODQQHG
QLFKWJHQDQQWH9HUIDVVHUGHU(LQOHLWXQJEHPHUNWÂ
ª6R KDW VLFK KHUDXVJHVWHOOW GD‰ PDQFKH 7HUPLQH +LPP
OHUVGLHVLFKPLWWHOVDQGHUHU4 XHOOHQXQ]ZHLIHOKDIW >"@DXI
HLQ EHVWLPPWHV 7DJHVGDWXP IHVWOHJHQ ODVVHQ QLFKW LQ GHQ
7HUPLQEOlWWHUQ DXIJHIKUW VLQG RKQH GD‰ IU GLH $XVODV
VXQJ HLQGHXWLJH *UQGH ]X HUNHQQHQ JHZHVHQZlUHQ©6
:LU KDOWHQ IHVW )U GHQ  JLEW HV IU HLQHQ 0RJL 
OHZ%HVXFK NHLQHQ (LQWUDJ DXFK QLFKW LQ GHQ DQGHUHQ 7HU 8QG
PLQXQWHUODJHQ VR (UVW HLQHQ 7DJ VSlWHU DP  2NWREHU ª6R VWDQGHQ DOOH PLW GHU :DIIHQ66 YHUEXQGHQH )UDJHQ
 WDXFKW 0RJLOHZ DXI ª   *U) 4 XHUQHU LQ VSlWHVWHQVVHLWGHPhEHUIDOO>VLF@DXIGLH6RZMHWXQLRQLP
0RJLOHZ ±%HULFKW EHU 2EHUDEVFKQLWW 1RUGVHH © 9LHOOHLFKW -XQLLP0LWWHOSXQNWYRQ+LPPOHUV7lWLJNHLWZlKUHQG
ZDU +LPPOHU DP  LQ 0RJLOHZ XQG HPSILQJ GRUW ]XP%HLVSLHO)UDJHQGHU.RQ]HQWUDWLRQVODJHUZHLWZHQLJHU
4XHUQHU'HU9HUPHUNVWDPPWYRQ+LPPOHUVHOEVW(LQDQGH 5DXPLP'LHQVWNDOHQGHUHLQQDKPHQ©6
UHU (LQWUDJ ]XP 7KHPD 0RJLOHZ ILQGHW VLFK  $P  :LU KDEHQ GHQ 4XHOOHQWHLO IU ]ZHL 0RQDWH 7DJ IU 7DJ
0lU]QRWLHUW$GMXWDQW*URWKPDQQLQVHLQHP7HUPLQND GXUFKVWXGLHUW XP (LQWUlJH EHU .= XQG GDPLW YHUEXQGHQH
OHQGHU )UDJHQ]XORNDOLVLHUHQXQG]XEHZHUWHQ'DIUERWHQVLFKGLH
ª$EIOXJQDFK2UVFKD/|W]HQ 0RQDWH 0lU] XQG $SULO  DQ QDFKGHP DP  -DQXDU
  6 WDI0DUWLQ +H\GULFKV:DQQVHH.RQIHUHQ]VWDWWJHIXQGHQKDWWH'LH
  $QNXQIWLQ2UVFKD ZHQLJHQ (LQWUlJH GLH ZLU JHIXQGHQ KDEHQ VLQG DXIVFKOX‰
  )DKUWQDFK0RJLOHZ UHLFK XQG NHLQHVZHJV LPPHU DQJHQHKP IU GHQ GHU ]XU8Q
 0RJLOHZ WHUVFKlW]XQJ +LPPOHUV QHLJW (LQWUlJH EHU .= NRPPHQ
  %HVXFKGHV66/D]0RJLOHZ©6 GXUFKDXV YRU DEHU HEHQ QLFKW DQQlKHUQG VR ZXFKWLJ ZLH HU
+LHUVXFKWPDQHLQH)X‰QRWHYHUJHEHQVGDEHLYHUZXQGHUWHV ZDUWHW
GD‰ DXV GHP =ZDQJVDUEHLWVODJHU PLW JHSODQWHU VWDWLRQlUHU
*DVNDPPHUXQG(UVFKLH‰XQJHQQXUZHQLJH0RQDWHVSlWHUHLQ 0b5=
XQVFKXOGLJHV 66/D]DUHWW JHZRUGHQ LVW $XFK DP IROJHQGHQ ª0LWWZRFK0lU]
7DJZDU+LPPOHUQRFKLQ0RJLOHZYRQZRHUXPKDE 766*U)3RKO%HUOLQ %HVXFK5DYHQVEUFN
IXKU .HLQ :RUW GHU (UOlXWHUXQJ ]X GHU 0HWDPRUSKRVH GLH  6WG$UEHLWVWDJ
VHLW GHP  GHV 9RUMDKUHV VWDWWJHIXQGHQ KDW 9LHOOHLFKW  .RQ]/DJHU]X3RKO
JLEW HV MD HLQH (UNOlUXQJ DEHU ZDUXP KlOW PDQ VLHXQVYRU"  %HVXFKKLHUDP)UHLWDJ©

9II*ÂÂ-DKUJDQJÂ+HIW 

'DVLVWYRQ+LPPOHUKDQGVFKULIWOLFKQRWLHUWZRUGHQ(LQ(LQ 'LH 8PVLHGOXQJVDNWLRQ LVW EHOHJEDU HLQH $NWHQQRWL] GHU
WUDJ YRP  0lU] EHVWlWLJW GLH hEHUJDEH GHU $XIVLFKW EHU *KHWWRYHUZDOWXQJYHUZHLVWGDUDXIGD‰GHU%HIHKOKLHUIUYRQ
GLH.=DQ3RKO +LPPOHUVWDPPW0HKUQLFKW
ª6RQQDEHQG0lU] 'HU  $SULO  KDW XQVHUH $XIPHUNVDPNHLW GDGXUFK DXI
 VLFKJH]RJHQGD‰DOV(LQWUDJXQJIU8KUYHUPHUNWLVW
7
 66*U)-WWQHU hEHUQDKPH./DJHUDQ VLF
3RKO©
'LHVH EHLGHQ (LQWUlJH JHEHQ LQVRIHUQ QLFKWV KHU DOV HV KLHU
HLQIDFK XP GLH EHNDQQWH 7DWVDFKH JHKW GD‰ YRQ HLQHP EH
VWLPPWHQ =HLWSXQNW DQ GLH ,QVSHNWLRQ GHU .= 6DFKH GHV
:9+$ ZDU :9+$  :LUWVFKDIWV XQG 9HUZDOWXQJV
ª%HVLFKWLJXQJGHV >:DUVFKDXHUG5H]@*KHWWRV©
,Q GHU )X‰QRWH ZLUG EHULFKWHW DP $EHQG HEHQ GLHVHV 7DJHV
VHLLP*KHWWRHLQH3DQLNDXVJHEURFKHQZHLOGDV*HUFKWXP
JLQJ HV VHL HLQ 0DVVDNHU JHSODQW $XV GHP 4XHOOHQWHLO Ol‰W
VLFKGDVDEHUQLFKWDEOHVHQ'LH3DQLNNDQQWURW]GHPWDWVlFK
OLFKDXVJHEURFKHQVHLQDEHUGHU%HZHLVGDIULVWHKHUGUIWLJ
+DXSWDPW (V JLEW QLFKWV GDUDQ ]X GHXWHOQ GD‰ DE GLHVHP
'DWXPGLH.=+lIWOLQJHIUGLHGHXWVFKH.ULHJVZLUWVFKDIWDU
EHLWHQPX‰WHQXQG]ZDURKQH%H]DKOXQJ
,PJHVDPWHQ0lU]JLEWHVQXUQRFKHLQHGLHVEH]JOLFKLQWHU
SUHWLHUEDUH (LQWUDJXQJ QlPOLFK DP 0LWWZRFK  0lU]
QlPOLFKGDV%XFK:LUKDEHQHVJHVHKHQ=ZHLIHOVIUHLEHOHJW
LVWGHU*KHWWR%HVXFKYRP$SULO
(LQH (LQWUDJXQJ +LPPOHUV LQ VHLQHP 7HOHIRQNDOHQGHU YRP
0RQWDJ$SULOLVWYHUEOIIHQG
7
ª K662*U)+H\GULFK %HVXFKEHL*UHLVHU
 DOV %HVSUHFKXQJVVWLFKSXQNW HLQHV PLQWLJHQ 7HOH  /HLVWXQJVJUXSSHQEG3ROHQ
IRQDWV +LPPOHUVPLW+H\GULFKKDQGVFKULIWOLFKYRQ+LPPOHU  .HLQH9HUQLFKWXQJG=LJHXQHU©
LQVHLQHQ7HOHIRQNDOHQGHUHLQJHWUDJHQ
ª(UOD‰ 6WDDWVVHNUHWDULDW LP *HQ*RXYHUQ -XGHQIUDJH
*UDWXODWLRQ)ULFN=XVWDQG'DOXHJH©
'LH KLHU]X JHK|UHQGH XPIDQJUHLFKH )X‰QRWH EHULFKWHW EHU
GLH]XMHQHU=HLWVWDWWJHKDEWHQ'HSRUWDWLRQHQ]%DXV7KHUH
VLHQVWDGW QDFK /XEOLQ XQG DXV GHP EHVHW]WHQ )UDQNUHLFK LQ
GDV .= $XVFKZLW] bUJHUOLFKHUZHLVH ZLUG GHU KLHU KHUDQJH
]RJHQH6FKQHOOEULHI(LFKPDQQVDQGDV$XVZlUWLJH$PWYRP
QDFKHLQHP%XFK]LWLHUW
ªJHGUXFNW LQ 3ROLDNRY:XOI 'DV 'ULWWH 5HLFK XQG VHLQH
'LHQHU6©
(VLVWXQYHUDQWZRUWOLFKLQHLQHUVREULVDQWHQ6DFKHDXVODXWHU
%HTXHPOLFKNHLWQLFKWDXIGLH2ULJLQDOTXHOOH]XUFN]XJUHLIHQ
VRQGHUQVLFKDXI'ULWWH]XYHUODVVHQ
$35,/
(LQ (LQWUDJ YRQ )UHLWDJ  $SULO  YHUZHLVW DXI HLQH
)DKUW QDFK .XWQR +LHU]X JLEW HV NHLQH )X‰QRWH 'HU VRJ
Ä.XWQR0DUVFK³ LVW IU GLH 'HXWVFKHQ GLH EHL .ULHJVDXV
EUXFKLPSROQLVFKHQ0DFKWEHUHLFKOHEWHQHLQ%HJULII(UEH
'LH )X‰QRWH YHUPHUNW YHUVFKLHGHQH EHUHLWV GXUFKJHIKUWH
9HUQLFKWXQJVDNWLRQHQ $OV (UNOlUXQJ GDIU GD‰ =LJHXQHU
YHUVFKRQWZHUGHQVROOWHQVFKUHLEWGHU%HDUEHLWHU
ª'HU (LQWUDJ LVW HLQ ,QGL] IU GLH 8QNODUKHLW LQ GHU
166SLW]HEHUGLH)UDJHREDOOH=LJHXQHUHUPRUGHWZHU
GHQVROOWHQ©
0DQN|QQWHGHUVHOWVDPHQ%HPHUNXQJDEHUDXFKHLQHDQGHUH
,QWHUSUHWDWLRQ JHEHQ VRJDU ]ZHL (LQPDO N|QQWH +LPPOHU
+H\GULFKHUPDKQWKDEHQNHLQH=LJHXQHU]XYHUQLFKWHQ$EHU
HV N|QQWH DXFK VR VHLQ GD‰ HV *HUFKWH DXV GHP $XVODQG
RGHU DXFK LQ GHU GHXWVFKHQ %HY|ONHUXQJ EHU =LJHXQHUYHU
QLFKWXQJ JDE GHQHQ HQWJHJHQ]XWUHWHQ ZDU :HQQ PDQ GHQ
+LPPOHUHUOD‰YRP'H]HPEHUXQGGHQGDUDXVUHVXO
WLHUHQGHQ Ä6FKQHOOEULHI³ YRP  GHV 5HLFKVVLFKHU
KHLWVKDXSWDPWHVEHUGLHª(LQZHLVXQJYRQ=LJHXQHUPLVFKOLQ
JHQ5RP=LJHXQHUQXQGEDONDQLVFKHQ=LJHXQHUQLQHLQ.RQ
]HQWUDWLRQVODJHU©LQGLH%HWUDFKWXQJPLWHLQEH]LHKWZRHLQH
JDQ]H5HLKHYRQ$XVQDKPHQDXIJHIKUWVLQGQlPOLFKVH‰KDI
WH=LJHXQHUªUHLQUDVVLJHXQG/DOOHUL=LJHXQHU©VR]LDODQJH
SD‰WHVRZLHPLW$XV]HLFKQXQJHQDXVGHP:HKUGLHQVW(QWODV
]HLFKQHW HLQHQ GHU 9HUVFKOHSSXQJVPlUVFKH ZREHL DE FD  VHQHXVZYJO9II*6IIGHU6FKQHOOEULHI
6HSW  GLH 'HXWVFKHQ QDFK 2VWHQ JHWULHEHQ ZXUGHQHKH LVWDOV.RSLHLP,QVWLWXWIU=HLWJHVFKLFKWH0QFKHQYRUKDQ
VLH YRQ GHQ YRUUFNHQGHQ GHXWVFKHQ 7UXSSHQ JHUHWWHW ZXU GHQ GDQQ PX‰ PDQ VFKOLH‰HQ GUIHQ GD‰ QLFKW VFKRQ YRU
GHQ 8QWHU GHQ 'HXWVFKHQ JDE HV YLHOH 7RWH DEHU DXFK GLH GLHVHU HUVWHQ XPIDQJUHLFKHQ 'HSRUWDWLRQ 7DXVHQGH YRQ =L
hEHUOHEHQGHQ KDEHQ GHQ .XWQR0DUVFKQLHYHUJHVVHQ0LW JHXQHUQHUPRUGHWZRUGHQVHLQN|QQHQ'HU%HDUEHLWHUKDWGD
WHLOXQJHLQHV2SIHUVDQ5H]VLHKHª'RNXPHQWDWLRQGHU9HU IU DXFK NHLQHQ %HOHJ HU ]LWLHUW ZLHGHU HLQPDO HLQ %XFK
VFKOHSSXQJVPlUVFKH LP 6HSW  © XQYHU|II 0XWPD‰XQ =LPPHUPDQQ5DVVHQXWRSLHXQG*HQR]LG(VLVWVHKUVFKDGH
JHQ GDUEHU ZHOFKHQ =ZHFN +LPPOHUV .XWQR5HLVH KDWWH GD‰GHU%HDUEHLWHU]XIDXOZDUXPQDFK+LQZHLVHQDXI9HU
ZHUGHLFKQLFKWDQVWHOOHQ QLFKWXQJVJHUFKWH]XVXFKHQXDLQDXVOlQGLVFKHQ=HLWXQJHQ
'LHIUMHQHQ$SULOIROJHQGH(LQWUDJXQJDXV+LPP XQG=HLWVFKULIWHQ
OHUV 7DVFKHQNDOHQGHU 7. ODXWHW ª PLW .RSSH© 'HU 'LH GUHL (LQWUDJXQJHQ VLQG DOOHV ZDV LP $SULO  LQ GHQ
QlFKVWH%HVXFKVWHUPLQZDU:DUWKEUFNHQ'LH)X‰QRWHKLHU 7HUPLQXQWHUODJHQEHUGLH%HKDQGOXQJYRQ-XGHQ3ROHQXQG
]XLVWEHDFKWOLFK6LHXPID‰W=HLOHQZRZLUXDPLW =LJHXQHUQ]XILQGHQZDU
IROJHQGHQ0XWPD‰XQJHQNRQIURQWLHUWZHUGHQ $P0DLDEHUZLUGHVEUHQ]OLJ'DOHVHQZLULQGHQLQ
ª LPPOHUXQG.RSSHLQVSL]LHUWHQP|JOLFKHUZHLVH GDVQXU
+ DOOHU 2IIHQKHLW XQG $XVIKUOLFKNHLW JHWlWLJWHQ (LQWUDJXQJHQ
ZHQLJH .LORPHWHU YRQ :DUWKEUFNHQ .  ROR HQWIHUQWH 9HU IROJHQGHV
QLFKWXQJVODJHU K&HOPQR 'RUW ZXUGHQ DP VHOEHQ 7DJ GLH ª )DKUWQDFK'DFKDX
-XGHQ YRQ 6DQQLNL HUPRUGHW * XOF]\QVNL Ey ] VPLHUFL 6  6WDEVDU]W'U5DVFKHU
+LPPOHUV%HVXFKLP:DUWKHODQGKLQJRIIHQVLFKWOLFK PLW  'RUW%HVLFKWLJXQJGHV/DJHUVX'LHQVWVWHOOHQ
GHU (LQOHLWXQJ QHXHU 0DVVHQYHUQLFKWXQJVDNWLRQHQ ]XVDP 5) EHVLFKWLJW 9HUVXFKH LQ GHU +|KHQGUXFNNDP
PHQ 'UHL 7DJH VSlWHU NQGLJWH GLH *KHWWRYHUZDOWXQJ LQ PHUGXUFK6WDEVDU]W'U5DVFKHU©6
/RG]HLQHÄ8PVLHGOXQJYRQ-XGHQ³DQ>«@'LHMHQLJHQYRQ /W )X‰QRWH RUGQHWH +LPPOHU EHL GLHVHP %HVXFK DQ HLQHQ
LKQHQ GLH DOV ÄDUEHLWVXQIlKLJ³ HLQJHVWXIW ZXUGHQ VROOWHQ )LOPEHUGLH9HUVXFKH]XGUHKHQ'DVVWLPPWGHU)LOPZXU
GDJHJHQLQ& KHOPQRHUPRUGHWZHUGHQ©  +HUYRUKY5H] GHDPYRUJHIKUW6hEHUGHQ9HUEOHLEGLH

 9II*ÂÂ-DKUJDQJÂ+HIW

VHV )LOPV K|UHQ ZLU OHLGHU QLFKWV 'LH )RUVFKXQJ VROOWH VLFK
XQEHGLQJWGDUXPEHPKHQ'LH9HUVXFKHLQGHU+|KHQGUXFN
NDPPHU GLHQWHQ GHU (UIRUVFKXQJ GHU %HODVWEDUNHLW YRQ )OLH
JHUQ LQ JUR‰HU +|KH XQG ZXUGHQ QDFK GHP .ULHJ YRQ GHQ
$PHULNDQHUQ DOV *UXQGODJH LKUHU HLJHQHQ )RUVFKXQJHQ YHU
ZHQGHW,FKEH]LHKHPLFKKLHUEHL±XQWHU9RUEHKDOW±DXIHL
QHQ )HUQVHKILOP GHU 866HULH /$ /DZ PLW GHP 7LWHO
ª6FKPHU]KDIWH7XJHQG©
=XVDPPHQIDVVHQGVWHOOWVLFKKHUDXVGD‰GLH4XHOOHQWH[WHGHU
'LHQVWWDJHEXFK(GLWLRQ DOOHP $QVFKHLQ QDFK YHUOl‰OLFK ZLH
ZDVHUUHIHULHUWVRQGHUQXPGLH:HOOHQEHZHJXQJGLHHUGD
PLWLQ*DQJVHW]WH
$XV)UDQNUHLFKKDEHLFKQXUHLQH)ROJHXQWHUVXFKXQJJHOHVHQ
QlPOLFKGLHYRQ+HQUL5RTXHV$XV'HXWVFKODQGLVWPLUNHLQH
5HDNWLRQ EHNDQQW REZRKO HV VLH VLFKHU JHJHEHQ KDW DEHU
ZRKO HKHU EHL 6SH]LDOLVWHQ $XFK GHU XQYRUHLQJHQRPPHQH
+HQUL5RTXHVZHL‰QXUYRQGHUIDOVFKHQhEHUVHW]XQJ6HLQH
%URVFKUH4 XDQG$ODLQ'HFDX[UDFRQWHO¶KLVWRLUHGX66.XUW
*HUVWHLQ KDW GLH +LWOHU$JHQGD XQG GLH EHLGHQ $UWLNHO YRQ
*HUODFKXQG:HLOOQLFKW]XP7KHPDDEHUHUJHKWGDUDXIHLQ
GHUJHJHEHQVLQGGD‰HVDEHUPLWGHU.RPPHQWLHUXQJHUKHE
OLFKKDSHUW
&KULVWLDQ*HUODFKXQGGDV+LPPOHU7DJHEXFK
6RJHUVWHWZHQGHQZLUXQVQXQPHKU+LPPOHUV(LQWUDJYRP
'H]]XGHU$QOD‰]XPHKUHUHQ.RPPHQWDUHQXQG
5H]HQVLRQHQZDU=LWLHUWZXUGHGHU(LQWUDJEHUHLWVDP$QIDQJ
GLHVHV%HLWUDJHV+LPPOHUQRWLHUWDOV%HVSUHFKXQJVSXQNWHIU
HLQH %HVSUHFKXQJ PLW +LWOHU XD ª-XGHQIUDJH  DOV 3DUWLVD
QHQDXV]XURWWHQ©(VJHKWKLHUXPGDV:|UWFKHQªDOV©)U
GHXWVFKH 2KUHQ LVW GHU 6LQQ HLQGHXWLJ GLHMHQLJHQ -XGHQ GLH
DOV3DUWLVDQHQJHID‰WZHUGHQVLQGªDXV]XURWWHQ©6RYHUVWHKW
HV DXFK &KULVWLDQ *HUODFK $XWRU GHU 6WXGLH 'LH :DQQ
VHH.RQIHUHQ] GDV 6FKLFNVDO GHU GHXWVFKHQ -XGHQ XQG +LW
OHUVSROLWLVFKH*UXQGVDW]HQWVFKHLGXQJDOOH-XGHQ(XURSDV]X
HUPRUGHQ:LUNRPPHQGDUDXIJOHLFK]XUFN
'DV $XVODQG YHUVWHKW GHQ 7H[W DEHU DQGHUV ]XY|UGHUVW /H
0RQGH +LHU ZLUG ªDOV© VR ZLHGHUJHJHEHQ DOV VWQGH GRUW
ªZLH©'LHIUDQ]|VLVFKH)DVVXQJODXWHW
ª4
XHVWLRQ MXLYH  /HV H[WHUPLQHU FRPPH  GHV SDUWLVDQV©
(U HUNOlUW GLH DQJHEOLFK NUDVVH +LWOHUbX‰HUXQJ DOV $XV
GUXFN YRQ :XW XQG 9HUlUJHUXQJ EHU GLH (QWZLFNOXQJ GHV
.ULHJHV ]XP :HOWNULHJ XQG ]LWLHUW HLQH 5HLKH YRQ lKQOLFK
NUDVVHQ 'URKXQJHQ DXV GHP $XVODQG DQ GLH $GUHVVH GHV
GHXWVFKHQ9RONHV
(KH ZLU XQV GHP *HUODFK$XIVDW] DXV GHP -DKUH  ]X
ZHQGHQ ZROOHQ ZLU QRFK HLQHQ %OLFN ZHUIHQDXIHLQHLQGHU
)UDQNIXUWHU$OOJHPHLQHQ=HLWXQJYRP1RYHPEHUHU
VFKLHQHQH 5H]HQVLRQ YRP 'LHQVWNDOHQGHU +HLQULFK +LPP
OHUV $QVHOP 'RHULQJ0DQWHXIIHO KDW VLH JHVFKULHEHQ GRFK
OHLGHU KDW HU HV YHUVlXPW VLFK YRUKHU PLW GHP *HJHQVWDQG
VHLQHU 5H]HQVLRQ YHUWUDXW ]X PDFKHQ 9LHOPHKU JHZLQQW GHU
(LQJHZHLKWHGHQ(LQGUXFNDOVKDEHDXFK0DQWHXIIHOQXUGHQ
*HUODFK$XIVDW]JHOHVHQ
ª,P 6FKQLWWSXQNW DOO GLHVHU =LHOYRUVWHOOXQJHQ DEHU VWDQG
GLH 3UD[LV GHV 9|ONHUPRUGV DQ -XGHQ =LJHXQHUQ 5XVVHQ
XQG 3ROHQ ,P 9HUODXI GHV -DKUHV  DOV HLQH )XQNWLRQ
GHV Y|ONLVFKUDVVLVFKHQ 8PEDXV LP |VWOLFKHQ (XURSD DXV
GHP 'LHQVWNDOHQGHU HUNHQQEDU ZXUGHVLHVHLWGHP:LQWHU
 GXUFK +LWOHUV (QWVFKHLGXQJ DOOH -XGHQ (XURSDV
+HUYRUKY5H]
,QGHXWVFKHU5FNEHUVHW]XQJZlUHGDV-XGHQIUDJHVLHDXV
URWWHQ ZLH 3DUWLVDQHQ 'DV DEHU LVW IDOVFK /H 0RQGH EHUXIW
VLFKQLFKWDXIGHQ'LHQVWNDOHQGHU+LPPOHUVGHUMDHUVW
YHU|IIHQWOLFKW ZXUGH VRQGHUQ VWW]W VLFK DXI &KULVWLDQ *HU
ODFK
ª'DQN HLQHV LQ GHQ $UFKLYHQ GHU HKHPDOLJHQ 8G665 HQW
GHFNWHQQHXHQ7H[WHVLVWGLHVH)UDJH >GLH)UDJHGHV=HLWDE
ODXIHV GHV 9|ONHUPRUGV@ LQ GHQ DOOHUOHW]WHQ :RFKHQ HLQHU
DOV Ä6FKXOGLJH³ DP HUQHXWHQ :HOWNULHJ ]X YHUQLFKWHQ ]X
HLQHP=LHOIUVLFK>«@'LH4 XHOOHQDQJDEHQHUP|JOLFKHQ
]ZDU QLFKW PLW OHW]WHU 6LFKHUKHLW DEHU GRFK PLW KRKHU
:DKUVFKHLQOLFKNHLW GHQ 6FKOX‰ GD‰ +LWOHU >«@ GHQ REHU
VWHQ 5HSUlVHQWDQWHQ GHU 16'$3 VHLQH (QWVFKHLGXQJ ]XU
9HUQLFKWXQJ GHU -XGHQ PLWWHLOWH >«@ 'LH (VNDODWLRQ ]XP
0HQVFKKHLWVYHUEUHFKHQ GXUFK GLH (LQIOX‰QDKPH +LWOHUV
ZDULP:LQWHUHUUHLFKW'LHVH6FKOX‰IROJHUXQJNDQQ
PDQQDFKGHP6WXGLXPGHV4 XHOOHQWH[WHV]LHKHQ(VLVWHL
%HDQWZRUWXQJ QlKHU JHNRPPHQ (V KDQGHOW VLFK XP GDV
'LHQVWWDJHEXFK YRQ +HLQULFK +LPPOHU GHP PlFKWLJHQ
5HLFKVIKUHU 66 K&HI GHU 3ROL]HL 1D]LGHXWVFKODQGV 'LH
'XUFKVLFKW GLHVHV 7DJHEXFKHV KDW HV HLQHP MXQJHQ 
-DKUH DOWHQ %HUOLQHU )RUVFKHU K&ULVWLDQ *HUODFK $XWRU
HLQHVDXIVHKHQHUUHJHQGHQ$UWLNHOV>«@EHUHLWVHUP|JOLFKW
GHQ  'H]HPEHU  DOV 'DWXP IHVW]XVWHOOHQ DQ GHP
+LWOHUGHQ%HIHKO]XU$XVURWWXQJGHU-XGHQJDE©
8QGZHLWHU
ª3ROLWLVFKH .RQVHTXHQ]HQ GLHVHU DQJHNQGLJWHQ (QWVFKHL
QHVFKOLPPHEHGUFNHQGH/HNWUH© +HUYRUKY5H]
:HQQPDQZLH0DQWHXIIHOGLH)X‰QRWHQDOV4XHOOHQWH[WPLW
OLHVW LVW GLH /HNWUH YLHOOHLFKW EHGUFNHQG 'HU 4XHOOHQWH[W
VHOEVWYHUGLHQWGLHVH%H]HLFKQXQJDEHUQLFKW
(LQOHW]WHU%OLFNVROOGHPYRQ1LFRODV:HLOODOVªDXIVHKHQHU
UHJHQG© EH]HLFKQHWHQ $XIVDW] YRQ &KULVWLDQ *HUODFK JHOWHQ
GHU XQWHU GHP 7LWHO 'LH :DQQVHH.RQIHUHQ] GDV 6FKLFNVDO
GHU GHXWVFKHQ -XGHQ XQG +LWOHUV SROLWLVFKH *UXQGVDW]HQW
VFKHLGXQJ DOOH -XGHQ (XURSDV ]X HUPRUGHQ ]XHUVW  LQ
HLQHU =HLWVFKULIW QDPHQV :HUNVWDWW *HVFKLFKWH (UJHEQLVVH
GXQJ $P 1DFKPLWWDJ GHV  'H]HPEHU  ILQGHW HLQH 9HUODJ+DPEXUJHUVFKLHQHQLVWXQGªXQWHU+LQ]XQDKPHQHX
8QWHUUHGXQJ]ZLVFKHQ+LWOHUXQG+LPPOHUVWDWWEH]JOLFK HU'RNXPHQWHHUJlQ]WXQGNRUULJLHUW©HLQ-DKUVSlWHULQ*HU
GHVVHQ7KHPDGHU5HLFKVIKUHU66LQVHLQHPYRQ& KULVWLDQ ODFKVNOHLQH$XIVDW]VDPPOXQJ.ULHJ(UQlKUXQJ9|ONHUPRUG
*HUODFK >VWLPPW QLFKW $QP Y5H]@ LQ 0RVNDXDXIJHIXQ DXIJHQRPPHQZXUGH'HU$UWLNHO'LH:DQQVHH.RQIHUHQ]LVW
GHQHQ 'LHQVWWDJHEXFK DQPHUNW Ä-XGHQIUDJH  VLH DXVURW QLFKWOHVHQVZHUW'HU$XIVDW]EHVWHKWDXVGUHL7KHVHQGLH
WHQ ZLH 3DUWLVDQHQ Ä  -XGHQIUDJH  DOV 3DUWLVDQHQ %HZHUWXQJGHU:DQQVHH.RQIHUHQ]:LHVRIDQGVLH]XHLQHP
DXV]XURWWHQ³© =HLWSXQNW VWDWW DOV GLH 9HUQLFKWXQJVDNWLRQHQ OlQJVW JHSODQW
(V IlOOW DXI GD‰ 1LFRODV :HLOO GHU 9HUIDVVHU GHV /H 0RQ XQGVFKRQLPYROOHP*DQJHZDUHQ"±'LH$QWZRUWGLH9HU
GH$UWLNHOV GLH GHXWVFKH 9HUVLRQ JHWUHXOLFK PLWOLHIHUW RKQH QLFKWXQJZDU]ZDULQYROOHP*DQJHDEHUQRFKQLFKWVRULFK
GDV hEHUVHW]XQJVSUREOHP ]X HUNHQQHQ ,P EULJHQ EHUXIW HU WLJ NRRUGLQLHUW XQG VLH JDOW HKHU GHQ 2VWMXGHQ  $P
VLFK LQ VHLQHU $UJXPHQWDWLRQ YROO DXI GLH 'DUVWHOOXQJ *HU IDQG±PHKUIDFKEHVWlWLJW±HLQH.RQIHUHQ]KRKHU
ODFKV 'LH %HWUDFKWXQJ GHV %HLWUDJV YRQ 1LFRODV :HLOO N|Q 16)XQNWLRQlUH VWDWW LQ +LPPOHUV 'LHQVWNDOHQGHUIHVWJHKDO
QHQ ZLU KLHU EHUHLWV DEVFKOLH‰HQ GHQQ HV JHKW QLFKW XP GDV WHQDOVª5HLFKVX*DXOHLWHUWDJXQJ©LQGHUÄ)KUHUZRKQXQJ³

9II*ÂÂ-DKUJDQJÂ+HIW 

±DOVRXQWHU/HLWXQJ+LWOHUV'RUWVROO+LWOHUQDFKHLQHP(LQ
WUDJLP*RHEEHOV7DJHEXFKVHLQH3URSKH]HLXQJDXVGHP-DK
UHZLHGHUKROWKDEHQGD‰GLH-XGHQZHQQVLHZLHGHUHL
QHQ :HOWNULHJ DQ]HWWHOWHQ GDEHL LKUH 9HUQLFKWXQJ HUOHEHQ
ZUGHQ'D]X*RHEEHOVZHLWHU
ª'HU:HOWNULHJLVWGDGLH9HUQLFKWXQJGHV-XGHQWXPVPX‰
GLHQRWZHQGLJH)ROJHVHLQ'LHVH)UDJHLVWRKQHMHGH6HQ
WLPHQWDOLWlW]XEHWUDFKWHQ:LUVLQGQLFKWGD]XGD0LWOHLG
PLWGHQ-XGHQVRQGHUQQXU0LWOHLGPLWXQVHUHPGHXWVFKHQ
9RON]XKDEHQ©
*HUODFKJLEW]XGD‰+LWOHUGLHVHªEHUFKWLJWH3URSKH]HLXQJ©
DXFK EHL DQGHUHU *HOHJHQKHLW ZLHGHUKROW KDEH VFKOLH‰W DEHU
GHQQRFKGD‰DQMHQHQ1DFKPLWWDJGHV+LWOHUGLH
XQPL‰YHUVWlQGOLFKH $QRUGQXQJ ]XU -XGHQYHUQLFKWXQJ JHJH
GDKLQ ZDU GLH 3URSKH]HLXQJ QXU VR UKHWRULVFK JHPHLQW DEHU
VHLWGHPKHUUVFKWH.ULHJ]ZLVFKHQGHQ86$XQG
'HXWVFKODQGDOVRHLQ:HOWNULHJXQGQXQPHLQWH+LWOHUVHLQH
3URSKH]HLXQJHUQVW]ZDUQRFKQLFKWLQVHLQHU±DOVJHPl‰LJW
JHOWHQGHQ±5HGHYRPGLHZXUGHQlPOLFKYRP5XQG
IXQN EHUWUDJHQ DEHU GDQQ LQ GHU *HKHLPYHUVDPPOXQJ DP
8QGGD‰HUVLHQXQHUQVWPHLQWHGDVNDQQPDQDXV
GHU%HPHUNXQJYRPVFKOLH‰HQ8QGGDVLVWHLQHFK
WHU=LUNHOVFKOX‰
0DQ P|FKWH *HUODFK UDWHQ VLFK HLQ EL‰FKHQ PLW GHP %H
IHKOVJHIJH ZlKUHQG GHU =HLW GHV 1DWLRQDOVR]LDOLVPXV YHU
WUDXW ]X PDFKHQ (LQ )KUHUEHIHKO ZDU HWZDV IDVW +HLOLJHV
8QGVRHWZDV8QJHKHXHUOLFKHVZLHGHU0RUGDQDOOHQVRZMH
WLVFKHQ-XGHQGHUDQJHEOLFKEHUHLWVVHLWGHP-XQLLP
EHQ KDEH *HQDXHUH 4XHOOHQ IHKOHQ  'LH DP 
YHUPXWHWH $QRUGQXQJ KDW QDFK 0HLQXQJ *HUODFKV ]X HLQHP
GLUHNWHQ %HIHKO DQ +LPPOHU LQ GHU 8QWHUUHGXQJ YRP
 JHIKUW ZLH VLH LP 'LHQVWNDOHQGHU IHVWJHKDOWHQ
LVW
8P VHLQH 7KHVHQ EHOHJHQ ]X N|QQHQ VFKUHLWHW *HUODFK QXQ
]XU,QWHUSUHWDWLRQGHV'LHQVWNDOHQGHU(LQWUDJVª-XGHQIUDJH
DOV3DUWLVDQHQDXV]XURWWHQ©'DVGLHVEH]JOLFKH.DSLWHOHQW
KlOW SUR 6HLWH  0XWPD‰XQJV3DUWLNHO ZLH ªRKQH =ZHLIHO©
ªDOV:HLVXQJYHUVWHKHQNDQQ©ªHVGHXWHWHLQLJHVGDUDXIKLQ©
ª%UDFNEH]RJVLFKHUNHQQEDUDXIGLH(UPRUGXQJDOOHUHXUR
SlLVFKHQ-XGHQ©ª(VLVWZDKUVFKHLQOLFKGD‰©XVZXVI
:LH JHKW *HUODFK QXQ PLW MHQHP RPLQ|VHQ 'LHQVWNDOHQ
GHU(LQWUDJ YRP  XP GHVVHQ JUDPPDWLVFKH %HGHX
WXQJLKPGXUFKDXVNODULVW"ª$EHUZDVZDUGDPLWJHPHLQW"©
IUDJWHU'LH$QWZRUWLVWYHUEOIIHQG
ª'DV :RUW Ä3DUWLVDQHQ³ VFKHLQW ]XQlFKVW DXI GLH 6RZMHW
*DQJH ZDU VROOWH RKQH )KUHUEHIHKO P|JOLFK JHZHVHQ VHLQ"
$EHUGHQ%HIHKOJDEHVGRFKODXW*HUODFKHUVWDE'H]HPEHU

,FKEHWRQHDXVGUFNOLFKGD‰HVPLUIHUQOLHJWGHQ%HIHKO]XP
0RUG DQ DOOHQ VRZMHWLVFKHQ -XGHQ YRU RGHU QDFK GHP 
E]Z  'H]HPEHU  LQ =ZHLIHO ]X ]LHKHQ DXFK ZHQQ
VHLQ9RUKDQGHQVHLQQRFKQLFKWUHVWORVJHNOlUWLVW
:LUIDVVHQ]XVDPPHQ(LQHDXIZHQGLJH$QKlXIXQJYRQ=LWD
WHQ)X‰QRWHQ.RQGLWLRQDOLHQXQG$GYHUELHQGHU0XWPD‰XQJ
EHDQVSUXFKW GLH *HGXOG GHV /HVHUV GRFK GHU )RUVFKXQJVHU
WUDJ GHV :DQQVHH$XIVDW]HV YRQ &KULVWLDQ *HUODFK LVW PHKU
DOVGUIWLJMDVRJDULQVLFKZLGHUVSUFKOLFK
6FKDGHIUGDV7KHPD
$QPHUNXQJHQ

(QWQRPPHQGHQ5DQGEHPHUNXQJHQ5H]HQVLRQV]HLWVFKULIW]XU*HJHQZDUWV
IRUVFKXQJ+HUDXVJHJHEHQYRP,QVWLWXWIU*HJHQZDUWVIRUVFKXQJ%3/
XQLRQ KLQ]XGHXWHQ 'RFK GHU 0RUG DQ DOOHQ VRZMHWLVFKHQ :DVVHUELOOLJ/X[HPEXUJ-DKUJDQJ+HIW6

-XGHQZDUOlQJVWEHVFKORVVHQH6DFKHXQGLQYROOHP*DQJH  9JOGD]XªÄ/$/DZ³0HQVFKHQYHUVXFKHLQ'DFKDX©5DQGEHPHUNXQ
JHQ,QVWLWXWIU*HJHQZDUWVIRUVFKXQJ%3/:DV
$QGHUHUVHLWV JDE HV ]X MHQHU =HLW LQ QHQQHQVZHUWHU =DKO VHUELOOLJ
JDU NHLQH MGLVFKHQ 3DUWLVDQHQ LQ GHQ EHVHW]WHQ VRZMHWL 
 &KULVWLDQ*HUODFKª'LH:DQQVHH.RQIHUHQ]GDV6FKLFNVDOGHUGHXW
VFKHQ*HELHWHQ© 6
'D]XIlOOWPLUQXUHLQHVSULFKZ|UWOLFKH:HLVKHLWHLQQlPOLFK
ÄGD‰QLFKWVHLQNDQQZDVQLFKWVHLQGDUI³hEHUGLH$NWLYLWl
WHQ GHU 3DUWLVDQHQ LQ 5X‰ODQG LQ -XJRVODZLHQ LQ *ULHFKHQ
ODQGJLEWHVHLQHXPIDQJUHLFKH/LWHUDWXUXQGGD‰HVXQWHUGHQ
VRZMHWLVFKHQ 3DUWLVDQHQ EHVRQGHUV YLHOH -XGHQ JDE ] 7 GL
UHNWDXVGHXWVFKHP(LQIOX‰JHELHWJHIORKHQXQGGRUWXQWHUJH
NRPPHQGDVLVWHEHQIDOOVEHNDQQW
*HUODFKILQGHWHLQHZLUNOLFKJHQLDOH(UNOlUXQJGLH3DUWLVDQHQ
VLQGDOV0HWDSKHUJHPHLQW
ª(V JLQJ LQ MHGHP )DOO XP LPDJLQlUH Ä3DUWLVDQHQ³ GLH
DQJHEOLFKH ÄMGLVFKH %HGURKXQJ³ >«@ $XV VLFK VHOEVW
KHUDXV LVW GLHVH 6WHOOH DOVR QLFKW HLQGHXWLJ ]X LQWHUSUHWLH
UHQ HV GHXWHW DEHU HLQLJHV DXI HLQHQ JOREDOHQ 6LQQ GHU
$XVVDJH+LWOHUVKLQGLHPDQLKUHUVSUDFKOLFKHQ)RUPQDFK
VFKHQ-XGHQXQG+LWOHUVSROLWLVFKH*UXQGVDW]HQWVFKHLGXQJDOOH-XGHQ
(XURSDV]XHUPRUGHQ©,QGHUV.ULHJ(UQlKUXQJ9|ONHUPRUG)RU
VFKXQJHQ]XUGHXWVFKHQ9HUQLFKWXQJVSROLWLNLP=ZHLWHQ:HOWNULHJ
+DPEXUJ+DPEXUJHU(GLWLRQ,6%16
EURVFK'0

 1LFRODV:HLOOª/¶RUGUHG¶H[WHUPLQHUOHVMXLIVG¶(XURSHDXUDLWpWpGRQQp
SDU+LWOHUHQGpFHPEUH ©/H0RQGH-DQXDU6

 ª'DQVOHVWRXWHVGHUQLHUHVVHPDLQHVJUkFHDXQWH[WHQRXYHDXGpFRX
YHUWGDQVOHVDUFKLYHVGHO¶H[8566FHWWHTXHVWLRQYLHQWGHWURXYHUXQ
FRPPHQFHPHQWGHUpSRQVH,V¶DJLWGHO¶DJHQGDGH+HLQULFK+LPPOHU
OHSXLVVDQW5HLFKVIKUHU66FKHIGHODSROLFHGHO¶$OOHPDJQHQD]LH6D
FRQVXOWDWLRQDG¶RUHVHWGpMjSHUPLVjXQMHXQHFKHUFKHXUEHUOLQRLVGH
WUHQWHTXDWUHDQV& KULVWLDQ*HUODFKDXWHXUG¶XQUHWHQWLVVDQWDUWLFOH
>«@GHIL[HUDXGpFHPEUHODGDWHjODTXHOOHIXWGRQQpSDU+LW
OHUO¶RUGUHG¶H[WHUPLQDWLRQGHVMXLIV ©

 ª&RQVHTXHQFHSROLWLTXHGHFHWWHGpFLVLRQDQQRQFpHXQHHQWUHYXHDOLHX
GDQVO¶DSUqVPLGLGXGpFHPEUHHQWUH+LWOHUHW+LPPOHUHQWUH
YXHjO¶LVVXHGHODTXHOOHOH5HLFKVIKUHU66QRWHGDQVO¶DJHQGDH[KXPp
DOV:HLVXQJYHUVWHKHQNDQQ© 6 j0RVFRXSDU& KULVWLDQ*HUODFKÄ4XHVWLRQMXLYH/HVH[WHUPLQHUFRP
'DVLVWIDVWVFKRQVDWLUHYHUGlFKWLJ 
*HJHQ*HUODFKV(UNOlUXQJGHUÄ3URSKH]HLXQJ³+LWOHUVDXIGHU
5HLFKV XQG *DXOHLWHUWDJXQJ DOV %HIHKO OLHJW HLQ VDFKOLFKHU

(LQZDQG QDKH GLHVH 3URSKH]HLXQJ PDFKWH +LWOHU ZLHGHUKROW
VHLW  XQG GDV LVW GHU +RORFDXVW)RUVFKXQJ XQG GDPLW
DXFK*HUODFKEHNDQQWHU]LHKWHVMDVHOEVW]XU$UJXPHQWDWLRQ 
KHUDQ $EHU XQYHUGURVVHQ VFKUHLWHW HU ]XP =LUNHOVFKOX‰ %LV

PHGHVSDUWLVDQVÄ-XGHQIUDJHDOV3DUWLVDQHQDXV]XURWWHQ³ ©
 +HQUL5RTXHV4 XDQG$ODLQ'HFDX[UDFRQWHO¶KLVWRLUHGX66.XUW*HU
VWHLQ3DULV(GLWLRQV9LQFHQW5H\QRXDUG,6%1
EURVFK6
 $QVHOP'RHULQJ0DQWHXIIHOª+LPPOHUV'LHQVWNDOHQGHUXQG+LWOHUV
(QWVFKOXVV]XU9HUQLFKWXQJGHU-XGHQ(LQ4 XHOOHQZHUNPLWLQVWUXNWL
YHP.RPPHQWDU©LQ)$=1RY6
 =LWQDFK*HUODFKDD26
9II*ÂÂ-DKUJDQJÂ+HIW


/HVHUEULHIH

]X5:LHVHQEHUJª*UHQ]HQGHU1DWXUZLVVHQVFKDIW©9II* VRQGHUEDU HUVFKHLQHQ VRJDU GLH WDWVlFKOLFK RGHU VFKHLQ
6 EDUDEVWUXVHQGHQQQLHPDQGNDQQVFKRQYRUKHUHQWVFKHL
GHQREHLQ$UJXPHQWDEVWUXVLVW >«@'D‰DOOH$UJXPHQWH
6HKUJHHKUWH'DPHQXQG+HUUHQ
RKQH *HIDKU IU .RSI XQG .UDJHQ YRUJHEUDFKW ZHUGHQ
EHNDQQWOLFKKDWVLFKGLHÄ3ROLWLFDO&RUUHFWQHVV³LQYLHOHQ%H
UHLFKHQGHUPRGHUQHQ*HVHOOVFKDIWEUHLWJHPDFKWLQVEHVRQGH
UH LP *HEUDXFK GHU 6SUDFKH 'LHVH =HLWHUVFKHLQXQJ KDW GHU
/LQJXLVWLNHU 'LHWHU ( =LPPHU LQ VHLQHP %XFK 'HXWVFK XQG
DQGHUV ± GLH 6SUDFKH LP 0RGHUQLVLHUXQJVILHEHU  URURUR
N|QQHQLVWLKU/HEHQVHOL[LHU© 6
'LHVH%HVFKUHLEXQJGHU3ULQ]LSLHQGHU:LVVHQVFKDIWLVWHEHQ
VR HLQGHXWLJ ZLH EHU]HXJHQG (LQ +HUXPPlNHOQ GDUDQ ZLH
HWZD LQ GHP %HLWUDJ ª*UHQ]HQ GHU 1DWXUZLVVHQVFKDIW© YRQ
5ROI :LHVHQEHUJ JHVFKHKHQ LVW YROOHQGV XQSURGXNWLY XQG
6DFKEXFKDQDO\VLHUWXQGHLQHUWLHIJUHLIHQGHQ.ULWLNXQWHU]R
JHQ:LVVHQVFKDIWOLFKHV9RUJHKHQZDUGDEHLREHUVWHV*HERW
'HU$XWRUEHKDQGHOWDXFKGHQ3UR]H‰GHU:DKUKHLWVILQGXQJ
EHL GHP GLH :LVVHQVFKDIW HLQH HQWVFKHLGHQGH 5ROOH VSLHOW
6HLQH %HVFKUHLEXQJ GHV :HVHQV GHU :LVVHQVFKDIW KDOWH LFK
IUVREHGHXWVDPGD‰LFKVLHKLHU]LWLHUHQP|FKWH,P(LQ]HO
QHQKHL‰WHV
ª'LH :LVVHQVFKDIW LVW QLFKW ZRIU YLHOH VLH LPPHU QRFK
KDOWHQ HLQH $QVDPPOXQJ YRQ 7KHRULHQ GLH VLFK HLQ SDDU
6SH]LDOLVWHQ QDFK GHQ GHU $OOJHPHLQKHLW YHUVFKORVVHQHQ
5HJHOQLKUHU.XQVWDXVJHGDFKWKDEHQ6FKRQJDUQLFKWLVW
VLH GDV ZDV HLQ SDDU DXVHUZlKOWH $XWRULWlWHQ LQ NDQRQL
VFKHQ 7H[WHQ IHVWJHKDOWHQ KDEHQ 'LH :LVVHQVFKDIW LVW
EHUKDXSWNHLQEHVWLPPWHU:LVVHQVEHVWDQGVLHLVWHLQ3UR
]H‰ GHU (UNHQQWQLVJHZLQQXQJ XQG ]ZDU HLQ RIIHQHU 3UR
EULQJWXQVQLFKWZHLWHU,PEULJHQZlUHGDQQDXFK,KUHU$U
EHLWLQGHU*HVFKLFKWVIRUVFKXQJGLH*UXQGODJHHQW]RJHQ
:HQQ PDQ VLFK LQGHVVHQ GLH :LUNOLFKNHLW LQ GHU HWDEOLHUWHQ
*HVFKLFKWVIRUVFKXQJ DQVLHKW N|QQWH PDQ VFKLHU YHU]ZHLIHOQ
XQG GHQNHQ ZLU OHEWHQ LQ HLQHU :HOW YRQ 6FKZLQGOHUQ RGHU
JQVWLJVWHQIDOOVYRQ'XPPN|SIHQ'HQ-XULVWHQGLHPDQDXI
GLH5HYLVLRQLVWHQDQJHVHW]WKDWXQGGLHLKUH*HEHWVPKOHQDXI
GLH Ä2IIHQNXQGLJNHLWV³3KUDVH SURJUDPPLHUW KDEHQ VROOWH
PDQ GLH REHQ EHVFKULHEHQHQ :LVVHQVFKDIWVNULWHULHQ XQEH
GLQJWYRUGLH1DVHKDOWHQ
0LWIUHXQGOLFKHQ*U‰HQ
21.
]X6&URZHOOª%RPEHQVFKXW]HLQULFKWXQJHQLQ%LUNHQDX
]H‰ GHU NHLQHP EHVWLPPWHQ =LHO ]XVWUHEW XQG DQ NHLQHP
(QGHDQNRPPW'LHVHU3UR]H‰ZLUGYRQHLQLJHQHLQIDFKHQ
5HJHOQJHVWHXHUWGLHNHLQH$XVQDKPH]XODVVHQ6LHODXWHQ
-HGH,GHHLVWZLOONRPPHQ-HGH,GHHPX‰VLFKMHGHU]HLWGHU
.ULWLNVWHOOHQ-HGH,GHHJLOWQXUVRODQJHELVHLQHEHU]HX
(LQH1HXEHZHUWXQJ©9II* 6
:HUWHU+HUU&URZHOO
,KU$UWLNHOEHUGHXWVFKH/XIWVFKXW]EXQNHULQ9II* 
ZDUlX‰HUVWLQWHUHVVDQW,FKGHQNHGD‰6LHDXIGHPULFKWLJHQ
JHQGHUH ,GHH VLH EHUZXQGHQ R GHU DEVRUELHUW KDW $OVR
JLEWHVLQGHU:LVVHQVFKDIWNHLQHDEVROXWHQ:DKUKHLWHQ$O
OHVZDVIUZDKUJHKDOWHQZHUGHQZLOOPX‰DXIGHQ7LVFK
XQGVWHOOWVLFKHLQHUDOOJHPHLQHQ'HEDWWH$OVRJLEWHVDXFK
NHLQHOHW]WHQ$XWRULWlWHQ.HLQ3DSVWNHLQ6HKHUNHLQ3KL
ORVRSKHQN|QLJ NHLQ 'LNWDWRU NHLQ 3DUODPHQW DXFK NHLQ
1REHOSUHLVWUlJHU KDW LQ GHU LPPHUZlKUHQGHQ 'HEDWWH MH
GDVOHW]W:RUW
'LHVH NULWLVFKH 'HEDWWH LVW HLQH VSH]LILVFKH HEHQ GLH ZLV
VHQVFKDIWOLFKH $UW GHU (UNHQQWQLVJHZLQQXQJ ,KUH EHLGHQ
*UXQGSIHLOHUODXWHQ(LQH%HKDXSWXQJPX‰LQVLFKORJLVFK
ZLGHUVSUXFKVIUHL XQG VLH PX‰ IDOVLIL]LHUEDU VHLQ ± GDV
KHL‰WVLHPX‰GLHV\VWHPDWLVFKH6XFKHQDFK*HJHQJUQGHQ
]XODVVHQ XQG DXV GHP 7HVW XQZLGHUOHJW KHUYRUJHKHQ 6R
XQGQXUVRN|QQHQREMHNWLYHXQLYHUVDOJOWLJH(UNHQQWQLV
:HJVLQG9LHOH,KUHU%HVFKUHLEXQJHQXQG,GHHQVWLPPHQPLW
GHQ 7DWVDFKHQ EHUHLQ DQ GLH LFK PLFK DXV GHP =ZHLWHQ
:HOWNULHJHULQQHUH
 ,FK HULQQHUH PLFK HWZD  HLQH =HLFKQXQJ YRQ HLQHP
6SOLWWHUJUDEHQJHVHKHQ]XKDEHQGHUGHQYRQ,KQHQJHQDQQ
WHQ 6SOLWWHUJUlEHQ HQWVSULFKW :HQQ 6LH VR HLQH =HLFKQXQJ
QRFKQLFKWKDEHQN|QQWHLFKYHUVXFKHQLQHLQHP$UFKLYHLQH
2ULJLQDO]HLFKQXQJ]XILQGHQ'LH%HWRQGHFNHGHV6FKXW]JUD
EHQVZXUGHLQGHU5HJHOLQVLWXJHJRVVHQDEHUDXFK%HWRQIHU
WLJWHLOHZDUHQP|JOLFK'LH6FKXW]JUlEHQODJHQQRUPDOHUZHL
VHXQWHUGHU(UGREHUIOlFKH
(V LVW DEHU GHQNEDU GD‰ ]% ZHQQ GDV *UXQGZDVVHU XQWHU
GHU (UGREHUIOlFKH DQVWDQG GHU *UDEHQ QXU WLHI LQ GLH (UGH
HLQJHODVVHQ XQG GHU $XVKXE HQWODQJ GHQ :lQGHQ XQG EHU
GHU 'HFNH DQJHVFKWWHW ZXUGH XQG ZHQQ GDV QLFKW UHLFKWH
VHJHZRQQHQZHUGHQ© 6I
'HQ(U]IHLQGGHU:LVVHQVFKDIWVLHKWGHU9HUIDVVHULP)XQ
GDPHQWDOLVPXV=LWDW
ª'HU)XQGDPHQWDOLVPXVLVWNHLQHEHVWLPPWHUHOLJL|VHRGHU
ZHOWDQVFKDXOLFKH *ODXEHQVGHQRPLQDWLRQ (U LVW HLQH *HL
GD‰PDQ(UGHYRQDQGHUVZRKHUPLW6FKXENDUUHQDQNDUUWHXQG
DQKlXIWH (UGH NRVWHW QLFKWV XQG LVW EHUDOO YHUIJEDU DOOHV
ZDV PDQ EUDXFKW LVW HLQH $Q]DKO XQJHOHUQWHU $UEHLWVNUlIWH
PLW 6FKDXIHOQ XQG 6FKXENDUUHQ 'DV N|QQWHQ GLH Ä+JHO³
VHLQGLH6LHDXI6HUZlKQHQ
VWHVKDOWXQJ GLH VLFK YROO XQG JDQ] DXI HLQ 1DUUDWLY >(U  ,FK JODXEH QLFKW GD‰ PLW GHQ ªJDVGLFKWHQ 7UPHQ© 6
]lKOWHV@YHUOl‰WGLHODXWHU$QWZRUWHQZHL‰XQGQLH)UDJHQ GLH/IWXQJVURKUHGHU)D%DNRDXI6JHPHLQWVLQG
)XQGDPHQWDOLVWHQ VLQG LP GRSSHOWHQ 6LQQ XQEHLUUEDU .HLQ'HXWVFKHUZUGHVROFKH5|KUHQDXV%OHFKRGHU.XQVW
ÄQLFKW EHUHLW GLH 0|JOLFKNHLW LQV $XJH ]X IDVVHQ GD‰ VLH VWRII YRQ YLHOOHLFKW  FP 'XUFKPHVVHU DOV 7UPH EH]HLFK
LP,UUWXPVHLQN|QQWHQ³5DXFK'HU6WLOGHU:LVVHQVFKDIW QHQ(VVFKHLQWVLFKYLHOPHKUXPQDFKREHQIKUHQGH1RWDXV
GDJHJHQLVWXQEHJUHQ]WH6NHSVLV$OOHVPDJVLFKDOVIDOVFK JlQJH]XKDQGHOQZLHVLHDXI,KUHQ$EELOGXQJHQDXQGE
HUZHLVHQ© 6 ]X VHKHQ VLQG XQG GLH VLFK EHU GHQHLJHQWOLFKHQ%XQNHUHU
:HLWHUKHL‰WHV KHEHQZLHGLH7UPHHLQHUPLWWHODOWHUOLFKHQ%XUJ:HQQGLH
ª$OOH $UJXPHQWH HUKDOWHQ LQ GLHVHU 'HEDWWH HLQH K&DQFH VH 7UPH DX‰HUGHP ]XU /IWXQJ JHQXW]W ZXUGHQ VR LVW GDV
DXFK GLH VRQGHUEDUHQ G LH YLHOOHLFKW HLQPDO QLFKW PHKU SODXVLEHO6ROFKH7UPHJDEHVVFKRQEHLGHQ%XQNHUQ

9II*ÂÂ-DKUJDQJÂ+HIW 

GHV:HVWZDOOV,FKKDEHDXVPHLQHU(U K|KHUDOVGLHYRQ3DSSH+HUDNOLWKSODW
LQQHUXQJ GLH DOOHUGLQJV QLFKW JDQ] WHQ VLQG DXFK QLFKW IHXHUIHVW VRQGHUQ
GHXWOLFK LVW ZHLO LFK GDPDOV QRFK NHLQ QXU VFKZHUHQWIODPPEDU EHL OlQJHUHU
DXVJHELOGHWHU ,QJHQLHXU ZDU HLQHQ VRO +LW]HHLQZLUNXQJIDQJHQVLHDQ]XEUHQ
FKHQ 1RWDXVVWLHJ JH]HLFKQHW 'DV ZDU QHQ $XFK GLH NOHLQVWH %UDQGERPEH
HLQ6FKDFKWYRQHWZDFP'XUFKPHV ]%GLHNOHLQHEULWLVFKH6WDEEUDQGERP
VHU LQ GHU %XQNHUGHFNH QDKH GHU UFN EH DXV 0DJQHVLXP KlWWH VRZRKO GDV
VHLWLJHQ :DQG GHU VLFK REHQ LQ HLQHP %UHWWHUGDFKZLHDXFKGLH+HUDNOLWKSODW
%HWRQURKU $EZDVVHUURKU GHVVHOEHQ WHQ RKQH ZHLWHUHV GXUFKVFKODJHQ :H
'XUFKPHVVHUV IRUWVHW]WH 'HU %XQNHU JHQ GHU JHULQJHQ )HVWLJNHLW GHV
ZDU]XU7DUQXQJHWZDPKRFKPLW(U +HUDNOLWKVNRPPHQGLH.UHPDWRULHQ,9
GHDEJHGHFNWVRGD‰GDV5RKUREHQJH XQG 9 DXFK QLFKW IU 0HQVFKHQYHUJD
UDGH GLH 2EHUIOlFKH HUUHLFKWH *HJHQ VXQJHQ LQ )UDJH 'HU 5DXP ZDU QXU
GHQ 5HJHQ ZDU HV PLW HLQHP OHLFKWHQ 8QWHULUGLVFKHU PKRFKXQGHLQ0DQQYRQP
6SOLWWHUVFKXW]JUDEHQ
'HFNHODEJHGHFNW'HU6FKDFKWZDU]XU RGHUPHKU.|USHUOlQJHKlWWHGLH'HFNH
2EHUNDQWH GHU %XQNHUGHFNH PLW .LHV JHIOOW GDPLW %RPEHQ YRQ XQWHQ HLQGUFNHQ XQG GDQQ TXDGUDWPHWHUZHLVH KHUXQWHU
RGHU*UDQDWHQGLH]XIlOOLJGDVREHUH(QGHGHV6FKDFKWHVWUD UHL‰HQN|QQHQ
IHQ QLFKW QDFK XQWHQ GXUFKVFKODJHQ NRQQWHQ ,FK OHJH HLQH $OOHQIDOOV KlWWHQ GLH  FP GLFNHQ :lQGH DXV =LHJHOPDXHU
.RSLH DXV HLQHP %XFK EHU GHQ :HVWZDOO EHL DXI GHU HLQ ZHUN 6FKXW] JHJHQ GLH 6SOLWWHU YRQ DX‰HUKDOE GHV *HElXGHV
VROFKHU 1RWDXVVWLHJ YRQ XQWHQ IRWRJUDILHUW LVW 'HU 7H[W HLQVFKODJHQGHQ %RPEHQ ELHWHQ N|QQHQ :HLW ZDU HV GDPLW
VSULFKWYRQHLQHPTXDGUDWLVFKHQ6FKDFKWîFPDEHUGDV MHGRFK QLFKW KHU (LQH  FP GLFNH 0DXHU GLH QLFKW GXUFK
)RWR ]HLJW HLQHQ UXQGHQ 6FKDFKW PLW HLQHU IODFKHQ 6HLWH EHL TXHUHLQELQGHQGHDQGHUH0DXHUQRGHUGXUFKHLQHPDVVLYH%H
GHUHVVLFKYHUPXWOLFKXPGLH:DQGGHV WRQGHFNH DXVJHVWHLIW ZLUG LVW HLQ IUDJL
%XQNHUVKDQGHOW OHV *HELOGH GDV ]% GXUFK GHQ :LQG
 ,Q ,KUHP 'RNXPHQW  ZLUG HLQ PLW GUXFN XPJHNLSSW ZHUGHQ NDQQ 1DFK
.LHVJHIOOWHU1RWDXVVWLHJHUZlKQWGHQ GHQ GDPDOLJHQ GHXWVFKHQ 5HJHOQ GHU
ZLUXQVZLHGLH1RWDXVVWLHJHLQYRU
VWHOOHQ N|QQHQ %HVRQGHUV LQWHUHVVDQW
LVWDEHUGLH1HQQXQJHLQHU1XW]ODVWYRQ
RGHURGHUNJP,QGHU
%DXVWDWLN XQWHUVFKHLGHW PDQ ]ZLVFKHQ
(LJHQODVWXQG1XW]ODVW(LJHQODVWLVWGDV
(LJHQJHZLFKWGHU.RQVWUXNWLRQKLHUDO
VR GHU %HWRQGHFNH 1XW]ODVW LVW DOOHV
ZDV GLH 'HFNH DX‰HUGHP QRFK WUDJHQ
PX‰ 3HUVRQHQ 0|EHO 0DVFKLQHQ
9RUUDWVJWHU HWF 'D DXI GHQ 'HFNHQ
GHU %XQNHU QLFKWV GHUJOHLFKHQ YRUNDP
LVW KLHU PLW1XW]ODVWZDKUVFKHLQOLFKGLH
(UGEHUGHFNXQJ JHPHLQW )U :RKQ
UlXPH UHFKQHWH PDQ GDPDOV QDFK ',1
 PLW HLQHU 1XW]ODVW YRQNJPð
2EHQ6FKHPD]HLFKQXQJGHV%XQNHU
1RWDXVJDQJHV8QWHQ3KRWRHLQHV
%XQNHU1RWDXVJDQJHVGHV:HVWZDOOV
7HFKQLNGXUIWHHLQHVROFKH0DXHUQLFKW
K|KHUDOVPVHLQZHQQVLHDXVJH
Z|KQOLFKHQ 0DXHU]LHJHOQ EHVWDQG XQG
QLFKW K|KHU DOV  P ZHQQ VLH DXV
+DUWEUDQG]LHJHOQ EHVWDQG XQG PLW =H
PHQWP|UWHO JHPDXHUW ZDU 'LH .UHPD
WRULHQ ,9 XQG 9 ZDUHQ OW 3UHVVDF ]X
QlFKVW RKQH LUJHQGZHOFKH ,QQHQZlQGH
JHSODQW 'LH $UFKLWHNWHQ KDEHQ GDKHU
GLH /lQJVZlQGH GXUFK NOHLQH 0DXHU
SIHLOHU LP $EVWDQG YRQ HWZD  P
DXVJHVWHLIWGLHPDQDXIGHQ/DJHSOlQHQ
HUNHQQHQ NDQQ $EHU DXFK PLW GLHVHQ
3IHLOHUQ ZlUH GLH $X‰HQZDQG OHLFKW
GXUFK GHQ /XIWGUXFN HLQHU GDQHEHQ H[
SORGLHUHQGHQ %RPEH HLQJHGUFNW ZRU
3HUVRQHQ XQG 0|EHO IU 9HUVDPP GHQ YRU DOOHP LQ GHP ODQJHQ 5DXP
OXQJVUlXPH PLW  NJPð XVZ :HQQ ]ZLVFKHQ$U]WUDXPXQG2IHQUDXP
PDQ GLH 1XW]ODVW DOV (UGEHUGHFNXQJ *HJHQ GLH 9HUZHQGXQJ DOV 0HQVFKHQ
EHWUDFKWHWGDQQHQWVSUHFKHQNJPð JDVNDPPHUQVSULFKWDXFKGLH*U|‰HGHU
HLQHU hEHUGHFNXQJ YRQ  ELV  FP DQJHEOLFKHQ (LQZXUIOXNHQ IU =\NORQ
 NJPð HLQHU VROFKHQ YRQ  ELV % 8P HLQH 'RVH PLW =\NORQ % YRQ
 UQ  NJPHLQHUYRQELV YLHOOHLFKW  FP 'XUFKPHVVHU XQG 
P/HW]WHUHVZDUZRKOHLQ0L‰YHU FP+|KHYRQDX‰HQGXUFKGLH/XNH]X
VWlQGQLV GHU %DXOHLWXQJ GDV 6FKUHLEHQ VWUHFNHQ XP]XGUHKHQ XQG DXV]XOHHUHQ
GHU%DXLQVSHNWLRQYRPKDWWH KlWWH HLQH /XNH YRQ î FP DXVJH
ZDKUVFKHLQOLFK QXU HLQH hEHUGHFNXQJ UHLFKW %HL HLQHU /XNH YRQ î FP
YRQELVFPJHIRUGHUW KlWWHQ GLH LQQHQ 6WHKHQGHQ GHQ
 :DV GLH .UHPDWRULHQ ,9 XQG 9 DQ 660DQQ GHU DX‰HQ DXI HLQHU /HLWHU
JHKW VR JODXEH LFK QLFKW GD‰ VLH DOV VWDQG YRQ GLHVHU KHUXQWHUVWR‰HQ XQG
/XIWVFKXW]UlXPH JHHLJQHW ZDUHQ VHOEVWLQV)UHLHHQWNRPPHQN|QQHQ'HU
+HUDNOLWK LVW HLQH $UW VWDUUHU )LO] DXV XQWHUH 5DQG GHU/XNHEHIDQGVLFK
+RO]ZROOH GLH PLW HLQHU 0LVFKXQJ DXV ELV P EHU GHP )X‰ERGHQ HLQ
0DJQHVLXPR[\G XQG 0DJQHVLXPFKOR VFKODQNJHEDXWHU0HQVFKGHUQLFKWY|O
ULG HLQHP VRJHQDQQWHQ 6RUHO=HPHQW OLJ XQVSRUWOLFK ZDU KlWWH RKQH 3UREOH
JHWUlQNW LVWGLH)HVWLJNHLWLVWQLFKWYLHO PH GXUFK GLH /XNH LQV )UHLH VWHLJHQ

 9II*ÂÂ-DKUJDQJÂ+HIW

N|QQHQ9|OOLJZLGHUVLQQLJZlUHHVJH *LSVSXW] VWDUN JDVGXUFKOlVVLJ VLQG HV
ZHVHQ LQ HLQHU 0HQVFKHQJDVNDPPHU ZlUH YLHO +&1 GXUFK GLH 'HFNH YHUOR
GLH gIIQXQJHQ YRQ î DXI î UHQJHJDQJHQ0DQKlWWHGHQ*DVYHUOXVW
FP]XYHUJU|‰HUQGHQQGDQQKlWWHQDOOH GXUFK HLQHQ $QVWULFK GHU 'HFNH PLW
0HQVFKHQ PLW $XVQDKPH GHU H[WUHP 7HHU YHUPLQGHUQ N|QQHQ DEHU GDIU
GLFNHQKLQGXUFKJHSD‰W JLEW HV NHLQHQ %HOHJ 9LHOOHLFKW ZXUGH
,QGHQ3OlQHQXQGVRQVWLJHQ8QWHUODJHQ GDV *HElXGH ± lKQOLFK ZLH GLH :RKQ
LVW QLUJHQGV GDYRQ GLH 5HGH GD‰ GLH EDUDFNHQ ± HLQ RGHU ]ZHLPDO LP -DKU
/XNHQ YHUJLWWHUW JHZHVHQ ZlUHQ (YHQ EHJDVWXP,QVHNWHQYRUDOOHP$DVXQG
WXHOOH *LWWHU KlWWHQ HV DXFK XQP|JOLFK )OHLVFKIOLHJHQ &DOOLSKRUD YLFLQD XQG
JHPDFKW PLW GHU =\NORQ%FKVH QDFK
LQQHQGXUFK]XNRPPHQ
'LHEHLGHQ.UHPDWRULHQVLQGQDFKPHL
QHU0HLQXQJ]XU(QWODVWXQJGHU.UHPDWRULHQ,,XQG,,,HUEDXW
ZRUGHQYLHOOHLFKWVFKRQLQGHU$EVLFKWGLH/HLFKHQNHOOHUGHU
EHLGHQ lOWHUHQ .UHPDWRULHQ DOV /XIWVFKXW]EXQNHU ]X QXW]HQ
0DQ ZlKOWH IU GLH EHLGHQ QHXHQ .UHPDWRULHQ HLQH DXVJH
VSURFKHQH %LOOLJ XQG /HLFKWEDXZHLVH VLH ZDUHQ LP 3ULQ]LS
%DUDFNHQQXUGD‰GLH:lQGHDXV0DXHUZHUNEHVWDQGHQXQG
QLFKW DXV +RO] =XQlFKVW ZDUHQ NHLQH =ZLVFKHQZlQGH XQG
NHLQH'HFNHQJHSODQW'DQQPDFKWHPDQVLFKNODUGD‰HVLP
6RPPHU XQWHU GHP %UHWWHUGDFK PLW 7HHUSDSSHGHFNXQJ ]X
KHL‰ZHUGHQZUGHXQGEHVWHOOWHEHLGHU)D.RQUDG6HJQLW]
6DUFRSKDJD FDUQDULD XQG GHUHQ %UXW
DE]XW|WHQ 9LHOOHLFKW VROOWHQ GLH )LO]
VWUHLIHQ DXFK QXU GDV (LQGULQJHQ GLHVHU
)OLHJHQYHUKLQGHUQGLHYRP/HLFKHQJHUXFKEHUZHLWH6WUHN
NHQDQJHORFNWZHUGHQ,QGLHVHP)DOOKlWWHPDQDEHUDXFKGLH
/XNHQ JHJHQ GDV (LQIOLHJHQ YRQ ,QVHNWHQ VLFKHUQ PVVHQ
]% GXUFK HQJPDVFKLJHV 'UDKW RGHU 7H[WLOJHZHEH RGHU
GXUFKSHUIRULHUWH%OHFKHZRIUHVDEHUPHLQHV:LVVHQVNHL
QHQ%HOHJEHLGHQ%DXDNWHQJLEW6FKOLH‰OLFKLVWHVDXFKP|J
OLFKGD‰GLH)LO]VWUHLIHQQXUYHUKLQGHUQVROOWHQGD‰GLH/HL
FKHQJDVHVLFKYRQGHU/HLFKHQKDOOHLQGLHEHQDFKEDUWHQ5lX
PHYHUEUHLWHWHQ9LHOH0|JOLFKNHLWHQXQGHEHQVRYLHOH8QJH
UHLPWKHLWHQ
GLHGLH'DFKNRQVWUXNWLRQOLHIHUQXQGHLQEDXHQVROOWH]XVlW]
OLFK GLH 'HFNHQNRQVWUXNWLRQ 0DQ ZlKOWH GDIU ZLHGHU HLQH
OHLFKWH DEHU JXW ZlUPHGlPPHQGH .RQVWUXNWLRQ +HUDNOLWK
SODWWHQ YRQ  FP 'LFNH GLH YRQ XQWHQ JHJHQ +RO]ODWWHQ JH
QDJHOW ZXUGHQ GLH LKUHUVHLWV XQWHQ DQ GLH 'DFKELQGHU JHQD
JHOWZDUHQGLH+HUDNOLWKSODWWHQZXUGHQXQWHQPLWHLQHPFP
 'LH .UHPDWRULHQ ,9 XQG 9 HLJQHWHQ VLFK DOVR ZHQLJ DOV
/XIWVFKXW]UlXPHZRKODEHUGLH.HOOHUGHU.UHPDWRULHQ,ELV
,,,GHUGHXWVFKHQ%HY|ONHUXQJKDWWHQ6FKXW]UlXPHGLH
DXFK QLFKW EHVVHU RGHU VRJDU VFKOHFKWHU ZDUHQ ,Q GHU 5HJHO
ZDUHQGDVGLH.HOOHUYRQVWlGWLVFKHQ:RKQKlXVHUQPLWHLQHU
'HFNHDXVFPGLFNHQ6WDKOEHWRQEHLlOWHUHQ+lXVHUQPLW
GLFNHQ *LSVSXW] EHU]RJHQ3UHVVDF6:HJHQGHU]X
VlW]OLFKHQ/DVWYRQ/DWWHQ+HUDNOLWKXQG*LSVPX‰WHGLH)D
6HJQLW] HLQH QHXH VWDWLVFKH %HUHFKQXQJ HUVWHOOHQ XQG GLH
'DFKNRQVWUXNWLRQ YHUVWlUNHQ GK PDQ YHUULQJHUWH GHQ $E
VWDQG GHU 'DFKELQGHU :HQQ PDQ GDQQ GXUFK /IWXQJV|II
QXQJHQXQWHUGHU7UDXIHXQGLP*LHEHOGDIUVRUJWHGD‰GLH
/XIW ]ZLVFKHQ 'DFKKDXW XQG 'HFNH VWlQGLJ DXVJHWDXVFKW
HLQHU HEHQIDOOV F P GLFNHQ 'HFNH DXV 'RSSHO77UlJHUQ
 GD]ZLVFKHQ XQEHZHKUWHU %HWRQ EHL QRFK lOWHUHQ +lX
VHUQ DXV 7UlJHUQ  PLW GD]ZLVFKHQ JHVSDQQWHQ ÄSUHX‰L
VFKHQ.DSSHQ³GKIODFKHQ7RQQHQJHZ|OEHQDXVFPGLN
NHP =LHJHOPDXHUZHUN 'LH .HOOHUGHFNHQ ZXUGHQ YRQ XQWHQ
GXUFKK|O]HUQH%DONHQXQG6WW]HQYHUVWlUNWGDPLWEHLP(LQ
VWXU]GHV+DXVHVGLH.HOOHUGHFNHXQWHUGHU]XVlW]OLFKHQ/DVW
ZXUGH GDV LVW GLH 6WDQGDUGO|VXQJ EHL %DUDFNHQ GDQQ ZDU GHV6FKXWWHVQLFKWHLQEUDFK'LH+RO]EDONHQZXUGHQVRDQJH
XQWHUGHUJXWZlUPHGlPPHQGHQ'HFNHPLWHUWUlJOLFKHQ7HP RUGQHWGD‰VLHGLH7UlJHUXQWHUHLQHP:LQNHOYRQƒNUHX]
SHUDWXUHQ]XUHFKQHQXQGPDQNRQQWH/HLFKHQDXFKLP6RP WHQ VLH VWW]WHQ VLFK DXI VHQNUHFKWH 6WW]HQ DXV .DQW RGHU
PHUHLQLJH7DJHODQJGRUWDXIEHZDKUHQ
'LH/XNHQLQGHQ$X‰HQZlQGHQGLHQWHQGHU%HOIWXQJYLHO
OHLFKW DXFK GHU %HOHXFKWXQJ 'LH QDWUOLFKH /IWXQJ HLQHV
5DXPHV IXQNWLRQLHUW DP EHVWHQ ZHQQ GHU 5DXP YRQ ]ZHL
HLQDQGHU JHJHQEHU OLHJHQGHQ $X‰HQZlQGHQ EHJUHQ]W ZLUG
GLH ]DKOUHLFKH NOHLQH gIIQXQJHQ DXIZHLVHQ :HQLJH JUR‰H
gIIQXQJHQ VLQG QLFKW VR JXW ZLH YLHOH NOHLQH ZHLO GDQQ WRWH
:LQNHOHQWVWHKHQ'LH/XNHQODJHQLP6FKDWWHQGHVEHUNUD
JHQGHQ'DFKHVXQGEOLHEHQGDKHUNKOYLHOOHLFKWZXUGHQVLH
LP6RPPHUDXFKQXUEHL1DFKWJH|IIQHWXPGLHEHL7DJHDQ
JHVDPPHOWHZDUPH/XIWDE]XIKUHQ
1DFKGHP%DXGHUEHLGHQ.UHPDVVWHOOWHPDQZDKUVFKHLQOLFK
5XQGKRO] DE YJO =HLFKQXQJ 'DV UHLFKWH IDVW LPPHU DXV
'LH EULWLVFKHQ XQG DPHULNDQLVFKHQ 6SUHQJERPEHQ ZDUHQ
QLFKW GD]X JHGDFKW PDVVLYH 'HFNHQ ]X GXUFKVFKODJHQ VLH
VROOWHQ YLHOPHKU VFKRQ LP 'DFKJHVFKR‰ H[SORGLHUHQ GLH
'DFKKDXW ZHJEODVHQ XQG GLH %DONHQ GHV 'DFKVWXKOV ]HUNOHL
QHUQ GDPLW GLH QDFKIROJHQGHQ %UDQGERPEHQ 1DKUXQJ IDQ
GHQ
(V KDWGDKHUQXUZHQLJH2SIHUJHJHEHQGLHYRQGHU]XVDP
PHQVWU]HQGHQ .HOOHUGHFNH HUVFKODJHQ ZXUGHQ GLH ZHLWDXV
PHLVWHQ7RGHVRSIHUJDEHVGXUFK6DXHUVWRIIPDQJHOXQG.RK
OHQPRQR[LGYHUJLIWXQJLQIROJHYRQ%UlQGHQ
'HU0DWHULDOEHGDUIIUGHQ$XVEDXGHV.HOOHUVYRQ.UHPD,
IHVWGD‰ZHQLJHU/HLFKHQDQILHOHQDOVJHSODQW0DQ]RJQDFK
WUlJOLFK =ZLVFKHQZlQGH HLQ XQG JHZDQQ VR HLQ $U]W]LPPHU
XQG DQGHUH 5lXPH GHUHQ =ZHFN QLFKW PHKU EHNDQQW LVW (V
ZlUH XQVLQQLJ JHZHVHQ GLHVH QHX JHVFKDIIHQHQ 5lXPH IU
0HQVFKHQYHUJDVXQJHQ]XQXW]HQGHQQGXUFKGHQ(LQEDXGHU
=ZLVFKHQZlQGH XQG ,QQHQWUHQ ZDU GLH /IWXQJ XP YLHOHV
VFKOHFKWHU DOV LQ GHP JUR‰HQ 5DXP ]ZLVFKHQ $U]WUDXP XQG
2IHQUDXP
:R]XGLH$EGLFKWXQJGHU7UHQPLW)LO]VWUHLIHQGLHQHQVROO
WH LVW VFKZHU ]X VDJHQ 9LHOOHLFKW ZXUGHQ LQ GHP JUR‰HQ
5DXP .OHLGHU EHJDVW 'DJHJHQ VSULFKW GD‰ +HUDNOLWK XQG
9II*ÂÂ-DKUJDQJÂ+HIW
]XP/XIWVFKXW]NHOOHU6HQWVSULFKWGHPZDVLP]LYLOHQ
/XIWVFKXW]EOLFKZDU:DVGDUEHUKLQDXVJHKWVLQGGLHP
(LVHQEDKQVFKLHQHQ 6LH VLQG YLHOOHLFKW DQVWDWW GHU K|O]HUQHQ
%DONHQXQWHUGHU.HOOHUGHFNHYHUZHQGHWZRUGHQXQG]ZDULP
235DXP %HL +RO]EDONHQ XQWHU GHU .HOOHUGHFNH EHWUXJ GHU
$EVWDQGGHU6WW]HQQDFKPHLQHU(ULQQHUXQJELVP'DV
ZDUHUWUlJOLFKZHQQGHU5DXPQXUGHPNXU]IULVWLJHQ$XIHQW
KDOW YRQ 3HUVRQHQ PLW HLQIDFKHQ 6LW]JHOHJHQKHLWHQ GLHQHQ
VROOWH,QHLQHP2SHUDWLRQVUDXPDEHUZRPDQ3ODW]IUHLQHQ
237LVFK EUDXFKWH XQG .UDQNHQEHWWHQ XQG WUDJHQ KLQ XQG
KHUEHZHJHQPX‰WHGXUIWHQGLH6WW]HQQLFKWDOO]XHQJVWHKHQ


(LVHQEDKQVFKLHQHQ NRQQWHQ /DVWHQ DXFK EHU JU|‰HUH
6WW]ZHLWHQ WUDJHQ ,FK NDQQ PLFK DXFK HULQQHUQ GD‰ ZlK
UHQGGHV.ULHJHVQRFKJUR‰H0HQJHQYRQ(LVHQEDKQVFKLHQHQ
LQ GHQ /DJHUQ GHU 5HLFKVEDKQ XQG GHU %DXILUPHQ YRUUlWLJ
ZDUHQZHLOGHU(LVHQEDKQEDX±PLW$XVQDKPHYRQ5HSDUDWX
UHQ±Y|OOLJ]XP(UOLHJHQJHNRPPHQZDU
0LWIUHXQGOLFKHQ*U‰HQ
&(5
]X*5XGROIªÄ-XGHQOJHQXQGEHUWUHLEHQ«³©9II*
 
%HVWHU*HUPDU
JHQ 9HUPXWOLFK KDW GHU 9HUODJ EHL GHU 3UHLVJHVWDOWXQJ DXFK
HLQ:|UWFKHQPLW]XUHGHQJHKDEW
*HQDXEHWUDFKWHWVDJW)LQNHOVWHLQDXFKOHGLJOLFKGD‰GLH+R
ORFDXVW,QGXVWULH GHQ 5HYLVLRQLVPXV ]X HLQHP 3RSDQ] DXI
EDXVFKW XQG QLFKW GD‰ GHU 5HYLVLRQLVPXV VHLQHU 0HLQXQJ
QDFK ZLUNOLFKHLQ3RSDQ]LVW'HQQQDWUOLFKVWHOOWGLH+ROR
FDXVW,QGXVWULH GHQ 5HYLVLRQLVPXV QLFKW NRUUHNW XQG GDPLW
EHU]HXJHQG GDU VRQGHUQ HEHQ DOV HLQHQ GXPPHQ DEHU JH
IlKUOLFKHQ 3RSDQ] 0LW VHLQHP 9HUZXQGHUQ EHU GHQ JHULQ
JHQ(LQIOX‰IRUGHUWHUGRFKIDVWJHUDGH]XGD]XDXIVLFKZH
QLJVWHQVPLWGHP9RUKDQGHQHQDXVHLQDQGHU]XVHW]HQ
0HLQHU 0HLQXQJ QDFK YHUVXFKW HU QLFKW GHQ 5HYLVLRQLVPXV
OlFKHUOLFK ]X PDFKHQ (V ZlUH HLQ OHLFKWHV IU )LQNHOVWHLQ
VLFK LQ DOOHU 'HXWOLFKNHLW XQG 3HQHWUDQ] YRP 5HYLVLRQLVPXV
LFK KDEH ,KUHQ $UWLNHO EHU )LQNHOVWHLQXQGVHLQQHXHV%XFK
'LH+RORFDXVW,QGXVWULHJHOHVHQ,FKIDQGLKQUHFKWJXW0LU
LVWIROJHQGHVGD]XHLQJHIDOOHQ
+LHULQ'HXWVFKODQGLVW)LQNHOVWHLQDQOl‰OLFKGHV(UVFKHLQHQV
VHLQHV %XFKHV ÄKlXILJHU³ LQ 7DONVKRZV XQG 3UHVVHNRQIHUHQ
]HQ ]X K|UHQ ,FK KDEH VHLQ %XFK OHLGHU QLFKW JHOHVHQ GRFK
KDEHLFKHLQPDOYHUVXFKWJHQDXDXIVHLQH)RUPXOLHUXQJHQLQ
EH]XJDXIGHQ+RORFDXVW]XDFKWHQ(VKDWVLFKEHLPLUJDQ]
OHLVHGHU9HUGDFKWHLQJHVFKOLFKHQGD‰)LQNHOVWHLQYLHOZHLWHU
PLWGHQ5HYLVLRQLVWHQEHUHLQVWLPPWDOVHUHVQDFKDX‰HQKLQ
]XJHEHQNDQQ:UGHHUVLFKQlPOLFKRIIHQGHP5HYLVLRQLV
PXVDQVFKOLH‰HQZUGHVHLQHQIUKHXWLJH9HUKlOWQLVVHUHFKW
ZHLWJHKHQGHQ7KHVHQEHUKDXSWNHLQ)RUXPJHJHEHQZHUGHQ
VRZLHGDVMHW]WGHU)DOOLVW,P:LVVHQXPGLH.ULPLQDOLVLH
UXQJ GHV 5HYLVLRQLVPXV IRUGHUWH )LQNHOVWHLQ DXI GHU 8UDQLD
3UHVVHNRQIHUHQ]YRUHLQSDDU7DJHQGLHVDFKOLFKHXQGRIIHQH
'LVNXVVLRQ:RKOQLFKWQXUPLULVWGDEHLHLQHP|JOLFKHXQWHU
VFKZHOOLJH$QVSLHOXQJDXIGLHÄ+RORFDXVW/HXJQHU³DXIJHIDO
OHQ 8P QLFKW NULPLQDOLVLHUW ]XZHUGHQPX‰HUVLFKRIIL]LHOO
YRQGHQ5HYLVLRQLVWHQGLVWDQ]LHUHQ9|OOLJXQDEKlQJLJGDYRQ
RELFKPLWPHLQHP9HUGDFKWUHFKWKDEHRGHURELFKOHGLJOLFK
DXI )LQNHOVWHLQ KHUHLQIDOOH KDEHQ VHLQH $NWLYLWlWHQ HLQHQ
ZLFKWLJHQ (IIHNW (U EULQJW QlPOLFK 0HQVFKHQ GD]X EHU
KDXSW HUVW HLQPDO EHU GDV 7KHPD +RORFDXVW XQG GDV ZDV
GDPLW ]XVDPPHQKlQJW QDFK]XGHQNHQ XQG VLFK NULWLVFK PLW
GHP7KHPDDXVHLQDQGHU]XVHW]HQ'LHVKDEHQVLFKGLHPHLVWHQ
'HXWVFKHQELVKHUVHOEVWYHUERWHQ1DWUOLFKHUIOOWHVKLHUEHL
HLQH ZLFKWLJH )XQNWLRQ GD‰ )LQNHOVWHLQ MGLVFKHU +HUNXQIW
LVW 'DV ZLFKWLJH EHL )LQNHOVWHLQ LVW GLH $XIORFNHUXQJ HLQHV
7DEXV0LWGHU7ULQV+DXV]XIDOOHQZUGHEHLGHQPHLVWHQ
0HQVFKHQYHUPXWOLFKHLQ$EEORFNYHUKDOWHQKHUEHLIKUHQ
)LQNHOVWHLQ VDJW GD‰ -XGHQ DXV SROLWLVFKHQ XQG ILQDQ]LHOOHQ
*UQGHQLQEH]XJDXIGHQ+RORFDXVWOJHQ1LPPWPDQGLHVH
7KHVH DEHU DQ LVW HV NHLQ VR ZHLWHU 6FKULWW PHKU GDV %LOG
YRP+RORFDXVWDQVLFKLQ)UDJH]XVWHOOHQ0HLQH6\PSDWKLH
JLOW LQ GHU 7HQGHQ] DXFK HKHUGHUDXIULFKWLJHQGLUHNWHQ9RU
JHKHQVZHLVH QXU GDUI PDQ QLFKW YHUJHVVHQ GD‰ PDQ KLHUIU
LQ 'HXWVFKODQG QRUPDOHUZHLVH LP *HIlQJQLV VLW]W XQG QLFKW
]XGLVWDQ]LHUHQLQZHOFKHP$XVPD‰WXWHUGLHVHLJHQWOLFK"
'D‰)LQNHOVWHLQ,KQHQYHUELHWHQZLOOLKQDXI,KUHQ6HLWHQ]X
]LWLHUHQPDJGHQ*UXQGKDEHQRIIL]LHOOQLFKW]XVHKUPLWGHP
KLVWRULVFKHQ 5HYLVLRQLVPXV LQ 9HUELQGXQJ JHEUDFKW ]X ZHU
GHQ
+RFKDFKWXQJVYROOXQGPLWKHU]OLFKHQ*U‰HQ
(ULN.\OOLQJ
]X$5%XW]ª:DVZLGHUIXKUGHQXQJDULVFKHQ-XGHQ"©
9II* 6
5DXO:DOOHQEHUJYHUJHVVHQ"
9HUHKUWH5HGDNWLRQ
/HLGHU NDQQ LFK LQ JHQDQQWHP $UWLNHO YRQ +HUUQ 3URI 'U
%XW] NHLQH +LQZHLV DXI GLH  -XGHQ ILQGHQ GLH YRP
VFKZHGLVFKHQ-XGHQ5DRXO:DOOHQEHUJJHUHWWHWZXU
GHQ'LHKDWDXFK-UJHQ*UDIQLFKWHUZlKQWXQGHUKlWWHHV
ZLVVHQVROOWHQ
+HUU :DOOHQEHUJ KDW +LWOHUV (UODXEQLV HUKDOWHQ -XGHQ DXV
8QJDUQ ]X KHOIHQ QDFK 3DOlVWLQD DXV]XUHLVHQ +HUU :DOOHQ
EHUJ JDE GHQ -XGHQ VFKZHGLVFKH 3lVVH ZDV GLHVHQ HUP|J
OLFKWHEHUGLH7UNHLQDFK3DOlVWLQDDXV]XUHLVHQ+HUU:DO
OHQEHUJDUEHLWHWHDQGHUVFKZHGLVFKHQ%RWVFKDIWLQ%XGDSHVW
-XGHQVLQGHLQH0HQJH'LHVH=DKOKDEHQZRKODXFK
GLH YHUVFKLHGHQHQ MGLVFKHQ *UXSSLHUXQJHQ ÄYHUJHVVHQ³
$EHU -XGHQ VFKHLQHQ LPPHU GDV ]X YHUJHVVHQ ZDV VLH QLFKW
HUZlKQWVHKHQP|FKWHQ:LUVROOWHQHVQLFKWYHUJHVVHQ
+HUUQ:DOOHQEHUJZXUGHVSlWHUYRQVHLQHQ)UHXQGHQLQ0RV
NDXHUPRUGHW
:RKOIDKUWXQG(UIROJ
-6
%HJHLVWHUXQJ
:HUWHU+HUU5XGROI
DXIHLQHU3UHVVHNRQIHUHQ]PLW+XQGHUWHQYRQ-RXUQDOLVWHQ(V
LVW HLQH HQRUP ZLFKWLJH XQYHU]LFKWEDUH 6DFKH UHYLVLRQLVWL
VFKH ,QWHUQHWVHLWHQ DOV ,QIRUPDWLRQVPHGLXP QXW]HQ ]X N|Q
QHQ 8QG GXUFK PHLQHQ ,QIRUPDWLRQVVWDQG ZLHGHUXP VLQG
PHKUHUH QHXH 5HYLVLRQLVWHQ KLQ]XJHZRQQHQ ZRUGHQ 'RFK
DXFK VROFKH 3KlQRPHQH ZLH )LQNHOVWHLQ KDOWH LFK IU QLFKW
JDQ]XQZLFKWLJ%HLGHP3UHLVVHLQHV%XFKHVLVW]XEHDFKWHQ
GD‰ HV VLFK KLHU XP HLQH +DUGFRYHU9HUVLRQ KDQGHOW LQ
'HXWVFKODQG  6HLWHQ IU  %HL GHU 8PUHFKQXQJ YRQ
'ROODULQ'0PX‰PDQGHQQLHGULJHQ(XURNXUVEHUFNVLFKWL

ZHQQJOHLFK LFK GLH 'H]HPEHUDXVJDEH +HIW   JDQ]
DOOJHPHLQPDJVRZDULFKGRFKEHVRQGHUVHUIUHXWEHU3URI
%XW]¶%HLWUDJEHUGLHXQJDULVFKHQ-XGHQ
,FK ELQ DEVROXW NHLQ )RUVFKHU EH]JOLFK GHV Ä+RORFDXVW³
VRQGHUQ VFKOLFKW HLQ EHJLHULJHU /HVHU YRQ )RUVFKXQJVHUJHE
QLVVHQ0HLQHHUVWHQ=ZHLIHOKLVWRULVFKHU$UWKDWWHQDOOHUGLQJV
QLFKWPLWGHUDUWLJHQ6WXGLHQ]XWXQ
ZDULFK-DKUHDOWXQGNDQQPLFKVHKUJXWDQGLHXQ
]lKOLJHQ 3UREOHPH HULQQHUQ GLH VLFK GDPDOV LP =XVDPPHQ
KDQJ PLW 'HXWVFKODQGV ZDFKVHQGHQ 6FKZLHULJNHLWHQ ± XQG
9II*ÂÂ-DKUJDQJÂ+HIW

GHPVLFKQlKHUQGHQ&KDRV±]XQHKPHQGKLQVLFKWOLFKGHU9HU WHQJDE'LH=JHZXUGHQEHQ|WLJWXP0XQLWLRQDQGLH)URQW
VRUJXQJ PLW GHQ WlJOLFKHQ %HGDUIVJWHUQ HUJDEHQ 1DK XQGYHUZXQGHWH6ROGDWHQ]XUFN]XEULQJHQ:LOOPDQXQVHW
UXQJVPLWWHO .OHLGHU 0HGL]LQ :RKQXQJ7UHLEVWRIIH7UDQV ZDJODXEHQPDFKHQGLH$UPHHKlWWHZDUWHQPVVHQELVPDQ
SRUWXVZ
$OV NXU] QDFK .ULHJVHQGH GDV HUVWH 0DO HWZDV YRQ GHU (U
PRUGXQJXQG.UHPLHUXQJYRQVHFKV0LOOLRQHQ-XGHQHUZlKQW
ZXUGHK|UWLFKHLQHQ0DQQVDJHQ
ª6RHLQ%O|GVLQQZLUKlWWHQMDQLHJHQXJ.RKOHJHKDEWXP
VLH]XYHUEUHQQHQ©
6SlWHU ZXUGH LFK ]XVHKHQGV XQJHGXOGLJ XQG IUXVWULHUW ZHQQ
GLHVHULHVLJH$Q]DKOYRQ-XGHQZRDQGHUVKLQYHUVFKLIIWKDWWH"
:DV IU HLQ HQRUPHU %O|GVLQQ 8QG ]X GLHVHP VSlWHQ =HLW
SXQNW GHV .ULHJHV JDE HV VFKOLFKW QLFKW JHQJHQG =JH XP
EHLGH $XIJDEHQ ]XJOHLFK ]X HUOHGLJHQ VRZRKO HLQH VFKZHU
NlPSIHQGH $UPHH PLW GHP 1RWZHQGLJVWHQ ]X YHUVRUJHQ DOV
DXFK +XQGHUWWDXVHQGH YRQ -XGHQ KHUXP]XEXFKVLHUHQ
6FKOLH‰OLFK YHUULQJHUWH VLFK GLH $Q]DKO GHU *WHUZDJHQ LQ
MXQJH /HXWH %HPHUNXQJHQ EHU .ULHJVHUHLJQLVVH PDFKWHQ
RKQH GLH *HVDPWODJH ]X EHUFNVLFKWLJHQ GLH GDPDOV YRU
KHUUVFKWH
:HJHQGLHVHU(UOHEQLVVHELQLFKIURKLQ3URI%XW]HLQH3HU
VRQ ]X HUNHQQHQ GLH GHUDUWLJH JUXQGOHJHQGH )HKOHU QLFKW
PDFKW(UKDWRIIHQEDUJHQXJ9RUVWHOOXQJVYHUP|JHQXPVLFK
'HXWVFKODQG PLW MHGHU 1DFKW LQ GHU HLQH ZHLWHUH GHXWVFKH
6WDGWLQ)ODPPHQDXIJLQJ
(V LVW VHKU HUIULVFKHQG ]X VHKHQ GD‰ 3URI %XW] HLQH JDQ]H
5HLKH YRQ 3UREOHPHQ PLW HLQHU .RPELQDWLRQ YRQ (LQIK
OXQJVYHUP|JHQ XQG JHVXQGHP 0HQVFKHQYHUVWDQG DXIJUHLIW
XQGGD‰LKQDXFKHLQ=HLWXQJVDUWLNHOVHOEVWZHQQHUYRQ*R
GHQ GDPDOV EHVWHKHQGHQ NDWDVWURSKDOH 0DQJHO YRUVWHOOHQ ]X
N|QQHQ,QVEHVRQGHUHHUNHQQWHUVHKUJXWGD‰GLH'HSRUWDWL
RQHLQHUULHVLJHQ$Q]DKOYRQ-XGHQDXVGHPHLQIDFKHQ*UXQ
GH Y|OOLJH 8QP|JOLFKNHLW ZDU ZHLO HV IU VROFK HLQ 8QWHU
QHKPHQ QLFKW JHQJHQG 7UDQVSRUWNDSD]LWlWHQ JDE :LHNDQQ
PDQQXUYHUJHVVHQGD‰HVGDPDOVK|FKVWGULQJOLFKH3ULRULWl



,Q.U]H

%UDVLOLDQHUEUDXFKHQMGLVFKH8PHU]LHKXQJ
/DXWHLQHULP-XQLGXUFKJHIKUWHQ8PIUDJHGHV$PHUL
HEEHOV LVW QLFKW GDYRQ DEEULQJW VHLQH ª+\SRWKHVH LQ HLQHQ
SDVVHQGHQKLVWRULVFKHQ=XVDPPHQKDQJ©]XVHW]HQGDXQVHUH
:HOWGHV-DKUHVHLQHVHOWVDPH]XVDPPHQEUHFKHQGHZDU
±JDQ]DQGHUVDOVGLH:HOWLQGHUZLUKHXWHOHEHQ

%HUWD(QJHOPDQQ.DQDGD
ZLHYRUGLH(LQVWHOOXQJKDEHQPDQVROOHGLH9HWHUDQHQXQEH
KHOOLJWODVVHQZHQQLKQHQNHLQH6FKXOGQDFKJHZLHVHQZHUGHQ
FDQ-HZLVK&RPPLWWHH$-&KDWHLQ'ULWWHODOOHU%UDVLOLDQHU N|QQH )U GLHVHQ +H[HQMlJHU UHLFKW ]XU 9HUXUWHLOXQJ VFKRQ
NHLQHUOHL $KQXQJ YRP +RORFDXVW XQG  KDOWHQ HV JDU IU GLH SXUH 0LWJOLHGVFKDIW LQ HLQHU 2UJDQLVDWLRQ DXV GLH SDX
P|JOLFK GD‰ GHU +RORFDXVW QLHPDOV VWDWWIDQG 'LHV QLPPW
QXQ GDV $-& ]XP $QOD‰ HLQ PDVVLYHV +RORFDXVW
Ä$XINOlUXQJVSURJUDPP³ DQ %UDVLOLHQV 6FKXOHQ ]X IRUGHUQ
6HLW  KDW GHU $-& lKQOLFKH 8PIUDJHQ LQ GHQ 86$ LQ
(QJODQG )UDQNUHLFK 'HXWVFKODQG gVWHUUHLFK 3ROHQ 5X‰
ODQG 6FKZHGHQ $UJHQWLQLHQ $XVWUDOLHQ LQ GHU 7VFKHFKHL
6ORZDNHL XQG GHU 6FKZHL] GXUFKJHIKUW
KWWSZZZDMFRUJSUHVVGHIDXOWKWP"VKRZDVS",' 
VFKDODOVNULPLQHOOHLQJHVWXIW6XQGD\2SLQLRQ
86%UJHUQDFK/LWDXHQDEJHVFKREHQ
1DFK HLQHP MlKULJHQ .DPSI LVW GHU LQ]ZLVFKHQ MlKULJH
-XR]DV1DXMDOLVQXQDXVGHQ86$QDFK/LWDXHQDXVJHZLHVHQ
ZRUGHQZHJHQVHLQHU0LWJOLHGVFKDIWLQHLQHU(LQKHLWGLHDQ
JHEOLFK DQ GHQEHKDXSWHWHQ0DVVHQHUVFKLH‰XQJHQYRQ-XGHQ
GXUFK GLH (LQVDW]JUXSSHQ LQ /LWDXHQ LP =ZHLWHQ :HOWNULHJ
'LH=LHOULFKWXQJLVWNODUÄ+RORFDXVW³*HKLUQZlVFKH EHWHLOLJW JHZHVHQ VHL /LWDXHQ KDW LQ]ZLVFKHQ HLQ (UPLWW
IUDOOH.LQGHUGLHVHU:HOW OXQJVYHUIDKUHQJHJHQ1DXMDOLVGHUHLQH7lWHUVFKDIWEHVWUHLWHW
HU|IIQHW%LVKHUVLQGDEHUQRFKNHLQH%HZHLVHIUHLQ9HUEUH
'LH+HUUHQYRQ+ROO\ZRRG
7KH %HOLHYHU VROOWH GLH ZDKUH *HVFKLFKWH HLQHV DPHULNDQL
VFKHQ-XGHQHU]lKOHQGHUHLQ)KUHULQGHUÄ1HRQD]L³6]HQH
ZLUG%HYRU3DUDPRXQWGHQ)LOPMHGRFKIUHLJDEIUXJHV5DE
EL$EUDKDP&RRSHUYRP6LPRQ:LHVHQWKDO=HQWUXPXPGHV
VHQ0HLQXQJ8QGGDGDV6:&VHLQ9HWRHLQOHJWHZXUGHGHU
)LOP VFKOLFKW DXV GHP 3URJUDPP JHQRPPHQ 6R HLQIDFK LVW
FKHQJHIXQGHQZRUGHQ$3YJO9II*6
'HXWVFKHV%ULHIXQG)HUQPHOGHJHKHLPQLVDXIJHKREHQ
'DQNGHUKHUUVFKHQGHQ+\VWHULHJHJHQUHFKWVZXUGHQXQGDV
%ULHIXQG)HUQPHOGHJHKHLPQLVSUDNWLVFKDX‰HU.UDIWJHVHW]W
6HLW $SULO  NDQQ GLH 3ROL]HL MHGH (LQ]HOSHUVRQ DEK|UHQ
XQGGHUHQ3RVW|IIQHQZHQQQXUGHU9HUGDFKWDXI9RONVYHU
GDV,QVLGH0DJD]LQH KHW]XQJ EHVWHKW 8QG HLQ 9HUGDFKW Ol‰W VLFK EHNDQQWOLFK LP
-DJGDXI(UVDW],ZDQGHU6FKUHFNOLFKH
%HUQLH)DUEHU.RSIGHV&DQDGLDQ-HZLVK&RQJUHVVEHULFKWH
WH MQJVW EHU GHQ ÄHUIROJUHLFKHQ³ $EVFKOX‰ GHU +H[HQMDJG
VHLQHU*ODXEHQVJHQRVVHQDXI:DV\O2G\QVN\$PHU
NDQQWH.DQDGDVK|FKVWHV*HULFKWVHLQH6WDDWVEUJHUVFKDIWDE
ZHLO HU EHL VHLQHU (LQUHLVH DQJHEOLFK EHU VHLQH 7lWLJNHLW
PHUNRQVWUXLHUHQ7DJHVVSLHJHO
8QPHQVFKOLFKHV9RUJHKHQJHJHQ$QGUHDV5|KOHU
$P$XJXVWKDWHVHUQHXWHLQH+DXVGXUFKVXFKXQJVR
ZRKO LQ GHU 3ULYDWZRKQXQJ GHV 9HUOHJHUV XQG +HUDXVJHEHUV
$QGUHDV 5|KOHU DOV DXFK LQ GHQ 9HUODJVUlXPOLFKNHLWHQ GHU
=HLWVFKULIW IU .XOWXU *HVFKLFKWH XQG 3ROLWLN 6OHLSQLU
ZlKUHQG GHV .ULHJHV JHVFKZLHJHQ E]Z JHORJHQ KDEH :LH ZZZIUHHVSHHFKRUJVOHLSQLU JHJHEHQ 'DEHL VLQG ZLHGHU
VFKRQ -RKQ 'HPMDQMXN VR ZLUG DXFK 2G\QVN\YRUJHZRUIHQ VlPWOLFKHSULYDWHQXQGJHZHUEOLFKHQ5HFKQHUEHVFKODJQDKPW
LP SROQLVFKHQ $UEHLWVODJHU 7UDZQLNL DOV :DFKH HLQJHVHW]W ZRUGHQ %HJUQGHW ZXUGH GLH SROL]HLOLFKH $NWLRQ PLW GHP
JHZHVHQ ]X VHLQ )DUEHU EHGDXHUW GD‰ YLHOH .DQDGLHU QDFK $EGUXFN GHV 7H[WHV ª$XVUXIXQJ GHV $XIVWDQGHV GHU $QVWlQ

9II*ÂÂ-DKUJDQJÂ+HIW 

GLJHQ©GHU$XWRUHQ+RUVW0DKOHU5HLQKROG2EHUOHUFKHUXQG ÄUHFKWVH[WUHP³ JHEUDQGPDUNW XQG GLH $XIKHEXQJ GHU *H
8ZH 0HHQHQ LQ +HIW  YRQ 6OHLSQLU ,P EHVDJWHQ $UWLNHO PHLQQW]LJNHLWJHIRUGHUW/DQJHQHU=HLWXQJ
IRUGHUQGLH$XWRUHQ ªGDV9HUERWDOOHUYRPMGLVFKHQ9RONV
JHLVWEHHLQIOX‰WHQ9HUHLQLJXQJHQXQG(LQULFKWXQJHQZHLOVLH .ULWLNDQ0HQVFKHQKDW]DXI3IHLIHQEHUJHUYHUERWHQ
9|ONHUYHUWUHLEXQJHQ XQG 9|ONHUPRUGH XQWHUVWW]HQ© =ZDU .DUO 3IHLIHU SXEOL]LVWLVFKHU +DXSWHLQKHL]HU GHU 0HQVFKHQ
KDWWH $ 5|KOHU GLHVH $XVVDJHQ PDVVLY NULWLVLHUW ZDV GHQ MDJGDXI3URI:3IHLIHQEHUJHUYJO9II*6
6WDDWVVFKXW]MHGRFKQLFKWGDULQKLQGHUWHGLH0HQVFKHQUHFKWH KDWLQHLQHU.ODJHJHJHQGLHNRQVHUYDWLYH|VWHUUHLFKLVFKH=HL
LQ'HXWVFKODQGZLHGHUHLQPDOPLW)‰HQ]XWUHWHQ WXQJ=XU=HLWHUVWLQVWDQ]OLFKHUUHLFKWHLQH(QWVFKlGLJXQJYRQ
+-:LW]VFK]X0RQDWHQRKQH%HZlKUXQJYHUXUWHLOW
:HLO HU HLQHQ SULYDWHQ %ULHI DQ 3URI 0LFKDHO :ROIIVRKQ
VFKULHELQGHPHUDXIVDFKOLFKH:HLVHZRKOEHJUQGHWHGLVVL
GHQWH $QVLFKWHQ ]XU -XGHQYHUIROJXQJ LP 'ULWWHQ 5HLFK YRU
WUXJ ZXUGH +DQV-UJHQ :LW]VFK YRP $PWVJHULFKW)UWK]X
GUHL 0RQDWHQ *HIlQJQLV RKQH %HZlKUXQJ YHUXUWHLOW 'HP
J\PQDVLDOHQ *HVFKLFKWVOHKUHU :LW]VFK ZDU ZHJHQ lKQOLFKHU
YHUERWHQHUZLVVHQVFKDIWOLFKHUbX‰HUXQJHQEHUHLWVHLQ%HUXIV
YHUERWVRZLHYRPJOHLFKHQ*HULFKWLQ]ZHLDQGHUHQ)lOOHQHL
QH *HOGVWUDIH E]Z )UHLKHLWVVWUDIH DXI %HZlKUXQJ DXIHUOHJW
g6FD'0]XHUKDOWHQ9HUERWHQVHLGDQDFK
GLH$XVVDJH3IHLIHUKDEHMHQHª0HQVFKHQMDJGHU|IIQHWGLHLQ
GHU)ROJHELV]XP7RGGHV*HKHW]WHQJHKHQVROOWH©'LHVVHL
VRGDV:LHQHU/DQGJHULFKWEOH1DFKUHGH.RQVHUYDWLYHXQG
QDWLRQDOH 0HQVFKHQ PVVHQ VLFK LQ 'HXWVFKODQG XQG gVWHU
UHLFK DOVR QLFKW QXU LQ GHQ7RGKHW]HQODVVHQVRQGHUQHVLVW
LKQHQ XQG LKUHQ )UHXQGHQ QXQ DXFK QRFK YHUERWHQ GLH
6FKUHLEWLVFKWlWHUEHLP1DPHQ]XQHQQHQ
$OOWDJLP$QJHOVDFKVHQODQG6DFKVHQKD‰
(LQ KHU]OLFKHU (PSIDQJ ZXUGH HLQHU GHXWVFKHQ 6FKXOJUXSSH
ZRUGHQ9JO9II*66
6WUDIYHUIDKUHQLQ$EVXUGLVWDQ
±*HJHQ:ROI5GLJHU+HVVHU|IIQHWHGLH6WDDWVDQZDOWVFKDIW
0QFKHQ HLQ 6WUDIYHUIDKUHQ XQG RUGQHWH HLQH +DXVGXUFK
VXFKXQJ XQG %HVFKODJQDKPH YRQ %HZHLVPLWWHO DQ ZHJHQ
GHV %HWUHLEHQV VHLQHU 5XGROI+HVV:HEVLWH
ZZZUXGROIKHVVRUJ 6WUDIEDU VHL GDV =HLJHQ HLQHV %LOGHV
YRQ $GROI +LWOHU VRZLH HLQLJH (LQWUlJH LQ HLQ *lVWHEXFK
GXUFK%HVXFKHUGHU6HLWH
±*HJHQ 2OLYHU * 5DQLQJHU RUGQHWH GLH 6W$ 6WXWWJDUW HLQH
JHZlKUW DOV VLH LQ &RUQZDOO 6GZHVW(QJODQG DQNDP .LQ
GHUGLHYRQLKUHQ(OWHUQDXIJHKHW]WZRUGHQZDUHQEHZDUIHQ
VLH PLW 6WHLQHQ XQG :DVVHUERPEHQ XQG EHOHLGLJWHQ VLH PLW
ZVWHQÄ1D]L³%HVFKLPSIXQJHQ'LHVZDUQXUGHU%HJLQQHL
QHUJDQ]HQ5HLKHUDVVLVWLVFKHU9RUIlOOHZlKUHQGGHUHUVLHLQ
'LVFRVXQG5HVWDXUDQWVDOV'HXWVFKH+XQGHXQG1D]LVYHUXQ
JOLPSIWZXUGHQZLHGHUGHXWVFKH/HKUHULQEULWLVFKHQ5XQG
IXQN DXVIKUWH +HQULND +H\HUV HLQH GHU GHXWVFKHQ 6FKOH
ULQQHQVDJWH
ª6LH JDEHQ VFKOLFKW LKUHP +D‰ QDFK.LQGHULP$OWHUYRQ
JHUDGH PDO VHFKV RGHU VLHEHQ -DKUHQ ULHIHQ Ä.lPSIW
+DXVGXUFKVXFKXQJ DQ ZHLO HU GHQ JHJHQ )UDQN 5HQQLFNH NlPSIW³:LUZDUHQWLHIVFKRFNLHUW© 7KH7LPHV
HUPLWWHOQGHQ6WDDWVDQZDOW0HUWLJJHJHQ0LWWHUQDFKWXQGDP  -DKUH UDVVLVWLVFKHU DQWLGHXWVFKHU 3URSDJDQGD ]HLJHQ LKUH
0RUJHQGHVE]ZHUIROJORVDQ]XUXIHQYHUVXFKW :LUNXQJEHUDOODXIGHU:HOW
KDEH 'LHV HUIOOH DQJHEOLFK GHQ 7DWEHVWDQG GHU 1|WLJXQJ
XQGYHUVXFKWHQ.|USHUYHUOHW]XQJ
±*HJHQ'HQLV3'R\OHRUGQHWHGLH6W$6WXWWJDUWGLH+DXV
GXUFKVXFKXQJXQG%HVFKODJQDKPXQJYRQ:HUEHDXINOHEHUQ
XQG)OXJEOlWWHUQIUGLH:HEVLWHZZZYKRRUJDQZHLOGLH
VH:HUEXQJGHQ7DWEHVWDQGGHU9RONVYHUKHW]XQJHUIOOH
±*HJHQ HLQH 7LUROHU -XJHQGJUXSSH DXV GHP 5DXP .XIVWHLQ
ZLUG ZHJHQ Ä16:LHGHUEHWlWLJXQJ³ HUPLWWHOW ZHLO GLHVH
UHFKWH0XVLNJHK|UWKDWWH

.RQVHUYDWLYHJHPHLQQW]LJH9HUHLQHLP)DGHQNUHX]
,P=XJHGHU$QWL5HFKWV+\VWHULHZHUGHQQXQVRJDUNRQVHU
YDWLYH JHPHLQQW]LJH 9HUHLQH ZLH HWZDV GHU &DQQVWlGWHU
.UHLV GLH -RKDQQ*RWWOLHE)LFKWH6WLIWXQJ RGHU GLH :LVVHQ
VFKDIWOLFKH 6WLIWXQJ IU 'HXWVFKODQG LQ GHQ 0HGLHQ DOV
$Q]HLJH

5)DXULVVRQYRQGHU6FKZHL]]X*HIlQJQLVYHUXUWHLOW
,Q $EZHVHQKHLW XQG VRJDU RKQH YRQ GHP 6WUDIYHUIDKUHQ LQ
IRUPLHUW ZRUGHQ ]X VHLQ ZXUGH 3URI 5 )DXULVVRQ LP -XQL
GXUFK GHQ 8QWHUVXFKXQJVULFKWHU 0LFKHO )DYUH )ULERXUJ ]X
HLQHP 0RQDW *HIlQJQLV RKQH %HZlKUXQJ YHUXUWHLOW )DXULV

 9II*ÂÂ-DKUJDQJÂ+HIW

VRQKDWWHLQHLQHU%URVFKUHGHV6FKZHL]HU9HUHLQV9pULWpHW WHWHUZLHHUDPDXVGHP*KHWWRLQ/LW]PDQQVWDGW
-XVWLFH:DKUKHLWXQG*HUHFKWLJNHLWVHLQHEHNDQQWH$XVVDJH
ZLHGHUKROW
ª'LH DQJHEOLFKHQ +LWOHULVFKHQ *DVNDPPHUQ XQG GHU DQ
JHEOLFKH9|ONHUPRUGDQGHQ-XGHQELOGHQHLQXQGGLHVHOEH
KLVWRULVFKH /JH GHU HLQHQ JLJDQWLVFKHQ SROLWLVFKHQ XQG
ILQDQ]LHOOHQ 6FKZLQGHO HUP|JOLFKW KDW GHVVHQ +DXSWQXW]
QLH‰HU GHU 6WDDW ,VUDHO XQG GHU LQWHUQDWLRQDOH =LRQLVPXV
VLQGXQGGHVVHQ+DXSWRSIHUGDVGHXWVFKH9RON±QLFKWDEHU
/yG] QDFK $XVFKZLW] GHSRUWLHUW ZXUGH (U IDQG VLFK GRUW
DQJHEOLFK LP .UHPD ,9 LQ GHU GRUWLJHQ *DVNDPPHU ZLHGHU
(LQhEHUOHEHQZDUXQP|JOLFKGRFKGDQQ
ª3O|W]OLFKEHPHUNWHLFKHLQHQ/LFKWVWUDKO'LH7UZDUJH
UDGH ZLHGHU JH|IIQHW ZRUGHQ /DXWHU DOV DOO GDV .ODJHQ
XQG-DPPHUQK|UWHQZLUHLQH6WLPPHÄ5DXV³© 
'HU %HIHKO NDP YRQ 0HQJHOH GHP 2EHUPHGL]LQHU GHV /D
JHUV :DV GDPDOV JHVFKDK GDUDQ NDQQ VLFK :DMVEODW QLFKW
GHVVHQ$QIKUHU±VRZLHGDVJHVDPWHSDOlVWLQHQVLVFKH9RON
VLQG©
7URW] GHU QXQ VHLW ]ZHL -DKU]HKQWHQ DQKDOWHQGHQ9HUIROJXQJ
ZXUGH )DXULVVRQ YRQ IUDQ]|VLVFKHQ *HULFKWHQ ELVKHU QLH ]X
HLQHU*HIlQJQLVVWUDIHRKQH%HZlKUXQJYHUXUWHLOW
,Q HLQHP RIIHQHQ %ULHI DQ GHQ 8QWHUVXFKXQJVULFKWHU ZDUI
)DXULVVRQ GHP 6FKZHL]HU 5LFKWHU XQG GHP 6FKZHL]HU
6WUDIV\VWHP XQ]LYLOLVLHUWH 6WUDIYHUIROJXQJVPHWKRGHQ YRU XQG
NQGLJWHDQGLHJHJHQLKQYHUKlQJWH6WUDIHIUHLZLOOLJDEVLW]HQ
]X ZROOHQ DQVWDWW LQ HLQHP %HUXIXQJV6FKDXSUR]H‰ ]X 
RGHUJDU0RQDWHQ*HIlQJQLVRKQH%HZlKUXQJYHUXUWHLOW]X
ZHUGHQ )DXULVVRQ P|FKWH ZlKUHQG GLHVHV HLQPRQDWLJHQ
PHKUHULQQHUQ/H3RLQW6$EHUGD‰HULQHLQHU
*DVNDPPHUZDUGDVZHL‰HUKHXWHQDWUOLFK.ODULVWMDDXFK
RIIHQNXQGLJ
,UDQV$\DWROODKDOV5HYLVLRQLVW
,UDQV REHUVWHU UHOLJL|VHU )KUHU $\DWROODK $OL .KDPHQHL
PHLQWHDPZlKUHQGHLQHU.RQIHUHQ]]XU8QWHUVWW
]XQJGHU,QWLIDGDLQ3DOlVWLQDGLH=LRQLVWHQKlWWHQGHQ+ROR
FDXVW EHUWULHEHQ XP GDPLW LKUH 9HUEUHFKHQ DQ GHQ 3DOlVWL
QHQVHUQ]XUHFKWIHUWLJHQXQGXPGXUFKGLH6FKDIIXQJGHVUDV
VLVWLVFKHQ ,VUDHO GLH LVODPLVFKH :HOW ]X VSDOWHQ 'DV 86
$X‰HQPLQLVWHULXP YHUXUWHLOWH GLHVH $XVVDJHQ DOV ªHPS|UHQG
$EHQWHXHUXUODXEV]XQlFKVWGLH*HIlQJQLVZlUWHUXQGGDQQDOOH XQGEHGDXHUOLFK©-HUXVDOHP3RVW
*HIDQJHQHQYRQGHU5LFKWLJNHLWVHLQHU7KHVHQEHU]HXJHQ
%LVKHU KDW 3URI )DXULVVRQ QRFK NHLQHQ 6WUDIDQWULWWVEHVFKHLG .QVWOHUZHUNVWDWWLP.=1HXHQJDPPH
HUKDOWHQ GD GLH 6FKZHL] QRFK QLFKW HLQPDO LQ GHU /DJH ]X ,Q GHU .QVWOHUZHUNVWDWW GHV .= 1HXHQJDPPH ZXUGH GHQ
VHLQVFKHLQWGHQNRUUHNWHQGLSORPDWLVFKHQ:HJIUHLQHVRO NQVWOHULVFK EHJDEWHQ *HIDQJHQHQ GHV /DJHUV HLQH DQJHPHV
FKH/DGXQJHLQ]XKDOWHQ VHQH%HWlWLJXQJHUP|JOLFKW,QGHU.QVWOHUZHUNVWDWWZXUGHQ
=HLFKQXQJHQ 0DOHUHLHQ XQG 6NXOSWXUHQ NUHLHUW GDUXQWHU
3URI,VUDHO6KDKDNYHUVWRUEHQ DXFK $XIWUDJVDUEHLWHQ IU GLH 66 'DV KLHU DEJHELOGHWH )RWR
,P $OWHU YRQ  -DKUHQ QDFK ODQJHP .DPSI JHJHQ VHLQH GLHVHV VRQQHQGXUFKIOXWHWHQ 6WXGLRV EHILQGHW VLFK KHXWH LP
=XFNHUNUDQNKHLW YHUVWDUE DP  ,VUDHO +LPPHOVWDXE ,V 0XVHXP1HXHQJDPPH
UDHOV EHNDQQWHVWHU XQG PXWLJVWHU 0HQVFKHQUHFKWVDNWLYLVW (U
IDQGVHLQHOHW]WH5XKHVWlGWHDXIGHP*LY¶DW6KDXO)ULHGKRILQ
-HUXVDOHP +LPPHOVWDXE ZXUGH  LQ :DUVFKDX DOV 6RKQ
RUWKRGR[HU =LRQLVWHQ JHERUHQ 6HLQH .LQGKHLW YHUEUDFKWH HU
LP :DUVFKDXHU *KHWWR YRQ ZR HU  LQV /DJHU %HUJHQ
%HOVHQ GHSRUWLHUW ZXUGH 1DFK VHLQHU %HIUHLXQJ LP $SULO
 ZDQGHUWH HU ]XVDPPHQ PLW VHLQHU 0XWWHU QDFK ,VUDHO
DXV ZR VLH GHQ 1DPHQ 6KDKDN DQQDKPHQ  HUKLHOW
6KDKDN HLQHQ 'RNWRUWLWHO LQ RUJDQLVFKHU &KHPLH YRQGHUKH
EUlLVFKHQ 8QLYHUVLWlW LQ -HUXVDOHP ZR HU ZHQLJ VSlWHU ]XP
'R]HQWHQ XQG VFKOLH‰OLFK ]XP 3URIHVVRU IU 2UJDQLVFKH
&KHPLHDYDQFLHUWH(UJDOWDOVGHUPHLVWEHZXQGHUWVWH3URIHV
VRUDQVHLQHU)DNXOWlW
,Q,VUDHOHUODQJW6KDKDNHLQHJHZLVVH%HNDQQWKHLWVHLWHUVLFK
DE  LP 5DW JHJHQ +DXV]HUVW|UXQJ JHJHQGLHLVUDHOLVFKH
%HVHW]XQJSDOlVWLQHQVLVFKHQ/DQGHVHQJDJLHUWH6HLWGHQ0LW
VLHE]LJHUQ ELV ]X LKUHU $XIO|VXQJ  ZDU 6KDKDN 9RUVLW
]HQGHUGHU0HQVFKHQUHFKWVOLJD,VUDHOV $UWH%HULFKWEHU5RWNUHX],QVSHNWLRQHQYRQ.=V
:HOWZHLWH%HUKPWKHLWJHZDQQ3URIHVVRU6KDKDNGXUFKVHLQH ,Q HLQHP ,QWHUYLHZ PLW HLQHP 6FKZHL]HU 2IIL]LHU GHU ZlK
PDVVLYHXQGlX‰HUVWIXQGLHUWH.ULWLNDPMGLVFKHQ)XQGDPHQ UHQG GHV =ZHLWHQ :HOWNULHJV DOV 0LWJOLHG GHU 5RWNUHX]NRP
WDOLVPXV VRZLH DQ GHQ ([]HVVHQ GHV WDOPXGLVFKHQ XQG PLVVLRQPLW(UODXEQLVGHU5HLFKVUHJLHUXQJJHJHQ.ULHJVHQGH
6FKXOFKDQ$UXFK-XGHQWXPVZDVLKPGLH%HZXQGHUXQJYRQ
0HQVFKHQUHFKWVDNWLYLVWHQXQGGHQ+D‰GHU]LRQLVWLVFKHQXQG
RUWKRGR[HQ-XGHQHLQEUDFKWH
0LWGHP7RG6KDKDNVYHUOLHUWDXFKGHU5HYLVLRQLVPXVHLQHQ
VWLOOHQ8QWHUVWW]HU
(LQ:XQGHUHLQ:XQGHU
 HLQLJH .RQ]HQWUDWLRQVODJHU EHVLFKWLJHQ NRQQWH
ZXUGHQ GHQ =XVFKDXHUQ HUVWDXQOLFKH 'LQJH RIIHQEDUW 8QWHU
GHP 7LWHO ª(LQ /HEHQGHU JHKW YRUEHL© YHUVXFKWH GHU $UWH
-RXUQDOLVWYRQGHP6FKZHL]HU2IIL]LHU%HVWlWLJXQJHQGHUE
OLFKHQ.OLVFKHHV]XEHNRPPHQEL‰GDPLWMHGRFKDXI*UDQLW
'HU2IIL]LHUPHLQWRIIHQKHU]LJHUKDEHZlKUHQGVHLQHV%HVX
FKHV LQ $XVFKZLW] ZHGHU UDXFKHQGH .DPLQH JHVHKHQ QRFK
-RVHSK:DMVEODWZDULQ$XVFKZLW]XQGKDWQXQVHLQXQ EUHQQHQGHV )OHLVFK JHURFKHQ RGHU *DVNDPPHUQ ]X *HVLFKW
YHUPHLGOLFKHV %XFK JHVFKULHEHQ /H WpPRLQ LPSUpYX 8QHU EHNRPPHQ(UJDEOHGLJOLFKDQQDFKGHP.ULHJYRQGHUDUWL
ZDUWHWHU=HXJHHUVFKLHQHQEHL)ORUHQW0DVVRW'DULQEHULFK JHQ *UHXHOQ JHK|UW ]X KDEHQ QLFKW MHGRFK ZlKUHQG VHLQHU

9II*ÂÂ-DKUJDQJÂ+HIW 

%HVXFKH ]XU .ULHJV]HLW 9RP *KHWWR 7KHUHVLHQVWDGW KDEH HU
HLQHQ VHKU DQJHQHKPHQ(LQGUXFNJHKDEWZRRIIHQEDUUHLFKH
,VUDHOLV ZLHGLH5RWKVFKLOGVXQG:HLVV¶GHQ.ULHJPLWDOOHP
.RPIRUW DXVVD‰HQ $XI GHQ (LQZDQG GHV -RXUQDOLVWHQ GLH
5HYLVLRQLVWHQ UHFKW KlWWHQNHLQH*DVNDPPHUQLQÄ$OWUHLFK³
NHLQH6HLIHDXV-XGHQOHLFKHQ5XGROI+|‰¶*HVWlQGQLVZXUGH
GXUFK)ROWHUHU]ZXQJHQ:LGHUVSUFKH]ZLVFKHQ=HXJHQDXV
VDJHQXQGGHQ(UNHQQWQLVVHQGHU+LVWRULNHUEHGHXWHQGD‰GLH
0HQVFKHQ KlWWHQ GRFK DEHU JHKXQJHUW PHLQWH HU VLH KlWWHQ Ä$XJHQ]HXJHQ³$XVVDJHQ IDOVFK VLQG +LWFKHQV GURKWH .LV
ZRKOHUQlKUWXQGJHVXQGHXQGUHFKWJXWJHNOHLGHWDXVJHVHKHQ VLQJHUPLWHLQHU9HUOHXPGXQJVNODJHXQGZLHVGDUDXIKLQGD‰
$XI GHQ (LQZDQG GD‰ GLH .LQGHU LQ GHQ /DJHUQ HUPRUGHW HUXQGVHLQH)UDX-XGHQVHLHQZDVDXFKLPPHUGDVEHZHLVHQ
ZXUGHQPHLQWHGHU6FKZHL]HUGD‰GLHVQLFKWJHVFKHKHQVHL
DOVHUGRUWZDU'LH.LQGHUGRUWKlWWHQJOFNOLFKDXVJHVHKHQ
XQGHVKDEH+XQGHUWHGDYRQJHJHEHQ$XIGHQ(LQZDQGGHV
-RXUQDOLVWHQ GLH 'HXWVFKHQ KlWWHQ GLH +lIWOLQJH JH]ZXQJHQ
VLFKZlKUHQGGHU5RWNUHX]EHVXFKHGHUDUW]XYHUKDOWHQPHLQWH
GHU6FKZHL]HU9HWHUDQZLHHVZRKOVHLQN|QQHGD‰GLH'HXW
VROO1HZ<RUN3RVW
86$YHUZHLJHUQ/LEDQRQILQDQ]LHOOH8QWHUVWW]XQJ
:HLO GLH OLEDQHVLVFKH 5HJLHUXQJ LP ZHVHQWOLFKHQ YRP UHYL
VLRQLVWLVFK JHSUlJWHQ 6\ULHQ NRQWUROOLHUW VHL KDW GLH 86
5HJLHUXQJQXQLKUHXUVSUQJOLFKDQYLVLHUWH)LQDQ]KLOIHYRQ
VFKHQ HLQH JDQ]H 6WDGW PLW 7DXVHQGHQ YRQ 0HQVFKHQ DXV 0LR 'ROODU YHUZHLJHUW -HUXVDOHP 3RVW  :LH ZDU
VFKOLH‰OLFKDXV$QOD‰LKUHV%HVXFKHV]ZLQJHQN|QQWHQUHLFK GDVGRFKJOHLFK",P0lU]$SULOYHUERWGHU/LEDQRQGLH
XQGJOFNOLFKDXV]XVHKHQ"$XIGLH)UDJHREHUPLWGHQ+lIW UHYLVLRQLVWLVFKH .RQIHUHQ] LQ %HLUXW ZHLO GLH 86$ GDPLW
OLQJHQ JHVSURFKHQ KDEH HUZLGHUWH GHU 6FKZHL]HU HU KDEH GURKWHQ LKUH YHUVSURFKHQHQ  0LR QLFKW ]X ]DKOHQ 0DQ
GLHV JHZROOW DEHU GLH +lIWOLQJH VHLHQ VR UHLFK XQG EHUKHE OLHEWGHQ9HUUDWDEHUQLFKWGHQ9HUUlWHU«
OLFK JHZHVHQ GD‰ VLH VLFK JHZHLJHUW KlWWHQ PLW GHQ 5RW
NUHX]OHUQ ]X UHGHQ $XI GHQ (LQZDQG GHV -RXUQDOLVWHQ GLH $QJULIIDXI866/LEHUW\LQGHU'LVNXVVLRQ
+lIWOLQJH ZlUHQ HUVFKRVVHQ ZRUGHQ ZHQQ VLH GHQ 5RW 1DFK  -DKUHQ GHV
NUHX]OHUQYHUVXFKWKlWWHQHWZDV]XVDJHQPHLQWHGHU6FKZHL 6FKZHLJHQV KDW QXQ
]HU 9HWHUDQ VLH VHLHQ GDPDOV YRQQLHPDQGHPEHJOHLWHWZRU GLH 1HZ <RUN 7LPHV
GHQ XQG KlWWHQ EHUDOO KLQJHKHQ XQG DOOHV PDFKHQ N|QQHQ GDV 6FKZHLJHQ EHU
ZDV VLH ZROOWHQ $XFK KlWWHQ VLH QDFK %HOLHEHQ )RWRV VFKLH GHQ LVUDHOLVFKHQ
‰HQN|QQHQ$EHUGLH%HZRKQHUGRUWKlWWHQQLFKWVPLWLKQHQ hEHUIDOO DXI GDV 86
]X WXQ KDEHQ ZROOHQ XQG KlWWHQ VLH HLQIDFK LJQRULHUW $UWH .ULHJVVFKLII /LEHUW\
  LP -DKUH  JH
EURFKHQ $QOD‰ GD]X
6FKRWWHQVXFKWHQGHXWVFKH+LOIHIU8QDEKlQJLJNHLW LVW -DPHV %DPIRUGV
-QJVW|IIHQWOLFK]XJlQJOLFKJHPDFKWHQEULWLVFKHQ'RNXPHQ QHXHV %XFK %RG\ RI
WHQ ]XIROJH VXFKWHQ VFKRWWLVFKH 1DWLRQDOLVWHQ ZlKUHQG GHV 6HFUHWVGDVHLQH)O
=ZHLWHQ:HOWNULHJHV.RQWDNW]XUGHXWVFKHQ5HLFKVUHJLHUXQJ OH YRQ %HZHLVHQ GD
XP LP )DOOH HLQHU HUIROJUHLFKHQ %HVHW]XQJ (QJODQGV GXUFK IU OLHIHUW ZLH XQG
GLH :HKUPDFKW GLH 8QDEKlQJLJNHLW 6FKRWWODQGV DXV]XUXIHQ ZDUXP GLH ,VUDHOLV
'DGLH5HLFKVUHJLHUXQJMHGRFKRIIHQEDUQLHHUQVWKDIWHLQH,Q  YHUKLQGHUQ
YDVLRQ LQ (QJODQG DQVWUHEWH ZXUGH GLHVHQ VFKRWWLVFKHQ $Q ZROOWHQ GD‰ GLH
QlKHUXQJVYHUVXFKHQ NHLQH %HDFKWXQJ JHVFKHQNW GSD 86$ PLW LKUHP
 6SLRQDJHVFKLII KHU
DXVILQGHQ ZLH ,VUDHO HLQHQ $QJULIIVNULHJ JHJHQ GLH DUDEL
86$VSHUUWHQ,WDOLHQHULQ.=VHLQ VFKHQ/lQGHUSODQWH1HZ<RUN7LPHV
=ZHFNV %HULFKWHUVWDWWXQJ IU GHQ 86.RQJUH‰ VDPPHOW GDV
86-XVWL]PLQLVWHULXP ]XU =HLW ,QIRUPDWLRQHQ EHU  ,VUDHOV%RWVFKDIWHULQ'lQHPDUNYRU*HULFKW"
86$PHULNDQHU LWDOLHQLVFKHU $EVWDPPXQJ GLH ZlKUHQG GHV 7XH0DJQXVVHQ3URMHNWNRRUGLQDWRUGHV5HKDELOLWLHUXQJV]HQ
=ZHLWHQ :HOWNULHJHV YHUKDIWHW XQG LQ .=V LQWHUQLHUW ZDUHQ
RGHU DQGHUZHLWLJH %HVFKUlQNXQJHQ LKUHU )UHLKHLW LQ .DXI
QHKPHQPX‰WHQZLHHWZDZLOONUOLFKH+DXVGXUFKVXFKXQJHQ
(QWHLJQXQJHQ $XVJHK $XIHQWKDOWV VRZLH %HUXIVYHUERWH
(LQH (QWVFKlGLJXQJ GLHVHU ,WDOLHQHU LVW ELVKHU QLFKW YRUJHVH
WUXPVIU)ROWHURSIHU5&7IRUGHUWHGHUGlQLVFKH6WDDWVRO
OH HLQH 6WUDIYHUIROJXQJ GHV NQIWLJHQ LVUDHOLVFKHQ %RWVFKDI
WHUV &DUPL *LOORQ GXUFKIKUHQ 0DJQXVVHQ ]XIROJH LVW GLH
81.RQYHQWLRQJHJHQ)ROWHUXQJVRHLQGHXWLJGD‰'lQHPDUN
SUDNWLVFKYHUSIOLFKWHWVHL*LOORQZHJHQVHLQHUHLJHQHQ(LQJH
KHQ5HXWHUV
+HQU\.LVVLQJHULP6WUHLWPLW&KULVWRSKHU+LWFKLQV
:HLOGHUEHNDQQWHXQG]XJOHLFKNRQWURYHUVH866FKULIWVWHOOHU
&KULVWRSKHU +LWFKHQV IRUGHUWH +HQU\ .LVVLQJHU VROOH ZHJHQ
VHLQHU9HUDQWZRUWOLFKNHLWIUGLHPDVVHQPRUGHQGHQ)OlFKHQ
VWlQGQLVVH VWUDIUHFKWOLFK ]X YHUIROJHQ 0DJQXVVHQVWHKWQLFKW
DOOHLQHPLWVHLQHU$XIIDVVXQJ3URIHVVRU%HQW6¡UHQVHQHKH
PDOLJHU9L]HSUlVLGHQWLP81.RPLWHHJHJHQ)ROWHUlX‰HUWH
JHJHQEHU %HUOLQJVNH 7LGHQGH &DUPL PVVH ZHJHQ VHLQHU
7DWHQ DOV HKHPDOLJHU &KHI GHV LVUDHOLVFKHQ 6LFKHUKHLWVGLHQ
VWHV6KLQ%HWKIUKHUHU1DPHGHV6KDEDFNGHVLVUDHOLVFKHQ
ERPEDUGHPHQWVLQ/DRVXQG.DPERGVFKLDYRUHLQ.ULHJVYHU
EUHFKHUWULEXQDO JHVWHOOW ZHUGHQ NRQWHUWH .LVVLQJHU +LWFKHQV
VHL MD QLFKW IU YROO ]X QHKPHQ GD HU XD HLQ +RORFDXVW
/HXJQHU VHL +LWFKHQV KDW VLFK LQ GHU 7DW ZLHGHUKROW IU GLH
5HGHIUHLKHLW GHU 5HYLVLRQLVWHQ HLQJHVHW]W XQG ]XOHW]W EHL GHU
5H]HQVLRQHLQHV%XFKHVEHUGDV/RQGRQHU,UYLQJ9HUIDKUHQ
LQGHU/RV$QJHOHV7LPHV$UJXPHQWHDQJHIKUWPLWGHQHQGLH
)%,VWUDIYHUIROJWZHUGHQ
*LOORQ KDWWH LQ HLQHP %XFK VRZLH LQ =HLWXQJVDUWLNHOQ HLQJH
VWDQGHQ GD‰ YHUKDIWHWH 3DOlVWLQHQVHU EHL 9HUK|UHQ )ROWHUXQ
JHQDXVJHVHW]WZHUGHQXQGGD‰HUVHOEVWLQFD)lOOHQGHQ
%HIHKO]XU)ROWHUJHJHEHQKDW
6WDQG

 9II*ÂÂ-DKUJDQJÂ+HIW