Untitled - Universität St.Gallen
Transcription
Untitled - Universität St.Gallen
Videoüberwachung in öffentlich zugänglichen Räumen – insbesondere zur Verhütung und Ahndung von Straftaten Dissertation der Universität St. Gallen, Hochschule für Wirtschafts-, Rechts- und Sozialwissenschaften sowie Internationale Beziehungen (HSG) zur Erlangung der Würde eines Doktors der Rechtswissenschaft vorgelegt von Lucien Müller von Rohrbach (Bern) Genehmigt auf Antrag der Herren Prof. Dr. Rainer J. Schweizer und Dr. Markus Mohler Dissertation Nr. 3920 Dike Verlag Zürich/St. Gallen 2011 Die Universität St. Gallen, Hochschule für Wirtschafts-, Rechts- und Sozialwissenschaften sowie Internationale Beziehungen (HSG), gestattet hiermit die Drucklegung der vorliegenden Dissertation, ohne damit zu den darin ausgesprochenen Anschauungen Stellung zu nehmen. St. Gallen, den 17. Mai 2011 Der Rektor: Prof. Dr. Thomas Bieger Die gleiche Arbeit ist erschienen im Dike Verlag, Zürich/St. Gallen ISBN 978-3-03751-384-2 )U ,VDEHOOH 'DQNVDJXQJ 'LH YRUOLHJHQGH $UEHLW ZlUH RKQH GLH 8QWHUVWW]XQJ ]DKOUHLFKHU 3HUVRQHQ QLFKW P|JOLFK JHZHVHQ %HGDQNHQ P|FKWH LFK PLFK ]XHUVW EHL PHLQHP 'RNWRUYDWHU +HUUQ 3URI 'U 5DLQHU - 6FKZHL]HU GHU PLFK ]XU $EIDVVXQJ GLHVHU 8QWHUVXFKXQJ PDVVJHEOLFK PRWLYLHUW XQG PLU LPPHU ZLHGHU ZLFKWLJH $QUHJXQJHQ JHJHEHQ DEHU DXFK JURVVH )UHLUlXPH JH ODVVHQ KDW 0HLQ 'DQN JHEKUW VRGDQQ +HUUQ 'U 0DUNXV +) 0RKOHU 'LHV QLFKW QXU IU GLH hEHUQDKPH GHV .RUHIHUDWV VRQGHUQ HEHQIDOOV IU GLH ZLFKWLJHQ +LQZHL VH XQG GLH PLU HU|IIQHWH 0|JOLFKNHLW GLH SROL]HLOLFKH 9LGHREHUZDFKXQJ LP ,Q XQG $XVODQG LQ GHU 3UD[LV HUOHEHQ ]X GUIHQ $XVGUFNOLFK P|FKWH LFK PLFK EHL +HUUQ 6FKZHL]HU XQG +HUUQ 0RKOHU IU GLH KHUYRUUDJHQGH %HWUHXXQJ ZlKUHQG XQG QDFK GHU $EIDVVXQJ GHU 'LVVHUWDWLRQ XQG IU GHUHQ VFKQHOOH %HJXWDFKWXQJ EHGDQ NHQ 0HLQ 'DQN JHEKUW VRGDQQ GHU 3ROL]HL YRQ 6XUUH\ *% XQG GDEHL LQVEHVRQGHUH +HUUQ $OHF +HUG &&79 0DQDJHU LQ *XLOGIRUG VRZLH GHU .DQWRQVSROL]HL %DVHO 6WDGW ZHOFKH PLU GLH *HOHJHQKHLW JHJHEHQ KDEHQ ZLFKWLJH (LQGUFNH XQG (UNHQQW QLVVH EH]JOLFK GHU 9LGHREHUZDFKXQJ LQ LKUHU SUDNWLVFKHQ $QZHQGXQJ ]X JHZLQ QHQ )U GLH NULWLVFKH XQG VRUJIlOWLJH 'XUFKVLFKW GHV 0DQXVNULSWV P|FKWH LFK PLFK EHL +HUUQ 0DULR 6WlXEOH )UDX *UD]LD %DUEHUD VRZLH )UDX ,VDEHOOH +RRS EHGDQNHQ 'DQNHQ P|FKWH LFK DXFK PHLQHQ (OWHUQ 5REHUW XQG &KULVWLQH ZHOFKH PLFK LQ GHQ -DKUHQ PHLQHU $XVELOGXQJ JURVV]JLJ XQWHUVWW]W KDEHQ XQG PLU VWHWV ]XU 6HLWH JH VWDQGHQ VLQG VRZLH PHLQHU OLHEHQ 6FKZHVWHU +pOq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|QOLFKNHLWVSURILOHQ 9 'LH %HGHXWXQJ YRQ 'DWHQVDPPOXQJHQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ 9, 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H 7HLO 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH , (LQOHLWHQGH %HPHUNXQJHQ ,, 0HQVFKHQZUGH ,,, 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. ,9 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ 9 3HUV|QOLFKH )UHLKHLW 9, 8QVFKXOGVYHUPXWXQJ 9,, ,QKDOWVEHUVLFKW 9,, 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW 9,,, 'LVNULPLQLHUXQJVYHUERW ,; *ODXEHQV XQG *HZLVVHQVIUHLKHLW ; $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ ;, :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH ;,, ,QIRUPDWLRQVIUHLKHLW ;,,, *UXQGUHFKWVNRQNXUUHQ]HQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ ;,9 *UXQGUHFKWOLFKH 9HUSIOLFKWXQJ ]XU 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH" 7HLO 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ , %XQGHVVWDDWOLFKH .RPSHWHQ]YHUWHLOXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ ,, =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ ,,, gIIHQWOLFKHV ,QWHUHVVH DQ GHU 9LGHREHUZDFKXQJ ,9 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ 9 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ 7HLO 'HU (LQVDW] YRQ 9LGHREHUZDFKXQJ GXUFK 3ULYDWH , 'LH %HGHXWXQJ GHU *UXQGUHFKWH EHL GHU SULYDWHQ 9LGHREHUZDFKXQJ ,, 9LGHREHUZDFKXQJ LP .RQWH[W GHV 3HUV|QOLFKNHLWVVFKXW]HV ,,, =XU =XOlVVLJNHLW SULYDWHU 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5l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hEHUZDFKXQJV XQG .RQWUROOWHFKQRORJLHQ ' 'DWHQVFKXW]I|UGHUQGH 7HFKQLN Ä3ULYDF\ (QKDQFLQJ 7HFKQRORJLHV³ (LQVDW]IRUPHQ XQG ]ZHFNH $ 5HLQH 9LGHREHREDFKWXQJ (FKW]HLWEHREDFKWXQJ XQG 9LGHRDXI]HLFKQXQJ % 3HUVRQHQEH]RJHQH XQG QLFKW SHUVRQHQEH]RJHQH 9LGHREHUZDFKXQJ UHLQH hEHUVLFKWVDXIQDKPHQ & 0RELOH XQG VWDWLRQlUH hEHUZDFKXQJ ' 2IIHQH XQG YHUGHFNWH hEHUZDFKXQJ ( 2EVHUYDWLYH GLVVXDVLYH XQG LQYDVLYH 9LGHREHUZDFKXQJ ) 9LGHREHUZDFKXQJ DOV 0LWWHO ]XU (UNHQQXQJ YRQ 6W|UXQJHQ XQG ]XU $EZHKU NRQNUHWHU *HIDKUHQ * 9LGHREHUZDFKXQJ DOV 0LWWHO ]XU YRUEHXJHQGHQ %HNlPSIXQJ YRQ 6WUDIWDWHQ E]Z ]XU *HIDKUHQYRUVRUJH + %HPHUNXQJHQ ]XU 9LGHREHUZDFKXQJ DOV NULPLQDOSUlYHQWLYH 0DVVQDKPH , 'LH 9LGHREHUZDFKXQJ LQ LKUHP %H]XJ ]XU 6WUDIYHUIROJXQJ 'RSSHOIXQNWLRQDOLWlW XQG 6WUDIYHUIROJXQJVYRUVRUJH ,; ,QKDOWVYHU]HLFKQLV 7HLO 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV , *UXQGNRQ]HSW XQG 5HFKWVJUXQGODJHQ GHV 'DWHQVFKXW]HV ,, $QZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI GLH 9LGHREHUZDFKXQJ $ 1LFKWDQZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI KlQJLJH 9HUIDKUHQ $UW $EV %VW F '6* % 1LFKWDQZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ EHL HLQHU %HDUEHLWXQJ DXVVFKOLHVVOLFK ]XP SHUV|QOLFKHP *HEUDXFK $UW $EV %VW D '6* $QZHQGXQJVEHUHLFK XQG )XQNWLRQ GHV $XVVFKOXVVJUXQGV 'HU $XVVFKOXVVJUXQG EHL GHU 9LGHREHUZDFKXQJ ,,, %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ ,9 %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSURILOHQ 9 9, ; $ %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ =XP %HJULII GHV EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWXPV 'LH %HDUEHLWXQJ EHVRQGHUV VFKW]HQVZHUWHU 3HUVRQHQGDWHQ GXUFK 9LGHREHUZDFKXQJ % %HDUEHLWXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ =XP %HJULII GHV 3HUV|QOLFKNHLWVSURILOV =XU (UVWHOOXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ GXUFK 9LGHREHUZDFKXQJ 'LH %HGHXWXQJ YRQ 'DWHQVDPPOXQJHQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ $ $OOJHPHLQH %HPHUNXQJHQ % 9LGHREHUZDFKXQJ XQG 'DWHQVDPPOXQJ 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H $ 9RUEHPHUNXQJHQ % 'LH 5HFKWPlVVLJNHLW GHU 'DWHQEHDUEHLWXQJ $OOJHPHLQH %HPHUNXQJHQ 6WUDIEDUNHLW GHU 9LGHREHUZDFKXQJ QDFK $UW TXDWHU 6W*% D *UXQGVlW]OLFKH %HPHUNXQJHQ E =XU (UIDVVXQJ YRQ 7DWVDFKHQ DXV GHP *HKHLPEHUHLFK GXUFK 9LGHREHUZDFKXQJ F =XU (UIDVVXQJ YRQ QLFKW MHGHUPDQQ RKQH ZHLWHUHV ]XJlQJOLFKHQ 7DWVDFKHQ DXV GHP 3ULYDWEHUHLFK PLWWHOV 9LGHREHUZDFKXQJ 6WUDIEDUNHLW HLQHU DNXVWLVFKHQ hEHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ QDFK $UW ELV 6W*% 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG ZHLWHUHU 6WUDIEHVWLPPXQJHQ & 'HU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ $OOJHPHLQH %HPHUNXQJHQ %HL GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ ' 'HU 9HUKlOWQLVPl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lW]OLFKHV ]XP 6FKXW] GHV 3ULYDWOHEHQV 6FKXW] YRU VWDDWOLFKHU 'DWHQEHDUEHLWXQJ =XP 6FKXW] GHV 3ULYDWOHEHQV LQ GHU gIIHQWOLFKNHLW % 'LH 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ LQ GHU 5HFKWVSUHFKXQJ GHV (*05 XQG GHU (.05 9LGHRDXIQDKPHQ RKQH 3HUVRQHQEH]XJ 9LGHREHREDFKWXQJVPDVVQDKPHQ 9LGHRDXI]HLFKQXQJVPDVVQDKPHQ %HPHUNXQJHQ ]XU 5HFKWVSUHFKXQJ 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $ *HKDOW XQG 6FKXW]EHUHLFK % (LQJULIIVTXDOLWlW GHU 9LGHREHUZDFKXQJ 9LGHRDXI]HLFKQXQJ :HLWHUEHDUEHLWXQJ GHU 9LGHRDXI]HLFKQXQJHQ 9LGHREHREDFKWXQJ 9HUOHW]XQJ GHV .HUQJHKDOWV" & =XU )UDJH HLQHV *UXQGUHFKWVYHU]LFKWV ' ,QWHQVLWlW GHU *UXQGUHFKWVEHHLQWUlFKWLJXQJ GXUFK 9LGHREHUZDFKXQJ 3HUV|QOLFKH )UHLKHLW $ %HPHUNXQJHQ ]X GHQ 6FKXW]JHKDOWHQ ;, ,QKDOWVYHU]HLFKQLV 9, % 9LGHREHUZDFKXQJVPDVVQDKPHQ XQG GLH SHUV|QOLFKH )UHLKHLW LP $OOJHPHLQHQ & 9LGHREHUZDFKXQJ XQG GDV 5HFKW DXI %HZHJXQJVIUHLKHLW LP %HVRQGHUHQ ' 9LGHREHUZDFKXQJ XQG GDV 5HFKW DXI N|USHUOLFKH 8QYHUVHKUWKHLW LP %HVRQGHUHQ 8QVFKXOGVYHUPXWXQJ $ 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ DOV 9HUOHW]XQJ GHU 8QVFKXOGVYHUPXWXQJ" % 9HUZHQGXQJ GHU 9LGHRDXI]HLFKQXQJHQ LP 6WUDIYHUIDKUHQ 9,, 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW $ %HPHUNXQJHQ ]X GHQ 6FKXW]EHUHLFKHQ % %HHLQWUl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|QOLFKH )UHLKHLW 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW *ODXEHQV XQG *HZLVVHQVIUHLKHLW 'LVNULPLQLHUXQJVYHUERW :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ 8QVFKXOGVYHUPXWXQJ ;,9 *UXQGUHFKWOLFKH 9HUSIOLFKWXQJ ]XU 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH" ;,, $ =X HLQHP Ä*UXQGUHFKW DXI 6LFKHUKHLW³ % 6WDDWOLFKH 6FKXW]SIOLFKWHQ XQG 9LGHREHUZDFKXQJ ,QKDOWVYHU]HLFKQLV 7HLO , ,, 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ %XQGHVVWDDWOLFKH .RPSHWHQ]YHUWHLOXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ $ *UXQGVlW]OLFKH NDQWRQDOH .RPSHWHQ] % %XQGHVNRPSHWHQ]HQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ $ (UIRUGHUQLV HLQHU JHQJHQG EHVWLPPWHQ IRUPHOOJHVHW]OLFKHQ 5HJHOXQJ % $QIRUGHUXQJHQ DQ GLH JHVHW]OLFKH 5HJHOXQJ GHU 9LGHREHUZDFKXQJ LP (LQ]HOQHQ 2UW GHU hEHUZDFKXQJ *HVHW]OLFKH 9RUVWUXNWXULHUXQJ GHU ,QWHUHVVHQDEZlJXQJ .ULPLQDOLWlWVVFKZHUSXQNW XQG 6FKXW]EHGUIQLV =ZHFN GHU hEHUZDFKXQJ $QRUGQXQJV XQG 'XUFKIKUXQJVEHIXJQLV VRZLH 9HUDQWZRUWOLFKNHLW XQG $XIVLFKW 7HFKQLVFKH 0LWWHO XQG (LQVDW]IRUPHQ 5HJHOXQJ GHV ZHLWHUHQ 8PJDQJV PLW GHP %LOGPDWHULDO 2UJDQLVDWRULVFKH WHFKQLVFKH XQG YHUIDKUHQVUHFKWOLFKH 6FKXW]YRUNHKUXQJHQ ,,, gIIHQWOLFKHV ,QWHUHVVH DQ GHU 9LGHREHUZDFKXQJ ,9 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ $ (LQOHLWHQGH %HPHUNXQJHQ 'DV 9HUKlOWQLVPlVVLJNHLWVSULQ]LS LP $OOJHPHLQHQ XQG LP 3ROL]HLUHFKW LP %HVRQGHUHQ 0DVVJHEOLFKH =ZHFNH IU GLH 9HUKlOWQLVPlVVLJNHLWVSUIXQJ EHL GHU 9LGHREHUZDFKXQJ % 9HUKlOWQLVPlVVLJNHLW GHU 'DWHQEHVFKDIIXQJ *HHLJQHWKHLW GHU 9LGHREHUZDFKXQJ ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ" (UIRUGHUOLFKNHLW D $OOJHPHLQH %HPHUNXQJHQ E 9LGHREHREDFKWXQJ XQG 9LGHRDXI]HLFKQXQJ F 3HUVRQHOOH 0DVVQDKPHQ 9HUVWlUNXQJ GHU 3ROL]HLSUlVHQ] G %DXOLFKH 0DVVQDKPHQ YHUEHVVHUWH %HOHXFKWXQJ VR]LDOSROLWLVFKH 0DVVQDKPHQ H :HJZHLVXQJ I (UIRUGHUOLFKNHLW GHU hEHUZDFKXQJ LQ LKUHU NRQNUHWHQ 'XUFKIKUXQJ J %HUFNVLFKWLJXQJ SULYDWHU 6FKXW]YRUNHKUXQJHQ EHL GHU hEHUZDFKXQJ SULYDWHU 5lXPH =XPXWEDUNHLW 9HUKlOWQLVPlVVLJNHLW LH6 D (LQOHLWHQGH %HPHUNXQJHQ ]XU =XPXWEDUNHLW GHU 9LGHREHUZDFKXQJ E =XPXWEDUNHLW GHU %HHLQWUlFKWLJXQJ GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ L $OOJHPHLQH 9RUDXVVHW]XQJHQ ;,,, ,QKDOWVYHU]HLFKQLV LL 'DV =XPXWEDUNHLWVHUIRUGHUQLV HLQHU EHVRQGHUHQ *HIDKUHQODJH IU JUXQGVlW]OLFK KRFKZHUWLJH 5HFKWVJWHU LP %HVRQGHUHQ D =XP %HVWHKHQ HLQHU EHVRQGHUHQ *HIDKUHQODJH E *HIlKUGXQJ JUXQGVlW]OLFK KRFKZHUWLJHU 5HFKWVJWHU F =XPXWEDUNHLW GHU %HHLQWUlFKWLJXQJ ZHLWHUHU EHWURIIHQHU *UXQGUHFKWH L $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ LL 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW VRZLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW LLL :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH LY 'LVNULPLQLHUXQJVYHUERW & 9HUKlOWQLVPlVVLJNHLW GHU ZHLWHUHQ %HDUEHLWXQJVVFKULWWH *UXQGVlW]OLFKH %HPHUNXQJHQ $XVZHUWXQJ %HNDQQWJDEH $XIEHZDKUXQJ 9HU|IIHQWOLFKXQJ LP 5DKPHQ GHU )DKQGXQJ 9 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ % (UIRUGHUQLV HLQHV HIIHNWLYHQ 5HFKWVVFKXW]HV 5HFKWVVFKXW] JHJHQEHU HLQHU XQUHFKWPlVVLJHQ 'DWHQEHDUEHLWXQJ GXUFK 9LGHREHUZDFKXQJ )HVWKDOWHQ GHU EHUZDFKWHQ %HUHLFKH LQ HLQHU DQIHFKWEDUHQ 9HUIJXQJ & .RQWUROOH GHU 9LGHREHUZDFKXQJ XQG ,QIRUPDWLRQVSIOLFKWHQ ' 7HFKQLVFKH XQG RUJDQLVDWRULVFKH 6FKXW]YRUNHKUXQJHQ XQG (LQVDW] GDWHQVFKXW]IUHXQGOLFKHU 7HFKQRORJLHQ ( h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|QOLFKNHLWVVFKXW]HV PLW %OLFN DXI GLH *UXQGUHFKWH E +LQUHLFKHQGHU 5HFKWVVFKXW] F %HJOHLWHQGH VWDDWOLFKH .RQWUROOH SULYDWHU 9LGHREHUZDFKXQJ G *HQHKPLJXQJVSIOLFKW IU HLQH SULYDWH 9LGHREHUZDFKXQJ" ;,9 $ $OOJHPHLQH %HPHUNXQJHQ 7HLO , ,QKDOWVYHU]HLFKQLV H 0HOGH XQG 5HJLVWULHUXQJVSIOLFKWHQ VRZLH 9LGHRUHJLVWHU I 6WUDIUHFKWOLFKH 6DQNWLRQLHUXQJ" J 1RUPLHUXQJ VSH]LILVFKHU =XOlVVLJNHLWVYRUDXVVHW]XQJHQ IU GLH SULYDWH 9LGHREHUZDFKXQJ" ,, 9LGHREHUZDFKXQJ LP .RQWH[W GHV 3HUV|QOLFKNHLWVVFKXW]HV $ $OOJHPHLQH %HPHUNXQJHQ $QZHQGXQJVEHUHLFK YRQ $UW =*% ,QVEHVRQGHUH GDV 5HFKW DP HLJHQHQ %LOG .RQNUHWLVLHUXQJ GHV 3HUV|QOLFKNHLWVVFKXW]HV LP %HUHLFK GHU 'DWHQEHDUEHLWXQJ $UW XQG $UW '6* % 3HUV|QOLFKNHLWVYHUOHW]HQGH 'DWHQEHDUEHLWXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ XQG GHUHQ 5HFKWIHUWLJXQJ 3HUV|QOLFKNHLWVYHUOHW]HQGH 'DWHQEHDUEHLWXQJHQ D ,P $OOJHPHLQHQ E 'LH 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ L 9HUKlOWQLVPlVVLJNHLW GHU 'DWHQEHVFKDIIXQJ LL 9HUKlOWQLVPlVVLJNHLW GHU ZHLWHUHQ %HDUEHLWXQJVVFKULWWH 5HFKWIHUWLJXQJ HLQHU SHUV|QOLFKNHLWVYHUOHW]HQGHQ 'DWHQEHDUEHLWXQJ D 5HFKWIHUWLJXQJ PLWWHOV (LQZLOOLJXQJ L 9RUDXVVHW]XQJHQ GHU (LQZLOOLJXQJ LL (LQZLOOLJXQJ LQ HLQH SHUV|QOLFKNHLWVYHUOHW]HQGH 'DWHQEHDUEHLWXQJ GXUFK 9LGHREHUZDFKXQJ E 5HFKWIHUWLJXQJ GXUFK HLQ EHUZLHJHQGHV SULYDWHV ,QWHUHVVH L $OOJHPHLQHV LL %HGHXWXQJ YRQ $UW $EV %VW D '6* IU GLH 9LGHREHUZDFKXQJ LLL 0|JOLFKH SULYDWH ,QWHUHVVHQ XQG GHUHQ %HGHXWXQJ DOV 5HFKWIHUWLJXQJVJUXQG F 5HFKWIHUWLJXQJ GXUFK HLQ EHUZLHJHQGHV |IIHQWOLFKHV ,QWHUHVVH G 5HFKWIHUWLJXQJ GXUFK *HVHW] ,,, =XU =XOlVVLJNHLW SULYDWHU 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH ,9 6WDDWOLFKHU %HL]XJ 3ULYDWHU LP %HUHLFK GHU 9LGHREHUZDFKXQJ $ =XU $XVODJHUXQJVIlKLJNHLW GHU 9LGHREHUZDFKXQJ % =XU (LQUlXPXQJ VWDDWOLFKHU =XJULIIVUHFKWH DXI SULYDWH 9LGHREHUZDFKXQJVDQODJHQ ([NXUV 9HUZHUWXQJ SULYDWHU 9LGHRDXI]HLFKQXQJHQ LP 6WUDISUR]HVV 9 7HLO , ,, 6FKOXVVEHWUDFKWXQJ .ULWLN XQG (PSIHKOXQJHQ ]XU 3UD[LV XQG *HVHW]JHEXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ 6FKOXVVWKHVHQ ;9 =XVDPPHQIDVVXQJ 'LH 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH KDW LQ GHQ OHW]WHQ -DKUHQ VWDUN DQ %HGHXWXQJ JHZRQQHQ XQG GHUHQ %HGHXWXQJ ZLUG ZHLWHU ]XQHKPHQ 'XUFK GHQ WHFKQLVFKHQ )RUWVFKULWW HUJHEHQ VLFK ]XGHP YLHOIlOWLJH QHXH XQG ]XVlW]OLFKH hEHUZDFKXQJVP|JOLFKNHLWHQ 'LH VWDDWOLFKH 9LGHREHUZDFKXQJ VWHKW DXFK IU GHQ :DQGHO YRQ HLQHU UHDNWLYHQ ]X HLQHU SURDNWLYHQ 9HUEUHFKHQVEHNlPSIXQJ 'LHV KDW ]XU )ROJH GDVV VLFK LPPHU PHKU DXFK VROFKH 3HUVRQHQ HLQHU VWDDWOLFKHQ 'DWHQEHDU EHLWXQJ DXVJHVHW]W VHKHQ GLH ZHGHU 6W|UHU VLQG QRFK VWUDISUR]HVVXDO DOV YHUGlFKWLJ JHOWHQ 'LH PLW GHU VWDDWOLFKHQ ZLH DXFK GHU SULYDWHQ 9LGHREHUZDFKXQJ YHUEXQGH QHQ %HHLQWUlFKWLJXQJHQ GHU 3HUV|QOLFKNHLW XQG GLH GDPLW YHUEXQGHQHQ *HIDKUHQ IU GLH GHPRNUDWLVFKH XQG UHFKWVVWDDWOLFKH *UXQGRUGQXQJ DQ VLFK GUIHQ QLFKW XQWHU VFKlW]W ZHUGHQ 'LH YRUOLHJHQGH 8QWHUVXFKXQJ EHIDVVW VLFK PLW GHU =XOlVVLJNHLW XQG GHQ *UHQ]HQ GHU VWDDWOLFKHQ XQG SULYDWHQ 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH XQG ]ZDU LQ HUVWHU /LQLH ]XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ 'LH SULYDWH XQG GLH VWDDWOLFKH 9LGHREHUZDFKXQJ ZHUGHQ ]XQlFKVW LP .RQWH[W GHV 'DWHQ VFKXW]UHFKWV HUOlXWHUW 'DEHL ZLUG LP (LQ]HOQHQ DXIJH]HLJW ZHOFKHQ $QIRUGHUXQJHQ GLH 9LGHREHUZDFKXQJ ]X JHQJHQ KDW XP DOV GDWHQVFKXW]NRQIRUP ]X JHOWHQ 'LH VWDDWOLFKH 9LGHREHUZDFKXQJ ZLUG DQVFKOLHVVHQG LQ LKUHQ JUXQGUHFKWOLFKHQ %H ]JHQ HUOlXWHUW 'LH 8QWHUVXFKXQJ NRQ]HQWULHUW VLFK QLFKW DXI GDV EHL GHU 9LGHR EHUZDFKXQJ LP 9RUGHUJUXQG VWHKHQGH 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJ 6LH ]HLJW DXI GDVV GLH 9LGHREHUZDFKXQJ XQWHU GHQ NRQNUHWHQ 8PVWlQGHQ DXFK DQGHUH *UXQGUHFKWH WDQJLHUHQ NDQQ HWZD GLH 9HUVDPPOXQJV XQG 0HLQXQJV IUHLKHLW GLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW GDV 'LVNULPLQLHUXQJVYHUERW RGHU GLH :LUWVFKDIWVIUHLKHLW XQG GLH (LJHQWXPVJDUDQWLH *OHLFK]HLWLJ ZLUG GDUJHOHJW GDVV GHU SULYDWH (LQVDW] YRQ 9LGHREHUZDFKXQJ VHOEVW JUXQGUHFKWOLFK JHVFKW]W VHLQ NDQQ 'LH *UXQGUHFKWH ZHUGHQ IU GHQ %HUHLFK GHU 9LGHREHUZDFKXQJ ± EHU LKUH $E ZHKUIXQNWLRQ KLQDXV ± DEHU DXFK DXV GHU 3HUVSHNWLYH GHU JUXQGUHFKWOLFKHQ 6FKXW] SIOLFKWHQ XQG LQ LKUHU +RUL]RQWDOZLUNXQJ HUOlXWHUW 'DVV GHQ *UXQGUHFKWHQ DXFK XQ WHU 3ULYDWHQ :LUNXQJ YHUOLHKHQ ZHUGHQ PXVV GUlQJW VLFK JHUDGH LP %HUHLFK GHU SULYDWHQ 9LGHREHUZDFKXQJ DXI 6FKOLHVVOLFK ZHUGHQ GLH HUIRUGHUOLFKHQ 6LFKH UXQJHQ 6FKXW]YRUNHKUXQJHQ XQG .RQWUROOHQ GDUJHOHJW ZHOFKH LP %HUHLFK GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ VDFKJHUHFKW XQG JHERWHQ VLQG %HL GHU )UDJH GHU =XOlVVLJNHLW HLQHU SULYDWHQ 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJ OLFKHU 5lXPH LVW LQVEHVRQGHUH DXI GLH *UQGH HLQ]XJHKHQ ZHOFKH HLQH SHUV|QOLFK NHLWVYHUOHW]HQGH 9LGHREHUZDFKXQJ UHFKWIHUWLJHQ N|QQHQ 'DEHL LVW IHVW]XVWHOOHQ GDVV GDV ,QWHUHVVH GHV YRQ GHU hEHUZDFKXQJ %HWURIIHQHQ DQ GHU (LQKDOWXQJ GHU GD WHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H UHJHOPlVVLJ EHUZLHJW =X EHDFKWHQ LVW VFKOLHVVOLFK GDVV GLH =XOlVVLJNHLW GHU 0LWhEHUZDFKXQJ |IIHQWOLFKHU 5lXPH GXUFK 3ULYDWH QXU VHKU HLQJHVFKUlQNW EHMDKW ZHUGHQ NDQQ ;9,, $ENU]XQJHQ D D$ D( $% $EI*%( $%O $EV D%9 $* $*HU $, $-3 bQG $5 $U*9 $UW $6 $6) $7 $XIO $X* %%O %G %'6* %( %HFN56 %HU %HWP* %(= %* EHU GHQ 6FKXW] PLOLWlULVFKHU $QODJHQ DOW IUKHUH )DVVXQJ GHU EHWUHIIHQGHQ %HVWLPPXQJ DQGHUHU $QVLFKW DP (QGH $PWOLFKHV %XOOHWLQ GHU %XQGHVYHUVDPPOXQJ *HVHW] YRP -XQL EHU GLH $EIlOOH $EIDOOJHVHW] %6* $PWVEODWW GHU (XURSlLVFKHQ 8QLRQ $EVDW] %XQGHVYHUIDVVXQJ GHU 6FKZHL]HULVFKHQ (LGJHQRVVHQVFKDIW YRP 0DL $6 .DQWRQ $DUJDX $PWVJHULFKW .DQWRQ $SSHQ]HOO ,QQHUUKRGHQ $NWXHOOH -XULVWLVFKH 3UD[LV bQGHUXQJ .DQWRQ $SSHQ]HOO $XVVHUUKRGHQ 9HURUGQXQJ YRP $XJXVW ]XP $UEHLWVJHVHW] *H VXQGKHLWVYRUVRUJH 65 $UWLNHO $PWOLFKH 6DPPOXQJ GHV %XQGHVUHFKWV$PWOLFKH 6DPPOXQJ GHU 6WDGW =ULFK $PWOLFKH 6DPPOXQJ GHV .DQWRQV )UHLEXUJ gVWHUUHLFK $XIODJH %XQGHVJHVHW] YRP 'H]HPEHU EHU GLH $XVOlQGHULQQHQ XQG $XVOlQGHU $XVOlQGHUJHVHW] 65 %XQGHVEODWW GHU 6FKZHL]HULVFKHQ (LGJHQRVVHQVFKDIW %DQG%lQGH GHXWVFKHV %XQGHVGDWHQVFKXW]JHVHW] YRP 'H]HPEHU LG) GHU %HNDQQWPDFKXQJ YRP -DQXDU %*%O , ]XOHW]W JHlQGHUW GXUFK $UWLNHO GHV *HVHW]HV YRP $XJXVW %*%O , .DQWRQ6WDGW %HUQ %HFN5HFKWVSUHFKXQJ %HULFKW %XQGHVJHVHW] YRP 2NWREHU EHU GLH %HWlXEXQJVPLWWHO XQG GLH SV\FKRWURSHQ 6WRIIH %HWlXEXQJVPLWWHOJHVHW] 65 %DXUHFKWVHQWVFKHLGH .DQWRQ =ULFK %XQGHVJHVHW] YRP -XQL EHU GHQ 6FKXW] PLOLWlULVFKHU $QODJHQ 65 ;,; $ENU]XQJHQ %* %*%O %*( %*HU %** %*+ %*g %*6 E*6 %+5%( %%-0 %.$ %/ %RWVFK %5 %5.( %6 %6* EVSZ %VW %6W*HU %h3) %8:$/ %9 %9( %9HUI* %9HUI*( %9*( %9*HU %95 ;; %XQGHVJHVHW]%H]LUNVJHULFKW 'HXWVFKHV %XQGHVJHVHW]EODWW%XQGHVJHVHW]EODWW IU GLH 5HSX EOLN gVWHUUHLFK (QWVFKHLGXQJHQ GHV 6FKZHL]HULVFKHQ %XQGHVJHULFKWV $PWOLFKH 6DPPOXQJ %XQGHVJHULFKW %XQGHVJHVHW] YRP -XQL EHU GDV %XQGHVJHULFKW %XQ GHVJHULFKWVJHVHW] 65 GHXWVFKHU %XQGHVJHULFKWVKRI %XQGHVJHVHW] YRP 'H]HPEHU EHU GDV gIIHQWOLFK NHLWVSULQ]LS GHU 9HUZDOWXQJ gIIHQWOLFKNHLWVJHVHW] 65 %HUHLQLJWH *HVHW]HVVDPPOXQJ EHUHLQLJWH *HVHW]HVVDPPOXQJ GHV .DQWRQV $SSHQ]HOO$XVVHU UKRGHQ 6WDGW %HUQ ± 5HJOHPHQW YRP -XQL EHWUHIIHQG GLH %HQW ]XQJ GHV VWlGWLVFKHQ 7HLOV GHV %DKQKRIV %HUQ %DKQKRIUHJOH PHQW 666% %XQGHVDPW IU -XVWL] %DVOHU -XULVWLVFKH 0LWWHLOXQJHQ GHXWVFKHV %XQGHVNULPLQDODPW .DQWRQ %DVHO/DQG %RWVFKDIW %XQGHVUDW%QGQHU 5HFKWVEXFK (QWVFKHLG GHU %DXUHNXUVNRPPLVVLRQ GHV .DQWRQV =ULFK .DQWRQ %DVHO6WDGW %HUQLVFKH 6\VWHPDWLVFKH *HVHW]HVVDPPOXQJ EHLVSLHOVZHLVH %XFKVWDEH %XQGHVVWUDIJHULFKW %XQGHVJHVHW] YRP 2NWREHU EHWUHIIHQG GLH h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lU] EHU 0DVVQDKPHQ ]XU :DK UXQJ GHU LQQHUHQ 6LFKHUKHLW 65 EH]LHKXQJVZHLVH 2IILFLDO 3XEOLFDWLRQ RI WKH &&79 8VHU *URXS &ORVHG &LUFXLW 7HOHYLVLRQ (XURSHDQ &RPPLWWHH RQ /HJDO &RRSHUDWLRQ &RPLWp HXURSpHQ GH FRRSpUDWLRQ MXULGLTXH (XURSlLVFKHU $XVVFKXVV IU UHFKWOLFKH =XVDPPHQDUEHLW &RXQFLO RI (XURSH &RQVHLO GH O¶(XURSH (XURSDUDW &RQVWLWXWLRQ GH OD 5pSXEOLTXH HW &DQWRQ GH 1HXFKkWHO GX VHSWHPEUH 561 &RQVWLWXWLRQ GHU 9HUIDVVHU GDV KHLVVW 'LHQVW IU $QDO\VH XQG 3UlYHQWLRQ KHXWH 1DFKULFKWHQGLHQVW GHV %XQGHV 1HZVOHWWHU GHV ('g% =HLWVFKULIW IU 'DWHQUHFKW XQG ,QIRUPDWLRQVVLFKHUKHLW 'LVVHUWDWLRQ 'HR[\ULERQXFOHLF DFLG 'HVR[\ULERQXNOHLQVlXUH 'HFLVLRQV DQG 5HSRUWV 'HFLVLRQV HW UDSSRUWV (QWVFKHLGVDPP OXQJ GHU (.05 'DWHQVFKXW]EHDXIWUDJWHU 'DWHQVFKXW]JHVHW] YRP $SULO *6 *HVHW] YRP 1RYHPEHU EHU GHQ 'DWHQVFKXW] 6*) %XQGHVJHVHW] YRP -XQL EHU GHQ 'DWHQVFKXW] 65 *HVHW] YRP -XQL EHU GHQ 'DWHQVFKXW] 'DWHQVFKXW] JHVHW] E*6 gVWHUUHLFKLVFKHV %XQGHVJHVHW] EHU GHQ 6FKXW] SHUVRQHQEH]R JHQHU 'DWHQ 'DWHQVFKXW]JHVHW] ± '6* %*%O , 1U *HVHW] YRP 0lU] EHU GHQ 6FKXW] YRQ 3HUVRQHQGDWHQ 'DWHQVFKXW]JHVHW] 6*6 *HVHW] YRP 0DL EHU GHQ 6FKXW] YRQ 3HUVRQHQGDWHQ 'DWHQVFKXW]JHVHW] *6 , ) *HVHW] YRP -XOL EHU GHQ 6FKXW] YRQ 3HUVRQHQGDWHQ 'DWHQVFKXW]JHVHW] 65/ 1U *HVHW] YRP -DQXDU EHU GHQ 'DWHQVFKXW] 'DWHQ VFKXW]JHVHW] *'% 'DWHQVFKXW]JHVHW] YRP -DQXDU V*6 *HVHW] YRP 0lU] EHU GHQ 6FKXW] YRQ 3HUVRQHQGDWHQ .DQWRQDOHV 'DWHQVFKXW]JHVHW] 6+5 ;;, $ENU]XQJHQ '6*6= '6*7* '6*85 '6*=* '6. '69%( '69*/ 'X' ( (%* (&+5 ('g% ('g. ('36 ('6% ('6. ('6h (* (*'65/ (*05 (-3' (.05 (05. HW DO HWF (76 (8 (X*+ III )/ ;;,, *HVHW] YRP 0DL EHU GLH gIIHQWOLFKNHLW GHU 9HUZDO WXQJ XQG GHQ 'DWHQVFKXW] 656= *HVHW] YRP 1RYHPEHU EHU GHQ 'DWHQVFKXW] 5% *HVHW] YRP )HEUXDU EHU GHQ 6FKXW] YRQ 3HUVRQHQGD WHQ 'DWHQVFKXW]JHVHW] 5% 'DWHQVFKXW]JHVHW] YRP 6HSWHPEHU %*6 'DWHQVFKXW]NRPPLVVLRQ 'DWHQVFKXW]YHURUGQXQJ YRP 2NWREHU %6* 'DWHQVFKXW]YHURUGQXQJ YRP 0DL *6 , ) 'DWHQVFKXW] XQG 'DWHQVLFKHUKHLW (UZlJXQJ (LVHQEDKQJHVHW] YRP 'H]HPEHU 65 $PWOLFKH 6DPPOXQJ GHU (QWVFKHLGXQJHQ GHV (*05 (LGJHQ|VVLVFKHU 'DWHQVFKXW] XQG gIIHQWOLFKNHLWVEHDXIWUDJWHU (LGJHQ|VVLVFKH 'DWHQVFKXW] XQG gIIHQWOLFKNHLWVNRPPLVVLRQ DXIJHO|VW (XURSHDQ 'DWD 3URWHFWLRQ 6XSHUYLVRU (XURSlLVFKHU 'DWHQ VFKXW]EHDXIWUDJWHU (LGJHQ|VVLVFKHU 'DWHQVFKXW]EHDXIWUDJWHU KHXWH (LGJHQ|VVL VFKHU 'DWHQVFKXW] XQG gIIHQWOLFKNHLWVEHDXIWUDJWHU (LGJHQ|VVLVFKH 'DWHQVFKXW]NRPPLVVLRQ DXIJHO|VW hEHUHLQNRPPHQ GHV (XURSDUDWV YRP -DQXDU ]XP 6FKXW] GHV 0HQVFKHQ EHL GHU DXWRPDWLVFKHQ 9HUDUEHLWXQJ SHU VRQHQEH]RJHQHU 'DWHQ 65 (XURSlLVFKH *HPHLQVFKDIWHQ 5LFKWOLQLH (* GHV (XURSlLVFKHQ 3DUODPHQWV XQG GHV 5DWHV YRP 2NWREHU ]XP 6FKXW] QDWUOLFKHU 3HUVRQHQ EHL GHU 9HUDUEHLWXQJ SHUVRQHQEH]RJHQHU 'DWHQ XQG ]XP IUHLHQ 'DWHQ YHUNHKU (*'DWHQVFKXW]ULFKWOLQLH $%O / YRP 1R YHPEHU (XURSlLVFKHU *HULFKWVKRI IU 0HQVFKHQUHFKWH (LGJHQ|VVLVFKHV -XVWL] XQG 3ROL]HLGHSDUWHPHQW (XURSlLVFKH 0HQVFKHQUHFKWVNRPPLVVLRQ ELV .RQYHQWLRQ YRP 1RYHPEHU ]XP 6FKXW]H GHU 0HQ VFKHQUHFKWH XQG *UXQGIUHLKHLWHQ 65 HW DOLL DH D XQG DQGHUH HW FHWHUD (XURSHDQ 7UHDW\ 6HULHV (XURSlLVFKH 8QLRQ (XURSlLVFKHU *HULFKWVKRI XQG IROJHQGH 6HLWH6HLWHQ )UVWHQWXP /LHFKWHQVWHLQ $ENU]XQJHQ )Q )5 )U *'% *( ** *,'$96 */ JO$ *36 *5 *5& *6 *69 *93 =* *\PQDVLDO92/8 +DELO +$9( +HUY G 9HUI +UVJKUVJ +XQGH92%6 LF LG) LG5 LH6 L6 L6Y L9P ,'$*$* ,'*%/ )XVVQRWH .DQWRQ )UHLEXUJ 6FKZHL]HU )UDQNHQ *HVHW]HVGDWHQEDQN .DQWRQ *HQI *UXQGJHVHW] IU GLH %XQGHVUHSXEOLN 'HXWVFKODQG YRP 0DL %*%O ]XOHW]W JHlQGHUW GXUFK GDV *HVHW] YRP -XOL %*%O , *HVHW] YRP 2NWREHU EHU GLH ,QIRUPDWLRQ GHU gIIHQW OLFKNHLW GHQ 'DWHQVFKXW] XQG GLH $UFKLYLHUXQJ *,'$ 6*6 .DQWRQ *ODUXV JOHLFKHU $QVLFKW *OREDO 3RVLWLRQLQJ 6\VWHP .DQWRQ *UDXEQGHQ &KDUWD GHU *UXQGUHFKWH GHU (XURSlLVFKHQ 8QLRQ YRP 'H]HPEHU LG) YRP 'H]HPEHU $%O & YRP 'H]HPEHU *HVHW]HVVDPPOXQJ*HVHW]HVVDPPOXQJ GHV .DQWRQV *ODUXV 9HURUGQXQJ GHV (-3' YRP 6HSWHPEHU EHU hEHUZD FKXQJVV\VWHPH XQG *OFNVVSLHOH *OFNVVSLHOYHURUGQXQJ 65 *HULFKWV XQG 9HUZDOWXQJVSUD[LV GHV .DQWRQV =XJ 9HURUGQXQJ ]XP *HVHW] EHU GLH *\PQDVLDOELOGXQJ YRP -XQL 65/ 1U +DELOLWDWLRQVVFKULIW +DIWXQJ XQG 9HUVLFKHUXQJ +HUYRUKHEXQJ GHV 9HUIDVVHUV +HUDXVJHEHUKHUDXVJHJHEHQ 9HURUGQXQJ YRP -XOL EHWUHIIHQG GDV +DOWHQ YRQ +XQ GHQ +XQGHYHURUGQXQJ 6* LQ FDVX LQ GHU )DVVXQJ LQ GHU 5HJHO LP HQJHUHQ 6LQQH LQ 6DFKHQLP 6LQQH LP 6LQQH YRQ LQ 9HUELQGXQJ PLW *HVHW] YRP 2NWREHU EHU GLH ,QIRUPDWLRQ GHU g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± 5HFKW ± *HVHOOVFKDIW -XULVWLVFKH 6FKXOXQJ .DSLWHO .DVVDWLRQVJHULFKW 'DWHQVFKXW]JHVHW] YRP )HEUXDU %6* *HVHW] YRP )HEUXDU EHU GHQ 'DWHQVFKXW] .DQWRQDOHV 'DWHQVFKXW]JHVHW] 1* .LUFKHQRUGQXQJ IU GLH (YDQJHOLVFK5HIRUPLHUWH /DQGHVNLUFKH GHV .DQWRQV *ODUXV YRP -DQXDU *6 ,9 $ 9HURUGQXQJ 6HSWHPEHU EHU GLH 2UGQXQJVEXVVHQ .DQWRQDOH 2UGQXQJVEXVVHQYHURUGQXQJ %6* .RPPHQWDU .RPPXQDOMXULVW 8QDEKlQJLJH =HLWVFKULIW IU NULPLQDOLVWLVFKH :LVVHQVFKDIW XQG 3UD[LV .XUVDDOYHURUGQXQJ YRP 2NWREHU E*6 .DQWRQVYHUIDVVXQJ 9HUIDVVXQJ GHV .DQWRQV $DUJDX YRP -XQL 6$5 65 9HUIDVVXQJ GHV .DQWRQV %DVHO6WDGW YRP 0lU] 6* 65 9HUIDVVXQJ GHV .DQWRQV /X]HUQ YRP -XQL 65/ 1U 65 9HUIDVVXQJ GHV .DQWRQV 6W *DOOHQ YRP -XQL V*6 65 9HUIDVVXQJ GHV .DQWRQV =ULFK YRP )HEUXDU /6 65 .|OQHU =HLWVFKULIW IU 6R]LRORJLH XQG 6R]LDOSV\FKRORJLH /RL GX VHSWHPEUH VXU OD SURWHFWLRQ GHV GRQQpHV 561 $ENU]XQJHQ /H*HV /* /,3$'*( /-= /.9 /3'-8 /3'37, /3U'9' /6 /8 /9* P( P+ PZ+ PHGLDOH[ 0,* 0,9 06FKU.ULP 06W3 1'% 1( 1* 1-: 1-:55 1R 1U 16W= 19Z= 1: 1== 2(&' *XLGHOLQHV *HVHW]JHEXQJ (YDOXDWLRQ 0LWWHLOXQJVEODWW GHU 6FKZHL]HUL VFKHQ *HVHOOVFKDIW IU *HVHW]JHEXQJ 6** XQG GHU 6FKZHL]H ULVFKHQ (YDOXDWLRQVJHVHOOVFKDIW 6(9$/ /DQGJHULFKW /RL GX RFWREUH VXU O¶LQIRUPDWLRQ GX SXEOLF O¶DFFqV DX[ GRFXPHQWV HW OD SURWHFWLRQ GHV GRQQpHV SHUVRQQHOOHV 56* $ /LHFKWHQVWHLQLVFKH -XULVWHQ=HLWXQJ /DQGHV XQG .RPPXQDOYHUZDOWXQJ /RL GX PDL VXU OD SURWHFWLRQ GHV GRQQpHV j FDUDFWqUH SHUVRQQHO 56-8 /HJJH GHO PDU]R VXOOD SURWH]LRQH GHL GDWL SHUVRQDOL 5/ /RL GX VHSWHPEUH VXU OD SURWHFWLRQ GHV GRQQpHV SHUVRQ QHOOHV 569 =UFKHU /RVHEODWWVDPPOXQJ .DQWRQ6WDGW /X]HUQ GHXWVFKHV /DQGHVYHUIDVVXQJVJHULFKW%XQGHVJHVHW] YRP 2N WREHU EHU GLH ZLUWVFKDIWOLFKH /DQGHVYHUVRUJXQJ /DQGHV YHUVRUJXQJVJHVHW] 65 PHLQHV (UDFKWHQV PLW +LQZHLV PLW ZHLWHUHQ +LQZHLVHQ =HLWVFKULIW IU 0HGLHQUHFKW %XQGHVJHVHW] YRP 2NWREHU EHU GLH PLOLWlULVFKHQ ,Q IRUPDWLRQVV\VWHPH 65 9HURUGQXQJ YRP 'H]HPEHU EHU GLH PLOLWlULVFKHQ ,Q IRUPDWLRQVV\VWHPH 65 0RQDWVVFKULIW IU .ULPLQRORJLH XQG 6WUDIUHFKWVUHIRUP 0LOLWlUVWUDISUR]HVV YRP 0lU] 65 1DFKULFKWHQGLHQVW GHV %XQGHV .DQWRQ 1HXHQEXUJ 1LGZDOGQHU *HVHW]HVVDPPOXQJ 1HXH -XULVWLVFKH :RFKHQVFKULIW 1HXH -XULVWLVFKH :RFKHQVFKULIW 5HFKWVSUHFKXQJV5HSRUW 1XPEHU 1XPPHU 1HXH =HLWVFKULIW IU 6WUDIUHFKW 1HXH =HLWVFKULIW IU 9HUZDOWXQJVUHFKW .DQWRQ 1LGZDOGHQ 1HXH =UFKHU =HLWXQJ 2(&' *XLGHOLQHV RQ WKH 3URWHFWLRQ RI 3ULYDF\ DQG 7UDQVERUGHU )ORZV RI 3HUVRQDO 'DWD DGRSWHG RQ 6HSWHPEHU ;;9 $ENU]XQJHQ 2(&' 2*HU 2*+ g-= 25 26W$ 2: 3DUO* 3%* SOlGR\HU 3RO*$* 3RO*$5 3RO*%( 3RO*%/ 3RO*%6 3RO**/ 3RO**5 3RO*6* 3RO*85 3RO*=* 3RO*=+ 3RO56* 3296+ 3UD SURWHFWLW 3URWHFWRU 5% 5HF 5HF ;;9, 2UJDQLVDWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW 2U JDQLVDWLRQ IU ZLUWVFKDIWOLFKH =XVDPPHQDUEHLW XQG (QWZLFN OXQJ 2EHUJHULFKW |VWHUUHLFKLVFKHU 2EHUVWHU *HULFKWVKRI gVWHUUHLFKLVFKH -XULVWHQ]HLWXQJ %XQGHVJHVHW] YRP 0lU] EHWUHIIHQG GLH (UJlQ]XQJ GHV 6FKZHL]HULVFKHQ =LYLOJHVHW]EXFKHV )QIWHU 7HLO 2EOLJDWLRQHQ UHFKW 65 2EHUVWDDWVDQZDOWVFKDIW .DQWRQ 2EZDOGHQ 3DUODPHQWVJHVHW] YRP 'H]HPEHU 65 %XQGHVJHVHW] YRP 0lU] EHU GLH 3HUVRQHQEHI|UGHUXQJ 3HUVRQHQEHI|UGHUXQJVJHVHW] 65 0DJD]LQ IU 5HFKW XQG 3ROLWLN *HVHW] YRP 'H]HPEHU EHU GLH *HZlKUOHLVWXQJ GHU |I IHQWOLFKHQ 6LFKHUKHLW 3ROL]HLJHVHW] 6$5 3ROL]HLJHVHW] YRP 0DL E*6 3ROL]HLJHVHW] YRP -XQL %6* 3ROL]HLJHVHW] YRP 1RYHPEHU 6*6 *HVHW] YRP 1RYHPEHU EHWUHIIHQG GLH .DQWRQVSROL]HL GHV .DQWRQV %DVHO6WDGW 3ROL]HLJHVHW] 6* 3ROL]HLJHVHW] GHV .DQWRQV *ODUXV YRP 0DL *6 9 $ 3ROL]HLJHVHW] GHV .DQWRQV *UDXEQGHQ YRP 2NWREHU %5 3ROL]HLJHVHW] YRP $SULO V*6 3ROL]HLJHVHW] YRP 1RYHPEHU 5% 3ROL]HLJHVHW] YRP 1RYHPEHU %*6 3ROL]HLJHVHW] YRP $SULO /6 6WDGW 6W *DOOHQ ± 3ROL]HLUHJOHPHQW YRP 1RYHPEHU V56 3ROL]HLYHURUGQXQJ GHU 6WDGW 6FKDIIKDXVHQ YRP 0lU] 566 'LH 3UD[LV GHV %XQGHVJHULFKWV )DFK]HLWVFKULIW IU 3ROL]HL $UPHH XQG 6LFKHUKHLW 'LH HXURSlLVFKH )DFK]HLWVFKULIW IU 6LFKHUKHLW 5HFKWVEXFK &R( ± &RPPLWWHH RI 0LQLVWHUV 5HFRPPHQGDWLRQ 1R 5 WR 0HPEHU 6WDWHV UHJXODWLQJ WKH 8VH RI 3HUVRQDO 'DWD LQ WKH 3R OLFH 6HFWRU DGRSWHG RQ 6HSWHPEHU &R( ± &RPPLWWHH RI 0LQLVWHUV 5HFRPPHQGDWLRQ 1R 5 RI WKH &RPPLWWHH RI 0LQLVWHUV WR 0HPEHU 6WDWHV RQ WKH 2UJDQL VDWLRQ RI &ULPH 3UHYHQWLRQ DGRSWHG RQ 6HSWHPEHU $ENU]XQJHQ 5HF 5HF 5HF 5HF 5(.2 UHVS 5),' 5,32/ 5-1 5/ 56 56* 56-8 561 566 569 579* 5= 5] VD 6$$ 6$5 6%* 6%95 6'h &R( ± &RPPLWWHH RI 0LQLVWHUV 5HFRPPHQGDWLRQ 1R 5 WR 0HPEHU 6WDWHV RQ WKH 3URWHFWLRQ RI 3HUVRQDO 'DWD XVHG IRU (PSOR\PHQW 3XUSRVHV DGRSWHG RQ -DQXDU\ &R( ± &RPPLWWHH RI 0LQLVWHUV 5HFRPPHQGDWLRQ 1R 5 WR 0HPEHU 6WDWHV RQ WKH &RPPXQLFDWLRQ WR 7KLUG 3DUWLHV RI 3HUVRQDO 'DWD +HOG E\ 3XEOLF %RGLHV DGRSWHG RQ 6HSWHPEHU &R( ± &RPPLWWHH RI 0LQLVWHUV 5HFRPPHQGDWLRQ 1R 5 WR 0HPEHU 6WDWHV RQ &ULPH 3ROLF\ LQ (XURSH LQ D 7LPH RI &KDQJH DGRSWHG RQ 6HSWHPEHU 5HFRPPHQGDWLRQ (PSIHKOXQJ 5HNXUVNRPPLVVLRQ UHVSHNWLYH 5DGLR )UHTXHQF\ ,GHQWLILFDWLRQ 'HYLFH 5HFKHUFKHV LQIRUPDWLVpHV GH SROLFH DXWRPDWLVLHUWHV )DKQGXQJV V\VWHP GHV %XQGHV 5HFXHLO GH MXULVSUXGHQFH QHXFKkWHORLVH 5DFFROWD GHOOH OHJJL 5HFKWVSUHFKXQJ LQ 6WUDIVDFKHQ 5HFXHLO V\VWpPDWLTXH JHQHYRLV 5HFXHLO V\VWpPDWLTXH MXUDVVLHQ 5HFXHLO V\VWpPDWLTXH GH OD OpJLVODWLRQ QHXFKkWHORLVH 5HFKWVVDPPOXQJ GHU 6WDGW 6FKDIIKDXVHQ 5HFXHLO V\VWpPDWLTXH GH OD OpJLVODWLRQ YDXGRLVH %XQGHVJHVHW] YRP 0lU] EHU 5DGLR XQG )HUQVHKHQ 65 gVWHUUHLFKLVFKH 5LFKWHU]HLWXQJ 5DQG]LIIHU VLHKH DXFK $ENRPPHQ YRP 2NWREHU ]ZLVFKHQ GHU 6FKZHL]HUL VFKHQ (LGJHQRVVHQVFKDIW GHU (XURSlLVFKHQ 8QLRQ XQG GHU (X URSlLVFKHQ *HPHLQVFKDIW EHU GLH $VVR]LLHUXQJ GLHVHV 6WDDWHV EHL GHU 8PVHW]XQJ $QZHQGXQJ XQG (QWZLFNOXQJ GHV 6FKHQ JHQ%HVLW]VWDQGV 65 6\VWHPDWLVFKH 6DPPOXQJ GHV $DUJDXLVFKHQ 5HFKWV %XQGHVJHVHW] YRP 'H]HPEHU EHU *OFNVVSLHOH XQG 6SLHOEDQNHQ 6SLHOEDQNHQJHVHW] 65 6FKZHL]HULVFKHV %XQGHVYHUZDOWXQJVUHFKW KUVJ YRQ +HLQULFK .ROOHU HW DO %DVHO DE hEHUHLQNRPPHQ ]XU 'XUFKIKUXQJ GHV hEHUHLQNRPPHQV YRQ 6FKHQJHQ YRP -XQL ]ZLVFKHQ GHQ 5HJLHUXQJHQ GHU 6WDDWHQ GHU %HQHOX[:LUWVFKDIWVXQLRQ GHU %XQGHVUHSXEOLN 'HXWVFKODQG XQG GHU )UDQ]|VLVFKHQ 5HSXEOLN EHWUHIIHQG GHQ VFKULWWZHLVHQ $EEDX GHU .RQWUROOHQ DQ GHQ JHPHLQVDPHQ *UHQ ]HQ $%O / YRP 6HSWHPEHU ;;9,, $ENU]XQJHQ 6HU 6(9 6* 6*) 6**93 V*6 6*6 6+ 6+5 VLF 6LFKHUKHLWV)RUXP 66-= 62 VRJ 6R*9=+ 65 65/ V56 656= 666% 6W*% 6WQ 6W32 6W5 6WU*6* 689$ 69* 6= 6=,(5 7% 7* 7, XD ;;9,,, 6HULH 6DPPOXQJ GHU (XURSDUDWVYHUWUl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|IIHQWOLFKHQ VWDDWOLFKHQ *UXQGHV 6RQGHUJHEUDXFKVYHURUG QXQJ /6 6\VWHPDWLVFKH 6DPPOXQJ GHV %XQGHVUHFKWV 6\VWHPDWLVFKH 5HFKWVVDPPOXQJ GHV .DQWRQV /X]HUQ 6\VWHPDWLVFKH 5HFKWVVDPPOXQJ GHU 6WDGW 6W *DOOHQ 6\VWHPDWLVFKH *HVHW]HVVDPPOXQJ GHV .DQWRQV 6FKZ\] 6\VWHPDWLVFKH 6DPPOXQJ GHV 6WDGWUHFKWV YRQ %HUQ 6FKZHL]HULVFKHV 6WUDIJHVHW]EXFK YRP 'H]HPEHU 65 6WHOOXQJQDKPH 6FKZHL]HULVFKH 6WUDISUR]HVVRUGQXQJ YRP 2NWREHU 6WUDISUR]HVVRUGQXQJ 65 6WlQGHUDW 6WUDVVHQJHVHW] YRP -XQL V*6 6FKZHL]HULVFKH 8QIDOOYHUVLFKHUXQJVDQVWDOW 6WUDVVHQYHUNHKUVJHVHW] YRP 'H]HPEHU 65 .DQWRQ 6FKZ\] 6FKZHL]HULVFKH =HLWVFKULIW IU LQWHUQDWLRQDOHV XQG HXURSlLVFKHV 5HFKW 7lWLJNHLWVEHULFKW .DQWRQ 7KXUJDX .DQWRQ 7HVVLQ XQG DQGHUHXQWHU DQGHUHP $ENU]XQJHQ X8 8%, 8H6W*$, 812 8123DNW , 8123DNW ,, 85 86* %6 h6W*%/ h6W*%6 h6W*/8 h6W*2: h6W*6* XVZ 89(. 9%|*6=+ 9' 9'6* 9( 9(3RO$* 9(9 9*HU 9** 9*+ YJO 9,'$*$* 9LGHR*)5 XQWHU 8PVWlQGHQ 8QDEKlQJLJH %HVFKZHUGHLQVWDQ] IU 5DGLR XQG )HUQVHKHQ hEHUWUHWXQJVVWUDIJHVHW] YRP $SULO *6 8QLWHG 1DWLRQV 2UJDQL]DWLRQ 2UJDQLVDWLRQ GHU 9HUHLQWHQ 1DWL RQHQ ,QWHUQDWLRQDOHU 3DNW YRP 'H]HPEHU EHU ZLUWVFKDIWOL FKH VR]LDOH XQG NXOWXUHOOH 5HFKWH 65 ,QWHUQDWLRQDOHU 3DNW YRP 'H]HPEHU EHU EUJHUOLFKH XQG SROLWLVFKH 5HFKWH 65 .DQWRQ 8UL 8PZHOWVFKXW]JHVHW] %DVHO6WDGW YRP 0lU] 6* *HVHW] YRP $SULO EHU GDV NDQWRQDOH hEHUWUHWXQJV VWUDIUHFKW hEHUWUHWXQJVVWUDIJHVHW] 6*6 hEHUWUHWXQJVVWUDIJHVHW] YRP -XQL 6* hEHUWUHWXQJVVWUDIJHVHW] YRP 6HSWHPEHU 65/ 1U *HVHW] EHU GDV NDQWRQDOH 6WUDIUHFKW YRP -XQL *'% hEHUWUHWXQJVVWUDIJHVHW] YRP 'H]HPEHU V*6 XQG VR ZHLWHU (LGJHQ|VVLVFKHV 'HSDUWHPHQW IU 8PZHOW 9HUNHKU (QHUJLH XQG .RPPXQLNDWLRQ 9RUVFKULIWHQ GHU 6WDGW =ULFK YRP -XQL EHU GLH YRU EHUJHKHQGH %HQW]XQJ GHV |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gIIHQWOLFKNHLW GHQ 'DWHQVFKXW] XQG GDV $UFKLY ZHVHQ 6$5 *HVHW] YRP 'H]HPEHU EHU GLH 9LGHREHUZDFKXQJ $6) B ,QNUDIWWUHWHQ DP -DQXDU ;;,; $ENU]XQJHQ 9LGHR5HJ/8 6WDGW /X]HUQ ± 5HJOHPHQW YRP -DQXDU EHU GLH 9LGHR EHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP 65 1U 9LGHR5HJ3UDWWHOQ *HPHLQGH 3UDWWHOQ ± 5HJOHPHQW YRP 1RYHPEHU EHU GLH 9LGHREHUZDFKXQJ 2UG 1U 9LG9%( 9HURUGQXQJ YRP $SULO EHU GHQ (LQVDW] YRQ 9LGHR EHUZDFKXQJVJHUlWHQ EHL 0DVVHQYHUDQVWDOWXQJHQ XQG DQ |IIHQW OLFKHQ 2UWHQ 9LGHRYHURUGQXQJ %6* 9L9R85 9LGHRYHURUGQXQJ YRP 0lU] 92 hEHUZDFKXQJVJHUlWH 9HURUGQXQJ YRP $SULO EHU GHQ (LQVDW] YRQ %LOGDXI QDKPH %LOGDXI]HLFKQXQJV XQG DQGHUHQ hEHUZDFKXQJVJHUlWHQ GXUFK GLH (LGJHQ|VVLVFKH =ROOYHUZDOWXQJ 65 9RO 9ROXPH %DQG 9RUEHP 9RUEHPHUNXQJHQ 93% 9HUZDOWXQJVSUD[LV GHU %XQGHVEHK|UGHQ 95$6*6* 6WDGW 6W *DOOHQ ± 5HJOHPHQW YRP $XJXVW EHU GLH 9L GHREHUZDFKXQJ LP 8PIHOG GHU $UHQD 6W *DOOHQ V56 95**5 *HVHW] YRP $XJXVW EHU GLH 9HUZDOWXQJVUHFKWVSIOHJH %5 95*=* *HVHW] YRP $SULO EHU GHQ 5HFKWVVFKXW] LQ 9HUZDO WXQJVVDFKHQ 9HUZDOWXQJVUHFKWVSIOHJHJHVHW] %*6 95. :LHQHU hEHUHLQNRPPHQ YRP 0DL EHU GDV 5HFKW GHU 9HUWUlJH 65 95|*6* 6WDGW 6W *DOOHQ ± 5HJOHPHQW YRP -XOL EHU GLH 9LGHR EHUZDFKXQJ DXI |IIHQWOLFKHP *UXQG V56 96 .DQWRQ :DOOLV 96% 9HURUGQXQJ YRP -XQL EHU GDV 6LFKHUKHLWVZHVHQ LQ %XQGHVYHUDQWZRUWXQJ 65 96%* 9HURUGQXQJ YRP 6HSWHPEHU EHU *OFNVVSLHOH XQG 6SLHOEDQNHQ 6SLHOEDQNHQYHURUGQXQJ 65 992%6 9HURUGQXQJ YRP -DQXDU EHU GLH 9LGHREHUZDFKXQJ 9LGHREHUZDFKXQJVYHURUGQXQJ 6* 992=99 9HURUGQXQJ YRP 1RYHPEHU EHU GLH 9LGHREHUZD FKXQJ LP |IIHQWOLFKHQ 9HUNHKU /6 9992 9HURUGQXQJ YRP 1RYHPEHU EHU GLH 9LGHREHUZD FKXQJ LP |IIHQWOLFKHQ 9HUNHKU 9LGHREHUZDFKXQJVYHURUGQXQJ g9 65 9Z9* %XQGHVJHVHW] YRP 'H]HPEHU EHU GDV 9HUZDOWXQJVYHU IDKUHQ 65 :/$1 :LUHOHVV /RFDO $UHD 1HWZRUN :267$=+ :HLVXQJHQ GHU 2EHUVWDDWVDQZDOWVFKDIW GHV .DQWRQV =ULFK IU GDV 9RUYHUIDKUHQ 6WDQG -DQXDU :3 :RUNLQJ 3DSHU :h' :LHQHU hEHUHLQNRPPHQ YRP $SULO EHU GLSORPDWLVFKH %H]LHKXQJHQ 65 <HDUERRN <HDUERRN RI WKH (XURSHDQ &RQYHQWLRQ RQ +XPDQ 5LJKWV $QQXDLUH GH OD FRQYHQWLRQ HXURSpHQQH GHV GURLWV GH O KRPPH ;;; $ENU]XQJHQ ]% =%*5 =%-9 =%O =* =*% =+ =LII ]LW =g5 =3 1U ]X (05. =3 1U ]XU (05. =3 1U ]XU (05. =3 1U ]XU (05. =3 ]XP ('6h =3 =5 =53 =65 =6WU5 =6W: ]XP %HLVSLHO 6FKZHL]HULVFKH =HLWVFKULIW IU %HXUNXQGXQJV XQG *UXQGEXFK UHFKW =HLWVFKULIW GHV %HUQLVFKHQ -XULVWHQYHUHLQV 6FKZHL]HULVFKHV =HQWUDOEODWW IU 6WDDWV XQG 9HUZDOWXQJVUHFKW .DQWRQ =XJ=ROOJHVHW] YRP 0lU] 65 6FKZHL]HULVFKHV =LYLOJHVHW]EXFK YRP 'H]HPEHU 65 .DQWRQ6WDGW =ULFK =LIIHUQ ]LWLHUW =HLWVFKULIW IU |IIHQWOLFKHV 5HFKW 3URWRNROO 1U YRP 0lU] ]XU .RQYHQWLRQ ]XP 6FKXW ]H GHU 0HQVFKHQUHFKWH XQG *UXQGIUHLKHLWHQ LG) GHV 3URWRNROOV 1U 6(91U 3URWRNROO 1U YRP 6HSWHPEHU ]XU .RQYHQWLRQ ]XP 6FKXW]H GHU 0HQVFKHQUHFKWH XQG *UXQGIUHLKHLWHQ GXUFK GDV JHZLVVH 5HFKWH XQG )UHLKHLWHQ JHZlKUOHLVWHW ZHUGHQ GLH QLFKW EHUHLWV LQ GHU .RQYHQWLRQ RGHU LP HUVWHQ =XVDW]SURWRNROO HQWKDO WHQ VLQG 6(91U 3URWRNROO 1U YRP 0DL ]XU .RQYHQWLRQ ]XP 6FKXW ]H GHU 0HQVFKHQUHFKWH XQG *UXQGIUHLKHLWHQ EHU GLH 8PJHVWDO WXQJ GHV GXUFK GLH .RQYHQWLRQ HLQJHIKUWHQ .RQWUROOPHFKDQLV PXV 65 3URWRNROO 1U YRP 1RYHPEHU ]XU .RQYHQWLRQ ]XP 6FKXW]H GHU 0HQVFKHQUHFKWH XQG *UXQGIUHLKHLWHQ 6(9 1U =XVDW]SURWRNROO YRP 1RYHPEHU ]XP (XURSlLVFKHQ hEHUHLQNRPPHQ ]XP 6FKXW] GHV 0HQVFKHQ EHL GHU DXWRPDWL VFKHQ 9HUDUEHLWXQJ SHUVRQHQEH]RJHQHU 'DWHQ EH]JOLFK .RQ WUROOVWHOOHQ XQG JUHQ]EHUVFKUHLWHQGHP 'DWHQYHUNHKU 65 =XVDW]SURWRNROO %OlWWHU IU =UFKHULVFKH 5HFKWVSUHFKXQJ =HLWVFKULIW IU 5HFKWVSROLWLN =HLWVFKULIW IU VFKZHL]HULVFKHV 5HFKW 6FKZHL]HULVFKH =HLWVFKULIW IU 6WUDIUHFKW =HLWVFKULIW IU GLH JHVDPWH 6WUDIUHFKWVZLVVHQVFKDIW ;;;, /LWHUDWXU 'LH HLQ]HOQHQ :HUNH ZHUGHQ ± ZR QLFKW DQGHUV DQJHJHEHQ ± PLW $XWRUHQQDPH XQG 6HLWHQ]DKO E]Z 5DQG]LIIHU ]LWLHUW :HLWHUH /LWHUDWXUDQJDEHQ ILQGHQ VLFK LP 7H[W 6lPWOLFKH ,QWHUQHWTXHOOHQ ZXUGHQ ]XOHW]W DP -XOL EHVXFKW $&+(50$11 $/%(572&$521, 0$57,1$.b/,1 :$/7(5 'LH %HGHXWXQJ GHV 812 3DNWHV EHU EUJHUOLFKH XQG SROLWLVFKH 5HFKWH IU GDV VFKZHL]HULVFKH 5HFKW LQ .b/,10$/,19(51,12:$. II $&+(50$11 856 3ULYDWLVLHUXQJ LP |IIHQWOLFKHQ 9HUNHKU 'LVV =ULFK $&.(50$11 -h5*%($7 7DWYHUGDFKW XQG &LFHUR ± LQ GXELR FRQWUD VXVSLFLRQHP PDOHILFLL LQ 0DUFHO $OH[DQGHU 1LJJOL-RVp +XUWDGR 3R]R1LFRODV 4XHOR] +UVJ )HVWVFKULIW IU )UDQ] 5LNOLQ =ULFK HWF II $(%,0h//(5 5(*,1$ ( 3HUVRQHQEH]RJHQH ,QIRUPDWLRQ LP 6\VWHP GHV ]LYLOUHFKWOLFKHQ 3HUV|QOLFKNHLWVVFKXW]HV ± 8QWHU EHVRQGHUHU %HUFNVLFKWLJXQJ GHU 5HFKWVODJH LQ GHU 6FKZHL] XQG LQ 'HXWVFKODQG +DELO %HUQ $/7+$86 67b03)/, $11(77( .XQGHQGDWHQ YRQ %DQNHQ XQG )LQDQ]GLHQVWOHLVWHUQ ± 'D WHQVFKXW] XQG %DQNJHKHLPQLV YHUVXV 2IIHQOHJXQJVSIOLFKWHQ XQG 2XWVRXUFLQJ $XIO %HUQ $50,7$*( 5$&+(/ 7R &&79 RU QRW WR &&79" ± $ UHYLHZ RI FXUUHQW UHVHDUFK LQWR WKH HI IHFWLYHQHVV RI &&79 V\VWHPV LQ UHGXFLQJ FULPH 1$&52 &RPPXQLW\ 6DIHW\ 3UDFWLFH %ULHILQJ /RQGRQ DEUXIEDU XQWHU KWWSHSLFRUJSULYDF\VXUYHLOODQFHVSRWOLJKW QDFURSGI! $51'7 )(/,; HW DO +UVJ )UHLKHLW ± 6LFKHUKHLW ± gIIHQWOLFKNHLW %DGHQ%DGHQ $UW 'DWHQVFKXW]JUXSSH 6WHOOXQJQDKPH ]XP 7KHPD 9HUDUEHLWXQJ SHUVRQHQEH ]RJHQHU 'DWHQ DXV GHU 9LGHREHUZDFKXQJ DQJHQRPPHQ DP )HEUXDU :3 DEUXIEDU XQWHU HFHXURSDHXMXVWLFHSROLFLHVSULYDF\GRFVZSGRFV ZSBGHSGI! ]LW 6WQ 9LGHREHUZDFKXQJ $UW 'DWHQVFKXW]JUXSSH 6WHOOXQJQDKPH ]XP %HJULII ÄSHUVRQHQEH]RJHQH 'D WHQ³ DQJHQRPPHQ DP -XQL :3 DEUXIEDU XQWHU HFHXURSDHXMXVWLFH SROLFLHVSULYDF\GRFVZSGRFVZSBGHSGI! ]LW 6WQ ÄSHUVRQHQEH]RJHQH 'D WHQ³ $8(5 $1'5($60$/,19(51, *,25*,2+277(/,(5 0,&+(/ 'URLW FRQVWLWXWLRQQHO VXLVVH %G , / pWDW XQG %G ,, /HV GURLWV IRQGDPHQWDX[ $XIO %HUQ ]LW 'URLW FRQV WLWXWLRQQHO , E]Z ,, $8(5 &+5,6723+0h//(5 0$5.866&+,1'/(5 %(1-$0,1 +UVJ .RPPHQWDU ]XP %XQ GHVJHVHW] EHU GDV 9HUZDOWXQJVYHUIDKUHQ 9Z9* =ULFK6W *DOOHQ %b&+/, 0$5& 'DV 5HFKW DP HLJHQHQ %LOG 'LVV %DVHO HWF %$(5,6:</ %5812 'DWHQVFKXW]UHFKW XQG 6SRUW LQ 2OLYHU $UWHU0DUJDUHWD %DGGHOH\ +UVJ 6SRUW XQG 5HFKW %HUQ II ]LW 'DWHQVFKXW]UHFKW XQG 6SRUW %$(5,6:</ %5812 'HU 6FKDWWHQ EHU GHU $QRQ\PLWlW GLJPD II $QRQ\PLWlW %$(5,6:</ %5812 'LH $QZHQGEDUNHLW GHV 'DWHQVFKXW]JHVHW]HV GLJPD II ]LW $QZHQGEDUNHLW %$(5,6:</ %5812 (QWZLFNOXQJHQ LP 'DWHQVFKXW]UHFKW 6-= II ]LW (QWZLFN OXQJHQ ;;;,,, /LWHUDWXU %$(5,6:</ %5812 ,QWHUQHW DOV )DKQGXQJVPLWWHO PLW .ROODWHUDOVFKlGHQ 6LFKHUKHLW 5HFKW II ]LW ,QWHUQHW DOV )DKQGXQJVPLWWHO %$(5,6:</ %5812 9LGHREHUZDFKXQJ ± LP UHFKWVIUHLHQ 5DXP" GLJPD II ]LW 9LGHREHUZDFKXQJ %$(5,6:</ %581258',1 %($7 +UVJ 3HUVSHNWLYH 'DWHQVFKXW] ± 3UD[LV XQG (QWZLFN OXQJHQ LQ 5HFKW XQG 7HFKQLN =ULFK %$55(/(7 '(1,6 /HV OLEHUWpV GH OD FRPPXQLFDWLRQ LQ 7+h5(5$8%(570h//(5 II %$576&+ 9(5(1$ 5HFKWVYHUJOHLFKHQGH %HWUDFKWXQJ SUlYHQWLYSROL]HLOLFKHU 9LGHREHU ZDFKXQJHQ |IIHQWOLFK ]XJlQJOLFKHU 2UWH LQ 'HXWVFKODQG XQG LQ GHQ 86$ 'LVV %HUOLQ %$80 2/,9,(5 5HFKWOLFKH )UDJHVWHOOXQJHQ LP =XVDPPHQKDQJ PLW GHP NULPLQDOSUlYHQ WLYHQ (LQVDW] YRQ 9LGHREHUZDFKXQJVDQODJHQ -XVOHWWHU YRP 2NWREHU %$80$11 )(/,; ,QKDOW XQG 7UDJZHLWH GHU %HZHJXQJVIUHLKHLW $UW $EV %9 =%O II %b80/(5 +(/087 3UREOHPH GHU 9LGHRDXI]HLFKQXQJ XQG EHUZDFKXQJ DXV GDWHQVFKXW] UHFKWOLFKHU 6LFKW LQ 0g//(5921 =(=6&+:,7= II %$86&+ 67(3+$1 9LGHREHUZDFKXQJ DOV SUlYHQWLYHV 0LWWHO GHU .ULPLQDOLWlWVEHNlPSIXQJ LQ 'HXWVFKODQG XQG LQ )UDQNUHLFK 'LVV 0DUEXUJ %('',$) /$&Ê1( 9LGpRVXUYHLOODQFH ± 3ULQFLSHV HW WHFKQRORJLHV 3DULV %(5*(5 .85=(1 %5,*,77( (+HDOWK XQG 'DWHQVFKXW] 'LVV =ULFK %(5*0$11 /87=0g+5/( 52/$1'+(5% $50,1 'DWHQVFKXW]UHFKW ± .RPPHQWDU ]XP %XQGHVGDWHQVFKXW]JHVHW] GHU /lQGHU XQG .LUFKHQ ± EHUHLFKVVSH]LILVFKHU 'DWHQVFKXW] 6WXWWJDUW 6WDQG %(6621 6$0$17+$ /HV REOLJDWLRQV SRVLWLYHV GH SURWHFWLRQ GHV GURLWV IRQGDPHQWDX[ 8Q HVVDL HQ GRJPDWLTXH FRPSDUDWLYH =65 , II %,$**, 5$))$(//$ 9LGHREHUZDFKXQJVPDVVQDKPHQ ± (LQ hEHUEOLFN LQ 6DORPH :ROI0DUWLQR 0RQD0DUF +U]HOHU +UVJ 3UlYHQWLRQ LP 5HFKW %DVHO II %,$**,1, *,29$11, %9 .RPPHQWDU %XQGHVYHUIDVVXQJ GHU 6FKZHL]HULVFKHQ (LGJHQRV VHQVFKDIW =ULFK ]LW .RPP ]X $UW >«@ %9 %,$**,1, *,29$11, 9HUIDVVXQJVUHFKWOLFKH $ENOlUXQJ EHWUHIIHQG GLH 7HLOUHYLVLRQ GHV %XQGHVJHVHW]HV EHU 0DVVQDKPHQ ]XU :DKUXQJ GHU LQQHUHQ 6LFKHUKHLW 9RUODJH Ä%:,6³ 93% II ]LW $ENOlUXQJ 9RUODJH %:,6 %251(:$66(5 0$1)5(' (YDOXDWLRQ GHU 9LGHREHUZDFKXQJ (LQ 3UD[LVEHULFKW ± (UJHE QLVVH HLQHU ZLVVHQVFKDIWOLFKHQ %HJOHLWXQWHUVXFKXQJ LQ +(03(/0(7(/0$11 II ]LW (YDOXDWLRQ %251(:$66(5 0$1)5(' :DV ZHLVV PDQ EHU GLH :LUNVDPNHLW GHU 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP" ± (UJHEQLVVH GHU NULPLQRORJLVFKHQ (YDOXDWLRQVIRUVFKXQJ LQ 6&+:$5=(1(**(51b*(/, II ]LW :LUNVDPNHLW %251(:$66(5 0$1)5('6&+8/= )5$1=,6.$ 9LGHREHUZDFKXQJ 7HFKQLVFKH 3UlYHQWLRQ LP 9HUEXQG PLW HLQHU SHUVRQDODXIZlQGLJHQ (LQVDW]NRQ]HSWLRQ IRUXP NULPLQDOSUlYHQ WLRQ II %g6( 0$57,1 :LUWVFKDIWVDXIVLFKW XQG 6WUDIYHUIROJXQJ +DELO 7ELQJHQ ;;;,9 /LWHUDWXU %5(,7(1026(5 67(3+$1 HW DO +UVJ +XPDQ 5LJKWV 'HPRFUDF\ DQG WKH 5XOH RI /DZ0HQVFKHQUHFKWH 'HPRNUDWLH XQG 5HFKWVVWDDW'URLWV GH O¶KRPPH GpPRFUDWLH HW (WDW GH GURLW /LEHU DPLFRUXP /X]LXV :LOGKDEHU =ULFK6W *DOOHQ %5(,7(1026(5 67(3+$1 'HU 6FKXW] GHU 3ULYDWVSKlUH JHPlVV $UW (05. 'LVV %DVHO %5(,7(1026(5 67(3+$1:,/'+$%(5 /8=,86 .RPPHQWLHUXQJ YRQ $UW (05. 5HFKW DXI $FKWXQJ GHV 3ULYDW XQG )DPLOLHQOHEHQV GHU :RKQXQJ XQG GHV %ULHIYHUNHKUV LQ :ROIUDP .DUO +UVJ ,QWHUQDWLRQDOHU .RPPHQWDU ]XU (XURSlLVFKHQ 0HQVFKHQUHFKWV NRQYHQWLRQ /LHIHUXQJ .|OQ HWF %5(0 (5167 HW DO +UVJ )HVWVFKULIW ]XP *HEXUWVWDJ YRP 0DULR 0 3HGUD]]LQL %HUQ %5,7,6+ ,167,787( 2) ,17(51$7,21$/ &203$5$7,9( /$: 5HSRUW ± 7KH ,PSOHPHQWD WLRQ RI 'LUHFWLYH (& WR WKH 3URFHVVLQJ RI 6RXQG DQG ,PDJH 'DWD /RQGRQ XQ GDWLHUW DEUXIEDU XQWHU KWWSHFHXURSDHXMXVWLFHSROLFLHVSULYDF\GRFVODZUHSRUW FRQVXOWDWLRQELLFOVWXG\VRXQGLPDJHBHQSGI! %5h&.1(5 &+5,67,$1 'DV 3HUVRQHQUHFKW GHV =*% =ULFK %5811(5 67(3+$1 & gIIHQWOLFKNHLW GHU 9HUZDOWXQJ XQG LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJ ± YRQ .ROOLVLRQHQ XQG 9HUNHKUVUHJHOQ LQ 3DWULFN 6XWWHU +UVJ 6HOEVWEHVWLP PXQJ XQG 5HFKW ± )HVWJDEH IU 5DLQHU - 6FKZHL]HU ]XP *HEXUWVWDJ =ULFK HWF %8&+(5 /$85$+b**, 5(72 7lWHUIDKQGXQJ LP ,QWHUQHW $-3 II %h&.,1* +$16-g5* +UVJ 3ROL]HLOLFKH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH %HUOLQ %h&.,1* +$16-g5*.8%(5$ 7+20$6 Ä(LQH GLJLWDOH 6WUHLIHQIDKUW³ ± (YDOXDWLRQ HLQHU 9LGHREHUZDFKXQJ EHLP 3ROL]HLSUlVLGLXP %LHOHIHOG )UDQNIXUW D0 %h//(6)(/' ',5. 3ROL]HLOLFKH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H ]XU .ULPLQDOLWlWVYRUVRUJH 'LVV 6WXWWJDUW ]LW 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %h//(6)(/' ',5. 9HUIDVVXQJV XQG SROL]HLUHFKWOLFKH $VSHNWH SROL]HLOLFKHU 9LGHREHU ZDFKXQJ |IIHQWOLFKHU 5lXPH LQ 'HXWVFKODQG LQ %h&.,1* II ]LW 9LGHREHUZD FKXQJ |IIHQWOLFKHU 5lXPH %85.(57 +(5%(57 'DWHQVFKXW] XQG 5HFKWVVFKXW] =%O II ]LW 'DWHQVFKXW] %85.(57 +(5%(57 ,QWHUQDWLRQDOH *UXQGODJHQ LQ 52661$*(/ .DS II ]LW ,QWHU QDWLRQDOH *UXQGODJHQ %866-b*(5 3(7(5 5HWWXQJVDEVFKXVV 9LGHREHUZDFKXQJ XQG )ROWHUYHUERW =g5 II %877$5(//, *,29$11, 3URWHFWLRQ RI SHUVRQDO GDWD ZLWK UHJDUG WR VXUYHLOODQFH DQG *XLGLQJ SULQFLSOHV IRU WKH SURWHFWLRQ RI LQGLYLGXDOV ZLWK UHJDUG WR WKH FROOHFWLRQ DQG SURFHVVLQJ RI GDWD E\ PHDQV RI YLGHR VXUYHLOODQFH DEUXIEDU XQWHU ZZZFRHLQWW GJKOVWDQGDUGVHWWLQJGDWDSURWHFWLRQ5HSRUWV5HSRUWB%XWWDUHOOLBSGI! ]LW 3URWHF WLRQ %877$5(//, *,29$11, 6XUYHLOODQFH LQ 3XEOLF 3ODFHV DQG 3URWHFWLRQ RI 3HUVRQDO 'DWD 6WUDVERXUJ )HEUXDU\ DEUXIEDU XQWHU ZZZYHQLFHFRHLQWGRFV&'/ HSGI! ]LW 6XUYHLOODQFH %8:$/ (OHNWURVPRJ LQ GHU 8PZHOW %HUQ DEUXIEDU XQWHU ZZZEDIXDGPLQFK SXEOLNDWLRQHQ! ]LW (OHNWURVPRJ LQ GHU 8PZHOW ;;;9 /LWHUDWXU &$0(521 +($7+(5 7KH 1H[W *HQHUDWLRQ ± 9LVXHOOH hEHUZDFKXQJ LP =HLWDOWHU YRQ 'D WHQEDQNHQ XQG )XQN(WLNHWWHQ LQ +(03(/0(7(/0$11 II &$386 1$'-$ HW DO +UVJ gIIHQWOLFK 3ULYDW ± 1HXH $XIJDEHQWHLOXQJ LQ GHU .ULPLQDOL Wl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lWVVFKZHUSXQNWHQ -X6 II &25%2= %(51$5' /HV LQIUDFWLRQV HQ GURLW VXLVVH %G , %HUQ &5$0(5 &215$',1 3HUV|QOLFKNHLWVVFKXW] XQG 0HGLHQIUHLKHLW ± 9RUVFKOlJH IU HLQH * WHUDEZlJXQJ QDFK NRQWH[WEH]RJHQHQ )DOOJUXSSHQ %-0 II &=(5:,16., 67()$1 9LGHREHUZDFKXQJ XQG $OOWDJVZHOWHQ LQ =85$:6., II '$00$11 8/5,&+6,0,7,6 63,52 (*'DWHQVFKXW]ULFKWOLQLH ± .RPPHQWDU %DGHQ%DGHQ '(&2&4 $1'5e02175(8,/ -($1%8,6621 -$&48(6 /H GURLW GH OD SROLFH $XIO 3DULV '(11,1*(5 (5+$5' 3ROL]HLDXIJDEHQ LQ /,6.(1'(11,1*(5 .DS ( II '(6&+(1$8; +(15,67(,1$8(5 3$8/+(15, 3HUVRQQHV SK\VLTXHV HW WXWHOOH $XIO %HUQ '2/'(5(5 0,&+$(/ 9HUIDVVXQJVIUDJHQ GHU Ä6LFKHUKHLW GXUFK 1XOOWROHUDQ]³ 19Z= II '21$76&+ $1'5($6 6WUDIUHFKW ,,, ± 'HOLNWH JHJHQ GHQ (LQ]HOQHQ $XIO =ULFK '21$76&+ $1'5($6+$16-$.2% 7+20$6/,(%(5 9,.725 +UVJ .RPPHQWDU ]XU 6FKZHL]HULVFKHQ 6WUDISUR]HVVRUGQXQJ 6W32 =ULFK '21$76&+ $1'5($6:('(5 8/5,&++h5/,0$11 &251(/,$ 'LH 5HYLVLRQ GHV =UFKHU 6WUDIYHUIDKUHQVUHFKWV YRP -DQXDU =ULFK '25) <9211( /XIWELOGDXIQDKPHQ XQG 8QYHUOHW]OLFKNHLW GHU :RKQXQJ 1-: II 'g5,* $1721 3UlYHQWLYHU XQG UHSUHVVLYHU (LQVDW] YRQ 9LGHREHUZDFKXQJ LQ :DUHQKlX VHUQ ± DP %HLVSLHO GHV 0DQRU :DUHQKDXV =ULFK%DKQKRIVWUDVVH LQ 6&+:$5=(1 (**(51b*(/, II '5(&+6/(5 &+5,67,$1 'LH 5HYLVLRQ GHV 'DWHQVFKXW]UHFKWV $-3 II '6% %/ 0HUNEODWW 9LGHREHUZDFKXQJ GXUFK *HPHLQGHQ $XJXVW DEUXIEDU XQWHU ZZZEDVHOODQGFKILOHDGPLQEDVHOODQGILOHVGRFVMSGGVSUDNSUDNSGI! ]LW 0HUNEODWW 9LGHREHUZDFKXQJ ;;;9, /LWHUDWXU '6% )5 0HUNEODWW ]XU 9LGHREHUZDFKXQJ GXUFK |IIHQWOLFKH NDQWRQDOH XQG NRPPXQDOH 2UJDQH DQ |IIHQWOLFKHQ 2UWHQ XQG LQ |IIHQWOLFKHQ *HElXGHQ )UHLEXUJ $SULO DE UXIEDU XQWHU KWWSDGPLQIUFKGHGDWDSGIDSUGPHUNEODWWBQBBYLGHRXHEHUZD FKXQJSGI! ]LW 0HUNEODWW 9LGHREHUZDFKXQJ '6% /8 0HUNEODWW ]XU 9LGHREHUZDFKXQJ GXUFK *HPHLQGHQ XQG .DQWRQ /X]HUQ 1R YHPEHU DEUXIEDU XQWHU ZZZGDWHQVFKXW]OXFKGVEBOXBPHUNEODWWBYLGHRXHEHU ZDFKXQJSGI! ]LW 0HUNEODWW 9LGHREHUZDFKXQJ '6% =+ /HLWIDGHQ 9LGHREHUZDFKXQJ GXUFK |IIHQWOLFKH 2UJDQH RKQH 6WUDIYHUIROJXQJV EHK|UGHQ 0lU] DEUXIEDU XQWHU ZZZGDWHQVFKXW]FKILOHDG PLQXVHUBXSORDGGDWHQVFKXW]B3XEOLNDWLRQHQ/HLWIDGHQB9LGHREHUZDFKXQJBGXUFKB |IIHQWOLFKHB2UJDQHSGI! ]LW /HLWIDGHQ 9LGHREHUZDFKXQJ '8%6 +$16 'LH )RUGHUXQJ GHU RSWLPDOHQ %HVWLPPWKHLW EHODVWHQGHU 5HFKWVQRUPHQ =65 ,, II ('g% 0HUNEODWW 9LGHREHUZDFKXQJ GXUFK SULYDWH 3HUVRQHQ ]XOHW]W DNWXDOLVLHUW DP -DQXDU DEUXIEDU XQWHU ZZZHGRHEDGPLQFKGRNXPHQWDWLRQ LQGH[KWPO"ODQJ GH! ]LW 0HUNEODWW 9LGHREHUZDFKXQJ GXUFK SULYDWH 3HUVR QHQ ('36 7KH ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV %UXVVHOV 0DUFK DEUXIEDU XQ WHU ZZZHGSVHXURSDHX('36:(%ZHEGDYVLWHP\6LWHVKDUHG'RFXPHQWV6XSHUYL VLRQ*XLGHOLQHVB9LGHRVXUYHLOODQFHB*XLGHOLQHVB(1SGI! ]LW 9LGHR6XU YHLOODQFH *XLGHOLQHV (+0$11 (8*(1+(/)5,&+ 0$5&86 (* 'DWHQVFKXW]5LFKWOLQLH ± .XU]NRPPHQWDU .|OQ (+5(1=(//(5 %(51+$5'0$67521$5', 3+,/,33(6&+:(,=(5 5$,1(5 -9$//(1'(5 ./$86 $ 6W *DOOHU .RPPHQWDU ]XU VFKZHL]HULVFKHQ %XQGHVYHUIDVVXQJ $XIO = ULFK6W *DOOHQ (,)/(5 67()$1,(%5$1'7 '$1,(/$ 9LGHREHUZDFKXQJ LQ 'HXWVFKODQG ± 7KHRULH XQG 3UD[LV GHU VLWXDWLRQVEH]RJHQHQ .ULPLQDOSUlYHQWLRQ 0VFK.ULP II (1*, /25(1= :DV KHLVVW 0HQVFKHQZUGH" ± =XP 9HUVWlQGQLV HLQHV 9HUIDVVXQJVEHJULIIV =%O II (3,1(< $675,'+2)67g77(5 %(51+$5'0(,(5 $11(.$7+5,17+(8(5.$8) 6$5$+ 6FKZHL]HULVFKHV 'DWHQVFKXW]UHFKW YRU HXURSD XQG Y|ONHUUHFKWOLFKHQ +HUDXVIRUGHUXQ JHQ ± =XU UHFKWOLFKHQ 7UDJZHLWH GHU HXURSD XQG Y|ONHUUHFKWOLFKHQ 9RUJDEHQ XQG LK UHQ ,PSOLNDWLRQHQ IU GLH 6FKZHL] =ULFK (66(5 52%(57 (XURSlLVFKHU 'DWHQVFKXW] ± $OOJHPHLQHU 7HLO ± 0LQGHVWVWDQGDUGV GHU (X URSlLVFKHQ 0HQVFKHQUHFKWVNRQYHQWLRQ (05. LQ -UJHQ :ROWHU HW DO +UVJ $O WHUQDWLYHQWZXUI (XURSRO XQG HXURSlLVFKHU 'DWHQVFKXW] +HLGHOEHUJ II )$55,1*721 '$9,' 3*,// 0$57,1:$3/(6 6$0 -$5*20$1,= -$9,(5 7KH HIIHFWV RI FORVHGFLUFXLW WHOHYLVLRQ RQ FULPH PHWDDQDO\VLV RI DQ (QJOLVK QDWLRQDO TXDVL H[SHULPHQWDO PXOWLVLWH HYDOXDWLRQ - ([S &ULPLQRO II )(8= 52/$1' 0DWHULHOOH *HVHW]HVEHJULIIH ± ,QKDOW XQG 7UDJZHLWH 'DUJHVWHOOW LQVEHVRQGH UH DQKDQG YRQ $UW $EV GHU QHXHQ %XQGHVYHUIDVVXQJ 'LVV %HUQ )/h&.,*(5 $/(;$1'5( 'URLWV IRQGDPHQWDX[ HW YLGpRVXUYHLOODQFH SDU OHV SDUWLFXOLHUV HW OHV DXWRULWpV GHV HVSDFHV RXYHUWV DX SXEOLF LQ 6&+:$5=(1(**(51b*(/, II )/h&.,*(5 $/(;$1'5($8(5 $1'5($6 /D YLGpRVXUYHLOODQFH GDQV O¶RHLO GH OD &RQVWLWX WLRQ $-3 II ;;;9,, /LWHUDWXU )52:(,1 -2&+(1 $%53(8.(57 :2/)*$1* (XURSlLVFKH 0HQVFKHQUHFKWVNRQYHQWLRQ $XIO .HKO DP 5KHLQ *$//$*+(5 &$2,/)+,211 &&79 DQG +XPDQ 5LJKWV WKH )LVK DQG WKH %LF\FOH" $Q ([ DPLQDWLRQ RI 3HFN 9 8QLWHG .LQJGRP (+55 6XUYHLOODQFH 6RFLHW\ II DEUXIEDU XQWHU ZZZVXUYHLOODQFHDQGVRFLHW\RUJDUWLFOHV KXPDQULJKWVSGI! *$00$ 0$5&2 0|JOLFKNHLWHQ XQG *UHQ]HQ GHU 3ULYDWLVLHUXQJ SROL]HLOLFKHU *HIDKUHQDE ZHKU 'LVV %HUQ *$8&+ 3(7(56&+/8(3 :$/7(5 56&+0,' -g5*(00(1(**(5 686$1 6FKZHL]HULVFKHV 2EOLJDWLRQHQUHFKW ± $OOJHPHLQHU 7HLO %G , XQG ,, $XIO =ULFK *$8/ 7+20$6 8QWHUVXFKXQJ GHU YHUIDVVXQJVUHFKWOLFKHQ $QIRUGHUXQJHQ DQ 9LGHREHU ZDFKXQJVPDVVQDKPHQ GHV 6WDDWHV LP |IIHQWOLFKHQ 5DXP PLW XQG RKQH ELRPHWULVFKH (UNHQQXQJVYHUIDKUHQ XQWHU EHVRQGHUHU %HUFNVLFKWLJXQJ GHU KHUPHQHXWLVFKHQ (U NHQQWQLVPHWKRGHQ LP 9HUIDVVXQJVUHFKW 'LVV :U]EXUJ *(,*(5 $1'5($6 9HUIDVVXQJVIUDJHQ ]XU SROL]HLOLFKHQ $QZHQGXQJ GHU 9LGHR hEHUZDFKXQJVWHFKQRORJLH EHL GHU 6WUDIWDWHQEHNlPSIXQJ 'LVV %HUOLQ *(55$5' *5$(0(3$5.,16 *$55<&811,1*+$0 ,$1-21(6 :$<1(+,// 6$0$17+$ '28*/$6 6$5$+ 1DWLRQDO &&79 6WUDWHJ\ 2NWREHU DEUXIEDU XQWHU KWWSZHEDUFKLYHQDWLRQDODUFKLYHVJRYXNKWWSZZZFULPHUHGXFWL RQKRPHRIILFHJRYXNFFWY1DWLRQDO &&79 6WUDWHJ\ 2FW SGI! *,// 0$57,1635,**6 $1*(/$ $VVHVVLQJ WKH LPSDFW RI &&79 +RPH 2IILFH 5HVHDUFK 6WXG\ /RQGRQ DEUXIEDU XQWHU KWWSZHEDUFKLYHQDWLRQDODUFKLYHVJRYXN KWWSXNVLWHVWDWFRPKRPHRIILFHUGVV"UGVKRUVSGIQVBW\SH SG IQVBXUO >KWWSZZZKRPHRIILFHJRYXNUGVSGIVKRUVSGI@! *,//$5' 1,&2/$6 +UVJ /D QRXYHOOH ORL IpGpUDOH VXU OD SURWHFWLRQ GHV GRQQpHV /DX VDQQH */$6(5 %($ 3ULYDWH hEHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP GLJPD II */$86 %5812 'DV 5HFKW DP HLJHQHQ :RUW ± ,QIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DOV 6FKUDQNH GHU 0HGLHQIUHLKHLW ± PLW DOOJHPHLQHQ *HVFKlIWVEHGLQJXQJHQ IU GDV 0H GLHQJHVSUlFK 'LVV %HUQ *g.68 7$5.$1 'ULWWZLUNXQJ GHU *UXQGUHFKWH LP %HUHLFK GHV 3HUV|QOLFKNHLWVVFKXW]HV 6-= II *2/'6&+0,' 3(7(5 'HU (LQVDW] WHFKQLVFKHU hEHUZDFKXQJVJHUlWH LP 6WUDISUR]HVV 'LVV %HUQ *Ï0(=$5267(*8, 720È6 + 'HILQLQJ 3ULYDWH /LIH 8QGHU WKH (XURSHDQ &RQYHQWLRQ RQ +XPDQ 5LJKWV E\ 5HIHUULQJ WR 5HDVRQDEOH ([SHFWDWLRQV &DOLIRUQLD :HVWHUQ ,QWHUQD WLRQDO /DZ -RXUQDO II *2/$ 3(7(56&+20(586 58'2/) %'6* ± %XQGHVGDWHQVFKXW]JHVHW] .RPPHQWDU $XIO 0QFKHQ *g7= 92/.0$5 $OOJHPHLQHV 3ROL]HL XQG 2UGQXQJVUHFKW $XIO 0QFKHQ *5$%(1:$57(5 &+5,6723+ (XURSlLVFKH 0HQVFKHQUHFKWVNRQYHQWLRQ $XIO 0QFKHQ *5$6 0$5,$11( 'LH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH LQ 6&+g&+-(+/( II ]LW 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH ;;;9,,, /LWHUDWXU *5$6 0$5,$11( .ULPLQDOSUlYHQWLRQ GXUFK 9LGHREHUZDFKXQJ *HJHQZDUW LQ *URVVEUL WDQQLHQ ± =XNXQIW LQ 'HXWVFKODQG" 'LVV %DGHQ%DGHQ ]LW 9LGHREHUZD FKXQJ *5$6 0$5,$11( hEHUZDFKXQJVJHVHOOVFKDIW ± +HUDXVIRUGHUXQJHQ IU GDV 5HFKW LQ (XUR SD LQ +(03(/0(7(/0$11 II ]LW hEHUZDFKXQJVJHVHOOVFKDIW *5,6(/ (7,(11( (JDOLWp ± /HV JDUDQWLHV GH OD &RQVWLWXWLRQ IpGpUDOH GX DYULO $XIO %HUQ ]LW (JDOLWp *5,6(/ (7,(11( /LEHUWp pFRQRPLTXH ± /LEpUDOLVPH HW GURLW pFRQRPLTXH HQ 6XLVVH %HUQ ]LW /LEHUWp pFRQRPLTXH *5,6(/ (7,(11( 7UDLWp GH GURLW DGPLQLVWUDWLI 9RO , XQG 9RO ,, 1HXFKkWHO ]LW 'URLW DGPLQLVWUDWLI , E]Z ,, *527( 5$,1(50$5$8+1 7+,/2 +UVJ (05.** ± .RQNRUGDQ]NRPPHQWDU ]XP HXUR SlLVFKHQ XQG GHXWVFKHQ *UXQGUHFKWVVFKXW] 7ELQJHQ *8(5< 0,&+$(/ /D SULYDWLVDWLRQ GH OD VpFXULWp HW VHV OLPLWHV MXULGLTXHV 6- ,, II *86< &+5,6723+ 3ROL]HL XQG 2UGQXQJVUHFKW $XIO 7ELQJHQ ]LW 3ROL]HL XQG 2UGQXQJVUHFKW *86< &+5,6723+ 3ROL]HLOLFKH 'DWHQHUKHEXQJ XQG YHUZHQGXQJ QDFK GHU (05. LQ -U JHQ :ROWHU HW DO +UVJ 'DWHQEHUPLWWOXQJHQ XQG 9RUHUPLWWOXQJHQ )HVWJDEH IU +DQV +LOJHU +HLGHOEHUJ II ]LW 3ROL]HLOLFKH 'DWHQHUKHEXQJ *:2='(. 0,&+$(/ /H[LNRQ GHU 9LGHREHUZDFKXQJVWHFKQLN ± 3ODQXQJ %HUDWXQJ ,QVWDO ODWLRQ $XIO +HLGHOEHUJ ]LW 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 0,&+$(/ 6FKQHOOHU ± EHVVHU ± ZHLWHU LQ 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL II ]LW 6FKQHOOHU ± EHVVHU ± ZHLWHU +$$6 5$3+$É/ 'LH (LQZLOOLJXQJ LQ HLQH 3HUV|QOLFKNHLWVYHUOHW]XQJ QDFK $UW $EV =*% 'LVV =ULFK +$()/,*(5 $57+856&+h50$11 )5$1. 'LH (XURSlLVFKH 0HQVFKHQUHFKWVNRQYHQWLRQ XQG GLH 6FKZHL] $XIO %HUQ +b)(/,1 8/5,&++$//(5 :$/7(5.(//(5 +(/(1 6FKZHL]HULVFKHV %XQGHVVWDDWVUHFKW $XIO =ULFK +b)(/,1 8/5,&+0h//(5 *(25*8+/0$11 )(/,; $OOJHPHLQHV 9HUZDOWXQJVUHFKW $XIO =ULFK6W *DOOHQ +$)1(5 )(/,; 6WDDWVDXIJDEHQ XQG |IIHQWOLFKH ,QWHUHVVHQ ± HLQ XQJHNOlUWHV 9HUKlOWQLV" %-0 II +$//(5 :$/7(5 0HQVFKHQZUGH 5HFKW DXI /HEHQ XQG SHUV|QOLFKH )UHLKHLW LQ 0(57(13$3,(5 II +b1(5 ,6$%(//( 'LH (LQZLOOLJXQJ GHU EHWURIIHQHQ 3HUVRQ DOV 6XUURJDW GHU JHVHW]OLFKHQ *UXQGODJH EHL LQGLYLGXHOONRQNUHWHQ 6WDDWVKDQGOXQJHQ =%O II ]LW (LQZLOOL JXQJ +b1(5 ,6$%(//( *UXQGUHFKWVJHOWXQJ EHL GHU :DKUQHKPXQJ VWDDWOLFKHU $XIJDEHQ GXUFK 3ULYDWH $-3 II ]LW *UXQGUHFKWVJHOWXQJ +b1(5 ,6$%(//( gIIHQWOLFKNHLW XQG 9HUZDOWXQJ 'LVV =ULFK ]LW gIIHQWOLFKNHLW XQG 9HUZDOWXQJ +b1(5 ,6$%(//( 8QDEKlQJLJNHLW GHU $XIVLFKWVEHK|UGHQ ± 8PVHW]XQJ DP %HLVSLHO GHU 'DWHQVFKXW]DXIVLFKW GHV .DQWRQV =ULFK =ULFK ]LW 8QDEKlQJLJNHLW ;;;,; /LWHUDWXU +$1*$571(5 <92 %HPHUNXQJHQ ]X %*HU 3 $-3 II ]LW %HPHU NXQJHQ ]X %*HU 3 +$1*$571(5 <92 %HPHUNXQJHQ ]X %*HU 3 $-3 II ]LW %H PHUNXQJHQ ]X %*HU 3 +$1*$571(5 <92 5HFKW DXI 5HFKWVVFKXW] $-3 II ]LW 5HFKW DXI 5HFKWV VFKXW] +$16(1 0$5,7 3ULYDF\ (QKDQFLQJ 7HFKQRORJLHV LQ 52661$*(/ .DS II +$5% %('$6&+0,' '$1,(/ 'HU (LQVDW] ELRPHWULVFKHU 6\VWHPH ± 9HUIDVVXQJVUHFKWOLFKH $VSHNWH XQG 8PVHW]XQJ GHU GDWHQVFKXW]UHFKWOLFKHQ $QIRUGHUXQJHQ EHLP (LQVDW] YRQ %LRPHWULH GLJPD II +$86+((5 +(,1=$(%,0h//(5 5(*,1$ ( 'DV 3HUVRQHQUHFKW GHV 6FKZHL]HULVFKHQ =L YLOJHVHW]EXFKHV $XIO %HUQ +(,1( *h17+(5 (XURSRO XQG (XURSlLVLHUXQJ GHV 5HFKWV LQ $QGUHDV 'RQDWVFK0DUF )RUVWHU&KULVWLDQ 6FKZDU]HQHJJHU +UVJ 6WUDIUHFKW 6WUDISUR]HVVUHFKW XQG 0HQ VFKHQUHFKWH )HVWVFKULIW IU 6WHIDQ 7UHFKVHO ]XP *HEXUWVWDJ =ULFK +(,= 520$1 'DV $UEHLWVYHUKlOWQLV LP .RQ]HUQ ± DXVJHZlKOWH LQGLYLGXDOUHFKWOLFKH $V SHNWH 'LVV %HUQ +(03(/ /(21 =ZLVFKHQ JOREDOHP 7UHQG XQG QDWLRQDOHU 9DULDQ] 9LGHREHUZDFKXQJ LQ (XURSD LQ %h&.,1* II +(03(/ /(210(7(/0$11 -g5* +UVJ %LOG ± 5DXP ± .RQWUROOH 9LGHREHUZDFKXQJ DOV =HLFKHQ JHVHOOVFKDIWOLFKHQ :DQGHOV )UDQNIXUW D0 +(03(/ /(210(7(/0$11 -g5* 9LGHREHUZDFKXQJ DOV =HLFKHQ JHVHOOVFKDIWOLFKHQ :DQGHOV LQ +(03(/0(7(/0$11 II +(03(/ /(217g3)(5 (5,& &&79 LQ (XURSH ± )LQDO 5HSRUW 8UEDQH\H :RUNLQJ 3DSHU 1R $XJXVW DEUXIEDU XQWHU ZZZXUEDQH\HQHWUHVXOWVXHBZSSGI! ]LW &&79 +(03(/ /(217g3)(5 (5,& ,QFHSWLRQ 5HSRUW 8UEDQH\H :RUNLQJ 3DSHU 1R -DQXDU\ DEUXIEDU XQWHU ZZZXUEDQH\HQHWUHVXOWVXHBZSSGI! ]LW ,QFHSWLRQ 5HSRUW +(5.1(5 :(51(5 /HKUEXFK 6R]LDOSV\FKRORJLH %HUQ HWF +(5=2* 0$18(/$/226(5 0$57,1 'HU (LQIOXVV GHU (05. LP |IIHQWOLFKUHFKWOLFKHQ 9HUIDKUHQVUHFKW (LQH $QDO\VH GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ LQ 6877(5=(/*(5 II +(5=2* 587+ $UW (05. XQG NDQWRQDOH 9HUZDOWXQJVUHFKWVSIOHJH 'LVV %HUQ +,57(1/(+1(5 +(/087 .ULPLQDOLWlWVIXUFKW ± (UJHEQLV XQ]XUHLFKHQGHU &RSLQJ 5HVVRXUFHQ" 0VFKU.ULP II +g)/,1* :2/)*$1* *UXQGUHFKWOLFKH $QIRUGHUXQJHQ DQ (UPlFKWLJXQJHQ ]XU 9LGHRDXI ]HLFKQXQJ XQG EHUZDFKXQJ GXUFK 9HUZDOWXQJVEHK|UGHQ LQ 0g//(5921 =(=6&+:,7= II +2)0$11 '$9,' /D OLEHUWp pFRQRPLTXH VXLVVH IDFH DX GURLW HXURSpHQ 'LVV %HUQ +216(// +(,15,&+92*7 1(',0 3(7(5*(,6(5 7+20$6 +UVJ %DVOHU .RPPHQWDU ]XP =LYLOJHVHW]EXFK %G , $XIO %DVHO +251 +$16'(7/() 6FKXW] GHU 3ULYDWVSKlUH LQ ,6(16((.,5&++2)) II +277(/,(5 0,&+(/ *UXQGUHFKWVNRQNXUUHQ]HQ XQG *UXQGUHFKWVNROOLVLRQHQ LQ 0(57(1 3$3,(5 II ;/ /LWHUDWXU +8)) 0$57,1 : 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ XQG SULYDWHQ %HUHLFK ± HLQH =ZL VFKHQELODQ] -X6 II +h5/,0$11 &251(/,$ 'LH (U|IIQXQJ HLQHU 6WUDIXQWHUVXFKXQJ LP RUGHQWOLFKHQ 9HUIDKUHQ JHJHQ (UZDFKVHQH LP .DQWRQ =ULFK 'LVV =ULFK +857$'2 32=2 -26e 'URLW SpQDO ± SDUWLH VSpFLDOH *HQI ,QIRUPDWLRQ &RPPLVVLRQHU¶V 2IILFH &&79 FRGH RI SUDFWLFH 5HYLVHG HGLWLRQ DEUXIEDU XQWHU ZZZLFRJRYXNXSORDGGRFXPHQWVOLEUDU\GDWDBSURWHFWLRQGHWDLOHGB VSHFLDOLVWBJXLGHVLFRBFFWYILQDOBSGI! ]LW &&79 FRGH RI SUDFWLFH ,6(16(( -26().,5&++2) 3$8/ +UVJ +DQGEXFK GHV 6WDDWVUHFKWV GHU %XQGHVUHSXEOLN 'HXWVFKODQG %G 9,, ± )UHLKHLWVUHFKWH $XIO +HLGHOEHUJ -$$* 72%,$6 'LH $OOJHPHLQYHUIJXQJ LP VFKZHL]HULVFKHQ 5HFKW =%O II ]LW $OOJHPHLQYHUIJXQJ -$$* 72%,$6 *HPHLQJHEUDXFK XQG 6RQGHUQXW]XQJ |IIHQWOLFKHU 6DFKHQ =%O II ]LW *HPHLQJHEUDXFK -(%(16 69(55( (5,. 7KH 6FRSH RI ,QQRFHQFH LQ $UWLFOH RI WKH &RQYHQWLRQ ± (VSHFL DOO\ RQ LVW 5HSXWDWLRQ5HODWHG $VSHFWV LQ /XFLXV &DIOLVFK HW DO +UVJ +XPDQ 5LJKWV ± 6WUDVERXUJ 9LHZV'URLWV GH O¶KRPPH ± 5HJDUGV GH 6WUDVERXUJ /LEHU $PLFR UXP /X]LXV :LOGKDEHU .HKO DP 5KHLQ II -(+/( -g5*0$57,1 gIIHQWOLFKH 9LGHREHUZDFKXQJ .|QLJVZHJ RGHU ,UUZHJ GHU .ULPL QDOSUlYHQWLRQ IRUXP NULPLQDOSUlYHQWLRQ II -g+5, <9211(678'(5 0$5&(/ %HPHUNXQJHQ ]X %*HU %B IRUXPSRHQDOH II .$,6(5 *h17+(5 .ULPLQRORJLH $XIO +HLGHOEHUJ .b/,1 :$/7(5/,(1+$5' $1'5($6:<77(1%$&+ -8',7+ $XVODJHUXQJ YRQ VLFKHUKHLWV SROL]HLOLFKHQ $XIJDEHQ %DVHO .b/,1 :$/7(50$/,19(51, *,25*,212:$. 0$1)5(' +UVJ 'LH 6FKZHL] XQG GLH 8120HQVFKHQUHFKWVSDNWH $XIO %DVHO .$00(5(5 ',(70$5 Ä$UH \RX GUHVVHG IRU LW"³ ± 'HU 0\WKRV GHU 9LGHREHUZDFKXQJ LQ GHU YLVXHOOHQ .XOWXU LQ +(03(/0(7(/0$11 II ]LW 0\WKRV GHU 9LGHREHUZD FKXQJ .$00(5(5 ',(70$5 %LOGHU GHU hEHUZDFKXQJ )UDQNIXUW D0 %LOGHU GHU hEHUZD FKXQJ .($76 *(00$'8)),1 0,&+(//(*,// 0$57,1 +RZ &&79 WDFNOHV YLROHQW FULPH &&79,PDJH 'H]HPEHU .(//(5 &+5,6723+ 9LGHRhEHUZDFKXQJ (LQ 0LWWHO ]XU .ULPLQDOSUlYHQWLRQ ± =XP 6WDQG GHU UHFKWOLFKHQ XQG WDNWLVFKHQ 'LVNXVVLRQ LQ 'HXWVFKODQG .ULPLQDOLVWLN II .,(1(5 5(*,1$.b/,1 :$/7(5 *UXQGUHFKWH %HUQ .,//,$6 0$57,1.8+1 $1'5e$(%, 0$5&(/2 ) *UXQGULVV GHU .ULPLQRORJLH ± (LQH HX URSlLVFKH 3HUVSHNWLYH $XIO %HUQ ./$86(5 )5$1&,6&2 5(72 'LH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH ]XU $PELYDOHQ] HLQHV ,QVWUXPHQWV VR]LDOHU .RQWUROOH )UDQNIXUW D0 ]LW 9LGHREHUZDFKXQJ ./$86(5 )5$1&,6&2 %HVFKUlQNWH 1DFKKDOWLJNHLW GHU 9LGHREHUZDFKXQJ DOV SUlYHQWLYHV ,QVWUXPHQW GHU 5HYLWDOLVLHUXQJ YRQ 3UREOHPUlXPHQ LQ =85$:6., II ]LW 1DFK KDOWLJNHLW ;/, /LWHUDWXU ./$86(5 )5$1&,6&2 'LH (QWZLFNOXQJ HLQHU Ä6LFKHUKHLWVVWDGW³ GLJPD II ]LW 6LFKHUKHLWVVWDGW ./$86(5 )5$1&,6&2 5DXP (QHUJLH ,QIRUPDWLRQ ± 9LGHREHUZDFKXQJ DOV 5DXP DQHLJQXQJ LQ +(03(/0(7(/0$11 II ]LW 5DXPDQHLJQXQJ ./(< $1'5($6 8QYHUOHW]OLFKNHLW GHU :RKQXQJ LQ 0(57(13$3,(5 II ./(< $1'5($692*7 +8*2 'DV 3UREOHP GHU *UXQGUHFKWVNRQNXUUHQ]HQ LXVIXOO II .1$33 %/$,6( *UXQGODJHQ GHV 9HUZDOWXQJVUHFKWV %G %DVHO .2//(5 +(,15,&+6&+,1'/(5 %(1-$0,1 8PJDQJ GHV *HVHW]JHEHUV PLW 5LVLNHQ LP 6SDQ QXQJVIHOG ]ZLVFKHQ )UHLKHLW XQG 6LFKHUKHLW LQ 6877(56200 HW DO II .g1,* *(25* 9LGHREHUZDFKXQJ XQG 'DWHQVFKXW] ± (LQ .UlIWHPHVVHQ LQ 'LHWPDU -DKQHO6WHIDQ 6LHJZDUW1DWDOLH )HUFKHU +UVJ $NWXHOOH )UDJHQ GHV 'DWHQVFKXW] UHFKWV :LHQ II .g1,* 52%(57 9LGHREHUZDFKXQJ ± )DNWHQ 5HFKWVODJH XQG (WKLN 0LW GHP 6FKZHU SXQNW DXI JHQHUDOSUlYHQWLYHU 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP 'LVV :LHQ .25(1* $16*$5 5HFKWVIUDJHQ GHU 9LGHREHUZDFKXQJ LQ |IIHQWOLFKHQ *HElXGHQ /.9 II .5$%%(1%25* :,//(0 9RUDXVVHW]XQJHQ XQG $XVZLUNXQJHQ GHU 9LGHREHUZDFKXQJ LQ (XURSD XQG LQ GHQ 1LHGHUODQGHQ LQ %h&.,1* II .5$866 '(7/() hEHUZDFKHQ XQG 6WUDIHQ ± )UHLKHLW XQG 6LFKHUKHLWHQ LQ HLQHU QHXHQ $XI JDEHQYHUWHLOXQJ ]ZLVFKHQ %UJHU XQG 6WDDW LQ &$386 HW DO II .5(87=75b*(5 ,/.$267(5+2/= (9$ 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP ± 0LWWHO ]XU %HNlPSIXQJ YRQ .ULPLQDOLWlW RGHU ,QVWUXPHQW ]XU ,QV]HQLHUXQJ YRQ 6LFKHUKHLW" LQ =85$:6., II .8%( (':,1 3ROL]HLOLFKH 9LGHREHUZDFKXQJ YRQ 6WUDVVHQ XQG 3OlW]HQ ± YRUUDQJLJ 3Ul YHQWLRQVPLWWHO RGHU *HIDKUHQSRWHQWLDO" LQ .XUDWRULXP GHU 3ROL]HL)KUXQJVDNDGHPLH +UVJ $QJHZDQGWH .ULPLQRORJLH XQG .ULPLQDOSUlYHQWLRQ (QWZLFNOXQJHQ 6DFK VWDQG XQG 3HUVSHNWLYHQ ± )HVWVFKULIW IU 'U -RDFKLP -lJHU 'UHVGHQ II .8%( +$112 3HUV|QOLFKNHLWVUHFKW LQ ,6(16((.,5&++2)) II .h+1 -8/,$ 9RUVLFKW .DPHUD ± 6WDDWOLFKH 9LGHREHUZDFKXQJ GHU gIIHQWOLFKNHLW )RUXP 5HFKW I .811(57 *(5+$5' %LJ %URWKHU LQ 8%DKQ %XV XQG %LP ± 9LGHRDXI]HLFKQXQJ LQ |IIHQW OLFKHQ 9HUNHKUVPLWWHOQ DXV GDWHQVFKXW]UHFKWOLFKHU 6LFKW MXULGLNXP II /$1* 0$5.86 (YDOXDWLRQ GHU 9LGHREHUZDFKXQJ LQ %LHOHIHOG ± =XJOHLFK HLQH (UZLGH UXQJ ]X 4XDPEXVFK .ULPLQDOLVWLN II .ULPLQDOLVWLN II 9LGHR EHUZDFKXQJ LQ %LHOHIHOG /$1* 0$5.86 3ULYDWH 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP 'LVV +DPEXUJ ]LW 3ULYDWH 9LGHREHUZDFKXQJ /$8; 0,&+$(/ 'HU SUlYHQWLYH (LQVDW] YRQ 9LGHRNDPHUDV LP |IIHQWOLFKHQ 9HUNHKU ± LQV EHVRQGHUH LQ %XVVHQ LQ 6&+:$5=(1(**(51b*(/, II /(( 681* <21* 'LH 3ULYDWLVLHUXQJ GHU ,QQHUHQ 6LFKHUKHLW GXUFK GDV %HZDFKXQJVJHZHUEH ± 8QWHU EHVRQGHUHU %HUFNVLFKWLJXQJ GHV 5HFKWVYHUJOHLFKV ]ZLVFKHQ 'HXWVFKODQG XQG .RUHD 'LVV )UDQNIXUW D0 ;/,, /LWHUDWXU /(*/(5 7+20$6 9LH SULYpH LPDJH YROpH ± OD SURWHFWLRQ SpQDOH GH OD SHUVRQQDOLWp FRQWUH OHV SULVHV GH YXHV 'LVV %HUQ /(1', 0$57,1 ,QGLYLGXHOOH XQG NROOHNWLYH 6LFKHUKHLW ± 5HIOH[LRQHQ LP /LFKWH GHU 6FKZHL]HULVFKHQ %XQGHVYHUIDVVXQJ LQ %5(,7(1026(5 HW DO II ]LW 6LFKHUKHLW /(1', 0$57,1 6WDDWVOHLWXQJ ± LP .RQWH[W GHU 6LFKHUKHLWVSROLWLN LQ 6&+:(,=(5 6LFKHU KHLWV XQG 2UGQXQJVUHFKW 7HLO , II ]LW 6WDDWVOHLWXQJ /(232/' 1,/6 5HFKWVNXOWXUEUXFK ± 'LH $XVEUHLWXQJ GHU 9LGHREHUZDFKXQJ XQG GLH XQ ]XOlQJOLFKH 5HDNWLRQ GHV 5HFKWV LQ +(03(/0(7(/0$11 II /(87(57 67()$1 3ROL]HLNRVWHQWUDJXQJ EHL *URVVYHUDQVWDOWXQJHQ 'LVV =ULFK /(87+(866(56&+1$55(1%(5*(5 6$%,1( (LQ *UXQGUHFKW DXI 6LFKHUKHLW >"@ GLJPD II /e9< 9$1(66$ /H GURLW j O¶LPDJH ± 'pILQLWLRQ 3URWHFWLRQ ([SORLWDWLRQ 'LVV =ULFK /(:,16., .$, *HVFKLFKWH GHV 'DWHQVFKXW]UHFKWV YRQ ELV LQ $51'7 HW DO II /,(1+$5' $1'5($6 $XVODJHUXQJ YRQ VLFKHUKHLWVSROL]HLOLFKHQ $XIJDEHQ DXI SULYDWH 6L FKHUKHLWVXQWHUQHKPHQ LQ GHU 6FKZHL]" /H*HV II ]LW $XVODJHUXQJ /,(1+$5' $1'5($6 ,QQHUH 6LFKHUKHLW XQG *UXQGUHFKWH UHFKW II ]LW ,QQHUH 6LFKHUKHLW /,(1+$5' $1'5($6+b6/(5 3+,/,33 9HUIDVVXQJVUHFKWOLFKH *UXQGODJHQ GHV 6LFKHUKHLWV UHFKWV LQ 6&+:(,=(5 6LFKHUKHLWV XQG 2UGQXQJVUHFKW 7HLO & II /,0%$&+ -877$ (VVD\ )UHLKHLW XQG 6LFKHUKHLW LQ %5(,7(1026(5 HW DO II /,1 &+(1<8 gIIHQWOLFKH 9LGHREHUZDFKXQJ LQ GHQ 86$ *URVVEULWDQQLHQ XQG 'HXWVFK ODQG ± (LQ 'UHL/lQGHU9HUJOHLFK 'LVV *|WWLQJHQ /,1** &$50(1 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP ± HLQH $QDO\VH NULPLQRORJL VFKHU $VSHNWH PLW %OLFN DXI GLH 9LGHREHUZDFKXQJ DXI GHP %DKQKRISODW] LQ GHU 6WDGW /X]HUQ LQ 6&+:$5=(1(**(51b*(/, II /,16, &+5,67,$1 $NWXHOOH (QWZLFNOXQJHQ LP 3ROL]HLUHFKW GHV %XQGHV /H*HV II ]LW (QWZLFNOXQJHQ /,16, &+5,67,$1 9HUIDVVXQJVUHFKWOLFKH =XVWlQGLJNHLW GHV %XQGHV IU GHQ (UODVV YRQ 3ROL ]HLUHLFKW /H*HV II ]LW =XVWlQGLJNHLW /,6.(1 +$16'(11,1*(5 (5+$5' +UVJ +DQGEXFK GHV 3ROL]HLUHFKWV ± *HIDKUHQDE ZHKU 6WUDIYHUIROJXQJ 5HFKWVVFKXW] 0QFKHQ /,6.(1 +$16'(11,1*(5 (5+$5' 'LH 3ROL]HL LP 9HUIDVVXQJVJHIJH LQ /,6.(1'(11,1*(5 .DS & II /87= /28,6( 'LH 9HUWHLGLJXQJ XQG GDV 9HUERW GHQ $QJHVFKXOGLJWHQ ]X VHLQHU 6HOEVWEH ODVWXQJ ]X YHUSIOLFKWHQ =6WU5 II /8; 67())(1 (UIDKUXQJHQ PLW GHU SROL]HLOLFKHQ 9LGHREHUZDFKXQJ LQ +HVVHQ IRUXP NULPLQDOSUlYHQWLRQ II 0$/,19(51, *,25*,2 0HLQXQJV 0HGLHQ XQG ,QIRUPDWLRQVIUHLKHLW LQ 0(57(13$3,(5 II 0$1)5,1, 3,(55( /28,6 /D OLEHUWp GH UpXQLRQ HW G¶DVVRFLDWLRQ LQ 7+h5(5$8%(57 0h//(5 II 0$57, +$16 'LH :LUWVFKDIWVIUHLKHLW GHU VFKZHL]HULVFKHQ %XQGHVYHUIDVVXQJ %DVHO ;/,,, /LWHUDWXU 0$6.( 5$,1(5 1RFKPDOV 'LH 9LGHREHUZDFKXQJ YRQ |IIHQWOLFKHQ 3OlW]HQ 19Z= II 0$7+,6 $(33/, %$5%$5$ &KHFNOLVWH ]XU 9LGHREHUZDFKXQJ GLJPD II 0$85(5/$0%528 85692*7 1(',0 3(7(5 +UVJ %DVOHU .RPPHQWDU ]XP 'DWHQ VFKXW]JHVHW] $XIO %DVHO 0$;,0,1, '20,1,48( 3ROL]HLOLFKH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H ]XU .ULPLQDOLWlWVSUlYHQWLRQ 'LVV 6DDUEUFNHQ 0(,(5 3+,/,33( 3URWHFWLRQ GHV GRQQpHV ± )RQGHPHQWV SULQFLSHV JpQpUDX[ HW GURLW SULYp %HUQ 0(5./( $1'5($ 9LGHREHUZDFKXQJ LQ 6WXWWJDUW ± 5FNIDOO RGHU 6WDELOLVLHUXQJ" ± 'HU 5RWHEKOSODW] ]ZHL -DKUH QDFK $EEDX GHU .DPHUDV .ULPLQDOLVWLN II ]LW 9LGHREHUZDFKXQJ ,, 0(5./( $1'5($ 9LGHREHUZDFKXQJ LQ 6WXWWJDUW 5RWHEKOSODW] ± 0|JOLFKNHLW GHU (YD OXDWLRQ .ULPLQDOLVWLN II ]LW 9LGHREHUZDFKXQJ , 0(57(1 '(7/()3$3,(5 +$16-h5*(1 +UVJ +DQGEXFK GHU *UXQGUHFKWH LQ 'HXWVFKODQG XQG (XURSD %G 9,, ± *UXQGUHFKWH LQ GHU 6FKZHL] XQG LQ /LHFKWHQVWHLQ +HLGHOEHUJ 0(7=*(5 +8%(57 $1'5($6 'HU VWUDIUHFKWOLFKH 6FKXW] GHV SHUV|QOLFKHQ *HKHLPEHUHLFKV JHJHQ 9HUOHW]XQJHQ GXUFK 7RQ XQG %LOGDXIQDKPHQ VRZLH $EK|UJHUlWH 'LVV :LQ WHUWKXU 0(<(5/$'(:,* -(16 (XURSlLVFKH 0HQVFKHQUHFKWVNRQYHQWLRQ +DQGNRPPHQWDU $XIO %DGHQ%DGHQ 0,77(/%(5*(5 3+,/,33 'LH (LQZLOOLJXQJ DOV ]HQWUDOHV (OHPHQW GHV 'DWHQVFKXW]UHFKWV /-= II ]LW (LQZLOOLJXQJ 0,77(/%(5*(5 3+,/,33 (QWVFKHLGXQJ GHU 'DWHQVFKXW]NRPPLVVLRQ GHV )UVWHQWXPV /LHFK WHQVWHLQ '6.)/ YRP $SULO ± 9LGHREHUZDFKXQJ LP /LFKWH GHU 9HUIDVVXQJ GLJPD II ]LW 9LGHREHUZDFKXQJ 0,77(1(&.(5 (5,&+ 9LGHR LQ GHU 3V\FKRORJLH ± 0HWKRGHQ XQG $QZHQGXQJVEHLVSLHOH LQ )RUVFKXQJ XQG 3UD[LV %HUQ HWF 02+/(5 0$5.86 +) 0|JOLFKNHLWHQ XQG *UHQ]HQ GHU =XVDPPHQDUEHLW ]ZLVFKHQ GHU 3R OL]HL XQG SULYDWHQ 6LFKHUKHLWVXQWHUQHKPHQ (UIDKUXQJHQ DXV GHU 6FKZHL] $-3 II ]LW =XVDPPHQDUEHLW 02+/(5 0$5.86 +) 6LFKHUKHLWVEH]RJHQH =XWULWWVNRQWUROOHQ ]X 6WDGLHQ ± 0|JOLFKNHLWHQ XQG *UHQ]HQ DXFK GHV (LQVDW]HV SULYDWHU 6LFKHUKHLWVGLHQVWH 6LFKHUKHLW 5HFKW II ]LW =XWULWWVNRQWUROOHQ 02+/(5 0$5.86 +) 9HUQHW]XQJ YRQ 6LFKHUKHLW LQ 6&+:(,=(5 6LFKHUKHLWV XQG 2UG QXQJVUHFKW 7HLO - II ]LW 9HUQHW]XQJ 02+/(5 0$5.86 +) =XU $QIHFKWEDUNHLW SROL]HLOLFKHU LQWHUYHQLHUHQGHU 5HDODNWH XQWHU GHP *HVLFKWVSXQNW GHU 5HFKWVZHJJDUDQWLH JHP $UW D %9 -XVWL]UHIRUP $-3 II ]LW 5HDODNWH 02+/(5 0$5.86 +)*b77(/,1 3$75,&.0h//(5 5(72 8QVLFKHUKHLW EHU 6LFKHUKHLW ± YRQ 9HUIDVVXQJVEHJULIIHQ ELV ]XU 5HFKWVDQZHQGXQJ $-3 II 0g//(5 ./$86 3(7(5921 =(=6&+:,7= )5,('5,&+ +UVJ 9LGHREHUZDFKXQJ ± :RKO WDW RGHU 3ODJH" %DGHQ%DGHQ ;/,9 /LWHUDWXU 0225 3,(55( 'URLW DGPLQLVWUDWLI %G , /HV IRQGHPHQWV JpQpUDX[ $XIO %HUQ %G ,, /HV DFWHV DGPLQLVWUDWLIV HW OHXU FRQWU{OH $XIO %HUQ ]XVDPPHQ PLW (7,(11( 32/7,(5 XQG %G ,,, /¶RUJDQLVDWLRQ GHV DFWLYLWpV DGPLQLVWUDWLYHV ± /HV ELHQV GH O¶(WDW %HUQ ]LW 'URLW DGPLQLVWUDWLI , E]Z ,, E]Z ,,, 0g67/ 0$5.86 'LH VWDDWOLFKH *DUDQWLH IU GLH |IIHQWOLFKH 6LFKHUKHLW XQG 2UGQXQJ +D ELO 7ELQJHQ 0h//(5 $1'5($6 6WDDWV XQG YHUZDOWXQJVUHFKWOLFKH .ULWHULHQ IU GLH 3ULYDWLVLHUXQJ YRQ 6WDDWVDXIJDEHQ $-3 II 0h//(5 $1'5($6-(11, 9,7725,2 5DKPHQEHGLQJXQJHQ EHL GHU 3ULYDWLVLHUXQJ NRPPXQD OHU $XIJDEHQ ± HLQH DNWXHOOH hEHUVLFKW $-3 II 0h//(5 *(25* (OHPHQWH HLQHU 5HFKWVVHW]XQJVOHKUH $XIO =ULFK ]LW 5HFKWV VHW]XQJVOHKUH 0h//(5 *(25* 6FKXW]ZLUNXQJ GHU *UXQGUHFKWH LQ 0(57(13$3,(5 II ]LW 6FKXW] ZLUNXQJ 0h//(5 +(11,1* (5167 =XU .ULPLQRORJLH GHU 9LGHREHUZDFKXQJ 06FKU.ULP II 0h//(5 -g5* 3$8/ $OOJHPHLQH %HPHUNXQJHQ ]X GHQ *UXQGUHFKWHQ LQ 7+h5(5 $8%(570h//(5 II 0h//(5 -g5* 3$8/6&+()(5 0$5.86 *UXQGUHFKWH LQ GHU 6FKZHL] $XIO %HUQ 0h//(5 0$5.86 5HFKWVVFKXW] LP %HUHLFK GHV LQIRUPDOHQ 6WDDWVKDQGHOQV ± hEHUOHJXQ JHQ DP %HLVSLHO GHU VWDDWOLFKHQ (PSIHKOXQJHQ =%O II 0h//(5 0$5.86:<660$11 8568/$ 3ROL]HLOLFKH 9LGHREHUZDFKXQJ ± 5HFKWV VHW]XQJV]XVWlQGLJNHLW QDFK EHUQLVFKHP 3ROL]HLJHVHW] %95 II 0h//(5 5(72 3$75,&. ,QQHUH 6LFKHUKHLW 6FKZHL] ± UHFKWOLFKH XQG WDWVlFKOLFKH (QWZLFN OXQJHQ LP %XQG VHLW 'LVV (JJ EHL (LQVLHGHOQ 081' &/$8',$ *UXQGUHFKWVVFKXW] XQG JHQHWLVFKH ,QIRUPDWLRQ 'LVV %DVHO 1$%+2/= /,/, (QWVWHKXQJ XQG *UXQGDQOLHJHQ GHV 'DWHQVFKXW]JHVHW]HV LQ 6&+:(,=(5 'DV QHXH 'DWHQVFKXW]JHVHW] II 1(8.$00 .$75,1 %LOGQLVVFKXW] LQ (XURSD ]XJOHLFK HLQ %HLWUDJ ]XU %HGHXWXQJ GHU 9HU IDVVXQJVEHUOLHIHUXQJHQ GHU (80LWJOLHGVWDDWHQ XQG GHU (05. IU GLH $XVOHJXQJ GHU 8QLRQVJUXQGUHFKWH 'LVV %HUOLQ 1(80$11 ',(7(5 9RUVRUJH XQG 9HUKlOWQLVPlVVLJNHLW ± 'LH NULPLQDOSUlYHQWLYH ,QIRUPD WLRQVHUKHEXQJ LP 3ROL]HLUHFKW 'LVV %HUOLQ 1,('(5(5 +$16-h5* 6WUDIUHFKWOLFK ]XOlVVLJHU 6HOEVWVFKXW] SULYDWHU %HWULHEH ± PLW EH VRQGHUHU %HUFNVLFKWLJXQJ GHU hEHUZDFKXQJ PLW WHFKQLVFKHQ 0LWWHOQ VRZLH GHU JH ZDOWVDPHQ $EZHKU 'LVV =ULFK 1,**/, 0$5&(/ $/(;$1'(5:,35b&+7,*(5 +$16 +UVJ %DVOHU .RPPHQWDU ]XP 6WUDI UHFKW %G ,, $XIO %DVHO 12%(/ 3(7(5:(%(5 52/) + 0HGLHQUHFKW $XIO %HUQ 12// 3(7(5 6FKZHL]HULVFKHV 6WUDIUHFKW %HVRQGHUHU 7HLO , ± 'HOLNWH JHJHQ GHQ (LQ]HOQHQ =ULFK 12:$. 0$1)5(' 8123DNW EHU EUJHUOLFKH XQG SROLWLVFKH 5HFKWH XQG )DNXOWDWLYSUR WRNROO ± &&35.RPPHQWDU .HKO DP 5KHLQ HWF ;/9 /LWHUDWXU 1866%$80 +$16 *(25* 'LH hEHUWUDJXQJ NDQWRQDOHU $XIJDEHQ DQ GHQ %XQG DP %HLVSLHO GHU 3ROL]HLYHUHLQEDUXQJHQ GHU *UHQ]NDQWRQH PLW GHP *UHQ]ZDFKWNRUSV /H*HV II 2%(5+2/=(5 1,./$86 'DWHQVFKXW] XQG 3ROL]HL LQ %5(0 HW DO II 2&+6(1)(/'5(33 621-$ 'DXHUKDIWH 9LGHREHUZDFKXQJ DOOJHPHLQ ]XJlQJOLFKHU |IIHQW OLFKHU 6WDGWUlXPH ]XU 6WUDVVHQ.ULPLQDOLWlWVNRQWUROOH LQ (QJODQG XQG GHU %XQGHVUH SXEOLN 'HXWVFKODQG 'LVV %RQQ 3('5$==,1, 0$5,2 0'LH *UXQGODJHQ GHV 'DWHQVFKXW]HV LP 3ULYDWEHUHLFK GLH *UXQG] JH XQG GHU *HOWXQJVEHUHLFK GHV %XQGHVJHVHW]HV LQ 6&+:(,=(5 'DV QHXH 'DWHQ VFKXW]JHVHW] II ]LW 'DWHQVFKXW] LP 3ULYDWEHUHLFK 3('5$==,1, 0$5,2 0 /HV JUDQGHV RSWLRQV GX Op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µ1HXHV¶ 3ROL]HLUHFKW 6SH\HU 32/('1$ 720$6 'DWHQVFKXW] ]ZLVFKHQ ,QGLYLGXDO XQG *HPHLQVFKDIWVLQWHUHVVHQ LQ 5R JHU =lFK HW DO +UVJ ,QGLYLGXXP XQG 9HUEDQG )HVWJDEH ]XP 6FKZHL]HULVFKHQ -X ULVWHQWDJ =ULFK II 3526&+$. &+5,67,$1$ 0RGHUQH )DKQGXQJVWHFKQRORJLHQ LP 6SDQQXQJVIHOG PLW GHP 3ULYDWOHEHQ ± 6LFKHUKHLWV XQG NULPLQDOSROL]HLOLFKH ,QIRUPDWLRQVHLQJULIIH LP /LFKWH GHU 5HFKWVSUHFKXQJ GHV (XURSlLVFKHQ *HULFKWVKRIV IU 0HQVFKHQUHFKWH 'LVV +DP EXUJ 38/9(5 %(51+$5' 'LH 9HUELQGOLFKNHLW VWDDWOLFKHU 6FKXW]SIOLFKWHQ ± DP %HLVSLHO GHV $U EHLWVUHFKWV $-3 II 48$0%86&+ (5:,1 :LUNXQJVYROOH 9LGHREHUZDFKXQJ ± $VSHNWH HLQHV SROL]HLOLFKHQ 3L ORWSURMHNWV .ULPLQDOLVWLN II 5$&+25 )5('(5,. 'DV 3ROL]HLKDQGHOQ LQ /,6.(1'(11,1*(5 .DS ) II 5$1'+$+1 :8/) 3ROL]HLOLFKH 9LGHREHUZDFKXQJ 0LWWHO GHU .ULPLQDOSUlYHQWLRQ IU GLH VWDDWOLFKH 6LFKHUKHLWVJHZlKU DXI |IIHQWOLFKHQ 6WUDVVHQ XQG 3OlW]HQ 'LVV %RQQ 5$8%(5 3+,/,33 5HFKWOLFKH *UXQGODJHQ GHU (UIOOXQJ VLFKHUKHLWVSROL]HLOLFKHU $XIJDEHQ GXUFK 3ULYDWH 'LVV %DVHO HWF 5(,1+$5' +$16 $OOJHPHLQHV 3ROL]HLUHFKW 'LVV %HUQ 5(,6&+/ *(5$/' 8QWHU .RQWUROOH ± 'LH IDWDOHQ )ROJHQ GHU VWDDWOLFKHQ hEHUZDFKXQJ IU :LUWVFKDIW XQG *HVHOOVFKDIW :LHQ 5(,7(5 0,&+$(/:,770$117,:$/' 0$5,$ +UVJ *RRGE\H 3ULYDF\ ± *UXQGUHFKWH LQ GHU GLJLWDOHQ :HOW :LHQ 5e0< 0$5& 'URLW GHV PHVXUHV SROLFLqUHV ± 3ULQFLSHV JpQpUDX[ FDGUH MXULGLTXH HW FRRSp UDWLRQ SROLFLqUH *HQI HWF ;/9, /LWHUDWXU 5+,12: 5(1e0$5.86 6&+()(5 6FKZHL]HULVFKHV 9HUIDVVXQJVUHFKW $XIO %DVHO 5,(0(5 +$16 0,&+$(/ 3HUVRQHQUHFKW GHV =*% ± 6WXGLHQEXFK XQG %XQGHVJHULFKWVSUD[LV $XIO %HUQ 5,(6(1.$03)) 3+,/,33 gVWHUUHLFK 9LGHREHUZDFKXQJ YRQ /DGHQORNDOHQ ± 5HFKWOLFKH 9RUDXVVHW]XQJHQ 'X' II 5,(66(/0$116$;(5 5(%(..$ 'DWHQVFKXW] LP SULYDWUHFKWOLFKHQ $UEHLWVYHUKlOWQLV 'LVV %HUQ 5,./,1 )5$1= 'HU VWUDIUHFKWOLFKH 6FKXW] GHV 5HFKWV DP HLJHQHQ %LOG LQ 'HWOHY&KULVWLDQ 'LFNH7KRPDV )OHLQHU*HUVWHU +UVJ 6WDDW XQG *HVHOOVFKDIW ± )HVWVFKULIW IU /HR 6FKUPDQQ )UHLEXUJ II ]LW 6WUDIUHFKWOLFKHU 6FKXW] 5,./,1 )5$1= ,QWHUQHWIDKQGXQJ QDFK 5DQGDOLHUHUQ PHGLDOH[ II ]LW ,QWHUQHW IDKQGXQJ 5,./,1 )5$1= 5HFKWVSUHFKXQJ DXI GHP *HELHWH GHV 6WUDI XQG 6WUDISUR]HVVUHFKWV GHV -DK UHV PHGLDOH[ II ]LW 5HFKWVSUHFKXQJ 5,77(5 :(51(5 'DV (UIRUGHUQLV GHU JHQJHQGHQ %HVWLPPWKHLW ± GDUJHVWHOOW DP %HLVSLHO GHV 3ROL]HLUHFKWV 'LVV &KXU=ULFK 5,9$ (15,&2 1HXH EXQGHVUHFKWOLFKH 5HJHOXQJ GHV 5HFKWVVFKXW]HV JHJHQ 5HDODNWH ± hEHUOHJXQJHQ ]X $UW D 9Z9* 6-= II 52%(572 9,72 6FKZHL]HULVFKHV +DIWSIOLFKWUHFKW =ULFK 52%(572 9,72+58%(6&+0,//$8(5 67(3+$1,( 2IIHQH XQG QHXH )UDJHVWHOOXQJHQ LP %HUHLFK GHV 3HUV|QOLFKNHLWVVFKXW]HV LQ 6&+:(,=(5%85.(57*$66(5 II 52**$1 )5('5,. 'LH 9LGHREHUZDFKXQJ YRQ |IIHQWOLFKHQ 3OlW]HQ 19Z= II ]LW 9LGHREHUZDFKXQJ 52**$1 )5('5,. 3ROL]HLOLFKH 9LGHREHUZDFKXQJ YRQ |IIHQWOLFKHQ 3OlW]HQ LQ )UHGULN 5RJJDQ0DUWLQ .XWVFKD +UVJ +DQGEXFK ]XP 5HFKW GHU ,QQHUHQ 6LFKHUKHLW $XIO %HUOLQ 7HLO II ]LW 3ROL]HLOLFKH 9LGHREHUZDFKXQJ 5226 -h5*(1 1LFKWV JHKW PHKU RKQH .DPHUD ± 1LFKW QXU UHFKWOLFKH hEHUOHJXQJHQ ]XU 9LGHREHUZDFKXQJ .ULPLQDOLVWLN II 526(17+$/ '$9,'-g+5, <9211( +DQGNRPPHQWDU ]XP 'DWHQVFKXW]JHVHW] VRZLH ZHLWH UHQ DXVJHZlKOWHQ %HVWLPPXQJHQ =ULFK 52661$*(/ $/(;$1'(5 +UVJ +DQGEXFK 'DWHQVFKXW]UHFKW ± 'LH QHXHQ *UXQGODJHQ IU :LUWVFKDIW XQG 9HUZDOWXQJ 0QFKHQ 58&+ $/(;$1'(5 6LFKHUKHLW LQ GHU IUHLKHLWOLFKHQ UHFKWVVWDDWOLFKHQ 'HPRNUDWLH LQ 6&+:(,=(5 6LFKHUKHLWV XQG 2UGQXQJVUHFKW 7HLO $ II 58',1 %($7 %HPHUNXQJHQ ]X %*HU 3 ± $XIEHZDKUXQJ YRQ 9LGHREHUZD FKXQJVDXIQDKPHQ GLJPD II ]LW %HPHUNXQJHQ ]X %*HU 3 58',1 %($7 'DV 5HFKW DXI $QRQ\PLWlW GLJPD II $QRQ\PLWlW 58',1 %($7 'DWHQVFKXW] LQ GHU 6FKZHL] ± +HUDXVIRUGHUXQJHQ XQG 3HUVSHNWLYHQ IU :LUW VFKDIW XQG 9HUZDOWXQJ LQ 'DWHQVFKXW]EHDXIWUDJWHU GHV .DQWRQV =ULFK +UVJ +HU DXVIRUGHUXQJ 'DWHQVFKXW] ± -DKUH 'DWHQVFKXW]JHVHW] ± (LQH =ZLVFKHQELODQ] = ULFK II ]LW +HUDXVIRUGHUXQJHQ 58',1 %($7 'DWHQVFKXW]JHVHW]H ± ILW IU (XURSD ± (XURSDUHFKWOLFKH $QIRUGHUXQJHQ DQ GLH VFKZHL]HULVFKHQ 'DWHQVFKXW]JHVHW]H =ULFK ]LW 'DWHQVFKXW]JHVHW]H 58',1 %($7 'LH (URVLRQ GHU LQIRUPDWLRQHOOHQ 3ULYDWKHLW ± RGHU 5HFKWVHW]XQJ DOV 5LVL NR" LQ 6877(56200 HW DO II ]LW (URVLRQ ;/9,, /LWHUDWXU 58',1 %($7 6FKXW] GHU )UHLKHLW YRU GHU 6LFKHUKHLW" 9RP +DQGOXQJVEHGDUI DQJHVLFKWV GHU WHFKQRORJLVFKHQ XQG VLFKHUKHLWVSROLWLVFKHQ (QWZLFNOXQJHQ ± (LQ .RPPHQWDU GLJPD I 6FKXW] GHU )UHLKHLW 58',1 %($767b03)/, 6$1'5$ :XQGHUKHLOPLWWHO 9LGHREHUZDFKXQJ GLJPD II 58(** -($1 9LGpRVXUYHLOODQFH GH O¶HVSDFH SXEOLF YHUV GH QRXYHDX[ SDUWHQDULDWV SXEOLF SULYp LQ &$386 HW DO II 58(** -($1)/h&.,*(5 $/(;$1'5(129(0%(5 9$/e5,(./$86(5 )5$1&,6&2 9LGpR VXUYHLOODQFH HW ULVTXHV GDQV O¶HVSDFH j XVDJH SXEOLF ± 5HSUpVHQWDWLRQV GHV ULVTXHV Up JXODWLRQ VRFLDOH HW OLEHUWp GH PRXYHPHQW 7UDYDX[ GX &(7(/ QR 2NWREHU DEUXIEDU XQWHU ZZZXQLJHFKGURLWFHWHOYLGHRVXUYHLOODQFHWUDYDX[&(7(/SGI! 6$/$',1 3(7(5 *UXQGUHFKWH LP :DQGHO $XIO %HUQ 6$/$',1 3(7(5:$/'(5 +$16 *XWDFKWHQ ]XP 9HUKlOWQLV YRQ 'DWHQVFKXW] JHPlVV $U EHLWVSDSLHU 9,, XQG 3ROL]HL %HUQ 6&+$$5 3(7(5 'DV (QGH GHU 3ULYDWVSKlUH ± 'HU :HJ LQ GLH hEHUZDFKXQJVJHVHOOVFKDIW 0QFKHQ 6&+$))/$1' +$16 -h5*(1:,/7)$1* 12(0( %XQGHVGDWHQVFKXW]JHVHW] %'6* ± (U JlQ]EDUHU .RPPHQWDU QHEVW HLQVFKOlJLJHQ 5HFKWVYRUVFKULIWHQ %HUOLQ VHLW 6&+()(5 0$5.86 'LH %HHLQWUlFKWLJXQJ YRQ *UXQGUHFKWHQ ± ]XU 'RJPDWLN YRQ $UW %9 %HUQ ]LW %HHLQWUlFKWLJXQJ 6&+()(5 0$5.86 'LH .HUQJHKDOWH YRQ *UXQGUHFKWHQ ± *HOWXQJ 'RJPDWLN LQKDOWOLFKH $XVJHVWDOWXQJ +DELO %HUQ ]LW .HUQJHKDOWH 6&+()(5 0$5.86 *HIlKUGXQJ YRQ *UXQGUHFKWHQ ± (LQH JUXQGUHFKWVGRJPDWLVFKH 6NL]]H LQ 6877(56200 HW DO II ]LW *HIlKUGXQJ 6&+()(5 0$5.86 *UXQGUHFKWOLFKH 6FKXW]SIOLFKWHQ XQG GLH $XVODJHUXQJ VWDDWOLFKHU $XI JDEHQ $-3 II ]LW 6FKXW]SIOLFKWHQ 6&+(:( &+5,6723+ 6 'DV 6LFKHUKHLWVJHIKO XQG GLH 3ROL]HL 'DUI GLH 3ROL]HL GDV 6LFKHU KHLWVJHIKO VFKW]HQ" 'LVV %HUOLQ ]LW 6LFKHUKHLWVJHIKO 6&+(:( &+5,6723+ 6 6XEMHNWLYHV 6LFKHUKHLWVJHIKO LQ +DQV -UJHQ /DQJH +UVJ :|UWHUEXFK ]XU ,QQHUHQ 6LFKHUKHLW :LHVEDGHQ II ]LW 6XEMHNWLYHV 6LFKHU KHLWVJHIKO 6&+,('(5 $/)216 'LH DXWRPDWLVLHUWH (UNHQQXQJ DPWOLFKHU .I].HQQ]HLFKHQ DOV SROL]HLOL FKH 0DVVQDKPH 19Z= II 6&+/$85, 5(*8/$ 'DV 9HUERW GHV 6HOEVWEHODVWXQJ]VZDQJV LP 6WUDIYHUIDKUHQ ± .RQNUHWL VLHUXQJ HLQHV *UXQGUHFKWV GXUFK 5HFKWVYHUJOHLFKXQJ 'LVV =ULFK 6&+0,' -g5* 3HUV|QOLFKNHLWVVFKXW] EHL GHU %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ GXUFK 3ULYDWH =%-9 II 6&+0,' 1,./$86 +DQGEXFK GHV VFKZHL]HULVFKHQ 6WUDISUR]HVVUHFKWV =ULFK 6&+0,'7-257=,* ('=$5' 0HLQXQJV XQG ,QIRUPDWLRQVIUHLKHLW LQ ,6(16((.,5&++2)) II 6&+1(,'(5 ',(7(55,&. $1'5($6 9LGHREHUZDFKXQJ DQ .ULPLQDOLWlWVVFKZHUSXQNWHQ .ULPLQDOLVWLN II 6&+g&+ +(,1=-(+/( -g5*0$57,1 +UVJ $QJHZDQGWH .ULPLQRORJLH ]ZLVFKHQ )UHLKHLW XQG 6LFKHUKHLW 0|QFKHQJODGEDFK ;/9,,, /LWHUDWXU 6&+5g'(5 '(7/() 9LGHREHUZDFKXQJ LQ *URVVEULWDQQLHQ XQG GHQ 86$ LQ %h&.,1* II 6&+8%$57+ 0$57,1 .RPPHQWDU ]XP VFKZHL]HULVFKHQ 6WUDIUHFKW %HVRQGHUHU 7HLO %G 'HOLNWH JHJHQ GLH (KUH GHQ *HKHLP RGHU 3ULYDWEHUHLFK XQG JHJHQ GLH )UHLKHLW $UW 6W*% %HUQ 6&+8/7= +$16 'HU VWUDIUHFKWOLFKH 6FKXW] GHU *HKHLPVSKlUH 6-= II 6&+:$%( -h5*(1 5HFKWOLFKH =XOlVVLJNHLW XQG 2SSRUWXQLWlW YRQ SROL]HLOLFKHQ XQG RUG QXQJVEHK|UGOLFKHQ 9LGHRDXI]HLFKQXQJHQ XQG EHUZDFKXQJHQ LQ 0g//(5921 =(=6&+:,7= II 6&+:$5=(1(**(5 &+5,67,$11b*(/, 52/) +UVJ =UFKHU 3UlYHQWLRQVIRUXP ± 9L GHREHUZDFKXQJ DOV 3UlYHQWLRQ" =ULFK 6&+:(*/(5 ,92 'DWHQVFKXW] LP 3ROL]HLZHVHQ YRQ %XQG XQG .DQWRQHQ 'LVV %HUQ ]LW 'DWHQVFKXW] LP 3ROL]HLZHVHQ 6&+:(*/(5 ,92 'LJLWDOH )RWRJUDILH EHL 3ROL]HL XQG -XVWL] ± &KDQFHQ XQG 5LVLNHQ DXV UHFKWOLFKHU 6LFKW $-3 II ]LW 'LJLWDOH )RWRJUDILH 6&+:(,=(5 5$,1(5 - +UVJ 'DV QHXH 'DWHQVFKXW]JHVHW] GHV %XQGHV ± 5HIHUDWH GHU 7D JXQJHQ DQ GHU +RFKVFKXOH 6W *DOOHQ YRP 2NWREHU XQG 1RYHPEHU = ULFK ]LW 'DV QHXH 'DWHQVFKXW]JHVHW] 6&+:(,=(5 5$,1(5 - +UVJ 6LFKHUKHLWV XQG 2UGQXQJVUHFKW GHV %XQGHV 7HLO ± $OO JHPHLQHU 7HLO 6%95 %G ,,, %DVHO ]LW 6LFKHUKHLWV XQG 2UGQXQJVUHFKW 6&+:(,=(5 5$,1(5 - &RQFOXVLRQV DQG 5HFRPPHQGDWLRQV RI WKH 6HPLQDU LQ &RXQFLO RI (XURSH 'DWD 3URWHFWLRQ LQ WKH 3ROLFH 6HFWRU 6WUDVERXUJ II II DEUXI EDU XQWHU ZZZFRHLQWWGJKOVWDQGDUGVHWWLQJGDWDSURWHFWLRQ&RQIHUHQFHV$'$&6 3ROLFH352&((',1*6SGI! ]LW &RQFOXVLRQV DQG 5HFRPPHQGDWLRQV 6&+:(,=(5 5$,1(5 - 'DWHQVFKXW] LQ GHU 6FKZHL] XQG LQ (XURSD ± $XVZLUNXQJHQ GHV HX URSlLVFKHQ 'DWHQVFKXW]UHFKWV DXI GLH 6FKZHL] )UHLEXUJ II ]LW $XVZLUNXQ JHQ 6&+:(,=(5 5$,1(5 - 'LH *DUDQWLH GHU 0HQVFKHQZUGH LP %XQGHVYHUIDVVXQJVUHFKW VHLW 5HYLVWD FDWDODQD GH GUHW S~EOLF II ]LW 0HQVFKHQZUGH 6&+:(,=(5 5$,1(5 - 'LH 5HFKWVSUHFKXQJ GHV (XURSlLVFKHQ *HULFKWVKRIV IU 0HQVFKHQ UHFKWH ]XP 3HUV|QOLFKNHLWV XQG 'DWHQVFKXW] 'X' II ]LW 5HFKWVSUHFKXQJ 6&+:(,=(5 5$,1(5 - 3ULYDF\ 6HOEVWEHVWLPPXQJ LQ GHU RIIHQHQ *HVHOOVFKDIW LQ 6&+:(,=(5%85.(57*$66(5 II ]LW 3ULYDF\ 6&+:(,=(5 5$,1(5 - 6HOEVWEHVWLPPXQJ LQ GHU WUDQVSDUHQWHQ *HVHOOVFKDIW LQ .RQUDG +XPPOHU*HUKDUG 6FKZDU] +UVJ 'DV 5HFKW DXI VLFK VHOEVW ± EHGURKWH 3ULYDWVSKlUH LP 6SDQQXQJVIHOG ]ZLVFKHQ 6LFKHUKHLW XQG )UHLKHLW =ULFK II ]LW 6HOEVWEH VWLPPXQJ 6&+:(,=(5 5$,1(5 - 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] LQ 7+h5(5$8%(57 0h//(5 II ]LW 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] 6&+:(,=(5 5$,1(5 - =XVDPPHQIDVVXQJ LQ 6&+:(,=(5 6LFKHUKHLWV XQG 2UGQXQJV UHFKW 7HLO . II ]LW =XVDPPHQIDVVXQJ 6&+:(,=(5 5$,1(5 - 'LH VFKZHL]HULVFKHQ *HULFKWH XQG GDV HXURSlLVFKH 5HFKW =65 ,, II 6FKZHL]HULVFKH *HULFKWH 6&+:(,=(5 5$,1(5 - (QWZLFNOXQJHQ LP 3ROL]HLUHFKW YRQ %XQG XQG .DQWRQHQ $-3 II ]LW (QWZLFNOXQJHQ ;/,; /LWHUDWXU 6&+:(,=(5 5$,1(5 -%85.(57 +(5%(57 'DWHQVFKXW] LQ (XURSD ± 6FKZHL]HU *HVHW]JH EXQJ HQWVSULFKW HXURSlLVFKHP 0DVVVWDE 'X' II 6&+:(,=(5 5$,1(5 -%85.(57 +(5%(57*$66(5 856 +UVJ )HVWVFKULIW IU -HDQ 1LFR ODV 'UXH\ =ULFK 6&+:(,=(5 5$,1(5 -0h//(5 /8&,(1 =ZHFNH 0|JOLFKNHLWHQ XQG *UHQ]HQ GHU *HVHW] JHEXQJ LP 3ROL]HLEHUHLFK /H*HV II 6&+:(,=(5 5$,1(5 -6877(5 3$75,&.:,'0(5 1,1$ *UXQGEHJULIIH LQ 6&+:(,=(5 6L FKHUKHLWV XQG 2UGQXQJVUHFKW 7HLO % II 6((/0$11 .857 6WUDIUHFKW ± $OOJHPHLQHU 7HLO $XIO %DVHO 6,(0(1 %,57( 'DWHQVFKXW] DOV HXURSlLVFKHV *UXQGUHFKW 'LVV %HUOLQ 6,0,7,6 63,526 +UVJ %XQGHVGDWHQVFKXW]JHVHW] $XIO %DGHQ%DGHQ 621 -$(<281* +HLPOLFKH SROL]HLOLFKH (LQJULIIH LQ GDV LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJVUHFKW 'LVV %HUOLQ 63(,&+ 0,&+(/*$5&,$ -26(),1$ 'LH $N]HSWDQ] GHU 9LGHREHUZDFKXQJ DQ GHQ $EIDOO VDPPHOVWHOOHQ XQG GDV (QWVRUJXQJVYHUKDOWHQ LQ :LQWHUWKXU 6HPHVWHUDUEHLW (7+ = ULFK -XOL DEUXIEDU XQWHU ZZZXQVHWK]FKSXESXEOLFDWLRQVSGISGI! 67(,1$8(5 3$8/+(15, 'LH 9HUOHW]XQJ GXUFK SULYDWH 'DWHQEHDUEHLWXQJ XQG GLH DOOIlOOLJH 5HFKWIHUWLJXQJ HLQHU 9HUOHW]XQJ (LQ]HOKHLWHQ GHU JHVHW]OLFKHQ 5HJHOXQJ LQ 6&+:(,=(5 'DV QHXH 'DWHQVFKXW]JHVHW] II ]LW 'DWHQEHDUEHLWXQJ 67(,1$8(5 3$8/+(15, /H GURLW SULYp PDWpULHO LQ *,//$5' II ]LW 'URLW SULYp PDWpULHO 675$7(1:(57+ *h17(5-(11< *8,'2%200(5 )(/,; 6FKZHL]HULVFKHV 6WUDIUHFKW ± %H VRQGHUHU 7HLO , 6WUDIWDWHQ JHJHQ ,QGLYLGXDOLQWHUHVVHQ $XIO %HUQ 6787=(5 $/2,6=(+1'(5 0,&+$(/ +HUDXVIRUGHUXQJHQ EHL GHU (YDOXDWLRQ YRQ .DPHUD EHUZDFKXQJ DOV 3UlYHQWLRQVLQVWUXPHQW ± HLQH |NRQRPLVFKH 3HUVSHNWLYH LQ 6&+:$5=(1(**(51b*(/, II 68/=(5 /,1'$675$660$11 -$60,1=8%(5 $1'5($6 ,QWHUQHW DOV ]HLWJHPlVVHV )DKQ GXQJVPLWWHO 6LFKHUKHLW 5HFKW II 6877(5 3$75,&. 9HUWUDXHQ GXUFK ,QIRUPDWLRQV]XJDQJ ± 9RQ GHU 1RWZHQGLJNHLW HLQHV XPIDVVHQGHV 5HFKWV DXI =XJDQJ ]X DPWOLFKHQ ,QIRUPDWLRQHQ GLJPD II 6877(5 3$75,&.=(/*(5 8/5,&+ +UVJ -DKUH (05.%HLWULWW GHU 6FKZHL] (UIDKUXQ JHQ XQG 3HUVSHNWLYHQ %HUQ 6877(56200 7+20$6 HW DO +UVJ 5LVLNR XQG 5HFKW ± )HVWJDEH ]XP 6FKZHL]HULVFKHQ -XULVWHQWDJ %DVHO 7$86&+(5 7+20$6 7HFKQLVFKH $VSHNWH GHU 9LGHREHUZDFKXQJ LQ 5(,7(5:,770$11 7,:$/' II 7(5&,(5 3,(55( /H QRXYHDX GURLW GH OD SHUVRQQDOLWp =ULFK 7+,(/( &/(0(16 8QEHIXJWH %LOGDXIQDKPH XQG LKUH 9HUEUHLWXQJ LP ,QWHUQHW ± %UDXFKW gVWHUUHLFK HLQHQ HLJHQHQ 3DSDUD]]L3DUDJUDIHQ" 5= II 7+h5(5 '$1,(/$8%(57 -($1)5$1d2,60h//(5 -g5* 3$8/ +UVJ 9HUIDVVXQJVUHFKW GHU 6FKZHL] =ULFK 7,11()(/' 0$5,(7+(5(6 $OOJHPHLQHU 'DWHQVFKXW] ± *HVFKW]WH 'DWHQ LQ 52661$*(/ .DS II / /LWHUDWXU 723+,1.( (67+(5 'DV *UXQGUHFKW GHU 8QVFKXOGVYHUPXWXQJ $XV KLVWRULVFKHU 6LFKW XQG LP /LFKWH GHU 3UD[LV GHV 6FKZHL]HULVFKHQ %XQGHVJHULFKWV GHU (05.2UJDQH XQG GHV 8120HQVFKHQUHFKWVDXVVFKXVVHV 'LVV %HUQ 75(&+6(/ 67()$1 HW DO 6FKZHL]HULVFKHV 6WUDIJHVHW]EXFK ± 3UD[LVNRPPHQWDU =ULFK 6W *DOOHQ 75(&+6(/ 67()$1 +XPDQ 5LJKWV LQ &ULPLQDO 3URFHHGLQJV 2[IRUG ]LW +XPDQ 5LJKWV 752&+6/(5+8*(172%/(5 &$50(1/2%6,*(5 $'5,$1 3ROL]HLOLFKH %HIXJQLVVH XQG +DQGOXQJVIRUPHQ LQ 6&+:(,=(5 6LFKHUKHLWV XQG 2UGQXQJVUHFKW 7HLO ) II 76&+$11(1 3,(55( $PWOLFKH :DUQXQJHQ XQG (PSIHKOXQJHQ =65 ,, II ]LW $PWOLFKH :DUQXQJHQ XQG (PSIHKOXQJHQ 76&+$11(1 3,(55( 6WDDWVUHFKW GHU VFKZHL]HULVFKHQ (LGJHQRVVHQVFKDIW $XIO %HUQ ]LW 6WDDWVUHFKW 76&+$11(1 3,(55(=,00(5/, 8/5,&+0h//(5 0$5.86 $OOJHPHLQHV 9HUZDOWXQJVUHFKW $XIO %HUQ 76&+(176&+(5 $/(; 'DV *UXQGUHFKW DXI &RPSXWHUVFKXW] $-3 II 9$+/( -h5*(1 9RUVLFKW .DPHUD ± $QPHUNXQJHQ ]XU ³9LGHR1RYHOOH´ LP QRUGUKHLQ ZHVWIl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lLVFKHQ 0HQVFKHQUHFKWVNRQYHQWLRQ (05. $XIO =ULFK 92/.0$11 8:( 'LH 5FNHUREHUXQJ GHU $OOPHQGH 19Z= II 921 67(&+2: &2167$17,1 'DWHQVFKXW] GXUFK 7HFKQLN ± UHFKWOLFKH )|UGHUXQJVP|JOLFK NHLWHQ YRQ 3ULYDF\ (QKDQFLQJ 7HFKQRORJLHV DP %HLVSLHO GHU 9LGHREHUZDFKXQJ :LHVEDGHQ 921 =(=6&+:,7= )5,('5,&+ 9LGHREHUZDFKXQJ LQ 52661$*(/ .DS II :$/'(1 0$5&86 =ZHFNELQGXQJ XQG lQGHUXQJ SUlYHQWLY XQG UHSUHVVLY HUKREHQHU 'DWHQ LP %HUHLFK GHU 3ROL]HL 'LVV %HUOLQ /, /LWHUDWXU :$/'(5 +$16 6WUDIYHUIROJXQJVSIOLFKW XQG $QIDQJVYHUGDFKW UHFKW II :$/'0$11 %(51+$5' -XVWL]UHIRUP XQG |IIHQWOLFKH 5HFKWVSIOHJH ± TXR YDGLV" $-3 II :$/7(5 -($13+,/,33( /D &RQYHQWLRQ GX &RQVHLO GH O¶(XURSH SRXU OD SURWHFWLRQ GHV SHU VRQQHV j O¶pJDUG GX WUDLWHPHQW DXWRPDWLVp GHV GRQQpHV LQ $VWULG (SLQH\0DULDQQH )UHLHUPXWK +UVJ 'DWHQVFKXW] LQ GHU 6FKZHL] XQG LQ (XURSD )UHLEXUJ II ]LW &RQYHQWLRQ :$/7(5 -($13+,/,33( /H GURLW SXEOLF PDWpULHO LQ *,//$5' II ]LW 'URLW SXEOLF PD WpULHO :$3/(6 6$0*,// 0$57,1 7KH (IIHFWLYHQHVV RI UHGHSOR\DEOH &&79 &ULPH 3UHYHQWLRQ DQG &RPPXQLW\ 6DIHW\ II DEUXIEDU XQWHU ZZZSDOJUDYHMRXUQDOVFRP FSFVMRXUQDOYQSGIDSGI! :(%(5 %(51+$5' 5HFKWVZHJJDUDQWLH XQG 7RWDOUHYLVLRQ GHU %XQGHVUHFKWVSIOHJH *HGDQ NHQ XQG XQJHNOlUWH )UDJHQ DXV GHU 6LFKW GHU NDQWRQDOHQ 9HUZDOWXQJVJHULFKWVEDUNHLW =%-9 II :(%(5 -21$6 3(7(5 'HU HOHNWURQLVFK EHUZDFKWH +DXVDUUHVW XQG VHLQH YHUVXFKVZHLVH (LQIKUXQJ LQ GHU 6FKZHL] 'LVV %DVHO :(%(5 52/) + 'DWHQVFKXW]UHFKW YRU QHXHQ +HUDXVIRUGHUXQJHQ ± 0DUNHWLQJ (&RP PHUFH 9LUWXHOOH %DQN 6DFKGDWHQ =ULFK ]LW +HUDXVIRUGHUXQJHQ :(%(5 52/) + (&RPPHUFH XQG 5HFKW 5HFKWOLFKH 5DKPHQEHGLQJXQJHQ HOHNWURQLVFKHU *HVFKlIWVIRUPHQ =ULFK (&RPPHUFH XQG 5HFKW :(%(5 52/) +6200(5+$/'(5 0$5.86 'DV 5HFKW GHU SHUVRQHQEH]RJHQHQ ,QIRUPDWL RQ =ULFK :(%(5'h5/(5 %($75,&( 9HUZDOWXQJV|NRQRPLH XQG 3UDNWLNDELOLWlW LP 5HFKWVVWDDW =%O II :(,&+(57 7+,/2 'HU 3HUVRQHQEH]XJ YRQ *HRGDWHQ 'X' II ]LW 3HUVRQHQEH ]XJ :(,&+(57 7+,/2 5HFKWVIUDJHQ GHU 9LGHREHUZDFKXQJ 'X' II ]LW 9LGHR EHUZDFKXQJ :(,&+(57 7+,/2 hEHUZDFKXQJ ± (LQEOLFN LQ GLH 3UD[LV *lQJLJH hEHUZDFKXQJVSUDNWL NHQ LP %HUHLFK GHV |IIHQWOLFKHQ XQG GHV SULYDWHQ /HEHQV GLJPD II ]LW hEHUZDFKXQJVSUDNWLNHQ :(/6+ %5$1'21 &)$55,1*721 '$9,' 3 &ULPH SUHYHQWLRQ HIIHFWV RI FORVHG FLUFXLW WHO HYLVLRQ D V\VWHPDWLF UHYLHZ +RPH 2IILFH 5HVHDUFK 6WXG\ /RQGRQ DEUXI EDU XQWHU KWWSZHEDUFKLYHQDWLRQDODUFKLYHVJRYXNKWWSXNVLWH VWDWFRPKRPHRIILFHUGVV"UGVKRUVSGIQVBW\SH SGIQVBXUO >KWWSZZZKRPHRI ILFHJRYXNUGVSGIVKRUVSGI@! :,('(5,1 (:$/' 3ULYDWVSKlUH XQG hEHUZDFKXQJVVWDDW :LHQ ]LW 3ULYDWVSKlUH :,('(5,1 (:$/' 9LGHREHUZDFKXQJ XQG *UXQGUHFKWH LQ 5(,7(5:,770$117,:$/' II ]LW 9LGHREHUZDFKXQJ :h67(1%(5* ',5. .RPPXQDOH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 3OlW]H .RPP-XU II :<66 0$57,1 3+,/,33 gIIHQWOLFKH ,QWHUHVVHQ ± ,QWHUHVVHQ GHU gIIHQWOLFKNHLW +DELO %HUQ /,, /LWHUDWXU =$/81$5'2:$/6(5 52%(572 9HUGHFNWH NULPLQDOSROL]HLOLFKH (UPLWWOXQJVPDVVQDKPHQ XQWHU EHVRQGHUHU %HUFNVLFKWLJXQJ GHU 2EVHUYDWLRQ 'LVV =ULFK =,/.(16 0$57,1 9LGHREHUZDFKXQJ ± (LQH UHFKWOLFKH %HVWDQGHVDXIQDKPH 'X' II =,00(5/, 8/5,&+ 9HUVDPPOXQJVIUHLKHLW LQ 0(57(13$3,(5 II =g//(5 0$5. $ 0|JOLFKNHLWHQ XQG *UHQ]HQ SROL]HLOLFKHU 9LGHREHUZDFKXQJ 19Z= II =h1' $1'5($6(55$66 &+5,6723+ 'LH SROL]HLOLFKH *HQHUDONODXVHO =%-9 II =85$:6., 1,/6 +UVJ 6LFKHUKHLWVGLVNXUVH $QJVW .RQWUROOH XQG 6LFKHUKHLW LQ HLQHU ÄJH IlKUOLFKHQ³ :HOW )UDQNIXUW D0 =85$:6., 1,/6&=(5:,16., 67()$1 9LGHREHUZDFKXQJ LQ +DPEXUJ $EVFKOXVVEHULFKW 0lU] DEUXIEDU XQWHU ZZZXQLKDPEXUJGHVXUYHLOODQFHDEVFKOXVVEHULFKW B$SGI! XQG ZZZXQLKDPEXUJGHVXUYHLOODQFHDEVFKOXVVEHULFKWB%SGI! /,,, 0DWHULDOLHQ 'LH 0DWHULDOLHQ ZHUGHQ JHPlVV QDFKVWHKHQGHQ NXUVLYHQ .XU]WLWHOQ ]LWLHUW +LQZHLVH DXI ZHLWHUH 0DWHULDOLHQ ILQGHQ VLFK LP 7H[W %HU 6LFKHUKHLWVILUPHQ %HULFKW GHV %XQGHVUDWHV ]X GHQ SULYDWHQ 6LFKHUKHLWV XQG 0LOLWlU ILUPHQ YRP 'H]HPEHU %%O II %HU 9LGHREHUZDFKXQJ 9LGHREHUZDFKXQJ ]X 6LFKHUKHLWV]ZHFNHQ LQ %DKQK|IHQ )OXJ KlIHQ XQG DQ DQGHUHQ |IIHQWOLFKHQ 2UWHQ %HULFKW GHV (-3' YRP 6HSWHPEHU DE UXIEDU XQWHU ZZZHMSGDGPLQFKFRQWHQWGDPGDWDSUHVVHPLWWHLOXQJSPB BBEHULFKWBEHULFKWBYLGHRXHEHUZDFKXQJSXEOGSGI! %RWVFK bQG 6W*% 06W* /9* %RWVFKDIW EHU GLH bQGHUXQJ GHV 6FKZHL]HULVFKHQ 6WUDI JHVHW]EXFKHV XQG GHV 0LOLWlUVWUDIJHVHW]HV 6WUDIEDUH +DQGOXQJHQ JHJHQ GDV 9HUP| JHQ XQG 8UNXQGHQIlOVFKXQJ VRZLH EHWUHIIHQG GLH bQGHUXQJ GHV %XQGHVJHVHW]HV EHU GLH ZLUWVFKDIWOLFKH /DQGHVYHUVRUJXQJ YRP $SULO %%O ,, II %RWVFK $X* %RWVFKDIW ]XP %XQGHVJHVHW] EHU GLH $XVOlQGHULQQHQ XQG $XVOlQGHU YRP 0lU] %%O II %RWVFK %HLWULWW ('6h %RWVFKDIW EHWUHIIHQG GHQ %HLWULWW ]XP hEHUHLQNRPPHQ GHV (XUR SDUDWV ]XP 6FKXW] GHV 0HQVFKHQ EHL GHU DXWRPDWLVFKHQ 9HUDUEHLWXQJ SHUVRQHQEH]R JHQHU 'DWHQ YRP 1RYHPEHU %%O , II %RWVFK %LODWHUDOH ,, %RWVFKDIW ]XU *HQHKPLJXQJ GHU ELODWHUDOHQ $ENRPPHQ ]ZLVFKHQ GHU 6FKZHL] XQG GHU (XURSlLVFKHQ 8QLRQ HLQVFKOLHVVOLFK GHU (UODVVH ]XU 8PVHW]XQJ GHU $ENRPPHQ ©%LODWHUDOH ,,ª YRP 2NWREHU %%O II %RWVFK %:,6 %RWVFKDIW ]XP %XQGHVJHVHW] EHU 0DVVQDKPHQ ]XU :DKUXQJ GHU LQQHUHQ 6LFKHUKHLW XQG ]XU 9RONVLQLWLDWLYH Ä6R6 6FKZHL] RKQH 6FKQIIHOSROL]HL³ YRP 0lU] %%O II %RWVFK %:,6 ,, %RWVFKDIW ]XU bQGHUXQJ GHV %XQGHVJHVHW]HV EHU 0DVVQDKPHQ ]XU :DK UXQJ GHU LQQHUHQ 6LFKHUKHLW %:,6 %HVRQGHUH 0LWWHO GHU ,QIRUPDWLRQVEHVFKDIIXQJ YRP -XQL %%O II %RWVFK '6* %RWVFKDIW ]XP %XQGHVJHVHW] EHU GHQ 'DWHQVFKXW] '6* YRP 0lU] %%O ,, II %RWVFK 3RO*85 %RWVFKDIW ]XP 3ROL]HLJHVHW] 3RO* $PWVEODWW GHV .DQWRQV 8UL YRP 2NWREHU 1U II %RWVFK 6W32 %RWVFKDIW ]XU 9HUHLQKHLWOLFKXQJ GHV 6WUDISUR]HVVUHFKWV YRP 'H]HPEHU %%O II %RWVFK 7HLOUHYLVLRQ '6* %RWVFKDIW ]XU bQGHUXQJ GHV %XQGHVJHVHW]HV EHU GHQ 'DWHQ VFKXW] '6* XQG ]XP %XQGHVEHVFKOXVV EHWUHIIHQG GHQ %HLWULWW GHU 6FKZHL] ]XP =X VDW]SURWRNROO YRP 1RYHPEHU ]XP hEHUHLQNRPPHQ ]XP 6FKXW] GHV 0HQVFKHQ EHL GHU DXWRPDWLVFKHQ 9HUDUEHLWXQJ SHUVRQHQEH]RJHQHU 'DWHQ EH]JOLFK $XIVLFKWVEH K|UGHQ XQG JUHQ]EHUVFKUHLWHQGHU 'DWHQEHUPLWWOXQJ YRP )HEUXDU %%O II %RWVFK 9( %RWVFKDIW EHU HLQH QHXH %XQGHVYHUIDVVXQJ YRP 1RYHPEHU %%O , II %RWVFK =* %RWVFKDIW EHU HLQ QHXHV =ROOJHVHW] YRP 'H]HPEHU %%O /9 0DWHULDOLHQ ([SODQDWRU\ 0HPRUDQGXP 5HF &RXQFLO RI (XURSH &RPPLWWHH RI 0LQLVWHUV ([ SODQDWRU\ 0HPRUDQGXP WR 5HFRPPHQGDWLRQ 1R 5 RI WKH &RPPLWWHH RI 0LQ LVWHUV WR 0HPEHU 6WDWHV UHJXODWLQJ WKH XVH RI SHUVRQDO GDWD LQ WKH SROLFH VHFWRU DGRS WHG RQ 6HSWHPEHU DEUXIEDU XQWHU KWWSVZFGFRHLQWZFG9LHZ'RFMVS" LG ! ([SODQDWRU\ 5HSRUW ('6h &RXQFLO RI (XURSH ([SODQDWRU\ 5HSRUW WR WKH &RQYHQWLRQ IRU WKH 3URWHFWLRQ RI ,QGLYLGXDOV ZLWK UHJDUG WR $XWRPDWLF 3URFHVVLQJ RI 3HUVRQDO 'DWD DEUXIEDU XQWHU KWWSFRQYHQWLRQVFRHLQW7UHDW\(15HSRUWV+WPOKWP! 9RUWUDJ 3RO*%( 9RUWUDJ GHV 5HJLHUXQJVUDWHV DQ GHQ *URVVHQ 5DW EHWUHIIHQG bQGHUXQJ GHV 3ROL]HLJHVHW]HV 7DJEODWW GHV *URVVHQ 5DWHV GHV .DQWRQV %HUQ 6HSWHPEHUVHVVLRQ YRP ELV 6HSWHPEHU -DKUJDQJ 'RNXPHQW %HLODJH 1U /9, (LQOHLWXQJ , (LQIKUXQJ LQ GDV 3UREOHP XQG 6SDQQXQJVIHOG GHU 9LGHREHUZDFKXQJ 2EZRKO IU GLH 6FKZHL] ± ZLH DXFK IU DQGHUH HXURSlLVFKH /lQGHU ± JHQDXH XQG YRU DOOHP YHUOlVVOLFKH =DKOHQ ]XP 8PIDQJ GHU 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]X JlQJOLFKHQ 5lXPHQ IHKOHQ OlVVW VLFK GHQQRFK GLH )HVWVWHOOXQJ WUHIIHQ GDVV GLH 9LGHREHUZDFKXQJ LQ GHQ OHW]WHQ -DKUHQ VWDUN DQ %HGHXWXQJ JHZRQQHQ KDW XQG GDVV GHUHQ %HGHXWXQJ ZHLWHU ]XQHKPHQ ZLUG 9LGHRNDPHUDV VLQG IU MHGHUPDQQ SUDNWLVFK YHUIJEDU 6LH ZHUGHQ DQ ]DKOUHLFKHQ 2UWHQ HLQJHVHW]W HWZD XP 6WUDVVHQ 3OlW]H 3DUNDQODJHQ %DKQVWHLJH %DQNHQ (LQNDXIV]HQWUHQ 0XVHHQ 7DQNVWHOOHQ )XVVEDOOVWDGLHQ 'LVNRWKHNHQ +RWHOV 6FKZLPPElGHU 6FKXOKlXVHU $EIDOOVDP PHOVWHOOHQ +DXV XQG *HVFKlIWVHLQJlQJH %XVVH RGHU %DKQHQ ]X EHUZDFKHQ 2IWPDOV GLHQW GLH hEHUZDFKXQJ 6LFKHUKHLWV]ZHFNHQ QDPHQWOLFK GD]X 6DFKHQ RGHU 3HUVRQHQ YRU NULPLQHOOHQ +DQGOXQJHQ ]X VFKW]HQ XQG YRUJHIDOOHQH 'HOLNWH OHLFKWHU DXINOlUHQ ]X N|QQHQ (LQJHVHW]W ZHUGHQ 9LGHRNDPHUDV MHGRFK DXFK HWZD ]XU /HQ NXQJ XQG .RQWUROOH YRQ 9HUNHKUV RGHU 3HUVRQHQVWU|PHQ DOV HOHNWURQLVFKHU 5FN VSLHJHO ]XU %UDQGHUNHQQXQJ ]XU 6XFKH QDFK YHUPLVVWHQ 3HUVRQHQ RGHU ± LQ .RP ELQDWLRQ PLW GHU DXWRPDWLVFKHQ 1XPPHUQVFKLOGHUNHQQXQJ ± ]XU )HVWVWHOOXQJ RE 0DXWEHLWUlJH EH]DKOW ZXUGHQ 9JO LPPHUKLQ GHQ hEHUEOLFN EHL +(03(/ II %HVRQGHUV VWDUN YHUEUHLWHW LVW GLH 9LGHR EHUZDFKXQJ LQ *URVVEULWDQQLHQ YJO GD]X XQG ]X GHQ +LQWHUJUQGHQ +(03(/ II VD &R( 5HSRUW YLGHR VXUYHLOODQFH & ,, =XP %HJULII GHV |IIHQWOLFK ]XJlQJOLFKHQ 5DXPHV YJO KLQWHQ (LQOHLWXQJ ,, 9JO LPPHUKLQ ./$86(5 9LGHREHUZDFKXQJ II /,1** II ./$86(5 9LGHREHUZDFKXQJ II &=(5:,1.6, 52%% +(16+$: 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL II 1== YRP 0DL $Q GHU VFKRQ ]X %HJLQQ GHU HU-DKUH JHWURIIHQHQ )HVWVWHOOXQJ GHV %- ZRQDFK GLH +lXILJNHLW GHU 9LGHREHUZDFKXQJ LP =XQHKPHQ EHJULIIHQ VHL KDW VLFK VRPLW QLFKWV JHlQGHUW YJO *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII VD EHUHLWV GLH )HVWVWHOOXQJ GHV ('6% LP 7% ZRQDFK 9LGHRNDPHUDV ÄLQ XQVHUHP /HEHQ VHLW HLQLJHQ -DKUHQ WlJOLFK DQ]XWUHIIHQ³ VLQG 9JO GD]X 6&+:(,=(5 3ULYDF\ XQG 58',1 (URVLRQ I GLH DXI GLH PLW GHU ]XQHK PHQGHQ 9HUIJEDUNHLW DOOHU P|JOLFKHQ 'DWHQHUIDVVXQJVWHFKQLNHQ YHUEXQGHQHQ *HIDKUHQ IU GLH 3HUV|QOLFKNHLW KLQZHLVHQ 1== YRP 'H]HPEHU 1== YRP -XQL 6ROFKH HOHNWURQLVFKHQ 5FNVSLHJHO N|QQHQ GHP 7UDP RGHU %XVFKDXIIHXU ]% GD]X GLHQHQ GDV *HVFKHKHQ LP %HUHLFK GHU KLQWHUHQ 7UHQ RGHU KLQWHU GHP )DKU]HXJ ]X EHREDFKWHQ YJO /$8; I 9JO HWZD GLH %HLVSLHOH EHL 58(** XQG *:2='(. 9LGHREHUZDFKXQJVWHFKQLN I (LQOHLWXQJ *UXQGVlW]OLFKH SROLWLVFKH :LGHUVWlQGH JHJHQ GHQ (LQVDW] YRQ 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ VLQG QLFKW DXV]XPDFKHQ 6RZRKO LP $XVODQG DOV DXFK LQ GHU 6FKZHL] VW|VVW ]XPLQGHVW GLH VWDDWOLFKH 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP PHKUKHLWOLFK DXI $N]HSWDQ] 6LH HQWZLFNHOW VLFK JHUDGH]X ]X HL QHP 7HLO ÄXUEDQHU ,QIUDVWUXNWXU³ 'LH *UQGH IU GLH QXU JHULQJH $EOHKQXQJ GHU 9LGHREHUZDFKXQJ P|JHQ YLHOIlOWLJ XQG NRPSOH[ VHLQ XQG EHGUIWHQ HLQHU YHU 9JO GLH =XVDPPHQIDVVXQJ ELVKHULJHU DXVOlQGLVFKHU 8PIUDJHHUJHEQLVVH EHL /,1 II 2&+6(1)(/'5(33 II %$576&+ ./$86(5 9LGHREHUZDFKXQJ II *5$6 9L GHREHUZDFKXQJ II YJO VRGDQQ %h&.,1*.8%(5$ I I II 0(5./( 9LGHREHUZDFKXQJ ,, I /8; .8%( ( +(03(/7g3)(5 &&79 II YJO DEHU GLH (LQVFKlW]XQJ YRQ 921 =(=6&+:,7= 5] 9JO .$5/ : +$/7,1(5$1'5($6 :(1*(56,/9,$ :h50/,856 :(1*(5$11$ /,32:,&= 6LFKHUKHLW ± $XVVHQ 6LFKHUKHLWV XQG 9HUWHLGLJXQJVSROLWLVFKH 0HLQXQJVELO GXQJ LP 7UHQG =ULFK I 7,%25 6=9,5&6(9 75(6&+$1'5($6 :(1*(56,/9,$ :h50/,0$5. 3/(76&+(5856 :(1*(5 6LFKHUKHLW ± $XVVHQ 6L FKHUKHLWV XQG 9HUWHLGLJXQJVSROLWLVFKH 0HLQXQJVELOGXQJ LP 7UHQG KUVJ YRQ 7LERU 6]YLUFVHY 7UHVFK$QGUHDV :HQJHU =ULFK ./$86(5 9LGHREHUZDFKXQJ II 63(,&+*$5&,$ /,1** I /$8; EHWUHIIHQG GLH 9LGHREHUZD FKXQJ LQ |IIHQWOLFKHQ 9HUNHKUVPLWWHOQ YJO ]XU GHXWOLFKHQ $QQDKPH GHV 9LGHR5HJ/8 -D JHJHQ 1HLQ6WLPPHQ 1== YRP -XQL 8PIUDJHQ ]XU $N]HSWDQ] YRQ 9LGHREHUZDFKXQJ VLQG MHGRFK IHKOHUDQIlOOLJ GD GHUHQ (UJHEQLV OHLFKW GXUFK GLH $UW XQG :HLVH GHU )UDJHVWHOOXQJ XQG GHQ .RQWH[W GHU )UDJH EHHLQIOXVVW ZLUG 6R IKUW EVSZ HLQH DQ OlVVOLFK GHU %HIUDJXQJ YRUJHQRPPHQH .RQIURQWDWLRQ PLW SRVLWLYHQ bXVVHUXQJHQ ]XU 9LGHR EHUZDFKXQJ ]X K|KHUHQ HLQH .RQIURQWDWLRQ PLW NULWLVFKHQ bXVVHUXQJHQ ]X WLHIHUHQ =XVWLP PXQJVUDWHQ YJO /,1 *5$6 9LGHREHUZDFKXQJ ./$86(5 9LGHREHUZDFKXQJ I ./$86(5 6LFKHUKHLWVVWDGW 'DV (UJHEQLV ZLUG DXFK EHHLQIOXVVW GXUFK 2UW XQG =HLW GHU %HIUDJXQJ YJO *5$6 9LGHREHUZDFKXQJ 9JO KLQWHQ )Q +(03(/0(7(/0$11 I ./$86(5 1DFKKDOWLJNHLW &R( 5HVROXWLRQ YLGHR VXU YHLOODQFH =LII II &R( 5HSRUW YLGHR VXUYHLOODQFH & , 6R ZLUG YHUPXWHW GDVV GHU (LQ]HOQH DQJHVLFKWV HLQHU JHIKOWHQ %HGURKXQJ GXUFK .ULPLQDOLWlW XQG 7HUURULVPXV JUXQGVlW]OLFK XQG YHUVWlUNW GD]X WHQGLHUW SHUV|QOLFKH 6LFKHUKHLW GHU SHUV|Q OLFKHQ )UHLKHLW EHU]XRUGQHQ YJO 5(,6&+/ $XFK ZLUG GLH $N]HSWDQ] ]XQHKPHQGHU VWDDWOLFKHU .RQWUROOH XQG hEHUZDFKXQJ GDPLW LQ 9HUELQGXQJ JHEUDFKW GDVV 6LFKHUKHLW DOV 9R UDXVVHW]XQJ IU XQJHVW|UWHQ .RQVXP XQJHVW|UWHV 9HUJQJHQ XQG XQJHVW|UWH 8QWHUKDOWXQJ HU DFKWHW ZLUG GDVV DOVR GLH DOV HUVWUHEHQVZHUW HUDFKWHWH Ä(UOHEQLVJHVHOOVFKDIW³ RKQH JOHLFK]HLWL JH Ä6LFKHUKHLWVJHVHOOVFKDIW³ QLFKW IXQNWLRQLHUHQ N|QQH GD]X HWZD /87= (//5,&+ *HIDQJHQ LP %LOG" ± Ä%LJ %URWKHU³ XQG GLH JHVHOOVFKDIWOLFKH :DKUQHKPXQJ GHU hEHUZDFKXQJ LQ +(03(/0(7(/0$11 II 'LH KRKH $N]HSWDQ] GHU 9LGHREHUZDFKXQJ ZLUG HEHQIDOOV GD UDXI ]XUFNJHIKUW GDVV LQ GHU %HY|ONHUXQJ DXFK DXIJUXQG YRQ VHOHNWLYHQ 0HGLHQEHULFKWHQ RGHU bXVVHUXQJHQ YRQ 3ROLWLNHUQ WHLOZHLVH IDOVFKH 9RUVWHOOXQJHQ EHU GLH )XQNWLRQVZHLVH XQG :LUNVDPNHLW GHU .DPHUDV RGHU GDV $XVPDVV GHU WDWVlFKOLFKHQ .ULPLQDOLWlWVEHODVWXQJ EH VWHKHQ YJO GD]X *5$6 9LGHREHUZDFKXQJ I I 0h//(5 +( )Q 2&+6(1)(/'5(33 II .$00(5(5 0\WKRV GHU 9LGHREHUZDFKXQJ I *,//635,**6 I %(1-$0,1 - *22/' &&79 DQG 3ROLFLQJ ± 3XEOLF $UHD 6XUYHLOODQFH DQG 3ROLFH 3UDFWLFHV LQ %ULWDLQ 2[IRUG II /(21 +(03(/ $ SHUIHFW 0DUULDJH ± 'LH $NWLYLHUXQJ GHV )HUQVHK]XVFKDXHUV DOV 9LGHREHREDFKWHU LQ +(03(/0(7(/0$11 II YJO ]XU 'LYHUJHQ] YRQ 5LVLNRUHDOLWlW XQG 5LVLNRZDKUQHKPXQJ XQG GHUHQ %HGHXWXQJ IU GHQ *HVHW]JHEXQJVSUR]HVV LQVEHVRQGHUH .2//(56&+,1'/(5 II 6FKOLHVVOLFK VFKHLQHQ VLFK YLHOH 3HUVRQHQ ± DOV UHFKWVFKDIIHQH %UJHU GLH QLFKWV ]X YHUEHUJHQ KDEHQ ± YRQ GHU 9LGHR EHUZDFKXQJ JDU QLFKW EHWURIIHQ ]X IKOHQ YJO &=(5:,1.6, I (LQIKUXQJ LQ GDV 3UREOHP XQG 6SDQQXQJVIHOG GHU 9LGHREHUZDFKXQJ WLHIWHUHQ 8QWHUVXFKXQJ +LQJHZLHVHQ VHL MHGRFK GDUDXI GDVV GLH =XVWLPPXQJ ]XU 9LGHREHUZDFKXQJ QLFKW LQ XQGLIIHUHQ]LHUWHU :HLVH HUIROJW 6LH KlQJW ZHVHQWOLFK YRQ GHP LQ )UDJH VWHKHQGHQ (LQVDW]RUW DE VRZLH GHP SHUV|QOLFKHQ 1XW]HQ GHQ VLFK GHU (LQ]HOQH YRQ GHU hEHUZDFKXQJ YHUVSULFKW *HKW HV XP GLH 6WHLJHUXQJ GHV 6LFKHUKHLWVJHIKOV VFKHLQW GHU (LQ]HOQH HLQH 9HUVWlUNXQJ GHU 3ROL]HLSUlVHQ] HLQHU 9LGHREHUZDFKXQJ JUXQGVlW]OLFK YRU]X]LHKHQ 'LH %HIUZRUWHU GHV (LQVDW]HV YRQ 9LGHREHUZDFKXQJ HUKRIIHQ VLFK YRQ LKU HLQH DEVFKUHFNHQGH :LUNXQJ DXI SRWHQ]LHOOH 6WUDIWlWHU HLQH HUOHLFKWHUWH $XINOlUXQJ YRQ 6WUDIWDWHQ HLQH 9HUEHVVHUXQJ GHV 6LFKHUKHLWVJHIKOV XQG HLQH 2SWLPLHUXQJ SROL]HL OLFKHU $NWLRQHQ 'LH *HJQHU XQG .ULWLNHU GHU 9LGHREHUZDFKXQJ VHKHQ LQ LKU (LQH hEHUZDFKXQJ PRQRIXQNWLRQDOHU DQRQ\PHU ]XU $XVEXQJ SHUV|QOLFKHU XQG VR]LDOHU $N WLYLWlWHQ ZHQLJ DWWUDNWLYHU 2UWH ZLH ]% 3DUNKlXVHU )XVVJlQJHUXQWHUIKUXQJHQ RGHU $EIDOO VDPPHOVWHOOHQ VW|VVW WHQGHQ]LHOO DXI JU|VVHUH =XVWLPPXQJ DOV HLQH hEHUZDFKXQJ YRQ 2UWHQ GLH GHU (LQ]HOQH DOV SULYDW RGHU LQWLP ZDKUQLPPW ZLH ]% 8PNOHLGHNDELQHQ XQG 7RLOHWWHQ GHQHQ HU SHUV|QOLFKHQ 6LQQ XQG :HUW EHLPLVVW RGHU DQ GHQHQ HU SHUV|QOLFKHV 9HUKDOWHQ DQ GHQ 7DJ OHJHQ RGHU SHUV|QOLFKH %H]LHKXQJHQ SIOHJHQ P|FKWH ZLH 3DUNV |IIHQWOLFKH 3OlW]H XQG :RKQJHELHWH YJO GD]X ./$86(5 9LGHREHUZDFKXQJ ./$86(5 5DXPDQHLJQXQJ ./$86(5 6LFKHUKHLWVVWDGW I +(03(/7g3)(5 &&79 II =85$:6., &=(5:,16., =,/.(16 =XGHP VW|VVW GLH hEHUZDFKXQJ YRQ .ULPLQDOLWlWVEUHQQSXQN WHQ JUXQGVlW]OLFK DXI =XVWLPPXQJ ZlKUHQG GHU IOlFKHQGHFNHQGHQ hEHUZDFKXQJ DEHU PHKU KHLWOLFK DEOHKQHQG EHJHJQHW ZLUG YJO &=(5:,1.6, II 7HQGHQ]LHOO HKHU DEJHOHKQW ZLUG GLH SULYDWH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 7URWWRLUV ZDV GDUDXI ]XUFNJHIKUW ZLUG GDVV GLH %HWURIIHQHQ LQ LKU NHLQHQ SHUV|QOLFKHQ 1XW ]HQ HUNHQQHQ YJO ./$86(5 9LGHREHUZDFKXQJ II ./$86(5 6LFKHUKHLWVVWDGW YJO IHUQHU 63(,&+*$5&,$ I ./$86(5 9LGHREHUZDFKXQJ II II XQG I ./$86(5 6LFKHUKHLWV VWDGW ./$86(5 5DXPDQHLJQXQJ /,1** 2E HLQH (UK|KXQJ GHU 3ROL]HLSUl VHQ] GDV 6LFKHUKHLWVJHIKO DEHU WDWVlFKOLFK ]X VWHLJHUQ YHUPDJ LVW IUDJOLFK YJO GD]X .$5/ +(,1= 5(8%$1' 6WHLJHUW 3ROL]HLSUlVHQ] GDV 6LFKHUKHLWVJHIKO" ± (LQH YHUJOHLFKHQGH 6WXGLH LQ ZHVW XQG RVWGHXWVFKHQ 6WlGWHQ LQ 6&+g&+-(+/( II 9JO GD]X *5$6 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH II XQG KLQWHQ 7HLO ,9 % bQJVWHQ YRU HLQHP hEHUPDVV DQ hEHUZDFKXQJ ZLUG QLFKW VHOWHQ HQWJHJQHW GDVV GHUMHQLJH GHU QLFKWV ]X YHUEHUJHQ DXFK QLFKWV ]X EHIUFKWHQ KDEH (V LVW ULFKWLJ GDVV GHUMHQLJH GHU LP |I IHQWOLFKHQ 5DXP NHLQH 6WUDIWDWHQ EHJHKW QLFKW HUQVWKDIW GDPLW UHFKQHQ PXVV VWUDIUHFKWOLFK YHUIROJW ]X ZHUGHQ 'HQQRFK LVW DXI GLH *HIDKU KLQ]XZHLVHQ GDVV HLQH YR\HXULVWLVFK PRWLYLHU WH RGHU GLVNULPLQLHUHQGH 'DWHQEHVFKDIIXQJ VWDWWILQGHW GLH HUKREHQHQ 'DWHQ YHUNQSIW XQG ]X HLQHP *HVDPWELOG ]XVDPPHQJHIJW ZHUGHQ RGHU DOOHQIDOOV DXFK PLVVEUlXFKOLFK RGHU ]ZHFN ZLGULJ ZHLWHUEHDUEHLWHW QDPHQWOLFK EHNDQQW JHJHEHQ RGHU YHU|IIHQWOLFKW ZHUGHQ 'LHVH $U JXPHQWDWLRQ YHUNHQQW ]XGHP GDVV GLH 9LGHRhEHUZDFKXQJ GHQ (LQ]HOQHQ JDQ] DOOJHPHLQ LQ VHLQHU 9HUKDOWHQVIUHLKHLW RGHU GHU :DKUQHKPXQJ YRQ *UXQGUHFKWHQ HWZD GHU 7HLOQDKPH DQ |IIHQWOLFKHQ .XQGJHEXQJHQ ]X EHHLQWUlFKWLJHQ LQ GHU /DJH LVW 'DV :LVVHQ XP GLH %HREDFK WXQJ RGHU $XI]HLFKQXQJ NDQQ GHQ (LQ]HOQHQ VRPLW DXFK YRQ GHU $XVEXQJ QLFKW VWUDIEDUHU DEHU SHUV|QOLFKNHLWVQDKHU RGHU JDU JUXQGUHFKWOLFK JHVFKW]WHU IU GDV )XQNWLRQLHUHQ HLQHU GHPRNUDWLVFKHQ *UXQGRUGQXQJ YRUDXVJHVHW]WHU 7lWLJNHLWHQ DEKDOWHQ 'DUEHU KLQDXV EHZLUNW GDV $UJXPHQW ZRQDFK GHUMHQLJH GHU QLFKWV ]X YHUVWHFNHQ MD DXFK QLFKWV ]X EHIUFKWHQ KDEH HLQHQ 5HFKWIHUWLJXQJVGUXFN XQG HLQHQ *HQHUDOYHUGDFKW GHU VLFK PLW GHP 5HFKW GHV (LQ]HOQHQ VHOEVW EHU GLH 3UHLVJDEH SHUV|QOLFKHU 'DWHQ ]X EHVWLPPHQ QLFKW YHUWUlJW :HOFKH 'DWHQ GHU (LQ]HOQH EHNDQQW JHEHQ ZLOO OLHJW LQ VHLQHU HLJHQHQ ± GXUFK GLH 3HUV|QOLFKNHLWVUHFKWH GHV =L YLO E]Z 'DWHQVFKXW] XQG 9HUIDVVXQJVUHFKWV JHVFKW]WHQ ± (QWVFKHLGXQJVIUHLKHLW 'LH $U (LQOHLWXQJ PDQQLJIDOWLJH *HIDKUHQ %HIUFKWHW ZHUGHQ LQVEHVRQGHUH VWDUNH )UHLKHLWVHLQ VFKUlQNXQJHQ GXUFK GLH 9HUXUVDFKXQJ HLQHV ODWHQWHQ $QSDVVXQJVGUXFNHV XQG HLQHV 9HUOXVWHV DQ $XWRQRPLH 6HOEVWEHVWLPPXQJ XQG 3ULYDWVSKlUH *OHLFK]HLWLJ ZHUGH GXUFK GLH 9LGHREHUZDFKXQJ GLH IUHLKHLWOLFKH XQG GHPRNUDWLVFKH *UXQGRUGQXQJ DQ VLFK LQ *HIDKU JHEUDFKW %HNODJW ZLUG GDVV ÄGHU SROL]HLOLFKH 1RWVWDQG³ ]XP Ä5HJHOIDOO³ ZHUGH XQG GDVV PLW GHU ]XQHKPHQGHQ 9LGHREHUZDFKXQJ GLH *HIDKU JXPHQWDWLRQ LPSOL]LHUW DEHU GDVV GLH 1LFKWSUHLVJDEH YRQ 'DWHQ E]Z GLH 9HUPHLGXQJ HLQHU hEHUZDFKXQJ DXV $QJVW YRU HLQHU VWUDIUHFKWOLFKHQ 9HUIROJXQJ RGHU ]XPLQGHVW HLQHU PRUDOL VFKHQ 9HUXUWHLOXQJ HUIROJH XQG GDV 9HUEHUJHQ YRQ $QVLFKWHQ RGHU 9HUKDOWHQVZHLVHQ JHJHQ EHU GHU gIIHQWOLFKNHLW GDPLW SHU VH XQ]XOlVVLJ RGHU ]XPLQGHVW XQHKUHQKDIW LVW 'DPLW ZUGH GHU ULFKWLJH *HGDQNH GDVV GHU (LQ]HOQH ]XU 6LFKHUXQJ VHLQHU 3HUV|QOLFKNHLWVHQWIDOWXQJ EHU GLH YROOXPIlQJOLFKH 9HUIJXQJVPDFKW EH]JOLFK VHLQHU HLJHQHQ 'DWHQ YHUIJHQ PXVV UHJHO UHFKW SHUYHUWLHUW =XP 6FKXW]JHKDOW GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LP %H VRQGHUHQ YJO KLQWHQ 7HLO ,9 $ VD 7HLO ,, $ 9JO ]XU 3UREOHPDWLN GHU $UJXPHQWDWL RQ GDVV GHUMHQLJH GHU QLFKWV ]X YHUEHUJHQ MD DXFK QLFKWV ]X EHIUFKWHQ KDEH DXFK 6&+$$5 'DVV GLH 9LGHREHUZDFKXQJ ]X HLQHP $QSDVVXQJVGUXFN IKUW ZLUG LQ GHU UHFKWVZLVVHQVFKDIW OLFKHQ /LWHUDWXU JHUQH PLW GHU VR]LDOSV\FKRORJLVFKHQ Ä7KHRULH GHU REMHNWLYHQ 6HOEVWDXIPHUN VDPNHLW³ Ä7KHRU\ RI REMHFWLYH VHOIDZDUHQHVV³ EHJUQGHW YJO HWZD .g1,* 5 *(,*(5 I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H /$1* 3ULYDWH 9LGHREHUZDFKXQJ %$86&+ I '2/'(5(5 2&+6(1)(/'5(33 I 7DW VlFKOLFK OlVVW VLFK GXUFK ([SHULPHQWH EHOHJHQ GDVV GHU (LQ]HOQH DXIJUXQG GHU *HJHQZDUW HL QHU EHREDFKWHQGHQ 3HUVRQ E]Z YRQ .DPHUDV ± ZHQQ DXFK LQ LQGLYLGXHOO VWDUN XQWHUVFKLHGOL FKHP $XVPDVV +(5.1(5 I ± GLH $XIPHUNVDPNHLW YHUVWlUNW DXI VLFK VHOEVW OHQNW XQG VLFK VHOEVW DOV 2EMHNW ZDKUQLPPW 'LHVHU =XVWDQG GHU 6HOEVWDXIPHUNVDPNHLW IKUH GD]X GDVV GHP (LQ]HOQHQ 'LVNUHSDQ]HQ ]ZLVFKHQ LQWHUQHQ 6WDQGDUGV ÄLGHDO VHOIVWDQGDUGV³ ZLH HLJHQH 9RUVWHOOXQJHQ 3ULQ]LSLHQ ,GHDOH XQG (LQVWHOOXQJHQ XQG GHU 5HDOLWlW E]Z GHP WDWVlFKOLFKHQ Ä6HOEVW³ YHUPHKUW EHZXVVW ZUGHQ 'LHV ZLHGHUXP PRWLYLHUH GHQ (LQ]HOQHQ GLH IHVWJHVWHOOWH 'LVNUHSDQ] ]X UHGX]LHUHQ 'HU (LQ]HOQH SDVVH VHLQ 9HUKDOWHQ DQ XP GLH LQWHUQHQ 6WDQGDUGV ]X HUUHLFKHQ RGHU HU YHUVXFKH GHP =XVWDQG GHU 6HOEVWDXIPHUNVDPNHLW EHUKDXSW ]X HQWJHKHQ LQGHP HU GLH 5HL]H ZHOFKH GLH 6HOEVWDXIPHUNVDPNHLW DXVO|VHQ YHUPHLGH YJO GD]X ',(7(5 )5(<52%(57 $ :,&./81'0,&+$(/ ) 6&+(,(5 'LH 7KHRULH GHU REMHNWLYHQ 6HOEVWDXI PHUNVDPNHLW LQ 'LHWHU )UH\0DUWLQ ,UOH >+UVJ@ 7KHRULHQ GHU 6R]LDOSV\FKRORJLH %G , .RJ QLWLYH 7KHRULHQ $XIO %HUQ II /25(1= ),6&+(5*h17(5 :,6:('( *UXQGOD JHQ GHU 6R]LDOSV\FKRORJLH $XIO 0QFKHQ II LQVE *h17(5 :,6:('( 6R]LDOSV\FKRORJLH/H[LNRQ 0QFKHQ I +(5.1(5 I 0,77(1(&.(5 II 52< ) %$80(,67(5.$7+/((1 ' 92+6 (QF\FORSHGLD RI 6RFLDO 3V\FKRORJ\ %G 7KRXVDQG 2DNV HWF JUXQGOHJHQG ]XU 7KHRULH GHU REMHNWLYHQ 6HOEVWDXIPHUNVDPNHLW '89$/ 6+(//(<:,&./81' 52%(57 $ WKHRU\ RI REMHFWLYH VHOI DZDUHQHVV 1HZ <RUN 9JO DXFK KLQWHQ 7HLO 9 ' 9JO GD]X :(,&+(57 9LGHREHUZDFKXQJ 7$86&+(5 I 6&+$$5 )5,('5,&+ 921 =(=6&+:,7= %HJUVVXQJ XQG (LQIKUXQJ LQ 0g//(5921 =(=6&+:,7= II +g)/,1* 5226 9RQ HLQHP 3ROL]HLQRWVWDQG LVW GDQQ GLH 5HGH ZHQQ 3ROL]HLJWHU VR VWDUN XQPLWWHOEDU EHGURKW RGHU YHUOHW]W VLQG GDVV ]X GHUHQ 6FKXW] GLH JHVHW]OLFK YRUJHVHKHQHQ SROL]HLOLFKHQ 0DVVQDK PHQ QLFKW PHKU DXVUHLFKHQ ,Q VROFKHQ )lOOHQ GDUI DXVQDKPVZHLVH DXFK YRP 6W|UHUSULQ]LS GD]X KLQWHQ 7HLO ,9 $ DEJHZLFKHQ ZHUGHQ YJO +b)(/,10h//(58+/0$11 5] XQG XQG KLQWHQ 7HLO ,9 % E LL D VRZLH )Q XQG 52**$1 9LGHREHUZDFKXQJ /(232/' IHUQHU +(03(/0(7(/0$11 (LQIKUXQJ LQ GDV 3UREOHP XQG 6SDQQXQJVIHOG GHU 9LGHREHUZDFKXQJ HLQHU (QWZLFNOXQJ ]X HLQHP hEHUZDFKXQJVVWDDW HLQKHUJHKH E]Z GLH 9LGHREHU ZDFKXQJ ± DOV ,QVWUXPHQW VR]LDOHU .RQWUROOH ± GHQ :HJ LQ HLQH Ä.RQWUROOJHVHOO VFKDIW³ HEQH 3HUVRQHQ ZUGHQ YRUVFKQHOO ORVJHO|VW YRQ MHJOLFKHP .RQWH[W XQG QXU QDFK lXVVHUOLFKHQ 0HUNPDOHQ RGHU 9HUKDOWHQVZHLVHQ NDWHJRULVLHUW GLVNULPL QLHUW RGHU DOV *HIlKUGHU GHV 5HFKWVVWDDWV TXDOLIL]LHUW 'DEHL ZLUG DXI GLH EHVRQGH UHQ 5LVLNHQ LQWHOOLJHQWHU 9LGHRV\VWHPH KLQJHZLHVHQ ZHOFKH ]% DEZHLFKHQGHV 9HUKDOWHQ DXWRPDWLVFK HUNHQQHQ N|QQHQ RGHU DXI GLH *HIDKUHQ ZHOFKH DXV GHU .RPELQDWLRQ YRQ hEHUZDFKXQJVWHFKQRORJLH PLW 'DWHQEDQNHQ ]% LP %HUHLFK GHU %LRPHWULH HQWVWHKHQ 9RQ DQGHUHU 6HLWH ZLUG GDUDXI DXIPHUNVDP JHPDFKW GDVV GHU GXUFK GLH hEHUZDFKXQJ KHUYRUJHUXIHQH ÄVXEWLOH =ZDQJ ]XP .RQIRUPLVPXV³ VR]LDOHQ :DQGHO XQG JHVHOOVFKDIWOLFKH RGHU |NRQRPLVFKH (QWZLFNOXQJ HUVFKZHUH RGHU JDU YHUXQP|JOLFKH ZUGHQ GLHVH GRFK JHUDGH GLH 0|JOLFKNHLW ]X QRQNRQIRU PHP XQG DEZHLFKHQGHP 9HUKDOWHQ YRUDXVVHW]HQ $XFK ZLUG EHIUFKWHW GDVV GLH 9LGHREHUZDFKXQJ KLQWHUJUQGLJ GDIU YHUZHQGHW ZLUG XP ± YRQ JHZLVVHQ %HY|O NHUXQJVNUHLVHQ ± XQHUZQVFKWH 3HUVRQHQ XQG 3HUVRQHQJUXSSHQ ZLH Ä3XQNV³ 'UR JHQ XQG $ONRKRODEKlQJLJH RGHU %HWWOHU DXV GHQ EHUZDFKWHQ %HUHLFKHQ QDPHQW OLFK DXV ,QQHQVWlGWHQ *HVFKlIWVYLHUWHOQ RGHU %DKQK|IHQ ]X YHUGUlQJHQ XQG ]X YHUWUHLEHQ XQG GDPLW OHW]WOLFK |NRQRPLVFKH =LHOH YHUIROJW ZUGHQ RGHU HLQ]LJ SROL WLVFKH XQG VWDDWOLFKH +DQGOXQJVPDFKW GHPRQVWULHUW ZHUGHQ VROO :HLWHUH %HIUFK WXQJHQ JHKHQ GDKLQ GDVV VLFK GLH 0HQVFKHQ GXUFK GLH hEHUZDFKXQJ GDYRQ DEKDO WHQ ODVVHQ JHZLVVH 5lXPH ]X EHWUHWHQ RGHU GDVV HV ]X 0LVVEUlXFKHQ LP 8PJDQJ PLW GHU 9LGHREHUZDFKXQJ NRPPW VHL HV GDVV GLH HUKREHQHQ 'DWHQ QHXHQ QLFKW YRUKHUJHVHKHQHQ =ZHFNHQ ]XJHIKUW RGHU GLH 9LGHRNDPHUDV JDU LQ EHOXVWLJHQGHU RGHU YR\HXULVWLVFKHU $EVLFKW YHUZHQGHW ZHUGHQ 52**$1 9LGHREHUZDFKXQJ /(232/' 921 =(=6&+:,7= 5] +(03(/0(7(/0$11 II GD]X DXFK .g1,* 5 II 9JO 7$86&+(5 $50,7$*( I +(03(/0(7(/0$11 I .5(87=75b*(5267(5 +2/= I 2&+6(1)(/'5(33 IHUQHU $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZD FKXQJ +(03(/0(7(/0$11 II 921 67(&+2: &$0(521 II =X GLHVHQ hEHUZD FKXQJVIRUPHQ XQG P|JOLFKNHLWHQ YJO KLQWHQ 7HLO , % 7$86&+(5 I VD 58',1 $QRQ\PLWlW 9JO ]X GLHVHQ ÄLQRIIL]LHOOHQ ,QWHQWLRQHQ³ GHU 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP 2&+6(1)(/'5(33 II II II .5(87=75b*(5267(5+2/= I .g1,* 5 II II YJO IHUQHU 52**$1 9LGHREHUZDFKXQJ I 0h//(5 +( I &R( 5H SRUW YLGHR VXUYHLOODQFH & ,9 9JO '2/'(5(5 .g1,* 5 II 7$86&+(5 6&+$$5 II GD]X DXFK 5(,1+$5' )5$(1.(/92/.(5 +$00(5 .HLQH 0DXWGDWHQ IU (UPLWWOXQJVYHUIDKUHQ ± $QPHUNXQJ ]XP %HVFKOXVV GHV /* 0DJGHEXUJ 4V 'X' II 9JO .g1,* 5 I ./$86(5 9LGHREHUZDFKXQJ I I (LQOHLWXQJ :HOFKH *HIDKUHQ IU GHQ (LQ]HOQHQ XQG GLH *HVHOOVFKDIW YRQ GHU 9LGHREHUZD FKXQJ WDWVlFKOLFK DXVJHKHQ EHGDUI ZHLWHUHU EHJOHLWHQGHU )RUVFKXQJ 8QEHVWULWWHQ LVW MHGRFK GDVV VLFK GLH 9LGHREHUZDFKXQJ LQ VWDDWOLFKH .RQWUROO XQG hEHUZD FKXQJVPDVVQDKPHQ HLQUHLKW ± ]X GHQNHQ LVW HWZD DQ '1$'DWHQEDQNHQ GLH 5DV WHUIDKQGXQJ RGHU GLH 9RUUDWVGDWHQVSHLFKHUXQJ ± ZRPLW SROL]HLOLFKH (LQJULIIH LQ GDV *HIDKUHQ XQG 9HUGDFKWVYRUIHOG YHUODJHUW ZHUGHQ 'LHV PLW GHP =LHO HLQHU P|JOLFKVW XPIDVVHQGHQ 6LFKHUKHLWVJHZlKUOHLVWXQJ 'LH SROL]HLOLFKH 9LGHREHUZD FKXQJ VWHKW GDPLW DXFK IU GHQ :DQGHO YRQ GHU UHDNWLYHQ ]X HLQHU SURDNWLYHQ RGHU YRUEHXJHQGHQ .ULPLQDOLWlWVEHNlPSIXQJ XQG IU GLH ]XQHKPHQGH 7HQGHQ] MHGHU PDQQ ]XU (UOHLFKWHUXQJ GHU SROL]HLOLFKHQ $UEHLW XQG 5HGX]LHUXQJ YRQ 5LVLNHQ SROL ]HLSIOLFKWLJ ]X PDFKHQ 3ROL]HLOLFKHV +DQGHOQ EH]ZHFNW MH OlQJHU MH PHKU GLH ,Q IRUPDWLRQVEHVFKDIIXQJ DXI 9RUUDW 'DPLW YHUOLHUW OHW]WOLFK DXFK GHU 7DWYHUGDFKW DQ %HJUHQ]XQJVIXQNWLRQ IU GLH VWDDWOLFKH ,QIRUPDWLRQVEHVFKDIIXQJ 0LW GHP =LHO GLH 6LFKHUKHLW ]X JHZlKUOHLVWHQ JHUDWHQ ]XQHKPHQG 8QYHUGlFKWLJH LQV 9LVLHU VWDDW OLFKHU .RQWUROO XQG hEHUZDFKXQJVPDVVQDKPHQ 'HU 7DWYHUGDFKW QLPPW DEHU LP IUHLKHLWOLFKHQ 5HFKWVVWDDW HLQH ZLFKWLJH )XQNWLRQ HLQ XP LQGLYLGXHOOH )UHLKHLWHQ YRU VWDDWOLFKHQ =XJULIIHQ ]X VFKW]HQ ,QVEHVRQGHUH DEHU LVW ]X EHPHUNHQ GDVV GDV 6W|UHUSULQ]LS HURGLHUW 'HU (LQ]HOQH NDQQ DXFK GXUFK OHJDOHV 9HUKDOWHQ GHQ 6WDDW QLFKW PHKU DXI 'LVWDQ] KDOWHQ 3ROL]HLOLFKH 9RUIHOGDNWLYLWlWHQ YHUPLVFKHQ ]XGHP SUlYHQWLYH XQG UHSUHVVLYH =LHOVHW]XQJHQ DOVR *HIDKUHQDEZHKU XQG 6WUDIYHUIRO JXQJ VRZLH GLH =XVWlQGLJNHLWHQ YRQ 3ROL]HL 6WDDWVVFKXW] XQG -XVWL] =XGHP 9JO GD]X GDV YRQ /(21 +(03(/ XQG -g5* 0(7(/0$11 PLW '$9,' /<21 JHIKUWH ,QWHU YLHZ Ä:LU KDEHQ JHUDGH HUVW EHJRQQHQ³ ± hEHUZDFKHQ ]ZLVFKHQ .ODVVLILNDWLRQ XQG (WKLN GHV $QWOLW]HV LQ +(03(/0(7(/0$11 II =XU 3UREOHPDWLN GHU 9RUUDWVGDWHQVSHLFKHUXQJ YJO HWZD -2+$11 %,=(5 9RUUDWVGDWHQVSHLFKH UXQJ HLQ IXQGDPHQWDOHU 9HUIDVVXQJVYHUVWRVV 'X' II 'DV GHXWVFKH %XQGHVYHUIDV VXQJVJHULFKW HUDFKWHW HLQH VHFKVPRQDWLJH DQODVVORVH 6SHLFKHUXQJ YRQ 7HOHNRPPXQLNDWLRQVGD WHQ IU TXDOLIL]LHUWH 9HUZHQGXQJHQ LP 5DKPHQ GHU 6WUDIYHUIROJXQJ GHU *HIDKUHQDEZHKU XQG GHU $XIJDEHQ GHU 1DFKULFKWHQGLHQVWH LQGHVVHQ DOV PLW GHP LQ $UW ** JHZlKUOHLVWHWHQ 7H OHNRPPXQLNDWLRQVJHKHLPQLV QLFKW VFKOHFKWKLQ XQYHUHLQEDU VLHKH %9HUI* %Y5 $EV1U II 9JO '(11,1*(5 5] +(03(/0(7(/0$11 II 58',1 6FKXW] GHU )UHLKHLW I %866-b*(5 I 1(80$11 II .$00(5(5 %LOGHU GHU hEHUZDFKXQJ I YJO IHUQHU GLH PLW ]DKOUHLFKHQ ZHLWHUHQ %HLVSLHOHQ YHUVHKHQH 'DUVWHOOXQJ EHL 5(,6&+/ SDV VLP /,6.(1'(11,1*(5 5] 3,76&+$6 9JO GD]X 1,./$86 2%(5+2/=(5 1HXH JHVHOOVFKDIWOLFKH +HUDXVIRUGHUXQJHQ XQG QHXH 6WUDI EHVWLPPXQJHQ ± HLQH NULWLVFKH %HVWDQGHVDXIQDKPH GHU MQJVWHQ 0DVVQDKPHQ ]XU %HNlPS IXQJ GHV Ä2UJDQLVLHUWHQ 9HUEUHFKHQV³ $-3 II 58',1 6FKXW] GHU )UHLKHLW /,6.(1'(11,1*(5 5] $&.(50$11 I 58',1 6FKXW] GHU )UHLKHLW 'D]X KLQWHQ 7HLO ,9 $ %866-b*(5 92/.0$11 3,76&+$6 0$5,(7+(5(6 7,11()(/' 3ULYDWKHLW XQG 9HUDQWZRUWXQJ GLJPD II 5HSUHVVLRQ ZLUG LQ GLHVHU 8QWHUVXFKXQJ YHUVWDQGHQ DOV 6WUDIYHUIROJXQJ 3UlYHQWLRQ DOV SROL ]HLOLFKH *HIDKUHQDEZHKU XQG 6W|UXQJVEHVHLWLJXQJ YJO 5(,1+$5' (LQIKUXQJ LQ GDV 3UREOHP XQG 6SDQQXQJVIHOG GHU 9LGHREHUZDFKXQJ ILQGHW LP %HUHLFK GHU YRUEHXJHQGHQ %HNlPSIXQJ YRQ 6WUDIWDWHQ HLQH VWDUNH /RVO| VXQJ YRP (UIRUGHUQLV HLQHU NRQNUHWHQ *HIDKU VWDWW 'LH NRQNUHWH *HIDKU ZLUG ]X HLQHU ÄGLIIXVHQ³ *HIDKU ,Q GHQ 9RUGHUJUXQG UFNW GLH ± XQ]XUHLFKHQGH ± %HJUHQ ]XQJVZLUNXQJ GHV 9HUKlOWQLVPlVVLJNHLWVSULQ]LSV 'LHVH ]XQHKPHQGH $QVLHGHOXQJ SROL]HLOLFKHQ +DQGHOQV LP %HUHLFK GHU *HIDKUHQYRUVRUJH VWHOOW HLQHQ HLJHQWOLFKHQ 3DUDGLJPHQZHFKVHO GDU 'LH GDPLW YHUEXQGHQH 9HUPLVFKXQJ YRQ 3UlYHQWLRQ XQG 5HSUHVVLRQ XQG GLH $ENHKU YRQ UHFKWVVWDDWOLFKHQ (UUXQJHQVFKDIWHQ ZLH 7DWYHU GDFKW 6W|UHUSULQ]LS XQG *HIDKUHUIRUGHUQLV IKUHQ DEHU ]X HLQHP QLFKW ]X XQWHU VFKlW]HQGHQ .RQIOLNW PLW GHP 5HFKWVVWDDW XQG GDPLW OHW]WOLFK PLW LQGLYLGXHOOHU )UHLKHLW $/%,1 (6(5 (QWZLFNOXQJ GHV 6WUDIYHUIDKUHQVUHFKWV LQ (XURSD ± 2ULHQWLHUXQJ DQ SROL]HLOLFKHU (IIHNWLYLWlW RGHU DQ UHFKWVVWDDWOLFKHQ *UXQGVlW]HQ" =6W: II I %866-b*(5 =XP %HJULII GHU NRQNUHWHQ *HIDKU KLQWHQ )Q 9JO KLQWHQ 7HLO ,, $ XQG )Q VD KLQWHQ 7HLO , 9JO +(,1( 3,76&+$6 II =XP %HJULII GHU *HIDKUHQYRUVRUJH YJO )Q 3,76&+$6 9JO %866-b*(5 I (LQOHLWXQJ ,, 8QWHUVXFKXQJVJHJHQVWDQG XQG HUVWH %HJULIIH 'LH YRUOLHJHQGH 8QWHUVXFKXQJ EHIDVVW VLFK PLW GHU YHUIDVVXQJV SROL]HL GDWHQ VFKXW] XQG HLQJHVFKUlQNW DXFK GHU VWUDIUHFKWOLFKHQ =XOlVVLJNHLW GHV VWDDWOLFKHQ XQG SULYDWHQ (LQVDW]HV YRQ WHFKQLVFKHQ *HUlWHQ ]XU 9LGHREHREDFKWXQJ XQG DXI]HLFKQXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ XQG ]ZDU YRUZLHJHQG ]X 6LFKHU KHLWV]ZHFNHQ :HQQ DXFK GDV 6FKZHUJHZLFKW GHU 8QWHUVXFKXQJ DXI GLH YRQ VWDDWOLFKHU 6HLWH GXUFKJHIKUWH 9LGHREHUZDFKXQJ JHOHJW ZLUG OlVVW VLH VLFK QLFKW GDUDXI EHVFKUlQ NHQ 'DQDFK ]X GLIIHUHQ]LHUHQ RE GHU 6WDDW RGHU HLQ 3ULYDWHU 'DWHQ PLWWHOV 9LGHR EHUZDFKXQJ HUKHEW VFKHLQW ZHQLJ VLQQYROO HUZDFKVHQ GRFK GHU 3HUV|QOLFKNHLW GHV (LQ]HOQHQ XQG GHU *HVHOOVFKDIW DQ VLFK *HIDKUHQ XQDEKlQJLJ GDYRQ ZHU GLH 9LGHR EHUZDFKXQJ HLQVHW]W 2KQHKLQ LVW HV IU GHQ (LQ]HOQHQ RIW QLFKW HUVLFKWOLFK ZR GHU SULYDWH %HUHLFK DQIlQJW XQG ZR HU DXIK|UW 'LH *UHQ]HQ ]ZLVFKHQ GHP SULYDWHQ XQG GHP |IIHQWOLFKHQ 5DXP JHKHQ QLFKW VHOWHQ IOLHVVHQG LQHLQDQGHU EHU =XGHP LVW HV JHUDGH GLH 6XPPDWLRQ XQG 9HUNQSIXQJ SULYDWHU XQG VWDDWOLFKHU hEHUZD FKXQJ ZHOFKH DOV EHVRQGHUV SUREOHPDWLVFK HUVFKHLQW 5LFKWLJHUZHLVH LVW VRPLW GHU (LQVDW] YRQ 9LGHREHUZDFKXQJ VRZRKO GXUFK GHQ 6WDDW DOV DXFK GXUFK 3ULYDWH ]X EHOHXFKWHQ 'LH 8QWHUVXFKXQJ QLPPW GDEHL GLH |IIHQWOLFKH =XJlQJOLFKNHLW GHV 5DXPHV ]XP $XVJDQJVSXQNW GLIIHUHQ]LHUW DOVR LQVEHVRQGHUH QLFKW GDQDFK RE GHU EHUZDFKWH 9JO 921 67(&+2: :(,&+(57 9LGHREHUZDFKXQJ .8%( + 5] 6&+8/7= KLHOW VFKRQ LP -DKUH WUHIIHQG IHVW Ä(V LVW HLQH EHVWU]HQGH (LQVLFKW GDVV LQ XQVHUHU =HLW LQ GHU ZHVWOLFKHQ :HOW ZHQLJVWHQV QLFKW PHKU VR VHKU GLH 1RWZHQGLJNHLW GHQ %UJHU YRU hEHUJULIIHQ GHU 6WDDWVJHZDOW ]X VFKW]HQ LP 9RUGHUJUXQG VWHKW VRQGHUQ GDVV HV QRWZHQGLJ JHZRUGHQ LVW GHQ (LQ]HOQHQ GDYRU ]X EHZDKUHQ GDVV DQGHUH 0HQVFKHQ RGHU *UXSSHQ YRQ 0HQVFKHQ VHLQH 5HFKWH YHUOHW]HQ (V ]HLJW VLFK GDVV LQ GHU PRGHUQHQ WHFKQLVFKHQ :HOW GLH %HGURKXQJ GHV (LQ]HOQHQ QLFKW PHKU DXVVFKOLHVVOLFK RGHU DXFK QXU YRUZLHJHQG YRQ GHU VWDDW OLFKHQ 0DFKW DXVJHKW VRQGHUQ GDVV LPPHU KlXILJHU PDFKWYROOH (LQ]HOQH HV VLQG ZHOFKH DQGH UH 0HQVFKHQ LQ LKUHU )UHLKHLW XQG 0HQVFKHQZUGH JHIlKUGHQ³ 9JO DXFK 6$/$',1 ZR QDFK ÄKHXWH LQGLYLGXHOOH )UHLKHLW XQG 0HQVFKHQZUGH YRQ QLFKWVWDDWOLFKHQ 0DFKWWUlJHUQ YLHOIDFK VWlUNHU EHGURKW VLQG DOV YRQ GHU 6WDDWVJHZDOW³ :HLWHU IKUW HU DXV Ä>1@HX LVW DXFK GLH *HIlKUGXQJ GLH LQ ]XQHKPHQGHP 0DVV YRQ QHXHQ WHFKQLVFKHQ :HUNHQ XQG *HUlWHQ LQ GHQ +lQGHQ 3ULYDWHU DXVJHKW XQG GHU GLH N|USHUOLFKH SV\FKLVFKH XQG JHLVWLJH ,QWHJULWlW >«@ DXV JHVHW]W VLQG³ %b80/(5 /,1** *5$6 hEHUZDFKXQJVJHVHOOVFKDIW II 7$86&+(5 +(03(/0(7(/0$11 =XU 9HUNQSIXQJ SULYDWHU XQG |IIHQWOLFKHU 9LGHREHUZDFKXQJVV\VWHPH YJO +(03(/7g3)(5 &&79 I I +(03(/ 58(** II 9JO ]XU 'LVNXVVLRQ LQ *URVVEULWDQQLHQ ZR QDFK GLH 3ROL]HL DXWRPDWLVFKHQ =XJULII DXI SULYDWH 9LGHREHUZDFKXQJVV\VWHPH HUKDOWHQ VROO *(55$5'3$5.,16&811,1*+$0-21(6+,//'28*/$6 YJO GD]X DXFK KLQWHQ 7HLO ,, % XQG 7HLO ,9 % 8QHUKHEOLFK LVW VHOEVWYHUVWlQGOLFK RE VLFK GLH .DPHUD LQ HLQHP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP EHILQGHW RGHU QLFKW (QWVFKHLGHQG LVW GDVV VLH LQ HLQHQ VROFKHQ 5DXP KLQHLQILOPW YJO .g1,* * 8QWHUVXFKXQJVJHJHQVWDQG XQG HUVWH %HJULIIH 5DXP XQWHU VWDDWOLFKHU RGHU SULYDWHU +HUUVFKDIW VWHKW ZLH GLH ]LYLOUHFKWOLFKHQ (L JHQWXPVYHUKlOWQLVVH DXVJHVWDOWHW VLQG RGHU RE GHU EHUZDFKWH 5DXP GHU (UIOOXQJ HLQHU |IIHQWOLFKHQ $XIJDEH GLHQW RGHU QLFKW (LQ $EVWHOOHQ DXI GDV ]LYLOUHFKWOLFKH (LJHQWXP ZlUH DXFK GHVKDOE ZHQLJ VLQQYROO GD SULYDWH 5lXPH ZLH (LQNDXIV]HQ WUHQ %DGHDQVWDOWHQ RGHU 5HVWDXUDQWV GLH XQWHU VWDDWOLFKHU +HUUVFKDIW VWHKHQGHQ 5lXPH ]% |IIHQWOLFKH 3OlW]H RGHU 3lUNH LQ LKUHU )XQNWLRQ ]XP JHJHQVHLWLJHQ JH VHOOVFKDIWOLFKHQ $XVWDXVFK ]XU 0HLQXQJVELOGXQJ XQG GHU SHUV|QOLFKHQ (QWIDOWXQJ HUJlQ]HQ XQG ]XP 7HLO VRJDU DEO|VHQ 'LHVEH]JOLFK ODVVHQ VLFK ]ZLVFKHQ HLQHP |I IHQWOLFKHQ XQG HLQHP SULYDWHQ DEHU GHU $OOJHPHLQKHLW ]XJlQJOLFKHQ 5DXP NHLQH NODUHQ *UHQ]HQ ]LHKHQ 1LPPW PDQ GLH |IIHQWOLFKH =XJlQJOLFKNHLW GHV 5DXPHV ]XP $XVJDQJVSXQNW PXVV ]XGHP QLFKW PLW GHQ XQVFKDUIHQ %HJULIIHQ GHV |IIHQWOL FKHQ RGHU KDOE|IIHQWOLFKHQ 5DXPV RSHULHUW ZHUGHQ (LQ 5DXP JLOW LP 6LQQH GLHVHU 8QWHUVXFKXQJ GDQQ DOV |IIHQWOLFK ]XJlQJOLFK ZHQQ HU YRQ HLQHP QLFKW YRQ YRUQKHUHLQ IHVWJHOHJWHQ JUXQGVlW]OLFK XQEHVWLPPWHQ 3HUVR QHQNUHLV WDWVlFKOLFK XQG IDNWLVFK EHWUHWHQ ZHUGHQ NDQQ XQG YRQ VHLQHU =ZHFNULFK WXQJ KHU DXFK GD]X EHVWLPPW LVW 8QHUKHEOLFK LVW RE GHU =XJDQJ QXU JHJHQ (QWJHOW HUIROJW RGHU HUVW QDFK YRUJlQJLJHU $QPHOGXQJ RGHU .RQWUROOH JHZlKUW ZLUG .HL QH 5ROOH VSLHOW DXFK RE DP IUDJOLFKHQ 5DXP HLQ +DXVUHFKW JHOWHQG JHPDFKW ZHUGHQ NDQQ RGHU QLFKW )U GHQ LP 5DKPHQ GLHVHU 8QWHUVXFKXQJ YHUZHQGHWHQ %HJULII GHV |IIHQWOLFK ]XJlQJOLFKHQ 5DXPHV LVW VRGDQQ XQEHGHXWHQG RE GLH *HQHKPLJXQJ ]XP %HWUHWHQ DXVGUFNOLFK HUNOlUW ZLUG RGHU GHU (LQ]HOQH QDFK 7UHX XQG *ODXEHQ GDYRQ DXVJHKHQ GDUI 6RPLW IDOOHQ XQWHU GHQ %HJULII GHV |IIHQWOLFK ]XJlQJOLFKHQ 5DXPV LP KLHU YHUVWDQGHQHQ 6LQQH ]XQlFKVW GLH |IIHQWOLFKHQ 6DFKHQ LP *HPHLQJH EUDXFK DOVR |IIHQWOLFKH WHLOV DXFK LP SULYDWHQ (LJHQWXP VWHKHQGH %DXWHQ XQG $Q ODJHQ GLH HLQHU XQEHVWLPPWHQ $Q]DKO YRQ 3HUVRQHQ ]XU %HQXW]XQJ RIIHQ VWHKHQ XQG |IIHQWOLFKHQ ,QWHUHVVHQ GLHQHQ $XV GHP %HUHLFK GHV 9HUZDOWXQJVYHUP| ./$86(5 ./$86(5 5DXPDQHLJQXQJ I 58(** II .5$866 I VD *$00$ 9JO ]XP %HJULII GHV KDOE|IIHQWOLFKHQ 5DXPV KLQWHQ )Q 9JO %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] I 921 67(&+2: %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] II :(,&+(57 9LGHREHUZDFKXQJ VD 02+/(5 =XWULWWVNRQWUROOHQ 9JO :(,&+(57 9LGHREHUZDFKXQJ 9JO 921 =(=6&+:,7= 5] 8QWHU GLH |IIHQWOLFKHQ 6DFKHQ LP *HPHLQJHEUDXFK IDOOHQ GLH JHVDPWH |IIHQWOLFKH ,QIUDVWUXN WXU QDPHQWOLFK 6WUDVVHQ 3OlW]H )XVVJlQJHUXQWHUIKUXQJHQ VRZLH GLH ÄJHPlVV LKUHU %HVFKDI IHQKHLW XQWHU |IIHQWOLFKHU +HUUVFKDIW VWHKHQGHQ 7HLOH GHU 1DWXU ZLH )OVVH 6HHQ )HOVHQ *OHWVFKHU³ 7UlJHU GHU +HUUVFKDIW EHU |IIHQWOLFKH 6DFKHQ LP *HPHLQJHEUDXFK N|QQHQ GHU %XQG GLH .DQWRQH RGHU GLH *HPHLQGHQ VHLQ 3ULYDWHLJHQWXP VFKOLHVVW *HPHLQJHEUDXFK QLFKW DXV 6RPLW NDQQ ± DXIJUXQG HLQHU :LGPXQJ ± DXFK HWZD DQ 3ULYDWVWUDVVHQ RGHU 3ULYDWJHZlV VHUQ PLW |IIHQWOLFKHU 1XW]XQJ *HPHLQJHEUDXFK EHVWHKHQ %*( , ( EEE %*( , ( +b)(/,10h//(58+/0$11 5] II I -$$* *HPHLQJHEUDXFK I (EHQVR EHVWHKW DQ %DKQK|IHQ *HPHLQJHEUDXFK DXFK ZHQQ VLH LP 3ULYDWHLJHQWXP VWH (LQOHLWXQJ JHQV VLQG DXFK GLH VRJ |IIHQWOLFKHQ 6DFKHQ LP $QVWDOWVJHEUDXFK LQ GLH 8QWHUVX FKXQJ PLWHLQ]XEH]LHKHQ 'DUXQWHU IDOOHQ GLH YRUQHKPOLFK LP 5DKPHQ GHU /HLV WXQJVYHUZDOWXQJ EHWULHEHQHQ (LQULFKWXQJHQ GHV *HPHLQZHVHQV ZLH 6FKXOKlXVHU 8QLYHUVLWlWHQ 6FKZLPPElGHU 6SLWlOHU RGHU |IIHQWOLFKH 9HUNHKUVPLWWHO :HLWHU ZHUGHQ GDGXUFK HWZD .DVHUQHQ 0XVHHQ %LEOLRWKHNHQ XQG *HULFKWVVlOH HUIDVVW 'LH 6DFKHQ LP 9HUZDOWXQJVJHEUDXFK YHUVWDQGHQ DOV GLH JHVDPWH ,QIUDVWUXNWXU ZHOFKH GHQ %HK|UGHQ IU LKUH 7lWLJNHLW GLHQW ZLH $UEHLWVSOlW]H 'LHQVWIDKU]HXJH XVZ VLQG KLQJHJHQ QLFKW *HJHQVWDQG GHU 8QWHUVXFKXQJ 8QWHU GHQ %HJULII GHV |IIHQWOLFK ]XJlQJOLFKHQ 5DXPHV IDOOHQ VRGDQQ VlPWOLFKH 3ULYDWUlXPH ZHOFKH YRQ LKUHU =ZHFNULFKWXQJ KHU HLQHP JUXQGVlW]OLFK XQEHVWLPPWHQ 3HUVRQHQNUHLV ]XU %HQXW ]XQJ RIIHQ VWHKHQ =X GHQNHQ LVW DQ 7DQNVWHOOHQ .DXIKlXVHU PLW $XVQDKPH LQ WHUQHU %HUHLFKH ZLH 3HUVRQDOUlXPH IU MHGHUPDQQ ]XJlQJOLFKH *HVFKlIWH /DGHQ XQG *HVFKlIWVSDVVDJHQ Ä6KRSSLQJ 0DOOV³ 6FKDOWHUKDOOHQ YRQ %DQNHQ ,QWHUQHWFD IpV 5HVWDXUDQWV 3DUNKlXVHU %LEOLRWKHNHQ $XVVWHOOXQJVUlXPH HLQHV SULYDWHQ 0X VHXPV .XOWXUHLQULFKWXQJHQ &DPSLQJSOlW]H RGHU 3DUNSOlW]H GLH YRQ MHGHUPDQQ EHQW]W ZHUGHQ GUIHQ 1LFKW DOV |IIHQWOLFK ]XJlQJOLFK JHOWHQ KLQJHJHQ 5lXPH ZHOFKH QXU YRQ HLQHP EHVWLPPWHQ 3HUVRQHQNUHLV EHWUHWHQ ZHUGHQ GUIHQ ZLH +DO OHQ HLQHV 8QWHUQHKPHQV GLH QXU IU :HUNVDQJHK|ULJH ]XJlQJOLFK VLQG HLQH :RK QXQJ RGHU HLQ +RWHO]LPPHU (QWVSUHFKHQGHV JLOW JUXQGVlW]OLFK IU SULYDWH (LQ JDQJVEHUHLFKH XQG 7UHSSHQKlXVHU YRQ UHLQHQ :RKQJHElXGHQ GD GLHVH QLFKW IU MHGHUPDQQ ]XJlQJOLFK VHLQ VROOHQ VRQGHUQ QXU IU GLH %HZRKQHU RGHU DOOHQIDOOV GH UHQ 9HUZDQGWH RGHU )UHXQGH 6RIHUQ LQ GHU QDFKIROJHQGHQ 8QWHUVXFKXQJ GHU HQ JHUH %HJULII GHV |IIHQWOLFKHQ 5DXPHV YHUZHQGHW ZLUG VLQG GDPLW ± LQ $EJUHQ]XQJ ]X UHLQ SULYDWHQ 5lXPHQ ZHOFKH NHLQHQ |IIHQWOLFKHQ ,QWHUHVVHQ GLHQHQ XQG QLFKW KHQ 5(.2 89(. (QWVFKHLG YRP 2NWREHU 93% >@ 1U ( XQG 8QWHU GDV 9HUZDOWXQJVYHUP|JHQ IDOOHQ MHQH :HUWH ÄZHOFKH GHQ %HK|UGHQ RGHU HLQHP EH VFKUlQNWHQ .UHLV YRQ SULYDWHQ %HQXW]HUQ XQPLWWHOEDU GXUFK LKUHQ *HEUDXFKVZHUW IU GLH %H VRUJXQJ GHU |IIHQWOLFKHQ $XIJDEHQ GLHQHQ³ +b)(/,10h//(58+/0$11 5] IHUQHU 0225 'URLW DGPLQLVWUDWLI ,,, =X GLHVHQ %HJULIIHQ -$$* *HPHLQJHEUDXFK I -$$* *HPHLQJHEUDXFK 7HLOZHLVH ZHUGHQ VROFKH 5lXPH DXFK DOV KDOE|IIHQWOLFKH 5lXPH EH]HLFKQHW YJO HWZD *$00$ )Q 9JO %RWVFK %:,6 ,, 9JO .RPP ]X E %'6* 5] %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] I YJO DXFK GHQ (QWVFKHLG %*HU 3 ( LQ %*( , XQSXEOL]LHUWH (UZlJXQJ LQ GHP HLQH 7LHIJDUDJH DOV ÄTXDVL|IIHQWOLFKHU³ 5DXP EH]HLFKQHW ZLUG 6R DXFK %RWVFK %:,6 ,, %RWVFK %:,6 ,, 9JO =,/.(16 YJO DEHU %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] I ZRQDFK DXFK 7UHSSHQKlXVHU GDV 0HUNPDO HLQHV |IIHQWOLFK ]XJlQJOLFKHQ 5DXPHV HUIOOHQ N|QQHQ ,Q GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ ZLUG SXQNWXHOO DOOHUGLQJV DXFK DXI GLH hEHUZDFKXQJ SULYDWHU (LQJDQJVEHUHLFKH HLQJHJDQJHQ YJO ]% KLQWHQ 7HLO ,, % ZR GLH %HGHXWXQJ GHV $XV VFKOXVVJUXQGHV YRQ $UW $EV %VW D '6* IU GLH 9LGHREHUZDFKXQJ HUOlXWHUW ZLUG 8QWHUVXFKXQJVJHJHQVWDQG XQG HUVWH %HJULIIH GHP *HPHLQJHEUDXFK JHZLGPHW VLQG ± GLH |IIHQWOLFKHQ 6DFKHQ LP *HPHLQJH EUDXFK ZLH LQVEHVRQGHUH |IIHQWOLFKH 6WUDVVHQ RGHU 3OlW]H XQG GLH |IIHQWOLFKHQ 6D FKHQ LP $QVWDOWVJHEUDXFK JHPHLQW 8QWHU WHFKQLVFKHQ *HUlWHQ ]XU 9LGHREHREDFKWXQJ RGHU 9LGHRDXI]HLFKQXQJ ZHUGHQ *HUlWH YHUVWDQGHQ GLH YLVXHOOH 6LJQDOH DXIQHKPHQ XQG DOOHQIDOOV DXI]HLFKQHQ ZLH LQVEHVRQGHUH 9LGHRNDPHUDV DEHU DXFK :HEFDPV ZHOFKH GLH DXIJHQRPPHQHQ %LOGHU GLUHNW DXI HLQH :HEVLWH LP :RUOG :LGH :HE EHUWUDJHQ *UXQGVlW]OLFK XQ HUKHEOLFK IU GLH 8QWHUVXFKXQJ LVW RE GLH hEHUZDFKXQJ PLW RGHU RKQH $XI]HLFK QXQJ PLW RGHU RKQH 3HUVRQHQEH]XJ RIIHQ RGHU YHUGHFNW PRELO RGHU VWDWLRQlU WHP SRUlU RGHU GDXHUKDIW LQYDVLY GLVVXDVLY RGHU REVHUYDWLY HUIROJW 'LH DNXVWLVFKH hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH ZHOFKH REZRKO WHFKQLVFK GXUFKDXV P|JOLFK QRFK VHKU VHOWHQ HUIROJW ZLUG QLFKW JHVRQGHUW EHKDQGHOW 'LHV HLQHU VHLWV GHVKDOE GD VLFK HLQH DNXVWLVFKH hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH RKQHKLQ NDXP MH DOV YHUKlOWQLVPlVVLJ HUZHLVHQ ZLUG $QGHUHUVHLWV ODVVHQ VLFK GLH ]XU YLVXHOOHQ hEHUZDFKXQJ JHPDFKWHQ $XVIKUXQJHQ DXFK DXI GLH DNXVWLVFKH hEHUZDFKXQJ EHUWUDJHQ :R Q|WLJ XQG VLQQYROO VLQG GHQQRFK VSH]LHOOH +LQZHLVH DXI GHUHQ UHFKWOLFKH %HKDQGOXQJ ]X PDFKHQ ,Q HUVWHU /LQLH ZLUG GLH =XOlVVLJNHLW GHU 9LGHREHUZDFKXQJ ]X 6LFKHUKHLWV XQG 2UGQXQJV]ZHFNHQ XQWHUVXFKW LQVEHVRQGHUH DOV 0DVVQDKPH GHU *HIDKUHQDEZHKU E]Z .ULPLQDOSUlYHQWLRQ XQG %HZHLVVLFKHUXQJ 'D HV IU GHQ (LQ]HOQHQ MHGRFK )U 9LGHREHUZDFKXQJVDQODJHQ ZLUG LQ GHU HQJOLVFKVSUDFKLJHQ /LWHUDWXU GHU %HJULII &&79 &ORVHG &LUFXLW 7HOHYLVLRQ YHUZHQGHW YJO ]XP %HJULII &2/(0$11255,6 I =X GLHVHQ %HJULIIHQ KLQWHQ 7HLO ,, %b80/(5 ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV (LQ (LQVDW] DNXVWLVFKHU hEHUZDFKXQJVJHUlWH 7RQELOGJHUlWH XQG *HUlXVFKPHOGHU LVW MHGRFK EVSZ JHVWW]W DXI $UW =* L9P $UW $EV %VW E 92 hEHUZDFKXQJVJHUlWH GXUFK GLH (LGJHQ|VVLVFKH =ROOYHUZDOWXQJ P|JOLFK ,Q JHZLVVHQ 6WlGWHQ LQ GHQ 86$ VROOHQ DXFK *H UlXVFKVHQVRUHQ HLQJHVHW]W ZHUGHQ ZHOFKH 2UW XQG =HLW HLQHU 6FKXVVDEJDEH IHVWVWHOOHQ XQG LQ GHU 3ROL]HL]HQWUDOH $ODUP VFKODJHQ N|QQHQ :(,&+(57 hEHUZDFKXQJVSUDNWLNHQ $XFK H[LVWLHUHQ 6\VWHPH PLW ZHOFKHQ 9HUlQGHUXQJHQ LQ GHU 6WLPPH ]% EH]JOLFK /DXWVWlUNH RGHU 6SUHFKJHVFKZLQGLJNHLW PLWWHOV HLQHU 6RIWZDUH DXI GDV 9RUOLHJHQ YRQ $QJVW 3DQLN RGHU $JJUHVVLYLWlW DQDO\VLHUW ZHUGHQ N|QQHQ %HL HLQHP GDGXUFK IHVWJHVWHOOWHQ VLFK DQEDKQHQGHQ .RQIOLNW ]ZLVFKHQ 3HUVRQHQ ZLUG $ODUP DXVJHO|VW XQG DXWRPDWLVFK GLH GHP (UHLJQLV DP QlFKVWHQ VWHKHQGH .DPHUD DXIJHVFKDOWHW 'XUFK HLQH VROFKH 9HUVFKLHEXQJ YRQ GHU RSWLVFKHQ ]XU DNXVWLVFKHQ hEHUZDFKXQJ VROOHQ GLH %UJHU QLFKW PHKU XQQ|WLJ EHREDFKWHW ZHUGHQ +(03(/ I 7LPHVRQOLQH YRP 1RYHPEHU Ä:RUG RQ WKH VWUHHW«WKH\¶UH OLVWHQ LQJ³ DEUXIEDU XQWHU ZZZWLPHVRQOLQHFRXNWROQHZVXNDUWLFOHHFH! ]X GHQ (LQ VDW]JHELHWHQ XQG GHU 7HFKQRORJLH LP (LQ]HOQHQ YJO GLH :HEVLWH HLQHV +HUVWHOOHUV VROFKHU 6RXQGDQDO\VH6\VWHPH XQWHU ZZZVRXQGLQWHOFRP! 1DFK GHQ 5LFKWOLQLHQ GHU XQDEKlQJL JHQ 'DWHQVFKXW]EHK|UGH GHV 9HUHLQLJWHQ .|QLJUHLFKV VLQG VROFKH DXGLREDVLHUWHQ $ODUPV\VWH PH Ä$XGLR EDVHG DOHUW V\VWHPV³ JUXQGVlW]OLFK ]XOlVVLJ 'DEHL GUIHQ DEHU NHLQH *HVSUlFKH DXIJH]HLFKQHW RGHU PLWJHK|UW ZHUGHQ YJO ,QIRUPDWLRQ &RPPLVVLRQHU¶V 2IILFH &&79 FRGH RI SUDFWLFH 9JO ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV XQG KLQWHQ 7HLO ,9 % E L 9JO ]% 7HLO 9, % 7HLO ,, % XQG 7HLO ,9 % E L (LQOHLWXQJ QLFKW XQEHGLQJW HQWVFKHLGHQG LVW ]X ZHOFKHP =ZHFN HU *HJHQVWDQG HLQHU 9LGHREH REDFKWXQJ RGHU DXI]HLFKQXQJ ZLUG VRQGHUQ YLHOPHKU GDVV EHUKDXSW LKQ EHWUHI IHQGH 'DWHQ HUKREHQ ZHUGHQ N|QQHQ ]% :HEFDPV ZHOFKH GDV *HVFKHKHQ LQ |I IHQWOLFK ]XJlQJOLFKHQ 5lXPHQ HWZD ]X :HUEH]ZHFNHQ DXIQHKPHQ QLFKW JlQ]OLFK DXV GHU 8QWHUVXFKXQJ DXVJHNODPPHUW ZHUGHQ (QWVSUHFKHQGHV JLOW IU 9LGHRNDPH UDV ZHOFKH EVSZ ]XU /HQNXQJ YRQ 9HUNHKUV RGHU 3HUVRQHQVWU|PHQ HLQJHVHW]W ZHUGHQ 'D]X NRPPW GDVV DXFK EHL QLFKW SULPlU ]XU *HIDKUHQDEZHKU RGHU 6WUDI YHUIROJXQJ HUKREHQHQ 'DWHQ QLFKW DXVJHVFKORVVHQ ZHUGHQ NDQQ GDVV VLH GHQQRFK IU VROFKH =ZHFNH YHUZHQGHW ZHUGHQ 6FKOLHVVOLFK ELUJW VHOEVWYHUVWlQGOLFK QLFKW QXU GLH 'DWHQEHDUEHLWXQJ ]X 6LFKHUKHLWV]ZHFNHQ *HIDKUHQ IU GLH 3HUV|QOLFKNHLW GHV (LQ]HOQHQ LQ VLFK 'LH YRUOLHJHQGH 8QWHUVXFKXQJ NDQQ QLFKW DOOH VLFK LP =XVDPPHQKDQJ PLW GHU 9L GHREHUZDFKXQJ HUJHEHQGHQ 3UREOHPNUHLVH EHOHXFKWHQ ,QVEHVRQGHUH ELOGHW GLH 9LGHREHUZDFKXQJ YRQ $UEHLWQHKPHULQQHQ XQG $UEHLWQHKPHUQ DP $UEHLWVSODW] ± DXFK ZHQQ GLHVHU ZLH ]% LQ HLQHP :DUHQKDXV |IIHQWOLFK ]XJlQJOLFK LVW ± QLFKW *HJHQVWDQG GLHVHU 8QWHUVXFKXQJ 9JO GD]X %*HU %B -g+5,678'(5 II ('g% 7% II ('6% 7% II ('g% /HLWIDGHQ IU GLH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ LP $UEHLWVEHUHLFK ± %HDUEHLWXQJ GXUFK SULYDWH 3HUVRQHQ %HUQ 0lU] 5HF ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV I $UW $UJ9 YJO GD]X LQVEHVRQGHUH GLH $XVIKUXQ JHQ GHV %XQGHVJHULFKWHV LQ %*HU %B VD KLQWHQ )Q &'&- *XLGLQJ SULQ FLSOHV =LII VD $UW $EV %VW G /,3$'*( XQG $EV 992=99 YJO LPPHU KLQ KLQWHQ 7HLO 9, ( XQG 7HLO ,, % E LLL *DQJ GHU 8QWHUVXFKXQJ ,,, *DQJ GHU 8QWHUVXFKXQJ ,Q HLQHP HUVWHQ 7HLO LVW GLH 9LGHREHUZDFKXQJ LQ LKUHU WHFKQLVFKHQ )XQNWLRQVZHLVH XQG LQ LKUHQ (LQVDW]IRUPHQ XQG ]ZHFNHQ GDU]XVWHOOHQ 'DEHL VLQG DXFK GLH LQ GHU 8QWHUVXFKXQJ YHUZHQGHWHQ %HJULIIH QlKHU ]X VSH]LIL]LHUHQ 'HU ]ZHLWH 7HLO EHIDVVW VLFK PLW GHU 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQ VFKXW]UHFKWV ZHOFKHV VRZRKO GHU VWDDWOLFKHQ DOV DXFK GHU SULYDWHQ 9LGHREHUZD FKXQJ JUXQGOHJHQGH 9RUJDEHQ PDFKW ,P =XVDPPHQKDQJ PLW GHP GDWHQVFKXW] UHFKWOLFKHQ *UXQGVDW] GHU 5HFKWPlVVLJNHLW GHU 'DWHQEHDUEHLWXQJ LVW GLH 9LGHREHUZDFKXQJ DXFK XQWHU VWUDIUHFKWOLFKHQ *HVLFKWVSXQNWHQ ]X EHOHXFKWHQ ,P GULWWHQ 7HLO ZLUG GLH 9LGHREHUZDFKXQJ LP /LFKWH GHU GXUFK GLH (05. GLH 8123DNWH XQG GLH %9 JDUDQWLHUWHQ *UXQGUHFKWH GDUJHVWHOOW 'DEHL LVW LQ HUVWHU /L QLH ]X XQWHUVXFKHQ ZHOFKH *UXQGUHFKWH GXUFK HLQH VWDDWOLFKH 9LGHREHUZDFKXQJ EHWURIIHQ VHLQ N|QQHQ *OHLFK]HLWLJ LVW DEHU DXFK GDU]XOHJHQ LQZLHIHUQ GHU SULYDWH (LQVDW] YRQ 9LGHREHUZDFKXQJ VHOEVW JUXQGUHFKWOLFK JHVFKW]W LVW 'LH 9LGHREHU ZDFKXQJ LVW VFKOLHVVOLFK DXFK XQWHU GHP $VSHNW GHV REMHNWLYUHFKWOLFKHQ *HKDOWV GHU *UXQGUHFKWH ]X GLVNXWLHUHQ QDPHQWOLFK LP =XVDPPHQKDQJ PLW GHQ VWDDWOLFKHQ 6FKXW]SIOLFKWHQ 'LH 9RUDXVVHW]XQJHQ XQWHU ZHOFKHQ GLH VWDDWOLFKH 9LGHREHUZDFKXQJ DOV ]XOlVVLJ EH]HLFKQHW ZHUGHQ NDQQ VLQG LQ HLQHP YLHUWHQ 7HLO ]X EHKDQGHOQ 'DEHL LVW ]XQlFKVW GLH EXQGHVVWDDWOLFKH .RPSHWHQ]YHUWHLOXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ GDU ]XVWHOOHQ 6RGDQQ LVW GHU )UDJH QDFK]XJHKHQ ZHOFKHQ $QIRUGHUXQJHQ HLQH JHVHW]OL FKH *UXQGODJH IU GLH 9LGHREHUZDFKXQJ ]X JHQJHQ KDW ZHOFKH |IIHQWOLFKHQ ,QWH UHVVHQ ]X GHUHQ 5HFKWIHUWLJXQJ DQJHIKUW ZHUGHQ N|QQHQ XQG QDFK ZHOFKHQ .ULWHULHQ GLH 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ XQG GHU VLFK LKU DQ VFKOLHVVHQGHQ 'DWHQEHDUEHLWXQJVVFKULWWH ]X EHXUWHLOHQ LVW (EHQIDOOV VLQG GLH YHUIDK UHQVUHFKWOLFKHQ RUJDQLVDWRULVFKHQ XQG WHFKQLVFKHQ 6FKXW]YRUNHKUXQJHQ GDU]XVWHO OHQ ZHOFKH VLFK LP %HUHLFK GHU 9LGHREHUZDFKXQJ DOV QRWZHQGLJ HUZHLVHQ ,P IQIWHQ 7HLO LVW GLH =XOlVVLJNHLW GHV (LQVDW]HV GHU 9LGHREHUZDFKXQJ GXUFK 3UL YDWH ]X GLVNXWLHUHQ 'DEHL LVW ]XQlFKVW GHU )UDJH QDFK]XJHKHQ ZHOFKH %HGHXWXQJ GHQ *UXQGUHFKWHQ LP %HUHLFK GHU SULYDWHQ 9LGHREHUZDFKXQJ ]XNRPPW LQVEHVRQ GHUH LP =XVDPPHQKDQJ PLW LKUHU +RUL]RQWDOZLUNXQJ 6RGDQQ LVW ]X XQWHUVXFKHQ XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ HLQH SULYDWH 9LGHREHUZDFKXQJ XQG GLH VLFK LKU DQVFKOLHVVHQGHQ 'DWHQEHDUEHLWXQJVVFKULWWH HLQH ZLGHUUHFKWOLFKH 9HUOHW]XQJ GHU 3HU V|QOLFKNHLW GHU GDYRQ %HWURIIHQHQ GDUVWHOOHQ $QVFKOLHVVHQG LVW ]X SUIHQ RE XQG LQZLHIHUQ 3ULYDWH XQWHU VWDDWOLFKHU +HUUVFKDIW VWHKHQGH |IIHQWOLFKH 5lXPH PLW EHUZDFKHQ GUIHQ 6FKOLHVVOLFK LVW DXI GLH $XVODJHUXQJVIlKLJNHLW GHU 9LGHREHU ZDFKXQJ DQ 3ULYDWH DXI GLH (LQUlXPXQJ VWDDWOLFKHU =XJULIIVUHFKWH DXI SULYDWH 9L GHREHUZDFKXQJVDQODJHQ XQG ± LP 5DKPHQ HLQHV ([NXUVHV ± DXFK DXI GLH 9HUZHU WXQJ SULYDWHU 9LGHRDXI]HLFKQXQJHQ LP 6WUDISUR]HVV HLQ]XJHKHQ (LQOHLWXQJ ,Q VHFKVWHQ XQG OHW]WHQ 7HLO ZHUGHQ LP 5DKPHQ HLQHU 6FKOXVVEHWUDFKWXQJ XQG DXI JUXQG GHU 8QWHUVXFKXQJVHUJHEQLVVH (PSIHKOXQJHQ ]XU NQIWLJHQ +DQGKDEXQJ XQG 5HJHOXQJ GHU 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5l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|VW 0LW PRGHUQHQ ,3.DPHUDV OlVVW VLFK HLQH JHJHQEHU GHU NRQYHQWLRQHOOHQ 7HFKQLN XP HLQ 9LHOIDFKHV HUK|KWH %LOGDXIO|VXQJ HUUHLFKHQ ZDV ]X HLQHU VWDUN YHUEHVVHUWHQ 'HWDLOHUNHQQEDUNHLW IKUW $XFK YRQ JURVVIOlFKLJHQ hEHUVLFKWVDXIQDKPHQ OlVVW VLFK RKQH 4XDOLWlWVYHUOXVW ]RRPHQ XQG VFKDUIH %LOGHU VLQG DXFK GDQQ P|JOLFK ZHQQ VLFK HLQH 3HUVRQ LQ %HZHJXQJ EHILQ GHW ]% ZHQQ VLH IOLHKW +HXWLJH .DPHUDV ODVVHQ QLFKW PHKU QXU GLH %HREDFKWXQJ RGHU $XI]HLFKQXQJ HLQHV ]XP 9RUDXV IHVWJHOHJWHQ %HUHLFKV ]X VRJ )L[NDPHUDV VRQGHUQ VLH YHUIJHQ EHU 6FKZHQN 1HLJH XQG =RRPPHFKDQLVPHQ 6HKU YHUEUHLWHW VLQG GLH VRJ 'RPH .DPHUDV 'LH .DPHUD EHILQGHW VLFK LQ HLQHU YRQ DXVVHQ QLFKW HLQVHKEDUHQ +DOENX JHO XQG OlVVW VLFK LQ GHU +RUL]RQWDOHQ XQG GHU 9HUWLNDOHQ VFKZHQNHQ $XVVHUGHP YHUIJW VLH EHU HLQH =RRPIXQNWLRQ 6LH ]HLFKQHW VLFK GXUFK LKUH KRKH 'UHKJH VFKZLQGLJNHLW XQG SUl]LVH 6WHXHUEDUNHLW DXV 'LH PRGHUQH 7HFKQLN HUP|JOLFKW ]XVlW]OLFKH hEHUZDFKXQJVP|JOLFKNHLWHQ 'LH ,Q IUDURW RGHU :lUPHELOGNDPHUD EVSZ WDVWHW GLH ,QIUDURWHQHUJLH DOVR GLH :lUPH ZHOFKH HLQ 2EMHNW ]% HLQ 0HQVFK HLQ 7LHU HLQ )DKU]HXJ RGHU DQGHUH *HJHQVWlQ GH DEVWUDKOW RGHU GXUFK VLFK KLQGXUFK IOLHVVHQ OlVVW DE VHW]W VLH LQ HOHNWURQLVFKH 6LJQDOH XP XQG GLHVH ZLHGHUXP LQ 9LGHRELOGHU 'HUHQ (LQVDW] ELHWHW VLFK YRU DOOHP LQ GHU 'XQNHOKHLW DQ .QVWOLFKH /LFKWTXHOOHQ VLQG QLFKW HUIRUGHUOLFK $EHU DXFK ,3 VWHKW IU ,QWHUQHW 3URWRFRO GDV ZHLW YHUEUHLWHWH 3URWRNROO IU GLH .RPPXQLNDWLRQ EHU &RPSXWHUQHW]ZHUNH XQG GDV ,QWHUQHW YJO LP (LQ]HOQHQ +DQGEXFK 1HW]ZHUN7HFKQRORJLHQ ± .RPSOHWWHV *UXQGZLVVHQ ]X 1HWZRUNLQJ XQG ,QWHUQHWZRUNLQJ 0QFKHQ II 9JO GD]X *:2='(. 9LGHREHUZDFKXQJVWHFKQLN II I *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU I I %('',$) II .RVWHQ XQG /HLVWXQJVYRUWHLOH PLW ,39LGHR WHFKQLN ± :DFKDEO|VXQJ 3URWHFWRU 0$5.86 6&+g1%(5*(5 6LQQYROOHU (LQVDW] LVW JHIUDJW 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL I 0$*186 (.(527 =HKQ .ULWH ULHQ IU GLH $XVZDKO YRQ 1HW]ZHUNNDPHUDV ± 6R ZlKOHQ 6LH ULFKWLJ 3URWHFWRU I 67()$1 6&+5g'(5 (UIROJ GXUFK 3ODQXQJ 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL I %('',$) II II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN I 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ 5DXFK RGHU OHLFKWHU 1HEHO KDOWHQ GLH :lUPHVWUDKOXQJ QLFKW DXI 6LFK HLQHU :lUPH ELOGNDPHUD XQEHPHUNW ]X QlKHUQ ZLUG SUDNWLVFK XQP|JOLFK %HVRQGHUV JHHLJQHW VLQG VROFKH .DPHUDV DXFK XP DXV GHU /XIW HLQJHVHW]W ]X ZHUGHQ 5HVWOLFKWNDPH UDV YHUVWlUNHQ GDV LQ GHU 'XQNHOKHLW QRFK YRUKDQGHQH /LFKW PLW VSH]LHOOHQ 5HVW OLFKWYHUVWlUNHUQ XQG HUUHLFKHQ GDPLW HLQH GHXWOLFK K|KHUH /LFKWHPSILQGOLFKNHLW DOV 6WDQGDUGNDPHUDV 0LW GHP ]XVlW]OLFKHQ (LQVDW] YRQ ,QIUDURWVFKHLQZHUIHUQ ODVVHQ VLFK QRFK EHVVHUH (UJHEQLVVH HU]LHOHQ 6HOEVWYHUVWlQGOLFK LVW HV DXFK P|JOLFK NRQYHQWLRQHOOH .DPHUDV PLW 6FKHLQZHUIHUQ DXV]XVWDWWHQ 6ROO GHU EHUZDFKWH %H UHLFK QLFKW VLFKWEDU DXVJHOHXFKWHW ZHUGHQ EHVWHKW DXFK KLHU GLH 0|JOLFKNHLW ,QIUD URWVFKHLQZHUIHU HLQ]XVHW]HQ ZHOFKH GLH 9HUZHQGXQJ YRQ HLQHP IU GDV PHQVFKOL FKH $XJH XQVLFKWEDUHQ /LFKW HUODXEHQ 7HFKQLVFK P|JOLFK LVW HV DXFK PLWWHOV 0LNURZHOOHQ 7HUDKHUW] RGHU 5|QWJHQVWUDKOXQJ GXUFK GLH %HNOHLGXQJ KLQGXUFK]X VHKHQ XQG VR HLQ $EELOG GHV PHQVFKOLFKHQ .|USHUV ]X JHZLQQHQ %LOGEHUWUDJXQJ 'DV 9LGHRVLJQDO OlVVW VLFK EHU IHVW LQVWDOOLHUWH /HLWXQJHQ HWZD .RD[LDO RGHU =ZHLGUDKWNDEHO YHUPHKUW MHGRFK EHU *ODVIDVHUNDEHO EHUWUDJHQ 0|JOLFK LVW DXFK HLQH GUDKWORVH hEHUWUDJXQJ GHV 9LGHRVLJQDOV PLWWHOV ,QIUDURW 0LNURZHOOHQ )XQN RGHU GDV 0RELOIXQNQHW] %HL PRGHUQHQ 1HW]ZHUNNDPHUDV HUIROJW GLH hEHUWUDJXQJ PLWWHOV ORNDOHU 1HW]ZHUNH ,QWUDQHW RGHU ,QWHUQHW %LOGGDUVWHOOXQJ 'LH KHUN|PPOLFKHQ .DWKRGHQVWUDKOU|KUHQELOGVFKLUPH ZHUGHQ ]XQHKPHQG GXUFK /&' XQG 3ODVPDELOGVFKLUPH DEJHO|VW 0|JOLFK LVW HV JOHLFK]HLWLJ PHKUHUH %LO GHU YHUVFKLHGHQHU .DPHUDV RGHU DXFK PHKUHUH %LOGHU HLQHU .DPHUD DXI HLQHP %LOG VFKLUP GDU]XVWHOOHQ Ä0XOWLELOGGDUVWHOOXQJ³ ,P (LQVDW] VWHKHQ DXFK HLJHQWOLFKH 9JO GD]X :lUPHELOGWHFKQRORJLH LQ GHU 9LGHREHUZDFKXQJ ± +HLVVHU 7UHQG 3URWHFWRU /¶HVVHQWLHO HVW LQYLVLEOH SRXU OHV \HX[ 'DV :HVHQWOLFKH LVW IU GDV $XJH XQ VLFKWEDU SURWHFWLW I 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL *:2='(. 9LGHREHUZDFKXQJVWHFKQLN I *:2='(. 9LGHREHUZDFKXQJVWHFKQLN II 9JO *$8/ I I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I =XP XPVWULWWHQHQ (LQVDW] VRJ Ä*DQ]N|USHUVFDQQHU³ Ä1DFNWVFDQQHU³ RGHU Ä%RG\VFDQ QHU³ YJO 1== YRP 2NWREHU XQG 1== YRP 1RYHPEHU YJO GD]X DXFK KLQWHQ 7HLO 9 ' %('',$) II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN I II I II I II *(521 6&+5g'(5 0RELOH $QZHQGXQJHQ 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL I )U PHKU 6LFKHUKHLW XQG ZHQLJHU 9DQGDOLVPXV LP g391 9LGHREHUZDFKXQJ MHW]W 3URWHFWRU I .RVWHQ XQG /HLVWXQJVYRUWHLOH PLW ,39LGHRWHFKQLN ± :DFKDEO|VXQJ 3URWHFWRU %('',$) II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN 'D]X %('',$) II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN 6WDQG GHU 7HFKQLN *URVVELOGZlQGH ZHOFKH HV HUODXEHQ GDV 9HUKDOWHQ YRQ PHKUHUHQ 3HUVRQHQ JOHLFK ]HLWLJ ]X EHUZDFKHQ 7HFKQLVFK P|JOLFK LVW DXFK GLH 9HUNQSIXQJ YRQ (LQ]HODQ ODJHQ ]X HLJHQWOLFKHQ *URVVV\VWHPHQ ZHOFKH PHKUHUH WDXVHQG .DPHUDV XQWHU HLQHU Ä9HUZDOWXQJVREHUIOlFKH³ YHUHLQHQ %LOGDXI]HLFKQXQJ :XUGHQ GLH %LOGHU IUKHU DXI 0DJQHWElQGHUQ EOLFKHUZHLVH DXI 9+6 RGHU 69+6 DXIJH]HLFKQHW VWHKW KHXWH GLH GLJLWDOH 6LJQDODXI]HLFKQXQJ ]% DXI HLQHP +DUG GLVNUHNRUGHU LP 9RUGHUJUXQG 'LH GLJLWDOH 7HFKQLN ZHLVW JHJHQEHU GHU DQDORJHQ HLQH 9LHO]DKO YRQ 9RUWHLOHQ DXI =X QHQQHQ VLQG GLH VWDUN YHUEHVVHUWH %LOGTXDOLWlW DXIJUXQG HUK|KWHU $XIO|VXQJ GLH 0|JOLFKNHLW GHU %LOGDQDO\VH 2EMHNW XQG *H VLFKWVHUNHQQXQJ )DKU]HXJQXPPHUQVFKLOGHUNHQQXQJ DXWRPDWLVFKHV (UNHQQHQ YRQ %HZHJXQJHQ XVZ GDV HUOHLFKWHUWH $XIILQGHQ YRQ EHVWLPPWHQ (UHLJQLVVHQ PLW WHOV 6XFKNULWHULHQ ZLH 'DWXP 8KU]HLW XQG $ODUP GLH HLQIDFKH XQG EHOLHELJ ODQJH 'DUVWHOOXQJ YRQ 6WDQGELOGHUQ GLH 9HUYLHOIlOWLJXQJ RKQH 4XDOLWlWVYHUOXVW XQG GLH K|KHUH 6SHLFKHUNDSD]LWlW % 9LGHRDQDO\VH XQG 'DWHQDEJOHLFK LQWHOOLJHQWH 9LGHREHUZDFKXQJ 8QWHU 9LGHRDQDO\VH YHUVWHKW PDQ 9HUIDKUHQ ZHOFKH %LOGLQKDOWH XQGRGHU GDV 9L GHRVLJQDO EHZHUWHQ LQVEHVRQGHUH XP $EZHLFKXQJHQ IHVW]XVWHOOHQ RGHU 2EMHNWH DQ KDQG EHVWLPPWHU .ULWHULHQ ZLH )RUP *U|VVH RGHU *HVFKZLQGLJNHLW ]X HUNHQQHQ $OV ZLFKWLJVWH 9LGHRDQDO\VHIXQNWLRQHQ JHOWHQ GLH 9LGHRVHQVRULN GLH 2EMHNWHUNHQ QXQJ GLH %LRPHWULH GLH 6XFKH LQ %LOGNRQVHUYHQ XQG GLH 6DERWDJHEHUZDFKXQJ )U GLH =ZHFNH GHU QDFKIROJHQGHQ 8QWHUVXFKXQJ ZLUG GLH 9LGHREHUZDFKXQJ XQWHU (LQVDW] YRQ 9LGHRDQDO\VH XQG 'DWHQDEJOHLFKHQ DXFK DOV LQWHOOLJHQWH 9LGHREHUZD FKXQJ EH]HLFKQHW 'LH 9LGHRVHQVRULN HUODXEW GLH DXWRPDWLVFKH (UNHQQXQJ YRQ 9HUlQGHUXQJHQ LQ YRU GHILQLHUWHQ %HUHLFKHQ GHV %LOGLQKDOWV ZLH ]% GDV (LQGULQJHQ YRQ 3HUVRQHQ XQG 0,&+$(/ 257+ 9LVXDOLVLHUXQJVV\VWHPH IU /HLWVWHOOHQ ± /HXFKWHQGH :lQGH 3URWHFWRU I 7$86&+(5 II 9JO QDFKIROJHQG 7HLO , % %('',$) II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN II 7$86&+(5 I VD GLH hEHUVLFKW EHL 58(**)/h&.,*(5129(0%(5./$86(5 *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU 'LH 5HGH LVW DXFK YRQ Ä7KLQNLQJ &DPHUDV³ YJO HWZD 921 =(=6&+:,7= 5] 921 67(&+2: 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ )DKU]HXJHQ (UNHQQW GDV 6\VWHP HLQH HQWVSUHFKHQGH $NWLYLWlW O|VW HV $ODUP DXV XQGRGHU VFKDOWHW GDV EHWUHIIHQGH %LOG DXWRPDWLVFK DXI GHQ %LOGVFKLUP DXI 'LH 2EMHNWHUNHQQXQJ HUP|JOLFKW ]% GDV DXWRPDWLVFKH (UNHQQHQ VWHKHQ JHODVVHQHU RGHU XQEHDXIVLFKWLJWHU *HSlFNVWFNH YRQ )DKU]HXJHQ ZHOFKH EHU OlQJHUH =HLW ± HWZD YRU GHP (LQJDQJ HLQHU %DQN RGHU HLQHU %RWVFKDIW ± DEJHVWHOOW VLQG RGHU YRQ 3HUVRQHQ ZHOFKH VLFK EHU OlQJHUH =HLW DP VHOEHQ 2UW DXIKDOWHQ (QWVSUHFKHQG DXVJHUVWHWH 9LGHRV\VWHPH VLQG DXFK LQ GHU /DJH GLH :HJQDKPH YRQ .XQVWREMHN WHQ LQ HLQHP 0XVHXP RGHU YRQ :DUHQ DXV HLQHP 9HUNDXIVUHJDO VHOEVWlQGLJ IHVW]X VWHOOHQ (EHQVR N|QQHQ 9HUNHKUVUHJHOYHUOHW]XQJHQ GHU 6WXU] HLQHU 3HUVRQ RGHU GHU $XVEUXFK HLQHV %UDQGHV DXWRPDWLVFK HUNDQQW ZHUGHQ 0|JOLFK LVW DXFK GLH DXWRPD WLVFKH =lKOXQJ GHU 3HUVRQHQ ZHOFKH VLFK LP $XIQDKPHEHUHLFK GHU .DPHUD EHILQ GHQ 'DV 6\VWHP NDQQ $ODUP VFKODJHQ ZHQQ VLFK ]% HLQH hEHUIOOXQJ DXI HLQHP 3HUURQ DE]HLFKQHW %HUHLWV H[LVWLHUHQ DXFK HUVWH WHFKQRORJLVFKH $QVlW]H ZHOFKH DXIJUXQG GHV %HZHJXQJVYHUKDOWHQV GHU .|USHUKDOWXQJ GHU .|USHUVSUDFKH RGHU GHV *HVLFKWVDXVGUXFNV VHOEVWlQGLJ YRQ GHU 1RUP DEZHLFKHQGHV ÄYHUGlFKWLJHV³ 9HUKDO WHQ UHJLVWULHUHQ XQG +LQZHLVH DXI HLQ P|JOLFKHUZHLVH IUHPG ]X GHQNHQ LVW DQ $X WRGLHEH 6SUD\HU Ä9DQGDOHQ³ RGHU HLJHQJHIlKUGHQGHV VXL]LGDOHV 9HUKDOWHQ JH EHQ $XIJUXQG GHV *DQJHV XQG GHU .|USHUKDOWXQJ HLQHU 3HUVRQ N|QQHQ HQWVSUHFKHQGH 6\VWHPH WKHRUHWLVFK DXFK DXI GDV 7UDJHQ HLQHU :DIIH VFKOLHVVHQ RGHU .DPSIKDQGOXQJHQ YRQ KDUPORVHQ 6SLHOHUHLHQ XQWHUVFKHLGHQ 'DEHL OlVVW VLFK HLQH 3HUVRQ DXFK PDUNLHUHQ XQG GHP 6\VWHP GHU $XIWUDJ HUWHLOHQ GDUEHU ]X LQIRUPLH UHQ ZHQQ YRQ GLHVHU 3HUVRQ HLQH *HIDKU DXVJHKW 6RPLW NDQQ VLFK GHU IU GLH hEHUZDFKXQJ =XVWlQGLJH ]ZLVFKHQ]HLWOLFK DQGHUHQ 'LQJHQ ]XZHQGHQ ,P (LQVDW] VWHKW ZHLWHU DXFK GLH DXWRPDWLVFKH 1XPPHUQVFKLOGHUNHQQXQJ (UNDQQWH 1XPPHUQ VFKLOGHU ODVVHQ VLFK GDEHL DXWRPDWLVFK PLW EHUHLWV EHVWHKHQGHQ 'DWHQEHVWlQGHQ ± ]% DXV GHP DXWRPDWLVLHUWHQ )DKQGXQJVV\VWHP GHV %XQGHV 5,32/ ± DEJOHL FKHQ 0|JOLFK LVW DXFK GLH JOHLFK]HLWLJH $QDO\VH GHU )DKU]HXJIRUP XP GLH hEHU %('',$) I I II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN II *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU ,Q ,3.DPHUDV LQWHJULHUWH 9LGHRDQDO\VH ± )LOWHU XQG )RUHQVLN 3URWHFWRU (IIL]LHQ]VWHLJHUXQJ LQ GHU 9LGHREHUZDFKXQJ ± .DPHUDV PLW .|SIFKHQ 3URWHFWRU I 9JO GD]X 7$86&+(5 0LW ,QWHOOLJHQ] JHJHQ )HKODODUPH ± 'HU 0HQVFK DOV 9RUELOG 3UR WHFWRU I ,Q ,3.DPHUDV LQWHJULHUWH 9LGHRDQDO\VH ± )LOWHU XQG )RUHQVLN 3URWHFWRU (IIL]LHQ]VWHLJHUXQJ LQ GHU 9LGHREHUZDFKXQJ ± .DPHUDV PLW .|SIFKHQ 3URWHFWRU I *:2='(. 9LGHREHUZDFKXQJVWHFKQLN II *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU %('',$) I II 9LGHR $QDO\WLFV ± 7KH IXWXUH¶V VR EULJKW« &&79 ,PDJH 0DL II 9LGHR $QDO\WLFV ± 6R ZKR¶V DFWXDOO\ XVLQJ YLGHR DQDO\WLFV" &&79 ,PDJH 0DL :(,&+(57 hEHUZDFKXQJVSUDNWLNHQ GDWXP I +XPDQV RXW RI WKH HTXDWLRQ" &&79 ,PDJH -XQL II 58',1 +HUDXVIRUGHUXQJHQ IHUQHU 5(,6&+/ I /,1** %('',$) *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU 6&+,('(5 YJO DXFK %9HUI* %Y5 $EV1U I 9JO ]XU )XQNWLRQVZHLVH LP (LQ]HOQHQ .(//(5 3 II 'LH DXWRPDWLVFKH (UNHQQXQJ YRQ $XWR NHQQ]HLFKHQ VWHKW DXFK LQ GHU 6FKZHL] LP (LQVDW] YJO /,1** .(//(5 3 II 6WDQG GHU 7HFKQLN HLQVWLPPXQJ ]ZLVFKHQ 1XPPHUQVFKLOG XQG )DKU]HXJ ]X YHULIL]LHUHQ 'LH DXWR PDWLVFKH 3HUVRQHQYHUIROJXQJ VRJ Ä7UDFNLQJ³ VWHOOW HLQH ZHLWHUH $QZHQGXQJV P|JOLFKNHLW GDU 'HU $QZHQGHU NOLFNW DXI HLQH EHVWLPPWH 3HUVRQ LP %LOG XQG GDV 6\VWHP PHUNW VLFK GHUHQ EHVRQGHUH (LJHQVFKDIWHQ ZLH HWZD $XVVHKHQ XQG *U|VVH $QVFKOLHVVHQG YHUIROJW HV GLHVH 3HUVRQ DXWRPDWLVFK DXFK EHU PHKUHUH .DPHUDVWD WLRQHQ KLQZHJ 'LH %HZHJXQJVVSXU OlVVW VLFK ]XGHP ELOGOLFK GDUVWHOOHQ E]Z ÄYLVX DOLVLHUHQ³ $XFK N|QQHQ EHUHLWV YRUKDQGHQH $XI]HLFKQXQJHQ DXWRPDWLVFK QDFK GLH VHQ PDUNLHUWHQ 3HUVRQHQ DEJHVXFKW ZHUGHQ (QWVSUHFKHQGH $QZHQGXQJV P|JOLFKNHLWHQ HUJHEHQ VLFK IU GLH 9HUIROJXQJ YRQ 2EMHNWHQ .QIWLJ VROO HV VR JDU P|JOLFK VHLQ GDVV GDV 6\VWHP 9RUDXVVDJHQ GDUEHU WULIIW ZR VLFK HLQH EH VWLPPWH 3HUVRQ YHUPXWOLFK KLQEHZHJHQ ZLUG ZDV ZLHGHUXP ]XU )ROJH KDW GDVV GLH PLW GHU hEHUZDFKXQJ EHWUDXWH 3HUVRQ QXU HLQH .DPHUD LP $XJH EHKDOWHQ PXVV $XFK GLH %LRPHWULH VWHOOW PLWWOHUZHLOH HLQHQ ZLFKWLJHQ $QZHQGXQJVEHUHLFK GDU 6LH HUP|JOLFKW GDV DXWRPDWLVFKH (UNHQQHQ YRQ 3HUVRQHQ XQG *HVLFKWHUQ *HVLFKWVHU NHQQXQJ Ä)DFH 5HFRJQLWLRQ³ HWZD LP 5DKPHQ YRQ =XWULWWV RGHU =XJDQJVNRQ WUROOHQ RGHU GHU hEHUZDFKXQJ GHU $QNXQIW DP )OXJKDIHQ 6RGDQQ N|QQHQ ± ZHQQ DXFK GLH 7HFKQLN KHXWH QRFK NHLQHVZHJV DXVJHUHLIW LVW ± EHVWLPPWH *HVLFKWHU DXV HLQHU 0HQVFKHQPHQJH KHUDXVJHILOWHUW ZHUGHQ ZREHL GLH *HVLFKWHU YRUEHLJH KHQGHU 0HQVFKHQ PLW HLQHP %HVWDQG DQ )RWRV DXWRPDWLVFK YHUJOLFKHQ ZHUGHQ N|Q QHQ Ä)RWRIDKQGXQJ³ %('',$) I IHUQHU 7$86&+(5 ,Q *URVVEULWDQQLHQ VWHKW HLQ hEHUZDFKXQJVV\VWHP LP (LQVDW] PLW ZHOFKHP YHUKLQGHUW ZHUGHQ VROO GDVV *HZHUEHWUHLEHQGH LKUH $EIlOOH LOOHJDO DXI +DXVPOOGHSRQLHQ HQWVRUJHQ %HL GHU (LQIDKUW DXI GLH 'HSRQLH ZHUGHQ GLH 1XPPHUQ VFKLOGHU GHU )DKU]HXJH UHJLVWULHUW ZRPLW VLFK PLWWHOV 'DWHQDEJOHLFK IHVWVWHOOHQ OlVVW PLW ZHO FKHU +lXILJNHLW GLHVH LQ 'HSRQLHQ HLQIDKUHQ XQG 1XW]XQJVPXVWHU LGHQWLIL]LHUW ZHUGHQ N|QQHQ 'DV 6\VWHP HUNHQQW DXFK RE HV VLFK EHLP HLQIDKUHQGHQ )DKU]HXJ XP HLQHQ /LHIHUZDJHQ RGHU HLQ 3HUVRQHQIDKU]HXJ KDQGHOW YJO 3URWHFWRU I *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU :(,&+(57 hEHUZDFKXQJVSUDNWLNHQ 0LW ,QWHOOLJHQ] JHJHQ )HKODODUPH ± 'HU 0HQVFK DOV 9RUELOG 3URWHFWRU I 7KH IX WXUH¶V VR EULJKW« &&79 ,PDJH 0DL II +XPDQV RXW RI WKH HTXDWLRQ" &&79 ,PDJH -XQL II %('',$) *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU ('6% 7% II :(,&+(57 hEHUZDFKXQJVSUDNWLNHQ 'D]X 5(,6&+/ II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU +$5%6&+0,' II 9JO $UW $X* L9P $UW II 9(9 ZRQDFK GLH IU GLH *UHQ]NRQWUROOHQ ]XVWlQGLJHQ %HK|UGHQ HLQ *HVLFKWVHUNHQQXQJVV\VWHP EHWUHLEHQ GUIHQ ZHOFKHV DXI HLQHP ELRPHWULVFKHQ 9HUIDKUHQ ]XU 9HUPHVVXQJ GHU *HVLFKWHU DQNRPPHQGHU 3HUVRQHQ DP )OXJKDIHQ EHUXKW 6&+$$5 II .$00(5(5 %LOGHU GHU hEHUZDFKXQJ II )DFH WR IDFH ZLWK WHFKQRORJ\ &&79 ,PDJH 1RYHPEHU 5(,6&+/ IHUQHU %.$ )RUVFKXQJVSURMHNW *HVLFKWVHU NHQQXQJ DOV )DKQGXQJVKLOIVPLWWHO ± )RWR)DKQGXQJ $EVFKOXVVEHULFKW :LHVEDGHQ DE UXIEDU XQWHU ZZZENDGHNULPLQDOZLVVHQVFKDIWHQIRWRIDKQGXQJSGIIRWRIDKQGXQJBDEVFKOXVV EHULFKWSGI! 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ 0LW GHU 6XFKH LQ %LOGNRQVHUYHQ N|QQHQ EHVWHKHQGH $XI]HLFKQXQJHQ DXWRPDWLVFK QDFK GHILQLHUWHQ %LOGlQGHUXQJHQ DEJHVXFKW ZHUGHQ ZDV GLH $XVZHUWXQJV]HLW YHU NU]W 0LW GHU 6DERWDJHEHUZDFKXQJ ZHUGHQ %LOGDXVIlOOH %LOGVW|UXQJHQ RGHU GDV 9HUlQGHUQ GHV %LOGDXVVFKQLWWV ZLH HWZD GXUFK 0DQLSXODWLRQ GHU .DPHUDV RGHU VRQVWLJH %LOGPDQLSXODWLRQHQ DXWRPDWLVFK HUNDQQW $OV JURVVH 9RUWHLOH GLHVHU 9LGHRDQDO\VHIXQNWLRQHQ ZHUGHQ GLH 5HGXNWLRQ YRQ )HKO DODUPHQ HLQH 9RUVRQGLHUXQJ GHVVHQ ZDV IU GHQ hEHUZDFKHQGHQ LQWHUHVVDQW LVW VRZLH HLQH 9HUNU]XQJ GHU $XVZHUWXQJV]HLWHQ EHVWHKHQGHU $XI]HLFKQXQJHQ JH QDQQW 'DPLW VROO OHW]WOLFK GLH hEHUZDFKXQJVDUEHLW HIIL]LHQWHU JHVWDOWHW ZHUGHQ 1DFKWHLOLJ DXI GHQ SUDNWLVFKHQ (UIROJ YRQ 9LGHRDQDO\VHV\VWHPHQ ZLUNHQ VLFK 8P ZHOWHLQIOVVH ZLH ZHFKVHOQGH /LFKWYHUKlOWQLVVH GXUFK 6FKDWWHQ 7DJ XQG 1DFKW VR ZLH 5HIOHNWLRQHQ HWZD GXUFK *ODV :DVVHUSIW]HQ 5HJHQ 6FKQHH :LQG XQG /DXE IDOO DXV 'LH DXWRPDWLVFKH 3HUVRQHQYHUIROJXQJ RGHU GLH (UNHQQXQJ YRQ *H VLFKWHUQ LVW ]XGHP GDQQ EHVRQGHUV VFKZLHULJ ZHQQ JDQ]H 0HQVFKHQPHQJHQ LP %LOG VLQG 'HQQRFK QLPPW GLH 9LGHRDQDO\VH VWHWLJ DQ %HGHXWXQJ ]X LQVEHVRQGH UH DXFK LQ .RPELQDWLRQ PLW 'DWHQDEJOHLFKHQ & .RPELQDWLRQ GHU 9LGHREHUZDFKXQJ PLW DQGHUHQ hEHUZDFKXQJV XQG .RQWUROOWHFKQRORJLHQ =X HUZlKQHQ EOHLEW GLH 0|JOLFKNHLW GLH 9LGHREHUZDFKXQJ PLW DQGHUHQ 7HFKQROR JLHQ ]X NRPELQLHUHQ =X GHQNHQ LVW HWZD DQ HLQH .RPELQDWLRQ PLW 5),'(WLNHWWHQ RGHU )XVVERGHQ6HQVRUHQ WUDJEDUHQ &RPSXWHUQ LQ GHQ +lQGHQ YRQ /DGHQGHWHNWL YHQ XQG 0RQLWRUHQ DQ GHQ .DVVHQ XP VR HLQ ÄLQWHOOLJHQWHV :DUHQUHJDO³ ]X VFKDI IHQ 'LH 5HGH LVW DXFK YRQ 6\VWHPHQ ZHOFKH 5HL]H DXVVHQGHQ XQG GLH (PSIlQ *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU *:2='(. 9LGHREHUZDFKXQJVWHFKQLN I *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU 6LFKHUKHLWVDQIRUGHUXQJHQ DQ 9LGHRV\VWHPH 3URWHFWRU I /RRN VHH OHDUQ &&79 ,PDJH $SULO I +XPDQV RXW RI WKH HTXDWLRQ" &&79 ,PDJH -XQL II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU %('',$) %(51+$5' 6752%/ 3HUVRQHQYHUIROJXQJ 0DFKEDUNHLW XQG 5HDOLWlW 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL II *:2='(. 9LGHREHUZDFKXQJVWHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU 9JO HWZD &$0(521 II %HOLHEWH 'LHEVWDKOREMHNWH ZLH ]% 5DVLHUNOLQJHQ ODVVHQ VLFK PLW HLQHP 5),'&KLS YHUVHKHQ 1LPPW GHU .XQGH HLQ 3DNHW 5DVLHUNOLQJHQ DXV GHP 5HJDO KHUDXV ZLUG GLHV YRQ HLQHP 6HQVRU UHJLVWULHUW XQG HLQH .DPHUD VFKLHVVW KHLPOLFK HLQ %LOG YRQ GLHVHP .XQGHQ 'LHVHV %LOG ZLUG DXI GLH +DQGKHOGV GHU /DGHQGHWHNWLYH JHVHQGHW *OHLFK]HLWLJ UHJLVWULHUHQ 6HQVRUHQ LP %RGHQ GLH %HZHJXQJHQ GHV Ä9HUGlFKWLJHQ³ %HJLEW HU VLFK ]XU .DVVH ZLUG DXWRPDWLVFK HLQ ]ZHLWHV %LOG ]XP 9HUJOHLFK JHVFKRVVHQ %HL HLQHU hEHUHLQVWLPPXQJ ZLUG HU DXV GHU %HREDFKWXQJVOLV WH GHV 6\VWHPV JHVWULFKHQ %HJLEW VLFK GHU .XQGH QLFKW ]XU .DVVH NDQQ HU ZHLWHU YHUIROJW 6WDQG GHU 7HFKQLN JHU GHV 5HL]HV DXIJUXQG LKUHU 5HDNWLRQ ZLH ]% HLQHU 6WHLJHUXQJ GHU +DXWWHPSHUD WXU HLQHU :HLWXQJ GHU 3XSLOOHQ HLQHU (UK|KXQJ GHU $WHPIUHTXHQ] RGHU 9LEUDWLRQHQ LQ GHU 6WLPPH DOV $QJHK|ULJH HLQHU EHVWLPPWHQ =LHOJUXSSH ]% 7HUURULVWHQ DXVILQGLJ PDFKHQ N|QQHQ 'LH 9LGHREHUZDFKXQJ OlVVW VLFK DXFK GDKLQJHKHQG HUJlQ]HQ GDVV VLFK GDV PLW GHU hEHUZDFKXQJ EHWUDXWH 3HUVRQDO EHU /DXWVSUHFKHU GLUHNW DQ GLH VLFK LP $XIQDKPHIHOG GHU .DPHUDV EHILQGOLFKHQ 3HUVR QHQ ZHQGHQ NDQQ HWZD XP VLH DXI]XIRUGHUQ LKUHQ ZHJJHZRUIHQHQ $EIDOO DXI]XKH EHQ ÄWDONLQJ &&79³ ' 'DWHQVFKXW]I|UGHUQGH 7HFKQLN Ä3ULYDF\ (QKDQFLQJ 7HFKQRORJLHV³ 'HU (LQVDW] GDWHQVFKXW]I|UGHUQGHU 7HFKQLN Ä3ULYDF\ (QKDQFLQJ 7HFKQRORJLHV³ NXU] 3(7 LVW HLQ ZLFKWLJHV 0LWWHO 'DWHQVFKXW] VLFKHU]XVWHOOHQ ]X I|UGHUQ XQG GDPLW GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ]X JHZlKUOHLVWHQ (U WUlJW GDEHL LQVEHVRQGHUH GHQ *UXQGVlW]HQ GHU 'DWHQYHUPHLGXQJ XQG GHU 'DWHQVSDU VDPNHLW 5HFKQXQJ 'LH 7HFKQLN HUVFKHLQW VR JHVHKHQ QLFKW DOV *HIDKU IU GLH 3ULYDWKHLW VRQGHUQ HV LVW XPJHNHKUW GLH 7HFKQLN PLW GHU GHQ *HIDKUHQ IU GLH 3UL YDWKHLW EHJHJQHW ZHUGHQ NDQQ *HUDGH EHL GHU 9LGHREHUZDFKXQJ LVW GHU (LQVDW] YRQ GDWHQVFKXW]I|UGHUQGHQ 7HFK QRORJLHQ YRQ ]HQWUDOHU %HGHXWXQJ 7HFKQLVFK P|JOLFK LVW HV VRJ 3ULYDW]RQHQ RGHU ÄSULYDF\ PDVNLQJ]RQHV³ ]X GHILQLHUHQ 'DEHL ZHUGHQ EHVWLPPWH %HUHLFKH HOHNWURQLVFK DXVJHEOHQGHW VFKZDU] PDVNLHUW RGHU GXUFK 9HUVFKOVVHOXQJ ÄYHU ZLVFKW³ %HLP 'UHKHQ RGHU 6FKZHQNHQ GHU .DPHUD ZLH DXFK EHLP (LQVDW] GHU =RRPIXQNWLRQ YHUVFKLHEHQ VLFK GLH PDVNLHUWHQ %HUHLFKH PLW 'DV *HVFKHKHQ LQ GLH VHQ %HUHLFKHQ LVW IU GHQ %HWUHLEHU GHV 6\VWHPV QLFKW VLFKWEDU ZHGHU EHL GHU (FKW ]HLWEHREDFKWXQJ QRFK DXI GHU $XI]HLFKQXQJ %HL HLQHP 3ULYDF\ )LOWHU KDQGHOW HV VLFK XP HLQH 6RIWZDUH ZHOFKH GLH 9HUVFKOHLHUXQJ YRQ PHQVFKOLFKHQ *HVLFKWHUQ LQ ZHUGHQ 6R OlVVW VLFK EHUSUIHQ RE HU YHUVXFKW GHQ /DGHQ RKQH %H]DKOXQJ GHU 5DVLHUNOLQJHQ ]X YHUODVVHQ YJO &$0(521 I 9JO 7DJHVDQ]HLJHU YRP -DQXDU Ä3RWHQ]LHOOH $WWHQWlWHU VFKRQ EHLP (LQFKHFNHQ DEIDQJHQ³ ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV /,1** .$00(5(5 %LOGHU GHU hEHUZDFKXQJ II +$16(1 5] 'D]X KLQWHQ 7HLO ,9 921 67(&+2: +$16(1 5] 58',1 (URVLRQ +$16(1 5] II 921 67(&+2: 58',1 (URVLRQ ]X GLHVHQ *UXQGVlW]HQ YJO KLQ WHQ 7HLO 9, ' 9JO 58',1 +HUDXVIRUGHUXQJHQ ('g% 7% /,1** VD KLQWHQ 7HLO 9 ' %('',$) 7$86&+(5 921 67(&+2: =X GLHVHQ (LQVDW]IRUPHQ YRQ 9LGHRNDPH UDV KLQWHQ 7HLO ,, $ 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ (FKW]HLW HUODXEW VRJ Ä6FUDPEOLQJ³ 'LHVH $QRQ\PLVLHUXQJ OlVVW VLFK QDFKWUlJOLFK DXIKHEHQ HWZD XP HLQHQ 6WUDIWlWHU ]X LGHQWLIL]LHUHQ ,QWHOOLJHQWH 6\VWHPH HUODX EHQ HV DXFK GDVV GLH .DPHUD QLFKW SHUPDQHQW DXI]HLFKQHQ PXVV VRQGHUQ QXU EHL (LQWULWW HLQHV EHVWLPPWHQ (UHLJQLVVHV ]% ZHQQ VLFK LP %LOG HWZDV lQGHUW 0|J OLFK LVW DXFK HLQH DXWRPDWLVFKH /|VFKXQJ E]Z GDV DXWRPDWLVFKH hEHUVFKUHLEHQ YRQ %LOGDXI]HLFKQXQJHQ QDFK HLQHP GHILQLHUWHQ =HLWUDXP RGHU VHOEVWYHUVWlQGOLFK GHU 6FKXW] YRQ %LOGYHUDUEHLWXQJVYRUJlQJHQ GXUFK 3DVVZ|UWHU 'XUFK GLH 9HUZHQ GXQJ GLJLWDOHU :DVVHU]HLFKHQ NDQQ GDV $XI]HLFKQXQJVPDWHULDO ]XGHP YRU 0DQL SXODWLRQHQ JHVFKW]W ZHUGHQ /,1** 921 67(&+2: XQG *:2='(. 9LGHREHUZDFKXQJVWHFKQLN YRUQH 7HLO , % -h5*(1 6&+5(,%(5 7DXJOLFKHV :HUN]HXJ 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL II 7$86&+(5 I ('g% 7% 0LW HLQHP GLJLWDOHQ :DVVHU]HLFKHQ ZLUG LQ GLH 3L[HOVWUXNWXU GHV %LOGHV HLQJHJULIIHQ 'DV :DVVHU]HLFKHQ NDQQ HQWZHGHU YRQ EORVVHP $XJH VLFKWEDU VHLQ RGHU HUVW QDFKGHP HLQH VSH ]LHOOH 6RIWZDUH HLQJHVHW]W ZRUGHQ LVW VLHKH .$00(5(5 %LOGHU GHU hEHUZDFKXQJ 7$86&+(5 $OOHUGLQJV LVW ]X EHDFKWHQ GDVV DXFK GLH 9HUZHQGXQJ GLJLWDOHU :DVVHU]HL FKHQ NHLQHQ YROOXPIlQJOLFKHQ 6FKXW] YRU %LOGPDQLSXODWLRQHQ ELHWHW VLHKH .$00(5(5 %LO GHU GHU hEHUZDFKXQJ II (LQVDW]IRUPHQ XQG ]ZHFNH ,, (LQVDW]IRUPHQ XQG ]ZHFNH $ 5HLQH 9LGHREHREDFKWXQJ (FKW]HLWEHREDFKWXQJ XQG 9LGHRDXI]HLFKQXQJ )LQGHW NHLQH $XI]HLFKQXQJ GHU %LOGHU VWDWW ZHUGHQ DOVR GLH DXIJHQRPPHQHQ %LOGHU HLQ]LJ DXI HLQHQ 0RQLWRU EHUVSLHOW ZLUG DXFK YRP .DPHUD0RQLWRU3ULQ]LS JH VSURFKHQ 'LH 9LGHREHUZDFKXQJ GLHQW GDPLW JHZLVVHUPDVVHQ DOV ÄYHUOlQJHUWHV $XJH³ )U GLH =ZHFNH GHU QDFKIROJHQGHQ 8QWHUVXFKXQJ ZLUG GLHVH hEHUZD FKXQJVIRUP DXFK DOV UHLQH 9LGHREHREDFKWXQJ RGHU (FKW]HLWEHREDFKWXQJ EH]HLFK QHW %HL HLQHU 9LGHRDXI]HLFKQXQJ E]Z HLQHU DXI]HLFKQHQGHQ 9LGHREHUZDFKXQJ ZHUGHQ GLH %LOGGDWHQ KLQJHJHQ DXI HLQHP 'DWHQWUlJHU JHVSHLFKHUW 0|JOLFK LVW HLQH DQODVVXQDEKlQJLJH NRQVWDQWH 6SHLFKHUXQJ RGHU HLQH ]% DXIJUXQG HLQHV *H IDKUYHUGDFKWHV YRUJHQRPPHQH DQODVVEH]RJHQH 6SHLFKHUXQJ 6HOEVWYHUVWlQG OLFK N|QQHQ %HREDFKWXQJ XQG $XI]HLFKQXQJ DXFK NRPELQLHUW ZHUGHQ :HQQ LQ GHU QDFKIROJHQGHQ 8QWHUVXFKXQJ DOOJHPHLQ YRQ 9LGHREHUZDFKXQJ JHVSURFKHQ ZLUG LVW GDPLW VRZRKO GLH UHLQ EHREDFKWHQGH DOV DXFK GLH DXI]HLFKQHQGH hEHUZD FKXQJ JHPHLQW % 3HUVRQHQEH]RJHQH XQG QLFKW SHUVRQHQEH]RJHQH 9LGHREHUZDFKXQJ UHLQH hEHUVLFKWVDXIQDKPHQ =X XQWHUVFKHLGHQ LVW LP :HLWHUHQ ]ZLVFKHQ $XIQDKPHQ ZHOFKH GLH ,GHQWLILNDWLRQ YRQ (LQ]HOSHUVRQHQ ]XODVVHQ $XIQDKPHQ PLW 3HUVRQHQEH]XJ XQG $XIQDKPHQ EHL ZHOFKHQ GLHV QLFKW GHU )DOO LVW )U /HW]WHUHV ZLUG LQ GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ DXFK GHU %HJULII GHU ÄUHLQHQ hEHUVLFKWVDXIQDKPH³ RGHU GHU $XIQDKPH RKQH 3HUVR QHQEH]XJ YHUZHQGHW (LQH QLFKW SHUVRQHQEH]RJHQH hEHUZDFKXQJ ILQGHW HWZD VWDWW ZHQQ PLW HLQHU 9LGHRNDPHUD GHU 9HUNHKUVIOXVV EHUZDFKW ZLUG DEHU ZHGHU 3HUVRQHQ QRFK $XWRQXPPHUQ ± DXFK QLFKW GXUFK QDFKWUlJOLFKH %LOGEHDUEHLWXQJ ± HUNHQQEDU VLQG 9JO HWZD %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II %$576&+ I %,$**, /,1** %*( , ( 'HU *HIDKUYHUGDFKW VWHOOW HLQHQ XQJHZLVVHQ 6DFKYHUKDOW DEHU QRFK NHLQH HLJHQWOLFKH *HIDKU GDU (U EHVWHKW GDULQ GDVV GLH %HK|UGH EHU $QKDOWVSXQNWH IU GDV 9RUOLHJHQ HLQHV 6DFKYHU KDOWV YHUIJW GHU ZHQQ HU JHJHEHQ ZlUH HLQH *HIDKU GDUVWHOOHQ ZUGH VLHKH *g7= 5] *86< 3ROL]HL XQG 2UGQXQJVUHFKW 5] II 2&+6(1)(/'5(33 'LHV LVW HWZD GHU )DOO LQ GHQ ]DKOUHLFKHQ 6%%5DLO&LWLHV YJO GLH 'DUVWHOOXQJ EHL 67(3+$1 +8:</(5 2EMHNWVFKXW] LP 5DLO&LW\ =ULFK 6LFKHUKHLWV)RUXP &&796SH]LDO -XQL I 9JO DXFK GLH YHUZHQGHWH 7HUPLQRORJLH EHL 2&+6(1)(/'5(33 %h//(6)(/' 9LGHR EHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II 'LH .RQWUROOVFKLOGQXPPHU JLOW UHJHOPlVVLJ DOV 3HUVRQHQGDWXP YJO KLQWHQ 7HLO ,,, 58',167b03)/, 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ & 0RELOH XQG VWDWLRQlUH hEHUZDFKXQJ 9LGHREHUZDFKXQJ ILQGHW QLFKW QXU XQWHU 9HUZHQGXQJ VWDWLRQlUHU .DPHUDV VWDWW 0|JOLFK LVW DXFK HLQH PRELOH hEHUZDFKXQJ ]% YRQ )DKU]HXJHQ RGHU 'URKQHQ DXV $XFK PLW VRJ 6DWHOOLWHQNDPHUDV RGHU 6DWHOOLWHQEHREDFKWXQJVV\VWHPHQ NDQQ GDV *HVFKHKHQ DXI GHU (UGREHUIOlFKH EHREDFKWHW XQG DXIJH]HLFKQHW ZHUGHQ 9RQ HLQHU PRELOHQ 9LGHREHUZDFKXQJ LVW DXFK GDQQ GLH 5HGH ZHQQ GLH .DPHUDV MH QDFK %HGDUI ± ]% GXUFK YRUEHUJHKHQGH %HIHVWLJXQJ DQ 0DVWHQ RGHU *HElXGHQ ± DQ GHQ JHZQVFKWHQ gUWOLFKNHLWHQ HLQJHVHW]W ZHUGHQ N|QQHQ 6ROFKH 9LGHREHUZD FKXQJVDQODJHQ NRPPHQ GRUW ]XP (LQVDW] ZR HLQH GDXHUQGH VWDWLRQlUH hEHUZD FKXQJ QLFKW P|JOLFK LVW E]Z DOV QLFKW VLQQYROO RGHU Q|WLJ HUDFKWHW ZLUG 6LH VROOHQ HV ]XGHP HUODXEHQ VFKQHOOHU XQG IOH[LEOHU DXI DNWXHOOH .ULPLQDOLWlWVHQWZLFNOXQJHQ UHDJLHUHQ ]X N|QQHQ =XGHP HUKRIIW PDQ VLFK YRQ LKQHQ .RVWHQYRUWHLOH ' 2IIHQH XQG YHUGHFNWH hEHUZDFKXQJ 9RQ RIIHQHU 9LGHREHUZDFKXQJ ZLUG JHVSURFKHQ ZHQQ GLH 7DWVDFKH GHU hEHUZD FKXQJ IU GHQ %HWURIIHQHQ HUNHQQEDU LVW 'LHV LVW GHU )DOO ZHQQ GHU (LQ]HOQH PLW +LQZHLVVFKLOGHUQ DXI GLH hEHUZDFKXQJ KLQJHZLHVHQ ZLUG RGHU ZHQQ GLH .DPHUDV GHXWOLFK HUNHQQEDU DXIJHVWHOOW VLQG 1LPPW GHU %HWURIIHQH GLH hEHUZDFKXQJ QLFKW ZDKU REZRKO LKP GLHV P|JOLFK XQG ]XPXWEDU ZlUH lQGHUW GLHV DQ GHU 2IIHQKHLW GHU hEHUZDFKXQJ QLFKWV :LUG GHU %HWURIIHQH KLQJHJHQ QLFKW LQ GLH /DJH YHU VHW]W VLFK GHU hEHUZDFKXQJ EHZXVVW ]X ZHUGHQ KDQGHOW HV VLFK XP HLQH YHUGHFNWH RGHU KHLPOLFKH hEHUZDFKXQJ )UDJOLFK LVW RE DXFK GDQQ YRQ HLQHU RIIHQHQ hEHUZDFKXQJ JHVSURFKHQ ZHUGHQ NDQQ ZHQQ GLH 7DWVDFKH GHU hEHUZDFKXQJ ]ZDU GXUFK +LQZHLVVFKLOGHU NHQQWOLFK JHPDFKW ZLUG DEHU GDV WDWVlFKOLFK EHUZDFKWH *HELHW DXIJUXQG VHLQHU *U|VVH XQG 8QEHUVFKDXEDUNHLW QLFKW GHXWOLFK HLQJUHQ]EDU LVW =X GHQNHQ LVW DQ 6FKLOGHU PLW ZHOFKHQ HLQ]LJ DQ 2UWVHLQJlQJHQ DXI GLH 9LGHREHUZDFKXQJ KLQJHZLHVHQ ZLUG ,VW 9JO $UW 0,* XQG $UW 92 hEHUZDFKXQJVJHUlWH IHUQHU 9DQ RQ D PLVVLRQ &&79 ,PDJH -XQL II 'HQNEDU LVW HWZD GHU (LQVDW] VRJ 0LQLGURKQHQ DQOlVVOLFK YRQ )XVV EDOOVSLHOHQ XP JHZDOWWlWLJH Ä&KDRWHQ³ RGHU +RROLJDQV DXV GHU /XIW ]X LGHQWLIL]LHUHQ YJO /,1** $OV %HLVSLHO ]X QHQQHQ VLQG VRGDQQ PLW 9LGHRNDPHUDV DXVJHUVWHWH 3ROL]HLIDKU ]HXJH XP 9HUOHW]XQJHQ YRQ 9HUNHKUVUHJHOQ GRNXPHQWLHUHQ ]X N|QQHQ 921 67(&+2: %b80/(5 I 9JO :$3/(6*,// II 5$1'+$+1 6&+1(,'(55,&. I .8%( ( %$86&+ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 2&+6(1)(/'5(33 9JO /,1** 'DV GHXWOLFK HUNHQQEDUH $XIVWHOOHQ GHU .DPHUDV JHQJW QDFK GHU KLHU YHUWUH WHQHQ $XIIDVVXQJ MHGRFK QLFKW XP GDPLW DXFK GHP GDWHQVFKXW]UHFKWOLFKHQ (UNHQQEDUNHLWV JUXQGVDW] 5HFKQXQJ ]X WUDJHQ YJO KLQWHQ 7HLO 9, ) %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 2&+6(1)(/'5(33 (LQVDW]IRUPHQ XQG ]ZHFNH HV GHP (LQ]HOQHQ GDEHL QLFKW P|JOLFK GLH JHQDXHQ .DPHUDVWDQGRUWH ]X HUXLHUHQ QDPHQWOLFK ZHLO GLH .DPHUDV QLFKW HUNHQQEDU DXIJHVWHOOW VLQG KDQGHOW HV VLFK P( QLFKW PHKU XP HLQH RIIHQH hEHUZDFKXQJ (QWVSUHFKHQGHV JLOW ZHQQ HLQH hEHU ZDFKXQJ DXV GHU /XIW ]% PLWWHOV 'URKQHQ VWDWWILQGHW $XFK ZHQQ EHNDQQW JH PDFKW ZLUG LQ ZHOFKHP *HELHW XQG ]X ZHOFKHQ =HLWHQ GLH hEHUZDFKXQJ VWDWWILQGHW UHLFKW GLHV QLFKW DXV XP YRQ HLQHU RIIHQHQ hEHUZDFKXQJ VSUHFKHQ ]X N|QQHQ $Q GHUV NDQQ GLHV K|FKVWHQV GDQQ VHLQ ZHQQ QXU HLQ JDQ] EHVWLPPWHV *HElXGH RGHU XPJUHQ]WHV *HOlQGH ]% HLQ )DEULNDUHDO DXV GHU /XIW EHUZDFKW ZLUG XQG GHU (LQ]HOQH YRU GHP %HWUHWHQ GLHVHU 5lXPH PLWWHOV +LQZHLVVFKLOGHUQ DXVGUFNOLFK DXI GLH hEHUZDFKXQJ DXV GHU /XIW DXIPHUNVDP JHPDFKW ZLUG ( 2EVHUYDWLYH GLVVXDVLYH XQG LQYDVLYH 9LGHREHUZDFKXQJ +lXILJ ZLUG XQWHUVFKLHGHQ ]ZLVFKHQ REVHUYDWLYHQ E]Z REVHUYLHUHQGHQ GLVVXDVLYHQ XQG LQYDVLYHQ 9LGHREHUZDFKXQJVPDVVQDKPHQ 'LH REVHUYDWLYH hEHUZDFKXQJ VHL QLFKW DXI GLH (UNHQQEDUNHLW YRQ 3HUVRQHQ DXVJH ULFKWHW 6LH GLHQH GD]X 2EMHNWH ZLH *HElXGH XQG 6WUDVVHQ VRZLH WHFKQLVFKH XQG EH WULHEOLFKH $EOlXIH ]X EHUZDFKHQ RGHU 9HUNHKUV XQG 3HUVRQHQVWU|PH ]X VWHXHUQ 'LH GLVVXDVLYH hEHUZDFKXQJ ]LHOH KLQJHJHQ DXI GLH (UNHQQEDUNHLW YRQ 3HUVRQHQ DE 0LW LKU VROOH HLQH $EVFKUHFNXQJVZLUNXQJ HUUHLFKW ZHUGHQ 'HVKDOE HUIROJH VLH LQ GHU 5HJHO RIIHQ XQG SHUPDQHQW 'LH SUlYHQWLYSROL]HLOLFKH 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP ZLUG DOV HLQ $QZHQGXQJVIDOO GHU GLVVXDVLYHQ hEHUZDFKXQJ EH]HLFKQHW 'LH LQYDVLYH hEHUZDFKXQJ VFKOLHVVOLFK GLHQH GHU JH]LHOWHQ %HVFKDW WXQJ YRQ 7DWYHUGlFKWLJHQ E]Z YRQ 6W|UHUQ 6LH HUIROJH YRUEHUJHKHQG XQG YHU GHFNW =X EHDFKWHQ LVW MHGRFK GDVV VLFK GLHVH $EJUHQ]XQJHQ LQ GHU 3UD[LV DOV ZHQLJ KLOI UHLFK HUZHLVHQ 6R ZLUG HLQHUVHLWV DXIJUXQG WHFKQLVFKHU )RUWVFKULWWH GLH $EJUHQ ]XQJ ]ZLVFKHQ REVHUYDWLYHU XQG GLVVXDVLYHU hEHUZDFKXQJ HUVFKZHUW *HUDGH GXUFK 9JO %$86&+ D$ .g1,* 5 )Q 9JO ('g% 7% XQG KLQWHQ 7HLO 9, ) 9JO HWZD %$(5,6:</ 9LGHREHUZDFKXQJ I /,1** 0$7+,6 $(33/, %HU 9L GHREHUZDFKXQJ %,$**, lKQOLFK DXFK GLH 8QWHUVFKHLGXQJ EHL 58(**)/h&.,*(5 129(0%(5./$86(5 %$(5,6:</ 9LGHREHUZDFKXQJ %,$**, )/h&.,*(5 /,1** %HU 9LGHR EHUZDFKXQJ %$(5,6:</ 9LGHREHUZDFKXQJ %,$**, /,1** 0$7+,6 $(33/, %HU 9LGHR EHUZDFKXQJ )/h&.,*(5 I YJO DXFK GLH 'HILQLWLRQ GHU Ä9LGpRVXUYHLOODQFH GLVVXDVL YH³ LQ $UW $EV =LII /3U'9' Ä>9@LGpRVXUYHLOODQFH j ODTXHOOH RQ UHFRXUW SRXU pYLWHU OD SHUSpWUDWLRQ G LQIUDFWLRQV VXU XQ FHUWDLQ OLHX³ %$(5,6:</ 9LGHREHUZDFKXQJ %,$**, )/h&.,*(5 /,1** %HU 9LGHR EHUZDFKXQJ (LQH 8QWHUWHLOXQJ LQ REVHUYLHUHQGH LQYDVLYH XQG GLVVXDVLYH hEHUZDFKXQJ HUDFKWHQ DXFK 58',167b03)/, DOV ZHQLJ KLOIUHLFK 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ HUK|KWH %LOGDXIO|VXQJ XQG YHUEHVVHUWH =RRPP|JOLFKNHLWHQ N|QQHQ DXFK EHL GHU RE VHUYLHUHQGHQ hEHUZDFKXQJ 3HUVRQHQ LGHQWLIL]LHUW XQG GLH 'DWHQ OHW]WOLFK IU UHSUHV VLYH =ZHFNH YHUZHQGHW ZHUGHQ $QGHUHUVHLWV OlVVW VLFK DXFK GLH LQYDVLYH hEHU ZDFKXQJ QLFKW VWULNWH YRQ GHU REVHUYDWLYHQ XQG GHU GLVVXDVLYHQ WUHQQHQ N|QQHQ GRFK DXFK GLVVXDVLYH RGHU REVHUYDWLYH hEHUZDFKXQJVV\VWHPH ]XU JH]LHOWHQ %H REDFKWXQJ YRQ 3HUVRQHQ HLQJHVHW]W ZHUGHQ 'D GLH 'LIIHUHQ]LHUXQJ QDFK GHQ JH QDQQWHQ .DWHJRULHQ DXFK QLFKW Q|WLJ HUVFKHLQW ZLUG LP )ROJHQGHQ JUXQGVlW]OLFK GD UDXI YHU]LFKWHW ) 9LGHREHUZDFKXQJ DOV 0LWWHO ]XU (UNHQQXQJ YRQ 6W|UXQJHQ XQG ]XU $EZHKU NRQNUHWHU *HIDKUHQ 'LH 9LGHREHUZDFKXQJ NDQQ ZHQQ VLH QDFK GHP .DPHUD0RQLWRU3ULQ]LS IXQNWLR QLHUW ]XU (UNHQQXQJ YRQ 6W|UXQJHQ XQG ]XU $EZHKU NRQNUHWHU *HIDKUHQ HLQJH VHW]W ZHUGHQ 0LW GHU 9LGHREHREDFKWXQJ OlVVW VLFK GLH %HREDFKWXQJVNDSD]LWlW HUK| KHQ GDV (LQVDW]YHUKDOWHQ GHU 6LFKHUKHLWVNUlIWH VWHXHUQ XQG DOOHQIDOOV GHU %HGDUI DQ 6LFKHUKHLWVSHUVRQDO YHUPLQGHUQ ,QVRIHUQ GLHQW VLH DOV YHUOlQJHUWHV $XJH HWZD XP 3HUVRQHQ XQG 9HUNHKUVVWU|PH ]X EHUZDFKHQ XQG EHL 8QIlOOHQ XQPLWWHOEDU UH DJLHUHQ ]X N|QQHQ RGHU XP ± LP 5DKPHQ YRQ (LQJDQJV XQG =XWULWWVNRQWUROOHQ E]Z GHU 2EMHNW RGHU $UHDOEHUZDFKXQJ ± GDV (LQGULQJHQ 8QEHIXJWHU IUK]HLWLJ ]X HUNHQQHQ RGHU 'LHEH DXI IULVFKHU 7DW ]X HUWDSSHQ * 9LGHREHUZDFKXQJ DOV 0LWWHO ]XU YRUEHXJHQGHQ %HNlPSIXQJ YRQ 6WUDIWDWHQ E]Z ]XU *HIDKUHQYRUVRUJH 2IWPDOV VWHKW EHL GHU 9LGHREHUZDFKXQJ DEHU JDU QLFKW GHU =ZHFN LP 9RUGHUJUXQG EHL HLQHU NRQNUHWHQ *HIDKU XQPLWWHOEDU HLQJUHLIHQ ]X N|QQHQ 'LHV QDPHQWOLFK GDQQ ZHQQ NHLQH (FKW]HLWEHREDFKWXQJ HUIROJW VRQGHUQ GDV *HVFKHKHQ QXU DXIJH]HLFKQHW ZLUG 'XUFK GHQ YRQ GHU 9LGHREHUZDFKXQJ HUKRIIWHQ $EVFKUHFNXQJVHIIHNW VROO GDV (QWVWHKHQ NRQNUHWHU *HIDKUHQ EHUKDXSW YHUKLQGHUW ZHUGHQ 6RPLW KDQGHOW HV 58(**)/h&.,*(5129(0%(5./$86(5 %$(5,6:</ 9LGHREHUZDFKXQJ %,$**, VD %HU 9LGHREHUZDFKXQJ I XQG 58(**)/h&.,*(5129(0%(5./$86(5 I %HL HLQHU NRQNUHWHQ *HIDKU KDQGHOW HV VLFK XP HLQH WDWVlFKOLFK YRUOLHJHQGH %HJHEHQKHLW GLH EHL XQJHKLQGHUWHP $EODXI GHV REMHNWLY ]X HUZDUWHQGHQ *HVFKHKHQV PLW KLQUHLFKHQGHU :DKU VFKHLQOLFKNHLW ]X HLQHP 6FKDGHQ IU HLQ SROL]HLOLFKHV 6FKXW]JXW IKUW 6&+:(,=(56877(5 :,'0(5 5] *86< 3ROL]HL XQG 2UGQXQJVUHFKW 5] 5(,1+$5' 5$8%(5 I $OV SROL]HLOLFKH 6FKXW]JWHU JHOWHQ GLH |IIHQWOLFKH 2UGQXQJ XQG 6LFKHUKHLW GLH |IIHQWOL FKH *HVXQGKHLW XQG 6LWWOLFKNHLW VRZLH 7UHX XQG *ODXEHQ LP *HVFKlIWVYHUNHKU GD]X +b)(/,10h//(58+/0$11 5] II =X GHQ DQJHEOLFKHQ .RVWHQYRUWHLOHQ GHU 9LGHREHUZDFKXQJ YHUJOLFKHQ PLW HLQHU 6WHLJHUXQJ GHU 3ROL]HLSUlVHQ] YJO DEHU KLQWHQ 7HLO ,9 % F 9JO GD]X *5$6 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH *86< 3ROL]HL XQG 2UGQXQJV UHFKW 5] =XU 9LGHREHUZDFKXQJ DOV NULPLQDOSUlYHQWLYH 0DVVQDKPH YJO DXFK KLQWHQ 7HLO ,, + (LQVDW]IRUPHQ XQG ]ZHFNH VLFK EHL GHU 9LGHREHUZDFKXQJ XP HLQH YRUVRUJOLFKH 0DVVQDKPH ]XP 6FKXW] YRQ 3ROL]HLJWHUQ E]Z XP HLQH 0DVVQDKPH ]XU YRUEHXJHQGHQ %HNlPSIXQJ YRQ 6WUDIWD WHQ 'LH 9LGHREHUZDFKXQJ VWHOOW GHVKDOE DXFK HLQH 0DVVQDKPH GHU *HIDKUHQ YRUVRUJH GDU 6ROFKH hEHUZDFKXQJVPDVVQDKPHQ N|QQHQ GDQQ JHUHFKWIHUWLJW VHLQ ZHQQ LP EHUZDFKWHQ %HUHLFK ]XPLQGHVW HLQH DEVWUDNWH *HIDKU YRUOLHJW R GHU HLQH EHVRQGHUH 6FKXW]EHGUIWLJNHLW YRQ 2EMHNWHQ RGHU GHUHQ %HQW]HUQ EH VWHKW + %HPHUNXQJHQ ]XU 9LGHREHUZDFKXQJ DOV NULPLQDOSUlYHQWLYH 0DVVQDKPH 6RZHLW GHU 6WDDW GLH 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP HLQVHW]W XP 'HOLNWHQ YRU]XEHXJHQ KDQGHOW HV VLFK XP HLQH NULPLQDOSUlYHQWLYH 0DVVQDKPH %H]ZHFNW LVW HLQH %HHLQIOXVVXQJ SRWHQ]LHOOHU 7lWHU XP $XVPDVV XQG 6FKZHUH GHU .ULPLQDOLWlW ]X PLQGHUQ :LOO PDQ QDFK GHQ GXUFK GHQ 3UlYHQWLRQVDQVDW] DQYLVLHUWHQ =LHOJUXSSHQ GLIIHUHQ ]LHUHQ ODVVHQ VLFK GLH (EHQHQ GHU SULPlUHQ VHNXQGlUHQ XQG WHUWLlUHQ 3UlYHQWLRQ XQWHUVFKHLGHQ 9LGHREHUZDFKXQJVPDVVQDKPHQ VLQG GHU VHNXQGlUHQ 3UlYHQWLRQ ]X]XRUGQHQ 'LHVH VHNXQGlUH 3UlYHQWLRQ ZLOO .ULPLQDOLWlW VFKRQ YRU LKUHU HLJHQW 9JO ]XU 9LGHREHUZDFKXQJ LQ LKUHQ %H]JHQ ]XP 6WUDIYHUIDKUHQ KLQWHQ 7HLO ,, , VD 7HLO 9 9JO %$576&+ I 0$;,0,1, I 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= 76&+$11(1=,00(5/,0h//(5 5] I 8QWHU GHQ %HJULII GHU *H IDKUHQYRUVRUJH IDOOHQ 0DVVQDKPHQ ZHOFKH VLFK LP 9RUIHOG GHU NRQNUHWHQ *HIDKUHQDEZHKU DEVSLHOHQ 6&+:(,=(56877(5:,'0(5 5] =ZLVFKHQ GHU $EZHKU DEVWUDNWHU *HIDKUHQ ]XP %HJULII KLQWHQ )Q XQG GHU *HIDKUHQYRUVRUJH EHVWHKW NHLQ 8QWHUVFKLHG YJO 5(,1+$5' XQG (LQH DEVWUDNWH *HIDKU OLHJW YRU ZHQQ QDFK DOOJHPHLQHU /HEHQVHUIDKUXQJ PLW KLQUHLFKHQGHU :DKUVFKHLQOLFKNHLW LQ JOHLFK JHODJHUWHQ )lOOHQ HLQH NRQNUHWH *HIDKU IU SROL]HLOLFKH 6FKXW] JWHU ]X HUZDUWHQ LVW 6RZRKO IU GLH %HMDKXQJ HLQHU NRQNUHWHQ DOV DXFK HLQHU DEVWUDNWHQ *H IDKU EHGDUI HV GDPLW HLQHU KLQUHLFKHQGHQ :DKUVFKHLQOLFKNHLW HLQHV 6FKDGHQVHLQWULWWV 'RFK EHL GHU DEVWUDNWHQ *HIDKU EHVWHKW GLH *HIDKU EORVV K\SRWKHWLVFK 'DV 9RUKDQGHQVHLQ HLQHU DEVWUDN WHQ *HIDKU NQSIW GDPLW QLFKW DQ HLQH NRQNUHWH 6LWXDWLRQ VRQGHUQ DQ HLQH W\SLVFKH *HIlKU GXQJVODJH E]Z DQ HLQH DOOJHPHLQH XQDEKlQJLJ YRP (LQ]HOIDOO EHVWHKHQGH *HIlKUOLFKNHLW HL QHV DEVWUDNWHQ 6DFKYHUKDOWHV DQ VLHKH GD]X 5$8%(5 *g7= 5] II 6&+:(,=(5 6877(5:,'0(5 5] 5(,1+$5' I =X EHDFKWHQ LVW LQGHVVHQ GDVV GLH =XOlVVLJNHLW HLQHU SROL]HLOLFKHQ 9LGHREHUZDFKXQJ LQ GHQ PHLVWHQ )lOOHQ JHVHW]OLFK QLFKW YRP 9RUKDQGHQVHLQ HLQHU EHVWLPPWHQ *HIDKUHQZDKUVFKHLQ OLFKNHLW RGHU EHVRQGHUHQ 6FKXW]EHGUIWLJNHLW DEKlQJLJ JHPDFKW ZLUG 'DVV HLQH DEVWUDNWH *H IDKU L6 HLQHV HLJHQWOLFKHQ .ULPLQDOLWlWVVFKZHUSXQNWV RGHU ]XPLQGHVW HLQ EHVRQGHUHV 6FKXW] EHGUIQLV YRUOLHJHQ PXVV HUJLEW VLFK MHGRFK DXV GHP *UXQGVDW] GHU 9HUKlOWQLVPlVVLJNHLW YJO GD]X KLQWHQ 7HLO ,, % 7HLO ,9 % E LL D VD 7HLO ,, % E L =XP %HJULII GHU .ULPLQDOSUlYHQWLRQ LP (LQ]HOQHQ YJO HWZD .$,6(5 I &2/(0$11255,6 II KLQWHQ )Q %h&.,1*.8%(5$ *5$6 9LGHREHUZDFKXQJ 2&+6(1)(/'5(33 0$;,0,1, /,1** 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ OLFKHQ (QWVWHKXQJ YHUKLQGHUQ XQG ULFKWHW VLFK GDEHL DQ NULPLQDOLWlWVJHQHLJWH 7lWHU 'DV =LHO LVW VLH YRQ GHU HLJHQWOLFKHQ 7DWEHJHKXQJ DE]XKDOWHQ ]% GXUFK HLQH 9HU lQGHUXQJ YRQ 7DWJHOHJHQKHLWVVWUXNWXUHQ HLQH 5HGX]LHUXQJ WDWI|UGHUQGHU 6WUXNWXUHQ RGHU HLQH (UK|KXQJ GHV (QWGHFNXQJVULVLNRV %HL GHU .ULPLQDOSUlYHQWLRQ OlVVW VLFK DXFK QDFK 0DVVQDKPHQIHOGHUQ GLIIHUHQ]LHUHQ 6R JHVHKHQ KDQGHOW HV VLFK EHL GHU 9LGHREHUZDFKXQJ XP HLQH VLWXDWLYH 3UlYHQ WLRQVPDVVQDKPH 0LW GLHVHP VLWXDWLYHQ 3UlYHQWLRQVDQVDW] ZLUG QLFKW YHUVXFKW GHU .ULPLQDOLWlW GXUFK HLQH bQGHUXQJ GHV 0HQVFKHQ XQG VHLQHV &KDUDNWHUV YRU]X EHXJHQ VRQGHUQ GDGXUFK GDVV GLH $Q]DKO NULPLQHOOHU *HOHJHQKHLWHQ YHUULQJHUW ZLUG ,Q GHU 9LGHREHUZDFKXQJ OlVVW VLFK DXFK HLQ VRJ ÄFDSDEOH JXDUGLDQ³ HU EOLFNHQ 'LH 3UlVHQ] HLQHV ZDFKVDPHQ XQG IlKLJHQ %HVFKW]HUV ± HLQHU VFKW]HQGHQ hEHUZDFKXQJ ± VROO GLH *HOHJHQKHLWHQ ]X NULPLQHOOHQ +DQGOXQJHQ YHUULQJHUQ 'D PLW GHU 9LGHREHUZDFKXQJ XQWHU (LQVDW] YRQ 7HFKQLN YHUVXFKW ZLUG GHOLNWL VFKHV 9HUKDOWHQ ]X HUVFKZHUHQ RGHU JDQ] ]X YHUKLQGHUQ KDQGHOW HV VLFK EHL GHU 9L GHREHUZDFKXQJ VFKOLHVVOLFK DXFK XP ÄWHFKQLVFKH .ULPLQDOSUlYHQWLRQ³ , 'LH 9LGHREHUZDFKXQJ LQ LKUHP %H]XJ ]XU 6WUDIYHUIROJXQJ 'RSSHOIXQNWLRQDOLWlW XQG 6WUDIYHUIROJXQJVYRUVRUJH =X EHDFKWHQ LVW GDVV GLH GXUFK HLQH 9LGHREHUZDFKXQJ EH]ZHFNWH 9HUKWXQJ YRQ 6WUDIWDWHQ E]Z GHU $EVFKUHFNXQJVHIIHNW GHU hEHUZDFKXQJ JDQ] ZHVHQWOLFK GDGXUFK HUUHLFKW ZHUGHQ VROO GDVV GLH 3ROL]HL XQG GLH 6WUDIYHUIROJXQJVEHK|UGHQ 6WUDIWDWHQ OHLFKWHU HQWGHFNHQ DXINOlUHQ XQG YHUIROJHQ N|QQHQ 'LH 9LGHREHUZD FKXQJ VWHKW VRPLW LQ HQJHP =XVDPPHQKDQJ PLW GHU 6WUDIYHUIROJXQJ %HVRQGHUV RIIHQVLFKWOLFK LVW GLHV ZHQQ $XI]HLFKQXQJHQ DQJHIHUWLJW ZHUGHQ +LHU ZHUGHQ ± DXFK RKQH 7DWYHUGDFKW ± %HZHLVH JHVLFKHUW ZRPLW ,QIRUPDWLRQVYRUVRUJH 'HPJHJHQEHU ULFKWHW VLFK GLH SULPlUH 3UlYHQWLRQ DQ GLH *HVDPWEHY|ONHUXQJ XQG ZLOO PLW GHQ 0LWWHOQ GHU 3ROLWLN YHUVXFKHQ GLH .ULPLQDOLWlWVXUVDFKHQ DOV VROFKH ]X EHHLQIOXVVHQ 'LH WHUWLlUH 3UlYHQWLRQ ULFKWHW VLFK DQ EHUHLWV VWUDIIlOOLJ JHZRUGHQH 7lWHU XQG EH]LHKW VLFK DXI GLH 5FNIDOOEHNlPSIXQJ PLWWHOV 6SH]LDOSUlYHQWLRQ YJO GD]X .$,6(5 :2/)*$1* +(,1= .ULPLQDOSROLWLN %UJHU XQG .RPPXQH LQ +(/087 .85< >+UVJ@ .RQ]HSWH .RPPXQDOHU .ULPLQDOSUlYHQWLRQ )UHLEXUJ L%U II I /,1** 0h//(5 +( 0$;,0,1, I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH &2/(0$11255,6 II %251(:$66(56&+8/= I %h&.,1*.8%(5$ (,)/(5 %5$1'7 2&+6(1)(/'5(33 .,//,$6.8+1$(%, 5] D /,1** I ,P (LQ]HOQHQ .,//,$6.8+1$(%, 5] II II %251(:$66(56&+8/= I $50,7$*( %h&.,1*.8%(5$ %251(:$66(56&+8/= I )5,('5,&+ /g6(/ (QWZLFNOXQJVEH]RJHQH XQG WHFKQLVFKH .UL PLQDOSUlYHQWLRQ .RQ]HSWXHOOH *UXQGODJHQ XQG (UJHEQLVVH LQ 6&+g&+-(+/( II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H =XP =XVDPPHQKDQJ ]ZLVFKHQ 0DVVQDKPHQ GHU *HIDKUHQDEZHKU XQG GHU 6WUDIYHUIROJXQJ YJO DXFK 5(,1+$5' II 3)$1'(5 (LQVDW]IRUPHQ XQG ]ZHFNH IU HLQ VSlWHUHV 6WUDIYHUIDKUHQ EHWULHEHQ ZLUG 'LH 9LGHREHUZDFKXQJ VWHOOW GD PLW DXFK HLQ ,QVWUXPHQW GHU 6WUDIYHUIROJXQJVYRUVRUJH GDU GD VLH HLQ VSlWHUHV 6WUDI YHUIDKUHQ HIIL]LHQWHU JHVWDOWHQ E]Z HUOHLFKWHUQ RGHU EHUKDXSW HUVW HUP|JOLFKHQ VROO :HQLJHU HQJ LVW GHU %H]XJ ]XP 6WUDIYHUIDKUHQ ZHQQ HV VLFK XP HLQH UHLQH 9LGHREHREDFKWXQJ KDQGHOW ZRPLW LQVEHVRQGHUH HLQ VFKQHOOHV (LQJUHLIHQ GHU 3ROL]HL YRU 2UW ]XU 9HUKWXQJ RGHU 9HUPLQGHUXQJ YRQ 6FKlGHQ IU 3HUVRQHQ RGHU 6DFKHQ EHDEVLFKWLJW LVW $OOHUGLQJV NDQQ DXFK GLHVH HLQHP UHSUHVVLYHQ =ZHFN GLHQHQ QlPOLFK DOV 0LWWHO ]XU 9HUGDFKWVJHZLQQXQJ 'HU %H]XJ ]XP 6WUDIYHUIDKUHQ LVW DXFK GDQQ JHJHEHQ ZHQQ GHU %HDPWH ZHOFKHU HLQ GHOLNWLVFKHV *HVFKHKHQ DP 0R QLWRU YHUIROJW KDW DOV =HXJH LQ HLQHP 6WUDIYHUIDKUHQ JHODGHQ ZLUG %HL GHU 9L GHREHUZDFKXQJ KDQGHOW HV VLFK VRPLW OHW]WOLFK XP HLQH VRJ GRSSHOIXQNWLRQDOH 0DVVQDKPH GD VLH VRZRKO GHU *HIDKUHQDEZHKU DOV DXFK GHU 6WUDIYHUIROJXQJ GLHQHQ VROO 'LHVHU HQJH =XVDPPHQKDQJ YRQ 3UlYHQWLRQ XQG 5HSUHVVLRQ VROFKHU GRSSHOIXQNWL RQDOHU 0DVVQDKPHQ GHU 6WUDIYHUIROJXQJVYRUVRUJH EHVRQGHUV DXJHQVFKHLQOLFK EHL GHU 9LGHRDXI]HLFKQXQJ RKQH (FKW]HLWEHREDFKWXQJ IKUW ]XU )UDJH RE VLH QRFK GHP %HUHLFK GHU *HIDKUHQDEZHKU ]XJHRUGQHW ZHUGHQ N|QQHQ RGHU RE VLH QLFKW VFKRQ ]XU 6WUDIYHUIROJXQJ RGHU JDU ]X HLQHU HLJHQHQ 6lXOH SROL]HLOLFKHQ +DQGHOQV JHK|UHQ 'D DEHU EHL GHU RIIHQHQ 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H GLH %HZHLVVLFKHUXQJ IU HLQ 6WUDIYHUIDKUHQ LP 'LHQVWH GHU 3UlYHQWLRQ VWHKW GHU (LQ]HO QH YRQ GHU %HJHKXQJ YRQ 6WUDIWDWHQ DOVR GDGXUFK DEJHVFKUHFNW ZHUGHQ VROO GDVV GDV (QWGHFNXQJVULVLNR VWHLJW E]Z GLH (LQOHLWXQJ HLQHV 6WUDIYHUIDKUHQV JHJHQ LKQ HU OHLFKWHUW ZLUG EHUZLHJW MHGRFK GLH SUlYHQWLYH =ZHFNULFKWXQJ 'LHVH SUlYHQWLYH $XVULFKWXQJ ZLUG GXUFK GLH 0|JOLFKNHLW GHU 9HUZHQGXQJ GHV %LOGPDWHULDOV LP $XI VLFKHUKHLWVSROL]HLOLFKHU *UXQGODJH EHVFKDIIWH 9LGHRDXI]HLFKQXQJHQ VLQG LP 6WUDIYHUIDK UHQ DOV %HZHLVPLWWHO JUXQGVlW]OLFK YHUZHUWEDU YJO +$16-$.2% LQ '21$76&++$16-$.2% /,(%(5 .RPP ]X $UW 6W32 5] VLHKH DEHU DXFK KLQWHQ 7HLO , $ 9JO :$/'(1 I *86< 3ROL]HL XQG 2UGQXQJVUHFKW 5] 9JO 3(75, 5] YRUQH 7HLO ,, ) $XIJUXQG GHU LP 5DKPHQ GHU 9LGHREHREDFKWXQJ HUKREHQHQ 'DWHQ HUNHQQW GLH 3ROL]HL GDVV 6WUDIWDWHQ EHJDQJHQ ZHUGHQ RGHU ZXUGHQ (UVW GHU GDGXUFK JHZRQQHQH 7DWYHUGDFKW HUP|JOLFKW GLH (LQOHLWXQJ HLQHV 6WUDIYHUIDKUHQV 9JO ]XP %HJULII GHU 9HUGDFKWVJHZLQQXQJ E]Z 9HU GDFKWVVFK|SIXQJ 5$&+25 5] %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 52**$1 9LGHREHUZDFKXQJ %$576&+ I 3(75, 5] *(,*(5 I =g//(5 9JO ]XP %HJULII GHU GRSSHOIXQNWLRQDOHQ 0DVVQDKPH DXFK :$/'(1 752&+6/(5+8*(172%/(5/2%6,*(5 5] II IHUQHU 5(,1+$5' II 9JO :$/'(1 II 5$1'+$+1 I VD 3)$1'(5 I IHUQHU %*( , ( ZR GDV %XQGHVJHULFKW IHVWKlOW GDVV VLFK GLH YHUZDOWXQJVUHFKWOLFKH 3ROL]HLWlWLJNHLW QLFKW OHLFKW YRP VWUDISUR]HVVXDOHQ LP 'LHQVWH GHU 6WUDIYHUIROJXQJ VWHKHQGHQ $XIJDEHQEHUHLFK XQWHU VFKHLGHQ OlVVW XQG GLH EHLGHQ %HUHLFKH VLFK EHUVFKQHLGHQ E]Z IOLHVVHQG LQHLQDQGHU EHUJH KHQ N|QQHQ =XP %HJULII YJO YRUQH 7HLO ,, ' 'LH 9LGHREHUZDFKXQJ LQ GHU SUDNWLVFKHQ $QZHQGXQJ 6WUDIYHUIDKUHQ QLFKW EHUODJHUW RGHU YHUGUlQJW 'LH 9LGHREHUZDFKXQJ LVW VRPLW GHP %HUHLFK GHU SUlYHQWLYSROL]HLOLFKHQ *HIDKUHQDEZHKU ]X]XRUGQHQ 'HU HQJH %H]XJ GHU 9LGHREHUZDFKXQJ ]XP 6WUDIYHUIDKUHQ NDQQ ± ZLH ]X ]HLJHQ LVW ± DXV UHFKWOLFKHU 6LFKW GHQQRFK QLFKW LUUHOHYDQW EOHLEHQ 5HLQ UHSUHVVLYH =ZHFNH ZHU GHQ PLW GHU 9LGHREHUZDFKXQJ KLQJHJHQ GDQQ YHUIROJW ZHQQ VLH ]XU %HVFKDWWXQJ YRQ 7DWYHUGlFKWLJHQ RGHU ± ]% XQWHU 'XUFKIKUXQJ YRQ 'DWHQDEJOHLFKHQ ± ]XU )DKQGXQJ HLQJHVHW]W ZLUG ,QVRZHLW VWHOOW VLH SULPlU HLQ 0LWWHO GHU 6WUDIYHUIROJXQJ GDU %$576&+ I II %$86&+ I II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH 5$1'+$+1 II LQVE II 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= VD *g7= 5] I ZRQDFK GLH $XIJDEH GHU YRUEHXJHQGHQ %HNlPSIXQJ YRQ 6WUDIWDWHQ E]Z GLH 6WUDIYHUIROJXQJVYRUVRUJH 7HLO GHU *HIDKUHQDEZHKUDXI JDEH LVW $$ DEHU =g//(5 I ZRQDFK GHU 6FKZHUSXQNW YRQ 9LGHREHUZDFKXQJVPDVV QDKPHQ QLFKW LP %HUHLFK GHU ÄSUlYHQWLY DXVJHULFKWHWHQ *HIDKUHQDEZHKU³ OLHJH VRQGHUQ LP %HUHLFK GHU ÄUHSUHVVLY DXVJHULFKWHWHQ 6WUDIYHUIROJXQJ³ $$ DXFK 3(75, 5] 52**$1 3ROL]HLOLFKH 9LGHREHUZDFKXQJ XQG ZRKO DXFK *86< 3ROL]HL XQG 2UGQXQJVUHFKW 5] 9JO HWZD KLQWHQ 7HLO 9, 7HLO ,9 % E LL XQG 7HLO ,9 & VD 7HLO , $ 9JO ]X GHQ VLFK LQ GLHVHP =XVDPPHQKDQJ VWHOOHQGHQ NRPSHWHQ]UHFKWOLFKHQ )UDJHQ KLQWHQ 7HLO , $ 6D $UW $EV '69*/ 7HLO 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV , *UXQGNRQ]HSW XQG 5HFKWVJUXQGODJHQ GHV 'DWHQVFKXW]HV 'DWHQVFKXW] LVW HWZDV *UXQGOHJHQGHV (U WUlJW ZHVHQWOLFK GD]X EHL GHQ (LQ]HOQHQ YRU GHU *HIDKU XQ]XOlVVLJHU XQG XQYHUKlOWQLVPlVVLJHU $XVEXQJ LQIRUPDWLRQHOOHU 0DFKW ]X VFKW]HQ ZLOO EHU GLH GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H XQG GLH (LQUlXPXQJ YRQ $EZHKUUHFKWHQ GLH )DLUQHVV GHU 'DWHQEHDUEHLWXQJ VLFKHU VWHOOHQ VRZLH ,QIRUPDWLRQVDV\PPHWULHQ DXVJOHLFKHQ XQG GLHQW GDPLW OHW]WOLFK GHU SHUV|QOLFKHQ (QWIDOWXQJ GHV ,QGLYLGXXPV =X GLHVHP =ZHFN VHW]W GHU 'DWHQVFKXW] VFKRQ LP 9RUIHOG HLQHU 3HUV|QOLFKNHLWVYHUOHW]XQJ DQ 'HP 'DWHQVFKXW] NRPPW EHU GHQ 6FKXW] GHU *UXQGUHFKWH XQG GHU 3HUV|QOLFKNHLW GHV (LQ]HOQHQ DEHU DXFK GLH )XQNWLRQ ]X EHK|UGOLFKHV +DQGHOQ WUDQVSDUHQW ]X JHVWDOWHQ ZRPLW GLH IUHLH 0HLQXQJVELOGXQJ XQG GLH :DKUQHKPXQJ GHPRNUDWLVFKHU 5HFKWH JHI|UGHUW ZLUG XQG VWDDWOLFKHV +DQGHOQ NRQWUROOLHUEDU EOHLEW hEHU GHQ 6FKXW] GHU ,QGLYLGXDOLWlW KLQ DXV ZLUG VRPLW OHW]WOLFK DXFK GLH GHPRNUDWLVFKH XQG IUHLKHLWOLFKH *UXQGRUGQXQJ JH VWlUNW 'DV lQGHUW QLFKWV GDUDQ GDVV 'DWHQVFKXW] QLFKW ]XP 6HOEVW]ZHFN YHUNRP PHQ GDUI (U KDW VLFK LQ MHGHP (LQ]HOIDOO DQ GHQ EHUHFKWLJWHQ 3HUV|QOLFKNHLWV LQWHUHVVHQ GHV ,QGLYLGXXPV ]X RULHQWLHUHQ XQG LVW LQ $XVJOHLFK ]X EULQJHQ PLW DQGH UHQ IU GHQ 3HUV|QOLFKNHLWVVFKXW] XQG GDV )XQNWLRQLHUHQ GHU GHPRNUDWLVFKHQ 2UG QXQJ ZHVHQWOLFKHQ $QOLHJHQ ZLH ]% SULYDWHQ RGHU |IIHQWOLFKHQ ,QIRUPDWLRQVLQWH UHVVHQ GHU :DKUXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW RGHU ,QWHUHVVHQ GHU 6WUDI YHUIROJXQJ 1XU PLW HLQHU YHUQQIWLJHQ DOOHQ EHUHFKWLJWHQ $QOLHJHQ DQJHPHVVHQ 'D]X KLQWHQ 7HLO 9, 6LHKH GD]X +$16 3(7(5 %8// 'DWHQVFKXW] DOV ,QIRUPDWLRQVUHFKW XQG *HIDKUHQDEZHKU LQ 'DWHQVFKXW] ,QIRUPDWLRQVUHFKW XQG 5HFKWVSROLWLN ± *HVDPPHOWH $XIVlW]H YRQ +DQV 3HWHU %XOO %HUOLQ II 6&+:(,=(5 3ULYDF\ 3(7(5 II 921 /(:,16., II +$86+((5$(%,0h//(5 5] YJO DXFK GHQ JUXQGOHJHQGHQ $XIVDW] YRQ 6$08(/ :$55(1/28,6 ' %5$1'(,6 7KH 5LJKW WR 3ULYDF\ +DUYDUG /DZ 5HYLHZ II LQ ZHOFKHP EHWRQW ZLUG ZLH ZLFKWLJ HV IU GHQ 6FKXW] GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ LVW GDVV GHU (LQ]HOQH VHOEVW EHU GLH 3UHLVJDEH XQG 9HUZHQGXQJ VHLQHU 'DWHQ HQWVFKHLGHQ NDQQ XQG GHVZHJHQ HLQ HLJHQWOLFKHV Ä5LJKW WR EH OHW DORQH³ DOV QRWZHQGLJ HUVFKHLQW YJO DXFK KLQWHQ 7HLO ,,, % 7HLO ,9 $ XQG 7HLO 9 $ 9JO 32/('1$ 'HP $QOLHJHQ GDV 9HUZDOWXQJVKDQGHOQ WUDQVSDUHQW ]X PDFKHQ XQG P|JOLFKVW XPIDVVHQG GHU GHPRNUDWLVFKHQ .RQWUROOH ]X XQWHUZHUIHQ GLHQW GDQHEHQ LQVEHVRQ GHUH DXFK GDV gIIHQWOLFKNHLWVSULQ]LS ZHOFKHV LQ GHU MQJHUHQ =HLW YRQ ]DKOUHLFKHQ .DQWRQHQ VRZLH YRP %XQG HLQJHIKUW ZRUGHQ LVW YJO ]X GHQ )XQNWLRQHQ GHV gIIHQWOLFKNHLWVSULQ]LSV LP (LQ]HOQHQ ,6$%(//( +b1(5 'DV gIIHQWOLFKNHLWVSULQ]LS LQ GHU 9HUZDOWXQJ LP %XQG XQG LQ GHQ .DQWRQHQ ± 1HXHUH (QWZLFNOXQJHQ =%O II /8=,86 0$'(5 'DV gIIHQWOLFK NHLWVJHVHW] GHV %XQGHV ± (LQIKUXQJ LQ GLH *UXQGODJHQ LQ %HUQKDUG (KUHQ]HOOHU >+UVJ@ 'DV gIIHQWOLFKNHLWVJHVHW] GHV %XQGHV 6W *DOOHQ II VLHKH IHUQHU $UW %*g XQG $EV %VW D ,'*=+ 'DV gIIHQWOLFKNHLWVSULQ]LS LVW VHLQHUVHLWV PLW GHQ $QOLHJHQ GHV 'DWHQ VFKXW]HV LQ (LQNODQJ ]X EULQJHQ YJO ]% $UW XQG %*g 32/('1$ 6&+:(,=(5 3ULYDF\ 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 5HFKQXQJ WUDJHQGHQ +DQGKDEXQJ GHV 'DWHQVFKXW]HV ODVVHQ VLFK ODQJIULVWLJ GHVVHQ /HJLWLPLWl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h 'LHVHV VWHOOW HLQH 6SH]LIL]LHUXQJ XQG 9HUGHXWOLFKXQJ GHV 6FKXW]HV YRQ $UW (05. IU GHQ %HUHLFK GHU DXWRPDWLVFKHQ 9HUDUEHLWXQJ YRQ 3HUVRQHQGD WHQ LP |IIHQWOLFKHQ XQG SULYDWHQ %HUHLFK GDU (V VHW]W IU GLH 0LWJOLHGVWDDWHQ 0LQ GHVWVWDQGDUGV LQ GHU $XVJHVWDOWXQJ LKUHV LQQHUVWDDWOLFKHQ 'DWHQVFKXW]UHFKWV $UW ('6h 'DV hEHUHLQNRPPHQ ILQGHW IU GLH 6FKZHL] DXFK DXI GLH QLFKW DXWRPD WLVFKH PDQXHOOH 9HUDUEHLWXQJ YRQ 3HUVRQHQGDWHQ $QZHQGXQJ (V EH]LHKW VLFK 9JO GD]X %8// II 9JO 6&+:(,=(5 5HFKWVSUHFKXQJ II XQG KLQWHQ 7HLO ,,, 'D]X KLQWHQ 7HLO ,9 'HU 'DWHQVFKXW] ZHLVW DEHU DXFK %H]JH ]X DQGHUHQ *UXQGUHFKWHQ DXI ZLH HWZD ]XU 0HQVFKHQZUGH $UW %9 RGHU ]XU SHUV|QOLFKHQ )UHLKHLW $UW $EV %9 YJO KLQWHQ 7HLO ,, XQG 7HLO 9 $XFK $UW *5& HQWKlOW HLQ 5HFKW DXI 6FKXW] SHUVR QHQEH]RJHQHU 'DWHQ YJO GD]X HWZD (3,1(<+2)67g77(50(,(57+(8(5.$8) 9JO ]X GHQ $XVZLUNXQJHQ GHV (*'DWHQVFKXW]UHFKWV DXI GLH 6FKZHL] LP $OOJHPHLQHQ 6&+:(,=(5 $XVZLUNXQJHQ II XQG GHU %HGHXWXQJ GHU (*'65/ IU GLH 6FKZHL] LP =XVDPPHQKDQJ PLW GHP %HLWULWW ]XP 6FKHQJHQHU $ENRPPHQ LP %HVRQGHUHQ %RWVFK %LODWHUDOH ,, II 58',1 'DWHQVFKXW]JHVHW]H I (3,1(<+2)67g77(50(,(57+(8(5.$8) II 12:$. .RPP ]X $UW 8123DNW ,, 5] :DQQ HLQH DXWRPDWLVFKH 9HUDUEHLWXQJ YRUOLHJW ZLUG LP ('6h QLFKW HQJ GHILQLHUW 9LHOPHKU VROO HLQH IOH[LEOH ,QWHUSUHWDWLRQ P|JOLFK EOHLEHQ YJO ([SODQDWRU\ 5HSRUW ('6h =LII %RWVFK %HLWULWW ('6h :DQQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ YRQ HLQHU DXWRPDWL VFKHQ 'DWHQYHUDUEHLWXQJ JHVSURFKHQ ZHUGHQ NDQQ VFKHLQW QLFKW DEVFKOLHVVHQG JHNOlUW YJO ]XP %HJULII GHU ÄDXWRPDWLVLHUWHQ 9HUDUEHLWXQJ³ LQ $UW $EV (*'65/ GLH $XVIKUXQJHQ YRQ /$1* 3ULYDWH 9LGHREHUZDFKXQJ II YJO IHUQHU 9*HU 2VQDEUFN 8UWHLO YRP -XQL $ 'X' II ZRQDFK HLQH 9LGHRNDPHUD PLW GHU OHGLJOLFK HLQH DXWRPDWLVFKH $XI]HLFKQXQJ DXI 9LGHREDQG HUIROJW NHLQH DXWRPDWLVLHUWH 'DWHQYHUDUEHL WXQJ L6 GHV %'6* GDUVWHOOH 9LHOPHKU VHL HUIRUGHUOLFK GDVV GLH $QODJH EHU HLQ 3URJUDPP YHUIJH ZHOFKHV GLH %LOGLQKDOWH QDFK LKUHP SHUVRQHQEH]RJHQHQ ,QIRUPDWLRQVJHKDOW DXVZHUWHQ N|QQH 0( HUIROJW GLH 'DWHQEHDUEHLWXQJ EHL GHU 9LGHREHREDFKWXQJ XQG GHU 9LGHRDXI]HLFK QXQJ ]XPLQGHVW WHLOZHLVH PLW +LOIH ÄDXWRPDWLVLHUWHU 9HUIDKUHQ³ XQG VWHOOW GDPLW HLQH ÄDXWR PDWLVFKH 9HUDUEHLWXQJ³ L6Y $UW %VW F ('6h GDU 9JO LP (LQ]HOQHQ (3,1(<+2)67g77(50(,(57+(8(5.$8) I %RWVFK 7HLOUHYLVLRQ '6* %RWVFK %HLWULWW ('6h %RWVFK '6* :$/7(5 &RQYHQWLRQ II ([SODQDWRU\ 5HSRUW ('6h 6&+:(,=(5%85.(57 'LH 6FKZHL] KDW HLQH HQWVSUHFKHQGH (UNOlUXQJ JHPlVV $UW $EV %VW F ('6h DEJHJHEHQ YJO %XQGHVEHVFKOXVV YRP -XQL EHWUHIIHQG GLH *HQHKPLJXQJ GHV hEHUHLQNRPPHQV GHV (XURSDUDWV ]XP 6FKXW] GHV 0HQVFKHQ EHL GHU DXWRPDWLVFKHQ 9HUDUEHLWXQJ SHUVRQHQEH]R JHQHU 'DWHQ $6 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DV OHU .RPP ]X $UW '6* 5] *UXQGNRQ]HSW XQG 5HFKWVJUXQGODJHQ GHV 'DWHQVFKXW]HV DXI GLH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ VRZRKO QDWUOLFKHU DOV DXFK ± ]XPLQGHVW EH ]RJHQ DXI GLH 6FKZHL] ± MXULVWLVFKHU 3HUVRQHQ %HLP ('6h KDQGHOW HV VLFK XP HLQHQ ÄQRQVHOIH[HFXWLQJ WUHDW\³ 8QPLWWHOEDU ODVVHQ VLFK DXV LKP NHLQH 5HFKWH DE OHLWHQ YJO $UW $EV ('6h (UJlQ]W ZLUG GDV ('6h GXUFK GDV =3 ]XP ('6h 'LHVHV YHUODQJW XD GLH 6FKDIIXQJ HLQHU RGHU PHKUHUHU XQDEKlQJLJHU $XI VLFKWVEHK|UGHQ ZHOFKH GLH (LQKDOWXQJ GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJV JUXQGVlW]H JHZlKUOHLVWHQ VROOHQ XQG EHU HQWVSUHFKHQGH 'XUFKVHW]XQJVPHFKDQLV PHQ YHUIJHQ PVVHQ $UW =3 ]XP ('6h 0LW GHU 7HLOQDKPH GHU 6FKZHL] DP 6FKHQJHQHU $ENRPPHQ ZDU GLH LQQHUVWDDWOLFKH 'DWHQVFKXW]JHVHW]JHEXQJ GHQ $QIRUGHUXQJHQ GHV ('6h XQG GHV =3 ]XP ('6h DQ]XSDVVHQ =XGHP KDW GDV 0LQLVWHUNRPLWHH GHV (XURSDUDWHV HLQH 5HLKH ZLFKWLJHU GLH 'DWHQ VFKXW]NRQYHQWLRQ EHUHLFKVVSH]LILVFK NRQNUHWLVLHUHQGHU (PSIHKOXQJHQ ]XP 6FKXW] SHUVRQHQEH]RJHQHU 'DWHQ HUODVVHQ 'LHVH (PSIHKOXQJHQ VLQG ]ZDU QLFKW GLUHNW DQZHQGEDU XQG IU GLH 0LWJOLHGVWDDWHQ JUXQGVlW]OLFK QLFKW YHUELQGOLFK LQ LKUHU :LUNXQJ MHGRFK NHLQHVZHJV ]X XQWHUVFKlW]HQ 'HQQ VLH JHEHQ HLQHQ JHIXQGHQHQ .RQVHQV EHU GLH %HDUEHLWXQJVJUXQGVlW]H ZLHGHU GHQ GLH 0LWJOLHGVWDDWHQ QLFKW XQ EHUFNVLFKWLJW ODVVHQ N|QQHQ 6LH KDEHQ LKUH HLJHQHQ 5HJHOXQJHQ DXI GLH 9HUHLQ EDUNHLW PLW GHQ (PSIHKOXQJHQ ]X SUIHQ XQG DXI $QSDVVXQJVEHGDUI ]X XQWHUVX FKHQ )U GLH =ZHFNH GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ KHUYRU]XKHEHQ LVW GLH 5HF EHWUHIIHQG GLH 9HUZHQGXQJ SHUVRQHQEH]RJHQHU 'DWHQ LP 3ROL]HLEHUHLFK 0LW GHU 7HLOQDKPH DP 6FKHQJHQHU $ENRPPHQ KDW VLFK GLH 6FKZHL] YHUSIOLFKWHW GLH 5HF LP 5DKPHQ GHU LQQHUVWDDWOLFKHQ 'DWHQVFKXW]JHVHW]JHEXQJ ]X ÄEH DFKWHQ³ 'LH 6FKZHL] KDW HLQH HQWVSUHFKHQGH (UNOlUXQJ JHPlVV $UW $EV %VW E ('6h DEJHJHEHQ YJO YRUQH )Q ([SODQDWRU\ 5HSRUW ('6h =LII 58',1 'DWHQVFKXW]JHVHW]H I %85.(57 ,QWHUQDWLR QDOH *UXQGODJHQ 5] GLIIHUHQ]LHUHQG DEHU 6&+:(,=(5 $XVZLUNXQJHQ XQG :$/7(5 &RQYHQWLRQ 9JO GD]X %RWVFK 7HLOUHYLVLRQ '6* II +b1(5 8QDEKlQJLJNHLW 5] II 6,0,7,6 LQ 6,0,7,6 (LQOHLWXQJ *HVFKLFKWH ± =LHOH ± 3ULQ]LSLHQ 5] I (3,1(<+2)67g77(5 0(,(57+(8(5.$8) II =XP %HJULII GHU 8QDEKlQJLJNHLW YJO (X*+ 8UWHLO YRP 0lU] LQ GHU 5HFKWVVDFKH & 9JO $UW $EV 6$$ L9P $QKDQJ $ 7HLO L9P $UW $EV 6'h GD]X 58',1 'DWHQVFKXW]JHVHW]H I +b1(5 8QDEKlQJLJNHLW 5] II %RWVFK %LODWHUDOH ,, 6&+:(,=(5%85.(57 6,0,7,6 LQ 6,0,7,6 (LQOHLWXQJ *HVFKLFKWH ± =LHOH ± 3ULQ]LSLHQ 5] II IU HLQH hEHUVLFKW EHU GLH (PSIHKOXQJHQ YJO :(%(56200(5+$/'(5 )Q 9JO HWZD GLH 6WHOOXQJQDKPH GHV (XURSlLVFKHQ 'DWHQVFKXW]EHDXIWUDJWHQ $%O & YRP -XQL =LII ,,, 9JO 6,0,7,6 LQ 6,0,7,6 (LQOHLWXQJ *HVFKLFKWH ± =LHOH ± 3ULQ]LSLHQ 5] 6LHKH 6,0,7,6 LQ 6,0,7,6 (LQOHLWXQJ *HVFKLFKWH ± =LHOH ± 3ULQ]LSLHQ 5] 9JO $UW $EV 6$$ L9P $QKDQJ $ 7HLO L9P $UW $EV 6'h %RWVFK %LODWHU DOH ,, 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 6SH]LILVFK PLW )UDJHQ GHU 9LGHREHUZDFKXQJ KDW VLFK GHU (XURSlLVFKH $XVVFKXVV IU UHFKWOLFKH =XVDPPHQDUEHLW &'&- EHIDVVW XQG LP 0DL *XLGLQJ 3ULQFLS OHV ]XU 9LGHREHUZDFKXQJ SXEOL]LHUW 'LH SDUODPHQWDULVFKH 9HUVDPPOXQJ GHV (X URSDUDWHV KDW LP -DQXDU VRGDQQ HLQHQ %HVFKOXVV ]XU 9LGHREHUZDFKXQJ HUODV VHQ 'LH 0LWJOLHGVWDDWHQ ZHUGHQ GDULQ DXIJHIRUGHUW GLH *XLGLQJ 3ULQFLSOHV DQ]X ZHQGHQ XQG VR ZHLW ZLH P|JOLFK ]X EHIROJHQ )U GLH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ GXUFK %XQGHVRUJDQH XQG 3ULYDWH LVW GDV '6* PDVVJHEOLFK $UW $EV '6* 'LHVHV KDW ]XP =ZHFN GLH ± XPIDVVHQG ]X YHUVWHKHQGH ± 3HUV|QOLFKNHLW XQG GLH *UXQGUHFKWH GHUMHQLJHQ 3HUVRQHQ ]X VFKW]HQ EHU GLH 'DWHQ EHDUEHLWHW ZHUGHQ $UW '6* ,QVEHVRQGHUH ZLUG PLW GHP '6* GHP *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DXFK LP 9HUKlOW QLV XQWHU 3ULYDWHQ *HOWXQJ YHUOLHKHQ ZDV DQJHVLFKWV GHU DXFK YRQ 3ULYDWHQ DXVJHKHQGHQ *HIDKUHQ IU GLH 3HUV|QOLFKNHLW GXUFK GLH %HDUEHLWXQJ YRQ 3HUVRQHQ 6LHKH &R( 5HVROXWLRQ YLGHR VXUYHLOODQFH =LII &'&- *XLGLQJ SULQFLSOHV ,QWURGXFWLRQ Ä&RXQFLO RI (XURSH PHPEHU 6WDWHV VKRXOG HQVXUH WKDW WKHVH JXLGLQJ SULQFLSOHV DUH DSSOLHG DV FRQVLVWHQWO\ DV SRVVLEOH´ $XIJUXQG VHLQHU $QZHQGEDUNHLW DXI GHQ SULYDWHQ ZLH DXFK DXI GHQ |IIHQWOLFKHQ %HUHLFK KDQ GHOW HV VLFK EHLP '6* XP HLQ (LQKHLWVJHVHW] %RWVFK '6* +$16 '$1,27+ =LHOH XQG *UXQGDQOLHJHQ GHV 'DWHQVFKXW]HV LP |IIHQWOLFKHQ %HUHLFK LQ 6&+:(,=(5 'DV QHXH 'D WHQVFKXW]JHVHW] II 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] :(%(5 5+ +HUDXVIRUGHUXQJHQ %HLP 'DWHQVFKXW]UHFKW KDQGHOW HV VLFK ]XGHP XP HLQH Ä4XHUVFKQLWWVPDWHULH³ %RWVFK '6* 0$85(5 /$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] $Q JHNQSIW ZLUG DQ GHQ 8PJDQJ PLW ,QIRUPDWLRQHQ XQDEKlQJLJ GDYRQ LQ ZHOFKHP EHVRQGHUHQ =XVDPPHQKDQJ GLHVHU HUIROJW YJO %85.(57 'DWHQVFKXW] $OV Ä4XHUVFKQLWWVJHVHW]³ GDV VRZRKO LP |IIHQWOLFKHQ ZLH LP SULYDWHQ %HUHLFK $QZHQGXQJ ILQGHW KDW GDV '6* JUXQG VlW]OLFK 9RUUDQJ YRU DQGHUHQ 'DWHQEHDUEHLWXQJVYRUVFKULIWHQ VRZHLW GLHVH QLFKW VWUHQJHU DXV JHVWDOWHW VLQG %RWVFK '6* 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %9*HU $ ( 1$%+2/= YJO DEHU DXFK KLQWHQ )Q %RWVFK '6* 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] $QJHVSURFKHQ VLQG QDPHQWOLFK GLH *DUDQWLH GHU SHUV|QOLFKHQ )UHLKHLW $UW $EV %9 GDV 5HFKW DXI 3ULYDWVSKlUH $UW $EV %9 XQG $UW (05. VRZLH VHOEVWYHUVWlQGOLFK GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $UW $EV %9 %H]ZHFNW ZLUG DEHU DXFK GHU 6FKXW] DOOHU EULJHQ GXUFK GLH %9 XQG GLH (05. JDUDQWLHUWHQ *UXQGUHFKWH YJO 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] II 9JO %9*HU $ ( 6RPLW VWHKW QLFKW GHU 6FKXW] GHU 'DWHQ LP 9RUGHUJUXQG ZLH GLHV GHU *HVHW]HVWLWHO YHUPXWHQ OLHVVH ÄPDLV ELHQ OD SHUVRQQH HQ OXL JDUDQWLVVDQW OH UHVSHFW GH VD SHUVRQQDOLWp HW GH VHV GURLWV IRQGDPHQWDX[³ VLHKH :$/7(5 'URLW SXEOLF PDWpULHO IHUQHU HWZD 6&+$$5 921 67(&+2: I 'DVV EHU GHQ 'DWHQVFKXW] GLH 6LQQJHKDOWH GHU 'DWHQ XQG LKUH :LUNXQJHQ JHVFKW]W ZHUGHQ OlVVW VLFK EHVVHU PLW GHP %HJULII Ä,QIRUPDWLRQV VFKXW]³ DXVGUFNHQ VLHKH %8// hEHU GHQ *UXQGVDW] GHU 'DWHQVLFKHUKHLW HUODQJW MHGRFK DXFK GDV 'DWXP VHOEVW HLQHQ XQPLWWHOEDUHQ 6FKXW] YJO 921 /(:,16., KLQWHQ )Q 9JO 3(7(5 I :(%(5 5+ +HUDXVIRUGHUXQJHQ %*( ,, ( D %*( ,,, ( E %RWVFK '6* I *UXQGNRQ]HSW XQG 5HFKWVJUXQGODJHQ GHV 'DWHQVFKXW]HV GDWHQ ± ]% PLWWHOV 9LGHREHUZDFKXQJ ± YRQ JUXQGOHJHQGHU %HGHXWXQJ LVW 'DV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ HUODQJW GDPLW HLQH XPIDVVHQGH *HO WXQJ VRZRKO EH]JOLFK VWDDWOLFKHU DOV DXFK SULYDWHU 'DWHQEHDUEHLWXQJ 0LW GHP '6* ZLUG IU GHQ %HUHLFK GHV 'DWHQVFKXW]HV ]XGHP YRQ GHU ± RIW NULWLVLHUWHQ XQG VFKZHU KDQGKDEEDUHQ ± 6SKlUHQWKHRULH $EVFKLHG JHQRPPHQ hEHU $UW XQG '6* ZLUG GHU 3HUV|QOLFKNHLWVVFKXW] QDFK $UW =*% NRQNUHWLVLHUW HUJlQ]W XQG GDPLW IU GLH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ HIIL]LHQWHU JHVWDOWHW )U NDQWR QDOH XQG NRPPXQDOH 2UJDQH NRPPW ± PLW $XVQDKPHQ ± QLFKW GDV '6* ]XU $QZHQGXQJ VRQGHUQ GLH NDQWRQDOH 'DWHQVFKXW]JHVHW]JHEXQJ 8QEHQRPPHQ LVW HV %XQG XQG .DQWRQHQ LQ LKUHP =XVWlQGLJNHLWVEHUHLFK EHUHLFKV VSH]LILVFKH 'DWHQVFKXW]UHJHOQ ]X HUODVVHQ GXUFK ZHOFKH YRQ GHQ LQ GHQ HLQVFKOlJL 9JO :(,&+(57 9LGHREHUZDFKXQJ YRUQH (LQOHLWXQJ , XQG )Q =XP *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ YJO KLQWHQ 7HLO ,9 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] XQG ]X $UW %9 5] ('6. 8UWHLO YRP $SULO 93% 1U ( NULWLVFK ]XU =ZHFNPlVVLJNHLW HLQHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LP 3ULYDWEHUHLFK $(%, 0h//(5 5] II XQG +$86+((5$(%,0h//(5 5] 9JO $(%,0h//(5 5] II II 3('5$==,1,2%(5+2/=(5 I 2%(5+2/=(5 +$86+((5$(%,0h//(5 5] II 52%(572 5] I 5$,1(5 - 6&+:(,=(5 3ULYDWVSKlUHQVFKXW] YRQ 3HUVRQHQ GHV |IIHQWOLFKHQ /HEHQV $-3 II I IHUQHU &5$0(5 I -($1 1,&2/$6 '58(< *HKHLPVSKlUH GHV 8QWHUQHKPHQV ± *UXQGIUDJHQ GHV 3HUV|QOLFKNHLWVUHFKWV DXI *HKHLPVSKlUH XQWHUVXFKW PLW %OLFN DXI HLQHQ 6RQ GHUIDOO +DELO %DVHO II -($1 1,&2/$6 '58(< 3ULYDW*HKHLPVSKlUH ± ZDV OLHJW GULQ" LQ 3HWHU %|FNOL HW DO +UVJ )HVWVFKULIW IU )UDQN 9LVFKHU =ULFK II 1DFK GHU 6SKlUHQWKHRULH ZHUGHQ HLQH *HKHLP E]Z ,QWLPVSKlUH HLQH 3ULYDWVSKlUH VRZLH HLQH *HPHLQ E]Z gIIHQWOLFKNHLWVVSKlUH XQWHUVFKLHGHQ $XIJUXQG GHU =XRUGQXQJ YRQ SHUVRQHQEH ]RJHQHQ ,QIRUPDWLRQHQ ]X HLQHU GLHVHU 6SKlUHQ VROO GLH %HDQWZRUWXQJ GHU )UDJH HUOHLFKWHUW ZHUGHQ RE HLQH 9HUOHW]XQJ GHU 3HUV|QOLFKNHLW YRUOLHJW XQG ZHQQ MD RE VLFK HLQH 3HUV|QOLFK NHLWVYHUOHW]XQJ GXUFK HLQH ,QWHUHVVHQDEZlJXQJ UHFKWIHUWLJHQ OlVVW YJO GD]X $(%,0h//(5 5] '(6&+(1$8;67(,1$8(5 5] II 5,(0(5 5] II +$86+((5$(%, 0h//(5 5] II 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %*( ,, ( 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] +$86+((5$(%,0h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|QOLFKNHLWVVFKXW] GHV =*% DXFK EH]JOLFK GHV 9HUIDKUHQV XQG EHL GHU $XVOHJXQJ GHV '6* 3(7(5 II VD KLQWHQ 7HLO ,, $ 9JO $UW '6* YJO LP (LQ]HOQHQ 58',1 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] II IHUQHU 58',1 'DWHQVFKXW]JHVHW]H 6&+:(,=(5 $XVZLUNXQJHQ I %RWVFK 7HLOUHYLVLRQ '6* I 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV JHQ 'DWHQVFKXW]JHVHW]HQ QRUPLHUWHQ *UXQGVlW]HQ DEJHZLFKHQ ZLUG 'LHV LVW JH UDGH LP %HUHLFK GHU %HNlPSIXQJ YRQ 6WUDIWDWHQ WHLOZHLVH DXFK XQDXVZHLFKOLFK HW ZD ZHQQ QXU PLW HLQHU YHUGHFNWHQ ,QIRUPDWLRQVEHVFKDIIXQJ 'HOLNWH DXIJHNOlUW ZHU GHQ N|QQHQ ZDV GHP GDWHQVFKXW]UHFKWOLFKHQ (UNHQQEDUNHLWVJUXQGVDW] ]XZL GHUOlXIW 'DWHQVFKXW]UHFKWOLFKH %HVWLPPXQJHQ ILQGHQ VLFK VFKOLHVVOLFK DXFK LQ ZHLWHUHQ 5H JHOZHUNHQ =X QHQQHQ VLQG HWZD GLH 2(&' *XLGHOLQHV RQ WKH 3URWHFWLRQ RI 3ULYDF\ DQG 7UDQVERUGHU 'DWD )ORZV RI 3HUVRQDO 'DWD RGHU GLH YRQ GHU 812 *HQHUDOYHUVDPPOXQJ DP 'H]HPEHU HUODVVHQHQ 5LFKWOLQLHQ EHWUHIIHQG SHU VRQHQEH]RJHQH 'DWHQ LQ DXWRPDWLVLHUWHQ 'DWHLHQ Ä*XLGHOLQHV IRU WKH 5HJXODWLRQ RI &RPSXWHUL]HG 3HUVRQDO 'DWD )LOHV³ %*( , ( FHH -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 'DEHL VLQG VHOEVWYHUVWlQGOLFK GLH DXV GHU 9HUIDVVXQJ IOLHVVHQGHQ $QIRU GHUXQJHQ ± QDPHQWOLFK EH]JOLFK GHU %HVFKUlQNXQJ YRQ *UXQGUHFKWHQ ± ]X EHUFNVLFKWLJHQ 'D GLH 'DWHQVFKXW]JHVHW]JHEXQJ LKUHUVHLWV DXFK HLQH .RQNUHWLVLHUXQJ GHV YHUIDVVXQJVUHFKWOL FKHQ 3HUV|QOLFKNHLWVVFKXW]HV GDUVWHOOW GUIHQ GLH GRUW YRUJHQRPPHQHQ JHVHW]JHEHULVFKHQ :HUWXQJHQ XQG JHVWHFNWHQ *UHQ]HQ QLFKW XQEHUFNVLFKWLJW EOHLEHQ $XFK EHL GHU $XVOHJXQJ GHU VSH]LILVFKHQ 'DWHQVFKXW]YRUVFKULIWHQ NRPPW GHQ LQ GHQ 'DWHQVFKXW]JHVHW]HQ QRUPLHUWHQ *UXQGVlW]HQ %HGHXWXQJ ]X YJO GD]X -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I 6&+:(*/(5 'LJLWDOH )RWRJUDILH 'D]X KLQWHQ 7HLO 9, ) =X EHDFKWHQ LVW MHGRFK GDVV GLH 'DWHQVFKXW]JHVHW]H UHJHOPlVVLJ NHLQH $QZHQGXQJ DXI KlQJL JH VWUDIUHFKWOLFKH 9HUIDKUHQ ILQGHQ YJO KLQWHQ 7HLO ,, $ 'LH 2(&' *XLGHOLQHV GLHQHQ DXFK GHP 6FKXW] GHU 3ULYDWVSKlUH LP =HQWUXP VWHKW DEHU GLH 9HUKLQGHUXQJ YRQ 6W|UXQJHQ LP JUHQ]EHUVFKUHLWHQGHQ 'DWHQDXVWDXVFK 6LH KDEHQ *HOWXQJ IU GHQ |IIHQWOLFKHQ XQG SULYDWHQ %HUHLFK =LII 'LH LQ GHQ =LII ELV HQWKDOWHQHQ 9HU DUEHLWXQJVJUXQGVlW]H GHFNHQ VLFK PLW GHQMHQLJHQ GHV ('6h YJO GD]X %85.(57 ,QWHUQDWLR QDOH *UXQGODJHQ 5] II 6,0,7,6 LQ 6,0,7,6 (LQOHLWXQJ *HVFKLFKWH ± =LHOH ± 3ULQ]LSLHQ 5] II (3,1(<+2)67g77(50(,(57+(8(5.$8) II 'HQ 2(&' *XLGHOLQHV NRPPW ± LP *HJHQVDW] ]XP ('6h XQG GHP =3 ]XP ('6h ± QLFKW GHU &KDUDNWHU HLQHV Y|ONHUUHFKW OLFK YHUELQGOLFKHQ 'RNXPHQWV ]X YJO %85.(57 ,QWHUQDWLRQDOH *UXQGODJHQ 5] 'LH 2(&' KDW QRFK ZHLWHUH /HLWOLQLHQ HUODVVHQ (UZlKQHQVZHUW LP YRUOLHJHQGHQ =XVDPPHQKDQJ VLQG GLH Ä*XLGHOLQHV IRU WKH 6HFXULW\ RI ,QIRUPDWLRQ 6\VWHPV DQG 1HWZRUNV³ ZHOFKH *UXQG VlW]H ]XU 'DWHQVLFKHUKHLW HQWKDOWHQ GD]X %85.(57 ,QWHUQDWLRQDOH *UXQGODJHQ 5] $5(6 0LW GLHVHQ 5LFKWOLQLHQ VROOHQ GLH :LFKWLJNHLW GHV 'DWHQVFKXW]HV XQWHUVWULFKHQ XQG GHQ 0LWJOLHGVWDDWHQ ,PSXOVH IU GLH 5HFKWVVHW]XQJ LP %HUHLFK GHV 'DWHQVFKXW]HV JHJHEHQ ZHUGHQ 6LH KDEHQ MHGRFK NHLQH Y|ONHUUHFKWOLFKH %LQGXQJVZLUNXQJ (V EHVWHKW NHLQH 9HU SIOLFKWXQJ VLH LQV LQQHUVWDDWOLFKH 5HFKW XP]XVHW]HQ YJO GD]X (3,1(<+2)67g77(50(,(5 7+(8(5.$8) II IHUQHU %85.(57 ,QWHUQDWLRQDOH *UXQGODJHQ 5] II 6,0,7,6 LQ 6,0,7,6 (LQOHLWXQJ *HVFKLFKWH ± =LHOH ± 3ULQ]LSLHQ 5] II $QZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI GLH 9LGHREHUZDFKXQJ ,, $QZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI GLH 9LGHREHUZDFKXQJ 'LH $QZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI GLH 9LGHREHUZDFKXQJ VHW]W YRUDXV GDVV GXUFK GLH hEHUZDFKXQJ HLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ HU IROJW 'DUDXI LVW JHVRQGHUW HLQ]XJHKHQ =XQlFKVW LVW MHGRFK ]X SUIHQ RE XQG LQZLHZHLW GLH 9LGHREHUZDFKXQJ YRP *HOWXQJVEHUHLFK GHU 'DWHQVFKXW]JHVHW]JH EXQJ EHUKDXSW HUIDVVW LVW 'DEHL LQWHUHVVLHUW QDPHQWOLFK GLH 1LFKWDQZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI KlQJLJH 9HUIDKUHQ XQG DXI 3HUVRQHQGDWHQ GLH HLQH QDWUOLFKH 3HUVRQ DXVVFKOLHVVOLFK ]XP SHUV|QOLFKHQ *HEUDXFK EHDUEHLWHW XQG QLFKW DQ $XVVHQVWHKHQGH EHNDQQW JLEW $ 1LFKWDQZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI KlQJLJH 9HUIDKUHQ $UW $EV %VW F '6* *HPlVV $UW $EV %VW F '6* ILQGHW GDV '6* NHLQH $QZHQGXQJ DXI KlQJLJH =LYLO XQG 6WUDIYHUIDKUHQ 'LH .DQWRQH NHQQHQ YHUJOHLFKEDUH $XVQDKPHQ 9RP $QZHQGXQJVEHUHLFK GHV '6* DXVJHVFKORVVHQ LVW DXFK GDV JHULFKWVSROL]HLOLFKH (UPLWWOXQJVYHUIDKUHQ QLFKW DEHU ZDV IU GLH 9LGHREHUZDFKXQJ YRQ %HGHXWXQJ LVW SUlYHQWLYSROL]HLOLFKH (UPLWWOXQJHQ DOVR (UPLWWOXQJHQ ZHOFKH LP 9RUIHOG HLQHU *HIDKU RGHU 6WUDIWDW DQJHVLHGHOW VLQG 9RQ %HGHXWXQJ LVW VRGDQQ GDVV GHU $XV 6SULFKW GDV '6* ± ZLH LQ $UW $EV '6* ± YRQ Ä'DWHQ³ VLQG UHJHOPlVVLJ Ä3HUVRQHQGD WHQ³ JHPHLQW YJO $UW %VW D '6* XQG %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 3(7(5 (QWVSUHFKHQGHV JLOW IU GLH NDQWRQDOH 'DWHQVFKXW] JHVHW]JHEXQJ YJO $UW $EV '6*$5 $UW %VW D '6FK*)5 $UW =LII N'6*1: $UW $EV *,'$96 %VW D '6*=* 9JO $UW XQG $UW $EV '6* $UW $EV ('6h 9JO KLQWHQ 7HLO ,,, 8QHUKHEOLFK LVW VHOEVWYHUVWlQGOLFK RE GLH 'DWHQEHDUEHLWXQJ LP SULYDWHQ RGHU |IIHQWOLFKHQ 5DXP VWDWWILQGHW YJO %$(5,6:</ $QZHQGEDUNHLW 'D]X QDFKIROJHQG 7HLO ,, $ 'D]X QDFKIROJHQG 7HLO ,, % 'LHVHU $XVVFKOXVVJUXQG EHVWHKW GHVKDOE ZHLO LQ KlQJLJHQ 9HUIDKUHQ GLH 3HUV|QOLFKNHLW YRQ EHWURIIHQHQ 3HUVRQHQ EHUHLWV GXUFK VSH]LDOJHVHW]OLFKH %HVWLPPXQJHQ QDPHQWOLFK GLH DQ ZHQGEDUHQ 9HUIDKUHQVJHVHW]H DOV KLQUHLFKHQG JHVFKW]W HUDFKWHW ZLUG YJO %9*HU $ ( 526(17+$/-g+5, LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 9JO $UW $EV %VW F .'6*%( $UW $EV %VW F '6*6* $UW $EV %VW F '6* 85 $EV ,'$*$* $EV %VW E ,'*%/ $EV %VW G '6*%/ $UW $EV %VW E '6*6+ 526(17+$/-g+5, LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 5(,1+$5' %RWVFK '6* GLIIHUHQ]LHUHQG DEHU GLH ('6. LP 8UWHLO YRP -XOL 93% 1U ( %9*HU $ ( 5(,1+$5' 0$85(5/$0%528.81= LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 526(17+$/-g+5, LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 9RUEHKDOWHQ EOHLEW GHU )DOO GDVV LQ 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV VFKOXVVJUXQG $UW $EV %VW F '6* ULFKWLJHUZHLVH DXFK GDQQ QLFKW JUHLIW ZHQQ MHPDQG 'DWHQ EHU 3HUVRQHQ VDPPHOW XQG VSHLFKHUW JHJHQ ZHOFKH VLH OHGLJOLFK HU ZlJW DOOHQIDOOV HLQ 6WUDI RGHU =LYLOYHUIDKUHQ HLQ]XOHLWHQ RGHU HLQOHLWHQ ]X ODVVHQ 2EZRKO GLH SUlYHQWLYSROL]HLOLFKH RGHU SULYDWH 9LGHREHUZDFKXQJ ]ZDU DXFK GDV =LHO YHUIROJW %HZHLVH LP +LQEOLFN DXI HLQ 6WUDI RGHU =LYLOYHUIDKUHQ ]X VLFKHUQ IlOOW VLH GHVKDOE QLFKW XQWHU GLH $XVQDKPHEHVWLPPXQJ YRQ $UW $EV %VW F '6* (QWVSUHFKHQGHV PXVV EH]JOLFK GHU NDQWRQDOHQ 'DWHQVFKXW]JHVHW]JHEXQJ JHOWHQ VRIHUQ GLH .DQWRQH HQWVSUHFKHQGH $XVQDKPHQ NHQQHQ % 1LFKWDQZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ EHL HLQHU %HDUEHLWXQJ DXVVFKOLHVVOLFK ]XP SHUV|QOLFKHP *HEUDXFK $UW $EV %VW D '6* 1DFK $UW $EV %VW D '6* LVW GDV '6* QLFKW DQZHQGEDU DXI Ä3HUVRQHQGDWHQ GLH HLQH QDWUOLFKH 3HUVRQ DXVVFKOLHVVOLFK ]XP SHUV|QOLFKHQ *HEUDXFK EHDUEHLWHW XQG QLFKW DQ $XVVHQVWHKHQGH EHNDQQWJLEW³ 6ROFKH )lOOH EHXUWHLOHQ VLFK HLQ]LJ QDFK $UW II =*% (V VWHOOW VLFK GLH )UDJH RE VLFK HLQH QDWUOLFKH 3HUVRQ DXI GLHVH $XVQDKPH EHUXIHQ NDQQ ZHQQ VLH ]% DXFK GHQ LKUHP *UXQGVWFN YRUJHODJHUWHQ |IIHQWOLFKHQ 5DXP PLW .DPHUDV PLWEHUZDFKW XQG YRUEULQJW GLH 9LGHREHUZD FKXQJ HUIROJH HLQ]LJ ]X LKUHP SHUV|QOLFKHQ 6FKXW] 'LH %HDQWZRUWXQJ GHU )UDJH ZDV XQWHU HLQHU %HDUEHLWXQJ ÄDXVVFKOLHVVOLFK ]XP SHU V|QOLFKHQ *HEUDXFK³ YHUVWDQGHQ ZHUGHQ PXVV XQG GDUI IlOOW QLFKW OHLFKW XQG LVW PLW HLQLJHQ 8QVLFKHUKHLWHQ EHKDIWHW %HPHUNHQVZHUWHUZHLVH NHQQW GDV ('6h NHLQH HQWVSUHFKHQGH $XVQDKPH HLQHU VSH]LDOJHVHW]OLFKHQ *UXQGODJH HLJHQVWlQGLJH 'DWHQVFKXW]YRUVFKULIWHQ H[LVWLHUHQ XQG GLH $QZHQGEDUNHLW GHV '6* DXVJHVFKORVVHQ ZLUG YJO 526(17+$/-g+5, LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 6RZHLW GDV (UPLWWOXQJVYHUIDKUHQ HLQH VWUDIEDUH 9RUEHUHLWXQJVKDQGOXQJ EHWULIIW VLHKH $UW WHU XQG $UW ELV 6W*% LVW GLH $QZHQGEDUNHLW GHV '6* HEHQIDOOV DXVJHVFKORVVHQ 'HQQ ZHQQ ÄQRFK QLFKW HLQPDO GLH 9HUIDKUHQVJHJHQVHLWH EHNDQQW LVW HV JDU QRFK QLFKW IHVW VWHKW RE EHUKDXSW MH HLQ 6WUDI RGHU =LYLOYHUIDKUHQ HU|IIQHW ZHUGHQ ZLUG NDQQ QLFKW YRQ HL QHP KlQJLJHQ 9HUIDKUHQ JHVSURFKHQ ZHUGHQ³ VLHKH %9*HU $ ( 2E ZLH GLHV YRP %XQGHVYHUZDOWXQJVJHULFKW LP HEHQ HUZlKQWHQ (QWVFKHLG LQ (UZlJXQJ JH]RJHQ ZLUG GHU $XVVFKOXVV GHV '6* KLQJHJHQ GDQQ JUHLIW ÄZHQQ EHUHLWV EHNDQQW LVW ZHU DXI GHU 3UR]HVV JHJHQVHLWH VWHKW XQG HV OHGLJOLFK GDUXP JHKW NRQNUHWH %HZHLVH ]X VDPPHOQ³ HUVFKHLQW KLQ JHJHQ IUDJOLFK 'DV *HULFKW VWHOOW GDQQ DEHU ZLHGHUXP ]X 5HFKW IHVW Ä(LQ $XVVFKOXVV GHU $Q ZHQGEDUNHLW GHV *HVHW]HV JHVWW]W DXI $UW $EV %VW F '6* UHFKWIHUWLJW VLFK QXU GDQQ ZHQQ SUR]HVVUHFKWOLFKH 1RUPHQ ]XP 6FKXW] GHU 3HUV|QOLFKNHLW GHU %HWURIIHQHQ 3ODW] JUHLIHQ³ 3(7(5 %RWVFK '6* YRUQH )Q 9JO 3('5$==,1, 'DWHQVFKXW] LP 3ULYDWEHUHLFK I '$00$11 LQ 6,0,7,6 5] 'DVV GLH 6FKZHL] HLQH (UNOlUXQJ JHPlVV $UW $EV %VW D ('6h DEJHJHEHQ KDW ZRQDFK GDV hEHUHLQNRPPHQ NHLQH $QZHQGXQJ ILQGHW ÄDXI 6DPPOXQJHQ YRQ 3HUVRQHQGDWHQ GLH HLQH QDWUOLFKH 3HUVRQ DXVVFKOLHVVOLFK ]XP SHUV|QOLFKHQ *HEUDXFK EHDUEHLWHW XQG GHUHQ 'DWHQ VLH QLFKW DQ $XVVHQVWHKHQGH EHNDQQW JLEW³ VLHKH (UNOl $QZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI GLH 9LGHREHUZDFKXQJ $QZHQGXQJVEHUHLFK XQG )XQNWLRQ GHV $XVVFKOXVVJUXQGV %HL $UW $EV %VW D '6* LVW LQ HUVWHU /LQLH DQ HLQH 9HUZHQGXQJ YRQ 3HUVRQHQ GDWHQ LP ÄHQJHUHQ 3ULYDW XQG )DPLOLHQOHEHQ³ JHGDFKW 3ULYDWJHVSUlFKH LP )DPL OLHQ RGHU )UHXQGHVNUHLV RGHU SULYDWH $XI]HLFKQXQJHQ LQ %ULHIHQ RGHU 1RWL]EFKHUQ VROOHQ GHU 'DWHQVFKXW]JHVHW]JHEXQJ QLFKW XQWHUVWHKHQ 1DFK GHQ $XVIKUXQJHQ LQ GHU %RWVFKDIW ]XP '6* VHL QlPOLFK ÄGHU SULYDWH SHUV|QOLFKH *HEUDXFK HLQHV 'D WXPV ]X UHVSHNWLHUHQ³ XQG HV PVVHQ GLH ÄJHVHW]OLFKHQ 3IOLFKWHQ GLH EHLP 8PJDQJ PLW 3HUVRQHQGDWHQ ]X EHDFKWHQ VLQG ZLH DXFK GLH 5HFKWH GHU EHWURIIHQHQ 3HUVRQHQ >«@ HLQH *UHQ]H LP HQJVWHQ 3HUV|QOLFKNHLWVEHUHLFK GHU GDWHQEHDUEHLWHQGHQ 3HUVRQ VHOEVW ILQGHQ³ 'DPLW QLPPW GDV '6* VHOEVW HLQH ,QWHUHVVHQDEZlJXQJ YRU LQGHP HV GXUFK GLH $XVQDKPHEHVWLPPXQJ GHQ 6FKXW]EHGUIQLVVHQ GHV 'DWHQEHDUEHLWHUV GHQ 9RUUDQJ HLQUlXPW (LQ VROFKHV 6FKXW]EHGUIQLV NDQQ ± ZHQQ DXFK LQ HQJH UHP 5DKPHQ ± VRJDU EH]JOLFK $XI]HLFKQXQJHQ EHVWHKHQ ZHOFKH LP 5DKPHQ GHU %HUXIVDXVEXQJ DQJHIHUWLJW ZHUGHQ 'LH %RWVFKDIW ]XP '6* HUZlKQW DOV %HL VSLHOH GLH $UEHLWVKLOIH GLH GHU (LQ]HOQH ]XP SHUV|QOLFKHQ *HEUDXFK DQIHUWLJW RGHU GLH *HGlFKWQLVVWW]H 'LH $XVQDKPHEHVWLPPXQJ HUVFKHLQW LQVRIHUQ DOV JHUHFKWIHUWLJW DOV GHP (LQ]HOQHQ HLQ JHZLVVHU SHUV|QOLFKHU )UHLUDXP LQ GHU %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ ]XJH VWDQGHQ ZHUGHQ PXVV XQG HU LQ VHLQHP EHUHFKWLJWHQ 9HUWUDXHQ ]X VFKW]HQ LVW GDVV GLH ,QKDOWH YRQ SULYDWHQ $XI]HLFKQXQJHQ RGHU SULYDWHQ *HVSUlFKHQ 'ULWWHQ QLFKW RI IHQJHOHJW ZHUGHQ PVVHQ 'LHV LVW GDQQ ]X EHMDKHQ ZHQQ GLH 'DWHQEHDUEHLWXQJ HL QHQ HQJHQ %H]XJ ]X HLQHU SHUV|QOLFKHQ $QJHOHJHQKHLW GHV 'DWHQEHDUEHLWHUV KDW ZHLO VLH 5FNVFKOVVH DXI LKQ VHOEVW ]XOlVVW E]Z GLH XQJHKLQGHUWH 'DWHQEHDUEHL WXQJ LKUHUVHLWV ]ZLQJHQGH 9RUDXVVHW]XQJ IU GLH (QWIDOWXQJ VHLQHU 3HUV|QOLFKNHLW LVW 'LHV NRPPW LQ GHU JHVHW]OLFKHQ 5HJHOXQJ DOOHUGLQJV QLFKW KLQUHLFKHQG NODU ]XP $XVGUXFN 9LHOPHKU OLHVVH VLFK DXVVFKOLHVVOLFK SHUV|QOLFKHU *HEUDXFK LPPHU DQ UXQJHQ $ =LII %VW F HQWELQGHW VLH DEHU QLFKW LQ JUXQGVlW]OLFKHU :HLVH GDYRQ GLH $XV QDKPHEHVWLPPXQJ DXFK PLW %OLFN DXI GHQ *UXQGJHGDQNHQ GHV ('6h DXV]XOHJHQ %RWVFK '6* 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 3(7(5 3('5$==,1, 'DWHQVFKXW] LP 3ULYDWEHUHLFK %RWVFK '6* 6LHKH ]XU YHUJOHLFKEDUHQ GHXWVFKHQ 5HJHOXQJ YRQ $EV =LII %'6* '$00$11 LQ 6,0,7,6 5] ZRQDFK GHU *HVHW]JHEHU GLH 6FKXW]EHGUIWLJNHLW GHV 'DWHQEHDUEHLWHUV GHUMHQLJHQ GHV YRQ GHU 'DWHQEHDUEHLWXQJ %HWURIIHQHQ JOHLFKVHW]W XQG /HW]WHUHP GHVKDOE ÄNHL QHQ UHFKWOLFKHQ (LQIOXVV DXI VHLQHQ 'DWHQXPJDQJ³ HLQUlXPW IHUQHU /$1* 3ULYDWH 9LGHR EHUZDFKXQJ 9JO 526(17+$/-g+5, LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %RWVFK '6* 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] NULWLVFK 3(7(5 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV QHKPHQ ZHQQ GLH 'DWHQ QLFKW DQ 'ULWWH EHNDQQW JHJHEHQ ZHUGHQ )LQGHW GHU *H EUDXFK QXU HLQPDO DXVVHUKDOE GHV SHUV|QOLFKHQ RGHU IDPLOLlUHQ .UHLVHV VWDWW DOVR LQVEHVRQGHUH ZHQQ 'DWHQ DQ 'ULWWH EHUPLWWHOW ZHUGHQ NRPPW GLH $XVQDKPHEH VWLPPXQJ MHGHQIDOOV QLFKW PHKU ]XP 7UDJHQ 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ LVW HLQ SHUV|QOLFKHU *HEUDXFK ULFKWLJHUZHLVH QXU GDQQ ]X EHMDKHQ ZHQQ PLW %OLFN DXI GLH 3HUV|QOLFKNHLWVUHFKWH GHV 'DWHQEHDU EHLWHUV WDWVlFKOLFK HLQ VFKXW]ZUGLJHV ,QWHUHVVH GDUDQ EHVWHKW QLFKW GHU 'DWHQ VFKXW]JHVHW]JHEXQJ XQWHUVWHOOW ]X VHLQ =XGHP GDUI GLH %HVWLPPXQJ VHOEVWYHU VWlQGOLFK QLFKW DXFK RKQH JOHLFK]HLWLJH %HUFNVLFKWLJXQJ GHV 6FKXW]]ZHFNV GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXVJHOHJW ZHUGHQ 'DV ,QWHUHVVH GHV YRQ GHU 'DWHQEHDU EHLWXQJ %HWURIIHQHQ DQ GHU %HJUHQ]XQJ GHU 'DWHQPDFKW GHV 'DWHQEHDUEHLWHUV XQG DQ GHU 6LFKHUVWHOOXQJ VHLQHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ PXVV EHL GHU $XVOHJXQJ YRQ $UW $EV %VW D '6* HEHQIDOOV EHDFKWHW ZHUGHQ $XFK EHL HLQHU JURVV]JLJHQ +DQGKDEXQJ GHU $XVQDKPHEHVWLPPXQJ lQGHUW GLHV MHGHQIDOOV QLFKWV GDUDQ GDVV GHUMHQLJH GHU GXUFK HLQHQ DXVVFKOLHVVOLFK SHUV|QOLFKHQ *HEUDXFK LQ VHLQHU 3HUV|QOLFKNHLW YHUOHW]W ZLUG VLFK GDJHJHQ XQWHU %HUXIXQJ DXI $UW =*% ]XU :HKU VHW]HQ NDQQ 'HU $XVVFKOXVVJUXQG EHL GHU 9LGHREHUZDFKXQJ %H]RJHQ DXI GLH 9LGHREHUZDFKXQJ GXUFK QDWUOLFKH 3HUVRQHQ LP |IIHQWOLFK ]X JlQJOLFKHQ 5DXP LVW IHVW]XKDOWHQ GDVV GLH $XVQDKPHEHVWLPPXQJ VRZRKO EH]JOLFK GHU $XI]HLFKQXQJ DOV DXFK GHU %HREDFKWXQJ QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ VFKRQ GHVKDOE QLFKW ]XP 7UDJHQ NRPPHQ NDQQ GD NHLQ EHVRQGHUHV 6FKXW]EHGUIQLV GHV 'DWHQEHDUEHLWHUV DXV]XPDFKHQ LVW 1DPHQWOLFK OLHJW NHLQ 8PJDQJ PLW 'DWHQ YRU GHU DXV *UQGHQ GHV 3HUV|QOLFKNHLWVVFKXW]HV GHV 'DWHQEHDUEHLWHUV ]ZLQJHQG ]X UHVSHNWLHUHQ ZlUH 'LH 3HUV|QOLFKNHLWVUHFKWH GHV 'DWHQEHDUEHLWHUV PDFKHQ VRPLW NHLQH %HIUHLXQJ YRQ GHU (LQKDOWXQJ GHU GDWHQVFKXW]UHFKWOLFKHQ *UXQGVlW]H HUIRU 9JO 526(17+$/-g+5, LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] II QDFK GHQHQ LPPHU HLQ SHUV|QOLFKHU *HEUDXFK YRUOLHJW ZHQQ HLQ 'DWXP QLFKW DQ $XVVHQVWH KHQGH EHNDQQW JHJHEHQ ZLUG XQG HV VRPLW ÄQLFKW DXI GHQ =ZHFN GHU %HDUEHLWXQJ VRQGHUQ DXI GHQ .UHLV GHU HLQJHZHLKWHQ 3HUVRQHQ³ DQNRPPH 9JO '$00$11 LQ 6,0,7,6 5] 6R IU $EV =LII %'6* DXFK /$1* 3ULYDWH 9LGHREHUZDFKXQJ I 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] )U HLQH UHVWULNWLYH $XVOHJXQJ GHU YHUJOHLFKEDUHQ GHXWVFKHQ 9RUVFKULIW YRQ $EV =LII %'6* DXFK /$1* 3ULYDWH 9LGHR EHUZDFKXQJ I I /HW]WOLFK LVW DOVR REZRKO GLHV $UW $EV %VW D '6* JHUD GH YHUKLQGHUQ P|FKWH GHQQRFK HLQH ,QWHUHVVHQDEZlJXQJ YRU]XQHKPHQ 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] YRUQH )Q $QZHQGEDUNHLW GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXI GLH 9LGHREHUZDFKXQJ GHUOLFK $XFK ZHQQ GLH 9LGHREHUZDFKXQJ GHU ÄSHUV|QOLFKHQ RGHU IDPLOLlUHQ 6L FKHUKHLW GLHQW³ lQGHUW VLFK GDUDQ QLFKWV 'DVV GLH $XVQDKPHEHVWLPPXQJ YRQ $UW $EV %VW D '6* LP %HUHLFK GHU SULYD WHQ 9LGHREHUZDFKXQJ DXFK EHL HLQHU 1LFKWEHUFNVLFKWLJXQJ GHU NRQNUHW EHVWHKHQ GHQ 6FKXW]EHGUIWLJNHLW GHV 'DWHQEHDUEHLWHUV QLFKW ]XP 7UDJHQ NRPPW OlVVW VLFK HEHQIDOOV EHJUQGHQ ,Q DOO GHQ )lOOHQ LQ ZHOFKHQ GLH 9LGHREHUZDFKXQJ ]% YRQ *UXQGVWFNVJUHQ]HQ (LQIDKUWHQ =XIDKUWHQ (LQJDQJVEHUHLFKHQ RGHU /DGHQORNDOHQ PLW GHP =LHO HUIROJW $XI]HLFKQXQJHQ ]XU %HZHLVVLFKHUXQJ IU HLQ 6WUDI RGHU =LYLO YHUIDKUHQ ]X VDPPHOQ LVW QlPOLFK HLQH %HNDQQWJDEH GHU 'DWHQ DQ 'ULWWH ZLH QD PHQWOLFK DQ GLH 3ROL]HL XQG GLH 6WUDIYHUIROJXQJVEHK|UGHQ E]Z HLQH 9HUZHQGXQJ LP =LYLOYHUIDKUHQ JHUDGH]X EHDEVLFKWLJW 'DV DOOHLQH PXVV VFKRQ DXVUHLFKHQ XP HL QHQ DXVVFKOLHVVOLFK SHUV|QOLFKHQ *HEUDXFK ]X YHUQHLQHQ $XFK EHL HLQHU 'DWHQ EHDUEHLWXQJ GXUFK EORVVH 9LGHREHREDFKWXQJ QDFK GHP .DPHUD0RQLWRU3ULQ]LS NDQQ VLFK GHU (LQ]HOQH QLFKW DXI GLH $XVQDKPHEHVWLPPXQJ EHUXIHQ XQG VLFK GHU *HOWXQJ GHV '6* HQW]LHKHQ +LHU LVW HLQ DXVVFKOLHVVOLFK SHUV|QOLFKHU *HEUDXFK HEHQIDOOV ]X YHUQHLQHQ GD GLH hEHUZDFKXQJ GDUDXI DE]LHOW DOOHQIDOOV XQPLWWHOEDU JHJHQ HLQHQ DXI IULVFKHU 7DW HUWDSSWHQ 6WUDIWlWHU YRU]XJHKHQ RGHU ]XPLQGHVW GDV 6LJQDOHPHQW GHV 7lWHUV DQ GLH 3ROL]HL ]X EHUPLWWHOQ $QGHUV N|QQWH GLHV K|FKVWHQV GDQQ VHLQ ZHQQ HLQH .DPHUD QHEHQ GHU 7UNOLQJHO DQJHEUDFKW ZLUG VRJ .OLQJHO NDPHUD HLQ]LJ XP VHKHQ ]X N|QQHQ ZHU XP (LQODVV HUVXFKW 'LHV P( DXFK GDQQ ZHQQ GLH .OLQJHONDPHUD HLQHQ EHJUHQ]WHQ $XVVFKQLWW GHV |IIHQWOLFKHQ 5DXPHV PLW HUIDVVW 9JO DEHU *2/$6&+20(586 .RPP ]X E %'6* 5] D VD %(5*0$110g+5/( +(5% .RPP ]X E %'6* 5] QDFK GHQHQ EHL GHU 9LGHREHUZDFKXQJ HLQHV 3ULYDWKDX VHV DXFK GDQQ HLQH ÄSHUV|QOLFKH XQG IDPLOLlUH³ GLH $QZHQGEDUNHLW GHV %'6* DXVVFKOLHVVHQ GH 7lWLJNHLW $EV =LII %'6* ]X YHUPXWHQ VHL ZHQQ HLQH hEHUZDFKXQJ GHV |IIHQWOL FKHQ 5DXPHV RGHU YRQ 1DFKEDUJUXQGVWFNHQ VWDWWILQGHW VRZHLW GLHVH QLFKW YHUPHLGEDU RGHU QXU JHULQJIJLJ VHL 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ I .g1,* * %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] D$ ZRKO 921 =(=6&+:,7= 5] =XU 'DWHQEHDUEHLWXQJ GXUFK 9LGHREHREDFKWXQJ VLHKH KLQWHQ 7HLO ,,, 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ II VLHKH DEHU DXFK %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] GHU $XI]HLFKQXQJV XQG %HREDFKWXQJVPDVVQDKPHQ |IIHQWOLFK ]XJlQJOL FKHU (LQJDQJVEHUHLFKH YRQ +lXVHUQ XQG :RKQXQJHQ GXUFK 3ULYDWH JHQHUHOO GHU GHXWVFKHQ 'DWHQVFKXW]JHVHW]JHEXQJ XQWHUVWHOOHQ ZLOO XQG ]ZDU DXFK GDQQ ZHQQ HV VLFK XP HLQH hEHU ZDFKXQJ EORVV LP 5DKPHQ GHU =XJDQJVNRQWUROOH ]% PLWWHOV .OLQJHONDPHUD KDQGHOW 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV ,,, %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ 1DFK GHU /HJDOGHILQLWLRQ YRQ $UW %VW D '6* VLQG 3HUVRQHQGDWHQ ÄDOOH $QJDEHQ GLH VLFK DXI HLQH EHVWLPPWH RGHU EHVWLPPEDUH 3HUVRQ EH]LHKHQ³ (QWVSUHFKHQGH 'H ILQLWLRQHQ NHQQHQ GDV ('6h VLHKH $UW %VW D ('6h VRZLH GLH NDQWRQDOHQ 'D WHQVFKXW]JHVHW]H 'HU %HJULII $QJDEHQ XPIDVVW MHGH $UW YRQ ,QIRUPDWLRQ ÄGLH DXI GLH 9HUPLWWOXQJ RGHU GLH $XIEHZDKUXQJ YRQ .HQQWQLVVHQ DXVJHULFKWHW LVW³ %HL GHU EHWURIIHQHQ 3HUVRQ NDQQ HV VLFK XP HLQH QDWUOLFKH RGHU XP HLQH MXULVWLVFKH 3HUVRQ KDQGHOQ 1DFK $UW %VW H '6* PHLQW Ä%HDUEHLWHQ³ ÄMHGH>Q@ 8PJDQJ PLW 3HUVRQHQGDWHQ XQDEKlQJLJ YRQ GHQ DQJHZDQGWHQ 0LWWHOQ XQG 9HUIDKUHQ LQV EHVRQGHUH GDV %HVFKDIIHQ $XIEHZDKUHQ 9HUZHQGHQ 8PDUEHLWHQ %HNDQQWJHEHQ $UFKLYLHUHQ RGHU 9HUQLFKWHQ YRQ 'DWHQ³ 'LH %HNDQQWJDEH VWHOOW HEHQIDOOV HLQH %H DUEHLWXQJ YRQ 'DWHQ GDU VLH ZLUG MHGRFK LQ $UW %VW I '6* JHVRQGHUW GHILQLHUW GD PHKUHUH %HVWLPPXQJHQ GHV '6* DXI GLHVHQ %HJULII DEVWHOOHQ 9HUJOHLFKEDUH 'HILQLWLRQHQ ILQGHQ VLFK LQ $UW %VW F ('6h VRZLH LQ GHQ NDQWRQDOHQ 'DWHQ VFKXW]JHVHW]HQ 'XUFK HLQH 9LGHREHUZDFKXQJ NDQQ HLQH 9LHO]DKO YRQ $QJDEHQ JHZRQQHQ ZHUGHQ =X GHQNHQ LVW HWZD DQ ,QIRUPDWLRQHQ EHU GHQ $XIHQWKDOW GDV 9HUKDOWHQ RGHU GLH .OHLGXQJ HLQHU 3HUVRQ ]X HLQHU EHVWLPPWHQ =HLW DQ HLQHP EHVWLPPWHQ 2UW VRZLH DQ ,QIRUPDWLRQHQ GDUEHU RE VLH DOOHLQH RGHU LQ %HJOHLWXQJ XQWHUZHJV LVW E]Z ZDU ]X HLQHU EHVWLPPWHQ =HLW DP %DQFRPDWHQ *HOG EH]RJHQ RGHU LQ HLQHP *HVFKlIW PLW .UHGLWNDUWH EH]DKOW KDW $XFK GDV *HVFKOHFKW HLQHU 3HUVRQ LKU XQJHIlKUHV $OWHU N|USHUOLFKH $XIIlOOLJNHLWHQ XQG %HKLQGHUXQJHQ DOOHQIDOOV LKU VR]LDOHU 6WDWXV RGHU JHVXQGKHLWOLFKH 3UREOHPH VWHOOHQ $QJDEHQ GDU ZHOFKH GXUFK GLH 9LGHREHUZD FKXQJ JHZRQQHQ ZHUGHQ N|QQHQ 5HLQH 6DFKGDWHQ YHUVWDQGHQ DOV $QJDEHQ RKQH 3HUVRQHQEH]XJ ÄXQSHUV|QOLFKH 'DWHQ³ IDOOHQ KLQJHJHQ QLFKW LQ GHQ $QZHQ GXQJVEHUHLFK GHU 'DWHQVFKXW]JHVHW]JHEXQJ 6LH N|QQHQ DEHU ]X HLQHP 3HUVRQHQ GDWXP ZHUGHQ ZHQQ VLH PLW HLQHU 3HUVRQ GLUHNW RGHU LQGLUHNW ]% DXV GHP .RQWH[W 9JO ]% $UW $EV %VW D '6*6* %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %9*HU $ ( ('6. 8UWHLO YRP 1RYHPEHU 93% 1U ( 'HU %HJULII GHU $QJDEH XPIDVVW VRZRKO 7DWVDFKHQGDUVWHOOXQJHQ DOV DXFK :HUWXUWHLOH YJO 3(7(5 %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] ('6. 8UWHLO YRP 1RYHPEHU 93% 1U ( 9JO $UW %VW E '6* $EV ,'*%6 $UW $EV .'6*%( %VW F '6*6= 9JO 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW H '6* 5] XQG %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW 5] XQG 9JO ]% %VW J ,'$*$* 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ :(,&+(57 3HUVRQHQEH]XJ I *5$6 9LGHR EHUZDFKXQJ %$576&+ =g//(5 I 0h//(56&+()(5 9JO $(%,0h//(5 5] $OV %HLVSLHOH ]X QHQQHQ VLQG HWZD HLQH FKHPLVFKH )RUPHO RGHU GDV (LQNRPPHQ RKQH 9HU NQSIXQJ PLW HLQHU EHVWLPPWHQ 3HUVRQ YJO 3('5$==,1, 'DWHQVFKXW] LP 3ULYDWEHUHLFK 3('5$==,1, 'DWHQVFKXW] LP 3ULYDWEHUHLFK I 3(7(5 5,(66(/0$116$;(5 %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ KHUDXV YHUNQSIW RGHU LQ 9HUELQGXQJ JHEUDFKW ZHUGHQ N|QQHQ 'HVKDOE HQWKDO WHQ DXFK $XI]HLFKQXQJHQ YRQ 1XPPHUQVFKLOGHUQ 3HUVRQHQGDWHQ LVW GRFK GLH 9HU NQSIXQJ GLHVHU $QJDEH PLW GHP )DKU]HXJKDOWHU RKQH ZHLWHUHV P|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± HQWVFKHLGHQG LVW GDVV VLH ]XU .HQQWQLV JHQRPPHQ ZHUGHQ N|QQHQ *HZLVVH 8QVLFKHUKHLWHQ EHVWHKHQ MHGRFK GDUEHU RE DXFK GDQQ 3HUVRQHQGDWHQ EH DUEHLWHW QDPHQWOLFK EHVFKDIIW ZHUGHQ ZHQQ HV VLFK XP UHLQH 9LGHREHREDFKWXQJV PDVVQDKPHQ QDFK GHP .DPHUD0RQLWRU3ULQ]LS KDQGHOW 1LFKW HQWVFKHLGHQG LVW GDVV NHLQH 6SHLFKHUXQJ GHU $QJDEHQ VWDWWILQGHW GHQQ HLQH VROFKH LVW IU GDV 9RUOLH JHQ HLQHV 3HUVRQHQGDWXPV QLFKW YRUDXVJHVHW]W 'LH UHLQH 9LGHREHREDFKWXQJ OlVVW %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 3('5$==,1, 'DWHQVFKXW] LP 3ULYDWEHUHLFK I 3(7(5 5,(66(/0$116$;(5 (UIRUGHUOLFK LVW VRPLW HLQ ÄILQDOHU %H]XJ³ ]X $QJHOHJHQKHLWHQ GHU EHWURIIHQHQ 3HUVRQ YJO ('6. 8UWHLO YRP 0DL 93% 1U ( E %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV VD KLQWHQ 7HLO ,9 % %*( ,,, ( DEE %9*HU $ ( XQG %- *XWDFKWHQ YRP 6HSWHP EHU $XJXVW 93% 1U =LII %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII %RWVFK '6* 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW D '6* 5] 9JO %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII Ä/D SULVH GH YXHV HQ UHODWLRQ DYHF GHV SHUVRQQHV RX SHUPHWWDQW G LGHQWLILHU GHV SHUVRQQHV FRQVWLWXH XQH FROOHFWH HW XQ WUDLWHPHQW GH GRQQpHV SHUVRQQHOOHV³ 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW D '6* 5] $UW 'DWHQVFKXW]JUXSSH 6WQ ÄSHUVRQHQEH]RJHQH 'D WHQ³ IHUQHU 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 3(7(5 XQG )Q Ä)LOPHQ GXUFK VWDWLRQlU DQJHEUDFKWH 9LGHRNDPHUDV³ ('6% 7% 9JO 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW H '6* 5] '$00$11 LQ 6,0,7,6 5] 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW H '6* 5] 9JO %ULWLVK ,QVWLWXWH RI ,QWHUQDWLRQDO &RPSDUDWLYH /DZ I 3(7(5 5,(66(/0$116$;(5 I 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW D '6* 5] VD :(%(56200(5+$/'(5 ZRQDFK HLQH (U]HXJXQJ YRQ 'DWHQ DOV %HDUEHLWXQJVKDQGOXQJ ]X TXDOLIL]LHUHQ LVW ÄDXFK ZHQQ GDV 'DWXP QLFKW LQ HLQHU $XVGUXFNVIRUP YRUOLHJW³ :HUGHQ GLH 'DWHQ QLFKW DXIJH]HLFKQHW VR VFKHLWHUQ ]ZDU /| VFKXQJV RGHU %HULFKWLJXQJVDQVSUFKH DQ GHU EORVVHQ Ä$XIEHZDKUXQJ³ GHU 'DWHQ LP *HKLUQ P|JOLFK EOHLEW MHGRFK GLH *HOWHQGPDFKXQJ YRQ )HVWVWHOOXQJV XQG 8QWHUODVVXQJVDQVSUFKHQ QDFK $UW '6* L9P $UW D =*% XQG $UW '6* 3(7(5 XQG )Q 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV VLFK GDPLW QLFKW HWZD PLW GHU %HJUQGXQJ HV OLHJH NHLQH )L[LHUXQJ GHU $QJDEHQ DXI HLQHP 'DWHQWUlJHU YRU YRP $QZHQGXQJVEHUHLFK GHU 'DWHQVFKXW]JHVHW]JHEXQJ DXVVFKOLHVVHQ )UDJOLFK LVW MHGRFK RE LP EORVVHQ %HREDFKWHQ WDWVlFKOLFK HLQH 'D WHQEHVFKDIIXQJ ]X HUEOLFNHQ LVW (QWVFKHLGHQG GDIU LVW GDV 9RUKDQGHQVHLQ HLQHV DXI GLH %HVFKDIIXQJ YRQ 3HUVRQHQGDWHQ DXVJHULFKWHWHQ :LOOHQV DOVR RE HLQH ]LHO XQG ]ZHFNJHULFKWHWH %HREDFKWXQJ SHUVRQHQEH]RJHQHU 6DFKYHUKDOWH HUIROJW %HLOlXILJH XQJHZROOWH :DKUQHKPXQJHQ IDOOHQ JUXQGVlW]OLFK QLFKW XQWHU GHQ %HJULII GHV %H VFKDIIHQV (LQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ OLHJW VRPLW DXFK GDQQ YRU ZHQQ GLH $QJDEHQ QLFKW DXIJH]HLFKQHW ZHUGHQ DEHU LPPHUKLQ HLQH ± ]LHOJHULFKWHWH ± %H REDFKWXQJ SHUVRQHQEH]RJHQHU 6DFKYHUKDOWH HUIROJW 'LHV LVW ]% GHU )DOO ZHQQ VLFK GLH $XIPHUNVDPNHLW GHV GLH 0RQLWRUH EHUZDFKHQGHQ 6LFKHUKHLWVSHUVRQDOV DXI HLQH EHVWLPPWH 3HUVRQ RGHU 3HUVRQHQJUXSSH ULFKWHW HWZD XP DXIIlOOLJH 9HUKDO WHQVZHLVHQ RGHU 'HOLNWH IHVW]XVWHOOHQ E]Z ZHQQ GDV 6XFKHQ QDFK DXIIl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lVVW VLFK GLH $QJDEH DOVR DXI HLQH EHVWLPPWH RGHU ]XPLQGHVW EHVWLPPEDUH 3HUVRQ 9JO 3(7(5 IU GLH HQWVSUHFKHQGH $XIIDVVXQJ LP GHXWVFKHQ 5HFKW YJO :$/'(1 I 6&+$))/$1':,/7)$1* .RPP ]X E %'6* 5] '$00$11 LQ 6,0,7,6 5] II 6&+:$%( /$1* 3ULYDWH 9LGHREHUZDFKXQJ I 9JO 58(**)/h&.,*(5129(0%(5./$86(5 '(6&+(1$8;67(,1$8(5 5] 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] Ä$XIQDKPH XQG $XI]HLFKQXQJ³ %9*HU $ ( $QZHQGEDUNHLW GHV 'DWHQVFKXW]JHVHW]HV DXI %LOGDXI]HLFKQXQJV XQG %LOGDXIQDKPHJHUlWH 6&+:(*/(5 'DWHQ VFKXW] LP 3ROL]HLZHVHQ I %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] ZRKO DXFK %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII VD .811(57 /$1* 3ULYDWH 9LGHREHUZDFKXQJ I *5$6 9LGHREHUZD FKXQJ D$ ZRKO 0h//(5:<660$11 ZHOFKH GLH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ GXUFK 9LGHREHUZDFKXQJ GDYRQ DEKlQJLJ ]X PDFKHQ VFKHLQHQ RE HLQH Ä5HJLVWULHUXQJ³ HU IROJW D$ DXFK .,(1(5.b/,1 ZHOFKH LP ]LHOJHULFKWHWHQ SROL]HLOLFKHQ %HREDFKWHQ E]Z Ä%HVFKDWWHQ³ RKQH GDVV GDUEHU HLQH $NWH DQJHOHJW ZLUG NHLQH 'DWHQHUKHEXQJ HUEOL FNHQ DEHU DOOHUGLQJV HLQHQ (LQJULII LQ $UW $EV %9 EHMDKHQ 9JO :$/'(1 %$576&+ I /$1* 3ULYDWH 9LGHREHUZDFKXQJ 9JO '6% =+ 7% 6&+$))/$1':,/7)$1* .RPP ]X E %'6* 5] 9JO YRUQH 7HLO ,, % %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ EH]LHKW $QJDEHQ EHU EHVWLPPWH 3HUVRQHQ ZHUGHQ GXUFK GLH 9LGHREHUZDFKXQJ LG5 QLFKW HUKREHQ ,Q GHQ PHLVWHQ )lOOHQ ZLUG VLFK GDKHU GLH )UDJH VWHOOHQ RE GXUFK GLH 9LGHREHUZDFKXQJ $QJDEHQ HUKREHQ ZHUGHQ ZHOFKH VLFK DXI HLQH EH VWLPPEDUH 3HUVRQ EH]LHKHQ %HVWLPPEDU LVW HLQH 3HUVRQ ZHQQ VLH ]ZDU GXUFK GDV HUKREHQH 'DWXP QLFKW HLQGHXWLJ LGHQWLIL]LHUEDU LVW DEHU DXV GHQ 8PVWlQGHQ XQG GHP .RQWH[W GHU ,QIRUPDWLRQ DXI VLH JHVFKORVVHQ ZHUGHQ NDQQ E]Z HLQH .RPEL QDWLRQ YHUVFKLHGHQHU ,QIRUPDWLRQHQ LKUH ,GHQWLIL]LHUXQJ HUODXEW hEHU GLH %H VWLPPEDUNHLW HLQHU 3HUVRQ LVW LQ MHGHP (LQ]HOIDOO DQKDQG REMHNWLYHU .ULWHULHQ ]X HQWVFKHLGHQ 1XU ZHQQ GHU $XIZDQG ]XU %HVWLPPXQJ GHU 3HUVRQ XQYHUKlOWQLV PlVVLJ LVW E]Z QDFK GHU DOOJHPHLQHQ /HEHQVHUIDKUXQJ QLFKW GDPLW JHUHFKQHW ZHU GHQ PXVV GDVV HLQ ,QWHUHVVHQW GLHVHQ $XIZDQG DXI VLFK QHKPHQ ZLUG LVW GLH 3HUVRQ QLFKW PHKU EHVWLPPEDU 'LH EORVV WKHRUHWLVFKH 0|JOLFKNHLW HLQHU ,GHQWLIL]LHUXQJ UHLFKW VRPLW QLFKW DXV XP %HVWLPPEDUNHLW DQ]XQHKPHQ 0DQJHOQGH %HVWLPP %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] ('6. 8UWHLO YRP 1RYHPEHU 93% 1U ( .HLQH 3HUVRQHQGDWHQ ZHUGHQ VHOEVWYHUVWlQG OLFK GDQQ EHDUEHLWHW ZHQQ JDU QLHPDQG GHQ EHUZDFKWHQ %HUHLFK EHWULWW ZLH HWZD ]XU 1DFKW ]HLW LQ HLQHU XQEHOHEWHQ )XVVJlQJHUSDVVDJH YJO 921 =(=6&+:,7= 5] 58(** )/h&.,*(5129(0%(5./$86(5 3HUVRQHQGDWHQ ZHUGHQ DXFK GDQQ QLFKW HUKREHQ ZHQQ GLH .DPHUDV DEJHVFKDOWHW VLQG RGHU $WWUDSSHQ ]XP (LQVDW] NRPPHQ YJO 921 =(=6&+:,7= 5] 'DIU PVVWH GLH 3HUVRQ DXIJUXQG GHU $QJDEH VHOEVW RGHU DOOHQIDOOV ]ZHLIHOVIUHL PLWWHOV HLQHU =XVDW]LQIRUPDWLRQ YJO :(%(56200(5+$/'(5 LQGLYLGXDOLVLHUW ZHUGHQ N|QQHQ YJO %RWVFK '6* %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 3(7(5 :(%(56200(5+$/'(5 7,11()(/' 5] ('6. 8UWHLO YRP 1RYHPEHU 93% 1U ( $QJDEHQ EHU EHVWLPPWH 3HUVRQHQ ZHUGHQ GXUFK 9LGHREHUZDFKXQJ KLQJHJHQ ]% GDQQ HUKREHQ ZHQQ GHU 'DWHQEHDUEHLWHU GHQ RGHU GLH hEHUZDFKWHQ NHQQW ZLH ]% ZHQQ GLH 0LWDUEHLWHU LQ *HVFKlIWVUlXPOLFKNHLWHQ EHUZDFKW ZHUGHQ YJO .g1,* * RGHU ZHQQ HLQH EHVWLPPWH VFKRQ EHNDQQWH 3HUVRQ REVHUYLHUW ZLUG %9*HU $ ( %RWVFK '6* 3('5$==,1, *UDQGHV RSWLRQV %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 5,(66(/0$11 6$;(5 :(%(56200(5+$/'(5 %9*HU $ ( %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] ('6. 8UWHLO YRP 1RYHPEHU 93% 1U ( ([SODQDWRU\ 0HPRUDQGXP 5HF =LII %9*HU $ ( %RWVFK '6* I IHUQHU %*( ,, ( %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 526(17+$/ LQ 526(1 7+$/-g+5, .RPP ]X $UW %VW D '6* 5] :(%(56200(5+$/'(5 ('6. 8U WHLO YRP 1RYHPEHU 93% 1U ( $(%,0h//(5 5] 1DFK GHP ('6h LVW HLQH 3HUVRQ GDQQ QLFKW PHKU EHVWLPPEDU ZHQQ GHUHQ ,GHQWLIL]LHUXQJ VHKU NRPSOL ]LHUWH UDIILQLHUWH 0HWKRGHQ ÄYHU\ VRSKLVWLFDWHG PHWKRGV³ HUIRUGHUW %HVWLPPEDU LVW HLQH 3HU VRQ DEHU MHGHQIDOOV GDQQ ZHQQ VLH OHLFKW LGHQWLIL]LHUEDU LVW ÄD SHUVRQ ZKR FDQ EH HDVLO\ LGHQWL ILHG³ VLHKH ([SODQDWRU\ 5HSRUW ('6h =LII 'LH %HVWLPPEDUNHLW LVW DEHU ULFKWLJHUZHLVH QLFKW QXU GDQQ ]X EHMDKHQ ZHQQ GLH 3HUVRQ OHLFKW LGHQWLIL]LHUEDU LVW VRQGHUQ VFKRQ GDQQ ZHQQ GHUHQ %HVWLPPEDUNHLW QLFKW HLQHQ EHUPlVVLJHQ $XIZDQG HUIRUGHUW 9HUVFKLHGHQH (PS IHKOXQJHQ GHV 0LQLVWHUNRPLWHHV GHV (XURSDUDWHV EULQJHQ GDV GHQQ DXFK NODUHU ]XP $XVGUXFN 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV EDUNHLW LVW DOOHUGLQJV QXU PLW =XUFNKDOWXQJ DQ]XQHKPHQ 0LW %OLFN DXI GHQ 6FKXW] ]ZHFN GHU 'DWHQVFKXW]JHVHW]JHEXQJ LVW JUXQGVlW]OLFK YRQ HLQHP ZHLWHQ %HJULII GHU %HVWLPPEDUNHLW DXV]XJHKHQ 'DVV GLH ,GHQWLIL]LHUXQJ X8 DXIZlQGLJ LVW RGHU GHQ (LQVDW] UDIILQLHUWHU WHFKQLVFKHU 0HWKRGHQ ]% ELRPHWULVFKH 9HUIDKUHQ HUIRUGHUW OlVVW GLH %HVWLPPEDUNHLW QRFK QLFKW VFKHLWHUQ 9RQ %HGHXWXQJ EHL GHU )UDJH GHU %HVWLPPEDUNHLW LVW VRGDQQ GDV ,QWHUHVVH GHV 'DWHQEHDUEHLWHUV RGHU HLQHV 'ULWWHQ DQ GHU =XRUGQXQJ EHVWLPPWHU ,QIRUPDWLRQHQ ]X HLQHU 3HUVRQ 0( VHW]W GLH %H VWLPPEDUNHLW DEHU QLFKW ]ZLQJHQG YRUDXV GDVV GHU 'DWHQEHDUEHLWHU WDWVlFKOLFK GLH $EVLFKW KDW GLH HUKREHQHQ 'DWHQ HLQHU 3HUVRQ ]X]XRUGQHQ 'DVV HLQH ,GHQWLIL]LH UXQJ GHU DXIJH]HLFKQHWHQ RGHU EHREDFKWHWHQ 3HUVRQHQ QLFKW JHQHUHOO VRQGHUQ JDU QLFKW RGHU K|FKVWHQV LQ (LQ]HOIlOOHQ HUIROJW LVW NHLQ *UXQG GLH %HVWLPPEDUNHLW GHU MHQLJHQ 3HUVRQHQ ]X YHUQHLQHQ GLH QLFKW LGHQWLIL]LHUW ZHUGHQ 3ROL]HL XQG 6WUDIYHUIROJXQJVEHK|UGHQ ZLUG HV NHLQHVZHJV LPPHU OHLFKW IDOOHQ GLH YRQ GHU hEHUZDFKXQJ EHWURIIHQH 3HUVRQ ]X EHVWLPPHQ VHL HV DXIJUXQG VFKOHFKWHU %LOGTXDOLWlW HLQHV XQJQVWLJHQ $XIQDKPHZLQNHOV YRQ 0DVNLHUXQJ VFKOHFKWHU /LFKWYHUKlOWQLVVH GHU 8Q]XYHUOlVVLJNHLW PHQVFKOLFKHU :DKUQHKPXQJ RGHU JDQ] DOOJHPHLQ PDQJHOV NODUHU $QKDOWVSXQNWH IU GLH )HVWVWHOOXQJ GHU ,GHQWLWlW GHU EH WURIIHQHQ 3HUVRQ 'HU 3ROL]HL XQG GHQ 6WUDIYHUIROJXQJVEHK|UGHQ VWHKHQ MHGRFK YLHOIlOWLJH 0|JOLFKNHLWHQ ]XU 9HUIJXQJ 3HUVRQHQ DQKDQG LKUHV *HVLFKWV DEHU DXFK GHV .|USHUV GHV %HZHJXQJVYHUKDOWHQV GHU .OHLGHU RGHU PLWJHIKUWHU *HJHQ VWlQGH ]X LGHQWLIL]LHUHQ 'LHV ]% GXUFK HLQHQ $EJOHLFK PLW )DKQGXQJVIRWRV RGHU 3HUVRQHQEHVFKUHLEXQJHQ RGHU LQVEHVRQGHUH DXFK GXUFK 9HU|IIHQWOLFKXQJ GHU %LOGHU LP ,QWHUQHW RGHU LP )HUQVHKHQ $XFK ZHQQ NHLQH $XI]HLFKQXQJHQ DQJHIHUWLJW VR ]% GLH 5HF XQWHU Ä6FRSH DQG GHILQLWLRQV³ XQG GLH 5HF LQ =LII Ä$Q LQ GLYLGXDO VKDOO QRW EH UHJDUGHG DV ÃLGHQWLILDEOH¶ LI LGHQWLILFDWLRQ UHTXLUHV DQ XQUHDVRQDEOH DPRXQW RI WLPH FRVW DQG PDQSRZHU³ 9JO ('6. 8UWHLO YRP $SULO 93% 1U ( IHUQHU 921 =(=6&+:,7= 5] 9JO ([SODQDWRU\ 0HPRUDQGXP 5HF =LII VLHKH DEHU DXFK YRUQH )Q %*( ,, ( ('6. 8UWHLO YRP $SULO 93% 1U ( .g1,* * %$(5,6:</ $QZHQGEDUNHLW D$ 7+,(/( XQG LP VSH]LILVFKHQ DXFK IU GLH 9LGHR EHUZDFKXQJ '6.$7 %HVFKHLG YRP 2NWREHU .'6. ( EDD 9JO '$00$11 LQ 6,0,7,6 5] .811(57 +(,= 7+,(/( ('6% 7% %$(5,6:</ $QZHQGEDUNHLW '6.$7 %HVFKHLG YRP -XQL .'95 ( $UW 'DWHQVFKXW]JUXSSH 6WQ ÄSHUVRQHQEH ]RJHQH 'DWHQ³ 9JO GD]X HWZD &$0(521 II 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ .g1,* * $UW 'DWHQVFKXW] JUXSSH 6WQ 9LGHREHUZDFKXQJ )Q *(,*(5 .811(57 ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV 9JO .g1,* * 5226 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ .811(57 %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ ZHUGHQ HV VLFK DOVR XP HLQH EORVVH 9LGHREHREDFKWXQJ KDQGHOW NDQQ HLQH 3HUVRQ EHVWLPPW ZHUGHQ VHL HV LP 5DKPHQ GHU )DKQGXQJ DXIJUXQG YRQ 3KDQWRPELOGHUQ RGHU GHU 'XUFKJDEH GHV 6LJQDOHPHQWV DQ GLH %HDPWHQ GHU %HIUDJXQJ YRQ =HXJHQ HLQHU *HJHQEHUVWHOOXQJ PLW GHP EHREDFKWHQGHQ %HDPWHQ RGHU GXUFK HLQH XQPLW WHOEDUH ,QWHUYHQWLRQ JHJHQEHU GHP 9HUGlFKWLJHQ PLW DQVFKOLHVVHQGHU )HVWVWHOOXQJ VHLQHU 3HUVRQDOLHQ 'DVV GLH QDFKWUlJOLFKH ,GHQWLILNDWLRQ QLFKW LPPHU JHOLQJHQ PDJ lQGHUW QLFKWV GDUDQ GDVV EHL GHU 9LGHREHUZDFKXQJ HLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ YRUOLHJW ]LHOW GRFK GDV 6\VWHP DOV VROFKHV JHUDGH DXI GLH *HZLQQXQJ YRQ 3HUVRQHQGDWHQ DE 6RZHLW 3ULYDWH 9LGHREHUZDFKXQJ HLQVHW]HQ ZLUG HV LKQHQ LG5 XQJOHLFK VFKZH UHU IDOOHQ GLH DXIJH]HLFKQHWHQ RGHU EHREDFKWHWHQ 3HUVRQHQ VHOEVW ]X EHVWLPPHQ GD VLH QLFKW EHU GLH 0LWWHO GHU 3ROL]HL YHUIJHQ $XFK ZLUG GLH 3ROL]HL GHQ 3ULYDWHQ QLFKW RKQH ZHLWHUHV GHQ =XJULII DXI LKU =XVDW]ZLVVHQ HUP|JOLFKHQ XQG LKQHQ GLH ,GHQWLIL]LHUXQJ EHUODVVHQ 5LFKWLJHUZHLVH OLHJW DXV 6LFKW GHV 3ULYDWHQ DEHU DXFK GDQQ HLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ YRU ZHQQ HU ]ZDU QLFKW VHOEVW LQ GHU /D JH LVW GLH PLWWHOV 9LGHREHUZDFKXQJ HUKREHQHQ $QJDEHQ HLQHU 3HUVRQ ]X]XRUGQHQ DEHU 'ULWWH ZLH QDPHQWOLFK GLH 3ROL]HL E]Z GLH 6WUDIYHUIROJXQJVEHK|UGHQ GHQHQ HU GLH 'DWHQ ]XOlVVLJHUZHLVH EHUPLWWHOQ GDUI LQ GHU /DJH XQG ZLOOHQV VLQG GLH =X RUGQXQJ YRU]XQHKPHQ ZRYRQ ]XPLQGHVW EHL VWUDIUHFKWOLFK UHOHYDQWHQ 6DFKYHUKDO WHQ DXV]XJHKHQ LVW 'D VLFK GHU 3ULYDWH EHU GLH ,GHQWLIL]LHUXQJ ± ]% LP 5DKPHQ GHU $NWHQHLQVLFKW LQ HLQHU 6WUDIXQWHUVXFKXQJ RGHU LQ HLQHP =LYLO RGHU 6WUDI SUR]HVV ± XQWHUULFKWHQ NDQQ OLHJW DXFK DXV 6LFKW GHV 3ULYDWHQ HLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ YRU =X EHDFKWHQ LVW GDVV GHU 3ULYDWH VHOEVW GDQQ GHP '6* XQWHU VWHKW ZHQQ HU EHU NHLQH 0|JOLFKNHLW YHUIJW VLFK ± ]% LP 5DKPHQ GHU $NWHQHLQ VLFKW ± EHU GLH HUIROJWH =XRUGQXQJ GHU YRQ LKP HUKREHQHQ $QJDEHQ ]X HLQHU EH VWLPPWHQ 3HUVRQ ]X XQWHUULFKWHQ 2E VLFK HLQH ,QIRUPDWLRQ DXI HLQH EHVWLPPEDUH 3HUVRQ EH]LHKW EHXUWHLOW VLFK ]ZDU DXV GHU 6LFKW GHV MHZHLOLJHQ ,QKDEHUV GHU ,QIRU PDWLRQ 1DFK GHU ± P( ]XVWLPPXQJVZUGLJHQ ± EXQGHVJHULFKWOLFKHQ 5HFKWVSUH 9JO 0$5*27 $571(5 'LJLWDOH 9LGHREHUZDFKXQJ ± ZDV LVW HUODXEW" LQ 5(,7(5:,770$1 7,:$/' II $UW 'DWHQVFKXW]JUXSSH 6WQ ÄSHUVRQHQEH]RJHQH 'DWHQ³ .811(57 +g)/,1* %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW ]H 9JO .g1,* * 9JO .g1,* 5 *lQ]OLFK DXVJHVFKORVVHQ LVW HV MHGRFK NHLQHVZHJV GDVV DXFK 3ULYDWH DXI JH]HLFKQHWH RGHU EHREDFKWHWH 3HUVRQHQ VHOEVWlQGLJ ]X LGHQWLIL]LHUHQ LQ GHU /DJH VLQG EVSZ DXIJUXQG HLQHV UHJLVWULHUWHQ $XWRNHQQ]HLFKHQV GHU 7lWLJNHLW GHU .OHLGXQJ RGHU GHV $XVVH KHQV GHU EHWURIIHQHQ 3HUVRQ YJO /$1* 3ULYDWH 9LGHREHUZDFKXQJ IHUQHU .g1,* 5 9JO %*( ,, ( XQG %9*HU $ ( 526(17+$/ LQ 526(1 7+$/-g+5, .RPP ]X $UW %VW D '6* 5] 52/) + :(%(52562/<$ )(5&6,. 6&+1<'(5 Ä:DV IU ¶QH 6RUWH YRQ *HVFK|SI LVW HXHU .URNRGLO"³ ± =XU GDWHQVFKXW]UHFKWOL FKHQ 4XDOLILNDWLRQ YRQ ,3$GUHVVHQ VLF II :(,&+(57 3HUVRQHQEH]XJ .811(57 '$00$11 LQ 6,0,7,6 5] II .g1,* * I 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV FKXQJ LVW HV LP )DOOH GHU :HLWHUJDEH YRQ ,QIRUPDWLRQHQ DEHU DXVUHLFKHQG ZHQQ GHU (PSIlQJHU KLHU DOVR LQVEHVRQGHUH GLH 3ROL]HL E]Z GLH 6WUDIYHUIROJXQJVEHK|UGHQ GLH EHWURIIHQH 3HUVRQ ]X LGHQWLIL]LHUHQ YHUPDJ $QGHUV ]X HQWVFKHLGHQ ZUGH EH GHXWHQ GDV 'DWHQVFKXW]JHVHW] QXU DXI GLH HLQ]HOQHQ (PSIl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|VFKW ZHUGHQ ]% ± EHLP DXWRPDWLVFKHQ 'DWHQ DEJOHLFK ± GDV DXIJH]HLFKQHWH 1XPPHUQVFKLOG PDQJHOV HLQHV 7UHIIHUV PLW )DKQ GXQJVGDWHQ (LQH 9HUQLFKWXQJ GHU 'DWHQ VFKRQ QDFK NXU]HU =HLW VFKOlJW VLFK QLFKW DXI GDV 0DVV GHU %HVWLPPEDUNHLW DQ VLFK XQG GDPLW DXFK QLFKW DXI GLH 4XDOL ILNDWLRQ HLQHU $QJDEH DOV 3HUVRQHQGDWXP QLHGHU VRQGHUQ XQWHUZLUIW GLH $QJDEH LQ LKUHU 4XDOLIL]LHUEDUNHLW DOV 3HUVRQHQGDWXP HLQ]LJ HLQHU ]HLWOLFKHQ %HVFKUlQNXQJ (QWVFKHLGHQG LVW GDVV ± ZHQQ DXFK QXU IU HLQHQ NXU]HQ =HLWUDXP ± GLH 0|JOLFKNHLW EHVWHKW GLH HUKREHQH $QJDEH HLQHU 3HUVRQ ]X]XRUGQHQ 0DQJHOV %HVWLPPEDUNHLW HUIROJW GDQQ NHLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ ZHQQ GLH $XIO|VXQJ GHU %LOGHU ]X JHULQJ LVW XP GDUDXI HLQ]HOQH 3HUVRQHQ ]X HUNHQQHQ RGHU LP )DOO GHU UHLQHQ hEHUVLFKWVDXIQDKPH DXV ZHOFKHU VLFK DXFK EHL 9HUJU|VVH UXQJ RGHU VRQVWLJHU 1DFKEHDUEHLWXQJ NHLQ 3HUVRQHQEH]XJ KHUVWHOOHQ OlVVW $OOHU GLQJV HQWKlOW HLQH UHLQH hEHUVLFKWVDXIQDKPH GDQQ 3HUVRQHQGDWHQ ZHQQ GLH EHWUHI IHQGH 3HUVRQ ]ZDU QLFKW DXIJUXQG GHU $XI]HLFKQXQJ DEHU VRQVW ZLH LGHQWLIL]LHUW XQG LKU GDV DXIJH]HLFKQHWH 9HUKDOWHQ ]XJHRUGQHW ZHUGHQ NDQQ :HUGHQ 3HUVR QHQGDWHQ VR DQRQ\PLVLHUW GDVV MHGHU %H]XJ ]ZLVFKHQ 3HUVRQ XQG $QJDEH YHUORUHQ JHKW KDQGHOW HV VLFK HEHQIDOOV QLFKW PHKU XP 3HUVRQHQGDWHQ LP 6LQQH GHU 'DWHQ %*( ,, ( XQG VD %9*HU $ ( 9JO .g1,* * D$ ZRKO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I 9JO '$00$11 LQ 6,0,7,6 5] ('6% 7% .g1,* * /$1* 3ULYDWH 9LGHREHUZDFKXQJ I VD +(,= 9JO 58(**)/h&.,*(5129(0%(5./$86(5 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZH VHQ 921 =(=6&+:,7= 5] .g1,* * 921 =(=6&+:,7= 5] I $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ '$00$11 LQ 6,0,7,6 5] .g1,* * VD YRUQH )Q 9JO 58',167b03)/, )Q :LUG GDV GHOLNWLVFKH 9HUKDOWHQ HLQHU 3HUVRQ DXV GHU /XIW PLW WHOV HLQHU 'URKQH DXIJH]HLFKQHW RKQH GDVV HV P|JOLFK ZlUH GLH 3HUVRQ DQKDQG GHU $XIQDKPH ]X LGHQWLIL]LHUHQ OLHJW QRFK NHLQ 3HUVRQHQGDWXP YRU :LUG GLH EHWUHIIHQGH 3HUVRQ DEHU SROL ]HLOLFK DQJHKDOWHQ XQG LKUH ,GHQWLWlW IHVWJHVWHOOW HQWKlOW DXFK GLH hEHUVLFKWVDXIQDKPH 3HUVR QHQGDWHQ %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ VFKXW]JHVHW]JHEXQJ *OHLFK YHUKlOW HV VLFK ZHQQ GLH $QRQ\PLVLHUXQJ YRQ 'DWHQ QXU PLW HLQHP XQYHUKlOWQLVPlVVLJ JURVVHQ $XIZDQG ZLHGHU UFNJlQJLJ JHPDFKW ZHUGHQ NDQQ $Q GHU %HVWLPPEDUNHLW lQGHUW GHU DOOIlOOLJH ± XQG JHERWHQH ± (LQVDW] YRQ 3ULYDF\ )LOWHUQ DEHU VHOEVWYHUVWlQGOLFK QLFKWV LVW GRFK GDV 5FNJlQ JLJPDFKHQ GHU $QRQ\PLVLHUXQJ WHFKQLVFK RKQH ZHLWHUHV P|JOLFK =X HULQQHUQ EOHLEW GDUDQ GDVV GDV 9RUOLHJHQ HLQHV 3HUVRQHQGDWXPV QLFKW YRUDXVVHW]W GDVV DXI GHQ DXIJH]HLFKQHWHQ %LOGHUQ DXFK WDWVlFKOLFK 3HUVRQHQ DEJHELOGHW VLQG VRIHUQ VLFK GLH HUKREHQHQ $QJDEHQ ]% EHWUHIIHQG +lXVHU RGHU )DKU]HXJH HLQHU EHVWLPPWHQ 3HUVRQ ]XRUGQHQ ODVVHQ *HUDGH GHU 0LHWHU RGHU (LJHQWPHU HLQHV *UXQGVWFNV RGHU GHU +DOWHU HLQHV )DKU]HXJV ]XPLQGHVW VRIHUQ GDV 1XPPHUQVFKLOG HUNHQQEDU LVW VLQG RKQH ZHLWHUHV EHVWLPPEDU :HQQ GLH 9LGHREHUZDFKXQJ ]% DXFK SUL YDWH *lUWHQ RGHU JDU )HQVWHUIURQWHQ HUIDVVW OLHJW GDULQ VRPLW HEHQIDOOV HLQH %HDUEHL WXQJ YRQ 3HUVRQHQGDWHQ $XV GHQ %HREDFKWXQJHQ RGHU $XI]HLFKQXQJHQ ODVVHQ VLFK 5FNVFKOVVH DXI GLH %HZRKQHU ]LHKHQ ]% EHWUHIIHQG GLH )DPLOLHQVLWXDWLRQ .LQ GHUVSLHO]HXJ LP *DUWHQ /HEHQVJHZRKQKHLWHQ /LFKWHUO|VFKHQ RGHU GLH 9HUP| JHQVVLWXDWLRQ WHXUH *DUWHQP|EHO YHUJLOEWH 9RUKlQJH ('6. 8UWHLO YRP $SULO 93% 1U ( %LV ]XP =HLWSXQNW GHU $QRQ\PLVLHUXQJ KDQGHOW HV VLFK VHOEVWYHUVWl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|QOLFKNHLWVSURILOHQ )UDJOLFK LVW RE GXUFK 9LGHREHUZDFKXQJ EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ RGHU JDU 3HUV|QOLFKNHLWVSURILOH EHDUEHLWHW ZHUGHQ ,P *HOWXQJVEHUHLFK GHV '6* LVW GLHV LQVEHVRQGHUH YRQ %HGHXWXQJ IU GLH (LQZLOOLJXQJ YJO $UW $EV '6* GLH $QPHOGHSIOLFKW SULYDWHU 'DWHQVDPPOXQJHQ YJO $UW D $EV %VW D '6* GLH %HNDQQWJDEH YRQ 'DWHQ GXUFK 3ULYDWH DQ 'ULWWH $UW $EV %VW F '6* VRZLH GLH 5HFKWVJUXQGODJH IU GHUHQ %HDUEHLWXQJ YJO $UW $EV '6* $XFK GLH NDQWRQDOHQ 'DWHQVFKXW]JHVHW]H QRUPLHUHQ IU GHQ 8PJDQJ PLW EHVRQGHUV VFKW ]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSURILOHQ EHVRQGHUH 9RUDXVVHW]XQJHQ XQG 3IOLFKWHQ $ %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ =XP %HJULII GHV EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWXPV 1DFK GHU DEVFKOLHVVHQGHQ $XI]lKOXQJ LQ $UW %VW F '6* VLQG EHVRQGHUV VFKW ]HQVZHUWH 3HUVRQHQGDWHQ 'DWHQ EHU GLH UHOLJL|VHQ ZHOWDQVFKDXOLFKHQ SROLWLVFKHQ RGHU JHZHUNVFKDIWOLFKHQ $QVLFKWHQ RGHU 7lWLJNHLWHQ =LII EHU GLH *HVXQGKHLW GLH ,QWLPVSKlUH RGHU GLH 5DVVHQ]XJHK|ULJNHLW =LII EHU 0DVVQDKPHQ GHU VR]LD OHQ +LOIH =LII VRZLH EHU DGPLQLVWUDWLYH RGHU VWUDIUHFKWOLFKH 9HUIROJXQJHQ XQG 6DQNWLRQHQ =LII 9HUJOHLFKEDUH %HVWLPPXQJHQ NHQQHQ GLH NDQWRQDOHQ 'DWHQ VFKXW]JHVHW]H 7HLOZHLVH QHKPHQ VLH DEHU ± DQVWHOOH HLQHU VWDWLVFKHQ ± HLQH G\QD PLVFKH %HJULIIVXPVFKUHLEXQJ YRU 'DPLW ZLUG GHP 8PVWDQG 5HFKQXQJ JHWUDJHQ GDVV VLFK NDXP DEVWUDNW XPVFKUHLEHQ OlVVW ZDQQ HLQH EHVRQGHUH *HIDKU IU GLH 3HU V|QOLFKNHLW EHVWHKW XQG GLH 'DWHQ GHVKDOE DOV EHVRQGHUV VHQVLEHO RGHU VHQVLWLY EH ]HLFKQHW ZHUGHQ PVVHQ 'DV ('6h NHQQW GHQ %HJULII GHU ÄEHVRQGHUHQ $UWHQ YRQ 'DWHQ³ ZRUXQWHU JHPlVV $UW HLQHUVHLWV SHUVRQHQEH]RJHQH 'DWHQ IDOOHQ ÄZHOFKH GLH UDVVLVFKH +HUNXQIW SROLWLVFKH $QVFKDXXQJHQ RGHU UHOLJL|VH RGHU DQGHUH 9JO GD]X XQG ]X GHQ ZHLWHUHQ PLW EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFK NHLWVSURILOHQ YHUEXQGHQHQ 5HFKWVIROJHQ %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] XQG 9JO ]% $UW $EV $UW XQG $UW $EV '6*6* $EV $EV XQG ,'*=+ $EV %VW D XQG D %VW D '6*=* %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 9JO $UW %VW E /,3$'*( $UW %VW E /&3'1( $UW %VW E '6**/ $UW $EV %VW E '6*6* $UW .'6*%( $EV ,QIR'*62 $UW %VW F '6FK*)5 $UW $EV %VW I '6*85 $UW $EV '6FK*$, 9JO -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] 9JO ]% %VW N ,'$*$* ZRQDFK VROFKH 'DWHQ EHVRQGHUV VFKW]HQVZHUW VLQG ÄEHL GHQHQ DXIJUXQG LKUHU %HGHXWXQJ GHV =XVDPPHQKDQJV =ZHFNV RGHU GHU $UW GHU %HDUEHLWXQJ GHU 'DWHQNDWHJRULH RGHU DQGHUHU 8PVWlQGH HLQH EHVRQGHUH *HIDKU HLQHU 3HUV|QOLFKNHLWVYHUOHW]XQJ EHVWHKW³ VD ,'*=+ %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSURILOHQ hEHU]HXJXQJHQ HUNHQQHQ ODVVHQ³ XQG DQGHUHUVHLWV VROFKH ÄZHOFKH GLH *HVXQGKHLW RGHU GDV 6H[XDOOHEHQ EHWUHIIHQ³ 'LH %HDUEHLWXQJ EHVRQGHUV VFKW]HQVZHUWHU 3HUVRQHQGDWHQ GXUFK 9LGHREHUZDFKXQJ hEHU GLH )UDJH RE PLW HLQHU 9LGHREHUZDFKXQJ EHVRQGHUV VFKW]HQVZHUWH 3HUVR QHQGDWHQ EHDUEHLWHW ZHUGHQ EHVWHKW 8QNODUKHLW XQG 8QVWLPPLJNHLW 'DV %XQGHVJH ULFKW JHKW GDYRQ DXV GDVV 9LGHRDXI]HLFKQXQJHQ DXV HLQHU hEHUZDFKXQJ YRQ |IIHQW OLFKHQ 6WUDVVHQ XQG 3OlW]HQ ZHOFKH HLQH ELOGOLFKH 3HUVRQHQLGHQWLILNDWLRQ ]XODVVHQ ÄLQ DOOHU 5HJHO NHLQH ZHLWHUHQ SHUVRQHQEH]RJHQHQ 'DWHQ³ HQWKDOWHQ XQG ÄGHQ 3UL YDWEHUHLFK GHU EHWURIIHQHQ 3HUVRQHQ LP $OOJHPHLQHQ QLFKW³ EHUKUHQ $XFK LQ GHU VFKZHL]HULVFKHQ /HKUH ILQGHW VLFK GLH $XIIDVVXQJ GDVV GXUFK 9LGHREHUZD FKXQJ ± ]XPLQGHVW LQ GHU 5HJHO ± NHLQH EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ (LQH DQGHUH $XIIDVVXQJ JHKW KLQJHJHQ GDYRQ DXV GDVV GXUFK GLH 9LGHREHUZDFKXQJ UHJHOPlVVLJ DXFK EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ 'XUFK HLQH 9LGHREHUZDFKXQJ ODVVHQ VLFK HLQH 5HLKH YRQ 'DWHQ JHZLQQHQ ZHOFKH VLFK HLQHU GHU JHVHW]OLFK JHQDQQWHQ .DWHJRULHQ EHVRQGHUV VFKW]HQVZHUWHU 3HUVR QHQGDWHQ ]XRUGQHQ ODVVHQ 6R NDQQ GLH 9LGHREHUZDFKXQJ 'DWHQ EHU UHOLJL|VH $Q VLFKWHQ RGHU 7lWLJNHLWHQ ]X 7DJH I|UGHUQ ZHQQ ]% UHOLJL|VH .OHLGXQJ RGHU 6\P EROH ]X GHQNHQ LVW DQ .RSIWXFK .LSSD 7VFKDGRU .UX]LIL[H RGHU bKQOLFKHV VLFKWEDU JHWUDJHQ ZHUGHQ $XFK N|QQHQ VLFK LP %OLFNIHOG GHU .DPHUDV .XOWXV KDQGOXQJHQ ]% 3UR]HVVLRQHQ YROO]LHKHQ DOOHQIDOOV ZLUG DXFK GHU %HVXFK HLQHU .LUFKH 0RVFKHH 6\QDJRJH RGHU HLQHU *UDEVWlWWH GXUFK GLH hEHUZDFKXQJVNDPHUDV UHJLVWULHUW 'DWHQ EHU ZHOWDQVFKDXOLFKH $QVLFKWHQ XQG 7lWLJNHLWHQ ODVVHQ VLFK HEHQIDOOV JHZLQQHQ HWZD ZHQQ 7HLOQHKPHU HLQHU .XQGJHEXQJ JHILOPW ZHUGHQ $XFK DXV GHU JHZlKOWHQ .OHLGXQJ ODVVHQ VLFK X8 5FNVFKOVVH DXI HLQH EHVWLPPWH :HOWDQVFKDXXQJ ]LHKHQ *HUDWHQ 7HLOQHKPHU SROLWLVFKHU RGHU JHZHUNVFKDIWOLFKHU .XQGJHEXQJHQ LQV $XIQDKPHIHOG GHU .DPHUD ZHUGHQ DXFK SROLWLVFKH RGHU JH ZHUNVFKDIWOLFKH 'DWHQ HUKREHQ HEHQVR ZHQQ VRQVWLJH SROLWLVFKH RGHU JHZHUN %*( , ( 9JO -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] XQG ]X $UW '6* 5] 1DFK 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I ZHUGHQ GXUFK EORVVH 9L GHREHREDFKWXQJ ÄLQ DOOHU 5HJHO³ NHLQH EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ HUKREHQ XQG LP =XVDPPHQKDQJ PLW 9LGHRDXI]HLFKQXQJVPDVVQDKPHQ VSULFKW HU HLQ]LJ YRQ GHU *HIDKU GHU (UVWHOOXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ 58(**)/h&.,*(5129(0%(5./$86(5 I )/h&.,*(5$8(5 )/h&.,*(5 9JO 58(**)/h&.,*(5129(0%(5./$86(5 .811(57 9JO .g1,* * ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV I 9JO 5,(6(1.$03)) %877$5(//, 3URWHFWLRQ =LII ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV I 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV FKDIWOLFKH $NWLYLWlWHQ ]% 8QWHUVFKULIWHQVDPPOXQJHQ DXIJH]HLFKQHW ZHUGHQ (EHQVR ODVVHQ VLFK GXUFK GLH 9LGHREHUZDFKXQJ 'DWHQ EHU GHQ *HVXQGKHLWV]X VWDQG HUIDVVHQ =X GHQNHQ LVW ]XQlFKVW DQ N|USHUOLFKH %HKLQGHUXQJHQ ZHOFKH VLFK DP (LQVDW] PHGL]LQLVFKHU +LOIVPLWWHO ]% 6HKKLOIHQ .UFNHQ *HKVW|FNH 3URWKHVHQ 5ROOVWKOH %OLQGHQVW|FNH RGHU %OLQGHQKXQGH PDQLIHVWLHUHQ N|QQHQ RGHU VRQVW ZLH RIIHQVLFKWOLFK VLQG ZLH ]% EHLP )HKOHQ HLQHV *OLHGHV $OOHQIDOOV ODVVHQ GLH $XIQDKPHQ DXFK 5FNVFKOVVH DXI GHQ VHHOLVFKHQ =XVWDQG ]% DXI JUXQG GHV *HVLFKWVDXVGUXFNV RGHU HLQHU YHUNUDPSIWHQ .|USHUKDOWXQJ VRZLH DXI .UDQNKHLWHQ 0DJHU RGHU )HWWVXFKW +DXWNUDQNKHLWHQ 6XFKWNUDQNKHLWHQ XVZ ]X (EHQIDOOV N|QQHQ 'DWHQ EHU GLH 5DVVHQ]XJHK|ULJNHLW EHDUEHLWHW ZHUGHQ ODV VHQ VLFK GRFK ]% DXV GHU +DXWIDUEH 5FNVFKOVVH DXI GLH =XJHK|ULJNHLW ]X HLQHU EHVWLPPWHQ 5DVVH ]LHKHQ 'DWHQ EHU GLH ,QWLPVSKlUH ± YHUVWDQGHQ DOV Ä'DWHQ GLH HLQH 3HUVRQ QXU ZHQLJHQ $XVHUZlKOWHQ PLWWHLOW XQG GLH IU VLH YRQ JURVVHU HPR WLRQDOHU %HGHXWXQJ VLQG³ ZLH ]% $QJDEHQ EHU VH[XHOOH $NWLYLWlWHQ ± N|Q QHQ HEHQIDOOV HUIDVVW ZHUGHQ HWZD LP =XVDPPHQKDQJ PLW GHU hEHUZDFKXQJ HLQHV Ä6WUDVVHQVWULFKV³ 1HXH WHFKQLVFKH (QWZLFNOXQJHQ ELHWHQ ]XVlW]OLFKH 0|JOLFK NHLWHQ ]XU (UKHEXQJ YRQ $QJDEHQ DXV GHP ,QWLPEHUHLFK QDPHQWOLFK GDQQ ZHQQ GLH .DPHUD GHQ %OLFN GXUFK GLH .OHLGHU HUP|JOLFKW +LHU GUIWH GLH ,QWLPVSKlUH XQDEKlQJLJ GDYRQ WDQJLHUW VHLQ RE DQDWRPLVFKH 'HWDLOV VLFKWEDU ZHUGHQ RGHU QLFKW 'HQNEDU LVW VFKOLHVVOLFK GDVV GXUFK HLQH 9LGHREHUZDFKXQJ 'DWHQ EHU DGPLQLV WUDWLYH RGHU VWUDIUHFKWOLFKH 9HUIROJXQJHQ XQG 6DQNWLRQHQ EHDUEHLWHW ZHUGHQ 'DPLW JHPHLQW VLQG PHGL]LQLVFKH %HIXQGH LP ZHLWHVWHQ 6LQQ QLFKW DEHU EORVVH $QJDEHQ EHU GHQ N|USHUOLFKHQ =XVWDQG DOV VROFKHQ ZLH .|USHUJU|VVH +DXW XQG +DDUIDUEH YJO %RWVFK '6* %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 5,(66(/0$116$;(5 3(7(5 9JO :,('(5,1 9LGHREHUZDFKXQJ 5,(6(1.$03)) .811(57 %(5*0$11 0g+5/(+(5% .RPP ]X E %'6* 5] /$1* 3ULYDWH 9LGHREHUZDFKXQJ .g1,* * 7+,(/( '6.$7 %HVFKHLG YRP -XQL . '95 ( E YJO DXFK %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] .XU]VLFKWLJNHLW DOV PHGL]LQLVFKHU %HIXQG XQG GDPLW DOV EHVRQGHUV VFKW]HQV ZHUWHV 3HUVRQHQGDWXP 9JO 58(**)/h&.,*(5129(0%(5./$86(5 .g1,* * :,('(5,1 9LGHREHU ZDFKXQJ 5,(6(1.$03)) .811(57 /$1* 3ULYDWH 9LGHREHUZDFKXQJ 7+,(/( '6.$7 %HVFKHLG YRP -XQL .'95 ( E %RWVFK '6* $QJHOHKQW ZLUG DQ GHQ LP 5DKPHQ GHU 6SKlUHQWKHRULH HQWZLFNHOWHQ %H JULII GHU *HKHLP RGHU ,QWLPVSKlUH YJO %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] XQG YRUQH )Q %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 'LH ,QWLPVSKl UH XPIDVVW MHGRFK VHOEVWYHUVWlQGOLFK QLFKW QXU GDV 6H[XDOOHEHQ YJO %RWVFK '6* 6&+0,' - )Q %877$5(//, 3URWHFWLRQ =LII 'D]X YRUQH 7HLO , $ 'DYRQ HUIDVVW VLQG ULFKWLJHUZHLVH DXFK VROFKH )lOOH LQ GHQHQ MHPDQG OHGLJOLFK DOV WDWYHUGlFK WLJ EH]HLFKQHW ZLUG YJO -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] YJO EHWUHIIHQG $UW $EV (*'65/ '$00$116,0,7,6 .RPP ]X $UW (*'65/ 5] XQG /$1* 3ULYDWH 9LGHREHUZDFKXQJ %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSURILOHQ =ZDU VWHOOW GLH %HVFKDIIXQJ YRQ 'DWHQ PLWWHOV HLQHU SUlYHQWLYSROL]HLOLFKHQ 9LGHR EHUZDFKXQJ REZRKO GLHVH DXFK PLW %OLFN DXI HLQ DOOIlOOLJHV 6WUDIYHUIDKUHQ HU IROJW QRFK NHLQH %HDUEHLWXQJ YRQ 'DWHQ EHU DGPLQLVWUDWLYH RGHU VWUDIUHFKWOLFKH 9HUIROJXQJHQ XQG 6DQNWLRQHQ GDU $OOHUGLQJV N|QQHQ 9LGHRDXI]HLFKQXQJHQ LP /DXI GHU (UPLWWOXQJ XQG DXIJUXQG LKUHU 9HUZHQGXQJ LP 6WUDISUR]HVV GXUFKDXV ]X XQWHU GLHVHP *HVLFKWVSXQNW EHVRQGHUV VFKW]HQVZHUWHQ 'DWHQ ZHUGHQ 'HVKDOE HQWKDOWHQ 9LGHRDXI]HLFKQXQJHQ DXI GHQHQ 6WUDIWlWHU DEJHELOGHW VLQG EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ 6WHOOW PDQ DXI GHQ :RUWODXW YRQ $UW %VW F '6* XQG GHU YHUJOHLFKEDUHQ NDQWRQD OHQ %HVWLPPXQJHQ DE N|QQHQ 9LGHRDXI]HLFKQXQJHQ VRPLW GXUFKDXV EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ HQWKDOWHQ =X EHUFNVLFKWLJHQ LVW DEHU GDVV GLH 'D WHQ LQ GHQ YRQ $UW %VW F '6* E]Z GHQ YHUJOHLFKEDUHQ NDQWRQDOHQ %HVWLPPXQ JHQ JHQDQQWHQ %HUHLFKHQ GHVKDOE DOV EHVRQGHUV VFKW]HQVZHUW JHOWHQ GD VLH ÄDOV VROFKH GLH 3HUV|QOLFKNHLW GHU EHWURIIHQHQ 3HUVRQHQ EHVRQGHUV VWDUN EHUKUHQ³ (QWVFKHLGHQG LVW DOVR GDV $XVPDVV GHU %HHLQWUlFKWLJXQJ IU GLH 3HUV|QOLFKNHLW GHV (LQ]HOQHQ (V HUVFKHLQW MHGRFK IUDJOLFK RE LQ MHGHP )DOO LQ GHP VLFK DXV HLQHU 9L GHRDXIQDKPH 5FNVFKOVVH DXI GLH JHQDQQWHQ 3HUV|QOLFKNHLWVEHUHLFKH ]LHKHQ ODV VHQ WDWVlFKOLFK HLQH EHVRQGHUH %HHLQWUlFKWLJXQJ RGHU ]XPLQGHVW *HIlKUGXQJ GHU 3HUV|QOLFKNHLW YRUOLHJW 6R HUVFKHLQW GHU EORVVH 8PVWDQG GDVV MHPDQG GDEHL DXIJH ]HLFKQHW ZLUG ZLH HU LQ GHU gIIHQWOLFKNHLW HLQ UHOLJL|VHV 6\PERO RGHU HLQ 76KLUW PLW HLQHU EHVRQGHUHQ SROLWLVFKHQ %RWVFKDIW WUlJW NDXP DOV EHVRQGHUH %HHLQWUlFKWL JXQJ GHU 3HUV|QOLFKNHLW (QWVSUHFKHQGHV JLOW IU GLH 7DWVDFKH GDVV HLQH 9LGHRDXI ]HLFKQXQJ ]X 7DJH I|UGHUW RE MHPDQG VFKZDU]HU RGHU ZHLVVHU +DXWIDUEH LVW RGHU HL QH %ULOOH WUlJW RGHU QLFKW $QGHUV NDQQ GLHV DEHU VHLQ ZHQQ HV ]X HLQHU 9HUNQSIXQJ GLHVHU $QJDEHQ PLW DQGHUHQ NRPPW 6R ZLUG ]X 5HFKW GDUDXI KLQJH ZLHVHQ GDVV VLFK GLH 6HQVLWLYLWlW HLQHV 'DWXPV RIW HUVW LQ VHLQHP NRQNUHWHQ %HDU EHLWXQJVNRQWH[W XQG 9HUZHQGXQJV]XVDPPHQKDQJ E]Z DXV VHLQHP NRQNUHWHQ 9HU ZHQGXQJV]ZHFN HUJLEW 'HVKDOE KDIWH GHU $XIOLVWXQJ HLQ]HOQHU .DWHJRULHQ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ HWZDV $EVWUDNWHV XQG 2EHUIOlFKOLFKHV DQ )U GHQ %HUHLFK GHU 9LGHREHUZDFKXQJ ZLUG HLQH %HDUEHLWXQJ VHQVLEOHU 'D WHQ GHVKDOE GDQQ YHUQHLQW ZHQQ GHU hEHUZDFKHQGH QLFKW JH]LHOW VHQVLWLYH 'DWHQ 9JO YRUQH 7HLO ,, , 9JO -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] %$(5,6:</ ,QWHUQHW DOV )DKQGXQJVPLWWHO I %RWVFK '6* -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] 0(,(5 5] 9JO 3(7(5 63,526 6,0,7,6 Ä6HQVLWLYH 'DWHQ³ ± ]XU *HVFKLFKWH XQG :LUNXQJ HLQHU )LN WLRQ LQ %5(0 HW DO II II 6,0,76 LQ 6,0,76 .RPP ]X %'6* 5] XQG ]X %'6* 5] II -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] 58',1 +HUDXVIRUGHUXQJHQ 0(,(5 5] 7,11()(/' 5] *2/$ 6&+20(586 .RPP ]X %'6* 5] I .g1,* * (+0$11+(/)5,&+ .RPP ]X $UW (*'65/ 5] '$00$116,0,7,6 .RPP ]X $UW (*'65/ 5] 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV EHDUEHLWHQ ZLOO E]Z GLHVH QLFKW JH]LHOW DXI ÄVHQVLWLYH 5HIOH[H³ XQWHUVXFKW 6R VROO HWZD GLH hEHUZDFKXQJ GHV (LQJDQJV HLQHV Ä*RWWHVKDXVHV³ QXU GDQQ HLQH (UKH EXQJ VHQVLEOHU 'DWHQ GDUVWHOOHQ ZHQQ GLHVH PLW GHP =LHO HUIROJW 5FNVFKOVVH DXI GLH 5HOLJLRQV]XJHK|ULJNHLW GHU JHILOPWHQ 3HUVRQHQ ]LHKHQ ]X N|QQHQ .HLQH %HDU EHLWXQJ VHQVLEOHU 'DWHQ OLHJH LP $OOJHPHLQHQ KLQJHJHQ GDQQ YRU ZHQQ GLH hEHU ZDFKXQJ ]XU 9HUKLQGHUXQJ YRQ 'LHEVWlKOHQ RGHU 9DQGDOLVPXV HLQJHVHW]W ZHUGH GD HV KLHU QLFKW DXI GLH 5HOLJLRQV]XJHK|ULJNHLW DEHU DXFK QLFKW DXI GLH +DXWIDUEH RGHU JHVXQGKHLWOLFKH (LQVFKUlQNXQJHQ GHV 7lWHUV DQNRPPH 9RQ DQGHUHU 6HLWH ZLUG GLH 4XDOLILNDWLRQ YRQ )RWRJUDILHQ RGHU 9LGHRDXIQDKPHQ DOV EHVRQGHUV VFKW]HQV ZHUWHV 3HUVRQHQGDWXP HEHQIDOOV YRQ LKUHP (QWVWHKXQJ RGHU 9HUZHQGXQJV]XVDP PHQKDQJ E]Z GHP NRQNUHW YRUKDQGHQHQ $XVVDJHJHKDOW EHU SHUV|QOLFKNHLWVUHOH YDQWH $VSHNWH GHV %HWURIIHQHQ DEKl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lFKWLJXQJ GHU 3HUV|QOLFKNHLW IKUHQ PXVV XQG VHKU JXWH *UQGH GDIU EHVWHKHQ ]X HLQHU G\QDPLVFKHQ %H JULIIVXPVFKUHLEXQJ ]X ZHFKVHOQ =X EHUFNVLFKWLJHQ LVW DEHU GDVV GDV 'DWHQVFKXW] UHFKW YRU HLQHU *HIlKUGXQJ GHU 3HUV|QOLFKNHLW EHUKDXSW VFKW]W 'HU 6FKXW] LVW VR PLW LP 9RUIHOG HLQHU HLJHQWOLFKHQ 3HUV|QOLFKNHLWVYHUOHW]XQJ DQJHVHW]W 6R JHVHKHQ HUVFKHLQW HV GXUFKDXV YHUWUHWEDU GDVV .DWHJRULHQ YRQ 'DWHQ JHVHW]OLFK XPVFKULHEHQ ZHUGHQ GLH ]XPLQGHVW DXIJUXQG LKUHV NRQNUHWHQ 9HUZHQGXQJV]XVDPPHQKDQJV RGHU HLQHU 9HUNQSIXQJ PLW DQGHUHQ 'DWHQ ]X HLQHU EHVRQGHUHQ %HHLQWUlFKWLJXQJ IU GLH 3HUV|QOLFKNHLW GHV (LQ]HOQHQ IKUHQ N|QQHQ 'DPLW ZLUG GLH %HDUEHLWXQJ VROFKHU 'DWHQ HLQVFKOLHVVOLFK GHUHQ %HVFKDIIXQJ DQ VWUHQJH 9RUDXVVHW]XQJHQ JHEXQGHQ XQG GHP 8PVWDQG 5HFKQXQJ JHWUDJHQ GDVV QLFKW HUVW GHUHQ WDWVlFKOLFKH 9HUZHQ GXQJ GLH 3HUV|QOLFKNHLW EHHLQWUlFKWLJHQ NDQQ VRQGHUQ VFKRQ GLH EORVVH 0|JOLFKNHLW .g1,* * I /$1* 3ULYDWH 9LGHREHUZDFKXQJ I LQ GLHVH 5LFKWXQJ DXFK 0(,(5 5] VD *2/$6&+20(586 .RPP ]X %'6* 5] D ZRQDFK Ä*UXQGGD WHQ³ ZHOFKH 5FNVFKOVVH DXI VHQVLEOH ,QIRUPDWLRQHQ HU|IIQHQ ZLH ]% GDV 3DVVIRWR HLQHV %ULOOHQWUlJHUV NHLQH EHVRQGHUH $UW SHUVRQHQEH]RJHQHU 'DWHQ L6Y $EV %'6* GDUVWHO OHQ ZHQQ NHLQH HQWVSUHFKHQGH $XVZHUWXQJVDEVLFKW EHVWHKW VD %ULWLVK ,QVWLWXWH RI ,QWHUQDWLR QDO &RPSDUDWLYH /DZ .g1,* * I -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] XQG ]X $UW '6* 5] 0(,(5 5] XQG -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW F '6* 5] XQG ]X $UW '6* 5] %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSURILOHQ HLQHU ZHLWHUHQ %HDUEHLWXQJ (LQH HLQVFKUlQNHQGH $XVOHJXQJ GHV VWDWLVFK XP VFKULHEHQHQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWXPV EHL ZHOFKHU ± EHU GHQ NODUHQ :RUWODXW KLQDXV ± GHU 9HUZHQGXQJV]XVDPPHQKDQJ LQ GHQ 9RUGHUJUXQG JH UFNW ZUGH HUVFKHLQW GHVKDOE QLFKW ]ZLQJHQG 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ VSLHOW HV GHVKDOE IU GLH )UDJH RE GXUFK GLH 9LGHREHUZDFKXQJ EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ HUKREHQ ZHUGHQ NHL QH 5ROOH RE WDWVlFKOLFK GLH $EVLFKW EHVWHKW EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGD WHQ JH]LHOW ]X HUKHEHQ E]Z RE GLH $XI]HLFKQXQJHQ JH]LHOW QDFK VHQVLWLYHQ 'DWHQ DEJHVXFKW ZHUGHQ 8QHUKHEOLFK LVW DXFK RE GHU $XIQDKPHRUW VHQVLEHO RGHU GDV DEJHELOGHWH 9HUKDOWHQ LQWLP LVW 9RUEHKDOWHQ EOHLEW GHU )DOO GDVV GLH JHVHW]OLFKH *UXQGODJH GLH 6HQVLELOLWlW HLQHV 3HUVRQHQGDWXPV G\QDPLVFK XPVFKUHLEW 'DV $XV PDVV GHV 3HUV|QOLFKNHLWVEH]XJV GHU $XIQDKPH XQG GHUHQ 9HUZHQGXQJV]XVDPPHQ KDQJ VLQG KLQJHJHQ EHL GHU )UDJH GHU ,QWHQVLWlW GHU %HHLQWUlFKWLJXQJ GHU 3HUV|Q OLFKNHLW XQG GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ YRQ %HGHXWXQJ 6RPLW HUJLEW VLFK GDVV GXUFK 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lX PHQ QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ GXUFKDXV DXFK EHVRQGHUV VFKW]HQVZHU WH 3HUVRQHQGDWHQ L6Y $UW %VW F '6* XQG GHQ YHUJOHLFKEDUHQ NDQWRQDOHQ %HVW LPPXQJHQ EHDUEHLWHW ZHUGHQ N|QQHQ (LQ]XUlXPHQ LVW DOOHUGLQJV GDVV VLFK JHUDGH EH]JOLFK )RWRJUDILHQ XQG 9LGHRDXIQDKPHQ GLH 3UREOHPDWLN HLQHU DEVWUDNWHQ 'HIL QLWLRQ GHU EHVRQGHUHQ 6FKXW]ZUGLJNHLW HLQHV 3HUVRQHQGDWXPV ]HLJW 'LHVEH]JOLFK LVW DOOHQIDOOV JHVHW]JHEHULVFKHU +DQGOXQJVEHGDUI DQJH]HLJW $EHU DXFK EHL HLQHU G\ QDPLVFKHQ %HJULIIVXPVFKUHLEXQJ LVW QLFKW DXVJHVFKORVVHQ GDVV GLH 9LGHREHUZD FKXQJ PLW HLQHU %HDUEHLWXQJ EHVRQGHUV VFKW]HQVZHUWHU 3HUVRQHQGDWHQ HLQKHUJHKW 'LHV LVW HWZD GDQQ GHU )DOO ZHQQ LP EHUZDFKWHQ %HUHLFK UHOLJL|VH SROLWLVFKH RGHU JHZHUNVFKDIWOLFKH $NWLYLWlWHQ DXVJHEW ZHUGHQ % %HDUEHLWXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ =XP %HJULII GHV 3HUV|QOLFKNHLWVSURILOV 8QWHU HLQHP 3HUV|QOLFKNHLWVSURILO YHUVWHKW GDV '6* ÄHLQH =XVDPPHQVWHOOXQJ YRQ 'DWHQ GLH HLQH %HXUWHLOXQJ ZHVHQWOLFKHU $VSHNWH GHU 3HUV|QOLFKNHLW HLQHU QDWUOL FKHQ 3HUVRQ HUODXEW³ $UW %VW G '6* 6RIHUQ LQ NDQWRQDOHQ *HVHW]HQ GHU %H JULII GHV 3HUV|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|QOLFKNHLWVEHUHLFKH ]XOlVVW 0LW GHU (UVWHOOXQJ XQG %HDUEHLWXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ LVW HLQ HUK|KWHV *H IlKUGXQJVSRWHQ]LDO IU GLH 3HUV|QOLFKNHLW XQG GHUHQ (QWIDOWXQJ YHUEXQGHQ N|QQHQ GRFK JHUDGH Ä3HUV|QOLFKNHLWVSURILOH GHQ %HWURIIHQHQ GHU )UHLKHLW EHUDXEHQ VLFK VR GDU]XVWHOOHQ ZLH HU ZLOO³ 'LH (UVWHOOXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ ZLUG GXUFK GLH HOHNWURQLVFKH 'DWHQYHUDUEHLWXQJ XQG GLH 0|JOLFKNHLW GHU FRPSXWHUJHVWW]WHQ 9HUNQSIXQJ YHUVFKLHGHQHU 'DWHQEHVWlQGH HUKHEOLFK HUOHLFKWHUW ZHVKDOE JHUDGH VROFKH 0DVVQDKPHQ EHVRQGHUH 5LVLNHQ IU 3HUV|QOLFKNHLWVYHUOHW]XQJHQ LQ VLFK EHU JHQ hEHU VFKDUIH .RQWXUHQ YHUIJW GHU %HJULII GHV 3HUV|QOLFKNHLWVSURILOV MHGRFK QLFKW ZDV GLH %HDQWZRUWXQJ GHU )UDJH RE HLQ VROFKHV YRUOLHJW RGHU QLFKW VFKZLHULJ PDFKHQ NDQQ =XU (UVWHOOXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ GXUFK 9LGHREHUZDFKXQJ (LQH 9LGHRDXI]HLFKQXQJ GLH OHGLJOLFK GHQ $XIHQWKDOW GDV (UVFKHLQXQJVELOG XQG GDV 9HUKDOWHQ HLQHU EHVWLPPWHQ 3HUVRQ ]X HLQHU EHVWLPPWHQ =HLW DQ HLQHP EH VWLPPWHQ 2UW LQ GHU gIIHQWOLFKNHLW GRNXPHQWLHUW VWHOOW LQ GHU 5HJHO QRFK NHLQ 3HU V|QOLFKNHLWVSURILO GDU $XFK ZHQQ PHKUHUH $XI]HLFKQXQJHQ VR ]XVDPPHQJHIJW ZHUGHQ GDVV HLQ HLJHQWOLFKHV %HZHJXQJVSURILO ± YHUVWDQGHQ DOV hEHUVLFKW EHU GDV %HZHJXQJVYHUKDOWHQ HLQHU 3HUVRQ ± HQWVWHKW EHGHXWHW GDV QRFK QLFKW ]ZLQJHQG -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW %VW G '6* 5] 3(7(5 3HUV|QOLFK NHLWVSURILOH ODVVHQ VLFK HWZD JHZLQQHQ DXV GHU *HVDPWKHLW GHU LP (LQEUJHUXQJVYHUIDKUHQ ]X PDFKHQGHQ $QJDEHQ ZLH (LQNRPPHQ 9HUP|JHQ $XVELOGXQJ 7lWLJNHLW 6SUDFKNHQQWQLVVH )DPLOLHQYHUKlOWQLVVH )UHL]HLWJHVWDOWXQJ /HXPXQG XVZ %*( , ( $OV ZHLWH UH %HLVSLHOH VLQG ]X QHQQHQ JUDIRORJLVFKH *XWDFKWHQ (LJQXQJVWHVWV .UHGLWGRVVLHUV /HEHQV OlXIH 3HUVRQDODNWHQ $QJDEHQ EHU VFKXOLVFKH XQG EHUXIOLFKH 4XDOLILNDWLRQHQ 6LFKHUKHLWV EHUSUIXQJHQ RGHU 'DWHQVDPPOXQJHQ EHU GDV .RQVXPYHUKDOWHQ YJO %RWVFK '6* I 3(7(5 I %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 5,(66(/0$116$;(5 .HLQ 3HUV|QOLFKNHLWVSURILO HUJLEW KLQJHJHQ GLH =XVDPPHQVWHOOXQJ YRQ 1DPH 9RUQDPH *HEXUWVGDWXP $GUHVVH XQG GHU 7DWVDFKH HLQHU EHVWDQGHQHQ 3UIXQJ YJO ('6. 8UWHLO YRP -DQXDU 93% 1U ( E %HL GHQ HLQ]HOQHQ 'DWHQ EUDXFKW HV VLFK QLFKW XP ÄEHVRQGHUV VFKW]HQVZHUWH³ ]X KDQGHOQ VLHKH %RWVFK '6* 5,(66(/0$116$;(5 %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] $/7+$86 67b03)/, I %RWVFK '6* $(%,0h//(5 5] 6&+0,' - I ('6. 8UWHLO YRP -DQXDU 93% 1U ( E %RWVFK '6* DQJHVSURFKHQ ZLUG GDPLW GLH 5ROOHQWKHRULH YJO GD]X 3(7(5 VD KLQ WHQ 7HLO ,9 $ IHUQHU %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 3(7(5 ('6. 8UWHLO YRP -DQXDU 93% 1U ( E %RWVFK '6* 1$%+2/= %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 3(7(5 )Q IHUQHU 6&+0,' - 9JO %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSURILOHQ GDVV GDPLW JOHLFK]HLWLJ HLQ 3HUV|QOLFKNHLWVSURILO HUVWHOOW ZLUG (UIRUGHUOLFK LVW LQ MHGHP )DOO GDVV 'DWHQ VR ]XVDPPHQJHWUDJHQ ZHUGHQ GDVV GDPLW 5FNVFKOVVH DXI ZHVHQWOLFKH %HUHLFKH GHU 3HUV|QOLFKNHLW HUP|JOLFKW ZHUGHQ =X EHDFKWHQ LVW DEHU GDVV GLH 9LHO]DKO GHU PLW HLQHU ± ]XPLQGHVW QLFKW QXU JDQ] SXQNWXHOOHQ ± 9LGHR EHUZDFKXQJ JHZRQQHQHQ 'DWHQ GXUFKDXV VR ]XVDPPHQJHIJW ZHUGHQ NDQQ GDVV GDUDXV HLQ 3HUV|QOLFKNHLWVSURILO HQWVWHKW 6R LVW HV QLFKW DXVJHVFKORVVHQ GDVV DXI JUXQG GHU /DGHQORNDOH GLH HLQH 3HUVRQ EHWULWW GHU /HXWH PLW GHQHQ VLH VLFK WULIIW GHU .OHLGXQJ GLH VLH WUlJW RGHU GHU %FKHU XQG =HLWVFKULIWHQ GLH VLH OLHVW 5FN VFKOVVH DXI ZHVHQWOLFKH $VSHNWH LKUHU 3HUV|QOLFKNHLW JH]RJHQ ZHUGHQ N|QQHQ =X VlW]OLFKH 0|JOLFKNHLWHQ ]XU (UVWHOOXQJ YRQ 3HUV|QOLFKNHLWVSURILOHQ HUJHEHQ VLFK GXUFK QHXH WHFKQLVFKH hEHUZDFKXQJV XQG .RQWUROOP|JOLFKNHLWHQ ZLH HWZD GHP 7UDFNLQJ RGHU GHP DXWRPDWLVFKHQ (UNHQQHQ YRQ 9HUKDOWHQVPXVWHUQ $$ 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ QDFK GHP HLQ Ä%HZHJXQJVSURILO >«@ DOV GDWHQVFKXW]UHFKWOLFKHV 3HUV|QOLFKNHLWVSURILO EHVRQGHUHQ 9RUVFKULIWHQ XQWHUVWHKW³ 58(**)/h&.,*(5129(0%(5./$86(5 ]X GLHVHQ 0|JOLFKNHLWHQ YRUQH 7HLO , % VD YRUQH 7HLO , & 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 9 'LH %HGHXWXQJ YRQ 'DWHQVDPPOXQJHQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ $ $OOJHPHLQH %HPHUNXQJHQ (LQH 'DWHQVDPPOXQJ OLHJW JHPlVV $UW %VW J '6* EHL HLQHP %HVWDQG YRQ 3HUVR QHQGDWHQ YRU ÄGHU VR DXIJHEDXW LVW GDVV GLH 'DWHQ QDFK EHWURIIHQHQ 3HUVRQHQ HU VFKOLHVVEDU VLQG³ (QWVSUHFKHQGH 'HILQLWLRQHQ ILQGHQ VLFK LQ GHU NDQWRQDOHQ 'DWHQ VFKXW]JHVHW]JHEXQJ (LQH VROFKH SHUVRQHQEH]RJHQH =XJULIIVP|JOLFKNHLW LVW GDQQ ]X EHMDKHQ ZHQQ XQWHU 9HUZHQGXQJ GHV 1DPHQV RGHU VRQVWLJHU 6XFKEHJULIIH XQG $EIUDJHP|JOLFKNHLWHQ GLH ]X HLQHU EHVWLPPWHQ 3HUVRQ JHK|UHQGHQ 'DWHQ JHVXFKW XQG JHIXQGHQ ZHUGHQ N|QQHQ .HLQH 'DWHQVDPPOXQJ OLHJW YRU ZHQQ ]ZDU HLQ %H VWDQG DQ 3HUVRQHQGDWHQ YRUKDQGHQ LVW GHU PLW GHP $XIILQGHQ EHVWLPPWHU 3HUVR QHQGDWHQ YHUEXQGHQH $XIZDQG DEHU ÄEHUPlVVLJ JURVV³ ZlUH 1DFK 3HUVRQHQ HU VFKOLHVVEDU LVW HLQ 6DW] YRQ 'DWHQ VRPLW QXU GDQQ ZHQQ PLW GHQ HQWVSUHFKHQGHQ +LOIVPLWWHOQ RGHU DXIJUXQG GHU 6WUXNWXULHUXQJ GHU 'DWHQVDPPOXQJ DXFK RKQH EH VRQGHUHV 6SH]LDOZLVVHQ GLH JHVXFKWHQ 'DWHQ DXIJHIXQGHQ ZHUGHQ N|QQHQ % 9LGHREHUZDFKXQJ XQG 'DWHQVDPPOXQJ %HL HLQHU UHLQHQ 9LGHREHREDFKWXQJ QDFK GHP .DPHUD0RQLWRU3ULQ]LS NDQQ QLFKW YRP 9RUOLHJHQ HLQHU 'DWHQVDPPOXQJ JHVSURFKHQ ZHUGHQ $EHU DXFK HLQ %HVWDQG YRQ 9LGHRDXI]HLFKQXQJHQ DOVR ]% GDV %LOGPDWHULDO GHU YHUJDQJHQHQ 6WXQGHQ VWHOOW IU VLFK JHQRPPHQ QRFK NHLQH 'DWHQVDPPOXQJ GDU GD HV LG5 DQ GHU 0|J OLFKNHLW HLQHV SHUVRQHQEH]RJHQHQ =XJULIIV DXI GLH JHVSHLFKHUWHQ 3HUVRQHQGDWHQ IHKOW (LQH VROFKH =XJULIIVP|JOLFKNHLW LVW KLQJHJHQ GDQQ ]X EHMDKHQ ZHQQ GLH 9L GHRDXI]HLFKQXQJHQ ± PLW +LOIH GHU 9LGHRDQDO\VH ± DXWRPDWLVFK QDFK GHQ ]X HLQHU EHVWLPPWHQ 3HUVRQ JHK|ULJHQ $QJDEHQ ZLH ]% GHP $XIHQWKDOWVRUW DEJHVXFKW ZHUGHQ N|QQHQ 'LH 9LGHRDXI]HLFKQXQJHQ VLQG DXFK GDQQ QDFK 3HUVRQHQ HU VFKOLHVVEDU ZHQQ VLH LQ HLQH EHVWHKHQGH 'DWHQVDPPOXQJ ]% HLQ SROL]HLOLFKHV ,Q IRUPDWLRQVV\VWHP LQWHJULHUW E]Z PLW HLQHU VROFKHQ 'DWHQVDPPOXQJ YHUEXQGHQ ZHUGHQ (UIOOW HLQ %HVWDQG DQ 9LGHRDXI]HLFKQXQJHQ GLH 0HUNPDOH HLQHU 'DWHQVDPPOXQJ LVW GLH 'DWHQVDPPOXQJ DQ]XPHOGHQ $UW D '6* XQG GHU ,QKDEHU GHU 'DWHQ 9JO $UW %VW G /&'31( $EV '6*/8 1LFKW YHUZHQGHW ZLUG GHU %HJULII GHU Ä'D WHQVDPPOXQJ³ KLQJHJHQ HWZD LP ,'*%/ %RWVFK '6* I %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW 5] 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW J '6* 5] I :(,&+(57 9LGHREHUZDFKXQJ 9JO YRUQH 7HLO , % 9JO ('6% 7% %H]JOLFK SULYDWHU 'DWHQVDPPOXQJHQ YJO DEHU GLH (LQVFKUlQNXQJHQ LQ $UW D $EV '6* VRZLH GLH DXFK IU %XQGHVRUJDQH JOWLJHQ $XVQDKPHQ QDFK $UW D $EV '6* 'LH %HGHXWXQJ YRQ 'DWHQVDPPOXQJHQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ VDPPOXQJ XQWHUOLHJW HLQHU $XVNXQIWVSIOLFKW $UW '6* =XGHP WUHIIHQ GHQ SUL YDWHQ ,QKDEHU GHU 'DWHQVDPPOXQJ HUK|KWH XQG DNWLYH ,QIRUPDWLRQVSIOLFKWHQ EHLP %HVFKDIIHQ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSUR ILOHQ $UW '6* =XU )UDJH RE GLH $XVNXQIWVSIOLFKW WDWVlFKOLFK YRP 9RUOLHJHQ HLQHU 'DWHQVDPPOXQJ DEKlQJLJ JHPDFKW ZHUGHQ VROO XQG GDUI YJO KLQWHQ 7HLO 9 % 9JO GD]X DXFK KLQWHQ 7HLO 9, ) 9JO HWZD 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW %VW J '6* 5] (QWVSUH FKHQGH 3IOLFKWHQ LP =XVDPPHQKDQJ PLW 'DWHQVDPPOXQJHQ QRUPLHUW DXFK GDV NDQWRQDOH 'D WHQVFKXW]UHFKW YJO ]% $UW D XQG '6*6+ 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 9, 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H $ 9RUEHPHUNXQJHQ 'DV '6* VWHOOW PDWHULHOOH *UXQGVlW]H DXI GLH EHL GHU %HDUEHLWXQJ YRQ 3HUVRQHQGD WHQ GXUFK SULYDWH 3HUVRQHQ XQG %XQGHVRUJDQH HLQ]XKDOWHQ VLQG 3HUVRQHQGDWHQ GUIHQ QXU UHFKWPlVVLJ EHDUEHLWHW ZHUGHQ GLH 'DWHQEHDUEHLWXQJ KDW QDFK 7UHX XQG *ODXEHQ ]X HUIROJHQ VLH PXVV YHUKlOWQLVPlVVLJ VHLQ XQG HV JLOW GLH *UXQGVlW]H GHU =ZHFNELQGXQJ XQG GHU (UNHQQEDUNHLW ]X UHVSHNWLHUHQ $UW $EV ELV '6* 5HFKQXQJ ]X WUDJHQ LVW VRGDQQ GHQ *UXQGVlW]HQ GHU 'DWHQULFKWLJNHLW $UW '6* XQG GHU 'DWHQVLFKHUKHLW $UW '6* 'LH NDQWRQDOHQ 'DWHQVFKXW]JHVHW]H HQWKDO WHQ lKQOLFKH 5HJHOXQJHQ (QWVSUHFKHQGH 'DWHQEHDUEHLWXQJVJUXQGVlW]H ZHUGHQ LP ('6h QRUPLHUW YJO LQVE $UW XQG XQG ZXUGHQ DXFK LQ GHU 5HFKWVSUH FKXQJ ]X $UW (05. HQWZLFNHOW )U GLH 'DWHQEHDUEHLWXQJ GXUFK 3ROL]HLRUJDQH ZHUGHQ GLH HLQ]XKDOWHQGHQ 'DWHQEHDUEHLWXQJVJUXQGVlW]H ]XGHP LQ GHU 5HF NRQNUHWLVLHUW 'LHVH PDWHULHOOHQ *UXQGVlW]H VLQG YRQ JUXQGOHJHQGHU %HGHXWXQJ IU MHGH 'DWHQEH DUEHLWXQJ XQG GDPLW VHOEVWYHUVWlQGOLFK DXFK IU GLH 9LGHREHUZDFKXQJ 1DFK IROJHQG LVW LP (LQ]HOQHQ GDU]XVWHOOHQ ZHOFKH %HGHXWXQJ GHQ JHQDQQWHQ GDWHQ VFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]HQ LP EHVRQGHUHQ =XVDPPHQKDQJ PLW GHU 9LGHREHUZDFKXQJ ]XNRPPW % 'LH 5HFKWPlVVLJNHLW GHU 'DWHQEHDUEHLWXQJ $OOJHPHLQH %HPHUNXQJHQ $UW $EV '6* VFKUHLEW YRU GDVV 3HUVRQHQGDWHQ QXU PLW UHFKWPlVVLJHQ 0LWWHOQ XQG DXI UHFKWPlVVLJH $UW XQG :HLVH EHDUEHLWHW ZHUGHQ GUIHQ 5HFKWVZLGULJ LVW HWZD HLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ WURW] HLQHV GXUFK GHQ %HWURIIHQHQ DXVJH VSURFKHQHQ 9HUERWHV RGHU ZHQQ GHU HLJHQWOLFKH %HDUEHLWXQJV]ZHFN ÄEHZXVVW ZDKU 8QG X8 GXUFK NDQWRQDOH 2UJDQH YJO YRUQH )Q 9JO $UW '6*6* $UW XQG .'6*%( $UW XQG /3'37, 9JO GD]X 6&+:(,=(5 5HFKWVSUHFKXQJ 6&+:(,=(5 .RPP ]X $UW %9 5] XQG KLQWHQ 7HLO ,,, :HUGHQ GLHVH *UXQGVlW]H GXUFK GHQ SULYDWHQ 'DWHQEHDUEHLWHU PLVVDFKWHW OLHJW HLQH ± P|J OLFKHUZHLVH DEHU GXUFK HLQHQ 5HFKWIHUWLJXQJVJUXQG JHGHFNWH ± 3HUV|QOLFKNHLWVYHUOHW]XQJ YRU YJO $UW I '6* 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW '6* 5] II KLQWHQ 7HLO ,, 6D $UW %VW D ('6h 'DVV 'DWHQ QXU UHFKWPlVVLJ EHVFKDIIW ZHUGHQ GUIHQ LVW DQ VLFK VHOEVWYHUVWlQGOLFK YJO %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] XQG HUJLEW VLFK ± IU GLH VWDDWOLFKH 'DWHQEHDUEHLWXQJ ± VFKRQ DXV $UW $EV %9 YJO 58',1 'DWHQVFKXW]JHVHW]H )Q 'HVKDOE HUVWDXQW HV QLFKW GDVV QXU HLQ]HOQH NDQWRQDOH 'DWHQVFKXW]JHVHW]H GLHVHQ *UXQGVDW] DXVGUFNOLFK QRUPLHUHQ 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H KHLWVZLGULJ KLQWHU DQGHUHQ VFKHLQEDU VHUL|VHQ =ZHFNHQ YHUVWHFNW ZLUG³ (LQH 9L GHREHUZDFKXQJ LQ HLQHP :DUHQKDXV ZHOFKH HLQ]LJ PLW 6LFKHUKHLWV]ZHFNHQ EH JUQGHW ZLUG DEHU LQ 7DW XQG :DKUKHLW HUIROJW XP $QJDEHQ EHU GDV .DXIYHUKDO WHQ GHU .XQGHQ ]X HUODQJHQ YHUOHW]W VRPLW GHQ *UXQGVDW] GHU 5HFKWPlVVLJNHLW GHU 'DWHQEHDUEHLWXQJ 5HFKWVZLGULJ ZlUH VRGDQQ LQVEHVRQGHUH HLQH 'DWHQEHDUEHLWXQJ PLW GHU JHJHQ ]LYLOUHFKWOLFKH RGHU VWUDIUHFKWOLFKH 1RUPHQ YHUVWRVVHQ ZLUG $XV GHP %HUHLFK GHU IU GLH 9LGHREHUZDFKXQJ EHGHXWVDPHQ VWUDIUHFKWOLFKHQ 1RUPHQ ]X QHQQHQ VLQG QDPHQWOLFK $UW TXDWHU 6W*% XQG EHL HLQHU JOHLFK]HLWLJ HU IROJHQGHQ DNXVWLVFKHQ hEHUZDFKXQJ $UW ELV 6W*% 'DUDXI LVW QDFKVWHKHQG JH QDXHU HLQ]XJHKHQ ,P $QVFKOXVV GDUDQ VLQG ZHLWHUH 6WUDIEHVWLPPXQJHQ ]X QHQQHQ ZHOFKH IU GLH 9LGHREHUZDFKXQJ YRQ %HGHXWXQJ VHLQ N|QQHQ 6WUDIEDUNHLW GHU 9LGHREHUZDFKXQJ QDFK $UW TXDWHU 6W*% D *UXQGVlW]OLFKH %HPHUNXQJHQ 1DFK $UW TXDWHU $EV 6W*% PDFKW VLFK ± XQWHU 9RUEHKDOW YRQ $UW RFWLHV 6W*% ± VWUDIEDU ÄZHU HLQH 7DWVDFKH DXV GHP *HKHLPEHUHLFK HLQHV DQGHUQ RGHU HLQH QLFKW MHGHUPDQQ RKQH ZHLWHUHV ]XJlQJOLFKH 7DWVDFKH DXV GHP 3ULYDWEHUHLFK HL QHV DQGHUQ RKQH GHVVHQ (LQZLOOLJXQJ PLW HLQHP $XIQDKPHJHUlW EHREDFKWHW RGHU DXI HLQHQ %LOGWUlJHU DXIQLPPW³ $OV 7DWVDFKHQ JHOWHQ ÄLQ LUJHQGHLQHU :HLVH ZDKUQHKPEDUH (UHLJQLVVH RGHU =XVWlQ GH DXV GHU *HJHQZDUW RGHU GHU 9HUJDQJHQKHLW³ ZHOFKH HLQHQ %H]XJ ]X GHP GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDW RGHU *HKHLPEHUHLFK DXIZHLVHQ 'DUXQWHU %9*HU $ ( =X GHQNHQ LVW DQ HLQH DEVLFKWOLFKH 7lXVFKXQJ RGHU )XUFKWHUUHJXQJ $UW II 25 YJO 67(,1$8(5 'DWHQEHDUEHLWXQJ %(/6(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %RWVFK '6* I 6&+0,' - '(6&+(1$8;67(,1$8(5 5] D %RWVFK '6* I 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 6&+0,' - $XVIKUOLFK ]X GHQ LQ )UDJH NRPPHQGHQ 6WUDI WDWEHVWlQGHQ '(6&+(1$8;67(,1$8(5 5] D IHUQHU 3('5$==,1, 'DWHQVFKXW] LP 3ULYDW EHUHLFK 3('5$==,1, *UDQGHV RSWLRQV 2E HLQ 9HUVWRVV JHJHQ 9RUVFKULIWHQ GHV '6* DOV UHFKWVZLGULJ LP 6LQQH YRQ $UW $EV '6* EH]HLFKQHW ZHUGHQ PXVV LVW KLQJHJHQ XPVWULWWHQ 'DIU HWZD %(/6(5 LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] VD %9*HU $ ( D( 9HUOHW]XQJ GHV 5HFKWPlVVLJNHLWVSULQ]LSV GXUFK HLQH SHUV|QOLFKNHLWVYHUOHW]HQGH 'DWHQEHDU EHLWXQJ GDJHJHQ HWZD 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] XQG 1DFK $UW RFWLHV $EV 6W*% EOHLEW VWUDIORV ZHU LQ $XVEXQJ DXVGUFNOLFKHU JHVHW]OLFKHU %HIXJQLV WHFKQLVFKH hEHUZDFKXQJVJHUlWH $UW ELV II 6W*% HLQVHW]W VRIHUQ XQYHU]JOLFK GLH *HQHKPLJXQJ GHV ]XVWlQGLJHQ 5LFKWHUV HLQJHKROW ZLUG $XI GLH 6WUDIEDUNHLW GHU 9HUZHUWXQJVKDQGOXQJHQ QDFK $EV XQG ZLUG QDFKIROJHQG QLFKW HLQJHJDQJHQ $XVIKUOLFK ]XU 6WUDIEDUNHLW GHU 9HUZHUWXQJVKDQGOXQJHQ /(*/(5 II 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV N|QQHQ DXFK 9HUKDOWHQVZHLVHQ XQG (UVFKHLQXQJVELOG IDOOHQ 'HU %HJULII GHV Ä$XIQDKPHJHUlWV³ XPIDVVW *HUlWH PLW ZHOFKHQ EHZHJWH RGHU XQEHZHJWH %LOGHU ]XU hEHUPLWWOXQJ $XIEHZDKUXQJ RGHU :LHGHUJDEH IHVWJHKDOWHQ ZHUGHQ N|QQHQ ZLH ]% 9LGHRNDPHUDV 'LH EORVVH 0|JOLFKNHLW GHU $XI]HLFKQXQJ JHQJW XP GHQ 7DWEHVWDQG ]X HUIOOHQ 6LH EUDXFKW DOVR QLFKW WDWVlFKOLFK HUIROJW ]X VHLQ =X EHUFNVLFKWLJHQ LVW GDVV PLW GHU (LQZLOOLJXQJ VlPWOLFKHU %HWURIIHQHU GLH 7DW EHVWDQGVPlVVLJNHLW HQWIlOOW 'DPLW GLH (LQZLOOLJXQJ JOWLJ LVW PXVV GHU (LQZLOOL JHQGH :HVHQ XQG 7UDJZHLWH GHV 9HU]LFKWV DXI GHQ 6FKXW] GHV 5HFKWVJXWV HLQVHKHQ Ä(LQZLOOLJXQJVIlKLJNHLW³ 'LH (LQZLOOLJXQJ EUDXFKW DEHU QLFKW DXVGUFNOLFK ]X VHLQ VRQGHUQ NDQQ DXFK NRQNOXGHQW HUNOlUW ZHUGHQ 'LHV PDJ GDQQ YRQ %HGHX WXQJ VHLQ ZHQQ GLH 9LGHREHUZDFKXQJ RIIHQ HUIROJW GHU (LQ]HOQH EHU GHQ 8P VWDQG GHU hEHUZDFKXQJ DOVR LQ .HQQWQLV JHVHW]W ZLUG 3UREOHPDWLVFK LVW DEHU GDVV GLH (LQZLOOLJXQJ YRU GHU 9HUOHW]XQJVKDQGOXQJ ]X HUIROJHQ KDW ,Q GHU 5HJHO ZLUG GLH 7DWVDFKH GHU hEHUZDFKXQJ GHP (LQ]HOQHQ DEHU HUVW GDQQ HUVLFKWOLFK ZHQQ HU GHQ EHUZDFKWHQ %HUHLFK EHUHLWV EHWUHWHQ KDW =X EHGHQNHQ LVW ]XGHP GDVV GLH (LQZLOOLJXQJ NHLQH :LOOHQVPlQJHO DXIZHLVHQ GDUI 6LH EHGDUI DOVR GHU (UQVWKDI WLJNHLW )UHLZLOOLJNHLW XQG ,UUWXPVIUHLKHLW (LQH XQWHU =ZDQJ DEJHJHEHQH RGHU GXUFK 7lXVFKXQJ HUODQJWH (LQZLOOLJXQJ LVW XQEHDFKWOLFK ,P 8PVWDQG GDVV MHPDQG LQ 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] IHUQHU %*( ,9 ( 6&+8%$57+ .RPP ]X $UW TXDWHU 6W*% 5] 75(&+6(/ /,(%(5 LQ 75(&+6(/ HW DO 3UD[LVNRPP ]X $UW TXDWHU 6W*% 5] XQG ]X $UW 6W*% 5] 'HPJHJHQEHU IDOOHQ *HUlWH PLW GHQHQ QXU EHREDFKWHW ZHUGHQ NDQQ GLH MHGRFK NHLQH $XI QDKPH GHU %LOGHU HUODXEHQ ZLH )HOGVWHFKHU )HUQURKUH 3HULVNRSH RGHU 5HVWOLFKWYHUVWlUNHU QLFKW XQWHU GHQ %HJULII GHV Ä$XIQDKPHJHUlWV³ YJO %*( ,9 ( E 675$7(1:(57+ -(11<%200(5 5] PZ+ D$ 6&+8%$57+ .RPP ]X $UW TXDWHU 6W*% 5] I 9JO %*( ,9 ( E 675$7(1:(57+-(11<%200(5 5] 75(&+6(/ /,(%(5 LQ 75(&+6(/ HW DO .RPP ]X $UW TXDWHU 6W*% 5] 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] &25%2= 5] ]X $UW TXDWHU 6W*% /(*/(5 0(7=*(5 I 675$7(1:(57+ -(11<%200(5 5] 'D GLH Ä(LQZLOOLJXQJ³ QLFKW GLH 5HFKWVZLGULJNHLW VRQGHUQ GLH 7DWEHVWDQGVPlVVLJNHLW DXVVFKOLHVVW ZLUG VLH DXFK DOV Ä(LQYHUVWlQGQLV³ EH]HLFKQHW YJO /(*/(5 6((/0$11 $OV %HLVSLHOH IU HLQH (LQZLOOLJXQJ ZHUGHQ HWZD JHQDQQW GLH =XVWLPPXQJ ]XU hEHUZDFKXQJ LP )HUQVHKIRUPDW Ä%LJ %URWKHU³ '21$76&+ RGHU GLH QlFKWOLFKH 9LGHREHUZDFKXQJ YRQ 3DWLHQWHQ LP 6SLWDO]LPPHU DXIJUXQG HLQHU ]XPLQGHVW NRQ NOXGHQWHQ =XVWLPPXQJ &25%2= 5] ]X $UW TXDWHU 6W*% 6&+8/7= 6((/0$11 0(7=*(5 /(*/(5 +857$'2 32=2 5] 6((/0$11 $XFK GLH PXWPDVV OLFKH (LQZLOOLJXQJ YHUPDJ GLH 7DWEHVWDQGVPlVVLJNHLW DXV]XVFKOLHVVHQ YJO /(*/(5 +857$'2 32=2 5] 6((/0$11 9JO YRUQH 7HLO ,, ' /(*/(5 (LQH QDFKWUlJOLFK HUWHLOWH (LQZLOOLJXQJ YHUPDJ GLH 7DWEHVWDQGVPlVVLJNHLW QLFKW ]X EHVHLWLJHQ (UIROJW VLH MHGRFK DXVGUFNOLFK OlVVW VLFK GDULQ HLQ 9HU]LFKW DXI HLQHQ 6WUDIDQ WUDJ QDFK $UW $EV 6W*% HUEOLFNHQ YJO 0(7=*(5 /(*/(5 II 9JO 6((/0$11 I /(*/(5 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H .HQQWQLV HLQHU hEHUZDFKXQJ HLQHQ |IIHQWOLFK ]XJlQJOLFKHQ 5DXP EHWULWW LVW VRPLW MHGHQIDOOV GDQQ NHLQH WDWEHVWDQGVDXVVFKOLHVVHQGH (LQZLOOLJXQJ ]X HUEOLFNHQ ZHQQ GHU (LQ]HOQH DXI GLH %HQXW]XQJ GHV EHWUHIIHQGHQ 5DXPHV DQJHZLHVHQ LVW HWZD XP GHQ 'LQJHQ GHV DOOWlJOLFKHQ /HEHQV QDFKJHKHQ ]X N|QQHQ =X GHQNHQ LVW LQVEHVRQ GHUH DQ |IIHQWOLFKH 6WUDVVHQ XQG 3OlW]H )UDJOLFK LVW DEHU RE GXUFK GHQ (LQVDW] YRQ 9LGHRNDPHUDV LP |IIHQWOLFK ]XJlQJOL FKHQ 5DXP EHUKDXSW 7DWVDFKHQ DXV GHP *HKHLPEHUHLFK RGHU QLFKW MHGHUPDQQ RK QH ZHLWHUHV ]XJlQJOLFKH 7DWVDFKHQ DXV GHP 3ULYDWEHUHLFK DXIJHQRPPHQ E]Z PLW HLQHP $XIQDKPHJHUlW EHREDFKWHW ZHUGHQ N|QQHQ E =XU (UIDVVXQJ YRQ 7DWVDFKHQ DXV GHP *HKHLPEHUHLFK GXUFK 9LGHREHUZDFKXQJ %HL 7DWVDFKHQ DXV GHP *HKHLPEHUHLFK KDQGHOW HV VLFK XP 7DWVDFKHQ GLH GXUFK LKUH UHODWLYH 8QEHNDQQWKHLW HLQ ± EHUHFKWLJWHV E]Z VFKXW]ZUGLJHV ± *HKHLPKDO WXQJVLQWHUHVVH XQG HLQHQ ± HUNHQQEDUHQ DXVGUFNOLFK RGHU NRQNOXGHQW HUNOlUWHQ ± *HKHLPKDOWXQJVZLOOHQ FKDUDNWHULVLHUW VLQG 'LHVHU *HKHLPEHUHLFK XPIDVVW DOO GLHMHQLJHQ /HEHQVYRUJlQJH ZHOFKH HLQH 3HUVRQ GHU :DKUQHKPXQJ XQG GHP :LV VHQ DOOHU EULJHQ 0LWPHQVFKHQ OHJLWLPHUZHLVH ]X HQW]LHKHQ SIOHJW E]Z QXU PLW JDQ] EHVWLPPWHQ 0HQVFKHQ WHLOHQ ZLOO (V KDQGHOW VLFK VRPLW XP GLH Ä,QWLPVSKl UH³ RGHU GHQ .HUQEHUHLFK GHU 3ULYDWVSKlUH 6ROFK LQWLPHV 9HUKDOWHQ VSLHOW VLFK HWZD LQ 7RLOHWWHQ 8PNOHLGHNDELQHQ RGHU 'XVFK UlXPHQ DE ZHVKDOE GHVVHQ $XI]HLFKQXQJ RGHU %HREDFKWXQJ PLW HLQHQ $XIQDKPH JHUlW ± RKQH (LQZLOOLJXQJ ± REMHNWLY VWUDIEDU ZlUH (LQH 9HUOHW]XQJ GHU *HKHLP 9JO GD]X XQG ]XU (LQZLOOLJXQJ LP $OOJHPHLQHQ KLQWHQ 7HLO ,9 & 7HLO ,, $ XQG 7HLO ,, % D %*( ,9 ( D %*( ,9 ( E %*( ,E ( F %*( ,E ( D 675$7(1:(57+-(11<%200(5 5] %b&+/, 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] 12%(/:(%(5 .DS 5] %b&+/, %*( ,9 ( E 675$7(1:(57+-(11<%200(5 5] 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] 12// 5,./,1 6WUDI UHFKWOLFKHU 6FKXW] '21$76&+ =XP VWUDIUHFKWOLFKHQ *HKHLPQLVEHJULII YJO %*( ,9 ( D %*( ,9 ( E %*( ,E ( F %*( ,E ( D &25%2= 5] II ]X $UW 6W*% YJO DXFK %- *XWDFKWHQ YRP -XQL 93% 1U =LII ZRQDFK DOOHLQH GHU :LOOH EHL HLQHP *UHQ]EHUWULWW QLFKW YRQ =ROORUJDQHQ EHR EDFKWHW ]X ZHUGHQ IU VLFK DOOHLQH ± ULFKWLJHUZHLVH ± QRFK NHLQHQ Ä*HKHLPFKDUDNWHU³ GHV 9HUKDOWHQV ]X EHJUQGHQ YHUPDJ %*( ,9 ( D %*( ,, ( 75(&+6(//,(%(5 LQ 75(&+6(/ HW DO .RPP ]X $UW TXDWHU 6W*% 5] 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] %*( ,, ( 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] 921 ,16:<'(5 LQ 1,**/, :,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] 12%(/:(%(5 .DS 5] 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] 6&+8/7= 9JO /(*/(5 12%(/:(%(5 .DS 5] 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV VSKlUH LVW JUXQGVlW]OLFK DXFK GDQQ ]X EHMDKHQ ZHQQ .DPHUDV GXUFK GLH .OHLGHU KLQGXUFKVHKHQ N|QQHQ =XP *HKHLPEHUHLFK ]lKOW DXFK GHU LQWLPH .|USHUEH UHLFK (LQHQ *HKHLPEHUHLFK JLEW HV DEHU JUXQGVlW]OLFK DXFK EHL 9HUKDOWHQ LQ GHU gIIHQW OLFKNHLW ,VW GDV IUDJOLFKH 9HUKDOWHQ GHU *HKHLPVSKlUH ]X]XRUGQHQ VR LVW HV DEVR OXW JHVFKW]W (V NDQQ GHU 7DWEHVWDQG GHVKDOE DXFK GDQQ HUIOOW ZHUGHQ ZHQQ HLQ LQWLPHU 9RUJDQJ PLW HLQHP $XIQDKPHJHUlW EHREDFKWHW RGHU DXIJH]HLFKQHW ZLUG ZHOFKHU VLFK DQ HLQHP DOOJHPHLQ ]XJlQJOLFKHQ 2UW DEVSLHOW $EHU QXU EHL HLQHP *HKHLPKDOWXQJVZLOOHQ NDQQ HLQ DQ VLFK LQWLPHV 9HUKDOWHQ GHP GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ *HKHLPEHUHLFK ]XIDOOHQ ,Q GHU 9RUQDKPH LQWLPHU +DQGOXQJHQ LQ HLQHU $UW XQG :HLVH GDVV VLH RKQH ZHLWHUHV YRQ 'ULWWHQ ZDKUJHQRPPHQ ZHUGHQ N|QQHQ OlVVW VLFK DEHU LG5 HLQH LPSOL]LWH =XVWLPPXQJ ]X GHUHQ 2IIHQOHJXQJ XQG %HNDQQWJDEH HUEOLFNHQ 0DQJHOV HLQHV *HKHLPKDOWXQJVZLOOHQV OlVVW VLFK VRO FKHV 9HUKDOWHQ QLFKW PHKU GHP VWUDIUHFKWOLFK JHVFKW]WHQ *HKHLPEHUHLFK ]XRUGQHQ ZHVKDOE GLH (UIOOXQJ GHV 7DWEHVWDQGV YRQ $UW TXDWHU 6W*% QLFKW P|JOLFK LVW 9JO ]X GLHVHQ WHFKQLVFKHQ 0|JOLFKNHLWHQ YRUQH 7HLO , $ 12// 0DQJHOV 9RUOLHJHQ HLQHU 7DWVDFKH DXV GHP *HKHLPEHUHLFK VWHOOW GDV )LOPHQ GHV hEHUVFKUHL WHQV GHU /DQGHVJUHQ]H DXI HLQHP DOOJHPHLQ ]XJlQJOLFKHQ )XVVZHJ NHLQH 9HUOHW]XQJ GHV *H KHLPEHUHLFKV GDU VLHKH %- *XWDFKWHQ YRP -XQL 93% >@ 1U =LII (QWVSUHFKHQGHV JLOW IU GLH $XIQDKPH KDUPORVHU XQYHUIlQJOLFKHU /HEHQVYRUJlQJH ÄDFWHV DQRGLQV GH OD YLH³ ZLH 0DUVFKLHUHQ DXI GHU 6WUDVVH RGHU (LQVWHLJHQ LQ HLQ $XWR .DVV*HU 1( 8UWHLO YRP 'H]HPEHU 5-1 ( $XFK ZLUG GHU *HKHLPEHUHLFK QLFKW YHU OHW]W GXUFK GLH $XIQDKPH HLQHV DXV GHU 8QWHUVXFKXQJVKDIW (QWODVVHQHQ YRU VHLQHP +DXV %*( ,9 ( D /(*/(5 12// 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] +857$'2 32=2 5] /(*/(5 2E HV HLQHQ *HKHLPEHUHLFK DXFK EHL 9HUKDOWHQ LQ GHU gIIHQWOLFKNHLW JLEW KDW GDV %XQGHVJHULFKW LP =XVDPPHQKDQJ PLW $UW =*% KLQJHJHQ RIIHQ JHODVVHQ VLHKH %*( ,,, ( Ä(V NDQQ VRPLW GDKLQJHVWHOOW EOHLEHQ RE /HEHQVYRUJlQJH GLH VLFK ]ZDU LP |IIHQWOLFKHQ 5DXP HUHLJQHQ WURW]GHP ]XP *HKHLPEHUHLFK JHK|UHQ N|QQHQ QXU ZHLO VLH HLQHQ SHUV|QOLFKHQ *H KDOW DXIZHLVHQ³ +857$'2 32=2 5] 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] 12// YRUQH )Q $QGHUV GUIWH GLHV VHLQ ZHQQ NODUHUZHLVH QLFKW DXI GLH *HKHLPKDOWXQJ YHU]LFKWHW ZLUG 6R EH WULIIW GLH $XIQDKPH HLQHV 1XGLVWHQ DXI HLQHP |IIHQWOLFK ]XJlQJOLFKHQ )..*HOlQGH RKQH GHV VHQ (LQZLOOLJXQJ VHLQHQ *HKHLPEHUHLFK (LQ %HVXFK DXI HLQHP )..*HOlQGH EHGHXWHW ± DXFK IU 'ULWWH HUNHQQEDU ± NHLQHQ 9HU]LFKW DXI GHQ 6FKXW] GHU ,QWLPVSKlUH YJO /* 0QFKHQ 8U WHLO YRP -XOL 1-: +857$'2 32=2 5] 1DFK $XIIDVVXQJ YRQ '21$76&+ I HQWVFKHLGHW EHU GHQ VWUDIUHFKWOLFKHQ 6FKXW] DXFK GHV *HKHLPEHUHLFKV ÄRE GLH 7DWVDFKH YRQ $XVVHQVWHKHQGHQ RKQH ZHLWHUHV EHREDFKWHW ZHUGHQ NDQQ RGHU QLFKW ZDV VLFK ZLHGHUXP QDFK UlXPOLFKHQ .ULWH ULHQ ULFKWHW³ .|QQH GLH 7DWVDFKH YRQ $XVVHQVWHKHQGHQ RKQH ZHLWHUHV ZDKUJHQRPPHQ ZHU GHQ JHQLHVVH VLH VFKRQ GHVZHJHQ NHLQHQ 6FKXW] DXFK ZHQQ VLH GHP *HKHLPEHUHLFK ]X]XRUG QHQ VHL 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H $Q GHU (UIOOXQJ GHV VXEMHNWLYHQ 7DWEHVWDQGV GUIWH HV ]XGHP PDQJHOQ ZHQQ HLQH .DPHUD ZHOFKH LQ HLQHQ |IIHQWOLFK ]XJlQJOLFKHQ 5DXP JHULFKWHW LVW GDEHL DXFK LQWLPH 9HUKDOWHQVZHLVHQ DXI]HLFKQHW :HU PLW HLQHU 9LGHRNDPHUD HLQH |IIHQW OLFKH 6WUDVVH HLQHQ |IIHQWOLFKHQ 3ODW] RGHU /DGHQIOlFKHQ EHUZDFKW PXVV QLFKW JUXQGVlW]OLFK GDPLW UHFKQHQ E]Z QLPPW QLFKW LQ .DXI GDVV VLFK LP EHUZDFKWHQ %HUHLFK 9HUKDOWHQVZHLVHQ DEVSLHOHQ GLH GHP *HKHLPEHUHLFK ]X]XRUGQHQ VLQG 'HVKDOE LVW HLQ 9RUVDW] E]Z HLQ (YHQWXDOYRUVDW] ]X YHUQHLQHQ 'HU *HKHLPEHUHLFK ZlUH KLQJHJHQ GDQQ EHUKUW ZHQQ MHPDQG PLW HLQHU 9LGHRNDPHUD VRIHUQ GDPLW DXFK $XI]HLFKQXQJHQ P|JOLFK VLQG HLQH 3HUVRQ KHUDQ]RRPW ZLH VLH ± LP *ODXEHQ GDEHL QLFKW EHREDFKWHW ZHUGHQ ]X N|QQHQ ± LKUH 1RWGXUIW KLQWHU HLQHP %XVFK YHU ULFKWHW ,Q VROFKHQ )lOOHQ NDQQ GHP %HWURIIHQHQ HLQ PDQJHOQGHU *HKHLPKDOWXQJV ZLOOH QLFKW XQWHUVWHOOW ZHUGHQ XQG HV LVW JUXQGVlW]OLFK DXFK HLQ 9RUVDW] GHV hEHUZD FKHQGHQ ]X EHMDKHQ 7DWVDFKHQ DXV GHP *HKHLPEHUHLFK PLW HLQHP $XIQDKPHJHUlW ]X EHREDFKWHQ RGHU DOOHQIDOOV DXI]X]HLFKQHQ F =XU (UIDVVXQJ YRQ QLFKW MHGHUPDQQ RKQH ZHLWHUHV ]XJlQJOLFKHQ 7DWVDFKHQ DXV GHP 3ULYDWEHUHLFK PLWWHOV 9LGHREHUZDFKXQJ 1LFKW OHLFKW ]X EHDQWZRUWHQ LVW GLH )UDJH ZDQQ HLQH QLFKW MHGHUPDQQ RKQH ZHLWHUHV ]XJlQJOLFKH 7DWVDFKH DXV GHP 3ULYDWEHUHLFK YRUOLHJW 8QDEKlQJLJ GDYRQ RE HV VLFK EHLP DXIJHQRPPHQHQ RGHU DXIJH]HLFKQHWHQ 9HUKDOWHQ XP HLQ VROFKHV PLW HL QHP ÄEHVRQGHUHQ SHUV|QOLFKHQ *HKDOW³ KDQGHOW LVW MHGHQIDOOV GLH %HREDFKWXQJ PLW HLQHP $XIQDKPHJHUlW XQG GLH $XI]HLFKQXQJ YRQ VROFKHQ 7DWVDFKHQ VWUDIEDU ZHOFKH VLFK LQ YRP (LQEOLFN $XVVHQVWHKHQGHU DEJHVFKLUPWHQ 5lXPHQ XQG gUWOLFK NHLWHQ DEVSLHOHQ 'DUXQWHU IDOOHQ LQVEHVRQGHUH GLH GXUFK GDV +DXVUHFKW QDFK $UW 6W*% JHVFKW]WHQ %HUHLFKH ZHOFKH QHEHQ +lXVHUQ ]X :RKQ XQG *H VFKlIWV]ZHFNHQ XQG :RKQXQJHQ DXFK GHQ XQPLWWHOEDU ]X HLQHP +DXV JHK|UHQGHQ 6XEMHNWLY ZLUG 9RUVDW] YHUODQJW LQVEHVRQGHUH DXFK LQ %H]XJ DXI GLH =XJHK|ULJNHLW GHU 7DWVD FKH ]XP *HKHLP RGHU 3ULYDWEHUHLFK XQG DXI GDV %HREDFKWHQ PLW HLQHP $XIQDKPHJHUlW XQG $XIQHKPHQ YJO VWDWW YLHOHU '21$76&+ 6LHKH GD]X DXFK KLQWHQ )Q 9JO 12%(/:(%(5 .DS 5] %- *XWDFKWHQ YRP -XQL 93% 1U =LII 'HU EXQGHVUlWOLFKH (QWZXUI VDK QXU GHQ 6FKXW] GHV *HKHLPEHUHLFKV YRU 'HU 1DWLRQDOUDW ZROOWH MHGRFK DXFK 7DWVDFKHQ DXV GHP 3ULYDWEHUHLFK JHVFKW]W ZLVVHQ ZDV YRP 6WlQGHUDW DEJHOHKQW ZXUGH ,P 'LIIHUHQ]EHUHLQLJXQJVYHUIDKUHQ HLQLJWHQ VLFK GLH 5lWH DXI HL QHQ 9HUPLWWOXQJVYRUVFKODJ GHV (-3' QXU GLH QLFKW MHGHUPDQQ ]XJlQJOLFKHQ 7DWVDFKHQ DXV GHP 3ULYDWEHUHLFK ]X VFKW]HQ YJO GD]X %*( ,9 ( E '21$76&+ %*( ,9 ( I 675$7(1:(57+-(11<%200(5 5] PZ+ 921 ,16:<'(5 LQ 1,**/, :,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] %*( ,9 ( E 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] %*( ,9 ( H %- *XWDFKWHQ YRP -XQL 93% 1U =LII YJO IHUQHU %*( ,9 ( E %* 0HLOHQ 8UWHLO YRP 0lU] SOlGR\HU II $XIQDKPH HLQHU )UDX LP *DUWHQ GXUFK HLQHQ 3ULYDWGHWHNWLY DOV QDFK $UW TXDWHU 6W*% VWUDI EDUH $XIQDKPH DXV GHP 3ULYDWEHUHLFK '21$76&+ 921 ,16:<'(5 LQ 1,**/, :,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] +857$'2 32=2 5] 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV XPIULHGHWHQ 3ODW] +RI RGHU *DUWHQ XPIDVVHQ 'DUDXV HUJLEW VLFK ]XPLQGHVW HLQH ZLFKWLJH *UHQ]H IU GHQ (LQVDW] YRQ 9LGHRNDPHUDV LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ 'LHVH VLQG VR HLQ]XVWHOOHQ XQG ]X YHUZHQGHQ GDVV NHLQH VLFK LQ GLHVHQ GXUFK GDV +DXVUHFKW JHVFKW]WHQ %HUHLFKHQ DEVSLHOHQGHQ 9HUKDOWHQVZHLVHQ HUIDVVW ZHUGHQ 1DFK GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ JHK|UW ]XP GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDWEHUHLFK LH6 VRGDQQ GLH XQPLWWHOEDUH DXFK QLFKW ÄXPIULHGHWH³ 8PJHEXQJ GHV +DXVHV ZHOFKH YRQ GHQ %HZRKQHUQ RGHU 'ULWWHQ ÄRKQH ZHLWHUHV DOV IDNWLVFK QRFK ]XP +DXV JHK|UHQGH )OlFKH LQ $QVSUXFK JHQRPPHQ E]Z DQHUNDQQW ZLUG³ 'DV *HULFKW EHJUQGHW GLHV PLW HLQHU UHFKWOLFKPRUDOLVFKHQ RGHU SV\FKRORJL VFKHQ *UHQ]H ZHOFKH RKQH =XVWLPPXQJ GHV %HWURIIHQHQ YRP ÄDQVWlQGLJ *HVLQQ WHQ³ QLFKW EHUVFKULWWHQ ZHUGH 'DPLW ]lKOW DXFK GHU Ä%HUHLFK XQPLWWHOEDU YRU GHU +DXVWUH HLQHV :RKQKDXVHV³ ]XP GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDWEH UHLFK (QWVFKHLGHQG LVW GDVV HLQH 7DWVDFKH DXV GLHVHP %HUHLFK PLW HLQHP $XI QDKPHJHUlW EHREDFKWHW RGHU DXI HLQHQ %LOGWUlJHU DXIJHQRPPHQ ZLUG 'HU 7lWHU EUDXFKW QLFKW VHOEVW LQ GLHVHQ %HUHLFK HLQJHGUXQJHQ ]X VHLQ XP VLFK QDFK $UW TXDWHU 6W*% VWUDIEDU ]X PDFKHQ =XU (UIOOXQJ GHV 7DWEHVWDQGV LVW DXFK QLFKW YRUDXVJHVHW]W GDVV TXDOLIL]LHUWH $NWLYLWlWHQ RGHU $QVWUHQJXQJHQ XQWHUQRP PHQ ZHUGHQ PVVHQ ]X GHQNHQ ZlUH DQ GHQ (LQVDW] EHVRQGHUHU WHFKQLVFKHU +LOIV PLWWHO ZLH 7HOHREMHNWLYH RGHU GLH h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lW RGHU GHU $XI ]HLFKQXQJ YRQ 7DWVDFKHQ DXV GLHVHP XQPLWWHOEDU ]XP +DXV JHK|UHQGHQ %HUHLFK 0KH 'LH ZHLWH $XVOHJXQJ GHV GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDWEH UHLFKV GXUFK GDV %XQGHVJHULFKW ZLUG GHQQ DXFK ]X 5HFKW NULWLVLHUW 'DV lQGHUW 'D]X '(/1215h'< LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW 6W*% 5] II %*( ,9 ( H XQG VD %*HU 3 ( %*( ,9 ( H '21$76&+ &25%2= 5] ]X $UW TXDWHU 6W*% %*( ,9 ( H '21$76&+ I YJO GHPJHJHQEHU .DVV*HU 1( 8UWHLO YRP 'H]HPEHU 5-1 ( D 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] 0(7=*(5 6&+8/7= 6&+8%$57+ .RPP ]X $UW TXDWHU 6W*% 5] )5$1= 5,./,1 6FKZHL]H ULVFKHV 3UHVVHUHFKW %HUQ 5] 6LHKH %*HU 3 ( 'LHVH ZHLWH $XVOHJXQJ HUVFKHLQW QDPHQWOLFK PLW %OLFN DXI GDV /HJDOLWlWVSULQ]LS SUREOHPD WLVFK YJO 3(7(5 678'(558'2/) 0$<5 921 %$/'(** 0HGLHQUHFKW IU GLH 3UD[LV $XIO =ULFK $1'5($6 0(,/, 9HUVFKlUIWH *HULFKWVSUD[LV 5HDOLWlW RGHU $QJVW YRUVWHOOXQJ" SOlGR\HU /(*/(5 +857$'2 32=2 5] 75(&+6(/ 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H DEHU QDFK GHU KHXWLJHQ 3UD[LV QLFKWV GDUDQ GDVV .DPHUDV ZHOFKH ]XU hEHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ HLQJHVHW]W ZHUGHQ VR HLQ]XVWHOOHQ VLQG GDVV NHLQH SULYDWHQ (LQJDQJVEHUHLFKH 'ULWWHU HUIDVVW ZHUGHQ $QVRQVWHQ LVW GLH 6WUDIEDU NHLW REMHNWLY JHJHEHQ $XFK GHU VXEMHNWLYH 7DWEHVWDQG GUIWH HUIOOW VHLQ :HU HLQH .DPHUD DXFK DXI +DXVHLQJlQJH ULFKWHW QLPPW ]XPLQGHVW LQ .DXI 9HUKDOWHQVZHL VHQ LQ GLHVHQ %HUHLFKHQ ELOGOLFK ]X HUIDVVHQ )UDJOLFK EOHLEW RE XQG XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ DXFK 9HUKDOWHQVZHLVHQ LQ GHU gIIHQWOLFKNHLW XQWHU GDV 7DWEHVWDQGVHOHPHQW GHU QLFKW MHGHUPDQQ RKQH ZHLWHUHV ]XJlQJOLFKHQ 7DWVDFKH DXV GHP 3ULYDWEHUHLFK VXEVXPLHUW ZHUGHQ N|QQHQ 0LW DQGH UHQ :RUWHQ EOHLEW ]X NOlUHQ RE VLFK MHPDQG EHUKDXSW QDFK $UW TXDWHU 6W*% VWUDIEDU PDFKHQ NDQQ GHU 9HUKDOWHQ LQ GHU gIIHQWOLFKNHLW PLW HLQHP $XIQDKPHJHUlW EHREDFKWHW RGHU DXI]HLFKQHW VRIHUQ GLHVHV QLFKW DXVQDKPVZHLVH ]XP *HKHLPEH UHLFK ]lKOW 'DV %XQGHVJHULFKW VLHKW JUXQGVlW]OLFK 5DXP GDIU HLQHQ GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDWEHUHLFK DXFK LQ GHU gIIHQWOLFKNHLW DQ]XQHKPHQ 'LHVH Ä3UL YDWVSKlUH LQ GHU gIIHQWOLFKNHLW³ XPIDVVH 7DWVDFKHQ ZHOFKH ]ZDU GHP 3ULYDWEHUHLFK ]X]XRUGQHQ DEHU IDNWLVFK MHGHUPDQQ ]XJlQJOLFK VHLHQ 'DV %XQGHVJHULFKW YHUWULWW GLH $XIIDVVXQJ ÄGDVV DOOH 7DWVDFKHQ DXV GHP 3ULYDWEHUHLFK HLQHV DQGHUQ GLH YRP 6FKXW]EHGUIQLV GHU 3HUV|QOLFKNHLW KHU UHFKWOLFK DOV QLFKW RKQH ZHLWHUHV MHGHUPDQQ ]XJlQJOLFK ]X EHWUDFKWHQ VLQG YRQ $UW TXDWHU HUIDVVW ZHUGHQ³ +HUY G 9HUI 6ROFKH IDNWLVFK MHGHUPDQQ ]XJlQJOLFKHQ 7DWVDFKHQ DXV GHP 3ULYDWEHUHLFK ZlUHQ GHVKDOE LPPHUKLQ VR ZHLW YRU GHU %HREDFKWXQJ XQG $XI]HLFKQXQJ PLW HLQHP $XI QDKPHJHUlW JHVFKW]W DOV GLH 3HUV|QOLFKNHLWVUHFKWH HLQHQ VROFKHQ 6FKXW] HUKHL VFKHQ 'HU 8PIDQJ GLHVHV Ä6FKXW]EHGUIQLVVHV³ VHL ZLH EHLP ]LYLOUHFKWOLFKHQ 3HUV|QOLFKNHLWVVFKXW] QDFK GHP .ULWHULXP GHU :LGHUUHFKWOLFKNHLW ]X HUPLWWHOQ 0LW %OLFN DXI GDV LP 6WUDIUHFKW JHOWHQGH $QDORJLHYHUERW SOlGLHUW GDV %XQGHVJHULFKW ]ZDU IU ÄHLQH UHVWULNWLYH $XVOHJXQJ GHU UHFKWOLFK QLFKW RKQH ZHLWHUHV MHGHUPDQQ ]XJlQJOLFKHQ 7DWVDFKHQ³ YHUIROJW GLHVHQ $QVDW] DEHU QLFKW ZHLWHU XQG OlVVW GLH /,(%(5 LQ 75(&+6(/ HW DO .RPP ]X $UW TXDWHU 6W*% 5] IHUQHU /(*/(5 12%(/:(%(5 .DS 5] )5$1= 5,./,1 5HFKWVSUHFKXQJ YRQ HLQHP ÄUHODWLY ZHLWJHKHQGHQ %XQGHVJHULFKWVHQWVFKHLG³ VSULFKW DXFK '21$76&+ %$80 5] 'D]X YRUQH 7HLO 9, % E %*( ,9 ( E XQG G -b**, VSULFKW YRP VRJ ÄSULYDW|IIHQWOLFKHQ 9HUKDOWHQ³ ZHOFKHV /HEHQVEHWlWLJXQJHQ GHV (LQ]HOQHQ HUIDVVW GLH ]ZDU YRQ MHGHUPDQQ HUODXEWHUZHLVH ]XU .HQQW QLV JHQRPPHQ ZHUGHQ N|QQHQ ÄDEHU QLFKW *HJHQVWDQG HLQHV EHVRQGHUHQ .XQGJHEXQJVZLOOHQV VLQG³ VLHKH 3(7(5 -b**, )UDJHQ GHV SULYDWUHFKWOLFKHQ 6FKXW]HV GHU 3HUV|QOLFKNHLW =65 ,, D II D I %*( ,9 ( G 'LH JHVFKW]WH 3ULYDWVSKlUH ZLUG GDPLW QLFKW UlXPOLFK VRQGHUQ HLQ]LJ PLW %OLFN DXI GLH hEHUZLQGXQJ HLQHV UHFKWOLFKPRUDOLVFKHQ +LQGHUQLVVHV GHILQLHUW YJO 12%(/:(%(5 .DS 5] '21$76&+ I 'D]X 3233/(9$17( %DVOHU .RPP ]X $UW 6W*% 5] II 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV )UDJH OHW]WOLFK RIIHQ (V KlOW MHGRFK IHVW GDVV ± DQGHUV DOV LP 3ULYDWEHUHLFK LH6 ± GHU 3HUV|QOLFKNHLWVJHKDOW GHU 7DWVDFKHQ LP ÄSULYDW|IIHQWOLFKHQ³ %HUHLFK DOOHQIDOOV YRQ %HGHXWXQJ VHLQ N|QQH GDPLW GLH EHWUHIIHQGH 7DWVDFKH GXUFK $UW TXDWHU 6W*% JHVFKW]W VHL $XFK GLHVH )UDJH ZLUG DEHU RIIHQ JHODVVHQ 'LH $XIIDVVXQJ GHV %XQGHVJHULFKWV ZLUG P( ]X 5HFKW NULWLVLHUW EHGUIHQ GRFK GLH 3HUV|QOLFKNHLWV UHFKWH GHV %HWURIIHQHQ HEHQIDOOV QlKHUHU $EJUHQ]XQJ ]XGHP ZLUG GHU RKQHKLQ VFKZLHULJ ]X EHVWLPPHQGH $QZHQGXQJVEHUHLFK YRQ $UW TXDWHU 6W*% QRFK PHKU DXVJHZHLWHW ZDV YRU GHP +LQWHUJUXQG GHV /HJDOLWlWVSULQ]LSV DOV lXVVHUVW EHGHQN OLFK HUVFKHLQW ,Q HLQHP MQJHUHQ 8UWHLO KDW GDV %XQGHVJHULFKW DEHU HQWVFKLHGHQ GDVV GLH 9LGHR DXI]HLFKQXQJ GHV 9HUKDOWHQV HLQHU $UEHLWQHKPHULQ LP .DVVHQUDXP HLQHV *HVFKlIWV (QWQDKPH YRQ HLQLJHQ %DQNQRWHQ DXV GHU .DVVH 9HUODVVHQ GHV .DVVHQUDXPV PLW GLHVHQ %DQNQRWHQ NHLQH 7DWVDFKHQ DXV GHP QLFKW MHGHUPDQQ RKQH ZHLWHUHV ]XJlQJ OLFKHQ 3ULYDWEHUHLFK GHU EHWURIIHQHQ $UEHLWQHKPHULQ EHWULIIW 'LH hEHUVFKUHLWXQJ GHU /DQGHVJUHQ]HQ EHU HLQHQ )XVVZHJ ]lKOW QDFK $XIIDVVXQJ GHV %XQGHVDPWHV IU -XVWL] HEHQIDOOV QLFKW ]XP GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDWEHUHLFK ZR UDQ DXFK HLQ DOOIlOOLJHU :LOOH GDEHL QLFKW EHREDFKWHW ]X ZHUGHQ QLFKWV lQGHUH $XFK GLH NDQWRQDOH 3UD[LV LVW ]XUFNKDOWHQG 'DV =UFKHU .DVVDWLRQVJHULFKW LVW ]XP 6FKOXVV JHNRPPHQ GDVV GDV $XIQHKPHQ YRQ 'URJHQKDQGHO ZHOFKHU LQ GHU 8PJH EXQJ HLQHV 5HVWDXUDQWV VWDWWIDQG QLFKW QDFK $UW TXDWHU 6W*% VWUDIEDU VHL %HL GHQ DXIJHQRPPHQHQ $NWLYLWlWHQ KDQGOH HV VLFK XP 7DWVDFKHQ ZHOFKH MHGHUPDQQ RKQH ZHLWHUHV ]XJlQJOLFK ZDUHQ 'DV 1HXHQEXUJHU .DVVDWLRQVJHULFKW KDW HQWVFKLHGHQ GDVV GLH $XIQDKPH KDUPORVHU XQEHGHXWHQGHU +DQGOXQJHQ LQ GHU gIIHQWOLFKNHLW ZLH 0DUVFKLHUHQ LQ GHU 6WUDVVH (LQVWHLJHQ LQ HLQ $XWR XQG GDPLW ORVIDKUHQ HEHQ IDOOV QLFKW GDV 3ULYDWOHEHQ L6Y $UW TXDWHU 6W*% EHWUHIIHQ 'XUFK GHQ )UHLEXU JHU 8QWHUVXFKXQJVULFKWHU HLQJHVWHOOW ZXUGH GDV 9HUIDKUHQ ZHJHQ 9HUOHW]XQJ YRQ $UW TXDWHU 6W*% GXUFK HLQHQ )HUQVHKNRUUHVSRQGHQWHQ ZHOFKHU GHQ .OlJHU LQ HL QHP =LYLOSUR]HVV NXU] YRU GHU 9HUKDQGOXQJ JHJHQ VHLQHQ :LOOHQ YRU GHU (LQJDQJV SIRUWH GHV *HULFKWV ILOPWH 1DFK GHU LQ GHU /HKUH PHKUKHLWOLFK YHUWUHWHQHQ $XIIDVVXQJ LVW SULYDWHV 9HUKDOWHQ LQ GHU gIIHQWOLFKNHLW ZHOFKHV YRQ MHGHUPDQQ ZDKUJHQRPPHQ ZHUGHQ NDQQ GXUFK %*( ,9 ( H %*( ,9 ( I 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW TXDWHU 6W*% 5] 675$7(1:(57+-(11<%200(5 5] +857$'2 32=2 5] /(*/(5 %*HU %B ( %- *XWDFKWHQ YRP -XQL 93% 1U =LII .DVV*HU =+ 8UWHLO YRP 0DL ( E =5 1U .DVV*HU 1( 8UWHLO YRP 'H]HPEHU 5-1 ( 56 1U VD PHGLDOH[ 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H $UW TXDWHU 6W*% JUXQGVlW]OLFK QLFKW JHVFKW]W 'LHV VROO DXFK GDQQ JHOWHQ ZHQQ VLFK MHPDQG XQEHREDFKWHW ZlKQW ZHLO HU ]% GDYRQ DXVJHKW GDVV GLH |UWOL FKHQ 9HUKlOWQLVVH NHLQH %HREDFKWXQJ ]XODVVHQ RGHU ZHLO NHLQH =XVFKDXHU HUNHQQ EDU VLQG 6RPLW VLQG QLFKW JHVFKW]W GDV 6FKPXVHQ DXI HLQHU 3DUNEDQN RGHU HLQHU =XVFKDXHUWULEQH ZWHQGH ZHLQHQGH RGHU YHU]ZHLIHOWH *HVLFKWHU LQ GHU gIIHQW OLFKNHLW ]% DQOlVVOLFK HLQHU |IIHQWOLFKHQ 7UDXHUIHLHU RGHU HLQHU 1DWXUNDWDVWURSKH .DXIYHUKDOWHQ LQ :DUHQKlXVHUQ GHU $EVFKLHGVNXVV DP %DKQKRI RGHU GDV Ä$EJH IKUWZHUGHQ³ LQ GHU gIIHQWOLFKNHLW (LQH $XVQDKPH ZLUG GDQQ JHPDFKW ZHQQ GHU %HWURIIHQH NHLQH IUHLH :DKO RGHU NHLQH 0|JOLFKNHLW GD]X KDWWH VLFK GHU gIIHQWOLFK NHLW ]X HQW]LHKHQ ZLH ]% GDV 2SIHU GDV QDFK HLQHP $QJULII YHUOHW]W DXI GHP *HKVWHLJ OLHJW 'LHVHU $XIIDVVXQJ ZRQDFK 9HUKDOWHQVZHLVHQ LQ GHU gIIHQWOLFKNHLW LQ GHU 5HJHO QLFKW ]X GHP GXUFK $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDWEHUHLFK ]lKOHQ LVW ]X]X VWLPPHQ 6RPLW LVW JUXQGVlW]OLFK GDYRQ DXV]XJHKHQ GDVV GHUMHQLJH GHU LQ |IIHQW OLFK ]XJlQJOLFKHQ 5lXPHQ 9LGHREHUZDFKXQJ HLQVHW]W VLFK QLFKW QDFK $UW TXDWHU $EV 6W*% VWUDIEDU PDFKW VRIHUQ GLH .DPHUDV QLFKW DXI GXUFK GDV +DXVUHFKW JH VFKW]WH %HUHLFKH E]Z GHUHQ XQPLWWHOEDUH 8PJHEXQJ JHULFKWHW ZHUGHQ XQG QLFKW DXVQDKPVZHLVH YRUVlW]OLFK 7DWVDFKHQ DXV GHP *HKHLPEHUHLFK HUIDVVW ZHUGHQ 6WUDIEDUNHLW HLQHU DNXVWLVFKHQ hEHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ QDFK $UW ELV 6W*% :HUGHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP RKQH (LQZLOOLJXQJ DOOHU %HWHLOLJWHQ IUHPGH *HVSUlFKH PLW HLQHP $EK|UJHUlW DEJHK|UW ]% PLWWHOV HLQHV QHEHQ GHU 75(&+6(//,(%(5 LQ 75(&+6(/ HW DO .RPP ]X $UW TXDWHU 6W*% 5] 0(7=*(5 II &25%2= 5] ]X $UW TXDWHU 6W*% +857$'2 32=2 5] 5,./,1 5HFKWVSUH FKXQJ /(*/(5 12// 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] 'LIIHUHQ]LHUHQG DEHU '21$76&+ GHU 9HUKDOWHQ DQ |IIHQWOLFK ]XJlQJOLFKHQ DEHU QLFKW RKQH ZHLWHUHV HLQVHKEDUHQ E]Z YHUERU JHQHQ ]% VLFKWJHVFKW]WHQ RGHU YHUVWHFNWHQ 6WHOOHQ XQG 3OlW]HQ GHP YRQ $UW TXDWHU 6W*% JHVFKW]WHQ 3ULYDWEHUHLFK ]XRUGQHW ÄZHLO XQG VRZHLW GRUW EHILQGOLFKH /HXWH QXU EHREDFKWHW ZHUGHQ N|QQHQ ZHQQ VLFK MHPDQG YHUVWHFNW KlOW RGHU DQVFKOHLFKW³ ,QQHUKDOE GLHVHU %HUHLFKH VROO GDQQ DEHU MHJOLFKHV 9HUKDOWHQ DOV VWUDIUHFKWOLFK JHVFKW]WH 7DWVDFKH JHOWHQ DXFK ZHQQ HV ÄYHUKlOWQLVPlVVLJ EDQDOHQ &KDUDNWHU³ KDW 9JO 75(&+6(//,(%(5 LQ 75(&+6(/ HW DO .RPP ]X $UW TXDWHU 6W*% 5] 0(7=*(5 5,./,1 6WUDIUHFKWOLFKHU 6FKXW] I 6&+8%$57+ .RPP ]X $UW TXDWHU 6W*% 5] .DVV*HU 1( 8UWHLO YRP 'H]HPEHU 5-1 ( D /(*/(5 +857$'2 32=2 5] IHUQHU 6&+8%$57+ .RPP ]X $UW TXDWHU 6W*% 5] I 9JO GD]X YRUQH 7HLO 9, % D (LQ *HVSUlFK LVW IU GHQMHQLJHQ IUHPG GHU ± LP 8QWHUVFKLHG ]X $UW WHU 6W*% ± QLFKW ]X GHQ %HWHLOLJWHQ JHK|UW 675$7(1:(57+-(11<%200(5 5] ZHLO GLH 6SUHFKHQGHQ ]X LKP JDU NHLQH %H]LHKXQJ KHUVWHOOHQ 0(7=*(5 E]Z GDV *HVSUlFK QLFKW DQ LKQ ULFKWHQ XQG HU GHVKDOE QLFKW DOV *HVSUlFKVSDUWQHU HUVFKHLQW %*HU 3 ( 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 9LGHRNDPHUD DQJHEUDFKWHQ 0LNURIRQV RGHU DXI HLQHQ 7RQWUlJHU DXIJHQRP PHQ LVW ]X SUIHQ RE GLHV GHQ 7DWEHVWDQG YRQ $UW ELV $EV 6W*% $EK|UHQ XQG $XIQHKPHQ IUHPGHU *HVSUlFKH HUIOOW )U GLH 6WUDIEDUNHLW NRPPW HV QLFKW DXI GHQ ,QKDOW GHV *HVSUlFKV DQ 'DV DEJH K|UWH RGHU DXIJHQRPPHQH *HVSUlFK PXVV DEHU QLFKW|IIHQWOLFK VHLQ %HL GHU %HXUWHL OXQJ RE HLQHP *HVSUlFK HLQ |IIHQWOLFKHU RGHU HLQ QLFKW|IIHQWOLFKHU &KDUDNWHU ]X NRPPW NDQQ YRQ %HGHXWXQJ VHLQ RE GDV *HVSUlFK LQ HLQHP SULYDWHQ RGHU LQ HLQHP DOOJHPHLQ ]XJlQJOLFKHQ 8PIHOG VWDWWILQGHW $OV QLFKW|IIHQWOLFK JHOWHQ QDPHQWOLFK GLHMHQLJHQ bXVVHUXQJHQ ZHOFKH LP SULYDWHQ 5DKPHQ HUIROJHQ LQVEHVRQGHUH *H VSUlFKH ZHOFKH LQ GHQ HLJHQHQ YLHU :lQGHQ VHL GLHV QXQ LP 3ULYDW RGHU LP *H VFKlIWVEHUHLFK JHIKUW ZHUGHQ /HW]WOLFK HQWVFKHLGHQG EOHLEW DEHU RE GDV *H VSUlFK YRQ XQEHVWLPPW YLHOHQ 3HUVRQHQ KlWWH ZDKUJHQRPPHQ ZHUGHQ N|QQHQ RGHU QLFKW $OV QLFKW|IIHQWOLFK KDW DXFK GDV *HVSUlFK ]X JHOWHQ ZHOFKHV DXI HLQHU |I IHQWOLFKHQ 6WUDVVH DXI HLQHP |IIHQWOLFKHQ 3ODW] LQ HLQHP |IIHQWOLFK ]XJlQJOLFKHQ /RNDO RGHU LQ |IIHQWOLFKHQ 9HUNHKUVPLWWHOQ LQ QRUPDOHU /DXWVWlUNH JHIKUW ZLUG LQ ZHOFKHP VLFK GLH *HVSUlFKVSDUWQHU SHUV|QOLFK DQHLQDQGHU ULFKWHQ XQG GDV YRQ 'ULW WHQ QLFKW RKQH ZHLWHUHV ZDKUJHQRPPHQ ZHUGHQ NDQQ 'HU %HJULII GHV $EK|UJHUlWV XPIDVVW WHFKQLVFKH 9RUULFKWXQJHQ ÄGLH GDV JHVSURFKHQH :RUW EHU GHQ QRUPDOHQ .ODQJEHUHLFK KLQDXV GXUFK 9HUVWlUNXQJ RGHU hEHUWUDJXQJ K|UEDU PDFKHQ³ YJO %*( ,9 ( (51, P+ DXI GLH (QWVWHKXQJVJHVFKLFKWH 0(7=*(5 II &25%2= 5] ]X $UW ELV 6W*% 675$7(1:(57+-(11<%200(5 5] ,Q )UDJH NRPPHQ QDPHQWOLFK 5LFKW0LNURIRQH 0LQLVSLRQH DEHU DXFK 6WHWKRVNRSH YJO 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW ELV 6W*% 5] (51, ,Q GLHVHU ]ZHLWHQ 7DWEHVWDQGVYDULDQWH ]HLFKQHW GHU 7lWHU GDV *HVSUlFK DXI HLQHQ 7RQWUlJHU DXI VHL HV RKQH VHL HV XQWHU (LQVDW] HLQHV $EK|UJHUlWV YJO '21$76&+ &25%2= 5] ]X $UW ELV 6W*% 675$7(1:(57+-(11<%200(5 5] (51, II 9JO (51, 6&+8/7= +857$'2 32=2 ,QVEHVRQGHUH PXVV GDV *HVSUlFK NHL QH 7DWVDFKHQ ]XP ,QKDOW KDEHQ GLH ]XP *HKHLP RGHU 3ULYDWEHUHLFK HLQHV *HVSUlFKVWHLOQHK PHUV JHK|UHQ VLHKH %*HU %B ( 1LFKW JHVFKW]W LVW MHGRFK GHU ,QIRUPDWLRQV DXVWDXVFK GXUFK 7HOHID[ (0DLO RGHU 606 YJO '21$76&+ I +857$'2 32=2 5] &25%2= 5] ]X $UW ELV 921 ,16:<'(5 LQ 1,**/,:,35b&+7,*(5 %DVOHU .RPP ]X $UW ELV 6W*% 5] %*( ,9 ( %*HU 3 ( %*HU 3 ( 75(&+6(//,(%(5 LQ 75(&+6(/ HW DO .RPP ]X $UW ELV 6W*% 5] 675$7(1:(57+-(11<%200(5 5] 6&+8/7= 1,('(5(5 0(7=*(5 '21$76&+ %*( ,9 ( XQG 9JO %*HU %B ( VLHKH DEHU 0(7=*(5 ZRQDFK DXFK GHU ,QKDOW HLQHV *H VSUlFKV ]% EHWUHIIHQG (KHSUREOHPH HLQ ,QGL] IU GHVVHQ 9HUWUDXOLFKNHLW VHL ZRPLW HV DXFK GDQQ HLQ QLFKW|IIHQWOLFKHV VHLQ N|QQH ZHQQ 'ULWWH SUREOHPORV PLWK|UHQ N|QQHQ 0( LVW GLH VH $XIIDVVXQJ QLFKW ]X WHLOHQ GD VLH GLH $EJUHQ]XQJ GHV VWUDIEDUHQ YRP QLFKW VWUDIEDUHQ 9HU KDOWHQ HUKHEOLFK HUVFKZHUW 675$7(1:(57+-(11<%200(5 5] 6&+8/7= I 1,('(5(5 0(7=*(5 12// &25%2= 5] ]X $UW ELV 6W*% YJO DEHU DXFK '21$76&+ QDFK GHVVHQ $XIIDVVXQJ GLH Ä8QWHUUHGXQJ LQ HLQHP 9HUNHKUVPLWWHO³ |IIHQWOLFK VHL 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H 6RPLW GUIWH DXFK GHUMHQLJH GHU LP 5DKPHQ HLQHU 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP JHIKUWH IUHPGH *HVSUlFKH DEK|UW XQG DXI]HLFKQHW UHJHOPlV VLJ ]XPLQGHVW REMHNWLY GHQ 7DWEHVWDQG YRQ $UW ELV $EV 6W*% HUIOOHQ 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG ZHLWHUHU 6WUDIEHVWLPPXQJHQ )U GLH 9LGHREHUZDFKXQJ YRQ %HGHXWXQJ VLQG ]XQlFKVW GLH VSH]LILVFKHQ LP =X VDPPHQKDQJ PLW GHU 9LGHREHUZDFKXQJ HUODVVHQHQ 6WUDIEHVWLPPXQJHQ 6R ZLUG HWZD LP 3%* XQG LP (%* HLQH $XI]HLFKQXQJ $XIEHZDKUXQJ 1XW]XQJ RGHU %H NDQQWJDEH YRQ 9LGHRVLJQDOHQ XQWHU 9HUOHW]XQJ GHU LQ $UW 3%* E]Z $UW E (%* QRUPLHUWHQ 9RUVFKULIWHQ XQWHU 6WUDIH JHVWHOOW YJO $UW 3%* E]Z $UW D %VW I (%* $XFK $UW 9LGHR*)5 HQWKlOW HLQH VSH]LILVFKH 6WUDIEHVWLPPXQJ LP =XVDPPHQKDQJ PLW GHU 9LGHREHUZDFKXQJ GHV |IIHQWOLFKHQ *UXQGV :HLWHUH 6WUDI EHVWLPPXQJHQ N|QQHQ VLFK LP =XVDPPHQKDQJ PLW GHU 9LGHREHUZDFKXQJ HEHQ IDOOV DOV UHOHYDQW HUZHLVHQ +LQ]XZHLVHQ LVW HWZD DXI $UW L9P $UW $EV %* EHU GHQ 6FKXW] PLOLWlULVFKHU $QODJHQ ZHOFKH MHGHV )RWRJUDILHUHQ )LOPHQ RGHU VRQVWLJH $XIQHKPHQ PLOLWlULVFKHU $QODJHQ XQWHU 6WUDIH VWHOOHQ RGHU DXI $UW .LU FKHQRUGQXQJ*/ EHWUHIIHQG 9LGHRDXIQDKPHQ ZlKUHQG *RWWHVGLHQVWHQ XQG NLUFKOL FKHQ +DQGOXQJHQ )U GHQ )DOO GDVV HLQ %HVWDQG DQ 9LGHRDXI]HLFKQXQJHQ DOV 'DWHQVDPPOXQJ ]X TXD OLIL]LHUHQ LVW E]Z PLW HLQHU 'DWHQVDPPOXQJ YHUNQSIW LVW LVW VRGDQQ $UW QRYLHV 6W*% YRQ %HGHXWXQJ GHU HLQ XQEHIXJWHV %HVFKDIIHQ YRQ QLFKW IUHL ]XJlQJOLFKHQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ RGHU 3HUV|QOLFKNHLWVSURILOHQ DXV HLQHU 'DWHQVDPPOXQJ XQWHU 6WUDIH VWHOOW ,P =XVDPPHQKDQJ PLW GHU 9LGHREHUZDFKXQJ LVW DXFK DXI $UW ELV 6W*% Ä'DWHQEHVFKlGLJXQJ³ KLQ]XZHLVHQ 1DFK $EV GLH VHU %HVWLPPXQJ PDFKW VLFK VWUDIEDU ZHU XQEHIXJW HOHNWURQLVFK RGHU LQ YHUJOHLFKED UHU :HLVH JHVSHLFKHUWH RGHU EHUPLWWHOWH 'DWHQ YHUlQGHUW O|VFKW RGHU XQEUDXFKEDU PDFKW 'LH 9LGHRDXI]HLFKQXQJHQ VLQG GDPLW YRU 0DQLSXODWLRQHQ DXFK VWUDIUHFKW OLFK JHVFKW]W =X HULQQHUQ LVW VRGDQQ DQ GLH 6WUDIEDUNHLW HLQHU XQEHIXJWHQ 'DWHQEH VFKDIIXQJ $UW 6W*% XQG GHU EHUHLWV LQ GHUHQ 9RUIHOG DQJHVLHGHOWHQ 6WUDIEDUNHLW GHV XQEHIXJWHQ (LQGULQJHQV LQ HLQ 'DWHQYHUDUEHLWXQJVV\VWHP 'D]X YRUQH 7HLO 9 1LFKW IUHL ]XJlQJOLFK VLQG EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ XQG 3HUV|QOLFKNHLWVSURIL OH ZHQQ VLFK GHU 7lWHU ]X GHUHQ %HVFKDIIXQJ LQ 5lXPOLFKNHLWHQ EHJHEHQ RGHU VLFK DQ $QOD JHQ ]X VFKDIIHQ PDFKHQ PXVV ]X GHQHQ HU NHLQH =XWULWWVEHUHFKWLJXQJ KDW VLHKH %RWVFK '6* =XP Ä9LUHQWDWEHVWDQG³ YRQ $EV YJO %*( ,9 1DFK $EV GLHVHU %HVWLPPXQJ PDFKW VLFK VWUDIEDU ZHU LQ GHU $EVLFKW VLFK RGHU HLQHQ DQ GHUQ XQUHFKWPlVVLJ ]X EHUHLFKHUQ VLFK RGHU HLQHP DQGHUQ HOHNWURQLVFK RGHU LQ YHUJOHLFKEDUHU :HLVH JHVSHLFKHUWH RGHU EHUPLWWHOWH 'DWHQ EHVFKDIIW GLH QLFKW IU LKQ EHVWLPPW XQG JHJHQ VHLQHQ XQEHIXJWHQ =XJULII EHVRQGHUV JHVLFKHUW VLQG %RWVFK bQG 6W*% 06W* /9* 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV $UW ELV 6W*% =XU (UIOOXQJ GHV 7DWEHVWDQGV YRQ $UW ELV 6W*% LVW NHLQH %H UHLFKHUXQJVDEVLFKW YRUDXVJHVHW]W 'HU 7DWEHVWDQG VFKW]W JHVLFKHUWH 'DWHQYHUDUEHL WXQJVV\VWHPH YRU HLQHP (LQGULQJHQ YRQ Ä+DFNHUQ³ DXI GHP :HJH YRQ 'DWHQEHU WUDJXQJVHLQULFKWXQJHQ 'DPLW VROO NODUJHVWHOOW ZHUGHQ GDVV QXU GHU 0LVVEUDXFK YRQ Ä'DWHQEHUPLWWOXQJVNDQlOHQ³ QLFKW DEHU ]% GDV (LQGULQJHQ GHV 7lWHUV LQ &RPSX WHUUlXPOLFKNHLWHQ QDFK $UW ELV 6W*% VWUDIEDU LVW $QJULIIVREMHNW LVW GDV 'D WHQYHUDUEHLWXQJVV\VWHP DQ VLFK XQG QLFKW GLH GDULQ HQWKDOWHQHQ 'DWHQ 1DFK $UW ELV 6W*% PDFKW VLFK VRPLW GHUMHQLJH JUXQGVlW]OLFK VWUDIEDU GHU VLFK EHU HLQH 'DWHQOHLWXQJ ]% GDV ,QWHUQHW RGHU HLQ /RFDO $UHD 1HWZRUN /$1 XQEHIXJ WHUZHLVH =XJDQJ ]X HLQHP 9LGHREHUZDFKXQJVV\VWHP YHUVFKDIIW =X EHUFNVLFKWLJHQ LVW VRGDQQ GDVV GXUFK $UW VH[LHV 6W*% VFKRQ JHZLVVH 9RUEH UHLWXQJVKDQGOXQJHQ LP =XVDPPHQKDQJ PLW HLQHP VWUDIEDUHQ %HREDFKWHQ XQG $XI QHKPHQ XQWHU 6WUDIH JHVWHOOW ZHUGHQ VRIHUQ VLH WHFKQLVFKH *HUlWH EHWUHIIHQ ZHOFKH LQVEHVRQGHUH GHP ZLGHUUHFKWOLFKHQ $EK|UHQ RGHU GHU ZLGHUUHFKWOLFKHQ 7RQ RGHU %LOGDXIQDKPH GLHQHQ (UIDVVW ZHUGHQ YRQ $UW VH[LHV 6W*% VROFKH *HUlWH GLH VLFK DXIJUXQG LKUHU .RQVWUXNWLRQ EHVRQGHUV ]X HLQHU LOOHJDOHQ 9HUZHQGXQJ HLJQHQ =X GHQNHQ LVW DQ *HUlWH ZHOFKH DOV *HEUDXFKVJHJHQVWlQGH JHWDUQW RGHU VR NOHLQ VLQG GDVV VLH DXFK RKQH VSH]LHOO JHWDUQW ]X ZHUGHQ PLW JURVVHU /HLFKWLJNHLW YHUVWHFNW RGHU LUJHQGZR HLQJHEDXW ZHUGHQ N|QQHQ 5LFKWLJHUZHLVH HUIDVVW $UW VH[LHV 6W*% VROFKH ± DXI GHP 0DUNW GXUFKDXV HUKlOWOLFKH ± 9LGHRNDPHUDV ZHOFKH ]% DOV 5DXFKPHOGHU RGHU .XJHOVFKUHLEHU JHWDUQW VLQG VRZLH 0LQLNDPHUDV ZHOFKH JHUDGH GD]X HQWZLFNHOW ZXUGHQ XQDXIIlOOLJ YHUZHQGHW ]X ZHUGHQ 'DPLW ZLUG OHW]WOLFK GHP GDWHQVFKXW]UHFKWOLFKHQ *UXQGVDW] GHU (UNHQQEDUNHLW GHU 'DWHQEHDUEHLWXQJ PLW WHOEDU DXFK VWUDIUHFKWOLFK 1DFKGUXFN YHUOLHKHQ )UDJOLFK LVW RE GLH 9HU|IIHQWOLFKXQJ YRQ 9LGHRVHTXHQ]HQ ZHOFKH LQ |IIHQWOLFK ]X JlQJOLFKHQ 5lXPHQ VWDWWJHIXQGHQH *HZDOWWDWHQ ]HLJHQ GHQ 6WUDIWDWEHVWDQG GHU *HZDOWGDUVWHOOXQJ JHPlVV $UW 6W*% HUIOOW 5LFKWLJHUZHLVH NDQQ GLHV QLFKW DXVJHVFKORVVHQ ZHUGHQ GD DXFK 9LGHRDXI]HLFKQXQJHQ DXI HLQGULQJOLFKH :HLVH JUDXVDPH *HZDOWWlWLJNHLWHQ ± ]% HLQHQ lXVVHUVW EUXWDOHQ hEHUIDOO HLQH 9HUJHZDO WLJXQJ RGHU HLQHQ 0RUG ± GDUVWHOOHQ N|QQHQ 6RIHUQ VLFK GHU 6WDDW ]XU 9HU|IIHQWOL FKXQJ GHV %LOGPDWHULDOV DXI HLQH JHVHW]OLFKH *UXQGODJH VWW]HQ NDQQ XQG GLH 9HU|I IHQWOLFKXQJ DXFK YHUKlOWQLVPlVVLJ LVW NDQQ HU VLFK ]X GHUHQ 5HFKWIHUWLJXQJ MHGRFK %RWVFK bQG 6W*% 06W* /9* %*HU %B ( *HVFKW]W ZLUG OHW]WOLFK GHU $QVSUXFK GHV %HWUHLEHUV HLQHU 'DWHQ YHUDUEHLWXQJVDQODJH GDUDXI ÄGDVV VHLQ 6\VWHP DOV WHFKQLVFKH $QODJH DEHU DXFK GLH GDPLW DE JHZLFNHOWH 'DWHQYHUDUEHLWXQJ XQG 'DWHQEHUPLWWOXQJ XQJHVW|UW YRQ (LQJULIIHQ 8QEHUHFKWLJWHU EHWULHEHQ ZHUGHQ NDQQ³ *HVFKW]W ZLUG VRPLW GLH )UHLKHLW GHV %HUHFKWLJWHQ EHU GLH =X JDQJVEHUHFKWLJXQJ ]X HLQHU JHVLFKHUWHQ 'DWHQYHUDUEHLWXQJVDQODJH XQG GHQ GDULQ JHVSHLFKHU WHQ 'DWHQ ]X HQWVFKHLGHQ YJO %*HU %B ( 2*HU =+ 8UWHLO YRP 1RYHPEHU 6-= II 'D]X KLQWHQ 7HLO 9, & XQG 7HLO 9, ) 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H DXI $UW 6W*% EHUXIHQ *HVHW]OLFKH 5HFKWIHUWLJXQJVJUQGH IU 3ULYDWH VLQG MH GRFK QLFKW HUVLFKWOLFK 'D HV LG5 DP 9RUOLHJHQ HLQHU ÄXQPLWWHOEDUHQ QLFKW DQGHUV DEZHQGEDUHQ *HIDKU³ PDQJHOQ ZLUG GUIWH LQVEHVRQGHUH HLQH %HUXIXQJ DXI 1RW VWDQG $UW I 6W*% LP $OOJHPHLQHQ VFKHLWHUQ =X SUIHQ EOHLEW RE VLFK GHUMHQLJH ZHJHQ +DXVIULHGHQVEUXFKV QDFK $UW 6W*% VWUDIEDU PDFKW GHU PLW HLQHU 9LGHRNDPHUD LQ GXUFK GDV +DXVUHFKW JHVFKW]WH UlXP OLFKH %HUHLFKH KLQHLQ ILOPW RKQH GLHVH 5lXPH DEHU ]X EHWUHWHQ 0DQJHOV HLQHV SK\ VLVFKHQ (LQGULQJHQV ZLUG GHU 7DWEHVWDQG GHV +DXVIULHGHQVEUXFKV MHGRFK GDGXUFK QLFKW HUIOOW 6FKOLHVVOLFK LVW GDUDXI KLQ]XZHLVHQ GDVV GLH SULYDWH 9LGHREHUZDFKXQJ QLFKW GHV KDOE XQUHFKWPlVVLJ LVW ZHLO VLH GLH JHVHW]OLFKHQ 9RUDXVVHW]XQJHQ QLFKW HUIOOW ZHO FKH IU HLQH DPWOLFKH hEHUZDFKXQJ PLW WHFKQLVFKHQ *HUlWHQ JHOWHQ & 'HU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ $OOJHPHLQH %HPHUNXQJHQ 'HU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ LVW EHNDQQWHUPDVVHQ QLFKW QXU HLQ VSH]LILVFK GDWHQVFKXW]UHFKWOLFKHV 3ULQ]LS VRQGHUQ VWHOOW YLHOPHKU HLQHQ DOOJHPHLQHQ 5HFKWV JUXQGVDW] GDU (U KDW QLFKW QXU *HOWXQJ LP 3ULYDWUHFKW YJO $UW =*% VRQGHUQ DXFK LP |IIHQWOLFKHQ 5HFKW ,Q $UW $EV %9 ZLUG HU DOV UHFKWVVWDDWOLFKHU 9HU IDVVXQJVJUXQGVDW] IHVWJHVFKULHEHQ XQG GDPLW LQ VHLQHU IXQGDPHQWDOHQ %HGHXWXQJ LP XQG IU GHQ GHPRNUDWLVFKHQ 5HFKWVVWDDW KHUYRUJHKREHQ (U JHELHWHW HLQ 9HU 'D]X LP (LQ]HOQHQ 68/=(5675$660$11=8%(5 I 'HQNEDU LVW K|FKVWHQV GLH $QUXIXQJ GHV DXVVHUJHVHW]OLFKHQ 5HFKWIHUWLJXQJVJUXQGV GHU :DK UXQJ EHUHFKWLJWHU ,QWHUHVVHQ YJO ]X GLHVHP 5HFKWIHUWLJXQJVJUXQG %*( ,9 ( 9JO 75(&+6(/),1*(5+87 .RPP ]X $UW 6W*% 5] %*HU %B ( Ä'DV %XQGHVJHVHW] EHWUHIIHQG GLH hEHUZDFKXQJ GHV 3RVW XQG )HUQPHOGHYHUNHKUV %h3) 65 XQG GLH %HVWLPPXQJHQ GHU 6WUDISUR]HVVRUGQXQJ GHV .DQWRQV =ULFK EHWUHIIHQG GHQ (LQVDW] YRQ WHFKQLVFKHQ hEHUZDFKXQJVJHUlWHQ II 6W32=+ VLQG DOOHLQ DXI DPWOLFK DQJHRUGQHWH hEHUZDFKXQJHQ DQZHQGEDU 6LH ILQGHQ DXI GLH %HZHLVHUKHEXQJ EH]LHKXQJVZHLVH GLH %HVFKDIIXQJ YRQ %HZHLVPLWWHOQ GXUFK 3ULYDWSHUVRQHQ NHLQH $QZHQGXQJ 'DVV GLH DPWOLFKH $QRUGQXQJ HLQHU hEHUZDFKXQJVPDVVQDKPH EHLVSLHOV ZHLVH GHU $XIQDKPH HLQHV *HVSUlFKV DXI HLQHQ 7RQWUlJHU RGHU GHU $XIQDKPH HLQHU 7DWVDFKH DXI HLQHQ %LOGWUlJHU QDFK GHQ KLHIU HLQVFKOlJLJHQ %HVWLPPXQJHQ HWZD PDQJHOV GHV KLQUHL FKHQGHQ 9HUGDFKWV HLQHU .DWDORJWDW XQ]XOlVVLJ ZlUH LVW NHLQ +LQZHLV GDIU GDVV HLQH GHUDUWL JH %HZHLVPLWWHOEHVFKDIIXQJ GXUFK HLQH 3ULYDWSHUVRQ XQUHFKWPlVVLJ VHL³ =XU 9HUZHUWXQJ SUL YDWHU 9LGHRDXIQDKPHQ LP 6WUDIYHUIDKUHQ YJO DXFK KLQWHQ 7HLO 9 9JO .1$33 5] 52+1(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] (U LVW DXFK DOV DOOJHPHLQHU 5HFKWVJUXQGVDW] LP 9|ONHUUHFKW DQHUNDQQW YJO ]% $UW XQG $UW $EV 95. IHUQHU +$1*$571(5 .RPP ]X $UW 5] .,(1(5.b/,1 9JO VWDWW YLHOHU :$/7(5 'URLW SXEOLF PDWpULHO 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV KDOWHQ QDFK 7UHX XQG *ODXEHQ QLFKW QXU LP 9HUKlOWQLV 6WDDW ± %UJHU VRQGHUQ DXFK LP 9HUKlOWQLV GHU %UJHU XQWHUHLQDQGHU ,Q $UW %9 ZLUG GHP *UXQGVDW] YRQ 7UHX XQG *ODXEHQ EHU VHLQH %HGHXWXQJ LQ $UW $EV %9 KLQDXV DXFK GLH 4XDOLWlW HLQHV VHOEVWlQGLJHQ YHUIDVVXQJVPlVVLJHQ 5HFKWV HLQHV *UXQGUHFKWV ]XHU NDQQW $XIJUXQG GHU UHJHOPlVVLJ EHVWHKHQGHQ 0DFKWJHIlOOH XQG ,QIRUPDWLRQVDV\PPHWULHQ EHL GHU %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ LVW HV ULFKWLJ GDV 3ULQ]LS YRQ 7UHX XQG *ODXEHQ DOV %HDUEHLWXQJVJUXQGVDW] DXVGUFNOLFK LQ GHU 'DWHQVFKXW]JHVHW]JHEXQJ ]X YHUDQNHUQ %HL GHU 'DWHQEHDUEHLWXQJ LVW 5FNVLFKW DXI GLH ,QWHUHVVHQ GHV YRQ GHU 'DWHQEHDUEHLWXQJ %HWURIIHQHQ ]X QHKPHQ XQG PLW GHVVHQ 'DWHQ P|JOLFKVW VFKRQHQG XP]XJHKHQ $Q GHU 'DWHQEHDUEHLWXQJ PXVV ]XGHP HLQ YHUQQIWLJHV ,Q WHUHVVH EHVWHKHQ 'HP GDWHQVFKXW]UHFKWOLFKHQ *UXQGVDW] YRQ 7UHX XQG *ODXEHQ NRPPW DEHU LP :HVHQWOLFKHQ GLH )XQNWLRQ HLQHU *HQHUDONODXVHO ]X GLH GDQQ 6FKXW] ELHWHW ZHQQ HLQ 9HUKDOWHQ QLFKW GXUFK DQGHUH VSH]LILVFKHUH %HDUEHLWXQJV JUXQGVlW]H ± ZLH ]% GLH *UXQGVlW]H GHU 5HFKWPlVVLJNHLW RGHU GHU (UNHQQEDUNHLW GHU 'DWHQEHVFKDIIXQJ ± HUIDVVW ZLUG 6HOEVWlQGLJH %HGHXWXQJ HUODQJW GHU *UXQG VDW] YRQ 7UHX XQG *ODXEHQ DEHU EHLVSLHOVZHLVH LQVRIHUQ DOV HU HLQH 9HUSIOLFKWXQJ $OVR HLQ 9HUKDOWHQ GDV ZHGHU ZLGHUVSUFKOLFK QRFK UHFKWVPLVVEUlXFKOLFK RGHU WlXVFKHQG VRQGHUQ OR\DO YHUWUDXHQVZUGLJ YRUKHUVHKEDU YHUOlVVOLFK XQG EHUHFKHQEDU LVW YJO HWZD +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 52+1(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0$+21 LQ $8%(570$+21 .RPP ]X $UW %9 5] 0h//(56&+()(5 'D]X HWZD %($75,&( :(%(5'h5/(5 1HXHUH (QWZLFNOXQJ GHV 9HUWUDXHQVVFKXW]HV =%O II I +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] I 1DFK GHU $XIIDVVXQJ YRQ *5,6(/ (JDOLWp 5] II NRPPW $UW $EV %9 MH GRFK NHLQH XQPLWWHOEDUH *HOWXQJ XQWHU 3ULYDWHQ ]X ,P (LQ]HOQHQ (/,6$%(7+ &+,$5,(//2 7UHX XQG *ODXEHQ DOV *UXQGUHFKW QDFK $UW GHU VFKZHL]HULVFKHQ %XQGHVYHUIDVVXQJ 'LVV %HUQ 0h//(56&+()(5 %,$**,1, .RPP ]X $UW %9 5] +b)(/,1+$//(5.(//(5 5] II ,P 9HUZDOWXQJVUHFKW DNWXDOLVLHUW VLFK GHU JUXQGUHFKWOLFKH 6FKXW] YRQ 7UHX XQG *ODXEHQ $UW %9 YRU DOOHP DOV $QVSUXFK DXI 9HUWUDXHQVVFKXW] XQG DOV 9HUERW UHFKWVPLVVEUlXFKOLFKHQ RGHU ZLGHUVSUFKOL FKHQ 9HUKDOWHQV YJO HWZD .,(1(5.b/,1 II 52+1(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II 0h//(56&+()(5 II +b)(/,10h//(5 8+/0$11 5] 'XUFK GDV :LOONUYHUERW ZLUG GHU 6WDDW LQ VHLQHP +DQGHOQ DEHU JDQ] DOO JHPHLQ DXI 5DWLRQDOLWlW 6DXEHUNHLW XQG %HUFNVLFKWLJXQJ GHU *HUHFKWLJNHLW DQ VLFK YHUSIOLFK WHW VLHKH 8+/0$11 5] II 'LH (05. NHQQW NHLQH $UW %9 HQWVSUHFKHQGH *DUDQWLH YRQ 7UHX XQG *ODXEHQ YJO 0h//(56&+()(5 .,(1(5.b/,1 'HQQRFK ILQGHQ VLFK DXFK LQ GHU (05. %H]JH ]XP *UXQGVDW] YRQ 7UHX XQG *ODXEHQ YJO ]% $UW (05. *5,6(/ (JDOLWp 5] 9JO $UW $EV '6* $UW %VW D ('6h $UW $EV %VW D (*'65/ $XFK GLH .DQ WRQH QRUPLHUHQ GHQ *UXQGVDW] YRQ 7UHX XQG *ODXEHQ WHLOZHLVH DXVGUFNOLFK DOV %HDUEHLWXQJV JUXQGVDW] YJO ]% $UW $EV '6*85 $EV %VW D ,QIR'*62 6&+0,' - 0(,(5 5] 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H HQWKlOW EHU 'DWHQVFKXW]SDQQHQ ]X LQIRUPLHUHQ 9RQ EHVRQGHUHU %HGHXWXQJ LVW GHU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ DXFK DXIJUXQG GHU LQ LKP HQWKDOWHQHQ 9HU SIOLFKWXQJ GDVV MHGHU 'DWHQEHDUEHLWXQJVYRUJDQJ WUDQVSDUHQW VHLQ PXVV XQG QLFKW QXU HWZD GLH %HVFKDIIXQJ GHU 3HUVRQHQGDWHQ IU GHQ %HWURIIHQHQ HUNHQQEDU ]X HU IROJHQ KDW ZLH GLHV ]% $UW $EV '6* YHUPXWHQ OLHVVH 'HP *UXQGVDW] YRQ 7UHX XQG *ODXEHQ HQWIOLHVVHQ VRPLW ,QIRUPDWLRQV XQG $XINOlUXQJVSIOLFKWHQ ]X PLQGHVW VRZHLW GHU (LQ]HOQH QLFKW PLW GHU ZHLWHUHQ 'DWHQEHDUEHLWXQJ UHFKQHQ PXVV 'HU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ NDQQ HV ]XGHP JHELHWHQ HLQHP $XVNXQIWV XQG (LQVLFKWVEHJHKUHQ DXFK GDQQ VWDWW]XJHEHQ ZHQQ NHLQH 'DWHQ VDPPOXQJ YRUOLHJW =X EHUFNVLFKWLJHQ EOHLEW GDVV GLH VSH]LILVFKHQ 'DWHQEHDUEHLWXQJVJUXQGVlW]H DOOH VDPW DXFK DOV .RQNUHWLVLHUXQJ GHV *UXQGVDW]HV YRQ 7UHX XQG *ODXEHQ IU GHQ %H UHLFK GHU 'DWHQEHDUEHLWXQJ YHUVWDQGHQ ZHUGHQ N|QQHQ ZRPLW GHUHQ 9HUOHW]XQJ LPPHU DXFK HLQHQ 9HUVWRVV JHJHQ 7UHX XQG *ODXEHQ GDUVWHOOW %HL GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ )U GLH 9LGHREHUZDFKXQJ NDQQ VLFK GHU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ ]X QlFKVW LQ VHLQHU 9HUSIOLFKWXQJ ]XU ,QIRUPDWLRQ EHU 'DWHQVFKXW]SDQQHQ DNWXDOLVLH UHQ 'LHV HWZD GDQQ ZHQQ 9LGHRDXI]HLFKQXQJHQ YHUVHKHQWOLFK 'ULWWHQ ]XJlQJOLFK JHPDFKW ZHUGHQ RGHU %LOGPDWHULDO HQWZHQGHW ZLUG $XFK GLH GXUFK GHQ *UXQGVDW] YRQ 7UHX XQG *ODXEHQ JHERWHQH 7UDQVSDUHQ] VlPWOL FKHU 'DWHQEHDUEHLWXQJVYRUJlQJH LVW IU GLH 9LGHREHUZDFKXQJ YRQ %HGHXWXQJ 'HU (LQ]HOQH PXVV ZHQQ HU HLQHQ EHUZDFKWHQ 5DXP EHWULWW LQ GHU 5HJHO QXU GDPLW UHFKQHQ GDVV LKQ EHWUHIIHQGH 3HUVRQHQGDWHQ EHVFKDIIW DEHU QLFKW GDVV VHLQH 3HUVR QHQGDWHQ DXFK HLQHU ZHLWHUHQ %HDUEHLWXQJ XQWHU]RJHQ ZHUGHQ )LQGHW HLQH VROFKH 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 0(,(5 5] 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] GD]X DXFK KLQWHQ 7HLO 9, ) =XP 9RUOLHJHQ HLQHU 'DWHQVDPPOXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ YJO YRUQH 7HLO 9 9JO KLQWHQ 7HLO 9 % 6R EHGHXWHW HLQ 9HUVWRVV JHJHQ GHQ *UXQGVDW] GHU (UNHQQEDUNHLW DXFK HLQH 9HUOHW]XQJ GHV *UXQGVDW]HV YRQ 7UHX XQG *ODXEHQ YJO %RWVFK '6* 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 58',1 'DWHQVFKXW]JHVHW]H I -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] ('6% 7% %HL HLQHU 'DWHQEHDUEHLWXQJ JHJHQ GHQ :LOOHQ GHV %HWURIIHQHQ YHUKlOW HV VLFK JOHLFK 67(,1$8(5 'DWHQEHDUEHLWXQJ HEHQVR ZHQQ JHJHQ GHQ *UXQGVDW] GHU =ZHFNELQGXQJ YHUVWRVVHQ ZLUG YJO 0$85(5/$0%52867(,1(5 .RPP ]X $UW '6* 5] 0(,(5 5] %- *XWDFKWHQ YRP 6HSWHPEHU $XJXVW 93% >@ 1U =LII %RWVFK '6* %(5*(5 .85=(1 5] $UW $EV /&3' 1( 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV VWDWW YHUSIOLFKWHW GHU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ ]X HLQHU HQWVSUHFKHQGHQ 8Q WHUULFKWXQJ 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ NDQQ HV GHU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ ]XGHP JHELHWHQ GHP YRQ HLQHU 9LGHREHUZDFKXQJ %HWURIIHQHQ (LQVLFKW LQ GLH $XI]HLFKQXQJHQ ]X JHZlKUHQ XQG ]ZDU DXFK GDQQ ZHQQ NHLQH 'DWHQVDPPOXQJ YRUOLHJW (LQ 9HUVWRVV JHJHQ 7UHX XQG *ODXEHQ OLHJW DXFK GDQQ YRU ZHQQ HLQH hEHUZDFKXQJ PLWWHOV $WWUDSSHQ RGHU :DUQKLQZHLVHQ Ä3ODFHER+LQZHLVWDIHOQ³ OHGLJOLFK YRUJH WlXVFKW ZLUG 'D LQGHVVHQ PDQJHOV HLQHU %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ GHU $Q ZHQGXQJVEHUHLFK GHU 'DWHQVFKXW]JHVHW]JHEXQJ QLFKW HU|IIQHW LVW DNWXDOLVLHUW VLFK GHU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ EHU $UW $EV %9 E]Z EHU $UW XQG $UW =*% ' 'HU 9HUKlOWQLVPlVVLJNHLWVJUXQGVDW] 'HU 9HUKlOWQLVPlVVLJNHLWVJUXQGVDW] KDW *HOWXQJ IU GDV JHVDPWH VWDDWOLFKH +DQ GHOQ ZDV LQ $UW $EV %9 ]XP $XVGUXFN JHEUDFKW XQG IU GHQ )DOO HLQHU *UXQG UHFKWVHLQVFKUlQNXQJ LQ $UW $EV %9 ZLHGHUKROW ZLUG 'HU 9HUKlOWQLVPlV VLJNHLWVJUXQGVDW] LVW LP %HUHLFK GHV 'DWHQVFKXW]HV LQVEHVRQGHUH DXFK LP %HUHLFK GHU SROL]HLOLFKHQ 'DWHQEHDUEHLWXQJ XQG EHL GHU 9LGHREHUZDFKXQJ YRQ KHU DXVUDJHQGHU SUDNWLVFKHU %HGHXWXQJ (V LVW GHVKDOE ULFKWLJ LKQ DOV %HDUEHLWXQJV JUXQGVDW] ]X QRUPLHUHQ $XIJUXQG VHLQHU 9HUDQNHUXQJ LQ $UW $EV '6* ILQ GHW HU DXFK XQPLWWHOEDUH $QZHQGXQJ LP SULYDWHQ %HUHLFK 'HU *UXQGVDW] GHU 9HUKlOWQLVPlVVLJNHLW YHUODQJW GDVV VRZRKO GHU =ZHFN DOV DXFK GLH $UW XQG :HLVH GHU 'DWHQEHDUEHLWXQJ YHUKlOWQLVPlVVLJ VLQG 'LH 'DWHQEHDUEHL WXQJ KDW ]XU (UUHLFKXQJ GHV EHDEVLFKWLJWHQ =ZHFNV ]XQlFKVW JHHLJQHW XQG HUIRUGHU OLFK ]X VHLQ 'HU *UXQGVDW] GHU (UIRUGHUOLFKNHLW YHUODQJW GDVV QXU VROFKH 'DWHQ EH DUEHLWHW ZHUGHQ ZHOFKH IU HLQHQ EHVWLPPWHQ =ZHFN REMHNWLY WDWVlFKOLFK QRWZHQGLJ 9JO KLQWHQ 7HLO 9 % 9JO KLQWHQ 7HLO 9 % 'HP 9HUKlOWQLVPlVVLJNHLWVJUXQGVDW] NRPPW QXU GLH %HGHXWXQJ HLQHV YHUIDVVXQJVPlVVLJHQ 3ULQ]LSV QLFKW DEHU HLQHV *UXQGUHFKWV ]X YJO %*( , ( 6&+:(,=(5 (QWZLFNOXQJHQ 3ULQFLSOHV XQG 5HF 9JO &'&- *XLGLQJ SULQFLSOHV =LII 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 9JO $UW $EV '6* $UW $EV .'6*%( $UW $EV /&3'1( $UW $EV '6*85 $EV %VW D ,QIR'*62 $EV ,'*=+ $UW '6FK*)5 $UW /3' -8 $UW %VW F XQG H ('6h $UW $EV %VW F XQG H (*'65/ %RWVFK '6* 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] $/7+$86 67b03)/, 3(7(5 I :(%(5 5+ +HUDXV IRUGHUXQJHQ 6&+0,' - 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H VLQG 8Q]XOlVVLJ LVW GDPLW HLQ 6DPPHOQ YRQ 3HUVRQHQGDWHQ ÄDXI 9RUUDW³ 9HUODQJW ZLUG VRGDQQ HLQ YHUQQIWLJHV 9HUKlOWQLV ]ZLVFKHQ GHP %HDUEHLWXQJV]ZHFN XQG GHU %HHLQWUlFKWLJXQJ GHU 3HUV|QOLFKNHLW GHV YRQ GHU 'DWHQEHDUEHLWXQJ %HWURIIHQHQ 9HUKlOWQLVPlVVLJNHLW YRQ (LQJULIIV]ZHFN XQG (LQJULIIVZLUNXQJ 'LH 'DWHQEHDU EHLWXQJ KDW GHQ %HWURIIHQHQ VRZRKO KLQVLFKWOLFK LKUHV =ZHFNV DOV DXFK LKUHU 0LWWHO ]XPXWEDU ]X VHLQ VRJ 9HUKlOWQLVPlVVLJNHLW LH6 'HP 9HUKlOWQLVPlVVLJNHLWVSULQ]LS LQVEHVRQGHUH GHP (UIRUGHUOLFKNHLWVJUXQGVDW] HQWIOLHVVHQ GLH ZLFKWLJHQ 3ULQ]LSLHQ GHU 'DWHQYHUPHLGXQJ XQG GHU 'DWHQVSDUVDP NHLW 6FKRQ GDV 'DWHQYHUDUEHLWXQJVV\VWHP DOV VROFKHV KDW WHFKQLVFK XQG RUJDQLVDWR ULVFK VR NRQ]LSLHUW XQG HLQJHVWHOOW ]X VHLQ GDVV QLFKW PHKU XQG QLFKW IU HLQHQ OlQ JHUHQ =HLWUDXP 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ DOV HV ]XU (UUHLFKXQJ GHV =ZHFNV XQXPJlQJOLFK LVW 'DPLW ]XVDPPHQ KlQJW GDV *HERW GDWHQVFKXW]IUHXQGOLFKH 7HFKQRORJLHQ HLQ]XVHW]HQ 'LH 9HUKlOWQLVPlVVLJNHLW GHU %HVFKDIIXQJ YRQ 3HUVRQHQGDWHQ GXUFK 9LGHREHUZD FKXQJVPDVVQDKPHQ EHGDUI HLQHU GLIIHUHQ]LHUWHQ 3UIXQJ LP (LQ]HOIDOO LQVEHVRQGH UH XQWHU %HUFNVLFKWLJXQJ YRQ (LQVDW]RUW XQG (LQVDW]]ZHFN GHU 9LGHREHUZD FKXQJ GHU WHFKQLVFKHQ $XVJHVWDOWXQJ GHV 6\VWHPV GHU $XIEHZDKUXQJVGDXHU GHU 9LGHRDXI]HLFKQXQJHQ GHU .DWHJRULHQ GHU 'DWHQHPSIlQJHU VRZLH GHU JHWURIIHQHQ 6FKXW]YRUNHKUXQJHQ ]XU 9HUPHLGXQJ YRQ 9HUOXVW RGHU 0LVVEUlXFKHQ GHV %LOGPDWH ULDOV (LQH VRUJIlOWLJH 3UIXQJ LVW DXFK EH]JOLFK GHU 9HUKlOWQLVPlVVLJNHLW GHU VLFK GHU %HVFKDIIXQJ GHV $XI]HLFKQXQJVPDWHULDOV DQVFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH XQXPJlQJOLFK $XI GLH 9HUKlOWQLVPlVVLJNHLW YRQ 9LGHREHUZDFKXQJVPDVVQDKPHQ XQG GHU VLFK LKU DQVFKOLHVVHQGHQ 'DWHQEHDUEHLWXQJVYRUJlQJH ZLUG LP KLQWHUHQ 7HLO GHU 8QWHUVXFKXQJ JHVRQGHUW HLQJHJDQJHQ 9JO GD]X %9*( ( XQG %9*HU $ ( 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] II '(6&+(1$8;67(,1$8(5 5] F 3(7(5 %RWVFK '6* 0$85(5/$0%52867(,1(5 LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] II :$/7(5 &RQYHQWLRQ %*( ,, ( E ('6. 8UWHLO YRP $XJXVW 93% 1U ( EDD %- *XWDFKWHQ YRP -XOL 93% 1U =LII %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII I 9JO ]XP 9HUKlOWQLVPlVVLJNHLWVJUXQGVDW] DXFK KLQWHQ 7HLO ,9 $ 9JO ,'*=+ 'D]X YRUQH 7HLO , ' =XP *DQ]HQ +(/087 %b80/(5 'DWHQYHUPHLGXQJ XQG 'DWHQVSDU VDPNHLW LQ %$(5,6:</58',1 II %$(5,6:</58',1 1HXH $QVlW]H IU HLQHQ HIIHNWL YHQ 'DWHQVFKXW] LQ %$(5,6:</58',1 II YJO LQVE DXFK ,'$*$* 6LHKH KLQWHQ 7HLO ,9 VWDDWOLFKH 9LGHREHUZDFKXQJ XQG 7HLO ,, % E SULYDWH 9LGHR EHUZDFKXQJ 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV ( 'HU *UXQGVDW] GHU =ZHFNELQGXQJ $OOJHPHLQH %HPHUNXQJHQ $UW $EV '6* YHUODQJW GDVV 3HUVRQHQGDWHQ QXU ]X GHP =ZHFN EHDUEHLWHW ZHU GHQ ÄGHU EHL GHU %HVFKDIIXQJ DQJHJHEHQ ZXUGH DXV GHQ 8PVWlQGHQ HUVLFKWOLFK RGHU JHVHW]OLFK YRUJHVHKHQ LVW³ 'LH .DQWRQH NHQQHQ YHUJOHLFKEDUH %HVWLPPXQ JHQ 'HU *UXQGVDW] GHU =ZHFNELQGXQJ ILQGHW VLFK DXFK LQ LQWHUQDWLRQDOUHFKWOL FKHQ 'DWHQVFKXW]HUODVVHQ 9HUDQNHUW ZLUG GDPLW GDV ± IU GDV 'DWHQVFKXW]UHFKW JUXQGOHJHQGH XQG ]HQWUDOH ± 3ULQ]LS GHU =ZHFNELQGXQJ DXFK =ZHFNELQGXQJVJHERW JHQDQQW *HVFKW]W ZLUG GDV 9HUWUDXHQ GHU YRQ GHU 'DWHQEHDUEHLWXQJ EHWURIIHQHQ 3HUVRQ LQ GHQ %HVWDQG GHV %HDUEHLWXQJV]ZHFNV ZHOFKHU LKU DQJHJHEHQ ZXUGH JHVHW]OLFK YRUJHVHKHQ LVW RGHU YRQ GHP VLH DXIJUXQG GHU NRQNUHWHQ 8PVWlQGH QDFK 7UHX XQG *ODXEHQ DXVJHKHQ GXUIWH XQG PXVVWH 'HU =ZHFNELQGXQJVJUXQGVDW] OHJW VRPLW GLH 6FKZHOOH GHU ]X OlVVLJHQ =ZHFNlQGHUXQJ IHVW XQG VFKW]W GDPLW YRU =ZHFNHQWIUHPGXQJ (U HUJLEW VLFK VFKRQ DXV GHP *UXQGVDW] YRQ 7UHX XQG *ODXEHQ XQG LVW DXFK (OHPHQW GHV 9HUKlOWQLVPlVVLJNHLWVSULQ]LSV GD HU GHQ 'DWHQEHDUEHLWHU DQKDOWHQ VROO ÄGHQ 8P IDQJ HLQHU 'DWHQHUKHEXQJ XQG ZHLWHUYHUDUEHLWXQJ DXI GDV HUIRUGHUOLFKH 0LQLPXP ]X EHVFKUlQNHQ³ *OHLFK]HLWLJ LVW GHP (LQ]HOQHQ JUXQGVlW]OLFK QXU HLQH VROFKH 'DWHQYHUZHQGXQJ ]XPXWEDU ZHOFKH PLW GHP %HVFKDIIXQJV]ZHFN YHUHLQEDU LVW 'D PLW GHP *UXQGVDW] GHU =ZHFNELQGXQJ GLH 9HUZHQGXQJ XQG :HLWHUJDEH HUKREHQHU 'DWHQ EHVFKUlQNW ZLUG GLHQW GDV =ZHFNELQGXQJVJHERW DXFK GHU UHFKWVVWDDWOLFKHQ 0DFKWWHLOXQJ XQG GDPLW OHW]WOLFK HLQHP HIIHNWLYHQ *UXQGUHFKWVVFKXW] 9JO HWZD ,'$*$* $EV ,'*=+ $UW $EV '6*6* 9JO $UW %VW E ('6h 3ULQFLSOH 5HF $UW $EV %VW E (*'65/ 9JO %*( ,, ( :$/7(5 &RQYHQWLRQ I (3,1(<+2)67g77(50(,(5 7+(8(5.$8) 'HU *UXQGVDW] GHU =ZHFNELQGXQJ LVW JHUDGH LP %HUHLFK GHV 3ROL]HLUHFKWV YRQ JUXQGOHJHQGHU %HGHXWXQJ YJO :$/'(1 9JO 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] I 'LH 5HGH LVW DXFK YRP *HERW GHU =ZHFNJHEXQGHQKHLW E]Z 9HUERW GHU =ZHFNHQWIUHPGXQJ YJO 6&+0,' - GHP *UXQGVDW] GHU =ZHFNEH]RJHQKHLW YJO 3(7(5 RGHU ± P( HWZDV PLVVYHUVWlQGOLFK ± GHP =ZHFNPlVVLJNHLWVSULQ]LS YJO %9*HU $ ( 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 6&+:(*/(5 'D WHQVFKXW] LP 3ROL]HLZHVHQ I 6&+0,' - '(6&+(1$8;67(,1$8(5 5] D 67(,1$8(5 'DWHQEHDUEHLWXQJ 8QWHU DXVGUFNOLFKHU %H]XJQDKPH DXI GDV *HERW YRQ 7UHX XQG *ODXEHQ ZLUG GHU *UXQGVDW] GHU =ZHFNELQGXQJ EVSZ LQ $EV '6*7* QRUPLHUW Ä3HUVRQHQGDWHQ GUIHQ QLFKW IU HLQHQ =ZHFN YHUZHQGHW RGHU EHNDQQWJHJHEHQ ZHUGHQ GHU QDFK 7UHX XQG *ODXEHQ PLW GHP XUVSUQJOLFKHQ =ZHFN XQYHUHLQEDU LVW³ :$/'(1 %- *XWDFKWHQ YRP 6HSWHPEHU $XJXVW 93% 1U =LII 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I YRUQH 7HLO 9, & XQG )Q :$/'(1 I 9JO 3)$1'(5 I 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H -HGH 'DWHQEHDUEHLWXQJ KDW ]XQlFKVW LQQHUKDOE HLQHV YRUJlQJLJ GHILQLHUWHQ XQG HLQGHXWLJHQ VRZLH VHOEVWYHUVWlQGOLFK UHFKWPlVVLJHQ =ZHFNV ]X HUIROJHQ 'LH %HDUEHLWXQJ YRQ 'DWHQ IU QLFKW ]XP 9RUDXV IHVWJHVHW]WH =ZHFNH LVW XQ]XOlVVLJ (LQ 'DWHQVDPPHOQ DXI 9RUUDW RKQH QlKHUH =ZHFNEHVWLPPXQJ LVW VRPLW QLFKW QXU XQYHUKlOWQLVPlVVLJ VRQGHUQ VWHKW DXFK QLFKW PLW GHP *UXQGVDW] GHU =ZHFNELQ GXQJ LP (LQNODQJ 'HU 9HU]LFKW DXI HLQH JHQDXH 1RUPLHUXQJ GHV %HDUEHLWXQJV ]ZHFNV YHUXQP|JOLFKW RGHU HUVFKZHUW ]XGHP GLH hEHUSUIXQJ HLQHU 'DWHQEHDUEHL WXQJ DXI LKUH 5HFKWPlVVLJNHLW XQG OlVVW GDV =ZHFNELQGXQJVJHERW LQVJHVDPW OHHU ODXIHQ -H RIIHQHU GLH =ZHFNXPVFKUHLEXQJ LVW GHVWR JU|VVHU LVW DXFK GLH (LQJULIIVLQWHQVLWlW GHU 'DWHQEHDUEHLWXQJ 'HU =ZHFN LVW XPVR HQJHU ]X IDVVHQ MH ZHLWUHLFKHQGHU XQG VFKZHUHU GHU (LQJULII LQ GLH 3ULYDWVSKlUH LVW 'HP 'DWHQEHDUEHLWHU LVW HV VRGDQQ JUXQGVlW]OLFK XQWHUVDJW GHQ XUVSUQJOLFKHQ =ZHFN QDFKWUlJOLFK ]X lQGHUQ RGHU GXUFK HLQHQ DQGHUHQ ]X HUVHW]HQ (LQH =ZHFNlQGHUXQJ YRQ GXUFK 3ULYDWH EHVFKDIIWHQ 'DWHQ LVW K|FKVWHQV GDQQ ]XOlVVLJ ZHQQ HLQH GLH 9HUOHW]XQJ GHV =ZHFNELQGXQJVJHERWV UHFKWIHUWLJHQGH (LQZLOOLJXQJ RGHU HLQ EHUZLHJHQGHV SULYDWHV RGHU |IIHQWOLFKHV ,QWHUHVVH YRUOLHJW RGHU GLH =ZHFNlQGHUXQJ GXUFK *HVHW] JHUHFKWIHUWLJW LVW $UW $EV %VW D L9P $UW $EV '6* %HL GHU EHK|UGOLFKHQ 'DWHQEHDUEHLWXQJ LVW HLQH =ZHFNlQGHUXQJ E]Z Ä8PZLGPXQJ³ JHVWW]W DXI HLQ *HVHW] P|JOLFK 6R DXVGUFNOLFK $UW $EV /3'-8 $OOIlOOLJH 8QNODUKHLWHQ LP =XVDPPHQKDQJ PLW HLQHU QLFKW HLQGHXWLJHQ =ZHFNEHVWLPPXQJ JH KHQ ]X /DVWHQ GHV %HDUEHLWHUV YJO (+0$11+(/)5,&+ .RPP ]X $UW (*'65/ 5] XQG (3,1(<+2)67g77(50(,(57+(8(5.$8) (+0$11+(/)5,&+ .RPP ]X $UW (* '65/ 5] XQG $XVGUFNOLFK HWZD &'&- *XLGLQJ SULQFLSOHV =LII $UW $EV %VW E (*'65/ $UW %VW E ('6h 'HU *UXQGVDW] GHU =ZHFNELQGXQJ YHUODQJW IU VLFK JHQRPPHQ MHGRFK QRFK QLFKW GDVV GHU =ZHFN UHFKWPlVVLJ LVW VLHKH 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] '(6&+(1$8;67(,1$8(5 5] D (+0$11+(/)5,&+ .RPP ]X $UW (*'65/ 5] ([SODQDWRU\ 5HSRUW ('6h =LII 'HP 'DWHQEHDUEHLWHU LVW ]XU )HVWOHJXQJ GHV =ZHFNV DXV %HZHLVJUQGHQ 6FKULIWOLFKNHLW ]X HPSIHKOHQ ]ZLQJHQG LVW GLHV MHGRFK QLFKW YJO 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 9JO YRUQH 7HLO 9, ' 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] ('6% 7% 9JO )/h&.,*(5 /$1* 3ULYDWH 9LGHREHUZDFKXQJ 9JO ('6% 7% :$/'(1 II '(6&+(1$8;67(,1$8(5 5] D ]X %HLVSLHOHQ IU =ZHFNlQGHUXQJHQ YJO KLQWHQ 7HLO 9, ( 526(17+$/ LQ 526(17+$/-g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± ]% PLWWHOV =XJULIIVEHVFKUlQNXQJHQ ± VR HLQJHULFKWHW ZLUG GDVV HLQH ]ZHFNZLGULJH 9HUZHQGXQJ GHU 'DWHQ YRQ YRUQKHUHLQ DXVJHVFKORVVHQ LVW %HL GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ 'HP =ZHFNELQGXQJVJUXQGVDW] NRPPW EHL GHU 9LGHREHUZDFKXQJ HLQH ]HQWUDOH )XQNWLRQ ]X 'LHV QLFKW ]XOHW]W GHVKDOE GD GXUFK GLH 9LGHREHUZDFKXQJ DXFK YRQ VROFKHQ 3HUVRQHQ 'DWHQ EHVFKDIIW ZHUGHQ GLH ZHGHU 6W|UHU QRFK 7DWYHUGlFKWL JH VLQG (V LVW GHVKDOE YRQ EHVRQGHUHU %HGHXWXQJ GDVV GLHVH 'DWHQ QXU IU ]XP 9RUDXV NODU IHVWJHOHJWH =ZHFNH YHUZHQGHW ZHUGHQ %HL GHU 9LGHREHUZDFKXQJ LVW VRPLW HLQH KLQUHLFKHQG EHVWLPPWH 'HILQLWLRQ GHU 9HUZHQGXQJV]ZHFNH XQHUOlVV OLFK 6RIHUQ GDV *HPHLQZHVHQ 9LGHREHUZDFKXQJ HLQVHW]W KDW HV GHUHQ =ZHFN PLW KLQ UHLFKHQGHU %HVWLPPWKHLW LQ GHU JHVHW]OLFKHQ (UPlFKWLJXQJVQRUP ]X XPVFKUHLEHQ XQG DOOHQIDOOV LQ GHQ GLHVH NRQNUHWLVLHUHQGH 9HURUGQXQJHQ RGHU $OOJHPHLQYHUI JXQJHQ ]X SUl]LVLHUHQ *HVWW]W GDUDXI LVW GDUEHU ]X HQWVFKHLGHQ RE HLQH 'DWHQ EHDUEHLWXQJ GXUFK GHQ =ZHFN QRFK JHGHFNW LVW RGHU EHUHLWV HLQH =ZHFNlQGHUXQJ YRUOLHJW ,VW GLH %HDUEHLWXQJ YRQ 9LGHRDXI]HLFKQXQJHQ EVSZ JHVHW]OLFK ]XOlVVLJ XP 9HUEUHFKHQ XQG 9HUJHKHQ ]X YHUKLQGHUQ XQG ]X DKQGHQ ZlUH HLQH $XVZHUWXQJ XQG :HLWHUOHLWXQJ GLHVHU 'DWHQ ]XU 9HUIROJXQJ EORVVHU hEHUWUHWXQJHQ ZHGHU GXUFK HLQH KLQUHLFKHQGH JHVHW]OLFKH *UXQGODJH JHGHFNW QRFK PLW GHP *HERW GHU =ZHFN ELQGXQJ ]X YHUHLQEDUHQ 6RZHLW GHU 6WDDW HLQH 9LGHRDXI]HLFKQXQJ ]XU 9HUKLQGH UXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ DOV ]XOlVVLJ HUNOlUW LVW JUXQGVlW]OLFK QXU HLQH 9HUZHQGXQJ GHU 'DWHQ LP 6WUDIYHUIDKUHQ PLW GHP *UXQGVDW] GHU =ZHFNELQGXQJ ]X YHUHLQEDUHQ 'LH $XIQDKPHQ GUIHQ QLFKW ]XU %HNlPSIXQJ YRQ GXUFK JHZLVVH %HY|ONHUXQJVNUHLVH DOV XQPRUDOLVFK HUDFKWHWHQ DEHU QLFKW VWUDIEDUHQ 9HUKDOWHQV ZHLVHQ HLQJHVHW]W ZHUGHQ ]% XP HLQH ± QLFKW DXIJUXQG VWUDIUHFKWOLFK UHOHYDQWHP 0|JOLFKNHLW GHU =ZHFNlQGHUXQJ JHQJHQG NHQQWOLFK JHPDFKW ZLUG (LQH =ZHFNlQGHUXQJ GXUFK *HVHW] LVW LQVEHVRQGHUH DXFK GDQQ P|JOLFK ZHQQ GHU QHXH =ZHFN GXUFK HLQ *HVHW] YRUJHVHKHQ ZLUG ZHOFKHV HUVW QDFK GHU 'DWHQEHVFKDIIXQJ HUODVVHQ ZXUGH XQG PLW GHP GHU %HWURIIHQH EHL GHU 'DWHQHUKHEXQJ QLFKW UHFKQHQ PXVVWH 6RPLW NDQQ HLQH %HK|UGH DXFK QDFK WUlJOLFK GXUFK *HVHW] HUPlFKWLJW ZHUGHQ 'DWHQ EHL HLQHU DQGHUHQ %HK|UGH ]X EHVFKDIIHQ XQG IU HLJHQH QHXH =ZHFNH ]X YHUZHQGHQ YJO 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] 9JO 3(7(5 I &'&- *XLGLQJ SULQFLSOHV =LII +(,1( %$(5,6:</ 'DWHQVFKXW]UHFKW XQG 6SRUW ('6% 7% &'&- *XLGLQJ 3ULQFLSOHV =LII 'D]X LP (LQ]HOQHQ KLQWHQ 7HLO ,, % 9JO %$(5,6:</ 'DWHQVFKXW]UHFKW XQG 6SRUW /$1* 3ULYDWH 9LGHREHUZDFKXQJ VD KLQWHQ 7HLO ,, % 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H 9HUKDOWHQ HUIRUGHUOLFKH ± SROL]HLOLFKH :HJZHLVXQJ ]X EHJUQGHQ RGHU XP JHJHQ GLH ± DOV ]XOlVVLJ HUNOlUWH ± 6WUDVVHQSURVWLWXWLRQ YRU]XJHKHQ (LQH =ZHFNlQGHUXQJ OlJH DXFK GDQQ YRU ZHQQ %LOGPDWHULDO DXV GHU hEHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H ]XU %HWUXJVEHNlPSIXQJ LQ GHU ,QYDOLGHQYHUVLFKHUXQJ HWZD XP HLQHP 9HUVLFKHUWHQ GHQ XQUHFKWPlVVLJHQ %H]XJ HLQHU ,QYDOLGHQUHQWH QDFK]XZHLVHQ RGHU LQ HLQHP 6WHXHUYHUDQODJXQJVYHUIDKUHQ YHUZHQGHW ZUGH 5HJHOPlVVLJ EH]ZHFNW GLH SROL]HLOLFKH hEHUZDFKXQJ |IIHQWOLFKHU 5lXPH QlPOLFK GLH %HJHKXQJ YRQ 6WUDIWD WHQ JHJHQEHU VLFK GRUW EHILQGOLFKHQ 3HUVRQHQ XQG 6DFKHQ ]X YHUKLQGHUQ ZDV DXFK VR NRPPXQL]LHUW ZLUG $XV GLHVHP *UXQG OLHJW HLQH XQ]XOlVVLJH =ZHFNlQGHUXQJ DXFK GDQQ YRU ZHQQ DXI GHP $XI]HLFKQXQJVPDWHULDO Ä6DQV3DSLHUV³ DEJHELOGHW VLQG ZHOFKH DQ HLQHU IULHGOLFKHQ 'HPRQVWUDWLRQ WHLOJHQRPPHQ KDEHQ GLHVH $XI QDKPHQ DEHU QXQ QDFKWUlJOLFK GDIU YHUZHQGHW ZHUGHQ VROOHQ QDFK LOOHJDOHQ ,P PLJUDQWHQ ]X VXFKHQ 9RP (UKHEXQJV]ZHFN DEHU QRFK JHGHFNW LVW HV ZHQQ GDV $XI]HLFKQXQJVPDWHULDO ZHOFKHV ]XU 9HUIROJXQJ YRQ 6WUDIWDWHQ HUKREHQ ZRUGHQ LVW ]XU *HOWHQGPDFKXQJ ]LYLOUHFKWOLFKHU 6FKDGHQHUVDW]DQVSUFKH YHUZHQGHW ZLUG ZHO FKH LKUHQ 8UVSUXQJ LQ HLQHP GHOLNWLVFKHQ 9HUKDOWHQ KDEHQ 'LH 9HUZHQGXQJ GHU 'DWHQ LP =LYLOSUR]HVV XP GHQ ± ]% DXIJUXQG HLQHU %UDQGVWLIWXQJ RGHU .|USHUYHU OHW]XQJ ± HQWVWDQGHQHQ 6FKDGHQ ]X VXEVWDQ]LLHUHQ E]Z ]X EHZHLVHQ VWHOOW QRFK NHLQH =ZHFNlQGHUXQJ GDU (QWVSUHFKHQGHV JLOW IU GLH 9HUZHQGXQJ GHU $XIQDK PHQ ]XU *HOWHQGPDFKXQJ YRQ *HQXJWXXQJVDQVSUFKHQ (LQH =ZHFNlQGHUXQJ ZlUH KLQJHJHQ ZLHGHUXP GDQQ ]X EHMDKHQ ZHQQ YRQ GHU =ROOYHUZDOWXQJ DXV GHU /XIW ± ]% PLWWHOV 'URKQHQ ± JHPDFKWH %LOGDXIQDKPHQ ]XU 9HUIROJXQJ YRQ &DQQDELV .RQVXPHQWHQ YHUZHQGHW ZHUGHQ (LQH VROFKH %HDUEHLWXQJ GHFNW VLFK QLFKW PLW GHQ LQ $UW $EV =* XQG $UW 92 hEHUZDFKXQJVJHUlWH IHVWJHOHJWHQ =ZHFNHQ 'D $UW $EV 3%* GLH 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 9HUNHKU QXU Ä]XP 6FKXW] GHU 5HLVHQGHQ GHV %HWULHEHV XQG GHU ,QIUDVWUXNWXU³ DOV ]XOlVVLJ HUNOlUW LVW DXFK HLQH 9HUZHQGXQJ YRQ 9LGHRDXI]HLFKQXQJHQ GXUFK SULYDWH +DIWSIOLFKWYHUVL FKHUHU |IIHQWOLFKHU 9HUNHKUVEHWULHEH ZHOFKH GLH +DIWXQJ EHL )DKUJDVWXQIlOOHQ EHXU WHLOHQ ZROOHQ XQ]XOlVVLJ =X EHDFKWHQ LVW GDVV GLH JHVHW]OLFKHQ *UXQGODJHQ GLH =ZHFNH GHU 9LGHREHUZDFKXQJ KlXILJ VHKU DOOJHPHLQ XPVFKUHLEHQ HWZD GDKLQJH KHQG GDVV GLH 9LGHREHUZDFKXQJ ]XU (UIOOXQJ SROL]HLOLFKHU $XIJDEHQ RGHU ]XU :DKUXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ HLQJHVHW]W ZHUGHQ NDQQ $XI GLH JUXQGVlW]OLFKH 8Q]XOlVVLJNHLW VROFKHU RIIHQ JHKDOWHQHU =ZHFNEHVWLPPXQJHQ LVW LP 9JO 0$7+,6 $(33/, I 3ROL]HLOLFKH :HJZHLVXQJV XQG )HUQKDOWHPDVVQDKPHQ VHW]HQ QLFKW ]ZLQJHQG YRUDXV GDVV HV ]X VWUDIEDUHQ 9HUKDOWHQVZHLVHQ JHNRPPHQ LVW YJO ]% I 3RO*=+ XQG 3RO*%( 9JO ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV 9JO *2/$6&+20(586 .RPP ]X E %'6* 5] YJO DEHU DXFK 58',1 %HPHUNXQJHQ ]X %*HU 3 6LHKH ('g% 7% I ,P hEULJHQ PDQJHOW HV VFKRQ IU HLQH %HNDQQWJDEH GHU $XI]HLFKQXQJHQ DQ SULYDWH +DIWSIOLFKWYHUVLFKHUHU DQ HLQHU JHQJHQGHQ JHVHW]OLFKHQ *UXQGOD JH 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV =XVDPPHQKDQJ PLW GHP /HJDOLWlWVSULQ]LS QlKHU HLQ]XJHKHQ 'D VROFKH )RUPX OLHUXQJHQ GDV =ZHFNELQGXQJVJHERW OHHUODXIHQ ODVVHQ PXVV EHL GHU )UDJH RE HLQH XQ]XOlVVLJH =ZHFNlQGHUXQJ YRUOLHJW DXFK GDUDXI DEJHVWHOOW ZHUGHQ PLW ZHOFKHQ 9HUZHQGXQJV]ZHFNHQ GHU (LQ]HOQH YHUQQIWLJHUZHLVH UHFKQHQ PXVVWH $XFK GLH 3ULYDWHQ KDEHQ GLH =ZHFNH ]X ZHOFKHQ VLH ]% HLQ *HVFKlIWVORNDO /D GHQIOlFKHQ RGHU (LQJDQJVEHUHLFKH EHUZDFKHQ LP 9RUDXV NODU IHVW]XOHJHQ ]% LQ LQWHUQHQ 5LFKWOLQLHQ RGHU LQ :HLVXQJHQ DQ GDV IU GLH 9LGHREHUZDFKXQJ RGHU GLH $XVZHUWXQJ GHU %LOGDXIQDKPHQ HLQJHVHW]WH 3HUVRQDO )U GLH )UDJH GHU =ZHFNlQ GHUXQJ LVW DEHU SULPlU HQWVFKHLGHQG ZHOFKH =ZHFNH GHP (LQ]HOQHQ NRPPXQL]LHUW ZHUGHQ 2IWPDOV ZHUGHQ DEHU GLH %HVXFKHU HLQHU 6KRSSLQJ 0DOO GLH .XQGHQ HLQHV *HVFKlIWV RGHU GLH %HQXW]HU HLQHU SULYDWHQ 7LHIJDUDJH QLFKW LP (LQ]HOQHQ EHU GLH =ZHFNH GHU hEHUZDFKXQJ LQIRUPLHUW RGHU HV ZLUG GHU =ZHFN GHUDUW RIIHQ JHKDOWHQ GDVV LKP NHLQH EHJUHQ]HQGH )XQNWLRQ HQWQRPPHQ ZHUGHQ NDQQ 6RPLW EOHLEW EHL GHU %HDQWZRUWXQJ GHU )UDJH RE HLQH =ZHFNlQGHUXQJ YRUOLHJW ]X SUIHQ PLW ZHO FKHP %HDUEHLWXQJV]ZHFN GHU (LQ]HOQH QDFK 7UHX XQG *ODXEHQ UHFKQHQ PXVVWH 6RZHLW HU ]% LQ HLQHP (LQNDXIV]HQWUXP RGHU DQ HLQHU 7DQNVWHOOH *HJHQVWDQG HLQHU 9LGHREHUZDFKXQJ ZLUG PXVV HU QXU GDPLW UHFKQHQ GDVV GLH 'DWHQ ]X =ZHFNHQ GHU 6WUDIYHUIROJXQJ XQG GHU *HOWHQGPDFKXQJ YRQ 6FKDGHQHUVDW] RGHU *HQXJWX XQJVDQVSUFKHQ DXI GHP =LYLOZHJ YHUZHQGHW ZHUGHQ (LQH XQ]XOlVVLJH =ZHFN lQGHUXQJ OlJH KLQJHJHQ YRU ZHQQ 'DWHQ DXV HLQHU 9LGHREHUZDFKXQJ RKQH GDVV GLHV GHP (LQ]HOQHQ YRUJlQJLJ PLWJHWHLOW ZLUG IU :HUEH]ZHFNH YHUZHQGHW ZHU GHQ 1LFKW PLW GHP *UXQGVDW] GHU =ZHFNELQGXQJ ]X YHUHLQEDUHQ ZlUH HV HWZD ZHQQ GLH 'DWHQ DXV GHU 9LGHREHUZDFKXQJ HLQHV (LQNDXIV]HQWUXPV GD]X JHEUDXFKW ZUGHQ 6WXGLHQ EHWUHIIHQG GDV .RQVXPYHUKDOWHQ GHU .XQGHQ ]X HUVWHOOHQ VSH]L HOO DXI GDV .DXIYHUKDOWHQ GHU .XQGHQ DEJHVWLPPWH :HUEXQJ ]X SURGX]LHUHQ RGHU ZHQQ VLH GD]X YHUZHQGHW ZUGHQ GLH %HQW]HU GHV %HKLQGHUWHQSDUNSODW]HV HLQHV 6FKZLPPEDGV RGHU HLQHV .LQRV KHUDXV]XILOWHUQ XQG JH]LHOW DXI 9HUJQVWLJXQJHQ ± ]% YHUELOOLJWHQ (LQWULWW ± KLQ]XZHLVHQ (QWVSUHFKHQGHV JLOW VHOEVWYHUVWlQGOLFK IU GHQ )DOO GDVV GHU %HWUHLEHU HLQHV +RWHOV RGHU HLQHU *DVWVWlWWH DXV 6LFKHUKHLWVJUQ GHQ DXIJH]HLFKQHWH NRPSURPLWWLHUHQGH %LOGHU DQ GLH %RXOHYDUGSUHVVH GHQ $UEHLW JHEHU RGHU GHQ (KHSDUWQHU GHV %HWURIIHQHQ ZHLWHUJLEW 8Q]XOlVVLJ ZlUH DXFK GLH +LQWHQ 7HLO ,, % ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV YJO DXFK KLQWHQ 7HLO ,9 & Ä9LGHR ± =X ,KUHU 6LFKHUKHLW³ RGHU Ä'LHVHV *HVFKlIW ZLUG ]X ,KUHU 6LFKHUKHLW YLGHREHU ZDFKW³ 9JO GD]X DXFK KLQWHQ 7HLO 9, ) 9JO ('g% 0HUNEODWW 9LGHREHUZDFKXQJ GXUFK SULYDWH 3HUVRQHQ +8)) &R( 5HSRUW 9LGHR 6XUYHLOODQFH & ,9 9JO %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] 9JO %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H 9HUZHQGXQJ YRQ DXV GHU hEHUZDFKXQJ HLQHV %DQNDXWRPDWHQ JHZRQQHQHQ %LOGHUQ ]XU %HXUWHLOXQJ GHU .UHGLWZUGLJNHLW HWZD DQKDQG GHU .OHLGXQJ 'HU *UXQGVDW] GHU =ZHFNELQGXQJ LVW LQVEHVRQGHUH DXFK EH]JOLFK GHU $QJHVWHOOWHQ ]X EHDFKWHQ ZHOFKH LQ HLQHP YLGHREHUZDFKWHQ %HUHLFK DUEHLWHQ 6RZHLW GLHVH GD YRQ DXVJHKHQ GUIHQ GDVV GLH 9LGHREHUZDFKXQJ ]XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 'HOLNWHQ HLQJHVHW]W ZLUG OlJH HLQH JUXQGVlW]OLFK XQ]XOlVVLJH =ZHFNlQGHUXQJ YRU ZHQQ GHU $UEHLWJHEHU GDV %LOGPDWHULDO ]X %HZHLV]ZHFNHQ LQ HLQHU DUEHLWV UHFKWOLFKHQ 6WUHLWLJNHLW YHUZHQGHQ ZUGH HWZD XP HLQH IULVWORVH (QWODVVXQJ DXI JUXQG YRQ 9HUVlXPQLVVHQ ZlKUHQG GHU $UEHLWV]HLW YRQ QLFKW VWUDIUHFKWOLFKHU 5HOH YDQ] ]X GRNXPHQWLHUHQ (QWVSUHFKHQGHV JLOW ZHQQ GLH %LOGDXIQDKPHQ ]XU .RQWUROOH GHV 9HUKDOWHQV GHU $UEHLWQHKPHU JHEUDXFKW ZHUGHQ ) 'HU *UXQGVDW] GHU (UNHQQEDUNHLW GHU 'DWHQEHDUEHLWXQJ $OOJHPHLQH %HPHUNXQJHQ 'HU ± lXVVHUVW ZLFKWLJH ± *UXQGVDW] GHU (UNHQQEDUNHLW GHU 'DWHQEHVFKDIIXQJ XQG GHV %HDUEHLWXQJV]ZHFNV ZLUG LQ $UW $EV '6* YHUDQNHUW 2EZRKO GLHVHU *UXQGVDW] QLFKW LQ DOOHQ NDQWRQDOHQ 'DWHQVFKXW]JHVHW]HQ DXVGUFNOLFK QRUPLHUW ZLUG VLQG DXIJUXQG YRQ 7UHX XQG *ODXEHQ 3HUVRQHQGDWHQ DXFK GXUFK NDQWRQDOH %HK|UGHQ JUXQGVlW]OLFK LQ HLQHU HUNHQQEDUHQ )RUP ]X EHVFKDIIHQ 'LH 3IOLFKW ]XU HUNHQQEDUHQ 'DWHQEHVFKDIIXQJ HUJLEW VLFK DXFK EHLP ('6h DXV GHP LQ $UW %VW D QRUPLHUWHQ *UXQGVDW] YRQ 7UHX XQG *ODXEHQ 'LHVHV 3ULQ]LS HUODQJW DXFK LQVRIHUQ %HGHXWXQJ DOV QLFKW HWZD QXU ± ZLH GLHV GHU :RUWODXW YRQ $UW $EV '6* YHUPXWHQ OLHVVH ± GLH %HVFKDIIXQJ YRQ 3HUVRQHQGDWHQ XQG GHU %HDUEHLWXQJV ]ZHFN VRQGHUQ JUXQGVlW]OLFK MHGHU ZHLWHUH 6FKULWW GHU 'DWHQEHDUEHLWXQJ HUNHQQEDU VHLQ PXVV 'LH (UNHQQEDUNHLW LVW VRPLW DXFK EH]JOLFK GHU ZHVHQWOLFKHQ 5DKPHQ EHGLQJXQJHQ HLQHU 'DWHQEHDUEHLWXQJ VLFKHU]XVWHOOHQ ZRUXQWHU ]% GHU .UHLV GHU P|JOLFKHQ 'DWHQHPSIlQJHU IDOOHQ NDQQ 6RIHUQ HLQH JHVHW]OLFKH *UXQGODJH EH VWHKW GLH GDV KHLPOLFKH %HVFKDIIHQ YRQ 3HUVRQHQGDWHQ YRUVLHKW YJO HWZD $UW %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] 9JO 6&+$))/$1':,/7)$1* .RPP ]X E %'6* 5] =X SUIHQ EOHLEW K|FKVWHQV RE HLQ GLH ,QWHUHVVHQ GHV $UEHLWQHKPHUV EHUZLHJHQGHV ,QWHUHVVH GHV $UEHLWJHEHUV DQ GHU =ZHFN lQGHUXQJ EHVWHKW $UW '6* %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] &R( 5HSRUW 9LGHR 6XUYHLOODQFH & ,9 %*( ,, ( 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 9JO :$/7(5 &RQYHQWLRQ 9JO 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %- *XWDFKWHQ YRP -XOL 93% 1U =LII $UW $EV '6* NRPPW VRPLW NHLQ DEVFKOLHVVHQGHU &KDUDNWHU ]X YJO 0(,(5 5] 9JO VFKRQ YRUQH 7HLO 9, & 9JO %RWVFK 7HLOUHYLVLRQ '6* I 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV $EV %:,6 OLHJW HLQH ]XOlVVLJH $EZHLFKXQJ YRP *UXQGVDW] GHU (UNHQQEDUNHLW YRU 0LW GLHVHP JUXQGVlW]OLFKHQ 7UDQVSDUHQ]HUIRUGHUQLV VROO GHU (LQ]HOQH LQ GLH /DJH YHUVHW]W ZHUGHQ YRQ HLQHU 'DWHQEHDUEHLWXQJ .HQQWQLV QHKPHQ ]X N|QQHQ 1XU VR NDQQ HU VHLQ 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ HIIHNWLY ZDKUQHKPHQ VLFK DOVR ]% HLQHU 'DWHQEHDUEHLWXQJ ZLGHUVHW]HQ RGHU JHJHQ HLQH XQ]XOlVVLJH 'D WHQEHDUEHLWXQJ JHULFKWOLFK YRUJHKHQ =XGHP VROO GHU *UXQGVDW] GHU (UNHQQEDU NHLW VLFKHUVWHOOHQ GDVV VWDDWOLFKH 'DWHQEHDUEHLWXQJ EHUHFKHQ XQG YRUKHUVHKEDU LVW XQG HLQHU GHPRNUDWLVFKHQ .RQWUROOH XQWHUZRUIHQ EOHLEW 'DV 7UDQVSDUHQ]HUIRU GHUQLV NDQQ GHQ 'DWHQEHDUEHLWHU ]XGHP GDYRQ DEKDOWHQ 'DWHQ ]X EHDUEHLWHQ GLH HU QLFKW XQEHGLQJW EHQ|WLJW ,QVRIHUQ YHUPDJ GHU *UXQGVDW] GHU (UNHQQEDUNHLW ± lKQ OLFK GHP *UXQGVDW] GHU =ZHFNELQGXQJ XQG VHOEVWYHUVWlQGOLFK GHP 9HUKlOWQLVPlV VLJNHLWVSULQ]LS ± HLQH GLH 'DWHQEHDUEHLWXQJ OLPLWLHUHQGH )XQNWLRQ ]X HQWIDOWHQ :DQQ YRQ GHU Ä(UNHQQEDUNHLW³ GHU 'DWHQEHVFKDIIXQJ GHV %HDUEHLWXQJV]ZHFNV XQG GHU ZHLWHUHQ 5DKPHQEHGLQJXQJHQ GHU 'DWHQEHDUEHLWXQJ JHVSURFKHQ ZHUGHQ NDQQ EHXUWHLOW VLFK DXIJUXQG GHU 8PVWlQGH XQG QDFK GHQ *UXQGVlW]HQ GHU 9HUKlOWQLVPlV VLJNHLW XQG YRQ 7UHX XQG *ODXEHQ 6R N|QQHQ LP %HUHLFK GHU SULYDWHQ 'DWHQEH DUEHLWXQJ GLH 'DWHQEHVFKDIIXQJ XQG GHU %HDUEHLWXQJV]ZHFN VFKRQ DXIJUXQG GHU 8PVWlQGH RIIHQVLFKWOLFK XQG HLQGHXWLJ HUNHQQEDU VHLQ ZHVKDOE GLHVEH]JOLFK NHLQH ]XVl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g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] II 9JO 0h//(56&+()(5 I ]XP *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ YJO KLQWHQ 7HLO ,9 %RWVFK 7HLOUHYLVLRQ '6* IHUQHU %RWVFK '6* 6$/$',1:$/'(5 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] +b1(5 gIIHQWOLFKNHLW XQG 9HUZDOWXQJ 6$/$',1:$/'(5 6$/$',1 ;;9,,, 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ +b1(5 gIIHQWOLFKNHLW XQG 9HUZDOWXQJ II 9JO %RWVFK 7HLOUHYLVLRQ '6* XQG YRUQH 7HLO 9, ( XQG 7HLO 9, ' 9JO %RWVFK 7HLOUHYLVLRQ '6* 9JO %RWVFK 7HLOUHYLVLRQ '6* '5(&+6/(5 IHUQHU 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] I 9JO 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] (V EUDXFKW VLFK GDEHL ZHGHU XP EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ QRFK XP 3HUV|Q OLFKNHLWVSURILOH ]X KDQGHOQ YJO %RWVFKDIW EHU GLH *HQHKPLJXQJ XQG GLH 8PVHW]XQJ GHV 1R 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ UHLFKW HV JUXQGVlW]OLFK QLFKW PHKU DXV GDVV GHU %HDUEHLWXQJV]ZHFN DXV GHQ 8PVWlQGHQ HUVLFKWOLFK LVW *HVWW]W DXI $UW D $EV %VW E '6* LVW GLHVHU YLHOPHKU DXVGUFNOLFK DQ]XJHEHQ (QWVSUHFKHQGHV JLOW IU 3ULYDWH ZHQQ GLHVH DOV ,QKDEHU HLQHU 'DWHQVDPPOXQJ EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ RGHU 3HUV|QOLFKNHLWVSURILOH EHVFKDIIHQ $UW $EV %VW E '6* %HL GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ 'HU *UXQGVDW] GHU (UNHQQEDUNHLW YHUODQJW LP %HUHLFK GHU 9LGHREHUZDFKXQJ ]X QlFKVW GDVV GLH EHWURIIHQHQ 3HUVRQHQ EHU GLH 7DWVDFKH XQG GHQ =ZHFN GHU hEHU ZDFKXQJ LQ .HQQWQLV JHVHW]W ZHUGHQ *UQGH GLH JHJHQ HLQH HUNHQQEDUH 'DWHQ EHVFKDIIXQJ EHL HLQHU 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH ]XP =ZHFN GHU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ VSUHFKHQ VLQG QLFKW HUVLFKW OLFK (LQH KHLPOLFKH 9LGHREHUZDFKXQJ ZlUH DXFK QLFKW YHUKlOWQLVPlVVLJ 1XU LP (LQ]HOIDOO ± ]% ]XU %HZHLVVLFKHUXQJ EHL HLQHP GULQJHQGHQ 9HUGDFKW DXI GHOLN WLVFKHV 9HUKDOWHQ HLQHV 0LWDUEHLWHUV ± NDQQ GDV ,QWHUHVVH GHV 'DWHQEHDUEHLWHUV DQ HLQHU KHLPOLFKHQ hEHUZDFKXQJ GLH ,QWHUHVVHQ GHV YRQ GHU hEHUZDFKXQJ %HWURIIH QHQ EHUZLHJHQ (LQH YHUGHFNWH hEHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP LVW VHOEVWYHUVWlQGOLFK DXFK GDQQ JUXQGVlW]OLFK ]XOlVVLJ ZHQQ VLH ]XU SROL]HLOLFKHQ 2EVHUYDWLRQ YRQ 7DWYHUGlFKWLJHQ HUIROJW $OOJHPHLQ OlVVW VLFK IHVWVWHOOHQ GDVV LQ GHU 3UD[LV GLH (UNHQQEDUNHLW GHU 'DWHQEH VFKDIIXQJ GXUFK 9LGHREHUZDFKXQJ QXU PDQJHOKDIW VLFKHUJHVWHOOW LVW 2IWPDOV ILQ GHQ VLFK JDU NHLQH +LQZHLVH GDUDXI GDVV EHUZDFKW ZLUG RGHU HV ZLUG QXU YHUVWHFNW ± HWZD PLWWHOV NOHLQHQ $XINOHEHUQ ZRP|JOLFK QRFK DQ GHU DXWRPDWLVFKHQ 6FKLHEH WUH ± DXI GLH hEHUZDFKXQJ DXIPHUNVDP JHPDFKW =X YHUODQJHQ VLQG DEHU JXW VLFKW XQG OHVEDUH 6FKLOGHU RGHU 7DIHOQ 'LHVH VLQG DXI $XJHQK|KH ]X SODW]LH WHQDXVWDXVFKV ]ZLVFKHQ GHU 6FKZHL] XQG GHU (8 EHWUHIIHQG GLH h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h17+(5 '251 (LQH HWZDV DQGHUH 'DWHQVFKXW]SUIXQJ 'X' GHVVHQ )HVWVWHO OXQJHQ VLFK DXFK DXI GLH 6FKZHL] EHUWUDJHQ ODVVHQ 0$7+,6 $(33/, '6% /8 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% %/ 0HUNEODWW 9L GHREHUZDFKXQJ =LII '6% )5 0HUNEODWW 9LGHREHUZDFKXQJ =LII &R( 5HVROXWLRQ YLGHR VXUYHLOODQFH =LII XQG &R( 5HSRUW YLGHR VXUYHLOODQFH & 9 XQG I DXV GUFNOLFK YHUODQJW ZHUGHQ +LQZHLVVFKLOGHU HWZD LQ $UW D $EV 3RO*$5 XQG $UW 95$6*6* 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV UHQ =XGHP LVW GHUHQ *U|VVH GHP MHZHLOLJHQ 6WDQGRUW DQ]XSDVVHQ :Q VFKHQVZHUW LVW GLH 9HUZHQGXQJ YRQ ± DP EHVWHQ LQWHUQDWLRQDO YHUHLQKHLWOLFKWHQ ± 3LNWRJUDPPHQ GD GLHVH VFKQHOO LQV $XJH VSULQJHQ 'DPLW NDQQ DXFK GLH (UNHQQ EDUNHLW JHJHQEHU IUHPGVSUDFKLJHQ RGHU GHV /HVHQV QLFKW PlFKWLJHQ 3HUVRQHQ VL FKHUJHVWHOOW ZHUGHQ 'DV 3LNWRJUDPP VROOWH ]XGHP YRQ HLQHP VFKULIWOLFKHQ +LQ ZHLV EHJOHLWHW VHLQ 0LW GLHVHP +LQZHLV LVW LQVEHVRQGHUH DXFK GHU =ZHFN GHU hEHUZDFKXQJ DQ]XJHEHQ 2IWPDOV ILQGHQ VLFK MHGRFK NHLQH +LQZHLVH DXI GHQ hEHUZDFKXQJV]ZHFN RGHU HV ZHUGHQ GLH =ZHFNH lXVVHUVW RIIHQ JHKDOWHQ 'LHV VWHOOW QXU GDQQ NHLQHQ 9HUVWRVV JHJHQ GHQ *UXQGVDW] GHU (UNHQQEDUNHLW GHV %HDUEHL WXQJV]ZHFNV GDU ZHQQ GHU (LQ]HOQH DXIJUXQG GHU 8PVWlQGH XQG QDFK 7UHX XQG *ODXEHQ GHQ %HDUEHLWXQJV]ZHFN NHQQHQ PXVV $XV GHQ 8PVWlQGHQ HUVLFKWOLFK LVW ]XPLQGHVW GDVV GLH PLWWHOV 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP HUKREHQHQ 'DWHQ ]XU 9HUIROJXQJ YRQ 6WUDIWDWHQ XQG ]XU *HOWHQGPDFKXQJ YRQ 6FKDGHQHUVDW] XQG *HQXJWXXQJVIRUGHUXQJHQ YHUZHQGHW ZHUGHQ VROOHQ ZHOFKH LK UHQ 8UVSUXQJ LQ GHU 9HUEXQJ HLQHU 6WUDIWDW KDEHQ 0LW DQGHUHQ :RUWHQ VWHOOW HV NHLQHQ XQPLWWHOEDUHQ 9HUVWRVV JHJHQ GHQ *UXQGVDW] GHU (UNHQQEDUNHLW GHV %HDUEHL WXQJV]ZHFNV GDU ZHQQ GDV :DUHQKDXV EHL GHU hEHUZDFKXQJ GHU /DGHQIOlFKHQ RGHU GLH *HPHLQGH EHL GHU hEHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV QLFKW H[SOL]LW GDUDXI KLQZHLVW GDVV GDV %LOGPDWHULDO ]XU $KQGXQJ YRQ 6WUDIWDWHQ XQG ]XU 'XUFKVHW]XQJ YRQ 6FKDGHQHUVDW]DQVSUFKHQ YHUZHQGHW ZHUGHQ NDQQ =XPLQGHVW ZQVFKHQV ZHUW LVW HV DEHU ZHQQ DXFK VROFKH hEHUZDFKXQJV]ZHFNH GHXWOLFK NRPPXQL]LHUW ('g% 7% $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ &R( 5HVROXWLRQ YLGHR VXUYHLOODQFH =LII &R( 5HSRUW YLGHR VXUYHLOODQFH & 9 XQG I %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] )UDJOLFK LVW ZLH GLH (UNHQQEDUNHLW JHJHQ EHU VHKEHKLQGHUWHQ 0HQVFKHQ VLFKHUJHVWHOOW ZHUGHQ NDQQ YJO $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ (LQH DNXVWLVFKH ,QIRUPDWLRQ ELHWHW VLFK KLHU ]ZDU DQ YJO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] RE VLH LPPHU SUDNWLNDEHO XQG GXUFKIKUEDU LVW VFKHLQW MHGRFK IUDJOLFK &R( 5HVROXWLRQ YLGHR VXUYHLOODQFH =LII &R( 5HSRUW YLGHR VXUYHLOODQFH & 9 XQG I 'LH )RUGHUXQJ GLH 6FKLOGHU PHKUVSUDFKLJ DE]XIDVVHQ YJO %$86&+ ('36 9LGHR 6XUYHLOODQFH *XLGHOLQHV LVW NHLQHVZHJV XQEHUHFKWLJW DQGHUV *2/$6&+20(586 .RPP ]X E %'6* 5] /$1* 3ULYDWH 9LGHREHUZDFKXQJ $QJHVLFKWV GHU IDFHWWHQUHL FKHQ 6SUDFKHQODQGVFKDIW GHU 6FKZHL] YJO LP (LQ]HOQHQ *(25*(6 /h',,:$5 :(5/(1 6SUDFKHQODQGVFKDIW GHU 6FKZHL] KUVJ YRP %XQGHVDPW IU 6WDWLVWLN >%)6@ 1HXFKkWHO II GUIWH GLHVHP $QOLHJHQ LQGHVVHQ RKQH XQYHUKlOWQLVPlVVLJHQ $XIZDQG QLFKW LQ MHGHU +LQVLFKW HQWVSURFKHQ ZHUGHQ N|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lW]H ZHUGHQ 6ROOHQ MHGRFK DQGHUH QLFKW DXV GHQ 8PVWlQGHQ HUVLFKWOLFKH =ZHFNH YHU IROJW ZHUGHQ ZLH HWZD GLH 9HUZHQGXQJ GHU 'DWHQ IU :HUEH]ZHFNH RGHU GHUHQ hEHUPLWWOXQJ LQV ,QWHUQHW LVW GHU (LQ]HOQH GDUDXI GHXWOLFK KLQ]XZHLVHQ 'HU +LQZHLV DXI GLH hEHUZDFKXQJ XQG GHUHQ =ZHFN KDW VHOEVWYHUVWlQGOLFK YRU GHP %HWUHWHQ GHV $XIQDKPHEHUHLFKV ]X HUIROJHQ GDPLW GLH 0|JOLFKNHLW EHVWHKW GHU hEHUZDFKXQJ DXV]XZHLFKHQ E]Z VLFK DXI GLH hEHUZDFKXQJ HLQ]XVWHOOHQ %HL |I IHQWOLFKHQ 9HUNHKUVPLWWHOQ HWZD LVW DQ GHU (LQJDQJVWU DXI GLH hEHUZDFKXQJ KLQ ]XZHLVHQ 1LFKWV DQGHUHV JLOW EHL HLQHP 6FKZLPPEDG HLQHU %LEOLRWKHN HLQHU 7LHIJDUDJH RGHU HLQHP .DXIKDXV :HUGHQ LQQHUKDOE HLQHV *HElXGHV DXFK %HUHL FKH EHUZDFKW LQ GHQHQ GHU (LQ]HOQH QDFK 7UHX XQG *ODXEHQ QLFKW PLW HLQHU hEHU ZDFKXQJ UHFKQHQ PXVV ± ZLH ]% EHL GHU hEHUZDFKXQJ YRQ 9RUUlXPHQ YRQ 8P NOHLGHNDELQHQ RGHU HLQHV .DXIKDXVUHVWDXUDQWV ± LVW HUQHXW DXI GLH 9LGHREHUZDFKXQJ KLQ]XZHLVHQ 6FKZLHULJ LVW HV GHQ %HWURIIHQHQ YRU GHU ,QDQ VSUXFKQDKPH HLQHV |IIHQWOLFKHQ 3ODW]HV RGHU HLQHU |IIHQWOLFKHQ 6WUDVVH EHU GLH 9L GHREHUZDFKXQJ LQ .HQQWQLV ]X VHW]HQ 'HP (LQ]HOQHQ PXVV DEHU DXFK EHL GHU hEHUZDFKXQJ QLFKW LQ VLFK DEJHVFKORVVHQHU RGHU QLFKW XPVFKORVVHQHU 5lXPH NODU GDUJHOHJW ZHUGHQ DE ZHOFKHU UlXPOLFKHQ 6FKZHOOH HLQH hEHUZDFKXQJ VWDWWILQGHW (LQH 0|JOLFKNHLW EHVWQGH LQ GHU .HQQ]HLFKQXQJ GHV EHUZDFKWHQ %HUHLFKV PLWWHOV HLQHU 0DUNLHUXQJ DP %RGHQ $OOHUGLQJV GUIWH HV JUXQGVlW]OLFK DXVUHLFKHQ ZHQQ DXVVHUKDOE GHV $XIQDKPHUDGLXV GHU .DPHUDV ]% DQ HLQHU +DXVZDQG GHXWOLFKH 6FKLOGHU SODW]LHUW ZHUGHQ 'LH +LQZHLVVFKLOGHU VLQG DEHU LQ HLQHP YHUQQIWLJHQ $E VWDQG ]XP EHUZDFKWHQ %HUHLFK DQ]XEULQJHQ %HLVSLHOVZHLVH UHLFKW HLQ +LQZHLV LQ 0HWHUQ (QWIHUQXQJ ]XP EHUZDFKWHQ *HELHW QLFKW DXV 6RGDQQ LVW DXFK LQ GHU EHUZDFKWHQ =RQH VHOEVW DXI GLH 7DWVDFKH GHU hEHUZDFKXQJ KLQ]XZHLVHQ ]% PLWWHOV +LQZHLVHQ DQ 0DVWHQ YRQ 6WUDVVHQODWHUQHQ bKQOLFKH 3UREOHPH VWHOOHQ VLFK GDQQ ZHQQ HLQH SULYDWH .DPHUD ]XP 6FKXW] YRQ 9DQGDOLVPXV GLH +DXVIDVVDGH RGHU (LQJDQJVEHUHLFKH XQG GDPLW X8 DXFK 7HLOH GHV YRUJHODJHUWHQ |IIHQWOLFKHQ =XU =ZHFNlQGHUXQJ VLHKH YRUQH 7HLO 9, ( 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 6&+:(*/(5 'DWHQVFKXW] LP 3ROL ]HLZHVHQ 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %$(5,6:</ 'DWHQVFKXW]UHFKW XQG 6SRUW ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV DXVGUFNOLFK HWZD $UW $EV 9LG9%( ('g% 7% ('g% 7% 9JO ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV '6% /8 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% %/ 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% )5 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% %/ 'DWHQVFKXW] NRQNUHW %877$5(//, 3URWHFWLRQ =LII $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ 6HOEVWYHUVWlQGOLFK UHLFKW DXFK HLQ +LQZHLV DXI GLH hEHUZDFKXQJ LQ =HLWXQJHQ $PWVEOlWWHUQ LP ,QWHUQHW RGHU PLWWHOV $QVFKODJ DP 5DWKDXV QLFKW DXV YJO %$576&+ I %9*HU $ ( XQNODU 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH , )Q 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 5DXPV PLWHUIDVVW (UIRUGHUOLFK VLQG DXFK KLHU GHXWOLFKH +LQZHLVVFKLOGHU GLH VR JURVV VLQG GDVV VLH VFKRQ YRU GHP %HWUHWHQ GHV EHUZDFKWHQ %HUHLFKV ZDKUJH QRPPHQ ZHUGHQ )HVW]XKDOWHQ LVW VFKOLHVVOLFK GDVV GHU EORVVH +LQZHLV DQ 2UWVHLQ JlQJHQ GDVV GDV 'RUI RGHU GHU 6WDGWNHUQ YLGHREHUZDFKW ZLUG GHP 7UDQVSDUHQ] JHERW QLFKW JHQJW 9LHOPHKU VLQG GLH EHUZDFKWHQ 3OlW]H RGHU 6WUDVVHQ]JH LP (LQ]HOQHQ NHQQWOLFK ]X PDFKHQ 1LFKW HUIRUGHUOLFK LVW HV MHGRFK QHEHQ MHGHU HLQ ]HOQHQ .DPHUD HLQ +LQZHLVVFKLOG ]X SODW]LHUHQ bXVVHUVW VFKZLHULJ LVW HV GLH (UNHQQEDUNHLW GHU 'DWHQEHDUEHLWXQJ EHLP (LQVDW] YRQ hEHUZDFKXQJVNDPHUDV DXV 'URKQHQ RGHU +XEVFKUDXEHUQ VLFKHU]XVWHOOHQ :LUG HLQ EHVWLPPWHV *HElXGH RGHU HLQ NODU XPJUHQ]WHV *HOlQGH DXV GHU /XIW EHUZDFKW LVW GHU (LQ]HOQH DP *HElXGH RGHU *HOlQGHHLQJDQJ HEHQIDOOV PLWWHOV +LQZHLVVFKLOGHUQ DXI GLH hEHUZDFKXQJ DXV GHU /XIW KLQ]XZHLVHQ %HL HLQHU JURVVIOlFKLJHQ hEHU ZDFKXQJ QLFKW QlKHU XPJUHQ]WHU 5lXPH KDQGHOW HV VLFK MHGRFK XP HLQH YHUGHFNWH hEHUZDFKXQJ 6RIHUQ GHU 6WDDW HLQH VROFKH hEHUZDFKXQJ DXV GHU /XIW GXUFK IKUW KDW DXV GHU GDIU QRWZHQGLJHQ IRUPHOOJHVHW]OLFKHQ *UXQGODJH ]XPLQGHVW KHUYRU]XJHKHQ ZR HLQH VROFKH P|JOLFK E]Z QLFKW P|JOLFK LVW 6RGDQQ LVW GLH %HY|ONHUXQJ GHV EHUZDFKWHQ *HELHWV DXI DQGHUH :HLVH ± ]% GXUFK GLH 0HGLHQ ± EHU GLH EHYRUVWHKHQGH 'DWHQEHVFKDIIXQJ ]X XQWHUULFKWHQ VRIHUQ GHU hEHUZD FKXQJV]ZHFN GDGXUFK QLFKW YHUHLWHOW ZLUG ,VW HV HLQHP 3ULYDWHQ QLFKW P|JOLFK GLH (UNHQQEDUNHLW GHU 'DWHQEHVFKDIIXQJ KHU]XVWHOOHQ ZLH GLHV ]% RIWPDOV EHL SUL YDWHQ LQ GHQ |IIHQWOLFKHQ 5DXP JHULFKWHWHQ :HEFDPV GHU )DOO VHLQ GUIWH VLQG GLH .DPHUDV VR ]X NRQILJXULHUHQ GDVV NHLQH SHUVRQHQEH]RJHQHQ 'DWHQ HUKREHQ ZHU GHQ 'LH 3IOLFKW GLH hEHUZDFKXQJ XQG GHUHQ ZHVHQWOLFKH 5DKPHQEHGLQJXQJHQ NHQQW OLFK ]X PDFKHQ HUIRUGHUW HV DXFK GDUEHU ]X LQIRUPLHUHQ ]X ZHOFKHQ =HLWHQ GLH .DPHUDV LQ %HWULHE VLQG VRIHUQ GLH .DPHUDV QLFKW RKQHKLQ GDXHUQG HLQJHVFKDOWHW =XU )UDJH GHU =XOlVVLJNHLW HLQHU VROFKHQ 0LWEHUZDFKXQJ GHV |IIHQWOLFKHQ 5DXPV GXUFK 3UL YDWH VLHKH KLQWHQ 7HLO ,,, 9JO YRUQH 7HLO ,, ' ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV ('g% 7% 9RUQH 7HLO ,, ' ('g% 7% 9JO 58(**)/h&.,*(5129(0%(5./$86(5 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] ('6% 7% I ('6% 7% I &R( 5HSRUW YLGHR VXUYHLOODQFH & ,9 =X SUIHQ EOHLEW K|FKVWHQV RE VLFK GHU SULYDWH 'DWHQEHDUEHLWHU ]XU 5HFKWIHUWLJXQJ GHU 1LFKWHLQKDOWXQJ GHV *UXQGVDW]HV GHU (UNHQQEDUNHLW DXI HLQH (LQZLOOLJXQJ RGHU HLQ EHUZLHJHQGHV SULYDWHV RGHU |IIHQWOLFKHV ,QWHUHVVH EHUXIHQ NDQQ VLHKH $UW $EV '6* 'DV ,QWHUHVVH GHV YRQ GHU hEHUZDFKXQJ %HWURIIHQHQ DQ HLQHU HUNHQQEDUHQ 'DWHQEHDU EHLWXQJ GUIWH MHGRFK UHJHOPlVVLJ VWlUNHU ]X JHZLFKWHQ VHLQ YJO KLQWHQ 7HLO ,, % E LLL 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H VLQG ,P 9RUVSLHJHOQ HLQHU 5XQGXPGLH8KUhEHUZDFKXQJ OLHJW HLQ 9HUVWRVV JHJHQ 7UHX XQG *ODXEHQ 6RGDQQ LVW XQEHGLQJW NHQQWOLFK ]X PDFKHQ RE HLQH $XI ]HLFKQXQJ VWDWWILQGHW RGHU QLFKW 2E HLQH %HREDFKWXQJ RGHU DXFK HLQH $XI ]HLFKQXQJ VWDWWILQGHW VWHOOW IU GHQ (LQ]HOQHQ HLQHQ ZHVHQWOLFKHQ 8QWHUVFKLHG GDU (EHQVR LVW GDUEHU ]X LQIRUPLHUHQ ZHU GLH hEHUZDFKXQJ GXUFKIKUW E]Z ZHU IU GLH 'DWHQEHDUEHLWXQJ YHUDQWZRUWOLFK LVW 'LHV LVW NHLQH hEHUGHKQXQJ GHV :RUWODXWV YRQ $UW $EV '6* VRQGHUQ HUJLEW VLFK DXV GHP *UXQGVDW] YRQ 7UHX XQG *ODXEHQ 'HU (LQ]HOQH PXVV ZLVVHQ ZHU VHLQH 'DWHQ EHDUEHLWHW XP VLFK JHJHQ HLQH XQ]XOlVVLJH 'DWHQEHDUEHLWXQJ VFKQHOO XQG HIIHNWLY ]XU :HKU VHW]HQ ]X N|Q QHQ 1XU ZHQQ DXIJUXQG GHU 8PVWlQGH HUVLFKWOLFK LVW ZHU GLH hEHUZDFKXQJ GXUFKIKUW EUDXFKW GLH YHUDQWZRUWOLFKH 3HUVRQ QLFKW VSH]LHOO HUNHQQEDU JHPDFKW ]X ZHUGHQ 6R LVW HV ]% QLFKW HUIRUGHUOLFK GDVV LP =XVDPPHQKDQJ PLW GHU hEHU ZDFKXQJ HLQHU 6FKDOWHUKDOOH H[SOL]LW GDUDXI KLQJHZLHVHQ ZLUG GDVV GLH %DQN IU GLH hEHUZDFKXQJ YHUDQWZRUWOLFK LVW (LQ HQWVSUHFKHQGHU +LQZHLV LVW DEHU EHL GHU hEHUZDFKXQJ HLQHV (LQNDXIV]HQWUXPV PLW PHKUHUHQ *HVFKlIWHQ QRWZHQGLJ GD IU GHQ (LQ]HOQHQ QLFKW RKQH ZHLWHUHV HUNHQQEDU LVW ZHU JHQDX GLH hEHUZDFKXQJ GXUFKIKUW XQG GDIU YHUDQWZRUWOLFK LVW )UDJOLFK LVW RE DXFK GLH 'DXHU GHU 6SHLFKHUXQJ GHU $XIQDKPHQ DQ]XJHEHQ LVW 'LHV ZlUH GXUFKDXV ZQVFKHQVZHUW ,P 9HU]LFKW DXI HLQH HQWVSUHFKHQGH $QJDEH LVW P( DEHU ]XPLQGHVW GDQQ NHLQ 9HUVWRVV JHJHQ GHQ *UXQGVDW] GHU (UNHQQEDUNHLW ]X HUEOLFNHQ ZHQQ VLFK GLH 6SHLFKHUGDXHU LP 5DKPHQ GHVVHQ EHZHJW ZDV GHU (LQ]HO QH QDFK 7UHX XQG *ODXEHQ HUZDUWHQ GDUI XQG PXVV :HQQ HLQ .DXIKDXV %LOGPDWH ULDO ]% OlQJHU DOV RGHU DOOHQIDOOV 6WXQGHQ DXIEHZDKUW LVW GHU (LQ]HOQH GDU EHU LQ .HQQWQLV ]X VHW]HQ (LQ VSH]LHOOHU +LQZHLV GDUDXI GDVV GLH hEHUZDFKXQJ '6% /8 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% %/ 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% )5 0HUNEODWW 9LGHREHUZDFKXQJ =LII 9JO ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XU YHLOODQFH ,, =LII 0$7+,6 $(33/, %877$5(//, 3URWHFWLRQ =LII '6% =+ 7% '6% /8 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% %/ 0HUNEODWW 9LGHREHU ZDFKXQJ =LII *2/$6&+20(586 .RPP ]X E %'6* 5] $$ ZRKO %h//(6)(/' 9JO GD]X DXFK KLQWHQ 7HLO ,9 ' 9JO '6% )5 0HUNEODWW 9LGHREHUZDFKXQJ =LII &'&- *XLGLQJ SULQFLSOHV =LII $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ I (V EUDXFKW LQGHVVHQ QLFKW GHU 1D PH GHU YHUDQWZRUWOLFKHQ 3HUVRQ DQJHJHEHQ ]X ZHUGHQ HV UHLFKW GLH $QJDEH GHU YHUDQWZRUWOL FKHQ 6WHOOH )U GLH hEHUZDFKXQJ GXUFK |IIHQWOLFKH 2UJDQH YJO ]% GLH 5HJHOXQJHQ YRQ $UW ELV $EV ,QIR'*62 Ä$P EHUZDFKWHQ 2UW LVW DXI GLH YLVXHOOH hEHUZDFKXQJ XQG GLH YHUDQWZRUWOLFKH %HK|UGH KLQ]XZHLVHQ³ XQG YRQ $UW $EV /3U'9' Ä&HWWH LQIRUPDWLRQ LQFOXW OHV FRRUGRQQpHV GX UHVSRQVDEOH GX WUDLWHPHQW HW PHQWLRQQH OH GURLW G¶DFFqV DX[ LPDJHV FRQFHUQpHV³ (+0$11+(/)5,&+ .RPP ]X $UW (*'65/ 5] 9JO ('g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|WLJ GHQ H[DNWHQ 6WDQGRUW GHU .DPH UDV RGHU GHUHQ JHQDXHQ $XIQDKPHEHUHLFK DQ]XJHEHQ 8QWHU GHP $VSHNW GHU (UNHQQEDUNHLW GHU hEHUZDFKXQJ EOHLEW DEHU ]X IRUGHUQ GDVV GLH .DPHUDV VHOEVW JXW VLFKWEDU DXIJHVWHOOW ZHUGHQ 6LH GUIHQ DXFK ZHQQ HLQ DOOJHPHLQHU +LQZHLV DXI GLH 9LGHREHUZDFKXQJ EHVWHKW QLFKW LQ 'HFNHQODPSHQ YHUVWHFNW RGHU VRQVW ZLH JHWDUQW ZHUGHQ $OOHLQH GDV VLFKWEDUH $XIVWHOOHQ JHQJW MH GRFK QLFKW XP GHP *UXQGVDW] GHU (UNHQQEDUNHLW YROOXPIlQJOLFK 5HFKQXQJ ]X WUD JHQ 0LW HLQHP VROFKHQ 9RUJHKHQ ZLUG QLFKW VLFKHUJHVWHOOW GDVV GLH 7DWVDFKH GHU hEHUZDFKXQJ EHUHLWV YRU GHP %HWUHWHQ GHV hEHUZDFKXQJVUDGLXV ]XU .HQQWQLV JH QRPPHQ ZLUG =XGHP VWHKW DXFK GDQQ ZHQQ GLH .DPHUDV QLFKW VLFKWJHVFKW]W DQ JHEUDFKW ZHUGHQ NHLQHVZHJV IHVW GDVV VLH YRQ MHGHUPDQQ DOV VROFKH ZDKUJHQRP PHQ ZHUGHQ *HUDGH GLH JHEUlXFKOLFKHQ 'RPH.DPHUDV ODVVHQ VLFK OHLFKW PLW 'HFNHQODPSHQ RGHU )HXHUPHOGHUQ YHUZHFKVHOQ 'DUEHU KLQDXV IRUGHUW GHU *UXQG VDW] GHU (UNHQQEDUNHLW QLFKW QXU GDVV GLH 'DWHQEHVFKDIIXQJ WUDQVSDUHQW HUIROJW VRQGHUQ JUXQGVlW]OLFK DXFK GDVV GHU %HDUEHLWXQJV]ZHFN XQG GLH ZHVHQWOLFKHQ 5DKPHQEHGLQJXQJHQ GHU 'DWHQEHDUEHLWXQJ NRPPXQL]LHUW ZHUGHQ :LH HUZlKQW LVW ]XPLQGHVW GDUEHU ]X LQIRUPLHUHQ RE HLQH %HREDFKWXQJ RGHU DXFK HLQH $XI]HLFK 6R DEHU 0HUNEODWW '6% /8 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% %/ 0HUNEODWW 9L GHREHUZDFKXQJ =LII '6% )5 0HUNEODWW 9LGHREHUZDFKXQJ =LII %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 9JO $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I DOOHUGLQJV PLW GHU %HJUQGXQJ GDVV DQVRQVWHQ GLH :LUNVDPNHLW GHU hEHUZDFKXQJ UHODWLYLHUW ZHUGH 6ROFKH hEHUOHJXQJHQ DOOHLQH UHFKWIHUWLJHQ P( DEHU HLQ $EZHLFKHQ YRP *UXQGVDW] GHU (UNHQQEDUNHLW GHU 'DWHQEHDUEHL WXQJ LP $OOJHPHLQHQ QLFKW 9JO 0$7+,6 $(33/, '6% =+ 7% '6% )5 0HUNEODWW 9LGHREHUZDFKXQJ =LII D$ %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] D ZRQDFK GLH 9L GHRNDPHUDV VHOEVW QLFKW HUNHQQEDU VHLQ PVVHQ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H YHUWULWW JDU GLH $XIIDVVXQJ GDVV GLH .DPHUDV ZHQQ DXI VLH PLW +LQ ZHLVVFKLOGHUQ GHXWOLFK KLQJHZLHVHQ ZHUGH GH]HQW DQ]XEULQJHQ VHLHQ GD GDV VLFKWEDUH $Q EULQJHQ GHU .DPHUDV GHQ hEHUZDFKXQJVGUXFN HUK|KH (LQ GH]HQWHV $QEULQJHQ GHU .DPHUDV VHL GHVKDOE ZHQLJHU JUXQGUHFKWVLQWHQVLY 'LHVHU $XIIDVVXQJ NDQQ QLFKW JHIROJW ZHUGHQ 9JO 0$7+,6 $(33/, %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] D 3(75, 5] LQ GLHVH 5LFKWXQJ DXFK %$576&+ 7HLOZHLVH ZLUG MHGRFK GLH $XIIDVVXQJ YHUWUHWHQ GDV JXW VLFKWEDUH $QEULQJHQ GHU .DPHUDV N|QQH DXVUHLFKHQ XP GLH (UNHQQEDUNHLW GHU 'DWHQEHDUEHLWXQJ VLFKHU]XVWHOOHQ YJO 0$85(5/$0%52867(,1(5 LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII ('6% 7% 9HQLFH &RPPLVVL RQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH , =LII 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH ,, =LII 921 =(=6&+:,7= 5] /$1* 3ULYDWH 9LGHREHUZDFKXQJ '6% =+ /HLWIDGHQ 9LGHREHUZDFKXQJ 'D]X YRUQH 7HLO , $ 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H QXQJ VWDWWILQGHW 0LW HLQHP EORVV VLFKWEDUHQ $XIVWHOOHQ GHU .DPHUDV OlVVW VLFK GLH VHP (UIRUGHUQLV YRQ YRUQKHUHLQ QLFKW 5HFKQXQJ WUDJHQ $XV GLHVHQ *UQGHQ UHLFKW HV DXFK QLFKW DXV LQ (LQJDQJVEHUHLFKHQ 0RQLWRUH DXI]XVWHOOHQ DXI ZHOFKH %LOGHU GHU hEHUZDFKXQJVNDPHUDV EHUVSLHOW ZHUGHQ VRJ Ä3XEOLNXPVPRQL WRUH³ ZLH GLHV WHLOZHLVH LQ .DXIKl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h QRUPLHUW ZLUG YHUODQJW WHFKQL VFKH XQG RUJDQLVDWRULVFKH 0DVVQDKPHQ ]XU 6LFKHUXQJ GHU VLFK EHUHLWV EHLP 'DWHQ EHDUEHLWHU EHILQGHQGHQ 'DWHQ YRU 9HUOXVW 0LVVEUDXFK XQG %HVFKlGLJXQJ (U WUlJW GDPLW QLFKW QXU GHQ ,QWHUHVVHQ GHUMHQLJHQ 5HFKQXQJ GLH 'DWHQ EHVLW]HQ XQG EHDU EHLWHQ VRQGHUQ LQVEHVRQGHUH DXFK GHQ ,QWHUHVVHQ GHUMHQLJHQ 3HUVRQHQ EHU ZHOFKH 'DWHQ EHDUEHLWHW ZHUGHQ 'HU *UXQGVDW] GHU 'DWHQVLFKHUKHLW LVW HLQH ]HQWUDOH 9R UDXVVHW]XQJ IU HLQ ZLUNVDPHV 'DWHQVFKXW]UHFKW 9JO %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] D 'g5,* %(5*0$110g+5/(+(5% .RPP ]X E %'6* 5] D $$ %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] /$1* 3ULYDWH 9LGHREHUZDFKXQJ I $$ /$1* 3ULYDWH 9LGHREHUZDFKXQJ 'D]X YRUQH 7HLO 9 9JO ('g% 0HUNEODWW 9LGHREHUZDFKXQJ GXUFK SULYDWH 3HUVRQHQ ('6% 7% YJO IHUQHU '6% /8 0HUNEODWW 9LGHREHUZDFKXQJ =LII '6% %/ 0HUNEODWW 9LGHR EHUZDFKXQJ =LII 9JO ]% $UW /3'37, $UW $EV '6*6* 6D 3ULQFLSOH 5HF 921 67(&+2: I 'DEHL JHKW HV ]ZDU DXFK YRUQH )Q DEHU NHLQHVZHJV QXU XP 6FKXW] GHV 'DWXPV PLVVYHUVWlQGOLFK 3$8/, LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %(5*(5 .85=(1 VRQGHUQ LQ HUVWHU /LQLH XP GHQ 6FKXW] GHU 3HUV|Q OLFKNHLW GHU EHWURIIHQHQ 3HUVRQHQ DQ VLFK YJO %5h&.1(5 5] 6&+:(,=(5 3ULYDF\ 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 6LFKHU]XVWHOOHQ VLQG GLH 9HUWUDXOLFKNHLW GLH 9HUIJEDUNHLW XQG GLH ,QWHJULWlW GHU 'DWHQ 'DWHQ GUIHQ QXU YRQ GD]X EHUHFKWLJWHQ 3HUVRQHQ HLQJHVHKHQ XQG ]XU .HQQWQLV JHQRPPHQ ZHUGHQ N|QQHQ 9HUWUDXOLFKNHLW GDV 'DWHQEHDUEHLWXQJVV\V WHP KDW YROOXPIlQJOLFK IXQNWLRQVIlKLJ ]X VHLQ GDPLW GLH 'DWHQ LQ GHU ULFKWLJHQ )RUP ]XU ULFKWLJHQ =HLW DP ULFKWLJHQ 2UW YHUIJEDU VLQG 9HUIJEDUNHLW XQG GDV ,QIRUPDWLRQVV\VWHP XQG GLH 'DWHQ PVVHQ YRU XQEHIXJWHU 9HUlQGHUXQJ JHVFKW]W ZHUGHQ ,QWHJULWlW 'DQHEHQ LVW DEHU DXFK VLFKHU]XVWHOOHQ GDVV NHLQH 7lXVFKXQJ EHU GLH ,GHQWLWlW GHV 'DWHQEHDUEHLWHUV RGHU EHU GLH 4XHOOH GHV 'DWXPV HUIROJW $X WKHQWL]LWlW (UIRUGHUOLFK LVW LQ MHGHP )DOO HLQ XPIDVVHQGHV XQG JDQ]KHLWOLFKHV 6L FKHUKHLWVNRQ]HSW 7HFKQLVFKH 0DVVQDKPHQ ZLH ]% HLQ 3DVVZRUWVFKXW] RUJDQLVD WRULVFKH 0DVVQDKPHQ ZLH ]% GLH ,QVWUXNWLRQ XQG hEHUZDFKXQJ GHU 0LWDUEHLWHU LP 8PJDQJ PLW GHP 'DWHQEHDUEHLWXQJVV\VWHP XQG EDXOLFKH 0DVVQDKPHQ ZLH ]% =XWULWWVEHVFKUlQNXQJHQ PVVHQ NRPELQLHUW ZHUGHQ XP GHP *UXQGVDW] GHU 'DWHQVLFKHUKHLW KLQUHLFKHQG 5HFKQXQJ ]X WUDJHQ %HL GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ 'HU *UXQGVDW] GHU 'DWHQVLFKHUKHLW XQG GHVVHQ YROOXPIlQJOLFKH (LQKDOWXQJ VLQG YRQ JUXQGOHJHQGHU XQG ]HQWUDOHU %HGHXWXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ 'LH $QIRUGHUXQJHQ DQ GLH 'DWHQVLFKHUKHLW PVVHQ GDEHL DOV KRFK EH]HLFKQHW ZHUGHQ 'LHV LQVEHVRQGHUH GHVKDOE GD ± X8 VRJDU EHVRQGHUV VFKW]HQVZHUWH ± 3HUVR QHQGDWHQ LP 9RUIHOG HLQHU NRQNUHWHQ *HIDKU RGHU HLQHV 7DWYHUGDFKWV YRQ 1LFKWVW| UHUQ E]Z 1LFKWWDWYHUGlFKWLJHQ EHDUEHLWHW ZHUGHQ XQG GLH 9LGHREHUZDFKXQJ QLFKW ]X XQWHUVFKlW]HQGH 5LVLNHQ IU GLH 3HUV|QOLFKNHLW GHU %HWURIIHQHQ XQG GLH *HVHOO VFKDIW LQ VLFK ELUJW +LQ]XZHLVHQ LVW ]XGHP DXI GLH KHXWH EHVWHKHQGHQ WHFKQLVFKHQ 0|JOLFKNHLWHQ HLQHU 9HUOHW]XQJ GHU 'DWHQVFKXW]JUXQGVlW]H LP 8PJDQJ PLW GHP %LOGPDWHULDO HIIHNWLY EHJHJQHQ ]X N|QQHQ 'LH 3IOLFKWHQ EH]JOLFK GHU 'DWHQVLFKHUKHLW VROOWHQ VLFK LP %HUHLFK GHU 9LGHREHU ZDFKXQJ DQ GHQMHQLJHQ RULHQWLHUHQ ZHOFKH $UW $EV XQG $UW 9'6* GHQ ,QKDEHUQ HLQHU 'DWHQVDPPOXQJ DXIHUOHJHQ =X YHUODQJHQ LVW VRPLW HLQH =XJDQJV NRQWUROOH ]X GHQ 5lXPHQ LQ ZHOFKHQ VLFK GDV EHUZDFKWH *HVFKHKHQ DQ GHQ 0RQL 9JO $UW $EV 9'6* 6LHKH GD]X 0(,(5 5] II %5812 :,/'+$%(5 ,QIRUPDWLRQVVLFKHUKHLW ± 5HFKWOLFKH *UXQGODJHQ XQG $QIRUGHUXQJHQ DQ GLH 3UD[LV 'LVV =ULFK II 52/) + :(%(5$11(77( :,//, ,76LFKHUKHLW XQG 5HFKW ± *UXQGODJHQ HLQHV LQWHJUDWLYHQ *HVWDO WXQJVNRQ]HSWV =ULFK II *8,'2 +2%(57 'DWHQVFKXW] XQG 'DWHQVLFKHUKHLW LP ,Q WHUQHW )UDQNIXUW D0 3$8/, LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %(5*(5 .85=(1 5] II :(%(5 5+ (&RPPHUFH XQG 5HFKW 3$8/, LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] $/7+$86 67b03)/, I .$00(5(5 %LOGHU GHU hEHUZD FKXQJ %*( , ( I &'&- *XLGLQJ SULQFLSOHV =LII VD KLQWHQ 7HLO 9 ' 9JO YRUQH 7HLO ,9 $ 9JO %*( , ( I VD $UW $EV 9'6* 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H WRUHQ YHUIROJHQ OlVVW XQG ]X GHQ 5lXPHQ LQ GHQHQ GLH 9LGHRDXI]HLFKQXQJHQ DXI EHZDKUW ZHUGHQ 'DEHL LVW DXFK GHU .UHLV GHU 3HUVRQHQ ZHOFKH =XJDQJ ]X GHQ $XI]HLFKQXQJHQ KDEHQ HQJ ]X EHJUHQ]HQ ± ZDV ]X GRNXPHQWLHUHQ LVW ± XQG HV LVW GLH (LQKDOWXQJ GLHVHU %HJUHQ]XQJ ]X NRQWUROOLHUHQ *OHLFK]HLWLJ VLQG GLH DXIEH ZDKUWHQ %LOGHU ]X FRGLHUHQ 0LWWHOV HLQHU =XJULIIVNRQWUROOH LVW VRGDQQ VLFKHU]X VWHOOHQ GDVV DXFK GLH EHUHFKWLJWH 3HUVRQ QXU DXI GLHMHQLJHQ 'DWHQ =XJULII KDW GLH VLH ]XU (UIOOXQJ LKUHU $XIJDEH EHQ|WLJW (EHQIDOOV LVW HLQH (LQJDEHNRQWUROOH HLQ]X ULFKWHQ XP QDFKWUlJOLFK EHUSUIHQ ]X N|QQHQ ZHOFKH 3HUVRQHQGDWHQ ]X ZHOFKHU =HLW XQG YRQ ZHOFKHU 3HUVRQ HLQJHJHEHQ YHUlQGHUW RGHU HQWIHUQW ZXUGHQ 'LH =X JULIIH DXI GLH %LOGHU VLQG ]X SURWRNROOLHUHQ GDPLW HUVLFKWOLFK XQG QDFKYROO]LHKEDU ZLUG ZHU ZDQQ ZHOFKH %LOGHU DQJHVHKHQ XQG DOOHQIDOOV YHUlQGHUW KDW (UIRUGHU OLFK VLQG VRGDQQ HLQH 3HUVRQHQGDWHQWUlJHUNRQWUROOH XQG HLQH 6SHLFKHUNRQWUROOH XP XQEHIXJWHV /HVHQ .RSLHUHQ 9HUlQGHUQ (QWIHUQHQ RGHU /|VFKHQ GHU 'DWHQWUlJHU E]Z GHU GDUDXI JHVSHLFKHUWHQ 9LGHRGDWHQ ]X YHUKLQGHUQ $XFK LVW ]X IRUGHUQ GDVV GDV ± QLFKW DOV %HZHLV YHUZHQGHWH ± %LOGPDWHULDO QDFK $EODXI GHU YRUJlQJLJ IHVW JHOHJWHQ PD[LPDOHQ $XIEHZDKUXQJVGDXHU DXWRPDWLVFK JHO|VFKW XQG VLFKHU YHU QLFKWHW ZLUG (UIRUGHUOLFK LVW VRGDQQ HLQH 7UDQVSRUWNRQWUROOH XP XQEHIXJWHV /H VHQ .RSLHUHQ 9HUlQGHUQ RGHU /|VFKHQ GHU 9LGHRDXI]HLFKQXQJHQ EHL GHU %HNDQQW JDEH HLQHP GHU KHLNHOVWHQ %HDUEHLWXQJVVFKULWWH RGHU GHP DOOIlOOLJHQ 7UDQVSRUW GHU 'DWHQWUlJHU ]X YHUKLQGHUQ *HJHQ GDV 3ULQ]LS GHU 'DWHQVLFKHUKHLW YHUVWRVVHQ ZUGH HWZD HLQH XQJHVLFKHUWH XQYHUVFKOVVHOWH hEHUWUDJXQJ YRQ 9LGHRGDWHQ EHU GDV ,QWHUQHW GD GLHVH %LOGHU JUXQGVlW]OLFK YRQ MHGHUPDQQ HLQJHVHKHQ ZHUGHQ N|Q QHQ (EHQIDOOV HUIRUGHUOLFK LVW HLQH %HNDQQWJDEHNRQWUROOH GDPLW 'DWHQ QLFKW DQ 8QEHIXJWH ZHLWHUJHOHLWHW ZHUGHQ XQG VLFKHUJHVWHOOW ZLUG GDVV GLH hEHUPLWWOXQJV YRUJlQJH WUDQVSDUHQW EOHLEHQ $XFK EHGDUI HV HLQHU %HQXW]HUNRQWUROOH XP XQEH UHFKWLJWH =XJULIIH EHU (LQULFKWXQJHQ GHU 'DWHQEHUWUDJXQJ DXI GDV 9LGHREHUZD FKXQJVV\VWHP XQG GLH 9LGHRDXI]HLFKQXQJHQ ]X YHUKLQGHUQ 'HP *UXQGVDW] GHU ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV YJO ]% $UW $EV %VW D 95|*6* ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV I 0$7+,6 $(33/, %h//(6)(/' 9LGHREHU ZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I ('g% 7% ('g% 7% .$00(5(5 %LOGHU GHU hEHUZDFKXQJ I $UW $EV 95|*6* 'LH 3URWRNROOLHUXQJ VlPWOLFKHU (LQJULIIH LQ GLH 9LGHRDXI]HLFKQXQJHQ ]% GXUFK 9HUJU|VVHUXQJ 9HUNOHLQHUXQJ +HOOLJNHLWV XQG )DUENRUUHNWXUHQ 5HWXVFKHQ YRQ %OLW]OLFKW (IIHNWHQ RGHU 6FKDUI]HLFKQXQJHQ VRZLH GDPLW LP =XVDPPHQKDQJ VWHKHQGHU $QJDEHQ 'D WXP GHV (LQJULIIV YHUDQWZRUWOLFKH 3HUVRQHQ $UW GHU 6SHLFKHUXQJ ZLUG DXFK DOV DXGLW WUDLO EH]HLFKQHW 'LHVHU DXGLW WUDLO LVW HLQ XQXPJlQJOLFKHV 0LWWHO XP $XI]HLFKQXQJHQ YRU 0DQLSX ODWLRQHQ ]X VFKW]HQ E]Z VROFKH 0DQLSXODWLRQHQ ]% IU GDV *HULFKW QDFKYROO]LHKEDU ]X PDFKHQ VLHKH .$00(5(5 %LOGHU GHU hEHUZDFKXQJ 0$7+,6 $(33/, %$(5,6:</ 9LGHREHUZDFKXQJ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV 9JO KLQWHQ 7HLO ,, % XQG )Q ('g% 7% 6&+:(*/(5 'LJLWDOH )RWRJUDILH 'LH 9LGHREHUZDFKXQJ LP .RQWH[W GHV 'DWHQVFKXW]UHFKWV 'DWHQVLFKHUKHLW LVW VFKOLHVVOLFK DXFK GDGXUFK 5HFKQXQJ ]X WUDJHQ GDVV GDV 3HUVRQDO LP 8PJDQJ PLW GHQ 'DWHQ DQJHPHVVHQ JHVFKXOW ZLUG + 'HU *UXQGVDW] GHU 'DWHQULFKWLJNHLW ,P $OOJHPHLQHQ 'HU *UXQGVDW] GHU 'DWHQULFKWLJNHLW XQG HLQ HQWVSUHFKHQGHV %HULFKWLJXQJVUHFKW ZHUGHQ VRZRKO LQ $UW $UW XQG $UW '6* XQG GHU NDQWRQDOHQ *HVHW]JH EXQJ DOV DXFK LQ $UW %VW G XQG $UW %VW F XQG G ('6h QRUPLHUW 5LFKWLJ VLQG 3HUVRQHQGDWHQ GDQQ ZHQQ VLH NHLQH )DOVFKDXVVDJHQ HQWKDOWHQ XQG VRZHLW HU IRUGHUOLFK XQG QDFK 0DVVJDEH LKUHU 9HUZHQGXQJ QDFKJHIKUW XQG YROOVWlQGLJ VLQG 6LH PVVHQ GLH HLQH EHVWLPPWH 3HUVRQ EHWUHIIHQGHQ 7DWVDFKHQ XQG LKU 8P IHOG VDFKJHUHFKW ZLHGHUJHEHQ 'LH %HDUEHLWXQJ XQULFKWLJHU 'DWHQ NDQQ ]X HUKHE OLFKHQ 3HUV|QOLFKNHLWVYHUOHW]XQJHQ GHU GDGXUFK EHWURIIHQHQ 3HUVRQHQ IKUHQ %HL GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ 9LGHRDXI]HLFKQXQJHQ GRNXPHQWLHUHQ HLQ WDWVlFKOLFKHV *HVFKHKHQ ]X HLQHU EH VWLPPWHQ =HLW DQ HLQHP EHVWLPPWHQ 2UW 6LH HQWKDOWHQ GLHVEH]JOLFK NHLQH )DOVFK DXVVDJHQ XQG VLQG VRPLW ULFKWLJ LP 6LQQH GHV *UXQGVDW]HV GHU 'DWHQULFKWLJNHLW 8Q ULFKWLJ ZlUHQ GLH DXIJH]HLFKQHWHQ 3HUVRQHQGDWHQ MHGRFK GDQQ ZHQQ DXI GHP %LOGPDWHULDO 2UW XQG =HLW GHU $XIQDKPH QLFKW ULFKWLJ ZLHGHUJHJHEHQ ZHUGHQ 8Q ULFKWLJNHLW LVW VHOEVWYHUVWlQGOLFK DXFK GDQQ ]X EHMDKHQ ZHQQ GDV %LOGPDWHULDO PD QLSXOLHUW ZRUGHQ LVW 'LH *HIDKU HLQHU QDFKWUlJOLFKHQ 0DQLSXODWLRQ GHV %LOGPDWHUL DOV EHVWHKW ]ZDU DXFK EHL GHU 9HUZHQGXQJ DQDORJHU %LOGDXIQDKPHWHFKQLN EHL GHU 9HUZHQGXQJ GLJLWDOHU $XIQDKPHQ LVW GDV 5LVLNR HLQHU ± QLFKW HUNHQQEDUHQ ± )lO VFKXQJ MHGRFK K|KHU 3DVVZ|UWHU GLJLWDOH 6LJQDWXUHQ RGHU 9HUVFKOVVHOXQJVYHU IDKUHQ ELHWHQ NHLQHQ KXQGHUWSUR]HQWLJHQ =XJULIIVVFKXW] 'DV 5LVLNR HLQHU )lO VFKXQJ YRQ 2ULJLQDODXIQDKPHQ ]XPLQGHVW GDQQ ZHQQ VLH DXI QXU HLQPDO EHVFKUHLEEDUHQ 6SHLFKHUPHGLHQ &'5 '9'5 YRUOLHJHQ XQG GDV *HVFKHKHQ EHU 0$7+,6 $(33/, :(%(5 5+ (&RPPHUFH XQG 5HFKW ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV 9JO ]% $EV %VW E XQG %VW D ,'*=+ $UW $EV XQG $UW '6*6+ XQG %VW D ,'*%6 KLQWHQ )Q %RWVFK '6* 0$85(5/$0%528 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ %RWVFK '6* 9JO 67())(1 %5h&.1(5 %LOGEHDUEHLWXQJ XQG YHUDUEHLWXQJ XQWHU NULPLQDOWHFKQLVFKHQ XQG IRUHQVLVFKHQ $VSHNWHQ LQ 0g//(5921 =(=6&+:,7= *:2='(. 9LGHREHUZDFKXQJV WHFKQLN *:2='(. 6FKQHOOHU ± EHVVHU ± ZHLWHU &'&- *XLGLQJ SULQFLSOHV )Q %b80/(5 'LH 9LGHREHUZDFKXQJ LP /LFKWH GHU GDWHQVFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H OlQJHUH =HLW PLW PHKUHUHQ .DPHUDV DXV YHUVFKLHGHQHQ %OLFNZLQNHOQ DXIJH]HLFKQHW ZXUGH VFKHLQW MHGRFK HKHU JHULQJ ]X VHLQ =X EHDFKWHQ EOHLEW GDVV GLH 5LFKWLJNHLW HLQHV 3HUVRQHQGDWXPV DXFK LQ VHLQHP XU VSUQJOLFKHQ RGHU QDFKWUlJOLFKHQ .RQWH[W ]X EHXUWHLOHQ LVW VRJ ÄUHODWLYH 5LFKWLJ NHLW³ :LUG ]% %LOGPDWHULDO YRQ 3HUVRQHQ ZHOFKH NHLQH *HIDKU IU GLH |IIHQW OLFKH 6LFKHUKHLW PHKU GDUVWHOOHQ LQ HLQH SROL]HLOLFKH 'DWHQEDQN ]XU SUlYHQWLYHQ .ULPLQDOLWlWVEHNl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lXWHUQ =XQlFKVW LVW GLH 9LGHREHUZDFKXQJ LQ LKUHQ %H]JHQ ]XU 0HQVFKHQZUGH $UW %9 GDU]XVWHOOHQ 9HUOHW]W GLH 9LGHREHUZDFKXQJ GLH 0HQVFKHQZUGH LVW VLH XQ]X Ol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lXWHUQ LQZLHIHUQ GLH 9LGHREHUZD FKXQJ ]X HLQHP (LQJULII LQ GDV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ IKUW RE HLQ *UXQGUHFKWVYHU]LFKW P|JOLFK LVW XQG QDFK ZHOFKHQ .ULWHULHQ EHU GLH 6FKZHUH HLQHU %HHLQWUlFKWLJXQJ GLHVHV *UXQGUHFKWV GXUFK GLH 9LGHREHUZDFKXQJ ]X HQWVFKHLGHQ LVW =X SUIHQ LVW DXFK GLH %HGHXWXQJ GHU LQ $UW $EV %9 JDUDQWLHUWHQ SHUV|QOL FKHQ )UHLKHLW IU GLH 9LGHREHUZDFKXQJ 'DEHL LVW GLH SHUV|QOLFKH )UHLKHLW ]X QlFKVW LQ LKUHP 9HUKlOWQLV ]XP *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ]X HUOlXWHUQ (EHQIDOOV LVW DXI GLH )UDJH HLQ]XJHKHQ RE GHU (LQVDW] GHU 9LGHREHU ZDFKXQJ VHOEVW XQWHU GHP 6FKXW] GHU SHUV|QOLFKHQ )UHLKHLW VWHKHQ NDQQ 6RGDQQ LVW GDU]XOHJHQ RE GLH 9LGHREHUZDFKXQJ ]X HLQHP (LQJULII LQ GLH %HZHJXQJVIUHLKHLW RGHU JDU LQ GLH N|USHUOLFKH ,QWHJULWlW GHU GDYRQ %HWURIIHQHQ IKUW 'DV 9|ONHUUHFKW KDEHQ %XQG XQG .DQWRQH JHPlVV $UW $EV %9 Ä]X EHDFKWHQ³ HLQJHKHQG ]X GLHVHP %HDFKWXQJVJHERW 52*(5 12%6 9RONVLQLWLDWLYH XQG 9|ONHUUHFKW 'LVV =ULFK 6W *DOOHQ II II +LQWHQ 7HLO ,, 'XUFK GDV =3 1U ]XU (05. DOOJHPHLQ LQ .UDIW JHWUHWHQ DP 1RYHPEHU ZXUGHQ GLH (.05 XQG GHU GDPDOLJH (*05 GXUFK GHQ (*05 DOV QHXHQ VWlQGLJHQ *HULFKWVKRI HU VHW]W +LQWHQ 7HLO ,,, +LQWHQ 7HLO ,9 +LQWHQ 7HLO 9 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH (EHQIDOOV LVW ]X XQWHUVXFKHQ RE GLH 9LGHREHUZDFKXQJ XQG GLH VLFK LKU DQVFKOLHV VHQGHQ %HDUEHLWXQJVVFKULWWH ZLH ]% GLH 9HU|IIHQWOLFKXQJ XQG $XIEHZDKUXQJ YRQ 9LGHRDXI]HLFKQXQJHQ PLW GHP *UXQGVDW] GHU 8QVFKXOGVYHUPXWXQJ $UW $EV %9 $UW =LII (05. XQG $UW =LII 8123DNW ,, YHUHLQEDU VLQG $QJHVLFKWV GHU 7DWVDFKH GDVV YLGHREHUZDFKWH 6WUDVVHQ XQG 3OlW]H DXFK ]XU .RPPXQLNDWLRQ ]XU 0HLQXQJVELOGXQJ XQG IU 9HUVDPPOXQJHQ JHQXW]W ZHUGHQ PXVV VRGDQQ JHSUIW ZHUGHQ LQZLHIHUQ HLQH 9LGHREHUZDFKXQJ ]X HLQHP (LQJULII LQ GLH 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW $UW XQG $UW %9 $UW XQG $UW (05. VRZLH $UW XQG $UW 812 3DNW ,, IKUW $QVFKOLHVVHQG LVW GLH 9LGHREHUZDFKXQJ LQ LKUHQ %H]JHQ ]X DQGHUHQ *UXQGUHFK WHQ ]X HUOl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lWLJNHLW DXV]XULFKWHQ KDW 'HU *UXQGVDW] GHU 0HQVFKHQZUGH GLHQW JOHLFK]HLWLJ DOV $XVOHJXQJV XQG .RQNUHWLVLHUXQJVKLOIH IU GLH 5HFKWVRUGQXQJ LQVJHVDPW 1DPHQWOLFK GLHQW HU GHU %HVWLPPXQJ GHV *HKDOWV XQG GHV 6FKXW]EHUHLFKV GHU *UXQGUHFKWH ZDV LQVEHVRQGH UH PLW %OLFN DXI QHXDUWLJH 6DFKYHUKDOWH XQG *HIlKUGXQJHQ YRQ %HGHXWXQJ LVW 6R NDQQ GLH 0HQVFKHQZUGH HLQH $XVGHKQXQJ JUXQGUHFKWOLFKHU 6FKXW]EHUHLFKH ]% GHVMHQLJHQ GHU SHUV|QOLFKHQ )UHLKHLW DOV JHERWHQ HUVFKHLQHQ ODVVHQ ,QVRIHUQ ZLUNW GLH 0HQVFKHQZUGH DOV 'XUFKJDQJVQRUP 'LH 0HQVFKHQZUGH VWHOOW DEHU DXFK HLQ VHOEVWlQGLJHV QLFKW HLQVFKUlQNEDUHV *UXQGUHFKW GDU GDV YRU DOOHP EHL HLQHU DOOIlOOLJHQ /FNH LP *UXQGUHFKWVNDWDORJ YRQ %HGHXWXQJ LVW 'LH 0HQVFKHQZUGH OlVVW VLFK GHVKDOE DOV $XIIDQJJUXQGUHFKW EH]HLFKQHQ $XFK EHL GHU hEHUSUIXQJ HLQHV *UXQGUHFKWVHLQJULIIV DXI VHLQH =X PXWEDUNHLW RGHU VHLQH 9HUHLQEDUNHLW PLW GHP .HUQJHKDOW LVW GLH 0HQVFKHQZUGH EHL]X]LHKHQ 6LH LVW DXFK YRQ %HGHXWXQJ ZHQQ HV XP GLH %HVWLPPXQJ GHU ,QWHQ VLWlW HLQHV *UXQGUHFKWVHLQJULIIV JHKW 'HU *HKDOW YRQ $UW %9 OlVVW VLFK QLFKW DEVFKOLHVVHQG IHVWOHJHQ HU EUDXFKW DEHU DXFK QLFKW DEVFKOLHVVHQG IHVWJHOHJW ]X ZHUGHQ 'LH 0HQVFKHQZUGH ÄEHWULIIW GDV ,P 9|ONHUUHFKW ILQGHQ VLFK *DUDQWLHQ GHU 0HQVFKHQZUGH HWZD LQ $UW XQG (05. LQ $UW XQG 8123DNW ,, VRZLH LQ $UW 8123DNW , YJO LP (LQ]HOQHQ ]XU 0HQVFKHQ ZUGH LP 9|ONHUUHFKW 5$,1(5 - 6&+:(,=(5)5$1=,6.$ 635(&+(5 0HQVFKHQZUGH LP 9|ONHUUHFKW LQ .XUW 6HHOPDQQ +UVJ 0HQVFKHQZUGH DOV 5HFKWVEHJULII 6WXWWJDUW II 0$67521$5', LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] =XU %HGHXWXQJ XQG (QWZLFNOXQJ GHV 6FKXW]HV GHU 0HQVFKHQZUGH XQWHU GHU D%9 VLHKH 6&+:(,=(5 0HQVFKHQZUGH II %*( , ( %*( , ( E %9*HU $ ( +$//(5 5] 6&+:(,=(5 0HQVFKHQZUGH I (1*, I 0$67521$5', LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6&+:(,=(5 0HQVFKHQZUGH I 0h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h//(5 -3 5] I 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH OHW]WOLFK QLFKW IDVVEDUH (LJHQWOLFKH GHV 0HQVFKHQ XQG GHU 0HQVFKHQ XQG LVW XQWHU 0LWEHDFKWXQJ NROOHNWLYHU $QVFKDXXQJHQ DXVJHULFKWHW DXI $QHUNHQQXQJ GHV (LQ]HO QHQ LQ VHLQHU HLJHQHQ :HUWKDIWLJNHLW XQG LQGLYLGXHOOHQ (LQ]LJ XQG DOOIlOOLJHQ $Q GHUVDUWLJNHLW³ 6LH VROO GLH $XWRQRPLH XQG GDV 6HOEVWEHVWLPPXQJVUHFKW GHV (LQ ]HOQHQ VFKW]HQ 'LH 0HQVFKHQZUGH ZHLVW GDPLW ± XQWHU DQGHUHP ± HQJH %H]JH ]XP 'LVNULPLQLHUXQJVYHUERW GHV $UW $EV %9 VRZLH DOOJHPHLQ ]XP YHUIDVVXQJVUHFKWOLFKHQ 3HUV|QOLFKNHLWVVFKXW] DXI XQG GDEHL QLFKW ]XOHW]W DXFK ]XP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $UW $EV %9 (LQH HLJHQWOLFKH 9HUOHW]XQJ GHU 0HQVFKHQZUGH LVW QLFKW OHLFKWKLQ ]X EHMDKHQ XQG ZLUG DXFK QXU PLW =XUFNKDOWXQJ DQJHQRPPHQ *HJHQ GLH 0HQVFKHQZUGH YHUVW|VVW DEHU HLQH HUQLHGULJHQGH XQG XQPHQVFKOLFKH %HKDQGOXQJ $QJHVSURFKHQ LVW GDPLW HLQH %HKDQGOXQJ ZHOFKH JUDXVDP RGHU VFKLNDQ|V LVW PLW ZHOFKHU GHU (LQ ]HOQH OlFKHUOLFK JHPDFKW RGHU PLW GHU HU LQ VHLQHU (LJHQDUW XQG VHLQHP LQGLYLGX HOOHQ 6HLQ DQJHSUDQJHUW RGHU JHGHPWLJW E]Z LQ VHLQHU :HUWKDIWLJNHLW PLVVDFKWHW RGHU QHJLHUW ZLUG 'LH 0HQVFKHQZUGH ELHWHW GHVKDOE 6FKXW] JHJHQ DXVJHSUlJWH )RUPHQ YRQ 3HUV|QOLFKNHLWVYHUOHW]XQJHQ 6RGDQQ VFKW]W GLH *DUDQWLH GHU 0HQ VFKHQZUGH GHQ (LQ]HOQHQ GDYRU ]XP EORVVHQ 2EMHNW VWDDWOLFKHQ +DQGHOQV KHUDE JHVWXIW ]X ZHUGHQ -HGHP 0HQVFKHQ ZLUG GDPLW 6XEMHNWTXDOLWlW ]XJHVLFKHUW HLQ 5HFKW DXI :HUWVFKlW]XQJ XQG $FKWXQJ VHLQHU 3HUVRQ XP LKUHU VHOEVW ZLOOHQ *H JHQ GLH 0HQVFKHQZUGH ZLUG DXFK GDQQ YHUVWRVVHQ ZHQQ HLQ 0HQVFK HLQHP DQGH UHQ Y|OOLJ DXVJHOLHIHUW ZLUG XQG VR MHGHU 0|JOLFKNHLW EHU VLFK XQG VHLQ /HEHQ %*( , ( %*( , ( E %9*HU $ ( 0$67521$5', LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO GLH hEHUVLFKW EHL 6&+:(,=(5 0HQVFKHQZUGH %*( , ( %*( , ( 0$67521$5', LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6&+:(,=(5 0HQVFKHQZUGH %*( , ( %*( , ( E %*HU 3 ( %9*HU $ ( 6&+:(,=(5 0HQVFKHQZUGH 081' I VD KLQWHQ 7HLO ,9 $ 9JO IU HLQH hEHUVLFKW EHU GLH EXQGHVJHULFKWOLFKH 5HFKWVSUHFKXQJ 6&+:(,=(5 0HQVFKHQ ZUGH II .HLQH 9HUOHW]XQJ GHU 0HQVFKHQZUGH UHVXOWLHUW HWZD DXV HLQHP 9HUERW DQ EH VWLPPWHQ 2UWHQ LQ *UXSSHQ $ONRKRO ]X NRQVXPLHUHQ %*( , ( RGHU DXV GHU (U VWHOOXQJ HLQHV '1$3URILOV %*HU &B ( 0$67521$5', LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %*( , ( $UW (05. 0h//(56&+()(5 )Q 0h//(5 -3 5] +$//(5 5] 6&+:(,=(5 0HQ VFKHQZUGH %*( , ( %9*HU $ ( 6&+:(,=(5 0HQVFKHQZUGH 0$67521$5', LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] I 0h//(56&+()(5 +$//(5 5] +$5%6&+0,' %*( , ( E VD %9HUI* %Y5 $EV1U II YJO GLH +LQZHLVH DXI GLH .ULWLN DQ GLHVHU 2EMHNWIRUPHO EHL (1*, II 0HQVFKHQZUGH VHOEVW ]X EHVWLPPHQ YHUOXVWLJ JHKW 6LH JHELHWHW GHVKDOE DXFK GHQ $XVJOHLFK H[WUH PHU 0DFKWXQJOHLFKKHLWHQ % 9LGHREHUZDFKXQJ XQG 0HQVFKHQZUGH *HUDGH GLH VWDDWOLFKH hEHUZDFKXQJ GHU %UJHULQQHQ XQG %UJHU ZHLVW ]DKOUHLFKH %HUKUXQJVSXQNWH ]XU 0HQVFKHQZUGH DXI EHGHQNW PDQ QXU GLH XQJOHLFKH 0DFKWYHUWHLOXQJ GHQ GDGXUFK P|JOLFKHQ 9HUOXVW DQ LQGLYLGXHOOHU $XWRQRPLH XQG 6HOEVWEHVWLPPXQJ XQG GLH EHWUlFKWOLFKHQ *HIDKUHQ IU GLH 3HUV|QOLFKNHLW ZHOFKH VLFK DXV HLQHU ]ZHFNZLGULJHQ RGHU VRQVW ZLH PLVVEUlXFKOLFKHQ 9HUZHQGXQJ GHV HU KREHQHQ 'DWHQPDWHULDOV HUJHEHQ 6RIHUQ GLH 9LGHREHUZDFKXQJ HLQ]HOQHU DOOJHPHLQ ]XJlQJOLFKHU 2UWH ZLH ]% YRQ |IIHQWOLFKHQ 3OlW]HQ UHFKWPlVVLJ RIIHQ YHUKlOWQLVPlVVLJ XQG LQVEHVRQGHUH QLFKW QXU DXV 0LVVWUDXHQ RGHU HWKLVFKPRUDOLVFKHQ %HGHQNHQ JHJHQEHU JHZLVVHQ %HY|O NHUXQJVJUXSSHQ ]% 5DQGVWlQGLJH HUIROJW VWHOOW VLH MHGRFK ± LQ GHU 5HJHO ± NHLQH 9HUOHW]XQJ GHU 0HQVFKHQZUGH GDU 'LHV REZRKO NHLQH 0|JOLFKNHLW EHVWHKW PLW GHP hEHUZDFKHQGHQ ]X LQWHUDJLHUHQ DOVR HLQH JHZLVVH $XVJHOLHIHUWKHLW XQG HLQ 0DFKWJHIlOOH YRUOLHJHQ $XFK GHU 8PVWDQG GDVV GDV LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP EHREDFKWHWH RGHU DXIJH]HLFKQHWH 9HUKDOWHQ X8 VHQVLEHO RGHU JDU LQWLP VHLQ NDQQ VWHOOW IU VLFK JHQRPPHQ QRFK NHLQHQ 9HUVWRVV JHJHQ GLH 0HQVFKHQZUGH GDU 8QG REZRKO VLFK GLH 9LGHREHUZDFKXQJ LP *HIDKUHQ RGHU 9HUGDFKWVYRU IHOG JHJHQ 1LFKWVW|UHU E]Z 1LFKWWDWYHUGlFKWLJH ULFKWHW ± ZDV ULFKWLJHUZHLVH %H GHQNHQ PLW %H]XJ DXI GLH 9HUHLQEDUNHLW VROFKHU 0DVVQDKPHQ PLW GHP *UXQGVDW] GHU 0HQVFKHQZUGH DXIZHUIHQ PXVV ± OlVVW VLFK DOOHLQH GHVZHJHQ QLFKW YRQ HLQHU HLJHQWOLFKHQ 9HUOHW]XQJ GHU 0HQVFKHQZUGH VSUHFKHQ 0LW GHU 9LGHREHUZD FKXQJ ZHUGHQ GLH hEHUZDFKWHQ ± ZDV XQWHU GHP *HVLFKWVSXQNW GHU 0HQVFKHQZU GH SUREOHPDWLVFK ZlUH ± DXFK QLFKW DOV SRWHQ]LHOOH 6WUDIWlWHU EHKDQGHOW $OOHLQ GHV KDOE ZHLO QLFKW QXU GDV 9HUKDOWHQ YRQ 6W|UHUQ RGHU 7DWYHUGlFKWLJHQ PLW 9LGHRNDPHUDV DXIJH]HLFKQHW RGHU EHREDFKWHW ZLUG HUJHKW NHLQ SDXVFKDOHU 9RUZXUI DQ GLH VLFK LP EHUZDFKWHQ 5DXP EHILQGOLFKHQ 3HUVRQHQ SRWHQ]LHOOH 5HFKWVEUHFKHU (1*, II 9JO *(,*(5 EHWUHIIHQG GLH 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP VLHKH DXFK %HU 9LGHREHUZDFKXQJ XQG -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW '6* 5] 9JO %9*HU $ ( EHWUHIIHQG GLH hEHUZDFKXQJ GHU /DQGHVJUHQ]H PLW +HOLNRS WHU XQG 'URKQHQIOJHQ 'LH $XIIDVVXQJ GDVV GLH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H JUXQGVlW]OLFK NHLQH 9HUOHW]XQJ GHU 0HQVFKHQZUGH GDUVWHOOW ZLUG DXFK IU GDV GHXWVFKH *(,*(5 II 5$1'+$+1 II %9HUI* %Y5 $EV1U XQG |VWHUUHLFKLVFKH .g1,* 5 5HFKW YHUWUHWHQ /$1* 3ULYDWH 9LGHREHUZDFKXQJ I /$1* 3ULYDWH 9LGHREHUZDFKXQJ YJO DEHU 5,(6(1.$03)) 9JO 6&+:(,=(5 &RQFOXVLRQV DQG 5HFRPPHQGDWLRQV 9JO *(,*(5 II 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ]X VHLQ =XGHP ZLUG GHU (LQ]HOQH GXUFK HLQH SXQNWXHOOH hEHUZDFKXQJ QLFKW ]X HLQHP EORVVHQ 2EMHNW VWDDWOLFKHU .RQWUROOH GHJUDGLHUW GHP PDQ MHJOLFKH 6XEMHNW TXDOLWlW DEVSULFKW $XI GLH 3UIXQJ GHU 9HUHLQEDUNHLW YRQ 9LGHREHUZDFKXQJVPDVVQDKPHQ PLW GHU :UGHQRUP LVW DOOHUGLQJV GDQQ EHVRQGHUV :HUW ]X OHJHQ ZHQQ VSH]LHOOH WHFKQLVFKH hEHUZDFKXQJVPLWWHO ]XP (LQVDW] NRPPHQ RGHU GLH HUKREHQHQ 'DWHQ PLW DQGHUHQ 'DWHQ YHUNQSIW ZHUGHQ 6R HUVFKHLQW GLH .RSSHOXQJ GHU 9LGHREHUZDFKXQJ PLW ELRPHWULVFKHQ 9HUIDKUHQ XQWHU GHP *HVLFKWVSXQNW GHU 0HQVFKHQZUGH QLFKW SHU VH XQEHGHQNOLFK (QWVSUHFKHQGHV JLOW IU DXWRPDWLVFKH 'DWHQDEJOHLFKH RGHU LQWHO OLJHQWH 9LGHRV\VWHPH ZHOFKH DEZHLFKHQGHV ÄDEQRUPDOHV³ 9HUKDOWHQ UHJLVWULHUHQ RGHU HLQH 3HUVRQ DXWRPDWLVFK YHUIROJHQ N|QQHQ 'HQQRFK LVW NHLQHVZHJV DXVJH VFKORVVHQ GDVV DXFK VROFKH 6\VWHPH LQ HLQHU $UW XQG :HLVH HLQJHVHW]W ZHUGHQ N|Q QHQ ZHOFKH GLH 0HQVFKHQZUGH QLFKW EHUKUHQ 6R KDOWHQ GLH 'XUFKIKUXQJ DXWR PDWLVFKHU $EJOHLFKH YRQ 1XPPHUQVFKLOGHUQ PLW )DKQGXQJVGDWHQ RGHU GLH YLGHRJHVWW]WH XQG PLW ELRPHWULVFKHQ 9HUIDKUHQ JHNRSSHOWH =XJDQJVNRQWUROOH YRU GHP *UXQGVDW] GHU 0HQVFKHQZUGH JUXQGVlW]OLFK VWDQG VRIHUQ VLH GXUFK HLQ EH VRQGHUHV 6LFKHUKHLWVEHGUIQLV OHJLWLPLHUW VLQG VRZLH YHUKlOWQLVPlVVLJ XQG RKQH JH JHQ GDV 'LVNULPLQLHUXQJVYHUERW ]X YHUVWRVVHQ HLQJHVHW]W ZHUGHQ +HLNHO LVW KLQ JHJHQ GHU YLGHRJHVWW]WH %OLFN XQWHU GLH .OHLGHU LP 5DKPHQ HLQHU =XJDQJVNRQWURO OH 8QWHU GHP *HVLFKWVSXQNW GHU 0HQVFKHQZUGH K|FKVW SUREOHPDWLVFK ZlUH ]X GHP GLH SHUPDQHQWH XQG OFNHQORVH hEHUZDFKXQJ GHV (LQ]HOQHQ LP |IIHQWOLFKHQ 5DXP DOVR GLH (LQIKUXQJ IOlFKHQGHFNHQGHU hEHUZDFKXQJVVWUXNWXUHQ +LHU GXUFK ZLUG GHU (LQ]HOQH VHLQHV )UHLUDXPV ZHLWJHKHQG EHUDXEW VLFK HLQHU hEHUZD FKXQJ ]X HQW]LHKHQ E]Z EHU GLH 3UHLVJDEH SHUV|QOLFKHU 'DWHQ ]X HQWVFKHLGHQ ZDV GLH :UGH GHV 0HQVFKHQ QLFKW PHKU XQDQJHWDVWHW OlVVW (LQ 9HUVWRVV JHJHQ GLH 0HQVFKHQZUGH LVW DXFK GDQQ ]X EHMDKHQ ZHQQ GHU (LQ]HOQH RKQH VHLQ :LVVHQ LQ LQWLPHQ 0RPHQWHQ JHILOPW ZLUG HWZD GXUFK YHUVWHFNW DQJHEUDFKWH .DPHUDV LQ 7RL OHWWHQ RGHU 8PNOHLGHNDELQHQ $XFK GDQQ ZHQQ HLQH VLFK LQ GHU gIIHQWOLFKNHLW 9JO *(,*(5 I XQNODU .g1,* 5 )Q I )Q 9JO 5$1'+$+1 I 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ VD +$5%6&+0,' I ZRQDFK VLFK GLH %H DUEHLWXQJ ELRPHWULVFKHU 'DWHQ DXFK DP 0DVVVWDE GHU 0HQVFKHQZUGH ]X PHVVHQ KDW %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I 2&+6(1)(/' 5(33 9JO %$576&+ ]X GLHVHQ 0|JOLFKNHLWHQ YJO YRUQH 7HLO , % 9JO KLQWHQ 7HLO 9,,, 9JO YRUQH 7HLO , $ XQG KLQWHQ 7HLO ,9 % E L XQG )Q 9JO +(5,%(57 267(1'25) &KDQFHQ XQG 5LVLNHQ YRQ .ULPLQDOSUlYHQWLRQ =53 /$1* 3ULYDWH 9LGHREHUZDFKXQJ %$576&+ YJO IHUQHU GLH $XVIKUXQJHQ YRQ :(%(5 -3 I LP =XVDPPHQKDQJ PLW GHU HOHNWURQLVFKHQ hEHUZDFKXQJ GHV +DXVDU UHVWV 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ *$8/ 0HQVFKHQZUGH EHILQGOLFKH 3HUVRQ DXV YR\HXULVWLVFKHQ 0RWLYHQ RGHU ]XU HLJHQHQ %HOXVWLJXQJ KHU DQJH]RRPW ZLUG NDQQ HLQ 9HUVWRVV JHJHQ GLH 0HQVFKHQZUGH YRUOLHJHQ 'LH 0HQVFKHQZUGH NDQQ DXFK GXUFK GLH $UW XQG :HLVH GHU ZHLWHUHQ 9HUZHQGXQJ GHV $XI]HLFKQXQJVPDWHULDOV YHUOHW]W ZHUGHQ 6R YHUVW|VVW GLH 9HU|IIHQWOLFKXQJ YRQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP DQJHIHUWLJWHQ 9LGHRDXI]HLFKQXQJHQ JHJHQ GLH 0HQVFKHQZUGH ZHQQ GDPLW HLQH 'HPWLJXQJ RGHU =XUVFKDXVWHOOXQJ GHU EHWURIIH QHQ 3HUVRQ EH]ZHFNW LVW RGHU GDPLW HLQKHUJHKW 'LHV ZlUH HWZD GHU )DOO ZHQQ ± RKQH (LQZLOOLJXQJ ± QLFKW DQRQ\PLVLHUWH $XIQDKPHQ HLQHV LQ GHU gIIHQWOLFKNHLW EH JDQJHQHQ 6HOEVWPRUGYHUVXFKV YHU|IIHQWOLFKW ZUGHQ (QWVSUHFKHQGHV JLOW IU GLH 9HU|IIHQWOLFKXQJ YRQ %LOGHUQ YRQ 8QIDOORSIHUQ RGHU GHU 2SIHU YRQ 6WUDIWDWHQ ]% HLQHV EOXWEHUVWU|PWHQ RGHU EHZXVVWORVHQ 0HQVFKHQ QDFK HLQHP WlWOLFKHQ hEHU JULII XQG YRQ $XIQDKPHQ GHU YHU]ZHLIHOWHQ RGHU YHUVW|UWHQ $QJHK|ULJHQ ZHOFKH VLFK DP 8QIDOO RGHU 7DWRUW EHILQGHQ $XFK GLH 9HU|IIHQWOLFKXQJ YRQ %LOGPDWH ULDO YRQ 7DWYHUGlFKWLJHQ NDQQ DOV GHUDUW XQJHUHFKWIHUWLJW RGHU XQYHUKlOWQLVPlVVLJ VFKHLQHQ GDVV HLQH DXVVHURUGHQWOLFK VFKZHUH 3HUV|QOLFKNHLWVYHUOHW]XQJ XQG GDPLW JOHLFK]HLWLJ HLQ HLJHQWOLFKHU 9HUVWRVV JHJHQ GLH 0HQVFKHQZUGH QLFKW PHKU YHU QHLQW ZHUGHQ NDQQ 'LHV ZlUH ]% GDQQ GHU )DOO ZHQQ MHPDQG PLWWHOV 9HU|IIHQWOL FKXQJ GHU $XIQDKPHQ LP ,QWHUQHW RGHU LP )HUQVHKHQ DQ GHQ Ä3UDQJHU³ JHVWHOOW ZHUGHQ VROO 6FKOLHVVOLFK NDQQ DXFK GLH YR\HXULVWLVFK PRWLYLHUWH 9HU|IIHQWOL FKXQJ YRQ $XIQDKPHQ ZHOFKH %HQW]HU |IIHQWOLFK ]XJlQJOLFKHU 5lXPH LQ LQWLPHQ 0RPHQWHQ ]HLJHQ ZLH ]% EHLP $XVWDXVFK YRQ =lUWOLFKNHLWHQ RGHU GHU 9HUULFK WXQJ GHU 1RWGXUIW DOV GHUDUW JUDYLHUHQGH 3HUV|QOLFKNHLWVYHUOHW]XQJ HLQJHVWXIW ZHU GHQ GDVV VLH DXFK PLW GHP *UXQGVDW] GHU 0HQVFKHQZUGH QLFKW PHKU ]X YHUHLQED UHQ LVW 3UREOHPDWLVFK HUVFKHLQW HV VFKOLHVVOLFK ZHQQ GDV 9LGHRDXI]HLFKQXQJVPDWH ULDO QDFK P|JOLFKHQ 'HOLNWHQ LP EHUZDFKWHQ 5DXP DEJHVXFKW ZLUG RKQH GDVV LU JHQGZHOFKH +LQZHLVH DXI EHJDQJHQH 6WUDIWDWHQ EHVWHKHQ +LHU VWHOOW VLFK HUQVWKDIW GLH )UDJH RE HLQ VROFKHV 9HUKDOWHQ PLW GHP P( GXUFK GLH 0HQVFKHQZUGH JHER WHQHQ *UXQGVDW] GDVV GHU 6WDDW LP $OOJHPHLQHQ YRQ GHU 5HGOLFKNHLW XQG 5HFKWV WUHXH VHLQHU %UJHU DXV]XJHKHQ KDW YHUHLQEDU LVW 'DUDXV HUJLEW VLFK GDVV GLH SXQNWXHOOH 9LGHREHUZDFKXQJ DQ |IIHQWOLFK ]XJlQJOL FKHQ 2UWHQ VRIHUQ VLH GHQ GDWHQVFKXW] XQG YHUIDVVXQJVUHFKWOLFKHQ *UXQGVlW ]HQ 5HFKQXQJ WUlJW JUXQGVlW]OLFK NHLQH 9HUOHW]XQJ GHU 0HQVFKHQZUGH GDUVWHOOW 9JO %$576&+ 9JO GD]X DXFK KLQWHQ 7HLO ,9 & =XU 9HU|IIHQWOLFKXQJ YRQ $XI]HLFKQXQJVPDWHULDO DXV hEHUZDFKXQJVNDPHUDV YJO KLQWHQ 7HLO ,9 & 9JO +h5/,0$11 ZRQDFK 0DVVQDKPHQ ]XU %HJUQGXQJ HLQHV 7DWYHUGDFKWV PLW GHP *HERW GHU 0HQVFKHQZUGH NDXP ]X YHUHLQEDUHQ VLQG VD KLQWHQ 7HLO 9, XQG 7HLO ,9 & 'D]X YRUQH 7HLO 6LHKH KLQWHQ 7HLO 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 6RZHLW HLQH hEHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU 0HQVFKHQZUGH DEHU DOV SURE OHPDWLVFK HUVFKHLQW LVW GLHV EHL GHU )UDJH GHU ,QWHQVLWlW XQG GHU 9HUKlOWQLVPlVVLJ NHLW GHV *UXQGUHFKWVHLQJULIIV ± LP 9RUGHUJUXQG VWHKW GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $UW $EV %9 ±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lVVW (LQH GLH 0HQVFKHQZUGH YHUOHW]HQGH 'DWHQEHDUEHLWXQJ VWHOOW QlPOLFK JOHLFK]HLWLJ HLQH XQ]XOlVVLJH 9HUOHW]XQJ GHV .HUQ JHKDOWV YRQ $UW $EV %9 GDU 6RPLW DNWXDOLVLHUW VLFK GLH 0HQVFKHQZUGH LP %HUHLFK GHU 9LGHREHUZDFKXQJ SULPlU LQ LKUHU )XQNWLRQ DOV $XVOHJXQJV XQG .RQ NUHWLVLHUXQJVKLOIH XQG QLFKW DOV $XIIDQJJUXQGUHFKW 9JO KLQWHQ 7HLO ,9 % XQG 7HLO ;,,, % 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. ,,, 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. $ $OOJHPHLQH +LQZHLVH *UXQGVlW]OLFKHV ]XP 6FKXW] GHV 3ULYDWOHEHQV $UW =LII (05. JHZlKUW GHP (LQ]HOQHQ HLQ 5HFKW DXI $FKWXQJ GHV 3ULYDWOH EHQV (LQH 8PVFKUHLEXQJ GHV ± YRP (*05 DXWRQRP DXVJHOHJWHQ ± %HJULIIV GHV 3ULYDWOHEHQV IlOOW QLFKW OHLFKW (V KDQGHOW VLFK GDEHL MHGHQIDOOV XP HLQHQ ZHL WHQ %HJULII GHU ZHGHU DEVFKOLHVVHQG GHILQLHUW ZHUGHQ NDQQ QRFK DEVFKOLHVVHQG GHILQLHUW ZHUGHQ PXVV XQG DXFK QLFKW HLQVFKUlQNHQG LQWHUSUHWLHUW ZHUGHQ VROO (LQH VROFKH JUXQGVlW]OLFKH 2IIHQKHLW GHV 6FKXW]EHUHLFKV HUZHLVW VLFK JHUDGH YRU GHP +LQWHUJUXQG QHXHU WHFKQLVFKHU (QWZLFNOXQJHQ XQG GDUDXV UHVXOWLHUHQGHU QHXDU WLJHU %HGURKXQJHQ IU GHQ (LQ]HOQHQ DOV VLQQYROO XQG QRWZHQGLJ 'DV LQ $UW (05. JDUDQWLHUWH 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV ZHLVW ]ZHL ZH VHQWOLFKH 6FKXW]EHUHLFKVDXVSUlJXQJHQ DXI ]XQlFKVW GDV 5HFKW GHV (LQ]HOQHQ VHLQH 3HUV|QOLFKNHLW HQWZLFNHOQ XQG YHUZLUNOLFKHQ ]X GUIHQ XQG GDPLW IUHL EHU GLH HL JHQH 3HUVRQ XQG GLH /HEHQVJHVWDOWXQJ YHUIJHQ XQG EHVWLPPHQ ]X N|QQHQ DNWLYH .RPSRQHQWH 'DEHL VROO GLHVHU *HVWDOWXQJVIUHLUDXP VWDDWOLFKHU .HQQWQLVQDKPH HQW]RJHQ EOHLEHQ XQG GDPLW IU GHQ (LQ]HOQHQ VHLQH 3ULYDWVSKlUH GDUVWHOOHQ SDV VLYH .RPSRQHQWH =XP 6FKXW] GHV 3ULYDWOHEHQV GXUFK $UW 8123DNW ,, YJO 12:$. .RPP ]X $UW 8123DNW ,, 5] II 6WDWW YLHOHU :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] 9JO QXU )52:(,13(8.(57 .RPP ]X $UW (05. 5] 0$5$8+10(/-1,. LQ *527(0$5$8+1 .DS 5] 9JO (*05 8UWHLOH YRP -DQXDU L6 *LOODQ XQG 4XLQWRQ JHJHQ 9HUHLQLJWHV .|QLJ UHLFK 1U =LII YRP -XOL L6 6LGDEUDV XQG 'åLDXWDV JHJHQ /LWDXHQ 1U XQG (&+5 9,,, =LII YRP 6HSWHPEHU L6 9DQ .FN JHJHQ 'HXWVFKODQG 1U (&+5 9,, =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII IHUQHU :(%(56200(5+$/'(5 VD %*HU 3 ( =XU .RQNUHWL VLHUXQJ GHV %HJULIIV GHV 3ULYDWOHEHQV JHKW GHU (*05 GHQQ DXFK LQ DOOHU 5HJHO NDVXLVWLVFK YRU YJO :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] +$()/,*(5 6&+h50$11 9JO (*05 8UWHLO YRP 'H]HPEHU L6 1LHPLHW] JHJHQ 'HXWVFKODQG 1U 6HU $ 1U % =LII VD :(%(56200(5+$/'(5 9JO HWZD (*05 8UWHLOH YRP 2NWREHU L6 YDQ 9RQGHO JHJHQ 1LHGHUODQGH 1U =LII YRP )HEUXDU L6 $PDQQ JHJHQ 6FKZHL] 1U (&+5 ,, =LII 0(<(5/$'(:,* .RPP ]X $UW (05. 5] $$/7 :,//(0 +(5,1*$/(2 =:$$. 5LJKW WR 5HVSHFW IRU 3ULYDF\ $UWLFOH LQ 9$1 ',-. HW DO &KDSWHU II 9JO %5(,7(1026(5 .g1,* 5 9JO (*05 8UWHLOH YRP -XOL L6 6LGDEUDV XQG 'åLDXWDV JHJHQ /LWDXHQ 1U XQG (&+5 9,,, =LII YRP 1RYHPEHU L6 3IHLIHU 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH %H]JOLFK GHU IUHLHQ /HEHQVJHVWDOWXQJ VWHOOW $UW (05. NHLQH DOOJHPHLQH +DQG OXQJVIUHLKHLW GDU *HVFKW]W VLQG QXU HOHPHQWDUH (UVFKHLQXQJHQ XQG ZHVHQWOLFKH $XVGUXFNVP|JOLFKNHLWHQ GHU 3HUV|QOLFKNHLW 'HVKDOE ELHWHW $UW (05. QLFKW 6FKXW] JHJHQ DOOH VWDDWOLFKHQ +DQGOXQJHQ ZHOFKH VLFK LUJHQGZLH DXI GDV /HEHQ GHV (LQ]HOQHQ DXV]XZLUNHQ YHUP|JHQ 6FKXW] YRU VWDDWOLFKHU 'DWHQEHDUEHLWXQJ )U GLH YRUOLHJHQGH 8QWHUVXFKXQJ YRQ %HGHXWXQJ LVW GHU GXUFK $UW (05. JH ZlKUWH 6FKXW] YRU VWDDWOLFKHP 6DPPHOQ =XVDPPHQWUDJHQ 1XW]HQ XQG $XIEHZDK UHQ YRQ ,QIRUPDWLRQHQ ZHOFKH HLQHQ %H]XJ ]XP 3ULYDWOHEHQ DXIZHLVHQ 'HU LQ $UW (05. JDUDQWLHUWH 6FKXW] GHV 3ULYDWOHEHQV HQWKlOW JUXQGVlW]OLFK DXFK HLQ 5HFKW DXI 'DWHQVFKXW] ZHOFKHV DOOHUGLQJV QDFK ZLH YRU QLFKW LQ MHGHU +LQVLFKW DQ GDV GXUFK GDV ('6h $UW $EV %9 XQG GLH LQQHUVWDDWOLFKH 'DWHQVFKXW]JH VHW]JHEXQJ JHZlKUOHLVWHWH 6FKXW]QLYHDX KHUDQUHLFKW $XFK ZLUG GLH $XIIDVVXQJ YHUWUHWHQ $UW (05. HQWKDOWH HLQ 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ RGHU HV ZLUG ]XPLQGHVW GDUDXI KLQJHZLHVHQ GDVV VLFK HLQ VROFKHV LQ (QWZLFNOXQJ JHJHQ gVWHUUHLFK 1U =LII YRP $SULO L6 (YDQV JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII YRP 0lU] L6 &DPSDJQDQR JHJHQ ,WDOLHQ 1U (&+5 ,9 =LII YRP 'H]HPEHU L6 :LVVH JHJHQ )UDQNUHLFK 1U =LII YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII YJO VRGDQQ 9,//,*(5 5] 0$5$8+10(/-1,. LQ *527(0$5$8+1 .DS 5] +$()/,*(56&+h50$11 :(%(5 6200(5+$/'(5 *Ï0(=$5267(*8, 6,(0(1 VD %*HU 3 ( %*( , ( %*( , ( 9JO (*05 8UWHLO YRP 2NWREHU L6 'XGJHRQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII +$()/,*(56&+h50$11 I *5$%(1:$57(5 5] :(%(56200(5+$/'(5 9,//,*(5 5] VRZLH XQG %5(,7(1026(5 YJO DEHU DXFK %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %*HU 3 ( %*( , ( 9JO (*05 8UWHLOH YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII YRP )HEUXDU L6 = JHJHQ )LQQODQG 1U 5HSRUWV , =LII II YRP 0lU] L6 /HDQGHU JHJHQ 6FKZHGHQ 1U 6HU $ 1U =LII (.05 %HULFKW YRP 0DL L6 /HDQGHU JHJHQ 6FKZHGHQ 1U 6HU % 1U =LII 6,(0(1 II I *5$%(1 :$57(5 5] 9,//,*(5 5] %5(,7(1026(5 II :,/'+$%(5%5(,7(1 026(5 ,QW.RPP ]X $UW (05. 5] II '(6&+(1$8;67(,1$8(5 5] D 3526&+$. II 0(<(5/$'(:,* .RPP ]X $UW (05. 5] (66(5 II IHUQHU :(%(56200(5+$/'(5 VD %*( , ( Ä'DV 6DPPHOQ GLH %HDUEHLWXQJ XQG GLH $XIEHZDKUXQJ YRQ 3HUVRQHQGDWHQ JHK|UHQ DXFK ]XP $QZHQGXQJVEH UHLFK YRQ $UW (05.³ IHUQHU %*( , ( E XQG %*( , ( EFF $XFK $UW 8123DNW ,, HQWKlOW HLQ 5HFKW DXI 'DWHQVFKXW] VLHKH 12:$. .RPP ]X $UW 8123DNW ,, 5] $&+(50$11&$521,.b/,1 9JO :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] 9JO %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] *5$%(1:$57(5 5] 2&+6(1)(/'5(33 :(,&+(57 9LGHREHUZDFKXQJ 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. EHILQGH (LQ 5HFKW DP HLJHQHQ %LOG ZLUG QDFK GHU 5HFKWVSUHFKXQJ GXUFK $UW (05. HEHQIDOOV JDUDQWLHUW =XP 6FKXW] GHV 3ULYDWOHEHQV LQ GHU gIIHQWOLFKNHLW 6FKZLHULJ LVW GLH %HDQWZRUWXQJ GHU ± IU GLH YRUOLHJHQGH 8QWHUVXFKXQJ ]HQWUDOHQ ± )UDJH LQZLHZHLW $UW (05. DXFK LQ GHU gIIHQWOLFKNHLW 6FKXW] YRU VWDDWOLFKHQ ,Q IRUPDWLRQVHLQJULIIHQ ELHWHW 'HU (*05 JHKW QDFK ZLH YRU ± LQ QLFKW XQSUREOHPDWL VFKHU $UW XQG :HLVH ± GDYRQ DXV GDVV VLFK GHU $QVSUXFK DXI $FKWXQJ GHV 3ULYDW OHEHQV LQ GHP 0DVVH DXWRPDWLVFK UHGX]LHUW LQ GHP GHU (LQ]HOQH VHLQ 3ULYDWOHEHQ PLW GHP |IIHQWOLFKHQ /HEHQ LQ 9HUELQGXQJ EULQJW (V LVW DEHU HEHQIDOOV VWlQGLJH 5HFKWVSUHFKXQJ GDVV GHU 6FKXW] GHV 3ULYDWOHEHQV QLFKW DXI HLQHQ LQQHUHQ .UHLV ÄLQQHU FLUFOH³ EHVFKUlQNW LVW XQG DXFK GDV 5HFKW XPIDVVW LQ GHU gIIHQWOLFKNHLW PLW DQGHUHQ 3HUVRQHQ %H]LHKXQJHQ DXI]XQHKPHQ XQG ]X SIOHJHQ 'HU 6FKXW] GHV 3ULYDWOHEHQV ZHLVW VRPLW DXFK HLQH ÄVR]LDOH 'LPHQVLRQ³ DXI *HUDGH LQ GHU 0|J OLFKNHLW GHU $XIQDKPH XQG GHU 3IOHJH VR]LDOHU %H]LHKXQJHQ ZLUG GHQQ ULFKWLJHU 6,(0(1 II 6D =LII GHU 5HVROXWLRQ GHU 3DUODPHQWDULVFKHQ 9HU VDPPOXQJ GHV (XURSDUDWHV ZRQDFK $UW (05. YRU GHP +LQWHUJUXQG QHXHU .RPPXQLND WLRQVWHFKQRORJLHQ DXFK GDV 5HFKW XPIDVVHQ VROOWH VHOEVW EHU GLH HLJHQHQ 'DWHQ ]X EHVWLPPHQ ÄWKH ULJKW WR FRQWURO RQH¶V RZQ GDWD³ 'DUDXI YHUZHLVW DXFK GHU (*05 LP 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII (*05 8UWHLO YRP -DQXDU L6 6FLDFFD JHJHQ ,WDOLHQ 1U (&+5 , =LII Ä5HJDUGLQJ ZKHWKHU WKHUH KDV EHHQ DQ LQWHUIHUHQFH WKH &RXUW UHLWHUDWHV WKDW WKH FRQ FHSW RI SULYDWH OLIH LQFOXGHV HOHPHQWV UHODWLQJ WR D SHUVRQ V ULJKW WR WKHLU LPDJH DQG WKDW WKH SXEOLFDWLRQ RI D SKRWRJUDSK IDOOV ZLWKLQ WKH VFRSH RI SULYDWH OLIH´ (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII (*05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP )HEUXDU L6 6FKVVHO JHJHQ gVWHUUHLFK 1U IHUQHU (*05 8UWHLO YRP 2NWREHU L6 *XUJHQLG]H JHJHQ *HRUJLHQ 1U =LII II YJO VRGDQQ 1(8.$00 II *5$%(1:$57(5 5] :(%(56200(5+$/'(5 $(%,0h//(5 5] :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] II LQVE 5] :$/7(5 '2+5 $UWLNHO 05. LQ )HOL[ (UPDFRUD0DQIUHG 1RZDN+DQQHV 7UHWWHU +UVJ 'LH (XUR SlLVFKH 0HQVFKHQUHFKWVNRQYHQWLRQ LQ GHU 5HFKWVSUHFKXQJ GHU |VWHUUHLFKLVFKHQ +|FKVWJHULFK WH :LHQ II (*05 8UWHLO YRP 'H]HPEHU L6 6KDEDQRY XQG 7UHQ JHJHQ 5XVVODQG 1U =LII YJO VRGDQQ (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP $SULO L6 7KDOHU JHJHQ gVWHUUHLFK 1U YJO IHUQHU +$()/,*(56&+h50$11 :,/'+$%(5%5(,7(1 026(5 ,QW.RPP ]X $UW (05. 5] II XQG 5] *86< 3ROL]HLOLFKH 'DWHQHUKH EXQJ 1(8.$00 %5(,7(1026(5 I XQG %*( , ( 9JO HWZD (*05 8UWHLOH YRP 1RYHPEHU L6 3IHLIHU JHJHQ gVWHUUHLFK 1U =LII YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .| QLJUHLFK 1U (&+5 ,; =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHL QLJWHV .|QLJUHLFK 1U 1U (&+5 , =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII YRP )HEUXDU L6 $PDQQ JHJHQ 6FKZHL] 1U (&+5 ,, =LII YJO IHU QHU :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ZHLVH DXFK HLQH ÄZHVHQWOLFKH $XVGUXFNVP|JOLFKNHLW GHU 3HUV|QOLFKNHLW³ HUEOLFNW 'HU 6FKXW] GHV 3ULYDWOHEHQV NDQQ VRPLW QLFKW DXI SULYDWH 5lXPOLFKNHLWHQ EH VFKUlQNW VHLQ GHQQ GDV VR]LDOH /HEHQ ILQGHW DXFK DXVVHUKDOE VROFKHU 5lXPH VWDWW 'HU (LQ]HOQH LVW ]XU (QWIDOWXQJ VHLQHU 3HUV|QOLFKNHLW RIWPDOV GDUDXI DQJHZLHVHQ VHLQ 3ULYDWOHEHQ PLW GHU gIIHQWOLFKNHLW LQ 9HUELQGXQJ ]X EULQJHQ 'HPHQWVSUH FKHQG LVW GHU 6FKXW] HLQHV 9HUKDOWHQV GXUFK $UW (05. QLFKW DXVJHVFKORVVHQ QXU ZHLO HV VLFK DXI |IIHQWOLFKHQ 3OlW]HQ 6WUDVVHQ XQG :HJHQ 6NLSLVWHQ LP 5HVWDX UDQW RGHU %HDFK &OXE DXI GHP 7HQQLVSODW] GHP 0DUNW RGHU LP (LQNDXIV]HQW UXP DEVSLHOW 'HU 2UW DQ GHP VLFK GHU %HWURIIHQH DXIKlOW LVW IU GLH )UDJH RE GHU 6FKXW]EHUHLFK YRQ $UW (05. HU|IIQHW LVW QLFKW YRQ JUXQGOHJHQGHU %HGHX WXQJ 'HU 6FKXW] IlOOW DXFK QLFKW GHVZHJHQ ZHJ ZHLO MHPDQG DOOHLQH LQ GHU gI IHQWOLFKNHLW XQWHUZHJV LVW DOVR NHLQH HLJHQWOLFKH .RQWDNWSIOHJH PLW 'ULWWHQ LQ GHU gIIHQWOLFKNHLW VWDWWILQGHW 6RPLW LVW GDV 9HUKDOWHQ GHV (LQ]HOQHQ LQ GHU gIIHQWOLFK NHLW JUXQGVlW]OLFK YRP 6FKXW]EHUHLFK YRQ $UW (05. XPIDVVW 'HU (*05 EHUFNVLFKWLJW DEHU HLQH 5HLKH YRQ )DNWRUHQ XP ]X SUIHQ RE GDV 3UL YDWOHEHQ EHL $NWLYLWlWHQ LQ GHU gIIHQWOLFKNHLW WDWVlFKOLFK EHWURIIHQ LVW :LFKWLJHV .ULWHULXP LVW GLH YHUQQIWLJH (UZDUWXQJVKDOWXQJ GHV %HWURIIHQHQ EHWUHIIHQG GLH $FKWXQJ VHLQHU 3ULYDWVSKlUH VRJ ÄUHDVRQDEOH H[SHFWDWLRQ WHVW³ QDPHQWOLFK %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO :,/'+$%(5%5(,7(1026(5 .RPP ]X $UW (05. 5] IHUQHU :,('(5,1 3ULYDWVSKlUH (*05 8UWHLOH YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .| QLJUHLFK 1U (&+5 ,; =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHL QLJWHV .|QLJUHLFK 1U 1U (&+5 , =LII (.05 =XOlVVLJ NHLWVHQWVFKHLGXQJ YRP 6HSWHPEHU L6 &DPSLRQ JHJHQ )UDQNUHLFK 1U (.05 %HULFKW YRP 2NWREHU L6 7VDYDFKLGLV JHJHQ *ULHFKHQODQG 1U =LII (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII (*05 8UWHLO YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJ UHLFK 1U (&+5 ,; =LII 9JO 1(8.$00 II :,('(5,1 3ULYDWVSKlUH :,/'+$%(5%5(,7(1026(5 ,QW .RPP ]X $UW (05. 5] (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII VD (.05 %HULFKW YRP 2NWREHU L6 7VDYDFKLGLV JHJHQ *ULHFKHQODQG 1U =LII Ä,Q WKH YLHZ RI WKH &RPPLVVLRQ LW IROORZV WKDW WKH IDFW WKDW DQ DFWLYLW\ RI DQ LQGLYLGXDO RFFXUV LQ D SXEOLF SODFH RU LV QRW LQWHQGHG WR EH NHSW VHFUHW GRHV QRW QHFHVVDULO\ PDNH VXFK DQ DFWLYLW\ D PDWWHU RXWVLGH WKH QRWLRQ RI SULYDWH OLIH LQ $UWLFOH SDUD $UW RI WKH &RQYHQWLRQ´ (*05 8UWHLO YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII (*05 8UWHLOH YRP 6HSWHPEHU L6 8]XQ JHJHQ 'HXWVFKODQG 1U =LII YRP -DQXDU L6 *LOODQ XQG 4XLQWRQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. DXFK GDKLQJHKHQG RE GLH VSlWHUH 9HUZHQGXQJ YRQ LQ GHU gIIHQWOLFKNHLW HUKREHQHQ 'DWHQ YHUQQIWLJHUZHLVH YRUKHUVHKEDU ZDU 9RQ %HGHXWXQJ LVW GHV :HLWHUHQ RE GLH EHWUHIIHQGH ,QIRUPDWLRQ GHQ %HK|UGHQ IUHLZLOOLJ ]XJlQJOLFK JHPDFKW ZXUGH RGHU QLFKW E]Z RE HLQH IUHLZLOOLJH 7HLOQDKPH DQ HLQHP |IIHQWOLFKHQ (UHLJQLV RGHU $QODVV ]% HLQHU 'HPRQVWUDWLRQ LQ )UDJH VWHKW 'LHV JLOW LQVEHVRQGHUH DXFK GDQQ ZHQQ HV XP 0DVVQDKPHQ GHU 9LGHREHUZDFKXQJ JHKW $XFK 3HUVRQHQ GHV |IIHQWOLFKHQ /HEHQV ÄSXEOLF ILJXUHV³ NRPPW LQ GHU gIIHQWOLFKNHLW GHU 6FKXW] GHV , =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .| QLJUHLFK 1U (&+5 ,; =LII YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII YRP 'H]HPEHU L6 6KDEDQRY XQG 7UHQ JHJHQ 5XVVODQG 1U =LII :(%(56200(5+$/'(5 II 1(8.$00 II 6,(0(1 II *Ï0(=$5267(*8, II 'LHVHU ÄUHDVRQDEOH H[SHFWD WLRQ WHVW³ IDQG HWZD DXFK $QZHQGXQJ LQ GHQ 8UWHLOHQ GHV (*05 YRP -XQL L6 +DO IRUG JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 5HSRUWV ,,, =LII EHUHFKWLJWH (UZDUWXQJ GDVV YRP %UR DXV JHIKUWH 7HOHIRQJHVSUlFKH YRP $UEHLWJHEHU QLFKW DEJHK|UW ZHUGHQ YRP -XOL L6 3HHY JHJHQ %XOJDULHQ 1U =LII I 'XUFKVX FKXQJ YRQ %URUlXPOLFKNHLWHQ YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YHUGHFNWH 9LGHRDXIQDKPHQ HLQHV 9HUGlFKWLJHQ LQ HLQHU 3ROL]HLVWDWLRQ (*05 8UWHLOH YRP 6HSWHPEHU L6 8]XQ JHJHQ 'HXWVFKODQG 1U =LII XQG YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 1U (&+5 , =LII YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFK ODQG 1U (&+5 9, =LII II YRP 'H]HPEHU L6 6KDED QRY XQG 7UHQ JHJHQ 5XVVODQG 1U =LII (*05 YRP -XOL L6 3HUU\ JH JHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII I YJO IHUQHU :(%(5 6200(5+$/'(5 I 1(8.$00 I YJO DXFK KLQWHQ 7HLO ,,, % (*05 8UWHLO YRP 'H]HPEHU L6 6KDEDQRY XQG 7UHQ JHJHQ 5XVVODQG 1U =LII XQWHU +LQZHLV DXI GLH (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 'H]HPEHU L6 /XSNHU XD JHJHQ 1LHGHUODQGH 1U (*05 8UWHLO YRP -XQL L6 YRQ +DQ QRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII IHUQHU (.05 %HULFKW YRP 0DL L6 )ULHGO JHJHQ gVWHUUHLFK 1U =LII 9JO (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 6HSWHPEHU L6 &DPSLRQ JHJHQ )UDQN UHLFK 1U (.05 %HULFKW YRP 0DL L6 )ULHGO JHJHQ gVWHUUHLFK 1U =LII (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 2NWREHU L6 ; JH JHQ 9HUHLQLJWHV .|QLJUHLFK YRP 2NWREHU 1U <HDUERRN II 'LHVH 5HFKWVSUHFKXQJ ZXUGH YRP (*05 IRUWJHIKUW YJO (*05 8UWHLOH YRP 2NWREHU L6 *XUJHQLG]H JHJHQ *HRUJLHQ 1U =LII II YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII ,P =XVDPPHQKDQJ PLW HLQHP (LQJULII LQ $UW (05. GXUFK HLQH QLFKW YRUKHUVHKEDUH :HL WHUYHUZHQGXQJ YRQ $XI]HLFKQXQJHQ HLQHU hEHUZDFKXQJVNDPHUD HUDFKWHWH HV GHU (*05 DOV EHGHXWVDP GDVV GHU %HVFKZHUGHIKUHU VLFK ]ZDU DXI HLQHU |IIHQWOLFKHQ 6WUDVVH DXIJHKDOWHQ KDW DEHU HEHQ QLFKW XP DQ HLQHP |IIHQWOLFKHQ $QODVV WHLO]XQHKPHQ VLHKH (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 3ULYDWOHEHQV ]XWHLO GHQQRFK EOHLEW GLH )UDJH GHV %HNDQQWKHLWVJUDGV HLQHU 3HUVRQ EHL GHU 3UIXQJ RE HLQ (LQJULII LQ GHQ 6FKXW]EHUHLFK YRQ $UW (05. YRUOLHJW QLFKW JlQ]OLFK DXVVHU $FKW $XFK LP =XVDPPHQKDQJ PLW GHU %HXUWHLOXQJ GHU =X OlVVLJNHLW HLQHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ VDK HV GHU (*05 DOV HQWVFKHLGHQG DQ GDVV HV VLFK EHLP %HWURIIHQHQ QLFKW XP HLQH |IIHQWOLFKH 3HUV|Q OLFKNHLW JHKDQGHOW KDW (LQ %H]XJ ]X GHP GXUFK $UW (05. JHVFKW]WHQ 3ULYDW OHEHQ ZLUG VRGDQQ GXUFK GLH $UW XQG :HLVH GHU ,QIRUPDWLRQVYHUDUEHLWXQJ QDPHQW OLFK GXUFK HLQH V\VWHPDWLVFKH 6DPPOXQJ XQG 6SHLFKHUXQJ GHU 'DWHQ KHUJHVWHOOW $OV UHOHYDQW ZLUG LQ GHU 5HFKWVSUHFKXQJ DXFK HUDFKWHW RE 'DWHQ EHU HLQH JDQ] EH VWLPPWH 3HUVRQ ]XVDPPHQJHWUDJHQ ZHUGHQ XQG RE GLH HUKREHQHQ 'DWHQ EHUKDXSW JHQXW]W XQG ZHLWHUEHDUEHLWHW ZHUGHQ $XFK DXI GHQ 3HUV|QOLFKNHLWVJHKDOW GHU LQ GHU gIIHQWOLFKNHLW GXUFKJHIKUWHQ $NWLYLWlW NRPPW HV DQ 6R ZDU ]% YRQ %HGHX WXQJ GDVV GLH JHVDPPHOWHQ ,QIRUPDWLRQHQ GHQ *ODXEHQ XQG GHVVHQ $XVEXQJ LQ GHU gIIHQWOLFKNHLW EHWUDIHQ $EHU GLH 7DWVDFKH GDVV HV VLFK XP DOOWlJOLFKH 9HU KDOWHQVZHLVHQ GHV 3ULYDWOHEHQV ± ZLH 6SRUW RGHU )HULHQDNWLYLWlWHQ 6SD]LHUHQ RGHU GDV 9HUODVVHQ HLQHV 5HVWDXUDQWV ± KDQGHOW KDW IU VLFK DOOHLQH QLFKW ]XU )ROJH GDVV GHU 6FKXW]EHUHLFK YRQ $UW (05. QLFKW HU|IIQHW E]Z HLQ (LQJULII ]X YHUQHLQHQ ZlUH =X EHUFNVLFKWLJHQ LVW DXFK RE GLH VWDDWOLFKH ,QIRUPDWLRQVHUKHEXQJ YHU GHFNW E]Z KHLPOLFK HUIROJW VWHOOHQ GRFK JHKHLPH hEHUZDFKXQJVPDVVQDKPHQ UH 6LHKH (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII 1(8.$00 DQGHUV NDQQ GLHV VHLQ ZHQQ EHNDQQWH 3HUVRQHQ EHZXVVW GLH |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|QLJUHLFK 1U (&+5 , =LII VFKHLQW GLHV MHGRFK IUDJOLFK .ULWLVFK ]X HL QHU %HJUHQ]XQJ GHV 6FKXW]EHUHLFKV LQ $EKlQJLJNHLW YRP %HNDQQWKHLWVJUDG HLQHU 3HUVRQ HWZD :(%(56200(5+$/'(5 (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII 9JO HWZD (*05 8UWHLO YRP 0DL L6 5RWDUX JHJHQ 5XPlQLHQ 1U (&+5 9 =LII Ä0RUHRYHU SXEOLF LQIRUPDWLRQ FDQ IDOO ZLWKLQ WKH VFRSH RI SULYDWH OLIH ZKHUH LW LV V\VWHPDWLFDOO\ FROOHFWHG DQG VWRUHG LQ ILOHV KHOG E\ WKH DXWKRULWLHV´ IHUQHU (*05 8UWHLO YRP 1RYHPEHU L6 &HPDOHWWLQ &DQOL JHJHQ 7UNHL 1U =LII 6,(0(1 II :(%(56200(5+$/'(5 I YJO IHUQHU KLQWHQ 7HLO ,,, % (*05 8UWHLO YRP 6HSWHPEHU L6 8]XQ JHJHQ 'HXWVFKODQG 1U =LII 'DVV YRQ GHQ 'DWHQ WDWVlFKOLFK *HEUDXFK JHPDFKW ZLUG LVW MHGRFK QLFKW YRUDXVJHVHW]W GDPLW HLQ (LQJULII LQ $UW (05. EHMDKW ZHUGHQ NDQQ YJO KLQWHQ 7HLO ,,, % XQG )Q 9JO (.05 %HULFKW YRP 2NWREHU L6 7VDYDFKLGLV JHJHQ *ULHFKHQODQG 1U =LII I YJO GD]X DXFK 6,(0(1 I (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. JHOPlVVLJ HLQHQ (LQJULII LQ GDV GXUFK $UW (05. JHVFKW]WH 3ULYDWOHEHQ GDU XQG ]ZDU JUXQGVlW]OLFK DXFK GDQQ ZHQQ LQ GHU gIIHQWOLFKNHLW JH]HLJWHV 9HUKDOWHQ UHJLVWULHUW ZLUG $QGHUHUVHLWV LVW GHU 6FKXW]EHUHLFK QLFKW GHVKDOE YHUVFKORVVHQ E]Z HLQ (LQJULII QLFKW VFKRQ GHVKDOE ]X YHUQHLQHQ ZHLO HV VLFK XP HLQH RIIHQH (U KHEXQJ YRQ ,QIRUPDWLRQHQ KDQGHOW % 'LH 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ LQ GHU 5HFKWVSUHFKXQJ GHV (*05 XQG GHU (.05 $QJHVLFKWV GHU VNL]]LHUWHQ GLIIHUHQ]LHUWHQ 5HFKWVSUHFKXQJ GHV (*05 XQG GHU (.05 NDQQ GLH %HDQWZRUWXQJ GHU )UDJH RE XQG LQZLHIHUQ VLFK GHU (LQ]HOQH ]XP 6FKXW] JHJHQ VWDDWOLFKH 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP DXI $UW (05. EHUXIHQ NDQQ E]Z RE XQG XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ GLH VWDDWOLFKH 9LGHREHUZDFKXQJ HLQHQ (LQJULII LQ GDV GXUFK $UW (05. JHVFKW]WH 3ULYDWOHEHQ GDUVWHOOW ]XP 9RUQKHUHLQ QLFKW OHLFKW IDOOHQ $XFK GHU ELVKHU ]X GLH VHP 3UREOHPNUHLV HUJDQJHQHQ 5HFKWVSUHFKXQJ GHV (*05 XQG GHU (.05 ODVVHQ VLFK ± ZLH QDFKIROJHQG ]X ]HLJHQ LVW ± NHLQH DEVFKOLHVVHQGHQ $QWZRUWHQ HQWQHKPHQ ,Q GHU QDFKIROJHQGHQ 'DUVWHOOXQJ GLHVHU 5HFKWVSUHFKXQJ ZLUG ]ZLVFKHQ 9LGHRDXI QDKPHQ RKQH 3HUVRQHQEH]XJ UHLQH hEHUVLFKWVDXIQDKPHQ 9LGHREHREDFKWXQJV PDVVQDKPHQ XQG 9LGHRDXI]HLFKQXQJVPDVVQDKPHQ GLIIHUHQ]LHUW ,P $QVFKOXVV IRO JHQ %HPHUNXQJHQ ]X GLHVHU 5HFKWVSUHFKXQJ 9LGHRDXIQDKPHQ RKQH 3HUVRQHQEH]XJ 6RZHLW PLW HLQHU 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ NHLQH %H DUEHLWXQJ YRQ 3HUVRQHQGDWHQ HLQKHUJHKW ZLH ]% EHL GHU $QIHUWLJXQJ UHLQHU hEHU VLFKWVDXIQDKPHQ ]XU 9HUNHKUVEHUZDFKXQJ VWHOOW VLFK GLH )UDJH RE DXFK GDV +HU YRUUXIHQ HLQHV EORVVHQ ± VXEMHNWLY HPSIXQGHQHQ ± hEHUZDFKXQJV RGHU $QSDVVXQJVGUXFNV DOV DXVUHLFKHQG DQJHVHKHQ ZHUGHQ NDQQ XP HLQHQ (LQJULII LQ $UW (05. ]X EHJUQGHQ 'LHV GUIWH PLW %OLFN DXI GLH =XOlVVLJNHLWVHQWVFKHL GXQJ GHU (.05 L6 +XWFKHRQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK YRP 1RYHPEHU ± QDFK ZLH YRU ± ]X YHUQHLQHQ VHLQ 'LH LQ 1RUGLUODQG ZRKQKDIWH %H *5$%(1:$57(5 5] )52:(,13(8.(57 .RPP ]X $UW (05. 5] (*05 8UWHLOH YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII 6,(0(1 'LH (.05 ZXUGH LP -DKUH DXIJHO|VW XQG GHUHQ $XIJDEHQ GXUFK GHQ (*05 EHUQRP PHQ YJO YRUQH )Q 'HUHQ 5HFKWVSUHFKXQJ EOHLEW MHGRFK QDFK ZLH YRU YRQ JURVVHU %H GHXWXQJ (LQH VWULNWH 7UHQQXQJ YRQ 6FKXW]EHUHLFK HLQHUVHLWV XQG (LQJULII DQGHUHUVHLWV IlOOW VFKZHU VWH KHQ GRFK DXFK LP %HUHLFK YRQ $UW (05. 6FKXW]EHUHLFK XQG (LQJULII ]XHLQDQGHU LQ HLQHU HQJHQ :HFKVHOEH]LHKXQJ YJO :(%(56200(5+$/'(5 I :,/'+$%(5%5(,7(1 026(5 ,QW.RPP ]X $UW (05. 5] 6,(0(1 1U 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH VFKZHUGHIKUHULQ VDK VLFK GXUFK GLH (UULFKWXQJ HLQHV SROL]HLOLFKHQ hEHUZDFKXQJV WXUPV LQ GHU 1lKH LKUHV +DXVHV LQ LKUHQ GXUFK $UW (05. JDUDQWLHUWHQ 5HFKWHQ YHUOHW]W 'LH =XOlVVLJNHLW LKUHU %HVFKZHUGH LVW VFKRQ GDUDQ JHVFKHLWHUW GDVV GLH %H VFKZHUGHIKUHULQ QLFKW SODXVLEHO GDUOHJHQ NRQQWH GDVV VLH EHWUHIIHQGH ,QIRUPDWL RQHQ JH]LHOW JHVDPPHOW ZRUGHQ VLQG 'DV +HUYRUUXIHQ HLQHV EORVVHQ $QSDV VXQJV RGHU hEHUZDFKXQJVGUXFNV RKQH GDVV GLHVHU PLW HLQHU WDWVlFKOLFKHQ 'DWHQEHDUEHLWXQJ HLQKHUJHKW GUIWH VRPLW QLFKW DXVUHLFKHQ XP HLQHQ (LQJULII LQ $UW (05. ]X EHJUQGHQ 'DUDXV IROJW GDVV EHL GHU $XI]HLFKQXQJ YRQ %LOGHUQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP ZHOFKH GLH ,GHQWLILNDWLRQ YRQ 3HUVRQHQ QLFKW ]X ODVVHQ GHU 6FKXW]EHUHLFK YRQ $UW (05. QLFKW HU|IIQHW LVW RGHU MHGHQIDOOV HLQ (LQJULII ]X YHUQHLQHQ ZlUH $QGHUV GUIWH GLHV VHLQ ZHQQ HLQ 3HUVRQHQEH]XJ GXUFK QDFKWUlJOLFKH %HDUEHLWXQJ GHV %LOGPDWHULDOV KHUJHVWHOOW ZHUGHQ NDQQ 'DQQ HQWKlOW DEHU ULFKWLJHUZHLVH VFKRQ GDV XQEHDUEHLWHWH %LOGPDWHULDO 3HUVRQHQGDWHQ 9LGHREHREDFKWXQJVPDVVQDKPHQ 1DFK GHU 5HFKWVSUHFKXQJ GHU (.05 LQ GHU =XOlVVLJNHLWVHQWVFKHLGXQJ 3LHUUH +HU EHFT DQG WKH $VVRFLDWLRQ Ä/LJXH GHV 'URLWV GH O¶+RPPH³ JHJHQ %HOJLHQ YRP -DQXDU GUIWH GHU 6FKXW]EHUHLFK YRQ $UW (05. ]ZDU DXFK EHL 9LGH REHREDFKWXQJVPDVVQDKPHQ HU|IIQHW VHLQ (LQ (LQJULII LQ GDV GXUFK $UW (05. JHVFKW]WH 3ULYDWOHEHQ ZXUGH DEHU JUXQGVlW]OLFK DEJHOHKQW 'LH %HVFKZHUGHIKUHU PDFKWHQ JHOWHQG PDQJHOV JHVHW]OLFKHU 5HJHOXQJ GHU 9LGHREHREDFKWXQJ LP EHOJL VFKHQ 5HFKW VHL HV IU GHQ (LQ]HOQHQ QLFKW HUVLFKWOLFK ZDQQ HU *HJHQVWDQG HLQHU hEHUZDFKXQJ ZHUGH XQG ZLH HU VLFK GDJHJHQ ]XU :HKU VHW]HQ N|QQH 'LH %HWURIIH QHQ VlKHQ VLFK GHVKDOE ]X HLQHU 6HOEVW]HQVXU XQG ]X 9HUKDOWHQVlQGHUXQJHQ YHUDQ ODVVW =XGHP I|UGHUH GLH hEHUZDFKXQJ X8 9HUKDOWHQVZHLVHQ RGHU N|USHUOLFKH (L 9JO :,('(5,1 3ULYDWVSKlUH I (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 1RYHPEHU L6 +XWFKHRQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U Ä>«@ WKH DSSOLFDQW KDV QRW VKRZQ D UHDVRQDEOH OLNHOLKRRG WKDW DQ\ LQIRUPDWLRQ DERXW WKH DSSOLFDQW KDV EHHQ VHFUHWHO\ FROOHFWHG E\ HLWKHU DXGLR RU YLVXDO PHDQV ,W LV QRW VXEVWDQWLDWHG WKDW KHU KRXVH ZRXOG KDYH EHHQ WKH REMHFW RI DQ\ LQGLYLGXDO VFUXWLQ\ RU VXUYHLOODQFH EH\RQG WKH JHQHUDO RYHUVLJKW DIIRUGHG E\ WKH ORFDWLRQ RI WKH WRZHU³ 9JO DXFK (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP -DQXDU L6 3LHUUH +HUEHFT DQG WKH $VVRFLDWLRQ Ä/LJXH GHV 'URLWV GH O¶+RPPH³ JHJHQ %HOJLHQ '5 1U % II ZR GLH %HVFKZHUGHIKUHU ± HUIROJORV ± JHOWHQG JHPDFKW KDEHQ GXUFK VWDDWOLFKH hEHUZDFKXQJV PDVVQDKPHQ VHLHQ VLH LQ LKUHP 3ULYDWOHEHQ LQVRIHUQ YHUOHW]W DOV VLH VLFK GXUFK GLH hEHUZD FKXQJ ]X HLQHU 6HOEVWNRQWUROOH E]Z HLQHU Ä6HOEVW]HQVXU³ XQG ]X 9HUKDOWHQVlQGHUXQJHQ YHUDQ ODVVW VHKHQ LP (LQ]HOQHQ GD]X KLQWHQ 7HLO ,,, % $QGHUV PDJ GLHVH )UDJH ]X HQWVFKHLGHQ VHLQ ZHQQ QLFKW |IIHQWOLFKH %HUHLFKH EHWURIIHQ VLQG EHU ZHOFKH GHU (LQ]HOQH GLH .RQWUROOH EHDQVSUXFKHQ GDUI ]% 6FKODI XQG :RKQ]LPPHU RGHU 7RLOHWWHQ YJO :,('(5,1 3ULYDWVSKlUH 6R DXFK :,('(5,1 3ULYDWVSKlUH I :,('(5,1 9LGHREHUZDFKXQJ II .g1,* 5 2&+6(1)(/'5(33 9JO :,('(5,1 3ULYDWVSKlUH I '5 1U % II 9JO 6,(0(1 :,('(5,1 3ULYDWVSKlUH I 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. JHQVFKDIWHQ ]XWDJH ZHOFKH VLH QLFKW RIIHQOHJHQ P|FKWHQ 'HVKDOE OLHJH HLQ 9HUVWRVV JHJHQ $UW (05. YRU 'LH (.05 ULHI ]XQlFKVW LKUH ELVKHULJH 5HFKW VSUHFKXQJ ]X )UDJHQ SROL]HLOLFKHU ,QIRUPDWLRQVHUKHEXQJ LQ (ULQQHUXQJ 'DEHL KDWWH VLH MHZHLOV JHSUIW RE PLW GHU $QIHUWLJXQJ YRQ $XIQDKPHQ LQ GLH 3ULYDWVSKlUH HLQ JHGUXQJHQ ZXUGH ZLH HWZD EHLP SK\VLVFKHQ (LQGULQJHQ LQ 3ULYDWUlXPOLFKNHLWHQ RE VLFK GLH %LOGDXIQDKPHQ DXI $QOlVVH |IIHQWOLFKHQ RGHU SULYDWHQ &KDUDNWHUV EH]R JHQ XQG RE GHU 9HUZHQGXQJV]ZHFN OLPLWLHUW RGHU GLH $XIQDKPHQ OHW]WOLFK GD]X EH VWLPPW ZDUHQ GHU gIIHQWOLFKNHLW ]XU .HQQWQLV JHEUDFKW ]X ZHUGHQ E]Z GLHV QLFKW DXVJHVFKORVVHQ ZHUGHQ NRQQWH 'D DEHU LP ]X SUIHQGHQ )DOO GDV 9HUKDOWHQ QLFKW DXIJH]HLFKQHW ZXUGH ZDU HV QDFK $XIIDVVXQJ GHU (.05 NDXP HUVLFKWOLFK LQZLH IHUQ GLH $XIQDKPHQ IU DQGHUH DOV hEHUZDFKXQJV]ZHFNH YHUZHQGHW ZHUGHQ N|QQ WHQ 6RGDQQ VWHOOWH GLH .RPPLVVLRQ IHVW GDVV GLH 'DWHQ ZHOFKH GXUFK GDV VLFK KLQ WHU GHQ hEHUZDFKXQJVPRQLWRUHQ EHILQGOLFKH 3HUVRQDO JHVDPPHOW ZHUGHQ LGHQWLVFK VHLHQ PLW GHQMHQLJHQ GLH GXUFK GHQ (LQVDW] GHVVHOEHQ 3HUVRQDOV YRU 2UW HUKREHQ ZHUGHQ N|QQWHQ XQG HV VLFK EHLP EHREDFKWHWHQ 9HUKDOWHQ GHVKDOE JUXQGVlW]OLFK QXU XP HLQ |IIHQWOLFKHV KDQGHOQ N|QQH 'HU (*05 KDW GLHVH 5HFKWVSUHFKXQJ EHVWlWLJW DOOHUGLQJV ]XP 7HLO PLW GHU ]X VlW]OLFKHQ %HJUQGXQJ GDVV MHPDQG GHU VLFK LQ GLH gIIHQWOLFKNHLW EHJHEH NHLQH EHUHFKWLJWH XQG YHUQQIWLJH (UZDUWXQJ KDEHQ N|QQH XQG GUIH QLFKW EHREDFKWHW ]X ZHUGHQ 5HLQH 9LGHREHREDFKWXQJVPDVVQDKPHQ VWHOOHQ QDFK GLHVHU 5HFKWVSUHFKXQJ VRPLW JUXQGVlW]OLFK NHLQHQ (LQJULII LQ GDV GXUFK $UW (05. JHVFKW]WH 3ULYDWOHEHQ GDU $QGHUV PDJ GLHV VHLQ ZHQQ GLH 'DWHQ QLFKW QXU HLQHP EHVFKUlQNWHQ ± SROL]HLOLFKHQ ± 9HUZHQGXQJV]ZHFN GLHQHQ E]Z ZHQQ PLW GHU %HREDFKWXQJ XQUHFKWPlVVLJH RGHU QLFKW YRUKHUVHKEDUH =ZHFNH YHUIROJW ZHUGHQ 6RIHUQ DOVR GLH SROL]HLOLFKH 9L '5 1U % 9JO LP (LQ]HOQHQ (.05 %HULFKW YRP 0DL L6 )ULHGO JHJHQ gVWHUUHLFK 1U =LII (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 2NWREHU L6 ; JH JHQ 9HUHLQLJWHV .|QLJUHLFK 1U <HDUERRN '5 1U % I (*05 8UWHLOH YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP 6HSWHPEHU L6 8]XQ JHJHQ 'HXWVFKODQG 1U =LII YRP -XOL L6 &DOPDQRYLFL JHJHQ 5XPlQLHQ 1U =LII Ä/D VXUYHLOODQFH GHV IDLWV HW JHVWHV G XQH SHUVRQQH GDQV XQ OLHX SXEOLF DX PR\HQ G XQ GLVSRVLWLI SKRWRJUDSKLTXH QH PpPRULVDQW SDV OHV GRQQpHV YLVXHOOHV QH FRQVWLWXH SDV HQ HOOHPrPH XQH IRUPH G LQJpUHQFH GDQV OD YLH SULYpH´ (*05 8UWHLOH YRP 6HSWHPEHU L6 8]XQ JHJHQ 'HXWVFKODQG 1U =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII I YRP 'H]HPEHU L6 :LVVH JHJHQ )UDQN UHLFK 1U =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII 9JO (*05 8UWHLO YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH GHREHREDFKWXQJ QLFKW ]X UHLQHQ 6LFKHUKHLWV]ZHFNHQ YRUJHQRPPHQ ZLUG VRQGHUQ HWZD XP YR\HXULVWLVFKH %HGUIQLVVH ]X EHIULHGLJHQ RGHU DXV EORVVHU 1HXJLHUGH GUIWH DXFK EHL %HUFNVLFKWLJXQJ GHU ]LWLHUWHQ 5HFKWVSUHFKXQJ HLQ (LQJULII QLFKW ]X YHUQHLQHQ VHLQ 9LGHRDXI]HLFKQXQJVPDVVQDKPHQ 'HU (*05 KDW PHKUIDFK ± XQG WHLOZHLVH XQWHU DXVGUFNOLFKHU %H]XJQDKPH DXI GDV ('6h ± IHVWJHKDOWHQ GDVV JUXQGVlW]OLFK VFKRQ GLH 6SHLFKHUXQJ YRQ GDV 3ULYDW OHEHQ EHWUHIIHQGHQ 'DWHQ GHV (LQ]HOQHQ HLQHQ (LQJULII LQ $UW (05. GDUVWHOOW ZREHL XQHUKHEOLFK LVW RE YRQ GHQ 'DWHQ DXFK *HEUDXFK JHPDFKW ZLUG E]Z GLHVH NRQVXOWLHUW ZHUGHQ 'LH )UDJH RE DXFK HLQH 9LGHRDXI]HLFKQXQJ LP |IIHQWOLFKHQ 5DXP HLQHQ (LQJULII LQ $UW (05. GDUVWHOOW VWHOOW VLFK QDFK GHU 5HFKWVSUHFKXQJ GHV (*05 DEHU HUVW LP =XVDPPHQKDQJ PLW HLQHU JOHLFK]HLWLJHQ V\VWHPDWLVFKHQ XQG GDXHUKDIWHQ $XIEHZDKUXQJ GHU $XI]HLFKQXQJHQ 7HLOZHLVH ZLUG GLH 5HFKW 9JO )/h&.,*(5$8(5 58(**)/h&.,*(5129(0%(5./$86(5 9JO (*05 8UWHLOH YRP 0DL L6 5RWDUX JHJHQ 5XPlQLHQ 1U (&+5 9 =LII YRP )HEUXDU L6 $PDQQ JHJHQ 6FKZHL] 1U (&+5 ,, =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII 9JO HWZD (*05 8UWHLOH YRP $SULO L6 &RSODQG JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII YRP -XQL L6 3DQWHOH\HQNR JHJHQ 8NUDLQH 1U =LII YRP 0DL L6 5RWDUX JHJHQ 5XPlQLHQ 1U (&+5 9 =LII I YRP )HEUXDU L6 $PDQQ JHJHQ 6FKZHL] 1U (&+5 ,, =LII YRP 0lU] L6 /HDQGHU JHJHQ 6FKZHGHQ 1U 6HU $ 1U =LII YRP -XQL L6 6HJHUVWHGW:LEHUJ XD JHJHQ 6FKZHGHQ 1U (&+5 9,, =LII YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII 9JO IHUQHU (.05 %HULFKWH YRP 0DL L6 )ULHGO JHJHQ gVWHUUHLFK 1U =LII XQG YRP 2NWREHU L6 7VDYDFKLGLV JHJHQ *ULHFKHQODQG 1U =LII :(%(56200(5+$/'(5 6,(0(1 II II (*05 8UWHLOH YRP 0lU] L6 .RSS JHJHQ 6FKZHL] 1U 5HSRUWV ,, =LII XQG YRP $SULO L6 &RSODQG JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII (*05 8UWHLOH YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII XQG YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII Ä2Q WKH RWKHU KDQG WKH UHFRUGLQJ RI WKH GDWD DQG WKH V\VWHPDWLF RU SHUPDQHQW QDWXUH RI WKH UHFRUG PD\ JLYH ULVH WR VXFK FRQVLGHUDWLRQV³ EHVWlWLJW LP 8UWHLO YRP 'H]HPEHU L6 :LVVH JHJHQ )UDQNUHLFK 1U =LII 9JO VRGDQQ GLH 8UWHLOH GHV (*05 YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII XQG YRP 6HSWHPEHU L6 8]XQ JHJHQ 'HXWVFKODQG 1U =LII Ä3ULYDWOLIH FRQVLGHUDWLRQV PD\ DULVH KRZHYHU RQFH DQ\ V\VWHPDWLF RU SHUPDQHQW UHFRUG FRPHV LQWR H[LVWHQFH RI VXFK PDWHULDO IURP WKH SXE OLF GRPDLQ³ VD GDV 8UWHLO GHV (*05 YRP -XOL L6 &DOPDQRYLFL JHJHQ 5XPlQLHQ 1U =LII Ä(Q UHYDQFKH OH IDLW GH UHFXHLOOLU V\VWpPDWLTXHPHQW GH WHOOHV GRQQpHV HW GH OHV PpPRULVHU SHXW VRXOHYHU GHV TXHVWLRQV OLpHV j OD YLH SULYpH´ YJO IHUQHU =LII GHV HUZlKQWHQ 8UWHLOV YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. VSUHFKXQJ GHV (*05 DEHU DXFK VR YHUVWDQGHQ GDVV HV ZHQLJHU DXI GLH 6\VWHPDWLN XQG 'DXHUKDIWLJNHLW GHU $XIEHZDKUXQJ DQNRPPH DOV DXI GLH 6\VWHPDWLN XQG 'DX HUKDIWLJNHLW GHU DXI]HLFKQHQGHQ 9LGHREHUZDFKXQJ DQ VLFK 7DWVlFKOLFK ELHWHW GLH 5HFKWVSUHFKXQJ VFKRQ LQ GLHVHU +LQVLFKW HUVWH ,QWHUSUHWDWLRQVVSLHOUlXPH 8QNODU EOHLEW DXFK ZDV JHQDX XQWHU HLQHU V\VWHPDWLVFKHQ RGHU GDXHUKDIWHQ $XIEH ZDKUXQJ E]Z hEHUZDFKXQJ ]X YHUVWHKHQ LVW HEHQVR EOHLEW RIIHQ RE GLH .ULWHULHQ DOWHUQDWLY JHOWHQ RGHU NXPXODWLY HUIOOW VHLQ PVVHQ )UDJOLFK LVW VRGDQQ RE GLH 6\V WHPDWLN RGHU GLH 'DXHUKDIWLJNHLW WDWVlFKOLFK ]ZLQJHQGH (UIRUGHUQLVVH IU GLH (U|II QXQJ GHV 6FKXW]EHUHLFKV E]Z GLH %HMDKXQJ HLQHV (LQJULIIHV VLQG XQG VRPLW DXFK HWZD GDQQ ZHQQ GLH =XOlVVLJNHLW HLQHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ ]X SUIHQ LVW 6FKZLHULJ ]X EHXUWHLOHQ LVW LP :HLWHUHQ ZHOFKH %HGHXWXQJ GHU YRP (*05 LQ VHLQHQ (UZlJXQJHQ DQJHIKUWHQ YHUQQIWLJHQ (UZDUWXQJ ÄUHDVRQDEOH H[SHFWDWLRQ³ GHV (LQ]HOQHQ DQ 3ULYDWKHLW LP |IIHQWOLFKHQ 5DXP ]X NRPPW 2E VLFK GLH )UDJH HLQHV (LQJULIIV LQ GDV 3ULYDWOHEHQ GHVKDOE VWHOOW ZHLO GHU (LQ]HOQH NHLQH V\VWHPDWLVFKH XQG GDXHUKDIWH 6SHLFKHUXQJ VHLQHV 9HUKDOWHQV LP |I IHQWOLFKHQ 5DXP HUZDUWHQ PXVV RGHU YLHOPHKU GHVKDOE ± XQG XQDEKlQJLJ YRQ GHU (UZDUWXQJVKDOWXQJ ± ZHLO HLQH V\VWHPDWLVFKH XQG GDXHUKDIWH 'DWHQVSHLFKHUXQJ EHUKDXSW HUIROJW OlVVW VLFK GHU 5HFKWVSUHFKXQJ GHV (*05 QLFKW GHXWOLFK HQW QHKPHQ 2IIHQ EOHLEW DXFK ZHOFKH %HGHXWXQJ GHP 8PVWDQG EHL]XPHVVHQ LVW GDVV HLQH SROL ]HLOLFKH 9LGHREHUZDFKXQJ ]X 6LFKHUKHLWV]ZHFNHQ HUIROJW ,PPHUKLQ KDW GLH (.05 EHL %LOGDXIQDKPHQ LQ GHU gIIHQWOLFKNHLW DXFK DOV PDVVJHEOLFK HUDFKWHW RE GLH 'DWHQ HLQHP EORVV OLPLWLHUWHQ SROL]HLOLFKHQ =ZHFN GLHQHQ VROOWHQ RGHU IU GLH (&+5 ,; ZR GHU (0*5 GLH $XIIDVVXQJ YHUWULWW HLQ (LQJULII LQ $UW =LII (05. VFKHLGH MHGHQIDOOV GDQQ DXV ZHQQ HV VLFK XP HLQHQ QRUPDOHQ *HEUDXFK YRQ hEHUZDFKXQJV NDPHUDV KDQGOH Ä>«@ WKH QRUPDO XVH RI VHFXULW\ FDPHUDV SHU VH ZKHWKHU LQ WKH SXEOLF VWUHHW RU RQ SUHPLVHV VXFK DV VKRSSLQJ FHQWUHV RU SROLFH VWDWLRQV ZKHUH WKH\ VHUYH D OHJLWLPDWH DQG IRUHVHHDEOH SXUSRVH GR QRW UDLVH LVVXHV XQGHU $UWLFOH RI WKH &RQYHQWLRQ³ YJO IHUQHU 6,(0(1 1(8.$00 9JO :,('(5,1 3ULYDWVSKlUH (66(5 6,(0(1 'LH $XVIKUXQJHQ GHV (*05 VLQG HQWJHJHQ 3526&+$. I DOOHUGLQJV QLFKW VR ]X YHUVWHKHQ GDVV VLFK GLH )UDJH HLQHV (LQJULIIV LQ GDV 3ULYDWOHEHQ HUVW EHL HLQHU GDXHUKDIWHQ RGHU V\VWHPDWLVFKHQ 9HUZHUWXQJ GHU $XI]HLFKQXQJHQ VWHOOHQ ZUGH 'LH 5HFKWVSUHFKXQJ JLEW NHLQH +LQZHLVH GDUDXI RE GLH 6\VWHPDWLN XQG GLH 'DXHUKDIWLJNHLW HUVW EHL GHU )UDJH RE HLQ (LQJULII LQ GDV 3ULYDWOHEHQ ]X EHMDKHQ LVW RGHU VFKRQ EHL GHU )UDJH RE GHU 6FKXW]EHUHLFK HU|IIQHW LVW HQWVFKHLGHQG LVW 9JO :,('(5,1 9LGHREHUZDFKXQJ 9JO (*05 8UWHLOH YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII YRP 'H]HPEHU L6 :LVVH JHJHQ )UDQNUHLFK 1U =LII I YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .| QLJUHLFK 1U (&+5 ,; =LII 9JO 1(8.$00 6R ZRKO 6,(0(1 9JO :,('(5,1 9LGHREHUZDFKXQJ 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH gIIHQWOLFKNHLW EHVWLPPW ZDUHQ ,P HUVWHQ )DOO KDW VLH HLQHQ (LQJULII LQ $UW (05. DEJHOHKQW $XI GLHVH 5HFKWVSUHFKXQJ QLPPW QXQ DEHU DXFK GHU (*05 %H]XJ ,Q HLQHP DQGHUHQ (QWVFKHLG VFKHLQW GHU (*05 VHLQH HLJHQH 5HFKWVSUHFKXQJ GDKLQ JHKHQG ]X SUl]LVLHUHQ GDVV GDV LQ $UW (05. JHVFKW]WH 3ULYDWOHEHQ JHJHQ hEHUZDFKXQJVPDVVQDKPHQ ]X 6LFKHUKHLWV]ZHFNHQ NHLQHQ RGHU ]XPLQGHVW QXU HL QHQ HLQJHVFKUlQNWHQ 6FKXW] ELHWH ,Q HLQHP DQGHUHQ (QWVFKHLG LVW MHGRFK HLQ (LQ JULII GXUFK HLQH DOOHUGLQJV YHUGHFNWH 9LGHREHUZDFKXQJ LQ HLQHU 3ROL]HLVWDWLRQ QLFKW GDUDQ JHVFKHLWHUW GDVV GDV $XI]HLFKQXQJVPDWHULDO ]X ,GHQWLILNDWLRQV XQG %HZHLV]ZHFNHQ JHZRQQHQ ZXUGH 1LFKW Y|OOLJ JHNOlUW LVW ]XGHP RE DXFK EHL GHU 9HUIROJXQJ YRQ 6LFKHUKHLWV]ZHFNHQ QLFKW ]XPLQGHVW GDQQ HLQ (LQJULII YRUOLHJW ZHQQ GLH DXIJH]HLFKQHWHQ 3HUVRQHQ QDFKWUlJOLFK LGHQWLIL]LHUW ZHUGHQ 'LH 5HFKW VSUHFKXQJ VFKHLQW ]XPLQGHVW LQ GLHVH 5LFKWXQJ ]X JHKHQ 6REDOG GLH 'DWHQ GHQ 3ROL]HLEHUHLFK YHUODVVHQ GUIWH HLQ (LQJULII HLQHUVHLWV ]XPLQ GHVW GDQQ YRUOLHJHQ ZHQQ VLH GHU gIIHQWOLFKNHLW ]XJlQJOLFK JHPDFKW ZHUGHQ 6R VWHOOW GLH 9HU|IIHQWOLFKXQJ YRQ )RWRJUDILHQ HLQHV 7DWYHUGlFKWLJHQ GXUFK GLH 6WUDI YHUIROJXQJVEHK|UGHQ HLQHQ (LQJULII LQ GHQ 6FKXW]EHUHLFK YRQ $UW (05. GDU $QGHUHUVHLWV LVW HLQ (LQJULII LQ $UW (05. ]X EHMDKHQ ZHQQ GLH 'DWHQ ± DXFK (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 2NWREHU L6 ; JHJHQ 9HUHLQLJWHV .|QLJ UHLFK 1U <HDUERRN (.05 %HULFKW YRP 0DL L6 )ULHGO JH JHQ gVWHUUHLFK 1U =LII (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 6HSWHPEHU L6 &DPSLRQ JHJHQ )UDQNUHLFK 1U 6LHKH (*05 8UWHLOH YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJ UHLFK 1U (&+5 ,; =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJ WHV .|QLJUHLFK 1U (&+5 , =LII YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII YRP 2NWREHU L6 *XU JHQLG]H JHJHQ *HRUJLHQ 1U =LII IHUQHU :,('(5,1 3ULYDWVSKlUH )Q (*05 8UWHLO YRP 'H]HPEHU L6 :LVVH JHJHQ )UDQNUHLFK 1U =LII Ä/D &RXU D DLQVL GLVWLQJXp OD VXUYHLOODQFH GHV DFWHV G¶XQ LQGLYLGX GDQV XQ OLHX SXEOLF j GHV ILQV GH VpFXULWp GHV HQUHJLVWUHPHQWV GH FHV DFWHV TXL VHUDLHQW XWLOLVpV j G¶DXWUHV ILQV DOODQW DX GHOj GH FH TXH O¶LQWpUHVVp DXUDLW SX SUpYRLU 3HFN SUpFLWp j HW 3HUU\ F 5R\DXPH 8QL QR MXLOOHW HW SRXU pWDEOLU GDQV OH GRPDLQH GHV PHVXUHV VH FUqWHV GH VXUYHLOODQFH RX GH O¶LQWHUFHSWLRQ GH FRPPXQLFDWLRQ SDU OHV DXWRULWpV SXEOLTXHV OD IURQWLqUH GH O¶LQWLPLWp GH OD YLH SULYpH JDUDQWLH SDU O¶DUWLFOH GH OD &RQYHQWLRQ³ 9JO DXFK 0(<(5/$'(:,* .RPP ]X $UW (05. 5] (*05 8UWHLO YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII XQG VD (*05 8UWHLO YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII 9JO :,('(5,1 9LGHREHUZDFKXQJ (*05 8UWHLO YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII XQG (.05 %HULFKW YRP 0DL L6 )ULHGO JHJHQ gVWHU UHLFK 1U =LII 9JO DXFK 0(<(5/$'(:,* .RPP ]X $UW (05. 5] +LQ]XZHLVHQ LVW DXFK DXI GLH 5HFKWVSUHFKXQJ GHV (*05 ZRQDFK GLH 9HUZHQGXQJ YRQ GDV 3ULYDWOHEHQ EHWUHIIHQGHQ ,QIRUPDWLRQHQ HLQHQ (LQJULII LQ $UW (05. GDUVWHOOW YJO (*05 8UWHLO YRP -XQL L6 3DQWHOH\HQNR JHJHQ 8NUDLQH 1U =LII YRP 0DL L6 5RWDUX JHJHQ 5XPlQLHQ 1U (&+5 9 =LII (*05 8UWHLO YRP -DQXDU L6 6FLDFFD JHJHQ ,WDOLHQ 1U (&+5 , =LII II 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. ZHQQ VLH |IIHQWOLFKHV 9HUKDOWHQ EHWUHIIHQ ± LQ HLQHU IU GHQ (LQ]HOQHQ QLFKW YRU KHUVHKEDUHQ $UW XQG :HLVH YHUZHQGHW ZHUGHQ ZLH HWZD ZHQQ 9LGHRDXI]HLFK QXQJHQ HLQHV 6HOEVWPRUGYHUVXFKV YRQ GHU 3ROL]HL GHQ 0HGLHQ ]XJHVSLHOW XQG YRQ GLHVHQ YHU|IIHQWOLFKW ZHUGHQ 'DPLW PXVV GHU %HWURIIHQH QLFKW UHFKQHQ XQG HU LVW GHVKDOE LQ VHLQHU (UZDUWXQJ ]X VFKW]HQ GDVV GLH $XI]HLFKQXQJHQ NHLQHU DQGHUHQ DOV HLQHU SROL]HLOLFKHQ 9HUZHQGXQJ ]XJHIKUW ZHUGHQ 'LHV PXVV P( DXFK GDQQ JHOWHQ ZHQQ GLH 'DWHQ QLFKW V\VWHPDWLVFK JHVDPPHOW RGHU GDXHUKDIW DXIEHZDKUW ZXUGHQ (LQ (LQJULII LQ $UW (05. GUIWH VFKOLHVVOLFK GDQQ YRUOLHJHQ ZHQQ GHP (LQ]HOQHQ GLH 0|JOLFKNHLW YHUZHLJHUW ZLUG GLH 5LFKWLJNHLW GHU GXUFK HLQH 9LGHR EHUZDFKXQJ JHZRQQHQHQ ,QIRUPDWLRQHQ ]X ZLGHUOHJHQ ]% GDU]XWXQ GDVV HV VLFK EHL GHU DXIJH]HLFKQHWHQ 3HUVRQ HQWJHJHQ GHU $XIIDVVXQJ GHU 3ROL]HL QLFKW XP LKQ VHOEVW KDQGHOW 1DFK ZHOFKHQ .ULWHULHQ LP (LQ]HOQHQ ]X EHXUWHLOHQ LVW RE 9LGHRDXI]HLFKQXQJV PDVVQDKPHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP HLQHQ (LQJULII LQ GDV GXUFK $UW (05. JHVFKW]WH 3ULYDWOHEHQ GHU %HQXW]HU GHU EHUZDFKWHQ 5lXPH GDUVWHOOHQ EOHLEW OHW]WOLFK QLFKW DEVFKOLHVVHQG JHNOlUW 1DFK GHU ]LWLHUWHQ 5HFKWVSUHFKXQJ VWHOOW VLFK ]XPLQGHVW GLH )UDJH RE HLQH V\VWHPDWLVFKH XQG GDXHUKDIWH 9LGHRDXI ]HLFKQXQJ HLQHQ (LQJULII LQ GDV 3ULYDWOHEHQ GDUVWHOOW 'HU (*05 KDW DEHU ± HQWJH JHQ HLQHP LQ GHU /HKUH JHlXVVHUWHQ 9HUVWlQGQLV VHLQHU 5HFKWVSUHFKXQJ ± ELV 9$1 ',-. =LII (*05 8UWHLOH YRP -XOL L6 3HUU\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII YRP 'H]HPEHU L6 :LVVH JHJHQ )UDQNUHLFK 1U =LII YRP 'H]HPEHU L6 6KDEDQRY XQG 7UHQ JHJHQ 5XVVODQG 1U =LII (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII Ä$V D UHVXOW WKH UHOHYDQW PRPHQW ZDV YLHZHG WR DQ H[WHQW ZKLFK IDU H[FHHGHG DQ\ H[SRVXUH WR D SDVVHUE\ RU WR VHFXULW\ REVHUYDWLRQ >@ DQG WR D GHJUHH VXUSDV VLQJ WKDW ZKLFK WKH DSSOLFDQW FRXOG SRVVLEO\ KDYH IRUHVHHQ ZKHQ KH ZDONHG LQ %UHQWZRRG RQ $XJXVW ³ 6D 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH , =LII ZR QDFK GDV GXUFK $UW (05. JHVFKW]WH 3ULYDWOHEHQ LQVEHVRQGHUH GDQQ EHWURIIHQ LVW ZHQQ GLH GXUFK 9LGHREHUZDFKXQJ HUKREHQHQ 'DWHQ LQ HLQHU :HLVH YHUZHQGHW ZHUGHQ GLH HLQH 3HUVRQ LQ LKUHU (KUH XQG :UGH KHUDEVHW]W 9JO (*05 8UWHLOH YRP 0DL L6 5RWDUX JHJHQ 5XPlQLHQ 1U (&+5 9 =LII YRP 0lU] L6 /HDQGHU JHJHQ 6FKZHGHQ 1U 6HU $ 1U =LII (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP $SULO L6 0DUWLQ JHJHQ 6FKZHL] 1U '5 1U % I ]XU %HGHXWXQJ GHV *UXQGVDW]HV GHU 'DWHQULFK WLJNHLW EHL GHU 9LGHREHUZDFKXQJ YJO YRUQH 7HLO 9, + %HUKUW ZlUHQ GDGXUFK DOOHUGLQJV DXFK DQGHUH *UXQGUHFKWH ZLH HWZD GDV 5HFKW DXI HLQ IDLUHV 9HUIDKUHQ $UW (05. YJO GD]X DXFK KLQWHQ )Q 9JO :,('(5,1 9LGHREHUZDFKXQJ =X HLQHP 9HUVXFK GHU 5HFKWVSUHFKXQJ GHV (*05 .ULWHULHQ IU GLH )UDJH GHU (LQJULIIVTXDOLWlW VWDDWOLFKHU 9LGHREHUZDFKXQJVPDVVQDKPHQ ]X HQWQHKPHQ YJO LPPHUKLQ .g1,* 5 I I 0LVVYHUVWlQGOLFK LQVRIHUQ 3526&+$. XQG )Q VRZLH XQG )Q *5$%(1 :$57(5 5] 2&+6(1)(/'5(33 I XQG )Q 0$5$8+10(/-1,. LQ *527(0$5$8+1 .DS 5] 'DVV GLH $XIEHZDKUXQJ YRQ $XI]HLFKQXQJVPDWHULDO DXV HLQHU hEHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H HLQHQ (LQJULII LQ $UW (05. GDUVWHOOW 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH MHW]W QLFKW HQWVFKLHGHQ GDVV HLQH 9LGHRDXI]HLFKQXQJ LP |IIHQWOLFKHQ 5DXP XQG GLH $XIEHZDKUXQJ HQWVSUHFKHQGHU $XI]HLFKQXQJHQ LPPHU HLQHQ (LQJULII LQ $UW (05. GDUVWHOOHQ ZUGHQ +LQ]XZHLVHQ EOHLEW DEHU GDUDXI GDVV HLQ (LQJULII LQ $UW (05. MHGHQIDOOV GDQQ YRUOLHJW ZHQQ PLW HLQHU SHUPDQHQWHQ 9LGHREHUZD FKXQJ DXFK VLFK DXI 3ULYDWJUXQG DEVSLHOHQGH 7DWVDFKHQ HUIDVVW ZHUGHQ 'LHV XQ DEKlQJLJ GDYRQ RE GLHVHV 9HUKDOWHQ ]% GDV 9HUODVVHQ GHV +DXVHV RGHU GDV 6LW]HQ LP *DUWHQ DXFK YRQ DXVVHQVWHKHQGHQ 'ULWWHQ RKQH 0KH EHREDFKWHW ZHUGHQ NDQQ RGHU QLFKW %HPHUNXQJHQ ]XU 5HFKWVSUHFKXQJ =XQlFKVW LVW GLH )HVWVWHOOXQJ ]X WUHIIHQ GDVV GLH *OHLFKVWHOOXQJ YRQ %HREDFKWXQJ GXUFK HLQH .DPHUD PLW HLQHU VROFKHQ GXUFK 6LFKHUKHLWVSHUVRQDO YRU 2UW QLFKW EHU]HXJW 'LHV QLFKW QXU DEHU LQVEHVRQGHUH PLW %OLFN DXI GLH WHFKQLVFKH hEHUOH JHQKHLW QDPHQWOLFK GLH HUK|KWH hEHUZDFKXQJVNDSD]LWlW HLQHU 9LGHREHREDFKWXQJ YHUJOLFKHQ PLW HLQHU %HREDFKWXQJ YRQ EORVVHP $XJH $XFK GLH %H]XJQDKPH GHV (*05 DXI GLH QLFKW QlKHU NRQNUHWLVLHUWH 6\VWHPDWLN XQG 'DXHUKDIWLJNHLW GHU 9L GHRDXI]HLFKQXQJ E]Z GHU $XIEHZDKUXQJ GHU $XI]HLFKQXQJHQ LVW ± ]XPLQGHVW LP %HUHLFK GHU 9LGHREHUZDFKXQJ ± ZHQLJ KLOIUHLFK XP GHQ 6FKXW]EHUHLFK ]X XP JUHQ]HQ E]Z XP EHU GDV 9RUOLHJHQ HLQHV (LQJULIIV ]X HQWVFKHLGHQ =XGHP LVW QLFKW HLQ]XVHKHQ ZHVKDOE HLQ 6FKXW]EHGUIQLV QLFKW DXFK JHJHQEHU HLQHU QXU SXQNWXHO OHQ hEHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP PLW DOOHQIDOOV NXU]HQ /|VFKXQJVIULVWHQ EH VWHKHQ ZUGH 1LFKW XQSUREOHPDWLVFK EHL GHU %HVWLPPXQJ GHV 6FKXW]EHUHLFKV YRQ $UW (05. E]Z GHU (LQJULIIVTXDOLWlW HLQHU VWDDWOLFKHQ 'DWHQEHDUEHLWXQJ LVW DXFK GLH %H]XJ QDKPH GHV (*05 DXI GDV $XVPDVV DQ 3ULYDWKHLW ZHOFKHV GHU (LQ]HOQH YHUQQI WLJHUZHLVH HUZDUWHQ GDUI %HL GHU %HUFNVLFKWLJXQJ GHU YHUQQIWLJHQ (UZDUWXQJ LP 8PJDQJ PLW GHP 'DWHQPDWHULDO HUKlOW ]ZDU GHU *UXQGVDW] GHU =ZHFNELQGXQJ DXFK HLQH XQPLWWHOEDUH YHUIDVVXQJVUHFKWOLFKH %HGHXWXQJ 5LFKWLJHUZHLVH VROOWH DEHU QLFKW QXU DXI GLH 9RUKHUVHKEDUNHLW GHV =ZHFNV DEJHVWHOOW ZHUGHQ VRQGHUQ DXFK DXI QLPPW DXFK GDV %XQGHVJHULFKW DQ YJO %*( , ( =XGHP JHKW GDV %XQGHVJHULFKW GDYRQ DXV GDVV DXFK GLH hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH GLH *DUDQWLH YRQ $UW =LII (05. EHUKUW YJO %*( , ( 9JO DXFK :,('(5,1 3ULYDWVSKlUH XQG 6,(0(1 VD (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII 9JO (*05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 0lU] L6 0DUWLQ JHJHQ 9HUHLQLJWHV .|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hEHUZDFKXQJ UHFKQHQ PXVV ]% DXIJUXQG YRQ +LQZHLVVFKLOGHUQ RGHU ZHLO GLH 9LGHREHUZDFKXQJ YRQ ,QQHQVWlGWHQ ]XQHKPHQG ]XU 5HJHO ZLUG GLH hEHUZDFKXQJVPDVVQDKPH VFKRQ QLFKW PHKU DOV (LQJULII ]X TXDOLIL]LHUHQ ZlUH 'HU ÄUHDVRQDEOH H[SHFWDWLRQ WHVW³ YHUPDJ GDPLW VWDDWOLFKH hEHUZDFKXQJVPDVVQDKPHQ QLFKW ZLUNOLFK ]X EHJUHQ]HQ VRQGHUQ KLOIW YLHOPHKU GD]X GLHVH ]X OHJLWLPLHUHQ =XGHP GUIWH GLH %HVWLPPXQJ GHVVHQ ZDV QRFK DOV ÄYHUQQIWLJH³ (UZDUWXQJVKDO WXQJ JHOWHQ GDUI PLW HLQLJHQ 6FKZLHULJNHLWHQ YHUEXQGHQ VHLQ ZDV QLFKW ]XOHW]W GHU 5HFKWVVLFKHUKHLW DEWUlJOLFK LVW -HGHQIDOOV VROOWH DXFK EHL GHU $QZHQGXQJ GHV ÄUHDVRQDEOH H[SHFWDWLRQ WHVW³ QLFKW GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV GHU (LQ]HOQH QXU ZHLO HU VLFK LQ GLH gIIHQWOLFKNHLW EHJLEW VHLQH 'DWHQ IUHLZLOOLJ EHNDQQW PDFKW XQG JOHLFK]HLWLJ DXI GHQ 6FKXW] VHLQHV 3ULYDWOHEHQV YHU]LFKWHW 'D GHU 6FKXW] GHV 3ULYDWOHEHQV IU GLH 3HUV|QOLFKNHLWVHQWZLFNOXQJ XQG HQWIDOWXQJ YRQ ]HQWUDOHU %HGHXWXQJ LVW VROOWH ULFKWLJHUZHLVH HLQ XPIDVVHQGHU 6FKXW]EHUHLFK YRQ $UW (05. DQJHQRPPHQ ZHUGHQ GDPLW HLQH hEHUSUIXQJ VWDDWOLFKHU 0DVV QDKPHQ LP 5DKPHQ GHU 6FKUDQNHQ XQG $EZlJXQJHQ QDFK $UW =LII (05. HUP|JOLFKW ZLUG $XFK GHU (LQJULIIVEHJULII VROOWH QLFKW HLQVFKUlQNHQG YHUVWDQGHQ ZHUGHQ 6RZHLW HLQH 'DWHQEHDUEHLWXQJ LQ )UDJH VWHKW ZlUH HV ]XGHP ZQ VFKHQVZHUW GDVV GHU %HJULII GHV 3ULYDWOHEHQV YHUPHKUW PLW %OLFN DXI GDV ('6h DXVJHOHJW ZLUG *HUDGH GHU 'DWHQVFKXW] LVW YRQ JUXQGOHJHQGHU %HGHXWXQJ IU HLQ 9JO :,('(5,1 3ULYDWVSKlUH 9JO *Ï0(=$5267(*8, I 3(11(< I YJO DXFK $(%,0h//(5 5] ZRQDFK HLQ EHVWLPPWHV 0DVV DQ 3ULYDWKHLW XQJHDFKWHW MHGHU (UZDUWXQJVKDOWXQJ ]X VFKW]HQ EOHLEW ,Q JHZLVVHQ %HUHLFKHQ PVVH GHVKDOE GLH :LUNOLFKNHLW ZLHGHU PLW GHU EHUHFKWLJWHQ (UZDUWXQJV KDOWXQJ LQ (LQNODQJ JHEUDFKW ZHUGHQ 3(11(< I 9JO GLH 9RUVFKOlJH ]XU %HVWLPPXQJ GHU YHUQQIWLJHQ (UZDUWXQJVKDO WXQJ EHL *Ï0(=$5267(*8, II 9JO :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] IHUQHU 3(11(< II 9JO ]% (*05 8UWHLO YRP -XQL L6 YRQ +DQQRYHU JHJHQ 'HXWVFKODQG 1U (&+5 9, =LII :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] *$//$*+(5 %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] 6,(0(1 II IHUQHU :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] 9JO LPPHUKLQ GLH %H]XJQDKPH DXI GDV ('6h ]XU 8PVFKUHLEXQJ GHV 3ULYDWOH EHQV LQ GHQ 8UWHLOHQ GHV (*05 YRP 0DL L6 5RWDUX JHJHQ 5XPlQLHQ 1U (&+5 9 =LII YRP )HEUXDU L6 $PDQQ JHJHQ 6FKZHL] 1U (&+5 ,, =LII YRP 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJ UHLFK 1U (&+5 ,; =LII YRP 1RYHPEHU L6 &HPDOHWWLQ &DQOL JHJHQ 7UNHL 1U =LII YJO IHUQHU GLH FRQFXUULQJ RSLQLRQ GHV 5LFKWHUV 3(77,7, LP 8UWHLO GHV (*05 YRP $XJXVW L6 0DORQH JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U (QWJHJHQ 6,(0(1 LVW GHU (*05 LQ VHLQHP 8UWHLO YRP 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH VHOEVWEHVWLPPWHV /HEHQ XQG GLH (QWZLFNOXQJ XQG (QWIDOWXQJ GHU 3HUV|QOLFKNHLW XPVR PHKU DOV HLQHUVHLWV GLH WHFKQLVFKHQ 0|JOLFKNHLWHQ GHU ,QIRUPDWLRQVEHVFKDI IXQJ XQG DQGHUHUVHLWV GLH VWDDWOLFKHQ ,QIRUPDWLRQVEHGUIQLVVH ± QLFKW ]XOHW]W DQJH VLFKWV GHU )RUGHUXQJ QDFK ]XVlW]OLFKHU 6LFKHUKHLW ± ZDFKVHQ (V ZlUH JDQ] DOO JHPHLQ ]X EHJUVVHQ ZHQQ GHU *HGDQNH GHU LQIRUPDWLRQHOOHQ 6HOEVWEHVWLPPXQJ YHUPHKUW (LQJDQJ LQ GLH 5HFKWVSUHFKXQJ GHV (*05 IlQGH 'DEHL VROOWH DXFK GHP 8PVWDQG RE GLH ,QIRUPDWLRQVHUKHEXQJ LP |IIHQWOLFKHQ RGHU LP SULYDWHQ 5DXP VWDWWILQGHW NHLQ ZHVHQWOLFKHV *HZLFKW PHKU EHLJHPHVVHQ ZHUGHQ 5LFKWLJHUZHLVH PXVV $UW (05. JUXQGVlW]OLFK 6FKXW] GDYRU ELHWHQ GDVV GDV 9HUKDOWHQ GHV (LQ]HOQHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP *HJHQVWDQG VWDDWOLFKHU $XI]HLFKQXQJ ZLUG ZHVKDOE GLH SHUVRQHQEH]RJHQH 9LGHRDXI]HLFKQXQJ LP $OOJH PHLQHQ DOV (LQJULII YHUVWDQGHQ ZHUGHQ PVVWH $UW (05. VROOWH DEHU GDUEHU KLQDXV DXFK GDYRU 6FKXW] ELHWHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP YRQ |IIHQWOLFKHQ 2UJDQHQ JH]LHOW EHREDFKWHW ]X ZHUGHQ XQG ]ZDU LP 6LQQH HLQHV 5HFKWV GDUDXI 6HSWHPEHU L6 3* XQG -+ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; DEHU QLFKW VR ZHLW JHJDQJHQ LP EORVVHQ 8PVWDQG HLQHU %HDUEHLWXQJ YRQ 3HUVRQHQ GDWHQ EHUHLWV HLQHQ (LQJULII LQ GDV 3ULYDWOHEHQ DQ]XQHKPHQ =ZDU HUZHFNW GHU (QWVFKHLG GLH VHQ (LQGUXFN YJO =LII I GRFK UHOHYDQW ZDU DXFK GDVV GLH %HWURIIHQHQ GLH 'DWHQEHDUEHL WXQJ YHUQQIWLJHUZHLVH QLFKW YRUKHUVHKHQ PXVVWHQ VR DXFK *Ï0(=$5267(*8, =XU %HGHXWXQJ GHU 'DWHQVFKXW]NRQYHQWLRQ LQ GHU 5HFKWVSUHFKXQJ GHV (*05 YJO DXFK 6&+:(,=(5 5HFKWVSUHFKXQJ 9JO (*05 8UWHLOH YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII YRP )HEUXDU L6 = JHJHQ )LQQODQG 1U 5HSRUWV , =LII YRP -XOL L6 , JHJHQ )LQQODQG 1U =LII Ä7KH SURWHFWLRQ RI SHUVRQDO GDWD LQ SDUWLFXODU PHGLFDO GDWD LV RI IXQ GDPHQWDO LPSRUWDQFH WR D SHUVRQ¶V HQMR\PHQW RI KLV RU KHU ULJKW WR UHVSHFW IRU SULYDWH DQG IDP LO\ OLIH DV JXDUDQWHHG E\ $UWLFOH RI WKH &RQYHQWLRQ´ IHUQHU :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] 0(<(5/$'(:,* .RPP ]X $UW (05. 5] VLHKH VFKRQ YRUQH 7HLO , 9JO 0$5$8+10(/-1,. LQ *527(0$5$8+1 .DS 5] YJO VFKRQ GLH FRQFXUULQJ RSLQLRQ GHV 5LFKWHUV 3(77,7, LP 8UWHLO GHV (*05 YRP $XJXVW L6 0DORQH JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U 'D]X LP (LQ]HOQHQ KLQWHQ 7HLO ,9 9JO *Ï0(=$5267(*8, II VLHKH ]X GHQ 'HIL]LWHQ LP HXURSlLVFKHQ 0HQVFKHQUHFKWV VFKXW] LP %HUHLFK GHU VWDDWOLFKHQ LQVEHVRQGHUH GHU SROL]HLOLFKHQ 'DWHQYHUDUEHLWXQJ DXFK *86< 3ROL]HLOLFKH 'DWHQHUKHEXQJ I XQG 9JO *5$%(1:$57(5 5] %,$**,1, $ENOlUXQJ 9RUODJH %:,6 )52:(,1 3(8.(57 .RPP ]X $UW (05. 5] 9,//,*(5 5] 0h//(5:<660$11 2&+6(1)(/'5(33 I XQG )Q 0$5$8+10(/-1,. LQ *527(0$5$8+1 .DS 5] 9$1 ',-. =LII 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH , =LII II II +$5$/' 672/=/(&+1(5 'HU 6FKXW] GHV 3ULYDW XQG )DPLOLHQOHEHQV $UW 05. LP /LFKW GHU 5HFKWVSUHFKXQJ GHV 9I*+ XQG GHU 6WUDVVEXUJHU ,QVWDQ]HQ g-= II %*( , ( $$ .DVV*HU =+ 8UWHLO YRP 0DL ( 9 E =5 1U I %- *XWDFKWHQ YRP -XQL 93% 1U =LII 9JO *5$%(1:$57(5 5] )52:(,13(8.(57 .RPP ]X $UW (05. 5] 5HFKW DXI $FKWXQJ GHV 3ULYDWOHEHQV QDFK $UW (05. DOOHLQH JHODVVHQ ]X ZHUGHQ 6RPLW VROOWH DXFK GLH EORVVH 9LGHREHREDFKWXQJ DOV (LQJULII LQ $UW (05. YHUVWDQGHQ ZHUGHQ $EVFKOLHVVHQG EOHLEW ]X EHPHUNHQ GDVV GLH *DUDQWLHQ YRQ $UW (05. QLFKW QXU DOV $EZHKUUHFKWH JHJHQ HLQH VWDDWOLFKH hEHUZDFKXQJ EHJULIIHQ ZHUGHQ VROOWHQ $UW (05. EHLQKDOWHW HEHQVR HLQ 5HFKW ]XP 6FKXW] GHU 3ULYDWVSKlUH JHHLJQHWH HLJHQH 6FKXW]YRUNHKUXQJHQ ]X WUHIIHQ $QJHVSURFKHQ LVW GDPLW DXFK GLH 9LGHR EHUZDFKXQJ 9JO +$()/,*(56&+h50$11 6R DXFK 0$5$8+10(/-1,. LQ *527(0$5$8+1 .DS 5] :(,&+(57 9LGHR EHUZDFKXQJ 5,(6(1.$03)) 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH , =LII II II II 9JO 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH ,, =LII VD KLQWHQ )Q XQG 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ,9 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $ *HKDOW XQG 6FKXW]EHUHLFK $UW $EV %9 UlXPW MHGHU 3HUVRQ HLQHQ Ä$QVSUXFK DXI 6FKXW] YRU 0LVVEUDXFK LKUHU SHUV|QOLFKHQ 'DWHQ³ HLQ 9HUDQNHUW ZLUG GDPLW HLQ JUXQGUHFKWOLFKHU $QVSUXFK DXI 'DWHQVFKXW] 'DUDQ ]X HULQQHUQ LVW GDVV $UW $EV %9 NHLQHVZHJV QXU YRU PLVVEUlXFKOLFKHU 'DWHQEHDUEHLWXQJ VFKW]W VRQGHUQ YRU MHJOLFKHP 8PJDQJ PLW 'DWHQ 6RPLW HUIlKUW GHU (LQ]HOQH HLQHQ JUXQGVlW]OLFKHQ 6FKXW] YRU %HHLQWUlFKWL JXQJHQ GXUFK HLQH VWDDWOLFKH %HDUEHLWXQJ VHLQHU SHUV|QOLFKHQ 'DWHQ $UW $EV %9 JDUDQWLHUW GHVKDOE HLQ 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ -HGHU QDWUOLFKHQ XQG MXULVWLVFKHQ 3HUVRQ ZLUG GXUFK $UW $EV %9 JHJHQ EHU GHP 6WDDW GDV 5HFKW HLQJHUlXPW ]X EHVWLPPHQ RE XQWHU ZHOFKHQ 9RUDXV VHW]XQJHQ LQZLHIHUQ XQG ]X ZHOFKHQ =ZHFNHQ VLH EHWUHIIHQGH SHUV|QOLFKH 'DWHQ EHDUEHLWHW ZHUGHQ GUIHQ 'DYRQ XPIDVVW LVW DXFK GDV 5HFKW EHU GLH EHK|UGOLFKH $QIHUWLJXQJ XQG 9HUZHQGXQJ YRQ )RWRJUDILHQ RGHU 9LGHRDXI]HLFKQXQJHQ GHU HLJH %RWVFK 9( %*( ,, ( %,$**,1, .RPP ]X $UW %9 5] 6LHKH 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II %5811(5 5+,12:6&+()(5 5] II 0h//(56&+()(5 II %,$**,1, .RPP ]X $UW %9 5] 081' I 58(**)/h&.,*(5129(0%(5./$86(5 )/h&.,*(5$8(5 I 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %*( , ( %*( ,, ( %*HU 3 ( %*HU 3 ( 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0h//(5 6&+()(5 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 58',1 $QRQ\PLWlW -g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|QOLFKNHLWVVFKXW] 5] .,(1(5.b/,1 0h//(5 6&+()(5 hEHU GDV '6* XQG GHQ 3HUV|QOLFKNHLWVVFKXW] GHV =*% $UW =*% HUIlKUW GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ MHGRFK DXFK XQPLWWHOEDUH *HOWXQJ XQWHU 3ULYDWHQ YJO YRU QH 7HLO , XQG )Q XQG KLQWHQ 7HLO ,, $ 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LVW XQWHU 3ULYDWHQ DXFK DXIJUXQG VHLQHU +RUL]RQWDOZLUNXQJ YRQ %HGHXWXQJ VLHKH KLQWHQ 7HLO , % 6LHKH 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 3(7(5 I 58',1 $QRQ\PLWlW 081' I )/h&.,*(5$8(5 I ('6. 8UWHLO YRP $SULO 93% 1U ( %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII %RWVFK '6* 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ QHQ 3HUVRQ ]X EHVWLPPHQ ZHVKDOE LQ $UW $EV %9 DXFK HLQ 5HFKW DP HLJHQHQ %LOG HQWKDOWHQ LVW 'HU (LQ]HOQH ZLUG GXUFK $UW $EV %9 LQ VHLQHU $XWRQRPLH JHVFKW]W EHU GDV %LOG ]X EHVWLPPHQ ZHOFKHV HU YHUPLWWHOQ XQG EHU GLH JHVHOOVFKDIWOLFKH VR]LDOH RGHU EHUXIOLFKH 5ROOH ]X HQWVFKHLGHQ GLH HU VSLHOHQ ZLOO -HGH 3HUVRQ VROO VHOE VWlQGLJ GDUEHU EHVWLPPHQ N|QQHQ ZHP XQG ZHVKDOE VLH SHUV|QOLFKH 'DWHQ QD PHQWOLFK SHUV|QOLFKH /HEHQVVDFKYHUKDOWH DEHU DXFK *HIKOH RGHU *HGDQNHQ RIIHQ EDUW 'DGXUFK GDVV GHU (LQ]HOQH GLH 0RWLYH VHLQHU +DQGOXQJHQ XQWHU 9HUVFKOXVV KDOWHQ NDQQ VROO LKP GLH 7HLOQDKPH DP VR]LDOHQ /HEHQ JDUDQWLHUW ZHUGHQ 0LW GHP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ VROO JOHLFK]HLWLJ GDV GHU 'DWHQEH DUEHLWXQJ RIWPDOV LQQHZRKQHQGH 0DFKWJHIlOOH DXVJHJOLFKHQ XQG VRPLW :DIIHQ JOHLFKKHLW KHUJHVWHOOW ZHUGHQ 9JO 8%, (QWVFKHLG YRP $XJXVW 93% 1U ( XQG %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII %9*HU $ ( 9JO IHUQHU 0$5.86 6&+()(5 *UXQGUHFKWH LQ GHU 6FKZHL] ± (UJlQ ]XQJVEDQG ]XU GULWWHQ $XIODJH GHV JOHLFKQDPLJHQ :HUNV YRQ -|UJ 3DXO 0OOHU %HUQ ZRQDFK GLH 9HU|IIHQWOLFKXQJ GHV %LOGHV HLQHU 3HUVRQ JHJHQ GLH HLQH 6WUDIXQWHUVXFKXQJ HLQJH OHLWHW ZXUGH HLQHQ (LQJULII LQ GDV GXUFK $UW %9 JHVFKW]WH 5HFKW DP HLJHQHQ %LOG GDU VWHOOW 7HLOZHLVH ZLUG HLQ 5HFKW DP HLJHQHQ %LOG KLQJHJHQ DXV $UW $EV %9 DEJHOHLWHW %(51+$5' ,6(15,1*67()$1 )/$&+60$11 .RPP ]X $UW 06W3 5] LQ 6WHIDQ :HKUHQEHUJ HW DO +UVJ .RPPHQWDU ]XP 0LOLWlUVWUDISUR]HVV =ULFK HWF ,Q GHU GHXW VFKHQ /HKUH XQG 5HFKWVSUHFKXQJ ZLUG HEHQIDOOV HLQ HLJHQVWlQGLJHV 5HFKW DP HLJHQHQ %LOG DQ HUNDQQW ZHOFKHV DXV GHP DOOJHPHLQHQ 3HUV|QOLFKNHLWVUHFKW YRQ $UW $EV L9P $UW $EV ** DEJHOHLWHW ZLUG %9HUI*( > II@ %9HUI*( >@ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II /$1* 3ULYDWH 9L GHREHUZDFKXQJ I XQG VLFK DOV .RQNUHWLVLHUXQJ GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVW EHVWLPPXQJ EHJUHLIHQ OlVVW YJO HWZD %$576&+ I 6WULWWLJ LVW LQ GHU GHXWVFKHQ /HK UH XQG 5HFKWVSUHFKXQJ KLQJHJHQ RE GDV 5HFKW DP HLJHQHQ %LOG VFKRQ GDQQ EHWURIIHQ LVW ZHQQ 9LGHRDXI]HLFKQXQJHQ DQJHIHUWLJW ZHUGHQ RGHU HUVW GDQQ ZHQQ GLHVH LQ GHU gIIHQWOLFK NHLW YHUEUHLWHW ZHUGHQ YJO 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= /$1* 3ULYDWH 9LGHREHUZDFKXQJ II 921 67(&+2: %$86&+ I I VD KLQWHQ 7HLO ,, $ -HGHQIDOOV LVW QDFK GHU GHXWVFKHQ /HKUH XQG 5HFKWVSUHFKXQJ GDV 5HFKW DP HLJHQHQ %LOG LP %HUHLFK GHU 9LGHREHUZDFKXQJ QLFKW JHHLJQHW HLQHQ ZHLWHUJH KHQGHQ 6FKXW] DOV GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ]X YHUPLWWHOQ ZHVKDOE LKP QXU HLQH XQWHUJHRUGQHWH VXEVLGLlUH %HGHXWXQJ ]XNRPPH YJO 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= 6&+,('(5 %h//(6)(/' 9LGHREHU ZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %$576&+ 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] 5] 58',1 (URVLRQ II 76&+(176&+(5 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] 5] 6&+:(,=(5 (QWZLFNOXQ JHQ GHV (XURSlLVFKHQ 'DWHQVFKXW]UHFKWV 0h//(56&+()(5 76&+(176&+(5 +$//(5 5] .,(1(5.b/,1 0$85(5/$0%528.81= LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %9HUI* %Y5 $EV1U 9JO 0h//(56&+()(5 IHUQHU 58',1 $QRQ\PLWlW II %$(5,6:</ $QRQ\PLWlW II 9JO 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] 5] 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH (LQHUVHLWV ZLUG GHU 6WDDW EHU $UW $EV %9 DXI GLH (LQKDOWXQJ GHU GDWHQ VFKXW]UHFKWOLFKHQ %HDUEHLWXQJVJUXQGVlW]H YHUSIOLFKWHW $QGHUHUVHLWV HQWIOLHVVHQ GHP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $EZHKUDQVSUFKH (V EHLQKDOWHW HLQHQ JUXQGUHFKWOLFKHQ $QVSUXFK DXI %HULFKWLJXQJ IDOVFKHU 'DWHQ DXI /|VFKXQJ QLFKW PHKU EHQ|WLJWHU 'DWHQ XQG DXI $XVNXQIW EHU E]Z (LQVLFKW LQ 3HUVRQHQGD WHQ 'DV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ELHWHW VFKRQ 6FKXW] YRU HLQHU EORVVHQ *HIlKUGXQJ GHU 3HUV|QOLFKNHLW ZHOFKH LKUHQ 8UVSUXQJ LQ GHU 9HUIJEDU NHLW 1XW]XQJ 0DQLSXODWLRQ XQG LQVEHVRQGHUH DXFK LQ GHU 9HUNQSIXQJ YRQ 'DWHQ KDW 0LW GLHVHU $QHUNHQQXQJ HLQHV 5HFKWV IUHL YRQ XQHUZQVFKWHU XQG XQQ|WLJHU Ä,QIRUPDWLRQVWlWLJNHLW³ EHU 3UHLVJDEH XQG 9HUZHQGXQJ SHUV|QOLFKHU 'DWHQ VHOEVW EHVWLPPHQ E]Z VLFK JHJHQ HLQH XQ]XOlVVLJH E]Z XQYHUKlOWQLVPlVVLJH 'DWHQEHDU EHLWXQJ ]XU :HKU VHW]HQ ]X N|QQHQ ZLUG OHW]WOLFK GLH (QWIDOWXQJ GHU 3HUV|QOLFKNHLW JHI|UGHUW XQG VLFKHUJHVWHOOW 'DV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GLHQW GDPLW QLFKW ]XOHW]W DXFK GHP 6FKXW] GHU :UGH GHV 0HQVFKHQ (V GLHQW DEHU QHEHQ GHP 6FKXW] UHLQHU ,QGLYLGXDOLQWHUHVVHQ ZDV QLFKW OHLFKWKLQ EHUVHKHQ ZHUGHQ GDUI DXFK GHP 5HFKWVVWDDW XQG GHU GHPRNUDWLVFKHQ XQG IUHLKHLWOLFKHQ *H VHOOVFKDIW DQ VLFK 'HQQ GLHVH LVW DXI HLQH ± GXUFK GLH LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ JHZlKUOHLVWHWH XQG JHVLFKHUWH ± +DQGOXQJVIlKLJNHLW XQG $XWRQRPLH LKUHU %UJHU XQG %UJHULQQHQ DQJHZLHVHQ 'HP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ NRPPW VRPLW ± ZLH HWZD GHQ .RPPXQLNDWLRQVJUXQGUHFKWHQ RGHU GHP 6FKXW] YRU 'LVNULPLQLHUXQJ ZHJHQ GHU UHOLJL|VHQ ZHOWDQVFKDXOLFKHQ RGHU SROLWL VFKHQ hEHU]HXJXQJ ± DXFK HLQH GHPRNUDWLVFKH )XQNWLRQ ]X 'DQHEHQ LVW GLH GXUFK GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ JHZlKUOHLVWHWH LQGLYLGXHOOH (QWVFKHLGXQJVIUHLKHLW DXFK 9RUDXVVHW]XQJ HLQHV ZLUNVDPHQ :HWWEHZHUEV XQG HLQHU DXI 3ULYDWDXWRQRPLH EHUXKHQGHQ IUHLKHLWOLFKHQ :LUWVFKDIWVRUGQXQJ EHUKDXSW %,$**,1, .RPP ]X $UW %9 5] %RWVFK 9( %,$**,1, .RPP ]X $UW %9 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0h//(56&+()(5 II 0$+21 LQ $8%(570$+21 .RPP ]X $UW %9 5] .,(1(5.b/,1 %RWVFK 9( %*( , ( F ÄGURLW G DFFqV DX[ GRQQpHV³ 6&+()(5 %HHLQWUlFKWLJXQJ 6&+()(5 *HIlKUGXQJ 0h//(56&+()(5 %9HUI* %Y5 $EV1U I %9HUI* $EV1U .8%( + 5] *UXQGOHJHQG %9HUI*( II VLHKH IHUQHU 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|Q OLFKNHLWVVFKXW] 5] 0h//(56&+()(5 %RWVFK '6* I 3(7(5 081' II 9JO */$86 XQG YRUQH 7HLO ,, $ 9JO KLQWHQ 7HLO 9,, $ 6LHKH 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %9HUI*( II %9HUI*( 32/('1$ :$/'(1 58',1 (UR VLRQ I 58',1 $QRQ\PLWlW 921 67(&+2: 1(80$11 I 6&+$$5 58',1 $QRQ\PLWlW 58',1 (URVLRQ I 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ 'LH (U|IIQXQJ GHV 6FKXW]EHUHLFKV GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJ KlQJW QLFKW GDYRQ DE RE EHVRQGHUV VFKW]HQVZHUWH E]Z VHQVLEOH 'DWHQ RGHU VROFKH PLW ZHQLJ SHUV|QOLFKNHLWVQDKHP ,QIRUPDWLRQVJHKDOW *HJHQVWDQG GHU %HDU EHLWXQJ ELOGHQ (QWVFKHLGHQG LVW GDVV 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ :LH VWDUN GLH 3HUV|QOLFKNHLW GHV (LQ]HOQHQ JHIlKUGHW LVW EOHLEW IU GLH )UDJH GHU (U|II QXQJ GHV 6FKXW]EHUHLFKV XQHUKHEOLFK 'HU 6FKXW] YRQ $UW $EV %9 HQWIlOOW ]XGHP QLFKW HWZD GHVZHJHQ ZHLO VLFK HLQH 3HUVRQ LQ GLH gIIHQWOLFKNHLW EHJLEW XQG ]ZDU DXFK GDQQ QLFKW ZHQQ VLH GLH gIIHQWOLFKNHLW EHZXVVW EHDQVSUXFKW HWZD XP LP 5DKPHQ HLQHU |IIHQWOLFKHQ .XQGJHEXQJ DXI HLQ EHVWLPPWHV $QOLHJHQ DXI PHUNVDP ]X PDFKHQ 'DV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ELHWHW QLFKW QXU 6FKXW] YRU HLQHU )L[LHUXQJ YRQ 3HUVRQHQGDWHQ DXI HLQHP 'DWHQWUlJHU VRQGHUQ YRU MHGHP 8PJDQJ PLW 'DWHQ 'DUXQWHU IlOOW DXFK GLH %HVFKDIIXQJ YRQ 3HUVRQHQGDWHQ GXUFK ]LHOJHULFK WHWH %HREDFKWXQJ 'DVV GDV 0LVVEUDXFKVSRWHQ]LDO EHL DXI HLQHP 'DWHQWUlJHU JH VSHLFKHUWHQ 'DWHQ JU|VVHU VHLQ PDJ DOV EHL HLQHU %HREDFKWXQJ LVW XQHUKHEOLFK 0LW GHP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ZLUG GHU (LQ]HOQH QLFKW QXU YRU 0LVVEUlXFKHQ LP 8PJDQJ PLW 3HUVRQHQGDWHQ JHVFKW]W 9LHOPHKU VROO VHLQH +DQG OXQJV XQG (QWVFKHLGXQJVIUHLKHLW EH]JOLFK MHGHU VWDDWOLFKHQ 'DWHQEHDUEHLWXQJ JH 6LHKH %9*HU $ ( 0h//(56&+()(5 58',1 (URVLRQ %,$**,1, .RPP ]X $UW %9 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] .,(1(5.b/,1 *2/'6&+0,' 081' I 6$/$',1:$/'(5 )U GDV GHXWVFKH 5HFKW YJO %9HUI* %Y5 $EV1U %9HUI* %Y5 $EV1U II %9HUI* %Y5 $EV1U *(,*(5 %$86&+ 621 I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H /$1* 3ULYDWH 9LGHREHUZDFKXQJ YJO DEHU :$/'(1 II LQVE I 'LH 6HQVL WLYLWlW GHV 'DWXPV VSLHOW KLQJHJHQ HLQH 5ROOH EHL GHU %HVWLPPXQJ GHU ,QWHQVLWlW GHV *UXQG UHFKWVHLQJULIIV YJO KLQWHQ 7HLO ,9 ' XQG GDPLW DXFK EH]JOLFK GHVVHQ 9HUKlOWQLVPlVVLJ NHLW XQG GHQ $QIRUGHUXQJHQ DQ GLH JHVHW]OLFKH *UXQGODJH 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0h//(56&+()(5 .,(1(5.b/,1 VLHKH LQVEHVRQGHUH $UW $EV '6* IHUQHU KLQWHQ 7HLO ,, $ XQG 7HLO ,9 % 9JO DEHU %5811(5 QDFK GHVVHQ $XIIDVVXQJ ÄJHULQJIJLJH %HHLQWUlFKWLJXQJHQ³ YRP 6FKXW]EHUHLFK YRQ $UW $EV %9 QLFKW HUIDVVW VLQG .ULWLVFK ]X %DJDWHOOYRUEHKDOWHQ LP $OOJHPHLQHQ 76&+$11(1 $PWOLFKH :DUQXQJHQ XQG (PSIHKOXQJHQ %*( , ( %*( , ( %*( , ( %*( 9 ( IHUQHU %RWVFK 9( *2/'6&+0,' %,$**,1, .RPP ]X $UW %9 5] %9HUI* %Y5 $EV1U 19Z= %9HUI* $EV1U *(,*(5 YJO DEHU %- *XWDFKWHQ YRP -XQL 93% 1U =LII 'HU 2UW GHU hEHUZDFKXQJ NDQQ VLFK X8 DEHU DXI GLH ,QWHQVLWlW GHV (LQJULIIV DXVZLUNHQ YJO KLQ WHQ 7HLO ,9 ' 9JO VRGDQQ %*HU &B ( %*( , ( XQG %*HU 3 ( ,Q GLHVHQ (QWVFKHLGHQ VFKHLQW GDV %XQGHVJHULFKW GHQ 6FKXW] YRQ $UW $EV %9 GDYRQ DEKlQJLQJ PDFKHQ ]X ZROOHQ RE HLQH ,QIRUPDWLRQ DOOJHPHLQ ]XJlQJOLFK LVW RGHU QLFKW $$ 8%, (QWVFKHLG YRP $XJXVW 93% 1U ( 9JO %*HU &B ( %9*HU $ ( VR DXFK 6&+:(*/(5 'DWHQ VFKXW] LP 3ROL]HLZHVHQ D$ ± PDQJHOV %HMDKXQJ HLQHU 'DWHQHUKHEXQJ GXUFK EORVVHV %H REDFKWHQ ± ZRKO .,(1(5.b/,1 I 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ZlKUOHLVWHW ZHUGHQ 'LHVH 6HOEVWEHVWLPPXQJ LVW ]ZHLIHOVRKQH QLFKW QXU GDQQ EH UKUW ZHQQ 'DWHQ JHVSHLFKHUW E]Z DXIJH]HLFKQHW ZHUGHQ $XFK GXUFK HLQH EORVVH %HREDFKWXQJ ZLUG GHU (LQ]HOQH ]XU 2IIHQEDUXQJ SHUV|QOLFKHU 6DFKYHUKDOWH JHJHQ EHU VWDDWOLFKHQ 6WHOOHQ JH]ZXQJHQ =XGHP EHVWHKW DXFK KLHU HLQ 0DFKWJHIlOOH ZHOFKHV EHU GLH *DUDQWLH GHU LQIRUPDWLRQHOOHQ 6HOEVWEHVWLPPXQJ XQG GHU GDPLW HLQKHUJHKHQGHQ 6FKXW] XQG $EZHKUUHFKWH DXVJHJOLFKHQ ZHUGHQ PXVV 'DV 5HFKW YRU VWDDWOLFKHU %HREDFKWXQJ YHUVFKRQW XQG DOOHLQH JHODVVHQ ]X ZHUGHQ ZLH HV $UW (05. HQWQRPPHQ ZLUG XQG ULFKWLJHUZHLVH VFKRQ GHU SHUV|QOLFKHQ )UHL KHLW $UW $EV %9 HQWIOLHVVW ILQGHW VHLQH *UXQGODJH GHVKDOE DXFK LQ $UW $EV %9 'HU 6FKXW]EHUHLFK GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LVW DEHU QXU HU|IIQHW ZHQQ 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ 1DPHQWOLFK ELHWHW $UW $EV %9 NHLQHQ YRQ HLQHU 'DWHQEHDUEHLWXQJ ORVJHO|VWHQ 6FKXW] YRU GHU 9HUXUVD FKXQJ HLQHV EORVVHQ $QSDVVXQJV XQG h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lW]OLFK YRU VXEMHNWLY HPSIXQGHQHP $Q SDVVXQJV XQG hEHUZDFKXQJVGUXFN VFKW]H 'LH (U|IIQXQJ GHV 6FKXW]EHUHLFKV XQG GLH $Q QDKPH HLQHV (LQJULIIV LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ VLQG QDFK GLHVHU $XIIDVVXQJ YRQ HLQHU WDWVlFKOLFKHQ %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ XQDEKlQJLJ 0DVVJHEHQG LVW HLQ]LJ GLH 6LFKW GHV %HWURIIHQHQ E]Z GHVVHQ 8QVLFKHUKHLW RE LKQ EHWUHIIHQGH 'DWHQ HUKR EHQ XQG ZHLWHUEHDUEHLWHW ZHUGHQ YJO /(232/' +g)/,1* II 52**$1 9LGHREHU ZDFKXQJ 2&+6(1)(/'5(33 II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II II $XFK IU GLH 6FKZHL] ZLUG WHLOZHLVH GLH $XIIDVVXQJ YHU WUHWHQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ N|QQH DXFK GDQQ WDQJLHUW VHLQ ZHQQ NHLQH 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ ZLH QDPHQWOLFK EHLP (LQVDW] YRQ .DPHUDDWWUDSSHQ YJO '6% %/ 0HUNEODWW 9LGHREHUZDFKXQJ =LII 6LHKH DXFK %*HU &B ( ZR GDV %XQGHVJHULFKW HLQHQ (LQJULII LQ GDV 5HFKW DXI 3ULYDWOHEHQ GXUFK 9LGHREHUZDFKXQJ DXFK PLW GHU %HJUQGXQJ EHMDKW GDVV VFKRQ GLH EORVVH 3UlVHQ] YRQ 9LGHRNDPHUDV DOV VW|UHQG HPSIXQGHQ ZHUGHQ N|QQH ZVVWHQ GLH %HWURIIHQHQ GRFK QLFKW RE GLH .DPHUDV HLQJHVFKDOWHW VLQG XQG RE VLH WDWVlFKOLFK EHREDFKWHW ZHUGHQ Ä(Q RXWUH OD VLPSOH SUpVHQFH GH FDPpUDV SHXW rWUH YpFXH FRPPH LQWUXVLYH SDU OHV LQGLYLGXV FRQFHUQpV TXL QH VDYHQW SDV VL OHV FDPpUDV VRQW DFWLYHV HW VL TXHOTX¶XQ OHV REVHUYH HIIHFWLYHPHQW (Q GpILQLWLYH FRPPH OHV DXWUHV W\SHV GH YL GpRVXUYHLOODQFH OD VXUYHLOODQFH HQ WHPSV UpHO FDXVH XQH DWWHLQWH DX UHVSHFW GH OD YLH SULYpH GH VRUWH TX¶HOOH GRLW UHSRVHU VXU XQH EDVH OpJDOH³ GD]X DXFK KLQWHQ 7HLO ,9 % 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ VFKW]W ]ZDU YRU *HIlKUGXQJHQ GHU ,GHQWLWlWV HQWZLFNOXQJ XQG HQWIDOWXQJ DEHU HEHQ QXU YRU VROFKHQ ZHOFKH LKUHQ 8UVSUXQJ LQ HLQHP 8PJDQJ PLW SHUVRQHQEH]RJHQHQ 'DWHQ KDEHQ 'DV JLOW DXFK GDQQ ZHQQ GHU (LQ]HOQH DXIJUXQG REMHNWLYHU $QKDOWVSXQNWH ± ]X GHQNHQ LVW LP %HUHLFK GHU 9L GHREHUZDFKXQJ DQ .DPHUDDWWUDSSHQ Ä'XPP\.DPHUDV³ RGHU +LQZHLVVFKLOGHU DXI DQJHEOLFK YRUKDQGHQH RGHU HLQJHVFKDOWHWH .DPHUDV Ä3ODFHER+LQZHLV VFKLOGHU³ ± HLQH VWDDWOLFKH 'DWHQEHDUEHLWXQJ ]% HLQH 9LGHREHREDFKWXQJ RGHU DXI]HLFKQXQJ DQQHKPHQ GDUI HLQH VROFKH DEHU JDU QLFKW VWDWWILQGHW 'HU 6FKXW] EHUHLFK GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LVW VRPLW QLFKW HU|IIQHW EHL GHU 9HUZHQGXQJ YRQ IXQNWLRQVXQWFKWLJHQ .DPHUDV .DPHUDDWWUDSSHQ RGHU +LQZHLVWDIHOQ ZHOFKH HLQH 9LGHREHUZDFKXQJ EORVV YRUVSLHJHOQ (QWVSUHFKHQ GHV JLOW IU GHQ )DOO GDVV $XIQDKPHQ DQJHIHUWLJW ZHUGHQ EHL GHQHQ VLFK ± ]% ZH JHQ ]X JHULQJHU $XIO|VXQJ RGHU DXIJUXQG GHV JHZlKOWHQ $XIQDKPHZLQNHOV ± DXFK )U GDV GHXWVFKH 5HFKW YJO /$1* 3ULYDWH 9LGHREHUZDFKXQJ II %$576&+ $$ IU GDV GHXWVFKH 5HFKW HWZD *$8/ YJO DXFK %$86&+ I ZRQDFK IU GLH %HMD KXQJ HLQHV (LQJULIIV LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPQJ HQWVFKHLGHQG VHL RE GLH 9HUPXWXQJ GHV (LQ]HOQHQ EHUZDFKW ]X ZHUGHQ REMHNWLY EHWUDFKWHW XQG DXIJUXQG REMHN WLYHU .ULWHULHQ EHXUWHLOW EHJUQGHW LVW 'LH 9HUPXWXQJ HLQHU hEHUZDFKXQJ ZlUH ]% GDQQ RE MHNWLY JHUHFKWIHUWLJW ÄZHQQ GHU %UJHU LQ GDV 9LVLHU HLQHU DXVJHVFKDOWHWHQ XQG JHZ|KQOLFK DXI]HLFKQHQGHQ 9LGHRNDPHUD JHULHWH RKQH GDVV GLH IHKOHQGH (LQVDW]EHUHLWVFKDIW GHU .DPHUD GHP %UJHU LUJHQGZLH HUVLFKWOLFK ZlUH³ 6R IU GDV GHXWVFKH 5HFKW DXFK /$1* 3ULYDWH 9LGHREHUZDFKXQJ 5226 5$1'+$+1 :(,&+(57 9LGHREHUZDFKXQJ $XFK GHU (LQVDW] YRQ $WWUDSSHQ RGHU 3ODFHER+LQZHLVWDIHOQ NDQQ GHQ (LQ]HOQHQ MHGRFK LQ VHLQHU 9HUKDOWHQVIUHLKHLW VHLQHU IUHLHQ /HEHQVJHVWDOWXQJ XQG $XWRQRPLH EHHLQWUlFKWLJHQ YJO =,/.(16 /$1* 3ULYDWH 9LGHR EHUZDFKXQJ I :(,&+(57 9LGHREHUZDFKXQJ .g1,* 5 6RIHUQ GDV REMHN WLY EHJUQGHWH *HIKO GHV hEHUZDFKWZHUGHQV GD]X IKUW GDVV GHU (LQ]HOQH YRQ GHU $XVEXQJ VSH]LHOOHU *UXQGUHFKWH ZLH HWZD GHU 0HLQXQJV GHU 9HUVDPPOXQJV RGHU GHU *ODXEHQV XQG *HZLVVHQVIUHLKHLW DEJHVFKUHFNW ZLUG NDQQ GLHV DOOHLQH ]XU %HMDKXQJ HLQHV (LQJULIIV LQ GDV HQWVSUHFKHQGH *UXQGUHFKW DXVUHLFKHQ YJO KLQWHQ 7HLO 9,, XQG 7HLO ,; YJO IU GDV GHXW VFKH 5HFKW /$1* 3ULYDWH 9LGHREHUZDFKXQJ I I I :(,&+(57 9LGHREHU ZDFKXQJ $EHU DXFK ZHQQ NHLQH VROFKHQ VSH]LHOOHQ *DUDQWLHQ EHWURIIHQ VLQG NDQQ HLQ VWDDWOLFK YHUXUVDFKWHU VLFK DXI GLH 9HUKDOWHQVIUHLKHLW GHV (LQ]HOQHQ DXVZLUNHQGHU hEHUZD FKXQJV XQG $QSDVVXQJVGUXFN JUXQGUHFKWOLFK QLFKW HLQIDFK XQEHUFNVLFKWLJW JHODVVHQ ZHUGHQ YJO %*HU &B ( >GD]X DXFK YRUQH )Q @ /$1* 3ULYDWH 9LGHREHUZD FKXQJ II '2/'(5(5 I *(,*(5 II )UDJOLFK LVW RE VROFKH %HHLQWUlFKWL JXQJHQ EHU $UW $EV %9 RGHU DEHU EHU GLH LQ $UW $EV %9 JDUDQWLHUWH SHUV|QOL FKH )UHLKHLW ]X HUIDVVHQ VLQG GHQQ GLH EHLGHQ *UXQGUHFKWH EHUVFKQHLGHQ VLFK ZDV GHQ 6FKXW] GHU IUHLHQ /HEHQVJHVWDOWXQJ XQG GHU SV\FKLVFKHQ ,QWHJULWlW DQEHODQJW .,(1(5.b/,1 %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] (LQH $QNQSIXQJ DQ $UW $EV %9 HUVFKHLQW QLFKW DXVJHVFKORVVHQ YJO %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] ZRQDFK VLFK $UW %9 ]XP $XIIDQJJUXQGUHFKW LP %HUHLFK GHV YHUIDVVXQJVUHFKWOLFKHQ 3HUV|QOLFKNHLWVVFKXW]HV HQWZL FNHOQ VROOWH NULWLVFK GD]X DEHU 76&+(176&+(5 'D VLFK GLH IUHLH /HEHQVJHVWDOWXQJ EHU $UW $EV %9 DEHU LQ ZHLWHUHP 8PIDQJ DOV EHU $UW $EV %9 HUIDVVHQ OlVVW 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] LVW EHL HLQHU 9HUXUVDFKXQJ YRQ ÄEORVVHP³ hEHUZDFKXQJVGUXFN RKQH GDVV HLQH 'DWHQHUKHEXQJ WDWVlFKOLFK VWDWWILQGHW P( $UW $EV %9 HLQVFKOlJLJ YJO KLQWHQ 7HLO 9 % D$ ZRKO GDV %XQ GHVJHULFKW LQ %*HU &B ( ZHOFKHV QXU DXI $UW %9 %H]XJ QLPPW 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH GXUFK QDFKWUlJOLFKH %LOGEHDUEHLWXQJ NHLQH 3HUVRQHQGDWHQ JHZLQQHQ ODVVHQ $XFK GLH (UVWHOOXQJ UHLQHU hEHUVLFKWVDXIQDKPHQ DOVR YRQ $XIQDKPHQ ZHOFKH NHLQH 3HU VRQHQGDWHQ HQWKDOWHQ ]% XP 9HUNHKUVVWU|PH ]X EHUZDFKHQ ZHLVW NHLQH %HUK UXQJVSXQNWH ]XP 6FKXW]EHUHLFK GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DXI 'LHV VRJDU GDQQ ZHQQ GLH WKHRUHWLVFKH 0|JOLFKNHLW GHV =RRPHQV EHVWHKW GD UDXI DEHU YHU]LFKWHW ZLUG 'LH LQ GHU GHXWVFKHQ /HKUH WHLOZHLVH JHlXVVHUWH $XIIDV VXQJ ZRQDFK GHU 6FKXW]EHUHLFK GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DXFK VFKRQ EHL GHU 9HUXUVDFKXQJ HLQHV LUJHQGZLH JHDUWHWHQ $QSDVVXQJVGUXFNV HU |IIQHW ZlUH YHUWUlJW VLFK NDXP PLW GHP :RUWODXW YRQ $UW $EV %9 =XGHP ZUGH GDGXUFK GHU 6FKXW] GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ NRQ WXUORV 'LH %HVWLPPXQJ GHV 6FKXW]EHUHLFKV EOLHEH DEKlQJLJ YRQ VXEMHNWLYHQ XQWHU VFKLHGOLFKHQ (PSILQGXQJHQ ZDV OHW]WOLFK DXFK GHU 5HFKWVVLFKHUKHLW DEWUlJOLFK Zl UH 'DV $XVPDVV GHV PLW HLQHU 'DWHQEHVFKDIIXQJ YHUEXQGHQHQ $QSDVVXQJV GUXFNV LVW MHGRFK EHL GHU )UDJH GHU ,QWHQVLWlW GHV (LQJULIIV LQ $UW $EV %9 ]X EHUFNVLFKWLJHQ +LQ]XZHLVHQ EOHLEW GDUDXI GDVV DXFK DQGHUH *UXQGUHFKWH 6FKXW] YRU VWDDWOLFKHQ .RQWUROO XQG hEHUZDFKXQJVPDVVQDKPHQ ELHWHQ QDPHQWOLFK GDV 5HFKW DXI 6FKXW] GHU 3ULYDWVSKlUH JHPlVV $UW $EV %9 GLH SHUV|QOLFKH )UHLKHLW $UW $EV %9 GLH 0HLQXQJVIUHLKHLW $UW %9 GLH 9HUVDPPOXQJVIUHLKHLW $UW %9 GLH *DUDQWLH GHU 0HQVFKHQZUGH $UW %9 VRZLH GLH :LUW 0h//(5:<660$11 I %,$**, %$(5,6:</ 9LGHREHUZDFKXQJ /$1* 3ULYDWH 9LGHREHUZDFKXQJ I &2//,1 '2/'(5(5 *86< 3ROL]HL XQG 2UGQXQJV UHFKW 5] XQG :(,&+(57 9LGHREHUZDFKXQJ 'LH )UDJH XQWHU ZHOFKHQ 8P VWlQGHQ HLQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GXUFK UHLQH hEHU VLFKWVDXIQDKPHQ EHMDKW ZHUGHQ PXVV LVW RKQHKLQ YRQ JHULQJHU SUDNWLVFKHU 5HOHYDQ] VR DXFK 6&+:$%( 6RZHLW GHU 6WDDW 9LGHRDXI]HLFKQXQJ RGHU 9LGHREHREDFKWXQJ HLQVHW]W GLH DXFK DXI GLH (UNHQQEDUNHLW YRQ 3HUVRQHQ DE]LHOW LVW GDIU RKQHKLQ HLQH JHVHW]OLFKH *UXQGOD JH ]X VFKDIIHQ KLQWHQ 7HLO ,, $XFK GLH NRQNUHWH 'DWHQEHDUEHLWXQJ KDW VLFK DQ GHQ YHUIDV VXQJV XQG GDWHQVFKXW]UHFKWOLFKHQ *UXQGVlW]HQ ]X RULHQWLHUHQ 'HQ *HIlKUGXQJHQ GHV (LQ]HO QHQ ZLUG GDPLW JHQJHQG 5HFKQXQJ JHWUDJHQ (U ZLUG DXFK QLFKW LQ VHLQHQ $EZHKUUHFKWHQ JHIlKUGHW ZHLO GHU 6FKXW] YRQ Ä=XIlOOLJNHLWHQ³ DEKlQJHQ ZUGH VR DEHU /$1* 3ULYDWH 9L GHREHUZDFKXQJ 9RUQH )Q XQG 9JO 5$1'+$+1 %$86&+ 0$6.( %$576&+ 6LHKH KLQWHQ 7HLO ,9 ' 9JO %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II .,(1(5.b/,1 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] 5] 76&+(176&+(5 I VD %*( , ( D IHUQHU %*( 9 EHWUHIIHQG 9LGHR EHUZDFKXQJ YRQ 689$9HUVLFKHUWHQ GD]X 67()$1 $ '(77:,/(5$1'5($6 +$5'(**(5 =XOlVVLJH 9LGHRh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lOWLJHQ %HGURKXQJHQ GXUFK GLH ZDFKVHQGH VWDDWOLFKH 'DWHQEHDUEHLWXQJ DXVGUFNOLFK DQHUNDQQW XQG HLQ 6FKXW] GDJHJHQ LQ XPIDVVHQGHU :HLVH JDUDQWLHUW RKQH GDVV GLHVHU HWZD DXI HOHPHQWDUH (UVFKHLQXQJVIRUPHQ GHU 3HUV|QOLFKNHLW DQ GDV (LQGULQJHQ LQ HLQH UlXPOLFK DEJHJUHQ]WH 3ULYDWVSKlUH RGHU DQ GDV 9RUOLHJHQ HLQHV Ä&KLOOLQJ (IIHFW³ JHNQSIW ZlUH % (LQJULIIVTXDOLWlW GHU 9LGHREHUZDFKXQJ %HL GHU )UDJH LQZLHIHUQ 9LGHREHUZDFKXQJVPDVVQDKPHQ HLQHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDUVWHOOHQ LVW ]ZLVFKHQ GHU DXI ]HLFKQHQGHQ hEHUZDFKXQJ GHQ VLFK GDUDQ DQVFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWHQ XQG HLQHU 9LGHREHREDFKWXQJ QDFK GHP .DPHUD0RQLWRU3ULQ]LS ]X GLIIHUHQ]LHUHQ 6RGDQQ LVW GLH 9LGHREHUZDFKXQJ LQ LKUHQ %H]JHQ ]XP .HUQJHKDOW YRQ $UW $EV %9 ]X HUOlXWHUQ 9LGHRDXI]HLFKQXQJ 'LH 9LGHRDXI]HLFKQXQJ YRQ EHVWLPPWHQ RGHU EHVWLPPEDUHQ 3HUVRQHQ VWHOOW XQ VWUHLWLJ HLQHQ (LQJULII LQ GHUHQ 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDU 'DEHL VSLHOW HV NHLQH 5ROOH RE GHU %HWURIIHQH DXI GHU $XI]HLFKQXQJ VFKRQ RKQH ZHLWHUHV HUNHQQEDU LVW RGHU HUVW GXUFK QDFKWUlJOLFKH %LOGEHDUEHLWXQJ ]% GXUFK 9HUJU|VVHUXQJ GHU $XIQDKPH RGHU GHU $XIKHEXQJ HLQHU DXWRPDWLVFK JHQHULHUWHQ 9JO 081' YRUQH 7HLO ,, 9JO KLQWHQ 7HLO ;, 9JO KLQWHQ 7HLO ;, 9JO KLQWHQ 7HLO ,; 9JO KLQWHQ 7HLO 9,,, 0$+21 LQ $8%(570$+21 .RPP ]X $UW %9 5] 0h//(56&+()(5 I =X GLHVHU *UXQGUHFKWVEHHLQWUlFKWLJXQJ DXIJUXQG HLQHV Ä(LQVFKFKWHUXQJVHIIHNWV³ YJO KLQWHQ 7HLO 9 & XQG 7HLO 9,, % VD 7HLO ,; % (LQ *UXQGUHFKWVHLQJULII VFKHLWHUW VHOEVWYHUVWlQGOLFK QLFKW GDUDQ GDVV GLH 'DWHQEHDUEHLWXQJ LP 5DKPHQ GHU 9LGHREHUZDFKXQJ LG5 GHP YHUIJXQJVIUHLHQ 6WDDWVKDQGHOQ ]X]XRUGQHQ LVW GD]X KLQWHQ 7HLO 9 % *UXQGUHFKWH N|QQHQ DXFK GXUFK IDNWLVFKHV +DQGHOQ EHHLQWUlFK WLJW ZHUGHQ YJO HWZD 6&+()(5 %HHLQWUlFKWLJXQJ II %*( , ( E VLHKH IHUQHU KLQWHQ )Q %*( , ( %*HU &B ( 58(**)/h&.,*(5129(0%(5./$86(5 II )/h&.,*(5$8(5 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 752&+6/(5+8*(172%/(5/2%6,*(5 5] 0h//(56&+()(5 .,(1(5.b/,1 YJO IHUQHU 5(,1+$5' 921 67(&+2: I VD %9HUI* %Y5 $EV1U II 19Z= $XFK GLH $XI]HLFKQXQJ YRQ *HVSUlFKHQ VWHOOW HLQHQ (LQ JULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDU YJO 752&+6/(5 +8*(172%/(5/2%6,*(5 5] .,(1(5.b/,1 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 9HUVFKOHLHUXQJ GHV *HVLFKWV HUNHQQEDU XQG GDPLW EHVWLPPEDU ZLUG 8QHUKHE OLFK LVW DXFK RE HLQH ,GHQWLILNDWLRQ GHU DXIJH]HLFKQHWHQ 3HUVRQHQ WDWVl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lQGLJHQ ]XVlW]OLFKHQ (LQJULII LQ GDV 5HFKW DXI LQ IRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDU 'DV JLOW HWZD IU GLH QDFKWUlJOLFKH ,GHQWLIL NDWLRQ DXIJH]HLFKQHWHU 3HUVRQHQ GLH :HLWHUJDEH GHU $XIQDKPHQ DQ DQGHUH 6WHOOHQ GLH $XIEHZDKUXQJ GHU $XI]HLFKQXQJHQ GLH 9HU|IIHQWOLFKXQJ GHV %LOGPDWHULDOV ]% LP 5DKPHQ GHU )DKQGXQJ RGHU GLH 'XUFKIKUXQJ YRQ 'DWHQ 'D]X YRUQH 7HLO , ' 921 67(&+2: I :(,&+(57 9LGHREHUZDFKXQJ /$1* 3ULYDWH 9LGHREHUZD FKXQJ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 2&+6(1)(/'5(33 I %$576&+ I 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= Ä6HOEVW ZHQQ GLH DXI GHQ 0RQLWRU EHUWUDJHQH hEHUVLFKWV $XIQDKPH HLQHV EHVWLPPWHQ UlXPOLFKHQ %HUHLFKV HLQH ,GHQWLIL]LHUXQJ EHVWLPPWHU 3HUVRQHQ QLFKW ]XOlVVW ODVVHQ VLFK DQKDQG GHU $XI]HLFKQXQJ QDFKWUlJOLFK GHWDLOOLHUWH ,QIRUPDWLRQHQ PLW 3HUVRQHQEH]XJ HUODQJHQ³ .811(57 D$ .g1,* 5 9JO ]XP %HJULII GHV 3HUVRQHQGDWXPV YRUQH 7HLO ,,, 9JO YRUQH 7HLO ,,, 9JO DEHU %9HUI* %Y5 $EV1U Ä=X HLQHP (LQJULII LQ GHQ 6FKXW]EHUHLFK GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ NRPPW HV GDKHU LQ GHQ )lOOHQ GHU HOHNWURQL VFKHQ .HQQ]HLFKHQHUIDVVXQJ GDQQ QLFKW ZHQQ GHU $EJOHLFK PLW GHP )DKQGXQJVEHVWDQG XQ YHU]JOLFK YRUJHQRPPHQ ZLUG XQG QHJDWLY DXVIlOOW VRJ 1LFKWWUHIIHUIDOO VRZLH ]XVlW]OLFK UHFKWOLFK XQG WHFKQLVFK JHVLFKHUW LVW GDVV GLH 'DWHQ DQRQ\P EOHLEHQ XQG VRIRUW VSXUHQORV XQG RKQH GLH 0|JOLFKNHLW HLQHQ 3HUVRQHQEH]XJ KHU]XVWHOOHQ JHO|VFKW ZHUGHQ³ IHUQHU %9HUI* %Y5 $EV1U 9JO *g7= 5] %$576&+ 6&+,('(5 %h//(6)(/' 9LGHREHUZD FKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$86&+ II *(,*(5 I VD 6$/$',1 :$/'(5 I D$ ZRKO 5$1'+$+1 %$576&+ :,('(5,1 3ULYDWVSKlUH IHUQHU %$(5,6:</ $QRQ\PLWlW XQG 58',1 $QRQ\PLWlW II %$576&+ %$86&+ II :,('(5,1 3ULYDWVSKlUH %*( , ( +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 %8&+(5+b**, 68/=(5675$660$11=8%(5 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DEJOHLFKHQ ZLH ]% DQOlVVOLFK GHU DXWRPDWLVFKHQ 1XPPHUQVFKLOGHUNHQQXQJ RGHU PLWWHOV ELRPHWULVFKHU 9HUIDKUHQ 9LGHREHREDFKWXQJ 'D MHGHU 8PJDQJ PLW 3HUVRQHQGDWHQ GXUFK GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ JHVFKW]W LVW NRPPW HV IU GLH (U|IIQXQJ GHV 6FKXW]EHUHLFKV YRQ $UW $EV %9 ZLH HUZlKQW QLFKW GDUDXI DQ RE HLQH $XI]HLFKQXQJ VWDWWILQGHW RGHU QLFKW 1XQ VWHOOW VLFK DEHU GLH )UDJH RE LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVW EHVWLPPXQJ DXFK GDQQ HLQJHJULIIHQ ZLUG ZHQQ NHLQH $XI]HLFKQXQJ HUIROJW 1DFK GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ EHUKUW GLH SROL]HLOLFKH hEHUZDFKXQJ GHV |IIHQWOLFK ]XJlQJOLFKHQ 5DXPV GLH *DUDQWLH YRQ $UW $EV %9 RKQH GDVV GD IU GLH 9RUQDKPH YRQ %LOG RGHU 7RQDXI]HLFKQXQJHQ YRUDXVJHVHW]W ZLUG ,P =X VDPPHQKDQJ PLW GHU 9LGHREHREDFKWXQJ LP %HVRQGHUHQ EHMDKW GDV %XQGHVJHULFKW ± DOOHUGLQJV RKQH DXVGUFNOLFKH %H]XJQDKPH DXI GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ± HLQHQ (LQJULII LQ $UW %9 PLW GHU %HJUQGXQJ GDVV DXFK PLW GHU 9LGHREHREDFKWXQJ SHUVRQHQEH]RJHQH ,QIRUPDWLRQHQ HUKREHQ ZUGHQ XQG LP hEULJHQ VFKRQ GLH EORVVH 3UlVHQ] YRQ 9LGHRNDPHUDV YRQ GHQ %HWURIIHQHQ DOV VW|UHQG ÄLQWUXVLYH³ HPSIXQGHQ ZHUGHQ N|QQH 'LHVH ZVVWHQ QLFKW RE GLH .DPH UDV HLQJHVFKDOWHW VLQG XQG VLH WDWVlFKOLFK YRQ MHPDQGHP EHREDFKWHW ZHUGHQ 'LHVHU 5HFKWVSUHFKXQJ LVW ]X]XVWLPPHQ ZHVKDOE DXFK GLH SHUVRQHQEH]RJHQH 9L GHREHREDFKWXQJ DOV (LQJULII LQ $UW $EV %9 ]X ZHUWHQ LVW =X EHUFNVLFKWLJHQ LVW DEHU GDVV QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ HLQ DOV VW|UHQG HPSIXQGHQHU $Q SDVVXQJVGUXFN IU VLFK JHQRPPHQ QLFKW DXVUHLFKW XP GHQ 6FKXW]EHUHLFK YRQ $UW $EV %9 ]X HU|IIQHQ 'LH 9LGHREHREDFKWXQJ NDQQ QXU LQVRIHUQ HLQHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDUVWHOOHQ DOV GDPLW HL QH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ HLQKHUJHKW =XGHP LVW ]X EHDFKWHQ GDVV LQ GHU SROL]HLOLFKHQ %HREDFKWXQJ ± DXFK XQWHU =XKLOIHQDKPH YRQ +LOIVPLWWHOQ ZLH )HUQ JOlVHUQ RGHU 1DFKWVLFKWJHUlWHQ ± RIWPDOV QRFK NHLQ *UXQGUHFKWVHLQJULII HUEOLFNW ZLUG 8QG GLH 6FKZHOOH ]XU ± JUXQGUHFKWVUHOHYDQWHQ ± 2EVHUYDWLRQ ZLUG =g//(5 %$86&+ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 6&+,('(5 %9HUI* %Y5 $EV1U %$576&+ 9RUQH 7HLO ,9 $ %*( , ( XQG %*HU &B ( YRUQH )Q 9RUQH 7HLO ,9 $ 5(,1+$5' VR DXFK LP GHXWVFKHQ 5HFKW YJO 6&+:$%( P+ DXI GLH GHXWVFKH /HKUH LQ )Q VRZLH 9JO %*( , ( %RWVFK 6W32 =$/81$5'2:$/6(5 I II 5(,1+$5' 752&+6/(5+8*(172%/(5/2%6,*(5 5] $OV 2EVHUYDWLRQ EH]HLFKQHW ZLUG ÄGLH JH]LHOWH XQG V\VWHPDWLVFKH %HREDFKWXQJ YRQ 9RUJlQJHQ RGHU EHVWLPPWHQ =LHOSHUVRQHQ DQ |IIHQWOLFKHQ XQG DOOJHPHLQ ]XJlQJOLFKHQ 2UWHQ³ VLHKH 752&+6/(5+8*(172%/(5/2%6,*(5 5] 'LH 2EVHUYDWLRQ LVW HLQH 7lWLJNHLW ZHOFKH 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH GXUFK 9LGHREHREDFKWXQJVPDVVQDKPHQ QLFKW EHUVFKULWWHQ MHGHQIDOOV VRIHUQ VLFK GLH %HREDFKWXQJ QLFKW ZlKUHQG HLQHV JHZLVVHQ =HLWUDXPV SODQPlVVLJ DXI HLQH EH VWLPPWH 3HUVRQ RGHU 3HUVRQHQJUXSSH ULFKWHW *LQJH PDQ GDYRQ DXV GDVV DXFK GLH JH]LHOWH DEHU QRFK QLFKW DOV 2EVHUYDWLRQ ]X TXDOLIL]LHUHQGH SROL]HLOLFKH %HREDFK WXQJ JUXQGUHFKWOLFK LUUHOHYDQW ZlUH VR VWHOOW VLFK GLH )UDJH ZDUXP HV VLFK EHL GHU 9LGHREHREDFKWXQJ DQGHUV YHUKDOWHQ VROOWH 'DEHL LVW ]X EHUFNVLFKWLJHQ GDVV VLFK HLQH SROL]HLOLFKH %HREDFKWXQJ GXUFK %HDPWH YRU 2UW QLFKW PLW HLQHU %HREDFK WXQJ GXUFK .DPHUDV JOHLFKVHW]HQ OlVVW =XQlFKVW LVW GLH 9LGHREHREDFKWXQJ GHU PHQVFKOLFKHQ 6HKOHLVWXQJ EHUOHJHQ 'LHV LVW LQVEHVRQGHUH GHU )DOO ZHQQ GLH .DPHUDV PLW VSH]LHOOHQ WHFKQLVFKHQ 0|JOLFKNHL WHQ ZLH =RRP RGHU 6WDQGELOGIXQNWLRQ DXVJHUVWHW VLQG 'LH 9LGHREHREDFKWXQJ HU P|JOLFKW ]XGHP HLQH JURVVIOlFKLJHUH XQG LQWHQVLYHUH %HREDFKWXQJ DOV YRQ EORVVHP $XJH 'LHVH (UK|KXQJ GHU %HREDFKWXQJVNDSD]LWlW NDQQ QLFKW PHKU DOV JUXQG UHFKWVLUUHOHYDQW DQJHVHKHQ ZHUGHQ $XFK ILQGHW GLH %HREDFKWXQJ GXUFK GLH 3ROL ]HL QLFKW PHKU EORVV ± ZLH EHL HLQHP 6WUHLIHQJDQJ ± HKHU ]XIlOOLJ VWDWW VRQGHUQ HV LVW HLQH HLJHQWOLFKH 'DXHUEHREDFKWXQJ DXV GHU 'LVWDQ] P|JOLFK PLW ZHOFKHU HLQH DXI HLQH JHZLVVH 'DXHU DQJHOHJW LVW VLHKH +$16-$.2% LQ '21$76&++$16-$.2%/,(%(5 .RPP ]X $UW 6W32 5] II 6&+:$%( 2E GHU SROL]HLOLFKHQ %HREDFKWXQJ GLH *UXQGUHFKWVUHOHYDQ] DEJHVSURFKHQ ZHUGHQ NDQQ LVW MH GRFK PHKU DOV ]ZHLIHOKDIW YJO DXV GHU GHXWVFKHQ /HKUH :$/'(1 I I %$576&+ YJO IU GLH 6FKZHL] DXFK 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ GHU GHQ (LQ VDW] HLQHV 3ROL]LVWHQ YRU 2UW HLQHU 9LGHREHREDFKWXQJ JOHLFKVHW]W GXUFK /HW]WHUH DEHU GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ EHWURIIHQ VLHKW 9JO IU GDV GHXWVFKH 5HFKW DXFK +g)/,1* I GHU HLQHU SROL]HLOLFKHQ %HREDFKWXQJ GLH *UXQGUHFKWVUHOHYDQ] QLFKW ZHJHQ HL QHU DOOIlOOLJHQ *HULQJIJLJNHLW DEVSUHFKHQ ZLOO IHUQHU *86< 3ROL]HL XQG 2UGQXQJVUHFKW 5] GHU GLH SROL]HLOLFKH %HREDFKWXQJ GHU 8PZHOW LP 5DKPHQ YRQ 6WUHLIHQJlQJHQ XQG IDKUWHQ QXU LQVRIHUQ DOV JUXQGUHFKWOLFK LUUHOHYDQW EH]HLFKQHW DOV GLHVH QLFKW SHUVRQHQEH]RJHQ HUIROJW 9JO /,(1+$5' ,QQHUH 6LFKHUKHLW %877$5(//, 6XUYHLOODQFH =LII 9HQLFH &RPPLV VLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH , =LII I )U GDV GHXWVFKH 5HFKW YJO %b80/(5 I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH I .811(57 &2//,1 %$576&+ 0$;,0,1, /$1* 3ULYDWH 9LGHREHUZDFKXQJ II 921 67(&+2: 2&+6(1)(/'5(33 II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %$86&+ *5$6 9LGHREHUZDFKXQJ I :(,&+(57 9LGHREHUZDFKXQJ 52**$1 3ROL]HLOLFKH 9LGHREHUZDFKXQJ YJO DXFK 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= Ä0DJ DXFK GLH NXU]IULVWLJH %HREDFKWXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV GXUFK HLQHQ 3ROL]HLEHDPWHQ GXUFKDXV XQ WHUKDOE GHU 6FKZHOOH GHV *UXQGUHFKWVHLQJULIIV OLHJHQ ZLUG GLHVH 6FKZHOOH MHGHQIDOOV GXUFK GLH DXIJH]HLJWH )RUP GHU SHUPDQHQWHQ XQG PLW EHVRQGHUHQ WHFKQLVFKHQ 0|JOLFKNHLWHQ DXVJHVWDW WHWHQ %LOGEHUWUDJXQJ LQ TXDQWLWDWLYHU XQG TXDOLWDWLYHU :HLVH EHUVFKULWWHQ³ ,Q GHU GHXWVFKHQ /HKUH XQG 5HFKWVSUHFKXQJ ILQGHW VLFK DEHU DXFK GLH $XIIDVVXQJ GLH 9LGHREHREDFKWXQJ VWHOOH DXIJUXQG LKUHU 9HUJOHLFKEDUNHLW PLW GHU PHQVFKOLFKHQ %HREDFKWXQJ NHLQHQ *UXQGUHFKWVHLQ JULII GDU YJO =g//(5 6&+:$%( I :h67(1%(5* I 9*HU +DOOH %HVFKOXVV YRP -DQXDU % /.9 I 'LHVH $XIIDVVXQJ ZLUG DXFK LQ GHU 6FKZHL] WHLOZHLVH YHUWUHWHQ YJO KLQWHQ )Q /,6.(1'(11,1*(5 5] %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ 9LHO]DKO SHUV|QOLFKHU 9HUKDOWHQVZHLVHQ UHJLVWULHUW ZHUGHQ NDQQ 'DV $UJXPHQW HLQH VROFKH ]XVlW]OLFKH %HREDFKWXQJVNDSD]LWlW VHL MD DXFK PLW HLQHU (UK|KXQJ GHU SROL]HLOLFKHQ 3UlVHQ] DOOHQIDOOV XQWHU (LQVDW] ]LYLOHU RGHU PLW Ä6SH]LDOEULOOHQ³ DXV JHUVWHWHU %HDPWHU ]X HUUHLFKHQ YHUIlQJW QLFKW =XPLQGHVW HLQH GHUJHVWDOW HUK|K WH 3ROL]HLSUlVHQ] NDQQ QlPOLFK HEHQIDOOV QLFKW PHKU DOV JUXQGUHFKWVLUUHOHYDQW DQJH VHKHQ ZHUGHQ ,P *HJHQVDW] ]X HLQHU SROL]HLOLFKHQ %HREDFKWXQJ EHL HLQHP 6WUHLIHQJDQJ EHVWHKW EHL HLQHU 9LGHREHREDFKWXQJ DXV GHU 'LVWDQ] ]XGHP HLQ YHU VWlUNWHV 0DFKWXQJOHLFKJHZLFKW $XFK ZHQQ GHP (LQ]HOQHQ GLH 9LGHREHUZDFKXQJ NRPPXQL]LHUW ZLUG VWHOOW VLH YHUJOLFKHQ PLW GHU EHREDFKWHQGHQ 3UlVHQ] YRQ 3ROL ]HLEHDPWHQ HLQ DQRQ\PHUHV 0LWWHO GDU 'LH %HQXW]HU GHU EHUZDFKWHQ 5lXPH ZLV VHQ QLFKW LQ ZHOFKHP 8PIDQJ VLH =LHOREMHNW HLQHU %HREDFKWXQJ ZHUGHQ *HUDGH HLQ VROFKHV 0DFKWJHIlOOH VROO DEHU GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DXVJOHLFKHQ 6FKOLHVVOLFK OlVVW VLFK DXFK QLFKW DUJXPHQWLHUHQ HLQH 'DWHQEHDUEHL WXQJ GXUFK ÄEORVVH³ 9LGHREHREDFKWXQJ HQWIDOWH NHLQ *HIlKUGXQJVSRWHQ]LDO $E JHVHKHQ GDYRQ GDVV HLQH GLUHNWH DOOHQIDOOV ]ZHFNZLGULJH :HLWHUOHLWXQJ GHU 'DWHQ DQ 'ULWWH RGHU GHUHQ 9HU|IIHQWOLFKXQJ ]% LP ,QWHUQHW GXUFKDXV P|JOLFK LVW XQG VLFK 8QEHIXJWH =XJDQJ ]XP 'DWHQEHUPLWWOXQJVYRUJDQJ YHUVFKDIIHQ N|QQHQ EH VWHKW JHUDGH EHL GHU 9LGHREHREDFKWXQJ GLH *HIDKU HLQHU PLVVEUlXFKOLFKHQ HWZD YR \HXULVWLVFK PRWLYLHUWHQ 'DWHQEHVFKDIIXQJ 6FKOLHVVOLFK LVW DXFK HLQH 9LGHREHREDFK WXQJ JHHLJQHW GHQ (LQ]HOQHQ HLQHP $QSDVVXQJVGUXFN DXV]XVHW]HQ XQG 9HUKDOWHQV lQGHUXQJHQ ]X EHZLUNHQ 'DJHJHQ ELHWHW GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ DEHU HEHQIDOOV 6FKXW] 7HLOZHLVH ZLUG HLQ *UXQGUHFKWVHLQJULII LQ GHQ )lOOHQ DEJHOHKQW LQ GHQHQ GLH .DPH UDV QLFKW EHU =RRP RGHU 6FKZHQNPHFKDQLVPHQ YHUIJHQ VRQGHUQ HV VLFK XP EORVVH )L[NDPHUDV PLW YRUGHILQLHUWHP 6LFKWEHUHLFK KDQGHOW $EHU DXFK ZHQQ GLH .DPHUDV QLFKW EHU VSH]LHOOH WHFKQLVFKH 0|JOLFKNHLWHQ YHUIJHQ LVW HLQH ]LHOJH ULFKWHWH %HREDFKWXQJ DOOHQIDOOV DXFK EHU PHKUHUH .DPHUDVWDWLRQHQ KLQZHJ GXUFKDXV P|JOLFK XQG DXFK LQ VROFKHQ )lOOHQ EHVWHKW HLQH ,QIRUPDWLRQVDV\PPHWULH 3(75, 5] 6R 5$1'+$+1 9JO KLQWHQ 7HLO ,9 % F 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ .h+1 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9L GHR 6XUYHLOODQFH , =LII %$576&+ %$86&+ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I '2/'(5(5 *$//$*+(5 +g)/,1* II ('6% 7% 6R DEHU GDV %- *XWDFKWHQ YRP -XQL 93% 1U =LII 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLO ODQFH , =LII ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV %*HU &B ( %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH YJO IHUQHU KLQWHQ 7HLO ,9 ' 0$;,0,1, II YRUQH 7HLO ,9 $ .811(57 I &2//,1 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH XQG HLQ 0DFKWXQJOHLFKJHZLFKW VRZLH HLQ $QSDVVXQJV XQG hEHUZDFKXQJVGUXFN 'HVKDOE ZLUG GHU (LQ]HOQH GXUFK GHQ (LQVDW] VROFKHU .DPHUDV HEHQIDOOV LQ VHLQHU LQIRUPDWLRQHOOHQ 6HOEVWEHVWLPPXQJ EHWURIIHQ 'HQ YHUPLQGHUWHQ %HREDFKWXQJV P|JOLFKNHLWHQ NDQQ DOOHQIDOOV EHL GHU %HPHVVXQJ GHU (LQJULIIVLQWHQVLWlW 5HFKQXQJ JHWUDJHQ ZHUGHQ 5LFKWLJHUZHLVH LVW GHVKDOE DXFK LQ GHU SHUVRQHQEH]RJHQHQ 9LGHREHREDFKWXQJ HLQ (LQJULII LQ $UW $EV %9 ]X HUEOLFNHQ 9HUOHW]XQJ GHV .HUQJHKDOWV" 'LH YHUIDVVXQJVUHFKWOLFKH 8Q]XOlVVLJNHLW YRQ 9LGHREHUZDFKXQJVPDVVQDKPHQ Zl UH RKQH ZHLWHUHV LQ GHP 8PIDQJ ]X EHMDKHQ LQ ZHOFKHP VLH HLQHQ (LQJULII LQ GHQ .HUQJHKDOW GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDUVWHOOHQ ZUGH 'LHVHU .HUQJHKDOW LVW ÄXQDQWDVWEDU³ $UW $EV %9 'HU .HUQJHKDOW GHV *UXQGUHFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ZLUG GXUFK GLH EHK|UGOLFKH 9L GHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH MHGRFK QLFKW YHUOHW]W $QGHUV N|QQWH GLHV MHGRFK GDQQ VHLQ ZHQQ PLW GHU 9LGHREHUZDFKXQJ PDVVLY LQ GHQ ,Q WLPEHUHLFK GHU GDYRQ %HWURIIHQHQ HLQJHGUXQJHQ ZUGH (LQH 9HUOHW]XQJ GHV %$86&+ 'D]X KLQWHQ 7HLO ,9 ' %*( , ( XQG %*HU &B ( /,(1+$5' ,QQHUH 6LFKHUKHLW 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 0$7+,6 $(33/, '6% =+ /HLWIDGHQ 9L GHREHUZDFKXQJ IU GDV GHXWVFKH 5HFKW YJO 3(75, 5] *g7= 5] YJO IHU QHU GLH +LQZHLVH LQ )Q $$ %- *XWDFKWHQ YRP -XQL 93% 1U =LII 58(**)/h&.,*(5129(0%(5./$86(5 )/h&.,*(5$8(5 XQG )/h&.,*(5 ]XPLQGHVW VRIHUQ NHLQH LQWHOOLJHQWH 9LGHREHUZDFKXQJ ]XP (LQVDW] NRPPW RGHU GLH .DPHUDV QLFKW GDXHUKDIW DXI HLQH EHVWLPPWH 3HUVRQ JHULFKWHW ZHUGHQ (LQHU NRQVWDQ WHQ SROL]HLOLFKHQ 3UlVHQ] VFKHLQHQ VLH KLQJHJHQ GLH *UXQGUHFKWVUHOHYDQ] QLFKW DEVSUHFKHQ ]X ZROOHQ VLHKH 58(**)/h&.,*(5129(0%(5./$86(5 )/h&.,*(5$8(5 $XFK EHIUZRUWHQ VLH HLQH =XQDKPH GHU (LQJULIIVLQWHQVLWlW YRQ 9LGHRDXI]HLFKQXQJVPDVVQDKPHQ ZHQQ GLHVH YRQ HLQHU (FKW]HLWEHREDFKWXQJ EHJOHLWHW ZHUGHQ 58(**)/h&.,*(5129(0%(5 ./$86(5 )/h&.,*(5$8(5 $$ DXFK .,(1(5.b/,1 I ,P GHXWVFKHQ 5HFKW ILQGHW VLFK WHLOZHLVH HEHQIDOOV GLH $XIIDVVXQJ GDVV GXUFK GLH 9LGHREHREDFKWXQJ QLFKW LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ HLQJHJULIIHQ ZHUGH YJO 5$1'+$+1 II I YRUQH )Q 'LH (05. NHQQW NHLQH $UW $EV %9 YHUJOHLFKEDUH DXVGUFNOLFKH .HUQJHKDOWVJDUDQWLH VLHKH *5$%(1:$57(5 =LII 9*HU 6* 8UWHLO YRP 0DL ( E 6**93 -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW '6* 5] %*( , ( NHLQ (LQJULII LQ GHQ .HUQJHKDOW YRQ $UW %9 GXUFK GLH 2EVHUYDWLRQ HLQHV 9HUVLFKHUWHQ LP |IIHQWOLFKHQ 5DXP %HU 9LGHR EHUZDFKXQJ YJO DXFK YRUQH 7HLO ,, % 9JO %,$**,1, $ENOlUXQJ 9RUODJH %:,6 6&+()(5 .HUQJHKDOWH ZHLVW LP =X VDPPHQKDQJ PLW GHU SHUV|QOLFKHQ )UHLKHLW GDUDXI KLQ GDVV VLFK GHU .HUQJHKDOW GHV GXUFK $UW $EV %9 JDUDQWLHUWHQ 5HFKWV DXI LQGLYLGXHOOH 6HOEVWEHVWLPPXQJ NDXP LQ DOOJHPHLQ JOWLJHU )RUP XPVFKUHLEHQ OlVVW 'LH *HIDKU HLQHU 9HUOHW]XQJ GHV .HUQJHKDOWV VWHLJW MHGRFK PLW GHU ,QWLPLWlW RGHU 3HUV|QOLFKNHLWVQlKH GHV 9HUKDOWHQV ZHOFKHV GHU 6WDDW ]XU .HQQWQLV QLPPW 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ .HUQJHKDOWHV ZlUH ± PLW %OLFN DXI GLH *DUDQWLH GHU 0HQVFKHQZUGH $UW %9 ± DXFK GDQQ QLFKW PHKU DXV]XVFKOLHVVHQ ZHQQ GHUDUW XPIDVVHQGH hEHUZDFKXQJV VWUXNWXUHQ HLQJHIKUW ZUGHQ GDVV VLFK GHU (LQ]HOQH HLQHU VWDDWOLFKHU %HREDFKWXQJ XQG 5HJLVWULHUXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP QLFKW PHKU HQW]LHKHQ N|QQWH ZHQQ HU DOVR JHZLVVHUPDVVHQ ÄDXI 6FKULWW XQG 7ULWW³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|IIQHW EHWUDFKWHW ZHUGHQ PXVV LVW ]ZHL IHOKDIW (LQH (LQZLOOLJXQJ LQ GLH 'DWHQEHDUEHLWXQJ HUVFKHLQW YLHOPHKU DOV $XVEXQJ GHV *UXQGUHFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ XQG QLFKW DOV 9HU]LFKW GD UDXI %H]RJHQ DXI GLH 9LGHREHUZDFKXQJ ZLUG HV DQ HLQHU HFKWHQ XQG IUHLZLOOLJHQ (LQ ZLOOLJXQJ ZHOFKH 9RUDXVVHW]XQJ IU HLQHQ *UXQGUHFKWVYHU]LFKW LVW LP 5HJHOIDOO RKQHKLQ PDQJHOQ $XV GHP 8PVWDQG GDVV VLFK MHPDQG LQ GLH gIIHQWOLFKNHLW EHJLEW NDQQ XQG GDUI MHGHQIDOOV QLFKW JHIROJHUW ZHUGHQ HU ZLOOLJH NRQNOXGHQW HLQ LQ VHL QHP 9HUKDOWHQ YRQ VWDDWOLFKHQ 2UJDQHQ EHREDFKWHW RGHU DXIJH]HLFKQHW ]X ZHU GHQ 'DUDQ lQGHUW VLFK QLFKWV ZHQQ VLFK GHU (LQ]HOQH GHU hEHUZDFKXQJ ]% =XU )XQNWLRQ GHU 0HQVFKHQZUGH EHL GHU %HVWLPPXQJ GHV .HUQJHKDOWV YRQ *UXQGUHFKWHQ YJO YRUQH 7HLO ,, $ 'D]X YRUQH 7HLO ,, % VD KLQWHQ 7HLO ;,,, % 9JO IU GDV GHXWVFKH 5HFKW %9HUI* %Y5 $EV1U 19Z= %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I 5$1'+$+1 I %$576&+ :$/'(1 *HPlVV 3526&+$. II VFKOLHVVW GLH (LQZLOOLJXQJ LQ HLQH VWDDWOLFKH ,QIRUPDWLRQVEHDUEHLWXQJ HEHQIDOOV GHUHQ (LQJULIIVTXDOLWlW DXV 9JO 6,(0(1 ZHOFKH GLH $XIIDVVXQJ YHUWULWW GDVV GLH RIIHQH (UKHEXQJ YRQ 'DWHQ GXUFK GHQ 6WDDW GDQQ QLFKW LQ GHQ 6FKXW]EHUHLFK YRQ $UW (05. IlOOW ZHQQ GHU (LQ]HOQH LQ GLH 'DWHQEHDUEHLWXQJ HLQJHZLOOLJW KDW 921 67(&+2: %HGHQNHQ EH]JOLFK GHU $QQDKPH HLQHV *UXQGUHFKWVYHU]LFKWV HUJHEHQ VLFK DXFK PLW %OLFN DXI GDV /HJDOLWlWVSULQ]LS ZRQDFK VlPWOLFKHV 6WDDWVKDQGHOQ HLQHU UHFKWOL FKHQ *UXQGODJH EHGDUI GD]X KLQWHQ 7HLO ,, $ 'LH 9HUQHLQXQJ HLQHV (LQJULIIV KlWWH ]XGHP ]XU )ROJH GDVV ZHLWHUH ZLFKWLJH 0LVVEUDXFKVVFKUDQNHQ IU *UXQGUHFKWVHLQJULIIH QDPHQWOLFK GDV (UIRUGHUQLV HLQHV |IIHQWOLFKHQ ,QWHUHVVHV XQG GDV 9HUKlOWQLVPlVVLJNHLWVSULQ]LS QXU QRFK HLQJHVFKUlQNW RGHU JDU QLFKW PHKU ]XP 7UDJHQ NlPHQ YJO +b1(5 (LQZLOOLJXQJ II 5$/3+ 0$/$&5,'$ 'HU *UXQGUHFKWVYHU]LFKW 'LVV =ULFK II %H]JOLFK GHU 6SHLFKHUXQJ SHUV|QOLFKHU 9HUKDOWHQVZHLVHQ VLHKH %RWVFK 9( Ä7ULWW HLQH 3HUVRQ LQ GLH gIIHQWOLFKNHLW VR JLEW VLH VLFK $XJH XQG 2KU DQGHUHU 3HUVRQHQ SUHLV DEHU 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH DXIJUXQG YRQ +LQZHLVVFKLOGHUQ EHZXVVW LVW (LQH (LQZLOOLJXQJ ZlUH QXU GDQQ JOWLJ ZHQQ VLH LQ YROOHU .HQQWQLV VlPWOLFKHU 5DKPHQEHGLQJXQJHQ GHU hEHUZD FKXQJ HUIROJHQ ZUGH 'HU EORVVH +LQZHLV DXI GLH hEHUZDFKXQJ RKQH SUl]LVH 'DU VWHOOXQJ YRQ $UW XQG :HLVH GHU 'DWHQEHDUEHLWXQJ GHV 9HUZHQGXQJV]ZHFNV XQG GHU P|JOLFKHQ 'DWHQHPSIlQJHU VWHOOW NHLQH JHQJHQGH *UXQGODJH IU HLQH KLQUHLFKHQG LQIRUPLHUWH (LQZLOOLJXQJ GDU =XGHP ZLUG GHU (LQ]HOQH UHJHOPlVVLJ GDUDXI DQ JHZLHVHQ VHLQ GLH EHUZDFKWHQ 5lXPH HWZD ]XU (UOHGLJXQJ YRQ (LQNlXIHQ ]XU ,Q DQVSUXFKQDKPH VWDDWOLFKHU /HLVWXQJHQ ]XP (UUHLFKHQ GHU :RKQXQJ RGHU GHU $U EHLWVVWHOOH RGHU ]XU 3IOHJH SHUV|QOLFKHU .RQWDNWH ]X QXW]HQ ZHVKDOE HV DQ GHU QRWZHQGLJHQ )UHLZLOOLJNHLW GHU (LQZLOOLJXQJ RKQHKLQ PDQJHOW 'LH )UDJH HLQHV *UXQGUHFKWVYHU]LFKWV VWHOOW VLFK DXV GLHVHQ *UQGHQ EHL GHU 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP UHJHOPlVVLJ QLFKW ' ,QWHQVLWlW GHU *UXQGUHFKWVEHHLQWUlFKWLJXQJ GXUFK 9LGHREHUZDFKXQJ 'LH )UDJH GHU ,QWHQVLWlW HLQHV *UXQGUHFKWVHLQJULIIV HUIRUGHUW HLQH VRUJIlOWLJH 3U IXQJ QDPHQWOLFK XQWHU %HUFNVLFKWLJXQJ GHU 6FKZHUH GHU LQGLYLGXHOOHQ %HWURIIHQ KHLW XQG GHU %HGHXWXQJ GHV *UXQGUHFKWV IU GLH GHPRNUDWLVFKH XQG UHFKWVVWDDWOLFKH 2UGQXQJ 'LH $EJUHQ]XQJ ]ZLVFKHQ VFKZHUHQ XQG OHLFKWHQ *UXQGUHFKWVHLQJULI IHQ LVW MHGRFK UHJHOPlVVLJ PLW 6FKZLHULJNHLWHQ YHUEXQGHQ 2E HLQH 0DVVQDKPH GHU 9LGHREHUZDFKXQJ HLQHQ VFKZHUHQ RGHU OHLFKWHQ (LQJULII LQ GDV 5HFKW DXI LQ IRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDUVWHOOW OlVVW VLFK LQ $QEHWUDFKW GHU YHUVFKLHGH QHQ (LQVDW]RUWH XQG (LQVDW]IRUPHQ NHLQHVZHJV SDXVFKDO EHDQWZRUWHQ VRQGHUQ EH GDUI HLQHU GLIIHUHQ]LHUWHQ %HWUDFKWXQJVZHLVH XQWHU %HUFNVLFKWLJXQJ VlPWOLFKHU GLH hEHUZDFKXQJ FKDUDNWHULVLHUHQGHU (OHPHQWH VLH HUWHLOW GDPLW NHLQ (LQYHUVWlQGQLV GDVV LKU 9HUKDOWHQ RGHU LKUH bXVVHUXQJHQ YRQ VWDDWOLFKHQ 2UJDQHQ LQ 6FKULIW %LOG RGHU 7RQ IHVWJHKDOWHQ ZHUGHQ³ %9HUI* %Y5 $EV1U 19Z= Ä9RQ HLQHU HLQHQ (LQJULII DXV VFKOLHVVHQGHQ (LQZLOOLJXQJ LQ GLH ,QIRUPDWLRQVHUKHEXQJ NDQQ VHOEVW GDQQ QLFKW JHQHUHOO DXV JHJDQJHQ ZHUGHQ ZHQQ GLH %HWURIIHQHQ DXIJUXQG HLQHU HQWVSUHFKHQGHQ %HVFKLOGHUXQJ ZLV VHQ GDVV VLH LP UlXPOLFKHQ %HUHLFK GHU %HJHJQXQJVVWlWWH JHILOPW ZHUGHQ 'DV 8QWHUODVVHQ HLQHV DXVGUFNOLFKHQ 3URWHVWV NDQQ QLFKW VWHWV PLW HLQHU (LQYHUVWlQGQLVHUNOlUXQJ JOHLFKJHVHW]W ZHUGHQ³ 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= %,$**, 5$1'+$+1 /$1* 3ULYDWH 9LGHREHUZDFKXQJ II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 )/h&.,*(5$8(5 58(**)/h&.,*(5129(0%(5./$86(5 %,$**, =g//(5 %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I 0$;,0,1, /$1* 3ULYDWH 9LGHREHUZDFKXQJ %$576&+ ./$86(5 5DXPDQHLJQXQJ *5$6 hEHUZDFKXQJVJHVHOOVFKDIW 5$1'+$+1 9*+ 0DQQKHLP 8UWHLO YRP -XOL 6 19Z= 6&+()(5 *HIlKUGXQJ I 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ =X HULQQHUQ LVW ]XQlFKVW GDUDQ GDVV GHP *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ EHU VHLQH )XQNWLRQ DOV VXEMHNWLYHV $EZHKUUHFKW KLQDXV HLQH EHVRQGHUH 5ROOH PLW %OLFN DXI GHQ 5HFKWVVWDDW XQG GLH GHPRNUDWLVFKH :LOOHQVELOGXQJ ]X NRPPW 'LHVH %HGHXWXQJ GHV *UXQGUHFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ IU GLH GHPRNUDWLVFKH XQG UHFKWVVWDDWOLFKH 2UGQXQJ GDUI EHL GHU 3UIXQJ GHU ,QWHQ VLWlW HLQHU GXUFK 9LGHREHUZDFKXQJ KHUYRUJHUXIHQHQ %HHLQWUlFKWLJXQJ QLFKW DXVVHU $FKW JHODVVHQ ZHUGHQ 'DV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LVW LQ GLH VHU )XQNWLRQ MHGRFK QLFKW LPPHU RGHU QLFKW LPPHU LQ JOHLFKHP $XVPDVV EHWURIIHQ 6R PDFKW HV HLQHQ 8QWHUVFKLHG RE HLQ ]HQWUDOHU LQQHUVWlGWLVFKHU 3ODW] RGHU HLQH ZH QLJ IUHTXHQWLHUWH 6WUDVVHQXQWHUIKUXQJ YLGHREHUZDFKW ZLUG 9RQ HLQHU JUXQGVlW] OLFK KRKHQ (LQJULIIVLQWHQVLWlW VLQG HWZD 9LGHREHUZDFKXQJVPDVVQDKPHQ PLW ZHO FKHQ LP EHUZDFKWHQ %HUHLFK VWDWWILQGHQGH .XQGJHEXQJHQ RGHU VRQVWLJH SROLWLVFKH UHOLJL|VH RGHU JHVHOOVFKDIWOLFKH $NWLYLWlWHQ ZLH ]% GDV 6DPPHOQ YRQ 8QWHUVFKULI WHQ RGHU GLH 9HUWHLOXQJ YRQ SROLWLVFKHP RGHU UHOLJL|VHP ,QIRUPDWLRQVPDWHULDO HU IDVVW ZHUGHQ (QWVSUHFKHQGHV PXVV JUXQGVlW]OLFK GDQQ JHOWHQ ZHQQ LP EHUZDFK WHQ %HUHLFK .XOWXUORNDOH 6LW]H YRQ *HZHUNVFKDIWHQ RGHU $UEHLWJHEHUYHUWUHWXQJHQ 3DUWHL]HQWUDOHQ $QZDOWVNDQ]OHLHQ 0HGLHQUHGDNWLRQHQ RGHU VRQVWLJH 7UHIISXQNWH XQG /RNDOLWlWHQ DQJHVLHGHOW VLQG ZHOFKH HLQH ZLFKWLJH )XQNWLRQ PLW %OLFN DXI GHQ 5HFKWVVWDDW RGHU GLH SROLWLVFKH XQG NXOWXUHOOH 0HLQXQJVELOGXQJ HUIOOHQ 'LH 9L GHREHUZDFKXQJ NDQQ QlPOLFK RKQH ZHLWHUHV ]X 7DJH I|UGHUQ ZHU ZDQQ PLW ZHP GLH HQWVSUHFKHQGHQ 5lXPOLFKNHLWHQ EHWULWW 'LH $XI]HLFKQXQJ HQWVSUHFKHQGHU .RQ WDNWH XQG GLH QLFKW DXV]XVFKOLHVVHQGH PLVVEUlXFKOLFKH 9HUZHQGXQJ GHV %LOGPDWHUL DOV YHUP|JHQ GHQ (LQ]HOQHQ GDYRQ DE]XVFKUHFNHQ VLFK SK\VLVFK DQ GLH HQWVSUH FKHQGHQ 2UWH ]X EHJHEHQ XQG VHLQH *UXQGUHFKWH YRU 2UW ZDKU]XQHKPHQ %HL GHU %HVWLPPXQJ GHU 6FKZHUH GHV (LQJULIIV LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GXUFK HLQH 9LGHREHUZDFKXQJ LVW VRGDQQ YRQ ± DOOHUGLQJV QLFKW ]X EHUVFKlW]HQGHU ± %HGHXWXQJ RE GDV EHREDFKWHWH RGHU DXIJH]HLFKQHWH 9HUKDO WHQ LQ GHU gIIHQWOLFKNHLW VWDWWILQGHW RGHU QLFKW 9HUJOLFKHQ PLW HLQHU 9LGHREHUZD FKXQJ LQ SULYDWHQ GHU $OOJHPHLQKHLW QLFKW ]XJlQJOLFKHQ 5lXPHQ ZHLVW HLQH VROFKH LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP ]ZDU HLQH JHULQJHUH (LQJULIIVLQWHQVLWlW DXI OlVVW DEHU GHQ (LQJULII IU VLFK JHQRPPHQ QRFK QLFKW DOV OHLFKW HUVFKHLQHQ 9RQ %HGHXWXQJ LVW VRGDQQ RE GLH hEHUZDFKXQJ YHUGHFNW RGHU RIIHQ HUIROJW 'LH +HLP OLFKNHLW GHU 'DWHQEHVFKDIIXQJ XQG GHU VLFK LKU DQVFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH 9JO YRUQH 7HLO ,9 $ 9JO DXFK KLQWHQ 7HLO 9,, % 6LHKH KLQWHQ 7HLO , %*( , ( %*( 9 ( %*HU 3 ( LQ %*( , XQSXEOL]LHUWH (UZlJXQJ %9HUI* %Y5 $EV1U $$ GDV %XQGHVJHULFKW LQ %*( , ( XQG %*( 9 ( EH]JOLFK HLQHU GXUFK HLQHQ 3ULYDWGHWHNWLY GXUFKJHIKUWHQ 2EVHUYDWLRQ HLQHV 9HUVLFKHUWHQ LP |IIHQWOL FKHQ 5DXP VLHKH EH]JOLFK HLQHU 9HUOHW]XQJ GHU GXUFK $UW =*% JHVFKW]WHQ 3ULYDWVSKlUH DXFK %*( ,,, ( XQG VD KLQWHQ 7HLO , 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH HUK|KW GLH (LQJULIIVLQWHQVLWlW =XGHP HUJHEHQ VLFK KLHU 3UREOHPH PLW %OLFN DXI GHQ 5HFKWVVFKXW] 'D]X NRPPW GDVV HLQH KHLPOLFKH 'DWHQEHDUEHLWXQJ EHVRQGHUV JH HLJQHW LVW VLFK QHJDWLY DXI GLH IUHLKHLWOLFKH XQG GHPRNUDWLVFKH *UXQGRUGQXQJ DXV ]XZLUNHQ (LQH YHUGHFNWH hEHUZDFKXQJ LVW GHVKDOE YRQ JU|VVHUHU ,QWHQVLWlW DOV HLQH hEHUZDFKXQJ GHUHU VLFK GHU (LQ]HOQH EHZXVVW LVW $XV GHP 8PVWDQG GDVV HLQH hEHUZDFKXQJ GHP (LQ]HOQHQ NRPPXQL]LHUW ZLUG OlVVW VLFK DEHU QRFK QLFKW DXI GDV 9RUOLHJHQ HLQHV OHGLJOLFK OHLFKWHQ *UXQGUHFKWVHLQJULIIV VFKOLHVVHQ $OV HQWVFKHLGHQG IU GLH )UDJH GHU (LQJULIIVLQWHQVLWlW ZLUG GHV :HLWHUHQ HUDFKWHW RE HLQH $XI]HLFKQXQJ GHV *HVFKHKHQV HUIROJW RGHU RE GLHVHV EORVV ± QDFK GHP .DPHUD 0RQLWRU3ULQ]LS ± EHREDFKWHW ZLUG 6R ZLUG LQ GHU UHLQHQ 9LGHREHREDFKWXQJ ± ZHQQ EHUKDXSW ± KlXILJ HLQ ZHQLJHU VFKZHUHU (LQJULII LQ GDV 5HFKW DXI LQIRUPD WLRQHOOH 6HOEVWEHVWLPPXQJ DOV EHL HLQHU $XI]HLFKQXQJ HUEOLFNW 'HP LVW QLFKW ]X ]XVWLPPHQ =ZDU EHVWHKW JHUDGH EHL HLQHU $XI]HLFKQXQJ GLH 0|JOLFKNHLW GDV 'D WHQPDWHULDO ZHLWHU]XYHUZHQGHQ QDPHQWOLFK PLW DQGHUHQ 'DWHQ ]X YHUNQSIHQ DQ 'ULWWH ]X EHUPLWWHOQ RGHU ]X YHU|IIHQWOLFKHQ XQG GLHV DOOHQIDOOV DXFK LQ PLVV EUlXFKOLFKHU $UW XQG :HLVH ,QGHVVHQ LVW EHL GHU %HVWLPPXQJ GHU (LQJULIIVWLHIH DXFK ]X EHUFNVLFKWLJHQ ZHOFKHP hEHUZDFKXQJVGUXFN GHU (LQ]HOQH GXUFK GLH 'D WHQEHDUEHLWXQJ DXVJHVHW]W ZLUG ZLH VWDUN DOVR GDV *HIKO GHV hEHUZDFKWZHUGHQV GHVVHQ +DQGOXQJV XQG (QWVFKHLGXQJVIUHLKHLW EHHLQWUlFKWLJW *HUDGH HLQH (FKW ]HLWEHREDFKWXQJ LVW MHGRFK LQ EHVRQGHUHP 0DVVH GD]X JHHLJQHW VLFK DXI GLH 3HUV|Q OLFKNHLW GHV (LQ]HOQHQ DXV]XZLUNHQ XQG 9HUKDOWHQVlQGHUXQJHQ KHUYRU]XUXIHQ (V PDFKW HLQHQ 8QWHUVFKLHG RE VLFK GHU =XJUHLVHQGH HLQHU VWlQGLJHQ %HREDFKWXQJ GXUFK LP $EWHLO DQJHEUDFKWH .DPHUDV DXVJHVHW]W VLHKW RGHU VHLQ 9HUKDOWHQ ]ZDU DXIJH]HLFKQHW DEHU GDV %LOGPDWHULDO QXU ]XU (UPLWWOXQJ YRQ 6WUDIWlWHUQ JHVLFKWHW ZHUGHQ GDUI =XGHP EHVWHKW JHUDGH EHL HLQHU 9LGHREHREDFKWXQJ GLH QLFKW ]X XQWHU VFKlW]HQGH *HIDKU GDVV GLHVH PLVVEUlXFKOLFK QDPHQWOLFK ]X YR\HXULVWLVFKHQ RGHU 9JO %9HUI* %Y5 $EV1U %9HUI* %Y5 $EV1U IHUQHU %$576&+ *g7= 5] 9JO %9HUI* %Y5 $EV1U 9*HU 6* 8UWHLO YRP 0DL ( GEE 6**93 %$576&+ I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$86&+ I 9RUQH 7HLO ,9 % 0$7+,6 $(33/, %,$**, -g+5, LQ 526(17+$/-g+5, .RPP ]X $UW '6* 5] &2//,1 :(,&+(57 9LGHREHUZDFKXQJ %$576&+ %$86&+ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H VD '6% =+ /HLWID GHQ 9LGHREHUZDFKXQJ 'LHVH $QQDKPH OLHJW DXFK GHP 9LGHR*)5 ]XJUXQGH :l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lVVW VLFK GHVKDOE QLFKW VDJHQ GLH 9LGHREHREDFKWXQJ VWHOOH HLQHQ JUXQGVlW]OLFK ZHQLJHU ZHLW JHKHQGHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DOV GLH 9LGHRDXI]HLFKQXQJ GDU (V OlVVW VLFK VRJDU GLH $XIIDVVXQJ YHUWUHWHQ GDVV HLQH (FKW]HLWEHREDFKWXQJ YRQ JU|V VHUHU (LQJULIIVLQWHQVLWlW LVW DOV HLQH $XI]HLFKQXQJ EHL GHU GDV 'DWHQPDWHULDO HLQ]LJ SXQNWXHOO EHL 9RUOLHJHQ HLQHV 'HOLNWV DXVJHZHUWHW ZHUGHQ GDUI 'LHV JLOW QDPHQWOLFK GDQQ ZHQQ LP EHUZDFKWHQ %HUHLFK 9HUKDOWHQ PLW VWDUNHP 3HUV|QOLFKNHLWVEH]XJ DQ GHQ 7DJ JHOHJW ZLUG ,Q LKUHU (LQJULIIVLQWHQVLWlW VWHKW GLH %HREDFKWXQJ HLQHU $XI ]HLFKQXQJ MHGHQIDOOV GDQQ LQ QLFKWV QDFK ZHQQ MHPDQG PLWWHOV 9LGHRNDPHUDV EHU OlQJHUH =HLW EHREDFKWHW ZLUG RGHU ZHQQ GLH %HREDFKWXQJ PLW ]XVlW]OLFKHQ 0DVV QDKPHQ E]Z 'DWHQEHDUEHLWXQJVYRUJlQJHQ NRPELQLHUW ZLUG ZLH ]% GHU DXWRPDWL VFKHQ 3HUVRQHQYHUIROJXQJ RGHU GHP DXWRPDWLVFKHQ (UNHQQHQ EHVWLPPWHU 9HUKDO WHQVPXVWHU 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ NDQQ GHVKDOE HLQH 9L GHREHREDFKWXQJ YRQ JHULQJHUHU (LQJULIIVTXDOLWlW DOV HLQH 9LGHRDXI]HLFKQXQJ VHLQ PXVV HV DEHU QLFKW :lKUHQG HLQH 9LGHREHREDFKWXQJ LP 5DKPHQ HLQHU =XJDQJV NRQWUROOH ]X HLQHP *HElXGH YRQ JHULQJHUHU (LQJULIIVTXDOLWlW LVW DOV HLQH $XI]HLFK QXQJ NDQQ GLHV YRQ HLQHU (FKW]HLWEHREDFKWXQJ GHV *HVFKHKHQV DXI HLQHP |IIHQWOL FKHQ 3ODW] QLFKW EHKDXSWHW ZHUGHQ 8QWHU 8PVWlQGHQ NDQQ VLFK GLH (FKW]HLW EHREDFKWXQJ VRJDU DOV HLQJULIIVLQWHQVLYHU HUZHLVHQ 'HU ]X XQGLIIHUHQ]LHUWHQ $XI IDVVXQJ ZRQDFK GLH 9LGHREHREDFKWXQJ JUXQGVlW]OLFK HLQHQ OHLFKWHQ XQG GLH 9L GHRDXI]HLFKQXQJ HLQHQ VFKZHUHQ (LQJULII GDUVWHOOH LVW GHVKDOE QLFKW ]X]XVWLP PHQ :HVHQWOLFK IU GLH %HVWLPPXQJ GHU ,QWHQVLWlW HLQHV (LQJULIIV LQ GDV 5HFKW DXI LQ IRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LVW VRGDQQ LQ ZHOFKHP $XVPDVV GDV 9HUKDOWHQ E]Z GLH 3HUV|QOLFKNHLW HLQHU 3HUVRQ HUIDVVW ZHUGHQ ZLH VWDUN VLFK GHU (LQJULII DOVR DXI GLH 3HUV|QOLFKNHLW GHV (LQ]HOQHQ DXVZLUNW 9RQ %HGHXWXQJ VLQG GDEHL GLH 6HQVL WLYLWlW XQG GLH 0HQJH XQG 9LHOIDOW GHU HUKREHQHQ 'DWHQ VRZLH GHUHQ 9HUZHQGXQJV 9JO VFKRQ YRUQH 7HLO ,9 % 9JO 9*HU 6* 8UWHLO YRP 0DL ( GEE 6**93 Ä:HLWHU LVW ]X EHUFN VLFKWLJHQ GDVV GLH $XI]HLFKQXQJHQ NHLQHU (FKW]HLWNRQWUROOH XQWHUOLHJHQ YLHOPHKU ZHUGHQ VLH HUVW EHL (LQOHLWXQJ HLQHV (UPLWWOXQJVYHUIDKUHQV YHUZHQGHW³ IHUQHU %$576&+ I ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV D$ DEHU 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ D$ DXFK 58(**)/h&.,*(5129(0%(5./$86(5 I )/h&.,*(5$8(5 II XQG )/h&.,*(5 ZHOFKH JDU NHLQHQ (LQJULII GXUFK 9LGHREHREDFKWXQJVPDVVQDKPHQ DQQHK PHQ VRIHUQ VLFK GLH 9LGHREHUZDFKXQJ QLFKW ÄLQIRUPDWLVLHUW³ RGHU VLH ]LHOJHULFKWHW JHJHQEHU EHVWLPPWHQ 3HUVRQHQ HLQJHVHW]W ZLUG YJO YRUQH )Q D$ IU GDV GHXWVFKH 5HFKW DXFK 0$;,0,1, I 6R DXFK 58',167b03)/, 9JO %*( ,, ( XQG 58(**)/h&.,*(5129(0%(5./$86(5 9JO :(,&+(57 9LGHREHUZDFKXQJ ]X GLHVHQ 0|JOLFKNHLWHQ YRUQH 7HLO , % 6R %,$**, 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH P|JOLFKNHLWHQ HWZD GXUFK 9HUNQSIXQJ XQG .RPELQDWLRQ PLW DQGHUHQ $QJDEHQ =X EHDFKWHQ VLQG DXFK GLH $XVZLUNXQJHQ DXI GHQ (LQ]HOQHQ ZHQQ GLH 'DWHQ EH NDQQW ZHUGHQ %HL GHU hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH LVW QDPHQW OLFK ]X EHUFNVLFKWLJHQ ]X ZHOFKHQ =ZHFNHQ XQG EHU ZHOFKH 'DXHU GHU (LQ]HOQH GHQ EHUZDFKWHQ 2UW W\SLVFKHUZHLVH QXW]W XQG ZHOFKH 'DWHQ EHU GLH ,QIRUPDWLRQ KLQDXV GDVV VLFK HLQH EHVWLPPWH 3HUVRQ ]X HLQHU EHVWLPPWHQ =HLW DQ HLQHP EH VWLPPWHQ 2UW DXIKlOW E]Z DXIJHKDOWHQ KDW HUKREHQ ZHUGHQ ,Q 5lXPHQ LQ GHQHQ VLFK GHU (LQ]HOQH UHJHOPlVVLJ OlQJHU DXIKlOW RGHU GLH HU ]XU 3IOHJH VHLQHU VR]LDOHQ .RQWDNWH ]XU .RPPXQLNDWLRQ PLW DQGHUHQ 3HUVRQHQ ]XU (UOHGLJXQJ SHUV|QOLFKHU $QJHOHJHQKHLWHQ ]XP $UEHLWHQ DP /DSWRS ]XP /HVHQ YRQ %FKHUQ RGHU VRQVW ZLH ]XU (QWIDOWXQJ VHLQHU 3HUV|QOLFKNHLW EHQW]W ZLUNW VLFK GLH 9LGHREHUZDFKXQJ LQ WHQVLYHU DXV DOV LQ 5lXPHQ LQ GHQHQ HU VLFK QXU NXU] DXIKlOW RGHU LQ GHQHQ W\SL VFKHUZHLVH NHLQ EHVRQGHUV SHUV|QOLFKNHLWVQDKHV 9HUKDOWHQ DQ GHQ 7DJ JHOHJW ZLUG 'HU (LQJULII LVW VRPLW LQWHQVLYHU ZHQQ )XVVJlQJHU]RQHQ $XVJDQJVYLHUWHO =XJVDEWHLOH :RKQTXDUWLHUH /HVHVlOH .DQWLQHQ GUDKWORVH ,QWHUQHW]XJULIIVSXQNWH :/$1+RWVSRWV HWZD DQ %DKQK|IHQ RGHU LQ |IIHQWOLFKHQ 3lUNHQ EHUZDFKW ZHU GHQ DOV EHL GHU hEHUZDFKXQJ HLQHU UHLQHQ 'XUFKJDQJVSDVVDJH RGHU 8QWHUIK UXQJ =X EHUFNVLFKWLJHQ LVW GDEHL LPPHU DXFK ZHOFKH 'LHQVWOHLVWXQJHQ LP EHUZDFKWHQ %HUHLFK DQJHERWHQ ZHUGHQ DXV GHUHQ ,QDQVSUXFKQDKPH VLFK 5FN VFKOVVH DXI EHVRQGHUV VHQVLWLYH 3HUV|QOLFKNHLWVEHUHLFKH GHV YRQ GHU hEHUZDFKXQJ %HWURIIHQHQ ]LHKHQ ODVVHQ =X GHQNHQ LVW HWZD DQ $LGV%HUDWXQJVVWHOOHQ VRQVWLJH PHGL]LQLVFKH RGHU SV\FKRORJLVFKH (LQULFKWXQJHQ )UDXHQKlXVHU 3IDQG RGHU /HLK KlXVHU RGHU HURWLVFKH (WDEOLVVHPHQWV (LQH 5ROOH VSLHOW HV DXFK RE VLFK ]% .LU FKHQ 6\QDJRJHQ 0RVFKHHQ *HULFKWH 6R]LDO RGHU 9RUPXQGVFKDIWVEHK|UGHQ RGHU *HIlQJQLVVH LP EHUZDFKWHQ %HUHLFK EHILQGHQ (V LVW GHVKDOE YRQ %HGHXWXQJ LQ ZHOFKHQ EHVRQGHUHQ .RPPXQLNDWLRQV XQG /HEHQVEHUHLFKHQ GHU (LQ]HOQH HUIDVVW EHREDFKWHW XQG UHJLVWULHUW ZLUG 'LH (LQJULIIVLQWHQVLWlW LVW DXFK GDYRQ DEKlQJLJ ZLH VFKQHOO GHU (LQ]HOQH GHQ EHUZDFKWHQ 2UW ZLHGHU YHUODVVHQ NDQQ E]Z ZLH VWDUN HU DXI GLH 1XW]XQJ GHV 2UWHV DQJHZLHVHQ XQG GDPLW JH]ZXQJHQ LVW VLFK GHU hEHUZD 9JO %*( ,, ( XQG %*( , ( 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0h//(56&+()(5 I )Q .,(1(5 .b/,1 IHUQHU *2/'6&+0,' VD %9HUI* %Y5 $EV1U II %9HUI* %Y5 $EV1U %9HUI* %Y5 $EV1U 76&+(17 6&+(5 %9HUI* %Y5 $EV1U 9JO :(,&+(57 9LGHREHUZDFKXQJ =,/.(16 %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 921 67(&+2: 921 =(=6&+:,7= 5] $*HU +DPEXUJ 8UWHLO YRP $SULO $] & %HFN56 $*HU %HUOLQ0LWWH 8UWHLO YRP 'H]HPEHU & 1-:55 II I VD %*HU 3 ( LQ %*( , XQSXEOL]LHUWH (UZlJXQJ ./$86(5 1DFKKDOWLJNHLW 9JO %$576&+ I %9*HU $ ( 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ FKXQJ DXV]XVHW]HQ 9RQ JURVVHU (LQJULIIVLQWHQVLWlW LVW HWZD GLH hEHUZDFKXQJ GHU %HQW]HU |IIHQWOLFKHU 9HUNHKUVPLWWHO DXI OlQJHUHQ 6WUHFNHQ RKQH GDVV GLHVHQ HU P|JOLFKW ZLUG VLFK LQ QLFKW EHUZDFKWH %HUHLFKH ]X EHJHEHQ )UDJOLFK LVW RE EHL GHU %HVWLPPXQJ GHU (LQJULIIVLQWHQVLWlW HLQHU hEHUZDFKXQJV PDVVQDKPH DXFK EHUFNVLFKWLJW ZHUGHQ PXVV ZLH YLHOH 3HUVRQHQ GXUFK VLH LQ LKUHP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ EHWURIIHQ ZHUGHQ ,Q GHU /HKUH ZLUG GLH $XIIDVVXQJ YHUWUHWHQ GDVV EHL GHU %HXUWHLOXQJ GHU 6FKZHUH HLQHV *UXQGUHFKWV HLQJULIIV LP $OOJHPHLQHQ GLH $Q]DKO GHU EHWURIIHQHQ 3HUVRQHQ QLFKW DXVVHU $FKW JH ODVVHQ ZHUGHQ NDQQ 'DV %XQGHVJHULFKW IKUW ]XU 9LGHREHUZDFKXQJ KLQJHJHQ DXV GHU GDGXUFK EHZLUNWH LQGLYLGXHOOH *UXQGUHFKWVHLQJULII ZLHJH ÄDQ VLFK QLFKW GHVKDOE VFKZHUHU ZHLO HLQH JURVVH $Q]DKO YRQ 3HUVRQHQ EHWURIIHQ LVW³ 'LHV VFKHLQW ± ]XPLQGHVW EH]RJHQ DXI GLH 9LGHREHUZDFKXQJ ± JUXQGVlW]OLFK ULFKWLJ ,QGHVVHQ LVW ]X EHUFNVLFKWLJHQ GDVV JHUDGH ZHLWUHLFKHQGH XQG XPIDQJUHLFKH VWDDW OLFKH hEHUZDFKXQJVPDVVQDKPHQ JHHLJQHW VLQG HLQ *HIKO GHV 0LVVEUDXFKV XQG GHV hEHUZDFKWZHUGHQV KHUYRU]XUXIHQ ZDV GHQ (LQ]HOQHQ LQ GHU 8QEHIDQJHQKHLW VHLQHV 9HUKDOWHQV EHVRQGHUV VWDUN ]X JHIlKUGHQ YHUPDJ 'LH (LQIKUXQJ HLQHU XPIDQJUHLFKHQ hEHUZDFKXQJ LVW GHVKDOE YRQ JU|VVHUHU *UXQGUHFKWVLQWHQVLWlW DOV GLH ,QVWDOODWLRQ HLQHU .DPHUD DQ HLQHP HLQ]LJHQ 6WUDVVHQDEVFKQLWW GD VLH DOV *HVDPW PDVVQDKPH GLH GXUFK GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ JHVFKW]WH 8QEHIDQJHQKHLW GHV 9HUKDOWHQV GHV (LQ]HOQHQ VWlUNHU EHHLQWUlFKWLJW =X EHDFKWHQ LVW LP :HLWHUHQ GDVV GXUFK GLH $Q]DKO GHU LQ GHQ |IIHQWOLFK ]XJlQJOLFKHQ 5DXP JH ULFKWHWHQ .DPHUDV JOHLFK]HLWLJ GLH +lXILJNHLW VWHLJW PLW ZHOFKHU GHU (LQ]HOQH HLQHU 'DWHQHUKHEXQJ DXVJHVHW]W ZLUG ZDV GLH ,QWHQVLWlW GHV *UXQGUHFKWVHLQJULIIV HEHQ IDOOV HUK|KW $XFK ZHQQ HLQH HLQ]HOQH .DPHUD IU VLFK DOOHLQH JHQRPPHQ QRFK NHL QH VFKZHUZLHJHQGH %HHLQWUlFKWLJXQJ GHU 3HUV|QOLFKNHLW (LQ]HOQHU ]XU )ROJH KDEHQ PDJ LVW HV JHUDGH GLH $XVGHKQXQJ XQG $XVZHLWXQJ GHU hEHUZDFKXQJ ZHOFKH GHQ 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] /$1* 3ULYDWH 9LGHREHUZD FKXQJ *5$6 hEHUZDFKXQJVJHVHOOVFKDIW I 921 67(&+2: $*HU %HUOLQ 0LWWH 8UWHLO YRP 'H]HPEHU & 1-:55 II VD %*HU 3 ( LQ %*( , XQSXEOL]LHUWH (UZlJXQJ 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] /$1* 3ULYDWH 9LGHREHUZD FKXQJ VD KLQWHQ 7HLO ,9 % E LL E 9JO 6&+()(5 *HIlKUGXQJ IHUQHU %$576&+ %h//(6)(/' 9LGHREHUZDFKXQJ |I IHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %9HUI* %Y5 $EV1U I 19Z= 9JO 6&+()(5 %HHLQWUlFKWLJXQJ I 6&+()(5 *HIlKUGXQJ I %*( , ( 6D GLH DEZHLFKHQGH 0HLQXQJ GHU 5LFKWHULQ +$$6 ]XP (QWVFKHLG GHV %9HUI* %Y5 $EV1U IHUQHU :h67(1%(5* 9JO %9HUI* %Y5 $EV1U %9HUI* %Y5 $EV1U %$576&+ I *g7= 5] NULWLVFK ]XP 6FKXW] YRU EHODVWHQGHQ *HIKOHQ GXUFK GDV LQIRUPD WLRQHOOH 6HOEVWEHVWLPPXQJVUHFKW DEHU %8// XQG II 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH (LQJULII YHUWLHIW 6RPLW OlVVW VLFK IHVWKDOWHQ GDVV DQ VLFK QLFKW GLH $Q]DKO GHU GXUFK HLQH 9LGHREHUZDFKXQJ %HWURIIHQHQ GLH (LQJULIIVLQWHQVLWlW JHJHQEHU GHP (LQ]HOQHQ HUK|KW VRQGHUQ HQWVFKHLGHQG LVW ZLH VWDUN GHU (LQ]HOQH VHOEVW GXUFK GDV $XVPDVV GHU hEHUZDFKXQJ XQG GLH $Q]DKO GHU GXUFK VLH EHZLUNWHQ LQGLYLGXHOOHQ *UXQGUHFKWVHLQJULIIH LQ VHLQHU GXUFK GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJ JHVFKW]WHQ 9HUKDOWHQV XQG (QWVFKHLGXQJVDXWRQRPLH EHUKUW ZLUG %HL GHU 3UIXQJ GHU (LQJULIIVLQWHQVLWlW XQG GDPLW OHW]WOLFK DXFK GHU =XPXWEDUNHLW QHXHU 9L GHREHUZDFKXQJVDQODJHQ PXVV GHVKDOE DXFK EHUFNVLFKWLJW ZHUGHQ ZLH YLHOH .D PHUDV LP (LQVDW] VWHKHQ XQG ZLH JURVV GDV EHUZDFKWH *HELHW LVW =X HLQHU HUKHEOLFKHQ 9HUWLHIXQJ GHV (LQJULIIV IKUW GHU (LQVDW] LQWHOOLJHQWHU 9L GHRV\VWHPH RGHU GLH 'XUFKIKUXQJ YRQ 'DWHQDEJOHLFKHQ =X HLQHU $EPLOGHUXQJ GHV (LQJULIIV NRPPW HV KLQJHJHQ GDQQ ZHQQ GDWHQVFKXW]I|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lVVLJHQ VRQGHUQ DXFK GLH P|JOLFKHQ PLVVEUlXFKOLFKHQ 9HUZHQ GXQJV]ZHFNH YRQ %HGHXWXQJ )U GLH )UDJH GHU (LQJULIIVLQWHQVLWlW LVW VRPLW DXFK HQWVFKHLGHQG ZLH JXW HLQHU PLVVEUlXFKOLFKHQ 9HUZHQGXQJ GHV %LOGPDWHULDOV GXUFK WHFKQLVFKH XQG RUJDQLVDWRULVFKH 6FKXW]YRUNHKUXQJHQ YRUJHEHXJW ZLUG $XFK VSLHOW HV HLQH HQWVFKHLGHQGH 5ROOH XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ GDV DXIJH]HLFK QHWH %LOGPDWHULDO JHVLFKWHW ZHUGHQ GDUI ,QVEHVRQGHUH LVW GDQDFK ]X GLIIHUHQ]LHUHQ RE GLH 9LVLRQLHUXQJ GHU $XI]HLFKQXQJHQ QXU EHL HLQHP YRUJHIDOOHQHQ 'HOLNW P|J OLFK LVW RGHU DQODVVORV RKQH QlKHUH 9RUDXVVHW]XQJHQ HWZD XP IHVW]XVWHOOHQ RE LP EHUZDFKWHQ %HUHLFK EHUKDXSW 6WUDIWDWHQ EHJDQJHQ ZRUGHQ VLQG /HW]WHUHV HU K|KW GLH (LQJULIIVLQWHQVLWlW PDVVLY XQG LVW GHQ %HWURIIHQHQ JUXQGVlW]OLFK QLFKW ]X 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II %b80/(5 :(,&+(57 9LGHREHUZDFKXQJ *5$6 hEHUZDFKXQJVJHVHOOVFKDIW I 58(**)/h&.,*(5129(0%(5./$86(5 )/h&.,*(5$8(5 %$80 5] XQG /$1* 3ULYDWH 9LGHREHUZDFKXQJ 2&+6(1)(/'5(33 %h//(6)(/' 9LGHREHUZD FKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I YJO ]X GLHVHQ (LQVDW]IRUPHQ YRUQH 7HLO , % 921 67(&+2: I :(,&+(57 9LGHREHUZDFKXQJ YJO GD]X DXFK YRUQH 7HLO , ' 9JO YRUQH 7HLO ,9 % 9JO %*( ,, ( %*( , ( I 9JO %*( , ( I %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 9*HU 6* 8UWHLO YRP 0DL ( GEE 6**93 I 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ %*( ,, ( 9*HU 6* 8UWHLO YRP 0DL ( GEE 6**93 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ PXWEDU $XFK PLW GHU 'DXHU GHU $XIEHZDKUXQJ GHV $XI]HLFKQXQJVPDWHULDOV VWHLJW GLH ,QWHQVLWlW GHV *UXQGUHFKWVHLQJULIIV 8PJHNHKUW YHUPLQGHUW VLFK GLH 6FKZHUH GHV (LQJULIIV ZHQQ GLH 'DWHQ XQPLWWHOEDU RGHU ]XPLQGHVW NXU] QDFK GHU $XI]HLFKQXQJ DXWRPDWLVFK JHO|VFKW ZHUGHQ 2E GDV %XQGHVJHULFKW LQ HLQHU WlJLJHQ $XIEHZDKUXQJVIULVW YRQ %LOGPDWHULDO DXV GHU hEHUZDFKXQJ HLQHV |I IHQWOLFKHQ 3ODW]HV HLQHQ VFKZHUHQ *UXQGUHFKWVHLQJULII HUEOLFNW JHKW DXV GHU 8U WHLOVEHJUQGXQJ QLFKW NODU KHUYRU GUIWH P( DEHU ]X YHUQHLQHQ VHLQ 9RQ JDQ] HQWVFKHLGHQGHU %HGHXWXQJ IU GLH )UDJH GHU ,QWHQVLWl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lW]OLFK KRKH (LQJULIIVLQWHQVLWlW DXI $XFK GXUFK OHJDOHV 9HUKDO WHQ NDQQ GHU 6WDDW QLFKW PHKU DXI 'LVWDQ] JHKDOWHQ ZHUGHQ 'D VLFK JHUDGH GLH 9L GHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ RKQH GDV %HVWHKHQ HLQHU NRQ NUHWHQ *HIDKU RGHU HLQHV 7DWYHUGDFKWV DXFK DXI VROFKH 3HUVRQHQ HUVWUHFNW ZHOFKH 9JO KLQWHQ 7HLO ,9 & %*( , ( YJO IHUQHU %*HU 3 ( LQ %*( , XQSXEOL]LHUWH (UZlJXQJ %*( ,, ( ('6% 7% 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 58(**)/h&.,*(5129(0%(5./$86(5 )/h&.,*(5$8(5 %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] YJO VRGDQQ KLQWHQ 7HLO ,9 & 'LH $XIEHZDKUXQJVIULVW LVW ]ZDU HLQ ZLFKWLJHV DEHU QLFKW GDV SULPlU HQWVFKHLGHQGH .ULWHULXP ]XU %HVWLPPXQJ GHU (LQJULIIVLQWHQVLWlW D$ IU GDV GHXWVFKH 5HFKW DEHU 0$;,0,1, I II 6LHKH %*( , ( ZR GDV %XQGHVJHULFKW DXVIKUW Ä(LQH OlQJHUH $XIEHZDKUXQJV GDXHU VWHOOW EHUHLWV SHU VH HLQHQ VFKZHUHU ZLHJHQGHQ (LQJULII LQ GDV YRQ $UW $EV %9 JH VFKW]WH LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJVUHFKW GDU XQG HUK|KW GLH *HIDKU HLQHU PLVVEUlXFK OLFKHQ 9HUZHQGXQJ GHU 9LGHRDXI]HLFKQXQJHQ ,QVRZHLW NRPPW GHU YRP 3ROL]HLUHJOHPHQW YRUJHVHKHQHQ $XIEHZDKUXQJVGDXHU YRQ 7DJHQ LP 9HUJOHLFK PLW GHU YRP 'HSDUWHPHQW YRUJHVHKHQHQ 'DXHU YRQ OHGLJOLFK 7DJHQ HLQH QLFKW XQHUKHEOLFKH %HGHXWXQJ ]X³ 8QG LQ ( KlOW HV IHVW Ä=XVDPPHQIDVVHQG HUJLEW VLFK GDVV HLQH $XIEHZDKUXQJVGDXHU YRQ 7DJHQ IU GLH YRQ GHQ $XI]HLFKQXQJHQ %HWURIIHQHQ HLQHQ QLFKW XQHUKHEOLFKHQ *UXQGUHFKWV HLQJULII EHGHXWHW REHQ ( >«@³ +HUY G 9HUI +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 YHUVWHKW GLH $XVIKUXQJHQ LQ ( KLQJHJHQ VR GDVV ÄGDV %XQGHVJHULFKW GLH $XIEHZDKUXQJ GHU 9LGHRDXI]HLFKQXQJHQ ZlKUHQG 7DJHQ DOV VFKZHUZLHJHQGH *UXQG UHFKWVHLQVFKUlQNXQJ³ EHXUWHLOW %9HUI* %Y5 $EV1U %9HUI* %Y5 $EV1U I 19Z= %9HUI* %Y5 $EV1U II .811(57 %$(5,6:</ 9LGHREHUZD FKXQJ 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ZHGHU 6W|UHU QRFK WDWYHUGlFKWLJ VLQG ZHLVW VLH HLQH JUXQGVlW]OLFK KRKH (LQJULIIVLQ WHQVLWlW DXI 'LH XPVWULWWHQH )UDJH RE HLQH 9LGHREHUZDFKXQJ HLQHQ VFKZHUHQ RGHU EORVV OHLFKWHQ *UXQGUHFKWVHLQJULII GDUVWHOOW OlVVW VLFK DXIJUXQG GHU ]DKOUHLFKHQ ]X EH UFNVLFKWLJHQGHQ )DNWRUHQ VRPLW QLFKW LQ DOOJHPHLQHU :HLVH EHDQWZRUWHQ 'HU 8P VWDQG GDVV GLH 9LGHREHUZDFKXQJ DQODVVORV HLQH 9LHO]DKO YRQ 0HQVFKHQ DOOHLQH DXIJUXQG GHV 8PVWDQGV HUIDVVW GDVV VLH VLFK LQ HLQHP EHVWLPPWHQ 5DXP EHILQGHQ GLH 7DWVDFKH GDVV GLH 9LGHREHUZDFKXQJ JUXQGVlW]OLFK JHHLJQHW LVW HLQH 9LHO]DKO YRQ 9HUKDOWHQVZHLVHQ ]X 7DJH ]X I|UGHUQ XQG GLH 3UREOHPDWLN GDVV ± LQVEHVRQGHUH EHL GHU $XI]HLFKQXQJ ± YLHOIlOWLJH 0|JOLFKNHLWHQ GHU 9HUZHQGXQJ %HDUEHLWXQJ XQG 9HUNQSIXQJ GHV HUKREHQHQ %LOGPDWHULDOV PLW DQGHUHQ $QJDEHQ EHVWHKHQ XQG ± QDPHQWOLFK EHL GHU 9LGHREHREDFKWXQJ ± GLH *HIDKU HLQHU YR\HXULVWLVFK PRWLYLHUWHQ 'DWHQEHVFKDIIXQJ H[LVWLHUW VSULFKW DEHU IU HLQH JUXQGVlW]OLFK KRKH (LQJULIIVLQWHQ VLWlW 'HU KlXILJH )DOO GHU SROL]HLOLFKHQ 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H VWHOOW DEHU P( DXFK EHL HLQHU ± YRP %XQGHVJHULFKW DOV JUXQGVlW]OLFK YHUKlOWQLVPlVVLJ EHXUWHLOWHQ ± $XIEHZDKUXQJVIULVW GHV $XI]HLFKQXQJVPDWHULDOV YRQ 7DJHQ GDQQ NHLQHQ VFKZHUHQ (LQJULII GDU ZHQQ GLH 'DWHQ YRU PLVVEUlXFK OLFKHU 9HUZHQGXQJ HIIHNWLY JHVFKW]W VLQG GDV *HVFKHKHQ QLFKW JOHLFK]HLWLJ LQ (FKW]HLW EHREDFKWHW ZLUG HLQH 6LFKWXQJ XQG $XVZHUWXQJ GHV %LOGPDWHULDOV HLQ]LJ EHL HLQHU YRUJHIDOOHQHQ 6WUDIWDW ]XOlVVLJ LVW XQG LP EHUZDFKWHQ %HUHLFK W\SLVFKHU ZHLVH NHLQ EHVRQGHUV SHUV|QOLFKNHLWVQDKHV 9HUKDOWHQ DQ GHQ 7DJ JHOHJW ZLUG 'DV EHGHXWHW GDVV GLH QlFKWOLFKH 9LGHREHUZDFKXQJ HLQHV 3DUNV RGHU GLH 9LGHREHU %9HUI* %Y5 $EV1U I 19Z= %$(5,6:</ 9LGHREHUZDFKXQJ '6.)/ (QWVFKHLGXQJ YRP $SULO '6. ( 0,77(/%(5*(5 9LGHR EHUZDFKXQJ .811(57 %$576&+ II %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] VD %9HUI* %Y5 $EV1U II IHUQHU %9HUI* %Y5 $EV1U VD KLQWHQ 7HLO 9, XQG 7HLO ,9 % 9JO 0h//(56&+()(5 GLH LQ GHU 9LGHREHUZDFKXQJ YRQ (LVHQEDKQ]JHQ XQG DQODJHQ JUXQGVlW]OLFK HLQHQ VFKZHUHQ (LQJULII LQ GLH LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DQQHKPHQ DXFK %$(5,6:</ 9LGHREHUZDFKXQJ XQG %$80 5] HUEOLFNHQ LQ GHU 9LGHREHUZD FKXQJ JUXQGVlW]OLFK HLQHQ VFKZHUHQ (LQJULII 'HU %HU 9LGHREHUZDFKXQJ KlOW IHVW ÄGDVV GLH SHUPDQHQWH GLVVXDVLYH (UIDVVXQJ YRQ %LOGGDWHQ GLH PLW HLQHU OlQJHUHQ $XIEHZDKUXQJ $XVZHUWXQJ XQG Q|WLJHQIDOOV QDFKIROJHQGHU :HLWHUEHDUEHLWXQJ ]X UHSUHVVLYHQ =ZHFNHQ YHU EXQGHQ LVW HLQHQ VFKZHUHQ (LQJULII LQ GLH *UXQGUHFKWH GDUVWHOOHQ NDQQ³ )U HLQHP VFKZHUHQ (LQJULII LQ GLH SHUV|QOLFKH )UHLKHLW GXUFK 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP DXFK '6% 6WDGW =ULFK 7% IHUQHU '6% %/ 0HUNEODWW 9LGHREHUZDFKXQJ =LII )U GDV GHXWVFKH 5HFKW YJO %9HUI* %Y5 $EV1U II 19Z= 921 =(=6&+:,7= 5] VD YRUQH )Q XQG 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ XQG GHU LQ 0DVVQDKPHQ GHU 9LGHR DXI]HLFKQXQJ ÄNHLQH VFKZHUZLHJHQGH %HHLQWUlFKWLJXQJ GHU LQIRUPDWLRQHOOHQ 6HOEVWEHVWLP PXQJ³ HUEOLFNW ZHQQ GLH $XI]HLFKQXQJHQ QXU EHL $QKDOWVSXQNWHQ IU HLQ 'HOLNW YLVLRQLHUW ZHUGHQ XQG GLH $XI]HLFKQXQJHQ QDFK NXU]HU =HLW ZLHGHU YHUQLFKWHW ZHUGHQ VD YRUQH )Q XQG 9JO %9HUI* %Y5 $EV1U 19Z= %b80/(5 %*( , ( GD]X DXFK KLQWHQ 7HLO ,9 & 'DV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ ZDFKXQJ YRQ 8QWHUIKUXQJHQ RGHU 'XUFKJDQJVVWUDVVHQ NHLQHQ VFKZHUHQ *UXQG UHFKWVHLQJULII GDUVWHOOW $QGHUV LVW GLHV MHGRFK ZHQQ ]HQWUDOH LQQHUVWlGWLVFKH 3OlW]H RGHU 6WUDVVHQ YLGHREHUZDFKW ZHUGHQ ZHOFKH YRQ GHQ %UJHULQQHQ XQG %UJHUQ EHVRQGHUV VWDUN ]XU 3HUV|QOLFKNHLWVHQWIDOWXQJ JHQXW]W ZHUGHQ HWZD XP VLFK PLW DQ GHUHQ 0HQVFKHQ ]X WUHIIHQ ]X VSD]LHUHQ LQ HLQHP 6WUDVVHQFDIp ]X VLW]HQ 'DUELH WXQJHQ ]X JHEHQ RGHU JHVHOOVFKDIWOLFKH RGHU SROLWLVFKH $QOLHJHQ ]X YHUEUHLWHQ +LHU ZLUG P( GLH 6FKZHOOH ]X HLQHP VFKZHUHQ *UXQGUHFKWVHLQJULII VRZRKO GXUFK 9LGHRDXI]HLFKQXQJV DOV DXFK GXUFK 9LGHREHREDFKWXQJVPDVVQDKPHQ EHUVFKULWWHQ ZHQQ DXFK QXU NQDSS =X EHUFNVLFKWLJHQ LVW GDVV MHGH ZHLWHUH %HDUEHLWXQJ GHU PLWWHOV 9LGHREHUZD FKXQJ EHVFKDIIWHQ 'DWHQ HLQHQ HUQHXWHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDUVWHOOW -HGHU HLQ]HOQH 'DWHQEHDUEHLWXQJVVFKULWW NDQQ ZLHGH UXP YRQ XQWHUVFKLHGOLFKHU WHLOV KRKHU *UXQGUHFKWVLQWHQVLWlW VHLQ 'DUDXI ZLUG LQV EHVRQGHUH EHL GHU )UDJH GHU =XPXWEDUNHLW GHU %HNDQQWJDEH $XVZHUWXQJ $XIEH ZDKUXQJ XQG 9HU|IIHQWOLFKXQJ GHV HUKREHQHQ %LOGPDWHULDOV QlKHU HLQ]XJHKHQ VHLQ =X GHQNHQ LVW HWZD DQ GHQ %lUHQSODW] XQG GHQ :DLVHQKDXVSODW] LQ %HUQ GHQ 0DUNWSODW] LQ 6W *DOOHQ GLH %DKQKRIVWUDVVH LQ =ULFK RGHU GHQ %DUIVVHUSODW] LQ %DVHO 9RUQH 7HLO ,9 % 'D]X KLQWHQ 7HLO ,9 & 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 9 3HUV|QOLFKH )UHLKHLW $ %HPHUNXQJHQ ]X GHQ 6FKXW]JHKDOWHQ 0LW GHU QHXHQ %9 IDQGHQ GLH XQWHU GHU D%9 LP =XVDPPHQKDQJ PLW GHP XQJH VFKULHEHQHQ *UXQGUHFKW DXI SHUV|QOLFKH )UHLKHLW HQWZLFNHOWHQ $QVSUFKH LQ YHU VFKLHGHQHQ 9HUIDVVXQJVEHVWLPPXQJHQ LKUH DXVGUFNOLFKH 9HUDQNHUXQJ ,Q $UW $EV %9 ZLUG QXQPHKU GLH SHUV|QOLFKH )UHLKHLW LH6 YHUDQNHUW 'DV %XQGHVJHULFKW EH]HLFKQHW GLH GXUFK $UW $EV %9 JDUDQWLHUWH SHUV|QOLFKH )UHLKHLW DOV ÄYHUIDVVXQJVUHFKWOLFKH *UXQGJDUDQWLH ]XP 6FKXW] GHU 3HUV|QOLFKNHLW³ XQG DOV ÄIXQGDPHQWDOHV ,QVWLWXW GHU 5HFKWVRUGQXQJ³ 'LH SHUV|QOLFKH )UHLKHLW EH WULIIW ÄLQ XQPLWWHOEDUHU :HLVH GLH ,QWHJULWlW GHV 0HQVFKHQ LQ LKUHQ YHUVFKLHGHQHQ (UVFKHLQXQJVIRUPHQ³ XQG JDUDQWLHUW LQ JUXQGVlW]OLFKHU XQG DOOJHPHLQHU :HLVH GLH Ä$FKWXQJ GHU 3HUV|QOLFKNHLW³ 1HEHQ GHU N|USHUOLFKHQ 8QYHUVHKUWKHLW VR ZLH GHU %HZHJXQJVIUHLKHLW VFKW]W VLH LQVEHVRQGHUH DXFK GLH JHLVWLJH 8QYHU VHKUWKHLW 'DPLW VLFKHUW VLH GLH :LOOHQV XQG (QWVFKHLGXQJVIUHLKHLW GHV (LQ]HOQHQ XQG HQWKlOW GDPLW HLQ 5HFKW DXI LQGLYLGXHOOH 6HOEVWEHVWLPPXQJ ]XPLQGHVW LQ GHQ IU GLH 3HUV|QOLFKNHLWVHQWIDOWXQJ ]HQWUDOHQ %HUHLFKHQ 8QWHU GHP 6FKXW] YRQ $UW $EV %9 VWHKW DXFK GLH )UHLKHLW PLW DQGHUHQ 0HQVFKHQ %H]LHKXQJHQ ]X NQSIHQ XQG DP VR]LDOHQ /HEHQ WHLO]XQHKPHQ 'LH SHUV|QOLFKH )UHLKHLW HQWKlOW 'D]X 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] I +b)(/,1+$//(5.(//(5 5] I %*( , ( %*HU 3 ( %*( ,, ( %*( , ( D +b)(/,1+$//(5.(//(5 5] %*( ,, ( %*( , ( %*( , ( %*( , ( IHUQHU %*( , ( %*( , ( 9JO KLQWHQ 7HLO 9 ' 'LH N|USHUOLFKH ,QWHJULWlW ZLUG DXFK GXUFK $UW (05. JHVFKW]W YJO 0h//(56&+()(5 )Q ,P %HUHLFK GHU (05. HUIlKUW GLH N|USHUOLFKH 8QYHUVHKUWKHLW LQGHVVHQ DXFK GXUFK DQGHUH *DUDQWLHQ 6FKXW] QDPHQWOLFK GXUFK GDV LQ $UW (05. YHUDQ NHUWH 5HFKW DXI /HEHQ XQG GDV LQ $UW (05. VWDWXLHUWH 9HUERW YRQ )ROWHU XQG XQPHQVFKOL FKHU RGHU HUQLHGULJHQGHU %HKDQGOXQJ YJO *5$%(1:$57(5 5] I :,/'+$%(5 %5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] +LQWHQ 7HLO 9 & $XFK LQ $UW $EV 8123DNW ,, VRZLH LQ $UW =LII GHV ± YRQ GHU 6FKZHL] DOOHUGLQJV QLFKW XQWHU]HLFKQHWHQ ± =3 1U ]XU (05. ZLUG MHGHU 3HUVRQ GLH VLFK UHFKWPlVVLJ LP +RKHLWVJHELHW HLQHV 9HUWUDJVVWDDWHV DXIKlOW GDV 5HFKW JDUDQWLHUW ÄVLFK GRUW IUHL ]X EHZHJHQ³ (LQ 5HFKW DXI %HZHJXQJVIUHLKHLW NDQQ DOOHUGLQJV DXFK $VSHNW GHV GXUFK $UW (05. JHVFKW]WHQ 3ULYDWOHEHQV VHLQ YJO (*05 8UWHLO YRP 'H]HPEHU L6 øOHWPLú JHJHQ 7UNHL 1U (&+5 ;,, =LII 0h//(56&+()(5 %*( , ( %*( , ( %*( , ( D 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II %,$**,1, .RPP ]X $UW %9 5] I %RWVFK 9( %*( , ( 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 3HUV|QOLFKH )UHLKHLW JUXQGVlW]OLFK DXFK HLQ 5HFKW LQ GHU gIIHQWOLFKNHLW DOOHLQH E]Z XQEHREDFKWHW JH ODVVHQ ]X ZHUGHQ (LQH DOOJHPHLQH +DQGOXQJVIUHLKHLW ZLUG GXUFK $UW $EV %9 LQGHVVHQ QLFKW JD UDQWLHUW 'LH SHUV|QOLFKH )UHLKHLW OlVVW VLFK QLFKW JHJHQ MHGHQ VWDDWOLFKHQ $NW DQUX IHQ GHU VLFK LUJHQGZLH DXI GLH SHUV|QOLFKH /HEHQVJHVWDOWXQJ GHV (LQ]HOQHQ DXV ZLUNW RGHU HLQ JHULQJIJLJHV ± SK\VLVFKHV RGHU SV\FKLVFKHV ± 0LVVEHKDJHQ DXVO|VW *HVFKW]W VLQG GHVKDOE QXU GLHMHQLJHQ %HUHLFKH SHUV|QOLFKHU /HEHQVJH VWDOWXQJ ZHOFKH ÄHOHPHQWDUH (UVFKHLQXQJHQ³ GHU 3HUV|QOLFKNHLWVHQWIDOWXQJ ELO GHQ *DUDQWLHUW ZLUG LPPHUKLQ ÄHLQ 0LQGHVWPDVV DQ SHUV|QOLFKHU (QWIDOWXQJV P|JOLFKNHLW³ % 9LGHREHUZDFKXQJVPDVVQDKPHQ XQG GLH SHUV|QOLFKH )UHLKHLW LP $OOJHPHLQHQ =X EHUFNVLFKWLJHQ LVW GDVV JHUDGH GLH VWDDWOLFKH ,QIRUPDWLRQVEHDUEHLWXQJ JHHLJQHW LVW HLQH %HHLQWUlFKWLJXQJ HOHPHQWDUHU (UVFKHLQXQJVIRUPHQ GHU 3HUV|QOLFKNHLW ]X EHZLUNHQ $Q VLFK ELHWHW GHVKDOE VFKRQ GLH SHUV|QOLFKH )UHLKHLW 6FKXW] YRU 0DVV QDKPHQ VWDDWOLFKHU 9LGHREHUZDFKXQJ (QWVSUHFKHQGHV JLOW IU GHQ ZHLWHUHQ 8PJDQJ PLW GHP 'DWHQPDWHULDO ZLH HWZD GLH 'DWHQEHNDQQWJDEH RGHU GLH 9HU|I IHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ LP 5DKPHQ HLQHU )DKQGXQJ ,VW DEHU HLQH VSH]LILVFKH *HZlKUOHLVWXQJ EHWURIIHQ VR UlXPW GDV %XQGHVJHULFKW GHU $QZHQGXQJ GHU VSH]LHOOHUHQ 1RUP GHQ 9RUUDQJ HLQ ,Q )UDJHQ GHV 'DWHQVFKXW]HV LVW QDFK GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ SULPlU $UW $EV %9 EHWURI IHQ ZHOFKHU DOV VSH]LHOOH 6FKXW]QRUP GHU 3ULYDWVSKlUH YRU ÄVSH]LILVFKHQ %HGUR 9JO )/h&.,*(5$8(5 58(**)/h&.,*(5129(0%(5./$86(5 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %$(5,6:</ 9LGHREHUZD FKXQJ VD .,(1(5.b/,1 YJO IHUQHU YRUQH 7HLO ,9 $ %*( , ( %*( , ( %*( , ( %*( , ( %*( , ( D PZ+ ,QGHVVHQ LVW ]X EHUFNVLFKWLJHQ GDVV HLQ (LQJULII LQ GLH GXUFK $UW $EV %9 HEHQIDOOV JDUDQWLHUWH N|USHUOLFKH 8QYHUVHKUWKHLW QLFKW YRUDXVVHW]W GDVV GHU %HWURIIHQH DQ VHLQHP .|USHU JHVFKlGLJW ZLUG RGHU LKP 6FKPHU]HQ YHUXUVDFKW ZHUGHQ LP (LQ]HOQHQ KLQWHQ 7HLO 9 ' %*( , ( %*( , ( %*( , ( D PZ+ JUXQGOHJHQG %*( , ( NULWLVFK %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO HWZD %*( , ( %*( , ( D PZ+ 081' I 9JO )/h&.,*(5$8(5 58(**)/h&.,*(5129(0%(5./$86(5 /e9< .,(1(5.b/,1 %8&+(5+b**, %$(5,6:</ 'DWHQVFKXW]UHFKW XQG 6SRUW I RIIHQ JHODVVHQ LP 8UWHLO GHV 9*HU 6* YRP 0DL ( D 6**93 %8&+(5+b**, %*( , ( %*( , ( D %*( , ( EEE GD]X DXFK 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] XQG %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH KXQJVIRUPHQ³ YRUUDQJLJ ]X EHDFKWHQ LVW 6R JHVHKHQ JHKW GLH SHUV|QOLFKH )UHLKHLW ± VRZHLW 'DWHQEHDUEHLWXQJHQ LQ )UDJH VWHKHQ ± LP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DXI 0DVVQDKPHQ GHU SHUVRQHQEH]RJHQHQ 9LGHREHUZDFKXQJ VLQG VRPLW LQ HUVWHU /LQLH XQWHU GHP *HVLFKWVSXQNW YRQ $UW $EV %9 ]X SU IHQ ,Q HLQHP ]XU 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP HUJDQJHQHQ (QW VFKHLG OlVVW GDV %XQGHVJHULFKW DOOHUGLQJV RIIHQ RE $UW $EV %9 QLFKW ]XPLQ GHVW KLQVLFKWOLFK GHU ÄDOOJHPHLQHQ hEHUZDFKXQJ³ EHWURIIHQ LVW 2EZRKO HV DQJHVLFKWV VLFK EHUVFKQHLGHQGHU 6FKXW]EHUHLFKH ULFKWLJHUZHLVH QLFKW DXVJHVFKORV VHQ EOHLEW $UW $EV %9 DXFK EHLP %HWURIIHQVHLQ YRQ $UW %9 DQ]XUXIHQ EOHLEW P( EHL 9LGHREHUZDFKXQJVPDVVQDKPHQ ± XQG VHLHQ VLH QRFK VR DOOJHPHLQ RGHU JURVVIOlFKLJ ± GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ HLQVFKOlJLJ 0LW GHP $XVPDVV GHU 9LGHREHUZDFKXQJ VWHLJW MHGRFK GLH ,QWHQVLWlW GHV (LQJULIIV LQ $UW $EV %9 $UW $EV %9 LVW DEHU MHGHQIDOOV GDQQ GLUHNW PLWDQ]XUXIHQ VRZHLW GXUFK GLH VWDDWOLFKH ,QIRUPDWLRQVYHUDUEHLWXQJ HLQ (LQJULII LQ GDV 5HFKW DXI %HZHJXQJVIUHL KHLW RGHU LQ GLH N|USHUOLFKH ,QWHJULWlW JHOWHQG JHPDFKW ZLUG 6HOEVWlQGLJH %H GHXWXQJ YHUPDJ GLH LQ $UW $EV %9 HQWKDOWHQH *DUDQWLH GHU JHLVWLJHQ 8QYHU VHKUWKHLW DXFK GDQQ ]X HUUHLFKHQ ZHQQ VLFK GHU (LQ]HOQH JHJHQ HLQH EORVV YRUJH YRUJHVSLHJHOWH hEHUZDFKXQJ ]% GXUFK .DPHUDDWWUDSSHQ ]XU :HKU VHW]HQ ZLOO ZHQQ DOVR PDQJHOV 'DWHQHUKHEXQJ GHU 6FKXW]EHUHLFK YRQ $UW $EV %9 QLFKW HU|IIQHW LVW $XFK GDQQ ZHQQ HLQH %HHLQWUlFKWLJXQJ GHU 3HUV|QOLFKNHLW LKUHQ 8U VSUXQJ QLFKW PHKU QXU LQ HLQHU PLVVEUlXFKOLFKHQ RGHU XQYHUKlOWQLVPlVVLJHQ 'DWHQ EHDUEHLWXQJ KDW ZLH ]% ZHQQ MHPDQG PLW GHU 9HU|IIHQWOLFKXQJ YRQ %LOGPDWHULDO ± %*( , ( %*HU 3 ( %*HU &B ( IHUQHU %*( , ( D VD ('6. 8UWHLO YRP $SULO 93% 1U ( LQIRUPDWLRQHO OH 6HOEVWEHVWLPPXQJ DOV $VSHNW GHU SHUV|QOLFKHQ )UHLKHLW 9JO GHPJHJHQEHU DEHU %*( , ( ZR GDV %XQGHVJHULFKW XQJHDFKWHW YRQ $UW $EV %9 IHVWJHVWHOOW KDW GDVV ÄGDV 6DPPHOQ GLH %HDUEHLWXQJ XQG GLH $XIEHZDKUXQJ YRQ 3HUVRQHQGDWHQ GXUFK GLH 9HUZDO WXQJ >«@ HLQHQ (LQJULII LQ GLH SHUV|QOLFKH )UHLKHLW GDU>VWHOOHQ@³ GD]X DXFK %,$**,1, .RPP ]X $UW %9 5] 0h//(5 -3 5] %*( , ( 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I .,(1(5.b/,1 YJO IHUQHU 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] I %*( , ( 9JO %,$**,1, .RPP ]X $UW %9 5] XQG ]X $UW %9 5] %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] VD GHQ ]XU 9LGHREHUZDFKXQJ HUJDQJHQHQ (QWVFKHLG %*( , ( Ä'LHVHU %HVWLPPXQJ >$UW %9 G 9HUI@ NRPPW ± SDUDOOHO ]X $UW $EV %9 ± HLQH DXI HLQHQ VSH]LHOOHQ 6FKXW] DXVJHULFKWHWH %HGHX WXQJ ]X³ >+HUY G 9HUI@ 9JO YRUQH 7HLO ,9 ' +LQWHQ 7HLO 9 & +LQWHQ 7HLO 9 ' 6LHKH YRUQH 7HLO ,9 $ XQG )Q 'HQNEDU LVW DOOHUGLQJV DXFK HLQH %HUXIXQJ DXI $UW $EV %9 YJO %*HU &B ( XQG ZLHGHUXP YRUQH )Q 3HUV|QOLFKH )UHLKHLW HWZD LP ,QWHUQHW ± UHJHOUHFKW DQJHSUDQJHUW EORVVJHVWHOOW RGHU JHGHPWLJW ZHUGHQ VROO YHUPDJ GLH SHUV|QOLFKH )UHLKHLW GDJHJHQ ]XVlW]OLFKHQ 6FKXW] ]X ELHWHQ =X EHUFNVLFKWLJHQ LVW VFKOLHVVOLFK GDVV DXFK GHU (LQVDW] YRQ 9LGHREHUZDFKXQJ GXUFK QDWUOLFKH 3HUVRQHQ GXUFK GLH SHUV|QOLFKH )UHLKHLW JHVFKW]W VHLQ NDQQ 6R ZLH DXFK *HVXQGKHLWVEHGUIQLVVH DOV GXUFK GLH SHUV|QOLFKH )UHLKHLW JHVFKW]WH JUXQGOHJHQGH $VSHNWH GHV /HEHQV JHOWHQ PVVHQ DXFK HOHPHQWDUH 6LFKHUKHLWV EHGUIQLVVH YRP 6FKXW]EHUHLFK GHU SHUV|QOLFKHQ )UHLKHLW XPIDVVW VHLQ *HVHW]OLFKH 9HUERWH RGHU %HVFKUlQNXQJHQ GDV HLJHQH 3ULYDWJUXQGVWFN ]XP 6FKXW] DXFK GHU HLJHQHQ 3HUVRQ PLWWHOV 9LGHRNDPHUDV ]X EHUZDFKHQ N|QQHQ GHVKDOE HLQHQ (LQ JULII LQ $UW $EV %9 GDUVWHOOHQ 'LHV JLOW P( DXFK GDQQ ZHQQ GHQ 3ULYD WHQ QXU XQWHUVDJW ZLUG $XVVFKQLWWH DXV GHP |IIHQWOLFKHQ 5DXP PLW 9LGHRNDPHUDV ]X EHUZDFKHQ ]XPLQGHVW LQ GHQMHQLJHQ )lOOHQ LQ GHQHQ GLH %HZRKQHU HUQVWKDIWHQ *HIlKUGXQJHQ GXUFK 'ULWWH DXVJHVHW]W VLQG XQG HLQH 0LWEHUZDFKXQJ GHV ± ]% GHP SULYDWHQ (LQJDQJVEHUHLFK ± YRUJHODJHUWHQ |IIHQWOLFKHQ 5DXPHV DOV ]ZLQJHQG QRWZHQGLJ HUVFKHLQW XP VROFKHQ %HGURKXQJHQ EHJHJQHQ ]X N|QQHQ 'LHVEH]J OLFK LVW DXFK DXI GLH EXQGHVJHULFKWOLFKH 5HFKWVSUHFKXQJ ]XU )UDJH GHV :DIIHQEHVLW ]HV XQG :DIIHQWUDJHQV KLQ]XZHLVHQ ZHOFKH LP (UJHEQLV VR ]XVDPPHQ]XIDVVHQ LVW GDVV GDV 7UDJHQ XQG 0LWIKUHQ YRQ 6FKXVVZDIIHQ LQ GHU gIIHQWOLFKNHLW ± ]XPLQGHVW VRZHLW HV ]XP 6FKXW] GHU HLJHQHQ 3HUVRQ HUIROJW ± XQWHU GHP 6FKXW] GHU SHUV|QOL FKHQ )UHLKHLW VWHKHQ NDQQ 6RZHLW GLH 9LGHREHUZDFKXQJ ]XP 6FKXW] HLJHQHU 9JO %8&+(5+b**, XQG KLQWHQ 7HLO ,9 & 1LFKW DXVJHVFKORVVHQ LVW ± QHEHQ $UW $EV %9 ± LQGHVVHQ DXFK HLQH $QUXIXQJ YRQ $UW $EV %9 =XP 6FKXW] JHJHQ EHU VROFKHQ %ORVVVWHOOXQJHQ XQG 'HPWLJXQJHQ GXUFK GLH 0HQVFKHQZUGH YJO YRUQH 7HLO ,, VD KLQWHQ 7HLO ,9 & 9JO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 'HQNEDU LVW DXFK GLH $QUXIXQJ YRQ $UW $EV %9 Ä5HFKW DXI /HEHQ³ 9JO IU GDV GHXWVFKH 5HFKW /$1* 3ULYDWH 9LGHREHUZDFKXQJ %9HUI*( EHWUHIIHQG $UW (05. YJO 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH ,, =LII Ä>«@ D SULYDWH SHUVRQ PD\ KDYH DQ LQWHUHVW WR LQWUXVLYHO\ VFUXWLQLVH D SXEOLF SODFH ZLWK D YLHZ WR SURWHFWLQJ KLV RU KHU SURSHUW\ DQGRU HQVXULQJ VHFXULW\ RU RQO\ WR SUHYHQW GLVRUGHU DQG FULPH RU VRPH RI KLVKHU ULJKWV³ 6D YRUQH 7HLO ,,, % ,Q %*( ,D ( lXVVHUW GDV %XQGHVJHULFKW ]ZDU =ZHLIHO GDVV HLQH %HVFKUlQNXQJ GHV :DIIHQWUDJHQV DXI |IIHQWOLFKHP *UXQG GLH SHUV|QOLFKH )UHLKHLW EHUKUW (V EHJUQGHW GLHV ]XP HLQHQ GDPLW GDVV GDV 7UDJHQ HLQHU )HXHUZDIIH NDXP DOV HOHPHQWDUH (UVFKHLQXQJ GHU 3HU V|QOLFKNHLW EH]HLFKQHW ZHUGHQ N|QQH =XP DQGHUHQ OLHVVH VLFK VFKZHUOLFK EHKDXSWHQ GDVV GDV %HZLOOLJXQJVHUIRUGHUQLV IU GDV 7UDJHQ YRQ :DIIHQ DXI |IIHQWOLFKHP *UXQG GLH N|USHUOLFKH ,QWHJULWlW GHU EHWURIIHQHQ 3HUVRQHQ XQPLWWHOEDU LQ )UDJH VWHOOH Ä>@ RQ SHXW GLIILFLOHPHQW VRX WHQLU TXH OD OLPLWDWLRQ DSSRUWpH j OD IDFXOWp GH VH GpSODFHU DUPp VXU OD YRLH SXEOLTXH PHWWH GL UHFWHPHQW HQ FDXVH O LQWpJULWp FRUSRUHOOH GH O LQGLYLGX³ 'LH )UDJH RE HLQ 9HUERW :DIIHQ DXI |IIHQWOLFKHP *UXQG ]X WUDJHQ GLH SHUV|QOLFKH )UHLKHLW EHUKUW ZLUG DEHU OHW]WOLFK RIIHQ JHODV VHQ ,Q %*( ,D ( E 3UD 1U QLPPW GDV %XQGHVJHULFKW GLHVH 5HFKWVSUH FKXQJ DXI XQG VWHOOW IHVW GDVV GHU IUHLH (UZHUE HLQHU KDOEDXWRPDWLVFKHQ :DIIH ]X (LJHQWXP NHLQH HOHPHQWDUH (UVFKHLQXQJVIRUP GHU 3HUV|QOLFKNHLW GDUVWHOOH (V OlVVW DEHU RIIHQ RE HLQ VROFKHU (UZHUE GDQQ XQWHU GHQ 6FKXW] GHU SHUV|QOLFKHQ )UHLKHLW IlOOW ZHQQ HU PLW GHP 6FKXW] GHU N|USHUOLFKHQ ,QWHJULWlW XQG GHU SHUV|QOLFKHQ +DEH EHJUQGHW ZRUGHQ ZlUH ,Q %*( ,D ( E VWHOOW GDV %XQGHVJHULFKW XQWHU %H]XJQDKPH DXI GLHVH 5HFKWVSUHFKXQJ IHVW GDVV 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 6DFKZHUWH HUIROJW NDQQ P( GHU $QZHQGXQJVEHUHLFK GHU SHUV|QOLFKHQ )UHLKHLW HEHQIDOOV QLFKW YRQ YRUQKHUHLQ DOV YHUVFKORVVHQ HUDFKWHW ZHUGHQ ]XPLQGHVW VRIHUQ GLHVH 6DFKZHUWH HLQHQ HQJHQ %H]XJ ]XU (QWIDOWXQJ GHU 3HUV|QOLFKNHLW DXIZHLVHQ ZLH GLHV QDPHQWOLFK IU GLH HLJHQH :RKQXQJ RGHU GDV HLJHQH +DXV ]X EHMDKHQ LVW *HJHQ HLQ 9HUERW RGHU HLQH (LQVFKUlQNXQJ 9LGHREHUZDFKXQJ ]XP 6FKXW] YRQ 6DFKZHUWHQ HLQ]XVHW]HQ GUIWH VLFK GHU %HWURIIHQH DEHU ]XPLQGHVW XQWHU %HUXIXQJ DXI GLH (LJHQWXPVJDUDQWLH $UW %9 XQG VRIHUQ GLH hEHUZDFKXQJ ]XP 6FKXW] GHV HLJHQHQ *HVFKlIWVEHWULHEV HUIROJW DXFK XQWHU %HUXIXQJ DXI GLH :LUWVFKDIWVIUHL KHLW $UW %9 ]XU :HKU VHW]HQ N|QQHQ 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ PXVV HEHQVR GHU $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ $UW $EV %9 $UW (05. 6FKXW] JHJHQ VWDDWOLFKH %HVFKUlQNXQJHQ RGHU 9HUERWH ELHWHQ GLH HLJHQH :RKQXQJ PLWWHOV JHHLJQHWHU 0DVVQDKPHQ YRU XQHUODXEWHQ =XWULWWHQ DE]XVFKLU PHQ & 9LGHREHUZDFKXQJ XQG GDV 5HFKW DXI %HZHJXQJVIUHLKHLW LP %HVRQGHUHQ 'LH %HZHJXQJVIUHLKHLW VFKW]W GDV 5HFKW GHV (LQ]HOQHQ VLFK LQ GHU 6FKZHL] QDFK IUHLHP :LOOHQ XQG RKQH YRQ VWDDWOLFKHU 6HLWH GDUDQ JHKLQGHUW ]X ZHUGHQ EHZHJHQ ]X N|QQHQ =X SUIHQ LVW RE GLH %HZHJXQJVIUHLKHLW DXFK GXUFK 9LGHREHUZD FKXQJVPDVVQDKPHQ EHWURIIHQ LVW ZLH GLHV YHUVFKLHGHQWOLFK YHUWUHWHQ ZLUG (V LVW XQEHVWULWWHQ GDVV GLH %HZHJXQJVIUHLKHLW ]ZDU LQ HUVWHU /LQLH DEHU QLFKW QXU YRU XQJHUHFKWIHUWLJWHQ )UHLKHLWVEHVFKUlQNXQJHQ E]Z HQW]JHQ VFKW]W 6R YHUP|JHQ DXFK LQGLUHNWH =ZDQJVPDVVQDKPHQ HLQHQ (LQJULII LQ GLH %HZHJXQJVIUHL KHLW GDU]XVWHOOHQ ZLH ]% GLH $XIHUOHJXQJ HLQHV 5D\RQYHUERWV RGHU SROL]HLOL VRZRKO GHU %HVLW] ZLH GDV 7UDJHQ YRQ :DIIHQ DXI |IIHQWOLFKHP *UXQG XQG %RGHQ DOOHQIDOOV XQWHU GHP 6FKXW] GHU SHUV|QOLFKHQ )UHLKHLW VWHKHQ N|QQHQ DOOHUGLQJV QXU VRZHLW HU ]XP 6FKXW] GHU HLJHQHQ 3HUVRQ HUIROJW ,Q %*( ,9 ( E VFKOLHVVW GDV %XQGHVJHULFKW ZLH GHUXP QLFKW DXV GDVV HLQ 9HUERW GHV 7UDJHQV XQG 0LWIKUHQV YRQ 6FKXVVZDIIHQ LQ GHU gIIHQW OLFKNHLW HLQHQ (LQJULII LQ )UHLKHLWVUHFKWH GDUVWHOOHQ NDQQ 9JO KLQWHQ 7HLO ;, $ XQG 7HLO ;, % +LQWHQ 7HLO ; 9JO %$80$11 0h//(56&+()(5 II 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] .,(1(5.b/,1 %*( , ( D Ä/LEHUWp G¶DOOHU HW YHQLU³ 9JO ]% %$80 5] ZRKO DXFK %,$**, I YJO DXFK +$5%6&+0,' ZHOFKH HLQHQ (LQJULII LQ GLH %HZHJXQJVIUHLKHLW GXUFK HLQH %HDUEHLWXQJ ELRPHWULVFKHU 'DWHQ QLFKW DXV VFKOLHVVHQ ZROOHQ VD &'&- *XLGLQJ SULQFLSOHV =LII ZRQDFK VLFK GLH =XOlVVLJNHLW HLQHU 9LGHREHUZDFKXQJ DXFK PLW %OLFN DXI ÄWKH IUHHGRP RI PRYHPHQW´ EHVWLPPH 9JO 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +$//(5 5] 9JO %,$**,1, .RPP ]X $UW %9 5] $8(50$/,19(51,+277(/,(5 'URLW FRQVWL WXWLRQQHO ,, 5] 0$+21 LQ $8%(570$+21 .RPP ]X $UW 5] %$80$11 3HUV|QOLFKH )UHLKHLW FKH :HJZHLVXQJV XQG )HUQKDOWHPDVVQDKPHQ ,P *HJHQVDW] ]X VROFKHQ GLUHNWHQ RGHU LQGLUHNWHQ =ZDQJVPDVVQDKPHQ EH]ZHFNW HLQH 9LGHREHUZDFKXQJ MHGRFK QLFKW MHPDQGHP GDV %HWUHWHQ HLQHV *HELHWV ]X XQWHUVDJHQ 8QG DOOHLQH LP 8P VWDQG GDVV VLFK GHU (LQ]HOQH LP |IIHQWOLFKHQ 5DXP QLFKW PHKU XQEHREDFKWHW EHZH JHQ NDQQ OLHJW QRFK NHLQ (LQJULII LQ GLH %HZHJXQJVIUHLKHLW 'LH %HZHJXQJVIUHLKHLW EHLQKDOWHW QlPOLFK NHLQ JUXQGVlW]OLFKHV 5HFKW VLFK XQEHREDFKWHW E]Z DQRQ\P IRUWEHZHJHQ ]X N|QQHQ (LQH VROFKH $XVGHKQXQJ GHV 6FKXW]EHUHLFKV GHU %HZH JXQJVIUHLKHLW HUVFKHLQW ZHGHU Q|WLJ QRFK VLQQYROO $OOHUGLQJV NDQQ PLW GHU 9LGHREHUZDFKXQJ HLQH SV\FKRORJLVFKH +HPPZLUNXQJ LQ VRIHUQ YHUEXQGHQ VHLQ DOV GDVV VLFK GLH GDYRQ %HWURIIHQHQ QLFKW PHKU LQ GHU /DJH VHKHQ VLFK LQ GHQ EHUZDFKWHQ 5lXPHQ IUHL XQG XQJH]ZXQJHQ ]X EHZHJHQ 7DW VlFKOLFK NRQQWH LQ %HIUDJXQJHQ IHVWJHVWHOOW ZHUGHQ GDVV HLQ ± ZHQQ DXFK QXU VHKU JHULQJHU ± 7HLO GHU %HIUDJWHQ 2UWH DXIJUXQG LKUHU 9LGHREHUZDFKXQJ PHLGHW %*( , ( 9*HU =+ 8UWHLO YRP )HEUXDU 9% ( NUL WLVFK 0h//(56&+()(5 )Q 9JO %*( , ( %*( , ( %*( , ( %*( , ( 9*HU =+ 8UWHLO YRP 1RYHPEHU 9% GLIIHUHQ]LHUHQG 0h//(56&+()(5 )Q XQG %$80$11 NULWLVFK RE GLH |UWOLFK EHJUHQ]WHQ =XJDQJVEHVFKUlQNXQJHQ DQOlVVOLFK GHV :HOWZLUWVFKDIWVIRUXPV LQ 'DYRV GLH %HZHJXQJVIUHL KHLW EHUKUHQ $;(/ 76&+(176&+(5 =%-9 )U HLQH $XVGHKQXQJ GHV 6FKXW]EHUHLFKV LQ GLHVH 5LFKWXQJ DEHU 58(**)/h&.,*(5 129(0%(5./$86(5 )/h&.,*(5$8(5 $XFK EHWUHIIHQG GLH GXUFK $UW =3 1U ]XU (05. JDUDQWLHUWH )UHL]JLJNHLW ZLUG GLH $XIIDVVXQJ YHUWUHWHQ VLH HQWKDOWH HLQ 5HFKW VLFK LQ GHU gIIHQWOLFKNHLW ]X EHZHJHQ RKQH GDEHL VWlQGLJ YHUIROJW ]X ZHUGHQ YJO 9HQLFH &RP PLVVLRQ 2SLQLRQ 9LGHR 6XUYHLOODQFH , 5] %877$5(//, 3URWHFWLRQ =LII %877$5(//, 6XUYHLOODQFH =LII 9$1 ',-. =LII *O$ IU GDV GHXWVFKH 5HFKW %$86&+ XQG GRUWLJH )Q %h//(6)(/' 9LGHREHUZD FKXQJ )Q (LQ 5HFKW XQEHREDFKWHW ]X VHLQ HUJLEW VLFK MHGRFK DXV $UW (05. $UW $EV %9 XQG GHP LQ $UW $EV %9 HQWKDOWHQHQ 5HFKW DXI LQGLYLGXHOOH 6HOEVWEHVWLP PXQJ YJO YRUQH 7HLO ,,, % 7HLO ,9 $ XQG 7HLO 9 $ 58(**)/h&.,*(5129(0%(5./$86(5 I )/h&.,*(5$8(5 9HQLFH &RPPLVVL RQ 2SLQLRQ RQ 9LGHRVXUYHLOODQFH ,, 5] 9JO DXFK $UW $EV $U*9 ZRQDFK hEHUZDFKXQJV RGHU .RQWUROOV\VWHPH VR ]X JHVWDOWHQ XQG DQ]XRUGQHQ VLQG GDVV VLH GLH %H ZHJXQJVIUHLKHLW GHU $UEHLWQHKPHU QLFKW EHHLQWUlFKWLJHQ 9JO DXFK %*( ,, ( 3UD 1U ZRQDFK HLQH GDXHUKDIWH hEHUZDFKXQJ GHU $UEHLWQHKPHU PLWWHOV *36 6\VWHPHQ GHUHQ %HZHJXQJVIUHLKHLW EHUKUHQ NDQQ 6LHKH IHUQHU %*( ,D ( EEE ZR GDV %XQGHVJHULFKW LP =XVDPPHQKDQJ PLW GHU SHUV|QOLFKHQ )UHLKHLW DXVIKUW Ä6RZHLW GHU %H VFKZHUGHIKUHU DXV GHP 8PVWDQG GDVV HU DQ HLQHP 2UW NRQWUROOLHUW ZRUGHQ LVW DQ GHP VLFK DQJHEOLFK KlXILJ +RPRVH[XHOOH DXIKDOWHQ VROOHQ DOOHQIDOOV PLW GHP .UHLV YRQ +RPRVH[XHOOHQ LQ 9HUELQGXQJ JHEUDFKW ZHUGHQ VROOWH NDQQ GHU 5HJLVWHUHLQWUDJ IU LKQ YRQ QLFKW JHULQJHU 7UDJZHLWH VHLQ XQG LKQ DXV GLHVHP *UXQGH DOOHQIDOOV GDYRQ DEKDOWHQ VLFK Y|OOLJ IUHL ]X EHZH JHQ³ +HUY G 9HUI GD]X DXFK KLQWHQ )Q ,Q GHU 8QWHUVXFKXQJ YRQ *,//635,**6 JDEHQ QXU JHUDGH GHU %HIUDJWHQ DQ VLH ZU GHQ 2UWH DXIJUXQG GHU 7DWVDFKH LKUHU 9LGHREHUZDFKXQJ QLFKW PHKU EHVXFKHQ ,Q HLQHU LQ +DPEXUJ GXUFKJHIKUWHQ 6WXGLH HUNOlUWHQ YRQ EHIUDJWHQ 3HUVRQHQ QXU 3HUVRQHQ GDVV VLH EHUZDFKWH %HUHLFKH QDFK 0|JOLFKNHLW PHLGHQ ZUGHQ =85$:6.,&=(5:,16., ,Q GHU 6WXGLH YRQ %h&.,1*.8%(5$ JDEHQ QXU GHU %HIUDJWHQ DQ VLH ZUGHQ GHQ QXQ 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 'LHV LVW GHVKDOE YRQ %HGHXWXQJ GD GLH %HMDKXQJ HLQHV *UXQGUHFKWVHLQJULIIV QLFKW YRUDXVVHW]W GDVV GHU 6WDDW JHJHQEHU GHP (LQ]HOQHQ XQPLWWHOEDU HLQ *HERW RGHU 9HUERW DXVVSULFKW 9LHOPHKU NDQQ HLQ (LQJULII DXFK GXUFK VROFKH VWDDWOLFKH +DQG OXQJHQ HUIROJHQ GLH QXU PLWWHOEDUH :LUNXQJHQ HQWIDOWHQ 'LHV VHW]W MHGRFK YRUDXV GDVV GHU EHK|UGOLFKH $NW GLH *UXQGUHFKWVDXVEXQJ REMHNWLY YHUXQP|JOLFKW RGHU GLHVH VR HUVFKZHUW GDVV VLH QLFKW RGHU QXU QRFK XQWHU ,QNDXIQDKPH REMHNWLY XQ]X PXWEDUHU 1DFKWHLOH UHDOLVLHUEDU LVW XQG GLHVH :LUNXQJ GHP 6WDDW ]XJHUHFKQHW ZHUGHQ NDQQ (LQH EORVV PLWWHOEDUH *UXQGUHFKWVEHHLQWUlFKWLJXQJ ZLUG DXFK EH ]HLFKQHW DOV Ä%HHLQWUlFKWLJXQJ GXUFK 5HIOH[ZLUNXQJHQ³ RGHU Ä&KLOOLQJ (IIHFW³ E]Z Ä(LQVFKFKWHUXQJVHIIHNW³ 9RP 6FKXW]EHUHLFK GHU %HZHJXQJVIUHLKHLW ± DOV 7HLOJHKDOW GHU SHUV|QOLFKHQ )UHL KHLW ± LVW DEHU ULFKWLJHUZHLVH QLFKW MHGH 0|JOLFKNHLW VLFK XQJHKLQGHUW IRUW]XEHZH JHQ HUIDVVW $UW $EV %9 VFKW]W QXU LQVRIHUQ YRU %HHLQWUlFKWLJXQJHQ GHU XQJHKLQGHUWHQ UlXPOLFKHQ 2UWVYHUlQGHUXQJ DOV GLHVH HLQHQ HOHPHQWDUHQ $VSHNW GHU 3HUV|QOLFKNHLWVHQWIDOWXQJ GDUVWHOOW RGHU IU GLH :DKUQHKPXQJ DQGHUHU *UXQGUHFKWH YRQ HQWVFKHLGHQGHU %HGHXWXQJ LVW *HULQJIJLJH GHQ (LQ]HOQHQ EORVV NXU]IULVWLJ LQ GHQ $OOWDJVEHGUIQLVVHQ EHHLQWUlFKWLJHQGH %HVFKUlQNXQJHQ EHUKUHQ GLH %HZH JXQJVIUHLKHLW GDJHJHQ QLFKW :HQQ DXFK (LQ]HOQH LKU %HZHJXQJVYHUKDOWHQ DXI JUXQG HLQHU 9LGHREHUZDFKXQJ DQSDVVHQ VR LVW GLHVH %HHLQWUlFKWLJXQJ QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ QLFKW KLQUHLFKHQG LQWHQVLY XP YRP 6FKXW]EHUHLFK GHU YLGHREHUZDFKWHQ 3DUN ZHJHQ GHU hEHUZDFKXQJ QLFKW PHKU EHVXFKHQ YJO IHUQHU ./$86(5 1DFKKDOWLJNHLW 76&+$11(1 $PWOLFKH :DUQXQJHQ XQG (PSIHKOXQJHQ 6&+()(5 %HHLQWUlFKWLJXQJ II 5+,12:6&+()(5 5] II 76&+$11(1 $PWOLFKH :DUQXQJHQ XQG (PSIHKOXQJHQ I YJO ]X GLHVHQ Ä&KLOOLQJ (IIHFWV³ DXFK KLQWHQ 7HLO 9,, % VRZLH 7HLO ,; % 6&+()(5 %HHLQWUlFKWLJXQJ II 0h//(56&+()(5 0h//(5 -3 5] 6&+()(5 %HHLQWUlFKWLJXQJ 5+,12: 6&+()(5 5] %*( , ( 6ROFKH Ä&KLOOLQJ (IIHFWV³ VLQG YRQ EH VRQGHUHU %HGHXWXQJ EHL GHQ .RPPXQLNDWLRQVJUXQGUHFKWHQ YJO KLQWHQ 7HLO 9,, % 9JO %*( , ( 9JO %*( , ( %*( , ( D %*( , ( D %*( , ( D %$80$11 IHUQHU +$//(5 5] QDFK GHP DOOHUGLQJV ÄQLFKW MHGH 0DVVQDKPH ZHOFKH GLH UlXPOLFKH )RUWEHZHJXQJ GHV 0HQVFKHQ LUJHQGZLH EHUKUW EHUHLWV HLQHQ (LQJULII GDU>VWHOOW@³ +HUY G 9HUI 9JO 0h//(56&+()(5 I 5+,12:6&+()(5 5] .,(1(5.b/,1 %,$**,1, .RPP ]X $UW %9 5] +b)(/,1+$//(5.(//(5 5] %$80$11 1DFK GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ LVW GLH %HZHJXQJVIUHLKHLW QLFKW EHUKUW GXUFK HLQ 9HUERW VLFK LQ *UXSSHQ LQ XQG XP HLQHQ %DKQKRI KHUXP DXI]XKDOWHQ %*( , ( GXUFK HLQH 9HUNHKUVEHVFKUlQNXQJ ZHOFKH GHQ MHGHU]HLWLJHQ =XJDQJ ]XP )HULHQ KDXV YHUXQP|JOLFKW %*HU 3 ( D RGHU GXUFK HLQ 9HUERW DXI HLQHP 7HLO GHV = ULFKVHHV PLW GHP 6FKLII ]X IDKUHQ %*( ,D ( D (LQH 9HUSIOLFKWXQJ VWlQGLJ GLH $XVZHLVSDSLHUH DXI VLFK WUDJHQ ]X PVVHQ PDJ ]ZDU GLH SHUV|QOLFKH )UHLKHLW EHUKUHQ YJO %*( ,D ( E %$80$11 XQG )Q QLFKW DEHU GLH %HZHJXQJVIUHLKHLW DOV VROFKH YJO DEHU GDV DQGHUH 9HUVWlQGQLV GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ EHL $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] 3HUV|QOLFKH )UHLKHLW %HZHJXQJVIUHLKHLW HUIDVVW ]X VHLQ RGHU MHGHQIDOOV QLFKW DXVUHLFKHQG XP HLQHQ (LQ JULII LQ GLH %HZHJXQJVIUHLKHLW GDU]XVWHOOHQ 'LHV JLOW DXFK GDQQ ZHQQ MHPDQG GXUFK GLH hEHUZDFKXQJ EHVRQGHUV EHWURIIHQ LVW ZLH ]% HLQ 2EGDFKORVHU GHU LQ HLQHP QXQ EHUZDFKWHQ 3DUN OHEW 'DV 5HFKW DXI %HZHJXQJVIUHLKHLW LVW VRPLW ZHGHU GXUFK 0DVVQDKPHQ GHU 9LGHR EHREDFKWXQJ QRFK GXUFK VROFKH GHU 9LGHRDXI]HLFKQXQJ EHUKUW 'LHV JLOW P( DXFK EHL JURVVIOlFKLJHQ hEHUZDFKXQJVPDVVQDKPHQ EHLP (LQVDW] LQWHOOLJHQWHU 9L GHREHUZDFKXQJVV\VWHPH RGHU EHL GHU 9RUQDKPH DXWRPDWLVFKHU 'DWHQDEJOHLFKH 'HU 8PVWDQG GDVV HV DXIJUXQG GLHVHU XPIDVVHQGHQ 'DWHQEHDUEHLWXQJVYRUJlQJH ]X DOOHQIDOOV YHUVWlUNWHQ bQGHUXQJHQ LP %HZHJXQJVYHUKDOWHQ NRPPW LVW SULPlU EHU $UW $EV %9 ]X EHUFNVLFKWLJHQ 'DV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ ZLOO MD JHUDGH DXFK GLH $XWRQRPLH GLH +DQGOXQJV XQG (QWVFKHLGXQJV IUHLKHLW XQG GDPLW DXFK GLH 9HUKDOWHQVIUHLKHLW GHV (LQ]HOQHQ VLFKHUVWHOOHQ -H XP IDVVHQGHU GDV %HZHJXQJVYHUKDOWHQ GHV (LQ]HOQHQ UHJLVWULHUW XQG DXVJHZHUWHW ZLUG GHVWR LQWHQVLYHU LVW MHGRFK GHU (LQJULII LQ $UW $EV %9 $XFK GLH 1LHGHUODVVXQJVIUHLKHLW $UW %9 GUIWH LQ VROFKHQ )lOOHQ QLFKW EHWURIIHQ VHLQ =ZDU VFKW]W $UW %9 ÄGLH 0|JOLFKNHLW SHUV|QOLFKHQ 9HUZHLOHQV DQ MHGHP EHOLHELJHQ 2UW LQ GHU 6FKZHL]³ YJO HWZD %*( , ( E]Z GLH )UHLKHLW $XIHQWKDOWVRUW XQG :RKQVLW] IUHL ]X ZlKOHQ 0h//(56&+()(5 I XQG DXFK GXUFK IDNWLVFKH %HVFKUlQ NXQJHQ NDQQ GLH IUHLH :DKO GHV :RKQ XQG $XIHQWKDOWVRUWV ÄLQ )UDJH JHVWHOOW ZHUGHQ³ ]% GXUFK Ä0LHW]LQV XQG %RGHQSUHLVQLYHDX³ YJO 0h//(56&+()(5 0( LVW HLQH 9LGHR EHUZDFKXQJ YRQ 5lXPHQ GLH YRQ 2EGDFKORVHQ JHQXW]W ZHUGHQ DEHU QLFKW KLQUHLFKHQG LQ WHQVLY XP GHUHQ 1LHGHUODVVXQJVIUHLKHLW ]X WDQJLHUHQ ,P (UJHEQLV JO$ IU GDV LQ $UW $EV ** JDUDQWLHUWH 5HFKW DXI )UHL]JLJNHLW %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %$576&+ I D$ DEHU 2&+6(1)(/'5(33 I +g)/,1* 6R DXFK 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 6R ZRKO DXFK 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ GHU LP =XVDPPHQKDQJ PLW GHU 9LGHRDXI]HLFKQXQJ HLQHQ (LQJULII LQ GLH %HZHJXQJVIUHLKHLW EHUKDXSW QLFKW PHKU SUIW 9JO DEHU +$5%6&+0,' ZRQDFK GLH %HDUEHLWXQJ ELRPHWULVFKHU 'DWHQ DXFK GLH %HZH JXQJVIUHLKHLW WDQJLHUHQ NDQQ 9JO %*( ,D ( EEE ZR GDV %XQGHVJHULFKW ]ZDU DXVIKUW GHU LF LQ )UDJH VWHKHQGH SROL]HLOLFKH (LQWUDJ EHU HLQH 3HUVRQHQNRQWUROOH DQ HLQHP DOV 7UHIISXQNW IU +RPRVH[XHOOH EHNDQQWHQ 2UW N|QQH GHQ %HWURIIHQHQ ÄDOOHQIDOOV GDYRQ DEKDOWHQ VLFK Y|OOLJ IUHL ]X EHZHJHQ³ YJO YRUQH )Q 'DEHL QLPPW GDV %XQGHVJHULFKW DEHU %H]XJ DXI GDV GHXWVFKH 9RONV]lK OXQJVXUWHLO %9HUI*( > II@ ZHOFKHV DOV JUXQGOHJHQG IU GLH (QWZLFNOXQJ HLQHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ JLOW YJO IHUQHU %$86&+ =XP 6FKXW]EHUHLFK YRQ $UW $EV %9 YJO LP (LQ]HOQHQ YRUQH 7HLO ,9 $ 9RUQH 7HLO ,9 ' 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ' 9LGHREHUZDFKXQJ XQG GDV 5HFKW DXI N|USHUOLFKH 8QYHUVHKUWKHLW LP %HVRQGHUHQ (LQ (LQJULII LQ GLH SK\VLVFKH ,QWHJULWlW VHW]W HLQH HLJHQWOLFKH 6FKlGLJXQJ RGHU GLH 9HUXUVDFKXQJ YRQ 6FKPHU]HQ QLFKW YRUDXV 6RPLW EHUKUW MHGHU (LQJULII LQ GHQ .|USHU GDV 5HFKW DXI SK\VLVFKH ,QWHJULWlW VHL HU VFKZHU RGHU OHLFKW KDUPORV RGHU JHIlKUOLFK VSUEDU RGHU XQPHUNOLFK JHVXQGKHLWVJHIlKUGHQG RGHU KHLOHQG EHDEVLFK WLJW RGHU XQEHDEVLFKWLJW :HGHU LQ GHU %HREDFKWXQJ QRFK LQ GHU $QIHUWLJXQJ YRQ $XI]HLFKQXQJHQ HLQHU 3HU VRQ NDQQ MHGRFK HLQ (LQJULII LQ GLH N|USHUOLFKH 8QYHUVHKUWKHLW HUEOLFNW ZHUGHQ $QGHUV LVW GLHV ]XP HLQHQ ZHQQ GLH .DPHUD HOHNWURPDJQHWLVFKH 6WUDKOXQJ DXVVHQ GHW 'HQQ GLH %HODVWXQJ HLQHV PHQVFKOLFKHQ .|USHUV PLW 6WUDKOXQJ DXFK ZHQQ VLH XQVFKlGOLFK LVW VWHOOW HLQHQ (LQJULII LQ GLH GXUFK $UW $EV %9 JHVFKW]WH N|U SHUOLFKH ,QWHJULWlW GDU .DPHUDV GLH ± HWZD XP GXUFK .OHLGHU KLQGXUFK]XVHKHQ ± %*( ,D ( E IHUQHU %*( ,D ( D 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +$//(5 5] %,$**,1, .RPP ]X $UW %9 5] *5$%(1:$57(5 5] VLHKH DXFK VFKRQ (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 'H]HPEHU L6 $FPDQQH JHJHQ %HOJLHQ '5 II $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] 0h//(56&+()(5 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] 5] .,(1(5.b/,1 I 0$+21 LQ $8%(570$+21 .RPP ]X $UW %9 5] YJO IHUQHU %RWVFK 9( 'LH %HJXWDFKWXQJ GXUFK HLQHQ ([SHUWHQ XQG GLH $QIHUWLJXQJ YRQ )RWRJUDILHQ ]XU (UVWHOOXQJ HLQHU DQWKURSRORJLVFKHUEELRORJLVFKHQ ([SHUWLVH VWHOOHQ QDFK GHU EXQGHVJHULFKWOLFKHQ 5HFKW VSUHFKXQJ NHLQHQ (LQJULII LQ GLH N|USHUOLFKH 8QYHUVHKUWKHLW GDU %*( , ( %*( , ( 'LH 7DWVDFKH GDVV GDV %XQGHVJHULFKW GLH )UDJH HLQHV (LQJULIIV GXUFK VROFKH 0DV VQDKPHQ LQ GLH SHUV|QOLFKH )UHLKHLW LQ VSlWHUHQ (QWVFKHLGHQ RIIHQ JHODVVHQ KDW %*( , ( E %*( ,D ( %*( ,D ( D KDW LKUHQ *UXQG LQ GHU (UZHLWHUXQJ GHV 6FKXW]EHUHLFKV GHU SHUV|QOLFKHQ )UHLKHLW XP HLQ 5HFKW DXI JHLVWLJH 8QYHUVHKUWKHLW XQG QLFKW LQ HLQHU bQGHUXQJ GHU EXQGHVJHULFKWOLFKHQ $XIIDVVXQJ EHU HLQHQ P|JOLFKHQ (LQJULII VROFKHU 0DVVQDKPHQ LQ GLH N|USHUOLFKH 8QYHUVHKUWKHLW YJO GHQ +LQZHLV LQ %*( , ( E DXI GHQ ]HQWUDOHQ %*( , II GD]X +b)(/,1+$//(5.(//(5 5] 'DVV GLH $QIHUWLJXQJ YRQ )RWRJUDILHQ HLQHQ (LQJULII LQ GLH N|USHUOLFKH ,QWHJULWlW EHZLUNW HUJLEW VLFK DXFK QLFKW DXV %*( ,D ZR GDV %XQGHVJHULFKW LQ ( D OHGLJOLFK DXVIKUW Ä'LH (UKH EXQJ HUNHQQXQJVGLHQVWOLFKHU 'DWHQ EHWULIIW GHPQDFK GLH SHUV|QOLFKH )UHLKHLW HEHQVR GLH $XI EHZDKUXQJ XQG %HDUEHLWXQJ VROFKHU 'DWHQ³ YJO DEHU %,$**,1, .RPP ]X $UW %9 5] 6RGDQQ HUJLEW VLFK DXFK ZHGHU DXV %*( ,D QRFK DXV %*( ,D GDVV )RWRJUDILHUHQ LP 5DKPHQ HLQHU HUNHQQXQJVGLHQVWOLFKHQ %HKDQGOXQJ HLQHQ (LQJULII LQ GLH N|U SHUOLFKH 8QYHUVHKUWKHLW GDUVWHOOW ,Q %*( ,D ( D XQG %*( ,D ( D VWHOOW GDV %XQGHVJHULFKW HLQ]LJ IHVW GDVV GLH $QIHUWLJXQJ YRQ )RWRJUDILHQ DQOlVVOLFK HLQHU HUNHQ QXQJVGLHQVWOLFKHQ %HKDQGOXQJ HLQHQ (LQJULII LQ GLH SHUV|QOLFKH )UHLKHLW EHZLUNW YJO DEHU $8%(570$/,19(51,+277(/,(5 %G ,, 5] )Q 0$+21 LQ $8%(57 0$+21 .RPP ]X $UW %9 5] XQG )Q XQG %$80 5] $XFK )/h&.,*(5$8(5 XQG 58(**)/h&.,*(5129(0%(5./$86(5 ZROOHQ DXV GLHVHQ (QWVFKHLGHQ ULFKWLJHUZHLVH QLFKW KHUDXVOHVHQ GDVV GLH $QIHUWLJXQJ YRQ )RWRJUDILHQ ]X HLQHP (LQJULII LQ GLH N|USHUOLFKH ,QWHJULWlW IKUHQ ZUGH %*( ,D ( D 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +$//(5 5] IHUQHU 7+20$6 *b&+7(5'$1,$ 75(03 $U]W XQG VHLQH *UXQGUHFKWH LQ 0RULW] : .XKQ7KRPDV 3ROHGQD +UVJ $U]WUHFKW LQ GHU 3UD[LV $XIO 3HUV|QOLFKH )UHLKHLW PLW LRQLVLHUHQGHU 6WUDKOXQJ DUEHLWHQ ± DOVR 6WUDKOXQJ GLH JHQJHQG (QHUJLH DXI ZHLVW XP GLH %DXVWHLQH GHV /HEHQV $WRPH XQG 0ROHNOH GLUHNW ]X YHUlQGHUQ *DPPD XQG 5|QWJHQVWUDKOXQJ ± JUHLIHQ GHVKDOE LQ GLH N|USHUOLFKH 8QYHU VHKUWKHLW HLQ (QWVSUHFKHQGHV JLOW IU .DPHUDV ZHOFKH JH]LHOW QLFKWLRQLVLHUHQGH 6WUDKOXQJ LP +RFKIUHTXHQ]%HUHLFK ]% 0LNURZHOOHQ DXVVHQGHQ GLHV DQJH VLFKWV GHU GDEHL P|JOLFKHQ WKHUPLVFKHQ (UZlUPXQJ GHV .|USHUJHZHEHV XQG P|JOL FKHQ ZHLWHUHQ QLFKWWKHUPLVFKHQ :LUNXQJHQ .HLQHQ (LQJULII LQ GLH N|USHUOL FKH 8QYHUVHKUWKHLW EHZLUNHQ KLQJHJHQ GLH /LFKW RGHU GLH ,QIUDURWVWUDKOXQJ VRIHUQ VLFK GLHVH ± HEHQIDOOV HOHNWURPDJQHWLVFKH 6WUDKOXQJ ± LQ HLQHP QDFK 'DXHU XQG 0HQJH YHUQQIWLJHQ 0DVV EHZHJW 6HQGHW HLQH 9LGHRNDPHUD E]Z HLQ QHEHQ LKU DQ JHEUDFKWHU 6FKHLQZHUIHU /LFKW RGHU ,QIUDURWVWUDKOHQ DXV VWHOOW GLHV GHVKDOE NHLQHQ (LQJULII LQ GLH N|USHUOLFKH 8QYHUVHKUWKHLW GDU (LQ (LQJULII LQ GLH N|USHUOLFKH 8QYHUVHKUWKHLW OlJH ]XP DQGHUHQ GDQQ YRU ZHQQ GLH hEHUZDFKXQJ HLJHQWOLFKHV SV\FKLVFKHV /HLGHQ YHUXUVDFKHQ ZUGH GHQQ GLH N|USHU OLFKH ,QWHJULWlW VFKW]W DXFK GLH SV\FKLVFKH *HVXQGKHLW 'DVV HLQH YLGHRJHVWW]WH %HREDFKWXQJ HPRWLRQDOH ,UULWLHUXQJHQ 1HUYRVLWlW ]X YHUXUVDFKHQ YHUPDJ NRQQWH ZLVVHQVFKDIWOLFK QDFKJHZLHVHQ ZHUGHQ $XFK LQ %HIUDJXQJHQ OLHVV VLFK IHVWVWHO OHQ GDVV VLFK JHZLVVH 3HUVRQHQ LQ GHU *HJHQZDUW YRQ .DPHUDV LQ |IIHQWOLFKHQ 5lXPHQ XQVLFKHU XQG QHUY|V IKOHQ XQG LKU 9HUKDOWHQ HQWVSUHFKHQG DQSDVVHQ =ULFK II $XVJHQRPPHQ LVW HLQH %HODVWXQJ GHV PHQVFKOLFKHQ .|USHUV PLW /LFKW RGHU :lUPHVWUDKOXQJ VRIHUQ GLHVH GDV EOLFKH 0DVV QLFKW EHUVFKUHLWHW 6LHKH %8:$/ (OHNWURVPRJ LQ GHU 8PZHOW 9JO ]XU 6FKLUPELOGXQWHUVXFKXQJ %*( ,D ( (.05 =XOlVVLJNHLWVHQWVFKHLGXQJ YRP 'H]HPEHU L6 $FPDQQH JHJHQ %HOJLHQ '5 II 6LHKH %8:$/ (OHNWURVPRJ LQ GHU 8PZHOW =X GHQ N|USHUOLFKHQ $XVZLUNXQJHQ KRFKIUHTXHQWHU 6WUDKOXQJ YJO %8:$/ (OHNWURVPRJ LQ GHU 8PZHOW I .(567,1 +8*5(*8/$ 5$3335,02 6&+b51,&2/( 7$6&+1(5 +RFK IUHTXHQWH 6WUDKOXQJ XQG *HVXQGKHLW ± %HZHUWXQJ YRQ ZLVVHQVFKDIWOLFKHQ 6WXGLHQ LP 1LHGULJ GRVLVEHUHLFK LQ %8:$/ +UVJ 8PZHOW:LVVHQ 1U $XIO GHU 8PZHOW0DWHULDOLHQ 1U GHV %8:$/ YRQ LQNO 1DFKWUDJ YRQ %HUQ II II DEUXIEDU XQ WHU ZZZEDIXDGPLQFKSXEOLNDWLRQHQ! =X GHQ HQWVSUHFKHQGHQ WHFKQLVFKHQ 0|JOLFKNHLWHQ YJO YRUQH 7HLO , $ 9JO 0h//(56&+()(5 I (*05 8UWHLO YRP )HEUXDU L6 %HQVDLG JHJHQ 9HUHL QLJWHV .|QLJUHLFK 1U (&+5 , =LII I 9JO 0,77(1(&.(5 I XQG YRUQH )Q =85$:6.,&=(5:,16., 'DV %HZXVVWVHLQ EHUZDFKW ]X ZHUGHQ IKUW JUXQGVlW]OLFK ]X HLQHP $QVWLHJ GHV VR]LDO HUZQVFKWHQ 9HUKDOWHQV 0,77(1(&.(5 I )5$1. +(/7(1 5H DNWLYH $XIPHUNVDPNHLW ± 9LGHREHUZDFKXQJ LQ %HUOLQHU 6KRSSLQJ 0DOOV LQ +(03(/ 0(7(/0$11 II 'LHVHU (IIHNW ZLUG VRJDU VFKRQ PLW EORVV VXEWLOHQ +LQZHLVHQ DXI HLQH hEHUZDFKXQJ HU]LHOW (V OLHVV VLFK QDFKZHLVHQ GDVV GDQQ ZHQQ GDV %LOG HLQHV $XJHQ SDDUHV EHU HLQHU .DIIHHNDVVH DQJHEUDFKW ZXUGH PHKU *HOG LQ GLH .DVVH IORVV DOV LQ GHQ )lO OHQ LQ GHQHQ HV VLFK EORVV XP GDV %LOG HLQHU %OXPH JHKDQGHOW KDW YJO 0(/,66$ %$7(621'$1,(/ 1(77/(*,/%(57 52%(57 &XHV RI EHLQJ ZDWFKHG HQKDQFH FRRSHUDWLRQ LQ D UHDOZRUOG VHWWLQJ ELRORJ\ OHWWHUV SXEOLVKHG RQOLQH -XQH DEUXIEDU XQWHU KWWSUVEOUR\DOVRFLHW\SXEOLVKLQJRUJFRQWHQWIXOO! PZ+ 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 'LH JHQDXHQ $XVZLUNXQJHQ GHU 9LGHREHUZDFKXQJ DXI GLH 3V\FKH GHV 0HQVFKHQ VLQG MHGRFK QRFK XQJHQJHQG HUIRUVFKW 2E HLQH hEHUZDFKXQJ QHEHQ 9HUKDO WHQVDQSDVVXQJHQ HLJHQWOLFKH SV\FKLVFKH .UDQNKHLWHQ YHUXUVDFKW NDQQ ]XPLQGHVW QLFKW JlQ]OLFK DXVJHVFKORVVHQ ZHUGHQ 6RIHUQ NHLQH SV\FKLVFKHQ 9RUOHLGHQ RGHU HLQH VSH]LHOOH 'LVSRVLWLRQ EHVWHKHQ HUVFKHLQW DEHU JUXQGVlW]OLFK QXU HLQH GDXHUKDIWH XQG V\VWHPDWLVFKH hEHUZDFKXQJ GHV (LQ]HOQHQ JHHLJQHW NUDQNKDIWH 9HUlQGHUXQ JHQ GHU 3V\FKH ]X EHZLUNHQ 6RPLW PDJ GLH SXQNWXHOOH 9LGHREHUZDFKXQJ |I IHQWOLFK ]XJlQJOLFKHU 5lXPH ]ZDU ]X 9HUKDOWHQVlQGHUXQJHQ IKUHQ HLQHQ (LQJULII LQ GLH N|USHUOLFKH ,QWHJULWlW DXIJUXQG GHU 9HUXUVDFKXQJ SV\FKLVFKHQ /HLGHQV GUIWH VLH DEHU JUXQGVlW]OLFK QLFKW EHZLUNHQ %HL HLQHP ZHLWHUHQ )RUWVFKUHLWHQ GHU hEHU ZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH RGHU GHP (LQVDW] LQWHOOLJHQWHU 9LGHRV\V WHPH VRZLH GHU 'XUFKIKUXQJ YRQ 'DWHQDEJOHLFKHQ NDQQ GLH %HDQWZRUWXQJ GLHVHU )UDJH MHGRFK DQGHUV DXVIDOOHQ $EVFKOLHVVHQG LVW QRFK HLQPDO GDUDXI KLQ]XZHLVHQ GDVV DXFK GHU SULYDWH (LQVDW] YRQ 9LGHREHUZDFKXQJ YRP JUXQGUHFKWOLFKHQ 6FKXW] GHU N|USHUOLFKHQ 8QYHUVHKUW KHLW HUIDVVW VHLQ NDQQ VRZHLW GLH .DPHUDV GHU 9HUKLQGHUXQJ YRQ $QJULIIHQ DXI GLH HLJHQH 3HUVRQ GLHQHQ VROOHQ 'DVV HLQH hEHUZDFKXQJ JUXQGVlW]OLFK GLH SV\FKLVFKH *HVXQGKHLW VFKlGLJHQ NDQQ ZLUG DXFK YRP %XQGHVUDW LQ $UW $EV $U*9 DQHUNDQQW ZRQDFK hEHUZDFKXQJV RGHU .RQWUROO V\VWHPH VR ]X JHVWDOWHQ XQG DQ]XRUGQHQ VLQG ÄGDVV GLH *HVXQGKHLW XQG GLH %HZHJXQJVIUHLKHLW GHU $UEHLWQHKPHU GDGXUFK QLFKW EHHLQWUlFKWLJW ZHUGHQ³ $XFK GDV %XQGHVJHULFKW VFKOLHVVW QLFKW DXV GDVV HLQH 9LGHREHUZDFKXQJ YRQ $UEHLWQHKPHUQ GHUHQ *HVXQGKHLW VFKlGLJHQ NDQQ ZREHL HV GDUDXI DQNRPPH ZLH RIW ZLH ODQJH XQG EHL ZHOFKHU 7lWLJNHLW GHU $UEHLWQHKPHU EHUZDFKW ZHUGH %*HU %B ( XQG ,P =XVDPPHQKDQJ PLW GHU %HXUWHL OXQJ HLQHU GDXHUKDIWHQ (FKW]HLWEHUZDFKXQJ GHU $UEHLWQHKPHU GXUFK HLQ YRP $UEHLWJHEHU LQ GHQ )LUPHQIDKU]HXJHQ LQVWDOOLHUWHV *366\VWHP YHUWULWW GDV %XQGHVJHULFKW HEHQIDOOV GLH $XI IDVVXQJ GDVV GDV *HIKO GHV VWlQGLJHQ hEHUZDFKWVHLQV HLQH 6WUHVVVLWXDWLRQ KHUYRUUXIH ZHV KDOE HLQH %HHLQWUlFKWLJXQJ GHU *HVXQGKHLW QLFKW DXVJHVFKORVVHQ ZHUGHQ N|QQH VLHKH %*( ,, ( VD ('g% 7% 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ YRUQH )Q 9JO GD]X YRUQH 7HLO 9 % 8QVFKXOGVYHUPXWXQJ 9, 8QVFKXOGVYHUPXWXQJ 'D YRQ HLQHU 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP ]ZDQJVOlXILJ DXFK VROFKH 3HUVRQHQ EHWURIIHQ VLQG GLH VLFK GHU %HJHKXQJ HLQHV 'HOLNWV QRFK QLFKW HLQPDO YHUGlFKWLJ JHPDFKW KDEHQ LVW ]X SUIHQ RE VFKRQ GLH YLGHRJHVWW]WH %H REDFKWXQJ E]Z $XI]HLFKQXQJ GHU %HQW]HU VROFKHU 5lXPH HLQHQ 9HUVWRVV JHJHQ GLH LQ $UW =LII (05. $UW $EV %9 VRZLH $UW =LII 8123DNW ,, JDUDQWLHUWH 8QVFKXOGVYHUPXWXQJ GDUVWHOOW 'LH 8QVFKXOGVYHUPXWXQJ LVW MHGHQIDOOV EHL GHU 9HUZHQGXQJ GHV $XI]HLFKQXQJVPDWHULDOV LP 6WUDIYHUIDKUHQ YRQ %HGHXWXQJ XQG GHVKDOE DXFK LQ GLHVHP =XVDPPHQKDQJ ]X HUOlXWHUQ $ 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ DOV 9HUOHW]XQJ GHU 8QVFKXOGVYHUPXWXQJ" 'LH LQ $UW =LII (05. XQG $UW =LII 8123DNW ,, JDUDQWLHUWH 8QVFKXOGV YHUPXWXQJ VHW]W QDFK LKUHP :RUWODXW GDV 9RUOLHJHQ HLQHU VWUDIUHFKWOLFKHQ $QNODJH YRUDXV $XFK GLH LQ $UW $EV %9 JDUDQWLHUWH 8QVFKXOGVYHUPXWXQJ VWHOOW HLQHQ $QVSUXFK GHU ÄDQJHNODJWHQ 3HUVRQ³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|IIHQWOLFKHQ 0HL QXQJ XQG GHU ULFKWHUOLFKHQ %HZHLVZUGLJXQJ YHUKLQGHUW ZHUGHQ *OHLFK]HLWLJ VFKW]W GLH 8QVFKXOGVYHUPXWXQJ GHQ JXWHQ 5XI GHV 9HUGlFKWLJHQ RGHU $QJHVFKXO 9JO %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII ZRQDFK GLH 9LGHRDXI]HLFKQXQJ VlPWOLFKHU %HQW]HU HLQHU 7LHIJDUDJH DXI HLQHU Ä6FKXOGYHUPXWXQJ³ EH UXKH Ä/D PLVH HQ SODFH G¶XQ V\VWqPH IRQGp VXU OD µSUpVRPSWLRQ GH FXOSDELOLWp¶ GH WRXW XVDJHU G¶XQ SDUNLQJ HVW LQDFFHSWDEOH HW PDOVDLQH³ 9JO %RWVFK 9( (*05 8UWHLO YRP )HEUXDU L6 $OOHQHW GH 5LEHPRQW JHJHQ )UDQNUHLFK 1U 6HU $ 1U =LII 723+,1.( I I I II 75(&+6(/ +XPDQ 5LJKWV I II -(%(16 II 9,//,*(5 5] 9(67 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] *5$%(1:$57(5 5] *5$%(1:$57(53$%(/ LQ *527(0$5$8+1 .DS 5] 12:$. .RPP ]X $UW 8123DNW ,, 5] VD %HULFKW GHU *HVFKlIWVSUIXQJVNRPPLVVLRQ GHV 6WlQGHUD WHV YRP -XOL 8QWHUVXFKXQJ YRQ |IIHQWOLFKHQ $XVVDJHQ GHV 9RUVWHKHUV GHV (-3' ]X *HULFKWVXUWHLOHQ %%O II II -(%(16 I (*05 8UWHLO YRP )HEUXDU L6 $OOHQHW GH 5LEHPRQW JHJHQ )UDQNUHLFK 1U 6HU $ 1U =LII *5$%(1:$57(5 5] *5$%(1:$57(5 3$%(/ LQ *527(0$5$8+1 .DS 5] 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH GLJWHQ hEHU GHQ ]LYLOUHFKWOLFKHQ 3HUV|QOLFKNHLWVVFKXW] HUODQJW GLH 8QVFKXOGV YHUPXWXQJ DXFK *HOWXQJ IU 3ULYDWH LQVEHVRQGHUH GLH 0HGLHQ 0LW HLQHU 9LGHREHUZDFKXQJ ]XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ LP |I IHQWOLFK ]XJlQJOLFKHQ 5DXP ZHUGHQ GHUHQ %HQW]HU MHGRFK QLFKW DOV VFKXOGLJ MD QLFKW HLQPDO DOV YHUGlFKWLJ EH]HLFKQHW (LQH HLJHQWOLFKH 9RUYHUXUWHLOXQJ ILQGHW QLFKW VWDWW ZHVKDOE GLH 9LGHREHUZDFKXQJ XQWHU GLHVHP *HVLFKWVSXQNW QLFKW JHJHQ GLH 8QVFKXOGVYHUPXWXQJ YHUVW|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± XQG VHL HV DXFK XQWHU GHP 'HFNPDQWHO GHU *HIDKUHQDEZHKU ± LQ GDV 9RUIHOG VWUDIEDUHQ +DQGHOQV HUVFKHLQHQ DEHU DXFK SUlYHQWLYSROL]HLOLFKH 0DVV 75(&+6(/ +XPDQ 5LJKWV II -(%(16 I %*( ,,, ( +b)(/,1+$//(5.(//(5 5] D =XU %HGHXWXQJ GHU 8QVFKXOGV YHUPXWXQJ XQWHU 3ULYDWHQ QDPHQWOLFK EHL 3UHVVHYHU|IIHQWOLFKXQJHQ YJO IHUQHU 0h//(5 6&+()(5 I XQG %,$**,1, .RPP ]X $UW %9 5] 'HU 8QVFKXOGVYHUPXWXQJ LVW XQWHU 3ULYDWHQ LQVEHVRQGHUH EHL 3UHVVHlXVVHUXQJHQ DEHU DXFK DXIJUXQG LKUHU LQGLUHNWHQ 'ULWWZLUNXQJ GD]X KLQWHQ 7HLO , % DQJHPHVVHQ 5HFKQXQJ ]X WUDJHQ YJO %*( ,9 ( DDD $XFK GLH EORVVH 9HUGDFKWVlXVVHUXQJ LVW YRU GHP +LQWHUJUXQG GHU 8QVFKXOGVYHUPXWXQJ QLFKW XQEHDFKWOLFK YJO 723+,1.( 'D VLH VLFK DEHU LP VWUDISUR]HVVXDOHQ 9HUIDKUHQ DOV QRW ZHQGLJ HUZHLVW VWHOOW VLH LG5 QRFK NHLQH 9HUOHW]XQJ GHU 8QVFKXOGVYHUPXWXQJ GDU VLHKH 75(&+6(/ +XPDQ 5LJKWV %*( ,D ( D +$()/,*(56&+h50$11 +(5=2*/226(5 723+,1.( 6R IU GDV GHXWVFKH 5HFKW DXFK *(,*(5 5$1'+$+1 I %$86&+ VD %*( , ( ZRQDFK GHU %HVFKZHUGHIKUHU GXUFK GLH LF XPVWULWWHQH IRUPORVH SROL]HLOL FKH :HJZHLVXQJ ZHGHU DOV SRWHQ]LHOOHU 6W|UHU QRFK DOV ULVLNREHKDIWHWH 3HUVRQ EH]HLFKQHW ZRUGHQ VHL 9JO 7+,/2 :(,&+(57 %UJHUUHFKWVNRQIRUPH %HNlPSIXQJ GHU &RPSXWHUNULPLQDOLWlW 'X' II ZRQDFK ÄGLH (UIDVVXQJ YRQ 0HQVFKHQ IU 6LFKHUKHLWV XQG 6WUDIYHUIRO JXQJV]ZHFNH VRODQJH GLHVH VHOEVW NHLQHQ $QODVV GDIU JHJHEHQ KDEHQ³ GXUFK GLH 8QVFKXOGV YHUPXWXQJ YHUERWHQ VHL 9JO GLH 'DUVWHOOXQJ EHL $&.(50$11 I 9JO $&.(50$11 IHUQHU /87= ZRQDFK GLH %HZHLVDXVIRUVFKXQJ ÄILVKLQJ H[SHGL WLRQ³ XQG GDPLW VWUDISUR]HVVXDOH 8QWHUVXFKXQJVPDVVQDKPHQ ZHOFKH HLQHQ 9HUGDFKW HUVW EH JUQGHQ VROOHQ QLFKW PLW $UW $EV XQG (05. YHUHLQEDU VLQG LQ GLHVH 5LFKWXQJ DXFK 5$,1(5 - 6&+:(,=(5 6WHXHUEHK|UGHQ EHQXW]HQ 8%6 $* DOV 8QWHUVXFKXQJVJHKLOILQ -XVOHW WHU YRP )HEUXDU 5] 9JO YRUQH (LQOHLWXQJ , 8QVFKXOGVYHUPXWXQJ QDKPHQ PLW ZHOFKHQ OHW]WOLFK ± ORVJHO|VW YRQ HLQHP 7DWYHUGDFKW ± 6WUDIYHUIRO JXQJVYRUVRUJH EHWULHEHQ ZLUG YRU GHP *UXQGVDW] GHU 8QVFKXOGVYHUPXWXQJ QLFKW XQSUREOHPDWLVFK 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ VWHOOW SUlYHQWLY SROL]HLOLFKHV +DQGHOQ DXFK ZHQQ GDPLW ± ZLH EHL GHU 9LGHREHUZDFKXQJ ± RKQH 7DWYHUGDFKW ,QIRUPDWLRQHQ IU HLQ DOOIlOOLJHV 6WUDIYHUIDKUHQ JHZRQQHQ ZHUGHQ VRO OHQ GHQQRFK NHLQH 9HUOHW]XQJ GHU 8QVFKXOGVYHUPXWXQJ GDU 'HP 8PVWDQG GDVV RKQH 7DWYHUGDFKW 6WUDIYHUIROJXQJVYRUVRUJH EHWULHEHQ ZLUG LVW DEHU GDGXUFK 5HFK QXQJ ]X WUDJHQ GDVV HQWVSUHFKHQGH 0DVVQDKPHQ QLFKW ORVJHO|VW YRQ REMHNWLYHQ GHQ (LQJULII EHJUHQ]HQGHQ .ULWHULHQ ZLH QDPHQWOLFK GHP (UIRUGHUQLV HLQHU NRQNUH WHQ RGHU ]XPLQGHVW DEVWUDNWHQ *HIDKU HUJULIIHQ ZHUGHQ GUIHQ =XGHP LVW GLH 7DWVDFKH GDVV GHU (LQ]HOQH VWDDWOLFKH hEHUZDFKXQJVPDVVQDKPHQ HUGXOGHQ PXVV RKQH VHOEVW 7DWYHUGlFKWLJHU ]X VHLQ YRU GHP +LQWHUJUXQG GHU 0HQVFKHQZUGH QLFKW XQEHDFKWOLFK 'DVV HLQH 9LGHREHUZDFKXQJ REZRKO PLW LKU DXFK UHSUHVVLYH =ZHFNH YHUIROJW ZHUGHQ ORVJHO|VW YRQ HLQHP 7DWYHUGDFKW HUIROJW YHUWLHIW ]XGHP GHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ % 9HUZHQGXQJ GHU 9LGHRDXI]HLFKQXQJHQ LP 6WUDIYHUIDKUHQ 'LH 8QVFKXOGVYHUPXWXQJ HQWIDOWHW LP 6WUDIYHUIDKUHQ YRU DOOHP GLH )XQNWLRQ HLQHU %HZHLVODVW XQG %HZHLVZUGLJXQJVUHJHO 6LH NRPPW DEHU ULFKWLJHUZHLVH DXFK VFKRQ LP VWUDIUHFKWOLFKHQ (UPLWWOXQJVYHUIDKUHQ ]XP 7UDJHQ 6R LVW HWZD EHL HL QHU ± QDFK GHQ 8PVWlQGHQ IU GLH )DKQGXQJ JHERWHQHQ ± 9HU|IIHQWOLFKXQJ YRQ 9L GHRDXI]HLFKQXQJHQ GDUDXI ]X DFKWHQ GDVV GLH GDUDXI DEJHELOGHWHQ 3HUVRQHQ ZHGHU DXVGUFNOLFK QRFK VLQQJHPlVV DOV VFKXOGLJ EH]HLFKQHW ZHUGHQ VRQGHUQ HLQ]LJ DXI GDV %HVWHKHQ HLQHV 7DWYHUGDFKWV KLQJHZLHVHQ ZLUG $XFK VLQG DQ GHU 7DW 8QEH WHLOLJWH ]X DQRQ\PLVLHUHQ VRGDVV QLFKW GHU (LQGUXFN HQWVWHKW VLH VHLHQ HEHQIDOOV LQ GDV 'HOLNW LQYROYLHUW E]Z *HJHQVWDQG GHU (UPLWWOXQJHQ 'LHVH 3IOLFKWHQ VLQG DXFK JHJHQEHU GHQ 0HGLHQ GXUFK]XVHW]HQ ,QVEHVRQGHUH KDW GHU 6WDDW GDIU ]X VRUJHQ GDVV 0HGLHQ GHQHQ LP 5DKPHQ HLQHV )DKQGXQJVDXIUXIV ± VRZHLW QRWZHQ GLJ ± %LOGPDWHULDO ]XU 9HUIJXQJ JHVWHOOW ZLUG LQ LKUHU %HULFKWHUVWDWWXQJ GLH 8Q VFKXOGVYHUPXWXQJ UHVSHNWLHUHQ XQG MHJOLFKH 9RUYHUXUWHLOXQJ XQWHUODVVHQ 2KQH ZHL WHUHV OLHJW HLQ 9HUVWRVV JHJHQ GLH 8QVFKXOGVYHUPXWXQJ MHGHQIDOOV GDQQ YRU ZHQQ =X GLHVHQ %HJULIIHQ YRUQH )Q XQG 9JO YRUQH 7HLO ,, % 9JO YRUQH 7HLO ,9 ' 0h//(56&+()(5 II .,(1(5.b/,1 I 75(&+6(/ +XPDQ 5LJKWV I II II 723+,1.( II %8&+(5+b**, YRUQH 7HLO 9, $ 9JO $UW $EV 6W32 6&+:(*/(5 'LJLWDOH )RWRJUDILH 0h//(56&+()(5 %8&+(5+b**, %RWVFK 6W32 68/=(5675$660$11=8%(5 IHUQHU 9(67 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] XQG KLQWHQ 7HLO ,9 & 9JO 921 =(=6&+:,7= 5] 68/=(5675$660$11=8%(5 GD]X DXFK KLQWHQ 7HLO ,9 & 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH MHPDQG PLW GHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ ]% LP ,QWHUQHW UHJHO UHFKW DQJHSUDQJHUW ZHUGHQ VROO $XFK EHL GHU $XIEHZDKUXQJ GHV $XI]HLFKQXQJVPDWHULDOV LVW GHP *UXQGVDW] GHU 8Q VFKXOGVYHUPXWXQJ 5HFKQXQJ ]X WUDJHQ 1DFK GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUH FKXQJ NDQQ GLH $XIEHZDKUXQJ HUNHQQXQJVGLHQVWOLFKHQ 0DWHULDOV ZRUXQWHU DXFK LP 6WUDIYHUIDKUHQ YHUZHQGHWHV $XI]HLFKQXQJVPDWHULDO DXV HLQHU 9LGHREHUZDFKXQJ IlOOW JHJHQ GLH 8QVFKXOGVYHUPXWXQJ YHUVWRVVHQ ÄZHQQ GLH %HK|UGHQ GDPLW DXVGUFNHQ GLH EHWURIIHQH 3HUVRQ VHL GRFK VFKXOGLJ REZRKO VLH IUHLJHVSURFKHQ RGHU GDV 6WUDIYHUIDKUHQ HLQJHVWHOOW ZRUGHQ LVW³ (UNHQQXQJVGLHQVWOLFKHV 0DWHULDO LVW GDKHU ÄLQ GHU 5HJHO³ ]X YHUQLFKWHQ ÄZHQQ GLH 3HUVRQ DXI ZHOFKH VLFK GDV 0DWH ULDO EH]LHKW IUHLJHVSURFKHQ ZLUG RGHU ZHQQ GDV 6WUDIYHUIDKUHQ LQ ZHOFKHP GDV 0D WHULDO HUKREHQ ZXUGH HLQJHVWHOOW ZLUG³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h50$11 I YJO IHUQHU KLQWHQ 7HLO ,9 & %*( , ( %*HU &B ( %*( , ( H %*( ,D ( E %*( , ( H 9JO 723+,1.( I 0h//(56&+()(5 %8&+(5+b**, 9JO IHUQHU 9(67 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ II 6FKXW] YRU HLQHU XQYHUKlOWQLVPlVVLJHQ $XIEHZDKUXQJ GHV %LOGPDWHULDOV ELHWHQ LP hEULJHQ QLFKW QXU GLH 8QVFKXOGVYHUPXWXQJ VRQGHUQ DXFK $UW $EV %9 XQG $UW (05. YJO 9(67 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] XQG 723+,1.( IHUQHU 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ II VLHKH GD]X DXFK KLQWHQ 7HLO ,9 & 6LHKH %*( , ( LQVE ( 'DV %XQGHVJHULFKW OHLWHW GDV *HERW GHV IDLUHQ 9HUIDKUHQV DXV $UW $EV %9 XQG $UW =,)) (05. DE %*( , ( (V HUJLEW VLFK DXFK DXV $UW =LII (05. %8&+(5+b**, XQG $UW $EV %9 9(67 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %8&+(5+b**, $UW 812 3DNW ,, HQWKlOW HEHQIDOOV HLQHQ $QVSUXFK DXI HLQ IDLUHV 9HUIDKUHQ 'HU ,QKDOW GHV 5HFKWV DXI HLQ IDLUHV 9HUIDKUHQ OlVVW VLFK DEHU QLFKW DEVFKOLHVVHQG XPVFKUHLEHQ (V KDQGHOW VLFK XP HLQ RIIHQHV 3ULQ]LS ZHOFKHV VL FKHUVWHOOHQ VROO GDVV HLQ 9HUIDKUHQ NRUUHNW QDFK UHFKWVVWDDWOLFKHQ *UXQGVlW]HQ XQWHU %HUFN VLFKWLJXQJ GHU EHVRQGHUHQ 6WHOOXQJ GHV UHFKWVXQWHUZRUIHQHQ %HVFKXOGLJWHQ XQG QDFK GHQ *UXQGVlW]HQ GHU *HUHFKWLJNHLW XQG %LOOLJNHLW DEOlXIW VLHKH 6&+0,' 1 5] II 67(,10$11 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %8&+(5 +b**, $XFK GHU $QVSUXFK DXI UHFKWOLFKHV *HK|U VRZLH GLH 8QVFKXOGVYHUPXWXQJ VLQG 7HLO GHV $QVSUXFKV DXI HLQ IDLUHV 9HUIDKUHQ 9(67 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %8&+(5+b**, 8QVFKXOGVYHUPXWXQJ QXQJHQ DXV GHU hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH JUXQGVlW]OLFK QLFKW WDQJLHUW LVW MHGRFK GDV 5HFKW GHV $QJHVFKXOGLJWHQ ]X VFKZHLJHQ XQG VLFK QLFKW VHO EHU EHODVWHQ ]X PVVHQ QHPR WHQHWXU VH LSVXP DFFXVDUH 'LHVHU *UXQGVDW] VWHKW PLW GHU 8QVFKXOGVYHUPXWXQJ LP =XVDPPHQKDQJ XQG YHUODQJW GDVV QLHPDQG GXUFK DNWLYHV 9HUKDOWHQ HLQH LKQ EHWUHIIHQGH 6WUDIXQWHUVXFKXQJ I|UGHUQ E]Z ]X VHLQHU HLJHQHQ %HODVWXQJ XQG hEHUIKUXQJ EHLWUDJHQ PXVV 'HU QHPR WHQHWXU *UXQGVDW] VFKW]W MHGRFK QXU YRU HU]ZXQJHQHU 6HOEVWEHODVWXQJ :LUG MHPDQG LQ GHU gIIHQWOLFKNHLW EHL GHU 7DWEHJHKXQJ OHGLJOLFK EHREDFKWHW XQG DOOHQIDOOV DXIJH ]HLFKQHW VWHOOW GLH 9HUZHQGXQJ GHU HQWVSUHFKHQGHQ $XIQDKPHQ LP 6WUDISUR]HVV NHLQHQ 9HUVWRVV JHJHQ GDV 9HUERW GHV 6HOEVWEHODVWXQJV]ZDQJV GDU )UDJOLFK LVW VFKOLHVVOLFK RE HLQ 9HUVWRVV JHJHQ GLH 8QVFKXOGVYHUPXWXQJ YRUOLHJW ZHQQ DQOlVVOLFK HLQHU 9LGHREHUZDFKXQJ DQJHIHUWLJWHV $XI]HLFKQXQJVPDWHULDO RK QH 9HUGDFKW DXI EHJDQJHQH 'HOLNWH YLVLRQLHUW ZLUG DOVR PLW GHP =LHO HLQHQ 7DWYHU GDFKW EHUKDXSW HUVW ]X EHJUQGHQ 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ PXVV GLH 8QVFKXOGVYHUPXWXQJ DXFK 6FKXW] JHJHQEHU +DQGOXQJHQ GHU 6WUDIYHUIROJXQJVEH K|UGHQ ELHWHQ ZHOFKH RKQH KLQUHLFKHQGHQ 7DWYHUGDFKW YRUJHQRPPHQ ZHUGHQ (UVW UHFKW PXVV GHU 6FKXW] GHU 8QVFKXOGVYHUPXWXQJ JUHLIHQ ZHQQ 0DVVQDKPHQ GDUDXI DE]LHOHQ HLQHQ 7DWYHUGDFKW EHUKDXSW HUVW ]X EHJUQGHQ 6WUDISUR]HVVXDOH 8QWHUVXFKXQJVPDVVQDKPHQ PLW GHQHQ HLQ 9HUGDFKW EHJUQGHW ZHUGHQ VROO VLQG PLW GHP *UXQGVDW] GHU 8QVFKXOGVYHUPXWXQJ JUXQGVlW]OLFK QLFKW ]X YHUHLQEDUHQ $XFK ZHQQ PDQ GHU 8QVFKXOGVYHUPXWXQJ HLQHQ GLHVEH]JOLFKHQ 6FKXW] QLFKW HQW QHKPHQ ZLOO VR EOHLEW HLQ VROFKHV 9HUKDOWHQ XQWHU GHP *HVLFKWVSXQNW GHU 0HQ VFKHQZUGH SUREOHPDWLVFK XQG PXVV DOV JUXQGVlW]OLFK XQYHUKlOWQLVPlVVLJHU (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ EH]HLFKQHW ZHUGHQ %*( , ( XQG 9(67 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] =X GLHVHP *UXQGVDW] 0h//(56&+()(5 II 'LH $QZHQGXQJVEHUHLFKH GHV 9HUERWV GHV 6HOEVWEHODVWXQJV]ZDQJV XQG GHU 8QVFKXOGVYHUPXWXQJ EHUVFKQHLGHQ VLFK ]ZDU VLQG MHGRFK QLFKW GHFNXQJVJOHLFK YJO 6&+/$85, II 9JO %*( , ( 6&+0,' 1 5] $UW $EV XQG $UW $EV %VW E 6W32 6&+/$85, II I 9JO /8=,$ 9(77(5/, 9HUGHFNWH (UPLWWOXQJ XQG *UXQGUHFKWVVFKXW] IRUXPSRHQDOH II .DVV*HU =+ 8UWHLO YRP 'H]HPEHU ( E =5 1U 9RUQH 7HLO 9, $ 9RUQH )Q 9RUQH 7HLO ,, % +LQWHQ 7HLO ,9 & 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 9,, 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW ,P =XVDPPHQKDQJ PLW GHU 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ VWHOOW VLFK GLH )UDJH RE XQG LQZLHIHUQ GHU (LQ]HOQH GDGXUFK LQ VHLQHU 9HUVDPP OXQJVIUHLKHLW $UW %9 $UW (05. $UW 812 3DNW ,, XQG LQ VHLQHU 0HL QXQJVIUHLKHLW $UW %9 $UW (05. $UW 812 3DNW ,, EHWURIIHQ LVW $ %HPHUNXQJHQ ]X GHQ 6FKXW]EHUHLFKHQ 'LH 0HLQXQJV XQG GLH 9HUVDPPOXQJVIUHLKHLW VLQG ± ZLH GLH VRJ .RPPXQLNDWLRQV UHFKWH LQVJHVDPW ± 9RUDXVVHW]XQJ IU GLH PHQVFKOLFKH XQG ]ZLVFKHQPHQVFK OLFKH (QWIDOWXQJ XQG VRPLW IU GLH %LOGXQJ PHQVFKOLFKHU ,GHQWLWlW XQG GDV $XVOHEHQ PHQVFKOLFKHU $XWRQRPLH 6LH ZHLVHQ VRPLW HLQHQ VWDUNHQ 3HUV|QOLFKNHLWVEH]XJ XQG HLQH PHQVFKHQUHFKWOLFKH .RPSRQHQWH DXI 6HOEVWYHUVWlQGOLFK NRPPW LKQHQ VR GDQQ HLQH ]HQWUDOH JHVHOOVFKDIWOLFKH XQG GHPRNUDWLVFKH %HGHXWXQJ ]X GHQQ VLH HU P|JOLFKHQ JHVHOOVFKDIWOLFKHQ )RUWVFKULWW GXUFK GDV (UNHQQHQ YRQ %HGUIQLVVHQ VLQG *UXQGODJH HLQHU SOXUDOLVWLVFKHQ IUHLHQ *HVHOOVFKDIWVRUGQXQJ XQG HLQHU IXQNWLRQLH UHQGHQ 'HPRNUDWLH EHUKDXSW 'LH 9HUVDPPOXQJVIUHLKHLW JHZlKUOHLVWHW GDV 5HFKW ± DXFK DXI |IIHQWOLFKHP *UXQG ± 9HUVDPPOXQJHQ ]X RUJDQLVLHUHQ HLQ]XEHUXIHQ GXUFK]XIKUHQ ]X JH VWDOWHQ DQ VROFKHQ WHLO]XQHKPHQ RGHU VROFKHQ IHUQ]XEOHLEHQ $OV 9HUVDPPOXQ JHQ JHOWHQ ÄYHUVFKLHGHQVWH )RUPHQ GHV =XVDPPHQILQGHQV YRQ 0HQVFKHQ LP 5DK PHQ HLQHU JHZLVVHQ 2UJDQLVDWLRQ PLW HLQHP ZHLW YHUVWDQGHQHQ JHJHQVHLWLJ PHLQXQJVELOGHQGHQ lXVVHUQGHQ RGHU DXVWDXVFKHQGHQ =ZHFN³ 2E GLH 9HU VDPPOXQJVIUHLKHLW WDWVlFKOLFK HLQH JHZLVVH 2UJDQLVDWLRQ RGHU 6WUXNWXU GHU 9HU VDPPOXQJ YHUODQJW ZLUG P( DOOHUGLQJV ]X 5HFKW LQ =ZHLIHO JH]RJHQ -HGHQ IDOOV VLQG DQ GDV 0DVV GHU Q|WLJHQ 2UJDQLVDWLRQ ± PLW %OLFN DXI HLQHQ HIIHNWLYHQ 8QWHU GLH .RPPXQLNDWLRQVJUXQGUHFKWH IDOOHQ LP hEULJHQ LQVEHVRQGHUH GLH ,QIRUPDWLRQVIUHL KHLW $UW $EV XQG %9 GLH 0HGLHQIUHLKHLW $UW %9 GLH :LVVHQVFKDIWV XQG .XQVWIUHLKHLW $UW XQG %9 GLH 9HUHLQLJXQJVIUHLKHLW $UW %9 XQG GLH 3HWLWLRQV IUHLKHLW $UW %9 YJO LP (LQ]HOQHQ 0h//(56&+()(5 XQG %$55(/(7 5] 0h//(56&+()(5 +b)(/,1+$//(5.(//(5 5] 9JO 0h//(56&+()(5 I +b)(/,1+$//(5.(//(5 %*( , ( 9JO ./(<723+,1.( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 52+1(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %,$**,1, .RPP ]X $UW %9 5] +b)(/,1+$//(5.(//(5 5] XQG 5] 0h//(56&+()(5 $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] IHUQHU HWZD %*( ,D ( F %*( , ( YJO VRGDQQ %9HUI* VD %*( ,9 ( 0h//(56&+()(5 %*( , ( %*( , ( E %*( , ( IHUQHU %*( , ( %*( , ( E 0h//(56&+()(5 0$1)5,1, 5] 0$+21 LQ $8%(570$+21 .RPP ]X $UW %9 5] 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW *UXQGUHFKWVVFKXW] DEHU DXFK DXI GLH GHPRNUDWLVFKH %HGHXWXQJ GHV *UXQGUHFKWV ± QXU JHULQJH $QIRUGHUXQJHQ ]X VWHOOHQ (QWVSUHFKHQGHV JLOW EH]JOLFK GHU )RUP GHU %LOGXQJ XQG bXVVHUXQJ GHU 0HLQXQJ (LQ ÄNRPPXQLNDWLYHU³ =ZHFN JLOW DOV DXVUHLFKHQG ZRPLW DXFK ÄIUHXQGVFKDIWOLFKH RGHU XQWHUKDOWHQGH $EVLFKWHQ RGHU GLH 3IOHJH YRQ SHUV|QOLFKHQ .RQWDNWHQ³ JHQJHQ 1DPHQWOLFK EHGDUI HV NHLQHU SROL WLVFKHQ =LHOVHW]XQJ GHU 9HUVDPPOXQJ 6RPLW VWHKHQ DXFK 9HUVDPPOXQJHQ ZHO FKH GHU 8QWHUKDOWXQJ GLHQHQ ZLH ]% GLH Ä6WUHHW 3DUDGH³ RGHU 6WDGWIHVWH XQWHU GHP 6FKXW] GHU 9HUVDPPOXQJVIUHLKHLW GD LKQHQ HLQ NRPPXQLNDWLYHU =ZHFN QLFKW DEJHVSURFKHQ ZHUGHQ NDQQ $XFK VSRQWDQH 9HUVDPPOXQJHQ VLQG YRP 6FKXW]EH UHLFK HUIDVVW 1LFKW XQWHU GHP 6FKXW] GHU 9HUVDPPOXQJVIUHLKHLW VWHKHQ MHGRFK XQIULHGOLFKH 9HUVDPPOXQJHQ 'LH 0HLQXQJVIUHLKHLW VFKW]W GLH IUHLH XQG GDPLW VWDDWOLFK XQJHKLQGHUWH %LOGXQJ bXVVHUXQJ XQG 9HUEUHLWXQJ GHU 0HLQXQJ 'HU %HJULII GHU 0HLQXQJ LVW ZHLW ]X YHUVWHKHQ 8QHUKHEOLFK LVW GLH )RUP GHU 0HLQXQJVlXVVHUXQJ (LQH HLJHQWOLFKH 'HPRQVWUDWLRQVIUHLKHLW NHQQW GLH %XQGHVYHUIDVVXQJ QLFKW VLH HUJLEW VLFK DEHU DXV GHU 0HLQXQJV XQG GHU 9HUVDPPOXQJVIUHLKHLW 9JO %,$**,1, .RPP ]X $UW %9 5] 5LFKWLJHUZHLVH HUDFKWHW GDV %XQGHVJHULFKW HLQH ÄORVH³ *UXSSHQELOGXQJ DOV HEHQIDOOV YRP 6FKXW]EHUHLFK GHV $UW %9 HUIDVVW VLHKH %*( , ( %*( , ( %*( , ( 52+1(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO 52+1(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] $8(5 0$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] VD $;(/ 76&+(176&+(5 9HU VDPPOXQJVIUHLKHLW XQG (YHQWNXOWXU 19Z= II YJO DEHU 0h//(56&+()(5 XQG 5+,12:6&+()(5 5] 0h//(56&+()(5 0$1)5,1, 5] %*( , ( =,00(5/, 5] DXVGUFNOLFK $UW =LII (05. XQG $UW 812 3DNW ,, %*( , ( %*( , ( D %*( ,D ( F 0$/,19(51, 5] 9RP 6FKXW]EHUHLFK GHU 0HLQXQJVIUHLKHLW XPIDVVW VLQG ÄGLH (UJHEQLVVH YRQ 'HQNYRUJlQJHQ VRZLH UDWLRQDO IDVVEDU XQG PLWWHLOEDU JHPDFKWH hEHU]HXJXQJHQ LQ GHU $UW YRQ 6WHOOXQJQDK PHQ :HUWXQJHQ $QVFKDXXQJHQ $XIIDVVXQJHQ XQG GHUJOHLFKHQ³ %*( ,D ( F ÄGLH *HVDPWKHLW GHU 0LWWHLOXQJHQ PHQVFKOLFKHQ 'HQNHQV³ %*( , ( E XQG ÄDOOH P|JOLFKHQ .RPPXQLNDWLRQVIRUPHQ³ %*( , ( E 8PIDVVW LVW GDPLW DXFK GHU $XV GUXFN YRQ *HIKOHQ %RWVFK 9( 9JO ]XP *DQ]HQ %,$**,1, .RPP ]X $UW %9 5] 12:$. .RPP ]X $UW 8123DNW ,, 5] I %*( , ( %*( , ( E *HVFKW]W LVW GHU $XVGUXFN GXUFK :RUWH DEHU DXFK HWZD GXUFK )DKQHQ 6SUXFKElQGHU RGHU .XQVWZHUNH VLHKH ./(<723+,1.( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II 0$/,19(51, 5] %*( , ( D %*( ,D ( EEE 0$1)5,1, 5] %,$**,1, .RPP ]X $UW %9 5] 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH % %HHLQWUlFKWLJXQJ GXUFK 9LGHREHUZDFKXQJVPDVVQDKPHQ :LUG HLQ |IIHQWOLFK ]XJlQJOLFKHU 5DXP ]XP =ZHFN GHU 9HUKWXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ YLGHREHUZDFKW VR ZLUG GDPLW QLHPDQGHP XQWHUVDJW VLFK GRUW ]X YHUVDPPHOQ RGHU VHLQH 0HLQXQJ ]X lXVVHUQ 9LHOPHKU VROO EHU GLH (UK|KXQJ GHU 6LFKHUKHLW GLH =XJlQJOLFKNHLW XQG 1XW]EDUNHLW GHV EHUZDFKWHQ 5DXPV HUK|KW ZHU GHQ (V ZXUGH DEHU EHUHLWV GDUDXI KLQJHZLHVHQ GDVV GLH %HMDKXQJ HLQHV *UXQG UHFKWVHLQJULIIV QLFKW YRUDXVVHW]W GDVV GHU 6WDDW HLQ EHVWLPPWHV 9HUKDOWHQ YHUELHWHW (LQH %HHLQWUlFKWLJXQJ YRQ *UXQGUHFKWHQ NDQQ DXFK PLWWHOEDU HUIROJHQ VRZHLW GLH %HHLQWUlFKWLJXQJ GHP 6WDDW ]XUHFKHQEDU XQG YRQ JHQJHQGHU ,QWHQVLWlW LVW 9RQ %HGHXWXQJ LVW QDPHQWOLFK GDVV VWDDWOLFKH hEHUZDFKXQJV0DVVQDKPHQ GHQ (LQ ]HOQHQ YRQ GHU :DKUQHKPXQJ XQG $XVEXQJ VHLQHU *UXQGUHFKWH DEKDOWHQ RGHU LKQ ]XPLQGHVW GDULQ EHKLQGHUQ N|QQHQ 'HU %UJHU JHWUDXW VLFK QLFKW PHKU YRQ VHLQHQ *UXQGUHFKWHQ *HEUDXFK ]X PDFKHQ DXV $QJVW YRU QHJDWLYHQ EHK|UGOLFKHQ 5HDN WLRQHQ 6ROFKH &KLOOLQJ (IIHFWV VLQG QDPHQWOLFK EHL GHQ .RPPXQLNDWLRQVJUXQGUHFK WHQ YRQ %HGHXWXQJ XQG GDPLW LQVEHVRQGHUH DXFK EHL GHU 0HLQXQJV XQG GHU 9HUVDPPOXQJVIUHLKHLW 'HVKDOE VWHOOW GHU SROL]HLOLFKH (LQVDW] YRQ 9LGHRNDPHUDV DQOlVVOLFK YRQ 'HPRQVW UDWLRQHQ HLQH ± PLWWHOEDUH ± %HHLQWUlFKWLJXQJ GHU 9HUVDPPOXQJV XQG 0HLQXQJV IUHLKHLW GDU GD GLH hEHUZDFKXQJ GHQ %UJHU YRQ GHU 2UJDQLVDWLRQ GHU 7HLOQDKPH RGHU GHU 0HLQXQJVNXQGJDEH DQOlVVOLFK GHU JHILOPWHQ 9HUDQVWDOWXQJ DE]XVFKUHFNHQ RGHU LKQ ]X HLQHP DQJHSDVVWHQ 9HUKDOWHQ ]X ]ZLQJHQ YHUPDJ (LQ VROFKHU PLW WHOEDUHU *UXQGUHFKWVHLQJULII LVW MHGRFK QLFKW QXU GDQQ ]X EHMDKHQ ZHQQ GLH SROL]HL OLFKH hEHUZDFKXQJ PLW %OLFN DXI HLQH VSH]LILVFKH 9HUVDPPOXQJ HUIROJW VRQGHUQ DXFK GDQQ ZHQQ LP RKQHKLQ EHUHLWV EHUZDFKWHQ 5DXP HLQH 9HUVDPPOXQJ VWDWW ILQGHW E]Z VWDWWILQGHQ VROO 'DEHL PXVV HV VLFK QLFKW XP HLQH SROLWLVFKH .XQG =X GHQ NULPLQDOSUlYHQWLYHQ (IIHNWHQ GHU 9LGHREHUZDFKXQJ YJO DEHU KLQWHQ 7HLO ,9 % 9RUQH 7HLO 9 & 9JO ]XP %HJULII GHU .RPPXQLNDWLRQVJUXQGUHFKWH YRUQH )Q 6LHKH %*HU &B ( Ä'LH :LVVHQVFKDIWVIUHLKHLW NDQQ ± ZLH GLH EULJHQ .RPPX QLNDWLRQVJUXQGUHFKWH ± QLFKW QXU GXUFK GLUHNWH (LQJULIIH ZLH 9HUERWH XQG 6DQNWLRQHQ EHHLQ WUlFKWLJW ZHUGHQ 'HQNEDU VLQG DXFK PLWWHOEDUH %HHLQWUlFKWLJXQJHQ GLHVHU *UXQGUHFKWH LQ GHP 6LQQH GDVV GHU %HWURIIHQH VLFK DXIJUXQG HLQHU EHK|UGOLFKHQ 5HDNWLRQ QLFKW PHKU JHWUDXW HU QHXW YRP *UXQGUHFKW *HEUDXFK ]X PDFKHQ VRJ ÃFKLOOLQJ HIIHFWµ >«@³ ]X Ä&KLOOLQJ (IIHFWV³ DXI GLH 0HLQXQJVlXVVHUXQJVIUHLKHLW $UW (05. YJO (*05 8UWHLOH YRP $SULO L6 /RPEDUGR XD JHJHQ 0DOWD 1U =LII YRP 2NWREHU L6 :LOOH JHJHQ /LHFKWHQVWHLQ 1U (&+5 9,, =LII =X Ä&KLOOLQJ (IIHFWV³ LP %HUHLFK GHU 9HUVDPPOXQJVIUHLKHLW $UW (05. VLHKH (*05 8UWHLO YRP 0DL L6 %DF]NRZVNL XD JHJHQ 3ROHQ 1U =LII 9JO 0h//(56&+()(5 2%(5+2/=(5 I 0h//(5 -3 5] 6&+()(5 %HHLQ WUlFKWLJXQJ =,00(5/, 5] 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ )/h&.,*(5$8(5 58(**)/h&.,*(5129(0%(5./$86(5 5(,1+$5' IHU QHU 6&+:(*/(5 'LJLWDOH )RWRJUDILH 9JO IU $UW $EV ** ZRQDFK DOOH 'HXWVFKHQ GDV 5HFKW KDEHQ ÄVLFK RKQH $QPHOGXQJ RGHU (UODXEQLV IULHGOLFK XQG RKQH :DIIHQ ]X YHUVDPPHOQ³ %$576&+ %h//(6)(/' 9L 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW JHEXQJ KDQGHOQ VWHKHQ GRFK DXFK DQGHUH ± IUHXQGVFKDIWOLFKH RGHU XQWHUKDOWHQGH ± 9HUVDPPOXQJHQ XQWHU GHP 6FKXW] GHU 9HUVDPPOXQJVIUHLKHLW )LQGHW LQ HLQHP YLGHREHUZDFKWHQ %HUHLFK HLQH .XQGJHEXQJ RGHU HLQH DQGHUH JUXQGUHFKWOLFK JH VFKW]WH 9HUVDPPOXQJ RGHU 0HLQXQJVlXVVHUXQJ VWDWW KDW VLFK GLH 9LGHREHUZD FKXQJ VRPLW DXFK PLW %OLFN DXI GLH 9HUVDPPOXQJV XQG 0HLQXQJVIUHLKHLW ]X UHFKW IHUWLJHQ 'LH hEHUZDFKXQJ EHGDUI DOVR HLQHU DXVGUFNOLFKHQ JHVHW]OLFKHQ *UXQG ODJH PXVV LP |IIHQWOLFKHQ ,QWHUHVVH OLHJHQ XQG YHUKlOWQLVPlVVLJ VHLQ (LQH hEHU ZDFKXQJ NDQQ LQVEHVRQGHUH QXU GDQQ DOV ]XOlVVLJ HUDFKWHW ZHUGHQ ZHQQ DQOlVVOLFK GHU 9HUVDPPOXQJ HUQVWKDIW E]Z NRQNUHW PLW GHU %HJHKXQJ YRQ 'HOLNWHQ HLQHU JH ZLVVHQ 6FKZHUH ZLH ]% YRUVlW]OLFKHQ .|USHUYHUOHW]XQJHQ 6DFKEHVFKlGLJXQJHQ 1|WLJXQJHQ YRUVlW]OLFKHQ 6W|UXQJHQ GHV |IIHQWOLFKHV 9HUNHKUV RGHU /DQGIULHGHQV EUXFK ]X UHFKQHQ LVW $QVRQVWHQ VLQG GLH .DPHUDV DE]XVFKDOWHQ RGHU ]XPLQGHVW DQGHUV DXV]XULFKWHQ =X EHUFNVLFKWLJHQ LVW GDVV GLH 9LGHREHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV VLFK QLFKW QXU DEVFKUHFNHQG DXI GLH :DKUQHKPXQJ GHU 9HUVDPPOXQJV XQG 0HLQXQJV IUHLKHLW DXI HEHQ GLHVHP 3ODW] DXVZLUNHQ NDQQ %HILQGHQ VLFK LQ XQPLWWHOEDUHU 1lKH GHV EHUZDFKWHQ %HUHLFKV 5l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|QOLFKHQ 9HUKDOWHQV QLFKW YRUDXVJHVHW]W (LQ GHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H XQG 0$;,0,1, I ZRKO DXFK /$1* 3ULYDWH 9LGHREHUZDFKXQJ ,Q GLHVH 5LFKWXQJ DEHU )/h&.,*(5$8(5 58(**)/h&.,*(5129(0%(5./$86(5 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I 9RUQH 7HLO 9,, $ 9JO %HULFKW YRP 'H]HPEHU EHU GLH 7lWLJNHLW GHU YRP 9RUVWHKHU GHV 6LFKHUKHLWVGH SDUWHPHQWHV GHV .DQWRQV %DVHO6WDGW HLQJHVHW]WHQ $UEHLWVJUXSSHQ EHWUHIIHQG Ä'DWHQVFKXW]³ XQG ÄSROL]HLOLFKH 0DVVQDKPHQ³ LP =XVDPPHQKDQJ PLW GHU $QWL:()'HPRQVWUDWLRQ YRP -DQXDU DEUXIEDU XQWHU ZZZEVFKPPEHULFKWBDUEHLWVJUXSSHQBPHLHUSGI! 6LHKH GD]X KLQWHQ 7HLO ;,,, % XQG 7HLO ,9 % F LL 9JO YRUQH 7HLO ,9 ' 6R DEHU 5(,1+$5' VRZLH ± EHWUHIIHQG GLH 9HUVDPPOXQJVIUHLKHLW ± )/h&.,*(5$8(5 XQG 58(**)/h&.,*(5129(0%(5./$86(5 VRZHLW VLFK GLH %HREDFKWXQJ QLFKW GDXHUKDIW DXI HLQH EHVWLPPWH 3HUVRQ ULFKWHW RGHU LQWHOOLJHQWH 9LGHRV\VWHPH ]XP (LQVDW] NRPPHQ 9JO =$/81$5'2:$/6(5 GHU LQ GHU KHLPOLFKHQ SROL]HLOLFKHQ 2EVHUYDWLRQ P( IlOVFK OLFKHUZHLVH GHVKDOE NHLQHQ (LQJULII LQ GLH 0HLQXQJV XQG GLH 9HUVDPPOXQJVIUHLKHLW HUEOLFNW ZHLO VLH LQ HLQHU IU GHQ %HWURIIHQHQ QLFKW HUNHQQEDUHQ :HLVH HUIROJH ,P 8PNHKUVFKOXVV Zl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|VHQ ZHOWDQVFKDXOLFKHQ RGHU SROLWLVFKHQ hEHU]HX JXQJ RGHU ZHJHQ HLQHU N|USHUOLFKHQ JHLVWLJHQ RGHU VHHOLVFKHQ %HKLQGHUXQJ $OV 9RUELOG IU GHQ (UODVV YRQ $UW $EV %9 GLHQWHQ GHP *HVHW]JHEHU GLH 'LVNUL PLQLHUXQJVYHUERWH YRQ $UW (05. XQG YRQ $UW =LII $UW =LII XQG $UW 8123DNW ,, 1DFK GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ VWHOOW HLQH 'LVNULPLQLHUXQJ ÄHLQH TXDOLIL]LHUWH 8QJOHLFKEHKDQGOXQJ YRQ 3HUVRQHQ LQ YHUJOHLFKEDUHQ 6LWXDWLRQHQ GDU LQGHP VLH HLQH %HQDFKWHLOLJXQJ YRQ 0HQVFKHQ EHZLUNW GLH DOV +HUDEZUGLJXQJ RGHU $XVJUHQ]XQJ HLQ]XVWXIHQ LVW ZHLO VLH DQ 8QWHUVFKHLGXQJVPHUNPDOHQ DQNQSIW GLH HLQHQ ZHVHQWOLFKHQ XQG QLFKW RGHU QXU VFKZHU DXIJHEEDUHQ %HVWDQGWHLO GHU ,GHQ WLWlW GHU EHWURIIHQHQ 3HUVRQHQ DXVPDFKHQ³ $OOHUGLQJV LVW HLQH 8QJOHLFKEHKDQGOXQJ JHNQSIW DQ HLQ LQ $UW $EV %9 JHQDQQWHV YHUS|QWHV 0HUNPDO QLFKW DEVROXW XQ]XOl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|QWHV 0HUNPDO DXIZHLVW LVW GHVKDOE XQ]X OlVVLJ +LQ]XZHLVHQ LVW DXFK DXI GDV ± YRQ GHU 6FKZHL] DOOHUGLQJV QLFKW XQWHU]HLFKQHWH ± =3 1U ]XU (05. 'D]X 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %*( , ( %*( , ( (LQH XQ]XOlVVLJH 'LVNULPLQLHUXQJ L6Y $UW $EV %9 VHW]W HLQH HLJHQWOLFKH 'LVNULPLQLH UXQJVDEVLFKW QLFKW YRUDXV YJO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] &'&- *XLGLQJ SULQFLSOHV =LII =LII 5HF 9$1 ',-. =LII IU GDV GHXWVFKH 5HFKW YJO 0$;,0,1, 'DVV EHL GHU 9LGHREHUZDFKXQJ QDFK YHUS|QWHQ 0HUNPDOHQ GLIIHUHQ]LHUW ZLUG LVW HLQH *HIDKU GLH QLFKW ]X XQWHUVFKlW]HQ LVW YJO GD]X GLH 'DUVWHOOXQJ DXVOlQGLVFKHU 8QWHUVXFKXQJVHUJHEQLVVH EHL /,1** XQG 6787=(5=(+1'(5 7DWVlFKOLFK ELOGHW GDV (UVFKHLQXQJVELOG HLQHU 3HUVRQ ]% GLH +DXWIDUEH GLH VR]LDOH 6WHOOXQJ RGHU GLH JHWUDJHQH .OHLGXQJ RIWPDOV GHQ $Q 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH %HVRQGHUH *HIDKUHQ XQWHU GHP *HVLFKWVSXQNW GHV 'LVNULPLQLHUXQJVYHUERWV ELUJW GHU (LQVDW] LQWHOOLJHQWHU 9LGHREHUZDFKXQJVV\VWHPH QDPHQWOLFK VROFKHU ]XU *H VLFKWVHUNHQQXQJ RGHU ]XU (UNHQQXQJ DEZHLFKHQGHQ 9HUKDOWHQV 6RZHLW HLQ (LQ VDW] VROFKHU hEHUZDFKXQJV XQG .RQWUROOPLWWHO EHUKDXSW DOV ]XOlVVLJ LQVEHVRQGH UH DOV YHUKlOWQLVPlVVLJ HUDFKWHW ZHUGHQ NDQQ GDUI HU MHGHQIDOOV QLFKW ]X HLQHU XQ]XOlVVLJHQ 'LVNULPLQLHUXQJ IKUHQ LQGHP EHLVSLHOVZHLVH QXU %LOGHU YRQ 0HQ VFKHQ PLW HLQHU JHZLVVHQ +DXWIDUEH DXIJH]HLFKQHW ZHUGHQ RGHU GDV 6\VWHP QXU GDQQ $ODUP VFKOlJW ZHQQ 0HQVFKHQ PLW HLQHU JHZLVVHQ +DXWIDUEH RGHU EHVWLPPWHU UHOLJL|VHU .OHLGXQJ GHQ EHUZDFKWHQ %HUHLFK EHWUHWHQ (LQH VROFKH VHOHNWLYH 'D WHQEHDUEHLWXQJ ZlUH DXFK XQWHU GHP *HVLFKWVSXQNW GHU 0HQVFKHQZUGH K|FKVW SUREOHPDWLVFK PLW ZHOFKHU GDV 'LVNULPLQLHUXQJVYHUERW RKQHKLQ LQ HQJHP =X VDPPHQKDQJ VWHKW IDQJ RGHU GHQ 8UVSUXQJ HLQHU JH]LHOWHQ %HREDFKWXQJ ÄFDWHJRULFDO VXVSLFLRQ³ 'LH JH]LHOWH %HREDFKWXQJ DXIJUXQG HLQHV VR]LDO XQHUZQVFKWHQ RGHU VWUDIEDUHQ 9HUKDOWHQV ÄVXVSLFLRQ E\ DFWLRQ³ VWHKW VRPLW KlXILJ QLFKW LP 9RUGHUJUXQG VLHKH .$00(5(5 %LOGHU GHU hEHUZDFKXQJ II &R( 5HSRUW YLGHR VXUYHLOODQFH & ,9 VLHKH ]X GLHVHQ hEHUZDFKXQJVP|JOLFKNHLWHQ YRU QH 7HLO , % 9JO KLQWHQ 7HLO ,9 % E L 9RUQH 7HLO ,, % 9RUQH 7HLO ,, $ XQG )Q *ODXEHQV XQG *HZLVVHQVIUHLKHLW ,; *ODXEHQV XQG *HZLVVHQVIUHLKHLW $ %HPHUNXQJHQ ]X GHQ 6FKXW]EHUHLFKHQ $UW %9 VRZLH $UW (05. XQG $UW 8123DNW ,, JHZlKUOHLVWHQ GLH *ODX EHQV XQG *HZLVVHQVIUHLKHLW *HVFKW]W VLQG DOOH $UWHQ YRQ VSLULWXHOOHQ RGHU LQWHO OHNWXHOOHQ hEHU]HXJXQJHQ XQG $QVFKDXXQJHQ EHWUHIIHQG GLH %H]LHKXQJ GHV 0HQ VFKHQ ]XP *|WWOLFKHQ E]Z 7UDQV]HQGHQWHQ VRIHUQ LKQHQ HLQH JHQJHQG JUXQGVlW]OLFKH JHVDPWKHLWOLFKH XQG ]XVDPPHQKlQJHQGH 6LFKW DXI GLH :HOW XQG LK UHU 3UREOHPH LQQHZRKQW $XFK :HOWDQVFKDXXQJHQ GLH VLFK PHKU GXUFK HLQH ÄhEHU]HXJXQJ EHWUHIIHQG GLH H[LVWHQWLHOOH $XIJDEH GHV 0HQVFKHQ DXI GLHVHU :HOW³ NHQQ]HLFKQHQ DOV GXUFK HLQH %H]LHKXQJ ]XP *|WWOLFKHQ E]Z 7UDQV]HQGHQWHQ VLQG YRQ GHU *ODXEHQV XQG *HZLVVHQVIUHLKHLW JHVFKW]W ,QVEHVRQGHUH KDW MHGH 3HU VRQ GDV 5HFKW LKUH 5HOLJLRQ XQG LKUH ZHOWDQVFKDXOLFKH hEHU]HXJXQJ DOOHLQH RGHU LQ *HPHLQVFKDIW ± SULYDW RGHU |IIHQWOLFK ± PLW DQGHUHQ ]X EHNHQQHQ $UW $EV %9 $UW =LII (05. $UW =LII 812 3DNW ,, *HVFKW]W ZLUG GDGXUFK GLH .XOWXVIUHLKHLW GLH IUHLH NROOHNWLYH RGHU LQGLYLGXHOOH $XVEXQJ JRWWHVGLHQVWOLFKHU +DQGOXQJHQ DEHU DXFK GHU DQGHUZHLWLJH $XVGUXFN UHOLJL|VHU XQG ZHOWDQVFKDXOL FKHU hEHU]HXJXQJHQ LP DOOWlJOLFKHQ /HEHQ ZLH HWZD GDV |IIHQWOLFKH 7UDJHQ UHOL JL|VHU 6\PEROH XQG UHOLJL|VHU .OHLGXQJ 'HU *ODXEHQV XQG *HZLVVHQVIUHLKHLW ZRKQW DXFK HLQ REMHNWLYUHFKWOLFKHU *HKDOW LQQH DQ GHP VLFK GLH JHVDPWH 6WDDWVWl WLJNHLW ]X RULHQWLHUHQ KDW YJO $UW $EV %9 % %HGHXWXQJ IU GLH 9LGHREHUZDFKXQJ 'XUFK GLH 9LGHREHUZDFKXQJ ZLUG QLHPDQGHP XQWHUVDJW VLFK DOOHLQH RGHU ]XVDP PHQ PLW DQGHUHQ LQ GHU gIIHQWOLFKNHLW ]X VHLQHQ *ODXEHQV XQG *HZLVVHQVEHU]HX 9JO %*( ,E ( E %*( , ( E %*( , ( EDD %*( ,9 ( EDD ,P (LQ]HOQHQ HWZD &$9(/7,./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II 6FKXW] GXUFK GLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW HUIDKUHQ VlPWOLFKH *ODXEHQVULFKWXQJHQ XQDEKlQJLJ YRQ GHU $Q]DKO LKUHU $QKlQJHU LQ GHU 6FKZHL] YJO %*( , ( %*( ,E ( E $XFK UHOLJL|V YHUHLQQDKPHQGH %HZHJXQJHQ N|QQHQ VLFK DXI GHQ 6FKXW] GHU *ODXEHQV XQG *HZLVVHQVIUHLKHLW EHUXIHQ YJO %*( , ( E XQG 9JO 0h//(56&+()(5 I ZHOFKH DOV %HLVSLHOH IU ZHOWDQVFKDXOLFKH hEHU]HXJXQJHQ GHQ 3D]LILVPXV GLH $QWKURSRVRSKLH RGHU HLQ |NRORJLVFKHV :HOWELOG QHQQHQ 'HU 6FKXW] GHU *ODX EHQV XQG *HZLVVHQVIUHLKHLW ZLUG GDPLW ± ]X 5HFKW ± ZHLW JH]RJHQ YJO 0h//(56&+()(5 II &$9(/7,./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0h//(56&+()(5 I %,$**,1, .RPP ]X $UW %9 5] %*( , ( %*( , ( %*( , ( %*( ,9 ( EDD 0h//(56&+()(5 II &$9(/7,./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 12:$. .RPP ]X $UW 8123DNW ,, 5] &$9(/7,./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II %*( , ( ]XP REMHNWLYUHFKWOLFKHQ *HKDOW GHU *UXQGUHFKWH VD KLQWHQ 7HLO ;,9 % 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH JXQJHQ ]X EHNHQQHQ XQG GLHVH ]X SUDNWL]LHUHQ $OOHUGLQJV LVW QLFKW DXVJHVFKORVVHQ GDVV GLH 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP GHQ (LQ]HOQHQ YRQ GHU $XVEXQJ XQG 3UDNWL]LHUXQJ UHOLJL|VHU RGHU ZHOWDQVFKDXOLFKHU hEHU]HXJXQJHQ ]% GHU 7HLOQDKPH DQ HLQHU 3UR]HVVLRQ GHP %HVXFK HLQHU .LUFKH RGHU GHU 7HLO QDKPH DQ GHU 9HUDQVWDOWXQJ HLQHU Ä6HNWH³ DE]XKDOWHQ E]Z DE]XVFKUHFNHQ YHU PDJ $QJHVSURFKHQ VLQG GDPLW ZLHGHUXP PLWWHOEDUH *UXQGUHFKWVEHHLQWUlFKWL JXQJHQ E]Z GLH VRJ Ä&KLOOLQJ (IIHFWV³ 'LHVH 3UREOHPDWLN DNWXDOLVLHUW VLFK QLFKW QXU DEHU YRU DOOHP GDQQ ZHQQ $QJHK|ULJH JHZLVVHU UHOLJL|VHU RGHU ZHOWDQ VFKDXOLFKHU *UXSSLHUXQJHQ YHUVWlUNW LQ GHQ )RNXV GHV PHGLDOHQ E]Z |IIHQWOLFKHQ ,QWHUHVVHV JHUDWHQ 'LH %HHLQWUlFKWLJXQJ GHU *ODXEHQV XQG *HZLVVHQVIUHLKHLW PXVV MHGRFK YRQ HLQHU JHQJHQGHQ ,QWHQVLWlW VHLQ GDPLW HLQ (LQJULII DXIJUXQG HLQHV Ä&KLOOLQJ (IIHFWV³ EH MDKW ZHUGHQ NDQQ 'LHV N|QQWH MHGHQIDOOV GDQQ GHU )DOO VHLQ ZHQQ LP EHUZDFKWHQ %HUHLFK HLQH 9HUDQVWDOWXQJ PLW UHOLJL|VHU RGHU ZHOWDQVFKDXOLFKHU =LHOVHW]XQJ ZLH ]% HLQH 3UR]HVVLRQ RGHU HLQ NROOHNWLYHV *HEHW VWDWWILQGHQ VROO 6RZHLW UHOLJL|V RGHU ZHOWDQVFKDXOLFK PRWLYLHUWH .XQGJHEXQJHQ LP |IIHQWOLFKHQ 5DXP VWDWWILQGHQ VROOHQ VFKHLQW HLQH GLHVEH]JOLFKH hEHUZDFKXQJ QXU GDQQ JHUHFKWIHUWLJW ZHQQ HUQVWKDIW PLW GHU %HJHKXQJ YRQ 6WUDIWDWHQ DQOlVVOLFK GLHVHU 9HUDQVWDOWXQJ JHUHFKQHW ZHUGHQ PXVV =XGHP EHGDUI HLQH VROFKH hEHUZDFKXQJ HLQHU DXVGUFNOLFKHQ JHVHW] OLFKHQ *UXQGODJH $XFK GHU (LQVDW] YRQ 9LGHRNDPHUDV LQ GHU 1lKH UHOLJL|VHU 6WlW WHQ ZLH .LUFKHQ 6\QDJRJHQ RGHU 0RVFKHHQ LVW DXI VHLQH 9HUHLQEDUNHLW PLW GHU *ODXEHQV XQG *HZLVVHQVIUHLKHLW ]X SUIHQ 9JO ]XP XQNODUHQ XQG SUREOHPDWLVFKHQ %HJULII GHU Ä6HNWH³ DEHU GHQ %HULFKW GHU *HVFKlIWV SUIXQJVNRPPLVVLRQ GHV 1DWLRQDOUDWHV YRP -XOL Ä6HNWHQ³ RGHU YHUHLQQDKPHQGH %H ZHJXQJHQ LQ GHU 6FKZHL] ± 'LH 1RWZHQGLJNHLW VWDDWOLFKHQ +DQGHOQV RGHU :HJH ]X HLQHU HLG JHQ|VVLVFKHQ Ä6HNWHQ³3ROLWLN %%O I 9JO IU GDV GHXWVFKH 5HFKW +g)/,1* %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I /$1* 3ULYDWH 9LGHREHUZDFKXQJ 'D]X YRUQH 7HLO 9,, % XQG 7HLO 9 & 9JO IU GDV GHXWVFKH 5HFKW 0$;,0,1, 'LH *ODXEHQV XQG *HZLVVHQVIUHLKHLW LVW OH[ VSH FLDOLV JHJHQEHU GHU 9HUVDPPOXQJV XQG GHU 0HLQXQJVIUHLKHLW 5HOLJL|VH 9HUVDPPOXQJHQ RGHU .XQGJHEXQJHQ XQWHUVWHKHQ VRPLW XQPLWWHOEDU GHP 6FKXW] GHU *ODXEHQV XQG *HZLVVHQV IUHLKHLW YJO %*( , ( E &$9(/7<./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO GD]X KLQWHQ 7HLO ;,,, % XQG 7HLO ,9 % F LL YJO DXFK YRUQH 7HLO 9,, % $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ ; $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ 'HU 6FKXW] GHU :RKQXQJ ZLUG LQ $UW $EV %9 VRZLH LQ $UW =LII (05. XQG $UW 812 3DNW ,, JDUDQWLHUW (LQH 5lXPOLFKNHLW IlOOW GDQQ XQWHU GHQ %HJULII GHU :RKQXQJ ZHQQ VLH IU GHQ %HWURIIHQHQ HLQHQ /HEHQVPLWWHOSXQNW GDUVWHOOW XQG ZHQQ VLFK DQ GLHVHP 2UW GDV 3ULYDW XQG )DPLOLHQOHEHQ HQWIDOWHQ VROO 8QWHU GHQ %HJULII GHU :RKQXQJ IDOOHQ DEHU QLFKW QXU 5lXPOLFKNHLWHQ LQ GHQHQ VLFK GDV 3ULYDW RGHU )DPLOLHQOHEHQ EOLFKHUZHLVH RGHU YRUZLHJHQG ± ZHQQ DXFK QXU YR UEHUJHKHQG ± DEVSLHOW 1HEHQ GHU :RKQXQJ XQG GHP +DXV LP HLJHQWOLFKHQ 6LQQ XPIDVVW GHU :RKQXQJVEHJULII DXFK 1HEHQ XQG $XVVHQUlXPH ZLH %DONRQH +|IH XQG XPJUHQ]WH *lUWHQ *HVFKW]W LVW VRZRKO GHU GLQJOLFK DOV DXFK GHU REOL JDWRULVFK DP HQWVSUHFKHQGHQ 5DXP %HUHFKWLJWH 'DVV LQ HLQHP GHP 3ULYDW RGHU )DPLOLHQOHEHQ GLHQHQGHQ 5DXP DXFK HLQH *H VFKlIWVWlWLJNHLW DXVJHEW ZLUG lQGHUW QRFK QLFKWV DP &KDUDNWHU GHU :RKQXQJ (L JHQWOLFKH *HVFKlIWVUlXPH %URV 3URGXNWLRQVVWlWWHQ RGHU /DJHUKDOOHQ VRIHUQ GLH LQ LKQHQ YRUJHQRPPHQHQ $NWLYLWlWHQ QLFKW DXFK GHU 3HUV|QOLFKNHLWVHQWIDOWXQJ GLHQHQ XQWHUVWHKHQ QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ MHGRFK ULFKWLJHUZHLVH GHP 6FKXW] GHU :LUWVFKDIWVIUHLKHLW $UW %9 XQG GHU (LJHQWXPVJDUDQWLH $UW %9 %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] ./(< 5] 9,//,*(5 5] I :,('(5,1 3ULYDWVSKlUH %*HU 3 ( (*05 8UWHLOH YRP 1RYHPEHU L6 *LDFRPHOOL JHJHQ ,WD OLHQ 1U =LII XQG YRP 1RYHPEHU L6 0RUHQR *yPH] JHJHQ 6SDQLHQ 1U (&+5 ; =LII :(%(56200(5+$/'(5 :LH HWZD LQ +RWHO]LPPHUQ =HOWHQ :RKQZDJHQ RGHU :RKQERRWHQ YJO %*HU 3 ( 0h//(56&+()(5 %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] ./(< 5] :,('(5,1 3ULYDWVSKlUH %*HU 3 ( %*HU 3 ( %*HU 3 ( D ./(< 5] %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0h//(56&+()(5 %,$**,1, .RPP ]X $UW %9 5] *5$%(1:$57(5 5] 12:$. .RPP ]X $UW 8123DNW ,, 5] %RWVFK 9( %*HU 3 ( %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0h//(56&+()(5 %,$**,1, .RPP ]X $UW %9 5] 9,//,*(5 5] 9JO 0h//(56&+()(5 I 5+,12:6&+()(5 5] 9JO GD]X KLQWHQ 7HLO ;, 6RZRKO LQ GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ YJO %*HU 3 ( DOV DXFK LQ GHUMHQLJHQ GHV (*05 YJO 8UWHLOH YRP $SULO L6 6RFLpWp &RODV (VW XD JHJHQ )UDQNUHLFK 1U (&+5 ,,, =LII XQG YRP 'H]HPEHU L6 YDQ 5RVVHP JHJHQ %HOJLHQ 1U =LII ZLUG HLQ 6FKXW] YRQ *HVFKlIWVUlXPOLFKNHLWHQ GXUFK $UW $EV %9 E]Z $UW (05. KLQJHJHQ QLFKW JUXQG VlW]OLFK DXVJHVFKORVVHQ DEHU DXFK QLFKW JHQHUHOO EHMDKW YJO DEHU :(%(56200(5+$/'(5 :,('(5,1 3ULYDWVSKlUH I VLHKH DEHU DXFK GLH NULWLVFKHQ %HPHUNXQJHQ LQ )Q %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] ZLH KLHU GDV 9HUVWlQGQLV GHU 5HFKWVSUHFKXQJ 0h//(56&+()(5 I $XV GHP 8PVWDQG GDVV GDV %XQGHVJHULFKW LQ HLQHP 8UWHLO YRP $SULO ( D 3UD 1U GLH 'XUFKVX FKXQJ HLQHU $QZDOWVSUD[LV PLW %OLFN DXI GLH JHVFKW]WH %H]LHKXQJ ]ZLVFKHQ $QZDOW XQG .OL 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 'DPLW HLQ (LQJULII LQ GHQ $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ YRUOLHJW EUDXFKW HV VLFK QLFKW XP HLQ SK\VLVFKHV (LQGULQJHQ ZLH HWZD EHL HLQHU +DXVGXUFKVXFKXQJ ]X KDQGHOQ $XFK /lUP RGHU *HUXFKVHPLVVLRQHQ VRZLH DQGHUH 6W|UXQJHQ N|QQHQ GHQ $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ EHHLQWUlFKWLJHQ 1DPHQWOLFK VWHOOW DXFK GLH RSWLVFKH RGHU DNXVWLVFKH hEHUZDFKXQJ YRQ :RKQUlXPHQ HLQHQ (LQJULII GDU ZREHL HV NHLQH 5ROOH VSLHOW RE GLH hEHUZDFKXQJVJHUlWH LQQHUKDOE RGHU DXVVHUKDOE GHU :RKQXQJ DQJHEUDFKW VLQG 8QHUKHEOLFK LVW HV DXFK RE HV VLFK XP HLQH JH ]LHOWH ,QIRUPDWLRQVEHVFKDIIXQJ DXV HLQHU :RKQXQJ XQG VRPLW XP HLQH HLJHQWOLFKH $XVIRUVFKXQJ KDQGHOW RGHU QXU XP HLQH HKHU EHLOlXILJH :DKUQHKPXQJ (LQ (LQ JULII VFKHLWHUW DXFK QLFKW GDUDQ GDVV PLWWHOV HLQHU 9LGHRNDPHUD OHGLJOLFK VROFKH 9HUKDOWHQVZHLVHQ EHREDFKWHW RGHU DXIJH]HLFKQHW ZHUGHQ ZHOFKH DXFK YRQ HLQHP 3DVVDQWHQ DXI GHU 6WUDVVH ZDKUJHQRPPHQ ZHUGHQ N|QQWHQ ZLH ]% GHU 8PVWDQG GDVV VLFK MHPDQG LP *DUWHQ VRQQW RGHU LQ GHU 1DFKW DP 6FKUHLEWLVFK DUEHLWHW 'HU $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ VWHOOW VRPLW HLQH ZLFKWLJH *UHQ]H GHU 9L GHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP GDU %HL GHU $XVULFKWXQJ GHU .DPHUDV LVW GDUDXI ]X DFKWHQ GDVV QLFKW DXFK )HQVWHUIURQWHQ SULYDWHU +lXVHU %DO NRQH RGHU SULYDWH *lUWHQ LP $XIQDKPHEHUHLFK HUVFKHLQHQ (EHQVR GDUI GLH HQW XQWHU GHP *HVLFKWVSXQNW GHU SHUV|QOLFKHQ )UHLKHLW EHKDQGHOW XQG XQWHU +LQZHLV DXI GDV 8UWHLO GHV (*05 YRP 'H]HPEHU L6 1LHPLHW] JHJHQ 'HXWVFKODQG 1U 6HU $ 1U % =LII GLH $QZDOWVSUD[LV HEHQIDOOV GHP 6FKXW] YRQ $UW (05. XQ WHUVWHOOW OlVVW VLFK QLFKWV IU GLH )UDJH JHZLQQHQ RE JHQHUHOO *HVFKlIWVUlXPOLFKNHLWHQ GHP LQ $UW $EV %9 JDUDQWLHUWHQ 6FKXW] GHU :RKQXQJ XQWHUVWHKHQ YJO DEHU ./(< 5] XQG )Q )U HLQHQ (LQEH]XJ GHU *HVFKlIWVUlXPOLFKNHLWHQ XQWHU GHQ :RKQXQJVEHJULII GHV $UW $EV %9 VSUHFKHQ VLFK DXV %,$**,1, .RPP ]X $UW %9 5] ./(< 5] %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] *2/'6&+0,' %RWVFK 9( 'LH HQWVSUHFKHQGH $XIIDVVXQJ ZLUG DXFK LP GHXW VFKHQ 5HFKW YHUWUHWHQ YJO +251 5] $XIJUXQG GLHVHU 8QVLFKHUKHLWHQ HPSILHKOW HV VLFK ]XPLQGHVW SUR]HVVXDO DXFK GDQQ GHQ 6FKXW] YRQ $UW $EV %9 XQG $UW (05. DQ]XUX IHQ ZHQQ HLQ XQ]XOlVVLJHV VWDDWOLFKHV (LQGULQJHQ LQ UHLQH *HVFKlIWVUlXPH RGHU %HWULHEVVWlW WHQ JHOWHQG JHPDFKW ZLUG 6LHKH 0h//(56&+()(5 %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] :,('(5,1 3ULYDWVSKlUH 9,//,*(5 (*05 8UWHLOH YRP 1RYHPEHU L6 *LDFRPHOOL JHJHQ ,WDOLHQ 1U =LII XQG YRP 1RYHPEHU L6 0RUHQR *yPH] JHJHQ 6SDQLHQ 1U (&+5 ; =LII :(%(56200(5+$/'(5 9JO %*HU 3 ( 0h//(56&+()(5 *2/'6&+0,' I ./(< 5] %,$**,1, .RPP ]X $UW %9 5] IHUQHU :,('(5,1 3ULYDWVSKlUH :,('(5,1 9L GHREHUZDFKXQJ 0$;,0,1, 3526&+$. I .g1,* 5 I VD (.05 %H ULFKW YRP -DQXDU L6 0LFKDHO *RYHOO JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII '25) 9JO '25) RIIHQ JHODVVHQ RGHU ]XPLQGHVW XQNODU %*HU 3 ( F D$ IU GDV GHXWVFKH 5HFKW 5$1'+$+1 GHU GXUFK HLQH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 3OlW]H P|J OLFK ZHUGHQGH (LQEOLFNH LQ GLH :RKQXQJHQ 3ULYDWHU DOV EORVVH 5HIOH[H EH]HLFKQHW ZHOFKH NHLQHQ (LQJULII LQ GDV 5HFKW DXI 8QYHUOHW]OLFKNHLW GHU :RKQXQJ ]X EHJUQGHQ YHUP|JHQ 9JO :,('(5,1 3ULYDWVSKlUH VD %9*HU $ ( D$ ZRKO :(%(5 -3 XQG IU GDV GHXWVFKH 5HFKW +251 5] $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ 6FKZHQN RGHU =RRPIXQNWLRQ GHU .DPHUDV QLFKW GD]X JHEUDXFKW ZHUGHQ XP LQ GXUFK $UW $EV %9 E]Z $UW (05. JHVFKW]WH 5lXPH KLQHLQ]XVHKHQ $Q VRQVWHQ EHHLQWUlFKWLJW GLH 9LGHREHUZDFKXQJ ± QHEHQ GHP 5HFKW DXI LQIRUPDWLR QHOOH 6HOEVWEHVWLPPXQJ $UW $EV %9 ± DXFK GHQ $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ 6ROO PLW GHQ .DPHUDV DXFK HLQH 0LWhEHUZDFKXQJ YRQ GXUFK $UW $EV %9 XQG $UW (05. JHVFKW]WHQ 5lXPHQ ]XOlVVLJ VHLQ PXVV GLHV JHVHW]OLFK DXVGUFNOLFK YRUJHVHKHQ ZHUGHQ (LQH (UPlFKWLJXQJ ]XU hEHUZD FKXQJ DOOJHPHLQ ]XJlQJOLFKHU 5lXPH UHLFKW GD]X VHOEVWYHUVWlQGOLFK QLFKW DXV 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ DNWXDOLVLHUW VLFK GHU $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ DEHU QLFKW QXU LQ VHLQHU )XQNWLRQ DOV $EZHKUUHFKW JHJHQ HLQH EHK|UG OLFKH 9LGHREHUZDFKXQJ SULYDWHU 5lXPH 0( NDQQ $UW $EV %9 DXFK 6FKXW] JHJHQ VWDDWOLFKH %HVFKUlQNXQJHQ ELHWHQ GLH HLJHQH :RKQXQJ PLWWHOV 9L GHREHUZDFKXQJ ± ]% YRU XQEHIXJWHQ =XWULWWHQ ± ]X VFKW]HQ (LQ VWDDWOLFKHV 9HUERW GDVV 3ULYDWH ± HWZD LP 5DKPHQ GHU hEHUZDFKXQJ YRQ (LQJDQJVEHUHLFKHQ ]X :RKQKlXVHUQ ± $XVVFKQLWWH DXV GHP |IIHQWOLFKHQ 5DXP PLWILOPHQ NDQQ GHVKDOE DXFK ]X HLQHP ± PLWWHOEDUHQ ± (LQJULII LQ $UW $EV %9 IKUHQ 9JO KLQWHQ 7HLO ;,,, % 9JO ]% $UW %VW E 6W32 9JO DXFK KLQWHQ 7HLO ,, % 9JO 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH ,, =LII Ä+RZHYHU WKH ULJKW WR SULYDF\ DOVR LQFOXGHV WKH ULJKW RI D SHUVRQ WR FRQWURO DFFHVV WR DQG WKH EHKDYLRXU LQ KLV RU KHU SULYDWH SURSHUW\³ VD =LII 9JO 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH ,, =LII Ä,Q FRQFUHWH WHUPV D SULYDWH SHUVRQ PD\ KDYH DQ LQWHUHVW WR LQWUXVLYHO\ VFUXWLQLVH D SXEOLF SODFH ZLWK D YLHZ WR SUR WHFWLQJ KLV RU KHU SURSHUW\ DQGRU HQVXULQJ VHFXULW\ RU RQO\ WR SUHYHQW GLVRUGHU DQG FULPH RU VRPH RI KLVKHU ULJKWV³ 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ;, :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH =X XQWHUVXFKHQ EOHLEW RE XQG LQZLHIHUQ DXFK GLH :LUWVFKDIWVIUHLKHLW XQG GLH (LJHQ WXPVJDUDQWLH GXUFK HLQH VWDDWOLFKH 9LGHREHUZDFKXQJ YRQ SULYDWHQ XQG |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ ]% EHL GHU SROL]HLOLFKHQ hEHUZDFKXQJ HLQHV (LQNDXIV]HQW UXPV DEHU DXFK YRQ |IIHQWOLFKHQ 6WUDVVHQ XQG 3OlW]HQ EHUKUW VLQG 'DEHL LVW HEHQ IDOOV ]X VNL]]LHUHQ LQZLHIHUQ GHU (LQVDW] GHU 9LGHREHUZDFKXQJ GXUFK GLHVH *UXQGUHFKWH JHVFKW]W LVW $ :LUWVFKDIWVIUHLKHLW XQG 9LGHREHUZDFKXQJ 'LH :LUWVFKDIWVIUHLKHLW $UW %9 VFKW]W ± LQ LKUHU LQGLYLGXDOUHFKWOLFKHQ $XV SUlJXQJ ± GLH IUHLH YRQ VWDDWOLFKHQ 0DVVQDKPHQ XQHLQJHVFKUlQNWH ZLUWVFKDIWOLFKH (QWIDOWXQJ XQG ]ZDU LQ XPIDVVHQGHU :HLVH 8QWHU LKUHP 6FKXW] VWHKW MHGH SULYDWZLUWVFKDIWOLFKH 7lWLJNHLW GLH GHU (U]LHOXQJ HLQHV *HZLQQV RGHU HLQHV (U ZHUEVHLQNRPPHQV GLHQW 'LH :LUWVFKDIWVIUHLKHLW HQWKlOW ± QHEHQ DQGHUHQ 7HLO JHKDOWHQ ZLH HWZD GHU %HUXIVZDKOIUHLKHLW XQG GHU %HUXIV]XJDQJVIUHLKHLW ± DXFK HLQH %HUXIVDXVEXQJVIUHLKHLW E]Z HLQH )UHLKHLW XQWHUQHKPHULVFKHU %HWlWLJXQJ *HVFKW]W ZLUG GDGXUFK LQVEHVRQGHUH GLH IUHLH *HVFKlIWVEH]LHKXQJ QDPHQWOLFK GLH IUHLH :DKO GHU 9HUWUDJVSDUWQHU XQG GLH IUHLH :DKO GHU 0LWWHO (EHQVR VFKW]W VLH GLH IUHLH :DKO GHV 2UWHV GHU *HVFKlIWVQLHGHUODVVXQJ RGHU GHU %HUXIVDXVEXQJ DEHU DXFK GLH IUHLH :DKO EH]JOLFK GHU =HLW IU GLH $XVEXQJ GHU SULYDWZLUWVFKDIWOL FKHQ 7lWLJNHLW 'LH IUHLH ZLUWVFKDIWOLFKH (QWIDOWXQJ LQVEHVRQGHUH GLH )UHLKHLW XQWHUQHKPHULVFKHU %HWlWLJXQJ NDQQ DXFK GXUFK VWDDWOLFKH $XIVLFKWV hEHUZDFKXQJV XQG .RQWUROO PDVVQDKPHQ HLQJHVFKUlQNW ZHUGHQ (LQ (LQJULII LQ GLH :LUWVFKDIWVIUHLKHLW LVW ]X QlFKVW LQVEHVRQGHUH GDQQ ]X EHMDKHQ ZHQQ GXUFK GLH VWDDWOLFKH $XIVLFKW RGHU hEHUZDFKXQJ *HVFKlIWVJHKHLPQLVVH DXVJHNXQGVFKDIWHW ZHUGHQ N|QQHQ *HVFKlIWV JHKHLPQLVVH N|QQHQ QLFKW DXV GHP 6FKXW] GHU :LUWVFKDIWVIUHLKHLW DXVJHNODPPHUW +2)0$11 +b)(/,1+$//(5.(//(5 5] ]X LKUHU EXQGHVVWDDWOLFKHQ XQG LQVWLWXWLRQHOOHQ )XQNWLRQ YJO HWZD 9$//(1'(5+(77,&+/(+1( 5] II II 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] *5,6(/ /LEHUWp pFRQRPLTXH 5] 9$//(1'(5+(77,&+/(+1( 5] %*HU 3 ( %*( , ( %*( , ( ,P (LQ]HOQHQ +2)0$11 II 9$//(1'(5 +(77,&+/(+1( 5] II =X GHQ HLQ]HOQHQ 7HLOJHKDOWHQ YJO HWZD 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II 9$//(1'(5 6W *DOOHU .RPP ]X $UW %9 5] +2)0$11 I %,$**,1, .RPP ]X $UW %9 5] $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] II 0$57, I %*HU 3 ( %,$**,1, .RPP ]X $UW %9 5] 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +b)(/,1+$//(5.(//(5 5] $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH ZHUGHQ (LQ (LQJULII LQ GLH :LUWVFKDIWVIUHLKHLW NDQQ IHUQHU GDQQ YRUOLHJHQ ZHQQ GHU 6WDDW GHP %HUXIVJHKHLPQLV XQWHUVWHKHQGH 7DWVDFKHQ ]XU .HQQWQLV QLPPW %HUXIVJHKHLPQLVVH VWHKHQ ]ZDU ]XPLQGHVW LQ GHQ ÄZLFKWLJVWHQ $XVZLUNXQJHQ³ XQWHU GHP 6FKXW] GHU SHUV|QOLFKHQ )UHLKHLW E]Z YRQ $UW (05. $EHU %H UXIVJHKHLPQLVVH PVVHQ DXFK XQWHU GHP 6FKXW] GHU :LUWVFKDIWVIUHLKHLW VWHKHQ 'LH GXUFK VLH HLQHP $XIWUDJJHEHU HLQJHUlXPWH 0|JOLFKNHLW VLFK YRUEHKDOWORV XQG YROO XPIlQJOLFK GHP %HUXIVJHKHLPQLVWUlJHU DQYHUWUDXHQ ]X N|QQHQ LVW YRQ HQWVFKHL GHQGHU %HGHXWXQJ IU GHQ ZLUWVFKDIWOLFKHQ (UIROJ GHV %HDXIWUDJWHQ 'HU 6FKXW] GHU :LUWVFKDIWVIUHLKHLW ZLUG GHVKDOE LQVEHVRQGHUH GDQQ DNWXHOO ZHQQ PLW GHU VWDDW OLFKHQ 9LGHREHUZDFKXQJ SULYDWHU 5lXPH DXFK HLQH .HQQWQLVQDKPH YRQ %HUXIV RGHU *HVFKlIWVJHKHLPQLVVHQ HLQKHUJHKW RGHU HLQKHUJHKHQ NDQQ 'LH :LUWVFKDIWVIUHLKHLW VROOWH ]XGHP HLQ JUXQGVlW]OLFKHV 5HFKW HQWKDOWHQ VLFK IUHL YRQ VWDDWOLFKHU .RQWUROOH XQG hEHUZDFKXQJ XQWHUQHKPHULVFK EHWlWLJHQ ]X N|QQHQ 'LHV HUJLEW VLFK DXFK GDUDXV GDVV ± ]XPLQGHVW QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ ± UHLQ JHVFKlIWOLFK RGHU JHZHUEOLFK JHQXW]WH 5l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|I 9JO 0h//(56&+()(5 I %g6( I VD 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|Q OLFKNHLWVVFKXW] )Q ZRQDFK ÄGLH *HKHLPVSKlUH GHV 8QWHUQHKPHQV³ GXUFK GLH :LUWVFKDIWV IUHLKHLW QDFK $UW %9 ÄJHZlKUOHLVWHW³ LVW 'LHV PXVV P( DXFK GDQQ JHOWHQ ZHQQ GLH .HQQWQLVQDKPH YRQ *HVFKlIWVJHKHLPQLVVHQ ]X =ZHFNHQ GHU 6WUDIYHUIROJXQJ XQG GHU *HIDK UHQDEZHKU HUIROJW XQG NHLQH hEHUPLWWOXQJ DQ 'ULWWH VWDWWILQGHW YJO DEHU %g6( GHU HLQHQ (LQJULII LQ GLH GXUFK $UW ** JHVFKW]WH %HUXIVIUHLKHLW GXUFK GLH VWDDWOLFKH .HQQWQLVQDKPH YRQ %HWULHEV RGHU *HVFKlIWVJHKHLPQLVVHQ QXU GDQQ EHMDKW ZHQQ GLHVH QLFKW QXU ]XU *HIDK UHQDEZHKU RGHU ]XU 6WUDIYHUIROJXQJ HUIROJW XQG HLQH :HLWHUJDEH GLHVHU ,QIRUPDWLRQHQ DQ 'ULW WH VWDWWILQGHW 9JO DEHU IU GDV GHXWVFKH 5HFKW %g6( %*HU 3 ( %*( , ( DEE %*( ,D ( II %*HU 3 ( D =%O II I %*( ,D ( E %*( ,D ( E 3526&+$. II 9JO %g6( I 0,&+(/ +8%(5 'HIL]LWH GHV $QZDOWVJHKHLPQLVVHV LQ GHU 6FKZHL] LQ 9HUWUDXHQ ± 9HUWUDJ ± 9HUDQWZRUWXQJ )HVWVFKULIW IU +DQV &DVSDU YRQ GHU &URQH ]XP *H EXUWVWDJ II VD 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKHU 3HUV|QOLFKNHLWVVFKXW] )Q DXFK GDV %XQGHVJHULFKW DQHUNHQQW EH]JOLFK GHV 5HFKWVDQZDOWVEHUXIV DOOHUGLQJV RKQH %H]XJ QDKPH DXI GLH :LUWVFKDIWVIUHLKHLW GDVV GLHVHU QXU GDQQ ULFKWLJ XQG HLQZDQGIUHL DXVJHEW ZHU GHQ NDQQ ZHQQ 9HUVFKZLHJHQKHLWVSIOLFKWHQ GHV $QZDOWV EHVWHKHQ VLHKH %*( ,D ( GDD XQG %*( ,D ( F XQG D 9JO YRUQH 7HLO ; =XP 6FKXW] GXUFK GLH (LJHQWXPVJDUDQWLH VLHKH KLQWHQ 7HLO ;, % 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH IHQWOLFK ]XJlQJOLFKHQ 5DXPV IKUW ]X HLQHP ± ZHQQ ZRKO JUXQGVDW]NRQIRUPHQ ± (LQJULII LQ GLH :LUWVFKDIWVIUHLKHLW GHV *HVFKlIWV RGHU /DGHQLQKDEHUV 6R NDQQ VLFK GHU %HWUHLEHU HLQHV 5HVWDXUDQWV 6FKZLPPEDGV :DUHQKDXVHV RGHU )XVVEDOOVWD GLRQV JHJHQ HLQH SROL]HLOLFKH 9LGHREHUZDFKXQJ DXFK XQWHU %HUXIXQJ DXI GLH :LUW VFKDIWVIUHLKHLW ]XU :HKU VHW]HQ 1LFKW DXVJHVFKORVVHQ LVW VFKOLHVVOLFK GDVV HLQ *HZHUEHWUHLEHQGHU GLH :LUWVFKDIWV IUHLKHLW DXFK JHJHQ HLQH hEHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H DQUXIHQ NDQQ 'LHV ]XPLQGHVW GDQQ ZHQQ VLFK GHU (LQJDQJVEHUHLFK ]X VHLQHP *HVFKlIWV RGHU *HZHUEHEHWULHE LP hEHUZDFKXQJVUDGLXV GHU 9LGHRNDPHUDV EHILQGHW XQG 'LHQVWOHLVWXQJHQ HUEUDFKW ZHUGHQ GLH GHP %HUXIVJHKHLPQLV XQWHUVWHKHQ RGHU EHL GHQHQ VRQVW ZLH HLQ DXVJHSUlJWHV 'LVNUHWLRQVEHGUIQLV EHVWHKW =X GHQNHQ LVW HWZD DQ GLH (LQJDQJVEHUHLFKH HLQHU $U]WSUD[LV HLQHU $QZDOWVNDQ]OHL RGHU HLQHV %RU GHOOV 6RZHLW GLH VWDDWOLFKH hEHUZDFKXQJ HLQHQ 9HUOXVW DQ .XQGVFKDIW ]XU )ROJH KDW RGHU KDEHQ NDQQ YHUPDJ GLHV HEHQIDOOV HLQHQ ± PLWWHOEDUHQ ± (LQJULII LQ GLH :LUWVFKDIWVIUHLKHLW GHU EHWURIIHQHQ 'LHQVWOHLVWXQJVHUEULQJHU ]X EHZLUNHQ 'LH :LUWVFKDIWVIUHLKHLW OlVVW VLFK DEHU QLFKW QXU ]XU $EZHKU VWDDWOLFKHU hEHUZD FKXQJVPDVVQDKPHQ DQUXIHQ YLHOPHKU NDQQ GHU SULYDWH (LQVDW] YRQ 9LGHREHUZD FKXQJ GXUFK VLH VHOEVW DXFK JHVFKW]W VHLQ 'LHV LVW HWZD YRQ %HGHXWXQJ IU 6LFKHU KHLWVGLHQVWOHLVWHU GLH LP 5DKPHQ LKUHU %HUXIVDXVEXQJ 9LGHRWHFKQLN HLQVHW]HQ VLQG GRFK GLH 0LWWHO GHUHU VLFK GHU (LQ]HOQH ]XU %HUXIVDXVEXQJ EHGLHQW GXUFK GLH :LUWVFKDIWVIUHLKHLW HEHQIDOOV JHVFKW]W $XI GLH :LUWVFKDIWVIUHLKHLW NDQQ VLFK DXFK GHUMHQLJH EHUXIHQ GHU GLH 9LGHREHUZDFKXQJ ]XP 6FKXW] VHLQHV HLJHQHQ *H VFKlIWV E]Z GHU VLFK GDULQ EHILQGOLFKHQ :DUHQ XQG 3HUVRQHQ HLQVHW]W 'LHV P( VRJDU GDQQ ZHQQ ]XP 6FKXW] GHU XQJHVW|UWHQ ZLUWVFKDIWOLFKHQ 7lWLJNHLW DXFK $XV VFKQLWWH DXV GHP |IIHQWOLFKHP 5DXP ± ]% LP 5DKPHQ GHU hEHUZDFKXQJ YRQ (LQ (LQJULIIH LQ GLH :LUWVFKDIWVIUHLKHLW ]XP 6FKXW] GHU 3ROL]HLJWHU JHOWHQ DOV JUXQGVDW]NRQIRUP YJO 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6R ZRKO DXFK ± DOOHUGLQJV RKQH ZHLWHUH %HJUQGXQJ ± )/h&.,*(5$8(5 XQG 58(** )/h&.,*(5129(0%(5./$86(5 6HOEVWYHUVWlQGOLFK VWHKHQ DXFK GLH IUHLHQ %HUXIH XQWHU GHP 6FKXW] GHU :LUWVFKDIWVIUHLKHLW YJO HWZD +2)0$11 I $XFK ÄVLWWOLFK DQVW|VVLJH³ RGHU DOV ÄXQPRUDOLVFK³ DQJHVHKHQH *HZHUEH ZLH HWZD HLQH Ä3HHS 6KRZ³ RGHU GLH $XVEXQJ GHU 3URVWLWXWLRQ VWHKHQ XQWHU GHP 6FKXW] GHU :LUWVFKDIWVIUHLKHLW YJO %*( ,D ( %*( ,D ( E %*HU &B ( +2)0$11 I 0h//(56&+()(5 9JO %*HU $ ( XQG ZRQDFK VLFK HLQ *HZHUEHWUHLEHQGHU XQWHU %HUXIXQJ DXI GLH :LUWVFKDIWVIUHLKHLW JHJHQ GHQ :HJIDOO HLQHU GLUHNWHQ =XIDKUWVP|JOLFKNHLW ]X VHLQHP %HWULHE GXUFK HLQ )DKUYHUERW ZHKUHQ NDQQ ZHQQ GDPLW GHVVHQ .XQGVFKDIW YHUXQP|JOLFKW RGHU EHUPlVVLJ HUVFKZHUW ZLUG ]X VHLQHP %HWULHE ]X JHODQJHQ =X VROFKHQ *UXQGUHFKWVEH HLQWUlFKWLJXQJHQ GXUFK 5HIOH[ZLUNXQJ YJO DXFK YRUQH 7HLO 9,, % XQG 7HLO 9 & 9JO *$00$ IU GDV GHXWVFKH 5HFKW YJO /$1* II 9JO */$6(5 YJO DXFK YRUQH 7HLO 9 % :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH JDQJVEHUHLFKHQ *HVFKlIWVIDVVDGHQ RGHU 6FKDXIHQVWHUQ ± HUIDVVW ZHUGHQ 'LH $UW XQG :HLVH ZLH GHU *HZHUEHWUHLEHQGH VHLQH :DUHQ YRU 'LHEVWDKO RGHU VHLQH $QJH VWHOOWHQ XQG .XQGHQ YRU JHZDOWWlWLJHQ hEHUJULIIHQ VFKW]W IlOOW XQWHU GLH GXUFK $UW %9 JHVFKW]WH )UHLKHLW GHU XQWHUQHKPHULVFKHQ %HWlWLJXQJ % (LJHQWXPVJDUDQWLH XQG 9LGHREHUZDFKXQJ 'DV (LJHQWXP ZLUG LQ $UW %9 JHZlKUOHLVWHW 8QWHU GHP 6FKXW] GHU (LJHQ WXPVJDUDQWLH VWHKHQ VlPWOLFKH 9HUP|JHQVUHFKWH GHV 3ULYDWUHFKWV ZRKOHUZRUEH QH 5HFKWH GHV |IIHQWOLFKHQ 5HFKWV XQG JUXQGVlW]OLFK DXFK IDNWLVFKH ,QWHUHVVHQ ,Q LKUHU $XVSUlJXQJ DOV %HVWDQGHVJDUDQWLH YHUPLWWHOW GLH (LJHQWXPVJDUDQWLH GHP (LJHQWPHU HLQHQ $QVSUXFK GDUDXI GDVV GHU 6WDDW VHLQ (LJHQWXP XQG GLH GDPLW YHUEXQGHQHQ 1XW]XQJV XQG 9HUIJXQJVUHFKWH QLFKW DQWDVWHW XQG QLFKW EHHLQWUlFK WLJW 9RU VWDDWOLFKHQ (LQJULIIHQ VLQG GDPLW VlPWOLFKH NRQNUHWHQ YHUP|JHQVZHUWHQ 5HFKWH JHVFKW]W $XFK GHU (UWUDJ DXV HLQHP *UXQGVWFN E]Z GHU PLW GHP *UXQGVWFN YHUEXQGHQHQ 1XW]XQJ VWHKW XQWHU GHP 6FKXW] GHU (LJHQWXPVJDUDQ WLH $QGHUV LVW GLHV MHGRFK IU GDV 9HUP|JHQ DOV *HVDPWKHLW 'HP (LJHQWXP NRPPW ± EHU VHLQH JUXQGOHJHQGH %HGHXWXQJ IU HLQH IUHLKHLWOLFKH :LUWVFKDIWVRUG QXQJ KLQDXV ± DXFK HLQH ZLFKWLJH )XQNWLRQ ]XU 6LFKHUVWHOOXQJ HLQHU DXWRQRPHQ HL JHQYHUDQWZRUWOLFKHQ XQG IUHLKHLWOLFKHQ /HEHQVJHVWDOWXQJ ]X LQGHP GHP (LQ]HOQHQ =XU =XOlVVLJNHLW SULYDWHU hEHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP YJO KLQWHQ 7HLO ,,, 'LH (05. VHOEVW HQWKlOW NHLQH YHUJOHLFKEDUH *DUDQWLH 'HU 6FKXW] GHV (LJHQWXPV ZLUG MHGRFK LQ $UW GHV ± YRQ GHU 6FKZHL] QLFKW XQWHU]HLFKQHWHQ ± =3 1U ]XU (05. JDUDQWLHUW YJO GD]X 9,//,*(5 5] 'DUXQWHU IDOOHQ GDV (LJHQWXP VRZLH GLH 1DFKEDUUHFKWH GHU %HVLW] EHVFKUlQNWH GLQJOLFKH 5HFKWH REOLJDWRULVFKH 5HFKWH XQG ,PPDWHULDOJWHUUHFKWH VLHKH 9$//(1'(5+(77,&+/(+1( 5] II 0h//(56&+()(5 II 9$//(1'(5+(77,&+/(+1( 5] II I +b)(/,10h//(58+/0$11 5] II ]XP 6FKXW] IDNWLVFKHU ,QWHUHVVHQ GXUFK GLH (LJHQWXPVJDUDQWLH YJO %*( , ( %*( , ( EEE XQG KLQWHQ )Q XQG 'LH (LJHQWXPVJDUDQWLH HQWKlOW DXFK HLQH 9HUP|JHQVZHUW XQG HLQH ,QVWLWXWVJDUDQWLH 'LH 9HU P|JHQVZHUWJDUDQWLH JLEW $QVSUXFK DXI YROOH (QWVFKlGLJXQJHQ IU (QWHLJQXQJHQ RGHU (LJHQ WXPVEHVFKUlQNXQJHQ ZHOFKH VROFKHQ JOHLFKNRPPHQ $UW $EV %9 GD]X 9$//(1'(5 +(77,&+/(+1( 5] 'LH ,QVWLWXWVJDUDQWLH VFKW]W GDV 3ULYDWHLJHQWXP ÄDOV IXQGD PHQWDOH (LQULFKWXQJ GHU VFKZHL]HULVFKHQ 5HFKWVRUGQXQJ³ %*( ,D ( D 9$//(1'(5+(77,&+/(+1( 5] 9$//(1'(5+(77,&+/(+1( 5] 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWL RQQHO ,, 5] 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] *5,6(/ /LEHUWp pFRQRPLTXH 5] %*( , ( 'LH :LUWVFKDIWVIUHLKHLW VFKW]W GHPJHJHQEHU GLH JHZLQQRULHQWLHUWH PHQVFKOLFKH 7lWLJNHLW DQ VLFK YJO *5,6(/ /LEHUWp pFR QRPLTXH 5] II 9JO 0h//(56&+()(5 I 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH HLQ SULYDWHU +HUUVFKDIWV XQG 9HUIJXQJVEHUHLFK ]XJHVWDQGHQ ZLUG 'LH (LJHQWXPV JDUDQWLH ZHLVW VRPLW DXFK ÄSHUV|QOLFKNHLWVEH]RJHQH $VSHNWH³ DXI 7HLOZHLVH ILQGHW VLFK GLH $XIIDVVXQJ GDVV HLQH VWDDWOLFKH 9LGHREHUZDFKXQJ YRQ LP 3ULYDWHLJHQWXP VWHKHQGHQ 5lXPHQ DXFK GLH (LJHQWXPVJDUDQWLH EHUKUH (L JHQWXP YHUVFKDIIW QLFKW QXU HLQH +HUUVFKDIWVEHIXJQLV EHU GLH 6DFKH VRQGHUQ DXFK VRZHLW GDUDQ HLQ ,QWHUHVVH EHVWHKW EHU GHQ ]XP (LJHQWXP JHK|ULJHQ /XIW5DXP YJO $UW $EV =*% 'DV ,QWHUHVVH GHV *UXQGHLJHQWPHUV DP /XIWUDXP EH VFKUlQNW VLFK QLFKW QXU GDUDXI GLHVHQ EDXOLFK ]X QXW]HQ VRQGHUQ EHVWHKW DXFK GD ULQ GLHVHQ 5DXP ÄIUHL]XKDOWHQ³ XQG XQJHUHFKWIHUWLJWH (LQZLUNXQJHQ 'ULWWHU DE]X ZHKUHQ (LQZLUNXQJHQ DQ GHUHQ $EZHKU GHU (LJHQWPHU HLQ VFKXW]ZUGLJHV ,QWHUHVVH KDW N|QQHQ DXFK EORVV LGHHOOHU 1DWXU VHLQ (V PXVV VLFK QLFKW XP HLQ SK\ VLVFKHV (LQGULQJHQ LQ HLQHQ 5DXP KDQGHOQ DXFK =XVWlQGH XQG +DQGOXQJHQ ZHOFKH GDV VHHOLVFKH (PSILQGHQ EHHLQWUlFKWLJHQ XQG SV\FKLVFKHV 8QEHKDJHQ DXVO|VHQ VWHOOHQ XQJHUHFKWIHUWLJWH (LQZLUNXQJHQ DXI GDV (LJHQWXP GDU 6ROFKH (LQZLU NXQJHQ N|QQHQ DXFK DXV GHP 8PVWDQG UHVXOWLHUHQ GDVV SULYDWHV (LJHQWXP PLWWHOV 9LGHRNDPHUDV EHUZDFKW ZLUG )LQGHW HLQH YLGHRJHVWW]WH 'DWHQHUKHEXQJ DXV HLQHP SULYDWHQ 5DXP VWDWW NDQQ GHVVHQ (LJHQWPHU RGHU %HVLW]HU GHVKDOE GXUFKDXV LQ VFKXW]ZUGLJHQ ,QWHUHVVHQ DQ GHU XQJHVW|UWHQ 1XW]XQJ VHLQHV (LJHQWXPV RGHU %HVLW]HV EHWURIIHQ VHLQ 9RUDXVJHVHW]W GUIWH MHGRFK VHLQ GDVV GLH %HREDFKWXQJ RGHU $XI]HLFKQXQJ PLW HLQHU JHZLVVHQ 5HJHOPlVVLJNHLW HUIROJW 6RZHLW GHU %H 6LHKH 0h//(56&+()(5 I (15,&2 5,9$7+20$6 0h//(576&+851, 'LH (LJHQ WXPVJDUDQWLH LQ 7+h5(5$8%(570h//(5 II 5] 9$//(1'(5+(77,&+ /(+1( 5] I 9JO 58(**)/h&.,*(5129(0%(5./$86(5 XQG )/h&.,*(5$8(5 GLH ± DOOHU GLQJV RKQH QlKHUH %HJUQGXQJ ± GDYRQ DXVJHKHQ GDVV GLH VWDDWOLFKH hEHUZDFKXQJ SULYDWHU DEHU |IIHQWOLFK ]XJlQJOLFKHU 5lXPH HLQHQ (LQJULII LQ GLH (LJHQWXPVJDUDQWLH GDUVWHOOHQ NDQQ 685< ZLOO PLW GHU %HJUQGXQJ GDVV GLH (LJHQWXPVJDUDQWLH ÄDOV DEVROXWHV 5HFKW DXFK GLH )UHLKHLW EHLQKDOWHW PLW VHLQHP (LJHQWXP JUXQGVlW]OLFK WXQ XQG ODVVHQ ]X N|QQHQ ZDV PDQ ZLOO RKQH lXVVHUH .RQWUROOH³ ]XPLQGHVW QLFKW DXVVFKOLHVVHQ GDVV GLH 9LGHRhEHUZDFKXQJ SULYDWHU 5lXPH GLH (LJHQWXPVJDUDQWLH YHUOHW]W 8568/$ 685< $OOJHJHQZlUWLJH ,QIRUPDWL RQVWHFKQLN DOV +HUDXVIRUGHUXQJ IU GLH 0HQVFKHQUHFKWH ,QIRUPDWLN6SHNWUXP II 'LH 9HQLFH &RPPLVVLRQ VFKHLQW HEHQIDOOV GLH $XIIDVVXQJ ]X YHUWUHWHQ GDVV GLH VWDDWOL FKH hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU SULYDWHU 5lXPH ZLH (LQNDXIVOlGHQ 5HVWDXUDQWV 6WDGLHQ 6SLWlOHU RGHU 6FKXOHQ HLQHQ (LQJULII LQ GLH GXUFK $UW =3 1U ]XU (05. JH VFKW]WH (LJHQWXPVJDUDQWLH GDUVWHOOW 2SLQLRQ RQ 9LGHRVXUYHLOODQFH ,, =LII %*( ,, ( 3(7(5 7825%(51+$5' 6&+1<'(5-g5* 6&+0,'$/(;$1'5$ 5802-81*2 'DV 6FKZHL]HULVFKH =LYLOJHVHW]EXFK $XIO =ULFK 5] 9JO ]XP %HJULII GHU LGHHOOHQ ,PPLVVLRQHQ HWZD %*( ,D ( FDD %*( ,, ( -g5* 6&+0,'%(77,1$ +h5/,0$11.$83 6DFKHQUHFKW $XIO =ULFK 5] D IHUQHU %*HU & ( D XQG EKK 3UD 1U II E]Z =%*5 II LGHHOOH ,PPLVVLRQHQ DXIJUXQG GHV %HWULHEV HLQHV (URWLNHWDEOLVVHPHQWV 9JO 752&+6/(5+8*(172%/(5/2%6,*(5 5] VD 6&+()(5 *HIlKUGXQJ GHU XQ WHU %H]XJQDKPH DXI %*HU 3 QLFKW DXVVFKOLHVVHQ ZLOO GDVV GLH GHQ 3DVVDJLHUHQ HL QHV )HVVHOEDOORQV HUP|JOLFKWH (LQVLFKWQDKPH LQ HLQ IUHPGHV *UXQGVWFN NRQNUHWH (LJHQWXPV UHFKWH GHU EHWURIIHQHQ *UXQGHLJHQWPHU JHIlKUGHQ NDQQ 9JO ]XU YHUODQJWHQ 5HJHOPlVVLJNHLW LP =XVDPPHQKDQJ PLW hEHUIOJHQ %*( ,, ( :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH WURIIHQH QLFKW LQ GHU /DJH LVW HLQH 9HUOHW]XQJ NRQNUHWHU 9HUP|JHQVUHFKWH JHOWHQG ]X PDFKHQ NDQQ HU VLFK ]XP 6FKXW] JHJHQ GLH 9LGHREHUZDFKXQJ DEHU LPPHUKLQ DXI $UW $EV %9 XQG $UW (05. EHUXIHQ ZHQQ GLH 'DWHQHUKHEXQJ DXV HL QHU Ä:RKQXQJ³ LP 6LQQH GLHVHU %HVWLPPXQJHQ HUIROJW 6RIHUQ GLH 'DWHQEHVFKDI IXQJ DXV 5lXPHQ HUIROJW ZHOFKH DXVVFKOLHVVOLFK GHU *HVFKlIWV RGHU *HZHUEHWlWLJ NHLW XQG QLFKW JOHLFK]HLWLJ DXFK GHU 3HUV|QOLFKNHLWVHQWIDOWXQJ GLHQHQ NDQQ VLFK GHU %HWURIIHQH DXFK DXI $UW %9 EHUXIHQ 'DVV HLQH 9LGHREHUZDFKXQJ DOV (LQJULII LQ GLH (LJHQWXPVJDUDQWLH JHZHUWHW ZHU GHQ NDQQ VFKHLQW DXFK GDQQ QLFKW DXVJHVFKORVVHQ ZHQQ ]ZDU NHLQH SULYDWHQ 5lX PH EHUZDFKW ZHUGHQ DEHU GLH hEHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV ]XU )ROJH KDW GDVV HLQHP *HZHUEHWUHLEHQGHQ GLH EHVWLPPXQJVJHPlVVH 1XW]XQJ VHLQHV *UXQGHLJHQWXPV IDNWLVFK YHUXQP|JOLFKW RGHU ]XPLQGHVW XQ]XPXWEDU HUVFKZHUW ZLUG 1DFK GHU EXQGHVJHULFKWOLFKHQ 5HFKWVSUHFKXQJ HUVWUHFNW VLFK GHU 6FKXW] GHU (LJHQWXPVJDUDQWLH DXFK DXI VRJ ÄIDNWLVFKH ,QWHUHVVHQ³ XQG GDPLW DXI GLH IDNWLVFKHQ 9RUDXVVHW]XQJHQ IU GLH $XVEXQJ GHU (LJHQWXPVEHIXJQLVVH ZLH ]% GHQ XQJH KLQGHUWHQ =XJDQJ ]XP HLJHQHQ *UXQGVWFN 'LH 9RUDXVVHW]XQJHQ IU GLH $XV EXQJ GHU (LJHQWXPVEHIXJQLVVH N|QQHQ DXFK GDQQ WDQJLHUW VHLQ ZHQQ GLH LQ GHQ |IIHQWOLFKHQ 5DXP ILOPHQGH .DPHUD JOHLFK]HLWLJ GLH (LQJDQJVEHUHLFKH VHQVLEOHU *HZHUEH ZLH ]% HLQHU $QZDOWVNDQ]OHL RGHU HLQHV (URWLNHWDEOLVVHPHQWV HUIDVVW PLW GHU )ROJH GDVV .XQGHQ LQ GHU %HIUFKWXQJ HLQHU %HREDFKWXQJ RGHU $XI]HLFK QXQJ GLH EHWUHIIHQGHQ 'LHQVWOHLVWXQJVDQELHWHU QLFKW PHKU DXIVXFKHQ 'DU]XOHJHQ ZlUH DEHU GDVV HV IU GHQ *HZHUEHEHWULHE LQ GHU /LHJHQVFKDIW XQDEGLQJEDU LVW GDVV *HVFKlIWVSDUWQHU RGHU .XQGHQ YRQ VWDDWOLFKHU 6HLWH XQEHREDFKWHW ]XU /LHJHQVFKDIW JHODQJHQ N|QQHQ RGHU GLH hEHUZDFKXQJ GLH EHVWLPPXQJVJHPlVVH 1XW]XQJ GHU /LHJHQVFKDIW ]XPLQGHVW LQ XQ]XPXWEDUHU :HLVH HUVFKZHUW 9RUQH 7HLO ; XQG 7HLO ;, $ 9JO %*( , ( XQG EHWUHIIHQG GLH bQGHUXQJ GHV 9HUNHKUVUHJLPHV XQG GH UHQ $XVZLUNXQJHQ DXI GLH EHVWLPPXQJVJHPlVVH 1XW]XQJ HLQHU JHVFKlIWOLFK JHQXW]WHQ /LHJHQ VFKDIW VRZLH %*( , ( D EHWUHIIHQG HLQH =XWULWWVYHUERWVOLQLH ]X HLQHP 7DQNODJHU (LQ (LQJULII LQ GLH (LJHQWXPVJDUDQWLH OlVVW VLFK VRPLW DXFK GDQQ EHMDKHQ ZHQQ VSH]LILVFKH DXV GHP (LJHQWXP IOLHVVHQGH 5HFKWH GXUFK HLQH VWDDWOLFKH +DQGOXQJ QLFKW XQPLWWHOEDU VRQ GHUQ EORVV PLWWHOEDU EHVFKUlQNW ZHUGHQ VLHKH 0h//(56&+()(5 .,(1(5.b/,1 I 6&+()(5 *HIlKUGXQJ I ,Q %*( ,E II KDW GDV %XQGHVJHULFKW KLQJH JHQ QRFK IHVWJHKDOWHQ GDVV ]ZLVFKHQ (LQJULIIHQ LQ GLH (LJHQWXPVJDUDQWLH XQG 0DVVQDKPHQ ZHOFKH OHGLJOLFK LP 5HIOH[ GDV (LJHQWXP EHWUHIIHQ ]X XQWHUVFKHLGHQ VHL 8QG EHL GHU 3UIXQJ GHU =XOlVVLJNHLW HLQHV 9HUERWV YRQ *HOGVSLHODXWRPDWHQ %*( ,D KDW HV GDV %XQGHV JHULFKW RIIHQ JHODVVHQ RE GDV 9HUERW DXFK GHQ 6FKXW]EHUHLFK GHU (LJHQWXPVJDUDQWLH WDQJLHUH ZHQQ GLH *HOGVSLHODXWRPDWHQ LQIROJH GLHVHV 9HUERWV QXW]ORV ZHUGHQ 9JO %*( , ( I +LQJHZLHVHQ ZLUG DEHU GDUDXI GDVV LQ GHU 3UD[LVlQGHUXQJ GHV %XQGHVJHULFKWV ZRQDFK DXFK JHZLVVH IDNWLVFKH 9RUWHLOH XQWHU GHP 6FKXW] GHU (LJHQWXPVJD UDQWLH VWHKHQ ]ZDU HLQH SUR]HVVXDOH 9HUEHVVHUXQJ GHV =XJDQJV ]XP %XQGHVJHULFKW HUEOLFNW ZHUGHQ NDQQ DEHU GHQQRFK IUDJOLFK EOHLEW RE ÄGLH %HUXIXQJ DXI GLH (LJHQWXPVJDUDQWLH LQ GHU 6DFKH VHOEVW³ YRQ (UIROJ JHNU|QW VHLQ ZLUG *,29$11, %,$**,1, (LJHQWXPVJDUDQWLH LQ 0(57(13$3,(5 II 5] 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH 'LH (LJHQWXPVJDUDQWLH GHV $UW $EV %9 PXVV GDUEHU KLQDXV DXFK HLQ 5HFKW HQWKDOWHQ JHHLJQHWH 0DVVQDKPHQ ]XP 6FKXW] GHV 3ULYDWHLJHQWXPV ]X WUHIIHQ ZR UXQWHU DXFK GLH 9LGHREHUZDFKXQJ IDOOHQ NDQQ 6RZHLW GLH .DPHUDV YRQ 3ULYD WHQ ± HWZD DQ *UXQGVWFNVJUHQ]HQ RGHU LQ =XIDKUWHQ XQG (LQJDQJVEHUHLFKHQ ± HLQ JHVHW]W ZHUGHQ XP LKU (LJHQWXP ]% YRU 'LHEVWlKOHQ RGHU 6DFKEHVFKlGLJXQJHQ ]X VFKW]HQ VR VWHKW GLHV XQWHU GHP 6FKXW] GHU (LJHQWXPVJDUDQWLH 'LHV P( JUXQGVlW]OLFK DXFK GDQQ ZHQQ GHU 6FKXW] GHV 3ULYDWHLJHQWXPV GLH hEHUZDFKXQJ JHZLVVHU $XVVFKQLWWH DXV GHP |IIHQWOLFKHQ 5DXP HUIRUGHUOLFK PDFKW 6R IU GLH LQ $UW $EV ** YHUEUJWH (LJHQWXPVJDUDQWLH %*+ 8UWHLO YRP $SULO 9, =5 1-: II $*HU %HUOLQ0LWWH 8UWHLO YRP 'H]HPEHU & 1-:55 II /$1* 3ULYDWH 9LGHREHUZDFKXQJ I 9JO DXFK YRUQH 7HLO 9 % =XU =XOlVVLJNHLW SULYDWHU hEHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP YJO KLQWHQ 7HLO ,,, ,QIRUPDWLRQVIUHLKHLW ;,, ,QIRUPDWLRQVIUHLKHLW =X SUIHQ LVW RE VLFK GHUMHQLJH GHU 9LGHREHUZDFKXQJ HLQVHW]W DXI GLH GXUFK $UW $EV XQG %9 ± VRZLH GXUFK $UW 8123DNW ,, XQG $UW (05. ± JHVFKW]WH ,QIRUPDWLRQVIUHLKHLW EHUXIHQ NDQQ 'XUFK GLH ,QIRUPDWLRQVIUHLKHLW JHVFKW]W LVW ]XQlFKVW GHU SDVVLYH IUHLH DOVR VWDDWOLFK XQJHKLQGHUWH (PSIDQJ YRQ ,QIRUPDWLRQHQ ZRUXQWHU HWZD 1DFKULFKWHQ 0HLQXQ JHQ RGHU ,GHHQ IDOOHQ %HL GHU YLGHRJHVWW]WHQ %HREDFKWXQJ XQG $XI]HLFKQXQJ YRQ SHUV|QOLFKHQ 9HUKDOWHQVZHLVHQ ]XU 9HUKWXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP KDQGHOW HV VLFK KLQJHJHQ XP HLQ DNWLYHV %HVFKDIIHQ YRQ ,QIRUPDWLRQHQ XQG LG5 QLFKW XP GHQ EORVV SDVVLYHQ (PSIDQJ HLQHU JHPDFK WHQ 0LWWHLOXQJ RGHU ,QIRUPDWLRQ (LQH VROFKH DNWLYH ,QIRUPDWLRQVEHVFKDIIXQJ GXUFK GHQ 3ULYDWHQ LVW MHGRFK QXU GDQQ GXUFK GLH ,QIRUPDWLRQVIUHLKHLW JHVFKW]W ZHQQ GLH ,QIRUPDWLRQ ± ZHOFKH LP hEULJHQ QLFKW ]ZLQJHQG 0LWWHLOXQJVFKDUDNWHU DXIZHLVHQ PXVV VRQGHUQ VLFK ULFKWLJHUZHLVH DXFK DXI EORVVH 7DWVDFKHQ (UHLJQLVVH XQG 9RU JlQJH EH]LHKHQ NDQQ ± DXV DOOJHPHLQ ]XJlQJOLFKHQ 4XHOOHQ EHVFKDIIW ZLUG =XU %HMDKXQJ GHU DOOJHPHLQHQ =XJlQJOLFKNHLW GHU ,QIRUPDWLRQVTXHOOH UHLFKW HV DXV ZHQQ VLH JHHLJQHW LVW HLQHP LQGLYLGXHOO QLFKW EHVWLPPEDUHQ 3HUVRQHQNUHLV ,QIRUPD WLRQHQ ]X YHUVFKDIIHQ 8QHUKHEOLFK LVW RE GLH ,QIRUPDWLRQ IU GLH gIIHQWOLFKNHLW $&+(50$11&$521,.b/,1 II %*( , ( 9JO (*05 8UWHLOH YRP 2NWREHU L6 5RFKH JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ; =LII YRP )HEUXDU L6 *XHUUD XD JHJHQ ,WDOLHQ 1U 5HSRUWV , =LII YRP -XOL L6 *DVNLQ JHJHQ 9HUHLQLJWHV .|QLJ UHLFK 1U 6HU $ 1U =LII YRP 0lU] L6 /HDQGHU JHJHQ 6FKZH GHQ 1U 6HU $ 1U =LII *5$%(1:$57(5 5] I VD %*( , ( XQG %*HU 3 ( %$55(/(7 5] %,$**,1, .RPP ]X $UW %9 5] 0h//(56&+()(5 %*( , ( 9JO %*( , ( 0h//(56&+()(5 %,$**,1, .RPP ]X $UW %9 5] ./(<723+,1.( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 :LH ]% $XVVFKUHLWXQJHQ ]ZLVFKHQ 3ROL]LVWHQ XQG 'HPRQVWUDQWHQ 9HUNHKUVXQIlOOH 9HUEUH FKHQ 1DWXUNDWDVWURSKHQ YJO +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 XQG IU GDV GHXWVFKH 5HFKW 6&+0,'7-257=,* 5] 9JO GHQ :RUWODXW YRQ $UW $EV %9 XQG %,$**,1, .RPP ]X $UW %9 5] DXFK GLH LQ $UW (05. VWDWXLHUWH ,QIRUPDWLRQVIUHLKHLW LVW DXI DOOJHPHLQ ]XJlQJOLFKH 4XHOOHQ EH VFKUlQNW YJO *5$%(1:$57(5 5] 9,//,*(5 5] 6877(5 VD %*( , ( %*HU 3 ( +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 2E HLQH DOOJHPHLQ ]XJlQJOLFKH 4XHOOH YRUOLHJW ULFKWHW VLFK ]ZDU ÄZHLWJHKHQG QDFK GHU HQWVSUHFKHQGHQ 8PVFKUHLEXQJ XQG :HUWXQJ GXUFK 9HUIDVVXQJV XQG *HVHW]JHEHU³ %*( , ( FDD %*HU 3 ( ./(<723+,1.( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6877(5 $OV DOOJHPHLQ ]XJlQJOLFKH 4XHOOHQ JHOWHQ GDKHU HWZD EHVWLPPWH YRP *HVHW] DOV |IIHQWOLFK HUNOlUWH 5HJLVWHU RGHU 3DUODPHQWV XQG |IIHQWOLFKH *HULFKWVYHUKDQGOXQJHQ YJO %*( , ( FDD VRZLH GLH hEHUVLFKW EHL %,$**,1, .RPP ]X $UW %9 5] XQG ./(<723+,1.( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 'DVV DEHU HLQ *HVHW] HLQH ,QIRUPDWLRQ DOV DOOJHPHLQ ]XJlQJOLFK HUNOlUW LVW DXFK QDFK GHU EXQGHVJH 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH EHVWLPPW LVW XQG RE GHU %HWURIIHQH PLW GHUHQ %HVFKDIIXQJ XQG ZHLWHUHQ %HDUEHL WXQJ HLQYHUVWDQGHQ LVW %HL GHU $QZHVHQKHLW XQG GHQ 9HUKDOWHQVZHLVHQ LQ GHU gIIHQWOLFKNHLW KDQGHOW HV VLFK GHVKDOE XP ,QIRUPDWLRQHQ GLH DOOJHPHLQ ]XJlQJOLFK VLQG =X EHDFKWHQ LVW DEHU GDVV GLH ,QIRUPDWLRQVIUHLKHLW HLQHQ 7HLOJHKDOW GHU 0HLQXQJV IUHLKHLW GDUVWHOOW 'LH 0|JOLFKNHLW ,QIRUPDWLRQHQ EHU XQWHUVFKLHGOLFKH 0HLQXQJHQ XQG $QVLFKWHQ ]XU .HQQWQLV ]X QHKPHQ GDUDXV HLQH $XVZDKO ]X WUHIIHQ XQG VLFK NULWLVFK GDPLW DXVHLQDQGHU]XVHW]HQ LVW 9RUDXVVHW]XQJ IU GLH %LOGXQJ HLQHU HLJHQ VWlQGLJHQ 0HLQXQJ XQG HLQHV HLJHQHQ 8UWHLOV VRZLH IU GLH 9RUEHUHLWXQJ YRQ (QW VFKHLGXQJHQ 'LH %HREDFKWXQJ XQG $XI]HLFKQXQJ YRQ *HVFKHKQLVVHQ XQG YRQ 9HUKDOWHQVZHLVHQ 'ULWWHU LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP VWHKW GHVKDOE QXU GDQQ XQWHU GHP 6FKXW] GHU ,QIRUPDWLRQVIUHLKHLW ZHQQ GDPLW ,QIRUPDWLRQHQ PLW %OLFN DXI GLH %LOGXQJ HLQHU 0HLQXQJ EHVFKDIIW ZHUGHQ 'HU %HJULII GHU 0HLQXQJ LVW ]ZDU ZHLW ]X YHUVWHKHQ XQG XPIDVVW DXFK 7DWVDFKHQGDUVWHOOXQJHQ 6RZHLW GLH 9LGHREHU ZDFKXQJ DEHU HLQ]LJ GHU $EVFKUHFNXQJ XQG GHU *HIDKUHQDEZHKU GLHQW LVW GHU ]X GLHVHP =ZHFN HUIROJHQGHQ DNWLYHQ ,QIRUPDWLRQVEHVFKDIIXQJ HLQ HLJHQWOLFKHU PHL QXQJVELOGHQGHU =ZHFN DE]XVSUHFKHQ 'DUDQ lQGHUW QLFKWV ZHQQ HV GLH EHVFKDIIWHQ ,QIRUPDWLRQHQ DXFK HUP|JOLFKHQ VROOHQ GHQ 7lWHU HLQHV 'HOLNWV ]X LGHQWLIL]LHUHQ XQG GDV %LOGPDWHULDO ]X %HZHLV]ZHFNHQ ]X YHUZHQGHQ 'LH 9LGHREHUZDFKXQJ GLHQW HLQ]LJ GD]X GHQ EHUHLWV JHIDVVWHQ (QWVFKOXVV 6WUDIWlWHU ]XU 5HFKHQVFKDIW ]X ]LHKHQ PLW %H]XJ DXI HLQH EHVWLPPWH 3HUVRQ ]X NRQNUHWLVLHUHQ 'LH ,QIRUPDWLRQ ZLUG GHVKDOE P( QLFKW PLW GHP =LHO EHVFKDIIW HLQH (QWVFKHLGILQGXQJ YRU]XEHUHL WHQ HLQHQ 6DFKYHUKDOW ]X EHZHUWHQ RGHU HLQ HLJHQHV 8UWHLO ]X IlOOHQ 'LH DNWLYH ,Q IRUPDWLRQVEHVFKDIIXQJ PLWWHOV 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP LVW P( VRPLW QLFKW GXUFK GLH ,QIRUPDWLRQVIUHLKHLW JHVFKW]W ULFKWOLFKHQ 5HFKWVSUHFKXQJ XQG GHU /HKUH QLFKW ]ZLQJHQGH 9RUDXVVHW]XQJ $XFK |IIHQWOLFKH XQG DOOJHPHLQ ]XJlQJOLFKH .XQGJHEXQJHQ RGHU VRQVWLJH 9HUDQVWDOWXQJHQ VWHOOHQ GHVKDOE HLQH DOOJHPHLQ ]XJlQJOLFKH ,QIRUPDWLRQVTXHOOH L6Y $UW $EV %9 GDU %*( , ( %$55(/(7 5] I 12:$. .RPP ]X $UW 8123DNW ,, 5] IHUQHU 0h//(5 6&+()(5 +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 D$ 0h//(56&+()(5 6R EH]JOLFK $UW $EV ** Ä-HGHU KDW GDV 5HFKW VHLQH 0HLQXQJ LQ :RUW 6FKULIW XQG %LOG IUHL ]X lXVVHUQ XQG ]X YHUEUHLWHQ XQG VLFK DXV DOOJHPHLQ ]XJlQJOLFKHQ 4XHOOHQ XQJHKLQGHUW ]X XQWHUULFKWHQ³ DXFK /$1* 3ULYDWH 9LGHREHUZDFKXQJ ZRQDFK HV VLFK EHL GHU Ä$QZH VHQKHLW HLQHU 3HUVRQ LP |IIHQWOLFKHQ 5DXP³ XP HLQH ,QIRUPDWLRQ DXV HLQHU DOOJHPHLQ ]XJl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lJHU YRQ GHQ 6FKXW]EH UHLFKHQ PHKUHUHU *UXQGUHFKWH HUIDVVW LVW KDQGHOW HV VLFK XP GHQ )DOO HLQHU *UXQG UHFKWVNRQNXUUHQ] ,VW GHU 6FKXW]EHUHLFK PHKUHUHU *UXQGUHFKWH EHWURIIHQ XQG ZHLVHQ GLH 6FKXW]ULFKWXQJHQ XQWHUVFKLHGOLFKH =LHOVHW]XQJHQ DXI RGHU HUVFKHLQW HLQ *UXQGUHFKW JHJHQEHU GHP RGHU GHQ DQGHUHQ EHWURIIHQHQ QLFKW DOV GDV VSH]LHOOHUH XQG VSH]LILVFKHUH LVW MHGHU *UXQGUHFKWVHLQJULII VHSDUDW ]X SUIHQ ,QVRIHUQ OLHJW HLQH HFKWH *UXQGUHFKWVNRQNXUUHQ] YRU 'HU *UXQGUHFKWVHLQJULII LVW QXU UHFKWPlVVLJ ZHQQ HU PLW MHGHP GHU EHWURIIHQHQ *UXQGUHFKWH YHUHLQEDU LVW 'LHV LVW EHVRQGHUV GDQQ YRQ %HGHXWXQJ ZHQQ GLH 6FKUDQNHQ GHU EHWURIIHQHQ *UXQGUHFKWH QLFKW PLWHL QDQGHU EHUHLQVWLPPHQ VRJ 6FKUDQNHQGLYHUJHQ] 9RQ XQHFKWHU *UXQGUHFKWV NRQNXUUHQ] LVW KLQJHJHQ GDQQ GLH 5HGH ZHQQ PHKUHUH EHWURIIHQH *UXQGUHFKWH LQ HLQHP 9HUKlOWQLV GHU 6SH]LDOLWlW 6XEVLGLDULWlW RGHU .RQVXPWLRQ ]XHLQDQGHU VWHKHQ $XI GHQ EHWUHIIHQGHQ 6DFKYHUKDOW EOHLEW OHW]WOLFK QXU HLQ *UXQGUHFKW DQZHQGEDU 6RZHLW PLW HLQHU 9LGHREHUZDFKXQJ 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ LVW UHJHO PlVVLJ GDV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $UW $EV %9 EHWURIIHQ :LH GDUJHOHJW N|QQHQ VROFKH 'DWHQEHDUEHLWXQJHQ DEHU DXFK LQ GLH 6FKXW]EHUHLFKH DQGHUHU *UXQGUHFKWH HLQJUHLIHQ ,P )ROJHQGHQ LVW GHVKDOE ]XVDP PHQIDVVHQG XQG EHUVLFKWVDUWLJ ]X VNL]]LHUHQ ZLH VLFK GLH HLQ]HOQHQ EHWURIIHQHQ 6FKXW]EHUHLFKH ]XHLQDQGHU YHUKDOWHQ XQG LQVEHVRQGHUH ]X HUOlXWHUQ RE GLH 3UIXQJ GHV (LQJULIIV EHL MHGHP EHWURIIHQHQ *UXQGUHFKW VHSDUDW ]X HUIROJHQ KDW % .RQNXUUHQ]HQ ]XP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ 0HQVFKHQZUGH 'LH 0HQVFKHQZUGH $UW %9 VWHOOW XD HLQ $XIIDQJJUXQGUHFKW GDU ZHOFKHV GDQQ ]XU $QZHQGXQJ JHODQJW ZHQQ NHLQ DQGHUHV *UXQGUHFKW GHQ DOV QRWZHQGLJ HU DFKWHWHQ E]Z JHERWHQHQ 6FKXW] ELHWHW ,P %HUHLFK GHU 9LGHREHUZDFKXQJ VFKHLQW HLQH XQPLWWHOEDUH $QUXIXQJ GHU 0HQVFKHQZUGH JUXQGVlW]OLFK QLFKW HUIRUGHUOLFK =XP %HJULII GHU *UXQGUHFKWVNRQNXUUHQ] VLHKH 0h//(5 -3 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +277(/,(5 5] ./(<92*7 II %HL HLQHU *UXQGUHFKWVNROOLVLRQ GDJHJHQ EHUXIHQ VLFK ]ZHL RGHU PHKUHUH 3DUWHLHQ LQ HL QHU 6LWXDWLRQ DXI *UXQGUHFKWH GLH ]XHLQDQGHU LQ :LGHUVSUXFK VWHKHQ ZHOFKH DOVR PLWHLQDQGHU NROOLGLHUHQ VLHKH +277(/,(5 5] 9JO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 5+,12: 6&+()(5 5] +277(/,(5 5] II .,(1(5.b/,1 I %*( , ( D 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] ./(<92*7 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH GD GLH GDGXUFK EHZLUNWHQ %HHLQWUlFKWLJXQJHQ EHU $UW $EV %9 XQG ± MH QDFK GHQ NRQNUHWHQ 8PVWlQGHQ ± DXFK EHU GLH 6FKXW]EHUHLFKH DQGHUHU *UXQGUHFKWH HU IDVVW ZHUGHQ N|QQHQ =X EHUFNVLFKWLJHQ LVW DEHU GDVV GLH YLHOIlOWLJHQ %HUKUXQJV SXQNWH GHU VWDDWOLFKHQ SROL]HLOLFKHQ ,QIRUPDWLRQVYHUDUEHLWXQJ ]XU 0HQVFKHQZUGH LQVEHVRQGHUH EHL GHU ,QWHQVLWlW GHU GDGXUFK EHZLUNWHQ *UXQGUHFKWVHLQJULIIH ]X EH UFNVLFKWLJHQ VLQG 6RZHLW GLH VWDDWOLFKH 9LGHREHUZDFKXQJ E]Z GLH VLFK LKU DQ VFKOLHVVHQGHQ 'DWHQEHDUEHLWXQJVVFKULWWH GHQQRFK DOV HLQH HLJHQWOLFKH 9HUOHW]XQJ GHU 0HQVFKZUGH EH]HLFKQHW ZHUGHQ PVVHQ EHGHXWHW GLHV JOHLFK]HLWLJ HLQHQ XQ]X OlVVLJHQ (LQJULII LQ GHQ .HUQJHKDOW GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJ 3HUV|QOLFKH )UHLKHLW 'LH SHUV|QOLFKH )UHLKHLW $UW $EV %9 NDQQ LQ LKUHP 6FKXW] JHJHQ 0DVV QDKPHQ GHU 9LGHREHUZDFKXQJ QHEHQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJ WUHWHQ 'LHV JLOW QDPHQWOLFK IU GLH GXUFK $UW $EV %9 JHVFKW]WH %H ZHJXQJVIUHLKHLW XQG N|USHUOLFKH ,QWHJULWlW ZHOFKH DOOHUGLQJV EHLGH QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ GXUFK GLH VWDDWOLFKH 9LGHREHUZDFKXQJ ± ]XPLQGHVW LQ GHU 5HJHO ± QLFKW EHUKUW VLQG $XFK GDV GXUFK $UW $EV %9 JDUDQWLHUWH 5HFKW DXI LQGLYLGXHOOH 6HOEVWEHVWLPPXQJ ELHWHW JUXQGVlW]OLFKHQ 6FKXW] JHJHQ VWDDWOLFKH ,QIRUPDWLRQVHLQJULIIH ]XPLQGHVW VRZHLW HOHPHQWDUH (UVFKHLQXQJVIRUPHQ GHU 3HU V|QOLFKNHLW EHWURIIHQ VLQG 6RZHLW HLQH %HHLQWUlFKWLJXQJ DXIJUXQG HLQHU 'DWHQEHDU EHLWXQJ LQ )UDJH VWHKW LVW MHGRFK SULPlU GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ $UW $EV %9 HLQVFKOlJLJ 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW 9LGHREHUZDFKXQJVPDVVQDKPHQ VWHOOHQ QLFKW QXU HLQHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDU VRQGHUQ N|QQHQ ± LQVEHVRQGHUH EHL GHU hEHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H ± DXIJUXQG GHU NRQNUHWHQ 8PVWlQGH DXFK LQ GHQ 6FKXW]EHUHLFK GHU 0HLQXQJVIUHLKHLW $UW $EV XQG %9 XQG GHU 9HUVDPPOXQJVIUHLKHLW $UW %9 HLQJUHLIHQ 'DV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ EHUVFKQHLGHW VLFK LQVRIHUQ PLW GHQ 6FKXW]EHUHLFKHQ GHU 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW DOV DOOH GUHL *UXQG UHFKWH DXFK GLH (QWIDOWXQJ GHU 3HUV|QOLFKNHLW XQG GLH IUHLKHLWOLFKH GHPRNUDWLVFKH *UXQGRUGQXQJ VLFKHUVWHOOHQ ZROOHQ 'HQQRFK ZHLVHQ GLH *UXQGUHFKWH XQWHUVFKLHG OLFKH =LHOVHW]XQJHQ DXI :lKUHQG GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ 9JO ]XP *DQ]HQ YRUQH 7HLO ,, % ,P (LQ]HOQHQ YRUQH 7HLO 9 % VRZLH 7HLO 9 & XQG 7HLO 9 ' 'D]X LP (LQ]HOQHQ YRUQH 7HLO 9 % 9RUQH 7HLO 9,, % 'LH 9HUVDPPOXQJV XQG GLH 0HLQXQJVIUHLKHLW VLQG QHEHQHLQDQGHU ]XU $QZHQGXQJ ]X EULQJHQ ZHQQ HLQH %HHLQWUlFKWLJXQJ EHLGHU *UXQGUHFKWH JHUJW ZLUG YJO %*( ,D ( F ]XU Ä'HPRQVWUDWLRQVIUHLKHLW³ YJO YRUQH 7HLO 9,, $ XQG )Q *UXQGUHFKWVNRQNXUUHQ]HQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ GHP (LQ]HOQHQ GDV 9HUIJXQJV XQG (QWVFKHLGXQJVUHFKW PLW %H]XJ DXI VHLQH SHU V|QOLFKHQ 'DWHQ ]XVSULFKW VFKW]W GLH 0HLQXQJVIUHLKHLW GLH IUHLH %LOGXQJ bXVVH UXQJ XQG 9HUEUHLWXQJ HLQHU 0HLQXQJ XQG GLH 9HUVDPPOXQJVIUHLKHLW JDUDQWLHUW GDV 5HFKW 9HUVDPPOXQJHQ ]X RUJDQLVLHUHQ HLQ]XEHUXIHQ GXUFK]XIKUHQ ]X JHVWDOWHQ DQ VROFKHQ WHLO]XQHKPHQ RGHU VROFKHQ IHUQ]XEOHLEHQ 'LH 0HLQXQJV XQG GLH 9HUVDPPOXQJVIUHLKHLW WUHWHQ LQ LKUHQ 6FKXW]ZLUNXQJHQ VRPLW QHEHQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ KLQ]X 'HVKDOE LVW GLH hEHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV DXI GHP EHLVSLHOVZHLVH HL QH .XQGJHEXQJ VWDWWILQGHQ VROO LPPHU DXFK DXI LKUH 9HUHLQEDUNHLW PLW GHU 0HL QXQJV XQG GHU 9HUVDPPOXQJVIUHLKHLW ]X EHUSUIHQ 'LH hEHUZDFKXQJ GHU 9HUDQVWDOWXQJ KDW VRPLW LP |IIHQWOLFKHQ ,QWHUHVVH ]X OLHJHQ XQG YHUKlOWQLVPlVVLJ ]X VHLQ =XGHP PXVV VLH DXI HLQHU KLQUHLFKHQG EHVWLPPWHQ JHVHW]OLFKHQ *UXQGODJH EH UXKHQ $UW %9 =X EHUFNVLFKWLJHQ LVW GDVV GDQQ ZHQQ LP |IIHQWOLFKHQ 5DXP JUXQGUHFKWOLFK JHVFKW]WH 9HUVDPPOXQJHQ RGHU .XQGJHEXQJHQ VWDWWILQGHQ HUK|KWH $QIRUGHUXQJHQ DQ GLH =XOlVVLJNHLW GHU hEHUZDFKXQJ GLHVHU 5l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hEHUZDFKXQJ DXFK |IIHQWOLFKHU 9HUDQVWDOWXQJHQ DXVGUFNOLFK HUODXEW E]Z GLH JH VHW]OLFKHQ 9RUDXVVHW]XQJHQ QLFKW HUIOOW RGHU GDV 9HUKlOWQLVPlVVLJNHLWVSULQ]LS QLFKW JHZDKUW VLQG =X GHQ 6FKXW]EHUHLFKHQ LP (LQ]HOQHQ YRUQH 7HLO ,9 $ XQG 7HLO 9,, $ 6R IU GDV GHXWVFKH 5HFKW DXFK %$576&+ II DQGHUV IU GDV GHXWVFKH 5HFKW KLQJHJHQ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H (U ZLOO DXFK LQ )lOOHQ LQ GHQHQ LP EHUZDFKWHQ %HUHLFK 9HUVDPPOXQJHQ VWDWWILQGHQ GLH =XOlVVLJNHLW GHU hEHUZD FKXQJ DOOHLQH QDFK GHP 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ EHVWLPPHQ ,PPHUKLQ VHL GHP 8PVWDQG GDVV PLW GHU 9LGHREHUZDFKXQJ DXFK 9HUVDPPOXQJVWHLOQHKPHU HUIDVVW ZHUGHQ EHL GHU 9HUKlOWQLVPlVVLJNHLWVSUIXQJ 5HFKQXQJ ]X WUDJHQ 6LHKH YRUQH 7HLO 9,, % XQG KLQWHQ 7HLO ,9 % F LL 9JO YRUQH 7HLO 9,, % XQG KLQWHQ 7HLO ,9 % F LL XQG 7HLO ,, % 5LFKWLJHUZHLVH VHW]HQ NDQWRQDOJHVHW]OLFKH *UXQGODJHQ IU GLH SROL]HLOLFKH $QIHUWLJXQJ YRQ )LOPDXIQDKPHQ DQOlVVOLFK YRQ |IIHQWOLFKHQ .XQGJHEXQJHQ GDV %HVWHKHQ NRQNUHWHU $QKDOWVSXQNWH IU VWUDIEDUH +DQGOXQJHQ YRUDXV YJO HWZD $EV 3RO*%6 $EV 3RO*$* $UW $EV 3RO*%( )U GDV GHXWVFKH 5HFKW DXFK %$576&+ I XQG %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOL FKHU 6WUDVVHQ XQG 3OlW]H 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH *ODXEHQV XQG *HZLVVHQVIUHLKHLW 1LFKW DXV]XVFKOLHVVHQ LVW GDVV HLQH 9LGHREHUZDFKXQJ XQWHU JHZLVVHQ 9RUDXVVHW ]XQJHQ QHEHQ HLQHP (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DXFK HLQHQ ± PLWWHOEDUHQ ± (LQJULII LQ GLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW $UW %9 XQG $UW (05. EHZLUNW 'D GLHVH *UXQGUHFKWH XQWHUVFKLHGOLFKH 6FKXW]ULFK WXQJHQ DXIZHLVHQ KDW VLFK HWZD GLH 9LGHREHUZDFKXQJ YRQ .XOWXVKDQGOXQJHQ LQ GHU gIIHQWOLFKNHLW RGHU GHU (LQJDQJVEHUHLFKH UHOLJL|VHU %HJHJQXQJV]HQWUHQ DXFK PLW %OLFN DXI GLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW ]X UHFKWIHUWLJHQ 6RZHLW UHOLJL|VH RGHU ZHOWDQVFKDXOLFKH .XQGJHEXQJHQ YLGHREHUZDFKW ZHUGHQ VROOHQ EHGDUI HV GDIU HLQHU DXVGUFNOLFKHQ *HVHW]HVJUXQGODJH $QVRQVWHQ VLQG GLH .DPHUDV DE]X VFKDOWHQ (UK|KW VLQG DXFK GLH $QIRUGHUXQJHQ DQ GLH 9HUKlOWQLVPlVVLJNHLW HLQHU HQWVSUHFKHQGHQ hEHUZDFKXQJ 'LVNULPLQLHUXQJVYHUERW 6RIHUQ HLQH 'DWHQEHDUEHLWXQJ DQ HLQ VRJ YHUS|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lWL JXQJ XQG (QWIDOWXQJ E]Z GDV (LJHQWXP VRZLH GLH GDPLW YHUEXQGHQHQ 9HUIJXQJV XQG 1XW]XQJVUHFKWH VFKW]HQ WUHWHQ VLH LQ HFKWH .RQNXUUHQ] ]XP 5HFKW DXI LQ IRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ :HGHU JHKW GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LQ GHU :LUWVFKDIWVIUHLKHLW XQG GHU (LJHQWXPVJDUDQWLH DXI QRFK LVW GDV 8PJHNHKUWH GHU )DOO 6RZHLW GLH 9LGHREHUZDFKXQJ DXFK LQ GLH :LUWVFKDIWV IUHLKHLW XQGRGHU GLH (LJHQWXPVJDUDQWLH HLQJUHLIW PXVV GHVKDOE IU MHGHV EHWURIIHQH *UXQGUHFKW VHOEVWlQGLJ JHSUIW ZHUGHQ RE GHVVHQ %HHLQWUlFKWLJXQJ ]XOl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lQNXQJHQ ZHOFKH HLQHU (QWHLJQXQJ JOHLFKNRP PHQ YROOXPIlQJOLFK ]X HQWVFKlGLJHQ VLQG $UW $EV %9 $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ )LQGHW HLQH %HVFKDIIXQJ YRQ 3HUVRQHQGDWHQ DXV HLQHP GXUFK $UW $EV %9 E]Z $UW (05. JHVFKW]WHQ UlXPOLFKHQ %HUHLFK VWDWW DNWXDOLVLHUW VLFK GHU $Q VSUXFK DXI $FKWXQJ GHU :RKQXQJ LQ VHLQHU )XQNWLRQ DOV Ä,QIRUPDWLRQVVFKXW]³ XQG Ä,QIRUPDWLRQVZDKUQHKPXQJVVFKUDQNH³ 'DPLW ZLUG GHU LQ $UW $EV %9 JDUDQWLHUWH 6FKXW] GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ YHUVWlUNW 5LFKWLJHUZHLVH LVW EHL VROFKHQ ,QIRUPDWLRQVHLQJULIIHQ VRZRKO $UW $EV DOV DXFK $EV %9 EHWURIIHQ ZRPLW GLH $QIRUGHUXQJHQ DQ GLH 9HUKlOWQLVPlVVLJ NHLW QDPHQWOLFK GLH =XPXWEDUNHLW GHU *UXQGUHFKWVEHHLQWUlFKWLJXQJ HUK|KW VLQG =XGHP EHGDUI HLQH VWDDWOLFKH ,QIRUPDWLRQVEHVFKDIIXQJ DXV JUXQGUHFKWOLFK JHVFKW] WHQ 5lXPHQ HLQHU DXVGUFNOLFKHQ JHVHW]OLFKHQ *UXQGODJH 8QVFKXOGVYHUPXWXQJ 'LH 8QVFKXOGVYHUPXWXQJ WULWW LQ LKUHP 6FKXW] QHEHQ GHQMHQLJHQ GHV 5HFKWV DXI LQ IRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ KLQ]X 'LH =XOlVVLJNHLW GHU $XIEHZDKUXQJ RGHU 9HU|IIHQWOLFKXQJ YRQ %LOGPDWHULDO EHLVSLHOVZHLVH LVW GHVKDOE VRZRKO XQWHU GHP *H VLFKWVSXQNW GHU 8QVFKXOGVYHUPXWXQJ DOV DXFK XQWHU GHP *HVLFKWVSXQNW YRQ $UW $EV %9 ]X SUIHQ 9JO 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II 9JO YRUQH )Q 9JO +251 5] .,(1(5.b/,1 I YJO DEHU ./(< 5] 9JO GD]X KLQWHQ 7HLO ,9 % F L 9JO YRUQH 7HLO ; XQG KLQWHQ 7HLO ,, % 9JO ]XU 8QVFKXOGVYHUPXWXQJ LP (LQ]HOQHQ YRUQH 7HLO 9, 9RUQH 7HLO 9, % 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH ;,9 *UXQGUHFKWOLFKH 9HUSIOLFKWXQJ ]XU 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH" 'LH *UXQGUHFKWH VWHOOHQ LQ HUVWHU /LQLH $EZHKUUHFKWH JHJHQ GHQ EHK|UGOLFKHQ (LQ VDW] YRQ 9LGHREHUZDFKXQJ GDU =X SUIHQ EOHLEW DEHU RE GHU 6WDDW JUXQGUHFKW OLFK QLFKW DXFK GD]X YHUSIOLFKWHW LVW IU GLH 6LFKHUKHLW VHLQHU %UJHULQQHQ XQG %U JHU LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP DXFK PLWWHOV 9LGHREHUZDFKXQJ ]X VRUJHQ 'DIU LVW ]XQlFKVW ]X XQWHUVXFKHQ RE HV HLQ HLJHQWOLFKHV *UXQGUHFKW DXI 6LFKHUKHLW JLEW 'LH )UDJH LVW VRGDQQ PLW %OLFN DXI GLH VWDDWOLFKHQ 6FKXW]SIOLFKWHQ ]X GLVNXWLH UHQ $ =X HLQHP Ä*UXQGUHFKW DXI 6LFKHUKHLW³ 9HUHLQ]HOW ZLUG GLH )UDJH GLVNXWLHUW RE HLQ HLJHQWOLFKHV *UXQGUHFKW DXI 6LFKHUKHLW H[LVWLHUH 'LH VFKZHL]HULVFKH %XQGHVYHUIDVVXQJ NHQQW MHGRFK NHLQ H[SOL]LWHV *UXQGUHFKW DXI 6LFKHUKHLW XQG QRUPLHUW DXFK VRQVW NHLQHQ NODJEDUHQ $QVSUXFK DXI 6LFKHUKHLW (LQ *UXQGUHFKW DXI 6LFKHUKHLW OlVVW VLFK DXFK QLFKW $UW =LII (05. HQWQHKPHQ 'DV GRUW QRUPLHUWH Ä5HFKW DXI 6LFKHUKHLW³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lWLJ 'HU SULYDWH (LQVDW] YRQ 9LGHREHUZDFKXQJ NDQQ MHGRFK HEHQIDOOV JUXQGUHFKWOLFK JHVFKW]W VHLQ HWZD GXUFK GLH SHUV|QOLFKH )UHLKHLW E]Z GHQ 6FKXW] GHU N|USHUOLFKHQ ,QWHJULWlW YJO YRUQH 7HLO 9 % XQG 7HLO 9 ' GLH :LUWVFKDIWVIUHLKHLW YJO YRUQH 7HLO ;, $ GLH (L JHQWXPVJDUDQWLH YJO YRUQH 7HLO ;, % RGHU GHQ $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ YJO YRUQH 7HLO ; ,Q GLHVHP )DOO DNWXDOLVLHUHQ VLFK GLH *UXQGUHFKWH DOV $EZHKUUHFKWH JHJHQ VWDDWOLFKH (LQVFKUlQNXQJHQ GHV SULYDWHQ (LQVDW]HV YRQ 9LGHREHUZDFKXQJ 'LH SULYDWH 9L GHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH VWHKW QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ KLQJHJHQ QLFKW DXFK XQWHU GHP 6FKXW] GHU ,QIRUPDWLRQVIUHLKHLW YJO YRUQH 7HLO ;,, 9JO GLH +LQZHLVH EHL 02+/(5 9HUQHW]XQJ )Q XQG *$00$ )Q 9JO 02+/(5 9HUQHW]XQJ 5] /,(1+$5'+b6/(5 5] /(1', 6WDDWVOHLWXQJ 5] /(1', 6LFKHUKHLW I /(87+(866(56&+1$55(1%(5*(5 )52:(,13(8.(57 .RPP ]X $UW (05. 5] II D$ ZRKO /,0%$&+ )52:(,13(8.(57 .RPP ]X $UW (05. 5] II 9,//,*(5 5] /,(1+$5' ,QQHUH 6LFKHUKHLW /,(1+$5'+b6/(5 5] /,(1+$5' ,QQHUH 6LFKHUKHLW /,(1+$5'+b6/(5 5] JHPlVV 12:$. .RPP ]X $UW 8123DNW ,, 5] JHZlKUW GDV LQ $UW 8123DNW ,, HQWKDOWHQH 5HFKW DXI SHUV|QOL FKH 6LFKHUKHLW MHGRFK 6FKXW] YRU %HHLQWUlFKWLJXQJHQ GHU SHUV|QOLFKHQ ,QWHJULWlW GXUFK DQGHUH 3ULYDWH (U ZHLVW MHGRFK GDUDXI KLQ GDVV GLH NRQNUHWH %HGHXWXQJ GLHVHV 5HFKWV QRFK QLFKW JH NOlUW LVW *UXQGUHFKWOLFKH 9HUSIOLFKWXQJ ]XU 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH" ZHUGHQ YHUSIOLFKWHQ VR HUJLEW VLFK GDUDXV QRFK NHLQ HLJHQWOLFKHV DOOJHPHLQHV *UXQGUHFKW DXI 6LFKHUKHLW LP 6LQQH HLQHV LQGLYLGXHOOHQ 5HFKWV JHJHQEHU GHP 6WDDW DXI 6FKXW] YRU *UXQGUHFKWVEHHLQWUlFKWLJXQJHQ GXUFK 3ULYDWH (LQ *UXQGUHFKW DXI 6LFKHUKHLW H[LVWLHUW VRPLW QLFKW XQG LVW DXFK DE]XOHKQHQ 'HU 6WDDW LVW IDNWLVFK VFKRQ JDU QLFKW LQ GHU /DJH XPIDVVHQGH 6LFKHUKHLW ]X JHZlKUOHLVWHQ =XGHP EH VWHKW EHL GHU %HMDKXQJ HLQHV *UXQGUHFKWV DXI 6LFKHUKHLW GLH *HIDKU HLQHU HQWJUHQ] WHQ ZHLW LQ GDV *HELHW GHU 3UlYHQWLRQ KLQHLQUHLFKHQGHQ VWDDWOLFKHQ 7lWLJNHLW PLW VFKZHUZLHJHQGHQ )ROJHQ IU GLH )UHLKHLWHQ GHV (LQ]HOQHQ XQG GHU *HVHOOVFKDIW LQV JHVDPW 'HU 6FKXW] XQG $EZHKUJHGDQNH GHU )UHLKHLWVUHFKWH ZUGH VR JHUDGH]X LQ VHLQ *HJHQWHLO YHUNHKUW (LQH VWDDWOLFKH 9HUSIOLFKWXQJ ]XP (LQVDW] YRQ 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP OlVVW VLFK VRPLW QLFKW PLW HLQHP *UXQGUHFKW DXI 6LFKHUKHLW EH JUQGHQ % 6WDDWOLFKH 6FKXW]SIOLFKWHQ XQG 9LGHREHUZDFKXQJ hEHU LKUH %HGHXWXQJ DOV UHLQH $EZHKUUHFKWH KLQDXV NRPPW GHQ *UXQGUHFKWHQ XQ EHVWULWWHQHUPDVVHQ DXFK HLQH NRQVWLWXWLYLQVWLWXWLRQHOOH )XQNWLRQ ]X *UXQGUHFKWH VLQG ÄREMHNWLYH *UXQGVDW]QRUPHQ³ XQG ÄIXQGDPHQWDOH 2UGQXQJVSULQ]LSLHQ³ GLH LQ GHU JHVDPWHQ 5HFKWVRUGQXQJ ]XU *HOWXQJ NRPPHQ PVVHQ XQG ]X YHUZLUNOLFKHQ VLQG 'HVKDOE HQWIOLHVVHQ GHQ *UXQGUHFKWHQ ± VRZHLW HV ]X GHUHQ 6FKXW] XQG ]X GH UHQ 9HUZLUNOLFKXQJ QRWZHQGLJ LVW ± DXFK JUXQGUHFKWOLFKH 6FKXW]SIOLFKWHQ DOVR 3IOLFKWHQ ]XP VWDDWOLFKHQ 7lWLJZHUGHQ XQG +DQGHOQ RGHU ]XU $XIUHFKWHUKDOWXQJ YRQ 2UJDQLVDWLRQVVWUXNWXUHQ 'LHVHU REMHNWLYUHFKWOLFKH *UXQGUHFKWVJHKDOW ZLUG LQ $UW %9 ]XP $XVGUXFN JHEUDFKW XQG LVW DXFK LQ GHU (*055HFKWVSUHFKXQJ DQ HUNDQQW $XFK DXV GHQ LQ GHQ 8123DNWHQ JDUDQWLHUWHQ 5HFKWHQ IOLHVVHQ SRVLWLYH 'D]X KLQWHQ 7HLO ;,9 % ,Q GLHVH 5LFKWXQJ DEHU ± DOOHUGLQJV EH]XJQHKPHQG DXI 6FKXW]SIOLFKWHQ ± QRFK /,(1+$5' ,Q QHUH 6LFKHUKHLW I YJO GDQQ DEHU /,(1+$5'+b6/(5 5] II 9JO 02+/(5 9HUQHW]XQJ I 02+/(5*b77(/,10h//(5 6&+:(,=(5 6877(5:,'0(5 5] 6&+:(,=(5 =XVDPPHQIDVVXQJ 5] /(87+(866(56&+1$55(1 %(5*(5 II IHUQHU %9HUI* %Y5 $EV1U 9JO DEHU LPPHUKLQ *$00$ I GHU DXI GLH PLW GHU ]XQHKPHQGHQ 3ULYDWLVLHUXQJ VLFKHUKHLWVSROL]HLOLFKHU $XIJDEHQ YHU EXQGHQHQ *HIDKUHQ IU HLQH XPIDVVHQGH XQG JOHLFKPlVVLJH 6LFKHUKHLWVJHZlKUOHLVWXQJ KLQ ZHLVW 6D =LII , D 5HF Ä1R VRFLHW\ LV FULPHIUHH DQG WKXV WKH PDLQ REMHFWLYH RI FULPHSROLF\ FDQQRW EH WR HOLPLQDWH FULPH EXW UDWKHU WR FRQWDLQ FULPH DW WKH ORZHVW SRVVLEOH OLPLWV´ 'D]X 0h//(5 * 6FKXW]ZLUNXQJ 5] II +b)(/,1+$//(5.(//(5 5] II %,$**,1, .RPP ]X $UW %9 5] II 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II 0$+21 LQ $8%(570$+21 .RPP ]X $UW %9 5] II %*( ,, ( D YJO ]XU Ä.RQVWLWXWLYZLUNXQJ³ XQG ÄLQVWLWXWLRQHOOHQ $XVULFKWXQJ³ GHU *UXQGUHFKWH LQVEHVRQGHUH DXFK 6$/$',1 II 'HU (*05 YHUZHQGHW KLHUIU GHQ %HJULII ÄSRVLWLYH REOLJDWLRQV³ YJO GD]X *5$%(1:$57(5 5] II 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH *HZlKUOHLVWXQJVSIOLFKWHQ 'LH ([LVWHQ] VWDDWOLFKHU 6FKXW]SIOLFKWHQ OlVVW VLFK HEHQVR GDPLW EHJUQGHQ GDVV ULFKWLJHUZHLVH DXFK 8QWHUODVVXQJHQ GHV 6WDDWHV ]X HLQHU 9HUOHW]XQJ YRQ *UXQGUHFKWHQ IKUHQ N|QQHQ 'HU 6FKXW] YRQ *UXQGUHFKWHQ NDQQ DXFK HLQ SUlYHQWLYHV +DQGHOQ JHJHQ 3ULYDWH ZHOFKH *UXQGUHFKWH DQGHUHU 3ULYDWHU ]X YHUOHW]HQ GURKHQ HUIRUGHUOLFK PDFKHQ 'LH 6FKXW]SIOLFKW DNWXDOLVLHUW VLFK GDPLW VFKRQ LQ HLQHP =HLWSXQNW LQ ZHOFKHP HUVW GLH *HIDKU HLQHU 9HUOHW]XQJ EHVWHKW 'LHV HWZD ]XP 6FKXW] GHU 0HQVFKHQZU GH GHV 3ULYDWOHEHQV GHV 5HFKWV DXI /HEHQ XQG SHUV|QOLFKH )UHLKHLW GHU (LJHQWXPVJDUDQWLH GHU :LUWVFKDIWVIUHLKHLW GHU 0HLQXQJV XQG 9HUVDPP 0$1)5(' 12:$. ,QKDOW %HGHXWXQJ XQG 'XUFKVHW]XQJVPHFKDQLVPHQ GHU EHLGHQ 812 0HQVFKHQUHFKWVSDNWH LQ .b/,10$/,19(51,12:$. II I 02+/(5*b77(/,10h//(5 6&+()(5 %HHLQWUlFKWLJXQJ II :,/'+$%(5 %5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] II 9JO DXFK KLQWHQ 7HLO , 6&+()(5 %HHLQWUlFKWLJXQJ 6&+()(5 *HIlKUGXQJ II 6&+()(5 .HUQJHKDOWH I 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] I 0h//(5 * 6FKXW]ZLUNXQJ 5] I 0h//(56&+()(5 0$67521$5', LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] YJO EH]J OLFK $UW (05. DXFK (*05 8UWHLO YRP -XOL L6 6LOLDGLQ JHJHQ )UDQNUHLFK 1U (&+5 9,, =LII 12:$. .RPP ]X $UW 8123DNW ,, 5] 9JO %*( , ( ZRQDFK GHU 6WDDW DXIJUXQG YRQ $UW $EV %9 XQG $UW %9 GD]X YHUSIOLFKWHW LVW ÄGDV /HEHQ VHLQHU %UJHU DXFK YRU $QJULIIHQ 3ULYDWHU ]X VFKW]HQ³ /,(1+$5'+b6/(5 5] /,(1+$5' ,QQHUH 6LFKHUKHLW %5(,7(1026(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6FKXW] YRU 3DVVLYUDXFKHQ IHU QHU %*( ,, ( .DVV*HU =+ 8UWHLO YRP -XQL ( =%O II I (*05 8UWHLOH YRP 2NWREHU L6 2VPDQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 5HSRUWV ,,, =LII YRP 2NWREHU L6 0DVWURPDWWHR JHJHQ ,WD OLHQ 1U (&+5 9,,, =LII YRP -XQL L6 ,VDDN JHJHQ 7UNHL 1U =LII VLHKH VRGDQQ *5$%(1:$57(5 5] /(2 =:$$. 5LJKW WR /LIH $UWLFOH LQ 9$1 ',-. HW DO &KDSWHU II II 0$+21 LQ $8%(57 0$+21 .RPP ]X $UW %9 5] YJO DXFK .(567,1 :2/1< +HUDXVIRUGHUXQJ GHU (05. LQ GHU 7HUURULVPXVEHNlPSIXQJ LQ 6877(5=(/*(5 II I 'DV LQ $UW =LII 6DW] (05. VRZLH LQ $UW $EV %9 JDUDQWLHUWH 5HFKW DXI /HEHQ YHUSIOLFKWHW DXFK ]XU 6FKDIIXQJ HLQHU HIIHNWLYHQ 6WUDIJHVHW]JHEXQJ PLW HQWVSUHFKHQGHQ 'XUFKVHW]XQJVPH FKDQLVPHQ XQG ]XU 'XUFKIKUXQJ HLQHU HIIHNWLYHQ 6WUDIXQWHUVXFKXQJ YJO (*05 8UWHLOH YRP 2NWREHU L6 2VPDQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 5HSRUWV ,,, =LII YRP 2NWREHU L6 0DVWURPDWWHR JHJHQ ,WDOLHQ 1U (&+5 9,,, =LII YRP -XQL L6 ,VDDN JHJHQ 7UNHL 1U =LII *5$%(1:$57(5 5] I %*( , ( %*( ,9 ( 0$+21 LQ $8%(570$+21 .RPP ]X $UW %9 5] (LQH HQWVSUHFKHQGH 9HUSIOLFKWXQJ OlVVW VLFK DXFK $UW 8123DNW ,, HQWQHKPHQ YJO 12:$. .RPP ]X $UW 8123DNW ,, 5] II %*( ,D ( GD]X DXFK 0$/,19(51, 5] $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] 9$//(1'(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] .DVV*HU =+ 8UWHLO YRP -XQL ( =%O I /,(1+$5' ,QQHUH 6LFKHUKHLW /(87(57 I 0$57, *UXQGUHFKWOLFKH 9HUSIOLFKWXQJ ]XU 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH" OXQJVIUHLKHLW RGHU GHU *ODXEHQV XQG *HZLVVHQVIUHLKHLW DOOHV *UXQGUHFKWH GHUHQ 6FKXW] XQPLWWHOEDU RGHU PLWWHOEDU DXFK GXUFK GLH 9LGHREHUZDFKXQJ EHDE VLFKWLJW LVW :HQQ DOVR GDV *HPHLQZHVHQ |IIHQWOLFKH 6WUDVVHQ XQG 3OlW]H PLW GHP =LHO EHUZDFKW 'HOLNWH ]X YHUKLQGHUQ XQG GLH 1XW]EDUNHLW XQG =XJlQJOLFKNHLW GLHVHU 5lXPH ]X HUK|KHQ GDQQ WUlJW HV DXFK ]XP 6FKXW] XQG ]XU 9HUZLUNOLFKXQJ GLHVHU *UXQGUHFKWH EHL :DQQ JHQDX XQG LQ ZHOFKHP 8PIDQJ VLFK DEHU GLH 6FKXW]SIOLFKW DNWXDOLVLHUW LVW LP $OOJHPHLQHQ VFKZLHULJ ]X EHDQWZRUWHQ $EJHVWHOOW ZLUG HWZD DXI GLH ,QWHQVLWlW GHU 9HUOHW]XQJ JUXQGUHFKWOLFK JHVFKW]WHU 5HFKWVSRVLWLRQHQ GLH :DKUVFKHLQOLFKNHLW HL QHV 6FKDGHQVHLQWULWWV GLH ]XU 9HUIJXQJ VWHKHQGHQ ILQDQ]LHOOHQ 0LWWHO XQG 5HV VRXUFHQ XQG LQVEHVRQGHUH DXFK GLH 9HUKlOWQLVPlVVLJNHLW HLQHU %HVFKUlQNXQJ YRQ *UXQGUHFKWHQ 'ULWWHU 9RQ %HGHXWXQJ VLQG DEHU DXFK HLQH EHVRQGHUH 6FKXW]EHGUI WLJNHLW GHV (LQ]HOQHQ XQG GLH $N]HSWDQ] GHU EHDEVLFKWLJWHQ 0DVVQDKPH 9RU GHP +LQWHUJUXQG GHU QXU EHVFKUlQNWHQ SROL]HLOLFKHQ 5HVVRXUFHQ NDQQ ULFKWL JHUZHLVH QLFKW MHGHV LUJHQGZLH JHDUWHWH 5LVLNR VFKRQ ]XU $QQDKPH HLQHU 6FKXW] SIOLFKW IKUHQ GHUHQ 9HUOHW]XQJ DOOHQIDOOV VWDDWVKDIWXQJVUHFKWOLFKH )ROJHQ QDFK %*( , ( (*05 8UWHLO YRP -XOL L6 %DUDQNHYLFK JHJHQ 5XVVODQG 1U =LII 6&+()(5 %HHLQWUlFKWLJXQJHQ 5(,1+$5' I %*( , ( D %*( , ( G (*05 8UWHLO YRP 0DL L6 PHPEHUV RI WKH *OGDQL &RQJUHJDWLRQ RI -HKRYDK¶V :LWQHVVHV DQG RWKHUV JHJHQ *HRUJLHQ 1U =LII 0h//(56&+()(5 I IHUQHU $/(;$1'(5 6&+$(5 'DV 0L QDUHWW LP SROLWLVFKHQ .RQWH[W $-3 II PZ+ =X EHUFNVLFKWLJHQ LVW GDVV GLH ([LVWHQ] EORVVHU .ULPLQDOLWlWVlQJVWH NHLQH VWDDWOLFKH 6FKXW] SIOLFKW DXV]XO|VHQ YHUPDJ GD GDV 6LFKHUKHLWVJHIKO VHOEVW JUXQGUHFKWOLFK QLFKW JHVFKW]W LVW YJO IU GDV GHXWVFKH 5HFKW 0g67/ VRZLH KLQWHQ 7HLO ,,, 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ 9JO GD]X 0h//(5 * 6FKXW]ZLUNXQJ 5] /,(1+$5' ,QQHUH 6LFKHUKHLW I 38/9(5 I 76&+$11(1 6WDDWVUHFKW 5] 76&+$11(1=,00(5/,0h//(5 5] IHUQHU 6&+()(5 %HHLQWUlFKWLJXQJ II *5$%(1:$57(5 5] :,/'+$%(5 %5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] %*( ,, ( (*05 8U WHLOH YRP -XOL L6 &KULVWLQH *RRGZLQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 9, =LII YRP 2NWREHU L6 0DVWURPDWWHR JHJHQ ,WDOLHQ 1U (&+5 9,,, =LII YRP 2NWREHU L6 2VPDQ JHJHQ 9HUHLQLJ WHV .|QLJUHLFK 1U 5HSRUWV ,,, =LII YRP -DQXDU L6 2VPDQR ÷OX JHJHQ 7UNHL 1U =LII I YRP -DQXDU L6 'RGRY JHJHQ %XOJDULHQ 1U =LII YJO GD]X LQVEHVRQGHUH DXFK 02+/(5 9HUQHW]XQJ 5] XQG GLH 'LIIHUHQ]LHUXQJ QDFK VWDDWVUHFKWOLFKHQ (EHQHQ IU GLH )UDJH GHU $NWXDOLVLHUXQJ GHU 6FKXW] SIOLFKW LQ 5] II 9JO %*( , ( ZRQDFK GHU 6WDDW JDU QLFKW LQ GHU /DJH LVW *HZDOWDQZHQGXQJHQ XQWHU 3ULYDWHQ JlQ]OLFK ]X YHUKLQGHUQ IHUQHU %*( ,9 ( /,(1+$5' ,QQHUH 6LFKHUKHLW 76&+$11(1=,00(5/,0h//(5 5] /(87(57 I 38/9(5 (*05 8UWHLOH YRP 2NWREHU L6 2VPDQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 5HSRUWV ,,, =LII YRP -DQXDU L6 2VPDQR÷OX JHJHQ 7UNHL 1U =LII I YRP -DQXDU L6 'RGRY JHJHQ %XOJDULHQ 1U =LII 'LH 9LGHREHUZDFKXQJ YRU GHP +LQWHUJUXQG GHU *UXQGUHFKWH VLFK ]LHKW =XGHP YHUIJW GHU 6WDDW EHL GHU (QWVFKHLGXQJ GDUEHU ZLH HU *UXQG UHFKWH VFKW]HQ ZLOO EHU HLQHQ +DQGOXQJV XQG *HVWDOWXQJVVSLHOUDXP ,P 3ROL ]HLUHFKW LVW GHVKDOE GLH 5HGH YRP 2SSRUWXQLWlWVSULQ]LS $XIJUXQG GHU Ä%HJUHQ]W KHLW LKUHU VDFKOLFKHQ XQG SHUV|QOLFKHQ 0LWWHO³ YHUIJHQ GLH %HK|UGHQ EHL GHU %HDQWZRUWXQJ GHU )UDJH RE XQG ZLH VLH SROL]HLOLFK KDQGHOQ EHU HLQHQ ± RIW HUKHE OLFKHQ ± (UPHVVHQVSLHOUDXP 'DV 2SSRUWXQLWlWVSULQ]LS VWHKW GDEHL LQ HLQHP 6SDQQXQJVYHUKlOWQLV ]X GHQ 6FKXW]SIOLFKWHQ GHV $UW %9 XQG ZLUG GXUFK GLHVH ULFKWLJHUZHLVH HLQJHVFKUlQNW 'DV 2SSRUWXQLWlWVSULQ]LS HQWELQGHW GHVKDOE QLFKW YRQ HLQHP SIOLFKWJHPlVVHQ $EZlJHQ GHU DXI GHP 6SLHO VWHKHQGHQ ,QWHUHVVHQ XQWHU %HUFNVLFKWLJXQJ GHU $UW GHV 3ROL]HLJXWV GHU 6FKZHUH GHU *HIDKU GHU DNWXHOO YHU IJEDUHQ 0LWWHO XQG GHU EHVRQGHUHQ 8PVWlQGH GHV (LQ]HOIDOOV (LQ 1LFKWHLQ VFKUHLWHQ JHJHQEHU HLQHU NRQNUHW GURKHQGHQ 9HUOHW]XQJ LVW MHGHQIDOOV GDQQ SIOLFKWZLGULJ XQG VWHOOW HLQH 9HUOHW]XQJ VWDDWOLFKHU 6FKXW]SIOLFKWHQ GDU ZHQQ GLH 3ROL]HL XQWlWLJ EOHLEW REZRKO VLH EHU JHQJHQGH 5HVVRXUFHQ ]XP (LQJUHLIHQ YHU IJW XQG GLH XQWHUODVVHQH 0DVVQDKPH HLQ JHHLJQHWHV 0LWWHO GDUVWHOOW GLH 9HU OHW]XQJ GHV EHGURKWHQ 5HFKWVJXWV ]X YHUKLQGHUQ E]Z GDV 6FKDGHQVDXVPDVV ]X YHUPLQGHUQ ,VW GLH *HIlKUGXQJ MHGRFK QLFKW NRQNUHW NDQQ YRP 6WDDW VFKRQ DXIJUXQG GHU EH JUHQ]WHQ SROL]HLOLFKHQ 0LWWHO QLFKW YHUODQJW ZHUGHQ GDVV HU GXUFK SUlYHQWLYH 0DVV QDKPHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP GDV (QWVWHKHQ YRQ *HIDKUHQ IU 3ROL]HL JWHU YROOXPIlQJOLFK ]X YHUKLQGHUQ YHUVXFKW (V WULIIW GHQ 6WDDW ]ZDU HLQH 3IOLFKW GLH .ULPLQDOLWlWVHQWZLFNOXQJ ]X EHREDFKWHQ ]X HYDOXLHUHQ XQG NULPLQDOSUlYHQWLYH 3URJUDPPH ]X LPSOHPHQWLHUHQ DEHU QRFK NHLQH HLJHQWOLFKH 3IOLFKW XPIDVVHQGH SUlYHQWLYH LQ *UXQGUHFKWH HLQJUHLIHQGH 6FKXW]PDVVQDKPHQ ]X WUHIIHQ XP GLH 6L FKHUKHLW LP |IIHQWOLFKHQ E]Z LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP ]X JHZlKUOHLV 76&+$11(1=,00(5/,0h//(5 5] /,(1+$5' ,QQHUH 6LFKHUKHLW I 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] *5$%(1:$57(5 5] 0h//(5 * 6FKXW]ZLUNXQJ 5] II :,('(5,1 3ULYDWVSKl UH +b)(/,10h//(58+/0$11 5] (*05 8UWHLO YRP -XOL L6 &KULVWL QH *RRGZLQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 9, =LII %*( , ( %*( ,9 ( /(87(57 +b)(/,10h//(58+/0$11 5] 38/9(5 /(87(57 76&+$11(1=,00(5/,0h//(5 5] +b)(/,10h//(58+/0$11 5] =h1'(55$66 'DEHL KDQGHOW HV VLFK XP HLQ (QWVFKOLHVVXQJVHUPHVVHQ 'DV 2SSRUWXQLWlWVSULQ]LS EHLQKDOWHW DEHU DXFK HLQ $XVZDKOHUPHVVHQ EH]JOLFK GHU ]X WUHIIHQGHQ 0DVVQDKPHQ YJO 5e0< I 02+/(5*b77(/,10h//(5 76&+$11(1=,00(5/,0h//(5 5] +b)(/,10h//(58+/0$11 5] /(87(57 5e0< *g7= 5] II /,(1+$5'+b6/(5 5] II /(87(57 /(87(57 38/9(5 =LII , II 5HF 5 *UXQGUHFKWOLFKH 9HUSIOLFKWXQJ ]XU 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH" WHQ (LQH VROFKH 6FKXW]SIOLFKW NDQQ VLFK KLQJHJHQ DXIJUXQG GHU EHVRQGHUHQ 8P VWlQGH DNWXDOLVLHUHQ VR ZHQQ DQ HLQHP EHVWLPPWHQ |IIHQWOLFKHQ 3ODW] VFKZHUH 9HU OHW]XQJHQ IU KRFKUDQJLJH 5HFKWVJWHU QDPHQWOLFK /HLE XQG /HEHQ HUQVWKDIW ]X HUZDUWHQ VLQG DXFK ZHQQ VROFKH 9HUOHW]XQJHQ QRFK QLFKW NRQNUHW EHYRUVWHKHQ $Q VROFKHQ .ULPLQDOLWlWVVFKZHUSXQNWHQ KDW GDV *HPHLQZHVHQ JHHLJQHWH 0DVVQDKPHQ ]X WUHIIHQ XP 'HOLNWH ]X YHUKLQGHUQ *UXQGVlW]OLFK LVW HV DEHU LQ GHU :DKO VHLQHU 0LWWHO IUHL (LQH 3IOLFKW LQ HLQHP VROFKHQ 5DXP DXFK 9LGHREHUZDFKXQJ HLQ]X VHW]HQ NDQQ K|FKVWHQV GDQQ EHMDKW ZHUGHQ ZHQQ DXIJUXQG QXU EHVFKUlQNW ]XU 9HU IJXQJ VWHKHQGHU SROL]HLOLFKHU 5HVVRXUFHQ HLQH HUIROJYHUVSUHFKHQGH ,QWHQVLYEH VWUHLIXQJ GHV EHWUHIIHQGHQ 5DXPV QLFKW P|JOLFK LVW 6HOEVWYHUVWlQGOLFK KDW GHU 6WDDW DXFK EHVWHKHQGH 6FKXW]SIOLFKWHQ VR ]X HUIOOHQ GDVV GDGXUFK NHLQH *UXQGUHFKWH YHUOHW]W ZHUGHQ .HLQHVZHJV NDQQ HLQH 6FKXW] SIOLFKW XQYHUKlOWQLVPlVVLJH *UXQGUHFKWVHLQJULIIH OHJLWLPLHUHQ (LQH VRUJIlOWLJH ,QWHUHVVHQDEZlJXQJ ± P( LQVEHVRQGHUH DXFK XQWHU %HUFNVLFKWLJXQJ GHV 3ULQ]LSV GHU 6HOEVWYHUDQWZRUWXQJ $UW %9 ± EOHLEW XQDEGLQJEDU DQVRQVWHQ GLH *HIDKU ZHLWUHLFKHQGHU )UHLKHLWVEHVFKUlQNXQJHQ EHVWHKW 6R DXFK .g1,* 5 I VD %*( , ( ZRQDFK GHU 6WDDW QLFKW YHUSIOLFKWHW LVW *HZDOWDQZHQGXQJHQ XQWHU 3ULYDWHQ JlQ]OLFK ]X YHUKLQGHUQ 'LH 3ROL]HL YHUIJW JHVWW]W DXI GDV 2SSRUWXQLWlWVSULQ]LS DXFK EHU HLQ $XVZDKOHUPHVVHQ YJO YRUQH )Q 9JO :,('(5,1 3ULYDWVSKlUH I 9JO %9HUI* %Y5 $EV1U 9JO %*( ,, ( E 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] /,(1+$5' ,QQHUH 6LFKHUKHLW 9JO 76&+$11(1 6WDDWVUHFKW 5] %*( ,, ( E (*05 8UWHLO YRP 2NWREHU L6 2VPDQ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 5HSRUWV ,,, =LII Ä$QRWKHU UHOHYDQW FRQVLGHUDWLRQ LV WKH QHHG WR HQVXUH WKDW WKH SROLFH H[HUFLVH WKHLU SRZHUV WR FRQWURO DQG SUHYHQW FULPH LQ D PDQQHU ZKLFK IXOO\ UHVSHFWV WKH GXH SURFHVV DQG RWK HU JXDUDQWHHV ZKLFK OHJLWLPDWHO\ SODFH UHVWUDLQWV RQ WKH VFRSH RI WKHLU DFWLRQ WR LQYHVWLJDWH FULPH DQG EULQJ RIIHQGHUV WR MXVWLFH LQFOXGLQJ WKH JXDUDQWHHV FRQWDLQHG LQ $UWLFOHV DQG RI WKH &RQYHQWLRQ´ VHOEVWYHUVWlQGOLFK HUVHW]W GDV %HVWHKHQ HLQHU 6FKXW]SIOLFKW DXFK QLHPDOV HLQH JHVHW]OLFKH *UXQGODJH IU VWDDWOLFKHV +DQGHOQ YJO /,(1+$5'+b6/(5 5] 76&+$11(1 6WDDWVUHFKW 5] 7HLO 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ , %XQGHVVWDDWOLFKH .RPSHWHQ]YHUWHLOXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ $ *UXQGVlW]OLFKH NDQWRQDOH .RPSHWHQ] :lKUHQG DXI GHP *HELHW GHU lXVVHUHQ 6LFKHUKHLW YRUUDQJLJ GHU %XQG ]XVWlQGLJ LVW VLQG HV LP %HUHLFK GHU LQQHUHQ 6LFKHUKHLW SULPlU GLH .DQWRQH 'LH 3ROL]HLKRKHLW ± GLH =XVWlQGLJNHLW ]XU $EZHKU YRQ *HIDKUHQ XQG ]XU %HVHLWLJXQJ YRQ 6W|UXQJHQ ± XQG GLH GLHVEH]JOLFKHQ 5HFKWVHW]XQJVNRPSHWHQ]HQ VWHKHQ GHVKDOE LQ HUVWHU /LQLH GHQ .DQWRQHQ ]X 'LHVHQ ± XQG QDFK NDQWRQDOHP 5HFKW DOOHQIDOOV GHQ *HPHLQ GHQ ± NRPPW GHVKDOE DXFK GLH .RPSHWHQ] ]X GLH 9LGHREHUZDFKXQJ ]X VLFKHU KHLWVSROL]HLOLFKHQ =ZHFNHQ ]X UHJHOQ XQG GXUFK]XIKUHQ 'HU %XQG YHUIJW LQ GLH VHP %HUHLFK K|FKVWHQV EHU SXQNWXHOOH 5HJHOXQJVNRPSHWHQ]HQ 'DUDQ lQGHUW QLFKWV GDVV QDFK $UW $EV %9 GLH *HVHW]JHEXQJ DXI GHP *H ELHW GHV 6WUDISUR]HVVUHFKWV 6DFKH GHV %XQGHV LVW XQG GHU %XQG JHVWW]W GDUDXI GLH 6W32 HUODVVHQ KDW =ZDU KDQGHOW HV VLFK EHL GHU SROL]HLOLFKHQ 9LGHREHUZDFKXQJ XP HLQH GRSSHOIXQNWLRQDOH 0DVVQDKPH PLW ZHOFKHU QHEHQ SUlYHQWLYHQ DXFK UH SUHVVLYH =ZHFNH YHUIROJW ZHUGHQ 'HU UHSUHVVLYH =ZHFN VWHKW DEHU LP 'LHQVW GHU 3UlYHQWLRQ ZHVKDOE GLH 9LGHREHUZDFKXQJ GHP %HUHLFK GHU SUlYHQWLY SROL]HLOLFKHQ *HIDKUHQDEZHKU ]X]XRUGQHQ LVW )ROJOLFK VLQG GLH .DQWRQH QDFK ZLH YRU IU GLH 5HJHOXQJ XQG GLH 'XUFKIKUXQJ GHU 9LGHREHUZDFKXQJ ]XVWlQ GLJ 'DEHL IlOOW HV DXFK LQ GLH .RPSHWHQ] GHU .DQWRQH EHU GLH ]XOlVVLJH 9HU /,(1+$5' ,QQHUH 6LFKHUKHLW /,(1+$5'+b6/(5 5] I 752&+6/(5+8*(172%/(5/2%6,*(5 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP 9RUEHP ]XU 6LFKHUKHLWVYHUIDVVXQJ 5] /,16, (QWZLFNOXQJHQ /,16, =XVWlQGLJNHLW 5(,1+$5' 1866%$80 I VD $UW $EV %:,6 9JO 0h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± HV KDQGHOW VLFK EHL $UW $EV %9 XP HLQH NRQNXUULHUHQGH .RPSHWHQ] %RWVFK 6W32 9(67 LQ (+5(1=(//(5 HW DO 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ ZHQGXQJ GHU PLWWHOV 9LGHREHUZDFKXQJ HUKREHQHQ $XI]HLFKQXQJHQ DOV %HZHLVPLW WHO LQ HLQHP 6WUDISUR]HVV ]X OHJLIHULHUHQ =ZDU EHVWLPPW GLH 6W32 LQ $UW $EV GDVV GLH 6WUDIEHK|UGHQ Ä]XU :DKUKHLWVILQGXQJ DOOH QDFK GHP 6WDQG YRQ :LVVHQVFKDIW XQG (UIDKUXQJ JHHLJQHWHQ %HZHLVPLWWHO³ HLQVHW]HQ 'LHV DOOHUGLQJV QXU VR ZHLW DOV VLH ÄUHFKWOLFK ]XOlVVLJ VLQG³ 'LH (UKHEXQJ GHV %HZHLVPLWWHOV PXVV VRPLW GLH GDIU YRUJHVHKHQHQ JHVHW]OLFKHQ 9RUDXVVHW]XQJHQ HUIOOHQ hEHU GLHVH 9RUDXVVHW]XQJHQ XQWHU GHQHQ SUlYHQWLYSROL]HLOLFK HUKREHQH 'DWHQ ]X %HZHLV]ZH FNHQ DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ EHUPLWWHOW XQG LP 6WUDIYHUIDKUHQ YHUZHQGHW ZHUGHQ GUIHQ PVVHQ ULFKWLJHUZHLVH GLH .DQWRQH VHOEVW EHVWLPPHQ N|QQHQ 'HV KDOE N|QQHQ GLH .DQWRQH EH]JOLFK 9LGHRDXI]HLFKQXQJHQ DXFK %HZHLVYHUZHU WXQJVYHUERWH QRUPLHUHQ :HQQ HLQ .DQWRQ GLH 9LGHREHUZDFKXQJ ]XU 9HUKLQGH UXQJ XQG $KQGXQJ YRQ Ä9HUEUHFKHQ XQG 9HUJHKHQ³ DOV ]XOlVVLJ HUNOlUW LVW HLQH 9HUZHQGXQJ GHU $XI]HLFKQXQJ DOV %HZHLVPLWWHO LQ HLQHP 6WUDIYHUIDKUHQ ]XU $KQ GXQJ HLQHU hEHUWUHWXQJ ZLH ]% HLQHU 7lWOLFKNHLW $UW 6W*% RGHU HLQHV JH ULQJIJLJHQ 9HUP|JHQVGHOLNWV $UW WHU 6W*% XQ]XOlVVLJ 'LH )UDJH QDFK GHU *HVHW]JHEXQJVNRPSHWHQ] GHU .DQWRQH LVW DQGHUV ]X EHDQWZRU WHQ ZHQQ PLW GHU 9LGHREHUZDFKXQJ QLFKW PHKU EHUZLHJHQG SUlYHQWLYH =ZHFNH YHUIROJW ZHUGHQ VRQGHUQ DQ HLQHQ 7DWYHUGDFKW DQJHNQSIW ZLUG XQG GDPLW GLH 6WUDIYHUIROJXQJ LP 9RUGHUJUXQG VWHKW 'HU SROL]HLOLFKH (LQVDW] YRQ 9LGHREHU ZDFKXQJ ]X 2EVHUYDWLRQV]ZHFNHQ LP (UPLWWOXQJVYHUIDKUHQ EHLVSLHOVZHLVH LVW GXUFK GHQ %XQG DEVFKOLHVVHQG JHUHJHOW $UW I 6W32 'HU UHSUHVVLYH =ZHFN EHU ZLHJW DXFK GDQQ ZHQQ GLH 9LGHREHUZDFKXQJ ]XU )DKQGXQJ QDFK 7DWYHUGlFKWLJHQ ]% XQWHU (LQVDW] DXWRPDWLVFKHU 1XPPHUQVFKLOGHUNHQQXQJ RGHU 6RIWZDUH ]XU *H VLFKWVHUNHQQXQJ HLQJHVHW]W ZLUG $OOHUGLQJV UHJHOW GHU %XQG LQ $UW 6W32 QXU GLH 9RUDXVVHW]XQJHQ GHU )DKQGXQJ ZLOO DEHU GLH )DKQGXQJVPLWWHO GHU 5HJH OXQJ LP 3ROL]HL XQG 9HUZDOWXQJVUHFKW EHUODVVHQ ,QVRIHUQ N|QQHQ GLH .DQWRQH 6W *DOOHU .RPP ]X $UW %9 5] ± ZHLWHUKLQ IU GLH 5HJHOXQJ ]XVWlQGLJ VHLQ 'LHV LVW DXFK GDQQ YRQ %HGHXWXQJ ZHQQ HLQH $XI]HLFKQXQJ QLFKW SHUPDQHQW HUIROJW VRQGHUQ QXU ± EHLVSLHOVZHLVH DXI .QRSIGUXFN ± DE GHP =HLWSXQNW LQ ZHOFKHP EHUHLWV HLQ $QIDQJVYHUGDFKW EHVWHKW :2+/(56 LQ '21$76&++$16-$.2%/,(%(5 .RPP ]X $UW 6W32 5] 6R IU GDV GHXWVFKH 5HFKW DXFK %$576&+ IHUQHU /9* 0HFNOHQEXUJ9RUSRPPHUQ ( ,, /.9 II D$ IU GDV GHXWVFKH 5HFKW DEHU 5$1'+$+1 II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H IHUQHU -h5*(1 :(/3 $QPHUNXQJ ]XP %*+%HVFKOXVV YRP -XQL %-V 6W% 16W= II 9JO 921 =(=6&+:,7= 5] 9JO GLH HQWVSUHFKHQGHQ $XVIKUXQJHQ IU GDV GHXWVFKH 5HFKW EHL %h//(6)(/' 9LGHREHU ZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ 2E GLH GHXWVFKHQ %XQGHVOlQ GHU EHU GLH *HVHW]JHEXQJVNRPSHWHQ] ]XU 5HJHOXQJ GHU DXWRPDWLVLHUWHQ (UIDVVXQJ GHU .UDIW IDKU]HXJNHQQ]HLFKHQ YHUIJHQ ZXUGH RIIHQ JHODVVHQ LQ %9HUI* %Y5 $EV1U 'HU SUl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|FKVWHQV YHUHLQ]HOWH XQG VXEVLGLlUH .RPSHWHQ]HQ ]X *HQHUHOOH .RPSHWHQ]HQ ]XU :DK UXQJ GHU LQQHUHQ 6LFKHUKHLW ODVVHQ VLFK DXFK QLFKW DXV GHQ JUXQGUHFKWOLFKHQ 6FKXW] SIOLFKWHQ RGHU DXV $UW %9 KHUOHLWHQ 6RZHLW GHU %XQG LQ |IIHQWOLFK ]X JlQJOLFKHQ 5lXPHQ WHFKQLVFKH hEHUZDFKXQJVJHUlWH HLQVHW]HQ ZLOO NDQQ HU GLHV GHVKDOE QXU LQ VHLQHP HLJHQHQ =XVWlQGLJNHLWVEHUHLFK WXQ (QWVSUHFKHQGH .RPSHWHQ]HQ HUJHEHQ VLFK LP %HUHLFK GHV 6WDDWVVFKXW]HV 'DV %:,6 VLHKW GHVKDOE ± ]XU (UIOOXQJ GHU JHVHW]OLFKHQ $XIJDEHQ ± DOV ,QIRUPD WLRQVEHVFKDIIXQJVPLWWHO DXFK GDV YHUGHFNWH %HREDFKWHQ YRQ 9RUJlQJHQ DQ |IIHQW OLFKHQ XQG DOOJHPHLQ ]XJlQJOLFKHQ 2UWHQ PLWWHOV %LOG XQG 7RQDXI]HLFKQXQJHQ YRU hEHU HLQH DOOJHPHLQH =XVWlQGLJNHLW ]XU 9HUKLQGHUXQJ YRQ 6WUDIWDWHQ PLWWHOV 9LGHREHUZDFKXQJ LQ VROFKHQ 5lXPHQ YHUIJW GHU %XQG DOOHUGLQJV QLFKW 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP 9RUEHP ]XU 6LFKHUKHLWVYHUIDVVXQJ 5] /,16, (QWZLFNOXQJHQ /,(1+$5' ,QQHUH 6LFKHUKHLW 752&+6/(5 +8*(172%/(5/2%6,*(5 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] /,(1+$5' +b6/(5 5] ]X GHQ VWDDWOLFKHQ 6FKXW]SIOLFKWHQ YRUQH 7HLO ;,9 % 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] /,(1+$5'+b6/(5 5] %,$**,1, .RPP ]X $UW %9 5] YJO IHUQHU /,16, =X VWlQGLJNHLW II 9JO 752&+6/(5+8*(172%/(5/2%6,*(5 5] $QWZRUW GHV %XQGHVUDWHV YRP )HEUXDU DXI GLH ,QWHUSHOODWLRQ 0DUJUHW .LHQHU 1HOOHQ YRP 'H]HPEHU 8PVHW]XQJ GHU (PSIHKOXQJHQ DXV GHP %HULFKW EHU 9LGHREHUZDFKXQJ 'LH *HVHW]JHEXQJVNRPSHWHQ] LP %HUHLFK GHV 6WDDWVVFKXW]HV ZLUG YRQ GHU %XQGHVYHUIDVVXQJ ]ZDU QLFKW DXVGUFNOLFK QRUPLHUW VLH HUJLEW VLFK DEHU DXV GHU LQKlUHQWHQ .RPSHWHQ] ]XP 6FKXW] GHV %XQGHV GHV *HVDPWVWDDWHV XQG GHU VFKZHL]HULVFKHQ 5HFKWVRUGQXQJ DQ VLFK YJO %*( ,D ( D 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP 9RUEHP ]XU 6LFKHUKHLWVYHUIDVVXQJ 5] XQG .RPP ]X $UW 5] /,16, (QWZLFNOXQJHQ /,16, =XVWlQGLJNHLW %,$**,1, .RPP ]X $UW %9 5] /,(1+$5'+b6/(5 5] I 1866%$80 I 1DFK $UW %:,6 WULIIW GHU %XQG YRUEHXJHQGH 0DVVQDKPHQ XP IUK]HLWLJ *HIlKUGXQJHQ GXUFK 7HUURULVPXV YHUERWHQHQ 1DFKULFKWHQGLHQVW JHZDOWWlWLJHQ ([WUHPLVPXV *HZDOW DQOlVV OLFK YRQ 6SRUWYHUDQVWDOWXQJHQ XQG 9RUEHUHLWXQJHQ ]X YHUERWHQHP +DQGHO PLW :DIIHQ XQG UD GLRDNWLYHQ 0DWHULDOLHQ VRZLH ]X YHUERWHQHP 7HFKQRORJLHWUDQVIHU ]X HUNHQQHQ XQG ]X EHNlPS IHQ 9JO $UW $EV %VW I %:,6 'HU (LQVDW] WHFKQLVFKHU hEHUZDFKXQJVJHUlWH LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP GXUFK GHQ 6WDDWVVFKXW] GLHQW GHU JH]LHOWHQ %HVFKDWWXQJ YRQ 7DWYHUGlFK WLJWHQ UHVS YRQ *HIlKUGHUQ RGHU 6W|UHUQ YJO 58(**)/h&.,*(5129(0%(5./$86(5 9RUQH 7HLO , $ *HPlVV GHQ $XVIKUXQJHQ GHV (-3' LP %HU 9LGHREHUZDFKXQJ ZLUG GLH 0|JOLFKNHLW ]XP (LQVDW] YRQ %LOG XQG 7RQDXI]HLFKQXQJVJHUlWHQ GXUFK GHQ '$3 KHXWH 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 9LGHRNDPHUDV VHW]W GHU %XQG E]Z GLH =ROOYHUZDOWXQJ JHVWW]W DXI $UW =* XQG GLH 92 hEHUZDFKXQJVJHUlWH DXFK ]XU hEHUZDFKXQJ GHU *UHQ]H HLQ =XU 5HJHOXQJ GHU hEHUZDFKXQJ GHV 3HUVRQHQYHUNHKUV EHU GLH =ROOJUHQ]H HUDFKWHW VLFK GHU %XQG DXIJUXQG YRQ $UW $EV %9 XQG VRZHLW GLH hEHUZDFKXQJV XQG .RQWUROOPDVVQDKPHQ 3HUVRQHQ DXVOlQGLVFKHU 6WDDWVDQJHK|ULJNHLW EHWUHIIHQ DXFK DXIJUXQG YRQ $UW $EV %9 DOV ]XVWlQGLJ 'LH hEHUZDFKXQJ GHU $QNXQIW DP )OXJKDIHQ PLW WHFKQLVFKHQ (UNHQQXQJVYHUIDKUHQ ± JHGDFKW LVW QDPHQWOLFK DQ HOHNWURQLVFKH UHVS ELRPHWULVFKH *HVLFKWVHUNHQQXQJVV\VWHPH ZHOFKH EHL GHU $Q NXQIW *HVLFKWVDXIQDKPHQ VSHLFKHUQ XQG GLH 3URSRUWLRQHQ GHV LQQHUHQ *HVLFKWVNUHL VHV HLQHU 3HUVRQ YHUPHVVHQ ± UHJHOW GHU %XQG LQ $UW $X* 'DV $X* VWW]W VLFK DXI $UW $EV %9 6RZHLW GLH hEHUZDFKXQJVPDVVQDKPHQ GLH (LQ XQG $XVUHLVH YRQ $XVOlQGHUQ EHWUHIIHQ LVW GHU %XQG JHVWW]W DXI $UW $EV %9 ]X GHUHQ 5HJHOXQJ WDWVlFKOLFK ]XVWlQGLJ 2E GHU %XQG DEHU EHU HLQH ZHLWHUJH KHQGH 5HJHOXQJVNRPSHWHQ] YHUIJW QDPHQWOLFK ZDV GLH hEHUZDFKXQJ YRQ 6FKZHL]HU 6WDDWVDQJHK|ULJHQ EHWULIIW EOHLEW IUDJOLFK =XQlFKVW LVW GDUDXI KLQ]XZHL VHQ GDVV $UW %9 NHLQHUOHL NRPSHWHQ]EHJUQGHQGH :LUNXQJ KDW $OOHUGLQJV ILQGHW VLFK GLH $XIIDVVXQJ GDVV JHVWW]W DXI GLH LQ $UW %9 QRUPLHUWH %XQGHV NRPSHWHQ] LP %HUHLFK GHU DXVZlUWLJHQ $QJHOHJHQKHLWHQ GHU 6FKXW] GHU /DQGHV JUHQ]HQ XQG GLH hEHUZDFKXQJ GHV JUHQ]EHUVFKUHLWHQGHQ 3HUVRQHQ XQG :DUHQ YHUNHKUV DOOJHPHLQ LQ GLH 5HJHOXQJV]XVWlQGLJNHLW GHV %XQGHV IDOOHQ (V PXVV MHGRFK EH]ZHLIHOW ZHUGHQ RE LQ GHU LQ $UW $EV %9 QRUPLHUWHQ =XVWlQGLJNHLW GHV %XQGHV LP %HUHLFK GHU DXVZl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hEHUZDFKXQJVJHUlWH GUIHQ YRQ GHU =ROOYHUZDOWXQJ XD HLQJHVHW]W ZHUGHQ XP XQHUODXEWH *UHQ]EHUWULWWH YRQ 3HUVRQHQ RGHU *HIDKUHQ IU GLH 6LFKHUKHLW LP JUHQ]EHUVFKUHL WHQGHQ 9HUNHKU IUK]HLWLJ ]X HUNHQQHQ VRZLH ]XU )DKQGXQJ QDFK 3HUVRQHQ )DKU]HXJHQ XQG *HJHQVWlQGHQ 'HUHQ (LQVDW] LVW P|JOLFK LP JDQ]HQ =ROOJHELHW HLQVFKOLHVVOLFK GHP =ROODXV VFKOXVVJHELHW $UW $EV =* L9P $UW $EV 92 hEHUZDFKXQJVJHUlWH 9JO %RWVFK =* XQG GHQ ,QJUHVV GHV =* %RWVFK $X* I 6LHKH %RWVFK $X* XQG GHQ ,QJUHVV GHV $X* 9RUQH )Q 'LH $XVIKUXQJHQ LQ GHU %RWVFK =* HUZHFNHQ GHQ (LQGUXFN GHU %XQG EHUXIH VLFK ]XU %HJUQGXQJ HLQHU .RPSHWHQ] QLFKW QXU DXI $EV VRQGHUQ DXFK DXI $UW $EV %9 $XV $UW $EV %9 ODVVHQ VLFK MHGRFK QLFKW HLQPDO +LQZHLVH IU GLH VLFKHUKHLWVSROLWLVFKH .RPSHWHQ]YHUWHLOXQJ JHZLQQHQ YJO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] /,16, =XVWlQGLJNHLW 86,6 ± hEHUSUIXQJ GHV 6\VWHPV GHU LQQHUHQ 6LFKHUKHLW GHU 6FKZHL] 7HLO ,,, %HUQ DEUXIEDU XQWHU ZZZHMSGDGPLQFKFRQWHQWGDPGDWDVLFKHUKHLWXVLVBEHULFKW LLLGSGI! %XQGHVVWDDWOLFKH .RPSHWHQ]YHUWHLOXQJ LP %HUHLFK GHU 9LGHREHUZDFKXQJ XQG LP *UHQ]UDXP DXIJUXQG HLQHU LQKlUHQWHQ .RPSHWHQ] RGHU HLQHU =XVWlQGLJ NHLW NUDIW I|GHUDWLYHQ 6WDDWVDXIEDXV ]XVWlQGLJ 'LHV LVW ZRKO GLH HLQ]LJH ± ZHQQ DXFK XQEHIULHGLJHQGH ± 0|JOLFKNHLW HLQH HQWVSUHFKHQGH .RPSHWHQ] ]X EHJUQGHQ VRZHLW QLFKW QXU GLH hEHUZDFKXQJ YRQ $XVOlQGHULQQHQ XQG $XVOlQGHUQ ]XU 'LVNXV VLRQ VWHKW (V EOHLEW DEHU ]X EHDFKWHQ GDVV EHL GHU $QQDKPH LPSOL]LWHU %XQGHV NRPSHWHQ]HQ =XUFNKDOWXQJ JHERWHQ LVW :QVFKEDU ZlUH HLQH DXVGUFNOLFKH 9HU IDVVXQJVJUXQGODJH $XIJUXQG HLQHU LQKlUHQWHQ .RPSHWHQ] LVW GHU %XQG MHGRFK ]XVWlQGLJ ]XP 6FKXW] GHU EXQGHVHLJHQHQ *HElXGH GHU %XQGHVPDJLVWUDWHQ XQG YRQ 3HUVRQHQ PLW ZHLWH UHQ %XQGHVIXQNWLRQHQ 9|ONHUUHFKWOLFKH 6FKXW]SIOLFKWHQ EHJUQGHQ ]XGHP HLQH .RPSHWHQ] GHV %XQGHV ]XP 6FKXW] GHU %RWVFKDIWHQ *HVWW]W DXI $UW $EV %VW G XQG $UW $EV %VW I %:,6 VRZLH $UW 96% NDQQ HU ]X GLHVHQ =ZH FNHQ DXFK 9LGHREHUZDFKXQJ HLQVHW]HQ ,P %HUHLFK GHU 3HUVRQHQEHI|UGHUXQJ NRPPHQ GHP %XQG JHVWW]W DXI $UW %9 DXFK ÄHLQ]HOQH VDFKOLFK GHILQLHUWH *HIDKUHQDEZHKUDXIWUlJH³ ]X 'HU %XQG LVW GDIU ]XVWlQGLJ DXFK GLH 9LGHREHUZDFKXQJ IU GLH GHP 3HUVRQHQEHI|UGHUXQJVUH JDO XQWHUVWHKHQGHQ 8QWHUQHKPHQ ]X UHJHOQ YJO $UW 3%* =XVWlQGLJ LVW HU DXFK ]XU 5HJHOXQJ GHU 9LGHREHUZDFKXQJ GLH GHP 6FKXW] GHU ,QIUDVWUXNWXU YRQ ,QKD EHUQ HLQHU (LVHQEDKQLQIUDVWUXNWXUNRQ]HVVLRQ GLHQW VLHKH $UW E (%* =X GLHVHP =ZHFN KDW HU GLH 99g9 HUODVVHQ (LQH XPIDVVHQGH XQG DXVVFKOLHVVOLFKH .RPSHWHQ] NRPPW GHP %XQG VRGDQQ LP %H UHLFK GHU /DQGHVYHUWHLGLJXQJ ]X $UW II %9 6LH XPIDVVW DXFK GLH %HIXJQLV ]XP (UODVV YRQ 3ROL]HLUHFKW 'HU (LQVDW] YRQ WHFKQLVFKHQ hEHUZDFKXQJVJHUlWHQ /,16, =XVWlQGLJNHLW ZRKO DXFK 0h//(5 53 %HU 9LGHREHUZDFKXQJ YJO IHUQHU 1866%$80 I /,(1+$5'+b6/(5 5] )Q XQG 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP 9RUEHP ]XU 6LFKHUKHLWVYHUIDVVXQJ 5] /,16, =XVWlQGLJNHLW $UW $EV :h' /,(1+$5'+b6/(5 5] 9JO %HU 9LGHREHUZDFKXQJ D$ 58(**)/h&.,*(5129(0%(5./$86(5 I 1HX VROO GHU (LQVDW] RSWLVFKHU hEHUZDFKXQJVJHUlWH ]XP 6FKXW] YRQ %HK|UGHQ XQG *HElXGHQ GHV %XQGHV XQG YRQ 3HUVRQHQ XQG *HElXGHQ IU ZHOFKH GHU %XQG Y|ONHUUHFKWOLFKH 6FKXW]SIOLFK WHQ HUIOOHQ PXVV GXUFK GDV 3ROL]HLDXIJDEHQJHVHW] JHUHJHOW ZHUGHQ YJO $UW 9(3RO$* /,16, (QWZLFNOXQJHQ =X GHQ %HVWLPPWKHLWVGHIL]LWHQ GLHVHU 1RUPHQ YJO DOOHUGLQJV KLQWHQ 7HLO ,, % XQG )Q VD 7HLO ,, % XQG )Q /,(1+$5'+b6/(5 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP 9RUEHP ]XU 6LFKHUKHLWVYHUIDVVXQJ 5] /,16, (QWZLFNOXQJHQ I 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ GXUFK GLH $UPHH HWZD ]XP 6FKXW] PLOLWlULVFKHU (LQULFKWXQJHQ ZLUG LQ $UW II 0,* XQG $UW II 0,9 JHUHJHOW *HPlVV $UW $EV %9 LVW DXFK GLH *HVHW]JHEXQJ EHU *OFNVVSLHOH XQG /RW WHULHQ 6DFKH GHV %XQGHV ,Q $XVEXQJ GLHVHU .RPSHWHQ] KDW GHU %XQG GDV 6%* HU ODVVHQ XQG GHU %XQGHVUDW ± JHVWW]W DXI $UW XQG 6%* ± GLH 96%* 1DFK $UW 96%* KDEHQ GLH 6SLHOEDQNHQ HLQ .DPHUDEHUZDFKXQJVV\VWHP ]X XQWHUKDO WHQ (LQ]HOKHLWHQ ]X GHQ hEHUZDFKXQJVV\VWHPHQ ZHUGHQ LQ $UW II GHU YRP (-3' HUODVVHQHQ *69 JHUHJHOW (V LVW MHGRFK K|FKVW ]ZHLIHOKDIW RE GLH 5HJHOXQJ GHU 9L GHREHUZDFKXQJ GXUFK GHQ %XQGHVUDW XQG GDV (-3' DXI HLQHU KLQUHLFKHQGHQ 'HOH JDWLRQVQRUP EHUXKW LVW GRFK GHU %XQGHVUDW JHVWW]W DXI $UW $EV 6%* QXU EH IXJW GLH $QIRUGHUXQJHQ DQ 6LFKHUKHLWV XQG 6R]LDONRQ]HSWH IHVW]XOHJHQ 9HUIDVVXQJVUHFKWOLFKHQ %HGHQNHQ EHJHJQHW DXFK GLH 5HJHOXQJ GHU 9LGHREHUZD FKXQJ LQ HLQHU EORVVHQ 9HURUGQXQJ =X 5HFKW NULWLVFK EHWUHIIHQG GLH KLQUHLFKHQGH %HVWLPPWKHLW YRQ $UW II 0,* 0h//(5 53 II 9JO 58(**)/h&.,*(5129(0%(5./$86(5 I %,$**, I =XU hEHUSUIXQJ YRQ 9HURUGQXQJHQ GHV %XQGHVUDWHV DXI LKUH *HVHW]HV XQG 9HUIDVVXQJVPl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± DXI GHP *HELHW GHV 3ROL]HL UHFKWV VHOEVWYHUVWlQGOLFK XQHLQJHVFKUlQNW JHOWHQGHQ ± /HJDOLWlWVSULQ]LSV 'D QDFK KDW VLFK DOOHV VWDDWOLFKH +DQGHOQ ± DXFK ZHQQ HV QLFKW ]X HLQHP *HVHW] LP :L GHUVSUXFK VWHKW ± DXI HLQH 5HFKWVJUXQGODJH ]X VWW]HQ 'LH 9LGHREHUZDFKXQJ VWHOOW ]XGHP HLQHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ XQG DOOHQIDOOV LQ ZHLWHUH *UXQGUHFKWH GDU ZHVKDOE VLFK GDV (UIRUGHUQLV HLQHU JHQH UHOODEVWUDNWHQ 5HJHOXQJ LP %HVRQGHUHQ DXFK DXV GHQ $QIRUGHUXQJHQ DQ GLH (LQVFKUlQNXQJ YRQ *UXQGUHFKWHQ JHPlVV $UW $EV %9 XQG GHU (05. YJO ]% $UW =LII (05. HUJLEW 'D PLW GHU 9LGHREHUZDFKXQJ ± VRIHUQ HV VLFK QLFKW XP UHLQH hEHUVLFKWVDXIQDKPHQ KDQGHOW ± DXFK HLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ HLQKHUJHKW HUJLEW VLFK GDV (UIRUGHUQLV HLQHU JHQHUHOODEVWUDNWHQ 1RUPLHUXQJ DXFK DXV GHP 'DWHQVFKXW]UHFKW 'DUDQ lQGHUW QLFKWV ZHQQ GLH hEHUZDFKXQJ GHP (LQ]HOQHQ ]% PLWWHOV +LQZHLV VFKLOGHUQ HUNHQQEDU JHPDFKW ZLUG XQG HU GLHVH LQ .DXI QLPPW =ZDU YHUPDJ HLQH (LQZLOOLJXQJ LQ HLQHQ *UXQGUHFKWVHLQJULII HLQH JHVHW]OLFKH *UXQGODJH X8 ± DEHU MHGHQIDOOV QXU LQ HQJHQ *UHQ]HQ ± ]X HUVHW]HQ %HWUHIIHQG GLH hEHUZDFKXQJ YRQ 9JO HWZD $UW $EV .96* $UW $EV .9=+ YJO IHUQHU GLH +LQZHLVH EHL +b)(/,1 0h//(58+/0$11 5] $UW $EV %9 JLOW DEHU VHOEVWYHUVWlQGOLFK DXFK IU GLH .DQ WRQH YJO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6&+:(,=(50h//(5 6$/$',1:$/'(5 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZH VHQ 8/5,&+ =,00(5/, =XP *HVHW]PlVVLJNHLWVSULQ]LS LP 9HUZDOWXQJVUHFKW UHFKW II 'D]X +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II II +b)(/,10h//(58+/0$11 5] 'D]X YRUQH 7HLO 9JO %*( , ( 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 'LHVHV (UIRUGHUQLV JLOW VHOEVWYHUVWlQGOLFK IU %XQG XQG .DQWRQH YJO QXU 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] XQG )U HLQH DXVGUFNOLFKH NDQWRQDOH 5HJHOXQJ YJO HWZD $UW &VW 1( $UW .96* 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II 9JO HWZD $UW '6* RGHU $UW $EV .'6*%( $XFK GLH 5HF IRUGHUW HLQH JH VHW]OLFKH *UXQGODJH IU GHQ (LQVDW] WHFKQLVFKHU hEHUZDFKXQJVJHUlWH YJO KLQWHQ )Q VD 58',167b03)/, 9JO +b1(5 (LQZLOOLJXQJ II $/(;$1'(5 58&+ ,QIRUPDOLVLHUXQJ XQG 'HUHJXOLHUXQJ LP 6FKZHL]HULVFKHQ 9HUIDVVXQJVUHFKW =%O II +b)(/,1+$//(5.(//(5 5] I 6&+()(5 %HHLQWUlFKWLJXQJ II VD $EV %VW F XQG $EV %VW F ,'$* 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ |IIHQWOLFKHQ 6WUDVVHQ XQG 3OlW]HQ DEHU DXFK HWZD YRQ 6SLWlOHUQ 6FKXODQODJHQ RGHU $EIDOOVDPPHOVWHOOHQ ZLUG HV UHJHOPlVVLJ XQG WURW] .HQQ]HLFKQXQJ GHU 9LGHR EHUZDFKXQJ DEHU VFKRQ GHVKDOE DQ HLQHU JOWLJHQ (LQZLOOLJXQJ PDQJHOQ GD GHU (LQ]HOQH DXI GLH %HQXW]XQJ VROFKHU 5lXPH DQJHZLHVHQ LVW =XGHP VHW]W HLQH JOWLJH (LQZLOOLJXQJ YRUDXV GDVV GHU %HWURIIHQH EHU GLH JHQDXHQ 8PVWlQGH GHU 'DWHQEH DUEHLWXQJ LP (LQ]HOQHQ LQIRUPLHUW ZLUG ZRIU HLQ DOOJHPHLQHU +LQZHLV DXI GLH 9L GHREHUZDFKXQJ QLFKW DXVUHLFKW 2KQHKLQ ZLUG HLQH (LQZLOOLJXQJ VlPWOLFKHU YRQ GHU hEHUZDFKXQJ %HWURIIHQHQ NDXP MH YRUOLHJHQ 'LHVH JHQHUHOODEVWUDNWH 5HJHOXQJ LVW ± LQVEHVRQGHUH QDFK 0DVVJDEH LKUHU :LFKWLJ NHLW E]Z LKUHU $XVZLUNXQJHQ DXI GLH 5HFKWVVWHOOXQJ GHV (LQ]HOQHQ ± DXI GHU ULFKWL JHQ 1RUPVWXIH ]X WUHIIHQ =XGHP KDW GLH 5HJHOXQJ KLQUHLFKHQG XQG DQJHPHVVHQ EH VWLPPW ]X VHLQ 'LHVHV %HVWLPPWKHLWVJHERW VROO GDV VWDDWOLFKH +DQGHOQ EHUHFKHQEDU XQG YRUKHUVHKEDU PDFKHQ XQG VRPLW 5HFKWVVLFKHUKHLW VFKDIIHQ *OHLFK]HLWLJ WUlJW HV ]X HLQHU UHFKWVJOHLFKHQ 1RUPDQZHQGXQJ EHL 'DUEHU KLQDXV KDW HV HQWVFKHL GHQGH $XVZLUNXQJHQ DXI GLH 9HUWHLOXQJ GHU 5HJHOXQJVODVW XQG GHU (QWVFKHLG]X VWlQGLJNHLWHQ ]ZLVFKHQ UHFKWVHW]HQGHQ UHFKWVDQZHQGHQGHQ XQG UHFKWVSUHFKHQGHQ %HK|UGHQ -H XQEHVWLPPWHU GLH 1RUP GHVWR JU|VVHU VLQG GLH (UPHVVHQVSLHOUlXPH GHU UHFKWVDQZHQGHQGHQ 2UJDQH 'LH 9HUZHQGXQJ YRQ XQEHVWLPPWHQ 5HFKWVEH JULIIHQ RGHU GLH (LQUlXPXQJ YRQ (UPHVVHQ VLQG VHOEVWYHUVWlQGOLFK NHLQHVZHJV XQ ]XOlVVLJ 'LHV NDQQ GXUFKDXV VLQQYROO RGHU JDU JHERWHQ ]X VHLQ 'LH JHQHUHOO DEVWUDNWH 5HJHOXQJ KDW GLH EHK|UGOLFKHQ (UPHVVHQVVSLHOUlXPH MHGRFK PLW KLQUHL $* 9RUDXVJHVHW]W LVW DEHU GDVV GLH (LQZLOOLJXQJ GLH GHPRNUDWLVFKHQ XQG UHFKWVVWDDWOLFKHQ )XQNWLRQHQ GHV /HJDOLWlWVSULQ]LSV ]X VXEVWLWXLHUHQ YHUPDJ YJO +b1(5 (LQZLOOLJXQJ II 'LHV VFKHLQW ]XPLQGHVW EHL VFKZHUHQ *UXQGUHFKWVHLQJULIIHQ DXVJHVFKORVVHQ 6&+()(5 %HHLQ WUlFKWLJXQJ 9JO YRUQH 7HLO ,9 & VD KLQWHQ 7HLO ,, % D LL 9JO GD]X %*( , ( %*( ,, ( %*( , ( 'HU %UJHU PXVV ÄLQ KLQUHLFKHQGHU :HLVH³ HUNHQQHQ N|QQHQ ÄZHOFKH UHFKWOLFKHQ 9RUVFKULIWHQ DXI HLQHQ JHJHEHQHQ )DOO DQZHQGEDU VLQG³ 'DEHL PXVV GDV *HVHW] ÄVR SUl]LVH IRUPXOLHUW VHLQ GDVV GHU %UJHU VHLQ 9HUKDOWHQ GDQDFK HLQULFKWHQ XQG GLH )ROJHQ HLQHV EHVWLPPWHQ 9HUKDOWHQV PLW HL QHP GHQ 8PVWlQGHQ HQWVSUHFKHQGHQ *UDG DQ *HZLVVKHLW HUNHQQHQ NDQQ³ YJO %*( ,D ( G IHUQHU %*( ,D ( H %*( , ( E %*( , ( E %*( , ( D (*05 8UWHLOH YRP $SULO L6 6XQGD\ 7LPHV JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII YRP 0lU] L6 6LOYHU XD JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII I YRP $XJXVW L6 0D ORQH JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII YRP -XQL L6 0HOWH[ /WG DQG 0HVURS 0RYVHV\DQ JHJHQ $UPHQLHQ 1U =LII %,$**,1, .RPP ]X $UW %9 5] XQG ]X $UW %9 5] 5,77(5 I II '8%6 II 0h//(5 * 5HFKWVVHW]XQJVOHKUH II 6&+:(,=(50h//(5 %*( , ( %*( , ( %*( , ( D %*( ,D ( H %*( ,D ( G (*05 8UWHLOH YRP $SULO L6 6XQGD\ 7LPHV JHJHQ 9HUHL QLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII YRP $XJXVW L6 +HUWHO JH JHQ 6FKZHL] 1U 5HSRUWV 9, =LII YRP 1RYHPEHU L6 *DOVW\DQ JHJHQ $UPHQLHQ 1U =LII )(8= I KLQWHQ )Q XQG =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ FKHQGHU %HVWLPPWKHLW ]X EHJUHQ]HQ XP HLQH DQJHPHVVHQH .RQWUROOH XQG +DQGKD EXQJ GHU 1RUP ]X HUP|JOLFKHQ XQG VLFKHU]XVWHOOHQ $XV GHP /HJDOLWlWVSULQ]LS LQVEHVRQGHUH GHP %HVWLPPWKHLWVJHERW IROJW GDVV GLH 9LGHREHUZDFKXQJ DOV SROL]HLOLFKH 0DVVQDKPH JHQHUHOODEVWUDNW DXVGUFNOLFK YRU JHVHKHQ VHLQ PXVV 'HU (LQVDW] YRQ 9LGHREHUZDFKXQJ GXUFK GHQ 6WDDW EHGDUI VR PLW HLQHU EHUHLFKVVSH]LILVFKHQ 5HJHOXQJ PLW HLQHU NODUHQ XQG KLQUHLFKHQG EHVWLPP WHQ JHVHW]OLFKHQ *UXQGODJH 'LHV JLOW VRZRKO IU GLH 9LGHRDXI]HLFKQXQJ DOV DXFK IU 9LGHREHREDFKWXQJVPDVVQDKPHQ (LQH 9LGHREHUZDFKXQJ OlVVW VLFK NHLQHVIDOOV DXI SROL]HLOLFKH $XIJDEHQ]XZHLVXQJVQRUPHQ RGHU DOOJHPHLQH 'DWHQHU KHEXQJVNODXVHOQ ZHOFKH HLQH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ ]XU (UIOOXQJ JHVHW] OLFK YRUJHVHKHQHU $XIJDEHQ HUODXEHQ VWW]HQ $XFK ZHQQ PDQ DQQHKPHQ ZROOWH GDVV GLH $XIJDEHQ]XZHLVXQJ LP 3ROL]HLUHFKW GLH IU HLQH 'DWHQEHDUEHLWXQJ %*( , ( D (*05 8UWHLOH YRP 0lU] L6 6LOYHU XD JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII YRP $XJXVW L6 0DORQH JHJHQ 9HU HLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII YRP 1RYHPEHU L6 *LOORZ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII YRP $SULO L6 .RUHWVN\\ XD JHJHQ 8NUDLQH 1U =LII YRP 0DL L6 $OLWKLD 3XEOL VKLQJ &RPSDQ\ /WG &RQVWDQWLQLGHV JHJHQ =\SHUQ 1U =LII 9JO IHUQHU *5$%(1:$57(50$5$8+1 LQ *527(0$5$8+1 .DS 5] %*HU &B ( )/h&.,*(5 II 6&+:(,=(5 &RQFOXVLRQV DQG 5HFRPPHQGD WLRQV I 6&+:(,=(5 3ULYDF\ VD 3ULQFLSOH 5HF ZRQDFK IU GLH 'DWHQHUKHEXQJ PLWWHOV WHFKQLVFKHU hEHUZDFKXQJVJHUlWH VSH]LILVFKH %HVWLPPXQJHQ YHUODQJW ZHUGHQ Ä7KH FROOHFWLRQ RI GDWD E\ WHFKQLFDO VXUYHLOODQFH RU RWKHU DXWRPDWHG PHDQV VKRXOG EH SURYLGHG IRU LQ VSHFLILF SURYLVLRQV´ +LQ]XZHLVHQ LVW DXFK DXI 3ULQFLSOH 5HF ZRQDFK HLQH SROL]HLOLFKH 'DWHQEHVFKDIIXQJ LP 9RUIHOG NRQNUHWHU *HIDKUHQ VSH]LHOOHU JHVHW] OLFKHU *UXQGODJHQ EHGDUI Ä7KH FROOHFWLRQ RI SHUVRQDO GDWD IRU SROLFH SXUSRVHV VKRXOG EH OL PLWHG WR VXFK DV LV QHFHVVDU\ IRU WKH SUHYHQWLRQ RI D UHDO GDQJHU RU WKH VXSSUHVVLRQ RI D VSHFL ILF FULPLQDO RIIHQFH $Q\ H[HSWLRQ WR WKLV SURYLVLRQ VKRXOG EH WKH VXEMHFW RI VSHFLILF QDWLRQDO OHJLVODWLRQ´ %*HU &B ( IHUQHU 0$7+,6 $(33/, 0h//(5:<660$11 %- *XWDFKWHQ YRP -XQL 93% 1U =LII XQG 5$1'+$+1 I %*HU &B ( IHUQHU 0$7+,6 $(33/, +g)/,1* %h//(6)(/' 9LGHR EHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 2&+6(1)(/'5(33 $$ DEHU %- *XWDFKWHQ YRP -XQL 93% 1U =LII 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ XQG 5$1'+$+1 I 9JO ]% $EV 3RO*=* Ä'LH 3ROL]HL NDQQ GLH ]XU (UIOOXQJ LKUHU $XIJDEHQ QRWZHQGL JHQ 'DWHQ EHVFKDIIHQ XQG EHDUEHLWHQ³ IHUQHU $UW $EV 3RO**/ $EV 3RO*$* $EV ,'*=+ $EV '6*/8 6LHKH '6.)/ (QWVFKHLGXQJ YRP $SULO '6. ( 0,77(/%(5*(5 9L GHREHUZDFKXQJ I 92/.0$11 5$1'+$+1 II 9JO DXFK %RWVFK '6* ZRQDFK VLFK HLQH 'DWHQEHDUEHLWXQJ QXU GDQQ PLW GHP %HVWHKHQ HLQHV HQJHQ VDFKOLFKHQ =X VDPPHQKDQJV ]X GHU HQWVSUHFKHQGHQ $XIJDEHQHUIOOXQJ UHFKWIHUWLJHQ OlVVW ZHQQ DXIJUXQG LKUHU ÄXQHQGOLFKHQ 9LHOIDOW³ QLFKW DOOH 'DWHQEHDUEHLWXQJVYRUJlQJH JHVHW]OLFK QRUPLHUW ZHUGHQ N|QQHQ $$ IU GLH 9LGHREHREDFKWXQJ DEHU 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ XQG )U HLQH JUXQGVlW]OLFKH =XOlVVLJNHLW SROL]HLOLFKHU %HREDFKWXQJ JHVWW]W DXI GLH SROL ]HLOLFKH $XIJDEHQ]XZHLVXQJ RGHU DOOJHPHLQH 'DWHQHUKHEXQJVNODXVHOQ DEHU 3)$1'(5 ]XPLQGHVW ZHQQ GDPLW NHLQ VFKZHUHU (LQJULII LQ *UXQGUHFKWH YHUEXQGHQ LVW XQG 5(,1+$5' GHU GLH SROL]HLOLFKH %HREDFKWXQJ ]XU HLQJULIIVORVHQ $XIJDEHQHUIOOXQJ ]lKOW 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ HUIRUGHUOLFKH JHVHW]OLFKH *UXQGODJH ELOGHQ NDQQ ODVVHQ VLFK GDUDXI MHGHQIDOOV NHLQH *UXQGUHFKWVHLQVFKUlQNXQJHQ VWW]HQ =XGHP EHGUIHQ JHUDGH ,QIRUPD WLRQVHLQJULIIH GLH LP 5DKPHQ GHU YRUEHXJHQGHQ %HNlPSIXQJ YRQ 6WUDIWDWHQ LP 9RUIHOG HLQHU NRQNUHWHQ *HIDKU RGHU HLQHV *HIDKUYHUGDFKWV YRUJHQRPPHQ ZHU GHQ VSH]LHOOHU JHVHW]OLFKHU *UXQGODJHQ $XFK DXI GLH SROL]HLOLFKHQ (UPlFKWL JXQJVJUXQGODJHQ ]XU 2EVHUYDWLRQ OlVVW VLFK HLQH 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH QLFKW VWW]HQ GHQQ ZlKUHQG (UVWHUH ]LHOJHULFKWHW XQG SODQPlV VLJ JHJHQEHU EHVWLPPWHQ 3HUVRQHQ RGHU 3HUVRQHQJUXSSHQ HUIROJW ]LHOW /HW]WHUH DXI HLQH DOOJHPHLQH .RQWUROOH GHV *HVFKHKHQV LP EHUZDFKWHQ %HUHLFK DE XP YRQ GHU %HJHKXQJ YRQ 6WUDIWDWHQ EHUKDXSW DE]XVFKUHFNHQ 'LH JHVHW]OLFKHQ *UXQG ODJHQ ]XP (LQVDW] WHFKQLVFKHU hEHUZDFKXQJVJHUlWH EHL |IIHQWOLFKHQ 9HUDQVWDOWXQ JHQ YJO ]% $UW 3RO*%( VWHOOHQ DXIJUXQG LKUHU VSH]LILVFKHQ $XVULFKWXQJ HEHQIDOOV NHLQH KLQUHLFKHQG EHVWLPPWHQ 1RUPHQ IU HLQH DOOJHPHLQH SUlYHQWLY SROL]HLOLFKH 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH GDU 'LH $QUX IXQJ GHU SROL]HLOLFKHQ *HQHUDONODXVHO ]XP (LQVDW] YRQ 9LGHREHUZDFKXQJ LP 6R 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ D$ 6$/$',1:$/'(5 XQG 9JO 0h//(5:<660$11 5(,1+$5' I QDFK GHVVHQ $XIIDVVXQJ GLH SROL]HLOLFKH %HREDFKWXQJ DOOHUGLQJV JUXQGVlW]OLFK NHLQHQ (LQJULII LQ *UXQGUHFKWH GDUVWHOOW VLHKH YRUQH )Q IU GDV GHXWVFKH 5HFKW YJO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H =X EHUFNVLFKWLJHQ LVW ]XGHP GDVV GLH 9LGHREHUZDFKXQJ QLFKW QXU GHU $E ZHKU NRQNUHWHU *HIDKUHQ GLHQW VRQGHUQ VFKRQ GDV (QWVWHKHQ HLQHU *HIDKU IU SROL]HLOLFKH 6FKXW]JWHU EHUKDXSW YHUKLQGHUQ ZLOO YRUQH 7HLO ,, * 7HLO ,, + VD 7HLO ,, , :LUG GHU 3ROL]HL DEHU QXU GLH $EZHKU NRQNUHWHU E]Z XQPLWWHOEDUHU *HIDKUHQ DXIJHWUDJHQ YJO HWZD $UW $EV %VW D E XQG F L9P $UW $EV 3RO*%( OlVVW VLFK GLH 9LGHREHUZDFKXQJ VFKRQ GHVKDOE QLFKW DXI GLH SROL]HLOLFKH $XIJDEHQ]XZHLVXQJVQRUP VWW]HQ YJO 0h//(5 :<660$11 II 58(**)/h&.,*(5129(0%(5./$86(5 I )/h&.,*(5$8(5 =X GLHVHP %HJULII YRUQH )Q 5(,1+$5' 621 %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I IHUQHU 3ULQFLSOHV XQG 5HF GD]X YRUQH )Q 9JO HWZD 3RO*%/ 3RO*$* 9JO YRUQH )Q 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 $XFK VWUDISUR]HVVXDOH (UPlFKWLJXQJVQRUPHQ EHWUHIIHQG GLH 2EVHUYDWLRQ RGHU GHQ (LQVDW] WHFKQLVFKHU hEHUZDFKXQJVJHUlWH ELHWHQ NHLQH JHQJHQGH JHVHW]OLFKH *UXQGODJH ]XU SUlYHQ WLYSROL]HLOLFKHQ hEHUZDFKXQJ 6WUDISUR]HVVXDOHV +DQGHOQ VHW]W UHJHOPlVVLJ GDV %HVWHKHQ YRQ $QKDOWVSXQNWHQ DXI EHUHLWV EHJDQJHQH 6WUDIWDWHQ YRUDXV 0h//(5:<660$11 I %RWVFK 6W32 $OOWlJOLFKHV 7UHLEHQ DXI |IIHQWOLFKHQ 6WUDVVHQ XQG 3OlW]HQ VWHOOW VHOEVWYHUVWlQGOLFK QRFK NHLQH 9HUVDPPOXQJ 9HUDQVWDOWXQJ RGHU .XQGJHEXQJ GDU YJO YRUQH 7HLO 9,, $ XQG IU GDV GHXWVFKH 5HFKW %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H $XFK NQSIW GLH SUlYHQWLYSROL]HLOLFKH 9LGHREHUZDFKXQJ QLFKW ]ZLQJHQG DQ HLQH NRQNUHWH *HIDKU RGHU GDV 9RUOLHJHQ YRQ $Q]HLFKHQ IU VWUDIEDUH +DQGOXQJHQ DQ ZLH GLHV GLH JHVHW]OLFKHQ *UXQGODJHQ ]XU hEHUZDFKXQJ YRQ 9HUDQVWDOWXQJHQ UHJHOPlVVLJ YRUVHKHQ YJO HWZD $EV 3RO*%6 $EV 3RO*$* $UW $EV 3RO*%( VD YRUQH 7HLO 9,, % XQG 7HLO ;,,, % *HVWW]W DXI GLH SROL]HLOLFKH *HQHUDONODXVHO N|QQHQ GLH %HK|UGHQ DXFK RKQH DXVGUFNOLFKH JHVHW]OLFKH *UXQGODJH GLHMHQLJHQ 0DVVQDKPHQ WUHIIHQ ZHOFKH EHL VFKZHUHQ 6W|UXQJHQ ]XU =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHQ 5DXP LVW JUXQGVlW]OLFK HEHQIDOOV DXVJHVFKORVVHQ GD GLH hEHUZDFKXQJ LKUH :LUNXQJHQ UHJHOPlVVLJ VFKRQ LP *HIDKUHQYRUIHOG HQWIDOWHQ VROO ZRPLW HV DEHU DP (UIRUGHUQLV HLQHU XQPLWWHOEDUHQ QLFKW YRUKHUVHKEDUHQ XQG QLFKW DQGHUV DEZHQGEDUHQ *HIDKU PDQJHOW 6FKOLHVVOLFK YHUPDJ DXFK GDV +DXVUHFKW HLQH JHVHW]OLFKH *UXQGODJH QLFKW ]X HUVHW]HQ ZHVKDOE GLH 9LGHREHUZDFKXQJ LQ QHUKDOE |IIHQWOLFKHU *HElXGH HEHQIDOOV HLQHU KLQUHLFKHQG EHVWLPPWHQ JHQHUHOO DEVWUDNWHQ 5HJHOXQJ EHGDUI %HL GHU )UDJH QDFK GHU JHQJHQGHQ %HVWLPPWKHLW XQG GHU ULFKWLJHQ 1RUPVWXIH HLQHU JHQHUHOODEVWUDNWHQ 5HJHOXQJ NRPPW HV PDVVJHEOLFK GDUDXI DQ RE HV VLFK GDEHL XP HLQHQ ZLFKWLJHQ 5HJHOXQJVEHUHLFK KDQGHOW -H ZLFKWLJHU GHU ]X UHJHOQGH 6DFKYHUKDOW LVW GHVWR K|KHUH $QIRUGHUXQJHQ VLQG DQ GLH 1RUPVWXIH XQG GLH 1RUPEHVWLPPWKHLW ]X VWHOOHQ 'LHV HUJLEW VLFK DXV GHP /HJDOLWlWVSULQ]LS XQG GHP GDPLW HQJ ]X VDPPHQKlQJHQGHQ *HZDOWHQWHLOXQJVSULQ]LS KDW VRPLW VRZRKO UHFKWVVWDDWOLFKH DOV DXFK GHPRNUDWLVFKH *UQGH 'DEHL NDQQ GDV :LFKWLJH QLFKW DOOJHPHLQ JOWLJ IHVWJHOHJW ZHUGHQ 'HU *HVHW]JHEHU YHUIJW EHL GHU %HVWLPPXQJ GHV Ä:LFKWL JHQ³ ]XGHP EHU HLQHQ JURVVHQ :HUWXQJVVSLHOUDXP :LHGHUKHUVWHOOXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ RGHU ]XU $EZHQGXQJ XQPLWWHOEDU GURKHQGHU VFKZHUZLHJHQGHU *HIlKUGXQJHQ HUIRUGHUOLFK VLQG YJO $UW $EV 6DW] %9 IHUQHU HWZD $UW $EV .96* +b)(/,1+$//(5.(//(5 5] =h1'(55$66 I 'DV SROL]HLOLFKH +DQGHOQ ILQGHW VHLQH 5HFKWVJUXQGODJH GDQQ XQPLWWHOEDU LQ GHU 9HUIDVVXQJ YJO %,$**,1, .RPP ]X $UW %9 5] $XFK QDFK GHU (*055HFKWVSUHFKXQJ NDQQ GLH SROL]HLOLFKH *HQHUDONODXVHO HLQH DXVGUFNOLFKH JHVHW]OLFKH *UXQGODJH HUVHW]HQ YJO (*05 8UWHLO YRP 2NWREHU L6 *VHOO JHJHQ 6FKZHL] 1U =LII II YJO GD]X 0$5.86 +) 02+/(5 'LH 3ROL]HLOLFKH *HQHUDONODXVHO ± YRP (*05 DQHUNDQQW XQG GHUHQ $QZHQGEDUNHLW EHJUHQ]W -XVOHWWHU YRP -DQXDU GD]X DXFK :(%(56200(5 +$/'(5 9,//,*(5 5] %*( , ( 'LH $QUXIXQJ GHU SROL]HLOLFKHQ *HQHUDONODXVHO LVW DXI ÄHFKWH XQG XQYRUKHUVHKEDUH VRZLH JUD YLHUHQGH 1RWIlOOH EHVFKUlQNW³ :HQQ ÄW\SLVFKH XQG HUNHQQEDUH *HIlKUGXQJVODJHQ WURW] .HQQWQLV GHU 3UREOHPDWLN QLFKW QRUPLHUW ZHUGHQ LVW GHUHQ $QUXIXQJ DXVJHVFKORVVHQ³ YJO %*( , ( 6&+:(,=(50h//(5 II =h1'(55$66 II *HUDGH SROL]HLOLFKH 'DWHQEHDUEHLWXQJHQ VLQG MHGRFK LQ GHU 5HJHO YRUKHUVHKEDU XQG ODVVHQ VLFK QLFKW DXI GLH SROL]HLOLFKH *HQHUDONODXVHO VWW]HQ YJO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 9JO %$80 5] */$6(5 YJO IU GDV GHXWVFKH 5HFKW DXFK %h//(6)(/' 9LGHR EHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I 5$1'+$+1 I 621 I VD 3ULQ FLSOHV XQG 5HF GD]X YRUQH )Q 9JO .25(1* 76&+$11(1 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO IU GHQ %XQG $UW $EV %9 IU GLH .DQWRQH HWZD $UW $EV .9=+ XQG $UW .96* (LQ 9HUERW DXFK ZHQLJHU :LFKWLJHV GXUFK *HVHW] ]X UHJHOQ H[LVWLHUW LP hEULJHQ QLFKW YJO HWZD 76&+$11(1 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 76&+$11(1 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] I XQG %*( , ( %*( , ( F %*( , ( %*( , ( %*( , ( F 76&+$11(1 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] )(8= II II %*( ,D ( 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 9RQ %HGHXWXQJ IU GLH %HVWLPPXQJ GHU :LFKWLJNHLW VLQG ]XQlFKVW GLH $XVZLUNXQ JHQ GHU 5HJHOXQJ DXI GLH 5HFKWVVWHOOXQJ GHV (LQ]HOQHQ XQG GDPLW LQVEHVRQGHUH GLH ,QWHQVLWlW GHV GDPLW YHUEXQGHQHQ *UXQGUHFKWVHLQJULIIV -H VWlUNHU GLH $XVZLU NXQJHQ HLQHU 1RUP DXI GLH 5HFKWVVWHOOXQJ GHV (LQ]HOQHQ VLQG GHVWR K|KHUH $QIRU GHUXQJHQ VLQG DQ GLH 1RUPVWXIH DEHU DXFK DQ GHUHQ %HVWLPPWKHLW ]X VWHOOHQ 6FKZHUZLHJHQGH *UXQGUHFKWVHLQVFKUlQNXQJHQ PVVHQ ÄLP *HVHW] VHOEVW YRUJHVH KHQ VHLQ³ $UW $EV 6DW] %9 9HUODQJW ZLUG HLQ *HVHW] LP IRUPHOOHQ 6LQQ DOVR HLQ LP EHVRQGHUHQ 9HUIDKUHQ GHU *HVHW]JHEXQJ ]XVWDQGH JHNRPPHQHU (UODVV 'DV *HVHW] VHOEVW KDW GDEHL DXFK GLH LQ GHU 5HFKWVDQZHQGXQJ ]X WUHIIHQ GHQ *WHUDEZlJXQJHQ VRZHLW P|JOLFK YRU]XQHKPHQ E]Z YRU]XVWUXNWXULHUHQ 2E GLH 9LGHREHUZDFKXQJ HLQHQ VFKZHUHQ *UXQGUHFKWVHLQJULII GDUVWHOOW OlVVW VLFK QLFKW ORVJHO|VW YRQ GHQ NRQNUHWHQ 8PVWlQGHQ EHDQWZRUWHQ 'HU 8PVWDQG GDVV GHU (LQ]HOQH *HJHQVWDQG HLQHU VWDDWOLFKHQ %HREDFKWXQJ RGHU $XI]HLFKQXQJ ZLUG RKQH GDVV HU GDIU HLQHQ EHVWLPPWHQ $QODVV JHJHEHQ KDW KHEW GHQ (LQJULII ]ZDU IU VLFK DOOHLQH JHQRPPHQ VFKRQ YRQ HLQHU EORVV OHLFKWHQ *UXQGUHFKWVEHHLQWUlFKWLJXQJ DE (LQH |UWOLFK EHJUHQ]WH hEHUZDFKXQJ HLQHU 'XUFKJDQJV RGHU 6HLWHQVWUDVVH RKQH (FKW]HLWEHREDFKWXQJ EHL ZHOFKHU GDV $XI]HLFKQXQJVPDWHULDO QXU EHL 9HUGDFKW DXI HLQH 6WUDIWDW JHVLFKWHW XQG QLFKW OlQJHU DOV 7DJH DXIEHZDKUW ZHUGHQ GDUI VRZLH KLQUHLFKHQG JHJHQ HLQH PLVVEUlXFKOLFKH 9HUZHQGXQJ JHVFKW]W LVW VWHOOW QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ MHGRFK QRFK NHLQHQ VFKZHUHQ *UXQGUHFKWVHLQJULII GDU %*( , ( F %*( , ( 76&+$11(1 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO +b)(/,10h//(58+/0$11 5] I 5,77(5 I $8(50$/,19(51, +277(/,(5 'URLW FRQVWLWXWLRQQHO , 5] (V OlVVW VLFK DXV GLHVHU )HVWVWHOOXQJ MHGRFK NHL QHVZHJV GHU 8PNHKUVFKOXVV ]LHKHQ EHL JHULQJIJLJHQ (LQJULIIHQ N|QQH VLFK GHU *HVHW]JHEHU PLW XQEHVWLPPWHQ 5HFKWVQRUPHQ EHJQJHQ :R HLQH EHVWLPPWH 5HJHOXQJ P|JOLFK LVW GDUI GHU *HVHW]JHEHU GDUDXI QLFKW YHU]LFKWHQ YJO HWZD '8%6 I 5,77(5 $XFK IU GLH ± VRZHLW EHUKDXSW ]XOlVVLJHQ ± %HVFKUlQNXQJHQ YRQ *DUDQWLHQ GHU (05. LVW HUIRUGHUOLFK GDVV GLHVH ÄJHVHW]OLFK YRUJHVHKHQ³ VLQG YJO $EV YRQ $UW (05. 'D PLW ZHUGHQ MHGRFK QRFK NHLQH $QIRUGHUXQJHQ DQ GLH 1RUPVWXIH JHVWHOOW $XFK HLQH ± DXI HLQ SDUODPHQWDULVFK YHUDEVFKLHGHWHV *HVHW] UFNIKUEDUH *5$%(1:$57(50$5$8+1 LQ *527(0$5$8+1 .DS 5] )52:(,13(8.(57 9RUEHP ]X $UW (05. 5] ± 9HURUGQXQJ QLFKW DEHU HLQH UHLQ YHUZDOWXQJVLQWHUQH 9RUVFKULIW YHUPDJ GDV .ULWHULXP GHU JHVHW]OLFKHQ *UXQGODJH ]X HUIOOHQ *5$%(1:$57(5 5] *5$%(1:$57(5 0$5$8+1 LQ *527(0$5$8+1 .DS 5] $OOHUGLQJV VLQG EHL VFKZHUHQ *UXQG UHFKWVHLQJULIIHQ GLH $QIRUGHUXQJHQ DQ GLH =XJlQJOLFKNHLW XQG 9RUKHUVHKEDUNHLW GHU 1RUP HU K|KW YJO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQQHO ,, 5] $XI .DQWRQVHEHQH NDQQ DXFK HLQH ± NRPSHWHQ]JHPlVV HUODVVHQH ± 3DUODPHQWVYHURUGQXQJ GLH $QIRUGHUXQJHQ DQ GDV IRUPHOOH *HVHW] HUIOOHQ 'DVV GHU (UODVV GHP REOLJDWRULVFKHQ RGHU IDNXOWDWLYHQ 5HIHUHQGXP XQWHUVWHKW LVW VRPLW QLFKW YRUDXVJHVHW]W %*( , ( %*( , ( PZ+ %*( , ( PZ+ %,$**,1, .RPP ]X $UW %9 5] D$ 6&+()(5 %HHLQ WUlFKWLJXQJ I 9JO 5(,1+$5' %HODVWHQGH LQ ,QGLYLGXDOUHFKWH HLQJUHLIHQGH 1RUPHQ GUIHQ QLFKW XQQ|WLJ ZHVHQWOLFKH :HUWXQJHQ GHU *HVHW]HVDQZHQGXQJ EHUODVVHQ VLHKH %*( ,D ( G %*( ,D ( D %*( , ( VD KLQWHQ 7HLO ,, % XQG )Q =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ $QGHUV LVW GLHV MHGRFK ZHQQ GHU EHUZDFKWH 5DXP UHJHOPlVVLJ DXFK IU GLH 3HU V|QOLFKNHLWVHQWIDOWXQJ JHQXW]W ZLUG ZDV LQVEHVRQGHUH EHL ]HQWUDOHQ |IIHQWOLFKHQ 3OlW]HQ GHU )DOO LVW 6RIHUQ GLH 9LGHREHUZDFKXQJ DXFK LQ VROFKHQ 5lXPHQ HU IROJHQ VROO ZDV ZRKO UHJHOPlVVLJ GHU )DOO VHLQ GUIWH EHGDUI VLH VFKRQ DXV GLHVHP *UXQG HLQHU IRUPHOOJHVHW]OLFKHQ *UXQGODJH )U GLH :LFKWLJNHLW HLQHU 5HJHOXQJ VSULFKW DEHU DXFK ZHQQ GXUFK VLH GLH %HDUEHLWXQJ EHVRQGHUV VFKW]HQVZHUWHU 3HU VRQHQGDWHQ RGHU YRQ 3HUV|QOLFKNHLWVSURILOHQ HUP|JOLFKW ZHUGHQ VROO *HUDGH DXV GHU %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ RGHU 3HUV|QOLFK NHLWVSURILOHQ HUZDFKVHQ GHU 3HUV|QOLFKNHLW EHVRQGHUH *HIDKUHQ ,Q GHU 'DWHQ VFKXW]JHVHW]JHEXQJ GHV %XQGHV XQG LQ GHU NDQWRQDOHQ 'DWHQVFKXW]JHVHW]JH EXQJ ZLUG GHVKDOE JUXQGVlW]OLFK HLQH IRUPHOOJHVHW]OLFKH *UXQGODJH IU GLH ,P (LQ]HOQHQ YRUQH 7HLO ,9 ' 9JO -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] :$/7(5 'URLW SXEOLF PDWpULHO 9JO IU GHQ %XQG $UW $EV '6* 'DV GRUW QRUPLHUWH (UIRUGHUQLV HLQHU IRUPHOO JHVHW]OLFKHQ *UXQGODJH JLOW XQDEKlQJLJ GDYRQ RE PLW GHU 'DWHQEHDUEHLWXQJ HLQ VFKZHUHU *UXQGUHFKWVHLQJULII EHZLUNW ZLUG RGHU QLFKW YJO 58(**)/h&.,*(5129(0%(5./$86(5 ,Q GHU %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ RGHU 3HUV|QOLFKNHLWV SURILOHQ GUIWH DEHU JUXQGVlW]OLFK ZHQQ DXFK QLFKW DXVQDKPVORV YJO 58(**)/h&.,*(5 129(0%(5./$86(5 6&+:(,=(50h//(5 YRUQH 7HLO ,9 $ HLQ VFKZHUHU *UXQGUHFKWVHLQJULII ]X HUEOLFNHQ VHLQ YJO ('6% *XWDFKWHQ YRP $XJXVW $SULO 93% 1U =LII ,, XQG 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ =ZDU EHVWHKHQ $XVQDKPHQ YRP (UIRUGHUQLV HLQHU IRUPHOOJHVHW]OLFKHQ *UXQGODJH $UW $EV %VW DF '6* )U GLHVH RKQHKLQ UHVWULNWLY ]X KDQGKDEHQGHQ $XVQDKPHWDWEHVWlQGH YJO 3(7(5 LVW DEHU VFKRQ QDFK GHU JHVHW]OLFKHQ .RQ]HSWLRQ YRQ $UW '6* LP %HUHLFK GHU 9LGHREHUZDFKXQJ NHLQ 3ODW] 5HJHOPlVVLJHQ XQG QDFK 8PIDQJ QLFKW EHVFKUlQNWHQ 'D WHQEHDUEHLWXQJHQ JHKW GHU IU GLH $QZHQGXQJ GHU $XVQDKPHWDWEHVWlQGH HUIRUGHUOLFKH (LQ]HO IDOOFKDUDNWHU DE YJO :$/7(5 'URLW SXEOLF PDWpULHO -g+5,678'(5 LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] II XQG ]X $UW '6* 5] 'HVKDOE LVW DXFK GLH )UDJH RE GLH EHUZDFKWH 3HUVRQ LQ GLH VWDDWOLFKH 'DWHQEHDUEHLWXQJ HLQJHZLOOLJW KDW YJO GD]X YRUQH 7HLO ,9 & XQG KLQWHQ 7HLO ,, % D RGHU DOOHQIDOOV LK UH 'DWHQ DOOJHPHLQ ]XJlQJOLFK JHPDFKW YJO KLQWHQ 7HLO ,, % D XQG HLQH %HDUEHLWXQJ QLFKW DXVGUFNOLFK XQWHUVDJW KDW YJO $UW $EV %VW F '6* YRQ XQWHUJHRUGQHWHU %HGHX WXQJ 1DFK GHP ('6h ZHOFKHV DXFK IU GLH %HDUEHLWXQJ VHQVLWLYHU 'DWHQ NHLQ IRUPHOOHV *HVHW] YHUODQJW ([SODQDWRU\ 5HSRUW ('6h =LII VD =LII :$/7(5 &RQYHQWLRQ %RWVFK %HLWULWW ('6h LVW GDV IRUPHOOH *HVHW] LPPHUKLQ HLQH 0|JOLFKNHLW XP GHQ YRQ $UW ('6h JHIRUGHUWHQ TXDOLIL]LHUWHQ 6FKXW] ]X JHZlKUOHLVWHQ YJO 58',1 'DWHQ VFKXW]JHVHW]H I 9JO ]% $UW $EV %VW D '6*6* $OOHUGLQJV VHW]W DXFK GLH NDQWRQDOH 'DWHQVFKXW]JH VHW]JHEXQJ IU GLH %HDUEHLWXQJ EHVRQGHUV VFKW]HQVZHUWHU 3HUVRQHQGDWHQ RGHU YRQ 3HUV|Q OLFKNHLWVSURILOHQ QLFKW LQ MHGHP )DOO HLQH IRUPHOOJHVHW]OLFKH *UXQGODJH YRUDXV 'LHV LQVEH VRQGHUH GDQQ ZHQQ HLQH DXVGUFNOLFKH (LQZLOOLJXQJ YRUOLHJW GLH %HDUEHLWXQJ ]XU (UIOOXQJ HLQHU IRUPHOOJHVHW]OLFK YRUJHVHKHQHQ $XIJDEH XQEHGLQJW QRWZHQGLJ LVW RGHU ZHQQ GLH 'D WHQ DOOJHPHLQ ]XJlQJOLFK JHPDFKW ZXUGHQ YJO ]% GLH 5HJHOXQJHQ YRQ $EV ,QIR'* 62 $UW $EV '6**/ $UW $EV '6*6* $EV '6*/8 $EV ,'* %6 $UW $EV N'6*1: $UW '6*6+ $EV ,'$*$* 2E HV VLFK GDEHL XP $XV QDKPHQ YRP (UIRUGHUQLV HLQHU IRUPHOOJHVHW]OLFKHQ *UXQGODJH KDQGHOW NRPPW QLFKW LPPHU GHXWOLFK ]XP $XVGUXFN +LQZHLVH DXI GHQ $XVQDKPHFKDUDNWHU ILQGHQ VLFK DEHU HWZD LQ $UW $EV N'6*1: XQG LQ $UW $EV *,'$96 VD $EV %VW E ,'$*$* 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ YHUODQJW 'D QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ DXFK PLW GHU 9LGHREHUZDFKXQJ EHVRQGHUV VFKW ]HQVZHUWH 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ N|QQHQ VSULFKW GLHV HEHQIDOOV IU GDV (UIRUGHUQLV HLQHU IRUPHOOJHVHW]OLFKHQ *UXQGODJH 9RQ JUXQGVlW]OLFKHU %HGHXWXQJ XP EHU GLH :LFKWLJNHLW HLQHU 5HJHOXQJ XQG GDPLW GHUHQ 1RUPVWXIH XQG 1RUPEHVWLPPWKHLW ]X HQWVFKHLGHQ LVW DEHU QLFKW QXU GLH ,Q WHQVLWlW HLQHU *UXQGUHFKWVEHHLQWUl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lWLJZHUGHQ LP *HIDKUHQ XQG 9HUGDFKWVYRUIHOG 0DVVQDKPHQ ZHOFKH VLFK QLFKW QXU JHJHQ 6W|UHU RGHU 7DWYHU GlFKWLJWH ULFKWHQ VLQG LQ HLQHP IRUPHOOHQ *HVHW] ]X UHJHOQ XQG ]ZDU PLW KRKHP 'HWDLOOLHUXQJVJUDG XP EHUPlVVLJH XQG ZLOONUOLFKH (LQJULIIH GXUFK GLH ([HNXWLYH ]X YHUKLQGHUQ RGHU ]XPLQGHVW ]X EHJUHQ]HQ 'D]X NRPPW GDVV GDV 9HUKlOWQLV PlVVLJNHLWVSULQ]LS EHL 0DVVQDKPHQ LP *HIDKUHQ RGHU 9HUGDFKWVYRUIHOG QXU HLQJH VFKUlQNW WDXJOLFK LVW XP *UXQGUHFKWVHLQJULIIH ZLUNXQJVYROO ]X EHJUHQ]HQ %HL $EV %VW G ,QIR'*62 XQG $EV %VW G '6*/8 0LW %OLFN DXI GDV /HJDOLWlWVSULQ]LS LVW DEHU ]X IRUGHUQ GDVV GLH %HDUEHLWXQJ YRQ EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWHQ RGHU YRQ 3HUV|QOLFKNHLWVSURILOHQ JUXQGVlW]OLFK LQ HLQHP IRUPHOOJHVHW]OLFKHQ *HVHW] ]X UHJHOQ LVW ]XPLQGHVW ZHQQ HLQH UHJHOPlVVLJH %HDUEHLWXQJ LQ )UDJH VWHKW YJO DXFK 0h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b)(/,10h//(58+/0$11 5] %*( , ( 'DV EHGHXWHW VHOEVWYHUVWlQGOLFK QLFKW GDVV HLQH 5HJHOXQJ YRQ GHU QXU ZHQLJH 3HUVRQHQ EHWURIIHQ VLQG RKQH ZHLWHUHV DOV XQZLFKWLJ HLQ]XVWXIHQ ZlUH 9JO /(1', 6WDDWVOHLWXQJ 5] .2//(56&+,1'/(5 9JO 5(,1+$5' I 9JO 5$1'+$+1 II /8&,(1 0h//(51,1$ :,'0(55$,1(5 - 6&+:(,=(5 %:,6,, 5HIRUP .ULWLVFKH %HPHUNXQJHQ GLJPD II %,$**,1, $ENOlUXQJ 9RUODJH %:,6 II =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ GHU ]XQHKPHQGHQ 9RUYHUODJHUXQJ YRQ VLFKHUKHLWVSROL]HLOLFKHQ (LQJULIIVEHIXJQLV VHQ ZLH GLHV DXFK PLW GHU 9LGHREHUZDFKXQJ HLQKHUJHKW KDQGHOW HV VLFK ]XGHP XP HLQHQ HLJHQWOLFKHQ 3DUDGLJPHQZHFKVHO $QJHVLFKWV GHU 6FKZLHULJNHLW GHQ 6WDDW DXFK GXUFK UHJHONRQIRUPHV 9HUKDOWHQ DXI 'LVWDQ] ]X KDOWHQ KDQGHOW HV VLFK EHL GHU (LQUlXPXQJ YRQ %HIXJQLVVHQ ]XU YRUEHXJHQGHQ %HNlPSIXQJ YRQ 6WUDIWDWHQ XP HL QHQ ZLFKWLJHQ ZHLWUHLFKHQGHQ XQG DXFK SROLWLVFK QHXHQ (QWVFKHLG 8QDEKlQJLJ GDYRQ RE GLH 9LGHREHUZDFKXQJ QXQ DOV OHLFKWHU RGHU VFKZHUHU (LQJULII EH]HLFKQHW XQG HLQH %HDUEHLWXQJ EHVRQGHUV VFKW]HQVZHUWHU 3HUVRQHQGDWHQ EHMDKW RGHU YHU QHLQW ZLUG VSULFKW VFKRQ GLHVHU 8PVWDQG DOOHLQH IU HLQH EHVWLPPWH 5HJHOXQJ DXI IRUPHOOJHVHW]OLFKHU 6WXIH =X EHUFNVLFKWLJHQ LVW GDEHL DXFK GDVV VFKRQ GDV EORVVH %HVWHKHQ HLQHU hEHUZD FKXQJ DXI GLH $XVEXQJ YRQ *UXQGUHFKWHQ QDPHQWOLFK GHU .RPPXQLNDWLRQVUHFK WH HLQH DEVFKUHFNHQGH :LUNXQJ HQWIDOWHQ NDQQ -H RIIHQHU DEHU ]XU 'DWHQEH DUEHLWXQJ HUPlFKWLJHQGH 5HJHOXQJHQ JHKDOWHQ VLQG GHVWR VFKZLHULJHU ZLUG HV IU GHQ (LQ]HOQHQ GLH .RQVHTXHQ]HQ VHLQHV |IIHQWOLFKHQ 9HUKDOWHQV DE]XVFKlW]HQ 'HU *HIDKU VROFKHU (LQVFKFKWHUXQJVHIIHNWH RGHU Ä&KLOOLQJ (IIHFWV³ LVW GXUFK HLQH P|JOLFKVW KRKH 1RUPGLFKWH 5HFKQXQJ ]X WUDJHQ GDPLW GHU (LQ]HOQH EHXUWHLOHQ NDQQ ZR XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ XQG ]X ZHOFKHQ =ZHFNHQ YRQ LKP LQ GHU gIIHQWOLFKNHLW JH]HLJWH 9HUKDOWHQVZHLVHQ XQG 0HLQXQJVl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g+5,678'(5 LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 9JO ]XP %HJULII GHU .RPPXQLNDWLRQVJUXQGUHFKWH YRUQH )Q 9JO YRUQH 7HLO 9,, % 'D]X YRUQH 7HLO 9 & XQG 7HLO 9,, % VD 7HLO ,; % 9JO 0h//(56&+()(5 I %,$**,1, $ENOlUXQJ 9RUODJH %:,6 6R DXFK HWZD .g1,* 5 0h//(56&+()(5 -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %$(5,6:</ 9LGHREHUZDFKXQJ 0h//(5:<660$11 )Q 02+/(5 =XWULWWVNRQWUROOHQ %HU 9LGHREHUZDFKXQJ I VD %*HU %B ( DXVGUFNOLFK HWZD $UW $EV /3U'9' XQG $UW $EV %VW D *,'$96 $$ %,$**, ZHOFKH IU GLH ÄGLVVXDVLYH³ ]X GLHVHP %HJULII YRUQH 7HLO ,, ( QLFKW DXI ]HLFKQHQGH hEHUZDFKXQJ HLQH 9HURUGQXQJ DOV DXVUHLFKHQG HUDFKWHW GD GLHVH HLQHQ ÄZHQLJHU VFKZHUZLHJHQGHQ (LQJULII LQ GLH *UXQGUHFKWH GDUVWHOOW³ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 9LHOPHKU YDULLHUHQ GLH $QIRUGHUXQJHQ DQ GLH 1RUPEHVWLPPWKHLW MH QDFK )XQNWLRQ GHV 5HFKWVJHELHWV XQG GHQ JHVHW]JHEXQJVWHFKQLVFKHQ (LJHQVFKDIWHQ GHU EHWUHIIHQ GHQ ± EHVRQGHUHQ ±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lWVSULQ]LS XQG GHP *HZDOWHQWHLOXQJVSULQ]LS *HQJH JHWDQ ZLUG $OOJHPHLQ OlVVW VLFK EH]JOLFK 'DWHQEHDUEHLWXQJHQ IHVWKDOWHQ GDVV GLH JHVHW]OLFKH *UXQGODJH ]XPLQGHVW GHQ %HDUEHLWXQJV]ZHFN XQG GHQ 8PIDQJ GHU 'DWHQEHDUEHL WXQJ LQ JUREHQ =JHQ ]X XPVFKUHLEHQ XQG GLH ]XOlVVLJHUZHLVH DQ GHU 'DWHQEHDUEHL WXQJ %HWHLOLJWHQ 'DWHQEHDUEHLWHU 'DWHQHPSIlQJHU IHVW]XKDOWHQ KDW 6LQG GLH 'DWHQ VHQVLWLY E]Z GURKHQ QLFKW EORVV OHLFKWH *UXQGUHFKWVHLQJULIIH VLQG GHU 8P IDQJ GHU %HDUEHLWXQJ XQG GLH ]XU 'DWHQEHDUEHLWXQJ EHIXJWHQ 6WHOOHQ PLW ]XVlW]OL FKHU %HVWLPPWKHLW ]X UHJHOQ $XFK VLQG GLH YHUZHQGHWHQ 0LWWHO GHU .UHLV GHU EH WURIIHQHQ 3HUVRQHQ GLH ,QIRUPDWLRQVZHLWHUJDEH GLH *UHQ]HQ XQG .RQWUROOHQ GHU 'DWHQEHDUEHLWXQJ VRZLH 6FKXW]YRUNHKUXQJHQ ]XJXQVWHQ GHU EHWURIIHQHQ 3HUVRQHQ ]X QRUPLHUHQ 'LH SUl]LVH 5HJHOXQJ YRQ 6FKXW] XQG .RQWUROOPHFKDQLVPHQ LQ 9JO HWZD %*( , ( %*( ,, ( %*( ,D ( G (*05 8U WHLO YRP $SULO L6 .RUHWVN\\ XD JHJHQ 8NUDLQH 1U =LII Ä7KH OHYHO RI SUHFLVLRQ UHTXLUHG RI GRPHVWLF OHJLVODWLRQ ± ZKLFK FDQQRW LQ DQ\ FDVH SURYLGH IRU HYHU\ HYHQ WXDOLW\ ± GHSHQGV WR D FRQVLGHUDEOH GHJUHH RQ WKH FRQWHQW RI WKH LQVWUXPHQW LQ TXHVWLRQ WKH ILHOG LW LV GHVLJQHG WR FRYHU DQG WKH QXPEHU DQG VWDWXV RI WKRVH WR ZKRP LW LV DGGUHVVHG´ 0h//(5 * 5HFKWVVHW]XQJVOHKUH II $8(50$/,19(51,+277(/,(5 'URLW FRQVWLWXWLRQ QHO , 5] 76&+$11(1=,00(5/,0h//(5 5] ('6% 7% -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %RWVFK '6* 2%(5+2/=(5 I 9JO 2%(5+2/=(5 I -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* (66(5 II ('6% *XWDFKWHQ YRP $XJXVW $SULO 93% 1U =LII ,, XQG VRZLH =LII ,,, ('6% 7% 9RUNRPPQLVVH LP (-3' (UJlQ]XQJVEHULFKW GHU 3DUODPHQWDULVFKHQ 8QWHUVXFKXQJVNRP PLVVLRQ 38. YRP 0DL %%O ,, 6&+:(*/(5 'DWHQVFKXW] LP 3R OL]HLZHVHQ 'DV *HVHW] VHOEVW KDW GDV (UPHVVHQ GHU %HK|UGHQ KLQUHLFKHQG ]X EHJUHQ]HQ XQG 6FKXW]PDVVQDKPHQ LQVEHVRQGHUH 5HFKWVVFKXW] JHJHQ ZLOONUOLFKH (LQJULIIH YRU]XVHKHQ YJO (*05 8UWHLOH YRP $XJXVW L6 0DORQH JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII YRP 6HSWHPEHU L6 +HUF]HJIDOY\ JHJHQ gVWHU UHLFK 1U =LII 'DV %HVWHKHQ DXVUHLFKHQGHU 6FKXW]YRUNHKUXQJHQ XQG .RQWUROO PHFKDQLVPHQ EHHLQIOXVVW ]XGHP GLH 9HUKlOWQLVPlVVLJNHLWVSUIXQJ VLHKH *5$%(1:$57(5 =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ GHU JHVHW]OLFKHQ *UXQGODJH LVW JHUDGH GDQQ XQHUOlVVOLFK ZHQQ HV VLFK XP SROL]HLOL FKH 0DVVQDKPHQ LP *HIDKUHQ RGHU 9HUGDFKWVYRUIHOG KDQGHOW (LQH 1RWZHQGLJ NHLW YRQ GLHVHQ *UXQGVlW]HQ IU GHQ %HUHLFK GHU 9LGHREHUZDFKXQJ DE]XZHLFKHQ XQG HLQH RIIHQHUH 1RUPLHUXQJ ]X ZlKOHQ LVW QLFKW HUVLFKWOLFK :HGHU EHVWHKW HLQ EHVRQGHUHV %HGUIQLV QDFK (LQ]HOIDOOJHUHFKWLJNHLW QRFK VLQG GLH ]X UHJHOQGHQ 9HUKlOWQLVVH YLHOJHVWDOWLJ EHVFKUlQNW YRUKHUVHKEDU RGHU VFKQHOOHQ (QWZLFNOXQJHQ XQWHUZRUIHQ RGHU GLH ]X WUHIIHQGHQ (QWVFKHLGXQJHQ NRPSOH[ (V KDQGHOW VLFK XP HLQHQ JDQ] EHVWLPPWHQ 9RUJDQJ HLQHU 'DWHQEHDUEHLWXQJ XQG XP GLH HLQHU JUXQG VlW]OLFKHQ XQG DEVFKOLHVVHQGHQ 5HJHOXQJ ]XJlQJOLFKH )UDJH RE XQG XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ HLQH 9LGHREHUZDFKXQJ ]XOlVVLJ LVW $XI GHU *UXQGODJH GLHVHU DOOJHPHLQHQ %HPHUNXQJHQ VRZLH GHU $QIRUGHUXQJHQ GHV /HJDOLWlWVSULQ]LSV EHUKDXSW LVW ± XQWHU %HUFNVLFKWLJXQJ GHU YLHOIlOWLJHQ XQG XQWHU VFKLHGOLFKHQ EHVWHKHQGHQ JHVHW]OLFKHQ *UXQGODJHQ ]XU 9LGHREHUZDFKXQJ LQ %XQG .DQWRQHQ XQG *HPHLQGHQ ± LP 1DFKIROJHQGHQ GDU]XOHJHQ ZHOFKH 9RUDXVVHW]XQ JHQ HLQH DXVUHLFKHQGH 1RUPLHUXQJ GHU 9LGHREHUZDFKXQJ XQG GHU VLFK LKU DQ VFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ ]X HUIOOHQ KDW 'DV (UJHEQLV GLHVHU 3UIXQJ OlVVW VLFK YRUZHJQHKPHQ XQG GDKLQJHKHQG ]XVDPPHQ IDVVHQ GDVV ± JUXQGVlW]OLFK LQ HLQHP *HVHW] LP IRUPHOOHQ 6LQQ ± ]X UHJHOQ LVW DQ ZHOFKHQ 2UWHQ XQG XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ HLQH 9LGHREHUZDFKXQJ HU IROJHQ GDUI 'DEHL KDW GHU *HVHW]JHEHU QDPHQWOLFK GLH IU GHQ (QWVFKHLG EHU GHQ (LQVDW] YRQ 9LGHREHUZDFKXQJ QRWZHQGLJH ,QWHUHVVHQDEZlJXQJ YRU]XVWUXNWXULH UHQ 1XU VR ZLUG GHU (LQVDW] GHU 9LGHREHUZDFKXQJ YRUKHUVHKEDU XQG EHUHFKHQEDU XQG GDV EHK|UGOLFKH (UPHVVHQ KLQUHLFKHQG EHJUHQ]W 'LH IRUPHOOJHVHW]OLFKH *UXQGODJH KDW VRGDQQ GHQ =ZHFN GHU hEHUZDFKXQJ HLQGHXWLJ IHVW]XOHJHQ $XFK LVW ]X QRUPLHUHQ ZHU XQWHU ZHOFKHU 9HUDQWZRUWOLFKNHLW XQG $XIVLFKW GLH 9LGHR EHUZDFKXQJ HLQVHW]HQ GDUI =X UHJHOQ VLQG DXFK GLH WHFKQLVFKHQ 0LWWHO XQG GLH 5] %*( , ( %9HUI* %Y5 $EV1U VD YRUQH 7HLO ,9 ' XQG KLQWHQ 7HLO ,9 % E L XQG 7HLO 9 $ 5(,1+$5' 5$1'+$+1 9JO LP (LQ]HOQHQ KLQWHQ 7HLO ,, % *UXQGVlW]OLFK VSULFKW HLQ %HGUIQLV QDFK (LQ]HOIDOOJHUHFKWLJNHLW IU GLH 9HUZHQGXQJ RIIHQHU 1RUPHQ E]Z GLH (LQUlXPXQJ YRQ (UPHVVHQ YJO 5,77(5 76&+$11(1=,00(5/, 0h//(5 5] 'LH 9LHOJHVWDOWLJNHLW .RPSOH[LWlW XQG EHVFKUlQNWH 9RUKHUVHKEDUNHLW GHU ]X UHJHOQGHQ 9HU KlOWQLVVH NDQQ HLQH RIIHQH 1RUPLHUXQJ DOV VDFKJHUHFKW XQG JHERWHQ HUVFKHLQHQ ODVVHQ YJO %*( ,, ( %*( , ( 5(,1+$5' I '8%6 5,77(5 9JO %*HU %B ( +LQWHQ 7HLO ,, % +LQWHQ 7HLO ,, % +LQWHQ 7HLO ,, % +LQWHQ 7HLO ,, % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ (LQVDW]IRUPHQ GHU hEHUZDFKXQJ 6HOEVWYHUVWlQGOLFK VLQG DXFK GLH VLFK GHU 'D WHQEHVFKDIIXQJ DQVFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH IRUPHOOJHVHW]OLFK ]X QRU PLHUHQ QDPHQWOLFK ZDV GLH $XVZHUWXQJ %HNDQQWJDEH XQG $XIEHZDKUXQJ GHV %LOGPDWHULDOV VRZLH GLH 'XUFKIKUXQJ YRQ 'DWHQDEJOHLFKHQ EHWULIIW *HVHW]OLFK VLQG VFKOLHVVOLFK YHUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRU NHKUXQJHQ YRU]XVHKHQ PLW ZHOFKHQ 0LVVEUlXFKH LP 8PJDQJ PLW GHP %LOGPDWHULDO YHUKLQGHUW ZHUGHQ VROOHQ 2UW GHU hEHUZDFKXQJ 'LH IRUPHOOJHVHW]OLFKH *UXQGODJH KDW ]X UHJHOQ EH]JOLFK ZHOFKHU 2UWH XQG 5lX PH HLQH 9LGHREHUZDFKXQJ ]XOlVVLJ LVW (LQH DEVFKOLHVVHQGH 1HQQXQJ GHU JH QDXHQ 2UWH ZHOFKH YLGHREHUZDFKW ZHUGHQ GUIHQ ]% XQWHU $QJDEH GHV 6WUDV VHQQDPHQV RGHU GHV 1DPHQV GHV |IIHQWOLFKHQ 3ODW]HV ZlUH DXI *HVHW]HV RGHU 9HURUGQXQJVVWXIH ]ZDU QLFKW JUXQGVlW]OLFK DXVJHVFKORVVHQ XQG ]% EHWUHIIHQG GLH hEHUZDFKXQJ ]HQWUDOHU |IIHQWOLFKHU 3OlW]H DXFK GHU GHPRNUDWLVFKHQ /HJLWLPDWL RQ I|UGHUOLFK 'HQQRFK ZlUH GLHV ZHQLJ SUDNWLNDEHO GHQQ GLH %HK|UGHQ PVVHQ ]% DXIJUXQG VLFK YHUlQGHUQGHU .ULPLQDOLWlWVVFKZHUSXQNWH RGHU QHXHU %HGUR KXQJVIRUPHQ EHU HLQH JHZLVVH )OH[LELOLWlW XQG GDPLW HLQHQ (UPHVVHQVVSLHOUDXP LQ GHU $XVZDKO GHU ]X EHUZDFKHQGHQ %HUHLFKH YHUIJHQ 'HP 8PVWDQG GDVV IU GHQ (LQ]HOQHQ DOOHLQH DXIJUXQG GHV *HVHW]HV QLFKW HUVLFKWOLFK ZLUG ZR JHQDX HLQH 9LGHREHUZDFKXQJ ]XOlVVLJ LVW LVW GDGXUFK 5HFKQXQJ ]X WUDJHQ GDVV GLH 6WDQG RUWH GHU .DPHUDV XQG GDV EHUZDFKWH *HELHW PLWWHOV 9HUIJXQJ IHVWJHOHJW XQG SX EOL]LHUW ZHUGHQ VRGDVV HLQH IUK]HLWLJH .HQQWQLVQDKPH GHU EHDEVLFKWLJWHQ hEHUZD FKXQJ XQG GHUHQ hEHUSUIXQJ DXI GHP 5HFKWVZHJ P|JOLFK VLQG 'LH 9RUKHUVHKEDUNHLW PXVV ]XVlW]OLFK GDGXUFK JHZlKUOHLVWHW ZHUGHQ GDVV DXI GHQ 8P VWDQG GHU 9LGHREHUZDFKXQJ PLWWHOV .HQQ]HLFKQXQJ YRU 2UW KLQJHZLHVHQ ZLUG %HL %HUFNVLFKWLJXQJ GLHVHU 9RUDXVVHW]XQJHQ LVW HV XQWHU GHP *HVLFKWVSXQNW GHV +LQWHQ 7HLO ,, % +LQWHQ 7HLO ,, % +LQWHQ 7HLO ,, % 0$7+,6 $(33/, IHUQHU %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$86&+ I 2&+6(1)(/'5(33 %$576&+ *(,*(5 DEJHVHKHQ YRQ GHU 1RUPVWXIH SUREOHPDWLVFK LQVRIHUQ $UW $EV '69*/ 'LHVH %HVWLPPXQJ VFKUlQNW GLH 9LGHREHUZDFKXQJ |UWOLFK XQG UlXPOLFK QLFKW QlKHU HLQ 'LH GXUFK |IIHQWOLFKH 2UJDQH YHUDQODVVWH SUlYHQWLYEHREDFKWHQGH 9LGHREHUZDFKXQJ LVW YLHOPHKU VFKRQ GDQQ ]X OlVVLJ ZHQQ VLH ÄGHU (UUHLFKXQJ HLQHV LQ HLQHP HUKHEOLFKHQ |IIHQWOLFKHQ ,QWHUHVVH EHJUQGH WHQ =ZHFNHV QDPHQWOLFK ]XP 6FKXW] YRQ 3ROL]HLJWHUQ³ GLHQW XQG ÄXQWHU %HDFKWXQJ GHU DOO JHPHLQ IU GLH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ JHOWHQGHQ *UXQGVlW]H³ HUIROJW 9JO DEHU %$86&+ XQG %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 9JO %$86&+ 9JO 52**$1 9LGHREHUZDFKXQJ 'D]X KLQWHQ 7HLO 9 % %$86&+ =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ %HVWLPPWKHLWVJHERWV QLFKW ]X EHDQVWDQGHQ GDVV QLFKW DOOH gUWOLFKNHLWHQ GLH EHU ZDFKW ZHUGHQ GUIHQ LQ GHU JHVHW]OLFKHQ *UXQGODJH LP (LQ]HOQHQ DXIJH]lKOW ZHU GHQ 'LH JHVHW]OLFKHQ *UXQGODJHQ HUODXEHQ WHLOZHLVH GLH hEHUZDFKXQJ YRQ Ä|IIHQWOLFKHQ 3OlW]HQ XQG 6WUDVVHQ³ 6ROFKH )RUPXOLHUXQJHQ HUODXEHQ HLQH hEHUZDFKXQJ HL QHU 9LHO]DKO YRQ gUWOLFKNHLWHQ XQDEKlQJLJ GDYRQ RE HV VLFK XP HLQ OlQGOLFKHV RGHU VWlGWLVFKHV *HELHW KDQGHOW HLQ 'RUI HLQH 6WDGW HLQ 4XDUWLHU RGHU HLQHQ VWDUN RGHU ZHQLJHU JHIlKUGHWHQ 2UW 'LH )RUPXOLHUXQJ Ä|IIHQWOLFKH 6WUDVVHQ XQG 3OlW ]H³ LVW DEHU GHVZHJHQ QLFKW ]X XQEHVWLPPW *HVWW]W DXI VROFKH %HVWLPPXQJHQ N|QQHQ HWZD ± LP *HPHLQJHEUDXFK VWHKHQGH ± 6WUDVVHQ 3OlW]H DEHU DXFK %UFNHQ :HJH RGHU 3lUNH EHUZDFKW ZHUGHQ 6ROFKH 8PVFKUHLEXQJHQ VWHOOHQ DEHU NHLQH JHQJHQGH JHVHW]OLFKH *UXQGODJH ]XU hEHUZDFKXQJ YRQ 6DFKHQ LP $QVWDOWVJH EUDXFK GDU ZLH HWZD YRQ 6FKXOKlXVHUQ 6FKXOK|IHQ |IIHQWOLFKHQ 6FKZLPPElGHUQ 6SLWlOHUQ XQG DXFK QLFKW YRQ (LQULFKWXQJHQ GHV |IIHQWOLFKHQ 9HUNHKUV $XVJH VFKORVVHQ LVW VHOEVWYHUVWlQGOLFK DXFK HLQH hEHUZDFKXQJ YRQ LP 3ULYDWHLJHQWXP VWH KHQGHQ 5lXPHQ VRIHUQ VLH QLFKW GHP *HPHLQJHEUDXFK JHZLGPHW VLQG *HQJHQG EHVWLPPW VLQG DXFK 5HJHOXQJHQ ZRQDFK Ä|IIHQWOLFKH XQG DOOJHPHLQ ]X JlQJOLFKH 2UWH³ EHUZDFKW ZHUGHQ GUIHQ DOVR 5lXPH GLH VRZRKO |IIHQWOLFK DOV DXFK DOOJHPHLQ ]XJlQJOLFK VLQG :DQQ HLQ 5DXP |IIHQWOLFK LVW ZLUG ]ZDU QXU VHOWHQ JHVHW]OLFK GHILQLHUW 'DUXQWHU N|QQHQ ULFKWLJHUZHLVH QXU LP *HPHLQJH EUDXFK VWHKHQGH 5lXPH YHUVWDQGHQ ZHUGHQ ZRPLW DEHU DXFK JHZLVVH LP 3ULYDWHL JHQWXP VWHKHQGH 5lXPH XPIDVVW VLQG $XFK ZLUG LG5 QLFKW ZHLWHU EHVWLPPW QDFK ZHOFKHQ .ULWHULHQ EHU GLH DOOJHPHLQH =XJlQJOLFKNHLW HLQHV 5DXPV ]X HQW VFKHLGHQ LVW 1DPHQWOLFK EOHLEW RIIHQ RE HLQ 5DXP DXFK GDQQ DOOJHPHLQ ]XJlQJOLFK LVW ZHQQ HU QXU HLQHP EHVFKUlQNWHQ 3HUVRQHQNUHLV ]XU 9HUIJXQJ VWHKHQ VROO ZLH HWZD GHQ %HQW]HUQ HLQHU $QVWDOW 'LH DOOJHPHLQH =XJlQJOLFKNHLW HLQHV 5DXPV GUIWH MHGRFK ZHLW ]X YHUVWHKHQ VHLQ 'HQQRFK ZLUG GLH 1RUP GDGXUFK QLFKW ]X XQEHVWLPPW :HQQ GHU *HVHW]JHEHU HLQH 9LHO]DKO YRQ )lOOHQ HUIDVVHQ ZLOO DOVR GLH P|JOLFKHQ (LQVDW]RUWH ]XQlFKVW HLQPDO XPIDVVHQG XPVFKULHEHQ ZHUGHQ VWHOOW GLHV 6R DXFK %$86&+ XQG %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H $UW D $EV 3RO*$5 $UW $EV 3RO56* 9JO %*( , ( 58(**)/h&.,*(5129(0%(5./$86(5 5$1'+$+1 I 9JO ]% ELV $EV ,QIR'*62 $UW $EV 9LGHR5HJ/8 $UW D 3RO*%( $EV ,'*%6 XQG $EV 992%6 9JO LPPHUKLQ $EV 992%6 L9P $EV ,'*%6 6LHKH DXFK $UW $EV 9L GHR*)5 LQ ZHOFKHP GHU Ä|IIHQWOLFKH *UXQG³ ZHOFKHU EHUZDFKW ZHUGHQ GDUI QlKHU XP VFKULHEHQ ZLUG 9JO YRUQH (LQOHLWXQJ ,, 9JO ]XP %HJULII GHV Ä|IIHQWOLFK ]XJlQJOLFKHQ³ 5DXPV DXFK YRUQH (LQOHLWXQJ ,, 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ QLFKW ]ZLQJHQG HLQHQ 9HUVWRVV JHJHQ GDV %HVWLPPWKHLWVJHERW GDU gIIHQWOLFK XQG DOOJHPHLQ ]XJlQJOLFK GUIWHQ HWZD VHLQ 6WUDVVHQ 3OlW]H 3lUNH 8QWHUIKUXQ JHQ ,QQHQVWDGWEHUHLFKH DEHU DXFK NDQWRQDOH RGHU NRPPXQDOH 6SRUWDQODJHQ RGHU 6FKXOKDXVSOlW]H VRZLH HWZD $PWVJHElXGH |IIHQWOLFKH 6SLWlOHU 6FKZLPPElGHU RGHU %LEOLRWKHNHQ (QWVSUHFKHQGHV JLOW P( DXFK IU JHVHW]OLFKH *UXQGODJHQ ZHO FKH GLH hEHUZDFKXQJ YRQ Ä|IIHQWOLFKHQ 2UWHQ³ DOV ]XOlVVLJ HUNOlUHQ 9RU GHP %HVWLPPWKHLWVJHERW QLFKW XQSUREOHPDWLVFK LVW HV MHGRFK ZHQQ GLH 9LGHR EHUZDFKXQJ JHVHW]OLFK DOOJHPHLQ ± QDPHQWOLFK RKQH %HVFKUlQNXQJ DXI GLH ÄgI IHQWOLFKNHLW³ GHV 2UWHV ± IU Ä|IIHQWOLFK ]XJlQJOLFKH 5lXPH³ Ä|IIHQWOLFK ]X JlQJOLFKH 2UWH³ RGHU Ä|IIHQWOLFK ]XJlQJOLFKH 6WUDVVHQ 3OlW]H XQG 5lXPH³ DOV ]XOlVVLJ HUNOlUW ZLUG (V ZLUG QLFKW PLW KLQUHLFKHQGHU %HVWLPPWKHLW HUVLFKWOLFK RE DXFK 3ULYDWUlXPH VRIHUQ VLH QXU DOOJHPHLQ RGHU IDNWLVFK ]XJlQJOLFK VLQG VWDDW OLFK EHUZDFKW ZHUGHQ GUIHQ MHGHQIDOOV ZLUG GLHV GXUFK VROFKH %HVWLPPXQJHQ NHLQHVZHJV DXVJHVFKORVVHQ 7HLOZHLVH HUJLEW VLFK LPPHUKLQ DXV GHU $QRUG QXQJVEHIXJQLV GDVV PLW GHU JHZlKOWHQ )RUPXOLHUXQJ JUXQGVlW]OLFK QLFKW DXFK 3UL YDWUlXPH JHPHLQW VLQG 0( N|QQHQ JHVWW]W DXI VROFKH %HVWLPPXQJHQ HLQ]LJ GHP *HPHLQJHEUDXFK JHZLGPHWH 3ULYDWUlXPH EHUZDFKW ZHUGHQ (V LVW ]ZDU ULFKWLJ GDVV GHU SROL]HLOLFKH $XIWUDJ GHU *HIDKUHQDEZHKU XQG GHU 6W|UXQJVEHVHLWL JXQJ DXFK HLQ 7lWLJZHUGHQ LQ 5lXPHQ ZHOFKH XQWHU SULYDWHU (LJHQWXPVKHUUVFKDIW VWHKHQ XQG QLFKW GHP *HPHLQJHEUDXFK JHZLGPHW VLQG HUIRUGHUOLFK PDFKHQ XQG UHFKWIHUWLJHQ NDQQ 6ROOHQ DEHU SULYDWH GHU $OOJHPHLQKHLW ]XJlQJOLFKH 5lXPH ± ZLH ]% HLQH 'LVNRWKHN RGHU HLQ (LQNDXIV]HQWUXP ± SROL]HLOLFK YLGHREHUZDFKW ZHUGHQ ZLUG GLHV GXUFK VROFKH %HVWLPPXQJHQ ZHGHU JHQJHQG GHXWOLFK XQG LQ KLQ 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 9JO $UW $EV *,'$96 $EV ,'$*$* $UW $EV N'6*1: $UW $EV '6*2: $EV '6*6= $UW $EV 3RO*85 XQG $UW 9L9R85 %*( , ( 9JO DXFK %*HU &B ( ,Q GLHVHP (QWVFKHLG EH]HLFK QHW GDV %XQGHVJHULFKW HLQH GXUFK HLQHQ 9HUVLFKHUWHQ ]XP 7HQQLVVSLHO JHPLHWHWH 7HQQLVKDOOH DOV Ä|IIHQWOLFK³ ZHVKDOE GHVVHQ hEHUZDFKXQJ GXUFK HLQHQ 9HUVLFKHUXQJVGHWHNWLY ÄLP |IIHQW OLFKHQ XQG QLFKW LP SULYDWHQ 5DXP³ VWDWWJHIXQGHQ KDEH ]X 5HFKW NULWLVFK %5812 %$(5,6:</ (QWZLFNOXQJHQ LP 'DWHQVFKXW]UHFKW 6-= II 9JO $UW $EV '6*2: $UW $EV N'6*1: XQG $EV '6*6= ZRQDFK GLH hEHUZDFKXQJ YRQ GHPMHQLJHQ |IIHQWOLFKHQ 2UJDQ DQJHRUGQHW ZLUG GHP ÄGDV %HQW]XQJV UHFKW RGHU GLH +RKHLW EHU GHQ ]X EHUZDFKHQGHQ 2UW ]XVWHKW³ %*( , ( 9JO DXFK %*( , ( EEE Ä6RZHLW LQ GLHVHP 6LQQH 3OlW]H RGHU 6WUDVVHQ LP *HPHLQJHEUDXFK VWHKHQ NDQQ QLFKW JHVDJW ZHUGHQ VLH XQWHUVWQGHQ LQ NHL QHU :HLVH GHU |IIHQWOLFKHQ 9HUIJXQJVJHZDOW *HPHLQJHEUDXFK EHGHXWHW gIIQXQJ IU GLH $OO JHPHLQKHLW (U EULQJW PLW VLFK GDVV GLH %HK|UGHQ ± XQWHU %HUFNVLFKWLJXQJ GHU NRQNUHWHQ 9HUKlOWQLVVH XQG LP 5DKPHQ GHU :LGPXQJ ± WDWVlFKOLFK KRKHLWOLFKH 9HUIJXQJVJHZDOW DXV EHQ XQG HWZD SROL]HLOLFKH %HIXJQLVVH ZDKUQHKPHQ³ 9JO GD]X *$00$ /(87(57 YJO IHUQHU 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HL ZHVHQ .b/,1/,(1+$5':<77(1%$&+ YJO DXFK 3RO*=+ Ä:HQQ HV ]XU (U IOOXQJ SROL]HLOLFKHU $XIJDEHQ QRWZHQGLJ LVW GDUI GLH 3ROL]HL SULYDWH *UXQGVWFNH EHWUHWHQ³ =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ UHLFKHQG YRUKHUVHKEDUHU :HLVH ]XP $XVGUXFN JHEUDFKW QRFK HUIROJW HLQH KLQUHL FKHQGH %HJUHQ]XQJ GHV EHK|UGOLFKHQ (UPHVVHQV EHWUHIIHQG GLH hEHUZDFKXQJ VRO FKHU 3ULYDWUlXPH =X EHGHQNHQ LVW GDEHL DXFK GDVV GLH hEHUZDFKXQJ YRQ SULYDWHQ DEHU |IIHQWOLFK ]XJlQJOLFKHQ *HVFKlIWVUlXPOLFKNHLWHQ HLQHQ ]XVlW]OLFKHQ (LQJULII LQ GLH :LUWVFKDIWVIUHLKHLW $UW %9 XQG DOOHQIDOOV LQ GLH (LJHQWXPVJDUDQWLH $UW %9 GHU (LJHQWPHU XQG %HVLW]HU EHZLUNHQ NDQQ =XGHP ZLUG GLH $XI IDVVXQJ YHUWUHWHQ GDVV *HVFKlIWVUlXPOLFKNHLWHQ DXFK XQWHU GHQ :RKQXQJVEHJULII IDOOHQ XQG GXUFK $UW $EV %9 VRZLH $UW (05. JHVFKW]W VLQG 'LHV VSULFKW HEHQIDOOV IU HLQH XQPLVVYHUVWlQGOLFKH XQG NODUH 5HJHOXQJ LQ HLQHP IRUPHO OHQ *HVHW] *HVHW]OLFKH 9RUVWUXNWXULHUXQJ GHU ,QWHUHVVHQDEZlJXQJ .ULPLQDOLWlWVVFKZHUSXQNW XQG 6FKXW]EHGUIQLV =X UHJHOQ LVW VRGDQQ EHL ZHOFKHP $QODVV E]Z XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ HLQH 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ E]Z |IIHQWOLFK ]XJlQJOLFKHQ 5DXP VWDWWILQGHQ GDUI 'LH IRUPHOOJHVHW]OLFKH *UXQGODJH KDW VRPLW GLH *UHQ]HQ 6FKUDQNHQ XQG 6FKZHUSXQNWH GHU 9LGHREHUZDFKXQJ ]X QRUPLHUHQ 0DQJHOW HV DQ HLQHU JHQDX HQ 'HILQLWLRQ GHU 9RUDXVVHW]XQJHQ XQG %HGLQJXQJHQ HLQHU 9LGHREHUZDFKXQJ LVW GLH 5HJHOXQJ ]X XQEHVWLPPW =X EHDFKWHQ LVW GDVV GLH 9LGHREHUZDFKXQJ DQODVVORV HLQH 9LHO]DKO YRQ 0HQVFKHQ EHWULIIW XQG LQVEHVRQGHUH DXFK 'DWHQ YRQ 8QYHUGlFKWLJHQ XQG 1LFKWVW|UHUQ HUKREHQ ZHUGHQ 'HP (LQ]HOQHQ LVW DEHU HLQH SROL]HLOLFKH 0DVVQDKPH JUXQGVlW]OLFK QLFKW ]X]XPXWHQ GLH QLFKW GXUFK HLQH KLQUHLFKHQGH %H]LHKXQJ ]ZLVFKHQ LKP XQG GHU *H IlKUGXQJ HLQHV 5HFKWVJXWV OHJLWLPLHUW LVW $XV GHP 9HUKlOWQLVPlVVLJNHLWVSULQ]LS HUJLEW VLFK GDVV HLQH hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH HLQH VRUJIlOWLJH XQG XPIDVVHQGH ,QWHUHVVHQDEZlJXQJ HUIRUGHUW XQG UHJHOPlVVLJ QXU GDQQ DOV ]XOlV VLJ HUDFKWHW ZHUGHQ NDQQ ZHQQ HUQVWKDIW PLW GHU %HJHKXQJ YRQ 6WUDIWDWHQ ]X UHFK QHQ LVW E]Z EHVWLPPWH *HElXGH RGHU GHUHQ %HQW]HU HLQHU EHVRQGHUHQ *HIlKUGXQJ DXVJHVHW]W VLQG (LQH 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP LVW VR PLW QLFKW VFKRQ GHVKDOE ]XOlVVLJ ZHLO HV ]XU 9HUOHW]XQJ YRQ 3ROL]HLJWHUQ NRPPHQ NDQQ 'LHV KDW VFKRQ LQ GHU JHVHW]OLFKHQ 5HJHOXQJ ]XP $XVGUXFN ]X NRPPHQ =XPLQGHVW EHL LQWHQVLYHQ *UXQGUHFKWVHLQJULIIHQ KDW GHU *HVHW]JHEHU GLH (LQJULIIV VFKZHOOHQ VHOEVW IHVW]XOHJHQ XQG GDEHL ± XQWHU %HDFKWXQJ GHV 9HUKlOWQLVPlVVLJ NHLWVSULQ]LSV ± GLH HUIRUGHUOLFKH :DKUVFKHLQOLFKNHLW HLQHV *HIDKUHQHLQWULWWV ]X QRU 9RUQH 7HLO ;, 9RUQH 7HLO ; XQG )Q %*( , ( %9HUI* %Y5 $EV1U 19Z= I %*( , ( 921 =(=6&+:,7= 5] 5$1'+$+1 II %866-b*(5 3(75, 5] '(11,1*(5 5] VD GLH +LQZHLVH LQ )Q 'D]X LP (LQ]HOQHQ KLQWHQ 7HLO ,9 % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ PLHUHQ 'HQ (QWVFKHLG GDUEHU RE HLQH SROL]HLOLFKH LQ *UXQGUHFKWH HLQJUHLIHQ GH 0DVVQDKPH YHUKlOWQLVPlVVLJ LVW GDUI GHU *HVHW]JHEHU VRPLW QLFKW HLQIDFK GHU ([HNXWLYH EHUODVVHQ :LFKWLJH *WHUDEZlJXQJHQ KDW GHU *HVHW]JHEHU YLHOPHKU VHOEVW YRU]XQHKPHQ XQG GDPLW GDV (UPHVVHQ GHU GLH 1RUP DQZHQGHQGHQ %HK|UGH DQJHPHVVHQ ]X EHJUHQ]HQ *OHLFK]HLWLJ LVW GDGXUFK VLFKHU]XVWHOOHQ GDVV GLH $Q ZHQGEDUNHLW GHU 1RUP IU GHQ (LQ]HOQHQ YRUKHUVHKEDU ZLUG /lVVW GHU *HVHW]JHEHU GLH 9LGHREHUZDFKXQJ ]X RKQH GLHVH DQ QlKHUH 9RUDXVVHW]XQJHQ QDPHQWOLFK DQ GDV (UIRUGHUQLV HLQHU KLQUHLFKHQG ZDKUVFKHLQOLFKHQ *HIDKU IU SROL]HLOLFKH 6FKXW] JWHU ]X NQSIHQ OLHJW HLQ 9HUVWRVV JHJHQ GDV /HJDOLWlWVSULQ]LS XQG GDV *HZDOWHQ WHLOXQJVSULQ]LS YRU 'LHV JLOW HUVW UHFKW ZHQQ VLFK SROL]HLOLFKH 0DVVQDKPHQ ± ZLH EHL GHU 9LGHREHUZDFKXQJ ± QLFKW DP .ULWHULXP HLQHU NRQNUHWHQ *HIDKU RGHU DP 6W|UHUSULQ]LS RULHQWLHUHQ ZHQQ DOVR YRQ GHU 0DVVQDKPH DXFK VROFKH 3HUVR QHQ EHWURIIHQ VLQG ZHOFKH LQ NHLQHU XQPLWWHOEDUHQ %H]LHKXQJ ]XU YHUKLQGHUWHQ E]Z GHU ]X YHUKLQGHUQGHQ 5HFKWVJXWYHUOHW]XQJ VWHKHQ :LUG GLH 9LGHREHUZDFKXQJ JHVHW]OLFK QLFKW DQ HQJH 9RUDXVVHW]XQJHQ JHEXQGHQ EULQJW GLHV ]XGHP GLH XQEH GLQJW ]X YHUPHLGHQGH *HIDKU GHU (LQIKUXQJ IOlFKHQGHFNHQGHU hEHUZDFKXQJV VWUXNWXUHQ ± ORVJHO|VW YRQ HLQHU EHVRQGHUHQ *HIDKUHQEHODVWXQJ HLQHV 2UWHV RGHU GHU EHVRQGHUHQ 6FKXW]EHGUIWLJNHLW HLQHV 2EMHNWV E]Z GHUHQ %HQW]HU ± PLW VLFK 'HU 9HU]LFKW GHV *HVHW]JHEHUV DXI GLH 1RUPLHUXQJ MHJOLFKHU (LQJULIIVVFKZHOOHQ NDQQ VRJDU GD]X IKUHQ GDVV GLH 5HJHOXQJ ZLOONUOLFK LVW 'LH $XIJDEH MHJOLFKHU %LQGXQJHQ VWDDWOLFKHQ +DQGHOQV DQ GDV 5HFKW LVW PLW GHP :LOONUYHUERW $UW %9 QLFKW ]X YHUHLQEDUHQ (LQ (UODVV YHUVW|VVW GHVKDOE QDPHQWOLFK GDQQ JHJHQ GDV :LOONUYHUERW ÄZHQQ HU VLFK QLFKW DXI HUQVWKDIWH VDFKOLFKH *UQGH VWW]HQ OlVVW RGHU VLQQ XQG ]ZHFNORV LVW³ 3ROL]HLOLFKH 9LGHREHUZDFKXQJVPDVVQDKPHQ ZHOFKH VLFK JHJHQEHU HLQHU 9LHO]DKO YRQ 3HUVRQHQ DXVZLUNHQ N|QQHQ RKQH GDVV VLH DEHU JHVHW]OLFK DQ VDFKOLFKH XQG HUQVWKDIWH *UQGH ZLH QDPHQWOLFK GDV (UIRU GHUQLV HLQHU EHVRQGHUHQ *HIDKU RGHU HLQHV EHVRQGHUHQ 6FKXW]EHGUIQLVVHV JHNQSIW ZHUGHQ N|QQHQ GHVKDOE DXFK PLW GHP :LOONUYHUERW LQ .RQIOLNW JHUDWHQ %9HUI* %Y5 $EV1U '(11,1*(5 5] %h//(6)(/' 9LGHREHUZD FKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II 0$;,0,1, II 6&+:(,=(50h//(5 I %*( , ( Ä(V REOLHJW GHP *HVHW]JHEHU :HUWXQJHQ XQG 'LIIHUHQ]LHUXQJHQ VRZLH HQWVSUHFKHQGH (LQVFKUlQNXQJHQ YRU]XQHKPHQ GLH GHQ =ZHFN GHU hEHUZDFKXQJHQ NODU HUNHQQHQ ODVVHQ XQG HLQH %HXUWHLOXQJ GHU 9HUKlOWQLVPlVVLJNHLW ]X ODVVHQ³ 6D YRUQH )Q 9JO %*( , ( 3(75, 5] =XP 6W|UHUSULQ]LS YJO DXFK KLQWHQ 7HLO ,9 $ %9HUI* %Y5 $EV1U II 921 =(=6&+:,7= 5] 3(75, 5] 8+/0$11 5] VD 5] II %*( ,, ( )U GDV GHXWVFKH 5HFKW YJO %$576&+ I YJO DXFK KLQWHQ 7HLO 9 ( =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ 5LFKWLJHUZHLVH KDW GHU *HVHW]JHEHU EH]JOLFK |IIHQWOLFK ]XJlQJOLFKHU 5lXPH GLH hEHUZDFKXQJ DXI VROFKH gUWOLFKNHLWHQ ]X EHVFKUlQNHQ GLH HLQH HUK|KWH *HIDKUHQ EHODVWXQJ DXIZHLVHQ $QJHVSURFKHQ VLQG GDPLW HLJHQWOLFKH .ULPLQDOLWlWVVFKZHU SXQNWH DOVR 2UWH DQ ZHOFKHQ DXIJUXQG NRQNUHWHU $QKDOWVSXQNWH HUQVWKDIW ]X EH IUFKWHQ LVW GDVV 'HOLNWH EHJDQJHQ ZHUGHQ $QVRQVWHQ LVW GLH 1RUP ± ZLH HUZlKQW ± ]X XQEHVWLPPW (LQH VROFKH %HVFKUlQNXQJ DXI .ULPLQDOLWlWVVFKZHUSXQNWH LP *HVHW] VHOEVW ILQGHW QXU DXVQDKPVZHLVH VWDWW 'DVV HLQH %HVFKUlQNXQJ GHU hEHUZDFKXQJ DXI .ULPLQDOLWlWVVFKZHUSXQNWH ]XPLQGHVW RIWPDOV GLH $EVLFKW GHV *HVHW]JHEHUV JHZHVHQ ]X VHLQ VFKHLQW UHLFKW QLFKW DXV XP GLHVHV %H VWLPPWKHLWVGHIL]LW ]X NRPSHQVLHUHQ $XFK ZHQQ GLH 9LGHREHUZDFKXQJ QLFKW GDUDXI DE]LHOW GLH %HQW]HU |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H YRU hEHUJULIIHQ ]X VFKW]HQ VRQGHUQ YLHOPHKU HUIROJW XP $Q JULIIH DXI |IIHQWOLFKH *HElXGH XQG GHUHQ %HQW]HU ]X YHUKLQGHUQ LVW GLH VWDDWOLFKH hEHUZDFKXQJ JHVHW]OLFK DXI JHIlKUGHWH (LQULFKWXQJHQ ]X EHVFKUlQNHQ E]Z DXI VROFKH 2EMHNWH EHL GHQHQ VLFK HLQ 6FKDGHQVHLQWULWW LQ JUDYLHUHQGHU :HLVH DXVZLU NHQ ZUGH $QJHVSURFKHQ VLQG GDPLW *HElXGH XQG $QODJHQ EHL GHQHQ HLQ HUK|KWHV 6FKXW]EHGUIQLV EHVWHKW (LQH hEHUZDFKXQJ YRQ *HULFKWV 3DUODPHQWV RGHU 9HUZDOWXQJVJHElXGHQ 0XQLWLRQVODJHUQ KLVWRULVFKHQ %DXWHQ XQG 6WlWWHQ |IIHQWOL FKHQ 9HUVRUJXQJVXQWHUQHKPHQ .DVHUQHQ $V\OEHZHUEHUXQWHUNQIWHQ VWDDWOLFKHQ 0XVHHQ RGHU %HK|UGHQVFKDOWHUQ HLQVFKOLHVVOLFK GHV GHP MHZHLOLJHQ *HElXGH YRU JHODJHUWHQ |IIHQWOLFKHQ 5DXPV ZUGH GXUFK VROFKH %HVWLPPXQJHQ NHLQHVZHJV DXVJHVFKORVVHQ (V ZUGH DEHU GHU *HIDKU EHJHJQHW GDVV GLH 9LGHREHUZDFKXQJ VFKRQ GHVKDOE HLQJHVHW]W ZLUG ZHLO GLH EORVVH ± XQG JUXQGVlW]OLFK LPPHU EHVWHKHQ GH ± 0|JOLFKNHLW YRQ $QJULIIHQ EHVWHKW $Q GHU PDQJHOQGHQ %HVWLPPWKHLW HLQHU (UPlFKWLJXQJVQRUP ]XU 9LGHREHUZD FKXQJ lQGHUW LP hEULJHQ QLFKWV ZHQQ GLH 9LGHREHUZDFKXQJ Ä|UWOLFK XQG ]HLWOLFK DXI GDV ]XU (UUHLFKXQJ GHV NRQNUHWHQ =ZHFNV (UIRUGHUOLFKH ]X EHVFKUlQNHQ³ LVW 921 =(=6&+:,7= 5] %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %866-b*(5 %877$5(//, 3URWHFWLRQ =LII YJO DXFK %*( , ( 9JO LPPHUKLQ $UW D 3RO*%( Ä=XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ N|QQHQ GLH *HPHLQGHQ PLW =XVWLPPXQJ GHU .DQWRQVSROL]HL DQ HLQ]HOQHQ |IIHQWOLFKHQ XQG DOOJHPHLQ ]X JlQJOLFKHQ 2UWHQ DQ GHQHQ 6WUDIWDWHQ EHJDQJHQ ZRUGHQ VLQG RGHU DQ GHQHQ PLW 6WUDIWDWHQ ]X UHFKQHQ LVW %LOGEHUPLWWOXQJV XQG %LOGDXI]HLFKQXQJVJHUlWH IU GLH 9LGHREHUZDFKXQJ HLQ VHW]HQ³ 9JO ]% %RWVFK 3RO*85 9JO %*( , ( 9JO $UW E $EV 3RO*%( Ä'LH ,QKDEHULQQHQ XQG ,QKDEHU GHV +DXVUHFKWV N|QQHQ PLW =X VWLPPXQJ GHU .DQWRQVSROL]HL LQQHUKDOE XQG DXVVHUKDOE YRQ |IIHQWOLFKHQ XQG DOOJHPHLQ ]X JlQJOLFKHQ NDQWRQDOHQ *HElXGHQ %LOGEHUPLWWOXQJV XQG %LOGDXI]HLFKQXQJVJHUlWH IU GLH 9L GHREHUZDFKXQJ HLQVHW]HQ VRIHUQ HLQ HUK|KWHV 6FKXW]EHGUIQLV EHVWHKW XQG VRZHLW GLHV ]XP 6FKXW] GHU *HElXGH XQG LKUHU %HQXW]HULQQHQ XQG %HQXW]HU HUIRUGHUOLFK LVW³ $EV ,'*%6 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ HLQH ÄDOOJHPHLQH hEHUZDFKXQJ GHV |IIHQWOLFKHQ 5DXPHV XQ]XOlVVLJ³ LVW RGHU HL QH hEHUZDFKXQJ QXU ÄDQ HLQ]HOQHQ |IIHQWOLFKHQ XQG DOOJHPHLQ ]XJlQJOLFKHQ 2UWHQ³ +HUY G 9HUI VWDWWILQGHQ GDUI 'DPLW NRPPW ]ZDU ]XP $XVGUXFN GDVV GHU 9LGHREHUZDFKXQJ $XVQDKPHFKDUDNWHU ]XNRPPHQ VROO XQG GDVV HV JLOW IOlFKHQGH FNHQGH hEHUZDFKXQJVVWUXNWXUHQ ]X YHUKLQGHUQ (LQH 9HUODJHUXQJ GHU .ULPLQDOL WlW NDQQ VRPLW QXU GDQQ ]XU %HJUQGXQJ HLQHU QHXHQ hEHUZDFKXQJ DQJHIKUW ZHUGHQ ZHQQ DQ GHQ ELVKHU EHUZDFKWHQ QLFKW PHKU NULPLQDOLWlWVEHODVWHWHQ 2UWHQ GLH hEHUZDFKXQJ HLQJHVWHOOW ZLUG 'DPLW EHDEVLFKWLJW GHU *HVHW]JHEHU Y|OOLJ ]X 5HFKW HLQH *HVDPWVFKDX GD JHUDGH DXV GHP 1HEHQHLQDQGHU RGHU GHU .RPELQDWLRQ YRQ 9LGHREHUZDFKXQJVPDVVQDKPHQ GHU 3HUV|QOLFKNHLW EHVRQGHUH *HIDKUHQ HU ZDFKVHQ 'HQQRFK YHUPDJ GLH 9HUZHQGXQJ VROFKHU )RUPXOLHUXQJHQ GDV EH K|UGOLFKH (UPHVVHQ QLFKW KLQUHLFKHQG HLQ]XJUHQ]HQ ZR XQG XQWHU ZHOFKHQ 9RUDXV VHW]XQJHQ HLQH 9LGHREHUZDFKXQJ GXUFKJHIKUW ZHUGHQ GDUI +LQ]XZHLVHQ EOHLEW GDUDXI GDVV GDQQ ZHQQ GLH 9LGHREHUZDFKXQJ DXFK ]XU hEHUZDFKXQJ |IIHQWOLFKHU 9HUDQVWDOWXQJHQ ZLH LQVEHVRQGHUH YRQ .XQGJHEXQJHQ HUIROJHQ VROO VLH JHVHW]OLFK YRP 9RUOLHJHQ NRQNUHWHU $QKDOWVSXQNWH DXI GLH %HJH KXQJ YRQ 6WUDIWDWHQ DEKlQJLJ ]X PDFKHQ LVW 1XU GDQQ HUVFKHLQW GHU (LQJULII LQ GLH 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW ± E]Z LQ GLH *ODXEHQV XQG *HZLVVHQVIUHL KHLW EHL UHOLJL|V RGHU ZHOWDQVFKDXOLFK PRWLYLHUWHQ .XQGJHEXQJHQ XQG 9HUDQVWDOWXQ JHQ ± GHQ GDYRQ EHWURIIHQHQ 9HUVDPPOXQJVWHLOQHKPHUQ ]XPXWEDU XQG QXU VR ZLUG GDV (UPHVVHQ GHU 3ROL]HL JHQJHQG HLQJHVFKUlQNW XQG GHU *HIDKU EHJHJQHW GDVV VLFK (LQ]HOQH ± DXIJUXQG RIIHQHU 1RUPLHUXQJHQ ± YRQ GHU :DKUQHKPXQJ LKUHU *UXQGUHFKWH LP |IIHQWOLFKHQ 5DXP DEKDOWHQ ODVVHQ 0LW DQGHUHQ :RUWHQ ELOGHW HLQH 1RUP ZHOFKH GLH 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ RGHU |IIHQWOLFK ]XJlQJ OLFKHQ 5DXP DOOJHPHLQ ]XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ HUODXEW NHL QH JHQJHQG EHVWLPPWH JHVHW]OLFKH *UXQGODJH ]XU $QIHUWLJXQJ YRQ %LOGHUQ GHU 7HLOQHKPHU HLQHU JUXQGUHFKWOLFK JHVFKW]WHQ |IIHQWOLFKHQ 9HUDQVWDOWXQJ RGHU .XQGJHEXQJ 9JO ]% $EV 9LGHR5HJ3UDWWHOQ 9JO $UW D 3RO*%( 9JO ]X GLHVHQ 9HUODJHUXQJVHIIHNWHQ KLQWHQ 7HLO ,9 % VD 7HLO ,9 % E LL D XQG 7HLO 9 ( 921 =(=6&+:,7= 5] 5$1'+$+1 9JO GD]X 58',1 (URVLRQ I YRUQH 7HLO ,9 ' %*( , ( 9JO KLQWHQ 7HLO ,9 % F LL 9JO YRUQH 7HLO ,, $ VRZLH 7HLO 9,, % XQG 7HLO ,; % 9JO GD]X YRUQH 7HLO ;,,, % XQG 7HLO ;,,, % VRZLH 7HLO 9,, % XQG 7HLO ,; % =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ =ZHFN GHU hEHUZDFKXQJ 6RGDQQ LVW GHU =ZHFN GHU hEHUZDFKXQJ HLQGHXWLJ XQG JHQDX IHVW]XOHJHQ $Q VRQVWHQ ZLUG GDV (UPHVVHQ GHU %HK|UGHQ QLFKW KLQUHLFKHQG EHJUHQ]W XQG HV LVW IU GHQ %UJHU QLFKW KLQUHLFKHQG HUNHQQEDU XQG YRUKHUVHKEDU ]X ZHOFKHQ =ZHFNHQ GLH 'DWHQ HUKREHQ XQG YHUZHQGHW ZHUGHQ GUIHQ $XVVHUGHP HUODXEW HV QXU HLQ HLQ GHXWLJ IHVWJHOHJWHU =ZHFN LP (LQ]HOIDOO EHU GLH ]XOlVVLJH XQG UHFKWPlVVLJH 'D WHQEHDUEHLWXQJ ]X HQWVFKHLGHQ 2KQH JHQDXH =ZHFNEHVWLPPXQJ OlVVW VLFK DXFK QLFKW IHVWVWHOOHQ RE DQ GHU 9LGHREHUZDFKXQJ XQG GHU ZHLWHUHQ 9HUZHQGXQJ GHU HUKREHQHQ 'DWHQ HLQ KLQUHLFKHQGHV |IIHQWOLFKHV ,QWHUHVVH EHVWHKW XQG RE GLH 'DWHQ EHDUEHLWXQJ PLW %OLFN DXI GLH GXUFK VLH YHUIROJWHQ =LHOH YHUKlOWQLVPlVVLJ LVW =XGHP ZLUG GHU =ZHFNELQGXQJVJUXQGVDW] VHLQHU 6FKXW]IXQNWLRQ HQWOHHUW ZHQQ GLH =ZHFNH GHU 'DWHQEHDUEHLWXQJ YDJH XQG RIIHQ JHKDOWHQ ZHUGHQ 1XU PLW HLQHU NODUHQ )HVWOHJXQJ GHV %HDUEHLWXQJV]ZHFNV NDQQ YHUKLQGHUW ZHUGHQ GDVV PLWWHOV 9LGHREHUZDFKXQJ HUKREHQH 'DWHQ IU QLFKW YRUKHUVHKEDUH QHXH =ZHFNH YHUZHQ GHW ZHUGHQ (LQH GHXWOLFKH %HVWLPPXQJ GHU ]XOlVVLJHQ %HDUEHLWXQJV]ZHFNH LVW LQVEHVRQGHUH GDQQ XQXPJlQJOLFK ZHQQ HLQJULIIVLQWHQVLYH 0DVVQDKPHQ LP 9RUIHOG HLQHU NRQNUHWHQ *HIDKU RGHU HLQHV 7DWYHUGDFKWV YRUJHQRPPHQ ZHUGHQ HUVW UHFKW ZHQQ GLH HUKREHQHQ 'DWHQ PLW %OLFN DXI HLQH P|JOLFKH 6WUDIYHUIROJXQJ JHVSHLFKHUW ZHUGHQ $XIJUXQG GHV *HVDJWHQ JHOWHQ HWZD =ZHFNULFKWXQJHQ DOV ]X XQEHVWLPPW ZHOFKH HL QH 9LGHREHUZDFKXQJ DOOJHPHLQ ]XP 6FKXW] YRQ 3HUVRQHQ RGHU 6DFKHQ HUODX EHQ 'LHV JLOW DXFK GDQQ ZHQQ YRU Ä$JJUHVVLRQHQ³ Ä%HOlVWLJXQJHQ³ RGHU 0$7+,6 $(33/, 58',167b03)/, %$86&+ I %$576&+ 3526&+$. 6&+:(,=(50h//(5 II 621 II %9HUI* %Y5 $EV1U 19Z= :$/'(1 58(**)/h&.,*(5129(0%(5./$86(5 )/h&.,*(5 I %9HUI* %Y5 $EV1U 19Z= 9JO %*( , ( 58',167b03)/, /,(1+$5' ,QQHUH 6LFKHUKHLW 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %$86&+ IHUQHU ('6. (QWVFKHLG YRP 0DL 0lU] 93% 1U ( ('g. 8UWHLO YRP $XJXVW 93% 1U ( 6&+:(,=(50h//(5 58(**)/h&.,*(5129(0%(5./$86(5 %9HUI* %Y5 $EV1U I 0$7+,6 $(33/, I 0$85(5/$0%52867(,1(5 LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 5(,1+$5' =XP *UXQGVDW] GHU =ZHFNELQGXQJ LP $OOJHPHLQHQ XQG EHL GHU 9LGHREHUZDFKXQJ LP %HVRQGHUHQ YJO YRUQH 7HLO 9, ( =XU 'LVNXVVLRQ EHU GLH 9HUZHQGXQJ YRQ 0DXWV\VWHPHQ DOV )DKQGXQJVLQVWUXPHQWH YJO 6&+$$5 II 9JO 5(,1+$5' XQG 9JO ]XP *UXQGVDW] GHU =ZHFNELQGXQJ XQG GHVVHQ )XQN WLRQHQ LQVE DXFK YRUQH 7HLO 9, ( 9JO $UW $EV N'6*1: $UW $EV '6*2: XQG $EV '6*6= VD $UW E $UW (%* Ä6FKXW] GHU ,QIUDVWUXNWXU³ VRZLH $UW $EV 3%* XQG $UW $EV 9992 ZRQDFK GLH 8QWHUQHKPHQ 9LGHREHUZDFKXQJ Ä]XP 6FKXW] GHU 5HLVHQGHQ GHV %H 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ ÄhEHUJULIIHQ³ JHVFKW]W ZHUGHQ VROO %HL HLQHU VROFK RIIHQHQ )RUPXOLHUXQJ YHU PDJ GHU *UXQGVDW] GHU =ZHFNELQGXQJ NDXP :LUNXQJHQ ]X HQWIDOWHQ =XGHP ZLUG GDV (UPHVVHQ GHU %HK|UGHQ QLFKW KLQUHLFKHQG EHJUHQ]W XQG HV ZHUGHQ JOHLFK]HLWLJ ZHLWUHLFKHQGH hEHUZDFKXQJVP|JOLFKNHLWHQ DXFK ]XU 9HUKLQGHUXQJ QLFKW VWUDIED UHQ 9HUKDOWHQV JHVFKDIIHQ (EHQVR LVW GHU =ZHFN GHU :DKUXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ ]X XQEHVWLPPW 'LH $XIJDEH GHU $XIUHFKWHUKDOWXQJ ÄGHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ³ LVW HLQHU JHQDXHQ 'HILQLWLRQ QXU VFKZHU ]XJlQJOLFK ]XGHP ZHUGHQ GLH %HJULIIH GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ JUXQGVlW]OLFK LQ HLQHP ZHLWHQ 6LQQ YHUVWDQGHQ ,QVEHVRQGHUH EHLP %HJULII GHU Ä|IIHQWOLFKHQ 2UGQXQJ³ KDQGHOW HV VLFK XP HLQHQ VWDUN NRQNUHWLVLHUXQJVEHGUIWLJHQ DXFK DXI GHQ 6FKXW] PRUDOLVFKHU XQG HWKLVFKHU 9RUVWHOOXQJHQ DXVJHULFKWHWHQ %H JULII 'LH %H]XJQDKPH DXI GLH Ä|IIHQWOLFKH 6LFKHUKHLW XQG 2UGQXQJ³ YHUPDJ ± IU VLFK DOOHLQH ± GLH 9LGHREHUZDFKXQJ GHVKDOE QLFKW DQ YRUKHUVHKEDUH XQG HLQ VFKUlQNHQGH 9RUDXVVHW]XQJHQ ]X ELQGHQ 'DV $XVPDVV GHV GHU UHFKWVDQZHQGHQGHQ %HK|UGH HLQJHUlXPWHQ (UPHVVHQVVSLHOUDXPV VWHKW PLW GHP /HJDOLWlWVSULQ]LS LQ .RQIOLNW =XGHP LVW DXFK KLHU QLFKW HUVLFKWOLFK LQZLHIHUQ PLW VROFKHQ )RUPXOLHUXQ JHQ GHP *UXQGVDW] GHU =ZHFNELQGXQJ 5HFKQXQJ JHWUDJHQ ZUGH 6LHKW HLQH JH VHW]OLFKH *UXQGODJH GLH 9LGHREHUZDFKXQJ DOOJHPHLQ ]XU :DKUXQJ GHU |IIHQWOL FKHQ 6LFKHUKHLW XQG 2UGQXQJ YRU LVW VLH GHVKDOE ]X XQEHVWLPPW WULHEHV XQG GHU ,QIUDVWUXNWXU³ HLQULFKWHQ N|QQHQ YJO IHUQHU $UW $EV *,'$96 ZRQDFK DQ |IIHQWOLFKHQ 2UWHQ %LOGDXIQDKPH XQG %LOGDXI]HLFKQXQJVJHUlWH LQVWDOOLHUW ZHUGHQ N|QQHQ ÄXP ]XU 6LFKHUKHLW YRQ 3HUVRQHQ XQG *WHUQ EHL]XWUDJHQ³ 'LH JHQDXHQ hEHUZDFKXQJV]ZH FNH VLQG DOOHUGLQJV LP 6SH]LDOJHVHW] PLW ZHOFKHP GDV hEHUZDFKXQJVV\VWHP HLQJHIKUW ZLUG IHVW]XOHJHQ VLHKH $UW $EV %VW D XQG F *,'$96 9JO $UW $EV %VW D 99g9 $UW $EV %VW D /,3$'*( 9JO $UW $EV %VW D 99g9 $UW $EV 9LGHR*)5 9JO 0h//(56&+()(5 )/h&.,*(5$8(5 58(**)/h&.,*(5129(0%(5 ./$86(5 I VD %5812 %$(5,6:</ (QWZLFNOXQJHQ LP 'DWHQVFKXW]UHFKW 6-= II YJO DEHU DXFK %$(5,6:</ (QWZLFNOXQJHQ 9JO $UW $EV 3RO*85 XQG $UW 9L9R85 $UW $EV 3RO56* $UW D $EV 3RO*$5 $UW $EV 3296+ 9JO %*( , ( %*( , ( 6&+:(,=(56877(5:,'0(5 5] XQG )Q 5(,1+$5' II 6&+:(,=(56877(5:,'0(5 5] *$00$ I YJO ]XP %HJULII GHU |IIHQWOLFKHQ 2UG QXQJ DXFK *86< 3ROL]HL XQG 2UGQXQJVUHFKW 5] *g7= 5] II XQG =h1' (55$66 9JO :$/'(1 II %*( , ( %$576&+ I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDV VHQ XQG 3OlW]H IHUQHU 5(,1+$5' I ZRQDFK GLH SROL]HLOLFKH %HIXJQLVQRUP ]XPLQ GHVW EHL VFKZHUHQ *UXQGUHFKWVHLQJULIIHQ VHOEVW VFKRQ *WHUDEZlJXQJHQ ]X WUHIIHQ KDW XQG 9HUZHLVH DXI GLH SROL]HLOLFKH $XIJDEH GHU :DKUXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ SUREOHPDWLVFK VLQG $$ IU GDV GHXWVFKH 5HFKW %$86&+ ZRQDFK GHU =ZHFN GHV 6FKXW ]HV GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ IU 9LGHREHUZDFKXQJVPDVVQDKPHQ JHQJHQG EHVWLPPW LVW ZRKO HEHQIDOOV D$ 921 =(=6&+:,7= 5] =X XQEHVWLPPW ZlUH DXFK HLQH JHVHW]OLFKH *UXQGODJH ZHOFKH GLH 9LGHREHUZDFKXQJ ]XP 6FKXW] GHV Ä6LFKHUKHLWVJHIKOV³ =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ (LQH (UPlFKWLJXQJVQRUP ZRQDFK GLH 9LGHREHUZDFKXQJ ]XU (UIOOXQJ SROL]HLOL FKHU $XIJDEHQ HLQJHVHW]W ZHUGHQ NDQQ LVW HEHQIDOOV ]X XQEHVWLPPW 'LH SROL]HL OLFKH $XIJDEH GHU $XIUHFKWHUKDOWXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ LVW ± ZLH HUZlKQW ± XPIDVVHQG XQG EHWULIIW QLFKW QXU GLH 9HUKWXQJ YRQ 6WUDIWDWHQ (LQHU HQWVSUHFKHQGHQ =ZHFNEHVWLPPXQJ ODVVHQ VLFK NHLQH NODUHQ *UHQ]HQ EH]J OLFK $UW XQG 8PIDQJ VRZLH GHU 9RUDXVVHW]XQJHQ GHU ]XOlVVLJHQ 'DWHQEHDUEHLWXQJ HQWQHKPHQ 6LH ZUGH XPIDVVHQGH XQG ZHLWUHLFKHQGH ,QIRUPDWLRQVHLQJULIIH DXFK ZHLW LP 9HUGDFKWV RGHU *HIDKUHQYRUIHOG HUODXEHQ 'LH SROL]HLOLFKH $XIJDEH GHU 9HUNHKUVEHUZDFKXQJ HUIRUGHUW ]% NHLQH ELOGOLFKH 3HUVRQHQLGHQWLILNDWLRQ 'LH 3UREOHPDWLN YHUVFKlUIW VLFK ZHQQ GHU 3ROL]HL GXUFK DQGHUH *HVHW]H ]XVlW]OLFKH $XIJDEHQ ]XJHZLHVHQ ZHUGHQ N|QQHQ 1LFKW KLQUHLFKHQG EHVWLPPW LVW DXFK HLQH (UPlFKWLJXQJVQRUP ZHOFKH GLH 9LGHR EHUZDFKXQJ Ä]XU (UUHLFKXQJ HLQHV LQ HLQHP HUKHEOLFKHQ |IIHQWOLFKHQ ,QWHUHVVH EH JUQGHWHQ =ZHFNHV QDPHQWOLFK ]XP 6FKXW] YRQ 3ROL]HLJWHUQ³ HUODXEW 'LH =ZHFNULFKWXQJHQ Ä|IIHQWOLFKHV ,QWHUHVVH³ XQG Ä6FKXW] YRQ 3ROL]HLJWHUQ³ VLQG ]X XPIDVVHQG XP YRU GHP %HVWLPPWKHLWVJHERW LP %HUHLFK GHU 9LGHREHUZDFKXQJ VWDQGKDOWHQ ]X N|QQHQ (LQH %HIXJQLVQRUP LVW HUVW UHFKW ]X XQEHVWLPPW ZHQQ GLH 9LGHREHUZDFKXQJ DOOJHPHLQ ]XU Ä(UIOOXQJ HLQHU |IIHQWOLFKHQ $XIJDEH³ HLQJH VHW]W ZHUGHQ GDUI 'HU %HJULII GHU |IIHQWOLFKHQ $XIJDEH LVW YLHO ]X ZHLW DOV GDVV HU GHQ (LQVDW] GHU 9LGHREHUZDFKXQJ XQG GLH 9HUZHQGXQJ GHV 'DWHQPDWHULDOV YRUKHUVHKEDU PDFKHQ DQ HLQVFKUlQNHQGH 9RUDXVVHW]XQJHQ ELQGHQ XQG GHP *UXQG VDW] GHU =ZHFNELQGXQJ 5HFKQXQJ WUDJHQ ZUGH (V REOLHJW GHP *HVHW]JHEHU VHOEVW GLH JUXQGOHJHQGHQ *WHUDEZlJXQJHQ IU GHQ (LQVDW] GHU 9LGHREHUZDFKXQJ YRU DOV ]XOlVVLJ HUNOlUHQ ZUGH ]XU 8QEHVWLPPWKHLW GHV %HJULIIV Ä6LFKHUKHLWVJHIKO³ YJO 6&+(:( 6LFKHUKHLWVJHIKO II 5LFKWLJHUZHLVH YHU]LFKWHQ GLH JHVHW]OLFKHQ *UXQGODJHQ MHGRFK UHJHOPlVVLJ DXI HLQH VROFKH 8PVFKUHLEXQJ GHV hEHUZDFKXQJV]ZHFNV 9JO $UW $EV 3RO**5 XQWHU GHQ %HJULII GHU WHFKQLVFKHQ 0LWWHO IlOOW DXFK GLH 9LGHR EHUZDFKXQJ YJO %RWVFKDIW ]XP (UODVV HLQHV NDQWRQDOHQ 3ROL]HLJHVHW]HV %RWVFKDIWHQ GHU 5HJLHUXQJ DQ GHQ *URVVHQ 5DW +HIW 1U II $OV ZHLWHUH ]HQWUDOH $XIJDEHQEHUHLFKH VLQG HWZD GLH 9HUNHKUVEHUZDFKXQJ GLH (UK|KXQJ GHU 9HUNHKUVVLFKHUKHLW XQG GLH 9HUKWXQJ YRQ 8QIlOOHQ LP 6WUDVVHQYHUNHKU ]X QHQQHQ YJO $EV %VW E 3RO*=+ $UW %VW G 3RO**5 9JO %*( , ( 6&+:(,=(50h//(5 %h//(6)(/' 9LGHREHUZDFKXQJ |I IHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II LQVE +g)/,1* :$/'(1 5$1'+$+1 :(,&+(57 9LGHREHUZDFKXQJ (LQH P|JOLFKVW SUl]LVH 8PVFKUHLEXQJ GHU SROL]HLOLFKHQ $XIJDEHQEHUHLFKH ZLUG ULFKWLJHUZHLVH DOV *UXQGYRUDXVVHW]XQJ IU HLQHQ HI IHNWLYHQ 'DWHQVFKXW] EH]HLFKQHW VLHKH 3(7(5 0h//(5 'DWHQVFKXW] LP 3ROL]HL XQG 6LFKHU KHLWVEHUHLFK QDFK GHP ,QNUDIWWUHWHQ GHV (LGJHQ|VVLVFKHQ 'DWHQVFKXW]JHVHW]HV XQG PLW %OLFN DXI GDV QHXH 6WDDWVVFKXW]JHVHW] LQ 6&+:(,=(5 'DV QHXH 'DWHQVFKXW]JHVHW] II D$ %$86&+ I %*( , ( 1DFK $UW %VW K 3RO**5 EVSZ HUIOOW GLH .DQWRQVSROL]HL DXFK ÄDQGHUH LKU GXUFK GLH *H VHW]JHEXQJ EHUWUDJHQH $XIJDEHQ³ $UW $EV '69*/ $EV ,'$*$* 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ ]XQHKPHQ =X XQEHVWLPPW LVW DXFK HLQH =ZHFNEHVWLPPXQJ ZHOFKH GLH 9LGHR EHUZDFKXQJ DOOHLQH ]XU :DKUQHKPXQJ GHV +DXVUHFKWV HUODXEW 'HP %HJULII GHV +DXVUHFKWV ZRKQW NHLQH JHQJHQGH %HVFKUlQNXQJ GHV hEHUZDFKXQJV]ZHFNV E]Z GHV 9HUZHQGXQJV]ZHFNV GHU HUKREHQHQ 'DWHQ LQQH $OV JHQJHQG EHVWLPPW VLQG KLQJHJHQ (UPlFKWLJXQJVQRUPHQ HLQ]XVWXIHQ ZHOFKH GLH 9LGHREHUZDFKXQJ ]XP 6FKXW] YRQ 3HUVRQHQ XQG 6DFKHQ YRU VWUDIEDUHQ +DQG OXQJHQ RGHU ]XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ HUODXEHQ 6ROFKH 5HJHOXQJHQ PDFKHQ GHXWOLFK GDVV GLH 9LGHREHUZDFKXQJ QXU ]XU 9HUKWXQJ XQG $KQGXQJ YRQ VWUDIUHFKWOLFK UHOHYDQWHP 9HUKDOWHQ ]XOlVVLJ LVW QLFKW DEHU HWZD DOO JHPHLQ ]XU 9HUKWXQJ EORVV ÄVR]LDO XQHUZQVFKWHQ³ 9HUKDOWHQV 'HQQRFK LVW ]X EHPHUNHQ GDVV GHU %HJULII GHU VWUDIEDUHQ +DQGOXQJ E]Z GHU 6WUDIWDW HLQ ZHLWHU LVW XQG QDPHQWOLFK DXFK JHULQJIJLJH 'HOLNWH ± ZLH LQVEHVRQGHUH hEHUWUHWXQJHQ ± XPIDVVHQ NDQQ 'LH 1RUP LVW DEHU QLFKW GHVKDOE ]X XQEHVWLPPW ZHLO GHU %HJULII GHU VWUDIEDUHQ +DQGOXQJ RGHU GHU 6WUDIWDW HLQH 9LHO]DKO YRQ 'HOLNWHQ XQWHUVFKLHGOL FKHU 6FKZHUH HUIDVVHQ NDQQ (LQH %HVFKUlQNXQJ DXI 9HUEUHFKHQ XQG 9HUJHKHQ VFKRQ LP 7DWEHVWDQG ZlUH ]ZDU ZQVFKHQVZHUW ,QGHVVHQ LVW QLFKW ]X EHUVHKHQ GDVV XQWHU VWUHQJHQ 9RUDXVVHW]XQJHQ DXFK HLQH 9LGHREHUZDFKXQJ ]XU 9HUKWXQJ XQG 9HUIROJXQJ YRQ hEHUWUHWXQJHQ YHUKlOWQLVPlVVLJ VHLQ NDQQ 'LH 1RUP DOV *DQ]HV LVW DEHU QXU GDQQ KLQUHLFKHQG EHVWLPPW ZHQQ VLH GLH =XOlVVLJNHLW GHU 9L GHREHUZDFKXQJ DQ GDV 9RUOLHJHQ HLQHU EHVRQGHUHQ *HIDKUHQODJH E]Z *HIlKUGXQJ NQSIW 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II 921 =(=6&+:,7= 5] VD %9HUI* %Y5 $EV1U II 19Z= ZR QDFK HLQH %HIXJQLVQRUP ZHOFKH GLH hEHUZDFKXQJ GDQQ HUODXEW ZHQQ GLH .HQQWQLV YRQ SHU VRQHQEH]RJHQHQ 'DWHQ Ä]XU (UIOOXQJ GHU LQ GHU =XVWlQGLJNHLW GHU HUKHEHQGHQ 6WHOOH OLHJHQ GHQ $XIJDEHQ HUIRUGHUOLFK LVW³ LF JLQJ HV XP GLH EHK|UGOLFKH hEHUZDFKXQJ HLQHV %RGHQNXQVWZHUNV QLFKW JHQJHQG EHVWLPPW LVW 'LHVHU Ä(UKHEXQJV]ZHFN³ ELOGH NHLQH *UXQG ODJH IU HLQH hEHUSUIXQJ GHU 0DVVQDKPH DXI LKUH 5HFKWPlVVLJNHLW XQG PDFKH GLH 'DWHQYHU ZHQGXQJ DXFK QLFKW YRUKHUVHKEDU $$ %$86&+ 6LHKH $EV ,'$*$* ÄgIIHQWOLFKH 2UJDQH GUIHQ |IIHQWOLFK ]XJlQJOLFKH 5lXPH PLW RSWLVFKHOHNWURQLVFKHQ $QODJHQ EHREDFKWHQ ZHQQ GLHV ]XU (UIOOXQJ HLQHU |IIHQWOLFKHQ $XI JDEH RGHU ]XU :DKUQHKPXQJ HLQHV +DXVUHFKWV HUIRUGHUOLFK LVW XQG NHLQH $QKDOWVSXQNWH GDIU EHVWHKHQ GDVV VFKXW]ZUGLJH ,QWHUHVVHQ GHU %HWURIIHQHQ EHUZLHJHQ³ 921 =(=6&+:,7= 5] XQG 9JO HWZD $EV ,'*%6 XQG $EV 992%6 ELV $EV ,QIR'*62 9JO HWZD $UW D 3RO*%( E $EV *\PQDVLDO92/8 'DVV DXFK hEHUWUHWXQJHQ YRP %HJULII GHU 6WUDIWDW HUIDVVW VHLQ VROOHQ LVW ]XPLQGHVW LP .DQWRQ %HUQ GLH NODUH $EVLFKW GHV *HVHW]JHEHUV $XI HLQH %HVFKUl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|JOLFKVW EHVWLPPW DE]XIDVVHQ :HQQ DOVR ]% EHL |IIHQWOLFKHQ *HElXGHQ GHP ,QKDEHU GHV +DXVUHFKWV GLH %HIXJQLV ]XJHVWDQGHQ ZLUG GLH 9LGHREHUZDFKXQJ DQ]XRUGQHQ LVW DXFK NODU]XVWHOOHQ GXUFK ZHQ GLH 5HFKWH GHV ,QKDEHUV GHV +DXV UHFKWV ZDKUJHQRPPHQ ZHUGHQ $XFK GLH $XIVLFKW EHU GLH 'DWHQEHDUEHLWXQJ LVW ]X UHJHOQ VRIHUQ VLH QLFKW RKQHKLQ GHU EHUJHRUGQHWHQ 9HUZDOWXQJVEHK|UGH RGHU GHP 'DWHQVFKXW]EHDXIWUDJWHQ ]XVWHKW 6ROO GLH 9LGHREHUZDFKXQJ DXI 3ULYDWH DXVJHODJHUW ZHUGHQ KDW HLQH IRUPHOO JHVHW]OLFKH *UXQGODJH ]X QRUPLHUHQ XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ XQG %HGLQ JXQJHQ GLHV ]XOlVVLJ LVW 'LH JHVHW]OLFKH *UXQGODJH KDW VLFK DXFK EHU GLH $XIVLFKW XQG GHQ 5HFKWVVFKXW] ]X lXVVHUQ 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ LVW HV MH GRFK JUXQGVlW]OLFK QLFKW ]XOlVVLJ GLH 9LGHREHUZDFKXQJ XQG GLH VLFK LKU DQ VFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH 3ULYDWHQ ]X EHUODVVHQ (LQHU DXVGUFNOLFKHQ IRUPHOOJHVHW]OLFKHQ *UXQGODJH EHGUIWH DXFK GLH (LQUlXPXQJ DXWRPDWLVFKHU =X JULIIVUHFKWH DXI SULYDWH 9LGHREHUZDFKXQJVV\VWHPH DQ GLH 3ROL]HL 'LHV DXFK XP ]X YHUPHLGHQ GDVV VLFK VROFKH .RRSHUDWLRQHQ ZHOFKH ]X HLQHU XPIDVVHQGHQ (UZHLWHUXQJ GHU VWDDWOLFKHQ hEHUZDFKXQJVNDSD]LWlW XQG ]X HLQHP 9HUVFKZLPPHQ GHU =XVWlQGLJNHLWHQ YRQ 6WDDW XQG 3ULYDWHQ IKUHQ DXVVHUKDOE UHFKWVVWDDWOLFKHU XQG GHPRNUDWLVFKHU 6SLHOUHJHOQ HQWZLFNHOQ ,QGHVVHQ LVW LP %HUHLFK GHU 9LGHREHU ZDFKXQJ HLQH VROFKH .RRSHUDWLRQ ]ZLVFKHQ 6WDDW XQG 3ULYDWHQ QXU XQWHU HQJHQ %H GLQJXQJHQ ]XOlVVLJ 0$7+,6 $(33/, 6&+:(,=(5 &RQFOXVLRQV DQG 5HFRPPHQGDWLRQV I IHUQHU %$86&+ 1DFK $EV '6*6= EVSZ NDQQ GLH 9LGHREHUZDFKXQJ |IIHQWOLFK ]X JlQJOLFKHU 2UWH YRQ MHQHP |IIHQWOLFKHQ 2UJDQ DQJHRUGQHW ZHUGHQ GHP GDV %HQW]XQJVUHFKW RGHU GLH +RKHLW EHU GHQ ]X EHUZDFKHQGHQ 2UW ]XVWHKW VD YRUQH )Q 9JO ]% GLH 5HJHOXQJ YRQ $UW E $EV 3RO*%( Ä'LH 5HFKWH GHU ,QKDEHULQQHQ XQG ,Q KDEHU GHV +DXVUHFKWV ZHUGHQ YRQ GHQ 'LUHNWLRQHQ GHU 6WDDWVNDQ]OHL GHQ REHUVWHQ *HULFKWV EHK|UGHQ XQG GHU *HQHUDOVWDDWVDQZDOWVFKDIW ZDKUJHQRPPHQ³ 9JO 6&+:(,=(5 &RQFOXVLRQV DQG 5HFRPPHQGDWLRQV I 9JO 0h//(5-(11, II 9JO KLQWHQ 7HLO ,9 $ 9JO GD]X DXFK YRUQH )Q 9JO 58(** I VD *$8/ I 9JO KLQWHQ 7HLO ,9 % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 7HFKQLVFKH 0LWWHO XQG (LQVDW]IRUPHQ ,Q HLQHU IU GHQ %UJHU YRUKHUVHKEDUHQ XQG GDV (UPHVVHQ GHU %HK|UGH KLQUHLFKHQG EHJUHQ]HQGHQ $UW XQG :HLVH LVW VRGDQQ IHVW]XOHJHQ XQWHU (LQVDW] ZHOFKHU WHFKQL VFKHU 0LWWHO XQG LQ ZHOFKHU )RUP GLH hEHUZDFKXQJ HUIROJHQ GDUI ,QVEHVRQGHUH PXVV DXV GHU JHVHW]OLFKHQ *UXQGODJH HUVLFKWOLFK VHLQ RE QXU HLQH %H REDFKWXQJ QDFK GHP .DPHUD0RQLWRU3ULQ]LS QXU HLQH $XI]HLFKQXQJ RGHU DEHU EHLGHV ]XOlVVLJ LVW 'DVV VRZRKO HLQH %HREDFKWXQJ DOV DXFK HLQH $XI]HLFKQXQJ P|JOLFK VLQG ZLUG WHLOZHLVH DXVGUFNOLFK QRUPLHUW :HQLJHU RIIHQVLFKWOLFK LVW GLHV ZHQQ GLH 5HGH LVW YRQ %HREDFKWXQJ PLWWHOV ÄRSWLVFKHOHNWURQLVFKHQ $QOD JHQ³ YRQ hEHUZDFKXQJ PLW Ä9LGHRNDPHUDV³ YRQ Ä9LGHREHUZDFKXQJ³ YRQ Ä9LGHRDQODJHQ³ YRP (LQVDW] YRQ ÄWHFKQLVFKHQ *HUlWHQ³ RGHU ÄhEHUZD FKXQJVJHUlWHQ³ ÄWHFKQLVFKHU 0LWWHO QDPHQWOLFK 9LGHRJHUlWH³ RGHU YRP (LQ VDW] YRQ Ä$QODJHQ ]XU YLVXHOOHQ hEHUZDFKXQJ³ *UXQGVlW]OLFK PXVV MHGRFK GD YRQ DXVJHJDQJHQ ZHUGHQ GDVV JHVWW]W DXI VROFKH )RUPXOLHUXQJHQ VRZRKO HLQH 9LGHREHREDFKWXQJ DOV DXFK HLQH 9LGHRDXI]HLFKQXQJ ± XQG ]ZDU DXFK LQ NRPELQLHU WHU )RUP ± ]XOlVVLJ VLQG 'LH =XOlVVLJNHLW GHU $XI]HLFKQXQJ HUJLEW VLFK ]XGHP KlXILJ DXFK DXV GHP V\VWHPDWLVFKHQ .RQWH[W GHU %HVWLPPXQJHQ 'LH (UPlFKWLJXQJ ]XP (LQVDW] YRQ 9LGHREHUZDFKXQJ HUODXEW DXFK ± RKQH GDVV GLHV H[SOL]LW HUZlKQW ZHUGHQ PXVV ± GLH 9HUZHQGXQJ YRQ PLW 6FKZHQN 1HLJH 0$7+,6 $(33/, IHUQHU ('g% 7% %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 2&+6(1)(/'5(33 %$576&+ 5$1'+$+1 I 9JO %*HU &B ( IHUQHU *(,*(5 0$7+,6 $(33/, 9JO $EV '6*6= Ä%LOGEHUPLWWOXQJV XQG %LOGDXI]HLFKQXQJVJHUlWH³ VD $UW $EV N'6*1: ÄWHFKQLVFKH *HUlWH ZLH LQVEHVRQGHUH %LOGDXI]HLFKQXQJVJHUlWH³ $EV ,'$*$* $UW $EV 3RO56* $UW D $EV 3RO*$5 $UW $EV '69*/ $UW 9LGHR5HJ/8 $UW $EV 9LGHR5HJ/8 $UW $EV XQG '6*2: $UW $EV 3RO*85 ELV $EV ,QIR'*62 9JO %*HU &B ( LQVE ( =% LP =XVDPPHQKDQJ PLW GHP (UIRUGHUQLV GDVV GHU 8PVWDQG GHU Ä$XI]HLFKQXQJ³ HUNHQQ EDU ]X PDFKHQ LVW $EV ,'$*$* LP =XVDPPHQKDQJ PLW GHU 9HUQLFKWXQJ RGHU /| VFKXQJ GHV Ä$XI]HLFKQXQJVPDWHULDOV³ $UW $EV 3RO56* $UW D $EV 3RO*$5 GHU ÄDXIJHQRPPHQHQ %LOGHU³ $UW $EV '69*/ GHU Ä$XI]HLFKQXQJHQ³ $UW $EV 3RO*85 GHU ÄJHVSHLFKHUWHQ 3HUVRQHQGDWHQ³ $UW $EV %VW E '6*2: RGHU GHU ÄDXI JH]HLFKQHWHQ 3HUVRQHQGDWHQ³ ELV $EV ,QIR'*62 RGHU LP =XVDPPHQKDQJ PLW GHU :HLWHUJDEH YRQ Ä$XI]HLFKQXQJHQ³ $UW 9LGHR5HJ/8 GHU $XVZHUWXQJ GHU Ä$XI]HLFK QXQJHQ³ $UW $EV 3RO*85 RGHU GHP 6FKXW] JHJHQ PLVVEUlXFKOLFKH 9HUZHQGXQJ GHV Ä%LOGPDWHULDOV³ GXUFK JHHLJQHWH WHFKQLVFKH XQG RUJDQLVDWRULVFKH 0DVVQDKPHQ $UW $EV 3RO56* $UW D $EV 3RO*$5 =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ RGHU =RRPPHFKDQLVPHQ DXVJHUVWHWHQ .DPHUDV VRZLH YRQ 5HVWOLFKWYHUVWlU NHUQ $XFK HLQH PRELOH hEHUZDFKXQJ ]% YRQ HLQHP )DKU]HXJ RGHU GHU /XIW DXV LVW YRQ GHU %HIXJQLV ]XP (LQVDW] YRQ 9LGHREHUZDFKXQJ LQ |IIHQWOLFKHQ RGHU |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ QLFKW JUXQGVlW]OLFK DXVJHVFKORVVHQ 'LHV JLOW DOOHUGLQJV QXU VRZHLW GLH hEHUZDFKXQJ GHP (LQ]HOQHQ HUNHQQEDU JHPDFKW ZLUG *HUDGH EHL GHU PRELOHQ hEHUZDFKXQJ QDPHQWOLFK DXV GHU /XIW LVW GLHV MHGRFK VFKZHU ]X EHZHUNVWHOOLJHQ (UIROJW GLH hEHUZDFKXQJ DEHU LQ QLFKW HUNHQQEDUHU :HLVH KDQGHOW HV VLFK XP HLQH YHUGHFNWH hEHUZDFKXQJ ZHOFKH HLQHU DXVGUFNOL FKHQ IRUPHOOJHVHW]OLFKHQ *UXQGODJH EHGDUI 'LHVH KDW GLH =XOlVVLJNHLWVYRUDXV VHW]XQJHQ GHU YHUGHFNWHQ hEHUZDFKXQJ PLW KRKHU %HVWLPPWKHLW LP (LQ]HOQHQ ]X UHJHOQ =X SUIHQ EOHLEW LQZLHIHUQ JHVWW]W DXI HLQH DOOJHPHLQH %HIXJQLVQRUP ]XU 9LGHR EHUZDFKXQJ DXFK VROFKH hEHUZDFKXQJVPLWWHO ]XOlVVLJ VLQG ZHOFKH EHU GLH EORV VH %LOGDXIQDKPH XQG DXI]HLFKQXQJ KLQDXVJHKHQ =X GHQNHQ LVW HWZD DQ GLH LQWHOOL JHQWH 9LGHREHUZDFKXQJ GLH DXWRPDWLVFKH 1XPPHUQVFKLOGHUNHQQXQJ ELRPHWUL VFKH (UNHQQXQJVV\VWHPH RGHU 7HFKQLNHQ PLW ZHOFKHQ VLFK GXUFK .OHLGHU KLQGXUFK VHKHQ OlVVW 'DEHL KDQGHOW HV VLFK QLFKW HLQIDFK XP WHFKQLVFKH 9HUEHVVHUXQJHQ VRQGHUQ XP JlQ]OLFK QHXH $QZHQGXQJHQ $XFK ZHQQ QLFKW DOOH WHFKQLVFKHQ (QW ZLFNOXQJHQ LP (LQ]HOQHQ YRUKHUVHKEDU VLQG EHZLUNHQ GLH ,QIRUPDWLVLHUXQJ GHU 9L GHREHUZDFKXQJ XQG GLH 'XUFKIKUXQJ YRQ 'DWHQDEJOHLFKHQ HLQH JDQ] DQGHUH 4XDOLWlW GHU hEHUZDFKXQJ XQG IKUHQ ]X HLQHU 9HUVWlUNXQJ GHV *UXQGUHFKWVHLQ JULIIV E]Z EHZLUNHQ ± HWZD EHL GHU 'XUFKIKUXQJ YRQ 'DWHQDEJOHLFKHQ ± HLQHQ QHXHQ HLJHQVWlQGLJHQ *UXQGUHFKWVHLQJULII *HUDGH QHXH XQG UDIILQLHUWH WHFKQL VFKH (QWZLFNOXQJHQ YHUODQJHQ QDFK HLQHU EHVWLPPWHQ 5HJHOXQJ LP *HVHW] GDPLW GHUHQ (LQVDW] KLQUHLFKHQG GHPRNUDWLVFK OHJLWLPLHUW LVW XQG HV IU GHQ (LQ]HOQHQ /$1* I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 'LHVH $XIIDVVXQJ ZLUG DXFK EH]JOLFK E %'6* YHUWUHWHQ GHU GLH Ä%HREDFKWXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH PLW RSWLVFKHOHNWURQLVFKHQ (LQULFKWXQJHQ 9LGHREHUZDFKXQJ³ UHJHOW YJO /$1* 3ULYDWH 9LGHREHUZDFKXQJ 'LH SUlYHQWLYSROL]HLOLFKH 9LGHREHUZDFKXQJ KDW LQ HLQHU GHP (LQ]HOQHQ HUNHQQEDUHQ $UW XQG :HLVH ]X HUIROJHQ 'LHV HUJLEW VLFK LQVEHVRQGHUH DXV GHP GDWHQVFKXW]UHFKWOLFKWHQ *UXQG VDW] GHU (UNHQQEDUNHLW YRUQH 7HLO 9, ) VRZLH GHP 9HUKlOWQLVPlVVLJNHLWVSULQ]LS KLQ WHQ 7HLO ,9 % XQG 7HLO ,9 % D 2IWPDOV VFKUHLEHQ VFKRQ GLH JHVHW]OLFKHQ *UXQGOD JHQ ]XU 9LGHREHUZDFKXQJ YRU GDVV GLH 9LGHREHUZDFKXQJ GHP (LQ]HOQHQ HUNHQQEDU ]X PDFKHQ LVW YJO HWZD $EV ,'$*$* XQG $UW D $EV 3RO*$5 9JO YRUQH 7HLO 9, ) 9JO *(,*(5 I 921 =(=6&+:,7= 5] I 'D]X HWZD 1(80$11 II 3UREOHPDWLVFK LVW GHVKDOE GLH 5HJHOXQJ GHU =XOlVVLJNHLWVYR UDXVVHW]XQJHQ HLQHU YHUGHFNWHQ hEHUZDFKXQJ DXI 9HURUGQXQJVVWXIH LQ $UW 0,9 'D]X YRUQH 7HLO , $ XQG 7HLO , % 9JO %$86&+ 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ YRUKHUVHKEDU EOHLEW PLW ZHOFKHQ hEHUZDFKXQJVPHWKRGHQ HU UHFKQHQ PXVV 6R ZHLW GLH 9LGHREHUZDFKXQJ QXU ]X =ZHFNHQ GHU 9HUKWXQJ YRQ 6WUDIWDWHQ RGHU GHU %HZHLVVLFKHUXQJ HLQJHVHW]W ZHUGHQ GDUI VLQG RKQHKLQ HLQ]LJ VROFKH WHFKQLVFKH 0LW WHO ]XOlVVLJ GLH VLFK LP 5DKPHQ GLHVHU =ZHFNEHVWLPPXQJ EHZHJHQ *HUDGH GLH LQ WHOOLJHQWH 9LGHREHUZDFKXQJ RGHU GLH 'XUFKIKUXQJ YRQ 'DWHQDEJOHLFKHQ GLHQHQ DEHU RIWPDOV GHU )DKQGXQJ QDFK 7DWYHUGlFKWLJHQ ZHVKDOE VLH VLFK QLFKW DXI ]XU EORVV SUlYHQWLYSROL]HLOLFKHQ 9LGHREHUZDFKXQJ HUPlFKWLJHQGH *HVHW]HVJUXQG ODJHQ VWW]HQ ODVVHQ 'LH 'XUFKIKUXQJ DXWRPDWLVFKHU %LOGDEJOHLFKH XQG GLH 9HUZHQGXQJ YRQ ELRPHWULVFKHQ (UNHQQXQJVV\VWHPHQ YRQ 9LGHRDQDO\VH HWZD ]XU 5HJLVWULHUXQJ DEZHLFKHQGHQ 9HUKDOWHQV RGHU ]XU DXWRPDWLVFKHQ 9HUIROJXQJ YRQ 3HUVRQHQ YRQ 6\VWHPHQ ]XU 1XPPHUQVFKLOGHUNHQQXQJ RGHU hEHUZDFKXQJVJHUl WHQ ZHOFKH XQWHU GLH .OHLGHU VHKHQ N|QQHQ EHGUIHQ VRPLW HLQHU IRUPHOO JHVHW]OLFKHQ *UXQGODJH ZHOFKH VROFKH 0LWWHO DXVGUFNOLFK DOV ]XOlVVLJ HUNOlUW 6ROO DXFK HLQH DNXVWLVFKH hEHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ ]XU *H IDKUHQDEZHKU RGHU %HZHLVVLFKHUXQJ HUIROJHQ ZHOFKH VLFK MHGRFK UHJHOPlVVLJ DOV XQYHUKlOWQLVPlVVLJ HUZHLVHQ GUIWH EHGUIWH GLHVH VHOEVWYHUVWlQGOLFK HEHQIDOOV HLQHU DXVGUFNOLFKHQ 1RUPLHUXQJ ,QVEHVRQGHUH KDW HLQ (LQVDW] DNXVWLVFKHU hEHUZDFKXQJVJHUlWH DXFK GDQQ NHLQH JHQJHQGH JHVHW]OLFKH *UXQGODJH ZHQQ GLH 3ROL]HL LP |IIHQWOLFKHQ 5DXP ÄWHFKQLVFKH 0LWWHO³ HLQVHW]HQ GDUI 5HJHOXQJ GHV ZHLWHUHQ 8PJDQJV PLW GHP %LOGPDWHULDO (LQHU IRUPHOOJHVHW]OLFKHQ KLQUHLFKHQG EHVWLPPWHQ ± XQG GHP 9HUKlOWQLVPlVVLJ NHLWVSULQ]LS 5HFKQXQJ WUDJHQGHQ ± 5HJHOXQJ EHGUIHQ VRGDQQ GLH VLFK GHU $XI ]HLFKQXQJ DQVFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH QDPHQWOLFK EH]JOLFK GHV 8P JDQJV PLW GHP %LOGPDWHULDO 9JO GLH $XVIKUXQJHQ GHV (*05 ± DOOHUGLQJV PLW %H]XJ DXI JHKHLPH hEHUZDFKXQJVPDVV QDKPHQ ± LQ GHQ 8UWHLOHQ YRP -XOL L6 /LEHUW\ XD JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII YRP -XQL L6 $VVRFLDWLRQ IRU (XURSHDQ ,QWHJUDWLRQ DQG +X PDQ 5LJKWV DQG (NLPG]KLHY JHJHQ %XOJDULHQ 1U =LII YRP 0lU] L6 .RSS JHJHQ 6FKZHL] 1U 5HSRUWV ,, =LII YRP $SULO L6 +XYLJ JHJHQ )UDQNUHLFK 1U 6HU $ 1U % =LII YRP $SULO L6 .UXVOLQ JHJHQ )UDQNUHLFK 6HU $ 1U $ =LII YJO IHUQHU &R( 5HVROXWLRQ YLGHR VXUYHLOODQFH =LII 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H VD YRUQH 7HLO , $ 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %$576&+ 5$1'+$+1 I YJO IHUQHU 6&+:(*/(5 'LJLWDOH )RWRJUDILH VD ('g% 7% D$ ZRKO 5$1'+$+1 I +LQWHQ 7HLO ,9 % D 3(75, 5] 9JO DEHU %RWVFK 3RO*85 9JO 6$/$',1:$/'(5 9JO %$86&+ =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ 9RQ %HGHXWXQJ LVW ]XQlFKVW GDVV GLH $XVZHUWXQJ GHV %LOGPDWHULDOV JHQDX JHUHJHOW ZLUG 'LH JHVHW]OLFKH *UXQGODJH KDW LQVEHVRQGHUH ]X UHJHOQ ZHU XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ GDV $XI]HLFKQXQJVPDWHULDO VLFKWHQ XQG DXVZHUWHQ GDUI 'DEHL LVW GHU .UHLV GHU ]XU $XVZHUWXQJ EHIXJWHQ 6WHOOHQ P|JOLFKVW HLQVFKUlQNHQG ]X XP VFKUHLEHQ *UXQGVlW]OLFK VFKHLQHQ GD]X QXU GLH 3ROL]HL RGHU GLH 6WUDIYHUIROJXQJV EHK|UGHQ JHHLJQHW QLFKW DEHU DXFK GLHMHQLJHQ %HK|UGHQ XQG $PWVVWHOOHQ ZHOFKH HLQH 9LGHREHUZDFKXQJ ]XP 6FKXW] GHU YRQ LKQHQ JHQXW]WHQ |IIHQWOLFKHQ *HElXGH HLQVHW]HQ GUIHQ *HVHW]OLFK LVW GLH $XVZHUWXQJ ]XGHP DQ GDV 9RUOLHJHQ HLQHU 6WUDIDQ]HLJH HLQHV 6WUDIDQWUDJV RGHU NRQNUHWHU 9HUGDFKWVJUQGH IU HLQH 6WUDIWDW DXIJUXQG HLJHQHU EHK|UGOLFKHU )HVWVWHOOXQJHQ ]X NQSIHQ 'LH =XOlVVLJNHLW HLQHU V\VWHPDWLVFKHQ 9LVLRQLHUXQJ GHV $XI]HLFKQXQJVPDWHULDOV RKQH 9HUGDFKW DXI HLQ EH JDQJHQHV 'HOLNW ]XU EORVVHQ (QWGHFNXQJ YRQ 'HOLNWHQ PXVV XQWHU 9HU KlOWQLVPlVVLJNHLWVJHVLFKWVSXQNWHQ JUXQGVlW]OLFK YHUQHLQW ZHUGHQ -HGHQIDOOV EH GUIWH VLH HLQHU DXVGUFNOLFKHQ JHVHW]OLFKHQ *UXQGODJH 5HJHOXQJHQ ZHOFKH LP =XVDPPHQKDQJ PLW GHU 9HUQLFKWXQJ RGHU GHU $XIEHZDKUXQJ GHV %LOGPDWHULDOV YRQ Ä$XVZHUWXQJ³ VSUHFKHQ JHQJHQ GDEHL MHGHQIDOOV QLFKW DOV *UXQGODJH IU HLQH VROFKH V\VWHPDWLVFKH XQG YHUGDFKWVORVH $XVZHUWXQJ 0LW VROFKHQ %HVWLPPXQJHQ 9JO 0$7+,6 $(33/, 0$7+,6 $(33/, 58(**)/h&.,*(5129(0%(5./$86(5 02+/(5 =XWULWWVNRQWURO OHQ 9RUELOGOLFK LQVRIHUQ $UW H $EV XQG 3RO*%( ZRQDFK %LOGDXI]HLFKQXQJHQ GXUFK GLH Ä.DQWRQVSROL]HL³ DXVJHZHUWHW ZHUGHQ GUIHQ ÄIDOOV HLQH 6WUDIDQ]HLJH HLQ 6WUDIDQ WUDJ RGHU NRQNUHWH 9HUGDFKWVJUQGH IU HLQH 6WUDIWDW YRUOLHJHQ XQG GDPLW ]X UHFKQHQ LVW GDVV GLH $XI]HLFKQXQJHQ DOV %HZHLVPLWWHO GLHQHQ N|QQHQ³ VD 992=99 3UREOHPDWLVFK LVW KLQJHJHQ GLH 5HJHOXQJ YRQ $EV %VW E 9,'$*$* ZRQDFK EHL GHU hEHUZDFKXQJ |I IHQWOLFK ]XJlQJOLFKHU 5lXPH LQ HLQHP EORVVHQ 5HJOHPHQW GLH 3HUVRQ RGHU 6WHOOH ]X EH]HLFKQHQ LVW ÄGLH PLW GHU 'XUFKIKUXQJ GHU hEHUZDFKXQJ EHWUDXW ZLUG XQG GLH 'DWHQ EHDUEHLWHQ LQVEH VRQGHUH DXVZHUWHQ GDUI³ 9JO GLH 5HJHOXQJHQ YRQ $UW H $EV 3RO*%( YRUQH )Q XQG YRQ $UW 9L9R 85 9JO KLQWHQ 7HLO ,9 & 9JO $UW $EV 6DW] 3RO*85 Ä'LH $XI]HLFKQXQJHQ VLQG DXV]XZHUWHQ³ 6LHKH DEHU $UW $EV 9L9R85 GHU GLH YHUGDFKWVORVH $XVZHUWXQJ ± ]X 5HFKW ± DOV XQ]XOlVVLJ HU NOlUW 9JO ELV $EV 6DW] ,QIR'*62 Ä$XIJH]HLFKQHWH 3HUVRQHQGDWHQ PVVHQ XPJHKHQG QDFK GHU $XVZHUWXQJ VSlWHVWHQV 6WXQGHQ VHLW GHU $XI]HLFKQXQJ YHUQLFKWHW RGHU EHU VFKULHEHQ ZHUGHQ³ SUREOHPDWLVFK DXFK $UW $EV XQG 3%* XQG $UW E $EV XQG (%* Ä9LGHRVLJQDOH N|QQHQ DXIJH]HLFKQHW ZHUGHQ 6LH PVVHQ JUXQGVlW]OLFK DP QlFKVWHQ 7DJ DXVJHZHUWHW ZHUGHQ $QVFKOLHVVHQG VLQG GLH 9LGHRVLJQDOH GLHEVWDKOVLFKHU DXI]XEHZDKUHQ $XIEHZDKUWH 9LGHRVLJQDOH VLQG YRU 0LVVEUDXFK ]X VFKW]HQ XQG VSlWHVWHQV QDFK 7DJHQ ]X YHUQLFKWHQ³ VRZLH $UW $EV 9992 Ä$XI]HLFKQXQJHQ PLW 3HUVRQHQGDWHQ PVVHQ VSlWHVWHQV DP QlFKVWHQ :HUNWDJ DXVJHZHUWHW ZHUGHQ ,VW GLHV DXV EHWULHEOLFKHQ RGHU WHFKQL VFKHQ *UQGHQ QLFKW P|JOLFK VR PVVHQ VLH LQQHUW ]ZHL ZHLWHUHQ :HUNWDJHQ DXVJHZHUWHW ZHUGHQ³ 'LHVHQ %HVWLPPXQJHQ OlVVW VLFK P( QLFKW PLW KLQUHLFKHQGHU 'HXWOLFKNHLW HLQH 3IOLFKW HQWQHKPHQ GLH 9LGHRVLJQDOH ± RKQH 9HUGDFKW DXI HLQH 6WUDIWDW ± V\VWHPDWLVFK ]X YLVL RQLHUHQ XQG DXV]XZHUWHQ :HQQ DEHU $QODVV IU HLQH $XVZHUWXQJ EHVWHKW KDW GLHVH JUXQGVlW] OLFK DP 7DJ QDFK GHU $XIQDKPH ]X HUIROJHQ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ ZLUG QXU ]HLWOLFK GLH 0|JOLFKNHLW HLQJHVFKUlQNW EHL $QKDOWVSXQNWHQ DXI HLQ EHJDQ JHQHV 'HOLNW GLH $XI]HLFKQXQJHQ ]X VLFKWHQ )RUPHOOJHVHW]OLFK LVW DXFK ]X UHJHOQ DQ ZHOFKH %HK|UGHQ LQ ZHOFKHP 9HUIDKUHQ XQG XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ GLH 'DWHQ EHUPLWWHOW ZHUGHQ GUIHQ %HL GHU 'DWHQEHNDQQWJDEH ± ZRUXQWHU DXFK GLH :HLWHUOHLWXQJ YRQ DXI SUlYHQWLY SROL]HLOLFKHU *UXQGODJH HUKREHQHU 'DWHQ GXUFK GLH 3ROL]HL DQ GLH 6WUDIXQWHUVX FKXQJVEHK|UGHQ IlOOW ± KDQGHOW HV VLFK DXIJUXQG GHU GDPLW YHUEXQGHQHQ EHVRQ GHUHQ *HIDKU YRQ 3HUV|QOLFKNHLWVYHUOHW]XQJHQ XP HLQHQ lXVVHUVW KHLNOHQ %HDUEHL WXQJVVFKULWW 'LHV JLOW LQVEHVRQGHUH GDQQ ZHQQ GLH 'DWHQ RKQH (LQZLOOLJXQJ GHU %HWURIIHQHQ HUKREHQ ZRUGHQ VLQG XQG HLQHQ VWDUNHQ %H]XJ ]X GHUHQ 3HUV|QOLFKNHLW DXIZHLVHQ ZLH GLHV EHL GXUFK 9LGHREHUZDFKXQJ HUKREHQHQ 'DWHQ RIWPDOV ]X EHMDKHQ LVW 'DEHL KDW GDV *HVHW] GHQ .UHLV GHU 'DWHQHPSIlQJHU P|JOLFKVW HLQ VFKUlQNHQG ]X XPVFKUHLEHQ XQG GDPLW GHP 9HUKlOWQLVPlVVLJNHLWVSULQ]LS 5HFKQXQJ ]X WUDJHQ (LQH :HLWHUJDEH YRQ 'DWHQ GDUI JUXQGVlW]OLFK QXU DQ VROFKH %HK|UGHQ VWDWWILQGHQ ZHOFKH PLW GHU 9HUIROJXQJ YRQ 6WUDIWDWHQ RGHU GHU %HXUWHLOXQJ YRQ ]L YLOUHFKWOLFKHQ $QVSUFKHQ EHWUDXW VLQG 'HU .UHLV GLHVHU 'DWHQHPSIlQJHU LVW JH VHW]OLFK ± DEVFKOLHVVHQG ± ]X EHVWLPPHQ 1XU VR OlVVW VLFK DXVVFKOLHVVHQ GDVV 'DWHQ DXV HLQHU 9LGHREHUZDFKXQJ EHLVSLHOVZHLVH DQ HLQH 6FKXOEHK|UGH EHNDQQW JHJHEHQ ZHUGHQ ZHOFKH EHUSUIHQ ZLOO RE VLFK GLH 6FKOHU DXI GHP 1DFKKDXVHZHJ DQ VWlQGLJ EHQHKPHQ =X EHUFNVLFKWLJHQ LVW GDVV DXFK GLH %HNDQQWJDEH PLW SUl YHQWLYSROL]HLOLFKHU =ZHFNULFKWXQJ HUKREHQHU 3HUVRQHQGDWHQ GXUFK GLH 3ROL]HL DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ HLQHU JHVHW]OLFKHQ *UXQGODJH EHGDUI 'HU 'DWHQDXV WDXVFK ]ZLVFKHQ 3ROL]HL XQG 6WUDIYHUIROJXQJVEHK|UGHQ LVW REZRKO HU UHJHOPlVVLJ VWDWWILQGHW XQG ]XU 9HUKWXQJ XQG 9HUIROJXQJ YRQ 6WUDIWHQ ± DXFK LP %HUHLFK GHU 9LGHREHUZDFKXQJ ± GXUFKDXV HUIRUGHUOLFK VHLQ NDQQ QLFKW XQSUREOHPDWLVFK XQG RKQH ZHLWHUHV ]XOlVVLJ 'LHV LQVEHVRQGHUH GHVKDOE GD EHL GHU %HVFKDIIXQJ *(,*(5 58(**)/h&.,*(5129(0%(5./$86(5 3526&+$. 3ULQFLSOH L 5HF YJO ]% $UW $EV /,3$'*( 9JO :$/'(1 EHWUHIIHQG GLH Ä'DWHQEHUPLWWOXQJ³ QDFK $EV 1U %'6* IHUQHU 5(,1+$5' I -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] %RWVFK '6* 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I 9JO ]% GLH 5HJHOXQJ YRQ $UW $EV 9LGHR5HJ/8 9JO GDV %HLVSLHO EHL 58(** 58(**)/h&.,*(5129(0%(5./$86(5 I %RWVFK %:,6 %*( , 9JO GD]X 3ULQFLSOH 5HF Ä&RPPXQLFDWLRQ ZLWKLQ WKH SROLFH VHFWRU´ Ä7KH FRP PXQLFDWLRQ RI GDWD EHWZHHQ SROLFH ERGLHV WR EH XVHG IRU SROLFH SXUSRVHV VKRXOG RQO\ EH SHU PLVVLEOH LI WKHUH H[LVWV D OHJLWLPDWH LQWHUHVW IRU VXFK FRPPXQLFDWLRQ ZLWKLQ WKH IUDPHZRUN RI WKH OHJDO SRZHUV RI WKHVH ERGLHV³ ,P ([SODQDWRU\ 0HPRUDQGXP 5HF ZLUG LQ =LII IHVWJHKDOWHQ Ä7UDQVIHU RI GDWD ZLWKLQ WKH SROLFH VHFWRU LV PDGH FRQGLWLRQDO RQ WKH UHFHLYLQJ SROLFH DXWKRULW\ SRVVHVVLQJ D OHJLWLPDWH LQWHUHVW LQ REWDLQLQJ WKH GDWD IRU H[DPSOH WKDW WKH GDWD DUH QHHGHG E\ WKH UHFLSLHQW IRU WKH SUHYHQWLRQ RU VXSSUHVVLRQ RI FULPLQDO RIIHQFHV RU WKH PDLQWHQDQFH RI SXEOLF RUGHU´ 8QWHU GHP %HJULII ÄVXSSUHVVLRQ RI FULPLQDO RIIHQFHV´ PXVV =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ YRQ 'DWHQ LP 5DKPHQ GHU SROL]HLOLFKHQ *HIDKUHQDEZHKU RGHU 6WUDIYHUIROJXQJVYRU VRUJH GLH VWUDISUR]HVVXDOHQ 6LFKHUXQJHQ ZLH QDPHQWOLFK GDV (UIRUGHUQLV HLQHV KLQ UHLFKHQGHQ $QIDQJVYHUGDFKWV QLFKW ]XU $QZHQGXQJ NRPPHQ (LQH :HLWHUOHL WXQJ YRQ 'DWHQ VWHOOW ]XGHP HLQHQ VHOEVWlQGLJHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDU ZHOFKHU HLQHU JHVHW]OLFKHQ *UXQGODJH EH GDUI $XFK LQ GHU 'DWHQVFKXW]JHVHW]JHEXQJ ZLUG GLH =XOlVVLJNHLW HLQHU 'DWHQ EHNDQQWJDEH ± JUXQGVlW]OLFK ± DQ GDV 9RUOLHJHQ HLQHU DXVGUFNOLFKHQ 5HFKWVJUXQG ODJH JHNQSIW 'LH hEHUPLWWOXQJ GHV $XI]HLFKQXQJVPDWHULDOV DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ LVW DOOHUGLQJV QLFKW DXVJHVFKORVVHQ ZHQQ HV GDIU DQ HL QHU H[SOL]LWHQ %HVWLPPXQJ PDQJHOW DEHU ]XPLQGHVW DXV GHU =ZHFNEHVWLPPXQJ GHXWOLFK ZLUG GDVV GLH 9LGHREHUZDFKXQJ GHU :DKUXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ GLHQW 7HLOZHLVH ZLUG LPPHUKLQ LP =XVDPPHQKDQJ PLW GHQ /| VFKXQJV RGHU $XIEHZDKUXQJVSIOLFKWHQ HLQ DXVGUFNOLFKHU 9RUEHKDOW IU HLQH :HL WHUYHUZHQGXQJ GHU $XI]HLFKQXQJHQ LQ HLQHP 6WUDIYHUIDKUHQ JHPDFKW =XPLQ GHVW ZQVFKEDU ZlUH DEHU HLQH 5HJHOXQJ GDUEHU RE GLH 3ROL]HL RGHU GLH VRQVW ]XU 9LGHREHUZDFKXQJ HUPlFKWLJWHQ %HK|UGHQ YRQ VLFK DXV RGHU QXU DXI IRUPHOOH $QIUDJH GHU 6WUDIEHK|UGHQ GLH 'DWHQ KHUDXVJHEHQ GUIHQ ULFKWLJHUZHLVH DXFK GLH 6WUDIYHUIROJXQJ IDOOHQ YJO ([SODQDWRU\ 5HSRUW ('6h =LII 9JO DEHU 6&+:(*/(5 'LJLWDOH )RWRJUDILH XQG 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ VD %*HU $ ( G ZRQDFK HV IUDJOLFK LVW ÄRE PLW %H]XJ DXI GLH :HLWHUOHL WXQJ YRQ IUHPGHQSROL]HLOLFK HUVWHOOWHQ $V\ODNWHQ ]XU 9HUZHQGXQJ LQ HLQHP DXVOlQGHUUHFKWOL FKHQ 9HUIDKUHQ EHUKDXSW YRQ HLQHP GDWHQVFKXW]UHFKWOLFK UHOHYDQWHQ 9RUJDQJ JHVSURFKHQ ZHUGHQ NDQQ JHKW HV GRFK XP DPWOLFKH (UKHEXQJHQ ZHOFKH XQWHUHLQDQGHU HLQHQ =XVDPPHQ KDQJ KDEHQ³ =XU %HGHXWXQJ GHU 8QVFKXOGVYHUPXWXQJ EHL GHU SROL]HLOLFKHQ 'DWHQEHDUEHLWXQJ YJO YRUQH 7HLO 9, 9RUQH 7HLO ,9 % 9JO $UW $EV '6* XQG XQG ,'*=+ )U HLQH DXVGUFNOLFKH JHVHW]OLFKH *UXQG ODJH ZUGH DXFK VSUHFKHQ ZHQQ LQ GHU 9HUZHQGXQJ YRQ PLW SUlYHQWLYSROL]HLOLFKHU =ZHFN ULFKWXQJ HUKREHQHQ 'DWHQ LP 6WUDIYHUIDKUHQ HLQH =ZHFNlQGHUXQJ ]X HUEOLFNHQ ZlUH YJO GD]X DXFK YRUQH 7HLO 9, ( ,Q GHU hEHUPLWWOXQJ YRQ LP 5DKPHQ GHU 6WUDIYHUIROJXQJVYRUVRU JH EHVFKDIIWHQ 'DWHQ DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ XQG GHUHQ 9HUZHQGXQJ LP 6WUDIYHUIDK UHQ OLHJW DEHU NHLQH =ZHFNlQGHUXQJ GD GLH 'DWHQ VRZRKO PLW SUlYHQWLYHU DOV DXFK PLW UHSUHV VLYHU =ZHFNULFKWXQJ HUKREHQ ZRUGHQ VLQG YJO IU GDV GHXWVFKH 5HFKW :$/'(1 I 5$1'+$+1 I VD %RWVFK %:,6 D$ IU GDV GHXWVFKH 5HFKW %h//(6)(/' 9L GHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ I YJO DXFK YRUQH 7HLO ,, , XQG 7HLO , $ =XGHP NRPPW HV IU GLH )UDJH RE =ZHFNLGHQWLWlW YRUOLHJW DXFK GDUDXI DQ ÄRE GLH :HLWHUYHUZHQGXQJ GHU 'DWHQ DXV GHU 6LFKW GHU EHWURIIHQHQ 3HUVRQ WUDQVSDUHQW EOHLEW³ -g+5,678'(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 'LH 9HUZHQGXQJ GHU 9LGHRDXI]HLFKQXQJHQ LQ HLQHP 6WUDIYHUIDKUHQ LVW DEHU IU GHQ (LQ]HOQHQ GXUFKDXV YRUKHUVHKEDU DXFK ZHQQ GLH JHVHW]OLFKH *UXQGODJH QLFKW H[SOL]LW GDYRQ VSULFKW GDVV GLH 'DWHQ ]XU Ä$KQGXQJ³ RGHU Ä9HUIROJXQJ³ YRQ 6WUDIWDWHQ YHUZHQGHW ZHUGHQ GUIHQ 9JO HWZD $UW $EV =LII N'6*1: $UW $EV %VW E '6*2: $EV %VW E '6*6= $UW $EV 3RO56* $UW D $EV 3RO*$5 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ (LQH :HLWHUJDEH YRQ 9LGHRDXI]HLFKQXQJHQ DQ 3ULYDWH RKQH DXVGUFNOLFKH (LQZLO OLJXQJ GHU %HWURIIHQHQ EUDXFKW HEHQIDOOV HLQH DXVGUFNOLFKH IRUPHOOJHVHW]OLFKH *UXQGODJH (QWVSUHFKHQGHV JLOW IU GLH 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQ JHQ ]X (UPLWWOXQJV XQG )DKQGXQJV]ZHFNHQ 6RZHLW HLQH 9HU|IIHQWOLFKXQJ LP ,QWHUQHW HUIROJHQ VROO HUJLEW VLFK GLHV LP *HOWXQJVEHUHLFK GHV '6* VFKRQ DXV $UW $EV '6* ZRQDFK EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ QXU GDQQ GXUFK HLQ $EUXIYHUIDKUHQ ± GDUXQWHU IlOOW DXFK GHU =XJULII LP ,QWHUQHW ± ]XJlQJ OLFK JHPDFKW ZHUGHQ GUIHQ ZHQQ HLQ *HVHW] LP IRUPHOOHQ 6LQQ GLHV DXVGUFNOLFK YRUVLHKW )U GLH 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ LP 5DKPHQ GHU 6WUDIYHUIROJXQJ EHVWHKW LQ $UW XQG LQVEHVRQGHUH LQ $UW 6W32 HLQH JHVHW]OL FKH *UXQGODJH 6RGDQQ EHGDUI HV HLQHU %HVWLPPXQJ EHU GLH PD[LPDOH 'DXHU GHU 6SHLFKHUXQJ GHU 'DWHQ XQG ]ZDU LQ HLQHP IRUPHOOHQ *HVHW] 5HJHOXQJHQ ZRQDFK GDV $XI ]HLFKQXQJVPDWHULDO JHO|VFKW ZHUGHQ PXVV ZHQQ HV ÄQLFKW PHKU EHQ|WLJW³ ZLUG RGHU QDFK GHQHQ GLH 9LGHRDXI]HLFKQXQJHQ ]X YHUQLFKWHQ VLQG ÄVREDOG GHU *UXQG IU GLH $XI]HLFKQXQJ ZHJJHIDOOHQ LVW³ PVVHQ DOV ]X XQEHVWLPPW TXDOLIL]LHUW 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ II 3ULQFLSOH 5HF ('g% 7% I VD 3ULQFLSOH 5HF 9JO (*05 8UWHLOH YRP -DQXDU L6 6FLDFFD JHJHQ ,WDOLHQ 1U (&+5 , =LII XQG YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII 68/=(5675$660$11=8%(5 'D]X YRUQH 7HLO ,, $ =XP %HJULII GHV EHVRQGHUV VFKW]HQVZHUWHQ 3HUVRQHQGDWXPV XQG ]XU %HDUEHLWXQJ VROFKHU 3HUVRQHQGDWHQ LP 5DKPHQ GHU 9LGHREHUZDFKXQJ VLHKH YRUQH 7HLO ,9 $ ('6. 8UWHLO YRP 2NWREHU 93% 1U ( E %$(5,6:</ ,QWHUQHW DOV )DKQGXQJVPLWWHO I :('(5 LQ '21$76&++$16-$.2%/,(%(5 .RPP ]X $UW 6W32 5] YJO DEHU %$(5,6:</ ,QWHUQHW DOV )DKQGXQJVPLWWHO ZRQDFK $UW XQG $UW 6W32 NHLQH JHQ JHQG EHVWLPPWH JHVHW]OLFKH *UXQGODJH ]XU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ LP ,Q WHUQHW GDUVWHOOHQ 0$7+,6 $(33/, %$576&+ 5$1'+$+1 %$86&+ XQG 6&+:(,=(5 &RQFOXVLRQV DQG 5HFRPPHQGDWLRQV I 5(,1+$5' (*05 8UWHLOH YRP $SULO L6 +XYLJ JHJHQ )UDQNUHLFK 1U 6HU $ 1U % =LII I YRP $SULO L6 .UXVOLQ JHJHQ )UDQNUHLFK 1U 6HU $ 1U $ =LII I *5$%(1:$57(5 5] 9JO 02+/(5 =XWULWWVNRQWUROOHQ 3UREOHPDWLVFK LQVRIHUQ $EV ,'*%6 ZRQDFK GDV 5HJOHPHQW HLQHU OlQJHUH )ULVW YRUVHKHQ NDQQ 9JO GLH 5HJHOXQJ YRQ ,'$*$* ZRQDFK 3HUVRQHQGDWHQ YRQ GHU YHUDQWZRUWOLFKHQ %H K|UGH GDQQ ]X YHUQLFKWHQ VLQG ZHQQ VLH Ä]XU (UIOOXQJ GHU JHVHW]OLFKHQ $XIJDEH VRZLH ]X 6L FKHUXQJV XQG %HZHLV]ZHFNHQ QLFKW PHKU EHQ|WLJW ZHUGHQ³ 'LH EHUZDFKHQGH %HK|UGH GDUI VHOEVW IHVWOHJHQ ZLH ODQJH GDV %LOGPDWHULDO DXV HLQHU 9LGHREHUZDFKXQJ JHVSHLFKHUW ZHUGHQ GDUI VLHKH $EV %VW H 9,'$*$* 9JO $UW $EV 3RO*85 'LHVH %HVWLPPXQJ ZLUG DOOHUGLQJV LQ $UW $EV 9L9R85 NRQNUHWLVLHUW ZRQDFK $XI]HLFKQXQJHQ ÄVSlWHVWHQV >«@ 7DJH VHLW GHU $XI]HLFKQXQJ³ ]X YHUQLFKWHQ VLQG =XU JHVHW]OLFKHQ *UXQGODJH IU GLH 9LGHREHUZDFKXQJ ZHUGHQ =X XQEHVWLPPW LVW DXFK HLQH 1RUP QDFK ZHOFKHU GDV $XI]HLFKQXQJV PDWHULDO ÄLQ GHU 5HJHO ZlKUHQG HLQHV 0RQDWV DXI]XEHZDKUHQ³ LVW GD VLFK LKU HEHQIDOOV NHLQH ]HLWOLFKH 2EHUJUHQ]H IU GLH $XIEHZDKUXQJ HQWQHKPHQ OlVVW =XOlV VLJ LVW HV DOOHUGLQJV GDVV GLH NRQNUHWH $XIEHZDKUXQJVGDXHU LQQHUKDOE GHU JHVHW]OL FKHQ 0D[LPDOIULVW PLWWHOV 9HURUGQXQJ RGHU $OOJHPHLQYHUIJXQJ IHVWJHOHJW ZLUG 'DGXUFK OlVVW VLFK GLH $XIEHZDKUXQJVIULVW GHQ NRQNUHWHQ 8PVWlQGHQ DQSDVVHQ XQG GDPLW GHP 9HUKlOWQLVPlVVLJNHLWVSULQ]LS EHVVHU 5HFKQXQJ WUDJHQ 6RZHLW HLQ 'DWHQDEJOHLFK HWZD YRQ 1XPPHUQVFKLOGHUQ RGHU *HVLFKWHUQ PLW HLQHP %HVWDQG DQ )DKQGXQJVGDWHQ P|JOLFK VHLQ VROO PXVV DXFK GLHV LQ HLQHU IRUPHOO JHVHW]OLFKHQ *UXQGODJH PLW KLQUHLFKHQGHU %HVWLPPWKHLW JHUHJHOW ZHUGHQ 2UJDQLVDWRULVFKH WHFKQLVFKH XQG YHUIDKUHQVUHFKWOLFKH 6FKXW]YRUNHKUXQJHQ 'LH IRUPHOOJHVHW]OLFKH *UXQGODJH KDW VFKOLHVVOLFK ]XPLQGHVW LQ GHQ *UXQG]JHQ ]X EHVWLPPHQ ZLH GXUFK RUJDQLVDWRULVFKH XQG WHFKQLVFKH 0DVVQDKPHQ HLQH PLVV EUlXFKOLFKH XQG XQVDFKJHPlVVH 9HUZHQGXQJ GHV $XI]HLFKQXQJVPDWHULDOV YHUKLQ GHUW XQG GHP *UXQGVDW] GHU 'DWHQVLFKHUKHLW 5HFKQXQJ JHWUDJHQ ZLUG 1DPHQW OLFK VROOWH DXVGUFNOLFK QRUPLHUW ZHUGHQ GDVV GDWHQVFKXW]I|UGHUQGH 7HFKQLN ]XP (LQVDW] NRPPHQ PXVV XQG GLH 9LGHRDXI]HLFKQXQJHQ ]X YHUVFKOVVHOQ VLQG $XV GHU IRUPHOOJHVHW]OLFKHQ *UXQGODJH VROOWH VLFK DXFK HUJHEHQ GDVV GLH 6LFKHUKHLWV PDVVQDKPHQ GHP MHZHLOLJHQ 6WDQG GHU 7HFKQLN JHQJHQ PVVHQ ZRPLW QHXH (U NHQQWQLVVH XQG (LQVLFKWHQ LP %HUHLFK GHU 'DWHQVLFKHUKHLW IRUWODXIHQG XQG ]ZLQJHQG ]X EHUFNVLFKWLJHQ VLQG (EHQIDOOV VROOWH YRUJHVFKULHEHQ ZHUGHQ GDVV GLH JHWURIIH QHQ 6LFKHUKHLWVYRUNHKUXQJHQ UHJHOPlVVLJ EHUSUIW XQG DOOHQIDOOV DQJHSDVVW ZHUGHQ PVVHQ 'LH 1RUPLHUXQJ YRQ DXI GLH 8PVWlQGH DE]XVWLPPHQGHQ WHFKQLVFKHQ XQG RUJDQLVDWRULVFKHQ (LQ]HOKHLWHQ NDQQ GHU *HVHW]JHEHU KLQJHJHQ GHP 9HURUG QXQJVJHEHU EHUODVHQ *HVHW]OLFK LVW VRGDQQ HLQH (YDOXDWLRQVSIOLFKW EHWUHIIHQG GLH :LUNVDPNHLW GHU 9L GHREHUZDFKXQJ ]XU (UUHLFKXQJ GHU YRQ LKU YHUIROJWHQ =ZHFNH ± QDPHQWOLFK GHU 9HUKLQGHUXQJ YRQ 6WUDIWDWHQ LP EHUZDFKWHQ *HELHW ± YRU]XVHKHQ 'LHV LVW LQV %*( , ( 9JO DEHU GLH %HVWLPPXQJ YRQ $UW $EV .XUVDDO92$5 9JO %$86&+ 6&+,('(5 I %*( , ( %9HUI* %Y5 $EV1U 9JO 02+/(5 =XWULWWVNRQWUROOHQ 9JO %9HUI* %Y5 $EV1U YJO DXFK KLQWHQ 7HLO 9 ' 9JO 9*HU 6* 8UWHLO YRP 0DL ( H VD $UW $EV 3%* ZRQDFK GHU %XQGHVUDW UHJHOW ZLH 9LGHRVLJQDOH DXI]XEHZDKUHQ XQG YRU 0LVVEUDXFK ]X VFKW]HQ VLQG IU GDV GHXW VFKH 5HFKW YJO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %9HUI* %Y5 $EV1U 9JO %$86&+ VLHKH ]% $UW I %VW F 3RO*%( 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ EHVRQGHUH GHVKDOE JHERWHQ GD WHLOV HUKHEOLFKH =ZHLIHO DQ GHU :LUNVDPNHLW GHU 9L GHREHUZDFKXQJ DOV 0DVVQDKPH GHU .ULPLQDOSUlYHQWLRQ EHVWHKHQ =XGHP ZLUG PLW (YDOXDWLRQVSIOLFKWHQ VLFKHUJHVWHOOW GDVV GLH EHVFKUlQNWHQ SROL]HLOLFKHQ 0LWWHO DP ULFKWLJHQ 2UW XQG P|JOLFKVW HIIL]LHQW HLQJHVHW]W ZHUGHQ 'LH JHQDXH $XVJH VWDOWXQJ GHU (YDOXDWLRQ NDQQ DXFK DXI GHP 9HURUGQXQJVZHJ JHUHJHOW ZHUGHQ RGHU ]XPLQGHVW LQ GHU GLH 9LGHREHUZDFKXQJ DQRUGQHQGHQ $OOJHPHLQYHUI JXQJ )RUPHOOJHVHW]OLFK VROOWH ]XGHP DXVGUFNOLFK EHVWLPPW ZHUGHQ GDVV 9L GHREHUZDFKXQJVPDVVQDKPHQ HLQHU YRUJlQJLJHQ VRZHLW VLH QLFKW RKQHKLQ HLQHP 9RUDENRQWUROOYHUIDKUHQ ]X XQWHU]LHKHQ LVW XQG EHJOHLWHQGHQ .RQWUROOH GXUFK GHQ 'DWHQVFKXW]EHDXIWUDJWHQ XQWHUVWHKHQ =XP =ZHFN HLQHU HIIHNWLYHQ .RQWUROOH VROOWHQ GLH %HK|UGHQ ZHOFKH GLH 9LGHREHUZDFKXQJ HLQVHW]HQ VRGDQQ JHVHW]OLFK GD]X YHUSIOLFKWHW ZHUGHQ GHP 'DWHQVFKXW]EHDXIWUDJWHQ GLH =XJULIIVSURWRNROOH UHJHOPlV VLJ YRQ VLFK DXV RGHU ]XPLQGHVW DXI $QIUDJH ]X]XVWHOOHQ GDPLW HU SUIHQ NDQQ RE GLH 6LFKWXQJ GHV %LOGPDWHULDOV GHQ JHVHW]OLFKHQ 9RUVFKULIWHQ HQWVSULFKW XQG YHU KlOWQLVPlVVLJ LVW (QWVSUHFKHQGHV JLOW IU GLH ± ]X GRNXPHQWLHUHQGH ± $XIVWHO OXQJ EHU GLH JHWURIIHQHQ WHFKQLVFKHQ 6FKXW]YRUNHKUXQJHQ 6DFKJHUHFKW HU VFKHLQW DXFK GLH JHVHW]OLFKH 1RUPLHUXQJ HLQHU 3IOLFKW GLH :HLWHUOHLWXQJ YRQ PLWWHOV 9LGHREHUZDFKXQJ JHZRQQHQHQ 3HUVRQHQGDWHQ HLQHU YRUJlQJLJHQ .RQWUROOH GXUFK GHQ 'DWHQVFKXW]EHDXIWUDJWHQ ]X XQWHUVWHOOHQ 0LW %OLFN DXI HLQHQ HIIHNWLYHQ 5HFKWVVFKXW] VROOWH GDV *HVHW] LP IRUPHOOHQ 6LQQ EH ]JOLFK 9LGHRDXI]HLFKQXQJHQ DXFK $XVNXQIWV XQG (LQVLFKWVUHFKWH QRUPLHUHQ VRZLH %HQDFKULFKWLJXQJVSIOLFKWHQ IU GHQ )DOO YRUVHKHQ GDVV 9LGHRDXI]HLFKQXQJHQ HLQHU EHVWLPPWHQ 3HUVRQ ]XJHRUGQHW ZHUGHQ 9JO KLQWHQ 7HLO ,9 % 9JO GD]X KLQWHQ 7HLO 9 ( 9JO $UW I %VW F 3RO*%( XQG $UW $EV XQG 9LG9%( 9JO %HVFKOXVV GHV 6WDGWUDWHV 6W *DOOHQ YRP 0lU] $OOJHPHLQYHUIJXQJ %UKOWRUXQ WHUIKUXQJ 1U XQG GLH %HVFKOVVH YRP 2NWREHU $OOJHPHLQYHUIJXQJ %DKQ KRI XQG 5DWKDXVXQWHUIKUXQJ 1U XQG %RKO LQNOXVLYH &DODWUDYD+DOOH XQG 7HLOH :DDJKDXVZHJ 1U MHZHLOV =LII Ä'LH 'LUHNWLRQ 6R]LDOHV XQG 6LFKHUKHLW EHJOHLWHW GLH 5HDOLVLHUXQJ XQG GHQ %HWULHE GHU 9LGHREHUZDFKXQJ GXUFK JHHLJQHWH gIIHQWOLFKNHLWVDUEHLW XQG HYDOXLHUW GHQ PLWWHO XQG ODQJIULVWLJHQ (UIROJ GHU 0DVVQDKPH³ 9JO ]% GLH 5HJHOXQJ YRQ $UW $EV 95|*6* ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV VD KLQWHQ 7HLO 9 & XQG 7HLO 9 ' 9JO ]XP *DQ]HQ DXFK KLQWHQ 7HLO 9 & 'D]X LP (LQ]HOQHQ XQG ]X GHQ $XVQDKPHQ KLQWHQ 7HLO 9 % gIIHQWOLFKHV ,QWHUHVVH DQ GHU 9LGHREHUZDFKXQJ ,,, gIIHQWOLFKHV ,QWHUHVVH DQ GHU 9LGHREHUZDFKXQJ 1DFK $UW $EV %9 LVW HLQH *UXQGUHFKWVHLQVFKUlQNXQJ QXU GDQQ ]XOlVVLJ ZHQQ VLH LP |IIHQWOLFKHQ ,QWHUHVVH OLHJW RGHU GXUFK GHQ 6FKXW] YRQ *UXQGUHFKWHQ 'ULWWHU JHUHFKWIHUWLJW LVW 8QWHU ZHOFKHQ 9RUDXVVHW]XQJHQ E]Z ]XU 9HUIROJXQJ ZHOFKHU =LHOH XQG ,QWHUHVVHQ HLQH (LQVFKUlQNXQJ GHU GXUFK GLH (05. JDUDQWLHUWHQ 5HFKWH XQG )UHLKHLWHQ ]XOlVVLJ LVW ZLUG LP =XVDPPHQKDQJ PLW GHQ HLQ]HOQHQ *DUDQWLHQ JHUHJHOW VLHKH $UW (05. 8QVWUHLWLJ LP |IIHQWOLFKHQ ,QWHUHVVH OLHJHQ GLH :DKUXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ GLH 9HUKLQGHUXQJ NQIWLJHU 6WUDIWDWHQ XQG GLH $XINOlUXQJ XQG 9HUIROJXQJ EHUHLWV EHJDQJHQHU 6WUDIWDWHQ 'DVV GLHVH =ZHFNULFKWXQJHQ DXFK HLQ OHJLWLPHV =LHO IU HLQH (LQVFKUlQNXQJ GHU LQ $UW (05. QRUPLHUWHQ *UXQG UHFKWVJDUDQWLHQ GDUVWHOOHQ HUJLEW VLFK VFKRQ DXV GHU MHZHLOLJHQ =LII GLHVHU %H VWLPPXQJHQ 6RPLW EHVWHKW NHLQ =ZHLIHO GDUDQ GDVV GLH PLW GHU 9LGHREHUZD FKXQJ HLQVFKOLHVVOLFK GHU $XIEHZDKUXQJ GHV $XI]HLFKQXQJVPDWHULDOV XQG GHVVHQ hEHUPLWWOXQJ DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ YHUIROJWHQ =ZHFNH GHU 9HUKWXQJ XQG HUOHLFKWHUWHQ 9HUIROJXQJ YRQ 6WUDIWDWHQ LP |IIHQWOLFKHQ ,QWHUHVVH OLHJHQ (QWVSUHFKHQGHV JLOW IU HLQH 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ ]X )DKQ GXQJV]ZHFNHQ 'DV |IIHQWOLFKH ,QWHUHVVH DQ GHU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 'HU 6FKXW] YRQ *UXQGUHFKWHQ 'ULWWHU OlVVW VLFK MHGRFK DXFK DOV |IIHQWOLFKHV ,QWHUHVVH EHJUHL IHQ 'LHV JLOW MHGHQIDOOV GDQQ ZHQQ 3ROL]HLJWHU 'ULWWHU EHWURIIHQ VLQG GD GHU 6FKXW] YRQ 3R OL]HLJWHUQ LPPHU DXFK LP |IIHQWOLFKHQ ,QWHUHVVH OLHJW YJO :<66 I VD 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO %*( , ( +b)(/,10h//(58+/0$11 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 0225 'URLW DGPLQLVWUDWLI , II HLQJHKHQG :<66 II %*( ,, ( %*( ,D ( G %*( ,D ( I %*( ,, ( %*( ,D ( G %*( ,D ( I %*( ,D ( G %*HU 3 ( Ä'DVV GLH 9HUIROJXQJ YRQ 6WUDIWDWHQ LP |IIHQWOLFKHQ ,QWHUHV VH OLHJW VWHKW DXVVHU )UDJH³ 9JO DXFK (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII Ä>7@KH &RXUW DSSUHFLDWHV WKH VWURQJ LQWHUHVW RI WKH 6WDWH LQ GHWHFWLQJ DQG SUHYHQWLQJ FULPH´ %*( , ( XQG %*( , ( I 9*HU 6* 8UWHLO YRP 0DL ( E 6**93 '6.)/ (QWVFKHLGXQJ YRP $SULO '6. ( %,$**, 0,77(/%(5*(5 9LGHREHUZDFKXQJ 58(**)/h&.,*(5129(0%(5 ./$86(5 XQEHVWULWWHQ DXFK LP GHXWVFKHQ 5HFKW YJO HWZD %$576&+ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$86&+ I I *(,*(5 2&+6(1)(/'5(33 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ YHUQHLQW MHGRFK HLQ |IIHQWOLFKHV ,QWHUHVVH DP (LQVDW] YRQ 9LGHRDXI]HLFKQXQJ ]XU 9HUKLQGHUXQJ YRQ 6WUDIWDWHQ DXIJUXQG HLQHU $EVFKUHFNXQJVZLUNXQJ GD ]XU (UUHLFKXQJ GLHVHV =ZHFNV EORVVH 9LGHREH REDFKWXQJVPDVVQDKPHQ DXVUHLFKHQ ZUGHQ 68/=(5675$660$11=8%(5 VD KLQWHQ 7HLO ,9 & 1DFK $XIIDVVXQJ GHV (*05 ZLUG VRJDU PLW HLQHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ XP GHU %HY|ONHUXQJ GLH (I IHNWLYLWlW GHU hEHUZDFKXQJ ]X GHPRQVWULHUHQ XQG GDPLW GHUHQ DEVFKUHFNHQGH :LUNXQJ ]X YHU VWlUNHQ HLQ OHJLWLPHV =LHO L6Y $UW =LII (05. YHUIROJW VLHKH (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 6WUDIWDWHQ VWHOOW JUXQGVlW]OLFK HLQ JHZLFKWLJHV |IIHQWOLFKHV ,QWHUHVVH GDU 'LHV DXFK GHVKDOE ZHLO 6LFKHUKHLW VHOEVW HLQH 9RUDXVVHW]XQJ IU GLH $XVEXQJ LQGLYLGX HOOHU )UHLKHLWHQ XQG 5HFKWH GDUVWHOOW XQG GDPLW OHW]WOLFK DXFK IU GDV )XQNWLRQLHUHQ HLQHV GHPRNUDWLVFKHQ XQG IUHLKHLWOLFKHQ 6WDDWVZHVHQV XQHUOlVVOLFK LVW 'LHVH )HVWVWHOOXQJHQ HQWELQGHQ MHGRFK NHLQHVZHJV YRQ GHU 3IOLFKW DXIJUXQG GHU NRQNUH WHQ 8PVWlQGH ]X EHVWLPPHQ RE HLQ |IIHQWOLFKHV ,QWHUHVVH DQ GHQ EHDEVLFKWLJWHQ 6L FKHUKHLWVPDVVQDKPHQ WDWVlFKOLFK EHVWHKW XQG ZLH KRFK GDV LP (LQ]HOIDOO EHVWHKHQGH |IIHQWOLFKHQ ,QWHUHVVH ]X JHZLFKWHQ LVW $Q HLQHP KLQUHLFKHQGHQ |IIHQWOLFKHQ ,QWHUHVVH PDQJHOW HV EHLVSLHOVZHLVH GDQQ ZHQQ VLFK GLH 9LGHREHUZDFKXQJ PLW %OLFN DXI GDV GXUFK VLH DQYLVLHUWH =LHO GHU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ VFKRQ JUXQGVlW]OLFK DOV JlQ]OLFK XQJH HLJQHW HUZHLVHQ ZUGH ZHQQ YRQ LKU DOVR JDU NHLQ DEVFKUHFNHQGHU (IIHNW ]X HUZDU WHQ ZlUH RGHU GLH HUKREHQHQ 'DWHQ IU GLH 6WUDIYHUIROJXQJ QXW]ORV ZlUHQ (QWVSUH FKHQGHV JLOW IU GLH VLFK GHU 9LGHREHUZDFKXQJ DQVFKOLHVVHQGHQ 'DWHQEHDUEHL WXQJVVFKULWWH $Q ZLUNXQJVORVHQ VWDDWOLFKHQ 0DVVQDKPHQ EHVWHKW JUXQGVlW]OLFK NHLQ |IIHQWOLFKHV ,QWHUHVVH 'LHV PXVV DXFK IU VWDDWOLFKH 0DVVQDKPHQ JHOWHQ ZHOFKH ]XU (UUHLFKXQJ GHU GXUFK VLH YHUIROJWHQ =LHOH JDU QLFKW HUIRUGHUOLFK VLQG /LHVVHQ VLFK GLH PLWWHOV 9LGHREHUZDFKXQJ YHUIROJWHQ =ZHFNH GXUFK ZHQLJHU HLQJULIIVLQ WHQVLYH DEHU JOHLFK HIIHNWLYH 0LWWHO HUUHLFKHQ GUIWH GHVKDOE HLQ |IIHQWOLFKHV ,QWH UHVVH DQ GHU hEHUZDFKXQJ HEHQIDOOV ]X YHUQHLQHQ VHLQ :LH ]X ]HLJHQ LVW OlVVW VLFK GLH 9LGHREHUZDFKXQJ DEHU QLFKW JUXQGVlW]OLFK DOV XQJHHLJQHW ]XU 9HUKLQGHUXQJ YRQ 6WUDIWDWHQ EH]HLFKQHQ XQG HV EHVWHKHQ DXFK QLFKW GXUFKZHJV PLOGHUH 0LWWHO XP GLHVHV =LHO ]X HUUHLFKHQ 'LH 3UIXQJ RE HLQ KLQUHLFKHQGHV |IIHQWOLFKHV ,QWH UHVVH IU GHQ (LQVDW] YRQ 9LGHREHUZDFKXQJ YRUOLHJW LVW DOOHUGLQJV IU MHGHQ HLQ ]HOQHQ ]XU 'LVNXVVLRQ VWHKHQGHQ (LQVDW] YRQ hEHUZDFKXQJVNDPHUDV JHVRQGHUW XQG GLIIHUHQ]LHUW YRU]XQHKPHQ :lKUHQG EHWUHIIHQG GLH hEHUZDFKXQJ HLQHV NULPLQD OLWlWVEHODVWHWHQ 2UWHV LQ GHU 5HJHO HLQ |IIHQWOLFKHV ,QWHUHVVH DQ GHU 9LGHREHUZD =LII GDPLW LVW LQGHVVHQ QRFK QLFKWV EHU GLH 9HUKlOWQLVPlVVLJNHLW GHU 9HU|IIHQWOLFKXQJ DXVJHVDJW YJO =LII II 9JO (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII 3526&+$. 2&+6(1)(/'5(33 II .g1,* 5 /,16, =XVWlQGLJNHLW 58&+ 5] I 0h//(5:,'0(56&+:(,=(5 9JO *5,6(/ 'URLW DGPLQLVWUDWLI , 'LH %HXUWHLOXQJ ZLH KRFK GDV |IIHQWOLFKH ,QWHUHVVH ]X JHZLFKWHQ LVW OlVVW VLFK GDEHL QLFKW VWUHQJ YRQ GHU LP 5DKPHQ GHU 9HUKlOWQLVPlVVLJNHLWVSU IXQJ YRU]XQHKPHQGHQ $EZlJXQJ ]ZLVFKHQ |IIHQWOLFKHQ XQG EHWURIIHQHQ SULYDWHQ ,QWHUHVVHQ WUHQQHQ YJO *5,6(/ 'URLW DGPLQLVWUDWLI , 0225 'URLW DGPLQLVWUDWLI , 8+/0$11 :LOONUYHUERW 5] +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ YJO DXFK KLQWHQ 7HLO 9 ( 9JO +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +LQWHQ 7HLO ,9 % XQG 7HLO ,9 % /,(1+$5' ,QQHUH 6LFKHUKHLW gIIHQWOLFKHV ,QWHUHVVH DQ GHU 9LGHREHUZDFKXQJ FKXQJ ]X EHMDKHQ LVW JLOW GLHV IU HLQHQ (LQVDW] YRQ 9LGHREHUZDFKXQJ RKQH GDVV GDIU HLQ LUJHQGZLH JHDUWHWHV 6FKXW]EHGUIQLV EHVWHKW QLFKW 5LFKWLJHUZHLVH LVW SHULRGLVFK ]X EHUSUIHQ RE IU GLH EHWUHIIHQGH 9LGHREHUZDFKXQJ QDFK ZLH YRU HLQ KLQUHLFKHQGHV |IIHQWOLFKHV ,QWHUHVVH QDPHQWOLFK HLQ EHVRQGHUHV 6LFKHUKHLWVEH GUIQLV EHVWHKW :HQQ HLQ 2UW NHLQH .ULPLQDOLWlWVEHODVWXQJ PHKU DXIZHLVW XQG QLFKW GDPLW ]X UHFKQHQ LVW GDVV VLFK QDFK GHP $EEDX GHU 9LGHREHUZDFKXQJ GLH 6LFKHUKHLWVODJH LP EHUZDFKWHQ 5DXP ZLHGHUXP YHUVFKlUIW UHLFKW HLQ +LQZHLV DXI GHQ PLW GHU hEHUZDFKXQJ YHUIROJWHQ 6LFKHUKHLWV]ZHFN QLFKW ]XU %HJUQGXQJ HLQHV KLQUHLFKHQGHQ |IIHQWOLFKHQ ,QWHUHVVHV DXV ,P |IIHQWOLFKHQ ,QWHUHVVH OLHJHQ DXFK GLH SRVLWLYHQ 1HEHQHIIHNWH GHU hEHUZDFKXQJ 'LHV EHWULIIW HWZD GLH ± RIW ]XU %HJUQGXQJ GHU 9LGHREHUZDFKXQJ DQJHIKUWH ± 6HQNXQJ GHU 3ROL]HLNRVWHQ (V OLHJW GXUFKDXV LP |IIHQWOLFKHQ ,QWHUHVVH GDVV GHU 6WDDW GLH LKP ]XU 9HUIJXQJ VWHKHQGHQ 0LWWHO ZLUWVFKDIWOLFK HIIL]LHQW HLQVHW]W XQG ILQDQ]LHOOH 0HKUEHODVWXQJHQ YHUPHLGHW )LVNDOLVFKH ,QWHUHVVHQ N|QQHQ *UXQG UHFKWVHLQJULIIH MHGRFK JUXQGVlW]OLFK QLFKW VHOEVWlQGLJ UHFKWIHUWLJHQ 6RZHLW VLH HLQ VHNXQGlUHV 0RWLY GDUVWHOOHQ N|QQHQ VLH ]X HLQHP DQHUNDQQWHQ |IIHQWOLFKHQ ,QWHUHV VH MHGRFK KLQ]XWUHWHQ $XFK OLHJW HV LP |IIHQWOLFKHQ ,QWHUHVVH ZHQQ VLFK GLH %H Y|ONHUXQJ GXUFK GLH 9LGHREHUZDFKXQJ VLFKHUHU IKOW 'LH (UK|KXQJ GHV 6L FKHUKHLWVJHIKOV E]Z GLH 9HUULQJHUXQJ GHU .ULPLQDOLWlWVDQJVW RKQH GDVV HLQH JHIKOVPlVVLJH 9HUXQVLFKHUXQJ REMHNWLY EHJUQGHW LVW VWHOOW IU VLFK DOOHLQH MHGRFK NHLQ KLQUHLFKHQGHV |IIHQWOLFKHV ,QWHUHVVH IU HLQH *UXQGUHFKWVHLQVFKUlQNXQJ GDU /,(1+$5' ,QQHUH 6LFKHUKHLW 9JO /,(1+$5' ,QQHUH 6LFKHUKHLW 'DVV GLH 9LGHREHUZDFKXQJ ]X HLQHU 6HQNXQJ GHU 3ROL]HLNRVWHQ IKUW GDUI MHGRFK QLFKW RKQH ZHLWHUHV DQJHQRPPHQ ZHUGHQ YJO GD]X KLQWHQ )Q 6LHKH :<66 VD %*( ,D ( E :(%(5'h5/(5 I :<66 I 58(**)/h&.,*(5129(0%(5./$86(5 I 9JO 68/=(5675$660$11=8%(5 YJO ]X GHQ $XVZLUNXQJHQ GHU 9LGHREHUZDFKXQJ DXI GDV 6LFKHUKHLWVJHIKO KLQWHQ )Q =X GLHVHQ %HJULIIHQ KLQWHQ )Q XQG 9JO IU GDV GHXWVFKH 5HFKW 6&+(:( 6LFKHUKHLWVJHIKO 0g67/ I QDFK GHVVHQ $XI IDVVXQJ LUUDWLRQDOH QLFKW DXI HLQHU KLQUHLFKHQGHQ 7DWVDFKHQEDVLV EHUXKHQGH bQJVWH QXU ÄLP ([WUHPIDOO XQWHU GHP $VSHNW GHU %HZDKUXQJ GHV VR]LDOHQ )ULHGHQV³ JHZLVVH )UHLKHLWVHLQJULIIH ]X OHJLWLPLHUHQ YHUP|JHQ 3(75, 5] IHUQHU .h+1 5$&+25 5] YJO DEHU %*( , ( ZRQDFK GDV 6LFKHUKHLWVJHIKO GHU %HY|ONHUXQJ ÄGLH 5HFKWVVHW]XQJ OHJLWL PHUZHLVH EHHLQIOXVVHQ GDUI XQG PXVV ZHQQ HV DXIJUXQG YRQ (UKHEXQJHQ IHVWJHVWHOOW ZLUG³ 'LIIHUHQ]LHUXQJHQ ZHOFKH LKUHQ 8UVSUXQJ LP VXEMHNWLYHQ 6LFKHUKHLWVEHGUIQLV GHU %HY|ONH UXQJ KDEHQ VLQG QDFK $XIIDVVXQJ GHV %XQGHVJHULFKWV GHVKDOE PLW %OLFN DXI $UW $EV %9 KLQUHLFKHQG YHUQQIWLJ XQG VDFKOLFK GD]X DXFK %*( , ( XQG GLH ]X GLHVHP (QW VFKHLG HUJDQJHQHQ %HPHUNXQJHQ YRQ <92 +$1*$571(5 $-3 II $$ ZRKO DXFK 67(3+$1 0(<(5 'LH %HHLQWUlFKWLJXQJ GHV VXEMHNWLYHQ 6LFKHUKHLWVJHIKOV DOV SROL]HLOL FKH *HIDKU" LQ $51'7 HW DO II II QDFK GHVVHQ $XIIDVVXQJ %HHLQWUlFKWLJXQJHQ GHV VXEMHNWLYHQ 6LFKHUKHLWVJHIKOV HLQH SROL]HLOLFKH *HIDKU EHJUQGHQ ZHOFKH *UXQGUHFKWVHLQ JULIIH ]X OHJLWLPLHUHQ YHUPDJ 'DEHL VHL MHGRFK GDV 9HUKlOWQLVPlVVLJNHLWVSULQ]LS EHVRQGHUV VWUHQJ ]X KDQGKDEHQ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ (LQ GLH %HHLQWUlFKWLJXQJ YRQ *UXQGUHFKWHQ UHFKWIHUWLJHQGHV |IIHQWOLFKHV ,QWHUHVVH KDW VLFK DXV GHU 9HUIDVVXQJ DXV YHUIDVVXQJVPlVVLJHQ *HVHW]HQ RGHU DOOHQIDOOV DXV GHP 9|ONHUUHFKW ]X HUJHEHQ (LQ |IIHQWOLFKHV ,QWHUHVVH DQ GHU %HNlPSIXQJ LUUD WLRQDOHU .ULPLQDOLWlWVlQJVWH HUJLEW VLFK GDUDXV MHGRFK QLFKW 'DVV GLH 9LGHREHUZD FKXQJ GDV VXEMHNWLYH 6LFKHUKHLWVJHIKO DOOHQIDOOV ]X VWHLJHUQ YHUPDJ UHLFKW VRPLW QLFKW DXV XP HLQ KLQUHLFKHQGHV |IIHQWOLFKHV ,QWHUHVVH DQ GHP GDGXUFK EHZLUNWHQ *UXQGUHFKWVHLQJULII EHMDKHQ ]X N|QQHQ VRZHLW VLFK GLH JHVWHLJHUWH .ULPLQDOLWlWV DQJVW QLFKW DXI HLQH REMHNWLY QDFKYROO]LHKEDUH *HIDKUHQODJH ]XUFNIKUHQ OlVVW 1LFKW GXUFK HLQ |IIHQWOLFKHV ,QWHUHVVH JHGHFNW ZlUH VRPLW HLQH UHLQ V\PEROLVFKH hEHUZDFKXQJ GLH QXU DXI GLH %HNlPSIXQJ LUUDWLRQDOHU .ULPLQDOLWlWVlQJVWH DXVJH ULFKWHW LVW ,P |IIHQWOLFKHQ ,QWHUHVVH OLHJW HV GDJHJHQ ZHQQ GLH 9LGHREHUZD FKXQJ GLH (IIL]LHQ] GHU SROL]HLOLFKHQ .ULPLQDOLWlWVEHNlPSIXQJ ]X VWHLJHUQ YHUPDJ HWZD ZHLO VLFK SROL]HLOLFKH (LQVlW]H RSWLPLHUHQ XQG EHVVHU NRRUGLQLHUHQ ODVVHQ RGHU GHU 3ROL]HL HLQ VFKQHOOHUHV (LQJUHLIHQ YRU 2UW HUP|JOLFKW ZLUG 9JO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 6&+()(5 %HHLQWUlFKWLJXQJ 3UREOHPDWLVFK LQVRIHUQ 9*HU 6* 8UWHLO YRP 0DL ( GEE 6**93 I ,Q GLHVHP (QWVFKHLG ZLUG GLH 6WHLJHUXQJ GHV 6LFKHUKHLWVJHIKOV DOV HLQ OH JLWLPHV GLH ,QWHUHVVHQ GHU GXUFK GLH 9LGHREHUZDFKXQJ %HWURIIHQHQ EHUZLHJHQGHV ,QWHUHVVH DQHUNDQQW 9JO IU GDV GHXWVFKH 5HFKW %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW ]H 5$1'+$+1 %$86&+ I %$576&+ I 2&+6(1)(/'5(33 9JO GLH 'DUVWHOOXQJ EULWLVFKHU 8QWHUVXFKXQJVHUJHEQLVVH ]XU (IIL]LHQ]VWHLJHUXQJ GHU SROL]HLOL FKHQ $UEHLW PLWWHOV 9LGHREHUZDFKXQJ EHL *5$6 9LGHREHUZDFKXQJ II 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ ,9 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ $ (LQOHLWHQGH %HPHUNXQJHQ 'DV 9HUKlOWQLVPlVVLJNHLWVSULQ]LS LP $OOJHPHLQHQ XQG LP 3ROL]HLUHFKW LP %HVRQGHUHQ $OOHV VWDDWOLFKH +DQGHOQ $UW $EV %9 LQVEHVRQGHUH MHGH (LQVFKUlQNXQJ YRQ *UXQGUHFKWHQ $UW $EV %9 KDW YHUKlOWQLVPlVVLJ ]X VHLQ 1XU VR ODVVHQ VLFK GLH *UXQGUHFKWVHLQJULIIH JHJHQEHU GHP (LQ]HOQHQ VLQQYROO EHJUHQ]HQ XQG GLH ,QWH UHVVHQ YHUVFKLHGHQHU JHJHQOlXILJHU XQG JUXQGUHFKWOLFK JHVFKW]WHU 5HFKWVSRVLWLR QHQ ± LP 6LQQH GHU +HUVWHOOXQJ SUDNWLVFKHU .RQNRUGDQ] ± LQ (LQNODQJ EULQJHQ 'LH 9HUKlOWQLVPlVVLJNHLW HLQHV *UXQGUHFKWVHLQJULIIV EHVWLPPW VLFK QDFK GHQ .ULWH ULHQ GHU *HHLJQHWKHLW GHU (UIRUGHUOLFKNHLW XQG GHU 9HUKlOWQLVPlVVLJNHLW YRQ (LQ JULIIV]ZHFN XQG (LQJULIIVZLUNXQJ 9HUKlOWQLVPlVVLJNHLW LH6 RGHU =XPXWEDUNHLW GHV *UXQGUHFKWVHLQJULIIV *HHLJQHW LVW HLQH 0DVVQDKPH GDQQ ZHQQ GHU YRQ LKU YHUIROJWH LP |IIHQWOLFKHQ ,QWHUHVVH OLHJHQGH =ZHFN GDPLW DXFK HUUHLFKW ZHUGHQ NDQQ (LQH 0DVVQDKPH LVW GDQQ QLFKW HUIRUGHUOLFK XQG GDPLW XQYHUKlOWQLVPlV VLJ ZHQQ GDV YRQ LKU DQJHVWUHEWH =LHO PLW JOHLFK JHHLJQHWHQ DEHU ZHQLJHU HLQJULIIV LQWHQVLYHQ 0LWWHOQ HUUHLFKW ZHUGHQ NDQQ 'HU (LQJULII GDUI ÄLQ VDFKOLFKHU UlXPOL FKHU ]HLWOLFKHU XQG SHUVRQHOOHU %H]LHKXQJ QLFKW EHU GDV 1RWZHQGLJH KLQDXVJHKHQ³ =ZLVFKHQ GHP YHUIROJWHQ =LHO XQG GHP GD]X HUIRUGHUOLFKHQ *UXQGUHFKWVHLQJULII PXVV VRGDQQ HLQ YHUQQIWLJHV 9HUKlOWQLV EHVWHKHQ 'DV |IIHQW OLFKH ,QWHUHVVH DQ GHU 'XUFKIKUXQJ HLQHU 0DVVQDKPH RGHU GHU (UIOOXQJ HLQHU $XIJDEH HLQHUVHLWV XQG GLH GDGXUFK EHWURIIHQHQ SULYDWHQ ,QWHUHVVHQ DQGHUHUVHLWV VLQG JHJHQHLQDQGHU DE]XZlJHQ XP ]X HQWVFKHLGHQ RE GHU *UXQGUHFKWVHLQJULII GHP %HWURIIHQHQ ]XPXWEDU LVW $EHU DXFK YHUVFKLHGHQH |IIHQWOLFKH ,QWHUHVVHQ RGHU YHUVFKLHGHQH SULYDWH ,QWHUHVVHQ VLQG PLWHLQDQGHU LQ (LQNODQJ ]X EULQJHQ -H VFKZHUHU GHU (LQJULII LVW GHVWR JHZLFKWLJHU KDW GDV |IIHQWOLFKH ,QWHUHVVH GDUDQ ]X VHLQ +277(/,(5 5] +b)(/,1+$//(5.(//(5 5] 6WDWW YLHOHU 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] .1$33 5] II YJO VFKRQ YRUQH 7HLO 9, ' 6WDWW YLHOHU 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %*( , ( +b)(/,1+$//(5.(//(5 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %*( , ( 'D]X 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +b)(/,1+$//(5.(//(5 5] $8(50$/,19(51,+RWWHOLHU 'URLW FRQVWLWXWLRQQHO ,, 5] +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] /,(1+$5' ,QQHUH 6LFKHUKHLW 76&+$11(1 6WDDWVUHFKW 5] 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ (LQH 9HUKlOWQLVPlVVLJNHLWVSUIXQJ KDW DXFK LP $QZHQGXQJVEHUHLFK GHU (05. VWDWW]XILQGHQ (LQ (LQJULII LQ GLH GXUFK $UW (05. JHVFKW]WHQ )UHLKHLWHQ LVW QXU GDQQ ]XOlVVLJ ZHQQ HU LQ HLQHU GHPRNUDWLVFKHQ *HVHOOVFKDIW QRWZHQGLJ LVW XP GLH LQ GHU MHZHLOLJHQ =LII IRUPXOLHUWHQ =LHOH ]X HUUHLFKHQ =X GLHVHP =ZHFN SUIW GHU (*05 RE IU GHQ *UXQGUHFKWVHLQJULII HLQ ÄGULQJHQGHV VR]LDOHV %HGUIQLV³ ÄSUHVVLQJ VRFLDO QHHG³ EHVWHKW RE HU VLFK PLW %H]XJ DXI GLH ± OHJLWLPHUZHLVH ± YHUIROJWHQ =LHOH DOV YHUKlOWQLVPlVVLJ HUZHLVW XQG RE GLH IU GHQ (LQJULII DQJHJHEH QHQ =LHOH UHOHYDQW XQG DXVUHLFKHQG VLQG %HL GHU %HXUWHLOXQJ GHU 9HUKlOWQLVPlV VLJNHLW NRPPW GHQ 9HUWUDJVVWDDWHQ HLQ JHZLVVHU (UPHVVHQVVSLHOUDXP ÄPDUJLQ RI DSSUHFLDWLRQ³ ]X GHVVHQ MHZHLOLJHV $XVPDVV YRQ GHU $UW XQG (UQVWKDIWLJNHLW GHU DXI GHP 6SLHO VWHKHQGHQ ,QWHUHVVHQ GHU ,QWHQVLWlW GHV (LQJULIIV XQG GHQ GDPLW YHU IROJWHQ =LHOHQ DEKlQJW ,P 3ROL]HLUHFKW ELOGHW GDV VRJ 6W|UHUSULQ]LS HLQH JUXQGOHJHQGH $XVSUlJXQJ GHV 9HUKlOWQLVPlVVLJNHLWVSULQ]LSV QDPHQWOLFK GHU (UIRUGHUOLFKNHLW LQ SHUVRQHOOHU +LQVLFKW DEHU DXFK GHU *HHLJQHWKHLW XQG GHU =XPXWEDUNHLW HLQHU SROL]HLOLFKHQ 0DVVQDKPH 'DV 6W|UHUSULQ]LS YHUODQJW GDVV VLFK SROL]HLOLFKH 0DVVQDKPHQ JH JHQ GHQMHQLJHQ ULFKWHQ GHU IU GHQ SROL]HLZLGULJHQ =XVWDQG YHUDQWZRUWOLFK LVW $XFK GLH JUXQGVlW]OLFKH %LQGXQJ SROL]HLOLFKHQ +DQGHOQV DQ GDV (UIRUGHUQLV HLQHU NRQNUHWHQ RGHU ]XPLQGHVW DEVWUDNWHQ *HIDKU XQG GLH 9RUDXVVHW]XQJ HLQHV $Q IDQJVYHUGDFKWV ]XU (UJUHLIXQJ VWUDISUR]HVVXDOHU 0DVVQDKPHQ KlQJHQ HQJ PLW GHP *UXQGVDW] GHU 9HUKlOWQLVPlVVLJNHLW ]XVDPPHQ 'DV 9HUKlOWQLVPlVVLJNHLWVSULQ]LS LVW DXI GHP *HELHW GHV 3ROL]HLUHFKWV YRQ ]HQWUDOHU %HGHXWXQJ 'LHV JLOW VHOEVW YHUVWlQGOLFK DXFK EH]JOLFK VWUDISUR]HVVXDOHU 0DVVQDKPHQ (*05 8UWHLOH YRP 1RYHPEHU L6 6HOLVW| JHJHQ )LQQODQG 1U =LII YRP -XQL L6 6HJHUVWHGW:LEHUJ XD JHJHQ 6FKZHGHQ 1U (&+5 9,, =LII YJO GD]X DXFK :(%(56200(5+$/'(5 I *5$%(1:$57(5 II 9JO (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII XQG YRP 'H]HPEHU L6 (PRQHW XD JHJHQ 6FKZHL] 1U =LII HLQJHKHQG GD]X *5$%(1:$57(5 5] II 76&+$11(1=,00(5/,0h//(5 5] 5(,1+$5' /,(1+$5'+b6/(5 5] 76&+$11(1=,00(5/,0h//(5 5] /,(1+$5'+b6/(5 5] *5,6(/ 'URLW DGPLQLVWUDWLI , 8QWHUVFKLHGHQ ZLUG ]ZLVFKHQ 9HUKDOWHQVVW|UHU XQG =X VWDQGVVW|UHU $OV 9HUKDOWHQVVW|UHU JLOW ZHU GXUFK VHLQ HLJHQHV 9HUKDOWHQ RGHU GXUFK GDV 9HU KDOWHQ 'ULWWHU IU GLH HU YHUDQWZRUWOLFK LVW XQPLWWHOEDU HLQHQ SROL]HLZLGULJHQ =XVWDQG KHUEHL IKUW 'HP =XVWDQGVVW|UHU NRPPW GLH WDWVlFKOLFKH RGHU UHFKWOLFKH +HUUVFKDIW EHU GLH 6DFKH ]X YRQ ZHOFKHU HLQH 6W|UXQJ DXVJHKW /,(1+$5'+b6/(5 5] 5e0< I =XU XPVWULW WHQHQ 6W|UHUILJXU GHV =ZHFNYHUDQODVVHUV YJO +b)(/,10h//(58+/0$11 5] II 6&+:(,=(50h//(5 %*( , ( 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ 0DVVJHEOLFKH =ZHFNH IU GLH 9HUKlOWQLVPlVVLJNHLWVSUIXQJ EHL GHU 9LGHREHUZDFKXQJ 2E GLH 'XUFKIKUXQJ HLQHU 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP XQG GLH VLFK LKU DQVFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH YHUKlOWQLVPlVVLJ VLQG PXVV DQKDQG GHU JHVHW]OLFK YRUJHVHKHQHQ XQG GXUFK HLQ KLQUHLFKHQGHV |IIHQWOLFKHV ,QWH UHVVH JHGHFNWHQ =ZHFNH EHXUWHLOW ZHUGHQ 'LH SUlYHQWLYSROL]HLOLFKH VWDDWOLFKH 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH ZLH HWZD YRQ 6WUDVVHQ 3OlW]HQ 6FKXODUHDOHQ RGHU 6SRUWVWDGLHQ EH]ZHFNW UHJHOPlVVLJ GHQ 6FKXW] YRQ 3HUVRQHQ XQG 6DFKHQ XQG GDPLW GLH 9HUKWXQJ YRQ 6WUDIWDWHQ (UIROJW HLQH 9LGHREHREDFKWXQJ VROO GDYRQ HLQHUVHLWV HLQ DOOJHPHLQHU DEVFKUHFNHQGHU (IIHNW DXVJHKHQ XQG DQGHUHUVHLWV VROO GDGXUFK HLQ VFKQHOOHV (LQ JUHLIHQ GHU 3ROL]HL HUP|JOLFKW ZHUGHQ XP NRQNUHWH *HIDKUHQ DE]XZHQGHQ 6W|UXQ JHQ ]X EHVHLWLJHQ RGHU GDV 6FKDGHQVDXVPDVV ]X YHUULQJHUQ 6RIHUQ DXFK HLQH $XI ]HLFKQXQJ GHV *HVFKHKHQV HUIROJW VROO GHU DEVFKUHFNHQGH (IIHNW GXUFK GLH P|JOLFKH 9HUZHQGXQJ GHU $XI]HLFKQXQJHQ LP 6WUDIYHUIDKUHQ YHUVWlUNW XQG GLH %HZHLVIKUXQJ HUOHLFKWHUW ZHUGHQ *DQ] LP 9RUGHUJUXQG VWHKW GLHV ZHQQ QXU HLQH 9LGHRDXI]HLFKQXQJ HUIROJW 'LHVH =ZHFNH VLQG DXFK IU GLH 9HUKlOWQLVPlVVLJNHLWVSUIXQJ PDVVJHEOLFK 2E VLFK HLQH 9LGHREHUZDFKXQJ DOV YHUKlOWQLVPlVVLJ HUZHLVW LVW DOVR QLFKW HWZD GDQDFK ]X EHXUWHLOHQ RE DXFK ± ZLH HUKRIIW XQG EHKDXSWHW DEHU ZLVVHQVFKDIWOLFK XPVWULW WHQ ± GLH .ULPLQDOLWlWVDQJVW YHUULQJHUW E]Z GDV 6LFKHUKHLWVJHIKO HUK|KW 9JO GD]X YRUQH 7HLO ,, % 'D]X YRUQH 7HLO ,, ) 7HLO ,, * 7HLO ,, + XQG 7HLO ,, , %HU 9LGHREHUZDFKXQJ .HLQH GXUFKJUHLIHQG SRVLWLYH :LUNXQJ DXI GDV 6LFKHUKHLWVJHIKO E]Z GLH .ULPLQDOLWlWVDQJVW GXUFK 9LGHREHUZDFKXQJ VWHOOHQ HWZD IHVW *,//635,**6 II YJO IHUQHU *5$6 9L GHREHUZDFKXQJ 2&+6(1)(/'5(33 %251(:$66(5 (YDOXDWLRQ I $50,7$*( =85$:6.,&=(5:,16., VD GLH hEHUVLFKW EHL 2&+6(1)(/'5(33 II 9JO GHPJHJHQEHU GLH 8QWHUVXFKXQJ YRQ .($76'8)),1*,// LQ ZHOFKHU HLQH 6WHLJHUXQJ GHV 6LFKHUKHLWVJHIKOV IHVWJHVWHOOW ZLUG YJO VRGDQQ 0(5./( 9LGHREHUZDFKXQJ , LQQHUVWlGWLVFKHU 3ODW] .5$%%(1%25* ]XPLQGHVW LQ .RPELQDWLRQ PLW DQGHUHQ 0DVVQDKPHQ %h&.,1*.8%(5$ II VD I II LQQHUVWlGWLVFKHU 3DUN NULWLVFK ]X GLHVHU 6WXGLH /$1* 9LGHREHUZDFKXQJ LQ %LHOHIHOG II $XFK GDVV GLH 9LGHREHUZDFKXQJ ELVKHU JHPLHGHQH 5lXPH IU GLH gIIHQWOLFKNHLW ZLHGHU DWWUDNWLYHU PDFKW VFKHLQW VLFK QLFKW HQGJOWLJ ]X EHVWlWLJHQ *,//635,**6 =85$:6.,&=(5:,16., +LQZHLVH EHVWHKHQ ]XGHP GDUDXI GDVV GLH 9LGHREHUZDFKXQJ GDV 6LFKHUKHLWVJHIKO VRJDU ]X YHUULQJHUQ YHUPDJ 'LHV GDQQ ZHQQ GLH 9LGHREHUZDFKXQJ HLQH QHJDWLYH 9RUVWHOOXQJ YRQ 2UWHQ EHVWlUNW RGHU KHUYRUUXIW ZHLO GLH .DPHUDV DOV HLQ =HL FKHQ YRQ 8QVLFKHUKHLW ZDKUJHQRPPHQ ZHUGHQ VLHKH %251(:$66(5 (YDOXDWLRQ I =85$:6.,&=(5:,16., *,//635,**6 0(5./( 9LGHREHUZDFKXQJ , I .$00(5(5 0\WKRV GHU 9LGHREHUZDFKXQJ =X EHUFNVLFKWLJHQ EOHLEW GDVV GLH 0HVVXQJ GHV 6LFKHUKHLWVJHIKOV XQG GHU .ULPLQDOLWlWVIXUFKW PLW JURVVHQ 6FKZLHULJNHLWHQ YHUEXQGHQ LVW VFKRQ GHVKDOE ZHLO GLH 8UVDFKHQ GHU .ULPLQDOLWlWVIXUFKW YLHOIlOWLJ NRPSOH[ WHLOZHLVH XQNODU XQG XPVWULWWHQ VLQG YJO GD]X HWZD &+5,67,$1 /h'(0$11 .ULPLQDOLWlWVIXUFKW LP XUEDQHQ 5DXP .=I66 II +,57(1/(+1(5 II *25$1 0$==8&+(//, gIIHQWOLFKHV 6L 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ ZLUG 'LH 9HUKlOWQLVPlVVLJNHLWVSUIXQJ GDUI DEHU DXFK QLFKW DOOHLQH PLW %OLFN DXI GLH UHSUHVVLYHQ :LUNXQJHQ GHU 9LGHREHUZDFKXQJ HUIROJHQ =ZDU LVW GLH 9L GHREHUZDFKXQJ JUXQGVlW]OLFK HLQ JHHLJQHWHV 0LWWHO GD]X GLH 6WUDIYHUIROJXQJ ]X HUOHLFKWHUQ RGHU EHUKDXSW HUVW ]X HUP|JOLFKHQ 1DPHQWOLFK ODVVHQ VLFK PLW GHU 9L GHREHUZDFKXQJ GLH $XINOlUXQJVUDWHQ XQG GDV )HVWQDKPHULVLNR VWHLJHUQ $XFK GLH )XQNWLRQ YRQ 9LGHRDXI]HLFKQXQJHQ DOV %HZHLVPLWWHO LP 6WUDISUR]HVV GDUI QLFKW XQWHUVFKlW]W ZHUGHQ 'LH $XI]HLFKQXQJHQ N|QQHQ DXFK GD]X GLHQHQ 2SIHU FKHUKHLWVEHGUIQLV .ULPLQDOLWlW XQG GLH )XQNWLRQ GHU VWUDIUHFKWOLFKHQ 6DQNWLRQ DXV NULPLQROR JLVFKHU 6LFKW $-3 II II ./$86 %2(56 )XUFKW YRU *HZDOWNULPLQDOLWlW LQ :LOKHOP +HLWPH\HU-RKQ +DJDQ +UVJ ,QWHUQDWLRQDOHV +DQGEXFK GHU *HZDOWIRUVFKXQJ :LHVEDGHQ II II 0$57,1 .: 6&+:((5%$5%$5$ 7+,(6 .ULPLQDOLWlW XQG .ULPLQDOLWlWVIXUFKW ± (LQH HPSLULVFKH 8QWHUVXFKXQJ ]XP .ULPLQDOLWlWVHUOHEHQ LQ GHU %H Y|ONHUXQJ .ULPLQDOLVWLN II =XGHP ZLUG GDV (UJHEQLV GHU 0HVVXQJ GHV 6LFKHU KHLWVJHIKOV DXFK OHLFKW GXUFK GLH $UW GHU )UDJHVWHOOXQJ ]% GXUFK 1HQQXQJ YRQ *HIDKUHQ TXHOOHQ EHHLQIOXVVW YJO :2/)*$1* +(,1=*(5+$5' 63,(66 .ULPLQDOLWlWVIXUFKW ± %HIXQGH DXV QHXHUHQ 5HSUlVHQWDWLYEHIUDJXQJHQ LQ -|UJ0DUWLQ -HKOH +UVJ 5DXP XQG .ULPLQDOLWlW ± 6LFKHUKHLW GHU 6WDGW 0LJUDWLRQVSUREOHPH 0|QFKHQJODGEDFK II 2E HLQH 9LGHREHUZDFKXQJ GDV 6LFKHUKHLWVJHIKO ]X VWHLJHUQ YHUPDJ KlQJW MHGHQIDOOV PDVVJHEOLFK GDYRQ DE ZLH EHZXVVW VLFK GHU (LQ]HOQH GHU 3UlVHQ] GHU .DPHUDV LVW YJO ./$86(5 5DXP DQHLJQXQJ I 'DUXQWHU ZLUG GLH Ä%HVRUJQLV YRU HLJHQHQ XQPLWWHOEDUHQ *HIlKUGXQJHQ GXUFK .ULPLQDOLWlW³ YHUVWDQGHQ VLHKH 6&+(:( 6XEMHNWLYHV 6LFKHUKHLWVJHIKO +,57(1/(+1(5 2EZRKO GLH %HJULIIH GHU .ULPLQDOLWlWVIXUFKW XQG GHV VXEMHNWLYHQ 6LFKHUKHLWVJHIKOV HLQDQGHU KlXILJ JOHLFKJHVHW]W ZHUGHQ ZLUG GDV VXEMHNWLYH 6LFKHUKHLWVJHIKO QLFKW QXU GXUFK GLH $QJVW YRU .ULPLQDOLWlW VRQGHUQ DXFK GXUFK DQGHUH )DNWRUHQ EHHLQIOXVVW ZLH HWZD GLH $QJVW YRU 9HU OXVW GHV $UEHLWVSODW]HV RGHU .UDQNKHLWHQ =XP XPIDVVHQG YHUVWDQGHQHQ %HJULII GHV 6LFKHU KHLWVJHIKOV YJO 6&+(:( 6XEMHNWLYHV 6LFKHUKHLWVJHIKO 6&+(:( 6LFKHUKHLWVJHIKO I *,//635,**6 3UREOHPDWLVFK LVW HV GHVKDOE EHL GHU 3UIXQJ GHU 9HUKlOWQLVPlVVLJNHLW LH6 HLQHU 9LGHREHU ZDFKXQJ DXFK DXI GDV VXEMHNWLYH 6LFKHUKHLWVJHIKO DE]XVWHOOHQ YJO DEHU 9*HU 6* 8UWHLO YRP 0DL ( GEE XQG H 6**93 II VLHKH VFKRQ YRUQH 7HLO ,,, 'D]X *5$6 9LGHREHUZDFKXQJ I .8%( ( 0(5./( 9LGHREHUZDFKXQJ , %(1 %52:1 &&79 LQ 7RZQ &HQWUHV 7KUHH &DVH 6WXGLHV 3ROLFH 5HVHDUFK *URXS &ULPH 'H WHFWLRQ DQG 3UHYHQWLRQ 3DSHU 1R +RPH 2IILFH 3ROLFH 'HSDUWPHQW /RQGRQ II %h&.,1*.8%(5$ NULWLVFK ]XU UHSUHVVLYHQ :LUNVDPNHLW GHU 9LGHREHUZDFKXQJ KLQJHJHQ 2&+6(1)(/'5(33 II 'HP UHSUHVVLYHQ 1XW]HQ GHU 9LGHREHUZDFKXQJ NDP ELV MHW]W DOOHUGLQJV QRFK QLFKW GLH JOHLFKH ZLVVHQVFKDIWOLFKH $XIPHUNVDPNHLW ]XWHLO ZLH GHUHQ NULPLQDOSUlYHQWLYHQ :LUNXQJHQ YJO 2&+6(1)(/'5(33 *(55$5'3$5.,16&811,1* +$0-21(6+,//'28*/$6 ,P $QZHQGXQJVEHUHLFK GHU 6W32 IDOOHQ 9LGHRDXI]HLFKQXQJHQ XQWHU GHQ %HJULII GHU ÄZHLWHUHQ $XI]HLFKQXQJHQ³ YRQ $UW $EV 6W32 YJO %RWVFK 6W32 6&+0,' 1 5] 6LH N|QQHQ DOOHUGLQJV DXFK XQWHU GHQ SUR]HVVUHFKWOLFKHQ 8UNXQGHQEHJULII ZHOFKHU ZHLWHU JHKW DOV GHUMHQLJH QDFK $UW $EV 6W*% YJO 6&+0,' 1 5] GLHVHU %HVWLPPXQJ VXE VXPLHUW ZHUGHQ YJO '21$76&+ LQ '21$76&++$16-$.2%/,(%(5 .RPP ]X $UW 6W32 5] XQG *5$6 9LGHREHUZDFKXQJ 'DV %XQGHVJHULFKW KlOW EH]JOLFK 9LGHRDXI]HLFKQXQJHQ IHVW Ä%HL 6WUDIWDWHQ DXI |IIHQWOLFKHP *UXQG ± DQ DEJHOHJHQHQ 2UWHQ ]X QlFKWOLFKHU 6WXQGH RGHU DEHU DXFK DQ VWDUN IUHTXHQWLHUWHQ 6WHOOHQ ± ELOGHQ VROFKH $XI]HLFKQXQJHQ KlXILJ GDV HLQ]LJ DXVVDJHNUlIWLJH %HZHLVPDWHULDO³ %*( , ( VD %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII Ä>/H UHFRXUV j GHV PR\HQV YLGpR@ SHXW rWUH 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ XQG =HXJHQ YRQ 6WUDIWDWHQ ]X LGHQWLIL]LHUHQ 'LHV DOOHV UHLFKW MHGRFK QLFKW DXV GDPLW GLH 9LGHREHUZDFKXQJ DOV YHUKlOWQLVPlVVLJ EHXUWHLOW ZHUGHQ NDQQ =XPLQ GHVW GLH SUlYHQWLYSROL]HLOLFKH 9LGHREHUZDFKXQJ VROO YRUZLHJHQG HLQ 0LWWHO ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ GDUVWHOOHQ ZHVKDOE VLH VLFK LQ MHGHP )DOO DXFK ]XU (UUHL FKXQJ GLHVHV =ZHFNV DOV YHUKlOWQLVPlVVLJ ]X HUZHLVHQ KDW (V LVW VRPLW LPPHU DXFK ]X IUDJHQ RE GLH 9LGHREHUZDFKXQJ JHHLJQHW HUIRUGHUOLFK XQG ]XPXWEDU LVW XP GLH %HJHKXQJ YRQ 6WUDIWDWHQ LP EHUZDFKWHQ %HUHLFK JlQ]OLFK RGHU ]XPLQGHVW QLFKW XQHUKHEOLFK ]X YHUKLQGHUQ 9RQ VHOEVWlQGLJHU %HGHXWXQJ LVW GHU GXUFK GLH 9L GHREHUZDFKXQJ YHUIROJWH UHSUHVVLYH =ZHFN KLQJHJHQ HWZD EHL GHU %HXUWHLOXQJ GHU 9HUKlOWQLVPlVVLJNHLW GHU 'DWHQEHNDQQWJDEH DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ RGHU GHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ ]X )DKQGXQJV]ZHFNHQ % 9HUKlOWQLVPlVVLJNHLW GHU 'DWHQEHVFKDIIXQJ *HHLJQHWKHLW GHU 9LGHREHUZDFKXQJ ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ" =X SUIHQ LVW ]XQlFKVW RE GLH 9LGHREHUZDFKXQJ EHUKDXSW DOV JHHLJQHWHV 0LWWHO EH]HLFKQHW ZHUGHQ NDQQ XP 6WUDIWDWHQ LP EHUZDFKWHQ *HELHW ]X YHUKLQGHUQ :lUH GLHV QLFKW GHU )DOO ZUGH GLH 9LGHREHUZDFKXQJ VFKRQ PDQJHOV *HHLJQHWKHLW HLQH XQYHUKlOWQLVPlVVLJH 0DVVQDKPH GDUVWHOOHQ 'DEHL LVW YRUZHJ ]X GLIIHUHQ]LHUHQ ]ZLVFKHQ GHU 9LGHREHUZDFKXQJ ZHOFKH DXFK HLQH (FKW]HLWEHREDFKWXQJ ]XOlVVW XQG GHUMHQLJHQ EHL GHU ÄQXU³ HLQH $XI]HLFKQXQJ GHV *HVFKHKHQV VWDWWILQGHW %HL GHU HUVWHQ 9DULDQWH JHKW HV DXFK GDUXP XQPLWWHOEDU XQ H[FHOOHQW PR\HQ GH FRQVHUYHU GHV SUHXYHV GX SDVVDJH G¶XQH SHUVRQQH j XQ HQGURLW GRQQp³ 'HQNEDU LVW DXFK GDVV GLH $XI]HLFKQXQJHQ GD]X GLHQHQ IUHL HUIXQGHQH $QVFKXOGLJXQJHQ ]X ZLGHUOHJHQ =XGHP GUIWHQ VLH 7DWYHUGlFKWLJH LQ GHQ PHLVWHQ )lOOHQ GD]X YHUDQODVVHQ GLH 7DW ]X JHVWHKHQ DQVWDWW VLFK ZHLWHU XQVFKXOGLJ ]X HUNOlUHQ *5$6 9LGHREHUZDFKXQJ 'LH 9LGHRDXI]HLFKQXQJHQ XQWHUOLHJHQ GHU IUHLHQ %HZHLVZUGLJXQJ YJO 6&+0,' 1 5] 'HQ %HZHLVZHUW GHU $XI]HLFKQXQJ ZLUG GHU 5LFKWHU LQVEHVRQGHUH YRQ GHU (UNHQQEDUNHLW GHV *H VFKHKHQV E]Z GHU EHVFKXOGLJWHQ 3HUVRQHQ XQG GDPLW YRQ GHU 4XDOLWlW GHU $XI]HLFKQXQJ DE KlQJLJ PDFKHQ 9RQ %HGHXWXQJ LVW DXFK GLH (UNHQQEDUNHLW XQG *HQDXLJNHLW GHU DXI GHQ $XI ]HLFKQXQJHQ HLQJHEOHQGHWHQ =HLWDQJDEHQ YJO /,1** (EHQIDOOV LVW GLH *HIDKU HLQHU QDFKWUlJOLFKHQ 0DQLSXODWLRQ GHU $XIQDKPHQ GD]X LP (LQ]HOQHQ YRUQH 7HLO 9, + ]X EHUFNVLFKWLJHQ %b80/(5 5$1'+$+1 GDPLW IU GHQ 5LFKWHU %LOGPDQLSXODWLRQHQ GXUFK GDV hEHUZDFKXQJVSHUVRQDO RGHU GLH 3ROL]HL QDFKYROO]LHKEDU ZHUGHQ LVW GHVKDOE HLQ VRJ ÄDXGLW WUDLO³ HUIRUGHUOLFK GD]X YRUQH )Q $XFK EHL GHU 9HUZHQGXQJ GLJLWDOHU 7HFKQLN LVW GDV 5LVLNR HLQHU )lOVFKXQJ MHGHQIDOOV QLFKW GHUDUW JURVV YJO YRUQH 7HLO 9, + GDVV HQW VSUHFKHQGH 9LGHRDXI]HLFKQXQJHQ ]XP %HZHLV JUXQGVlW]OLFK XQJHHLJQHW ZlUHQ LQ GLHVH 5LFK WXQJ DEHU '6% %/ 0HUNEODWW 9LGHREHUZDFKXQJ =LII E ZRQDFK ÄGHU %HZHLVZHUW YRQ >YD GLJLWDOHQ@ 9LGHRDXIQDKPHQ YRU *HULFKW ZHJHQ GHU HLQIDFKHQ 0DQLSXODWLRQVP|JOLFKNHLWHQ IUDJZUGLJ³ VHL *,//635,**6 *5$6 9LGHREHUZDFKXQJ 9JO KLQWHQ 7HLO ,9 % XQG 7HLO ,9 & *OHLFK]HLWLJ EHVWHKW DQ VROFKHQ XQJHHLJQHWHQ 0DVVQDKPHQ DXFK NHLQ |IIHQWOLFKHV ,QWHUHVVH VLHKH YRUQH 7HLO ,,, 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ *HIDKUHQ DP %LOGVFKLUP UHJLVWULHUHQ XQG %HDPWH YRU 2UW VFKLFNHQ ]X N|QQHQ (V LVW GDYRQ DXV]XJHKHQ GDVV HLQH VROFKH (FKW]HLWEHREDFKWXQJ QDFK GHP .DPHUD 0RQLWRU3ULQ]LS GHU 3ROL]HL WDWVlFKOLFK HLQ VFKQHOOHUHV (LQJUHLIHQ YRU 2UW HUODXEW ZRPLW VLFK GLH %HJHKXQJ YRQ 'HOLNWHQ RGHU ]XPLQGHVW GLH %HJHKXQJ ]XVlW]OLFKHU RGHU VFKZHUHU 'HOLNWH YHUKLQGHUQ OlVVW =X GLHVHP =ZHFN LVW GLH 9LGHREHUZD FKXQJ VRPLW JHHLJQHW 'DVV GLH JHIDKUHQDEZHKUHQGH 0DVVQDKPH X8 QLFKW LPPHU UHFKW]HLWLJ HUIROJW lQGHUW GDUDQ QLFKWV 'HQQRFK LVW VLFKHU]XVWHOOHQ GDVV JHQ JHQG XQG KLQUHLFKHQG DXVJHELOGHWHV 3HUVRQDO HLQJHVHW]W ZLUG ZHOFKHV GDV *H VFKHKHQ DQ GHQ 0RQLWRUHQ DXFK WDWVlFKOLFK YHUIROJHQ E]Z EHL HLQHP (UHLJQLV HLQ JUHLIHQ NDQQ =XGHP LVW GHU YRUKDQGHQHQ *HIDKU HQWJHJHQ]XZLUNHQ GDVV GLH .RQ]HQWUDWLRQ GHV hEHUZDFKXQJVSHUVRQDOV DEVLQNW RGHU VLFK /DQJHZHLOH HLQ VWHOOW 'LHV HLQHUVHLWV XP GLH (IIHNWLYLWlW GHU hEHUZDFKXQJ VLFKHU]XVWHOOHQ $Q GHUHUVHLWV JLOW HV ]X YHUKLQGHUQ GDVV GLH 9LGHREHUZDFKXQJ DXV (LQW|QLJNHLW XQG (UPGXQJ IU YR\HXULVWLVFKH RGHU EHOXVWLJHQGH =ZHFNH HLQJHVHW]W ZLUG 'HU (LQVDW] YRQ 9LGHREHUZDFKXQJ HUIROJW MHGRFK UHJHOPlVVLJ DXFK PLW GHP =LHO GDV (QWVWHKHQ NRQNUHWHU *HIDKUHQ RGHU GLH %HJHKXQJ YRQ 6WUDIWDWHQ EHUKDXSW ]X YHUKLQGHUQ 'LHVH )XQNWLRQ VWHKW LQVEHVRQGHUH EHL GHU 9LGHREHUZDFKXQJ EHL ZHO FKHU QXU HLQH $XI]HLFKQXQJ GHV *HVFKHKHQV HUIROJW NODU LP 9RUGHUJUXQG 6RPLW VWHOOW VLFK GLH )UDJH RE GLH 9LGHREHUZDFKXQJ EHUKDXSW HLQHQ DEVFKUHFNHQGHQ (IIHNW DXI GLH %HJHKXQJ YRQ 'HOLNWHQ KDW )HVW]XVWHOOHQ LVW ]XQlFKVW GDVV VLFK DXV ELVKHULJHQ 8QWHUVXFKXQJHQ ]XU :LUNVDP NHLW GHU 9LGHREHUZDFKXQJ LP |IIHQWOLFKHQ 5DXP ]XU 5HGXNWLRQ GHU *HVDPWNULPL QDOLWlW LP EHUZDFKWHQ *HELHW NHLQH NODUHQ 6FKOVVH ]LHKHQ ODVVHQ (EHQIDOOV NHLQH HLQGHXWLJHQ $XVVDJHQ HUP|JOLFKHQ GLHMHQLJHQ 8QWHUVXFKXQJHQ ZHOFKH VLFK PLW GHQ $XVZLUNXQJHQ GHU hEHUZDFKXQJ DXI HLQ]HOQH 'HOLNWVNDWHJRULHQ EHIDVVHQ 9RUQH 7HLO ,, ) 9JO GD]X %h&.,1*.8%(5$ 9JO 3(75, 5] 6&+5g'(5 6787=(5=(+1'(5 9JO /,1** I .$00(5(5 %LOGHU GHU hEHUZDFKXQJ I I $XFK GLH EHVWH %LOG DXIO|VXQJ RGHU =RRP XQG 6FKZHQNP|JOLFKNHLWHQ EOHLEHQ RKQH JURVVHQ 1XW]HQ ZHQQ GDV VLFK KLQWHU GHQ hEHUZDFKXQJVPRQLWRUHQ EHILQGHQGH 3HUVRQDO PGH JHODQJZHLOW RGHU GHPRWL YLHUW LVW YJO .$00(5(5 %LOGHU GHU hEHUZDFKXQJ I 8P GHU $XJHQ(UPGXQJ XQG .RQ]HQWUDWLRQVVFKZlFKH HQWJHJHQ]XZLUNHQ VLQG UHJHOPlVVLJ 3DXVHQ HLQ]XOHJHQ XQG HV GDUI LP .RQWUROOUDXP ZHGHU ]X YLHO QRFK ]X ZHQLJ /LFKW YRUKDQGHQ VHLQ (LQH ZHLWHUH 0|JOLFKNHLW ZLUG LP (LQVDW] VRJ ÄWKUHDW LPDJH SURMHFWLRQ³ HUEOLFNW 'DEHL ZHUGHQ %LOGHU UHDO QLFKW H[LVWLH UHQGHU *HIDKUHQ Ä*HLVWHUELOGHU³ DXI GLH hEHUZDFKXQJVPRQLWRUH EHUVSLHOW XP GLH $XI PHUNVDPNHLW GHV 6LFKHUKHLWVSHUVRQDOV ]X SUIHQ XQG JOHLFK]HLWLJ DXI HLQHP KRKHQ 1LYHDX ]X KDOWHQ VLHKH .$00(5(5 %LOGHU GHU hEHUZDFKXQJ I 9JO YRUQH 7HLO ,9 $ VRZLH 7HLO ,, * XQG 7HLO ,, , 6&+5g'(5 *5$6 9LGHREHUZDFKXQJ *,//635,**6 YJO LPPHUKLQ :(/6+ )$55,1*721 XQG GLH LQ HLQHU $QDO\VH ELVKHULJHU 6WXGLHQ ]XP 6FKOXVV NRPPHQ GDVV HLQH 5HGXNWLRQ GHU *HVDPWNULPLQDOLWlW ]XPLQGHVW LQ HLQHP JHULQJHQ $XVPDVV HUIROJH NULWLVFK ]X GLHVHU 8QWHUVXFKXQJ DEHU 2&+6(1)(/'5(33 II 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ (LQH JHZLVVH hEHUHLQVWLPPXQJ VFKHLQW LPPHUKLQ GDKLQJHKHQG ]X EHVWHKHQ GDVV GLH 9LGHREHUZDFKXQJ 'HOLNWH ZHOFKH PLW *HZDOW JHJHQ 3HUVRQHQ YHUEXQGHQ VLQG ZLH QDPHQWOLFK .|USHUYHUOHW]XQJVGHOLNWH NDXP RGHU QXU LQ VHKU JHULQJHP 8PIDQJ ]X YHUKLQGHUQ LP 6WDQGH LVW 'LHV ZLUG GDPLW HUNOlUW GDVV VROFKH 'HOLNWH KlXILJ LP $IIHNW XQGRGHU XQWHU $ONRKRO RGHU 'URJHQHLQIOXVV EHJDQJHQ ZHUGHQ +LQ JHJHQ VFKHLQW GLH 9LGHREHUZDFKXQJ YRQ 3DUNSOlW]HQ ]XP 6FKXW] GHU )DKU]HXJH YRU 'LHEVWDKO XQG 6DFKEHVFKlGLJXQJ ZLUNVDP ]X VHLQ ]XPLQGHVW VRZHLW JOHLFK]HL WLJ ZHLWHUH 0DVVQDKPHQ HUJULIIHQ ZHUGHQ ZLH HWZD HLQH EHVVHUH %HOHXFKWXQJ %H]JOLFK DQGHUHU DXI |IIHQWOLFKHQ 6WUDVVHQ XQG 3OlW]HQ YRUNRPPHQGHU 'HOLNWH ZLH 6DFKEHVFKlGLJXQJ 5DXE RGHU 'LHEVWDKO ]HLJW VLFK HLQ XQHLQKHLWOLFKHV %LOG bKQOLFKHV JLOW IU %HWlXEXQJVPLWWHOGHOLNWH 'LH 9LGHREHUZDFKXQJ LP |IIHQWOL *5$6 9LGHREHUZDFKXQJ II *5$6 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH %251(:$66(5 :LUNVDPNHLW :(/6+)$55,1*721 )$55,1*721*,// :$3/(6$5*20$1,= *,//635,**6 II $50,7$*( %251(:$66(5 (YDOXDWLRQ %h&.,1*.8%(5$ II 0(5./( 9LGHREHUZDFKXQJ ,, I 0$;,0,1, I 48$0%86&+ .($76'8)),1*,// *,//635,**6 II $50,7$*( %h&.,1*.8%(5$ I 0(5./( 9LGHR EHUZDFKXQJ ,, *5$6 9LGHREHUZDFKXQJ %251(:$66(5 (YDOXDWLRQ 6LHKH :(/6+)$55,1*721 II )$55,1*721*,//:$3/(6$5*20$1,= IHQHU $50,7$*( %251(:$66(5 :LUNVDPNHLW GLIIHUHQ]LHUHQG KLQJHJHQ *,// 635,**6 II II 1DFK GHQ YRQ *5$6 9LGHREHUZDFKXQJ II XQWHUVXFKWHQ 6WXGLHQ DXV *URVVEULWDQQL HQ VFKHLQW HV VR DOV ZUGH VLFK GLH 9LGHREHUZDFKXQJ DXI 'HOLNWH ZLH SHUVRQHQEH]RJHQHU 'LHEVWDKO VRZLH 5DXE NDXP JQVWLJ DXVZLUNHQ LP *HJHQ]XJ DEHU ]XU 9HUKLQGHUXQJ YRQ /D GHQ XQG (LQEUXFKGLHEVWlKOHQ XQG YRQ 6DFKEHVFKlGLJXQJHQ EHLWUDJHQ )$55,1*721*,// :$3/(6$5*20$1,= VWHOOHQ HLQHQ NULPLQDOSUlYHQWLYHQ (IIHNW DXI (LQEUXFK 'LHEVWDKO XQG 6DFKEHVFKlGLJXQJVGHOLNWH KLQJHJHQ QLFKW IHVW *,//635,**6 II I VFKHLQHQ REZRKO LKUH 8QWHUVXFKXQJHQ QXU EHVFKHLGHQH RGHU JDU NHLQH VWDWLVWLVFK VLJQLILNDQWHQ (IIHNWH DXI (LQEUXFK 'LHEVWDKO RGHU 6DFKEHVFKlGLJXQJ HUJHEHQ KDEHQ GHU 9LGHREHUZD FKXQJ GLH :LUNXQJ DXI VROFKH 'HOLNWH GHQQRFK QLFKW JlQ]OLFK DEVSUHFKHQ ]X ZROOHQ VD $50,7$*( %h&.,1*.8%(5$ I I VWHOOWHQ LQ LKUHU 8QWHUVXFKXQJ HLQH 5HGXNWLRQ YRQ (LJHQWXPV XQG 9HUP|JHQVGHOLNWHQ QDPHQWOLFK )DKUUDGGLHEVWlKOHQ LQ HLQHU EHUZDFKWHQ 3DUNDQODJH IHVW NULWLVFK ]X GLHVHU 8QWHUVXFKXQJ MHGRFK /$1* 9LGHREHUZD FKXQJ LQ %LHOHIHOG II .ULWLVFK ]X GHQ 0|JOLFKNHLWHQ 7DVFKHQGLHEVWlKOH LP |IIHQWOLFKHQ 9HUNHKU PLW 9LGHREHUZDFKXQJ ]X YHUKLQGHUQ 58(**)/h&.,*(5129(0%(5./$86(5 'LHEVWlKOH DXI GHP )OXJKDIHQ *HQI VROOHQ LQ YLGHREHUZDFKWHQ %HUHLFKHQ MHGRFK UHGX]LHUW ZRUGHQ VHLQ 58(**)/h&.,*(5129(0%(5./$86(5 (LQHQ UHGX]LHUHQGHQ (IIHNW DXI )DKUUDGGLHEVWlKOH XQG 6DFKEHVFKlGLJXQJHQ DXI HLQHP EHUZDFKWHQ LQQHUVWlGWL VFKHQ 3ODW] VWHOOHQ %251(:$66(56&+8/= I XQG %251(:$66(5 (YDOXDWLRQ IHVW =X HLQHU IHVWJHVWHOOWHQ 5HGXNWLRQ YRQ 'LHEVWlKOHQ LQ )UDQNIXUW D0 2&+6(1)(/'5(33 I XQG LQ /HLS]LJ 2&+6(1)(/'5(33 II VRZLH /$1* 3ULYDWH 9LGHREHUZDFKXQJ .HLQH 5ROOH VFKHLQW HV ]X VSLHOHQ RE GLH .DPHUDV IHVW LQVWDOOLHUW VLQG RGHU RE HLQH PRELOH hEHUZDFKXQJ VWDWWILQGHW YJO :$3/(6*,// II II 7HLOZHLVH ZLUG HLQH :LUNXQJ IDVW JlQ]OLFK DXVJHVFKORVVHQ *5$6 9LGHREHUZDFKXQJ I LQ DQGHUHQ 8QWHUVXFKXQJHQ ZXUGH KLQJHJHQ HLQH 9HUULQJHUXQJ VROFKHU 'HOLNWH LP EHUZDFKWHQ *HELHW IHVWJHVWHOOW %h&.,1*.8%(5$ II 0(5./( 9LGHREHUZDFKXQJ , I XQG 9LGHREHUZDFKXQJ ,, 6&+1(,'(55,&. I 92/.(5 %28)),(5 IRUXP NULPLQDOSUlYHQWLRQ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ FKHQ 9HUNHKU VROO KLQJHJHQ ]X 5FNJlQJHQ YRQ 9DQGDOLVPXVVFKlGHQ JHIKUW KD EHQ HEHQVR ]X HLQHU 9HUPLQGHUXQJ YRQ %HGURKXQJHQ XQG hEHUJULIIHQ ,P $OOJHPHLQHQ OlVVW VLFK DEHU IHVWVWHOOHQ GDVV GLH NULPLQDOSUlYHQWLYH :LUNXQJ GHU .DPHUDV PLW GHU =HLW QDFK]XODVVHQ VFKHLQW =XGHP GUIWH GLH 9LGHREHUZD FKXQJ LQ NOHLQHUHQ XPEDXWHQ 5lXPHQ PLW HLQJHVFKUlQNWHP =XJDQJ HIIHNWLYHU VHLQ DOV LQ RIIHQHQ 5lXPHQ $XFK GDV 0DVV GHU $EGHFNXQJ GHV EHUZDFKWHQ 5DXPV PLW .DPHUDV KDW $XVZLUNXQJHQ DXI GLH (IIHNWLYLWlW HLQHU 9LGHREHUZDFKXQJ 9RQ HQWVFKHLGHQGHU %HGHXWXQJ IU GHQ (UIROJ GHU 9LGHREHUZDFKXQJ VFKHLQW DEHU ]X VHLQ RE XQG PLW ZHOFKHQ EHJOHLWHQGHQ 0DVVQDKPHQ VLH NRPELQLHUW ZLUG =X GHQNHQ LVW LQVEHVRQGHUH DQ HLQH EHVVHUH %HOHXFKWXQJ EHVVHUH +LQZHLVH DXI GLH .DPHUDV HLQHQ DXVUHLFKHQGHQ (LQVDW] YRQ 6LFKHUKHLWVSHUVRQDO YHUVWlUNWH gIIHQW OLFKNHLWVDUEHLW XQG GLH VWlQGLJH hEHUSUIXQJ GHU :LUNVDPNHLW GHU hEHUZDFKXQJ (V OlVVW VLFK VRPLW IHVWKDOWHQ GDVV GLH 9LGHREHUZDFKXQJ PDQFKPDO ZLUNW XQG PDQFKPDO QLFKW XQG ELVKHULJH 8QWHUVXFKXQJVHUJHEQLVVH MHGHQIDOOV =ZHLIHO DQ GHU *HHLJQHWKHLW GHU 9LGHREHUZDFKXQJ DOV 0DVVQDKPH GHU .ULPLQDOSUlYHQWLRQ ZHFNHQ PVVHQ 'HQQRFK OlVVW VLFK QLFKW SDXVFKDO EHKDXSWHQ GLH 9LGHREHU ZDFKXQJ VHL HLQ JHQHUHOO XQJHHLJQHWHV 0LWWHO XP GLH .ULPLQDOLWlW LP EHUZDFKWHQ %HU 9LGHREHUZDFKXQJ /$8; I 1== YRP 0lU] XQG YRP )HEUXDU /$8; I 1== YRP 0lU] *5$6 9LGHREHUZDFKXQJ $50,7$*( &&79 II %251(:$66(5 (YDOXDWLRQ /,1** I /$1* 3ULYDWH 9LGHREHUZDFKXQJ 0$;,0,1, I ,QWHUHVVDQWHUZHLVH OLHVV VLFK LQ 8QWHUVXFKXQJHQ DEHU DXFK HLQ NULPLQDOSUlYHQWLYHU (IIHNW EHREDFKWHQ EHYRU GLH .DPHUDV LQ %HWULHE JHQRPPHQ ZRUGHQ VLQG 'LHV ZLUG HWZD DXI 0HGLHQEHULFKWH EHU GLH DQ VWHKHQGH hEHUZDFKXQJ RGHU GHUHQ |IIHQWOLFKH 'LVNXVVLRQ ]XUFNJHIKUW YJO /,1** I .$00(5(5 %LOGHU GHU hEHUZDFKXQJ *,//635,**6 6787=(5=(+1'(5 I 3UREOHPDWLVFK LVW GLHVH )HVWVWHOOXQJ ZHQQ GLH 9LGHREHUZDFKXQJ ± ZLH GLHV KlXILJ GHU )DOO LVW ± ]XU hEHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H XQG GDPLW YRQ RIIHQHQ 5lXPHQ HLQJHVHW]W ZLUG YJO 6787=(5=(+1'(5 *,//635,**6 II 9JO *,//635,**6 6&+1(,'(55,&. I )$55,1*721*,//:$3/(6 $5*20$1,= I :(/6+)$55,1*721 .($76'8)),1*,// %251(:$66(5 6&+8/= *5$6 9LGHREHUZDFKXQJ ./$86(5 5DXPDQHLJQXQJ /,1** $EHU DXFK ZHQQ ]XVlW]OLFKH GLH 9LGHREHUZDFKXQJ EHJOHLWHQGH 0DVVQDKPHQ JHWURIIHQ XQG EHVWHKHQGH 0lQJHO EHKREHQ ZHUGHQ ZLUG YRU EHUWULHEHQHQ (UZDUWXQJHQ EH]JOLFK LKUHU NULPLQDOSUlYHQWLYHQ (IIHNWH JHZDUQW 'LHV PVVH QlPOLFK QLFKW ]ZLQJHQG ]XU )ROJH KDEHQ GDVV GLH .ULPLQDOLWlW WDWVlFKOLFK YHUULQJHUW ZHUGH YJO *,//635,**6 9JO 0h//(5 +( /,1** &R( 5HSRUW YLGHR VXUYHLOODQFH & ,,, II $OV SUREOH PDWLVFK HUZHLVW VLFK VRPLW GLH )HVWVWHOOXQJ GHV (-3' LP %HU 9LGHREHUZDFKXQJ ZRQDFK ÄGLH :LUNVDPNHLW GHU 9LGHREHUZDFKXQJ GHV |IIHQWOLFKHQ 5DXPHV HUZLHVHQ LVW³ =X XQGLIIH UHQ]LHUW DXFK '(&2&402175(8,/%8,6621 5] 6&+5g'(5 II 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ %HUHLFK ]X YHUULQJHUQ 2KQHKLQ JLOW GDVV 0DVVQDKPHQ GHU *HIDKUHQDEZHKU QLFKW HWZD VFKRQ GHVKDOE XQJHHLJQHW VLQG ZHLO VLH *HIDKUHQ QLFKW YROOXPIl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lQGOLFK EHGDUI HV HLQHU 3UIXQJ GHU *HHLJQHWKHLW LQ MHGHP (LQ ]HOIDOO 'LHV VHW]W YRUDXV GDVV GLH NRQNUHW JHWURIIHQH 9LGHREHUZDFKXQJVPDVV QDKPH UHJHOPlVVLJ HYDOXLHUW ZLUG $Q GHU *HHLJQHWKHLW GHU 9LGHREHUZDFKXQJ lQGHUW DXFK GLH RIW JHlXVVHUWH %HKDXS WXQJ E]Z %HIUFKWXQJ GLH .ULPLQDOLWlW ZUGH VLFK EORVV LQ QLFKW EHUZDFKWH %H UHLFKH YHUODJHUQ QLFKWV =XQlFKVW VLQG VROFKH 9HUODJHUXQJVHIIHNWH NHLQH ]ZLQ JHQGH )ROJH HLQHU 9LGHREHUZDFKXQJ 'LH 9LGHREHUZDFKXQJ NDQQ ]ZDU ]X HLQHU 9HUGUlQJXQJ GHU .ULPLQDOLWlW LQ DQJUHQ]HQGH %HUHLFKH IKUHQ GLHV VFKHLQW DEHU QLFKW GLH 5HJHO ]X VHLQ 6HOEVW ZHQQ 9HUODJHUXQJVHIIHNWH DXIWUHWHQ EHGHXWHW GLHV LP hEULJHQ QLFKW ]ZLQJHQG GDVV VLFK GLH JHVDPWH .ULPLQDOLWlW LP YROOHQ 8PIDQJ YHUODJHUW =XGHP NDQQ VRJDU EHL HLQHU .ULPLQDOLWlWVYHUODJHUXQJ GLH 3UlYHQWLRQ 6R DXFK 58(**)/h&.,*(5129(0%(5./$86(5 *5$6 9LGHREHUZDFKXQJ |IIHQWOL FKHU 5lXPH 'DYRQ GDVV GLH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ JHHLJQHW LVW JHKHQ DXFK GDV %XQGHVJHULFKW %*( , ( VRZLH GHU (*05 8UWHLO YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII DXV YJO IHUQHU %$86&+ II %$576&+ II %h//(6)(/' 9L GHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H *(,*(5 2&+6(1)(/'5(33 II /$1* 3ULYDWH 9LGHREHUZDFKXQJ II I 5$1'+$+1 0$;,0,1, II 9JO 5(,1+$5' 3)$1'(5 9JO 58(**)/h&.,*(5129(0%(5./$86(5 I 9JO ]XU 3UD[LV GHV %XQGHVJHULFKWV %,$**,1, .RPP ]X $UW %9 5] 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ I 58(**)/h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h&.,*(5129(0%(5./$86(5 I GLHVEH]JOLFK ]X ZHQLJ GLIIHUHQ]LHUW /,6.(1 '(11,1*(5 5] /8; I *5$6 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ DQ HLQHP EHVWLPPWHQ 2UW HUVWUHEHQV XQG ZQVFKHQVZHUW VHLQ HWZD EH]JOLFK 5lXPHQ DXI GHUHQ %HQXW]XQJ GHU (LQ]HOQH DQJHZLHVHQ LVW GLH EHL HLQHP $QJULII DEHU QXU ZHQLJ )OXFKWP|JOLFKNHLWHQ ELHWHQ ]X GHQNHQ LVW HWZD DQ 8QWHUIKUXQJHQ 'HQ UHFKWVDQZHQGHQGHQ %HK|UGHQ LVW HLQ JHZLVVHU 6SLHOUDXP HLQ]XUlXPHQ 5LFKWLJHUZHLVH LVW XQWHU GHP *HVLFKWVSXQNW GHU *HHLJQHWKHLW DEHU RKQHKLQ EORVV ]X SUIHQ RE GLH 9LGHREHUZDFKXQJ LP EHUZDFKWHQ %HUHLFK JHHLJQHW LVW HLQH 5H GXNWLRQ GHU .ULPLQDOLWlW KHUEHL]XIKUHQ 'LH 9LGHREHUZDFKXQJ YHUIROJW QLFKW GDV =LHO HLQHU IOlFKHQGHFNHQGHQ 5HGXNWLRQ GHU *HVDPWNULPLQDOLWlW HWZD LQ HLQHP JDQ ]HQ 6WDGWYLHUWHO RGHU HLQHP JDQ]HQ ,QQHQVWDGWEHUHLFK $XFK ZHU 9HUODJHUXQJV HIIHNWH LQ GLH 3UIXQJ GHU *HHLJQHWKHLW PLW HLQEH]LHKHQ P|FKWH PVVWH VLFK MHGHQ IDOOV PLW GHU )UDJH DXVHLQDQGHUVHW]HQ RE GLH *HVDPWNULPLQDOLWlW QLFKW GHQQRFK YHUULQJHUW ZLUG =XGHP GDUI QLFKW YHUJHVVHQ ZHUGHQ GDVV HLQ PLW GHU 9LGHR EHUZDFKXQJ YHUEXQGHQHU 3UlYHQWLRQVHIIHNW DXFK LQ QLFKW EHUZDFKWH *HELHWH VWUHXHQ NDQQ ÄGLIIXVLRQ RI EHQHILWV³ REZRKO GLHV HEHQIDOOV QLFKW GLH 5HJHO ]X VHLQ VFKHLQW (LQH 0DVVQDKPH GHU 9LGHREHUZDFKXQJ HUVFKHLQW DXFK QLFKW GHVKDOE DOV XQJHHLJ QHW ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ ZHLO PDQJHOV (FKW]HLWEHREDFKWXQJ NHLQ XQPLWWHO EDUHV (LQJUHLIHQ GHU 3ROL]HL P|JOLFK LVW VRQGHUQ QXU HLQH $XI]HLFKQXQJ VWDWWILQ GHW 'HP 8PVWDQG GDVV GDV 9HUKDOWHQ DXIJH]HLFKQHW XQG GDPLW %HZHLVH IU HLQH 6WUDIYHUIROJXQJ JHVLFKHUW ZHUGHQ LVW VFKRQ HLQH HLJHQVWlQGLJH DEVFKUHFNHQGH :LUNXQJ EHL]XPHVVHQ 8QHUKHEOLFK LVW DXFK GDVV HLQH ,GHQWLIL]LHUXQJ GHV 7lWHUV X8 GDGXUFK HUVFKZHUW ZLUG GDVV VLFK GLHVHU HLQH 0DVNH DXIVHW]W RGHU VRQVW ZLH 9JO 0h//(5 +( 6787=(5=(+1'(5 VD 0$;,0,1, (V LVW GHVKDOE ]ZL VFKHQ EHDEVLFKWLJWHQ XQG XQEHDEVLFKWLJWHQ 9HUODJHUXQJVHIIHNWHQ ]X GLIIHUHQ]LHUHQ YJO 6787=(5=(+1'(5 9JO %$86&+ 6R DXFK &2//,1 %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH :h67(1%(5* 5$1' +$+1 48$0%86&+ %$576&+ ]ZHLIHOQG MHGRFK %$86&+ XQG 52**$1 9LGHREHUZDFKXQJ 9JO %$576&+ 'LHVHV 3KlQRPHQ OlVVW VLFK DXFK DOV 1XW]HQYHUEUHLWHUXQJ 2&+6(1)(/'5(33 SRVLWLYHU $XVVWUDKOXQJVHIIHNW *5$6 9LGHREHUZDFKXQJ RGHU Ä$XVEUHLWXQJ GHV 3RVLWLYHQ³ 6&+1(,'(55,&. EH]HLFKQHQ $XIJUXQG YRQ 8QVLFKHUKHLWHQ RGHU HLQHU 8QNHQQWQLV EH ]JOLFK GHV WDWVlFKOLFKHQ $XVPDVVHV GHU hEHUZDFKXQJ ]% EHWUHIIHQG GDV %OLFNIHOG GHU .D PHUDV E]Z GHUHQ hEHUVFKlW]XQJ GLIIXQGLHUW GHU NULPLQDOSUlYHQWLYH (IIHNW DXFK LQ QLFKW EHUZDFKWH %HUHLFKH 2&+6(1)(/'5(33 0h//(5 +( /,1** I VD GD]X XQG ]X ZHLWHUHQ (UNOlUXQJVDQVlW]HQ 521$/' 9 &/$5.('$9,' :(,6%85' 'LIIXVLRQ RI &ULPH &RQWURO %HQHILWV 2EVHUYDWLRQV RQ WKH 5HYHUVH RI 'LVSODFHPHQW LQ 5RQDOG 9 &ODUNH >+UVJ@ &ULPH 3UHYHQWLRQV 6WXGLHV 9RO 0RQVH\ II VD 0$;,0,1, I *5$6 9LGHREHUZDFKXQJ I :(/6+)$55,1*721 *,//635,**6 %h&.,1* .8%(5$ %251(:$66(5 (YDOXDWLRQ )$55,1*721*,//:$3/(6$5*20$1,= $$ ZRKO %$(5,6:</ 'DWHQVFKXW]UHFKW XQG 6SRUW 9JO KLQWHQ 7HLO ,9 % E 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ XQNHQQWOLFK PDFKW $EJHVHKHQ GDYRQ GDVV NHLQ *UXQG ]XU $QQDKPH EHVWHKW VlPWOLFKH 7lWHU ZUGHQ VLFK YRU HLQHU 7DW ]XQlFKVW PDVNLHUHQ JLOW HV ]X EHGHQNHQ GDVV GLH KHXWH P|JOLFKH YLGHRJHVWW]WH IRUHQVLVFKH %HZHJXQJVDQDO\VH ZR]X VLFK LP %HVRQGHUHQ GDV *DQJELOG HLJQHW DXFK GLH ,GHQWLILNDWLRQ PDVNLHUWHU 7DWYHUGlFK WLJHU HUP|JOLFKHQ NDQQ (EHQVR ZHQLJ EHJUQGHW LVW GLH %HIUFKWXQJ GHU UHSUHV VLYH 1XW]HQ ± XQG GDPLW OHW]WOLFK GLH $EVFKUHFNXQJVZLUNXQJ ± ZHUGH GXUFK $QJULI IH DXI GLH .DPHUDV YHUHLWHOW 6ROFKH $QJULIIH VLQG ]ZDU QLFKW DXV]XVFKOLHV VHQ 'DVV DEHU HLQ 7lWHU YRU GHU 7DWEHJHKXQJ ]XQlFKVW VlPWOLFKH .DPHUDV EH VFKlGLJW LVW XQZDKUVFKHLQOLFK =XGHP VLQG GLH .DPHUDV UHJHOPlVVLJ QLFKW LQ XQ PLWWHOEDUHU 5HLFKZHLWH DXIJHVWHOOW XQG JHJHQ %HVFKlGLJXQJHQ JHVFKW]W $XVVHU GHP ZHUGHQ GLH %LOGHU VWlQGLJ DQ HLQH =HQWUDOH EHUPLWWHOW XQG ± EHL GHU 9LGHRDXI]HLFKQXQJ ± DXFK JHVSHLFKHUW (LQVFKUlQNHQG LVW DEHU EHL]XIJHQ GDVV GLH *HHLJQHWKHLW HLQHU 9LGHREHUZDFKXQJ ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ QXU GDQQ EHMDKW ZHUGHQ NDQQ ZHQQ VLH RIIHQ HUIROJW DOVR DP 7DJ ± ZLH DXFK LQ GHU 1DFKW ± IU GHQ (LQ]HOQHQ HUNHQQEDU LVW (V LVW JH UDGH GDV :LVVHQ XP GLH %HREDFKWXQJ XQG DOOHQIDOOV GLH $XI]HLFKQXQJ GHOLNWLVFKHQ 9HUKDOWHQV ZHOFKHV GLH 9LGHREHUZDFKXQJ EHUKDXSW DOV WDXJOLFKHV 0LWWHO ]XU (U UHLFKXQJ HLQHU DEVFKUHFNHQGHQ :LUNXQJ HUVFKHLQHQ OlVVW 6LFKHU]XVWHOOHQ LVW VR GDQQ GDVV GDV %LOGPDWHULDO YRQ JHQJHQGHU 4XDOLWlW LVW GDPLW HLQH HIIL]LHQWH 6WUDI YHUIROJXQJ EHUKDXSW P|JOLFK LVW XQG GDGXUFK HLQ $EVFKUHFNXQJVHIIHNW ODQJIULVWLJ DXFK WDWVlFKOLFK HU]LHOW ZHUGHQ NDQQ =XGHP LVW ]X EHUFNVLFKWLJHQ GDVV GHU (UIROJ HLQHU 9LGHREHUZDFKXQJ PDVVJHEOLFK GDYRQ DE]XKlQJHQ VFKHLQW 0h//(5 +( 9JO GD]X 'HPDVNLHUW ± HUNDQQW DP *DQJ 'HXWVFKH 3ROL]HL II ',(70$5 +(8%52&.&+5,67,1$ '2516$6&+$ 52',(.0,&+$(/ $ 67$'/(5 'LH YLGHRJHVWW]WH %HZHJXQJVDQDO\VH ]XU ,GHQWLILNDWLRQ PDVNLHUWHU 7DWYHUGlFKWLJHU (UVWH (UJHEQLVVH GHU (QW ZLFNOXQJ HLQHU QHXHQ SROL]HLOLFKHQ (UPLWWOXQJVPHWKRGH 3ROL]HL :LVVHQVFKDIW II 9JO ]X GLHVHU %HIUFKWXQJ HWZD '6% /8 0HUNEODWW 9LGHREHUZDFKXQJ =LII E XQG '6% %/ 0HUNEODWW 9LGHREHUZDFKXQJ =LII E 9JO *5$6 9LGHREHUZDFKXQJ %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 9JO 9HQLFH &RPPLVVLRQ 2SLQLRQ RQ 9LGHR 6XUYHLOODQFH , =LII ('36 9LGHR6XUYHLO ODQFH *XLGHOLQHV 3(75, 5] 58(**)/h&.,*(5129(0%(5./$86(5 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ &2//,1 9$+/( 921 =(=6&+:,7= 5] %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] %$576&+ I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H /$1* 3ULYDWH 9LGHREHUZDFKXQJ ./$86(5 9LGHREHUZDFKXQJ I $XFK ZHQQ PDQ HLQHU YHU GHFNWHQ hEHUZDFKXQJ GLH *HHLJQHWKHLW 6WUDIWDWHQ ]X YHUKLQGHUQ QLFKW JHQHUHOO DEVSUHFKHQ ZLOO YJO %$86&+ 5$1'+$+1 *(,*(5 VR ZlUH VLH ]XU 9HUKWXQJ YRQ 6WUDI WDWHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP MHGHQIDOOV ZHGHU HUIRUGHUOLFK YJO %h//(6)(/' 9L GHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H .g1,* * QRFK ]XPXWEDU YJO KLQWHQ 7HLO ,9 % E L 9JO *(55$5'3$5.,16&811,1*+$0-21(6+,//'28*/$6 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ RE XQG LQZLHIHUQ VLH PLW DQGHUHQ 0DVVQDKPHQ NRPELQLHUW ZLUG 'HVKDOE LVW VFKRQ XQWHU GHP *HVLFKWVSXQNW GHU *HHLJQHWKHLW ]X IRUGHUQ GDVV VROFKH EHJOHLWHQ GHQ 0DVVQDKPHQ QDPHQWOLFK HLQH EHVVHUH %HOHXFKWXQJ RGHU HLQH 6WHLJHUXQJ GHU 3ROL]HLSUlVHQ] YRU 2UW DXFK WDWVlFKOLFK JHWURIIHQ ZHUGHQ 6RGDQQ LVW GDUDXI KLQ]XZHLVHQ GDVV DXFK GLH NRQNUHWH 9HUZHQGXQJ HLQHU 9LGHR NDPHUD ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ JHHLJQHW VHLQ PXVV 'HVKDOE LVW GLH JH]LHOWH %HREDFKWXQJ XQG $XI]HLFKQXQJ YRQ LUUHOHYDQWHP 3HUVRQHQYHUKDOWHQ VFKRQ PDQ JHOV *HHLJQHWKHLW XQYHUKlOWQLVPlVVLJ XQG GDPLW YHUIDVVXQJVUHFKWOLFK XQ]XOlVVLJ 0DQJHOV *HHLJQHWKHLW ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ DXI HLQHP |IIHQWOLFKHQ 3ODW] LVW EHLVSLHOVZHLVH DXFK HLQH 0LWEHUZDFKXQJ DQJUHQ]HQGHU +DXVIDVVDGHQ (LQJDQJV EHUHLFKH RGHU *lUWHQ 3ULYDWHU XQYHUKlOWQLVPlVVLJ (LQHU EHVRQGHUHQ 3UIXQJ GHU *HHLJQHWKHLW EHGDUI GLH 9LGHREHUZDFKXQJ GDQQ ZHQQ VLH PLW 9LGHRVHQVRULN ELRPHWULVFKHQ (UNHQQXQJVV\VWHPHQ RGHU 'DWHQDEJOHL FKHQ YHUEXQGHQ ZLUG 2IWPDOV GLHQW GHU (LQVDW] VROFKHU 6\VWHPH 7HFKQRORJLHQ XQG 'DWHQEHDUEHLWXQJHQ QlPOLFK DXVVFKOLHVVOLFK UHSUHVVLYHQ =ZHFNHQ ZLH QDPHQWOLFK GDQQ ZHQQ PLWWHOV %LRPHWULH RGHU DXWRPDWLVFKHU 1XPPHUQVFKLOGHUNHQQXQJ QDFK 7DWYHUGlFKWLJHQ JHIDKQGHW ZLUG =XU 9HUKLQGHUXQJ NQIWLJHU 6WUDIWDWHQ LP |I IHQWOLFK ]XJlQJOLFKHQ 5DXP VLQG VROFKH 0LWWHO VRPLW JUXQGVlW]OLFK QLFKW JHHLJ QHW $QGHUHUVHLWV NDQQ DXFK JUXQGUHFKWVLQWHQVLYHQ 0DVVQDKPHQ ZLH ]% GHP 7UDFNLQJ RGHU GHP DXWRPDWLVFKHQ (UNHQQHQ DEZHLFKHQGHQ 9HUKDOWHQV GLH *H HLJQHWKHLW ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ LP EHUZDFKWHQ %HUHLFK QLFKW HLQIDFK DE JHVSURFKHQ ZHUGHQ (UIRUGHUOLFKNHLW D $OOJHPHLQH %HPHUNXQJHQ $XFK ZHQQ GLH ± RIIHQ HUIROJHQGH ± 9LGHREHUZDFKXQJ DOV HLQ ]XU 9HUKWXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ JUXQGVlW]OLFK JHHLJQHWHV 0LWWHO EH]HLFKQHW ZHUGHQ NDQQ EOHLEW ZHLWHU ]X SUIHQ RE GHU PLW GHU 9LGHREHUZDFKXQJVPDVVQDKPH DQJHVWUHEWH =ZHFN QLFKW DXFK GXUFK JOHLFK JHHLJQHWH DEHU ZHQLJHU JUXQGUHFKWVLQWHQVLYH 0LWWHO HUUHLFKW ZHUGHQ NDQQ )UDJOLFK LVW ]XQlFKVW RE HLQH 9LGHREHREDFKWXQJ HLQHU 9L GHRDXI]HLFKQXQJ YRU]X]LHKHQ LVW 6RZHLW GLH 9LGHREHUZDFKXQJ GHU 9HUKWXQJ YRQ 6WUDIWDWHQ GLHQHQ VROO ZHUGHQ DOV P|JOLFKH $OWHUQDWLYHQ ]XGHP SHUVRQHOOH 9JO YRUQH )Q 9JO DXFK KLQWHQ 7HLO ,9 % G 9JO &2//,1 9JO YRUQH 7HLO ,, , XQG 7HLO , $ 9JO YRUQH 7HLO ,9 $ 9JO YRUQH 7HLO , % 9JO 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] +LQWHQ 7HLO ,9 % E 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ EDXOLFKH RGHU VR]LDOSROLWLVFKH 0DVVQDKPHQ VRZLH GLH 0|JOLFKNHLW HLQHU :HJ ZHLVXQJ JHQDQQW 1LFKW EHUVHKHQ ZHUGHQ GDUI GDVV GHP (UIRUGHUOLFKNHLWV JUXQGVDW] DXFK EHL GHU NRQNUHWHQ $XVJHVWDOWXQJ XQG 'XUFKIKUXQJ GHU 9LGHREHU ZDFKXQJ 5HFKQXQJ ]X WUDJHQ LVW 6FKOLHVVOLFK LVW ± QDPHQWOLFK EHL GHU hEHU ZDFKXQJ YRQ SULYDWHQ DEHU DOOJHPHLQ ]XJlQJOLFKHQ 5lXPHQ ± ]X EHUFNVLFKWLJHQ ZHOFKH 6FKXW]YRUNHKUXQJHQ GHU DQ LKQHQ EHUHFKWLJWH 3ULYDWH EHUHLWV JHWURIIHQ KDW E 9LGHREHREDFKWXQJ XQG 9LGHRDXI]HLFKQXQJ (LQH $XI]HLFKQXQJ YRQ 3HUVRQHQGDWHQ VWHOOW HLQHQ ]XVlW]OLFKHQ 'DWHQEHDUEHL WXQJVYRUJDQJ GDU GHQ HV ± LP (LQNODQJ PLW GHQ DXV GHP 9HUKlOWQLVPlVVLJNHLWV SULQ]LS DEJHOHLWHWHQ *UXQGVlW]HQ GHU 'DWHQYHUPHLGXQJ XQG 'DWHQVSDUVDPNHLW ± VRZHLW P|JOLFK ]X YHUPHLGHQ RGHU ]X EHVFKUlQNHQ JLOW 6RIHUQ ]% PLW GHU 9LGHR EHUZDFKXQJ QXU GHU =ZHFN HLQHU =XJDQJVNRQWUROOH YHUIROJW ZLUG HUZHLVW VLFK HLQH $XI]HLFKQXQJ ULFKWLJHUZHLVH QLFKW DOV HUIRUGHUOLFK (LQH 9LGHREHREDFKWXQJ UHLFKW KLHUIU DXV $XFK VRZHLW GLH 9LGHREHUZDFKXQJ ]XU /HQNXQJ YRQ 9HUNHKUV RGHU 3HUVRQHQVWU|PHQ HLQJHVHW]W ZLUG HUVFKHLQW GLH $QIHUWLJXQJ YRQ SHUVRQHQEH ]RJHQHQ $XIQDKPHQ QLFKW DOV HUIRUGHUOLFK (QWVSUHFKHQGHV JLOW ZHQQ GLH 9L GHREHUZDFKXQJ HLQ]LJ EH]ZHFNW HLQ XQPLWWHOEDUHV (LQJUHLIHQ GHU 6LFKHUKHLWVNUlI WH ]X HUP|JOLFKHQ ZDV HLQH (FKW]HLWEHREDFKWXQJ EHGLQJW DEHU NHLQH $XI]HLFK QXQJ $XFK ZHQQ ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ 3HUVRQHQYHUKDOWHQ LP |IIHQWOLFK ]XJlQJOL FKHQ 5DXP EHUZDFKW ZHUGHQ VROO VWHOOW VLFK GLH )UDJH RE HLQH 9LGHREHREDFKWXQJ QLFKW DXVUHLFKW XP GHQ DQJHVWUHEWHQ NULPLQDOSUlYHQWLYHQ (IIHNW ]X HUUHLFKHQ RE DO VR DXI GLH $XI]HLFKQXQJ YHU]LFKWHW ZHUGHQ NDQQ =XQlFKVW LVW GD]X IHVW]XKDOWHQ GDVV VLFK HLQH 9LGHREHREDFKWXQJ YHUJOLFKHQ PLW HLQHU 9LGHRDXI]HLFKQXQJ NHLQHV ZHJV JHQHUHOO DOV GDV ZHQLJHU HLQJULIIVLQWHQVLYH 0LWWHO EH]HLFKQHQ OlVVW 'DUEHU KLQDXV HUVFKHLQW HV ]XPLQGHVW SODXVLEHO GDVV GDV :LVVHQ XP HLQH GLH 6WUDIYHUIRO JXQJ HUOHLFKWHUQGH SHUPDQHQWH $XI]HLFKQXQJ GHQ DEVFKUHFNHQGHQ SUlYHQWLYHQ 9JO HWZD 0$7+,6 $(33/, I KLQWHQ 7HLO ,9 % F XQG 7HLO ,9 % G +LQWHQ 7HLO ,9 % H +LQWHQ 7HLO ,9 % I +LQWHQ 7HLO ,9 % J 9JO YRUQH 7HLO 9, ' 921 =(=6&+:,7= 5] 9JO 921 =(=6&+:,7= 5] &'&- *XLGLQJ SULQFLSOHV =LII 9JO 58',167b03)/, 9JO GHPJHJHQEHU ]% 5,(6(1.$03)) %$86&+ VLHKH LP (LQ]HOQHQ YRUQH 7HLO ,9 ' %*( , ( II %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] %$86&+ YRUQH 7HLO ,9 $ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ (IIHNW GHU hEHUZDFKXQJ YHUVWlUNW 6RPLW VWHOOW GLH 9LGHREHREDFKWXQJ YHUJOL FKHQ PLW GHU 9LGHRDXI]HLFKQXQJ ZHGHU ]ZLQJHQG HLQ PLOGHUHV QRFK HLQ JOHLFK JH HLJQHWHV 0LWWHO GDU ZHQQ HV GDUXP JHKW 6WUDIWDWHQ LP EHUZDFKWHQ %HUHLFK ]X YHU KLQGHUQ F 3HUVRQHOOH 0DVVQDKPHQ 9HUVWlUNXQJ GHU 3ROL]HLSUlVHQ] ,Q GHU 'LVNXVVLRQ XP GLH (UIRUGHUOLFKNHLW GHU 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H VWHOOW VLFK UHJHOPlVVLJ GLH )UDJH RE VLFK GLH YRQ LKU HUZDUWHWH DEVFKUHFNHQGH :LUNXQJ QLFKW DXFK GXUFK HLQH 6WHLJHUXQJ GHU 3ROL]HLSUlVHQ] YRU 2UW HUUHLFKHQ OlVVW 'HU (LQVDW] YRQ 3ROL]HLEHDPWHQ YRU 2UW VWHOOW YHUJOLFKHQ PLW HLQHU 9LGHRDXI]HLFK QXQJVPDVVQDKPH GLH PLOGHUH 0DVVQDKPH GDU 'D DEHU HLQH 9LGHRDXI]HLFKQXQJ DXIJUXQG GHU %HZHLVVLFKHUXQJ HLQHU SROL]HLOLFKHQ 3UlVHQ] EHUOHJHQ LVW XQG GD PLW DXFK HLQ ]XVlW]OLFKHU SUlYHQWLYHU (IIHNW HUUHLFKW ZHUGHQ GUIWH OlVVW VLFK PLW HLQHU 6WHLJHUXQJ GHU EHREDFKWHQGHQ SROL]HLOLFKHQ 3UlVHQ] YRU 2UW QLFKW ]ZDQJVOlX ILJ HLQH JOHLFKHUPDVVHQ DEVFKUHFNHQGH :LUNXQJ HU]LHOHQ (V VWHOOW VLFK DEHU GLH )UDJH RE QLFKW ]XPLQGHVW HLQH 9LGHREHREDFKWXQJVPDVVQDK PH GXUFK GHQ YHUPHKUWHQ (LQVDW] YRQ %HDPWHP YRU 2UW VXEVWLWXLHUW ZHUGHQ NDQQ GD VLFK /HW]WHUHV JUXQGVlW]OLFK ZHQLJHU LQWHQVLY DXI GLH 5HFKWVVWHOOXQJ GHV (LQ]HO QHQ DXVZLUNW DOV HLQH 9LGHREHREDFKWXQJVPDVVQDKPH ,QZLHIHUQ GHU DQJHVWUHEWH $EVFKUHFNXQJVHIIHNW YRQ 9LGHREHREDFKWXQJVPDVVQDKPHQ DXFK GXUFK HLQH SROL]HL OLFKH 3UlVHQ] HUUHLFKW ZHUGHQ NDQQ VFKHLQW QLFKW DEVFKOLHVVHQG JHNOlUW 0LW GHU 9LGHREHREDFKWXQJ LVW YHUJOLFKHQ PLW GHP (LQVDW] YRQ 3ROL]HLNUlIWHQ YRU 2UW MH GHQIDOOV HLQH JURVVIOlFKLJHUH JHQDXHUH XQG LQWHQVLYHUH %HREDFKWXQJ P|JOLFK ZHV KDOE VLH DXIJUXQG GHV GDGXUFK JHVWHLJHUWHQ (QWGHFNXQJVULVLNRV DOV ]XU $EVFKUH FNXQJ EHVVHU JHHLJQHW HUVFKHLQW (LQH VROFK KRKH %HREDFKWXQJVNDSD]LWlW DXFK GXUFK EORVVH 3ROL]HLSUlVHQ] ]X HUUHLFKHQ LVW ]ZDU QLFKW DXVJHVFKORVVHQ 'LHV ZUGH DEHU HLQH PDVVLYH 6WHLJHUXQJ GHU SROL]HLOLFKHQ 3UlVHQ] YRU 2UW EHGLQJHQ %*( , ( II JO$ %$86&+ I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I VD &2//,1 %$576&+ 2*+ 8UWHLO YRP 1RYHPEHU 2E \ D$ 2&+6(1)(/'5(33 I II 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] VRZLH /$1* 3ULYDWH 9LGHREHUZDFKXQJ I ZHOFKH ]XU (U]LHOXQJ HLQHV $EVFKUHFNXQJVHIIHNWV HLQH $XI]HLFKQXQJ DOV QLFKW HUIRUGHUOLFK HUDFKWHQ 9JO $*HU +DPEXUJ 8UWHLO YRP $SULO $] & %HFN56 %$86&+ 9JO %$576&+ 9JO GD]X YRUQH 7HLO ,9 % 9JO 2&+6(1)(/'5(33 58(**)/h&.,*(5129(0%(5./$86(5 I %$576&+ 2&+6(1)(/'5(33 I %$86&+ I %h//(6)(/' 9LGHR EHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %HU 9LGHREHUZDFKXQJ $$ 0$;,0,1, 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ 'DQQ HUVFKLHQH GLH JHVWHLJHUWH 3ROL]HLSUlVHQ] ]ZDU DOV JOHLFK JHHLJQHWHV 0LWWHO ZLH HLQH 9LGHREHREDFKWXQJ N|QQWH DEHU QLFKW PHKU DOV PLOGHUHV 0LWWHO EH]HLFKQHW ZHUGHQ $OOHUGLQJV GDUI NHLQHVZHJV YRUVFKQHOO DXVJHVFKORVVHQ ZHUGHQ GDVV LP (LQ]HOIDOO GHU $EVFKUHFNXQJVHIIHNW HLQHU 9LGHREHUZDFKXQJ DXFK GXUFK HLQH EORVVH ± EH JUHQ]WH ± 6WHLJHUXQJ GHU 3ROL]HLSUlVHQ] YRU 2UW HUUHLFKW ZHUGHQ NDQQ 'HVKDOE LVW LQ MHGHP (LQ]HOIDOO ]X SUIHQ RE HLQH LQWHQVLYHUH %HVWUHLIXQJ HLQHU EHVWLPPWHQ 6WUDV VH RGHU GDV $EVWHOOHQ YRQ %HDPWHQ DQ HLQHP EHVWLPPWHQ 3ODW] QLFKW DXVUHLFKW XP 6WUDIWDWHQ ]X YHUKLQGHUQ 'LHV JLOW DXFK GDQQ ZHQQ GLH 6WHLJHUXQJ GHU 3ROL]HLSUl VHQ] YHUJOLFKHQ PLW HLQHU 9LGHREHREDFKWXQJ ]X ]XVlW]OLFKHQ .RVWHQ IKUHQ ZUGH :LH REHQ HUZlKQW VWHOOW GLH EORVV SXQNWXHOOH (UK|KXQJ GHU 3ROL]HLSUlVHQ] YHUJOL FKHQ PLW HLQHU 9LGHREHREDFKWXQJ QlPOLFK HLQ ZHQLJHU HLQJULIIVLQWHQVLYHV 0LWWHO GDU 'HU 6WDDW GDUI HLQHQ *UXQGUHFKWVHLQJULII RGHU GHVVHQ 9HUWLHIXQJ DEHU QLFKW XQ WHU +LQZHLV DXI HLQH .RVWHQUHGXNWLRQ UHFKWIHUWLJHQ (LQ JHZLVVHV $EZHLFKHQ YRQ GLHVHP *UXQGVDW] ZlUH K|FKVWHQV GDQQ ]X SUIHQ ZHQQ GHU (LQVDW] YRQ 9L GHREHUZDFKXQJ JHJHQEHU HLQHU (UK|KXQJ GHU 3ROL]HLSUlVHQ] ]X HLQHU JDQ] HUKHE OLFKHQ .RVWHQHUVSDUQLV IKUHQ ZUGH E]Z GLH (UK|KXQJ GHU 3ROL]HLSUlVHQ] YHUJOL FKHQ PLW HLQHU 9LGHREHUZDFKXQJ XQYHUKlOWQLVPlVVLJH .RVWHQ ]XU )ROJH KlWWH 'DVV GLH 9LGHREHUZDFKXQJ YHUJOLFKHQ PLW HLQHU 6WHLJHUXQJ GHU 3ROL]HLSUlVHQ] ]X HLQHU .RVWHQHUVSDUQLV IKUW LVW ]ZDU QLFKW DXVJHVFKORVVHQ GDUI DEHU DXFK QLFKW OHLFKWKLQ DQJHQRPPHQ ZHUGHQ 9JO %$86&+ I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I 58(**)/h&.,*(5129(0%(5./$86(5 VD YRUQH 7HLO ,9 % :(%(5'h5/(5 I VD YRUQH 7HLO ,,, 58(**)/h&.,*(5129(0%(5./$86(5 I :(%(5'h5/(5 I VD &'&- *XLGLQJ SULQFLSOHV =LII ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV %HL GHU )UDJH GHU 9HUKlOWQLV PlVVLJNHLW GHU (LQIKUXQJ HLQHU JHQHUHOOHQ %HZLOOLJXQJVSIOLFKW IU GLH 9RUQDKPH YRQ *DV XQG :DVVHULQVWDOODWLRQHQ YHUZHLVW GDV %XQGHVJHULFKW DXFK DXI GHQ DQVRQVWHQ GHP 6WDDW YHUXU VDFKWHQ HUKHEOLFKHQ 9HUZDOWXQJVDXIZDQG ]XU QDFKWUlJOLFKHQ .RQWUROOH GHU YRUJHQRPPHQHQ ,QVWDOODWLRQVDUEHLWHQ %*( ,D ( ,P =XVDPPHQKDQJ PLW GHU 9HUKlOWQLVPlVVLJNHLW HLQHV 9HUERWV YRQ *OFNVVSLHODXWRPDWHQ KDW GDV %XQGHVJHULFKW HEHQIDOOV GHQ JURVVHQ 9HUZDO WXQJVDXIZDQG ]XU 9HUKLQGHUXQJ UHFKWVZLGULJHU 0DQLSXODWLRQHQ DQ GHQ $XWRPDWHQ EHUFN VLFKWLJW %*( ,D ( F IU GDV GHXWVFKH 5HFKW %h//(6)(/' 9LGHREHUZDFKXQJ |I IHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 ZRKO DXFK 2&+6(1)(/'5(33 I D$ DEHU %$86&+ 58(** )Q =X EHUFNVLFKWLJHQ LVW LQVEHVRQGHUH GDVV GLH ,QVWDOODWLRQ XQG GLH WHFKQLVFKH :DUWXQJ HLQHV 9LGHREHUZDFKXQJVV\VWHPV QLFKW XQHUKHEOLFKH .RVWHQ YHUXUVDFKHQ =XGHP EHGDUI DXFK HLQH %HREDFKWXQJ QDFK GHP .DPHUD0RQLWRU3ULQ]LS HLQHV (LQVDW]HV YRQ %HDP WHQ LQ GHU /HLW]HQWUDOH %HL HLQHU 9LGHRDXI]HLFKQXQJ NDQQ VLFK VRGDQQ GLH $XVZHUWXQJ GHV %LOGPDWHULDOV DOV lXVVHUVW ]HLW XQG NRVWHQLQWHQVLY HUZHLVHQ 58(**)/h&.,*(5129(0%(5 ./$86(5 0$;,0,1, I (V ILQGHQ VLFK ]ZDU %HUHFKQXQJHQ GLH HLQH .RVWHQUH GXNWLRQ GXUFK 9LGHREHUZDFKXQJ EHOHJHQ VROOHQ /8; I $QGHUH 6WXGLHQ ]HLFKQHQ MH GRFK HLQ GLIIHUHQ]LHUWHV %LOG GDUEHU RE ZDQQ XQG XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ VLFK DXI JUXQG GHU 9LGHREHUZDFKXQJ .RVWHQYRUWHLOH YHUJOLFKHQ PLW HLQHU 6WHLJHUXQJ GHU 3ROL]HLSUlVHQ] YRU 2UW HUJHEHQ YJO %h&.,1*.8%(5$ II 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ G %DXOLFKH 0DVVQDKPHQ YHUEHVVHUWH %HOHXFKWXQJ VR]LDOSROLWLVFKH 0DVVQDKPHQ 'DVV GXUFK HLQH 9HUEHVVHUXQJ GHU EDXOLFKHQ *HVWDOWXQJ XQEHUVLFKWOLFKHU 3OlW]H 6WUDVVHQ 'XUFKJlQJH RGHU 8QWHUIKUXQJHQ RGHU HLQH EHVVHUH %HOHXFKWXQJ VROFKHU 5lXPH GLH 6LFKHUKHLWVODJH X8 YHUEHVVHUW ZLUG VSULFKW QRFK QLFKW ]ZLQJHQG JHJHQ GLH (UIRUGHUOLFKNHLW GHU 9LGHREHUZDFKXQJ 6ROFKH 0DVVQDKPHQ EHZLU NHQ NHLQH XQPLWWHOEDUH $EVFKUHFNXQJ ZLH VLH GXUFK GLH 9LGHREHUZDFKXQJ EH ]ZHFNW ZLUG $XFK VR]LDOSROLWLVFKH 0DVVQDKPHQ ZLH *DVVHQDUEHLW RGHU GLH (U ULFKWXQJ YRQ -XJHQGWUHIISXQNWHQ RGHU VR]LDOSlGDJRJLVFKHQ (LQULFKWXQJHQ N|QQHQ YHUJOLFKHQ PLW 0DVVQDKPHQ GHU 9LGHREHUZDFKXQJ QLFKW DOV JOHLFK JHHLJ QHWH 0LWWHO EH]HLFKQHW ZHUGHQ XP XQPLWWHOEDU 6WUDIWDWHQ ]X YHUKWHQ 6ROFKH 0DVVQDKPHQ ZLUNHQ VLFK DOOHQIDOOV PLWWHO XQG ODQJIULVWLJ DXI GLH .ULPLQDOLWlW DXV $OOHUGLQJV GDUI QLFKW DOOHLQH GDUDXI DEJHVWHOOW ZHUGHQ RE PLW DOWHUQDWLYHQ 0DVV QDKPHQ HLQ JOHLFKHU XQPLWWHOEDUHU $EVFKUHFNXQJVHIIHNW ZLH PLW GHU 9LGHREHUZD FKXQJ HUUHLFKW ZLUG 9LHOPHKU LVW DXFK ]X SUIHQ RE PLW DQGHUHQ 0LWWHOQ 6WUDIWDWHQ QLFKW VFKRQ VHOEVWlQGLJ UHGX]LHUW ZHUGHQ N|QQHQ ZRPLW VLFK GDV (UUHLFKHQ HLQHV $EVFKUHFNXQJVHIIHNWV PLWWHOV 9LGHRNDPHUDV DOV JDU QLFKW PHKU Q|WLJ HUZHLVHQ ZU GH 6ROO GLH 9LGHREHUZDFKXQJ EVSZ PLW GHP =LHO HLQJHVHW]W ZHUGHQ 'LHEVWlKOH RGHU %HVFKlGLJXQJHQ YRQ DXI HLQHP |IIHQWOLFKHQ 3ODW] DEJHVWHOOWHQ )DKUUlGHUQ ]X YHUKLQGHUQ LVW ]X SUIHQ RE GLHV QLFKW DXFK PLW DEVFKOLHVVEDUHQ 9HOR%R[HQ HU UHLFKW ZHUGHQ NDQQ 'HU 6WDDW LVW VFKRQ DXIJUXQG VHLQHU 6FKXW]SIOLFKWHQ JH KDOWHQ GLHMHQLJHQ QLFKW HLQJUHLIHQGHQ 0DVVQDKPHQ ]X WUHIIHQ ZHOFKH VLFK JQVWLJ DXI GLH .ULPLQDOLWlWVHQWZLFNOXQJ DXVZLUNHQ 'LHV LQVEHVRQGHUH DXFK XP ]X YHU KLQGHUQ GDVV GHU (LQVDW] JUXQGUHFKWVLQWHQVLYHU SROL]HLOLFKHU 0DVVQDKPHQ EHU KDXSW QRWZHQGLJ ZLUG =XGHP LVW GDUDQ ]X HULQQHUQ GDVV VLFK GHU YRQ GHU 9LGHREHUZDFKXQJ HUKRIIWH NULPLQDOSUlYHQWLYH (IIHNW JUXQGVlW]OLFK QXU LQ .RPELQDWLRQ PLW EHJOHLWHQGHQ 0DV VQDKPHQ ]X YHUZLUNOLFKHQ VFKHLQW ZHVKDOE DXI HLQH EHVVHUH %HOHXFKWXQJ VR]LD OH $QJHERWH XQG HLQH EHUVLFKWOLFKHUH *HVWDOWXQJ |IIHQWOLFKHU 5lXPH RKQHKLQ QLFKW YHU]LFKWHW ZHUGHQ GDUI 9JO HWZD 0$7+,6 $(33/, 9JO DEHU 58',167b03)/, 9JO %$576&+ I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %HU 9LGHREHUZDFKXQJ I 9JO GLH %HLVSLHOH EHL 0$7+,6 $(33/, I 6R DXFK %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H ]ZHLIHOQG DXFK .g1,* 5 9JO *93 =* E]Z '6% =* 7% 9JO ]X GHQ 6FKXW]SIOLFKWHQ YRUQH 7HLO ;,9 % 9RUQH 7HLO ,9 % XQG )Q 9JO =LII , D 5HF 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ H :HJZHLVXQJ $OV PLOGHUHV 0LWWHO JHJHQEHU HLQHU 9LGHREHUZDFKXQJ N|QQWH DXFK HLQH SROL]HLOL FKH :HJZHLVXQJ RGHU )HUQKDOWXQJ LQIUDJH NRPPHQ GD VLFK HLQH VROFKH JH]LHOW JH JHQ GHQ 6W|UHU ULFKWHW ,QGHVVHQ ]LHOW GLH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H VFKRQ DXI GLH 9HUKLQGHUXQJ HLQHU *HIDKU EHUKDXSW DE ZlKUHQG GLH :HJZHLVXQJ XQG )HUQKDOWXQJ YRQ 3HUVRQHQ RGHU 3HUVRQHQJUXSSHQ GDV 9RUOLHJHQ HLQHU *HIDKU RGHU 6W|UXQJ EHUHLWV YRUDXVVHW]HQ 9LGHREHUZDFKXQJ XQG :HJ ZHLVXQJ ZHLVHQ VRPLW XQWHUVFKLHGOLFKH =ZHFNULFKWXQJHQ DXI ZHVKDOE GLH JHVHW]OL FKH 0|JOLFKNHLW 3HUVRQHQ RGHU 3HUVRQHQJUXSSHQ ZHJ]XZHLVHQ QLFKW JHJHQ GLH (U IRUGHUOLFKNHLW HLQHU 9LGHREHUZDFKXQJ VSULFKW I (UIRUGHUOLFKNHLW GHU hEHUZDFKXQJ LQ LKUHU NRQNUHWHQ 'XUFKIKUXQJ $XFK EH]JOLFK LKUHV ]HLWOLFKHQ 8PIDQJV KDW VLFK HLQH 9LGHREHUZDFKXQJ DOV HU IRUGHUOLFK ]X HUZHLVHQ 'HVKDOE LVW LP (LQ]HOIDOO ]X SUIHQ RE QLFKW HLQH WHPSR UlUH hEHUZDFKXQJ DQVWHOOH HLQHU SHUPDQHQWHQ hEHUZDFKXQJ DXVUHLFKW XP GDV GXUFK VLH YHUIROJWH =LHO ]X HUUHLFKHQ %HLVSLHOVZHLVH LVW HV QLFKW HUIRUGHUOLFK HLQ 6FKXODUHDO HLQH 6SRUWDQODJH RGHU HLQHQ 3DUN DXFK WDJVEHU ]X EHUZDFKHQ ZHQQ GLH hEHUZDFKXQJ DXI HLQH %HNlPSIXQJ GHV QlFKWOLFKHQ 'URJHQKDQGHOV DE]LHOW (EHQVR ZHQLJ LVW HV HUIRUGHUOLFK HLQHQ |IIHQWOLFKHQ 3ODW] ZlKUHQG 6WXQGHQ ]X EHUZDFKHQ ZHQQ GLH *HIDKU YRQ 6WUDIWDWHQ QXU LQ GHQ $EHQGVWXQGHQ RGHU LQ GHU 1DFKW EHVWHKW HU DOVR WDJVEHU NHLQHQ .ULPLQDOLWlWVVFKZHUSXQNW GDUVWHOOW 'LH 9LGHREHUZDFKXQJ PXVV VLFK ]XGHP ZlKUHQG LKUHU JDQ]HQ (LQVDW]]HLW DOV ]XU (U UHLFKXQJ LKUHV =ZHFNV HUIRUGHUOLFK HUZHLVHQ (UIROJW GLH 9LGHREHUZDFKXQJ ]XU 9HUKLQGHUXQJ YRQ 6WUDIWDWHQ KDQGHOW HV VLFK EHLP EHUZDFKWHQ %HUHLFK DEHU QLFKW PHKU XP HLQHQ .ULPLQDOLWlWVVFKZHUSXQNW XQG LVW DXFK QLFKW GDPLW ]X UHFKQHQ GDVV PLW GHP 9HU]LFKW DXI HLQH hEHUZDFKXQJ GLH .ULPLQDOLWlW XQPLWWHOEDU ZLHGHU DQ VWHLJW LVW GLH hEHUZDFKXQJ HLQ]XVWHOOHQ RGHU ]XPLQGHVW ]X XQWHUEUHFKHQ 6RZHLW HV GLH UlXPOLFKHQ *HJHEHQKHLWHQ XQG GDV =LHO GHU hEHUZDFKXQJ HUODXEHQ LVW GHQ *UXQGVlW]HQ GHU 'DWHQYHUPHLGXQJ XQG 'DWHQVSDUVDPNHLW DXFK GDKLQJHKHQG 5HFKQXQJ ]X WUDJHQ GDVV QXU HLQH SXQNWXHOOH %HREDFKWXQJ RGHU $XI]HLFKQXQJ YRU 9JO HWZD $UW 3RO*6* $UW 3RO*%( 9JO 5$1'+$+1 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %9HUI* %Y5 $EV1U 19Z= ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV YJO DXFK 6DW] 992%6 9JO 58',167b03)/, %$(5,6:</ 9LGHREHUZDFKXQJ 9JO '6.)/ (QWVFKHLGXQJ YRP $SULO '6. ( 0,77(/%(5*(5 9L GHREHUZDFKXQJ 3(75, 5] .(//(5 & 921 =(=6&+:,7= 5] .25(1* ,QGHVVHQ LVW ]X EH IUFKWHQ GDVV HLQH HLQPDO HLQJHULFKWHWH 9LGHREHUZDFKXQJ DXFK ODQJIULVWLJ EHVWHKHQ EOHLEW YJO +(03(/ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ JHQRPPHQ ZLUG 'LHV LVW HWZD GDQQ VLQQYROO ZHQQ GLH 9LGHREHUZDFKXQJ LP 5DKPHQ HLQHU =XJDQJVNRQWUROOH RGHU GHU $UHDOEHUZDFKXQJ HUIROJW 7HFKQLVFK LVW HV RKQH ZHLWHUHV P|JOLFK GDVV GLH (UIDVVXQJ YRQ %LOGHUQ E]Z GHUHQ $XI]HLFKQXQJ HUHLJQLVDEKlQJLJ HUIROJW ]% EHLP %HWUHWHQ HLQHV 5DXPV XQWHU (LQVDW] HLQHU /LFKW VFKUDQNH RGHU HLQHV %HZHJXQJVPHOGHUV RGHU ± ZHQQ VLFK MHPDQG ]% HLQHP =DXQ QlKHUW ± DXIJUXQG GHU GXUFK GLH 9LGHRVHQVRULN YHUPLWWHOWHQ 0|JOLFKNHLWHQ 9RQ GHU LQWHOOLJHQWHQ 9LGHREHUZDFKXQJ LVW LP hEULJHQ DEHU ± ZHQQ EHUKDXSW ± QXU lXVVHUVW ]XUFNKDOWHQG *HEUDXFK ]X PDFKHQ $XFK LQ LKUHU UlXPOLFKHQ 'LPHQVLRQ LVW GLH 9LGHREHUZDFKXQJ DXI GDV (UIRUGHUOL FKH ]X EHVFKUlQNHQ 6R PXVV VLFKHUJHVWHOOW ZHUGHQ GDVV QLFKW PHKU 5DXPDXV VFKQLWWH EHUZDFKW ZHUGHQ N|QQHQ DOV HV ]XU (UUHLFKXQJ GHV =ZHFNV HUIRUGHUOLFK LVW 'LHV HWZD GXUFK HLQH %HVFKUlQNXQJ GHU $Q]DKO .DPHUDV E]Z GHUHQ $XIQDK PHZLQNHO GXUFK HLQH 9HUVFKOHLHUXQJ QLFKW VLFKHUKHLWVUHOHYDQWHU %HUHLFKH RGHU DOOHQIDOOV DXFK GXUFK HLQHQ 9HU]LFKW DXI VFKZHQNEDUH .DPHUDV RGHU VROFKH PLW =RRPIXQNWLRQ :LUG HLQ EHVWLPPWHU |IIHQWOLFKHU 3ODW] PLW GHP =ZHFN GHU 6WUDI WDWHQYHUKWXQJ EHUZDFKW LVW HV NHLQHVZHJV HUIRUGHUOLFK DXFK DQJUHQ]HQGH 5lXPH ]X EHUZDFKHQ ZHOFKH NHLQHQ .ULPLQDOLWlWVVFKZHUSXQNW ELOGHQ RGHU JDU SULYDWH +DXVIDVVDGHQ (LQJDQJVEHUHLFKH RGHU *lUWHQ (QWVSUHFKHQGHV JLOW ZHQQ GLH .DPHUD ]XU hEHUZDFKXQJ GHV (LQJDQJV HLQHV 9HUZDOWXQJVJHElXGHV HLQJHVHW]W ZLUG (LQJlQJH ]X SULYDWHQ 1DFKEDUJHElXGHQ GUIHQ QLFKW LP $XIQDKPHZLQNHO HU VFKHLQHQ *UXQGVlW]OLFK KDW VLFK GLH 9LGHREHUZDFKXQJ DXFK DXI GLH $QIHUWL JXQJ YRQ hEHUVLFKWVDXIQDKPHQ ]X EHVFKUlQNHQ 1DKDXIQDKPHQ PLWWHOV =RRPIXQN WLRQ VLQG QXU GDQQ HUIRUGHUOLFK ZHQQ WDWVlFKOLFKH $QKDOWVSXQNWH DXI HLQH *HIDKU EHVWHKHQ ,QVEHVRQGHUH UHFKWIHUWLJHQ UHLQH 1HXJLHU RGHU JDU YR\HXULVWLVFKH 0RWLYH VHOEVWYHUVWlQGOLFK NHLQHQ (LQVDW] GHU =RRPIXQNWLRQ 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 2&+6(1)(/'5(33 II 9JO :(,&+(57 9LGHREHUZDFKXQJ 5,(6(1.$03)) ]XU 9LGHRVHQVRULN YJO YRUQH 7HLO , % 'HU (LQVDW] VROFKHU GXUFK GLH ,QIRUPDWLN YHUPLWWHOWHQ ]XVlW]OLFKHQ hEHUZDFKXQJVP|JOLFKNHL WHQ OlVVW VLFK ]ZDU QLFKW SDXVFKDO DOV HLQ ]XU 9HUKWXQJ YRQ 6WUDIWDWHQ QLFKW HUIRUGHUOLFKHV 0LWWHO EH]HLFKQHQ 'LH LQWHOOLJHQWH 9LGHREHUZDFKXQJ NDQQ GLH hEHUZDFKXQJ HUOHLFKWHUQ XQG ]X HLQHU VFKQHOOHUHQ (QWGHFNXQJ YRQ 'HOLNWHQ IKUHQ +|FKVW ]ZHLIHOKDIW LVW MHGRFK GHUHQ =XPXWEDUNHLW YJO KLQWHQ 7HLO ,9 % E L %9HUI* %Y5 $EV1U 19Z= 9JO YRUQH 7HLO , ' 9JO /$1* 3ULYDWH 9LGHREHUZDFKXQJ %$576&+ I ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV II VLHKH ]% $UW $EV %VW F /,3$'*( 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ J %HUFNVLFKWLJXQJ SULYDWHU 6FKXW]YRUNHKUXQJHQ EHL GHU hEHUZDFKXQJ SULYDWHU 5lXPH $XFK ZHQQ GLH 3ROL]HL JHVHW]OLFK GD]X HUPlFKWLJW ZLUG LP 3ULYDWHLJHQWXP VWHKHQ GH DOOJHPHLQ ]XJlQJOLFKH 5lXPH ]X EHUZDFKHQ NDQQ HLQH hEHUZDFKXQJ JHJHQ GHQ :LOOHQ GHU SULYDWHQ (LJHQWPHU XQG %HVLW]HU GHU EHWURIIHQHQ 5lXPH QXU GDQQ DOV HUIRUGHUOLFK EH]HLFKQHW ZHUGHQ ZHQQ GLHVH DXV HLJHQHU .UDIW NHLQH JHQJHQGHQ 6LFKHUKHLWVYRUNHKUXQJHQ WUHIIHQ N|QQHQ E]Z GLH LKQHQ JHVHW]OLFK ]XVWHKHQGHQ %H IXJQLVVH QLFKW DXVUHLFKHQ XP GLH 6LFKHUKHLW ]X JHZlKUOHLVWHQ 'LHV LVW LQVEH VRQGHUH DXFK GHVKDOE YRQ %HGHXWXQJ GD HLQH hEHUZDFKXQJ SULYDWHU HLQHU *H VFKlIWVWlWLJNHLW GLHQHQGHQ 5lXPH ± ]X GHQNHQ LVW HWZD DQ HLQ 3DUNKDXV HLQ )XVV EDOOVWDGLRQ HLQH (LQNDXIVSDVVDJH RGHU HLQH SULYDWH 0HVVHYHUDQVWDOWXQJ ± QHEHQ HL QHU %HHLQWUlFKWLJXQJ GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $UW $EV %9 ]X HLQHP ]XVlW]OLFKHQ (LQJULII LQ GLH :LUWVFKDIWVIUHLKHLW $UW %9 XQG GLH (LJHQWXPVJDUDQWLH $UW %9 IKUHQ NDQQ =X HULQQHUQ LVW LQ GLHVHP =XVDPPHQKDQJ ]XGHP DQ $UW $EV %9 LQ ZHOFKHP GLH Ä9HUDQWZRUWXQJ IU VLFK VHOEHU³ EHWRQW XQG GDPLW OHW]WOLFK DXFK DXI GLH 6XEVLGLDULWlW VWDDWOLFKHQ +DQ GHOQV YHUZLHVHQ ZLUG =XPXWEDUNHLW 9HUKlOWQLVPlVVLJNHLW LH6 D (LQOHLWHQGH %HPHUNXQJHQ ]XU =XPXWEDUNHLW GHU 9LGHREHUZDFKXQJ 6FKOLHVVOLFK EOHLEW ]X SUIHQ RE GDV |IIHQWOLFKH ,QWHUHVVH DQ GHU 'XUFKIKUXQJ GHU 9LGHREHUZDFKXQJ GLH GDGXUFK EHWURIIHQHQ SULYDWHQ ,QWHUHVVHQ EHUZLHJW ,P %HUHLFK GHV 6LFKHUKHLWVUHFKWV ± XQG LQVEHVRQGHUH DXFK EHL GHU )UDJH GHU =XPXWEDU =X GHQNHQ LVW HWZD DQ GLH %HIXJQLV ]XU 1RWZHKU $UW 6W*% GLH YRUOlXILJH )HVWQDKPH GXUFK 3ULYDWSHUVRQHQ $UW 6W32 XQG GLH JHVWW]W DXI GDV +DXVUHFKW GD]X KLQWHQ )Q EHVWHKHQGH %HIXJQLV +DXVYHUERWH XQG +DXVYHUZHLVH ]X HUWHLOHQ XQG GLHVH Q|WLJHQ IDOOV DXFK PLW *HZDOW GXUFK]XVHW]HQ YJO /(87(57 /,(1+$5'+b6/(5 5] 752&+6/(5+8*(172%/(5/2%6,*(5 5] *$00$ II II LQVE II %HU 6L FKHUKHLWVILUPHQ I 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ /(87(57 9JO YRUQH 7HLO ;, XQG 7HLO ;,,, % =XP 6FKXW] YRQ *HVFKlIWVUlXPOLFKNHLWHQ GXUFK $UW $EV %9 YJO YRUQH 7HLO ; 6LHKH +b%(5/( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %,$**,1, .RPP ]X $UW %9 5] (LQH VROFKH ,QWHUHVVHQDEZlJXQJ N|QQWH K|FKVWHQV GDQQ XQWHUEOHLEHQ ZHQQ VLH GXUFK GLH 9HU IDVVXQJ VHOEVW YRUZHJJHQRPPHQ ZUGH VLHKH $8(50$/,19(51,+277(/,(5 'URLW FRQVWL WXWLRQQHO ,, 5] $XV GHU 9HUIDVVXQJ HUJLEW VLFK DEHU ZHGHU HLQ DEVWUDNWHU 9RUUDQJ GHU 6LFKHUKHLW YJO /(1', 6LFKHUKHLW II II QRFK HLQ VROFKHU GHV 3HUV|Q OLFKNHLWVVFKXW]HV 'DWHQVFKXW]HV RGHU GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ YJO ]XU JOHLFKHQ 5HFKWVODJH LQ 'HXWVFKODQG *g7= 5] %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II $XIJUXQG GHU YHUIDVVXQJVUHFKWOLFKHQ 9HUDQNHUXQJ GHU )UHLKHLWVUHFKWH WUlJW MHGRFK GHUMHQLJH GLH %HJUQGXQJVODVW GHU GLHVH )UHLKHLWHQ LP ,QWHUHV VH GHU 6LFKHUKHLW HLQVFKUlQNHQ ZLOO YJO /,0%$&+ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ NHLW GHU 9LGHREHUZDFKXQJ ± VLQG HLQHUVHLWV GDV *HZLFKW GHU JHVFKW]WHQ 5HFKWVJWHU HLQVFKOLHVVOLFK GHU :DKUVFKHLQOLFKNHLW XQG GHU )ROJHQ GHUHQ 9HUOHW ]XQJ XQG DQGHUHUVHLWV GLH ,QWHQVLWlW GHV GXUFK GLH SROL]HLOLFKH 0DVVQDKPH EH ZLUNWHQ *UXQGUHFKWVHLQJULIIV ]X EHUFNVLFKWLJHQ 6RZHLW HLQH SHUVRQHQEH]RJHQH hEHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ HUIROJW LVW UHJHOPlVVLJ ]XPLQGHVW GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ EHWURIIHQ ,QGHVVHQ N|QQHQ DXFK DQGHUH *UXQGUHFKWH WDQJLHUW VHLQ =X GHQNHQ LVW QDPHQWOLFK DQ GLH :LUWVFKDIWVIUHLKHLW XQG DQ GLH (LJHQWXPVJDUDQWLH EHL HLQHU VWDDW OLFKHQ hEHUZDFKXQJ LP 3ULYDWHLJHQWXP VWHKHQGHU DOOJHPHLQ ]XJlQJOLFKHU 5lXPH DQ GLH 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW VRZLH DOOHQIDOOV DQ GLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW EHL GHU hEHUZDFKXQJ YRQ .XQGJHEXQJVWHLOQHKPHUQ RGHU GHU 0LWEHUZDFKXQJ YRQ GHU 9HUVDPPOXQJ 0HLQXQJVELOGXQJ RGHU UHOLJL|VHQ (QWIDO WXQJ GLHQHQGHQ 5lXPOLFKNHLWHQ E]Z GHUHQ (LQJDQJVEHUHLFKH VRZLH DQ GDV 'LVNUL PLQLHUXQJVYHUERW XQG DQ GHQ $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ $XI GLH =X PXWEDUNHLW GHU %HHLQWUlFKWLJXQJ GLHVHU *UXQGUHFKWH LVW JHVRQGHUW HLQ]XJHKHQ =XQlFKVW LVW MHGRFK ± DXV GHU 6LFKW GHU %HQW]HU YRQ YLGHREHUZDFKWHQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ ± GDU]XOHJHQ XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ GHU (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ DOV ]XPXWEDU EH]HLFKQHW ZHUGHQ NDQQ E =XPXWEDUNHLW GHU %HHLQWUlFKWLJXQJ GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ L $OOJHPHLQH 9RUDXVVHW]XQJHQ -H VFKZHUHU GHU *UXQGUHFKWVHLQJULII ZLHJW GHVWR JU|VVHU KDW GDV |IIHQWOLFKH ,QWHUHV VH GDUDQ ]X VHLQ :LH LQWHQVLY GHU GXUFK GLH 9LGHREHUZDFKXQJ EHZLUNWH (LQ JULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ LVW KlQJW YRQ GHQ NRQNUH WHQ 8PVWlQGHQ DE %HL HLQHU 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ LVW MHGRFK JUXQGVlW]OLFK YRQ HLQHU KRKHQ (LQJULIIVLQWHQVLWlW DXV]XJHKHQ *OHLFK ]HLWLJ PXVV DEHU DXFK GDV |IIHQWOLFKH ,QWHUHVVH DQ GHU 9HUKWXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ DOV JHZLFKWLJ EH]HLFKQHW ZHUGHQ 'DV lQGHUW VHOEVWYHUVWlQGOLFK QLFKWV 9JO %$576&+ $E]XVFKlW]HQ LVW GDPLW GDV 5LVLNR ± GLH 5HODWLRQ YRQ 6FKDGHQVDXVPDVV XQG (LQWULWWVZDKU VFKHLQOLFKNHLW ± HLQHU 5HFKWVJXWYHUOHW]XQJ ]XP 5LVLNREHJULII LP (LQ]HOQHQ YJO 6&+:(,=(5 6877(5:,'0(5 5] .2//(56&+,1'/(5 I 58&+ 5] I 5(,1+$5' 9JO 5(,1+$5' %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 =X GHQ EHWURIIHQHQ *UXQGUHFKWHQ LP (LQ]HOQHQ YJO YRUQH 7HLO XQG 7HLO ;,,, +LQWHQ 7HLO ,9 % F 9RUQH 7HLO ,9 $ XQG )Q 'D]X LP (LQ]HOQHQ YRUQH 7HLO ,9 ' 9JO YRUQH 7HLO ,,, 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ GDUDQ GDVV DXFK 6LFKHUKHLWVLQWHUHVVHQ LQ MHGHP (LQ]HOIDOO PLW GHQ EHWURIIHQHQ *UXQGUHFKWHQ VRUJIlOWLJ LQ (LQNODQJ ]X EULQJHQ VLQG (LQ *UXQG GLH =XPXWEDUNHLW YRQ SUlYHQWLYHQ 9LGHREHUZDFKXQJVPDVVQDKPHQ VFKRQ LP *UXQGVDW] ]X YHUQHLQHQ EHVWHKW NHLQHVZHJV *HQHUHOOH $XVVDJHQ GD UEHU RE HLQH 9LGHREHUZDFKXQJ GHQ GDYRQ %HWURIIHQHQ ]XPXWEDU LVW RE DOVR GDV |IIHQWOLFKH ,QWHUHVVH DQ GHU hEHUZDFKXQJ GDV SULYDWH ,QWHUHVVH GDUDQ EHUZLHJW LQ GHU LQIRUPDWLRQHOOHQ 6HOEVWEHVWLPPXQJ XQHLQJHVFKUlQNW ]X EOHLEHQ VLQG LQGHVVHQ QLFKW P|JOLFK 'LH 9HUKlOWQLVPlVVLJNHLW LH6 OlVVW VLFK QLFKW DEVWUDNW ORVJHO|VW YRQ GHU NRQNUHWHQ 0DVVQDKPH GHU NRQNUHWHQ (LQVDW]IRUP GHP NRQNUHWHQ (LQVDW]RUW GHU DQJHZHQGHWHQ hEHUZDFKXQJVWHFKQRORJLH XQG GHQ YHUIROJWHQ =LHOHQ EHXUWHLOHQ 1RWZHQGLJ EOHLEW HLQH %HWUDFKWXQJ XQG $EZlJXQJ LQ MHGHP (LQ]HOIDOO 6R NRPPW HV ]XQlFKVW GDUDXI DQ ZR GLH 9LGHREHUZDFKXQJ HLQJHVHW]W ZLUG %HL GHU )UDJH GHU =XPXWEDUNHLW GHV (LQJULIIV LQ GDV LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJVUHFKW LVW DOVR GDQDFK ]X GLIIHUHQ]LHUHQ DQ ZHOFKHQ 2UWHQ GLH hEHUZDFKXQJ HLQJHVHW]W ZLUG E]Z ZHOFKH .RPPXQLNDWLRQV XQG /HEHQVEHUHLFKH GDGXUFK EHWURI IHQ ZHUGHQ 7HLOZHLVH VLQG VROFKH /HEHQVEHUHLFKH VFKRQ GXUFK ZHLWHUH *UXQG UHFKWH JHVFKW]W HWZD GDV 5HFKW DXI $FKWXQJ GHU :RKQXQJ GLH :LUWVFKDIWVIUHLKHLW RGHU GLH (LJHQWXPVJDUDQWLH LQVEHVRQGHUH DEHU DXFK GXUFK GLH .RPPXQLNDWLRQV JUXQGUHFKWH ZDV GLH $QIRUGHUXQJHQ DQ GLH =XPXWEDUNHLW GHU ,QIRUPDWLRQVEH VFKDIIXQJ VWDUN HUK|KW *UXQGUHFKWOLFK JHVFKW]WH 9HUVDPPOXQJHQ LP |IIHQWOL FKHQ 5DXP GUIHQ EVSZ QXU XQWHU VHKU HQJHQ *UHQ]HQ PLWWHOV 9LGHRNDPHUDV EHUZDFKW ZHUGHQ $XFK DXVVHUKDOE GHU GXUFK VROFKH VSH]LILVFKHQ *UXQGUHFKWH JHVFKW]WHQ .RPPXQLNDWLRQV XQG /HEHQVEHUHLFKH JLEW HV MHGRFK *HELHWH XQG 6DFKYHUKDOWH LQ GHQHQ GHU (LQ]HOQH HLQHV EHVRQGHUHQ 6FKXW]HV YRU VWDDWOLFKHU %H REDFKWXQJ XQG 5HJLVWULHUXQJ EHGDUI 'LHV JLOW LQVEHVRQGHUH GDQQ ZHQQ GLH HUKREH QHQ 'DWHQ VHQVLWLY VLQG ± QDPHQWOLFK 5FNVFKOVVH DXI EHVRQGHUV SHUV|QOLFKNHLWV QDKH %HUHLFKH ]XODVVHQ ZLH ]% GHQ *HVXQGKHLWV]XVWDQG RGHU VH[XHOOH 3UlIHUHQ]HQ ± RGHU VRQVW ZLH HLQ OHJLWLPHU $QVSUXFK GDUDXI EHVWHKW DOOHLQH JHODVVHQ ]X ZHU GHQ 'LHV OlVVW VLFK HWZD IU :RKQTXDUWLHUH EHMDKHQ )U GLH %HDQWZRUWXQJ GHU )UDJH ZDQQ EHVRQGHUV VFKW]HQVZHUWH /HEHQVEHUHLFKH YRUOLHJHQ ODVVHQ VLFK LQVEH VRQGHUH DXFK GLH LQ $UW $EV %9 JHQDQQWHQ 6R]LDO]LHOH IUXFKWEDU PDFKHQ =LII , D 5HF YRUQH 7HLO ,,, 6LHKH QXU %*( , %9HUI* %Y5 $EV1U 19Z= 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] YJO GHPJH JHQEHU .g1,* 5 XQG 3526&+$. VD KLQWHQ 7HLO ,9 % E LL D 9JO )/h&.,*(5 I 5$1'+$+1 %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 9RUQH 7HLO ,9 ' =XP %HJULII GHU .RPPXQLNDWLRQVJUXQGUHFKWH YJO YRUQH )Q 9JO ]XP *DQ]HQ YRUQH 7HLO ;,,, XQG KLQWHQ 7HLO ,9 % F 9JO YRUQH 7HLO ,9 ' 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 'LHVH HUJlQ]HQ GLH *UXQGUHFKWH XQG NRQNUHWLVLHUHQ GLH LQ $UW $EV XQG %9 JHQDQQWHQ 6WDDWV]ZHFNH 6LH HQWKDOWHQ 9RUJDEHQ GDUEHU ZLH GHU 6WDDW VHLQH VR]LDOH 9HUDQWZRUWXQJ ZDKU]XQHKPHQ KDW XQG NRQNUHWLVLHUHQ GLH 9RUDXVVHW]XQJHQ IU HLQ ZUGLJHV /HEHQ 9RQ %HGHXWXQJ IU GLH 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ VLQG LQVEHVRQGHUH $UW $EV %VW E %9 QRWZHQGLJH 3IOHJH IU GLH *HVXQGKHLW $UW $EV %VW I %9 %LOGXQJ $XV XQG :HLWHUELO GXQJ VRZLH $UW $EV %VW J %9 )|UGHUXQJ XQG 8QWHUVWW]XQJ GHU (QWZLFN OXQJ YRQ .LQGHUQ XQG -XJHQGOLFKHQ (LQH .RQWUROOH YRQ 9HUKDOWHQVZHLVHQ LQ 5lXPHQ ZHOFKH GHU (LQ]HOQH ]XU N|USHUOLFKHQ *HQHVXQJ RGHU (UWFKWLJXQJ QXW]W 6SLWlOHU +HLODQVWDOWHQ 6SRUWDQODJHQ RGHU LQ GLH HU VLFK ]XUFN]LHKHQ XQG LQ GHQHQ HU 6FKXW] VXFKHQ ZLOO ]% )UDXHQKlXVHU JHUlW LQ .RQIOLNW PLW GHU ± $UW $EV %VW E %9 P( GXUFKDXV ]X HQWQHKPHQGHQ ± 9HUDQWZRUWXQJ GHV 6WDDWHV GHP (LQ]HOQHQ DXFK GHQ IU GLH *HQHVXQJ (UKROXQJ XQG 3IOHJH HUIRUGHUOLFKHQ )UHLUDXP ]XU 9HUIJXQJ ]X VWHOOHQ E]Z GLHVHQ ]X VFKW]HQ %HVRQGHUV SUREOHPD WLVFK LVW DXFK GLH hEHUZDFKXQJ YRQ 5lXPOLFKNHLWHQ ZHOFKH GHU (LQ]HOQH ]XP /HU QHQ E]Z ]XU %LOGXQJ $XV XQG :HLWHUELOGXQJ QXW]W =X GHQNHQ LVW HWZD DQ %LEOLR WKHNHQ 9RUOHVXQJVVlOH RGHU .ODVVHQ]LPPHU 6FKXOXQJ XQG %LOGXQJ VLQG JUXQG OHJHQGH 9RUDXVVHW]XQJHQ IU GLH 3HUV|QOLFKNHLWVHQWZLFNOXQJ IU HLQ VHOEVWEH VWLPPWHV DXWRQRPHV /HEHQ XQG OHW]WOLFK DXFK IU HLQH 0LWZLUNXQJ LP IUHLKHLWOL FKHQ XQG GHPRNUDWLVFKHQ 6WDDW (LQH %LOGXQJ $XV XQG :HLWHUELOGXQJ LQ GHU VLFK GLH 3HUV|QOLFKNHLW WDWVlFKOLFK HQWZLFNHOQ NDQQ VHW]W DEHU ULFKWLJHUZHLVH HEHQ IDOOV HLQHQ )UHLUDXP YRUDXV DOVR HLQHQ 5DXP LQ GHP VWDDWOLFKH hEHUZDFKXQJV XQG .RQWUROOPDVVQDKPHQ DXVJHVFKORVVHQ VLQG :DV GDV 6R]LDO]LHO GHU )|UGHUXQJ XQG 8QWHUVWW]XQJ GHU 3HUV|QOLFKNHLWV(QWZLFNOXQJ YRQ .LQGHUQ XQG -XJHQGOLFKHQ DQEHODQJW JLOW HV ]X EHDFKWHQ GDVV GLHVHV ± lKQOLFK ZLH GXUFK HLQHQ 9HUOXVW YRQ 6SLHOSOlW]HQ DXIJUXQG HLQHU 9HUNHKUV]XQDKPH RGHU GLFKWHU hEHUEDXXQJHQ ± DXFK GDQQ EHHLQWUlFKWLJW ZHUGHQ NDQQ ZHQQ GHQ .LQGHUQ XQG -XJHQGOLFKHQ GLH )UHLUlXPH JHQRPPHQ ZHUGHQ YRQ VWDDWOLFKHU 6HLWH XQEHREDFKWHW ]X VSLHOHQ VLFK ]X EHZHJHQ .UlIWH ]X PHVVHQ XQG VLFK DXV]XWDXVFKHQ (LQH hEHUZDFKXQJ YRQ 3DXVHQK|IHQ RGHU 6FKXOKDXVNRUULGRUHQ LVW GHVKDOE ± ZlKUHQG GHU 8QWHUULFKWV]HLWHQ %,*/(5(**(1%(5*(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] XQG %,*/(5(**(1%(5*(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] XQG =XU QRWZHQGLJHQ 3IOHJH IU GLH *HVXQGKHLW ]lKOW DXFK GLH 3UlYHQWLRQ YRQ *HVXQGKHLWVEHHLQ WUlFKWLJXQJHQ VLHKH %,*/(5(**(1%(5*(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %,*/(5(**(1%(5*(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] I 9JO %,*/(5(**(1%(5*(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ ± DXFK DXV GLHVHP *UXQG JUXQGVlW]OLFK XQ]XOlVVLJ ,Q GHQ HUZlKQWHQ %HUHLFKHQ LVW HLQH 9LGHREHUZDFKXQJ VRPLW UHJHOPlVVLJ DOV lXVVHUVW SUREOHPDWLVFK ZHQQ QLFKW JDU DOV XQ]XOlVVLJ ]X EH]HLFKQHQ 6LH HUVFKHLQW ± SXQNWXHOO XQG NXU]IULVWLJ ± QXU GDQQ DOV ]XPXWEDU ZHQQ XQPLWWHOEDU GLH %HJHKXQJ YRQ VFKZHUHQ 'HOLNWHQ GURKW ,P hEULJHQ KDW GHU 6WDDW VHLQH VR]LDOH 9HUDQWZRUWXQJ DXFK GXUFK GHQ 9HU ]LFKW DXI .RQWUROO XQG hEHUZDFKXQJVPDVVQDKPHQ ZDKU]XQHKPHQ 9RQ %HGHXWXQJ LVW VRGDQQ ]X ZHOFKHQ =ZHFNHQ GLH 9LGHREHUZDFKXQJ HLQJHVHW]W ZLUG ZLH ODQJH GLH 'DWHQ DXIEHZDKUW ZHUGHQ ZHU LQ GLHVH 'DWHQ XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ (LQVLFKW QHKPHQ GDUI XQG ZLH GLH 'DWHQ YRU HLQHP QLFKW VDFKJH UHFKWHQ =XJULII XQG HLQHU PLVVEUlXFKOLFKHQ 9HUZHQGXQJ JHVFKW]W ZHUGHQ (QW VFKHLGHQG LVW VRPLW DXFK LQZLHIHUQ RUJDQLVDWRULVFKH WHFKQLVFKH XQG YHUIDKUHQV UHFKWOLFKH 6LFKHUXQJHQ EHVWHKHQ XP HLQHQ XQUHFKWPlVVLJHQ 8PJDQJ PLW GHP 'DWHQPDWHULDO ]X YHUKLQGHUQ E]Z IHVW]XVWHOOHQ XQG ]X EHVHLWLJHQ 2KQH HQWVSUH FKHQGH 6LFKHUXQJHQ LVW HLQH 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP GHQ GDYRQ %HWURIIHQHQ QLFKW ]XPXWEDU 9RQ ]HQWUDOHU %HGHXWXQJ LVW VRGDQQ RE GDWHQVFKXW]I|UGHUQGH 7HFKQLN HLQJHVHW]W ZLUG $XFK GLH :LUNVDPNHLW GHU 9L GHREHUZDFKXQJ GDUI EHL GHU )UDJH GHU =XPXWEDUNHLW QLFKW DXVVHU $FKW JHODVVHQ ZHUGHQ -H XQVLFKHUHU GLH (UIROJVDXVVLFKWHQ HLQHU hEHUZDFKXQJ VLQG GHVWR VWlUNHU KDW VLH VLFK JHJHQEHU GHQ GXUFK VLH EHZLUNWHQ *UXQGUHFKWVHLQJULIIHQ ]X UHFKWIHUWL JHQ 'D EHL GHU 9LGHREHUZDFKXQJ ZLH GDUJHOHJW HUKHEOLFKH 8QVLFKHUKHLWHQ EH VWHKHQ RE XQG XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ VLH WDWVlFKOLFK HLQHQ .ULPLQDOLWlWV UFNJDQJ ]X EHZLUNHQ LQ GHU /DJH LVW JHOWHQ HQWVSUHFKHQG KRKH $QIRUGHUXQJHQ DQ GLH 3UIXQJ GHU =XPXWEDUNHLW $OV ]XPXWEDU HUVFKHLQW GLH hEHUZDFKXQJ LP $OO JHPHLQHQ QXU GDQQ ZHQQ GHUHQ :LUNVDPNHLW IRUWODXIHQG HYDOXLHUW ZLUG 6FKZHUZLHJHQGHQ %HGHQNHQ EHWUHIIHQG GLH =XPXWEDUNHLW EHJHJQHQ MHGHQIDOOV LQWHO OLJHQWH 9LGHRV\VWHPH ELRPHWULVFKH (UNHQQXQJVYHUIDKUHQ RGHU GLH VRQVWLJH 'XUFK IKUXQJ YRQ 'DWHQDEJOHLFKHQ 6ROFKH 'DWHQEHDUEHLWXQJHQ EHGUIHQ DXIJUXQG GHV UHJHOPlVVLJ JHZLFKWLJHQ ,QWHUHVVHV GHU SRWHQ]LHOO GDYRQ %HWURIIHQHQ LKQHQ QLFKW DXVJHVHW]W ]X ZHUGHQ HLQHV NODUHQ XQG GHXWOLFK EHUZLHJHQGHQ 6LFKHUKHLWVEH 9JO KLHU]X %HUOLQHU %HDXIWUDJWH IU 'DWHQVFKXW] XQG ,QIRUPDWLRQVIUHLKHLW %HULFKW ]XP 'H]HPEHU DEUXIEDU XQWHU ZZZGDWHQVFKXW]EHUOLQGHFRQWHQWYHURHIIHQWOL FKXQJHQMDKUHVEHULFKWHEHULFKW! II 9JO KLQWHQ 7HLO ,9 % E LL E %*( , ( XQG %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 5$1'+$+1 .g1,* * VD %9HUI* %Y5 $EV1U II II 9JO ]X GLHVHQ 9RUNHKUXQJHQ KLQWHQ 7HLO 9 9JO KLQWHQ 7HLO 9 ' VD YRUQH 7HLO , ' 9JO 2&+6(1)(/'5(33 9RUQH 7HLO ,9 % 9JO GD]X KLQWHQ 7HLO 9 ( 9JO ]X GLHVHQ (LQVDW]IRUPHQ YRUQH 7HLO , % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ GUIQLVVHV ]% DXIJUXQG HLQHU NRQNUHWHQ %HGURKXQJ IU KRFKUDQJLJH 6FKXW]JWHU ZLH HWZD /HLE XQG /HEHQ *UXQGVlW]OLFK XQ]XPXWEDU LVW DXFK GLH (UVWHOOXQJ YRQ %HZHJXQJVSURILOHQ Ä7UDFNLQJ³ =XU .ULPLQDOSUlYHQWLRQ LP |IIHQWOLFK ]XJlQJ OLFKHQ 5DXP HUVFKHLQW HV GHP (LQ]HOQHQ QLFKW ]XPXWEDU LQ VHLQHP JDQ]HQ %HZH JXQJVYHUKDOWHQ UHJLVWULHUW ]X ZHUGHQ =XU 9HUKWXQJ YRQ 6WUDIWDWHQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP LVW DXFK GHU (LQVDW] YRQ .DPHUDV ZHOFKH HLQHQ %OLFN GXUFK GLH .OHLGHU HUODXEHQ UHJHOPlVVLJ XQ]XPXWEDU $XFK GHU (LQVDW] YRQ ÄWDONLQJ &&79³ EHJHJQHW VFKZHUZLHJHQGHQ %HGHQNHQ PLW %H]XJ DXI VHLQH 9HUKlOWQLVPlVVLJNHLW *lQ]OLFK XQ]XPXWEDU ]XU DOOJHPHL QHQ *HIDKUHQDEZHKU LVW HLQH DNXVWLVFKH hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH PLW ZHOFKHU *HVSUlFKH DXIJH]HLFKQHW ZHUGHQ 'LHV JLOW P( JUXQGVlW]OLFK DXFK GDQQ ZHQQ NHLQH *HVSUlFKH DXIJH]HLFKQHW ZHUGHQ DEHU GDV hEHUZDFKXQJV V\VWHP 9HUlQGHUXQJHQ LQ GHU 6WLPP RGHU 6SUHFKODJH UHJLVWULHUHQ NDQQ XQG EHL =HLFKHQ YRQ $JJUHVVLYLWlW $ODUP VFKOlJW 'LH SUlYHQWLYSROL]HLOLFKH 9LGHREHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH LVW GHQ GDYRQ %HWURIIHQHQ VFKOLHVVOLFK DXFK QXU GDQQ ]XPXWEDU ZHQQ VLH RIIHQ HUIROJW XQG VLFK GHU (LQ]HOQH VRPLW GHU hEHUZDFKXQJ HQW]LHKHQ RGHU VLFK ]XPLQGHVW GDUDXI HLQVWHOOHQ NDQQ $XI GDV HQWVFKHLGHQGH =XPXWEDUNHLWVHUIRUGHUQLV HLQHU EHVRQGHUHQ *HIDKUHQODJH IU JUXQGVlW]OLFK KRFKZHUWLJH 5HFKWVJWHU LVW QDFKVWHKHQG JHVRQGHUW HLQ]XJHKHQ LL 'DV =XPXWEDUNHLWVHUIRUGHUQLV HLQHU EHVRQGHUHQ *HIDKUHQODJH IU JUXQGVlW]OLFK KRFKZHUWLJH 5HFKWVJWHU LP %HVRQGHUHQ :DV GLH =XPXWEDUNHLW GHU 9LGHREHUZDFKXQJ YRQ %HQW]HUQ |IIHQWOLFK ]XJlQJOL FKHU 5lXPH DQEHWULIIW LVW YRQ HQWVFKHLGHQGHU %HGHXWXQJ GDVV PLWWHOV 9LGHREHU ZDFKXQJ 'DWHQ HUKREHQ ZHUGHQ RKQH GDVV GLH GDYRQ %HWURIIHQHQ KLHUIU HLQHQ $Q ODVV JHJHEHQ KDEHQ *HUDGH SROL]HLOLFKH 0DVVQDKPHQ ZHOFKH QLFKW DQ GDV 9RUOLHJHQ HLQHU NRQNUHWHQ *HIDKU JHNQSIW VLQG XQG YRQ GHQHQ HLQH 9LHO]DKO YRQ 3HUVRQHQ EHWURIIHQ VLQG RKQH GDVV VLH 8UVDFKH HLQHU 6W|UXQJ E]Z GDIU YHUDQW ZRUWOLFK VLQG EHGUIHQ HLQHU EHVRQGHUV YRUVLFKWLJHQ GLIIHUHQ]LHUWHQ XQG VWUHQJHQ 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] %$80 9JO ]XP Ä7UDFNLQJ³ YRUQH 7HLO , % %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH I 'HU (LQVDW] VROFKHU 6\VWHPH NDQQ DOOHQIDOOV DQ )OXJKlIHQ ]XU .RQWUROOH GHU )OXJSDVVDJLHUH DOV ]XPXWEDU EH]HLFKQHW ZHUGHQ VR IHUQ DQDWRPLVFKH 'HWDLOV XQVLFKWEDU EOHLEHQ YJO *$8/ =X GHQ WHFKQLVFKHQ 0|JOLFKNHL WHQ YRUQH 7HLO , $ =X GLHVHP %HJULII YRUQH 7HLO , & 9JO ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV 9JO YRUQH (LQOHLWXQJ ,, XQG )Q 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H IHUQHU 0$7+,6 $(33/, %$86&+ 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ 3UIXQJ RE VLH GHP (LQ]HOQHQ ]XPXWEDU VLQG 1DFKVWHKHQG LVW GDU]XOHJHQ ZD UXP GHU GXUFK HLQH 9LGHREHUZDFKXQJ EHZLUNWH (LQJULII LQ GDV 5HFKW DXI LQIRUPD WLRQHOOH 6HOEVWEHVWLPPXQJ GHQ GDYRQ %HWURIIHQHQ QXU GDQQ ]XJHPXWHW ZHUGHQ NDQQ ZHQQ HLQH KLQUHLFKHQG JURVVH :DKUVFKHLQOLFKNHLW HLQHU %HHLQWUlFKWLJXQJ JUXQGVlW]OLFK KRFKZHUWLJHU 5HFKWVJWHU EHVWHKW D =XP %HVWHKHQ HLQHU EHVRQGHUHQ *HIDKUHQODJH %HL HLQHU hEHUZDFKXQJ |IIHQWOLFK ]XJlQJOLFKHU 5lXPH ZLUG GHU (LQ]HOQH UHJHOPlV VLJ HLQ]LJ DXIJUXQG VHLQHU $QZHVHQKHLW DQ HLQHP EHVWLPPWHQ 2UW HLQHU %HDUEHLWXQJ SHUV|QOLFKHU 'DWHQ DXVJHVHW]W 'DV 6W|UHUSULQ]LS ZLUG VRPLW VHLQHU 6FKXW]IXQN WLRQ HQWOHHUW REZRKO JHUDGH GDV 6W|UHUSULQ]LS IU GHQ %HUHLFK GHV 3ROL]HLUHFKWV DXFK GLH =XPXWEDUNHLW NRQNUHWLVLHUW =XGHP VLQG 0DVVQDKPHQ GHU 9LGHREHU ZDFKXQJ ZLH HLQOHLWHQG HUZlKQW UHJHOPlVVLJ QLFKW DQ GDV %HVWHKHQ HLQHU ± HLQH SR OL]HLOLFKH (LQ]HOPDVVQDKPH OHJLWLPLHUHQGH XQG JOHLFK]HLWLJ EHVFKUlQNHQGH ± NRQNUHWHQ *HIDKU JHNQSIW 8QG HLQH JHVHW]OLFKH %HJUHQ]XQJ DXI HLQH DEVWUDNWH *HIDKU ILQGHW QXU DXVQDKPVZHLVH VWDWW 'DV (UIRUGHUQLV HLQHU NRQNUHWHQ RGHU ]XPLQGHVW DEVWUDNWHQ *HIDKU OlVVW VLFK DEHU HEHQIDOOV DOV (OHPHQW GHU 9HUKlOWQLV PlVVLJNHLW QDPHQWOLFK GHU =XPXWEDUNHLW EHJUHLIHQ 6RGDQQ LVW ]X EHUFNVLFKWL JHQ GDVV GHQ VWUDISUR]HVVXDOHQ 6LFKHUXQJHQ LQVEHVRQGHUH GHP VWUDISUR]HVVXDOHQ $QIDQJVYHUGDFKW JUXQGVl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|UHUSULQ]LS XQG GHU 9HU]LFKW DXI GLH 9RUDXVVHW]XQJ HLQHV $QIDQJVYHUGDFKWV VLQG JUXQGUHFKWOLFK VRPLW %9HUI* %Y5 $EV1U %866-b*(5 I 0$;,0,1, II *86< 3ROL]HL XQG 2UGQXQJVUHFKW 5] 3)$1'(5 9JO YRUQH 7HLO ,9 $ 6&+:(,=(56877(5:,'0(5 5] 9JO HWZD $UW D 3RO*%( ZRQDFK QXU VROFKH |IIHQWOLFKH XQG DOOJHPHLQ ]XJlQJOLFKH 2UWH EHUZDFKW ZHUGHQ GUIHQ ÄDQ GHQHQ 6WUDIWDWHQ EHJDQJHQ ZRUGHQ VLQG RGHU DQ GHQHQ PLW 6WUDIWDWHQ ]X UHFKQHQ LVW³ GD]X DXFK YRUQH 7HLO ,, % 9RUQH 7HLO ,9 $ =XU 'RSSHOIXQNWLRQDOLWlW GHU 9LGHREHUZDFKXQJ YJO YRUQH 7HLO ,, , $&.(50$11 6LHKH VFKRQ $UW GHU 9LUJLQLD 'HFODUDWLRQ RI 5LJKWV YRQ Ä7KDW JHQHUDO ZDUUDQWV ZKHUHE\ DQ\ RIILFHU RU PHVVHQJHU PD\ EH FRPPDQGHG WR VHDUFK VXVSHFWHG SODFHV ZLWKRXW HYLGHQFH RI D IDFW FRPPLWWHG RU WR VHL]H DQ\ SHUVRQ RU SHUVRQV QRW QDPHG RU ZKRVH RIIHQVH LV QRW SDUWLFXODUO\ GHVFULEHG DQG VXSSRUWHG E\ HYLGHQFH DUH JULHYRXV DQG RS SUHVVLYH DQG RXJKW QRW WR EH JUDQWHG´ YJO GD]X -2+1 ',1$1 7KH 9LUJLQLD 6WDWH &RQVWLWXWLRQ ± D UHIHUHQFH JXLGH :HVWSRUW &RQQHWLFXW II VD KLQWHQ 7HLO ,9 & 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ lXVVHUVW SUREOHPDWLVFK 5LFKWLJHUZHLVH VLQG *UXQGUHFKWVHLQJULIIH ]X 6LFKHU KHLWV]ZHFNHQ GHP (LQ]HOQHQ LP $OOJHPHLQHQ QXU GDQQ ]XPXWEDU ZHQQ HU VHOEVW HLQH 8UVDFKH IU GLH *HIlKUGXQJ RGHU 6W|UXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW VHW]W (LQH $XVQDKPH GDYRQ ZLUG IU GHQ 3ROL]HLQRWVWDQG JHPDFKW LQGHVVHQ ILQGHW GLH 9LGHREHUZDFKXQJ UHJHOPlVVLJ DXVVHUKDOE HLQHV VROFKHQ VWDWW 'DV EHGHXWHW DEHU QRFK QLFKW GDVV HLQH 9LGHREHUZDFKXQJ YRQ 1LFKWVW|UHUQ XQG VWUDISUR]HVVXDO 1LFKWWDWYHUGlFKWLJHQ VFKRQ DQ VLFK XQ]XOlVVLJ ZlUH 'DV 6W|UHUSULQ]LS XQG GLH (UIRUGHUQLVVH HLQHU *HIDKU XQG HLQHV 7DWYHUGDFKWV VWHOOHQ ]ZDU ]HQWUDOH XQG ZLFKWL JH UHFKWVVWDDWOLFKH (LQJULIIVVFKZHOOHQ GDU PLW ZHOFKHQ %HVFKUlQNXQJHQ SHUV|QOL FKHU )UHLKHLWHQ GHV (LQ]HOQHQ VLQQYROO EHJUHQ]W ZHUGHQ 'LHVH (LQJULIIVVFKZHOOHQ VLQG MHGRFK VHOEVW GDV (UJHEQLV HLQHU ,QWHUHVVHQDEZlJXQJ ZHOFKH DXIJUXQG HLQHU YHUlQGHUWHQ *HIlKUGXQJV RGHU %HGURKXQJVVLWXDWLRQ DQGHUV DXVIDOOHQ NDQQ $XV GHU 9HUIDVVXQJ VHOEVW OlVVW VLFK MHGHQIDOOV NHLQ HLJHQWOLFKHV 9HUERW DEOHLWHQ GLHVH (LQ JULIIVVFKZHOOHQ ]X XQWHUVFKUHLWHQ VRZHLW VLFK GLHV PLW GHU 0HQVFKHQZUGH XQG GHP .HUQJHKDOW GHU EHWURIIHQHQ *UXQGUHFKWH YHUWUlJW 'HU *HVHW]JHEHU LVW EHL GHU *HVWDOWXQJ GHU (LQJULIIVEHIXJQLVVH VRPLW QLFKW ]ZLQJHQG DQ GLH WUDGLWLRQHOOHQ UHFKWVVWDDWOLFKHQ %LQGXQJHQ LP %HUHLFK GHV 3ROL]HL RGHU GHV 6WUDISUR]HVVUHFKWV JHEXQGHQ 1XU LP $XVQDKPHIDOO LVW HLQ 8QWHUVFKUHLWHQ GLHVHU (LQJULIIVVFKZHOOHQ MHGRFK JH UHFKWIHUWLJW $XFK ZHQQ DXI GDV (UIRUGHUQLV HLQHU NRQNUHWHQ *HIDKU RGHU HLQHV $QIDQJVYHUGDFKWV YHU]LFKWHW ZLUG XQG VLFK GLH SROL]HLOLFKH RGHU VWUDISUR]HVVXDOH 0DVVQDKPH DQODVVORV JHJHQEHU MHGHUPDQQ ULFKWHQ GDUI lQGHUW GLHV QLFKWV GDUDQ GDVV HLQH 9LGHREHUZDFKXQJ GHQ GDYRQ %HWURIIHQHQ QXU GDQQ ]XPXWEDU LVW ZHQQ IU VLH HLQ DQGHUZHLWLJHU KLQUHLFKHQGHU $QODVV EHVWHKW %HL GHU =XPXWEDUNHLW LVW 9JO 6&+:(,=(5 1RWZHQGLJNHLW XQG *UHQ]HQ HLQHU JHVHW]OLFKHQ 5HJHOXQJ GHV 6WDDWVVFKXW]HV ± hEHUOHJXQJHQ YRU GHU 1HXRUGQXQJ =%O II 2%(5+2/=(5 I 9JO /,(1+$5'+b6/(5 5] %$576&+ I VD GLH +LQZHLVH LQ )Q 76&+$11(1=,00(5/,0h//(5 5] +b)(/,10h//(58+/0$11 5] ,Q 'HXWVFKODQG LVW GLHVEH]JOLFK WHLOZHLVH GLH 5HGH YRQ HLQHP Ä$XIRSIHUXQJVHLQJULII³ YJO *g7= 5] VD YRUQH )Q 'HU 3ROL]HLQRWVWDQG VWHOOW HLQHQ EHVRQGHUHQ $QZHQGXQJVIDOO GHU SROL]HLOLFKHQ *HQHUDONODXVHO GDU YJO /,(1+$5'+b6/(5 5] =XU JUXQGVlW]OLFK XQEHGHXWHQGHQ 5ROOH GHU SROL]HLOLFKHQ *HQHUDONODXVHO LP %HUHLFK GHU 9LGHREHUZDFKXQJ VLHKH YRUQH 7HLO ,, $ 9JO DEHU 3)$1'(5 II 9JO %9HUI* %Y5 $EV1U Ä'LH %DODQFH ]ZLVFKHQ )UHLKHLW XQG 6LFKHUKHLW GDUI YRP *HVHW]JHEHU QHX MXVWLHUW GLH *HZLFKWH GUIHQ MHGRFK YRQ LKP QLFKW JUXQGOHJHQG YHU VFKREHQ ZHUGHQ³ 9JO %9HUI* %Y5 $EV1U I 5(,1+$5' %8// I %$576&+ II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II II %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH %$86&+ II I 5$1'+$+1 II YJO DEHU 3)$1'(5 9JO %866-b*(5 I 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ II 92/.0$11 %9HUI* %Y5 $EV1U 19Z= Ä(V 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ GHVKDOE LQVEHVRQGHUH ]X EHUFNVLFKWLJHQ RE XQG LQZLHIHUQ GLH 9LGHREHUZDFKXQJ DQ HLQVFKUlQNHQGH 9RUDXVVHW]XQJHQ QDPHQWOLFK DQ REMHNWLYH XQG VDFKOLFKH *UQ GH JHEXQGHQ ZLUG ZLH DOVR GLH (LQJULIIVVFKZHOOHQ DXVJHVWDOWHW VLQG (V NDQQ PLW DQGHUHQ :RUWHQ QLFKW GDUDXI YHU]LFKWHW ZHUGHQ GDVV HLQ VDFKOLFKHU *UXQG IU GLH hEHUZDFKXQJ YRUOLHJHQ PXVV GDPLW GDV |IIHQWOLFKH ,QWHUHVVH GLH EHWURIIHQHQ SULYDWHQ ,QWHUHVVHQ EHUKDXSW ]X EHUZLHJHQ YHUPDJ (LQ VROFKHU VDFKOLFKHU *UXQG NDQQ K|FKVWHQV LQ HLQHU 1lKH GHV %HWURIIHQHQ ]X HLQHU EHVRQGHUHQ *HIlKUGXQJ IU ± JUXQGVlW]OLFK KRFKZHUWLJH ± 5HFKWVJWHU HUEOLFNW ZHUGHQ 'D HLQH *HIlKUGXQJ YRQ 5HFKWVJWHUQ SULQ]LSLHOO EHUDOO P|JOLFK LVW UHLFKW GDV %H VWHKHQ HLQHV DOOJHPHLQHQ 5LVLNRV QRFK QLFKW DXV XP GHQ GXUFK GLH 9LGHREHU ZDFKXQJ EHZLUNWHQ *UXQGUHFKWVHLQJULII ]X UHFKWIHUWLJHQ 'LH *HIDKU EUDXFKW ]ZDU QLFKW NRQNUHW ]X VHLQ DEHU HLQH ]XPLQGHVW ÄEHJUQGEDUH *HIlKUGXQJVODJH³ PXVV YRUOLHJHQ HLQH 6LWXDWLRQ DOVR DXV GHU QDFK GHU DOOJHPHLQHQ /HEHQVHUIDKUXQJ GDV (QWVWHKHQ HLQHU NRQNUHWHQ *HIDKU ZDKUVFKHLQOLFK LVW 6RPLW PXVV PLQGHVWHQV HLQH DEVWUDNWH *HIDKU YRUOLHJHQ :HOFKH $QIRUGHUXQJHQ DQ GLH :DKUVFKHLQOLFK NHLW HLQHU 9HUOHW]XQJ YRQ 5HFKWVJWHUQ LP (LQ]HOQHQ ]X VWHOOHQ VLQG NDQQ DEHU QLFKW ORVJHO|VW YRQ GHU $UW GHV GURKHQGHQ 6FKDGHQV EHXUWHLOW ZHUGHQ -H VFKZHUHU GLH P|JOLFKH 5HFKWVJXWYHUOHW]XQJ GHVWR JHULQJHUH $QIRUGHUXQJHQ VLQG DQ GLH :DKUVFKHLQOLFKNHLW GHV 6FKDGHQVHLQWULWWV ]X VWHOOHQ 'LH $QIRUGHUXQJHQ DQ GHQ :DKUVFKHLQOLFKNHLWVJUDG GUIHQ MHGRFK DXFK EHL HUQVWKDIW ]X EHIUFKWHQGHQ VFKZH UHQ 6FKlGHQ QLFKW EHOLHELJ KHUDEJHVHQNW ZHUGHQ (V PXVV HLQ YHUQQIWLJHV 9HUKlOW QLV ]XU 6FKZHUH GHU *UXQGUHFKWVEHHLQWUlFKWLJXQJ JHZDKUW EOHLEHQ $XFK EHL KRFK ZHUWLJHQ 5HFKWVJWHUQ EHGDUI HV VRPLW HLQHU KLQUHLFKHQGHQ :DKUVFKHLQOLFKNHLW GHUHQ 9HUOHW]XQJ %HL GHU )UDJH ZLH WLHI GLH :DKUVFKHLQOLFKNHLW KHUDEJHVHW]W ZHU LVW QLFKW DXVJHVFKORVVHQ GDVV HLQH 9LGHREHUZDFKXQJ |IIHQWOLFKHU (LQULFKWXQJHQ PLW $XI ]HLFKQXQJ GHV JHZRQQHQHQ %LOGPDWHULDOV DXI GHU *UXQGODJH HLQHU KLQUHLFKHQG EHVWLPPWHQ XQG QRUPHQNODUHQ (UPlFKWLJXQJVJUXQGODJH PDWHULHOO YHUIDVVXQJVJHPlVV VHLQ NDQQ ZHQQ IU VLH HLQ KLQUHLFKHQGHU $QODVV EHVWHKW XQG hEHUZDFKXQJ VRZLH $XI]HLFKQXQJ LQVEHVRQGHUH LQ UlXPOLFKHU XQG ]HLWOLFKHU +LQVLFKW XQG LP +LQEOLFN DXI GLH 0|JOLFKNHLW GHU $XVZHUWXQJ GHU 'DWHQ GDV hEHUPDVVYHUERW ZDKUHQ³ 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ 'D]X KLQWHQ 7HLO ,9 % E LL E 9JO %$576&+ I 5$1'+$+1 %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 5lXPH II 0$;,0,1, II =XP 5LVLNREHJULII YJO )Q ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV $$ IU GLH 9LGHREHUZDFKXQJ HLQHU 7LHIJDUDJH GXUFK HLQHQ 3ULYDWHQ %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII =XP %HJULII GHU DEVWUDNWHQ *HIDKU YRUQH )Q 921 =(=6&+:,7= 5] 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ GHQ GDUI PXVV DXFK EHUFNVLFKWLJW ZHUGHQ ZHOFKH (UIROJVDXVVLFKWHQ GLH EHDEVLFK WLJWH 6FKXW]PDVVQDKPH KDW (LQH 9LGHREHUZDFKXQJ YRQ |IIHQWOLFKHQ 6WUDVVHQ XQG 3OlW]HQ VRZLH SULYDWHU DOO JHPHLQ ]XJlQJOLFKHU 5lXPH LVW VRPLW GHP (LQ]HOQHQ QLFKW VFKRQ GDQQ ]XPXWEDU ZHQQ EORVV HLQ DOOJHPHLQHV LPPHU YRUKDQGHQHV 5LVLNR EHVWHKW GDVV HV ]X 6WUDIWD WHQ NRPPW 9LHOPHKU LVW GLH 9LGHREHUZDFKXQJ GHP GDYRQ %HWURIIHQHQ QXU GDQQ ]XPXWEDU ZHQQ HU VLFK DQ HLQHP HLJHQWOLFKHQ .ULPLQDOLWlWV RGHU *HIDKUHQ VFKZHUSXQNW EHILQGHW HLQHP 2UW DOVR GHU YHUJOLFKHQ PLW DQGHUHQ HLQH GHXWOLFK HUK|KWH *HIDKUHQEHODVWXQJ DXIZHLVW ZHLO DQ LKP PLW HLQHP HUK|KWHQ 6WUDIWDWHQDXI NRPPHQ ]X UHFKQHQ LVW $XI VROFKH 5lXPH KDW VLFK GLH hEHUZDFKXQJ ]X EH VFKUlQNHQ :HQQ DOVR QXU HLQ EHVWLPPWHU 3ODW] LQQHUKDOE GHU ,QQHQVWDGW E]Z QXU HLQ 6WUDVVHQDEVFKQLWW LQ HLQHP JDQ]HQ 6WUDVVHQ]XJ NULPLQDOLWlWVEHODVWHW LVW GDUI QXU GLHVHU HLQ]HOQH 3ODW] E]Z 6WUDVVHQDEVFKQLWW EHUZDFKW ZHUGHQ .RPPW HV QXU LQ GHU 8PJHEXQJ HLQHV SULYDWHQ )XVVEDOOVWDGLRQV UHJHOPlVVLJ ]X JHZDOWWlWLJHQ $XVHL QDQGHUVHW]XQJHQ ]ZLVFKHQ YHUIHLQGHWHQ *UXSSLHUXQJHQ VR GDUI K|FKVWHQV GDV 6WD GLRQXPIHOG EHUZDFKW ZHUGHQ QLFKW DEHU DXFK GDV SULYDWH )XVVEDOOVWDGLRQ DQ VLFK 0LW HLQHP +LQZHLV DXI 9HUODJHUXQJVHIIHNWH NDQQ QXU GDQQ HLQH XPIDQJUHLFKHUH hEHUZDFKXQJ JHUHFKWIHUWLJW ZHUGHQ ZHQQ VROFKH GULQJHQG ]X HUZDUWHQ VLQG :LH JH]HLJW VFKHLQHQ 9HUODJHUXQJVHIIHNWH DEHU QLFKW GLH 5HJHO ]X VHLQ 'LH EORVVH 0|JOLFKNHLW HLQHU 9HUODJHUXQJ VWHOOW VRPLW QRFK NHLQH KLQUHLFKHQGH 5HFKWIHUWLJXQJ %9HUI* %Y5 $EV1U Ä-H JHZLFKWLJHU GLH GURKHQGH RGHU HUIROJWH 5HFKWVJXW EHHLQWUlFKWLJXQJ XQG MH ZHQLJHU JHZLFKWLJ GHU *UXQGUHFKWVHLQJULII LVW XP GHQ HV VLFK KDQGHOW GHVWR JHULQJHU GDUI GLH :DKUVFKHLQOLFKNHLW VHLQ PLW GHU DXI HLQH GURKHQGH RGHU HUIROJWH 9HU OHW]XQJ GHV 5HFKWVJXWV JHVFKORVVHQ ZHUGHQ NDQQ XQG GHVWR ZHQLJHU IXQGLHUHQG GUIHQ JHJH EHQHQIDOOV GLH 7DWVDFKHQ VHLQ GLH GHP 9HUGDFKW ]XJUXQGH OLHJHQ >«@ 'LH $QIRUGHUXQJHQ DQ GHQ :DKUVFKHLQOLFKNHLWVJUDG XQG GLH 7DWVDFKHQEDVLV GHU 3URJQRVH GUIHQ DOOHUGLQJV QLFKW EH OLHELJ KHUDEJHVHQNW ZHUGHQ VRQGHUQ PVVHQ DXFK LQ DQJHPHVVHQHP 9HUKlOWQLV ]XU $UW XQG 6FKZHUH GHU *UXQGUHFKWVEHHLQWUlFKWLJXQJ XQG ]XU $XVVLFKW DXI GHQ (UIROJ GHV EHDEVLFKWLJWHQ 5HFKWVJWHUVFKXW]HV VWHKHQ 6HOEVW EHL K|FKVWHP *HZLFKW GHU GURKHQGHQ 5HFKWVJXWEHHLQWUlFK WLJXQJ NDQQ DXI GDV (UIRUGHUQLV HLQHU KLQUHLFKHQGHQ :DKUVFKHLQOLFKNHLW QLFKW YHU]LFKWHW ZHU GHQ³ 9JO 921 =(=6&+:,7= 5] .g1,* 5 3(75, 5] %877$5(//, 3URWHFWLRQ =LII %h//(6)(/' 9LGHREHU ZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %$576&+ 2&+6(1)(/'5(33 I I 5$1'+$+1 II GDUDXI ZHLVHQ DXFK )/h&.,*(5$8(5 KLQ DOOHUGLQJV LP =X VDPPHQKDQJ PLW GHU (UIRUGHUOLFKNHLW GHU 9LGHREHUZDFKXQJ VD YRUQH 7HLO ,, % hEHU GLH =XPXWEDUNHLW GHU hEHUZDFKXQJ SULYDWHU DOOJHPHLQ ]XJlQJOLFKHU 5lXPOLFKNHLWHQ LVW DOOHUGLQJV QLFKW QXU PLW %H]XJ DXI GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ YRQ GHUHQ %HQW]HUQ ]X HQWVFKHLGHQ $XFK GLH *UXQGUHFKWH GHU (LJHQWPHU 3lFKWHU RGHU 0LHWHU GLHVHU 5lXPH VLQG ]X EHUFNVLFKWLJHQ QDPHQWOLFK GLH :LUWVFKDIWVIUHLKHLW XQG GLH (LJHQWXPVJDUDQWLH YJO KLQWHQ 7HLO ,9 % F LLL 6HOEVWYHUVWlQGOLFK EHGDUI GLH hEHUZDFKXQJ SULYDWHU 5lXPH HLQHU DXVGUFNOLFKHQ JHVHW]OLFKHQ *UXQGODJH YJO YRUQH 7HLO ,, % 'D]X YRUQH 7HLO ,9 % 9RUQH 7HLO ,9 % 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ GDIU GDU DXFK VROFKH 2UWH ]X EHUZDFKHQ ZHOFKH NHLQH .ULPLQDOLWlWVEHODVWXQJ DXIZHLVHQ 'LH HUK|KWH .ULPLQDOLWlWVEHODVWXQJ KDW VHOEVWYHUVWlQGOLFK ZlKUHQG GHU JDQ]HQ 'DXHU GHU hEHUZDFKXQJ ]X EHVWHKHQ )lOOW VLH ZHJ ZDV SHULRGLVFK ]X EHUSUIHQ LVW LVW GLH 0DVVQDKPH HLQ]XVWHOOHQ DXFK ZHQQ GLHV DXI GHQ (UIROJ GHU 9LGHREHUZDFKXQJ ]XUFN]XIKUHQ LVW (LQH $XVQDKPH GDYRQ LVW K|FKVWHQV GDQQ ]X PDFKHQ ZHQQ GULQJHQG ]X EHIUFKWHQ LVW GDVV PLW GHP $EEDX GHU .DPH UDV DXFK GLH .ULPLQDOLWlW ZLHGHU XQPLWWHOEDU DQVWHLJW :DV GDV JUXQGVlW]OLFKH (UIRUGHUQLV HLQHV .ULPLQDOLWlWVVFKZHUSXQNWV DQEHODQJW VLQG MHGRFK 3Ul]LVLHUXQJHQ DQJHEUDFKW 'HU 8PVWDQG GDVV HV ZLHGHUKROW ]X 6WUDIWD WHQ JHNRPPHQ LVW XQG PLW ZHLWHUHQ 6WUDIWDWHQ ]X UHFKQHQ LVW VWHOOW ]ZDU HLQ JH ZLFKWLJHV ,QGL] IU GDV 9RUOLHJHQ HLQHV .ULPLQDOLWlWVVFKZHUSXQNWV GDU (V NDQQ DEHU EHL HLQHU 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP GLH =XPXWEDU NHLW QLFKW LQ MHGHP )DOO GDYRQ DEKlQJLJ JHPDFKW ZHUGHQ GDVV HV LQ GHU 9HUJDQJHQ KHLW EHUHLWV KlXILJ ]X 6WUDIWDWHQ JHNRPPHQ LVW (V LVW JUXQGVlW]OLFK ]XOlVVLJ DXFK VROFKH 5lXPH ]X EHUZDFKHQ ZHOFKH DXIJUXQG LKUHU $EJHVFKLHGHQKHLW (QJUlX PLJNHLW RGHU PDQJHOQGHU )OXFKWP|JOLFKNHLWHQ ]X GHQNHQ LVW ]% DQ HLQH 8QWHUIK UXQJ DOV ]XU 9HUEXQJ YRQ VFKZHUHQ 'HOLNWHQ EHVRQGHUV JHHLJQHW HUVFKHLQHQ RE ZRKO HV GRUW QRFK QLH ]X VROFKHQ JHNRPPHQ LVW 'DPLW NDQQ GXUFKDXV DXFK GLH hEHUZDFKXQJ HLQHV VRJ $QJVWUDXPHV GHU VLFK ELV MHW]W QLFKW GXUFK HLQ HUKHEOLFKHV 6WUDIWDWHQDXINRPPHQ JHNHQQ]HLFKQHW KDW ]XOlVVLJ VHLQ ]XPDO JHUDGH 8QWHUIK UXQJHQ 'XUFKJDQJVSDVVDJHQ RGHU 6HLWHQJDVVHQ LQ GHU 5HJHO QLFKW ]XU 3HUV|QOLFK NHLWVHQWIDOWXQJ JHQXW]W ZHUGHQ ZDV GLH *UXQGUHFKWVLQWHQVLWlW GHU 9LGHREHUZD FKXQJ DEPLOGHUW %HL GHU 9LGHREHUZDFKXQJ YRQ *HElXGHQ XQG DOOHQIDOOV GHU LKQHQ YRUJHODJHUWHQ 5lXPH ]XP 6FKXW] YRU $QJULIIHQ DXI GLH ,QIUDVWUXNWXU XQG GHUHQ %HQW]HU LVW JUXQGVlW]OLFK HEHQIDOOV ]X IRUGHUQ GDVV GLHVH HLQHU EHVRQGHUHQ *HIlKUGXQJ E]Z HLQHP HUK|KWHQ $JJUHVVLRQVSRWHQ]LDO DXVJHVHW]W VLQG (V PXVV DEHU DXFK KLHU 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II %$576&+ II 9JO YRUQH 7HLO ,, % 7HLO ,,, 7HLO ,9 % 7HLO ,9 % I XQG KLQWHQ 7HLO 9 ( 9JO %$576&+ VLHKH VFKRQ YRUQH 7HLO ,9 % I 9JO %$86&+ %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I $$ 2&+6(1)(/'5(33 %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I %$576&+ I 'D]X YRUQH 7HLO ,9 ' 921 =(=6&+:,7= 5] 3(75, 5] .25(1* %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 921 =(=6&+:,7= 5] 9JO ]% $UW E $EV 3RO*%( Ä'LH ,QKD EHULQQHQ XQG ,QKDEHU GHV +DXVUHFKWV N|QQHQ PLW =XVWLPPXQJ GHU .DQWRQVSROL]HL LQQHUKDOE XQG DXVVHUKDOE YRQ |IIHQWOLFKHQ XQG DOOJHPHLQ ]XJlQJOLFKHQ NDQWRQDOHQ *HElXGHQ %LOGEHU PLWWOXQJV XQG %LOGDXI]HLFKQXQJVJHUlWH IU GLH 9LGHREHUZDFKXQJ HLQVHW]HQ VRIHUQ HLQ HU K|KWHV 6FKXW]EHGUIQLV EHVWHKW XQG VRZHLW GLHV ]XP 6FKXW] GHU *HElXGH XQG LKUHU %HQXW]H ULQQHQ XQG %HQXW]HU HUIRUGHUOLFK LVW³ 6D YRUQH 7HLO ,, % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ QLFKW ]ZLQJHQG DEJHZDUWHW ZHUGHQ GDVV HV ]X $QJULIIHQ HWZD ]X HLQHP %UDQG RGHU )DUEDQVFKODJ DXI HLQ 9HUZDOWXQJVJHElXGH RGHU ]X XQHUODXEWHQ =XWULWWHQ LQ HLQ *HULFKWV RGHU 3DUODPHQWVJHElXGH NRPPW ZHQQ QDFK GHU DOOJHPHLQHQ (UIDKUXQJ RGHU DXIJUXQG WDWVlFKOLFKHU $QKDOWVSXQNWH HLQH JHVWHLJHUWH *HIDKUHQZDKUVFKHLQ OLFKNHLW EHVWHKW %HVRQGHUV KRKH $QIRUGHUXQJHQ DQ GLH :DKUVFKHLQOLFKNHLW HLQHU VFKZHUZLHJHQGHQ 9HUOHW]XQJ YRQ 5HFKWVJWHUQ JHOWHQ DEHU LPPHU GDQQ ZHQQ 2UWH XQG 5lXPH EHU ZDFKW ZHUGHQ VROOHQ LQ GHQHQ EHVRQGHUV VHQVLEOHV 9HUKDOWHQ DQ GHQ 7DJ JHOHJW ZLUG RGHU ZHQQ EHVRQGHUV VFKW]HQVZHUWH /HEHQV XQG .RPPXQLNDWLRQVEHUHLFKH EHWURIIHQ VLQG (V PDFKW HLQHQ JUXQGOHJHQGHQ 8QWHUVFKLHG RE ÄEORVV³ HLQH 6WUDV VHQXQWHUIKUXQJ EHUZDFKW ZLUG RGHU DEHU +HLODQVWDOWHQ 6SLWlOHU VR]LDOH (LQULFK WXQJHQ )UDXHQKlXVHU E]Z GHUHQ (LQJDQJVEHUHLFKH RGHU 3DXVHQK|IH .ODVVHQ]LP PHU XQG %LEOLRWKHNHQ 'HU 6WDDW KDW LQVEHVRQGHUH LQ GHQ ]XU *HQHVXQJ (UKROXQJ RGHU VFKXOLVFKHQ (QWZLFNOXQJ QRWZHQGLJHQ 5lXPHQ .RQWUROO XQG hEHUZD FKXQJVPDVVQDKPHQ JUXQGVlW]OLFK ]X XQWHUODVVHQ 'DV (UIRUGHUQLV GHU JHVWHLJHUWHQ :DKUVFKHLQOLFKNHLW HLQHU 5HFKWVJXWYHUOHW]XQJ JLOW VHOEVWYHUVWlQGOLFK DXFK EHL GHU WDWVlFKOLFKHQ 'XUFKIKUXQJ GHU 9LGHREHUZDFKXQJ 5LFKWLJHUZHLVH LVW HV GHP (LQ]HOQHQ QXU GDQQ ]XPXWEDU GDVV HU KHUDQJH]RRPW RGHU VRQVW ZLH JH]LHOW EHREDFKWHW ZLUG ZHQQ LUJHQGZHOFKH VDFKOLFK QDFKYROO]LHKEDUHQ *UQGH GDIU EHVWHKHQ GDVV HU HLQH *HIDKU IU GLH |IIHQWOLFKH 6LFKHUKHLW GDUVWHOOW 9|OOLJ XQ]XPXWEDU ZlUH HLQH %HREDFKWXQJ DXV UHLQ YR\HXULVWLVFKHQ 0RWLYHQ (V PXVV ]XPLQGHVW HLQ ± ZHQQ DXFK YDJHU ± +LQZHLV DXI HLQH EHYRUVWHKHQGH *HIDKU EHVWHKHQ E *HIlKUGXQJ JUXQGVlW]OLFK KRFKZHUWLJHU 5HFKWVJWHU $QJHVLFKWV GHU QLFKW ]X XQWHUVFKlW]HQGHQ ,QWHQVLWlW GHU GXUFK GLH 9LGHREHUZD FKXQJ EHZLUNWHQ %HHLQWUlFKWLJXQJ GHV 5HFKWV DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLP PXQJ XQG LQVEHVRQGHUH LQ $QEHWUDFKW GHV 8PVWDQGV GDVV GHU (LQ]HOQH DOOHLQH DXI JUXQG VHLQHU $QZHVHQKHLW DQ HLQHP EHVWLPPWHQ 2UW GLH %HDUEHLWXQJ LKQ EHWUHIIHQGHU 'DWHQ HUGXOGHQ PXVV UHLFKW HLQH EHJUQGEDUH *HIDKUHQODJH IU LU JHQGZHOFKH 5HFKWVJWHU QLFKW DXV XP GLH =XPXWEDUNHLW GHU hEHUZDFKXQJ EHMDKHQ ]X N|QQHQ 6R HUVFKHLQW GHU PLW GHU 9LGHREHUZDFKXQJ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ YHUEXQGHQH (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GHP (LQ ]HOQHQ GDQQ QLFKW ]XPXWEDU ZHQQ HU QXU GD]X GLHQW YRQ JHZLVVHQ %HY|ONHUXQJV 921 =(=6&+:,7= 5] 9RUQH 7HLO ,9 ' XQG 7HLO ,9 % E L 6R DXFK %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ NUHLVHQ QLFKW HUZQVFKWHV DEHU QLFKW VWUDIEDUHV 9HUKDOWHQ ]X YHUKLQGHUQ =X GHQNHQ LVW HWZD DQ GDV IULHGOLFKH 9HUZHLOHQ YRQ -XJHQGOLFKHQ RGHU 5DQGVWlQGLJHQ DXI %DKQKRIVDUHDOHQ RGHU DQ GLH ]XOlVVLJH $XVEXQJ GHU 3URVWLWXWLRQ DXI HLQHP 6WUDVVHQVWULFK %ORVVHV 0LVVWUDXHQ RGHU HWKLVFKPRUDOLVFKH %HGHQNHQ JHJHQEHU JHZLVVHQ 3HUVRQHQJUXSSHQ DEHU DXFK GHU :XQVFK QDFK GHU Ä$XIZHUWXQJ³ YRQ 6WDGWWHLOHQ VWHOOHQ QLHPDOV HLQH JHQJHQGH 5HFKWIHUWLJXQJ IU HLQH 9LGHREHUZD FKXQJ GDU (LQH 9LGHREHUZDFKXQJ YRQ 3HUVRQHQ QXU ZHLO LKUH /HEHQVZHLVH LKUH $QVLFKWHQ RGHU LKU 9HUKDOWHQ DXVVHUJHZ|KQOLFK VLQG YHUWUlJW VLFK DXFK QLFKW PLW GHUHQ 0HQVFKHQZUGH =XGHP QLPPW VFKRQ GLH 3UlDPEHO GHU 9HUIDVVXQJ ZHO FKH ± GXUFKDXV YHUSIOLFKWHQGH ± *UXQGSULQ]LSLHQ XQG +DQGOXQJVDQZHLVXQJHQ QRU PLHUW DXVGUFNOLFK %H]XJ DXI GLH 6ROLGDULWlW 2IIHQKHLW XQG 9LHOIDOW $XFK LP =ZHFNDUWLNHO GHU %9 ZLUG DXI GHQ LQQHUHQ =XVDPPHQKDOW GLH JHPHLQVDPH :RKO IDKUW GLH &KDQFHQJOHLFKKHLW XQG GLH NXOWXUHOOH 9LHOIDOW DXVGUFNOLFK %H]XJ JH QRPPHQ $UW $EV XQG %9 0LW GLHVHQ =LHOHQ XQG =ZHFNHQ VWHKW HLQH 9L GHREHUZDFKXQJ LQ .RQIOLNW ZHOFKH ]XU 'XUFKVHW]XQJ HWKLVFKPRUDOLVFKHU 9RUVWHOOXQJHQ RGHU ]XU DQJHEOLFKHQ Ä9HUVFK|QHUXQJ³ XQG Ä$WWUDNWLYLWlWVVWHLJH UXQJ³ JHZLVVHU |IIHQWOLFKHU 5lXPH HUIROJW hEHUZDFKXQJVPDVVQDKPHQ ZHOFKH ± VHL HV DXVVFKOLHVVOLFK RGHU DOV 1HEHQ]ZHFN ± GD]X GLHQHQ JHZLVVH %HY|ONHUXQJV JUXSSHQ DXV]XJUHQ]HQ XQG ]X YHUGUlQJHQ VLQG YHUIDVVXQJVZLGULJ +LQ]XZHLVHQ LVW LQ GLHVHP =XVDPPHQKDQJ DXFK DXI $UW $EV %9 ZHOFKHU GDV 3ULQ]LS GHU (L JHQYHUDQWZRUWXQJ EHWRQW XQG GDPLW JOHLFK]HLWLJ DXFK DXI GDV 3HUVRQVHLQ GLH 0HQ VFKHQZUGH GLH ,QGLYLGXDOLWlW XQG GLH )UHLKHLW %H]XJ QLPPW 'DPLW GLH hEHUZDFKXQJ GHP (LQ]HOQHQ ]XPXWEDU LVW PXVV HV VLFK YLHOPHKU XP 6WUDIWDWHQ KDQGHOQ ZHOFKH YHUKLQGHUW ZHUGHQ VROOHQ 'LH ]X YHUKWHQGHQ 'HOLNWH PVVHQ HLQH JHZLVVH 6FKZHUH DXIZHLVHQ =XPXWEDU HUVFKHLQW HLQH 9LGHREHU ZDFKXQJ GHVKDOE JUXQGVlW]OLFK QXU GDQQ ZHQQ VLH GDUDXI DE]LHOW 9HUEUHFKHQ RGHU 9HUJHKHQ ]X YHUKLQGHUQ HWZD 9HUEUHFKHQ XQG 9HUJHKHQ JHJHQ /HLE XQG /HEHQ GDV 9HUP|JHQ DEHU DXFK JHJHQ GLH )UHLKHLW 6HOEVWYHUVWlQGOLFK VLQG DXFK 6R DXFK %$86&+ I %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ %877$5(//, 3URWHFWLRQ =LII 9JO YRUQH 7HLO ,, % (+5(1=(//(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]XU 3UlDPEHO 5] II +b%(5/( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] 9JO 921 =(=6&+:,7= 5] 0$7+,6 $(33/, :LH HWZD 7|WXQJV $UW II 6W*% RGHU .|USHUYHUOHW]XQJVGHOLNWH $UW II 6W*% =% 'LHEVWDKO $UW 6W*% 5DXE $UW 6W*% 6DFKHQW]LHKXQJ $UW 6W*% RGHU 6DFKEHVFKlGLJXQJ $UW 6W*% (V LVW ]ZDU ULFKWLJ GDVV GHU (LQ]HOQH VHOEVWlQGLJ 6FKXW] PDVVQDKPHQ WUHIIHQ NDQQ XP 'LHEVWlKOH ]X YHUKLQGHUQ ZLH ]% GXUFK (LQEDX YRQ $ODUPDQ ODJHQ RGHU :HJIDKUVSHUUHQ LQ $XWRV $XFK YHUPDJ VLFK GHU (LQ]HOQH LQ JHZLVVHP 0DVVH JH JHQ 7DVFKHQGLHEVWlKOH ]X VFKW]HQ %HL GHU )UDJH RE HLQH 9LGHREHUZDFKXQJ GHQ GDYRQ %HWURIIHQHQ ]XPXWEDU LVW PXVV P( DEHU DXVVHU $FKW EOHLEHQ RE 6HOEVWVFKXW]PDVVQDKPHQ JHWURIIHQ ZHUGHQ N|QQHQ 0LW DQGHUHQ :RUWHQ NDQQ GHU (LQ]HOQH QLFKW YRUEULQJHQ GLH 9LGHR EHUZDFKXQJ ZlUH QLFKW QRWZHQGLJ ZHQQ VLFK GLH EULJHQ 1XW]HU |IIHQWOLFKHU 5lXPH JHJHQ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ KLHU 'LIIHUHQ]LHUXQJHQ DQJHEUDFKW $XFK ZHQQ ]% LP |IIHQWOLFKHQ 9HUNHKU PLW 6DFKEHVFKlGLJXQJHQ DQ XQG LQ GHQ 7UDQVSRUWPLWWHOQ ]X UHFKQHQ LVW UHFKWIHUWLJW GLHV DXI OlQJHUHQ 6WUHFNHQ HLQH hEHUZDFKXQJ ]XU 9DQGDOLVPXVEHNlPSIXQJ YRQ VlPWOL FKHQ =XJVDEWHLOHQ RKQH $XVZHLFKP|JOLFKNHLWHQ QLFKW )UDJOLFK LVW VRGDQQ RE GHP (LQ]HOQHQ HLQH 'DWHQHUKHEXQJ GXUFK 9LGHREHUZD FKXQJ DXFK GDQQ ]XJHPXWHW ZHUGHQ NDQQ ZHQQ GLHVH ]XU 9HUKLQGHUXQJ XQG $KQ GXQJ YRQ hEHUWUHWXQJHQ GHV HLGJHQ|VVLVFKHQ 6WUDI XQG 1HEHQVWUDIUHFKWV RGHU GHV NDQWRQDOHQ E]Z NRPPXQDOHQ hEHUWUHWXQJVVWUDIUHFKWV HLQJHVHW]W ZHUGHQ VROO 6HOEVWYHUVWlQGOLFK ZHLVHQ DXFK hEHUWUHWXQJHQ HLQHQ 8QUHFKWVJHKDOW DXI 7DWVlFKOLFK KDQGHOW HV VLFK DEHU XP PLQGHU VFKZHUH 'HOLNWH ZHVKDOE HLQHU 9LGHR EHUZDFKXQJ DXVVFKOLHVVOLFK ]X GHUHQ %HNlPSIXQJ XQG 9HUIROJXQJ DXFK PLW 6NHSVLV EHJHJQHW ZLUG *HUDGH GLH ,QVWDOODWLRQ YRQ 9LGHRNDPHUDV ]XU 9HUIRO JXQJ PLQGHU VFKZHUHU 'HOLNWH ELUJW ]XGHP GDV EHVRQGHUH 5LVLNR HLQHU IOlFKHQGH FNHQGHQ hEHUZDFKXQJ XQG HLQHU JHUDGH]X XELTXLWlUHQ DOOJHJHQZlUWLJHQ .RQWUROOH LQ VLFK ZDV VLFK PLW GHU 0HQVFKHQZUGH XQG GHQ EULJHQ YHUIDVVXQJVUHFKWOLFK JDUDQWLHUWHQ )UHLKHLWHQ QLFKW YHUWUlJW (V LVW ]ZDU ULFKWLJ GDVV GHU 6WDDW 9HUDQWZRU 'HOLNWH VFKW]HQ ZUGHQ ZHVKDOE LKP GLH hEHUZDFKXQJ QLFKW ]XJHPXWHW ZHUGHQ N|QQH D$ ZRKO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ ZLH KLHU 5$1'+$+1 I :LH ]% +DXVIULHGHQVEUXFK $UW 6W*% 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] /$1* 3ULYDWH 9LGHREHUZD FKXQJ YJO DXFK YRUQH 7HLO ,9 ' :LH HWZD 7lWOLFKNHLWHQ $UW 6W*% XQ]XOlVVLJH $XVEXQJ GHU 3URVWLWXWLRQ $UW 6W*% VH[XHOOH %HOlVWLJXQJHQ $UW 6W*% HLQIDFKH 9HUOHW]XQJ GHU 9HUNHKUVUHJHOQ $UW =LII 69* RGHU XQEHIXJWHU XQG YRUVlW]OLFKHU .RQVXP YRQ %HWlXEXQJVPLWWHOQ $UW D =LII %HWP* :HOFKHV GLH .DQWRQH JHVWW]W DXI $UW $EV 6W*% HUODVVHQ GUIHQ VRZHLW HV VLFK QLFKW XP 6DFKEHUHLFKH KDQGHOW GLH *HJHQVWDQG GHU %XQGHVJHVHW]JHEXQJ VLQG 'DV ± LP 5DKPHQ GHV NDQWRQDOHQ 5HFKWV ± ]XOlVVLJH *HPHLQGHVWUDIUHFKW JLOW GDEHL DOV NDQWRQDOHV 6WUDIUHFKW YJO %*( , ( E =X GHQNHQ LVW HWZD DQ %HOlVWLJXQJ GXUFK /lUP YJO ]% $UW h6W*6* VD $UW $EV 3RO*85 XQG $UW $EV 3296+ XQHUODXEWHV |IIHQWOLFKHV 6DPPHOQ YRQ *HOG E]Z %HWWHOQ YJO $EV h6W*%/ XQDQVWlQGLJHV %HQHKPHQ LQ GHU gIIHQW OLFKNHLW YJO h6W*/8 JUREH 9HUOHW]XQJ YRQ 5XKH XQG 2UGQXQJ GXUFK 7UXQNHQKHLW E]Z 5DXVFK]XVWDQG YJO $UW h6W*2: 9HUXQUHLQLJXQJ RGHU 9HUXQVWDOWXQJ IUHPGHQ (LJHQWXPV YJO $UW 8H6W*$, XQHUODXEWHV 3ODNDWLHUHQ E]Z $QEULQJHQ YRQ 6WUDVVHQDQ VFKOlJHQ YJO h6W*%6 XQHUODXEWHV :HJZHUIHQ RGHU /LHJHQODVVHQ YRQ .OHLQDEIlOOHQ Ä/LWWHULQJ³ YJO ]% $UW $EV %VW D $EI*%( L9P $QKDQJ ]X $UW ( .2%9 %( E $EV h6W*%6 L9P $EV 86* %6 5DXFKHQ LQ 1LFKWUDXFKHU]RQHQ YJO $UW $EV %VW I L9P $UW %+5%( 0LVVDFKWHQ GHU YRUJHVFKULHEHQHQ +XQGHIKUXQJ DQ GHU NXU]HQ /HLQH h6W*%6 XQG $EV +XQGH92%6 RGHU 0LVVDFKWHQ GHU 9RU VFKULIWHQ EHU GLH %HVHLWLJXQJ YRQ +XQGHNRW YJO h6W*%6 XQG $EV +XQGH92 %6 6LHKH HWZD $1'5($6 '21$76&+%5,*,77( 7$* 6WUDIUHFKW , ± 9HUEUHFKHQVOHKUH $XIO =ULFK 9JO HWZD %877$5(//, 3URWHFWLRQ =LII %$576&+ I %h//(6)(/' 9LGHREHUZD FKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H I 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ WXQJ IU GLH 6LFKHUKHLW VHLQHU %UJHU ]X WUDJHQ KDW +DQGHOW HV VLFK DEHU XP JH ULQJIJLJH 'HOLNWH GDUI GLH :DKUQHKPXQJ GLHVHU 9HUDQWZRUWXQJ QLFKW VR ZHLW JH KHQ GDVV GDUXQWHU GLH ,QGLYLGXDOLWlW XQG GDV 0HQVFKVHLQ EHUKDXSW OHLGHQ 'LHVHQ *HGDQNHQ GHU (LJHQYHUDQWZRUWXQJ XQG GHU 6XEVLGLDULWlW EULQJW LQVEHVRQGHUH $UW %9 ]XP $XVGUXFN DEHU ± EH]RJHQ DXI GLH VR]LDOH 9HUDQWZRUWXQJ GHV 6WDDWHV ± DXFK $UW $EV %9 0( ZHLVHQ hEHUWUHWXQJHQ YHUPXWXQJVZHLVH XQG JUXQGVlW]OLFK NHLQ JHQJHQGHV *HZLFKW DXI GDPLW GHP (LQ]HOQHQ ]X GHUHQ 9HUKLQGHUXQJ HLQH 9LGHREHUZDFKXQJ ]XJHPXWHW ZHUGHQ NDQQ $QGHUV NDQQ GLHV MHGRFK VHLQ ZHQQ hEHUWUHWXQJHQ DQ HLQHP EHVWLPPWHQ 2UW UHJHOPlVVLJ YRUNRPPHQ PLW DQ 6LFKHUKHLW JUHQ]HQGHU :DKUVFKHLQOLFKNHLW DXFK ]XNQIWLJ PLW GHUHQ %HJHKXQJ ]X UHFKQHQ LVW GLH 9LGHR EHUZDFKXQJ |UWOLFK EHJUHQ]W HLQJHVHW]W ZLUG XQG DOOIlOOLJH $XI]HLFKQXQJHQ LQQHUW NXU]HU )ULVW JHO|VFKW ZHUGHQ .RPPW HV ]% DQ HLQHU EHVWLPPWHQ 6WUDVVHQNUHX ]XQJ GXUFK XPIDQJUHLFKHV ZLOGHV 'HSRQLHUHQ YRQ 6SHUUPOO UHJHOPlVVLJ ]X 9HUVW|VVHQ JHJHQ $EIDOOYRUVFKULIWHQ XQG LVW GHU $XIQDKPHZLQNHO GHU .DPHUD QXU DXI GLHVH EHVWLPPWH 6WHOOH EHVFKUlQNW EHUZLHJW GDV |IIHQWOLFKH ,QWHUHVVH DQ HLQHU VROFKHQ SXQNWXHOOHQ 9LGHREHUZDFKXQJ GDV ,QWHUHVVH GHUMHQLJHQ 3HUVRQHQ ZHOFKH DOOHQIDOOV NXU] LP $XIQDKPHZLQNHO DXIWDXFKHQ (QWVSUHFKHQGHV JLOW IU $EIDOO VDPPHOVWHOOHQ RGHU &RQWDLQHUVWDQGSOlW]H DQ GHQHQ (LQ]HOQH ZLHGHUKROW XQG UHJHO PlVVLJ $EIlOOH XQUHFKWPlVVLJ HQWVRUJHQ $QGHUHUVHLWV LVW HV GHP (LQ]HOQHQ QLFKW ]X]XPXWHQ GDVV HU EHLVSLHOVZHLVH DXI HLQHP %DKQVWHLJ EHUZDFKW ZLUG QXU ZHLO ZHQQ DXFK ZLHGHUKROW JHJHQ GDV 5DXFKYHUERW YHUVWRVVHQ ZLUG RGHU GDVV HU DOV %H QW]HU HLQHV |IIHQWOLFKHQ 3DUNV RGHU 3ODW]HV YLGHREHUZDFKW ZLUG QXU ZHLO +XQGH KDOWHU GLH 9HUXQUHLQLJXQJHQ LKUHU 7LHUH UHJHOPlVVLJ QLFKW EHVHLWLJHQ .OHLQDEIlOOH XQUHFKWPlVVLJ HQWVRUJW ZHUGHQ Ä/LWWHULQJ³ XQUHFKWPlVVLJ *HOG JHVDPPHOW ZLUG =X GHQ 6FKXW]SIOLFKWHQ YRUQH 7HLO ;,9 % +b%(5/( LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %,$**,1, .RPP ]X $UW %9 5] XQG ]X $UW %9 5] 9JO 0$7+,6 $(33/, %$86&+ %$80 5] %877$5(//, 3URWHFWLRQ =LII YJO IHUQHU $UW 'DWHQVFKXW]JUXSSH 6WQ 9LGHREHUZDFKXQJ I %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] D$ 5$1'+$+1 I 'DYRQ ]X XQWHUVFKHLGHQ LVW GLH )UDJH RE GLH 9LGHRDXI]HLFKQXQJHQ DXFK ]XU 9HUIROJXQJ YRQ hEHUWUHWXQJHQ ZHOFKH LP EHUZDFKWHQ 5DXP WDWVlFKOLFK EHJDQJHQ ZRUGHQ VLQG EHLJH]RJHQ ZHUGHQ GUIHQ REZRKO GLH 0|JOLFKNHLW GDVV HV ]X hEHUWUHWXQJHQ NRPPW GLH (LQIKUXQJ HLQHU 9LGHREHUZDFKXQJ QLFKW JHUHFKWIHUWLJW KlW WH 'D PLW GHP (UIRUGHUQLV HLQHV .ULPLQDOLWlWVVFKZHUSXQNWV XQG GHU *HIlKUGXQJ JUXQGVlW] OLFK KRFKZHUWLJHU 5HFKWVJWHU HLQ]LJ GHU (LQJULII JHJHQEHU 1LFKWVW|UHUQ EHJUHQ]W ZHUGHQ VROO LVW HV QDFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ ]XOlVVLJ GLH 9LGHRDXI]HLFKQXQJHQ ± EHL NRQ NUHWHQ $QKDOWVSXQNWHQ DXI VWUDIEDUHV 9HUKDOWHQ ± DXFK GDQQ DXV]XZHUWHQ XQG LQ HLQHP 6WUDI YHUIDKUHQ ]X YHUZHQGHQ ZHQQ HV HLQ]LJ XP GLH 9HUIROJXQJ PLQGHU VFKZHUHU 'HOLNWH JHKW ]X GHUHQ 9HUKWXQJ GLH *UXQGUHFKWVEHHLQWUlFKWLJXQJ GXUFK HLQH 9LGHREHUZDFKXQJ GHQ 1LFKW VW|UHUQ QLFKW ]XJHPXWHW ZHUGHQ N|QQWH YJO GD]X KLQWHQ 7HLO ,9 & 9JO 9RUWUDJ 3RO*%( 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ VLFK JHZLVVH 3HUVRQHQ LQ GHU 1DFKW ÄXQDQVWlQGLJ³ RGHU ÄODXW³ EHQHKPHQ XQHUODXEW 3ODNDWH DQJHEUDFKW RGHU 3DUN]HLWHQ EHUVFKULWWHQ ZHUGHQ F =XPXWEDUNHLW GHU %HHLQWUlFKWLJXQJ ZHLWHUHU EHWURIIHQHU *UXQGUHFKWH %HL GHU )UDJH RE GLH hEHUZDFKXQJ GHQ GDYRQ %HWURIIHQHQ ]XJHPXWHW ZHUGHQ NDQQ LVW DXFK ]X EHUFNVLFKWLJHQ LQ ZHOFKHQ *UXQGUHFKWHQ VLH QHEHQ GHP 5HFKW DXI LQ IRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ HLQJHVFKUlQNW ZHUGHQ L $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ :HUGHQ YRQ HLQHU SROL]HLOLFKHQ 9LGHREHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV ]% DXFK SULYDWH )HQVWHUIURQWHQ *lUWHQ RGHU %DONRQH HUIDVVW KDW VLFK GLH hEHUZDFKXQJ DXFK JHJHQEHU GHP $QVSUXFK DXI $FKWXQJ GHU :RKQXQJ $UW $EV %9 $UW (05. ]X UHFKWIHUWLJHQ 5HJHOPlVVLJ LVW HV GHP (LQ]HOQHQ DEHU QLFKW ]X ]XPXWHQ GDVV HU HLQHU 0LWEHUZDFKXQJ VHLQHU GXUFK $UW $EV %9 XQG $UW (05. JHVFKW]WHQ :RKQUlXPH DXVJHVHW]W ZLUG ZHQQ GLH 9LGHREHUZDFKXQJ GD UDXI DE]LHOW GLH %HJHKXQJ YRQ 6WUDIWDWHQ LP |IIHQWOLFKHQ 5DXP ]X YHUKLQGHUQ XQG ]X DKQGHQ LL 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW VRZLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW 'LH hEHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV DXI GHP HLQH .XQGJHEXQJ RGHU VRQVW HLQH 9HUVDPPOXQJ VWDWWILQGHW NDQQ ]XGHP HLQHQ ]XVlW]OLFKHQ (LQJULII LQ GLH 0HL QXQJV XQGRGHU 9HUVDPPOXQJVIUHLKHLW $UW XQG $UW %9 $UW XQG $UW (05. GHU GDYRQ %HWURIIHQHQ EHZLUNHQ +DQGHOW HV VLFK XP HLQH 9HUDQVWDOWXQJ PLW UHOLJL|VHP RGHU ZHOWDQVFKDXOLFKHP +LQWHUJUXQG LVW GLH *ODXEHQV XQG *HZLV VHQVIUHLKHLW $UW %9 EHUKUW (LQH %HHLQWUlFKWLJXQJ GLHVHU *UXQGUHFKWH HUVFKHLQW GHQ %HWURIIHQHQ QXU GDQQ ]X PXWEDU ZHQQ DXIJUXQG EHUHLWV EHVWHKHQGHU $QKDOWVSXQNWH HUQVWKDIW GDPLW ]X UHFK QHQ LVW GDVV HV DQOlVVOLFK GHU 9HUDQVWDOWXQJ ]X 'HOLNWHQ HLQHU JHZLVVHQ 6FKZHUH NRPPW ,P hEULJHQ LVW GDUDQ ]X HULQQHUQ GDVV GLH hEHUZDFKXQJ YRQ 9HUDQVWDO WXQJVWHLOQHKPHUQ HLQHU HLJHQVWlQGLJHQ 5HFKWVJUXQGODJH EHGDUI ZHOFKH GDV =XOlV VLJNHLWVHUIRUGHUQLV NRQNUHWHU $QKDOWVSXQNWH DXI GLH %HJHKXQJ YRQ 6WUDIWDWHQ DQ OlVVOLFK HLQHU 9HUDQVWDOWXQJ DXVGUFNOLFK QRUPLHUW 6LH OlVVW VLFK QLFKW DXI (UPlFK 9JO 0$;,0,1, I =X GHQ *UXQGUHFKWVNRQNXUUHQ]HQ YRUQH 7HLO ;,,, 9JO LP (LQ]HOQHQ YRUQH 7HLO ; XQG 7HLO ;,,, % =XU PDQJHOQGHQ *HHLJQHWKHLW XQG (UIRUGHUOLFKNHLW HLQHU HQWVSUHFKHQGHQ 9LGHREHUZD FKXQJVPDVVQDKPH YJO YRUQH 7HLO ,9 % XQG 7HLO ,9 % I 9JO GD]X YRUQH 7HLO 9,, % XQG 7HLO ;,,, % 9JO GD]X YRUQH 7HLO ,; % XQG 7HLO ;,,, % )U %HLVSLHOH VLHKH YRUQH 7HLO 9,, % 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ WLJXQJVQRUPHQ VWW]HQ ZHOFKH GLH 9LGHREHUZDFKXQJ DOOJHPHLQ ]XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ LP |IIHQWOLFKHQ 5DXP HUODXEHQ 'LH 0HLQXQJV XQG GLH 9HUVDPPOXQJVIUHLKHLW VLQG DXFK GDQQ YRQ %HGHXWXQJ ZHQQ HLQH 0LWEHUZDFKXQJ YRQ GHU 0HLQXQJVELOGXQJ RGHU GHU 9HUVDPPOXQJ GLHQHQGHQ 5lXPH E]Z GHUHQ (LQJDQJVEHUHLFKH EHDEVLFKWLJW LVW E]Z QLFKW DXVJHVFKORVVHQ ZHUGHQ NDQQ :HUGHQ YRQ GHQ DXI HLQHP |IIHQWOLFKHQ 3ODW] LQVWDOOLHUWHQ .DPHUDV DXFK GLH (LQJDQJVEHUHLFKH HWZD ]X *HZHUNVFKDIWVVLW]HQ RGHU =HLWXQJVUHGDNWLRQHQ HUIDVVW LVW VRPLW DXFK GDQDFK ]X IUDJHQ RE GLHV PLW GHU 0HLQXQJV XQG 9HUVDPP OXQJVIUHLKHLW ]X YHUHLQEDUHQ LVW (QWVSUHFKHQGHV JLOW ± EH]RJHQ DXI GLH *ODXEHQV XQG *HZLVVHQVIUHLKHLW ± HWZD EHL GHU hEHUZDFKXQJ YRQ UHOLJL|VHQ 6WlWWHQ RGHU UHOLJL|VHQ %HJHJQXQJV]HQWUHQ E]Z GHU 0LWEHUZDFKXQJ YRQ GHUHQ (LQJDQJV EHUHLFKHQ ,Q VROFKHQ )lOOHQ VLQG DQ GLH =XPXWEDUNHLW GHU hEHUZDFKXQJ K|KHUH $QIRUGHUXQJHQ ]X VWHOOHQ 6LH VFKHLQW QXU GDQQ ]XPXWEDU ZHQQ GULQJHQG PLW GHU %HJHKXQJ YRQ JUXQGVlW]OLFK VFKZHUHQ 6WUDIWDWHQ ]X UHFKQHQ LVW LLL :LUWVFKDIWVIUHLKHLW XQG (LJHQWXPVJDUDQWLH 6ROOHQ LP 3ULYDWHLJHQWXP VWHKHQGH DOOJHPHLQ ]XJlQJOLFKH 5lXPH ZLH ]% (LQ NDXIV]HQWUHQ RGHU SULYDWH 3DUNKlXVHU SROL]HLOLFK EHUZDFKW ZHUGHQ LVW ]X EHUFN VLFKWLJHQ GDVV GLHV QLFKW QXU HLQHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVW EHVWLPPXQJ GHUHQ %HQW]HU XQG (LJHQWPHU E]Z %HVLW]HU GDUVWHOOW VRQGHUQ DXFK HLQHQ (LQJULII LQ GLH :LUWVFKDIWVIUHLKHLW RGHU GLH (LJHQWXPVJDUDQWLH $UW XQG $UW %9 GHU *HZHEHWUHLEHQGHQ EHZLUNHQ NDQQ (LQH VWDDWOLFKH hEHUZDFKXQJ GHU GHQ 3ULYDWHQ ]XU $XVEXQJ HLQHU *HZHUEHWlWLJ NHLW GLHQHQGHQ 5lXPOLFKNHLWHQ LVW GLHVHQ DEHU QXU ]XPXWEDU ZHQQ GLH 9HUOHW]XQJ KRFKUDQJLJHU 6FKXW]JWHU HUQVWKDIW ]X EHIUFKWHQ LVW 'LHV LVW HWZD ]X EHMDKHQ EHL )XVVEDOOVSLHOHQ DQOlVVOLFK GHUHU HV LQ GHU 9HUJDQJHQKHLW LPPHU ZLHGHU ]X KHIWLJHQ $XVVFKUHLWXQJHQ JHNRPPHQ LVW ,Q GLHVHQ )lOOHQ VFKHLQW GLH PLW GHU hEHUZDFKXQJ GHV )XVVEDOOVWDGLRQV YHUEXQGHQH %HHLQWUlFKWLJXQJ GHU :LUWVFKDIWVIUHLKHLW XQG (L JHQWXPVJDUDQWLH GHP (LJHQWPHU RGHU %HWUHLEHU GHV )XVVEDOOVWDGLRQV ]XPXWEDU 1LFKW ]XPXWEDU LVW KLQJHJHQ GLH SROL]HLOLFKH hEHUZDFKXQJ SULYDWHU *DVWVWlWWHQ (LQNDXIV]HQWUHQ RGHU .OHLGHUOlGHQ VRZHLW QLFKW HUQVWKDIW ]X EHIUFKWHQ LVW GDVV HV LQ GLHVHQ 5lXPOLFKNHLWHQ ]XU 9HUEXQJ VFKZHUHU 'HOLNWH NRPPW =X EHUFNVLFKWL 9JO YRUQH 7HLO 9,, % 7HLO ;,,, % 7HLO ,; % 7HLO ;,,, % XQG LQVE 7HLO ,, % 9JO YRUQH 7HLO 9,, % XQG 7HLO ;,,, % 9JO YRUQH 7HLO ,; % XQG 7HLO ;,,, % 9RUQH 7HLO ;, XQG 7HLO ;,,, % 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ VD .b/,1/,(1+$5':<77(1%$&+ 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ JHQ LVW LPPHU DXFK RE GLH EHUHLWV YRP 3ULYDWHQ JHWURIIHQHQ 6FKXW]PDVVQDKPHQ DXVUHLFKHQ LY 'LVNULPLQLHUXQJVYHUERW .QSIW HLQH 9LGHREHUZDFKXQJ DQ HLQ 0HUNPDO L6Y $UW $EV %9 E]Z $UW (05. DQ ]% LQGHP QXU 0HQVFKHQ HLQHU JHZLVVHQ +DXWIDUEH KHUDQJH ]RRPW ZHUGHQ RGHU GDV LQWHOOLJHQWH 9LGHREHUZDFKXQJVV\VWHP VHOEVWlQGLJ QDFK YHUS|QWHQ 0HUNPDOHQ GLIIHUHQ]LHUW KDW VLFK GLH hEHUZDFKXQJ DXFK YRU GHP 'LV NULPLQLHUXQJVYHUERW ]X UHFKWIHUWLJHQ ,QGHVVHQ EHVWHKHQ VFKZHUZLHJHQGH %H GHQNHQ EH]JOLFK GHU =XOlVVLJNHLW VROFKHU 'LIIHUHQ]LHUXQJHQ 5HJHOPlVVLJ EH VWHKHQ IU HLQH GLVNULPLQLHUHQGH hEHUZDFKXQJ NODUHUZHLVH NHLQH DXVUHLFKHQG VDFKOLFKHQ XQG YHUQQIWLJHQ GDV ,QWHUHVVH GHU %HWURIIHQHQ EHUZLHJHQGHQ *UQGH & 9HUKlOWQLVPlVVLJNHLW GHU ZHLWHUHQ %HDUEHLWXQJVVFKULWWH *UXQGVlW]OLFKH %HPHUNXQJHQ 'LH VLFK GHU %HVFKDIIXQJ DQVFKOLHVVHQGHQ 'DWHQEHDUEHLWXQJVVFKULWWH VWHOOHQ ]XVlW] OLFKH (LQJULIIH LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDU GLH VHOEVW ZLHGHUXP HLQHU JHVHW]OLFKHQ *UXQGODJH EHGUIHQ LP |IIHQWOLFKHQ ,QWHUHVVH OLH JHQ XQG QDPHQWOLFK YHUKlOWQLVPlVVLJ VHLQ PVVHQ 'HU (LQ]HOQH KDW JHVWW]W DXI $UW $EV %9 $QVSUXFK GDUDXI GDVV YRQ VHLQHQ 'DWHQ P|JOLFKVW HLQVFKUlQ NHQG *HEUDXFK JHPDFKW ZLUG *HUDGH GLH QDFKWUlJOLFKH 9HUZHQGXQJ LQVEHVRQGHUH GLH $XVZHUWXQJ %HNDQQWJDEH E]Z 9HU|IIHQWOLFKXQJ XQG GLH $XIEHZDKUXQJ GHV HUKREHQHQ 'DWHQPDWHULDOV VLQG HV QXQ DEHU ZHOFKH EHVRQGHUH *HIDKUHQ IU GLH 3HU V|QOLFKNHLW GHV (LQ]HOQHQ EHZLUNHQ ZHVKDOE GLHVEH]JOLFK HLQH VRUJIlOWLJH XQG VWUHQJH 9HUKlOWQLVPlVVLJNHLWVSUIXQJ XQHUOlVVOLFK LVW $OOJHPHLQ OlVVW VLFK ]XQlFKVW IHVWKDOWHQ GDVV HLQH 9HUZHQGXQJ SHUV|QOLFKHU 'DWHQ GHP GDYRQ %HWURIIHQHQ JUXQGVlW]OLFK QXU ]XPXWEDU LVW ZHQQ VLH VLFK LP 5DKPHQ GHV JHVHW]OLFK YRUJHVHKHQHQ XQG IU LKQ YRUKHUVHKEDUHQ =ZHFNV EHZHJW -HGHU VLFK GHU %HVFKDIIXQJ GHV 'DWHQPDWHULDOV DQVFKOLHVVHQGH %HDUEHLWXQJVVFKULWW KDW GHVKDOE XQEHGLQJW GHQ *UXQGVDW] GHU =ZHFNELQGXQJ HLQ]XKDOWHQ 'LH 9LGHRDXI ]HLFKQXQJHQ GUIHQ VRPLW QXU ]X GHQ =ZHFNHQ YLVLRQLHUW DXVJHZHUWHW DXIEHZDKUW EHNDQQW JHJHEHQ YHU|IIHQWOLFKW RGHU VRQVW ZLH EHDUEHLWHW ZHUGHQ ]X GHQHQ VLH HU 9RUQH 7HLO ,9 % J 9JO YRUQH 7HLO 9,,, % XQG 7HLO ;,,, % 9JO %9HUI* %Y5 $EV1U I GD]X DXFK YRUQH 7HLO 9,,, 9RUQH 7HLO ,9 % 9RUQH 7HLO ,, % 9RUQH 7HLO ,,, 9JO YRUQH 7HLO 9, ( 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ KREHQ ZRUGHQ VLQG =HQWUDOH 9RUDXVVHW]XQJ IU GLH 9HUKlOWQLVPlVVLJNHLW VlPWOL FKHU 'DWHQEHDUEHLWXQJVYRUJlQJH LVW DEHU GDVV GHU GDPLW YHUIROJWH =ZHFN EHUKDXSW YHUKlOWQLVPlVVLJ LVW 'LHV LVW DEHU JUXQGVlW]OLFK QXU GDQQ ]X EHMDKHQ ZHQQ DOV JHVHW]OLFKHU =ZHFN GLH 9HUIROJXQJ XQG $KQGXQJ YRQ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP EHJDQJHQHQ 6WUDIWDWHQ DXVJHZLHVHQ ZLUG 2IWPDOV VLQG GLH =ZHFNXPVFKUHL EXQJHQ MHGRFK YLHO XPIDVVHQGHU JHKDOWHQ LQGHP HWZD LQ DOOJHPHLQHU :HLVH YRQ GHU :DKUXQJ GHU Ä|IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ³ GLH 5HGH LVW (LQH :HLWHU EHDUEHLWXQJ GHU $XI]HLFKQXQJHQ ]XU 9HUKLQGHUXQJ XQG 9HUIROJXQJ VR]LDO WHLOZHLVH XQHUZQVFKWHQ DEHU QLFKW VWUDIEDUHQ 9HUKDOWHQV ZLH HWZD ]XU .RQWUROOH RE VLFK GLH 6FKOHU DXI GHP 1DFKKDXVHZHJ DQVWlQGLJ EHQHKPHQ LVW GHQ %HWURIIHQHQ MHGRFK YRQ YRUQKHUHLQ QLFKW ]X]XPXWHQ (V OlVVW VLFK VRPLW IHVWKDOWHQ GDVV GLH :HLWHU EHDUEHLWXQJ GHU $XI]HLFKQXQJHQ QXU ]XU 9HUIROJXQJ YRQ 6WUDIWDWHQ ]XOlVVLJ LVW XQG DOOHQIDOOV ]XU *HOWHQGPDFKXQJ ]LYLOUHFKWOLFKHU 6FKDGHQHUVDW] RGHU *HQXJWXXQJV DQVSUFKH JHJHQEHU GHP 7lWHU 'LH JHVHW]OLFK WHLOZHLVH YLHO ]X ZHLW JHIDVVWHQ =ZHFNH VLQG VRPLW HQWVSUHFKHQG HLQ]XVFKUlQNHQ =X EHUFNVLFKWLJHQ LVW DEHU GDVV GLH :HLWHUEHDUEHLWXQJ GHV $XI]HLFKQXQJVPDWH ULDOV QLFKW QXU ]X GHQ =ZHFNHQ YHUKlOWQLVPlVVLJ LVW ]X GHQHQ DXFK GLH 'DWHQEH VFKDIIXQJ GXUFK 9LGHREHUZDFKXQJ DOV ]XOlVVLJ EH]HLFKQHW ZHUGHQ NDQQ 'DV LP =XVDPPHQKDQJ PLW GHP 9HUKlOWQLVPlVVLJNHLWVSULQ]LS XQG GHP /HJDOLWlWVSULQ]LS HQWZLFNHOWH (UIRUGHUQLV HLQHU JUXQGVlW]OLFK KRKHQ :DKUVFKHLQOLFKNHLW GHU %HGUR KXQJ JUXQGVlW]OLFK KRFKUDQJLJHU 5HFKWVJWHU VROO QlPOLFK LQ HUVWHU /LQLH GHQ (LQJULII JHJHQEHU GHQ 1LFKWVW|UHUQ XQG 1LFKWWDWYHUGlFKWLJHQ EHJUHQ]HQ (LQH 9L GHREHUZDFKXQJ LVW GHQ GDYRQ %HWURIIHQHQ ]XU 9HUKWXQJ JHULQJIJLJHU 'HOLNWH RGHU DXFK VFKZHUHU 'HOLNWH GHUHQ %HJHKXQJ QLFKW HUQVWKDIW ]X HUZDUWHQ LVW JUXQG VlW]OLFK QLFKW ]XPXWEDU .RPPW HV DEHU LP EHUZDFKWHQ 5DXP ]X HLQHU 6WUDIWDW EHUZLHJW GDV |IIHQWOLFKH ,QWHUHVVH DQ GHUHQ 9HUIROJXQJ GDV ,QWHUHVVH GHV 7lWHUV GDVV GLH LKQ EHWUHIIHQGHQ 'DWHQ QLFKW DXVJHZHUWHW XQG DQ GLH 6WUDIYHUIROJXQJVEH K|UGHQ EHNDQQW JHJHEHQ ZHUGHQ (EHQVR EHUZRJHQ ZLUG GDV ,QWHUHVVH YRQ DXI GHQ $XI]HLFKQXQJHQ DEJHELOGHWHQ QLFKW LQ GLH 7DW LQYROYLHUWHQ 'ULWWHQ GDVV YRQ LKUHQ 'DWHQ NHLQ ]XVlW]OLFKHU *HEUDXFK JHPDFKW ZLUG 'DEHL VSLHOW HV NHLQH 5ROOH RE HV VLFK XP HLQ VFKZHUHV RGHU EORVV JHULQJIJLJHV 'HOLNW KDQGHOW 6RPLW GUIHQ ± VRZHLW GHU JHVHW]OLFKH =ZHFN GLHV QLFKW DXVVFKOLHVVW ± GLH 9LGHRDXI]HLFKQXQJHQ 9JO %$86&+ I 0$7+,6 $(33/, 0$85(5/$0%52867(,1(5 LQ 0$85(5 /$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 58(**)/h&.,*(5129(0%(5 ./$86(5 I YRUQH 7HLO 9, ( XQG 7HLO ,, % 9RUQH 7HLO 9, ' 9JO YRUQH 7HLO ,, % XQG 7HLO 9, ( 9JO DXFK YRUQH 7HLO ,9 % E LL E 9RUQH 7HLO ,9 % E LL XQG 7HLO ,, % 'LH ,QWHUHVVHQ 'ULWWHU VLQG DEHU EHL GHU %HNDQQWJDEH XQG 9HU|IIHQWOLFKXQJ GHV %LOGPDWHULDOV YROOXPIlQJOLFK ]X ZDKUHQ QDPHQWOLFK GXUFK $QRQ\PLVLHUXQJ VLHKH KLQWHQ 7HLO ,9 & XQG 7HLO ,9 & 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ DXFK ]XU $KQGXQJ XQG 9HUIROJXQJ EORVVHU hEHUWUHWXQJHQ EHLJH]RJHQ ZHUGHQ (EHQVR GUIHQ GLH $XI]HLFKQXQJHQ ]XU 9HUIROJXQJ GHV 7lWHUV HLQHV 6H[XDOGHOLNWV YHUZHQGHW ZHUGHQ DXFK ZHQQ GDV 5LVLNR HLQHV VROFKHQ 'HOLNWV VR JHULQJ ZDU GDVV HV IU VLFK DOOHLQH GLH 9LGHREHUZDFKXQJ QLHPDOV JHUHFKWIHUWLJW KlWWH 6HOEVWYHU VWlQGOLFK JLOW GLHV ± JUXQGVlW]OLFK ± QXU XQWHU GHU 9RUDXVVHW]XQJ GDVV GLH 'DWHQ LQ HUNHQQEDUHU )RUP XQG UHFKWPlVVLJ ± LQVEHVRQGHUH QLFKW XQWHU 9HUOHW]XQJ YRQ $UW TXDWHU 6W*% ± HUKREHQ ZRUGHQ VLQG VRZLH GLH PD[LPDOH $XIEHZDKUXQJVGDX HU GHU $XI]HLFKQXQJHQ QLFKW EHUVFKULWWHQ ZRUGHQ LVW (EHQVR LVW GLH 3ROL]HL ZHQQ VLH MHPDQGHQ DP 0RQLWRU EHL GHU %HJHKXQJ HLQHV 'HOLNWV EHREDFKWHW HU PlFKWLJW XQG JHKDOWHQ LKQ GDUDQ ]X KLQGHUQ DXFK ZHQQ GLH (LQIKUXQJ HLQHU hEHUZDFKXQJ ]XU 9HUKLQGHUXQJ GLHVHV 'HOLNWV QLFKW YHUKlOWQLVPlVVLJ JHZHVHQ Zl UH ,P 1DFKIROJHQGHQ LVW LP (LQ]HOQHQ DXI GLH 9HUKlOWQLVPlVVLJNHLW GHU $XVZHUWXQJ GHU %HNDQQWJDEH GHU $XIEHZDKUXQJ XQG GHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFK QXQJHQ HLQ]XJHKHQ $XVZHUWXQJ (LQH 9LGHRDXI]HLFKQXQJ RKQH GLH 0|JOLFKNHLW GDV %LOGPDWHULDO QDFKWUlJOLFK DXV ZHUWHQ ]X N|QQHQ ZlUH XQYHUKlOWQLVPlVVLJ 6LH ZlUH QLFKW GD]X JHHLJQHW GDV LP |IIHQWOLFKHQ ,QWHUHVVH OLHJHQGH =LHO GHU $EVFKUHFNXQJ XQG GHU $XINOlUXQJ YRQ 6WUDIWDWHQ ]X HUUHLFKHQ $OV ZLUNXQJVORVH 0DVVQDKPH ZlUH VLH GHP (LQ]HOQHQ DXFK QLFKW ]XPXWEDU 'LH $XVZHUWXQJ KDW VLFK DEHU VHOEVWYHUVWlQGOLFK LP 5DKPHQ GHU JHVHW]OLFKHQ =ZHFNEHVWLPPXQJ ]X EHZHJHQ XQG PXVV VLFK LQ MHGHP (LQ]HOIDOO DOV HUIRUGHUOLFK HUZHLVHQ ,VW GHU 6WUDIWlWHU EHUHLWV LGHQWLIL]LHUW XQG GHU 7DWKHUJDQJ UH NRQVWUXLHUW KDW HLQH $XVZHUWXQJ GHV $XI]HLFKQXQJVPDWHULDOV JUXQGVlW]OLFK ]X XQ WHUEOHLEHQ )UDJOLFK LVW LQVEHVRQGHUH GLH 9HUKlOWQLVPlVVLJNHLW GHU YHUGDFKWVORVHQ 9LVLRQLHUXQJ EHVWHKHQGHU $XI]HLFKQXQJHQ DOVR GDV JH]LHOWH $EVXFKHQ GHV $XI]HLFKQXQJVPDWH ULDOV QDFK P|JOLFKHQ 'HOLNWHQ RKQH GDVV LUJHQGZHOFKH $QKDOWVSXQNWH IU HLQ VWUDI 8QYHUKlOWQLVPlVVLJ ZlUH MHGRFK HLQH 9HU|IIHQWOLFKXQJ GHV $XI]HLFKQXQJVPDWHULDOV ]XU )DKQ GXQJ QDFK HLQHP 7lWHU GHU EORVV HLQH hEHUWUHWXQJ EHJDQJHQ KDW 6LHKH ]XU 9HUKlOWQLVPlVVLJ NHLW GHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ LP (LQ]HOQHQ KLQWHQ 7HLO ,9 & 9JO $UW $EV 6W32 ZRQDFK %HZHLVH GLH 6WUDIEHK|UGHQ LQ VWUDIEDUHU :HLVH RGHU XQWHU 9HUOHW]XQJ YRQ *OWLJNHLWVYRUVFKULIWHQ HUKREHQ KDEHQ QLFKW YHUZHUWHW ZHUGHQ GUIHQ HV VHL GHQQ LKUH 9HUZHUWXQJ VHL ]XU $XINOlUXQJ VFKZHUHU 6WUDIWDWHQ XQHUOlVVOLFK 9JO 58(**)/h&.,*(5129(0%(5./$86(5 YJO DEHU 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ QDFK GHVVHQ $XIIDVVXQJ QXU 'HOLNWH YRQ HLQHU JHZLVVHQ 6FKZHUH ZLH HWZD 'HOLNWH JHJHQ /HLE XQG /HEHQ XQG VFKZHUH (LJHQWXPVGHOLNWH GHQ Ä%HL]XJ GHU 9LGHR DXI]HLFKQXQJHQ³ UHFKWIHUWLJHQ 9JO %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 9JO 58(**)/h&.,*(5129(0%(5./$86(5 9JO 6&+$))/$1':,/7)$1* .RPP ]X E %'6* 5] 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ EDUHV 9HUKDOWHQ YRUOLHJHQ %HUHLWV GDUJHOHJW ZXUGH GDVV HLQH VROFKH $XVZHUWXQJ GHV %LOGPDWHULDOV HLQHU DXVGUFNOLFKHQ JHVHW]OLFKHQ *UXQGODJH EHGUIWH ZRUDQ HV LQGHVVHQ UHJHOPlVVLJ PDQJHOW %H]JOLFK GHU 9HUKlOWQLVPlVVLJNHLW LVW ]X EHPHU NHQ GDVV HLQHU YHUGDFKWVORVHQ 9LVLRQLHUXQJ GHV %LOGPDWHULDOV ]ZDU GLH *HHLJQHW KHLW ]XU 9HUKLQGHUXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ QLFKW DEJHVSURFKHQ ZHUGHQ NDQQ $EHU HV PDQJHOW LKU DQ GHU (UIRUGHUOLFKNHLW XP GLHVH =LHOH ]X HUUHLFKHQ =XU 9HUZLUNOLFKXQJ GHV DEVFKUHFNHQGHQ =ZHFNV GHU 9LGHREHUZDFKXQJ XQG ]XU $KQ GXQJ YRQ 6WUDIWDWHQ UHLFKW HV YROOXPIlQJOLFK DXV GLH $XVZHUWXQJ GHV %LOGPDWHULDOV HUVW GDQQ YRU]XQHKPHQ ZHQQ HLQ +LQZHLV DXI EHJDQJHQH 6WUDIWDWHQ ]% LQ )RUP HLQHU $Q]HLJH HLQHV 6WUDIDQWUDJV RGHU DXIJUXQG HLJHQHU EHK|UGOLFKHU )HVWVWHOOXQ JHQ YRUOLHJW (LQH $XVQDKPH YRQ GHU 1LFKWHUIRUGHUOLFKNHLW GHU YHUGDFKWVORVHQ 9LVLRQLHUXQJ LVW GDQQ ]X PDFKHQ ZHQQ 6WUDIWDWHQ JDU QLFKW DQGHUV DOV GXUFK HLQH $XVZHUWXQJ GHV %LOGPDWHULDOV IHVWJHVWHOOW ZHUGHQ N|QQHQ RGHU GLHV ]XPLQGHVW PLW HUKHEOLFKHQ 6FKZLHULJNHLWHQ YHUEXQGHQ ZlUH =X GHQNHQ LVW HWZD DQ LOOHJDOH *UHQ] EHUWULWWH *HJHQ GLH =XOlVVLJNHLW HLQHU YHUGDFKWVORVHQ 9LVLRQLHUXQJ VSULFKW DXFK GDVV GLH 9L VLRQLHUXQJ ]XU EORVVHQ (QWGHFNXQJ YRQ 'HOLNWHQ QLFKW ]XPXWEDU LVW 'DV SULYDWH ,QWHUHVVH NHLQHQ ]XVlW]OLFKHQ E]Z LQWHQVLYHUHQ (LQJULIIHQ LQ GDV 5HFKW DXI LQIRU PDWLRQHOOH 6HOEVWEHVWLPPXQJ GXUFK GLH 6LFKWXQJ GHV %LOGPDWHULDOV DXVJHVHW]W ]X ZHUGHQ LVW K|KHU ]X JHZLFKWHQ DOV GDV |IIHQWOLFKH ,QWHUHVVH GDUDQ QDFK 6WUDIWDWHQ ]X IRUVFKHQ IU GHUHQ %HJHKXQJ NHLQHUOHL $QKDOWVSXQNWH EHVWHKHQ 'LHV JLOW MHGHQ IDOOV GDQQ ZHQQ GLH .HQQWQLVQDKPH GHU 'HOLNWH NHLQH 6LFKWXQJ GHV %LOGPDWHULDOV YRUDXVVHW]W VRQGHUQ DXFK DXIJUXQG HLJHQHU EHK|UGOLFKHU )HVWVWHOOXQJHQ RGHU +LQ ZHLVHQ 'ULWWHU P|JOLFK LVW 'LH =XOlVVLJNHLW YHUGDFKWVORVHU 9LVLRQLHUXQJ PXVV HUVW UHFKW YHUQHLQW ZHUGHQ ZHQQ GLHVH HLQHQ ± ZHQQ DXFK PLWWHOEDUHQ ± (LQJULII LQ ]X VlW]OLFKH )UHLKHLWVUHFKWH EHZLUNW ZLH ]% EHL GHU $XVZHUWXQJ YRQ $XI]HLFKQXQ JHQ ZHOFKH DXFK GLH 7HLOQHKPHU HLQHU |IIHQWOLFKHQ .XQGJHEXQJ DEELOGHQ $Q GHU JUXQGVlW]OLFKHQ 8Q]XPXWEDUNHLW HLQHU YHUGDFKWVORVHQ $XVZHUWXQJ GHV %LOGPDWHULDOV lQGHUW GLH )HVWVWHOOXQJ QLFKWV GDVV DXFK EHL UHLQHQ 9LGHREHREDFK WXQJVPDVVQDKPHQ HLQH NRQVWDQWH hEHUZDFKXQJ RKQH +LQZHLV DXI HLQH 6WUDIWDW HU IROJH 'LHVH $QVLFKW EHUVLHKW ]XQlFKVW GDVV HLQH 9LGHREHREDFKWXQJ DXFK EH ]ZHFNW LP )DOOH HLQHU NRQNUHWHQ *HIDKU IU HLQ SROL]HLOLFKHV 6FKXW]JXW XQPLWWHOEDU HLQVFKUHLWHQ ]X N|QQHQ ± HLQ =LHO GDV ]XPLQGHVW EHL HLQHU UHLQHQ $XI]HLFKQXQJ RK 9JO YRUQH 7HLO ,, % $$ ZRKO 58(**)/h&.,*(5129(0%(5./$86(5 ZHOFKH GLH 9HUKlOWQLVPlVVLJNHLW HLQHU V\VWHPDWLVFKHQ $XVZHUWXQJ QXU XQWHU GHP *HVLFKWVSXQNW GHU =XPXWEDUNHLW SUIHQ 6LHKH %- *XWDFKWHQ YRP -XQL 93% 1U =LII 'LHV VFKHLQW KLQJHJHQ %$86&+ QLFKW DXVVFKOLHVVHQ ]X ZROOHQ 9JO 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ YJO ]XU %HGHXWXQJ GHU 0HLQXQJV XQG 9HUVDPPOXQJVIUHLKHLW LP %HUHLFK GHU 9LGHREHUZDFKXQJ YRUQH 7HLO 9,, 58(**)/h&.,*(5129(0%(5./$86(5 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ QH (FKW]HLWEHREDFKWXQJ JHUDGH QLFKW YHUIROJW ZLUG +LHU VWHKHQ GHU DEVFKUHFNHQGH (IIHNW XQG GDV =LHO GHU %HZHLVVLFKHUXQJ LP 9RUGHUJUXQG ZRUDQ VLFK DXFK GLH =X OlVVLJNHLW GHU $XVZHUWXQJ DXV]XULFKWHQ KDW =XGHP ZLUG EHUVHKHQ GDVV HV VLFK EHL GHU 9LVLRQLHUXQJ XP HLQHQ HLJHQVWlQGLJHQ ]XVlW]OLFKHQ *UXQGUHFKWVHLQJULII KDQ GHOW GHU QLFKW VFKRQ LQ HLQHU $UW $QDORJLHVFKOXVV DOV ]XPXWEDU EH]HLFKQHW ZHUGHQ NDQQ 9|OOLJ XQHUKHEOLFK IU GLH =XPXWEDUNHLW HLQHU YHUGDFKWVORVHQ 9LVLRQLHUXQJ LVW HV RE GLH $XIQDKPHQ QXU LQQHUKDOE GHU =ZHFNEHVWLPPXQJ JHVLFKWHW ZHUGHQ GUIHQ RGHU QLFKW $XFK ZHQQ GLH $XVZHUWXQJ PLW GHP =LHO HUIROJW 'HOLNWH ]X HQWGH FNHQ KDW GLHVH ]XU )ROJH GDVV GDYRQ ]DKOUHLFKH 3HUVRQHQ EHWURIIHQ ZHUGHQ ZHOFKH VLFK LQ NHLQHU $UW XQG :HLVH HLQHU 6WUDIWDW VFKXOGLJ RGHU DXFK QXU YHUGlFKWLJ JH PDFKW KDEHQ 6DFKJHUHFKW LVW GLHVHV (UJHEQLV DXFK PLW %OLFN DXI GLH LQ /HKUH XQG 5HFKWVSUHFKXQJ YHUWUHWHQH $XIIDVVXQJ ZRQDFK HLQH %HZHLVDXVIRUVFKXQJ ÄILVKLQJ H[SHGLWLRQ³ GK HLQH VWUDISUR]HVVXDOH 0DVVQDKPH GLH ÄDXIV *HUDWHZRKO³ RKQH 7DWYHUGDFKW HUIROJW XP HLQHQ VROFKHQ HUVW ]X EHJUQGHQ XQ]XOlVVLJ LVW 'LHVH 8Q]XOlVVLJNHLW HUJLEW VLFK GDUDXV GDVV GHU 7DWYHUGDFKW LP 5HFKWVVWDDW GLH ]HQWUDOH 9RUDXVVHW]XQJ ]XU (UJUHLIXQJ VWUDISUR]HVVXDOHU =ZDQJVPDVVQDKPHQ LVW 'XUFK LKQ VROO GHU *H IDKU YRQ 0LVVEUlXFKHQ XQG GDPLW YRQ VWDDWOLFKHU :LOONU EHJHJQHW ZHUGHQ 'DV %HVWHKHQ HLQHV KLQUHLFKHQGHQ 7DWYHUGDFKWV LVW DXFK YRQ JUXQGOHJHQGHU %HGHXWXQJ IU GLH )UDJH RE GHU PLW GHU =ZDQJVPDVVQDKPH YHUEXQGHQH *UXQGUHFKWVHLQJULII JHUHFKWIHUWLJW LVW 2KQH MHJOLFKHQ $QIDQJVYHUGDFKW HUJULIIHQH VWUDISUR]HVVXDOH 0DVVQDKPHQ VWHOOHQ UHJHOPlVVLJ VFKZHUH (LQJULIIH LQ GLH GDGXUFK EHWURIIHQHQ *UXQGUHFKWH GDU XQG VLQG GHP (LQ]HOQHQ JUXQGVlW]OLFK QLFKW ]XPXWEDU 'DV 9HUERW GHU %HZHLVDXVIRUVFKXQJ KlQJW VRPLW HQJ PLW GHP *UXQGVDW] GHU 9HUKlOW 9JO DEHU 58(**)/h&.,*(5129(0%(5./$86(5 %*( ,D ( F %9*HU $ XQG $ ( %6W*HU 55 ( %*HU %B ( %*HU $ ( %*( ,, ( %*( ,, ( %*( ,, ( EDD %*( ,E ( E %*( ,D ( :$/'(5 I 0h//(56&+()(5 /87= +h5/,0$11 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ 0,&+$(/ $(3/, 'LH VWUDISUR]HVVXDOH 6LFKHUVWHOOXQJ YRQ HOHNWURQLVFK JHVSHLFKHUWHQ 'DWHQ 'LVV =ULFK '21$76&+ :('(5+h5/,0$11 67(3+$1 %5(,7(1026(5 *UXQGUHFKWVVFKXW] LP :HWWEHZHUEVUHFKW ± HLQ hEHUEOLFN 6=,(5 II /87= 2/,9,(5 6&+$//(56,021 %$1*(57(5 *HGDQNHQ ]XP $EODXI NDUWHOOUHFKWOLFKHU +DXVGXUFKVXFKXQJHQ $-3 II %RWVFK 6W32 %RWVFK %:,6 ,, 6&+0,' 6WUDISUR]HVVUHFKW +h5/,0$11 /87= '21$76&+:('(5 +h5/,0$11 %RWVFK 6W32 $UW $EV %VW E 6W32 9JO %RWVFK 6W32 IHUQHU %*HU $ ( %*( ,, ( 6&+0,' 1 5] +h5/,0$11 XQG 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ ZLUG GDGXUFK DXFK GLH 8QVFKXOGVYHUPXWXQJ YHUOHW]W YJO YRUQH 7HLO 9, $ 9JO %*( ,D ( %*( ,, ( %6W*HU 55 ( %*( ,, ( D 3,(55('20,1,48( 6&+833 /D UpYLVLRQ GH OD ORL IpGpUDOH VXU O HQWUDLGH LQWHUQD WLRQDOH HQ PDWLqUH SpQDOH (,03 =6WU5 II %RWVFK 6W32 YJO DXFK YRUQH 7HLO ,9 ' XQG 7HLO ,9 % E LL 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ QLVPlVVLJNHLW ]XVDPPHQ =XGHP EHVWHKW DXFK GDV |IIHQWOLFKH ,QWHUHVVH DQ GHU 7DWDXINOlUXQJ JUXQGVlW]OLFK HUVW YRQ GHPMHQLJHQ =HLWSXQNW DQ LQ ZHOFKHP HLQ VWUDIUHFKWVUHOHYDQWHU 9RUIDOO ]XU .HQQWQLV JHQRPPHQ ZRUGHQ LVW 6FKOLHVVOLFK ZLUG P( ]X 5HFKW GDUDXI KLQJHZLHVHQ GDVV VWUDISUR]HVVXDOH 0DVVQDKPHQ GLH RK QH MHJOLFKHQ 7DWYHUGDFKW HUJULIIHQ ZHUGHQ DXFK GLH 0HQVFKHQZUGH YHUOHW]HQ N|Q QHQ 'LH (UJHEQLVVH VROFKHU 0DVVQDKPHQ JHOWHQ DOV VWUDISUR]HVVXDO QLFKW YHU ZHUWEDU 'DV 9HUERW GHU %HZHLVDXVIRUVFKXQJ ULFKWHW VLFK QLFKW QXU DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ VRQGHUQ DXFK DQ GLH SUlYHQWLY WlWLJHQ 3ROL]HLEHK|UGHQ 'LH ,QIRUPDWLRQVJHZLQQXQJ LP 9RUIHOG HLQHV 7DWYHUGDFKWV KDW VLFK JUXQGVlW]OLFK DXI GLH *HIDKUHQDEZHKU ]X EHVFKUlQNHQ 1DPHQWOLFK GDUI VLH NHLQH 8PJHKXQJ GHV VWUDISUR]HVVXDOHQ 7DWYHUGDFKWV EHZLUNHQ )HVW]XKDOWHQ LVW VRPLW GDVV HLQH 6LFKWXQJ GHV %LOGPDWHULDOV NRQNUHWH $QKDOWVSXQNWH DXI 'HOLNWH YRUDXVVHW]W XQG ]ZDU DXI VROFKH ZHOFKH LP EHUZDFKWHQ %HUHLFK EH JDQJHQ ZRUGHQ VLQG 'LH DOOJHPHLQH (UNHQQWQLV GDVV HV LP EHUZDFKWHQ %H UHLFK ]X 6WUDIWDWHQ NRPPHQ NDQQ YHUPDJ VHOEVWYHUVWlQGOLFK QRFK NHLQHQ KLQUHL FKHQG NRQNUHWHQ $QIDQJVYHUGDFKW ]X EHJUQGHQ $XVQDKPVZHLVH NDQQ HLQH 9LVLRQLHUXQJ RKQH 9HUGDFKW DXI HLQH 6WUDIWDW GDQQ ]XOlVVLJ VHLQ ZHQQ GLH %HK|UGH QXU GXUFK GLH $XVZHUWXQJ GHV %LOGPDWHULDOV $QKDOWVSXQNWH DXI 'HOLNWH HUKlOW 6R ZHLW DEHU ]% |IIHQWOLFKH 6WUDVVHQ 3OlW]H 6FKXO RGHU 6SRUWDQODJHQ EHUZDFKW ZHUGHQ OLHJW HLQH VROFKH $XVQDKPH QLFKW YRU GD GLH %HK|UGHQ YRQ VLFK DXV RGHU DXIJUXQG YRQ +LQZHLVHQ 'ULWWHU 6WUDIWDWHQ IHVWVWHOOHQ N|QQHQ ,Q GLHVHQ )lOOHQ LVW HLQH YHUGDFKWVORVH 9LVLRQLHUXQJ GHV %LOGPDWHULDOV VRPLW XQ]XPXWEDU XQG VWHOOW JOHLFK]HLWLJ HLQH XQ]XOlVVLJH 8PJHKXQJ GHV VWUDISUR]HVVXDO HUIRUGHUOLFKHQ $Q IDQJVYHUGDFKWV GDU 'HVKDOE VLQG %HIXJQLVQRUPHQ ZHOFKH ± RKQH EHVRQGHUH 9JO )/$9,2 $0$'Ñ*,29$11, 02/2 'DV 9HUERW YRQ Ä)LVKLQJ ([SHGLWLRQV³ JHPlVV GHU (QWVFKHLGXQJ GHV %XQGHVYHUZDOWXQJVJHULFKWV YRP 0lU] XQG GHQ 2(&'6WDQGDUGV $-3 II I $&.(50$11 +h5/,0$11 YJO DXFK YRUQH 7HLO ,, % 6&+0,' 1 5] +h5/,0$11 +h5/,0$11 'LH $XVZHUWXQJ GHV %LOGPDWHULDOV DXV GHU hEHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV XP EVSZ HLQHQ ,9%H]JHU HLQHV XQJHUHFKWIHUWLJWHQ /HLVWXQJVEH]XJV ]X EHUIKUHQ VWHOOW HLQH XQ]XOlV VLJH =ZHFNlQGHUXQJ GDU $XI GLH 'RNXPHQWDWLRQ PLVVEUlXFKOLFKHU /HLVWXQJVEH]JH ]LHOW GLH 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H QLFKW DE 0LW LKU VROO YLHOPHKU GLH 9HU EXQJ YRQ 'HOLNWHQ LP EHUZDFKWHQ %HUHLFK YHUKLQGHUW ZHUGHQ 9JO GD]X DXFK YRUQH 7HLO 9, ( XQG KLQWHQ 7HLO ,9 & 9JO :$/'(5 I 9JO DXFK 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ ZRQDFK ÄHLQH XPIDVVHQGH XQG V\V WHPDWLVFKH 8QWHUVXFKXQJ DOOHU $XI]HLFKQXQJHQ DXV UHFKWOLFKHU 6LFKW XQ]XOlVVLJ³ LVW =XU %H JUQGXQJ IKUW HU DOOHUGLQJV DXV GDVV ÄPLW GHU 9LVLRQLHUXQJ YRQ 9LGHRDXI]HLFKQXQJHQ GLH QLFKW PLW %OLFN DXI HLQH EHVWLPPWH 3HUVRQ DQJHIHUWLJW ZXUGHQ >«@ 'DWHQ YHUDUEHLWHW >ZHU GHQ@ GLH IU VLFK DOOHLQ GHQ (LQVDW] WHFKQLVFKHU hEHUZDFKXQJVJHUlWH QLFKW JHUHFKWIHUWLJW KlW WHQ³ 1DFK GHU KLHU YHUWUHWHQHQ $XIIDVVXQJ NDQQ GDV $XI]HLFKQXQJVPDWHULDO MHGRFK DXFK ]XU 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 1RWZHQGLJNHLW ± HLQH V\VWHPDWLVFKH $XVZHUWXQJ YRUVHKHQ DOV YHUIDVVXQJVZLGULJ ]X TXDOLIL]LHUHQ RGHU ]XPLQGHVW YHUIDVVXQJVNRQIRUP GDKLQJHKHQG DXV]XOHJHQ GDVV HLQH $XVZHUWXQJ QXU EHL 9RUOLHJHQ YRQ $QKDOWVSXQNWHQ DXI HLQ VWUDIUHFKWOLFK UHOH YDQWHV 9HUKDOWHQ ]XOlVVLJ LVW 'DV (UIRUGHUQLV GDVV GDV %LOGPDWHULDO QXU EHL 9HUGDFKW DXI HLQH 6WUDIWDW DXVJHZHU WHW ZHUGHQ GDUI ZLUNW VLFK DEHU QLFKW GDKLQJHKHQG DXV GDVV GLH $XI]HLFKQXQJHQ ]XU 9HUIROJXQJ YRQ EHL GHU $XVZHUWXQJ ]XVlW]OLFK HQWGHFNWHQ 'HOLNWH GHVVHOEHQ 7lWHUV RGHU ELVKHU XQEHNDQQWHU 'HOLNWH DQGHUHU 3HUVRQHQ VRJ =XIDOOVIXQGH QLFKW YHU ZHQGHW ZHUGHQ GUIWHQ 'DV 9HUERW YHUGDFKWVORVHU 9LVLRQLHUXQJ VROO HLQ]LJ GHQ (LQJULII JHJHQEHU 1LFKWVW|UHUQ XQG VWUDISUR]HVVXDO 8QYHUGlFKWLJHQ EHJUHQ]HQ 7HLOZHLVH VHKHQ VFKRQ GLH JHVHW]OLFKHQ *UXQGODJHQ ]XU 9LGHREHUZDFKXQJ DXV GUFNOLFK YRU GDVV DXFK =XIDOOVIXQGH YHUZHUWHW ZHUGHQ GUIHQ 6HOEVWYHUVWlQG OLFK LVW HLQH VROFKH 9HUZHQGXQJ GHV %LOGPDWHULDOV QXU LP 5DKPHQ GHU =ZHFNEH VWLPPXQJ ]XOlVVLJ :HQQ GLH 9LGHREHUZDFKXQJ QXU ]XU 9HUKWXQJ XQG $KQGXQJ YRQ 9HUJHKHQ RGHU 9HUEUHFKHQ HLQJHVHW]W ZHUGHQ GDUI LVW HLQH 9HUZHQGXQJ GHU HU KREHQHQ 'DWHQ ]XU 9HUIROJXQJ YRQ hEHUWUHWXQJHQ QLFKW UHFKWPlVVLJ 'LH JHVHW]OL FKH *UXQGODJH QRUPLHUW LQVRIHUQ HLQ %HZHLVYHUZHUWXQJVYHUERW %HNDQQWJDEH (LQH %HNDQQWJDEH GHU PLWWHOV 9LGHREHUZDFKXQJ HUKREHQHQ 'DWHQ LVW QXU GDQQ YHUKlOWQLVPlVVLJ ZHQQ VLH ]XU 9HUKWXQJ XQG $KQGXQJ YRQ 6WUDIWDWHQ JHHLJQHW XQG HUIRUGHUOLFK LVW VRZLH GHP %HWURIIHQHQ ]XJHPXWHW ZHUGHQ NDQQ ,P $OOJHPHLQHQ LVW HLQ]LJ HLQH :HLWHUOHLWXQJ GHU 9LGHRDXI]HLFKQXQJHQ DQ PLW GHU 9HUIROJXQJ YRQ 6WUDIWDWHQ EHWUDXWH %HK|UGHQ YHUKlOWQLVPlVVLJ *UXQGVlW]OLFK ]XOlVVLJ LVW DXFK HLQH :HLWHUOHLWXQJ GHU 'DWHQ DQ =LYLOJHULFKWH EHL GHQHQ 6FKDGHQHUVDW] RGHU *HQXJWX XQJVDQVSUFKH JHOWHQG JHPDFKW ZHUGHQ 'HU 8PVWDQG GDVV HLQ =HXJH ]XU 9HU IJXQJ VWHKW GHU GDV VWUDI RGHU ]LYLOUHFKWOLFK UHOHYDQWH *HVFKHKHQ EH]HXJHQ XQG GHQ 7lWHU LGHQWLIL]LHUHQ NDQQ VSULFKW LP hEULJHQ QRFK QLFKW JHJHQ GLH (UIRUGHU OLFKNHLW GHU :HLWHUOHLWXQJ GHU %LOGDXIQDKPHQ LQ GDV 6WUDIYHUIDKUHQ GD LKQHQ HLQ ]XVlW]OLFKHU JHJHQEHU HLQHU =HXJHQDXVVDJH JUXQGVlW]OLFK VRJDU HUK|KWHU %HZHLV ZHUW ]XNRPPW 9HUIROJXQJ VROFKHU 'HOLNWH YHUZHQGHW ZHUGHQ GHUHQ 9HUKWXQJ GHQ (LQVDW] HLQHU 9LGHR EHUZDFKXQJ IU VLFK JHQRPPHQ QLFKW ]X UHFKWIHUWLJHQ YHUPDJ VLHKH YRUQH 7HLO ,9 & =X GLHVHP %HJULII +h5/,0$11 *2/'6&+0,' 0h//(56&+()(5 1$77(5(5 I VLHKH ]XP WHLOZHLVH XQWHUVFKLHGOLFKHQ %HJULIIVYHUVWlQGQLV LQVE DXFK II 9JO $UW H $EV 3RO*%( Ä(UJHEHQ VLFK EHL GHU $XVZHUWXQJ NRQNUHWH 9HUGDFKWVJUQGH DXI DQGHUH 6WUDIWDWHQ GLH PLW GHU DE]XNOlUHQGHQ 7DW LQ NHLQHP =XVDPPHQKDQJ VWHKHQ ZHUGHQ GLH HQWVSUHFKHQGHQ %LOGDXI]HLFKQXQJHQ HEHQIDOOV DXVJHZHUWHW³ 9JO DXFK YRUQH 7HLO , $ 9JO YRUQH 7HLO 9, ( YJO DEHU DXFK 58',1 %HPHUNXQJHQ ]X %*HU 3 9JO DEHU 6&+$))/$1':,/7)$1* .RPP ]X E %'6* 5] 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ 'LH $XI]HLFKQXQJHQ GUIHQ DXFK ]XU 9HUIROJXQJ VROFKHU 'HOLNWH EHNDQQW JHJHEHQ ZHUGHQ ]X GHUHQ 9HUKWXQJ GLH 9LGHREHUZDFKXQJ LP |IIHQWOLFK ]XJlQJOLFKHQ 5DXP QLFKW ]XOlVVLJ ZlUH :LUG EHLVSLHOVZHLVH DXI HLQHP |IIHQWOLFKHQ 3ODW] HLQH 9LGHREHUZDFKXQJ ± ]XOlVVLJHUZHLVH ± GHVKDOE HLQJHULFKWHW ZHLO GRUW UHJHOPlVVLJ 'URJHQKDQGHO VWDWWILQGHW GRNXPHQWLHUHQ GLH 9LGHRDXI]HLFKQXQJHQ DEHU GLH GHOLNWL VFKHQ +DQGOXQJHQ HLQHV 7DVFKHQGLHEV VR GUIHQ GLH $XI]HLFKQXQJHQ DXFK ]XU hEHUIKUXQJ XQG 9HUXUWHLOXQJ GHV 7DVFKHQGLHEV DQ GLH 6WUDIYHUIROJXQJVEHK|UGHQ E]Z GDV 6WUDIJHULFKW ZHLWHUJHOHLWHW ZHUGHQ $QGHUV ZlUH GLHV KLQJHJHQ GDQQ ZHQQ DXI GHQ 9LGHRDXI]HLFKQXQJHQ LOOHJDOH ,PPLJUDQWHQ RGHU Ä6DQV3DSLHUV³ ]% DOV 7HLOQHKPHU HLQHU 'HPRQVWUDWLRQ DEJHELOGHW VLQG (LQH %HNDQQWJDEH GLHVHU 'D WHQ DQ GLH 0LJUDWLRQV XQG 6WUDIYHUIROJXQJVEHK|UGHQ LVW GD HV VLFK XP HLQH XQ]X OlVVLJH =ZHFNlQGHUXQJ KDQGHOW UHFKWOLFK JUXQGVlW]OLFK DXVJHVFKORVVHQ 'LH 9HUKlOWQLVPlVVLJNHLW GHU 'DWHQEHNDQQWJDEH EOHLEW DEHU LQ MHGHP (LQ]HOIDOO ]X SUIHQ 6LH KDW VLFK ]XGHP DXI GLH HUIRUGHUOLFKHQ %LOGDXVVFKQLWWH ]X EHVFKUlQ NHQ =ZLQJHQG VLFKHU]XVWHOOHQ LVW ]XGHP GDVV GDV |IIHQWOLFKH ,QWHUHVVH QLFKW QXU JHJHQEHU GHQ ,QWHUHVVHQ GHV 7DWYHUGlFKWLJHQ DEJHZRJHQ ZLUG VRQGHUQ DXFK JH JHQEHU GHQ ,QWHUHVVHQ GHUMHQLJHQ 3ULYDWHQ GLH DXI GHQ IUDJOLFKHQ $XIQDKPHQ VRQVW ZLH ]% DOV 3DVVDQWHQ HUVFKHLQHQ (LQH :HLWHUOHLWXQJ LKUHU 'DWHQ LVW GHV KDOE ZHQQ EHUKDXSW QRWZHQGLJ QXU LQ DQRQ\PLVLHUWHU )RUP ]XOlVVLJ :Q VFKHQVZHUW ZlUH GDVV GLH XQDEKlQJLJH 'DWHQVFKXW]EHK|UGH GLH 9HUKlOWQLVPlVVLJ NHLW HLQHU %HNDQQWJDEH YRQ 9LGHRDXI]HLFKQXQJHQ YRUJlQJLJ SUIW $XIEHZDKUXQJ 0LW GHU 'DXHU GHU $XIEHZDKUXQJ GHV $XI]HLFKQXQJVPDWHULDOV DXV HLQHU hEHUZD FKXQJ VWHLJW GLH ,QWHQVLWlW GHV (LQJULIIV LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEH VWLPPXQJ XQG DOOIlOOLJH ZHLWHUH EHWURIIHQH *UXQGUHFKWH 'LHV QLFKW QXU GHVKDOE ZHLO VLFK GLH *HIDKU HLQHU PLVVEUlXFKOLFKHQ 9HUZHQGXQJ GHV %LOGPDWHULDOV HUK|KW VRQGHUQ DXFK GHVZHJHQ ZHLO GHU =HLWUDXP LQ ZHOFKHP GHU 6WDDW DXI GLH EHVFKDII WHQ 3HUVRQHQGDWHQ ]XUFNJUHLIHQ NDQQ YHUJU|VVHUW ZLUG 9RUQH 7HLO ,9 & 9RUQH 7HLO 9, ( VD )Q 9JO WHU $EV %VW F ,QIR'*62 9JO ]% GLH 5HJHOXQJHQ YRQ $UW $EV 9LGHR5HJ/8 $UW $EV 3296+ XQG $EV 992=99 VD $UW $EV 99g9 ZRQDFK GLH %HNDQQWJDEH YRQ 9LGHRDXI ]HLFKQXQJHQ QXU VR ZHLW ]XOlVVLJ LVW DOV GLHV IU GDV 9HUIDKUHQ HUIRUGHUOLFK LVW +LQWHQ 7HLO 9 & 9JO %*( , ( %*HU 3 ( XQSXEOL]LHUWH (UZlJXQJ LQ %*( , %*( ,, ( 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ ('6% 7% 58(**)/h&.,*(5129(0%(5./$86(5 )/h&.,*(5$8(5 %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 2E GDV %XQGHVJHULFKW LQ GHU WlJLJHQ $XIEH ZDKUXQJVIULVW IU 9LGHRDXI]HLFKQXQJHQ DXV GHU hEHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV HLQHQ VFKZHUHQ *UXQGUHFKWVHLQJULII HUEOLFNW GUIWH ZRKO HKHU ]X YHUQHLQHQ ]X VHLQ VLHKH GD]X YRU QH )Q 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 5LFKWLJHUZHLVH VLQG PLWWHOV HLQHU 9LGHREHUZDFKXQJ JHZRQQHQH 'DWHQ VR VFKQHOO ZLH P|JOLFK ]X YHUQLFKWHQ :LH VFKQHOO GLHV ]X JHVFKHKHQ KDW ZHOFKH $XIEH ZDKUXQJVGDXHU VRPLW DOV QRFK YHUKlOWQLVPlVVLJ EH]HLFKQHW ZHUGHQ NDQQ LVW MHGRFK QLFKW OHLFKW ]X EHVWLPPHQ -H OlQJHU GLH $XI]HLFKQXQJHQ JHVSHLFKHUW ZHUGHQ GHVWR JU|VVHU LVW GLH &KDQFH DXI GDV %LOGPDWHULDO LP %HGDUIVIDOO QRFK ]XUFNJUHLIHQ ]X N|QQHQ ,QZLHIHUQ GHU $EVFKUHFNXQJVHIIHNW PLW GHU $XIEHZDKUXQJVGDXHU NRUUH OLHUW OlVVW VLFK NDXP IHVWVWHOOHQ DEHU HV VFKHLQW ]XPLQGHVW SODXVLEHO GDVV HLQH JH ZLVVH QLFKW QXU NXU]IULVWLJH $XIEHZDKUXQJVGDXHU JHHLJQHW LVW GHQ PLW GHU hEHUZD FKXQJ EH]ZHFNWHQ $EVFKUHFNXQJVHIIHNW ]X YHUVWlUNHQ *OHLFK]HLWLJ NDQQ VLFK HLQH NXU]H $XIEHZDKUXQJVIULVW YRQ HLQLJHQ ZHQLJHQ 6WXQGHQ RGHU 7DJHQ VFKRQ DOV XQ JHHLJQHWHV 0LWWHO HUZHLVHQ ZHQQ GDPLW HLQH $EVFKUHFNXQJ YRU JHZDOWWlWLJHQ hEHUJULIIHQ EH]ZHFNW LVW GLH (LQOHLWXQJ HLQHU 6WUDIYHUIROJXQJ DEHU ZHVHQWOLFK GD YRQ DEKlQJW GDVV GHU 3ROL]HL GLH 6WUDIWDWHQ YRP 2SIHU RGHU YRQ 'ULWWHQ DQJH]HLJW ZHUGHQ (V GDUI QLFKW GDPLW JHUHFKQHW ZHUGHQ GDVV VROFKH $Q]HLJHQ ]HLWOLFK LPPHU XQPLWWHOEDU QDFK GHU 9HUEXQJ GHV 'HOLNWV HUIROJHQ :HOFKH $XIEHZDKUXQJVIULVW WDWVlFKOLFK HUIRUGHUOLFK LVW KlQJW ZHVHQWOLFK GDYRQ DE RE XQG ZLH VFKQHOO GLH %HK|UGHQ ZHOFKH GLH 9LGHREHUZDFKXQJ HLQVHW]HQ 6WUDIWD WHQ LP EHUZDFKWHQ %HUHLFK VHOEVW IHVWVWHOOHQ N|QQHQ =LHOW GLH hEHUZDFKXQJ DXI GLH 9HUKLQGHUXQJ YRQ 9DQGDOLVPXV DE XQG LVW HV GHU 3ROL]HL ± ]% DXI LKUHQ 6WUHL IHQJlQJHQ ± P|JOLFK HUIROJWH 6DFKEHVFKlGLJXQJHQ IHVW]XVWHOOHQ HUZHLVW VLFK HLQH ODQJH $XIEHZDKUXQJVGDXHU QLFKW DOV HUIRUGHUOLFK ]XU 6LFKHUVWHOOXQJ GHU 6WUDIYHUIRO JXQJ XQG GDPLW ]XU (UUHLFKXQJ HLQHV P|JOLFKVW KRKHQ $EVFKUHFNXQJVHIIHNWV (LQH $XIEHZDKUXQJVIULVW YRQ 6WXQGHQ NDQQ KLHU ± EHVRQGHUH 8PVWlQGH YRUEH %- *XWDFKWHQ YRP -XQL -XOL 93% 1U =LII 'LH 5HFKWVSUHFKXQJ ]XU $XIEHZDKUXQJ XQG 9HUQLFKWXQJ HUNHQQXQJVGLHQVWOLFKHQ 0DWHULDOV NRPPW DXI GLH 9LGHRDXI]HLFKQXQJHQ QXU LQVRZHLW ]XU $QZHQGXQJ DOV VLH LQ HLQHP 6WUDIYHU IDKUHQ EHLJH]RJHQ ZHUGHQ YJO %*( , ( 9JO %*( , ( %*( , ( Ä(LQH lXVVHUVW NXU]H $XIEHZDKUXQJVGDXHU ELUJW GLH *HIDKU GDVV LP )DOOH HLQHU HUVW VSlWHUHQ (QWGHFNXQJ HLQHU 6WUDIWDW RGHU VSlWHU HLQJH UHLFKWHQ $Q]HLJH GLH $XI]HLFKQXQJHQ EHUHLWV JHO|VFKW VLQG XQG GDUDXI DOV %HZHLVPLWWHO QLFKW PHKU ]XUFNJHJULIIHQ ZHUGHQ NDQQ (LQH JHZLVVH $XIEHZDKUXQJVGDXHU LVW GDPLW HUIRUGHUOLFK XP GLH GXUFK HLQH ZLUNVDPH 6WUDIYHUIROJXQJ HUKRIIWH $EVFKUHFNXQJVZLUNXQJ VLFKHU]XVWHO OHQ³ VD ( Ä6ROOHQ GLH $XI]HLFKQXQJHQ ]XU :DKUXQJ GHU |IIHQWOLFKHQ 6LFKHUKHLW XQG 2UGQXQJ HLQH HIIHNWLYH 6WUDIYHUIROJXQJ WDWVlFKOLFK HUP|JOLFKHQ XQG I|UGHUQ LVW HUIRUGHUOLFK GDVV GDV $XI]HLFKQXQJVPDWHULDO DXFK WDWVlFKOLFK ]XU 9HUIJXQJ VWHKW XQG QLFKW YRUVFKQHOO JH O|VFKW ZLUG 'LH $XI]HLFKQXQJHQ PVVHQ GDKHU NODU EHU HLQH 0LQLPDOGDXHU YRQ HLQLJHQ ZH QLJHQ 7DJHQ KLQDXV DXIEHZDKUW ZHUGHQ N|QQHQ³ YJO VRGDQQ 9*HU 6* 8UWHLO YRP 0DL ( GDD 6**93 II 58(**)/h&.,*(5129(0%(5./$86(5 %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H 58',167b03)/, 5$1'+$+1 +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 %HU 9LGHR EHUZDFKXQJ DOOHUGLQJV XQWHU %H]XJQDKPH DXI GDV |IIHQWOLFKH ,QWHUHVVH YJO DEHU %$86&+ I XQG 2&+6(1)(/'5(33 GLH /|VFKXQJVIULVWHQ YRQ 6WXQGHQ DOV ]XU $Q]HLJHHUVWDWWXQJ DXVUHLFKHQG DQVHKHQ 9JO %*( , ( 58',167b03)/, /$1* 3ULYDWH 9LGHREHUZDFKXQJ II 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ KDOWHQ ± VFKRQ DXVUHLFKHQ (UIRUGHUOLFK VFKHLQW HLQH OlQJHUH $XIEHZDKUXQJVIULVW KLQJHJHQ GDQQ ZHQQ DXFK 6WUDIWDWHQ JHJHQ 3HUVRQHQ YHUKLQGHUW ZHUGHQ VROOHQ GD KLHU GLH 3ROL]HL JUXQGVlW]OLFK DXI $Q]HLJHQ DXV GHU %HY|ONHUXQJ RGHU GHU 2SIHU DQ JHZLHVHQ LVW (LQH /|VFKXQJ GHU $XI]HLFKQXQJHQ EHUHLWV QDFK NXU]HU =HLW ZUGH ]ZDU HLQ PLOGHUHV DEHU NHLQ JOHLFK JHHLJQHWHV 0LWWHO GDUVWHOOHQ XP GDV YRQ HLQHU ZLUNVDPHQ 6WUDIYHUIROJXQJ HUKRIIWH =LHO GHU $EVFKUHFNXQJ ]X HUUHLFKHQ 'LH 'DXHU GHU $XIEHZDKUXQJ PXVV DEHU DXFK HLQHU ,QWHUHVVHQDEZlJXQJ VWDQGKDO WHQ ,Q (LQNODQJ ]X EULQJHQ LVW GDV |IIHQWOLFKH ,QWHUHVVH DQ HLQHU P|JOLFKVW ODQJHQ $XIEHZDKUXQJVGDXHU LP 'LHQVWH HLQHU P|JOLFKVW HIIL]LHQWHQ 6WUDIYHUIROJXQJ PLW GHP ,QWHUHVVH GHU %HWURIIHQHQ GXUFK GLH $XIEHZDKUXQJ NHLQHQ EHUPlVVLJHQ *UXQGUHFKWVHLQJULIIHQ DXVJHVHW]W ]X ZHUGHQ 'LH ,QWHQVLWlW GHV GXUFK GLH $XIEH ZDKUXQJ EHZLUNWHQ *UXQGUHFKWVHLQJULIIV KlQJW HQWVFKHLGHQG GDYRQ DE ZHOFKHQ 3HUV|QOLFKNHLWVJHKDOW GLH JHVSHLFKHUWHQ 'DWHQ DXIZHLVHQ %HL HLQHU DXI HLQH 8QWHU IKUXQJ EHJUHQ]WHQ hEHUZDFKXQJ LVW GHP (LQ]HOQHQ HLQH OlQJHUH $XIEHZDKUXQJ GHU $XI]HLFKQXQJHQ ]X]XPXWHQ DOV EHL GHU hEHUZDFKXQJ HLQHV |IIHQWOLFKHQ 3ODW]HV DXI GHP HU YLHOOHLFKW IODQLHUW VLFK PLW )UHXQGHQ WULIIW RGHU HLQHQ .DIIHH WULQNW 8Q EHGLQJW ]X EHUFNVLFKWLJHQ LVW DXFK ZLH GLH $XI]HLFKQXQJHQ YRU HLQHP QLFKW VDFK JHUHFKWHQ =XJULII XQG HLQHU PLVVEUlXFKOLFKHQ 9HUZHQGXQJ JHVFKW]W ZHUGHQ %HL GHU ,QWHUHVVHQDEZlJXQJ ZLOO GDV %XQGHVJHULFKW ]XGHP GHQ ÄSHUV|QOLFKHQ 9HU KlOWQLVVHQ³ GHU YRQ 6WUDIWDWHQ EHWURIIHQHQ 3HUVRQHQ 5HFKQXQJ WUDJHQ XQG GDPLW GDV YRQ SHUV|QOLFKHQ 8PVWlQGHQ ZLH )XUFKW RGHU 6FKDP DEKlQJLJH $Q]HLJHYHUKDOWHQ GHU %HWURIIHQHQ ]XPLQGHVW EHUFNVLFKWLJHQ 'LHV HUVFKHLQW JUXQGVlW]OLFK ULFKWLJ VLQG GRFK EHL GHU 3UIXQJ GHU 9HUKlOWQLVPlVVLJNHLW LP HQJHUHQ 6LQQH QLFKW QXU |I 9JO 0$85(5/$0%52867(,1(5 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 0$7+,6 $(33/, VD %- *XWDFKWHQ YRP -XQL 93% 1U =LII ('6% 7% 526(17+$/ LQ 526(17+$/-g+5, .RPP ]X $UW $EV '6* 5] %*( , ( %*( , ( 9*HU 6* 8UWHLO YRP 0DL ( GEE 6**93 I %*( , ( 6R VHL HV QDFKYROO]LHKEDU ÄGDVV ]XP %HLVSLHO EHL 6WUDIWDWHQ JHJHQ GLH VH[XHOOH ,QWHJULWlW RGHU JHJHQ -XJHQGOLFKH DXV )XUFKW RGHU 6FKDP RGHU PDQQLJIDOWLJHQ DQGH UHQ *UQGHQ PLW HLQHU $Q]HLJH RGHU HLQHP 6WUDIDQWUDJ HLQH JHZLVVH =HLW ]XJHZDUWHW ZLUG³ 'DV %XQGHVJHULFKW VWHOOW ]ZDU IHVW GDVV ÄHLQ QXU ]|JHUQGHV $Q]HLJHYHUKDOWHQ >«@ IU VLFK DO OHLQ ]ZDU QLFKW GHQ $XVVFKODJ IU HLQHQ GXUFK HLQH ODQJH $XIEHZDKUXQJVGDXHU YHUVWlUNWHQ *UXQGUHFKWVHLQJULII EHL GHQ HUIDVVWHQ 3HUVRQHQ JHEHQ >NDQQ@³ 'RFK ZLOO HV GHQ 8PVWDQG ÄGDVV GDV $Q]HLJHYHUKDOWHQ GHU %HWURIIHQHQ ZHLWJHKHQG YRQ SHUV|QOLFKHQ 8PVWlQGHQ DE KlQJW³ QLFKW XQEHUFNVLFKWLJW ODVVHQ Ä,QVEHVRQGHUH VROO DXFK EHVRQGHUV JHIlKUGHWHQ *UXSSHQ WURW] DQIlQJOLFKHU 6NHSVLV YRU HLQHP 9HUIDKUHQ HLQH HIIL]LHQWH 6WUDIYHUIROJXQJ ]XJHVWDQGHQ ZHUGHQ³ 'LHV VHLHQ ÄHUKHEOLFKH VDFKOLFKH *UQGH³ ZHOFKH HLQH $XIEHZDKUXQJVGDXHU YRQ 7DJHQ ÄJUXQGVlW]OLFK UHFKWIHUWLJHQ³ 6D %*( , ( 'HU GUHLPRQDWLJHQ 6WUDI DQWUDJVIULVW YRQ $UW 6W*% NRPPW DEHU ULFKWLJHUZHLVH NHLQH %HGHXWXQJ ]X YJO %*( , ( 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ IHQWOLFKH ,QWHUHVVHQ JHJHQEHU SULYDWHQ ,QWHUHVVHQ DE]XZlJHQ VRQGHUQ DXFK YHU VFKLHGHQ JHODJHUWH SULYDWH ,QWHUHVVHQ LQ (LQNODQJ ]X EULQJHQ 'LH 'DXHU GHU ]XOlVVLJHQ $XIEHZDKUXQJVIULVW ZLUG VHKU XQWHUVFKLHGOLFK JHUHJHOW 6LH UHLFKW YRQ HLQLJHQ ZHQLJHQ 7DJHQ ELV ]X PHKUHUHQ 0RQDWHQ %HWUHIIHQG GLH hEHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H NRPPW GDV %XQGHVJHULFKW ]XP 6FKOXVV GDVV HLQH WlJLJH $XIEHZDKUXQJVIULVW YRQ $XI]HLFKQXQJHQ DXV GHU hEHUZDFKXQJ YRQ |IIHQWOLFKHQ 6WUDVVHQ XQG 3OlW]HQ ÄJUXQGVlW]OLFK³ YHUKlOWQLVPlV VLJ VHL $XV GHP (QWVFKHLG ZLUG MHGRFK QLFKW KLQUHLFKHQG GHXWOLFK ZLHVR QLFKW DXFK HLQH ZHQLJHU ODQJH $XIEHZDKUXQJVIULVW DXVUHLFKHQG ZlUH 'LH WlJLJH )ULVW LVW MHGHQIDOOV JURVV]JLJ EHPHVVHQ 6LH HUVFKHLQW DEHU QRFK QLFKW JHUDGH DOV XQ]X PXWEDU VRIHUQ KLQUHLFKHQGH 6FKXW]PDVVQDKPHQ JHJHQ HLQH PLVVEUlXFKOLFKH E]Z 9RUQH 7HLO ,9 $ 'DV ]|JHUOLFKH $Q]HLJHYHUKDOWHQ KlWWH P( DEHU VFKRQ EHL GHU 3U IXQJ GHU (UIRUGHUOLFKNHLW GHU $XIEHZDKUXQJVGDXHU EHUFNVLFKWLJW ZHUGHQ N|QQHQ ,VW GDPLW ]X UHFKQHQ GDVV GHU 3ROL]HL 6WUDIWDWHQ HUVW QDFK HLQLJHQ :RFKHQ ]XU .HQQWQLV JHEUDFKW ZHUGHQ VWHOOW GLH /|VFKXQJ GHV $XI]HLFKQXQJVPDWHULDOV VFKRQ QDFK ZHQLJHQ 7DJHQ ]ZDU HLQHQ OHLFK WHUHQ *UXQGUHFKWVHLQJULII GDU DOV HLQH $XIEHZDKUXQJ YRQ PHKUHUHQ :RFKHQ RGHU 0RQDWHQ LVW DEHU QLFKW JOHLFK JHHLJQHW GHQ PLW GHU 9LGHREHUZDFKXQJ EH]ZHFNWHQ $EVFKUHFNXQJVHIIHNW ]X HU]LHOHQ GD LP %HGDUIVIDOO GDV %LOGPDWHULDO DOOHQIDOOV JDU QLFKW PHKU ]XU 9HUIJXQJ VWHKW ,P .DQWRQ 6RORWKXUQ VLQG DXIJH]HLFKQHWH 3HUVRQHQGDWHQ DXV |IIHQWOLFKHQ XQG DOOJHPHLQ ]X JlQJOLFKHQ 2UWHQ VSlWHVWHQV QDFK 6WXQGHQ VHLW GHU $XI]HLFKQXQJ ]X YHUQLFKWHQ ELV $EV ,QIR'*62 (QWVSUHFKHQGHV JLOW IU $XI]HLFKQXQJHQ DXV GHU hEHUZDFKXQJ GHV NDQ WRQDOHQ XQG NRPPXQDOHQ |IIHQWOLFKHQ *UXQGV XQG 9HUZDOWXQJVYHUP|JHQV ÄOH GRPDLQH SXEOLF RX OH SDWULPRLQH DGPLQLVWUDWLI FDQWRQDO RX FRPPXQDO³ LP .DQWRQ :DDGW $UW $EV /3U'9' LP .DQWRQ 6FKZ\] VLQG $XI]HLFKQXQJHQ DXV |IIHQWOLFK ]XJlQJOLFKHQ 2U WHQ QDFK 6WXQGHQ ]X O|VFKHQ $EV %VW E '6*6= LQ GHQ .DQWRQHQ *ODUXV *HQI XQG %DVHO6WDGW VLQG %LOGHU DXV HLQHU 9LGHREHUZDFKXQJ LQQHUW :RFKHQIULVW E]Z LQQHUW 7D JHQ ]X YHUQLFKWHQ $UW $EV '69*/ $UW $EV /,3$'*( >GLH )ULVW NDQQ VLFK DO OHUGLQJV DXI 0RQDWH YHUOlQJHUQ ZHQQ HV ]X $QJULIIHQ DXI 3HUVRQHQ RGHU 6DFKHQ JHNRPPHQ LVW@ $EV ,'*%6 >DOOHUGLQJV XQWHU GHP 9RUEHKDOW HLQHU GXUFK 5HJOHPHQW IHVWJHOHJWHQ OlQJHUHQ )ULVW@ LP .DQWRQ 1LGZDOGHQ VLQG $XI]HLFKQXQJHQ DXV |IIHQWOLFK ]XJlQJOLFKHQ 2U WHQ LQQHUW 7DJHQ ]X O|VFKHQ $UW $EV =LII N'6*1: HLQH HQWVSUHFKHQGH )ULVW JLOW IU $XI]HLFKQXQJHQ DXV GHP 8PIHOG GHU $UHQD 6W *DOOHQ $UW $EV 95$6*6* XQG IU $XI]HLFKQXQJHQ DXV GHU hEHUZDFKXQJ GHV |IIHQWOLFKHQ *UXQGV LP .DQWRQ )UHLEXUJ $UW $EV %VW H 9LGHR*)5 LP )DOOH HLQHV hEHUJULIIV DXI 3HUVRQHQ XQG 6DFKHQ PVVHQ GLH $XI]HLFKQXQJHQ DOOHUGLQJV HUVW QDFK 7DJHQ YHUQLFKWHW ZHUGHQ LQ GHU 6WDGW 6W *DOOHQ XQG LP .DQWRQ $SSHQ]HOO$XVVHUUKRGHQ VLQG $XI]HLFKQXQJHQ DXV GHU hEHUZDFKXQJ |IIHQWOL FKHU 6WUDVVHQ XQG 3OlW]H QDFK 7DJHQ ]X YHUQLFKWHQ $UW $EV 3RO56* $UW D $EV 3RO*$5 GLH JOHLFKH )ULVW JLOW IU $XI]HLFKQXQJHQ DXV |IIHQWOLFK ]XJlQJOLFKHQ 2UWHQ LP .DQWRQ 2EZDOGHQ $UW $EV %VW E '6*2: XQG IU $XI]HLFKQXQJHQ DXV |IIHQWOL FKHQ XQG DOOJHPHLQ ]XJlQJOLFKHQ 2UWHQ LP .DQWRQ %HUQ XQG GHU 6WDGW /X]HUQ $UW H $EV 3RO*%( $UW $EV 9LGHR5HJ/8 1DFK $UW E $EV (%* $UW $EV 3%* XQG $UW $EV 9992 VLQG 9LGHRDXI]HLFKQXQJHQ VSlWHVWHQV QDFK 7DJHQ ]X YHUQLFKWHQ )U LP 5DKPHQ GHU hEHUZDFKXQJ YRQ 6FKXODQODJHQ JHZRQQHQHV %LOGPDWHULDO VLHKW E $EV *\PQDVLDO92/8 HLQH $XIEHZDKUXQJVIULVW YRQ 7DJHQ YRU +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 I 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ ]ZHFNZLGULJH 9HUZHQGXQJ GHV %LOGPDWHULDOV EHVWHKHQ 'HQQRFK LVW IHVW]XKDO WHQ GDVV HLQH VROFK ODQJH )ULVW GLH NODUH 2EHUJUHQ]H IU GLH $XIEHZDKUXQJ YRQ $XI]HLFKQXQJHQ GDUVWHOOW ZHOFKH 9HUKDOWHQ GHU %UJHULQQHQ XQG %UJHU DQ |IIHQW OLFK ]XJlQJOLFKHQ 2UWHQ DEELOGHQ =X 5HFKW KDW GDV %XQGHVJHULFKW HQWVFKLHGHQ GDVV MHGHQIDOOV HLQH $XIEHZDKUXQJ YRQ $XI]HLFKQXQJVPDWHULDO ZlKUHQG HLQHV JDQ]HQ -DKUHV XQYHUKlOWQLVPlVVLJ LVW GD DXFK EHL %HUFNVLFKWLJXQJ HLQHV ]XUFNKDOWHQGHQ $Q]HLJHYHUKDOWHQV JHZLVVHU 3HUVRQHQ RGHU 3HUVRQHQJUXSSHQ YRQ GLHVHQ HUZDUWHW ZHUGHQ GUIH GDVV VLH HLQ 9HUIDKUHQ LQ ZHOFKHP VLH DXI GDV %LOGPDWHULDO ]XJUHLIHQ P|FKWHQ LQQHUW QW]OLFKHU )ULVW LQ GLH :HJH OHLWHQ XQG KLHUIU QLFKW HLQ JDQ]HV -DKU ]XZDUWHQ (QWVSUHFKHQGHV N|QQH YRQ GHQ %HK|UGHQ YHUODQJW ZHUGHQ GLH DXI GLH $XI]HLFKQXQJHQ ]XUFNJUHLIHQ P|FKWHQ 6HOEVWYHUVWlQGOLFK VLQG GLH 'DWHQ XPJHKHQG DOVR VFKRQ YRU $EODXI GHU JHVHW]OL FKHQ +|FKVWDXIEHZDKUXQJVIULVW ]X O|VFKHQ ZHQQ VLH IU GHQ YHUIROJWHQ =ZHFN ]% GLH ,GHQWLILNDWLRQ RGHU 9HUXUWHLOXQJ HLQHU 3HUVRQ QLFKW PHKU JHEUDXFKW ZHUGHQ (L QHU ZHLWHUJHKHQGHQ $XIEHZDKUXQJ PDQJHOW HV VRZRKO DQ GHU *HHLJQHWKHLW DOV DXFK DQ GHU (UIRUGHUOLFKNHLW XQG =XPXWEDUNHLW ]XU $KQGXQJ XQG 9HUIROJXQJ YRQ 6WUDIWD WHQ 9HU|IIHQWOLFKXQJ LP 5DKPHQ GHU )DKQGXQJ 9LGHRDXI]HLFKQXQJHQ ZHUGHQ DXFK ]XU )DKQGXQJ QDFK 6WUDIWlWHUQ HLQJHVHW]W HWZD LQGHP VLH DP )HUQVHKHQ JH]HLJW RGHU ± ]XQHKPHQG ± LP ,QWHUQHW YHU|IIHQWOLFKW ZHUGHQ $Q GHU 3XEOLNDWLRQ YRQ %LOGHUQ ]XU (UJUHLIXQJ HLQHV 7DWYHUGlFKWLJHQ EHVWHKW JUXQGVlW]OLFK HLQ KLQUHLFKHQGHV |IIHQWOLFKHV ,QWHUHVVH -HGRFK LVW GLH 8Q VFKXOGVYHUPXWXQJ ]X UHVSHNWLHUHQ HLQH 3IOLFKW ZHOFKH DXFK JHJHQEHU GHQ 0H GLHQ GXUFK]XVHW]HQ XQG YRQ GLHVHQ ]X EHDFKWHQ LVW 'HVKDOE LVW ]XVDPPHQ PLW GHU 9HU|IIHQWOLFKXQJ DXI GLH 8QVFKXOGVYHUPXWXQJ KLQ]XZHLVHQ XQG HV GDUI QXU YRQ HL QHP 7DWYHUGDFKW GLH 5HGH VHLQ %HL GHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFK QXQJHQ LVW ]XGHP VLFKHU]XVWHOOHQ GDVV GDEHL GLH 0HQVFKHQZUGH QLFKW YHUOHW]W ZLUG -HGHQIDOOV VWHOOW GLH 9HU|IIHQWOLFKXQJ HLQHQ JUXQGVlW]OLFK VFKZHUHQ (LQ 9JO +$1*$571(5 %HPHUNXQJHQ ]X %*HU 3 ZRQDFK HLQH $XIEHZDKUXQJV IULVW YRQ 7DJHQ YHUWUHWEDU VHL VD %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %*( , ( 3(75, 5] 3ULQFLSOH 5HF &'&- *XLGLQJ SULQFLSOHV =LII 9JO $UW $EV 9LGHR5HJ/8 XQG $UW /3U'9' 6&+:(*/(5 'LJLWDOH )RWRJUDILH 9JO ('g% 7% /e9< 68/=(5675$660$11=8%(5 YRUQH 7HLO ,,, 9JO 68/=(5675$660$11=8%(5 5,./,1 ,QWHUQHWIDKQGXQJ %8&+(5+b**, YJO YRUQH 7HLO 9, 9JO YRUQH 7HLO ,, % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ JULII LQ GDV GXUFK $UW %9 JHVFKW]WH 3ULYDWOHEHQ QDPHQWOLFK LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ GDU 'LH 9HU|IIHQWOLFKXQJ YRQ %LOGHUQ ]X )DKQGXQJV]ZHFNHQ KDW XQEHGLQJW YHUKlOWQLV PlVVLJ ]X VHLQ 6LH PXVV VLFK DOV JHHLJQHW XQG HUIRUGHUOLFK HUZHLVHQ XP GLH 6WUDI WDWHQ DXI]XNOlUHQ XQG HV PXVV GLH 9HU|IIHQWOLFKXQJ GHP %HWURIIHQHQ ]XPXWEDU VHLQ *UXQGVlW]OLFK NDQQ GLH 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ DOV HLQ ]XU )DKQGXQJ QDFK 6WUDIWlWHUQ JHHLJQHWHV 0LWWHO EHWUDFKWHW ZHUGHQ $Q GHU *H HLJQHWKHLW IHKOW HV MHGRFK GDQQ ZHQQ GDV %LOGPDWHULDO HLQH ,GHQWLIL]LHUXQJ GHV 7DW YHUGlFKWLJHQ QLFKW ]XOlVVW $Q GHU (UIRUGHUOLFKNHLW GHU 9HU|IIHQWOLFKXQJ PDQJHOW HV ZHQQ GHU 7lWHU VFKRQ EHNDQQW XQG QLFKW PHKU IOFKWLJ LVW RGHU ZHQQ HU PLW ]XPXWEDUHQ DQGHUHQ ZHQLJHU HLQJULIIVLQWHQVLYHQ 0LWWHOQ HUXLHUW XQG JHIDVVW ZHUGHQ NDQQ (V VLQG PLW DQGHUHQ :RUWHQ ]XQlFKVW VlPWOLFKH DQGHUHQ )DKQGXQJVPHWKR GHQ DXV]XVFK|SIHQ ZHOFKH ]XU (UPLWWOXQJ XQG (UJUHLIXQJ GHV 7DWYHUGlFKWLJHQ IK UHQ N|QQHQ ZLH HWZD HLQ $EJOHLFK PLW LQWHUQHQ SROL]HLOLFKHQ 'DWHQEHVWlQGHQ DEHU DXFK HLQ |IIHQWOLFKHU $XIUXI DQ GHQ 7lWHU VLFK VHOEVW ]X VWHOOHQ (LQH 9HU|I IHQWOLFKXQJ YRQ %LOGHUQ GHU 7HLOQHKPHU DQ HLQHU JHZDOWWlWLJHQ $XVVFKUHLWXQJ LVW ]% HUVW GDQQ HUIRUGHUOLFK ZHQQ VLFK GLHVH QLFKW VHOEVW PHOGHQ REZRKO VLH GD]X |IIHQWOLFK DXIJHIRUGHUW ZRUGHQ VLQG XQG LKQHQ GLH 9HU|IIHQWOLFKXQJ GHV %LOGPDWH ULDOV DQJHGURKW ZRUGHQ LVW 'LHVH 0|JOLFKNHLW ]XU 6WHOOXQJQDKPH LVW DXFK GHVKDOE YRQ %HGHXWXQJ GD GHU 7DWYHUGlFKWLJH DQVRQVWHQ MHJOLFKHU 0|JOLFKNHLW EHUDXEW LVW DXI GLH 9HU|IIHQWOLFKXQJ GHV %LOGPDWHULDOV (LQIOXVV ]X QHKPHQ REZRKO HU PLW HLQHU HUNOlUHQGHQ 5LFKWLJVWHOOXQJ JHJHQEHU GHU 3ROL]HL HLQH 9HU|IIHQWOLFKXQJ DOOHQIDOOV YHUKLQGHUQ N|QQWH (LQH 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ RKQH GDVV GHP GDYRQ %HWURIIHQHQ GLH 0|JOLFKNHLW HLQJHUlXPW ZXUGH GLHVH ]X YHUKLQGHUQ NDQQ GLHVHQ LQ VHLQHP JUXQGUHFKWOLFK JHVFKW]WHQ 5HFKW DXI HLQ IDLUHV 9HUIDKUHQ YHUOHW]HQ 9RU HLQHU 9HU|IIHQWOLFKXQJ KDW VRGDQQ DXFK HLQ =HXJHQDXIUXI VWDWW]X ILQGHQ XQG HV VLQG GLH %LOGHU GHQ DQ GHU 7DW %HWHLOLJWHQ RGHU EHUHLWV LGHQWLIL]LHUWHQ 6R DXFK %$(5,6:</ ,QWHUQHW DOV )DKQGXQJVPLWWHO YRUQH 7HLO ,9 % 9JO (*05 8UWHLO YRP 2NWREHU L6 *XUJHQLG]H JHJHQ *HRUJLHQ 1U =LII YRP -DQXDU L6 3HFN JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 , =LII II (*05 YRP -DQXDU L6 6FLDFFD JHJHQ ,WDOLHQ 1U (&+5 , =LII II 68/=(5675$660$11=8%(5 %$(5,6:</ ,QWHUQHW DOV )DKQGXQJVPLWWHO %8&+(5+b**, 68/=(5675$660$11=8%(5 9JO :267$=+ =LII 6ROFKH 'DWHQDEJOHLFKH VLQG ZLFKWLJHU %HVWDQGWHLO GHU SROL]HLOLFKHQ (UPLWWOXQJVDUEHLW 'HQN EDU LVW HWZD GDVV GLH 9LGHRDXI]HLFKQXQJHQ PLW HLQHU )RWRNDUWHL YHUJOLFKHQ ZHUGHQ XP GLH ,GHQWLWlW GHV 7lWHUV IHVW]XVWHOOHQ 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ %HL HLQHP VROFKHQ 'DWHQDEJOHLFK KDQGHOW HV VLFK DEHU HEHQIDOOV XP HLQHQ ]XVlW]OLFKHQ (LQJULII LQ GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ %$86&+ YRUQH 7HLO ,9 % (U PXVV LP |IIHQWOLFKHQ ,QWHUHVVH OLHJHQ DXI HLQHU JHVHW]OLFKHQ *UXQGODJH EHUXKHQ XQG YHUKlOWQLVPlV VLJ VHLQ 6&+:(*/(5 'DWHQVFKXW] LP 3ROL]HLZHVHQ I %8&+(5+b**, 68/=(5675$660$11=8%(5 =XP 5HFKW DXI HLQ IDLUHV 9HUIDKUHQ YJO YRUQH )Q 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ =HXJHQ YRU]XOHJHQ %HTXHPOLFKNHLWVJUQGH N|QQHQ XQWHU NHLQHQ 8PVWlQGHQ HL QH 9HU|IIHQWOLFKXQJ UHFKWIHUWLJHQ $QJHVLFKWV GHU PLW GHU 9HU|IIHQWOLFKXQJ YHU EXQGHQHQ VFKZHUHQ (LQJULIIH LQ GLH 3HUV|QOLFKNHLWVUHFKWH GHV 7lWHUV NDQQ DXFK GLH +RIIQXQJ DXI HLQHQ VFKQHOOHQ )DKQGXQJVHUIROJ QXU EHVFKUlQNW ]X GHUHQ 5HFKWIHUWL JXQJ EHLJH]RJHQ ZHUGHQ $QGHUV LVW GLHV VHOEVWYHUVWlQGOLFK ZHQQ YRP 7lWHU ZHLWHUKLQ HLQH *HIDKU IU GLH |IIHQWOLFKH 6LFKHUKHLW DXVJHKW 6HOEVWYHUVWlQGOLFK VLQG QXU GLHMHQLJHQ ,QIRUPDWLRQHQ ]X YHU|IIHQWOLFKHQ GLH ]XU (U JUHLIXQJ GHV 7lWHUV QRWZHQGLJ VLQG *HVLFKWHU 8QEHWHLOLJWHU XQG GHU 2SIHU VLQG ]X DQRQ\PLVLHUHQ VRIHUQ VLH HLQHU 9HU|IIHQWOLFKXQJ QLFKW DXVGUFNOLFK ]XJHVWLPPW KDEHQ $XFK LVW HV ]XU (UPLWWOXQJ GHV 7lWHUV JUXQGVlW]OLFK QLFKW HUIRUGHUOLFK GDVV JDQ]H 9LGHRVHTXHQ]HQ YHU|IIHQWOLFKW ZHUGHQ DXV GHQHQ DXFK GHU 7DWKHUJDQJ HUVLFKWOLFK LVW =XGHP JHEHQ 9LGHRDXI]HLFKQXQJHQ LPPHU QXU HLQHQ $XVVFKQLWW GHU :DKUKHLW ZLHGHU 6LH YHUP|JHQ GLH 0RWLYDWLRQ GHV 7lWHUV GLH +LQWHUJUQGH GHU 7DW XQG GLH 8PVWlQGH GLH GD]X JHIKUW KDEHQ QLFKW ]X HUNOlUHQ 'HVKDOE EHUJHQ VROFKH EHZHJWHQ %LOGHU EHVRQGHUH *HIDKUHQ YRQ 9RUYHUXUWHLOXQJHQ LQ VLFK ZDV JHUDGH XQWHU GHP *HVLFKWVSXQNW GHU 8QVFKXOGVYHUPXWXQJ K|FKVW SUREOHPDWLVFK LVW (V LVW GHVKDOE DXVUHLFKHQG GDVV 6WDQGELOGHU YHU|IIHQWOLFKW ZHUGHQ DXI GHQHQ GLH *H VLFKWHU RGHU VRQVWLJH 3HUV|QOLFKNHLWVPHUNPDOH HUVLFKWOLFK VLQG ZHOFKH 5FNVFKOV VH DXI GLH 7lWHUVFKDIW HUODXEHQ (LQH 9HU|IIHQWOLFKXQJ EHZHJWHU %LOGHU NDQQ VLFK MHGRFK GDQQ DOV HUIRUGHUOLFK HUZHLVHQ ZHQQ QXU DQKDQG LQGLYLGXHOOHU %HZHJXQJV PHUNPDOH *HVWHQ RGHU VRQVWLJHU 9HUKDOWHQVZHLVHQ GHU 7lWHU LGHQWLIL]LHUW ZHUGHQ NDQQ =ZLQJHQG ]X EHUFNVLFKWLJHQ LVW DEHU DXFK LQ GLHVHP )DOO GDVV GLH 9HU|I IHQWOLFKXQJ GHV JDQ]HQ 7DWKHUJDQJV ]X HLQHU (QWZUGLJXQJ GHU 2SIHU RGHU LKUHU $QJHK|ULJHQ XQG GDPLW ]X VFKZHUHQ (LQJULIIHQ LQ GHUHQ 3HUV|QOLFKNHLWVUHFKWH IK UHQ NDQQ *UXQGVlW]OLFK LVW GHVKDOE GHUHQ =XVWLPPXQJ HLQ]XKROHQ ,VW GHU 7lWHU HUPLWWHOW VLQG GLH $XI]HLFKQXQJHQ VRIRUW DXV GHU gIIHQWOLFKNHLW ]XUFN]X]LHKHQ %HL GHU 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ NRPPW GHU ,QWHUHVVHQDEZl JXQJ EHVRQGHUHV *HZLFKW ]X 'LHV JLOW HUVW UHFKW ZHQQ HLQH 9HU|IIHQWOLFKXQJ LP ,QWHUQHW VWDWWILQGHQ VROO GD GLH GRUW YRUKDQGHQHQ %LOGHU JUXQGVlW]OLFK EHOLHELJ JH %8&+(5+b**, YJO DXFK 68/=(5675$660$11=8%(5 I %8&+(5+b**, %$(5,6:</ ,QWHUQHW DOV )DKQGXQJVPLWWHO 9JO %RWVFK 6W32 9JO 5,./,1 ,QWHUQHWIDKQGXQJ 921 =(=6&+:,7= 5] 68/=(5675$660$11 =8%(5 9JO YRUQH 7HLO 9, 6&+:(*/(5 'LJLWDOH )RWRJUDILH %8&+(5+b**, %$(5,6:</ ,QWHUQHW DOV )DKQ GXQJVPLWWHO 9JO 68/=(5675$660$11=8%(5 9JO YRUQH 7HLO ,, % 9JO ('g% 7% %8&+(5+b**, %$(5,6:</ ,QWHUQHW DOV )DKQ GXQJVPLWWHO 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ VSHLFKHUW NRSLHUW XQG ZHLWHUYHUEUHLWHW ZHUGHQ N|QQHQ XQG VLFK X8 DXFK QDFK -DK UHQ QRFK DXIILQGHQ ODVVHQ 2E GHP %HWURIIHQHQ GLH 9HU|IIHQWOLFKXQJ ]XJHPXWHW ZHUGHQ NDQQ KlQJW ]XQlFKVW YRQ GHU 6FKZHUH GHV 'HOLNWV DE $QJHVLFKWV GHU VFKZHUHQ (LQJULIIH LQ GLH 3HUV|QOLFKNHLWVUHFKWH GHV 7DWYHUGlFKWLJHQ LVW HLQH 9HU|I IHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ ± DXFK ZHQQ GLH 9LGHREHUZDFKXQJ ]XU 9HUKWXQJ XQG $KQGXQJ PLQGHU VFKZHUHU 'HOLNWH ]XOlVVLJ LVW ± QXU GDQQ DQJHPHV VHQ ZHQQ HV XP GLH 9HUIROJXQJ YRQ 9HUEUHFKHQ JHKW +LQJHJHQ HUVFKHLQW HLQH 9HU|IIHQWOLFKXQJ ]XU )DKQGXQJ QDFK GHP 7lWHU HLQHV 9HUJHKHQV JUXQGVlW]OLFK QLFKW YHUKlOWQLVPlVVLJ $XVQDKPHQ GDYRQ N|QQHQ JHPDFKW ZHUGHQ ZHQQ HV VLFK XP VFKZHUH 9HUJHKHQ KDQGHOW :DQQ HLQ VFKZHUHV 9HUJHKHQ YRUOLHJW OlVVW VLFK MHGRFK QLFKW DEVWUDNW EHVWLPPHQ 1LFKW DOOHLQH HQWVFKHLGHQG LVW MHGHQIDOOV GLH 6FKZHUH GHU 9HUOHW]XQJ GHV 5HFKWVJXWV 9LHOPHKU VLQG ± VRZHLW P|JOLFK ± DXFK GLH %HZHJJUQGH XQG =LHOH GHV 7lWHUV GLH 9HUZHUIOLFKNHLW VHLQHV +DQGHOQV XQG GHVVHQ )lKLJNHLW DXIJUXQG GHU 8PVWlQGH GLH 9HUOHW]XQJ GHV 5HFKWVJXWV ]X YHUPHLGHQ ]X EHUFNVLFKWLJHQ YJO $UW $EV 6W*% ,Q MHGHP )DOO XQ]XOlVVLJ LVW HLQH 9HU|I IHQWOLFKXQJ ]XU 9HUIROJXQJ HLQHU hEHUWUHWXQJ 'LH =XPXWEDUNHLW GHU 9HU|IIHQWOL FKXQJ LVW VRGDQQ DEKlQJLJ YRQ GHU 6FKZHUH GHV ± IU GLH 9HU|IIHQWOLFKXQJ VHOEVW YHUVWlQGOLFK YRUDXVJHVHW]WHQ ± 7DWYHUGDFKWV =X IRUGHUQ LVW HLQ GULQJHQGHU 7DWYHUGDFKW =XGHP VROOWH YHUVXFKW ZHUGHQ GDVV LP ,QWHUQHW YHU|IIHQWOLFKWH 9L GHRDXI]HLFKQXQJHQ QLFKW RKQH ZHLWHUHV KHUXQWHUJHODGHQ NRSLHUW XQG ZHLWHUYHUEUHL WHW ZHUGHQ N|QQHQ 6HOEVWYHUVWlQGOLFK LVW EHL HLQHU 9HU|IIHQWOLFKXQJ DXFK GHQ 3HUV|QOLFKNHLWVLQWHUHVVHQ GHU *HVFKlGLJWHQ XQG 2SIHU KLQUHLFKHQG 5HFKQXQJ ]X WUDJHQ 1RFK HLQPDO LVW IHVW]XKDOWHQ GDVV GHUHQ *HVLFKWHU ]X DQRQ\PLVLHUHQ VLQG XQG HV QLFKW QXU GHU 6FKXW] GHV 7lWHUV VRQGHUQ LQVEHVRQGHUH DXFK GHU 6FKXW] GHV 2SIHUV XQG VHLQHU $QJHK|ULJHQ HUIRUGHUOLFK PDFKW GDVV JUXQGVlW]OLFK DXI GLH X8 VWDUN HQWZUGLJHQ GH 9HU|IIHQWOLFKXQJ GHV JDQ]HQ 7DWKHUJDQJV LQ )RUP YRQ 9LGHRVHTXHQ]HQ YHU]LFK WHW ZLUG =X EHUFNVLFKWLJHQ LVW EHL GHU 3XEOLNDWLRQ YRQ 9LGHRDXI]HLFKQXQJHQ DXFK 9JO 6&+:(*/(5 'LJLWDOH )RWRJUDILH %8&+(5+b**, 68/=(5675$660$11 =8%(5 %8&+(5+b**, 68/=(5675$660$11=8%(5 9JO :267$=+ =LII :RKO DQGHUV 5,./,1 ,QWHUQHWIDKQGXQJ QDFK GHVVHQ $XIIDVVXQJ HLQ]LJ Ä%DJDWHOOHQ³ ZLH HLQH ÄJHULQJIJLJH 6DFKEHVFKlGLJXQJ³ RGHU HLQ ÄNOHLQHU 'LHEVWDKO³ HLQH 9HU|IIHQWOLFKXQJ YRQ 9LGHRDXI]HLFKQXQJHQ DOV QLFKW DQJHPHVVHQ HUVFKHLQHQ ODVVHQ 68/=(5675$660$11=8%(5 ZROOHQ EHL GHU )UDJH ZHOFKH 'HOLNWH HLQH 9HU|IIHQW OLFKXQJ UHFKWIHUWLJHQ DXI GLH PLWWOHUZHLOH LP :HVHQWOLFKHQ LQ GLH 6W32 EHUIKUWHQ 'HOLNWV NDWDORJH GHV %h3) XQG GHV DXIJHKREHQHQ %9( DEVWHOOHQ YJO KHXWH $UW $EV XQG $UW $EV 6W32 GD]X %RWVFK 6W32 XQG I %8&+(5+b**, I 6&+:(*/(5 'LJLWDOH )RWRJUDILH %$(5,6:</ ,QWHUQHW DOV )DKQGXQJVPLWWHO 9JO 68/=(5675$660$11=8%(5 ,QGHVVHQ GUIWH GLH (UIOOXQJ GLHVHU 9RUJDEH UHJHOPlV VLJ JHUDGH]X LOOXVRULVFK VHLQ 9JO $UW $EV XQG 6W32 9HUKlOWQLVPlVVLJNHLW GHU 9LGHREHUZDFKXQJ GLH 9HUZHFKVOXQJVJHIDKU DOVR GLH *HIDKU GDVV XQEHWHLOLJWH 'ULWWH ]X 8QUHFKW IU GHQ 7lWHU JHKDOWHQ ZHUGHQ 'LHV VSULFKW HEHQIDOOV GDIU GLH 9HU|IIHQWOLFKXQJ QXU EHL VFKZHUHQ 'HOLNWHQ YRU]XQHKPHQ 8QWHU JDU NHLQHQ 8PVWlQGHQ XQG QDPHQWOLFK DXFK QLFKW XQWHU GHP 'HFNPDQWHO GHU )DKQGXQJ GDUI HLQH 3XEOLNDWLRQ GHU 9LGHRDXI]HLFKQXQJHQ GD]X GLHQHQ MHPDQGHQ DQ GHQ 3UDQJHU ]X VWHOOHQ +LHUIU IHKOW HV VFKRQ DQ HLQHP |IIHQWOLFKHQ ,QWHUHVVH =XGHP GUIWH HLQ VROFKHV 9RUJHKHQ HLQH 9HUOHW]XQJ GHU 0HQVFKHQZUGH RGHU ]XPLQGHVW HLQHQ NODUHUZHLVH XQ]XPXWEDUHQ (LQJULII LQ GDV JUXQGUHFKWOLFK JHVFKW] WH 3ULYDWOHEHQ XQG GLH SHUV|QOLFKH )UHLKHLW GDUVWHOOHQ 9HUOHW]W ZLUG GDGXUFK DXFK GLH 8QVFKXOGVYHUPXWXQJ XQG GDV 5HFKW DXI HLQ IDLUHV 9HUIDKUHQ 8Q]XOlVVLJ LVW DXFK HLQH 9HU|IIHQWOLFKXQJ PLW GHP HLQ]LJHQ =LHO GHU gIIHQWOLFKNHLW GLH (IIHNWLYLWlW GHU 9LGHREHUZDFKXQJ ]X GHPRQVWULHUHQ -($13,(55( *$5%$'( 9HUKlOWQLVPlVVLJNHLW EHL GHU ,QWHUQHW)DKQGXQJ LQ *HQI PHGLDOH[ II 68/=(5675$660$11=8%(5 9RUQH 7HLO ,, % 9JO YRUQH 7HLO 9 % XQG )Q 9JO GD]X YRUQH 7HLO 9, =XP 5HFKW DXI HLQ IDLUHV 9HUIDKUHQ YJO YRUQH )Q 9JO ]XP *DQ]HQ DXFK 68/=(5675$660$11=8%(5 %$(5,6:</ ,QWHUQHW DOV )DKQ GXQJVPLWWHO I 9JO DXFK YRUQH )Q 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 9 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ $ $OOJHPHLQH %HPHUNXQJHQ 'DVV GHU 6WDDW GXUFK JHHLJQHWH RUJDQLVDWRULVFKH YHUIDKUHQVUHFKWOLFKH XQG DOOHQIDOOV WHFKQLVFKH 9RUNHKUXQJHQ VLFKHU]XVWHOOHQ KDW GDVV *UXQGUHFKWVYHUOHW]XQJHQ GXUFK LKQ VHOEVW XQWHUEOHLEHQ E]Z GLH =XOlVVLJNHLW HLQHV *UXQGUHFKWVHLQJULIIV QDFKWUlJ OLFK EHUSUIW ZHUGHQ NDQQ HUJLEW VLFK VFKRQ DXV GHP NRQVWLWXWLYLQVWLWXWLRQHOOHQ *UXQGUHFKWVYHUVWlQGQLV ZLH HV LQ $UW %9 XQG DXFK LQ GHU 5HFKWVSUHFKXQJ ]XU (05. DQHUNDQQW ZLUG *HUDGH GDQQ ZHQQ GHU 6WDDW WHFKQLVFKH hEHUZDFKXQJVPLWWHO HLQVHW]W VLQG VROFKH 9RUNHKUXQJHQ ]XP 6FKXW] GHU 3HUV|QOLFKNHLW DXFK XQXPJlQJOLFK %HVRQGHUH %HGHXWXQJ NRPPW KLQUHLFKHQGHQ 6FKXW]PDVVQDKPHQ LP %HUHLFK GHU 9LGHREHUZD FKXQJ DXFK GHVKDOE ]X ZHLO GDV 6DPPHOQ YRQ 'DWHQ LP 9RUIHOG HLQHU NRQNUHWHQ *HIDKU VWDWWILQGHW XQG DXFK 1LFKWVW|UHU XQG VWUDISUR]HVVXDO XQYHUGlFKWLJH 3HUVRQHQ HLQH %HVFKDIIXQJ VLH EHWUHIIHQGHU 'DWHQ HUGXOGHQ PVVHQ =XGHP NDQQ VLFK HLQH 9LGHREHUZDFKXQJ JOHLFK]HLWLJ DXI YLHOH 3HUVRQHQ DXVZLUNHQ 0DVVQDKPHQ ZHO FKH DQODVVORV HLQH 9LHO]DKO YRQ 3HUVRQHQ EHWUHIIHQ EHUJHQ DEHU EHVRQGHUH *HIDK UHQ IU GLH GHPRNUDWLVFKH XQG IUHLKHLWOLFKH *UXQGRUGQXQJ LQ VLFK 9HUIDKUHQV UHFKWOLFKH XQG RUJDQLVDWRULVFKH 6FKXW]YRUNHKUXQJHQ EUDXFKW HV DXFK XP GHU 8QEHVWLPPWKHLW GHU 5HFKWVQRUPHQ LP %HUHLFK GHU 9LGHREHUZDFKXQJ XQG GHU GDGXUFK EHZLUNWHQ *HIDKU EHUPlVVLJHU *UXQGUHFKWVHLQJULIIH 5HFKQXQJ ]X WUD JHQ 6LH VLQG VRGDQQ DXFK DXIJUXQG GHV 9HUKlOWQLVPlVVLJNHLWVSULQ]LSV JHER WHQ 'DVV GLH 0|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hEHUZDFKXQJVPDVV QDKPHQ HWZD LQ GHQ 8UWHLOHQ YRP 6HSWHPEHU L6 .ODVV XD JHJHQ 'HXWVFKODQG 1U 6HU $ 1U =LII I YRP 0lU] L6 /HDQGHU JHJHQ 6FKZHGHQ 1U 6HU $ 1U =LII YRP $XJXVW /DPEHUW JHJHQ )UDQNUHLFK 1U 5HSRUWV 9 =LII II YRP 0DL L6 5RWDUX JHJHQ 5XPlQLHQ 1U (&+5 9 =LII %$576&+ %h//(6)(/' IHUQHU 6&+:(,=(50h//(5 ]X GHQ WHLOZHLVH YLHO ]X RIIHQ JHKDOWHQHQ JHVHW]OLFKHQ 1RUPLHUXQJHQ YJO YRUQH 7HLO ,, % %*( , ( I 58(**)/h&.,*(5129(0%(5./$86(5 %h//(6)(/' 9LGHR EHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ 3526&+$. YRUQH 7HLO ,9 % E L 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ PLHUWH *UXQGVDW] GHU 5HFKWVVWDDWOLFKNHLW PLW ZHOFKHP GDV JHVDPWH 6WDDWVKDQGHOQ DQ GDV 5HFKW JHEXQGHQ ZLUG 6LFKHU]XVWHOOHQ LVW VRPLW ]XQlFKVW GDVV HLQ KLQUHLFKHQGHU 5HFKWVVFKXW] JHJHQ VWDDW OLFKH LQ *UXQGUHFKWH HLQJUHLIHQGH 0DVVQDKPHQ EHVWHKW 'LHV ZLHGHUXP VHW]W ± EHVRQGHUV LP %HUHLFK GHU 'DWHQEHDUEHLWXQJ ± ,QIRUPDWLRQV XQG $XINOlUXQJVSIOLFK WHQ XQG $XVNXQIWV XQG (LQVLFKWVUHFKWH YRUDXV .|QQHQ VLFK GLH %UJHU XQG %UJHULQQHQ QLFKW EHU GLH 'DWHQEHDUEHLWXQJ LQIRUPLHUHQ XQG JHJHQ HLQH ZLGHU UHFKWOLFKH 'DWHQEHDUEHLWXQJ ]XU :HKU VHW]HQ EOHLEW GDV 5HFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ $UW $EV %9 VFKXW]ORV 1RWZHQGLJ VLQG DXFK %HULFK WLJXQJV XQG /|VFKXQJVDQVSUFKH 6RGDQQ EHGDUI HV GHU 6FKDIIXQJ XQDE KlQJLJHU .RQWUROOLQVWDQ]HQ LP %HUHLFK GHV 'DWHQVFKXW]HV 'LHVH KDEHQ GHQ (LQ VDW] GHU 9LGHREHUZDFKXQJ YRUJlQJLJ ]X SUIHQ XQG GHUHQ 'XUFKIKUXQJ NRQWUROOLHUHQG ]X EHJOHLWHQ 8QDXVZHLFKOLFK LVW HV DXFK HLQHU PLVVEUlXFKOLFKHQ XQG ]ZHFNZLGULJHQ 9HUZHQGXQJ GHV %LOGPDWHULDOV GXUFK WHFKQLVFKH 6FKXW]YRUNHK UXQJHQ HQWJHJHQ]XZLUNHQ 'LH GXUFK 9LGHREHUZDFKXQJ EHZLUNWHQ *UXQGUHFKWV HLQJULIIH VLQG VRGDQQ GXUFK GHQ (LQVDW] GDWHQVFKXW]IUHXQGOLFKHU 7HFKQRORJLHQ DE +$1*$571(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %*( , ( *5$%(1:$57(5 5] II 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II (*05 8UWHLO YRP $SULO L6 &RSODQG JHJHQ 9HUHLQLJWHV .| QLJUHLFK 1U =LII Ä7KH &RXUW UHFDOOV WKDW LW LV ZHOO HVWDEOLVKHG LQ WKH FDVHODZ WKDW WKH WHUP µLQ DFFRUGDQFH ZLWK WKH ODZ¶ LPSOLHV ± DQG WKLV IROORZV IURP WKH REMHFW DQG SXU SRVH RI $UWLFOH ± WKDW WKHUH PXVW EH D PHDVXUH RI OHJDO SURWHFWLRQ LQ GRPHVWLF ODZ DJDLQVW DU ELWUDU\ LQWHUIHUHQFHV E\ SXEOLF DXWKRULWLHV ZLWK WKH ULJKWV VDIHJXDUGHG E\ $UWLFOH 7KLV LV DOO WKH PRUH VR LQ DUHDV VXFK DV WKH PRQLWRULQJ LQ TXHVWLRQ LQ YLHZ RI WKH ODFN RI SXEOLF VFUX WLQ\ DQG WKH ULVN RI PLVXVH RI SRZHU´ 02+/(5 9HUQHW]XQJ 5] 9JO HWZD %*( , ( D (*05 8UWHLOH YRP 0lU] L6 /HDQGHU JHJHQ 6FKZH GHQ 1U 6HU $ 1U =LII YRP -XOL L6 *DVNLQ JHJHQ 9HUHLQLJWHV .| QLJUHLFK 1U 6HU $ 1U =LII I YRP 6HSWHPEHU L6 0* JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U =LII I YRP -XQL L6 6HJHUVWHGW:LEHUJ XD JHJHQ 6FKZHGHQ 1U (&+5 9,, =LII 9,//,*(5 5] 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %85.(57 'D WHQVFKXW] 6,(0(1 II .g1,* 5 I :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] II LQVE 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] II %$1*(57 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] II 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] :,/'+$%(5 %5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] 6,(0(1 II 9JO ]XP 5HFKWVVFKXW] KLQWHQ 7HLO 9 % :,/'+$%(5%5(,7(1026(5 ,QW.RPP ]X $UW (05. 5] 'D]X KLQWHQ 7HLO 9 & 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ ]XPLOGHUQ 'DUEHU KLQDXV LVW GLH 9LGHREHUZDFKXQJ HLQHU :LUNVDPNHLWVSU IXQJ ]X XQWHUVWHOOHQ XQG DOOHQIDOOV ]X EHIULVWHQ =X EHPHUNHQ EOHLEW GDVV VFKRQ GDV (UIRUGHUQLV HLQHU KLQUHLFKHQG EHVWLPPWHQ IRU PHOOJHVHW]OLFKHQ *UXQGODJH XQG GLH VWULNWH %HDFKWXQJ GHV 9HUKlOWQLVPlVVLJNHLWV SULQ]LSV ]HQWUDOH 6FKXW]YRUNHKUXQJHQ JHJHQ XQ]XOlVVLJH *UXQGUHFKWVEHHLQWUlFKWL JXQJHQ GDUVWHOOHQ 0LW DQGHUHQ :RUWHQ NDQQ ± DXFK EHL GHU 1RUPLHUXQJ YRQ .RQWUROO XQG 6FKXW]PHFKDQLVPHQ ± QLFKW GDUDXI YHU]LFKWHW ZHUGHQ GLH 9LGHR EHUZDFKXQJ XQG GLH VLFK LKU DQVFKOLHVVHQGHQ 'DWHQEHDUEHLWXQJVVFKULWWH SUl]LVH ]X UHJHOQ XQG LQ MHGHP (LQ]HOIDOO HLQHU VRUJIlOWLJHQ 9HUKlOWQLVPlVVLJNHLWVSUIXQJ ]X XQWHUVWHOOHQ % (UIRUGHUQLV HLQHV HIIHNWLYHQ 5HFKWVVFKXW]HV +LQUHLFKHQGHU 5HFKWVVFKXW] LVW HLQHUVHLWV GDKLQJHKHQG VLFKHU]XVWHOOHQ GDVV VLFK GHU YRQ GHU 9LGHREHUZDFKXQJ %HWURIIHQH JHJHQ MHGH XQUHFKWPlVVLJH 'DWHQEHDUEHL WXQJ JHULFKWOLFK ]XU :HKU VHW]HQ NDQQ $QGHUHUVHLWV PXVV VFKRQ GLH )HVWOHJXQJ GHU EHUZDFKWHQ %HUHLFKH HLQHU JHULFKWOLFKHQ hEHUSUIXQJ XQWHU]RJHQ ZHUGHQ N|QQHQ 5HFKWVVFKXW] JHJHQEHU HLQHU XQUHFKWPlVVLJHQ 'DWHQEHDUEHLWXQJ GXUFK 9LGHREHUZDFKXQJ 'LH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ LP 5DKPHQ HLQHU 9LGHREHUZDFKXQJ LVW GHP YHUIJXQJVIUHLHQ 6WDDWVKDQGHOQ ]X]XUHFKQHQ 6LH HUIROJW ± ZLH GLHV IU SROL]HLOLFKHV +DQGHOQ KlXILJ GHU )DOO LVW ± LQ GHU )RUP HLQHV 5HDODNWHV 'LHV NDQQ ]X 'HIL ]LWHQ LP 5HFKWVVFKXW] IKUHQ VRZHLW LP YHUZDOWXQJVLQWHUQHQ XQG YHUZDOWXQJVJH ULFKWOLFKHQ 9HUIDKUHQ QXU 9HUIJXQJHQ GDV $QIHFKWXQJVREMHNW ELOGHQ 6FKRQ 'D]X KLQWHQ 7HLO 9 ' +LQWHQ 7HLO 9 ( 9JO &R( 5HSRUW YLGHR VXUYHLOODQFH & 9 9JO 022532/7,(5 'URLW DGPLQLVWUDWLI ,, IHUQHU 76&+$11(1=,00(5/,0h//(5 5] EHWUHIIHQG SROL]HLOLFKH 6WUHLIHQIDKUWHQ 6WDDWOLFKHU 'DWHQEHDUEHLWXQJ NRPPW LG5 QLFKW VHOEVW 9HUIJXQJVFKDUDNWHU ]X YJO %85.(57 'DWHQVFKXW] %$1*(57 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] YJO VFKRQH YRUQH )Q $XFK ZHQQ 5HDODNWH QLFKW ± ZLH GLH 9HUI JXQJ ± XQPLWWHOEDU DXI GLH (U]LHOXQJ HLQHU UHFKWOLFKHQ :LUNXQJ VRQGHUQ SULPlU DXI HLQHQ WDW VlFKOLFKHQ (UIROJ DE]LHOHQ VWDWW YLHOHU 022532/7,(5 'URLW DGPLQLVWUDWLI ,, N|QQHQ VLH VLFK VHOEVWYHUVWlQGOLFK DXI GLH *UXQGUHFKWH GHU %HWURIIHQHQ DXVZLUNHQ YJO %*( , ( 02+/(5 5HDODNWH II +$1*$571(5 5HFKW DXI 5HFKWVVFKXW] +b)(/,1 0h//(58+/0$11 5] 7HUPLQRORJLVFK OlVVW VLFK GD PLW GHU SROL]HLOLFK GXUFKJHIKU WHQ 9LGHREHUZDFKXQJ XQPLWWHOEDU DXI GLH JUXQGUHFKWOLFK JHVFKW]WHQ 9HUKDOWHQVIUHLKHLWHQ GHV (LQ]HOQHQ HLQJHZLUNW ZLUG YRQ HLQHP VRJ LQWHUYHQLHUHQGHQ SROL]HLOLFKHQ 5HDODNW VSUH FKHQ YJO 02+/(5 5HDODNWH I lKQOLFK IU GDV GHXWVFKH 5HFKW %$576&+ ÄHLQJUHL IHQGHU 5HDODNW³ 9JO 5,9$ I 0h//(5 0 I 5$,1(5 - 6&+:(,=(5 'XUFKVHW]XQJ GHV *UXQGUHFKWV VFKXW]HV LQ GHU 6FKZHL] LQ 0(57(13$3,(5 II 5] 3$8/ 5,&+/, =XP 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ DXIJUXQG YRQ $UW (05. EHVWHKW DEHU DXFK GDQQ HLQ 5HFKW DXI HLQH ZLUNVDPH %HVFKZHUGH ZHQQ GXUFK HLQHQ 5HDODNW LQ HLQ GXUFK GLH (05. JDUDQWLHUWHV 5HFKW HLQJHJULIIHQ ZLUG ZLH GLHV ]XPLQGHVW EHWUHIIHQG 9LGHRDXI]HLFKQXQJVPDVVQDK PHQ JUXQGVlW]OLFK ]X EHMDKHQ VHLQ GUIWH 'DVV GLH 'DWHQEHVFKDIIXQJ GXUFK 9L GHREHUZDFKXQJ XQG GLH VLFK LKU DQVFKOLHVVHQGHQ %HDUEHLWXQJVVFKULWWH DXFK HLQHU XPIDVVHQGHQ JHULFKWOLFKHQ hEHUSUIXQJ XQWHUVWHKHQ PVVHQ HUJLEW VLFK VRGDQQ DXV $UW D %9 $XIJUXQG GLHVHU %HVWLPPXQJ LVW GHP (LQ]HOQHQ DXFK JHJHQEHU 5HDODNWHQ 5HFKWVVFKXW] ]X JHZlKUHQ ]XPLQGHVW VRZHLW PLW HLQHP 5HDODNW LQ VFKW ]HQVZHUWH 5HFKWVSRVLWLRQHQ HLQJHJULIIHQ ZLUG XQG GDPLW QDPHQWOLFK HLQH %HHLQ WUlFKWLJXQJ YRQ *UXQGUHFKWHQ HLQKHUJHKW 'LH )UDJH RE XQG XQWHU ZHOFKHQ 9R UDXVVHW]XQJHQ LP %HUHLFK GHU VWDDWOLFKHQ 'DWHQEHDUEHLWXQJ DXFK GLH LQ $UW =LII (05. JDUDQWLHUWH 5HFKWVZHJJDUDQWLH ]XP 7UDJHQ NRPPW NDQQ DQ GLHVHU 6WHOOH QLFKW DEVFKOLHVVHQG XQWHUVXFKW ZHUGHQ 5HFKWVVFKXW] JHJHQ YHUIJXQJVIUHLHV 6WDDWVKDQGHOQ LQ GHU 7RWDOUHYLVLRQ GHU %XQGHVUHFKWV SIOHJH $-3 II II +b)(/,1+$//(5.(//(5 5] 6&+:(,=(5 6FKZHL]HULVFKH *HULFKWH %*( , ( %*( , ( %*( , ( G %*( , ( E $UW (05. YHUPLWWHOW ]ZDU NHLQHQ $QVSUXFK DXI HLQH hEHUSUIXQJ GXUFK HLQ *HULFKW DEHU LP PHUKLQ DXI HLQH MXVWL]PlVVLJH hEHUSUIXQJ 'LHVH NDQQ DXFK GXUFK HLQH 9HUZDOWXQJVEHK|UGH HUIROJHQ VRZHLW GLHVH XQSDUWHLLVFK XQG YRQ GHU 9RULQVWDQ] KLQUHLFKHQG XQDEKlQJLJ LVW VRZLH HLQH 5HFKWV XQG 6DFKYHUKDOWVSUIXQJ YRUQHKPHQ GDUI YJO +$1*$571(5 5HFKW DXI 5HFKWV VFKXW] I +(5=2*/226(5 II IHUQHU %*( , ( 'D]X LP (LQ]HOQHQ YRUQH 7HLO ,,, % 0LQGHVWHQV HLQ *HULFKW PLW YROOHU .RJQLWLRQ LQ 6DFK XQG 5HFKWVIUDJHQ PXVV DQJHUXIHQ ZHU GHQ N|QQHQ YJO 723+,1.( ./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW D %9 5] +b)(/,10h//(58+/0$11 5] I 02+/(5 5HDODNWH I II ./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW D %9 5] (67+(5 723+,1.( %HGHXWXQJ GHU 5HFKWVZHJJDUDQWLH IU GLH $QSDVVXQJ GHU NDQWRQDOHQ *HVHW]JHEXQJ =%O II I :$/'0$11 IHUQHU %,$**,1, .RPP ]X $UW D %9 5] 5,9$ +$1*$571(5 5HFKW DXI 5HFKWVVFKXW] II :(%(5 % II &+5,67,1$ .,66 5HFKWVZHJJDUDQWLH XQG 7RWDOUHYLVLRQ GHU %XQ GHVUHFKWVSIOHJH =%-9 II I 9RWXP 6WlQGHUDW :LFNL .RPPLVVLRQVEHULFKWHU VWDWWHU $% 6W5 *UXQGOHJHQG ]XU )XQNWLRQ YRQ $UW =LII (05. DOV 5HFKWVZHJJDUDQWLH (*05 8UWHLO YRP )HEUXDU L6 *ROGHUHU JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U 6HU $ 1U =LII VWlQGLJH 5HFKWVSUHFKXQJ YJO HWZD (*05 8UWHLO YRP 2NWREHU L6 ,WVOD\HY JHJHQ 5XVVODQG 1U =LII VD 6&+:(,=(5 6FKZHL]HULVFKH *HULFK WH II 3,(7(5 9$1 ',-.0$5& 9,(5,1* 5LJKW WR D )DLU DQG 3XEOLF +HDULQJ $UWLFOH LQ 9$1 ',-. HW DO &KDSWHU II I 9,//,*(5 5] XQG 'LH )UDJH LVW MHGHQIDOOV GLIIHUHQ]LHUW ]X EHDQWZRUWHQ =XQlFKVW LVW IHVW]XKDOWHQ GDVV $UW =LII (05. DXFK LP %HUHLFK GHV YHUIJXQJVIUHLHQ 6WDDWVKDQGHOQV $QZHQGXQJ ILQGHW 1DFK LQQHUVWDDWOLFKHP 5HFKW EHVWHKHQGH (LQVFKUlQNXQJHQ ]XU SUR]HVVXDOHQ 'XUFKVHW]XQJ YRQ 5HFKWVDQVSUFKHQ VFKOLHVVHQ GLH $QZHQGEDUNHLW YRQ $UW (05. QLFKW DXV YJO (*05 8U WHLOH YRP 1RYHPEHU L6 )RJDUW\ JHJHQ 9HUHLQLJWHV .|QLJUHLFK 1U (&+5 ,; =LII I YRP 6HSWHPEHU L6 )D\HG JHJHQ 9HUHLQLJWHV .|QLJ UHLFK 1U 6HU $ 1U % =LII *5$%(1:$57(5 5] *5$%(1 :$57(53$%(/ LQ *527(0$5$8+1 .DS 5] IHUQHU :$/'0$11 0h//(5 0 %*( , ( IHUQHU +b)(/,1+$//(5.(//(5 5] 6&+:(,=(5 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 'LH 5HFKWVVFKXW]SUREOHPDWLN LP %HUHLFK GHV YHUIJXQJVIUHLHQ 6WDDWVKDQGHOQV ZLUG JHJHQEHU 5HDODNWHQ ZHOFKH VLFK DXI |IIHQWOLFKHV 5HFKW GHV %XQGHV VWW]HQ XQG 5HFKWH RGHU 3IOLFKWHQ EHUKUHQ GXUFK $UW D 9Z9* HQWVFKlUIW $XFK GLH .DQWRQH KDEHQ GHQ 5HFKWVVFKXW] LQ LKUHQ 9HUZDOWXQJVUHFKWVSIOHJHJHVHW]HQ WHLOZHL VH HEHQIDOOV DXVGUFNOLFK DXI 5HDODNWH HUVWUHFNW ,P %HUHLFK GHU 'DWHQEHDUEHL WXQJ ZHUGHQ GHP (LQ]HOQHQ ]XGHP GXUFK GLH 'DWHQVFKXW]JHVHW]H YRQ %XQG XQG .DQWRQHQ 8QWHUODVVXQJV %HVHLWLJXQJV XQG )HVWVWHOOXQJVDQVSUFKH EHWUHIIHQG HLQH ZLGHUUHFKWOLFKH %HDUEHLWXQJ YRQ 3HUVRQHQGDWHQ HLQJHUlXPW ,P =XVDPPHQKDQJ PLW HLQHU 9LGHREHUZDFKXQJ ZHOFKH GXUFK VWDDWOLFKH 2UJDQH GXUFKJHIKUW ZLUG NDQQ GHU LQ VFKXW]ZUGLJHQ UHFKWOLFKHQ RGHU WDWVlFKOLFKHQ ,QWHUHVVHQ %HWURIIHQH LG5 YHUODQJHQ GDVV GDV 2UJDQ HLQ ZLGHUUHFKWOLFKHV ± GDUXQWHU IlOOW DXFK HLQ QLFKW YHU 6FKZHL]HULVFKH *HULFKWH I YJO DEHU +(5=2* I ,QIUDJH VWHKHQ PVVHQ DEHU Ä]LYLOUHFKWOLFKH $QVSUFKH XQG 9HUSIOLFKWXQJHQ³ 'LHVH XPIDVVHQ ]ZDU DXFK 6WUHLWLJNHLWHQ YHUZDOWXQJVUHFKWOLFKHU 1DWXU ÄVRIHUQ GLHVH PDVVJHEOLFK LQ 5HFKWH XQG 9HUSIOLFKWXQJHQ SUL YDWUHFKWOLFKHU 1DWXU HLQJUHLIHQ³ VWlQGLJH 5HFKWVSUHFKXQJ GHV (*05 YJO 8UWHLO YRP -XOL L6 .OHLQ JHJHQ 'HXWVFKODQG 1U =LII *5$%(1:$57(53$%(/ LQ *527(0$5$8+1 .DS 5] VD %*( , ( RGHU ÄVLFK DXI YHUP|JHQV ZHUWH 5HFKWH GHV %HWURIIHQHQ DXVZLUNHQ³ (*05 8UWHLOH YRP -XQL L6 %DNL\HYHWV JHJHQ 5XVVODQG 1U =LII YRP 0lU] L6 (GLWLRQV 3pULVFRSH JHJHQ )UDQN UHLFK 1U 6HU $ 1U % =LII I *5$%(1:$57(5 5] *5$%(1:$57(53$%(/ LQ *527(0$5$8+1 .DS 5] +b)(/,10h//(5 8+/0$11 5] VD %*( , ( %*( ,, ( E 6ROFKH 6WUHLWLJNHL WHQ N|QQHQ ULFKWLJHUZHLVH DXFK VLFKHUKHLWVSROL]HLOLFKHU 1DWXU VHLQ VRIHUQ VLH HQWVSUHFKHQGH )ROJHQ ]HLWLJHQ %*( , ( %*( ,, ( E D$ +(5=2* I =LYLO UHFKWOLFKHQ &KDUDNWHU ZHLVHQ QDPHQWOLFK 6WUHLWLJNHLWHQ EHWUHIIHQG GDV (LJHQWXP GLH %HUXIV XQG *HZHUEHWlWLJNHLW 6FKDGHQHUVDW]IRUGHUXQJHQ JHJHQEHU GHP *HPHLQZHVHQ RGHU VROFKH EHWUHIIHQG (KUYHUOHW]XQJHQ DXI YJO 9,//,*(5 5] II )52:(,13(8.(57 .RPP ]X $UW (05. 5] II *5$%(1:$57(5 5] II VD %*( , ( ,QVR IHUQ GXUFK GLH 9LGHREHUZDFKXQJ HLQ VROFKHV 5HFKW ± GLUHNW XQG XQPLWWHOEDU VLHKH HWZD (*05 8UWHLO YRP 2NWREHU L6 ,WVOD\HY JHJHQ 5XVVODQG 1U =LII %*( , ( XQG ± EHWURIIHQ ZLUG ZDV ]XPLQGHVW EHWUHIIHQG GLH %HUXIV XQG *HZHU EHWlWLJNHLW XQG GDV (LJHQWXP QLFKW DXVJHVFKORVVHQ LVW YRUQH 7HLO ;, NRPPW $UW =LII (05. ]XU $QZHQGXQJ 2E DXFK GDV *UXQGUHFKW DXI LQIRUPDWLRQHOOH 6HOEVWEHVWLPPXQJ E]Z GDV *UXQGUHFKW DXI 'DWHQVFKXW] DOV VROFKH HLQ ÄFLYLO ULJKW³ L6Y $UW =LII (05. GDUVWHO OHQ VFKHLQW QLFKW DEVFKOLHVVHQG JHNOlUW OlVVW VLFK DEHU PLW JXWHQ *UQGHQ EHMDKHQ VLHKH $/(;$1'(5 %$/7+$6$5 (IIHNWLYHU 5HFKWVVFKXW] SHUVRQHQEH]RJHQHU 'DWHQ" LQ $/(;$1'(5 %$/7+$6$5 *UHQ]HQ XQG *HIDKUHQ GHV 6FKXW]HV GHU *UXQGUHFKWH :LHQ II II =X EHDFKWHQ LVW DOOHUGLQJV GDVV ]XPLQGHVW QDFK $XIIDVVXQJ GHV %XQGHVJH ULFKWV GLH HEHQIDOOV SHUV|QOLFKNHLWVUHOHYDQWHQ *UXQGUHFKWH GHU %HZHJXQJVIUHLKHLW VRZLH GHU 0HLQXQJV XQG ,QIRUPDWLRQVIUHLKHLW IU VLFK DOOHLQH JHQRPPHQ NHLQH ÄFLYLO ULJKWV³ L6Y $UW =LII (05. GDUVWHOOHQ %*( , ( %*( , ( %*( , ( :(%(5'h5/(5 LQ $8(50h//(56&+,1'/(5 .RPP ]X $UW D 9Z9* 5] II ./(< LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW D %9 5] XPIDVVHQG GD]X 0$5,$11( 76&+233&+5,67(1 5HFKWVVFKXW] JHJHQEHU 5HDODNWHQ GHV %XQGHV $UWLNHO D 9Z9* 'LVV =ULFK ELV 95*=* $UW $EV XQG $UW $EV 95**5 9JO %$1*(57 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ KlOWQLVPlVVLJHV ± %HDUEHLWHQ XQWHUOlVVW GLH )ROJHQ HLQHV ZLGHUUHFKWOLFKHQ %H DUEHLWHQV EHVHLWLJW XQG GLH :LGHUUHFKWOLFKNHLW GHV %HDUEHLWHQV IHVWVWHOOW ,P %H UHLFK GHU 9LGHREHUZDFKXQJ YRQ EHVRQGHUHU %HGHXWXQJ VLQG GLH 9HUQLFKWXQJV XQG /|VFKXQJVDQVSUFKH 'HU (LQ]HOQH NDQQ GDPLW GLH 9HUQLFKWXQJ DOO GHUMHQLJHQ 'DWHQ YHUODQJHQ ZHOFKH RKQH KLQUHLFKHQGH JHVHW]OLFKH *UXQGODJH RGHU VRQVW ZLH LQ ZLGHUUHFKWOLFKHU LQVEHVRQGHUH DXFK LQ XQYHUKlOWQLVPlVVLJHU $UW XQG :HLVH EHDU EHLWHW ZHUGHQ VRZLH YRQ VROFKHQ 'DWHQ ZHOFKH XQULFKWLJ VLQG =XGHP NDQQ GLH EHWURIIHQH 3HUVRQ GLH %HNDQQWJDEH LKUHU 'DWHQ DQ 'ULWWH VSHUUHQ ODVVHQ RGHU GLH %HULFKWLJXQJ LKUHU 'DWHQ YHUODQJHQ 'HU (LQ]HOQH KDW VRGDQQ HLQ GDWHQVFKXW]UHFKWOLFKHV $XVNXQIWV XQG (LQVLFKWVUHFKW ZHOFKHV QLFKW LPPHU DEHU GHQQRFK KlXILJ DQ GDV 9RUOLHJHQ HLQHU 'DWHQVDPP OXQJ JHNQSIW LVW %HGHQNW PDQ GDVV GDV :LVVHQ GDUXP ZHU ZHOFKH 'DWHQ EH DUEHLWHW DXFK EHL 1LFKWYRUOLHJHQ HLQHU 'DWHQVDPPOXQJ ]HQWUDO LVW XP VLFK JHJHQ HLQH XQ]XOlVVLJH 'DWHQEHDUEHLWXQJ ]XU :HKU VHW]HQ ]X N|QQHQ HUVFKHLQW GLH %LQ GXQJ GHV $XVNXQIWVUHFKWV DQ GDV 9RUOLHJHQ HLQHU 'DWHQVDPPOXQJ QLFKW DOV VDFKJH UHFKW 6RIHUQ GHU 'DWHQEHDUEHLWHU RKQH JURVVHQ $XIZDQG LQ GHU /DJH LVW GHP YRQ GHU 'DWHQEHDUEHLWXQJ %HWURIIHQHQ $XVNXQIW GDUEHU ]X JHEHQ RE XQG ZHOFKH 'DWHQ EHU LKQ EHDUEHLWHW ZHUGHQ IRUGHUW DEHU ULFKWLJHUZHLVH VFKRQ GHU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ GDVV HLQHP HQWVSUHFKHQGHQ %HJHKUHQ VWDWWJHJHEHQ ZLUG 'LHV LVW EHVRQGHUV GHVKDOE YRQ %HGHXWXQJ GD HLQ %HVWDQG DQ 9LGHRDXI]HLFKQXQJHQ %$1*(57 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 9JO $UW '6* $UW /,3$'*( ,'$*$* $UW '6*$5 '6*6= VD &'&- *XLGLQJ SULQFLSOHV =LII +|FKVW SUREOHPDWLVFK LVW HV ZHQQ VROFKH $QVSUFKH DQ GDV 9RUOLHJHQ HLQHU 'DWHQVDPPOXQJ JHNQSIW ZHUGHQ YJO ]% $UW N'6*1: XQG $UW '6FK*$, 'LHV EHZLUNW P( HLQH ]X ZHLW JHKHQGH (LQVFKUl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lVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ QLFKW RKQH ZHLWHUHV DOV 'DWHQVDPPOXQJ TXDOLIL]LHUW ZHUGHQ NDQQ %HJUVVHQV ZHUW LVW GDVV QDFK HLQ]HOQHQ JHVHW]OLFKHQ 5HJHOXQJHQ LP %HUHLFK GHU 9LGHREHU ZDFKXQJ GHU %HWURIIHQH XQDEKlQJLJ YRP 9RUOLHJHQ HLQHU 'DWHQVDPPOXQJ $XV NXQIW EHU LKQ EHWUHIIHQGH $XI]HLFKQXQJHQ HUKDOWHQ NDQQ %HL GHU *HZlKUXQJ YRQ (LQVLFKW LQ GLH 9LGHRDXI]HLFKQXQJHQ LVW LQGHVVHQ VWULNWH GDUDXI ]X DFKWHQ GDVV 'ULWWH GDUDXI QLFKW ]X HUNHQQHQ VLQG VRIHUQ VLH QLFKW LQ HLQH 'DWHQEHNDQQWJDEH LQ XQDQRQ\PLVLHUWHU )RUP DXVGUFNOLFK HLQJHZLOOLJW KDEHQ 'DPLW VLFK GHU (LQ]HOQH JHJHQ HLQH XQ]XOlVVLJH 'DWHQEHDUEHLWXQJ ZHKUHQ NDQQ LVW HV VRGDQQ HUIRUGHUOLFK GDVV LKP QLFKW QXU GHU 8PVWDQG GHU 'DWHQEHVFKDIIXQJ HU NHQQEDU JHPDFKW ZLUG VRQGHUQ ± ZLH GLHV LP hEULJHQ VFKRQ GHU *UXQGVDW] YRQ 7UHX XQG *ODXEHQ JHELHWHW ± DXFK GLH VLFK GHU %HVFKDIIXQJ DQVFKOLHVVHQGHQ %H DUEHLWXQJVVFKULWWH 'LHV LVW PLWWHOV $XINOlUXQJV XQG ,QIRUPDWLRQVSIOLFKWHQ VLFKHU]X VWHOOHQ $QVRQVWHQ EOHLEW HLQ HIIHNWLYHU 5HFKWVVFKXW] ± LQVEHVRQGHUH DXFK LP %H UHLFK GHU 9LGHREHUZDFKXQJ ± LOOXVRULVFK 'LH %HK|UGH PXVV GHQ %HWURIIHQHQ DEHU QXU GDQQ YRQ VLFK DXV EHQDFKULFKWLJHQ ZHQQ HLQH WDWVlFKOLFKH =XRUGQXQJ GHU 'DWHQ ]X VHLQHU 3HUVRQ HUIROJW LVW 'LH EORVVH 0|JOLFKNHLW HLQHU =XRUGQXQJ YHUPDJ HLQH %HQDFKULFKWLJXQJVSIOLFKW QRFK QLFKW DXV]XO|VHQ *UXQGVlW]OLFK YHUWUHWEDU HUVFKHLQW HV MHGRFK GLH %HQDFKULFKWLJXQJ EHU HLQH HUIROJWH =XRUGQXQJ YRP 9RU OLHJHQ JHZLVVHU 9RUDXVVHW]XQJHQ DEKlQJLJ ]X PDFKHQ 'LH %HQDFKULFKWLJXQJV SIOLFKW OlVVW VLFK LQVEHVRQGHUH DQ GLH %HGLQJXQJHQ NQSIHQ GDVV GDGXUFK GHU =ZHFN GHU hEHUZDFKXQJ E]Z GHU 6WUDIYHUIROJXQJ QLFKW YHUHLWHOW ZLUG GLH ,GHQWLWlW GHV %HWURIIHQHQ DNWHQPlVVLJ IHVWJHKDOWHQ ZLUG GLH $XI]HLFKQXQJHQ JHJHQ GHQ %H WURIIHQHQ YHUZHQGHW VLH EHU GLH JHVHW]OLFKH 0D[LPDOGDXHU KLQDXV DXIEHZDKUW RGHU GLH $XI]HLFKQXQJHQ E]Z GLH ,GHQWLWlW GHV %HWURIIHQHQ 'ULWWHQ EHNDQQW JHJHEHQ ZHUGHQ VROOHQ 6SH]LHOOH ,QIRUPDWLRQV XQG %HQDFKULFKWLJXQJVSIOLFKWHQ LP %H UHLFK GHU 9LGHREHUZDFKXQJ VHKHQ HLQLJH JHVHW]OLFKH %HVWLPPXQJHQ DXVGUFNOLFK YRU WHLOZHLVH DOOHUGLQJV XQWHU GHP ± VDFKJHUHFKWHQ ± 9RUEHKDOW GDVV GHU =ZHFN GHU 'D]X YRUQH 7HLO 9 % 9JO ]% $EV 992=99 Ä:HU $XVNXQIW EHU GLH $XI]HLFKQXQJHQ VHLQHU 3HUVRQ YHUODQJW PXVV ]HLWOLFKH |UWOLFKH SHUV|QOLFKH XQG VDFKOLFKH $QJDEHQ PDFKHQ³ YJO DXFK YRUQH 7HLO ,, % ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV IHUQHU *5$0,*1$0$85(5/$0%528 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] 9JO YRUQH 7HLO 9, & VD 7HLO 9, ) +b1(5 gIIHQWOLFKNHLW XQG 9HUZDOWXQJ VD YRUQH 7HLO ,, % 921 =(=6&+:,7= 5] %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H %$576&+ '6% 6WDGW =ULFK 7% :(,&+(57 9LGHREHUZDFKXQJ %$86&+ 5$1'+$+1 6&+:(,=(5 =XVDPPHQIDVVXQJ 5] 9JO %,=(5 LQ 6,0,7,6 .RPP ]X E %'6* 5] 5$1'+$+1 3(75, 5] XQG 9JO ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ hEHUZDFKXQJ HLQH %HQDFKULFKWLJXQJ HUODXEW RGHU GHU %HQDFKULFKWLJXQJ NHLQH %H VWLPPXQJHQ GHV 6WUDI RGHU 6WUDISUR]HVVUHFKWV HQWJHJHQVWHKHQ )HVWKDOWHQ GHU EHUZDFKWHQ %HUHLFKH LQ HLQHU DQIHFKWEDUHQ 9HUIJXQJ +LQUHLFKHQGHU 5HFKWVVFKXW] LVW MHGRFK VFKRQ JHJHQ GLH EHK|UGOLFKH )HVWOHJXQJ GHU EHUZDFKWHQ %HUHLFKH VLFKHU]XVWHOOHQ 'DV %XQGHVJHULFKW YHUODQJW GHVKDOE ]X 5HFKW GDVV GLH Ä6WDQGRUWH GHU .DPHUDV³ HLQHU ÄYHUIDVVXQJVPlVVLJHQ 3UIXQJ³ XQ WHU]RJHQ ZHUGHQ N|QQHQ 'LHVH )HVWOHJXQJ GHU .DPHUDVWDQGRUWH EHVVHU GHU EHUZDFKWHQ %HUHLFKH KDW ULFKWLJHUZHLVH LQ GHU )RUP HLQHU $OOJHPHLQYHUIJXQJ ]X HUIROJHQ 'LHVH ELOGHW $QIHFKWXQJVREMHNW LP YHUZDOWXQJVLQWHUQHQ XQG YHUZDO WXQJVJHULFKWOLFKHQ %HVFKZHUGHYHUIDKUHQ 'D GHU $GUHVVDWHQNUHLV HLQHU VROFKHQ $OO JHPHLQYHUIJXQJ RIIHQ XQG XQEHVWLPPW LVW PXVV ]XU 6LFKHUVWHOOXQJ GHV 5HFKWV VFKXW]HV JHJHQEHU VSlWHU EHWURIIHQHQ $GUHVVDWHQ DXFK LKUH DN]HVVRULVFKH $QIHFKWXQJ P|JOLFK VHLQ ,P 5DKPHQ HLQHU %HVFKZHUGH NDQQ GDQQ HWZD YRUJH EUDFKW ZHUGHQ GLH hEHUZDFKXQJ VHL QLFKW YHUKlOWQLVPlVVLJ ]% ZHLO NHLQ HLJHQWOL FKHU .ULPLQDOLWlWVVFKZHUSXQNW YRUOLHJH 8P GLH hEHUSUIXQJ GLHVHU ± ]HQWUDOHQ XQG ZLFKWLJHQ ± )UDJH ]X HUOHLFKWHUQ HUVFKHLQW HV VLQQYROO GDVV GLH 3ROL]HL LKUH /D JHSURJQRVH XQG 5LVLNRHLQVFKlW]XQJ JHQJHQG GRNXPHQWLHUW $QJHEUDFKW ZHU 9JO $EV ,'$*$* ELV $EV ,QIR'*62 $UW 9LGHR5HJ/8 YJO DXFK YRUQH 7HLO ,, % %*( , ( 9JO 9*HU 6* 8UWHLO YRP 0DL ( H 6**93 5LFKWLJHUZHLVH EHVWLPPW $UW 95|*6* GDVV GLH YLGHREHUZDFKWHQ gUWOLFKNHLWHQ ÄGXUFK GHQ 6WDGWUDW GXUFK $OOJH PHLQYHUIJXQJHQ³ ]X EHVWLPPHQ VLQG ZHOFKH Ä|IIHQWOLFK SXEOL]LHUW³ ZHUGHQ $XFK QDFK $UW F $EV 3RO*%( LVW GHU (LQVDW] YRQ %LOGEHUPLWWOXQJV XQG %LOGDXI]HLFKQXQJVJHUl WHQ GXUFK $OOJHPHLQ9HUIJXQJ IHVW]XOHJHQ (LQH 9HUZDOWXQJVYHURUGQXQJ HUVFKHLQW GHPJH JHQEHU QLFKW DOV GLH JHHLJQHWH )RUP %HL GHU )HVWOHJXQJ GHU .DPHUDVWDQGRUWH KDQGHOW HV VLFK QLFKW HWZD EORVV XP HLQH 'LHQVWDQZHLVXQJ DQ GLH XQWHUJHRUGQHWHQ %HK|UGHQ E]Z XP HLQH YROO]XJVOHQNHQGH RGHU RUJDQLVDWRULVFKH EHK|UGHQLQWHUQH :HLVXQJ YJO ]XU )XQNWLRQ GHU 9HU ZDOWXQJVYHURUGQXQJ LP (LQ]HOQHQ %*( , ( +b)(/,10h//(58+/0$11 5] I *,29$11, %,$**,1, 'LH YROO]XJVOHQNHQGH 9HUZDOWXQJVYHURUGQXQJ 5HFKWVQRUP RGHU )DNWXP" =%O II VRQGHUQ YLHOPHKU LVW JHUDGH DXFK EHDEVLFKWLJW DXI GLH 5HFKWV VWHOOXQJ GHV 3ULYDWHQ HLQ]XZLUNHQ 'DV %XQGHVJHULFKW VSULFKW XQWHU %H]XJQDKPH DXI GHQ YRU LQVWDQ]OLFKHQ (QWVFKHLG DOOHUGLQJV GDYRQ GDVV GLH 6WDQGRUWH GHU hEHUZDFKXQJVNDPHUDV LQ HL QHU EHUSUIEDUHQ Ä9HUZDOWXQJVYHURUGQXQJ E]Z 'LHQVWDQZHLVXQJ³ IHVW]XOHJHQ VHLHQ %*( , ( (V XQWHUOLHJW GLHVEH]JOLFK MHGRFK HLQHP 9HUVHKHQ 'LH 9RULQVWDQ] KDW QLFKW GDYRQ JHVSURFKHQ HV VHLHQ GLH 6WDQGRUWH GHU .DPHUDV LQ HLQHU DQIHFKWEDUHQ 9HUZDOWXQJVYHU RUGQXQJ IHVW]XOHJHQ VRQGHUQ HUZlKQWH GLHVEH]JOLFK GLH Ä$OOJHPHLQYHUIJXQJ³ 1XU LP =X VDPPHQKDQJ PLW GHU )UDJH LQ ZHOFKHU )RUP GHU 6WDGWUDW GLH $QRUGQXQJHQ EHU GLH WHFKQL VFKHQ XQG RUJDQLVDWRULVFKHQ 6FKXW]PDVVQDKPHQ HUODVVHQ PXVV VSUDFK VLH YRQ HLQHU 9HUZDOWXQJVYHURUGQXQJ VLHKH 9*HU 6* 8UWHLO YRP 0DL ( H 6**93 -$$* $OOJHPHLQYHUIJXQJ +b)(/,10h//(58+/0$11 5] =X GLHVHP (UIRUGHUQLV YRUQH 7HLO ,9 % E LL 3(75, 5] %h//(6)(/' 9LGHREHUZDFKXQJ |IIHQWOLFKHU 6WUDVVHQ XQG 3OlW]H II %$576&+ I 5$1'+$+1 II ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV YJO DXFK KLQWHQ 7HLO 9 & 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ GHQ GUIHQ GLH 9LGHRNDPHUDV LP hEULJHQ ULFKWLJHUZHLVH HUVW GDQQ ZHQQ GLH 9HUI JXQJ UHFKWVNUlIWLJ XQG YROOVWUHFNEDU LVW )UDJHQ HUJHEHQ VLFK EH]JOLFK GHU %HVFKZHUGHOHJLWLPDWLRQ 'LH /HJLWLPDWLRQ ]XU $QIHFKWXQJ HLQHU 9HUIJXQJ VHW]W UHJHOPlVVLJ HLQ EHVRQGHUHV %HWURIIHQVHLQ XQG HLQ VFKXW]ZUGLJHV ,QWHUHVVH DQ LKUHU $XIKHEXQJ RGHU bQGHUXQJ YRUDXV 0LW GLHVHQ 9RUDXVVHW]XQJHQ VROO GLH GHP VFKZHL]HULVFKHQ 5HFKW JUXQGVlW]OLFK IUHPGH 3RSX ODUEHVFKZHUGH DXVJHVFKORVVHQ ZHUGHQ 6LH JHOWHQ VHOEVWYHUVWlQGOLFK DXFK EHL $OOJHPHLQYHUIJXQJHQ ZHQQ DXFK GDV EHVRQGHUH %HWURIIHQVHLQ KLHU WHLOV ZHQLJHU RIIHQVLFKWOLFK LVW 5HJHOPlVVLJ ]XU %HVFKZHUGH OHJLWLPLHUW VHLQ GUIWHQ (LJHQ WPHU XQG %HZRKQHU YRQ /LHJHQVFKDIWHQ LP EHUZDFKWHQ XQG XQPLWWHOEDU GDUDQ DQJUHQ]HQGHQ %HUHLFK VRZLH VlPWOLFKH 3HUVRQHQ ZHOFKH LQ GLHVHQ %HUHLFKHQ HLQHU EHUXIOLFKHQ 7lWLJNHLW QDFKJHKHQ 1LFKW JDQ] OHLFKW IlOOW GLH %HDQWZRUWXQJ GHU )UD JH XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ DXFK 3HUVRQHQ ZHOFKH LP EHUZDFKWHQ RGHU GDUDQ DQJUHQ]HQGHQ %HUHLFK ZHGHU ZRKQHQ QRFK DUEHLWHQ ]XU $QIHFKWXQJ OHJLWL PLHUW VLQG ,QVEHVRQGHUH LVW IUDJOLFK RE HV DXVUHLFKW GDVV GHU EHUZDFKWH 2UW PHKU RGHU ZHQLJHU UHJHOPlVVLJ JHQXW]W ZLUG RGHU RE GHU %HWURIIHQH DXI GLH %HQW ]XQJ GHV EHUZDFKWHQ %HUHLFKHV UHJHOUHFKW DQJHZLHVHQ VHLQ PXVV 'DEHL VROOWH HV JUXQGVlW]OLFK JHQJHQ GDVV GHU %HWURIIHQH GHQ EHUZDFKWHQ 5DXP PHKU RGHU ZHQLJHU UHJHOPlVVLJ QXW]W =X EHJUVVHQ LVW HV ZHQQ DXFK GHP RGHU GHU 'DWHQ 9JO $UW F $EV 3RO*%( 9JO +b)(/,10h//(58+/0$11 5] 0$5,12 /(%(5 3DUWHLVWHOOXQJ LP 9HU ZDOWXQJVYHUIDKUHQ LQ ,VDEHOOH +lQHU%HUQKDUG :DOGPDQQ +UVJ 'DV HUVWLQVWDQ]OLFKH 9HU ZDOWXQJVYHUIDKUHQ =ULFK HWF II +b1(5 LQ $8(50h//(56&+,1'/(5 .RPP ]X $UW 9Z9* 5] :$/'0$11 %DVOHU .RPP ]X $UW %** 5] LQ 0DUFHO $OH[DQGHU 1LJJOL3HWHU 8HEHUVD[+DQV :LSUlFKWLJHU +UVJ %DVOHU .RPPHQWDU ]XP %XQGHVJHULFKWVJHVHW] %DVHO %9*HU $ ( 'HQ &KDUDNWHU HLQHU 3RSXODUEHVFKZHUGH WUlJW KLQJHJHQ GDV 9HUIDKUHQ YRU GHU 8%, $UW $EV 579* YJO GD]X %*( ,, %,$**,1, .RPP ]X $UW %9 5] 52/) + :(%(5 .RPP ]X $UW 579* 5] LQ 6WlPSIOLV +DQGNRPPHQWDU ]XP %XQGHVJHVHW] YRP 0lU] EHU 5DGLR XQG )HUQVHKHQ >579*@ %HUQ +b)(/,10h//(58+/0$11 5] +b1(5 LQ $8(50h//(56&+,1'/(5 .RPP ]X $UW 9Z9* 5] 6R GLH EXQGHVUlWOLFKH 3UD[LV EH]JOLFK GHU /HJLWLPDWLRQ ]XU $QIHFKWXQJ YRQ 9HUNHKUVDQRUG QXQJHQ YJO %5 (QWVFKHLG YRP 0DL 93% 1U ( ,, D VD GHQ 9HUZHLV DXI GLH EXQGHVUlWOLFKH 3UD[LV LQ %*HU & ( 9JO EHWUHIIHQG 9HUNHKUVDQRUGQXQJHQ %*HU $ ( 9*HU =+ (QWVFKHLG YRP $SULO 9% ( 2IIHQ JHODVVHQ MHGRFK LQ %*HU $ ( XQG %*HU $ ( I $OOJHPHLQ DEHU IU HLQH UHVWULNWLYH %HMDKXQJ GHU /HJLWLPDWLRQ ]XU $QIHFKWXQJ YRQ $OOJH PHLQYHUIJXQJHQ 856 3(7(5 &$9(/7,7+20$6 9g*(/, 9HUZDOWXQJVJHULFKWVEDUNHLW LP .DQWRQ 6W *DOOHQ ± GDUJHVWHOOW DQ GHQ 9HUIDKUHQ YRU GHP 9HUZDOWXQJVJHULFKW $XIO 6W *DOOHQ 5] -$$* $OOJHPHLQYHUIJXQJ 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ VFKXW]EHDXIWUDJWHQ DXVGUFNOLFK GLH /HJLWLPDWLRQ ]XJHVWDQGHQ ZLUG JHJHQ GLH $Q RUGQXQJ HLQHU 9LGHREHUZDFKXQJ %HVFKZHUGH ]X IKUHQ )UDJOLFK LVW ]XGHP RE GHP (LQ]HOQHQ VFKRQ YRU (UODVV GHU $OOJHPHLQYHUIJXQJ HLQ $QK|UXQJVUHFKW ]XVWHKW (LQ VROFKHU $QVSUXFK DXI LQGLYLGXHOOH $QK|UXQJ EHVWHKW EHLP (UODVV YRQ $OOJHPHLQYHUIJXQJHQ JUXQGVlW]OLFK QLFKW 1XU GHQMHQLJHQ GLH GXUFK GLH $OOJHPHLQYHUIJXQJ ZHVHQWOLFK VFKZHUZLHJHQGHU EHWURIIHQ VLQG DOV GLH EULJH 9LHO]DKO GHU 1RUPDGUHVVDWHQ VWHKW DOOHQIDOOV HLQ $QVSUXFK DXI UHFKWOLFKHV *HK|U ]X (LQH VROFKH EHVRQGHUH %HWURIIHQKHLW OlVVW VLFK LP *UXQGVDW] IU 3HU VRQHQ EHMDKHQ ZHOFKH LP EHUZDFKWHQ %HUHLFK ZRKQHQ RGHU DUEHLWHQ $XFK GLH ,QKDEHU YRQ *HVFKlIWVEHWULHEHQ LP EHUZDFKWHQ %HUHLFK VROOWHQ VLFK YRUJlQJLJ ]XP 6WDQGRUW GHU .DPHUDV lXVVHUQ N|QQHQ ]XPLQGHVW GDQQ ZHQQ GLH 9LGHREHU ZDFKXQJ ]X HLQHP 9HUOXVW DQ .XQGHQ IKUHQ NDQQ 'LHV GUIWH IU *HVFKlIWVWlWLJ NHLWHQ ]X EHMDKHQ VHLQ EHL ZHOFKHQ HLQ EHVRQGHUHV 'LVNUHWLRQVEHGUIQLV EHVWHKW =X GHQNHQ LVW HWZD DQ %DQNHQ $QZDOWVNDQ]OHLHQ bU]WH RGHU $QELHWHU HURWLVFKHU 'LHQVWOHLVWXQJHQ RGHU :DUHQ & .RQWUROOH GHU 9LGHREHUZDFKXQJ XQG ,QIRUPDWLRQVSIOLFKWHQ 'LH VWDDWOLFKH 3IOLFKW JHHLJQHWH 6LFKHUXQJHQ YRU]XVHKHQ XP GLH *HIDKU YRQ *UXQGUHFKWVYHUOHW]XQJHQ ]X YHUPHLGHQ RGHU ]XPLQGHVW P|JOLFKVW JHULQJ ]X KDO WHQ JHELHWHW DXFK HLQH YRUJlQJLJH XQG EHJOHLWHQGH 3UIXQJ GHU 9HUHLQEDUNHLW GHU 9LGHREHUZDFKXQJ PLW GHQ GDWHQVFKXW]UHFKWOLFKHQ *UXQGVlW]HQ XQG GHQ EHWURIIH QHQ *UXQGUHFKWHQ 'LHVH 3UIXQJ REOLHJW ]XQlFKVW GHU %HK|UGH ZHOFKH GLH 9LGHR EHUZDFKXQJ HLQVHW]W 6LH KDW GDEHL VRUJIlOWLJ DE]XZlJHQ RE GHU (LQVDW] GHU 9L GHREHUZDFKXQJ JHUHFKWIHUWLJW QDPHQWOLFK YHUKlOWQLVPlVVLJ LVW 'LH *UQGH IU GHQ (LQVDW] GHU 9LGHREHUZDFKXQJ VROOWHQ GDEHL ± PLW %OLFN DXI GHUHQ hEHUSUIXQJ GXUFK HLQ *HULFKW RGHU GHQ 'DWHQVFKXW]EHDXIWUDJWHQ ± VFKULIWOLFK IHVWJHKDOWHQ ZHU GHQ *OHLFK]HLWLJ LVW DXFK HLQH YRUJlQJLJH XQG EHJOHLWHQGH .RQWUROOH GHU 9LGHREHUZD FKXQJ GXUFK HLQH XQDEKlQJLJH $XIVLFKWVLQVWDQ] VLFKHU]XVWHOOHQ 'DVV 5HFKWV VFKXW]P|JOLFKNHLWHQ EHVWHKHQ lQGHUW DQ GHU 1RWZHQGLJNHLW HLQHU VROFKHQ .RQWUROOH QLFKWV 0LW GHU EORVVHQ (LQUlXPXQJ YRQ (LQVLFKWV XQG $XVNXQIWVUHFKWHQ VRZLH YRQ $EZHKUDQVSUFKHQ JHJHQ HLQH XQ]XOlVVLJH 'DWHQEHDUEHLWXQJ ZLUG QRFK QLFKW KLQ UHLFKHQG JHZlKUOHLVWHW GDVV EHL GHU VWDDWOLFKHQ 'DWHQEHDUEHLWXQJ GLH GDWHQVFKXW] 9JO GLH 5HJHOXQJ YRQ $UW F $EV 3RO*%( %*( , ( F %*( ,D ( F XQG G %9*( ( 9*HU 6* (QW VFKHLG YRP 'H]HPEHU % ( E -$$* $OOJHPHLQYHUIJXQJ I +b)(/,10h//(58+/0$11 5] 9JO IU GDV GHXWVFKH 5HFKW %$576&+ I 9JO DXFK YRUQH 7HLO ;, 9JO ('36 9LGHR6XUYHLOODQFH *XLGHOLQHV I I 0$;,0,1, YJO DXFK YRUQH 7HLO 9 % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ UHFKWOLFKHQ *UXQGVlW]H YROOXPIlQJOLFK HLQJHKDOWHQ XQG GLH *UXQGUHFKWH GHU %H WURIIHQHQ UHVSHNWLHUW ZHUGHQ (V KlQJW YRQ GHU ,QLWLDWLYH GHV (LQ]HOQHQ DE RE YRQ GLHVHQ 5HFKWHQ *HEUDXFK JHPDFKW ZLUG XQG GDPLW OHW]WOLFK DXFK RE 0LVVVWlQGH EHUKDXSW DXIJHGHFNW XQG NRUULJLHUW ZHUGHQ N|QQHQ *OHLFK]HLWLJ HUIROJW GHU 5HFKWVVFKXW] HLQ]HOIDOOEH]RJHQ VRGDVV QLFKW VLFKHUJHVWHOOW LVW GDVV IHKOHUKDIWH 'D WHQEHDUEHLWXQJHQ LQ LKUHP 8UVSUXQJ XQG LQ DOOJHPHLQHU :HLVH EHKREHQ ZHUGHQ =XGHP NDQQ VLFK GLH (UODQJXQJ YRQ 5HFKWVVFKXW] X8 DOV NRVWVSLHOLJ XQG ODQJZLH ULJ HUZHLVHQ ZDV GHQ (LQ]HOQHQ YRQ GHU :DKUQHKPXQJ VHLQHU 5HFKWH DE]XKDOWHQ YHUPDJ 'HVKDOE LVW GHU LQGLYLGXHOOH 5HFKWVVFKXW] PLW HLQHU .RQWUROOH GHU 'DWHQEH DUEHLWXQJ GXUFK XQDEKlQJLJH $XIVLFKWVLQVWDQ]HQ ]X HUJlQ]HQ ZHOFKH PLW KLQ UHLFKHQGHQ SHUVRQHOOHQ VDFKOLFKHQ XQG ILQDQ]LHOOHQ 0LWWHOQ DXVJHVWDWWHW VLQG GDPLW VLH LKUH $XIJDEHQ DXFK WDWVlFKOLFK ZDKUQHKPHQ N|QQHQ 'LHV JLOW HUVW UHFKW ZHQQ NRPSOH[H 6\VWHPH LQ )UDJH VWHKHQ GLH ± ZLH GLH 9LGHREHUZDFKXQJ ± HUKHE OLFKH *HIDKUHQ IU LQGLYLGXHOOH )UHLKHLWHQ EHLQKDOWHQ XQG EHL GHQHQ GLH EHVRQGHUH *HIDKU HLQHU PLVVEUlXFKOLFKHQ 9HUZHQGXQJ YRQ 3HUVRQHQGDWHQ RKQH GDV :LVVHQ GHU %HWURIIHQHQ EHVWHKW 5LFKWLJHUZHLVH PXVV GLH $XIVLFKW XQG .RQWUROOH GHP 'DWHQVFKXW]EHDXIWUDJWHQ RE OLHJHQ 'LHVHU ]HLFKQHW VLFK GXUFK VHLQH 8QDEKlQJLJNHLW XQG GLH %HIXJQLV DXV JH JHQ XQ]XOlVVLJH 'DWHQEHDUEHLWXQJ HLQ]XVFKUHLWHQ $XFK YHUIJW HU EHU GDV QRW ZHQGLJH )DFKZLVVHQ (LQH 3IOLFKW ]XU *HQHKPLJXQJ GHU 9LGHREHUZDFKXQJ GXUFK GDV ]XVWlQGLJH 'HSDUWHPHQW GLH .DQWRQVSROL]HL RGHU GLH Ä2EHUDPWVSHU VRQ³ LVW ]ZDU QLFKW ]X EHDQVWDQGHQ MD VRJDU ZQVFKHQVZHUW VLH VWHOOW DEHU NHLQH KLQUHLFKHQG XQDEKlQJLJH .RQWUROOH XQG $XIVLFKW VLFKHU 1XU YRQ HLQHU JlQ]OLFK XQ DEKlQJLJHQ DXI GLH PLW GHU hEHUZDFKXQJ YHUEXQGHQHQ 3UREOHPH VHQVLELOLVLHUWHQ 6WHOOH GDUI ± XQG PXVV ± HUZDUWHW ZHUGHQ GDVV HLQH XPIDVVHQGH JDQ]KHLWOLFKH ,QWHUHVVHQDEZlJXQJ VWDWWILQGHW GLH (LQIKUXQJ ± JUXQGUHFKWOLFK K|FKVW SUREOHPDWL VFKHU ± XPIDVVHQGHU hEHUZDFKXQJVVWUXNWXUHQ HUQVWKDIW ]X YHUKLQGHUQ YHUVXFKW ZLUG XQG GLH %HK|UGHQ PLW 1DFKGUXFN DXI GLH 5HVSHNWLHUXQJ GHU *UXQGUHFKWH XQG GLH (LQKDOWXQJ GHU GDWHQVFKXW]UHFKWOLFKHQ *UXQGVlW]H YHUSIOLFKWHW ZHUGHQ 'LH .RQ]HQWUDWLRQ GHU .RQWUROOH DXI HLQH 6WHOOH HUOHLFKWHUW HV ]XGHP GHQ NRQNUHWHQ 6&+:(,=(5 LQ (+5(1=(//(5 HW DO 6W *DOOHU .RPP ]X $UW %9 5] %$1*(57 LQ 0$85(5/$0%52892*7 %DVOHU .RPP ]X $UW '6* 5] YJO IHUQHU 32/('1$ %b80/(5 9JO 6&+:(,=(5 =XVDPPHQIDVVXQJ 5] 9JO YRUQH 7HLO , $UW D $EV 3RO*$5 VLHKW HLQH %HZLOOLJXQJVSIOLFKW GXUFK GDV 'HSDUWHPHQW 6LFKHUKHLW XQG -XVWL] YRU $UW D XQG $UW E $EV 3RO*%( $UW 9LGHR*)5 %b80/(5 I 9JO :(,&+(57 9LGHREHUZDFKXQJ VD YRUQH 7HLO ,, % 7HLO ,9 ' 7HLO 9 % 7HLO 9 & XQG 7HLO 9 ' 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ (LQVDW] HLQHU hEHUZDFKXQJ LQ HLQHP JU|VVHUHQ =XVDPPHQKDQJ ]X SUIHQ QDPHQW OLFK DXFK XQWHU %HUFNVLFKWLJXQJ EHUHLWV EHVWHKHQGHU 9LGHREHUZDFKXQJVDQOD JHQ $OV JHHLJQHWH 0LWWHO XP HLQH 9LGHREHUZDFKXQJ LP 9RUIHOG LKUHV (LQVDW]HV ]X SU IHQ HUVFKHLQHQ GLH 6WDWXLHUXQJ YRQ 0HOGHSIOLFKWHQ EH]JOLFK HLQHV JHSODQWHQ (LQ VDW]HV YRQ hEHUZDFKXQJVNDPHUDV XQG GLH DQVFKOLHVVHQGH 'XUFKIKUXQJ HLQHV 9RU DENRQWUROOYHUIDKUHQV (LQ VROFKHV 9RUDENRQWUROOYHUIDKUHQ VLHKW LQVEHVRQGHUH $UW (*'65/ YRU *HPlVV $UW $EV (*'65/ VLQG GLHMHQLJHQ 'DWHQYHU DUEHLWXQJHQ ZHOFKH ÄVSH]LILVFKH 5LVLNHQ IU GLH 5HFKWH XQG )UHLKHLWHQ GHU 3HUVR QHQ EHLQKDOWHQ N|QQHQ³ IHVW]XVHW]HQ XQG HV LVW GDIU 6RUJH ]X WUDJHQ ÄGDVV GLHVH 9HUDUEHLWXQJHQ YRU LKUHP %HJLQQ JHSUIW ZHUGHQ³ 'LHVH %HVWLPPXQJ KDWWHQ %XQG XQG .DQWRQH PLW GHU 6FKHQJHQ$VVR]LDWLRQ XP]XVHW]HQ ]XPLQGHVW EH]JOLFK GHU GXUFK GDV 6FKHQJHQHU $ENRPPHQ HUIDVVWHQ %HUHLFKH 'HU %XQG KDW LP '6* MHGRFK NHLQ HQWVSUHFKHQGHV 9RUDENRQWUROOYHUIDKUHQ QRUPLHUW 'LH .DQWRQH KLQ JHJHQ VLQG GLHVHU 3IOLFKW JUXQGVlW]OLFK QDFKJHNRPPHQ RKQH GDEHL QDFK %HUHL FKHQ 6FKHQJHQ1LFKW6FKHQJHQ ]X GLIIHUHQ]LHUHQ :HOFKH 'DWHQYHUDUEHLWXQJHQ EHVRQGHUH 5LVLNHQ IU GLH 5HFKWH XQG )UHLKHLWHQ GHU EHWURIIHQHQ 3HUVRQHQ EHLQKDO WHQ ZLUG JHVHW]OLFK KlXILJ QLFKW LP (LQ]HOQHQ XPVFKULHEHQ (QWVFKHLGHQG GUI WHQ HWZD GLH =DKO GHU YRQ GHU 'DWHQEHDUEHLWXQJ EHWURIIHQHQ 3HUVRQHQ GLH 6HQVLWLYL WlW GHU 'DWHQ GLH 0|JOLFKNHLWHQ LKUHU 9HUNQSIXQJ XQG GLH $Q]DKO GHU DQ GHU 'DWHQEHDUEHLWXQJ EHWHLOLJWHQ |IIHQWOLFKHQ 2UJDQH VHLQ %HL GHU )HVWOHJXQJ GHU ]X EHUSUIHQGHQ %HDUEHLWXQJHQ EHVWHKW MHGHQIDOOV HLQ UHODWLY JURVVHU (UPHVVHQV 9JO *5$6 hEHUZDFKXQJVJHVHOOVFKDIW I %b80/(5 *5$6 hEHUZDFKXQJVJHVHOOVFKDIW I (3,1(<+2)67g7(50(,(57+(8(5.$8) II I 58',1 'DWHQVFKXW]JHVHW]H I 58',1 'DWHQVFKXW]JHVHW]H YJO DEHU DXFK (3,1(<+2)67g77(50(,(57+(8(5.$8) II ,PPHUKLQ QLPPW GHU ('g% Ä6WHOOXQJ ]X 9RUODJHQ EHU (UODVVH XQG 0DVVQDKPHQ GHV %XQ GHV GLH IU GHQ 'DWHQVFKXW] HUKHEOLFK VLQG³ (LQ HLJHQWOLFKHV GHQ 9RUJDEHQ YRQ $UW (* '65/ HQWVSUHFKHQGHV 9RUDENRQWUROOYHUIDKUHQ ZLUG GDPLW DOOHUGLQJV QLFKW QRUPLHUW YJO KLQ WHQ )Q =X 5HFKW NULWLVFK RE $UW D $EV %VW E '6FK*)5 ZRQDFK GLH NDQWRQDOH 'DWHQVFKXW] NRPPLVVLRQ Ä6WHOOXQJ ]X (QWZUIHQ YRQ (UODVVHQ GLH GHQ 'DWHQVFKXW] EHUKUHQ VRZLH LQ GHQ YRP *HVHW] YRUJHVHKHQHQ )lOOHQ³ QLPPW GHQ $QIRUGHUXQJHQ YRQ $UW (*'65/ JHQJW lXVVHUQ VLFK (3,1(<+2)67g77(50(,(57+(8(5.$8) I 9JO HWZD D '6*7* $UW $EV XQG $UW D %VW I /3'37, $EV ,'$*$* ,'*%/ D '6*%/ $UW '6*6* $EV %VW K ,QIR'*62 D '6* =* ,'*=+ $UW D .'6*%( $UW $EV %VW H '6*$5 9JO DEHU HWZD GLH 8PVFKUHLEXQJHQ ZDQQ EHVRQGHUH 5LVLNHQ IU GLH 5HFKWH XQG )UHLKHLWHQ GHU EHWURIIHQHQ 3HUVRQHQ YRUOLHJHQ LQ $EV ,'9=+ XQG 9,'$*$* 'LH )HVWOH JXQJ GHU PLW EHVRQGHUHQ 5LVLNHQ YHUEXQGHQHQ 'DWHQEHDUEHLWXQJHQ VROOWH LP $OOJHPHLQHQ JH QHUHOODEVWUDNW HUIROJHQ YJO (+0$11+(/)5,&+ .RPP ]X $UW (*'65/ 5] ZHQL JHU ZHLWJHKHQG DEHU '$00$116,0,7,6 .RPP ]X $UW (*'65/ 5] 9JO 58',1 'DWHQVFKXW]JHVHW]H 9HUIDVVXQJVUHFKWOLFKH =XOl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|QQHQ ± XQG ]ZDU DXFK YRQ UHLQHQ 9LGHREHREDFKWXQJVPDVVQDK PHQ 'LHV HUJLEW VLFK GDUDXV GDVV 1LFKWVW|UHU XQG 1LFKWWDWYHUGlFKWLJH EHWURIIHQ VLQG UHJHOPlVVLJ HLQH QLFKW XQHUKHEOLFKH =DKO YRQ 3HUVRQHQ HUIDVVW ZLUG XQG DXFK EHVRQGHUV VFKW]HQVZHUWH 3HUVRQHQGDWHQ EHDUEHLWHW ZHUGHQ N|QQHQ :LUG GDV 9HUKDOWHQ YRQ 3HUVRQHQ LQ |IIHQWOLFK ]XJlQJOLFKHQ 5lXPHQ EHREDFKWHW RGHU DXIJH]HLFKQHW LVW ]XGHP JUXQGVlW]OLFK XQHUKHEOLFK RE GLH hEHUZDFKXQJ QXU SXQN WXHOO HUIROJW HLQH JURVVH $Q]DKO .DPHUDV LP (LQVDW] VWHKW RGHU GLH .DPHUDV EHU HLQHQ 6FKZHQN XQG =RRPPHFKDQLVPXV YHUIJHQ 9LGHREHUZDFKXQJVPDVV QDKPHQ YRUVFKQHOO YRQ GHU 9RUDENRQWUROOH DXV]XNODPPHUQ HUVFKHLQW QLFKW VDFKJH UHFKW JHKW HV GRFK LP 9RUDENRQWUROOYHUIDKUHQ DXFK JHUDGH GDUXP QLFKW DXI $QKLHE HUVLFKWOLFKH *HIDKUHQ ]X SUIHQ XQG DOOHQIDOOV JHHLJQHWH 6FKXW]PDVVQDKPHQ DQ]X RUGQHQ (LQ 9HU]LFKW DXI HLQH YRUJlQJLJH 3UIXQJ UHFKWIHUWLJW VLFK K|FKVWHQV EHL 0DVVQDKPHQ YRQ XQWHUJHRUGQHWHU %HGHXWXQJ ZLH ]% EHL GHU QLFKW DXI]HLFKQHQ GHQ 9LGHREHREDFKWXQJ HLQHV (LQJDQJVEHUHLFKV ]X HLQHP 9HUZDOWXQJVJHElXGH 'LH .RQWUROOH GHU 9LGHREHUZDFKXQJ KDW VLFK DEHU QLFKW QXU DXI GDV 9RUIHOG LKUHV (LQVDW]HV ]X EHVFKUlQNHQ VRQGHUQ HV LVW GLH 9LGHREHUZDFKXQJ ± ZLH HLQOHLWHQG HUZlKQW ± DXFK GXUFK HLQH XQDEKlQJLJH .RQWUROOLQVWDQ] ]X EHJOHLWHQ 1DPHQWOLFK KDW GHU 'DWHQVFKXW]EHDXIWUDJWH GLH hEHUZDFKXQJVPDVVQDKPH HLQHU SHULRGLVFKHQ 3UIXQJ ]X XQWHU]LHKHQ YRU DOOHP GDKLQJHKHQG RE VLFK GLH 0DVVQDKPH QDFK ZLH YRU DOV YHUKlOWQLVPlVVLJ HUZHLVW XQG GHUHQ 'XUFKIKUXQJ GHQ JHVHW]OLFKHQ 9RU 9JO '$00$116,0,7,6 .RPP ]X $UW (*'65/ 5] (+0$11+(/)5,&+ .RPP ]X $UW (*'65/ 5] (3,1(<+2)67g77(50(,(57+(8(5.$8) I 9JO $UW $EV %VW G '69%( ZRQDFK WHFKQLVFKH 0LWWHO PLW EHVRQGHUHQ 5LVLNHQ IU GLH 5HFKWH XQG )UHLKHLWHQ GHU EHWURIIHQHQ 3HUVRQHQ YRUOLHJHQ ZHQQ 3HUVRQHQGDWHQ ÄPLW %LOGDXI ]HLFKQXQJV XQG %HDUEHLWXQJVJHUlWHQ HUKREHQ ZHUGHQ³ 9JO $EV ,'$*$* L9P $EV 9,'$*$* $UW $EV /3U'9' $EV ,'*%6 XQG 992%6 :(,&+(57 9LGHREHUZDFKXQJ *2/$6&+20(586 .RPP ]X E %'6* 5] ]XPLQGHVW EHWUHIIHQG GLH 9LGHRDXI]HLFKQXQJ GLIIHUHQ]LHUHQG /$1* 3ULYDWH 9LGHREHUZD FKXQJ I 9JO DEHU '6% =+ /HLWIDGHQ 9LGHREHUZDFKXQJ *2/$6&+20(586 .RPP ]X E %'6* 5] 9JO YRUQH 7HLO ,9 ' XQG 7HLO ,9 $ :HQLJHU ZHLWJHKHQG *2/$6&+20(586 .RPP ]X E %'6* 5] GLH IU GLH 1RWZHQ GLJNHLW HLQHV 9RUDENRQWUROOYHUIDKUHQV DXFK DXI GLH $Q]DKO GHU .DPHUDV GHQ 8PVWDQG GDVV VLH VFKZHQNHQ N|QQHQ VRZLH GLH %LOGDXIO|VXQJ DEVWHOOHQ ZROOHQ =X GHQ (YDOXDWLRQVSIOLFKWHQ YJO LP (LQ]HOQHQ KLQWHQ 7HLO 9 ( 9HUIDKUHQVUHFKWOLFKH RUJDQLVDWRULVFKH XQG WHFKQLVFKH 6FKXW]YRUNHKUXQJHQ VFKULIWHQ ± ]% EHWUHIIHQG GLH 6LFKWXQJ $XVZHUWXQJ XQG /|VFKXQJ GHV %LOGPDWHUL DOV ± HQWVSULFKW VRZLH KLQUHLFKHQGH GHP DNWXHOOVWHQ ZLVVHQVFKDIWOLFKHQ 6WDQG HQW VSUHFKHQGH WHFKQLVFKH XQG RUJDQLVDWRULVFKH 6FKXW]YRUNHKUXQJHQ EHVWHKHQ 'D HV VLFK JHUDGH EHL GHU %HNDQQWJDEH GHU 'DWHQ XP HLQHQ lXVVHUVW KHLNOHQ %HDUEHL WXQJVVFKULWW KDQGHOW LVW HV P( JHERWHQ DXFK GLH :HLWHUOHLWXQJ GHU 'DWHQ DQ 'ULWWH HLQVFKOLHVVOLFK GHU 6WUDIYHUIROJXQJVEHK|UGHQ HLQHU YRUJlQJLJHQ hEHUSUIXQJ GXUFK GHQ 'DWHQVFKXW]EHDXIWUDJHQ ]X XQWHUVWHOOHQ QDPHQWOLFK XP GLH (LQKDOWXQJ GHV =ZHFNELQGXQJVJUXQGVDW]HV XQG GHV 9HUKlOWQLVPlVVLJNHLWVSULQ]LSV NRQWUROOLHUHQ ]X N|QQHQ =XP =ZHFN HLQHU ZLUNVDPHQ .RQWUROOH GXUFK GLH gIIHQWOLFKNHLW HUVFKHLQW ]XGHP GLH (LQIKUXQJ HLQHV DOOJHPHLQ HLQVHKEDUHQ 5HJLVWHUV DOV JHERWHQ ZHOFKHV EHU GLH LQ %HWULHE VWHKHQGHQ hEHUZDFKXQJVNDPHUDV XQG GHUHQ hEHUZDFKXQJVUDGLXV WUDQVSD UHQW XQG XPIDVVHQG $XVNXQIW JLEW 'LHVH .RQWUROOH LVW GDKLQJHKHQG ]X YHUVWlU NHQ GDVV LQ UHJHOPlVVLJHQ DP EHVWHQ MlKUOLFKHQ $EVWlQGHQ GHU gIIHQWOLFKNHLW %H ULFKW HUVWDWWHW ZLUG ZHOFKH 9LGHREHUZDFKXQJVDQODJHQ EHVWHKHQ XQG ZHOFKH VHLW GHU OHW]WHQ %HULFKWHUVWDWWXQJ QHX HUULFKWHW RGHU DEJHEDXW ZXUGHQ 'DEHL LVW DXFK EHU GLH .RVWHQ GHU 9LGHREHUZDFKXQJ ]X LQIRUPLHUHQ VRZLH GDUEHU ZLH RIW 9L GHRDXI]HLFKQXQJHQ DXVJHZHUWHW ZXUGHQ XQG RE VLH LQ HLQHP 6WUDIYHUIDKUHQ 9HU ZHQGXQJ JHIXQGHQ KDEHQ $P VLQQYROOVWHQ HUVFKHLQW HV GLHVH ,QIRUPDWLRQHQ ]X VDPPHQ PLW GHP (YDOXDWLRQVEHULFKW ]X YHU|IIHQWOLFKHQ ZHOFKHU EHU GLH NULPLQDO NULPLQDOSUlYHQWLYHQ (IIHNWH GHU 9LGHREHUZDFKXQJ $XVNXQIW JLEW ' 7HFKQLVFKH XQG RUJDQLVDWRULVFKH 6FKXW]YRUNHKUXQJHQ XQG (LQVDW] GDWHQVFKXW]IUHXQGOLFKHU 7HFKQRORJLHQ $QJHVLFKWV GHU *HIDKU HLQHU PLVVEUlXFKOLFKHQ LQVEHVRQGHUH ]ZHFNZLGULJHQ 9HU ZHQGXQJ GHV GXUFK GLH 9LGHREHUZDFKXQJ HUKREHQHQ 'DWHQPDWHULDOV DEHU DXFK HWZD GHU 0|JOLFKNHLW HLQHU %HNDQQWJDEH DQ XQEHUHFKWLJWH 'ULWWH PXVV GHU *UXQG VDW] GHU 'DWHQVLFKHUKHLW VWUHQJ JHKDQGKDEW XQG YROOXPIlQJOLFK HLQJHKDOWHQ ZHU GHQ ,QVEHVRQGHUH LVW GDV %LOGPDWHULDO GXUFK WHFKQLVFKH XQG RUJDQLVDWRULVFKH 9JO ]% GLH 5HJHOXQJ YRQ $UW 95|*6* VD YRUQH 7HLO ,, % 9JO YRUQH 7HLO ,, % %b80/(5 9JO ]% $UW $EV 9LGHR5HJ/8 ZRQDFK GLH 6WDGW HLQH GHU gIIHQWOLFKNHLW IUHL ]XJlQJOLFKH /LVWH GHU 9LGHREHUZDFKXQJVLQVWDOODWLRQHQ IKUW VD $UW $EV 9LG9 %( XQG $EV 9LGHR5HJ3UDWWHOQ (LQ |IIHQWOLFK HLQVHKEDUHV 5HJLVWHU GHU .DPHUDVWDQGRU WH IKUHQ ]% DXFK GLH .DQWRQH 6FKZ\] 2EZDOGHQ XQG 1LGZDOGHQ VLHKH 1== YRP 0lU] 'DV 9HU]HLFKQLV LVW DEUXIEDU XQWHU ZZZNGVEFK! 9JO ]% $UW $EV 9LGHR5HJ/8 (LQ ODQJVDPHU XQDXIIlOOLJHU $XVEDX GHU hEHUZDFKXQJ RKQH GDVV GLH %HY|ONHUXQJ GDUEHU UHJHOPlVVLJ LQIRUPLHUW ZLUG NDQQ HLQ 9HUVDJHQ GHU GHPR NUDWLVFKHQ .RQWUROOH ]XU )ROJH KDEHQ YJO 6787=(5=(+1'(5 9JO $UW $EV %VW D XQG G 9LG9%( 'D]X KLQWHQ 7HLO 9 ( %b80/(5 I GD]X YRUQH 7HLO 9, * VD 7HLO ,, % 9HUIDVVXQJVUHFKWOLFKH =XOlVVLJNHLWVYRUDXVVHW]XQJHQ GHU VWDDWOLFKHQ 9LGHREHUZDFKXQJ 6FKXW]YRUNHKUXQJHQ YRU XQEHUHFKWLJWHQ =XJULIIHQ 0DQLSXODWLRQHQ XQG HLQHU XQ UHFKWPlVVLJHQ %HNDQQWJDEH ]X VFKW]HQ 'LH 9HUKLQGHUXQJ YRQ 0LVVEUlXFKHQ LP 8PJDQJ PLW GHP %LOGPDWHULDO VHW]W DXFK HLQH DQJHPHVVHQH 6FKXOXQJ GHV hEHUZDFKXQJVSHUVRQDOV YRUDXV 1DPHQWOLFK LVW VLFKHU]XVWHOOHQ GDVV GHP 3HUVRQDO GLH ]XOlVVLJHQ hEHUZDFKXQJV]ZHFNH GHXWOLFK NRPPXQL]LHUW XQG GLH 9HUDQWZRUW OLFKNHLWHQ GHILQLHUW ZHUGHQ 5LFKWLJHUZHLVH LVW UHJHOPlVVLJ ]X EHUSUIHQ RE GLH JHWURIIHQHQ 6LFKHUKHLWVYRUNHK UXQJHQ DXVUHLFKHQG VLQG XQG LQVEHVRQGHUH DXFK RE VLH QRFK GHP QHXVWHQ 6WDQG GHU 7HFKQLN HQWVSUHFKHQ 'LH JHWURIIHQHQ 6FKXW]YRUNHKUXQJHQ VLQG ]XGHP ]X GR NXPHQWLHUHQ ZDV GHUHQ .RQWUROOH HUOHLFKWHUW 6RGDQQ LVW XQEHGLQJW GDWHQVFKXW]I|UGHUQGH 7HFKQLN HLQ]XVHW]HQ ZLH QDPHQWOLFK 3ULYDF\ )LOWHU ZHOFKH GLH *HVLFKWHU XQNHQQWOLFK PDFKHQ 1LFKW VLFKHUKHLWVUHOHYDQWH %HUHLFKH VLQG ]XGHP ]X ÄYHUVFKOHLHUQ³ $XFK LVW ]X IRUGHUQ GDVV HLQH DXWRPDWL VFKH /|VFKXQJ GHV %LOGPDWHULDOV QDFK YRUGHILQLHUWHQ =HLWUlXPHQ VWDWWILQGHW ( hEHUSUIXQJ GHU :LUNVDPNHLW GHU 9LGHREHUZDFKXQJ =XP %HVWHKHQ YRQ (YDOXDWLRQVSIOLFKWHQ 6WDDWOLFKHV +DQGHOQ KDW VLFK DXFK PLW %OLFN DXI VHLQH :LUNVDPNHLW ]X OHJLWLPLH UHQ 5LFKWLJHUZHLVH YHUODQJW $UW %9 GDVV GLH %XQGHVYHUVDPPOXQJ Ä0DVV QDKPHQ GHV %XQGHV DXI LKUH :LUNVDPNHLW