Internationale Kommission zum Schutz der Elbe Mezinárodní
Transkript
Internationale Kommission zum Schutz der Elbe Mezinárodní
,QWHUQDWLRQDOH.RPPLVVLRQ]XP6FKXW]GHU(OEH
0H]LQiURGQtNRPLVHSURRFKUDQX/DEH
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH
LP+LQEOLFNDXIGLH9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH
VRKOHGHPQD]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
=iYČUHþQi]SUiYD
,QWHUQDWLRQDOH.RPPLVVLRQ]XP6FKXW]GHU(OEH
0H]LQiURGQtNRPLVHSURRFKUDQX/DEH
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH
LP+LQEOLFNDXIGLH9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH
VRKOHGHPQD]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
0DJGHEXUJ
,QWHUQDWLRQDOH.RPPLVVLRQ]XP6FKXW]GHU(OEH
0H]LQiURGQtNRPLVHSURRFKUDQX/DEH
)RWRVYRUGHUH8PVFKODJVHLWH)RWRJUD¿HQDSĜHGQtVWUDQČ
9HUPHVVXQJVVFKLII9DOHQWêQD
9\PČĜRYDFtORć9DOHQWêQD
)RWR3RYRGt/DEHVWiWQtSRGQLN
)UDFKWVFKLIIDXIGHU(OEHEHL'RENRYLFHLP+LQWHUJUXQGGDV1DWXUGHQNPDO1HERþDGVNêOXK
1iNODGQtORćQD/DELX'RENRYLFYSR]DGtSĜtURGQtSDPiWND1HERþDGVNêOXK
)RWR:(//&RQVXOWLQJVUR
6FKZLPPJUHLIHU%DUE\GHV:6$/DXHQEXUJ
3ORYRXFtEDJU%DUE\9RGQtKRDSODYHEQtKR~ĜDGX/DXHQEXUJ
)RWR:6'2VW
)UDFKWVFKLIIDQGHU+XEEUFNHLQ0DJGHEXUJ
1iNODGQtORćX]GYLKDFtKRPRVWXY0DJGHEXUNX
)RWR3.QRWHN
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH
LP+LQEOLFNDXIGLH9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH
VRKOHGHPQD]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
8QWHUKDOWXQJGHU(OEHDPNP
ÒGUåED/DEHYĜNP
)RWR3.QRWHN
%XKQHQLQVWDQGVHW]XQJEHL3LHVWHULW](OEHNP
2SUDYDYêKRQXXREFH3LHVWHULW]/DEHĜNP
)RWR$+LOJHU
)RWRKLQWHUH8PVFKODJVHLWH)RWRJUD¿HQD]DGQtVWUDQČ
(OEHLQ0DJGHEXUJ/DEHY0DJGHEXUNX
)RWR0/KU
+HUDXVJHEHU9\GDYDWHO
,QWHUQDWLRQDOH.RPPLVVLRQ]XP6FKXW]GHU(OEH,.6(
0H]LQiURGQtNRPLVHSURRFKUDQX/DEH0.2/
3RVWIDFK
0DJGHEXUJ
'HXWVFKODQG
'UXFN7LVN
+DU]GUXFNHUHL*PE+
0D[3ODQFN6WUDH
:HUQLJHURGH
'HXWVFKODQG
$XÀDJH1iNODG
,QKDOWVYHU]HLFKQLV
2EVDK
±06LPRQ
9RUZRUW
3ĜHGPOXYD
=LHOH$XVJDQJVSXQNWH
&tOHYêFKR]tERG\
%HJULIIVEHVWLPPXQJXQG=XVWlQGLJNHLWHQIUGLH8QWHUKDOWXQJ
LQQHUKDOEGHVJHVHW]OLFKHQ5DKPHQV
9\PH]HQtSRMPX~GUåEDDNRPSHWHQFHYUiPFL
OHJLVODWLY\
5HOHYDQWHVFKLIIIDKUWOLFKJHQXW]WH2EHUÀlFKHQJHZlVVHU
5HOHYDQWQtSRYUFKRYpYRG\Y\XåtYDQpSURSODYHEQt~þHO\
8QWHUKDOWXQJGHU:DVVHUVWUDHQPLWGHP=LHO]XU9HUEHVVHUXQJ
GHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVDNWLYEHL]XWUDJHQ
ÒGUåEDYRGQtFKFHVWVFtOHPDNWLYQČSĜLVSČWNH]OHSãHQtMHMLFK
HNRORJLFNpKRVWDYXSRWHQFLiOX
$OOJHPHLQH(PSIHKOXQJHQ
9ãHREHFQiGRSRUXþHQt
.RQNUHWH9RUVFKOlJHXQG%HLVSLHOHIUGLH8QWHUKDOWXQJ
PLWSRVLWLYHQ|NRORJLVFKHQ$XVZLUNXQJHQ
.RQNUpWQtQiYUK\DSĜtNODG\~GUåE\VSR]LWLYQtPLHNRORJLFNêPL
GRSDG\
0DQDKPHQGLHEHUGLH*HZlVVHUXQWHUKDOWXQJKLQDXVJHKHQ
2SDWĜHQtQDGUiPHF~GUåE\YRGQtFKWRNĤ
=XVDPPHQIDVVXQJ
6KUQXWt
$QODJHhEHUVLFKWGHUEHLGHU8QWHUKDOWXQJGHU%LQQHQHOEHLQ'HXWVFKODQG
XQGGHU7VFKHFKLVFKHQ5HSXEOLN]XEHDFKWHQGHQ9RUVFKULIWHQ
3ĜtORKD3ĜHKOHGSĜHGSLVĤNWHUpMHWĜHEDUHVSHNWRYDWSĜL~GUåEČYQLWUR
]HPVNpKR~VHNX/DEHYýHVNpUHSXEOLFHDY1ČPHFNX
$QODJH .DUWHGHULQWHUQDWLRQDOHQ)OXVVJHELHWVHLQKHLW(OEHPLWGHQIUGHQ
9RUVFKODJYRQ8QWHUKDOWXQJVPDQDKPHQ]XU9HUEHVVHUXQJLKUHV
|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVUHOHYDQWHQ:DVVHUVWUDHQ
3ĜtORKD0DSDPH]LQiURGQtREODVWLSRYRGt/DEHVUHOHYDQWQtPLYRGQtPL
FHVWDPLSURQiYUKRSDWĜHQt~GUåE\NH]OHSãHQtMHMLFKHNRORJLFNpKR
VWDYXSRWHQFLiOX
$QODJH 6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ
8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEH
XQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêP
SĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX
/DEHDQD9OWDYČ
/LVWHGHU)RWRVLP7H[WWHLO
6H]QDPIRWRJUD¿tYWH[WRYpþiVWL
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
9RUZRUW
3ĜHGPOXYD
±3.QRWHN
'LH,KQHQYRUOLHJHQGH3XEOLNDWLRQIDVVWGLH(UJHEQLVVHDXVGHU7lWLJNHLWGHU([SHUWHQ
3XEOLNDFHNWHURXPiWHSĜHGVHERXVKUQXMHYêVOHGN\SUiFHVNXSLQ\H[SHUWĤ0.2/
JUXSSHÄ6FKLIIIDKUWOLFKJHQXW]WH2EHUÀlFKHQJHZlVVHU³GHU,.6(]XVDPPHQ'LHVH*UXSSH
Ä3RYUFKRYp YRG\ Y\XåtYDQp SUR SODYHEQt ~þHO\³ 7DWR VNXSLQD E\OD ]DORåHQD Y URFH
ZXUGHDXIGHU*UXQGODJHGHU=LHOHJHJUQGHWGLHLPÄ,QWHUQDWLRQDOHQ%HZLUWVFKDIWXQJV
QD ]iNODGČ FtOĤ GHNODURYDQêFK Y 0H]LQiURGQtP SOiQX REODVWL SRYRGt /DEH SRGOH
SODQIUGLH)OXVVJHELHWVHLQKHLW(OEH³HQWVSUHFKHQGGHUHXURSlLVFKHQ:DVVHUUDKPHQULFKWOLQLH
HYURSVNp5iPFRYpVPČUQLFHRYRGiFK-HMtPKODYQtP~NROHPE\OQiYUKGRSRUXþHQtSUR
GHNODULHUWZXUGHQ+DXSWDXIJDEHGHU*UXSSHZDUGLH(QWZLFNOXQJYRQ(PSIHKOXQJHQIUGLH
~GUåEXSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\WDNDE\QHMHQQH]KRUãLODMHMLFK
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHUGDPLWVLFKGHUHQ|NRORJLVFKHU
HNRORJLFNêVWDYSRWHQFLiODOHSĜLVSČODLNMHKR]OHSãHQt
=XVWDQG|NRORJLVFKHV3RWHQ]LDOQLFKWQXUQLFKWYHUVFKOHFKWHUWVRQGHUQVRJDUYHUEHVVHUW
-H GREUp SĜLSRPHQRXW åH HNRORJLFNêPL RWi]NDPL VH 0.2/ ]DEêYDOD MLå SĜHG WtP
(ULQQHUWVHLGDUDQGDVVVLFKGLH,.6(EHUHLWVYRUGHP,QNUDIWWUHWHQGHU:DVVHUUDKPHQ
QHå YVWRXSLOD Y SODWQRVW 5iPFRYi VPČUQLFH R YRGiFK 6POXYQt VWUDQ\ 0.2/ VL WRWLå
ULFKWOLQLHPLW|NRORJLVFKHQ)UDJHQEHVFKlIWLJWKDW'LH9HUWUDJVSDUWHLHQGHU,.6(ZDUHQVLFK
E\O\GREĜHYČGRP\FHQQpKRHNRORJLFNpKRSRWHQFLiOX/DEHDWDNGRKODYQtFKFtOĤ0.2/
QlPOLFK GHV ZHUWYROOHQ |NRORJLVFKHQ 3RWHQ]LDOV GHU (OEH EHZXVVW XQG HUNOlUWHQ GHVKDOE
]DĜDGLO\LGRVDåHQtFRQHMSĜLUR]HQČMãtKRHNRV\VWpPXVH]GUDYRXþHWQRVWtGUXKĤ0.2/
GLH(UUHLFKXQJHLQHVP|JOLFKVWQDWXUQDKHQgNRV\VWHPVPLWHLQHUJHVXQGHQ$UWHQYLHOIDOW]X
VHWDNMLåEU]\SRVYpP]DORåHQtYURFH]DEêYDODYHGOH]OHSãHQtNYDOLW\YRG\WDNp
HLQHPGHU+DXSW]LHOHGHU,.6('LH,.6(EHIDVVWHVLFKVRPLWVFKRQEDOGQDFKLKUHU*UQGXQJ
SUĤ]NXPHP D LQYHQWDUL]DFt HNRV\VWpPĤ /DEH D QiYUKHP HNRORJLFNêFK RSDWĜHQt 9ê
LP-DKUQLFKWQXUPLWGHU9HUEHVVHUXQJGHU:DVVHUEHVFKDIIHQKHLWVRQGHUQDXFKPLW
VOHGN\WČFKWRSUDFtSDNE\O\]iNODGHPDNWLYLWYýHVNpUHSXEOLFHL1ČPHFNXNY\KOiãHQt
GHU8QWHUVXFKXQJXQGGHU%HVWDQGVDXIQDKPHGHUgNRV\VWHPHGHU(OEHXQG9RUVFKOlJHQ
FKUiQČQêFK~]HPtSĜtVWXSXNY\XåtYiQt]HPČGČOVNêFKSR]HPNĤVDQDFLVWDUêFKHNROR
IU|NRORJLVFKH0DQDKPHQ'LH(UJHEQLVVHGLHVHU$UEHLWHQELOGHWHQGDQQGLH*UXQGODJH
JLFNêFK]iWČåtLSURYiGČQtNRQNUpWQtFKRSDWĜHQtQDYRGQtFKWRFtFK
IU$NWLYLWlWHQLQ'HXWVFKODQGXQGGHU7VFKHFKLVFKHQ5HSXEOLNGLHDXIGLH$XVZHLVXQJYRQ
6FKXW]JHELHWHQGDV9RUJHKHQEHLGHU1XW]XQJODQGZLUWVFKDIWOLFKHU)OlFKHQGLH6DQLHUXQJ
6 SRVWXSQêP ]OHSãRYiQtP NYDOLW\ YRG\ Y WRFtFK E\OD QD RGERUQp L SROLWLFNp ~URYQL
YRQ$OWODVWHQXQGGLH'XUFKIKUXQJNRQNUHWHU0DQDKPHQDQGHQ)OLHJHZlVVHUQDXVJH
REHFQČY(YURSČYČQRYiQDVWiOHYČWãtSR]RUQRVWHNRORJLFNpPXVWDYXYRG9URFH
ULFKWHWZDUHQ
YVWRXSLOD Y SODWQRVW HYURSVNi 5iPFRYi VPČUQLFH R YRGiFK NWHUi VORXþLOD YHONRX þiVW
GRVDYDGQtFKHYURSVNêFKSUiYQtFK~SUDYYREODVWLRFKUDQ\YRGDGRSOQLODMHRPRGHUQt
'HP|NRORJLVFKHQ=XVWDQGGHU*HZlVVHUZXUGHPLWGHUVFKULWWZHLVHQ9HUEHVVHUXQJGHU
DVSHNW\-HMtPFtOHPMHGRVDåHQtGREUpKRVWDYXYãHFKYRG8YRGQtFKWRNĤMHGREUêVWDY
:DVVHUEHVFKDIIHQKHLWLQGHQ)OLHJHZlVVHUQDXIGHUIDFKOLFKHQXQGSROLWLVFKHQ(EHQHLQ
GH¿QRYiQMDNRGREUêFKHPLFNêDGREUêHNRORJLFNêVWDYSĜLþHPåXHNRORJLFNpKRVWDYX
(XURSDDOOJHPHLQLPPHUPHKU$XIPHUNVDPNHLWJHZLGPHW,P-DKUWUDWGLHHXURSlLVFKH
KUDMHUR]KRGXMtFtUROLVORåHQtDþHWQRVWYRGQtFKRUJDQLVPĤDGRSOĖNRYČMVRXPLPRMLQpSR
:DVVHUUDKPHQULFKWOLQLH LQ .UDIW GLH HLQHQ JURHQ7HLO GHU ELVKHULJHQ HXURSlLVFKHQ UHFKW
VX]RYiQ\WDNpYHOLNRVWDG\QDPLNDSURXGČQtNRQWLQXLWDWRNX]KOHGLVNDPLJUDFHYRGQtFK
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
OLFKHQ5HJHOXQJHQDXIGHP*HELHWGHV*HZlVVHUVFKXW]HVEQGHOWHXQGVLHXPPRGHUQH
RUJDQLVPĤDWUDQVSRUWXVHGLPHQWĤDPRUIRORJLFNpSRGPtQN\8WRNĤNWHUpMVRXVRKOH
$VSHNWH HUJlQ]WH ,KU =LHO LVW GLH (UUHLFKXQJ GHV JXWHQ =XVWDQGV DOOHU *HZlVVHU )U GLH
GHPQDþLQQRVWLþORYČNDY\KOiãHQ\MDNRW]YVLOQČRYOLYQČQpVHSĜLWRPXVLOXMHRGRVDåHQt
)OLHJHZlVVHULVWGHUJXWH=XVWDQGDOVGHUJXWHFKHPLVFKHXQGGHUJXWH|NRORJLVFKH=X
DOHVSRĖW]YGREUpKRHNRORJLFNpKRSRWHQFLiOX
VWDQGGH¿QLHUWZREHLEHLP|NRORJLVFKHQ=XVWDQGGLH=XVDPPHQVHW]XQJXQGGLH$EXQGDQ]
GHUDTXDWLVFKHQ2UJDQLVPHQGLHHQWVFKHLGHQGH5ROOHVSLHOHQXQG]XVlW]OLFKXDDXFKGHU
6NXSLQD H[SHUWĤ Ä3RYUFKRYp YRG\ Y\XåtYDQp SUR SODYHEQt ~þHO\³ 0.2/ Yi]i
$EÀXVVXQGGLH$EÀXVVG\QDPLNGLH'XUFKJlQJLJNHLWGHV)OXVVHVIUGLH0LJUDWLRQDTXD
QD VYêP PDQGiWHP D RStUDMtF VH R ]NXãHQRVWL LQVWLWXFt QD þHVNp D QČPHFNp VWUDQČ
WLVFKHU 2UJDQLVPHQ XQG GHQ 6HGLPHQWWUDQVSRUW VRZLH GLH PRUSKRORJLVFKHQ %HGLQJXQJHQ
V SURYiGČQtP ~GUåE\ QD YRGQtFK FHVWiFK YQLWUR]HPVNpKR /DEH D 9OWDY\ SURYČĜRYDOD
EHXUWHLOWZHUGHQ%HLGHQ*HZlVVHUQGLHLP+LQEOLFNDXIGLHDQWKURSRJHQH7lWLJNHLWDOVVRJ
PRåQRVWL SĜL]SĤVREHQt ~GUåE\ D MHMtKR SURYiGČQt WDN DE\ RSDWĜHQt ~GUåE\ DNWLYQČ
HUKHEOLFK YHUlQGHUW DXVJHZLHVHQ ZXUGHQ ZLUG GDEHL ]XPLQGHVW GLH (UUHLFKXQJ GHV VRJ
SĜLVSČOD NH ]OHSãHQt HNRORJLFNpKR VWDYX SRWHQFLiOX 9]KOHGHP N FKDUDNWHUX ~GUåE\
JXWHQ|NRORJLVFKHQ3RWHQ]LDOVDQJHVWUHEW
VPČĜXMt GRSRUXþHQt SĜHGHYãtP NH ]OHSãHQt PRUIRORJLFNêFK SRGPtQHN NRU\WD D EĜHKĤ
YRGQtKRWRNXDWtPLNH]OHSãHQtQHERUR]ãtĜHQtVWDQRYLãĢSURYRGQtDOLWRUiOQtRUJDQLVP\
'LH([SHUWHQJUXSSHÄ6FKLIIIDKUWOLFKJHQXW]WH2EHUÀlFKHQJHZlVVHU³GHU,.6(GLHDQLKU
-H]ĜHMPpåHGH¿QRYDQêUiPHFQH]E\WQp~GUåE\SUR]DMLãWČQtSODYE\SRVN\WXMHSRX]H
0DQGDWJHEXQGHQLVWXQGVLFKDXIGLH(UIDKUXQJHQGHU,QVWLWXWLRQHQDXIGHUGHXWVFKHQXQG
RPH]HQpPRåQRVWL]OHSãHQtPRUIRORJLFNêFKSRGPtQHN1LFPpQČGRXIiPHåHVHSXEOL
GHUWVFKHFKLVFKHQ6HLWHEHLGHU'XUFKIKUXQJGHU8QWHUKDOWXQJDQGHQ:DVVHUVWUDHQGHU
NDFHVWDQHSRPĤFNRXþLYRGtWNHPSĜLSURYiGČQt~GUåE\QDYRGQtFKFHVWiFKDSĜLVSČMHWDN
%LQQHQHOEHXQGGHU0ROGDXVWW]WKDWGLH2SWLRQHQIUHLQH$QSDVVXQJGHU8QWHUKDOWXQJXQG
VYêPGtOHPNGRVDåHQtFtOĤ5iPFRYpVPČUQLFHRYRGiFK
LKUH'XUFKIKUXQJJHSUIWGDPLWGLH8QWHUKDOWXQJVPDQDKPHQDNWLY]XU9HUEHVVHUXQJGHV
|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVEHLWUDJHQ$QJHVLFKWVGHV&KDUDNWHUVGHU8QWHUKDOWXQJ
VLQGGLH(PSIHKOXQJHQYRUDOOHPDXIGLH9HUEHVVHUXQJGHUPRUSKRORJLVFKHQ%HGLQJXQJHQ
GHV*HZlVVHUEHWWVXQGGHU8IHUGHV)OLHJHZlVVHUVXQGGDPLWDXFKDXIGLH9HUEHVVHUXQJ
RGHU (UZHLWHUXQJ GHU /HEHQVUlXPH IU DTXDWLVFKH XQG OLWRUDOH 2UJDQLVPHQ DXVJHULFKWHW
(V LVW RIIHQVLFKWOLFK GDVV GHU GH¿QLHUWH 5DKPHQ IU GLH ]XU 6LFKHUVWHOOXQJ GHU 6FKLIIIDKUW
QRWZHQGLJH8QWHUKDOWXQJQXUEHJUHQ]WH0|JOLFKNHLWHQIUGLH9HUEHVVHUXQJGHUPRUSKROR
JLVFKHQ%HGLQJXQJHQELHWHW'HQQRFKKRIIHQZLUGDVVGLH3XEOLNDWLRQ]XHLQHP+LOIVPLWWHO
RGHU/HLWIDGHQEHLGHU'XUFKIKUXQJGHU8QWHUKDOWXQJDQGHQ:DVVHUVWUDHQZLUGXQGVRPLW
LKUHQ%HLWUDJ]XU(UUHLFKXQJGHU=LHOHGHU:DVVHUUDKPHQULFKWOLQLHOHLVWHW
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
51'U3DYHO3XQþRFKiĜ&6F
'U)ULW].RKPDQQ
3UlVLGHQWGHU,.6(
SUH]LGHQW0.2/
9RUVLW]HQGHUGHU([SHUWHQJUXSSHÄ6FKLIIIDKUWOLFKJHQXW]WH2EHUÀlFKHQJHZlVVHU³
SĜHGVHGDVNXSLQ\H[SHUWĤÄ3RYUFKRYpYRG\Y\XåtYDQpSURSODYHEQt~þHO\³
=LHOH$XVJDQJVSXQNWH
&tOHYêFKR]tERG\
±06LPRQ
,PÄ,QWHUQDWLRQDOHQ%HZLUWVFKDIWXQJVSODQIUGLH)OXVVJHELHWVHLQKHLW(OEH³IUGHQ=HLW
0H]LQiURGQtSOiQREODVWLSRYRGt/DEHQDREGREtGRURNXNWHUêE\O]YHĜHMQČQ
UDXPELVGHULP'H]HPEHUYHU|IIHQWOLFKWZRUGHQLVWZLUGIHVWJHVWHOOWÄ=XU(U
YSURVLQFLXYiGtÄ.GRVDåHQtGREUpKRHNRORJLFNpKRVWDYXSRWHQFLiOXSRYUFKR
UHLFKXQJ GHV JXWHQ |NRORJLVFKHQ =XVWDQGV 3RWHQ]LDOV GHU 2EHUÀlFKHQJHZlVVHU QDFK
YêFKYRGSRGOH5iPFRYpVPČUQLFHRYRGiFKMHQH]E\WQiSRNXGPRåQRSĜLUR]HQiDOLG
:DVVHUUDKPHQULFKWOLQLHLVWHLQHP|JOLFKVWQDWUOLFKHDQWKURSRJHQXQEHHLQÀXVVWH*HZlV
VNRXþLQQRVWtQHRYOLYQČQiPRUIRORJLHWRNXNWHUêMHYSĜHYiåQpPtĜHSURVWXSQêRGWUGOLãĢ
VHUPRUSKRORJLHHUIRUGHUOLFKGLHHLQHZHLWJHKHQGH'XUFKJlQJLJNHLWYRQGHQ/DLFKJHELHWHQ
QDKRUQtPWRNXDåSR~VWtGRSREĜHåQtFKYRG³7\WRRNUDMRYpSRGPtQN\QHMVRXQDYČWãLQČ
LP2EHUODXIELV]XU0QGXQJLQGDV.VWHQJHZlVVHUDXIZHLVW³'LHVH5DQGEHGLQJXQJHQ
YRGQtFK~WYDUĤYPH]LQiURGQtREODVWLSRYRGt/DEHGRVDåHQ\9HONêYê]QDP]KOHGLVND
ZHUGHQLQGHQPHLVWHQ:DVVHUN|USHUQLQGHULQWHUQDWLRQDOHQ)OXVVJHELHWVHLQKHLW(OEHYHU
PRUIRORJLH WRNĤ Pi Y\XåLWt /DEH MDNR YRGQt FHVW\7RWR Y\XåLWt MH Yê]QDPQRX VRXþiVWt
IHKOW(LQHEHVRQGHUH%HGHXWXQJKLQVLFKWOLFKGHU*HZlVVHUPRUSKRORJLHKDWGLH1XW]XQJ
VSUiY\WRNX/DEHDMHKRSĜtWRNĤDPi±REGREQČMDNRQDSĜYêUREDHQHUJLH]iVRERYiQt
GHU(OEHDOV:DVVHUVWUDH'LHVH1XW]XQJLVWHLQZHVHQWOLFKHU%HVWDQGWHLOGHU*HZlVVHU
YRGRXQHERSURWLSRYRGĖRYiRFKUDQD±]þiVWLYêUD]QpGRSDG\QDPRUIRORJLLWRNĤDMHMLFK
EHZLUWVFKDIWXQJGHU(OEHXQGLKUHU1HEHQÀVVHXQGKDWHEHQVRZLH]%GLH(QHUJLHJH
SUĤWRN\
ZLQQXQJGLH:DVVHUYHUVRUJXQJRGHUGHU+RFKZDVVHUVFKXW]WHLOZHLVHHUKHEOLFKH$XVZLU
NXQJHQDXIGLH*HZlVVHUPRUSKRORJLHXQGGLH$EÀVVH
=WRKRWRGĤYRGXE\ORYSOiQXGiOHNRQVWDWRYiQRåHEXGHQXWQpDE\þOHQVNpVWiW\
Y\YLQXO\~VLOtSURQDOH]HQtVSROHþQêFK]iVDGSĜL~GUåEČDVSUiYČYRGQtFKWRNĤNWHUpEX
$XVGLHVHP*UXQGZXUGHLP3ODQZHLWHUGLH1RWZHQGLJNHLWNRQVWDWLHUWGDVVGLH0LW
GRXYGRVWDWHþQpPtĜH]RKOHGĖRYDWHNRORJLFNpDVSHNW\=DWtPWR~þHOHPE\ODYUiPFL0H
JOLHGVWDDWHQVLFKEHPKHQIUGLH8QWHUKDOWXQJXQGGLH%HZLUWVFKDIWXQJGHU)OLHJHZlV
]LQiURGQtNRPLVHSURRFKUDQX/DEHYURFH]DORåHQDVNXSLQDH[SHUWĤÄ3RYUFKRYp
VHUJHPHLQVDPH*UXQGVlW]H]X¿QGHQGLHGLH|NRORJLVFKHQ$VSHNWHDXVUHLFKHQGEHUFN
YRG\Y\XåtYDQpSURSODYHEQt~þHO\³6NXSLQDE\ODSRYČĜHQDQiVOHGXMtFtPLKODYQtPL~NRO\
VLFKWLJHQ'D]XZXUGHLP5DKPHQGHU,QWHUQDWLRQDOHQ.RPPLVVLRQ]XP6FKXW]GHU
(OEH GLH ([SHUWHQJUXSSH Ä6FKLIIIDKUWOLFK JHQXW]WH 2EHUÀlFKHQJHZlVVHU³ JHJUQGHW XQG
Ŷ Y\PH]HQtSRYUFKRYêFKYRGYSRYRGt/DEHY\XåtYDQêFKSURSODYHEQt~þHO\SURNWHUp
PLWIROJHQGHQ.HUQDXIJDEHQEHDXIWUDJW
5LFKWOLQLH(*GHV(XURSlLVFKHQ3DUODPHQWVXQGGHV5DWHVYRP2NWREHU]XU6FKDIIXQJHLQHV2UGQXQJVUDKPHQV
IU0DQDKPHQGHU*HPHLQVFKDIWLP%HUHLFKGHU:DVVHUSROLWLN
EXGHYKRGQpY\SUDFRYDWGRSRUXþHQtSUR~GUåEXQDPH]LQiURGQt~URYQL
6PČUQLFH(YURSVNpKRSDUODPHQWXDUDG\(6]HGQHĜtMQDNWHURXVHVWDQRYtUiPHFSURþLQQRVW6SROHþHQVWYt
YREODVWLYRGQtSROLWLN\
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
±06LPRQ
±:6'2VW
±3RYRGt/DEHVWiWQtSRGQLN
Ŷ )HVWOHJXQJ GHU VFKLIIIDKUWOLFK JHQXW]WHQ 2EHUÀlFKHQJHZlVVHU LP (LQ]XJVJHELHW GHU
Ŷ Y\SUDFRYiQtGRSRUXþHQtSUR~GUåEXSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\
(OEHIUZHOFKH(PSIHKOXQJHQIUGLH8QWHUKDOWXQJDXILQWHUQDWLRQDOHU(EHQH]XHQWZL
Ŷ VHVWDYHQt NDWDORJX SĜtNODGQêFK RSDWĜHQt ~GUåE\ SRYUFKRYêFK YRG Y\XåtYDQêFK SUR
FNHOQVLQG
Ŷ (UDUEHLWXQJYRQ(PSIHKOXQJHQIUGLH8QWHUKDOWXQJGHUVFKLIIIDKUWOLFKJHQXW]WHQ2EHU
ÀlFKHQJHZlVVHU
SODYHEQt~þHO\NWHUiPRKRXDNWLYQČSĜLVSČWNH]OHSãHQtHNRORJLFNpKRVWDYX
Ŷ SRGSRUD SUDFRYQt VNXSLQ\ :)' 0.2/ SĜL SOQČQt ~NROĤ Y\SOêYDMtFtFK ] 5iPFRYp
VPČUQLFHRYRGiFK
Ŷ $XIVWHOOXQJ HLQHV .DWDORJV YRQ EHLVSLHOKDIWHQ 8QWHUKDOWXQJVPDQDKPHQ DQ VFKLII
IDKUWOLFK JHQXW]WHQ 2EHUÀlFKHQJHZlVVHUQ GLH ]XU 9HUEHVVHUXQJ GHV |NRORJLVFKHQ
=XVWDQGVHLQHQDNWLYHQ%HLWUDJOHLVWHQN|QQHQ
Ŷ 8QWHUVWW]XQJ GHU$UEHLWVJUXSSH :)' GHU ,.6( EHL GHU (UIOOXQJ GHU VLFK DXV GHU
:DVVHUUDKPHQULFKWOLQLHHUJHEHQGHQ$XIJDEHQ
9êVOHGN\ SUiFH VNXSLQ\ H[SHUWĤ MVRX VKUQXW\ Y WpWR ]SUiYČ 1DYUKRYDQi RSDWĜHQt
~GUåE\VSR]LWLYQtPLHNRORJLFNêPLGRSDG\PDMtFKDUDNWHUGRSRUXþHQtSĜLþHPåXMHGQRW
OLYêFKSĜtSDGĤMHQXWQp]YiåLWYNWHUêFK~VHFtFKWRNXMHYKRGQpMHSURYiGČWDNGHE\QD
RSDNYHGODNQHåiGRXFtPXQHJDWLYQtPXRYOLYQČQtSODYHEQtFKQHERYRGRKRVSRGiĜVNêFK
SRPČUĤ
,QGLHVHP%HULFKWVLQGGLH(UJHEQLVVHGHU([SHUWHQJUXSSH]XVDPPHQJHIDVVW'LHLP
:HLWHUHQYRUJHVFKODJHQHQ8QWHUKDOWXQJVPDQDKPHQPLWSRVLWLYHQ|NRORJLVFKHQ$XVZLU
NXQJHQ KDEHQ (PSIHKOXQJVFKDUDNWHU ZREHL LP (LQ]HOIDOO ]X SUIHQ LVW LQ ZHOFKHQ *H
ZlVVHUDEVFKQLWWHQLKUH'XUFKIKUXQJJQVWLJLVWXQGZRVLHLP*HJHQVDW]GD]X]XHLQHU
XQHUZQVFKWHQ%HHLQWUlFKWLJXQJGHU6FKLIIIDKUWVRGHU:DVVHUZLUWVFKDIWVYHUKlOWQLVVHIK
UHQZUGHQ
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
±3RYRGt/DEHVWiWQtSRGQLN
±3.QRWHN
±:(//&RQVXOWLQJVUR
%HJULIIVEHVWLPPXQJXQG=XVWlQGLJ
NHLWHQIUGLH8QWHUKDOWXQJLQQHUKDOE
GHVJHVHW]OLFKHQ5DKPHQV
9\PH]HQtSRMPX~GUåEDDNRPSHWHQFH
YUiPFLOHJLVODWLY\
'LH([SHUWHQJUXSSHKDWYHUHLQEDUWXQWHUGHU*HZlVVHUXQWHUKDOWXQJIROJHQGH+DQG
6NXSLQDH[SHUWĤVHGRKRGODåHSRG~GUåERXYRGQtFKWRNĤEXGHFKiSDWVRXERUQiVOH
OXQJHQ]XYHUVWHKHQGLHDXIGHU*UXQGODJHUHFKWOLFKHU9RUVFKULIWHQLQ'HXWVFKODQGXQGGHU
GXMtFtFKþLQQRVWtNWHUpMVRXQD]iNODGČSUiYQtFKSĜHGSLVĤY\NRQiYiQ\YýHVNpUHSXEOLFH
7VFKHFKLVFKHQ5HSXEOLNLP5DKPHQGHU%HZLUWVFKDIWXQJGHU)OLHJHZlVVHUXQG:DVVHU
L1ČPHFNXYUiPFLVSUiY\YRGQtFKWRNĤDYRGQtFKFHVW
VWUDHQDXVJHEWZHUGHQ
Ŷ SpþHD~GUåEDNRU\WDEĜHKĤDEĜHKRYêFKSRURVWĤYRGQtFKWRNĤ]D~þHOHPXPRåQČQt
Ŷ 3ÀHJHXQG(UKDOWXQJGHV)OXVVEHWWVGHU8IHUXQGGHU8IHUYHJHWDWLRQYRQ*HZlVVHUQ
ĜiGQpKRRGWRNXYRG\D]DFKRYiQtVWDELOLW\EĜHKĤ
XPGHQRUGQXQJVJHPlHQ:DVVHUDEÀXVV]XHUP|JOLFKHQXQGGLH6WDELOLWlWGHU8IHU
Ŷ SpþHRNRU\WDDEĜHK\YRGQtFKWRNĤN]DFKRYiQtDUR]YRMLELRWRSĤ
]XHUKDOWHQ
Ŷ 8YRGQtFKWRNĤNWHUpMVRXY\XåtYiQ\SURSODYHEQt~þHO\YRGQtFHVW\MHFtOHP~GUåE\
Ŷ 3ÀHJH GHV )OXVVEHWWV XQG GHU 8IHU YRQ *HZlVVHUQ ]XU (UKDOWXQJ XQG (QWZLFNOXQJ
XPZHOWIUHXQGOLFKHU/HEHQVUlXPH
Ŷ %HLVFKLIIIDKUWOLFKJHQXW]WHQ*HZlVVHUQ:DVVHUVWUDHQEHVWHKWGDV8QWHUKDOWXQJV
]LHOGDUEHUKLQDXVLQGHU$EVLFKHUXQJGHUIHVWJHOHJWHQ3DUDPHWHUGHU:DVVHUVWUDH
±$+LOJHU
QDYtF]DMLãWČQtVWDQRYHQêFKSDUDPHWUĤYRGQtFHVW\D]DEH]SHþHQtEH]SHþQpKRSUR
YR]RYiQtSODYE\
Ŷ ÒGUåEDYRGQtFKWRNĤVHĜtGtSRGOHHQYLURQPHQWiOQtFKFtOĤ5iPFRYpVPČUQLFHRYR
GiFK]HMPpQDSURJUDPĤRSDWĜHQt
XQGGHU*HZlKUOHLVWXQJGHVVLFKHUHQ%HWULHEVGHU6FKLIIIDKUW
Ŷ 'LH*HZlVVHUXQWHUKDOWXQJRULHQWLHUWVLFKDQGHQ%HZLUWVFKDIWXQJV]LHOHQGHU:DVVHU
UDKPHQULFKWOLQLHLQVEGHU0DQDKPHQSURJUDPPH
9XSUDYHQêFK~VHFtFKYRGQtFKWRNĤDWDPNGHMVRXY\EXGRYiQDYRGQtGtODVHXGUåXMtL
SĜtVOXãQiYRGQtGtODQDSĜYêKRQ\SRGpOQpNRQFHQWUDþQtKUi]HDRSHYQČQtEĜHKĤ9WČFKWR
SĜtSDGHFKMHXGUåRYiQSĤYRGQtVWDYYRGQtFKGČO6NXSLQDH[SHUWĤVHRYãHPQH]DEêYDOD
,Q DXVJHEDXWHQ *HZlVVHUDEVFKQLWWHQ XQG GRUW ZR ZDVVHUEDXOLFKH$QODJHQ HUULFKWHW
ZRUGHQ VLQG ZHUGHQ DXFK GLH HQWVSUHFKHQGHQ ZDVVHUEDXOLFKHQ$QODJHQ ] % %XKQHQ
RSDWĜHQtPL~GUåE\QDVWDYHEQČWHFKQRORJLFNêFKREMHNWHFKMDNRMVRXSODYHEQtNRPRU\MH]\
DSRG
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
3DUDOOHOXQG'HFNZHUNHXQWHUKDOWHQ,QGLHVHQ)lOOHQZLUGGHUXUVSUQJOLFKH=XVWDQGGHU
3RYLQQRVW~GUåE\VSUiY\YRGQtFKWRNĤDYRGQtFKFHVWMHYýHVNpUHSXEOLFHL1ČPHFNX
ZDVVHUEDXOLFKHQ$QODJHQXQWHUKDOWHQ'LH([SHUWHQJUXSSHEHIDVVWHVLFKDOOHUGLQJVQLFKWPLW
]DNRWYHQDYOHJLVODWLYČ9ýHVNpUHSXEOLFHMHWRKODYQČ]iNRQþ6ERYRGiFK
8QWHUKDOWXQJVPDQDKPHQDQWHFKQLVFKHQ%DXZHUNHQZLH6FKOHXVHQ:HKUHQXb
YRGQt ]iNRQ ± D SĜtVOXãQi SURYiGČFt Y\KOiãND 0LQLVWHUVWYD ]HPČGČOVWYt
9\KOiãNDþ6ED]iNRQþ6ERYQLWUR]HPVNpSODYEČVSĜtVOXãQêPL
'LH3ÀLFKW]XU8QWHUKDOWXQJ%HZLUWVFKDIWXQJGHU*HZlVVHUXQGGHU:DVVHUVWUDHQLVW
SURYiGČFtPLSĜHGSLV\91ČPHFNXMHWRSDNSĜHGHYãtP]iNRQRVSRONRYêFKYRGQtFKFHV
LQ'HXWVFKODQGXQGGHU7VFKHFKLVFKHQ5HSXEOLNUHFKWOLFKYHUDQNHUW,QGHU7VFKHFKLVFKHQ
WiFK%XQGHVZDVVHUVWUDHQJHVHW]±DD6SRONRYê]iNRQRQDNOiGDQtVYRGDPL
5HSXEOLNVLQGHVKDXSWVlFKOLFKGDV*HVHW]6EEHUGLH*HZlVVHU:DVVHUJH
:DVVHUKDXVKDOWVJHVHW]±Då3ĜHKOHGSĜHGSLVĤNWHUpMHWĜHEDUHVSHNWRYDWSĜL
VHW]±XQGGLHHQWVSUHFKHQGH'XUFKIKUXQJVYHURUGQXQJGHV0LQLVWHULXPVIU
~GUåEČYQLWUR]HPVNpKR~VHNX/DEHYý5D1ČPHFNXMHREVDåHQYSĜtOR]HNWpWR]SUiYČ
/DQGZLUWVFKDIW 9HURUGQXQJ 6E XQG GDV *HVHW] 6E EHU GLH %LQ
QHQVFKLIIIDKUWPLWGHQHQWVSUHFKHQGHQ'XUFKIKUXQJVYRUVFKULIWHQ,Q'HXWVFKODQGKDQGHOW
HV VLFK YRU DOOHP XP GDV %XQGHVZDVVHUVWUDHQJHVHW] XQG VRZLH GDV :DVVHU
9QČPHFNpþiVWL/DEHMH]D~GUåEXYRGQtFHVW\RGSRYČGQi9RGQtDSODYHEQtVSUiYD
651:DVVHUXQG6FKLIIIDKUWVYHUZDOWXQJ±:69
KDXVKDOWVJHVHW]ELV(LQHhEHUVLFKWGHUEHLGHU8QWHUKDOWXQJGHU%LQQHQHOEHLQ
'HXWVFKODQGXQGGHU7VFKHFKLVFKHQ5HSXEOLN]XEHDFKWHQGHQ9RUVFKULIWHQLVWLQ$QODJH
]XGLHVHP%HULFKWHQWKDOWHQ
Ä2G EĜH]QD QDE\OD Y 1ČPHFNX ~þLQQRVWL QRYHOD VSRONRYpKR ]iNRQD R QD
NOiGiQtVYRGDPL3UR9RGQtDSODYHEQtVSUiYX651WR]QDPHQiUR]ãtĜHQtVSHNWUD~NROĤ
D QRYRX ]RGSRYČGQRVW Y UiPFL LPSOHPHQWDFH 5iPFRYp VPČUQLFH R YRGiFK 569 QD
$P GHXWVFKHQ (OEHDEVFKQLWW LVW GLH :DVVHU XQG 6FKLIIIDKUWVYHUZDOWXQJ GHV %XQGHV
VSRONRYêFKYRGQtFKFHVWiFK³
:69IUGLH8QWHUKDOWXQJGHU:DVVHUVWUDHYHUDQWZRUWOLFK
Ä+ODYQt SR]RUQRVW X VSRONRYêFK YRGQtFK FHVW MH ]DPČĜHQD QHMHQ QD Y\WYRĜHQt Yê
Ä6HLWGHP0lU]LVWGDVQRYHOOLHUWH:DVVHUKDXVKDOWVJHVHW]LQ'HXWVFKODQGLQ
NRQQêFKGRSUDYQtFKRVDMHMLFKGDOãtUR]YRMQêEUåLQDWRDE\E\O\SRMtPiQ\MDNRSURVWRU
.UDIW)UGLH:DVVHUXQG6FKLIIIDKUWVYHUZDOWXQJGHV%XQGHVLVWGDPLWHLQH(UZHLWHUXQJ
SUR þORYČND åLYRþLFK\ L URVWOLQ\ NWHUê MH WĜHED XWYiĜHW V RKOHGHP QD åLYRWQt SURVWĜHGt³
GHV $XIJDEHQVSHNWUXPV XQG QHXH 9HUDQWZRUWXQJ LP 5DKPHQ GHU 8PVHW]XQJ GHU (*
9êãHXYHGHQpFLWiW\SRFKi]HMt]SĜHGPOXY\N5iPFRYpNRQFHSFLSUR~GUåEXVSRONRYêFK
:DVVHUUDKPHQULFKWOLQLH:55/DQGHQ%XQGHVZDVVHUVWUDHQYHUNQSIW³
YRGQtFK FHVW D Y\]GYLKXMt QRYČ Y\WYRĜHQp ]iNODG\ SUR VSUiYX VSRONRYêFK YRG
QtFKFHVW7RXWRFHVWRXO]HYUiPFL~GUåE\VSRONRYpYRGQtFHVW\/DEHDNWLYQČSĜLVSČWNH
Ä,P0LWWHOSXQNWVWHKWGDV=LHOGLH%XQGHVZDVVHUVWUDHQQLFKWQXUDOVOHLVWXQJVIlKLJH
]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
9HUNHKUVDFKVHQ ]X HUKDOWHQ XQG ZHLWHU ]X HQWZLFNHOQ VRQGHUQ DXFK DOV /HEHQVUlXPH
9ýHVNpUHSXEOLFHQiOHåtVSUiYDD~GUåEDYRGQtFHVW\QD9OWDYČVWiWQtPXSRGQLNX3R
IU0HQVFKHQ7LHUHXQG3ÀDQ]HQ]XEHJUHLIHQXQGXPZHOWIUHXQGOLFK]XJHVWDOWHQ³ 'LH
YRUVWHKHQGHQ=LWDWHVWDPPHQDXVGHP9RUZRUW]XP5DKPHQNRQ]HSW8QWHUKDOWXQJ YRGt9OWDY\DQD/DELVWiWQtPXSRGQLNX3RYRGt/DEH7\WRRUJDQL]DFHMVRXSĜLWRP]H]i
XQGXQWHUVWUHLFKHQGLHQHXJHVFKDIIHQHQ*UXQGODJHQIUGLH%HZLUWVFKDIWXQJGHU%XQGHV
NRQDQHMHQVSUiYFLYRGQtFHVW\DOHLYRGQtKRWRNX=WRKRWRGĤYRGXMVRXVSROXRGSRYČGQp
5DKPHQNRQ]HSW8QWHUKDOWXQJ9HUNHKUOLFKHXQGZDVVHUZLUWVFKDIWOLFKH8QWHUKDOWXQJGHU%XQGHVZDVVHUVWUDHQ%XQGHVPLQLVWHUL
XPIU9HUNHKU%DXXQG6WDGWHQWZLFNOXQJ
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
5iPFRYiNRQFHSFH~GUåE\ÒGUåEDVSRONRYêFKYRGQtFKFHVW]GRSUDYQtKRDYRGRKRVSRGiĜVNpKRKOHGLVND6SRONRYpPLQLVWHU
VWYRGRSUDY\VWDYHEQLFWYtDUR]YRMHPČVW
ZDVVHUVWUDHQ'DPLWNDQQLP5DKPHQGHU8QWHUKDOWXQJGHU%XQGHVZDVVHUVWUDH(OEH
]D SOQČQt SURJUDPX RSDWĜHQt D SOiQX SRYRGt SRGOH
]XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVDNWLYEHLJHWUDJHQZHUGHQ
5iPFRYpVPČUQLFHRYRGiFK
,QGHU7VFKHFKLVFKHQ5HSXEOLNREOLHJWGLH%HZLUWVFKDIWXQJXQG8QWHUKDOWXQJGHU:DV
6RXKUQQČO]HNRQVWDWRYDWåHYýHVNpUHSXEOLFH
VHUVWUDHQDQGHU0ROGDXGHP6WDDWOLFKHQ:DVVHUZLUWVFKDIWVEHWULHEIUGLH0ROGDX3R
L 1ČPHFNX MVRX Y\WYRĜHQ\ OHJLVODWLYQt SĜHGSRNOD
YRGt9OWDY\VWiWQtSRGQLNXQGDQGHU(OEHGHP6WDDWOLFKHQ:DVVHUZLUWVFKDIWVEHWULHEIU
G\ DE\ RGSRYČGQp SRGQLN\ D RUJiQ\ VWiWQt VSUiY\
GLH(OEH3RYRGt/DEHVWiWQtSRGQLN'LHVH%HWULHEHVLQGGDEHLSHU*HVHW]QLFKWQXUGLH
PRKO\ ~GUåERX YRGQtFK FHVW SĜLVSČW N GRVDåHQt
%HZLUWVFKDIWHUGHU:DVVHUVWUDHVRQGHUQDXFKGHV)OLHJHZlVVHUV'DKHUVLQGVLHIU
GREUpKR HNRORJLFNpKR VWDYX SRWHQFLiOX SRYUFKR
GLH(UIOOXQJGHV0DQDKPHQSURJUDPPVXQGGHV%HZLUWVFKDIWXQJVSODQVQDFK:DVVHU
YêFKYRG
UDKPHQULFKWOLQLHPLWYHUDQWZRUWOLFK
=XVDPPHQIDVVHQGOlVVWVLFKIHVWVWHOOHQGDVVLQ'HXWVFKODQGXQGGHU7VFKHFKLVFKHQ
5HSXEOLNGLHUHFKWOLFKHQ9RUDXVVHW]XQJHQGDIUJHVFKDIIHQVLQGGDVVGLHYHUDQWZRUWOLFKHQ
%HWULHEHXQG%HK|UGHQGXUFKGLH8QWHUKDOWXQJGHU:DVVHUVWUDHQ]XU(UUHLFKXQJGHVJX
WHQ|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVGHU2EHUÀlFKHQJHZlVVHUEHLWUDJHQN|QQHQ
5HOHYDQWHVFKLIIIDKUWOLFKJHQXW]WH
2EHUÀlFKHQJHZlVVHU
5HOHYDQWQtSRYUFKRYpYRG\Y\XåtYDQp
SURSODYHEQt~þHO\
'LH ([SHUWHQJUXSSH EHIDVVWH VLFK PLW GHQ %LQQHQZDVVHUVWUDHQ (OEH REHUKDOE *HHVW
6NXSLQD H[SHUWĤ VH ]DEêYDOD YQLWUR]HPVNêPL YRGQtPL FHVWDPL QD /DEL QDG MH]HP
KDFKWXQG0ROGDX'LH0ROGDXLP$EVFKQLWWDEGHU7DOVSHUUH6ODS\ELV]XU0QGXQJLQGLH
*HHVWKDFKWDQD9OWDYČ9OWDYDY~VHNXRGYRGQtKRGtOD6ODS\SR~VWtGR/DEHMHYHGOH
(OEHLVWQHEHQGHU(OEHGLHHLQ]LJHZHLWHUHVFKLIIIDKUWOLFKEHGHXWVDPJHQXW]WH:DVVHUVWUDHLQ
/DEH MHGLQRX GDOãt GRSUDYQČ Yê]QDPQRX Y\XåtYDQRX YRGQt FHVWRX Y ýHVNp UHSXEOLFH
GHU7VFKHFKLVFKHQ5HSXEOLN'LH(OEHDOVEHGHXWHQGJHQXW]WHU9HUNHKUVZHJLQ'HXWVFKODQG
/DEH MDNR Yê]QDPQi Y\XåtYDQi GRSUDYQt FHVWD Y ýHVNp UHSXEOLFH L 1ČPHFNX D MDNR
XQG GHU7VFKHFKLVFKHQ 5HSXEOLN XQG DOV +DXSWVWURP LP (LQ]XJVJHELHW HUP|JOLFKW GLH 9HU
KODYQtWRNYSRYRGtXPRåĖXMHGRSUDYQtVSRMHQtYQLWUR]HPtYýHVNpUHSXEOLFHLY1ČPHFNX
NHKUVYHUELQGXQJ]ZLVFKHQGHPWVFKHFKLVFKHQXQGGHXWVFKHQ%LQQHQODQGXQGGHU1RUGVHH
VH6HYHUQtPPRĜHP
=XU )HVWOHJXQJ YRQ (PSIHKOXQJHQ IU GLH 8QWHUKDOWXQJ GHU VFKLIIIDKUWOLFK JHQXW]WHQ
3UR VWDQRYHQt GRSRUXþHQt SUR ~GUåEX SRYUFKRYêFK YRG Y\XåtYDQêFK SUR SODYHEQt
2EHUÀlFKHQJHZlVVHUPLWGHUHQ+LOIHLP5DKPHQGHU8QWHUKDOWXQJDNWLY]XU9HUEHVVHUXQJ
~þHO\ SRPRFt QLFKå O]H Y UiPFL ~GUåE\ DNWLYQČ SĜLVSČW NH ]OHSãHQt HNRORJLFNpKR VWD
±$+LOJHU
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
GHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVGHU*HZlVVHUEHLJHWUDJHQZHUGHQNDQQVLHKH.D
YXSRWHQFLiOXYRGQtFKWRNĤYL]NDSLWRODE\OEUiQY~YDKXYQLWUR]HPVNê~VHN/DEH
SLWHOZXUGHQGHU%LQQHQDEVFKQLWWGHU(OEHYRP:HKU*HHVWKDFKWLQ'HXWVFKODQGELV]XU
RG MH]X *HHVWKDFKW Y 1ČPHFNX SR PČVWR 3DUGXELFH Y ýHVNp UHSXEOLFH D MLå ]PtQČQê
6WDGW3DUGXELFHLQGHU7VFKHFKLVFKHQ5HSXEOLNXQGGHUEHUHLWVHUZlKQWHIUGHQ9HUNHKUJH
GRSUDYQČY\XåtYDQê~VHN9OWDY\2EDW\WR~VHN\MVRX]Qi]RUQČQ\QDPDSČYSĜtOR]H
QXW]WH0ROGDXDEVFKQLWWEHWUDFKWHW%HLGH$EVFKQLWWHVLQGLQGHU.DUWHLQ$QODJHGDUJHVWHOOW
9SRURYQiQtVYQLWUR]HPVNêP~VHNHP/DEHSĜHGVWDYXMH~VHN/DEHRG~VWtGR6H
'HU(OEHDEVFKQLWWDEGHU0QGXQJLQGLH1RUGVHHELV]XP:HKU*HHVWKDFKWVWHOOWDXI
YHUQtKR PRĜH SR MH] *HHVWKDFKW VYêP K\GUDXOLFNêP UHåLPHP SĜtOLY D RGOLY ~SUDYRX
JUXQGVHLQHVK\GUDXOLVFKHQ5HJLPHV(EEHXQG)OXWVHLQHVVHHVFKLIIWDXJOLFKHQ*HZlVVHU
NRU\WD SUR ~þHO\ QiPRĜQt SODYE\ D ]DEH]SHþHQtP SĜHG ERXĜOLYêPL SĜtOLY\ MLQê W\S WRNX
DXVEDXVVRZLHGHU6WXUPÀXWVLFKHUXQJHQLP9HUJOHLFK]XU%LQQHQHOEHHLQHQDQGHUHQ7\SXV
6ODSRYê~VHN/DEHRYOLYQČQêSĜtOLYHPDRGOLYHPE\OSRGOH5iPFRYpVPČUQLFHRYRGiFK
GDU'HUWLGHEHHLQÀXVVWH$EVFKQLWWJLOWDOVHUKHEOLFKYHUlQGHUWHU:DVVHUN|USHU+0:%JH
Y\PH]HQ MDNR VLOQČ RYOLYQČQê YRGQt ~WYDU +0:% -HKR ~GUåED MH RãHWĜHQD Y UiPFL
Pl:DVVHUUDKPHQULFKWOLQLH6HLQH8QWHUKDOWXQJZLUGGXUFKQDWLRQDOH.RQ]HSWHDXI%XQ
QiURGQtFKNRQFHSFt]SUDFRYDQêFKQDFHORVWiWQtD]HPVNp~URYQLYVRXþDVQpGREČVH
GHVXQG/DQGHVHEHQHJHUHJHOW]XU]HLWZHUGHQQHXH*UXQGODJHQHUDUEHLWHW
'LH*HZlVVHUDEVFKQLWWHGHU%LQQHQHOEHKDEHQLQ'HXWVFKODQGQDWUOLFKHUZHLVHHLQHQ
9QLWUR]HPVNê~VHNWRNX/DEHPiY1ČPHFNXSĜLUR]HQČMLQêFKDUDNWHUQHåYýHVNp
DQGHUHQ&KDUDNWHUDOVLQGHU7VFKHFKLVFKHQ5HSXEOLN'LH0ROGDXXQGGLH(OEHKDEHQLQGHU
UHSXEOLFH 9OWDYD L /DEH Y ýHVNp UHSXEOLFH PDMt REHFQČ Y\ããt VNORQ GQD QHå /DEH
7VFKHFKLVFKHQ5HSXEOLNDOOJHPHLQHLQVWlUNHUHV6RKOJHIlOOHDOVGLH(OEHLQ'HXWVFKODQG'DV
Y1ČPHFNX7RVHRGUiåtLYUR]GtOQêFKSĜtVWXSHFKSĜLVSODYQČQtWČFKWRĜHNYPLQXORVWL
VSLHJHOWVLFKDXFKLQGHQXQWHUVFKLHGOLFKHQ$QVlW]HQEHLGHU6FKLIIEDUPDFKXQJGLHVHU)OV
1D9OWDYČDþHVNpþiVWL/DEHE\O\Y\EXGRYiQ\NDVNiG\QDVHEHQDYD]XMtFtFKSODYHEQtFK
VHLQGHU9HUJDQJHQKHLWZLGHU$QGHU0ROGDXXQGDPWVFKHFKLVFKHQ(OEHDEVFKQLWWZXUGHQ
VWXSĖĤ MH]\ V SODYHEQtPL NRPRUDPL NWHUp ]DMLãĢXMt FHORURþQt VSODYQRVW WČFKWR ~VHNĤ
.DVNDGHQYRQDQHLQDQGHUDQVFKOLHHQGHQ6WDXVWXIHQHUULFKWHW:HKUHPLW6FKOHXVHQGLH
9 QČPHFNp þiVWL /DEH E\OR PRåQp ]DFKRYDW D Y\OHSãLW SODYHEQt SRGPtQN\ YêVWDYERX
GLHJDQ]MlKULJH6FKLIIEDUNHLWGLHVHU$EVFKQLWWHJHZlKUOHLVWHQ,PGHXWVFKHQ(OEHDEVFKQLWW
YêKRQĤSRGpOQêFKNRQFHQWUDþQtFKKUi]tDRSHYQČQtPEĜHKĤ-HGLQRXSĜtþQRXSĜHNiåNRX
NRQQWHQ GLH 6FKLIIIDKUWVEHGLQJXQJHQ GXUFK GHQ %DX YRQ %XKQHQ 3DUDOOHO XQG 'HFNZHU
YQČPHFNpþiVWL/DEHMHMLå]PtQČQêMH]*HHVWKDFKWĜtþQtNPNWHUêRGGČOXMHYQL
NHQHUKDOWHQXQGYHUEHVVHUWZHUGHQ'DVHLQ]LJH4XHUEDXZHUNLPGHXWVFKHQ(OEHDEVFKQLWW
WUR]HPVNRXþiVW/DEHRG~VHNXRYOLYQČQpKRVODSRYêPLMHY\+ORXENDYRG\YQČPHFNp
LVWGDVEHUHLWVHUZlKQWH:HKU*HHVWKDFKW6WURPNPGDVGHQ%LQQHQWHLOGHU(OEH
þiVWL/DEHRGVWiWQtKUDQLFHVý5SRMH]*HHVWKDFKWMHWHG\]iYLVOiQDSUĤWRFtFK3ĜLYHO
KWWSZZZSRUWDOWLGHHOEHGH3URMHNWH6WURPXQG6HGL7LGHHOEHLQGH[KWPO
KWWSZZZKDPEXUJSRUWDXWKRULW\GHKDIHQEDKQQXW]XQJVEHGLQJXQJHQGRFBGRZQORDGVWURPEDXXQGVHGLPHQWPDQDJH
PHQWNRQ]HSWIXHUGLHWLGHHOEHKWPO
KWWSZZZSRUWDOWLGHHOEHGH3URMHNWH6WURPXQG6HGL7LGHHOEHLQGH[KWPO
KWWSZZZKDPEXUJSRUWDXWKRULW\GHKDIHQEDKQQXW]XQJVEHGLQJXQJHQGRFBGRZQORDGVWURPEDXXQGVHGLPHQWPDQDJH
PHQWNRQ]HSWIXHUGLHWLGHHOEHKWPO
KWWSZZZWLGHHOEHGH
KWWSZZZWLGHHOEHGH*XWDFKWHQ6WXGLHQKWPO
KWWSZZZWLGHHOEHGH
KWWSZZZWLGHHOEHGH*XWDFKWHQ6WXGLHQKWPO
KWWSZZZEDIJGHFOQBQQB8'(BB$UEHLWVEHUHLFKHBB3URMHNWHBB6HGLPHQWHVHGLPHQWHBBNXHVWHQEH
UHLFKBBQRGHKWPO"BBQQQ WUXH
KWWSZZZEDIJGHFOQBQQB8'(BB$UEHLWVEHUHLFKHBB3URMHNWHBB6HGLPHQWHV\VWHPVWXGLHBBWLGHHO
EHBBBBZHEWHPSODWH,G UDZSURSHUW\ SXEOLFDWLRQ)LOHSGIV\VWHPVWXGLHBWLGHHOEHBBZHESGI
KWWSZZZEDIJGHFOQBQQB8'(BB$UEHLWVEHUHLFKHBB3URMHNWHBB6HGLPHQWHVHGLPHQWHBBNXHVWHQEH
UHLFKBBQRGHKWPO"BBQQQ WUXH
KWWSZZZEDIJGHFOQBQQB8'(BB$UEHLWVEHUHLFKHBB3URMHNWHBB6HGLPHQWHV\VWHPVWXGLHBBWLGHHO
EHBBBBZHEWHPSODWH,G UDZSURSHUW\ SXEOLFDWLRQ)LOHSGIV\VWHPVWXGLHBWLGHHOEHBBZHESGI
KWWSZZZQDWXUDXQWHUHOEHGHLQGH[SKS
KWWSZZZQDWXUDXQWHUHOEHGHPHGLDLESBHQGIDVVXQJ$*HVDPWUDXP6FKLUPSGI
SĜLSUDYXMtQRYpSRGNODG\
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
KWWSZZZQDWXUDXQWHUHOEHGHLQGH[SKS
KWWSZZZQDWXUDXQWHUHOEHGHPHGLDLESBHQGIDVVXQJ$*HVDPWUDXP6FKLUPSGI
YRPWLGHEHHLQÀXVVWHQ$EVFKQLWWWUHQQW'LH:DVVHUWLHIHLPGHXWVFKHQ(OEHDEVFKQLWWYRQGHU
PL Qt]NêFK SUĤWRFtFK QHQt SODYED PRåQi ] GĤYRGX
6WDDWVJUHQ]HPLWGHU7VFKHFKLVFKHQ5HSXEOLNELV]XP:HKU*HHVWKDFKWKlQJWGHP]XIROJH
QHGRVWDWHþQêFKKORXEHNYRG\3RGREQiVLWXDFHMHL
YRQGHQ$EÀVVHQDE%HLVHKUJHULQJHQ$EÀVVHQLVWGLH6FKLIIIDKUWDXIJUXQGXQ]XUHLFKHQ
YNUiWNpPYROQČWHNRXFtP~VHNX/DEHYýHVNpUHSX
GHU:DVVHUWLHIHQQLFKWPHKUP|JOLFKbKQOLFKLVWGLH6LWXDWLRQDXFKLPNXU]HQIUHLÀLHHQGHQ
EOLFH PH]L VWiWQtKUDQLFt V 1ČPHFNHP D SRVOHGQtP
(OEHDEVFKQLWW LQ GHU 7VFKHFKLVFKHQ 5HSXEOLN ]ZLVFKHQ GHU 6WDDWVJUHQ]H ]X 'HXWVFKODQG
þHVNêPMH]HP6WĜHNRY~VHNGORXKêDVLNPNGH
XQGGHPOHW]WHQWVFKHFKLVFKHQ:HKU6WĜHNRYHLQHWZDNPODQJHU$EVFKQLWWLQGHPGLH
E\O\ SODYHEQt KORXEN\ SRGREQČ MDNR Y 1ČPHFNX
)DKUULQQHQWLHIHQlKQOLFKZLHLQ'HXWVFKODQGQXUGXUFKGLH9HUWLHIXQJHLQHV7HLOVGHU6RKOH
SRX]HY\OHSãHQ\SURKORXEHQtPþiVWLGQDD]~åHQtP
XQGGLH(LQHQJXQJGHVDEÀXVVZLUNVDPHQ%HUHLFKHVGHV*HZlVVHUEHWWVGXUFK%XKQHQ3D
SUĤWRþQp þiVWL ĜHþLãWČ YêKRQ\ SRGpOQêPL NRQFHQ
UDOOHOXQG'HFNZHUNHYHUEHVVHUWZXUGHQ
WUDþQtPLKUi]HPLDRSHYQČQtPEĜHKĤ
'HUQXUGXUFK%XKQHQ3DUDOOHOXQG'HFNZHUNHJHUHJHOWH(OEHDEVFKQLWWZLUGLP:HLWHUHQ
ÒVHN/DEHUHJXORYDQêSRX]HYêKRQ\SRGpOQêPL
DOVÄIUHLÀLHHQGHU$EVFKQLWW³EH]HLFKQHWGLH$EVFKQLWWHGHU0ROGDXXQGGHU(OEHPLW.DVND
NRQFHQWUDþQtPLKUi]HPLDRSHYQČQtPEĜHKĤMHGiOH
GHQYRQDQHLQDQGHUDQVFKOLHHQGHQ:HKUKDOWXQJHQZHUGHQLP:HLWHUHQDOVÄVWDXJHUHJHOWH
R]QDþRYiQ MDNR ÄYROQČ WHNRXFt ~VHN³ ~VHN\ 9OWDY\
$EVFKQLWWH³EH]HLFKQHW%HLGH7\SHQVLQGLQGHU.DUWHLQ$QODJHIDUEOLFKXQWHUVFKLHGHQ
D/DEHVNDVNiGDPLQDVHEHQDYD]XMtFtFKMH]RYêFK
]GUåtMVRXGiOHR]QDþRYiQ\MDNRÄMH]\Y]GXWp~VHN\³
2EDW\S\MVRXYPDSČYSĜtOR]HEDUHYQČUR]OLãHQ\
8QWHUKDOWXQJGHU:DVVHUVWUDHQPLWGHP
=LHO]XU9HUEHVVHUXQJGHV|NRORJLVFKHQ
=XVWDQGV3RWHQ]LDOVDNWLYEHL]XWUDJHQ
$OOJHPHLQH(PSIHKOXQJHQ
ÒGUåEDYRGQtFKFHVWVFtOHPDNWLYQČ
SĜLVSČWNH]OHSãHQtMHMLFKHNRORJLFNpKR
VWDYXSRWHQFLiOX
±3.QRWHN
9ãHREHFQiGRSRUXþHQt
'LHLP.DSLWHOJHQDQQWHQ$EVFKQLWWHGHU%LQQHQHOEHXQGGHU0ROGDXVLQGQLFKWQXU
ÒVHN\YQLWUR]HPVNpþiVWL/DEHD~VHN\9OWDY\XYHGHQpYNDSLWROHMVRXQHMHQYRGQt
:DVVHUVWUDHQVRQGHUQHUIOOHQDXFKLPQDWUOLFKHQ6\VWHPHLQH5HLKHYRQ)XQNWLRQHQ
PLFHVWDPLDOHSOQtWDNpĜDGXIXQNFtYSĜtURGQtPV\VWpPX-VRXåLYRWQtPSURVWĜHGtPURVWOLQ
LP1DWXUKDXVKDOW6LHVLQG/HEHQVUDXPYRQ3ÀDQ]HQXQG7LHUHQ,QGHUKLVWRULVFKHQ(QW
DåLYRþLFKĤ9KLVWRULFNpPYêYRMLE\O\SĜLUR]HQpWRN\XSUDYRYiQ\SURSODYEXRFKUDQXSĜHG
ZLFNOXQJZXUGHQGLHQDWUOLFKHQ*HZlVVHUIUGLH6FKLIIIDKUWGHQ+RFKZDVVHUVFKXW]GLH
SRYRGQČPL ]iVRERYiQt YRGRX Y\XåLWt YRGQt HQHUJLH QHER XUEDQL]DFL 'ĤVOHGNHP MVRX
:DVVHUYHUVRUJXQJGLH1XW]XQJGHU:DVVHUNUDIWRGHUGLH8UEDQLVLHUXQJDXVJHEDXW(LQH
PRUIRORJLFNp]PČQ\GRWþHQêFK~VHNĤDRFKX]HQtQHERWDNp]WUiWDW\SLFNêFKKDELWDWĤ1D
)ROJH VLQG PRUSKRORJLVFKH 9HUlQGHUXQJHQ GHU EHWURIIHQHQ$EVFKQLWWH VRZLH GLH 9HUDU
YRGQtFKFHVWiFKMVRXWtPWRSRVWLåHQ\SĜHGHYãtPU\E\DGUREQtYRGQtåLYRþLFKRYpPDNUR
PXQJRGHUDXFKGHU9HUOXVWDQW\SLVFKHQ+DELWDWHQ$QGHQ:DVVHUVWUDHQVLQGGDYRQYRU
]RREHQWKRVDOHWDNpSWiFLRERMåLYHOQtFLVDYFL]iYLVOtQDYRGČDYHJHWDFH
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
DOOHPGLH)LVFKHXQGGLHDTXDWLVFKHQ.OHLQOHEHZHVHQ0DNUR]RREHQWKRVEHWURIIHQDEHU
DXFKGLH9|JHOGLH$PSKLELHQJHZlVVHUDEKlQJLJH6lXJHWLHUHXQGGLH9HJHWDWLRQ
2GGHYDGHViWêFKOHWPLQXOpKRVWROHWtGRFKi]tNYêUD]QpPX]OHSãHQtNYDOLW\YRG\D
SODYHQLQY/DELLYH9OWDYČLNG\åSUREOpP\VH]QHþLãĢXMtFtPLOiWNDPLLQDGiOHH[LVWXMt
9 VRXþDVQp GREČ SURWR ]tVNiYi QD Yê]QDPX ]OHSãHQt K\GURPRUIRORJLFNêFK SRGPtQHN
7URW] ZHLWHUKLQ EHVWHKHQGHU 6FKDGVWRIISUREOHPH KDW VLFK GLH :DVVHU XQG 6FKZHE
VWRIITXDOLWlWYRQ(OEHXQG0ROGDXVHLWGHQHU-DKUHQGHXWOLFKYHUEHVVHUW'DKHUJH
WČFKWR WRNĤ . WRPX PRKRX SĜLVSČW L RSDWĜHQt SURYiGČQi Y UiPFL ~GUåE\ YRGQtFK WRNĤ
YRGQtFKFHVW
ZLQQWJHJHQZlUWLJGLH9HUEHVVHUXQJGHUK\GURPRUSKRORJLVFKHQ%HGLQJXQJHQGLHVHU*H
ZlVVHU DQ %HGHXWXQJ 'D]X N|QQHQ DXFK LP 5DKPHQ GHU 8QWHUKDOWXQJ GHU *HZlVVHU
3ĜLUR]HQêVWDY]KOHGLVNDPRUIRORJLHYRGQtFKWRNĤO]HFKDUDNWHUL]RYDWQiVOHGRYQČ
:DVVHUVWUDHQGXUFKJHIKUWH0DQDKPHQEHLWUDJHQ
Ŷ YHONêSURVWRURYêUR]VDKSĜtURGQtFKWYDUĤNRU\WYRGQtFKWRNĤD~GROQtFKQLYYNUDMLQČ
Ŷ W\SLFNiWYDURYiþOHQLWRVWNRU\WYRGQtFKWRNĤD~GROQtFKQLY
'HUDXV6LFKWGHU*HZlVVHUPRUSKRORJLHQDWUOLFKH=XVWDQGOlVVWVLFKIROJHQGHUPDHQ
Ŷ ]SUDYLGODPHQãtSUĤWRþQiNDSDFLWDNRU\WD
FKDUDNWHULVLHUHQ
Ŷ YHONiK\GUDXOLFNiþOHQLWRVWYRGQtKRWRNXþOHQLWRVWKORXEHNYRG\DU\FKORVWtSURXGČQt
Ŷ JURHVUlXPOLFKHV$XVPDQDWUOLFKHU)RUPHQGHV*HZlVVHUEHWWVXQGGHU$XHQLQGHU
Ŷ PLJUDþQtSURVWXSQRVWSURWDåQpYRGQtåLYRþLFK\
/DQGVFKDIW
Ŷ SĜLUR]HQiDSHVWUiEHQWLFNiVSROHþHQVWYD
Ŷ JHZlVVHUW\SLVFKH)RUPHQYLHOIDOWGHV*HZlVVHUEHWWVXQGGHU$XHQ
Ŷ QHQDUXãHQêSUĤWRNRYêDVSODYHQLQRYêUHåLP
Ŷ LQGHU5HJHOJHULQJHUHV$EÀXVVYHUP|JHQGHV*HZlVVHUEHWWV
Ŷ SĜLUR]HQČYHONêUR]VDKQLYQtFKSORFKXPRåĖXMtFtFKWOXPLYpUR]OLY\SRYRGQt
Ŷ JURHK\GUDXOLVFKH9LHOIDOWGHV*HZlVVHUV9LHOIDOWGHU:DVVHUWLHIHQXQG6WU|PXQJV
JHVFKZLQGLJNHLWHQ
= YêãH XYHGHQêFK FKDUDNWHULVWLN O]H SUR SURYiGČQt RSDWĜHQt ~GUåE\ YRGQtFK FHVW MDNR
Ŷ 'XUFKJlQJLJNHLWIUZDQGHUQGHDTXDWLVFKH/HEHZHVHQ
KODYQt SULQFLS ] KOHGLVND HNRORJLFNêFK SRåDGDYNĤ VWDQRYLW VQDKX R SĜLUR]HQRX WYDURYRX
Ŷ QDWUOLFKHXQGYLHOIlOWLJH%HQWKRVOHEHQVJHPHLQVFKDIWHQ
þOHQLWRVWNRU\WDDEĜHKĤDWDNpþOHQLWRVWKORXEHNYRG\DU\FKORVWtSURXGČQt1D]iNODGČWRKRWR
Ŷ XQJHVW|UWHV$EÀXVVXQG)HVWVWRIIUHJLPH
SULQFLSXGLYHU]LW\MHPRåQpRGYRGLWQtåHXYHGHQiYãHREHFQiGRSRUXþHQt2EHFQČSODWtåH
Ŷ QDWUOLFK JURHV$XVPD GHU$XHQÀlFKHQ GLH JHGlPSIWH$XVXIHUXQJHQ YRQ +RFK
WDWRGRSRUXþHQtPRKRXEêWXSODWQČQDSRX]HY~VHFtFKQHERQDWDNRYêFKPtVWHFKNGHMHWR
ZDVVHUQHUP|JOLFKHQ
PRåQp]KOHGLVND]DMLãWČQtIXQNFtYRGQtKRWRNX]DEH]SHþHQtSODYE\QHERMLQpKRXåtYiQtYRG
Ŷ FKUiQLWGRFKRYDQêSĜtURGČEOt]NêVWDYSĜHGGDOãtP]KRUãRYiQtP
9RQGHQREHQJHQDQQWHQ0HUNPDOHQOlVVWVLFKXQWHUGHP*HVLFKWVSXQNWGHU|NRORJL
Ŷ QH]E\WQp]SRKOHGXHNRORJLHQHSĜt]QLYp]iVDK\SURYiGČWMHQYRGĤYRGQČQpPUR]VD
VFKHQ$QIRUGHUXQJHQGDV6WUHEHQQDFKHLQHUQDWUOLFKHQ)RUPHQYLHOIDOWGHV*HZlVVHU
KX V FR QHMPHQãtPL QHSĜt]QLYêPL HNRORJLFNêPL GRSDG\ QDSĜ SURKUiEN\ NRU\WD MHQ
EHWWV XQG GHU 8IHU VRZLH DXFK QDFK 9LHOIDOW GHU :DVVHUWLHIHQ XQG 6WU|PXQJVJHVFKZLQ
YSODYHEQtGUi]HDSRG
GLJNHLWHQ DOV 6FKOVVHOSULQ]LS IU GLH 'XUFKIKUXQJ YRQ 8QWHUKDOWXQJVPDQDKPHQ DQ
Ŷ RGVWUDĖRYDWVWiYDMtFtSORãQČQHYHONpWHFKQLFNp~SUDY\QHERSĜLSXVWLWMHMLFKGHJUDGDFL
:DVVHUVWUDHQ IHVWOHJHQ $XI GHU *UXQGODJH GLHVHV 'LYHUVLWlWVSULQ]LSV ODVVHQ VLFK GLH
QDSĜ MLå QH~þHOQêFK RSHYQČQt EĜHKĤ D SĜLSXVWLW YODVWQt G\QDPLFNê YêYRM PRUIROR
LP :HLWHUHQ DXIJHIKUWHQ DOOJHPHLQHQ (PSIHKOXQJHQ DEOHLWHQ$OOJHPHLQ JLOW GDVV GLH
JLFNêFKVWUXNWXUWRNXVWUDQRYêYêYRMNRU\WDYDULDELOLWDKORXEHNUR]PDQLWRVWVWUXNWXU
VH(PSIHKOXQJHQQXUDQ$EVFKQLWWHQRGHUDQVROFKHQ6WHOOHQDQGHQHQGLHVXQWHUGHP
ĜtþQtKRGQD
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
*HVLFKWVSXQNWGHU$EVLFKHUXQJGHU)XQNWLRQHQGHV*HZlVVHUVGHU*HZlKUOHLVWXQJGHU
6FKLIIIDKUWRGHUHLQHUDQGHUHQ*HZlVVHUQXW]XQJP|JOLFKLVWDQJHZHQGHWZHUGHQN|QQHQ
Ŷ 6FKXW]GHVHUKDOWHQHQQDWXUQDKHQ=XVWDQGVYRUZHLWHUHU9HUVFKOHFKWHUXQJ
Ŷ 'XUFKIKUXQJ HUIRUGHUOLFKHU DXV 6LFKW GHU gNRORJLH XQJQVWLJHU (LQJULIIH QXU LP EH
JUQGHWHQ$XVPD PLW P|JOLFKVW JHULQJHQ XQJQVWLJHQ |NRORJLVFKHQ$XVZLUNXQJHQ
]%6RKOEDJJHUXQJHQQXULQGHU)DKUULQQHXb
Ŷ NOHLQUlXPLJH%HVHLWLJXQJGHVYRUKDQGHQHQWHFKQLVFKHQ$XVEDXVRGHU=XODVVHQVHL
QHV 9HUIDOOV ] % YRQ QLFKW PHKU HUIRUGHUOLFKHQ 8IHUGHFNZHUNHQ XQG =XODVVHQ GHU
HLJHQG\QDPLVFKHQ (QWZLFNOXQJ GHU PRUSKRORJLVFKHQ *HZlVVHUVWUXNWXUHQ VHLWOLFKH
(QWZLFNOXQJGHV*HZlVVHUEHWWV7LHIHQYDULDQ]6WUXNWXUYLHOIDOWGHU*HZlVVHUVRKOH
±/&LGOLQD
Ŷ (UVDW] GHV IHVWHQ 'HFNZHUNV YRQ *HZlVVHUXIHUQ RGHU GHV 3ÀDVWHUV YRQ %XKQHQ
XQG3DUDOOHOZHUNHQGXUFKJHVFKWWHWHV0DWHULDORGHUZHQQP|JOLFKGXUFKWHFKQLVFK
ELRORJLVFKH0DWHULDOLHQ
Ŷ QDKUD]RYDW SHYQi RSHYQČQt EĜHKĤ NRU\WD QHER GODåE\ YêKRQĤ D SRGpOQêFK NRQ
Ŷ 8QWHUVWW]XQJGHU(QWVWHKXQJYRQXIHUQDKHQ/HEHQVUlXPHQDXHUKDOEGHU)DKUULQQH
FHQWUDþQtFK KUi]t V\SDQêP PDWHULiOHP QHER SRNXG MH WR PRåQp WHFKQLFNRELROR
Ŷ 6FKXW]GHUYRUKDQGHQHQHLQKHLPLVFKHQ9HJHWDWLRQPLW9HUWUHWHUQORNDOHU$UWHQ)lOOXQJ
JLFNêPLPDWHULiO\
YRQ*HK|O]HQQXULPIUGLH8QWHUKDOWXQJQRWZHQGLJHQ$XVPD
Ŷ SRGSRURYDWY]QLNSĜtEĜHåQtFKELRWRSĤPLPRSODYHEQtGUiKX
Ŷ FKUiQLW VWiYDMtFt SĤYRGQt YHJHWDFL VH ]DVWRXSHQtP PtVWQtFK GUXKĤ NiFHQt GĜHYLQ
SURYiGČWSRX]HYUR]VDKXQH]E\WQpPSUR~GUåEX
,QGHQ*UXQGVlW]HQIUGDV)DFKNRQ]HSWGHU8QWHUKDOWXQJGLHIUGHQGHXWVFKHQ$E
VFKQLWWGHU(OEHJHOWHQ LVWDXIJHIKUW
9=iVDGiFKRGERUQpNRQFHSFH~GUåE\NWHUpSODWtSURQČPHFNê~VHN/DEHMHXYH
Ä'LH (OEH HUKLHOW GXUFK GHQ IUKHUHQ$XVEDX HLQ GXUFK 6WURPEDXZHUNH GXUFKJlQJLJ
JHUHJHOWHV%HWWDQGDVEHUZHLWH6WUHFNHQDXFK7UlJHUDQGHUHU|IIHQWOLFKHU%HODQJHLKUH
GHQR
%DXZHUNH ± ZLH %UFNHQ VFKDUOLHJHQGH 'HLFKH 8IHUPDXHUQ X D ± DQJHSDVVW KDEHQ
Ä/DEH ]tVNDOR Y GĤVOHGNX GĜtYČMãtFK ~SUDY WRNX SUĤEČåQČ UHJXORYDQp NRU\WR SR
6LHVLQGDXIGHQ(UKDOWGHUEHVWHKHQGHQ6WURPEDXZHUNH]XU$EZHKUYRQ*HIDKUHQIUGLH
PRFt YRGRKRVSRGiĜVNêFK REMHNWĤ NWHUpPX QD GORXKêFK ~VHFtFK SĜL]SĤVRELOL VYp VWDY
6LFKHUKHLWXQG2UGQXQJ GLH YRQ LKUHQ %DXZHUNHQDXVJHKHQN|QQHQDQJHZLHVHQ'DV
E\±MDNRMVRXPRVW\RFKUDQQpKUi]HYEH]SURVWĜHGQtEOt]NRVWLWRNXQiEĜHåQt]GLDSRG
JHUHJHOWH6WURPEHWWPXVVDXFKDXVGLHVHQ*UQGHQGXUFKGLH8QWHUKDOWXQJGHU6WURPEDX
L SĜHGVWDYLWHOp GDOãtFK YHĜHMQêFK ]iMPĤ 9 ]iMPX EH]SHþQRVWL D SRĜiGNX MVRX RGNi]i
ZHUNHHUKDOWHQZHUGHQZREHLGLHJHZlVVHU|NRORJLVFKHQXQGQDWXUVFKXW]IDFKOLFKHQ$QIRU
QL QD ]DFKRYiQt VWiYDMtFtFK YRGRKRVSRGiĜVNêFK REMHNWĤ N RGYUiFHQt QHEH]SHþt NWHUp
GHUXQJHQ]XEHUFNVLFKWLJHQVLQG=XGHQ]XXQWHUKDOWHQGHQ6WURPEDXZHUNHQJHK|UHQDOV
E\PRKOR]MHMLFKVWDYHEY]HMtW5HJXORYDQpNRU\WRWRNXPXVtEêW]DFKRYiQRL]WČFKWR
4XHUEDXZHUNH%XKQHQXQGDOV/lQJVEDXZHUNH3DUDOOHOXQG'HFNZHUNH³
GĤYRGĤSRPRFt~GUåE\YRGRKRVSRGiĜVNêFKVWDYHESĜLþHPåMHWĜHED]RKOHGQLWRGERUQp
*UXQGVlW]HIUGDV)DFKNRQ]HSWGHU8QWHUKDOWXQJGHU(OEH]ZLVFKHQ7VFKHFKLHQXQG*HHVWKDFKWPLW(UOlXWHUXQJHQ%XQGHVPL
QLVWHULXPIU9HUNHKU%DXXQG:RKQXQJVZHVHQ0DL
=iVDG\ RGERUQp NRQFHSFH ~GUåE\ /DEH Y ~VHNX KUDQLFH ý5 ± *HHVWKDFKW V Y\VYČWOLYNDPL 6SRONRYp PLQLVWHUVWYR GRSUDY\
VWDYHEQLFWYtDE\GOHQtNYČWHQ
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
±06LPRQ
±3RYRGt/DEHVWiWQtSRGQLN
±/&LGOLQD
(QWVSUHFKHQGKDWLQ'HXWVFKODQGXQGLQGHU7VFKHFKLVFKHQ5HSXEOLNLQEHEDXWHQ*H
SRåDGDYN\ K\GURHNRORJLH D RFKUDQ\ SĜtURG\ . YRGRKRVSRGiĜVNêP VWDYEiP QD QLFKå
ELHWHQ XQG LQ LKUHU 1lKH GHU 6FKXW] GHU %HEDXXQJ JUXQGVlW]OLFK 9RUUDQJ ,Q GHU IUHLHQ
VHSURYiGt~GUåEDSDWĜtYêKRQ\MDNRåWRSĜtþQpVWDYE\DSRGpOQpNRQFHQWUDþQtKUi]HD
/DQGVFKDIWKLQJHJHQNDQQPDQDXFKLP)DOOHVFKLIIEDUJHPDFKWHU*HZlVVHUXQGXQWHU
RSHYQČQtEĜHKĤMDNRåWRSRGpOQpVWDYE\³
%HDFKWXQJGHVYRUVWHKHQGHQ=LWDWVGLH:LHGHUKHUVWHOOXQJHLQHVQDWXUQDKHQ=XVWDQGVHU
UHLFKHQKLHULQVEHVRQGHUHGLHPRUSKRORJLVFKH9LHOIDOWQDWXUQDKHU%HUHLFKHGHV*HZlV
VHUEHWWVDXHUKDOEGHUHLJHQWOLFKHQ)DKUULQQH
9WpWRVRXYLVORVWLPiYýHVNpUHSXEOLFHL1ČPHFNXY]DVWDYČQêFK~]HPtFKDYMHMLFK
EOt]NRVWLY]iVDGČSULRULWXRFKUDQD]iVWDYE\9HYROQpNUDMLQČO]HQDSURWLWRPXLYSĜtSDGČ
]HVSODYQČQêFKYRGQtFKWRNĤDSĜL]RKOHGQČQtYêãHXYHGHQpKRFLWiWXGRViKQRXWYêUD]QČMãt
$XVGHUXQWHUVFKLHGOLFKHQ$UWGHV*HZlVVHUDXVEDXVLQIUHLÀLHHQGHQXQGVWDXJHUH
JHOWHQ$EVFKQLWWHQHUJHEHQVLFKDXFK8QWHUVFKLHGHLQLKUHU8QWHUKDOWXQJ,QVWDXJHUHJHO
REQRY\SĜtURGČEOt]NpKRVWDYX]GH]HMPpQDPRUIRORJLFNpþOHQLWRVWLSĜtURGČEOt]NêFKSDU
WLtNRU\WDPLPRYODVWQtSODYHEQtGUiKX
WHQ$EVFKQLWWHQ LVW GLH )OLHJHVFKZLQGLJNHLW JUXQGVlW]OLFK JHULQJHU DOV LQ IUHLÀLHHQGHQ
$EVFKQLWWHQ 'LH %HDQVSUXFKXQJ GHU KLVWRULVFKHQ 6WURPUHJHOXQJVEDXZHUNH LVW EHU HLQ
=UR]GtOQpKR]SĤVREX~SUDY\WRNXYHYROQČWHNRXFtFKDMH]\Y]GXWêFK~VHFtFKY\SOê
$EÀXVVMDKULQVWDXJHUHJHOWHQ$EVFKQLWWHQHQWVSUHFKHQGJHULQJHU'HQQRFKODVVHQVLFKJH
YDMtLUR]GtO\YMHMLFK~GUåEČ9~VHFtFKWRNXUHJXORYDQêFKY]GXWtPMHU\FKORVWSURXGČQt
ZLVVHJHPHLQVDPH(OHPHQWH¿QGHQZLH]%%DJJHUXQJHQLQGHU)DKUULQQH8QWHUKDOWXQJ
PQRKHP QLåãt QHå YH YROQČ WHNRXFtFK ~VHFtFK 3URWR MH WDNp ]DWtåHQt KLVWRULFNêFK
YRQ8IHUGHFNZHUNHQXb
UHJXODþQtFKYRGQtFKVWDYHEEČKHPK\GURORJLFNpKRURNXY~VHFtFKY]GXWêFKMH]\RGSRYt
GDMtFtP]SĤVREHPPHQãt3ĜHVWRYãDNO]HQDOp]WXUþLWpVSROHþQpSUYN\QDSĜSURKUiEN\
8QWHU %HUFNVLFKWLJXQJ GHU$XIJDEHQ GLH GLH LP .DSLWHO JHQDQQWHQ %HWULHEH XQG
YSODYHEQtGUi]H~GUåEDRSHYQČQtEĜHKĤDSRG
%HK|UGHQEHLGHU8QWHUKDOWXQJGHU:DVVHUVWUDHQXQG*HZlVVHUZDKUQHKPHQZXUGHQ
0DQDKPHQHUPLWWHOWGLHHLQHQDNWLYHQ%HLWUDJ]XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=X
6RKOHGHPQDþLQQRVWLNWHUpSURYiGČMtRUJDQL]DFHXYHGHQpYNDSLWROHSĜL~GUåEČ
VWDQGV3RWHQ]LDOVGHUEHWURIIHQHQ*HZlVVHUDEVFKQLWWHOHLVWHQN|QQHQ'LHVH0DQDK
YRGQtFHVW\DYRGQtFKWRNĤE\ODLGHQWL¿NRYiQDRSDWĜHQtNWHUiPRKRXDNWLYQČSĜLVSČWNH
PHQVLQGLQ7DEHOOHLP.DSLWHO]XVDPPHQIDVVHQGDXIJHIKUW
]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOXGRWþHQêFK~VHNĤYRGQtFKWRNĤ7DWRRSDWĜHQt
MVRXVRXKUQQČXYHGHQDYWDEXOFHYNDSLWROH
7URW]GHV%HVWUHEHQVVLFKZHLWHVWJHKHQGDQGHQIUGLH8QWHUKDOWXQJDXVJHZLHVHQHQ
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
±3.QRWHN
±.+-lKUOLQJ/+:
±.+-lKUOLQJ/+:
±:(//&RQVXOWLQJVUR
5DKPHQ]XKDOWHQN|QQHQHLQLJHLQGHU7DEHOOHDXIJHIKUWH0DQDKPHQXQWHUKDXV
, SĜL VQD]H GUåHW VH FR QHMYtFH UiPFH Y\PH]HQpKR SUR ~GUåEX PRKRX PtW QČNWHUi
KDOWVWHFKQLVFKHQ *HVLFKWVSXQNWHQ GHQ &KDUDNWHU YRQ ,QYHVWLWLRQHQ KDEHQ %HLVSLHOH IU
RSDWĜHQt XYiGČQi Y WDEXOFH ] UR]SRþWRYpKR KOHGLVND FKDUDNWHU LQYHVWLF 3ĜtNODG\
0DQDKPHQ]XU9HUEHVVHUXQJGHUPRUSKRORJLVFKHQ9HUKlOWQLVVHGHU*HZlVVHUGLHGHQ
RSDWĜHQtNH]OHSãHQtPRUIRORJLFNêFKSRGPtQHNYRGQtFKWRNĤNWHUiPDMtþLVWČLQYHVWLþQt
&KDUDNWHUYRQUHLQHQ,QYHVWLWLRQVPDQDKPHQKDEHQVLQGLP.DSLWHODXIJHIKUW
FKDUDNWHUMVRXXYHGHQ\YNDSLWROH
.RQNUHWH9RUVFKOlJHXQG%HLVSLHOHIUGLH8QWHUKDOWXQJ
PLWSRVLWLYHQ|NRORJLVFKHQ$XVZLUNXQJHQ
.RQNUpWQtQiYUK\DSĜtNODG\~GUåE\VSR]LWLYQtPLHNRORJLFNêPL
GRSDG\
,QGHUIROJHQGHQ7DEHOOHVLQG0DQDKPHQ]XU8QWHUKDOWXQJGHUVFKLIIIDKUWOLFKJHQXW]
9QiVOHGXMtFtWDEXOFHMVRXXYHGHQDRSDWĜHQt~GUåE\~VHNĤYQLWUR]HPVNpþiVWL/DEHD
WHQ%LQQHQHOEHXQG0ROGDXDEVFKQLWWHDXIJHIKUWGLHHLQHQDNWLYHQ%HLWUDJ]XU9HUEHV
~VHNĤ9OWDY\Y\XåtYDQêFKSURSODYHEQt~þHO\NWHUiPRKRXDNWLYQČSĜLVSČWNH]OHSãHQtMH
VHUXQJLKUHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVOHLVWHQN|QQHQ'LHVH0DQDKPHQVLQG
MLFKHNRORJLFNpKRVWDYXSRWHQFLiOX7DWRRSDWĜHQtMHWĜHEDFKiSDWMDNRGRSRUXþHQtDSRG
DOV(PSIHKOXQJXQG8QWHUVWW]XQJEHLGHU'XUFKIKUXQJGHU8QWHUKDOWXQJ]XYHUVWHKHQ
SRUXSĜLSURYiGČQt~GUåE\-DNMLåE\ORYêãHXYHGHQRMHWĜHED]YiåLWYNWHUêFKSĜtSDGHFK
:LHEHUHLWVREHQHUZlKQWLVW]XSUIHQLQZHOFKHQ)lOOHQGLHVH0DQDKPHQGXUFKJHIKUW
MHWDWRRSDWĜHQtPRåQpSURYiGČWDQLåE\GRãORNQHJDWLYQtPXRYOLYQČQtEH]SHþQpKRSUR
ZHUGHQN|QQHQRKQHGDVVGHUVLFKHUH%HWULHEGHU6FKLIIIDKUWXQGGLHZDVVHUZLUWVFKDIWOL
YR]X SODYE\ D YRGRKRVSRGiĜVNêFK ]iMPĤ 7DEXOND REVDKXMH SUR PRåQp W\S\ RSDWĜHQt
FKHQ%HODQJHEHHLQWUlFKWLJWZHUGHQ'LH7DEHOOHHQWKlOWIUP|JOLFKH0DQDKPHQW\SHQ
Qi]RUQpSĜtNODG\NWHUpMVRXSRGUREQČMLSRSViQ\YW]YNDWDORJRYêFKOLVWHFKYSĜtOR]H
%HLVSLHOHGLHLQGHQVRJ6WHFNEULHIHQLQ$QODJHDXVIKUOLFKHUEHVFKULHEHQVLQG
9ãXGHWDPNGHVHQDNOiGiVHVHGLPHQW\MHWĜHED]RKOHGQLW]iVDG\SURPDQDJHPHQW
hEHUDOOGRUWZRPLW6HGLPHQWHQXPJHJDQJHQZLUGVLQGGLHQRFKLQ(QWZLFNOXQJEH
VHGLPHQWĤWRNX/DEHPRPHQWiOQČMHãWČYHIi]L]SUDFRYiQt
¿QGOLFKHQ*UXQGVlW]HGHV6HGLPHQWPDQDJHPHQWVIUGLH(OEH]XEHUFNVLFKWLJHQ
'LH*UXQGVlW]H(PSIHKOXQJHQIUGDV6HGLPHQWPDQDJHPHQWLP(LQ]XJVJHELHWGHU(OEHVROOHQLQGHU([SHUWHQJUXSSHÄ6HGL
PHQWPDQDJHPHQW³GHU,.6(ELV(QGHHUDUEHLWHWZHUGHQ
=iVDG\GRSRUXþHQtSURQDNOiGiQtVHVHGLPHQW\YSRYRGt/DEHY\SUDFXMHVNXSLQDH[SHUWĤÄ0DQDJHPHQWVHGLPHQWĤ³0.2/GR
NRQFHURNX
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
7DE 0DQDKPHQ]XU8QWHUKDOWXQJGHUVFKLIIIDKUWOLFKJHQXW]WHQ(OEHXQG0ROGDXDEVFKQLWWHGLHHLQHQDNWLYHQ%HLWUDJ]XU9HUEHVVHUXQJLKUHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVOHLVWHQN|QQHQ
7HLO)UHLÀLHHQGHU$EVFKQLWWGHU%LQQHQHOEH
7DE 2SDWĜHQtSĜL~GUåEČ~VHNĤ/DEHD9OWDY\Y\XåtYDQêFKSURSODYHEQt~þHO\NWHUiPRKRXDNWLYQČSĜLVSČWNH]OHSãHQtMHMLFKHNRORJLFNpKRVWDYXSRWHQFLiOX
þiVW9ROQČWHNRXFtYQLWUR]HPVNê~VHN/DEH
=LHOVHW]XQJ
&tO
/IG1U 1DPH7\SGHU0DQDKPH
3RĜþ
1i]HYW\SRSDWĜHQt
$UWGHU0DQDKPH6SH]LIL]LHUXQJ%HVFKUHLEXQJ7HFKQRORJLH
'UXKRSDWĜHQtVSHFLILNDFHSRSLVWHFKQRORJLH
%HVHLWLJXQJGHU)HKOVWHOOHQLP3IODVWHUE]Z6WHLQVFKWWXQJ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
%XKQHQN|USHULQVWDQGVHW]XQJ 6FKDIIXQJHLQHU$EVHQNXQJELV]XHLQHP'XUFKULVVLQGHU%XKQHGRUW
ZRHVP|JOLFKLVW
ZDVVHUZLUWVFKDIWOLFK
XQGYHUNHKUOLFK
]YRGRKRVSRGiĜVNpKR
DGRSUDYQtKRKOHGLVND
:LHGHUKHUVWHOOXQJGHU5HJHOXQJV
IXQNWLRQ
RGVWUDQČQtGHIHNWQtFKPtVWYGODåEČQHERNDPHQQpPSRKR]X
3DUDOOHOZHUNVLQVWDQGVHW]XQJ
REQRYDUHJXODþQtIXQNFH
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
Y\WYRĜHQtSUĤOHKXDåSUĤSLFKXYHYêKRQXYPtVWHFKNGHMHWRPRåQp
%HVHLWLJXQJYRQ)HKOVWHOOHQDP3DUDOOHOZHUNVN|USHUGXUFK3IODVWHUE]Z
6WHLQVFKWWXQJ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
'RUWZRHVP|JOLFKLVW9HU]LFKWGHU$QELQGXQJGHV3DUDOOHOZHUNVDQGLH
DQJUHQ]HQGHQ'HFNZHUNVEHUHLFKHE]Z(LQEDXYRQ(LQXQG$XVODXI
|IIQXQJHQ(LQEDXYRQ6HQNHQLP3DUDOOHOZHUNVUFNHQHYHQWXHOObQGHUXQJ
GHU$UWGHU%DXZHLVH]%6WHLQVFKWWXQJDQVWDWW3IODVWHUXQJYHJHWDWLYH
*HVWDOWXQJ
,QLWLLHUXQJYRQ1HEHQULQQHQ
(UK|KXQJGHU6WU|PXQJVGLYHUVLWlW
%HLVSLHOHIUEHUHLWV
GXUFKJHIKUWH0DQDKPHQ
3ĜtNODG\
MLåSURYHGHQêFKRSDWĜHQt
6WHFNEULHI1U'(
6WHFNEULHI1U&=
6FKDIIXQJYRQ)LVFKXQWHUVWlQGHQLP
/FNHQV\VWHP]ZLVFKHQGHQ6FKWW
VWHLQHQ
$
2SUDYDWČOHVDYêKRQĤ
SRVLWLYH|NRORJLVFKH
$XVZLUNXQJHQGHU0DQDKPH
SR]LWLYQtHNRORJLFNp
GRSDG\RSDWĜHQt
LQLFLDFHWYRUE\YHGOHMãtFKFHVWSURX
GČQt]YêãHQtGLYHU]LW\SURXGČQt
NDWDORJRYêOLVWþ'(
NDWDORJRYêOLVWþ&=
Y\WYRĜHQt~NU\WĤSURU\E\YV\VWpPX
PH]HUPH]LORPRYêPLNDPHQ\
:LHGHUKHUVWHOOXQJGHU5HJHOXQJV
IXQNWLRQ]XU*HZlKUOHLVWXQJGHU
)DKUULQQHQYHUKlOWQLVVH
)|UGHUXQJXQG9HUEHVVHUXQJGHU
+LQWHUVWU|PXQJGHV3DUDOOHOZHUNV
6WHFNEULHI1U'(
6WHFNEULHI1U'(
(UK|KXQJGHU6WUXNWXUYLHOIDOWGXUFK
6FKDIIXQJVWU|PXQJVEHUXKLJWHU
)OLHJHZlVVHUEHUHLFKHLPhEHU
JDQJVEHUHLFK)DKUULQQHXQG8IHU
(QWZLFNOXQJYRQ)ODFKZDVVHU]RQHQ
%
RGVWUDQČQtGHIHNWQtFKPtVWQDWČOHVHNRQFHQWUDþQtKUi]HSRPRFtGODåE\
QHERNDPHQQpKRSRKR]X
2SUDYDSRGpOQêFK
NRQFHQWUDþQtFKKUi]t
8IHUHQWVLHJHOXQJ
REQRYDUHJXODþQtIXQNFH]D~þHOHP
]DMLãWČQtSODYHEQtFKSRGPtQHN
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
YPtVWHFKNGHMHWRPRåQpXSXVWLWRGQDYi]iQtSRGpOQpNRQFHQWUDþQtKUi
]HQDSĜLOHKOp~VHN\EĜHKRYpKRRSHYQČQtUHVS]DEXGRYDWYWRNRYpDYê
SXVWQtRWYRU\]Ĝt]HQtPtVWQtFKSUĤOHKĤYNRUXQČSRGpOQpNRQFHQWUDþQt
KUi]HSĜtS]PČQD]SĤVREXRSHYQČQtQDSĜNDPHQQêSRKR]PtVWRGODåE\
YHJHWDþQt~SUDYD
'RUWZRHVP|JOLFKLVWNOHLQUlXPLJHV(QWIHUQHQYRQ3IODVWHUE]Z6WHLQ
VFKWWXQJHQ
SRGSRUDD]OHSãHQtSURXGČQt]DSR
GpOQêPLNRQFHQWUDþQtPLKUi]HPL
NDWDORJRYêOLVWþ'(
NDWDORJRYêOLVWþ'(
]YêãHQtUR]PDQLWRVWLVWUXNWXUY\WYi
ĜHQtP~VHNĤWRNXVH]NOLGQČQêP
SURXGČQtPYSĜHFKRGRYpþiVWLPH]L
SODYHEQtGUiKRXDEĜHKHP
WYRUEDELRWRSĤPČOþLQ
%HVHLWLJXQJQLFKWPHKUHUIRUGHUOLFKHU
8IHUYHUVLHJHOXQJHQ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
$QJHHLJQHWHQ6WHOOHQ9HUlQGHUXQJGHU%|VFKXQJVQHLJXQJ
(QWZLFNOXQJQDWUOLFKHU8IHU
6WHFNEULHI1U'(
=XODVVHQYRQ8IHUDEEUFKHQ
(UZHLWHUXQJGHU/LWRUDO]RQH
&
2GVWUDQČQtEĜHKRYpKR
RSHYQČQt
YPtVWHFKNGHMHWRPRåQpSORãQČQHYHONpRGVWUDQČQtGODåE\UHVS
NDPHQQpKRSRKR]X
RGVWUDQČQtQHSRWĜHEQpKRSHYQpKR
RSHYQČQtEĜHKĤ
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
QDYKRGQêFKPtVWHFK]PČQDVNORQXVYDKĤ
%HVHLWLJXQJYRQ)HKOVWHOOHQGXUFK3IODVWHUE]Z6WHLQVFKWWXQJ
'HFNZHUNVLQVWDQGVHW]XQJ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
0RGLILNDWLRQGHVIHVWHQ8IHUYHUEDXV1HLJXQJ9HUULQJHUXQJGHU'HFN
ZHUNVIOlFKHQ
2SUDYDRSHYQČQtEĜHKĤ
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
~SUDYDSHYQpKRRSHYQČQtEĜHKĤVNORQ]PHQãHQtSORFK\EĜHKRYpKR
RSHYQČQt
UR]YRMSĜLUR]HQêFKEĜHKĤ
NDWDORJRYêOLVWþ'(
XPRåQČQtEĜHKRYêFKQiWUåt
UR]ãtĜHQtOLWRUiOQtKRSiVPD
6FKXW]GHV8IHUVJJIVFKDUOLHJHQGHU
'HLFKH
9HUEHVVHUXQJGHU/HEHQVUlXPH]XU 6WHFNEULHI1U'(
6WHLJHUXQJGHU%LRGLYHUVLWlW
6WHFNEULHI1U&=
RFKUDQDEĜHKXSRSĜH[SRQRYDQêFK
KUi]tEH]SĜHGSROt
]OHSãHQtELRWRSĤNH]YêãHQt
ELRGLYHU]LW\
'
RGVWUDQČQtGHIHNWQtFKPtVWSRPRFtGODåE\QHERNDPHQQpKRSRKR]X
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
NDWDORJRYêOLVWþ'(
NDWDORJRYêOLVWþ&=
=LHOVHW]XQJ
&tO
/IG1U 1DPH7\SGHU0DQDKPH
3RĜþ
1i]HYW\SRSDWĜHQt
%DJJHUXQJGHU)DKUULQQH
(
3URKUiENDSODYHEQtGUiK\
%DJJHUXQJLQGHQ
%XKQHQIHOGHUQ
$UWGHU0DQDKPH6SH]LIL]LHUXQJ%HVFKUHLEXQJ7HFKQRORJLH
'UXKRSDWĜHQtVSHFLILNDFHSRSLVWHFKQRORJLH
ZDVVHUZLUWVFKDIWOLFK
XQGYHUNHKUOLFK
]YRGRKRVSRGiĜVNpKR
DGRSUDYQtKRKOHGLVND
SRVLWLYH|NRORJLVFKH
$XVZLUNXQJHQGHU0DQDKPH
SR]LWLYQtHNRORJLFNp
GRSDG\RSDWĜHQt
%HLVSLHOHIUEHUHLWV
GXUFKJHIKUWH0DQDKPHQ
3ĜtNODG\
MLåSURYHGHQêFKRSDWĜHQt
*HVFKLHEHXPODJHUXQJEHVWHKHQGDXV*HVFKLHEHHQWQDKPH%DJJHUXQJLQ %HVHLWLJXQJYRQ$XIODQGXQJHQ]XU
9HUEHVVHUXQJGHU)DKUULQQHQYHUKlOW
0LQGHUWLHIHQXQG9HUEULQJXQJLQhEHUWLHIHQE]ZLP*HZlVVHUEHWWDXHU
QLVVH
KDOEGHU)DKUULQQH
1LFKWYROOVWlQGLJHNHLQH9HUIOOXQJ
GHU.RONH]XU(UK|KXQJGHU6WUXN
WXUYLHOIDOW7LHIHQYDULDQ]
(LQEULQJHQGHV*HVFKLHEHVLQ.RONH
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
1LFKWYROOVWlQGLJHNHLQH9HUIOOXQJGHU.RONHGDV0DWHULDODXVGHU
]XU6RKOVWDELOLVLHUXQJ
)DKUULQQHZLUGIUHLQHDXVJHJOLFKHQH6HGLPHQWELODQ]DQJHHLJQHWH6WHOOHQ
LP*HZlVVHUEHWWYHUEUDFKW
(QWZLFNOXQJYRQ8IHUOLWRUDOHQZLUG
XQWHUVWW]W
SĜHPtVĢRYiQtGQRYêFKVSODYHQLQVHVWiYDMtFt]RGWČåHQtVSODYHQLQ
RGVWUDQČQtQDSODYHQêFKQiQRVĤNH
SURKUiEN\YQHGRVWDWHþQêFKKORXENiFKDXORåHQtPDWHULiOXYQDGPČUQêFK ]OHSãHQtSRPČUĤSODYHEQtGUiK\
KORXENiFKSRSĜYNRU\WČPLPRSODYHEQtGUiKX
]DSOĖRYiQtYêPROĤGQRYêPLVSODYHQL
QDPL]D~þHOHPVWDELOL]DFHGQD
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
QH~SOQpåiGQpY\SOQČQtYêPROĤPDWHULiO]SODYHEQtGUiK\MHXNOiGiQQD
YKRGQêFKPtVWHFKYNRU\WČN]DFKRYiQtY\URYQDQpELODQFHVHGLPHQWĤ
QH~SOQpåiGQpY\SOQČQtYêPROĤ]D NDWDORJRYêOLVWþ&=
~þHOHP]YêãHQtUR]PDQLWRVWLVWUXNWXU NDWDORJRYêOLVWþ&=
YDULDELOLWDKORXEHN
5lXPXQJYRQ9HUODQGXQJHQLQ%XKQHQIHOGHUQ
:LHGHUKHUVWHOOXQJGHU%XKQHQIHOG
IXQNWLRQ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
1XUSDUWLHOOH5lXPXQJYRQ9HUODQGXQJHQLQGHQ%XKQHQIHOGHUQ
6WHFNEULHI1U&=
6WHFNEULHI1U&=
SRGSRUDUR]YRMHEĜHKRYpKROLWRUiOX
9HUEHVVHUXQJGHU6WUXNWXUYLHOIDOW
GXUFK+HUVWHOOXQJXQWHUVFKLHGOLFKHU
%XKQHQIHOGK|KHQ
6WHFNEULHI1U'(
6FKDIIXQJYRQ/DLFKSOlW]HQ
)
2GVWUDQČQtQiQRVĤ
YHYêKRQRYêFKSROtFK
RGVWUDQČQtQDSODYHQêFKQiQRVĤYHYêKRQRYêFKSROtFK
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
SRX]HGtOþtRGVWUDQČQtQDSODYHQêFKQiQRVĤYHYêKRQRYêFKSROtFK
:LHGHUKHUVWHOOXQJYRQVWDQGRUWJHUHFKWHP8IHUEHZXFKVGRUWZRHV
P|JOLFKLVW
3IOHJHGHU8IHUYHJHWDWLRQ
REQRYDIXQNþQRVWLYêKRQRYêFKSROt
]OHSãHQtUR]PDQLWRVWLVWUXNWXU
Y\WYRĜHQtPYêKRQRYêFKSROt
VUĤ]QRXKORXENRX
NDWDORJRYêOLVWþ'(
Y\WYRĜHQtWUGOLãĢ
(UKDOWXQJXQG3IOHJHGHUVWDQGRUW
JHUHFKWHQ8IHUYHJHWDWLRQ
(QWZLFNOXQJYRQVWDQGRUWJHUHFKWHU
$UWHQYLHOIDOWGHU8IHUYHJHWDWLRQZLUG
XQWHUVWW]W
]DFKRYiQtD~GUåEDVWDQRYLãWQČ
YKRGQpEĜHKRYpYHJHWDFH
SRGSRUDUR]YRMHVWDQRYLãWQČYKRGQp NDWDORJRYêOLVWþ'(
GUXKRYpUR]PDQLWRVWLEĜHKRYp
NDWDORJRYêOLVWþ&=
YHJHWDFH
6LFKHUXQJDXVUHLFKHQGHU6FKLIIIDKUWV
XQG$EIOXVVYHUKlOWQLVVH
9HUEHVVHUXQJGHU/HEHQVUDXP
XQG$UWHQYLHOIDOW
6WHFNEULHI1U'(
]DMLãWČQtGRVWDWHþQêFKSODYHEQtFKD
SUĤWRNRYêFKSRGPtQHN
]OHSãHQtUR]PDQLWRVWLELRWRSĤD
GUXKĤ
NDWDORJRYêOLVWþ'(
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
(QWIHUQHQRGHU9HUKLQGHUQGHUZHLWHUHQ9HUEUHLWXQJYRQLQYDVLYHQ1HR
SK\WHQXQG=XODVVHQYRQQDWUOLFKHP$XIVFKODJ$QIOXJ
6WHFNEULHI1U'(
6WHFNEULHI1U&=
*
REQRYDVWDQRYLãWQČYKRGQêFKEĜHKRYêFKSRURVWĤYPtVWHFKNGHMHWR
PRåQp
3pþHREĜHKRYRXYHJHWDFL
%HVHLWLJXQJYHJHWDWLRQV
EHGLQJWHU+LQGHUQLVVH
8PJDQJPLW7RWKRO]
+
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
RGVWUDĖRYDWLQYD]LYQtQHRI\W\QHER]DEUiQLWMHMLFKGDOãtPXãtĜHQtDSRG
SRURYDWSĜLUR]HQpY\VHPHQČQtVDPRYROQêQiOHW
%DXPVFKQLWW5FNVFKQLWWLP%HUHLFKYRQ%XKQHQ3DUDOOHOZHUNHQVRZLH
8IHUE|VFKXQJHQ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
$QJHHLJQHWHQ6WHOOHQ%HODVVHQYRQXPJHVWU]WHQ%lXPHQXQG7RWKRO]LQ
GHU)ODFKZDVVHU]RQH'DEHLLVWGLH6LFKHUXQJYRQ7RWKRO]]XSUIHQXP
GDV:HJVFKZLPPHQEHLHUK|KWHQ$EIOVVHQ]XYHUKLQGHUQ
NiFHQtVWURPĤNROHPYêKRQĤNRQFHQWUDþQtFKKUi]tDEĜHKĤ
2GVWUDQČQtSĜHNiåHN
]SĤVREHQêFKYHJHWDFt
QDNOiGiQtVPUWYêPGĜHYHP
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
QDYKRGQêFKPtVWHFKSRQHFKDWY\YUiFHQpVWURP\DPUWYpGĜHYRYPČONêFK
~VHFtFKSĜLWRPMHWĜHED]YiåLW]DEH]SHþHQtPUWYpKRGĜHYDSURWLRGSODYHQt
SĜL]YêãHQêFKSUĤWRFtFK
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
7DE 0DQDKPHQEHLGHU8QWHUKDOWXQJGHUVFKLIIIDKUWOLFKJHQXW]WHQ(OEHXQG0ROGDXDEVFKQLWWHGLHHLQHQDNWLYHQ%HLWUDJ]XU9HUEHVVHUXQJLKUHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVOHLVWHQN|QQHQ
7HLO6WDXJHUHJHOWH$EVFKQLWWHGHU(OEHXQGGHU0ROGDX
7DE 2SDWĜHQtSĜL~GUåEČ~VHNĤ/DEHD9OWDY\Y\XåtYDQêFKSURSODYHEQt~þHO\NWHUiPRKRXDNWLYQČSĜLVSČWNH]OHSãHQtMHMLFKHNRORJLFNpKRVWDYXSRWHQFLiOX
þiVW-H]\Y]GXWp~VHN\/DEHD9OWDY\
=LHOVHW]XQJ
&tO
/IG1U 1DPH7\SGHU0DQDKPH
1i]HYW\SRSDWĜHQt
3RĜþ
$UWGHU0DQDKPH6SH]LIL]LHUXQJ%HVFKUHLEXQJ7HFKQRORJLH
'UXKRSDWĜHQtVSHFLILNDFHSRSLVWHFKQRORJLH
(UJlQ]XQJIHKOHQGHQ0DWHULDOV5HSDUDWXUGHV3IODVWHUV
3DUDOOHOZHUNVLQVWDQGVHW]XQJ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
'RUWZRHVP|JOLFKLVW9HU]LFKWGHU$QELQGXQJGHV3DUDOOHOZHUNVDQGLH
DQJUHQ]HQGHQ'HFNZHUNVEHUHLFKHE]Z(LQEDXYRQ(LQ
XQG$XVODXI|IIQXQJHQ(LQEDXYRQ6HQNHQLP3DUDOOHOZHUNVUFNHQ
HYHQWXHOObQGHUXQJGHU$UWGHU%DXZHLVH]%6WHLQVFKWWXQJDQVWDWW
3IODVWHUXQJYHJHWDWLYH*HVWDOWXQJ
ZDVVHUZLUWVFKDIWOLFK
XQGYHUNHKUOLFK
]YRGRKRVSRGiĜVNpKR
DGRSUDYQtKRKOHGLVND
6WDELOLVLHUXQJGHU6WURPUHJHOXQJV
IXQNWLRQ]XU*HZlKUOHLVWXQJGHU6FKLII
IDKUWVWLHIHQ
SRVLWLYH|NRORJLVFKH
$XVZLUNXQJHQGHU0DQDKPH
SR]LWLYQtHNRORJLFNp
GRSDG\RSDWĜHQt
%HLVSLHOHIUEHUHLWV
GXUFKJHIKUWH0DQDKPHQ
3ĜtNODG\
MLåSURYHGHQêFKRSDWĜHQt
)|UGHUXQJXQG9HUEHVVHUXQJGHU
+LQWHUVWU|PXQJGHV3DUDOOHOZHUNV
6WHFNEULHI1U&=
(UK|KXQJGHU6WUXNWXUYLHOIDOW
6WHFNEULHI1U&=
6WHFNEULHI1U&=
(QWZLFNOXQJYRQ)ODFKZDVVHU
OHEHQVUlXPHQ
D
GRSOQČQtFK\EČMtFtKRPDWHULiOXRSUDYDGODåE\
2SUDYDSRGpOQêFK
NRQFHQWUDþQtFKKUi]t
8IHUHQWVLHJHOXQJ
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
YPtVWHFKNGHMHWRPRåQpXSXãWČQtRGQDSRMHQtSRGpOQpNRQFHQWUDþQt
KUi]HQDVRXVHGtFt~VHN\RSHYQČQtEĜHKXUHVS]DEXGRYiQtYWRNRYêFKD
YêWRNRYêFKRWYRUĤ]Ĝt]HQtPtVWQtFKSUĤOHKĤYNRUXQČSRGpOQpNRQFHQW
UDþQtKUi]HSĜtS]PČQD]SĤVREXRSHYQČQtQDSĜNDPHQQêSRKR]PtVWR
GODåE\YHJHWDþQt~SUDYD
'RUWZRHVP|JOLFKLVWNOHLQUlXPLJHV(QWIHUQHQYRQ3IODVWHUE]Z6WHLQ
VFKWWXQJHQ
VWDELOL]DFHUHJXODþQtIXQNFHWRNX]D
~þHOHP]DMLãWČQtSODYHEQtFKKORXEHN
SRGSRUDD]OHSãHQtSURXGČQt]D
SRGpOQêPLNRQFHQWUDþQtPLKUi]HPL
NDWDORJRYêOLVWþ&=
]YêãHQtUR]PDQLWRVWLVWUXNWXU
NDWDORJRYêOLVWþ&=
NDWDORJRYêOLVWþ&=
WYRUEDELRWRSĤPČOþLQ
%HVHLWLJXQJQLFKWPHKUHUIRUGHUOLFKHU
8IHUYHUVLHJHOXQJHQ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
$QJHHLJQHWHQ6WHOOHQ9HUlQGHUXQJGHU%|VFKXQJVQHLJXQJ$EIODFKXQJ
(QWZLFNOXQJQDWUOLFKHU8IHU
6WHFNEULHI1U&=
=XODVVHQYRQ8IHUDEEUFKHQ
(UZHLWHUXQJGHU/LWRUDO]RQH
E
2GVWUDQČQtEĜHKRYpKR
RSHYQČQt
YPtVWHFKNGHMHWRPRåQpSORãQČQHYHONpRGVWUDQČQtGODåE\
UHVSNDPHQQpKRSRKR]X
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
QDYKRGQêFKPtVWHFK]PČQDVNORQXVYDKĤ]SORãWČQt
(UJlQ]XQJGHV'HFNZHUNVIXHV(UJlQ]XQJIHKOHQGHQ0DWHULDOV
'HFNZHUNVLQVWDQGVHW]XQJ
F
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
WDPNGHMHWRPRåQp]PČQDGUXKXRSHYQČQt]PČQDVNORQXRSHYQČQt
YHJHWDþQt~SUDYDGRSOQČQtRSHYQČQtVY\XåLWtPPDWHULiOXYPtVWČ
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
UR]YRMSĜLUR]HQêFKEĜHKĤ
NDWDORJRYêOLVWþ&=
XPRåQČQtEĜHKRYêFKQiWUåt
UR]ãtĜHQtOLWRUiOQtKRSiVPD
6WDELOLVLHUXQJGHU8IHUOLQLH
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
'RUWZRHVP|JOLFKLVWbQGHUXQJGHU$UWGHV'HFNZHUNVbQGHUXQJGHU
1HLJXQJGHV'HFNZHUNVYHJHWDWLYH*HVWDOWXQJ(UJlQ]XQJGHV'HFN
ZHUNVXQWHU9HUZHQGXQJGHV|UWOLFKHQ0DWHULDOV
GRSOQČQt]iNODGRYpSDWN\GRSOQČQtFK\EČMtFtKRPDWHULiOX
2SUDYDEĜHKRYpKRRSHYQČQt
RGVWUDQČQtQHSRWĜHEQpKRSHYQpKR
RSHYQČQtEĜHKĤ
(UKDOWE]Z9HUEHVVHUXQJGHUUlXP
OLFKHQXQGELRORJLVFKHQ9LHOIDOW
6WHFNEULHI1U&=
5HVVRXUFHQVFKRQXQJ
VWDELOL]DFHEĜHKRYpOLQLH
]DFKRYiQtUHVS]OHSãHQtSURVWRURYp NDWDORJRYêOLVWþ&=
DELRORJLFNpUR]PDQLWRVWL
ãHWUQpQDNOiGiQtVH]GURML
=LHOVHW]XQJ
&tO
/IG1U 1DPH7\SGHU0DQDKPH
3RĜþ
1i]HYW\SRSDWĜHQt
$UWGHU0DQDKPH6SH]LIL]LHUXQJ%HVFKUHLEXQJ7HFKQRORJLH
'UXKRSDWĜHQtVSHFLILNDFHSRSLVWHFKQRORJLH
5lXPXQJYRQ9HUODQGXQJHQ%HVHLWLJXQJYRQ$EIOXVVVW|UXQJHQ
%DJJHUXQJHQ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
%DJJHUXQJP|JOLFKVWQXULQGHU)DKUULQQH
ZDVVHUZLUWVFKDIWOLFK
XQGYHUNHKUOLFK
]YRGRKRVSRGiĜVNpKR
DGRSUDYQtKRKOHGLVND
SRVLWLYH|NRORJLVFKH
$XVZLUNXQJHQGHU0DQDKPH
SR]LWLYQtHNRORJLFNp
GRSDG\RSDWĜHQt
%HLVSLHOHIUEHUHLWV
GXUFKJHIKUWH0DQDKPHQ
3ĜtNODG\
MLåSURYHGHQêFKRSDWĜHQt
:LHGHUKHUVWHOOXQJGHU)DKUULQQHQWLHIH
XQGGHVJHZQVFKWHQ4XHUSURILOV
)|UGHUXQJGHUHLJHQG\QDPLVFKHQ
(QWZLFNOXQJLP8IHUEHUHLFK
6WHFNEULHI1U&=
]DMLãWČQtSODYHEQtKORXEN\DåiGDQpKR
SUĤWRþQpKRSURILOX
SRGSRUDYODVWQtKRG\QDPLFNpKR
YêYRMHYSREĜHåQt]yQČ
NDWDORJRYêOLVWþ&=
(UKDOWXQJXQG3IOHJHGHUVWDQGRUWJH
UHFKWHQ8IHUYHJHWDWLRQ
(QWZLFNOXQJYRQVWDQGRUWJHUHFKWHU
$UWHQYLHOIDOWGHU8IHUYHJHWDWLRQZLUG
XQWHUVWW]W
6WHFNEULHI1U&=
]DFKRYiQtD~GUåEDYKRGQpEĜHKRYp
YHJHWDFH
SRGSRUDUR]YRMHVWDQRYLãWQČYKRGQp NDWDORJRYêOLVWþ&=
GUXKRYpUR]PDQLWRVWLEĜHKRYp
NDWDORJRYêOLVWþ&=
YHJHWDFH
6LFKHUXQJDXVUHLFKHQGHU6FKLIIIDKUWV
XQG$EIOXVVYHUKlOWQLVVH
9HUEHVVHUXQJGHU/HEHQVUDXP
XQG$UWHQYLHOIDOW
]DMLãWČQtGRVWDWHþQêFKSODYHEQtFKD
SUĤWRNRYêFKSRGPtQHN
]OHSãHQtUR]PDQLWRVWLELRWRSĤ
DGUXKĤ
6WHFNEULHI1U&=
G
RGVWUDQČQtQDSODYHQêFKQiQRVĤRGVWUDQČQtSĜHNiåHNSUĤWRNX
3URKUiEN\
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
SRNXGPRåQRSURYiGČWSURKUiEN\SRX]HYSODYHEQtGUi]H
:LHGHUKHUVWHOOXQJYRQ8IHUEHZXFKV
3IOHJHGHU8IHUYHJHWDWLRQ
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
(QWIHUQHQRGHU9HUKLQGHUQHLQHUZHLWHUHQ9HUEUHLWXQJYRQLQYDVLYHQ
1HRSK\WHQXQG=XODVVHQYRQQDWUOLFKHP$XIVFKODJ$QIOXJ
NDWDORJRYêOLVWþ&=
6WHFNEULHI1U&=
H
REQRYDEĜHKRYêFKSRURVWĤ
3pþHREĜHKRYRXYHJHWDFL
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
RGVWUDĖRYDWLQYD]LYQtQHRI\W\QHER]DEUiQLWMHMLFKGDOãtPX
ãtĜHQtDSRGSRURYDWSĜLUR]HQpY\VHPHQČQtVDPRYROQêQiOHW
%DXPVFKQLWWLP%HUHLFKYRQ%XKQHQ3DUDOOHOZHUNHQVRZLH
8IHUE|VFKXQJHQ
%HVHLWLJXQJYHJHWDWLRQV
EHGLQJWHU+LQGHUQLVVH
I
=XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOV
1DFK0|JOLFKNHLW%HODVVHQYRQXPJHVWU]WHQ%lXPHQXQG7RWKRO]LQ
GHU)ODFKZDVVHU]RQH
'DEHLLVWGLH6LFKHUXQJYRQ7RWKRO]]XSUIHQXPGDV:HJVFKZLPPHQ
EHLHUK|KWHQ$EIOVVHQ]XYHUKLQGHUQ
NiFHQtVWURPĤNROHPYêKRQĤNRQFHQWUDþQtFKKUi]tDEĜHKĤ
2GVWUDQČQtSĜHNiåHN
]SĤVREHQêFKYHJHWDFt
SUR]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOX
SRNXGPRåQRSRQHFKDWY\YUiFHQpVWURP\DPUWYpGĜHYRYPČONêFK~VH
FtFKSĜLWRPMHWĜHED]YiåLW]DEH]SHþHQtPUWYpKRGĜHYDSURWLRGSODYHQt
SĜL]YêãHQêFKSUĤWRFtFK
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
0DQDKPHQGLHEHUGLH*HZlVVHU
XQWHUKDOWXQJKLQDXVJHKHQ
2SDWĜHQtQDGUiPHF~GUåE\YRGQtFK
WRNĤ
'LH8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU*HZlVVHUVROOWH]XU9HUEHVVHUXQJGHV|NR
ÒGUåEDYRGQtFKWRNĤY\XåtYDQêFKSURSODYHEQt~þHO\E\PČODSĜLVSČWNH]OHSãHQtHNR
ORJLVFKHQ=XVWDQGV3RWHQ]LDOVQDFK:DVVHUUDKPHQULFKWOLQLHEHLWUDJHQ$QJHVLFKWVGHV
ORJLFNpKRVWDYXSRWHQFLiOXSRGOH5iPFRYpVPČUQLFHRYRGiFK9]KOHGHPNSUiYQtPX
UHFKWOLFKHQ5DKPHQVYRQ8QWHUKDOWXQJVDUEHLWHQVLQGDEHU*UHQ]HQJHVHW]W:HLWHUJHKHQ
UiPFLþLQQRVWt~GUåE\MVRXYãDNVWDQRYHQ\XUþLWpPH]H'DOãtRSDWĜHQtNH]OHSãHQtPRU
GH0DQDKPHQ]XU9HUEHVVHUXQJGHVPRUSKRORJLVFKHQ=XVWDQGVGHU*HZlVVHUGLHEHU
IRORJLFNpKRVWDYXYRGQtFKWRNĤNWHUiSĜHVDKXMtUiPHF~GUåE\D]SUDYLGODPDMtFKDUDNWHU
GHQ5DKPHQGHU8QWHUKDOWXQJKLQDXVJHKHQXQGLQGHU5HJHOGHQ&KDUDNWHUYRQUHLQHQ
þLVWČLQYHVWLþQtFKRSDWĜHQtMVRXQDSĜtNODG
,QYHVWLWLRQVPDQDKPHQKDEHQVLQG]XP%HLVSLHO
Ŷ ]DMLãWČQtSURWLSURXGQtLSRSURXGQtPLJUDþQtSURVWXSQRVWLSURYRGQtåLYRþLFK\FRQHMOp
Ŷ 6LFKHUXQJGHUVWURPDXIXQGVWURPDEJHULFKWHWHQ'XUFKJlQJLJNHLWIUDTXDWLVFKH:DQ
SHRGSRYtGDMtFtFKDUDNWHUXDSRWHQFLiOXYRGQtKRWRNX]KOHGLVNDRåLYHQtWêNiVHMH]\
GHURUJDQLVPHQ GLH EHVWP|JOLFK GHP &KDUDNWHU XQG GHP 3RWHQ]LDO GHV *HZlVVHUV
Y]GXWêFK~VHNĤ/DEHD9OWDY\DMHMLåREVDåHQRYSUYQtP0H]LQiURGQtPSOiQXREODVWL
XQWHU GHP *HVLFKWVSXQNW GHU ELRORJLVFKHQ %HVLHGOXQJ HQWVSULFKW EHWULIIW GLH VWDXJH
SRYRGt/DEH
UHJHOWHQ(OEHXQG0ROGDXDEVFKQLWWHXQGLVWEHUHLWVLPHUVWHQÄ,QWHUQDWLRQDOHQ%HZLUW
Ŷ Y\WYRĜHQtWYDURYČþOHQLWêFKSĜtURGČEOt]NêFKYRGQtFKSUYNĤNUDMLQ\OHåtFtFKYGĤVOHGNX
VFKDIWXQJVSODQIUGLH)OXVVJHELHWVHLQKHLW(OEH³HQWKDOWHQ
~SUDYWRNĤPLPRKODYQtNRU\WRMHMLFKDNWLYL]DFHREQRYHQtPQDSRMHQtQDKODYQtUDPH
Ŷ 6FKDIIXQJQDWXUQDKHUDTXDWLVFKHU/DQGVFKDIWVHOHPHQWHPLWHLQHU9LHOIDOWYRQ)RUPHQ
QRDRWHYĜHQtUHåLPXSUĤWRNĤRSWLPDOL]DFHWDNRYêFKSUYNĤ
GLH LQIROJH GHV *HZlVVHUDXVEDXV DXHUKDOE GHV *HZlVVHUEHWWV GHV +DXSWVWURPHV
Ŷ ]DEH]SHþHQtSUĤFKRGQRVWLWRNXSURVHGLPHQW\WêNiVH~VHNĤUHJXORYDQêFKMH]\
OLHJHQLKUH$NWLYLHUXQJGXUFKGLH(UQHXHUXQJGHV$QVFKOXVVHVDQGHQ+DXSWDUPXQG
Ŷ UR]ãLĜRYiQt SĜtURGČ EOt]NêFK SRYRGĖRYêFK NRULGRUĤ Y ĜtþQtFK QLYiFK V SRGSRURX
gIIQXQJGHV$EÀXVVUHJLPHV2SWLPLHUXQJYRQVROFKHQ(OHPHQWHQ
SRYRGĖRYêFKUR]OLYĤGRQH]DVWDYČQêFKQLYQtFK~]HPtYVRXODGXV~þHOHP5iPFRYp
VPČUQLFHRYRGiFKGHNODURYDQêPYþO
Ŷ 6LFKHUXQJGHU'XUFKJlQJLJNHLWIU6HGLPHQWHEHWULIIWGLHVWDXJHUHJHOWHQ$EVFKQLWWH
Ŷ (UZHLWHUXQJ GHU QDWXUQDKHQ +RFKZDVVHUNRUULGRUH LQ GHQ )OXVVDXHQ PLW )|UGHUXQJ
7DWRRSDWĜHQtMVRXEXćSĜLSUDYRYiQDN]DĜD]HQtGRSURJUDPĤRSDWĜHQtSRGOH5iP
KRFKZDVVHUEHGLQJWHU $XVXIHUXQJHQ LQ XQEHEDXWH $XHQJHELHWH HQWVSULFKW GHP LP
$UWGHNODULHUWHQ=LHOGHU:DVVHUUDKPHQULFKWOLQLH FRYpVPČUQLFHRYRGiFKQHERMVRXYQLFKMLåþiVWHþQČREVDåHQD9ČWãLQD]QLFKSĜLWRP
Y\åDGXMH VSOQČQt SRGPtQN\ GRVWDWHþQpKR YROQpKR SURVWRUX SRGpO YRGQtFK WRNĤ DĢ MLå
'LHVH0DQDKPHQZHUGHQHQWZHGHUIUGLH$XIQDKPHLQGLH0DQDKPHQSURJUDPPH
]KOHGLVND~]HPQtFKQHERPDMHWNRSUiYQtFKSRPČUĤ
QDFK:DVVHUUDKPHQULFKWOLQLHYRUEHUHLWHWRGHUVLQGLQLKQHQEHUHLWVWHLOZHLVHHQWKDOWHQ'D
EHLHUIRUGHUQGLHPHLVWHQYRQLKQHQGDVVHQWODQJGHV*HZlVVHUVDXVUHLFKHQG)UHLUDXP
9ýHVNpUHSXEOLFHLY1ČPHFNXE\ODMLåĜDGDWDNRYêFKRSDWĜHQtSURYHGHQD0RåQRVWPL
YRUKDQGHQ LVW XQG ]ZDU VRZRKO XQWHU GHP *HVLFKWVSXQNW GHU UlXPOLFKHQ DOV DXFK GHU
]OHSãHQtHNRORJLFNpKRVWDYXVSRONRYêFKYRGQtFKFHVWY1ČPHFNXVH]DEêYDO6SRONRYê
HLJHQWXPVUHFKWOLFKHQ9HUKlOWQLVVH
$UWLNHOD:55/9HUPHLGXQJHLQHUZHLWHUHQ9HUVFKOHFKWHUXQJVRZLH6FKXW]XQG9HUEHVVHUXQJGHV=XVWDQGVGHUDTXDWLVFKHQ
gNRV\VWHPHXQGGHUGLUHNWYRQLKQHQDEKlQJHQGHQ/DQG|NRV\VWHPHXQG)HXFKWJHELHWHLP+LQEOLFNDXIGHUHQ:DVVHUKDXVKDOW
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
ýOiQHN D 5iPFRYp VPČUQLFH R YRGiFK ÒþHOHP WpWR VPČUQLFH MH VWDQRYLW UiPHF« NWHUê Ä]DEUiQt GDOãtPX ]KRUãRYiQt D
RFKUiQtD]OHSãtVWDYYRGQtFKHNRV\VWpPĤDVRKOHGHPQDMHMLFKSRWĜHEXYRG\VXFKR]HPVNêFKHNRV\VWpPĤDPRNĜDGĤNWHUp
SĜtPR]iYLVHMtQDYRGQtFKHNRV\VWpPHFK³
,Q'HXWVFKODQGXQGLQGHU7VFKHFKLVFKHQ5HSXEOLNZXUGHQEHUHLWVYLHOHVROFKHU0D
~VWDY K\GURORJLFNê D YêVOHGN\ VYêFK SUĤ]NXPĤ VKUQXO YH VGČOHQt þ ] EĜH]QD QDKPHQ GXUFKJHIKUW 0LW Ä0|JOLFKNHLWHQ ]XU 9HUEHVVHUXQJ GHV |NRORJLVFKHQ =XVWDQGV
Ä0RåQRVWLNH]OHSãHQtHNRORJLFNpKRVWDYXVSRONRYêFKYRGQtFKFHVW3ĜHKOHGQi]RUQêFK
YRQ%XQGHVZDVVHUVWUDHQ³LQ'HXWVFKODQGKDWVLFKGLH%XQGHVDQVWDOWIU*HZlVVHUNXQGH
SĜtNODGĤ³0|JOLFKNHLWHQ]XU9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGVYRQ%XQGHVZDV
EHIDVVWXQGLKUH8QWHUVXFKXQJHQLQGHQ0LWWHLOXQJHQ1UYRP0lU]]XVDPPHQJH
VHUVWUDHQ )DOOEHLVSLHOVDPPOXQJ MHKRå VRXþiVWt MH WDNp VEtUND SĜtNODGĤ MLå UHDOL]R
IDVVWGLHDXFKHLQH%HLVSLHOVDPPOXQJEHUHLWVUHDOLVLHUWHU0DQDKPHQHQWKDOWHQ 'LHVH
YDQêFKRSDWĜHQt7DWRVEtUNDMHNGLVSR]LFLWDNpYGDWDEi]LNWHUiMHSUĤEČåQČGRSOĖRYiQD
6DPPOXQJLVWDXFKLQGHU'DWHQEDQNYHUIJEDUGLHODXIHQGHUJlQ]WZLUGXQGHLQH6XFKH
DXPRåĖXMHY\KOHGiYiQtSRGOHYRGQtFKFHVWW\SXYRGQtKRWRNXDNDWHJRULHRSDWĜHQt
QDFK:DVVHUVWUDH*HZlVVHUW\SXQG0DQDKPHQNDWHJRULHHUP|JOLFKW
1ČPHFNiQHYOiGQtRUJDQL]DFH=HOHQiOLJD*UQH/LJDYHVSROXSUiFLVH6SRONRYêP
'LHGHXWVFKH8PZHOWRUJDQLVDWLRQ*UQH/LJDH9JDELQ=XVDPPHQDUEHLWPLWGHP
~VWDYHPåLYRWQtKRSURVWĜHGt8%$DþHVNRXQHYOiGQtRUJDQL]DFt$UQLNDY\GDODLQIRUPDþQt
8PZHOWEXQGHVDPW XQG GHU WVFKHFKLVFKHQ 8PZHOWRUJDQLVDWLRQ $UQLND 6WHFNEULHIH PLW
OLVW\VSUDNWLFNêPLSĜtNODG\LPSOHPHQWDFH5iPFRYpVPČUQLFHRYRGiFK569±SUDNWLFNp
SUDNWLVFKHQ %HLVSLHOHQ ]XU 8PVHW]XQJ GHU :DVVHUUDKPHQULFKWOLQLH KHUDXV 6WHFNEULHIH
SĜtNODG\NWHUpREVDKXMtLUHDOL]RYDQiRSDWĜHQtNH]OHSãHQtPRUIRORJLFNpKRVWDYXYRGQtFK
]XU:55/8PVHW]XQJ GLH DXFK ]XU 9HUEHVVHUXQJGHVPRUSKRORJLVFKHQ=XVWDQGVGHU
WRNĤDMVRXNGLVSR]LFLQDLQWHUQHWXYQČPHFNpPDþHVNpPMD]\FH
*HZlVVHUUHDOLVLHUWH0DQDKPHQHQWKDOWHQXQGLP,QWHUQHWLQGHXWVFKHUXQGWVFKHFKL
VFKHU6SUDFKHYHUIJEDUVLQG
=XVDPPHQIDVVXQJ
6KUQXWt
'LH)RUGHUXQJQDFK6FKXW]GHU1DWXUXQGGHUDTXDWLVFKHQ8PZHOWLVWEHLGHU%HZLUW
3RåDGDYHN RFKUDQ\ SĜtURG\ D YRGQtKR SURVWĜHGt QHQt SĜL VSUiYČ D ~GUåEČ YRGQtFK
VFKDIWXQJXQG8QWHUKDOWXQJYRQ:DVVHUVWUDHQQLFKWV1HXHV'LH]XVWlQGLJHQ%HWULHEH
FHVWQLþtPQRYêP2GSRYČGQpRUJDQL]DFHYýHVNpUHSXEOLFHL1ČPHFNXE\O\DMVRXSĜL
XQG%HK|UGHQLQ'HXWVFKODQGXQGGHU7VFKHFKLVFKHQ5HSXEOLNZDUHQXQGVLQGLQGLHVHU
VYpþLQQRVWLYWRPWRRKOHGXYi]iQ\ĜDGRXSĜHGSLVĤ9URFHYãDNYVWRXSLODYSODWQRVW
+LQVLFKWEHLLKUHQ$NWLYLWlWHQDQ]DKOUHLFKH9RUVFKULIWHQJHEXQGHQ,P-DKUWUDWMHGRFK
HYURSVNi 5iPFRYi VPČUQLFH R YRGiFK NWHUi SĜL KRGQRFHQt VWDYX YRGQtFK WRNĤ NODGH
GLHHXURSlLVFKH:DVVHUUDKPHQULFKWOLQLHLQ.UDIWGLHEHLGHU%HZHUWXQJGHV*HZlVVHU]X
GĤUD]QDNYDOLWXELRORJLFNpKRRåLYHQt.GRVDåHQtGREUpKRVWDYXQHERSRWHQFLiOXYRG
VWDQGVEHVRQGHUHQ:HUWDXIGLH4XDOLWlWGHUELRORJLVFKHQ%HVLHGOXQJOHJW'DKHULVW]XU
QtFKWRNĤSRGOH5iPFRYpVPČUQLFHRYRGiFKMHSURWR]DSRWĜHEtPLPRMLQp]OHSãLWMHMLFK
(UUHLFKXQJGHVJXWHQ=XVWDQGVRGHU3RWHQ]LDOVGHU*HZlVVHUQDFK:DVVHUUDKPHQULFKWOL
PRUIRORJLFNpSRPČU\
QLHXDGLH9HUEHVVHUXQJLKUHUPRUSKRORJLVFKHQ9HUKlOWQLVVHQRWZHQGLJ
KWWSZZZEDIJGHFOQBQQB'(BB:LVVHQVWUDQVIHUBB3XEOLNDWLRQHQBB%I*BB0LWWHLOXQJHQ%I*0LWWHLOXQJHQ
WHPSODWH,G UDZSURSHUW\ SXEOLFDWLRQ)LOHSGI%I*0LWWHLOXQJHQSGI
KWWSZZZEDIJGHFOQBQQB'(BB:LVVHQVWUDQVIHUBB,QIR6\V)DOOEHLVSLHOHIDOOEHLVSLHOHKWPO"BBQQQ WUXH
KWWSZZZZUUOLQIRGHVLWHSKS"QDYLRQH VWHFNEULHIHQDYLWZR FRQWHQW VWHFNEULHIH
KWWSZZZZUUOLQIRGHF]VLWHSKS"QDYLRQH LQIROLVW\QDYLWZR FRQWHQW LQIROLVW\
KWWSZZZEDIJGHFOQBQQB'(BB:LVVHQVWUDQVIHUBB3XEOLNDWLRQHQBB%I*BB0LWWHLOXQJHQ%I*0LWWHLOXQJHQ
WHPSODWH,G UDZSURSHUW\ SXEOLFDWLRQ)LOHSGI%I*0LWWHLOXQJHQSGI
KWWSZZZEDIJGHFOQBQQB'(BB:LVVHQVWUDQVIHUBB,QIR6\V)DOOEHLVSLHOHIDOOEHLVSLHOHKWPO"BBQQQ WUXH
KWWSZZZZUUOLQIRGHVLWHSKS"QDYLRQH VWHFNEULHIHQDYLWZR FRQWHQW VWHFNEULHIH
KWWSZZZZUUOLQIRGHF]VLWHSKS"QDYLRQH LQIROLVW\QDYLWZR FRQWHQW LQIROLVW\
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
%HLGHQ*HZlVVHUQGLHIUGLH6FKLIIIDKUWDXVJHEDXWVLQGXQGEOHLEHQVLQGGLH0|J
9SĜtSDGČYRGQtFKWRNĤNWHUpMVRXDQDGiOH]ĤVWDQRXXSUDYHQ\SURSRWĜHE\SODYE\
OLFKNHLWHQIUHLQH:LHGHUKHUVWHOOXQJGHVQDWXUQDKHQ=XVWDQGVXQGIUHLQH9HUEHVVHUXQJ
MVRXPRåQRVWLREQRY\SĜtURGČEOt]NpKRVWDYXD]OHSãHQtMHMLFKHNRORJLFNpKRVWDYXSR
GHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVGHU*HZlVVHUGXUFKGLH1RWZHQGLJNHLWEHJUHQ]W
WHQFLiOX RPH]HQ\ QXWQRVWt ]DFKRYiQL ]iNODGQtFK JHRPHWULFNêFK FKDUDNWHULVWLN SODYHE
GLH JUXQGOHJHQGHQ JHRPHWULVFKHQ 0HUNPDOH GHU )DKUULQQH HLQVFKOLHOLFK HLQHU DXVUHL
QtGUiK\YþHWQČGRVWDWHþQpKORXEN\YRG\D]DMLãWČQtEH]SHþQpKRSURYR]RYiQtSODYE\
FKHQGHQ:DVVHUWLHIHXQGGHU$EVLFKHUXQJHLQHVVLFKHUHQ%HWULHEVGHU6FKLIIIDKUW]XHU
.WRPXSĜLVWXSXMHSRYLQQRVWXGUåRYDWYRGQtWRN\WDNDE\SOQLO\VYRMLIXQNFLSĜHGHYãtP
KDOWHQ+LQ]XNRPPWGLH3ÀLFKWGLH*HZlVVHUVR]XXQWHUKDOWHQGDVVVLHLKUH)XQNWLRQ
DE\ E\O ]DMLãWČQ RGWRN YRG\ 9HGOH YRGQt GRSUDY\ MVRX WRN\ D V QLPL VRXYLVHMtFt ~GROQt
HUIOOHQYRUDOOHPGLH6LFKHUXQJGHU:DVVHUDEIKUXQJ1HEHQGHU6FKLIIIDKUWJLEWHVDXFK
QLY\Y\XåtYiQ\WDNpSURĜDGXGDOãtFK~þHOĤ3ĜHVWRMHPRåQpYKRGQêPLRSDWĜHQtPL]OHSãLW
ZHLWHUH1XW]XQJHQGHU*HZlVVHUXQGGHUPLWLKQHQLQ9HUELQGXQJVWHKHQGHQ$XHQ'HQ
HNRORJLFNêVWDYSRWHQFLiOYRGQtFKWRNĤDQLåE\WDWRRSDWĜHQtPČOD]iVDGQtQHåiGRXFt
QRFKLVWHVP|JOLFKGHQ|NRORJLVFKHQ=XVWDQGGDV|NRORJLVFKH3RWHQ]LDOGHU*HZlVVHU
GRSDGQDXåtYiQtYRG
PLWJHHLJQHWHQ0DQDKPHQ]XYHUEHVVHUQRKQHGDVVGLHVHJUXQGOHJHQGHXQHUZQVFKWH
$XVZLUNXQJHQDXIGLH*HZlVVHUQXW]XQJHQKDEHQ
6NXSLQDH[SHUWĤYWpWR]SUiYČY\SUDFRYDODREHFQiGRSRUXþHQtSUR~GUåEXYRGQtFK
FHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČYL]NDSLWRODDSĜtNODG\NRQNUpWQtFK
'LH([SHUWHQJUXSSHKDWLQGLHVHP%HULFKWDOOJHPHLQH(PSIHKOXQJHQIUGLH8QWHUKDO
RSDWĜHQt~GUåE\NWHUiPRKRXSĜLVSČWNH]OHSãHQtHNRORJLFNpKRVWDYXSRWHQFLiOXYRG
WXQJGHU:DVVHUVWUDHQDQGHU%LQQHQHOEHXQGGHU0ROGDXHUDUEHLWHW .DSLWHOXQG
QtFK WRNĤ YL] NDSLWROD 7\WR QiYUK\ PDMt FKDUDNWHU GRSRUXþHQt -VRX PtQČQD MDNR
%HLVSLHOH IU GLH$XVJHVWDOWXQJ NRQNUHWHU 8QWHUKDOWXQJVPDQDKPHQ DXIJHIKUW GLH ]XU
SRPRFSĜLSURYiGČQt~GUåE\SĜLþHPåSĜtVOXãQpRUJDQL]DFHPXVtYåG\SRVRXGLWYNWHUêFK
9HUEHVVHUXQJGHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVGHU*HZlVVHUIKUHQN|QQHQ.D
SĜtSDGHFKO]HRSDWĜHQtSURYpVWDQLåE\WtPGRãORNQHJDWLYQtPXRYOLYQČQtSODYE\QHER
SLWHO'LHVH9RUVFKOlJHKDEHQGHQ&KDUDNWHUYRQ(PSIHKOXQJHQ6LHVLQGDOV+LOIHEHL
IXQNFtYRGQtKRWRNX
GHU'XUFKIKUXQJGHU8QWHUKDOWXQJJHGDFKWZREHLGLH]XVWlQGLJHQ%HWULHEHXQG%HK|U
GHQ LPPHU EHXUWHLOHQ PVVHQ LQ ZHOFKHQ )lOOHQ GLH 0DQDKPHQ GXUFKJHIKUW ZHUGHQ
2SDWĜHQt ~GUåE\ QD YRGQtFK FHVWiFK PRKRX SĜLVSČW NH ]OHSãHQt HNRORJLFNpKR VWD
N|QQHQRKQHGDVVVLHGLH6FKLIIIDKUWRGHUGLH)XQNWLRQHQGHV*HZlVVHUVEHHLQWUlFKWLJHQ
YXSRWHQFLiOX9NDSLWROHMVRXREHFQČXYHGHQ\SĜtNODG\GDOãtFKRSDWĜHQtNH]OHSãHQt
HNRORJLFNpKRVWDYXSRWHQFLiOXNWHUiMGRXQDGUiPHF~GUåE\DVSDGDMtVStãHGRREODVWL
'LH8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQN|QQHQ]XHLQHU9HUEHVVHUXQJ
þLVWČLQYHVWLþQtFKRSDWĜHQt
GHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVGHU*HZlVVHUEHLWUDJHQ,P.DSLWHOVLQG%HL
VSLHOHZHLWHUHUEHUGLH8QWHUKDOWXQJKLQDXVJHKHQGHU0DQDKPHQ]XU9HUEHVVHUXQJGHV
6NXSLQD H[SHUWĤ Ä3RYUFKRYp YRG\ Y\XåtYDQp SUR SODYHEQt ~þHO\³ MH SĜHVYČGþHQD
|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVGHU*HZlVVHUDOOJHPHLQDXIJHIKUWGLHHKHULQGHQ
RWRPåHWDWR]SUiYDPĤåHEêWSRPĤFNRXDYRGtWNHPSĜLSURYiGČQt~GUåE\QDYRGQtFK
%HUHLFKGHUUHLQHQ,QYHVWLWLRQVPDQDKPHQIDOOHQ
FHVWiFKVFtOHP]OHSãHQtMHMLFKHNRORJLFNpKRVWDYXSRWHQFLiOX
'LH ([SHUWHQJUXSSH Ä6FKLIIIDKUWOLFK JHQXW]WH 2EHUÀlFKHQJHZlVVHU³ LVW EHU]HXJW
GDVVGLHVHU%HULFKWHLQH+LOIHHLQ/HLWIDGHQEHLGHU'XUFKIKUXQJGHU8QWHUKDOWXQJDQGHQ
:DVVHUVWUDHQPLWGHP=LHOLKUHQ|NRORJLVFKHQ=XVWDQGLKU|NRORJLVFKHV3RWHQ]LDO]X
YHUEHVVHUQVHLQNDQQ
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
$QODJHhEHUVLFKWGHUEHLGHU8QWHUKDOWXQJGHU%LQQHQHOEHLQ'HXWVFKODQGXQGGHU7VFKHFKLVFKHQ5HSXEOLN]XEHDFKWHQGHQ9RUVFKULIWHQ
3ĜtORKD3ĜHKOHGSĜHGSLVĤNWHUpMHWĜHEDUHVSHNWRYDWSĜL~GUåEČYQLWUR]HPVNpKR~VHNX/DEHYýHVNpUHSXEOLFHDY1ČPHFNX
=iNRQ\DGPLQLVWUDWLYQtSĜHGSLV\DRSHUDWLYQtGRSRUXþHQt
NWHUpMHWĜHEDUHVSHNWRYDWSĜL~GUåEČQČPHFNpKRYQLWUR]HPVNpKR~VHNX/DEH
VWDY]iĜt
*HVHW]H9HUZDOWXQJVYRUVFKULIWHQXQG+DQGOXQJVHPSIHKOXQJHQ
GLHEHLGHU8QWHUKDOWXQJGHUGHXWVFKHQ%LQQHQHOEH]XEHDFKWHQVLQG
6WDQG6HSWHPEHU
7LWHO
$ENU]XQJ
1i]HY
=NUDWND
%XQGHVZDVVHUVWUDHQJHVHW]
:D6WU*
=iNRQRVSRONRYêFKYRGQtFKFHVWiFK
:D6WU*
:DVVHUKDXVKDOWVJHVHW]
:+*
6SRONRYê]iNRQRQDNOiGiQtVYRGDPL
:+*
%XQGHVQDWXUVFKXW]JHVHW]
%1DW6FK*
=iNRQ651RRFKUDQČSĜtURG\
%1DW6FK*
/DQGHVZDVVHUJHVHW]HGHU%XQGHVOlQGHU6DFKVHQ%UDQGHQEXUJ6DFKVHQ
$QKDOW1LHGHUVDFKVHQ0HFNOHQEXUJ9RUSRPPHUQXQG6FKOHVZLJ+ROVWHLQ
=HPVNpYRGQt]iNRQ\6DVND%UDQLERUVND6DVND$QKDOWVND'ROQtKR
6DVND0HNOHQEXUVND3ĜHGQtKR3RPRĜDQVNDDâOHVYLFND+ROãWêQVND
/DQGHVQDWXUVFKXW]JHVHW]HGHU%XQGHVOlQGHU6DFKVHQ%UDQGHQEXUJ
6DFKVHQ$QKDOW1LHGHUVDFKVHQ0HFNOHQEXUJ9RUSRPPHUQXQG6FKOHVZLJ
+ROVWHLQ
=HPVNp]iNRQ\RRFKUDQČSĜtURG\6DVND%UDQLERUVND6DVND$QKDOWVND
'ROQtKR6DVND0HNOHQEXUVND3ĜHGQtKR3RPRĜDQVNDDâOHVYLFND
+ROãWêQVND
(LQVFKlW]XQJZDVVHUEDXOLFKHU8QWHUKDOWXQJVPDQDKPHQLQ6FKXW]JHELHWHQ
GHU(OEHXQG(PSIHKOXQJHQIUGLH(UOHLFKWHUXQJGHU$EVWLPPXQJVYHUIDKUHQ
+DQGOXQJVHPSIHKOXQJHQGHU
$UEHLWVJUXSSH:69(OEH
OlQGHU
3RVX]RYiQtK\GURWHFKQLFNêFKRSDWĜHQt~GUåE\YFKUiQČQêFK~]HPtFK/DEH
DGRSRUXþHQtNXVQDGQČQtSURFHVXRGVRXKODVHQt
2SHUDWLYQtGRSRUXþHQtSUD
FRYQtVNXSLQ\:69DVSRONR
YêFK]HPtOHåtFtFKQD/DEL
*UXQGVlW]HIUGDV)DFKNRQ]HSWGHU8QWHUKDOWXQJGHU(OEH]ZLVFKHQ
7VFKHFKLHQXQG*HHVWKDFKWPLW(UOlXWHUXQJHQ
(OEHJUXQGVlW]H
=iVDG\RGERUQpNRQFHSFH~GUåE\WRNX/DEHY~VHNXKUDQLFH
ý5±*HHVWKDFKWVY\VYČWOLYNDPL
=iVDG\~GUåE\/DEH
5DKPHQNRQ]HSW8QWHUKDOWXQJ9HUNHKUOLFKHXQGZDVVHUZLUWVFKDIWOLFKH
8QWHUKDOWXQJGHU%XQGHVZDVVHUVWUDHQ
5DKPHQNRQ]HSW
8QWHUKDOWXQJ
5iPFRYiNRQFHSFH~GUåE\ÒGUåEDVSRONRYêFKYRGQtFKFHVW]GRSUDYQtKR
DYRGRKRVSRGiĜVNpKRKOHGLVND
5iPFRYiNRQFHSFH~GUåE\
3ĜHGEČåQpSUĤ]NXP\UHJXODþQtKRV\VWpPXQČPHFNpKRYQLWUR]HPVNpKR
~VHNX/DEHĜtþQtNP/DEH±
9RUXQWHUVXFKXQJ]XP5HJHOXQJVV\VWHPGHUGHXWVFKHQ%LQQHQHOEH
(OEHNPELV
$QZHQGXQJYRQ5HJHOEDXZHLVHQIU%|VFKXQJVXQG6RKOVLFKHUXQJHQDQ
%XQGHVZDVVHUVWUDHQ
0$5
%$:0HUNEODWW
$SOLNDFHVWDQGDUGQtFKVWDYHEQtFKWHFKQRORJLtNRSHYQČQtVYDKĤD]SHYQČQt
GQDQDYRGQtFKFHVWiFK651
0$5
1iYRG%$:
$QZHQGXQJYRQJHRWH[WLOHQ)LOWHUQDQ:DVVHUVWUDHQ
0$*
%$:0HUNEODWW
3RXåLWtJHRWH[WLOQtFKILOWUĤQDYRGQtFKFHVWiFK
0$*
1iYRG%$:
7HFKQLVFKH/LHIHUEHGLQJXQJHQIU:DVVHUEDXVWHLQH
7/:
7HFKQLFNpSRGPtQN\GRGiYHNNDPHQĤSURK\GURWHFKQLFNpVWDYE\
7/:
7HFKQLVFKH/LHIHUEHGLQJXQJHQIU*HRWH[WLOLHQXQGJHRWH[WLOYHUZDQGWH
3URGXNWHDQ:DVVHUVWUDHQ
7/*
7HFKQLFNpSRGPtQN\GRGiYHNJHRWH[WLOLtDMLPEOt]NêFKYêURENĤQDYRGQtFK
FHVWiFK
7/*
=XVlW]OLFKH7HFKQLVFKH9HUWUDJVEHGLQJXQJHQ±:DVVHUEDXIU%|VFKXQJV
XQG6RKOVLFKHUXQJHQ/HLVWXQJVEHUHLFK
=79:
'RGDWHþQpWHFKQLFNpVPOXYQtSRGPtQN\±K\GURWHFKQLFNpVWDYE\
NRSHYQČQtVYDKĤD]SHYQČQtGQDSUDFRYQtREODVW
=79:
9HUJDEHKDQGEXFKIU%DXOHLVWXQJHQ
99:69
0DQXiON]DGiYiQtVWDYHEQtFKSUDFt
99:69
9HUDQWZRUWXQJEHL'XUFKIKUXQJEDXOLFKHU0DQDKPHQ
99:69
=RGSRYČGQRVWSĜLSURYiGČQtVWDYHEQtFKRSDWĜHQt
99:69
+DQGOXQJVDQZHLVXQJIUGLH%HUFNVLFKWLJXQJYRQ1DWXUVFKXW]XQG
/DQGVFKDIWVSIOHJHEHLGHU8QWHUKDOWXQJYRQ%XQGHVZDVVHUVWUDHQ
+$1$76&+:69
2SHUDWLYQtSRN\QN]RKOHGQČQtRFKUDQ\SĜtURG\DSpþHRNUDMLQXSĜL~GUåEČ
YRGQtFKFHVW651
+$1$76&+:69
+DQGOXQJVDQZHLVXQJ%DJJHUJXW%LQQHQODQG
+$%$%:69
2SHUDWLYQtSRN\QNQDNOiGiQtVRGWČåHQêPLQiQRV\YHYQLWUR]HPt
+$%$%:69
99:69 9HUZDOWXQJVYRUVFKULIWGHU:DVVHUXQG6FKLIIIDKUWVYHUZDOWXQJGHV%XQGHV
,QhEHUDUEHLWXQJ
99:69 DGPLQLVWUDWLYQtSĜHGSLV9RGQtDSODYHEQtVSUiY\651
YHIi]LSĜHSUDFRYiQt
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
*HVHW]H9HUZDOWXQJVYRUVFKULIWHQXQG+DQGOXQJVHPSIHKOXQJHQ
GLHEHLGHU8QWHUKDOWXQJGHUWVFKHFKLVFKHQ%LQQHQHOEH]XEHDFKWHQVLQG
6WDQG6HSWHPEHU
=iNRQ\DGPLQLVWUDWLYQtSĜHGSLV\DRSHUDWLYQtGRSRUXþHQt
NWHUpMHWĜHEDUHVSHNWRYDWSĜL~GUåEČþHVNpKRYQLWUR]HPVNpKR~VHNX/DEH
VWDY]iĜt
7LWHO
$ENU]XQJ
1i]HY
=NUDWND
*HVHW]6EEHUGLH%LQQHQVFKLIIIDKUWLQGHU)DVVXQJGHU
VSlWHUHQ9RUVFKULIWHQ
6E
=iNRQþ6ERYQLWUR]HPVNpSODYEČYH]QČQt
SR]GČMãtFKSĜHGSLVĤ
6E
*HVHW]6EEHUGLH*HZlVVHUXQGGLHbQGHUXQJHLQLJHU
*HVHW]H:DVVHUJHVHW]LQGHU)DVVXQJGHUVSlWHUHQ9RUVFKULIWHQ
6E
=iNRQþ6ERYRGiFKDR]PČQČQČNWHUêFK]iNRQĤ
YRGQt]iNRQYH]QČQtSR]GČMãtFKSĜHGSLVĤ
6E
*HVHW]6EEHUGHQ1DWXUXQG/DQGVFKDIWVVFKXW]LQGHU
)DVVXQJGHUVSlWHUHQ9RUVFKULIWHQ
6E
=iNRQþ6ERRFKUDQČSĜtURG\DNUDMLQ\YH]QČQt
SR]GČMãtFKSĜHGSLVĤ
6E
9HURUGQXQJGHV9HUNHKUVPLQLVWHULXPV6EEHUGLH:DVVHU
VWUDHQGHQ6FKLIIIDKUWVEHWULHELQ+lIHQ+DYDULHQXQWHU%HWHLOLJXQJ
PHKUHUHU6FKLIIHXQGGHQ7UDQVSRUWJHIlKUOLFKHU*WHULQGHU)DVVXQJ
GHUVSlWHUHQ9RUVFKULIWHQ
6E
9\KOiãND0LQLVWHUVWYDGRSUDY\þ6ERYRGQtFK
FHVWiFKSODYHEQtPSURYR]XYSĜtVWDYHFKVSROHþQpKDYiULLD
GRSUDYČQHEH]SHþQêFKYČFtYH]QČQtSR]GČMãtFKSĜHGSLVĤ
6E
9HURUGQXQJ6EGXUFKGLHGDV9HU]HLFKQLVGHUEHGHXWHQGHQ
)OLHJHZlVVHUXQGGLH$UWGHU'XUFKIKUXQJYRQ0DQDKPHQLP
=XVDPPHQKDQJPLWGHU%HZLUWVFKDIWXQJGHU)OLHJHZlVVHUIHVWJHOHJW
ZHUGHQ
6E
6E
9\KOiãNDþ6ENWHURXVHVWDQRYtVH]QDP
Yê]QDPQêFKYRGQtFKWRNĤD]SĤVRESURYiGČQtþLQQRVWt
VRXYLVHMtFtFKVHVSUiYRXYRGQtFKWRNĤ
9\KOiãNDþ6ERWHFKQLFNêFKSRåDGDYFtFKSURYRGQt
GtODYH]QČQtSR]GČMãtFKSĜHGSLVĤ
6E
9HURUGQXQJ6EEHUGLHWHFKQLVFKHQ$QIRUGHUXQJHQDQ
ZDVVHUEDXOLFKH$QODJHQLQGHU)DVVXQJGHUVSlWHUHQ9RUVFKULIWHQ
6E
6E
9\KOiãNDþ6ERSOiQHFKSRYRGtDSOiQHFKSUR
]YOiGiQtSRYRGĖRYêFKUL]LN
6E
9HURUGQXQJEHUGLH%HZLUWVFKDIWXQJVXQG+RFKZDVVHUULVLNR
PDQDJHPHQWSOlQH
9HURUGQXQJ6EEHUGLH$XVZHLVXQJGHV1DWLRQDOHQ1DWXU
UHVHUYDWV(OEHFDxRQXQGGLH)HVWOHJXQJVHLQHUQlKHUHQ
6FKXW]EHGLQJXQJHQ
6E
6E
9\KOiãNDþ6ERY\KOiãHQt1iURGQtSĜtURGQt
UH]HUYDFH.DĖRQ/DEHDVWDQRYHQtMHMtFKEOLåãtFKRFKUDQQêFK
SRGPtQHN
9HURUGQXQJGHV8PZHOWPLQLVWHULXPV6EEHUGLH$XVZHLVXQJ
6E
YRQ1DWXUVFKXW]]RQHQLP1DWLRQDOSDUN%|KPLVFKH6FKZHL]
9\KOiãND0LQLVWHUVWYDåLYRWQtKRSURVWĜHGtþ6E
RY\PH]HQt]yQRFKUDQ\SĜtURG\1iURGQtKRSDUNXýHVNp
âYêFDUVNR
6E
9HURUGQXQJGHV8PZHOWPLQLVWHULXPVGXUFKGLHHLQLJH
%HVWLPPXQJHQGHV*HVHW]HV6EEHUGHQ1DWXUXQG
/DQGVFKDIWVVFKXW]GXUFKJHIKUWZHUGHQ
6E
9\KOiãND0LQLVWHUVWYDåLYRWQtKRSURVWĜHGtþ6E
NWHURXVHSURYiGČMtQČNWHUiXVWDQRYHQt]iNRQDþ6E
RRFKUDQČSĜtURG\DNUDMLQ\
6E
5HJLHUXQJVYHURUGQXQJ6EGXUFKGLHGLHQDWLRQDOH/LVWHGHU
*HELHWHYRQJHPHLQVFKDIWOLFKHU%HGHXWXQJIHVWJHOHJWZLUGLQGHU
)DVVXQJGHUVSlWHUHQ9RUVFKULIWHQ
6E
1DĜt]HQtYOiG\þ6ENWHUêPVHVWDQRYtQiURGQt
VH]QDPHYURSVN\Yê]QDPQêFKORNDOLWYH]QČQtSR]GČMãtFK
SĜHGSLVĤ
6E
1DĜt]HQtYOiG\þ6ERVWDQRYHQtSRYUFKRYêFKYRG
YKRGQêFKSURåLYRWDUHSURGXNFLSĤYRGQtFKGUXKĤU\EDGDOãtFK
YRGQtFKåLYRþLFKĤDR]MLãĢRYiQtDKRGQRFHQtVWDYXMDNRVWL
WČFKWRYRGYH]QČQtSR]GČMãtFKSĜHGSLVĤ
6E
=DMLãWČQt]LPQtKRSURYR]XYRGQtFKGČODYRGQtFHVW\QD'ROQtP
/DEL
,QWHUQtSĜHGSLV3RYRGt/DEHVWiWQtSRGQLN
þ
0ČĜHQtD]QDNRYiQtSODYHEQtGUiK\Y\KOHGiYiQtSODYHEQtFK
SĜHNiåHNDRGVWUDĖRYiQtQiQRVĤQD'ROQtP/DEL
,QWHUQtSĜHGSLV3RYRGt/DEHVWiWQtSRGQLN
þ
3pþHRYHJHWDþQtGRSURYRGYRGQtFKWRNĤDQiGUåt
,QWHUQtSĜHGSLV3RYRGt/DEHVWiWQtSRGQLN
þ
5HJLHUXQJVYHURUGQXQJ6EEHUGLH)HVWOHJXQJYRQIUGDV
/HEHQXQGGLH)RUWSIODQ]XQJYRQKHLPLVFKHQ)LVFKDUWHQXQGZHLWHUHQ
DTXDWLVFKHQ2UJDQLVPHQJHHLJQHWHQ2EHUIOlFKHQJHZlVVHUQXQGEHU
GLH6LFKHUXQJXQG%HZHUWXQJGHV*WH]XVWDQGVGLHVHU*HZlVVHU
LQGHU)DVVXQJGHUVSlWHUHQ9RUVFKULIWHQ
6E
6LFKHUXQJGHV:LQWHUEHWULHEVGHUZDVVHUEDXOLFKHQ$QODJHQXQGGHU
:DVVHUVWUDHDQGHUWVFKHFKLVFKHQXQWHUHQ(OEH
,QWHUQH9RUVFKULIWYRQ3RYRGt/DEH
VWiWQtSRGQLN1U
0HVVXQJXQG0DUNLHUXQJGHU6FKLIIIDKUWVVWUDH6XFKHQDFK6FKLII
IDKUWVKLQGHUQLVVHQXQG%HVHLWLJXQJYRQ$EODJHUXQJHQLQGHU
WVFKHFKLVFKHQXQWHUHQ(OEH
,QWHUQH9RUVFKULIWYRQ3RYRGt/DEH
VWiWQtSRGQLN1U
3IOHJHGHU%HJOHLWYHJHWDWLRQYRQ)OLHJHZlVVHUQXQG6SHLFKHUQ
,QWHUQH9RUVFKULIWYRQ3RYRGt/DEH
VWiWQtSRGQLN1U
3OiQRYiQtF\NOLFNp~GUåE\QDYRGRKRVSRGiĜVNêFKGtOHFK
3ODQXQJGHU]\NOLVFKHQ8QWHUKDOWXQJDQZDVVHUZLUWVFKDIWOLFKHQ$QODJHQ
,QWHUQH9RUVFKULIWYRQ3RYRGt/DEH
VWiWQtSRGQLN1U
,QWHUQtSĜHGSLV3RYRGt/DEHVWiWQtSRGQLN
þ
=DMLãWČQtHNRORJLFNpSROLWLN\RUJDQL]DFH
6LFKHUXQJGHU8PZHOWSROLWLNGHV%HWULHEV
,QWHUQH9RUVFKULIWYRQ3RYRGt/DEH
VWiWQtSRGQLN1U
,QWHUQtSĜHGSLV3RYRGt/DEHVWiWQtSRGQLN
þ
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
$QODJH.DUWHGHULQWHUQDWLRQDOHQ)OXVVJHELHWVHLQKHLW(OEHPLWGHQIUGHQ9RUVFKODJYRQ8QWHUKDOWXQJVPDQDKPHQ]XU9HUEHVVHUXQJLKUHV|NRORJLVFKHQ=XVWDQGV3RWHQ]LDOVUHOHYDQWHQ:DVVHUVWUDHQ
3ĜtORKD0DSDPH]LQiURGQtREODVWLSRYRGt/DEHVUHOHYDQWQtPLYRGQtPLFHVWDPLSURQiYUKRSDWĜHQt~GUåE\NH]OHSãHQtMHMLFKHNRORJLFNpKRVWDYXSRWHQFLiOX
3.QRWHN
1DPH
3.QRWHN
:HKU*HHVWKDFKW
-H]*HHVWKDFKW
:HKU6WĜHNRY
-H]6WĜHNRY
3RYRGt/DEHVWiWQtSRGQLN
1DPH
1DPH
06LPRQ
7DOVSHUUH6ODS\
3ĜHKUDGD6ODS\
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
/XIWELOGGHU.HUEEXKQHQDQGHU(OEH
/HWHFNêVQtPHNYêKRQĤVSUĤOHK\QD/DEL
$$QODXI%I*.REOHQ]
.HUEEXKQHQDQGHU(OEH-XOL
9êKRQ\VSUĤOHK\QD/DELþHUYHQHF
'(
:6$'UHVGHQ
.HUEEXKQHQDQGHU(OEH$XJXVW
9êKRQ\VSUĤOHK\QD/DELVUSHQ
gNRORJLVFKH%XKQHQPRGL¿NDWLRQ0DQDKPHQW\S$a(NRORJLFNiPRGL¿NDFHYêKRQĤW\SRSDWĜHQt$
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
:6'2VW
gNRORJLVFKH%XKQHQPRGLILNDWLRQOIG1U'(0DQDKPHQW\S$
(NRORJLFNiPRGLILNDFHYêKRQĤSRĜþ'(W\SRSDWĜHQt$
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
OLQNHV8IHU
3RORKD
OHYêEĜHK
7UlJHU
:6$0DJGHEXUJ
=RGSRYČGQêVXEMHNW
:6$0DJGHEXUN
6FKXW]JHELHWH
1DWXUD*HELHW(OEDXH%HXVWHU:DKUHQEHUJ(81U'( &KUiQČQpREODVWL
$QODVV
GHU0DQDKPH
8QWHUKDOWXQJ
'ĤYRGRSDWĜHQt
~GUåED
)OlFKH/lQJH
%XKQHQIHOGHU
3ORFKDGpOND
YêKRQRYêFKSROt
$XVIKUXQJVMDKU
ELV
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
VWDUNEHVFKlGLJWHE]ZLQVWDQG]XVHW]HQGH%XKQHQ
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
VLOQČSRãNR]HQpYêKRQ\UHVSYêKRQ\XUþHQpNRSUDYČ
%HVFKUHLEXQJ
GHU0DQDKPH
$QSDVVXQJXQG0RGLILNDWLRQYRQ%DXZHUNHQLP5DKPHQGHU,QVWDQG
VHW]XQJPLW(LQNHUEXQJHQLQGHQ%XKQHQUFNHQ
3RSLVRSDWĜHQt
~SUDYDDPRGLILNDFHVWDYHEQtFKGČOYUiPFLRSUDYVSURKORXEHQtP
YHKĜEHWČYêKRQX
:LUNXQJV]LHOH
6WDELOLVLHUXQJXQG9HUEHVVHUXQJGHU$UWHQXQG6WUXNWXUGLYHUVLWlWXQG
)|UGHUXQJYRQELRWRSW\SLVFKHQ/HLWDUWHQ6WRSSGHUODQJIULVWLJHQ
9HUODQGXQJGHU%XKQHQIHOGHU
&tOH
VWDELOL]DFHD]OHSãHQtELRGLYHU]LW\GUXKĤDVWUXNWXUDSRGSRUDKODYQtFK
GUXKĤW\SLFNêFKSURGDQêELRWRS]DVWDYHQtGORXKRGREpKR]DQiãHQt
YêKRQRYêFKSROt
:LUNXQJVEHUHLFKH
0RUSKRORJLH)LVFKH0DNUR]RREHQWKRVWHUUHVWULVFKH)DXQD8IHU
YHJHWDWLRQ
5R]VDKSĤVREQRVWL
PRUIRORJLHU\E\PDNUR]RREHQWRVVXFKR]HPVNiIDXQDEĜHKRYêSRURVW
0RQLWRULQJ
-D8QWHUVXFKXQJGHU%XKQHQIHOGHULP9HUJOHLFK]XUHJXOlUHQNRQ
YHQWLRQHOOHQ%XKQHQ5HIHUHQ]HQ+\GURPRUSKRORJLH)LVFKH0DNUR
0RQLWRULQJ
]RREHQWKRV/DXINlIHU9HJHWDWLRQGLHEHJOHLWHQGHQXPIDQJUHLFKHQ8Q
WHUVXFKXQJHQXQG$XVZHUWXQJHQVLQGQRFKQLFKWDEJHVFKORVVHQ
DQRSUĤ]NXPYêKRQRYêFKSROtYSRURYQiQtVEČåQêPLNRQYHQþQtPL
YêKRQ\UHIHUHQFHK\GURPRUIRORJLHU\E\PDNUR]RREHQWRVVWĜHYOtFL
YHJHWDFHGRSURYRGQpUR]ViKOpSUĤ]NXP\DY\KRGQRFHQtQHMVRXGRVXG
XNRQþHQ\
%HPHUNXQJHQ
HUK|KWH6WU|PXQJVGLYHUVLWlWÎGDGXUFK(UK|KXQJGHU%LRGLYHUVLWlW
3R]QiPN\
]YêãHQiGLYHU]LWDSURXGČQtÎGtN\WRPX]YêãHQtELRGLYHU]LW\
4XHOOHQ
:6$0DJGHEXUJ%I*XQG%$:
=GURMH
:6$0DJGHEXUN%I*D%$:
~]HPt]DĜD]HQpGRVRXVWDY\1DWXUD/DEVNi~GROQtQLYD%HXVWHU
:DKUHQEHUJþ(8'(
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
/HLWZHUN'HVVDX:DOOZLW]KDIHQ-XQL
.RQFHQWUDþQtKUi]'HVVDX:DOOZLW]KDIHQþHUYHQ
$+LOJHU
/XIWELOGGHU0DQDKPH'HVVDX:DOOZLW]KDIHQ0DL
/HWHFNêVQtPHNRSDWĜHQt'HVVDX:DOOZLW]KDIHQNYČWHQ
'(
.+-lKUOLQJ/+:
/HLWZHUN'HVVDX:DOOZLW]KDIHQ-XQL
.RQFHQWUDþQtKUi]'HVVDX:DOOZLW]KDIHQþHUYHQ
/HLWZHUNVLQVWDQGVHW]XQJ'HVVDX:DOOZLW]KDIHQ0DQDKPHQW\S%a2SUDYDNRQFHQWUDþQtKUi]H'HVVDX:DOOZLW]KDIHQW\SRSDWĜHQt%
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
.+-lKUOLQJ/+:
/HLWZHUNVLQVWDQGVHW]XQJ'HVVDX:DOOZLW]KDIHQOIG1U'(0DQDKPHQW\S%
2SUDYDNRQFHQWUDþQtKUi]H'HVVDX:DOOZLW]KDIHQSRĜþ'(W\SRSDWĜHQt%
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
UHFKWHV8IHU
3RORKD
SUDYêEĜHK
7UlJHU
:6$'UHVGHQ
=RGSRYČGQêVXEMHNW
:6$'UiåćDQ\
6FKXW]JHELHWH
%LRVSKlUHQUHVHUYDW0LWWHOHOEH))+*HELHWÄ.KQDXHU+HLGHXQG(OEDXH
]ZLVFKHQ$NHQXQG'HVVDX³(81U'((XURSlLVFKHV9RJHO
VFKXW]JHELHWÄ0LWWOHUH(OEHHLQVFKOLHOLFK6WHFNE\/|GGHULW]HU)RUVW³
(81U'(
&KUiQČQpREODVWL
ELRVIpULFNiUH]HUYDFH6WĜHGQt/DEHFKUiQČQiREODVWSRGOHVPČUQLFH
RVWDQRYLãWtFKÄ.KQDXHU+HLGHD/DEVNi~GROQtQLYDPH]L$NHQHPD
'HVVDX³þ(8'(HYURSVNiSWDþtREODVWÄ6WĜHGQt/DEHYþHWQČ
OXåQtKROHVD6WHFNE\/|GGHULW]HU)RUVW³þ(8'(
$QODVV
GHU0DQDKPH
8QWHUKDOWXQJ
'ĤYRGRSDWĜHQt
~GUåED
)OlFKH/lQJH
P/HLWZHUNXQGGDKLQWHUOLHJHQGHUEHUXKLJWHU*HZlVVHUEHUHLFK
3ORFKDGpOND
NRQFHQWUDþQtKUi]YGpOFHPDSiVPRNOLGQpYRG\]DNRQFHQWUDþQtKUi]t
$XVIKUXQJVMDKU
DE
5RNUHDOL]DFH
RGURNX
=XVWDQG
YRUGHU0DQDKPH
/HLWZHUNVWDUNJHVFKlGLJW,QVSHNWLRQVEHIXQG6FKlGLJXQJ]XFDGHV
*HVDPWEDXZHUNVGK%HVWDQGGHV%DXZHUNVJHIlKUGHWXQG5HJHOXQJV
IXQNWLRQEHHLQWUlFKWLJWIRUWVFKUHLWHQGH9HUODQGXQJHQGHU6WLOOZDVVHU]RQH
KLQWHUGHP/HLWZHUN
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
%HVFKUHLEXQJ
GHU0DQDKPH
8IHUYHUEDXHQWIHUQHQ%XKQHQ/HLWZHUN/DKQXQJHQ|NRORJLVFK
RSWLPLHUHQ)ODFKZDVVHU]RQHQHUKDOWHQHQWZLFNHOQ
YHUEXQGHQPLWGHU,QVWDQGVHW]XQJGHV/HLWZHUNVVROOHQIROJHQGH0DQDKPHQ
]XU$XIZHUWXQJGHUGDKLQWHUOLHJHQGHQ6WLOOZDVVHU]RQHHUIROJHQ
3RSLVRSDWĜHQt
,QLWLDOEDJJHUXQJHQDQ4XHUEDXZHUNHQ(LQEDXYRQ'XUFKIOXVV|IIQXQJHQXQG
6LFKHUXQJHLQHUYRUKDQGHQHQgIIQXQJ5FNEDXYRQQLFKWPHKUHUIRUGHUOLFKHU
8IHUVLFKHUXQJDQHLQHP8IHUEHUHLFKKLQWHUGHP/HLWZHUN
:LUNXQJV]LHOH
:LUNXQJVEHUHLFKH
0RQLWRULQJ
%HPHUNXQJHQ
4XHOOHQ
hEHUJHRUGQHWHV=LHO(QWZLFNOXQJG\QDPLVFKHUIOXVVlKQOLFKHU$UHDOH
+LQWHUVWU|PXQJGHV/HLWZHUNV]XU9HUPLQGHUXQJGHU9HUODQGXQJ)|UGHUXQJ
WHUUHVWULVFKHU)DXQDGXUFK,QLWLLHUXQJYRQ,QVHOQDOV1LVWXQG5DVWSOlW]H
0RUSKRORJLH)LVFKH0DNUR]RREHQWKRVWHUUHVWULVFKH)DXQD8IHUYHJHWDWLRQ
/HEHQVUDXP/HEHQVUDXPW\S
-DDEHUQXUEH]RJHQDXIGLH9HUNHKUVIXQNWLRQ
'XUFKIKUXQJYRQ6RKOSHLOXQJHQ]XP1DFKZHLVGDVVGXUFKGLH0DQDKPH
NHLQH%HHLQWUlFKWLJXQJGHU)DKUULQQHHUIROJW*HIDKUGHUHUK|KWHQ8PODJH
UXQJYRQ*HVFKLHEH
6HKUKRKH|NRORJLVFKH:LUNVDPNHLW
GLH,QVWDQGVHW]XQJGHV/HLWZHUNV'HVVDX:DOOZLW]KDIHQLVWGXUFKLKUH|NROR
JLVFKH$XIZHUWXQJEHVWHKHQGHU%DXZHUNH%HVWDQGWHLOGHVDXI*UXQGODJHGHU
(8:55/HUVWHOOWHQ0DQDKPHQSURJUDPPVIUGHQGHXWVFKHQ7HLOGHU
)OXVVJHELHWVHLQKHLW(OEH
:6$'UHVGHQ
&tOH
5R]VDKSĤVREQRVWL
0RQLWRULQJ
3R]QiPN\
=GURMH
NRQFHQWUDþQtKUi]VLOQČSRãNR]HQiQiOH]SĜLNRQWUROQtSURKOtGFHSRãNR]HQt
FHOpKRVWDYHEQtKRGtODDå]WMRKURåHQtVDPRWQpH[LVWHQFHGtODD
QDUXãHQtMHKRUHJXODþQtIXQNFHSRVWXSXMtFt]DQiãHQtSiVPDNOLGQpYRG\]D
NRQFHQWUDþQtKUi]t
RGVWUDQČQtEĜHKRYpKRRSHYQČQtHNRORJLFNiRSWLPDOL]DFHYêKRQĤ
NRQFHQWUDþQtKUi]HDRFKUDQ\EĜHKX]iSOHWRYêFKSOĤWNĤ]DFKRYDWDUR]YtMHW
SiVPDPČOþLQ
YHVSRMLWRVWLVRSUDYRXNRQFHQWUDþQtKUi]HE\PČODEêWSURYHGHQDQiVOHGXMtFt
RSDWĜHQt]D~þHOHP]YêãHQtKRGQRW\SiVPDNOLGQpYRG\]DNRQFHQWUDþQt
KUi]tSRþiWHþQtEDJURYiQtQDSĜtþQêFKVWDYEiFK]DEXGRYiQtSUĤWRþQêFK
RWYRUĤD]DEH]SHþHQtVWiYDMtFtKRRWYRUXRGVWUDQČQtMLåQHSRWĜHEQpKR
EĜHKRYpKRRSHYQČQtYEĜHKRYpP~VHNX]DNRQFHQWUDþQtKUi]t
QDGĜD]HQêFtOYêYRMG\QDPLFNêFKDUHiOĤSRGREQČMDNRYĜHFHSURXGČQt]D
NRQFHQWUDþQtKUi]t]D~þHOHPPHQãtKR]DQiãHQtSRGSRUDVXFKR]HPVNp
IDXQ\Y\WYiĜHQtPRVWUĤYNĤMDNRKQt]GLãĢDPtVWRGSRþLQNX
PRUIRORJLHU\E\PDNUR]RREHQWRVVXFKR]HPVNiIDXQD
EĜHKRYpSRURVW\VWDQRYLãWČW\SVWDQRYLãWČ
DQRDOHSRX]HYHYD]EČQDGRSUDYQtIXQNFL
3URYiGtVH]DPČĜRYiQtGQDDE\E\ORPRåQRSURNi]DWåHYGĤVOHGNXWRKRWR
RSDWĜHQtQHGRFKi]tNQHJDWLYQtPXRYOLYĖRYiQtSODYHEQtGUiK\QHEH]SHþt
]YêãHQpKRSĜHPtVĢRYiQtGQRYêFKVSODYHQLQ
YHOPLY\VRNiHNRORJLFNi~þLQQRVW
2SUDYDNRQFHQWUDþQtKUi]H'HVVDX:DOOZLW]KDIHQMHGtN\]YêãHQtHNRORJLFNp
KRGQRW\VWiYDMtFtFKVWDYHEQtFKGČOVRXþiVWtSURJUDPXRSDWĜHQtNWHUêE\O
]SUDFRYiQQD]iNODGČ5iPFRYpVPČUQLFHRYRGiFKSURQČPHFNRXþiVW
REODVWLSRYRGt/DEH
:6$'UiåćDQ\
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
5DQGJHZlVVHU'RUQEXUJ0DL
%RþQtUDPHQR'RUQEXUJNYČWHQ
%XKQH]XUFNJHEDXW
RGVWUDQČQtYêKRQX
/HLWZHUNDEJHVHQNWDXIPXQWHU0:
VQtåHQtNRQFHQWUDþQtKUi]HQDP
SRGSUĤPČUQêPVWDYHPYRG\
.+-lKUOLQJ/+:
5DQGJHZlVVHU'RUQEXUJ0DL
%RþQtUDPHQR'RUQEXUJNYČWHQ
'(
&DUGR*,6GHV/+:
5DQGJHZlVVHU'RUQEXUJ
%RþQtUDPHQR'RUQEXUJ
5DQGJHZlVVHUDQVFKOXVV'RUQEXUJ0DQDKPHQW\S%a1DSRMHQtERþQtKRUDPHQH'RUQEXUJW\SRSDWĜHQt%
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
.+-lKUOLQJ/+:
5DQGJHZlVVHUDQVFKOXVV'RUQEXUJOIG1U'(0DQDKPHQW\S%
1DSRMHQtERþQtKRUDPHQH'RUQEXUJSRĜþ'(W\SRSDWĜHQt%
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
9RGQtFHVWDĜNP
/DJH
UHFKWHV8IHUUHFKWHV8PIHOG
3RORKD
SUDYêEĜHKRNROtQDSUDYpPEĜHKX
7UlJHU
:6$0DJGHEXUJPLW8QWHUVWW]XQJGHU%LRVSKlUHQUHVHUYDWVYHUZDOWXQJ
=RGSRYČGQêVXEMHNW
0LWWOHUH(OEH
:6$0DJGHEXUNVSRGSRURX6SUiY\ELRVIpULFNpUH]HUYDFH
6WĜHGQt/DEH
6FKXW]JHELHWH
))+*HELHW1UÄ(OEDXH]ZLVFKHQ6DDOHPQGXQJXQG0DJGHEXUJ³
))+/6$(81U'(
&KUiQČQpREODVWL
FKUiQČQiREODVWþSRGOHVPČUQLFHRVWDQRYLãWtFKÄ/DEVNi~GROQtQLYD
PH]L~VWtP6iO\D0DJGHEXUNHP³))+/6$þ(8'(
$QODVV
GHU0DQDKPH
.RPSHQVDWLRQQDFK%1DW6FK*IU(LQJULIIHEHL8QWHUKDOWXQJVPDQDK
PHQLP6WUHFNHQDEVFKQLWW
'ĤYRGRSDWĜHQt
NRPSHQ]DFHSRGOHVSRONRYpKR]iNRQDRRFKUDQČSĜtURG\%1DW6FK*]D
]iVDK\SĜLRSDWĜHQtFK~GUåE\QDWRPWR~VHNXWRNX
)OlFKH/lQJH
]ZHLOLQHDUH%DXVWHOOHQLP%HUHLFKPLWMHFDP/lQJH
3ORFKDGpOND
GYČOLQLRYiVWDYHQLãWČY~VHNXRGpOFHFFDP
$XVIKUXQJVMDKU
5RNUHDOL]DFH
ELVFDPEHU0:YROOVWlQGLJDEJHVFKQLWWHQHVPLWRUJDQLVFKHQ
6WDYSĜHGUHDOL]DFt
)HLQVHGLPHQWHQYHUODQGHWHV5DQGJHZlVVHUV\VWHPPLWKlXILJHQ
RSDWĜHQt
DQDHUREHQ=XVWlQGHQ
$QVFKOXVVWHPSRUlUGXUFKVWU|PWHUQHEHQJHULQQHDUWLJHU*HZlVVHU
VWUXNWXUHQGXUFK$EVHQNXQJGHV2EHUVWURPJHOHJHQHQ3DUDOOHOZHUNV
3RSLVRSDWĜHQt
DXIPXQWHU0:XQG5FNEDXHLQHU]ZLVFKHQ3DUDOOHOZHUNXQG
8IHULQ5LFKWXQJ8QWHUVWURPEHILQGOLFKHQ%XKQH
6FKDIIXQJYRQ)LVFKUFN]XJVUlXPHQXQGHLQHVWHPSRUlUGXUFKVWU|PWHQ
PRUSKRORJLVFKKHWHURJHQHQ1HEHQJHZlVVHUVVRZLH9HUPHLGXQJDQDH &tOH
UREHU=XVWlQGHLP%HUHLFK
DåGRFFDPQDGKODGLQRXVWĜHGQtYRG\NRPSOHWQČRGGČOHQêV\VWpP
RNUDMRYêFKYRGQtFK~WYDUĤ]DQHVHQêMHPQêPLRUJDQLFNêPLVHGLPHQW\
VþDVWêPLDQDHUREQtPLVWDY\
QDSRMHQtGRþDVQČSUĤWRþQêFKYRGQtFKVWUXNWXUW\SXERþQtFKUDPHQ
VQtåHQtPSRGpOQpNRQFHQWUDþQtKUi]HOHåtFtYêãHSURWLSURXGXQDP
SRGKODGLQRXVWĜHGQtYRG\DRGVWUDQČQtYêKRQXOHåtFtKRPH]LSRGpOQRX
NRQFHQWUDþQtKUi]tDEĜHKHPVPČUHPSRSURXGX
:LUNXQJVEHUHLFKH
:DVVHUEHVFKDIIHQKHLW0RUSKRORJLH)LVFKH0DNUR]RREHQWKRV
5R]VDKSĤVREQRVWL
MDNRVWYRG\PRUIRORJLHU\E\PDNUR]RREHQWRV
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
VHKUKRKH|NRORJLVFKH:LUNVDPNHLW
3R]QiPN\
YHOPLY\VRNiHNRORJLFNi~þLQQRVW
4XHOOHQ
:6$0DJGHEXUJ
=GURMH
:6$0DJGHEXUN
=XVWDQG
YRUGHU0DQDKPH
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
Y\WYRĜHQt~NU\WĤSURU\E\DREþDVQČSUĤWRþQpKRPRUIRORJLFN\KHWHUR
JHQQtKRERþQtKRUDPHQDD]DPH]HQtDQDHUREQtFKVWDYĤYWRPWR~VHNX
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
8IHUHQWZLFNOXQJQDFK'HFNZHUNVUFNEDX1RYHPEHU
9êYRMEĜHKXSRRGVWUDQČQtEĜHKRYpKRRSHYQČQtOLVWRSDG
.+-lKUOLQJ%LRVSKlUHQUHVHUYDWVYHUZDOWXQJ0LWWOHUH(OEH
5FNEDX'HFNZHUN6WHFNE\'H]HPEHU
2GVWUDQČQtEĜHKRYpKRRSHYQČQtX6WHFNE\SURVLQHF
'(
.+-lKUOLQJ%LRVSKlUHQUHVHUYDWVYHUZDOWXQJ0LWWOHUH(OEH
5FNEDX'HFNZHUN6WHFNE\'H]HPEHU
2GVWUDQČQtEĜHKRYpKRRSHYQČQtX6WHFNE\SURVLQHF
5FNEDX'HFNZHUN6WHFNE\0DQDKPHQW\S&a2GVWUDQČQtEĜHKRYpKRRSHYQČQt6WHFNE\W\SRSDWĜHQt&
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
3)DXOKDEHU%$:
5FNEDX'HFNZHUN6WHFNE\OIG1U'(0DQDKPHQW\S&
2GVWUDQČQtEĜHKRYpKRRSHYQČQt6WHFNE\SRĜþ'(W\SRSDWĜHQt&
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
9RGQtFHVWDĜNP
/DJH
*HZlVVHUEHWWOLQNV
3RORKD
NRU\WRWRNXYOHYR
7UlJHU
:6$'UHVGHQ
=RGSRYČGQêVXEMHNW
:6$'UiåćDQ\
6FKXW]JHELHWH
))+*HELHW1UÄ(OEDXH6WHFNE\/|GGHULW]³
))+/6$(81U'(
&KUiQČQpREODVWL
REODVWGOHVPČUQLFHRVWDQRYLãWtFKþÄ/DEVNiQLYD6WHFNE\/|GGHULW]³
))+/6$þ(8'(
$QODVV
GHU0DQDKPH
.RPSHQVDWLRQQDFK%1DW6FK*IU(LQJULIIHEHL8QWHUKDOWXQJVPDQDK
PHQLP6WUHFNHQDEVFKQLWW
'ĤYRGRSDWĜHQt
NRPSHQ]DFHSRGOHVSRONRYpKR]iNRQDRRFKUDQČSĜtURG\%1DW6FK*]D
]iVDK\SĜLRSDWĜHQtFK~GUåE\QDWRPWR~VHNXWRNX
)OlFKH/lQJH
HLQ%XKQHQIHOGFDP8IHUOlQJH
3ORFKDGpOND
MHGQRYêKRQRYpSROHGpONDEĜHKXFFDP
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
8IHUEHVWDQGLP%HUHLFKDXVHLQHPPDVVLYHQWHLOZHLVH]HUVW|UWHQ)Ol
FKHQSIODVWHUPLWYRUOLHJHQGHP'HFNZHUNHKHP5EHQYHUODGHVWHOOH
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
EĜHKPČOYĜHãHQpP~VHNXSHYQRXSORãQRXGODåEX]þiVWL]QLþHQRX
QDYD]XMtFtQDEĜHKRYpRSHYQČQtEêYDOpSĜHNODGLãWČĜHS\
%HVFKUHLEXQJ
GHU0DQDKPH
8IHUYHUEDXHQWIHUQHQ(URVLRQVXQG$QODQGXQJVSUR]HVVH]XODVVHQ
)ODFKZDVVHU]RQHQHUKDOWHQ.RONH]XODVVHQ
$XIQDKPHGHVYRUKDQGHQHQ'HFNZHUNHVXQG5FNEDXGHU9HUIOOXQJ
GHV%XKQHQIHOGHVJHERUJHQH:DVVHUEDXVWHLQHZHUGHQGHU:LHGHUYHU 3RSLVRSDWĜHQt
ZHQGXQJ]XJHIKUW$QJOHLFKXQJGHU%|VFKXQJQDFK2EHUXQG8QWHU
VWURPXQWHU%HODVVXQJSDUWLHOOHU6WHLOXIHUDEVFKQLWWHVRZLHEDXWHFKQLVFKH
6LFKHUVWHOOXQJGHU%XKQHQZXU]HO
RGVWUDQČQtEĜHKRYpKRRSHYQČQtXPRåQČQtSURFHVĤHUR]HDQDSODYRYiQt
QiQRVĤ]DFKRYiQtDY\WYiĜHQtPČONêFK]yQXPRåQČQtGQRYêFKYêPROĤ
UR]HEUiQtVWiYDMtFtKREĜHKRYpKRRSHYQČQtDRGVWUDQČQtQiQRVĤYH
YêKRQRYpPSROL]tVNDQêNiPHQ]EĜHKRYpKRRSHYQČQtMHXUþHQ
NGDOãtPXY\XåLWt]DURYQiQtVYDKXYHVPČUXSRDSURWLWRNXYþHWQČ
SRQHFKiQtGtOþtFK~VHNĤVHVWUPêPLEĜHK\DVWDYHEQČWHFKQLFNpKR
]DEH]SHþHQtQDSRMHQtYêKRQĤ
:LUNXQJV]LHOH
6FKDIIXQJHLJHQG\QDPLVFKHUXQYHUVLHJHOWHU8IHUEHUHLFKHGXUFKGDV
=XODVVHQYRQ(URVLRQVXQG$QODQGXQJVSUR]HVVHQ
&tOH
Y\WYRĜHQtEĜHKRYêFK~VHNĤVYODVWQtG\QDPLNRXYGĤVOHGNXXPRåQČQt
SURFHVĤHUR]HDQDSODYRYiQtQiQRVĤ
:LUNXQJVEHUHLFKH
0RUSKRORJLH0DNUR]RREHQWKRV8IHUYHJHWDWLRQ$XHQYHJHWDWLRQ
5R]VDKSĤVREQRVWL
PRUIRORJLHPDNUR]RREHQWRVEĜHKRYpSRURVW\YHJHWDFH~GROQtQLY\
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
JHULQJH|NRORJLVFKH:LUNVDPNHLWEH]RJHQDXIGDV*HVDPWJHZlVVHU
|UWOLFKGXUFKDXVZHUWYROOXQG]LHOIKUHQG
3R]QiPN\
PLQLPiOQtHNRORJLFNi~þLQQRVWYHY]WDKXNFHOpPXWRNXORNiOQČYãDN
FHQQpDYHGRXFtNFtOL
4XHOOHQ
:6$'UHVGHQ%LRVSKlUHQUHVHUYDWVYHUZDOWXQJ
=GURMH
:6$'UiåćDQ\6SUiYDELRVIpULFNpUH]HUYDFH
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
3DUDOOHOZHUNVDQIDQJ*DOOLQ2NWREHU
=DþiWHNNRQFHQWUDþQtKUi]H*DOOLQĜtMHQ
$+LOJHU
/XIWELOG3DUDOOHOZHUN*DOOLQ0DL
/HWHFNêVQtPHNNRQFHQWUDþQtKUi]H*DOOLQNYČWHQ
'(
:6$'UHVGHQ
3DUDOOHOZHUNVHQGH*DOOLQ2NWREHU
=DNRQþHQtNRQFHQWUDþQtKUi]H*DOOLQĜtMHQ
3DUDOOHOZHUN*DOOLQ(OEHNPELV0DQDKPHQW\S'a3RGpOQiNRQFHQWUDþQtKUi]*DOOLQĜtþQtNP/DEHW\SRSDWĜHQt'
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
:6$'UHVGHQ
3DUDOOHOZHUN*DOOLQ(OEHNPELVOIG1U'(0DQDKPHQW\S'
3RGpOQiNRQFHQWUDþQtKUi]*DOOLQĜtþQtNP/DEHSRĜþ'(W\SRSDWĜHQt'
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
UHFKWHV8IHU
3RORKD
SUDYêEĜHK
7UlJHU
:6$'UHVGHQ
=RGSRYČGQêVXEMHNW
:6$'UiåćDQ\
6FKXW]JHELHWH
))+*HELHWÄ(OEDXH]ZLVFKHQ*ULHERXQG3UHWWLQ³(81U'(
(XURSlLVFKHV9RJHOVFKXW]JHELHWÄ0LWWOHUH(OEHHLQVFKOLHOLFK6WHFNE\
/|GGHULW]HU)RUVW³(81U'(
&KUiQČQpREODVWL
FKUiQČQiREODVWSRGOHVPČUQLFHRVWDQRYLãWtFKÄ/DEVNi~GROQtQLYDPH]L
REFHPL*ULHERD3UHWWLQ³þ(8'(HYURSVNiSWDþtREODVWÄ6WĜHGQt
/DEHYþHWQČOXåQtKROHVD6WHFNE\/|GGHULW]HU)RUVW³þ(8'(
$QODVV
GHU0DQDKPH
8QWHUKDOWXQJ
'ĤYRGRSDWĜHQt
~GUåED
)OlFKH/lQJH
P
3ORFKDGpOND
P
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
'XUFK0DQ|YHUEHWULHEKDWWHVLFKGDVXUVSUQJOLFKVWHLOHPLWHLQHP'HFNZHUN
JHVLFKHUWH8IHULQHLQIODFKDXVODXIHQGHV8IHUPLW.LHVXQG6DQGElQNHQ
YHUZDQGHOW,QGHQ%XKQHQIHOGHUQGHU]ZLVFKHQ]HLWOLFKLQGHQHU-DKUHQ
]XU6LFKHUXQJHUULFKWHWHQ%XKQHQZDUHLQ0RVDLN
DXV)ODFKZDVVHU]RQHQRIIHQHQ6DQGXQG.LHVElQNHQHLQMlKULJHQ8IHUIOX
UHQ5|KULFKWHQ6HJJHQULHGHUQIHXFKWHQ+RFKVWDXGHQIOXUHQ)OXWUDVHQXQG
,QLWLDOHQGHU:HLFKKRO]DXHQZlOGHUHQWVWDQGHQ
(UULFKWXQJHLQHVVWUXNWXULHUWHQ3DUDOOHOZHUNVDQVWHOOHHLQHVYRUPDOLJHQ'HFN
ZHUNVDQHLQHU6WHOOHGLH]ZLVFKHQ]HLWOLFKGXUFK0DQ|YHUEXQJHQYHUlQGHUW
XQGPLWSURYLVRULVFKHQ%XKQHQJHVLFKHUWZRUGHQZDU'LHV
HUIROJWHXP(LQJULIIHLQGHQ8IHUEHUHLFKGHV|NRORJLVFKZHUWYROOHQ$EVFKQLW
WHVGLHVHU)OXVVODQGVFKDIW]XYHUPHLGHQ
VWU|PXQJVXQGZHOOHQJHVFKW]WH*HZlVVHUEHUHLFKHDQOHJHQ
%XKQHQ/HLWZHUN/DKQXQJHQ|NRORJLVFKRSWLPLHUHQ
)ODFKZDVVHU]RQHQHUKDOWHQE]ZHQWZLFNHOQ
9HUNHKUVUHJHOXQJ|NRORJLVFKRSWLPLHUHQ
$OWJHZlVVHU)OXWULQQHQ1HEHQULQQHQ.OHLQJHZlVVHUNQVWOLFKH
1HEHQJHZlVVHUHUKDOWHQRSWLPLHUWDQELQGHQ
ZHLWHUHV=LHO9HUJOHLFKPlLJXQJGHV*HVFKLHEHWUDQVSRUWV
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
3RSLVRSDWĜHQt
&tOH
9GĤVOHGNXYRMHQVNêFKPDQpYUĤVHSĤYRGQtSĜtNUêEĜHK]DEH]SHþHQê
EĜHKRYêPRSHYQČQtP]PČQLOQDSR]YROQêY\EtKDMtFtEĜHKVHãWČUNRYêPLD
StVNRYêPLODYLFHPL9OHWHFKE\O\SUR]DEH]SHþHQtEĜHKXY\EXGRYiQ\
YêKRQ\YMHMLFKåSROtFKVHY\WYRĜLODPR]DLND]PČONêFKSiVHPRWHYĜHQêFK
StVNRYêFKDãWČUNRYêFKODYLFMHGQROHWêFKEĜHKRYêFKWUDYLQUiNRVĤRVWĜLF
PRNĜDGQtFKY\VRNêFKWUYDONRYêFKSRURVWĤYRGRPLOQêFKWUDYLQD]DþtQDMtFtFK
PČNNêFKOXKĤ
=Ĝt]HQtVWUXNWXURYDQpNRQFHQWUDþQtKUi]HQDPtVWRGĜtYČMãtKREĜHKRYpKR
RSHYQČQtYPtVWČNWHUpVH]PČQLORYGĤVOHGNXYRMHQVNêFKFYLþHQtDE\OR
]DEH]SHþHQRSURYL]RUQtPLYêKRQ\7DWRDNFHE\ODSURYHGHQDDE\VH
]DPH]LOR]iVDKĤPGREĜHKRYp]yQ\WRKRWRHNRORJLFN\FHQQpKR~VHNXSRĜtþQt
NUDMLQ\
YWRNX]DORåLWFKUiQČQp~VHN\SĜHGSURXGČQtPDYOQDPLHNRORJLFNi
RSWLPDOL]DFHYêKRQĤNRQFHQWUDþQtFKKUi]tRFKUDQ\EĜHKX
]DFKRYDWSRSĜUR]YtMHWSiVPDPČOþLQ
HNRORJLFNiRSWLPDOL]DFHUHJXODFHGRSUDY\
]DFKRYDWDRSWLPiOQČQDSRMLWRGVWDYHQiUDPHQD]iSODYRYiNRU\WD
YHGOHMãtNRU\WDGUREQpWRN\XPČOiERþQtUDPHQDVWURXK\
GDOãtFtOURYQRPČUQČMãtUR]GČOHQtWUDQVSRUWXGQRYêFKVSODYHQLQ
:LUNXQJVEHUHLFKH
)LVFKH0DNUR]RREHQWKRV8IHUYHJHWDWLRQ
5R]VDKSĤVREQRVWL
U\E\PDNUR]RREHQWRVEĜHKRYêSRURVW
0RQLWRULQJ
MD+\GURPRUSKRORJLH+\GURORJLH9HJHWDWLRQ0DNUR]RREHQWKRV)LVFKH
0RQLWRULQJ
DQRK\GURPRUIRORJLHK\GURORJLHYHJHWDFHPDNUR]RREHQWRVU\E\
%HPHUNXQJHQ
4XHOOHQ
+RKH|NRORJLVFKH:LUNVDPNHLW'LH8QWHUVXFKXQJHQYRUDOOHP]XP$UWHQLQ
YHQWDU]HLJHQGDVVGHUYRUOLHJHQGEHWUDFKWHWH/HEHQVUDXPNRPSOH[3DUDOOHO
ZHUNEHL*DOOLQDOVHLQH6WUXNWXUEHUHLFKHUXQJIUGLH/HEHQVJHPHLQVFKDIWGHU 3R]QiPN\
(OEHDQJHVHKHQZHUGHQNDQQGD6HNXQGlUOHEHQVUDXP(OHPHQWHHLQHVQD
WUOLFKHQ)OXVVHVIXQNWLRQHOOQDFKJHELOGHWZHUGHQ
%I*%HULFKW$EVFKOXVVEHULFKWGHU78'UHVGHQ)RUVFKXQJVEHULFKW
=GURMH
Y\VRNiHNRORJLFNi~þLQQRVW
3UĤ]NXP\]HMPpQDSUĤ]NXP\WêNDMtFtVHGUXKRYpKRVH]QDPXXND]XMtåH
]GHSRVX]RYDQêNRPSOH[ELRWRSĤNRQFHQWUDþQtKUi]HXREFH*DOOLQO]H
SRYDåRYDW]DRERKDFHQtVWUXNWXUSURVSROHþHQVWYD/DEHMHOLNRåMVRX]GH
IXQNþQČQDSRGREHQ\SUYN\VHNXQGiUQtKRELRWRSXSĜLUR]HQpĜHN\
=SUiYD%I*þ=iYČUHþQi]SUiYD7HFKQLFNpXQLYHU]LW\'UiåćDQ\
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
%HUlXPWHV%XKQHQIHOG(OEHNP0lU]
9\þLãWČQpYêKRQRYpSROH/DEHĜNPEĜH]HQ
:6$'UHVGHQ
:6$'UHVGHQ
%HUlXPWHV%XKQHQIHOG(OEHNP$SULO
9\þLãWČQpYêKRQRYpSROH/DEHĜNPGXEHQ
'(
%HUlXPWHV%XKQHQIHOG(OEHNP$SULO
9\þLãWČQpYêKRQRYpSROH/DEHĜNPGXEHQ
%DJJHUXQJLQGHQ%XKQHQIHOGHUQ0DQDKPHQW\S)a2GWČåRYiQtQiQRVĤYHYêKRQRYêFKSROtFKW\SRSDWĜHQt)
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
:6$'UHVGHQ
%DJJHUXQJLQGHQ%XKQHQIHOGHUQOIG1U'(0DQDKPHQW\S)
2GWČåRYiQtQiQRVĤYHYêKRQRYêFKSROtFKSRĜþ'(W\SRSDWĜHQt)
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
%HWUDFKWXQJVVWUHFNHJHPl6RKOVWDELOLVLHUXQJVNRQ]HSW
9RGQtFHVWDĜNP
]iMPRYê~VHNSRGOHNRQFHSFHSURVWDELOL]DFLĜtþQtKRGQD
/DJH
OLQNVXQGUHFKWV
3RORKD
OHYêDSUDYêEĜHK
7UlJHU
:6$'UHVGHQ
=RGSRYČGQêVXEMHNW
:6$'UiåćDQ\
6FKXW]JHELHWH
))+*HELHWÄ(OEDXH]ZLVFKHQ*ULHERXQG3UHWWLQ³(81U'(
(XURSlLVFKHV9RJHOVFKXW]JHELHWÄ0LWWOHUH(OEHHLQVFKOLHOLFK6WHFNE\
&KUiQČQpREODVWL
/|GGHULW]HU)RUVW³(81U'(
$QODVV
GHU0DQDKPH
0DQDKPHLP5DKPHQGHU8PVHW]XQJGHV6RKOVWDELOLVLHUXQJVNRQ]HS
WHV]XU*HZLQQXQJYRQ*HVFKLHEH]XJDEHPDWHULDO:LHGHUKHUVWHOOXQJ
GHUK\GUDXOLVFKHQ)XQNWLRQYRQ%XKQHQIHOGHUQ
)OlFKH/lQJH
DNWXHOOGUHL%XKQHQIHOGHUEHLNPMHZHLOVFDELVP8IHUOlQJH
3ORFKDGpOND
XQGELVPGHU%XKQHQOlQJH
DNWXiOQČWĜLYêKRQRYiSROHYĜNPNDåGpSROHYGpOFHEĜHKXFFD
PDGpOFHYêKRQXP
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
VWDUNYHUODQGHWH%XKQHQIHOGHUPLWYHUULQJHUWHUZDVVHUEHUVWU|PWHU
)OlFKHKDXSWVlFKOLFKEHLQLHGULJHQELVPLWWOHUHQ$EIOVVHQNHLQH
K\GUDXOLVFKH:LUNVDPNHLWGHU%XKQHQIHOGHU
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
VLOQČ]DQHVHQiYêKRQRYiSROHVH]PHQãHQRXSĜHOpYDQRXSORFKRX
]HMPpQD]DQt]NêFKDåSUĤPČUQêFKSUĤWRNĤEH]K\GUDXOLFNp~þLQQRVWL
YêKRQRYêFKSROt
%HVFKUHLEXQJ
GHU0DQDKPH
%HVHLWLJXQJGHU9HUODQGXQJHQLQGHQ%XKQHQIHOGHUQGXUFK
1DVVEDJJHUXQJXQG=XJDEHGHV%DJJHUPDWHULDOVDOV*HVFKLHEH
3RSLVRSDWĜHQt
RGVWUDQČQtQiQRVĤYHYêKRQRYêFKSROtFKEDJUHP]YRG\DMHMLFKSĜLGiQt
MDNRGQRYêFKVSODYHQLQGRSODYHEQtGUiK\
:LUNXQJV]LHOH
:LHGHUKHUVWHOOXQJGHUK\GUDXOLVFKHQ:LUNVDPNHLWGHU%XKQHQIHOGHU
6FKDIIXQJYRQDTXDWLVFKHQ/HEHQVUlXPHQVWU|PXQJVEHUXKLJWH
=RQHQ(UK|KXQJGHU6WUXNWXUYLHOIDOWXQGGHU7LHIHQYDULDQ]
&tOH
REQRYDK\GUDXOLFNp~þLQQRVWLYêKRQRYêFKSROtY\WYRĜHQtYRGQtFKELRWRSĤ
SiVPDVH]NOLGQČQêPSURXGČQtP]YêãHQtUR]PDQLWRVWLVWUXNWXUD
KORXEHN
0RQLWRULQJ
QXUYHUPHVVXQJVWHFKQLVFK
0RQLWRULQJ
SRX]HSUR~þHO\WHFKQLFNpKR]DPČĜHQt
%HPHUNXQJHQ
JHULQJH|NRORJLVFKH:LUNVDPNHLWEH]RJHQDXIGDV*HVDPWJHZlVVHU
|UWOLFKGXUFKDXVZHUWYROOXQG]LHOIKUHQG
3R]QiPN\
PLQLPiOQtHNRORJLFNi~þLQQRVWYHY]WDKXNFHOpPXWRNXORNiOQČYãDN
FHQQpDYHGRXFtNFtOL
4XHOOHQ
6RKOVWDELOLVLHUXQJVNRQ]HSW:6'2VW:6$'UHVGHQ%$:.DUOVUXKH
%I*.REOHQ]
=GURMH
.RQFHSFHVWDELOL]DFHĜtþQtKRGQD:6'2VW:6$'UiåGDQ\
%$:.DUOVUXKH%I*.REOHQ]
'ĤYRGRSDWĜHQt
FKUiQČQiREODVWSRGOHVPČUQLFHRVWDQRYLãWtFKÄ/DEVNi~GROQtQLYDPH]L
REFHPL*ULHERD3UHWWLQ³þ(8'(HYURSVNiSWDþtREODVW
Ä6WĜHGQt/DEHYþHWQČOXåQtKROHVD6WHFNE\/|GGHULW]HU)RUVW³
þ(8'(
RSDWĜHQtYUiPFLUHDOL]DFHNRQFHSFHSURVWDELOL]DFLĜtþQtKRGQD]D
~þHOHP]tVNiQtPDWHULiOXSURSĜLGiYiQtGQRYêFKVSODYHQLQREQRYD
K\GUDXOLFNpIXQNFHYêKRQRYêFKSROt
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
/XIWELOGDXIQDKPHLP%HUHLFKXIHUEHJOHLWHQGHU%HSÀDQ]XQJHQ0DL
/HWHFNêVQtPHNYREODVWLYêVDGE\GRSURYRGQpKREĜHKRYpKRSRURVWXNYČWHQ
8IHUEHJOHLWHQGH%HSÀDQ]XQJ0DQDKPHQW\S*a'RSURYRGQêEĜHKRYêSRURVWW\SRSDWĜHQt*
'(
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
$+LOJHU
8IHUEHJOHLWHQGH%HSIODQ]XQJOIG1U'(0DQDKPHQW\S*
'RSURYRGQêEĜHKRYêSRURVWSRĜþ'(W\SRSDWĜHQt*
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
8IHUOLQNV
3RORKD
OHYêEĜHK
7UlJHU
:6$'UHVGHQ
=RGSRYČGQêVXEMHNW
:6$'UiåćDQ\
6FKXW]JHELHWH
))+*HELHWÄ(OEHDXH]ZLVFKHQ*ULHERXQG3UHWWLQ³(81U'(
&KUiQČQpREODVWL
))+*HELHWÄ'HVVDX:|UOLW]HU(OEDXHQ³(81U'(
FKUiQČQpREODVWLSRGOHVPČUQLFHRVWDQRYLãWtFKÄ/DEHPH]LREFHPL
*ULHERD3UHWWLQ³þ(8'(DÄ/DEVNp~GROQtQLY\'HVVDX
:|UOLW]³þ(8'(
$QODVV
GHU0DQDKPH
.RPSHQVDWLRQQDFK%1DW6FK*IU(LQJULIIHEHL8QWHUKDOWXQJVPDQDK
PHQLP6WUHFNHQDEVFKQLWW
'ĤYRGRSDWĜHQt
NRPSHQ]DFHSRGOHVSRONRYpKR]iNRQDRRFKUDQČSĜtURG\%1DW6FK*
]D]iVDK\SĜLRSDWĜHQtFK~GUåE\QDWRPWR~VHNXWRNX
)OlFKH/lQJH
SXQNWXHOODXILQVJHVDPWNP/lQJHDPOLQNHQ8IHU
3ORFKDGpOND
ERGRYČQDOHYpPEĜHKXY~VHNXRFHONRYpGpOFHNP
$XVIKUXQJVMDKU
ELV
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
IHKOHQGH]XVDPPHQKlQJHQGH%DXPXQG:DOGVWUXNWXUHQ
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
FK\EČMtFtVRXYLVOpVWUXNWXU\VWURPĤDOHVD
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
SXQNWXHOOHJUXSSHQZHLVH$QSIODQ]XQJYRQ*HK|O]HQ(LFKHQTXDUWLHUH
:HLGHQ(VFKHQVRZLHLQLWLDWRULVFKH9HUELQGXQJJHWUHQQWHU$XZDOG
3RSLVRSDWĜHQt
IUDJPHQWHGXUFKJH]LHOWHVWUHLIHQI|UPLJH3IODQ]XQJHQDXIHLJHQHQ
*UXQGVWFNHQLQGUHL-DKUHVVFKHLEHQ
(QWZLFNOXQJQDWXUQDKHU8IHUXQG*HZlVVHUVWUXNWXUHQGXUFK6FKDIIXQJ
YRQ$QVlW]HQHLQHU+DUWXQG:HLFKKRO]DXHXQGGDPLW(QWZLFNOXQJ
&tOH
YRQZHLWJHKHQGQDWUOLFKHQ$XHQVWDQGRUWHQVWUXNWXUHQOHEHQVUlXPHQ
XQGOHEHQVJHPHLQVFKDIWHQ
ERGRYiVNXSLQRYiYêVDGEDGĜHYLQQpYHJHWDFHGXE\YUE\MDVDQ\D
SRþiWHþQtSURSRMHQtRGGČOHQêFKIUDJPHQWĤOXåQtKROHVDSRPRFtFtOHQp
YêVDGE\SiVRYêFKSRURVWĤQDYODVWQtFKSR]HPFtFKYSUĤEČKXWĜtOHW
UR]YRMSRPČUQČSĜtURGQtFKEĜHKRYêFKDYRGQtFKVWUXNWXUY\WYRĜHQtP
]iNODGĤWYUGpKRDPČNNpKROXKXDYGĤVOHGNXWRKRYêYRMGR]QDþQp
PtU\SĜLUR]HQêFKOXåQtFKVWDQRYLãĢVWUXNWXUELRWRSĤDVSROHþHQVWHY
0RQLWRULQJ
QHLQ
)HUWLJVWHOOXQJVSIOHJHQDFKHUIROJWHU3IODQ]XQJEHU-DKUH
%HPHUNXQJHQ
/HLWSIODQ]XQJGLHQWGHU6FKLIIIDKUWDOV2ULHQWLHUXQJVKLOIH]XP8IHUYHUODXI
3R]QiPN\
EHLDXVXIHUQGHQ:DVVHUVWlQGHQXQGHUOHLFKWHUWVRPLWGDV1DYLJLHUHQ
9êVDGED]HOHQČVORXåtSODYEČMDNRRULHQWDþQtSRPĤFNDSUĤEČKXEĜHKX
YSĜtSDGČY\VRNêFKYRGQtFKVWDYĤVUR]OLY\DVORXåtWHG\LNXVQDGQČQt
QDYLJDFH
4XHOOHQ
:6$'UHVGHQ
:6$'UiåćDQ\
0RQLWRULQJ
=GURMH
QH
QiVOHGQiSpþHRSRURVW\SRYêVDGEČSRGREXOHW
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
:DVVHUHLFKH(OEHNP2NWREHU
.PHQGXEX/DEHĜNPĜtMHQ
:6$0DJGHEXUJ$%]:LWWHQEHUJH
:DVVHUHLFKH(OEHNP2NWREHU
.PHQGXEX/DEHĜNPĜtMHQ
'(
7RWKRO]0DQDKPHQW\S+a0UWYpGĜHYRW\SRSDWĜHQt+
:6$0DJGHEXUJ$%]:LWWHQEHUJH
%HUJXQJHLQHU:DVVHUHLFKH(OEHNP2NWREHU
9\SURãWČQtNPHQHGXEX/DEHĜNPĜtMHQ
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
:6$0DJGHEXUJ$%]:LWWHQEHUJH
7RWKRO]OIG1U'(0DQDKPHQW\S+
0UWYpGĜHYRSRĜþ'(W\SRSDWĜHQt+
/DJH$EVFKQLWW
(OEH+DXSWVWUHFNH(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
9RGQtFHVWDĜNP
/DJH
8IHUOLQNVXQGUHFKWV
3RORKD
SUDYêDOHYêEĜHK
7UlJHU
:6$0DJGHEXUJ
=RGSRYČGQêVXEMHNW
:6$0DJGHEXUN
6FKXW]JHELHWH
))+*HELHWÄ/HQ]HQ:XVWURZHU(OEQLHGHUXQJ³(81U'(
%UDQGHQEXUJ))+*HELHWÄ(OEQLHGHUXQJ]ZLVFKHQ6FKQDFNHQEXUJ
XQG/DXHQEXUJ³(81U'(1LHGHUVDFKVHQ1DWXUVFKXW]
XQG9RJHOVFKXW]JHELHW
&KUiQČQpREODVWL
REODVWSRGOHVPČUQLFHRVWDQRYLãWtFKÄ/DEVNiQtåLQD/HQ]HQ:XVWURZ³
þ(8'(%UDQLERUVNRREODVWSRGOHVPČUQLFHRVWDQRYLãWtFK
Ä/DEVNiQtåLQDPH]L6FKQDFNHQEXUJHPD/DXHQEXUJHP³
þ(8'('ROQt6DVNRSĜtURGQtUH]HUYDFHDSWDþtREODVW
$QODVV
GHU0DQDKPH
.RPSHQVDWLRQQDFK%1DW6FK*IU(LQJULIIHEHL8QWHUKDOWXQJVPD
QDKPHQLP6WUHFNHQDEVFKQLWW
'ĤYRGRSDWĜHQt
NRPSHQ]DFHSRGOHVSRONRYpKR]iNRQDRRFKUDQČSĜtURG\%1DW6FK*
]D]iVDK\SĜLRSDWĜHQtFK~GUåE\QDWRPWR~VHNXWRNX
)OlFKH/lQJH
DP8IHULP%XKQHQIHOG
3ORFKDGpOND
QDEĜHKXYHYêKRQRYpPSROL
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
%XKQHQIHOGRKQH7RWKRO]
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
YêKRQRYpSROHEH]PUWYpKRGĜHYD
%HODVVXQJE]Z$EODJHUXQJYRQ7RWKRO]DOVZHVHQWOLFKHV6WUXNWXU
HOHPHQWDXHUKDOEGHU)DKUULQQHEHL%HDFKWXQJP|JOLFKHUK\GUDXOLVFKHU 3RSLVRSDWĜHQt
$XVZLUNXQJHQ
)|UGHUXQJQDWUOLFKHUSRWDPDOHU+DUWVXEVWUDWHDOV/HEHQVUDXPPLWYHU
VFKLHGHQHQ)XQNWLRQHQ%HVLHGOXQJVXQWHUODJH,QVHNWHQ8QWHUVWDQG
&tOH
HWFHLQVFKOLHOLFKGHU)XQNWLRQDOV7UlJHUGHU6WU|PXQJVGLYHUVLWlW
SRQHFKiQtUHVSXORåHQtPUWYpKRGĜHYDMDNRYê]QDPQpKRVWUXNWXUQtKR
SUYNXPLPRSODYHEQtGUiKXSĜL]RKOHGQČQtPRåQêFKK\GUDXOLFNêFK
GRSDGĤ
SRGSRUDSĜLUR]HQêFKĜtþQtFKWYUGêFKVXEVWUiWĤMDNRVWDQRYLãWČVUĤ]QêPL
IXQNFHPLSRGNODGSURRVtGOHQtKP\]~NU\WDSRGYþHWQČIXQNFH
GLYHU]LILNDFHSURXGČQt
0RQLWRULQJ
QHLQ
QH
%HPHUNXQJHQ
+RFKZDVVHUVFKXW]RGHU6FKLIIIDKUWVEHODQJHGUIHQGXUFKGDV%HODVVHQ
3R]QiPN\
YRQ7RWKRO]QLFKWEHHLQWUlFKWLJWZHUGHQ
3RQHFKiQtPPUWYpKRGĜHYDQHVPtGRMtWNQDUXãHQtRFKUDQ\SĜHG
SRYRGQČPLQHERSRWĜHEYRGQtGRSUDY\
4XHOOHQ
:6$0DJGHEXUJ
:6$0DJGHEXUN
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
0RQLWRULQJ
=GURMH
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
'(
:(//&RQVXOWLQJVUR
([SHULPHQWHOOH+DNHQEXKQHQXQWHUKDOEYRQ'ČþtQ0DQDKPHQW\S$a([SHULPHQWiOQtYêKRQ\SRG'ČþtQHPW\SRSDWĜHQt$
&=
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
8IHUQDKH%XKQH
%ĜHKRYêYêKRQ
([SHULPHQWHOOH+DNHQEXKQHQXQWHUKDOEYRQ'ČþtQOIG1U&=0DQDKPHQW\S$
([SHULPHQWiOQtYêKRQ\SRG'ČþtQHPSRĜþ&=W\SRSDWĜHQt$
/DJH$EVFKQLWW
(OEH
3RORKD~VHN
/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
*HZlVVHUEHWWUHFKWV
3RORKD
NRU\WRWRNXYSUDYR
7UlJHU
:DVVHUVWUDHQGLUHNWLRQGHU7VFKHFKLVFKHQ5HSXEOLN
ěHGLWHOVWYtYRGQtFKFHVWý5
=RGSRYČGQêVXEMHNW
ěHGLWHOVWYtYRGQtFKFHVWý5
6FKXW]JHELHWH
/DQGVFKDIWVVFKXW]JHELHW&+.2(OEVDQGVWHLQJHELUJH
&KUiQČQpREODVWL
&+.2/DEVNpStVNRYFH
$QODVV
GHU0DQDKPH
8QWHUJOLHGHUXQJGHU8IHUOLQLH9HUJU|HUXQJGHV%LRWRSDQJHERWVIU
GLH:DVVHUXQG8IHUIDXQDXQGIORUD.RQ]HQWUDWLRQGHV:DVVHUVLQ
GHU)DKUULQQHXQGGDPLW(OLPLQLHUXQJGHU*U|HXQGGHU,QWHQVLWlWGHU
6RKOHQEDJJHUXQJGHU)DKUULQQH
'ĤYRGRSDWĜHQt
UR]þOHQČQtEĜHKRYpOLQLH]YêãHQtELRWRSRYpQDEtGN\SURYRGQtD
SREĜHåQtIDXQXLIOyUXNRQFHQWUDFHYRG\GRSODYHEQtGUiK\DWtP
HOLPLQDFHYHOLNRVWLDLQWHQ]LW\SURKUiEN\GQDSODYHEQtGUiK\
)OlFKH/lQJH
%XKQHQPLWHLQHU/lQJHYRQELVPLP$EVWDQGYRQELVP
3ORFKDGpOND
YêKRQ\GpON\PVUR]HVWXSHPP
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
9RP8IHUYHUEDXJHVlXPWH8IHUOLQLHGLHQLFKWXQWHUJOLHGHUWZDU
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
QHUR]þOHQČQiEĜHKRYiOLQLHOHPRYDQiEĜHKRYêPRSHYQČQtP
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
0RQLWRULQJ
)QI+DNHQEXKQHQDPUHFKWHQ8IHUXQGHLQ3DUDOOHOZHUNDPOLQNHQ8IHU
JHELOGHWYRQHLQHU.URQHDXV%UXFKVWHLQGLHWHLOZHLVHPLWIHLQHUHP.LHV
EHUVFKWWHWLVWVRZLHGXUFK]X6WUlQGHQDXVJHELOGHWH8IHUKLQWHUGHQ
%XKQHQGXUFK1XW]XQJYRQGXUFK%DJJHUXQJHQJHZRQQHQHP.LHV
3RSLVRSDWĜHQt
PDWHULDO$QHLQLJHQ%XKQHQVLQG(LQNHUEXQJHQDXVJHELOGHWGDGXUFK
VLQGGLH%XKQHQEHLQLHGULJHUHQ:DVVHUVWlQGHQQLFKWGXUFKVWU|PEDU
ZRGXUFKVLFKDEJHWHLOWH/DJXQHQDXVELOGHQ
'LH9HUVXFKVEXKQHQGLHQHQGHUhEHUSUIXQJGHU)XQNWLRQVWFKWLJNHLW
GHUYRUJHVFKODJHQHQWHFKQLVFKHQ0DQDKPH]XU9HUEHVVHUXQJGHU
)DKUULQQHQWLHIHQGLHJOHLFK]HLWLJGLH(QWZLFNOXQJHLQHV%LRWRSVGHU
&tOH
NLHVLJHQ)OXVVDQVFKZHPPXQJHQHUP|JOLFKHQVROO'LHVRHQWVWDQGHQHQ
Ä/DJXQHQ³ELHWHQ]DKOUHLFKHQDTXDWLVFKHQ2UJDQLVPHQDXFKHLQHQ
8QWHUVFKOXSI]%$PSKLELHQ)LVFKHXD
MDJUDQXORPHWULVFKH8QWHUVXFKXQJHQGHV6XEVWUDWVGHV6WUDQGHV
ERWDQLVFKH8QWHUVXFKXQJHQ0RQLWRULQJGHV0DNUR]RREHQWKRV
0RQLWRULQJ
3K\WREHQWKRVXQGGHU)LVFKEUXW
3ČWSUDYREĜHåQtFKYêKRQĤÄKRNHMNRYLWpKR³WYDUXDMHGQDOHYREĜHåQt
SRGpOQiKUi]WYRĜHQpNRUXQRX]ORPRYpKRNDPHQHþiVWHþQČ
SURV\SDQRXMHPQČMãtPãWČUNHPDGiOHSOiåRYDQêPLEĜHK\]DYêKRQ\
Y\XåLWtPãWČUNRYpKRPDWHULiOX]SURKUiEHN8QČNWHUêFKYêKRQĤMVRX
Y\WYRĜHQ\SUĤOHK\GtN\QLPåMVRX]DQLåãtFKYRGQtFKVWDYĤYêKRQ\
QHSUĤWRþQpþtPåVHY\WYiĜHMtRGGČOHQpODJXQ\
([SHULPHQWiOQtYêKRQ\VORXåtNRYČĜHQtIXQNþQRVWLQDYUåHQpKR
WHFKQLFNpKRRSDWĜHQtSUR]OHSãHQtSODYHEQtFKKORXEHNDVRXþDVQČ
XPRåQČQtUR]YRMHELRWRSXãWČUNRYêFKĜtþQtFKQiSODYĤ7DNWRY]QLNOp
ÄODJXQ\³VNêWDMtWDNp~NU\WĜDGČYRGQtFKåLYRþLFKĤQDSĜRERMåLYHOQtFL
U\E\DGDOãt
DQRJUDQXORPHWULFNpDQDOê]\VXEVWUiWXSOiåRYDQêFKSORFKERWDQLFNp
SUĤ]NXP\PRQLWRULQJPDNUR]RREHQWRVXI\WREHQWRVXDU\EtKRSOĤGNX
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
:DVVHUVWUDHQGLUHNWLRQGHU7VFKHFKLVFKHQ5HSXEOLN
ěHGLWHOVWYtYRGQtFKFHVWý5
=GURMH
ěHGLWHOVWYtYRGQtFKFHVWý5
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
&=
,QVWDQGVHW]XQJGHV'HFNZHUNVXQWHU9HUZHQGXQJGHVXUVSUQJOLFKHQ0DWHULDOV0DQDKPHQW\SF'
2SUDYDRSHYQČQtEĜHKĤVY\XåLWtPSĤYRGQtKRPDWHULiOXW\SRSDWĜHQtF'
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
05RVD
,QVWDQGVHW]XQJGHV'HFNZHUNVXQWHU9HUZHQGXQJGHVXUVSUQJOLFKHQ0DWHULDOV
2SUDYDRSHYQČQtEĜHKĤVY\XåLWtPSĤYRGQtKRPDWHULiOX
,QVWDQGVHW]XQJGHV'HFNZHUNVXQWHU9HUZHQGXQJGHVXUVSUQJOLFKHQ0DWHULDOV
OIG1U&=0DQDKPHQW\SF'
2SUDYDRSHYQČQtEĜHKĤVY\XåLWtPSĤYRGQtKRPDWHULiOXSRĜþ&=W\SRSDWĜHQtF'
/DJH$EVFKQLWW
(OEH+ĜHQVNR±0ČOQtN
3RORKD~VHN
/DEH+ĜHQVNR0ČOQtN
:DVVHUVWUDHQW\S
VWDXJHUHJHOWIUHLIOLHHQG
7\SYRGQtFHVW\
MH]\Y]GXWê~VHNYROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
'HFNZHUNDQEHLGHQ8IHUQGHU(OEH:DVVHUVWUDH
3RORKD
EĜHKRYpRSHYQČQtRERXEĜHKĤ/DEVNpYRGQtFHVW\
7UlJHU
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=RGSRYČGQêVXEMHNW
3RYRGt/DEHVWiWQtSRGQLN
6FKXW]JHELHWH
/DQGVFKDIWVVFKXW]JHELHWH&+.2%|KPLVFKHV0LWWHOJHELUJH&+.2(OE
VDQGVWHLQJHELUJH&+.2%|KPLVFKH6FKZHL]1DWXUVFKXW]JHELHW
35ÒSRU±ýHUQtQRYVNR1DWXUGHQNPDO331HERþDGVNêOXK
&KUiQČQpREODVWL
*HELHWHYRQJHPHLQVFKDIWOLFKHU%HGHXWXQJÒSRU±ýHUQtQRYVNR
(OEH±/LEČFKRY(JHU(OEHWDO9RJHOVFKXW]JHELHW(OEVDQGVWHLQJHELUJH
&+.2ýHVNpVWĜHGRKRĜt&+.2/DEVNp3tVNRYFH&+.2ýHVNp
âYêFDUVNR35ÒSRU±ýHUQtQRYVNR331HERþDGVNêOXK
(9/ÒSRU±ýHUQtQRYVNR(9//DEH±/LEČFKRY(9/2KĜH
(9//DEVNp~GROtSWDþtREODVW/DEVNpStVNRYFH
$QODVV
GHU0DQDKPH
8IHUVWDELOLWlWPLWHLQHPXPZHOWIUHXQGOLFKHQ9HUIDKUHQVLFKHUQZHJHQ
'ĤYRGRSDWĜHQt
%HDQVSUXFKXQJN|QQHQGLH8IHUQLFKWRKQH'HFNZHUNEHODVVHQZHUGHQ
]DMLãWČQtVWDELOLW\EĜHKĤNWHUpY]KOHGHPNMHMLFKQDPiKiQtQHQtPRåQp
SRQHFKDWEH]RSHYQČQtHNRORJLFN\ãHWUQRXPHWRGRX
)OlFKH/lQJH
aNP
3ORFKDGpOND
aNP
$XVIKUXQJVMDKU
ODXIHQG
5RNUHDOL]DFH
SUĤEČåQČ
=XVWDQG
YRUGHU0DQDKPH
EHVFKlGLJWHV8IHUGHFNZHUN
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
SRUXãHQpEĜHKRYpRSHYQČQt
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
0LW+LOIHHLQHVVXEWLOHQ6FKUHLWEDJJHUVZLUGGHU9RUIXDOV6WHLQVFKW
WXQJZLHGHUKHUJHVWHOOWZREHLGDVXUVSUQJOLFKH0DWHULDOGDV]XU)OXVV 3RSLVRSDWĜHQt
VRKOHYHUUXWVFKWLVWZLHGHUYHUZHQGHWZLUG
'LHVH0DQDKPHKDW]XP=LHOGLH(LQJULIIHLQGLH8IHUYHJHWDWLRQDXIHLQ
0LQGHVWPD]XEHJUHQ]HQXQGGDGXUFKDXIGLHHUIRUGHUOLFKHQJURHQ
0HQJHQYRQQHXHP0DWHULDOGDVPLWVFKZHUHQ0DVFKLQHQEHU|NROR &tOH
JLVFKZHUWYROOH*HELHWHHQWODQJGHV*HZlVVHUVHLQJHIKUWZHUGHQ
PVVWH]XYHU]LFKWHQ
SRPRFtVXEWLOQtKRNUiþLYpKRU\SDGODGRFKi]tNREQRYHQt]iKR]RYpSDWN\
VY\XåLWtPSĤYRGQtKRPDWHULiOXVHVXQXWpKRNHGQXĜHN\
7RWRRSDWĜHQtPi]DFtOPLQLPDOL]RYDW]iVDKGRSĜtEĜHåQtFKEĜHKRYêFK
SRURVWĤDHOLPLQRYDWQXWQRVWGRYR]XYHONpKRPQRåVWYtQRYpKRPDWHULiOX
WČåNêPLVWURMLSĜHVHNRORJLFN\FHQQpREODVWLSRGpOWRNX
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=GURMH
3RYRGt/DEHVWiWQtSRGQLN
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
:(//&RQVXOWLQJVUR
:(//&RQVXOWLQJVUR
:(//&RQVXOWLQJVUR
$XIQDKPHQGHUEHL-DNXE\DQJHOHJWHQ
.LHVEDQN
6QtPN\Y\WYRĜHQpãWČUNRYpODYLFH
Y-DNXEHFK
:(//&RQVXOWLQJVUR
%HL-DNXE\DQJHOHJWH.LHVEDQN
âWČUNRYiODYLFHY-DNXEHFK
&=
([SHULPHQWHOOH.LHVElQNHEHL-DNXE\0DQDKPHQW\S(a([SHULPHQWiOQtãWČUNRYpODYLFHY-DNXEHFKW\SRSDWĜHQt(
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
:(//&RQVXOWLQJVUR
([SHULPHQWHOOH.LHVElQNHEHL-DNXE\OIG1U&=0DQDKPHQW\S(
([SHULPHQWiOQtãWČUNRYpODYLFHY-DNXEHFKSRĜþ&=W\SRSDWĜHQt(
/DJH$EVFKQLWW
(OEH+DXSWVWURPGHU(OEH
3RORKD~VHN
/DEHKODYQtWRN/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
UHFKWHV8IHUGHV*HZlVVHUEHWWV
3RORKD
SUDYêEĜHKNRU\WDWRNX
7UlJHU
:DVVHUVWUDHQGLUHNWLRQGHU7VFKHFKLVFKHQ5HSXEOLN
ěHGLWHOVWYtYRGQtFKFHVWý5
=RGSRYČGQêVXEMHNW
ěHGLWHOVWYtYRGQtFKFHVWý5
6FKXW]JHELHWH
/DQGVFKDIWVVFKXW]JHELHW&+.2%|KPLVFKHV0LWWHOJHELUJH
&KUiQČQpREODVWL
&+.2ýHVNpVWĜHGRKRĜt
$QODVV
GHU0DQDKPH
H[SHULPHQWHOOHhEHUSUIXQJGHU)XQNWLRQVWFKWLJNHLWHLQHUNQVWOLFKDQ
JHOHJWHQ)OXVVDQVFKZHPPXQJDOV%LRWRSHLQHUHLQMlKULJHQ9HJHWDWLRQ
IUHLJHOHJWHU6RKOHQ
'ĤYRGRSDWĜHQt
H[SHULPHQWiOQtRYČĜHQtIXQNþQRVWLXPČOHY\WYRĜHQpKRĜtþQtKRQiSODYX
MDNRåWRELRWRSXMHGQROHWpYHJHWDFHREQDåRYDQêFKGHQ
)OlFKH/lQJH
P P
3ORFKDGpOND
P P
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
6HLFKWHU/LWRUDOEHUHLFKGHV*HZlVVHUVGHUQXUEHLH[WUHPHP1LHGULJ
ZDVVHUIUHLJHOHJWZLUG
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
PČONpOLWRUiOQtSDUWLHWRNXREQDåRYDQpMHQ]DH[WUpPQČQt]NêFKSUĤWRNĤ
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
0RQLWRULQJ
1XW]XQJGHVEHL%DJJHUXQJHQGHU)DKUULQQHJHZRQQHQHQ.LHVPDWHULDOV
]XU*HVWDOWXQJGHU8IHUOLQLHXQGGDPLWDXFKWHLOZHLVHUNQVWOLFKHU(UVDW]
GHUQDWUOLFKHQJHZlVVHUEHWWELOGHQGHQXQGHURVLYDNNXPXOLHUHQGHQ3UR
]HVVH]XU$QODJHHLQHVUlXPOLFKEHJUHQ]WHQNQVWOLFKHQ6WUDQGHVPLW
3RSLVRSDWĜHQt
HLQHUYRUJHJHEHQHQ.RUQJU|HQ]XVDPPHQVHW]XQJGHV6XEVWUDWVDQ
VHLQHU2EHUIOlFKHGLHGHU.RUQJU|HQ]XVDPPHQVHW]XQJQDWUOLFKHU
)OXVVDQVFKZHPPXQJHQHQWVSULFKW
$QODJHIODFKHUUHJHOPlLJIUHLJHOHJWHU%HUHLFKHPLWOHLFKWJHE|VFKWHQ
8IHUQXQGVRPLW6FKDIIXQJYRQ%HGLQJXQJHQIUGLH(QWZLFNOXQJGHU
9HJHWDWLRQIUHLJHOHJWHU6RKOHQEHLIDOOHQGHP:DVVHUVWDQGRGHU/DLFK &tOH
SOlW]HQIUGLH)LVFKH(QWZLFNOXQJGHUEHQWKLVFKHQ:LUEHOORVHQXb
EHLHUK|KWHP:DVVHUVWDQG
MDJUDQXORPHWULVFKH8QWHUVXFKXQJHQGHV6XEVWUDWVGHV6WUDQGHVERWD
QLVFKH8QWHUVXFKXQJHQ0RQLWRULQJGHV0DNUR]RREHQWKRV
0RQLWRULQJ
3K\WREHQWKRVXQGGHU)LVFKEUXW
Y\XåLWtãWČUNRYpKRPDWHULiOX]SURKUiEHNSODYHEQtGUiK\N~SUDYČ
EĜHKRYpOLQLHDWtPLþiVWHþQpXPČOpQDKUD]HQtNRU\WRWYRUQêFKDHUR]QČ
DNXPXODþQtFKSĜLUR]HQêFKSURFHVĤNY\WYRĜHQtSURVWRURYČRKUDQLþHQp
XPČOpSOiåHVSĜHGHPGDQêP]UQLWRVWQtPVORåHQtPVXEVWUiWXQDMHMtP
SRYUFKXRGSRYtGDMtFtP]UQLWRVWQtPXVORåHQtSĜLUR]HQêFKĜtþQtFKQiSODYĤ
Y\WYRĜHQtPČONRYRGQtFKSUDYLGHOQČVHREQDåXMtFtFKSDUWLtVSR]YROQČVH
VYDåXMtFtPLEĜHK\DWDNY\WYRĜHQtSRGPtQHNSURYêYRMYHJHWDFH
REQDåHQêFKGHQSĜLSRNOHVXKODGLQ\þLSURVWRUSURWĜHQtU\EUR]YRM
EHQWLFNêFKEH]REUDWOêFKDSRGSĜL]YêãHQpKODGLQČ
DQRJUDQXORPHWULFNpDQDOê]\VXEVWUiWXSOiåHERWDQLFNpSUĤ]NXP\
PRQLWRULQJPDNUR]RREHQWRVXI\WREHQWRVXDU\EtKRSOĤGNX
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
:DVVHUVWUDHQGLUHNWLRQGHU7VFKHFKLVFKHQ5HSXEOLN
ěHGLWHOVWYtYRGQtFKFHVWý5
=GURMH
ěHGLWHOVWYtYRGQtFKFHVWý5
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
DXVJHJOLFKHQH%LODQ]GHV9ROXPHQV
YRQJHEDJJHUWHPXQGDEJHODJHUWHP
6HGLPHQW
35DQGiN
*HZlVVHUXQWHUKDOWXQJPLWHLQHP8QWHUZDVVHUEXOOGR]HU
ÒGUåEDNRU\WDSRGYRGQtPGR]HUHP
&=
*HZlVVHUXQWHUKDOWXQJ]XU6LFKHUXQJGHU$EÀXVVYHUP|JHQVGHV*HZlVVHUEHWWVVRZLHGHU)DKUULQQHQWLHIHQ0DQDKPHQW\S(
ÒGUåEDNRU\WDSUR]DEH]SHþHQtNDSDFLW\ĜHþLãWČDSODYHEQtFKKORXEHNW\SRSDWĜHQt(
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
)) ))
9\URYQDQiELODQFHREMHPX
Y\WČåHQpKRDXORåHQpKRVHGLPHQWX
*HZlVVHUXQWHUKDOWXQJ]XU6LFKHUXQJGHV$EIOXVVYHUP|JHQVGHV*HZlVVHUEHWWVVRZLHGHU
)DKUULQQHQWLHIHQOIG1U&=0DQDKPHQW\S(
ÒGUåEDNRU\WDSUR]DEH]SHþHQtNDSDFLW\ĜHþLãWČDSODYHEQtFKKORXEHN
SRĜþ&=W\SRSDWĜHQt(
/DJH$EVFKQLWW
(OEH$EVFKQLWW+ĜHQVNR±6WĜHNRY
3RORKD~VHN
/DEHY~VHNX+ĜHQVNR6WĜHNRY
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
)OXVVEHWWXQG(OEHXIHU
3RORKD
N\QHWDDEĜHK\/DEH
7UlJHU
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=RGSRYČGQêVXEMHNW
3RYRGt/DEHVWiWQtSRGQLN
6FKXW]JHELHWH
$QODVV
GHU0DQDKPH
/DQGVFKDIWVVFKXW]JHELHW&+.2%|KPLVFKHV0LWWHOJHELUJH&+.2(OE
VDQGVWHLQJHELUJH&+.2%|KPLVFKH6FKZHL]1DWXUGHQNPDO33
&KUiQČQpREODVWL
1HERþDGVNêOXK*HELHWHYRQJHPHLQVFKDIWOLFKHU%HGHXWXQJ(OEHWDO
9RJHOVFKXW]JHELHW(OEVDQGVWHLQJHELUJH
*HZlKUOHLVWXQJGHV$EIOXVVYHUP|JHQVGHV)OXVVEHWWVVRZLHDXVUHL
FKHQGHU)DKUULQQHQWLHIHQEHLPLQLPDOHQ(LQJULIIHQLQGLH/DQGVFKDIWXQG 'ĤYRGRSDWĜHQt
GLHQDWUOLFKHQ6WUXNWXUHQ
&+.2ýHVNpVWĜHGRKRĜt&+.2/DEVNp3tVNRYFH&+.2ýHVNp
âYêFDUVNR331HERþDGVNêOXK(9//DEVNp~GROtSWDþtREODVW/DEVNp
StVNRYFH
]DMLãWČQtSUĤWRþQRVWLNRU\WDDGRVWDWHþQêFKSODYHEQtFKKORXEHNSĜL
PLQLPiOQtP]iVDKXGRNUDMLQ\DSĜtURGQtFKVWUXNWXU
)OlFKH/lQJH
aNP
3ORFKDGpOND
aNP
$XVIKUXQJVMDKU
ODXIHQG
5RNUHDOL]DFH
SUĤEČåQČ
=XVWDQG
YRUGHU0DQDKPH
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
'XUFKGLHQDWUOLFKHQIOXVVEHWWELOGHQGHQ9RUJlQJHNRPPWHV]XU9HU
6WDYSĜHGUHDOL]DFt
ODQGXQJGHU)DKUULQQHPLW6HGLPHQWHQXQGGDGXUFK]XU9HUPLQGHUXQJ
RSDWĜHQt
GHU)DKUULQQHQWLHIHQ
6HGLPHQWHZHUGHQQXUDXVGHU)DKUULQQHLPHUIRUGHUOLFKHQ0LQGHVWXP
IDQJEHVHLWLJWXQGDP5DQGHGHV)OXVVEHWWVWHLOZHLVHXQWHU:DVVHUDX
3RSLVRSDWĜHQt
HUKDOEGHU)DKUULQQHJHODJHUWXQGGRUWDOV6WUlQGHE]Z.LHVVDQGElQNH
EHODVVHQ
=LHOLVWGLH6FKDIIXQJ|NRORJLVFKZHUWYROOHUXIHUQDKHU%LRWRSHLQ)RUP
YRQ.LHVVDQGVWUlQGHQXQGElQNHQPLWHLQHP3RWHQ]LDOIUHLQEUHLWHV
6SHNWUXPDQ2UJDQLVPHQGHU:DVVHUIORUDXQGIDXQD'LH*HVWDOWXQJ
&tOH
GHU%LRWRSHHUIROJWXQWHUPLQLPDOHQ(LQJULIIHQLQGLHQDWUOLFKHQ6WUXNWX
UHQXQGGHQ/DQGVFKDIWVFKDUDNWHULP5DKPHQGHU*HZlKUOHLVWXQJGHV
$EIOXVVYHUP|JHQVGHV)OXVVEHWWVVRZLHDXVUHLFKHQGHU)DKUULQQHQWLHIHQ
9OLYHPSĜLUR]HQpKRNRU\WRWYRUQpKRSURFHVXGRFKi]tN]DQiãHQtSODYHEQt
GUiK\VHGLPHQW\DWtPNHVQLåRYiQtSODYHEQtFKKORXEHN
6HGLPHQW\MVRXRGVWUDQČQ\SRX]H]SODYHEQtGUiK\YPLQLPiOQČQXWQpP
UR]VDKXDXORåHQ\QDRNUDMLNRU\WDWRNXþiVWHþQČSRGYRGRXPLPR
SODYHEQtGUiKXDWDPSRQHFKiQ\MDNRSOiåHþLãWČUNRStVNRYpODYLFH
&tOHPMHY\WYRĜHQtHNRORJLFN\FHQQêFKSĜtEĜHåQtFKELRWRSĤYHIRUPČ
ãWČUNRStVNRYêFKSOiåtDODYLFVSRWHQFLiOHPSURãLURNRXãNiOXRUJDQLVPĤ
YRGQtIORU\DIDXQ\9\WYRĜHQtELRWRSĤSUREtKiSĜLPLQLPiOQtP]iVDKXGR
SĜtURGQtFKVWUXNWXUDNUDMLQQpKRUi]XYUiPFL]DEH]SHþHQtSUĤWRþQRVWL
NRU\WDĜHþLãWČDGRVWDWHþQêFKSODYHEQtFKKORXEHNYSODYHEQtGUi]H
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=GURMH
3RYRGt/DEHVWiWQtSRGQLN
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
:(//&RQVXOWLQJVUR
:(//&RQVXOWLQJVUR
$XIQDKPHQYRP$EPlKHQLQYDVLYHU9HJHWDWLRQDPVGOLFKHQ$OWZDVVHULQ3RGVNDOt
6QtPN\NRVHQtLQYD]QtFKSRURVWĤXMLåQtWĤQČY3RGVNDOt
:(//&RQVXOWLQJVUR
:(//&RQVXOWLQJVUR
:(//&RQVXOWLQJVUR
=XUFNVFKQHLGHQGHV-DSDQLVFKHQ.Q|WHULFKVEHLPVGOLFKHQ$OWZDVVHULQ3RGVNDOt
.RVHQtSRURVWĤNĜtGODWHNMDSRQVNêFKXMLåQtWĤQČY3RGVNDOt
&=
3ÀHJHGHU8IHUYHJHWDWLRQEHL/RXEt0DQDKPHQW\S*a3pþHREĜHKRYRXYHJHWDFL±/RXEtW\SRSDWĜHQt*
:(//&RQVXOWLQJVUR
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
:(//&RQVXOWLQJVUR
3IOHJHGHU8IHUYHJHWDWLRQEHL/RXEtOIG1U&=0DQDKPHQW\S*
3pþHREĜHKRYRXYHJHWDFL±/RXEtSRĜþ&=W\SRSDWĜHQt*
/DJH$EVFKQLWW
(OEH8PJHEXQJGHV(OEHXIHUV
3RORKD~VHN
/DEHRNROtEĜHKX/DEH
:DVVHUVWUDHQW\S
IUHLIOLHHQG
7\SYRGQtFHVW\
YROQČWHNRXFt~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
8PJHEXQJGHVUHFKWHQ(OEHXIHUV
3RORKD
RNROtSUDYpKREĜHKX/DEH
7UlJHU
:DVVHUVWUDHQGLUHNWLRQGHU7VFKHFKLVFKHQ5HSXEOLN
ěHGLWHOVWYtYRGQtFKFHVWý5
=RGSRYČGQêVXEMHNW
ěHGLWHOVWYtYRGQtFKFHVWý5
6FKXW]JHELHWH
/DQGVFKDIWVVFKXW]JHELHW&+.2(OEVDQGVWHLQJHELUJH±,=RQHDQGHU
*UHQ]H]XP135.DĖRQ/DEH(OEHFDQ\RQ
&KUiQČQpREODVWL
&+.2/DEVNpStVNRYFH±,]yQDQDKUDQLFL135.DĖRQ/DEH
$QODVV
GHU0DQDKPH
8QWHUVWW]XQJGHUPRUSKRORJLVFKHQXQGGDPLWDXFKGHUELRORJLVFKHQ
9LHOIDOWGXUFK1HRSK\WHQGHVEHHLQIOXVVWHQ7HLOVGHU$XH
'ĤYRGRSDWĜHQt
SRGSRĜLWPRUIRORJLFNRXDWtPLELRORJLFNRXUR]PDQLWRVWQHRI\W\RYOLYQČQp
þiVWLĜtþQtQLY\
)OlFKH/lQJH
FDKD)OlFKHGHVJHVDPWHQ]XU8QWHUKDOWXQJYRUJHVHKHQHQ*HELHWV
3ORFKDGpOND
P
FFDKDSORFKDFHOpKR~]HPtXUþHQpKRNPDQDJHPHQWXP
$XVIKUXQJVMDKU
=XVWDQG
YRUGHU0DQDKPH
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
0RQLWRULQJ
5RNUHDOL]DFH
6FKPDOHKRPRJHQH$XHRKQH*HK|O]HMHGRFKPLW]DKOUHLFKHP9RU
6WDYSĜHGUHDOL]DFt
NRPPHQLQYDVLYHU$UWHQIUKHUYHUOLHIGXUFKGDV*HELHWHLQ$OWDUPGHU
RSDWĜHQt
(OEH
3IOHJHGHU$QSIODQ]XQJYRQ$XHQJHK|O]HQGLHVLFKXPGDVHUQHXHUWH
XIHUQDKH$OWZDVVHUEHILQGHQGLHVXPIDVVWYRUDOOHPGLH(QWNUDXWXQJ
XPGLH$QSIODQ]XQJHQGLH6RUJHXPGHQPHFKDQLVFKHQXQGVWDELOLVLH
UHQGHQ6FKXW]GHU*HK|O]VWlPPHHLQVFKOLHOLFKGHVNRPSOHWWHQ$E
3RSLVRSDWĜHQt
PlKHQVGHVNUDXWLJHQ8QWHUZXFKVHVDXIGHU)OlFKHGHU$QSIODQ]XQJHQ
XQGGDPLW]XVDPPHQPLWGHU%HVHLWLJXQJGHULQYDVLYHQ%HVWlQGH)|U
GHUXQJGHVQDWUOLFKHQNUDXWLJHQ8QWHUZXFKVHV
9HUlQGHUXQJHLQHV7HLOVGHU$XHLQ)RUPLKUHU'LYHUVLIL]LHUXQJGXUFK
HLQH:DVVHUIOlFKHXQGGLH9HUEHVVHUXQJGHV|NRORJLVFKHQ*OHLFKJH
&tOH
ZLFKWVGXUFK$QSIODQ]XQJHQYRQ$XHQJHK|O]HQHLQVFKOLHOLFK)|UGHUXQJ
GHUDXWRFKWKRQHQ$UWHQVWUXNWXUGHU.UDXWVFKLFKWGLHVHU%HVWlQGH
-D±0RQLWRULQJGHU%HVLHGOXQJGHV$OWZDVVHUV8QWHUVXFKXQJGHV
0DNUR]RREHQWKRVGHUDTXDWLVFKHQ0DNURSK\WHQGHV3K\WRSODQNWRQV
GHV=RRSODQNWRQVGHU)LVFKHXQG$PSKLELHQGHU(QWZLFNOXQJGHV
0RQLWRULQJ
NUDXWLJHQ8QWHUZXFKVHVGHUDQJHSIODQ]WHQ3DSSHOQXQGGHU(QWZLFN
OXQJLQYDVLYHU%HVWlQGHLQGHU8PJHEXQJGHV$OWZDVVHUVXQWUHQQEDUHU
%HVWDQGWHLOLVWGDV0RQLWRULQJGHU9LWDOLWlWGHUDQJHSIODQ]WHQ*HK|O]H
~]NiKRPRJHQQtĜtþQtQLYDEH]GĜHYLQDYãDNVKRMQêPYêVN\WHP
LQYD]QtFKGUXKĤGĜtYH~]HPtPSURFKi]HORMHGQR]HVOHSêFKUDPHQ/DEH
3pþHRYêVDGE\OXåQtFKGĜHYLQVLWXRYDQpNROHPREQRYHQpSRĜtþQtWĤQČ
FRå]DKUQXMHSĜHGHYãtPREåtQiQtEXĜHQČNROHPYêVDGHESpþH
RPHFKDQLFNRXDVWDELOL]DþQtRFKUDQXNPHQĤGĜHYLQYþHWQČNRPSOHWQtKR
SRNRVHQtE\OLQQpKRSRGURVWXQDSORãHYêVDGHEDWtPVSROXVOLNYLGDFt
LQYD]QtFKSRURVWĤSRGSRUDSĜLUR]HQpKRE\OLQQpKRSRGURVWX
~SUDYDþiVWLQLY\IRUPRXMHMtGLYHU]LILNDFHYRGQtSORFKRXD]YêãHQt
HNRORJLFNpVWDELOLW\IRUPRXYêVDGHEOXåQtFKGĜHYLQYþHWQČSRGSRU\
SĤYRGQtKRGUXKRYpKRVORåHQtE\OLQQpKRSDWUDWČFKWRSRURVWĤ
DQR±PRQLWRULQJRåLYHQtWĤQČVOHGRYiQtPDNUR]RREHQWRVXYRGQtFK
PDNURI\WI\WRSODQNWRQX]RRSODQNWRQXU\EDRERMåLYHOQtNĤYêYRMH
E\OLQQpKRSRGURVWXYêVDGHEWRSROĤDYêYRMHLQYD]QtFKSRURVWĤYRNROt
WĤQČQHGtOQRXVRXþiVWtMHPRQLWRULQJYLWDOLW\Y\VD]HQêFKGĜHYLQ
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
:DVVHUVWUDHQGLUHNWLRQGHU7VFKHFKLVFKHQ5HSXEOLN
ěHGLWHOVWYtYRGQtFKFHVWý5
=GURMH
ěHGLWHOVWYtYRGQtFKFHVWý5
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
35DQGiN
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
5HQDWXULHUXQJXQG*HVWDOWXQJGHU8IHUUDQGUHJLRQLQâWČWt0DQDKPHQW\SDHa5HYLWDOL]DFHD~SUDYDSĜtEĜHåQt]yQ\YHâWČWtW\SRSDWĜHQtDH
&=
/HLWZHUNEHLâWČWt
.RQFHQWUDþQtKUi]XâWČWt
$XVOLFKWHQGHU9HJHWDWLRQ
3UREtUNDYHJHWDFH
//DQGD
5HQDWXULHUXQJXQG*HVWDOWXQJGHU8IHUUDQGUHJLRQLQâWČWtOIG1U&=0DQDKPHQW\SDH
5HYLWDOL]DFHD~SUDYDSĜtEĜHåQt]yQ\YHâWČWtSRĜþ&=W\SRSDWĜHQtDH
/DJH$EVFKQLWW
(OEH6WDXKDOWXQJGHU6WDXVWXIHâWČWtUHFKWHV8IHU
3RORKD~VHN
/DEH]GUå9'âWČWtSUDYêEĜHK
:DVVHUVWUDHQW\S
VWDXJHUHJHOW
7\SYRGQtFHVW\
MH]\Y]GXWê~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
%HUHLFK]ZLVFKHQGHP3DUDOOHOZHUNXQGGHPUHFKWHQ(OEHXIHU
3RORKD
SURVWRUPH]LNRQFHQWUDþQtKUi]tDSUDYêPEĜHKHP/DEH
7UlJHU
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=RGSRYČGQêVXEMHNW
3RYRGt/DEHVWiWQtSRGQLN
6FKXW]JHELHWH
NHLQH
&KUiQČQpREODVWL
åiGQp
$QODVV
GHU0DQDKPH
4XDOLWDWLYH$XIZHUWXQJGHU9HJHWDWLRQHQWODQJGHVUHFKWHQ8IHUVXQG(U
'ĤYRGRSDWĜHQt
UHLFKXQJGHU'XUFKJlQJLJNHLWGHV/HLWZHUNV
]NYDOLWQČQtYHJHWDFHSRGpOSUDYpKREĜHKX/DEHD]SUĤWRþQČQt
NRQFHQWUDþQtKUi]H
)OlFKH/lQJH
P
3ORFKDGpOND
P
$XVIKUXQJVMDKU
5RNUHDOL]DFH
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
YHJHWDFHQHSURĜH]DQi]DQHVHQiSODYHQLQDPLMDNRMVRXXOiPDQpYČWYH
]E\WN\RGXPĜHOpYHJHWDFHDþiVWLNRPXQiOQtKRRGSDGXNRQFHQWUDþQt
KUi]X]DYĜHQiXYQLWĜVKURPDGtFtPLVHVHGLPHQW\
3RSLVRSDWĜHQt
5HYLWDOL]DFHD]SUĤWRþQČQtSUDYREĜHåQtþiVWLĜHN\/DEHNWHUiMH
RGGČOHQDSRQRĜHQêPLMLåQHIXQNþQtPLNRQFHQWUDþQtPLKUi]NDPL%\O\
RGVWUDQČQ\þiVWLNROPêFKNRQFHQWUDþQtFKKUi]HNþtPåMH]DMLãWČQD
SUĤWRþQRVW-HWDN]DEUiQČQR]DQiãHQtWČFKWRPtVWVHGLPHQW\6RXþDVQČ
E\O\RGVWUDQČQ\XVD]HQpĜtþQtVHGLPHQW\
&tOH
]GUDYRWQtSURĜH]iQtYHJHWDFHRGVWUDQČQtSĜHVWiUOêFKMHGLQFĤVWURPĤD
NHĜĤY\þLãWČQtSURVWRUXRGSODYHQLQDRVWDWQtKRRGSDGX
=XVWDQG
YRUGHU0DQDKPH
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
1LFKWDXVJHOLFKWHWHPLW6FKZHPPJXWZLHDEJHEURFKHQHQ=ZHLJHQ
5HVWHQDEJHVWRUEHQHU9HJHWDWLRQXQG7HLOHQNRPPXQDOHQ$EIDOOV]X
JHVHW]WH9HJHWDWLRQGDV/HLWZHUNLVWLQQHQPLWVLFKDQVDPPHOQGHP6H
GLPHQWYHUVFKORVVHQ
5HQDWXULHUXQJXQG(UUHLFKXQJGHU'XUFKJlQJLJNHLWGHV(OEHWHLOVDP
UHFKWHQ8IHUGHUGXUFKNOHLQHEHUIOXWHWHEHUHLWVQLFKWPHKUIXQNWLRQV
WFKWLJH/HLWZHUNHDEJHWUHQQWLVW'LH7HLOHGHUVHQNUHFKWHQ/HLWZHUNH
ZXUGHQEHVHLWLJWZRGXUFKGLH'XUFKJlQJLJNHLWJHVLFKHUWLVW'DPLWZLUG
GLH$EODJHUXQJYRQ6HGLPHQWHQDQGLHVHQ6WHOOHQYHUKLQGHUW*OHLFK]HL
WLJZXUGHQGLHDEJHODJHUWHQ)OXVVVHGLPHQWHEHVHLWLJW
JHVXQGKHLWVI|UGHUQGHU6FKQLWWGHU9HJHWDWLRQ%HVHLWLJXQJEHUDOWHUWHU
([HPSODUHYRQ%lXPHQXQG6WUlXFKHUQ5HLQLJXQJGHV%HUHLFKVYRQ
6FKZHEVWRIIHQXQGVRQVWLJHP$EIDOO
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=GURMH
3RYRGt/DEHVWiWQtSRGQLN
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
35DQGiN
35DQGiN
5HQDWXULHUXQJGHV8QWHUZDVVHUVGHU6WDXVWXIH5RXGQLFHQDG/DEHP
5HYLWDOL]DFHSRGMH]t9'5RXGQLFHQDG/DEHP
35DQGiN
35DQGiN
.LHVElQNHDPUHFKWHQ8IHUEHL5RXGQLFHQDG/DEHP
âWČUNRYpODYLFHQDSUDYpPEĜHKXY5RXGQLFLQDG/DEHP
&=
5HQDWXULHUXQJGHV8QWHUZDVVHUVGHU6WDXVWXIH5RXGQLFHQDG/DEHP0DQDKPHQW\SDG
5HYLWDOL]DFHSRGMH]t9'5RXGQLFHQDG/DEHPW\SRSDWĜHQtDG
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
35DQGiN
5HQDWXULHUXQJGHV8QWHUZDVVHUVGHU6WDXVWXIH5RXGQLFHQDG/DEHP
OIG1U&=0DQDKPHQW\SDG
5HYLWDOL]DFHSRGMH]t9'5RXGQLFHQDG/DEHPSRĜþ&=W\SRSDWĜHQtDG
/DJH$EVFKQLWW
(OEH6WDXKDOWXQJGHU6WDXVWXIHýHVNp.RSLVW\8QWHUZDVVHUGHU6WDX
VWXIH5RXGQLFHQDG/DEHPOLQNHVXQGUHFKWHV8IHU
3RORKD~VHN
/DEH]GUå9'ýHVNp.RSLVW\SRGMH]t9'5RXGQLFHQ/OHYêDSUDYê
EĜHK
:DVVHUVWUDHQW\S
VWDXJHUHJHOW
7\SYRGQtFHVW\
MH]\Y]GXWê~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
±
/DJH
7UlJHU
%HUHLFK]ZLVFKHQGHU,QVHOGLHGHQ6FKLIIIDKUWVNDQDODEWUHQQWXQGGHP
UHFKWHQ8IHUXQWHUKDOEGHU6WDXVWXIH5RXGQLFHQDG/DEHPDXHUKDOE 3RORKD
GHU)DKUULQQH
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
=RGSRYČGQêVXEMHNW
3RYRGt/DEHVWiWQtSRGQLN
3RYRGt/DEHVWiWQtSRGQLN
6FKXW]JHELHWH
NHLQH
$QODVV
GHU0DQDKPH
5HQDWXULHUXQJGHV8QWHUZDVVHUVGHU6WDXVWXIH5RXGQLFH±9HUEHVVH
UXQJGHU$EIOXVVYHUKlOWQLVVHXQGGHU)DKUULQQHQWLHIHQIU6FKLIIHGHV
'ĤYRGRSDWĜHQt
%HZLUWVFKDIWHUVGHV*HZlVVHUVPLW)|UGHUXQJYRQ%LRWRSHQDTXDWLVFKHU
XQGXIHUQDKHU2UJDQLVPHQ
UHYLWDOL]DFHSRGMH]t9'5RXGQLFH±]OHSãHQtRGWRNRYêFKSRPČUĤD
SODYHEQtFKKORXEHNSURSODYLGODVSUiYFHYRGQtKRWRNXVSRGSRURX
ELRWRSĤYRGQtFKDSĜtEĜHåQtFKRUJDQLVPĤ
)OlFKH/lQJH
KDaP
3ORFKDGpOND
KDaP
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
DOOPlKOLFKYHUODQGHQGHV*HZlVVHUEHWWGHU(OEHPLW.LHVVHGLPHQWHQ
HLQW|QLJH/LQLHGHVPLW6WHLQSIODVWHUEHIHVWLJWHQ8IHUV
0DWHULDOYRQ%DJJHUXQJHQGHU)DKUULQQHJHEDJJHUWPLWHLQHUIHUQJH
VWHXHUWHQ8QWHUZDVVHUUDXSHZXUGH]XU6FKDIIXQJYRQ%XKQHQXQGHLQL
JHQ%lQNHQLPOLQNHQXQGUHFKWHQ)OXVVDUPLP8QWHUZDVVHUJHQXW]W
%HVWDQGWHLOGHU0DQDKPHZDUGLH8QWHUEUHFKXQJGHV3DUDOOHOZHUNV
]ZLVFKHQGHQ)OXVVDUPHQLP8QWHUZDVVHU'DV/HLWZHUNDXVGHP
-KKDWDQGLHVHP6WDQGRUWQDFKGHP%DXGHU6WDXVWXIHVHLQH%H
GHXWXQJIUGLH6FKLIIIDKUWYHUORUHQ
6FKDIIXQJHLQHV%LRWRSVIUHLQEUHLWHV6SHNWUXPDTXDWLVFKHU2UJDQLV
PHQXQG3IODQ]HQLQ)RUPYRQ.LHVEXKQHQ)|UGHUXQJHLQHU6WU|
PXQJVYLHOIDOWLP*HZlVVHUEHWWEHLQLHGULJHUHQ$EIOVVHQGLHVLFKGHP
6WU|PXQJVFKDUDNWHULQHLQHPQDWUOLFKHQ*HZlVVHUEHWWDQQlKHUWXQG
]ZDULP=XVDPPHQZLUNHQPLWGHU9HUEHVVHUXQJGHU$EIOXVVYHUKlOWQLVVH
XQGGHU)DKUULQQHQWLHIHQ(LQSRVLWLYHU|NRORJLVFKHU%HLWUDJEHVWHKWLQV
EHVRQGHUHIUGLH,FKWK\RIDXQDLQGHU(QWVWHKXQJZHUWYROOHU/DLFKSOlW]H
XQGLQGHU6FKDIIXQJHLQHV/HEHQVUDXPVGHUGHQ=XVWURPHLQHU0HQJH
DQYLHOIlOWLJHUQDWUOLFKHU1DKUXQJJHZlKUOHLVWHW
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
NRU\WR/DEHSRVWXSQČVH]DQiãHMtFtãWČUNRYêPLVHGLPHQW\MHGQROLWiOLQLH
EĜHKXRSHYQČQpKRNDPHQQRXGODåERX
3RSLVRSDWĜHQt
0DWHULiO]SURKUiEN\N\QHW\NRU\WDY\WČåHQêSRGYRGQtPGiONRYČ
RYOiGDQêPPHFKDQLVPHPE\OSRXåLWNY\WYRĜHQtYêKRQĤDQČNROLNDODYLF
YOHYpPDSUDYpPĜtþQtPUDPHQLYSRGMH]t6RXþiVWtDNFHE\ORSĜHUXãHQt
SRGpOQpNRQFHQWUDþQtKUi]HPH]LĜtþQtPLUDPHQ\YSRGMH]t
.RQFHQWUDþQtKUi]]VWROSRYêVWDYEČ]G\PDGODSR]E\ODYWpWR
ORNDOLWČVYpKRSODYHEQtKRYê]QDPX
&tOH
Y\WYRĜHQtELRWRSXSURãLURNRXãNiOXYRGQtFKåLYRþLFKĤDURVWOLQYSRGREČ
ãWČUNRYêFKYêKRQĤSRGSRUDUR]PDQLWRVWLSURXGČQtYNRU\WČSĜLQLåãtFK
SUĤWRFtFKSĜLEOLåXMtFtVHFKDUDNWHUXSURXGČQtYSĜLUR]HQpPNRU\WČDWR
YVRXþLQQRVWLVH]OHSãRYiQtPRGWRNRYêFKSRPČUĤDSODYHEQtFKKORXEHN
SR]LWLYQtHNRORJLFNêSĜtQRVMH]HMPpQDSDNSURLFKW\RIDXQXYHY]QLNX
KRGQRWQêFKWUGOLãĢDYHY\WYRĜHQtSURVWĜHGtSRVN\WXMtFtKRSĜtVXQPQRåVWYt
UR]PDQLWpSĜLUR]HQpSRWUDY\
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=GURMH
3RYRGt/DEHVWiWQtSRGQLN
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
&KUiQČQpREODVWL
REODVWPH]LRVWURYHPRGGČOXMtFtPSODYHEQtNDQiODSUDYêPEĜHKHP
SRGYRGQtPGtOHP5RXGQLFHQ/PLPRSODYHEQtGUiKX
åiGQp
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
35DQGiN
(LQNHUEXQJGHV/HLWZHUNVEHLýHUQČYHV
3UĤOHKYNRQFHQWUDþQtKUi]LýHUQČYHV
35DQGiN
(LQNHUEXQJGHV/HLWZHUNVEHLýHUQČYHV
3UĤOHKYNRQFHQWUDþQtKUi]LýHUQČYHV
&=
*RRJOH
6DWHOOLWHQELOG/HLWZHUNEHLýHUQČYHV
6DWHOLWQtVQtPHN.RQFHQWUDþQtKUi]ýHUQČYHV
(LQNHUEXQJGHV/HLWZHUNVEHLýHUQČYHV0DQDKPHQW\SDa3UĤOHKYþHOHNRQFHQWUDþQtKUi]HYýHUQČYVLW\SRSDWĜHQtD
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
35DQGiN
(LQNHUEXQJGHV/HLWZHUNVEHLýHUQČYHVOIG1U&=0DQDKPHQW\SD
3UĤOHKYþHOHNRQFHQWUDþQtKUi]HYýHUQČYVLSRĜþ&=W\SRSDWĜHQtD
/DJH$EVFKQLWW
(OEH6WDXKDOWXQJGHU6WDXVWXIHýHVNp.RSLVW\UHFKWHV8IHU
3RORKD~VHN
/DEH]GUå9'ýHVNp.RSLVW\SUDYêEĜHK
:DVVHUVWUDHQW\S
VWDXJHUHJHOW
7\SYRGQtFHVW\
MH]\Y]GXWê~VHN
:DVVHUVWUDHQNP
9RGQtFHVWDĜNP
/DJH
4XHUWHLOGHV/HLWZHUNVDPUHFKWHQ(OEHXIHU
3RORKD
SĜtþQiþiVWNRQFHQWUDþQtKUi]HSĜLSUDYpPEĜHKX/DEH
7UlJHU
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=RGSRYČGQêVXEMHNW
3RYRGt/DEHVWiWQtSRGQLN
6FKXW]JHELHWH
NHLQH
&KUiQČQpREODVWL
åiGQp
$QODVV
GHU0DQDKPH
8QWHUVWW]XQJGHU)LVFKIDXQDKLQWHUGHP/HLWZHUNXQWHU$XIUHFKWHUKDO
WXQJGHU)XQNWLRQGHV%DXZHUNV
'ĤYRGRSDWĜHQt
SRGSRUDLFKW\RIDXQ\]DNRQFHQWUDþQtKUi]tSĜL]DFKRYiQtIXQNFHREMHNWX
)OlFKH/lQJH
P aP
3ORFKDGpOND
P aP
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
0RQLWRULQJ
=XVDPPHQKlQJHQGHV/HLWZHUNPLWHLQHP4XHUXQGHLQHP/lQJVWHLO
6WDYSĜHGUHDOL]DFt
GHVVHQ5HJHOXQJVEHGHXWXQJGXUFKGHQ%DXGHV:HKUHVýHVNp.RSLVW\
RSDWĜHQt
YHUORUHQJHJDQJHQLVW
'DV3URMHNWEHLQKDOWHWGLH$QODJHHLQHUPEUHLWHQWUDSH]I|UPLJHQ(LQ
NHUEXQJPLWHLQHUPXOGHQI|UPLJHQ6RKOHYRQP%UHLWH
%|VFKXQJVQHLJXQJ6RKOHVRZLH%|VFKXQJHQVLQGPLW%UXFKVWHLQ 3RSLVRSDWĜHQt
EHIHVWLJWHUJlQ]WGXUFK6WHLQVFKWWXQJ$XIGHU*HVDPWOlQJHZXUGHQ
KLQDXVUDJHQGH6WHLQHHLQJHVHW]W
TXDOLWDWLYH$XIZHUWXQJGHV%LRWRSVLP%HUHLFKKLQWHUGHP/HLWZHUN
'XUFKOIWXQJGHV:DVVHUV(UK|KXQJGHU6WU|PXQJVJHVFKZLQGLJNHLW
&tOH
XQG9HUEHVVHUXQJGHU1lKUVWRII]XIXKU
±Ä=KRGQRFHQtLFKW\RFHQy]NRQFHQWUDþQtFKKUi]t3RþHSOLFHD
ýHUQČYHV%HZHUWXQJYRQ,FKWK\R]|QRVHQDQGHQ/HLWZHUNHQ3RþHSOLFH
0RQLWRULQJ
XQGýHUQČYHV³
,QJ-9RVWUDGRYVNê&6F
VRXYLVOiNRQFHQWUDþQtKUi]VSĜtþQRXDSRGpOQRXþiVWtMHMtåUHJXODþQt
Yê]QDPSRPLQXOVYêVWDYERXYRGQtKRGtODýHVNp.RSLVW\
3URMHNWĜHãtY\WYRĜHQtPãLURNpKRSUĤOHKXOLFKREČåQtNRYpKRSURILOX
VPLVNRYLWêPGQHPãtĜN\P6NORQVYDKĤ'QRLVYDK\MVRX
RSHYQČQ\]ORPRYpKRNDPHQHGRSOQČQpNDPHQQêP]iKR]HP9FHOp
GpOFHMVRXRVD]HQ\Y\þQtYDMtFtNDPHQ\
]NYDOLWQČQtELRWRSXYSURVWRUX]DNRQFHQWUDþQtKUi]tSURY]GXãQČQtP
YRG\]YêãHQtPU\FKORVWLSURXGČQtD]OHSãHQtPSĜtVXQXåLYLQ
±Ä=KRGQRFHQtLFKW\RFHQy]NRQFHQWUDþQtFKKUi]t3RþHSOLFHD
ýHUQČYHV³
,QJ-9RVWUDGRYVNê&6F
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH(OEH
3RYRGt/DEHVWiWQtSRGQLN
=GURMH
3RYRGt/DEHVWiWQtSRGQLN
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
$XVEDXDUEHLWHQDQGHU,QVHO
%OLFNYRQGHU6WUDHQEUFNHJHJHQGHQ6WURP
3UiFHQD~SUDYČRVWURYD
SRKOHG]HVLOQLþQtKRPRVWXSURWLYRGČ
3RYRGt9OWDY\VWiWQtSRGQLN
/XIWDXIQDKPHYRU%HJLQQGHU$UEHLWHQ
/HWHFNpIRWRSĜHG]DKiMHQtPSUDFt
&=
3RYRGt9OWDY\VWiWQtSRGQLN
$XVEDXGHVOLQNHQ8IHUV
3URYiGČQt~SUDY\OHYpKREĜHKX
3RYRGt9OWDY\VWiWQtSRGQLN
%OLFNLQ6WURPULFKWXQJDXIGHQIHUWLJHQ$XVEDXGHU,QVHO
3RKOHGSRYRGČQDGRNRQþHQRX~SUDYXRVWURYD
3RYRGt9OWDY\VWiWQtSRGQLN
%OLFNJHJHQGHQ6WURPDXIGHQIHUWLJHQ$XVEDXGHVOLQNHQ8IHUV
3RKOHGSURWLYRGČQDGRNRQþHQRX~SUDYXOHYpKREĜHKX
(UK|KXQJGHU*HZlVVHUEHWWNDSD]LWlWGHU0ROGDXLQGHQ*HPDUNXQJHQ1RYp2XKROLFHXQG9HOWUXV\0DQDKPHQW\SEG
=YêãHQtNDSDFLW\NRU\WD9OWDY\YN~1RYp2XKROLFHD9HOWUXV\W\SRSDWĜHQtEG
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
3RYRGt9OWDY\VWiWQtSRGQLN
(UK|KXQJGHU*HZlVVHUEHWWNDSD]LWlWGHU0ROGDXLQGHQ*HPDUNXQJHQ1RYp2XKROLFHXQG9HOWUXV\
OIG1U&=0DQDKPHQW\SEG
=YêãHQtNDSDFLW\NRU\WD9OWDY\YN~1RYp2XKROLFHD9HOWUXV\SRĜþ&=W\SRSDWĜHQtEG
/DJH$EVFKQLWW
0ROGDX
3RORKD~VHN
9OWDYD
:DVVHUVWUDHQW\S
VWDXJHUHJHOW
7\SYRGQtFHVW\
MH]\Y]GXWê~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
,QVHOLP*HZlVVHUEHWWOLQNHV8IHU
3RORKD
RVWURYYNRU\WČWRNXOHYêEĜHK
7UlJHU
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH0ROGDX3RYRGt9OWDY\
VWiWQtSRGQLN±%HWULHEVWHLO8QWHUH0ROGDX]iYRG'ROQt9OWDYD
=RGSRYČGQêVXEMHNW
3RYRGt9OWDY\VWiWQtSRGQLN±]iYRG'ROQt9OWDYD
6FKXW]JHELHWH
NHLQH
&KUiQČQpREODVWL
åiGQp
$QODVV
GHU0DQDKPH
)OlFKH/lQJH
9HUEHVVHUXQJGHU$EIOXVVYHUKlOWQLVVHDXIGHU)OLHVWUHFNHXQWHUKDOEGHV:HKUHV
0LĜHMRYLFH(UK|KXQJGHU.DSD]LWlWGHV*HZlVVHUEHWWVXQGGDGXUFK5HGX]LHUXQJ
'ĤYRGRSDWĜHQt
GHUhEHUVFKZHPPXQJHQEHLHUK|KWHQ$EIOVVHQHLQ=ZHFNLVWDXFKGLH9HU
EHVVHUXQJGHU6FKLIIIDKUWVEHGLQJXQJHQLP%RJHQGHV*HZlVVHUEHWWV
'LH$XVEDXPDQDKPHZLUGDXIHLQHP*UXQGVWFNPLWHLQHU)OlFKHYRQ
PLP%HVLW]GHV6WDDWHV7VFKHFKLVFKH5HSXEOLNDXVJHIKUWIUGDVGHP
3ORFKDGpOND
6WDDWOLFKHQ:DVVHUZLUWVFKDIWVEHWULHEIUGLH0ROGDXHLQ%HZLUWVFKDIWXQJVUHFKW
HLQJHUlXPWLVW
]OHSãHQtSUĤWRNRYêFKSRPČUĤYĜtþQtWUDWLSRGMH]HP0LĜHMRYLFH]YêãHQtNDSDFLW\
NRU\WDDWtPVQtåHQtUR]OLYXSĜL]YêãHQêFKSUĤWRFtFK~þHOHPMHL]OHSãHQt
SODYHEQtFKSRGPtQHNYREORXNXNRU\WDĜHN\
ÒSUDYDEXGHSURYHGHQDQDPSR]HPNĤYPDMHWNXVWiWXýHVNiUHSXEOLND
VSUiYHPKRVSRGDĜLWSUR3RYRGt9OWDY\VWiWQtSRGQLN
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
'LH8IHUGHU,QVHOXQGGHVOLQNHQ8IHUVZXUGHQLPEHWUHIIHQGHQ7HLOPLWWURFNHQHP
6WHLQSIODVWHUEHIHVWLJWGDVMHGRFKYRUGHP%HJLQQGHU$UEHLWHQLPJHORFNHUWHQ=X
VWDQGZDU
$XVEDXGHVOLQNHQ7HLOVGHU,QVHO(LQ7HLOGHVOLQNHQ8IHUVGHU,QVHOZLUGDEJHWUD
JHQ'LH8IHUNDQWHLVWDXIGHP1LYHDXGHVGHU]HLWLJHQK\GURVWDWLVFKHQ:DVVHU
VSLHJHOVGHV:HKUHV9UDĖDQ\YRUJHVHKHQ'LH8IHUE|VFKXQJZLUGELV]XU0LWWH
GHU,QVHODOOPlKOLFKYRQGHU1HLJXQJLQGLH1HLJXQJEHUJHKHQ'LH8IHU
OLQLHZLUGXQUHJHOPlLJJHJOLHGHUWVHLQXQGHLQJHEHWWHWH6WHLQJUXSSHQKDEHQ
$XVEDXGHVOLQNHQ8IHUV'LH8IHUNDQWHZLUGLQGDVYRUKDQGHQHOLQNH8IHUYHUVFKR
EHQGDPLWGDV$EIOXVVSURILOLPDXV]XEDXHQGHQ$EVFKQLWWJOHLFKPlLJLVW'HU
$XVEDXZLUG]ZHL*DVOHLWXQJVGNHUQDQJHSDVVW'LH%|VFKXQJGHVQHXHQ8IHUV
LVWRKQH8IHUYHUEDXYRUJHVHKHQ'LH8IHUE|VFKXQJLVWOHLFKWJHQHLJWYRUJHVHKHQ
XPZHLWHUH5HQDWXULHUXQJVPDQDKPHQ]XHUP|JOLFKHQ
6RZRKODXIGHU,QVHODOVDXFKDPOLQNHQ8IHUJLEWHVGLH9RUDXVVHW]XQJIUGLH
(QWVWHKXQJYRQ:DVVHUIOlFKHQXQG)HXFKWJHELHWHQPLW5DXPIUGLH(QWZLFNOXQJ
HLQHV)OXVVOLWRUDOV
6WDYSĜHGUHDOL]DFt
RSDWĜHQt
%ĜHK\RVWURYDLOHYpKREĜHKXE\O\YGRWþHQpþiVWLRSHYQČQ\NDPHQQRXGODåERXQD
VXFKRNWHUiYãDNE\ODSĜHG]DþiWNHPSUDFtYUR]YROQČQpPVWDYX
3RSLVRSDWĜHQt
ÒSUDYDOHYpþiVWLRVWURYDýiVWOHYpKREĜHKXRVWURYDEXGHRGWČåHQD%ĜHKRYi
KUDQDMHQDYUåHQDQD~URYQLVRXþDVQpK\GURVWDWLFNpKODGLQ\MH]X9UDĖDQ\6YDK
EĜHKXEXGHSO\QXOHSĜHFKi]HW]HVNORQXGRVNORQXNHVWĜHGXRVWURYD
%ĜHKRYiOLQLHEXGHQHSUDYLGHOQČUR]þOHQČQDYORåHQêPLVNXSLQDPLNDPHQĤ
ÒSUDYDOHYpKREĜHKX%ĜHKRYiKUDQDEXGHSRVXQXWDGRVWiYDMtFtKROHYpKREĜHKX
WDNDE\SUĤWRþQêSURILOYXSUDYRYDQpP~VHNXE\OURYQRPČUQêÒSUDYDMH
SĜL]SĤVREHQDGYČPDSO\QRYRGQtPVK\ENiP6YDKQRYpKREĜHKXMHQDYUåHQEH]
RSHYQČQt6NORQEĜHKXMHQDYUåHQSR]YROQêSURPRåQRVWGDOãtFKUHYLWDOL]DþQtFK
~SUDY
&tOH
-DNQDRVWURYČWDNXOHYpKREĜHKXMHSĜHGSRNODGY]QLNXYRGQtFKSORFKDPRNĜLQ
VSURVWRUHPSURUR]YRMĜtþQtKROLWRUiOX
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
2EZRKOHVLQVJHVDPWXPHLQH,QYHVWLWLRQJHKWZHUGHQKLHUSRVLWLYH(LQJULIIHYRU
JHQRPPHQGLHDXFKLP5DKPHQGHU8QWHUKDOWXQJ]XU9HUEHVVHUXQJGHU|NRORJL
VFKHQ%HGLQJXQJHQHLQHV*HZlVVHUVGXUFKJHIKUWZHUGHQN|QQHQOHLFKWH1HL
JXQJGHU8IHU]XU(UZHLWHUXQJGHU/LWRUDO]RQHXQEHIHVWLJWH8IHUVWlUNHUH*OLHGH
UXQJGHU8IHU0|JOLFKNHLWZHLWHUHU5HQDWXULHUXQJVPDQDKPHQ
3R]QiPN\
3ĜHVWRåHFHONRYČMGHRLQYHVWLþQtRSDWĜHQtMVRX]GHSURYHGHQ\SR]LWLYQt]iVDK\
NWHUpMHPRåQpSURYiGČWLYUiPFL~GUåE\VFtOHP]OHSãHQtHNRORJLFNêFKSRGPtQHN
YRGQtFKWRNĤSR]YROQêVNORQEĜHKĤNH]YČWãHQtOLWRUiOQt]yQ\EĜHK\EH]RSHYQČQt
]YêãHQtþOHQLWRVWLEĜHKXPRåQRVWGDOãtFKUHYLWDOL]DþQtFK~SUDY
4XHOOHQ
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH0ROGDX
3RYRGt9OWDY\VWiWQtSRGQLN
=GURMH
3RYRGt9OWDY\VWiWQtSRGQLN
%HVFKUHLEXQJ
GHU0DQDKPH
:LUNXQJV]LHOH
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
3RYRGt9OWDY\VWiWQtSRGQLN
'HWDLOOLHUWHU%OLFNYRPUHFKWHQ8IHUDXIGLHYHUWURFNQHWHQXQGVLFK
QHLJHQGHQ%lXPHDXIGHU,QVHOYRULKUHU%HVHLWLJXQJ
'HWDLOQtSRKOHG]SUDYpKREĜHKXQDSURVFKOpDQDNOiQČMtFtVHVWURP\
QDRVWURYČSĜHGMHMLFKRGVWUDQČQtP
*HRGLV6H]QDPF]
6DWHOOLWHQELOG
6DWHOLWQtVQtPHN
&=
3RYRGt9OWDY\VWiWQtSRGQLN
%OLFNYRPOLQNHQ8IHUYRQ%DUUDQGRYDXV(UVDW]EHSÀDQ]XQJGHU,QVHO
3RKOHG]OHYpKREĜHKXRG%DUUDQGRYD±QiKUDGQtYêVDGEDQDRVWURYČ
,QVHO%UDQLFNêRVWURY±(UQHXHUXQJGHU9HJHWDWLRQ0DQDKPHQW\SHa%UDQLFNêRVWURY±REQRYDSRURVWĤW\SRSDWĜHQtH
$QODJH6WHFNEULHIH]XEHUHLWVUHDOLVLHUWHQRGHULP%DXEH¿QGOLFKHQEHLVSLHOKDIWHQ8QWHUKDOWXQJVPDQDKPHQDQGHQ:DVVHUVWUDHQGHU%LQQHQHOEHXQGGHU0ROGDX
3ĜtORKD.DWDORJRYpOLVW\NMLå]UHDOL]RYDQêPQHERSURYiGČQêPSĜtNODGQêPRSDWĜHQtP~GUåE\YRGQtFKFHVWQDYQLWUR]HPVNpP~VHNX/DEHDQD9OWDYČ
3RYRGt9OWDY\VWiWQtSRGQLN
/XIWDXIQDKPHYRQ±QDFKGHU5HSDUDWXU
GHV8IHUYHUEDXVXQGPLW5HVWHQGHUXUVSUQJ
OLFKHQ9HJHWDWLRQ6WDQGYRUGHU0DQDKPH
/HWHFNpIRWR]URNX±SRRSUDYČ
EĜHKRYpKRRSHYQČQtDVH]E\WN\SĤYRGQt
YHJHWDFHVWDYSĜHGUHDOL]DFtRSDWĜHQt
,QVHO%UDQLFNêRVWURY±(UQHXHUXQJGHU9HJHWDWLRQOIG1U&=0DQDKPHQW\SH
%UDQLFNêRVWURY±REQRYDSRURVWĤSRĜþ&=W\SRSDWĜHQtH
/DJH$EVFKQLWW
0ROGDX+DXSWVWURPGHU0ROGDX
3RORKD~VHN
9OWDYDKODYQtWRN9OWDY\
:DVVHUVWUDHQW\S
VWDXJHUHJHOW
7\SYRGQtFHVW\
MH]\Y]GXWê~VHN
:DVVHUVWUDHQNP
ELV
9RGQtFHVWDĜNP
/DJH
,QVHO
3RORKD
RVWURY
7UlJHU
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH0ROGDX3RYRGt9OWDY\
VWiWQtSRGQLN±%HWULHEVWHLO8QWHUH0ROGDX]iYRG'ROQt9OWDYD
=RGSRYČGQêVXEMHNW
3RYRGt9OWDY\VWiWQtSRGQLN±]iYRG'ROQt9OWDYD
6FKXW]JHELHWH
&KUiQČQpREODVWL
$QODVV
GHU0DQDKPH
1DFKGHQ+RFKZDVVHUHUHLJQLVVHQLVWGLH9HJHWDWLRQDXIGHU,QVHO
%UDQLFNêRVWURYQDKH]XYROOVWlQGLJYHUQLFKWHWZRUGHQGHU5HVWLVWQDFK
'ĤYRGRSDWĜHQt
XQGQDFKDEJHVWRUEHQ'LHYHUEOLHEHQHQXUVSUQJOLFKHQ%lXPHVLQG
JHIlOOWZRUGHQXQGHVHUIROJWHHLQH(UVDW]EHSIODQ]XQJ
3RSRYRGQtFKYURFHGRãORNWpPČĜ~SOQpPX]QLþHQtSRURVWĤQD
%UDQLFNpPRVWURYČ]E\WHNSRVWXSQČRGXPtUDO9URFHE\O\]E\Op
SĤYRGQtVWURP\Y\NiFHQ\DSURYHGHQDQiKUDGQtYêVDGED
)OlFKH/lQJH
'LH,QVHOLVWFDPODQJ
3ORFKDGpOND
2VWURYMHGORXKêFFDP
$XVIKUXQJVMDKU
5RNUHDOL]DFH
=XVWDQG
YRUGHU0DQDKPH
%HVFKUHLEXQJ
GHU0DQDKPH
1DFKGHQ+RFKZDVVHUHUHLJQLVVHQZXUGHDXIGHU,QVHOGHU8IHUYHU
6WDYSĜHGUHDOL]DFt
EDXUHSDULHUW±3IODVWHUPLWGHU0|JOLFKNHLWHLQHU(UVDW]SIODQ]XQJIUGLH
RSDWĜHQt
YHUQLFKWHWH9HJHWDWLRQ
'LHZHQLJHQYHUEOLHEHQHQYHUWURFNQHWHQXQGVFKLHIVWHKHQGHQ%lXPH
ZXUGHQEHVHLWLJWXQGHVHUIROJWHHLQH(UVDW]EHSIODQ]XQJ$QVWHOOHGHU
3RSLVRSDWĜHQt
XUVSUQJOLFKHQ3DSSHOQZXUGHQ:HLGHQXQG8OPHQJHSIODQ]W
1DRVWURYČE\ODSRSRYRGQtFKYURFHSURYHGHQDRSUDYD
RSHYQČQt±GODåHEVPRåQRVWtQiKUDGQtYêVDGE\]D]QLþHQRX]HOHĖ
'RãORNRGVWUDQČQt]E\OêFKQČNROLNDNXVĤSURVFKOêFKDQDNOiQČMtFtFKVH
VWURPĤDQiKUDGQtYêVDGEČ1DPtVWRSĤYRGQtFKWRSROĤE\O\Y\Vi]HQ\
YUE\DMLOP\
:LUNXQJV]LHOH
)|UGHUXQJHLQHUVWDQGRUWJHUHFKWHQXQGLQ%H]XJDXIGLH$UWHQYLHO
IlOWLJHQ8IHUYHJHWDWLRQ
&tOH
SRGSRUDORNiOQČYKRGQpDGUXKRYČUR]PDQLWpEĜHKRYpYHJHWDFH
0RQLWRULQJ
QHLQ
0RQLWRULQJ
QH
%HPHUNXQJHQ
²
3R]QiPN\
²
4XHOOHQ
6WDDWOLFKHU:DVVHUZLUWVFKDIWVEHWULHEIUGLH0ROGDX
3RYRGt9OWDY\VWiWQtSRGQLN
=GURMH
3RYRGt9OWDY\VWiWQtSRGQLN
8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
&=
/LVWHGHU)RWRVLP7H[WWHLO6H]QDPIRWRJUD¿tYWH[WRYpþiVWL
VLHKH6HLWHYL]VWUiQND
(OEHLQ'ČþtQ/DEHY'ČþtQČ 6WDGWVWUHFNHGHU(OEHLQ0DJGHEXUJ0ČVWVNê~VHN/DEHY0DJGHEXUNX (OEHXQWHUKDOEGHU0QGXQJGHU6FKZDU]HQ(OVWHUEHL*DOOLQXQG3UKOLW]EHL(OEHNP/DEHSRG]D~VWČQtPýHUQpKR+DOãWURYXXREFt*DOOLQD3UKOLW]ĜNP %OLFNYRQ$SROOHQVGRUIÀXVVDEZlUWVDXIGLH7DODXHGHU(OEH3RKOHGSRYRGČRGREFH$SROOHQVGRUIQD~GROQtQLYX/DEH 6FKZLPPJUHLIHU%DUE\GHV:6$/DXHQEXUJ3ORYRXFtEDJU%DUE\9RGQtKRDSODYHEQtKR~ĜDGX/DXHQEXUJ 7HFKQLNHLQVDW]EHLGHU8QWHUKDOWXQJGHU8IHUYHJHWDWLRQ1DVD]HQtWHFKQLN\SĜL~GUåEČEĜHKRYêFKSRURVWĤ 9HUPHVVXQJVVFKLII9DOHQWêQD9\PČĜRYDFtORć9DOHQWêQD (OEHEHL3RGVNDOtGDV%DJJHUJXWDXVGHU)DKUULQQHZLUGIUGHQ%DXGHU/HLWZHUNHJHQXW]W/DEH3RGVNDOtPDWHULiO]SURKUiEHNSODYHEQtGUiK\MHY\XåtYiQ
NHVWDYEČNRQFHQWUDþQtFKYêKRQĤ 9RUEHUHLWXQJDXIGDV)lOOHQYRQ%lXPHQDXIGHPOLQNHQ(OEHXIHULQ0DJGHEXUJEHLNPXQWHU1XW]XQJGHU6FKZLPPWHFKQLN3ĜtSUDYDQDNiFHQtVWURPĤ
QDOHYpPEĜHKX/DEHY0DJGHEXUNXĜNPVY\XåLWtPSORYRXFtWHFKQLN\ %XKQHQLQVWDQGVHW]XQJEHL3LHVWHULW](OEHNP2SUDYDYêKRQXXREFH3LHVWHULW]/DEHĜNP *WHUVFKLIIDXIGHU(OEHEHLNP1iNODGQtORćQD/DELĜNP 5HKDP(OEHXIHU6UQNDQDEĜHKX/DEH 7UDQVSRUWHLQHV6FKLIIHVDXVHLQHUWVFKHFKLVFKHQ:HUIW]XU(QGIHUWLJXQJLP$XVODQG(LQIDKUWLQGLH6FKOHXVH6WĜHNRY3ĜHSUDYDORGČY\UREHQp
YþHVNêFKORGČQLFtFKQDGRVWURMHQtY]DKUDQLþtYMH]GGRSODYHEQtNRPRU\6WĜHNRY %OLFNYRQGHU.DUOVEUFNHLQ3UDJDXIGDV$OWVWlGWHU:HKULQGHU0ROGDX3RKOHG].DUORYDPRVWXY3UD]HQD6WDURPČVWVNêMH]QD9OWDYČ (OEHXQWHUKDOEYRQ'ČþtQNP/DEHSRG'ČþtQHPĜNP (QWODGHQYRQ6DQGLP+DIHQ3UDJ±+ROHãRYLFH9\NOiGNDStVNXYSĜtVWDYX3UDKD±+ROHãRYLFH 6FKLIIVYHUNHKUDXIGHU(OEH6WDGWVWUHFNH0DJGHEXUJ/RGQtGRSUDYDQD/DELPČVWVNê~VHN0DJGHEXUN gNRORJLVFKH%XKQHQPRGL¿NDWLRQLQGHU(OEHFDNP(NRORJLFNiPRGL¿NDFHYêKRQĤQD/DELĜNPFFD 9HUEHVVHUXQJGHU8IHUVWUXNWXUEHLGHU%XKQHQPRGL¿NDWLRQLQGHU(OEHFDNP=OHSãHQtVWUXNWXU\EĜHKXSĜLHNRORJLFNpPRGL¿NDFLYêKRQĤQD/DELĜNPFFD $QELQGXQJGHV:DVVHUEHUHLFKVKLQWHUGHP/HLWZHUNDQGHQ(OEHVWURPEHL1HERþDG\1DSRMHQtWĤQČ]DNRQFHQWUDþQtKUi]tQDWRN/DEHX1HERþDG 8QWHUKDOWXQJVFKLIIIDKUWOLFKJHQXW]WHU2EHUÀlFKHQJHZlVVHULP(LQ]XJVJHELHWGHU(OEH$EVFKOXVVEHULFKW
ÒGUåEDSRYUFKRYêFKYRGY\XåtYDQêFKSURSODYHEQt~þHO\YSRYRGt/DEH]iYČUHþQi]SUiYD
Podobné dokumenty
2 0 1 4 sommer-programm
SRVLWLYHV 6\PERO IU GLH 7UDQVIRUPDWLRQHQ (XURSDV QDFK VRQGHUQ
DQJHVLFKWV YLHOHU QHX HQWVWDQGHQHU *UHQ]HQ DXFK HLQ 0HQHWHNHO IU HLQHQ
GURKHQGHQ5FNVFKULWW-'LH.XOWXUE...
MKOL v letech 2008
3UHVVHNRQIHUHQ]$XJXVWLQ'UHVGHQ(UJHEQLVVHGHU8PVHW]XQJGHVÄ$NWLRQVSODQV+RFKZDVVHUVFKXW](OEH³LP=HLWUDXPELV
7LVNRYiNRQIHUHQFHVUSQDY'UiåćDQHFK9êVOHGN...
studie k zachování a revitalizaci církevního stavebního
YRUKHULJH HUIROJUHLFKH JUHQ]EHUVFKUHLWHQGH 3URMHNW DXV GHP -DKU Ä
6WDGWHUQHXHUXQJ±.OHLQVWDGWHUQHXHUXQJLQ1LHGHU|VWHUUHLFKXQG6GPlKUHQ³DQ
$Q GHU WVFKHFKLVFKHQ XQG |VWHUU...