,661




-DKUJDQJÃ +HIWÂ0lU]





2UZHOOOl‰WJU‰HQ
=HQVXUEHUDOO

=ZHLPDO'DFKDX
=ZHLPDO'DFKDX
hEHUGDV9HUERW%FKHUEHUGDV
./'DFKDX]XYHUJOHLFKHQ

$IIlUH3DSRQ
$IIlUH3DSRQ-RXIID )DXULVVRQ
-RXIID)DXULVVRQ
,QWHUQHW$UWLNHOEHUGLH.ROODER
UDWLRQIUDQ]|VLVFKHU-XGHQPLWGHQ
'HXWVFKHQIKUW]X$XIUXKU

9LFWRU2VWURYVN\
9LFWRU2VWURYVN\
-GLVFKHU7HUURUJHJHQGHQ
EHNDQQWHQ0RVVDG$XVVWHLJHU

7RWVFKZHLJHQYRQ-RKQ6DFN
7RWVFKZHLJHQYRQ-RKQ6DFN
=DKQXP=DKQPLWHLQHP
MGLVFKHQ'LVVLGHQWHQ



½*UXQGZDVVHULQ$XVFKZLW]
*UXQGZDVVHULQ$XVFKZLW]

([SHUWLVHEULQJW.ODUKHLWEHU
8QP|JOLFKNHLWYRQ*UXEHQ
YHUEUHQQXQJHQLQ$XVFKZLW]



'HU*UXQGZDVVHUVWDQGLP/DJHU%LUNHQDXYRUGHU=HQ 
WUDOVDXQDLP$XJXVWFPXQWHU*HOlQGHREHUNDQWH
‹)RWR5.DPPHUHU



6WLIWXQJ9ULM+LVWRULVFK2QGHU]RHN 
3RVWEXV%%HUFKHP%HOJLHQ)ODQGHUQ


,QKDOW

6LHGUHKHQGXUFK
9RQ+HUEHUW9HUEHNH
*UXQGZDVVHULP*HOlQGHGHV.*/%LUNHQDX$XVFKZLW]
9RQ'LSO,QJ0LFKDHO*lUWQHUXQG'LSO,QJ:HUQHU5DGHPDFKHU
'LHª*DVSUIHU©YRQ$XVFKZLW] 
9RQ&DUOR0DWWRJQR
(LQ$NWGHU6ROLGDULWlW 
9RQ9+2
=ZHLPDO'DFKDX
9RQ,QJULG:HFNHUW
,UUHQ2IIHQVLYH 
9RQ3HWHU7|SIHU
(LQLJH$QPHUNXQJHQ]XMGLVFKHQ%HY|ONHUXQJVVWDWLVWLNHQ
9RQ'U-R]HI3DZOLNRZVNL
5HYLVLRQLVWLVFKHVDXVXQHUZDUWHWHU(FNH
/HV7HPSV,UUHSDUDEOH
(LQ$XVWUDOLHULQ$XVFKZLW] 
7KH:HHNHQG5HYLHZ7KH:HHNHQG$XVWUDOLDQ0lU]
'LH$IIlUH3DSRQ-RXIID)DXULVVRQ 
9RQ$VVRFLDWLRQGHVDQFLHQVDPDWHXUVGHUpFLWVGHJXHUUHHWG¶KRORFDXVWH
0DXULFH3DSRQXQG<YHV-RXIID]ZHLHUOHL0D‰"
9RQ3URID''U5REHUW)DXULVVRQ
0LOOLDUGHQ)UDQFGHQ-XGHQJHUDXEW«RGHUYRQ0DUVFKDOO3pWDLQ"
9RQ3URID''U5REHUW)DXULVVRQ
%FKHUYHUQLFKWHUXQGLKUH2SIHU 
9RQ9LFWRU2VWURYVN\
*UDG)DKUHQKHLW
9RQ5LFKDUG:LGPDQQ
9RP+RORFDXVW0XVHXPDXVJHODGHQ6FKULIWVWHOOHUVSULFKWEHLP1DWLRQDOHQ3UHVVHFOXE
9RQ5LFKDUG+&XUWLVV
$XVGHU)RUVFKXQJ 
9RQ'LSO,QJ0*lUWQHU'U,QJ$1LHSHO'LSO,QJ:5DGHPDFKHU'USKLO:0HLHUXQG'UMXU)6FKXPDFKHU
%FKHUVFKDX
0RQRSHU]HSWRVH±HLQIL[H,GHH 
.RPPHQWLHUWH$XV]JHDXV:GH%RRU:DKQXQG:LUNOLFKNHLW 
'HU5HYLVLRQHLQH*DVVH5HDNWLRQHQDXIGLH$QWL:HKUPDFKWVDXVVWHOOXQJ
,QYHUVHU9HUIROJXQJVZDKQ9RQ%HUXI1D]LMlJHU 
1LFKWYRUKDQGHQ+LVWRULVFKHhEHUUHVWHYRQ7|WXQJVHLQULFKWXQJHQLP.=0DXWKDXVHQ
/HVHUEULHIH 
,Q.U]H 


9LHUWHOMDKUHVKHIWHIUIUHLH*HVFKLFKWVIRUVFKXQJ
+HUDXVJHEHU6WLIWXQJ9ULM+LVWRULVFK2QGHU JHU :HKU XQG =LYLOGLHQVWOHLVWHQGH RGHU )DOOGLH0HLQXQJGHV+HUDXVJHEHUVGDU
]RHN9HUHQLJLQJ]RQGHUZLQVWRRJPHUN 5HQWQHUPLWNOHLQHP(LQNRPPHQ1DFKZHLV $EGUXFNGHU%HLWUlJHQXUQDFK9HUHLQEDUXQJ
9HUDQWZRUWOLFKL6G3+HUEHUW9HUEHNH QLFKW YHUJHVVHQ '0  (LQ DNWXHOOHV JHVWDWWHW$OOH5HFKWHYRUEHKDOWHQ
3RVWDQVFKULIW3RVWEXV%%HUFKHP 3UREHKHIW LVW IU '0  HUKlOWOLFK GLH :LU]DKOHQMHQHQ:LVVHQVFKDIWOHUQGLHXQWHU
%HOJLHQ)ODQGHUQ (UVWDXVJDEHIU'0=DKOXQJP|JOLFKVW VWDDWOLFKHU ZLH JHVHOOVFKDIWOLFKHU 9HUIROJXQJ
(PDLOPDLO#YKRRUJ
:HEVLWHKWWSZZZYKRRUJ
$Q]HLJHQ3UHLVOLVWHYRP
%DQNYHUELQGXQJ
:HWWHOLMNGHSRW'
,661
'LH 9LHUWHOMDKUHVKHIWH IU IUHLH *HVFKLFKWV
IRUVFKXQJ HUVFKHLQHQ YLHUWHOMlKUOLFK LP 8P
DQJ YRQ MH HWZD  6HLWHQ 'HU -DKUHVEH]XJ
LQNOXVLYH9HUVDQGNRVWHW'0IU$XV
]XELOGHQGH $UEHLWVORVH 6R]LDOKLOIHHPSIlQ
LQ '0 HUIROJW EDU RGHU DOV 96FKHFN DQ
XQVHUH 3RVWDQVFKULIW .QGLJXQJ  0RQDWH
YRU$EODXIGHV%H]XJV]HLWUDXPHVDQVRQVWHQ
9HUOlQJHUXQJXPHLQ-DKU
9+2 QLPPW JHUQH 0DQXVNULSWH VDFKOLFKHQ
6WLOV HQWJHJHQ EHVRQGHUV DXFK 0HOGXQJHQ
IU XQVHUH 5XEULN ª,Q .U]H© 8QYHUODQJW
HLQJHVDQGWH 0DQXVNULSWH ZHUGHQ QLFKW ]X
UFNJHVFKLFNW 9+2 EHKlOW VLFK YRU 0DQX
VNULSWH ]X NU]HQ XQG ]X EHUDUEHLWHQ 'LH
0HLQXQJ GHU $XWRUHQ VWHOOW QLFKW LQ MHGHP
OHLGHQ HLQ DQJHPHVVHQHV +RQRUDU IU %HL
WUlJH GLH LQ XQVHUHU =HLWVFKULIW SXEOL]LHUW
ZHUGHQ 'LHV VFKHLQW XQV GHU DQJHPHVVHQVWH
:HJ]XVHLQZLHGLHVHQ0HQVFKHQJHKROIHQ
ZHUGHQNDQQ
6ROOWHQ6LHXQVHUH$UEHLWZHUWYROOILQGHQVR
ELWWHQ ZLU 6LH KHU]OLFK XQV QDFK .UlIWHQ ]X
XQWHUVWW]HQ VHL HV GXUFK $ERQQHPHQWV
GXUFK GLH hEHUQDKPH YRQ 3DWHQVFKDIWHQ
GXUFK 9HUPLWWOXQJ QHXHU $ERQQHQWHQ XQG
,QWHUHVVHQWHQRGHUJDUGXUFK6SHQGHQ
9II*ÂÂ-DKUJDQJÂ+HIW
 

6LHGUHKHQGXUFK
9RQ+HUEHUW9HUEHNH

(LJHQWOLFKZROOWHLFKKLHUHLQJDQ]DQGHUHV7KHPDEHKDQGHOQ DQZDOWVFKDIW 9RONVYHUKHW]XQJ 9RONVYHUKHW]XQJ GXUFK HLQH
$EHU ZLH VR RIW NRPPW HV HEHQ DQGHUV DOV PDQ GHQNW :LU ODWHLQLVFKH)X‰QRWHHLQHV3URIHVVRUV""0DQVFKOlJWGLH+lQ
KDEHQ GHVKDOE GDV XUVSUQJOLFKH 7KHPD ]XUFNJHVWHOOW XQG GHEHUGHP.RSI]XVDPPHQ0HKU]XGHQHLQ]HOQHQ9RU
ZHUGHQXQVGLHVPDOPLWZHQLJVFK|QHQ'LQJHQEHVFKlIWLJHQ IlOOHQLQXQVHUHU5XEULNª,Q.U]H©RGHUEHL'**
9RU]ZHL7DJHQEHNDPLFKGLH$XVJDEHGHU=HLWVFKULIW $QJHVLFKWV GLHVHU VLFK LPPHU PHKU DQ]LHKHQGHQ =HQVXU
'HXWVFKODQG LQ *HVFKLFKWH XQG *HJHQZDUW '** LQ GLH VFKUDXEH IUDJW PDQ VLFK ZDV ZRKO GHU QlFKVWH 6FKULWW VHLQ
+lQGHXQGZDUHQWVHW]WEHUGDVZDV]XU=HLWLQ'HXWVFKODQG ZLUG:HUGHQGLHUHFKWHQ9HUOHJHUDXVGHQ%XFKKlQGOHUYHU
YRU VLFK JHKW 1RFK PHKU KDW PLFK HQWVHW]W GD‰ HV QLHPDQ HLQLJXQJHQ DXVJHVFKORVVHQ ZHUGHQ" :LUG PDQ LKQHQ GLH
GHQ LQ GHU :HOW ]X JHEHQ VFKHLQW GHU GLHVH XQID‰EDUHQ =X *HZHUEHOL]HQ]HQW]LHKHQZLHPDQHVJHJHQEHUGHP9HUOH
VWlQGHDQSUDQJHUW'RFKHLQHVQDFKGHPDQGHUHQ JHU 'U 6XGKROW EHUHLWV DQGURKWH" :HUGHQ ,KUH %FKHU DXV
'LH /HVHU XQVHUHU =HLWVFKULIW ZHUGHQ VLFK VFKRQ GDUDQ JH GHP 9HU]HLFKQLV OLHIHUEDUHU %FKHU YHUVFKZLQGHQ" :LUG
Z|KQW KDEHQ GD‰ HV UHJHOPl‰LJ LQ 'HXWVFKODQG ]X %FKHU ,KQHQ LQ =XNXQIW GLH =XZHLVXQJ YRQ ,6%11XPPHUQ YHU
YHUQLFKWXQJHQNRPPWZREHLHLQHXQEHNDQQWH=DKOXQVFKXO ZHLJHUW" :HUGHQ 6LH LQ SV\FKLDWULVFKH $QVWDOWHQ HLQJHZLH
GLJHU0HQVFKHQDXVKHLWHUHP+LPPHO%HVXFKYRQGHU3ROL]HL VHQZLHLP)DOOHGHV9HUOHJHUV$5|KOHUDQJHGURKW"1LFKWV
HUKlOW XQG PLW 6WUDIYHUIDKUHQ EHU]RJHQ ZLUG 1LFKW ZHQLJH LVWPHKUXQP|JOLFKLQGHU7HUURUUHSXEOLN'HXWVFKODQG
YRQ LKQHQ ZHUGHQ IU GHQ %HVLW] YRQ %FKHUQ RGHU =HLW 8QGVLHKWPDQLQVEHQDFKEDUWHHXURSlLVFKH$XVODQGVRYHU
VFKULIWHQ EHVWUDIW HLQLJH GDYRQ PLW *HIlQJQLVVWUDIHQ 'D‰ OlXIWGLH(QWZLFNOXQJGRUWSDUDOOHO9+2 ZXUGHDPXQG
VHLWHLQLJHU=HLW9HUOHJHUNULWLVFKHU%FKHUXQG=HLWVFKULIWHQ  VRZLH DP  DXVJLHELJHQ +DXVGXUFKVX
SV\FKLDWULVFK XQWHUVXFKW ZHUGHQ JHK|UW OHLGHU DXFK VFKRQ FKXQJHQ GXUFK GLH IOlPLVFKH 3ROL]HL XQWHUZRUIHQ 0HLQHP
IDVW]XPJHZRKQWHQ%LOG %UXGHU6LHJIULHGGURKWQXQHLQ6WUDIYHUIDKUHQZHJHQGHUYRQ
1XQDEHUZHUGHQYRQGHUSROLWLVFKHQ,QTXLVLWLRQLQGHU%XQ XQVYHUWULHEHQHQ3XEOLNDWLRQHQ,Q)UDQNUHLFKZLUG5)DXULV
GHVUHSXEOLN 'HXWVFKODQG JDQ] QHXH 0DVFKHQ DXIJH]RJHQ VRQ YRQ HLQHP 3UR]H‰ ]XP QlFKVWHQ JH]HUUW 0DQ YHUVXFKW
'** ZHL‰ ]X EHULFKWHQ GD‰ GLH EDGHQZUWWHPEHUJLVFKH LKQ GXUFK KRKH *HOGVWUDIHQ IHUWLJ ]X PDFKHQ bKQOLFK YHU
/DQGHVUHJLHUXQJ EHUHLWV LP -XQL OHW]WHQ -DKUHV GLH 9HUMlK VXFKW PDQHV]XU =HLW PLWGHUSROLWLVFKHQ5HFKWHQLQ )UDQN
UXQJVIULVWHQ IU EHVWLPPWH 3UHVVHGHOLNWH LQVEHVRQGHUH EH UHLFK'LH6FKZHL]OlXIWJHJHQGHQ9HUODJ1HXH9LVLRQHQXQG
]JOLFK ]HLWJHVFKLFKWOLFKHQ 7KHPHQ YRQ VHFKV 0RQDWHQ DXI DQGHUH5HYLVLRQLVWHQ$PRNXQGYHUJUHLIWVLFKDXFKDQDQGHUH
ELV-DKUHDQJHKREHQKDW .ULWLNHU KHUUVFKHQGHU 0L‰VWlQGH ZLH HWZD GHP MGLVFKHQ
$X‰HUGHPEHULFKWHW+HUU*UDEHUWVHOEVWLQVHLQHP1DFKULFK 6FKlFKW5LWXDO SDUDOOHO GD]X EULJHQV GLH 9RUJlQJH LQ
WHQEULHI (XUR.XULHU GD‰ JHJHQ LKQ LQ QlFKVWHU =HLW GLH 'HXWVFKODQG XQG )UDQNUHLFK ,Q 6SDQLHQ ZLUG GHU UHFKWH
+DXSWYHUKDQGOXQJ ZHJHQ9HUEUHLWXQJHLQHV%XFKHVHU|IIQHW $NWLYLVW3HGUR9DUHODZHJHQUHYLVLRQLVWLVFKHUXQGMXGHQNULWL
ZLUG REZRKO GLHVHV DQJHEOLFKH 'HOLNW QDFK KHUN|PPOLFKHU VFKHU 3XEOLNDWLRQHQ DQJHNODJW ,Q (QJOQG ZXUGHQ GLH HUVWHQ
5HFKWVSUHFKXQJEHUHLWVYHUMlKUWVHL0DQEHPKHHLQIDFKGDV GUHL 3HUVRQHQ XD ZHJHQ LKUHU UHYLVLRQLVWLVFKHQ $XVVDJHQ
%XQGHVMXJHQGVFKXW]JHVHW] GDV ZHVHQWOLFK OlQJHUH 9HUMlK DQJHNODJW RKQH GD‰ PDQ VLFK GRUW JHQ|WLJW VDK EHUKDXSW
UXQJVIULVWHQ NHQQH DOV GDV 3UHVVHJHVHW] 'D‰ EHL ZLGHUVSUH HUVW HQWVSUHFKHQGH *HVHW]H ]X HUODVVHQ 'LH EHVWHKHQGHQ
FKHQGHQ*HVHW]HQGDVJUXQGVlW]OLFKPLOGHUH5HFKWDQ]XZHQ ZHUGHQ HLQIDFK DQGHUV DXVJHOHJW ,Q HLQHP GHU )lOOH ZXUGH
GHQ LVW VFKHLQW LP Ä5HFKWVVWDDW´ 'HXWVFKODQG QLHPDQGHQ ]X GDV 9HUIDKUHQ LQ]ZLVFKHQ DOOHUGLQJV HLQJHVWHOOW ZHJHQ DQ
LQWHUHVVLHUHQ 6ROOWH VLFK GLHVH $UW GHU Ä5HFKW´VSUHFKXQJ JHEOLFKHU9HUKDQGOXQJVXQIlKLJNHLWGHU$QJHNODJWHQ
GXUFKVHW]HQN|QQWHGHU6WDDWDXFKTXDVLUFNZLUNHQG$QNOD (XURSD HQWZLFNHOW VLFK ]X HLQHP 6XSHUVWDDW 2UZHOO¶VFKHU
JH JHJHQ MHGHQ HUKHEHQ GHU SROLWLVFK XQHUZQVFKWH $XVVD 3UlJXQJ :LH VROO PDQ GDUDXI UHDJLHUHQ" 9RQ 0HQVFKHQ
JHQYHU|IIHQWOLFKWKDW UHFKWVRUJDQLVDWLRQHQLVW]XU=HLWNHLQH+LOIH]XHUZDUWHQ'LH
,Q]ZLVFKHQKDWVLFKHLQHVGHUZLFKWLJVWHQ1DFKVFKODJHZHUNH HXURSlLVFKH %HY|ONHUXQJ LVW LQ LKUHU 0HKUKHLW JHJHQ DOOHV
GHXWVFKVSUDFKLJHU 9HUODJH JHZHLJHUW SROLWLVFK DOV UHFKWV YHUKHW]W ZDV DOV UHFKWV HWLNHWWLHUW ZLUG 'LH HXURSlLVFKHQ
HLQJHVWXIWH 9HUODJH DXI]XQHKPHQ 6ROOWH GDKHU HLQ %XFK (OLWHQ NDQQ PDQ NDXP QDFKGHQNOLFK PDFKHQ GHQQ YLHOH
KlQGOHU LQ =XNXQIW GLH $GUHVVHQ UHFKWHU 9HUODJH QLFKW DXV XQWHU LKQHQ VLQG LGHRORJLVFK YHUEOHQGHWH hEHU]HXJXQJVWlWHU
ZHQGLJN|QQHQVRZLUGHUNDXPHLQH0|JOLFKNHLWKDEHQIU GLH GLH :DKUKHLW DXI NHLQHQ )DOO YHUEUHLWHW VHKHQ ZROOHQ
HLQHQ.XQGHQHLQGHUDUWLJHV%XFK]XEHVWHOOHQ (LQHPHGLDOH*HJHQPDFKWJHJHQGDV0RQRSROGHV(VWDEOLVK
'D‰ GHP *UDEHUW9HUODJ DXI 'UXFN GHV EDGHQZUWWHP PHQWVNDQQQLFKWDXIJHEDXWZHUGHQGDGLHREHQEHVFKULHEH
EHUJLVFKHQ :LUWVFKDIWVPLQLVWHUV '|ULQJ GLH 7HLOQDKPH DQ QHQ 0HWKRGHQ JHUDGH GD]X GLHQHQ GLHVHV ]X YHUKLQGHUQ
GHQ 6WXWWJDUWHU %XFKZRFKHQ XQP|JOLFK JHPDFKW ZXUGH $XFKZHQQGHUGHXWVFKH%XQGHVSUlVLGHQWPHLQWHPDQPVVH
UXQGHWGDV%LOGYRQGHULPPHUZWHQGHUXPVLFKVFKODJHQGHQ 0HQVFKHQUHFKWVYHUOHW]XQJHQ QRWIDOOV PLW *HZDOW EHNlPSIHQ
GHXWVFKHQ*HVLQQXQJVGLNWDWXUDE YJO OHW]WHV +HIW VR VFKHLGHW *HZDOW QLFKW ]XOHW]W GHVKDOE
=X JXWHU /HW]W ZXUGH VFKOLH‰OLFK EHLP *UDEHUW9HUODJ QRFK DXV ZHLOGLHVGLH0D‰QDKPHQGHU,QTXLVLWLRQLQGHQ $XJHQ
NXU] YRU :HLKQDFKWHQ HUQHXW HLQ %XFK EHVFKODJQDKPW GHUgIIHQWOLFKNHLWUHFKWIHUWLJHQZUGH:DVDOVRWXQ"
'LHVPDO HUZLVFKWH HV GHQ *HGHQNEDQG IU GHQ EHNDQQWHQ (LQ0HGLXPLVWELVKHUGHP=XJULIIGHU6WDDWVWHUURULVWHQHQW
GHXWVFKHQ+LVWRULNHU+HOOPXW'LZDOG3URI+HSSHLQDXVJH ]RJHQ QlPOLFK GDV ,QWHUQHW 1RFK MHGHQIDOOV NDQQ PDQ GRUW
ELOGHWHU+LVWRULNHU PLWHLQHP/HKUVWXKOIU6R]LRORJLH KDWWH JOHLFKEHUHFKWLJWPLWGHQ0HGLHQJLJDQWHQXQGGHP6WDDWVHLQH
GDULQLQHLQHU)X‰QRWHLQODWHLQLVFKHU6SUDFKHVHLQHQ8QJODX ,QIRUPDWLRQHQ VWUHXHQ :DUXP DOVR ]|JHUQ UHFKWH 3XEOL]L
EHQDQGLH16*DVNDPPHUQNXQGJHWDQ'LHVVHLODXW6WDDWV VWHQVLFKGRUW]XHWDEOLHUHQ"

9II*ÂÂ-DKUJDQJÂ+HIW  
 *UXQGZDVVHULP*HOlQGHGHV.*/%LUNHQDX$XVFKZLW]
9RQ'LSO,QJ0LFKDHO*lUWQHUXQG'LSO,QJ:HUQHU5DGHPDFKHU

'DVKHXWHDOOJHPHLQDOVª.RQ]HQWUDWLRQVXQG9HUQLFKWXQJV *XWDFKWHQ±EHJLQQHQGDP±ZXUGHSURWRNROOLHUW
ODJHU© EH]HLFKQHWH /DJHU $XVFKZLW]%LUNHQDX ZXUGH XQWHU DEHUQLFKWYHU|IIHQWOLFKW(VHQWKlOWZHQQDXFKVHKUYRUVLFK
GHU %H]HLFKQXQJ ª.ULHJVJHIDQJHQHQODJHU© JHSODQW XQG HU WLJ IRUPXOLHUW ] 7 DX‰HUJHZ|KQOLFKH $XVVDJHQ 'DUXP
ULFKWHW %DXEHJLQQ ZDU (QGH  'LH $XVIKUXQJ HUIROJWH ZDUWHQ ZLU ±  -DKUH QDFK GHQ LQ GHU )ROJH EHVFKULHEHQHQ
QDFK HLQHU =HLFKQXQJ GHU 6RQGHUEDXOHLWXQJ $XVFKZLW] YRP (UHLJQLVVHQ ± DXI GDV DQJHNQGLJWH *XWDFKWHQ ,PPHUKLQ
 'HU %DXDEVFKQLWW % ,D ZXUGH LP 0lU]  DUEHLWHW3URI'U-DJVFKLW]VFKRQEHU-DKUHGDUDQ
IHUWLJJHVWHOOW XQG PLW .ULHJVJHIDQJHQHQ ELV $XJXVW  $QGHUH ]XVDPPHQIDVVHQGH ZHVHQWOLFKH 9HU|IIHQWOLFKXQJHQ
EHOHJW'LH%H]HLFKQXQJGHV/DJHUVZXUGHEHLEHKDOWHQ(LQH HQWVWDQGHQ -DKU]HKQWH QDFK GHQ *HVFKHKQLVVHQ 'DV .DOHQ
8PEHQHQQXQJ ZLUG HUVW 0LWWH $SULO  HUNHQQEDU 0DQ GDULXP GHU (UHLJQLVVH LP .RQ]HQWUDWLRQVODJHU $XVFKZLW]
YHUZHQGHW VHLWGHP DXFK GLH %H]HLFKQXQJ ª./$XVFKZLW] %LUNHQDX±DOOHUGLQJVRKQHMHGHQ4XHOOHQQDFKZHLV±HUVFKLHQ
/DJHU,,© HUVWFD-DKUHQDFKGHU(UULFKWXQJGHV/DJHUV'LH9HU|I
(LQH =HLFKQXQJ ]XP $XVEDX]XVWDQG GHV /DJHUV LP $SULO IHQWOLFKXQJ EHJDQQ  JOHLFK]HLWLJ PLW GHQ (UPLWWOXQJHQ
 LVW LQ $EE  ZLHGHUJHJHEHQ 'LHVH XQG YLHOH ZHLWHUH GHU 6WDDWVDQZDOWVFKDIW ]XP $XVFKZLW]SUR]H‰ LQ )UDQNIXUW
=HLFKQXQJHQ ]X DQGHUHQ =HLWSXQNWHQ VLQG HLQHU YRQ XQV (UVW  DOVR EHUHLWV FD  -DKUH QDFK GHP *HVFKHKHQ
YHUID‰WHQ $UEHLW ]XU %DXJHVFKLFKWH GHV .*/%LUNHQDX ]X ZXUGH VLH EHHQGHW 6LH LVW HLQH FKURQRORJLVFK JHJOLHGHUWH
HQWQHKPHQ:LUKDEHQLQVROFKHU6NL]]HQGLH(QWVWHKXQJ 'DUVWHOOXQJ GHV *HVFKHKHQV 'LH ]ZHLWH +HUDXVJDEH GHV
GHV/DJHUV]HLWOLFKULFKWLJGDUJHVWHOOW'LHELVKHULJHQ'DUVWHO .DOHQGDULXPV GLHVPDO HUJlQ]W GXUFK HLQHQ 4XHOOHQQDFK
OXQJHQYHUPLWWHOWHQRIWHLQIDOVFKHV%LOG ZHLVHUIROJWHFD-DKUHQDFKGHQ*HVFKHKHQ
(LQH 9HU|IIHQWOLFKXQJ DPHULNDQLVFKHU /XIWELOGHU YRQ 
*UXQGOHJHQGH$XVZLUNXQJHQXQGGHUHQ%HGHXWXQJ HUVFKLHQ  -DKUH VSlWHU 'LHVH 3KRWRV HUP|JOLFKWHQ QHXH
(VZXUGHXQGZLUGLP%HUHLFK%LUNHQDXEHU9HUEUHQQXQJV VHKUZHVHQWOLFKH(UNHQQWQLVVH6LH]HLJHQ$XVFKZLW]PLWGHU
JUXEHQEHULFKWHWGLHKHXWH±DXI*UXQGHLQHUHUKHEOLFKEHVVH NRPSOHWWHQ 8PJHEXQJ (LQH JDQ]H 5HLKH GHU JHVFKLOGHUWHQ
UHQ 4XHOOHQODJH ± ]X EH]ZHLIHOQ VLQG (LQ HQWVFKHLGHQGHV (UHLJQLVVHQ ]HLJHQ GLH /XIWELOGHU DEHU QLFKW 1XU HLQ %HL
*HJHQDUJXPHQW LVW GHU EHNDQQW KRKH *UXQGZDVVHUVWDQG LQ VSLHO9RQ9HUEUHQQXQJVJUXEHQQ|UGOLFK.UHPDWRULXP9LVW
%LUNHQDX 'LH 'RNXPHQWH ODVVHQ NHLQH DQGHUH 'HXWXQJ ]X QLFKWV]XVHKHQ
'DV*UXQGZDVVHUVWDQGLP%HUHLFK%LUNHQDXPELV 1XQ ZLUG YHUVWlQGOLFK ZDUXP ,UUWPHU YRQ =HLW]HXJHQ VR
PXQWHU*HOlQGHREHUNDQWH,PEULJHQLVWLQIDVWMHGHP%XFK VSlWHUNHQQEDU ZXUGHQ2GHUVROOWHHV]XVSlWJHZHVHQVHLQ
EHU$XVFKZLW]GHU+LQZHLVHQWKDOWHQGD‰GDVJHVDPWH*H XP QRWZHQGLJH .RUUHNWXUHQ GXUFK]XIKUHQ" 1HLQ )U GLH
OlQGHLQXQGXPGDV/DJHUVXPSILJZDUXQGZLHGHUZXUGH 'DUVWHOOXQJ GHU KLVWRULVFKHQ :DKUKHLW NDQQ HV QLHPDOV ]X
=XP 9HUVWlQGQLV GHU =XVDPPHQKlQJH EHGDUI HV HLQLJHU VSlWVHLQ:DUXPDEHUZXUGHQGLH+LVWRULNHUQLFKWWlWLJ",KUH
HLQIKUHQGHU =HLOHQ (V LVW XQXPVW|‰OLFKH 7DWVDFKH GD‰ ]X $XIJDEHLVWHVGRFKHUNHQQEDUH)HKOLQWHUSUHWDWLRQHQ]XNRU
GHP*HVFKHKHQLQ%LUNHQDX±PLW$XVQDKPHGHV*XWDFKWHQ ULJLHUHQ :LU PVVHQ LKUH $QWZRUW HLQIRUGHUQ ZDUXP VLH
GHVYRQ'LSO&KHP*HUPDU5XGROI±NHLQHVFKULIW YHUVDJWKDEHQ
OLFKHQ GHXWVFKHQ 6DFKYHUVWlQGLJHQJXWDFKWHQ JHIHUWLJW ZXU 9HUPHKUW ZHUGHQ =ZHLIHO ODXW VHLW GDV =HQWUDODUFKLY 0RV
GHQ 3URI 'U *HUKDUG -DJVFKLW] ZXUGH DP  YRQ NDX DXFK DOV 6RQGHUDUFKLY EH]HLFKQHW PLW VHLQHQ HUKHEOL
HLQHP *HULFKW LQ gVWHUUHLFK PLW HLQHP VROFKHQ EHDXIWUDJW FKHQ 8QWHUODJHQ GHU ª=HQWUDOEDXOHLWXQJ GHU :DIIHQ66 XQG
(LQH VFKULIWOLFKH )HUWLJXQJ VWHOOWH HU DP  LQ FD  3ROL]HL $XVFKZLW]©  DOVR FD  -DKUH VSlWHU IU GLH
-DKUHQ LQ $XVVLFKW 'DV YRU *HULFKW PQGOLFK DEJHJHEHQH )RUVFKXQJJH|IIQHWZXUGH'LH'RNXPHQWHEHOHJHQGLH%DX
JHVFKLFKWH GHU EHLGHQ /DJHU VHKU DXVIKUOLFK (LQ
EHUUDVFKHQGHU )XQG VLQG GLH ª8.:
(QWODXVXQJVDQODJHQ© EHU GLH -& 3UHVVDF LQ VHL
QHP ]ZHLWHQ %XFKV EHULFKWHW (V JDE HLQH PRELOH
$QODJH GLHVHU $UW LQ %LUNHQDX XQG HLQH VWDWLRQlUH LQ
$XVFKZLW] 'LH $QODJHQ VLQG DOOHLQ VFKRQ GHVKDOE
LQWHUHVVDQW ZHLO NHLQH =HLW]HXJHQDXVVDJHQ GDUEHU
H[LVWLHUHQ :LU EHUHLWHQ HLQH WHFKQLVFKH 9HU|IIHQWOL
FKXQJYRUGLHHUVWDXQOLFKH)DNWHQDXIZHLVHQZLUG
$XIGLHVHUHUZHLWHUWHQ%DVLVZROOHQZLUGHQ8UVDFKHQ
GHU =ZHLIHO QDFKJHKHQ VLH IDFKOLFK SUIHQ XQG ±
VRZHLW HUIRUGHUOLFK ± HQWVSUHFKHQGH %HJUQGXQJHQ
YRUOHJHQ 7KHPHQ ZLH .UHPDWRULHQ XQG 9HUJDVXQJ
JUHLIHQ ZLU QLFKW DXI GD GLH )DFKDUEHLWHQ YRQ *
5XGROI XQG & 0DWWRJQR GLH ELVKHULJHQ $QVLFKWHQ
EHU]HXJHQGZLGHUOHJHQ
'LH (LQIOVVH GHV *UXQGZDVVHUV VLQG IDFKOLFK ELVKHU
QLFKW XQWHUVXFKW XQG GLH =ZHLIHO QLFKW JHSUIW :HO
FKH %HULFKWH VLQG HV GLH EH]ZHLIHOW ZHUGHQ" :HU
 EHULFKWHW GDUEHU XQG ZDV VDJHQ =HLW]HXJHQ RGHU
$EE.*/%LUNHQDXLP0DLDQJHEOLFKH/DJHGHV%XQNHU

  9II*ÂÂ-DKUJDQJÂ+HIW
 

%HULFKWHUVWDWWHU DXV" $X‰HU GHQ JH

VFKLOGHUWHQ 9RUJlQJHQ VHOEVW HU
VFKHLQHQ XQV =HLWSXQNW XQG 2UW GHU
(UHLJQLVVH ZHVHQWOLFK (UNHQQEDUH
:LGHUVSUFKH ZHUGHQ ZLU GHXWOLFK
GDUOHJHQ :LU JHKHQ LQ ]HLWOLFKHU
5HLKHQIROJHYRU

9RQZHOFKHQ(UHLJQLVVHQZLUG
EHULFKWHW"
%81.(5
/DXW =HXJHQDXVVDJHQ VROO VLFK Q|UG
OLFK GHV /DJHUV %LUNHQDX HLQ DOWHV
%DXHUQKDXV EHIXQGHQ KDEHQ GDV DE
0DL  DOV 0HQVFKHQJDVNDPPHU $EE.*/%LUNHQDXUXVVLVFKH6NL]]HPLWDQJHEOLFKHU/DJHYRQ%XQNHUXQG
YHUZHQGHW ZRUGHQ VHLQ VROO YJO
$EE  ,Q GHVVHQ 1lKH VROOHQ VLFK 0DVVHQJUlEHU EHIXQGHQ GHQYRUKHULJHQ*U|‰HQDQJDEHQLVWQLFKW]XEHUVHKHQ
KDEHQ LQ GHQHQ VSlWHU DXFK /HLFKHQYHUEUHQQXQJHQ VWDWWJH 'HU=HXJHJLEWQLFKWDQZLHVRYHUJDVWH0HQVFKHQEOXWHQ
IXQGHQ KDEHQ VROOHQ :LU ]LWLHUHQ QDFK -& 3UHVVDF 6HLQ 'RNXPHQWH JLEW HV ]X GHQ 9RUJlQJHQ QLFKW 9RUVWHKHQG
%XFK HUVFKLHQ   -DKUH QDFK GHQ (UHLJQLVVHQ :LU JHQDQQWH )OlFKHQ HWF VLQG DXI NHLQHP /XIWELOG IHVWVWHOOEDU
NRPPHQPHKUIDFKGDUDXI]XUFN 6SXUHQ EHDUEHLWHWHU )OlFKHQ GLHVHU *U|‰H N|QQHQ MHGRFK
(V LVW IHVW]XVWHOOHQ GD‰ HV NHLQH $QJDEHQ JLEW ZR GLHVHU QDFKVRNXU]HU=HLWQLFKWXQVLFKWEDUZHUGHQ'LHDPHULNDQL
%XQNHU  JHVWDQGHQ KDW -& 3UHVVDF ZDUQW GHVKDOE DXI 6 VFKHQ /XIWELOGHU ]HLJHQ VROFKH 6SXUHQ QLFKW :R DEHU ] %
 GDYRU GLH $EZDVVHU$EVHW]EHFNHQ GHU DQJHIDQJHQHQ *OHLVHODJHQ PVVHQDXFK*OHLVEHWWXQJHQ:HJHHWFJHZH
.OlUDQODJH GHV $EVFKQLWWHV % ,,, DOV Ä9HUEUHQQXQJVJUXEHQ´ VHQVHLQ
DQ]XVHKHQ(LQ)HKOHUGHULQGHUGHXWVFKHQ/LWHUDWXU±QDFK -&3UHVVDFEH]ZHLIHOWHVHOEVWHLQLJH$XVVDJHQ(UVFKUHLEW
VHLQHU$QJDEH±YRUJHNRPPHQVHL ]%6
(LQHUXVVLVFKH6NL]]H YRPDXI 6]HLJWHLQH ª2IIHQNXQGLJHhEHUWUHLEXQJGXUFKGHQ=HXJHQZDVSUDN
/DJH GHV %XQNHUV RKQH %HZHLVH $EE  3UHVVDF VFKUHLEW WLVFKEHLGHQIUKHQ%HULFKWHQGLH5HJHOLVW©
KLHU]X GD‰ ª%XQNHU , QLFKW PHKU JHQDX ORNDOLVLHUW ZHUGHQ $QDQGHUHU6WHOOH6]XU$QJDEHYRQ3HUVRQHQP
NDQQ© (U WUDXWH GLHVHU 6NL]]H QLFKW GLH  0RQDWH QDFK GHU ª'LHVLVWHLQHEHUWULHEHQH=DKOGDHVQXUP|JOLFKLVW
%HVHW]XQJ GHV /DJHUV GXUFK GLH 6RZMHWV JHIHUWLJW ZXUGH  3HUVRQHQ DXI HLQHQ 4XDGUDWPHWHU ]XVDPPHQ]XTXHW
:DUXPVDJWHUQLFKW VFKHQ©
'HU=HXJH%HQURXELVDJWHDXV :LUHUVSDUHQHVXQVDXIVROFKH:LGHUVSUFKHHLQ]XJHKHQVLH
ª1DFK  ELV  0HWHU OLHIHQ GLH >YRQ %XQNHU , NRP VLQG ]X RIIHQVLFKWOLFK =X GHU 7LHIH GHU *UXEHQ YRQ  ELV
PHQGHQ@*OHLVHDXIHLQHULHVLJH/LFKWXQJZRGLH0DVVHQ  P QHKPHQ ZLU HUVW 6WHOOXQJ QDFK GHU QRWZHQGLJHQ .Ol
JUlEHUJHJUDEHQZDUHQ'LH$EPHVVXQJHQZDUHQîî UXQJGHU+|KHGHV*UXQGZDVVHUVLP*HOlQGH
 0HWHU XQG HV JDEDQVFKHLQHQG ]ZLVFKHQ HLQLJHQ 'XW 'HU $EEUXFK GHV %XQNHUV ZLUG DXI $QIDQJ  IHVWJHOHJW
]HQGXQGKXQGHUWGDYRQ>«@© REZRKO ZLH VFKRQ HUZlKQW HV NHLQH 4XHOOHQDQJDEHQ JLEW
-HGH*UXEHKDWWHVRPLWHLQH)OlFKHYRQPXQGHLQ9ROX :LUPVVHQMHGRFKHLQVFKUlQNHQGHUJlQ]HQGD‰LQGHU9RU
PHQ YRQ  P %HL DQJHQRPPHQHQ  DOVR )OlFKH  EHUHLWXQJ GLHVHU $UEHLW HLQ YLHUVHLWLJHV 'RNXPHQW GDWLHUW
P9ROXPHQ P LQGHQ$NWHQGHV=$0JHIXQGHQZXUGHGDVZHLWH
'HU=HXJH%XNLJDEDQ UH =ZHLIHO ZHFNWH 'D XQVHUH )RUVFKXQJ LQ GLHVHP 3XQNW
ª:LUEUDFKWHQGLH:DJHQ]XHLQHPHWZD0HWHUODQJHP QLFKWDEJHVFKORVVHQLVW]LWLHUHQZLUQXUGHQ7H[W
XQG ZLH LFK JODXEH HWZD  0HWHU EUHLWHP > P G ª 3URY 6DXQD LQ HLQ EHVWHKHQGHV +DXV LP *HOlQGH GHV
9HUI@ *UDE GDV XQJHIlKU  0HWHU YRQ GHP +DXV HQW %$,,,HLQJHEDXW©
IHUQWZDU© :LUZHLVHQGDUDXIKLQGD‰]XGLHVHU=HLWYRU%DXEHJLQQGHU
'HU=HXJH*DUEDU]VDJWH % ,,, LQ HLQ +lIWOLQJVOD]DUHWW XQG HLQH 4XDUDQWlQHVWDWLRQ
ª:LUVDKHQJUR‰HDXIGHP%RGHQDQJH]HLFKQHWH5HFKWHN XPJHSODQW ZXUGH :LU NRPPHQ LP $EVFKQLWW  DXI GLH
NH]ZDQ]LJRGHUGUHL‰LJ0HWHUEUHLWXQGIQI]LJELVVHFK]LJ 8QPHQJH NULWLVFKHU $QPHUNXQJHQ GLH 3UHVVDF LQ VHLQHP
0HWHU ODQJ ,Q HLQHP YRQ LKQHQ ZDU GHU %RGHQ URW EH HUVWHQ%XFKQLHGHUOHJWHQRFKPDOV]XUFN
IOHFNW©
'HU=HXJHJLEW]XHUNHQQHQGD‰HUGLH5HFKWHFNHDOV*UlEHU %81.(5
IOlFKHQEHWUDFKWHW(UHUNOlUWVSlWHUHUJlQ]HQG =HXJHQ EHULFKWHQ EH]JOLFK GLHVHV QRUGZHVWOLFK GHV /DJHUV
ª>«@XQJHIlKUHLQ0HWHUIQI]LJWLHI© JHOHJHQHQ +DXVHV HEHQIDOOV EHU 9HUJDVXQJHQ XQG *UXEHQ
'LH)OlFKHHLQHU*UXEHZDUQDFKGLHVHQ$QJDEHQ]ZLVFKHQ YHUEUHQQXQJHQ DE  ELV )UKMDKU  $EE 
 XQG  P JUR‰ 'LH $XVKXEPDVVH EHWUXJ P 'HU %XQNHU ZXUGH HUQHXW LP 0DL-XQL  LQ %HWULHE JH
E]ZP:RHLQHVROFKH*UXEHEHVFKULHEHQZLUGPX‰ QRPPHQDOVÄ%XQNHU9´
XQPLWWHOEDUGDQHEHQGLHHQWVSUHFKHQGH0HQJH$XVKXEJHOH :LUEH]LHKHQXQVKLHUZLHGHUDXI3UHVVDF6ELV'HU
JHQKDEHQXQG]ZDUDXIJHORFNHUWhEHUGLH$Q]DKOGHU*UX %XQNHUKDWGHPQDFKJHQDXªPZHVWOLFKGHU=HQWUDOVDX
EHQ ZLUG QLFKWV DXVJHVDJW (V PVVHQ QDFK GHQ ZHLWHUHQ QD© JHVWDQGHQ 'LH SROQLVFKH .DUWH 0   GLH XQV
$QJDEHQ PLQGHVWHQV GUHL JHZHVHQ VHLQ 'HU 8QWHUVFKLHG ]X ]XU 9HUIJXQJ VWHKW ZHLVW MHGRFK HLQHQ $EVWDQG YRQ FD

9II*ÂÂ-DKUJDQJÂ+HIW  
 'LH $NWHQ GHV =$0
EHULFKWHQDXVIKUOLFKYRQ
GHU HUVWHQ (SLGHPLH GLH
YRQ DX‰HQ GXUFK =LYLODU
EHLWHU LQV /DJHU HLQJH
VFKOHSSW ZXUGH 6LH
EHJDQQ DP 
'DV .UHPDWRULXP , GDV
]X GLHVHU =HLW DOOHLQ ]XU
9HUIJXQJ VWDQG UHLFKWH
]XU .UHPLHUXQJ GHU 2S
IHU QLFKW DXV 'LHVH ZXU
GHQ GDKHU LQ %LUNHQDX
HUGEHVWDWWHW ,P JOHLFKHQ
%HUHLFK ZDUHQ YRUKHU
VFKRQ DQGHUH 2SIHU EH
VWDWWHW ZRUGHQ 'LH =DK
OHQDQJDEHQ VFKZDQNHQ
]ZLVFKHQ  XQG
 :HJHQ GHU
DXIWUHWHQGHQÄ/HLFKHQJLI
WH´ ZXUGHQ VLH ZLHGHU
H[KXPLHUW 6LH ZXUGHQ
GDQQ ]XHUVW DXI 6FKHLWHU
KDXIHQ VSlWHU LQ *UXEHQ
YHUEUDQQW6RGLH%HULFK
 WH
$EE  %DX]XVWDQG GHV .*/ %LUNHQDX LP 6HSWHPEHU  LQNO DQJHEOLFKHU %XQNHU   XQG
$QJDEHQEHUGLH0HQJH
0DVVHQJUlEHU9HUEUHQQXQJVJUXEHQ
GHU*UXEHQILQGHQVLFKLQ
NHLQHU XQV EHNDQQWHQ
PIUGLH)XQGDPHQWHGHU]XJHK|ULJHQ%DUDFNHQDXVLQ $UEHLW :LU YHUPXWHQ GD‰ VLFK GLH REHQ ]LWLHUWHQ $XVVDJHQ
GHUHQ 1lKH KHXWH GLH )XQGDPHQWH HLQHV NOHLQHQ +DXVHV DOV GHV=HXJHQ%HQURXELHYWOKLHUDXIEH]LHKHQ
%XQNHUDQJHJHEHQZHUGHQ 'LH $XVVDJH GD‰ LQ GHQ 7HLFKHQ GLH )LVFKH DQ GHQ Ä/HL
'HU =HXJH 'UDJRQ PDFKW ]X GHQ *UXEHQ IU GHQ =HLWUDXP FKHQJLIWHQ´ VWDUEHQ ± )lXOQLVSURGXNWH VLQG ZRKO JHPHLQW ±
IROJHQGH$QJDEHQ LVWVLFKHUIDOVFK'LHVHKlWWHQVLFKGD]XJHJHQGHQ*UXQGZDV
ª$QGHUDQGHUHQ6HLWHGHV%DXHUQKDXVHVZDUHQYLHUP VHUVWURP DXVEUHLWHQ PVVHQ 6HOEVW HLQHP /DLHQ LVW VLFKHU
ODQJHPEUHLWHXQGPWLHIH*UXEHQ© NODUGD‰'UlQDJHQDOV$EOlXIHGDV*UXQGZDVVHU]XU:HLFK
'LH*HVDPWIOlFKHGHU*UXEHQEHWUlJWVRPLW PXQG VHO]RJHQ'LH)LVFKWHLFKHODJHQDEHUIOX‰DXIZlUWV
GDV9ROXPHQ P
'HU =HXJH 'U 1\LV]OL VDJW IU GHQ =HLWUDXP  DXV DXI 9(5%5(1181*6*58%(1%(,0.5(0$725,809
GHQZLUXQWHUQRFK]XUFNNRPPHQ =HXJHQ EHULFKWHQ YRQ 9HUEUHQQXQJVJUXEHQ DXI GHU )OlFKH
ª'HU6FKHLWHUKDXIHQZDUHLQ*UDEHQ<DUGVODQJVHFKV Q|UGOLFKGHV.UHPDWRULXPV9]ZLVFKHQ%DXZHUNXQG*UDEHQ
<DUGVEUHLWXQGGUHL<DUGVWLHI>«@© YRU GHP =DXQ LP 0DL ELV -XOL  $EE  :LU JHEHQ
'HU=HXJHHUZlKQWVSlWHUHLQH*UXEH HEHQIDOOVZLHGHUZDV3UHVVDFLQVHLQHPHUVWHQ%XFKEHULFK
ª:HQQ GLH EHLGHQ 6FKHLWHUKDXIHQ JOHLFK]HLWLJ DUEHLWHWHQ WHW:HLOGLH.UHPDWRULHQZHJHQ%HVFKlGLJXQJDX‰HU%HWULHE
>«@© ZDUHQHQWVWDQGHLQH6LWXDWLRQ
,Q 0HWHUQ XPJHUHFKQHW VLQG GLH 0D‰H  î  î ª>«@ GD‰ GLH 9HUEUHQQXQJVJUlEHQ LP )UHLHQ UDVFK JH
P'LH]ZHL*UXEHQKDEHQHLQH*HVDPWIOlFKHYRQî 
PXQGHLQ*HVDPWYROXPHQ î P
(LQH]ZHLWHUXVVLVFKH6NL]]HYRPHQWKlOWHLQH9HU
EUHQQXQJVJUXEHYRQP
'LH 8QWHUVFKLHGH LQ GHQ *U|‰HQDQJDEHQ VLQG ZLHGHU HUKHE
OLFK'RNXPHQWHJLEWHVHEHQIDOOVQLFKW=XU7LHIHGHU*UXEHQ XQG
YRQ  E]Z  P KDEHQ ZLU EHUHLWV HLQH VSlWHUH 6WHOOXQJ
QDKPHDQJHNQGLJW
(5'%(67$7781*81'63b7(5(.5(0,(581*921
)/(&.),(%(523)(51
9HUVFKLHGHQH =HXJHQ EHULFKWHQ EHU GLH (UGEHVWDWWXQJ YRQ
JUDEHQZHUGHQPX‰WHQ>«@©6
3UHVVDFHUZlKQWGRUWHEHQIDOOV
ª>«@IQI9HUEUHQQXQJVJUlEHQYRQ.UHPDWRULXP9>«@©
:HLWHUHUJlQ]WHUDXIGHQ6HLWHQ
ª.UHPDWRULXP,9ZDUVHLW0DLJHVFKORVVHQ>«@©
ª'HU2IHQYRQ.UHPDWRULXP9HEHQIDOOVLP$SULOUH
SDULHUW KDWWH VLFK DOV VR XQEHIULHGLJHQG HUZLHVHQ GD‰
QLFKW ZHLW YRQ VHLQHU 1RUGZHVWHFNH LP )UHLHQ 9HUEUHQ
QXQJVJUlEHQJHJUDEHQZRUGHQZDUHQ©
:HLWHUGDQQ
ª>«@LQGHQ)UHLOXIWJUlEHQGLHSDUDOOHO]XU1RUGZDQGDQ
2SIHUQGHUHUVWHQ)OHFNILHEHUHSLGHPLHXQGEHUGLH9HUEUHQ JHOHJW>«@ZDUHQ©6
QXQJGHUVHOEHQQDFK([KXPLHUXQJDEGHPELV]XP 3UHVVDF EHVWlWLJW GXUFK ]LWLHUHQ YRQ =HLW]HXJHQ DE 6 
$EE VHLQH$QJDEHQ=HXJH'UDJRQ

  9II*ÂÂ-DKUJDQJÂ+HIW
 

'LHVH 6FKLOGHUXQJHQ ZLGHUVSUH

FKHQ GHQ XQV ]XU 9HUIJXQJ
VWHKHQGHQ DPHULNDQLVFKHQ /XIW
ELOGHUQ YRP  0DL  
$XJXVWXQG6HSWHPEHU
 HLQGHXWLJ YJO DXFK
$EE  *OHLFKHV JLOW IU GDV
GHXWVFKH XQV YRUOLHJHQGH /XIW
ELOG YRP  -XOL  *UXEHQ
VLQG DXI NHLQHP GHU JHQDQQWHQ
3KRWRV ]X VHKHQ REZRKO MHGH
HLQ]HOQH IDVW GHU *UXQGUL‰JU|‰H
GHV.UHPDWRULXPV9HQWVSUDFK
'LH=HLFKQXQJHQXQG/XIWELOGHU
]HLJHQ IROJHQGHV 'LH $EPHV
VXQJHQ GHV .UHPDWRULXPV 9
VLQGîPPLWHLQHP
$QEDX DXI GHU 1RUGRVWHFNH YRQ
îP'HU$EVWDQG]XP
'UlQDJHJUDEHQ QDFK 1RUGHQ DQ
GLHVHU (FNH LVW FD  P 'DV
HUJLEWHLQH)OlFKHYRQP
'LH IQI *UXEHQ VROOHQ VLFK LQ
GLHVHU)OlFKHEHILQGHQPLWREHQ
 EHUHFKQHWHQ 0D‰HQ (EHQVR GLH
$EE.*/%LUNHQDXLP-XQLLQNOXVLYHDQJHEOLFKHP%XQNHUXQG9HUEUHQQXQJV DQJHJHEHQH %HWRQIOlFKH VRZLH
JUXEHQ )OlFKHQ IU GLH /DJHUXQJ GHV
$XVKXEHV XQG GLH QRWZHQGLJHQ
ª>«@LQIQI*UlEHQYHUEUDQQWZXUGHQGLHKLQWHU.UHPD $EVWlQGH]ZLVFKHQDOOHQDQJHJHEHQHQ7HLOHQ
WRULXP9JHJUDEHQZXUGHQ©6 'DV)HXHULQGHQ9HUEUHQQXQJVJUXEHQNRQQWHHLQH+LW]HYRQ
=HXJH7DXEHU HLQLJHQ  ƒ& HUUHLFKHQ MD ELV ]X  ƒ& 'LH )UDJH LVW
ª0DQ HUNDQQWH GD‰ GLH *UlEHQ GLH /HLFKHQ EHVVHU YHU ELV DXI ZHOFKH (QWIHUQXQJ NDQQ VLFK HLQ 0HQVFK RKQH
EUDQQWHQ>DOVGLHgIHQG9HUI«@DOVGLH*UlEHQLQ%H 6FKXW]DQ]XJHLQHPVROFKHQ)HXHUQlKHUQ"(VDUEHLWHWHQDFK
WULHEJHJDQJHQZDUHQ©6 GHQ=HXJHQDXVVDJHQGRUWHLQ.RPPDQGRRKQH6FKXW]DQ]XJ
3UHVVDF EHULFKWHW ZHLWHU EHU GLH $XVVDJHQ GHV =HXJHQ ) -HGHQ)HXHUZHKUPDQQNDQQPDQGD]XEHIUDJHQ
0OOHU(UEH]LFKWLJWGLHVHQ (VEOHLEWEHLGHU7DWVDFKH'DV*HElXGH.UHPDWRULXP9LVW
ª>«@ XQEHDEVLFKWLJWHU ,UUWPHU XQG $XVVFKPFNXQJHQ GHXWOLFK HUNHQQEDU VRQVW LVW DXI GHQ /XIWELOGHUQ DEHU QLFKWV
VRJDU/JHQ>«@©6 ]XVHKHQ
2EVFKRQ3UHVVDFLQVHLQHPJHVDPWHQ%XFK±ZDVQLHHUZlKQW
ZLUG ± PLW GHQ =HLW]HXJHQ QLFKW JHUDGH VFKRQHQG XPJHKW
ZXQGHUWHXQVGLHVHKDUWH)RUPXOLHUXQJ:LU]LWLHUHQGHVKDOE
DXVGHP%XFKGHV=HLW]HXJHQVHOEVWDE6HLWH
ª>«@ZXUGHEDOGPLWGHP$XVKXEYRQIQI*UXEHQKLQWHU
GHP.UHPDWRULXP9>«@EHJRQQHQ©
ª'LH ]ZHL *UXEHQ GLH DXVJHKREHQ ZRUGHQ ZDUHQ KDWWHQ
HLQH/lQJHYRQ0HWHUQZDUHQ0HWHUEUHLWXQG
0HWHUWLHI©6
(VIROJWGDQQHLQHGHWDLOOLHUWH$QJDEHEHUGHQª>«@$EIOX‰
NDQDO IU GDV 0HQVFKHQIHWW >«@© LQ GHQ *UXEHQ ) 0OOHU
IlKUWIRUWDXI6
ª$XI GHP KLQWHUHQ +RI GHV .UHPDWRULXPV OLH‰ 0ROO GUHL
ZHLWHUH9HUEUHQQXQJVJUXEHQDXVKHEHQVRGD‰HUGRUWMHW]W
EHUIQIYHUIJWH©
'LH $EPHVVXQJHQ HUJHEHQ VLFK DXV GHQ YRUVWHKHQGHQ =LWD
WHQ*HVDPWIOlFKHQ *UXEHQ]XMHE]ZPîP 
 E]Z  P XQG *HVDPWDXVKXE î  P  
E]Z  P 1RFKPDOV GHU $XVKXE PX‰WH DXFK KLHU LU
JHQGZR DEJHOHJW ZHUGHQ 'LH HUKHEOLFKHQ 0HQJHQ ZlUHQ
QLFKW ]X EHUVHKHQ JHZHVHQ ZHUGHQ DEHU QLFKW JHQDQQW )
0OOHUJLEWIHUQHUQRFKHLQHEHWRQLHUWH)OlFKHYRQîP
  P DQ DXI GHU QLFKW YHUEUDQQWH .QRFKHQ ]HUVWDPSIW
ZXUGHQ 

$EE/XIWDXIQDKPHGHV.*/%LUNHQDXYRP 

9II*ÂÂ-DKUJDQJÂ+HIW  
3UHVVDFVÄ'RNXPHQW´ZLGHUVSULFKWHEHQIDOOVGHQ=HXJHQ
DXVVDJHQ 'LHVHU DP  JHSUIWH .RVWHQYRUDQVFKODJ
IU GDV .UHPDWRULXP ,, ZHLVW HLQGHXWLJ QDFK GD‰ GLH 2IHQ
JUXEHGHU9HUEUHQQXQJV|IHQIU.UHPD9DOV:DQQHDXVJH
ELOGHWZXUGHXQGGHU$XVKXEDQGLHVHU6WHOOHIUGHQ=ZHFN
YHUHLVW ZXUGH :LU NRPPHQ KLHUDXI VSlWHU QRFKPDOV ]X
UFN 1DFK GHU 6FKQLWW]HLFKQXQJ GLHVHV *HElXGHV 1U
 LVW GLH 2EHUNDQWH GHV :DQQHQERGHQV FD  P XQWHU
*HOlQGHREHUNDQWH .UHPDWRULXP 9 ZDU QLFKW XQWHUNHOOHUW
'LHVH2IHQJUXEHVWDQGDOVRLP*UXQGZDVVHU
:HQQDEHUGLHVH2IHQJUXEHYRU*UXQGZDVVHUJHVFKW]WZHU
GHQ PX‰WH GDQQ LVW GDV %HZHLV GDIU GD‰ NHLQH 9HUEUHQ
QXQJVJUXEHQZLHREHQEHVFKULHEHQDQGLHVHU6WHOOHP|JOLFK
ZDUHQ
1LFKW YHUJHVVHQ ZHUGHQ GDUI GD‰ GDV *HOlQGH GHV /DJHUV
QDFK 1RUGHQ DEILHO ZLH GLH SROQLVFKHQ 0H‰WLVFKEOlWWHU
0D‰VWDE EHZHLVHQ
(LQH3DVVDJHDXVHLQHU$UEHLWYRQ'U-DQ6HKQPX‰DQGLH
VHU 6WHOOH ZLHGHUJHJHEHQ ZHUGHQ GLH DXFK ]X JUR‰HQ ,UULWD
WLRQHQIKUWH
ª$XIGHP%RGHQGHU*UXEHZXUGHQ]XHUVWGLFNH+RO]VFKHL
WHGDQQLPPHUNOHLQHUHXQGVFKOLH‰OLFKWURFNHQHbVWHDXI
JHVFKLFKWHW $XI GLHVH 8QWHUODJH ZDUI PDQ GDQQ GLH /HL
FKHQ 'DQDFK EHJR‰ GHU GLH $UEHLW EHDXIVLFKWLJHQGH 66
0DQQDQDOOHQYLHU(FNHQGLH*UXEHPLW3HWUROHXPVHW]WH
HLQHQ.DPPDXV.DXWVFKXNLQ%UDQGXQGZDUILKQDXIGLH
PLW3HWUROHXPEHJRVVHQH6WHOOH©
-HGHU3IDGILQGHUDXIGHUJDQ]HQ:HOWZHL‰GD‰VRNHLQ)HXHU
LQHLQHU*UXEH]XHQWIDFKHQLVW'LH)RUPXOLHUXQJEOLHEGHQ
QRFK XQEHDQVWDQGHW 'LH GHXWVFKHQ +LVWRULNHU ZDUHQ RIIHQ
:HOFKH'RNXPHQWHEHJUQGHQGLH=ZHLIHO"
:DQQZXUGHQGLHVHGHU)RUVFKXQJ]XJlQJOLFK"
(LQH ZHVHQWOLFKH $QWZRUW ZLUG GLH %HDUEHLWXQJ GHU 
7HLOIUDJH JHEHQ GLH YRUVWHKHQGHQ $XVIKUXQJHQ VFKRQ ]X
HQWQHKPHQLVW6LHODXWHWQlPOLFKGD‰YLHOH=HXJHQDXVVDJHQ
VFKRQ -DKU]HKQWH Ä%HVWDQG´ KDWWHQ EHYRU GLH 'RNXPHQWH
VDPW =HLFKQXQJHQ EHNDQQW ZXUGHQ DXV GHQHQ 6DFKEHZHLVH
]XHQWQHKPHQVLQG+LHUOLHJWGDV+DXSWEHO0DQYHUVXFKWH
'RNXPHQWH SDVVHQG ]X $XVVDJHQ DXV]XOHJHQ XQG GDV LVW
HEHQ-DKU]HKQWHVSlWHUQLFKWP|JOLFK1DWXUZLVVHQVFKDIWOLFKH
7DWVDFKHQ VLQG QLFKW DXVOHJXQJVIlKLJ VLH VLQG XQDQ]ZHLIHO
EDU
)U3HUVRQHQZHOFKHGLH=HLWPLWHUOHEWKDEHQLVWGDV%HKDU
UHQ DXI LUUWPOLFKHQ $XVVDJHQ HLQH VHKU PHQVFKOLFKH (U
VFKHLQXQJ0DQVROOWHGDKHUDXFKGHQHQGLH8QUHFKWHUOLWWHQ
KDEHQDXVHYHQWXHOOQLFKWEHDEVLFKWLJWHQXQULFKWLJHQ$XVVD
JHQNHLQH9RUZUIHPDFKHQVRQGHUQGHQHQGLHGDUDXV6HQ
VDWLRQHQ PDFKWHQ ,Q 'LH :HOW YRP  HUVFKLHQ
KLHU]X XQWHU GHP 7LWHO ª:HQQ GLH (ULQQHUXQJ HLQHV =HXJHQ
WUJW©HLQLQWHUHVVDQWHU$UWLNHO(UEHVWlWLJWGLHDOWH)RUHQ
VLVFKH(UNHQQWQLV

ª6DFKEHZHLVJHKWYRU=HXJHQEHZHLV©
'RNXPHQWHXQG8QWHUODJHQ
:LU EHQXW]HQ IU XQVHUH 3UIXQJHQ IROJHQGHV :LVVHQ XQG
8QWHUODJHQ
/$1'.$57(1'(6*(%,(7(680$86&+:,7=
(V VLQG DOWH .DUWHQ GHU NXN 0RQDUFKLH KHXWH QRFK LP
VLFKWOLFKQLFKWEHLGHQ3IDGILQGHUQ6ROFKH%HLVSLHOHN|QQWHQ
ZLUVHLWHQZHLVHIRUWVHW]HQ'LHVLVWMHGRFKQLFKW6LQQXQVHUHU
$UEHLW 6LH N|QQWHQ QXU YHUGHXWOLFKHQ ZDUXP ZLU GLH HUVW
GXUFK3UHVVDFV%XFKGHQ$QVWR‰]XU)RUVFKXQJVDUEHLWEHND
PHQ XQV IUDJHQ ZHVKDOE VROFKH IDOVFKHQ %H]HXJXQJHQ %H
VWDQG KDEHQ NRQQWHQ 1LHPDQG KDW ELVKHU QDFK XQVHUHP
:LVVHQ HLQH ZLUNOLFKH 8UVDFKHQIRUVFKXQJ ]X GHQ ,UUWPHUQ
YRQ =HXJHQ EHWULHEHQ :LU ZROOHQ YHUVXFKHQ GLHVHU )UDJH
DP(QGHGLHVHU$UEHLWQDFK]XJHKHQ'LHZHLWHUH%HDUEHLWXQJ
XQVHUHU7KHPDWLNZLUGHLQLJH$QWZRUWHQJHEHQ
:HOFKH=ZHLIHOVLQGHQWVWDQGHQ":RGXUFKZXUGHQVLH
DXVJHO|VW"
'LH :LGHUVSUFKH ]ZLVFKHQ GHQ HLQ]HOQHQ =HXJHQDXVVDJHQ
VLQG HV VLFKHU HLQHUVHLWV VHOEVW (V VLQG DQGHUHUVHLWV DEHU GLH
9HUVW|‰HJHJHQQDWXUZLVVHQVFKDIWOLFKH*HVHW]H/HW]WHUHVKDW
ZLHGHUXP HLQH HLQIDFKH 8UVDFKH (V JDE XUVSUQJOLFK QXU
=HXJHQDXVVDJHQ -& 3UHVVDF JDE  HUVWH DXVIKUOLFKH
(UOlXWHUXQJHQ DOVR  -DKUH QDFK GHQ REHQ DQJHIKUWHQ
(UHLJQLVVHQ6HLQDXIVHKHQHUUHJHQGHV%XFKLVW OHLGHU]X ZH
QLJEHNDQQWXQGZRKONDXPZHQQEHUKDXSWJUQGOLFKJHOH
VHQ ZRUGHQ +lWWHQ GLH +LVWRULNHU VHLQ :HUN DXIPHUNVDP
JHOHVHQ GDQQ KlWWHQ VLH DXFK VHLQH .ULWLNHQ XQG =HXJHQ
VFKHOWHQ HWF JHNDQQW $XFK GDUDXI NRPPHQ ZLU ]XUFN 6LH
IRUVFKWHQ MHGRFK QLFKW VRQGHUQ VLH ÄJODXEWHQ´ $XV $QJVW"
0DQ NRPPW QLFKW XPKLQ GHQ +LVWRULNHUQ GHQ 9RUZXUI ]X
PDFKHQ GD‰ VLH YHUVlXPWHQ :LVVHQVFKDIWOHU DQGHUHU )DFK
ULFKWXQJHQ LQ LKUH $UEHLW HLQ]XELQGHQ 6LH KDQGHOWHQ IDOVFK
XQG ]XGHP VHOEVWKHUUOLFK 2GHU IUFKWHWHQ VLH VHOEVW LQ GLH
0KOHQ GHU -XVWL] ]X JHUDWHQ" 6LH ZLVVHQ VFKOLH‰OLFK DXFK
GD‰ DQGHUH 0HLQXQJHQ DOV GLH YRUJHVFKULHEHQHQ YRP
6WDDWVDQZDOWYHUIROJWZHUGHQPVVHQ
  9II*ÂÂ-DKUJDQJÂ+HIW
+DQGHOHUKlOWOLFK0 DXVGHQ-DKUHQ
XQG
1LFKWVNDQQYHUVWlQGOLFKHU]HLJHQZDUXPGLH8PJHEXQJYRQ
$XVFKZLW]VRZDVVHUUHLFKLVW(LQH8Q]DKOYRQ7HLFKHQYRP
*UXQGZDVVHU JHVSHLVW OLHJHQ ZLH HLQH 3HUOHQVFKQXU HQWODQJ
GHU:HLFKVHOXQG6ROD'LHVHUÄ:DVVHUUHLFKWXP´]XVDPPHQ
PLW GHP Ä.RKOHUHLFKWXP´ GHU *HJHQG ZDU HQWVFKHLGHQG EHL
GHU6WDQGRUWZDKOGHU,*)DUEHQLQGXVWULH$*IUGDV%XQD
ZHUN 'HU =HXJH 2 $PEURV QDQQWH LP 3UR]H‰ GLH .ULWHUL
HQ'HU%HGDUIIUHLQ%XQD:HUNZDUXD0LOOLRQ7RQ
QHQ.RKOHXQGVWQGOLFKP:DVVHU
32/1,6&+(/$1'.$57(1
0QDFKGHP6WDQGYRQ%HLGH/DJHUVLQGLQ
GHQ .DUWHQ HLQJHWUDJHQ HEHQVR GHU ,QGXVWULHNRPSOH[ GHU
,*)DUEHQLQGXVWULH $* 'HU 9RUWHLO GHV 0D‰VWDEHV GLHVHU
.DUWHQ LVW GD‰ GLH (QWZlVVHUXQJVJUlEHQ XQG DXFK NOHLQVWH
:DVVHUIOlFKHQ HQWKDOWHQ VLQG 6LH ]HLJHQ GXUFK LKUH )OLH‰
ULFKWXQJLQVEHVRQGHUHQ|UGOLFKGHV/DJHUVZLHGDV*HOlQGH
]XU :HLFKVHO IlOOW 'HU 9HUODXI GHU *UlEHQ HQWVSULFKW GHP
(QWZXUIGHUª0HOLRUDWLRQ7HLO,,,©YRP
'(876&+(81'$0(5,.$1,6&+(/8)7%,/'(5
/HW]WHUHEHNDQQWVHLW
',($.7(1'(59(56&+,('(1(1%$8/(,781*(1
+LHUZXUGHQKDXSWVlFKOLFKGLH$NWHQGHUª=HQWUDOEDXOHLWXQJ
GHU:DIIHQ66XQG3ROL]HL$XVFKZLW]©YHUZHQGHWVRZHLWVLH
YHU|IIHQWOLFKW ZXUGHQ RGHU EHVFKDIIW ZHUGHQ NRQQWHQ (V
H[LVWLHUHQ ZHLWHUH =HKQWDXVHQGH GLH ZLU QRFK QLFKW DXVZHU
WHQ NRQQWHQ :LU PVVHQ GDKHU GDPLW UHFKQHQ XQVHUH (U
NHQQWQLVVHLQHLQ]HOQHQ'HWDLOVPRGLIL]LHUHQ]XPVVHQ
 

=(,&+181*(1'(5%$8/(,781*(1$86'(1$.7(1:,(
925
(V JLEW HUKHEOLFK JU|‰HUH $NWHQEHVWlQGH YRQ GHQ /DJHUQ LQ
$XVFKZLW]DOVPDQYHUPXWHW$OOHLQGDVJHQDQQWH$UFKLYLQ
0RVNDX EHKHUEHUJW EHU  'RNXPHQWH XQG %DX]HLFK
QXQJHQHWF(VORKQWVLFKLQGHQEHLGHQ%lQGHQGHV,QYHQWDU
DUFKLYDOLVFKHU 4XHOOHQ GHV 166WDDWHV EHU GLH 0HQJH GHV
0DWHULDOVQDFK]XOHVHQ

'$6:,66(1(,1(60,7$5%(,7(56816(5(6$5%(,76
.5(,6(6
(U KDW VLFK DQ 2UW XQG 6WHOOH HLQ %LOG EHU GLH *HOlQGHYHU
KlOWQLVVH JHPDFKW XQG HLQH 5HLKH YRQ 'LDV DQJHIHUWLJW :LU
ZLVVHQVHOEVWYHUVWlQGOLFKGD‰KHXWLJH9HUKlOWQLVVHPLWGHQHQ
YRQQLFKWYHUJOLFKHQZHUGHQN|QQHQ1XUGLHHLQVFKOl
JLJHQ$NWHQN|QQHQ%HZHLVHVHLQXQGGLHJLEWHV'LHVHIU
XQVHUH$UEHLW]XEHVFKDIIHQLVWQXUHLQH*HOGIUDJH
:LU KDEHQ GHQ 7KHPHQNUHLV ]X GHP ZLU XQVHUH 8QWHUODJHQ
DXVJHZHUWHWKDEHQHLQJHJUHQ]WDXIGHQ7LWHOGLHVHU$XVDUEHL
WXQJ*UXQGZDVVHU

:HUVWHOOWHGHQ*UXQGZDVVHUUHLFKWXPGHV*HELHWHV
IHVW"
(VOLHJWXQVHLQVHLWLJHU%HULFKWYRPYRUEDVLH
UHQG DXI HLQHP *XWDFKWHQ HLQHV 3URIHVVRUV GHU 8QLYHUVLWlW
%UHVODX (V ZHLVW KLQ DXI GLH *UXQGZDVVHUVWU|PH ªGLH
:HLFKVHO3U]HPV]DXQG6RODEHJOHLWHQ©
(LQZHLWHUHU3URIHVVRUGHUJOHLFKHQ8QLYHUVLWlWHUVWHOOWH$XI
QDKPHQ XQG .DUWLHUXQJHQ GHU 3IODQ]HQJHVHOOVFKDIWHQ (LQH
*UXQGZDVVHUEHREDFKWXQJVVWHOOH ZXUGH HLQJHULFKWHW 'LHVH
$NWHQKDEHQZLUQRFKQLFKWEHDUEHLWHW0DQJLQJGDYRQDXV
GD‰  .ULHJVJHIDQJHQH XQWHUJHEUDFKW ZHUGHQ VROOWHQ
0LWGHP./LQVJHVDPW3HUVRQHQHQWVSUHFKHQGHLQHU
*UR‰VWDGW
'DGDV*UXQGZDVVHUHLQHU8QWHUVXFKXQJ]XIROJHªQLFKWHLQ
PDO]XP0XQG6SOHQYHUZHQGHWZHUGHQNDQQ©ZLUGDXIGLH
YRUKDQGHQHQ 7DOVSHUUHQ IU 7ULQNZDVVHU YHUZLHVHQ (V LVW
MHGRFK 0LQHUDOZDVVHU DXVJHJHEHQ ZRUGHQ 'HU %HULFKW EH
OHJWGD‰PDQVHKUVRUJIlOWLJXQGSURIHVVLRQHOOYRUJLQJ
'LH|VWHUUHLFKLVFKHQ.DUWH0 YRQEHVWlWLJW
GLH =XIOVVH 6LH ]HLJW GHXWOLFK GD‰ VRZRKO HQWODQJ GHU
:HLFKVHODOVDXFKGHU6RODHLQH.HWWHYRQ7HLFKHQOLHJWGLH
DXV GHQ VGOLFK YRQ $XVFKZLW] OLHJHQGHQ :HVW%HVNLGHQ
GXUFK*UXQGZDVVHUJHVSHLVWZHUGHQ
'LHVHKUJXWHQSROQLVFKHQ.DUWHQYHUGHXWOLFKHQGLH9HUKlOW
QLVVH XQG ODVVHQ HUNHQQHQ GD‰ GLH 7HLFKH ZDKUVFKHLQOLFK
GXUFK.LHVDXVEHXWXQJHQWVWDQGHQVLQGXQGLKU:DVVHUVSLHJHO
GHU*UXQGZDVVHUK|KHHQWVSULFKW

$EE$XVVFKQLWWDXVSROQLVFKHU/DQGNDUWHXP%LUNHQDX0
9HUZHQGHWH+|KHQZXUGHQXQWHUVWULFKHQ
VLFKGD‰QXUHLQVROFKHV*HOlQGHVXPSILJVHLQNDQQLQGHP
GDV*UXQGZDVVHUVHKUKRFKRGHUVRJDUZLHKLHUELV]XU*H
OlQGHREHUIOlFKH UHLFKW 3UHVVDF EHVWlWLJW GLHVH 7DWVDFKH PLW
IROJHQGHQ:RUWHQ
ª'LH $UW GHV *HOlQGHV LQ %LUNHQDX ZR GDV *UXQGZDVVHU
IDVWDQGLH2EHUIOlFKHUHLFKW>«@©
:lUH HU LQ GHU /DJH JHZHVHQ 5FNVFKOVVH DXV GHQ DPHUL
NDQLVFKHQ/XIWELOGHUQYRP]X]LHKHQVRKlWWHHU
HV VLFKHU DXFK JHWDQ 1XU JHK|UW GD]X GDV :LVVHQ YRQ HLQ
VFKOlJLJHQ ,QJHQLHXUHQ GDV HU QLFKW KDW 'D VLFK GHQ ([WHU
PLQDWLRQLVWHQ RIIHQVLFKWOLFK NHLQH ,QJHQLHXUH ]XU 9HUIJXQJ
VWHOOWHQ ZDUHQ VLH JH]ZXQJHQ GHQ $SRWKHNHU 3UHVVDF ]XP
ÄWHFKQLVFKHQ *HQLH´ KRFK]XVWLOLVLHUHQ 2E PLW RGHU RKQH
VHLQH =XVWLPPXQJ LVW XQV QLFKWEHNDQQW 6HLQ%XFKHUZHFNW
]ZDUEHL/DLHQGHQ(LQGUXFNYRQHLQHPWHFKQLVFK%HJDEWHQ
JHVFKULHEHQ]XVHLQGRFKGLHVHU(LQGUXFNLVWIDOVFK
'DV JHQDQQWH /XIWELOG ZHLVW Q|UGOLFK GHV /DJHUV HLQHQ
6WUHLIHQYRQNP/lQJHLQ:25LFKWXQJDXVLQGHPDXI
FDNP%UHLWH±WHLOZHLVHELV]XU:HLFKVHODXVJHGHKQW±
VHKUGHXWOLFKVLFKWEDUZLUGGD‰GDV*UXQGZDVVHUKLHUVLFKHU
ELV]XU*HOlQGHREHUIOlFKHUHLFKWH(LQ6\VWHPYRQ*UlEHQLP
3UHVVDF EHOHJW PLW HLQHP ª3ODQ GHV ,QWHUHVVHQJHELHWHV GHV
./$XVFKZLW]© GLHVH 7HLFKODQGVFKDIW 6LH EHVWlWLJW GLH
(QWVWHKXQJDXV.LHVDXVEHXWH,QHLQHP7lWLJNHLWVEHULFKWYRP
 ZLUG HUZlKQW ª(LQ]HLFKQXQJ GHU QHX KLQ]XJH
NRPPHQHQ7HLFKHLQGHQ3ODQGHV,QWHUHVVHQJHELHWHV©(LQH
HLJHQH 9HUPHVVXQJVDEWHLOXQJ HUOHGLJWH GLHVH $UEHLWHQ 'LH
XPIDQJUHLFKHQ $NWHQ GLHVHU $EWHLOXQJ VLQG YRQ XQV QRFK
)LVFKJUlWHQPXVWHU EHZHLVW GLHVH 7DWVDFKH YJO $EE 
/lQGHUHLHQZHUGHQVRQDFKGHQ5HJHOQGHVODQGZLUWVFKDIWOL
FKHQ :DVVHUEDXV LQ W\SLVFKHU )RUP HQWZlVVHUW $XI GHP
3KRWRLVW]XHUNHQQHQGD‰GLH'UlQDJHDUEHLWHQLPZHVWOLFKHQ
%HUHLFKHUVWNXU]YRUGHU/XIWDXIQDKPHDXVJHIKUWZXUGHQ
'DV2EHUIOlFKHQZDVVHU ZLUG PLWHLQHP JHZ|KQOLFK QXU ZH
QLJ YHU]ZHLJWHQ 1HW] IODFKHU *UlEHQ EHU +DXSWJUlEHQ ELV
QLFKWDXVJHZHUWHW6LFKHUZHUGHQVLHUHLFKKDOWLJH$XIVFKOVVH
JHEHQQLFKWQXU]XGHQKLHUHU|UWHUWHQ7KHPHQ
:HOFKH8QWHUODJHQEHOHJHQGLH+|KHQODJHGHV*UXQG
ZDVVHUV"
-HGHZHVHQWOLFKH9HU|IIHQWOLFKXQJEHUGLH/DJHUHQWKlOWGHQ
+LQZHLVGD‰GDV*HOlQGHVXPSILJLVW$XVGHU/RJLNHUJLEW
]XP9RUIOXWHU:HLFKVHODEJH]RJHQ'HU*UXQGZDVVHUVSLH
JHOZLUGGDGXUFKVRZHLWJHVHQNWZLHHVIUGLHYRUJHVHKHQH
ZHLWHUH1XW]XQJGHV*HOlQGHVVLQQYROOLVW
0DQ GDUI DQ GLHVHU 6WHOOH QLFKW EHUVHKHQ GD‰ LP /DJHU
]ZLVFKHQ GHQ (QWZlVVHUXQJVJUlEHQ GLH XP GLH HLQ]HOQHQ
/DJHUWHLOH KHUJHVWHOOW ZRUGHQ ZDUHQ 'UlQDJHQ DXVJHIKUW
ZXUGHQ 'HU 8PIDQJ JHKW DXV HLQHU %DXEHVFKUHLEXQJ YRP

9II*ÂÂ-DKUJDQJÂ+HIW  
 
$EE  $XVVFKQLWWVYHUJU|‰HUXQJ GHV %DXSODQHV IU GLH ª:DVVHUDXIEHUHLWXQJVDQODJH LP .*/© $XVFKZLW]%LUNHQDX =$0
'HXWOLFKVLFKWEDUGLH(LQWUDJXQJGHU+|KHGHV%DXJUXQGHVEHU113IHLO
KHUYRUGLHLP.ULHJVDUFKLYLQ3UDJDXIJHIXQGHQ
ZXUGH*HSODQWZXUGHQPVRJHQDQQWH6DXJHU∅
FP IHUQHU 6DPPOHU  P ∅  FP XQG  P ∅ 
FP =ZHL *UlEHQ IKUWHQ GDV $EZDVVHU YRP /DJHU ]XU
:HLFKVHOGDYRQGHUVGOLFKHEHUGHQª.|QLJVJUDEHQ©'HQ
$XVKXE GHU RIIHQHQ *UlEHQ FD  P KDW PDQ LP
/DJHUEHUHLFKGLUHNWDXISODQLHUWXPGLH3UREOHPH]XP7HLO]X
EHVHLWLJHQ(VOLHJHQ'RNXPHQWHIUGLHVH7DWVDFKHYRU6LH
JHEHQELVKHUQXUQRFKNHLQHNRQNUHWHQ$QJDEHQGDUEHUZLH
GLHVH/HLVWXQJDXVJHIKUWZXUGH
'DV JHVDPWH *UDEHQV\VWHP GHU 0HOLRUDWLRQHQ LVW GHXWOLFK
LQ GHU SROQLVFKHQ .DUWH 0    HQWKDOWHQ 'LHVH $U
EHLWHQ ZXUGHQ YRQ GHU ODQGZLUWVFKDIWOLFKHQ $EWHLOXQJ GHU
/DJHUYHUZDOWXQJ DXVJHIKUW XQG EHUZDFKW hEHUHLQVWLP
PXQJPLWGHU]LWLHUWHQ=HLFKQXQJLVWJHJHEHQ,Q]ZLVFKHQLVW
EHOHJW GD‰ HLQ 7HLO GHU *UlEHQ VFKRQ EHVWDQGHQ KDWWH 6LH
ZDUHQMHGRFKXQEUDXFKEDUJHZRUGHQ
7(;7/,&+(+,1:(,6($8)',(*581':$66(5+g+(,1
%,5.(1$8
,QHLQHU%DXEHVFKUHLEXQJYRP
ª'HU*UXQGZDVVHUVWDQGVFKZDQNW]ZLVFKHQXQGP©
,QHLQHP6FKUHLEHQYRP]X.UHPDWRULXP,,
ª>«@GDV*HElXGHEHUPLP*UXQGZDVVHUVWHKW>«@©
,QHLQHP6FKUHLEHQYRP]XUJUR‰HQ(QWZHVXQJV
DQODJH %:  Ä*UR‰H (QWZHVXQJVDQODJH´ E]Z Ä=HQ
*HElXGHPLW:DQQHQJUQGXQJHQ
*HElXGH PLW VROFKHQ *UQGXQJHQ IKUW PDQ DXV ZHQQ VLH
PLW LKUHQ .HOOHUQ LP *UXQGZDVVHU VWHKHQ DOVR ZDVVHUGLFKW
VHLQ PVVHQ 'HU .HOOHU ZLUG TXDVL ]X HLQHP 3RQWRQ GHU
GXUFK (LJHQJHZLFKW XQG $XIODVW DP $XIVFKZLPPHQ JHKLQ
GHUWZLUG'LH*HElXGHZHUGHQLQGLHVHQ7HLOHQ]ZHLVFKDOLJ
DXVJHIKUW =ZLVFKHQ GHQ 6FKDOHQ LVW HLQH ZDVVHUGLFKWH
6FKLFKW 'DV *UXQGZDVVHU ZLUG ZlKUHQG GHU %DXSKDVH HQW
ZHGHU GXUFK $ESXPSHQ DEJHVHQNW RGHU GXUFK 9HUHLVHQ GHV
%DXJUXQGHV DEJHKDOWHQ /HW]WHUHV 9HUIDKUHQ ZXUGH EHL GHQ
.UHPDWRULHQ ,9 XQG 9 DQJHZHQGHW 6lPWOLFKH .HOOHUWHLOH
XQG.HOOHUJUXEHQGHU*HElXGHLQ%LUNHQDXVLQGDOV:DQQHQ
DXVJHIKUW %HLGH 9HUIDKUHQ YHUWHXHUWHQ GLH %DXWHQ HUKHE
OLFK 8QWHUNHOOHUXQJHQ ZXUGHQ GDKHU QDFK 3ODQXQJ GHU .UH
PDWRULXP,,XQG,,,DXIHLQ0LQLPXPUHGX]LHUW
(V LVW ]X EHDFKWHQ GD‰ VLFK GLH IROJHQGHQ DXIJHIKUWHQ *H
ElXGHPLW:DQQHQJUQGXQJHQVRZRKOYRQ1RUGELV6GDOV
DXFKYRQ:HVWELV2VWEHUGDVJHVDPWH/DJHUYHUWHLOHQ'LH
*UXQGZDVVHUODJHZDUGHPQDFKEHUDOOH/DJHUWHLOHJOHLFK
.UHPDWRULXP,, %:
.UHPDWRULXP,,, %:D
.UHPDWRULXP,9 %:E
.UHPDWRULXP9 %:F
(QWZHVXQJVDQODJH %:
:DVVHUDXIEHUHLWXQJVDQODJH %:
WUDOVDXQD´GLH6WDWLNEHWUHIIHQG
ª>«@ K|FKVWH *UXQGZDVVHUVWDQG LVW PLW  P XQWHU 2.
*HOlQGHDQ]XQHKPHQ©
,Q HLQHP ZHLWHUHQ 6FKUHLEHQ YRP  GDV JOHLFKH
*HElXGHEHWUHIIHQG
ª>«@+HL]JUXEHQUHODWLYWLHI]XOLHJHQNRPPHQVRGD‰HLQH
,VROLHUXQJ JHJHQ *UXQGZDVVHU ZHOFKHV FD  FP XQWHU
7HUUDLQVWHKWQRWZHQGLJLVW>«@©
>VlPWOLFKH+HUYRUKHEXQJHQG9HUI@
=(,&+1(5,6&+(5+,1:(,6
'HU8QWHUJUXQGEHLGHQ.UHPDWRULHQ,9XQG9ZXUGHZHJHQ
GHUJHULQJIJLJHQ)OlFKHXQG7LHIHYHUHLVW'LH%DXJUXEHQ
GHU JU|‰HUHQ .HOOHU GHU DQGHUHQ *HElXGH ZXUGHQ LQ DEJH
WHXIWHQ%UXQQHQPLW3XPSHQJUXQGZDVVHUIUHLJHKDOWHQ
=HLW]HXJHQDXVVDJH]XP*UXQGZDVVHULQ%LUNHQDX
,Q GHQ XQV EHNDQQWHQ %FKHUQ EHULFKWHW HLQ =HXJH EHU
*UXQGZDVVHU LQ GHQ REHQ HUZlKQWHQ *UXEHQ (V LVW )LOLS
0OOHU LQ VHLQHP %XFK 6RQGHUEHKDQGOXQJ 0OOHU LVW $Q
JHK|ULJHUHLQHV6RQGHUNRPPDQGRVJHZHVHQ(UEHULFKWHWDXI
6  YRQ HLQHU *UXEH LQ GLH *UXQGZDVVHU HLQJHVLFNHUW LVW
,Q GHU =HLFKQXQJ GHU (QWZHVXQJVDQODJH %:  1U 
YRP  LVW LP 6FKQLWW GHXWOLFK VLFKWEDU HLQH /LQLH
HQWKDOWHQ DXI GHU DOV 7H[W ª*UXQGZDVVHUVSLHJHO© ]X OHVHQ
LVW
(LQ ZHLWHUHV $Q]HLFKHQ JLEW HV GDV VHKU KRFKVWHKHQGHV
*UXQGZDVVHUEHZHLVW
XQGLQGHUPDQSUIWHZLHKRFKHVVWDQG
ª'DQQIRUGHUWHPDQXQVDXIGLH/HLFKHQLQGLH*UXEH]X
ZHUIHQ >«@ :LU SDFNWHQ GLH 7RWHQ DQ GHQ +lQGHQ XQG
)‰HQXQGZDUIHQVLHPLW6FKZXQJP|JOLFKVWZHLW]XU0LW
WHGHU*UXEHKLQ6REDOGVLHNODWVFKHQGDXIGLH:DVVHUIOl
FKH ILHOHQ VSULW]WH HV QDFK DOOHQ 6HLWHQ 'DQDFK OLHI GDV

  9II*ÂÂ-DKUJDQJÂ+HIW
 

:DVVHU ZHQQ VLH ZLH GLH 0KOVWHLQH DXI GHQ IODFKHQ

*UXQGVDQNHQEHULKQHQ]XVDPPHQ©

$QJDEHQ]XP*HOlQGHXP%LUNHQDX
)UGDV*HOlQGHULQJVXPGLH/DJHUJDEHVHUVWDXQOLFKHUZHL
VHEHUHLWV$QJDEHQLQ1RUPDO1XOO11EH]RJHQDOOHUGLQJV
DXIGLHÄ$GULD´'LHVH+|KHLQGHU=HLWGHU|VWHUUHLFKLVFKHQ
0RQDUFKLH YHUPHVVHQ OLHJHQ  P XQWHU XQVHUHP GHXW
VFKHQ1RUPDO1XOO11
6ROFKH+|KHQJLEWHVXDLQGHQDXVIKUOLFKHQ3OlQHQIUGLH
JHVDPWHQ*OHLVDQODJHQHLQVFKOLH‰OLFKGHU$QVFKOX‰JOHLVH(V
ZUGHGLHVH$UEHLW]XVHKUDXVZHLWHQGLHVKLHUZLHGHU]XJH
EHQ 'DKHU YHUVLFKHUQ ZLU QXU GD‰ VLH LQ XQVHUHQ +lQGHQ
VLQGXQGPLWDXVJHZHUWHWZXUGHQ
,Q GHU XQWHQ DXIJHIKUWHQ 7DEHOOH VLQG GLH XQV EHNDQQWHQ
*HElXGHSOlQH PLW *HOlQGHK|KHQ 11 DXIJHIKUW 6LH GLHQHQ
XQVDOV%H]XJVSXQNWHIUGLHZHLWHUHQhEHUOHJXQJHQ
'HU SROQLVFKHQ .DUWH HQWQHKPHQ ZLU QXQ HLQH 5HLKH YRQ
3XQNWHQGLHLQ11DQJHJHEHQVLQGXPEHUGLHVHGDV*HIlO
OH GHV *HOlQGHV LQ  LQ GHQ YHUVFKLHGHQVWHQ 5LFKWXQJHQ ]X
HUPLWWHOQ:LUJHEHQLQ$EEHLQHQ$XVVFKQLWWDXVGHU.DU
WH ZLHGHU XQG KDEHQ GDULQ GLH YHUZHQGHWHQ +|KHQSXQNWH
GHXWOLFKJHNHQQ]HLFKQHW'LHDQJHJHEHQHQ/lQJHQPD‰HVLQG 
DXVGHP3ODQKHUDXVJHPHVVHQ'LH*HIlOOHLQPLW5HFKHQ $EE  $XVVFKQLWWVYHUJU|‰HUXQJ GHV %DXSODQHV GHU +DXSW
VFKLHEHUJHQDXLJNHLW HUPLWWHOW 'LH +LPPHOVULFKWXQJHQ VLQG ZDFKH GHV .*/ $XVFKZLW]%LUNHQDX 'HXWOLFK VLFKWEDU GLH
HEHQIDOOVDQJHQlKHUWJHZDKUW (LQWUDJXQJ GHU +|KH GHV %DXJUXQGHV EHU 11 3IHLO 3ODQ
HUKDOWHQDXVGHP=HQWUDODUFKLY0RVNDXRKQH$UFKLYQXPPHU
'DV/DJHUJHOlQGHIlOOWDXIGHU6GJUHQ]HYRQGHU6GRVWHFNH :LUEHPKHQXQVGDUXPGLHVH]XHUKDOWHQ
11PEHU11PQDFK:HVWHQDXI11P
DE$XIHLQH/lQJHYRQPDOVRXP VFKQLWW$XVGHQYHUPHVVHQHQ3XQNWHQZXUGHQ+|KHQVFKLFKW
$XIGHU+|KHGHU6WUD‰H]ZLVFKHQGHQ%DXDEVFKQLWWHQ,,XQG
OLQLHQ HQWZLFNHOW XQG HLQJHWUDJHQ 6LH EHJLQQHQ DXI GHU 62
,,,DQDORJYRQ11PEHU11PQDFK:HVWHQ (FNH PLW11PXQGHQGHQDXIGHU1:(FNH PLW11
DXI11P$XIHLQH/lQJHYRQPXP  P 6LH EHZHLVHQ HUQHXW GDV *HIlOOH GHV *HOlQGHV LQ
'DV*HIlOOHZHFKVHOWFDPQ|UGOLFKGHV/DJHUVHVVWHLJW
+|KH XQG 5LFKWXQJ $XI FD  P IlOOW GDV *HOlQGH XP
YRQ 11  P QDFK :HVWHQ DXI 11  P $XI HLQH
  'LHVH )HLQYHUPHVVXQJ HQWVSULFKW GHQ RELJHQ %H
/lQJHYRQPXP UHFKQXQJHQY|OOLJ'DV*HIlOOHLVWXQJHIlKUQDFK11:DXV
:LU KDEHQ DXI GHU 2VWVHLWH GHV /DJHUV ZLHGHU YRQ GHU 6G
JHULFKWHW
RVWHFNHPLW11PGLH6WUHFNH]XP3XQNW11P :LU KDEHQ QDWUOLFK ZHLWHUH %HUHFKQXQJHQ DQJHVWHOOW VLH
JHZDKUW $XIHLQH /lQJHYRQPIlOOWGDV*HOlQGHXP
KDEHQ GDV (UJHEQLV QLFKW YHUlQGHUW =XVDPPHQJHID‰W PX‰
QDFK1RUGHQ,Q9HUOlQJHUXQJGLHVHU2VWVHLWHQDFK
IHVWJHVWHOOW ZHUGHQ GD‰ GDV *HELHW IDVW HEHQ LVW 'LH LQ GHU
1RUGHQ XP FD  P LVW 11 GHU :HLFKVHO LQ GHU SROQL
/DQGNDUWH VLFKWEDUHQ +|KHQVFKLFKWOLQLHQ EHVWlWLJHQ XQVHUH
VFKHQ.DUWHDXI11PHLQJHWUDJHQ $QQDKPHHEHQVRZLHGLH)RWRV'DGLH.DUWHIDUELJLVWVLQG
'DV *HOlQGH IlOOW 3DUDOOHO ]X OHW]WHUHU 6WUHFNH EHJLQQHQG
GLH+|KHQVFKLFKWOLQLHQDXIGHU.RSLHNDXP]XHUNHQQHQ
 P VGOLFK YRQ GHU 6GZHVWHFNH GHV /DJHUV DP 3XQNW
=X ZHLWHUHQ QRFK H[DNWHUHQ %HUHFKQXQJHQ KDEHQ ZLU GLH
11PQDFK1RUGHQ]XP3XQNW11PDXI ]XJHK|ULJHQ $NWHQ ZLH ] % GLH EHU GLH %UXQQHQERKU
PXP,Q9HUOlQJHUXQJGHU:HVWVHLWHGHV/DJHUVXP
DUEHLWHQ HWF DXV GHQHQ HUJlQ]HQGH :HUWH XQG )DNWHQ ]X
PLVWGLH11+|KHGHU:HLFKVHODQDORJPLW11HQWQHKPHQZDUHQQRFKQLFKWDXVJHZHUWHW'&]HFKEHULFKWHW
PHLQJHWUDJHQ LQ LKUHP %XFK $QP  6  XQWHU GHP  YRQ
3UHVVDFKDWLQVHLQHP%XFK6HLQHQ/DJHSODQDEJHELO
8QWHUVXFKXQJHQ GHV 3URI 'U ,QJ =XQNHU %UHVODX EHU
GHWGHUHLQLQWHUHVVDQWHV1LYHOOHPHQWHQWKlOW,QGLHVHP%DX
:DVVHUXQG7HLFKYHUKlOWQLVVH PLWGHP=ZHFN%HZLUWVFKDI
DEVFKQLWW % ,, LVW MHGH %DUDFNH PLW 11+|KHQ DQ MHGHU
WXQJGHV*HOlQGHVIU9LHKXQG)LVFK]XFKW'LHVH8QWHUVX
6FKPDOVHLWH KDQGVFKULIWOLFK YHUVHKHQ =ZHFN GHU +|KHQYHU
FKXQJHQZDUHQRIIHQEDUGLH*UXQGODJHIUGLHJHQDQQWH%DX
PHVVXQJZLUGQLFKWHUNHQQEDU=XYHUPXWHQLVWHLQH9HUPHV
EHVFKUHLEXQJ YRPXQGGLH%UXQQHQERKUDUEHLWHQ
JHQDQQWLPª%DXEHULFKWIUGHQ1RYHPEHU©
VXQJ HQWZHGHU ]XU $EUHFKQXQJ YRQ (UGDUEHLWHQ RGHU ]XU
)HVWOHJXQJGHU)X‰ERGHQK|KHQGHU%DUDFNHQLQGLHVHP $E 'D ZLU MHGRFK IU HLQLJH ZHVHQWOLFKH 3XQNWH DXVUHLFKHQG
JHQDXH$QJDEHQKDEHQLVW
*HElXGHGHV.*/%LUNHQDXPLW$QJDEHGHU*HOlQGHK|KHQ HLQH %HXUWHLOXQJ GHU
*HElXGH =HLFKQXQJ *HOlQGHK|KH JHIHUWLJW 4XHOOH *UXQGZDVVHUYHUKlOWQLVVH
 .UHPDWRULXP,, +XWDD 11  6 P|JOLFK
 .UHPDWRULXP,,, +XWDD 11  6
 :DFKJHElXGH =%/ 11  =$0$EE
 $EVHW]EHFNHQ%,,, =%/ 11  6
 :DVVHUDXIEHUHLWXQJ =%/ 11  =$0$EE
'LH6HLWHQ]DKOHQEH]LHKHQVLFKDXI-&3UHVVDF$QP

9II*ÂÂ-DKUJDQJÂ+HIW  
=XVDPPHQIDVVXQJGHU9RUSUIXQJHQXQG)ROJHUXQ
JHQ
:LU JUHLIHQ HUJlQ]HQG DXI GLH )DFKOLWHUDWXU ]XUFN XQG HQW
QHKPHQ HLQHP %URFNKDXV%DQG GLH IROJHQGHQ DOOJHPHLQHQ
+LQZHLVH
ª*UXQGZDVVHU GDV GLH +RKOUlXPH GHV %RGHQV XQG GHU
*HVWHLQHIOOHQGH:DVVHU6HLQH2EHUIOlFKHLVWGHU*UXQG
ZDVVHUVSLHJHO (U OLHJW LQ VWHKHQGHQ *UXQGZDVVHUEHFNHQ
ZDDJHUHFKWEHLVWU|PHQGHP*UXQGZDVVHUIlOOWHULQ5LFK
WXQJGHU6WU|PXQJ>+LHU]XWUHIIHQG'9HUI@(UZLUGJH
DXVVDJHQ EHVFKULHEHQHQ /DJHQ YRQ 9HUEUHQQXQJVJUXEHQ
ZROOHQZLUGLHZHLWHUHQ%HZHLVHYRUOHJHQ
*58%(11g5'/,&+.5(0$725,809%:&
 (V LVW %HZHLV JHIKUW GD‰ GLH PLW 2EHUNDQWH FD  P
XQWHU *HOlQGHREHUNDQWH OLHJHQGH 2IHQJUXEH DOV :DQQH DXV
JHIKUW ZXUGH 'LH *UXEH ZXUGH EHL GHU +HUVWHOOXQJ GHV
%DXHV ZLH HEHQIDOOV EHZLHVHQ GXUFK 9HUHLVXQJ IUHL YRQ
*UXQGZDVVHUJHKDOWHQ
 (V LVW GXUFK 'RNXPHQWH EHZLHVHQ GD‰ GHU *UXQGZDVVHU
PHVVHQGXUFK$XIJUDEHQRGHULQ%RKUO|FKHUQLQGHQ*UX
EHQXQG%RKUO|FKHUQVWHOOWVLFKHLQÄIUHLHU´:DVVHUVSLHJHO
LQ +|KH GHV *UXQGZDVVHUVSLHJHOV HLQ 'LH *HVFKZLQGLJ
NHLW GHU 6WU|PXQJ LVW DEKlQJLJ YRQ GHU *U|‰H GHU +RKO
UlXPH GHV %RGHQV XQG YRP *HIlOOH VLH EHWUlJW EHL GHQ
VSLHJHO EHL GHU JUR‰HQ (QWZHVXQJVDQODJH %:   FP
XQWHU *HOlQGHREHUNDQWH ODJ 'DV *HElXGH OLHJW FD  P
HQWIHUQW YRP .UHPDWRULXP 9 %HL DQJHQRPPHQHP *HIlOOH
GHV*UXQGZDVVHUVYRQÅXQGXQWHU9HUQDFKOlVVLJXQJGHV
EHZLHVHQHQ *HIlOOHV GHV *HOlQGHV NRQQWH GDV *UXQGZDVVHU
DOOJHPHLQYRUNRPPHQGHQ*HIlOOHQELVÅEHLIHLQHP
WRQKDOWLJHP6DQGGHU1RUGVHHNVWHELVFPEHLUHLQHP
%HUOLQHU6DQGELVPEHLJU|EHUHQ6DQGHQELVP
LQ6WXQGHQ*UXQGZDVVHUIKUHQQXUZDVVHUGXUFKOlVVL
JH 6FKLFKWHQ GHV %RGHQV PDQ QHQQW VLH *UXQGZDVVHUWUl
JHU hEHU GHP *UXQGZDVVHU ZLUG GHU %RGHQ LP %HUHLFK
GHV.DSLOODUVDXPHVGDGXUFKIHXFKWJHKDOWHQGD‰GDV:DV
VHU XQWHU GHP (LQIOX‰ GHU .DSLOODUNUDIW +DDUU|KUFKHQ
 P XQWHU *HOlQGHREHUNDQWH VWHKHQ :LU KDEHQ EHZX‰W
GHQXQJQVWLJVWHQ)DOOJHUHFKQHWGDGLHVHUVFKRQHLQDXVUHL
FKHQGHU%HZHLVLVW'HUREHQHUZlKQWHQ/RJLNIROJHQGNDQQ
GDV *UXQGZDVVHU MHGRFK VR WLHI QLFKW JHVWDQGHQ KDEHQ (LQ
PDO ZlUH GDV *HOlQGH GDQQ QLFKW PHKU ÄVXPSILJ´ JHZHVHQ
=XP DQGHUHQ ZlUH HLQH 0HOLRUDWLRQ GDQQ EHUIOVVLJ JHZH
VHQ'LH=HXJHQJHEHQGLH7LHIHGHU*UXEHQPLWPDQ
 9LHU JHQDQQWH /XIWELOGHU ODVVHQ NHLQH GHU EH]HXJWHQ 
NUDIW LQ GHQ HQJHUHQ +RKOUlXPHQ DQVWHLJW 'HU *UXQG
ZDVVHUVWDQG G L GLH +RKH GHV *UXQGZDVVHUVSLHJHOV
ZHFKVHOW lKQOLFK ZLH GHU IUHLH :DVVHUVWDQG GHU *HZlVVHU
PLW GHU -DKUHV]HLW PLW GHQ 1LHGHUVFKOlJHQ GHP :DVVHU
YHUEUDXFKGHU3IODQ]HQXVZ>«@©
:LUEHQXW]WHQZHLWHUDOVWHFKQLVFKH8QWHUODJHDXVGHU)DFKOL
WHUDWXUGLH +WWH'HV,QJHQLHXUV7DVFKHQEXFKXQG ZlKO
WHQGLH$XIODJHGLH]ZLVFKHQXQGHUVFKLHQHQ
LVW 6LH HQWKlOW DOOHV :LVVHQVZHUWH ]XP ODQGZLUWVFKDIWOLFKHQ
:DVVHUEDXHWF
$XVGHU*HRORJLHLVWEHNDQQWGD‰LQGHU(LV]HLWQXUHLQPDO±
XQG QXU IU NXU]H =HLW ± GLH 9HUHLVXQJ ELV %LHOLW]  NP
*UXEHQHUNHQQHQ
'LHVH*UXEHQVROOHQHLQH)OlFKHYRQPLQPJH
KDEW KDEHQ 'HU $XVKXE EHDQVSUXFKW FD GLH JOHLFKH )OlFKH
'LHHUZlKQWH%HWRQSODWWHP2KQHQXQ]XEHUFNVLFKWL
JHQ GD‰ ]ZLVFKHQ DOOHQ GLHVHQ 7HLOHQ VLFK DXFK QRFK GDV
$UEHLWVNRPPDQGREHZHJHQ PX‰LVWHLQHVROFKH)OlFKH YRQ
FD  P ]ZLVFKHQ *HElXGH XQG *UDEHQ DP =DXQ QLFKW
YRUKDQGHQ'LHVHU%HUHLFKXPID‰WQXUP
(LQQDFK=HXJHQDXVVDJHQVFKRQGDPDOVYRUKDQGHQJHZH
VHQHU7PSHOJHVSHLVWYRP*UXQGZDVVHUQlFKVW.UHPDWRUL
XP ,9 LVW HLQ ZHLWHUHU %HZHLV IU GHQ KRKHQ *UXQGZDVVHU
VWDQG
/XIWOLQLH VGZHVWOLFK $XVFKZLW] UHLFKWH DOVR ELV DQ GHQ
5DQG GHU .DUSDWHQ 'LH ULHVLJHQ *OHWVFKHU EUDFKWHQ DXV GHQ
%HUJHQ6NDQGLQDYLHQVORVJHO|VWH*HVWHLQVXQG6FKXWWPDVVHQ
PLW
:HVHQWOLFKVWH*UXQGODJHXQVHUHU%HXUWHLOXQJLVWHLQ ª(UOlX
WHUXQJVEHULFKW]XP9RUHQWZXUIIUGHQ1HXEDXGHV.ULHJVJH
IDQJHQHQODJHUV GHU :DIIHQ66 $XVFKZLW] 26© YRP
 'HU %DXJUXQG RIIHQEDU DXI GHQ 8QWHUVXFKXQ
JHQ GHV ]LWLHUWHQ 3URI 'U =XQNHU EHUXKHQG LVW ZLH IROJW
EHVFKULHEHQ
ª'LH %RGHQEHVFKDIIHQKHLW LVW VFKOHFKW 8QWHU GHU +XPXV
HUGHWULWW/HKPXQG7HJHO>HLQYHUVWHLQHUXQJVUHLFKHUJUDX
EODXHU SODVWLVFKHU PDULQHU 7RQ GHU 7HUWLlUIRUPDWLRQ '
9HUI@]X7DJHLQZHOFKHQ.LHVXQG6DQGOLQVHQYRQJHULQ
JHU 0lFKWLJNHLW HLQJHEHWWHW VLQG 'HU *UXQGZDVVHUVWDQG
VFKZDQNW]ZLVFKHQXQGP'DV*HOlQGHLVW]7
YHUVXPSIW©>+HUYRUKHEXQJGXUFKG9HUI@
)UVWDWLVFKH%HUHFKQXQJHQGHU.HOOHUWHLOHPX‰WHGDKHUZLH
JHVFKHKHQYRQHLQHP*UXQGZDVVHUVSLHJHOYRQFPDXVJH
JDQJHQZHUGHQ
$OOHLQGXUFKGLHVH(UOlXWHUXQJLVWEHOHJWGD‰LQ*UXEHQYRQ
 ELV  P 7LHIH *UXQGZDVVHU DXIWUHWHQ PX‰ (V VLQG
MHGRFK ZHLWHUH %HZHLVH YRUKDQGHQ $OOH YRUJHWUDJHQHQ
6DFKYHUKDOWH SDVVHQ QDKWORV ]X RELJHU %HVFKUHLEXQJ (V
GHFNHQVLFKVRZRKOGLH+|KHQDQJDEHQDOVDXFKGLH)OLH‰ULFK
WXQJ GHV *UXQGZDVVHUV VRZLH GHU ,QKDOW GHU ]LWLHUWHQ 'RNX
PHQWHPLWGHQVRQVWLJHQ)HVWVWHOOXQJHQ=X]ZHLLQ=HXJHQ
  9II*ÂÂ-DKUJDQJÂ+HIW
 $XI GLH 'DUVWHOOXQJ VRQVWLJHU QLFKW P|JOLFKHU 9RUJlQJH
GLH JHJHQ 1DWXUJHVHW]H YHUVWR‰HQYHU]LFKWHQ ZLU-HGHU*H
ELOGHWHHUNHQQWVLHRKQH6FKZLHULJNHLWHQ
*58%(11$+(%81.(5
$QDORJ]XLVWGLH(QWIHUQXQJGHU*UXEHQ ZHVWOLFK
YRQ %:  FD  P :LHGHU RKQH GDV *HOlQGHJHIlOOH ]X
EHUFNVLFKWLJHQ VWQGH GDV *UXQGZDVVHU KLHU  P XQWHU
*HOlQGHREHUNDQWH 'LH *UXEHQWLHIHQ VLQG YRQ GHQ =HXJHQ
PLWPDQJHJHEHQ
6LHKH
$EVFKOLH‰HQGLVW QRFKGDUDXIKLQ]XZHLVHQGD‰GLH0HOLRUD
WLRQVDUEHLWHQ7HLO,,,LP-DKUQRFKQLFKWEHJRQQHQZD
UHQ'LHVEHZHLVWHLQ6FKULIWVWFNYRP
ª>«@ 'D‰ LP -DKUH  DOOHU 9RUDXVVLFKW QDFK DQ GLH
HLQJHKHQGH 'UlQLHUXQJ GHV *HOlQGHV ZRKO QRFK QLFKW LP
YROOHQ8PIDQJJHJDQJHQZHUGHQNDQQ>«@©
'LH 0D‰QDKPHQ NRQQWHQ VLFK GHPQDFK QRFK QLFKW DXVZLU
NHQ %HOHJ LVW DXFK KLHUIU GDV /XIWELOG YRP   (V
JLEW HLQH 5HLKH ZHLWHUHU 'RNXPHQWH GLH YRUVWHKHQGH 7DWVD
FKHQ EHOHJHQ :LU YHU]LFKWHQ DXI GLH 9RUODJH GD VLH VLFK
HUEULJHQ
)$=,7
9HUEUHQQXQJVJUXEHQ LQ GHU 7LHIH ZLH YRQ =HXJHQ DQJHJH
EHQZDUHQLQ%LUNHQDXQLFKWP|JOLFK
 

*HJHQJXWDFKWHQ %HZHLVPDWHULDO GHU /XIWDXIQDKPHQ DXIJHNRPPHQ© 6HLWH

:LUKDEHQ]XDOOHQ,QJHQLHXUVPHLQXQJHQGLHZLUYRUVWHKHQG 
JHlX‰HUW KDEHQ *HJHQPHLQXQJHQ YRQ )DFKLQJHQLHXUHQ DXI ª'LHVH6WXGLH]HLJWEHUHLWVGHQWRWDOHQ%DQNURWWGHUWUDGL
6HLWHQ GHU ([WHUPLQDWLRQLVWHQ JHVXFKW XP XQV PLW GLHVHQ WLRQHOOHQ *HVFKLFKWVVFKUHLEXQJ XQG GDKHU DXFK GHU 0H
IDFKJHUHFKW DXVHLQDQGHU]XVHW]HQ 9RQ )DFKLQJHQLHXUHQ JLEW WKRGHQXQGGHU.ULWLNGHU5HYLVLRQLVWHQHLQHU*HVFKLFKWH
HV VROFKH $UEHLWHQ XQVHUHV :LVVHQV QLFKW $QGHUH HYHQWXHOO GLH ]XP JU|‰WHQ 7HLO DXI =HXJHQDXVVDJHQ EHUXKW >+HXWH
SUIXQJVZUGLJH WHFKQLVFK ULFKWLJH /DLHQDUEHLWHQ JLEW HV QLFKW PHKU ' 9HUI@ GLH JHPl‰ GHU /DXQH GHV $XJHQ
MHGRFKXQVHUHV:LVVHQVDXFK QLFKW:LUVLQGGDKHU JH]ZXQ EOLFNV JHVDPPHOW ZXUGHQ ]XUHFKWJHVWXW]W XP ]X HLQHU
JHQ XQVHUH .ROOHJHQ IDOOV VLH XQV ZLGHUVSUHFKHQ ZROOHQ ZLOONUOLFKHQ:DKUKHLW]XSDVVHQ>«@©6HLWH
GD]XDXI]XIRUGHUQ
-&3UHVVDFP|JHXQVYHU]HLKHQGD‰ZLULKQQLFKWDOV7HFK
QLNHUJHVFKZHLJHGHQQDOV,QJHQLHXUDN]HSWLHUHQ'LHÄWHFK
QLVFKHQ (UOlXWHUXQJHQ´ LQ VHLQHQ %FKHUQ GDV ]HLJHQ QLFKW
QXU GLH RELJHQ %HLVSLHOH VLQG RKQH MHGH %DVLV :LU EOHLEHQ
LKPGHQQRFKIUVHLQH%FKHUGDQNEDUZHLOVLHXQVHU(QJD
JHPHQW ]XU 3UIXQJ HUVW KHUDXVJHIRUGHUW KDEHQ 2KQH VHLQ
%XFKPLWGHUJUR‰HQ=DKOZLHGHUJHJHEHQHU'RNXPHQWHJlEH
HVNHLQH'LVNXVVLRQVEDVLV
8UVDFKHQIRUVFKXQJ
:LUZLHVHQVFKRQGDUDXIKLQGD‰GDV%XFKGHV-&3UHVVDF
]XZHQLJEHDFKWHWZLUGYHUPXWOLFKZHLOGLHZHQLJHQKXQGHUW
JHGUXFNWHQ ([HPSODUH IDVW QXU LQ 6WDDWVELEOLRWKHNHQ ]X ILQ
GHQVLQG6HLQH.ULWLNHQGLHHUEHUHFKWLJWHUKHEWXQGGLHZLU
] 7 PLWWUDJHQ N|QQHQ VLQG ZHQLJ EHNDQQW *OHLFKHV JLOW
DXFKIUHLQLJH)HVWVWHOOXQJHQGLHHUULFKWLJWULIIW
$XVGHU9LHO]DKOYRQ.ULWLNHQJUHLIHQZLUQXUHLQLJHKHUDXV
PLW GHQHQ 3UHVVDF GHXWOLFK PDFKW GD‰ HU GLH 3UREOHPDWLN
1XUZHU3UHVVDFV%XFKVWXGLHUWKDWZLUEHVLW]HQHVXQGPLW
(UZHLWHUXQJ GHV :LVVHQV GDV 6WXGLXP VWlQGLJ ZLHGHUKROW
ZHL‰GD‰HULQJHERWHQHU=XUFNKDOWXQJYHUVXFKWKDWIDOVFKH
)RUPXOLHUXQJHQ ]X NRUULJLHUHQ XQG GD‰ HU YHUVXFKWH GHP
=HXJHQEHZHLV GLH 5DQJVWHOOH ]X JHEHQ GLH YRQ DOWHUV KHU
ULFKWLJ ZDU (U HUNDQQWH LQ IDVW UHYLVLRQLVWLVFKHU %HWUDFK
WXQJVZHLVH GD‰ HLQH Ä8PNHKUXQJ´ GLHVHV *UXQGVDW]HV ]X
HLQHU )HKOEHXUWHLOXQJ IKUHQ PX‰WH 9LHOOHLFKW HUDKQWH HU
VRJDU GLH P|JOLFKHQ )ROJHQ ZHQQ YLHOH (LQ]HOKHLWHQ HLQHP
JU|‰HUHQ 3HUVRQHQNUHLV EHNDQQW ZXUGHQ :LH DEHU PX‰ HV
XPHLQH6DFKHEHVWHOOWVHLQLQGHUQLFKWHLQPDOZRKOPHLQHQ
GH ZDUQHQGH .ULWLNHQ YRQ )UHXQGHQ ZLH YRQ -& 3UHVVDF
JHK|UWZHUGHQ"
:LU ZROOHQ GLHVHQ $EVFKQLWW PLW HLQHP HLQIDFKHQ +LQZHLV
EHVFKOLH‰HQ=XXQVHUHP.UHLVJHK|UHQXDDXFK3HUVRQHQ
GLHDXVHLJHQHP(UOHEHQEHUGLHYHUJDQJHQH=HLWEHULFKWHQ
9LHOH HLQIDFKVWH *UXQGWDWVDFKHQ GLH ]XP :LVVHQ EHU GLH
=HLW QRWZHQGLJ VLQG JHK|UHQ GD]X :LU KDEHQ ] % GLH (U
IDKUXQJ JHPDFKW GD‰ ZHU VHOEVW LQ .ULHJVJHIDQJHQVFKDIW
HUNDQQWKDWhEHUVHW]XQJHQG9HUI ZDU JU|‰HUHV 9HUVWlQGQLV IU ,UUWPHU XQG 5HDNWLRQHQ YRQ
ª'LH=HXJHQHUNOlUHQGDV*HJHQWHLOXQGIUVLHLVWGDVGLH +lIWOLQJHQ KDW'DKHUKDEHQ ZLU XQVKLHU]XGHQ(UIDKUXQJV
:DKUKHLW©6HLWH VDW] Ä$Q MHGHP *HUFKW LVW PHLVW HLQ .|UQFKHQ :DKUKHLW´
ª)QIKXQGHUW 0HWHU WDWVlFKOLFK  P ZHLWHU YRQ %XQ JHPHUNW6RN|QQWHHVDXFKEHLÄ%XQNHU´VHLQ:LUVXFKHQ
NHUJDEHVHLQZHLWHUHV%DXHUQKDXVGDVDOV%XQNHU,EH LQXQVHUHU$UEHLWGLHVHÄ.|UQFKHQ´XQGIDQGHQPDQFKHEHU
]HLFKQHW ZXUGH >«@ LQVJHVDPW  QDFNWH 0HQVFKHQ GLHZLUQRFKEHULFKWHQZHUGHQ
DXI]XQHKPHQ2IIHQNXQGLJHhEHUWUHLEXQJGXUFKGHQ=HX %OHLEW IHVW]XVWHOOHQ GD‰ HLQ GHXWVFKHU %UJHU GHU VROFKH
JHQZDVSUDNWLVFKEHLGHQIULVFKHQ%HULFKWHQGLH5HJHOLVW 6lW]HZLHREHQ3UHVVDFYHU|IIHQWOLFKHQZUGHKHXWHZHJHQ
>«@©6HLWH
ª'DV,QQHUHGHV%DXHUQKDXVHV>%XQNHU@ZDULQYLHU7HL
OHPLWGXUFKODXIHQGHQ7UHQQZlQGHQJHWHLOW>«@YRQGHQHQ
HLQHUQDFNWH0HQVFKHQDXIQHKPHQNRQQWHGHU]ZHLWH
GHUGULWWHXQGGHUYLHUWHELV
'DV PDFKW HLQH *HVDPW]DKO YRQ  ELV  0HQ
VFKHQ ZDV HLQH 'LFKWH YRQ  0HQVFKHQ DXI GHQ 4XD
GUDWPHWHU EHU HLQH )OlFKH YRQ  TP HUEULQJW 'DV LVW
PDWHULHOO XQP|JOLFK XQG 6 'UDJRQV 6FKlW]XQJ YRQ
LVWRIIHQVLFKWOLFK IDOVFK,FKJODXEHQLFKWGD‰
GLHVHU =HXJH DEVLFKWOLFK LUUHIKUHQ ZROOWH GRFK HU IROJWH
GHU1HLJXQJ]XEHUWUHLEHQGLH]XU=HLWGHU%HIUHLXQJDOO
JHPHLQH 5HJHO JHZHVHQ ]X VHLQ VFKHLQW XQG GLH GDV ZDU
Ä9RONVYHUKHW]XQJ´ DQJHNODJW XQG YHUXUWHLOW ZUGH 6HLQ
%XFKZUGHEHVFKODJQDKPWXQGZLHVFKRQ'XW]HQGHDQGHUH
LQ GLHVHU =HLW YHUQLFKWHW :DV LVW HLQH 'HPRNUDWLH RKQH
0HLQXQJVIUHLKHLW"
(UNOlUXQJYRQ)DFKDXVGUFNHQ
'5b1$*($1/$*(1
'UlQDJHDQODJHQ VLQG $QODJHQ ]XU %RGHQHQWZlVVHUXQJ 'LH
$XVIKUXQJ HUIROJW LQ RIIHQHQ *UlEHQ EHL KRKHP :DVVHU
VWDQGRGHUPLW'UlQDJHURKUHQEHLWLHIHUHP:DVVHUVWDQG
(LQH'UlQXQJXPID‰W
 6DXJVWUlQJHGLHGDV%RGHQZDVVHUDXIQHKPHQ
 6DPPHOVWUlQJHGLHGLH6DXJVWUlQJHYHUHLQLJHQ
ZDV ]X GHU =DKO YRQ  0LOOLRQHQ 2SIHUQ IU GDV ./ $X  +DXSWVDPPOHUGHULP9RUIOXWHUKLHU:HLFKVHOHLQPQ
VFKZLW] 9HUDQODVVXQJ JDE HLQH =DKO GLH KHXWH > G GHWMHQDFK+|KHGHVVHOEHQGLUHNWRGHUEHU+HEHZHUNH
9HUI@ DOV UHLQH 3URSDJDQGD EHWUDFKWHW ZLUG 6LH VROOWH
GXUFKYLHUJHWHLOWZHUGHQXPLQGLH1lKHGHU:LUNOLFKNHLW 0(/,25$7,21
]XNRPPHQ©6HLWH
ª>«@ZDUHQYLHUVFKZDU]H5DXFKVlXOHQGLHGDV.UHPD
WRULXP6WXQGHQDP7DJDXVVSLH'LHVHV%LOGNDQQQDWU
OLFKQLFKWJlQ]OLFKDOVEDUH0Q]HJHQRPPHQZHUGHQZHLO
]ZHL GHU .UHPDWRULHQ DX‰HU %HWULHE ZDUHQ XQG /XIWDXI
QDKPHQDXVGLHVHU=HLWNHLQH6SXUYRQ5DXFK]HLJHQ(VLVW
HLQH'LVNXVVLRQEHUGHQ:LGHUVSUXFK]ZLVFKHQGHU(ULQ
QHUXQJ GHU hEHUOHEHQGHQ XQG GHP XQEHVWUHLWEDUHQ

9II*ÂÂ-DKUJDQJÂ+HIW  
0HOLRUDWLRQ GHU ODQGZLUWVFKDIWOLFKH :DVVHUEDX (U KDW GLH
9HUEHVVHUXQJ GHU ODQGZLUWVFKDIWOLFK JHQXW]WHQ )OlFKHQ ]XP
=LHO 'LH 7LHIH GHV *UXQGZDVVHUVSLHJHOV IU PLWWOHUHQ :DV
VHUVWDQGXQWHU*HOlQGHK|KHZXUGHDQJHQRPPHQLQFP
± EHL:LHVHQELV
± EHL:HLGHQELV
± EHL$FNHUELV
± EHL*DUWHQODQG
 
11$'5,$ 

GHUVLQ(*DXVV+JDD2$QP
'DV*HELHWYRQ$XVFKZLW]JHK|UWHYRUGHP:HOWNULHJ]X  -HDQ&ODXGH 3UHVVDF $XVFKZLW] 7HFKQLTXH DQG 2SHUDWLRQ RI WKH *DV
&KDPEHUV%HDWH.ODUVIHOG)RXQGDWLRQ1HZ<RUN6
*DOL]LHQ HLQHP 7HLO GHU |VWHUUHLFKXQJDULVFKHQ 0RQDUFKLH 
 (EHQGD6
'LHVH KDWWH LKU +|KHQV\VWHP DXI 0HHUHVK|KH $GULD DXIJH 
 (EHQGD6

EDXWDQGLHVLHDQJUHQ]WH'LH%H]XJVK|KHOLHJWPXQWHU 
 (EHQGD6
11LQ'HXWVFKODQG  =$0

 -&3UHVVDFDD2$QP6

 %ODWW7<&+<%2-6=2:<
+LQZHLV 
 -&3UHVVDFDD2$QP6

:LU YHUZHQGHWHQ LQ GHU YRUOLHJHQGHQ 9HU|IIHQWOLFKXQJ IU  (EHQGD6

 (EHQGD6
=LWDWH GLH %HJULIIH GHV =HXJHQ XQG =HLW]HXJHQ :LU ZHLVHQ 
 6LHKH'&]HFKDD2$QP6XQG
MHGRFKGDUDXIKLQGD‰HVXQV OHLGHUQLFKWEHNDQQW LVWREGLH 
 =$0
YRQ XQV Z|UWOLFK ZLHGHUJHJHEHQHQ $XVVDJHQ GLH ZLU DXV 
 )LOLS 0OOHU 6RQGHUEHKDQGOXQJ 'UHL -DKUH LQ GHQ .UHPDWRULHQ XQG
GHPHQJOLVFKHQ7H[WEHUVHW]WHQVROFKHVLQGGLHYRURUGHQW *DVNDPPHUQYRQ$XVFKZLW]9HUODJ6WHLQKDXVHQ*PE+0QFKHQ

 -RKQ&%DOO$LU3KRWR(YLGHQFH%DOO5HVRXUFH6HUYLFHV/LPLWHG'HOWD
OLFKHQ *HULFKWHQ DEJHJHEHQ ZXUGHQ RGHU RE HV (UOHEQLVEH %&
ULFKWH YRQ =HLWJHQRVVHQ VLQG %HNDQQWOLFK XQWHUKlOW GDV $U 
 8GR :DOHQG\ ª:HLWHUJHKHQGH)RUVFKXQJ© +LVWRULVFKH 7DWVDFKHQ 1U
FKLYLQ$XVFKZLW]HLQHGHUDUWLJH6DPPOXQJ'LH%HZHUWXQJ 9HUODJIDU9RONVWXPXQG=HLWJHVFKLFKWVIRUVFKXQJ9ORWKR

GHU$XVVDJHQKlQJWVLFKHUGDYRQHQWVFKHLGHQGDE  -&3UHVVDFDD2$QP6

 'DEHL ZLUG GDV LP %RGHQ EHILQGOLFKH *UXQGZDVVHU ]XP (UVWDUUHQ JH
'DV YRP $SRWKHNHU -& 3UHVVDF YHUID‰WH %XFK $XVFKZLW] EUDFKWELVGDV)XQGDPHQWIHUWLJLVW
7HFKQLTXHDQG2SHUDWLRQRIWKHJDVFKDPEHUVDXVGHPZLU 
 -&3UHVVDFDD2$QP6
]LWLHUHQHQWKlOW±HQWJHJHQGHQLQZLVVHQVFKDIWOLFKHQ$UEHL 
 'U -DQ 6HKQ .RQ]HQWUDWLRQVODJHU $XVFKZLW]%LUNHQDX :\GDZQLFWZR
WHQEOLFKHQ*HSIORJHQKHLWHQ±NHLQH4XHOOHQQDFKZHLVHDXV 3UDZQLF]H:DUVFKDX6

 .ODXV :LOKHOP ª:HQQ GLH (ULQQHUXQJ HLQHV =HXJHQ WUJW© 'LH :HOW
GHQHQHLQH%HZHUWXQJP|JOLFKZlUH:LUVLQGQXUVLFKHUGD‰ 6
HV NHLQH VDFKYHUVWlQGLJHQ =HXJHQDXVVDJHQ VLQG GLH ZLU 
 8GR :DOHQG\ $XVFKZLW] LP ,*)DUEHQ3UR]H‰ 9HUODJ IU 9RONVWXP
ZLHGHUJHEHQ 
XQG=HLWJHVFKLFKWVIRUVFKXQJ9ORWKR6
:LUPVVHQELWWHQGLH%HULFKWHVHOEVW]XEHZHUWHQ XQGGDU  =$0

 +HLQ] %REHUDFK ,QYHQWDU DUFKLYDOLVFKHU 4XHOOHQ GHV 166WDDWHV 'LH
DXIKLQ ]X SUIHQ RE HV YRU *HULFKW EHHLGHWH $XVVDJHQ VHLQ hEHUOLHIHUXQJYRQ %HK|UGHQ XQG(LQULFKWXQJHQGHV 5HLFKV GHU /lQGHU
N|QQHQ XQG GHU 16'$3  %lQGH KJ YRP ,I= .* 6DXU 0QFKHQ O XQG
'LH9HUIDVVHU6HSWHPEHU 

  =$0

 -&3UHVVDFDD2$QP'RN
$QPHUNXQJHQ 
 =$0
 
 -&3UHVVDF'LH.UHPDWRULHQYRQ$XVFKZLW]'LH7HFKQLNGHV0DVVHQ  -&3UHVVDFDD2$QP6

PRUGHV53LSHU*PE+ &R.*0QFKHQ6  1DWLRQDO$UFKLYHV$LU3KRWR/LEUDU\5HI1R5*&DQ%

 0 *lUWQHU : 5DGHPDFKHU =XU (QWVWHKXQJVJHVFKLFKWH GHV .ULHJVJH H[S9,:DVKLQJWRQ'&

IDQJHQHQODJHUV $XVFKZLW]%LUNHQDX 9+2 %HUFKHP   6 $  +WWH'HV,QJHQLHXUV7DVFKHQEXFK%DQG,,,9HUODJ:(UQVW 6RKQ
VSLUDOJHK '0  (LQH (LQIKUXQJ GD]X ZLUG GHPQlFKVW LQ 9II* HU %HUOLQ6II

VFKHLQHQ  +LVWRULFN\XVWDY$UPDG\&HVNHUHSXEOLN\3UDJGLHGRUWLJHQ$UFKLYDOLHQ

 * 5XGROI *XWDFKWHQ EHU GLH %LOGXQJ XQG 1DFKZHLVEDUNHLW YRQ &\D VLQGOHLGHUELVKHUQLFKWPLW5HJLVWULHUQXPPHUQYHUVHKQZRUGHQ

QLGYHUELQGXQJHQ LQ GHQ µ*DVNDPPHUQ¶ YRQ $XVFKZLW] 6HOEVWYHUODJ  =$0XQG

6WXWWJDUWMHW]W5.DPPHUHU$6ROPV+J'DV5XGROI*XWDFK  =$0

WHQ&URPZHOO/RQGRQ6IHUKlOWOLFKEHL9+2  =$0


 *XWDFKWHQ 3URI -DJVFKLW] YRU GHP /DQGHVJHULFKW IU 6WUDIVDFKHQ :LHQ  =$0

LP9HUIDKUHQJHJHQ*HUG+RQVLN$]E9U*HULFKWVSURWR  =$0

NROO  =$0


 'LHVH ZXUGHQ WHLOZHLVH YRQ HLQHP YRQ XQV EHUHLWV DXIJHJULIIHQ :  -&3UHVVDFDD2$QP6

5DGHPDFKHUª'HU)DOO/IWO©LQ(*DXVV+J*UXQGODJHQ]XU=HLW  =$0HLQZHLWHUHV]XU=HLWOHLGHUQLFKWEHQHQQEDUHV'RNX
JHVFKLFKWH*UDEHUW7ELQJHQ6 PHQWOLHJWYRUXQGNDQQDXI$QIUDJH]XU9HUIJXQJJHVWHOOWZHUGHQ


 'DQXWD &]HFK ª.DOHQGDULXP GHU (UHLJQLVVH LP .RQ]HQWUDWLRQVODJHU  =$0

$XVFKZLW]%LUNHQDX© LQ +HIWH YRQ $XVFKZLW] 1U  XQG   ]%=$0

3DQVWZRZH0X]HXPZ2VZLHFLPLX$XVFKZLW]  /HLGHU KDW GDV =HQWUDODUFKLY LQ 0RVNDX YHUJHVVHQ GLHVHQ 3ODQ PLW GHU

 GLHV .DOHQGDULXP GHU (UHLJQLVVH LP .RQ]HQWUDWLRQVODJHU $XVFKZLW] $UFKLYQXPPHU]XYHUVHKHQ:LUELOGHQLKQGDKHUKLHULQ)DNVLPLOHDE

%LUNHQDX  5RZRKOW 9HUODJ *PE+ 5HLQEHN EHL +DPEXUJ  =$0

  $%& GHU 1DWXUZLVVHQVFKDIWHQ XQG GHU 7HFKQLN (EHUKDUG %URFNKDXV

 ' %UXJLRQL 5REHUW 3RLULHU 7KH +RORFDXVW UHYLVLWHG $ UHWURVSHFWLYH :LHVEDGHQ

DQDO\VLVRIWKH$XVFKZLW]%LUNHQDXH[WHUPLQDWLRQFRPSOH[:DVKLQJWRQ  =$0

'&  ,QGHP7PSHOVROOQDFK=HXJHQDXVVDJHQ]XPLQGHVWWHLOZHLVHGLH$VFKH

 =HQWUXP IU GLH $XIEHZDKUXQJ KLVWRULVFK GRNXPHQWDULVFKHU 6DPPOXQ GHU (UPRUGHWHQ YHUVHQNW ZRUGHQ VHLQ ZDV QRFK HLQHU 8QWHUVXFKXQJ
JHQ=$09LERUVNDMDXOW0RVNDX KDUUW


 -&3UHVVDFDD2$QP6II  =$0


 &DUOR 0DWWRJQR $XVFKZLW] 7KH (QG RI D /HJHQG $ &ULWLTXH RI - &  9ULM +LVWRULVFK 2QGHU]RHN ª%FKHUYHUEUHQQXQJ LQ 'HXWVFKODQG©
3UHVVDF,QVWLWXWHIRU+LVWRULFDO5HYLHZ1HZSRUW%HDFK&DGWLQ 9LHUWHOMDKUHVKHIWHIUIUHLH*HVFKLFKWVIRUVFKXQJ6I
+9HUEHNH+J$XVFKZLW]1DFNWH)DNWHQ9+2%HUFKHPYJO










  9II*ÂÂ-DKUJDQJÂ+HIW
 

'LHª*DVSUIHU©YRQ$XVFKZLW]
9RQ&DUOR0DWWRJQR
hEHUVHW]XQJDXVGHP,WDOLHQLVFKHQYRQ-UJHQ*UDI

(LQOHLWXQJ
'LH$XIIRUGHUXQJ3URI)DXULVVRQVLKPMHQVHLWVXQJODXEKDI
WHU =HXJHQDXVVDJHQ QXU HLQHQ HLQ]LJHQ %HZHLV IU GLH ([L
VWHQ] HLQHU 160HQVFKHQYHUQLFKWXQJVJDVNDPPHU LQ )RUP
PDWHULHOOHU6SXUHQRGHUGRNXPHQWDULVFKHU=HXJQLVVH]XSUl
VHQWLHUHQ UHVXOWLHUWH  LQ HLQH (UZLGHUXQJ GXUFK GHQ
IUDQ]|VLVFKHQ /DLHQIRUVFKHU -HDQ&ODXGH 3UHVVDF ,Q HLQHP
YROXPLQ|VHQ:HUNLQHQJOLVFKHU6SUDFKHSUlVHQWLHUWHHU ª
NULPLQHOOH 6SXUHQ© DOV ,QGL]LHQ IU GLHVH 0HQVFKHQJDVNDP 
PHUQ $OO GLHVH 6SXUHQ EHILQGHQ VLFK LQ ]HLWJHQ|VVLVFKHQ $EE  7HOHJUDPP GHU =HQWUDOEDXOHLWXQJ $XVFKZLW] DQ GLH
)LUPD 7RSI XQG 6|KQH YRP  $UFKLYXP 3DQVWZR
'RNXPHQWHQXQGEHLQKDOWHWHQDXIGLHHLQHRGHUDQGHUH:HLVH
ZHJR0X]HXP:2VZLHFLPLX%:6
GDV :RUW Ä*DV´ QLH DEHU PLW GHU H[SOL]LWHQ %HGHXWXQJ
Ä0HQVFKHQW|WXQJ´ (V ZDU GDKHU IU GLH 5HYLVLRQLVWHQ HLQ
/HLFKWHV 3UHVVDFV DQJHEOLFK NULPLQHOOH 6SXUHQ GXUFK GHQ
+LQZHLV DXI HLQH KDUPORVH %HGHXWXQJ GHV :RUWHV Ä*DV´
HWZD LP 6LQQH YRQ /lXVHW|WXQJ RGHU 6FKXW]PD‰QDKPHQ
JHJHQGHQ*DVNULHJ]XZLGHUOHJHQ
,QHLQHU-DKUHVSlWHULQGHXWVFKHUXQGIUDQ]|VLVFKHU6SUDFKH
SXEOL]LHUWHQ DNWXDOLVLHUWHQ =XVDPPHQIDVVXQJ VHLQHV HQJOL
VFKHQ:lO]HUVNDUWHWH3UHVVDFDOOHUGLQJVQDFKXQGSUlVHQWLHU
WHHLQELVKHU XQEHNDQQWHV'RNXPHQW'LHVHV 'RNXPHQWGHU
)LUPD 7RSI  6|KQH $EE  SUlVHQWLHUW 3UHVVDF DOV HLQH
$UW(LQJDQJVEHVWlWLJXQJHLQHV7HOHJUDPPVGDVGLH%DXOHL
WXQJYRQ$XVFKZLW]NXU]]XYRUDQGLHVH)LUPDJHVDQGWKDWWH
$EE$XFKDXVGLHVHQEHLGHQ'RNXPHQWHQHUJLEWVLFKLQ
NHLQHU :HLVH GD‰ KLHU GDV :RUW Ä*DV´ LQ EH]XJ DXI 0HQ
VFKHQW|WXQJHQ DQJHZHQGHW ZXUGH $OOHUGLQJV ZUGH GDV
]ZHLWH 'RNXPHQW GLH ELVKHU SODXVLEHOVWH UHYLVLRQLVWLVFKH
(UNOlUXQJ GHU %HGHXWXQJ GHV YRUDQJHJDQJHQHQ 7HOHJUDPPV
XQWHUJUDEHQLQGHPYRQ ª*DVSUIHUQ©GLH5HGHLVW:LH
:5DGHPDFKHUXQG&0DWWRJQREHUHLWVYRU-DKUHQEHOHJW
KDEHQ EH]HLFKQHW GLHVHU %HJULII 5DXFKJDVSUIHU ZLH VLH LQ
GHQ 5DXFK]JHQ YRQ )HXHUXQJVDQODJHQ HLQJHEDXW ZHUGHQ
6RZRKO GLH $Q]DKO GHU EHVWHOOWHQ *HUlWH  *HUlWH IU 
5DXFK]JH LQ GHQ .UHPDWRULHQ ,,  ,,, YRQ $XVFKZLW]
%LUNHQDX DOV DXFK GLH EHVWHOOHQGH )LUPD 7RSI  6|KQH
EDXWH.UHPDWRULXPV|IHQVWW]HQGLHVH7KHVH
,P  YRQ 3UHVVDF SXEOL]LHUWHQ $QWZRUWVFKUHLEHQ GHU )D
7RSI 6|KQHMHGRFKZLUGSO|W]OLFKYRQª$Q]HLJHJHUlWHQIU
%ODXVlXUH5HVWH© JHVSURFKHQ HLQHU :RUWQHXVFK|SIXQJ GLH
HLQHQ=XVDPPHQKDQJPLWGHQGDPDOVHUKlOWOLFKHQª*DVUHVW
QDFKZHLVJHUlWHQ IU =\NORQ© DQGHXWHW :lUH GLHVHV 'RNX
PHQW HFKW VR ZUGH GLHV DQGHXWHQ GD‰ GLH $XVFKZLW]HU
%DXOHLWXQJ*HUlWHDQIRUGHUWHPLWGHQHQLQGHQ.UHPDWRULHQ
,, ,,,%ODXVlXUHUHVWHQDFKJHZLHVHQZHUGHQVROOHQ2EGLHVH
%ODXVlXUHUHVWH DOOHUGLQJV YRQ 0HQVFKHQYHUJDVXQJHQ VWDP
PHQZlUHGDPLWQLFKWEHZLHVHQ
3URI%XW]KDWMQJVWGLH7KHVHYHUWUHWHQGD‰GHULP.UHPD
WRULXP ,, HUULFKWHWH 0OOYHUEUHQQXQJVRIHQ DOV P|JOLFKH
%ODXVlXUHTXHOOHXQGVRPLWDOV(LQVDW]RUWGLHVHU1DFKZHLVJH
UlWH DQ]XVHKHQ VHL (V VROO KLHU QXU DXI HLQH SODXVLEHO HU
VFKHLQHQGH (UZLGHUXQJ YRQ & 0DWWRJQR DXI %XW]¶ UHFKW
XQIXQGLHUWHU7KHVHKLQJHZLHVHQZHUGHQRKQHGD‰KLHUQlKHU
DXI GLHVH 'LVNXVVLRQ HLQJHJDQJHQ ZLUG %HUHLWV DQ DQGHUHU
6WHOOH ZXUGHQ HUKHEOLFKH =ZHLIHO DQ GHU $XWKHQWL]LWlW GHV
QHXHQ YRQ 3UHVVDF JHIXQGHQHQ 'RNXPHQWHV DQJHIKUW
(UJlQ]HQG VHL KLHU DXI ]ZHL VWLOLVWLVFKH 8QJHUHLPWKHLWHQ
9II*ÂÂ-DKUJDQJÂ+HIW  

$EE%ULHIGHU)LUPD7RSIXQG6|KQHDQGLH=HQWUDOEDXOHL
WXQJYRQ$XVFKZLW]YRP7VHQWU&KUDQHQLMD,VWRULNR
GRNXPHQWDO¶QLFK.ROOHNWVLL0RVNDX6
GLHVHV 6FKUHLEHQV KLQJHZLHVHQ GLH ]ZDU LVROLHUW EHWUDFKWHW
NHLQ %HZHLV IU HLQH )lOVFKXQJ VLQG LP *HVDPWELOG DEHU
XQVHUH6NHSVLVEH]JOLFKGHU$XWKHQWL]LWlWZHLWHUYHUVWlUNHQ
 ªGDVV©LVWIUHLQ6FKUHLEHQ HLQHUDOWHLQJHVHVVHQHQ(UIXU
WHU )LUPD UHFKW XQJHZ|KQOLFK 0DQ JULII ]X GLHVHU
6FKUHLEZHLVHLQ'HXWVFKODQGQXUZHQQHLQHPGDVĉ´DXI
GHU7DVWDWXUIHKOWH
 'LH )RUPXOLHUXQJ ªNRPPHQ ZLU ,KQHQ VRIRUW QlKHU© LVW
Y|OOLJHU 8QVLQQ EH]LHKW VLFK HLQH GHUDUWLJH )RUPXOLHUXQJ
GRFKQXUDXIHLQHN|USHUOLFKH$QQlKHUXQJ5LFKWLJPX‰HV
KHL‰HQÄNRPPHQZLUVRIRUWDXI6LH]X´
1DFKIROJHQGID‰W&0DWWRJQRGHQ6WDQGGHU'LVNXVVLRQXP
GLHVHV 'RNXPHQW ]XVDPPHQ GHVVHQ %HGHXWXQJ QLFKW XQWHU
VFKlW]W ZHUGHQ NDQQ ZXUGH HV GRFK LQ GHQ -DKUHQ 
YRQGHQ0HGLHQZLHDXFKYRQGHQRUWKRGR[HQ+LVWRULNHUQ]X
HLQHP6FKOVVHOGRNXPHQWIUGLH([LVWHQ]GHU0HQVFKHQJDV
NDPPHUQYRQ$XVFKZLW]HUKREHQ 9+2
'LH %DXOHLWXQJ HUKLHOW GHQ %ULHI DP  0lU] 'LHVHV 'R
NXPHQW EHZHLVW HLQGHXWLJ GDV 9RUKDQGHQVHLQ HLQHU *DV
NDPPHULP.UHPDWRULXP,,©
(VJLOWGDUDXIKLQ]XZHLVHQGD‰3UHVVDFLP2ULJLQDOWH[WNOLSS
XQG NODU YRQ HLQHU ªFKDPEUH j JD] KRPLFLGH© DOVR HLQHU
'LH'HXWXQJ-HDQ&ODXGH3UHVVDFV
'DV 6WXGLXP HLQHV 'RNXPHQWV NDQQ EOR‰ GDQQ ]X VLFKHUHQ
KLVWRULVFKHQ6FKOX‰IROJHUXQJHQIKUHQZHQQHVQLFKWQXULQ
JHVFKLFKWOLFKHP VRQGHUQ DXFK LQ GRNXPHQWDULVFKHP EUR
NUDWLVFKHPXQGXQWHU8PVWlQGHQLQWHFKQLVFKHP=XVDPPHQ
KDQJJHVHKHQ ZLUG(LQHXQJHQJHQGH.HQQWQLVGHV=XVDP
ª0HQVFKHQW|WXQJVJDVNDPPHU©VSULFKW
,QVHLQHPHUVWHQ:HUNZLUIW3UHVVDFGHUGHQLQHLQHP7HOH
JUDPPGHU =HQWUDOEDXOHLWXQJ YRP)HEUXDUILJXULH
UHQGHQ$XVGUXFNª*DVSUIHU©PLWªJDVGHWHFWRUV©EHUVHW]W
GD]XHLQHlX‰HUVWZLFKWLJH)UDJHDXI
ª'DGLH3URGXNWLRQGHU)LUPD7RSIKDXSWVlFKOLFK.RFKJH
PHQKDQJV RGHU GLH LUUWPOLFKH +HUVWHOOXQJ HLQHV VROFKHQ UlWH .HVVHO %RWWLFKH XVZ PHWDOOHQH /HLWXQJHQ XQG %H
IKUHQ XQYHUPHLGOLFK ]X HLQHU 9HU]HUUXQJ GHU HLJHQWOLFKHQ KlOWHU9HQWLODWRUHQ5|KUHQ*HWUHLGHVLORVXVZVRZLHGLH
$XVVDJHGHV 'RNXPHQWV XQG ]XHLQHP IDOVFKHQ9HUVWlQGQLV
GHULKPLQQHZRKQHQGHQ3UREOHPDWLN
(LQ0XVWHUEHLVSLHOIUHLQGHUDUWLJHVPHWKRGRORJLVFKIHKOHU
KDIWHV9RUJHKHQOLHIHUW-HDQ&ODXGH3UHVVDFEHLVHLQHU,QWHU
SUHWDWLRQ GHU EHLGHQ 'RNXPHQWH ZHOFKH VLFK DXI GLH
ª*DVSUIHU©YRQ$XVFKZLW]EH]LHKHQ
,QVHLQHP%XFK'LH.UHPDWRULHQYRQ$XVFKZLW]VFKUHLEWHU
ª6REDOG 0HVVLQJV 0RQWDJHDUEHLWHQ ZHLW JHQXJ YRUDQJH
VFKULWWHQZDUHQVDQGWHGLH%DXOHLWXQJDP)HEUXDUHLQ
7HOHJUDPPDQGLH7RSILQGHPVLHXPGLHVRIRUWLJH=XVHQ
GXQJYRQ]HKQ*DVSUIHUQIUGDV%DXZHUN.UHPDWR
GD]XJHK|ULJHQ (LQ]HOWHLOH )lFKHU 9HQWLOH +lKQH XVZ
XQG QDWUOLFK .UHPDWRULXPV|IHQ XPID‰WH VWHOOWH VLH NHLQH
*DVSUIHUKHUZHLOGLHVH*HUlWHJlQ]OLFKDX‰HUKDOELKUHV
3URGXNWLRQVEHUHLFKVODJHQXQGPX‰WHVROFKH]ZDQJVOlXILJ
EHL HLQHU DQGHUHQ =LYLOILUPD EHVWHOOHQ :HVKDOE EHGLHQWH
VLFK GLH 66 GDQQ GHU )LUPD 7RSI DOV 9HUPLWWOHULQ DQVWDWW
VLFK GLUHNW DQ HLQHQ DXI VROFKH $SSDUDWH VSH]LDOLVLHUWHQ
/LHIHUDQWHQ]XZHQGHQ"
'LH$QWZRUWLVWZRKOGD‰PDQDXIGLHVHP:HJHSHLQOLFKH
)UDJHQRGHU6FKOX‰IROJHUXQJHQYHUPHLGHQZROOWHGLHYLHO
OHLFKWHQWVWDQGHQZlUHQKlWWHHLQH=LYLOILUPDGLHEHUGLH
ULXP,,EDW'LH66ZROOWHSUIHQREGLHQHXH/IWXQJVOHL
VWXQJ LP /HLFKHQNHOOHU  GLH XUVSUQJOLFK IU HLQHQ /HL
FKHQUDXPYRUJHVHKHQH$XVVWDWWXQJ±GKHLQHKRKH%HOI
WXQJVOHLVWXQJ XQGHLQHQLHGULJH(QWOIWXQJVOHLVWXQJ ±DXV
JOHLFKHQ ZUGH 'HQQ EHL HLQHU 9HUZHQGXQJ DOV *DVNDP
PHU PX‰WH GLHVH $XVVWDWWXQJ XPJHNHKUW VHLQ DOVR HLQH
QLHGULJH%HOIWXQJVXQGHLQHKRKH(QWOIWXQJVOHLVWXQJ©
(KH ZLUIRUWIDKUHQ PVVHQ ZLUHLQH3Ul]LVLHUXQJDQEULQJHQ
XP 3UHVVDF *HUHFKWLJNHLW ZLGHUIDKUHQ ]X ODVVHQ XQG VHLQH
$UJXPHQWDWLRQYHUVWlQGOLFK]X PDFKHQ'LH XQVLQQLJHQ6lW
]H GLH LFK KHUYRUJHKREHQ KDEH EHUXKHQ DXI HLQHP NUDVVHQ
0L‰YHUVWlQGQLVGHUEHLGHQhEHUVHW]HULQQHQGHVIUDQ]|VLVFKHQ
2ULJLQDOV3UHVVDFVSULFKWQlPOLFKYRQHLQHUªDpUDWLRQKDXWH
HWGpVDpUDWLRQEDVVH©XQGXPJHNHKUWZDVEHGHXWHWGD‰GLH
/IWXQJ E]Z GLH (QWOIWXQJ LP EHWUHIIHQGHQ 5DXP REHQ
RGHU XQWHQ GXUFKJHIKUW ZLUG ,FK ZHUGH VSlWHU QRFK DXI
GLHVHQ3XQNW]XUFNNRPPHQ
3UHVVDFIlKUWIRUW
ª6DQGHU XQG 3UIHU VFKLFNWHQ DP  0lU] IROJHQGHV $QW
ZRUWVFKUHLEHQ
Ä(UIXUWGHQ
%HWULIIW .UHPDWRULXP>,,@
 *DVSUIHU
:LUEHVWlWLJHQGHQ(LQJDQJ,KUHV7HOHJUDPPVODXWHQG
Ã$EVHQGHW VRIRUW  *DVSUIHU ZLH EHVSURFKHQ .RVWHQ
DQJHERWVSlWHUQDFKUHLFKHQµ
+LHU]X WHLOHQ ZLU ,KQHQ PLW GD‰ ZLU EHUHLWV YRU  :R
ªVSH]LHOOHQ$NWLYLWlWHQ©GHV/DJHUV$XVFKZLW]QLFKWXQWHU
ULFKWHW ZDU HLQHQ VROFKHQ $XIWUDJ HUKDOWHQ $QGHUVHLWV
EUDXFKWH PDQ EHLP *HVFKlIWVYHUNHKU PLW 3UIHU GHU
VFKOLH‰OLFK WHFKQLVFKHU %HUDWHU IU GLH .UHPDWRULHQ ZDU
NHLQHUOHLGHUDUWLJHQ%HGHQNHQ]XKHJHQ©
/DXW3UHVVDFJLQJGLH*HVFKLFKWHZLHIROJWDXV
ª$P0lU]WHVWHWHQ6FKXOW]HXQG0HVVLQJHWZD6WXQ
GHQODQJGLH%HXQG(QWOIWXQJGHU*DVNDPPHUYRQ.UH
PDWRULXP ,, 2IIHQVLFKWOLFK IXQNWLRQLHUWH GLH $QODJH QRFK
QLFKW HLQZDQGIUHL GD 0HVVLQJ GRUW DP  ZHLWHUH HOI
6WXQGHQXQGDPQRFKHLQPDOIQI]HKQ6WXQGHQDUEHLWH
WH(VZXUGHQ9HUVXFKHQDFKYRUKHULJHP(LQZXUIYRQ=\
NORQ % JHPDFKW 'DV 0HVVHQ GHU %ODXVlXUH5FNVWlQGH
ZXUGH DQVFKHLQHQG GXUFK HLQ FKHPLVFKHV 9HUIDKUHQ XQG
QLFKW PLW GHQ *DVSUIHUQ HUPLWWHOW >VLF 'HU VSUDFKOLFKH
6FKQLW]HUJHKW]X/DVWHQGHUhEHUVHW]HULQQHQ@GDGLHVH]X
VSlW EHVWHOOW ZRUGHQ ZDUHQ XP QRFK UHFKW]HLWLJ JHOLHIHUW
ZHUGHQ]XN|QQHQ©
,QGHQIROJHQGHQ'DUOHJXQJHQ±ZHOFKHPHLQHEHUHLWVLQGHU
6WXGLH$XVFKZLW]/DSULPDJDVD]LRQHDQJHVWHOOWHQ%HWUDFK
WXQJHQDXIJUHLIHQXQGYHUYROOVWlQGLJHQ±JHGHQNHLFKHLQHU
VHLWV QDFK]XZHLVHQ GD‰ 3UHVVDFV 'HXWXQJ KLVWRULVFK XQEH
JUQGHW XQG WHFKQLVFK DEHUZLW]LJ LVW XQG DQGHUHUVHLWV HLQH
DOWHUQDWLYH'HXWXQJ]XOLHIHUQGLHVLFKPLWGHPKLVWRULVFKHQ
XQG WHFKQLVFKHQ +LQWHUJUXQG YRU ZHOFKHP GLH 'RNXPHQWH
]XVHKHQVLQG]ZDQJORVLQ(LQNODQJEULQJHQOl‰W
FKHQ EHL  YHUVFKLHGHQHQ )LUPHQ GLH YRQ ,KQHQ JH
ZQVFKWHQ $Q]HLJHJHUlWH IU %ODXVlXUH5HVWH DQJHIUDJW
KDEHQ9RQ)LUPHQKDEHQZLU$EVDJHQEHNRPPHQXQG
YRQZHLWHUHQVWHKWHLQH$QWZRUWQRFKDXV
:HQQ ZLU LQ GLHVHU $QJHOHJHQKHLW 0LWWHLOXQJ HUKDOWHQ
NRPPHQZLU,KQHQVRIRUWQlKHUGDPLW6LHVLFKPLWHLQHU
)LUPDGLHGLHVH*HUlWHEDXWLQ9HUELQGXQJVHW]HQN|Q
QHQ
+HLO+LWOHU
'HU9HUZHQGXQJV]ZHFNGHUª*DVSUIHU©
3UHVVDFV (UNOlUXQJ LVW WHFKQLVFK IDOVFK XQG KLVWRULVFK XQEH
JUQGHW 6HLQH 9RUVWHOOXQJ GD‰ HLQ (QWOIWXQJVV\VWHP YRQ
XQWHQ IU HLQH %ODXVlXUHJDVNDPPHU XQSDVVHQG VHL HQWEHKUW
MHJOLFKHU WHFKQLVFKHU *UXQGODJH ,Q GHU 7DW LVW GLH $QVDXJ
|IIQXQJ LQ GHQ 6FKHPHQ GHU (QWODXVXQJVNDPPHUQ PLW '(
*(6&+.UHLVODXIDQRUGQXQJ PDOLPREHUHQ PDOLP XQWHUHQ
7HLOH GHU *DVNDPPHU DQJHEUDFKW GLH 4XDOLWlW GHU (QWOI
WXQJ KlQJW OHGLJOLFK YRQ GHU 6WlUNH GHU 9HQWLODWRUHQ GHU
SHUSURNXUDL9 HQWOIWHQGHQZLHGHUEHOIWHQGHQDE$EHUVHOEVWZHQQHLQH
6DQGHU  3UIHU´ (QWOIWXQJYRQREHQIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQHLQHU

  9II*ÂÂ-DKUJDQJÂ+HIW
 

%ODXVlXUHJDVNDPPHU XQHQWEHKUOLFK ZlUH HUZLHVH VLFK 3UHV

VDFV 'HXWXQJ LPPHU QRFK DOV XQULFKWLJ ZHLO GDV 9HQWLODWL
RQVV\VWHPGHV/HLFKHQNHOOHUXPJHNHKUWLQVWDOOLHUWZDUGLH
%HOIWXQJ ZXUGH XQWHQ XQG GLH (QWOIWXQJ REHQ GXUFKJH
IKUW 'LH (QWVFKHLGXQJ ]XU 8PVWHOOXQJ GHU 9HQWLODWRUHQ
ZXUGH ± ZDV 3UHVVDF RIIHQEDU QLFKW ZHL‰ ± YRQ GHU )LUPD
7RSI LP 0DL  JHIlOOW DOVR HLQ SDDU 0RQDWH YRU GHU
DQJHEOLFKHQ (QWVFKHLGXQJ GHU =HQWUDOEDXOHLWXQJ ]XU 8PJH
VWDOWXQJGHV/HLFKHQNHOOHULQHLQH+LQULFKWXQJVJDVNDPPHU
'LH =HQWUDOEDXOHLWXQJ NRQQWH GHPQDFK XQP|JOLFK EHDEVLFK
WLJHQPLWWHOVª*DVSUIHUQ©]XXQWHUVXFKHQREGDV/IWXQJV
V\VWHP GHV /HLFKHQNHOOHUV  IU HLQH 0HQVFKHQYHUJDVXQJ
EUDXFKEDU ZDU ZHLO VLH VHOEVW EHUHLWV LP 0DL  GLH 8P
VWHOOXQJGHV/IWXQJVV\VWHPVEHVFKORVVHQKDWWH
'RFK ZHVKDOE EHVWHOOWH GLH =HQWUDOEDXOHLWXQJ GDQQ GLH 
*DVSUIHU":R]XGLHQWHQVLH" $EE)RWRJUDILHHLQHV*DVUHVWQDFKZHLVJHUlWHVIU=\NORQ
3UHVVDFV %HKDXSWXQJ ZRQDFK ªGDV 0HVVHQ GHU %ODXVlXUH JHIXQGHQYRQGHQ6RZMHWVLQ$XVFKZLW]$UFKLZXP3DQVWZR
5FNVWlQGHDQVFKHLQHQGGXUFKHLQFKHPLVFKHV9HUIDKUHQXQG ZHJR0X]HXPZ2VZLHFLPLXQUQHJ
QLFKW PLW GHQ *DVSUIHUQ© GXUFKJHIKUW ZRUGHQ VHL LVW EHGHXWHWGLHVGD‰OHW]WHUHQNHLQFKHPLVFKHV6\VWHP]XJUXQ
JOHLFKIDOOV XQIXQGLHUW XQG ]ZDU VRZRKO KLVWRULVFK DOV DXFK GHODJXQGVLHVRPLWDXFKQLFKWIUGLH*DVUHVWSUREHYHUZHQ
WHFKQLVFK(LQHUVHLWVJLEWHVQlPOLFKNHLQHLQ]LJHV'RNXPHQW GHWZHUGHQNRQQWHQ
LQ GHP YRQ HLQHP Ä0HVVHQ GHU %ODXVlXUH5FNVWlQGH´ GLH 7DWVlFKOLFKODXWHWHGHUWHFKQLVFKH)DFKDXVGUXFNIUHLQ*HUlW
5HGHZlUHDQGHUHUVHLWVNRQQWHGLH*DVUHVWSUREHDXVVFKOLH‰ ]XU'XUFKIKUXQJGHU*DVUHVWSUREHZHGHUª*DVSUIHU©QRFK
OLFK GXUFK HLQ FKHPLVFKHV 9HUIDKUHQ HUIROJHQ QlPOLFK PLW ª$Q]HLJHJHUlW IU %ODXVlXUHUHVWH© VRQGHUQ ª*DVUHVWQDFK
GHP YRQ 3HUWXVL XQG *DVWDOGL HQWZLFNHOWHQ XQG YRQ 6LHYHUW ZHLVJHUlWIU=\NORQ©YJO$EE
XQG+HUPVGRUIYHUYROONRPPQHWHQ 6\VWHP:HQQDOVRODXW %HLGLHVHP*HUlWKDQGHOWHHVVLFKNHLQHVIDOOVXPHLQ,QVWUX
3UHVVDF GLH *DVUHVWSUREH ªGXUFK HLQ FKHPLVFKHV 9HUIDKUHQ© PHQWVRQGHUQXPHLQH.LVWHGLHPHKUHUHFKHPLVFKH3URGXN
XQG QLFKW ªPLW GHQ *DVUHVWSUIHUQ© GXUFKJHIKUW ZXUGH WHHQWKLHOWYJO$EE(LQHRIIL]LHOOH6FKULIWGHU:DIIHQ66
OLHIHUWGD]XDXVIKUOLFKH(UNOlUXQJHQ

ª*DVUHVWQDFKZHLV
'LH 3UIXQJ HUIROJW GXUFK GHQ 'XUFKJDVXQJVOHLWHU RGHU
VHLQHQ%HDXIWUDJWHQPLWWHOVGHUYRUJHVFKULHEHQHQ*DVUHVW
QDFKZHLVDXVUVWXQJQDFK3HUWXVLXQG*DVWDOGL
'LHVHHQWKlOW
KHOOHV)OlVFKFKHQPLW/|VXQJ,J.XSIHUD]HWDWLQ
O:DVVHU
EUDXQHV)OlVFKFKHQPLW/|VXQJ,,FFPEHL=LPPHU
WHPSHUDWXUJHVlWWLJWH%HQ]LGLQD]HWDWO|VXQJPLW:DVVHUDXI
/LWHUDXIJHIOOW
 5|KUFKHQ PLW &DOFLXPF\DQLG XQG .RUNVWRSIHQ
3UIU|KUFKHQ
5|KUFKHQPLW.RUNVWRSIHQ]XU$XIEHZDKUXQJDQJHIHXFK
WHWHU3DSLHUVWUHLIHQ
KHOOHV5|KUFKHQPLW3XOYHUIU/LWHU/|VXQJ,
EUDXQHV5|KUFKHQPLW3XOYHUIU/LWHU/|VXQJ,,
 DPWOLFK DEJHVWHPSHOWHV )DUEWlIHOFKHQ )OLH‰SDSLHUVWUHL
IHQ1UYRQ6FKOHLFKHU6FKOO'UHQ
*HEUDXFKVDQZHLVXQJIUGDV*DVUHVWQDFKZHLVJHUlW
0LVFKJHIl‰PLWJOHLFKHQ7HLOHQGHU/|VXQJ,XQG,,IOOHQ
6WRSIHQDXIVHW]HQXQGGXUFKVFKWWHOQ(LQLJH)OLHVVSDSLHU
VWUHLIHQ ELV ]XU +lOIWH LQ GLH 0LVFKIOVVLJNHLW HLQWDXFKHQ
'XUFK(LQWDXFKHQLQGDV3UIU|KUFKHQPLW&DOFLXPF\DQLG
EHUSUIHQREGLH0LVFKIOVVLJNHLWDXI%ODXVlXUHUHDJLHUW
%ODXIlUEXQJ)DOOV%ODXIlUEXQJHLQWULWWLVWPLWZHLWHUHQ
JHWUlQNWHQ )OLH‰SDSLHUVWUHLIHQ GHU EHUHLWV JHOIWHWH 5DXP
GXUFK]XSUIHQ 'LHVH $UEHLW ZLUG PLW *DVPDVNH DXVJH
IKUW 7ULWW MHZHLOV QDFK ]HKQ 6HNXQGHQ NHLQH VWlUNHUH
%ODXIlUEXQJ DOV GHU XQWHUH VFKZlFKVWH )DUEWRQ LQ GHU
 )DUEWDIHOHLQVRNDQQGHU5DXPXQEHGHQNOLFKIUHLJHJHEHQ
$EE%ULHIGHU)LUPD7HVFKXQG6WDEHQRZDQGLH9HUZDO ZHUGHQ $QGHUQIDOOV LVW HUQHXW ]X OIWHQ XQG GLH 3UIXQJ
WXQJGHV.*//XEOLQYRP$UFKLZXP3DQVWZRZHJR DQVFKOLH‰HQG]XZLHGHUKROHQ
0X]HXPQD0DMGDQNXV\JQ,G'G6

9II*ÂÂ-DKUJDQJÂ+HIW  
 'LH+HUVWHOOXQJGHU/|VXQJHQ,XQG,,HUIROJWDXIIROJHQGH $P  )HEUXDU WHLOWH %LVFKRII XQWHU +LQZHLV DXI GHQ %ULHI
:HLVH 'HU ,QKDOW HLQHV EUDXQHQ IU /|VXQJ , XQG HLQHV YRPGHVVHOEHQ0RQDWVPLWGD‰
KHOOHQ5|KUFKHQVIU/|VXQJ,,ZLUGLQMHHLQHPKDOEHQ/L
WHUGHVWLOOLHUWHQ:DVVHUDXIJHO|VWXQGGLH/|VXQJDEILOWULHUW
/|VXQJHQLQGHQHQVLFKHLQ%RGHQVDW]]HLJWVLQGXQEUDXFK
EDUXQGZHJ]XJLH‰HQ'LH0LVFKXQJGHU/|VXQJHQ,XQG,,
GDUIHUVWXQPLWWHOEDUYRUGHU3UIXQJVWDWWILQGHQ
'LH)DUEWlIHOFKHQVLQGQDFKIQI-DKUHQ]XHUQHXHUQ
:HQQ QDFK VRUJIlOWLJHU 'XUFKIKUXQJ GHU *DVUHVWSUREH
DXFK]ZLVFKHQEHUHLQDQGHUJHOHJHQHQ*HJHQVWlQGHQNHLQH
6SXUHQYRQ%ODXVlXUHPHKUIHVWJHVWHOOWZHUGHQN|QQHQVR
GDUIGDV*HElXGHHQGJOWLJIUHLJHJHEHQZHUGHQLPDQGH
UHQ )DOO LVW ZLHGHU ]X OIWHQ XQG GLH 3UREH ]X ZLHGHUKR
OHQ©
ª>«@ GLH (QWZHVXQJ GHU +lIWOLQJH GXUFKJHIKUW XQG GLH
$UEHLWHQDP,,ZLHGHUDXIJHQRPPHQZXUGHQ©
$P  )HEUXDU VFKLOGHUWH GHU 666WDQGRUWDU]W YRQ $X
VFKZLW]LQHLQHP6FKUHLEHQDQGHQ&KHIGHV$PWHV',,,GHV
66:9+$GLHLP /DJHU KHUUVFKHQGHQ =XVWlQGH PLW IROJHQ
GHQ:RUWHQ
ª:LH EHUHLWV EHULFKWHW LVW QDFKGHP LQ GHQ 0RQDWHQ 1R
YHPEHUXQG'H]HPEHUGLH)OHFNILHEHUHSLGHPLHLP./$X
VFKZLW]SUDNWLVFKHUORVFKHQZDUGXUFKGLHDXVGHP2VWHQ
HLQJHWURIIHQHQ7UDQVSRUWHHUQHXWHLQ$QVWLHJGHU)OHFNILH
EHUHUNUDQNXQJHQ VRZRKO EHL GHQ +lIWOLQJHQ GHV ./ $X
VFKZLW] DOV DXFK EHL GHQ 7UXSSHQDQJHK|ULJHQ HUIROJW
7URW] GHU VRIRUW HUIROJWHQ %HNlPSIXQJVPD‰QDKPHQ OLH‰
'HUKLVWRULVFKH+LQWHUJUXQG
'DV7HOHJUDPPGHU=HQWUDOEDXOHLWXQJIlOOWLQHLQHQ=HLWUDXP
ZR GLH )OHFNILHEHUHSLGHPLH GLH $QIDQJ -XOL  LQ $X
VFKZLW]DXVJHEURFKHQZDUZLHGHUIXUFKWHUUHJHQGH$XVPDVVH
DQQDKP
$P  )HEUXDU  HUOLH‰ GHU 6WDQGRUWlOWHVWH GHV /DJHUV
662EHUVWXUPEDQQIKUHUXQG.RPPDQGDQW5XGROI+|‰GHQ
VLFK ELV KHXWH HLQ UHVWORVHV (UO|VFKHQ GHU )OHFNILHEHUHU
NUDQNXQJHQQLFKWHUUHLFKHQ©
'HU 666WDQGRUWDU]W SODQWH GLH 'XUFKIKUXQJ HLQVFKQHLGHQ
GHU0D‰QDKPHQ]XUHQGJOWLJHQ$XVPHU]XQJGHU6HXFKHGLH
ZHLWEHUHLQHDOOJHPHLQH(QWZHVXQJKLQDXVJLQJHQ
ª0LW $XVQDKPH GHU ZHQLJHQ OHEHQVZLFKWLJHQ .RPPDQGRV
(UQlKUXQJVEHWULHEH ODQGZLUWVFKDIWOLFKH $UEHLWHU LQ GHU
6WDQGRUWEHIHKO 1U  LQ GHP HU DOO VHLQHQ 8QWHUJHEHQHQ
IROJHQGH$QZHLVXQJHUWHLOWH
ª$XI %HIHKO GHV $PWVJUXSSHQFKHIV ' 66%ULJDGHIKUHU
XQG *HQHUDOPDMRU GHU :DIIHQ66 *OFNV LVW EHU GDV ./
$XVFKZLW] HUQHXW HLQH YROOVWlQGLJH /DJHUVSHUUH YHUKlQJW
'HUPLW)6EHUPLWWHOWH%HIHKOGHV$PWVJUXSSHQFKHIVODX
WHW XD ZLH IROJW Ä:HJHQ HUK|KWHQ $XIWUHWHQV YRQ )OHFN
ILHEHUIlOOHQPVVHQGLHELVKHUJHQHKPLJWHQ/RFNHUXQJHQLQ
GHU8UODXEVHUWHLOXQJZLHGHUDXIJHKREHQZHUGHQ´©
$P  )HEUXDU VDQGWH 666WXUPEDQQIKUHU .DUO %LVFKRII
/HLWHU GHU =HQWUDOEDXOHLWXQJ HLQHQ %ULHI DQ GHQ $PWVJUXS
SHQFKHIGHV66:9+$66%ULJDGHIKUHUXQG*HQHUDOPDMRU
GHU:DIIHQ66+DQV.DPPOHUXPLKQEHUGHQYRQ*OFNV
HUODVVHQHQ%HIHKO]XXQWHUULFKWHQ%LVFKRIVFKULHE
ª,QIROJH VWDUNHQ $QVWHLJHQV YRQ )OHFNILHEHUHUNUDQNXQJHQ
EHL GHU :DFKWUXSSH ZXUGH DP  )HEUXDU GXUFK 66
%ULJDGHIKUHUXQG*HQHUDOPDMRUGHU:DIIHQ66*OFNVGLH
WRWDOH/DJHUVSHUUHEHUGDV./$XVFKZLW]YHUKlQJW
9LHKYHUVRUJXQJ XQG %URSHUVRQDO ZlUH GHU JHVDPWH $U
EHLWVHLQVDW]LQGHQJUR‰HQ/DJHUQGHV./$XVFKZLW]QlP
OLFK6WDPPODJHU0./XQG)./%LUNHQDXXQG.*/%DXDE
VFKQLWWIUGLH'DXHUYRQ:RFKHQ]XVSHUUHQ,QGLHVHU
=HLWZLUG]ZHLPDOLJHJUQGOLFKH(QWODXVXQJXQG(QWZHVXQJ
GLHVHU /DJHU GXUFKJHIKUW VR GD‰ QDFK %HHQGLJXQJ GHU 
Z|FKLJHQ 4XDUDQWlQH]HLW YRQ HLQHU 9HUODXVXQJ GHV /DJHUV
QLFKWPHKUJHVSURFKHQZHUGHQNDQQXQGGLH*HIDKUQHXHUOL
FKHU)OHFNILHEHUHUNUDQNXQJHQEHVHLWLJWLVW©
$P7DJGDQDFKDOVRGHP)HEUXDUVDQGWHGLH=HQ
WUDOEDXOHLWXQJIROJHQGHVRIW]LWLHUWH7HOHJUDPPDQGLH)LUPD
7RSI
ª$EVHQGHWVRIRUW*DVSUIHUZLHEHVSURFKHQ.RVWHQDQ
JHERWVSlWHUQDFKUHLFKHQ©
)DOOVHVVLFKEHLGLHVHQ*DVSUIHUQWDWVlFKOLFKª$Q]HLJHJHUl
WHIU%ODXVlXUH5HVWH©JHKDQGHOWKlWWHZlUHGLH$QIUDJHGHU
=HQWUDOEDXOHLWXQJ YLHO HKHU YRU HLQHP UHDOHQ +LQWHUJUXQG
QlPOLFK GHP HLQHU LP JDQ]HQ /DJHU PLWWHOV %ODXVlXUH =\
,P =XVDPPHQKDQJ GDPLW ZHUGHQ VHLW GHP  VlPWOLFKH
+lIWOLQJHHQWZHVWXQGGUIHQGDV/DJHUQLFKWYHUODVVHQZDV
]XU)ROJHKDWGD‰GLH%DXZHUNHDQGHQHQYRUZLHJHQG+lIW
OLQJHHLQJHVHW]WZDUHQVWLOOJHOHJWZHUGHQPX‰WHQ
'LH :LHGHUDXIQDKPH GHU $UEHLWHQ ZLUG GXUFK GLH =HQ
WUDOEDXOHLWXQJJHPHOGHW©
,P$QVFKOX‰DQGHQ%ULHIYRP9RUWDJHWHLOWH%LVFKRIIDP
)HEUXDUGHP&KHIGHU+DXSWDEWHLOXQJ &9,GHV 66:9+$
666WDQGDUWHQIKUHU(LUHQVFKPDO]PLWGD‰
ª>«@ VLFK LPPHU PHKU GLH )lOOH KlXIHQ GD DXFK =LYLODU
EHLWHU DQ )OHFNILHEHU HUNUDQNHQ hEHU GLHMHQLJHQ =LYLODU
EHLWHU GLH PLW GHQ (UNUDQNWHQ EHLVDPPHQ ZRKQWHQ ZLUG
UHJHOPl‰LJYRP6WDQGRUWDU]WHLQHGUHLZ|FKLJH4XDUDQWlQH
YHUKlQJW©
,P 6WDQGRUWEHIHKO 1U  YRP  )HEUXDU OHJWH +|‰ GLH
NORQ % EHNlPSIWHQ )OHFNILHEHUHSLGHPLH ]X VHKHQ DOV YRU
HLQHP UHLQ K\SRWKHWLVFKHQ QlPOLFK GHU ,QVWDOOLHUXQJ HLQHU
0HQVFKHQW|WXQJVJDVNDPPHULP/HLFKHQNHOOHUGHV.UHPD
WRULXP,, ,FK VSUHFKH YRQ HLQHP UHLQ K\SRWKHWLVFKHQ
+LQWHUJUXQGZHLOGDV6FKUHLEHQGHU)LUPD7RSIYRP0lU]
 IU VLFK DOOHLQ JHVHKHQ EHUKDXSW NHLQH %HZHLVNUDIW
EHVLW]W ZLH LFK DQ DQGHUHU 6WHOOH EHUHLWV KHUYRUJHKREHQ KD
EH 3UHVVDF ÄEHOHJW´ VHLQH %HKDXSWXQJHQ LQGHP HU GLH
6FKOX‰IROJHUXQJ XQEHZLHVHQ YRUZHJQLPPW 'LH ª*DVSU
IHU©KDWWHQHLQHNULPLQHOOH)XQNWLRQZHLOHVLP.UHPDWRULXP
,,HLQH*DVNDPPHUJDEDQGHUHUVHLWVJDEHVLP.UHPDWRULXP
,, HLQH *DVNDPPHU ZHLO GLH ª*DVSUIHU© HLQH NULPLQHOOH
)XQNWLRQKDWWHQ
'HU KLVWRULVFKH +LQWHUJUXQG ZUGH DOVR 5REHUW )DXULVVRQV
'HXWXQJEHVWlWLJHQGHU]XIROJHGLHVHYHUPXWOLFKHQZLHLFK
*UHQ]HQ GHV 6SHUUJHELHWV JHQDX IHVW XQG OHLWHWH GLH $QZHL
VXQJHQGHV666WDQGRUWDU]WHVZHLWHU
ª(QWODXVXQJHQZHUGHQLPXQPLWWHOEDUHQ(LQYHUQHKPHQPLW
GHP 666WDQGRUWDU]W GXUFKJHIKUW >@ 'LH $QRUGQXQJHQ
GHV 666WDQGRUWDU]WHV KLQVLFKWOLFK GHU (QWZHVXQJ GHU %H
UHLWVFKDIW EHL 7UDQVSRUWHQ VLQG JHQDXHVWHQV GXUFK]XIK
UHQ©
KLQ]XIJH ª$Q]HLJHJHUlWH© IU GLH URXWLQHPl‰LJHQ (QWZH
VXQJHQGHV.UHPDWRULXPV9HUZHQGXQJIDQGHQ=XU8QWHU
PDXHUXQJ GLHVHU 'HXWXQJ N|QQWH PDQ KLQ]XIJHQ GD‰ JH
Pl‰ GHQ $QRUGQXQJHQ GHV 666WDQGRUWDU]WHV GLH  (QGH
)HEUXDULP.UHPDWRULXP,,DQJHVWHOOWHQ+lIWOLQJHLKUH
$UEHLW HUVW QDFK HLQHU 0DQQ(QWZHVXQJ VRZLH QDFK HLQHU
(QWZHVXQJ GHV $UEHLWVSODW]HV ZLHGHU DXIQHKPHQ GXUIWHQ

  9II*ÂÂ-DKUJDQJÂ+HIW

ZREHLHVVLFKEHLGLHVHP$UEHLWVSODW]HEHQXPGDV.UHPDWR
ULXP,,KDQGHOWH 
.XU] JHVDJW $XFK ZHQQ 3UHVVDF YRQ NRUUHNWHQ 9RUDXVVHW
]XQJHQ DXVJLQJH ZlUHQ VHLQH 6FKOX‰IROJHUXQJHQ KLVWRULVFK
XQKDOWEDUXQGGHUJHVFKLFKWOLFKH+LQWHUJUXQGJlEH)DXULVVRQ
UHFKW
'RFK JHKW 3UHVVDF ZLUNOLFK YRQ NRUUHNWHQ 9RUDXVVHW]XQJHQ
DXV"=XU%HDQWZRUWXQJGLHVHU)UDJHPVVHQZLUGHQEURNUD
WLVFKHQ +LQWHUJUXQG XQWHUVXFKHQ YRU GHP GLH 'RNXPHQWH
HQWVWDQGHQVLQG

'HVLQIHNWLRQVNRPPDQGR XQWHU /HLWXQJ GHV 662EHUVFKDU
IKUHUV-RVHSK.OHKU
'DV YRQ GHQ 'HVLQIHNWRUHQ HLQJHVHW]WH =\NORQ % VRZLH GDV
JDQ]H DQGHUH ]XU (QWZHVXQJ HUIRUGHUOLFKH 0DWHULDO ZXUGH
ZLHIROJWEHVRUJW'HU666WDQGRUWDU]WULFKWHWHHLQVFKULIWOLFK
DEJHID‰WHV*HVXFKVDPW%HJUQGXQJDQGHQ /HLWHUGHU9HU
ZDOWXQJGLHVHUOHLWHWHGHQ$QWUDJDQGDV$PW',9GHV66
:9+$ ZHLWHU 1DFKGHP GHU 9RUVWHKHU GLHVHV $PWHV VHLQH
(LQZLOOLJXQJ HUWHLOW KDWWH VDQGWH 666WXUPEDQQIKUHU %XU
JHU/HLWHUGHU9HUZDOWXQJGLH%HVWHOOXQJ]XVDPPHQPLWGHQ
GD]XJHK|ULJHQ:HKUPDFKW)UDFKWEULHIHQDQGLH)LUPD7HVFK
'HUEURNUDWLVFKH+LQWHUJUXQG
,P -DQXDU GHV -DKUHV  KDWWH GLH =HQWUDOEDXOHLWXQJ GHQ
+|KHSXQNWLKUHURUJDQLVDWRULVFKHQ(QWZLFNOXQJHUUHLFKW6LH
ZDUQXQLQ$EWHLOXQJHQXQG%DXOHLWXQJHQXQWHUJOLHGHUW
=XQlFKVWHLQH/LVWHGHU$EWHLOXQJHQ
XQG6WDEHQRZZHOFKHGLH6HQGXQJGDQQDXIJDE'LHVHNRQQ
WH DEHU DXFK GLUHNW EHL GHU 9HUZDOWXQJ LQ 'HVVDX DEJHKROW
ZHUGHQQDFKGHPGLH'HVVDXHU:HUNHIU=XFNHUXQGFKHPL
VFKH ,QGXVWULH PLWWHOV 7HOHJUDPP EHVWlWLJW KDWWHQ GD‰ GDV
=\NORQ % ªDEKROEHUHLW© ZDU 'LH %H]DKOXQJ GHU YRQ GHU
6DFKJHELHW+RFKEDX6DFKJHELHW7LHIEDX6DFKJHELHW )LUPD 7HVFK XQG 6WDEHQRZ HUVWHOOWHQ 5HFKQXQJHQ ZXUGH
%HZlVVHUXQJ6DFKJHELHW0HOLRUDWLRQHQXQG9HUPHVVXQJ YRP $PW ' ,9 GHV 66:9+$ YRUJHQRPPHQ $XI GLHVH
 6DFKJHELHW 3ODQXQJ  5RKVWRIIVWHOOH XQG (LQNDXI  :HLVHHUKLHOWHQGLH'HVLQIHNWRUHQLQ$XVFKZLW]QLFKWQXULKU
9HUZDOWXQJ  )DKUEHUHLWVFKDIW  7HFKQLVFKH $EWHLOXQJ =\NORQ%VRQGHUQDXFKGLHJDQ]HIUGLH'XUFKIKUXQJGHU
$UEHLWVHLQVDW]:HUNVWlWWHQ=LPPHUHLEHWULHEXQG (QWZHVXQJVDNWLRQHQQRWZHQGLJH $XVUVWXQJ ZHOFKHJOHLFK
'DFKGHFNHUEHWULHE  *DUWHQJHVWDOWXQJ  6DFKJHELHW IDOOV YRQGHU)LUPD7HVFK XQG6WDEHQRZ JHOLHIHUW ZXUGHVR
6WDWLVWLN HWZD GLH 6FKODJHLVHQ ]XU gIIQXQJ GHU =\NORQ %'RVHQ GLH
%HLGHQIQI%DXOHLWXQJHQKDQGHOWHHVVLFKXPGLHIROJHQGHQ *XPPLNODSSHQ GLH *DVPDVNHQ PLW GHQ GD]XJHK|ULJHQ VSH
, %DXOHLWXQJ GHU :DIIHQ66 XQG 3ROL]HL $XVFKZLW] ./ ]LHOOHQ $WHPHLQVlW]HQ ª-© VRZLH VFKOLH‰OLFK GLH *DVUHVW
$XVFKZLW]XQG/DQGZLUWVFKDIW$XVFKZLW],,%DXOHLWXQJGHV QDFKZHLVJHUlWH IU =\NORQ 'HU 6WDQGRUWDU]W RGHU DQ GHVVHQ
.ULHJVJHIDQJHQHQODJHUV ,,, %DXOHLWXQJ ,QGXVWULHJHOlQGH 6WHOOH GHU /DJHUDU]W ZDU IU $XIEHZDKUXQJ *HEUDXFK XQG
$XVFKZLW] ,9 %DXOHLWXQJ +DXSWZLUWVFKDIWVODJHU GHU :DI ,QVWDQGKDOWXQJGLHVHVJHVDPWHQ0DWHULDOVYHUDQWZRUWOLFK
IHQ66 XQG 3ROL]HL $XVFKZLW] XQG 7UXSSHQZLUWVFKDIWVODJHU (V JLOW ]X EHWRQHQ GD‰ GLHVHU $PWVZHJ DXFK LP K\SRWKHWL
2GHUEHUJ9%DXOHLWXQJ:HUNXQG*XW)UHXGHQWKDOXQG*XW VFKHQ )DOO HLQHU 9HUZHQGXQJ GHV =\NORQ % ]X YHUEUHFKHUL
3DUWVFKHQGRUI VFKHQ =ZHFNHQ KlWWH HLQJHKDOWHQ ZHUGHQ PVVHQ (V ZDU LQ
'LH =HQWUDOEDXOHLWXQJ EHID‰WH VLFK DXVVFKOLH‰OLFK PLW %DX $XVFKZLW] LQ GHU 3UD[LV QLFKW P|JOLFK RKQH *HQHKPLJXQJ
DXIJDEHQ KLQJ VLH GRFK YRQ GHU $PWVJUXSSH & %DXZHVHQ XQG:LVVHQGHV666WDQGRUWDU]WHV=\NORQ%HLQ]XVHW]HQ
DE DQ GHUHQ 6SLW]H GHU 66%ULJDGHIKUHU XQG *HQHUDOPDMRU
GHU:DIIHQ66+DQV.DPPOHUVWDQG'LHILQDQ]LHOOHQ)UDJHQ 'LHYRQ3UHVVDFYHUQDFKOlVVLJWHQ3UREOHPH
± ZR]X DXFK GLH %HJOHLFKXQJ GHU YRQ 3ULYDWILUPHQ DXVJH $XVGHPELVKHU*HVDJWHQJHKWNODUKHUYRUGD‰GLH'HXWXQJ
VWHOOWHQ 5HFKQXQJHQ JHK|UWH ± ILHOHQ LQ GHQ .RPSHWHQ]EH GHUEHLGHQ'RNXPHQWHEHUGLHª*DVSUIHU©VRZLHVLHYRQ
UHLFKGHV$PWHV9D+DXVKDOWXQG5HFKQXQJVJOLHGHUXQJ 3UHVVDFDXIJHID‰WZHUGHQVFKZLHULJH3UREOHPHDXIZLUIWXP
'LH PHGL]LQLVFKVDQLWlUHQ $XIJDEHQ GDUXQWHU DXFK GHU (U GHUHQ /|VXQJ VLFK GHU IUDQ]|VLVFKH +LVWRULNHU JDU QLFKW HUVW
ZHUE XQG (LQVDW] YRQ %ODXVlXUH =\NORQ % REODJHQ GDJH EHPKWKDW
JHQ HLQ]LJ XQG DOOHLQ GHP 666WDQGRUWDU]W ZHOFKHU GHU YRQ %HJLQQHQZLUPLWGHPZHVHQWOLFKVWHQYRQ3UHVVDFVFKRQLP
662EHUVWXUPEDQQIKUHU 'U /ROOLQJ JHOHLWHWHQ $PWVJUXSSH -DKUHDXIJHZRUIHQHQDEHUXQJHO|VWHQ3UREOHP'DGLH
' ,,, XQWHUVWDQG 'LH 3RVLWLRQ GHV 666WDQGRUWDU]WHV EHNOHL *DVUHVWQDFKZHLVJHUlWH
GHWH LP )HEUXDU  66+DXSWVWXUPIKUHU (GXDUG :LUWKV DLQGHQ$XIJDEHQEHUHLFKGHV666WDQGRUWDU]WHVILHOHQ
VHLQ6WHOOYHUWUHWHUZDU66+DXSWVWXUPIKUHU.UHEVEDFK'HP EYRQGHU)LUPD7HVFKXQG6WDEHQRZYHUWULHEHQZXUGHQ
666WDQGRUWDU]W XQWHUJHRUGQHW ZDUHQ GHU 7UXSSHQDU]W GHU FQLFKW ª*DVSUIHU© VRQGHUQ HEHQ ª*DVUHVWQDFKZHLVJH
VLFKXPGLHPHGL]LQLVFKH9HUVRUJXQJGHU7UXSSHNPPHUWH UlWHIU=\NORQ%©KLH‰HQ
GLH /DJHUlU]WH LQ GHUHQ $XIJDEHQEHUHLFK GLH %HWUHXXQJ GHU GLQ$XVFKZLW]]ZDQJVOlXILJYHUIJEDUZDUHQ
+lIWOLQJH ILHO VRZLH GLH 6DQLWlWVGLHQVWJUDGH 6'* EHL GH ZDUXPZXUGHQVLHGDQQ
QHQHVVLFKXPEHVRQGHUVJHVFKXOWH668QWHUIKUHURGHU66 DYRQ GHU =HQWUDOEDXOHLWXQJ XQG QLFKW YRP 66
0lQQHU KDQGHOWH /DJHUDU]W GHV .*/ %LUNHQDX ZDU 66 6WDQGRUWDU]WEHVWHOOW
2EHUVWXUPIKUHU9HWWHU EEHL GHU )LUPD 7RSI XQG QLFKW EHL GHU )LUPD 7HVFK XQG
=X GHQ ZLFKWLJVWHQ $XIJDEHQ GHV 666WDQGRUWDU]WHV JHK|UWH 6WDEHQRZDQJHIRUGHUW
GLH 9HUKWXQJ XQG %HNlPSIXQJ GHU LPPHU ZLHGHU DXVEUH FZDUXP ZXUGH YRQ ª*DVSUIHUQ© VWDWW YRQ ª*DVUHVW
FKHQGHQ )OHFNILHEHUHSLGHPLHQ PLWWHOV DOOHU HLQVFKOlJLJHQ QDFKZHLVJHUlWHQIU=\NORQ%©JHVSURFKHQ
PHGL]LQLVFKVDQLWlUHQ0LWWHOHLQVFKOLH‰OLFKGHU(QWZHVXQJV GREJOHLFKGLHVH*HUlWHGRFKLQ$XVFKZLW]]XU9HUIJXQJ
DNWLRQHQ (U ZDU IU GLH (QWZHVXQJVHLQULFKWXQJHQ XQG GLH VWDQGHQ"
(QWZHVXQJ GHV /DJHUV GLUHNW ]XVWlQGLJ RE HV VLFK QXQ XP *HKHQZLUQXQMHGHUHLQ]HOQHQGLHVHU)UDJHQDXIGHQ*UXQG
GLH (QWZHVXQJ HLQ]HOQHU %DXZHUNH RGHU XP MHQH JDQ]HU D 'LH =HQWUDOEDXOHLWXQJ ZDU LQ NHLQHU +LQVLFKW IU GLH %H
%DXDEVFKQLWWH GHV /DJHUNRPSOH[HV KDQGHOWH /HW]WHUH $XI VWHOOXQJ GHU *DVUHVWQDFKZHLVJHUlWH ]XVWlQGLJ VRZHQLJ ZLH
JDEHZXUGHYRQHLQHP'LHQVWYHUVHKHQGHUVLFKDXV$QJHK| VLH IU GHQ (UZHUE YRQ =\NORQ % YHUDQWZRUWOLFK ZDU +lWWH
ULJHQ GHU 6DQLWlWVGLHQVWJUDGH ]XVDPPHQVHW]WH QlPOLFK GHP VLH ZLUNOLFK HLQH VROFKH %HVWHOOXQJ JHWlWLJW VR KlWWH VLH GLH

9II*ÂÂ-DKUJDQJÂ+HIW  
=DKOXQJQLFKWDXVIKUHQN|QQHQGDGHU.DXIEHVDJWHU$SSD
UDWH QLFKW LQ GHQ .RPSHWHQ]EHUHLFK GHV $PWV 9D GHV 66
:9+$ ILHO $QGHUV JHVDJW GLH 5HFKQXQJ ZlUH XQEH]DKOW
JHEOLHEHQ ± XQG ZHU GLH 'RNXPHQWDWLRQ GHU =HQWUDOEDXOHL
WXQJ NHQQW ZHL‰ ZHOFK ]lKHU .OHLQNULHJ XP 5HFKQXQJHQ
JHIKUWZXUGH±HVVHLGHQQ%LVFKRIIKlWWHGLHª*DVSUIHU©
DXVHLJHQHU7DVFKHEH]DKOHQZROOHQ«
3UHVVDFJHKWDXFKHLQHPDQGHUHQIXQGDPHQWDOHQ3UREOHPDXV
GHP:HJ
)U HLQH HYHQWXHOOH .RQWUROOH GHV 9HQWLODWLRQVV\VWHPV GHV
/HLFKHQNHOOHUVLP .UHPDWRULXP,,]XUhEHUSUIXQJVHLQHU
(LJQXQJ IU GHQ (LQVDW] YRQ =\NORQ % ]X P|UGHULVFKHQ
=ZHFNHQKlWWHIROJHQGHV0DWHULDOYRUKDQGHQVHLQPVVHQ
'DV=\NORQ%
GLH*DVPDVNHQ
GLH$WHPHLQVlW]HÄ-´
GLH6FKODJHLVHQ
GDV*DVUHVWQDFKZHLVJHUlWIU=\NORQ%
:DUXPKlWWHGLH=HQWUDOEDXOHLWXQJGDQQHLQ]LJXQGDOOHLQGLH
ª*DVSUIHU© EHVWHOOHQ VROOHQ" 2IIHQEDU ZHLO VLH GDV EULJH
0DWHULDOQLFKWEUDXFKWHXQG]ZDUGHVKDOEZHLOVLHVLFKDOOHV
RKQH ZHLWHUHV EHLP 666WDQGRUWDU]W EHVRUJHQ NRQQWH 'RFK
ZDUXPKlWWHVLHVLFKGDQQQLFKWDXFKGLH*DVUHVWQDFKZHLVJH
UlWH IU =\NORQ % EHLP 6WDQGRUWDU]W EHVRUJHQ N|QQHQ VWDWW
GLHGLHVEH]JOLFKH%HVWHOOXQJDQGLH)LUPD7RSI]XULFKWHQ"
,Q GLHVHP =XVDPPHQKDQJ ZLUIW 3UHVVDFV %HKDXSWXQJ ZR
QDFK ª9HUVXFKH QDFK YRUKHULJHP (LQZXUI YRQ =\NORQ %© 
YRUJHQRPPHQ ZRUGHQVHLQVROOHQ]XVlW]OLFKH6FKZLHULJNHL
WHQDXI)DOOVGLHV]XWUDIEHLZHPKlWWHVLFKGLH=HQWUDOEDX
OHLWXQJ GDQQ GDV =\NORQ % EHVFKDIIW" %HL GHU )LUPD 7RSI
RGHU EHLP 666WDQGRUWDU]W" 'LHVH )UDJH LVW IUHLOLFK UHLQ K\
SRWKHWLVFKHU1DWXUZHLO3UHVVDFV%HKDXSWXQJQLFKWQXUMHJOL
FKHU GRNXPHQWDULVFKHU 8QWHUPDXHUXQJ HQWEHKUW VRQGHUQ
DXFK LQ DXJHQVFKHLQOLFKHP :LGHUVSUXFK ]X 0HVVLQJV $U

EHLWVUDSSRUWHQXQGVRJDU]X3UHVVDFVHLJHQHQGLHVEH]JOLFKHQ
.RPPHQWDUHQVWHKW0HVVLQJIKUWHIROJHQGH$UEHLWHQGXUFK $EE  %HVFKUHLEXQJ HLQHV *DVSUIHUV LQ GHU )DFKOLWHUDWXU
+WWH'HV,QJHQLHXUV7DVFKHQEXFK9HUODJ:(UQVW 6RKQ
 XQG  0lU]  ª%H XQG (QWOIWXQJVDQODJHQ IU/
.HOOHU , YHUVXFKVZHLVH HLQSURELHUW©  E]Z  6WXQGHQ
$UEHLW
 0lU]  ª(QWOIWXQJV$QODJHQ $XVNOHLGHNHOOHU JHDU
EHLWHW©$UEHLWVVWXQGHQ  %ULHIYRP0lU]KlWWHGLH)LUPD7RSIQLFKWHWZDHLQH
 0lU]  ª%H X (QWOIWXQJVDQODJHQ .HOOHU , LQ %H
WULHEJHQRPPHQ©$UEHLWVVWXQGHQ
3UHVVDFPHLQWGD]X
ª2IIHQVLFKWOLFK IXQNWLRQLHUWH GLH $QODJH QRFK QLFKW HLQ
ZDQGIUHLGD0HVVLQJGRUWDPZHLWHUHHOI6WXQGHQXQG
DPQRFKHLQPDOIQI]HKQ6WXQGHQDUEHLWHWH©
$PXQG0lU]IKUWH0HVVLQJDOVRHLQIDFK9HUVX
FKH DXI GHP )HOGH GHU PHFKDQLVFKHQ /IWXQJ GXUFK :DQQ
ZXUGHQ DEHU GDQQ GLH ª9HUVXFKH© PLW =\NORQ % YRUJHQRP
PHQZHQQGRFKGLHHUVWH0HQVFKHQYHUJDVXQJªLQGHU1DFKW
YRP  DXI GHQ  0lU]© VWDWWIDQG" 8QG ZDUXP ZHLVW
0HVVLQJQLUJHQGVGDUDXIKLQ"'LH6DFKHLVWXPVRPHUNZU
GLJHUDOV0HVVLQJODXW3UHVVDFLQGLHVHU$UEHLWV]HLW%HVFKHL
QLJXQJGLH:DKUKHLWWHLOZHLVHHQWKOOHQZROOWHLQGHPHUYRQ
ª$XVNOHLGHNHOOHU©VWDWWYRQª/HLFKHQNHOOHU©VSUDFK
%HUOLQ%G6REHQXQWHQ
6WDEHQRZ]X ZHQGHQGLH VLHRKQHMHGHQ=ZHLIHOYHUNDXIWH"
3UHVVDFV$QWZRUWDXIGLHVH)UDJHLVWHKHUOlSSLVFK/DXWGHP
9HUPLWWOHUUROOH JHVSLHOW XP GLH DQJHEOLFKHQ GVWHUHQ *H
KHLPQLVVH YRQ $XVFKZLW] ]X YHUWXVFKHQ VRQGHUQ VLH VROOWH
GLH=HQWUDOEDXOHLWXQJVFKOLFKWXQGHLQIDFK PLWGHQ /LHIHUILU
PHQIUGLHVH*HUlWHLQ.RQWDNWEULQJHQ
ª:HQQ ZLU LQ GLHVHU $QJHOHJHQKHLW 0LWWHLOXQJ HUKDOWHQ
NRPPHQ ZLU ,KQHQ VRIRUW QlKHU GDPLW 6LH VLFK PLW HLQHU
)LUPD GLH GLHVH *HUlWH EDXW LQ 9HUELQGXQJ VHW]HQ N|Q
QHQ©
$QGHUVJHVDJWGLH)LUPD7RSIPX‰WHGLH*DVUHVWQDFKZHLVJH
UlWH±LPPHUQDFK3UHVVDF±EHL7HVFKXQG6WDEHQRZEHVWHO
OHQ XQG ZHQQ GLHVH ZHOFKH KDWWH VWHOOWH 7RSI GHQ .RQWDNW
]ZLVFKHQLKUXQGGHU=HQWUDOEDXOHLWXQJKHU'LHVHVXQVLQQLJH
9RUJHKHQ KlWWH JHQDX GDV *HJHQWHLO YRQ GHP EHZLUNW ZDV
3UHVVDFDQQLPPW+lWWH7HVFKXQG6WDEHQRZGHQ$XIWUDJIU
*DVUHVWQDFKZHLVJHUlWHYRQGHU=HQWUDOEDXOHLWXQJVWDWWJlQJL
*HKHQZLU]X3XQNWEEHU JHU3UD[LV]XIROJHYRQGHU/DJHUYHUZDOWXQJHUKDOWHQVRKlWWH
:HQQ PDQ K\SRWKHWLVFK DQQLPPW GD‰ GHU 666WDQGRUWDU]W VLHDOOHQ*UXQG]XP9HUGDFKWEHVHVVHQ
]HLWZHLVH NHLQH *DVUHVWQDFKZHLVJHUlWH IU =\NORQ % ]XU :HQGHQZLUXQV3XQNWF]XhEHUQlKPHPDQ3UHVVDFV,QWHU
9HUIJXQJ KDWWH ZDUXP KlWWH GLH =HQWUDOEDXOHLWXQJ GLHVH SUHWDWLRQ VR HUJlEH VLFK HLQH JDQ] DQGHUH 6FKOX‰IROJHUXQJ
GDQQEHLGHU)LUPD7RSIEHVWHOOHQVROOHQGLHVLH ZHGHUKHU DOVGLHYRPIUDQ]|VLVFKHQ+LVWRULNHUJH]RJHQH(LQHHYHQWX
VWHOOWH QRFK YHUWULHE DQVWDWW VLFK DQ GLH )LUPD 7HVFK XQG HOOHhEHUSUIXQJGHV/IWXQJVV\VWHPVLP/HLFKHQNHOOHULP

  9II*ÂÂ-DKUJDQJÂ+HIW

 'DV7HOHJUDPPYRP)HEUXDUHQWKlOWIROJHQGHPD
$EE  )RWRJUDILH YRQ ]ZHL $Q]HLJHJHUlWHQ GHU )LUPD 6LH
PHQVIUGHQ&2E]Z&2+*HKDOWLQ*DVHQLQ$OEHUWR
&DQWDJDOOL1R]LRQLWHRULFRSUDWLFKHSHULFRQGXWWRULGLFDOGDLH

ªHLQHV JXW DUEHLWHQGHQ &2 XQG &20HVVHUV XP HLQH
ZLUWVFKDIWOLFKH 9HUEUHQQXQJ ]X JHZlKUOHLVWHQ XQG KLHUEHL
JOHLFK]HLWLJGLH5DXFKHQWZLFNOXQJ]XEHREDFKWHQ©
1RFK ]X %HJLQQ GHU VLHE]LJHU -DKUH VFKULHE ,QJHQLHXU +DQV
.UDXSQHU
ª:LFKWLJ LVW GDV ]XU UDVFKHQ %HVHLWLJXQJ GHU 5DXFKELO
GXQJ0H‰JHUlWHXQPLWWHOEDUKLQWHUGHP2IHQ>NXUVLY@DQ
JHRUGQHW VLQG GLH GHP 2IHQZlUWHU VRIRUW EHL %HJLQQ GHU
5DXFKHQWZLFNOXQJHLQHQWVSUHFKHQGHV6LJQDOJHEHQ©
'LH YHUQQIWLJVWH +\SRWKHVH LVW GHPQDFK GD‰ GLH =HQ
WUDOEDXOHLWXQJ ª*DVSUIHU© IU GLH .UHPDWRULXPV|IHQ YRQ
%LUNHQDX DQJHIRUGHUW KDW 8QWHUVXFKHQ ZLU QXQ RE GLHVH
+\SRWKHVHVlPWOLFKHYRQPLU]XYRUDXIJHZRUIHQHQ3UREOHPH
O|VHQNDQQ
VFKLQHQJHVFKULHEHQHQ+LQZHLVHGHV$EVHQGHUVª=HQWUDOEDX
OHLWXQJ $XVFKZLW] JH] 3ROORN 668QWHUVWXUPIKUHU© IHUQHU
VWHKHQGDUDXIQRFKGUHLKDQGVFKULIWOLFKH1RWL]HQ2EHQUHFKWV
H JHQHUDWRUL GL YDSRUH * /DYDJQROR (GLWRUH 7XULQ6

+LQEOLFN DXI GHVVHQ 7DXJOLFKNHLW IU 9HUJDVXQJHQ PLW =\
NORQ % ZlUH LQ GHQ $XIJDEHQEHUHLFK GHV 666WDQGRUWDU]WHV
JHIDOOHQ XQG HQWVSUHFKHQG YRQ GHQ 'HVLQIHNWRUHQ YRUJH
GLH $ENU]XQJ ª%: © %DXZHUN   .UHPDWRULXP ,,
XQWHQUHFKWVGLH$ENU]XQJª-lK©GLHIUGHQ=LYLODQJHVWHOO
WHQ-lKUOLQJVWDQGXQGVFKOLH‰OLFKXQWHQOLQNVQHEHQ'DWXP
XQG 6WXQGH GHU $XIJDEH GHV 7HOHJUDPPV GHU 1DPH .LU
VFKQHN GHP GLH $ENU]XQJ IU VHLQHQ *UDG YRUDXVJHKW
QRPPHQZRUGHQZlKUHQGVLFK0HVVLQJDXIVHLQ)DFKJHELHW ª8QVWXI© ZDV ª8QWHUVWXUPIKUHU© EHGHXWHW YJO $EE 
GLH 0HFKDQLN GHU /IWXQJ EHVFKUlQNW KlWWH :HQQ DOVR GLH 'HUYRQGHU)LUPD7RSIDP0lU]DEJHVFKLFNWH%ULHI
=HQWUDOEDXOHLWXQJRKQH+LOIHGHUPLWGHUWHFKQLVFKHQ7HUPL $EEZHLVWGHQ5HJLVWUDWXU6WHPSHOYRP0lU]DXIXQG
QRORJLHLKUHV)DFKJHELHWVZRKOYHUWUDXWHQ'HVLQIHNWRUHQHLQH LVWDX‰HUGHPPLW]ZHLKDQGVFKULIWOLFKHQ$ENU]XQJHQYHUVH
VROFKHhEHUSUIXQJJDUQLFKWYRUQHKPHQNRQQWHZLHHUNOlUW KHQ MHQHU -lKUOLQJV OLQNV JHIROJW YRP 'DWXP  0lU]
VLFK GDQQ GHU IDOVFKH $XVGUXFN ª*DVSUIHU© DQVWHOOH GHV VRZLHMHQHU-DQLVFKVUHFKWVOHW]WHUHUJHKWGDV'DWXP
ULFKWLJHQª*DVUHVWQDFKZHLVJHUlWHIU=\NORQ%©"  0lU] YRUDXV *HKHQ ZLU QXQ GHU )UDJH QDFK ZHU GLHVH
+LHUPLW NRPPHQ ZLU ]XP OHW]WHQ 3XQNW 'LH XQWHU 3XQNW E
DQJHGHXWHWH +\SRWKHVH GHP 666WDQGRUWDU]W N|QQWHQ GLH
*DVUHVWQDFKZHLVJHUlWH]HLWZHLOLJDXVJHJDQJHQVHLQLVWNDXP
ZDKUVFKHLQOLFK ZHLO GLH *DVUHVWSUREH QLFKW QXU ODQGOlXILJH
1RUPVRQGHUQ YHUELQGOLFK YRUJHVFKULHEHQ ZDU'DGLHVH
3UREHHLQH XQHUOl‰OLFKH(UJlQ]XQJ]XP(LQVDW]YRQ =\NORQ
% GDUVWHOOWH NDQQ PDQ YRP (LQVDW] GLHVHV ,QVHNWL]LGV LQ
$XVFKZLW] LP )HEUXDU  PLW DQ 6LFKHUKHLW JUHQ]HQGHU
:DKUVFKHLQOLFKNHLW DXI GLH 9HUIJEDUNHLW YRQ *DVUHVWQDFK
ZHLVJHUlWHQ VFKOLH‰HQ :DV VROOWH DOVR GLH 1DFKIUDJH QDFK
VROFKHQ*HUlWHQEHLGHU)LUPD7RSI"
/HXWHZDUHQXQGZHOFKH$XIJDEHQLKQHQLQQHUKDOEGHU=HQ
WUDOEDXOHLWXQJ]XNDPHQ
668QWHUVWXUPIKUHU -RVHI 3ROORN ZDU %DXOHLWHU GHU %DXOHL
WXQJ +DXSWZLUWVFKDIWVODJHU GHU :DIIHQ66 XQG 3ROL]HL $X
VFKZLW] XQG 7UXSSHQZLUWVFKDIWVODJHU 2GHUEHUJ 668QWHU
VWXUPIKUHU+DQV.LUVFKQHNZDU%DXOHLWHUGHU%DXOHLWXQJGHU
:DIIHQ66 XQG 3ROL]HL $XVFKZLW] ./ $XVFKZLW] XQG
/DQGZLUWVFKDIW $XVFKZLW] 668QWHUVWXUPIKUHU -RVHI -D
QLVFK ZDU %DXOHLWHU GHU %DXOHLWXQJ GHV .ULHJVJHIDQJHQHQOD
JHUV6FKOLH‰OLFKJHK|UWHGHU=LYLODQJHVWHOOWH5XGROI-lKUOLQJ
± HU ZDU YRQ %HUXI +HL]XQJVWHFKQLNHU ± GHU 7HFKQLVFKHQ
$EWHLOXQJDQ
:DVZDUHQGLHª*DVSUIHU©"
1DFKGHPZLUQDFKJHZLHVHQKDEHQGD‰3UHVVDFV'HXWXQJDXI
EHGHQNOLFK VFKZDFKHQ )‰HQ VWHKW LVW QXQ GHU =HLWSXQNW
JHNRPPHQHLQHDOWHUQDWLYH(UNOlUXQJ]XOLHIHUQZHOFKHDOOH
EHUHLWV DXIJHJULIIHQHQ DEHU YRP IUDQ]|VLVFKHQ +LVWRULNHU
EHUJDQJHQHQ)UDJHQEHDQWZRUWHW
=XQlFKVW ZHLVH LFK GDUDXI KLQ GD‰ ª*DVSUIHU© GHU WHFKQL
VFKH )DFKDXVGUXFN ]XU %H]HLFKQXQJ HLQHV ,QVWUXPHQWV ]XU
5DXFKJDVDQDO\VH ZDU GDV ªQDFK SK\VLNDOLVFKHQ 0HWKRGHQ©
'DV 7HOHJUDPP YRP  )HEUXDU  ZXUGH YRQ 66
8QWHUVWXUPIKUHU3ROORNDXVJHVWHOOWZHLOVHLQH.RPSHWHQ]HQ
± VLH ODJHQ DOOJHPHLQ DXI GHP )HOG GHU +RFKEDXDQJHOHJHQ
KHLW XQGLQVEHVRQGHUHDXIGHQ*HELHWHQ%DXZLUWVFKDIW%DX
SROL]HL %DXDQWUlJH .RQWLQJHQWLHUXQJVXQWHUODJHQ HWF ± VLFK
DXIGLH%DXOHLWXQJGHV.ULHJVJHIDQJHQHQODJHUVHUVWUHFNWHQ
668QWHUVWXUPIKUHU .LUVFKQHN KDWWH KLQJHJHQ LQ 6DFKHQ
.ULHJVJHIDQJHQHQODJHU%LUNHQDXQLFKWVPLW]XUHGHQXQGHUOH
GLJWH ZDKUVFKHLQOLFK QXU GLH $EVHQGXQJ GHV 7HOHJUDPPV
IXQNWLRQLHUWH YJO $EE  =X %HJLQQ GHU YLHU]LJHU -DKUH 'HUDXIGLHVHP'RNXPHQWVWHKHQGHKDQGJHVFKULHEHQH1DPH
H[LVWLHUWHQ YHUVFKLHGHQH $SSDUDWH]XU $QDO\VH YRQ 9HUEUHQ HQWVSULFKWQLFKWVHLQHU8QWHUVFKULIW
QXQJVJDVHQ HWZD GLH 5DXFKJDVDQDO\VH$QODJHQ GLH *HEHU 'LH ZLFKWLJVWH GHU LP 7HOHJUDPP HUZlKQWHQ 3HUVRQHQ LVW
]XU 0HVVXQJ GHV &2$QWHLOV GLH $Q]HLJHU IU GHQ &2 DEHU -lKUOLQJ GHU VLFK LQIROJH VHLQHU 9HUWUDXWKHLW PLW KHL
$QWHLOVRZLHMHQHIUGHQ&2+±$QWHLOYJO$EE
.UHPDWRULXPV|IHQZDUHQEOLFKHUZHLVHPLWVROFKHQ*HUlWHQ
DXVJHVWDWWHW ,QJHQLHXU 5LFKDUG .HVVOHU HLQHU GHU QDPKDIWH
VWHQ GHXWVFKHQ .UHPLHUXQJVIDFKOHXWH GHU ]ZDQ]LJHU XQG
GUHL‰LJHU -DKUH HPSIDKO IU GDV NRUUHNWH )XQNWLRQLHUHQ GHU
.UHPDWRULXPV|IHQGLH,QVWDOODWLRQHLQHU6HULHYRQ$SSDUDWHQ
DOVªXQEHGLQJWQRWZHQGLJ©GD]XJHK|UWHGLH9HUZHQGXQJ
]XQJVWHFKQLVFKHQ )UDJHQ PLW DOOHQ +HL]XQJV XQG 9HUEUHQ
QXQJVDQODJHQ GHV /DJHUV EHVFKlIWLJWH YRQ GHQHQ GDV )HUQ
KHL]ZHUNGLHJU|‰WHZDUIUGLHVHVZDUHLQWlJOLFKHU.RKOHQ
YHUEUDXFK YRQ  ELV  7RQQHQ YRUJHVHKHQ -lKUOLFK EH
ID‰WH VLFK DXFK PLW WKHUPRWHFKQLVFKHQ 3UREOHPHQ GLH EHL
GHQ.UHPDWRULXPV|IHQDXIWUDWHQ9RQLKPVWDPPWEHLVSLHOV
ZHLVH GHU $NWHQYHUPHUN YRP  0lU]  EHU GHQ JH

9II*ÂÂ-DKUJDQJÂ+HIW  
VFKlW]WHQ .RNVYHUEUDXFK GHU %LUNHQDXHU .UHPDWRULHQ ,P
-DKUH  ZDU -lKUOLQJ /HLWHU GHU +HL]WHFKQLVFKHQ $EWHL
OXQJ GHU =HQWUDOEDXOHLWXQJ 'D‰ VLFK -lKUOLQJ DOV +HL]XQJV
WHFKQLNHUXPGLH%HVRUJXQJYRQª*DVSUIHUQ©NPPHUWHLVW
IROJOLFK HLQ ZHLWHUHU +LQZHLV GDUDXI GD‰ HV VLFK EHL GLHVHQ
VFKOLFKW XQG HLQIDFK XP *HUlWH ]XU $QDO\VH YRQ 9HUEUHQ
QXQJVJDVHQLQGHQ.UHPDWRULHQKDQGHOWH
'LHVH 'HXWXQJ IJW VLFK DXFK QDKWORV LQ GHQ KLVWRULVFKHQ
5DKPHQHLQ
$P-DQXDULQVSL]LHUWH,QJHQLHXU3UIHUGLH%DXSOlW
]HGHV.UHPDWRULXPVXQG IHUWLJWHGD]XHLQHQ 5DSSRUWDQ LQ
GHUHU]XP.UHPDWRULXP,,VFKULHE
ª'LH6WFN'UHLPXIIHO(LQlVFKHUXQJV|IHQVLQGIHUWLJXQG

ZHUGHQ]=WURFNHQJHKHL]W© 
,QVHLQHP7lWLJNHLWVEHULFKWYRP0lU]QRWLHUWH.LU
VFKQHNKLQVLFKWOLFKGHV.UHPDWRULXP,,
ª*HVDPWHV0DXHUZHUNIHUWLJJHVWHOOWXQG]XPLQ
%HWULHEJHQRPPHQ©
(V LVW DOVR NODU GD‰ GLH =HQWUDOEDXOHLWXQJ PLW LKUHU %HVWHO
OXQJYRQ5DXFKJDVSUIHUQHLQHUHLEXQJVORVH9HUEUHQQXQJLQ
GHQ .UHPDWRULXPV|IHQ JHZlKUOHLVWHQ ZROOWH 1LFKW PLQGHU
NODU LVW ZHVZHJHQ VLH VLFK ]ZHFNV %HVFKDIIXQJ HEHQ GLHVHU
WKHUPRWHFKQLVFKHQ $SSDUDWHDQGLH)LUPD7RSI ZDQGWH ZDU
GLHVH GRFK HLQH ª0DVFKLQHQIDEULN XQG IHXHUXQJVWHFKQLVFKHV
%DXJHVFKlIW©
:LUPVVHQQRFKHLQHOHW]WH)UDJHDENOlUHQGHU3UHVVDFZLH
EOLFK DXV GHP :HJH JHJDQJHQ LVW :DUXP KDW GLH =HQ
WUDOEDXOHLWXQJ DXVJHUHFKQHW ]HKQ *DVSUIHU EHVWHOOW" +LHU
VLQG]ZHLJOHLFKHUPD‰HQSODXVLEOH$QWZRUWHQP|JOLFK:HLO
GLH*HUlWHIUGLH]HKQ5DXFKNDQlOHGHU.UHPDWRULHQ,,XQG
,,,EHVWLPPW ZDUHQ RGHU DEHU IU GLH ]HKQ 6FKRUQVWHLQURKUH
GHU.UHPDWRULHQ,,ELV9
'LH IROJHQGH (UZlKQXQJ GHV .RVWHQDQJHERWV XQG GLH $QW
ZRUW GHU )LUPD 7RSI ZHUIHQ HLQH DQGHUH )UDJH DXI ,Q (LQ
NODQJ PLW JlQJLJHU EURNUDWLVFKHU 3UD[LV XQWHUEUHLWHWH GLH
7RSI ZLH DOOH DQGHUHQ )LUPHQ DXI GLH $QIUDJH GHU =HQ
WUDOEDXOHLWXQJ HLQ $QJHERW LQ )RUP HLQHV .RVWHQDQVFKODJV
:XUGH GDV $QJHERW DQJHQRPPHQ QDKP GLH =HQWUDOEDXOHL
WXQJGLH%HVWHOOXQJYRUELVZHLOHQDXFKPQGOLFKGRFKIROJ
WHLKUGDQQUHJHOPl‰LJHLQHVFKULIWOLFKH$XIWUDJVHUWHLOXQJ,Q
GHU %URVSUDFKH ZLUG GHU $XVGUXFN ª.RVWHQDQJHERW© VHOWHQ
YHUZHQGHW HU EHGHXWHW ]ZHLIHOORV VRYLHO ZLH ª.RVWHQYRUDQ
VFKODJ© ,Q GHQ KLHU GLVNXWLHUWHQ 'RNXPHQWHQ VFKHLQW GHU
QRUPDOH %HVWHOOXQJVZHJ DOVR XPJHNHKUW ZRUGHQ ]X VHLQ
=XHUVW NDP GLH %HVWHOOXQJ GHU =HQWUDOEDXOHLWXQJ XQG HUVW
GDQQGDV$QJHERWVRZLHGHU.RVWHQDQVFKODJGHU)LUPDhEOL
FKHU 3UD[LV ]XIROJH NRQQWH GLH =HQWUDOEDXOHLWXQJ HLQH :DUH
DEHUQLFKWEHVWHOOHQHKHGLH)LUPDLKUGDVGHPHQWVSUHFKHQGH
$QJHERW VDPW .RVWHQDQVFKODJ ]XJHVWHOOW KDWWH $QGHUHUVHLWV
NRQQWH GLH 7RSI NHLQ $QJHERW PLW .RVWHQDQVFKODJ IU HLQH
:DUHHLQUHLFKHQGLHVLHZLHLP)DOOGHUª$Q]HLJHJHUlWH«©
JDU QLFKW YHUNDXIWH :DUXP VROO DEHU GLH =HQWUDOEDXOHLWXQJ
YRQ 7RSI HLQH .RVWHQDQJHERW IU HLQ 3URGXNW HLQJHIRUGHUW
KDEHQYRQGHPVLHJHZX‰WKDEHQPX‰GD‰7RSIGLHVHV3UR
GXNWJDUQLFKWYHUNDXIW"
8QGQLFKWJHQXJGDPLW'DGLH*DVUHVWQDFKZHLVJHUlWHURXWL
QHPl‰LJYRQGHQ)LUPHQ7HVFKXQG6WDEHQRZVRZLH+HHUGW
XQG /LQJOHU XQG DX‰HUGHP YRQ GHU 'HJHVFK GHU 'HXWVFKHQ
*HVHOOVFKDIW IU 6FKlGOLQJVEHNlPSIXQJ YHUWULHEHQ ZXUGHQ
LVWHVY|OOLJXQEHJUHLIOLFKZDUXPHVGHU)LUPD7RSIVFKZHU
JHIDOOHQVHLQVROOVROFKH*HUlWHDXI]XWUHLEHQ
(LQ ZHLWHUHU 3XQNW (V LVW UlWVHOKDIW ZDUXP GLH =HQWUDOEDX
OHLWXQJLKUH$QIUDJHDQGLH7RSIVWDWWDQGHQ666WDQGRUWDU]W
KlWWHULFKWHQVROOHQ
6FKOLH‰OLFK JDE HV GHQ $XVGUXFN ª$Q]HLJHJHUlWH IU %ODX
=XVDPPHQIDVVXQJ VlXUH5HVWH© JDU QLFKW ZLH LFK EHUHLWV HUZlKQW KDEH 'HU
:HQQ GLH ª*DVSUIHU© HLQIDFKH 9HUEUHQQXQJVJDVDQDO\VHDS $XVGUXFN ª$Q]HLJHU©EH]LHKWVLFKDX‰HUGHPNHLQHVZHJVDXI
SDUDWHZDUHQNDQQPDQRKQHZHLWHUVEHJUHLIHQ HLQ FKHPLVFKHV *HUlW VRQGHUQ DXI HLQ DXI SK\VLNDOLVFKHU
DZHVKDOE VLH YRQ GHU =HQWUDOEDXOHLWXQJ XQG QLFKW YRP *UXQGODJH RSHULHUHQGHV ,QVWUXPHQW DOV ª$Q]HLJHU© ZLUG
666WDQGRUWDU]WEHVWHOOWZXUGHQ HQWZHGHU GDV ,QVWUXPHQW DOV *DQ]HV RGHU GHVVHQ =HLJHU EH
EZHVKDOEVLHEHLGHU)LUPD7RSIXQGQLFKWEHL7HVFKXQG ]HLFKQHW %HLVSLHOVZHLVH NDQQ GHU $XVGUXFN IU ,QVWUXPHQWH
6WDEHQRZDQJHIRUGHUWZXUGHQ ]XU 0HVVXQJ GHV &2*HKDOWV RGHU GHV &2  +*HKDOWV
FZHVKDOE VLH DOV ª*DVSUIHU© XQG QLFKW DOV ª*DVUHVW 9HUZHQGXQJ ILQGHQ 'HU HQWVFKHLGHQGH 3XQNW LQ GLHVHP
QDFKZHLVJHUlWHIU=\NORQ%©EH]HLFKQHWZXUGHQ %ULHILVWIROJHQGHU(UVHW]WPDQª$Q]HLJHJHUlWHIU%ODXVlX
GZR]XVLHGLHQHQVROOWHQ UH5HVWH© GXUFK ª$Q]HLJH*HUlWH IU 5DXFKJDVDQDO\VH© VR
HZHVKDOEDXVJHUHFKQHW]HKQ6WFNEHVWHOOWZXUGHQ YHUVFKZLQGHQDOOH]XU6SUDFKHJHEUDFKWHQ3UREOHPHLP1X
I ZHVKDOE ]XVlW]OLFK QLFKW DXFK =\NORQ % *DVPDVNHQ 0HLQH6FKOX‰IROJHUXQJHQVHKHQQXQVRDXV
$WHPHLQVlW]Hª-©XQG6FKODJHLVHQEHVWHOOWZXUGHQ 'LH ª*DVSUIHU© GLH LP 7HOHJUDPP YRP  )HEUXDU
*HKHQZLUQXQQRFK]XP%ULHIGHU)LUPD7RSIYRP0lU] HUZlKQW ZHUGHQ ZDUHQ HLQIDFKH 5DXFKJDVDQDO\VDWRUHQ
EHU:LHEHUHLWVKHUYRUJHKREHQWUlJWHUGDV1DPHQV IUGLH.UHPDWRULHQ
NU]HOIU-DQLVFK%DXOHLWHUGHU%DXOHLWXQJGHV.ULHJVJHIDQ
JHQHQODJHUVVRZLHMHQHVIU-lKUOLQJZDVYROOXQGJDQ]]XU
REHQDQJHIKUWHQ'HXWXQJSD‰W
:DV QXQ GHQ 7H[W GHV %ULHIV DQEHODQJW VR ZHLVH LFK YRU
DOOHP GDUDXI KLQ GD‰ GLH YRQ GHU )LUPD 7RSI DQJHVWHOOWHQ
'HU 7RSI%ULHI YRP  0lU]  ZXUGH YRQ HLQHP
VWPSHUKDIWHQ )lOVFKHU KHUJHVWHOOW GHU HLQHQ QHXHQ
7HUPLQXV ]XVDPPHQJHVFKXVWHUW KDW QlPOLFK ª$Q]HLJH
JHUlWHIU%ODXVlXUH5HVWH©
'LHVH 6FKOX‰IROJHUXQJ ZLUIW ]XJHJHEHQHUPD‰HQ DXFK 3UR
1DFKIRUVFKXQJHQªEHUHLWVYRU:RFKHQ©PLQGHVWHQV]HKQ EOHPH DXI 6LH ZXUGHQ YRQ HLQHP DQRQ\PHQ .RPPHQWDWRU
7DJH YRU GHP 7HOHJUDPP GHU =HQWUDOEDXOHLWXQJ HLQJHOHLWHW DQJHGHXWHW $UJXPHQWDWLRQ XQG 6WLO OHJHQ GLH 9HUPXWXQJ
ZRUGHQ ZDUHQ ZHOFKHV DXI HLQH ]XYRU VWDWWJHIXQGHQH %H QDKH GD‰ HV VLFK EHLP 9HUIDVVHU XP 3UHVVDF K|FKVWSHUV|Q
VSUHFKXQJKLQGHXWHWªZLHEHVSURFKHQ©,QGHQ'RNXPHQWHQ OLFKKDQGHOQGUIWH(UVFKUHLEW
ILQGHWVLFKIUHLOLFKNHLQHUOHL+LQZHLVDXIHLQHVROFKH%HVSUH ª'LH 5HYLVLRQLVWHQ WXQ GLHVHV 'RNXPHQW DE LQGHP VLH HV
FKXQJ 'HU 7H[W GHV 7HOHJUDPPV ª$EVHQGHW VRIRUW  DOV )lOVFKXQJ EH]HLFKQHQ 'HU )lOVFKHU PX‰ HLQ ZDKUHU
*DVSUIHU©OHJWGHQ6FKOX‰QDKHGD‰GLH%DXOHLWXQJGDYRQ EHPHUNHQVZHUWHU +LVWRULNHU JHZHVHQ VHLQ NDQQWH HU GRFK
DXVJLQJ GD‰ GHU )LUPD 7RSI GLH ª*DVSUIHU© EHUHLWV ]XU GLH 1DPHQVNU]HO RGHU GLH 8QWHUVFKULIWHQ GHV /HLWHUV GHU
9HUIJXQJVWDQGHQ 66=HQWUDOEDXOHLWXQJ YRQ $XVFKZLW] .DUO %LVFKRII HLQHV

  9II*ÂÂ-DKUJDQJÂ+HIW

VHLQHU 0LWDUEHLWHU GHV 668QWHUOHXWQDQWV 6'6 +DQV .LU
VFKQHNGHVYRQGHU66PLWWHFKQLVFKHQ$XIJDEHQEHWUDXWHQ
=LYLODQJHVWHOOWHQ5XGROI-lKUOLQJGHV9HUDQWZRUWOLFKHQGHU
$EWHLOXQJ'GHU7RSI+DXSWLQJHQLHXU)ULW]6DQGHUVRZLH



KWWSSXEZHEDFQVQZXHGXaDEXW]GLGDXGHWHFWKWPO
 & 0DWWRJQR ª&ULWLTXH RI WKH $5 %XW]¶ $UWLFOH Ä*DV 'HWHFWRUV LQ
$XVFKZLW]&UHPDWRULXP,,©YJOKWWSZZZFRGRKFRP

 9JO KLHU]X GHQ %HLWUDJ YRQ 0 .|KOHU ª-HDQ&ODXGH 3UHVVDF XQG GLH
GHXWVFKH gIIHQWOLFKNHLW© 'HXWVFKODQG LQ *HVFKLFKWH XQG *HJHQZDUW
GHV &KHIV GHU 'LYLVLRQ ' ,9 GHU 7RSI .UHPDWRULHQEDX 6GLWRLQ+9HUEHNH+JDD2$QP6
+DXSWLQJHQLHXU .XUW 3UIHU 'HU )lOVFKHU YHUIJWH EHU 

 -&3UHVVDF'LH.UHPDWRULHQ«DD2$QP6
3DSLHUPLWGHP%ULHINRSIGHU)LUPD7RSIDXVGHU=HLWYRU 
 (EHQGD6I
GHP 0lU]  EHU HLQHV LKUHU 6LHJHO VRZLH EHU GDV 
 3UHVVDF/HVFUpPDWRLUHVG¶$XVFKZLW]&1563DULV6

6LHJHO VRZLH GHQ 'DWHQVWHPSHO GHU =HQWUDOEDXOHLWXQJ $X  -&3UHVVDF$XVFKZLW]«DD2$QP6XQG

 3UHVVDF'LH.UHPDWRULHQDD2$QP6
VFKZLW] XQG GD]X QRFK EHU GHUHQ YROOVWlQGLJHV .RUUH 
 (GL]LRQL GL $U  GW LP ZHVHQWOLFKHQ LQ + 9HUEHNH +J DD2
VSRQGHQ]UHJLVWHU VR GD‰ HU GHP %ULHI HLQH JHQDXH (LQ
JDQJVQXPPHU]XZHLVHQNRQQWH(UZDUDXFKPLWGHQDGPL
QLVWUDWLYHQ *HZRKQKHLWHQ GHU )LUPD 7RSI YHUWUDXW XQG
$QP

 0DQYHUJOHLFKHGD]XEHLVSLHOVZHLVHGDV6FKHPDLP$UWLNHOYRQ*3HWHUV
XQG ( :VWLQJHU 6DFK(QWODXVXQJ LQ %ODXVlXUH.DPPHUQ LQ =HLW
VFKULIWIUK\JLHQLVFKH=RRORJLHXQG6FKlGOLQJVEHNlPSIXQJ+HIW
ZX‰WHZHUGLH3URNXUDEHVD‰6DQGHUXQGZHUQLFKW3U 6
IHUª
0LUVFKHLQWGLHVH.ULWLNHKHUHLQIlOWLJ.HLQHUQVWKDIWHU5HYL
VLRQLVWJHKWQlPOLFKYRQHLQHU7RWDOIlOVFKXQJGHV'RNXPHQWV

 %ULHI GHU )LUPD 7RSI DQ GLH %DXOHLWXQJ YRQ $XVFKZLW] YRP  0DL
 7&,'.  6  ª9RQ XQV ZDU JHSODQW GLH )ULVFKOXIW
DXV GHP %RGHQUDXP DE]XVDXJHQ ZLU KDOWHQ HV DEHU IU ULFKWLJHU GLH
)ULVFKOXIW YRQ EHU 'DFK ]X HQWQHKPHQ XQG GHP *HEOlVH GXUFK HLQHQ
DXV ZRKO DEHU KDOWHQ PDQFKH 5HYLVLRQLVWHQ GDUXQWHU DXFK
LFK HV IU HLQ YHUIlOVFKWHV 'RNXPHQW $X‰HUGHP ZLUG GLH 
9HUIlOVFKXQJVWKHVHQLFKWDXIJHVWHOOWXPGDV'RNXPHQWªDE
]XWXQ© VRQGHUQ ZHLO HV WLHIJHKHQGH KLVWRULVFKH WHFKQLVFKH
XQGEURNUDWLVFKH3UREOHPHDXIZLUIW
8QWHU Ä9HUIlOVFKXQJ³ YHUVWHKW PDQ GLH $ElQGHUXQJ HLQHV 
HFKWHQ 'RNXPHQWV GLH EHLVSLHOVZHLVH GDULQ EHVWHKHQ NDQQ
GD‰ PDQ GHQ $XVGUXFN ª$Q]HLJHJHUlWH IU 5DXFKJDVDQDO\
VH©GXUFK ª$Q]HLJHJHUlWHIU%ODXVlXUH5HVWH©HUVHW]W:DV
QXQ GDV 3DSLHU PLW GHP %ULHINRSI GHU )LUPD 7RSI XQG GHP 

6WHPSHO GHU =HQWUDOEDXOHLWXQJ EHWULIIW VR VWDQG GHP .*% 
EHLGHV ]XU 9HUIJXQJ KDEHQ GRFK GLH 6RZMHWV VRZRKO GLH

$UFKLYHGHU)LUPD7RSILQ(UIXUWDOVDXFKMHQHGHU$XVFKZLW 
]HU =HQWUDOEDXOHLWXQJ HLQVFKOLH‰OLFK GHV %URPDWHULDOV EH 

VFKODJQDKPW 
=XP$EVFKOX‰ZLOOLFKGDUDXIKLQZHLVHQGD‰GLH6FKZLHULJ 
EHVRQGHUHQ.DQDO]X]XIKUHQ©
 $6LHYHUW$+HUPVGRUIª'HU1DFKZHLVJDVI|UPLJHU%ODXVlXUHLQGHU
/XIW© LQ =HLWVFKULIW IU DQJHZDQGWH &KHPLH  -J  6 I )
3XQWLJDP+%UH\PHVVHU(%HUQIXV%ODXVlXUHJDVNDPPHUQ]XU)OHFN
ILHEHUDEZHKU*UXQGODJHQ3ODQXQJXQG%HWULHE6RQGHUYHU|IIHQWOLFKXQJ
GHV5HLFKVDUEHLWVEODWWHV%HUOLQ6XQG
 $UEHLWVDQZHLVXQJHQIU.OLQLNXQG/DERUDWRULXPGHV+\JLHQH,QVWLWXWHV
GHU :DIIHQ66 %HUOLQ +HUDXVJHJHEHQ YRQ 666WDQGDUWHQIKUHU 'R]HQW
'U - 0UXJRZVN\ +HIW  (QWNHLPXQJ (QWVHXFKXQJ XQG (QWZHVXQJ
9RQ 'U PHG :DOWHU '|W]HU 66+DXSWVWXUPIKUHU G 5HV 9HUODJ YRQ
8UEDQXQG6FKZDU]HQEHUJ%HUOLQXQG:LHQ6
 $3026WDQGRUW%HIHKO'$XO6
 7&,'.6
 7&',.6
 $3026WDQGRUW%HIHKO'$XO6
 7&,'.6
 7&,'.6
 $302%:6
 ,QWHUYLVWDVXOO¶2ORFDXVWR(GL]LRQLGL$U6
 5REHUW)DXULVVRQ$QWZRUWDQ-HDQ&ODXGH3UHVVDFLQ+9HUEHNH+J
NHLWHQ GLH VLFK GXUFK HLQH HYHQWXHOOH 9HUIlOVFKXQJ GHV 'R DD2$QP6
NXPHQWVHUJHEHQDOOHVLQDOOHPXQYHUJOHLFKOLFKJHULQJHUVLQG 
 %ULHIGHU=HQWUDOEDXOHLWXQJDQGLH.RPPDQGDQWXU$EWHLOXQJ,,,D+lIW
DOV MHQH XQO|VEDUHQ 3UREOHPH GLH GDV 'RNXPHQW LQ VLFK
ELUJWZHQQPDQHVDOVHFKWHLQVWXIW
3UHVVDF ZLUG GLHVH 6FKOX‰IROJHUXQJ VLFKHUOLFK YHUZHUIHQ
GRFKPX‰HUGDQQDXIDOOMHQH)UDJHQGLHLFKKLHU]XU6SUD
FKHJHEUDFKWKDEHHLQHHUQVWKDIWH$QWZRUWHUWHLOHQ
 QLDN .RUHVSRQGHQFMD Z VSUDZLH GRVWDZ\ JD]X F\NORQX % GR RER]X QD
OLQJVHLQVDW]YRP)HEUXDUª%HL.UHPDWRULXP,,ZDUGDV.RP
PDQGR DP   VWDWW  +lIWOLQJH QXU  +lIWOLQJH VWDUN XQG DP
VWDWWQXU+lIWOLQJHVWDUN©$302%:6

 9JO GD]X PHLQH XQOlQJVW HUVWHOOWH 6WXGLH /D Ä=HQWUDOEDXOHLWXQJ GHU
:DIIHQ66XQG3ROL]HL$XVFKZLW]´(GL]LRQLGL$U

 $300 V\JQ , G  %G YJO GLH .RUUHVSRQGHQ] ]ZLVFKHQ GHU )LUPD
7HVFKXQG6WDEHQRZXQGGHU9HUZDOWXQJGHV.*//XEOLQLQ$GHOD7R
$QPHUNXQJHQ 0DMGDQNX=HV]\W\0DMGDQND%DQG,,6YJO$EE
 
 $UEHLWV]HLW%HVFKHLQLJXQJ YRQ 0HVVLQJ IU GLH :RFKH YRP  ELV ]XP
$ENU]XQJHQ
0lU]$302%:6
7&,'. =HQWU&KUDQHQLMD,VWRULNRGRNXPHQWDO¶QLFK.ROOHNWVLL0RVNZD 
 3UHVVDF'LH.UHPDWRULHQDD2$QP6I
$302 $UFKLZXP3DQVWZRZHJR0X]HXPZ2VZLHFLPLX 
 (EHQGD6I
$300 $UFKLZXP3DQVWZRZHJR0X]HXPQD0DMGDQNX 
  9JO 3XQNW ;,, GHU 5LFKWOLQLHQ IU $QZHQGXQJ YRQ %ODXVlXUH =\NORQ
 $XIIRUGHUXQJDP(QGHHLQHU*HJHQGDUVWHOOXQJ)DXULVVRQVLQ/H0RQGH
]XU8QJH]LHIHUYHUWLOJXQJ(QWZHVXQJ'RNXPHQW1,ZLHGHUJHJH
YJO5REHUW)DXULVVRQ0pPRLUHHQGpIHQVH±&RQWUHFHX[TXL
EHQEHL)DXULVVRQLQ+9HUEHNH+JDD2$QP6
P
DFFXVHQW GH IDOVLILHU O
+LVWRLUH /D TXHVWLRQ GHV FKDPEUHV j JD] 
 5XQGHUOD‰ GHV 5HLFKVPLQLVWHUV IU (UQlKUXQJ XQG /DQGZLUWVFKDIW XQG
3UpIDFHGH1RDP&KRPVN\/D9LHLOOH7DXSH3DULV6
 GHV 5HLFKVPLQLVWHUV GHV ,QQHUQ YRP  1RYHPEHU  LQ %ODXVlXUH
 -HDQ&ODXGH 3UHVVDF $XVFKZLW] 7HFKQLTXH DQG 2SHUDWLRQ RI WKH *DV
JDVNDPPHUQ]XU)OHFNILHEHUDEZHKU6
&KDPEHUV7KH%HDWH.ODUVIHOG)RXQGDWLRQ1HZ<RUN6 
  'LH *DVUHVWQDFKZHLVJHUlWH IU =\NORQ ZDUHQ ELV ]XP -DQXDU  YHU
 9JO 5 )DXULVVRQ 7KH -RXUQDO RI +LVWRULFDO 5HYLHZ    6
IJEDU 'LH 6RZMHWV IDQGHQ HLQLJH GDYRQ LQ GHU $XIQDKPHEDUDFNH PLW
IIHEHQGD6II+HUEHUW9HUEHNH+J$XVFKZLW]
1DFNWH)DNWHQ3RVWEXV%%HUFKHP6&URZHOOª7HFK
QLNXQG$UEHLWVZHLVHGHXWVFKHU*DVVFKXW]EXQNHULP=ZHLWHQ:HOWNULHJ©
(QWODXVXQJ%:XQGSKRWRJUDSKLHUWHQVLHVLHKH$EELOGXQJ

 5LFKDUG.HVVOHU ª5DWLRQHOOH:lUPHZLUWVFKDIWLQGHQ.UHPDWRULHQQDFK
0D‰JDEHGHU9HUVXFKHLP'HVVDXHU.UHPDWRULXP©LQ'LH:lUPHZLUW
9II*6
 VFKDIW-J+HIW6
 -&3UHVVDF'LH.UHPDWRULHQYRQ$XVFKZLW]'LH7HFKQLNGHV0DVVHQ 
 +DQV .UDXSQHU ª1HXHUH (UNHQQWQLVVH XQG (UIDKUXQJHQ EHLP %DX YRQ
PRUGHV3LSHU0QFKHQ=ULFK%LOGWHLO'RN1U
 (LQlVFKHUXQJV|IHQ©6RQGHUGUXFN6WlGWHK\JLHQH6
 -&3UHVVDF$XVFKZLW]«DD2$QP6 
  7&,'.  6  %HPHUNXQJHQ ]X HLQLJHQ 0LWJOLHGHUQ GHU
 :5DGHPDFKHUª'HU)DOO/IWORGHUGLH-XVWL]]XU=HLWJHVFKLFKWH©LQ
=HQWUDOEDXOHLWXQJDQJHIHUWLJWYRQ%LVFKRIILP-DQXDU
(*DXVV+J*UXQGODJHQ]XU=HLWJHVFKLFKWH*UDEHUW7ELQJHQ 
 %ULHIGHU)LUPD)%RRVDQGLH=HQWUDOEDXOHLWXQJYRQ-XQL]XP
6II
 7KHPDª+HL]ZHUN./$XVFKZLW]©7&,'.6
 &0DWWRJQRª$XVFKZLW]'DV(QGHHLQHU/HJHQGH©LQ+HUEHUW9HUEHNH 
 $302%:6
+J $XVFKZLW] 1DFNWH )DNWHQ 9ULM +LVWRULVFK 2QGHU]RHN %HUFKHP 
 3UIXQJVEHULFKWGHV,QJ3UIHUYRP-DQXDU$302%:
6
 6
 $ 5 %XW] ª*DV 'HWHFWRUV LQ WKH $XVFKZLW] &UHPDWRULXP ,,© 
 7&,'.6

9II*ÂÂ-DKUJDQJÂ+HIW  

 $QWKHUPRWHFKQLVFKHP*HUlWVWHOOWHGLH)LUPD7RSIROJHQGHVKHU7RSI
6SH]LDO)HXHUXQJHQ 9ROOPHFKDQLVFKH 7RSI5RVWH +DOEPHFKDQLVFKH
7RSI)HXHUXQJHQ 7RSI:XUIEHVFKLFNHU ª%DOOLVW© 7RSI6SH]LDO
5RVWVWlEH gOIHXHUXQJHQ 9RUZlUPHU /XIWHUKLW]HU 'DPSIEHUKLW]HU
)OXJDVFKH$XVEODVH9RUULFKWXQJHQ =XJYHUVWlUNXQJVDQODJHQ ,QGXVWULH
6FKRUQVWHLQEDX )HXHUEHVWDWWXQJV(LQULFKWXQJHQ .RVWHQDQVFKODJ GHU
)LUPD7RSIYRP)HEUXDU7&,'.6

 'LH 5DXFKNDQlOH ZDUHQ GXUFK GLH HQWVSUHFKHQGHQ )XFKVHLQVWHLJH
VFKDFKWYHUVFKOVVH ]XJlQJOLFK GLH .DPLQH GXUFK GLH HQWVSUHFKHQGHQ
5HLQLJXQJVWUHQ

 'DV .U]HO ª%: © LP 7HOHJUDPP YRP  )HEUXDU  EHGHXWHW
QLFKW ]ZDQJVOlXILJ GD‰ GLH ª*DVSUIHU© IU GDV .UHPDWRULXP ,, EH
VWLPPWZDUHQHVNDQQZLHLQDQGHUHQ)lOOHQGDUDXIKLQGHXWHQGD‰GLH
DGPLQLVWUDWLYH.RPSHWHQ]IUGHQ(UZHUEHLQHV*HJHQVWDQGHVGHU5HJL
VWUDWXU GHV %:  REODJ %HLVSLHOVZHLVH ZXUGH %LVFKRIIV %HULFKW YRP
-DQXDUREJOHLFKHUVLFKDXIDOOHYLHU.UHPDVEH]RJLQGHU5HJL
VWUDWXUGHV%:YHUPHUNW7&,'.6

 ª8QHFULWLTXHVXUOHIRQG3DUXQDERQQpGHO¶$XWUHKLVWRLUH©LQ/¶$XWUH
KLVWRLUH1U2NWREHU6






(LQ$NWGHU6ROLGDULWlW
9RQ9+2

'HUQDFKIROJHQGDEJHGUXFNWH%HLWUDJHUVFKLHQEHUHLWVLQGHU OXQJ LVW RKQH =ZHLIHO KRFKLQWHUHVVDQW XQG ZLFKWLJ HLQH
1UGHU=HLWVFKULIW6OHLSQLU9HUODJGHU)UHXQGH3RVW .RPPHQWLHUXQJ GHU VLFK DXV GHP 9HUJOHLFK HUJHEHQGHQ
IDFK  ' 9II* YHU|IIHQWOLFKW ]ZDU LQ GHU 5HJHO $XIIlOOLJNHLWHQ XQDXVZHLFKOLFK $OOHUGLQJV PVVHQ ZRKO
NHLQH %HLWUlJH GLH LQ GHXWVFKHU 6SUDFKH EHUHLWV DQGHUVZR HLQLJH%HDPWHGHU%HUOLQHU6WUDIMXVWL]GHU$XIIDVVXQJJHZH
HUVFKLHQHQVLQG+LHUMHGRFKPDFKHQZLUHLQH$XVQDKPHXQG VHQ VHLQ GD‰ GLH =LWLHUZHLVH XQG GLH $UW GHU .RPPHQWDUH
]ZDUDXVIROJHQGHP*UXQG VWUDIZUGLJVHLHQ
'HU 9HUODJ GHU )UHXQGH YHUWUHWHQ GXUFK $QGUHDV 5|KOHU :LUGDJHJHQVLQGGHU0HLQXQJGD‰GLHVHZLFKWLJHXQGVDFK
ZLUG VHLW HWZD ]ZHL -DKUHQ YRQ GHU %HUOLQHU -XVWL] PDVVLY OLFKH $UEHLWYRQ)UDX:HFNHUWXQEHGLQJWGDV3UlGLNDWÄZLV
YHUIROJW XQG PLW *HULFKWVYHUIDKUHQ EHU]RJHQ ZHLO HU LQ VHQVFKDIWOLFK ZHUWYROO´ YHUGLHQW XQG VRPLW GHQ 6FKXW] GHU
VHLQHP 3HULRGLNXP DXFK UHFKWH RGHU DOV UHFKWV HLQJHVWXIWH 0HQVFKHQUHFKWHJHQLH‰HQPX‰'LH7DWVDFKHDOOHLQGD‰GDV
$XWRUHQ ]X :RUW NRPPHQ OLH‰ :lKUHQG YLHU +DXVGXUFKVX DXVIKUOLFKH =LWLHUHQ XQG EHJUQGHWH .RPPHQWLHUHQ lOWHUHU
FKXQJHQ ZXUGHQ GHP 9HUODJ LPPHU ZLHGHU HQWJHJHQ GHP 3XEOLNDWLRQHQ GLH QLH EHDQVWDQGHW ZXUGHQ $QOD‰ IU HLQ
JHOWHQGHQ 3UHVVHUHFKW DOOJHPHLQH $XVUVWXQJVJHJHQVWlQGH 6WUDIYHUIDKUHQ LVW ]HLJW ZLH VHKU VLFK GLH %XQGHVUHSXEOLN
JHUDXEWYJO9II*6,QHLQHPVFKZHEHQGHQ 'HXWVFKODQG EHUHLWV YRQ UHFKWVVWDDWOLFKHQ 1RUPHQ HQWIHUQW
9HUIDKUHQKDWVLFK$QGUHDV5|KOHULQ]ZLVFKHQHLQHUSV\FKLD KDW
WULVFKHQ 8QWHUVXFKXQJ XQWHU]LHKHQ PVVHQ 'HU GDEHL ]X 6FKRQ DXV *UQGHQ GHU 6ROLGDULWlW PLW GHP 9HUODJ GHU
5DWHJH]RJHQH3V\FKLDWHUNRQQWHDOOHUGLQJVEHL+HUUQ5|KOHU )UHXQGH LQ 3HUVRQ $QGUHDV 5|KOHUV XQG GHU HEHQIDOOV
NHLQH $EDUWLJNHLWHQ IHVWVWHOOHQ 6RPLW GUIWH HLQHU OlQJHUIUL YHUIROJWHQ $XWRULQ GLHVHV %HLWUDJHV ,QJULG :HFNHUW DEHU
VWLJHQ ,QKDIWLHUXQJ 5|KOHUV LQ HLQHP QRUPDOHQ *HIlQJQLV DXFK XP GLH VWDDWOLFKHQ =HQVXUYHUVXFKH ]X XQWHUODXIHQ XQG
QLFKWVPHKULP:HJHVWHKHQ+HUU5|KOHUOlXIWGDKHU*HIDKU GHUEXQGHVGHXWVFKHQ,QTXLVLWLRQGLH6LQQORVLJNHLWLKUHV7XQV
GDV 6FKLFNVDO GHU SROLWLVFKHQ *HIDQJHQHQ *QWHU 'HFNHUW YRU $XJHQ ]X KDOWHQ KDEHQ ZLU XQV HQWVFKORVVHQ GLHVHQ
XQG8GR:DOHQG\]XWHLOHQ %HLWUDJKLHUZLHGHU]XJHEHQ=XJOHLFKKDEHQZLUXQVHUODXEW
'HU QDFKVWHKHQGH %HLWUDJ ZDU PLW HLQ *UXQG IU GDV OHW]WH LKQ DXI XQVHUHU :HEVLWH ]X SOD]LHUHQ
JHJHQ 5|KOHU HLQJHOHLWHWH 9HUIDKUHQ ,Q GHP %HLWUDJ VWHOOW KWWSZZZYKRRUJ'6OHLSQLU5DX:HBKWPO1XQNDQQ
)UDX:HFNHUWGLH7DJHEFKHU]ZHLHU0lQQHUJHJHQEHUGLH VLFK MHGHU ZHOWZHLW VHOEVW VHLQH *HGDQNHQ EHU GLH
EHLGH LP /DJHU 'DFKDX LQWHUQLHUW ZDUHQ HLQHU YRU XQG GHU 5HFKWVVWDDWOLFKNHLWGHU%XQGHVUHSXEOLN'HXWVFKODQGPDFKHQ
DQGHUH QDFK GHP .ULHJVHQGH (LQH GHUDUWLJH *HJHQEHUVWHO




=ZHLPDO'DFKDX
9RQ,QJULG:HFNHUW

hEHUGLH.=/DJHUKHUUVFKW IUZDKUNHLQ0DQJHODQ/LWHUD 8QVFKXOGLJHGLHLQGLH)lQJHHLQHU8QUHFKWVE]Z5DFKHMX
WXU 'RNXPHQWDWLRQHQ $XJHQ]HXJHQEHULFKWH 5RPDQH ± GHU VWL]JHUDWHQZDUHQ
ZL‰EHJLHULJH/HVHUNDQQVLFKDXIMHGHPOLWHUDULVFKHQ1LYHDX %HLGH7DJHEXFKVFKUHLEHUVLQGJOHLFKDOWKDEHQGHQJOHLFKHQ
PLWGLHVHP7KHPDEHIDVVHQ,PQDFKIROJHQGHQ%HLWUDJZHU NXOWXUHOOHQ XQG JHLVWLJHQ +LQWHUJUXQG HLQH lKQOLFKH $XVELO
GHQ ]ZHL 7DJHEXFKDXV]JH YRUJHVWHOOW GLH EHLGH LP /DJHU GXQJ XQG EHVLW]HQ HUKHEOLFKH VFKULIWVWHOOHULVFKH )lKLJNHLWHQ
'DFKDX HQWVWDQGHQ VLQG 'LH 9HUIDVVHU ZDUHQ NHLQH GLHHVLKQHQHUP|JOLFKWHGLH'LQJHNODUXQGSDFNHQGGDU]X
.ULPLQHOOHQ GLH DXV EHUHFKWLJWHQ *UQGHQ YRUEHUJHKHQG VWHOOHQ'DVLVWHLQHUGHU*UQGHGLH]XP9HUJOHLFKE]ZGHU
GHU )UHLKHLW EHUDXEW ZRUGHQ ZDUHQ 6LH KDWWHQ OHGLJOLFK HLQH *HJHQEHUVWHOOXQJGHUEHLGHQ7DJHEXFKDXV]JHUHL]WHQ
DQGHUH SROLWLVFKH (LQVWHOOXQJ E]Z VWDQGHQ IU HLQ DQGHUHV 'HUHLQH$XWRU+lIWOLQJKHL‰W$UWKXU+DXORWJHERUHQLQ
SROLWLVFKHV 6\VWHP DOV GLH MHZHLOLJHQ 0DFKWKDEHU GLH LKUH /LHJH%HOJLHQYRQ%HUXI-RXUQDOLVWVHLW%HJLQQGHV=ZHLWHQ
(LQZHLVXQJ LQ GDV /DJHU 'DFKDX YHUIJW KDWWHQ $OVR ]ZHL :HOWNULHJHV/HLWHUGHVEHOJLVFKHQ*HQHUDONRPPLVVDULDWHVIU

  9II*ÂÂ-DKUJDQJÂ+HIW
 

7RXULVPXV .RPPXQLVW 0LWJOLHG HLQHU :LGHUVWDQGVEHZH DQGHUHQXQGVFKOlJWMHGHPPLWGHU)DXVWYRQKLQWHQLQGHQ

JXQJLQ%HOJLHQ(UZXUGHDP'H]HPEHUGXUFKGLH 1DFNHQRGHUDXIGHQ6FKlGHOGD‰PDQPLWGHP$QWOLW]JH
*HVWDSR YHUKDIWHW (V IROJWHQ VHFKV 0RQDWH $UUHVW LQ 6W JHQGLH%LOGZDQGVFKOlJWÄ/HW¶VJR´:LUWUHWHQGUDX‰HQ
*LOOHVXQG)RUHVWGDQQZHLWHUHYLHU0RQDWHLP./0DXWKDX
VHQ 'RUW EUDFK HLQH 7\SKXVHSLGHPLH DXV XQG +DXORW HU
NUDQNWHVFKZHU$P1RYHPEHUZXUGHHU]XVDPPHQ
PLWDQGHUHQ6FKZHUNUDQNHQQDFK'DFKDXYHUOHJW
'HU DQGHUH $XWRU+lIWOLQJ LVW *HUW 1DXPDQQ 'HXWVFKHU
JHERUHQHEHQIDOOV6WDIIHONDSLWlQHLQHU$XINOlUXQJVIOLH
JHUVWDIIHO VSlWHU 0DMRU LP *HQHUDOVWDE GHU /XIWZDIIH 
JHULHW HU DOV 9HUZXQGHWHU LQ DPHULNDQLVFKH *HIDQJHQVFKDIW
LQV*OLHG]XUFN.HLQHUVDJWHLQ:RUW©6
'LH *HIDQJHQHQ GHXWVFKHQ 2IIL]LHUH XP GLH HV VLFK KLHU
KDQGHOWHKDWWHQDEVROXWQLFKWVPLWGHQ9RUJlQJHQLQ'DFKDX
]XWXQ$X‰HUGHPVLQG)RWRVYRQ/HLFKHQEHUJHQNHLQ%HZHLV
IULUJHQGZHOFKH*UHXHOWDWHQ+DXORWVFKUHLEWGD]X
ª6HLW'H]HPEHU>KHUUVFKWH@HLQH)OHFNILHEHUHSLGHPLH
GLH PHKU DOV  7RWH IRUGHUWH XQG EHUDOO GLHVH /HL
FKHQKDXIHQ KLQWHUOLH‰ GLH GLH $PHULNDQHU DP  $SULO
XQG ZXUGH]XQlFKVWLQ $LEOLQJDE2NWREHUELV)HEUX
DU0lU]XQGZLHGHUYRQ0DLELV2NWREHULPDPH
ULNDQLVFKHQ,QWHUQLHUXQJVODJHU'DFKDX]XVDPPHQ PLWDQGH
UHQ:HKUPDFKWXQG66$QJHK|ULJHQJHIDQJHQJHKDOWHQ
%HLGH$XWRUHQ KDEHQ ZlKUHQGLKUHV $XIHQWKDOWHVLQ'DFKDX
7DJHEXFKJHIKUW,PMHZHLOLJHQ9RUZRUWYHUVLFKHUQVLHGD‰
VLH LKUH $XI]HLFKQXQJHQ QLFKW YHUlQGHUW VRQGHUQ Z|UWOLFK
EHUQRPPHQKDEHQXPGHUHQGRNXPHQWDULVFKHQ:HUWQLFKW
HQWGHFNHQVROOWHQ©6
=XU8QWHUNXQIWLP/DJHU'DFKDXVFKUHLEW1DXPDQQ
ª1XQ VLQG ZLU LP EHUFKWLJWHQ .=/DJHU 'DFKDX XQG ±
KDEHQ HV RIIHQEDU EHVVHU JHWURIIHQ DOV LP DPHULNDQLVFKHQ
/DJHU$LEOLQJ«)UHLOLFKLVWHVHQJKLHUDEHUGLH%DUDFNHQ
VLQG VWDELO JHEDXW XQG VDXEHU GLH :HJH WURFNHQ NLHVEH
VWUHXWXQGGDQQGLHVDQLWlUHQ(LQULFKWXQJHQ:DVFKUDXP
PLW JUR‰HQ %HFNHQ .ORVHWWV ]XP 6LW]HQ PLW :DVVHUVS
]XEHHLQWUlFKWLJHQ
'LH $QNXQIW LQ 'DFKDX VFKHLQW IU EHLGH *HIDQJHQH HLQH
9HUEHVVHUXQJ JHJHQEHUGHQ YRULJHQ=XVWlQGHQJHZHVHQ]X
VHLQ$OOHUGLQJVlQGHUQVLFKGLH9HUKlOWQLVVHVHKUVFKQHOOLP
HLQHQ)DOO]XPEHVVHUHQLPDQGHUQ]XPVFKOHFKWHUHQ6FKRQ
GHU(PSIDQJLPGHXWVFKHQ.=XQWHUVFKLHGVLFKZHVHQW
OLFKYRQGHPLPDPHULNDQLVFKHQ*HIDQJHQHQODJHU
+DXORW ª,Q 'DFKDX DQJHNRPPHQ OHEWH LFK LP /DJHU GDV
OXQJ+LHULVWHVMDJHUDGH]XNRPIRUWDEHO©6
'DVVROOWHVLFKDEHUEDOGlQGHUQ6FKRQNXU]H=HLWQDFKLKUHU
$QNXQIWPVVHQVLHDXVLKUHUIHVWJHEDXWHQ%DUDFNHDXV]LHKHQ
XQGLQHLQHYRQGHQ$PHULNDQHUQHUVWHOOWH+RO]EDUDFNHEHU
VLHGHOQ1DXPDQQ
ª'LHVH %DUDFNH KDWWHQ ZLU VFKRQ HLQH JDQ]H :HLOH PL‰
WUDXLVFK EHWUDFKWHW GD VLH EHVRQGHUV GUIWLJ XQG HLOLJ ]X
UHFKWJHKlPPHUWZRUGHQZDUXQGLQNHLQHU:HLVHHWZDHL
/HEHQ HLQHV Ä=XJlQJHUV´ 1HX]XJDQJV ]XHUVW DXI %ORFN
 GDQQ DXI %ORFN © >,Q HLQHU 1RWL] YRP  )HEUXDU
EH]HLFKQHWHUGLH$QNXQIWLQ'DFKDXDOVVHLQHªJU|‰
WH)UHXGH©@ª,FKKDEHGDVZLUNOLFKH/DJHUOHEHQNHQQHQJH
OHUQWPLWDOOGHPZDVPDQKHXWHGDUEHUZHL‰'HXWVFKH
XQG|VWHUUHLFKLVFKH.DPHUDGHQKDEHQPLUJHKROIHQLQGHP
VLH YHUDQOD‰WHQ GD‰ LFK DP  -DQXDU  LQ GHQ .UDQ
NHQEDX YHUOHJW ZXUGH >@ 0HLQ %HULFKW EHJLQQW PLW GHP
Ä8QWHUWDXFKHQ´LP5HYLHUXQGGHP=XJDQJ]X6FKUHLEPD
WHULDO,FKKDEHNHLQ:RUWGHU1RWL]HQYHUlQGHUWXPLKUHQ
QHQ 9HUJOHLFK PLW GHQ VROLG JHEDXWHQ HKHPDOLJHQ .=
%DUDFNHQDXVKLHOW©>6@ª(VUHJQHWDOOHQWKDOEHQGXUFK
GDV 'DFK GHU )X‰ERGHQ VWHKW ]HQWLPHWHUKRFK XQWHU :DV
VHU $X‰HUGHP LVW HV HLVLJ NDOW LP ,QQHUQ GD GLH URKHQ
%UHWWHUZlQGH 6SDOWHQ ELV ]X  FP DXIZHLVHQ (V JLEW NHLQ
/LFKWGLHZHQLJHQ)HQVWHUVLQGZLQ]LJNOHLQXQGPLW5DXK
JODVYHUVHKHQVRGD‰PDQQLFKWKLQGXUFKVFKDXHQNDQQ$OV
2EHUVW6FKRFKGHU6SUHFKHUGHUGHXWVFKHQ2IIL]LHUVJUXSSH
PLW HLQHP DPHULNDQLVFKHQ 2IIL]LHU ZHJHQ GHU 8Q]XPXWEDU
NHLW GHU QHXHQ 8QWHUNXQIW VSUHFKHQ ZLOO ± GHU %HIHKO ]XP
GRNXPHQWDULVFKHQ:HUW]XEHZDKUHQ©6 8P]XJ ZDU YRQ HLQHP 6ROGDWHQ EHUEUDFKW ZRUGHQ ± ZLUG
'DVª8QWHUWDXFKHQ©LVWQLFKWZ|UWOLFK]XQHKPHQGD+DXORW HUNXU]HUKDQGYHUKDIWHWXQGPLW]ZHL:RFKHQ$UUHVWEHVWUDIW
ELV ]XOHW]W RIIL]LHOOH )XQNWLRQHQ LQQHKDWWH XQG DOV HLQHU GHU %HJUQGXQJ(UGHU2EHUVWKDEHGHQ%HIHKOHLQHVDPHUL
9HUWUHWHUGHUEHOJLVFKHQ+lIWOLQJHJDOWGHUPLWGHU/DJHUOHL
WXQJ HEHQVR ZLH PLW 9HUWUHWHUQ GHV ,QWHUQDWLRQDOHQ 5RWHQ
.UHX]HV YHUKDQGHOWH $P  $SULO  EHLP (LQPDUVFK
GHU$PHULNDQHUJHK|UWHHU]XGHQGUHL/HLWHUQGHVª,QWHUQD
WLRQDOHQ /DJHUNRPLWHHV© GDV GLH 9HUWUHWXQJ GHU +lIWOLQJH
EHUQDKP XQG DOOH 9HUKDQGOXQJHQ PLW GHQ DPHULNDQLVFKHQ
2IIL]LHUHQIKUWHGLHDEGDQQIUGDV/DJHU]XVWlQGLJZDUHQ
1DXPDQQª:LUVLQGLP.=/DJHU5HFKWHU+DQGEHILQGHW
VLFK HLQ NOHLQHV XQVFKHLQEDUHV *HElXGH HLQH +RO]EDUDN
NH QLHGULJ GXQNHO QLFKWVVDJHQG $PHULNDQLVFKH 6ROGDWHQ
NRPPHQKHUDXVXQGIKUHQGLHHUVWHQ]HKQ0DQQYRQXQV
LQGDV+DXV1DFKNXU]HU=HLWNRPPHQVLHZLHGHUKHUDXV
HLQ SDDU WDXPHOQ ZLH PLU VFKHLQW (LQHPEOXWHW GLH 1DVH
'LHQlFKVWHQ]HKQ,FKELQEHLGHUGULWWHQ*UXSSH,QGHU
%DUDFNH LVW HLQ JUR‰HU 5DXP $Q GHQ :lQGHQ KlQJHQ LQ
$XJHQK|KH*UR‰IRWRVDXVGHP.=VFKUHFNOLFKH%LOGHUYRQ
YHUKXQJHUWHQ .=,QVDVVHQ /HLFKHQEHUJH JHIROWHUWH .UHD
WXUHQ:LUPVVHQXQVJDQ]QDKHDQGLH%LOGHUKLQVWHOOHQ
+LQWHUXQVJHKWHLQDPHULNDQLVFKHU6ROGDWYRQHLQHP]XP
9II*ÂÂ-DKUJDQJÂ+HIW  
NDQLVFKHQ6ROGDWHQQLFKWVRIRUWEHIROJW©6
hEHUVHLQH5FNNHKUDXVGHU+DIWVFKUHLEW1DXPDQQ
ª$P QlFKVWHQ 9RUPLWWDJ NRPPW 2EHUVW 6FKRFK DXV GHP
$UUHVW ]XUFN ,FK EHVXFKH LKQ (U KDW HLQ NOHLQHV HQJHV
(LQ]HONlPPHUFKHQLQGHU9HUVHKUWHQEDUDFNH±GHPHKHPD
OLJHQ.=/DJHUERUGHOO±EHNRPPHQ,FKHUVFKUHFNHDOVLFK
LKQVHKH(ULVWLQGHQ7DJHQXP-DKUHJHDOWHUW0DQKDW
LKQZHGHUDXI$UUHVWIlKLJKHLWXQWHUVXFKWQRFKLKPDXIVHL
QHGULQJHQGHQ9RUVWHOOXQJHQKLQHLQHQ$U]WJHZlKUWDOVHU
VHLQH+HU]DQIlOOH±DQJLQDSHFWRULV±EHNDP,QHLQHU(LQ
PDQQ]HOOH ODJ HU VFKOLH‰OLFK PLW GUHL ZHLWHUHQ +lIWOLQJHQ
]XVDPPHQVRGD‰NDXPPHKU3ODW]ZDUXPVLFK]XUKUHQ
RGHU]XZHQGHQ,QGHUHUVWHQ:RFKHHUKLHOWHUWlJOLFKQXU

.RPPL‰EURWXQG/LWHU:DVVHU$EHUZHVKDOEPDQLKQ
HLQJHVSHUUWKDWWHNRQQWHHUQLFKWHUIDKUHQGDVKDWHUHUVW
MHW]WYRQXQVJHK|UW©
:LU IROJHQ QXQ GHQ 7DJHEXFKHLQWUDJXQJHQ YRQ +DXORW GLH
VLFKYRUZLHJHQGPLWGHP3UREOHPGHU9HUSIOHJXQJEHVFKlI
WLJHQ$OOHUGLQJVLVWGDVEDOGNHLQ3UREOHPPHKUIULKQ
 NDP ZHQLJ ]X HVVHQ (UVW DE  -DQXDU LVW HU LP .UDQNHQUH
YLHUZRHUVLFKHQGOLFKWlJOLFKVDWWHVVHQNRQQWHXQGQRFKRIW
/HEHQVPLWWHOEULJKDWWHXQGZHLWHUYHUVFKHQNWH,QGHQ]ZHL
0RQDWHQLQ'DFKDXKDWHUMHGRFK.LOR]XJHQRPPHQ'HP
QDFK NDQQ DXFK GLH %ORFNYHUSIOHJXQJ VR VFKOHFKW QLFKW JH
ZHVHQVHLQ+DXORW
ª -DQXDU  ,FK KLQ >«@ PLW 1DKUXQJ YROOJHVWRSIW
'DV HLQ]LJH UHDOH 3UREOHP EHVWHKW GDULQ ]X HUIDKUHQ RE
PHLQ 0DJHQ GLHVHU XQDXIK|UOLFKHQ 9HUGDXXQJVDUEHLW JH
ZDFKVHQLVW©
'LH GHXWVFKHQ .ULHJVJHIDQJHQHQ PDFKHQ ]ZHL -DKUH VSlWHU
HQWJHJHQJHVHW]WH(UIDKUXQJHQLKUH9HUSIOHJXQJZLUGVWlQGLJ
JHNU]W1DXPDQQVFKUHLEW
ª$XFKZLUGKHXWHHLQH9HUSIOHJXQJVNU]XQJYRQGHUDPH
ULNDQLVFKHQ /DJHUOHLWXQJ YHUIJW $EHQGVXSSH XQG ± KLQ
 XQGZLHGHU±6FKRNRODGHIDOOHQZHJ7URW]GHPLVWGLH9HU
%LOGHU H[KXPLHUWHU 0DVVHQJUlEHU KLHU YRP ./ 'DFKDX HLJ SIOHJXQJ QRFK EHVVHU DOV LQ $LEOLQJ :LU EHNRPPHQ PRU
QHQ VLFK LPPHU ]XU %HHLQGUXFNXQJ XQEHGDUIWHU 3HUVRQHQ JHQV ò /LWHU 0HKOVXSSH PLWWDJV ò /LWHU ELV , /LWHU %RK
'RFK ZDUXP GLHVH 0HQVFKHQ VWHUEHQ PX‰WHQ XQG GD‰ GLH QHQVXSSH ó .RPPL‰EURW  J )HWW RGHU  %FKVH
GHXWVFKH ]LYLOH XQG PLOLWlULVFKH %HY|ONHUXQJ XP GLH /DJHU
)OHLVFKNRQVHUYHXQGò/LWHU(UVDW].DIIHH©6
KHUXPLQQLFKWZHQLJHUVFKUHFNOLFKHQ6]HQDULHQVWDUEVFKHLQW
GLH 9HUIDVVHU GHUDUWLJHU %LOG XQG 'RNXPHQWDUGDUVWHOOXQJHQ ª$E KHXWH HLQH DEHUPDOLJH 9HUSIOHJXQJVNU]XQJ >«@ 'D
QLFKW ]X LQWHUHVVLHUHQ %LOGTXHOOH 3 %HUEHQ 'DFKDX  QDFKJLEWHVQXUQRFKGUHLPDOWlJOLFKHLQHGQQH6XSSH
 7KH 2IILFLDO +LVWRU\ &RPLWp ,QWHUQDWLRQDO GH 'DFKDX J0DUJDULQHXQGIQI6FKHLEHQ%URW©6
/RQGRQ6
+DXORW ª -DQXDU  :LH GHU +XQJHUSV\FKRVH HQW
NRPPHQ ,FK IUDJH HV PLFKPLW 8QJHGXOG ,FK IKUH %XFK
EHUGDVZDVLFKHVVH'DVLVWYLHOPHKUDOVGDVZDVLFK
LP%ORFNHUKLHOW>«@LFKPX‰HVKLQQHKPHQGD‰DOOHDQGH
UHQ UHLFKOLFK XQG MHGHU]HLW ]X HVVHQ KDEHQ  8KU  8KU
8KU8KUXVZ'DVKDWEHLPLUHUQHXW]XGLHVHU3V\
ª:HQQ QXU GHU HZLJ QDJHQGH +XQJHU QLFKW ZlUH 8QVHUH
9HUSIOHJXQJVUDWLRQEHWUlJWMHW]WSUR7DJQXUQRFK]ZHL/L
WHU GQQH 6XSSH PLW HLQ]HOQHQ 6DXHUNUDXWIlGHQ RGHU HLQ
SDDUZHL‰HQ%RKQHQRGHUXQJHVFKlOWHQ.DUWRIIHOVWFNFKHQ
ÄDQJHUHLFKHUW´IQI6FKHLEHQ%URWXQG]ZHLZLQ]LJH3RU
WLRQHQ WDOJLJH 0DUJDULQH LQGHU *U|‰H MH HLQHV 6WFNFKHQ
:UIHO]XFNHUV>«@ :LUVSUHQZLHZLUQXQWlJOLFKPHKU
FKRVHJHIKUWGHULFKVHLWHLQLJHQ:RFKHQHQWNRPPHQZDU XQGPHKUDQ*HZLFKWYHUOLHUHQ©6
>«@(VJLEW/HXWHGLHLKUH5DWLRQQLFKWVFKDIIHQ>«@%H ª'LH9HUSIOHJXQJLVWZLHGHU HWZDVUHGX]LHUW ZRUGHQVWDWW
VRQGHUVHLQHQDOWHQ7VFKHFKHQGHUZXQGHUEDUH/HEHQVPLW 0DUJDULQH RGHU .lVH JLEW HV WlJOLFK HLQHQ 7HHO|IIHO YROO
WHOSDNHWHYRQGUDX‰HQHUKlOWXQGGD]XQRFK%URWLPhEHU
IOX‰EHVLW]W©
+DXORW LVW VHLW GHP  -DQXDU  LP .UDQNHQEDX ,Q GHU
HLQVFKOlJLJHQ/LWHUDWXUZHUGHQZLUEHOHKUWGD‰GLH5DWLRQHQ
IUGLH.UDQNHQYLHOJHULQJHUZDUHQDOVIUGLH$UEHLWHQGHQ
GD‰ PDQ VLH TXDVL YHUKXQJHUQ OLH‰ +DXORW VFKUHLEW MHGRFK
GDV *HJHQWHLO QlPOLFK GD‰ HU MHW]W YLHO PHKU EHNRPPW DOV
HULP%ORFNHUKLHOWZRHUYRUKHUZDU
0DUPHODGH©6
$EXQG]XPDFKWHQVLFKGLH$PHULNDQHUDXFKLKUÄ6Sl‰FKHQ´
PLW GHQ LKQHQ DXVJHOLHIHUWHQ KLOIORVHQ GHXWVFKHQ .ULHJVJH
IDQJHQHQ1DXPDQQ
ª+HXWH LVW LUJHQGHLQ DPHULNDQLVFKHU )HLHUWDJ :LU ZLVVHQ
QLFKWZHOFKHU>@IUXQVLVWGHU1RYHPEHUHLQ7DJZLH
MHGHU DQGHUH 2GHU GRFK QLFKW"" ± :LU HUKDOWHQ PLW GHU
0LWWDJVVXSSHQRFKHLQKDOEHV7lIHOFKHQ6FKRNRODGHGDIU
'LH/HEHQVPLWWHOSDNHWHGLHHUKLHUHUZlKQWVSLHOHQLQVHLQHQ DEHU NHLQHQ %URWDXIVWULFK DEHU GLH )UHXGH LVW GHQQRFK
JHVDPWHQ $XI]HLFKQXQJHQ HLQH ZHVHQWOLFKH 5ROOH 2IIHQ JUR‰1XUYHUVWXPPWVLHVFKQHOOZLHGHU'LH6FKRNRODGHLVW
VLFKWOLFK KDW HLQ *UR‰WHLO GHU +lIWOLQJH PLW GLHVHQ 3DNHWHQ PLW6FKLPPHOSLO]HQGXUFKVHW]WXQGY|OOLJ]HUEU|FNHOW©6
YRQ)UHXQGHQ9HUZDQGWHQXQGYRP5RWHQ.UHX]VLFKVHOEVW
XQG VHLQH .DPHUDGHQ QLFKW QXU DXVUHLFKHQG VRQGHUQ LP
hEHUIOX‰XQG]XGHPPLW/HFNHUELVVHQGLHEHLGHUGHXWVFKHQ
%HY|ONHUXQJ LQ GHQ -DKUHQ  VFKRQ OlQJVW XQEH
NDQQW ZDUHQ YHUSIOHJHQ N|QQHQ ,Q HLQHU ÄRIIL]LHOOHQ *H
VFKLFKWH´ GHV /DJHUV 'DFKDX KHL‰W HV DOOHUGLQJV GD‰ GLH
(UODXEQLV 3DNHWH ]X HPSIDQJHQ HUVW VHLW 1RYHPEHU 
JDOWDOVRGHP'DWXPGHU$QNXQIWYRQ+DXORW+DXORW
ª-DQXDU+HXWHPRUJHQGDV:XQGHU,FKHUKDOWH
6FKODJ DXI 6FKODJ KLQWHUHLQDQGHU GUHL %URW]HLWHQ >«@
*ULHVEUHL >«@ 6XSSH >«@ .DUWRIIHOQ >«@ %HLQDKH WlJOLFK
EHNRPPH LFK >«@ YRQ GHP HLQHQ RGHU DQGHUHQ HLQ 6WFN
$SIHO'LH9HUSIOHJXQJLVWGHPQDFKJOlQ]HQGXQGLFKKRIIH
GLH  .LOR GLH LFK VHLW PHLQHU $QNXQIW LQ 'DFKDX ]XUFN
JHZRQQHQKDEHVFKQHOO]XHUK|KHQ©
+DXORW ZDU DP  1RYHPEHU  LQ 'DFKDX HLQJHWURIIHQ
NUDQNXQGKDOEYHUKXQJHUW,QGHQ%O|FNHQXQGJLQJHV
LKP QDFK VHLQHQ $QJDEHQ LPPHU QRFK VFKOHFKW XQG HU EH
  9II*ÂÂ-DKUJDQJÂ+HIW

=ZHL -DKUH ]XUFN LQV .= 'DFKDX ,P )HEUXDU  ]LHKW
VLFK +DXORW HLQH 7\SKXVLQIHNWLRQ ]X (U ZLUG VRIRUW DXI
VWUHQJH 'LlW JHVHW]W GLH HU DXFK HLQKlOW REZRKO HV LKP
VFKZHUIlOOW ZHLO VLFK XP LKQ KHUXP DOOHV ªYROOVWRSIW© (UVW
(QGH )HEUXDU HUJHEHQ GLH UHJHOPl‰LJHQ %OXW XQG 6WXKOXQ
WHUVXFKXQJHQ GD‰ GHU 7\SKXV EHUZXQGHQ LVW (U KDW ZlK
UHQG GLHVHU =HLW  NJ *HZLFKW YHUORUHQ GLH HU GDQQ DEHU
VFKQHOOZLHGHUDXIKROW+DXORW
ª)HEUXDU*HVWHUQDEHQGHUOHEWHLFKPHLQHJU|‰WH
)UHXGH VHLW ODQJHP ,FK NDQQ VLH QXU PLW GHU PHLQHU $Q
NXQIWLQ'DFKDXYHUJOHLFKHQ/RXLVHXQGPHLQH(OWHUQKD
EHQPHLQH1DFKULFKWHUKDOWHQ©
/RXLVH LVW VHLQH )UDX +DXORW EH]HLFKQHW VHLQH $QNXQIW LQ
'DFKDXHLQHPGHXWVFKHQ.=DOVVHLQHªJU|‰WH)UHXGH©
+DXORW ª )HEUXDU  JHVWHUQ DEHQG KDW PLFK GDV
EOLFKH9HUWHLOHQGHU3DNHWHNDXPEHUKUW>«@(VLVWYHU
EOIIHQG]XVHKHQGD‰VHOEVWLQHLQHP.=GLH&KDQFHQ>«@
 

VR XQJOHLFK YHUWHLOW VLQG >«@ :lKUHQG GLH HLQHQ GLH /D URWZDQJLJHQ$SIHO>«@0DKONHKDW%URWJHU|VWHWXQG.lVH
JHUYHUSIOHJXQJ GXUFK XPIDQJUHLFKH 3DNHWH HUJlQ]HQ N|Q GUDXI ]HUJHKHQ ODVVHQ (V VFKPHFNW N|VWOLFK +ROOLGW OlGW
QHQPVVHQVLFKGLHDQGHUHQPLWLKU]XIULHGHQJHEHQ XQV]XVHLQHPOHW]WHQ3lFNFKHQLWDOLHQLVFKHU=LJDUHWWHQHLQ
)HEUXDU,FKEUlXFKWH=XFNHU%XWWHU)HWWOHLFK +LHUZLUGLPPHUJHWHLOWXQGDXVDOOHPGDVEHVWHJHPDFKW©
WH HUJlQ]HQGH 1DKUXQJ 2EVW (LHU $OO GDV JLEW HV QRFK 6I
GHQQLQPHLQHU8PJHEXQJZLUGXQXQWHUEURFKHQJHJHVVHQ +DXORWª0lU])UPRUJHQZHUGHQQHXH)UHL
$EHU LFK ELQ GDYRQ ]XPLQGHVW PRPHQWDQ DXVJHVFKORVVHQ ODVVXQJHQDQJHNQGLJW
7\SKXVGLlW >«@ (QGOLFK XQHUZDUWHWHU %HVXFK >«@ GHU
PLUHLQ6WFNZXQGHUEDUHQH[WUDOHLFKWHQ.XFKHQEUDFKWH
:LHKHUUOLFK
 0lU]  .DSLWHO (VVHQ LFK ÄRUJDQLVLHUH´ LPPHU
PHKU'LHMHW]LJH.UDQNHQNRVWEHNRPPWPLUYLHOEHVVHUDOV
GLHMHQLJHGLHLFKLQ%ORFNHUKDOWHQZUGHQlPOLFKHLQH
QRUPDOH5DWLRQJHZ|KQOLFKH'LlW
0lU]/HXWHQDFK%ORFNYHUOHJW:HJVFKDI
IHQ GHU EHUIOVVLJHQ %HWWHQ 'LH YHUEOHLEHQGHQ .UDQNHQ
ZHUGHQ GHQ .UDQNHQEDX DP :RFKHQHQGH YHUODVVHQ ,FK
PX‰ GLH UHVWOLFKHQ 7DJH PD[LPDO QXW]HQ 0LWWDJV XQG
DEHQGV6SH]LDOGLlW
0lU]$QGUpZLUG]XVDPPHQPLWDQGHUHQ+lIW
OLQJHQ>@IUHLJHODVVHQ0HLQHUVWHV3DNHWWULIIWHLQ=XFNHU
*UW]H =ZLHEDFN /HENXFKHQ 0DUPHODGH *lQVHOHEHU
.RQGHQVPLOFK 7HLJZDUHQ IULVFKH (LHU %XWWHU .QREODXFK
6HLIH+HUUOLFK>«@$OOHVLVWLQEHVWHP=XVWDQG©
(VJDEDOVR(QWODVVXQJHQDXVGHP.=+DXORWVSULFKWDXFKLQ
ZHLWHUHQ (LQWUDJXQJHQ GDYRQ 9RQ MHW]W DQ EHNRPPW HU UH
JHOPl‰LJ 3DNHWH DOOH RIIHQVLFKWOLFK YROOVWlQGLJ YLHOOHLFKW
VRJDUXQJH|IIQHW
$XFK GLH GHXWVFKHQ .ULHJVJHIDQJHQHQ ]ZHL -DKUH VSlWHU
HUKDOWHQ ]ZDU QLFKW UHJHOPl‰LJ DEHU GRFK JHOHJHQWOLFK
3DNHWH1DXPDQQ
ª3O|W]OLFK ZLUG PHLQ 1DPH JHUXIHQ GUDX‰HQ YRU GHU %D
UDFNHÄ1DXPDQQ8P8KU]XU3RVWVWHOOHHLQ3DNHW
DEKROHQ´,FK"(LQ6FKUHFNGXUFK]XFNWPLFK(LQIUHXGLJHU
6FKUHFN)UPLFKHLQ3DNHW",FKNDQQHVQLFKWEHJUHLIHQ
9RQ ZHP GHQQ"" :HU VROOWH GHQQ DQ PLFK JHGDFKW KD
EHQ"",FKODXIHGXUFKGHQ5HJHQHLQ-XEHOVWXUPLP+HU
]HQ(LQ3DNHW(LQHHUVWPDOLJHHLQHHLQPDOLJH6DFKH,FK
NDQQHVQLFKWIDVVHQ,FKNDQQNDXPGLH=HLWHUZDUWHQELV
HV8KULVW(LQ3RVWHQIlKUWPLFK]XU3RVWVWHOOH+LHU
IUDJWPLFKHLQ6ROGDWYRQZHPGDV3DNHWVHL,FKZHL‰HV
QLFKW'DJLEWHUHVPLUDXFKVRKHUDXV(VLVWORVHLQ]HU
NQOOWHV 3DFNSDSLHU JHKOOW $EHU LFK NDQQ GHQ $EVHQGHU
HQW]LIIHUQ(VLVWYRQ>«@PHLQHP)UHXQGÄ0DWWKHV´,FK
|IIQH HV LQ XQVHUHU %DUDFNH HLQ ZROOHQHV +HPG XQG ]ZHL
8QWHUKRVHQVLQGGULQNHLQH=HLOHNHLQ*UX‰$EHUGDV3D
NHWLVW]ZHLIHOORV]HQVLHUWXQGJH|IIQHWZRUGHQ'DKDWPDQ
ZRKOPDQFKHUOHLHQWIHUQWQDFKGHP9ROXPHQGHU9HUSDN
NXQJ ]X VFKOLH‰HQ ZDU HV RIIHQVLFKWOLFK XPIDQJUHLFKHU
 0lU]  %HVXFK YRQ 2WWR .XFKHQ $SIHO XQG 6SH
FLDO]XFNHU >«@ =ZHL %HVXFKH GLH PLU JU|‰WH )UHXGH EH
UHLWHQ 3KLOLSSXQG +DQV +DQV EULQJW PLU +RQLJ 3KLOLSS
YHUVSULFKWPLUHLQHQ3XOORYHU
0lU],FKZLHJHPLFK,FKKDEHLQ7DJHQNJ
]XJHQRPPHQ ,FK ELQ ZDV PDQ KLHU ÄJXW RUJDQLVLHUW´
QHQQW 1RFK JHVWHUQ WDW VLFK PLU HLQH QHXH 9HUVRUJXQJV
TXHOOHDXI'HU/HLWHUGHU5|QWJHQDEWHLOXQJGHQLFKIOFK
WLJ NHQQH IUDJWH PLFK ZDV LFK HVVHQ GUIWH XQG EUDFKWH
PLU%URWXQG%XWWHU>«@7UDIKHXWHGHQMXQJHQ)UDQ]RVHQ
5RJHU ZLHGHU >«@ (U LVW 6WXEHQGLHQVW LQ %ORFN  (U
KDW SUlFKWLJ ]XJHQRPPHQ HV LVW HLQH )UHXGH LKQ DQ]XVH
KHQ:HQQLFKDXIGHPVHOEHQ:HJZHLWHUPDFKHZHUGHLFK
LKPEDOGlKQHOQ
 0lU]  +HXWH PRUJHQ KDEH LFK PLFK QRFK QFK
WHUQJHZRJHQNJLQ]ZHL7DJHQ8P8KUEULQJWPLU
$GROSKH PHLQ ]ZHLWHV 3DNHW .XFKHQ 2UDQJHQ bSIHO =L
WURQHQ =ZLHEDFN 6DFKDULQ =XFNHU 0DUPHODGH *UW]H
7HLJZDUHQ 6DO] 2YRPDOWLQH 7RPDWHQVDIW %XWWHU 7DEDN
=LJDUHWWHQ QLFKWV IHKOW >«@ ,FK YHUJD‰ ]X HUZlKQHQ
=ZLHEDFN JHUlXFKHUWH +HULQJH 7HH %RXLOORQ XQG VHFKV
+HULQJVILOHWV©
0lU]$EKHXWHHUKDOWHLFKQRUPDOH'LlW'DVEH
JLQQW PLW .DUWRIIHOEUHL ,FK KDEH /XVW ]X DUEHLWHQ DEHU
ZHQQ LFK EHJLQQHQ ZLOO JHKW QLFKWV PHKU 0HLQH )DXOKHLW
LVWVNDQGDO|V©
0LW ÄDUEHLWHQ´ PHLQW +DXORW KLHU ÄVFKUHLEHQ´ (U VFKUHLEW
*HGLFKWH*HVFKLFKWHQ%ULHIHXQGVHLQ7DJHEXFK
:DV GLH YRQ +DXORW HUZlKQWH 'LlW EHWULIIW VROOWH PDQ VLFK
YRU $XJHQ KDOWHQ GD‰ VLFK GDV JDQ]H LQ HLQHP .= LP -DKU
 DEVSLHOW (LQ .= LQ GHP GLH 0HQVFKHQ DQJHEOLFK QXU
DOV$UEHLWVNUlIWHDXVJHQXW]WZXUGHQGLHPDQGDQQZHQQVLH
QLFKWPHKUDUEHLWHQNRQQWHQHQWZHGHUYHUKXQJHUQOLH‰RGHU
VRQVWZLHXPEUDFKWH+DXORWKDWVHLWVHLQHU(LQOLHIHUXQJDP
1RYHPEHU  DOVR VHLW QDKH]X IQI 0RQDWHQ QRFK QLFKW
HLQHQ7DJDUEHLWHQPVVHQVRQGHUQZLUGQXUJHVXQGJHSIOHJW
+DXORWª0lU]:DVLFKEHIUFKWHWKDEHLVWKHXWH
PRUJHQ HLQJHWURIIHQ 9HUOHJXQJ DXV %ORFN  Ä9HUWUHL
EXQJDXVGHP3DUDGLHV´'DV/HEHQKLHUZLUGVLFKZDKU
VFKHLQOLFKVWlUNHUGHPLP%ORFNDQSDVVHQ>«@1HXH8P
JHEXQJ(WDJHQ%HWWHQSHUV|QOLFKH'LQJHZLH8KU*H
VFKLUU 0HVVHU /|IIHO HOHNWULVFKH +HL]SODWWH QLFKWV GD
1XQPHLQH)UHXGHLVWJUHQ]HQORV©6I $XFKNHLQH%OXPHQ(VVFKHLQWGD‰PDQDXIGHP2IHQNR
ª$E XQG ]X EHNRPPW GHU HLQH RGHU DQGHUH .DPHUDG HLQ FKHQNDQQ©
3DNHWYRQ$QJHK|ULJHQRGHU)UHXQGHQ1DWUOLFKVLQGGLH %ORFNLVWGDV.UDQNHQUHYLHU9RUKHUZDU+DXORWLQ%ORFN
VH 3DNHWH RGHU 3lFNFKHQ JH|IIQHW XQG ]HQVLHUW MHGHQIDOOV GHUDOV]XVlW]OLFKH.UDQNHQVWXEHHLQJHULFKWHWZDU$QGHQ
LVW MHJOLFKHU VFKULIWOLFKH *UX‰ RGHU JDU HLQH EULHIOLFKH
1DFKULFKWHQWIHUQW8QGZDVVRQVWQRFKÄHQWIHUQW´ZXUGH
NDQQPDQQXUDKQHQ+HXWHKDW2EHUVWOHXWQDQW0DKONHHLQ
3DNHW EHNRPPHQ XQG HU IHLHUW GLHVHV (UHLJQLV LQGHP HU
2EHUVW +ROOLGW 2EHUVW 3HW]ROG 0DMRU 5XQJLXV XQG PLFK
]XP Ä1DFKPLWWDJVNDIIHH´ HLQOlGW :LU VWHOOHQ HLQHQ NOHL
QHQ VHOEVWJH]LPPHUWHQ 7LVFK HWZDV DEVHLWV LQ HLQH (FNH
GDUDXI HLQ 7DVFKHQWXVFK DOV7LVFKWXFK HWZDV 7DQQHQJUQ
DXVGHP3DNHWLQGHU0LWWHHLQHNOHLQHURWH.HU]HLQHLQHP
9II*ÂÂ-DKUJDQJÂ+HIW  
'LQJHQ GLH HU MHW]W YHUPL‰W 8KU HOHNWULVFKH +HL]SODWWH
NDQQ PDQ VHKHQ ZDV LKP ELV MHW]W DOOHV ]XJHVWDQGHQ KDWWH
%OXPHQLQGHU.UDQNHQVWXEHHLQHV.=±ZRLQGHQEOLFKHQ
Ä$XJHQ]HXJHQEHULFKWHQ´LVWGDYRQGLH5HGH"+DXORW
ª0lU]*XWH1DFKWYHUEUDFKW'DV%HWWLVWEHVVHU
DOVLQ>«@,FKJODXEHGD‰LFKKLHUQLFKWKXQJHUQZHUGH
>«@ KHXWH PRUJHQ ]XP )UKVWFN ó QRUPDOHV %URW =X
VlW]OLFK HUKLHOW LFK >«@ HLQ 'ULWWHO %URW PLW HLQHP JUR‰HQ
6WFN0DUJDULQH:HQQGDVDQKlOWJHKWDOOHVJXW
  $SULO  'LH Ä2UJDQLVDWLRQ´ OlXIW DXI YROOHQ 7RX
UHQ >«@ :DV PLFK EHWULIIW VR JHKH LFK PRUJHQ QDFK 
(LIOHUEULQJWPLUKHXWHPRUJHQHLQHY|OOLJVDXEHUHXQGJH
QDXSDVVHQGH=HEUDNOHLGXQJXQGGD]XHLQHQ3XOORYHU
$SULO9HUOHJXQJ1DFKGHP0LWWDJHVVHQNRPPHQ
ZLU QDFK %ORFN  GHU YRQ (UZLQ JHOHLWHW ZLUG ,FK KDEH
HLQH IXQNHOQDJHOQHXH .OHLGXQJ XQG HLQH SDVVHQGH 0W]H
GD]XHUKDOWHQ
$SULO,FKJHKHMHW]WWlJOLFKLQGLH/LFKWVWDWLRQZR
PHLQHOLQNH6FKXOWHULQGHULFKNHLQH.UDIWPHKUKDEHEH
KDQGHOWZLUG©
'LH lU]WOLFKH 9HUVRUJXQJ GHU NUDQNHQ +lIWOLQJH LVW DX‰HURU
GHQWOLFK JXW ZLH PDQ DXFK QRFK DXV VSlWHUHQ (LQWUDJXQJHQ
VHKHQZLUG=ZHL-DKUHVSlWHUVLHKWGLH/DJHDQGHUVDXV
1DXPDQQ VFKUHLEW ª0HLQH 9HUZXQGXQJ DP 2EHUVFKHQNHO
HLWHUWLPPHUQRFKXQGZLOOQLFKWKHLOHQ,FKJHKHQRFKHLQ
PDO]XP.UDQNHQUHYLHU$EHUHVJLEWNHLQH6DOEHNHLQ9HU
EDQGVPDWHULDOPHKU>«@,FKKDEH)LHEHUXQG6FKPHU]HQLQ
ª-XQL'LHVHV0DODUEHLWHLFKXQGZLH6WXQGHQ
DP 7DJ ,FK HUWUDJH HV RKQH ]X JUR‰H (UVFK|SIXQJ $EHU
PLUEOHLEWNHLQHIUHLH=HLWDX‰HUDQGHQ]ZHL7DJHQZRGLH
$UEHLWXP8KUEHHQGHWLVW>«@'LHVH:RFKHHLQ3DNHW
%LQQXQEHVVHUYHUVRUJW
 -XQL  'LH =HLW YHUJHKW HUVFKUHFNHQG VFKQHOO ,FK
ILQGHNHLQHQ$XJHQEOLFNPHKU=HLWGLHNU]HVWHQ1RWL]HQ]X
PDFKHQ$EHUREZRKOGLH$UEHLWEHLQDKHDOOH:RFKHQVWXQ
GHQEHDQVSUXFKWKLQGHUWPLFKGLHVQLFKWDP1DFKGHQNHQ
,P*HJHQWHLO1LHPDOV]XYRULQ'HXWVFKODQGKDWPLFKHLQH
GHUDUWLJH JHLVWLJH 5HJVDPNHLW HUID‰W >«@ 3K\VLVFK IKOH
LFK PLFK EHVWHQV *HZL‰ GLH $UEHLW LVW KDUW DEHU VLH YHU
KLOIWPLU]X0XVNHOQZLHLFKVLH]XYRUQLHKDWWH0DQFKPDO
ZHUGHLFKYRQHLQHUDQLPDOLVFKHQ)UHXGHEHIDOOHQ>«@XQG
]ZDUGDUEHUZLHVWDUNXQGOHEHQGLJLFKELQ>«@,FKVDQJ
XQGODFKWHGHQJDQ]HQ7DJ>«@©
ª'LH =HLW YHUJHKW HUVFKUHFNHQG VFKQHOO© ± ZDV IU YHUZXQ
GHUOLFKH%HPHUNXQJHLQHV*HIDQJHQHQ+DXORW
GHU/HEHUJHJHQG1XUKLHUQLFKWNUDQNZHUGHQ©6
+DXORWª0DL+HXWHKDEHLFKPLWGHU$UEHLWEH
JRQQHQ7UDQVSRUWYRQ%URWXQG/HEHQVPLWWHOQ(LQKDUWHU
7DJDEHUQXUGHVKDOEZHLOPHLQH)‰HVFKPHU]HQ5HLFK
OLFKH 1DKUXQJ 6FKZHUH $UEHLW $EHU LFK ELQ LQ EHZXQ
GHUQVZHUWHU )RUP XQG VHKU JOFNOLFK PHLQH 0XVNHOQ JH
EUDXFKHQ ]X N|QQHQ 1DFKPLWWDJV HLQ ZHQLJ DOOWlJOLFKHU
*OFNVIDOO )DKUW QDFK 'DFKDX XP %HKlOWHU ]X WUDQVSRU
WLHUHQ 'DV EHVFKHUW PLU HLQHQ ZXQGHUVFK|QHQ $XVIOXJ
GXUFKHLQHQ3DUNHLQHQ7DQQHQZDOGGLH6WDGW,FKNRPPH
PLWWDXVHQG'LQJHQLQ%HUKUXQJGLHLFKVHLWVHFKV0RQD
WHQYHUJHVVHQKDEH%lFKHQ)LVFKHQ6FKZlQHQYHUVFKLH
GHQHQ%lXPHQ>«@V‰ULHFKHQGHQ%OXPHQ>«@KHUDXVJH
SXW]WHQ )UDXHQ LQ KEVFKHQ .OHLGHUQ >«@ .LQGHUQ MHGHQ
$OWHUV JOFNOLFKHQ 3DDUHQ >«@ /lGHQ 5HVWDXUDQWV NXU]
GHP JDQ]HQ UHDOHQXQG SXOVLHUHQGHQ /HEHQ >«@ 8QG LFK
NHKUHYROOEHUVFKZHQJOLFKHU)UHXGHPLWHLQHU0DUJXHUL
WH]ZLVFKHQGHQ/LSSHQLQV/DJHU]XUFN©
(UVWMHW]WDOVRQDFKEHUVLHEHQ0RQDWHQ$XIHQWKDOWLQ.UDQ
NHQVWXEHQ NRPPW +DXORW ]XP $UEHLWVHLQVDW] *OHLFK DP
HUVWHQ 7DJ NDQQ HU HLQHQ $XVIOXJ LQ GLH 6WDGW 'DFKDX PD
FKHQ 'DV EHZHLVW GD‰ GDV .= 'DFKDX HLQ QRUPDOHV 6WUDI
XQG $UEHLWVODJHU ZDU RKQH ]X YHUEHUJHQGH *HKHLPQLVVH
VRQVW KlWWH PDQ GLH +lIWOLQJH QLFKW GXUFK GLH 6WDGW ODXIHQ
ODVVHQ+DXORW
ª0DL3KLOLSSKDWWHHLQHQ8QIDOOGHULKQ]ZLQJW
DP0RQWDJQDFK$XJVEXUJ]XIDKUHQ©
.UDQNH ZHUGHQ GHPQDFK QRWIDOOV VRJDU LQ 6SH]LDONOLQLNHQ
EHKDQGHOW±XQWHUGHQ$PHULNDQHUQZDUHQGLH=XVWlQ
GHLQ'DFKDXHWZDVDQGHUV
$OV GLH 2EHUVFKHQNHOYHUZXQGXQJ YRQ 1DXPDQQ ]X HLWHUQ
EHJLQQWVDJWLKPGHU$U]W
ª(V ZlUH DP EHVWHQ ZHQQ 6LH LQV /D]DUHWW JLQJHQ $EHU
GDV JHKW MDQLFKW ZHLO QLHPDQG GDV /DJHU YHUODVVHQ GDUI
(UVW EHL K|FKVWHU /HEHQVJHIDKU JLEW GLH /DJHUOHLWXQJ HLQH
ª-XOL*XWH:RFKH$PHLQ3DNHW:XQGHUEDU
6DPVWDJ XQG 6RQQWDJ 7KHDWHU $XVJH]HLFKQHWH 6DFKHQ
>«@ %LQ VHLW JHVWHUQ QLFKW JDQ] LQ 2UGQXQJ 6FKODIH GHQ
9RUPLWWDJEHU©
'HU  -XOL  ZDU QLFKW HWZD HLQ 6RQQWDJ VRQGHUQ HLQ
0LWWZRFK %HVWLPPWH +lIWOLQJH NRQQWHQ VLFK DOVR HLQIDFK
PDOHLQHQJDQ]HQRGHUKDOEHQ7DJIUHLQHKPHQZHQQVLHVLFK
ªQLFKWJDQ]LQ2UGQXQJ©IKOWHQ+DXORW
ª-XOL'LH:RFKHZXUGHYRQ]ZHL(UHLJQLVVHQEH
KHUUVFKW GHU EHZXQGHUQVZHUWHQ 9RUVWHOOXQJ DP 6RQQWDJ
XQG GHP 3DNHW DP 0RQWDJ >«@ *HVWHUQ 3DNHW HUKDOWHQ
GDVDP-XQLDEJHVFKLFNWZXUGH8QEHVFKlGLJW3HUIHNW
0LWWHQGULQHLQHKHUUOLFKH3IHLIH>«@
 $XJXVW  /DJ JHVWHUQ PLW *ULSSH LP %HWW +HXWH
$XVUXKHQ$OOHVJHKWJXW©
'HXWVFKH =LYLOLVWHQ GXUIWHQ ZlKUHQG GHU .ULHJV]HLW ZHJHQ
HLQHU*ULSSHQLFKWHLQIDFK]X+DXVHEOHLEHQ'LH$UEHLWJLQJ
YRU+DXORW
ª2NWREHU(UKLHOWJHVWHUQ1DFKULFKWYRQ]X+DX
VH :HOFKH)UHXGH>«@*HVWHUQDEHQGLWDOLHQLVFKHV.RQ
]HUW 6FK|QH 6WLPPHQ KEVFKH 0XVLN JXWHU -D]] 'DV WXW
ZRKO©
-D]]±LP'ULWWHQ5HLFKYHUS|QW±LP.=P|JOLFK'DV.XO
WXUOHEHQLP.='DFKDXELHWHWYRUDOOHP7KHDWHUDXIIKUXQJHQ
XQG .RQ]HUWH =ZHL -DKUH VSlWHU HUODXEWHQ GLH $PHULNDQHU
LKUHQ *HIDQJHQHQ JHOHJHQWOLFK GHQ %HVXFK GHV /DJHU
9DULHWpV1DXPDQQ
ª=ZLVFKHQVSLHO QDFK GHU 0LWWDJVVXSSH $QWUHWHQ Ä)LYH
PHQDLQH5UUDLKH´:LUZHUGHQGXUFKGDVJUR‰HDOOJHPHL
QH /DJHU QDFK YRUQ ]XP .DVHUQHQNRPSOH[ JHIKUW ± ]XP
/DJHU 9DULHWp Ä.DUXVVHOO´ (LQ ZHQLJ 6FKODJHU0XVLN
HLQLJH JHTXlOWH :LW]H XQG &ORZQHULHQ HLQ ZHQLJ (XJHQ
5RWK HLQ ZHQLJ .LWVFK 'LH .XQVW GHV +XPRUV LVW DOO]X
JUR‰XQGVFKZHUXPYRQMHQHQEHKHUUVFKW]XZHUGHQGH
QHQHVHLJHQWOLFK]XP:HLQHQ]XPXWHLVW6SLHOHUQZLH=X
(UODXEQLVDEHUGDQQLVWHVPHLVW]XVSlW©6 VFKDXHUQ,QODQJHU.RORQQHWURWWHQZLUZLHGHU]XXQVHUHP
+DXORWª0DL%HLPLUHUJLEWVLFKHLQH6FKZLHULJ
NHLW GHU 0DQQ GHVVHQ 6WHOOYHUWUHWHU LFK ZDU LVW DXV GHP
5HYLHUYHUVFKZXQGHQXQGLFKELQRKQH$UEHLW
 0DL  1RFK NHLQH $UEHLW 5XKH PLFK ELV PRUJHQ
DXV©
'DV$XVUXKHQGDXHUWHQXQVFKRQIQI7DJHODQJ8QGGDVLQ
HLQHP.=LQGHPGLH+lIWOLQJHDQJHEOLFKELV]XP8PIDOOHQ
DUEHLWHQPX‰WHQ+DXORW
6RQGHUODJHU]XUFNOHHUHQWPXWLJW©6I
(LQ ZHVHQWOLFKHU 7HLO JHLVWLJNXOWXUHOOHU $QUHJXQJHQ JLQJ
MHGRFK YRQ HLQHP UHJHOUHFKWHQ 6HPLQDUEHWULHE DXV GHQ GLH
GHXWVFKHQ2IIL]LHUHHLQJHULFKWHWKDWWHQ1DXPDQQ
ª:LUKDEHQGHQJDQ]HQ/HKUEHWULHEMHW]WXQLYHUVLWlWVPl‰LJ
JHJOLHGHUW LQ 9RUOHVXQJHQ XQG SUDNWLVFKH hEXQJHQ ,FK
VHOEVWKDEHMHW]WWlJOLFK6WXQGHQ9RUOHVXQJEHOHJWPLW
GHQDQVFKOLH‰HQGHQÄ+DXVDXIJDEHQ´ILQGHLFKEHZX‰WNHL

  9II*ÂÂ-DKUJDQJÂ+HIW
 

ª(VNRPPHQZLHGHUHLQLJH3DNHWHDQ1DWUOLFKRKQHMHGHQ
VFKULIWOLFKHQ *UX‰ 1RFK KDW QLHPDQG HLQH 1DFKULFKW YRQ
GHQ 6HLQHQ HUKDOWHQ QLHPDQG HLQH $QWZRUW DXI GLH 5RWH
.UHX].DUWHYRP2NWREHU©6
0LWWH GHV -DKUHV  GDUI NXU]IULVWLJ 3RVW JHVFKULHEHQ XQG
DEJHVDQGW ZHUGHQ $EHU QHXH VFKLNDQ|VH %HVWLPPXQJHQ
YHUJlOOHQGHQ*HIDQJHQHQEDOGGLH)UHXGH1DXPDQQ
ª$E VRIRUW GUIHQ YRQ GHQ *HIDQJHQHQ Z|FKHQWOLFK QXU
QRFKHLQ%ULHIDXIGHPEHNDQQWHQ=HLOHQ)RUPXODUXQG
HLQH 3RVWNDUWH JHVFKULHEHQ ZHUGHQ $OOH DXV XQG HLQJH
KHQGH3RVWZLUGNQIWLJVWUHQJ]HQVLHUW©6
ª:LUEHNRPPHQXQVHUH%ULHIH]XUFNGLHZLUQRFKYRUGHQ
QHXHQVWUHQJHQ%HVWLPPXQJHQYRUHLQLJHQ7DJHQVFKUHLEHQ
GXUIWHQ:LUPVVHQVLHQRFKHLQPDOVFKUHLEHQXQGGUIHQ
GD]XQXUGDV=HLOHQ)RUPXODUYHUZHQGHQ>«@:LUEH
 NRPPHQ HUQHXW XQVHUH %ULHIH ]XUFN $GUHVVH XQG $EVHQ
'LH XQWHU GHU /HLWXQJ 'U 5DVFKHUV LP ./ 'DFKDX GXUFKJH
GHUPVVHQLQ%ORFNVFKULIWJHVFKULHEHQVHLQ(LQ%ULHIGDUI
IKUWHQ PLOLWlULVFKHQ XQG ]LYLOHQ 0HQVFKHQYHUVXFKH 8QWHU
NKOXQJ 8QWHUGUXFN ,QIHNWLRQHQ VSLHOWHQ LQ GHQ EHL .ULHJV
HQGHJHJHQGLYHUVHGHXWVFKH0HGL]LQHUGXUFKJHIKUWHQ3UR
]HVVH ZLH DXFK EHL GHU $XVPDOXQJ YRQ +RUURUJHVFKLFKWHQ
EHUGDV./'DFKDXHLQHQLFKWXQHUKHEOLFKH5ROOH6RHLQID
FKHQXQGQLFKWXQHUKHEOLFKHQ)UDJHQZLHRE]%]XOHEHQV
ODQJHU +DIW YHUXUWHLOWH NULPLQHOOH +lIWOLQJH VLFK ]X GLHVHQ
9HUVXFKHQ IUHLZLOOLJ PHOGHWHQ ZHLO VLH GDGXUFK LKUH (QWODV
VXQJ HUUHLFKHQ NRQQWHQ RGHU LQZLHIHUQ LQ GHQ .ULHJVMDKUHQ
GLH 9HUVXFKH DQ +lIWOLQJHQ OHLGHU DXFK LQ DQGHUHQ 1DWLRQHQ
YRUJHNRPPHQ VLQG ZXUGH ELV KHXWH QLFKW HLQJHKHQG QDFK
JHJDQJHQ +DXORW HUZlKQW GLHVH DQJHEOLFKHQ 6FKUHFNHQ LQ
QLFKW PLW %OHLVWLIW JHVFKULHEHQ ZHUGHQ $ENU]XQJHQ XQG
8QWHUVWUHLFKXQJHQ VLQG YHUERWHQ 9HUERWHQ LVW DXFK GLH
9HUZHQGXQJYRQ=DKOHQHLQ%ULHINRPPW]XUFNZHLOGHU
6FKUHLEHU DP 6FKOX‰ JHVFKULHEHQ KDWWH Ä *U‰H´
GDVLVWHLQH=DKOXQGGDKHUXQ]XOlVVLJ9HUERWHQLVWDXFK
EHU HLQH DQGHUH GULWWH 3HUVRQ ]X VFKUHLEHQ 'DV KHL‰W
GD‰ PDQ VLFKQLFKW QDFK .LQGHUQ (OWHUQ XVZ HUNXQGLJHQ
GDUI 9HUERWHQ LVW MHGH 6FKLOGHUXQJ EHU /DJHU]XVWlQGH
(LQHUKDWWHJHVFKULHEHQÄ:LUOLHJHQ]XIQIWLQHLQHU6WX
EH´HUEHNDPGHVKDOEGHQ%ULHI]XUFN9HUERWHQLVWDXFK
VHLQHP7DJHEXFKPLWNHLQHP:RUW%LOGTXHOOH<$UDG+J QRFK GDV %ULHIGDWXP DXI HLQH EHVRQGHUH =HLOH ]X VFKUHL
7KH3LFWRULDO+LVWRU\RIWKH+RORFDXVW0DFPLOODQ1HZ<RUN EHQGLHEHUGLH]XOlVVLJHQ=HLOHQKLQDXVJHKW(VVLQGJH
6 ZL‰OlFKHUOLFKH6FKLNDQHQDEHUVLHVLQGZLUNXQJVYROO6LH
QH=HLWPHKUPLFKPLWXQVHUHP/RV]XEHVFKlIWLJHQ(VLVW
HLQHÄ)OXFKWQDFKYRUQ´DXI%LHJHQXQG%UHFKHQQXUQLFKW
XQWHUNULHJHQODVVHQ±
$EHQGV JLEW HV GDQQ LPPHU QRFK DOOJHPHLQELOGHQGH 9RU
WUlJH 2EHUVW .|QLQJHU Ä3ODXGHUHL EHU HLQH 2VWDVLHQ
IDKUW´ 3URIHVVRU /HKPDQQ Ä'LH .RQWLQHQWDOYHUVFKLH
EXQJVWKHRULH$OIUHG:HJHQHUV´Ä:DQGOXQJHQGHU(UGNUX
]HUPUEHQGLH1HUYHQXQGGDVVROOHQVLHZRKO©6
ª:LUEHNRPPHQZLHGHU%ULHIHYRQGHU=HQVXU ]XUFN(L
QHU KDW DQVWDWW GHU ]XOlVVLJHQ XQG YRUJHVFKULHEHQHQ $Q
]DKOYRQ=HLOHQYHUVHKHQWOLFKHLQH=HLOHPHKUEHVFKULHEHQ
(U EHNRPPW VHLQHQ %ULHI ]XJOHLFK PLW GHP 9HUERW ]XUFN
QRFKPDOV ]X VFKUHLEHQ (LQ DQGHUHU KDW GLH =HLOHQOLQLHQ
PLW %OHLVWLIW VlXEHUOLFK YRUJH]RJHQ DXFK VHLQ %ULHI ZLUG
VWH´©6
=XP 7KHPD 3RVW 6FKRQ DXV IUKHUHQ (LQWUlJHQ ZLUG NODU
GD‰ +DXORW |IWHU ZHQQ QLFKW UHJHOPl‰LJ 3RVW YRQ VHLQHQ
$QJHK|ULJHQ HUKLHOW 'LH DPHULNDQLVFKHQ %HIUHLHU KDWWHQ LQ
GLHVHP3XQNWDQGHUH$QVLFKWHQ
1DXPDQQZLUGJOHLFKEHLVHLQHU$QNXQIWLQ'DFKDXÄJHILO]W´
(LQ DPHULNDQLVFKHU 6ROGDW QLPPW LKP VHLQH %ULHIWDVFKH DE
XQG NRQILV]LHUW HLQH 3RVWNDUWH GDV OHW]WH /HEHQV]HLFKHQ VHL
QLFKWEHI|UGHUW©6
'HU $XIHQWKDOW LP DPHULNDQLVFKHQ ,QWHUQLHUXQJVODJHU ]HU
PUEW DOOH *HIDQJHQHQ DOOPlKOLFK XQG WUHLEW HLQLJH VRJDU
]XP6HOEVWPRUG,PJQVWLJVWHQ)DOOYHUPDJPDQVLFKGXUFK
7HLOQDKPHDQGHQZLVVHQVFKDIWOLFKHQXQGNXOWXUHOOHQ9HUDQ
VWDOWXQJHQ DE]XOHQNHQ XQG ]X YHUVXFKHQ GLH WUDXULJH *H
JHQZDUW]XYHUGUlQJHQ
%HL+DXORWYHUOlXIWGLH(QWZLFNOXQJGDJHJHQSRVLWLY+DXORW
QHU0XWWHU66SlWHULVWHV
ªVWUHQJ YHUERWHQ %ULHIH ]X VFKUHLEHQ XQG GLHVH YLHOOHLFKW
HLQHP$UEHLWVNRPPDQGRQDFKGUDX‰HQPLW]XJHEHQ9HUER
WHQ LVW HV DXFK %ULHISDSLHU %ULHIXPVFKOlJH EHUKDXSW ]X
EHVLW]HQRGHUJDU%ULHIHYRQ$QJHK|ULJHQEHLVLFK]XKD
ª 2NWREHU  ,Q  7DJHQ EHHQGH LFK HLQ -DKU LQ
'DFKDX+DEHPHLQHSUlFKWLJH*HVXQGKHLWZLHGHUHUODQJW
HEHQVR HLQH 'HQNIlKLJNHLW XQG $UEHLWVNUDIW lKQOLFK GHUMH
QLJHQGLHLFKIUKHUKDWWH>«@,QZLHYLHOHQ0RQDWHQRGHU
YLHOOHLFKW :RFKHQ NDQQ LFK GLH 0HLQHQ ZLHGHU XPDUPHQ"
EHQ6WUHQJH6WUDIHQZHUGHQDQJHNQGLJW©6 ,FKPX‰QXUDEZDUWHQ+RFKHUKREHQHQ+DXSWHVXQGVWDU
ª:HQQHLQ*HIDQJHQHUWURW]9HUERWVHLQHQ%ULHIVFKUHLEHQ NHQ +HU]HQV 1XU DXI GLHVH :HLVH Ol‰W VLFK GDV 6FKLFNVDO
XQGDXILUJHQGHLQHP:HJHQDFKGUDX‰HQVFKPXJJHOQVROO EHVLHJHQ8QGGLH=XNXQIWLVWJUR‰LVWZXQGHUEDU©
WHVRZLUGGHU(PSIlQJHUHLQHVVROFKHQ%ULHIHVPLW*H
IlQJQLVELV]XVHFKV:RFKHQEHVWUDIW:HUHLQHQ%ULHIQDFK
GUDX‰HQ VFKUHLEW >«@ ZLUG PLW HLQHU :RFKH %XQNHUDUUHVW
EHL :DVVHU XQG %URW EHVWUDIW $QVFKOLH‰HQG PX‰ HU HLQH
:RFKH ODQJ WlJOLFK DFKW 6WXQGHQ *HSlFNPDUVFK PLW 
3IXQG *HZLFKW PDFKHQ 'DQDFK NRPPW HU QRFKPDOV IU
HLQH:RFKHEHL:DVVHUXQG%URWLQGHQ%XQNHU(VEHVWHKW
NHLQ=ZHLIHOGD‰YLHOHYRQXQVHLQHVROFKH7RUWXUJDUQLFKW
ª1RYHPEHU(LQ-DKUKLHU>«@(LQ-DKU,FKNDP
KLHU NUDQN YHUZXQGHW HUOHGLJW DQ QXU QRFK GHU 6FKDWWHQ
HLQHV0HQVFKHQZDVPDQLQGHUELOGHUUHLFKHQ6SUDFKHGHV
/DJHUV DOV Ä.UHWLQ´ RGHU Ä0XVHOPDQQ´ EH]HLFKQHW -HW]W
ELQLFKVRJHVXQGXQGVWDUNZLH]XYRUXQGYROOHUJHLVWLJHU
XQGN|USHUOLFKHU9LWDOLWlW©
'DV )D]LW GDV HU DXV HLQHP -DKU $XIHQWKDOW LP .= 'DFKDX
]LHKWLVWLQGHU7DWHUVWDXQOLFK6HLQHHXSKRULVFKH6WLPPXQJ
PHKUDXVKDOWHQN|QQWHQ©6 ]HXJW]ZDUDXFKYRQHLQHPVWDUNHQ&KDUDNWHUDEHUVLHKlWWH

9II*ÂÂ-DKUJDQJÂ+HIW  
 
%HVWHU%HZHLVIUGLH+DXSWWRGHVXUVDFKHGHULP./'DFKDXYHUVWRUEHQHQ+lIWOLQJHLVWGLHYRQGHQ86%HIUHLHUQDQJHIHUWLJWH
7RGHVVWDWLVWLN 'LH PLW $EVWDQG PHLVWHQ 7RWHQ WUDWHQ JHJHQ (QGH GHV .ULHJHV DXI DOV GLH ,QIUDVWUXNWXU GHV 'ULWWHQ 5HLFKHV
GXUFKGLHDOOLLHUWHQ7HUURUERPEDUGHPHQWVGHUPD‰HQ]HUVW|UWZDUGD‰ZHGHUGLH=LYLOEHY|ONHUXQJGDV0LOLWlUQRFKGLH+lIWOLQJH
LQGHQ/DJHUQXQG*HIlQJQLVVHQPLWGHP/HEHQVQRWZHQGLJVWHQ1DKUXQJPHGL]LQLVFKH+LOIHVDQLWlUH$QODJHQYHUVRUJWZHU
GHQ NRQQWHQ %HVRQGHUV VFKOLPP EHWURIIHQ ZDUHQ GLH /DJHU LP ,QQHUHQ 'HXWVFKODQGV GLH DXIJUXQG GHU (YDNXLHUXQJHQ GHU
IURQWQDKHQ/DJHUJHJHQ(QGHGHV.ULHJHVY|OOLJEHUIOOWZDUHQ'DV./'DFKDXZXUGHLP$SULOEHIUHLWGRFKDXFKGD
QDFKVWDUEHQGLH+lIWOLQJH]X7DXVHQGHQ
6FKDGH GD‰ HV ELV KHXWHNHLQH 6WHUEHVWDWLVWLN GHV ./ 'DFKDXV JLEW IUGLHVSlWHU GDULQYRQGHQ $OOLLHUWHQ LQKDIWLHUWHQ'HXW
VFKHQ*UDILNHQWQRPPHQDXV(*DXVV9RUOHVXQJHQEHU=HLWJHVFKLFKWH*UDEHUW7ELQJHQ6
NDXP DXINRPPHQ N|QQHQ ZHQQ GLH =XVWlQGH LP .= DOOJH
PHLQDXFKQXUDQQlKHUQGVREHGUFNHQGJHZHVHQZlUHQZLH
PDQLPPHUDQQLPPW±XQGZLHVLH]ZHL-DKUHVSlWHULPDPH
ULNDQLVFKHQ.ULHJVJHIDQJHQHQODJHU'DFKDXZDUHQ1DXPDQQ
ª:HQQLFKGDV]XQHKPHQGOlKPHQGH*HIKOKDEHLFKN|Q
QHGDVDOOHVQLFKWPHKUHUWUDJHQGDQQJHKHLFKKLQDXVXQG
ODXIH ]ZLVFKHQ GHQ %DUDFNHQ KLQ XQG KHU =ZDU LVW GLH
0|JOLFKNHLWGHV$XVODXIVKLHUQLFKWJUR‰DEHUPDQPX‰MD
LQ %HZHJXQJ EOHLEHQ 'HU 5DXKUHLI YHU]DXEHUW VRJDU GHQ
=DXQDXV6WDFKHOGUDKW]XHLQHP0lUFKHQELOGZHL‰HUJOLW
QJWHLQZHQLJ5XKHXPDOOHVZLHGHULQ2UGQXQJ]XEULQ
JHQ©
=X GLHVHP (LQWUDJ VFKUHLEW +DXORW LP VSlWHU YHUID‰WHQ 9RU
ZRUWVHLQHV7DJHEXFKHV
ª9JOHEHQVRGLHÄ+HU]NUDQNKHLW´PLWGHULFKDP1R
YHPEHUPHLQH5FNNHKULQGHQ.UDQNHQEDXUHFKWIHU
WLJWH 'D LQ :LUNOLFKNHLW GDV 6WHKOHQ YRQ 1DKUXQJ EHLP
.RPPDQGR .FKH (LQV XQP|JOLFK JHZRUGHQ ZDU HQW
VFKLHG LFK PLFK HV DXI]XJHEHQ ,FK ZROOWH DX‰HUGHP DXV
JHUXKWVHLQXPPHLQHQ*HEXUWVWDJDP1RYHPEHUZU
]HUQGHU =DUWKHLW +LQWHU GHQ EHUHLIWHQ 7DQQHQZLSIHOQ DP
(QGH GHU *lUWQHUHL IODPPW GDV $EHQGJOKHQ LQ *HOE XQG
5RWXQGGURKHQGHP*UQ
,FK IUDJH PLFK RE GDV /HEHQ EHUKDXSW QRFK HLQHQ 6LQQ
KDW)UHLOLFKVWUlXEHLFKPLFKJHJHQVROFKH*HGDQNHQXQG
LKUHYRUVWHOOEDUHQ.RQVHTXHQ]HQ1HLQQHLQVRZHLWLVWHV
EHLPLUQRFKQLFKW$EHULFKIKOHPLFKUHFKWVFKDIIHQPGH
XQGOHHU
,FKP|FKWHVRJHUQLUJHQGHWZDV6LQQYROOHVWXQ,FKP|FKWH
JHUQHWZDVVFKUHLEHQDEHULFKKDEHNHLQ3DSLHUPHKUXQG
GHYROOEHJHKHQ]XN|QQHQ©6
3D‰WGDV]XPDOOJHPHLQHQ%LOGYRQHLQHP.RQ]HQWUDWLRQVOD
JHU" (LQ .=+lIWOLQJ NRQQWH HLQH :RFKH YRU VHLQHP *H
EXUWVWDJ NUDQNPDFKHQ XP IU GLHVHQ )HLHUWDJ DXVJHUXKW ]X
VHLQ+DXORW
ª1RYHPEHU+HXWH-DKUHDOW%HGHXWHQGHU$X
JHQEOLFN 'LH -XJHQG LVW YRUEHU ]XPLQGHVW ZDV )ULVFKH
XQG 6SRQWDQHLWlW EHWUHIIHQ 'HU MXQJH 0DQQ ZLUG ]XP
0HQVFKHQ ,FK IKOH PLFK VWDUN EHUHLW PHLQ 6FKLFNVDO
PHLQH=XNXQIWDQ]XSDFNHQ-HGRFKZHUZHL‰ZDVPRUJHQ
GHU%OHLVWLIWJHKW]X(QGH©6 VHLQZLUG
+DXORW ª 1RYHPEHU  ,FK NRPPH ]XUFN LQ GHQ 'H]HPEHU,FKZHUGH.UDQNHQSIOHJHKHOIHU/HLGHU
.UDQNHQEDX 6HLW HLQLJHQ 7DJHQ KDEH LFK HLQ EHUDQ QLFKWLQ%ORFNZLHLFKHVHUZDUWHWKDWWHVRQGHUQLQ
VWUHQJWHV +HU] =X ODQJH XQG KDUWH $UEHLW 9LHOOHLFKW JH 'H]HPEHU'LH$UEHLWLVWOHLFKWXQGDQJHQHKP,FK

  9II*ÂÂ-DKUJDQJÂ+HIW

VWXGLHUH GDV .UDQNHQSIOHJHOHKUEXFK *UR‰H 6FKZLHULJNHL
WHQPLWGHP9RNDEXODU$EHUHVZLUGJHKHQ
 'H]HPEHU  ,FK ZHFKVHOH HUQHXW GDV %HWW +DEH
PHLQHV DQ GHQ WVFKHFKLVFKHQ 3URIHVVRU DEJHJHEHQ $EHU
LFK EOHLEH 6WXEHQSIOHJHU ,FK JODXEH LFK NRPPH PLW GHU
$UEHLWJDQ]JXW]XUHFKW>«@/HW]WHV-DKULQ%ORFNKDWWH
LFKVFKUHFNOLFKHV+HLPZHK'DPDOVJDEHVQXUPHLQ(OHQG
XQGPHLQH(ULQQHUXQJHQ+HXWHKDEHLFKZLHGHUIHVWHQ%R
GHQXQWHUGHQ)‰HQ,FKELQZLHGHUVWDUNZLGHUVWDQGVIl
KLJ XQG XQHPSILQGOLFK YRQ GHQ DQGHUHQ LP DOOJHPHLQHQ
UHVSHNWLHUW YRQ HLQLJHQ JHOLHEW XQG QRFK ZHQLJHUHQ JH
KD‰W
 'H]HPEHU  'LH :HLKQDFKWVIHVWWDJH VLQG YRUEHL
,FKKDEHVLHEHVWHQVYHUEUDFKW/HW]WHV-DKUXPGLHVH=HLW
ZDULFKVFKZDFKXQGKLOIORVQXUPLUVHOEVWEHUODVVHQ>«@
-HW]WXQGKLHUELQLFKQLFKWQXUZLHGHUJHVXQGXQGNUlIWLJ

%LOG :LU ZDUWHQ IU|VWHOQG KLQWHU GHP =DXQ (LQLJH YRQ
XQV GHQHQ HV ]X NDOW ZLUG ÄYHUGUFNHQ´ VLFK ZLHGHU
UFNZlUWVLQGLH%DUDFNHQGLH3RVWHQPHUNHQQLFKWV
'DNRPPWHLQ-HHSGLHJUR‰H/DJHUDOOHHKHUDXI0LWHLQHP
$QKlQJHU KLQWHQ GUDQ 3RVWVlFNH VLQG HUNHQQEDU 8QG
3lFNFKHQ :LU UHFNHQ GLH +lOVH GUlQJHQ XQV YRU 'HU
-HHSIlKUW]XXQVKLQKlOWMHQVHLWVGHV=DXQV'UHLDPHUL
NDQLVFKH6ROGDWHQVSULQJHQDEODXIHQQDFKKLQWHQNLSSHQ
GHQ $QKlQJHU XP GLH 3RVW OLHJW DXI HLQHP +DXIHQ LP
6FKQHH ± (LQ $PHULNDQHU JHKW QDFK YRUQ KROW DXV GHP
-HHS HLQHQ .DQLVWHU %HQ]LQ HU VFKWWHW GDV %HQ]LQ EHU
GHQ 3RVWKDXIHQ GHU DQGHUH $PHULNDQHU KlOW VHLQ )HXHU
]HXJ DQ GHQ +DXIHQ 6FKQLSS 'LH JHOEH )ODPPH ORGHUW
DXIORGHUWORGHUW±:LUVWHKHQZLHHUVWDUUW'HUEUHQQHQGH
+DXIHQZLUGLPPHUNOHLQHU'HU:LQGWUHLEWHLQSDDUDQJH
VHQJWH3DSLHUIHW]HQIRUW$OOHVZLUG]X$VFKH±Ä$OOHVZHJ
LFKKDEHDXFKHLQH6WHOOXQJLQQHGLHPLFKJOHLFK]HLWLJPR
UDOLVFKEHIULHGLJWXQGHVPLUHUP|JOLFKWPLFKXPGDVVHH
OLVFKH:RKOPHLQHU0LWPHQVFKHQ]XNPPHUQ>«@
'HU:HLKQDFKWVDEHQGGHULQPHLQHU6WXEHJHIHLHUWZXUGH
ZDUZXQGHUVFK|Q>«@0HLQHÄ3DWLHQWHQ´ZDUHQYRQGHP
)HVW EHJHLVWHUW 'HU %DXP HQWVSUDFK DOOHQ :QVFKHQ XQG
VHOEVW GLH bUPVWHQ NRQQWHQ HV VLFK ZRKO HUJHKHQ ODVVHQ
)UPLFKZDUHVHLQEHPHUNHQVZHUWHV$EHQGHVVHQLQDXV
JH]HLFKQHWHU*HVHOOVFKDIW
+HXWH DXVUXKHQ 7KHDWHU >«@ 'LH .XOWXUEDUDFNH LQ 5H
NRUG]HLW GXUFK 7DJ XQG 1DFKWDUEHLW HUULFKWHW ZXUGH HLQ
JHZHLKW 'DV %RUGHOO EHILQGHW VLFK QRFK LP 5RKEDX DEHU
GHU)HVWVDDOLVWIHUWLJJHVWHOOW(LQ6LHJGHV*HLVWHV(VOLHJW
HWZDV(UJUHLIHQGHVLQGHP%HPKHQGHV0HQVFKHQGHUXQ
WHU WRWDO DEQRUPHQ %HGLQJXQJHQ OHEW GLH ,OOXVLRQ HLQHU
QRUPDOHQ ([LVWHQ] DXIUHFKW]XHUKDOWHQ %HPKXQJHQ
ÄWURW]GHP ]X OHEHQ´ XP VHLQ 6HOEVW ]X EHZDKUHQ GHP
6WXPSIVLQQ]XHQWNRPPHQXQGVLFKGLH0HQVFKHQZUGH]X
HUKDOWHQ8QVHU/HEHQKLHULVWYRQDOOGHPPHKURGHUZH
QLJHU VWDUN JHSUlJW XQG PDQFKPDO QXU IU $XJHQEOLFNH
HQWZLFNHOWVLFKGDUDXVHLQ*HIKOHUKHEHQGHU*U|‰HRGHU
HLQHXQHQGOLFKH7UDXULJNHLW>«@
,FKGHQNHQDWUOLFKDQPHLQH$QJHK|ULJHQ$EHUUXKLJRK
QH $QJVW XQG 7UDXULJNHLW >«@ $EHU ZDUXP PLFK EHNOD
JHQ" ,FK ZHLJHUH PLFK GDV ]X WXQ ,FK ELQ VWDUN JHVXQG
NUlIWLJ0HLQHU)DPLOLHJHKWHVDQJHEOLFKJXW:LUVLQGDO
VRQRFK3ULYLOHJLHUWH0DQPX‰QXUJXWH0LHQH]XPE|VHQ
6SLHOPDFKHQXQGJHJHQEHUGHP6FKLFNVDOQLFKWXQGDQN
EDUVHLQ©
ª'LH :HLKQDFKWVIHVWWDJH VLQG YRUEHL ,FK KDEH VLH EHVWHQV
YHUEUDFKW©VFKUHLEW+DXORW]X%HJLQQGLHVHV(LQWUDJHV'D‰
PDQ GHP :HLKQDFKWVIHVW GXUFK VSH]LHOOH 0D‰QDKPHQ DXFK
HLQHEHVRQGHUH1RWHYHUOHLKHQNDQQKDEHQXQVXQVHUHDPHUL
6HOEVW
NDQLVFKHQ Ä%HIUHLHU´ EDOG GDUDXI JHOHKUW =ZHL -DKUH VSlWHU
HEHQIDOOV LP .= 'DFKDX MHW]W YRQ GHQ $PHULNDQHUQ DOV ,Q
WHUQLHUXQJVODJHUIU66XQGGHXWVFKH:HKUPDFKWVDQJHK|ULJH
XQWHUKDOWHQVDKGDVVRDXV1DXPDQQ
ª1RFK ]ZHL 7DJH ELV :HLKQDFKWHQ :LU PVVHQ GUDX‰HQ
YRUGHU%DUDFNHGLHVVHLWVGHV=DXQHVDQWUHWHQ'HU+LPPHO
WUHWHQ´ª6
0DQN|QQWHPHLQHQ+DXORWKDEHHLQVROFKLQKXPDQHV=HLWDO
WHU EHUHLWV KHUDXINRPPHQ VHKHQ $P  'H]HPEHU 
VFKUHLEWHU
ª:LH ODQJH ZLUG GLHVH *HGDQNHQXQIUHLKHLW QRFK GDXHUQ"
0DQFKPDOEHNRPPHLFK$QJVWEHLGHU9RUVWHOOXQJGD‰GDV
KLHU QLFKW DXIK|UHQ N|QQWH VHOEVW QDFK %HHQGLJXQJ GHV
.ULHJHV QLFKW 'D‰ DXFK HLQ DQGHUHV 5HJLPH *HGDQNHQ
IUHLKHLWYHUELHWHQN|QQWH:R]XGDQQKHXWHDOOGLHVH/HLGHQ
XQG 2SIHU" 6LQG ZLU DXI GHP :HJH ]XU (QWIDOWXQJ RGHU
(QWDUWXQJ GHV 0HQVFKHQ" 'DV 'UDPD GHU =XNXQIW QRFK
VFKUHFNOLFKHU XQG WUDJLVFKHU DOV GDV JHJHQZlUWLJH ]HLFK
QHWVLFKEHUHLWVDE©
:LHHLQ.RPPHQWDUGD]XOLHVWVLFKHLQ7DJHEXFKHLQWUDJYRQ
1DXPDQQ
ª'LH QHXH $XVJDEH GHU Ä6GGHXWVFKHQ =HLWXQJ´ JHKW YRQ
+DQG]X+DQG%HLLKUHU/HNWUHIKOWPDQVLFKJHSHLQLJW
GXUFKGLHYRQ*HKlVVLJNHLWJHWUDJHQHQ8QORJLN'DEHLLVW
DOOHVGHUDUWÄIDXVWGLFN´DXIJHWUDJHQGD‰HVHLJHQWOLFKGHP
QDLYHQ/HVHUDXIIDOOHQP‰WH
'D HUNOlUW HLQ DPHULNDQLVFKHU *HQHUDO Ä0LOLWDULVPXV LVW
GHU 7RGIHLQG MHGHU 'HPRNUDWLH´ $XI GHU QlFKVWHQ 6HLWH
DEHU VWHKW HLQ $UWLNHO Ä'LH 86$ IKUHQ GLH DOOJHPHLQH
:HKUSIOLFKWHLQ´,QHLQHU.ROXPQHKHL‰WHVÄ9RUQHKPVWH
3IOLFKW LVW HV GLH EHGDXHUQVZHUWHQ .=+lIWOLQJH ]X XQWHU
VWW]HQ GLH PRQDWHODQJ MD MDKUHODQJ QXU DXV SROLWLVFKHQ
*UQGHQ JHIDQJHQJHKDOWHQ ZXUGHQ´ *OHLFK GDQHEHQ EH
ILQGHW VLFK HLQH GLFNH 6FKODJ]HLOH Ä*XWH .XQGH  
1D]LVLQ+DIW´=ZHL6SDOWHQZHLWHUNDQQPDQOHVHQÄ+HUU
'U6XQG'U$PX‰WHQJOHLFKIDOOVGDVXQID‰EDUH6FKLFN
VDO HUOHLGHQ YRQ GHQ 1D]LV  QXU GHVKDOE DXV LKUHQ
bPWHUQ YHUWULHEHQ ]X ZHUGHQ ZHLO VLH VLFK JHJHQ +LWOHU
VWHOOWHQ´$XIGHUJOHLFKHQ6HLWHUHFKWVVWHKWDEHUÄ
YHUVWlQGOLFKGDUINHLQ1D]LPHKU ]XNQIWLJLP|IIHQWOLFKHQ
/HEHQRGHULQGHUIUHLHQ:LUWVFKDIWHLQH6WHOOHEHNOHLGHQHV
VHLGHQQDOVXQWHUJHRUGQHWHU+DQGDUEHLWHU´
2GHU Ä0D[ :HEHU GHU DUPH DXV SROLWLVFKHQ *UQGHQ
YRQ GHQ 1D]LV YHUIROJWH $UFKLWHNW HQWZLUIW HLQ NQVWOHUL
VFKHV(KUHQPDO´9RQEULJHQVDEJUQGLJHU*HVFKPDFN
KlQJW PLW WLHIHQ GXQNHOJUDXHQ :RONHQ EHU GHP /DJHU
$XFKDXVGHQDQGHUHQ%DUDFNHQGHV6RQGHUODJHUVZHUGHQ
GLH *HIDQJHQHQ KHUDXVJHUXIHQ :LU VWHKHQ LQ GUHL ODQJHQ
5HLKHQ KLQWHUHLQDQGHU PLW NXU]HQ =ZLVFKHQUlXPHQ YRQ
%DUDFNHQEHOHJVFKDIW ]X %DUDFNHQEHOHJVFKDIW (LQH :HLOH
JHVFKLHKWQLFKWV'LHEHLGHQ:DFKWSRVWHQGUDX‰HQDXIGHU
/DJHUJDVVHEHZHUIHQVLFKPLW6FKQHHElOOHQ(LQIULHGOLFKHV
ORVLJNHLW 8QG JOHLFK LP IROJHQGHQ $UWLNHO KHL‰W HV Ä$XI
GHUVFKZDU]HQ/LVWHGHUHUGLHVLFKQLFKWPHKUNQVWOHULVFK
EHWlWLJHQ GUIHQ VWHKHQ )XUWZlQJOHU *LHVHNLQJ´ (LQH
GLFNH hEHUVFKULIW ODXWHW Ä'HPRNUDWLH XQG )UHLKHLW VLQG
'HXWVFKODQGVK|FKVWHV=LHO-HGHUDUEHLWHWRKQH5FNVLFKW
DXI 5DVVH 6WDQG XQG 3DUWHLULFKWXQJ PLW DP IULHGOLFKHQ
$XIEDX´ *OHLFK DQVFKOLH‰HQG KHL‰W HV Ä1D]LV GUIHQ

9II*ÂÂ-DKUJDQJÂ+HIW  
 QLFKW PHKU ZlKOHQ´ Ä1D]L$NWLYLVWHQ XQG *HQHUDOVWlEOHU
ILQGHQ QXU QRFK DOV 7DJHO|KQHU 9HUZHQGXQJ´ Ä1D]LV
PVVHQ LKUH :RKQXQJHQ UlXPHQ´ Ä1D]L 9HUP|JHQ EH
VFKODJQDKPW´
8QGVRJHKWHVIRUWXQGIRUW(VZLUGHLQHPEHOGDEHL(V
JHKW QLFKW XP 0LWOHLG PLW ZLUNOLFK 6FKXOGLJHQ PLW ZLUNOL
FKHQ 1XW]QLH‰HUQ GHV 6\VWHPV (V JHKW GDUXP GD‰ KLHU
5DFKH XQG 9HUJHOWXQJVVXFKW EOLQGZWLJ XP VLFK JUHLIHQ
(V JHKW XP GLH 6FKDIIXQJ QHXHQ 8QUHFKWHV ZDV IDVW N|U
SHUOLFKVFKPHU]W
'LH=HLWXQJVSULFKWYRQÄHLQHPQHXHQIUHLHQ5HFKW´'D
QDFKZLUGNHLQ0HQVFKPHKUHLQJHVSHUUWRGHUJHIDQJHQJH
KDOWHQ RKQH YRU *HULFKW JHVWHOOW ]X ZHUGHQ XQG VLFK IUHL
YHUWHLGLJHQ]XN|QQHQ-DZRKO8QGZLUKLHU"%LQLFKQLFKW
VHLW VHFKV 0RQDWHQ XQWHU WHLOV PHQVFKHQXQZUGLJHQ 8P
VWlQGHQ JHIDQJHQ RKQH MHJOLFKH 9HUQHKPXQJ RKQH GD‰
EHUKDXSWMHPDQGGLHOHLVHVWH6SXUHLQHV,QWHUHVVHVDQPLU
XQG DQ DOO GHQ YLHOHQ .DPHUDGHQ EHNXQGHW"" 6LFKHUOLFK
ZLUVLQG8QWHUOHJHQH%HVLHJWH'LH0DFKW]XMHGHU:LOONU
OLHJW EHL GHQ 6LHJHUQ 'DV VFKHLQW ZRKO XQDElQGHUOLFK ]X
VHLQ$EHUZDVVROOHQGDQQGLHVHKHXFKOHULVFKHQSKUDVHQ
ª9HUGURVVHQ EHJLQQH LFK ]XZHLOHQ YRQ HLQHP :LGHUZLOOHQ
JHJHQ PHLQH .DPHUDGHQ EHIDOOHQ ]X ZHUGHQ 'LHV PDFKW
YRUDOOHPGLH(QJHLQGHUZLUDOOHPLWHLQDQGHU]XKDXVHQ
JH]ZXQJHQ VLQG GLH VFKlOW GDV $OO]XPHQVFKOLFKH GHV 1H
EHQPDQQHVVRGHXWOLFKKHUDXV'DHVDEHUNHLQH0|JOLFK
NHLW JLEW HLQPDO DOOHLQ ]X VHLQ ZLUNOLFK DOOHLQ XQG VHL HV
DXFKQXUIUHLQH6WXQGHIlOOWPDQVLFKJHJHQVHLWLJDXIGLH
1HUYHQ >«@ 8QG ZHQQ PDQ KLQDXVJHKW ZHLO PDQ¶V LP
7UXEHOXQG*HW|VHGHUVRVWDUNEHUEHOHJWHQ6WXEHJODXEW
QLFKWPHKUDXVKDOWHQ]XN|QQHQVW|‰WPDQDQGHUQlFKVWHQ
%DUDFNHQHFNH ZLHGHU DXI .DPHUDGHQ GLH VLFK HLQHP DQ
GLH)HUVHQKHIWHQ
'DLVWGLH*UXSSHGHU,FKEH]RJHQHQ6LHJHKHQÄLKUHQHL
JHQHQ :HJ´ SIHLIHQ DXI MHGH .DPHUDGVFKDIW ODVVHQ VLFK
JHKHQZHQQ¶VLKQHQJHIlOOWJUHLIHQQLHXQGQLUJHQGZRKHO
IHQGHLQVLQQHQQXUDOOHLQDXILKUHQHLJHQHQ9RUWHLO>«@
'DQQLVWGDGLH*UXSSHGHUXQQDKEDU9HUVFKORVVHQHQ6LH
KXVFKHQ XQDXIIlOOLJ PLW YHUNQLIIHQHQ /LSSHQ ]X DOOHQ 9RU
WUlJHQ QRWLHUHQ DOOHV ZDV VLH K|UHQ OHUQHQ VWUHEHQ XQG
DUEHLWHQ >«@ 1LHPDOV VLHKW PDQ VLH ODFKHQ >«@ %HL 'LV
NXVVLRQHQKDOWHQVLHVLFKDEVROXW]XUFN>«@
KDIWHQ=HLWXQJVWLUDGHQ"©6I
6RZRKO +DXORW DOV DXFK VSlWHU 1DXPDQQ PDFKHQ VLFK LKUH
*HGDQNHQEHUGLH=ZDQJVJHPHLQVFKDIWLQGHUVLHOHEHQ
+DXORWª0lU]'DV/DJHUVWHOOWHLQVHKUVHOWVD
PHVVR]LDOHV*HIJHGDU>«@$OV9HUEDQGYRQ0HQVFKHQ
JHJHQGHQ:LOOHQGLHVHU0HQVFKHQJHSODQWXQGQXUGXUFK
GLHDNWLYHXQG±UHODWLYJHVHKHQ±IUHLZLOOLJH0LWDUEHLWGLH
VHU 0HQVFKHQ IXQNWLRQVIlKLJ ZHLVW HU GLH ZHVHQWOLFKHQ
0HUNPDOH MHGHU VSRQWDQ XQG IUHL RUJDQLVLHUWHQ *HVHOO
$P XQDQJHQHKPVWHQ DEHU LVW GLH *UXSSH GHU ÄLQ MHGHU
:HLVH *HVWULJHQ´ :LHJHQGHQ 6FKULWWHV VFKUHLWHQ VLH ± LQ
8QWHUKRVHQ±]XP$ERUWKDEHQVHOEVWYHUVWlQGOLFK]XDOOHQ
)UDJHQ LKUHQ XQYHUUFNEDUHQ 6WDQGSXQNW >«@ WUDJHQ
+DQGVFKXKHZHQQVLHGLH6WXEHIHJHQXQGVWHKHQVWHWVXQG
LPPHU QRFK LUJHQGZLH DXI HLQHP )HOGKHUUQKJHO HLQ
0RQRNHOLP$XJHXQGMHGHU)HW]HQ=HLWXQJZLUGLKQHQ]XU
Ä/DJHNDUWH´
2K ZLH DEVFKHXOLFK LFK VLH DOOH ILQGH LKUH 6WLPPHQ LKUH
VFKDIW DXI 'LH %LOGXQJ YRQ .ODVVHQ .DVWHQ GLYHUVHQ
+LHUDUFKLHQ GDV 9RUKDQGHQVHLQ YRQ *HVHW]HQ *HZRKQ
KHLWVUHFKWHQ 9RUXUWHLOHQ EHZLUNW GD‰ HV GHP *DQ]HQ JH
OLQJWLQHLQHP9DNXXPGLH,OOXVLRQHLQHVIDVWQRUPDOIXQN
WLRQLHUHQGHQ VR]LDOHQ *HPHLQZHVHQV ]X VFKDIIHQ 'DV .=
LVWHLQH(UVDW]JHVHOOVFKDIWXQGGDV/HEHQGDULQHLQ(UVDW]
IUGDVPHQVFKOLFKH/HEHQ
 -DQXDU ,Q ZHOFKHP *UDG ZHUGHQ ZLU ZHQQ ZLU
KLHUKHUDXVNRPPHQQRFKZLUVHOEVWVHLQ"9RUHLQHP-DKU
QRFKNRQQWHLFKGLHVH)UDJHJQVWLJEHDQWZRUWHQ,FKKDWWH
GDV *HIKO HLQHU 5HLIXQJ HLQHU PHQVFKOLFKHQ %HUHLFKH
UXQJ+HXWHKDWVLFKGDHWZDVJHlQGHUW,FKHQWGHFNHGD‰
LFK URK XQG lX‰HUVW UHL]EDU JHZRUGHQ ELQ 'LH %HVWLH LP
0HQVFKHQJHZLQQWGLH2EHUKDQG0DQOHEWQLFKWXQJHVWUDIW
VR ODQJH =HLW DX‰HUKDOE GHU 1RUP >«@ (LQLJH >YRQ XQV@
KDWWHQHQWVFKLHGHQVLFKHLQHQ7DJODQJZLH*HQWOHPHQ]X
EHQHKPHQVRDOVOHEWHQVLHHLQHQRUPDOH([LVWHQ]$OVGHU
$EHQGNDPKDWWHNHLQHUYRQLKQHQGXUFKJHKDOWHQ2EZRKO
VLH VLFK DOOH 0KH JDEHQ EHKLHOWHQ GLH JHPHLQHQ *HSIOR
JHQKHLWHQ GLH Ä(USUHVVXQJHQ´ LQQHUKDOE GHV /DJHUV GLH
2EHUKDQG ,FK SHUV|QOLFK YHUURKH EHL EHVWLPPWHQ *HOH
JHQKHLWHQ YRQ PDO ]X PDO PHKU (LQH 5HDNWLRQ GLH ]XP
JUR‰HQ7HLODXIGDVQLHPDOVEHIULHGLJWH%HGUIQLVQDFK,VR
OLHUXQJ ]XUFN]XIKUHQ LVW ,Q GHU *HPHLQVFKDIW ]X OHEHQ
YRQDEHQGVELVPRUJHQVXQGYRP9RUPLWWDJELV]XP$EHQG
RKQH MHPDOV GLH 0|JOLFKNHLW ]X KDEHQ HLQH 9LHUWHOVWXQGH
DOOHLQ]XVHLQLVWHLQHKDUWH3UIXQJ>«@6HOEVWGLH.DPH
UDGVFKDIW NDQQ ]X HLQHP VW|UHQGHQ )DNWRU ZHUGHQ 8Q
PHQJHQYRQ/HXWHQLQPHLQHU8PJHEXQJQHKPHQGLH7DW
VDFKH GD‰ LFK LKQHQ HLQPDO HLQHQ 'LHQVW HUZLHVHQ KDEH
]XP9RUZDQGXPVLFKPLUDXI]XGUlQJHQ>«@©
1DXPDQQPDFKWGLHJOHLFKHQ(UIDKUXQJHQ
  9II*ÂÂ-DKUJDQJÂ+HIW
7KHPHQLKUHEOHQ*HUFKH©6
)U +DXORW HUJLEW VLFK LP /DXIH GHU =HLW QRFK HLQ DQGHUHV
3UREOHP
ª 0lU]  'LH JXWH (UQlKUXQJ ]HLJW EHXQUXKLJHQGH
$XVZLUNXQJHQ'DVVH[XHOOH %HGUIQLVHUZDFKWXQGGDHV
QLFKW DEUHDJLHUW ZHUGHQ NDQQ ZLUG HV LQ DQGHUH %DKQHQ
JHOHQNW
0lU](LQ3DNHW
0lU](UKLHOWJHVWHUQGDV3DNHWYRP)HEUXDU
 $SULO  'UHL 3DNHWH HLQV YRP 5RWHQ .UHX] ]ZHL
YRQ/RXLVH©
6ROFKH 3UREOHPH ZHJHQ GHU JXWHQ (UQlKUXQJ JDE HV ]ZHL
-DKUHVSlWHULQ'DFKDXQLFKW1DXPDQQ
ª'LHOHW]WH$XVJDEHGHUÄ1HXHQ=HLWXQJ´PDFKWGLH5XQ
GH,FKOHVHZLHJXWHVGHQ.ULHJVJHIDQJHQHQKLHULP/D
JHU'DFKDXJHKH'HU$UWLNHOXQWHUGHUhEHUVFKULIWÄ$OWHV
/DJHU LP QHXHQ /LFKW´ HU]lKOW YRQ ÄGHQ EHKDJOLFK HLQJH
ULFKWHWHQ %DUDFNHQVWXEHQ PLW 6HVVHOQ /DPSHQ *DUGLQHQ
XQG %OXPHQ´ >«@ Ä,Q GHQ JUR‰HQ *lUWQHUHLHQ ZLUG EH
VRQGHUHV )HLQJHPVH IU GLH *HIDQJHQHQ JH]RJHQ´ (V
ZLUG QLFKW QXU YRQ HLQHU ÄJUR‰DUWLJHQ /DJHUELEOLRWKHN´
EHULFKWHWXQGYRQHLQHP/DJHUYDULHWpVRQGHUQHVZLUGVR
JDU HLQ QRUPDOHU WlJOLFKHU .FKHQ]HWWHO DEJHGUXFNW 'D
QDFKEHNRPPHQZLUÄ)UKPRUJHQVJLEWHV.lVHXQG%XW
WHU%URW%RKQHQNDIIHH0LOFKXQG=XFNHUPLWWDJV.DUWRI
IHOSUHH JHGQVWHWH 7RPDWHQ )OHLVFKKDVFKHH 3XGGLQJ
XQG%URWXQGDEHQGV%RKQHQVXSSH%URW7HHXQG=XFNHU´
:HVKDOEGLHVHIDXVWGLFNHQ/JHQ"
0RUJHQV JLEW HV HLQHQ GQQHQ 0HKOEUHL PLWWDJV KHL‰HV
:DVVHU LQ GHP ]HUVFKQLWWHQH 3HOONDUWRIIHOQ XQG ± ZHQQ¶V
JXW JHKW ± HLQ SDDU HLQ]HOQH 0DLVN|UQHU VFKZLPPHQ
$EHQGVJLEWHVQRFKPDOVHLQHGQQH6XSSHPLWHLQHU(LQ

ODJH DXV .RKOUEHQ RGHU 5RWHQ 5EHQ RGHU DOWHQ :HKU
PDFKWVVXSSHQNRQVHUYHQ
$XI GHP 3ODQ VWHKHQ DEHU QDFK ZLH YRU  .DORULHQ
RGHU   .DORULHQ :HU¶V JODXEW 1LFKWV GDYRQ VWHKW
LQGHU3UHVVH
'LH 9HUSIOHJXQJ ZLUG ODXIHQG PDJHUHU 'LH 6XSSH ZLUG
LPPHUGQQHU$XFKGHU7HHO|IIHO0DUPHODGH]XP(FNFKHQ
%URW UHLFKW QLFKW DXV :LU ÄVFKLHEHQ .RKOGDPSI´ UHJHO
UHFKW :HU HLQPDO HLQ KDOEHV 6WQGFKHQ XP GLH %DUDFNH
OlXIWVLQNWDXIVHLQH3ULWVFKH7RGPGHDOVKDEHHUVFKZH

VHOEVW VR MXQJ VR VWDUN XQG YLWDO VR YROOHU /HEHQVKXQJHU
ZlKUHQG PHLQH *HIlKUWLQ LQ HLQHP VROFKHQ $XVPD‰ YRQ
GHU=HLWHLQJHKROWZXUGH2KGDVKDUWH*HVHW]GHU1DWXU
GHP GLH )UDXHQ XQWHUZRUIHQ VLQG GDV LKUHQ &KDUPH XQG
LKUH6FK|QKHLW]HUVW|UW>«@1LHPDOVZLUGVLFKGLH=lUWOLFK
NHLWGLHY|OOLJH=XQHLJXQJGLHLFKIUPHLQH)UDXHPSILQ
GHlQGHUQ$EHULFKZHL‰HEHQVRJXWGD‰LFKPLFKPRU
JHQQRFKZHQLJHUDOVJHVWHUQPLWHLQHPVH[XHOO|GHQHU
VWDUUWHQ/HEHQQLFKW]XIULHGHQJHEHQZUGH1LHPDOV]XYRU
ZDULFKSK\VLVFKVRVWDUNZLHKHXWH©
UHN|USHUOLFKH$UEHLWJHOHLVWHW©6
ª)UHLOLFKGLH9HUSIOHJXQJVIUDJHLVWGDVÄ7KHPD1U´HV
LVWGDV]HQWUDOH7KHPDDOOHU(U|UWHUXQJHQ-HGHUPHUNWDQ
VLFK HLQHQ IDVW DOOWlJOLFKHQ *HZLFKWVYHUOXVW (V LVW EHlQJ
VWLJHQG1DFKWVWUlXPHQZLUYRPÄ(VVHQ´$XFKLFKKDWWH
KHXWHQDFKWLP7UDXPHLQHQJUR‰HQ7HOOHUKHUUOLFKGXIWHQ
GHU +DPPHONRWHOHWWV YRU PLU >«@ 'DQQ ZDFKWH LFK DXI ±
,QGHQIROJHQGHQ1RWL]HQJLEWHVLPPHUZLHGHU$QGHXWXQJHQ
IUGLHVH/LHEVFKDIW9RQ-XQLELV-DQXDUPDFKWHU
NHLQH $XI]HLFKQXQJHQ PHKU VR VHKU VFKHLQW HU YRQ GLHVHU
%H]LHKXQJ EHDQVSUXFKW ZRUGHQ ]X VHLQ $OV LP -DQXDU 
GLH)OHFNILHEHUHSLGHPLHDXVEULFKWWU|VWHWHUVLFKLQPLWWHQGHU
*HIDKU+DXORW
ª -DQXDU  $EHU HV JLEW 0|JOLFKNHLWHQ VLFK DE]X
YRU+XQJHU'DVPDFKWZRKODXFKGHU'XUFKIDOOGHUGHQ OHQNHQ©6
.|USHUVWDUNVFKZlFKW©6I
+DXORWPHUNWGD‰LKQMXQJH0lQQHUSO|W]OLFKJHQDXVRDQ]LH
KHQZLHIUKHU)UDXHQDEHUHUZHKUWVLFKGDJHJHQXQGILQGHW
HLQHQ $XVZHJ (U EHVXFKW GLH %DUDFNH GHU NUDQNHQ )UDXHQ
XQGNQSIW%H]LHKXQJHQ]XGHUMXQJHQGHXWVFKHQ)UDXDQGLH
GRUWGLH$XIVLFKWIKUW
ª$OV 2EHUSIOHJHU GHU 6HNWLRQ 7\SKXV QDKP LFK PLU GDV
5HFKW HLQH >«@ %DUDFNH IU NUDQNH )UDXHQ ]X EHVXFKHQ
$QOl‰OLFK GLHVHU *HOHJHQKHLW VWHOOWH LFK ]X GHU ZHLEOLFKHQ
66$XIVLFKWVSHUVRQÄ%H]LHKXQJHQ´KHUGLHVLFKDOVXPVR
QW]OLFKHU HUZLHVHQ DOV GLHVH 'DPH DX‰HUGHP 6HNUHWlULQ
GHV.RPPDQGDQWHQZDU'XUFKVLHHUKLHOWHQZLUHLQH.R
SLH GHV %HIHKOV +LPPOHUV GDV /DJHU ]X HYDNXLHUHQ HLQH
6WXQGH QDFKGHP GLHVHV 'RNXPHQW LQ 'DFKDX HLQJHWURIIHQ
:lKUHQGGHUOHW]WHQ7\SKXVHSLGHPLHLQPLWWHQYRQ/HLFKHQ
KDXIHQVFKUHLEWHUHLQ*HGLFKW+DXORW
ª-DQXDU
.RQWUDVW
0HLQ+HU]ZDQGHOWDXIZDOORQLVFKHQ3IDGHQ
]XP+LPPHOKLQDXIGHP)OXJHLQHU/HUFKHIROJHQG
(VDQWZRUWHWGHPIU|KOLFKHQ*UX‰GHU:HWWHUKlKQH
GLH GHV PRUJHQV GHU IULVFKH ZDOORQLVFKH :LQG XPVFKPHL
FKHOW
-HGRFKLQJURWHVNHQ*ULPDVVHQYHUKDUUHQG
DXIJHVWDSHOWDXIGHP(LV
ZLQNHQJHOEHJUQHEODXH7RWH
PLWLKUHQPDJHUHQ)lXVWHQ
VFKZDFKGHQKDJHUHQ/HEHQGHQ]X
ZDU©6
:HQQ +DXORW EHKDXSWHW VHLQH *HOLHEWH VHL QLFKW QXU 2EHU
SIOHJHULQ LP )UDXHQODJHU VRQGHUQ JOHLFK]HLWLJ GLH 6HNUHWlULQ
GHV GHXWVFKHQ /DJHUNRPPDQGDQWHQ JHZHVHQ PX‰ PDQ VLFK
IUDJHQREVROFKHbPWHUYHUTXLFNXQJEHUKDXSWP|JOLFKZDU
9LHOOHLFKW XQWHUKLHOW HU /LHEVFKDIWHQ ]X ]ZHL YHUVFKLHGHQHQ
)UDXHQ HLQHU 2EHUSIOHJHULQ XQG HLQHU 6HNUHWlULQ 'LHVH %H
]LHKXQJLVWMHGHQIDOOVVRLQWHQVLYGD‰VLHLKQGDVJDQ]H-DKU
 KLQGXUFK VWDUN EHVFKlIWLJW XQG DP 7DJHEXFKVFKUHLEHQ
KLQGHUW
1DFKGHP.ULHJVSULFKWHUYRQGLHVHPÄ)OLUW´DOVYRQHLQHP
GLHVFKZDQNHQGLKUHQ6SXUHQIROJHQ
1XQLFKZLOOOHEHQ
ZHQQLFKGHLQ*HVLFKWHLQHUIHXULJHQ/|ZLQVHKH
R7RGGHUGXPLW.Q|FKHOFKHQVSLHOVW©
$XFK 1DXPDQQ GUFNW VHLQH 6HKQVXFKW JHOHJHQWOLFK LQ 9HU
VHQDXV
ª6HKQVXFKW
2KZLHGHUHLQPDOHLQHQVWLOOHQ:DOGZHJJHKQ
DOOHLQK|UWLKUDOOHLQ±8QGQLFKWPHKU0HQVFKHQVHKQ
QXULPPHU0HQVFKHQ±YLHOPHKU%lXPHVWDUNXQGJUR‰
1LFKWPHKUWDJHLQWDJDXVGHU0HQVFKHQ6WLPPHQNODQJ
ª$EHQWHXHUYRP7\S,QWHOOLJHQFH6HUYLFH©6XQGFKD
UDNWHULVLHUW LKQ GDPLW DOV UHLQ WDNWLVFKHV 0DQ|YHU 'D‰ HU
YHUVXFKWH GLHVHU /LHEHVEH]LHKXQJ GLH RIIHQVLFKWOLFK ]X EH
NDQQW ZDU DOV GD‰ HU VLH YHUVFKZHLJHQ NRQQWH HLQ ZHQQ
VFKRQ QLFKW ÄPRUDOLVFKHV´ VR GRFK ÄWDNWLVFKHV´ 0lQWHOFKHQ
XP]XKlQJHQ LVW QXU ]X YHUVWlQGOLFK 6HLQH (LQWUDJXQJHQ
]HLJHQMHGRFKGD‰HUJHIKOVPl‰LJVWDUNHQJDJLHUWZDU
+LQ]XNRPPWHLQH3KDVHGHULQQHUHQ(QWIUHPGXQJYRQVHLQHU
)UDX6LHKDWLKPHLQ)RWRYRQVLFKJHVFKLFNWGDVLKQ JHUD
GH]XVFKRFNLHUWKDW+DXORW
ª$SULO%LOGYRQ/RXLVH>«@'LH]ZHL-DKUHKD
EHQVLHJH]HLFKQHW'DV3KRWR>«@Ol‰WGLH=JHKHUYRUWUH
WHQXQGGDV*HVLFKWlOWHUHUVFKHLQHQ
LP2KUHWUDJHQVRQGHUQGHU9|JHO-XEHOVDQJ
XQG:LSIHOUDXVFKHQXQGGHU*ULOOH/LHGLP0RRV±
8QGVFKUHLWHQGGHUEHVHHOWHQ6WLOOH6HJHQWULQNHQ
(WZDDXIHLQHP%HUJGDQQVWHKQGHQ7DJYHUVLQNHQVHKQ
]X)‰HQRKQH*UHQ]HQZHLWGDV/DQG±
8QGQLFKWPHKUDWPHQPVVHQGXPSIHU+WWHQ(QJH
KLQHLQJH]ZlQJWLQVWXPSIHV.ODJHORVGHU0HQJH
JHTXlOWHQ%OLFNDQ=lXQH0DXHUQKLQJHEDQQW
2KZLHGHUHLQPDOGHLQH+DQGLQPHLQHUKDOWHQG
QXQEHEHQGIKOHQZLHXQQHQQEDUH*HZDOWHQ
XQVHUHQ6HHOHQVFKHQNHQJOHLFKHQ.ODQJXQG0XW
8QGQLFKWPHKURKQH6LQQJOHLFK7LHUHQZHLWHUOHEHQ
VRQGHUQLQ)ULHGHQVFKDIIHQOLHEHQGGLFKXPJHEHQ
 0DL  'LHVHV VR EUXWDO GLH :DKUKHLW HQWKOOHQGH XQGPLWGLUMXEHOQGUIHQ:HOWGXELVWGRFKJXW©6
3KRWRKDWPLFKWLHIEHXQUXKLJW>«@:DUXPIKOHLFKPLFK

9II*ÂÂ-DKUJDQJÂ+HIW  

 GHPLHDQJHKWVRQLPPWVLHLKUHQ/DXI©
6FKUHFNHQVELOGHUZLHGLHVHGLHYRQGHQ$OOLLHUWHQEHL.ULHJV
HQGHLP ./ 'DFKDXDXIJHQRPPHQ ZXUGHQ XQG XP GLH:HOW
JLQJHQ ZXUGHQ DOV (UJHEQLV HLQHU GHXWVFKHQ 9HUQLFKWXQJV
+DXORWª)HEUXDU'HU7RGVHOEHUJHZlKUWNHLQHQ
$XIVFKXE 'LH =DKO GHU 2SIHU QLPPW WlJOLFK ]X *HVWHUQ
VWDUEGHUDOWH&KDUOHV-D\$OVLFK'HFOHUTGHQ9HUWUHWHU
GHV%HOJLVFKHQ5RWHQ.UHX]HVEHVXFKHQZLOOZLFNHOWPDQ
VHLQHQ/HLFKQDPJHUDGHLQHLQ7XFK©
'DV5RWH.UHX]KDWWHDOVRLP)HEUXDULQ'DFKDXIUHLHQ
=XWULWWXQGXQEHKLQGHUWHQ8PJDQJPLWGHQ+lIWOLQJHQ
+DXORWª)HEUXDU$P6RQQWDJVHKULQWHUHVVDQWHU
%HVXFK EHLP 6FKXW]KDIWODJHUIKUHU *HJHQVWDQG GHV %H
VXFKV 'LH 5HJHOXQJ GHV 3UREOHPV GHU 5RWNUHX]SDNHWH
6HLWKHU IXQNWLRQLHUW DOOHV QRUPDO ,P EULJHQ KDW VLFK
QLFKWVYHUlQGHUW(QWHQVRYLHOPDQZLOO>«@:DVGLH(SL
'LH(UQlKUXQJVODJHGHUJHVXQGHQ+lIWOLQJHLVWRIIHQVLFKWOLFK
SROLWLNGHQ*HIDQJHQHQJHJHQEHUKLQJHVWHOOWREZRKOGLHIU
GDV 0DVVHQVWHUEHQ YHUDQWZRUWOLFKHQ JUDXHQKDIWHQ )OHFNILH
EHUHSLGHPLHQ QLFKW GHXWVFKHU :LOONU HQWVSUDQJHQ VRQGHUQ
GHP=XVDPPHQEUXFKVlPWOLFKH,QIUDVWUXNWXUEHL.ULHJVHQGH
DXVJH]HLFKQHW ª(QWHQ VR YLHO PDQ ZLOO© ,Q GHU VSlWHU JH
VFKULHEHQHQ (LQIKUXQJ GDWLHUWH +DXORW VHLQHQ %HVXFK EHLP
/DJHUNRPPDQGDQWHQDXIGHQ0lU]+DXORW
ª0HLQH 5FNVSUDFKH DP  0lU]  EHLP /DJHUNRP
PDQGDQWHQ YHUOLHI LQ HLQHU GHUDUW VXUUHDOLVWLVFKHQ $WPR
YJO1)UHL9LHUWHOMDKUVKHIWHIU=HLWJHVFKLFKWH6 VSKlUH GD‰ HV VLFK GDUEHU ]X EHULFKWHQ ORKQW =X GLHVHU
%LOGTXHOOH<$UDG+J7KH3LFWRULDO+LVWRU\RIWKH =HLWKDWWHGDVEHOJLVFKH5RWH.UHX]HLQHJUR‰H/DGXQJ/H
+RORFDXVW0DFPLOODQ1HZ<RUN6
'LH OHW]WH 7\SKXVHSLGHPLH GHV .=/DJHUV GHU EHU 
0HQVFKHQ ]XP 2SIHU IDOOHQ VROOWHQ VWHOOW GLH 9HUDQWZRUWOL
FKHQYRUXQO|VEDUH$XIJDEHQ$OV6DQLWlWHULVW+DXORWYROOLP
(LQVDW] (V LVW EHZXQGHUXQJVZUGLJ GD‰ HU WURW]GHP QRFK
=HLWIUVHLQH7DJHEXFKHLQWUDJXQJHQILQGHW,QGHU(LQOHLWXQJ
VHLQHV7DJHEXFKHVVFKUHLEWHU
ª'UHLPDOVSUHFKHLFKYRP7\SKXV7DWVlFKOLFKKDQGHOWHHV
EHQVPLWWHOSDNHWH QDFK 'DFKDX JHVFKLFNW 0HLQH .DPHUD
GHQXQGLFKKLHOWHQHVIUXQ]XOlVVLJGD‰GLH%HOJLHUVLFK
EHUIUD‰HQ ZlKUHQG DQGHUH *HIDQJHQH +XQJHUV VWHUEHQ
ZUGHQ%HVFKOX‰GHUhEHUIOX‰ZLUGYHUWHLOWEHVRQGHUVDQ
GLH Ä6SDQLHQNlPSIHU´ GLH NHLQH +LOIH YRQ GHU $X‰HQZHOW
HUKLHOWHQ$EHUIUGDV/DJHUUHJOHPHQWEHGHXWHWHMHGHU6R
OLGDULWlWVDNW 6DERWDJH ,FK EDW EHLP .RPPDQGDQWHQ YRU
VSUHFKHQ ]X GUIHQ $P 6RQQWDJPRUJHQ ZXUGH LFK YRUJH
VLFKLQGHQHUVWHQEHLGHQ)lOOHQYRP-DQXDUXQG'H]HPEHU
XP%DXFKW\SKXV(UIRUGHUWHXQJHIlKU7RWH'HU
GULWWH )DOO VHLW 'H]HPEHU  ZDU LQ :LUNOLFKNHLW HLQH
)OHFNILHEHUHSLGHPLHGLHPHKUDOV7RWHIRUGHUWHXQG
EHUDOOGLHVH/HLFKHQKDXIHQKLQWHUOLH‰GLHGLH$PHULNDQHU
ODVVHQ>«@,FKWUDJHHLQH8KUDP+DQGJHOHQNYHUERWHQ
XQG DQ GHQ )‰HQ 6FKXKH GLH DXV GHQ %HVWlQGHQ GHU 66
ÄDXVJHOLHKHQ´VLQG8QG]XDOOHPhEHUIOX‰KDEHLFKODQJH
+DDUH 0HLQH (UNOlUXQJ GDIU ,FK HUNlOWH PLFK ZHQQ
PDQ VLH PLU VFKQHLGHW >«@ (PS|UXQJ *HVFKUHL GDQQ
DP$SULOHQWGHFNHQVROOWHQ©6 JOlWWHQ VLFK GLH :RJHQ 'HU .RPPDQGDQW >«@ Ol‰W HLQHQ
ª -DQXDU  6HLW HLQHU :RFKH (QWZLFNOXQJ HLQHU 0DQQDXVGHP6HNUHWDULDW]XVLFKNRPPHQXQGLKQLQPHL
QRFK WUDJLVFKHUHQ 6LWXDWLRQ DOV YRU ]ZHL -DKUHQ 'DV QHU*HJHQZDUWGHQIUGDV7UDJHQYRQODQJHQ+DDUHQHU
QLPPW HUVFKUHFNHQGH $XVPD‰H DQ >«@ 'XW]HQGH YRQ IRUGHUOLFKHQ $XVZHLV DXVIOOHQ 8QG LFK JHKH PLW GHU (U
)UHXQGHQVLQGEHWURIIHQ
 -DQXDU  $P 6RQQWDJ (QWNOHLGHQ YRQ 7RWHQ GLH
JU|‰WH$QKlXIXQJYRQ/HLFKHQGLHLFKMHHUOHEWKDEH*H
VWHUQ ZXUGH PHLQ =LPPHU SUDNWLVFK LQ HLQH 7\SKXVVHNWLRQ
XPJHZDQGHOW'HU:HWWODXI]ZLVFKHQ.UDQNKHLWXQG.ULHJ
JHKWZHLWHU)UYLHOHLVWHUEHUHLWVHQWVFKLHGHQ
 )HEUXDU ,FK HUWULQNH LQ $UEHLW 'HU 7DQ] LVW W|G
OLFK 0HLQH +HOIHU VLQG NUDQN -HGHQ 7DJ HUZDUWHW PDQ
PLQGHVWHQV1HX]XJlQJHLQGHU7RWHQNDPPHU©
(LQHYRP$XWRUQDFKWUlJOLFKHLQJHIJWH$QPHUNXQJODXWHW
ª'DV)OHFNILHEHUYHUEUHLWHWHVLFKLPJDQ]HQ/DJHU>«@'LH
7RWHQ VWDSHOWHQ VLFK LQ GHQ 6WUD‰HQ ]ZLVFKHQ GHQ %O|FNHQ
'LH5HYLHUEDUDFNHQZDUHQYRQ.UDQNHQEHUVFKZHPPW
)HEUXDU:LUQDKPHQKHXWH%OXWWUDQVIXVLRQHQEHL
GHQ5HNRQYDOHV]HQWHQYRU©
1RFK LP )HEUXDU  NXU] YRU GHP VLFK EHUHLWV DE]HLFK
QHQGHQ (QGH JDE HV DOVR QRFK GLH 0|JOLFKNHLW YRQ %OXW
WUDQVIXVLRQHQLP.='DFKDX,P*HJHQVDW]GD]XZDULQGHQ
PHLVWHQGHXWVFKHQ/D]DUHWWHQ]XGLHVHU=HLWGLHPHGL]LQLVFKH
9HUVRUJXQJ GHU 9HUZXQGHWHQ DXI HLQ 0LQLPXP ]XVDPPHQ
JHVFKUXPSIW 6HOEVW YRU QRWZHQGLJHQ 2SHUDWLRQHQ $PSXWD
WLRQHQ ZXUGHQ QXU QRFK 3ODFHERV DXVJHJHEHQ (LQ $VSLULQ
JDOW VFKRQ DOV 6FKPHU]PLWWHO %OXWWUDQVIXVLRQHQ NRQQWHQ DQ
9HUZXQGHWHQLQGHU5HJHOQLFKWPHKUGXUFKJHIKUWZHUGHQ
  9II*ÂÂ-DKUJDQJÂ+HIW
ODXEQLVGLH3DNHWH]XYHUWHLOHQ©6I
ª$SULO'LH(LQULFKWXQJHLQHVQHXHQ%ORFNVHUIRU
GHUWXQWHUGHQJHJHEHQHQ8PVWlQGHQHLQHEHDFKWOLFKH$Q
VWUHQJXQJ,FKWDWHVPLW)UHXGHXQGZLHLFKVHOEVWVDJHQ
NDQQPLW(UIROJ-HW]WELQLFKDOVRDQGHU6SLW]HHLQHV%H
UHLFKVYRQHLQLJHQ.UDQNHQ]XU+lOIWH7\SKXVNUDQNHQ
]XU +lOIWH ÄLQWHUQHQ )lOOHQ´ *XWH .UDQNHQSIOHJHU JXWH
bU]WH$OOHVOlXIWSUlFKWLJ©
)U GLH OHW]WHQ 7DJH YRU GHP (LQPDUVFK GHU $PHULNDQHU
VRZLH GLH hEHUQDKPH XQG $XIO|VXQJ GHV .RQ]HQWUDWLRQVOD
JHUV 'DFKDX JHEHQ GLH $XI]HLFKQXQJHQ +DXORWV ZHUWYROOH
+LQZHLVH+DXORW
ª $SULO  0DQ IKOW GDV (QGH VR QDKH GD‰ PDQ HV
MHGH 0LQXWH HUZDUWHW (V EHVWHKW HLQ HUVFKWWHUQGHU XQG
REHQGUHLQGRSSHOWHU.RQWUDVW]ZLVFKHQGHPUHODWLYHQ)ULH
GHQ GHV /DJHUV XQG GHP VFKUHFNOLFKHQ ZVWHQ *HW|VH
GUDX‰HQXQGGHP$XVPD‰GHV6FKODPDVVHOVLQGDVXQVGLH
%HIUHLXQJHQWOl‰W
 $SULO  'DV %ODWW ZHQGHW VLFK >«@ +LQVLFKWOLFK
IROJHQGHU 7KHPHQ ZHFKVHOW GLH /DJHUDWPRVSKlUH YRQ
6WXQGH ]X 6WXQGH YRQ lX‰HUVWHP 2SWLPLVPXV ELV ]X
VFKZlU]HVWHP3HVVLPLVPXV
 1DKUXQJ 'LH 3DNHWH ZHUGHQ VHLW ]ZHL :RFKHQ QLFKW
PHKU DXVJHOLHIHUW (LQ *UXQG GDIU ZLUG QLFKW JHQDQQW

0DQYHUPXWHWGD‰HVVLFKGDUXPKDQGHOWHLQH/HEHQVPLW
WHOUHVHUYH IU GDV /DJHU DQ]XOHJHQ IU GHQ )DOO GD‰ HV
VLFK VHOEVW EHUODVVHQ EHU NHLQH 1DKUXQJVPLWWHO PHKU
YHUIJHQ ZUGH >«@ ,Q GHU =ZLVFKHQ]HLW UHGX]LHUWH PDQ
GLHWlJOLFKH(VVHQVUDWLRQDXIHLQ0LQLPXP
+HXWHJHODQJHVPLUHQGOLFKHLQ3DNHWSUR0DQQ]XYHUWHL
OHQ $EHU LQ GHQ 6WUDIEO|FNHQ NUHSLHUW PDQ EXFKVWlEOLFK
YRU+XQJHU
 (YDNXLHUXQJ 'LH YHUVFKLHGHQVWHQ IDOVFKHQ *HUFKWH
VLQGLQ8PODXI0DVVHQGHSRUWDWLRQQDFK7LURO2GHULQGLH
6FKZHL] >«@ 'DJHJHQ VWHKW GLH 0HLQXQJ GD‰ 'DFKDX
EOHLEWZRHVLVWXQGRIIL]LHOOGHQ$OOLLHUWHQEHUJHEHQZLUG
/LTXLGLHUXQJ"'LHJU|‰WHQ3HVVLPLVWHQVSUHFKHQQDWU
OLFKYRQHLQHU/LTXLGLHUXQJ'DFKDXVQDFKGHPNODVVLVFKHQ
0XVWHU0DVVHQH[HNXWLRQRGHU*DVNDPPHU>«@
'DJHJHQ >«@ $EUHLVH LQ 5LFKWXQJ 7LURO YRQ HLQLJHQ (K
UHQJHIDQJHQHQ ZLH %OXP >«@ 6FKXVFKQLJJ >«@ XVZ ,FK
ZHL‰QLFKWZHUELVMHW]WGDV/DJHUYHUODVVHQKDW>«@
,FK SHUV|QOLFK ELQ LPPHU QRFK XQHUVFKWWHUOLFK LQ HLQHQ
)OLUWYHUZLFNHOWGHUNHLQH.RQVHTXHQ]HQQDFKVLFK]LHKHQ
ZLUGDEHUOHW]WHQ(QGHVSULFNHOQGLVWXQG]XP=ZHFNKDW
PHLQVHHOLVFKHV*OHLFKJHZLFKW]XEHZDKUHQLQGHPHUPLFK
YRQGHUDOOJHPHLQHQ%HVHVVHQKHLWDEOHQNW
,FK NlPSIH YHUELVVHQ GDUXP VR YLHOH 3DNHWH ZLH P|JOLFK
YRQ GHU 3RVW IU PHLQH .DPHUDGHQ LP %ORFN ]X HUKDOWHQ
OHLWH PHLQH %DUDFNH XQG ]LHKH (UNXQGLJXQJHQ HLQ /DXW
QHXHVWHQ1DFKULFKWHQYRQKHXWHPRUJHQNDQQHVVHLQGD‰
LFKPLW7RPXQGHLQLJHQ(QJOlQGHUQEHLHLQHUGHUQlFKVWHQ
)XKUHQGLHIUGDV>«@Ä:lOGFKHQ´EHVWLPPWVLQGGDEHL
VHLQZHUGH>«@6FKDGHYLHOOHLFKWNPYRQGHU)UHLKHLW
HQWIHUQWDE]XNUDW]HQ$EHUZDVGDJHJHQXQWHUQHKPHQ",FK
KDEHJHVSLHOWJXWJHVSLHOWXQGYLHOOHLFKWZHUGHLFKYHUOLH
UHQ$EHUQLFKWJlQ]OLFK,FKZlUHYLHOOHLFKWQXUQLFKWGD
XP GHQ (UIROJ ]X NRVWHQ :DV VROO¶V :DV ]lKOW LVW QLFKW
QDFK GHU 6FKOlJHUHL GD]XVHLQ VRQGHUQ VLH JHIKUW RGHU
]XPLQGHVWEHJRQQHQ]XKDEHQ'DV'DQDFKJHKWGLH1DFK
IROJHQGHQHWZDVDQ>«@8QGYLHOOHLFKWLVWHVDXFKEHVVHU
GLH(QWWlXVFKXQJHQGLHGLHVHP.ULHJHEHQVRZLHGHPYRU
KHULJHQ IROJHQ ZHUGHQ QLFKW ]X HUIDKUHQ 'HU )ULHGH LVW


'LHVHV6FKLOGVWHKWLQGHUDQJHEOLFKHQ0HQVFKHQJDVNDPPHU
GHV./'DFKDX:LHLVWQXQGLHVLQJXOlUH(UZlKQXQJGLHVHU
.DPPHUEHL+DXORW ]XZHUWHQ"$OVHLQH5HPLQLV]HQ]DQGLH
YRU DOOHP JHJHQ .ULHJVHQGH XP VLFK JUHLIHQGHQ *HUFKWH
XQG*UHXHOPlUFKHQ"
ªHLQH6WXQGHQDFKGHPGLHVHV'RNXPHQWLQ'DFKDXHLQJHWURI
IHQZDU©
:LH EHUHLWV HUZlKQW NRPPW HLQH 8QWHUVXFKXQJ YRQ 6WDQLV
ODY =DPHFQLN HLQHP WVFKHFKLVFKHQ +LVWRULNHU LQ 3UDJ ]X
GHP(UJHEQLVGD‰GLHVHU%HIHKO IDOOVHU EHUKDXSWHFKWLVW
DXINHLQHQ)DOOIUGDV/DJHU'DFKDXEHVWLPPWJHZHVHQVHLQ
NDQQVRQGHUQK|FKVWHQVIU)ORVVHQEUJ
'LH YRQ +DXORW LQ GHP $EVFKQLWW ª/LTXLGLHUXQJ© HUZlKQWH
ª*DVNDPPHU©IKUWLQGHPJHVDPWHQ7DJHEXFKHLQVLQJXOl
UHV 'DVHLQ ± PLW $XVQDKPH HLQHV (LQWUDJV QDFK GHP 
$SULO  0|JOLFKHUZHLVH ZXUGH LKP GD HLQ EHVWLPPWHU
5DXP DOV ª*DVNDPPHU© EH]HLFKQHW $XV HLJHQHU (UIDKUXQJ
ZHL‰HUMHGRFKQLFKWVGDUEHU:LHZlUHHVVRQVW]XHUNOlUHQ
GD‰HULQVHLQHQ$XI]HLFKQXQJHQGLHGRFKGLH*HVFKHKQLVVH
LP .= 'DFKDX IHVWKDOWHQ VROOHQ GDUEHU VFKZHLJW" ,Q GHU
(LQOHLWXQJ EHULFKWHW +DXORW LQ VHLQHQ $XI]HLFKQXQJHQ KlWWH
HU REZRKO VLH LKP EHNDQQW ZDUHQ ªZHGHU YRQ GHQ 0DOD
ULDH[SHULPHQWHQ QRFK YRQ GHQHQ PLW 0HVNDOLQ JHVSURFKHQ©
HLQVFKUHFNOLFKHU7RWHQJUlEHUGHU,OOXVLRQHQ>«@0HLQHU
$QVLFKWQDFKZLUGGHU)ULHGHQIU(XURSDQLFKWVFK|QDXV
IDOOHQ©
$QPHUNXQJ =X  1DKUXQJ 'DV $QOHJHQ HLQHU /HEHQVPLW
WHOUHVHUYH LVW HLQH GXUFKDXV SODXVLEOH (UNOlUXQJ IU GDV =X
UFNKDOWHQGHU3DNHWH
=X  /LTXLGLHUXQJ +DXORW EH]HLFKQHW KLHU VHOEVW HLQH JH
SODQWH/LTXLGLHUXQJGHV/DJHUDOVSHVVLPLVWLVFKHV*HUFKW,Q
GHP VSlWHU JHVFKULHEHQHQ 9RUZRUW EHKDXSWHW HU MHGRFK HU
KlWWH GXUFK VHLQH *HOLHEWH GHQ DQJHEOLFKHQ +LPPOHU%HIHKO
]XU/LTXLGLHUXQJGHV/DJHUVHUIDKUHQ'HU%HIHKOHLQDQJHE
OLFKHV )HUQVFKUHLEHQ LVW LQ GHU +RORFDXVW/LWHUDWXU PLW GHQ
'DWHQE]Z$SULOXQGIROJHQGHP:RUWODXWEHU
OLHIHUW
ª'LHhEHUJDEHNRPPWQLFKWLQ)UDJH'DV/DJHULVWVRIRUW
]XHYDNXLHUHQ.HLQ+lIWOLQJGDUIOHEHQGLQGLH+lQGHGHV
)HLQGHVIDOOHQ'LH+lIWOLQJHKDEHQVLFKJUDXHQKDIWJHJHQ
GLH =LYLOEHY|ONHUXQJ LQ %XFKHQZDOG EHQRPPHQ *H]HLFK
QHW+HLQULFK+LPPOHU5HLFKVIKUHU66©
$P  $SULO GHP 'DWXP GHV REHQ ]LWLHUWHQ (LQWUDJV YRQ
+DXORW KlWWH HU DOVR DXI MHGHQ )DOO GDYRQ ZLVVHQ PVVHQ
EHKDXSWHWHUGRFKLQGHUQDFKWUlJOLFKJHVFKULHEHQHQ(LQIK
UXQJHUKlWWHGXUFKVHLQH*HOLHEWHYRQGHP%HIHKOHUIDKUHQ
9II*ÂÂ-DKUJDQJÂ+HIW  
6(LQHQ*UXQGGDIUJLEWHUQLFKWDQ$EHUKLHUZlUH
GLH 6WHOOH JHZHVHQ DXFK HLQH *DVNDPPHU ]X HUZlKQHQ ±
ZHQQHVVLHGHQQLQ'DFKDXJHJHEHQKlWWH,Q]ZLVFKHQLVWGLH
([LVWHQ] E]Z GHU %HWULHE HLQHU *DVNDPPHU LQ 'DFKDX
JODXEZUGLJZLGHUOHJW'LHVH$XVNXQIWZLUGDXFKUHJHOPl‰LJ
YRQGHU.=*HGHQNVWlWWH'DFKDXHUWHLOW+DXORW
ª$SULO'LH$XIUHJXQJZlFKVW>«@'DV.UHPDWR
ULXP XQG GLH %HVROGXQJVVWHOOH VLQG YHUPLQW >«@ 'LH 9HU
UFNWHQ VLQG OLTXLGLHUW 'LH -XGHQ ]XP 7UDQVSRUW YHUVDP
PHOW'LH$EIDKUWZLUGDXIJUXQGGHU+lXILJNHLWXQG+HIWLJ
NHLWGHU6WXU]ERPEHUDQJULIIHEHVFKOHXQLJWYRUDQJHWULHEHQ
 $SULO  'LH 'HXWVFKHQ XQG GLH 5XVVHQ YHUODVVHQ
GDV/DJHU>«@VROOHQKHXWHQDFKWGDV/DJHUYHUODV
VHQGHU5HVWPRUJHQ
$SULO,FKEHREDFKWHZLHGLH/HXWHDEIDKUHQ>«@
'HU $EWUDQVSRUW GHU -XGHQ KDW LPPHU QRFK QLFKW EHJRQ
QHQ 'LH :DJJRQV VWHKHQ QRFK MHQVHLWV GHU 8P]lXQXQJ
>«@*HVWHUQDEHQGZHUGHLFKLQV-RXUKDXVJHUXIHQXP0
0DXUHQGHPVFKZHL]HULVFKHQ'HOHJLHUWHQGHV5RWHQ.UHX
]HV YRUJHVWHOOW ]X ZHUGHQ (U EULQJW  /DVWZDJHQ 3DNHWH
IUGLH:HVWY|ONHU©
+DXORWVSULFKWDOVRQLFKWYRQª7RGHVPlUVFKHQ©VRQGHUQYRQ
RUGQXQJVJHPl‰HQ$EIDKUWHQPLWGHU5HLFKVEDKQ±'DV5RWH
.UHX]KDWELV]XOHW]W=XJDQJ]XP/DJHUXQGNDQQGLH,QKDI
WLHUWHQPLW3DNHWHQYHUVRUJHQ+DXORW
ª $SULO  'LH )UDQ]RVHQ ZHUGHQ SO|W]OLFK ]XU (QW
ODXVXQJLQV%DGJHVFKLFNW1LFKWVJHVFKLHKW
'HU ODXWORVH +LPPHO PDFKW HLQHQ UDVHQG 0DQ IKOW GDV
(QGHVRQDKHVRQDKH>«@'LH-XGHQVLQGDEWUDQVSRUWLHUW
:RKLQZHUGHQVLHJHEUDFKW"
$SULO,QGHU1DFKWNRQVWLWXLHUWHVLFKKHLPOLFKHLQ
,QWHUQDWLRQDOHV +lIWOLQJVNRPLWHH GDV GDPLW EHDXIWUDJW
ZDULQGHQ6WXQGHQGLHIROJHQZHUGHQIU5XKHLP/DJHU
]X VRUJHQ XQG GDV QDFK GHU %HIUHLXQJ GLH /HLWXQJ EHU
QHKPHQVROO
$P 0RUJHQ VWHOOHQ ZLU IHVW GD‰ GLH /DJHU66 DEJHUHLVW
ZDU$QLKUHQ3ODW]WUHWHQ]ZHL.DPSIWUXSSHQGLHGLH:D
FKHEHUQHKPHQ
$P 1DFKPLWWDJ EHJLQQHQ GLH .DPSIKDQGOXQJHQ >«@ (LQ
3RVWHQ QDFK GHP DQGHUQ VFKZHQNW GLH ZHL‰H )DKQH >«@
'LH6ROGDWHQGHVOHW]WHQ:DFKWXUPVHUJHEHQVLFK>«@'LH
DXIGHUDQGHUHQ6HLWH]XVDPPHQJHWULHEHQHQ66/HXWHZHU
GHQ|IIHQWOLFKYHUK|KQW:HQQVLHXQVLQGLH+lQGHILHOHQ
ZUGHQZLUVLH]HUUHL‰HQ
$P VHOEHQ 1DFKPLWWDJ ZHUGHQ GLH 662IIL]LHUH KLQJHULFK
WHW,QGHU1DFKWHUOHLGHQGLH6ROGDWHQGDVJOHLFKH6FKLFN
VDO'LH$PHULNDQHUVDJHQÄ6HLWZLUGDVHUVWH/DJHUJHVH
KHQ KDWWHQ ZX‰WHQ ZLU %HVFKHLG :LU EHJULIIHQ GD‰ ZLU
QLFKW.ULHJJHJHQ6ROGDWHQXQG2IIL]LHUHIKUWHQVRQGHUQ
JHJHQ9HUEUHFKHU:LUEHKDQGHOQVLHZLH9HUEUHFKHU´>@
 0DL  %HVLFKWLJWH GDV .UHPDWRULXP $Q GLH 
/HLFKHQ EHUHLQDQGHUJHVWDSHOW VWLQNHQG 'DV HLVLJH (QW
VHW]HQ GHU *DVNDPPHU 'HU =XJ LQ GHP GLH -XGHQ WUDQV
SRUWLHUW ZXUGHQ LVW PLW 7RWHQ EHUODGHQ 0DQ YHUVWHKW
ZDUXP GLH %HIUHLHU JQDGHQORV MHGHQ QLHGHUVFKRVVHQ GHU
HLQH668QLIRUPWUXJ©
'DV.UHPDWRULXPNDPPLWGHP9HUEUHQQHQGHU7\SKXVWRWHQ
QLFKWQDFK+LHULVWGHU%HZHLVGDIUGD‰HVHEHQQLFKWP|J
OLFKZDU±ZLHLQGHU+RORFDXVW/LWHUDWXU]XOHVHQ±7DXVHQGH
YRQ0HQVFKHQLQò6WXQGHQ]XYHUEUHQQHQ:HQQGLH.H
PDWRULXPV|IHQ GDV KlWWHQ OHLVWHQ N|QQHQ KlWWH HV GLH /HL
FKHQEHUJHQLFKWJHJHEHQ
'DV.UHPDWRULXPZXUGHVFKRQZHQLJVSlWHUYRQGHQ$PHUL
NDQHUQ DOV $XVVWHOOXQJVUDXP XQG %HZHLV IU GLH GHQ 'HXW
VFKHQDQJHODVWHWHQ*UHXHOKHUJHULFKWHW
+LHU]XHLQH1RWL]YRQ1DXPDQQ,P.UHPDWRULXP
ªKDEH PDQ DOOHV VR JHODVVHQ ZLH HV GLH $PHULNDQHU EHLP
(LQPDUVFKYRUIDQGHQ1XUGLHXPKHUOLHJHQGHQ/HLFKHQVHL
HQGXUFK:DFKVSXSSHQHUVHW]WZRUGHQ(LQELHGHUHU%D\HU
GHU LP .UHPDWRULXP VDXEHUPDFKHQ PX‰WH PHLQW KLHU]X
Ä-DZLVVHQ¶VKLHUEDX¶QGLH$PHULNDQDLKUHJUR‰H7UDGLWL
RQDXI)UKHUKDEHQ6¶HVVRJDUVHOEDHUQVWJ¶QXPPDDEHU
LQVDVVHQXQGlKQOLFKHVVWW]W+DXORW
ª0DL,QGHQ%O|FNHQ]XVDPPHQJHSIHUFKWVWHUEHQ
GLH /HXWH PDVVHQZHLVH (LQH 9HUIJXQJ (LVHQKRZHUV 7\
SKXVTXDUDQWlQH
0DL2IIL]LHOOLVWGLH/DJHUOHLWXQJLQGHQ+lQGHQ
GHVDPHULNDQLVFKHQ.RPPDQGDQWHQ5RVHQEORP>«@hEHU
GLH$QJHOHJHQKHLWHQGHU+lIWOLQJHXQGGHV,QWHUQDWLRQDOHQ
*HIDQJHQHQNRPLWHHV HQWVFKHLGH LFK >«@ 9LHOH )UDQ]RVHQ
VLQG JHIOFKWHW EHVRQGHUV bU]WH 'LH ]X VFKZDFKH XQG
VFKOHFKWIXQNWLRQLHUHQGHDPHULNDQLVFKH)KUXQJKDWGLHVH
*HIDKUHQ QRFK JHVWHLJHUW $OV GLH /HXWH VDKHQGD‰ QLFKWV
JHVFKDK>«@EHVFKORVVHQVLHVLFKVHOEVW]XEHIUHLHQ0HKU
DOVVLQGDXIGLHVH:HLVHYHUVFKZXQGHQ
'LHVDQLWlUH/DJHLVWVFKUHFNOLFK9RQ0HQVFKHQVWHU
EHQWlJOLFKLPPHUQRFK5XKU7\SKXV6FKZlFKH©
+DXORWEOHLEWELV]XU$XIO|VXQJGHV/DJHUVGLHVLFKELV-XQL
KLQ]LHKWLQ'DFKDX$QVFKOLH‰HQGNHKUWHUQRFKHLQPDO
]XUFNXPDQGHPLP1RYHPEHUEHJLQQHQGHQ3UR]H‰
JHJHQGLH'DFKDXHU%HOHJVFKDIWDOV=HXJHXQG%HULFKWHUVWDW
WHUWHLO]XQHKPHQ
,QHLQHP,QWHUYLHZPLWGHU6GGHXWVFKHQ=HLWXQJGDVDP
'H]HPEHU  YHU|IIHQWOLFKW ZXUGH HQWKOOWH +DXORW QRFK
]XVlW]OLFKH(LQ]HOKHLWHQDXV'DFKDXGLHYRUDOOHQ'LQJHQGLH
=XVDPPHQVHW]XQJ GHU +lIWOLQJH EHWUDIHQ +HXWH LVW HV MD
EOLFK MHGHQ GHU YRQ VLFK EHKDXSWHW Ä,FK ZDU LP .=´ DOV
0lUW\UHUDQ]XVHKHQXQG]XEHPLWOHLGHQ(VLVWY|OOLJLQ9HU
JHVVHQKHLW JHUDWHQ GD‰ GLH 0HKU]DKO GHU .=+lIWOLQJH DXV
UHFKWVNUlIWLJYHUXUWHLOWHQ9HUEUHFKHUQEHVWDQG+DXORWHUNOlUW
LQGLHVHP,QWHUYLHZ
ª'DV8QHUWUlJOLFKVWHZDUHQGLHPRUDOLVFKHQ%HGLQJXQJHQ
XQWHU GHQHQ ZLU OHEHQ PX‰WHQ 'DV =XVDPPHQOHEHQ PLW
.ULPLQHOOHQ DOOHU 6FKDWWLHUXQJHQ PLW $VR]LDOHQ 9HUEUH
FKHUQ %DQGLWHQ© :HLWHU KHL‰W HV ª'LH %HIUHLXQJ VHOEVW
EUDFKWHHLQHNLW]OLJH6LWXDWLRQ'LHDPHULNDQLVFKHQ.DPSI
WUXSSHQ PX‰WHQ ZHLWHU]LHKHQ XQG GDV /DJHU VLFK VHOEVW
EHUODVVHQ$QJHVLFKWVGHU7DXVHQGHYRQ.ULPLQHOOHQGHU
XQJHIlKU.UDQNHQGHU6FKZLHULJNHLWHQGHU9HUVRU
JXQJJHK|UWHQYLHO0XW8PVLFKWXQG(QWVFKORVVHQKHLWGD
]X HLQH JHZLVVH 2UGQXQJ DXIUHFKW]XHUKDOWHQ XQG ZHLWHUH
2SIHU]XYHUPHLGHQ©
8P HLQHP 0L‰YHUVWlQGQLV YRU]XEHXJHQ PX‰ DEVFKOLH‰HQG
HLQH%HPHUNXQJDQJHIJWZHUGHQ'LHYRUVWHKHQGHQ$XV]JH
DXV GHP 'DFKDXHU 7DJHEXFK YRQ +DXORW VROOHQ QLFKW GHQ
(LQGUXFN HUZHFNHQ DOV VHL HLQ .=$XIHQWKDOW VR HWZDV ZLH
HLQH (UKROXQJVNXU JHZHVHQ :HQQ GDV DXFK ]HLWZHLVH IU
+DXORW VHOEVW ]XWUDI ± YRU DOOHP ZHJHQ GHU VFKOHFKWHQ JH
VXQGKHLWOLFKHQ9HUIDVVXQJPLWGHUHUGRUWHLQJHOLHIHUWZXUGH
±VRJDEHV7DXVHQGHYRQ+lIWOLQJHQGHQHQHVQLFKWVRJLQJ
$OOHUGLQJV KDW VLFK LQ]ZLVFKHQ GXUFK 8QWHUVXFKXQJHQ XQG
MHW]WODFKHQVVRJDUVHOEHUWVGUEHU´©6
:HOFKHQ5DXP+DXORWDOVª*DVNDPPHU©DQJHVHKHQKDWVDJW
HU QLFKW 0|JOLFKHUZHLVH GHQ NOHLQHQ 'XVFKUDXP ]ZLVFKHQ
GHQ 'HVLQIHNWLRQVUlXPHQ XQG .UHPDWRULXP GHU KHXWH QRFK
DOVª*DVNDPPHU±QLHEHQXW]W©DXVJHJHEHQZLUG
+DXORW LVW GHU 0HLQXQJ GLH DXFK DQGHUH =HXJHQ DXV MHQHQ
7DJHQWHLOWHQGD‰GLH/HLFKHQLQGHPEHLP/DJHUVWHKHQGHQ
=XJ GLHMHQLJHQ GHU MGLVFKHQ +lIWOLQJH JHZHVHQ VHLHQ GLH
DXV'DFKDXZHJJHEUDFKWZHUGHQVROOWHQ$QGHUHEHKDXSWHQ
HV VHLHQ +lIWOLQJH DXV %LUNHQDX E]Z %XFKHQZDOG JHZHVHQ
GLHPDQQDFK'DFKDXJHVFKLFNWKDEH)U%XFKHQZDOGSOl
GLHUW GLH .=*HGHQNVWlWWH 'DFKDX GLH VLFK GDEHL DXI =HX
JHQDXVVDJHQ/DJHUDNWHQSHUV|QOLFKH7DJHEFKHUYRQ/DJHU
  9II*ÂÂ-DKUJDQJÂ+HIW
=HXJHQDXVVDJHQ EHOHJW GHU (LQGUXFN GXUFKJHVHW]W GD‰ GDV
.='DFKDXJHJHQEHUDQGHUHQ6WUDIODJHUQHLQHPLOGHUH)RUP
GHV/DJHUVZDU$EHUZLHGHUHLQ]HOQHPLWGHQ/DJHUYHUKlOW
QLVVHQIHUWLJZXUGHKLQJ]XPEHUZLHJHQGHQ7HLOYRQVHLQHU
3HUV|QOLFKNHLWDEXQGVHLQHU)lKLJNHLWVLFKLQHLQHPXQVR]LD
OHQ 6\VWHP ]X EHKDXSWHQ 6HKU ZLFKWLJ ZDU HV DEHU DXFK
QLFKW XQWHU HLQHQ .DSR ]X JHUDWHQ GHU HLQHP XQJQVWLJ JH
VRQQHQZDUVRQGHUQEDOGP|JOLFKVWVHOEVWHLQHIKUHQGH6WHO
OXQJ LQQHUKDOE GHU /DJHUKLHUDUFKLH HLQ]XQHKPHQ +DXORW LVW
GDV KHUYRUUDJHQG JHOXQJHQ 6HLQH 3HUV|QOLFKNHLW XQG GDPLW
DXFKVHLQH$XI]HLFKQXQJHQVWHKHQVRPLWNHLQHVZHJVVWHOOYHU
WUHWHQG IU GDV 6FKLFNVDO GDV 7DXVHQGH 8QVFKXOGLJHU LQ
'DFKDXHUOHLGHQPX‰WHQ

$QPHUNXQJHQ


 $XV]JHDXVVHLQHP7DJHEXFKZXUGHQYHU|IIHQWOLFKWLQª$UWKXU+DXORW
/DJHUWDJHEXFK-DQXDU-XQL©'DFKDXHU+HIWH6WXGLHQXQG
'RNXPHQWH]XU*HVFKLFKWHGHUQDWLRQDOVR]LDOLVWLVFKHQ.RQ]HQWUDWLRQVOD
JHULP$XIWUDJGHV&RPLWp,QWHUQDWLRQDOGH'DFKDX%UVVHOKHUDXVJH
JHEHQYRQ:ROIJDQJ%HQ]XQG%DUEDUD'LVWHO-DKUJDQJ+HIW
ª'LH%HIUHLXQJ©'H]HPEHU6

 6HLQH 7DJHEXFKQRWL]HQ DXV 'DFKDX ILQGHQ VLFK LQ *HUW 1DXPDQQ %H
VLHJW XQG ÄEHIUHLW´ (LQ 7DJHEXFK KLQWHU 6WDFKHOGUDKW LQ 'HXWVFKODQG
'UXIIHO/HRQL6

 3DXO%HUEHQ'DFKDX7KH2IILFLDO+LVWRU\/RQGRQ6
I



QLHPDOV H[LVWLHUW KDW 'HP]XIROJH LVW HV JDU QLFKW P|JOLFK GD‰ GLH *H
OLHEWHYRQ+LKPYRQHLQHP+LPPOHU%HIHKOHU]lKOWKDW

 ,QGHQREHQJHQDQQWHQ'DFKDXHU+HIWHQKHL‰WHVDXI6ª7DWVlFKOLFK
ZDUGLH*DVNDPPHULP.UHPDWRULXPGHV/DJHUV'DFKDXQLFKWLQ%HWULHE
JHQRPPHQ ZRUGHQ HV KDWWHQ LQ 'DFKDX NHLQH 9HUJDVXQJHQ VWDWWJHIXQ
GHQ©

 hEHUGLH([HNXWLRQGHUOHW]WHQGHXWVFKHQ:DFKPDQQVFKDIWYRQ'DFKDX
EHULFKWHWDXVIKUOLFKDOVDPHULNDQLVFKHU$XJHQ]HXJH+RZDUG$%XHFK
QHU'DFKDX7KH+RXURIWKH$YHQJHU$Q(\HZLWQHVV$FFRXQW0HWDLULH
/RXLVLDQD9JODXFK,QJULG:HFNHUWª'DFKDX±7DJGHU5DFKHLQ
'HXWVFKODQGLQ *HVFKLFKWHXQG *HJHQZDUW  -J 1U  -XQL  6


 =%1LFR5RVW*RHWKHLQ'DFKDX)UDQNIXUW06
 (V ZDU Ä7KDQNVJLYLQJ´ (UQWHGDQNIHVW GDV LQ $PHULND JUR‰ JHIHLHUW 
 %LUNHQDX +$ %XHFKQHU DD2 $QP  6  %XFKHQZDOG +DQV
ZLUG &DUOV'DFKDX(ULQQHUXQJHQHLQHVNDWKROLVFKHQ*HLVWOLFKHQDXVGHU=HLW

 =XP DQJHEOLFKHQ +LPPOHU%HIHKO ]XU (YDNXLHUXQJ GHV /DJHUV YJO GHQ VHLQHU*HIDQJHQVFKDIW.|OQ6'DFKDXHU+HIWH
$XIVDW] YRQ 6WDQLVODY =DPHFQLN ª´.HLQ +lIWOLQJ GDUI OHEHQG LQ GLH  6     +HUPDQQ /DQJEHLQ QLFKW ZLH GLH 6FKDIH ]XU
+lQGH GHV )HLQGHV IDOOHQ´ =XU ([LVWHQ] GHV +LPPOHU%HIHKOV YRP 6FKODFKWEDQN)UDQNIXUW06
 $SULO ª 'DFKDXHU +HIWH %DQG  6  =DPHFQLN
IKUWGDULQGHQ1DFKZHLVGD‰HLQVROFKHU%HIHKOIUGHV /DJHU 'DFKDX




,UUHQ2IIHQVLYH
9RQ3HWHU7|SIHU

9RU-DKUHQJHVFKDKHVGD‰LPÄ0DL¶´VHLQHU]HLWYRQ $P2NWREHU8KULVWHVHQGOLFKVRZHLW5|K
XQVHUHQ IUDQ]|VLVFKHQ .ROOHJHQ DXVJHUXIHQH )URKVLQQVWDJH OHUKlOWVHLQHQ$QWULWWVEHVXFKEHL3URI'USV\FK:HUQHU(
YRQ 6WDDWV ZHJHQ GLH $XVZHLVXQJ XQVHUHV .DPSIJHQRVVHQ 3ODW]XQGOl‰WVLFKDXI0DFNHXQWHUVXFKHQ8QGGDVNRVWHQ
'DQLHO&RKQ%HQGLWVDXV)UDQNUHLFKEHVFKORVVHQXQGYHUIJW ORV
ZXUGH 'LHV JLQJ XP VR HLQIDFKHU DOV 'DQQ\ GXUFK 6HNXQ $EHU JHUDGH KHXWH XQG KLHU LQ GLHVHP /DQG NDQQ HV QLFKW
GLHUXQJ GHU WDSIHUHQ IUDQ]|VLVFKHQ 0HGLHQ DOV Ä'HXWVFKHU´ DQJHKHQGD‰VFKRQ ZLHGHUDQWLGHPRNUDWLVFKHXQGDULVWRNUD
XQG Ä-XGH´ DQJH]lKOW ZDU 'DPDOV JLQJHQ XQVHUH IUDQ]|VL WLVFKSULYLOHJLHUHQGH7HQGHQ]HQ(LQ]XJKDOWHQ
VFKHQ )UHXQGH LQ 6ROLGDULWlW PLW '&% PLW GHP 6FKODFKWUXI
ª:LUVLQGDOOHGHXWVFKH-XGHQ©DXIGLH6WUD‰H
8QG VR LVW HV KHXWH DQ XQV ODXW IU GLH JDQ]H :HOW K|UEDU
KLQDXV]XVFKUHLHQ ª:LUVLQGDOOHVHHOLVFKVFKZHUDEDUWLJ©
XQG MHW]W GLH (LQKHLWVIURQW DOOHU ªNUDQNKDIW VHHOLVFK *HVW|U
WHQ©KHU]XVWHOOHQ
:DVLVWQXUJHVFKHKHQ":HVKDOEGLHVH2IIHQVLYHXQGHLQPD
OLJH$NWLRQGHU1HXHQ,UUHQ"8QVHU)UHXQGGHUVDJHQXPZR
EHQH YRUXUWHLOVIUHLH XQG WULHEKDIWH 'LFKWHU 9HUOHJHU XQG
+HUDXVJHEHU GHV :DKQVLQQV0DJD]LQV 6OHLSQLU $1'5($6
5g+/(5 KDW HV PLW GHU .ODVVHQ-XVWL] ]X WXQ 'LH .ODVVH
GHUªWLHIJUHLIHQG%HZX‰WVHLQVJHVW|UWHQ©VROOHQGJOWLJPXQG
WRW JHPDFKW ZHUGHQ %HL HLQHU GHU XQWHUKDOWVDPHQ 9HUKDQG
OXQJHQ LP ,QIDQWLOJHULFKW %HUOLQ7LHUJDUWHQ $]  'V
 VWHOOWH HU GHQ $QWUDJ GD‰ HLQ 5HGDNWHXU HLQHU WRWDO
IUHQHWLVFKHQ LQ RUNDQDUWLJH %HLIDOOVVWUPH EHUJHKHQGHQ
=HLWXQJPLWGHP1DPHQ1HXHV'HXWVFKODQGDOV=HXJHJHOD
GHQ ZHUGH 'LHVHU EHU VLFK VHOEVW KLQDXVJLSIHOQGH 6WUPHU
KDWWH LQ HLQHP $UWLNHO JHVFKULHEHQ JHJHQ 5|KOHU KlWWH ªGHU
9HUIDVVXQJVVFKXW] VR YLHO %HZHLVPDWHULDO ]XVDPPHQJHWUD
JHQ GD‰ HV GLHVHP VFKHLQEDU KDUPORVHQ 9HUIHFKWHUQ GHU
3UHVVHXQG:LVVHQVFKDIWVIUHLKHLWDQGHQ.UDJHQJHKHQGUI
WH©
$XFKZLUVLQGKDUPORV±DEHULUUH
$XIGLHVHQ$QWUDJKLQ]RJVLFKGDV*HULFKW]XUFNXQGYHU
NQGHWH QDFK PLQWLJHU %HUDWXQJ LQ DEVROXW QDFK]XYROO
]LHKHQGHU $UW 5|KOHU PX‰ VLFK YRQ HLQHP 'RNWRU LQ %RQ
QLHµV5DQFKDXIªVFKZHUHVHHOLVFKH$EDUWLJNHLW©XQGªNUDQN
KDIWHVHHOLVFKH6W|UXQJ©XQWHUVXFKHQODVVHQ:HUEHLGLHVHP
3UR]H‰QLFKWGDEHL ZDU KDW ZDV YHUSD‰WLVWDEHU VHOEVW YHU
DQWZRUWOLFK GDIU :LH EHUKDXSW IU VHLQ JHVDPWHV SV\FKR 
PRWRULVFKHV'HVDVWHU 

9II*ÂÂ-DKUJDQJÂ+HIW  
 ª'LH*XPPL]HOOHDOV0LWWHO]XP)ULHGHQ©
DOOHGUHLDQJHIUDJW
)U GDV PXVLNWKHUDSHXWLVFKH 5DKPHQSURJUDPP VRUJW 'LH
=HQWUDOH 5XFNL]XFNL7DQ]IRUPDWLRQ Ä5LFKDUG +HU]LQJHU´
VSH]LDO0RWWRª(VLVWVRKHUUOLFKLUUH]XVHLQ©
(LQWULWWIUHL
:ROOW,KUGHQWRWDOHQ:DKQ"-D""'DQQNRPPWXQGEDGHWPLW
XQVLQGHU0DVVHGHU%DFKEOWHQ
2UJ.RPLWHH $QGUHDV5|KOHU6ROL.RPLWHH LQ =XVDPPHQ
DUEHLWPLWª2IIHQVLYHGHU1HXHQ,UUHQ©
8QWHUVWW]XQJ 5HIRUPLHUWHV 6R]LDOLVWLVFKHV 3DWLHQWHQNROOHN
WLY
9L6G33HWHU7|SIHU0DUFKOHZVNLVWU'%HUOLQ
7HO
*U‰HXQG'DQNDQ.3'5=&KXUFKRI6FLHQWRORJ\$QJH

:LUZROOHQDXFK
.HLQH 6RQGHUEHKDQGOXQJ $XFK ZLU KDEHQ IUHXQGOLFKHV %H
KWHWVHLQYHUGLHQW'HVKDOEUFNHQZLUKHXWHHQJHU%HWWQlV
VHU 0RQRSHUFHSWLVWHQ XQG $QDOSV\FKRO\WLNHU DOOHU 'LHQVW
JUDGH 9HUHLQLJW (XFK .RPPW KHXWH   8KU
]XU |IIHQWOLFKHQ %HKDQGOXQJVVWXQGH XQG *UR‰NXQGJHEXQJ
DXI GHQ .XUW6FKXPDFKHU3ODW] .HLQH $QJVW YRU 3ODW]
OD 0DUTXDUGW :HKU GLFK 5DLQHU /DQJKDQV 'HXWVFKH $Q
DUFKLVWLVFKH 3RJRSDUWHL WLWDQLF5HGD[ 'U +HUEHUW $PPRQ
PpGLFLQV VDQV IURQWLqUHV +HLQ] *DOLQVN\ &RPSXWHU &KDRV
&OXE GLH +RROV YRP )& 2VZLHFLP 2VKR /XW] 5DWKHQRZ
:LJODI'URVWHDL3HWHU6ORWHUGLMN7RUSHGRNlIHUVDPW 6NOD
YHQ+DQV0DJQXV(Q]HQVEHUJHU

,Q]ZLVFKHQ LVW GLH SV\FKLDWULVFKH 8QWHUVXFKXQJ YRQ $Q
GUHDV 5|KOHU *HVFKLFKWH ,Q HLQHP EHU HLQVWQGLJHQ
*HVSUlFK LQ UXKLJHP 5DKPHQ NRQQWH $QGUHDV 5|KOHU
GHPLKP]XJHZLHVHQHQ3V\FKLDWHU'U3ODW]GDV.RQ]HSW
VHLQHU=HLWVFKULIWHUOlXWHUQGLHHLQ]HQVXUXQGWDEXIUHLHV
'LVNXVVLRQVIRUXP IU QRQNRQIRUPH 'HQNHU DOOHU 5LFK
WXQJHQVHLQZLOODOVRTXDVLHLQUXQGHUOLWHUDULVFKHU7LVFK
IUDOOH'HP(LQGUXFNYRQ$QGUHDV5|KOHU]XIROJHJHKW
GHU 3V\FKLDWHU QLFKW GDYRQ DXV GD‰ VHLQ 3DWLHQW XQWHU
$QJVW ªWLHIJUHLIHQGHQ %HZX‰WVHLQVVW|UXQJHQ© RGHU ªVHHOLVFKHQ
(VZHUGHQVSUHFKHQ $EDUWLJNHLWHQ© OHLGHW ZLH HV GLH 5LFKWHULQ 0DLHWWL LQ LK
+DQV-RDFKLP0DD] UHP %HVFKOX‰ ]XU =ZDQJVEHJXWDFKWXQJ 5|KOHUV JH
ª$QWLIDVFKLVWLVFKH1RWKEUHPVH*HIKOVVWDX© VFKULHEHQ KDWWH YJO GHQ IDNVLPLOLHUWHQ %HVFKOX‰ 6WHKW
:ROIJDQJ7HPSOLQ QXQ DOVR GHU ÄQRUPDOHQ´ VWUDIUHFKWOLFKHQ 9HUXUWHLOXQJ
ª6HOHNWLRQEHL0HQVFKHQUHFKWHQ© 5|KOHUVQLFKWVPHKULP:HJH"
 9+2
'U+RUVW(EHUKDUG5LFKWHU




(LQLJH$QPHUNXQJHQ]XMGLVFKHQ%HY|ONHUXQJVVWDWLVWLNHQ
9RQ'U-R]HI3DZOLNRZVNL

%H]JOLFKGHU(UXLHUXQJMGLVFKHU2SIHU]DKOHQ ZlKUHQGGHV 'LH9RONV]lKOXQJXQWHUGHQ3ROHQ
=ZHLWHQ:HOWNULHJHVVROOWHPDQGLHYRQGHQ/lQGHUQ0LWWHO 'XUFK PHLQHQ $N]HQW XQG PHLQH 9HUKDOWHQVZHLVHQ ZX‰WHQ
XQG 2VWHXURSDV SXEOL]LHUWHQ GHPRJUDSKLVFKHQ 'DWHQ PLW GLH3ROHQGD‰LFKHLQHUGHULKUHQZDU$OVLFKPHLQH)UDJHQ
6NHSVLV EHKDQGHOQ XQG VLFK VWDWW GHVVHQ PHKU DXI GLH YRQ VWHOOWHODFKWHQZLULQXQVKLQHLQXQGYHUVXFKWHQKHUDXV]XILQ
MGLVFKHQ 9HUHLQLJXQJHQ VHOEVW JHOLHIHUWHQ =DKO EH]LHKHQ GHQZLH ZLUGLHGDÄREHQ´GKGLHYRQGHUSROQLVFKHQ*H
6HLWXQGHQNEDUHQ =HLWHQVLQGQlPOLFKGLH'DWHQGLH'HPR KHLPSROL]HL 8U]DG %H]SLHF]HQVWZD JHVWW]WH 'LNWDWXU DP
JUDSKHQ YRQ GHU %HY|ONHUXQJ LQ GLHVHQ /lQGHUQ HUKDOWHQ EHVWHQEHOJHQN|QQWHQ:HGHUGHPHLQIDFKHQ9RONQRFKPLU
WUJHULVFKXQGLPPHUÄSROLWLVFKNRUUHNW³ NDPLQGHQ6LQQLKQHQGLH:DKUKHLWPLW]XWHLOHQ
,FKVHOEVWELQLQ3ROHQDXIJHZDFKVHQ ZDULFKDOV6WX 'LH JDQ]H 9RONV]lKOXQJ DUWHWH GDKHU IU PLFK XQG PHLQH
GHQWZlKUHQGHLQHU9RONV]lKOXQJWlWLJ,FKJLQJYRQ+DXV]X /DQGVOHXWHPHKULQHLQH9HUDUVFKXQJGHVYHUKD‰WHQ5HJLPHV
+DXV XQG YRQ :RKQXQJ ]X :RKQXQJ XP GXUFK GLH %HIUD DXV
JXQJ GHU HLQ]HOQHQ )DPLOLHQ $QWZRUWHQ DXI PHLQH ODQJHQ
)UDJHOLVWHQ ]X HUKDOWHQ -H QDFKGHP ZHOFKHU 9RONVJUXSSH 'LH9RONV]lKOXQJXQWHUGHQ8NUDLQHUQ
GLHEHIUDJWH)DPLOLHDQJHK|UWHYHUOLHIHQGHUDUWLJH%HIUDJXQ :HQQPDQGDV+DXVYRQ8NUDLQHUQEHWUDWVREHPHUNWHPDQ
JHQJDQ]YHUVFKLHGHQ GLHV DQ GHP 6FKPXFN LQ LKUHQ +lXVHUQ DQ ,NRQHQ RGHU DQ


  9II*ÂÂ-DKUJDQJÂ+HIW
 

LKUHP |VWOLFKHQ $N]HQW ,FK ZX‰WH VRIRUW GD‰ VLH PLFK DOV OHJHQKHLWHQ ZXUGHQ GDPDOV ZHGHU LQ GHU 6FKXOH QRFK LP
LKUHQ )HLQG DQVHKHQ ZUGHQ ,FK PDFKWH ,KQHQ XPJHKHQG 5DGLRRGHULQGHQ=HLWXQJHQ EHKDQGHOWGDPDOV JDEHVQRFK
K|IOLFK NODU GD‰ LFK DOV $QWZRUWHQ HLQWUDJHQ ZUGH ZDV
LPPHU VLH ZROOWHQ GD‰ LFK QXU PHLQHQ -RE HUOHGLJHQ ZUGH
XQG GD‰ LFK LKQHQ QLFKW VFKDGHQ ZROOWH 'HPJHPl‰ WUXJHQ
VLFKYLHOHDOVHWKQLVFKH3ROHQHLQXQGHVZDURIIHQVLFKWOLFK
GD‰HLQLJHYRQLKQHQHLQIDOVFKHV$OWHUDQJDEHQXP9HUIRO
JXQJVPD‰QDKPHQ ]X YHUPHLGHQ 'DPDOV ZXUGHQ GLH 8NUDL
QHUYRQGHQ3ROHQDOV.ODVVHQIHLQGHXQGERXUJHRLVH)DVFKL
VWHQ DQJHVHKHQ ,FK VFKlW]H GD‰ VLFK QXU HWZD  DOOHU
8NUDLQHU DOV VROFKH UHJLVWULHUHQ OLH‰HQ ZRKLQJHJHQ  DOV
3ROHQJH]lKOWZXUGHQ
'LH9RONV]lKOXQJXQWHUGHQ-XGHQ
$XFKZHQQLFKGLH:RKQXQJRGHUGLH9LOODHLQHV-XGHQEH
WUDW ZXUGHLFKYRQGHQ%HZRKQHUQDOVHLQ.ODVVHQIHLQGEH
WUDFKWHW%DUMHGHU+|IOLFKNHLWZXUGHLFKLQGLH.FKHJHOHL
WHW6LHVWDQGHQKLQWHUPLUXQGVDKHQPLUEHLP6FKUHLEHQ]X
6LH NRUULJLHUWHQ PHLQH (LQWUlJH ZHQQ LFK QDFKOlVVLJ ZDU
RGHU ZHQQ VLH JHUDGH LKUH 0HLQXQJ JHlQGHUW KDWWHQ 9LHOH
IRUGHUWHQPLFKDXILKQHQGLH)UDJHE|JHQLKUHU0LWPHQVFKHQ
]X]HLJHQ:lKUHQGGHU(LQZHLVXQJZDUXQVYHUERWHQZRU
NHLQ )HUQVHKHQ LQ 3ROHQ 2IIL]LHOO JDE HV NHLQH -XGHQ LQ
3ROHQ DEHU XQVHUH (OWHUQ OHKUWHQ XQV ZLH ZLU VLH HUNHQQHQ
NRQQWHQXQGZLHZLUHVYHUPLHGHQVLH]XUHL]HQGDZLUVRQVW
ÄEHLGHU(LVElUHQMDJGLQ6LELULHQ´HQGHQZUGHQ
'LH9RONV]lKOXQJYRUGHP=ZHLWHQ:HOWNULHJ
,FK ZXUGH ZlKUHQG GHV =ZHLWHQ :HOWNULHJHV JHERUHQ 0LU
ZXUGHDOOHUGLQJVEHULFKWHWGD‰VRZRKOGLHPHLVWHQ8NUDLQHU
:HL‰UXVVHQ DOV DXFK /LWDXHU XQG EHVRQGHUV GLH -XGHQ LKUH
HWKQLVFKH +HUNXQIW ]X YHUVFKZHLJHQ WUDFKWHWHQ XP 9HUIRO
JXQJVPD‰QDKPHQYRU]XEHXJHQ9LHOH-XGHQKlWWHQVLFKVWDWW
GHVVHQDOVSROQLVFKH.DWKROLNHQDXVJHJHEHQDXFKXPEHVVH
UH &KDQFHQ EHL GHU %HUXIVZDKO XQG LQ EH]XJ DXI LKUH %H
VWHXHUXQJ]XHUODQJHQ
=XVDPPHQIDVVHQG VROOWH EHZX‰W ZHUGHQ GD‰ 9RONV]lKOXQ
JHQEHVRQGHUVLQ2VWHXURSDLPPHUGXUFKHWKQLVFKH.RQIOLNWH
YHU]HUUWZXUGHQ'DKHULVWHV]LHPOLFKQXW]ORVGLHEHLGHUDU
WLJHQ(UKHEXQJHQJHZRQQHQHQ'DWHQ]XDQDO\VLHUHQ
$XVGHQJOHLFKHQ*UQGHQVROOWHPDQDXFKGLHYRQGHQ1D
WLRQDOVR]LDOLVWHQHUVWHOOHQ'HPRJUDSKLHQEHUGLH-XGHQQLFKW
GHQ'ULWWHQGLHDXVJHIOOWHQ)UDJHE|JHQDQGHUHU]X]HLJHQ IUVWLPPLJKDOWHQ
2KQHPXUUHQKDEHLFKLKQHQJH]HLJWZDVLPPHUVLHZQVFK
WHQ6HOEVWYHUVWlQGOLFKWUXJHQVLHVLFKDOOHDOV3ROHQHLQ 6FKOX‰IROJHUXQJ
:RKHULFKZX‰WHGD‰VLH-XGHQLPÄ3ROHQRKQH-XGHQ´
ZDUHQ"
'LH RELJHQ $QJDEHQ EHUXKHQ OHW]WOLFK QXU DXI ZHQQJOHLFK
EHJUQGHWHQ 6FKlW]XQJHQ ]XPDO IDVW DOOH GLH LFK IU -XGHQ
KLHOWSROQLVFKH9RUXQG1DFKQDPHQEHVD‰HQREZRKOHLQLJH
9RUQDPHQ EHVD‰HQ ZLH PDQ VLH EHL -XGHQ KlXILJHU ILQGHW
9LHOHYRQLKQHQ
± ZDUHQ:DUVFKDXJHERUHQ
± KDWWHQDXIJUXQGHLQHVODQJMlKULJHQ$XIHQWKDOWVLQ5X‰ODQG
HLQHQUXVVLVFKHQ$N]HQW
± DUEHLWHWHQIUGLH5HJLHUXQJ
'LH 3ROLVK +LVWRULFDO 6RFLHW\ 3+6 YHUZHQGHW IU LKUH 8Q
WHUVXFKXQJHQ JUXQGVlW]OLFK QXU EHY|ONHUXQJVVWDWLVWLVFKH
'DWHQDXVMGLVFKHU4XHOOHDXFKZHQQGLHVHDXIDQGHUH:HL
VHYHU]HUUWVLQG
9RUODQJHU=HLWVFKRQHQWVFKLHGVLFK3+6VLFKQXUQRFKDXI
YRQ MGLVFKHQ 9HUHLQLJXQJHQ HUVWHOOWH %HY|ONHUXQJVVWDWLVWL
NHQ]XEHUXIHQXQGVLHPLWLKUHQHLJHQHQ:DIIHQ]XVFKODJHQ
:LU ZLVVHQ QLFKW ZLH YLHOH -XGHQ  LQ GLH 6RZMHWXQLRQ
IORKHQ XQG ZLU YHUVXFKHQ DXFK QLFKW GLHV KHUDXV]XILQGHQ
8QVHUHU 0HLQXQJ QDFK LVW GLHV XQP|JOLFK :DV ZLU DEHU
PDFKHQ N|QQHQ LVW %HKDXSWXQJHQ KHUDQ]X]LHKHQ GLH 
YRQ MGLVFKHQ 2UJDQLVDWLRQHQ EHL HLQHU $QK|UXQJ YRU GHP
± EHVD‰HQYHUJROGHWH=DKQNURQHQHLQHUXVVLVFKH0RGH
± EHVD‰HQHLQHDQPD‰HQGH9HUKDOWHQVZHLVH
± ZRKQWHQLQWHXUHQ:RKQXQJHQ
± EHVD‰HQ NHLQH NDWKROLVFKHQ 6\PEROH ZDV LP HU]FKULVWOL
FKHQ3ROHQVHKUXQJHZ|KQOLFKZDU
(V ZDU GDPDOV LQ 3ROHQ LOOHJDO DQWLVHPLWLVFKH *HIKOH ]X
lX‰HUQXQGPDQNRQQWHQLHPDOVVLFKHUVHLQZDVHLQHPDOOHV
DOV$QWLVHPLWLVPXVDXVJHOHJWZHUGHQNRQQWH±HLQH6LWXDWLRQ
GLH PLW GHP KHXWLJHQ 'HXWVFKODQG LQNOXVLYH gVWHUUHLFK YHU
JOHLFKEDU LVW :LFKWLJHU DEHU LVW GD‰ GLH PHLVWHQ YRQ LKQHQ
86.RQJUHVV JHPDFKW ZXUGHQ :lKUHQG GLHVHU $QK|UXQJ
ZXUGHEHKDXSWHWGD‰GLH6RZMHWVHWZD0LOOLRQ-XGHQ GLH
DXV:HVWSROHQLQGLHYRQGHQ6RZMHWVEHVHW]WHQ7HLOH2VWSR
OHQV JHIORKHQ ZDUHQ QDFK 6LELULHQ GHSRUWLHUW KDWWHQ 9RQ
GLHVHQVHLHQHWZDDXIJUXQGhEHUDUEHLWXQJXQGDOOHU
OHL(QWEHKUXQJHQLQVLELULVFKHQ/DJHUQJHVWRUEHQ7UHDWPHQW
RI WKH -HZV E\ WKH 6RYLHWV WK ,QWHULP 5HSRUW RI +HDULQJV
EHIRUH WKH 6HOHFW &RPPLWWHH RQ &RPPXQLVW $JJUHVVLRQ
+RXVH RI 5HSUHVHQWDWLYHV UG &RQJUHVV 1HZ <RUN
 YJO :1 6DQQLQJ 'LH $XIO|VXQJ GHV RVWHX
DOV SRWHQWLHOOH $JHQWHQ GHU SROQLVFKHQ *HVWDSR DQJHVHKHQ
ZXUGHQ YRQ GHQHQ PDQ EHIUFKWHWH GD‰ VLH HLQHQ EHLP
NOHLQVWHQ 0XFNVHU LQKDIWLHUHQ ZUGHQ 6SlWHVWHQV VHLW -RKQ
6DFNV %XFK $XJH XP $XJH GUIWH NODU VHLQ GD‰ WDWVlFKOLFK
YLHOH-XGHQLP1DFKNULHJVSROHQLP*HKHLPGLHQVWLKU8QZH
VHQ WULHEHQ 1% $XFK GHU GHXWVFKH /LWHUDWXUSDSVW 0DUFHO
URSlLVFKHQ-XGHQWXPV*UDEHUW7ELQJHQ6II(V
KDQGHOWH VLFK GDEHL XP SROQLVFKH VR]LDOLVWLVFKH -XGHQ =ZHL
LKUHU)KUHU9LFWRU$GOHUXQG+HQU\N(KUOLFKZXUGHQ
GXUFKLKUH*ODXEHQVJHQRVVHQEHLP1.:'HUVFKRVVHQ ZHLO
VLH VLFK ZHLJHUWHQ HLQHU SROQLVFKNRPPXQLVWLVFKHQ 0DULR
QHWWHQUHJLHUXQJ]X]XVWLPPHQ
5HLFK5DQLW]NLJHK|UWHGD]X
$OV.LQGHUKDWWHQZLULPPHU$QJVWDPJUR‰HQ*HElXGHGHV
*HKHLPGLHQVWHV LQ GHU 6LHQNLHZLF]D 6WUD‰H YRUEHL]XJHKHQ
:LUXPJLQJHQVWDWWGHVVHQGHQJDQ]HQ%ORFN-GLVFKH$QJH

1DWUOLFK ZLUG GLHVHU Ä0LQL´+RORFDXVW KHXWH WRWJHVFKZLH
JHQXQGYRQGHU3URSDJDQGDIUGHQÄ0D[L´+RORFDXVWEHHU
GLJW 0DQ VROOWH DEHU YRQ GLHVHU =DKO GHV Ä0LQL´+RORFDXVW
DXVJHKHQXQGYRQGRUWDXVH[WUDSROLHUHQ

9II*ÂÂ-DKUJDQJÂ+HIW  
 5HYLVLRQLVWLVFKHVDXVXQHUZDUWHWHU(FNH
.|QQHQVLFKGLH5HYLVLRQLVWHQEDOGDXIGLHIDXOH+DXWOHJHQ"
/HV7HPSV,UUHSDUDEOH

'LH5HYLVLRQLVWHQN|QQHQVLFKZRP|JOLFKEDOGDPVRQQLJHQ )DXULVVRQDXVGHP-DKUHKDW3URI3LHUUH9LGDO1DTXHW
6WUDQG DXI GLH IDXOH +DXW OHJHQ GHQQ LKUH EOR‰H ([LVWHQ] LQGHQ)X‰QRWHQYLHOH+LQZHLVHJHJHEHQZRPLWHU]XYHUVWH
YHUOHLWHWLKUHHUNOlUWHQ)HLQGHGD]XVHOEVWLQ$NWLRQ]XWUHWHQ KHQ JDE GD‰ 7HLO GHU .=/LWHUDWXU WDWVlFKOLFK 8QUDW VHL
XQGGLHDXIIlOOLJVWHQ8QZDKUKHLWHQEHUGLHbUDGHV=ZHLWHQ 'LHVKDWDQGHUHHUPXWLJWGLHVLFKQXQODQJVDPDXVGHP8Q
:HOWNULHJHVULFKWLJ]XVWHOOHQ WHUKRO] KHUYRUZDJHQ 'HU IROJHQGH $XV]XJ HLQHV DXVWUDOL
'LH KLHU ZLHGHUJHJHEHQH *HVFKLFKWH LVW UHFKW EDQDO (LQ VFKHQ $UWLNHOV ]HLJW GD‰ GHU .DPSI ]ZLVFKHQ GHQ )HLQGHQ
0DQQ GHU ZlKUHQG GHU GHXWVFKHQ %HVHW]XQJ (XURSDV LP GHV 5HYLVLRQLVPXV EHUHLWV EHJRQQHQ KDW 'LHV LVW HLQH :LH
=ZHLWHQ :HOWNULHJ LQ *HIDQJHQVFKDIW VD‰ ]RJ VLFK HLQH GHUKROXQJ GHV *ROGKDJHQ6\QGURPV 'LH )RUVFKHU GLH VLFK
ZRKOEHNDQQWH.UDQNKHLW]XQlPOLFKGHQ+XQJHUQDFK5XKP DOV:lFKWHUGHVKHLOLJHQ7HPSHOVDXVJHEHQXQGGHQXOWLPDWL
XQG*HOG(UVSHNXOLHUWHGDUDXIGD‰HVLQXQVHUHU:HOWNHLQ YHQ6FKXW]ZDOOELOGHQGHUGLH*DVNDPPHUQYRUDOO]XQHXJLH
EHVVHUHV *HVFKlIW JlEH DOV GDV PLW GHU (ULQQHUXQJ (V JLEW ULJHQ)UDJHQ VFKW]HQ VROOEHILQGHQ VLFKLP.DPSI PLW XQ
HLQHQJUR‰HQ%HGDUIDQ(ULQQHUXQJGHU0DUNWLVWULHVLJ8P JHELOGHWHQ9HUOHJHUQLJQRUDQWHQ-RXUQDOLVWHQXQGJHULVVHQHQ
GLH9HUNDXIV]DKOHQDQ]XNXUEHOQEHGDUIHVEHNDQQWOLFKHLQHV =HQWUDOUDWVIKUHUQ GLH VLFK HLQHQ IHXFKWHQ .HKULFKW XP GLH
*HPLVFKHVDXV6H[*HZDOWXQG%OXW JHVFKLFKWOLFKH :DKUKHLW NPPHUQ GLH |IIHQWOLFKH 0HLQXQJ
0DQQHKPHQXQHLQHQJHZ|KQOLFKHQ$XVWUDOLVFKHQ.ULHJVJH WHUURULVLHUHQ XQG VLFK MHGHU PRUDOLVFKHQ .ULWLN HQW]LHKHQ
IDQJHQHQJHQDQQWÄ'LJJHU´GHULPDXVWUDOLVFKHQ+LQWHUODQG
HLQ PLVHUDEHOJHKHQGHV.DIIHHJHVFKlIWKDW1DFKGHPHU
DXI GHQ *HVFKPDFN JHNRPPHQ LVW ZLUG HU
XQHUVlWWOLFK (U VFKUHLEW VHLQH 0HPRLUHQ
6RZHLWVRJXWDEHUHUEUDXFKWPHKU6WRIIXQG
ZROOHQ XP XQJHKHPPW LKUH SROLWLVFKHQ =LHOH ]X
YHUIROJHQ
:HLWHUH .RPPHQWDUH EHILQGHQ VLFK KHUYRUJH
KREHQLQ.ODPPHUQLP7H[W
1XQ ZLUG HV =HLW VLFK DP 6WUDQG DXI GLH IDXOH
JUHLIWGDKHUDXIRELJHV5H]HSW]XUFN(UIJWXQVLQQLJHUZHL +DXW]XOHJHQ 
VHKLQ]XHUKDEHDQGHQ.UHPDWRULXPV|IHQLQ$XVFKZLW]XQG 
%HUJHQ%HOVHQ JHDUEHLWHW GHQ EHUKPWHVWHQ XQWHU GHQ EH 
UKPWHQ'DPLWKDWWHHUGHQ0HJD7RG)DNWRUGHUGLHJDQ]H 7KH:HHNHQG5HYLHZ7KH:HHNHQG$XVWUDOLDQ0lU]
6DFKHVH[\PDFKWH 
(LQ DQGHUHU DXVWUDOLVFKHU 6FKULIWVWHOOHU 7KRPDV .HQHDOO\
EHQXW]WH EHNDQQWOLFK IU VHLQHQ 5RPDQ EHU 6FKLQGOHU GDV (LQ$XVWUDOLHULQ$XVFKZLW]
JOHLFKH5H]HSW-HGHUGHUHLQZHQLJ$KQXQJYRPEHKDQGHO 'HU VFKODSSKWLJH 'RQDOG :DWW ]RJ PLW *HZHKU %DMRQHWW
WHQ7KHPDKDWPHUNWQDWUOLFKGLHVHQ6FKZLQGHO(VKDQGHOW XQG*UDQDWHLQGHQ .ULHJ $EHUHVLVWHLQ 5lWVHODOV ZDV HU
VLFKGDEHLXPHLQHEOLFKH$UWGHV6FKZLQGHOV'LHVHDUPHQ ]XUFNNHKUWH 'LHVHV 5lWVHO HQWVWDQG GXUFK :DWWV $QVWUHQ
%XUVFKHQVLQGQLFKWHWZDQRWRULVFKH/JQHUVLHSDVVHQVLFK JXQJHQQDFKHLQHPKDOEHQ-DKUKXQGHUWDXVVHLQHP*HGlFKW
YLHOPHKU GHQ $QIRUGHUXQJHQ GHV 0DUNWHV DQ +HUDXVJHEHU QLV GLH *HVFKLFKWH KHUYRU]XNUDPHQ ZLH LKQ GLH 'HXWVFKHQ
9HUODJH*KRVWZULWHU%HUDWHUXQG/HNWRUHQZLVVHQZLHPDQ ZHJHQVHLQHUPHKUIDFKHQ)OXFKWDXV.ULHJVJHIDQJHQHQODJHUQ
HLQ0DQXVNULSWÄYHUEHVVHUW´ EHVWUDIWHQ
6LH DOOH NHQQHQ GLH YHUIJEDUH /LWHUDWXU GLH PLU +RUURUJH :DWWEHKDXSWHWVLHKlWWHQLKQGDIULQHLQ6RQGHUNRPPDQGR
VFKLFKWHQ%OXW(OHQG+XQJHUXQGhEHUWUHLEXQJHQDQJHIOOW JHVWHFNW XPDQGHQgIHQYRQ%LUNHQDX]XDUEHLWHQGHUEH
LVW 'LH *ODXEKDIWLJNHLW HLQHU ÄQHXHQ´ ELRJUDSKLVFKHQ (U UFKWLJWVWHQ 0RUGPDVFKLQHULH GHU *HVFKLFKWH >«@ 6HLQH
]lKOXQJ KlQJW YRQ LKUHP *HKDOW DQ VROFKHQ %HLJDEHQ DE HUVFKLHQHQH$XWRELRJUDSKLH6WRNHUZXUGHHLQ%HVWVHOOHU
0DQ N|QQWH +XQGHUWH XQG $EHUKXQGHUWH GHUDUWLJHU Ä'RNX XQGPDFKWHDXV:DWWHLQH+HOGHQILJXU(UZXUGHEHL9HWHUD
PHQWH XQG ÄDXWKHQWLVFKHU´ 5RPDQH ]LWLHUHQ 3DXO 5DVVLQLHU QHQWUHIIHQ XQG *HGHQNYHUDQVWDOWXQJHQ JHIHLHUW HLQVFKOLH‰
GHUVHOEVWLQGHXWVFKHQ/DJHUQHLQJHVHVVHQKDWWHZDUPLWGHU OLFKGHU6LHJHVIHLHULQGHU2SHUYRQ6\GQH\
HUVWHGHUGLHVH$UWKDOEILNWLYHU(U]lKOXQJHQEHUGDV/HEHQ :RP|JOLFK JLEW HV GDUEHU DXFK EDOG HLQHQ )LOP 7ULVWUDP
LQGHQ/DJHUQXQWHUVXFKWHXQGNULWLVLHUWH'HUPRGHUQH+R 0LDOO)LOPV3W\/WGHLQH)LOPJHVHOOVFKDIWDXV6\GQH\EHUHL
ORFDXVW5HYLVLRQLVPXV KDW LQ GLHVHQ WLHIJHKHQGHQ REMHNWLYHQ WHW ]XU =HLW HLQHQ )LOP DXI GHU *UXQGODJH YRQ :DWWV *H
XQG NULWLVFKHQ 8QWHUVXFKXQJHQ YRQ =HXJHQEHULFKWHQ XQG VFKLFKWH YRU %DUULH .RVN\ HLQHU GHU EHNDQQWHVWHQ DXVWUDOL
(ULQQHUXQJHQ VHLQH WLHIVWHQ :XU]HOQ 8QG HV JDE HLQH JH VFKHQ7KHDWHUXQG2SHUQGLUHNWRUHQZXUGHDOV0LWDXWRUGHV
ZDOWWlWLJH XQG OlUPHQGH .RDOLWLRQ YHUVFKLHGHQHU ,QWHUHVVHQ 'UHKEXFKHVJHZRQQHQ
JUXSSHQGLHDQGHP$XVEDXXQGGHU(UKDOWXQJHLQHUP\VWL $EHUDOV:DWWV *HVFKLFKWH QDFKGUHL $XIODJHQLQ $XVWUDOLHQ
VFKHQ$QQlKHUXQJDQGDV7KHPDLQWHUHVVLHUWVLQGXQGGLHGHQ GXUFKLKUH3XEOLNDWLRQLQ*UR‰EULWDQQLHQXQGHLQHU]HLWJOHLFK
5HYLVLRQLVPXVPDVVLYDQJUHLIHQXQG]XGLVNUHGLWLHUHQYHUVX JHSODQWHQ9HU|IIHQWOLFKXQJLQ'HXWVFKODQGZHOWZHLWEHNDQQW
FKHQ ZXUGHZXUGHGLH=XYHUOlVVLJNHLWVHLQHU(ULQQHUXQJHQLQVEH
$XFKZHQQGLHVH.RDOLWLRQLPPHUQRFKDNWLYLVWVRZXUGHQ VRQGHUH GLH $XVFKZLW] EHWUHIIHQGHQ 3DVVDJHQ YRQ +ROR
GRFK LQ]ZLVFKHQ LPPHU PHKU LKUHU 9HUWUHWHU GXUFK GLH )RU FDXVW)RUVFKHUQDXV,VUDHO'HXWVFKODQG3ROHQXQG$XVWUDOL
VFKXQJHQGHU5HYLVLRQLVWHQEODPLHUW1XQDXIHLQPDOZROOHQ HQDQJH]ZHLIHOW
VLH DQVFKHLQHQG GLH JU|EVWHQ 'XPPKHLWHQ VHOEVW HQWIHUQHQ 'HU MlKULJH JHVXQGKHLWOLFK DQJHVFKODJHQH :DWW ZXUGH
GLHQDFKLKUHP*HIKOGHQ5HYLVLRQLVWHQLQGLH+lQGHVSLH GDKHU ]XP =HQWUXP HLQHU ZHOWZHLWHQ .RQWURYHUVH EHL GHU
OHQ %HUHLWV LQ VHLQHU DXVIDOOHQGHQ $WWDFNH JHJHQ 3URIHVVRU VRZRKO GLH .ULWLNHU DOV DXFK GLH 9HUWHLGLJHU :DWWV JOHLFK

  9II*ÂÂ-DKUJDQJÂ+HIW

YHKHPHQW GDUEHU VWUHLWHQ RE :DWW QXQ LQ $XVFKZLW] LQWHU
QLHUWZDURGHUQLFKW
ª,FK NHQQH 'RQDOG QXQ VHLW EHU ]ZHL -DKUHQ XQG HU LVW HLQ
SUlFKWLJHU0DQQ©VDJWVHLQH$JHQWLQ0DUQLH%DWHVª(UKDW
NHLQHQ*UXQGLUJHQGHWZDV]XHUILQGHQ©>(VVHLGHQQ5XKP
(KUH XQG 7DQWLHPHQ LQ 0LOOLRQHQK|KH 'HU 9HUI@ $EHU GLH
=ZHLIOHU VLQG DQJHVHKHQH +RORFDXVW)RUVFKHU ,KUH .ULWLNHQ
DQ GHU *HVFKLFKWH GHV 6ROGDWHQ N|QQHQ QLFKW HLQIDFK EHU
JDQJHQZHUGHQ
:DWWV%HVFKUHLEXQJHQVROOHQLQZLFKWLJHQ'HWDLOVIDOVFKVHLQ
DQJHIDQJHQEHLP$XIEDXGHV/DJHUVELV]XP%UHQQVWRIIGHU
]XU 9HUEUHQQXQJ YRQ 0LOOLRQHQ 0HQVFKHQ LQ GLH gIHQ JH
VFKDXIHOWZXUGH>@$XFKVHLQ%HULFKWEHUGLH$UWZLHHULQ
$XVFKZLW] DQNDP PDFKWH GLH )RUVFKHU VNHSWLVFK GD GLHV
QLFKW GDPLW EHUHLQVWLPPWH ZLH GLH 1D]LV 0HQVFKHQ LQ GLH
/DJHUWUDQVSRUWLHUWHQ
*LGHRQ*UHLIYRQGHU%LOGXQJVDEWHLOXQJYRQ<DG9DVKHPLQ
-HUXVDOHP GHP ZLFKWLJVWHQ +RORFDXVW0XVHXP XQG
)RUVFKXQJV]HQWUXPGHU:HOWPHLQW
ª1DFKGHPLFKGLH]ZHL.DSLWHO>YRQ:DWWEHU$XVFKZLW]@
JUQGOLFK JHOHVHQ KDWWH NRQQWH LFK PLW 6LFKHUKHLW VDJHQ
GD‰ GHU $XWRU QLHPDOV 0LWJOLHG GHV 6RQGHUNRPPDQGRV LQ
$XVFKZLW]%LUNHQDX ZDU (V LVW VRJDU ]ZHLIHOKDIW RE HU
EHUKDXSWMHPDOVGRUWHLQVD‰©
'HU 'LUHNWRU GHU 'RNXPHQWDWLRQVDEWHLOXQJ GHV )ULW]%DXHU
,QVWLWXWLQ)UDQNIXUW:HUQHU5HQ]VWLPPWPLW*UHLIEHUHLQ
ª'LH YLHOHQ )HKOHU LP .DSLWHO VHFKV XQG VLHEHQ ]HLJHQ GD‰
:DWW QLFKW LP 6RQGHUNRPPDQGR JHZHVHQ VHLQ NDQQ© VDJW
5HQ]
*UHLIGHUYRQYLHOHQVHLQHU.ROOHJHQDOV([SHUWHEH]JOLFKGHU
*HVFKLFKWH GHV 6RQGHUNRPPDQGRV YRQ $XVFKZLW]%LUNHQDX
DQJHVHKHQZLUGLVWGHU$XWRUGHV%XFKHV:LUZHLQWHQWUlQHQ
ORV>@ LQ GHP VHLQH DXVJLHELJHQ ,QWHUYLHZV PLW hEHUOHEHQGHQ
GHV6RQGHUNRPPDQGRVZLHGHUJHJHEHQZHUGHQ(UQLPPWVLFK
:DWWV*HVFKLFKWH6DW]IU6DW]YRU$XV]JH
ª'LH 'DUVWHOOXQJ GD‰ GLH WlJOLFK DQNRPPHQGHQ -XGHQ
=LJHXQHU.RPPXQLVWHQXVZLPPHUGLUHNWLQGLH*DVNDP
PHUQ JHVDQGW ZXUGHQ LVW VFKOLFKW IDOVFK 'LH 1LFKWMXGHQ
ZXUGHQ QLFKW DOV JDQ]H *UXSSH LQ GLH *DVNDPPHUQ JH
VFKLFNW HV JDE 6HOHNWLRQHQ VRZRKO XQWHU GHQ -XGHQ DOV
DXFKXQWHUGHQ1LFKWMXGHQ>«@(VLVWIDOVFKGD‰GLH=JH
WlJOLFKDQNDPHQ>«@
(U VFKUHLEW GD‰ HU QLFKW YLHO EHU GLH .UHPDWRULHQ HLQV
XQGYLHUVDJHQNDQQZHLOHUGRUWQLHJHDUEHLWHWKDEH'LH
0LWJOLHGHUGHU6RQGHUNRPPDQGRVNDQQWHQDEHUDXVQDKPV
ORVMHGHV'HWDLOGLHVHU*HElXGHVHKUJHQDX>«@
1DFKVHLQHU(U]lKOXQJZDUHQGLH.DSRVGLHWDWVlFKOLFKHQ
+HUUHQLP/DJHU'DVZDUWDWVlFKOLFKDEHUQLFKWGHU)DOO
GDGLHVHVHOEVW*HIDQJHQHZDUHQ'LHVLVWHLQHGHUDEVXU
GHVWHQ'DUVWHOOXQJHQLQGHP%XFK>«@>@
'HU $XWRU VFKUHLEW GD‰ GLH =DKO GHU 0LWJOLHGHU GHV 6RQ
GHUNRPPDQGRV LP 6RPPHU  YRQ IDVW  DXI HWZD
VDQN(UJLEWGDIUNHLQHQ*UXQGDQ'HU*UXQGGDIU
ZDUGLHIUGHQ$XIVWDQGGHV6RQGHUNRPPDQGRVYHUKlQJ
WHQ6WUDIPD‰QDKPHQGLHHUEHUUDVFKHQGHUZHLVHQLFKWHU
ZlKQW,P/DXIHGLHVHU6WUDIPD‰QDKPHQZXUGHQ+XQGHUWH
GHU 6RQGHUNRPPDQGR0LWJOLHGHU JHW|WHW 'HU $XWRU
VFKHLQW GDV QLFKW ]X ZLVVHQ >«@ (U VFKUHLEW HU KDEHGHQ
$XIVWDQGDOV=HXJHPLWHUOHEW$EHUVHLQH%HVFKUHLEXQJGHV
$XIVWDQGHVLVWYROOHU)HKOHU>«@
0LWVHLQHU'DUVWHOOXQJGHV)UKVWFNVEHZHLVW:DWWGD‰HU
QRFK QLFKW HLQPDO ZHL‰ ZDV GLH 6WUlIOLQJH GHV 6RQGHU
9II*ÂÂ-DKUJDQJÂ+HIW  

NRPPDQGRV ]X (VVHQ EHNDPHQ >«@ (U EHVFKUHLEW VHLQH
$UEHLW DOV +HL]HU DQ GHQ gIHQ HUNOlUW DEHU GD‰ HU QLFKW
ZX‰WH ZDV GD YHUEUDQQW ZRUGHQ VHL 1DFK VHLQHU %H
VFKUHLEXQJ ZUGH PDQ DQQHKPHQ GD‰ DOOH *DVNDPPHUQ
XQG.UHPDWRULHQXQWHULUGLVFKODJHQ$EHUQXU]ZHLKDWWHQ
.HOOHUUlXPH>«@(UVFKUHLEWGD‰HUYRQ.ROOHJHQJHK|UW
KDEH GD‰ IUKHU .RKOHQPRQR[LG DQ 6WHOOH YRQ =\NORQ %
]XU 7|WXQJ GHU 2SIHUQ YHUZDQGW ZRUGHQ VHL .RKOHQPRQ
R[LG ZXUGH LQ $XVFKZLW] QLH YHUZHQGHW >«@ (V LVW QLFKW
ZDKUGD‰GLH.UHPDWRULHQYRQ$XVFKZLW]%LUNHQDXXPGLH
8KUDUEHLWHWHQ>«@(UVFKUHLEWGD‰GLH/HLFKHQYRQGHQ
*DVNDPPHUQ]XGHQ.UHPDWRULHQPLW/DVWZDJHQJHEUDFKW
ZXUGHQ $EVROXW IDOVFK>@ :HU LPPHU VR HWZDV VFKUHLEW
ZDUQLHPDOV0LWJOLHGHLQHU6RQGHUNRPPDQGR(LQKHLW©
:DWWV *HVFKLFKWH ZXUGH YRQ HLQHP .RQ]HQWUDWLRQVODJHUNR
PLWHH VR JUQGOLFK ZLH P|JOLFK EHUSUIW 'HU 9RUVLW]HQGH
.RQWHUDGPLUDO1HLO5DOSKEOLHEGDQDFK]XYHUVLFKWOLFKEH]J
OLFKGHU:DKUKDIWLJNHLWYRQ:DWWV(U]lKOXQJª(ULQQHUXQJHQ
lQGHUQVLFK$EHULFKKDEHNHLQHQ=ZHLIHOGD‰GDVZDV:DWW
EHKDXSWHW ZLUNOLFK JHVFKHKHQ LVW© VDJW 5DOSK 5DOSK ZDU
HLQHU GHU 3HUVRQHQ GLH :DWWLP $XIWUDJ GHV .RPLWHHV GD]X
HUPXQWHUWHQVHLQH(UOHEQLVVHDOVHLQH$UW7KHUDSLHQLHGHU]X
VFKUHLEHQ
(LQH ZHLWHUH 3HUVRQ ZDU 6X]DQQH %ODNH GLH IUKHU LQ GHU
$EWHLOXQJ IU gIIHQWOLFKNHLWVDUEHLW GHV -GLVFKHQ 0XVHXPV
LQ 6\GQH\ DUEHLWHWH ZR :DWWV %XFK  HUVFKLHQ ª3UR
.RSI KDW $XVWUDOLHQ QDFK ,VUDHO GLHJU|‰WH $Q]DKO DQ +ROR
FDXVWhEHUOHEHQGHQ© VDJW %ODNH ª,FK VDJWH NRPP WUHII¶
GLFKPLWLKQHQXQGEHVXFKHGDV0XVHXP©(LQLJHGHUhEHU
OHEHQGHQ PLW GHQHQ VLFK :DWW WUDI HLQVFKOLH‰OLFK /RWWH
:HLVVGLHGUHL-DKUHLP)UDXHQODJHULQ$XVFKZLW]YHUEUDFK
WHJDEHQJHJHQEHU7KH:HHNHQG5HYLHZDQVLHKlWWHQNHL
QHQ*UXQGVHLQH*HVFKLFKWHDQ]X]ZHLIHOQª:DVHULP%XFK
VFKUHLEWVWLPPWH[DNWPLWGHPEHUHLQZDVHUPLUHU]lKOWH©
VDJW:HLVV>@
'DV5DOSK.RPLWHHZXUGHYRQGHUDXVWUDOLVFKHQ5HJLH
UXQJ EHDXIWUDJW VSlW DXIJHWDXFKWH %HKDXSWXQJHQ DXVWUDOL
VFKHU.ULHJVYHWHUDQHQ]XXQWHUVXFKHQGLHDQJDEHQVLHVHLHQ
DOV .ULHJVJHIDQJHQH LQ $UEHLWVODJHUQ QLFKWPLOLWlULVFKHQ
*HIlQJQLVVHQXQG.RQ]HQWUDWLRQVODJHUQIHVWJHKDOWHQZRUGHQ
,Q:DWWV)DOOHPSIDKOGLH.RPPLVVLRQGLHK|FKVWHP|JOLFKH
:LHGHUJXWPDFKXQJXQGVFKULHEGHUGDPDOLJH0LQLVWHU
IU9HWHUDQHQDQJHOHJHQKHLWHQ%HQ+XPSKUH\V
ª,FKELQHUIUHXWGD‰,KQHQDOV:LHGHUJXWPDFKXQJ
IUGLHLQGHQ1D]L .RQ]HQWUDWLRQVODJHUQHUOHEWHQ6FKUHN
NHQEHZLOOLJWZRUGHQVLQG©
'DVY|OOLJ)HKOHQYRQ'RNXPHQWHQEHU:DWWV9HUEOHLEVHLW
0LWWHDOVHUDXVGHP.ULHJVJHIDQJHQHQODJHU6WDODJ
& LQ %D\HUQ HQWNDP ELV LQV )UKMDKU  DOV HU ]X HLQHU
YRUUFNHQGHQ EULWLVFKHQ (LQKHLW EHL +DQQRYHU .RQWDNW DXI
QDKPNPPHUWHGDV.RPLWHHQLFKWVRQGHUOLFK
ª%HGHQNHQ 6LH GLH =HLWHQ XQG GLH %XFKIKUXQJ© VDJW
5DOSK ª:DWW ZDU HLQ IOFKWLJHU *HIDQJHQHU ,Q HLQLJHQ
)lOOHQ JDE HV $NWHQ EHU GLH $EZHVHQKHLW YRQ HLQHP /D
JHU DEHU PHLVWHQV JDE HV NHLQH $NWHQ EHU GHQ 9HUEOHLE
YRQ +lIWOLQJHQ RGHU YRQ LKUHU hEHUVWHOOXQJ LQVEHVRQGHUH
LQ.RQ]HQWUDWLRQVODJHU'LH'HXWVFKHQZDUHQQLFKWVFKDUI
GDUDXI]X]XJHEHQGD‰.ULHJVJHIDQJHQHDQVROFKHQ3OlW]HQ
ZDUHQ>«@(UZDUGUHLPDOJHIORKHQVRGD‰HVDQJHVLFKWV
GHU (UIDKUXQJ GLH DQGHUH JHPDFKW KDEHQ QLFKW EHUUD
VFKHQG LVW ZHQQ HU HLQH 'RVLV .RQ]HQWUDWLRQVODJHU EH
NRPPHQKDW©
:DWW VDJW HU KDEH ZlKUHQG VLHEHQ GLHVHU GRNXPHQWHQORVHQ
0RQDWH GLH gIHQ YRQ %LUNHQDX EHIHXHUW (U EHKDXSWHW HLQ
0LWJOLHGGHV6RQGHUNRPPDQGRVJHZHVHQ]XVHLQGDVJHPl‰
GHQ $XVVDJHQ GHU +RORFDXVW)RUVFKHU LQ HUVWHU /LQLH DXV
DUEHLWVIlKLJHQ MGLVFKHQ 0lQQHUQ EHVWDQG GLH JH]ZXQJHQ
ZXUGHQ EHL GHP 0RUG DQ GHQ YLHOHQ QDFK $XVFKZLW] JH
VFKLFNWHQ2SIHUQXQGGHUHQ(QWVRUJXQJ]XKHOIHQ,KUH$UEHLW
EHGHXWHWH ]XJOHLFK GD‰ VLH ]XYLHO ZX‰WHQ ZDV GLH 1D]L66
DQEHODQJWH ,KUH PLWWOHUH /HEHQVHUZDUWXQJ EHWUXJ XQJHIlKU
]ZHL 0RQDWH QDFK GHQHQ VLH HEHQIDOOV JHW|WHW XQG HLQJH
lVFKHUWZXUGHQ>@
'LH1D]LDUFKLYHVLQGXQYROOVWlQGLJZLHDOOH)DFKOHXWHDQJH
EHQ9LHOH$NWHQJLQJHQYHUORUHQRGHUZXUGHYHUQLFKWHW>«@
'HQQRFK VWHOOWH VLFK EHL GHU *UQGXQJ GHV 6WDDWOLFKHQ $X
VFKZLW] 0XVHXPV LP -DKUH  KHUDXV GD‰ GLH $UFKLYH
EH]JOLFK $XVFKZLW] XPIDVVHQGHU VLQG DOV PDQ JHGDFKW
KDWWH 'DV 0XVHXP KDW ]% 8QWHUODJHQ EHU :HLVV QLFKW
DEHUEHU:DWW:HLVVDEHUZDU QXUHLQH YRQ0LOOLRQHQYRQ
-XGHQ :DWW GDJHJHQ HLQ DXVWUDOLVFKHU 6ROGDW GHU LQ 1RUG
DIULNDXQGDXI.UHWDJHNlPSIWKDWWHZDUHLQ(LQ]HOIDOO
)UDQFLV]HN 3LSHU )RUVFKXQJVGLUHNWRU GHV 0XVHXPV IKUWH
GD]XDXV
ª(VJLEWNHLQHHLQ]LJH4XHOOHGLHEHVWlWLJHQZUGHGD‰HV
XQWHU GHQ *HIDQJHQHQ GHV ./ $XVFKZLW] HLQHQ EULWLVFKHQ
6WDDWVDQJHK|ULJHQ DXV $XVWUDOLHQ JDE LQVEHVRQGHUH GD‰
HLQ VROFKHU *HIDQJHQHU 0LWJOLHG GHV 6RQGHUNRPPDQGRV
ZDU>«@,P7H[W>YRQ:DWWV%XFK@IDQGLFKHLQ6WFN,Q
IRUPDWLRQGDVDXVGHU/LWHUDWXUJHERUJWZXUGHGRUWDEHU
DOV(UIDKUXQJGHV$XWRUVDXVJHJHEHQZLUG%HVWLPPWHZLH
GHUKROWH $QJDEHQ VLQG HEHQIDOOV EHUKROW ZLH HWZD GLH
(UPRUGXQJ YRQ  *HIDQJHQHQ GLH IU GLH $UEHLW LP
6RQGHUNRPPDQGRDXVJHVXFKWZRUGHQZDUHQ>«@%HLHLQHU
NULWLVFKHQ8QWHUVXFKXQJNRPPHQVRIRUW=ZHLIHODXIREGHU
$XWRUYRQ6WRNHUZLUNOLFKHLQ=HXJHGHUYRQLKPEHVFKULH
EHQHQ(UHLJQLVVHZDU©
>«@ =ZHLIHOORV KDW HU JHOLWWHQ DOV HU LQ GLH +lQGH GHU
*HVWDSRXQGDQGHUHU1D]L%HK|UGHQ ILHOHLQVFKOLH‰OLFK )RO
WHUGXUFK'DXPHQVFKUDXEHQ 'LHYRQLKPEHVFKULHEHQH $UW
ZLHHULQ$XVFKZLW]EHKDQGHOWZXUGHLVWHLJHQDUWLJDEHUVHLQ
JDQ]HU)DOOLVWHLJHQDUWLJ(ULVWVRPLWHLQHHLJHQH$UW+HUDXV
IRUGHUXQJ IU MHQH GLH VHLQH *HVFKLFKWH EH]ZHLIHOQ :DWW
NDQQ QLFKW MHQVHLWV DOOHU =ZHLIHO EHZHLVHQ GD‰ HU LQ $X
VFKZLW] ZDU $EHU VHLQH +HUDXVIRUGHUHU N|QQHQ DXFK QLFKW
GDV*HJHQWHLOEHZHLVHQ
:DWW JLEW ]X GDV HU )HKOHU EHJLQJ DOV HU VHLQH 0HPRLUHQ
VFKULHE 6R KDW HU LQ]ZLVFKHQ VHLQH %HKDXSWXQJ ]XUFNJH
QRPPHQ HU KDEH 0HQVFKHQJDVNDPPHUQ LP /DJHU %HUJHQ
%HOVHQ LQ $NWLRQ JHVHKHQ QDFKGHP )RUVFKHU GDUDXI KLQJH
ZLHVHQ KDWWHQ >XQWHU GHP 'UXFN UHYLVLRQLVWLVFKHU )RU
VFKXQJVHUJHEQLVVH@GD‰HVGRUWNHLQH*DVNDPPHUJDE$EHU
HUEOHLEWLPZHVHQWOLFKHQEHLVHLQHU*HVFKLFKWH
:DWWOHEWHUHFKWUXKLJQDFKGHP.ULHJH>«@6HLQH(QWVFKHL
GXQJ VHLQH .ULHJVHUOHEQLVVH PLW DQGHUHQ ]X WHLOHQ ZXUGH
GXUFK GDV  JHVFKDIIHQH .RQ]HQWUDWLRQVODJHUNRPLWHH
DXVJHO|VWª,FKZDUDXFKGD©VDJWH:DWWOHLVH]XVHLQHU)UDX
-RDQ>«@(UVFKUHLEW
ª,FK KDEH ELVKHU QLHPDQGHP GDYRQ HU]lKOW ZHLO LFK MHGH
0LQXWH GDYRQ KD‰WH ,FK ZROOWH QRFK QLFKW HLQPDO GDUDQ
GHQNHQ,FKNRQQWHQLFKWJODXEHQZDVLFKGRUWVDK(VYHU
IROJWHPLFKPHLQJDQ]HV/HEHQODQJXQGLFKGDFKWHQLFKW
GD‰PLULUJHQGMHPDQGJODXEHQZUGH©
$OV:DWWV%XFKYHU|IIHQWOLFKWZXUGHlX‰HUWH3URIHVVRU.RQ
  9II*ÂÂ-DKUJDQJÂ+HIW
UDG.ZLHW'LUHNWRUGHV=HQWUXPVIUYHUJOHLFKHQGH9|ONHU
PRUGIRUVFKXQJDQ6\GQH\V0DFTXDULH8QLYHUVLWlWXQG%HUD
WHUGHUDXVWUDOLVFKHQ5HJLHUXQJLQ6DFKHQ.ULHJVYHUEUHFKHQ
SULYDWH =ZHLIHO DQ VHLQHU 5LFKWLJNHLW $QIDQJ  QDKP HU
]XP )ULW] %DXHU ,QVWLWXW .RQWDNW DXI GDV ]XGHP YRQ HLQHP
GHXWVFKHQ 9HUODJ JHEHWHQ ZRUGHQ ZDU GDV 0DQXVNULSW ]X
SUIHQ
,P /DXIH VHLQHU 8QWHUVXFKXQJHQ GLH ]X GHU YHUQLFKWHQGHQ
.ULWLN GHU )ULW]%DXHU)RUVFKHU IKUWHQ QDKP GDV GHXWVFKH
,QVWLWXW]X<DG9DVKHP.RQWDNWDXIGDVHLQHlKQOLFKVNHSWL
VFKH $QDO\VH YRUOHJWH $QVFKOLH‰HQG EHJDQQHQ .ZLHW XQG
HLQLJHVHLQHU6WXGHQWHQHLJHQH8QWHUVXFKXQJHQ
:LVVHQVFKDIWOHUYRP)ULW]%DXHU,QVWLWXWXQGDQGHUHQ,QVWLWX
WLRQHQ KHEHQ KHUYRU GD‰ :DWW DQJLEW HU ODQJH EHYRU HU DQ
JHEOLFKQDFK$XVFKZLW]WUDQVSRUWLHUWZRUGHQVHLQVROOLQGHU
ED\HULVFKHQ6WDGW+DPPHOEXUJHLQHQ=XJJHVHKHQGHUYROO
JHODGHQZDUPLWMGLVFKHQ)UDXHQXQG.LQGHUQGLHDOOHHLQHQ
JHOEHQ'DYLGVWHUQDXILKUHQ.OHLGHUQWUXJHQ±]XHLQHP=HLW
SXQNWODQJHYRUGHPGHXWVFKHQ(UOD‰GD‰-XGHQHLQHQJHOEHQ
6WHUQ]XWUDJHQKDEHQXQGODQJHEHYRU-XGHQWUDQVSRUWHEHU
+DPPHOEXUJOLHIHQ
6SlWHU EHVFKUHLEW :DWW VHLQHQ $XIHQWKDOW LQ %HOVHQ ZR HU
VDKZLH-XGHQLQGLH*DVNDPPHUQJHVFKLFNW ZXUGHQXQGLQ
YRQUXVVLVFKHQ.ULHJVJHIDQJHQHQJHJUDEHQHQ0DVVHQJUlEHUQ
EHVWDWWHW ZXUGHQ 'DV 3UREOHP LVW GD‰ HV LQ %HOVHQ NHLQH
*DVNDPPHUQJDE1DFK$XVNXQIWGHU:LVVHQVFKDIWOHUILQGHQ
VLFK lKQOLFK IUDSSLHUHQGH )HKOHU LQ VHLQHQ %HULFKWHQ EHU
$XVFKZLW]8QWHUGHQHQGLH.ZLHWV6WXGHQW'DUUHQ2¶%ULHQ
]XVDPPHQWUXJ EHILQGHQ VLFK ]% MHQH HLQ +HL]HU LP 6RQ
GHUNRPPDQGR KDWWH GLH $XIJDEH /HLFKHQ ]X NUHPLHUHQ
QLFKW GDV )HXHU ]X VFKUHQ GLH .UHPDWRULHQ ZXUGHQ PLW
.RNV EHKHL]W QLFKW PLW +RO] LP .UHPDWRULXP ,, LQ GHP
:DWWJHDUEHLWHWKDEHQZLOOEHIDQGVLFKHLQ.RNVUDXPGHQHU
DEHU QLFKW HUZlKQW XQG VHLQH (U]lKOXQJ EHU GHQ $XIVWDQG
GHV6RQGHUNRPPDQGRVLP2NWREHUZHLFKW LQ VR]LHP
OLFK MHGHU +LQVLFKW YRQ GHQ $XVVDJHQ DQGHUHU EHUOHEHQGHU
=HXJHQDE
,Q HLQHP $UWLNHO EHU GLHVH XQG DQGHUH 'LQJH VFKUHLEW
2¶%ULHQ
ª9HUGUHKXQJHQ XQG 8QP|JOLFKNHLWHQ WDXFKHQ DXI >«@ LQ
GHU 8PJHEXQJ GHV .UHPDWRULXPV ZLOO :DWW NHLQH 6FKXKH
JHWUDJHQ KDEHQ $QJHVLFKWV GHU 0|JOLFKNHLW VLFK ]X YHU
OHW]WHQ ZlUH GDV VFKLHUHU 6HOEVWPRUG JHZHVHQ %HKDXS
WXQJHQZHUGHQDXIJHVWHOOWEH]JOLFK:DFKHQGLHGHQ+lIW
OLQJHQ GDV (VVHQ VWHKOHQ XQG EHU KXQJHUQGH *HIDQJHQH
LP 6RQGHUNRPPDQGR .HLQH GLHVHU %HKDXSWXQJHQ ODVVHQ
VLFKVWW]HQ'HXWVFKH:DFKHQ>«@ZDUHQZRKOJHQlKUW
=XGHP ZDU GLH 9HUVRUJXQJ GHU 0LWJOLHGHU GHV 6RQGHU
NRPPDQGRVZHLWEHVVHUDOVGHUDQGHUHQ+lIWOLQJH©
,P 2NWREHU  VFKULHE 2¶%ULHQ :DWW ZHJHQ GLHVHU 'LQJH
DQ,QVHLQHU$QWZRUWEHVWULWW:DWWDQIDQJVHUKDEHYRQ*DV
NDPPHUQ LQ %HOVHQ EHULFKWHW ± DEHU QRFK DP JOHLFKHQ 7DJ
VFKULHEHUHUQHXW
ª,FKKDEHPHLQ%XFKVRHEHQZLHGHUJHOHVHQXQGNDPGDEHL
DXFK ]X GHU 6WHOOH ZR LFK GLH *DVNDPPHUQ LQ %HOVHQ HU
ZlKQWH>@
$OVLFKGDV%XFK-DKUHGDQDFKVFKULHEYHUOLH‰LFKPLFK
DXIPHLQ*HGlFKWQLV1DFKGHPLFKLQ$XVFKZLW]%LUNHQDX
ZDU KDEH LFK JHGDFKW GD‰ HV DXFK LQ %HOVHQ HLQH *DV
NDPPHU JHJHEHQ KDEHQ PX‰ ZHJHQ GHU /HLFKHQ GLH LQ
*UXEHQJHZRUIHQZXUGHQ©
$OV $QWZRUW DXI 2¶%ULHQV DQGHUH )UDJH IKUWH :DWW DXV LQ

GHQ OHW]WHQ ]Z|OI .ULHJVPRQDWHQ VHL LQ $XVFKZLW] PLW +RO]
JHIHXHUWZRUGHQGDGLH'HXWVFKHQ.RNVIUDQGHUH9HUZHQ
GXQJHQ UHVHUYLHUW KDWWHQ XQG GD‰ HU QLFKW ZLH GLH DQGHUHQ
+lIWOLQJH HLQH HLQWlWRZLHUWH 1XPPHU LP $UP KDEH ªGD LFK
HLQ DXVWUDOLVFKHU .ULHJVJHIDQJHQHU ZDU ]XGHP N|QQWH PDQ
VDJHQ HLQ SROLWLVFKHU .ULHJVJHIDQJHQHU© 'LH *HIDQJHQHQ
ZXUGHQQLFKWGXUFKJHKHQGWlWRZLHUW
ª2KQH =ZHLIHO JODXEW HU GD‰ HU GRUW ZDU© PHLQW 2¶%ULHQ
GHU]XGHPDQPHUNWGD‰:DWW-DKUHODQJQLFKWJHZDJWKDW
VHLQH0HPRLUHQQLHGHU]XVFKUHLEHQ$XIGLHVHU*UXQGODJHVHL
HV QXU IDLU DQ]XQHKPHQ GD‰ VHLQ *HGlFKWQLV VLFK LP 'HWDLO
ZLHLQGHU*UXQGVWUXNWXUJHlQGHUWKDEH
-RKQ$WWHQERURXJKOHLWHQGHU'LUHNWRUGHUDXVWUDOLVFKHQ1LH
GHUODVVXQJYRQ:DWWV9HUODJ6LPRQDQG6FKXVWHUPHLQWGDV
0DQXVNULSW VHL ªYRQ YHUVFKLHGHQHQ .UHLVHQ VHKU VRUJIlOWLJ©
JHSUIWZRUGHQEHYRUHVLQ$XVWUDOLHQSXEOL]LHUWZRUGHQVHL

$QPHUNXQJHQ
 OH3ROLWLN6
=XHUVW SXEOL]LHUW DP  DXI KWWSZZZDEEFFRPDDDUJKIUDQUH
YXUHYXKWPO 'HU DXVWUDOLVFKH $UWLNHO YRQ %ULDQ :RRGOH\ ZXUGH YRP

'DULQHLQJHVFKORVVHQVHLGDV,QWHUQDWLRQDOH5RWH.UHX]'DV
5DOSK &RPPLWWHH GDV +RORFDXVW 0XVHXP LQ 6\GQH\ XQG
GDV -GLVFKH 0XVHXP LQ 6\GQH\ 'DV %XFK VHL  ELV
PDOLQ$XVWUDOLHQYHUNDXIWZRUGHQ
>«@
:DWWV $JHQWLQ %DWHV JLEW DQ GD‰ LKU .OLHQW GLH .ULWLNHQ DQ
VHLQHU*HVFKLFKWHNHQQH6LHYHUZHLJHUWHXQVDEHUGHQQRFKLQ
VHLQHP1DPHQHLQ,QWHUYLHZGDLKU.OLHQWGXUFKHLQHQ9HU
WUDJ PLW 7ULVWUDP 0LDOO )LOPV JHEXQGHQ VHL ZRQDFK MHGHV
0HGLHQLQWHUYLHZJHQHKPLJWZHUGHQPVVH$X‰HUGHPVHLHU
]XVFKZDFKXP]XVHLQHUHLJHQHQ9HUWHLGLJXQJDXV]XVDJHQ
ª(U KDW GDV %XFK JHVFKULHEHQ HU KDW VHLQH *HVFKLFKWH HU
]lKOWXQGHUZLOOGD‰HVGDEHLEOHLEW©VDJW%DWHVª,FKKDEH
GDV%XFKJHOHVHQXQGJODXEHDQGDVZDV'RQVDJW:DUXP
VROOWHHUGDVHUILQGHQ"©>@


 'D‰ LQ GLHVHQ gIHQ VHOEVW QDFKKHUUVFKHQGHU $XIIDVVXQJ QLHPDOV ª0LO
OLRQHQ©KlWWHQYHUEUDQQWZHUGHQN|QQHQQRFKZXUGHQVFKHLQWGHQ$XWRU
$GHODLGH ,QVWLWXWH 32 %R[  1RUZRRG  $XVWUDOLD LP ,QWHUQHW
YHU|IIHQWOLFKW XQWHU KWWSZZZDGDPFRPDXIUHGDGLQDGLQVKWPO XQG LP
1HZVOHWWHUGHV,QVWLWXWV1U-XOL

 $P $QIDQJ YRQ 7KRPDV .HQHDOO\V 5RPDQ 7RZDUGV $VPDUD OLHVW PDQ
ª7KRPDV .HQHDOO\ ILQJ  DQ ]X VFKUHLEHQ 6HLQH 5RPDQH XPIDVVHQ
>@ 6FKLQGOHU
V $UN GHU  GHQ %RRNHU 3UHLV JHZDQQ XQG YRQ GHP 
PHKU ([HPSODUH YHUNDXIW ZXUGHQ DOV YRQ MHGHP DQGHUHQ %RRNHU 3UHLV
GHV%HLWUDJHVQLFKW]XLQWHUHVVLHUHQ%HL=DKOHQLVWPDQVFKOLH‰OLFKJUR‰
]JLJZHQQVLH'HXWVFKODQGEHODVWHQE]ZDQGHUHQLFKWEHODVWHQ

 **UHLI:LUZHLQWHQWUlQHQORV%|KODX.|OQ

 6RDEVXUGDOOHUGLQJVDXFKZLHGHUQLFKWZHQQPDQOLHVWZDV3DXO5DVVL
QLHUEHUGHQ7HUURUGHU.DSRVEHULFKWHWHYJO$QP
 'LHVLVWQLFKWIDOVFKHVLVWOHGLJOLFKHLQ*HUFKW'LH5HYLVLRQLVWHQKDEHQ
VHLWODQJHPQDFKJHZLHVHQGD‰DXFKGLH9HUZHQGXQJYRQ=\NORQ%]XU
JHZLQQHUGDYRURGHUGDQDFK©'LHVHV%XFKHUVFKLHQKDWDEHUHLQ 0HQVFKHQW|WXQJHLQ*HUFKWGHUVHOEHQ$UWLVW
&RS\ULJKWYRQ'DVRELJH=LWDWVWDPPWDXVGHUHU$XVJDEHYRQ 
 1XQMDYLHOH3HUVRQHQDXIVHLQHU6HLWHEHKDXSWHQGLHVDEHUXP]XYHUVX
&RURQHW+RGGHU 6WURXJKWRQODQJHEHYRUVHLQHU5RPDQLQHLQHQ FKHQ GLH JHULQJHQ .RKOHQPHQJHQ ]X HUNOlUHQ GLH IU GHQ %HWULHE GHU
6SLHOEHUJ6SLHOILOP XQWHU GHP 7LWHO 6FKLQGOHUV /LVWH XPJHZDQGHOW XQG .UHPDWRULHQEHQ|WLJWZXUGHQ
GHP:HOWSXEOLNXPDOV:DKUKHLWYRUJHVWHOOWZXUGHZDVHUQLFKWLVW.H 
 (LQHQHXDUWLJH(UILQGXQJLQGHU7DW
QHDOO\KDWHLQH7HFKQLNHQWZLFNHOWDXVGHU5HDOWLWlW7DWVDFKHQDXV]XERU 
 'LHVEHZHLVWGLH.RQVLVWHQ]GHU/JH
JHQ XP GDUDXV HLQH )LNWLRQ ]X NUHLHUHQ ,Q VHLQHP %XFK EHU GLH 
 'LHV LVW IUHLOLFK QXU HLQ 0\WKRV GHU GXUFK DOO GLH $XJHQ]HXJHQ GHV
(U\WKUlLVFKHQ*XHULOODVGDVGHU$XWRUVFKULHEQDFKGHPHU(U\WKUHDXQG 6RQGHUNRPPDQGRVZLGHUOHJWZLUGGLHZHLWDXVOlQJHUDOVGLHVH=HLWOHE
GHQ6XGDQEHVXFKWKDWWHEHVWHKWHUGDUDXIGD‰VHLQH'DUVWHOOXQJHQNHLQH WHQ YJO EHVRQGHUV )LOLS 0OOHU LQ VHLQHP %XFK 6RQGHUEHKDQGOXQJ
5HDOLWWlWVLQG(UVFKUHLEWª6LHVLQGQXUGHV$XWRUVlUPOLFKHV$EELOGYRQ 6WHLQKDXVHQ0QFKHQ
GLHVHQ/HXWHQ©S'LHVHU$XVGUXFNLVWJXWXQGN|QQWHZHLWEHU.H
QHDOO\V)LJXUHQDXVJHZHLWHWZHUGHQbUPOLFKH$EELOGHU«

 3 5DVVLQLHU 'LH /JH GHV 2G\VVHXV .+ 3ULHVWHU :LHVEDGHQ 
GHUV'DV'UDPDGHU-XGHQ(XURSDV+3IHLIIHU+DQQRYHUGHUV

 'LHVLVWYLHOOHLFKWHLQ+LQZHLVGDUDXIGD‰GDV%XFKXPJHVFKULHEHQXQG
PLWJUl‰OLFKHQ=XVlW]HQIULVLHUWZXUGHZLHVRYLHOHDQGHUH%FKHUDXFK

 -D ZDUXP ZRKO"  :LHGHUJXWPDFKXQJ  7DQWLH
PHQ LQ $XVWUDOLHQ YLHOOHLFKW YLHO PHKU QRFK LQ *UR‰EULWDQQLHQXQGGHQ
:DVLVW:DKUKHLW"'UXIIHO/HRQL 86$ )LOPYHUWUlJH 5XKP $QVHKHQ XQG GDV DOOHV RKQH UHFKWOLFK EH

 3LHUUH 9LGDO1DTXHW 8Q (LFKPDQQ GH SDSLHU $QDWRPLH G¶XQ PHVRQJH ODQJW ZHUGHQ ]X N|QQHQ GHQQ GLH 9HUIROJWHQ YRQ GDPDOV GDUI PDQ MD
0DVSpUR3DULV KHXWHQLFKWVFKRQZLHGHUYHUIROJHQ

 + *DOLQVNL ª:LU JHEHQ GHQ :HJ ]X HLQHU VFKUDQNHQORVHQ *HVFKLFKWV
GLVNXVVLRQQLFKWIUHL©]LWLHUWQDFK%OlWWHUIUGHXWVFKHXQGLQWHUQDWLRQD




 -HW]WHUKlOWOLFK
9LHUWHOMDKUHV
9LHUWHOMDKUHVKHIWH
KHIWH
IUIUHLH
IUIUHLH 9II*
9II*6DPPHOEDQG-DKUJDQJ
6DPPHOEDQG-DKUJDQJ
*HVFKLFKWVIRU
*HVFKLFKWVIRUVFKXQJ
VFKXQJ 6HLWHQ$6HLWHQ,QGH[IU'0
 
-DKU
-DKUJDQJ
JDQJ


,QGH[]XP9II*
,QGH[]XP9II*-DKUJDQJ
-DKUJDQJ

 6HLWHQ$JHKHIWHW'0

%HVWHOOXQJHQULFKWHQ6LHELWWHDQ
9II*FR9+23RVWEXV%%HUFKHP%HOJLHQ

9II*ÂÂ-DKUJDQJÂ+HIW  
 'LH$IIlUH3DSRQ-RXIID)DXULVVRQ
9RQ$VVRFLDWLRQGHVDQFLHQVDPDWHXUVGHUpFLWVGHJXHUUHHWG¶KRORFDXVWH

,Q)UDQNUHLFKOlXIW]XU=HLWGHU3UR]H‰JHJHQ0DXULFH3DSRQGHPYRUJHZRUIHQZLUGHUVHLLQ%RUGHDX[DOV*HQH
UDOVHNUHWlU GHU 3UlIHNWXU GHV 'LVWULNWV *LURQGH LP =ZHLWHQ :HOWNULHJ PLWYHUDQWZRUWOLFK IU GLH ,QKDIWLHUXQJ YRQ
-XGHQLPGRUWLJHQ.RQ]HQWUDWLRQVODJHU0pULJQDFXQGGHUHQ'HSRUWDWLRQQDFK'UDQF\EHL3DULVYRQZRDXVVLH
VSlWHU QDFK $XVFKZLW] YHUVFKLFNW ZXUGHQ $QOl‰OLFK HLQHU %HPHUNXQJ GLH 0DXULFH 3DSRQ ZlKUHQG HLQHV ,QWHU
YLHZVJHPDFKWKDWKDWGLHIUDQ]|VLVFKH3UHVVHLKUHEHPHUNHQVZHUWH)lKLJNHLWJH]HLJWPL‰]XYHUVWHKHQ*HUFKWHQ
DQ]XKlQJHQQLFKW]XEHUSUIHQZDVVLHDXIJHEODVHQª,QIRUPDWLRQ©QHQQWNXU]VLHRIIHQEDUWHHLQHZHLWHUHV0DO
LKUH1DWXUGHQ0lFKWLJHQ]X'LHQVWHQ]XVHLQ3DSRQZDUI<YHV-RXIIDKHXWHHLQHHLQIOX‰UHLFKHMGLVFKH3HUV|Q
OLFKNHLW YRU EHL GHUÄ6HOHNWLRQ´ GHU-XGHQ IU GLH 'HSRUWDWLRQHQ QDFK $XVFKZLW] EHWHLOLJW JHZHVHQ ]X VHLQ 'LH
0HGLHQJLQJHQGLHVHU%HKDXSWXQJQLFKWHWZDQDFKVRQGHUQILHOHQ]XHUVWEHU3DSRQNXU]H=HLWVSlWHUGDQQDEHU
EHU3URI)DXULVVRQKHUGHUKLHU]XDOOHUGLQJVQLFKWVDQGHUHVEHLJHWUDJHQKDWWHDOVHLQSDDU)UDJHQ]XVWHOOHQYJO
GHQQDFKVWHKHQGHQ%HLWUDJYRQ3URI)DXULVVRQ8QGQDWUOLFKEOLHEHQDXFKGLHMHQLJHQQLFKWYHUVFKRQWGLHVLFK
HUODXEW KDEHQ 3URI )DXULVVRQ HLQ |IIHQWOLFKHV 3RGLXP IU VHLQH )UDJHQ ]X ELHWHQ QlPOLFK GLH ,QWHUQHWVHLWH GHU
9HUHLQLJXQJHKHPDOLJHU/LHEKDEHUGHU.ULHJVXQG+RORFDXVWEHULFKWH$VVRFLDWLRQGHVDQFLHQVDPDWHXUVGHUpFLWVGH
JXHUUHHWG¶KRORFDXVWH

0DXULFH3DSRQKDWEHGDXHUWGD‰<YHV-RXIIDQLFKWYRU*H
ULFKWHUVFKHLQHQNDQQXPEHUGDV/DJHU'UDQF\=HXJQLV
DE]XOHJHQZHLOHUVHOEVWLP/DJHUHLQJHVHVVHQKDEH6HLQH
VHOEVWHUKLHOW,Q6DFKHQ-RXIIDKDW3DSRQQXUVHLQHHLJHQH
6DFKHDXIJHJULIIHQ)DXULVVRQKDWGLHVQXUNRPPHQWLHUWZLH
GLHVDXFKGLH3UHVVHPDFKWXQGHUVWHOOWDQVFKOLH‰HQGHLQLJH
bX‰HUXQJHQEHU0DXULFH3DSRQKDEHQIU(UVWDXQHQJH )UDJHQYJOQlFKVWHQ%HLWUDJ%LVKHXWHKDWVLFKNHLQHLQ]L
VRUJW]XPDO0DvWUH-RXIIDDOVHLQ0DQQGHU/LQNHQEHNDQQW JHU-RXUQDOLVWIUGLH)DNWHQLQGLHVHP)DOOLQWHUHVVLHUW.HL
LVWPLWHLQHUODQJHQWURW]NLVWLVFKHQ9HUJDQJHQKHLWGLHYRQ QHUNDQQVDJHQZDVJHQDX<YHV-RXIIDLQ'UDQF\JHPDFKW
GHU3UHVVHJHUQYHUJHVVHQZLUGYRQGHPPDQLP7UDXP KDWZHLOPDQQRFKQLFKWHLQPDOXQWHUVXFKWKDWZDVGDVKlWWH
QLFKWJHGDFKWKlWWHGD‰HUPLWGHQ'HXWVFKHQLP:HOWNULHJ VHLQN|QQHQ'HVKDOEEOHLEWEH]JOLFK<-RXIIDQXUDQ]X
NROODERULHUWKDW+HUU-RXIIDKDWGLH9RUZUIH3DSRQVGHPHQ PHUNHQGD‰VHLQH%HIUHLXQJDXVGHP/DJHU'UDQF\LP
WLHUWXQGSURWHVWLHUW(UKDEH 6HSWHPEHUP|JOLFKHUZHLVH
QLFKWVZHLWHUJHPDFKWDOVDQ HUIROJWLVWZHLOVHLQH0XWWHU
VHLQH6WXEHQNDPHUDGHQ%URW ª:lVFKHKlQGOHULQ©EHLGHU
]XYHUWHLOHQ+LHUNDQQQXU 8*,)8QLRQJpQpUDOHGHV
HLQHU5HFKWKDEHQ0DXULFH
3DSRQRGHU0DvWUH-RXIID'LH
3UHVVHHQWVFKLHGVLFKXQL
VRQR-RXIIDRKQH%HZHLVH]X
JODXEHQXQG]ZDUDXVGHQ
JOHLFKHQ*UQGHQZHVKDOEVLH
3DSRQVHLW0RQDWHQYRUYHUXU
WHLOWRKQHDE]XZDUWHQREGDV
*HULFKW%HZHLVHIUVHLQH6FKXOG
IHVWVWHOOHQNDQQZDVGHUHLJHQWOLFKH
=ZHFNGHV9HUIDKUHQVLVW'LHVH
3DUWHLOLFKNHLWKDWSROLWLVFKH*UQGH
GLH]ZDUNDVFKLHUWZHUGHQDEHU
GHVKDOEQLFKWZHQLJHUYHUEUHLWHWVLQG 3URI)DXUVVLRQ/H0RQGH /H3RLQW
,VUDpOLWVGH)UDQFHZDUHLQHU
2UJDQLVDWLRQGLHGLHMGLVFKH
*HPHLQÂGHZlKUHQGGHV
9LFK\5HJLPHVUHSUlVHQWLHUWH
XQGIKUWH2GHUHUZXUGHGHQ
,QIRUPDWLRQHQYRQ3URI
)DXULVVRQ]XIROJHEHIUHLWZHLO
VHLQ9DWHUGHU6FKDW]PHLVWHUYRQ
$XIUHJXQJ LQ )UDQNUHLFK 'LH (QWKOOXQJ GD‰ HLQ 8*,)ZDU'DVLVWJDUQLFKW
KHXWHSURPLQHQWHU-XGHGDPDOVLP./'UDQF\EHL JOHLFKJOWLJZLHPDQVLFK
GHU $XVVRUWLHUXQJ GHU -XGHQ IU 'HSRUWDWLRQHQ GHQNHQNDQQ:HQQGDVZDKU
QDFK $XVFKZLW] PLWKDOI Ol‰W GLH IUDQ]|VLVFKH LVWVRLVW0DvWUH-RXIIDKHXWHLP
3UHVVH *LIW XQG *DOOH VSXFNHQ YRU DOOHP JHJHQ %HJULIIGLH:DKUKHLW]X
YHUKHLPOLFKHQ
'LH3UHVVHEH]LFKWLJW3URIHVVRU /LEHUDWLRQ 'LH-RXUQDOLVWHQKDEHQQLFKWV
)DXULVVRQGHU8UKHEHUVFKDIWIU GDYRQEHUSUIWXQGYHUVDP
GLHVHQ)DOO$QOD‰GD]XZDUHLQNXU]HU7H[W)DXULVVRQVYRP PHOQVLFKDOOHVDPWKLQWHUGHQKHUUVFKHQGHQ0lFKWHQ
$XJXVWGHV7LWHOVª0DXULFH3DSRQHW<YHV-RXIID
GHX[SRLGVGHX[PHVXUHV"©YJOQlFKVWHQ%HLWUDJZRULQHU 'LH5ROOHYRQ$$$5*+
GLH$QPHUNXQJHQ03DSRQVDXIJULIIGLHGLHVHULQHLQHU %HLGLHVHU*HOHJHQKHLWKDEHQPHKUHUH=HLWXQJHQ]XVlW]OLFK]XU
)HUQVHKVHQGXQJLP-DQXDUJHPDFKWKDWWH'HU$UWLNHO IDOVFKHQ=XZHLVXQJGHU8UKHEHUVFKDIWDQ)DXULVVRQEHZLHVHQ
ZXUGHELVKHUQXULP,QWHUQHWYHUEUHLWHW GD‰VLHVHKUJHQDXYHUIROJHQZDVGHQ/HVHUQLP,QWHUQHWDQ
KWWSZZZDEEFFRPDDDUJKIUDQDUFK)DXUDUFK)DXUKWPO
'DPDOVKDWWH03DSRQ0-RXIIDQLFKWLGHQWLIL]LHUW3URIHV
VRU)DXULVVRQZDUGHUMHQLJHGHUGLH$UEHLWGHUEHKlELJHQ
3UHVVHOHXWHWDWGHUHQ3IOLFKWHVHLJHQWOLFKJHZHVHQZlUHGLH
3HUVRQDXIGLH3DSRQDQJHVSLHOWKDWWH]XLGHQWLIL]LHUHQ(V
VWHOOWGDKHUGLH:DKUKHLWDXIGHQ.RSI3URI)DXULVVRQDOV
8UKHEHUIUHWZDV]XEH]LFKWLJHQZDVGLH3UHVVHYRQ3DSRQ
JHERWHQZLUG'RUWKDEHQVLHQlPOLFKGHQ7H[WYRQ5)DXULV
VRQJHIXQGHQ=XJOHLFKKDEHQVLHGLH:HEVLWHYRQ$$$5*+
lX‰HUVWDEVWR‰HQGEHVFKULHEHQXPLKUH/HVHUGDYRQDE]XKDO
WHQGHU9HUVXFKXQJQDFK]XJHEHQXQGPLWHLJHQHQ$XJHQ]X
OHVHQ'D‰PDQXQVZLH$QWLVHPLWHQXQG1HRQD]LVEHKDQGHOW
OHJWGLHGDKLQWHUVWHKHQGHQ,QWHUHVVHQRIIHQ8QVOLHJWZHQLJ
GDUDQ'LHVHU/HLFKWVLQQK|UWYRQVHOEVWDXI

  9II*ÂÂ-DKUJDQJÂ+HIW
 

(LQLJH =HLWXQJHQ ZLH /H &DQDUG HQFKDvQp PHLQWHQ GLH JODXEWGD‰GLH/HVHULQGHU/DJHVLQGVHOEVWlQGLJ]XGHQNHQ

6HLWHQYRQ$$$5*+HLQHPEHNDQQWHQ$XWRU]XVFKUHLEHQ]X ±ZDVPDQYRQGHQ-RXUQDOLVWHQQLFKWEHKDXSWHQNDQQ±XQG
N|QQHQ'DV LVWIUHLOLFKHLQUHLQHV*HUFKW:LU ZLVVHQGD‰ GD‰ ZLU XQV LP 6FKXW]EHUHLFK GHV $UWLNHOV  GHU 81
NHLQ HLQ]LJHU -RXUQDOLVW DXFK QXU YHUVXFKW KDW GLH :DKUKHLW 0HQVFKHQUHFKWV&KDUWD EHZHJHQ GLH  YRQ )UDQNUHLFK
KHUDXV]XILQGHQ :LH JHZ|KQOLFK VFKUHLEHQ VLH RKQH ]X ZLV XQWHU]HLFKQHW ZXUGH ª-HGHU 0HQVFKKDWGDV5HFKWDXIIUHLH
VHQ 7DWVlFKOLFK ZLUG GLH :HEVLWH YRQ $$$5*+ YRQ HLQHU 0HLQXQJVlX‰HUXQJ GLHVHV 5HFKW XPID‰W GLH )UHLKHLW 0HL
0DQQVFKDIWYRQHWZD]HKQ3HUVRQHQXQWHUVFKLHGOLFKHU1DWLR QXQJHQ XQDQJHIRFKWHQ DQ]XKlQJHQ XQG ,QIRUPDWLRQHQ XQG
QDOLWlWDXVYLHURGHUIQI/lQGHUQJHVWDOWHWGLHVLFKGLH9HU ,GHHQ PLW DOOHQ 9HUVWlQGLJXQJVPLWWHOQ RKQH 5FNVLFKW DXI
DQWZRUWXQJ IU GDV WHLOHQ ZDV GRUW LQ YLHU E]Z IQI 6SUD *UHQ]HQ ]X VXFKHQ ]X HPSIDQJHQ XQG ]X YHUEUHLWHQ© /HVW
FKHQHUVFKHLQW'HU6HUYHUYRQ$$$5*+XQGGLH+DXSWYHU GLHVHQ7H[WLKU.HW]HU
DQWZRUWOLFKHQ GHU :HEVLWH VLQG ZHGHU )UDQ]RVHQ QRFK LQ 'LHVHV 5HFKW ZLUG YRP 5LFKWHU -HDQ3DXO 9DODW YHUVSRWWHW
)UDQNUHLFK XQG N|QQHQ GDKHU QLFKW GHQ UFNVFKULWWOLFKHQ ZHUGHQ GHU 3URI )DXULVVRQ ZHJHQ ª9HUEUHFKHQ JHJHQ GLH
*HVHW]HQ GHU %DQDQHQUHSXEOLN )UDQNUHLFK XQWHUZRUIHQ ZHU 0HQVFKKHLW©ULFKWHQZLUGZLHHVYRP*HVHW])DELXV*D\VVRW
GHQGLHLP-DKUHGLH,QTXLVLWLRQZLHGHUHLQIKUWH YRUJHVHKHQXQGXQWHU6WUDIHJHVWHOOWZLUG±HLQRIIHQNXQGLJ
(V LVW GLH 3ROLWLN YRQ $$$5*+ JUXQGOHJHQGH 'RNXPHQWH YHUIDVVXQJVZLGULJHV*HVHW]GDVGLHREHQ]LWLHUWHQ)UHLKHLWV
DQ]XELHWHQEHUGLH'LVNXVVLRQHQXQG$XVHLQDQGHUVHW]XQJHQ JDUDQWLHQ GHU XQLYHUVDOHQ 0HQVFKHQUHFKWVGHNODUDWLRQ YHU
]X YHUVFKLHGHQHQ )UDJHQ ZDV VLFK LP =ZHLWHQ :HOWNULHJ LQ OHW]W ± XQG ]ZDU DXIJUXQG HLQHV $UWLNHOV GHV 7LWHOV ª/HV
GHQ GHXWVFKHQ .RQ]HQWUDWLRQVODJHUQ DEJHVSLHOW KDW 'LHV YLVLRQVFRUQXHVGHO¶+RORFDXVWH©GHUVHLWGHPDXI
QHQQWPDQ5HYLVLRQLVPXV$$$5*+OlGWEHUHLWVDQGHUZHLWLJ GHU:HEVLWHYRQ$$$5*+JH]HLJWZLUG
SXEOL]LHUWH 7H[WH LQV ,QWHUQHW 'LHVHU 6HUYLFH EHUHFKWLJW QLH 'LHV ZDU HLQ HUVWHV 0DO LQ )UDQNUHLFK XQG LQ GHU :HOW 'LH
PDQGHQGD]XXQVPLWGHUYRQGHPHLQHQRGHUDQGHUHQ$XWRU (LQJULIIH LQ GLH )UHLKHLWHQ VFKUHLWHQ IRUW :LU KLHU EHL
YHUWUHWHQHQ 0HLQXQJ LQ 9HUELQGXQJ ]X EULQJHQ $$$5*+ $$$5*+ ZLU VLQG GDV (UJHEQLV GLHVHU (LQJULIIH XQG ZLU
YHU|IIHQWOLFKW)DXULVVRQXQG9LGDO1DTXHW3UHVVDFXQG*DU ZDFKVHQ PLW LKQHQ ZHLO GHU %HGDUI QDFK )UHLKHLW PLW GHU
DXG\ 7KLRQ XQG 4XDGUXSSDQL 'DHQLQFNV XQG 3HUUDXOW 5R ]XQHKPHQGHQ JHLVWHVNUDQNHQ 8QWHUGUFNXQJ ZlFKVW GLH
TXHVXQG)UHVFRJHQDXVRZLH5DVVLQLHU%HUQDUG/D]DUH/D VFKlQGOLFKH,QWHUHVVHQVFKW]W
9LHLOOH 7DXSH /HQL %UHQQHU XQG YLHOH ZHLWHUH $$$5*+



0DXULFH3DSRQXQG<YHV-RXIID]ZHLHUOHL0D‰"
9RQ3URID''U5REHUW)DXULVVRQ

0DXULFH3DSRQZLUGEHVFKXOGLJW]ZLVFKHQ-XOLXQG HLQ,QWHUYLHZYRQ3DXO$PDUPLW03DSRQLP0DJD]LQª/H
0DL  ± ZlKUHQG GLHVHU =HLW ZDU HU *HQHUDOVHNUHWlU GHU 0RQGH GH /HD© 'DULQ HULQQHUWH VLFK 3DSRQ DQ HLQHU 6WHOOH
3UlIHNWXU YRQ *LURQGH Ä5HJLHUXQJ´ GHV 'HSDUWHPHQWV %RU GD‰ LQ 'UDQF\ HLQH ZLFKWLJH MGLVFKH 3HUV|QOLFKNHLW DQ GHU
GHDX[ ± DQ GHU 'HSRUWDWLRQ YRQ  3HUVRQHQ MGLVFKHQ ª6RUWLHUXQJ© >KHXWH IlOVFKOLFK DOV 6HOHNWLRQ EHNDQQW Gh@
%HNHQQWQLVVHV PLWJHZLUNW ]X KDEHQ GLH ELV GDKLQ LP /DJHU GHUIU$XVFKZLW]EHVWLPPWHQ-XGHQWHLOQDKP'LHVH%HPHU
0pULJQDFEHL%RUGHDX[LQWHUQLHUWZDUHQGDQQDEHUEHUGDV NXQJHUUHJWHGHQ=RUQYRQ'DQLHO6FKQHLGHUPDQQHLQ-RXU
/DJHU 'UDQF\ EHL 3DULV QDFK $XVFKZLW] GHSRUWLHUW ZHUGHQ QDOLVWGHUIUDQ]|VLVFKHQ7DJHV]HLWXQJ/H0RQGHXQG'LUHNWRU
VROOWHQ(UVROOWHDP2NWREHUYRUGHP6FKZXUJHULFKW GHU6HQGHUHLKHª$UUrWVXULPDJH©GHV6HQGHUV/D&LQT
YRQ *LURQGH HUVFKHLQHQ XP VLFK ZHJHQ GHU 0LWWlWHUVFKDIW =XHUVWGDFKWHLFK03DSRQZUGHDXI5REHUW%OXPDQVSLH
EHL 0RUG UHFKWVZLGULJHU 9HUKDIWXQJ XQG ,QWHUQLHUXQJ ]X OHQGHUVHLQH6FKULIWVWFNHHLQVFKOLH‰OLFKGHUHUGLHVLFKDXI
YHUDQWZRUWHQ'LHVH'HOLNWH KlWWHQGHQ &KDUDNWHU YRQ ª9HU GLH9RUEHUHLWXQJGHU'HSRUWDWLRQV]JHEH]LHKHQ PLW ª/LHX
EUHFKHQJHJHQGLH0HQVFKKHLW©EHVHVVHQE]ZLQDOOHU.ODU WHQDQW&RORQHO %OXP .RPPDQGDQW GHV /DJHUV 'UDQF\©
KHLWXQGGHIDFWRGLHVVLQG9HUEUHFKHQJHJHQGLH-XGHQ VLJQLHUWH
'HU-XULVW<YHV-RXIIDZLUGLQ(PPDQXHO5DWLHUV3ROLWL 7DWVlFKOLFK EH]RJ HV VLFK DEHU DXI GHQ -XULVWHQ < -RXIID
VFKHU (Q]\NORSlGLH )UDQNUHLFKV LQ HLQHU ODQJHQ $QPHUNXQJ :X‰WHGLHVHU0DQQGD‰HUVHLQH*ODXEHQVEUGHULQHLQ /D
EHKDQGHOW 'HPQDFK ZDU < -RXIID  9RUVLW]HQGHU GHU JHUVFKLFNWHGDVVHLW.ULHJVHQGHLQGHQ0HGLHQDOVHLQª9HU
-XQJHQ 6R]LDOLVWHQ PHKU DOV HLQ -DKU LQ 'UDQF\ LQWHUQLHUW QLFKWXQJVODJHU©EH]HLFKQHWZLUG"
YRP$XJXVWELV]XP6HSWHPEHU 8QGZHQQHUHVQLFKWZX‰WHZHUNRQQWHHVGDQQZLVVHQ"
(U ZXUGH QLFKW GHSRUWLHUW VRQGHUQ YRQ GHQ IUDQ]|VLVFKHQ :XUGH < -RXIID LP 6HSWHPEHU  DXV 'UDQF\ HQWODVVHQ"
%HK|UGHQ HQWODVVHQ (U WUDW GHU 9HUHLQLJXQJ GHU ,VUDHOLWHQ $XV ZHOFKHP *UXQGH XQG XQWHU ZHOFKHQ %HGLQJXQJHQ JH
)UDQNUHLFKV EHL 8QLRQ JpQpUDOH GHV ,VUDpOLWV GH )UDQFH VFKDKGLHV"
8*,) ZR VHLQ 9DWHU 6FKDW]PHLVWHU ZDU XQG DUEHLWHWH LQ $UEHLWHWHHUGDQDFKLQGHU)OXJ]HXJIDEULNLQ%HOOHYLOOHDOVR
HLQHU )OXJ]HXJIDEULN LP 'LVWULNW %HOOHYLOOH YRQ 3DULV (V LVW IUGLHGHXWVFKH/XIWZDIIH"
(KUHQYRUVLW]HQGHU GHU 9HUHLQLJXQJ HKHPDOLJHU 'HSRUWLHUWHU *HK|UWH HU XQG VHLQ 9DWHU ]X GHQ XQ]lKOLJHQ ª%UDXQHQ -X
XQG,QWHUQLHUWHUYRQ'UDQF\=ZLVFKHQXQGZDUHU GHQ©HLQYRQ05DMVIXVZLHGHUEHOHEWHU%HJULIIGLHPLWGHQ
3UlVLGHQW GHU IUDQ]|VLVFKHQ 0HQVFKHQUHFKWVOLJD (U KDW LQ %HVDW]XQJVNUlIWHQ NROODERULHUWHQ XQG GHQ DNWLYHQ ± VRJDU
6WUDISUR]HVVHQJHJHQUHYLVLRQLVWLVFKH$XWRUHQDXVJHVDJWXQG ILQDQ]LHOOHQ±6FKXW]YRQ0DUVKDOO3KLOLSSH3HWDLQJHQRVVHQ
LQVEHVRQGHUHJHJHQPLFK6WUDIYHUIDKUHQDQJHVWLIWHW XQGGLHGLHJUR‰H$XVKHEXQJGHU-XGHQYRUEHUHLWHWHQGLHLP
$P-DQXDU]HLJWHGDVIUDQ]|VLVFKH)HUQVHKHQ7) 3DULVHU 0RWRGURP GHP 9HO¶ G¶+LY LP -XOL  XQWHUJH

9II*ÂÂ-DKUJDQJÂ+HIW  
EUDFKWZDUHQ" $QPHUNXQJHQ
*HK|UHQ VLH ]X MHQHQ VHOEVWDPQHVWLHUWHQ -XGHQ GLH  
 (QF\FORSpGLH SROLWLTXH IUDQFDLVH %G , )DLWV  'RFXPHQWV  6
 YRU GLHVHQ JHVFKPHLGLJHQ ªLQQHUJHPHLQGOLFKHQ 7ULEX 
QDOHQ©HUVFKLHQHQZlKUHQGYLHOHDQGHUH)UDQ]RVHQGLHNHLQH 

 /H0RQGH6/D&LQT
-XGHQ ZDUHQ YRQ JUDXVDPHQ 6lXEHUXQJVDNWLRQHQ KHLPJH  0DXULFH5DMVIXV'UDQF\0DQ\D6YJOPHLQHQQlFK
VWHQ %HLWUDJ HUVFKLHQHQ DOV ª/H PLOOLDUG GHV MXLIV RX GX 0DUpFKDO
VXFKWZXUGHQ" 3pWDLQ"©5LYDURO6I
‹5REHUW)DXULVVRQ


0LOOLDUGHQ)UDQFGHQ-XGHQJHUDXEW«RGHUYRQ0DUVFKDOO3pWDLQ"
9RQ3URID''U5REHUW)DXULVVRQ

$P  -DQXDU  ]HLJWH HLQH LQ 6DFKHQ $XVUDXEXQJ GHU ,Q6DFKHQ.RRSHUDWLRQMGLVFKHU2UJDQLVDWLRQHQXQG,QVWLWX
-XGHQ ZlKUHQG GHV .ULHJHV UHFKHUFKLHUHQGH -RXUQDOLVWLQ DXI WLRQHQ PLW 'HXWVFKODQG XQG ]ZDU VRZRKO LQ )UDQNUHLFK ZLH
)UDQFH  ª,QIRUPDWLRQV©  8KU GD‰ GLH 'HXWVFKHQ GHQ LP UHVWOLFKHQ (XURSD P|JH PDQ GLH :HUNH YRQ 5LFKDUG
IUDQ]|VLVFKHQ -XGHQ HLQH 6WUDIH YRQ HLQHU 0LOOLDUGH )UDQF &RKHQ OHVHQ VRZLH GLH %FKHU GLH 0DXULFH 5DMVIXV GHQ
DXIHUOHJW KDEHQ ZDV VLH GXUFK 'RNXPHQWH EHOHJWH 'LHVH ª%UDXQHQ -XGHQ© JHZLGPHW KDW E]Z GHQHQ GLH HU ªHLQH
6XPPH ZUGHQ GLH 'HXWVFKHQ VR LKUH $XVVDJH ELV KHXWH ZDKUKDIWLJH MGLVFKH ,QWHUQDWLRQDOH GHU .ROODERUDWLRQ©
GHQ-XGHQVFKXOGHQ QHQQW ,P 8QWHUVFKLHG ]X GHQ DQGHUHQ )UDQ]RVHQ GLH YHU
(VZDUJHQDXLP'H]HPEHUQDFKHLQHU6HULHYRQ$WWHQ IROJW ZXUGHQ ZHLO VLH PLW GHP )HLQG NROODERULHUW KDWWHQ
WDWHQLQGLHXQWHUDQGHUHPDXFKMGLVFKH:LGHUVWlQGOHUYHU HQWNDPHQGLHYHUDQWZRUWOLFKHQ-XGHQGLHGHQ=ZHLWHQ:HOW
ZLFNHOWZDUHQDOVGLH'HXWVFKHQGHU9HUHLQLJXQJGHU,VUDHOL NULHJEHUOHEWHQGHUJUR‰HQ6lXEHUXQJXQGKDWWHQGDV3ULYL
WHQ )UDQNUHLFKV 8*,) HLQH 6WUDIH LQ GLHVHU +|KH DXIHUOHJ OHJ YRU VRJHQDQQWHQ 7ULEXQDOHQ GHU (KUH ªWULEXQDX[
WHQ'DYRQDODUPLHUWZDQGWHQVLFK$QGUp%DXU8*,)1RUG G¶KRQQHXU© ]X HUVFKHLQHQ ZR VLH DOOH IUHLJHVSURFKHQ ZXU
XQG 5D\PRQG5DRXO /DPEHUW8*,)6GXPJHKHQGDQGLH GHQ 'LHVH 7ULEXQDOH ZXUGHQ XQWHU GHU /HLWXQJ YRQ /pRQ
9HUDQWZRUWOLFKHQLQ9LFK\PLWGHQHQHV]X*HVSUlFKHQNDP 0HLVVGXUFKJHIKUWGHULP-DQXDUDOVRQRFK ZlKUHQG
DQGHQHQDXFKGDV*UDQG5DEELQDWXQGGDV&RQVLVWRLUH&HQ GHU%HVHW]XQJ3UlVLGHQWGHUQHXJHJUQGHWHQ&5,)&RQVHLO
WUDO GHV ,VUDpOLWHV GH )UDQFH WHLOQDKPHQ 0LW GHU 9ROOPDFKW UHSUpVHQWDWLIGHVLQVWLWXWLRQVMXLYHVGH)UDQFHZXUGH
YRQ 0DUVFKDOO 3pWDLQ HUJULII ;DYLHU 9DOODW *HQHUDOEHYROO 
PlFKWLJWHUIUGLH-XGHQIUDJHVRJOHLFKGLH,QLWLDWLYH±GLHHU 1RWDEHQH,QVHLQHPQHXOLFKDXVJHVWUDKOWHQYRQ3DXO$PDU
DXFK EHKDOWHQ VROOWH ± XQG VRUJWH GDIU GD‰ GHU 8*,) GDV JHIKUWHQ ,QWHUYLHZ KDW 0DXULFH 3DSRQ LQ HLQHP 6DW] GDUDQ
*HOGYRQGHPIUDQ]|VLVFKHQ%DQNHQYHUEDQGDXVJH]DKOWZXU HULQQHUW GD‰ HLQH KRFKJHVWHOOWH MGLVFKH 3HUV|QOLFKNHLW LP
GH 'HQ 'HXWVFKHQ ZXUGH GDYRQ QLFKWV PLWJHWHLOW ; 9DOODW /DJHU 'UDQF\ EHL GHU 6HOHNWLRQ GHU -XGHQ IU $XVFKZLW]
KDWWH GLH ,GHH ]X HLQHU /LVW $EHU OHVHQ ZLU ZLH XQV 55 PLWJHZLUNW KDEH (V KDQGHOW VLFK EHL GLHVHU $QVSLHOXQJ XP
/DPEHUWVHOEVWGLHVH/LVWHUNOlUW 5REHUW %OXP GHU VHLQH 6FKULIWVWFNH GDUXQWHU DXFK VROFKH
ª9HUWUDXOLFKWHLOWHXQV>;9DOODW@PLWGD‰GLHIUDQ]|VLVFKH EH]JOLFK GHU 9RUEHUHLWXQJHQ GHU 'HSRUWDWLRQV]JH QDFK
5HJLHUXQJGLHVH6XPPHGHU8*,)LQ3DULV]XNRPPHQODV $XVFKZLW] ZLH IROJW VLJQLHUWH ª/LHXWHQDQW&RORQHO %OXP
VHQ ZLUG XQG GD‰ VLH XP ]X JHKRUFKHQ XQG VLFK DE]XVL .RPPDQGDQW GHV /DJHUV 'UDQF\© ,Q VHLQHP %XFK EHU
FKHUQ GLH MGLVFKHQ ,PPRELOLHQ LP EHVHW]WHQ *HELHW EH 'UDQF\ ZLGPHW LKP 0 5DLVIXV HLQ JDQ]HV .DSLWHO V 
VFKODJQDKPHQ ZUGH ZREHL GDUDXI HLQH +\SRWKHN JH $P)HEUXDUIUXJ'DQLHO6FKQHLGHUPDQQ3DXO $PDU
QRPPHQ ZUGH GLH LQ -DKUHQ UFN]DKOEDU VHL >GK LP LQ GHU 6HQGXQJ ª$UUrW VXU LPDJH© /D &LQT B
-DKU@%LVGDKLQ«VDJWHHU© ª:DUXPKDEHQ6LH>GLHVHQ6DW]YRQ3DSRQ@EHLP=XVDPPHQ
8QGGHUVHOEH55 /DPEHUW GHU;9DOODWVHLQHQ ª)UHXQG© VFKQLWWQLFKWZHJJHODVVHQ"©
QHQQW XQGYRQGHVVHQ ª$XIULFKWLJNHLW©VSULFKWEHZHUWHWGLH >+LHUJLQJ3URI)DXULVVRQQRFKLUUWPOLFKYRQ5%OXPDXV
VHQ9RUJDQJDOVªOXVWLJXQGVHKUZLFKWLJ© ZXUGH DEHU VSlWHU YRQ lX‰HUVW NRPSHWHQWHU 6HLWH DXI VHLQHQ
6HFKV-DKUHVSlWHUPDFKWH;9DOODWDQOl‰OLFKVHLQHVHLJHQHQ ,UUWXP KLQJHZLHVHQ $XV6LFKHUKHLWVJUQGHQNDQQGHU,QIRU
3UR]HVVHV HUVWDXQOLFKH (QWKOOXQJHQ EHU GDV 7KHPD GHV PDQWQLFKWJHQDQQWZHUGHQGh@
MGLVFKHQ9HUP|JHQVEHUGLHYRQ0DUVFKDOO3pWDLQJHZlKU 
WHQ )LQDQ]KLOIHQ IU MGLVFKH 2UJDQLVDWLRQHQ XQG QHEHQEHL $QPHUNXQJHQ
O|VWHHUGDPLWGLH$IIlUHGHU0LOOLDUGHQDXV 
=XHUVWSXEOL]LHUWLQ5LYDURO6I
6HUJH .ODUVIHOG GHU KlXILJ YRQ GLHVHU EHNDQQWHQ 6WUDIH JH 
 &DUQHWG¶XQWpPRLQ)D\DUG6
VSURFKHQKDWKDWPHLQHV:LVVHQVQLHSUl]LVLHUWGD‰GDV*HOG  /H3URFqV;DYLHU9DOODWSDVVHVDPLVpGGX&RQTXLVWDGRU6
PLW%UJVFKDIW3pWDLQVYRQGHQIUDQ]|VLVFKHQ%DQNHQVWDPP  
 )D\DUG%G%G
WH -HGHQIDOOV YHUOLHUW HU GDUEHU NHLQ :RUW DXI VHLQHQ   5LFKDUG,&RKHQ7KH%XUGHQRI&RQVFLHQFH)UHQFK-HZLVK/HDGHUVKLS

6HLWHQYRQ9LFK\$XVFKZLW] VRLFKHVQLFKWEHUVHKHQKDEH GXULQJ WKH +RORFDXVW ,QGLDQD 8QLYHUVLW\ 3UHVV %ORRPLQJWRQ  6
'HU DPHULNDQLVFKH +LVWRULNHU 5LFKDUG &RKHQ PHLQW GD‰ GLH  
8*,)OHW]WOLFKGDQNLKUHVILQDQ]LHOOHQ*HVFKLFNV QLFKW PHKU  9LFK\HWOHV-XLIV&DOPDQQ/pY\6IXQG$QPHUNXQJ
6
DOV HLQ 9LHUWHO GHU *HVDPWVXPPH KDEH DXV]DKOHQ PVVHQ  'HVMXLIVGDQVOD&ROODERUDWLRQ%G(',%G/
+DUPDWWDQ
'LH DPHULNDQLVFKHQ XQG NDQDGLVFKHQ +LVWRULNHU 3D[WRQ XQG 'UDQF\0DQ\D

0DUUXVVSUHFKHQYRQ=DKOXQJHQLQ+|KHYRQ0LOOLRQHQ  1lKHUH $XVIKUXQJHQ GLHVEH]JOLFK VLQG ]X ILQGHQ LQ 5 )DXULVVRQ
ª/¶DIIDLUHGHVÄMXLIVEUXQV´©5HYXHG¶+LVWRLUHUpYLVLRQQLVWH0DL
)UDQF 6YJOKWWSZZZZHEFRPFRPaH]XQGHOIUHQFKUKUUKUWRFKWPO

  9II*ÂÂ-DKUJDQJÂ+HIW
 

%FKHUYHUQLFKWHUXQGLKUH2SIHU
(LQ%HULFKWEHUHLQHSURLVUDHOLVFKH+H[HQMDJGDXVHUVWHU+DQG
9RQ9LFWRU2VWURYVN\

$OV ,VUDHOV 0RVVDG VLFK DQVFKLFNWH PLFK ]X Ä]HUEUHFKHQ´ 3URGX]HQWHQGHVNDQDGLVFKHQ6HQGHUV&795RQ)LQHHLQJH
IDQGHVGDIUZLOOLJH+HOIHULQ$PHULNDZRLFKZRKQH ODGHQ ZXUGH DOV *DVW LQ GHU 6HQGXQJ ª&DQDGD $0© DXI]X
ª:LUZHUGHQLKQDXIDQGHUH:HLVHNOHLQNULHJHQZLUZHUGHQ WUHWHQHLQHUZHLWKLQEHDFKWHWHQNDQDGLVFKHQ)DVVXQJGHU86
LQZLUWVFKDIWOLFKEUHFKHQ©VDJWHGHU.RSIGHV0RVVDG,VUDHOV 9HUVLRQ ª*RRG 0RUQLQJ $PHULFD© =HLWJOHLFK VROOWH DXV
&,$ HLQHP .QHVVHW.RPLWHH QDFK GHP IHKOJHVFKODJHQHQ ,VUDHOYLD6DWHOOLWGHULVUDHOLVFKH-RXUQDOLVW<RVHI/DSLGHKH
9HUVXFK GHU LVUDHOLVFKHQ 5HJLHUXQJ PHLQ HUVWHV %XFK %\ PDOV/HLWHUGHVLVUDHOLVFKHQ)HUQVHKHQV]XJHVFKDOWHWZHUGHQ
:D\ RI 'HFHSWLRQ LQ GHQ 86$ XQG .DQDGD ]X YHUKLQGHUQ
'LHVH YRU HLQHU .DPHUD JHPDFKWH $XVVDJH ZXUGH ZDKU $XIUXI]XP0RUG
VFKHLQOLFK HLQHP LVUDHOLVFKHQ -RXUQDOLVWHQ ]XJHVSLHOW XQG LQ /DSLG KDWWH VLFKVHLQHQPLQWLJHQ $XIWULWWLP QRUGDPHUL
GHU :RFKHQHQGDXVJDEH YRQ 0D¶DULY ,VUDHOV IKUHQGHU 7D NDQLVFKHQ )HUQVHKHQ GDGXUFK HUDUEHLWHW GD‰ HU ZlKUHQG GHU
JHV]HLWXQJ PLW (UODXEQLV GHU PLOLWlULVFKHQ =HQVXU JHGUXFNW LVUDHOLVFKHQ)HUQVHKVHQGXQJª3RSROLWLFD©RIIHQDQGHQ0RV
ZRUGHQ 6HLWKHU KDW GHU LVUDHOLVFKH $XVODQGVJHKHLPGLHQVW VDGDSSHOOLHUWKDWWHPLFKLQ.DQDGDDXVILQGLJ]XPDFKHQXQG
HLQH$UW=HUPUEXQJVNULHJJHJHQPLFKJHIKUWPLW+LOIHGHU PLFK ZHJHQ GHU YRQ PLU JHVFKULHEHQHQ %FKHU ]X W|WHQ (U
HQWKXVLDVWLVFKHQ 8QWHUVWW]XQJ GXUFK VHLQHQ .OQJHO QRUG ZLHGHUKROWH GLHVHQ $SSHOO LQ GHU 7HO $YLYHU 7DJHV]HLWXQJ
DPHULNDQLVFKHU]LRQLVWLVFKHU2UJDQLVDWLRQHQ 0D¶DULY XQG GHU hEHUVFKULIW ª%\ 9LUWXH RI 0XUGHU© YJO
$OV HLQ LQ .DQDGD JHERUHQHU LQ ,VUDHO DXIJHZDFKVHQHU HKH $QKDQJ
PDOLJHU 0RVVDG0LWDUEHLWHU KDEH LFK GLH 0|JOLFKNHLW HLQHU :LH DXI HLQ 6WLFKZRUW ZDUWHQG ZLHGHUKROWH HU GLHVH $XIIRU
DXVJHGHKQWHQ 9HUVFKZ|UXQJ JHJHQ PLFK MDKUHODQJ DEJH GHUXQJ]XP0RUGZlKUHQGGHUREHQHUZlKQWHQNDQDGLVFKHQ
OHKQW,PPHUKLQZXUGHPHLQ%XFKMDOHW]WOLFKGRFKSXEOL]LHUW )HUQVHKVHQGXQJ LQ PHLQHU $QZHVHQKHLW DEHU GLHVPDO PLW
.RQQWH LFK GHP /DQG GD‰ LFK PLW $EVFKHX YHUODVVHQ KDWWH HLQHU :HQGXQJ 'D PLFK GHU 0RVVDG LQ .DQDGD QLFKW W|WHQ
XP LQ PHLQ *HEXUWVODQG ]XUFN]XNHKUHQ EHUKDXSW QRFK N|QQH RKQH HLQHQ GLSORPDWLVFKHQ (NODW ]X SURYR]LHUHQ
ZHLWHUHQ6FKDGHQ]XIJHQ"(UVWGHU$XIVFKODJDXIGHQKDUWHQ PHLQWHHU
%RGHQGHU:LUNOLFKNHLWKDWPLFKYRQGLHVHU1DLYLWlWJHKHLOW± ª,FKKRIIHGD‰HVLQ.DQDGDHLQHQDQVWlQGLJHQ-XGHQJLEW
XQG GHU 2SWLPLVPXV GD‰ HLQH bQGHUXQJ GHU /DJH LQ .U]H GHUGLHVH$UEHLWIUXQVHUOHGLJW©
]X HUZDUWHQ LVW +HXWH ELQ LFK GDYRQ EHU]HXJW GD‰ LFK GDV 0HLQH 5HDNWLRQ ZDU (QWVHW]HQ JHPLVFKW PLW (UOHLFKWHUXQJ
=LHOHLQHUEUHLWDQJHOHJWHQ9HUDEUHGXQJ]ZLVFKHQ7HLOHQGHU $EQXQZUGHHVIUGLH7RUKWHUGHU0HGLHQVFKZLHULJVHLQ
LVUDHOLVFKHQ5HJLHUXQJXQGLKUHU+DQGODJHUQ]XPHLVWLQGHU ]XEHKDXSWHQHVJHEHNHLQHªKl‰OLFKHQ,VUDHOLV©GLHLQMHGHU
DPHULNDQLVFKHQMGLVFKHQ*HPHLQGHELQ +LQVLFKW JHQDXVR E|VDUWLJ XQG IDQDWLVFK VLQG ZLH GLH LUDQL
1DFKGHU9HU|IIHQWOLFKXQJYRQ%\:D\RI'HFHSWLRQVFKULHE VFKHQ$MDWROODKVGLHGD]XDXIJHUXIHQKDWWHQGD‰LQ*UR‰EUL
LFKHLQHQ6SLRQDJHURPDQGHV7LWHOV/LRQRI-XGDKZRIULFK WDQQLHQ HLQ EULWLVFKHU 0XVOLP GHQ $XWRU 6DOPDQ 5XVKGLH
GLH.HQQWQLVVHQXW]WHGLHLFKZlKUHQGPHLQHU7lWLJNHLWEHLP HUPRUGHQP|JH
0RVVDG HUZRUEHQ KDWWH 'DV %XFK EHVFKUHLEW HLQH ILNWLYH =XVDPPHQ PLW GHQ 3URGX]HQWHQ GLHVHU 6HQGXQJ KDWWH HLQ
0RVVDG2SHUDWLRQGLHGDUDXIDE]LHOWHLQHQLP1DKHQ2VWHQ JUR‰HU 3UR]HQWVDW] GHU NDQDGLVFKHQ =XVFKDXHU VRHEHQ VHOEVW
HLQJHOHLWHWHQ )ULHGHQVSUR]H‰ ]X YHUHLWHOQ 'DV %XFK ZXUGH JHVHKHQZLHHLQHKHPDOLJHVLVUDHOLVFKHV5HJLHUXQJVPLWJOLHG
YRU GHP %HJLQQ GHU WDWVlFKOLFKHQ MDKUHODQJHQ *HKHLPYHU NDQDGLVFKH -XGHQ GD]X DXIIRUGHUWH PLFK DXI NDQDGLVFKHP
KDQGOXQJHQJHVFKULHEHQGLH]XGHP9HUWUDJYRQ2VOR IKU %RGHQ ZHJHQ GHU YRQ PLU JHVFKULHEHQHQ %FKHU ]X HUPRU
WHQ GHQ =X PHLQHP (UVWDXQHQ DEHU JDE HV LQ GHQ NDQDGLVFKHQ
,QGLHVHP%XFKHQWKOOWHLFKGHXWOLFKPHKUEHUGLH0RVVDG 0HGLHQ NHLQHQ HUNHQQEDUHQ :LOOHQ GLHVH *HVFKLFKWH ZHLWHU
7HFKQLNHQDOVLQ%\ :D\RI'HFHSWLRQ$EHUXQJHDFKWHWGHU ]X YHUIROJHQ GD HV VLFK GLHVPDO QLFKW XP HLQH LUDQLVFKH
JUR‰HQ 3XEOL]LWlW GLH PHLQ HUVWHV %XFK ZHJHQ GHV IHKOJH VRQGHUQ XP HLQH LVUDHOLVFKH $QVWLIWXQJ ]XP 0RUG DQ HLQHP
VFKODJHQHQ 8QWHUGUFNXQJVYHUVXFKHV ,VUDHOV HUKLHOW ZXUGH $XWRUKDQGHOWH,FKKDEHPLFKQLHLQPHLQHP/HEHQHLQVDPHU
GLHVHV%XFKLJQRULHUW XQGLVROLHUWHUJHIKOWDOVGDPDOV
5DGLR XQG )HUQVHKLQWHUYLHZV GLH YRQ PHLQHP 9HUOHJHU 0HLQH /DXQH YHUEHVVHUWH VLFK DOV HLQ 5HSRUWHU YRQ 86$
DQJHVHW]W ZRUGHQ ZDUHQ ZXUGHQ VWRUQLHUW NDXP GD‰ VLH 7RGD\ GDV %DQG GLHVHU ª&DQDGD $0©6HQGXQJ EHNDP XQG
JHEXFKW ZRUGHQ ZDUHQ (LQH $JHQWXU LQ 7RURQWR GLH VHOWHQ DX‰HU VLFK JHULHW ª,FK ZHUGH GDUEHU HLQHQ %HULFKW VFKUHL
3UREOHPH KDWWH 9RUWUlJH YRU 6WXGHQWHQ RGHU DQGHUHQ *UXS EHQ©HUNOlUWHHUXQGLQWHUYLHZWHPLFKEHUHLQH6WXQGHODQJ
SHQ ]X RUJDQLVLHUHQ GLH KHL‰ GDUDXI ZDUHQ PLFK ]X K|UHQ $OV LFK QRFK LQ VHLQHP %UR ZDU ULHI LKQ VHLQ +HUDXVJHEHU
PX‰WH IHVWVWHOOHQ GD‰ GLH 9HUDQVWDOWXQJHQ DXIJHKREHQ ZXU DQ XQG EHIDKO LKP GHQ $UWLNHO ]X YHUQLFKWHQ ª'DV LVW NHLQ
GHQ QRFK EHYRU LFK HUVFKHLQHQ NRQQWH 7DWVlFKOLFK ZXUGHQ %HULFKW© VDJWH GHU +HUDXVJHEHU 'LH 6WLOOH XP PLFK KHUXP
HLQ7HUPLQLPPHUGDQQJHNQGLJWVREDOGHLQHORNDOH*UXSSH ZXFKV
YRQ %¶QDL %¶ULWK $QWL'HIDPDWLRQ /HDJXH $'/ :LQG GD (LQ-DKUVSlWHUZXUGH,VUDHOV3UHPLHUPLQLVWHU<LW]KDN5DELQ
YRQEHNRPPHQKDWWHXQGVLHHUIXKUHQHVLPPHULUJHQGZLH YRQHLQHPUHFKWHQ)DQDWLNHUHUPRUGHW(UHUKLHOWVHLQH/HJL
-HZHQLJHULFKDOOHUGLQJV9RUWUlJHKLHOWXPVRPHKUKDWWHLFK WLPDWLRQIUGHQ0RUGYRQHLQHPH[WUHPLVWLVFKHQ5DEELXQG
QDWUOLFK =HLW]X VFKUHLEHQDOVPHLQGULWWHV%XFK 7KH VHLQHQ 0DUVFKEHIHKO YRQ /HXWHQ ZLH /DSLG :HQQ LFK QDFK
2WKHU6LGHRI'HFHSWLRQHUVFKLHQHLQH ZHLWHUHQLFKWILNWLYH /DSLGV5HJHOQHQWVSUHFKHQGGHU.DWHJRULH'JHW|WHWZHUGHQ
$UEHLWZXUGHQGLH0D‰QDKPHQJHJHQPLFKYHUVWlUNW VROO YJO GHQ DQVFKOLH‰HQGHQ $UWLNHO /DSLGV VR PX‰WH LQ
8PVRPHKUZDULFKEHUUDVFKWGD‰LFKDPYRP GHQ $XJHQ YRQ <LJDO $PLU 5DELQV 0|UGHU DXFK 5DELQ

9II*ÂÂ-DKUJDQJÂ+HIW  
VWHUEHQ,FKKDEHNHLQHQ=ZHLIHOGD‰DOOGLHMHQLJHQGLHVLFK
ZLH /DSLG LKUH HLJHQHQ 5HJHOQ PDFKHQ ZHU ]X OHEHQ KDEH
XQGZHUVWHUEHQVROOH0LWWlWHUEHLP0RUGDQ5DELQVLQG
(LQ5DGLR0RGHUDWRUQDPHQV7LP.HUQYRQHLQHU5DGLRVWDWL
RQ LQ 'HQYHU &RORUDGR EDW HLQHV 7DJHV XP HLQ ,QWHUYLHZ
(LQLJH7DJHVSlWHUVDQGWHHUPLUHLQH$NWHGLHHUYRP0RXQ
WDLQ VWDWH UHJLRQDO RIILFH RI WKH $QWL'HIDPDWLRQ
/HDJXHRI%¶QDL%¶ULWKHUKDOWHQKDWWH$'/HPSIDKOLQLKUHP
6FKUHLEHQ GHP 6HQGHU GDV ,QWHUYLHZ IDOOHQ ]X ODVVHQ XQG
JXQJ EHU GHUHQ %HZHJJUQGH ]X LQWHUYLHZHQ XQG GDQQ
GLHVH %HZHJXQJ YRQ 6HLWHQ LKUHU 0LWJOLHGHU ]X EHVFKUHLEHQ
DQVWDWWVLHHLQIDFKQXUDOV)HLQGH]XEH]HLFKQHQXQGGLH7UH
]X]XVFKODJHQ,FKJODXEHGD‰GDVZDFKVHQGH0L‰YHUVWlQGQLV
XQG 0L‰WUDXHQ LQQHUKDOE GHU 86$ XQG EHVRQGHUV ]ZLVFKHQ
YHUVFKLHGHQHQ5HJLRQHQZLHHWZDGHU2VWNVWHHLQHUVHLWVXQG
GHP 0LWWOHUHQ XQG bX‰HUVWHQ :HVWHQ DQGHUHUVHLWV GDV
6FKLFNVDOJHUDGH]XKHUDXVIRUGHUQ
0HLQ$JHQWZDUYRQGLHVHPYRUJHVFKODJHQHQ3URMHNWEHJHL
EHKDXSWHWHLFK VHLHLQXQJODXEZUGLJHV6XEMHNW'LHVH)RU
PXOLHUXQJ ZXUGH JHJHQEHU DOOHQ P|JOLFKHQ 5DGLR XQG
)HUQVHKVHQGHUQ LQ GHQ 86$ XQG .DQDGD ZLHGHUKROW ,URQL
VFKHUZHLVH ZXUGH ZRUWJHWUHX GLH JOHLFKH )RUPXOLHUXQJ YRQ
DQJHEOLFK XQDEKlQJLJHQ MGLVFKHQ 2UJDQLVDWLRQHQ DXV GHQ
JDQ]HQ 9HUHLQLJWHQ 6WDDWHQ LPPHU ZLHGHU YRUJHEUDFKW LQ
LKUHQ9HUVXFKHQPLFK]XP6FKZHLJHQ]XEULQJHQ
'LHJOHLFKHQ/HXWHGLHVRQVWMHGHQOREHQGHU0L‰VWlQGHLP
&,$ RGHU LQ EHZDIIQHWHQ 86(LQKHLWHQ HQWKOOW ZDUHQ QXQ
HLIULJGDPLWEHVFKlIWLJWPHLQH.ULWLNDQHLQHPDXVOlQGLVFKHQ
*HKHLPGLHQVWDE]XPLOGHUQGHUZDKUOLFKQLFKWGLHDPHULNDQL
VFKHQ ,QWHUHVVHQ LP $XJHQ KDW XP HV PLOGH DXV]XGUFNHQ
'LH$PHULNDQHUGLHPLFKHLQHQ9HUUlWHU,VUDHOVQHQQHQZHLO
LFKGLH$NWLYLWlWHQGHV0RVVDG]XU8QWHUPLQLHUXQJGHV1DK
RVW)ULHGHQVSUR]HVVHV HQWKOOH SUHLVHQ -RQDWKDQ 3ROODUG DOV
HLQHQ+HOGGHUDOV869HUUlWHUGLH865HJLHUXQJIU,VUDHO
DXVVSLRQLHUWH
,Q HLQHP 9HUVXFK GHQ 7HXIHOVNUHLV ]X GXUFKEUHFKHQ HQW
VFKLHGLFKPLFK<RVHI/DSLGEHLHLQHPNDQDGLVFKHQ*HULFKW
ZHJHQ $QVWLIWXQJ ]XP 0RUG XQG ª&DQDGD $0© ZHJHQ GHU
|IIHQWOLFKHQ 9HUEUHLWXQJ GLHVHV $XIUXIHV DQ]X]HLJHQ ,FK
QDKP DQ GD‰ HV PLU GXUFK GLH (UULQJXQJ |IIHQWOLFKHU $XI
PHUNVDPNHLWJHOLQJHQN|QQWH]X]HLJHQ ZLHEHVWLPPWH86
DPHULNDQLVFKH XQG NDQDGLVFKH 2UJDQLVDWLRQHQ EHL GHQHQ HV
VLFK WDWVlFKOLFK XP $JHQWHQ ,VUDHOV KDQGHOW GLH :DKUKHLW
XQWHUGUFNHQ XQG ]ZDU GXUFK (LQVFKFKWHUXQJ XQG ZHQQ
Q|WLJ|NRQRPLVFKHXQGDXFKWHUURULVWLVFKH*HZDOW
1DFKGHP LFK HLQH VDIWLJH 6XPPH YRUDXVJH]DKOW XQG GLH
9RUEHUHLWXQJHQIUGDV9HUIDKUHQDEJHVFKORVVHQ KDWWHWHLOWH
PLU PHLQ $QZDOW 3DXO % .DQH YRQ GHU .DQ]OHL 3HUOH\
5REHUWVRQ 3DQHW +LOO XQG 0F'RXJDOO LQ 2WWDZD .DQDGD
PLW GD‰ HU GHQ )DOO QLFKW ZHLWHU EHUQHKPHQ N|QQH (U HU
NOlUWH GLHV GDPLW GD‰ GLH 6LFKHUKHLW VHLQHU 0DQQVFKDIW JH
IlKUGHWVHLQN|QQWHZHQQHUGHQ)DOOZHLWHUIKUH
$OV QlFKVWHV WHLOWH PLU +DUSHU&ROOLQV PHLQ 9HUOHJHU PLW
GD‰HUGHQDXVVWHKHQGHQ5HVW PHLQHV9RUVFKXVVHV YRQHWZD
 IU :HUEHPD‰QDKPHQ HLQEHKDOWHQ ZHUGH $OV LFK
GDUDXI KLQZLHV GD‰ LFK QLHPDOV ]X HWZDV 'HUDUWLJHP PHLQ
(LQYHUVWlQGQLV JHJHEHQ KlWWH XQG GD‰ VLH NHLQ 5HFKW GD]X
KlWWHQDQWZRUWHWHQVLHNQDSSª9HUNODJHQ6LHXQV©
(WZD ]HLWJOHLFK ZXUGH PHLQHU 7RFKWHU HLQHU 79
3URGX]HQWLQ HLQH $QVWHOOXQJ YHUZHLJHUW GLH LKU EHL HLQHU
)HUQVHKVWDWLRQ LQ 9DQFRXYHU DQJHERWHQ ZRUGHQ ZDU 'LH
=HQWUDOH LQ 7RURQWR KDWWH ]ZLVFKHQ]HLWOLFK YRQ LKUHU 9HU
ZDQGWVFKDIW]XPLUHUIDKUHQ
6RGDQQ HQWVFKLHG PHLQ NDQDGLVFKHU 9HUOHJHU 6WRGGDUW PHL
QHQ QHXHVWHQ 6SLRQDJHURPDQ 'RPLQLRQ RI 7UHDVRQ QLFKW ]X
GUXFNHQ XQG GD‰ HU ]XGHP DOOHV IU PLFK EHVWLPPWH *HOG
]XUFNKDOWHQZHUGHGDVDXVGHP9HUNDXIGHU%FKHU%\:D\
RI'HFHSWLRQXQG/LRQRI-XGDKKHUHLQNlPH
8QWHUGHVVHQKDWWHLFKPHLQHP$JHQWHQLQ7RURQWRHLQQHXHV
VWHUW:LUQDQQWHQHVª:LUGDV9RON©:HWKH3HRSOH(LQL
JH 0RQDWH ODQJ EHULFKWHWH HU PLU ZLH GLHVHV DQJHNQGLJWH
%XFKLQGHQ/LWHUDWXU]LUNHOQ1HZ<RUNVDXIJHQRPPHQZHU
GH'DQQ YHUVFKZDQGHUYRQ GHU%LOGIOlFKHXQGHV ZDU PLU
ELVKHXWHQLFKWP|JOLFKQRFKHLQPDO.RQWDNW]XLKPDXI]X
QHKPHQ ,FK ZHL‰ GD‰ HU LQ VHLQHP %UR LVW XQG DUEHLWHW
DEHUHUUXIWPLFKQLFKWPHKU]XUFN
HQW]QGHWHHLQQHXHULQ1HZ<RUNDQVlVVLJHU$JHQWHLQ
/LFKW DP (QGH GHV VHKU ODQJHQ GXQNOHQ 7XQQHOV 5HJQHU\
,QF HLQ LQ :DVKLQJWRQ DQVlVVLJHU 9HUOHJHU XQWHU]HLFKQHWH
PLW PLU HLQHQ 9HUWUDJ IU HLQHQ LURQLVFKHQ 6SLRQDJHIKUHU
QDPHQV7KH6S\*DPH)UHLOLFKKDWWHQVLHHLQLJH9RUVFKOlJH
ZLHPDQGHQ)KUHUHWZDVHUQVWKDIWHUPDFKHQN|QQWHXP]X
YHUPHLGHQ GD‰ GHU /HVHU JODXEW 6SLRQDJH VHL HLQH 6DFKH
]XP/DFKHQ
$OV LFK DEHU JHUDGH GHQ HUVWHQ (QWZXUI DEVFKOLH‰HQ ZROOWH
EUDQQWHPHLQ+DXVELVDXIGLH*UXQGPDXHUQDE/DXW%HULFKW
GHU )HXHUZHKU ZDU HV %UDQGVWLIWXQJ 'D ZLU HLQLJH :RFKHQ
]XYRU DXVJH]RJHQ ZDUHQ XQG LFK QXU QRFK HLQ =LPPHU ]XP
6FKUHLEHQEHQXW]WHZXUGHQLHPDQGYHUOHW]W$EJHVHKHQYRP
+DXVVHOEVWJLQJJOFNOLFKHUZHLVHZHQLJYHUORUHQ±QXUPHLQ
&RPSXWHUXQGHLQLJH.LVWHQPLW'RNXPHQWHQ
$OVLFKVRGLH $VFKHYRQGHP ZDVHLQPDO PHLQ6FKODI]LP
PHU ZDU GXUFKVLHEWH ZXUGH PLU NODU GD‰ PLU GLH 'LQJH
ODQJVDP DXV GHQ +lQGHQ JOHLWHQ 6HLW %LQ\DPLQ 1HWDQ\DKX
YRP/LNXG%ORFN3UHPLHUPLQLVWHU,VUDHOVLVWVLQGGLHLVUDHOL
VFKHQ %RWVFKDIWHU VRZRKO LQ GHQ 86$ DOV DXFK LQ .DQDGD
IUKHUH0RVVDG2IIL]LHUH,FKNRQQWH]ZDUZHGHUGLH%UDQG
VWLIWHULGHQWLIL]LHUHQQRFKLUJHQGHLQHEHVWLPPWH2UJDQLVDWLRQ
GDIUYHUDQWZRUWOLFKPDFKHQDEHUPLUZDUNODUGD‰GLHMHQL
JHQ GLH VLFK GDIU VWDUN JHPDFKW KDWWHQ PLFK ªZLUWVFKDIW
OLFK© ]X ]HUEUHFKHQ ]XQHKPHQG DJJUHVVLYHU ZHUGHQ XQG
LPPHUPHKUULVNLHUHQ
1DFKHLQLJHQ7DJHQGHULQQHUHQ(LQNHKUZXUGHPLUNODUGD‰
LFK PHLQHU )UDX GLH ELVKHU PLW PLU GXUFK 'LFN XQG 'QQ
JHJDQJHQ ZDU QLFKW ZHLWHU HUODXEHQ N|QQWH LQ YRUGHUVWHU
)URQW]XVWHKHQ'LHVZDUPHLQH6FKODFKWPHLQH:DKO:RKO
ZLVVHQGGD‰VLHPLFKQLFKWYHUODVVHQZUGHZLHHVVRQVWIDVW
MHGHUJHWDQKDWWHVDJWHLFKLKUGD‰LFKQXQDOOHLQHVHLQP‰
WHXPGLH'LQJHIUPLFKVHOEVWLQ2UGQXQJ]XEULQJHQ
8QVHUH 7UHQQXQJ KLHOW HLQLJH :RFKHQ DQ $EHU XQV ZXUGH
EHLGHQNODUGD‰ZLUHVVRQLFKWDXVKLHOWHQ
,FK YHUVFKZHQGHWH DOVR NHLQH =HLW PHKU VFKULHE 7KH 6S\
*DPHXPGDLFKPHLQH1RWL]HQEH]JOLFK5HJQHU\¶VbQGH
UXQJVYRUVFKOlJH EHL PLU KDWWH 'LH $UEHLW DQ GHP %XFK
VFKULWW JXW YRUDQ (LQ *UR‰WHLO GHV /HNWRUDWV ZDU EHUHLWV DE
JHVFKORVVHQ 'HU 9HUOHJHU HUEDW GXUFK VHLQHQ 3URMHNWOHLWHU
QRFKHLQ]XVlW]OLFKHV.DSLWHOEHU6SLRQDJHLP,QWHUQHWXQG
HLQLJHV ELRJUDSKLVFKH 0DWHULDO EHU PLFK ,FK VWHOOWH GLHV
]XVDPPHQ XQG GHU 9HUOHJHU GUFNWH LQ HLQHP 6FKUHLEHQ
VHLQH=XIULHGHQKHLWDXV
IQIWHV %XFKSURMHNW EHU GLH DPHULNDQLVFKH 0LOLWLD %HZH $P  -XOL  ID[WH PLU GLH :HUEHDEWHLOXQJ YRQ 5HJQHU\
JXQJ YRUJHVFKODJHQ , VFKOXJ YRU GLH $QKlQJHU GHU %HZH HLQH.RSLHGHU.DWDORJVHLWH PLW PHLQHP%XFK]XGDVGHP

  9II*ÂÂ-DKUJDQJÂ+HIW

QDFKLP2NWREHUHUVFKHLQHQVROOWH(LQHQ7DJVSlWHUDP
-XOL  HUKLHOW LFK HLQHQ %ULHI YRQ 5HJQHU\ ZRULQ LFK
LQIRUPLHUWZXUGHGD‰PHLQ9HUOHJHUHQWVFKLHGHQKDEHPHLQ
%XFK VROOH QLFKW SXEOL]LHUW ZHUGHQ ,FK IKOWH PLFK DOV VHL
LFKYRQHLQHP*WHU]XJDQJHIDKUHQZRUGHQ
=XP HUVWHQ 0DO NDP PLU GHU *HGDQNH GD‰ GLH .UlIWH GHV
5DVVLVPXV GHV )DQDWLVPXV XQG GHU $SDUWKHLG VLHJHQ N|QQ
WHQ VRJDU KLHU LQ 1RUGDPHULND ,QGHP LFK VFKOLH‰OLFK QDFK
+LOIHUXIHEHIUFKWHLFKSO|W]OLFKGD‰LFKZRP|JOLFKQXULQ
GHQ:LQGUXIH
$OOHQGLHJODXEHQGD‰GLHVKLHUQLFKWJHVFKHKHQN|QQHVDJH
LFKJHEWDFKW
(V LVW XQJHKHXHU EHIULHGLJHQG JHJHQ *HZDOW XQG 7\UDQQHL
DXI]XVWHKHQ XQGGLH6WLPPH ]XHUKHEHQ $EHU]X JHJHEHQHU
=HLWPX‰PDQGDIUDXFKHLQHQ3UHLVEH]DKOHQ
8QG ZHQQGLHVHU7DJNRPPWXQG'LUGLH5HFKQXQJSUlVHQ
WLHUW ZLUG ZLUVW 'X KHUDXVILQGHQ GD‰ 'HLQH )UHXQGH GLH
'LFKDOOHP|JHQHVVFKOLH‰OLFKYRU]LHKHQ'LFKDXVGHU)HUQH
]X P|JHQ ,FK IUDJH PLFK QXQ RE GLH 7DXVHQGHQ GLH PLFK
GDPDOVDQULHIHQXQG PLUVFKULHEHQLPPHUQRFK PHLQHQLFK
VHLHLQ3URSKHWRGHUHLQ+HOGRGHUREVLHPLFKOHGLJOLFKIU
HLQHQ9HUUFNWHQKDOWHQ"

RGHUJHSODQW±LP+DIHQYRQ+DLIDYRU$QNHUODJ6LHZXUGH
LQ -XJRVODZLHQ YRU *HULFKW JHVWHOOW XQG IU VFKXOGLJ EHIXQ
GHQ.ULHJVYHUEUHFKHQEHJDQJHQ]XKDEHQ
$EHUPDQNDQQQLFKWLPPHUHQWIKUHQ2VWURYVN\N|QQWHPDQ
KHXWHQLFKWYRQ2WWDZDHQWIKUHQ8QGVHOEVWZHQQGLHVJH
OlQJH ZlUH HV GLH 6DFKH QLFKW :HUW GDPLW GLH GLSORPDWL
VFKHQ%H]LHKXQJHQ]ZLVFKHQ.DQDGDXQG,VUDHO]XVW|UHQ
$EHU HV JLEW LPPHU :HJH LKQ ORV]XZHUGHQ :LH GLH GHXW
VFKHQ:LVVHQVFKDIWOHUGLHbJ\SWHQKDOIHQHOLPLQLHUWZXUGHQ
:LH GHU NDQDGLVFKH %DOOLVWLNH[SHUWH *HUDOG %XOO GHU YHU
VXFKWKDWWHIU6DGGDP+XVVHLQHLQH6XSHUNDQRQH]XEDXHQ
HUPRUGHWZXUGH:LHGLH0|UGHUXQVHUHU$WKOHWHQYRQ0Q
FKHQPLWGHU*HQHKPLJXQJGHUGDPDOLJHQ3UHPLHUPLQLVWHULQ
*ROGD 0HLU HUPRUGHW ZXUGHQ :LH HLQ LVUDHOLVFKHQ .RP
PDQGR QRFK YRU GHU (UULFKWXQJ GHV 6WDDWHV ,VUDHO 1D]LV
HOLPLQLHUWHGLHVLFKLQ'HXWVFKODQGXQGgVWHUUHLFKYHUVWHFN
WHQ
6HOEVWYHUVWlQGOLFK LVW HV QLFKW ]XOlVVLJ HLQHU |IIHQWOLFKHQ
,QVWLWXWLRQ GLH 'XUFKIKUXQJ YRQ 0RUGHQ RKQH EHVWLPPWH
.ULWHULHQ RKQH HLQ GXUFKGDFKWHV 6\VWHP XQG RKQH GLH (U
PlFKWLJXQJ VHLWHQV HLQHV PLW 6LFKHUKHLWVIUDJHQ EHWUDXWHQ
PLQLVWHULHOOHQ (QWVFKHLGXQJVWUlJHUV ]X HUODXEHQ (LQ 0DQQ
GHU YRU *HULFKW JHVWHOOW ZHUGHQ NDQQ VROOWH QLFKW HOLPLQLHUW
ª%\9LUWXHRI0XUGHU0RUGDOV7XJHQG ZHUGHQ
0HLU 6KQLWVHU YHUWHLGLJW LQ HLQHP LQ GLHVHU =HLWXQJ DEJH $XFK VROOWH HLQ 0DQQ QLFKW HOLPLQLHUW ZHUGHQ EHYRU GLH 6L
GUXFNWHQ$UWLNHOGHQJHIlKUOLFKHQ9HUUlWHU9LFWRU2VWURYVN\ FKHUKHLWVGLHQVWHMHQVHLWVDOOHU=ZHLIHOIHVWJHVWHOOWKDEHQGD‰
GHQ ([0RVVDG 0DQQ GHU YRQ VHLQHU NDQDGLVFKHQ =XIOXFKW GHU0DQQLQHLQHPGHUIROJHQGHQ3XQNWHVFKXOGLJLVW
DXV]XKLQWHUKlOWLJHKD‰HUIOOWH/JHQJHJHQ,VUDHOXQG $ .ROODERUDWLRQEHLP9|ONHUPRUGDPMGLVFKHQ9RON
VHLQH 6LFKHUKHLWVGLHQVWH YHU|IIHQWOLFKW YHUPLVFKW PLW  % (LQWHUURULVWLVFKHU$QVFKODJJHJHQ,VUDHOLVGHUYLHOH7RWH
:DKUKHLW ZDV GDV *DQ]H QRFK VFKOLPPHU PDFKW :HU ZHL‰ IRUGHUWH
EHVVHUDOVLFKGHULFKGHUOHLWHQGH'LUHNWRUGHULVUDHOLVFKHQ & .ROODERUDWLRQ PLW GHP )HLQG EHL GHU +HUVWHOOXQJ YRQ
5XQGIXQNEHK|UGH ZDU GD‰ HV ZLH 6KQLWVHU HV VDJWH YRQ :DIIHQGLHGLH([LVWHQ]GHV6WDDWHV,VUDHOJHIlKUGHQ
$QEHJLQQDQXQVDXEHULVWLP)HUQVHKHQ]XP0RUGDXI]XUX
IHQ"
,FKKDEH2VWURYVN\LQHLQHP7HOHIRQLQWHUYLHZYRQÄ3RSROLWL
ND´JHVDJWGD‰LFKKRIIHGHU0RVVDGZUGHLKQHOLPLQLHUHQ
0HLU 6KQLWVHU GHU LPPHU EHUHLW LVW IU GLH 5HGHIUHLKHLW ]X
NlPSIHQIUGDV5HFKWGHU3DOlVWLQHQVHUGLH=HUVW|UXQJGHV
6WDDWHV,VUDHO]XSUHGLJHQZLOOPLUPHLQ5HFKWYRUHQWKDOWHQ
PHLQH0HLQXQJLQGHUgIIHQWOLFKNHLW]XVDJHQ-DLFKJODXEH
GD‰ 9LFWRU 2VWURYVN\ HOLPLQLHUW ZHUGHQ VROOWH 1LFKW ZHJHQ
VHLQHU 0HLQXQJ VRQGHUQ ZHJHQ VHLQHU 7lWLJNHLWHQ 1LFKW
ZHLOHUHLQ)HLQG,VUDHOVLVWVRQGHUQZHLOHUHLQ9HUUlWHULVW
8QGQLFKWZHLOGLHVHLQHV‰H5DFKHZlUHVRQGHUQZHLOGHU
0RVVDG DXV (LJHQLQWHUHVVH QLFKW GXOGHQ NDQQ GD‰ MHPDQG
GHUDXVIUHLHU(QWVFKHLGXQJVHLQ$JHQWZDUDXVGHP9HUNDXI
YRQ 6WDDWVJHKHLPQLVVH 3URILW VFKOlJW DXFK ZHQQ GDV PHLVWH
YRQGHPZDVHUVDJW/JHQVLQG
6HOEVWYHUVWlQGOLFKZlUHHVYRU]X]LHKHQ2VWURYVN\]XHQWIK
UHQ VR ZLH (LFKPDQQ RGHU 9DQXQX HQWIKUW ZXUGHQ ,KQ ]X
HQWIKUHQXQGYRU*HULFKW]XVWHOOHQXQGJHPl‰GHQ*HVHW]HQ
]XEHVWUDIHQ0DQNDQQGHQ7LVFKDXFKKHUXPGUHKHQ,QGHQ
IUKHQ )QI]LJHUQ IDQGHQ LVUDHOLVFKH 6LFKHUKHLWVGLHQVWH KHU
DXVGD‰HLQHMXJRVODZLVFKH&KULVWLQGLHPLWGHQ1D]LVNRO
ODERULHUW KDWWH HLQHQ -XGHQ JHKHLUDWHW KDWWH XQG PLW LKP
QDFK ,VUDHO JHNRPPHQ ZDU XP YRU GHU Ä2]QD´ 7LWRV *H
KHLPSROL]HL]XIOFKWHQ
-XJRVODZLHQXQG,VUDHOKDWWHQNHLQ$XVOLHIHUXQJVDENRPPHQ
'HVKDOE HQWIKUWH GHU LVUDHOLVFKH 6LFKHUKHLWVGLHQVW NXU]HU
KDQGGLH)UDXDXVLKUHP+DXVLQ,VUDHOXQGVFKPXJJHOWHVLH
DXI HLQ MXJRVODZLVFKHV 6FKLII GDV JHUDGH ± RE SHU =XIDOO

9II*ÂÂ-DKUJDQJÂ+HIW  
' 9HUUDWGHUGHP6WDDW,VUDHOVFKDGHW
2VWURYVN\JHK|UW]XGHUOHW]WHQ.DWHJRULH
0LWWH GHU IQI]LJHU -DKUH ZXUGH EHNDQQW GD‰ $QGUHD $UWX
NRYLFKLQ/RV$QJHOHVOHEW$OVHKHPDOLJHU,QQHQPLQLVWHUGHU
1D]L0DULRQHWWHQUHJLHUXQJ .URDWLHQV ZDU HU SHUV|QOLFK
YHUDQWZRUWOLFK IU GLH (OLPLQLHUXQJ GHV NURDWLVFKHQ -XGHQ
WXPV
:lKUHQG GHV +|KHSXQNWHV GHV .DOWHQ .ULHJHV ZDU GLH 86
5HJLHUXQJ QLFKW ZLOOHQV LKQ DQ GLH NRPPXQLVWLVFKH 5HJLH
UXQJ-XJRVODZLHQVDXV]XOLHIHUQ$OVMXJRVODZLVFKHU(PLJUDQW
IKOWHLFKPLFKWLHIYHUOHW]WGD‰HLQGHUDUWLJHU.ULHJVYHUEUH
FKHU IUHL KHUXPOLHI 'HU *HGDQNH GD‰ $UWXNRYLFK GHQ 5HVW
VHLQHV/HEHQVLQ$PHULNDYHUEULQJHQZUGHZlKUHQG=HKQ
WDXVHQGH -XGHQ LQ GHQ 9HUQLFKWXQJVODJHUQ EHJUDEHQ ODJHQ
GLHHUHUULFKWHQOLH‰ZDUIUPLFKXQHUWUlJOLFK
$OVLFKQRFKHLQPLWWHOORVHUMXQJHU5HSRUWHUEHLGHU=HLWXQJ
0D¶DULYZDUERWLFKGHPPLUYRUJHVHW]WHQ5HGDNWHXU6KPXHO
6KQLWVHU HLQHQ 'HDO DQ :HQQ PLU 0D¶DULY GLH 5HLVH LQ GLH
86$LQNOXVLYHGHU6SHVHQGLHLFKELV]XU7|WXQJYRQ$UWXNR
YLFKEUDXFKWHEH]DKOHQZUGHKlWWH0D¶DULYHLQH([NOXVLY
VWRU\RELFKQXQJHVFKQDSSWZUGHRGHUQLFKW
6KQLWVHUVDJWHHUZUGHVHLQH)UHXQGHXP5DWIUDJHQ(LQLJH
7DJH VSlWHU WHLOWH HU PLU PLW GD‰ PHLQ $QJHERW DEJHOHKQW
ZRUGHQVHL*UXQGGDIUZDUGD‰0D¶DULYQLUJHQGZRLQGHU
:HOWPHKUHLQHQ5HSRUWHUKLQVFKLFNHQN|QQWHZHQQKHUDXV
NlPH GD‰ PDQ HLQHQ 5HSRUWHU PLW HLQHU 0RUGPLVVRQ JH
VFKLFNWKDEH
,FKEHGDXUHGLHVH(QWVFKHLGXQJELVKHXWH
0HLU6KQLWVHUZUGHGLHVQLHYHUVWHKHQ©
 
$QPHUNXQJHQ JHQZDUW6IIUXQGHWGDV%LOGDE(LQ*HJHQEHLVSLHOLVW
 IUHLOLFK-RKQ6DFNV$XJHXP$XJHGDVLQGHQ86$]ZDUNRQWURYHUVGLV
 =XHUVW SXEOL]LHUW LQ 7KH :DVKLQJWRQ 5HSRUW 2Q 0LGGOH (DVW $IIDLUV NXWLHUW DEHU QLFKW YHU]|JHUW ZXUGH ZlKUHQG HV LQ 'HXWVFKODQG YRP
2NWREHU1RYHPEHU6I 3LSHU9HUODJYRU$XVOLHIHUXQJHLQJHVWDPSIWZXUGHXQGHUVWHLQ-DKUVSl

 6W0DUWLQ¶V3UHVV1HZ<RUN$UURZ/RQGRQGW'HU0RV WHU LP .DEHO9HUODJ +DPEXUJ HUVFKHLQHQ NRQQWH /DXW $XVVDJH YRQ
VDG(LQ$JHQWHQWKOOW$NWLRQHQXQG0HWKRGHQGHVLVUDHOLVFKHQ*HKHLP 6DFNVFKHLQWQXQDEHUVHLQDPHULNDQLVFKHU9HUODJHLQH$UW%ORFNDGHSROL
GLHQVWHV  $XIODJH +RIIPDQQ  &DPSH +DPEXUJ  'DV %XFK WLNJHJHQ1HXDXIODJHQGHV%XFKHV]XPDFKHQYJOGHQ%HLWUDJLQGLHVHP
ZXUGH ELV  ]Z|OIPDO DXIJHOHJW XQG HUVFKLHQ VHLWKHU LP 'URHPHU +HIW$OOHGLHVH )lOOHGHU Ä=HQVXUGHU0DUNWHV´EHWUHIIHQ3XEOLNDWLRQHQ
.QDXU7DVFKHQEXFK9HUODJ0QFKHQELVLQDFKW$XIODJHQVRZLH YRQ9HUEUHFKHQDQ'HXWVFKHQRGHU9HUEUHFKHQE]Z9HUJHKHQGHU$OOL
EHL GLYHUVHQ %XFKFOXEV DOV /L]HQ]DXVJDEH 'DUDXV HUJLEW VLFK GD‰ VLFK
GHUGHXWVFKH0HGLHQPDUNWHQWZHGHUQLFKWLPSULPlUHQ9LVLHUEHVWLPPWHU
/REE\*UXSSHQ EHILQGHW RGHU GD‰ HU ZHQLJHU YRQ GHU 3ROLWLFDO &RUUHFW
QHVVWHUURULVLHUWZLUGZLHGHUQRUGDPHULNDQLVFKH$XFKGHU)DOOGHV]ZHL
WHQ %XFKHV YRQ -DPHV %DFTXH 9HUVFKZLHJHQH 6FKXOG 8OOVWHLQ %HUOLQ
LHUWHQ DQ 'HXWVFKHQ GDUXQWHU DXFK -XGHQ ZDV GDUDXI KLQZHLVW GD‰ HV
ZHOWZHLWSROLWLVFKXQHUZQVFKWLVWGDV.DLQVPDOGHU'HXWVFKHQLQGLIIH
UHQ]LHUWHUHP/LFKWHUVFKHLQHQ]XODVVHQ

 6W 0DUWLQ¶V 3UHVV 1HZ <RUN  GW ,P 'LHQVWH GHV 0RVVDG +RII
PDQQ &DPSH+DPEXUJ
 GDV LQ 'HXWVFKODQG RKQH 9HU]|JHUXQJ HUVFKHLQHQ NRQQWH LQ GHQ 
 +DUSHU&ROOLQV 1HZ <RUN GW *HKHLPDNWH 0RVVDGGLH VFKPXW]L
86$MHGRFKGXUFK:LGHUVWlQGHVWDUNYHU]|JHUWZXUGH-%DFTXH&ULPHV JHQ*HVFKlIWHGHVLVUDHOLVFKHQ*HKHLPGLHQVWHV%HUWHOVPDQQVSl
DQG0HUFLHV/LWWOH%URZQ &R7RURQWRZHLVWGDUDXIKLQ'HU WHUDXFKDOV7DVFKHQEXFKDXVJDEHLP*ROGPDQQ9HUODJ0QFKHQ
)DOO GHV %XFKHV 'HU HU]ZXQJHQH .ULHJ YRQ 3URI 'DYLG /HVOLH +RJJDQ 
 7KH:DVKLQJWRQ5HSRUW2Q0LGGOH(DVW$IIDLUVShEHUVHW]XQJHLQHV
*UDEHUW 7ELQJHQ  GDV DXIJUXQG HLQHV ZHLW DXVJHGHKQWHQ ,QWUL  HUVFKLHQHQ $UWLNHOV LQ GHU 7HO $YLYHU 7DJHV]HLWXQJ 0D¶DULY YRQ
JHQVSLHOVHUVWIDVW-DKUHVSlWHULQHQJOLVFKHU6SUDFKHHUVFKHLQHQNRQQ <RVHI/DSLGHLQHPIUKHUHQ/HLWHUGHVLVUDHOLVFKHQ)HUQVHKHQV
WH 7KH IRUFHG ZDU ZKHQ SHDFHIXO UHYLVLRQ ,QVWLWXWH IRU +LVWRULFDO 5H
YLHZ &RVWD 0HVD &$  YJO 'HXWVFKODQG LQ *HVFKLFKWH XQG *H





*UDG)DKUHQKHLW
hEHUGLH%HGURKXQJGHULQWHOOHNWXHOOHQ)UHLKHLW
9RQ5LFKDUG:LGPDQQ

VFKULHE+DUU\(OPHU%DUQHVHLQHQEUDQGDNWXHOOHQ$UWL DQGHUH7KHPHQKHXWHJU|‰HUHQ%HVFKUlQNXQJHQXQWHUZRUIHQ
NHO PLW GHP 7LWHO ª+RZ Ä1LQHWHHQ (LJKW\)RXU´ 7UHQGV GHQQ MH ]XYRU ZREHL GDV 6FKLFNVDO GHU HXURSlLVFKHQ -XGHQ
7KUHDWHQ $PHULFDQ 3HDFH )UHHGRP DQG 3URVSHULW\© :LH XQG DQGHUHU 0LQGHUKHLWHQ LP VRJHQDQQWHQ Ä+RORFDXVW´ YRP
ª©HU 7UHQGV GHQ DPHULNDQLVFKHQ )ULHGHQ GLH )UHLKHLW JU|‰WHQ7DEXGHU1HX]HLWXPJHEHQZLUG
XQG GHQ :RKOVWDQG JHIlKUGHQ DOV DEVFKOLH‰HQGHV .DSLWHO  DOVR GUHL -DKUH YRU %DUQHV¶ $UWLNHO EHU ª©
VHLQHU NODVVLVFKHQ UHYLVLRQLVWLVFKHQ $QWKRORJLH 3HUSHWXDO VFKULHE HLQ DQGHUHU $XWRU 5D\ %UDGEXU\ HLQHQ GVWHUHQ
:DU IRU 3HUSHWXDO 3HDFH 'HU HZLJH .ULHJ IU GHQ HZLJHQ YLVLRQlUHQ=XNXQIWVURPDQGHV7LWHOV7KH)LUHPDQ'HU)HX
)ULHGHQ %DUQHV DQDO\VLHUW GDULQ *HRUJH 2UZHOOV .ODVVLNHU HUZHKUPDQQ,QVSlWHUHQ-DKUHQZXUGH%UDGEXU\V*HVFKLFK
DOV HLQ %XFK GHU 3URSKH]HLXQJHQ XQG VFKOlJW $ODUP PDQ WH LQ )DKUHQKHLW  XPEHQDQQW QDFK GHU 7HPSHUDWXU EHL
PVVH GLH LQ $PHULND ZHLW YHUEUHLWHWHQ 7UHQGV LQ 5LFKWXQJ GHU VLFK 3DSLHU YRQ VHOEVW HQW]QGHW )DKUHQKHLW  EH
ª© XPNHKUHQ %DUQHV DUJXPHQWLHUWH GD‰ GLH 0HGLHQ VFKUHLEW HLQH VFKUHFNOLFKH =XNXQIW LQ GHU 0LOOLRQHQ YRQ
SURSDJDQGD XQG EHVWLPPWH ª+RIKLVWRULNHU© GLH *HVFKLFKWH %FKHUQYHUERWHQVLQGXQGGLH)HXHUZHKU%UlQGHOHJWDQVWDWW
YHUIlOVFKW XQG XQJHQDX ZLHGHUJHEHQ XP GDPLW LQ GHU *H VLH ]X O|VFKHQ 8P HLQH *HVHOOVFKDIW JHKLUQJHZDVFKHQHU
JHQZDUWGHP(VWDEOLVKPHQWJHQHKPHSROLWLVFKH=LHOHGXUFK ÄJOFNOLFKHU´ 0HQVFKHQ ]X EHZDKUHQ WULWW GLH )HXHUZHKU
]XVHW]HQ,URQLVFKHUZHLVHZXUGHGLHVHU%HLWUDJYRQ%DUQHVLQ 7UHQHLQ XQG YHUEUHQQWGLH YHUKD‰WHQ%FKHU PLWVDPWGHQ
GHUHUVWHQ$XVJDEHVHLQHV%XFKHVJHVWULFKHQ +lXVHUQLQGHQHQVLHDXIEHZDKUWZHUGHQ
'DV$QGHQNHQDQ%DUQHVVROOWHHQJPLWGHUDOOJHPHLQDN]HS %DUQHV KlWWH QLHPDOV JHGDFKW GD‰ VLFK GLH :HOW GHUDUW
WLHUWHQ%HJULIIVGHILQLWLRQGHVª5HYLVLRQLVPXV©YHUNQSIWVHLQ VFKQHOOYRQGHQª©HU7UHQGVGLHHUIHVWVWHOOWH]XGHQHQ
ª5HYLVLRQLVPXV LVW QLFKW PHKU XQG QLFKW ZHQLJHU DOV GDV YRQ)DKUHQKHLWZDQGHOQZUGH+HXWHPVVHQZLUHUOH
%HPKHQ GLH *HVFKLFKWVVFKUHLEXQJ LP /LFKWH YROOVWlQGL EHQ ZLH GLH LQ %UDGEXU\V 6FLHQFH )LFWLRQ 5RPDQ EHVFKULH
JHUHU)DNWHQHLQHUUXKLJHUHQSROLWLVFKHQ$WPRVSKlUHXQG EHQHQ*HVFKHKQLVVHWDJWlJOLFKVWDWWILQGHQ
HLQHUREMHNWLYHUHQ%HWUDFKWXQJVZHLVH]XNRUULJLHUHQ©
%DUQHV KDWWH IHVWJHVWHOOW GD‰ HLQHU ZLUNOLFKNHLWVJHWUHXHUH :lFKWHUXQVHUHV6HHOHQIULHGHQV
'DUVWHOOXQJ GHV (UVWHQ :HOWNULHJHV HUVW P|JOLFK ZDU QDFK %UDGEXU\HUNOlUWLQ)DKUHQKHLWGLH8UVSUQJHGHU%FKHU
GHPGLH.lPSIHEHHQGHW ZDUHQ XQGGLH(PRWLRQHQ QDFKJH YHUEUHQQXQJGXUFKGHQ)HXHUZHKUPHLVWHU&DSWDLQ%HDWW\
ODVVHQ KDWWHQ %DUQHV NRQQWH DOOHUGLQJV QLFKW YRUDXVVHKHQ ª'LHV ZXUGH QLFKW YRQ GHU 5HJLHUXQJ DQJHRUGQHW (V JDE
GD‰ GLH DOOLLHUWH 3URSDJDQGD XQG GLH DOOJHPHLQ YHUEUHLWHWHQ ZHGHUHLQH$QRUGQXQJHLQH9HUIJXQJQRFKHWZD=HQVXU
9RUVWHOOXQJHQ EHU GLH 0HWKRGHQ XQG $UWHQ GHU .ULHJIK QHLQ 7HFKQRORJLH 0DVVHQYHUZHUWXQJ XQG GHU 'UXFN YRQ
UXQJ LP =ZHLWHQ :HOWNULHJ VLFK HLQHU lKQOLFKHQ .RUUHNWXU 0LQGHUKHLWHQKDEHQGDVEHZLUNW*RWWVHL'DQN'DQNGLH
ZHLWDXVKDUWQlFNLJHUZLGHUVHW]HQZUGHQ VHU (QWZLFNOXQJ NDQQ PDQ KHXWH MHGHU]HLW JOFNOLFK VHLQ
+HXWH GD VHLW GHP (QGH GHV =ZHLWHQ :HOWNULHJHV EHU  PDQ GDUI &RPLFV OHVHQ GLH JXWHQ DOWHQ *ODXEHQVEHNHQQW
-DKUHYHUJDQJHQVLQGN|QQWHPDQ]XUHFKWHLQHZHQLJHUHPR QLVVHRGHUDXFK+DQGHOV]HLWXQJHQ©
WLRQDOH$WPRVSKlUHHUZDUWHQLQGHU+LVWRULNHU)RUVFKHUXQG 'DV]HLWJHQ|VVLVFKH$PHULNDZLHDXFK(XURSDGXUFKOlXIW]XU
$XWRUHQGLH)UHLKHLWEHVl‰HQGHQWDWVlFKOLFKHQ*UQGHQGHV =HLW HLQH 3HULRGH GHU ÄSROLWLFDO FRUUHFWQHVV³ GLH XQV DXI MH
.ULHJHV ZLH DXFK GHQ YRQ EHLGHQ 6HLWHQ EHJDQJHQHQ *UDX GHPVR]LDOHQ1LYHDXHUID‰WKDW'LHVHU9HUVXFKQLFKWDQVW|
VDPNHLWHQQDFK]XJHKHQ7DWVlFKOLFKDEHUVLQGGLHVHZLHDXFK ‰LJ ]X VHLQ IKUWH ]X HLQHU *HGDQNHQ]HQVXU GLH GLH YRP

  9II*ÂÂ-DKUJDQJÂ+HIW

ÄJXWHQ *HVFKPDFN´ JH]RJHQHQ *UHQ]HQ ZHLW EHUVFKUHLWHW
,P 1DPHQ GHU ÄSROLWLFDO FRUUHFWQHVV³ IKUHQ XQVHUH *HVHOO
VFKDIWHQ EHUHLWV GLH HUVWHQ LQ )DKUHQKHLW  EHVFKULHEHQHQ
9RUJlQJHDXV'LH/|VXQJIUSROLWLVFKXQNRUUHNWH*HGDQNHQ
ZLUGLQ%UDGEXU\V$OSWUDXPZHOWRIIHQEDUW
ª)DUELJH 0HQVFKHQ P|JHQ GDV %XFK /LWWOH %ODFN 6DPER
QLFKW 9HUEUHQQ¶ HV :HL‰H 0HQVFKHQ IKOHQ VLFK QLFKW
ZRKODQJHVLFKWVGHV%XFKHV8QFOH7RP
V&DELQ9HUEUHQQ¶ DOV%FKHU]XYHUEUHQQHQ9HUOHJHU]XEHGURKHQ,GHHQ]X
HV+DWLUJHQGMHPDQGHLQ%XFKEHU5DXFKHQXQG/XQJHQ
NUHEV JHVFKULHEHQ" 'LH =LJDUHWWHQ/REE\LVWHQ ZHLQHQ"
9HUEUHQQ¶GDV%XFK©
(LQHU GHU HUVWHQ ZLUNOLFKHQ 9RUJlQJH GLH HLQHQ 7UHQG LQ
5LFKWXQJ)DKUHQKHLWHUNHQQHQOLH‰HQZDUGHU%UDQGDQ
VFKODJ DXI GLH 'UXFNHUHL HLQHV 9HUOHJHUV UHYLVLRQLVWLVFKHU

KDOWHQKDWWHJDE'XQQHIROJHQGHYHUlUJHUWH6WHOOXQJQDKPHDE
ª,Q HLQHU 5HLKH YRQ $QUXIHQ GLH ZLU HUKLHOWHQ ZXUGH PLW
9HUlUJHUXQJ JHIUDJW ZLH ZLU QXU HLQ %XFK YRQ ÄHLQHP
0DQQ ZLH 'DYLG ,UYLQJ´ YHU|IIHQWOLFKHQ N|QQWHQ ZREHL
XQVHUPRUDOLVFKHV5HFKWGD]XLQ)UDJHJHVWHOOWZXUGH,FK
NDQQ GD]X QXU VDJHQ GD‰ -RVHSK *RHEEHOV LQ GHU +|OOH
ODFKHQP‰WH6FKOLH‰OLFKZDUHUHVGHUQLFKWVPHKUOLHEWH
XQWHUGUFNHQ XQG GHQ :HUW HLQHV *HGDQNHQ QLFKW HWZD
QDFKVHLQHP*HKDOW]XEHXUWHLOHQVRQGHUQQDFKGHUHWKQL
VFKHQ UDVVLVFKHQ RGHU SROLWLVFKHQ 5HLQKHLW VHLQHV $XWRUV
'LHVLVWZDKUOLFKHLQHWUDXULJH,URQLH©
'LH .DPSDJQH JHJHQ GLHVHV %XFK KLHOW HLQLJH :RFKHQ DQ
$QIDQJVVWDQGHQGLH9HUOHJHUYRQ6W0DUWLQ¶VQRFK]XLKUHU
%FKHU7KH+LVWRULFDO5HYLHZ3UHVV+53LQ(QJODQG$P (QWVFKHLGXQJ XQG EHKDUUWHQ GDUDXI GD‰ VLH DQ ,UYLQJV %LR
1RYHPEHU]HUVW|UWHQGLHÄ)HXHUZHKUOHXWH´GDV%UR JUDSKLH EHU 'U *RHEEHOV QLFKWV )DOVFKHV ILQGHQ N|QQWHQ
GDV /DJHU XQG GLH 'UXFNHUHL YRQ +53 'HU 6FKDGHQ EHOLHI 'HU'UXFNMHGRFKYHUVWlUNWHVLFKVRODQJHELVGHU9HUODJVFKHI
VLFK DXI HWZD  3IXQG  '0 +53 HUULFKWHWH
VHLQ%URHUQHXWZXUGHDEHULP6HSWHPEHUHUQHXWYRQ
GHUÄ)HXHUZHKU´EHVXFKW:LHGHUXPZXUGHQ%UR/DJHUXQG
'UXFNHUHLVFKZHUEHVFKlGLJW
+53ZDUQLFKWGHUHLQ]LJH9HUOHJHUGHULQMQJVWHU=HLWHLQ
GHUDUWLJHV6FKLFNVDOHUOLWW'DV,QVWLWXWHIRU+LVWRULFDO5HYLHZ
7KRPDV0F&RUPDFN VFKOLH‰OLFKGLH XUVSUQJOLFKH(QWVFKHL
GXQJ UFNJlQJLJ PDFKWH 6W 0DUWLQ¶V 3UHVV HQWVFKLHG VLFK
OHW]WOLFK,UYLQJV%DQGQLFKW]XYHU|IIHQWOLFKHQQDFKGHPGHU
9HUOHJHU YRQGHU Ä)HXHUZHKU´HLQH5HLKHYRQ0RUGGURKXQ
JHQHUKDOWHQKDWWH:HLWGDYRQHQWIHUQWGLHVH(QWVFKHLGXQJ
]XNULWLVLHUHQKLH‰HQHLQLJHDPHULNDQLVFKH%OlWWHUGLHVH(QW
,+5ZLHGDVEULWLVFKH+53HEHQIDOOV9HUOHJHUUHYLVLRQLVWL
VFKHU 3XEOLNDWLRQHQ GDV GLH RUWKRGR[H 9HUVLRQ GHV +ROR
FDXVW ]X KLQWHUIUDJHQ ZDJW HUKLHOW DP  HLQHQ LURQL
VFKHQ $QUXI HLQHV GLHVHU Ä)HXHUZHKUOHXWH´ 'LH )HXHUZHKU
VXFKWH VLFK GDV /DJHUKDXV YRQ ,+5 DOV =LHO DXV XQG YHU
EUDQQWH GRUW =HKQWDXVHQGH YRQ %FKHUQ YRQ GHQHQ VLH EH
IUFKWHQ PX‰WHQ GD‰ VLH DQVRQVWHQ JHOHVHQ ZUGHQ 8QWHU
GHQ YHUEUDQQWHQ 0DQXVNULSWHQ EHIDQG VLFK DXFK +DUU\ %DU
QHV¶3HUSHWXDO:DUIRU3HUSHWXDO3HDFH
 IKUWH GLH Ä)HXHUZHKU´ LKUH $UW GHU =HQVXU JHJHQEHU
(UQVW=QGHOGXUFKHLQHPNOHLQHQXQDEKlQJLJHQ9HUOHJHULQ
7RURQWR =QGHO JHULHW PLW GHQ NDQDGLVFKHQ %HK|UGHQ LQ
.RQIOLNWZHLOHUHLQH%URVFKUHSXEOL]LHUWKDWWHGLHHVZDJ
WH GLH )UDJH 6WDUEHQ ZLUNOLFK VHFKV 0LOOLRQHQ" 'LG 6L[
VFKHLGXQJYRQ6W0DUWLQ¶V3UHVVVRJDUZLOONRPPHQ
:RP|JOLFKKDWWH6W0DUWLQ¶V3UHVVGLH)ODPPHQLPGLUHNWHQ
ZLHLPEHUWUDJHQHQ6LQQHJHQlKUW6LFKGHUDUWLJHU7\UDQQHL
]XXQWHUZHUIHQLVWLPPHUHLQIDFKHUDOVLKU]XZLGHUVWHKHQ,Q
%UDGEXU\V5RPDQVDJW)DEHUHLQHHPHULWLHUWHU3URIHVVRU
ª,FK KDEH VFKRQ VHLW ODQJHP HUNDQQW ZLH VLFK GLH 'LQJH
HQWZLFNHOWHQ,FKKDEHQLFKWVJHVDJW,FKZDUHLQHUGHU8Q
VFKXOGLJHQ GLH HWZDV GDJHJHQ KlWWHQ VDJHQ N|QQHQ DOV
QLHPDQG GHQ Ä6FKXOGLJHQ´ PHKU ]XK|UWH DEHU LFK VDJWH
QLFKWVXQGZXUGHVRPLWVHOEVWVFKXOGLJ8QGDOVVLHVFKOLH‰
OLFK GLH 5DKPHQ ]XU %FKHUYHUEUHQQXQJ PLWWHOV GHU )HX
HUZHKUVHW]WHQPXUUWHLFKHLQLJH0DOHXQGZXUGHVWLOOZHLO
HVDX‰HUPLUNHLQ0XUUHQXQG5XIHQJDE©
)DKUHQKHLW 7UHQGV VLQG ZDKUVFKHLQOLFK LQ 'HXWVFKODQG
0LOOLRQ5HDOO\'LH]XVWHOOHQ1DFKYLHOHQ-DKUHQGHUOHW]W
OLFKHUIROJORVHQEHK|UGOLFKHQ=HQVXUZXUGH=QGHOV+DXVDP
 0DL GXUFK HLQ )HXHU VFKZHU EHVFKlGLJW QDFKGHP XQEH
NDQQWH$WWHQWlWHU%HQ]LQLQV+DXVJHJRVVHQXQGGLHVHVDQJH
]QGHW KDWWHQ =HXJHQ EHULFKWHWHQ YRQ HLQHP Ä)HXHUZHKU
PDQQ´ GHU HLQHQ URWHQ %HQ]LQNDQLVWHU ÄEHKXWVDP ZLH HLQH
%RPEH´]XP=QGHOKDXVVFKOHSSWHXQGHQW]QGHWH
'HU 6FKDGHQ ZDU HQRUP 9LHOH %FKHU XQG $NWHQ ZXUGHQ
YHUQLFKWHW GDV 'DFK GHV *HElXGHV VWU]WH HLQ :DV QLFKW
YHUEUDQQWHZXUGHYRP/|VFKZDVVHUGHU)HXHUZHKU]HUVW|UW
'LH1DFKULFKWZXUGHODXWXQGXQEHUK|UEDUEHUUHLFKW9HU
|IIHQWOLFKXQJHQ GLH EHU EHVWLPPWH NRQWURYHUVH 7KHPHQ
XQHUZQVFKWH*HGDQNHQLQGLH:HOWVHW]WHQVLQGYHUERWHQ
5DKPHQVHW]XQJIUGLH%FKHUYHUEUHQQXQJ
0DQFKPDO NDQQ GLH Ä)HXHUZHKU´ LKU =LHO GD‰ EHVWLPPWH
%FKHUQLFKWJHOHVHQZHUGHQGUIHQDXFKHUUHLFKHQRKQHGLH
EHWURIIHQHQ %FKHU JOHLFK GHP )HXHU ]X EHUJHEHQ 
HQWVFKLHG VLFK ]% 6W 0DUWLQ¶V 3UHVV HLQH %LRJUDSKLH EHU
+LWOHUV 3URSDJDQGDPLQLVWHU -RVHSK *RHEEHOV PLW GHP 7LWHO
*RHEEHOV 0DVWHUPLQG RI WKH 7KLUG 5HLFK ]X SXEOL]LHUHQ
JHVFKULHEHQ YRP EHNDQQWHQ DEHU XPVWULWWHQHQ EULWLVFKHQ
+LVWRULNHU'DYLG,UYLQJ
1DFKGHP 7KRPDV 'XQQH 9HUOHJHU YRQ 6W 0DUWLQV 3UHVV
'X]HQGH YRQ 3URWHVWEULHIHQ JHJHQ GLHVH 9HU|IIHQWOLFKXQJ HU
9II*ÂÂ-DKUJDQJÂ+HIW  
gVWHUUHLFK XQG )UDQNUHLFK DP YLUXOHQWHVWHQ 'U )UDQ]
6FKHLGOZDUPHLQHV:LVVHQVGHUHUVWHGHUGLHPDVVLYH7lWLJ
NHLW GHU Ä)HXHUZHKU´ LQ gVWHUUHLFK EHUHLWV 0LWWH GHU HU
-DKUH ]X VSUHQ EHNDP DOV LKP GLH Ä)HXHUZHKUOHXWH´ QLFKW
QXUVHLQHVHFKV%FKHUEHVFKODJQDKPWHQXQGGHQ)ODPPHQ
EHUJDEHQ VRQGHUQ LKQ DXIJUXQG VHLQHU +DUWQlFNLJNHLW
VFKOLH‰OLFK SV\FKLDWULVFK XQWHUVXFKHQ OLH‰HQ HLQ 9HUIDKUHQ
GDV LQ gVWHUUHLFK XQG 'HXWVFKODQG HUVW  -DKUH VSlWHU LQ
0RGH NRPPHQ VROOWH =HKQ -DKUH VSlWHU SXEOL]LHUWH 'U
:LOKHOP6WlJOLFKVHLQNODVVLVFKHV%XFKEHUGHQ$XVFKZLW]
0\WKRV GDV $QIDQJ GHU HU -DKUH GHQ )ODPPHQ GHU Ä)HX
HUZHKU´EHUJHEHQZXUGH$OV([HPSHOZXUGH'U6WlJOLFK
]XGHP YRQ GHU 8QLYHUVLWlW *|WWLQJHQ HLQVW GHU VWUDKOHQGVWH
6WHUQDP)LUPDPHQWGHUPRGHUQHQ:LVVHQVFKDIWGHU'RNWRU
WLWHOQDFKHLQHPHLJHQVYRQ$GROI+LWOHUHUODVVHQHQELV
KHXWHJOWLJHQ*HVHW]HQW]RJHQ
)UDQNUHLFKZDUEHUHLWVPLWGHP*HVHW])DELXV*D\VVRW
HLQHQ6FKULWWZHLWHULQ5LFKWXQJDXI)DKUHQKHLWYRUJHHLOW
'LHVHV *HVHW] VWHOOW GDV /HXJQHQ YRQ 9HUEUHFKHQ JHJHQ GLH
0HQVFKKHLWZLHVLHYRQGHQDOOLLHUWHQ6LHJHUWULEXQDOHQ
LQ1UQEHUJGHILQLHUWZXUGHQXQWHU6WUDIH(VZXUGHDQJHE
OLFK HUODVVHQ XP GHU 6FKlQGXQJ MGLVFKHU )ULHGK|IH HQWJH
JHQ]XZLUNHQ DQJHZDQGW ZLUG HV DEHU LP ZHVHQWOLFKHQ QXU
XP]HLWJHVFKLFKWOLFKXQHUZQVFKWH3XEOLNDWLRQHQGHP)HXHU
EHUJHEHQ XQG GHUHQ $XWRUHQ ]X HPSILQGOLFKHQ *HOG XQG
)UHLKHLWVVWUDIHQYHUXUWHLOHQ]XN|QQHQ
gVWHUUHLFK ]RJ LP -DKU  JOHLFK XQG ]ZDU DOV 5HDNWLRQ
DXI GLH SXEOL]LVWLVFKH 7lWLJNHLW EHVWLPPWHU 5HYLVLRQLVWHQ
GHUHQ )OXJ]HWWHO ELV LQ GDV 3DUODPHQW JHODQJWHQ 'DV HUVWH
%HLQDKH2SIHU GLHVHU QHXHQ ,QTXLVLWLRQ ZXUGH NHLQ JHULQJHU
DOV GHU 3UlVLGHQW GHU |VWHUUHLFKLVFKHQ %XQGHVLQJHQLHXUNDP
PHU:/IWO(UNRQQWHVHLQHQ.RSIDEHUQRFKNQDSSDXVGHU
6FKOLQJH ]LHKHQ GD HU JODXEKDIW PDFKHQ NRQQWH HU KDEH
VHLQH 6FKULIWHQ QLHPDOV SXEOL]LHUHQ ZROOHQ :HQLJHU JOFN
OLFK GDJHJHQ ZDU HLQ 3XEOL]LVW GHU GLH (LQVWHOOXQJ GHV 9HU
IDKUHQVJHJHQ/IWODOV)UHLEULHI]XU9HUEUHLWXQJYRQGHVVHQ
7KHVHQ PL‰YHUVWDQG XQG VLFK SURPSW HLQH *HIlQJQLVVWUDIH
HLQKDQGHOWH
$OV GHU /HKUHU *QWHU 'HFNHUW  LQ 'HXWVFKODQG YRU
*HULFKW JHVWHOOW ZXUGH ZHLO HU  HLQHQ 9RUWUDJ GHV 86
+LQULFKWXQJVH[SHUWHQ )UHGHULF $ /HXFKWHU EHUVHW]W KDWWH
ZXUGHLQ'HXWVFKODQGHLQZHLWHUHU6FKULWWKLQ]X)DKUHQKHLW
YROO]RJHQ/HXFKWHUKDWWHEHLEHVDJWHP9RUWUDJEHUVHLQ
EHUKPWHV /HXFKWHU*XWDFKWHQ EHULFKWHW GDV HU LP -DKUH
VHLQHP*HULFKWVWHUPLQHUVFKLHQHQZDUZHJHQGHU+HUDXVJD
EHGLHVHV%XFKHVRKQH9HU]XJ]XLQKDIWLHUHQVHL$P-XQL
VFKOLH‰OLFKYHUNQGHWHGHU5LFKWHULQVHLQHP8UWHLOGD‰
DOOH ([HPSODUH GHU *UXQGODJHQ ]XU =HLWJHVFKLFKWH ]X YHU
EUHQQHQXQGGHU9HUOHJHU]XHLQHUKRKHQ*HOGVWUDIH]XYHUXU
WHLOHQVHL1XQPX‰WHGLHÄ)HXHUZHKU´QLFKWOlQJHULP'XQN
OHQ DUEHLWHQ VRQGHUQ NRQQWH DQJHVLFKWV GLHVHU VWDDWOLFKHQ
$QRUGQXQJLKUHQ0RUGDQ,GHHQRIIHQDXVIKUHQ
1LFKW ]XIULHGHQ PLW GLHVHU %FKHUYHUEUHQQXQJ KDWWHQ VLH
LQ]ZLVFKHQ 5XGROI ZHJHQ VHLQHV $XVFKZLW]*XWDFKWHQV ]X
0RQDWHQ*HIlQJQLVYHUXUWHLOW%LVKHUHQWNDPHUGHQ.ODX
HQ VHLQHU +lVFKHU XQG VFKUHLEW QXQ LP ([LO 6HLWKHU ZLUG
'HXWVFKODQG YRQ HLQHU 6HULH YRQ %FKHU XQG =HLWVFKULIWHQ
YHUEUHQQXQJHQ EHU]RJHQ GLH VHLW GHU MQJVW HUIROJWHQ
%HVFKODJQDKPXQJ GHV %XFKHV +HOOPXW 'LZDOG HLQHP *H
GHQNEDQG IU GHQ  YHUVWRUEHQHQ EHUKPWHQ GHXWVFKHQ
+LVWRULNHU QRFK QLFKWHLQPDOYRUNODVVLVFKHU ZLVVHQVFKDIWOL
FKHU8QLYHUVLWlWVOLWHUDWXUKDOWPDFKW
,Q %UDGEXU\V 5RPDQ HQWGHFNW &DSWDLQ %HDWW\ GD‰ GHU 5R
 EHU GLH )XQNWLRQVXQIlKLJNHLW GHU *DVNDPPHUQ YRQ
$XVFKZLW]XQG0DMGDQHNHUVWHOOWKDWWH
1DFK HLQHU 5HLKH |IIHQWOLFKHU ,QWHUYHQWLRQHQ JHODQJ HV GHU
Ä)HXHUZHKU´ LQ 'HXWVFKODQG VFKOLH‰OLFK HLQHQ 5LFKWHU ]X
ILQGHQGHU*QWHU'HFNHUWIUGLHVHhEHUVHW]XQJ]ZHL-DKUH
KLQWHU *LWWHU VFKLFNWH 'D 'HFNHUW DXFK ZlKUHQG VHLQHV
3UR]HVVHV ZHLWHUH XQHUZQVFKWH %FKHU YHU|IIHQWOLFKWH XQG
YHUWULHE ZXUGH HU VSlWHU DOV HU EHUHLWV KLQWHU *LWWHUQ VD‰
GXUFK GHQ ªIUHLHVWHQ 6WDDW GHXWVFKHU *HVFKLFKWH© ]X HLQHU
ZHLWHUHQ)UHLKHLWVVWUDIHYRQ0RQDWHQYHUXUWHLOW'HFNHUWV
9HUWHLGLJHU ZHKUWH VLFK PXWLJ XQG VWHOOWH VRJDU GHQ $QWUDJ
GD‰9HUIDKUHQHLQ]XVWHOOHQGDDQJHVLFKWVGHVPDVVLYHQSROL
WLVFKHQ'UXFNHVDXIGDV*HULFKWHLQIDLUHV9HUIDKUHQXQP|J
OLFKVHL
'LH 1HXH 2VQDEUFNHU =HLWXQJ GUFNWH DQJHVLFKWV GLHVHV
DOOJHPHLQIUJHUHFKWJHKDOWHQHQ8UWHLOVDXVZDVYLHOHDQGH
UH =HLWXQJHQ LQ 'HXWVFKODQG DXI DQGHUH :HLVHQ DXFK WDWHQ
(VKDEHNHLQHQ*UXQGJHJHEHQGLHJHJHQGHQ5HFKWVUDGLND
OHQ YHUKlQJWH 6WUDIH ]XU %HZlKUXQJ DXV]XVHW]HQ 'HFNHUW
KDEHQLFKWGLH6SXUYRQ5HXHJH]HLJW'DULQIUHLOLFKKDWWHGLH
3UHVVH UHFKW $QJHNODJW /HXFKWHUV $QVLFKWHQ JHWHLOW ]X KD
EHQHUZLGHUWH'HFNHUWHUVWHKHXQHLQJHVFKUlQNW]XGHPZDV
HUJHVDJWKDEH
$OV )ROJH GHU GXUFK GLHVHQ 3UR]H‰ DQJHIDFKWHQ |IIHQWOLFKHQ
+\VWHULH YHUVFKlUIWH GHU GHXWVFKH *HVHW]JHEHU GDV GHXWVFKH
=HQVXUJHVHW] † 6WUDIJHVHW]EXFK PLW :LUNXQJ ]XP 'H
]HPEHU
9HUEUHQQ¶HV
'LHGHXWVFKHQ )DKUHQKHLW7UHQGVNRQQWHQ VRPLW PDVVLY
]XWDJH WUHWHQ DOV *HUPDU 5XGROI LP 'H]HPEHU  VHLQ
6DPPHOZHUN GHV 7LWHOV *UXQGODJHQ ]XU =HLWJHVFKLFKWH (LQ
+DQGEXFKEHUVWULWWLJH)UDJHQGHV-DKUKXQGHUWVSXEOL
]LHUWH 5XGROI GHU EHUHLWV GXUFK |IIHQWOLFKH ZLH MXULVWLVFKH
.DPSDJQHQ JHJHQ LKQ LQIROJH GHU 9HU|IIHQWOLFKXQJ VHLQHV
$XVFKZLW]*XWDFKWHQV XQWHU GHP 3VHXGRQ\P (UQVW *DXVV
VFKUHLEHQPX‰WH±HUKDWWHELVGDKLQEHUHLWV]ZHLPDO%HVXFK
YRQ GHU GHXWVFKHQ Ä)HXHUZHKU´ HUKDOWHQ ± EHNDP LP 0lU]
]HLWJOHLFKPLWVHLQHP9HUOHJHU*UDEHUWHUQHXWXQHUIUHX
OLFKHQ %HVXFK GXUFK GLH GHXWVFKH Ä)HXHUZHKU´ GLH DOOH HU
UHLFKEDUHQ ([HPSODUH GHU *UXQGODJHQ ]XU =HLWJHVFKLFKWH
NRQILV]LHUWH ,P 0DL  EHVFKOR‰ 5LFKWHU %XUFNKDUGW
6WHLQ YRP $PWVJHULFKW 7ELQJHQ GD‰ 5XGROI GHU QLFKW ]X
  9II*ÂÂ-DKUJDQJÂ+HIW
PDQKHOG0RQWDJLQVHLQHP+DXV%FKHUYHUVWHFNWKlOW:H
JHQ GLHVHV 9HUJHKHQV EHVXFKW GLH Ä)HXHUZHKU´ 0RQWDJ XQG
EHILHKOWLKPVHLQH%FKHUVHOEVW]XYHUEUHQQHQ
ª,FKZLOOGD‰GXJDQ]DOOHLQGLHVH$UEHLWPDFKVW0RQWDJ
1LFKW PLW %HQ]LQ XQG HLQHP 6WUHLFKKRO] VRQGHUQ LQ $N
NRUGDUEHLWPLWHLQHP)ODPPHQZHUIHU(VLVW,KU+DXVDOVR
DXFK,KU+DXVSXW]©
:lKUHQG 0RQWDJ VHLQ +DXV XQG VHLQH ZHUWYROOHQ %FKHU
YHUEUHQQWHUNOlUW%HDWW\lKQOLFKZLH5LFKWHU6WHLQ
ª6REDOG6LHIHUWLJVLQGVWHKHQ6LHXQWHU$UUHVW©
'LHVLVWEHLOHLEHNHLQ(LQ]HOIDOO,P)HEUXDUPX‰WH-RKQ
6DFNV HUOHEHQ ZLH VHLQ %XFK $XJH XP $XJH LQ GHP GLH
*HVFKLFKWHMGLVFKHU5DFKHDQ'HXWVFKHQQDFKGHP=ZHLWHQ
:HOWNULHJ GDUJHOHJW ZLUG GHP 5HL‰ZROI EHUJHEHQ ZXUGH
8QWHU %H]XJ DXI ,QIRUPDWLRQHQ GHV GHXWVFKHQ %XQGHVDUFKL
YHV EHULFKWHW 6DFN GD‰ ]ZLVFKHQ  XQG  'HXW
VFKH]ZLVFKHQXQGLQSROQLVFKHQ/DJHUQHUPRUGHW
ZXUGHQRGHUVRQVWZLHYHUVFKZDQGHQ
9RQ'HXWVFKODQGV(VWDEOLVKPHQWKDJHOWHHVVFKZHUH9RUZU
IH 'DV %XFK ZXUGH DOV ÄVHQVDWLRQDOLVWLVFK´ ÄDEVWR‰HQGHV
'RNXGUDPD´XQGDOVHLQÄ*HVFKHQNIU1HRQD]LV´DEJHZHU
WHW 'HU 9HUOHJHU VDK VLFK VFKQHOO PLW %HVFKZHUGHQ EHU
VFKZHPPW $OOH  ([HPSODUH GHU EHUHLWV JHGUXFNWHQ
GHXWVFKHQ )DVVXQJ EHIDQGHQ VLFK EHUHLWV LQ HLQHP 6WXWWJDUW
/DJHUKDXV DOV GHU 9HUOHJHU 9LNWRU 1LHPDQQ GHV 3LSHU
9HUODJHV HQWVFKLHG VLH ]X YHUQLFKWHQ $P  )HEUXDU WHLOWH
GHU9HUOHJHUPLWVLHZUGHQUHF\FOLHUWZHUGHQ
,P 'H]HPEHU  RUGQHWHQ GLH GHXWVFKHQ %HK|UGHQ GLH
9HUQLFKWXQJ DOOHU ([HPSODUH GHV %XFKHV 1LFKW VFKXOGLJ LQ
1UQEHUJYRQ&DUORV:3RUWHUDQ ZLHEOLFKHLQVFKOLH‰
OLFKDOOHU0LWWHO]XGHVVHQ+HUVWHOOXQJ3RUWHUGHUVHLQHU]HLW
LQ%HOJLHQOHEWHZXUGHYRQGHU9RUVLW]HQGHQ5LFKWHULQ=HL
OLQJHU LQ 0QFKHQ SHU 6WUDIEHIHKO ZHJHQ 9HUXQJOLPSIXQJ
EHVWUDIW:HJHQ(UVWHOOXQJ XQG9HUEUHLWXQJVHLQHUUHYLVLRQL
VWLVFKHQ $QDO\VHGHU1UQEHUJHU6LHJHUWULEXQDOH ZXUGH3RU
WHU]XHLQHU*HOGVWUDIHYRQ'0YHUXUWHLOW
3RUWHUV bUJHU PLW GHQ GHXWVFKHQ %HK|UGHQ KDWWH EHJRQQHQ
DOVHULP$XJXVWHLQLJH([HPSODUHVHLQHU%URVFKUHPLW
HLQHP %HJOHLWVFKUHLEHQ LQ GLH %XQGHVUHSXEOLN 'HXWVFKODQG
VDQGWH =HLOLQJHU ZDUI 3RUWHU YRU HLQLJH $EVFKQLWWH VHLQHU
UHYLVLRQLVWLVFKHQ $QDO\VH ZUGHQ GLH (U]lKOXQJHQ EHU GHQ
Ä+RORFDXVW´EHVWUHLWHQRGHUYHUKDUPORVHQ

'DV6WUHLFKKRO]HQW]QGHQ
(LQH GHU ZRP|JOLFK EHZHJHQGVWHQ 6]HQHQ LQ %UDGEXU\V
5RPDQLVWGLH'XUFKVXFKXQJGHU:RKQXQJHLQHUDOWHQ'DPH
QDFKGHP LKUH 1DFKEDUQ GHQ %HK|UGHQ YHUUDWHQ KDWWHQ GD‰
VLHHLQHLOOHJDOH%LEOLRWKHNDXIJHEDXWKDEH'LHÄ)HXHUZHKU´
JLH‰W LKU %HQ]LQ EHU GLH %FKHU 0RQWDJ EHULFKWHW GDUEHU
VSlWHUVHLQHU)UDX
ª:LU YHUEUDQQWHQ ([HPSODUH YRQ 'DQWH 6ZLIW XQG 0DUF
$XUHO©
$OV GLH Ä)HXHUZHKUOHXWH´ YHUVXFKWHQ GLH DOWH 'DPH DXV
LKUHP+DXV]XJHOHLWHQZHLJHUWHGLHVHVLFK'LH'DPHLVW]X
VWRO]XPVLFKGHUÄ)HXHUZHKU´XQWHU]XRUGQHQXQGIKUWVWDWW
GHVVHQ GLH DEVFKOLH‰HQGH +DQGOXQJ LKUHU 5HEHOOLRQ GXUFK
6LHHQW]QGHWGDV6WUHLFKKRO]XQGYHUEUHQQWVLFKVHOEVW
ª'LH )UDX VWDQG EHZHJXQJVORV LQ GHU (LQJDQJVKDOOH 6LH
WD[LHUWH VLH PLW LKUHQ $XJHQ LKUH 5XKH JOLFK HLQHU 9HU
GDPPXQJ%HDWW\VFKQLSSWHPLWGHQ)LQJHUQXPGDV.HUR
VLQDQ]X]QGHQ(UNDP]XVSlWGDPLW0RQWDJVWRFNWHGHU
$WHP 0LW 9HUDFKWXQJ IU VLH DOOH LQ GHQ $XJHQ KROWH GLH
)UDXLQGHU9RUKDOOHDXVXQGHQW]QGHWHLKU6WUHLFKKRO]DQ
GHP*HOlQGHU©
,P $SULO  ZXUGH 5HLQKROG (OVWQHU LQ 0QFKHQ LQ HLQ
lKQOLFKHV 6FKLFNVDO JHWULHEHQ ,Q VHLQHP $EVFKLHGVEULHI
EHVFKZHUWH HU VLFK ELWWHU GDUEHU GD‰ HLQH 1LDJDUIOXW YRQ
/JHQEHU'HXWVFKODQGXQGVHLQH*HQHUDWLRQKHUHLQEUHFKH
(UIKUWHDXVGD‰HUPLWVHLQHQ-DKUHQQLFKWPHKUYLHOWXQ
N|QQH'XUFKVHLQHQ0lUW\UHUWRGKRIIHHUGHQ'HXWVFKHQHLQ
6LJQDO ]X VHW]HQ XP ZLHGHU ]X 6LQQHQ ]X NRPPHQ $XFK
ZHQQQXUHLQ'HXWVFKHUGXUFKVHLQH7DWHUZDFKHXQGGDGXUFK
VHLQHQ:HJ]XU:DKUKHLWIlQGHGDQQVHKHHUVHLQH7DWQLFKW
DOVYHUJHEOLFKDQ(UVHKHIUVLFKNHLQHDQGHUH0|JOLFKNHLW
PHKU MHW]W GD QDFK  -DKUHQ QXU QRFK ZHQLJ +RIIQXQJ
EHVWHKHGD‰GLH9HUQXQIWGLH2EHUKDQGEHKDOWH
(UJLQJ]XU)HOGKHUUQKDOOHLQ0QFKHQJR‰%HQ]LQEHUVLFK
XQG HQW]QGHWH GDV 6WUHLFKKRO] 5HLQKROG (OVWQHU VWDUE DQ
VHLQHQ9HUEUHQQXQJHQLP.UDQNHQKDXV'LH%HK|UGHQKDEHQ
GLH3XEOLNDWLRQVHLQHV $EVFKLHGVEULHIHVXQWHUVWUHQJHU6WUDI

)HUQVHKÄ)DPLOLHQ´" ,Q %UDGEXU\V 5RPDQ LVW HLQHU GHU YLHU
:lQGHU MHGHV 5DXPHV HLQ ULHVLJHU )HUQVHKHU QLFKW DEHU EHL
%UDGEXU\V +HOG 6R JHVWHKW GHQQ DXFK 0RQWDJV )UDX GD‰
LKUH:RKQXQJQLFKWPHKUGLHLKUHVHLVRQGHUQGLHDOOHUP|J
OLFKHQIUHGPDUWLJHQ/HXWHZHQQDXFKVLHHLQHªYLHUWH:DQG©
KlWWHQ
:HQQ LQ )DKUHQKHLW  GHU.ULHJ HUNOlUW ZLUG EHNPPHUW
GDV GLH /HXWH NDXP ZHLO HV HLQ ªVFKQHOOHU .ULHJ VHLQ ZLUG
6WXQGHQKDEHQVLHJHVDJWXQGMHGHULVWZLHGHU=XKDXVH
'DVVDJWMHGHQIDOOVGLH$UPHH©(ULQQHUWVLFKMHPDQGGDUDQ
GD‰863UlVLGHQW&OLQWRQYHUVSUDFKGLH867UXSSHQZUGHQ
EHUHLWV LP 6HSWHPEHU  YRQ %RVQLHQ KHLPNHKUHQ" 1LH
PDQGHQ VFKHLQW ]X NPPHUQ GD‰ VLH DXFK KHXWH QRFK GRUW
VLQG 'DV 'HQNHQ LVW ZDKUOLFK VHOWHQ JHZRUGHQ YLHOOHLFKW
ZHLOHVVRVHKUPL‰ELOOLJWZLUG:LHYLHOHXQVHUHU'HQNHUVLQG
YRQGHPEHXQUXKLJWZDVVLFKKHXWHDEVSLHOW"
:LH YLHOH YRQ ,KQHQ ZHUWH /HVHU KDEHQ LKUH %FKHU XQG
=HLWVFKULIWHQ YHUVWHFNW" +DEHQ 6LH EHUHLWV HLQH JHKHLPH %L
EOLRWKHNHLQJHULFKWHW"+DEHQVLH$QJVWXP,KUH)UHXQGHXQG
XP MHQH GLH 6LH OLHEHQ" 'HU %XUVFKH 0RQWDJ YHUVWHFNWH
VHLQH%FKHU
ª(UVWUHFNWHVLFKQDFKREHQXQGVFKREGDV*LWWHUGHU.OL
PDDQODJH ]XUFN XQG JULII ZHLW QDFK KLQWHQ UHFKWV XP
KLQWHU HLQHP ZHLWHUHQ PHWDOOHQHQ 6FKLHEHU HLQ %XFK KHU
YRU]XKROHQ©
6ROFKH9HUVWHFNHVROOWH VLFKMHGHUYRQXQVDXVGHQNHQ ZHQQ
GLH KHXWLJHQ 7UHQGV LQ 5LFKWXQJ )DKUHQKHLW  QLFKW UFN
JlQJLJJHPDFKWZHUGHQN|QQHQ
,URQLVFKHUZHLVH EHULFKWHW %UDGEXU\ LQ VHLQHP %XFK EHU
=HQVXUGD‰DXFK)DKUHQKHLW]HQVLHUWZRUGHQLVW
ª,FK HQWGHFNWH GD‰ LUJHQG ZHOFKH :LQNHOYHUOHJHU GLH
$QJVW KDWWHQ GLH -XJHQG ]X LQIL]LHUHQ 6WFN IU 6WFN 
HLQ]HOQH$EVFKQLWWHDXVGHP5RPDQJHVWULFKHQKDWWHQ©
/DVVHQ 6LHXQVGHQ'LQJHQLQGLH $XJHQVHKHQGLH Ä)HXHU
ZHKU´LVWLPJUR‰HQ6WLOHWlWLJ8QVHUH=XNXQIWKlQJWGDYRQ
DEGD‰GLH:DKUKDIWLJNHLWXQGGLHLQWHOOHNWXHOOH)UHLKHLWVLFK
ZLH3K|QL[DXVGHU$VFKHGHU*HJHQZDUWHUKHEW
DQGURKXQJYHUERWHQELV]XIQI-DKUH+DIWXQGHUNOlUWHQHV 
IULOOHJDOLKP]X(KUHQ%OXPHQDQGHU6WHOOHQLHGHU]XOHJHQ $QPHUNXQJHQ
ZR (OVWQHU VLFK YHUEUDQQWH 9LHOH IUDJHQ VLFK ZLH ODQJH HV 
hEHUDUEHLWHWH )DVVXQJ HLQHV LQ 7KH /DVW 'LWFK 1U   :70
JHGDXHUWKlWWHELVGLHGHXWVFKHÄ)HXHUZHKU´(OVWQHUEHVXFKW (QWHUSULVHV5RDQRNH,1SXEOL]LHUWHQ$UWLNHOV
KlWWHKlWWHHUVLFKQLFKW]XYRUVHOEVWYHUEUDQQW 
 -DPHV-0DUWLQª,QWURGXFWLRQ©LQ+DUU\(OPHU%DUQHV%DUQHV$JDLQVW
WKH%ODFNRXW ,QVWLWXWHIRU+LVWRULFDO5HYLHZ&RVWD0HVD&$6
;9,,
6FKOX‰IROJHUXQJHQ 
 +DUU\(%DUQHVª5HYLVLRQLVPDQGWKH3URPRWLRQRI3HDFH©LQHEHQGD
+HXWH EHJHJQHW PDQ ZHOWZHLW 9HUOHJHUQ GLH $QJVW KDEHQ 6  %DUQHV $UWLNHO HUVFKLHQ HUVWPDOLJ LQ GHU 6RPPHUDXVJDEH 
EHVWLPPWH 0DQXVNULSWH DXFK QXU DQ]XIDVVHQ 0XWLJH 9HUOH 
YRQ/LEHUDWLRQ
JHUPVVHQHUOHEHQZLHLKUH'UXFNHUVLFKZHLJHUQEHVWLPP  5D\%UDGEXU\)DKUHQKHLW%DOODQWLQH%RRNV1HZ<RUN6

 (EHQGD6
WH %FKHU ]X GUXFNHQ 9HU|IIHQWOLFKWH :HUNH XQWHUOLHJHQ 
 9JO 0DUN :HEHU 7KH =LRQLVW 7HUURU 1HWZRUN ,QVWLWXWH IRU +LVWRULFDO
LPPHU KlXILJHU (LQ]LHKXQJ XQG GHU 9HUQLFKWXQJ GXUFK GLH 5HYLHZ1HZSRUW%HDFK&$6

Ä)HXHUZHKU´ $XWRUHQ 9HUOHJHU +HUDXVJHEHU 'UXFNHU 
 (YHQLQJ6WDQGDUG6HSWHPEHU
6HW]HU %XFKKlQGOHU ,PSRUWHXUH XQG %XFKNlXIHU ZHUGHQ
ZHJHQGHU9HUEUHLWXQJXQHUZQVFKWHU6FKULIWHQ]X*HOGXQG
+DIWVWUDIHQYHUXUWHLOW
$XI GHU JDQ]HQ :HOW ZHUGHQ 1DFKULFKWHQ ZLH GLH YRQ GHU
V
6HOEVWYHUEUHQQXQJYRQ5HLQKROG(OVWQHUWRWJHVFKZLHJHQ:LU
VROOHQXQVHUHQ.RSIPLWDXIJUR‰HQ%LOGVFKLUPHQSUlVHQWLHU
WHQ 6SRUWHUHLJQLVVHQ 6KRZV 6SLHOILOPHQ XQG EDOG DXFK PLW
GHP%LOGWHOHIRQYROOVWRSIHQ8QVHU*HLVWVROOVHOEVWDXI5HL
 --0DUWLQDD2$Q6;9,,YJODXFK0:HEHUDD2$QP
6

 5 +DUZRRG 'LG 6L[ 0LOOLRQ 5HDOO\ 'LH" 7KH WUXWK DW ODVW +LVWRULFDO
5HYLHZ 3UHVV 5LFKPRQG  RQOLQH HUKlOWOLFK XQWHU
KWWSZZZZHEFRPFRPaH]XQGHOHQJOLVKKDUZRRG'LGVL[KWPO
 ª7UDGLWLRQDO (QHP\ 7RUFKHV =XHQGHO¶V +HDGTXDUWHUV© 'DYLG ,UYLQJ
$FWLRQ5HSRUWE-XQHS9JODXFK3RZHU/HWWHU
XQG7KH7RURQWR6XQ

 ª6W 0DUWLQ¶V &DQFHOV %RRN 2Q *RHEEHOV© 7KH 1HZ <RUN 7LPHV
6'

 5%UDGEXU\DD2$QP6
VHQ YRQ/DSWRS&RPSXWHUVXQGVRJDUGXUFK2QIOLJKW&RP 
 )6FKHLGO*HVFKLFKWHGHU9HUIHPXQJ'HXWVFKODQGV%lQGH6HOEVWYHU
SXWHUVSLHOH DEJHOHQNW ZHUGHQ 5HFKQHUJHVWHXHUWH ªFKDW ODJ:LHQ
URRPV© HUP|JOLFKHQ XQV HLQ Ä*HVSUlFK´ PLW JHVLFKWVORVHQ 
 'LH SV\FKLDWULVFKHQ 8QWHUVXFKXQJHQ YRQ (PLO /DFKRXW XQG $QGUHDV
)UHPGHQ :LH ZHLW VLQG ZLU QRFK HQWIHUQW YRQ %UDGEXU\V 5|KOHU9HUODJGHU)UHXQGHZXUGHQLQGLHVHQ+HIWHQGHV|IWHUHQ$QJH
VSURFKHQYJODXFKGHQ%HLWUDJYRQ37|SIHULQGLHVHP+HIW

9II*ÂÂ-DKUJDQJÂ+HIW  
 
 : 6WlJOLFK 'HU $XVFKZLW]0\WKRV *UDEHUW 7ELQJHQ  5HSULQW  5 .DPPHUHU $ 6ROPV +J 'DV 5XGROI *XWDFKWHQ &URPZHOO /RQ
HUKlOWOLFKEHL9+2=XU(LQ]LHKXQJYJO:*UDEHUW*HVFKLFKWVEHWUDFK GRQ2QOLQHKWWSZZZYKRRUJ'UJDUJDWRFKWPO

WXQJDOV:DJQLV*UDEHUW7ELQJHQ

 5 .RVLHN +LVWRULNHUVWUHLW XQG *HVFKLFKWVUHYLVLRQ *UDEHUW9HUODJ
7ELQJHQ6I'DV)UHLH)RUXP1U6I

 (LQVFKOlJLJ KLHUEHL YRU DOOHP GLH (QW]LHKXQJ GHV 'RNWRUWLWHOV LP )DOOH
+HQUL 5RTXHV YJO $ &KHODLQ )DXWLO IXVLOOHU +HQUL 5RTXHV" 3ROpPL
 ª5HYLVLRQLVW%RRNV6HL]HGLQ*HUPDQ3ROLFH5DLG©-+56


 1lKHUHV ]X GHP )DOO LVW QDFK]XOHVHQ LQ :LOKHOP 6FKOHVLJHU 'HU )DOO
5XGROI0HQVFKHQUHFKWVZLGULJHU9HUQLFKWXQJVIHOG]XJJHJHQHLQHQWDGHO
ORVHQ :LVVHQVFKDIWOHU &URPZHOO 3UHVV %ULJKWRQ6XVVH[  +HUEHUW
TXHV 2JPLRV 'LIIXVLRQ 3DULV GLH GLYHUVHQ 6WUDIYHUIDKUHQ JHJHQ 9HUEHNH.DUGLQDOIUDJHQ]XU=HLWJHVFKLFKWH9ULM+LVWRULVFK2QGHU]RHN
3URI5)DXULVVRQ95H\QRXDUGXQGGLH9HUERWHGHU3XEOLNDWLRQHQYRQ %HUFKHP

9+2/HPDVVDFUHG¶2UDGRXU/H5DSSRUW5XGROIEHUGLHLQ9II*EH  =XPOHW]WHQ6WDQGGHU%XFKEHVFKODJQDKPXQJHQYJOGLHLP+HIW
UHLWVEHULFKWHWZXUGH GLHVHU=HLWVFKULIWYHU|IIHQWOLFKWHQ/LVWH
 
 'HU |VWHUUHLFKLVFKH 3RHW XQG 5HYLVLRQLVW * +RQVLN YHUXUVDFKWH GXUFK  5-(LELFKW+HOOPXW'LZDOG+RKHQUDLQ7ELQJHQ

HLQHV VHLQHU )OXJEOlWWHU EHU GLH DQJHEOLFKH *DVNDPPHUQ LP ./ 0DXW  5%UDGEXU\DD2$QP6

KDXVHQHQWVSUHFKHQGHQ:LUEHO6HLQLQGHQ0HGLHQVWDUNEHDFKWHWHU3UR  5%UDGEXU\DD2$QP6

]H‰ZDUHLQHUGHU7ULHEIHGHUQIUGLH9HUVFKlUIXQJGHU=HQVXULQgVWHU  ª%RRN 'HWDLOLQJ -HZLVK &ULPHV $JDLQVW *HUPDQV %DQQHG© -+5 
UHLFK YJO : 5DGHPDFKHU 'HU )DOO /IWO LQ ( *DXVV +J DD2  6  YJO DXFK ª*HUPDQ 3XEOLVKHU 'URSV %RRN RQ 3RVWZDU
$QP &DPSV IRU 1D]LV© 7KH 1HZ <RUN 7LPHV )HEUXDU\   'DV %XFK

 +DQV0RVHUª1DWXUJHVHW]HJHOWHQIU1D]LVXQG$QWLIDVFKLVWHQ©$XOD HUVFKLHQ GDQQ GRFK HLQLJH 0RQDWH VSlWHU LP +DPEXUJHU .DEHO9HUODJ
  6  YJO ª(LQ UDXKHV /IWO© %DX   6  6WDDWVDQ (QJO$Q(\HIRUDQ(\H7KH8QWROG6WRU\RI-HZLVK5HYHQJH$JDLQVW
ZDOWVFKDIW*UD] YV+HUZLJ 1DFKWPDQQ$]6W *HUPDQVLQ%DVLF%RRNV+DUSHU&ROOLQV1HZ<RUN

1DFKWPDQQ HUKLHOW  0RQDWH DXI %HZlKUXQJ XQG PX‰WH  g6  1LQHW\ (LJWK\ )RXU 3UHVV %ULJKWRQ  HQJO 1RW *XLOW\ DW 1XUHP
6WUDIH]DKOHQ'0 EHUJ7KH*HUPDQ'HIHQVH&DVHHEHQGD
 
 =XP 'HFNHUW3UR]H‰ XQG ]X YLHOHQ ZHLWHUHQ PHQVFKHQUHFKWVZLGULJHQ  ª&DUORV 3RUWHU VHQWHQFHG LQ *HUPDQ\ VD\V Ä1XWV´ IURP %HOJLXP©
9HUIROJXQJHQ YJO 5 - (LELFKW +J 8QWHUGUFNXQJ XQG 9HUIROJXQJ 6PLWK¶V5HSRUW1U)HEUXDU6I'RNXPHQWHEH]JOLFK&DUORV
'HXWVFKHU 3DWULRWHQ *HVLQQXQJVGLNWDWXU LQ 'HXWVFKODQG" +XWWHQ 9HU 3RUWHUV %HVWUDIXQJ VLQG LP ,QWHUQW ]X ILQGHQ XQWHU
ODJ9L|O KWWSZZZFRGRKFRPJHUPDQ\*(53257KWPO
 
 (VKDQGHOWVLFKGDEHLXPGDV%XFKYRQ*QWKHU$QQWRKQ*QWHU'HN  5%UDGEXU\DD2$QP6

NHUWXQG+HQUL5RTXHV'HU)DOO*QWHU'HFNHUW'$*'*HUPDQLD9HU  5%UDGEXU\DD2$QP6I

ODJ :HLQKHLP  /* 0DQQKHLP   1V  VRZLH XP GHQ  5HLQKROG (OVWQHU ª$ /DVW /HWWHU IURP 2QH RI 2XU 1XPEHU© 'DYLG ,U
9HUWULHEGHV%XFKHVYRQ(*DXVV+J*UXQGODJHQ]XU=HLWJHVFKLFKWH YLQJV$FWLRQ5HSRUW-XO\6,QV(QJOLVFKHEHUVHW]WYRQ
*UDEHUW7ELQJHQ +DQV6FKPLGW9JODXFKª$*HUPDQ7DNHV+LV/LIHWR3URWHVW'HIDPD

 ª&RUUXSW *HUPDQ &RXUW -DLOV 'HFNHUW IRU 7ZR <HDUV© 'DYLG ,UYLQJV WLRQDQG+LVWRULFDO/LHV©-+56I

$FWLRQ5HSRUWE-XQHSYJODXFKª7ZR<HDU3ULVRQ6HQ  5%UDGEXU\DD2$QP6I

WHQFHIRUÄ+RORFDXVW'HQLDO´©7KH-RXUQDORI+LVWRULFDO5HYLHZ  5%UDGEXU\DD2$QP6

6II  5%UDGEXU\DD2$QP6
 
 $QP2QOLQHKWWSZZZFRGRKFRPLQWHULQWJUXQGH[KWPO


)U6LHJHOHVHQ
LQ7KH:DVKLQJWRQ5HSRUW2Q0LGGOH(DVW$IIDLUV-XQL-XOL6
9RP+RORFDXVW0XVHXPDXVJHODGHQ
6FKULIWVWHOOHUVSULFKWEHLP1DWLRQDOHQ3UHVVHFOXE

ª'DV +RORFDXVW 0XVHXP PDFKW HLQH ZXQGHUYROOH $UEHLW
$EHU LFK ILQGH HV DEVWR‰HQG GD‰ GDV +RORFDXVW 0XVHXP
EHU HLQH 6DFKH QLFKW VSULFKW QlPOLFK EHU 9|ONHUPRUG
ZHQQHUYRQ-XGHQEHJDQJHQZLUG©
-RKQ6DFN$XWRUYRQ$XJHXP$XJH)HEUXDU
'HP 866FKULIWVWHOOHU -RKQ 6DFN ]X]XK|UHQ LVW ZLH ZHQQ
PDQLQ7DXVHQGXQGHLQH1DFKWOLHVW-HGHVXQZDKUVFKHLQOLFKH
$EHQWHXHU VFKHLQW ]X HLQHU QRFK HUVWDXQOLFKHUHQ *HVFKLFKWH
]XIKUHQ$EHUZlKUHQGGLH$UDELVFKHQ1lFKWHHLQ0lUFKHQ
LVWGDVLQ%DJGDG]XU=HLWGHV.DOLIHQ$EEDVLGKDQGHOWVLQG
-RKQ 6DFNV *HVFKLFKWHQ ZDKU 6LH HUHLJQHQ VLFK VHLW HLQHP
KDOEHQ-DKUKXQGHUWDQVRYHUVFKLHGHQHQ3OlW]HQZLH.DOLIRU
QLHQ 3ROHQ 'HXWVFKODQG XQG ,VUDHO 8QG ZlKUHQG GLH YHU
VFKLHGHQVWHQ $XVJDEHQ GHU $UDELVFKHQ 1lFKWH LQ MHGHP
%XFKODGHQ]XKDEHQVLQGLVW-RKQ6DFNV%XFK$XJHXP$X
JH GDV  YHU|IIHQWOLFKW ZXUGH ZHQLJHU DOV YLHU -DKUH
GDQDFKYHUJULIIHQ
'HU MlKULJH MGLVFKH $XWRU GHU ]XU =HLW LQ ,GDKR OHEW
ZXUGH YRQ 0LFKDHO %HUHQEDXP ELV QHXOLFK 'LUHNWRU GHV
)RUVFKXQJVLQVWLWXWHVGHV+RORFDXVW0XVHXPVLQ:DVKLQJWRQ
'&HLQJHODGHQXPYRUHLQHPDXVJHVXFKWHQ3XEOLNXPVHLQH

 5%UDGEXU\DD2$QP6
9RQ5LFKDUG+&XUWLVV
*HVFKLFKWH ]X HU]lKOHQ GHU ]XIROJH HWZD  ELV 
GHXWVFKH*HIDQJHQHLP$QVFKOX‰DQGHQHXURSlLVFKHQ+ROR
FDXVW GHV =ZHLWHQ :HOWNULHJHV YRUQHKPOLFK LQ GHQ +lQGHQ
MGLVFKHU :DFKPDQQVFKDIWHQ VWDUEHQ .XU] YRU GLHVHU 5HGH
ZXUGH GLH 9HUDQVWDOWXQJ DOOHUGLQJV YRQ GHP QHXHQ 0XVH
XPVGLUHNWRU'U:DOWHU5HLFKJHVWULFKHQ
'DGLHVH$XVODGXQJQDFK6DFNV$QJDEHQYRUVlW]OLFKHUIROJ
WHKDEHHUIU'ROODUHLQHQ5DXPDQJHPLHWHWXPGLHVH
5HGH DP  YRU -RXUQDOLVWHQ LP 1DWLRQDOHQ 3UHVVHFOXE
LQ :DVKLQJWRQ '& ]X KDOWHQ 6DFNV 0L‰JHVFKLFN PLW GHQ
=HQVRUHQGHV|IIHQWOLFKHQ86+RORFDXVW0XVHXPVIDQGLKUHQ
$QIDQJLP$SULOLQ.DOLIRUQLHQDOVHUGLH7RFKWHUHLQHU
MGLVFKHQ +RORFDXVWhEHUOHEHQGHQ QDPHQV /ROD 3RWDN WUDI
'LH7RFKWHUEHULFKWHWHZLHLKUH0XWWHU0XWWHUXQG6FKZHVWHU
LQ GHQ 1D]L.RQ]HQWUDWLRQVODJHUQ YHUORUHQ KDWWH XQG ZLH
HLQHU LKUHU %UGHU YRQ GHQ 1D]LV LP -DQXDU  JHKlQJW
ZRUGHQZDU
.XU]GDUDXIDOVGLH+lIWOLQJHLP:LQWHUZHJHQGHU
KHUDQQDKHQGHQ $OOLLHUWHQ YRQ HLQHP /DJHU LQV QlFKVWH PDU
VFKLHUW VHLHQ VHL /ROD 3RWDN GLH GDPDOV QXU  3IXQG ZRJ
GLH )OXFKW JHOXQJHQ 1DFKGHP GDV *HELHW LQ GHP VLH VLFK
 9II*ÂÂ-DKUJDQJÂ+HIW

YHUVWHFNW KDWWH YRQ GHQ 5XVVHQ EHUUDQQW ZRUGHQ VHL KDEH
VLH VLFK IUHLZLOOLJ EHL GHU SROQLVFKHQ *HKHLPSROL]HL JHPHO
GHW XP JHJHQ LKUH GHXWVFKHQ 8QWHUGUFNHU ]X DUEHLWHQ 6LH
ZXUGH VFKOLH‰OLFK .RPPDQGDQWLQ HLQHV /DJHUV IU GHXWVFKH
*HIDQJHQHLQ*OHLZLW]6FKOHVLHQ:LH6DFNHUIXKUZDUGLHV
HLQHV YRQGHUDUWLJHU/DJHUGLHHUULFKWHW ZXUGHQQDFK
GHP GLH 6RZMHWV 2VWHXURSD EHVHW]W KDWWHQ 'LH QlFKVWHQ ò
-DKUHYHUEUDFKWH6DFNGDPLW/RODXQGDQGHUHIUKHUH:lFK
WHU]XGHQHQHUGXUFKVLH.RQWDNWHUKLHOWEHULKUH(UIDKUXQ
JHQLQUXVVLVFKHQXQGSROQLVFKHQ/DJHUQ]XEHIUDJHQ
=HUVW|UHQGHU+D‰
'DV(UJHEQLVZDUHLQ%HLWUDJLQGHU=HLWVFKULIW&DOLIRUQLDPLW
GHP 7LWHO ª/RODV 5DFKH XQG /RODV :LHGHUJXWPDFKXQJ©
'DULQEHVFKULHE6DFNZLH/RODGLH]XHUVWDQQLFKWVDQGHUHV
DOV5DFKHGHQNHQNRQQWHHLQHV7DJHVHLQHQ:DFKPDQQXQWHU
LKUHP .RPPDQGR ]XU 5HGH VWHOOWH GHU HLQHQ GHXWVFKHQ *H
IDQJHQHQ VFKOXJ ª:HQQ GX VLH YHUDFKWHVW ZDUXP ZLOOVW GX
GDQQ VR VHLQ ZLH VLH"© IUXJ VLH 6HLWKHU YHUODQJWH VLH YRQ
LKUHQ :DFKOHXWHQ GD‰ VLH GLH GHXWVFKHQ *HIDQJHQHQ ZLH
0HQVFKHQEHKDQGHOWHQª9LHOOHLFKWOHUQHQGLH0HQVFKHQGD‰
GHLQ+D‰DXIGHLQHQ1DFKEDUQZDKUVFKHLQOLFKQLFKWLKQPLW
6LFKHUKHLW DEHU GLFK ]HUVW|UHQ ZLUG© PHLQWH /ROD 6DFNV
%HLWUDJ ZXUGH DOV EHVWHU $UWLNHO GHV -DKUHV DXVJH]HLFKQHW
,QIROJHGHVVHQVFKOR‰HUPLW/RODHLQHQ9HUWUDJGHP]XIROJH
VLHEHLGHDQHLQHP%XFKDUEHLWHQZROOWHQGDVEHUGLH/DJHU
IU GHXWVFKH *HIDQJHQH EHULFKWHW GLH YRQ MGLVFKHQ +ROR
FDXVWhEHUOHEHQGHQ EHWULHEHQ ZXUGHQ 1DFKGHP HU HLQLJH
9HUODJHNRQWDNWLHUWKDWWHZXUGHVHLQH,GHHYRP9HUODJ+HQ
U\+ROWDXIJHJULIIHQ
=X6DFNVbUJHUYHUZHLJHUWHQGDQQDEHUVRZRKO/RODDOVDXFK
DQGHUH :lFKWHU GLH LKP /ROD YRUJHVWHOOW KDWWH LKUH *H
VFKLFKWHQ ]X YHUZHQGHQ $OV 6DFN GDUDXI YHUZLHV GD‰ PDQ
HLQHQ 9HUWUDJ DEJHVFKORVVHQ KDEH GURKWHQ VLH LKQ ª]X YHU
NODJHQ]XHUPRUGHQXQGGLHMGLVFKH0DILDHLQ]XVFKDOWHQ©
ZLH6DFNEHULFKWHWH
6DFN GHU IOLH‰HQG GHXWVFK OLHVW XQG VSULFKW EHVFKOR‰ GDKHU
]ZDUGLH =XVDPPHQDUEHLW PLWGLHVHQDQIlQJOLFKHQ0LWDUEHL
WHUQDXI]XJHEHQQLFKWDEHUVHLQ%XFKSURMHNW,P$SULO
EHVXFKWH HU GDV GHXWVFKH %XQGHVDUFKLY LQ HLQHU )HVWXQJ
REHUKDOEGHV5KHLQHV'DULQIDQGHUIQI=HXJHQEHULFKWHYRQ
'HXWVFKHQ GLH LQ /RODV *HIlQJQLV HLQJHVSHUUW ZDUHQ (U
VXFKWH GLH IQI *HIDQJHQHQ DXI IDQG GUHL ZHLWHUH :DFKHQ
GLHXQWHU/RODJHGLHQWKDWWHQXQGEHVXFKWHGDV*HIlQJQLV
ª/ROD KDW DOVR GLH :DKUKHLW HU]lKOW DEHU VLH KDW QLFKW GLH
JDQ]H :DKUKHLW HU]lKOW© EHULFKWHWH 6DFN GHQ =XK|UHUQ LP
3UHVVHFOXE(UHUOlXWHUWHGD‰HUHUIXKUGD‰
ªVLFK XQWHU GHQ *HIDQJHQHQ LQ /RODV /DJHU  GHXWVFKH
6ROGDWHQEHIDQGHQ$EHUHVJDEDXFK=LYLOLVWHQ>«@
'LHVH ZXUGHQ JHIROWHUW (LQHU ZDU HLQ MlKULJHU -XQJH
GHUHLQJHVSHUUWZXUGHZHLOHUHLQH3IDGILQGHUXQLIRUPJH
WUDJHQ KDWWH 6LH JRVVHQ LKP %HQ]LQ EHU GLH +DDUH XQG
]QGHWHQLKQDQ(UZXUGHYHUUFNW'LH'HXWVFKHQGLHLQ
GHP/DJHUVWDUEHQZXUGHQLQ0DVVHQJUlEHUQDXIGHPND
WKROLVFKHQ)ULHGKRIEHHUGLJW
'LH :DKUKHLW LVW GD‰ GLH *HIDQJHQHQ LQ /RODV *HIlQJQLV
VFKOLPPHUGUDQZDUHQDOV/RODLQ$XVFKZLW]'HQ:DFKHQ
LQ$XVFKZLW]ZDUHV]XP%HLVSLHOQLFKWHUODXEW*HIDQJHQH
]XYHUJHZDOWLJHQ,Q/RODV*HIlQJQLVWDWHQVLHGLHV©
6DFN]XIROJHZXUGHQGLH*HIlQJQLVVHYRPSROQLVFKHQ6WDDWV
VLFKHUKHLWVGLHQVW JHOHLWHW 'LH 'HXWVFKHQ QDQQWHQ LKQ GLH
ªSROQLVFKH*HVWDSR©
9II*ÂÂ-DKUJDQJÂ+HIW  

ª)DVWDOOH'LUHNWRUHQGHV6LFKHUKHLWVGLHQVWHVZDUHQ-XGHQ
9RQGHQ2IIL]LHUHZDUHQô-XGHQXQGó.DWKROLNHQ©VDJW
6DFN
6DFNVXFKWHDQVFKOLH‰HQGQDFKGHQ/DJHURIIL]LHUHQXQGIDQG
HLQLJH LQ ,VUDHO XQG HLQHQ LQ 1HZ -HUVH\ 'LHVHU EHVWlWLJWH
GD‰ ]ZLVFKHQ  XQG  'HXWVFKH LQ GHQ /DJHUQ
VWDUEHQ,QHLQHP/DJHUVWDUEHQYRQ%DELHV
ª9RQ*OHLZLW]JLQJHQZLUZHVWZlUWVQDFK%UHVODXXQGYRQGD
QDFK 3UDJ© EHULFKWHWH LKP HLQ DQGHUHU :DFKPDQQ GHU EH
VFKUHLEW ZLH GLH 'HXWVFKHQ LP 5FNHQ GHU DOOLLHUWHQ 6WUHLW
NUlIWHLQKDIWLHUWZXUGHQ
ª,QGLHVHQ/DJHUQVWDUEHQPHKU'HXWVFKHDOVEHLGHQ/XIW
DQJULIIHQDXI'UHVGHQXQG+LURVKLPD©EHULFKWHW6DFN
ª8QGREZRKOGLH$Q]DKOGHU'HXWVFKHQGLHLQGHQ/DJHUQ
VWDUE QXU HLQ 3UR]HQW GHUMHQLJHQ LVW GLH LP +RORFDXVW
VWDUEHQPHLQWHHLQGHXWVFKHUhEHUOHEHQGHUGD‰HVIUGLH
2SIHUHLQZHLWHUHU+RORFDXVWZDU©
6DFN K|UW DXFK YRQ 6RORPRQ 0RUHO DQJHEOLFK /ROD 3RWDNV
)UHXQGXQG.RPPDQGDQWHLQHVDQGHUHQ*HIDQJHQHQODJHUVLQ
3ROHQ 'HU EHWUXQNHQH 0RUHO OLH‰ HLQH *UXSSH GHXWVFKHU
*HIDQJHQHU DQWUHWHQ XQG EHGURKWH VLH GD‰ HU VLH XPEULQJHQ
ZHUGHZHQQVLHQLFKWGDV+RUVW:HVVHO/LHGVLQJHQZUGHQ
$OVGLH*HIDQJHQHQGDQQXQWHU=ZDQJVDQJHQILQJHUDQVLH
PLWHLQHP+RO]VWXKO]XHUVFKODJHQ
'HU$XWRUKDWGLH*HVFKLFKWHYRQ0RUHODOVVHSDUDWHQ$UWLNHO
]XU3XEOLNDWLRQYRUEHUHLWHW
ª*4]DKOWH'ROODUGDIUXQGYHU|IIHQWOLFKWHHVGDQQ
GRFK QLFKW© VDJWH 6DFN ª0RWKHU -RQHV PHOGHWH VLFK QLH
ZLHGHU XQG 1HZ <RUNHU ZHLJHUWH VLFK GHQ %HLWUDJ EHU
KDXSWDQ]XVFKDXHQ©
7KH9LOODJH9RLFHDOOHUGLQJVYHU|IIHQWOLFKWHGHQ%HLWUDJEHU
6RORPRQ0RUHOLP-DKUXQGLPJOHLFKHQ-DKUSXEOL]LHU
WH GHU 9HUODJ %DVLF %RRN QDFK ODQJHU 9HU]|JHUXQJ HQGOLFK
GDV %XFK $Q (\H IRU DQ (\H 7KH 8QWROG 6WRU\ RI -HZLVK
5HYHQJH $JDLQVW *HUPDQV LQ  >$XJH XP $XJH 'LH
XQEHNDQQWH*HVFKLFKWHMGLVFKHU5DFKHDQ'HXWVFKHQ@
7DWVlFKOLFKZXUGHGDV%XFKKHNWLVFKYHU|IIHQWOLFKWXPZlK
UHQGGHU)HUQVHKVHQGXQJª0LQXWHV©YRQ&%6EHU0RUHOV
*HVFKLFKWHYRUJHVWHOOWZHUGHQ]XN|QQHQ
0LW GHU 9HU|IIHQWOLFKXQJ VHLQHV %XFKHV K|UWH GHU bUJHU IU
-RKQ6DFNDEHUEHLOHLEHQLFKWDXI(LQLJH5H]HQVRUHQEH]ZHL
IHOWHQ GLH (FKWKHLW GHU JHVFKLOGHUWHQ *HVFKLFKWH (LQH hEHU
VFKULIW ODXWHWH ª'LH JUR‰H /JH )RUWVHW]XQJ© (LQ DQGHUHU
5H]HQVHQW QDQQWH GDV %XFK HLQ ªIDOVFKHV =HXJQLV© XQG HLQ
ZHLWHUHU VSHNXOLHUWH GD‰ ªQLFKWV GDYRQ MHPDOV JHVFKHKHQ©
VHL 2EZRKO GLH *HVFKLFKWH YRQ 0RUHO LQ =HLWXQJHQ LQ 7HO
$YLY DEJHGUXFNW ZXUGH ªZXUGH VLH LQ GHQ 86$ DX‰HU YRQ
&%6QXULQGHU1HZ<RUN7LPHVJHEUDFKW©VDJWH6DFN
'HU 866FKULIWVWHOOHU EHVWHKW GDUDXI GD‰ DXV VHLQHQ )RU
VFKXQJVHUJHEQLVVHQ/HKUHQ]X]LHKHQVHLHQ
ª:LHN|QQHQZLUDQGHUHQ9|ONHUQZLHGHQ'HXWVFKHQGHQ
6HUEHQ XQG GHQ +XWXV VDJHQ ZDV LKU PDFKW LVW IDOVFK
ZHQQ ZLU HV VHOEHU PDFKHQ XQG GDQQ YHUWXVFKHQ"© IUDJW
HU ª:LHNRQQWHQGLH'HXWVFKHQGDVWXQ"%LVZLUGDVKHU
DXVJHIXQGHQKDEHQZHUGHQGLHVH+RORFDXVWVZHLWHUJHKHQ
:HQQZLUKDVVHQXQGXQVGDYRQOHLWHQODVVHQGDQQKDEHQ
ZLUVSlWHUQRFKPHKU+D‰0DQPX‰NHLQ'HXWVFKHUVHLQ
XPVR]XZHUGHQ:LUKDEHQHVDOOHLQXQVZDVXQV]X1D
]LVPDFKHQNDQQ+D‰LVWZLHHLQ0XVNHO-HPHKUZLULKQ
WUDLQLHUHQXPVRJU|‰HUZLUGHU©IKUW6DFNDXV
6DFNV *ODXEH DQ VHLQH 0LVVLRQ ZLUG GXUFK GLH :LGPXQJ
VHLQHV%XFKHVSUlJQDQWDXVJHGUFNW
 ª)U DOOH GLH VWDUEHQ XQG IU DOOH GLH DXIJUXQG GLHVHU
*HVFKLFKWHOHEHQP|JHQ©
1HZ5HSXEOLFQDKPHLQH$Q]HLJHIUGLHVHV%XFKDQZHLJHU
WHVLFKMHGRFKVLHHLQ]ZHLWHV0DODE]XGUXFNHQ6WDWWGHVVHQ
lX‰HUWH VLFK GHU )HXLOOHWRQUHGDNWHXU GLHVHU =HLWVFKULIW /HRQ
:LHVHOWLHU ± HLQHP $UWLNHO GHU :DVKLQJWRQ 3RVW ]XIROJH ±
NXU]QDFK(UVFKHLQHQGHV%XFKHVGLHVVHLªHLQHVGHUGPP
VWHQ %FKHU GLH LFK MHPDOV JHOHVHQ KDEH XQG LFK EHVFKOR‰
RIIHQGHP%XFKVRYLHO6FKDGHQ]X]XIJHQZLHLFKQXUN|QQ
WH© :HGHU GLH :DVKLQJWRQ 3RVW QRFK GLH 1HZ <RUN 7LPHV
UH]HQVLHUWHQ GDV %XFK EHL VHLQHP (UVFKHLQHQ 'HU 8QZLOOH
DXFK QXU YRQ GHU ([LVWHQ] GHV %XFKHV 1RWL] ]X QHKPHQ
IKUWHGD]XGD‰GLH=HLWVFKULIW1HZ<RUNLP0DLHLQHQ
$UWLNHO PLW GHU hEHUVFKULIW ª'DV %XFK GDV VLH QLFKW ]X UH
]HQVLHUHQ ZDJHQ© SXEOL]LHUWH 'HU $UWLNHO EHULFKWHWH GD‰
]ZHLIKUHQGH:LVVHQVFKDIWOHU,VWYDQ'HDNXQG$UQR0D\HU
YHULIL]LHUW KDWWHQ GD‰ GLH $UW YRQ 9HUEUHFKHQ ZLH VLH YRQ
-RKQ6DFNLQVHLQHP%XFKJHVFKLOGHUWZLUGWDWVlFKOLFKVWDWW
JHIXQGHQKDW
6FKOLH‰OLFK GUXFNWH GLH OLEHUDOH =HLWVFKULIW 7KH 1DWLRQ HLQHQ
%HLWUDJEHUGDV%XFKYRQGHP+LVWRULNHU-RQ:LHQHU'DULQ
DOOHUGLQJVZDUHQbX‰HUXQJHQYRQ'HDNXQG0D\HUHQWKDOWHQ
GLH GHUHQ =LWDWH LP 0DJD]LQ 1HZ <RUN ZLGHUUXIHQ RGHU GH
PHQWLHUHQ :LHQHUV HLJHQH 6FKOX‰IROJHUXQJ ZDU GD‰ 6DFN
ªGLH*HVFKLFKWHYHU]HUUWXQGVHQVDWLRQDOLVLHUW©:LHQHUIJWH
KLQ]X REZRKO 6DFN ªGDV 9HUGLHQVW ]XVWHKW HLQH ZLFKWLJH
$QJHOHJHQKHLW DXIJHVSUW XQG GDUDQ JHDUEHLWHW ]X KDEHQ©
VHL ªVHLQ 0DQJHO DQ )lKLJNHLWHQ DOV +LVWRULNHU OlKPHQG©
'DQLHO -RQDK *ROGKDJHQ YRQ GHU +DUYDUG 8QLYHUVLW\ $XWRU
GHV KRFKJHMXEHOWHQ %XFKHV +LWOHUV ZLOOLJH 9ROOVWUHFNHU
ZHLO*ROGKDJHQVHLQHUVHLWVHLQJHODGHQZRUGHQZDULP$SULO
GRUW ]X VSUHFKHQ *ROGKDJHQV 7KHVH LVW GD‰ GDV GHXW
VFKH9RONZLOOLJHDP+RORFDXVWEHWHLOLJWZDUXQGGD‰GLHVHV
9HUEUHFKHQLQGHUGHXWVFKHQ*HVFKLFKWHXQG.XOWXUZXU]HOQ
ª,FKVDJHLPZHVHQWOLFKHQGDVJHQDXH*HJHQWHLOYRQ*ROG
KDJHQ±GD‰PDQNHLQ'HXWVFKHUVHLQPX‰XPVRHWZDV]X
WXQ©VDJW6DFNª:HQQLFKVHKHZLHVLFKGLHJDQ]HgIIHQW
OLFKNHLW XP MHPDQGHQ UHL‰W GHU  3UR]HQW IDOVFK OLHJW
GDQQP|FKWHLFKUHGHQ©
,Q %HDQWZRUWXQJ HLQHU )UDJH IKUWH 6DFN LP 1DWLRQDOHQ
3UHVVHFOXE DXV GD‰ %DVLF %RRNV  ([HPSODUH VHLQHV
%XFKHV GUXFNWH GD‰ HV DEHU EHLP 9HUODJ QLFKW PHKU HUKlOW
OLFK VHL 6DFN KlOW GLHV QLFKW IU HLQH $UW YRQ =HQVXU EH
VFKXOGLJWDEHUGHQ%XFKKDQGHOGHU([WUDYDJDQ]HQ(UYHUVX
FKHQXQDEHULPPHUKLQGDV&RS\ULJKWGHV%XFKHVYRQ%DVLF
%RRNV]XUFN]XNDXIHQ:HQQHU]XGHP6FKOX‰NRPPWGD‰
GHU 9HUODJ GDV %XFK YRUVlW]OLFK YRP 0DUNW IHUQKlOW YHU
VSULFKW6DFNHUZHUGHGDVOHW]WH:RUWKDEHQ
ª:HQQLFKGLH5HFKWHQLFKW]XUFNEHNRPPHQNDQQZHUGHLFK
HV LP ,QWHUQHW IUHL YHU|IIHQWOLFKHQ© VDJWH HU GHP 3XEOLNXP
LP QDWLRQDOHQ 3UHVVHFOXE *OFNOLFKHUZHLVH VLQG GLH /HVHU
GLH 6DFN DXI VHLQHU IRUWJHVHW]WHQ 6DJD IROJHQ ZROOHQ QLFKW
DXIGLH0DLQVWUHDP0HGLHQDQJHZLHVHQ6LHN|QQHQVLFKLP
,QWHUQHW EHL $PD]RQFRP HLQHP 2QOLQH %XFKODGHQ HLQH
DNWXHOOH /LVWH GHU :HUNH YRQ 6DFN RE QRFK HUKlOWOLFK RGHU
QLFKWKHUXQWHUODGHQ'LH$GUHVVHODXWHW
KWWSZZZDPD]RQFRP

$QPHUNXQJHQ


 -RKQ6DFN$XJHXP$XJH.DEHO9HUODJ+DPEXUJYJOgVWHUUHL
VFKULHELQGHUH[WUHP]LRQLVWLVFKHQ 1HZ5HSXEOLF JULII 6DFN
SHUV|QOLFK DQ LQGHP HU LKP ªJUREH $XVODVVXQJHQ RGHU
VFKLHUHV 9HUVFKZHLJHQ DXVVFKODJJHEHQGHU =DKOHQ >«@ 5R
PDQKDIWLJNHLW >XQG@ 6RUJORVLJNHLW LP 8PJDQJ PLW KDUWHQ
)DNWHQ©YRUZDUI
FKLVFKH+LVWRULNHU$UEHLWJHPHLQVFKDIWIU.lUQWHQXQG6WHLHUPDUN+J
9|ONHUPRUG GHU 7LWR3DUWLVDQHQ   $XIODJH 2VZDOG +DUW
PDQQ 9HUODJ 6HUVKHLP  6 -HQGU\VFKLN =JRGD (LQH 6WDWLRQ DXI
GHP VFKOHVLVFKHQ /HLGHQVZHJ 9HUODJ IU JDQ]KHLWOLFKH )RUVFKXQJ 9L|O


 GW EHL 6LHGOHU %HUOLQ  YJO GLH .ULWLNHQ YRQ 5XWK %HWWLQD %LUQ
+DYDUG&URPVRQQDKPDQVFKOLH‰HQGHLQH$Q]HLJHDQLQGHU ª5HYLVLQJWKH+RORFDXVW©7KH+LVWRULFDO-RXUQDO6
6DFN +DUYDUGV *ROGKDJHQ ]X HLQHU 'HEDWWH KHUDXVIRUGHUWH 1RUPDQ)LQNHOVWHLQª'DQLHO-RQDK*ROGKDJHQ¶V&UD]\µ7KHVLVB$
&ULWLTXHRI+LWOHU¶V:LOOLQJ([HFXWLRQHUV©QHZOHIWUHYLHZ-XOL6
HLQH +HUDXVIRUGHUXQJ GLH QLFKW DQJHQRPPHQ ZXUGH 6DFNV 
,QWHUHVVH LP +RORFDXVW 0XVHXP ]X VSUHFKHQ HUJDE VLFK




$XVGHU)RUVFKXQJ
9RQ'LSO,QJ0LFKDHO*lUWQHU'U,QJ$QGUHDV1LHSHO'LSO,QJ:HUQHU5DGHPDFKHU
'USKLO:ROIJDQJ0HLHUXQG'UMXU)UDQ]6FKXPDFKHU

,QGLHVHU5XEULNEHULFKWHQ ZLUEHUQHXH(UJHEQLVVHXQVHUHU
$UEHLWXQGJHEHQ+LQZHLVHDXIQHXH(UNHQQWQLVVH:LUELWWHQ
XQVHUH/HVHUXPUHJH%HWHLOLJXQJGXUFK+LQZHLVHDXIZHLWHUH
,QIRUPDWLRQHQ :LU ELWWHQ ZHLWHU XP 4XHOOHQDQJDEHQ LQ GH
QHQ(UJlQ]XQJHQ]X ILQGHQVLQG:LFKWLJLVWKLHUEHL ZRVLH
]X ILQGHQ VLQG *UR‰HQ :HUW OHJHQ ZLU DXI 9HU|IIHQWOLFKXQ
JHQ DXV GHQ -DKUHQ XQPLWWHOEDU QDFK .ULHJVHQGH DXFK LQ
5,±8PGHQNHQ
:LU KDEHQ HLQHQ QHXHQ +HOIHU JHIXQGHQ (U LVW DQJHVHKHQHU
5LFKWHULP $PWGHUQDFK YLHOHQ*HVSUlFKHQ PLW XQV]XGHU
(UNHQQWQLV JHNRPPHQ LVW GDV XQVHUH $UJXPHQWH ZLVVHQ
VFKDIWOLFKULFKWLJXQGVFKOVVLJVLQG1LFKW]XOHW]WVRUJWHQGLH
'RNXPHQWHGLHZLULQ+lQGHQKDEHQIUGLHVHV8PGHQNHQ
  9II*ÂÂ-DKUJDQJÂ+HIW
)UHPGVSUDFKHQ P|JOLFKVW PLW hEHUVHW]XQJHQ :HU XQVHUH
7lWLJNHLW XQWHUVWW]HQ ZLOO ZHQGH VLFK DQ GHQ 9HUODJ :LU
N|QQHQ QLFKW DOOH 'RNXPHQWH EHVFKDIIHQ YRQ GHQHQ ZLU
.HQQWQLV KDEHQ ZHLO XQV GDV *HOG GD]X IHKOW :HU KLHU]X
6FKZHUSXQNWH VHW]HQ ZLOO JHEH DOV 9HUZHQGXQJV]ZHFN MH
ZHLOV QXU GLH %XFKVWDEHQ DQ GLH DP $QIDQJ GHV MHZHLOLJHQ
3XQNWHVJHQDQQWVLQG

(ULVWLQ]ZLVFKHQDXFKGHUhEHU]HXJXQJGD‰GLH(LQVFKUlQ
NXQJGHU0HLQXQJVIUHLKHLWEHLGLHVHP7KHPHQNUHLVJUXQGJH
VHW]ZLGULJLVW
'LHVHU DXIUHFKWH -XULVW KDW XQV DOV HUVWHV JHUDWHQ LQ 9HU|I
IHQWOLFKXQJHQLQ'HXWVFKODQGNHLQH 5FNVFKOVVH]X]LHKHQ
GLHQLFKWDXVGHU:LVVHQVFKDIW NRPPHQGLH PDQVHOEVW VWX

GLHUW KDW :LU JlEHQ GHQ GHXWVFKHQ -XULVWHQ YRQ GHUHQ %RU
QLHUWKHLW HU YRQ GLHVHQ VHOEVW EHU]HXJW ZXUGH RKQH 1RW
+DQGKDEHQIU9HUXUWHLOXQJHQ
'LHVHKRQRULJH3HUV|QOLFKNHLWVFKZDQNWHEH]JOLFKGHUÄ2I
IHQNXQGLJNHLW´ ]ZLVFKHQ VHLQHU 3IOLFKW GHQ *HVHW]HQ ]X
IROJHQ XQG VHLQHP *HZLVVHQ GDV LKP EHL 9RUOLHJHQ QHXHU
%HZHLVH DXIHUOHJW GHQ 6DFKYHUKDOW DXI]XNOlUHQ 1DFK GHQ
LKP YRQ XQV EHNDQQW JHZRUGHQHQ 'RNXPHQWHQ VLHKW HU GLH
VHQ)DOODOVJHJHEHQDQ(UZHL‰DEHUDXVGHU(UIDKUXQJDQGH
UHU 5LFKWHU GD‰ HLQ %HVFKOX‰ ]X HLQHU LKP DXFK YRQ GHQ
*HVHW]HQ DXIHUOHJWHQ %HZHLVHUKHEXQJ LQ XQVHUHP /DQG MH
GHQIDOOV GDV .DUULHUHHQGH DOOHQIDOOV GLH 9HUQLFKWXQJ GHU
EHUXIOLFKHQ ([LVWHQ] RGHU VRJDU PHKU EHGHXWHW 2EZRKO HU
NODU]XP$XVGUXFNJHEUDFKWKDWGD‰YRQÄ2IIHQNXQGLJNHLW´
EHLP MHW]LJHQ 6WDQG GHU )RUVFKXQJHQ NHLQH 5HGH PHKU VHLQ
NDQQHQWVFKLHGHUVLFKDQGHUVQlPOLFKIUVHLQH)DPLOLH:LU
DFKWHQ VHLQH (QWVFKHLGXQJ ZHLO XQV 0lUW\UHU ZHQLJ KHOIHQ
N|QQHQ(UHQWVFKLHGVLFKDEHUDOV3ULYDWSHUVRQGLHHUIRUGHU
OLFKHQ)RUVFKXQJHQZHLWHU]XEHWUHLEHQ(ULVWQLFKWGHU(UVWH
GHU GLHVHQ :HJ JHKW XQG LKQ ZDJW (U LVW MHGRFK GHU HUVWH
GHXWVFKH 5LFKWHU GHU PLW XQV GDV 7KHPD DXVGLVNXWLHUWH XQG
GLHVH'LVNXVVLRQQXQIRUWVHW]W
(V LVW VHLQH hEHU]HXJXQJ GD‰ GLH 5LFKWHU GHV %XQGHVJH
ULFKWVKRIHV YHUELVVHQ QXU LKUHP HU 'HQNHQ IROJHQG LQ
YROOHU$EVLFKWVLFKVHOEVWGHQ:HJYHUVSHUUWKDEHQHUJDQJH
QH )HKOXUWHLOH GLH GLH 0HLQXQJVIUHLKHLW QDFK $UWLNHO  GHV
** HLQVFKUlQNHQ JUXQGJHVHW]NRQIRUP DXI]XKHEHQ 'D]X
N|QQWHQ VLH EDOG JH]ZXQJHQ VHLQ GHQQ GLH (UNHQQWQLV GD‰
VLH HLQHV 7DJHV VHOEVW IU LKUH MHW]LJHQ 5HFKWVEUFKH ]XU
9HUDQWZRUWXQJJH]RJHQ ZHUGHQN|QQHQLVWLKQHQMHW]WQRFK
QLFKW JHNRPPHQ $QGHUHUVHLWV EHZHLVW LKU 8PJDQJ PLW GHQ

]XU 9HU|IIHQWOLFKXQJ EULQJHQ ZROOHQ 6R KDW HV XQV LQWHUHV
VLHUWZLHODQJHLQ+lIWOLQJLQGHQ/DJHUQEHUOHEWKDWGD]
%5LFKWHU'U-DQ6HKQLQVHLQHP%XFKª./$XVFKZLW]©YRQ
6]LWLHUWª«GD‰HLQ+lIWOLQJQLFKWOlQJHUDOVGUHL
0RQDWHLP/DJHUOHEHQN|QQH©'DPLWGHU+lIWOLQJVQXPPHU
IHVWVWHOOEDU LVW ZDQQ HLQ +lIWOLQJ LQV /DJHU NDP EHGDUI HV
QXUDQGHUHU$QJDEHQ]XU%HVWLPPXQJZLHODQJHLQ+lIWOLQJ
PLQGHVWHQVLP/DJHUZDU(LQ%HLVSLHO'HU+lIWOLQJ1U
YHUOLH‰ DP  $XVFKZLW] (U ZXUGH QDFK %XFKHQZDOG
EHUVWHOOW ,QV /DJHU NDP HU DP  (U ZDU DOVR DQ
GLHVHP7DJ-DKUHLQ$XVFKZLW]
1XQ KDW GDV $UFKLY LQ $XVFKZLW] HLQH 3XEOLNDWLRQ EHU GDV
6FKLFNVDO GHU HUVWHQ  SROQLVFKHQ +lIWOLQJH KHUDXVJHJH
EHQ =X XQVHUHU 9HUZXQGHUXQJ VWHOOWH VLFK KHUDXV GD‰ YRQ
 DXVZHUWEDUHQ 3HUVRQHQDQJDEHQ FD   GDV /DJHU
OHEHQGYHUODVVHQ KDEHQ $XFKDQGHUH ZLVVHQVZHUWH6FKOVVH
ODVVHQ VLFK ]LHKHQ 'LHVH $XVZHUWXQJ ZHUGHQ ZLU LQ .U]H
YRUVWHOOHQ :LU ZROOHQ XQVHU :LVVHQ MHGRFK QRFK YHUWLHIHQ
XQGELWWHQGDKHUXP+LQZHLVHDXIDXVZHUWEDUH4XHOOHQ
:LU ZLVVHQ QDWUOLFK GD‰ EHL GHXWVFKHQ %HK|UGHQ HLQH 8Q
PHQJH+LQZHLVH]XILQGHQVLQG0DQDFKWHWMHGRFKDUJZ|K
QLVFK GDUDXI GD‰ DXV GLHVHQ 4XHOOHQ QLFKWV EHNDQQW ZLUG
:DUXP ZRKO":HUVFKUHLEWXQVHLQHLQIDFKHV &RPSXWHUSUR
JUDPP IU HLQHQ MlKULJHQ GHU GLH ELVKHU FD  DXV
ZHUWEDUHQ.DUWHLNDUWHQHUVWHOOWKDW"
,5.±&RPLWp,QWHUQDWLRQDOGHOD&URL[5RXJH
(VLVWXQV JHOXQJHQHLQELVKHUY|OOLJXQEHNDQQWHV%XFKGHV
,QWHUQDWLRQDOHQ5RWHQ.UHX]HV]XEHVFKDIIHQ7LWHO9RUOlXIL
JHV 9HU]HLFKQLV GHU +DIWVWlWWHQ XQWHU GHP 5HLFKVIKUHU66
 ,QWHUQDWLRQDOHU 6XFKGLHQVW $UROVHQ  
-XULVWHQGHUHKHPDOLJHQ''5GLHDOWHQGHXWVFKHQ6SULFKZRU
WHª(LQH.UlKHKDFNWGHUDQGHUHQNHLQ$XJHDXV©XQGª3DFN
VFKOlJWVLFK3DFNYHUWUlJWVLFK©
,PEULJHQPHLQWHUGD‰HLQ0HQVFKGHUVHLQH6FKXOELOGXQJ
QLFKWYHUJHVVHQ KDWQDFKGHQ=XJ XP =XJEHNDQQW ZHUGHQ
GHQ )DNWHQ VFKRQ KHXWH GLH ULFKWLJHQ 6FKOVVH ]LHKHQ NDQQ
ZHLOHUGLH*UXQGJHVHW]HGHU1DWXUZLVVHQVFKDIWHQJHOHUQWKDW
XQGVLHDXFKDQZHQGHW
*7±*DVGLFKWH7UHQ
6HLW JHUDXPHU =HLW ZLGPHQ ZLU GLHVHP 7KHPD EHVRQGHUH
$XIPHUNVDPNHLW GD GLH YRQ -& 3UHVVDF YHU|IIHQWOLFKWHQ
3KRWRV GHUDUWLJHU 7UHQ LQ $XVFKZLW] HUKHEOLFKH =ZHLIHO DQ
LKUHU 7DXJOLFKNHLW IU VROFKH =ZHFNH DXVO|VWHQ 6HLW NXU]HU
=HLW VLQG LQ GHQ +lQGHQ XQVHUHU HLQVFKOlJLJHQ )DFKOHXWH
'RNXPHQWH XQG =HLFKQXQJHQ GLH GLH OHW]WHQ 9RUEHKDOWH
%DQG,QKDOW $XI6HLWHQ ',1$4XHUIRUPDWVLQGLQ
YLHU]HKQ 5XEULNHQ YRQ GHQ ª./© ELV ]XP ª6WUDIODJHU LP
(PVODQG© DOOH /DJHU PLW LKUHQ ZLFKWLJVWHQ 'DWHQ EHNDQQW
JHJHEHQ(VIHKOHQOHGLJOLFKGLH+lIWOLQJV]DKOHQ9HUPXWOLFK
VLQG GLHVH LQ HLQHP ZHLWHUHQ %DQG HUVFKLHQHQ GHQQ GD‰ VLH
QLFKW EHNDQQW ZDUHQ JODXEW ZRKO QLHPDQG :HU ZHL‰ YRQ
HLQHU VROFKHQ 9HU|IIHQWOLFKXQJ" 'LH $XVZHUWXQJ GLHVHV
:HUNHV ZLUG ZRKO HLQLJH =HLW GDXHUQ DEHU ZLU ZHUGHQ EH
ULFKWHQ :HU PLW HLQZDQGIUHLHQ /HXPXQG QHQQW XQV HLQHQ
6WDWLVWLNHUGHUXQVEHKLOIOLFKVHLQN|QQWH"
6=±:LHUHFKHUFKLHUWZLUG
,QGHU6=YRPHUVFKLHQGHU$UWLNHOª(VJLEWQRFK
YLHOH GLH ZDUWHQ© 'HPQDFK VROO HLQ HKHPDOLJHU ZHLEOLFKHU
+lIWOLQJYRQ $XVFKZLW]IU0RQDWHJHOHLVWHWH=ZDQJVDU
EHLWODXWHLQHP8UWHLOGHV%RQQHU/DQGJHULFKWHVHQWVSUHFKHQG
EHVHLWLJWHQ 8QVHUH 8QWHUODJHQVDPPOXQJ LVW QXQ YROOVWlQGLJ
XQGEHOHJWGD‰HVLQ$XVFKZLW]±VHOEVWDQ(QWZHVXQJVDQOD
JHQGLHPLW=\NORQ%EHWULHEHQZXUGHQ±QDFKDOOHQEHNDQQ
WHQ 'RNXPHQWHQ QLH JDVGLFKWH 7UHQ JHJHEHQ KDW (LQH
)DFKYHU|IIHQWOLFKXQJLVWLQ$UEHLW:LUVXFKHQQRFKDXVGHP
%HUHLFK GHV /XIWVFKXW]HV )DFKDXIVlW]H EHU /67UHQ )U
+LQZHLVHDXIGHP:HJEHUGHQ9HUODJZRGHUDUWLJH/LWHUD
WXU]XILQGHQLVWZlUHQZLUGDQNEDU,GHDOZlUHQ)RWRNRSLHQ
HQWVFKlGLJW ZHUGHQ $]  2  :LU KDEHQ GLH YRQ
GHP +lIWOLQJ ODXW =HLWXQJVPHOGXQJ JHPDFKWHQ $XVVDJHQ
EHUSUIW XQG NRPPHQ ]X GHP (UJHEQLV GD‰ HLQLJHV QLFKW
VWLPPHQ NDQQ(VHUVFKHLQWGDKHU P|JOLFKGD‰GLH=LYLO
NDPPHUGHV%RQQHU/DQGJHULFKWHVHLQ)HKOXUWHLOIlOOWH
%HKDXSWXQJ(LQZHLEOLFKHU+lIWOLQJKDWDQJHJHEHQ0R
QDWH >   -DKUH  0RQDWH G 9HUI@ LQ $XVFKZLW] LQ GHU
ª8QLRQ 0HWDOO :HLFKVHO© =ZDQJVDUEHLW JHOHLVWHW ]X KDEHQ
PLW 4XHOOHQDQJDEHQ DXFK )RWRV VROFKHU 7UHQ N|QQWHQ XQV
KHOIHQ
8=±hEHUOHEHQV]HLW
,QFDGUHL-DKUHQ)UHL]HLWKDEHQZLUGDV.DOHQGDULXPGHU'
&]HFKLQDNULELVFKHU$UEHLWDXVJHZHUWHW:LUVLQGKLHUEHLDXI
GLYHUVH %HVRQGHUKHLWHQ DXIPHUNVDP JHZRUGHQ GLH ZLU QXQ
'HPJHJHQEHUVWHKW1XUUHFKQHULVFKJHSUIW
'&]HFKVWHOOWLP.DOHQGDULXPIHVWGD‰GLHHUVWHQZHLE
OLFKHQ +lIWOLQJH DP  QDFK $XVFKZLW] JHNRPPHQ
VLQG:HQQGLHVH)UDXPLWGLHVHQLQ$XVFKZLW]DQNDPDUEHL
WHWHVLHQRFKLP2NWREHULQGLHVHP%HWULHE
 ' &]HFK EHULFKWHW ZHLWHU GD‰ GLH JHQDQQWH )LUPD DP
LKUHQ%HWULHELQ$XVFKZLW]DXIJHQRPPHQKDW'DV

9II*ÂÂ-DKUJDQJÂ+HIW  
EHVWlWLJHQ DXFK XQVHUH 'RNXPHQWH 'HPQDFK DUEHLWHWH GLH 6ROGDWHQ GHU VRZMHWLVFKHQ $UPHH YRU HLQHP VROFKHQ %ORFN
)UDXQRFKLP$SULOLQGHU)LUPD8P0L‰YHUVWlQGQLVVH ]HLJW 'DV 3KRWR ZLUG DOVR DXV GHP -DKUH  VWDPPHQ
]XYHUPHLGHQ'&]HFKLVWNHLQH5HYLVLRQLVWLQ 'DPLWVLQGEHUHLWV%HKDXSWXQJHQLP)UDQNIXUWHU$XVFKZLW]
6LH N|QQHQ GHQ $UWLNHO JHJHQ '0  0LQGHVWVSHQGH EHL 3UR]H‰ZLGHUOHJWEHUGLHZLUEHULFKWHQZHUGHQ(LQZHLWHUHV
GHQ9HUIDVVHUQ EHUGHQ9HUODJDQIRUGHUQXQGGLH ZHLWHUHQ UHWXVFKLHUWHQ 3KRWR GDV ZLU DXV HLQHP %XFK YRUOHJHQ ZHU
)DOVFKLQIRUPDWLRQHQ VHOEVW VXFKHQ ELWWH EHQXW]HQ VLH QLFKW GHQEHZHLVWGD‰GLHVHV3KRWREHNDQQWDEHUÄXQHUZQVFKW´
GDV:RUW/JHQXUGLH.OlJHULQNDQQGDVZLVVHQ,QGLHVHP
6=$UWLNHOVWHKWDXFKª>«@EHUOHEWHHLQ$UEHLWHULP'XUFK
VFKULWW GUHL ELV YLHU 0RQDWH© .XU] YRUKHU ZHUGHQ ] % DXV
GHQ LGHQWLVFKHQ /DJHUQ ª%XQD© XQG ª0RQRZLW]© ]ZHL YHU
VFKLHGHQH/DJHU

LVW :HLWHUH +LQZHLVH DXV lOWHUHQ %FKHUQ OLHJHQ XQV YRU
'LHVH EHOHJHQ GD‰ HV DXFK LQ GHQ 1HEHQODJHUQ GHUDUWLJH
6FKRQEO|FNHJHJHEHQKDW:LUELWWHQXQVHUH/HVHUXPZHLWH
UH +LOIH 9RU DOOHP VLQG VROFKH )XQGH P|JOLFK LQ %FKHUQ
GLH YRU GHP HUVWHQ .DOHQGDULXP GHU (UHLJQLVVH LP .RQ]HQ
 'DQXWD &]HFK .DOHQGDULXP GHU (UHLJQLVVH LP .RQ]HQWUDWLRQVODJHU
$XVFKZLW]%LUNHQDX5RZRKOW5HLQEHN
+)±+RFKIUHTXHQ](QWODXVXQJVDQODJHQ
hEHUUDVFKHQG VLQG LQ HLQHU ZHLWHUHQ $NWH 'RNXPHQWH EHU
GLH WUDQVSRUWDEOH +)(QWODXVXQJVDQODJH JHIXQGHQ ZRUGHQ
6LH EHVFKUHLEHQ DXFK VHKU JHQDX ZLH HLQ $XIWUDJ GHU =HQ
WUDOEDXOHLWXQJ DQ GLH HLJHQHQ +lIWOLQJVZHUNVWlWWHQ DEJHZLN
NHOWZXUGH8QWHUDQGHUHPZHUGHQ+lIWOLQJHQLFKWZLHKlX
ILJ EHKDXSWHW ZLUG QXU PLW LKUHU +lIWOLQJVQXPPHU VRQGHUQ
DXFK PLW LKUHP )DPLOLHQQDPHQ JHQDQQW 'DV YHUVHW]W XQV
HUVWPDOLJLQGLH/DJHVRJDUEHLHLQHU9HU|IIHQWOLFKXQJLQGHQ
+HIWHQYRQ$XVFKZLW]KHOIHQ]XN|QQHQ8QVHUHDQJHNQGLJWH
9HU|IIHQWOLFKXQJZLUGVLFKHWZDVYHU]|JHUQ
6% 6FKRQEORFN
(LQ /HVHU DXV %HUOLQ KDW XQV GDV HUVWH 3KRWR HLQHV 6FKRQ
EORFNHV]XU9HUIJXQJJHVWHOOWGDV+lIWOLQJH]XVDPPHQPLW



%FKHUVFKDX

0RQRSHU]HSWRVH±HLQIL[H,GHH
:ROIJDQJ GH %RRU :DKQ XQG :LUNOLFKNHLW 3V\FKLDWULVFKH
*UHQ]IlOOH YRU *HULFKW 9HUODJ & + %HFN 0QFKHQ 
WUDWLRQVODJHU $XVFKZLW]%LUNHQDX  ' &]HFK
HUVFKLHQHQVLQG
5±5DPSHQXQG$QVFKOX‰JOHLVH
,P=XJHXQVHUHUZHLWHUHQ$XVZHUWXQJHQGHU$NWHQGHU=HQ
WUDOEDXOHLWXQJGHU:DIIHQ66XQG3ROL]HL$XVFKZLW]KDEHQ
ZLUGLHHUVWHQ3OlQHVRZLH$NWHQGHU'HXWVFKHQ5HLFKVEDKQ
EHDUEHLWHWGLH$XVNXQIWEHUGLHJHQDXH/DJHGLHVHU$QODJHQ
JHEHQ 'DGXUFK ZHUGHQ VLFK YLHOH RIIHQH )UDJHQ NOlUHQ ODV
VHQ6RLVW]%DEVROXWVLFKHUGD‰VFKRQGLH5DPSHLQ
GHU8PJHEXQJGHV%DKQKRIVHUULFKWHWZXUGH$XFKGHU6WDQG
XQVHUHV:LVVHQVEHUGLH(UULFKWXQJGHU5DPSHLQ%LUNHQDX
LP -DKUH  KDW VLFK HUKHEOLFK DXVJHGHKQW 9RU HLQHP
DXVIKUOLFKHQ %HULFKW VLQG MHGRFK QRFK XPIDQJUHLFKH 3U
IXQJHQQRWZHQGLJ

/DJHLQGHU3V\FKHGHV$QJHNODJWHQGHUYRQ0RQRSHUFHS
WRVHEHIDOOHQLVW0DWHULDOIUGHQ†6W*%JHVFKORVVHQH
 6 '0  HUKlOWOLFK EHL 9G)%XFKGLHQVW 3RVWIDFK 8QWHUEULQJXQJ ]X ILQGHQ *QWHU 'HFNHUW ZlUH GDQQ LQ
'%HUOLQ GHQ0D‰UHJHOYROO]XJJHNRPPHQZRHUELV]XUÄ+HLOXQJ´
 LQSV\FKLDWULVFKHU2EKXWEOHLEHQZUGH%HLGHPÄFKDUDN
:ROIJDQJ GHU %RRU KDW DOOH $XVVLFKWHQ QHEHQ *XLOORWLQ LQ WHUVWDUNHQ´0DQQGUIWHGDVVHKUVHKUODQJHGDXHUQ©6
GLH*HVFKLFKWHHLQ]XJHKHQDOV(UILQGHUHLQHVYRQLKPÄ0R
QRSHUFHSWRVH´JHQDQQWHQ*HUVWHVHLQHU.RQVWUXNWLRQGLH±
REZRKOHVVLFKQLFKWXPGLH%HVFKUHLEXQJHLQHU.UDQNKHLWLP
HQJHUHQ6LQQHKDQGHOWZLHHUVHOEVWHLQUlXPW±HVGHUSROLWL
VFKHQ -XVWL] HUP|JOLFKHQ VROOH 2SSRVLWLRQHOOH KLQWHU GDV
3DQ]HUJODV JHVFKORVVHQHU SV\FKLDWULVFKHU $QVWDOWHQ ]X EULQ
JHQXQWHU8PVWlQGHQOHEHQVODQJ

'H %RRU PHLQW ªNULPLQRJHQH ,GHHQ© ]X XQWHUVXFKHQ KDW
DEHU HLQHQ K|FKVW YHUZDVFKHQHQ %HJULII YRQ HLQHU 7DW YRQ
GHQ%HJULIIHQ7lWHUXQG2SIHU(UVSULFKWYRPªVR]LDOSDWKR
ORJLVFKHQ*HKDOW©HLQHV3KlQRPHQVXQGKlOWHVIUP|JOLFK
GD‰GLHhEHUVHW]XQJGHV 9RUWUDJHVHLQHVYRQHLQHP NDQDGL
VFKHQ *HULFKW JHK|UWHQ *XWDFKWHUV HLQH 6WUDIWDW EHJUQGHQ
ª%HLÄYHUPLQGHUWHU6FKXOGIlKLJNHLW´†6W*%NDQQGLH
6WUDIH ]ZDU JHPLOGHUW ZHUGHQ GLH 8QWHUEULQJXQJ LQ HLQ
SV\FKLDWULVFKHV .UDQNHQKDXV HUIROJW QXU ZHQQ GLH Ä*H
VDPWZUGLJXQJ GHV 7lWHUV XQG VHLQHU 7DW HUJLEW GD‰ YRQ
LKPLQIROJHVHLQHV=XVWDQGHVHUKHEOLFKHUHFKWVZLGULJH7D
WHQ]XHUZDUWHQVLQGXQGHUGHVZHJHQIUGLH$OOJHPHLQKHLW
N|QQWH$XIGHQZHLWDXVQlKHUOLHJHQGHQJHUDGH]XLQV$XJH
IDOOHQGHQ 6FKOX‰ GD‰ GLH 6WUDIWDW QLFKW LQ GHU hEHUVHW]XQJ
GLHVHV 9RUWUDJHV VRQGHUQ YLHOPHKU LQ GHU .ULPLQDOLVLHUXQJ
GLHVHU hEHUVHW]XQJ OLHJHQ PVVH NRPPW HU QLFKW +DW HU
NHLQH.HQQWQLVYRP:RUWODXWGHV3DUDJUDSKHQ6W*%GHU
PLW $EV 9 XD $XVIKUXQJHQ GLH ]XP %HUHLFK GHU *H
JHIlKUOLFK LVW´ †  6W*% -HGHU *XWDFKWHU ZlUH LQ GHU VFKLFKWHJHK|UHQYRQGHU6WUDIYHUIROJXQJDXVQLPPW"

  9II*ÂÂ-DKUJDQJÂ+HIW
 

.HLQ=XIDOOGD‰GH%RRUZHQQHVGD]XNRPPWGDVYRQLKP VFKHU)UK]HLWDXIJHVHVVHQLQZHOFKHPVLFKVHLQ*HJHQEHU
EHVFKULHEHQH .UDQNKHLWVELOG ]X GHILQLHUHQ VLFK DXI HLQHQ ± GHU .ULPLQHOOH ± EHZHJW ]ZLVFKHQ 0|UGHUQ XQG 0HQ
HUVFKLHQHQHQ$XIVDW]EH]LHKW&:HUQLFNHªhEHUIL[H VFKHQ GHQHQ QLFKWV DOV XQZLOONRPPHQH 3XEOL]LVWLN YRUJH
,GHHQ© 'HXWVFKH 0HGL]LQLVFKH :RFKHQVFKULIW  6  ZRUIHQZLUGVSULQJWHUKLQXQGKHUDOVREGLH0DWHULHQLFKW
IIEHLGH%RRU6%HLGHU'HQNDUWGHV-DKUKXQGHUWVLVW
PDQ PLW GHU /DZLQH GHU SROLWLVFKHQ 9HUIDKUHQ WDWVlFKOLFK
DQJHNRPPHQ :LU HUOHEHQ QHX]HLWOLFKH 3UR]HVVH QDFK GHP
0XVWHU DQWLNHU $QNODJHQ ZHJHQ 0DMHVWlWVEHOHLGLJXQJ 'LH
)UDJH DEHU VWHOOW VLFK ZHU LVW GLHVH 0DMHVWlW ZHU LVW GLHVHU
6RXYHUlQGHUGHP9RON±XQGQLFKWQXUGLHVHP±GHQ0XQG
YHUELHWHQGDUI"
7lWHU XQG 2SIHU ]X XQWHUVFKHLGHQ VROOWH HLQHP YRU *HULFKW
DOV *XWDFKWHU DXIWUHWHQGHQ 3V\FKLDWHU P|JOLFK VHLQ 'HU 5H
]HQVHQWZLOOHLQUlXPHQGD‰HVQLFKWHLQIDFKLVWGHQ7lWHU]X
EH]HLFKQHQZHQQHULQGHU5REHGHV6WDDWVDQZDOWHVRGHUGHV
5LFKWHUV DXIWULWW :LH GLH PHQVFKOLFKH *HVFKLFKWH OHKUW ]LH
KHQ$PWVVWHOOHQ.ULPLQHOOHDQXQGYRUMHGHP*HPHLQZHVHQ
VWHKW GLH $XIJDEH 5HJHOXQJHQ ]X HUVLQQHQ ZLH GLHVHQ ]X
EHJHJQHQGLHVH]XP9HUODVVHQLKUHU0DFKWVWHOOXQJ]X]ZLQ
JHQ ZlUHQ EHYRU VLH JU|‰HUHQ 6FKDGHQ DQULFKWHQ N|QQHQ
'LHGHPRNUDWLVFKH6WDDWVOHKUHIKUWKLHUDXVGD‰HV$XIJDEH
HLQHU IUHLHQ 3UHVVH VHL GLH gIIHQWOLFKNHLW ]X XQWHUULFKWHQ
$ODUP ]X VFKODJHQ XVZ :DV DEHU ZHQQ GLH NULPLQHOOHQ
*UXSSLHUXQJHQJHUDGHEHLGHU3UHVVHXQGGHQ0HGLHQDQVHW
]HQ9HUODJHXQG5HGDNWLRQHQLKUHU$XVUVWXQJEHUDXEHQXQG
GLHVHRELKUHU%HULFKWHUVWDWWXQJJDUVHOEVWYRU*HULFKWVWHOOHQ"
:DV ZHQQ 5HFKWVDQZlOWH DXI HQWVSUHFKHQGH 3URWHVWVFKUHL
EHQ QLFKW HLQPDO HLQH $QWZRUW EHNRPPHQ" :DV ZHQQ GLH
9HUIROJHUVLFKHLQHQ'HQXQ]LDWLRQVGLHQVWLQ*HVWDOWDPWOLFKHU
9HUODXWEDUXQJHQVFKDIIHQXQGGLHYHUEOHLEHQGH3UHVVH]ZLQ
JHQGHUHQ9HUNQGXQJHQ]XEHUQHKPHQ"
'H%RRUOlXIW*HIDKUGHQ.ULWHULHQGHUYRQLKPEHVFKULHEH
QHQ $EQRUPLWlW VHOEVW ]X JHQJHQ VR GHP GHU :LVVHQ
VFKDIWVIHLQGOLFKNHLW %HL GHU SDXVFKDOHQ $EQHLJXQJ JHJHQ
=DKOHQ ZLH GH %RRU VLH GXUFKEOLFNHQ Ol‰W ± ª'HU 6WUHLW XP
]X XQWHUVFKHLGHQ ZlUH ª*HZDOW ]XU (UUHLFKXQJ SROLWLVFKHU
=LHOH OHKQW 'HFNHUW VWULNW DE© VFKUHLEW GH %RRU RKQH VHOEVW
GDV JHULQJVWH 8QUHFKWVEHZX‰WVHLQ ]X HQWZLFNHOQ RKQH VLFK
GLH)UDJH]XVWHOOHQZHVZHJHQ'HFNHUWGDQQ]XEHU-DK
UHQ+DIWYHUXUWHLOWZXUGH
,Q GHQ OHW]WHQ -DKUHQ LVW YRQ GHQ 0HGLHQ GHU (LQGUXFN YHU
EUHLWHW ZRUGHQ DQ GHU 6LQQKDIWLJNHLW YRQ )RUPXOLHUXQJHQ
ZLH GHP ÄJH]LHOWHQ SODQPl‰LJHQ V\VWHPDWLVFKHQ XQG PLO
OLRQHQIDFKHQ +RORFDXVW PLWWHOV *DVNDPPHUQ LQ $XVFKZLW]´
DXFKQXUHLQHQ%XFKVWDEHQDE]XVWUHLFKHQVHLLQGHU%XQGHV
UHSXEOLNYHUERWHQ7DWVlFKOLFKZLUGZHULPJHOWHQGHQ6WUDI
JHVHW]EXFKQDFKOLHVWNHLQHVGLHVHU:RUWHILQGHQ'LH)RUPX
OLHUXQJHQGHV†GHV6WUDIJHVHW]EXFKHVVLQGYROONRPPHQ
DOOJHPHLQ ± XP QLFKW ]X VDJHQ QHEXO|V ± JHKDOWHQ VR GD‰
MHGHU 5LFKWHU GDUXQWHU YHUVWHKHQ NDQQ ZDV HU IU DQJH]HLJW
KlOW 8QG $EV 9 GHVVHOEHQ ZLOO GLHVHQ DXI KLVWRULVFKH %H
WUDFKWXQJHQ DXVGUFNOLFK QLFKW DQJHZHQGHW ZLVVHQ 'LH DXI
GLHVHU %DVLV JHJHQ +LVWRULNHU ZLH 8GR :DOHQG\ JHIlOOWHQ
8UWHLOH VLQG EHUHLWV GHP %XFKVWDEHQ GHV JHOWHQGHQ *HVHW]HV
QDFK 5HFKWVEHXJXQJ ± JDQ] XQDEKlQJLJ GDYRQ RE GLH 9HU
IDVVXQJVPl‰LJNHLW GHV †  EHUKDXSW JHJHEHQ LVW E]Z
GLHVHU EHUJUHLIHQGH 9RUVFKULIWHQ ZLH GLH 81
0HQVFKHQUHFKWVNRQYHQWLRQYHUOHW]W
'LHVH6WDDWVDQZlOWHXQG5LFKWHUGLHKLHUPHLQHQPLWWHOVGHV
VWDDWOLFKHQ *HZDOWPRQRSROV LKUHU 0HLQXQJ QDFK XQULFKWLJH
bX‰HUXQJHQ XQWHUELQGHQ ]X VROOHQ KDEHQ QLFKW HLQPDO GLH
DOOLLHUWHQ /HNWLRQHQ GHU HUVWHQ 6WXQGH YHUVWDQGHQ 'LH $XV
HLQDQGHUVHW]XQJHQ WUDJHQ =JH HLQHV .LUFKHQNDPSIHV 'DV
3UREOHPEHVWHKWGDULQGD‰HVHLQHUGLHVHU.LUFKHQJHOXQJHQ
LVWZHLWH7HLOHGHV6WDDWVDSSDUDWVLKUHQ=ZHFNHQGLHQVWEDU]X
PDFKHQXP]XHLQHUULJRURVHQJOREDOHQ6WDDWVNLUFKH]XZHU
=DKOHQ LVW YRQ PDNDEUHU 2EV]|QLWlW© 6 ± ZlUHQ ZHGHU
0DWKHPDWLN QRFK 3K\VLN XQG &KHPLH LQ 'HXWVFKODQG ]X
NQIWLJQRFK]XWUHLEHQ'D‰GHU%DQQVWUDKOSROLWLVFKHU-XVWL]
PLW GHP HKHPDOLJHQ 'RNWRUDQGHQ GHU 0D[3ODQFN
*HVHOOVFKDIW *HUPDU 5XGROI HLQHQ GHU EHJDEWHVWHQ 1DWXU
ZLVVHQVFKDIWOHU GLHVHV /DQGHV JHWURIIHQ KDW LVW NHLQ =XIDOO
$XFK GHU HKHPDOLJH 3UlVLGHQW GHU |VWHUUHLFKLVFKHQ ,QJH
QLHXUVNDPPHULVWQLFKW]XIlOOLJXQWHUGHQ2SIHUQ
'DV %XFK LVW HLQ HUVFKWWHUQGHV 'RNXPHQW GHU 1DLYLWlW ±
GHQQ%|VDUWLJNHLWNDQQGH%RRUEHLGLHVHP8PIDQJXQGGHU
$UW VHOEVWWlWLJHU (QWEO|‰XQJ QLFKW XQWHUVWHOOW ZHUGHQ (LQH
1DLYLWlWGLHGH%RRUYHUPXWOLFK PLWYLHOHQ PLWDOO]XYLHOHQ
0LWEUJHUQ WHLOW ± KLHU VLHKW PDQ *HQHUDWLRQHQ PLW GHU
1DFKWPW]H SDUDGLHUHQ 2IIHQNXQGLJ LQ GHU 0HLQXQJ HLQHQ
GHQ'DPLWGURKWHLQHZHOWZHLWH%DUWKRORPlXVQDFKWXQGHLQH
ZHLWHUH6WXQGH1XOO±ZHQQDXFKYLHOOHLFKWHUVWLQHOI-DKUHQ
HOI0RQDWHQXQG7DJHQ
'H %RRUV %XFK PDFKW LQVJHVDPW HLQHQ XQVWHWHQ KDVWLJ JH
VFKULHEHQHQ XQHQWVFKORVVHQHQ (LQGUXFN 'HU 7H[W DXI GHP
%XFKUFNHQ VWHKW LP :LGHUVSUXFK ]X GHQ $XVIKUXQJHQ LP
,QQHUQ ZHLVW GHQ *HEUDXFK GHU GH %RRU¶VFKHQ )RUPHO ]XP
=ZHFN GHU ,QWHUQLHUXQJ SROLWLVFKHU *HJQHU DXVGUFNOLFK
]XUFN 'H %RRU ]LWLHUW GHQ DOV 0LWJOLHG GHU )UDQNIXUWHU
6FKXOH RIW JHVFKROWHQHQ 7KHRGRU : $GRUQR GHU PHLQWH
ªGDV 5HFKW ]XU IUHLHQ 0HLQXQJVlX‰HUXQJ ± DXFK ZHQQ GHU
,QKDOW GHU 0HLQXQJ µIDOVFK LUU XQG YHUKlQJQLVYROO¶ LVW ±
GUIH QLFKW EHVFKQLWWHQ ZHUGHQ© (LQJULIIH ± 0HLQXQJ ±
*HVHOOVFKDIW)UDQNIXUW6IIXEHLGH%RRU6
GHU 3V\FKLDWULH QDFKHPSIXQGHQ 7HVW GXUFK]XIKUHQ KDW GH
%RRU YHUVFKLHGHQHQ 3HUVRQHQ KLVWRULVFKH 'RNXPHQWH YRUJH
OHJWXQGVLH]X.RPPHQWDUHQYHUDQOD‰W'LH$QWZRUWHQZLH
GHUXPPHLQWGH%RRURIIHQNXQGLJDOVZDKURGHUIDOVFKLQWHU
SUHWLHUHQ ]X N|QQHQ ± LQ YROONRPPHQHU ,JQRUDQ] GHU ]X MH
GHP HLQ]HOQHQ 7KHPD YRUOLHJHQGHU /LWHUDWXU 'D‰ GLH *H
VFKLFKWVVFKUHLEXQJDOV*DQ]HVLP)OX‰LVWXQGQLFKWHWZDQXU
YRQ GHQ VRJHQDQQWHQ 5HYLVLRQLVWHQ LQ %HZHJXQJ JHKDOWHQ
ZLUG VFKHLQW LKP YROONRPPHQ XQEHNDQQW ]X VHLQ 9RQ GHQ
MHZHLOVGHQHLQHQRGHUDQGHUHQ$UWLNHOUHODWLYLHUHQGHQ$UEHL

6WUHFNHQZHLVHOLHVWVLFKGH%RRUV%XFK ZLHHLQH,QLWLDWLRQV
VFKULIW IU GHQ 5HYLVLRQLVPXV WUlJW HV =JH GHU 3HUVLIODJH
GHU ,URQLVLHUXQJ VHLQHU VHOEVW PDQ PDJ HLQIDFK QLFKW JODX
EHQ GD‰ GH %RRU HV HUQVW PHLQW %HLVSLHOVZHLVH ZHQQ HU LQ
GLH'LVNXVVLRQGHU+LVWRULNHUHLQJUHLIWXQGDOVVHLQHU$QVLFKW
QDFK YHUOl‰OLFKH 4XHOOH DXV GHU )OOH GHU EHUZlOWLJHQGHQ
XQZLGHUOHJOLFKHQ XQG DOWJHGLHQWHQ XQG ODQJEHZlKUWHQ %H
ZHLVHIUGLH([LVWHQ]GHUXPVWULWWHQHQ2EMHNWHLQ$XVFKZLW]
GDV =HXJQLV YRQ -HDQ +HLQHPDQQ $XVFKZLW] (LQ %HULFKW
WHQ$UQR0D\HUV<HKXGD%DXHUV'DQ'LQHUV'DQLHO*ROG %HUOLQDQSUHLVW6)X‰QRWH:DUXPHUZlKQWHU
KDJHQV RGHU (UQVW 1ROWHV NHQQW HU YHUPXWOLFK QLFKWV (U LVW NHLQHQ DXV GHU 9LHOIDOW GHU LP $XVFKZLW]3UR]H‰ JHK|UWHQ
9RUVWHOOXQJHQ YRQ HLQHP Ä5HLFK GHV %|VHQ´ DXV 5HDJDQ =HXJHQ":DUXPNRPPWHUQLFKWDXIGHQJHSUIWHQ*UXQGGHU

9II*ÂÂ-DKUJDQJÂ+HIW  
.ODVVLNHU*HUVWHLQ9UEDRGHU+|‰]XUFN"
'H %RRU WXW VR DOV YHUVWHKH HU QLFKW 'DEHL LVW HV VHKU HLQ
IDFK (V LVW GLH QlPOLFKH /RJLN GLH GHQ hEHUVHW]HU *QWHU
'HFNHUW LQV *HIlQJQLV ZHUIHQ OLH‰ GLH GH %RRU VHOEVW GHQ
9RUZXUI HLQEULQJW HLQ 1D]L ]X VHLQ 0RQRSHUFHSWRVH" ±
5DVVHQZDKQ
'H %RRU KDW VLFK DP  LQ HLQHP /HVHUEULHI DQ GLH
)$= HLQHP JU|‰HUHQ 3XEOLNXP EHNDQQW JHPDFKW XQG ]X
JOHLFKVHLQHQ5XIUXLQLHUW(UVFKULHEVHLQHU]HLW
ª'LH.DUOVUXKHU6WUDINDPPHUKDWDP$SULOPLW
IHLQHP *HVSU IU KLHUDUFKLVFKH 6WUXNWXUHQ GDV 6WUDIPD‰
IU'HFNHUWQHXEHUHFKQHW
=ZHL-DKUH*HIlQJQLVRKQH%HZlKUXQJ>«@'LHZHOWZHLW
HPS|UWH 0HQVFKKHLW NDQQ EHUXKLJW DXIDWPHQ =ZHL -DKUH
ODQJZLUGGHUHKHPDOLJH2EHUVWXGLHQUDWVHLQHYHUZRUUHQHQ


.RPPHQWLHUWH$XV]JHDXV:GH%RRU:DKQXQG:LUNOLFKNHLW
,GHHQ ]XP +RORFDXVW QXU QRFK LP .QDVW SURPXOJLHUHQ
N|QQHQDEHUHEHQQXU]ZHL-DKUH'LH.DUOVUXKHU5LFKWHU
KDEHQ ]ZHL VWUDIUHFKWOLFKH 1RUPHQ QLFKW DQJHZHQGHW GLH
GDV*HVHW]LQGHQ††XQGGHV6WUDIJHVHW]EXFKHV]XU
9HUIJXQJ VWHOOW XP KDUWQlFNLJH XQEHOHKUEDUH XQG SV\
FKLVFKDEQRUPH5HFKWVEUHFKHU]XU5lVRQ]XEULQJHQ©
9LHOOHLFKW LVW GDV QXQ YRUJHOHJWH %XFK DOV 9HUVXFK HLQHU
$XIDUEHLWXQJHLQHUYRQLKPVHOEVWDOVXQZUGLJHPSIXQGHQHQ
bX‰HUXQJ]XYHUVWHKHQ'D‰:ROIJDQJGH%RRU±DOVP|JOL
FKHUZHLVH XQZLVVHQGHU 0LWWlWHU ± HLQH 'RNXPHQWDWLRQ GHV
HLJHQHQ 9HUVDJHQV YRUJHOHJW KDW HKUW LKQ LP 5DKPHQ GHV
0|JOLFKHQ 6HLQ :HUN ELUJW HLQH 9LHO]DKO JHGDQNOLFKHU
4XHUVWU|PXQJHQ6WUXGHOXQG=ZLVFKHQW|QH±HVGUIWHLQWHU
HVVDQWZHUGHQVHLQHZHLWHUHQ6FKULWWH]XYHUIROJHQ
$QGUHDV5|KOHU
'HU)DOO*QWHU'HFNHUW

%HLGHQ8QWHUVXFKXQJHQGHVMHW]WMlKULJHQ2EHUVWXGLHQUD
WHVD'XQGIUKHUHQ13'9RUVLW]HQGHQJLQJHVXPGLH.Ol
UXQJ]ZHLHU)UDJHQNRPSOH[H
,%HVWHKWHLQHHUNHQQEDUH9HUVXFKEDUNHLWPLW6FKZHUSXQNW
LQHLQHPGHUDQWKURSRORJLVFKHQ(VVHQWLDOHÄ6WHUQ´Ä+D
EHQ´Ä*HOWHQ´
±9HUVXFKXQJ TXD .|USHU 2UDOH XQG VH[XHOOH %HJLHUGHQ
RKQH%HZlKUXQJ@
± 'HFNHUW ZXUGH DX‰HUGHP ]XU =DKOXQJ YRQ  '0
YHUXUWHLOW
5HDOLVLHUEDUH 0DFKW]LHOH ]% GLH %LOGXQJ HLQHU QDWLRQDOHQ
5HJLHUXQJ RKQH )UHPGEHVWLPPXQJ GXUFK EHUVWDDWOLFKH
0lFKWHVWUHEWHUQLFKWDQ$XVGHP$XVVFKOX‰GHUIUEDQDOH
$OOWDJVNULPLQDOLWlW W\SLVFKHQ 9HUVXFKEDUNHLW LP %HUHLFK GHU
GUHL (VVHQWLDOH HUJLEW VLFK GD‰ ' QLFKW DOV .ULPLQHOOHU LP
6XFKWSUREOHPH
±9HUVXFKXQJGXUFK*HOGXQG0DWHULHOOHV
±9HUVXFKXQJHQGXUFK0DFKW
,,7ULIIWGDV0RQRSHUFHSWRVH.RQ]HSWDXI*QWHU'HFNHUW
]X"
=X,
'LH$QDO\VHGHU%LRJUDSKLHXQWHU(LQEH]LHKXQJDXWRELRJUD
SKLVFKHU1RWL]HQXQG3XEOLNDWLRQHQEHU'HFNHUWHUJDEGD‰
GHOLNWNDXVDOH 9HUVXFKXQJHQ LP %HUHLFK GHU  (VVHQWLDOH
IHKOHQ'DV6R]LDOYHUKDOWHQZDUNULPLQRORJLVFKJHVHKHQELV
XQDXIIlOOLJ,QVHLQHU/HEHQVIKUXQJZDU'RKQHEHU
WULHEHQH $QVSUFKH (U JHK|UW GDKHU ]X GHU ]DKOHQPl‰LJ
VHKU NOHLQHQ *UXSSH YRQ 3HUVRQHQ GHUHQ 6WUDIWDWHQ GXUFK
LKUHLGHRORJLVFKH9HUVXFKEDUNHLWFKDUDNWHULVLHUWZLUG0DWH
ULHOOH 0RWLYH RGHU 0DFKWVWUHEHQ VFKHLGHQ DOV FDXVD IU
UHFKWVZLGULJHV +DQGHOQ DXV /HLWHQGHV 0RWLY IU GHQ 3lG
DJRJHQ 'HFNHUW ZDU GLH 6FKDIIXQJ HLQHU 1DWLRQDOHQ
9RONVSlGDJRJLN(UZROOWHHLQHQ%HLWUDJ]XU$XINOlUXQJGHU
%HY|ONHUXQJEHUGLH-DKUHELVOHLVWHQ)UGLHVH
$XIJDEHKDWHUVFKZHUZLHJHQGHPDWHULHOOH1DFKWHLOHLQ.DXI
JHQRPPHQ
± 'HJUDGLHUXQJ ]XP 6WXGLHQUDW IU GUHL -DKUH *H
KDOWVHLQEX‰HFD'0
±(QWODVVXQJ DXV GHP 6WDDWVGLHQVW RKQH 3HQVLRQVDQVSUXFK
ZHJHQ0LWJOLHGVFKDIWLQGHU13'
±9HUXUWHLOXQJ GXUFK GDV /DQGJHULFKW 0DQQKHLP ]X HLQHP
-DKU)UHLKHLWVVWUDIHDXI%HZlKUXQJ
>(QGXUWHLO]ZHL-DKUHRKQH%HZlKUXQJXQGLQHLQHP
ZHLWHUHQ 3UR]H‰ ]XVlW]OLFK QRFK HLQPDO  0RQDWH
  9II*ÂÂ-DKUJDQJÂ+HIW
EOLFKHQ 6SUDFKJHEUDXFK ]X EH]HLFKQHQ LVW .ULPLQRORJLVFK
JHVHKHQJHK|UWHULQGLH.DWHJRULHGHULGHRORJLVFKPRWLYLHU
WHQhEHU]HXJXQJVWlWHU
=X,,8QWHUVXFKXQJHQ]XP7KHPD0RQRSHUFHSWRVH
>«(VIROJWHLQHJHUDIIWH'DUVWHOOXQJEHUGLH9RUJlQ
JH GLH ]X 'HFNHUWV 9HUXUWHLOXQJ IKUWHQ VRZLH HLQH
$XIOLVWXQJ GHU $QWZRUWHQ GLH 'HFNHUW DXI YHUVFKLH
GHQH YRQ GH %RRU JHVWHOOWH )UDJHQ JDE 'LHVH 3DVVD
JHQ VLQG DXFK QDFK]XOHVHQ EHL
KWWSZZZQDWLRQDOMRXUQDORUJ@
'DV*HVSUlFKYHUOLHILQUXKLJHU$WPRVSKlUH'PDFKWHQLFKW
GHQ(LQGUXFNYRQGHU+DIWVRQGHUOLFKEHHLQGUXFNW]XVHLQ(U
OHVHYLHOSIOHJH±VRZLH]XOlVVLJ±GLH.RQWDNWHQDFKGUDX
‰HQ 6R KDEH HU VLFK DOV .DQGLGDW IU GLH 2EHUEUJHUPHL
VWHUZDKO LQ 6WXWWJDUW EHZRUEHQ %HLP -XVWL]PLQLVWHU KDEH HU
HLQHQ $QWUDJ DXI HLQH 8PHU]LHKXQJVWKHUDSLH JHVWHOOW EHU
GHQQRFKQLFKWHQWVFKLHGHQLVW
2PQLSRWHQ]JHIKOH
' IKOW VLFK QLFKW DOOPlFKWLJ QLFKW +HUU EHU /HEHQ XQG
7RG (U YHUXUWHLOW *HZDOWDNWH ]XU (UUHLFKXQJ SROLWLVFKHU
=LHOH'HU9HUOXVWGHU)KUXQJVSRVLWLRQLQGHU13'KDWLKQ
QLFKWJHNUlQNWLP*HJHQWHLOHUIKOWVLFKYRQHLQHUVFKZHUHQ
%UGH HQWODVWHW ' LVW NHLQ 0DFKWPHQVFK VRQGHUQ HLQ YRQ
VHLQHU0LVVLRQÄ9RONVDXINOlUXQJ´EHU]HXJWHU,GHDOLVW
5HDOLWlWVYHUOXVW
'LH GHXWVFKH 9HUJDQJHQKHLW GLH -DKUH  EHVRQGHUV GLH
=HLWDEZLUGHLQVHLWLJDXVGHU3HUVSHNWLYHGHU5HYLVLR
QLVWHQJHVHKHQ=ZHLIHODQGHUHLJHQHQ3HUVRQJLEWHVQLFKW
 

>'LH WULIIW DQVFKHLQHQG IU GLH PHLVWHQ 9HUWUHWHU GHU GDVEHLGHU$UJXPHQWDWLRQGHU5HYLVLRQLVWHQHLQHJUR‰H5ROOH

RUWKRGR[HQ*HVFKLFKWVDXIIDVVXQJ]X@ VSLHOW6LHQHKPHQ:LVVHQVFKDIWOLFKNHLWIULKUH$XINOlUXQJV
6HLQH=ZHLIHOEH]LHKHQVLFKQXUDXIGLHYRQ6WDDWXQG*HVHOO NDPSDJQHQ LQ $QVSUXFK VSUHFKHQ VLH DEHU LKUHQ .ULWLNHUQ
VFKDIW YHUWUHWHQH $XIIDVVXQJ YRQ GHQ 9HUEUHFKHQ GHU 16 DE
=HLW'LH5HDOLWlWVWUDIUHFKWOLFKHU1RUPHQPLWKRKHQ6WUDIDQ >'LHVLVWIDOVFK6REDOGMHPDQGGLH5HYLVLRQLVWHQNULWL
GURKXQJHQ†6W*%LVWIU'NHLQ+LQGHUQLVIUVHLQH
=LHOH ]X NlPSIHQ (LQ UHDOLWlWVRULHQWLHUWHU ]X YHUQQIWLJHU
*WHUDEZlJXQJEHIlKLJWHU$NDGHPLNHUPLWJXWHQEHUXIOLFKHQ
&KDQFHQ±LQGHQ3HUVRQDODNWHQZLUGLKPHLQHKRKHSlGDJR
JLVFKH 4XDOLILNDWLRQ EHVFKHLQLJW ± KlWWH VHLQH ([LVWHQ] DOV
%HDPWHUQLFKWIUXWRSLVFKH=LHOHDXIV6SLHOJHVHW]WXQGOHW]W
OLFKUXLQLHUW
>1DFK GHQ JOHLFKHQ .ULWHULHQ ]X XUWHLOHQ ZlUHQ DOOH
0lQQHU GHV :LGHUVWDQGHV JHJHQ +LWOHU SV\FKLVFK
NUDQNJHZHVHQGHQQVLHDOOHKDWWHQXWRSLVFKHUHFKWV
ZLGULJH=LHOHIUGLHVLHLKU/HEHQDXIV6SLHOVHW]WHQ
'HUYRUVlW]OLFKH9HUVWR‰JHJHQPHQVFKHQUHFKWVZLGUL
JH*HVHW]HRGHU5HJLHUXQJHQNDQQMHGHQIDOOVNHLQ,Q
GL] IU HLQH SV\FKLVFKH 'HIRUPLHUXQJ VHLQ (V NlPH
GDUDXIDQ]XSUIHQRELQGLHVHP)DOOGHU†6W*%
PHQVFKHQUHFKWVZLGULJ LVW 'LHVH )UDJH Ol‰W GH %RRU
DEHU XQJHNOlUW ZHVKDOE VHLQH JDQ]H $QDO\VH DXI IDO
VFKHQE]ZXQJHNOlUWHQ9RUDXVVHW]XQJHQIX‰W@
$JJUHVVLRQVSRWHQWLDOH
%HL GHQ 8QWHUVXFKXQJHQ HUJDEHQ VLFK NHLQH +LQZHLVH DXI
EHVRQGHUVKRKH$JJUHVVLYLWlW9HUEDOH$XVIlOOH+D‰WLUDGHQ
VLHUWGKLKUH6DFKDUJXPHQWHVDFKOLFKDXIJUHLIWSUIW
XQG IXQGLHUW YHUZLUIW ZLUG GHUDUWLJHQ .ULWLNHUQ GLH
:LVVHQVFKDIWOLFKNHLW GXUFK GLH 5HYLVLRQLVWHQ QLFKW
DEJHVSURFKHQ 7DWVDFKH LVW DEHU GD‰ PHLVWHQV QXU
EHU GLH YHUPHLQWOLFKHQ SROLWLVFKHQ 0RWLYH GHU 5HYL
VLRQLVWHQ JHVSURFKHQ E]Z JHVFKLPSIW ZLUG GD‰ PDQ
VLH WRWVFKZHLJW RGHU YHUXQJOLPSIW GD‰ PDQ LKUH $U
JXPHQWHQLFKWRGHUQXUYHU]HUUWWKHPDWLVLHUWGD‰PDQ
LKUH 3XEOLNDWLRQHQ YHUVFKZHLJW 'LHV DOOHV VLQG XQ
WUJOLFKH=HLFKHQGHU8QZLVVHQVFKDIWOLFKNHLW@
'HU *HGDQNH GD‰ GLH DQGHUHQ =HLWJHVFKLFKWVIRUVFKHU YRQ
LKQHQ DEZHUWHQG +RORFDXVW*OlXELJH JHQDQQW YLHOOHLFKW
GRFKUHFKWKDEHQN|QQWHQVLHVHOEVWDEHUIDOVFKH%HIXQGHIU
ZDKU KDOWHQ ZLUG YRP PRQRSHUFHSWRWLVFK HLQJHJDQJHQ %H
ZX‰WVHLQQLFKW]XJHODVVHQ
>'LHVLVWIDOVFK'LH5HYLVLRQLVWHQIRUGHUQLPPHUZLH
GHUGD]XDXILKUH7KHVHQVROOWHQGXUFKHQWVSUHFKHQGH
6DFKJXWDFKWHQXQG8QWHUVXFKXQJHQZLGHUOHJWZHUGHQ
6LH EHWRQHQ LPPHU ZLHGHU GD‰ VLH EHL 9RUODJH HQW
VSUHFKHQGHU6DFKEHZHLVHRGHUHLQGHXWLJHU'RNXPHQ
WH]XUbQGHUXQJLKUHU0HLQXQJEHUHLWVLQG$XIMHGHQ
)DOOEHGURKHQVLHQLHPDQGHQPLW6FKDGHQDQ+DEXQG
:XWDXVEUFKHZXUGHQDXFKEHLKHLNOHQ7KHPHQQLFKWEHRE
DFKWHW*HZDOW]XU(UUHLFKXQJSROLWLVFKHU=LHOHOHKQW'HFNHUW
DE
,GHQWLWlWVNULVHQ
6FKRQLQGHU-XJHQGKDWVLFKEHL'HFNHUWHLQHIHVWHQDWLRQDOH
,GHQWLWlWJHELOGHWGLHGXUFKGLH'LV]LSOLQDUXQG6WUDIYHUIDK
UHQQLFKWHUVFKWWHUWZXUGH'HU*ODXEHDQVHLQH0LVVLRQLVW
IHVWYHUDQNHUW
1DU]L‰PXVXQG(JR]HQWUL]LWlW
'LHHLJHQHQ0|JOLFKNHLWHQ]XU5HDOLVLHUXQJSROLWLVFKHU=LHOH
ZHUGHQ EHUVFKlW]W 9RQ GHU %HGHXWXQJ VHLQHU 3HUVRQ LP
*XW /HLE XQG /HEHQ GHU LKUH $XIIDVVXQJ QLFKW YHU
WULWW7DWVDFKHLVWKLQJHJHQGD‰HLQ8QIHKOEDUNHLWVDQ
VSUXFK QLFKW YRQ GHQ 5HYLVLRQLVWHQ SURSDJLHUW ZLUG
VRQGHUQYRQGHU*HJHQVHLWHGLHGLHVHQ$QVSUXFK]X
GHPPLWYHUEDOHUMXULVWLVFKHUXQGN|USHUOLFKHU*HZDOW
GXUFKVHW]W,P*HJHQVDW]]XGHQ5HYLVLRQLVWHQKDW]X
GHPPHLQHV:LVVHQVQRFKQLHHLQRUWKRGR[HU+LVWRUL
NHU |IIHQWOLFK JHVDJW HU ZHUGH VLFK GHU 0HLQXQJ GHU
5HYLVLRQLVWHQ DQVFKOLH‰HQ ZHQQ GLHVH EHU]HXJHQGH
%HZHLVHYRUOHJWHQ3URIGH%RRUVWHOOWDOVRGLH7DWVD
FKHQDXIGHQ.RSI@
'DV 3KlQRPHQ GHU $EVFKRWWXQJ YRQ DOOHQ GLH 6HOEVWJHZL‰
KHLWVW|UHQGHQ(LQIOVVHQLVWPLWGHU0RQRSHUFHSWRVH7KHRULH
SROLWLVFKHQ .DPSI LVW HU EHU]HXJW 6WRO] VDJW HU GD‰ LP
,QWHUQHWVFKRQPHKUIDFKEHUVHLQH9HUIDKUHQEHULFKWHWZRU
GHQ VHL (U VHL ªSROLWLVFKHU *HIDQJHQHU GHU %5'© XQG HV
HUIOOH LKQ PLW *HQXJWXXQJ GD‰ HU DOV 0lUW\UHU ]ZLVFKHQ
ª.ULPLQHOOHQXQG5DXVFKJLIWKlQGOHUQ©VHLQH6WUDIHYHUE‰H
'DVLQWHUQDOLVLHUWH:HUWHV\VWHP
0LW $XVQDKPH GHU IU DOOH JHOWHQGHQ YRQ LKP DEHU LP %H
UHLFK GHV †  6W*% PL‰DFKWHWHQ 3IOLFKW GLH VWDDWOLFKHQ
*HVHW]H]XEHIROJHQOLH‰HQVLFK:HUWHGHIL]LWHQLFKWHUNHQQHQ
>$XFKKLHUZHLFKWGH%RRUHLQHUNULWLVFKHQ$XVHLQDQ
GHUVHW]XQJ PLW GHU PHQVFKHQUHFKWOLFKHQ 3UREOHPDWLN
GHV†6W*%DXV@
(LQVWHOOXQJ]XU:LVVHQVFKDIW
:LVVHQVFKDIWOLFK±ZLHGLH5$)7HUURULVWHQ±LVW'QLFKW(U
KDW VLFK RKQH 9RUEHGLQJXQJ IU GLH SV\FKLDWULVFKH 8QWHUVX
FKXQJ]XU9HUIJXQJJHVWHOOW$QJVWDOVSDWKRORJLVFKHU)DOO
LQ HLQH ,QVWLWXWLRQ HLQJHZLHVHQ ]X ZHUGHQ KDW HU QLFKW 'HQ
HWDEOLHUWHQ +LVWRULNHUQ ZLUIW HU LKUH XQZLVVHQVFKDIWOLFKH
(LQVHLWLJNHLW EHL GHU +RORFDXVW)RUVFKXQJ YRU +LHU VLQG
HLQLJH %HPHUNXQJHQ ]XP 7KHPD :LVVHQVFKDIW HUIRUGHUOLFK
9II*ÂÂ-DKUJDQJÂ+HIW  
SODXVLEHO]XHUNOlUHQ0RQRVWUXNWXUGHU'HQNLQKDOWH
>,P *HJHQVDW] ]X GHQ 5HYLVLRQLVWHQ GLH DOOH $UJX
PHQWH XQG 3XEOLNDWLRQHQ GHU *HJHQVHLWH DXIJUHLIHQ
EOHQGHW GLH *HJHQVHLWH GLH $UJXPHQWH GHU 5HYLVLRQL
VWHQIDVWYROOVWlQGLJDXVVFKRWWHWVLFKDOVR YRQDOOHP
DEZDVLKUH6HOEVWJHZL‰KHLWVW|UHQN|QQWH@
'LH $EVFKRWWXQJ LVW 6\PSWRP HLQHU XQZLVVHQVFKDIWOLFKHQ
(LQVWHOOXQJ
>GLHDXVVFKOLH‰OLFKEHLGHQRUWKRGR[HQ+LVWRULNHUQ]X
ILQGHQLVW@
2IIHQKHLW IU )RUVFKXQJVHUJHEQLVVH DQGHUHU $XWRUHQ XQG
PHWKRGLVFKHU =ZHLIHO DQ GHU HLJHQHQ 3RVLWLRQ VLQG XQYHU
]LFKWEDUH9RUDXVVHW]XQJHQIUJHLVWLJH$UEHLWGLHGDV3UlGL
NDW ªZLVVHQVFKDIWOLFK© YHUGLHQW 5HYLVLRQLVWHQ YHUIDKUHQ
VHOHNWLY $OOHV ZDV GLH HLJHQH 3HUVRQ VWW]W LVW VDNURVDQNW
DQGHUH)RUVFKXQJVHUJHEQLVVHEHUXKHQDXI)lOVFKXQJHQ
>2EHWZDVHLQH)lOVFKXQJLVWRGHUQLFKWOl‰WVLFKQXU
GXUFK HLQHQ VDFKOLFKH $QDO\VH NOlUHQ 7DWVlFKOLFK
ZHUGHQ LPPHU ZLHGHU PDVVLYH )lOVFKXQJHQ DXIJH
GHFNWXQG]ZDUIDVWLPPHUQXUYRQ5HYLVLRQLVWHQ,Q
:LUNOLFKNHLW VLQG HV GLH RUWKRGR[HQ +LVWRULNHU GLH
ªDOOHV ZDV GLH HLJHQH 3HUVRQ VWW]W© DOV VDNURVDQNW
 DQVHKHQXQGGLHª)RUVFKXQJVHUJHEQLVVH©GHUDQGHUHQ
DOVª)lOVFKXQJHQ©XQG/JHQEH]HLFKQHQ@
3DUWQHUEH]LHKXQJ
'LH (KH LVW QLFKW JHIlKUGHW 'LH (KHIUDX EHVXFKW LKQ UHJHO
Pl‰LJ6LHWHLOWVHLQHSROLWLVFKHQ$QVLFKWHQXQGEHWlWLJWVLFK
LP6LQQHVHLQHUUHYLVLRQLVWLVFKHQ,GHRORJLH
=XU9HUGUlQJXQJGHU5HDOLWlW
'LH 6WlUNH GHU 9HUGUlQJXQJVSRWHQ]HQ ZLUG KRFK HLQJH
VFKlW]W$XVGHU16*HVFKLFKWHZHUGHQGLHEHODVWHQGHQ)DN
VHOEVWZHQQGLH7|WXQJHQDPWOLFKEHXUNXQGHWZRUGHQZlUHQ
ZUGHQ GLH 5HYLVLRQLVWHQ GLH 8UNXQGHQ JHWUHX LKUHP &UHGR
DOV)lOVFKXQJHQEH]HLFKQHQ(LQH%HZHLVHUKHEXQJLPUHFKWV
WHFKQLVFKHQ6LQQHLVWYLHOH-DKU]HKQWHQDFKGHQLQNULPLQLHU
WHQ(UHLJQLVVHQXQP|JOLFKHQ
>'DV LVW LQ MHGHU +LQVLFKW 8QVLQQ 2IIHQEDU YHUJL‰W
3URIGH%RRUGD‰HVQHEHQ 'RNXPHQWHQDXFK 6DFK
EHZHLVH JLEW 6SXUHQ YRQ 0DVVHQJUlEHUQ *HEHLQH
$VFKH HWF :HQQ .ULPLQRORJLH $OWHUWXPVIRUVFKXQJ
XQG3DOlRQWRORJHQRFK-DKUH-DKU]HKQWH-DKUKXQGHUW
-DKUWDXVHQGH MD -DKUPLOOLRQHQ QDFK HLQHP (UHLJQLV
WHQDXVJHEOHQGHW4XD9HUGUlQJXQJ"4XD$EVLFKW"
>GDN|QQHQVLFKZRKOYLHOH9HUWUHWHUEHLGHU6HLWHQGLH
+lQGH UHLFKHQ 'HU HLQH YHUGUlQJW GDV (QWODVWHQGH
GHUDQGHUHGDV%HODVWHQGH7DWVDFKHLVWGD‰GLH5HYL
VLRQLVWHQQXUDXIGLHRIIHQHLQJHVWDQGHQH(LQVHLWLJNHLW
GHV(VWDEOLVKPHQWVUHDJLHUHQ@
GLHIUDOOHSROLWLVFKLQWHUHVVLHUWH%UJHUDOVKLVWRULVFKJHVL
FKHUWH7DWVDFKHQJHOWHQ
>:HQQIUGLH0DVVHGHV9RONHVHWZDVDOVJHVLFKHUWH
7DWVDFKH JLOW HWZD IU GLH 0HQVFKHQ LP 0LWWHODOWHU
GD‰ VLFK GLH 6RQQH XP GLH (UGH GUHKW PX‰ HV QRFK
ODQJHQLFKWZDKUVHLQ@
'HU=RUQGHU5HYLVLRQLVWHQULFKWHWVLFKEHVRQGHUVJHJHQGLH
$EOHKQXQJ LKUHU %HZHLVDQWUlJH ]XU 6HOEVWDXINOlUXQJ 'LH
*HULFKWH VHKHQ GLH 166WUDIWDWHQ DOV ªRIIHQNXQGLJH JH
VFKLFKWOLFKH 7DWVDFKH© DQ GLH NHLQHU ZHLWHUHQ %HZHLVH EH
GUIH
=X GHQ LPPHU ZLHGHU JHIRUGHUWHQ %HZHLVHQ IU GLH (UPRU
GXQJLQGHQ/DJHUQLVWDQ]XPHUNHQ'LH169HUEUHFKHQVLQG
RKQH QRWDULHOOH $XIVLFKW HUIROJW VLH ZDUHQ DOV ª*HKHLPH
5HLFKVVDFKH© QXU GHQ XQPLWWHOEDU %HWHLOLJWHQ EHNDQQW $EHU



'HU5HYLVLRQHLQH*DVVH5HDNWLRQHQDXIGLH$QWL:HKUPDFKWVDXVVWHOOXQJ
PDWHULHOOH6SXUHQGHVVHOEHQILQGHQN|QQHQNDQQPDQ
GDV ELVKHULJH )HKOHQ HEHQVROFKHU 8QWHUVXFKXQJHQ
QLFKW PLW GHU )ORVNHO HQWVFKXOGLJHQ HV OLH‰H VLFK MD
GRFK QLFKWV PHKU EHZHLVHQ )UHLOLFK ZLUG HV PLW ]X
QHKPHQGHP =HLWDEVWDQG LPPHU VFKZLHULJHU GLH %H
ZHLVH ]X VLFKHUQ (V LVW DEHU VFKRQ VFKOLPP JHQXJ
GD‰PDQEHU-DKUHYHUVWUHLFKHQOLH‰RKQHGDVDQ
JHEOLFK VFKOLPPVWH 0HQVFKKHLWVYHUEUHFKHQ GDV ELV
KHUQXUEHKDXSWHWDEHUQRFKQLHEHZLHVHQZXUGHDQ
JHPHVVHQHQ IRUHQVLVFKHQ 8QWHUVXFKXQJHQ XQWHUZRU
IHQ]XKDEHQ(VVWHOOWELVKHXWHNHLQSULQ]LSLHOOHV3UR
EOHP GDU GLH 6SXUHQ GHU 0DVVHQPRUGRUJLHQ GHU 6R
ZMHWXQLRQQDFK]XZHLVHQ6HLW.DW\QKDWPDQXQ]lKOL
JH 0DVVHQJUlEHU H[KXPLHUW :DUXP YHUVXFKW PDQ
QLFKW ]XPLQGHVW HLQHV GHU YRQ 'HXWVFKHQ DQJHOHJWHQ
0DVVHQJUlEHU LQ GHQ DQJHEOLFKHQ 9HUQLFKWXQJVODJHUQ
RGHU LQ GHQ ]HLWZHLVH GHXWVFK EHVHW]HQ *HELHWHQ GHU
6RZMHWXQLRQ ]X ILQGHQ XQG ]X XQWHUVXFKHQ" 3URI GH
%RRUZHLFKWDXFKKLHUGHQ]HQWUDOHQ)UDJHQDXV@
 5.DPPHUHU
-RDFKLP ) :HEHU +J $UPHH LP .UHX]IHXHU 8QLYHUVLWDV VFKlGLJXQJ GHU GDPDOLJHQ )DKQHQIOFKWLJHQ JHUHFKWIHUWLJW
0QFKHQ ZHUGHQNDQQ/RWKDU*URSSH:LOOGHU%XQGHVUDWDXFK9HU
)UDQ]:6HLGOHU+J9HUEUHFKHQDQGHU:HKUPDFKW3RXU EUHFKHU UHKDELOLWLHUHQ" :LGHU GLH 9HUDOOJHPHLQHUXQJHQ
OH0pULWH6HOHQWEHL.LHO6 )UDQ]:6HLGOHU)DKQHQIOXFKW'HU6ROGDW]ZLVFKHQ(LGXQG
 *HZLVVHQ7DWVDFKHQEHUGDV3KlQRPHQGHU'HVHUWLRQDXV
6DPPHOElQGH PLW EHU  %HLWUlJHQ XQG XPIDQJUHLFKHP GHU :HKUPDFKW $OIUHG 0 GH =D\DV 7lWHU XQG 2SIHUNDWH
$QKDQJ GLH VLFK LQ QRUPDOHP %XFKIRUPDW DXI HWZD  JRULHQ 'HXWVFKH 6FKZDU]ZHL‰PDOHUHLHQ EHU :HKUPDFKWV
6HLWHQEHVFKUlQNHQELHWHQ]ZDUIUMHGHQHWZDVKDEHQDEHU
GHQ1DFKWHLOGD‰YLHOHV]XNXU]NRPPWZDVGHU/HVHUJHUQH
DXVIKUOLFKHU GDUJHOHJW KlWWH 9RQ (UZLGHUXQJHQ DXI GLH
5HHPWVPD+HUUVFKH $XVVWHOOXQJ ZUGH PDQ JHUQH 7LHIJDQJ
XQG $XVIKUOLFKNHLW YHUODQJHQ 'DV HUVWH KLHU EHVSURFKHQH
%XFKNDQQGHPMHGRFKQXUWHLOZHLVHJHUHFKWZHUGHQGDVLFK
GLH$XWRUHQLQLKUHQ%HLWUlJHQVHKU]XUFNKDOWHQPX‰WHQ
:HQLJHULVWHEHQPDQFKPDOGRFKPHKU
9RP]HLWJHVFKLFKWOLFKHQ6WDQGSXQNWDXVEHWUDFKWHWYHUGLHQHQ
]ZHL %HLWUDJVNDWHJRULHQ EHVRQGHUH $XIPHUNVDPNHLW XQG
]ZDUHLQHUVHLWVMHQHGLHVLFKPLWGHP3UREOHPGHU'HVHUWHXUH
GHU :HKUPDFKW EHVFKlIWLJHQ XQG DQGHUHUVHLWV MHQH GLH VLFK
PLW GHQ EHKDXSWHWHQ 9HUEUHFKHQ GHU :HKUPDFKW DXVHLQDQ
GHUVHW]HQ
8QWHU GHU +DXSWEHUVFKULIW ª'HU 'HVHUWHXU DOV /HLWELOG GHV
6WDDWVEUJHUV"© EHVFKlIWLJHQ VLFK GUHL NRPSHWHQWH $XWRUHQ
PLW GHU )UDJH RE HLQH DOOJHPHLQH 5HKDELOLWLHUXQJ XQG (QW
  9II*ÂÂ-DKUJDQJÂ+HIW
MXVWL]XQG'HVHUWHXUHDXVGHU6LFKWHLQHV$PHULNDQHUV
,QWHUHVVDQWGDUDQLVWDXV6LFKWGHV5H]HQVHQWHQYRUDOOHPGLH
)HVWVWHOOXQJ VFKZHL]HU 8QWHUVXFKXQJVNRPPLVVLRQHQ GLH
ZlKUHQGGHV.ULHJHVGHXWVFKH'HVHUWHXUHQDFKLKUHQ0RWLYHQ
EHIUDJWHQ 'DQDFK KDWWHQ NDXP PHKU DOV  DOOHU )DKQHQ
IOFKWLJHQSROLWLVFKH0RWLYHIULKUH7DW(LQQLFKWXQHUKHEOL
FKHU7HLOGLHVHU6ROGDWHQNDQQ]XGHPLQGLH.DWHJRULHQLFKW
VR]LDOLVLHUWHU 3HUVRQHQ HLQJHRUGQHW ZHUGHQ GLH VFKRQ LP
=LYLOOHEHQ 3UREOHPH KDWWHQ VLFK GHQ *HVHW]HQ XQWHU]XRUG
QHQ 'D‰ GHU 'HXWVFKH %XQGHVWDJ LP )UKMDKU  GLHVH
6ROGDWHQJUXSSH NXPXODWLY UHKDELOLWLHUWH XQG QXQ VHLWHQV GHU
OLQNHQ XQG OLEHUDOHQ )UDNWLRQHQ LP %XQGHVWDJ VRJDU HLQH
SDXVFKDOH (QWVFKlGLJXQJ IU DOOH 'HVHUWHXUH JH]DKOW ZHUGHQ
VROO OLHJW ZRKO HLQHUVHLWV DQ PDQJHOKDIWHU ,QIRUPDWLRQ EHU
GLH WDWVlFKOLFKHQ 0RWLYH GHU GDPDOLJHQ 5HFKWVEUHFKHU YRU
DOOHP DEHU ZRKO DQ LGHRORJLVFKHU %RUQLHUWKHLW %HVRQGHUV
GHXWOLFK ZXUGH GLHVH LQ GHU $5'5HSRUW6HQGXQJ YRP

 LQ GHU GDV HUJUHLIHQGH DEHU HEHQ IDOVFKH %LOG YRP
'HVHUWHXU DOV KHOGHQKDIWHQ :LGHUVWlQGOHU JHVXQJHQ ZXUGH
XP GLHMHQLJHQ &'83DUODPHQWDULHU GLH HLQH SDXVFKDOH (QW
VFKlGLJXQJ ]XU =HLW QRFK EORFNLHUHQ SVHXGRPRUDOLVFK
ZHLFK]XNRFKHQ
:RP|JOLFK ZHUGHQ LQ GHQ QlFKVWHQ -DKUHQ DOOH 0HQVFKHQ
GLH LP 'ULWWHQ 5HLFK YRQ RUGHQWOLFKHQ *HULFKWHQ EHVWUDIW
ZXUGHQSRVWKXPUHKDELOLWLHUWXQGHQWVFKlGLJWVHOEVW0|UGHU
XQG )UDXHQVFKlQGHU 6FKOLH‰OLFK KDEHQ VLFK DOO GLHVH 0HQ
VFKHQ JHJHQ GHQ 166WDDW XQG VHLQH PHQVFKHQYHUDFKWHQGH
*HVHW]H JHZDQGW RGHU VLQG YRQ HLQHU IDVFKLVWLVFKHQ 8Q
UHFKWVMXVWL] LQ 6FKDXSUR]HVVHQ XQUHFKWPl‰LJ YHUXUWHLOW ZRU
GHQ $OOH GLHVH WDSIHUHQ Ä:LGHUVWlQGOHU´ XQG Ä2SIHU GHU
1D]LMXVWL]´ JHK|UWHQ GDKHU UHKDELOLWLHUW XQG HQWVFKlGLJW 6R
DEZHJLJ LVW GLHVHV 6FKUHFNHQV]HQDULR OHLGHU QLFKW ZHUGHQ
GRFK VFKRQ KHXWH DXVQDKPVORV DOOH HKHPDOLJHQ ./,QVDVVHQ
HQWVFKlGLJWDXFKZHQQHLQQLFKWXQHUKHEOLFKHU$QWHLOGDYRQ

6]HQHQZLHEUHQQHQGH+lXVHUXVZ
6R DOVR VLHKW GDV (UJHEQLV HLQHU REMHNWLYHQ hEHUSUIXQJ
GHULQWHQGHQ]ORVHU$EVLFKW]XU(UUHJXQJHPRWLRQDOHU(LQ
VWHOOXQJHQ JHJHQ GLH :HKUPDFKW JHEUDFKWHQ 8Q]DKO YRQ
%LOGHUQDXVGLHQRFKGD]XPHLVWHQVDXVVRZMHWLVFKHQ4XHO
OHQ VWDPPHQ ,QVJHVDPW LVW EHUGHXWOLFK GD‰ HOHPHQWDUH
*HERWH ZLVVHQVFKDIWOLFKHQ $UEHLWHQV ZLH DXFK PRUDOLVFKH
:DKUKDIWLJNHLW GXUFK GLH 9HUDQVWDOWHU GHU $XVVWHOOXQJ
GXUFKJHKHQGYHUOHW]WZHUGHQ©
(VEOHLEWQXU]XKRIIHQGD‰HVQLFKWEHLGLHVHP$QVDW]EOHLEW
VRQGHUQ GD‰ GLH ([SRQDWH GHU $QWL:HKUPDFKWVDXVVWHOOXQJ
DXFKZHLWHUKLQDXILKUH$XWKHQWL]LWlWXQWHUVXFKWZHUGHQ
(LQHQJlQ]OLFKDQGHUHQ$QVDW]YHUIROJWGHUEHNDQQWH+LVWRUL
NHU:DOWHU3RVWLQVHLQHP%HLWUDJª'LH:HKUPDFKWLP=ZHL
WHQ :HOWNULHJ $UPHH ]ZLVFKHQ 5HJLPH XQG WRWDOHP .ULHJ©
3RVW EHULFKWHW GD‰ HLQ QLFKW XQHUKHEOLFKHU 7HLO YRQ $UFKLY
PDWHULDO GD‰ 66 XQG :DIIHQ66 EHODVWHW YRP .*% JH
JHZ|KQOLFKH 6FKZHUNULPLQHOOH ZDUHQ :HP GDV XQZDKU
VFKHLQOLFK HUVFKHLQW GHU VHL GDUDQ HULQQHUW GD‰ HV JHQDX
GLHVH/RJLNLVWGLH63')'3*5h1(XQGGHQOLQNHQ)O
JHO GHU &'8 LQ 6DFKHQ 5HKDELOLWLHUXQJ GHU 'HVHUWHXUH XP
WUHLEW
7KHPDWLVFK HWZDV HUIUHXOLFKHU VLQG GLH ]ZHL LP HUVWHQ KLHU
EHVSURFKHQHQ %XFK YRUKDQGHQ %HLWUlJH ]XU )UDJH GHU 9HU
EUHFKHQ GHU :HKUPDFKW ,QVEHVRQGHUH GLH GHWDLOOLHUWHQ $XV
IKUXQJHQ YRQ :ROI 6WRHFNHU EHU ª)lOVFKXQJ XQG $JLWDWL
RQ©LQGHUª$XVVWHOOXQJÄ9HUQLFKWXQJVNULHJ9HUEUHFKHQGHU
:HKUPDFKWELV´© JHEHQ]XGHU+RIIQXQJ $QOD‰
GD‰VLFKGRFKQRFKNRPSHWHQWHXQGPXWLJH)RUVFKHUILQGHQ
GLHVLFKGHPYRQ+HHUXQG.RQVRUWHQSUlVHQWLHUWHQ0DWHULDO
VDFKNXQGLJ]XU%UXVW QHKPHQXQGLQDNULELVFKHU.OHLQDUEHLW
IlOVFKWZXUGH$QP
ª6LHKH GD]X /DGLVODY %LWWPDQQ *HKHLPZDIIH ' %HUQ
 LQVEHV 6  II GDQDFK VLQG GDV ª.ULHJVWDJHEXFK
GHV .RPPDQGRVWDEHV 5HLFKVIKUHU66© XQG GLH ª7lWLJ
NHLWVEHULFKWH© YHUVFKLHGHQHU 66(LQKHLWHQ ZDKUVFKHLQOLFK
YRP.*%JHIlOVFKWRGHUPDQLSXOLHUWZRUGHQ'LHVHDQJHE
OLFKLQHLQHP6HHJHIXQGHQHQ'RNXPHQWHZXUGHQYRQ
GHU WVFKHFKRVORZDNLVFKHQ 5HJLHUXQJ GHU gIIHQWOLFKNHLW
SUlVHQWLHUW XQG HLQ -DKU VSlWHU XQWHU GHP 7LWHO Ä8QVHUH
(KUHKHL‰W7UHXH´LP(XURSD9HUODJ:LHQSXEOL]LHUW©
(U EHULFKWHW EHU GLH 0HWKRGHQ PLW GHQHQ GLH Ä5RWH =HOOH³
DP 0LOLWlUJHVFKLFKWOLFKHQ )RUVFKXQJVDPW GLH *HVFKLFKWV
VFKUHLEXQJYHUIlOVFKW
ª,QGHQVLHE]LJHU-DKUHQELOGHWHVLFKLP0LOLWlUJHVFKLFKWOL
GHQ)lOVFKXQJVFKDUDNWHUGLHVHU$XVVWHOOXQJEHZHLVHQ6WRHN FKHQ)RUVFKXQJVDPW02)$GHU%XQGHVZHKULQ)UHLEXUJ
NHU EULQJW LQ VHLQHP %HLWUDJ  %HLVSLHOH VROFKHU )lOVFKXQ XP 0DQIUHG 0HVVHUVFKPLGW :LOKHOP 'HLVW +DQV (ULFK
JHQZREHLPDQEHLHLQLJHQHLQVDQIWHV)UDJH]HLFKHQDQEULQ 9RONPDQQ XQG :ROIUDP :HWWH HLQH *UXSSH YRQ OLQNVJH
JHQGDUI]XPDOHV6WRHFNHUPDQFKPDOQXUGDUDXIDQ]XNRP ULFKWHWHQ+LVWRULNHUQGLHHVDOVLKUH$XIJDEHDQVDKHQGLH
PHQ VFKHLQW GLH 9HUDQWZRUWXQJ IU YHUPHLQWOLFKH 9HUEUH
FKHQ YRQ GHU :HKUPDFKW DXI DQGHUH EHZDIIQHWH (LQKHLWHQ
DE]XZlO]HQ 6LFK DXI .RVWHQ DQGHUHU ]X HQWODVWHQ ZDU DEHU
QRFKQLHHLQJXWHU6WLO
8QWHUVXFKXQJHQ]XU)DNWL]LWlWEHKDXSWHWHU9HUEUHFKHQXQWHU
QLPPW 6WRHFNHU QLFKW (U IRUGHUW VLH QRFK QLFKW HLQPDO HLQ
6RNROSRUWLHUWHU]XP%HLVSLHOGLHOlQJVWDXFKXQWHU+LVWRUL
NHUQ]ZHLIHOKDIWJHZRUGHQHQ*HVFKLFKWHQEHU%DELM-DU
$EHUDXFKVRLVWGHU%HLWUDJ*ROGZHUWVFKRQDOOHLQZDVGLH
%HZHUWXQJGHULQGHU$XVVWHOOXQJJH]HLJWHQ%LOGHUDQEHODQJW
ª:HU DEHU GHU :HKUPDFKW XQWHU 9RUODJH YRQ )RWRV 9HU
:HKUPDFKW DOV YHUEUHFKHULVFKH 2UJDQLVDWLRQ ]X HQWODU
YHQ>@ 0LW LKUHQ $XIIDVVXQJHQ JHULHWHQ VLH QDWUOLFK
VFKQHOO LQ .RQIOLNW PLW NRQVHUYDWLYHQ 0LWDUEHLWHUQ GHV
0*)$'LH6WUHLWLJNHLWHQJLSIHOWHQLQHLQHP3UR]H‰
GHQ :LOKHOP 'HLVW JHJHQ -RDFKLP +RIIPDQQ DQVWUHQJWH
'HLVW ZDU PLW HLQHP %HLWUDJ +RIIPDQQV ]X GHP RIIL]L|VHQ
:HUNª'DV'HXWVFKH5HLFKXQGGHU=ZHLWH:HOWNULHJ'HU
$QJULII DXI GLH 6RZMHWXQLRQ©QLFKW HLQYHUVWDQGHQ JHZHVHQ
XQG KDWWH YRU (UVFKHLQHQ GHV %XFKHV YHUVXFKW ªLP (LQ
NODQJ PLW GHU *UXQGWKHVH GLH 6RZMHWXQLRQ VHL HLQ IULHGOL
FKHU NHLQ DJJUHVVLYHU 6WDDW JHZHVHQ DXI VHLQH +RII
EUHFKHQ DQODVWHQ ZLOO PX‰ QRFK GD]X ZHQQ HU ZLVVHQ PDQQV'DUVWHOOXQJGHVVRZMHWLVFKHQ2IIHQVLYDXIPDUVFKHV
VFKDIWOLFKH %HDUEHLWXQJ YRUJLEW IU MHGHV )RWR $QJDEHQ (LQIOX‰ ]X QHKPHQ XQG LKP QDKHJHOHJW VHLQH $XVIKUXQ
PDFKHQN|QQHQEHU JHQ VR ]X YHUGUHKHQ GD‰ GHU VRZMHWLVFKH $XIPDUVFK DE
D2UWXQG=HLWGHV*HVFKHKHQV  QXU HLQH 5HDNWLRQ DXI HLQHQ DQJHEOLFKHQ GHXWVFKHQ
EEHWHLOLJWH:HKUPDFKWVHLQKHLWHQ $XIPDUVFKJHZHVHQVHL©:HLWHUZXUGH+RIIPDQQDQJHWUD
F5HFKWVZLGULJNHLWYRQGDUJHVWHOOWHQ0D‰QDKPHQ
$QDO\VLHUW PDQ XQWHU GLHVHP $VSHNW GLH  )RWRV GDQQ
ILQGHW PDQ GD‰ NHLQ HLQ]LJHV )RWRV GLHVH 9RUDXVVHW]XQJ
HUIOOW
±WUDJHQGLH%H]HLFKQXQJªXQEHNDQQWHU2UW©VLQGDO
VRGHVKDOEZHUWORV
±EHWUHIIHQDQGHUH(LQKHLWHQZLH66RGHU$UEHLWVGLHQVW
± ODVVHQ NHLQH %HWHLOLJXQJ YRQ :HKUPDFKWVHLQKHLWHQ
HUNHQQHQ
±%LOGHUVLQGDXV3ROHQYRU
±]HLJHQGXUFK.ULHJVHUHLJQLVVHYHUXUVDFKWHDOOJHPHLQH
9II*ÂÂ-DKUJDQJÂ+HIW  
JHQVHLQH'DUVWHOOXQJGHU.RPSOL]HQVFKDIWGHU6RZMHWXQL
RQEHLGHP$QJULIIDXI3ROHQXQGEHLGHU/LTXLGLHUXQJGLH
VHV6WDDWHV]XVWUHLFKHQRGHU]XYHUVFKOHLHUQ(EHQVRVROOWH
YHUVFKZLHJHQ ZHUGHQ GD‰ 6WDOLQ LQ VHLQHU (UNOlUXQJ YRP
 1RYHPEHU  (QJODQG XQG )UDQNUHLFK RIIL]LHOO DOV
GLH6FKXOGLJHQDQGHU$XVZHLWXQJXQG)RUWGDXHUGHV.ULH
JHVEH]HLFKQHWKDWWH©:HJJHODVVHQZHUGHQVROOWHªHLQ=L
WDW GHV VRZMHWLVFKHQ 9HUWHLGLJXQJVPLQLVWHUV XQG 0DU
VFKDOOVGHU6RZMHWXQLRQ*UHWVFKNRGD‰DOOHLQGLH)URQW
WUXSSHQ NHLQHVIDOOV DEHU GLH 5HJLHUXQJ XQG GLH K|KHUHQ
)KUXQJVVWHOOHQ GHU $UPHH YRQ GHP GHXWVFKHQ $QJULII
 EHUUDVFKW ZRUGHQ VHLHQ© 6FKOLH‰OLFK ZXUGH YRQ +RII EHXWHU DXIJHWUHWHQ
PDQQ YHUODQJW ªHLQ %UHLWWUHWHQ GHU 8QWDWHQ DXI GHXWVFKHU 6FKRQ DOOHLQ GHU
6HLWHUHVWORVHV9HUVFKZHLJHQGHU8QWDWHQDXIVRZMHWLVFKHU 8PIDQJ GHU .ROOD
6HLWH© ERUDWLRQ XQG GLH
'HLVW KDWWH +RIIPDQQ YRU GHP /DQGJHULFKW )UHLEXUJ YHU 6WlUNHU GHU )UHLZLO
NODJW GLH =LWDWH VWDPPHQ DXV GHP 8UWHLO GLHVH %HKDXS OLJHQYHUElQGH VOD
WXQJHQ]XXQWHUODVVHQDEHUGDV*HULFKWKDWGLH.ODJHNR ZLVFKHU 9|ONHU
VWHQSIOLFKWLJDEJHZLHVHQ© EHZHLVH GHQ %HIUHL
=XP%HZHLVZHUWYRQ)RWRVRKQH+HUNXQIWVQDFKZHLVE]ZLQ XQJVFKDUDNWHU GHV
GHQ$NWHQVRZMHWLVFKHU6FKDXSUR]HVVHIKUWHUDXV 2VWIHOG]XJHV $XFK
ª'LH $XVVWHOOXQJ SUlVHQWLHUW LQ HUVWHU /LQLH )RWRV DEHU ZHLVW HU QDFK GD‰
)RWRVVLQGKlXILJHLQIUDJZUGLJHV%HZHLVPLWWHOPDQNDQQ GDV 'ULWWH 5HLFK
XQWHUMHGHV)RWRMHGHEHOLHELJH8QWHUVFKULIWVHW]HQ$X‰HU HLQLJH 0LOOLDUGHQ
GHP KDW HLQ *UR‰WHLO GHU SUlVHQWLHUWHQ )RWRV NHLQHUOHL 5HLFKVPDUN LQ GDV
+HUNXQIWVQDFKZHLV VR GD‰ VLH DOV %HZHLVPLWWHO ZHUWORV YRQ GHQ 6RZMHWV
VLQG ,Q GLHVHP =XVDPPHQKDQJ HUNOlUWH GHU JHJHQZlUWLJH YHUZVWHWH /DQG
&KHIGHV0*)$.DSLWlQ]XU6HH:HUQHU5DKQDP-X LQYHVWLHUWH RKQH
QLLQHLQHP9RUWUDJª:HQQLQHLQHU$XVVWHOOXQJHLQ GDYRQ MH SURILWLHUHQ
9LHUWHOGHU%LOGHUPLWGHQHQGHUYHUEUHFKHULVFKH&KDUDN ]XN|QQHQ 
WHUGHU :HKUPDFKWEHZLHVHQZHUGHQVROODXVHLQHPVWDOL $OV )D]LW NRPPW 3RVW ]X IROJHQGHU %HXUWHLOXQJ GHU :HKU
QLVWLVFKHQ6FKDXSUR]H‰VWDPPWGDQQVROOWHGHU=XVFKDXHU PDFKW
QDFKGHQNOLFKZHUGHQ© ª,QHLQHP$XIVDW]LP%HJOHLWEDQG]XGHU$XVVWHOOXQJª9HU
'DPLW LVW GHU 0LQVNHU 3UR]H‰ DQJHVSURFKHQ GHU  LQ QLFKWXQJVNULHJ 9HUEUHFKHQ GHU :HKUPDFKW© HUNOlUWH
GHU6RZMHWXQLRQJHJHQDQJHEOLFKHGHXWVFKH.ULHJVYHU 6WUHLP>2EHUVWDDWVDQZDOWEHLGHU=HQWUDOHQ6WHOOHGHU/DQ
EUHFKHU DEJHKDOWHQ ZXUGH ,QVJHVDPW ZXUGHQ ]ZLVFKHQ GHVMXVWL]YHUZDOWXQJHQ LQ /XGZLJVEXUJ@ GD‰ VHLW (LQULFK
'H]HPEHUXQG'H]HPEHUPLQGHVWHQV]HKQGHU WXQJ GHU =HQWUDOHQ 6WHOOH LP-DKUH  LQ GHU %XQGHVUH
DUWLJH3UR]HVVHLQVRZMHWLVFKHQ6WlGWHQGXUFKJHIKUW0HV SXEOLN'HXWVFKODQGHWZD(UPLWWOXQJVYHUIDKUHQJHJHQ
VHUVFKPLGW EH]HLFKQHW LQ GHP JOHLFKQDPLJHQ %HJOHLWEDQG $QJHK|ULJH GHU :HKUPDFKW HLQJHOHLWHW ZRUGHQ VLQG G K
]XGHU$XVVWHOOXQJª9HUQLFKWXQJVNULHJ©GLHVH3UR]HVVHDOV :HKUPDFKWVVROGDWHQZXUGHQYHUGlFKWLJWDQ.ULHJV
SULQ]LSLHOO UHFKWVVWDDWOLFK DEHU GLH VRZMHWLVFKH -XVWL] GHU YHUEUHFKHQRGHU169HUEUHFKHQEHWHLOLJWJHZHVHQ]XVHLQ
6WDOLQbUDKDWHLQHQ5XIGHUVFKOHFKWHUJDUQLFKWYRUVWHOO 5HFKQHWPDQGD‰GHU:HKUPDFKWHWZD0LOOLRQHQ0lQ
EDULVW© QHUXQG)UDXHQDQJHK|UWKDEHQVRPDFKHQ9HUGlFK
3RVW EHULFKWHW ± QHEHQ GHQ YRQ LKP HUZlKQWHQ *UHXHOQ GHU WLJH  3UR]HQW GHV JHVDPWHQ 3HUVRQDOEHVWDQGHV DXV
%RPEDUGHPHQWV XQG GHU VRZMHWLVFKHQ Ä%HIUHLXQJ´ ± EHU 6HOEVW ZHQQ PDQ Y|OOLJ K\SRWKHWLVFK HLQH VHKU KRKH 'XQ
XQJODXEOLFKH .ULHJVJUHXHO GHU $PHULNDQHU 7LVFKJDUQLWXUHQ NHO]LIIHUYRQ3UR]HQWXQGGDPLW9HUGlFKWLJHDQ
DXVGHQ.QRFKHQHUPRUGHWHU-DSDQHUDXVJHEURFKHQH=lKQH QLPPWVREHZHJWPDQVLFKHUVWEHL3UR]HQW9RQGHQ
DEJHVFKQLWWHQH 2KUHQ« GLH VRQVW LPPHU LQ DEJHZDQGHOWHU (UPLWWOXQJVYHUIDKUHQLQGHU%XQGHVUHSXEOLN'HXWVFK
)RUP RKQH %HZHLV GHQ 'HXWVFKHQ LQ GLH 6FKXKH JHVFKREHQ ODQGIKUWHQEULJHQVQXU]ZHL]XHLQHU9HUXUWHLOXQJ,Q
ZHUGHQ 6WLFKZRUW 6FKUXPSINRSI XQG 0HQVFKHQKDXW (U
EHVFKUHLEWGHQY|ONHUUHFKWVZLGULJHQ3DUWLVDQHQNDPSIVRZMH
WLVFKHU 9HUElQGH PLW VHLQHQ *UDXVDPNHLWHQ XQG ZHLVW LQ
GLHVHP=XVDPPHQKDQJDXIGLHGDPDOLJH5HFKWPl‰LJNHLWYRQ
5HSUHVVDOKLQULFKWXQJHQKLQ
GHU ''5 JDE HV LQVJHVDPW DFKW 8UWHLOH JHJHQ :HKU
PDFKWVDQJHK|ULJH
$XFK GLH TXDQWLWDWLYHQ hEHUOHJXQJHQ ]HLJHQ GD‰ GLH /H
JHQGHYRQGHUªVDXEHUHQ:HKUPDFKW©QLFKWXQEHGLQJWHLQH
/HJHQGHLVW©
3RVWHUNOlUWGD‰GLH,QWHQWLRQIUHLQHQ.ULHJ]XU*HZLQQXQJ
YRQÄ/HEHQVUDXPLP2VWHQ´QLFKWGXUFK'RNXPHQWHJHVWW]W
ZHUGHQN|QQH$OOHGDPDOLJHQNULHJVQDKHQ'RNXPHQWHVWW
]HQ GLH 7KHVH YRP 3UlYHQWLYNULHJ DOV 1RWZHKUKDQGOXQJ
$XFKGLH%HJULIIHª9HUQLFKWXQJVNDPSI©XQGª8QWHUPHQVFK©
NDQQ3RVWDQKDQGYRQ'RNXPHQWHQNOlUHQYHUQLFKWHWZHUGHQ
VROOWH GHU .RPPXQLVPXV XQG DOV 8QWHUPHQVFK JDOW QXU GHU
%ROVFKHZLNQLFKWDEHUGHU6ODZHZDVVLFKDOOHLQVFKRQGHV
KDOE YHUERW ZHLO YLHOH VODZLVFKH 9|ONHU DXI GHXWVFKHU 6HLWH
NlPSIWHQ
3RVW ZHLVW GDUDXI KLQ GD‰ GLH KRKH 2SIHU]DKO XQWHU GHQ VR
ZMHWLVFKHQ *HIDQJHQHQ LP :LQWHU  ± GLH ZLH HU
QDFKZHLVW QLHGULJHU OLHJW DOV VR PDQFKH 3URSDJDQGD]LIIHU ±
QLFKWDXIHLQHYRUVlW]OLFKH9HUQDFKOlVVLJXQJ]XUFN]XIKUHQ
JHZHVHQVHLVRQGHUQDXIGHQ=XVDPPHQEUXFKGHVGHXWVFKHQ
1DFKVFKXEVLQGLHVHPKDUWHQ:LQWHU
'LHGHXWVFKH%HVDW]XQJVSROLWLNZHUGHKHXWHVR3RVWªHLQVHL
WLJ ZHQQ QLFKW IDOVFK GDUJHVWHOOW© 'LH GHXWVFKH %HVDW
]XQJVPDFKW VHL LQ 5X‰ODQG QLFKW DOV 8QWHUZHUIHU XQG $XV
  9II*ÂÂ-DKUJDQJÂ+HIW
'U :DOWHU 3RVW -DKUJDQJ  LVW RIIHQEDU HLQ 0DQQ PLW
GHP PDQ DXFK LQ =XNXQIW UHFKQHQ PX‰ $OOHLQ VHLQ %HLWUDJ
LVWHVZHUWGDVEHVSURFKHQH%XFK]XHUZHUEHQ
'DV ]ZHLWH KLHU EHVSURFKHQH %XFK LVW HLQH (UZLGHUXQJ DXI
GLH $QWL:HKUPDFKWVDXVVWHOOXQJ DXI HLQHU JDQ] DQGHUHQ
(EHQH
ª'LHVHV %XFK LVW HLQH $QWZRUW DXI GLH $XVVWHOOXQJ Ä9HU
QLFKWXQJVNULHJ9HUEUHFKHQGHU:HKUPDFKWELV
>«@
'LHVH 'RNXPHQWDWLRQ VRZMHWLVFKHU .ULHJVJUHXHO Ol‰W LP
8QWHUVFKLHG]XU$QWL:HKUPDFKWVDXVVWHOOXQJNHLQHQ5DXP
IU )lOVFKXQJHQ WH[WOLFKH ,UUHIKUXQJHQ XQG ZLOONUOLFKH
%HKDXSWXQJHQ±$OOH9RUIlOOHVLQGEHOHJW±'LH2UWVXQG
=HLWDQJDEHQVLQG]ZHLIHOVIUHL±'LHQlKHUHQ8PVWlQGHGHU
JUDXVDPHQ (UHLJQLVVH ZHUGHQ GXUFK =HXJHQDXVVDJHQ JH
VWW]W±'LH%LOGHUVLQGNHLQH3ULYDWIRWRVVRQGHUQMXULVWL
VFKHVXQGPHGL]LQLVFKHV%HZHLVPDWHULDO±(VZXUGHQNHL
QH (LQJULIIH LQ GLH 6FKULIWVWFNH YRUJHQRPPHQ ± =X GHQ
PHLVWHQ 'RNXPHQWHQ JLEW HV ]XVlW]OLFKHV %HZHLVPDWHULDO

GDV YRQ :LVVHQVFKDIWOHUQ HLQJHVHKHQ ZHUGHQ NDQQ ± 'HU
:RUWODXW GHU 7H[WH NDQQ LP %XQGHVDUFKLY0LOLWlUDUFKLY
)UHLEXUJXQWHUGHU6LJQDWXU5:YYQDFKJHSUIW
ZHUGHQ©
3URI )UDQ] : 6HLGOHU ZDU VFKRQ |IWHUV GXUFK VHLQH XQNRQ
YHQWLRQHOOHQ3XEOLNDWLRQHQDXIJHIDOOHQVRDXFKLQGHPHUVWHQ
KLHU EHVFKULHEHQHQ %DQG EHU GLH 'HVHUWHXUH RGHU DXFK LP
6DPPHOEDQG 'LH 6FKDWWHQ GHU 9HUJDQJHQKHLW PLW VHLQHP LQ
MHGHU+LQVLFKWUHYLVLRQLVWLVFKHQ%HLWUDJª/HEHQVERUQH9GHU

EHVRQGHUVIUGLH YLHOHQ)RWRVYRQ)lOOHQUXVVLVFKHQ.DQQL
EDOLVPXV DQ GHXWVFKHQ 6ROGDWHQ 'HP /HVHU VHL GDKHU HPS
IRKOHQGD‰%XFKQLFKWNXU]YRUHLQHU0DKO]HLWRGHUYRUGHP
(LQVFKODIHQ ]X OHVHQ 'DV N|QQWH DQVRQVWHQ XQDQJHQHKPH
)ROJHQ KDEHQ $XV GHP JOHLFKHQ *UXQG YHU]LFKWHQ ZLU KLHU
HLQHQlKHUH%HVFKUHLEXQJHQ
=XKRIIHQLVWGD‰GLHVHV%XFKQLFKWGDV(QGHGHU%HVFKlIWL
JXQJ 6HLGOHUV PLW GLHVHP 7KHPD GDUVWHOOW 6FKRQ LQ VHLQHU
(LQOHLWXQJ]XGLHVHP%XFK]HLJW6HLGOHU8UVDFKHQXQG:LU
66 9RP *HUFKW ]XU /HJHQGH© 8 %DFNHV XD +J 8OO NXQJV]XVDPPHQKlQJH]ZLVFKHQGHQ9HUEUHFKHQGHUMHZHLOL
VWHLQ))06%HUHLWVPLWVHLQHQ9HU|IIHQWOL JHQ 6HLWH DXI DQKDQG GHUHU GLH (VNDODWLRQHQ LP 2VWNULHJ
FKXQJHQ EHU GLH 2UJDQLVDWLRQ 7RGW %HUQDUG  *UDHIH YHUVWlQGOLFKZHUGHQ(LQH]XNQIWLJH9HUWLHIXQJGLHVHV7KH
.REOHQ]  XQG VHLQHQ *UQGHU )ULW] 7RGW  EHU PDV ZlUH ZQVFKHQVZHUW $OV *HJHQJHZLFKW ]XU (LQVHLWLJ
GHQ'HXWVFKHQ9RONVVWXUP'LH0LOLWlUJHULFKWVEDUNHLW NHLW YRQ +HHU XQG .RQVRUWHQ GLH VLFK ODXW )RFXV 1U 
GHU 'HXWVFKHQ :HKUPDFKW   )DKQHQIOXFKW  6  ZLHGHUXP HLQHU /JH VFKXOGLJ JHPDFKW KDEHQ
 XQG QHXHUGLQJV EHU 'LH .ROODERUDWLRQ  XQG VLFK LQ]ZLVFKHQ JHQ|WLJW VHKHQ LKUHU $XVVWHOOXQJ HLQH
 DOOH +HUELJ 0QFKHQ ± XP QXU HLQLJH ]X QHQQHQ ±
KDWHU=HXJQLVVHVHLQHUKLVWRULVFKHQ:DKUKHLWVOLHEHDEJHOHJW
0LW VHLQHP QHXHQ :HUN VFKHLQW HU QXQ YROOHQGV DXI HLQH
JHVFKLFKWVUHYLVLRQLVWLVFKH /LQLH HLQJHVFKZHQNW ]X VHLQ 2I
IHQEDU LVW LKP DQJHVLFKWV GHU (LQVHLWLJNHLWHQ j OD 5HHPWVPD
ZDFKVHQGH(UUDWD/LVWHEHL]XIJHQLVWGLHVHV%XFKMHGHQIDOOV
HLQXQEHGLQJWHV0X‰
(LQ ZHLWHUHV KHUYRUUDJHQGHV %XFK ]X GLHVHP 7KHPHQNUHLV
ZLUG LQ GHU QlFKVWHQ $XVJDEH EHVSURFKHQ ZHUGHQ 'LH
:DKUKHLW EHU GLH :HKUPDFKW .ODXV 6RMND )= 0QFKHQ
XQG+HHUGHU.UDJHQJHSODW]W  (UQVW*DXVV
'DV KLHU YRUJHVWHOOW %XFK ZXUGH EHUHLWV LP )2&86 EHVSUR
FKHQ ZHVKDOE PDQ ZRKO]XUHFKWYRQHLQHU $UW'XUFKEUXFK
VSUHFKHQ NDQQ 6HLGOHU VFKQHLGHW LQ VHLQHP %DQG GDV KHL‰H
(LVHQWDWVlFKOLFKHURGHUQXUDQJHEOLFKHUÄGHXWVFKHU´9HUEUH
FKHQ]ZDUDQ±DXFKHU]HLJWHLQLJH)lOOHYRQ)DOVFKGDUVWHO
OXQJHQ LQ 5HHPWVPDV $XVVWHOOXQJ DXI ± MHGRFK ZLGPHW HU
VLFK YRU DOOHP GHQ 9HUEUHFKHQ GLH DQ GHU GHXWVFKHQ :HKU
PDFKW EHJDQJHQ ZXUGHQ %LVKHU JDE HV ]X GLHVHP 7KHPD
QHEHQ6HLGOHUV%DQGEHUGLH0LOLWlUJHULFKWVEDUNHLW XQGGDV
%XFK 'LH :HKUPDFKWVXQWHUVXFKXQJVVWHOOH YRQ $ GH =D\DV
8OOVWHLQ ))0%HUOLQ  ZRULQ GDV EHHLQGUXFNHQGH
0DWHULDO DOOHUGLQJV QXU ]|JHUOLFK SUlVHQWLHUW XQG LQ HLQHU
8QPHQJHMXULVWLVFKHU'DUVWHOOXQJHQTXDVLYHUVWHFNWZXUGH
3URI 6HLGOHU KDW YRU HLQLJHU =HLW GLH 2ULJLQDOXQWHUODJHQ GHU
:HKUPDFKWVXQWHUVXFKXQJVVWHOOH DXVILQGLJ PDFKHQ N|QQHQ
DXIGHQHQVLFKVHLQH'RNXPHQWDWLRQDEVWW]W$QKDQGGLHVHU 
8QWHUODJHQSUlVHQWLHUWXQV6HLGOHUGLHDQGHXWVFKHQ6ROGDWHQ 5XVVLVFKHU .DQQLEDOLVPXV DQ JHIDQJHQHQ GHXWVFKHQ 6RGDO
WHQ LP +HUEVW  ª$XVJHZHLGHWH /HLFKHQ LP /DJHU  GHV
YHUJDQJHQHQ 9HUEUHFKHQ LQ HLQHU 'HWDLOIOOH XQG LQ HLQHP 6WDODJ©%LOGGRNXPHQW]XP)DOO):6HLGOHUDD2
8PIDQJGD‰HVHLQHPGHQ$SSHWLWYHUVFKOlJW'LHVJLOWJDQ] 6

,QYHUVHU9HUIROJXQJVZDKQ9RQ%HUXI1D]LMlJHU
(IUDLP =XURII %HUXI 1D]LMlJHU 'LH 6XFKH PLW GHP ODQJHQ DEHULQGHQ86$SXEOL]LHUWZXUGHLVWGHUGHXWVFKHQ$XVJDEH
$WHP 'LH -DJG QDFK GHQ 7lWHUQ GHV 9|ONHUPRUGHV $KUL QLFKW ]X HQWQHKPHQ 8UVSUQJOLFK VROOWH HV LQ (QJODQG HU
PDQ)UHLEXUJ6 VFKHLQHQ GLH 9HU|IIHQWOLFKXQJ ZXUGH DEHU GXUFK HLQH HLQVW
 ZHLOLJH 9HUIJXQJ GLH HLQ OLWDXLVFKHU (PLJUDQW EHL HLQHP
=XURIIV %XFK JHK|UW LQ GLH JOHLFKH .DWHJRULH ZLH GDV ZDKU VFKRWWLVFKHQ *HULFKW JHJHQ GDV %XFK HUZLUNW KDWWH YHUKLQ
VFKHLQOLFK EHNDQQWH :HUN 5HFKW QLFKW 5DFKH YRQ 6 :LH GHUW
VHQWKDO 8OOVWHLQ ))0  'HU 7LWHO JLEW GHQ ,QKDOW GHV 'DV 9RUZRUW ]XU GHXWVFKHQ $XVJDEH LVW PLW )HEUXDU 
%XFKHVKDDUJHQDXZLHGHU=XURIIOHEWGDYRQ1D]LYHUEUHFKHU GDWLHUWHUVFKLHQHQLVW%HUXI1D]LMlJHULP6RPPHU'LH
]XMDJHQHVLVWVHLQ%HUXI9LHOHVZDVZLUEHL:LHVHQWKDOPLW XUVSUQJOLFKH )DVVXQJ VROOWH DP  KHUDXVNRPPHQ
%HIUHPGHQOHVHQILQGHWVLFKDXFKEHL=XURIIDEHURKQHGLH
VHQJHZLVVHQ&KDUPHGLH8QEHIDQJHQKHLWXQG/HEKDIWLJNHLW
PLW GHU :LHVHQWKDO YRQ VHLQHU 0LVVLRQ EHU]HXJW VLFK LP
PHU ZLHGHU LQV 8QUHFKW VHW]W :R :LHVHQWKDO PHQVFKOLFK
VRJDU HLQ EL‰FKHQ V\PSDWKLVFK ZLUNW LVW =XURII KDUW XQG ±
XQKHLPOLFK*HQDXHUGLHLQ%HUXI1D]LMlJHU]XWDJHWUHWHQGH
*HLVWHVKDOWXQJLVWZHQLJHUXQKHLPOLFKDOVXQYHUVWlQGOLFK6LH
LVWHLQHP0LWWHOHXURSlHUXQG&KULVWHQVHKUIUHPG
%HUXI1D]LMlJHULVWDXVGHP$PHULNDQLVFKHQEHUVHW]WREHV
9II*ÂÂ-DKUJDQJÂ+HIW  
66SlWHUH(UHLJQLVVHVLQGEHUFNVLFKWLJWXQGHLQJHDU
EHLWHW VR GDV (QGH GHV )DOOHV 0HQJHOH  GDV QHXH 16
.ULHJVYHUEUHFKHU9HUIROJXQJVJHVHW] LQ (QJODQG  GDV
YRQ GHU NDQDGLVFKHQ 5HJLHUXQJ  YHUIJWH (QGH GHU (U
PLWWOXQJHQJHJHQ.ULHJVYHUEUHFKHUXVI
'D‰ GDV %XFK ± GDQNHQVZHUWHUZHLVH ± HUZHLWHUW XQG QDFK
 DXI GHQ QHXHVWHQ 6WDQG JHEUDFKW ZXUGH Ol‰W VLFK PLU
GHQ LP ODXIHQGHQ 7H[W HUZlKQWHQ 'DWHQ GHU EHVFKULHEHQHQ
(UHLJQLVVHQ HQWQHKPHQ 'HU 5H]HQVHQW KDW DEHU QLFKW GHQ
(LQGUXFNGD‰GDV0DQXVNULSWYROOVWlQGLJEHUDUEHLWHWZXUGH VLRQYRQ)UHXQG3HU]6WXKOSIDUUHU+LVWRULVFKHhEHUUHVWHYRQ
'LH HLQ]HOQHQ -DJGHQ ZHUGHQ PLW JUR‰HU *HQDXLJNHLW PLW
DOOHQ *HVSUlFKHQ XQG *HGDQNHQ YRQ $QIDQJ DQ FKURQROR
JLVFKJHVFKLOGHUWDXFKZHQQVLHVFKOLH‰OLFKHUIROJORVEOLHEHQ
'LHHYHQWXHOOH)RUWIKUXQJQDFKLVWDQJHIJW'DGXUFK
JHUlW GLH %HVFKUHLEXQJ JHOHJHQWOLFK UHFKW XQEHUVLFKWOLFK
GDV *HGlFKWQLV GHV /HVHUV ZLUG VWUDSD]LHUW -DJGHQ GLH HUVW
QDFK  HLQVHW]WHQ VLQG GDJHJHQ NRQ]HQWULHUW XQG JH
VFKORVVHQ GDUJHVWHOOW EOHLEHQ EHVVHU LP *HGlFKWQLV 'LH
hEHUVHW]XQJLQV'HXWVFKHLVWJXW
%HUXI 1D]LMlJHUEHJLQQW± QDFK'DQNVDJXQJHQ XQG(LQIK
7|WXQJVHLQULFKWXQJHQLP.= 0DXWKDXVHQ=XURII]HLJWVLFK
JXWXQWHUULFKWHWZHQQHUGDV:DQQVHH3URWRNROOYRP-DQXDU
QLFKWHUZlKQW(QWJHJHQGHUODQGOlXILJHQ0HLQXQJIHKOW
GRUW GHU +LQZHLV DXI HLQHQ 3ODQ ]XU (QGO|VXQJ DOV 9HUQLFK
WXQJGHU-XGHQ:HQQHUDQVWDWWGHVVHQGHQ%HJLQQGHU$NWL
RQ YRUYHUOHJW IKOW HU VLFK GXUFKDXV LP (LQNODQJ PLW GHU
QHXHUOLFK JHOWHQGHQ /HVDUW ª0DQ LVW LP DOOJHPHLQHQ GHU
$XIIDVVXQJ GD‰ LKUH >GHU (QGO|VXQJ@ SUDNWLVFKH 'XUFKIK
UXQJ LP 0DVVHQPD‰VWDE PLW GHP (LQIDOO GHU 1D]LV LQ GLH
6RZMHWXQLRQ DP  -XOL  HLQVHW]WH© 6  VROO ZDKU
UXQJHQ±PLWGHP%HULFKW=XURIIVZLHHUHLQ6RKQYRQ1HZ VFKHLQOLFKKHL‰HQ-XQLG9
<RUNHU -XGHQ ]XU -DJG DXI EHUOHEHQGH LQ GLH 86$ HLQJH =XUFN ]X .DSLWHO  $XI 6  ILQGHW VLFK HLQH (UZlKQXQJ
ZDQGHUWH 1DWLRQDOVR]LDOLVWHQ NDP (U EHULFKWHW GDV LQ DOOHU GHU (LQVDW]JUXSSHQ GLH ZLHGHUXP VWXW]LJ PDFKW (V VHLHQ
$XVIKUOLFKNHLW Ol‰W XQV ZLVVHQ ZHU ZDUXP XQG DE ZDQQ
IU XQG JHJHQ VHLQH -DJGSOlQH ZDU JLEW *HVSUlFKH XQG %H
JHJQXQJHQ ZLHGHU XQG HU]lKOW JDQ] XQEHIDQJHQ YRQ GHQ
SV\FKRORJLVFKHQ7ULFNVPLWGHQHQHUXQGVHLQH*HVLQQXQJV
IUHXQGHLKUH=LHOHHUUHLFKWHQRGHUDXFKHLQPDOQLFKWHUUHLFK
WHQ
)U =XURII LVW GHU *HGDQNH XQHUWUlJOLFK GD‰ LUJHQGHLQ PXW
PD‰OLFKHU -XGHQP|UGHU IUHL XQG LQ )ULHGHQ VHLW .ULHJVHQGH
 0DQQ 'HXWVFKH ªPRELOH 0RUGHLQKHLWHQ GHUHQ $XI
JDEHHVZDUDOOH-XGHQXQGNRPPXQLVWLVFKHQ)XQNWLRQlUHLQ
GHPYRQGHU:HKUPDFKWEHVHW]WHQ*HELHW]XHUPRUGHQ©8QG
]ZDULQGHPULHVLJHQ*HELHWªYRQGHQ9RUVWlGWHQ/HQLQJUDGV
LP 1RUGHQ ELV ]XP $VRZVFKHQ 0HHU LP 6GHQ© 'D]X GLH
NU\SWLVFKH %HPHUNXQJ ª,KUH .DPSIPLWWHO ZDUHQ NRQYHQWLR
QHOOH 6FKX‰ZDIIHQ 7URW]GHP JHODQJ HV LQ  0RQDWHQ
 -XGHQ ]X HUPRUGHQ© =XURII ZXQGHUW VLFK ]ZHLIHOW
LPZHVWOLFKHQ$XVODQGOHEHQGDUI6Xl(VJLEWNHLQHQ DEHU QLFKW (U ILQGHW IROJHQGH /|VXQJ 'LHV (UJHEQLV VHL
$QOD‰GLH(FKWKHLWGLHVHV0RWLYVDQ]X]ZHLIHOQ HUP|JOLFKW ZRUGHQ QXU GXUFK GLH ªIDQDWLVFKH 0LWKLOIH GHU
1HXLVWDOOHUGLQJVGLH=LHOULFKWXQJ=XURIIV-DJGJLOWRVWHXUR
SlLVFKHQ PXWPD‰OLFKHQ Ä1D]L´.ULHJVYHUEUHFKHUQ ± :HL‰
UXVVHQ8NUDLQHUQ.URDWHQ(VWHQ/HWWHQXQG/LWDXHUQ±YRQ
GHQHQ HU DQQLPPW GD‰ VLH PLW GHQ 'HXWVFKHQ ± PHLVWHQV
XQWHUVFKLHGVORV Ä1D]LV´ JHQDQQW ± ]XVDPPHQDUEHLWHWHQ XQG
YRQ GHQHQ HU IHUQHU DQQLPPW GD‰ VLH ]XPHLVW DXV IUHLHQ
6WFNHQ XQG DXV $QWLVHPLWLVPXV KDQGHOWHQ XQG 0DVVDNHU
XQWHUGHQRUWVDQVlVVLJHQ-XGHQDQULFKWHWHQ
'D‰ HU NHLQH GHXWVFKHQ Ä1D]L´.ULHJVYHUEUHFKHU YHUIROJW
HUNOlUW HU GDPLW GD‰ GLHVH PHKU RGHU ZHQLJHU DXVQDKPVORV
EHUHLWV YRQ GHU ZHVWGHXWVFKHQ -XVWL] YHUIROJW XQG YHUXUWHLOW
ZXUGHQ
,Q.DSª1D]LVLQGHQ86$:HUVLQGVLH":LHNDPHQVLH
HLQKHLPLVFKHQ%HY|ONHUXQJ©6'D‰HVLPUFNZlUWLJHQ
)URQWJHELHW HLQ XQJHKHXUHV 3DUWLVDQHQSUREOHP JDE ZHL‰
=XURIIQLFKWRGHUHVLQWHUHVVLHUWLKQQLFKW
(567'(57b7(5'$11',(7$7
,Q .DS  ª'HU 8QWHUVXFKXQJVYRUJDQJ 'UHL )lOOH© VSULFKW
=XURIIGDV 9HUIDKUHQDQ QDFKGHPHU XQG VHLQH0LWDUEHLWHU
YRUJHKHQXP7lWHUGLQJIHVW]XPDFKHQ'DVJOHLFKH9HUIDK
UHQ EHQXW]WH DXFK :LHVHQWKDO LQ VHLQHP %XFK 5HFKW QLFKW
5DFKHRKQHGD‰GLH,PSOLNDWLRQHQHLQHVVROFKHQ9RUJHKHQV
VHKUGHXWOLFKZUGHQ
$QGHUVEHL=XURII(UQHQQWVHLQH7lWLJNHLWÄ1D]L´-DJG'DV
WULIIW DEHU QLFKW GHQ .HUQ GHU 6DFKH 'HQQ =XURII NHQQW GLH
LQV/DQG"©IROJWHLQH'DUVWHOOXQJGHU*HVFKLFKWHGHV+ROR
FDXVW'LH1D]LVVRHUIDKUHQZLUNDPHQJDQ]OHJDODOV(LQ
ZDQGHUHU LQ GLH 86$ :LH QLFKW DQGHUV ]X HUZDUWHQ LVW GLH
+RORFDXVW*HVFKLFKWH VWDUN YHUJU|EHUW XQG YHUHLQIDFKW XQG
LP EULJHQ VR DOOJHPHLQ GD‰ HLQH 6WHOOXQJQDKPH GD]X VLFK
HUEULJW 8QG GRFK ORKQW VLFK GLH /HNWUH ZHJHQ HLQLJHU
EHUUDVFKHQGHU%HPHUNXQJHQ=XURIIV
'LH/HVHUHUIDKUHQGD‰ªGLH1D]LVVHFKV7RGHVODJHUHUULFKWH
WHQ DOOH LQ 3ROHQ© ± ª-XGHQ DXV JDQ] (XURSD ZXUGHQ LQ
GLHVHÄ7RGHVIDEULNHQ´JHVFKLFNWZRPHKUDOVGLH+lOIWHGHU
HWZDVHFKV0LOOLRQHQ-XGHQGLHGLH1D]LVXQGLKUH.ROODER
1DPHQZDVLKPIHKOWLVWGLH7DW'DVLVWXQJODXEOLFKZLUG
DEHU YRQ =XURII VHOEVW Y|OOLJ RIIHQ XQG XQEHIDQJHQ VR EH
VFKULHEHQ
ª'LH$UEHLWYRQ)RUVFKHUQEHU1D]LNULHJVYHUEUHFKHQLVWDXI
GHQ HUVWHQ %OLFN GHU YRQ .ULPLQDOLVWHQ VHKU lKQOLFK %HLGH
YHUVXFKHQ%HZHLVPDWHULDOEH]JOLFKEHVWLPPWHU9HUEUHFKHQ
DXI]XILQGHQXPGHQ6FKXOGLJHQYRU*HULFKW]XEULQJHQ>@
(VJLEWMHGRFKHLQLJHZLFKWLJH8QWHUVFKLHGH(LQHUOLHJWGDU
LQGD‰GHU.ULPLQDOEHDPWHVLFKDXIHLQ9HUEUHFKHQNRQ]HQ
WULHUW GDV HU DXINOlUHQ ZLOO LQGHP HU GHQ 7lWHU ILQGHW GLH
(UIRUVFKHU YRQ 1D]LNULHJVYHUEUHFKHQ DEHU PHLVW LQ HQWJH
UDWHXUHHUPRUGHWHQJHW|WHWZXUGHQ©6'HPQDFKZlUH JHQJHVHW]WHU5LFKWXQJDUEHLWHQ,QGHQPHLVWHQ)lOOHQEHJLQ
DOVRGDYRQDXV]XJHKHQGD‰DQQlKHUQGGUHL0LOOLRQHQ-XGHQ QHQ GLHVH QLFKW PLW HLQHP 9HUEUHFKHQ XQG VXFKHQ GDQQ GHQ
LP EULJHQ 2VWHXURSD XPJHEUDFKW ZXUGHQ ,KUH 0|UGHU 7lWHU VRQGHUQ VLH KDEHQ HLQHQ 9HUGlFKWLJHQ XQG HLQH %H
%DOWHQ 8NUDLQHU :HL‰UXVVHQ .URDWHQ =XURII VSULFKW YRQ
HLQHP ªYHU]HUUWHQ %LOG GHV +RORFDXVW© GHQQ ªGLHMHQLJHQ
>-XGHQ@ GHQHQ GLH (LQ]HOKHLWHQ GHU -XGHQYHUQLFKWXQJ QLFKW
JHQDX EHNDQQW ZDUHQ JODXEWHQ GLHVH 7DWHQ VHLHQ IDVW DXV
VFKOLH‰OLFKYRQ'HXWVFKHQXQGgVWHUUHLFKHUQEHJDQJHQZRU
VFKXOGLJXQJGLHVLHGDQQ]XEHZHLVHQYHUVXFKHQ©6
6REHJLQQHQGHQQDXFKGXUFKGDVJDQ]H%XFKKLQGXUFKYLHOH
GHU-DJGHQPLW9HUGlFKWLJHQOLVWHQGLHGLH=XURII*UXSSHDQ
GLH 5HJLHUXQJHQ YRQ $XVWUDOLHQ .DQDGD (QJODQG EHUJDE
XP GLHVH ]XP +DQGHOQ ]X ]ZLQJHQ (U HU]lKOW ]% ª0LWWH
GHQ© 6  ± 2E HLQ 'HXWVFKHU EHU GLHVH $UW GHU (QWOD
VWXQJHUIUHXWVHLQVROOEOHLEHGDKLQJHVWHOOW
(QWVFKLHGHQ ZLFKWLJHU LVW =XURIIV ODSLGDUH )HVWVWHOOXQJ
0DXWKDXVHQVHLNHLQª7RGHVODJHUDQVLFK©JHZHVHQZlKUHQG
QRFK  GLH |VWHUUHLFKLVFKH =HLWVFKULIW =HLWJHVFKLFKWH GH
WDLOOLHUWGDV*HJHQWHLOEHZLHV(LQ]HOKHLWHQVXQWHQ5H]HQ
GHV 6RPPHUV EHVD‰HQ GLH EULWLVFKHQ %HK|UGHQ VFKRQ GLH
1DPHQYRQ3HUVRQHQGLHDOV1D]LNULHJVYHUEUHFKHUYHU
GlFKWLJW ZXUGHQ XQG GLH 8QWHUVXFKXQJVNRPPLVVLRQ KDWWH
LKUH$UEHLWDXIJHQRPPHQ2EZRKOYLHOHGHU1DPHQEHUGLH
GLH .RPPLVVLRQ YHUIJWH LQ GHU 7DW DXI QLFKW PHKU DOV $K
QXQJHQ XQG 9HUPXWXQJHQ EHUXKWHQ ZDU GLH $Q]DKO HLQH

  9II*ÂÂ-DKUJDQJÂ+HIW
 

JUXQGOHJHQGH9RUDXVVHW]XQJIUXQVHUH.DPSDJQH©6
$XFK DQ .DQDGD ZDUHQ /LVWHQ JHOLHIHUW ZRUGHQ 'LH DXI
HQRUPHQ 'UXFN KLQ HUULFKWHWH 8QWHUVXFKXQJVNRPPLVVLRQ
EH]HLFKQHWH =XURII XQG HLQHQ LQ .DQDGD DQVlVVLJHQ =XURII
+HOIHUDOVGLH+DXSWTXHOOHQIU9HUGlFKWLJHQOLVWHQGHU/HW]
WHUH KDEH  1DPHQ PLWJHWHLOW YRQ GHQHQ HV LP %HULFKW
KLH‰ VLH VHLHQ ªYRQ <DG 9DVKHP DXIV *HUDWHZRKO JHOLHIHUW
EUHFKHUDXVILQGLJ]XPDFKHQ©6
:LH =XURII EHULFKWHW VHLHQ GLH ]XIlOOLJ HQWGHFNWHQ $UROVHQ
$NWHQHLQ:HUN]HXJGDVGLHª6XFKHQDFK1D]LNULHJVYHUEUH
FKHUQUHYROXWLRQLHUHQNRQQWH©ª8PQXQZHLWHUH1D]LNULHJV
YHUEUHFKHU DXI]XVSUHQ GLH LQ GHQ 86$ XQG DQGHUVZR LP
:HVWHQ OHEWHQ VWHOOWHQ ZLU 1D]LNULHJVYHUEUHFKHUOLVWHQ ]X
VDPPHQ GLH ZLU GDQQ JHJHQ GLH ,76'RNXPHQWH DEJOLFKHQ
ZRUGHQ©6'DVHU]lKOW=XURII 'LH ,76$NWHQ ZDUHQ LQ <DG 9DVKHP DXI 0LNURILOP DXI
:LH HUIlKUW =XURII GLH 1DPHQ GHU 7lWHU GLH HU IDVW QLH DOV 0LNURILOPHQPLW%LOGHUQXPJHQDX]XVHLQ
ÄPXWPD‰OLFK´ EH]HLFKQHW" *DQ] HLQIDFK :HVWGHXWVFKODQG YRUKDQGHQ GLH (LQWUlJH ZDUHQ QDFK GHP SKRQHWLVFKHQ $O
GLH86$ XQGGLH6RZMHWXQLRQREDXFKDQGHUH/lQGHUJHKW SKDEHW JHRUGQHW GDV GHU 6XFKGLHQVW YHUZHQGHW KDWWH© 6
DXV GHP %XFK QLFKW KHUYRU VWHOOWHQ GHQ (UPLWWHOQGHQ HLQH
XQEHJUHQ]WH=DKOYRQ3HUVRQDOXQWHUODJHQ]XU9HUIJXQJGLH
VLH QXU GXUFK]XIRUVWHQ EUDXFKWHQ ª'LH 86$ YHUIJHQ EHU
XPIDQJUHLFKH 6DPPOXQJHQ EHVFKODJQDKPWHU GHXWVFKHU 'R
NXPHQWHVRZLHGLH(LQZDQGHUXQJVDNWHQ©ª$XFKYHUVFKLHGH
QH $UFKLYH LQ :HVWGHXWVFKODQG VLQG HLQJHKHQG NRQVXOWLHUW
ZRUGHQ© KHL‰W HV ZHLWHU $EHU HV ZDUHQ QLFKW QXU GLH DXFK

0LW 6WRO] XQG WRWDOHU 8QEHIDQJHQKHLW EHULFKWHW =XURII YRQ
HLQHU DQGHUHQ OHLFKW ]X HQWVFKOVVHOQGHQ 1DPHQVTXHOOH HL
QHPOLWDXLVFKHQ7HOHIRQEXFKYRQªGDVGLH1DPHQXQG
%HUXIH DOOHU 3HUVRQHQ PLW 7HOHIRQDQVFKOX‰ LQ JDQ] /LWDXHQ
DXIIKUWH >«@ 'DV 7HOHIRQEXFK OLHIHUWH XQV P|JOLFKH $QW
ZRUWHQ ]X ]DKOUHLFKHQ )UDJHQ DXI XQVHUHU /LVWH OLWDXLVFKHU
'HXWVFKHQ ]XJlQJOLFKHQ $UFKLYH YLHOPHKU VSULFKW =XURII
YRQ GHP ª0DWHULDO GDV GLH ZHVWGHXWVFKHQ -XVWL]EHK|UGHQ
JHOLHIHUWKDEHQ©XQGGDVVLFKDOVEHVRQGHUVZHUWYROOHUZLHVHQ
KDEH (EHQIDOOV QLFKW IU GHXWVFKH )RUVFKHU ]XJlQJOLFK ZDU
ELVYRUZHQLJHQ-DKUHQGDV%HUOLQ'RFXPHQW&HQWHUGDVVLFK
ªLQ]DKOUHLFKHQ)lOOHQPLWVHLQHQXPIDQJUHLFKHQ$NWHQEHU
0LWJOLHGHU GHU 1D]LSDUWHL XQG GHU 66 DOV DX‰HURUGHQWOLFK
9HUEUHFKHU© 6  0DQ GDUI ZRKO GDYRQ DXVJHKHQ GD‰
1DPHQ ÄPXWPD‰OLFKHU 9HUEUHFKHU´ GHP 7HOHIRQEXFK DXFK
GLUHNW HQWQRPPHQ ZXUGHQ RKQH YRUKHULJHQ 9HUGDFKW 'D‰
GLH =XJHK|ULJNHLW ]X HLQHU EHVWLPPWHQ 2UJDQLVDWLRQ GLH
+HUNXQIW DXV HLQHP EHVWLPPWHQ 2UW LP DOOJHPHLQHQ JHQJ
WHQ XP HLQHQ 8QJOFNOLFKHQ DXI GLH 1D]LNULHJVYHUEUHFKHU
OLVWHQ]XSUDNWL]LHUHQJHKWDXVGHQ-DJGEHULFKWHQKHUYRU
ZLFKWLJH4XHOOH© HUZLHVHQ KDEHLELG'DEHLZLUGGLH=HQ
WUDOH 6WHOOH ]XU 9HUIROJXQJ YRQ 169HUEUHFKHQ LQ /XGZLJV
EXUJEHVRQGHUVJHOREWZDVDOOHUGLQJVQLFKWYHUZXQGHUW
6FKOLH‰OLFKLVWQRFKGLHHKHPDOLJH6RZMHWXQLRQDOV/LHIHUDQW
YRQ 'RNXPHQWHQ HUZlKQW 'RFK =XURII VFKUlQNW EHUUD
VFKHQGHUZHLVH HLQ ª'LH 7DWVDFKH GD‰ VLH DXV HLQHP /DQG
NDPHQ GHVVHQ $UFKLYH IU ZHVWOLFKH )RUVFKHU YHUVFKORVVHQ
ZDUHQXQGYRQGHVVHQ-XVWL]ZHVHQPDQZX‰WHGD‰HV$QJH
NODJWH DXV SROLWLVFKHQ *UQGHQ YHUXUWHLOW KDWWH ZDUI YHU
VFKLHGHQH UHFKWOLFKH WHFKQLVFKH XQG PRUDOLVFKH 3UREOHPH
',(7$7(1
'LH7DWHQVLQG VWHWVJUDXVDPH0DVVDNHUEHLGHQHQHLQH JH
ZLVVH*OHLFKI|UPLJNHLWDXIIlOOW(VKDQGHOWVLFKHQWZHGHUXP
HLQIDFKH%HKDXSWXQJHQRGHUXP=HXJHQDXVVDJHQLQNHLQHP
)DOOVWDQGHQ'RNXPHQWHQEHOHJH±RGHUJDUPDWHULHOOH6SXUHQ
LP 6LQQH H[KXPLHUWHU 0DVVHQJUlEHU ± ]XU 9HUIJXQJ GHQQ
EHL GHUOHL HLQGHXWLJ EHOHJEDUHQ )lOOHQ ZlUH GLH 6XFKH QDFK
=HXJHQEHUIOVVLJ%HLVSLHOH
6  ª/\VLHF ZDU MHGRFK QXU HLQH IDVW QDPHQORVH 6WDGW
DXI©6
'LH)RUVFKXQJLQDOOGLHVHQ$UFKLYHQLVWDEHUPKVHOLJ=X
URIIOl‰WGHQ/HVHUGHQQDXFKQLFKWLQGHP*ODXEHQGLH$U
FKLYHGXUFKIRUVFKW]XKDEHQ]XPDOZLFKWLJH'RNXPHQWHXQG
/LVWHQ LQ GHXWVFKHU 6SUDFKH DEJHID‰W VLQG :HU VLFK LQ GHP
%XFK GDV TXlOHQG DEHU NHLQHVZHJV ODQJZHLOLJ LVW ELV ]X
XQWHU7DXVHQGHQVROFKHU2UWHGLHDXVJHO|VFKWZRUGHQZDUHQ
RKQHHLQH6SXU]XKLQWHUODVVHQ
>(LQ*HGHQNJRWWHVGLHQVW@ZXUGHDP-DKUHVWDJGHUHUVWHQ
JUR‰DQJHOHJWHQ 6ODQLVODZRZHU 0DVVDNHU DEJHKDOWHQ LQ
GHUHQ 9HUODXI XQJHIlKU  -XGHQ HUPRUGHW ZRUGHQ ZD
UHQ© 4XHOOH HLQ DXI 1HXKHEUlLVFK HUVFKLHQHQHV *HGHQN
.DSLWHOVHFKVYRUJHDUEHLWHWKDWª'LH)DKQGXQJZLUGDXVJH EXFK
GHKQW© ILQGHW DXI 6  GDV K|FKVW EHUUDVFKHQGH Y|OOLJ
XQHPRWLRQDOYRUJHEUDFKWH*HVWlQGQLVYRQHLQHP)XQGZDKU
OLFK EHVRQGHUHU $UW LQ KRKHP 0D‰H SURILWLHUW ]X KDEHQ 'LH
5HGH LVW YRP ,QWHUQDWLRQDOHQ 6XFKGLHQVW GHV 5RWHQ .UHX]HV
PLW6LW]LQ $UROVHQLP%XFK,QWHUQDWLRQDOHU6XFKGLHQVW,76
JHQDQQW 'LHVHU 6XFKGLHQVW VHL YRQ GHU $OOLLHUWHQ +RKHQ
.RPPLVVLRQ JHJUQGHW ZRUGHQ XQG VDPPOH'DWHQYRQ'LV
SODFHG 3HUVRQV (LJHQWOLFK VLQG GLH $NWHQ IU )RUVFKHU YHU
VFKORVVHQ 'LH $NWHQ GHV ,76 EHILQGHQ VLFK DEHU ± LQ )RUP
YRQ 0LNURILOPDXIQDKPHQ ± VHLW  LP $UFKLY YRQ <DG
9DVKHP=XURIIZDUZLHHUVFKUHLEWGHU0HLQXQJJHZHVHQ
GLH $NWHQ EHWUlIHQ QXU -XGHQ XQG ZDU HUVWDXQW DXFK ª(LQ
WUlJH]X0LOOLRQHQ1LFKWMXGHQ©]XILQGHQ
ª'LHVH(QWGHFNXQJZDUGHVKDOEVREHGHXWVDPZHLOYLHOHGHU
$NWHQ LP )DOOH GHU $XVZDQGHUXQJ H[DNWH 'DWHQ ZLH $Q
6  ª$P  -XOL  WULHEHQ OLWDXLVFKH 1DWLRQDOLVWHQ
XQJHIlKU  -XGHQ ]XVDPPHQ >«@ 'LH -XGHQ GHV 2UWHV
HUIXKUHQ GLH :DKUKHLW EHU GDV 6FKLFNVDO >LKUHU *ODXEHQV
EUGHU@6LHZDUHQLQGHQ%DEHQFHVZDOGNPYRQGHU6WDGW
HQWIHUQW YHUVFKOHSSW ZRUGHQ ZR GLH /LWDXHU VLH HUPRUGHW
KDWWHQ $P  $XJXVW  ZXUGHQ DOOH -XGHQ >@ ]X
HLQHP6WDOODXIGHP3IHUGHKRI=LUJLQDVYHUVFKOHSSW>«@$P
 $XJXVW EHJDQQHQ GLH 0DVVHQPRUGH =XHUVW ZXUGHQ DOOH
JHVXQGHQXQGNUlIWLJHQ0lQQHULQ*UXSSHQYRQ3HUVRQHQ
>«@ HUVFKRVVHQ 6LH ZXUGHQ LQ HLQH ODQJH *UXEH JHVWR‰HQ
'DQDFK ZXUGHQ )UDXHQ XQG lOWHUH .LQGHU >@ GDQQ lOWHUH
XQG NUDQNH )UDXHQ >@ OHEHQGLJ LQV *UDE JHVWR‰HQ 'DV
0DVVDNHUHQGHWHPLWGHU(UPRUGXQJYRQ6lXJOLQJHQ>@'LH
/LWDXHU ZDUIHQ GLH .LQGHU LQ GLH /XIW XQG VSLH‰WHQ VLH PLW
GHP %DMRQHWW DXI© 4XHOOH HLQ DXI 1HXKHEUlLVFK JHVFKULH
NXQIWVRUW 'DWXP XQG GDV YHUZHQGHWH 7UDQVSRUWPLWWHO
HQWKLHOWHQ %HL GHQMHQLJHQ GLH LQ GLH 9HUHLQLJWHQ 6WDDWHQ
HLQJHZDQGHUWZDUHQZDUPHLVWHQVDXFKHLQHJHQDXH$GUHVVH
DQJHJHEHQ 6FKQHOO HUNDQQWH LFK ZHOFK XQJODXEOLFKH 0|J
OLFKNHLWHQ GDV 0DWHULDO GHV 6XFKGLHQVWHV ERW
EHQHV(ULQQHUXQJVEXFK
6  (V JDE HLQ :LOQDHU 6RQGHUNRPPDQGR ªHLQH DXV
/LWDXHUQ EHVWHKHQGH (LQKHLW GLH GHQ 0DVVHQPRUG DQ GHQ
-XGHQ DXV :LOQD EHJDQJHQ KDWWH XQG VSlWHU YRQ 2UW ]X 2UW
JHVFKLFNW ZRUGHQ ZDU XP LP JDQ]HQ :LOQDHU *HELHW GLH
1D]LNULHJVYHUEUHFKHUDXVILQGLJ]XPDFKHQ©6
9II*ÂÂ-DKUJDQJÂ+HIW  
(QGO|VXQJ GXUFK]XIKUHQ´ +LHU]X VXFKW =XURII QRFK QDFK 6 II =XURII VWHOOW IHVW ªGD‰ 0HQJHOH VHOEVW GDPDOV
%HULFKWHQ QLFKWDOVKRFKUDQJLJHU9HUEUHFKHUEHWUDFKWHWZXUGH©'LHVHU
6ª=XGLHVHU=HLWZX‰WHLFKQXUGD‰GHXWVFKH6ROGDWHQ 0HQJHOH ZDU ªLQ JHZLVVHP 6LQQH QLFKW GLH 3HUVRQ >«@ GLH
HLQKHLPLVFKH 3ROL]LVWHQ XQG OLWDXLVFKH Ä)UHLVFKlUOHU´ LP ]XU VHOEHQ =HLW >@ LQ 6GDPHULND JHVXFKW ZXUGH© 6
6RPPHUPlQQOLFKH-XGHQDXV6NDXGYLOOHLPQDKH 
JHOHJHQHQ 'RUI 3X]DL HUPRUGHW XQG GD‰ HEHQ GLHVH 7lWHU :HQQ 0HQJHOH  QLFKW GHQ 5XI KDWWH HLQ 8QJHKHXHU ]X
HLQLJH 0RQDWH VSlWHU LQ GHU 1lKH GHV 'RUIHV %DWDNLDL HLQ VHLQGDQQPX‰GLHUKHWRULVFKH)UDJHHUODXEWVHLQZLHGLHVHU
SDDU.LORPHWHUVGOLFKYRQ6NDXGYLOOHPHKUDOVMGLVFKH 5XIZRKOHQWVWDQGHQLVW(LQLJHVGHXWHWGDUDXIKLQGD‰HUHUVW
)UDXHQXQG.LQGHUJHW|WHWKDWWHQ©.HLQH4XHOOHQDQJDEH LQGHQHU-DKUHQ]XP8QJHKHXHUDXIJHEDXWZXUGHDXIEDX
6(LQJHZLVVHU0LVKD/XEHW]NLEHVLW]WHLQH)LOPVDPP HQG ZRP|JOLFK DXI GHQ Ä(UNHQQWQLVVHQ´ GHU GLYHUVHQ $X
OXQJ'D]XK|UHQ ZLU ª1DFKVHLQHU%HVFKUHLEXQJVDKHVVR VFKZLW]3UR]HVVH
DXV GD‰ GDV 0DWHULDO ZHOFKHV HU EHVD‰ ZDKUVFKHLQOLFK =XURII QDKP ]XQlFKVW DQ VR GD‰ 0HQJHOH 2SIHU HLQHU
ZHUWYROO ZDU EHVRQGHUV HLQ )LOP EHU GLH 0DVVHQHUVFKLH 5DFKHDNWLRQ JHZRUGHQ VHLQ N|QQWH (U QHQQW PHKUHUH ª5l
‰XQJHQ GXUFK GLH (LQVDW]JUXSSH $ GLH EHL GHU (UPRUGXQJ
GHU -XGHQ LQ /LWDXHQ XQG /HWWODQG HLQH +DXSWUROOH JHVSLHOW
KDWWH©'DQQHUIlKUW=XURIIYRQ/XEHW]NLGD‰GLHVHUZlKUHQG
GHV .ULHJHV JDU QLFKW LQ /LWDXHQ VRQGHUQ LQ GHU |VWOLFKHQ
6RZMHWXQLRQZDU6HLQHQ)LOPGUHKWHHUQDFKVHLQHU$QNXQIW
FKHU© VR GHU )DFKDXVGUXFN PLW 1DPHQ ª$EED .RYQHU
3DUWLVDQHQIKUHU DXV :LOQD XQG 'LFKWHU GHU EHL GHQ 3OD
QXQJHQQDFKGHP.ULHJPDVVHQKDIW5DFKHDQGHQ'HXWVFKHQ
]X QHKPHQ HLQH 6FKOVVHOUROOH JHVSLHOW KDWWH $VKHU %HQ
1DWDQGHULVUDHOLVFKH'LSORPDW>@VRZLHZHQLJHUEHNDQQWH
LQ,VUDHOLQGHQIUKHQVLHE]LJHU-DKUHQ«
(567$81/,&+(=8*(67b1'1,66(2'(5
0(1*(/(81'',()(0(
0LWJXWHP*UXQGZHUGHQLQGHQZHVWOLFKHQ]LYLOLVLHUWHQ/lQ
GHUQ*HULFKWVXUWHLOH YRQ5LFKWHUQ JHVSURFKHQ XQG YRQ9ROO
]XJVLQVWLWXWLRQHQGHV6WDDWHVDXVJHIKUW,P)DOOHGHU9HUIRO
JXQJ YRQ 1DWLRQDOVR]LDOLVWHQ LVW QLFKW QXU GLH 5HLKHQIROJH
7lWHUXQG7DWXPJHNHKUW±ZDVQRFKKLQJHKHQPDJZHQQHV
GHQQ ]XU :DKUKHLW IKUW 9LHOPHKU EHULFKWHW =XURII ± RKQH
]X]XVWLPPHQ DEHU PLW JUR‰HU 6HOEVWYHUVWlQGOLFKNHLW ± YRQ
)lOOHQ ZR HV NHLQH *HULFKWVYHUKDQGOXQJ JDE QXU GLH 9ROO
VWUHFNXQJ,QGHUIUKHQ1HX]HLWJDEHVVRHWZDVbKQOLFKHVLQ
'HXWVFKODQGPDQQDQQWHHV)HPH'LH)HPHZLUGPHKUPDOV
HUZlKQW ]XHUVW LQ GHP .DSLWHO ª'HU )DOO 0HQJHOH ± 'LH
*HVFKLFKWHHLQHV*HUFKWV©
$OV LP -DKUH  GLH )DKQGXQJ QDFK GHP ªEHUFKWLJWHQ
$XVFKZLW]$U]W© EHJDQQ ZXUGH =XURII GDPLW EHDXIWUDJW ]X
XQWHUVXFKHQRE0HQJHOHVFKRQHLQPDOYRQGHQ$PHUL
NDQHUQYHUKDIWHWXQGZLHGHUIUHLJHODVVHQZRUGHQZDU=XURII
SODQW ªGLH 3HUVRQHQ ]X EHIUDJHQ GLH QDFK GHP .ULHJ DQ
5DFKHDNWLRQHQ EHWHLOLJW ZDUHQ 0HQJHOH KDW ZDKUVFKHLQOLFK
VHKUZHLWREHQDXIGHU/LVWHLKUHUSRWHQWLHOOHQ2SIHUJHVWDQ
5lFKHU©6
$XI6HUIDKUHQZLUSLNDQWHUZHLVHVRJDUGHQ7DUQQDPHQ
%HQ1DWDQV ,Q HLQHP %ULHI YRQ  HUNXQGLJW VLFK HLQ
0LWJOLHGGHUMGLVFKHQ*HPHLQGH:LHQVZR0HQJHOHLQ+DIW
JHKDOWHQZHUGH
ª,QWHUHVVDQWHUZHLVH ZDU HLQH .RSLH GLHVHV %ULHIHV DQ Ä0U
$UWKXU´ GK $VKHU %HQ1DWDQ JHVFKLFNW ZRUGHQ GHU GLH
=ZHLJVWHOOH GHU -GLVFKHQ9HUWUHWXQJ LQ :LHQ OHLWHWH GLHDQ
HLQLJHQGHU$NWLRQHQJHJHQ1D]LYHUEUHFKHUEHWHLOLJWZDU©
$XI6]lKOW =XURII $VKHU%HQ1DWDQGLUHNW]XGHQ5l
FKHUQ
$VKHU%HQ1DWDQZDUYRQ$XJXVWELV'H]HPEHU
]XU =HLW GHU OHW]WHQ JUR‰HQ )UDQNIXUWHU $XVFKZLW]3UR]HVVH
%RWVFKDIWHU,VUDHOVLQ%RQQ
'D‰HVLQ/LWDXHQVHKUHQWVFKORVVHQH3DUWLVDQHQJDEHUIDKUHQ
ZLUKLHUQHEHQEHL
1RFKGHXWOLFKHUZLUG=XURIILQ.DSLWHOª,P(LQVDW]IUHLQ
YHUVWlUNWHV(QJDJHPHQW,VUDHOV©'LH6ROGDWHQGHU-GLVFKHQ
%ULJDGH DXV 3DOlVWLQD GLH XQWHU GHP %HIHKO GHU +DJDQDK
VWDQGHQªPDFKWHQ1D]LVGLHEHLGHU'XUFKIKUXQJGHU(QG
O|VXQJ DNWLY JHZHVHQ ZDUHQ DXVILQGLJ XQG ULFKWHWHQ VLH
KLQ 'LHV JHVFKDK MHGRFK PHLVWHQV RKQH GLH RIIL]LHOOH =X
VWLPPXQJ GHU SROLWLVFKHQ )KUXQJ >«@ 1XU LQ ZHQLJHQ
GHQ©66FKRQEDOGQDFKGHP,,:HOWNULHJEHULFKWHW
=XURII ZHLWHU ZDUHQ LQ GHQ JUR‰HQ /DJHUQ IU MGLVFKH
'LVSDFHG 3HUVRQV 5HFKWVDXVVFKVVH JHJUQGHW ZRUGHQ GLH
SRLQWLHUW DOV 6HOEVWMXVWL](LQULFKWXQJHQ EH]HLFKQHW ZHUGHQ
N|QQHQ'DV=HQWUDONRPLWHHEHIUHLWHU-XGHQPLW6LW]LQ0Q
FKHQ KDWWH VR EHULFKWHW =XURII $QIDQJ  GLH 5HFKWVDXV
)lOOHQZDUHQGLH)KUHUGHU+DYDQDKEHUHLW5DFKHWDWHQ]X
DXWRULVLHUHQ >«@ :lKUHQG PHKUHUH *UXSSHQ YRQ hEHUOH
EHQGHQ 'XW]HQGH SURPLQHQWHU 1D]LV KLQULFKWHWHQ XQG HQHU
JLVFK 3OlQH ]XU 0DVVHQUDFKH YHUIROJWHQ KLHOWHQ GLH MGL
VFKHQ )KUHU LQ 3DOlVWLQD ]XP JU|‰WHQ 7HLO DQ GHU /|VXQJ
IHVW GLH VLFK VWUHQJ DQ GHQ %XFKVWDEHQ GHV *HVHW]HV KLHOW©
VFKVVH LQ GHQ /DJHUQ DXIJHIRUGHUW YRQ hEHUOHEHQGHQ %H
ZHLVPDWHULDO XQG =HXJHQDXVVDJHQ ]X VDPPHOQ (LQHU GHU
5HFKWVDXVVFKVVH EHNDP GHQ $XIWUDJ 0DWHULDO JHJHQ ªGHQ
LQ :LHQ YHUKDIWHWHQ 'U 0HQJHOH© ]X VDPPHOQ 'DQQ ILQGHW
=XURII QDFK LQWHQVLYVWHU ]HLWDXIZHQGLJHU 6XFKH LQ YRQ
hEHUOHEHQGHQ KHUDXVJHJHEHQHQ =HLWXQJHQ 0LWWHLOXQJHQ ]X
0HQJHOH ª'HU,QKDOWGLHVHU$UWLNHOZDUVHKUEHUUDVFKHQG
ZHLO GHXWOLFK ]X VHKHQ ZDU GD‰ GHU 0HQJHOH YRQ  GHU
]XP 6\PERO GHV %|VHQ XQG 3HUVRQLILNDWLRQ GHU 3HUYHUVLRQ
GHU :LVVHQVFKDIW JHZRUGHQ ZDU LP -DKUH  GLHVHQ 5XI
QLFKW KDWWH© >@ 9LHOPHKU ZXUGHQ hEHUOHEHQGH DXV $X
6
/HLGHU ZHQQJOHLFK YHUVWlQGOLFKHUZHLVH HUIlKUW PDQ QLFKW
ZDQQ ZHU YRQ ZHOFKHP Ä5lFKHU´ HUPRUGHW ZXUGH XQG YRU
DOOHPZLH
'DPLWDEHUQLFKWJHQXJ=XURIIV2IIHQKHLWPDFKWVSUDFKORV
%LV ]XP (LFKPDQQ3UR]H‰  KDEH PDQ NHLQHQ 9HUVXFK
XQWHUQRPPHQ1D]LNULHJVYHUEUHFKHUQDFK,VUDHODXVOLHIHUQ]X
ODVVHQ ª$Q]HLFKHQ VSUHFKHQ GDIU GD‰ ,VUDHO LQ GLHVHP
=HLWUDXP DQ JHKHLPHQ $NWLYLWlWHQ EHWHLOLJW ZDU 1D]LV GLH
QLFKWYRU*HULFKWJHVWHOOWZRUGHQZDUHQ]XOLTXLGLHUHQDEHU
([LVWHQ]XQG8PIDQJGLHVHU$NWLYLWlWHQEOHLEHQELV]XPKHX
VFKZLW] GD]X DXIJHUXIHQ ª=HXJHQDXVVDJHQ JHJHQ 'HIIQHU WLJHQ7DJXQEHZLHVHQXQGXQNODU©6
YRQ GHU 66 XQG JHJHQ 0HQJHOH ± LQ GLHVHU 5HLKHQIROJH ± (UVW LQ .DSLWHO  ª'DV 0RWLY GHU 6WUDIYHUIROJXQJ© Ol‰W =X
DE]XOHJHQ>«@:HU.HQQWQLVVHEHU>0HQJHOHV@9HUEUHFKHQ URIIGXUFKEOLFNHQGD‰HUGLH)HPHIUNHLQHJXWH6DFKHKlOW
EHVl‰HVROOHDQGDV=HQWUDONRPLWHHLQ0QFKHQVFKUHLEHQ© XQGZDUXP(UYHUZHLVWLQHEHQVRVDFKOLFKHQZLHHLQGULQJOL

  9II*ÂÂ-DKUJDQJÂ+HIW

FKHQ :RUWHQ GDUDXI ªGD‰ *HZDOW LKUH HLJHQH 7ULHENUDIW
EHVLW]WXQGGD‰PDQ]ZDUYLHOOHLFKWZHL‰ZRVLHDQIlQJWGD‰
PDQDEHUQLHVDJHQNDQQZRVLHDXIK|UW
1LHPDQGVWHOOW%HUHFKWLJXQJVDXVZHLVHIUGLHMHQLJHQDXVGLH
GDEHL DNWLY VHLQ ZROOHQ XQG ZlKUHQG GLH HLQH *UXSSH >«@
VLFKHUVWHOOWGD‰GDVDQYLVLHUWH2SIHUWDWVlFKOLFKGHULKP]XU
/DVW JHOHJWHQ 9HUEUHFKHQ VFKXOGLJ LVW >+HUYRUK G 5H]@
EHVWHKW NHLQH *DUDQWLH GDIU GD‰ DQGHUH JHQDXVR KDQGHOQ

WHXQG]ZDUDXVHLQHP/DQGPLWGHPNHLQ$XVOLHIHUXQJVDE
NRPPHQEHVWHKWZLUGQLFKWHUNOlUW-HGHQIDOOVKDEH'HXWVFK
ODQG DXI 1DFKULFKWHQ EHU LKQ HLQH KRKH %HORKQXQJ DXVJH
VHW]WJHKDEW
ª'UHL =HXJHQ NRQQWHQ VLFK HULQQHUQ© GD‰ 6FKZDPPEHUJHU
VHOEVW JHPRUGHW KDWWH  EHJDQQ YRU GHP 6WXWWJDUWHU
/DQGJHULFKW GHU 3UR]H‰ ZHJHQ %HLKLOIH ]XU (UPRUGXQJ YRQ
PLQGHVWHQV   0HQVFKHQ ª'LH PHLVWHQ 2SIHU ZDUHQ
ZHUGHQ©6
+LHULVWGDVHLQ]LJH0DOGDV3UREOHPDQJHGHXWHWGD‰)HPH
PRUGHDXFKHLQHQ8QVFKXOGLJHQWUHIIHQN|QQHQ
=,(/(81'(5*(%1,66('(59(5)2/*81*
±',()b//(6&+:$00%(5*(581'0,.621
:HOFKH=LHOHNRQQWHQXQGVROOWHQPLWGHUVSlWHQ9HUIROJXQJ
PXWPD‰OLFKHU 1D]LNULHJVYHUEUHFKHU HUUHLFKW ZHUGHQ" 2EHQ
-XGHQ >«@ 1DFK GHU $QNODJHVFKULIW KDWWH 6FKZDPPEHUJHU
+lIWOLQJHGXUFK*HQLFNVFKX‰JHW|WHWVLHJHKHQNWRGHUEHRE
DFKWHW ZLH VLH ODQJVDP YHUEOXWHWHQ QDFKGHP 3ULQ] VHLQ
JHOLHEWHU 6FKlIHUKXQG VLH DQJHIDOOHQ KDWWH >@ 1DFK GHQ
$XVVDJHQ YRQ =HXJHQ KDWWH 6FKZDPPEHUJHU HLJHQKlQGLJ
.LQGHU HUPRUGHW VLH DOV OHEHQGH =LHOVFKHLEHQ EHQXW]W XQG
HLQHQ5DEELQHUJHW|WHW>«@'LHVHXQGDQGHUH=HXJHQDXVVD
JHQHEQHWHQVFKOLH‰OLFKGHQ:HJ]X6FKZDPPEHUJHUV9HUXU
VSUDFKHQZLUYRQGHP:LOOHQ=XURIIV7lWHUQLFKWXQJHVWUDIW
HLQIULHGOLFKHV/HEHQIKUHQXQGXQJHVWUDIWGDYRQNRPPHQ]X
ODVVHQ XQG ELOOLJWHQ LKP GLHV ]X 'LH )UDJH ªZDUXP VR
VSlW"©LVWNRPSOH[XQGYHUOHLWHW]X6SHNXODWLRQHQ
'HVKDOEIUDJHQZLUKLHUQLFKWQXUZHOFKH=LHOHHUUHLFKWZHU
GHQVROOWHQVRQGHUQZHOFKH(UJHEQLVVHZXUGHQHU]LHOW
'DV =LHO P|JOLFKVW YLHOH YHUPHLQWOLFKH RGHU PXWPD‰OLFKH
1D]L.ULHJVYHUEUHFKHUQDFKVRODQJHU=HLWQRFKYHUXUWHLOW]X
WHLOXQJ(UZXUGH]XOHEHQVODQJHU+DIWYHUXUWHLOW©6I
'HU1DPHGHV5LFKWHUV+HUEHUW/XLSSROG
'LH $XVVDJHQ GHU =HXJHQ NDQQ PDQ DOV XQJODXEZUGLJ EH
WUDFKWHQXQGGLHVDXVYLHOHUOHL*UQGHQ'DVPX‰DOOHUGLQJV
QLFKWKHL‰HQGD‰6FKZDPPEHUJHUXQVFKXOGLJZDU
'(5'58&.
'LH =LHOH GLH ZLU KLHU YHUHLQIDFKHQG ÄSURSDJDQGLVWLVFK´
VHKHQLVWQLFKWHUUHLFKWZRUGHQ'LHPHLVWHQGHU]HLWDXIZHQ
GLJHQJUR‰H0LWWHOYHUVFKOLQJHQGHQXQGYRQ6RQGHUNRPPLV
VLRQHQ YHUVFKLHGHQHU 5HJLHUXQJHQ XQWHUQRPPHQHQ 8QWHUVX
FKXQJHQ JLQJHQ LQV /HHUH 7DWHQ XQG 7lWHU ZDUHQ QLFKW LQ
hEHUHLQVWLPPXQJ]XEULQJHQ
(LQVHKUZLFKWLJHV(UJHEQLVZXUGHYROOXQGJDQ]HUUHLFKWGHU
+RORFDXVWDQGHQ-XGHQEOLHELP*HVSUlFK'LHVHV(UJHEQLV
PDJDXFK=LHOJHZHVHQVHLQGHQQVHLWGHP(LFKPDQQ3UR]H‰
ZDUHQYLHOH-DKUHYHUJDQJHQ'HVVHQ:LUNXQJVFKlW]W=XURII
KRFKHLQª'LH$QNODJHEHVFKUlQNWHGDV9HUIDKUHQQLFKWDXI
GLH9HUEUHFKHQGLH(LFKPDQQEHJDQJHQKDWWHVRQGHUQQXW]
WH GLH *HOHJHQKHLW GLHVHV 3UR]HVVHV LQ -HUXVDOHP XP GHU
gIIHQWOLFKNHLWHLQHXPIDVVHQGHhEHUVLFKWEHUGLH(QGO|VXQJ
]X JHEHQ >«@ 'LH |IIHQWOLFKH 'DUVWHOOXQJ GLHVHU *HVFKHK
QLVVH>«@KDWWHHLQHWLHIH:LUNXQJDXI]DKOUHLFKHLVUDHOLVFKH
QHQQHQZXUGHQGXUFKVWDUNHQª'UXFN©VRGLH%H]HLFKQXQJ
DXIGLH5HJLHUXQJHQHUUHLFKWZREHLGLH3UHVVHHLQHKHUYRUUD
JHQGH5ROOHVSLHOWH'DIUILQGHQVLFKLQ=XURIIV%XFK]DKO
UHLFKHXQEHIDQJHQYRUJHWUDJHQH%HLVSLHOH
)UGHQ*HEUDXFKZLUNOLFKDOOHU0|JOLFKNHLWHQYRQª'UXFN©
NDQQ GDV %HLVSLHO GHV )DOOHV (YDOG 0LNVRQ JHOWHQ 'HU
ª'UXFN© JDOW GHU 5HJLHUXQJ ,VODQGV HLQHV GQQ EHVLHGHOWHQ
XQGJHJHQ.DPSDJQHQGLHVHU$UWZHKUORVHQ/DQGHVGDVVLFK
GHP'UXFNQLFKWEHXJHQZROOWH
(YDOG0LNVRQZDU(VWH(UZDUXD±XQGGDVNDQQDOVJHVL
FKHUWJHOWHQ±ZlKUHQGGHV,,:HOWNULHJHVLQHLQHP,QWHUQLH
UXQJV E]Z .RQ]HQWUDWLRQVODJHU LQ 7DUWX DOV SROL]HLOLFKHU
(UPLWWOHU WlWLJ XQG ZDU 9L]HFKHI HLQHU |UWOLFKHQ SROLWLVFKHQ
3ROL]HLHLQKHLW JHZHVHQ XQG VR LQ GLH 3HUVRQDOOLVWHQ JHODQJW
1DFK GHP .ULHJ ZDU 0LNVRQ QDFK ,VODQG JHIORKHQ (U ZDU
-XGHQ LQVEHVRQGHUH DXI GLH MQJHUH *HQHUDWLRQ© 6 
'D‰ GLH :LUNXQJ ZHOWZHLW HLQH XQJHKHXUH ZDU VHL KLHU HU
JlQ]HQGEHPHUNW
(LQ]ZHLWHV(UJHEQLVGHUVSlWHQ1D]LMDJGZDFKVHQGHULQWHU
QDWLRQDOHU$QWLJHUPDQLVPXVZDUZRKOQLFKWEHDEVLFKWLJWLVW
DEHUOHLGHUHUUHLFKWZRUGHQ
'LHVHP $QWLJHUPDQLVPXV WUXJ GLH GHXWVFKH *HVHW]JHEXQJ
MHW]W HLQ DOWHU +HUU YRQ EHU  ,UJHQGZLH HUNDQQWH LKQ HLQ
,VUDHOLQDPHQV<DDNRY.DSODQ
'HU'UXFN%HLHLQHP%HVXFKLQ,VUDHOVROOGHPLVOlQGLVFKHQ
0LQLVWHUSUlVLGHQWHQ2GGVVRQHLQ%ULHIXQG0DWHULDO]X0LN
VRQ EHUUHLFKW ZHUGHQ NHLQ 2IIL]LHOOHU ZLOO GDV WXQ $OVR
VFKLFNWHPDQGDV3DNHWGLUHNWLQGLH6XLWH2GGVVRQVLP.LQJ
'DYLG+RWHOXQGYHUWHLOWHJOHLFK]HLWLJ.RSLHQZLFKWLJHU$XV
QHXHU †  $EV  6W*% GHU GLH +RORFDXVW)RUVFKXQJ ]JHDQGLHHLQKHLPLVFKHXQGDXVOlQGLVFKH3UHVVH6
XQP|JOLFK PDFKWXQGWUDJHQDXFKHLQLJHGHXWVFKH *HULFKWH %HLGHP%HVXFK<DG9DVKHPVZLUGGHP0LQLVWHUSUlVLGHQWHQ
5HFKQXQJ 'DV 6WXWWJDUWHU /DQGJHULFKW IlOOWH HLQ 8UWHLO DXI GLH6DFKHSHUV|QOLFKYRUJHWUDJHQHUYHUVSULFKW1DFKSUIXQJ
JUXQG YRQ $XJHQ]HXJHQEHULFKWHQ EHU 9RUJlQJH GLH  0LNVRQ EHVWUHLWHW UXQGZHJ DOOH 9RUZUIH :LH EHL lKQOLFK
-DKUH]XUFNODJHQ*HPHLQWLVWGHU)DOO6FKZDPPEHUJHU,FK
VWW]HPLFKJDQ]DXIGDVZDV=XURIIEHULFKWHW:HLWHUJHKHQ
GH)RUVFKXQJHQVLQGJHSODQW
-RVHI6FKZDPPEHUJHULVWgVWHUUHLFKHU(UZDUDOV.RPPDQ
GDQWGUHLHU=ZDQJVDUEHLWVODJHULQ3ROHQWlWLJJHZHVHQXQGLQ
GLHVHU(LJHQVFKDIWDXIGHUª/LVWHGHUPHLVWJHVXFKWHQ9HUEUH
FKHU© GHU 1D]LMlJHU =XURII EHULFKWHW GD‰ 6FKZDPPEHUJHU
DQ'HXWVFKODQGDXVJHOLHIHUWZXUGHREZRKO]ZLVFKHQ$UJHQ
JHODJHUWHQ-DJGHQJLEWHVDXFKLQ,VODQG(LQZRKQHU
-RXUQDOLVWHQGLHVLFKGHQ-lJHUQ]XU9HUIJXQJVWHOOHQ1XQ
JHKWDOVRGLHgIIHQWOLFKPDFKXQJLQ5DGLRXQG)HUQVHKHQORV
,Q GHQ QlFKVWHQ 0RQDWHQ ZHUGHQ %ULHIH DQ 0LQLVWHULHQ YRQ
0LNVRQV +HLPDWODQG (VWODQG JHVFKULHEHQ XQG 'RNXPHQWH
JHVXFKW 0DQ ILQGHW +DIWEHIHKOH XQG 9HUK|USURWRNROOH PLW
0LNVRQV8QWHUVFKULIWªGLHEHZLHVHQGD‰HUDQGHU0L‰KDQG
OXQJ YRQ =LYLOLVWHQ YRU DOOHP -XGHQ LQ 7DOOLQQ EHWHLOLJW
WLQLHQ ZRKLQ 6FKZDPPEHUJHU QDFK GHP .ULHJH JHIORKHQ ZDU© 6   (LQH 8QWHUVFKULIW LVW ]ZDU NHLQ %HZHLV IU
ZDU XQG 'HXWVFKODQG OW =XURII NHLQ $XVOLHIHUXQJVDENRP 0L‰KDQGOXQJHQ GDV VW|UW DEHU QLFKW 'LH ,VOlQGHU VHW]WHQ
PHQEHVWDQG'DV ZDU:HOFKH5HFKWVNRQVWUXNWLRQGLH MHW]W MHPDQGHQ ]XU 8QWHUVXFKXQJ GHV )DOOHV HLQ =XURIIV
$XVOLHIHUXQJ HLQHV gVWHUUHLFKHUV DQ 'HXWVFKODQG HUP|JOLFK *UXSSHYHUVXFKWª'UXFNDXI,VODQGXQG(VWODQGDXV]XEHQ©

9II*ÂÂ-DKUJDQJÂ+HIW  
VRZLH0LNVRQDXIGLH86:DWFKOLVWVHW]HQ]XODVVHQ
'DV JHKW VR HLQ KDOEHV -DKU 'DQQ HQWVFKHLGHQ GLH MXULVWL
VFKHQ ([SHUWHQ GD‰ GDV YRQ GHU =XURII*UXSSH YRUJHOHJWH
0DWHULDOQLFKWEHZHLVWGD‰0LNVRQVLFKGHV0RUGHVVFKXOGLJ
JHPDFKWKDWWHXQGUDWHQYRQHLQHU|IIHQWOLFKHQ8QWHUVXFKXQJ
|UWOLFKHQLVOlQGLVFKHQ.RQVXOLQ/RV$QJHOHV
,Q,VUDHOJHKWGLH3URWHVWEULHI6FKUHLEHUHLZHLWHU.QHVVHW
0LWJOLHGHU XQWHU]HLFKQHQHLQHQ%ULHIDQ2GGVVRQDX‰HUGHP
HUKlOW HU  3URWHVWEULHIH GLH GDV LVUDHOLVFKH :LHVHQWKDO
=HQWUXPJHVDPPHOWKDW
DE6 ,P $XJXVW  JLEW ,VODQG HQWQHUYW QDFK XQG EHJLQQW (U
=XURII LVW HQWUVWHW 'LH LVOlQGLVFKH 5HJLHUXQJ VHL ªQLFKW PLWWOXQJHQ JHJHQ 0LNVRQ 'HU ]\QLVFKH 6FKOX‰VDW] =XURIIV
JHUDGH UHGOLFK© YRUJHJDQJHQ 'HU %HULFKW HQWKDOWH ª0L‰ ODXWHW ª/HLGHU IDQGHQ GLH (UPLWWOXQJHQ GDGXUFK LKU (QGH
WUDXHQVlX‰HUXQJHQ JHJHQEHU XQVHUHQ (UPLWWOXQJHQ© ,Q
HLQHP %ULHI =XURIIV GHQ HU 6  ]LWLHUW ZLUIW HU GHP
LVOlQGLVFKHQ0LQLVWHUSUlVLGHQWHQYRUªLQGHPGLHLVOlQGLVFKH
5HJLHUXQJ LQ GLHVHU $QJHOHJHQKHLW HLQH (QWVFKHLGXQJ IlOOWH
RKQH HLQH YROOVWlQGLJH KLVWRULVFKH XQG NULWLVFKH 8QWHUVX
FKXQJ GHU (UHLJQLVVH GXUFKJHIKUW ]X KDEHQ KDW VLH VLFK
LKUHU3IOLFKWHQW]RJHQ©'LH5HJLHUXQJKDEHHLQHQVNDQGDO|
VHQ %HVFKOX‰ HUP|JOLFKW ªGHU DOV 6FKDQGIOHFN DQ ,VODQGV
1DPHQKDIWHQEOHLEHQZLUG©±HLQHHLJHQDUWLJH6LFKWZHLVH
=XURIIJLEWNHLQHVZHJVDXI1DFKVHLQHQHLJHQHQ:RUWHQNDP
HVMHW]WGDUDXIDQ]XEHZHLVHQGD‰0LNVRQVLFKGHV0RUGHV
GD‰0LNVRQDP'H]HPEHULQ,VODQGVWDUE©6
*HJHQGLH%HZHUWXQJGHU.*%$NWHQDOVJODXEZUGLJVSUH
FKHQDX‰HUGHQ%HGHQNHQGHVHVWQLVFKHQ0LQLVWHUSUlVLGHQWHQ
JDQ] HLQGHXWLJH GHQ %HWURIIHQHQ ZRKOEHNDQQWH (UIDK
UXQJVWDWVDFKHQ (LQH JUR‰H =DKO 'HXWVFKHU ZXUGH LQ GHQ
OHW]WHQ-DKUHQGHQQDXFKUHKDELOLWLHUWª'LHUXVVLVFKH+DXSW
0LOLWlUVWDDWVDQZDOWVFKDIWVFKlW]WGD‰]X=HLWHQGHUNRPPX
QLVWLVFKHQ 'LNWDWXU HWZD  'HXWVFKH YRQ VRZMHWLVFKHQ
*HULFKWHQ ZLOONUOLFK YHUXUWHLOW ZRUGHQ VLQG© EHULFKWHW DP
GLH)UDQNIXUWHU$OOJHPHLQH=HLWXQJ
=XURII VLQG GLH (LQZlQGH JHJHQ VRZMHWUXVVLVFKH (UPLWWOXQ
VFKXOGLJJHPDFKWKDWWH±%HGDXHUOLFKGD‰HUGLHVHQ%HZHLV
HUVWMHW]WVXFKW
=XURIIIlKUWQDFK(VWODQGXQGKDWHLQ*HVSUlFKPLWGHPHVW
QLVFKHQ 0LQLVWHUSUlVLGHQWHQ /DDU (U ZLOO =XJDQJ ]X .*%
$NWHQ EHU 0LNVRQ KDEHQ 'LHVHU ZLUG LKP EHUHLWZLOOLJ HU
P|JOLFKW /DDU lX‰HUW DEHU ªVHLQH 6NHSVLV JHJHQEHU GHP
:HUW GHU (UPLWWOXQJHQ GLH GHU .*% LQ (VWODQG JHJHQ
.ULHJVYHUEUHFKHU GXUFKJHIKUW KDWWH© 'DUDXV VFKOLH‰W =X
URII GD‰ HU PLW HLQHP 9HUIDKUHQ JHJHQ 0LNVRQ LQ (VWODQG
QLFKWUHFKQHQ NDQQ $EHUHUPDFKWVLFKXQYHUGURVVHQDQGLH
JHQ XQG 'RNXPHQWH GXUFKDXV EHNDQQW VR $OV *HJHQEH
ZHLV ]LWLHUW HU HLJHQDUWLJHUZHLVH PHKUPDOV GHQ HKHPDOLJHQ
GHXWVFKHQ -XVWL]PLQLVWHU +DQV (QJHOKDUG $XI 6  EHU
UDVFKW HU XQV ]XP HUVWHQPDO PLW GHU %HKDXSWXQJ GD‰ VLFK
QRFKQLHHLQVRZMHWLVFKHV'RNXPHQWDOV)lOVFKXQJHUZLHVHQ
KDEH $XI 6  ]LWLHUW HU DOV *DUDQWHQ KLHUIU HLQHQ %ULHI
(QJHOKDUGV XQG DXI 6  OIWHW VLFK GHU 6FKOHLHU ± YLHO
OHLFKWGXUFKHLQHSUl]LVHUHhEHUVHW]XQJ,QGHP%ULHI VWHKH
GD‰ ªHV ELV MHW]W >@ QLH HLQHQ 1D]LNULHJVYHUEUHFKHUSUR
]H‰ LQ :HVWGHXWVFKODQG JHJHEHQ KDEH LQGHP HLQ GHXWVFKHV
$UEHLW XQG ILQGHW 'XW]HQGH YRQ K|FKVW GXELRVHQ =HXJHQ
DXVVDJHQ ª0LNVRQ KDEH HLJHQKlQGLJ  3HUVRQHQ HUPRUGHW
>«@ HLQ =HXJH VDK ZLH 0LNVRQ HLQHQ MXQJHQ 0DQQ XP
EUDFKWHXQGGHQ%HIHKOJDEMHGHQGULWWHQPlQQOLFKHQ*HIDQ
JHQHQ ]X HUVFKLH‰HQ (LQ DQGHUHU EHVWlWLJW GD‰ 0LNVRQ LQ
MHQHU 1DFKW ]DKOUHLFKH 0lQQHU HUPRUGHWH© ª%HVRQGHUV
>@ 'RNXPHQW DXV HLQHP VRZMHWLVFKHQ $UFKLY VLFK DOV JH
IlOVFKW HUZLHV© 9RQ KLHU ]X GHU $QQDKPH =HXJHQDXVVDJHQ
YRUGHP.*%VHLHQJODXEZUGLJLVWHVHLQVHKUZHLWHU:HJ
(LQJDQJVEHWRQWHLFKGD‰DXV=XURIIV%XFKHLQH*HLVWHVKDO
WXQJ VSUHFKH GLH IU HLQHQ 0LWWHOHXURSlHU XQG &KULVWHQ XQ
YHUVWlQGOLFKLVW
HQWVHW]OLFKZDUGLH$XVVDJHYRQ+LOND0RRWVHGLHEHVFKULHE
ZLH0LNVRQHLQHMGLVFKH0XWWHUXQGLKUH7RFKWHUYHUJHZDO
WLJWKDWWH©±VLHVDKGDVDOOHVDXVHLQHP.HOOHUIHQVWHULQDOOHQ
(LQ]HOKHLWHQ +LHU VHL DXFK GHU (LQZDQG JHVWDWWHW GD‰ PDQ
QLFKWVHKHQNDQQZHOFKH%HIHKOHMHPDQGHUWHLOW'LHRIIL]LHOO
DOV XQJODXEZUGLJ HUNOlUWHQ =HXJHQEHULFKWH JLEW =XURII QXQ
DQGLHLVOlQGLVFKH3UHVVH
,P )UKMDKU  EHJLQQHQ 3URWHVWEULHIH DOOHU P|JOLFKHQ
$EVHQGHUGHQ0LQLVWHUSUlVLGHQWHQ2GGVVRQ]XHUUHLFKHQGLH
86$ ZHUGHQ SHU :LHVHQWKDO=HQWUXP DNWLYLHUW GHU %ULHI
WHUURULVWVHKUEHHLQGUXFNHQG3URWHVWEULHIHHUUHLFKHQGHQ


1LFKWYRUKDQGHQ+LVWRULVFKHhEHUUHVWHYRQ7|WXQJVHLQULFKWXQJHQLP.=0DXWKDXVHQ
)ORULDQ )UHXQG %HUWUDQG 3HU] .DUO 6WXKOSIDUUHU ª+LVWRUL
:LH EHL :LHVHQWKDO 5HFKW QLFKW 5DFKH IlOOW DXI GD‰ GDV
:RUW Ä:DKUKHLW´ QLFKW YRUNRPPW =XURII PDJ SHUV|QOLFK
LQWHJHU VHLQ XQG LFK KDOWH LKQ IU ZHLWJHKHQG JODXEZUGLJ
8QG WURW]GHP KDW HU ]XU :DKUKHLW DOV XQHQWEHKUOLFKHV (OH
PHQW GHV /HEHQV JDQ] RIIHQVLFKWOLFK NHLQ 9HUKlOWQLV (V
LQWHUHVVLHUWLKQHLQIDFKQLFKWZDVGLHYRQLKP*HMDJWHQZLUN
OLFK YHUEURFKHQ RGHU QLFKW YHUEURFKHQ KDEHQ =ZHLWHQV IlOOW
HLQH (UEDUPXQJVORVLJNHLW DXI GLH ]XP VWXPPHQ .RSIVFKW
WHOQ ]ZLQJW XQG JHJHQ 6FKOX‰ GHV %XFKHV HLQ ZDFKVHQGHU
)DQDWLVPXV ,OVH6FKLUPHU9RZLQFNHO
0DXWKDXVHQ ªQLFKW HLQ 7RGHVODJHU DQ VLFK© ZDU =XURII
VFKH hEHUUHVWH YRQ 7|WXQJVHLQULFKWXQJHQ LP .= 0DXWKDX %HUXI1D]LMlJHU6VRVRVWHKWHUGDPLWLP*HJHQVDW]
VHQ© XQG ª'RNXPHQWDWLRQ 'HU %HULFKW GHV 86 ]XU JHOWHQGHQ 0HLQXQJ ,P DOOJHPHLQHQ 6SUDFKJHEUDXFK
*HKHLPDJHQWHQ-DFN+7D\ORUEHUGDV.RQ]HQWUDWLRQVODJHU EHGHXWHW KHXWH ª7RGHVODJHU© HLQ .RQ]HQWUDWLRQVODJHU PLW
0DXWKDXVHQ© =HLWJHVFKLFKWH :LHQ -J  6  *DVNDPPHU GLH ]XU 9HUJDVXQJ YRQ 0HQVFKHQ GLHQWH 'LH
 $XWRUHQ GHV =HLWVFKULIWHQDUWLNHOV +LVWRULVFKH hEHUUHVWH YRQ
 7|WXQJVHLQULFKWXQJHQ LP .= 0DXWKDXVHQ VWHOOHQ PLW GHU
'LH RELJHQ %HLWUlJH EDVLHUHQ DXI (UJHEQLVVHQ GHV )RU hEHUVFKULIW EHUHLWV HLQH %HKDXSWXQJ DXI GLH VLH GDQQ QLFKW
VFKXQJVSURMHNWV ª7|WXQJHQ GXUFK *LIWJDV LP .= 0DXWKDX EHZHLVHQN|QQHQ
VHQ© ILQDQ]LHUW GXUFK GDV |VWHUUHLFKLVFKH .XOWXVPLQLVWHULXP ª ZXUGHQ GLH +lIWOLQJH EHL GHU $UEHLW LQ GHQ 6WHLQ
$QP6:HQQ(IUDLP=XURIIODSLGDUIHVWVWHOOWGD‰ EUFKHQ ]X 7RGH VFKLNDQLHUW HUVFKODJHQ HUVFKRVVHQ LQ GHU

  9II*ÂÂ-DKUJDQJÂ+HIW
 

.UDQNHQVWDWLRQÄDEJHVSULW]W´>HWF@©6)HUQHUKDEHHV ]XU9HUIJXQJGHUHLQHQ0RQDWGHQOHW]WHQ.ULHJVPRQDWLQ

HLQH ª7UDYHUVH© ]XP (UKlQJHQ YRQ ELV ]X YLHU +lIWOLQJHQ 0DXWKDXVHQ DOV +lIWOLQJ YHUEUDFKWH  $SULO    0DL
JOHLFK]HLWLJ HLQH ª*HQLFNVFKX‰HFNH© XQG HLQHQ .ODSSWLVFK  'HU %HULFKW GLHVHV -DFN + 7D\ORU H[LVWLHUH LQ YHU
DXFK]XP(UKlQJHQJHJHEHQ VFKLHGHQHQ PHKU RGHU ZHQLJHU YROOVWlQGLJHQ 9HUVLRQHQ
'DQQ VHLHQ GLHVH 7|WXQJVDUWHQ DOV XQ]XUHLFKHQG DQJHVHKHQ
ZRUGHQ ª'LH 6XFKH QDFK QHXHQ 0RUGPHWKRGHQ IKUWH GLH
0DXWKDXVHQHU66QDFK+DUWKHLPEHL/LQ],Q+DUWKHLPZXU
GHQ >«@ DQJHEOLFK XQKHLOEDU Ä*HLVWHVNUDQNH´ PLWWHOV .RK
OHQPRQR[\GLQHLQHU*DVNDPPHUHUPRUGHW©4XHOOHHLQYRP
|VWHUUHLFKLVFKHQ-XVWL]PLQLVWHULXPSXEOL]LHUWHV6\PSRVLRQ
'RNXPHQWDWLRQ6
ª7D\ORUV%HULFKW ZXUGH ]XHLQHPGHUZLFKWLJVWHQ%HZHLVGR
NXPHQWHIUGLHLQ0DXWKDXVHQEHJDQJHQHQ9HUEUHFKHQXQG
IDQG LP 1UQEHUJHU 3UR]H‰ 9HUZHQGXQJ >«@ 7D\ORU VHOEVW
ZDU  LP 'DFKDXHU 0LOLWlUJHULFKWVYHUIDKUHQ EHLP
+DXSWYHUIDKUHQJHJHQ66$QJHK|ULJHGHV.=0DXWKDXVHQ
1DFK GLHVHQ $QUHJXQJHQ VHL DOVR LQ 0DXWKDXVHQ HLQH *DV HUVWHU=HXJHGHU$QNODJH©6
NDPPHU HLQJHULFKWHW ZRUGHQ ª1DFK )HVWVWHOOXQJ EXQGHV
GHXWVFKHU*HULFKWHVWDUEHQPLQGHVWHQV+lIWOLQJHLQGHU
LP$SULORGHU0DLIHUWLJJHVWHOOWHQ*DVNDPPHU©4XHO
OH ( .RJRQ + /DQJEHLQ $ 5FNHUO 1DWLRQDOVR]LDOLVWL
VFKH 0DVVHQW|WXQJHQGXUFK*LIWJDV )LVFKHU )UDQNIXUW D0
'HU 7D\ORU%HULFKW DOV )DNVLPLOH DEJHGUXFNW ZHLVW .HQQW
QLVVH DXI GLH HLQ +lIWOLQJ HUVW UHFKW QDFK QXU HLQPRQDWLJHU
+DIWGDXHU XQP|JOLFK KDEHQ NRQQWH hEHU GLH *DVNDPPHU
XQG9HUJDVXQJYRQ0HQVFKHQZHL‰7D\ORUYLHO]XEHULFKWHQ
]%
 ª7KHQH[WGD\6XQGD\$SULO>@QHZ&]HFKSULVR
,Q GHQ 1DFKNULHJVSUR]HVVHQ VDJWHQ DOOH $QJHNODJWHQ XQG QHUVLQFOXGLQJZRPHQDUULYHGIURP&]HFKRVORYDNLDDQG
=HXJHQEHUGLH*DVNDPPHUDXVªGDV:LVVHQ>«@ZDULKQHQ ZHUH PDUFKHG WKURXJK WKH JDWH VWUDLJKW WR WKH JDV FKDPEHU
VHOEVWYHUVWlQGOLFK© 6  'LH ]LWLHUWHQ =HXJHQDXVVDJHQ DQGFKULVWHQHGWKHRYHQV©6$PQlFKVWHQ7DJ6RQQ
ZLGHUVSUHFKHQHLQDQGHUVLQGYHUZRUUHQ0DQPX‰GHQ$XWR WDJ$SULONDPHQQHXHWVFKHFKLVFKH*HIDQJHQHHLQ
UHQ GDQNHQ GD‰ VLH GLHVH $XVVDJHQ WURW]GHP ]LWLHUHQ hEHU VFKOLH‰OLFK)UDXHQDXVGHU7VFKHFKRVORZDNHLXQGZXUGHQ
GHQ:HUWGLHVHUXQWHU'UXFNRIWDXI$QUDWHQGHU6WUDIYHUWHL GXUFK GDV 7RU JHUDGHZHJV LQ GLH *DVNDPPHU JHWULHEHQ 6LH
GLJHUJHPDFKWHQ*HVWlQGQLVVHNDQQPDQQXUVSHNXOLHUHQ ZHLKWHQGLHgIHQHLQ
'LH$XWRUHQPDFKWHQVLFKQXQLQGHQQHXQ]LJHU-DKUHQPLW
JUR‰HU*HGXOGXQGZLVVHQVFKDIWOLFKHU6RUJIDOWDXIGLH6XFKH
QDFKGHQhEHUUHVWHQGHU*DVNDPPHU'RFKVLHIDQGHQQLFKWV
0DXWKDXVHQ ZDU QDFK GHU %HIUHLXQJ GXUFK GLH $PHULNDQHU
YRQ+HUEVWELV)UKMDKUYRQVRZMHWLVFKHP0LOLWlU
7D\ORUKDWVHLQHP%HULFKW6HLQ)RWRYRQ*DVNDPPHU
*HUlWVFKDIWHQEHLJHIJW0DQHUNHQQWHLQLJH*HVWHLQVEURFNHQ
XQG HLQH $UW 3UH‰OXIWKDPPHU RGHU 9HQWLODWRU IHUQHU ]ZHL
(LVHQVWlEH 1DFK GLHVHQ hEHUUHVWHQ VXFKWHQ GLH $XWRUHQ
NRQQWHQ VLH DEHU HEHQVRZHQLJ ILQGHQ ZLH DOOH DQGHUHQ *DV
JHQXW]W XQG DXI GLH EHNDQQWH :HLVH OHHUJHSOQGHUW ZRUGHQ NDPPHUhEHUUHVWH6
ELVKLQ]X+HL]XQJVURKUHQXQG.ORVHWWVFKVVHOQGDQDFKZDU 'LH $XWRUHQ )UHXQG3HU]6WXKOSIDUUHU EULQJHQ HV IHUWLJ ON
GDV /DJHUDUHDO IUHL ]XJlQJOLFK ,Q GHQ 1RWMDKUHQ QDFK GHP NHQORVGLH([LVWHQ]HLQHU0HQVFKHQ*DVNDPPHU]XEHZHLVHQ
.ULHJGHPRQWLHUWHXQGYHUKHL]WHGLH%HY|ONHUXQJGHUXPOLH GXUFK =HXJHQDXVVDJHQ XQG VLH JOHLFK]HLWLJ ]X ZLGHUOHJHQ
JHQGHQ2UWVFKDIWHQDOOHVZDVGLH6RZMHWVQLFKWDEJHVFKOHSSW GXUFK)DNWHQ
KDWWHQ :LH VLFK KHUDXVVWHOOWH KDWWHQ DXFK GLH HKHPDOLJHQ 'LH $UJXPHQWH JUHLIHQ EULJHQV JOHLFKHUPD‰HQ KLQVLFKWOLFK
+lIWOLQJHDOOHVQXU(UGHQNOLFKHPLWJHKHQODVVHQ +DUWKHLP DQJHEOLFK 9RUELOG IU 0DXWKDXVHQ 'LH (Q]\NOR
ZXUGHGDVZDVYRQGHPHKHPDOLJHQ.RQ]HQWUDWLRQVOD SlGLH GHV +RORFDXVW $UJRQ %HUOLQ  %G  EHULFKWHW
JHUEULJZDU±VRJDUGLH8P]lXQXQJH[LVWLHUWHQLFKWPHKU± ª>«@ ,Q GHP GULWWHQ >«@ 6WHLQJHElXGH EHIDQGHQ VLFK GHU
YRQ 0LWJOLHGHUQ GHV %XQGHVYHUEDQGHV GHU HKHPDOV SROLWLVFK
9HUIROJWHQLQVSL]LHUWGHUGUDVWLVFKH%HULFKWEHUGLH9HUKlOW
QLVVH HQWEHKUW QLFKW GHU .RPLN 'LH VLFK NRQVWLWXLHUHQGH
ª/DJHUJUXSSH 0DXWKDXVHQ© EHVFKOLH‰W GHQ ªZHLWJHKHQGHQ
$EUL‰ GHU YRUKDQGHQHQ %DXVXEVWDQ] XP GHQ 5HVW DOV *H
GHQNVWlWWH]XHUKDOWHQ©(VZLUGKLHUIUHLQH/LVWHDXIJHVWHOOW
XDPLWIROJHQGHP3RVWXODW
Ä%XQNHU´ GDV *HIlQJQLV XQG GLH DOV 'XVFKUDXP JHWDUQWH
*DVNDPPHU >«@ 6FKlW]XQJVZHLVH JDE HV  7RWH
GDYRQ  -XGHQ GLH 2SIHU YRQ 6FKOR‰ +DUWKHLP LQ GHU
1lKH YRQ /LQ] LQEHJULIIHQ ,Q GLH GRUWLJH *DVNDPPHU KDWWH
PDQ>«@NUDQNHJHVFKZlFKWHXQGXQHUZQVFKWH*HIDQJHQH
XQWHULKQHQDXFK-XGHQJHVFKLFNW©
5HLQKDUG 0DW] 'LH XQVLFKWEDUHQ /DJHU 5RZRKOW 5HLQEHN
ª=XUHNRQVWUXLHUHQVLQG*DVNDPPHUQVLF=HOOHQ+LQULFK  EHULFKWHW EHU GDV 0XVHXP 0DXWKDXVHQ ª$X‰HUGHP
WXQJVVWlWWHQ©ªVLF©LP2ULJLQDO H[LVWLHUHQQRFKGLHXQWHULUGLVFKHQ$QODJHQGHU]ZHL.UHPD
'LH$XWRUHQIKUHQPLWYRUELOGOLFKHU*HQDXLJNHLWGHQ1DFK WRULXPV|IHQ XQG GLH *DVNDPPHU 6H]LHUUDXP XQG ([HNXWL
ZHLVGD‰HVNHLQH%HULFKWHEHUGHQªNRQNUHWHQ=XVWDQGGHU RQVUDXP  +lIWOLQJVEDUDFNHQ XQG HLQLJH :HUNVWlWWHQ IHK
HKHPDOLJHQ *DVNDPPHU© EHL GHU %HIUHLXQJ JLEW GD‰ HV LQ OHQGDVLHYRUGXUFKPDQJHOKDIWH.RQVHUYLHUXQJQLFKW
GHQ]HLWJHQ|VVLVFKHQGHXWVFKHQ'RNXPHQWHQNHLQHQ%DXDXI
WUDJ IU HLQH 0HQVFKHQ9HUJDVXQJVDQODJH JLEW XQG GD‰ GLH
DQJHQRPPHQH*DVNDPPHUHLQH+RO]WUKDWWHNHLQH(LVHQWU
ZLH GLH Ä5HNRQVWUXNWLRQ´ 'LH $QJDEHQ EHU JDVGLFKWH 7
UHQ ZLH VLH LP .ULHJ YRU GHQ GHXWVFKHQ /XIWVFKXW]NHOOHUQ
LQVWDOOLHUWZDUHQVLQGGHQ%DXDXIWUlJHQIU(QWODXVXQJVXQG
'HVLQIHNWLRQVDQODJHQHQWQRPPHQ
$X‰HUGHQRJ3UR]H‰DXVVDJHQVWHKWGHQ$XWRUHQDOV4XHOOH
IU 0HQVFKHQYHUJDVXQJHQ LQ 0DXWKDXVHQ QXU GHU %HULFKW
HLQHVLQ gVWHUUHLFKJHIDQJHQJHQRPPHQHQ86$JHQWHQ


9II*ÂÂ-DKUJDQJÂ+HIW  
HUKDOWHQZXUGHQ©6I 0DW]XQGGHQ $XWRUHQGHU(Q
]\NORSlGLHGHV+RORFDXVWPX‰PDQ]XJXWHKDOWHQGD‰VLHGLH
)RUVFKXQJVHUJHEQLVVH YRQ )UHXQG 3HU] XQG 6WXKOSIDUUHU
QRFK QLFKW NHQQHQ NRQQWHQ /DXW $XVNXQIW YRQ  GHU
9HUZDOWXQJGHU*HGHQNVWlWWH0DXWKDXVHQLVWGLHÄUHNRQVWUX
LHUWH´ *DVNDPPHU MHGRFK LPPHU QRFK YRUKDQGHQ XQG ZLUG
GHQMlKUOLFKELV]X%HVXFKHUQ JH]HLJW IUHLOLFKRKQH
GHQ+LQZHLVDXIGLHÄ5HNRQVWUXNWLRQ´RKQH9RUELOG
,OVH6FKLUPHU9RZLQFNHO


/HVHUEULHIH

$OOJHPHLQH6WHOOXQJQDKPHQ WHQ LP -+5 ZXUGHQ VLH ]X OREHQGHQ $XVVFKQLWWHQ UHGX]LHUW
RGHUQXUGDQQSXEOL]LHUWZHQQVLHYRQGHQEOLFKHQ$XWRUHQ
hEHUGLH%HGHXWXQJGHU9LHUWHOMDKUHVKHIWH
:HUWH+HUUHQ
GLH 3ROLVK +LVWRULFDO 6RFLHW\ ZXUGH LQ :DVKLQJWRQ DOV HLQH
$UFKLYVWLIWXQJ IU 0LWWHOHXURSlLVFKH 6WXGLHQ JHJUQGHW 'LH
*UQGHU ]HLJWHQ VLFK EHVRUJW EHU GDV 9HUVFKZLQGHQ YRQ
'RNXPHQWHQGHV=ZHLWHQ:HOWNULHJHVDXVSROQLVFKHQ$UFKL
YHQ XQG EHU GHQ 9HUNDXI YRQ 3DSLHUHQ SROQLVFKHU 3HUV|Q
OLFKNHLWHQ DQ EOLFKHUZHLVH MGLVFKH $UFKLYH GLH DQVFKOLHV
VHQG GHQ =XJDQJ ]X GLHVHQ 0DWHULDOLHQ IU SROQLVFKH )RU
VFKHUVSHUUHQZDUHQZLUHFKWH+RORFDXVW*OlXELJH
$EHU ]XQHKPHQG EHPHUNWHQ ZLU GD‰ GLH *HVFKLFKWH GHV
+2/2&$867LP=ZHLWHQ:HOWNULHJHLQHH[DNWH:LHGHUKR
OXQJ GHU DXIJHJHEHQHQ *HVFKLFKWH YRP Ä+RORFDXVW´ GHV
(UVWHQ:HOWNULHJHVLVWGHPDQJHEOLFKÄ´-XGHQXQG
Ä MGLVFKH .LQGHU´ LQ 3ROHQ XQG GHU 8NUDLQH ]XP
2SIHUILHOHQDXVJHO|VWGXUFKÄHLQIDQDWLVFKHV9HUODQJHQQDFK
MGLVFKHP %OXW´ 6RZRKO GHU Ä+RORFDXVW´ DOV DXFK GHU +2
/2&$867HUVFKLHQHQXQVGDKHUQLFKWJDQ]NRVFKHU
:LU EHJDQQHQ EDOG UHYLVLRQLVWLVFKHV 0DWHULDO ]X XQWHUVX
FKHQ DEHU LPPHU QRFK XP VLH DOV ZHOWIUHPG XQG IDOVFK ]X
EHUIKUHQ=XQHKPHQGZXUGHXQVDEHUNODUGD‰GLH)DNWHQ
LQVEHVRQGHUHGLHIRUHQVLVFKHQDXIGHUUHYLVLRQLVWLVFKHQ6HLWH
ODJHQZlKUHQGGLH+RORFDXVWHUQXUPLW=HXJHQDXVVDJHQGHU
hEHUOHEHQGHQ XQG HUSUH‰WHQ *HVWlQGQLVVHQ GHU Ä7lWHU´ DXI
ZDUWHQ N|QQHQ VR HWZD GDV *HVWlQGQLV YRQ ]Z|OI KRKHQ
:HKUPDFKWVRIIL]LHUHQ GLH LQ HLQHP /HQLQJUDGHU *HULFKW
]XJDEHQSROQLVFKH.ULHJVJHIDQJHQHJHW|WHW]XKDEHQ
ZRIU VLH YRU HLQHP 3XEOLNXP YRQ  3HUVRQHQ DP
 |IIHQWOLFK JHKlQJW ZXUGHQ TXDVL DOV HLQ 9RUVSLHO
]XGHQ1UQEHUJHU0LOLWlUWULEXQDOHQ
:lKUHQG GHU OHW]WHQ ]ZHL -DKUH EHREDFKWHWHQ ZLU GHQ 1LH
GHUJDQJ GHV ELVKHU IKUHQGHQ -RXUQDO RI +LVWRULFDO 5HYLHZ
GLHVHU=HLWVFKULIWVWDPPWHQ
'LH HUVWH $XVJDEH YRQ 9II* ZLUG PLU LPPHU LQ (ULQQHUXQJ
EOHLEHQ 6LH V EHLQKDOWHWH HLQHQ VHKU ZLFKWLJHQ $UWLNHO EHU
*HLVHOW|WXQJHQ GXUFK GLH 'HXWVFKHQ 'HU HLQOHLWHQGH $E
VFKQLWW HUOlXWHUWH GD‰ *HLVHOW|WXQJHQ HUVW  GXUFK HLQH
GHUIDVWMlKUOLFKHUIROJHQGHQ=XVlW]H]XGHU*HQIHUXQG+DD
JHU.RQYHQWLRQEHUGDV.ULHJVY|ONHUUHFKWYHUERWHQZXUGHQ
'LH(UVFKLH‰XQJYRQ*HLVHOQLQ:DZHUQDKH:DUVFKDX
DP'H]HPEHUXQGVSlWHUGDQQGLH(UVFKLH‰XQJGHU
PHKUDOVKXQGHUW0lQQHUYRQ/LGLFHVRZLH'XW]HQGHDQGHUHU
(UHLJQLVVHZHUGHQLPPHUZLHGHUDOVVFKUHFNOLFKH.ULHJVYHU
EUHFKHQ LQ (ULQQHUXQJ JHUXIHQ 7DWVlFKOLFK DEHU KDQGHOWH HV
VLFK XP LQWHUQDWLRQDO DQHUNDQQWH E]Z HUODXEWH 0LWWHO ]XU
%HNlPSIXQJ YRQ 3DUWLVDQHQDQVFKOlJHQ DXI PLOLWlULVFKHV
3HUVRQDO'XUFK|IIHQWOLFKHQ7HUURUYHUVXFKWHPDQ0DVVDNHU
XQLIRUPLHUWHU6ROGDWHQDQ=LYLOLVWHQ]XYHUKLQGHUQ'LHhEHU
OHJXQJ ZDU GD‰ GHU .ULHJ LPPHU QXU GXUFK XQLIRUPLHUWH
3HUVRQHQJHIKUWZHUGHQVROOWHXQGGD‰NHLQ6ROGDWEHIUFK
WHQ PX‰ YRQ KLQWHU 0DXHUQ YHUVWHFNWHQ =LYLOLVWHQ EHVFKRV
VHQ RGHU YRQ 0lGFKHQ +DQGJUDQDWHQ YHUVWHFNW LQ %OXPHQ
VWUlX‰HQ JHVFKHQNW ]X EHNRPPHQ 0DQ ZDU GHU hEHU]HX
JXQJ GD‰ HLQ GHUDUWLJHV 9HUKDOWHQ YRQ =LYLOLVWHQ GLH 6ROGD
WHQ GD]X YHUOHLWHQ ZUGH EHL GHP NOHLQVWHQ 9HUGDFKWVPR
PHQWDXI=LYLOLVWHQ]XVFKLH‰HQXQGVLH]XPDVVDNULHUHQ
$OV3ROHNDQQLFKQLFKWYHUJHVVHQZLHVLFKGLH.lPSIHUGHU
3ROQLVFKHQ+HLPDWDUPHHLQGHQ$XJHQGHU'HXWVFKHQVRIRUW
YRQ Ä%DQGLWHQ´ ]X Ä6ROGDWHQ´ ZDQGHOWHQ 6REDOG GLH 6ROGD
WHQGHU3ROQLVFKHQ+HLPDWDUPHHLKUHURWZHL‰HQ $UPELQGHQ
DQJHOHJW KDWWHQ ZXUGHQ VLH YRQ GHQ 'HXWVFKHQ VRIRUW UH
VSHNWYROO DOV .ULHJVJHIDQJHQH EHKDQGHOW XQG QLFKW PHKU DOV
Ä%DQGLWHQ´
,FKELQVLFKHUGD‰GLHVHV7KHPDYRQ9II*QRFKZHLWHUXQWHU
-+5GDVPHKURGHUZHQLJHU]XHLQHU3ULYDWVFKULIWGHV+HU
DXVJHEHUVXQGGUHLHU6WDPPDXWRUHQZXUGH:LUEHREDFKWHWHQ
GDV(UVFKHLQHQGHUKHGRQLVWLVFKHQ%DUQHV5HYLHZHLQHUQHWW
]XOHVHQGHQUHYLVLRQLVWLVFKHQ=HLWVFKULIWGLHDOOHUGLQJVQLFKW
GLH*UXQGODJHQIRUVFKXQJVWW]WXQGVFKRQJDUQLFKWKLQVLFKW
OLFK GHV ÄEHGHXWHQGVWHQ (UHLJQLVVHV GHU 0HQVFKKHLWVJH
VFKLFKWH´ ZLH 6HQDWRU &KDUOHV 3UHF\ ODXW 86 &RQJUHVVLRQDO
5HFRUGGHQ+RORFDXVWEH]HLFKQHWKDW
:lKUHQG GDV -+5 YHUVXFKW ZLHGHUDXI]XHUVWHKHQ HUKLHOWHQ
ZLU GXUFK =XIDOO HLQH =HLWVFKULIW PLW HLQHP VHOEVW IU 'HXW
VFKH VFKLHU XQDXVVSUHFKEDUHQ 1DPHQ 9II* RGHU 9LHUWHOMDK
UHVKHIWHIUIUHLH*HVFKLFKWVIRUVFKXQJ
,FK VSUHFKH NHLQ 'HXWVFK DEHU NDQQ HV UHFKW JXW OHVHQ XQG
QDFKGHP LFK GLH HUVWHQ EHLGHQ $XVJDEHQ JHOHVHQ KDWWH ZDU
VXFKW ZHUGHQ ZLUG(VLVWHLQ8QJOFNGD‰GLHVH =HLWVFKULIW
QXULQGHXWVFKHU6SUDFKHHUVFKHLQW,FKKDEHNHLQHQ=ZHLIHO
GD‰ GLH %HGHXWXQJ GLHVHU =HLWVFKULIW LQQHUKDOE GHU QlFKVWHQ
$XVJDEHQ]XPDO XQWHUGLHVHP IlKLJHQ XQGH[DNWHQ +HUDXV
JHEHUPLWVHLQHPJXWHQ8UWHLOVYHUP|JHQGLHGHUlOWHUHQXQG
ZHONHQ%OlWWHUOHLFKWEHUWUHIIHQZLUG
*U|‰WHV*OFNVHLLKUHPYHUGLHQVWYROOHQMXQJHQ+HUDXVJHEHU
XQGLKUHQ%HLWUlJHQJHZQVFKW
3ROHQ VFKHLQW KHXWH ZHOWZHLW IKUHQG LQ 6DFKHQ +RORFDXVW
5HYLVLRQLVPXV]XVHLQ(VJLEWKHXWHPLQGHVWHQVYLHUUHYLVLR
QLVWLVFKH 3XEOLNDWLRQHQ LQ 3ROHQ 'LH JU|‰WH GDUXQWHU LVW GLH
0RQDWVVFKULIW 6]F]HUELHF PLW HLQHU $XIODJH YRQ HWZD 
'LHV LVW HLQH UHVSHNWDEOH $XIODJH IU HLQ LQWHOOHNWXHOOHV 0R
QDWVPDJD]LQ LQ 3ROHQ GD‰ YRQ .RQNXUUHQWHQ XPJHEHQ LVW
LFKUHFKWYHUEOIIW'DV-+5ZDURGHULVWLPPHUQRFK"HLQH
JXWHZLVVHQVFKDIWOLFKH=HLWVFKULIW9II*LVWKHUYRUUDJHQGXQG
EHUWULIIWGDV-+5EHLZHLWHP'LH%UHLWHXQG7LHIHGHVYRU
JHVWHOOWHQ 0DWHULDOV EHILQGHW VLFK DXI GHP K|FKVWHQ ZLVVHQ
VFKDIWOLFKHQ 1LYHDX 'LH $XVZDKO GHU 7KHPHQ LVW VHKU SUR
IHVVLRQHOO XQG XQYRUHLQJHQRPPHQ HWKQLVFKH 9RUHLQJHQRP
PHQKHLWHQ XQG SHUV|QOLFKH (LQVWHOOXQJHQ GHU +HUDXVJHEHU
6]F]HUELHF DXVJHVSURFKHQ 6FKWVFKHUELlWV LVW GLH HLQ]LJH
UHYLVLRQLVWLVFKH =HLWVFKULIW ZHOWZHLW GLH DQ GHQ .LRVNHQ
YHUNDXIW ZLUG 'LH KHUDXVJHEHQGH *HVHOOVFKDIW 1DWLRQDOH
:LHGHUJHEXUW 3ROHQV XQG GDV ,QVWLWXW 1DURGRZR 5DG\NDOQ\
KDEHQ VRHEHQ HLQ NOHLQHV %XFK YHU|IIHQWOLFKW HLQ UHYLVLRQL
VWLVFKHV.RPSHQGLXPGHV7LWHOV7KH0\WKRIWKH+RORFDXVW
:LH3ROHQDXFKVRKDWDXFKGLH3ROLVK+LVWRULFDO6RFLHW\HUVW
GHV -+5 VFKHLQHQ GXUFK 'LH 1DFKULFKWHQ GHFNHQ DOOHV DE VSlW .RQWDNW ]XP 5HYLVLRQLVPXV JHIXQGHQ XQG ZLU VLQG
/HVHUEULHIH ZLHVLHLQMHGHUUHVSHNWDEOHQ ZLVVHQVFKDIWOLFKHQ MHGHU]HLW EHUHLW YRQ GLHVHP ZLHGHU DE]XODVVHQ ZHQQ ]XP
=HLWVFKULIW HUVFKHLQHQ VROOWHQ ZLUG DXVUHLFKHQG 5DXP JHER %HLVSLHOEHLGHQYRQXQVJHIRUGHUWHQDUFKlRORJLVFKHQ8QWHU

  9II*ÂÂ-DKUJDQJÂ+HIW
 

VXFKXQJHQ LQ %HO]HF 0DVVHQJUlEHU PLW DOWHQ XQG DUEHLWVXQ HLQLJHU=HLWDOVHLQH%HOHLGLJXQJIULKUHQ*HVSUlFKVSDUWQHU

IlKLJHQ MXQJHQ -XGHQ JHIXQGHQ ZHUGHQ ,P YHUJDQJHQHQ ZHQQVLHLKP]XWUDXWHQHUN|QQH'HXWVFKHUVHLQ'LH3URSD
2NWREHU ZXUGHQ HUVWH %RKUXQJHQ YRQ GHU $EWHLOXQJ IU $U JDQGDHLQVFKOlJLJHU0XVHHQ]HLJWLKUH:LUNXQJ
FKlRORJLHDQGHQ8QLYHUVLWlWHQYRQ/RG]XQG7KRUQGXUFKJH 'DV ]HLJW ZRKLQ GLH 5HLVH JHKW :HQQ GLH 'HXWVFKHQ VLFK
IKUWZRP|JOLFKDXVJHO|VWYRQXQVHUHP,QWHUQHW6ORJDQª1R GHQ 5XIPRUG ZHLWHUKLQ JHIDOOHQ ODVVHQ ZHUGHQ :RUWH ZLH
ERQHV QR +RORFDXVW© .HLQH .QRFKHQ NHLQ +RORFDXVW
'XUFKGLHVHYRQGHPZRKOKDEHQGHQEULWLVFKMGLVFKHQ+LVWR
ULNHU0LNH7UHJHQ]DILQDQ]LHUWHQ%RKUXQJHQZXUGHQDXIGHP
*HELHWGHV/DJHUVJUR‰H0DVVHQJUlEHUPLWWHLOZHLVHNUHPLHU
WHQXQGDQGHUHQLP9HUIDOOEHJULIIHQHQ/HLFKHQHQWGHFNW'LH
(UJHEQLVVH DUFKlRORJLVFKHU 8QWHUVXFKXQJHQ GLH ]XU 8QWHU
VWW]XQJ GHU 1UQEHUJHU $QNOlJHU GXUFKJHIKUW ZXUGHQ XQG
VRZRKO YRQ GHQ MGLVFKHQ DOV DXFK YRQ GHQ SROQLVFKHQ %H
K|UGHQ YHUVFKZLHJHQ ZXUGHQ XQG OHLGHU DXFK YRP -RXUQDO
ÄGHXWVFK´Ä*HUPDQ´RGHUÄ$OHPDQ´HLQPDOGLHVFKOLPPVWHQ
LQWHUQDWLRQDOJHEUlXFKOLFKHQ6FKLPSIZ|UWHUZHUGHQ
'LH GHXWVFKH -XVWL] YHUVWHLJW VLFK ]X LPPHU ZDKQKDIWHUHQ
0D‰QDKPHQ'DIUDJHLFKPLFKZLHPDQPLWGHU$QJHOHJHQ
KHLWDQVWlQGLJXQGHKUHQKDIWXPJHKHQN|QQWH(LQH5HDNWLRQ
N|QQWH YLHOOHLFKW VHLQ GD‰ HLQ JUR‰HV KHLGQLVFKHV *HOlFKWHU
EHUGHQ%HWUXJHU|IIQHWZLUG'DULQN|QQWHLFKHLQHKXPDQH
5HDNWLRQVHKHQGLH]XJOHLFKGHQDQVRQVWHQIlOOLJHQ5DFKHJH
OVWHQGLH*UXQGODJHHQW]LHKHQN|QQWH
RI +LVWRULFDO 5HYLHZ  ZLHVHQ DOOHUGLQJV NHLQH VLJQLILNDQ
WHQ 0DVVHQJUlEHU YRQ -XGHQ DXI GHP *HELHW GHV /DJHUV
7UHEOLQND,,DXI
:HQQ PDQ LQ %HO]HF GLH /HLFKHQ JHVXQGHU DEHU DOWHU XQG
DUEHLWVXQIlKLJHU MXQJHU -XGHQ ILQGHW GLH YRQ 7UHEOLQND XQG
=XP :HLKQDFKWVIHVW XQG ]XP 1HXHQ -DKUH ZQVFKHQ ZLU
YRQ+HU]HQDOOHV*XWH
( 5)&XHUQDYDFD
]X6DPXHO&URZHOO7HFKQLNXQG$UEHLWVZHLVH«9II*
6RELERU GRUWKLQ JHEUDFKW ZRUGHQ VLQG GDQQ JDE HV HLQHQ
+RORFDXVW XQG ZLU ZHUGHQ GLH HUVWHQ VHLQ GLH GDUEHU EH
ULFKWHQZHUGHQ
0LWIUHXQGOLFKHQ*U‰HQ
-R]HI3DZOLNRZVNL6HNUHWlU3+6
$10(5.81*'(55('$.7,21
'HP 8UWHLO YRQ +HUUQ 3DZOLNRZVNL EHU GDV -RXUQDO RI+L
VWRULFDO5HYLHZXQGGDV%DUQHV5HYLHZN|QQHQZLUXQVQLFKW
DQVFKOLH‰HQ WHLOV PDQJHOV (UIDKUXQJ WHLOV DEHU DXFK LQ
.HQQWQLV GHU OHW]WHQ VHKU JHOXQJHQ $XVJDEH GHV -+5 9RO
6
6RZMHWLVFKH*DVNULHJVSOlQH
:HUWHU+HUDXVJHEHU
LQPHLQHP$UWLNHO7HFKQLNXQG$UEHLWVZHLVHGHXWVFKHU*DV
VFKXW]EXQNHULP=ZHLWHQ:HOWNULHJVFKULHELFKGD‰GLH'HXW
VFKHQ *UXQG IU GLH %HIUFKWXQJ VRZMHWLVFKHU *DVDQJULIIH
PLW %ODXVlXUH KDWWHQ ]XPDO GLHVHV VHLW  LQ )DEULNHQ LQ
.DUDJDQGDKHUJHVWHOOWZXUGH
1HXOLFKIDQGLFKGLHVEH]JOLFKZHLWHUH,QIRUPDWLRQHQ
ª.XU] QDFK %HJLQQ GHV 5X‰ODQGIHOG]XJHV ]HLJWH VLFK EHL
QR
:LGHUGHQ5XIPRUGDQ'HXWVFKHQ
9RU HLQ SDDU :RFKHQ KDEH LFK PLU GLH +RORFDXVW
*HGHQNVWlWWH LQ :DVKLQJWRQ '& DQJHVHKHQ 'D VLQG MHQH
'RNXPHQWH GLH 8GR :DOHQG\ EHUHLWV DOV )lOVFKXQJHQ HQW
ODUYW KDW LQ GHP KRFKRIIL]LHOOHQ 0XVHXP GHU :HOWPDFKW
86$ DOV HFKWH 'RNXPHQWH DXVJHVWHOOW XQG ZHUGHQ YRQ GHQ
%HVXFKHUVFKDUHQ GLH VLFK WlJOLFK GD KLQGXUFKZlO]HQ DQ
GlFKWLJ ]XU .HQQWQLV JHQRPPHQ 'DV DOOHV ]HLJW DXFK :LU
NXQJ1DFKIROJHQGHLQ%HULFKWGD]X
:HQQLFKPLFKKLHUPLWLQWHUHVVLHUWHQ/HXWHQXQWHUKDOWHGLH
PDQDXFKLQGHQ86$XQG0H[LNR]XZHLOHQWULIIWXQGGLHHLQ
ZHQLJ EHU GHQ %HWUXJ LQ GHU RIIL]LHOOHQ GHXWVFKHQ *H
VFKLFKWVVFKUHLEXQJ LQIRUPLHUW VLQG HUKDOWH LFK RIW ]XU $QW
ZRUWZDVGLH%HVFKlIWLJXQJPLWGLHVHQ)UDJHQVROOH(VJHKH
GHQ'HXWVFKHQGRFKJXW'DELQLFKVFKRQLP=ZHLIHOJHZH
HUEHXWHWHQ VRZMHWLVFKHQ )LOWHUQ GD‰ GLHVH HLQHQ  6WXQ
GHQ GDXHUQGHQ 6FKXW] JHJHQ %ODXVlXUH ERWHQ 'LH GHXW
VFKHQ)LOWHUVFKW]HQQXU0LQXWHQJHJHQGLHVHQ.DPSI
VWRII
'LHVH )HVWVWHOOXQJ YHUVHW]WH GLH YHUDQWZRUWOLFKHQ GHXW
VFKHQ6WHOOHQLQKHOOH$XIUHJXQJOHJWHVLHGRFKGHQ6FKOX‰
QDKH GD‰ GHU VRZMHWLVFKH *HJQHU %ODXVlXUH HLQVHW]HQ
N|QQWH$XIJUXQGHLQHULP$XJXVWHUEHXWHWHQVRZMHWL
VFKHQ'LHQVWYRUVFKULIWZXUGHGLH$QQDKPH]XU*HZL‰KHLW
'HU *HJQHU EHDEVLFKWLJH LP )DOO HLQHV *DVNULHJHV %ODX
VlXUHDXV)OXJ]HXJHQDE]XVSUKHQ
'HXWVFKH)DFKOHXWHKDWWHQHLQHVROFKH9HUZHQGXQJGLHVHU
6XEVWDQ] DXIJUXQG LKUHU JUR‰HQ )OFKWLJNHLW ELVODQJ IU
XQP|JOLFK JHKDOWHQ ,P -DQXDU  IKUWH PDQ LQ 0XQ
VWHUODJHU)HOGYHUVXFKHGXUFKNJ%ODXVlXUHZXUGHQLP
7LHIIOXJ DXV HLQHP VRZMHWLVFKHQ 6SUKJHUlW DEJHZRUIHQ
6lPWOLFKH LQ 9HUVXFKVIHOG DXIJHVWHOOWHQ 7LHUH 3IHUGH
VHQ RE ZLU QLFKW GRFK GLH VRJHQDQQWH 2IIHQNXQGLJNHLW ZLH
HLQH2IIHQEDUXQJVWHKHQ ODVVHQVROOHQ]XPDO VLHGDV(UJHE
QLVHLQHVVRJUDXVDPHQ.ULHJHVLVW
'HVKDOE HUVFKHLQW HV PLU ZLFKWLJ /DQJ]HLWHIIHNWH ]X EHRE
DFKWHQ GLH VLFK DXIJUXQG GHU GHU]HLWLJHQ *HVFKLFKWVUHOLJLRQ
HUJHEHQ (LQH VROFKH %HREDFKWXQJ KDWWH LFK LQ HLQHP IUKH
UHQ%ULHIDXV0H[LNRZRKOVFKRQJHVFKLOGHUWZRHLQ,QGLDQHU
PLFK DOV ÄUDVVLVWD´ EHVFKLPSIW KDWWH DOV LFK LQ HLQHP DQJH
UHJWHQ IUHXQGVFKDIWOLFKHQ *HVSUlFK HUZlKQWH LFK VHL ÄDOH
PDQ´
(LQH ZHLWHUH %HREDFKWXQJ KDW VLFK MHW]W YHUIHVWLJW ,Q GHQ
86$ZXUGHLFKQRFKYRU]HKQ-DKUHQZHJHQPHLQHV$N]HQ
+XQGH .DW]HQ XQG 6FKDIH ZXUGHQ VRZHLW GLH *LIWZRONH
VLHHUID‰WHJHW|WHW
'LH7HVWJHUlWHUHJLVWULHUWHQHLQH$QIDQJVNRQ]HQWUDWLRQYRQ
 PJP 'LH /HLVWXQJ GHV GHXWVFKHQ )LOWHUHLQVDW]HV
UHLFKWHEHLNXU]HU9HUZHLOGDXHU]ZDUDXVXPJHJHQ.RQ
]HQWUDWLRQHQ ELV ]X  PJP ]X VFKW]HQ HLQ JOHLFK]HLWLJ
PLW $UVHQZDVVHUVWRII JHIKUWHU $QJULII NRQQWH DOOHUGLQJV
HUIROJUHLFK VHLQ 'HU VRZMHWLVFKH )LOWHUDXIEDX OLH‰ GDUDXI
VFKOLH‰HQGD‰GLHUXVVLVFKH6HLWHHLQHVROFKH7DNWLNSODQWH
'HU GHXWVFKH )LOWHUHLQVDW] PX‰WH GDKHU GLHVHQ QHXHQ *H
JHEHQKHLWHQDQJHSD‰WZHUGHQ
(VHQWVWDQGEHUHLWVXQWHUJUR‰HQ0DWHULDOVFKZLHULJNHLWHQ
WHVPDQFKPDOJHIUDJWRELFK'HXWVFKHUVHL'DVNRPPWQLFKW GHU)LOWHUHLQVDW])(GHUDXV*HKHLPKDOWXQJVJUQ
PHKUYRU0DQIUDJWPLFKVWDWWGHVVHQRELFKDXV6NDQGLQD GHQ]XQlFKVWQLFKWDQGLH7UXSSHDXVJHOLHIHUWZXUGH©
YLHQ NRPPH 'LH $PHULNDQHU HPSILQGHQ HV RIIHQEDU VHLW $XV*QWKHU:*HOOHUPDQQ'HU.ULHJGHUQLFKWVWDWWIDQG

9II*ÂÂ-DKUJDQJÂ+HIW  
%HUQDUG  *UDHIH 9HUODJ  S  PLW %H]XJ DXI
IROJHQGH XQYHU|IIHQWOLFKWH 6WXGLH +HUPDQQ 2FKVQHU &KH
PLFDO :DUIDUH 063RR  1DWLRQDO $UFKLYHV :DVKLQJWRQ
'&
0LWIUHXQGOLFKHQ*U‰HQ
6DPXHO&URZHOO
/XIWVFKXW]EXQNHULQ%LUNHQDX
%HLJHIJWEHUVHQGHLFK,KQHQ]XP7KHPD/XIWVFKXW]EXQNHU
HLQH6DPPOXQJYRQ'RNXPHQWHQGLHGDUDXIKLQZHLVHQGD‰
HV VLFK EHL GHQ %HWRQSODWWHQ YRU GHQ +lIWOLQJVEDUDFNHQ YRQ
:LQGLJH7KHVHQ
6R VHKU GHP )RUVFKXQJVDQVDW] YRQ 6DPXHO &URZHOO DXFK
EHL]XSIOLFKWHQ LVW XQG VR VHKU LFK GHU hEHU]HXJXQJ ELQ GD‰
HLQLJH GHU DQJHEOLFKHQ ÄNULPLQHOOHQ 6SXUHQ´ 3UHVVDFV WDW
VlFKOLFK KDUPORVH +LQZHLVH DXI HLQH GDPDOV LQ 'HXWVFKODQG
XELTXLWlU DQ]XWUHIIHQGH /XIWVFKXW]DXVUVWXQJ VLQG VR VHKH
LFK PLFK GRFK YHUDQOD‰W DQ HLQLJHQ ]XJHJHEHQHUPD‰HQ QH
EHQVlFKOLFKHQ$XVVFKZHLIXQJHQYRQ+HUUQ&URZHOO.ULWLN]X
EHQ
 ,FK KDOWH GLH 9HUPXWXQJ EHL GHU QHEHQ GHP (LQJDQJ ]XU
.RPPDQGDQWXUYRQ$XVFKZLW]DQJHEUDFKWHQ.ODSSHKDQGHOH
%LUNHQDX,KU%LOGLQ9II*6DXFKEHL'&]HFK HVVLFKXPHLQHQ1RWDXVVWLHJ$EE67H[W6IU
.DOHQGDULXP6WDWVlFKOLFKXP/XIWVFKXW]JUlEHQKDQ
GHOW GLH LP JDQ]HQ /DJHU HUULFKWHW ZXUGHQ 'LH 'RNXPHQWH
ZXUGHQ PLU YRQ PHLQHP 2QNHO DXV %HUOLQ EHUODVVHQ :LH
6LHHUNHQQHQZHUGHQZDUHU%HWHLOLJWHU,FKP|FKWHDQRQ\P
EOHLEHQ 1$
VHKUZHLWKHUJHKROWGHQQHUVWHQVHUVFKHLQWGLHVH.ODSSHQLFKW
JDVGLFKW]XVHLQXQG]ZHLWHQVZlUHVLHXQJQVWLJKRFKDQJH
EUDFKW :DKUVFKHLQOLFK KDQGHOW HV VLFK GDEHL XP HLQHQ
VFKOLFKWHQ*DVRGHU6WURP]lKOHUNDVWHQ
'LHYRQ&URZHOOIDYRULVLHUWH7KHVHYRQ$5%XW]IUGLH
0OOYHUEUHQQXQJ LQ %LUNHQDX VHLHQ +&1'HWHNWRUHQ EHQ|
$10(5.81*'(55('$.7,21
'LH 'RNXPHQWH VLQG DOV $EVFKULIWHQ LP :RUWODXW VRZLH DOV
OHVHUOLFKH )DNVLPLOH'DWHLHQ DEUXIEDU DXI GHU ,QWHUQHW6HLWH
YRQ 'DYLG ,UYLQJ KWWSZZZISSFRXN$XVFKZLW]
GRFXPHQWV/6.HOOHU0RVFRZ'RFVKWPO .RSLHQ GHU 'RNX
PHQWH N|QQHQ JHJHQ (LQVHQGXQJ YRQ '0  SUR 6HLWH EHL
9+2EH]RJHQZHUGHQ
WLJW ZRUGHQ 6 I KDOWH LFK IU NRQVWUXLHUW 'DV :LVVHQ
EHU GLH (QWVWHKXQJ JHIlKUOLFKHU *DVH EHL 0OOYHUEUHQQXQ
JHQ ZDU GDPDOV QRFK UXGLPHQWlU XQG DX‰HUGHP ZlUH GDV
*DVGRFKZRKOEHUGHQ6FKRUQVWHLQLQV)UHLHHQWZLFKHQZR
HVPLWGHU8PJHEXQJVOXIWYHUGQQWQLFKWPHKUVFKlGOLFKVHLQ
NRQQWH bKQOLFK IUDJOLFK HUVFKHLQW PLU GLH hEHUOHJXQJ PDQ
KDEH GHQ /HLFKHQ $PDOJDPIOOXQJHQ DXV 8PZHOWVFKXW]
JUQGHQHQWIHUQW6
 &URZHOOV 3KDQWDVLHQ EH]JOLFK GHU /HLFKHQNHOOHU DOV 8Q
WHUVWDQGIU)URQWNlPSIH$QPHUNXQJKDEHQPLFK]XP
6FKPXQ]HOQJHEUDFKW9HUJOHLFKWPDQGLHVH)DVVXQJPLWGHU
HQJOLVFKHQ 2ULJLQDOIDVVXQJ GHV $UWLNHOV
KWWSZZZFRGRKFRPLQFRQLQFRQSUHVVDFKWPO VR PHUNW
PDQGD‰GHUhEHUVHW]HUGHQ3KDQWDVLHQZRKOVFKRQGLH6SLW
]HJHQRPPHQKDW'RUWZLUGGLH7KHVHYRQGHP)URQWEXQNHU
PLW JHWDUQWHQ /IWXQJVVWXW]HQ EUHLW DXVJHZDO]W 1XU VFKDGH
GD‰HVLQGHU'HFNHGHU/HLFKHQNHOOHUNHLQH/IWXQJVVWXW]HQ
JDE XQG GD‰ GHU 6XPSI XP %LUNHQDX EHL )URQWQlKH NHLQH
JHHLJQHWH6WHOOXQJIUGLH9HUWHLGLJXQJZDU
 'HQ hEHUVHW]HU KDW JHJHQ (QGH GDQQ ZRKO GRFK GHU 0XW
YHUODVVHQ DOV HU &URZHOOV $QPHUNXQJ YRQ GHQ Ä1RWDXVVWLH
JHQ´DXIGHQ'HFNHQGHU/HLFKHQNHOOHUGHU.UHPDWRULHQ,,
XQG ,,, QLFKW DQJHPHVVHQ UHGLJLHUHQ ZROOWH RGHU GXUIWH"
+HUUQ &URZHOO MHGHQIDOOV LVW ]X HPSIHKOHQ VLFK GLH gUWOLFK
NHLWHQ VHOEVW HLQPDO DQ]XVHKHQ XP ]X HUNHQQHQ GD‰ HV LQ
GHQ 'HFNHQ GHU /HLFKHQNHOOHU GHU .UHPDWRULHQ ,, XQG ,,,
NHLQH/|FKHUJHJHEHQKDWZHGHUDOVJHWDUQWH/IWXQJVO|FKHU
DOV 1RWDXVVWLHJH QRFK DOV =\NORQ(LQZXUIOXNHQ ª1R +ROHV
QR Ä+RORFDXVW´© ZLH 3URI )DXULVVRQ 6  ]X UHFKW ]X
VDJHQ SIOHJW GHU LQ DQGHUHP %H]XJ &URZHOOV $XVIKUXQJHQ
EHUGLH(QWODXVXQJVNDPPHUQYRQ0DMGDQHNNULWLVLHUWKDW
1LFKWVGHVWRZHQLJHU LVW GHU YRQ &URZHOO DXVJHEUHLWHWH (UNOl
UXQJVDQVDW]QDWXUJHPl‰ZLFKWLJXQGZRKOLQGHU/DJHHLQLJH
RIIHQH)UDJHQ]XNOlUHQ0DQGDUIDEHUEHLGHUDUWNRPSOH[HU
0DWHULH QLFKW HUZDUWHQ PLW HLQHP 6DFKYHUKDOW DOOH )UDJHQ
NOlUHQ]XN|QQHQ
26W5:/HFKWHQEULQN0DQQKHLP

 ]X*|UDQ+ROPLQJ:LHYLHOH-XGHQ«9II*6
$XV3ODW]JUQGHQJHEHQZLU KLHUQXUHLQHV =$0 
GHUGUHLXQV]XJHVDQGWHQ'RNXPHQWHLP)DNVLPLOHZLH
GHU'LH]ZHLDQGHUHQ'RNXPHQWH=$0 $XIJHEOlKWH'HSRUWDWLRQV]DKOHQ
6HLWHQ$EH]LHKHQVLFKDXIGDVVHOEH7KHPD ,P %XFK YRQ 'DQXWD &]HFK .DOHQGDULXP GHU (UHLJQLVVH«
ZLUG IU GHQ  GHU (LQJDQJ GHV Ä 2VWWUDQVSRUWV´

  9II*ÂÂ-DKUJDQJÂ+HIW

UHJLVWULHUW 2EZRKO &]HFK NHLQH $QJDEHQ IU GLH =DKO GHU
QDFK 2VWHQ GHSRUWLHUWHQ 0HQVFKHQ EHVLW]W XQG DXFK QLFKW
ZHL‰ZLHYLHOHGDYRQLQHLQHVGHUYLHOHQDQGHUHQ$UEHLWVOD
JHULQ3ROHQGHSRUWLHUWZXUGHQPXOWLSOL]LHUWVLHGLHODXIHQGH
1XPPHU GHV 7UDQVSRUWHV HLQIDFK PLW  XQG HUKlOW VRPLW
 î    QDFK $XVFKZLW] GHSRUWLHUWH -XGHQ
'LHVH XQKDOWEDUH Ä5HFKHQPHWKRGH &]HFK´ ZLUG YRQ GHP
=HLWJHVFKLFKWOHU3URI*-DJVFKLW]LQVHLQHP*XWDFKWHQ]XP
+RQVLN3UR]H‰]XUHFKWJHUJW
'LSO9Z*3RKO.|OQ
:HLWHUJHKHQGH)RUVFKXQJHQQ|WLJ
'HU %HLWUDJ YRQ * +ROPLQJ EHU GLH $Q]DKO GHU QDFK $X
VFKZLW] GHSRUWLHUWHQ +lIWOLQJH IROJW VLFKHU HLQHP ULFKWLJHQ
$QVDW] -HGRFK ZUGH LFK PLFK GHQ 6FKOX‰IROJHUXQJHQ GHV
$XWRUV QXU DQVFKOLH‰HQ ZHQQ IROJHQGH )UDJHQ LQ VHLQHP

ª.UDQNKDIW ZLUG GDV 9HUKDOWHQ ZHQQ GHU ,QGXNWRU VHLQ
2SIHU GXUFK (QWZLFNOXQJ QHXHU 6\PSWRPH ± 7REHQ
6FKUHLHQ K\VWHULVFKH $QIlOOH ± XQG GXUFK (UUHJXQJ YRQ
6FKXOGJHIKOHQ GDUDQ KLQGHUW UDWLRQDO ]X KDQGHOQ :HQQ
MHGHU 9HUVXFK GHV 2SIHUV VHLQH 5ROOH UDWLRQDO ]X EHXUWHL
OHQ PLW KHIWLJHQ 5HDNWLRQHQ GHV ,QGXNWRUV ÄEHVWUDIW´
ZLUG«©
.HQQ]HLFKQHQGLVWDOVRGD‰GHU,QGXNWRUHLQHNULWLVFKH+LQ
WHUIUDJXQJDEEORFNWXQG]ZDUGXUFK%HVWUDIXQJ±LPÄSULYD
WHQ 8PJDQJ´ PLW SV\FKLDWULVFKHQ 6\PSWRPHQ ª7REHQ
6FKUHLHQK\VWHULVFKH$QIlOOH©
'LHVH%HVFKUHLEXQJJLEW]XJOHLFKHLQH$VVR]LDWLRQ]XP9HU
KDOWHQYRQ0HGLHQXQG3ROLWLNHUQZHQQQXUHLQHXQVFKXOGLJH
)UDJH±]%]X*DVNDPPHU'HWDLOV±JHVWHOOWZLUGXQGOHLWHW
]XUVWDDWOLFKHQ(EHQHEHUZRGLH%HVWUDIXQJDX‰HUGHPEHU
GLH 6WUDIJHVHW]H SUDNWL]LHUW ZLUG ††   XQG I
6LQQHJHNOlUWZlUHQ 6W*% XP bX‰HUXQJHQ XQG GDPLW HLQH +LQWHUIUDJXQJ ]X
 5 +LOEHUJ IDNVLPLOLHUW LQ VHLQHP %XFK 6RQGHU]JH QDFK XQWHUELQGHQ
$XVFKZLW] 8OOVWHLQ )UDQNIXUW0  6  'RNX 1XU XQKDOWEDUH 'RJPHQ XQG :DKQYRUVWHOOXQJHQ PX‰ PDQ
PHQWHDXVGHQHQNODUKHUYRUJHKWGD‰HVGXUFKDXV'HSRUWDWL PLW 7DEXV RGHU *HVHW]HQ EHVFKW]HQ ± ZDKUH 6DFKYHUKDOWH
RQV]JH PLW GHXWOLFK PHKU DOV  +lIWOLQJHQ JDE GLH EHVWHKHQMHGH3UIXQJ:HUZLVVHQZLOOREGLH5HYLVLRQLVWHQ
=DKOHQ VFKZDQNHQ ]ZLVFKHQ  XQG  H[SOL]LW E]Z RGHUGLH([WHUPLQDWLRQLVWHQLUUHVLQGEUDXFKWQXU]XVFKDXHQ
EHUHFKQHWH0D[LPDOODVW+ROPLQJVROOWHGLHVH'RNX ZHUHLQHRIIHQH'LVNXVVLRQIRUGHUWXQGZHUVLHGXUFK9HUER
PHQWHEHUFNVLFKWLJHQ WHEHVWUDIW
 +DJHQ )OHLVFKHU KDW LQ VHLQHP %HLWUDJ EHU *ULHFKHQODQG  'LH LQWHQVLYH %HVFKlIWLJXQJ PLW GHP 5HYLVLRQLVPXV LVW
LQ:%HQ]+J 'LPHQVLRQGHV9|ONHUPRUGV 2OGHQERXUJ RIIHQEDUHLQHÄ(LQEDKQVWUD‰H´±HVJLEWPHLQHV:LVVHQVQXU
DXI'RNXPHQWHGHUJULHFKLVFKHQ%DKQGLUHNWLRQKLQJH Ä.RQYHUWLWHQ´]XJXQVWHQGHU5HYLVLRQLVWHQ
ZLHVHQ DXV GHQHQ ZRP|JOLFK GLH $Q]DKO GHU DXV *ULHFKHQ 73HGHUVHQ6WHLQEHUJNLUFKH
ODQG GHSRUWLHUWHQ -XGHQ ]X HQWQHKPHQ LVW 6  (V EH
IUHPGHWIUHLOLFKGD‰GRUWJUXQGVlW]OLFKUXQGH6XPPHQDQJH $10(5.81*'(55('$.7,21
JHEHQVLQGPHLVW 9RU NXU]HP KDW VLFK 'DYLG &ROH YRP 5HYLVLRQLVPXV ORVJH
 /i]Oy 9DUJD EH]LHKW VLFK LQ VHLQHP %HLWUDJ EHU 8QJDUQ VDJW QDFKGHP HU MDKUODQJ YRQ MGLVFKHQ 2UJDQLVDWLRQHQ
LP %HQ]6DPPHOZHUN DXVVFKOLH‰OLFK DXI GDV %XFK 7KH 'H PDVVLYEHGURKWZXUGH:LUZHUGHQEHULFKWHQ$XFKDXI(LQ
VWUXFWLRQ RI +XQJDULDQ -HZU\ YRQ 5/ %UDKDP 1HZ <RUN EDKQVWUD‰HQJLEWHVDOVRELVZHLOHQ*HJHQYHUNHKU
(VVROOWHGRFKZRKOP|JOLFKVHLQGLHVHV:HUNDXIGLH
6WLFKKDOWLJNHLW VHLQHU $UJXPHQWH EH]JOLFK GHU 'HSRUWDWLRQ ]X3LHUUH*XLOODXPH5XGROI*XWDFKWHQÄSV\FKRSDWKROR
XQJDULVFKHU -XGHQ XQG GHU GDULQ ]LWLHUWHQ 'RNXPHQWH PHLVW JLVFK«9II*6I
YRP,07]XEHUSUIHQ
 'LH $XVIKUXQJHQ YRQ +ROPLQJ EHU GLH )lKLJNHLW GHU
GDPDOLJHQ /RNRPRWLYHQ QXU =JH ELV ]X HLQHU EHVWLPPWHQ
0D[LPDOODVWYRP%DONDQQDFK$XVFKZLW]EHUGLH.DUSDWHQ
SV\FKRSDWKRORJLVFK XQG
]LHKHQ ]X N|QQHQ NOLQJHQ ]ZDU SODXVLEHO EHGUIHQ DEHU
)UDQ]|VLVFKH&KHPLNHUPLW0RQRSHUFHSWRVH"
6HKUJHHKUWHU+HUU9HUEHNH
GHU %HLWUDJ ª5XGROI *XWDFKWHQ
JHIlKUOLFK hEHU GLH 3V\FKRSDWKRORJLH HLQHU (UNOlUXQJ© LQ
IROJHQGHU )XQGLHUXQJ D 1DFKZHLV EHU GLH /HLVWXQJVIl 9II* 'H]HPEHU  WULIIW PHLQ ,QWHUHVVH DQ GHP /HKUIDFK
KLJNHLW GDPDOLJHU 7ULHEZDJHQ E 1DFKZHLV GHU 6FKZLH
ULJNHLW GHU ]XU $XVZDKO VWHKHQGHQ 6WUHFNHQ YRQ 8Q
JDUQ*ULHFKHQODQG QDFK $XVFKZLW] (UVW GDQQ VROOWH PDQ
GHUDUWLJH$XVIKUXQJHQGHU.ULWLNDXVVHW]HQ
'D LFK VHOEVW EHU DXVEDXIlKLJH *UXQGNHQQWQLVVH LQ GLHVHQ
'LQJHQYHUIJHXQGZRP|JOLFK.RQWDNW]X)DFKOHXWHKHUVWHO
OHQ NDQQ ELQ LFK JHUQH EHUHLW +HUUQ +ROPLQJ EHL ZHLWHUHQ
)RUVFKXQJHQ]XGLHVHP7KHPD]XU6HLWH]XVWHKHQ
'LSO,QJ2%HFNHU/DQGVKXW
]X+DQV3HGHUVHQ'DV/RFKLQGHU7U9II*6
IRUHQVLVFKH 3V\FKLDWULH (V ZXUGH GXUFK HLQH =XVFKULIW YRQ
3URIHVVRU 'U PHG :ROIJDQJ GH %RRU DQ GLH )$= YRP
 DXVJHO|VW GLH GDV %ODWW PLW GHU hEHUVFKULIW ª%HL
$QJHNODJWHQ PLW 0RQRSHUFHSWRVH© YHU|IIHQWOLFKW KDW ,Q
,KUHP/HLWDUWLNHODXI6HLWHLVWGDYRQGLH5HGH
3URIHVVRUGH%RRUEHVFKlIWLJWHVLFKXDPLWGHP)DOO*QWHU
'HFNHUW GHU ]X HLQHU *HIlQJQLVVWUDIH RKQH %HZlKUXQJ ZH
JHQ 9RONVYHUKHW]XQJ XQG DQGHUHQ HLQVFKOlJLJHQ 6WUDIWDWHQ
EHVWUDIWZRUGHQLVW'HU:LVVHQVFKDIWOHUEHPlQJHOWGDULQGD‰
GLH5LFKWHUQLFKWGLH3DUDJUDSKHQXQGGHV6WUDIJHVHW]
EXFKVDQJHZHQGHWKDWWHQGLHGLH(LQZHLVXQJGHV$QJHNODJ
 WHQ LQ HLQ SV\FKLDWULVFKHV .UDQNHQKDXV QRWZHQGLJ JHPDFKW
KlWWH'LHHLQVFKOlJLJHQ3DUDJUDSKHQGHVGHXWVFKHQ6WUDIJH
)HKOGLDJQRVHYRQ+RUVW/XPPHUW VHW]EXFKVVLQGDP6FKOX‰]LWLHUW
=ZHL3XQNWHVSUHFKHQJHJHQGLH7KHRULHYRQ+HUUQ/XPPHUW 'LH $EQRUPLWlW ª0RQRSHUFHSWRVH© GHILQLHUW GH %RRU LQ VHL
LQ9II*6GLH5HYLVLRQLVWHQOLWWHQXQWHU$%'6 QHP%XFK:DKQXQG:LUNOLFKNHLWIROJHQGHUPD‰HQ
 +HUU /XPPHUW EHUVDK HLQ ZLFKWLJHV .ULWHULXP IU GLH ª$OV 0RQRSHUFHSWRVH ZHUGHQ VROFKH EHUZHUWLJHQ ,GHHQ
.UDQNKHLWGDVLQGHP$UWLNHOJHQDQQWZDU'HU$EVFKQLWWVHL EH]HLFKQHW GLH QLFKW GHU 9HUZLUNOLFKXQJ REMHNWLYHU GK
GHVKDOEKLHUZLHGHUKROW DOOJHPHLQHU DQHUNDQQWHU :HUWH &RQVHQVXV 2PQLXP GLH

9II*ÂÂ-DKUJDQJÂ+HIW  
 QHQVRQGHUQXQWHU]XQHKPHQGHP5HDOLWlWVYHUOXVWEHLVWHL EH]HLFKQHWHQ*UQGHEHL%HJHKXQJGHU7DWHUKHEOLFKEHKLQ
JHQGHU DIIHNWLYHU 6SDQQXQJ ]XU 5HDOLVLHUXQJ YRQ $QWL GHUWVRNDQQGLH6WUDIHQDFK†$EVJHPLOGHUWZHUGHQ©
:HUWHQ   6WUDIWDWHQ IXKUHQ© 6  GHV HUZlKQWHQ %X 
FKHV ª†8QWHUEULQJXQJLQHLQHPSV\FKLDWULVFKHQ.UDQNHQKDXV
3URI GH %RRU EHVFKUHLEW  6\PSWRPH GHU 0RQRSHUFHSWRVH +DWMHPDQGHLQHUHFKWVZLGULJH7DWLP =XVWDQGGHU8QIlKLJ
6IVHLQHV%XFKHV
'HU LQKDIWLHUWH *QWHU 'HFNHUW KDWWH VLFK GH %RRU ]X HLQHU
SV\FKLDWULVFKHQ 8QWHUVXFKXQJ ]XU 9HUIJXQJ JHVWHOOW 'DV
(UJHEQLVKDWGHU*HOHKUWHLQGHPHUZlKQWHQ%XFKGDUJHVWHOOW
'DEHLKDWWHHVVLFKQDFKVHLQHQ(UNHQQWQLVVHQKHUDXVJHVWHOOW
GD‰'HFNHUWWDWVlFKOLFKYRQGHUEHVDJWHQ $EQRUPLWlWLQ*H
VWDOW YRQ GUHL 6\QGURPHQ YRQ LQVJHVDPW  EHIDOOHQ LVW ,Q
GHUKLHUYRUOLHJHQGHQ'DUVWHOOXQJZLUGQXUGDVQDFK0HLQXQJ
NHLW †  RGHU GHU YHUPLQGHUWHQ 6FKXOGIlKLJNHLW † 
EHJDQJHQVRRUGQHWGDV*HULFKWGLH8QWHUEULQJXQJLQHLQHP
SV\FKLDWULVFKHQ.UDQNHQKDXVDQZHQQGLH*HVDPWZUGLJXQJ
GHV 7lWHUV XQG GHU 7DW HUJLEW GD‰ YRQ LKP LQIROJH VHLQHV
=XVWDQGV HUKHEOLFKH UHFKWVZLGULJH 7DWHQ ]X HUZDUWHQ VLQG
XQGHUGHVKDOEIUGLH$OOJHPHLQKHLWJHIlKUOLFKLVW©
]X-RDFKLP+RIIPDQQ*UXQGODJHQ«9II*6
YRQ GH %RRU ]XWUHIIHQGH 6\QGURP ª9HUGUlQJXQJ GHU 5HDOL
WlW© HUZlKQW (V KDQGHOW VLFK QDFK LKP XP GLH 8QIlKLJNHLW
EHVWLPPWH 5HDOLWlWHQ GXUFK $XVO|VFKXQJ LP %HZX‰WVHLQ
ZDKU]XQHKPHQ 'DV 6\QGURP ª:LVVHQVFKDIWVIHLQGOLFKNHLW©
KDWGH%RRUGDJHJHQEHL'HFNHUWQLFKWGLDJQRVWL]LHUW
,P=XVDPPHQKDQJPLWGHPHUZlKQWHQ/HVHUEULHIKDWWH*HU
PDU 5XGROI PLW GH %RRU HLQJHOHLWHW GXUFK HLQHQ 2IIHQHQ
%ULHI YRP  0DL  DQ GLHVHQ 9HUELQGXQJ DXIJHQRP
PHQ:HOFKH)ROJHUXQJHQGH%RRU]XU%HXUWHLOXQJ YRQ 5X
GROIGDUDXVJH]RJHQKDWLVWPLUQLFKWEHNDQQW(LQH)HUQGLD
JQRVH LP VHLQHP )DOOH KDW HU QDFK PHLQHU .HQQWQLV QLFKW
YRUJHQRPPHQ=XVROFKHQQHLJHQ3V\FKLDWHU]XZHLOHQ
6R]%JHPl‰GHPDQIDQJVHUZlKQWHQ%HLWUDJLQ9II*ª5X
GROI *XWDFKWHQ ÄSV\FKRSDWKRORJLVFK XQG JHIlKUOLFK´ hEHU
II
5HYLVLRQVEHGUIWLJHU*XWDFKWHU
6HKUJHHKUWHU+HUU9HUEHNH
'U -RDFKLP +RIIPDQQ VFKUHLEW XQWHU GHU hEHUVFKULIW 'DV
3UREOHPGHU2IIHQNXQGLJNHLW
ª$Q GHU 7DWVDFKH GHV *HQR]LGHV DQ GHQ $QJHK|ULJHQ GHV
MGLVFKHQ 9RONHV GXUFK GLH (LQVDW]JUXSSHQ GHU 6LFKHU
KHLWVSROL]HL XQG GHV 6' XQG GXUFK GDV HQWVSUHFKHQGH 66
3HUVRQDOLQGHQ.RQ]HQWUDWLRQVODJHUQGHVHKHPDOLJHQ*H
QHUDOJRXYHUQHPHQWV 3ROHQ LVW MHGHQIDOOV QLFKW ]X ]ZHLIHOQ
+LWOHU+LPPOHUXQG'U*RHEEHOVKDEHQGLHVH8QWDWHQEHL
YHUVFKLHGHQHQ*HOHJHQKHLWHQXQPL‰YHUVWlQGOLFK]XJHJHEHQ
>«@©
GLH 3V\FKRSDWKRORJLH HLQHU (UNOlUXQJ© 'DULQ ZLUG GHP *HQDX GDV EHKDXSWHQ GLH 9HUIHFKWHU GHU -XGHQ 9HUQLFK
&KHPLNHUGXUFKGLH6HNWLRQ&KHPLHGHU$NDGHPLHGHU:LV WXQJVWKHVHQXQVFKRQVHLWPHKUDOVIQI-DKU]HKQWHQ/DXW'U
VHQVFKDIWHQ )UDQNUHLFK EHVFKHLQLJW VLFK ]ZDU VHUL|V ]X
JHEHQ DEHU EHIDOOHQ YRQ NUDQNKDIWHP )LHEHUZDKQ HLQH 3HU
YHUVLRQGHU:LVVHQVFKDIW]XELHWHQ
$XI 6HLWH  YRQ 9II* YRP 'H]HPEHU  OHVH LFK YRQ
HLQHP%HUOLQHU9HUOHJHUGHUZHJHQUHYLVLRQLVWLVFKHU$UWLNHO
YRQ HLQHP 3V\FKLDWHU DXI P|JOLFKH JHLVWLJH $EQRUPLWlWHQ
+RIIPDQQKDWGHUª*HQR]LG©9|ONHUPRUGLP*HJHQVDW]]X
GHQ LPPHU ZLHGHU YRUJHWUDJHQHQ (UNHQQWQLVVHQ GHU UHYLVLR
QLVWLVFKHQ6FKXOHGHU*HVFKLFKWVIRUVFKXQJDOVRGRFKVWDWWJH
IXQGHQ 8QG HU ZXUGH DXVJHIKUW YRQ GHQ E|VHQ (LQVDW]
JUXSSHQ XQG YRQ GHP ªHQWVSUHFKHQGHQ 663HUVRQDO LQ GHQ
./©GDVKHL‰WDOVRYRQhEHOWlWHUQGHVJOHLFKHQY|ONHUPRU
XQWHUVXFKWZHUGHQVROOWH'DUDQNQSIHQ6LHGLH%HPHUNXQJ
GHUDUWLJH8QWHUVXFKXQJHQZlUHQKLQ]XQHKPHQZHQQVLHGDV
=LHO YHUIROJWHQ 6WUDIYHUIDKUHQ ZHJHQ 6FKXOGXQIlKLJNHLW
HLQ]XVWHOOHQ ,P YRUOLHJHQGHQ )DOO LVW MHGRFK VSlWHU GLH %H
DXIWUDJXQJ HUZHLWHUW ZRUGHQ 1XQPHKU VROOHQ DXFK GLH 9RU
DXVVHW]XQJHQ IU HLQH 8QWHUEULQJXQJ LQ HLQHP SV\FKLDWUL
GHQGHQ .DOLEHUV ZLH GLH 6ROGDWHQ GHU (LQVDW]JUXSSHQ 6R
HWZDVLQHLQHUUHYLVLRQLVWLVFKHQ=HLWVFKULIW]XOHVHQKDWPLFK
GRFK VHKU HUVFKWWHUW 0LW GLHVHU GXUFK NHLQHUOHL ZLVVHQ
VFKDIWOLFKEHOHJWH)DNWHQXQWHUVWW]WHQ%HKDXSWXQJJLH‰WGHU
9HUIDVVHU GHQ %HWUHLEHUQ GHU YHUDEVFKHXXQJVZUGLJHQ $XV
VWHOOXQJ JHJHQ GLH 'HXWVFKH :HKUPDFKW XQG GHP +HUUQ
VFKHQ .UDQNHQKDXV †  6W*% XQWHUVXFKW ZHUGHQ (LQH *ROGKDJHQPLWVHLQHP0DFKZHUN+LWOHUVZLOOLJH9ROOVWUHFNHU
VROFKH(LQZHLVXQJLVWQDWUOLFKDXFKLQDQGHUHQ)lOOHQLPPHU JHUDGH]X :DVVHU DXI GLH 0KOH $EJHVHKHQ YRQ GHU 7DWVD
P|JOLFKZHQQGHU'HOLQTXHQWVLFKDXIIlOOLJYHUKlOW FKH GD‰ GLHVH XQJHKHXHUOLFKH %HKDXSWXQJ VR QLFKW VWLPPW
,KUH %HPHUNXQJHQ ]XP )DOO /DFKRXW 6HLWHQ  XQG  ZHUGHQ SUDNWLVFK DOOH GHXWVFKHQ 6ROGDWHQ GLH VHLQHU]HLW EHL
9II*VLQGHLQHZHLWHUHV%HLVSLHOIUSROLWLVFKH3V\FKLDWULH
hEULJHQV ZDU HV DXFK $OH[DQGHU 0LWVFKHUOLFK JHZRKQW LQ
GHQVHFK]LJHU-DKUHQ3HUVRQHQDXV3ROLWLNXQG=HLWJHVFKLFKWH
LP)HUQVHKHQDXIGLH&RXFK]XOHJHQ
+DQV:DKOV.|OQ
$86'(0'(876&+(1675$)*(6(7=%8&+
ª†6FKXOGXQIlKLJNHLWZHJHQVHHOLVFKHU6W|UXQJHQ
2KQH6FKXOGKDQGHOWZHUEHL%HJHKXQJGHU7DWZHJHQHLQHU
NUDQNKDIWHQ VHHOLVFKHQ 6W|UXQJ ZHJHQ HLQHU WLHIJUHLIHQGHQ
%HZX‰WVHLQVVW|UXQJ RGHU ZHJHQ 6FKZDFKVLQQV RGHU HLQHU
VFKZHUHQ DQGHUHQ $EDUWLJNHLW XQIlKLJ LVW GDV 8QUHFKW GHU
7DWHLQ]XVHKHQRGHUQDFKGLHVHU(LQVLFKW]XKDQGHOQ©
 ZLHGHU]X3URWRNROOJHJHEHQGD‰GLHVHLQGHQ/DJHUQNDXP
ª†9HUPLQGHUWH6FKXOGIlKLJNHLW
,VWGLH)lKLJNHLWGHV7lWHUVGDV8QUHFKWGHU7DWHLQ]XVHKHQ
RGHUQDFKGLHVHU(LQVLFKW]XKDQGHOQDXVHLQHPGHULQ†
GHQ(LQVDW]JUXSSHQRGHUDOV:DFKOHXWHLQGHQ/DJHUQZDUHQ
SDXVFKDOGHVª9|ONHUPRUGHV©EHVFKXOGLJW
'DV LVW PHKU DOV XQJHUHFKW GHQQ GLH (LQVDW]JUXSSHQ KDWWHQ
ZHL‰ *RWW ZLFKWLJHUH 'LQJH ]X WXQ DOV SDXVHQORV MGLVFKH
0HQVFKHQ ]X MDJHQ XQG ]X HUVFKLH‰HQ ,KU JU|‰WHV 3UREOHP
ZDU GLH %HNlPSIXQJ GHV LPPHU ZHLWHU XP VLFK JUHLIHQGHQ
VWDOLQLVWLVFKHQ%DQGHQXQZHVHQVGHPLP/DXIHGHU=HLWQDFK
HLJHQHP %HNHQQWQLV GHV 0DVVHQP|UGHUV 6WDOLQ +XQGHUWWDX
VHQGHYRQGHXWVFKHQ6ROGDWHQ]XP2SIHUILHOHQ:HQQDXFK
-XGHQ HUVFKRVVHQ ZXUGHQ GDQQ GHVZHJHQ ZHLO -XGHQ PD‰
JHEOLFK DQ GHQ *UHXHOWDWHQ GHU RIW ]X 8QUHFKW VR JHQDQQWHQ
ª3DUWLVDQHQ©EHWHLOLJW ZDUHQ8QG ZDVGLH 66:DFKOHXWHLQ
GHQ./EHWULIIWVRKDEHQVHOEVWODQJMlKULJH+lIWOLQJHLPPHU
LQ(UVFKHLQXQJWUDWHQXQGGD‰hEHUJULIIHXQGhEHUVFKUHLWXQ
JHQYRQ0DFKWEHIXJQLVVHQHLQ]HOQHU660lQQHUXQG2IIL]LH
UHYRQGHQ.ULHJVJHULFKWHQJQDGHQORVYHUIROJWXQGLQPHKUH

  9II*ÂÂ-DKUJDQJÂ+HIW
 

UHQ )lOOHQ VRJDU PLW GHU 7RGHVVWUDIH JHDKQGHW ZXUGHQ 6R $10(5.81*'(55('$.7,21
ZXUGHQ VRJDU ]ZHL .RPPDQGDQWHQ YRQ 66*HULFKWHQ ]XP :LU VWLPPHQ QLFKW PLW DOOHP EHUHLQ ZDV XQVHUH $XWRUHQ
7RGHYHUXUWHLOWXQG]XPLQGHVWHLQHUYRQLKQHQYRUGHQ$XJHQ VFKUHLEHQZHQGHQXQVDEHUVWULFNWJHJHQMHGH=HQVXU1DWU
VlPWOLFKHU+lIWOLQJHKLQJHULFKWHW'LHEHKDXSWHWHQª8QWDWHQ© OLFKXQWHUOLHJHQDXFKGLH(UNHQQWQLVVHHLQHV'U-+RIIPDQQ
GHV663HUVRQDOVZDUHQYRQGDKHUJHVHKHQY|OOLJXQP|JOLFK GHU 5HYLVLRQ 6HLQ $UWLNHO ZXUGH LQ 9II* ZHQLJHU ZHJHQ
-5+.DVVHO VHLQHV HKHU SURIDQHQ ,QKDOWV DOV YLHOPHKU ZHJHQ VHLQHU %H
GHXWXQJ LP 3UR]H‰ XP GDV %XFK *UXQGODJHQ ]XU =HLWJH
VFKLFKWHDEJHGUXFNW





,Q.U]H


$XI'UXFN,VUDHOVHUULFKWHW*ULHFKHQODQGHLQ+RORFDXVW LVWQLFKWJXWGHUQlFKVWHQ*HQHUDWLRQPLWGLHVHP'HQNPDO
0DKQPDO GDV(WLNHWWÄ0|UGHU´DQ]XKHIWHQ©
8PVHLQH%H]LHKXQJHQ]X,VUDHO]XYHUEHVVHUQKDW*ULHFKHQ
ODQG HLQ HLJHQHV +RORFDXVW0DKQPDO HLQJHZHLKW 'DV /DQG 'HXWVFKODQGVFKXOGDP*HQR]LGDQGHQ$UPHQLHUQ"
ZDUMDKUHODQJYRQ,VUDHODXIJHIRUGHUWZRUGHQGXUFKHLQVRO ,Q VHLQHP %XFK *HUPDQ UHVSRQVLELOLW\ LQ WKH $UPHQLDQ *H
FKHV 0DKQPDO =HXJQLV GDYRQ DE]XOHJHQ GD‰ HV NHLQH DQWL QRFLGH%OXH9UDQH%RRNV&DPEULGJHOHJW9DNDKQ1
VHPLWLVFKHQ*HIKOHKHJH*ULHFKHQODQGGDV]XYLHOHQDUDEL 'DGULDQ GDU GD‰ EHL GHU (QWVFKHLGXQJ IU GHQ 9|ONHUPRUG
VFKHQ 6WDDWHQ JXWH %H]LHKXQJHQ XQWHUKlOW KDW ,VUDHO HUVW DQ GHQ $UPHQLHUQ GXUFK GLH 7UNHQ ZlKUHQG GHV (UVWHQ
GLSORPDWLVFKDQHUNDQQW5HXWHU6DORQLNL :HOWNULHJHV IKUHQGH GHXWVFKH 0LOLWlUEHUDWHU PD‰JHEHQG
EHWHLOLJWJHZHVHQVHLHQ1HXH=ULFKHU=HLWXQJ
'HXWVFKHU3DSLHU+LVWRULNHUÄLQWHUSUHWLHUW´+LPPOHU $XFKDQGHQ0LOOLRQHQ *8/DJ2SIHUQWUDJHQ'HXWVFKH
7DJHEXFK GLH +DXSWVFKXOG GHQQ 0DU[ XQG (QJHOV ZDU 'HXWVFKH XQG
'HU %HUOLQHU +LVWRULNHU &KULVWLDQ *HUODFK KDW LQ :HUNVWDWW /HQLQ ZXUGH PLW GHXWVFKHU +LOIH QDFK 5X‰ODQG JHVFKOHXVW
*HVFKLFKWH  GLH QHXHVWHQ .DSULROHQ GHU 3DSLHU
+LVWRULNHUVFKDIW SXEOL]LHUW $QVWDWW VLFK PLW GHQ 5HDOLWlWHQ
GHV 'ULWWHQ 5HLFKHV XQG VHLQHU 0LQGHUKHLWHQYHUIROJXQJ ]X
EHIDVVHQLQVEHVRQGHUHZDVGDV$XIVSUHQXQG6LFKHUQPDWH
ULHOOHU 6SXUHQ DQEHODQJW EHWlWLJW *HUODFK VLFK LP ÄLQWHUSUH
WLHUHQ´ XQG ÄXPLQWHUSUHWLHUHQ´ YRQ QHXHQ XQG DOWHQ 'RNX
PHQWH 'DV YRU NXU]HP LQ HLQHP .*%$UFKLY JHIXQGHQH
DQJHEOLFK DXWKHQWLVFKH 7DJHEXFK +LPPOHUV JDE ]X GLHVHQ
LQWHOOHNWXHOOHQ7XUQEXQJHQ RKQH%H]XJ]XU 5HDOLWlW $QOD‰
VWHKW LQ GHP 7DJHEXFK GRFK PLW (LQWUDJ ]XP 
ª)KUHU  -XGHQIUDJH  DOV 3DUWLVDQHQ DXV]XURWWHQ© 8PJH
KHQGZXUGH*HUODFKYRQVHLQHQlOWHUHQ.ROOHJHQNULWLVLHUW+
0RPPVHQEHVWHKWDXIGHP )HKOHQMHGHV%HZHLVHV IUHLQHQ
+LWOHUEHIHKO ]XP +RORFDXVW 3 /RQJHULFK PHLQH GLHVHP
NXU]HQ(LQWUDJ+LPPOHUVVHLQLFKW]XHQWQHKPHQRE+LPP
OHU EHUKDXSW GDUEHU PLW +LWOHU JHVSURFKHQ KDEH XQG ZDV
JHVDJWZRUGHQVHL3.OHLQKlOW*HUODFKV,QWHUSUHWDWLRQHQIU
EHUIUDFKWHW 'DV 7DJHEXFK HQWKDOWH VR .OHLQ NHLQH ]HQWUD
OHQ 'RNXPHQWH EHU HLQHQ +RORFDXVW%HIHKO +LWOHUV 6HLQH
'DGLHHWKQLVFKHQ'HXWVFKHQQRFKYRUGHQ$QJHOVDFKVHQGLH
JU|‰WH (LQZDQGHUHUJUXSSH GHU 86$ ELOGHQ LVW ]XGHP NODU
GD‰GLH'HXWVFKHQDXFKDQGHP9|ONHUPRUGDQGHQ,QGLDQHUQ
1RUGDPHULNDV GLH +DXSWVFKXOG WUDJHQ $XV GHP JOHLFKHQ
*UXQGH VLQG GLH 'HXWVFKHQ DOV SUR]HQWXDO JU|‰WH $EQHKPHU
GHU6NODYHQLQGHQ86$DXFKKDXSWVFKXOGLJDP9|ONHUPRUG
DQ GHQ  ELV  0LOOLRQHQ 6FKZDU]HQ GLH LP =XJH GHV
6NODYHQKDQGHOVJHW|WHWZXUGHQ
$FK MD GLH 1HDQGHUWDOHU ZXUGHQ MD DXFK LQ 'HXWVFKODQG
DXVJHURWWHW 'DV OHW]WH ([HPSODU VWDUE EHNDQQWOLFK LP GHXW
VFKHQ1HDQGHUWDO$XVGLHVHP$QOD‰
ª,Q )UDQNIXUW KDW VLFK GHU =HQWUDOUDW GHU 1HDQGHUWDOHU LQ
'HXWVFKODQG JHELOGHW 'D HV NHLQH hEHUOHEHQGHQ GHV
VFKUHFNOLFKVWHQ +RORFDXVW GHU 0HQVFKKHLWVJHVFKLFKWH GHU
(QGO|VXQJ GHU 1HDQGHUWDOHU GXUFK GHQ +RPR 6DSLHQV
PHKUJLEWVHW]WVLFKGLHVH9HUHLQLJXQJDXV*HVLQQXQJVQH
DQGHUWDOHUQ ]XVDPPHQ 'HU =HQWUDOUDW IRUGHUW :LHGHUJXW
PDFKXQJIUGDVHUOLWWHQH8QUHFKWXQGHLQH(QWVFKlGLJXQJ
LQ +|KH YRQ  0LOOLDUGHQ '0© YJO 6SLHJHO 
$QVLFKW GD‰ GLH 6RZMHWV EHU  -DKUH ODQJ QLFKW JHZX‰W 6
KlWWHQ ZDV VLH GD LQ LKUHP $UFKLY KDWWHQ NDQQ DOOHUGLQJV
DXFK HLQH QDLYH (LQELOGXQJ VHLQ %HUOLQHU 0RUJHQSRVW'LH 'HXWVFKODQG]DKOWLPPHUQRFKIUGHQ(UVWHQ:HOW
=HLW5HXWHU%RQQ NULHJ
$XI $QIUDJH QDFK IRUWODXIHQGHQ 5HSDUDWLRQVOHLVWXQJHQ
$XVOlQGHULQ'HXWVFKODQGJHJHQ+RORFDXVW0DKQPDO 'HXWVFKODQGVDXVGHP9HUVDLOOHU'LNWDWDQWZRUWHWHGDV%XQ
/DXW 8PIUDJH GHU %HUOLQHU 0RUJHQSRVW  ILQGHQ GLH GHVPLQLVWHULXPGHU)LQDQ]HQJH]L$7FNVHQ
HUQHXW HLQJHUHLFKWHQ 9RUVFKOlJH ]XP %DX HLQHU %HUOLQHU ª>«@ :LHZHLW GLH %XQGHVUHSXEOLN 'HXWVFKODQG IU GLHVH
+RORFDXVW*HGHQNVWlWWH EHL GHU %HY|ONHUXQJ NHLQH =XVWLP 9RUNULHJV$XVODQGVYHUELQGOLFKNHLWHQ GHV 'HXWVFKHQ 5HL
PXQJ %H]HLFKQHQG GLH 6WHOOXQJQDKPH GHV MXQJHQ 7UNHQ FKHV DXI]XNRPPHQ KDW LVW LP /RQGRQHU $ENRPPHQ EHU
&QH\W,OGHQL] GHXWVFKH$XVODQGVVFKXOGHQ/6FK$YRP)HEUXDU
ª'LHVHV0DKQPDOVSULFKWQLHPDQGHQDQ%HVVHUZlUHHLQH %XQGHVJHVHW]EODWW  ,, 6  JHUHJHOW>«@ 'LH YRP
6WLIWXQJGLHGHQYRP167HUURU%HWURIIHQHQLQ2VWHXURSD 'HXWVFKHQ 5HLFK ]XU (UIOOXQJ GHU 5HSDUDWLRQVYHUSIOLFK
KLOIW,FKDOV)UHPGHUIKOH PLFKZRKOLQ'HXWVFKODQG(V WXQJHQDXVGHP(UVWHQ:HOWNULHJLP$XVODQGDXIJHQRPPH

9II*ÂÂ-DKUJDQJÂ+HIW  
 QHQ $QOHLKHQ ± DOV ZLFKWLJVWH $QOHLKHQ ZlUHQ ]X QHQQHQ
GLH 'DZV$QOHLKH YRQ  GLH <RXQJ$QOHLKH YRQ
>«@ ± ZDUHQ LKUHP &KDUDNWHU QDFK NHLQH 5HSDUDWL
RQVVFKXOGHQ GHV 5HLFKHV 6LH VWDQGHQ MHGRFK LP =XVDP
PHQKDQJ PLW GHXWVFKHQ 5HSDUDWLRQVVFKXOGHQ DXV GHP (U
VWHQ:HOWNULHJ>«@2IIHQZDUQRFKGLH$EJHOWXQJYRQ=LQV
UFNVWlQGHQDXVGHQ-DKUHQELVIUGLHVH$QOHL
KHQ'LH(QWVFKlGLJXQJGHU=LQVUFNVWlQGHZXUGHLP/RQ
GRQHU6FKXOGHQDENRPPHQ>«@ELV]XHLQHU:LHGHUYHUHLQL
JXQJ ]XUFNJHVWHOOW 'LH %XQGHVUHJLHUXQJ VLHKW GLH 9RU
DXVVHW]XQJ HLQHU :LHGHUKHUVWHOOXQJ 'HXWVFKODQGV PLW GHU
$XVODVVXQJHQ DEHU JHNHQQ]HLFKQHW 1DFKIRUVFKXQJHQ HUJD
EHQGD‰LPUXVVLVFKHQ2ULJLQDO=ZHLIHODQGHUKHUUVFKHQGHQ
$XIIDVVXQJ EHU GHQ +RORFDXVW JHlX‰HUW XQG GLH %HUHFKWL
JXQJ GHU UHYLVLRQLVWLVFKHQ )RUVFKXQJVDQVlW]H XQWHUVWULFKHQ
ZHUGHQ$XVGLHVHP$QOD‰ZXUGHVHLQH(LQODGXQJ]XHLQHP
9RUWUDJEHLHLQHPKROOlQGLVFKHQ$QWKURSRVRSKHQNRQJUH‰GHU
6WLIWXQJ :LOOHPGH=ZLMJHUVWLFKWLQJ JHVWULFKHQ 0HKUHUH
DQWKURSRVRSKLVFKH =HLWVFKULIWHQ HUJLQJHQ VLFK LQ GHQ EOL
FKHQ %HWURIIHQKHLWV XQG 6FKLPSIRUJLHQ 6R VWDQG ]% LQ
1RYDOLV%RQGDUHZJHK|UHªLQGHQ*HULFKWVXQGQLFKWLQGHQ
.RQJUH‰VDDO© 1U  6  YJO ,QIR 1U   
+HUVWHOOXQJGHU'HXWVFKHQ(LQKHLWDP2NWREHUDOV 'H*URHQGH$PVWHUGDPPHU
HUIOOWDQ'DPLWVLQGGLH9RUDXVVHW]XQJHQ>«@IUGLH%H %RQGDUHZZRKQWXQGDUEHLWHWVHLWHLQSDDU-DKUHQLQ%DVHO
GLHQXQJ GHU =LQVUFNVWlQGH DXV YRUJHQDQQWHQ $QOHLKHQ ª,FK KDEH EHU GUHL‰LJ -DKUH ODQJ XQWHU GHU .QXWH GHV
HLQJHWUHWHQ« =XVWlQGLJ IU GLH (UIOOXQJ VROFKHU $QVSU .*%JHOHEWXQGZlKQWHLP:HVWHQGLH)UHLKHLW]XILQGHQ©
FKHLVWGLH%XQGHVVFKXOGHQYHUZDOWXQJ©:LWLNREULHI Ol‰W HU WHOHIRQLVFK DXVULFKWHQ ª$EHU ZDV LP :HVWHQ JH
6
'HUª9HUVDLOOHU9HUWUDJ©ZXUGHYRQ'HXWVFKODQGQXUGHVKDOE
XQWHU]HLFKQHW ZHLO GLH $OOLLHUWHQ 'HXWVFKODQG GXUFK HLQH
+XQJHUEORFNDGH DQ GHU YLHOH KXQGHUWWDXVHQG 'HXWVFKH VWDU
EHQXQGGXUFKGLH$QGURKXQJGHUVRIRUWLJHQ:LHGHUDXIQDK
PH GHU .DPSIKDQGOXQJHQ ]ZDQJHQ 'HU 9HUWUDJVWH[W HQW
VWDQGRKQHMHGHVGHXWVFKH0LWZLUNXQJVUHFKWXQGLVWVRPLWHLQ
JHQZlUWLJ JHVFKLHKW ZHLVW HLQH IDWDOH bKQOLFKNHLW PLW GHQ
0HWKRGHQ DXI GHUHQ VLFK MHQHU *HKHLPGLHQVW EHGLHQWH
0DQ YHUELHWHW HLQHP VFKOLFKW XQG HLQIDFK EHU PDQFKH
'LQJHQDFK]XGHQNHQ©
6\PEROLVFKHU$QJULIIDXI$QWL:HKUPDFKWVDXVVWHOOXQJ
ª$XVVWHOOXQJ EHU :HKUPDFKW JHVW|UW .ODJHQIXUW 61
9HUWUDJ ]X /DVWHQ 'ULWWHU 'DV 9HUVDLOOHU 'LNWDW LVW GDKHU
Y|ONHUUHFKWVZLGULJXQGYRQ$QIDQJDQQLFKWLJJHZHVHQ
'HXWVFKODQGHQWVFKlGLJW7VFKHFKHLHLQ]ZHLWHV0DO
,Q HLQHP 9HUWUDJ PLW GHU 7VFKHFKHL KDW VLFK 'HXWVFKODQG
YHUSIOLFKWHW WVFKHFKLVFKHQ 2SIHUQ GHU 16%HVHW]XQJ HLQH
(QWVFKlGLJXQJ ]XNRPPHQ ]X ODVVHQ 9RUJHVHKHQ VLQG 
$3$  'LH XPVWULWWHQH $XVVWHOOXQJ Ä9HUQLFK
WXQJVNULHJ 9HUEUHFKHQ GHU :HKUPDFKW  ELV ´
SD‰WH GHQ EHLGHQ %XUJHQOlQGHUQ ZHQLJ 0LFKDHO *UXEHU
XQG 5REHUW 'UU EHLGH ZHUGHQ UHFKWVUDGLNDOHQ .UHLVHQ
]XJHUHFKQHWPDUVFKLHUWHQGDKHUDP2NWREHULQGLH
$XVVWHOOXQJVUlXPH LQ .ODJHQIXUW IRUGHUWHQ GLH HWZD 
%HVXFKHU PHLVW 6FKOHU ]XP 9HUODVVHQ GHU $XVVWHOOXQJ
0LOOLRQHQ'05HXWHU3UDJ%RQQ
'D‰GLH7VFKHFKHLEHUHLWVHUNOlUWHVLHZUGHGDVVXGH
WHQGHXWVFKH9HUP|JHQLQ0LOOLDUGHQK|KH]ZHFNV(QWVFKlGL
JXQJEHVFKODJQDKPHQVFKHLQWYHUGUlQJW]XZHUGHQ
)UDQ]|VLVFKH$UFKLYHDXV=ZHLWHP:HOWNULHJJH|IIQHW
3UHPLHUPLQLVWHU/LRQHO-RVSLQKDWDQJHRUGQHWGHQ=XJDQJ]X
GHQ :HOWNULHJVDNWHQ GHU IUDQ]|VLVFKHQ 6WDDWVDUFKLYH ]X HU
OHLFKWHUQGLHHLJHQWOLFK-DKUHJHVSHUUWZlUHQ'DPLWZLUG
GHU )RUGHUXQJ GHU IUDQ]|VLVFKHQ MGLVFKHQ *HPHLQGH QDFK
DXIXQGYHUVWUHXWHQZHL‰HV3XOYHUGDVVLFKVSlWHUDOV6DO]
KHUDXVVWHOOWH'HQLKQHQYRUJHZRUIHQHQÄ/DQG]ZDQJ´KlW
WHQVLHQLFKWEHJDQJHQVRGLHEHLGHQ)UHLWDJLQ.ODJHQIXUW
YRU *HULFKW 6LH KlWWHQ QLHPDQGHQ JHQ|WLJW GLH $XVVWHO
OXQJ]XYHUODVVHQLP*HJHQWHLOÄ'LHZXUGHQJHQ|WLJWKLQ
]XJHKHQ´9HUWDJW©
6RLVVHV
*DVPDVNHIU1HWDQMDKX
$OV *HEXUWVWDJVJHVFKHQN EHNDP ,VUDHOV 0LQLVWHUSUlVLGHQW
JHNRPPHQ5HXWHU3DULV 1HWDQMDKXYRQ*HJQHUQGLHYRUVHLQHP+DXVGHPRQVWULHUWHQ
HLQH*DVPDVNHJHVFKHQNWGDPDQGHUhEHU]HXJXQJVHLGD‰
5X‰ODQGVWHOOW'HXWVFKODQGV2VWJUHQ]HQ]XU'LVNXVVLRQ VHLQH 3ROLWLN ,VUDHO LQ GHQ .ULHJ IKUHQ ZHUGH )$=
'HUUXVVLVFKH1$72([SHUWH'U9DGLP0DNDUHZVNLKDWLQ
HLQHU5HGHYRUGHU6WDDWVGXPDDOV*HJHQVWUDWHJLH]XU$PHUL
NDQLVLHUXQJ GHU :HOW IU HLQH $FKVH %HUOLQ0RVNDX7RNLR
SOlGLHUW XQG LQ GHP =XVDPPHQKDQJ HLQH 5FNJDEH YRQ
'HXWVFKODQG XQG -DSDQ DQQHNWLHUWHU *HELHWH YRUJHVFKODJHQ
'LHVHU9RUVFKODJWUDILP2VWHQDXIEUHLWH=XVWLPPXQJ0DQ
ZLUG HV LQ %RQQ PLW (QWVHW]HQ DXIJHQRPPHQ KDEHQ 3+,

2UWKRGR[H-XGHQPDFKHQÄ+RORFDXVWQDFKYROO]LHKEDU´
(LJHQWOLFK VROOWH GHU LVUDHOLVFKH %LOGKDXHU <LJDO 7XPDUNLQ
ZHJHQ VHLQHV NQVWOHULVFKHQ /HEHQVZHUNHV YRP 0XVHXP
<DG9DVKHPGHQPLWGRWLHUWHQ=XVPDQ3UHLVHUKDOWHQ
1DFKGHP HU VLFK MHGRFK DEIlOOLJ EHU GLH MGLVFKH 2UWKR
0RVNDX.DXQDV2VWSUHX‰HQEODWW GR[LHJHlX‰HUWKDWWH ZXUGHLKPGHU3UHLVYRUHQWKDOWHQ $Q
JHEOLFKVROO7XPDUNLQJHVDJWKDEHQGD‰PDQGHQ+RORFDXVW
5XVVLVFKHU$QWKURSRVRSK]ZHLIHOWDQ+RORFDXVW YHUVWHKHQN|QQHZHQQPDQVLFKGLHRUWKRGR[HQ-XGHQDQVl
)UHLQHQNOHLQHQ6NDQGDOXQWHUGHQHXURSlLVFKHQ$QWKURSR KH$XFKIU<DG9DVKHPKDW7XPDUNLQZHQLJEULJ
VRSKHQVRUJWHGHUUXVVLVFKH6R]LRORJHXQGIKUHQGH$QWKUR ª'DV LVW ZLUNOLFK ZLH 'LVQH\ODQG HLQ :DOOIDKUWVRUW IU
SRVRSK *HQQDGLM %RQGDUHZ  PLW VHLQHP  LP 0RV /HXWH GLH HLQHQ 0\WKRV VXFKHQ 'DV $UFKLY LVW EHUKPW
NDX%DVHO 9HUODJ %DVHO LQ GHXWVFKHU 6SUDFKH HUVFKLHQHQHQ XQGZLFKWLJDEHUGHU5HVWLVW6FKDOOXQG5DXFK6LHZROOHQ
%XFK $QWKURSRVRSKLH DXI GHU .UHX]XQJ GHU RNNXOW GDVVFKRQVDJHQDEHU6LHKDEHQQLFKWGHQQ0XPPGD]X©
SROLWLVFKHQ %HZHJXQJHQ GHU *HJHQZDUW 0LW 5FNVLFKW DXI VDJWHHU]XHLQHP 5HSRUWHU(UYHUVWHKH QLFKW ZLHVLFK ªHLQ
GLHZHVWHXURSlLVFKHQ=HQVXUJHVHW]HKDWWHGHU9HUOHJHUHLQLJH -XGH DOV HZLJHV 2SIHU VHKHQ NDQQ© 5HXWHU -HUXVDOHP
7H[WSDVVDJHQ GHV UXVVLVFKHQ 2ULJLQDOV JHVWULFKHQ GLHVH 


  9II*ÂÂ-DKUJDQJÂ+HIW

+\VWHULHZHJHQ5XQHDXI%ULHIPDUNHQ
%LVODQJ KDW VLFK QRFK QLH MHPDQG GDUDQ JHVWR‰HQ GD‰ GLH
GHXWVFKH 3RVW VHLW -DKUHQ DXI LKUHQ %ULHIPDUNHQE|JHQ DP
5DQG DOV 6FKQLWWPDUNHQ HLQH 0DUNLHUXQJ YHUZHQGHWH GLH
HLQHUDQWLNHQJHUPDQLVFKHQ5XQHlKQOLFKVLHKW$EHUYRUGHQ
9HUJDQJHQKHLWVEHZlOWLJHUQ LVW QLFKWV VLFKHU /DXW )$= YRP

LKUHQ %HLWUDJ ]XVDPPHQ PLW GHP YRQ 1* )LQNHOVWHLQ XQG
DQGHUHQ .ULWLNHUQ LQ HLQHP %XFK ]X SXEOL]LHUHQ ZDU GHQQ
ZRKO VHOEVW GHP &DQDGLDQ -HZLVK &RQJUHVV ]XYLHO GHU GDU
DXIKLQ %LUQ PDVVLY DQJULII )UDX %LUQ EHILQGHW VLFK LQ HLQHU
IUVLHXQJHZRKQWHQ/DJHLVWVLHGRFK&KHIKLVWRULNHULQLQGHU
NDQDGLVFKHQ.RPPLVVLRQ]XU.OlUXQJYRQ.ULHJVYHUEUHFKHQ
 VDK VLFK GLH GHXWVFKH 3RVW JH]ZXQJHQ HLQH
MQJVW JHGUXFNWH +HLQULFK+HLQH%ULHIPDUNH HLQ]XVWDPSIHQ
ZHLOVLFKDXIGHP%RJHQHLQH5XQHEHIDQG
5XKHQGHV6FKZHL]HU.RQWRDXI/HQLQV1DPHQJHIXQGHQ
$XFK GHU 1DPH :ODGLPLU 8OLDQRZ /HQLQV EUJHUOLFKHU
1DPHEHILQGHWVLFKDXIGHU/LVWHGHULP1RYHPEHUYRQGHQ
VSULFKVHOEHUÄ1D]L´-lJHULQ7KH*OREHDQG0DLO
$'/&RGRK:HEVLWHJU|‰WHU)HLQGGHUWUDGLWLRQHOOHQ
)HLQGHGHU:DKUKHLW
'LH RIIHQVLFKWOLFK PLW IDOVFKHP 1DPHQ YHUVHKHQHQ $QWL
'HIDPDWLRQ/HDJXHLQGHQ86$KDWHLQHULKUHUOHW]WHQ3XEOL
NDWLRQHQ GHV 7LWHOV +LJK7HFK +DWH RIIHQEDU LVW $'/ KLHU
6FKZHL]HU %DQNHQ YHU|IIHQWOLFKWHQ /LVWH $XI GHP .RQWR VHOEVWUHIHUHQWLHOO GLH UHYLVLRQLVWLVFKH :HEVLWH GHV .RPLWHHV
EHILQGHQVLFKDEHUZHQLJHUDOV)UDQNHQ/HQLQZDURKQH IU HLQH |IIHQWOLFKH 'HEDWWH GHV +RORFDXVW &RGRK
=ZHLIHO HLQHV GHU HUVWHQ 2SIHU GHV +RORFDXVW 5HXWHU = KWWSZZZFRGRKFRP DOV GLH HIIHNWLYVWH XQWHU GHQ UHYLVLR
ULFK
*ROGKDJHQDOV*HVLQQXQJVWHUURULVWJHJHQ:LVVHQVFKDIWOHU
DQGHUHU0HLQXQJ
'LH)$=EHULFKWHWHDPDXVIKUOLFKZLH'DQLHO-RQDK
*ROGKDJHQPLWVHLQHQVFKlUIVWHQ.ULWLNHUQXPVSULQJW%HWWLQD
5XWK %LUQ GLH LP &DPEULGJHU 7KH +LVWRULFDO -RXUQDO ª5H
QLVWLVFKHQ :HEVLWHV DQJHIKUW &RGRK ZXUGH XQWHU DQGHUHP
GXUFK VHLQ &DPSXV3URMHNW EHNDQQW GDV GDUDXI $E]LHOW
GXUFK$Q]HLJHQLQYHUVFKLHGHQHQ=HLWXQJHQXQG=HLWVFKULIWHQ
GHU +RFKVFKXOHQ XQG 8QLYHUVLWlWHQ LQ GHQ 86$ GLH $XI
PHUNVDPNHLW GHU 6WXGHQWHQ DXI GLH UHYLVLRQLVWLVFKHQ $UJX
PHQWH]XOHQNHQ %56
YLVLQJWKH+RORFDXVW©6*ROGKDJHQV
%XFK EXFKVWlEOLFK ]HUSIOFNW KDW ZXUGH PDVVLY PLW 9HU
OHXPGXQJVNODJHQ XQG 6FKDGHQVHUVDW]IRUGHUXQJHQ EHGURKW
,P *HJHQVDW] ]X GHQ JHUDGH]X HQWKXVLDVWLVFKHQ 6WHOOXQJ
QDKPHQ LQ GHU LQNRPSHWHQWHQ XQG EHNDQQWHUPD‰HQ SDUWHL
LVFKHQ863UHVVHDOOJHPHLQXQGGHUOLQNHQGHXWVFKHQ3UHVVH
LPEHVRQGHUHQJLEWHVSUDNWLVFKNHLQHQ+LVWRULNHUGHU*ROG
KDJHQV %XFK QLFKW PDVVLY NULWLVLHUW KDW ZLH DXFK )UDX %LUQ
]X EHULFKWHQ ZHL‰ 9JO GD]X GLH *HJHQEHUVWHOOXQJ GHU
REHUIOlFKOLFKHQ 863UHVVHEHULFKWH PLW GHQ $QVLFKWHQ GHU
+LVWRULNHU LQ - + 6FKRHSV (LQ 9RON YRQ 0|UGHUQ" +RII
863ROLWLNHUGURKHQ5XPlQLHQ
'DV$QVLQQHQGHUUXPlQLVFKHQ5HJLHUXQJEHLGHUNXPXODWL
YHQ 5HKDELOLWLHUXQJ GHU YRQ VRZMHWLVFKHQ 6FKDXSUR]HVVHQ
YHUXUWHLOWHQ Ä.ULHJVYHUEUHFKHU´ DXFK GLH 0LWJOLHGHU GHU LP
=ZHLWHQ :HOWNULHJ PLW 'HXWVFKODQG YHUEQGHWHQ 5HJLHUXQJ
YRQ0DUVFKDOO,RQ$QWRQHVFX]XUHKDELOLWLHUHQKDWGHQPDV
VLYHQ 3URWHVW HLQLJHU 866HQDWRUHQ KHUYRUJHUXIHQ 6LH YHU
GHXWOLFKWHQ GD‰ PDQ 5XPlQLHQV $QVLQQHQ GHP ZHVWOLFKHQ
%QGQLVEHL]XWUHWHQEHUGHQNHQZHUGHZUGHGLH5HKDELOL
WLHUXQJ QLFKW XQWHUEOHLEHQ 'LHVH 5HJLHUXQJ VHL IU GLH 'H
SRUWDWLRQ XQG VRPLW DXFK IU GLH 9HUQLFKWXQJ YRQ 
PDQ &DPSH+DPEXUJ UXPlQLVFKHQ -XGHQ PLWYHUDQWZRUWOLFK 5HXWHU %XNDUHVW
=LHO *ROGKDJHQV LVW HV RIIHQEDU VHLQH *HJQHU ZLVVHQVFKDIW 1DFK%HQ]'LPHQVLRQGHV9|ONHUPRUGV6
OLFK PXQGWRW]X PDFKHQ /DXW)$=VWHKWKLQWHUGLHVHP9HU II ZHUGHQ DXV MHQHU =HLW PD[LPDO  ELV 
KDOWHQ *ROGKDJHQV XQG GHU VLFK KLQWHU LKP VFKDUHQGHQ MGL UXPlQLVFKH -XGHQ YHUPL‰W QDFK 6DQQLQJ 'LH $XIO|VXQJ
VFKHQXQGMXGlRSKLOHQ/REE\GHU9HUVXFK
ª$QJHVLFKWV HLQHU Ä.RQNXUUHQ] XP GHQ 2SIHUVWDWXV´ XQG
HLQHU ZDFKVHQGHQ =DKO YRQ 0LVFKHKHQ >«@ GDV $XIJHKHQ
>GHU -XGHQ@ LQ GHU DPHULNDQLVFKHQ *HVHOOVFKDIW >«@© ]X
YHUKLQGHUQ 'HU +RORFDXVW GLHQH GHU ª´5FNYHUVLFKHUXQJ
GHU *UXSSHQVROLGDULWlW´ XQG >«GHU@ Ä$XIUHFKWHUKDOWXQJ
HLQHUHLQPDOLJHQXQGVHSDUDWHQ,GHQWLWlW´'LHVHV,QWHUHVVH
LVW QLFKW LGHQWLVFK PLW GHPMHQLJHQ DQ HLQHU ZLVVHQVFKDIWOL
FKHQ(UIRUVFKXQJGHV+RORFDXVW©
1RUPDQ * )LQNHOVWHLQ GHU LQ VHLQHP VFKRQ IDVW UHYLVLRQL
VWLVFK ]X QHQQHQGHQ $XIVDW] ª'DQLHO -RQDK *ROGKDJHQV
Ä&UD]\´7KHVLV$&ULWLTXHRI+LWOHU
6QXUHWZD
:LHVHQWKDO&HQWHUGUlQJWDXI$XVOLHIHUXQJHLQHV$XVWUD
OLHUVQDFK/HWWODQG
2EZRKOGLHOHWWLVFKH6WDDWVDQZDOWVFKDIWNHLQH%HZHLVHJHJHQ
GHQ DQJHEOLFKHQ .ULHJVYHUEUHFKHU .RQUDG .DOHMV ILQGHQ
NDQQ GLH HLQ $XVOLHIHUXQJVJHVXFK UHFKWIHUWLJHQ ZUGHQ
IRUGHUWGDV6LPRQ:LHVHQWKDO&HQWUHGLHDXVWUDOLVFKH5HJLH
UXQJDXI.DOHMVDXV$XVWUDOLHQDXV]XZHLVHQ(LQDXVWUD
OLVFKHV *HULFKW KDWWH EHUHLWV  IHVWJHVWHOOW GD‰ JHJHQ
.DOHMVNHLQHDXVUHLFKHQGHQ%HZHLVHYRUOlJHQ5HXWHU5LJD
V:LOOLQJ([HFXWLRQHUV© 
NXU]HUKDQG IHVWVWHOOWH ª$QJHIOOW PLW JUREHQ )DOVFKGDUVWHO
OXQJHQGHU6HNXQGlUOLWHUDWXUXQGLQQHUHQ:LGHUVSUFKHQLVW 86%UJHUZHJHQDQJHEOLFKHU.ULHJVYHUEUHFKHQDXVJH
*ROGKDJHQV %XFK IU GLH )RUVFKXQJ ZHUWORV© QHZ OHIW UH EUJHUW
YLHZ-XOL6KLHU6IIKUWEHU*ROGKDJHQV
$QVLFKWHQDXV
ª'XUFK *ROGKDJHQV WDWVlFKOLFK XOWUD]LRQLVWLVFKH %ULOOH
EHWUDFKWHW N|QQHQ LP 6LQQH GHU DQWLVHPLWLVFKHQ 'LDOHNWLN
GLH1LFKWMXGHQ>YRUDOOHPGLH'HXWVFKHQ@QLFKWQXUQLFKWV
*XWHVYROOEULQJHQVRQGHUQGLH-XGHQ]XGHPQLFKWVhEOHV©
'D‰ GLH 863UHVVH XQG JUR‰H 7HLOH GHU GHXWVFKHQ 3UHVVH
GLHVHV :HUN XQG VHLQHQ $XWRU ELV KHXWH KRFKOREHQ ]HLJW
GHXWOLFKZHU+HUULP+DXVHLVW$OVVLFK)UDX%LUQHQWVFKOR‰
9II*ÂÂ-DKUJDQJÂ+HIW  
%URQLVODZ +DMGD  6FKLOOHU 3DUN ,OOLQRLV ZXUGH GXUFK
OHW]WLQVWDQ]OLFKHQ (QWVFKHLG GLH 866WDDWVEUJHUVFKDIW HQW
]RJHQ ZHLO HU EHL VHLQHU (LQEUJHUXQJ YHUVFKZLHJHQ KDEH
GD‰ HU LP =ZHLWHQ :HOWNULHJ LQ GHQ /DJHUQ 7UDZQLNL XQG
7UHEOLQND EHVFKlIWLJW JHZHVHQ ZDU ZR HV ]X 0DVVDNHU DQ
-XGHQJHNRPPHQVHL(UVROOQXQGHSRUWLHUWZHUGHQ
+DMGDVHOEVWEHVWUHLWHWMHPDOVMHPDQGHQJHW|WHW]XKDEHQ(U
LVW HLQHU YRQ  86%UJHUQ GHQHQ DXV lKQOLFKHQ *UQGHQ
VHLWGLH6WDDWVEUJHUVFKDIWHQW]RJHQZXUGH,QZHLWHUHQ
 )lOOHQ ZLUG ]XU =HLW YRQ GHU 86´1D]LMlJHU´%HK|UGH $UEHLWVODJHUQ *UHXHO EHJDQJHQ KDEHQ VROOHQ 5HXWHU 2WWD
26,UHFKHUFKLHUW$3:DVKLQJWRQ ZD$XVGHU3HUVSHNWLYHGHU2SIHUGLHVHUÄ1D
]L´-lJHU GXUIWH HUVWPDOLJ 2O\D 2G\QVN\ LQ 7KH 7RURQWR
/LWDXHQYHUIROJWMlKULJHQDXIMGLVFKHQ'UXFN
'LH OLWDXLVFKH 6WDDWVDQZDOWVFKDIW KDW HLQ 9HUIDKUHQ JHJHQ
.D]\V*LP]DXVNDVHLQJHOHLWHW(UVROOLP=ZHLWHQ:HOW
NULHJ DOV VWHOOYHUWUHWHQGHU .RSI GHU :LOQDHU 6LFKHUKHLWVSROL
]HL -XGHQ DQ (UVFKLH‰XQJVNRPPDQGRV DXVJHOLHIHUW KDEHQ
(IUDLP=XURII&KHIGHV-HUXVDOHPHU6LPRQ:LHVHQWKDO=HQ
WUXPV PHLQWH GLHV VHL K|FKVWH =HLW GD GHU )DOO EHUHLWV VHLW
*OREH DQG 0DLO YRP  6 $ EHULFKWHQ VDK VLFK
SO|W]OLFK XQG Y|OOLJ XQYHUVWlQGOLFK GHU 6LWXDWLRQ JHJHQEHU
GD‰ QXQ LKU XNUDLQLVFKHU 9DWHU :DV\O GHU Ä1D]L*UHXHO´
YHUGlFKWLJZLUGXQGGHSRUWLHUWZHUGHQVROO
'DV (QJDJHPHQW YRQ 1HLO 6KHU IKUWH VRJOHLFK ]X PDVVLYHU
.ULWLN VHLWHQV XNUDLQLVFKHU ([LORUJDQLVDWLRQHQ GLH 6KHU DOV
VNUXSHOORVHQ 0HQVFKHQMlJHU EH]HLFKQHQ 6KHU ZDU HV GHU
VFKZHEH5HXWHU5LJD VHLQHU]HLWEHLGHU86´1D]L´-lJHU%HK|UGH26,IUGLH$XV
OLHIHUXQJ YRQ ,ZDQ 'HPMDQMXN QDFK ,VUDHO JHVRUJW KDWWH
86.RQJUHVVGUlQJW/LWDXHQ]X6FKDXSUR]HVVHQ 'DPDOV LJQRULHUWH 6KHU XQG VHLQH 0DQQVFKDIW PDVVHQKDIW
0LWJOLHGHUGHV86.RQJUHVVKDEHQLQHLQHP%ULHI/LWDXHQ HQWODVWHQGHV 0DWHULDO XQG LJQRULHUWH +LQZHLVH DXI %HZHLV
DXIJHIRUGHUW DQJHEOLFKHU .ULHJVYHUEUHFKHU DXV GHU =HLW GHU
GHXWVFKHQ %HVHW]XQJ YRU *HULFKW ]X VWHOOHQ (LQLJH /LWDXHU
ZDUHQ ]X GLHVHP =ZHFN DXV GHQ 86$ GHSRUWLHUW ZRUGHQ
ELVKHU ZXUGH MHGRFK QRFK NHLQ +DXSWYHUIDKUHQ HU|IIQHW
/LWDXHQ VROO ]XGHP GLH 1DPHQ GHUHU RIIHQ OHJHQ GLH GXUFK
VRZMHWLVFKH 6FKDXSUR]HVVH YHUXUWHLOW LP -DKUH  DEHU LQ
FXPXOR UHKDELOLWLHUW ZRUGHQ VHLHQ GD VLFK GDUXQWHU ZRP|J
OLFK.ULHJVYHUEUHFKHUEHIlQGHQ
PLWWHOIlOVFKXQJ9DQFRXYHU6XQ
3DSRQ3UR]H‰.ODUVIHOGYHUODQJW5LFKWHUDEVHW]XQJ
:HLOGHU9RUVLW]HQGHU5LFKWHULPODXIHQGHQ9HUIDKUHQJHJHQ
GHQHKHPDOLJHQ9LFK\2IIL]LHOOHQ0DXULFH3DSRQXPPHKUH
UH (FNHQ KHUXP PLW -XGHQ YHUZDQGW VHLQ VROO YHUODQJHQ
9DWHU 6HUJH XQG 6RKQ $UQR .ODUVIHOG VHLQH $EVHW]XQJ XP
MHGHP ]XNQIWLJ P|JOLFKHQ (LQVSUXFK GHU %HIDQJHQKHLW GHV
.RSLHQGLHVHV%ULHIHVZXUGHQYRP-HUXVDOHPHU6LPRQ:LH 5LFKWHUVYRU]XEHXJHQ$35HXWHU3DULV
VHQWKDO =HQWUXP DQ GLH 3UHVVH YHUWHLOW 5HXWHU 5LJD
 %ULWLVFKH6WUDIYHUIDKUHQJHJHQ5HYLVLRQLVWHQ
'DV6WUDIYHUIDKUHQJHJHQGLH%ULWLQ/DG\-DQH%LUGZRRG
/LWDXHQHUP|JOLFKW6FKDXSUR]HVVH ZXUGH DP  DXIJUXQG DQJHEOLFKHU 9HUKDQGOXQJVXQ
$XIJUXQGMGLVFKHQ'UXFNHVKDW/LWDXHQHLQ*HVHW]JHlQGHUW IlKLJNHLW GHU $QJHNODJWHQ HLQJHVWHOOW YJO 9II*  6
GDV HV ELVODQJ XQP|JOLFK PDFKWH JUHLVH XQG NUDQNH 0HQ
VFKHQ YRU *HULFKW ]X VWHOOHQ 1XQPHKU LVW GLHV LPPHU P|J
OLFK IDOOV GHU 9RUZXUI DXI 9|ONHUPRUG ODXWHW 6RPLW VHL HV
MHW]WP|JOLFKVRGLHOLWDXLVFKH6WDDWVDQZDOWVFKDIWGHQDQJHE
OLFKHQ .ULHJVYHUEUHFKHU $OHNVDQGUDV /LNHLNLV  GHU ]XYRU
DXV GHQ 86$ GHSRUWLHUW ZRUGHQ ZDU YRU *HULFKW ]X VWHOOHQ
2EGLHVQXUHLQWDNWLVFKHU=XJGHU-XVWL]ZDUHLQXQEH
TXHPHV9HUIDKUHQORV]XZHUGHQVHLGDKLQJHVWHOOW
'DV 9HUIDKUHQ JHJHQ 1LFN *ULIILQ XQG 3DXO %DOODUG ZXUGH
DXI $SULO  YHUWDJW QDFKGHP GLH 9HUWHLGLJXQJ HLQH %H
ZHLVDXIQDKPH EH]JOLFK UHYLVLRQLVWLVFKHU 7KHVHQ JHIRUGHUW
KDWWH 2IIHQEDU ZDUHQ ZHGHU GLH 5LFKWHU QRFK GLH 9HUWHLGL
5HXWHU:LOQD'LH6WDDWVDQZDOWVFKDIWHUKREGHQQ
DXFKDPXQWHUGHP$SSODXVYRQ(IUDLP=XURII'LUHNWRU
GHV -HUXVDOHPHU 6LPRQ :LHVHQWKDO =HQWUXPV .ODJH ZREHL
DEHU NHLQH VFKZHUH 6WUDIH HUZDUWHW ZLUG GD GHU $QJHNODJWH
VHKUNUDQNLVW
6FKDXSUR]H‰JHJHQ(UQVW+HULQJ
:HLOHULP$OWHUYRQQXU-DKUHQDQJHEOLFKDQGHU7|WXQJ
YRQ-XGHQLQ,VUDHORYNDNPQ|UGOLFK2GHVVD8NUDL
JXQJ DXI GLHVHQ )DOO HLQJHVWHOOW *UR‰EULWDQQLHQ NHQQW QLFKW
ZLH 'HXWVFKODQG GLH 0|JOLFKNHLW %HZHLVDQWUlJH RKQH %H
JUQGXQJDE]XOHKQHQ
3ROLWLVFKHV6WUDIYHUIDKUHQJHJHQ'DYLG,UYLQJ
'DV EULWLVFKH ,QQHQPLQLVWHULXP ZXUGH MQJVW YRQ GHU GHXW
VFKHQ%RWVFKDIWLQ/RQGRQXP5HFKWVKLOIHEHLGHU=XVWHOOXQJ
HLQHU $QNODJHVFKULIW JHJHQ GHQ EULWLVFKHQ +LVWRULNHU 'DYLG
,UYLQJLQ=XVDPPHQKDQJPLWHLQHPKLVWRULVFKHQ9RUWUDJGHQ
QH EHWHLOLJW JHZHVHQ VHLQ VROO PX‰ VLFK (UQVW +HULQJ 
YRU GHP -XJHQGJHULFKW .|OQ GHV 9RUZXUIV GHV 0RUGHV HU
ZHKUHQ =XP =ZHFN GHU %HZHLVDXIQDKPH ZLUG GDV *HULFKW
VRJDUHLQH=HXJHQDXVVDJHLQGHU8NUDLQHVHOEVWHLQKROHQ
+HULQJJDE]XEHLGHU$XIEULQJXQJGHU-XGHQEHWHLOLJWJHZH
VHQ ]X VHLQ EHVWULWW MHGRFK MHGH %HWHLOLJXQJ DP 0RUG (U
KDEH JHJODXEW GLH -XGHQ ZUGHQ ]X HLQHP $UEHLWVHLQVDW]
JHEUDFKW(UKDEHHUVWVSlWHUHUIDKUHQZDVDQJHEOLFKJHVFKH
,UYLQJLQ:LHQKHLPJHKDOWHQKDWWH'LHVH,QLWLDWLYHJHKW
DXI HLQ 6FKUHLEHQ GHV $PWVJHULFKWV :HLQKHLP YRP
]XUFNLQGHPHVXDKHL‰W
ª,Q $QEHWUDFKW GHV SROLWLVFKHQ +LQWHUJUXQGHV GHV 9HUIDK
UHQVELWWHLFKXP3UIXQJXQG0LWWHLOXQJREIUGLH=XVWHO
OXQJ HLQHU /DGXQJ LP :HJH GHU 5HFKWVKLOIH HLQH %HZLOOL
JXQJGXUFKGLHEULWLVFKHQ%HK|UGHQ]XHUZDUWHQLVW©
$XFK GDV EDGHQZUWWHPEHUJLVFKH -XVWL]PLQLVWHULXP VFKULHE
KHQVHLVROO5HXWHU%RQQ
.DQDGDHQJDJLHUW86´1D]L´-lJHU
8P VHLQHQ LQ EHVWLPPWHQ .UHLVHQ OlGLHUWHQ 5XI DXI]XSROLH
UHQ KDW .DQDGD GHQ DJJUHVVLYHQ 86´1D]L´-lJHU 1HLO 6KHU
HQJDJLHUWGHUGLHLQ.DQDGDXQWHUDQJHEOLFKIDOVFKHQ$QJD
EHQLPPLJULHUWHQDQJHEOLFKHQ16.ULHJVYHUEUHFKHUDXVILQGLJ
]XPDFKHQXQGDXV]XOLHIHUQ=XU=HLWVWUHEW.DQDGDGLH$XV
OLHIHUXQJ  JUHLVHU 0lQQHU DQ GHQHQ *UHXHO JHJHQ -XGHQ
YRUJHZRUIHQ ZHUGHQ =ZHL GDYRQ VLQG :DV\O 2G\QVN\ XQG
0LFKDHO%DXPJDUWQHUEHLGHGLHDOV:DFKHQLQGHXWVFKHQ
  9II*ÂÂ-DKUJDQJÂ+HIW
DP
ª)HUQHU ZlUHQ ZLU IU HLQH 0LWWHLOXQJ GDQNEDU RE QDFK
GRUWLJHQ (UNHQQWQLVVHQ GDPLW JHUHFKQHW ZHUGHQ PX‰ GD‰
GLH EULWLVFKHQ %HK|UGHQ LP )DOOH LKUHU 8QWHUULFKWXQJ LP
+LQEOLFN DXI GHQ SROLWLVFKHQ 'HOLNWFKDUDNWHU HLQHU =XVWHO
OXQJGHU/DGXQJP|JOLFKHUZHLVHZLGHUVSUHFKHQZHUGHQ©
'DV %HGHXWVDPH GDEHL LVW GD‰ GLHGHXWVFKHQ %HK|UGHQ VLFK
DXI GLH (XURSlLVFKH .RQYHQWLRQ ]XU JHJHQVHLWLJHQ +LOIH EHL
6WUDIVDFKHQ EHUXIW ZHQQ VLH ,KU 0LQLVWHULXP HLQ]XVFKDOWHQ
YHUVXFKHQ%ULWDQQLHQWUDWDPGLHVHU.RQYHQWLRQ
EHLGHUHQ$UWLNHOODXWHW
 

ª'LH5HFKWVKLOIHNDQQYHUZHLJHUWZHUGHQ
DZHQQVLFKGDV(UVXFKHQDXIVWUDIEDUH+DQGOXQJHQEH
]LHKW GLH YRP HUVXFKWHQ 6WDDW DOV SROLWLVFKH DOV PLW VRO
FKHQ =XVDPPHQKlQJHQGH RGHU DOV ILVNDOLVFKH VWUDIEDUH
+DQGOXQJHQDQJHVHKHQZHUGHQ©
'DPLW KDW GLH %XQGHVUHSXEOLN RIIL]LHOO EHVWlWLJW GD‰ 6WUDI
SUR]HVVH JHJHQ 5HYLVLRQLVWHQ PHQVFKHQUHFKWVZLGULJH SROLWL
VFKH 3UR]HVVH VLQG XQG GD‰ DOOH LQKDIWLHUWHQ 5HYLVLRQLVWHQ
SROLWLVFKH *HIDQJHQH VLQG YJO KWWSZZZQDWLRQDOMRXUQDO
RUJ

'RXJ&ROOLQVUHKDELOLWLHUW
'DV JHJHQ GHQ NDQDGLVFKHQ -RXUQDOLVWHQ 'RXJODV &ROOLQV
HLQJHOHLWHWH 9HUIDKUHQ YRU GHU 0HQVFKHQUHFKWVNRPPLVVLRQ
ZHJHQVHLQHUUHYLVLRQLVWLVFKHQ$UWLNHOZXUGHPLWHLQHPXP
IDVVHQGHQ )UHLVSUXFK DEJHVFKORVVHQ 1RUWK 6KRUH 1HZV
YJO9II*6

=QGHOYRU0HQVFKHQUHFKWVNRPPLVVLRQ
'DV $QK|UXQJVYHUIDKUHQ JHJHQ GHQ ZRKO EHUKPWHVWHQ 5H
YLVLRQLVWHQ(UQVW=QGHOYRUGHUNDQDGLVFKHQ0HQVFKHQ
UHFKWVNRPPLVVLRQ ZXUGH DXI $SULO YHUWDJW 1DFKGHP GLH
9HUWHLGLJXQJGXUFKJHVHW]WKDWWHGD‰DOOH,QWHUQHW'RNXPHQWH
DXIGHU=XQGHOVLWHKWWSZZZZHEFRPFRPH]XQGHOYRUJH
WUDJHQXQGDQDO\VLHUWVRZLHPLWGHQ6HLWHQMGLVFKHU2UJDQL
VDWLRQHQ YHUJOLFKHQ ZHUGHQ EHIDQG VLFK GLH .RPPLVVLRQ
]XQHKPHQGLQ%HGUlQJQLV(VVWHOOWHVLFKQlPOLFKKHUDXVGD‰
QLFKWGHU,QKDOWGHU=XQGHOVLWH]XP+D‰DXIVWDFKHOWVRQGHUQ
 ZHLWDXVPHKUGLH6SUDFKHVRPDQFKHUMGLVFKHUÄ0HQVFKHQ
UHFKWVRUJDQLVDWLRQ´GLH6SUDFKHGHV+DVVHVIKUW

'UHLPDO+DXVGXUFKVXFKXQJEHL9+2
*OHLFK GUHLPDO EHNDPHQ GLH 9HUDQWZRUWOLFKHQ GHU 6WLIWXQJ
9ULM +LVWRULVFK 2QGHU]RHN DP  XQG  1RYHPEHU 
VRZLHDP%HVXFKYRQGHUEHOJLVFKHQ3ROL]HL$QOD‰
GLHVHU0D‰QDKPHZDUHLQH$Q]HLJHYRQ-RKDQ/HPDQHLQHP
GHU EHNDQQWHVWHQ ,QTXLVLWRUHQ %HOJLHQV (U PX‰ VLFK GXUFK
6LHJIULHG9HUEHNHSURYR]LHUWJHIKOWKDEHQGHUDPEHL
HLQHU3RGLXPVGLVNXVVLRQLQ$QWZHUSHQ]XP7KHPD5HYLVLR
QLVPXV DQ GHU /HPDQ WHLOQDKP HLQLJH KXQGHUW ([HPSODUH
GHUYRQ9+2YHUWULHEHQHQ*ROGKDJHQ%URVFKUHXDDXFKDQ
GLH 3RGLXPVWHLOQHKPHU YHUWHLOW KDWWH 8QWHU $XIVLFKW YRQ
8QWHUVXFKXQJVULFKWHU 9LQFNH ZXUGHQ LQVJHVDPW DQ YLHU
$GUHVVHQ +DXVGXUFKVXFKXQJHQ GXUFKJHIKUW 'DEHL ZXUGHQ
HLQH *UR‰]DKO %FKHU XQG VRQVWLJHU 6FKULIWHQ VLFKHUJHVWHOOW
'DGLHEHOJLVFKH3ROL]HLVLFKQLFKWDXIGHUDUWLJH0HQJHQYRQ
'UXFNVFKULIWHQ HLQJHVWHOOW KDWWH OLH‰ VLH HLQHQ *UR‰WHLO GHV
0DWHULDOV DOOHUGLQJV YRU 2UW 0LW $XVQDKPH GHU 7DJHVSRVW
NRQQWHQ GLH %HDPWHQ DOOHUGLQJV NHLQHQ 6FKULIWYHUNHKU NHLQ
$GUHVVHQPDWHULDO RGHU lKQOLFKH 'RNXPHQWH ILQGHQ GLH DXI
.XQGHQRGHU/LHIHUDQWHQKLQGHXWHQGDVLFKGHUDUWLJHV0DWH
ULDO QLFKW LQ %HOJLHQ EHILQGHW 'HU 6FKDGHQ EHVFKUlQNW VLFK
]XU =HLW LP ZHVHQWOLFKHQ DXI HLQLJH EHVFKODJQDKPWH ([HP
SODUHGHU+LVWRULVFKHQ7DWVDFKHQXQGGHU%URVFKUH$QWZRUW
DXIGLH*ROGKDJHQXQG6SLHOEHUJOJHQ 9+2

5DGLR,VODP%UHQQSXQNWLVODPLVFKHU,QWHUQHWDNWLYLWlWHQ
 5DGLR,VODPQHQQWVLFKQLFKWQXUHLQVFKZHGLVFKHU5DGLRVHQ
'LHVHVYHUWUDXOLFKH'RNXPHQWGHV%1'ZXUGHGHP1DWLRQDO
MRXUQDO ]XJHVSLHOW 2E GLHVH ,QLWLDWLYH GHV %XQGHVWDJVDEJH
GHUGHV([LO0DURNNDQHUV $KPHG5DPL VRQGHUQDXFKVHLQH
RUGQHWHQ(\OPDQQPLWGHPKLHUEHVFKULHEHQHQ6WUDIYHUIDKUHQ ,QWHUQHWVHLWH KWWSZZZDEEFFRPULVODP %HLGH YHUEUHLWHQ
JHJHQ ,UYLQJ ]XVDPPHQKlQJW PX‰ RIIHQ EOHLEHQ $XFK LVW VLHUHYLVLRQLVWLVFKHXQGDQWL]LRQLVWLVFKH,QKDOWHMHGRFKLVWGLH
XQNODUZHOFKHVª*XWDFKWHQ©KLHUJHPHLQWLVW ,QWHUQHWVHLWH GHQ 6FKZHGHQ HLQ EHVRQGHUHU 'RUQ LP $XJH

9II*ÂÂ-DKUJDQJÂ+HIW  
'HU 9HUVXFK DXI GHQ 86,QWHUQHWVHUYLFH$QELHWHU 'UXFN
DXV]XEHQGLHVH6HLWH]X NQGLJHQVFKOXJ IHKO:HGHUYRQ
GHU VFKZHGLVFKHQ 5HJLHUXQJ QRFK YRQ DPHULNDQLVFKM
GLVFKHQ 9HUHLQLJXQJHQ OLH‰ VLFK GHU ,QWHUQHWDQELHWHU LQ GHQ
86$HLQVFKFKWHUQ1DFKGHPLKPYRQGHU866WDDWVDQZDOW
VFKDIWEHVWlWLJW ZRUGHQ ZDUGD‰GHU,QKDOWYRQ5DGLR,VODP
QLFKWLOOHJDOLVWGHNODULHUWHGHU6HUYLFHDQELHWHUGLH6HLWHYRQ
5DGLR ,VODP ]XU EHVWHQ 6HLWH XQG HUODXEWH GLH 9HU|IIHQWOL
FKXQJ HLHQV 'URKEULHIHV PLW GHU HLQH MGLVFKH 2UJDQLVDWLRQ
GHP 8QWHUQHKPHQ GHQ ZLUWVFKDIWOLFKHQ .ULHJ DQJHNQGLJW
KDWWH 6HLWKHU KDW GLHVHU ,QWHUQHW6HUYLFHDQELHWHU YLHOH QHXH
.XQGHQ JHZRQQHQ XQG GLH =DKO GHU %HVXFKHU EHL 5DGLR ,V
ODP JLQJ XP HLQ 9LHOIDFKHV QDFK REHQ VWHOOHQZHLVH ELV ]X
 %HVXFKHU WlJOLFK 'D 5DGLR ,VODP PDVVLY IU GLH
DUDELVFKLVODPLVFKH 6DFKH HLQWULWW LVW GLH 6HLWH ]XGHP ]X
3UlVLGHQWHQGHU9HUHLQLJWHQ$UDELVFKHQ(PLUDWHYRQZRDXV
GLH=HLWXQJ$O.KDOHHMHLQHQLQWHUQDWLRQDOHQ$XIUXI]XU6ROL
GDULWlWSXEOL]LHUWHGHUHLQHEHUZlOWLJHQGH5HVRQDQ]JHKDEW
KDEHQ VROO ,Q]ZLVFKHQ ZLUG YHUVXFKW GLH )KUHU GHU DUDEL
VFKHQ :HOW ]X HLQHU JHPHLQVDPHQ ,QLWLDWLYH ]XVDPPHQ]X
EULQJHQ 9LHOH DUDELVFKH -RXUQDOLVWHQ VSUHFKHQ LKUHQ 8QPXW
EHU GLHVHQ 6FKDXSUR]H‰ LQ GHQ YHUVFKLHGHQHQ =HLWXQJHQ
RIIHQ DXV (V ZXUGH ]XGHP HLQ )RQGV JHJUQGHW ]XU )LQDQ
]LHUXQJ XD HLQHU DUDELVFKHQ $QZDOWVPDQQVFKDIW GLH H[WUD
QDFK 3DULV HLQJHIORJHQ ZXUGH XP *DUDXG\ ]X XQWHUVWW]HQ
,Q]ZLVFKHQ KDEHQ YHUVFKLHGHQH DUDELVFKH 9HUElQGH YRQ
5HFKWVDQZlOWHQ -RXUQDOLVWHQ $UEHLWHUQ XQG bU]WHQ YHUHLQ
EDUW HLQ .RPLWHH ]XU 8QWHUVWW]XQJ *DUDXG\V ]X JUQGHQ
%HL GHU (U|IIQXQJ GHU ,QWHUQDWLRQDOHQ %XFKPHVVH LQ .DLUR
ZDU *DUDXG\ (KUHQJDVW XQG ZXUGH HQWVSUHFKHQG JHIHLHUW
HLQHP %UHQQSXQNW IU LVODPLVFKDUDELVFKH ,QWHUQHW3XEOL]L 5HXWHU'XEDL7HKHUDQ*D]D.DLUR
VWLN XQG IU GHQ SDOlVWLQHQVLVFKHQ 8QDEKlQJLJNHLWVNDPSI
JHZRUGHQ 5, 'LH 6FKZHGLVFKH 5HJLHUXQJ ZLOO MHW]W GXUFK 3URI)DXULVVRQHUQHXWYHUXUWHLOW
HLQH HLJHQH ,QWHUQHWVHLWH GHV 7LWHOV ª/HYDQGH +LVWRULD© GLH )UVHLQH3UHVVHHUNOlUXQJ]XGHU$IIlUH5RJHU*DUDXG\$EEp
VHP7UHQGHQWJHJHQZLUNHQ$36WRFNKROP 3LHUUHYJO9II*ZXUGH3URI)DXULVVRQDP
]XU =DKOXQJ YRQ LQVJHVDPW  )UDQF YHUXUWHLOW HWZD
0HQVFKHQUHFKWVSRVVHLQ$XVWUDOLHQ
'HU 'LUHNWRU GHV UHYLVLRQLVWLVFK RULHQWLHUWHQ DXVWUDOLVFKHQ
$GHODLGH,QVWLWXWH)UHGULFN7REHQKDWVLFKJHZHLJHUWDQGHQ
JHJHQLKQDQJHVHW]WHQ9HUKDQGOXQJHQGHUDXVWUDOLVFKHQ0HQ
VFKHQUHFKWVNRPPLVVLRQWHLO]XQHKPHQ7REHQZLUGYRUJHZRU
IHQGXUFKVHLQLP,QWHUQHWSXEOL]LHUWHVUHYLVLRQLVWLVFKHV0D
'0)UDQFGDYRQPX‰)DXULVVRQ]DKOHQXP
GLH 9HU|IIHQWOLFKXQJ GHV JHJHQ LKQ JHIlOOWHQ 8UWHLOV LQ GHQ
=HLWXQJHQ /LEpUDWLRQ -RXUQDO RIILFLHO XQG /H 'HPRQ ]X
ILQDQ]LHUHQ-H)UDQFPX‰HUDQGLHMGLVFKHQ2UJDQL
VDWLRQHQ81$',))1',5 81',9*)1',53XQG)RQGD
WLRQSRXUODPpPRLUHGHODGpSRUWDWLRQEH]DKOHQ5)5HYLVL
WHULDO -XGHQ EHOHLGLJW XQG YHUOHW]W ]X KDEHQ $OV *UXQG IU
VHLQH:HLJHUXQJJDE7REHQDQGD‰PDQLKPEHUHLWVLP9RU
IHOG GLH 6WHOOXQJ YRQ %HZHLVHQ IU VHLQH 8QVFKXOG YHUZHL
JHUW KDEH $QGHUHUVHLWV KlWWHQ GLH NODJHQGHQ 2UJDQLVDWLRQHQ
DQJHNQGLJW GD‰ VLH EHL HLQHP )UHLVSUXFK 7REHQV RKQHKLQ
YRU GHP 2EHUVWHQ *HULFKWVKRI NODJHQ ZUGHQ 'D GLH 0HQ
VFKHQUHFKWVNRPPLVVLRQ RKQHKLQ NHLQH UHFKWPl‰LJH MXGLNDWL
YH ,QVWDQ] VHL XQG PDQ OHW]WOLFK VRZLHVR YRU GHP 2EHUVWHQ
*HULFKWVKRIODQGHQ ZHUGHN|QQHPDQVLFKGLHVH-XVWL]SRVVH
RQ(VPVVHQ%HVWLHQVHLQGLHVROFKHVHLQHP0HQVFKHQ
GHUQXUVHLQH0HLQXQJNXQGWXWDQWXQ
%%DUGRWZHJHQ.ULWLNDP6FKlFKWHQYHUXUWHLOW
'LH ]XU 7LHUVFKW]HULQ JHZRUGHQH HKHPDOLJH 6FKDXVSLHOHULQ
%ULJLWWH%DUGRWZXUGH]XU=DKOXQJYRQ))YHUXUWHLOW
ZHLOVLHVLFKJHJHQGDV 6FKlFKWHQ YRQ 6FKDIHQGXUFKGLH LQ
)UDQNUHLFKOHEHQGHQ0RVOHPVJHZDQGWKDWWH%DUGRWKDWWHLQ
/H )LJDUR GLH 6FKlFKWXQJ DOV EDUEDULVFK XQG JHVHW]ZLGULJ
DXFKVSDUHQVR7REHQ$,7KH$GYHUWLVHU
$UDELVFKH8QWHUVWW]XQJIU5RJHU*DUDXG\
6HLWGHP-DQXDUILQGHWLQ)UDQNUHLFKJHJHQ5RJHU*DUDXG\
XQGVHLQHQ9HUOHJHU3LHUUH*XLOODXPHGHU3UR]H‰YRUGHU
6WUDINDPPHU LQ 3DULV VWDWW %HLGH ZHUGHQ DQJHNODJW ZHJHQ
EH]HLFKQHW XQG GLH QDFKIROJHQGHQ DQJHEOLFK UDVVLVWLVFKHQ
3DVVDJHQKLQ]XJHIJWZHJHQGHUVLHQXQYHUXUWHLOWZXUGH
ª)UDQNUHLFK PHLQH +HLPDW PHLQ 9DWHUODQG ZLUG PLW GHP
6HJHQ DXIHLQDQGHUIROJHQGHU 5HJLHUXQJHQ YRQ KDXSWVlFKOLFK
PRVOHPLVFKHQ $XVOlQGHUQ GHQHQ ZLU XQV XQWHUZHUIHQ >«@
0RVFKHHQ JHGHLKHQ ZlKUHQG GLH *ORFNHQ XQVHUHU .LUFKHQ
GHU9HUEUHLWXQJGHV%XFK'LH*UQGXQJVP\WKHQGHULVUDHOL PDQJHOV3ULHVWHUYHUVWXPPHQ©5HXWHU3DULV
VFKHQ 3ROLWLN /D 9LHOOH 7DXSH 3DULV  GHQ +RORFDXVW
JHOHXJQHW]XKDEHQ'DV%XFKEHVWHKWLQVHLQHQUHYLVLRQLVWL
VFKHQ 3DVVDJHQ ]XP JUR‰HQ 7HLO DXV 3ODJLDWHQ YRQ 7H[WHQ
5REHUW )DXULVVRQ GHU MHGRFK ZHGHU YRP $XWRU QRFK YRP
9HUOHJHUQDPHQWOLFKHUZlKQWZLUG
*DUDXG\V%XFKZXFKVVLFK]XHLQHP6NDQGDODXVDOVHU
YRP $EEp 3LHUUH HLQHP KRFKDQJHVHKHQHQ NDWKROLVFKHQ
/H3HQZLHGHUXPZHJHQÄ'HWDLO´YHUIROJW
:HLO -HDQ0DULH /H 3HQ 9RUVLW]HQGHU GHU IUDQ]|VLVFKHQ
)URQW 1DWLRQDO DP  EHL HLQHU 3UHVVHNRQIHUHQ] LQ
0QFKHQHUQHXWIHVWJHVWHOOWKDWGD‰GLH16*DVNDPPHUQQXU
HLQ 'HWDLO GHV =ZHLWHQ :HOWNULHJHV VHLHQ ZXUGH HU DP
LQ)UDQNUHLFKLQHLQHP=LYLOSUR]H‰]XU=DKOXQJYRQ
*HLVWOLFKHQ XQWHUVWW]W ZXUGH YJO 9II*  *DUDXG\  )UDQF YHUXUWHLOW 'DPLW PX‰ GLH 9HU|IIHQWOLFKXQJ
lX‰HUWH JHJHQEHU /H )LJDUR GD‰ $EEp 3LHUUH DXFK KHXWH GHV8UWHLOVLQIUDQ]|VLVFKHQ=HLWXQJHQILQDQ]LHUWZHUGHQ
QRFK ]X LKP VWQGH DXFK ZHQQ HU DXIJUXQG |IIHQWOLFKHQ 6RZRKO LQ 'HXWVFKODQG DOV DXFK LQ )UDQNUHLFK VLQG MHW]W ]X
'UXFNHVRIIL]LHOOVHLQH8QWHUVWW]XQJKDEHHLQVWHOOHQPVVHQ VlW]OLFK 6WUDIHUPLWWOXQJVYHUIDKUHQ HU|IIQHW ZRUGHQ /H 3HQ
5HXWHU3DULV ZHLJHUWH VLFKDOOHUGLQJV XQWHU%HUXIXQJDXIVHLQH,PPXQLWlW
'DV%XFK ZLUGLQ]ZLVFKHQLQYLHOHQ6SUDFKHQ LQJHGUXFNWHU DOV (XURSDDEJHRUGQHWHU YRU GHP IUDQ]|VLVFKHQ 8QWHUVX
XQGHOHNWURQLVFKHU)RUP,QWHUQHWZHLWHUYHUEUHLWHWXQGIHLHUW
YRU DOOHP LP DUDELVFKHQ 5DXP ]XQHKPHQGH %HOLHEWKHLW 6R
YHUZXQGHUWHVQLFKWGD‰VLFKLQ]ZLVFKHQYHUVFKLHGHQHDUDEL
VFKHXQGLVODPLVFKH*UXSSHQIU*DUDXG\HLQVHW]HQ,QWHOOHN
WXHOOH0HQVFKHQUHFKWVJUXSSHQXQGKRFKJHVWHOOWH3HUV|QOLFK
NHLWHQGDUXQWHU]%GHULUDQLVFKH-XVWL]PLQLVWHUGLH)UDXGHV
FKXQJVULFKWHU ]X HUVFKHLQHQ /H 3HQ KDWWH DXVJHIKUW GLH
*DVNDPPHUQ ZUGHQ LQ HLQHP GLFNOHLELJHQ :HUN EHU GHQ
=ZHLWHQ :HOWNULHJ QXU ZHQLJH =HLOHQ HLQQHKPHQ XQG VHLHQ
GDKHU ZLUNOLFK QLFKW PHKU DOV HLQ 'HWDLO GLHVHV .ULHJHV /H
3HQZDUZHJHQHLQHUlKQOLFKHQbX‰HUXQJLQ)UDQNUHLFK
]XHLQHU*HOGVWUDIHYRQ0LOOLRQ)UDQFYHUXUWHLOW ZRUGHQ

  9II*ÂÂ-DKUJDQJÂ+HIW
 

'DV6LPRQ:LHVHQWKDO=HQWUXPKDWLQ]ZLVFKHQGHQ(XURSlL $OV%HJUQGXQJ ZLUGDQJHIKUWGD‰LQHLQHPHLQ]LJHQ 6DW]

VFKHQ *HULFKWVKRI DXIJHIRUGHUW GLHVHV 8UWHLO ]X EHVWlWLJHQ LQGHU)X‰QRWH6GHV%HLWUDJHV YRQ3URI5+HSS
'HU9RUVLW]HQGHGHU6R]LDOLVWHQLP(XURSDSDUODPHQWIRUGHUW ª'LH.DPSDJQHJHJHQ+HOOPXW'LZDOG7HLO5LFKWLJVWHO
/H 3HQ DXV GHP 3DUODPHQW DXV]XVFKOLH‰HQ 5HXWHU 3DULV OXQJHQ© LQ ODWHLQLVFKHU 6SUDFKH GHU +RORFDXVW JHOHXJQHW

8PIUDJHEHOHJW0HLQXQJVWHUURULQ'HXWVFKODQG
(LQH8PIUDJHYRQ$OOHQVEDFKHUJDEGD‰GLH'HXWVFKHQVLFK
LQ]ZLVFKHQPDVVLYIUFKWHQEHVWLPPWH7KHPHQZHJHQVWDDW
OLFKHU 6WUDIDQGURKXQJ EHUKDXSW QRFK DQ]XVSUHFKHQ $XI
XQGGDPLWGHU7DWEHVWDQGGHU9RONVYHUKHW]XQJHUIOOWZHUGH
'HU 6DW] ODXWHW LQ GHU hEHUVHW]XQJ ª:DV PLFK EHWULIIW VR
EHVWUHLWHLFKGD‰GLHSODQPl‰LJXQWHUQRPPHQHXQGLQÄ9HU
QLFKWXQJVODJHUQ´ PLW *LIWJDV V\VWHPDWLVFK GXUFKJHIKUWH
9HUQLFKWXQJGHVMGLVFKHQ9RONHVHLQHFKWHV0lUFKHQLVW©
'DV 6WUDIYHUIDKUHQ JHJHQ GHQ $XWRU 6W$ 2OGHQEXUJ $
3ODW]  OLHJHQ PLW  $V\ODQWHQ GLFKW JHIROJW YRQ -XGHQ -VZXUGHLQ]ZLVFKHQHLQJHVWHOOW
 XQG +LWOHU  (V IROJHQ $XVVLHGOHU 1HRQD]LV
7UNHQ6FKZXOH5HSV0RVOHPVXQGPLWVRJDU9DWHU %UJHUPHLVWHUZHJHQ(LQVDW]IU'HXWVFKHDQJH]HLJW
ODQGVOLHEH$OOHV7KHPHQGLHEHLXQYRUVLFKWLJHQbX‰HUXQJHQ 'HU%UJHUPHLVWHUYRQ:DOGHQEXUJEHL&KHPQLW].DUVWHQ
QDFK†6W*%PLW*HIlQJQLVEHVWUDIWZHUGHQN|QQHQ'D]X /RRV&'8PX‰VLFKZRP|JOLFKYRU*HULFKWYHUDQWZRUWHQ
5XQG\ ª'LH'HUZLVFKHGHUYHU|IIHQWOLFKWHQ0HL ZHLOHULP5DWKDXVGLH$XVODJHYRQ6FKULIWHQGHUª6FKXW]JH
QXQJ KDEHQ JDQ]H $UEHLW JHOHLVWHW XQG PLWWHQ LQ GHU VFK|Q PHLQVFKDIW IU GDV 'HXWVFKH 9RON© JHVWDWWHW KDW (U ZXUGH
VWHQ 'HPRNUDWLH HLQH 0HLQXQJVGLNWDWXU HLQJHULFKWHW GLH YRQ GHU NRPPXQLVWLVFKHQ 3DUWHL 3'6 GHQXQ]LHUW )UHLH
SHUIHNWIXQNWLRQLHUW'LH/HXWHKDOWHQZLHGHUGHU0XQG© 3UHVVH

(.HPSHUXQWHU$XVVFKOX‰VHLQHV$QZDOWHVYHUXUWHLOW %HZlKUXQJVVWUDIHIU-RDFKLP6LHJHULVW
1DFKGHP GDV 2/* +DPP GLH 5HYLVLRQ GHV 6WUDIYHUIDKUHQV 'HUQDWLRQDONRQVHUYDWLYH6FKULIWVWHOOHUXQGOHWWLVFKH2SSRVL
JHJHQ(.HPSHUYJO9II*6JHVWDWWHWKDWWHZHLO WLRQVIKUHU -RDFKLP 6LHJHULVW ZXUGH DP  IU VHL
.HPSHUV 6WUDIYHUWHLGLJHU YRQ GHP %HUXIXQJVYHUIDKUHQ YRU QHQ PDUNLJHQ 6SUXFK YRQ GHQ =LJHXQHUV DOV ªGXUFKZHJ E
GHP /* 0QVWHU DXVJHVFKORVVHQ ZRUGHQ ZDU $]  6V OHV NULPLQHOOHV 3DFN© PLW  0RQDWHQ +DIW DXI %HZlKUXQJ
 KDW QXQ DP  GLH 5HYLVLRQVYHUKDQGOXQJ YRU XQG'0%X‰HEHVWUDIW
GHP $*0QVWHUVWDWWJHIXQGHQ]XVDPPHQJHID‰W PLWHLQHP
DQGHUHQ 9HUIDKUHQ GD‰ DQJHVWUHQJW ZXUGH ZHLO .HPSHU LQ 3ROLWRORJHZHJHQ)RUVFKXQJVDUEHLWDQJHNODJW
%HULFKWHQ EHU VHLQH 3UR]HVVH ZLHGHUXP UHYLVLRQLVWLVFKH 'HUSURPRYLHUWH3ROLWRORJH0LFKDHO.ROOPX‰VLFKVHLW0LWWH
7KHVHQYHUWUHWHQKDEH'V$NXQG 1RYHPEHUYRUGHP6FK|IIHQJHULFKW%DG1HXHQDKUZHJHQGHU
/V-V$N$XFKGLHVPDOOLH‰GDV*HULFKW
GHQ:DKOYHUWHLGLJHU.HPSHUV5$-DQ‰HQQLFKW]XRUGQHWH
DEHU ZLH YRP 2/* EHIRKOHQ HLQHQ 3IOLFKWYHUWHLGLJHU EHL
'LHVHU VFKOR‰ VLFK ± WURW] YRQ VHLQHP 0DQGDQWHQ HUWHLOWHP
6SUHFKYHUERW ± LP 3OlGR\HU GHP 6WUDIDQWUDJ GHV 6WDDWVDQ
ZDOWVFKDIWDQGDDXFKHUNHLQHPLOGHUQGHQ8PVWlQGHHUNHQ
QHQ N|QQH 5LFKWHU 7HUKQWH XQG ]ZHL 6FK|IIHQ YHUXUWHLOWHQ
.HPSHU]XHLQHP-DKU*HIlQJQLVRKQH%HZlKUXQJ 7&
:LJEHUW*UDEHUWZHJHQDQWLPXOWLNULPLQHOOHP%XFK]X
9HUEUHLWXQJ GHU 6FKULIW ª+RORNDXVWLVPXV ± 3UlJXQJ XQG
=HUIDOOHLQHV%HJULIIV© YHUDQWZRUWHQ'LHLQ0DQXVNULSWIRUP
YHUID‰WH 6FKULIW LQ GHU DXFK UHYLVLRQLVWLVFKH 7KHVHQ ]XP
+RORNDXVWYRUJHVWHOOWXQGDQDO\VLHUWZHUGHQZXUGHYRQ.ROO
LQGHQ-DKUHQLQHLQHU$XIODJHYRQHWZD([HP
SODUHQ LQWHUHVVLHUWHQ )RUVFKHUQ XQG 3ULYDWOHXWHQ ]XU 9HUI
JXQJ JHVWHOOW 'HQXQ]LHUW ZXUGH .ROO YRQ %DVLOLXV
6WUHLWKRIHQ HLQHP HKHPDOLJHQ %HUDWHU GHV %XQGHVNDQ]OHUV
'HU 5LFKWHU VFKlW]W GDV %XFK DOV HLQ :HUN DQ DXV GHP
5HFKWVH[WUHPH ªZXQGHUEDU %DXVWHLQH HQWQHKPHQ N|QQHQ©
'0YHUXUWHLOW
:HLOHULP-DKUGDV%XFK:ROIVJHVHOOVFKDIWLP+RKHQ
UDLQ9HUODJ7ELQJHQYHUOHJWKDWWHLQGHPGLHKHXWHEHUHLWV
QDFKZHLVEDUHQ )ROJHQ GHU PXOWLNULPLQHOOHQ *HVHOOVFKDIW
DXIJH]HLJWZHUGHQZXUGHGHU9HUOHJHU:LJEHUW*UDEHUWMHW]W
YRP $PWVJHULFKW 7ELQJHQ ]XU =DKOXQJ YRQ '0 
5KHLQ$KU5XQGVFKDX
+DXVGXUFKVXFKXQJLP9HUODJ1HXH9LVLRQHQ
=XP 'ULWWHQ 0DO ZXUGH GHU *HVFKlIWVIKUHU GHV 6FKZHL]HU
9HUODJHV1HXH9LVLRQHQ*PE+*)|UVWHUDPYRQ
GHU VFKZHL]HU 3ROL]HL KHLPJHVXFKW 6LH EHVFKODJQDKPWH EHL
6WUDIHYHUXUWHLOW-V$XV.RVWHQJUQGHQ±JHJHQ
*UDEHUW ODXIHQ ]XU =HLW QRFK PHKUHUH DQGHUH 9HUIDKUHQ ZH
JHQ SROLWLVFK XQG KLVWRULVFK XQHUZQVFKWHU /LWHUDWXU ± KDW
+HUU *UDEHUW DXI HLQH %HUXIXQJ YHU]LFKWHW 'DV %XFK JLOW
VRPLWDOVUHFKWVNUlIWLJHLQJH]RJHQ +:
7HUURUJHJHQ*UDEHUW*HGHQNEDQGDQ3URI'LZDOG
ZHJHQODWHLQLVFKHU)X‰QRWHEHVFKODJQDKPW
$P  ZXUGHQ YRQ GHU .ULSR 7ELQJHQ EHLP LP
%HVLW] YRQ :LJEHUW *UDEHUW EHILQGOLFKHQ +RKHQUDLQ9HUODJ
7ELQJHQ DOOH JUHLIEDUHQ ([HPSODUH GHV  HUVFKLHQHQH
:HUNHV+HOOPXW'LZDOG6HLQ9HUPlFKWQLVIU'HXWVFKODQG
LKP HLQH 5HLKH NULWLVFKHU 6FKULIWHQ ]X 0LQGHUKHLWHQIUDJHQ
XQG]XU=HLWJHVFKLFKWH (g
$X‰HQPLQLVWHULXP]HQVLHUWXQEHTXHPH'RNXPHQWH
'DVGHXWVFKH$X‰HQPLQLVWHULXPKDWJHJHQGHQ$UQGW9HUODJ
.LHO YHUWUHWHQ GXUFK 'LHWPDU 0XQLHU .ODJH HUKREHQ ZHLO
GLHVHU DQJHEOLFK XQUHFKWPl‰LJ HLQH 'RNXPHQWDWLRQ GHV
$XVZlUWLJHQ$PWHVYHUWUHLEH
'HU$UQGW9HUODJVWUHLWHWVLFKEHUHLWVVHLWIDVWHLQHP-DKUPLW
GHP $$ ZHJHQHLQHV 'RNXPHQWHQEDQGHVGHV7LWHOV Ä'RNX
PHQWH SROQLVFKHU *UDXVDPNHLWHQ´ DXV GHU $QIDQJV]HLW GHV
=ZHLWHQ :HOWNULHJHV LQ GHP GLH GDPDOLJH 5HLFKVUHJLHUXQJ
6HLQ 0XW ]XU *HVFKLFKWH 5ROI-RVHI (LELFKW +J EH GLHYRQ3ROHQDQ'HXWVFKHQEHJDQJHQHQ*UHXHOYRUXQGNXU]
VFKODJQDKPW XQG GHU ZHLWHUH 9HUWULHE YHUERWHQ 5LFKWHU QDFK .ULHJVEHJLQQ GRNXPHQWLHUW 'DV $XVZlUWLJH $PW lX
6WHLQ $* 7ELQJHQ  $]  *V  'LH *H ‰HUWHVLFKGD]XZLHIROJW
VFKlIWVUlXPHGHV9HUODJHVZXUGHQGXUFKVXFKW ª'HU .OlJHULQ JHKW HV LQ GLHVHP 5HFKWVVWUHLW XP GLH 8Q

9II*ÂÂ-DKUJDQJÂ+HIW  
 WHUELQGXQJGHV9HUWULHEHVGHV%XFKHVQLFKWMHGRFKGDUXP GD VR GDV *DUWHQ XQG )ULHGKRIVDPW 6WXWWJDUW ª5XGROI +H‰
GDV:HUNVHOEVWYHUEUHLWHQ]XZROOHQ© QLFKWLQ6WXWWJDUWEHVWDWWHWZXUGH© $X‰HUGHP VHLQDFK $XI
2IIHQEDUHPSILQGHWGDV $$ GLHLP%XFKHQWKDOWHQHQ'RNX IDVVXQJGHU /DQGHVSROL]HLGLUHNWLRQGXUFKGLH7DW ªHLQH9HU
PHQWHDOVHLQH6W|UXQJGHV IULHGOLFKHQ =XVDPPHQOHEHQV PLW KDUPORVXQJGHV1DWLRQDOVR]LDOLVPXV©JHJHEHQZHVKDOEªHLQ
GHQ3ROHQ9HUODJVPLWWHLOXQJ$UQGW9HUODJ1RY 9HUVWR‰ JHJHQ GLH |IIHQWOLFKH 6LFKHUKHLW XQG 2UGQXQJ© YRU
9RUJHVFKLFKWH JHOHJHQ KDEH JHJHQ GHQ HLQJHVFKULWWHQ ZHUGHQ PX‰WH
±$P  EHKDXSWHWH GLH =HLWVFKULIW EOLFN QDFK UHFKWV
IlOVFKOLFKLP$UQGW9HUODJVHLHLQH+DXVGXUFKVXFKXQJPLW
%HVFKODJQDKPXQJGXUFKJHIKUWZRUGHQ
±$P  EHKDXSWHQ GLH 6WXWWJDUWHU 1DFKULFKWHQ IlOVFK
OLFK GHU $UQGW9HUODJ ZUGH ZLGHUUHFKWOLFK LQGL]LHUWH
6FKULIWHQDQELHWHQ*HJHQGDUVWHOOXQJDXIEHLGH)DOVFKPHG
OXQJHQN|QQHQJHULFKWOLFKQLFKWGXUFKJHVHW]WZHUGHQ
±$P  YHUZHLJHUW HLQ 1DFKVFKODJHZHUN GLH $XIQDK
PHGHU9HUODJH$UQGWXQG2ULRQ+HLPUHLWHU(LQ$QVSUXFK
DXI$XIQDKPHEHVWHKWQDFKHLQHP*HULFKWVEHVFKOX‰QLFKW
±$P  NRPPW HV EH]JOLFK GHV YRP $UQGW9HUODJ
$/:HUQHU.RFK6WDGWGLUHNWRU.HLQ.RP
PHQWDU
(NODWEHL6FKZHL]HU7LHUVFKW]HUQZHJHQ6FKlFKWSUD[LV
=XHLQHP(NODWNDPHV(QGH2NWREHUZlKUHQGGHU'HOH
JLHUWHQYHUVDPPOXQJ GHV 6FKZHL]HU 7LHUVFKXW] 9HUEDQGHV
DOV GHU $XVVFKOX‰ GHU 6HNWLRQHQ 7KXUJDX XQG :HLQIHOGHQ
EHVFKORVVHQ ZXUGH 'LHVHU ZDU HUIROJW ZHLO VLFK GLHVH 9HU
ElQGHJHZHLJHUWKDWWHQVLFKYRQLKUHPJHPHLQVDPHQ9RUVLW
]HQGHQ (UZLQ .HVVOHU ]X WUHQQHQ .HVVOHU ZDU NXU] ]XYRU
ZHJHQVHLQHU.ULWLNDQGHUMGLVFKHQ6FKlFKWSUD[LV]XHLQHU
QHXDXIJHOHJWHQ%DQGHVÄ'RNXPHQWHSROQLVFKHU*UDXVDP *HIlQJQLVVWUDIH YHUXUWHLOW ZRUGHQ YJO 9II*  6 
NHLWHQ´ PLW GHP $$ ]X HLQHP DX‰HUJHULFKWOLFKHQ 9HU $OV .RQVHTXHQ] GLHVHV $XVVFKOXVVHV YHUOLH‰HQ HWZD HLQ
JOHLFK GHP ]XIROJH GDV %XFK HLQHQ 8QWHUWLWHO HUKDOWHQ 9LHUWHO DOOHU 'HOHJLHUWHQ GHQ 6DDO :RP|JOLFK VWHKW GHP
PX‰GHUGLH+HUDXVJHEHUVFKDIW'ULWWHUYHUGHXWOLFKW
±'DV$$VWHOOWJHJHQGHQ$UQGW9HUODJ6WUDIDQWUDJ
ZHJHQHLQHV(LQWUDJHVRKQH8QWHUWLWHOLQHLQHPDOWHQ1DFK
VFKODJHZHUN
1DWLRQDOH2UJDQLVDWLRQHQYHUERWHQ
0LW:LUNXQJ]XPKDWGHUQLHGHUVlFKVLVFKH,QQHQ
PLQLVWHU*ORJRZVNLGLHQDWLRQDOHQ2UJDQLVDWLRQHQ+HLGHKHLP
H9XQG%XFKKRO]H9YHUERWHQ=XU8QWHUVWUHLFKXQJGLHVHV
9HUERWHV IKUWH GLH 3ROL]HL LP 7DJXQJVJHElXGH GHU 9HUHLQH
LQ +HWHQGRUI XQG EHL GHQ MHZHLOLJHQ 9RUVWDQGVPLWJOLHGHUQ
9HUEDQGQXQHLQH6SDOWXQJEHYRU1/=
'lQLVFKH7DJHV]HLWXQJPLWUHYLVLRQLVWLVFKHP%HULFKW
'LH'lQLVFKH7DJHV]HLWXQJ%HUOLQJVNH7LGHQGHYHU|IIHQWOLFK
WH DP  HLQHQ $UWLNHO YRQ 3URI 'U SKLO &KULVWLDQ
/LQGWQHUXQWHUGHP7LWHOª'HU+RORFDXVWLQQHXHP/LFKW©LQ
GHPUHYLYLRQLVWLVFKH7HQGHQ]HQXQEHUVHKEDUVLQG:HQLJHU
HUVWDXQOLFK DOV GLH 7HQGHQ] GHV %HLWUDJHV LVW GLH DP (QGH
DQJHJHEHQH ZHLWHUIKUHQGH /LWHUDWXU GLH QHEHQ ZHQLJHQ
HWDEOLHUWHQ 7LWHOQ DXFK ZLFKWLJH UHYLVLRQLVWLVFKH :HUNH HQW
KlOW
+DXVGXUFKVXFKXQJHQGXUFK'HXWVFKODQGIXQN ª:HLWHUIKUHQGH /LWHUDWXU 'DQXWD &]HFN Ä$XVFKZLW]
&KURQLFOH ´ 1HZ <RUN  (UQVW *DXVV
0RUGYHUVXFKDQ0DQIUHG5RHGHU Ä*UXQGODJHQ]XU=HLWJHVFKLFKWH³7ELQJHQ-UJHQ
%HL HLQHU IULHGOLFKHQ 'HPRQVWUDWLRQ JHJHQ GLH $QWL *UDI Ä$XVFKZLW] 7lWHUJHVWlQGQLVVH XQG $XJHQ]HXJHQEH
:HKUPDFKWVDXVVWHOOXQJ LQ 0DUEXUJ ZXUGH GHU EHNDQQWH ULFKWH GHV +RORFDXVW´ :UHQORV  ,VUDHO *XWPDQ
QDWLRQDOH$NWLYLVW0DQIUHG5RHGHUDPYRQOLQNHQ XD Ä(Q]\NORSHGLD RI WKH +RORFDXVW´ 1HZ <RUN  /RQ
6FKOlJHUEDQGHQ ]XVDPPHQJHVFKODJHQ XQG VFKZHU YHUOHW]W GRQ  Ä9LHUWHOMDKUHVKHIWH IU *HVFKLFKWVIRUVFKXQJ³
'LHDQZHVHQGH3ROL]HLVROOVLFKWURW]$XIIRUGHUXQJ]XU+LOIH %HUFKHP©
OHLVWXQJ IU GHQ YHUOHW]WHQ 5RHGHU JHZHLJHUW KDEHQ LKP ]X (LQHZ|UWOLFKHOHLFKWJHNU]WHhEHUVHW]XQJLVW]XILQGHQEHL
KHOIHQ(VLVW]XKRIIHQGD‰GLHVIUGLHEHWURIIHQHQ%HDPWHQ KWWSZZZQDWLRQDOMRXUQDORUJ
VWUDIUHFKWOLFKH .RQ
VHTXHQ]HQ KDEHQ Ä6NDQGDO´LQ%HUOLQ+RORFDXVW/HXJQHUYRQ%RWVFKDIW
ZLUG +DXV 5LFK EHVFKlIWLJW
EHUJ ª$P%HUOLQHU,QVWLWXWÄ&HQWUH0DUF%ORFK´DUEHLWHWHLQ3D
ULVHU +LVWRULNHU GHU GLH *DVNDPPHUQ YRQ $XVFKZLW] OHXJ
5XGROI+H‰7RWH QHW©VRDXIJHUHJWGLH%HUOLQHU=HLWXQJDP*HPHLQW
QHKUXQJLQ LVW *DUERU 7DPDV 5LWWHUVSRUQ (U KDWWH  ]XVDPPHQ PLW
'HXWVFKODQGYHU 6HUJH 7KLRQ GDV %XFK 9pULWp KLVWRULTXH RX YpULWp SROLWLTXH"
ERWHQ KHUDXVJHJHEHQLQGHPGLH$IIlUH5REHUW)DXULVVRQGDUJHOHJW
'HU 9HUVXFK YRQ ZLUG/D9LHOOH7DXSH3DULVGW +LVWRULVFKH:DKUKHLW
.' 6FK|QKHUU RGHUSROLWLVFKH:DUKKHLW"9HUODJGHU)UHXQGH%HUOLQ
DP  DXI GHU ]=W EHVFKODJQDKPW 5LWWHUVSRUQ +LVWRULNHU GHU VRZMHWL
.ULHJVJUlEHUDQODJH VFKHQ*HVFKLFKWHDP3DULVHU&156XQGXQJDULVFKMGLVFKHU
GHV 6WXWWJDUWHU $EVWDPPXQJZDULP-DQXDUDPGHXWVFKIUDQ]|VLVFKHQ
:DOGIULHGKRIHV ,QVWLWXWIU6R]LDOZLVVHQVFKDIWHQLQ%HUOLQHLQJHVWHOOWZRUGHQ
HLQHQ .UDQ] IU 'DV IUDQ]V|LVFKH $X‰HQPLQLVWHULXP EHZLUNW LQ]ZLVFKHQ GLH
5XGROI +H‰ QLHGHU
 ]XOHJHQJLQJPlFK
'DV &RUSXV 'HOLFWL 9HUKDUPORVXQJ WLJ GDQHEHQ 'LH
GHV 1DWLRQDOVR]LDOLVPXV XQG 9HUVWR‰ 6FKOHLIH ZXUGH YRQ
JHJHQ GLH |IIHQWOLFKH 6LFKHUKHLW XQG GHU 3ROL]HL HQWVRUJW
2UGQXQJ
$EEHUXIXQJ5LWWHUVSRUQV)$=6

'LHVLVWQXUHLQ$XV]XJYRQ1DFKULFKWHQGLHLQJDQ]HU)OOHLVWLP,QWHUQHW
]XILQGHQKWWSZZZYKRRUJ1HZV)KWPO=XVDPQPHQJHVWHOOWPLW8QWHU
VWW]XQJXQVHUHV1HZV5HVHDUFK$VVLVWDQW+DQV:HKU6WDQG

  9II*ÂÂ-DKUJDQJÂ+HIW