Sie sind auf Seite 1von 545

%LWWHYHUZHQGHQ6LHGLH5XEULN/HVH]HLFKHQOLQNV DOV,QKDOWVYHU]HLFKQLV

'$6'5,77(7(67$0(17

.203(1',80'(5*g77/,&+(1.81'*$%(1
$86'(02))(1%$581*6:(5./,%52'(/$9,'$9(5'$'(5$
,1(,1(0%$1'

ZZZGDVGULWWHWHVWDPHQWFRP


+HUDXVJHEHUXQGhEHUVHW]HU 7UDXJRWW*|OWHQERWK
0LWDUEHLWHU 9LFWRU30DUWHQV
$OOH5HFKWHYRUEHKDOWHQ $XIODJH

+HUDXVJHEHUGHUVSDQLVFKHQ2ULJLQDODXVJDEHLQ%lQGHQ/LEURGHOD9LGD9HUGDGHUDLVW
GLH$VRFLDFLyQGH(VWXGLRV(VSLULWXDOHV9LGD9HUGDGHUD$&
$SDUWDGR3RVWDO0p[LFR')
5HJLVWUDGREDMRQ~PHUR

'LHHUVWHQ%lQGHGHV/LEURGHOD9LGD9HUGDGHUDVLQGXQWHUGHP7LWHO%XFKGHV:DKUHQ
/HEHQV%DQG, 9LQGHXWVFKHUhEHUVHW]XQJLP5HLFKO9HUODJHUVFKLHQHQXQGEHUGHQ
%XFKKDQGHOHUKlOWOLFK%DQG9,HUVFKHLQWLQ.U]H


,FKZLOOGDVVLKULQ(UIOOXQJPHLQHU3URSKHWLHQPLWGLHVHP:RUWHGDV,FKHXFKJHJHEHQ
KDEH%FKHUElQGH]XVDPPHQVWHOOWVSlWHU$XV]JHXQG$XVOHJXQJHQGDYRQKHUVWHOOWXQGVLH
HXUHQ0LWPHQVFKHQ]XU.HQQWQLVEULQJW 

 0LW GLHVHP %XFK GDV GLH 0HQVFKKHLW VFKOLHOLFK DOV GDV 'ULWWH 7HVWDPHQW DQHUNHQQHQ
ZLUG VROOW LKU PHLQH 6DFKH YHUWHLGLJHQ
'LH 0HQVFKKHLW NHQQW QXU GDV *HVHW] GHU (UVWHQ =HLW XQG ZDV LP (UVWHQ XQG =ZHLWHQ
7HVWDPHQW JHVFKULHEHQ VWHKW 'RFK GDV 'ULWWH ZLUG QXQ YHUHLQHQ XQG EHULFKWLJHQ ZDV GLH
0HQVFKHQDXV0DQJHODQ=XUVWXQJXQG9HUVWlQGQLVYHUlQGHUWKDEHQ 

 'LHVH 6WLPPH GLH HXFK UXIW LVW GLH 6WLPPH GHV *|WWOLFKHQ 0HLVWHUV 'LHV :RUW LVW YRQ
'HP GHU DOOHV JHVFKDIIHQ KDW 'LH (VVHQ] GLHVHV :HUNHV ZLUG GHU *UXQGVWHLQ ZHUGHQ DXI
GHP NQIWLJ DOOH 2UGQXQJHQ UXKHQ 'HU GLH 0DFKW KDW DOOHV ]X WXQ ZLUG HXUH +HU]HQ DXV
6WHLQXPZDQGHOQLQHLQ+HLOLJWXPGHU/LHEHXQG(UKHEXQJXQGZLUG/LFKWHQW]QGHQZRQXU
)LQVWHUQLVZDU 


,1+$/769(5=(,&+1,6

925:257  
(,1)h+581*  

, ',(:,('(5.81)7&+5,67, '5,77(2))(1%$581*6=(,7  

.DSLWHO ,Q(UZDUWXQJGHU:LHGHUNXQIW&KULVWL 
(LQIKUHQGHU$XVEOLFNDXIGDV+HLOVJHVFKHKHQ  
+RIIQXQJHQXQG(UZDUWXQJHQ  
%LEOLVFKH9HUKHLXQJHQ 
(UIOOWH9RU]HLFKHQ

.DSLWHO 'LH0RUJHQU|WHGHU'ULWWHQ=HLW
'LHHUVWH.XQGJDEH 
%RWVFKDIWHQXQG+LQZHLVHLQDOOHU:HOW 
'DV:LUNHQ(OLDVDOV:HJEHUHLWHUGHV+HUUQ 

.DSLWHO 'LH*HLVWLJH6RQQHGHU:LHGHUNXQIW&KULVWL  


'DV.RPPHQGHV+HUUQ 
$OOHU$XJHQZHUGHQ0LFKVFKDXHQ 

.DSLWHO 'LH8QWHUZHLVXQJGXUFK*|WWOLFKH.XQGJDEHQ 


'LH4XHOOHGHU.XQGJDEHQ  
'LH2IIHQEDUXQJVRUWHXQG(PSIlQJHUGHU.XQGJDEHQ  
'LHhEHUPLWWOXQJ*|WWOLFKHU.XQGJDEHQ 
'LH)RUPGHU.XQGJDEHQ 
*HJHQZDUWMHQVHLWLJHU:HVHQKHLWHQEHLGHQ8QWHUZHLVXQJHQ&KULVWL 
'LH]HLWOLFKH%HJUHQ]XQJGHU.XQGJDEHQ 

.DSLWHO 'HU*UXQGIUGLHQHXH*RWWHVRIIHQEDUXQJ  


'HU(UO|VXQJVZLOOH*RWWHV 
'LH%HVHLWLJXQJYRQ,UUWPHUQXQGYHUlXHUOLFKWHQ.XOWIRUPHQ 
$XINOlUXQJEHUGDVZDKUH/HEHQ 
'LH(QWZLFNOXQJ9HUJHLVWLJXQJXQG(UO|VXQJGHV0HQVFKHQ 

.DSLWHO 'DV'ULWWH7HVWDPHQWXQGGDV*URH%XFKGHV/HEHQV 


'DV%XFK GHU/LHEHGHU:DKUKHLWXQG:HLVKHLW*RWWHV
'DV9HUKlOWQLV]ZLVFKHQGHU*HLVWOHKUHXQG-HVX/HKUH 
'LH$XVHLQDQGHUVHW]XQJHQXPGHVQHXHQ:RUWHVZLOOHQ 
'DV*URH%XFKGHV:DKUHQ/HEHQV 

.DSLWHO :LUNXQJXQG%HGHXWXQJGHU*HLVWOHKUH  


'LH:LUNXQJGHU.XQGJDEHQ 
(UNHQQWQLVXQG+RIIQXQJDXVGHPQHXHQ:RUW  
'LH.UDIWGHV*RWWHVZRUWHV 
5HDNWLRQHQYRQ7KHRORJHQXQG0DWHULDOLVWHQ 
'LH:LUNXQJGHU*HLVWOHKUH 
'LH%HGHXWXQJGHVQHXHQ2IIHQEDUXQJVZRUWHV 


.DSLWHO 'LHQHXHQ*HPHLQGHQ&KULVWL-QJHU$SRVWHOXQG*RWWJHVDQGWH  
/LFKWXQG6FKDWWHQLQGHQ2IIHQEDUXQJVJHPHLQGHQ 
$QGLH+|UHUJHULFKWHWH0DKQZRUWHEH]JOLFKGHV*HLVWZHUNHV 
:DKUH-QJHUVFKDIWQHXH$SRVWHO 
'LH*RWWJHVDQGWHQLQDOOHU:HOWXQG]XDOOHQ=HLWHQ 

,,5h&.6&+$8$8)',((567(81'=:(,7(2))(1%$581*6=(,7  

.DSLWHO *HVFKLFKWHQXQG*HVWDOWHQGHV9RONHV,VUDHO 
'LH6QGHQIDOOJHVFKLFKWH 
:LOOHQVIUHLKHLWXQG8UVQGH 
'LH6LQWIOXW  
$EUDKDPV2SIHUEHUHLWVFKDIW  
'DV7UDXPELOG-DNREVYRQGHU+LPPHOVOHLWHU 
-RVHIXQGVHLQH%UGHU
'LH:VWHQZDQGHUXQJGHV9RONHV,VUDHOVXQWHU0RVH  
(OLDV.DPSIIUGHQZDKUHQ*RWW 
'LH]Z|OI6WlPPH,VUDHOV
'LH3URSKHWHQXQGHUVWHQ.|QLJH,VUDHOV 

.DSLWHO $OVGLH=HLWHUIOOWZDU  


3URSKHWLVFKH:HLVVDJXQJHQ  
'LH0HVVLDVHUZDUWXQJLPMGLVFKHQ9RON 
0DULDGLH/HLEHVPXWWHU-HVX 
'LH$QEHWXQJGHV-HVXVNLQGHV  
'DV%DQGGHU/LHEH]ZLVFKHQ-HVXVXQG0DULD  
-HVX:LVVHQXQG:HLVKHLW  
'DV8QYHUVWlQGQLVGHUPHQVFKOLFKHQ8PZHOWLQ1D]DUHWK 

.DSLWHO 'DV:LUNHQ-HVXDXI(UGHQ 


'LH7DXIHLP-RUGDQ9RUEHUHLWXQJV]HLWLQGHU:VWH  
'LH(LQKHLW-HVXPLW*RWW
'LH$EOHKQXQJ-HVXDOVGHQHUZDUWHWHQ0HVVLDV  
-HVXVDOVKHLOEULQJHQGHU*DVWLPHLQIDFKHQ9RONH  
'HUXQHUPGOLFKH3UHGLJHU-HVXV  
'LH.LQGHU XQG1DWXUOLHEH-HVX  
'LH/HKUH-HVX 
:XQGHU-HVX 
'LH(KHEUHFKHULQ 
0DULD0DJGDOHQD 
1LNRGHPXVXQGGLH5HLQNDUQDWLRQVIUDJH 
'LH9HUNOlUXQJ-HVX 
0DQJHOQGHU%HNHQQHUPXW  
$QIHLQGXQJHQJHJHQ-HVXV  
$EVFKLHGVDQNQGLJXQJ
-HVX(LQ]XJLQ-HUXVDOHP  
'DVOHW]WH$EHQGPDKO

.DSLWHO /HLGHQ7RGXQG$XIHUVWHKXQJ 


/HEHQVODQJH0KHQXQG/HLGHQ-HVX


'HU9HUUDWGHV-XGDV
-HVX3DVVLRQ  
-HVX(UO|VXQJVWDWLQMHQVHLWLJHQ:HOWHQ 
'DV(UVFKHLQHQ-HVXQDFKVHLQHU$XIHUVWHKXQJ  

.DSLWHO 0LVVLRQXQG%HGHXWXQJ-HVXXQG6HLQHU$SRVWHO 


'LH.RUUHNWXUGHVDOWHQ*RWWHVELOGHVXQGIDOVFKHU7UDGLWLRQHQ 
'DV9RUELOG-HVX
'LH%HGHXWXQJGHU/HKUH-HVX 
%HUXIXQJ/HKU]HLWXQG3UIXQJHQGHU-QJHU-HVX  
'HU$SRVWHO-RKDQQHV 
'LH$SRVWHO3HWUXVXQG3DXOXV  
'LH9RUELOGOLFKNHLWGHU$SRVWHO  
'LH$XVEUHLWXQJGHV&KULVWHQWXPV 

,,,',(=(,7'(6.,5&+(1&+5,67(17806 

.DSLWHO &KULVWHQWXP.LUFKHQXQG.XOWH
'LH(QWZLFNOXQJGHV&KULVWHQWXPV 
.XOWKDQGOXQJHQ 
'LH*HLVWOLFKNHLW 
$EHQGPDKOXQG0HVVH 
'LH7DXIH  
7RWHQJHGHQNHQ
0DWHULHOOH6\PEROH.UHX]HXQG5HOLTXLHQ 
+HLOLJHQYHUHKUXQJ 
.LUFKHQIHVWH 
'LH*HJHQZDUW*RWWHVWURW]IDOVFKHU.XOWIRUPHQ  

.DSLWHO 6FKHLQFKULVWHQNLUFKOLFKH,UUOHKUHQXQG0LVWlQGH
1DPHQV&KULVWHQ 
8QJOlXELJHXQG*ODXEHQVIDQDWLNHU 
9HUIlOVFKXQJHQGHU/HKUH-HVXXQGLKUH)ROJHQ  
)HKOHQWZLFNOXQJHQXQG0LVWlQGHLP&KULVWHQWXP 

,9'$6*(6(7=*277(6 81'1b&+67(1/,(%(  

.DSLWHO 'DV*|WWOLFKH*HVHW]  


'LH0DFKWGHV*|WWOLFKHQ*HVHW]HV 
'DV/LHEHVJHVHW]*RWWHVLP*HLVWZHUN 
'LH0LDFKWXQJGHU*|WWOLFKHQ*HVHW]HXQGLKUH)ROJHQ 
'LH(UIOOXQJGHVK|FKVWHQ*HVHW]HV 

.DSLWHO 'LHQHXH$UWGHU9HUHKUXQJ*RWWHV  


'LH(QWZLFNOXQJGHU$QEHWXQJVIRUPHQ 
6FKHLQJHEHWH RKQH+LQJDEHXQG*ODXEHQ 
'DVZDKUH*HEHW
'LHYLHU$VSHNWHGHVYROONRPPHQHQ*HEHWV
'DVVSRQWDQH+HU]HQVJHEHWRKQH:RUWH 
'DVWlJOLFKH*HEHW
'HU5XKHWDJDOV7DJGHU6HOEVWEHVLQQXQJ 


%LWWHWVRZLUGHXFKJHJHEHQ 
'HU6HJHQGHU)UELWWH
'LH1RWZHQGLJNHLWGHV*HEHWV  
'LHKHLOYROOHQ:LUNXQJHQGHV*HEHWVOHEHQV 
'LH0DFKWGHV*HEHWV
/LHEH]X*RWWXQG]XP1lFKVWHQDOV9HUHKUXQJ*RWWHV 
'LH=ZLHVSUDFKH]ZLVFKHQ*RWWXQG0HQVFK  

.DSLWHO :HUNHGHU%DUPKHU]LJNHLWXQGGLH]HQWUDOH%HGHXWXQJGHU/LHEH 


'HUUFNZLUNHQGH6HJHQJXWHU:HUNH
(FKWHXQGIDOVFKH:RKOWlWLJNHLW  
*HLVWLJHXQGPDWHULHOOH/LHEHVWlWLJNHLW 
'LHXPIDVVHQGH%HGHXWXQJGHU/LHEH 
'LHKRKH0DFKWGHU/LHEH  

92))(1%$581*6)250(181':,5.(1*277(6 

.DSLWHO 'LH'UHLHLQLJNHLW*RWWHV 


'LH(LQKHLW*RWWHVPLW&KULVWXVXQGGHP+HLOLJHQ*HLVW 
'LHGUHL2IIHQEDUXQJVZHLVHQ*RWWHV
*RWWDOV6FK|SIHUJHLVWXQG9DWHU  
&KULVWXVGLH/LHEHXQGGDV:RUW*RWWHV 
'HU+HLOLJH*HLVW GLH:DKUKHLWXQG:HLVKHLW*RWWHV 

.DSLWHO 0DULDGLHPWWHUOLFKH/LHEH*RWWHV  


'DVLUGLVFKH'DVHLQ0DULDVLQ'HPXW 
0DULDXQG-HVXV 
'LH-XQJIUlXOLFKNHLW0DULDV  
'DV9RUELOG0DULDVIUGLH)UDX 
0DULDDOV)UVSUHFKHULQ7U|VWHULQXQG0LWHUO|VHULQGHU0HQVFKHQ  
'LHJ|WWOLFKH1DWXU0DULDV  
'LHXQLYHUVHOOH$XVVWUDKOXQJ0DULDV 

.DSLWHO $OOPDFKW$OOJHJHQZDUW*RWWHVXQGVHLQH*HUHFKWLJNHLW  


'LH0DFKW*RWWHV
'LH*HJHQZDUW*RWWHVLQDOOHP*HVFKDIIHQHQ  
6FKLFNVDOVVFKOlJH 
'LH*HUHFKWLJNHLW*RWWHV  

.DSLWHO /LHEH)UVRUJHXQG*QDGH*RWWHV 


'LH/LHEHGHV+LPPOLVFKHQ9DWHUV 
'LH)UVRUJHXQG+LOIH*RWWHV 
'LH'HPXWGHV$OOHUK|FKVWHQ 
'DV0LWJHIKOXQG0LW/HLGHQ*RWWHV 
9HUJHEXQJ*QDGHXQG(UEDUPXQJ*RWWHV

.DSLWHO ,QVSLUDWLRQHQXQG2IIHQEDUXQJHQ*RWWHV  


*|WWOLFKH,QVSLUDWLRQHQ 
'LH$QSDVVXQJJ|WWOLFKHU2IIHQEDUXQJHQDQGDV9HUVWlQGQLVGHU0HQVFKHQ 
9HUVFKLHGHQH$UWHQGHU2IIHQEDUXQJHQ*RWWHV 
'LH1RWZHQGLJNHLWJ|WWOLFKHU2IIHQEDUXQJHQ  


'LH8QEHJUHQ]WKHLWJ|WWOLFKHU2IIHQEDUXQJHQ  
'DV2IIHQEDUZHUGHQGHU*HJHQZDUW*RWWHVLP0HQVFKHQ 

9,',(6&+g3)81*

.DSLWHO 'LHJHLVWLJHXQGGLHPDWHULHOOH6FK|SIXQJ 


'LH(UVFKDIIXQJGHU*HLVWZHVHQ  
'DV:LUNHQJURHU*HLVWHULP6FK|SIXQJVZHUN  
9RUVHKXQJVJHGDQNHQ*RWWHV  
'LH6FKDIIXQJPDWHULHOOHU:HOWHQIUGLH*HLVWZHVHQ 
'LH(UVFKDIIXQJGHV0HQVFKHQ  
'LH(ULQQHUXQJDQGDV3DUDGLHV  
'LH%HVFKDIIHQKHLWGHV0HQVFKHQ
'LH(LQKHLWGHV6FK|SIHUVPLWGHU6FK|SIXQJ  

.DSLWHO 'LH1DWXU 


'LH1DWXUJHVHW]H
'LH*HJHQZDUW*RWWHVLQGHU1DWXU 
'LH1DWXULVW6FK|SIXQJ*RWWHVXQG*OHLFKQLVIU*HLVWLJHV 
'LH0DFKWGHU*RWWHVNLQGHUEHUGLH1DWXU 
0HQVFKXQG1DWXU 

.DSLWHO $QGHUH:HOWHQ 


'DV8QLYHUVHOOH/LFKW&KULVWL  
'LHJHLVWLJH9HUELQGXQJ]ZLVFKHQGHQ:HOWHQ 
'DV.HQQHQOHUQHQDQGHUHU:HOWHQXQG/HEHQVIRUPHQ 
'LH%HVWLPPXQJGHU6WHUQH 

.DSLWHO 'DV-HQVHLWV 


'LHQRWZHQGLJH.HQQWQLVYRP*HLVWLJHQ/HEHQ  
+LPPHOXQG+|OOH 
'LH0XVLNGHV+LPPHOV 
,Q0HLQHV9DWHUV+DXVVLQGYLHOH:RKQXQJHQ  

9,,'(5(17:,&./81*6:(*=8592//.200(1+(,7 

.DSLWHO 6WHUEHQ7RGXQGMHQVHLWLJHV(UZDFKHQ 


'LH8QVWHUEOLFKNHLWGHU6HHOH  
9RUEHUHLWXQJDXIGDV6FKHLGHQYRQGLHVHU:HOW  
'HUhEHUJDQJLQGLHDQGHUH:HOW 
'HU7RGHVVFKODI 
'DV:LHGHUVHKHQLP-HQVHLWV  
'DV*HULFKWGHU6HHOHGXUFKGDVHLJHQH*HZLVVHQ  
'DVZLHGHUJHZRQQHQHJHLVWLJH%HZXVVWVHLQ 

.DSLWHO /lXWHUXQJXQG$XIVWLHJGHU6HHOHQLP-HQVHLWV 


*HZLVVHQVELVVH5HXHXQG6HOEVWDQNODJHQ
'LHDXVJOHLFKHQGH*HUHFKWLJNHLW  
'HU$XIVWLHJGHU6HHOHQLQGDV5HLFK*RWWHV 

.DSLWHO 'LH(QWZLFNOXQJGHU6HHOHEHU5HLQNDUQDWLRQHQ 


'DV*HVHW]GHU(QWZLFNOXQJ 
'LH$XIHUVWHKXQJGHV)OHLVFKHV ULFKWLJYHUVWDQGHQ 
'HUXQWHUVFKLHGOLFKH(QWZLFNOXQJVVWDQGGHU6HHOHQ  
'LH.HQQWQLVIUKHUHU(UGHQOHEHQXQGGHUHLJHQHQ(QWZLFNOXQJVK|KH 
/LHEHDOV1RWZHQGLJNHLWIUGLHJHLVWLJVHHOLVFKH(QWZLFNOXQJ 
8QWHUVFKLHGOLFKH*UQGHIU5HLQNDUQDWLRQHQ 
'HU:HJ]XU9ROONRPPHQKHLW  
'LHXQLYHUVHOOH6FKXOHGHV/HEHQV 
'LHhEHU]HXJXQJVNUDIWGHU5HLQNDUQDWLRQVOHKUH  
5HLQNDUQDWLRQVZHJHHLQHU6HHOH 

.DSLWHO 5HWWXQJ(UO|VXQJXQGHZLJHV+HLO  


'LH.RUUHNWXUIDOVFKHU9RUVWHOOXQJHQEHUGLH(UO|VXQJ 
'HU+LPPHOZLOOHUUXQJHQVHLQ 
'LHPlFKWLJVWH.UDIW]XU(UO|VXQJ 
5HWWXQJXQG(UO|VXQJIUMHGH6HHOH 
'LHKHUUOLFKH=XNXQIWGHU.LQGHU*RWWHV

9,,,'(50(16&+

.DSLWHO ,QNDUQDWLRQ1DWXUXQG$XIJDEHGHV0HQVFKHQ 


'LH,QNDUQDWLRQDXI(UGHQ  
'LHULFKWLJH%HZHUWXQJGHV.|USHUVXQGVHLQH)KUXQJGXUFKGHQ*HLVW  
'LH%HGHXWXQJXQG$XIJDEHYRQ6HHOH*HLVWXQG*HZLVVHQLP0HQVFKHQ 
'HU7HPSHO*RWWHVLP0HQVFKHQ 

.DSLWHO 0DQQXQG)UDX(OWHUQXQG.LQGHU(KHXQG)DPLOLH 


'LH%H]LHKXQJ]ZLVFKHQ0DQQXQG)UDX 
'LH%HVFKDIIHQKHLWXQG$XIJDEHGHV0DQQHV  
'LH)UDX *DWWLQXQG0XWWHU  
'LH(U]LHKXQJGHU.LQGHUXQG-XJHQGOLFKHQ
(LQ:RUWDQGLH.LQGHUXQG-XQJIUDXHQ 
(KHXQG)DPLOLH

.DSLWHO :LOOHQVIUHLKHLWXQG*HZLVVHQ
'LH%HGHXWXQJGHV*HZLVVHQVXQGGHU:LOOHQVIUHLKHLW
'HU0LVVEUDXFKGHU:LOOHQVIUHLKHLW 
'LHQRWZHQGLJH%HIROJXQJGHU*HZLVVHQVLPSXOVH  
'HU.DPSI]ZLVFKHQ:LOOHQVIUHLKHLWXQG*HZLVVHQ  
6FKlUIXQJGHV*HZLVVHQVGXUFKGDVQHXH*RWWHVZRUW 

.DSLWHO 'LH0DFKWGHU*HGDQNHQ*HIKOHXQGGHV:LOOHQV 


'DV6HQGHQXQG(PSIDQJHQYRQ*HGDQNHQXQGGHUHQ:LUNXQJHQ  
'LH.UDIWGHU*HIKOH:QVFKHRGHU%HIUFKWXQJHQ 
'HU0DQJHODQ6HOEVWEHUZLQGXQJ 

,;/(+5(1'(5*g77/,&+(1:(,6+(,7 

.DSLWHO *ODXEH:DKUKHLWXQG(UNHQQWQLV 


'HUDOOHVEHUZLQGHQGH*ODXEH 
'DV(UNHQQHQGHU:DKUKHLW*RWWHV 


'LH(UNHQQWQLVGHV*HLVWLJHQXQG*|WWOLFKHQ
9RUDXVVHW]XQJHQIUJHLVWLJH(UNHQQWQLV 
'LHQRWZHQGLJH%HZXVVWVHLQVHUZHLWHUXQJGHV0HQVFKHQ 

.DSLWHO 'DVULFKWLJH9HUVWlQGQLVELEOLVFKHU7H[WH 


'LH$XVOHJXQJELEOLVFKHU:RUWHXQG9HUKHLXQJHQ 
'LH2IIHQEDUXQJ-HVXGXUFKGHQ$SRVWHO-RKDQQHV  

.DSLWHO 'LH'UHL2IIHQEDUXQJV]HLWHQXQGGLH6LHEHQ6LHJHOHSRFKHQ 


'LH(QWZLFNOXQJVDEKlQJLJNHLWGHU2IIHQEDUXQJHQ*RWWHV 
'LHGUHL7HVWDPHQWH*RWWHV  
'LH'ULWWH=HLW
'LHVLHEHQKHLOVJHVFKLFKWOLFKHQ(SRFKHQ 

.DSLWHO 'DVLUGLVFKHXQGGDV*HLVWLJH,VUDHO 


'LHJHVFKLFKWOLFKH6HQGXQJ,VUDHOVVHLQ9HUVDJHQ 
'LH6SDOWXQJGHVMGLVFKHQ9RONHVLQLUGLVFKXQGJHLVWLJ*HVLQQWH  
'DV*HLVWLJH9RON,VUDHO 
'LH(UZlKOWHQXQG*HNHQQ]HLFKQHWHQ  

.DSLWHO 'LH.UlIWHGHV*XWHQXQGGHV%|VHQ  


'HU8UVSUXQJYRQ*XWXQG%|VH  
+RFKPXWXQG'HPXW 
'DV*XWHGHU0HQVFKJXWHQ:LOOHQV 
'DV%|VHGHUGHP%|VHQYHUIDOOHQH0HQVFK  
'HU.DPSI]ZLVFKHQ*XWXQG%|VH 
9HUVXFKXQJHQXQG9HUIKUXQJHQ
0RUDOLVFKH9HUEUHFKHQ
2KQPDFKWXQG9HUJlQJOLFKNHLWGHV%|VHQ 
'LH.UDIWGHU9HUJHEXQJ  

.DSLWHO 'LH9HUELQGXQJ]ZLVFKHQ'LHVVHLWVXQG-HQVHLWV 


,QVSLUDWLRQXQG%HLVWDQGGXUFKGLH*HLVWLJH:HOW 
9HUZLUUWHXQGEHOZROOHQGH*HLVWHU
'HU.DPSIGHU*HLVWHUXPGLH0HQVFKHQ6HHOHQ  
'LH9HUELQGXQJPLWGHU*HLVWHUZHOW*RWWHV 

.DSLWHO 6FKXOGXQG6KQH3UIXQJHQXQG/HLGHQ  


'LH1RWZHQGLJNHLWYRQ5HXHXQG6KQH 
'DV6KQHJHVHW] 
'LH8UVDFKHYRQ3UIXQJHQXQG/HLGHQ
*ODXEH(UJHEXQJXQG'HPXWLQGHQ3UIXQJHQ 
'LH%HGHXWXQJYRQ/HLGXQG6FKPHU] 

.DSLWHO .UDQNKHLW+HLOXQJXQG(UQHXHUXQJ 


8UVSUXQJXQG6LQQGHU.UDQNKHLW
+HLOXQJDXVHLJHQHU.UDIW 
'LH(UQHXHUXQJGHV0HQVFKHQ  

.DSLWHO /HEHQLP*|WWOLFKHQ6LQQH 


'DVQRWZHQGLJH*OHLFKJHZLFKW  


*XWHXQGYHUGHUEOLFKH)UHXGHQ  
6HJHQVUHLFKHUXQGXQVHOLJHU5HLFKWXP
'DV*HVHW]GHV*HEHQV 
'LH(UIOOXQJGHU3IOLFKWHQXQG$XIJDEHQ

.DSLWHO 9RUEHVWLPPXQJ6LQQXQG(UIOOXQJLP/HEHQ 


'LH9RUVHKXQJXQG%HVWLPPXQJ*RWWHVLPPHQVFKOLFKHQ6FKLFNVDO  
,QGHU6FKXOHGHV/HEHQV  
6LQQXQG:HUWGHVPHQVFKOLFKHQ/HEHQV 

;0$7(5,$/,608681'63,5,78$/,6086  

.DSLWHO 'HUIHKOJHOHLWHWHPDWHULDOLVWLVFKH0HQVFK 


*HLVWHVWUlJKHLW8QZLVVHQKHLWXQG+RFKPXWGHV0HQVFKHQ 
'LHIHKOHQGH%HUHLWVFKDIW]X(QWVDJXQJ$QVWUHQJXQJXQG9HUDQWZRUWXQJ 
'DVVHHOLVFKH(OHQGGHV0HQVFKHQ 
)DOVFKHLUGLVFKH9HUKDOWHQVZHLVHQXQGGHUHQ)ROJHQ  

.DSLWHO 0DWHULDOLVPXVXQG6SLULWXDOLVPXV 


'LH$XVZLUNXQJGHVKHUUVFKHQGHQ0DWHULDOLVPXV  
'DV:HVHQGHV6SLULWXDOLVPXV 
:HUNDQQVLFK]X5HFKW6SLULWXDOLVWQHQQHQ" 
'HU6SLULWXDOLVPXVLQGHQ5HOLJLRQHQXQG.RQIHVVLRQHQ

.DSLWHO *HLVWHVJDEHQXQG9HUJHLVWLJXQJ 


'LHVSLULWXHOOHQ)lKLJNHLWHQGHV0HQVFKHQ 
9RUDXVVHW]XQJHQXQG0HUNPDOHHFKWHU6SLULWXDOLWlW 
'LHVHJHQVUHLFKH:LUNXQJGHU6SLULWXDOLWlW 

;,',(0(16&++(,7

.DSLWHO 5HOLJLRQXQG5HFKWVSUHFKXQJ
.HLQH5HOLJLRQRGHU.RQIHVVLRQLVWGLHHLQ]LJZDKUH  
'LH(QWZLFNOXQJVIHLQGOLFKNHLWGHU5HOLJLRQHQ 
'DV9HUKlOWQLV]ZLVFKHQ5HOLJLRQXQG:LVVHQVFKDIW  
'LH+lUWHXQG8QJHUHFKWLJNHLWLUGLVFKHU-XVWL] 
'LHKDUWKHU]LJH6HOEVJHUHFKWLJNHLWGHV0HQVFKHQ  
'LHLUGLVFKH-XVWL]DOVQRWZHQGLJHVhEHO 

.DSLWHO %LOGXQJXQG:LVVHQVFKDIW 


(LWHONHLWXQG:LVVHQVVWRO] 
'LH)ROJHQPDWHULDOLVWLVFKHQ9HUVWDQGHVGHQNHQV  
'LH,QVSLUDWLRQQHXHUZLVVHQVFKDIWOLFKHU(UNHQQWQLVVHGXUFK*RWWXQGGLH*HLVWLJH:HOW

'LH$QHUNHQQXQJGHU]XP:RKOHGHU0HQVFKKHLWZLUNHQGHQ:LVVHQVFKDIWOHU 

.DSLWHO 0DFKWKDEHU0DFKWPLVVEUDXFKXQG.ULHJH 


'HUYHUJlQJOLFKH:DKQLUGLVFKHU0DFKWXQG*U|H  
'LHDQJHPDWH*HZDOWDXVEXQJEHU0HQVFKHQXQG9|ONHU
%HWUDFKWXQJHQ]XP=ZHLWHQ:HOWNULHJ 
'LH9HUZHUIOLFKNHLWXQG6LQQORVLJNHLWYRQ.ULHJHQ  


.DSLWHO 8QJHUHFKWLJNHLWXQG1LHGHUJDQJGHU0HQVFKKHLW 
'LH8QWHUZHUIXQJXQG$XVEHXWXQJGHU6FKZDFKHQGXUFKGLH6WDUNHQ  
'LH9HUGHUEWKHLWGHU0HQVFKKHLW 
'LHYHUNHKUWH:HOWHLQHUXQUHLIHQ0HQVFKKHLW 

;,,*(5,&+781'/b87(581*'(50(16&++(,7 

.DSLWHO 'LH=HLWGHV*HULFKWVLVWGD 


'LH(UQWHGHU)UFKWHPHQVFKOLFKHU6DDW 
/lXWHUXQJGHU0HQVFKKHLWLP*HULFKW 
'LH/LHEH*RWWHVLP*HULFKW 

.DSLWHO .DPSIGHU:HOWDQVFKDXXQJHQ5HOLJLRQHQXQG.LUFKHQ  


*HLVWLJH.lPSIHYRUGHP)ULHGHQVUHLFK&KULVWLDXI(UGHQ 
'DV5LQJHQXPGLHJHLVWLJH9RUKHUUVFKDIWDXI(UGHQ  
'LH%HNlPSIXQJGHU*HLVWOHKUH  
'LH,JQRULHUXQJRGHU%HNlPSIXQJYRQ*HLVWNXQGJDEHQXQG*HLVWKHLOXQJHQ

.DSLWHO 5HLQLJXQJYRQ(UGHXQG0HQVFKKHLWLP*HULFKW 


'LHZDUQHQGH6WLPPH*RWWHVXQGGHU1DWXUYRUGHP5HLQLJXQJVJHULFKW  
'LH0DFKWXQG+HUUVFKDIWGHV%|VHQZLUGJHEURFKHQ 
$SRNDO\SWLVFKH.ULHJH6HXFKHQ3ODJHQXQG=HUVW|UXQJHQ 
1DWXU XQG(UGNDWDVWURSKHQ 
'LH/LHEHVJHUHFKWLJNHLWXQGGDV(UEDUPHQ*RWWHV  
'LH:LUNXQJGHV*HULFKWV  

;,,,:$1'/81*81'92//(1'81*921:(/781'6&+g3)81* 

.DSLWHO 6LHJXQG$QHUNHQQXQJGHV*HLVWZHUNHV&KULVWL 


'LH9HUEUHLWXQJGHU*HLVWOHKUHGXUFK*RWWJHVDQGWH  
'HU.DPSIXPGLH$QHUNHQQXQJGHVQHXHQ:RUWHV  
'LH0DFKWGHU/HKUHGHV+HLOLJHQ*HLVWHV 
'LH(UNHQQWQLVGHU:LHGHUNXQIW&KULVWLLQDOOHU:HOW  

.DSLWHO 8PNHKUXQG:DQGHODXIDOOHQ*HELHWHQ  


1HXHXQGWLHIHUH(UNHQQWQLVVH  
$XINOlUXQJGXUFKJRWWJHVDQGWH0HQVFKHQ 
'LH:DQGOXQJGHV0HQVFKHQ  
9HUlQGHUXQJHQXQG8PZlO]XQJHQLQDOOHQ/HEHQVEHUHLFKHQ 

.DSLWHO )ULHGHQVUHLFK&KULVWLXQG9ROOHQGXQJGHU6FK|SIXQJ 


'LHEHVWLPPHQGH0DFKWLP)ULHGHQVUHLFK&KULVWL  
'HUQHXH0HQVFK 
'LH(UGHDOV/DQGGHU9HUKHLXQJXQG$EJODQ]GHV+LPPHOUHLFKHV  
'LH9ROOHQGXQJGHU6FK|SIXQJ  
/REJHVDQJGHUZLHGHUKHUJHVWHOOWHQ6FK|SIXQJVKDUPRQLH 

;,9'(50,66,216$8)75$* 

.DSLWHO $XIWUDJ]XU9HUEUHLWXQJGHVQHXHQ*RWWHVZRUWHV 


$QZHLVXQJ]XU+HUVWHOOXQJYRQ%XFKElQGHQ$XV]XJVDXVJDEHQXQGhEHUVHW]XQJHQ
'DV$QUHFKWDXI.HQQHQOHUQHQGHVQHXHQ*RWWHVZRUWHV
$QZHLVXQJHQIUGLH9HUEUHLWXQJGHU*HLVWOHKUH  

.DSLWHO :LUNHQLP*HLVWH&KULVWL
1RWZHQGLJH(LJHQVFKDIWHQ7XJHQGHQXQG)lKLJNHLWHQGHUQHXHQ-QJHU  
'LHULFKWLJH9HUKDOWHQVZHLVHEHLGHU:HLWHUJDEHGHV:RUWHV 
'LHUHFKWH$UWGHU:RUWYHUNQGLJXQJ 
$XIWUDJ]XU7U|VWXQJXQG+HLOXQJYRQN|USHUOLFKXQGVHHOLVFK/HLGHQGHQ 
'HU=HLWSXQNWGHV$XIEUXFKV]XUZHOWZHLWHQ0LVVLRQ 

;9(50$+181*(1:$5181*(1817(5:(,681*(1 

.DSLWHO (UPDKQXQJHQXQG:DUQXQJHQGHV+HUUQ  


*HERWHXQG$XIWUlJH 
*ODXEH+RIIQXQJ/LHEH'HPXW=XYHUVLFKW  
*HEHW6WXGLXP:DFKVDPNHLW(UQHXHUXQJXQG9HUJHLVWLJXQJ 
$QGLH2IIHQEDUXQJVJHPHLQGHQJHULFKWHWH:DUQXQJHQ 
:DUQXQJYRU)RUWVHW]XQJGHU.XQGJDEHQQDFKXQGIDOVFKHQ&KULVWXVNXQGJDEHQ

8QWXJHQGHQ+HXFKHOHL/DVWHUKDIWLJNHLW 
)DOVFKH%XHQXQGIDOVFKH(UZDUWXQJHQ
:DUQXQJDQGLH9|ONHUXQGGLH0lFKWLJHQGHU(UGH  

.DSLWHO :RUWHIUGLHDQZHVHQGHQ=XK|UHU  

.DSLWHO 8QWHUZHLVXQJHQIUGLH*HPHLQGHQXQGDOOH-QJHU&KULVWL 


'DV*HLVWZHUN&KULVWL
'DV*HLVWLJH,VUDHOXQGGDVMGLVFKH9RON 
-QJHUVFKDIWXQG6SLULWXDOLWlW  
(QWZLFNOXQJ 
/lXWHUXQJXQG9HUYROONRPPQXQJ 
'LHVVHLWVXQGMHQVHLWVGHV,UGLVFKHQ
2IIHQEDUXQJHQGHV*|WWOLFKHQ  
'HU0HQVFKXQGVHLQH%HVWLPPXQJ 
8QWXJHQGHQ9HUIHKOXQJHQ9HULUUXQJHQ 
/lXWHUXQJXQG9HUJHLVWLJXQJGHU0HQVFKKHLW  

;9,3523+(=(,81*(181'*/(,&+1,66(7526781'9(5+(,81* 

.DSLWHO 3URSKH]HLXQJHQ  


'LH(UIOOXQJDOWHUXQGQHXHU3URSKH]HLXQJHQ  
*URH9|ONHU3URSKH]HLXQJYRP-DQXDUJHJHQ(QGHGHV=ZHLWHQ:HOWNULHJHV

.ULHJHXQG1DWXUNDWDVWURSKHQ =HLFKHQDP+LPPHO 
3URSKH]HLXQJEHUGLH6SDOWXQJGHUPH[LNDQLVFKHQ*HPHLQGHQ 

.DSLWHO *OHLFKQLVVH 


*OHLFKQLVYRQGHQVFKOHFKWHQ+DXVYHUZDOWHUQ  
*OHLFKQLVYRQGHU:VWHQGXUFKTXHUXQJELV]XU*URHQ6WDGW 
*OHLFKQLVYRQGHU*URPXWHLQHV.|QLJV


.DSLWHO :RUWHGHV7URVWHVXQGGHU9HUKHLXQJ  
6HOLJSUHLVXQJHQXQG6HJQXQJHQ 
(UPXWLJXQJHQ]XU$XIZlUWVHQWZLFNOXQJ

'(558)*277(6 
$XIUXIDQGLH0HQVFKHQGLHVHU=HLW 
$XIUXIDQGLH,QWHOOHNWXHOOHQ 
$XIUXIDQGLH0KVHOLJHQXQG%HODGHQHQ 
$XIUXIDQGDV*HLVWLJH,VUDHO  


925:257
'DV YRUOLHJHQGH %XFK HQWKlOW HLQH ]XVDPPHQIDVVHQGH $XVZDKO YRQ 7H[WVWHOOHQ DXV GHQ 
6DPPHOElQGHQPLW*|WWOLFKHQ.XQGJDEHQGLHXQWHUGHP7LWHO/LEURGHOD9LGD9HUGDGHUD
]ZLVFKHQ  XQG  LQ 0H[LNR HUVFKLHQHQ VLQG ,Q GLHVHQ .XQGJDEHQ RGHU
8QWHUZHLVXQJHQRIIHQEDUWHVLFK *RWWDOV6FK|SIHU5LFKWHUXQG9DWHUXQG&KULVWXVDOV6HLQ
:RUWXQGDOV*|WWOLFKHU0HLVWHUGHU:HLVKHLWDXV*RWWLQGHU(LQKHLWGHV+HLOLJHQ*HLVWHVPLW
,KP

(VZDUNHLQHOHLFKWH$XIJDEHDXVGHUJURHQ)OOHYRQ8QWHUZHLVXQJVWH[WHQMHQH]XILQGHQ
XQG DXV]XZlKOHQ GLH IU HLQH QDFK 7KHPHQ JHRUGQHWH $XV]XJVDXVJDEH LQKDOWOLFK XQG
VSUDFKOLFK DP JHHLJQHWVWHQ XQG IU GLH MHZHLOLJHQ 7KHPHQ XQHUOlOLFK ZDUHQ KLQVLFKWOLFK
HLQHU P|JOLFKVW XPIDVVHQGHQ 'DUVWHOOXQJ GHUVHOEHQ $XFK ]HLJWH VLFK GLH 1RWZHQGLJNHLW
PDQFKPDOXPHLQHUEHVWLPPWHQ$XVVDJHLQHLQHP9HUVGHU2ULJLQDODXVJDEHZLOOHQPHKUHUH
VLQQJHPl ]XJHK|ULJH 9HUVH LQ GDV GHXWVFKH .RPSHQGLXP PLW DXI]XQHKPHQ %HL DQGHUHQ
7H[WVWHOOHQ HUJDE VLFK GLH 1RWZHQGLJNHLW QXU HLQHQ 7HLO HLQHV JU|HUHQ 2ULJLQDOYHUVHV PLW
XQWHUVFKLHGOLFKHQ 7KHPHQLQKDOWHQ DXI]XQHKPHQ ,Q GLHVHQ )lOOHQ ZXUGH GHU LQ .ODPPHUQ
DQJHJHEHQHQ8QWHUZHLVXQJV XQG9HUVQXPPHUGHUEHWUHIIHQGHQ7H[WVWHOOHLQGHQVSDQLVFKHQ
6DPPHOElQGHQQRFKHLQ.OHLQEXFKVWDEH]XU.HQQ]HLFKQXQJKLQ]XJHIJWRIUREHQP
IU0LWWHXIUXQWHQ

%HL GHU hEHUVHW]XQJ GHV VSDQLVFKHQ 2ULJLQDOWH[WHV GHU .XQGJDEHQ LQV 'HXWVFKH ZDU GLH
JHQDXH :LHGHUJDEH GHV 6LQQJHKDOWHV REHUVWHV 3ULQ]LS GD GLHVHU GLH (VVHQ] GHV *|WWOLFKHQ
:RUWHV GDUVWHOOW :R LPPHU HV P|JOLFK ZDU ZXUGH DXFK GHU VSDQLVFKH :RUWODXW P|JOLFKVW
ZRUWJHWUHX ZLHGHUJHJHEHQ VR GDVV ]XZHLOHQ HWZDV HLJHQWPOLFKH XQG XQJHZRKQWH :RUWH
%HJULIIH XQG $XVGUXFNVZHLVHQ LQ GLHVHQ 7H[WHQ YRUNRPPHQ ,Q PDQFKHQ )lOOHQ ZDU GDKHU
]XU QlKHUHQ (UOlXWHUXQJ HLQH )XQRWH HUIRUGHUOLFK *UXQGVlW]OLFK ZXUGH DEHU DXFK DXI HLQH
JHIlOOLJHXQGYHUVWlQGOLFKHGHXWVFKH$XVGUXFNVZHLVH:HUWJHOHJWXQGGDKHURIWPDOVDXIHLQH
Z|UWOLFKHhEHUVHW]XQJYHU]LFKWHWZHQQHLQHVROFKHVSUDFKOLFKXQVFK|QJHZHVHQZlUHXQGGHU
6LQQJHKDOW GHU EHWUHIIHQGHQ 7H[WVWHOOH RKQH %HHLQWUlFKWLJXQJ DXFK LQ JXWHP 'HXWVFK
DXVJHGUFNWZHUGHQNRQQWH

2EZRKO GLH 6WLPPWUlJHU LQ HLQHP =XVWDQG GHU 9HU]FNXQJ QLFKW EHZXVVW DQ GHU
)RUPXOLHUXQJ GHU .XQGJDEHQ EHWHLOLJW ZDUHQ XQG VLH GDEHL QXU LKU PHKU RGHU ZHQLJHU
HQWZLFNHOWHV 6SUDFK XQG %HJULIIELOGXQJVYHUP|JHQ DOV :HUN]HXJ IU GLH *|WWOLFKH
.XQGJHEXQJ ]XU 9HUIJXQJ VWHOOWHQ XQG REZRKO GLH :RUWJHZDOW GHU .XQGJDEHQ GHUHQ
QRUPDOH $XVGUXFNVIlKLJNHLW ZHLW EHUVWLHJ ZDU GLH VSUDFKOLFKH .ODUKHLW XQG
$XVGUXFNVP|JOLFKNHLWGHU.XQGJDEHQGRFKDXFKYRQGHUJHLVWLJVHHOLVFKHQ9RUEHUHLWXQJGHV
MHZHLOLJHQ:RUWEHUPLWWOHUVDEKlQJLJ

(LQ 3UREOHP EHVRQGHUHU $UW VWHOOWH GLH VLQQJHPl ULFKWLJH hEHUVHW]XQJ KLQVLFKWOLFK GHU
%HJULIIH *HLVW XQG 6HHOH GDU GD LQ GHQ VSDQLVFKHQ $XVJDEHQ GLH %HJULIIH DOPD RGHU
DQLPD IU 6HHOH Y|OOLJ IHKOHQ XQG GDIU JOHLFKIDOOV GDV :RUW IU *HLVW  HVSLULWX
YHUZHQGHW ZLUG ,Q PDQFKHQ )lOOHQ ILHO DOVR GLH (QWVFKHLGXQJ RE HVSLULWX LQ VHLQHP
XUVSUQJOLFKHQ6LQQDOV*HLVWRGHUPLW6HHOH]XEHUVHW]HQZDUUHFKWVFKZHUXQGPXVVWH
QDFK EHVWHP :LVVHQ XQG *HZLVVHQ JHWURIIHQ ZHUGHQ 'HU *UXQG IU GLHVH WHLOZHLVH
YHUZHFKVHOWHQ :RUWYHUZHQGXQJHQ ODJ QLFKW HWZD DQ GHQ *|WWOLFKHQ .XQGJDEHQ VHOEVW
VRQGHUQDQGHQ6SUDFKJHZRKQKHLWHQGHU:RUWEHUPLWWOHUXQGHLQHU)HKOHQWVFKHLGXQJEHLGHU
VSlWHUHQ =XVDPPHQVWHOOXQJ XQG HUVWHQ 9HU|IIHQWOLFKXQJ GHV %XFK GHV ZDKUHQ /HEHQV LQ
0H[LNR


'DV YRUOLHJHQGH QDFK 7KHPHQ JHJOLHGHUWH .RPSHQGLXP VROO GHP LQWHUHVVLHUWHQ /HVHU XQG
DOOHQ QDFK (UNHQQWQLV XQG :DKUKHLW VWUHEHQGHQ 0HQVFKHQ GD]X GLHQHQ VLFK HLQHQ
XPIDVVHQGHQ hEHUEOLFN GDUEHU ]X YHUVFKDIIHQ ZDV GHU *RWWHVJHLVW LP 9HUODXI ]DKOUHLFKHU
.XQGJHEXQJHQLQ0H[LNRYRU(QGHGHV-DKUHVGKLQGHU=HLWYRQELVDOV
QHXH%RWVFKDIWXQG8QWHUZHLVXQJIUGLH0HQVFKKHLWJHRIIHQEDUWKDW9RUDOOHPDEHUKDWHV
GLH$XIJDEHGDV JUQGOLFKH6WXGLXPXQGGLH9HUWLHIXQJLQGLH /HKUHGHV*HLVWHVGDVQHXH
*RWWHVZRUW]XHUOHLFKWHUQXQG]XI|UGHUQ

'XUFK GHQ EHUVLFKWOLFKHQ 7KHPHQDXIEDX LVW DQKDQG GHV ,QKDOWVYHU]HLFKQLVVHV HLQ VFKQHOOHV
$XIILQGHQGHU7KHPHQXQG7H[WVWHOOHQP|JOLFKGLHGHQ/HVHUJHUDGHEHVFKlIWLJHQRGHUGLHHU
IU GLH $XVHLQDQGHUVHW]XQJ PLW $QGHUVGHQNHQGHQ RGHU IU GLH (U|UWHUXQJ PLW
*HLVWJHVFKZLVWHUQEHQ|WLJW

'HU $XIWUDJ XQG GLH %HUHFKWLJXQJ ]XU (UVWHOOXQJ GLHVHV .RPSHQGLXPV LQ GLHVHU )RUP XQG
PLW GLHVHP 7LWHO ZXUGH YRQ &KULVWXV VHOEVW LQ VHLQHP QHXHQ :RUW JHJHEHQ 'LH HLQ]HOQHQ
%XFKNDSLWHO EHKDQGHOQ MHZHLOV HLQ 7KHPD DXHU .DS   XQG VLQG DXFK RKQH .HQQWQLV
GHUYRUDQJHJDQJHQHQ.DSLWHOIUGHQGDUDQEHVRQGHUV,QWHUHVVLHUWHQYHUVWlQGOLFK'HQQRFKLVW
IU GDV YROOVWlQGLJH (UIDVVHQ GHU *HLVWOHKUH HLQ V\VWHPDWLVFKHV 6WXGLXP GHV :HUNHV YRP
HUVWHQELV]XPOHW]WHQ.DSLWHOHPSIHKOHQVZHUWXQGHUIRUGHUOLFK

)UGLHWlJOLFKH(UEDXXQJXQG:HJZHLVXQJHLJQHQVLFKEHVRQGHUVGLH.DSLWHO  


                ZREHL EHVRQGHUV DXFK DXI GLH YROOVWlQGLJHQ
8QWHUZHLVXQJHQLQGHQGHXWVFKHQhEHUVHW]XQJVDXVJDEHQGHUHLQ]HOQHQ%lQGHGHV%XFKGHV
:DKUHQ /HEHQV KLQJHZLHVHQ VHL GLH EHU GHQ %XFKKDQGHO HUKlOWOLFK VLQG $XV LKQHQ NDQQ
GHU LQWHUHVVLHUWH /HVHU RGHU *OlXELJH HLQHQ (LQGUXFN GDYRQ JHZLQQHQ ZLH GLH *|WWOLFKHQ
.XQGJDEHQ DOV *DQ]HV HUIROJW VLQG XQG NDQQ EHLP /HVHQ GHUVHOEHQ HEHQVR ZLH DXV GLHVHP
'ULWWHQ7HVWDPHQWWLHIH%HJOFNXQJXQG(UOHXFKWXQJIU*HLVWXQG+HU]HUIDKUHQ0|JHGLHV
DOOHQ0HQVFKHQJXWHQ:LOOHQV]XWHLOZHUGHQ

'HU+HUDXVJHEHU


(,1)h+581*
'LHPHLVWHQ&KULVWHQZHOFKHU .RQIHVVLRQRGHU *ODXEHQVJUXSSHVLHDXFKDQJHK|UHQP|JHQ
ZHUGHQGHQ7LWHOGLHVHV%XFKHV'DV'ULWWH7HVWDPHQWDOV$QPDXQJHPSILQGHQGDGLHVHV
1HXRIIHQEDUXQJV:HUN GDPLW DXI HLQH 6WXIH PLW GHP LKQHQ EHNDQQWHQ $OWHQ XQG 1HXHQ
7HVWDPHQW GHU %LEHO JHVWHOOW ZLUG GLH DOV +HLOLJH 6FKULIW XQG *UXQGODJH LKUHV *ODXEHQV IU
DEJHVFKORVVHQXQGNHLQHU)RUWVHW]XQJXQG(UZHLWHUXQJEHGUIWLJEHWUDFKWHWZLUG

'HP ZLUNOLFK %LEHONXQGLJHQ ZLUG MHGRFK EHNDQQW VHLQ GDVV GLHVH WUDGLWLRQHOOH (LQVWHOOXQJ
NHLQH%DVLVLQGHQPDJHEOLFKHQ/HKUHQ-HVXKDWZLHVLHXQVLQGHQ(YDQJHOLHQGHV1HXHQ
7HVWDPHQWHV EHUOLHIHUW VLQG *DQ] LP *HJHQWHLO -HVXV KDW LQ VHLQHQ $EVFKLHGVUHGHQ
PHKUIDFK YRQ VHLQHU :LHGHUNXQIW XQG LP =XVDPPHQKDQJ GDPLW YRP *HLVW GHU :DKUKHLW
GHP 7U|VWHUJHLVW GHP +HLOLJHQ *HLVW JHVSURFKHQ GHU GDQQ LQ DOOH :DKUKHLW HLQIKUHQ
ZLUG

'HU$SRVWHO3DXOXVKDWVHLQHhEHU]HXJXQJYRQHLQHUJURHQNRPPHQGHQ*RWWHVRIIHQEDUXQJ
LQGHU9ROOHQGXQJGHU=HLWHQPLWGHQ:RUWHQDXVJHGUFNW-HW]WHUNHQQHLFKHVVWFNZHLVH
GDQQDEHUZHUGHLFKHUNHQQHQJOHLFKZLHLFKHUNDQQWELQ .RU 

'LHVH(LQIKUXQJZLOOGHPJOlXELJHQ&KULVWHQXQGGDUEHUKLQDXVDOOHQLQWHUHVVLHUWHQ/HVHUQ
GLHVHV %XFKHV HLQH ZDKUKHLWVJHWUHXH .HQQWQLV YRQ VHLQHU (QWVWHKXQJ YHUPLWWHOQ XQG LQ
ZHOFKHU :HLVH XQG XQWHU ZHOFKHQ lXHUHQ 8PVWlQGHQ GLH 9HUKHLXQJ -HVX YRQ VHLQHU
:LHGHUNXQIW LQ (UIOOXQJ JLQJ GD WURW] GHU LQ GHQ .XQGJDEHQ VHOEVW HQWKDOWHQHQ $XVVDJHQ
GDUEHU PDQFKH )UDJHQ RIIHQ EOHLEHQ ZUGHQ XQG $QODVV ]X =ZHLIHOQ XQG IDOVFKHQ
9RUVWHOOXQJHQ JHEHQ N|QQWHQ $XFK VROO GLHVH (LQIKUXQJ GDV 9HUVWHKHQ GHVVHQ HUOHLFKWHUQ
ZDV GHU *RWWHVJHLVW EHL VHLQHU QHXHQ 2IIHQEDUXQJ DOV VHLQ 'ULWWHV 7HVWDPHQW IU GLH
0HQVFKKHLWKLQWHUOLH

:LHMHGHU/HVHUGLHVHVQHXHQ*RWWHVZRUWHVVHOEVWIHVWVWHOOHQNDQQVWUDKOWHVK|FKVWH$XWRULWlW
:HLVKHLWXQG/LHEHDXV(VLVWGLH(UIOOXQJGHU9HUKHLXQJ-HVXYRQVHLQHU:LHGHUNXQIWLQ
GHU :RONH /XNDV    ZDV  LQ GHU 6SUDFKH GHV *HLVWHV V\PEROLVFK DXVJHGUFNW 
EHGHXWHWLQJHLVWLJHU:HLVH6RPLWLVWGLHV'ULWWH7HVWDPHQW*RWWHVDOVWKHPDWLVFKJHJOLHGHUWH
=XVDPPHQIDVVXQJ GHU *|WWOLFKHQ .XQGJDEHQ LQ 0H[LNR HLQ ZDKUKHLWVJHWUHXHV =HXJQLV YRQ
GHU :LHGHUNXQIW &KULVWL LP *HLVWH HV LVW VHLQH ]HLWJHPlH %RWVFKDIW XQG /HKUH IU GLH
0HQVFKKHLWLQNRQ]HQWULHUWHU)RUP

'LHVHV :RUW VROO GHP 0HQVFKHQ YRQ KHXWH HLQH JHLVWLJH 2ULHQWLHUXQJVKLOIH VHLQ XQG LKQ ]X
HLQHP EHVVHUHQ XQG WLHIHUHQ 9HUVWHKHQ *RWWHV VHLQHU VHOEVW GHV 6LQQHV VHLQHV 'DVHLQV DXI
(UGHQ XQG GHU *HVFKHKQLVVH EULQJHQ GLH LKP LQ VHLQHP SHUV|QOLFKHQ /HEHQ ZLGHUIDKUHQ
VRZLH GHU (UHLJQLVVH XQG 9HUlQGHUXQJHQ GLH GHQ $QEUXFK GHV =HLWDOWHUV GHV +HLOLJHQ
*HLVWHVQRWZHQGLJHUZHLVHEHJOHLWHQ

9RQGLHVHU=HLWVSUDFKEHUHLWVGHUPLWWHODOWHUOLFKH$EW-RDFKLPYRQ)LRUHXQGPDQFKHDQGHUH
QDFKLKP(VLVWGDVNRPPHQGH)ULHGHQVUHLFK&KULVWLDXI(UGHQGHU0HQVFKKHLWVHLWGHU=HLW
GHU3URSKHWHQYHUKHLHQ

0LW GHU JHLVWLJHQ :LHGHUNXQIW &KULVWL LP :RUWH LVW GLHVHV =HLWDOWHU GHV *HLVWHV XQG GHU
9HUJHLVWLJXQJ GHV 0HQVFKHQ EHUHLWV DQJHEURFKHQ XQG &KULVWXV KDW PLW VHLQHP QHXHQ
/LHEHVZRUWGHQ:HJGDKLQJHZLHVHQ


'DV ]HQWUDOH *HVFKHKHQ LQ GHU :LHGHUNXQIW &KULVWL LVW HQWJHJHQ DOOHQ (UZDUWXQJHQ GHU
&KULVWHQKHLWQLFKWV=XNQIWLJHVVRQGHUQEHUHLWV*HVFKLFKWH(VYROO]RJVLFKLP=HLWUDXPYRQ
 ELV  LQ DOOHU 6WLOOH YRQ GHU *URHQ :HOW XQG GHU &KULVWHQKHLW XQEHPHUNW XQG
XQEHDFKWHW 1LFKW LP =HQWUXP GHU DEHQGOlQGLVFKHQ &KULVWHQKHLW LQ 5RP RGHU LP =HQWUXP
RUWKRGR[HU)U|PPLJNHLWDXIGHP%HUJH$WKRVRGHUZLHYRQYLHOHQHUZDUWHWLPDOWHQMGLVFK
FKULVWOLFKHQ-HUXVDOHPRGHULP8PIHOGSURWHVWDQWLVFKHU7KHRORJLHXQG5HOLJLRQVSKLORVRSKLH
VRQGHUQ LQHLQHP /DQG GHUVRJHQDQQWHQ'ULWWHQ:HOWLQ0H[LNR8QGDXFKGRUWQLFKWHWZD
LQQHUKDOE GHU GRPLQLHUHQGHQ NDWKROLVFKHQ .LUFKH LQ 0DFKW XQG 3UDFKW VRQGHUQ LQ HLQHP
0LOLHX GHU $UPXW XQG %HGHXWXQJVORVLJNHLW XQWHU GHP HLQIDFKHQ XQJHELOGHWHQ 9RON LQ GHQ
9RURUWHQRGHU5DQGEH]LUNHQYRQ0H[LNR&LW\XQGYRQGRUWEHUGDV/DQGDXVVWUDKOHQGXQG
VLFKYHUEUHLWHQG:HUKlWWHGDVHUZDUWHW"

'LH :LHGHUNXQIW &KULVWL ZXUGH :LUNOLFKNHLW LQ )RUP YRQ JHLVWLJ HPSIDQJHQHQ .XQGJDEHQ
&KULVWL GXUFK YRQ ,KP HUZlKOWH 0HQVFKHQ LP =XVWDQG GHU 9HU]FNXQJ LQQHUKDOE QHX
JHJUQGHWHUFKDULVPDWLVFKHUFKULVWOLFKVSLULWXDOLVWLVFKHU*HPHLQGHQRGHU%UXGHUVFKDIWHQ

(LQ JURHU 7HLO GLHVHU .XQGJDEHQ ZXUGH LQ GHQ OHW]WHQ -DKUHQ YRU  VWHQRJUDSKLVFK
IHVWJHKDOWHQ QLHGHUJHVFKULHEHQ XQG VSlWHU LQ  6DPPHOElQGHQ PLW GHP 7LWHO /LEUR GH OD
9LGD 9HUGDGHUD YHU|IIHQWOLFKW ]X GHXWVFK %XFK GHV :DKUHQ /HEHQV ,Q GLHVHQ OHW]WHQ
-DKUHQ ZXUGHQ DOOH IUKHUHQ 8QWHUZHLVXQJHQ LQ HUZHLWHUWHU XQG YHUWLHIWHU )RUP ZLHGHUKROW
'DV YRUOLHJHQGH %XFK HQWKlOW HLQH VRUJIlOWLJH 7H[WDXVZDKO DXV GLHVHP :HUN ]X DOOHQ GDULQ
YRUNRPPHQGHQ7KHPHQ

'LHVH 6DPPOXQJ YRQ 8QWHUZHLVXQJHQ &KULVWL VRZLH WKHPDWLVFK JHJOLHGHUWH $XV]JH GDUDXV
ZDUHQYRP+HUUQYRQ$QIDQJDQYRUJHVHKHQDOV6HLQ'ULWWHV7HVWDPHQWIUGLH0HQVFKKHLW
EHVRQGHUVIUGLH&KULVWHQKHLW'LH:DKUKHLWGLHVHUVFKZHUZLHJHQGHQ$XVVDJHVROOGHP/HVHU
GXUFKGLHVH(LQIKUXQJYHUGHXWOLFKWZHUGHQ

'LH (UZlKOXQJ 0H[LNRV DOV GDV IU GLH :LHGHUNXQIW &KULVWL LP :RUW EHVWLPPWH /DQG KDW
QDFKGHP:RUWGHV+HUUQVHLQHQ*UXQG GDULQGDVVGLHLQGLDQLVFKHQ9RUIDKUHQGHUKHXWLJHQ
%HZRKQHU LQ 6HLQHP 1DPHQ JHPDUWHUW XQG JHZDOWVDP FKULVWLDQLVLHUW ZXUGHQ YRQ GHQ
VSDQLVFKHQ(UREHUHUQ=XPDQGHUHQKDEHQGLHVH9|ONHUXQGLKUHKHXWLJHQ1DFKIDKUHQGXUFK
GLH MDKUKXQGHUWHODQJH 8QWHUGUFNXQJ XQG .QHFKWVFKDIW PHKU EUGHUOLFKHQ *HLVW
0LWPHQVFKOLFKNHLW +HU]HQVGHPXW XQG 'XOGVDPNHLW HQWZLFNHOW DOV DQGHUH 9|ONHU GHU (UGH
]XPDOGLHHXURSlLVFKHQ'DKHUZXUGHQDXFKYLHOHUHLIHUH6HHOHQDXVGHPDOWHQDXVHUZlKOWHQ
9RON ,VUDHO LQ GHU *HJHQZDUW LP PH[LNDQLVFKHQ 9RONH JHERUHQ XQG ZDUHQ =HXJHQ GHU
(UIOOXQJGHUGHP*HLVWLJHQ,VUDHOJHJHEHQHQ9HUKHLXQJHQ

$XFKGLH*HEXUW-HVXGDVHUVWH.RPPHQ&KULVWL]XU:HOWJHVFKDKQLFKWLQGHQ0DFKW XQG
=LYLOLVDWLRQV]HQWUHQ 5RPV RGHU *ULHFKHQODQGV QLFKW HLQPDO LP MGLVFKHQ .XOWXU]HQWUXP
-HUXVDOHP VRQGHUQ DEVHLWV XQWHU DUPVHOLJHQ 8PVWlQGHQ XQG -HVX +HLPDW XQG
+DXSWZLUNXQJVJHELHW ZDU GDV YRQ GHQ -HUXVDOHPHU -XGHQ YHUDFKWHWH *DOLOlD 'D]X PHLQWHQ
GLH6FKULIWJHOHKUWHQYRQ HLQVWLP*HIKOGHUhEHUOHJHQKHLW :DVNDQQ YRQ1D]DUHWKVFKRQ
*XWHVNRPPHQ"'LH7KHRORJHQYRQKHXWHVROOWHQQLFKWGHQVHOEHQ,UUWXPXQG)HKOHUEHJHKHQ
XQGDXVHLQHPLQWHOOHNWXHOOHQhEHUOHJHQKHLWVJHIKOKHUDXVLQVJHKHLPGHQNHQ:DVNDQQYRQ
0H[LNRVFKRQ*XWHVXQG*URHVNRPPHQ"

:HOFKH *UQGH VSUHFKHQ GDIU GDVV GLH GRUWLJHQ JHLVWLJHQ .XQGJHEXQJHQ ZLUNOLFK
J|WWOLFKHQ8UVSUXQJVVLQG"9RUDOOHPGLH.XQGJDEHQVHOEVWGLHXQYHUNHQQEDUYRP*HLVWXQG
GHU *HVLQQXQJ &KULVWL XQG GHU /LHEH XQG %DUPKHU]LJNHLW GHV +LPPOLVFKHQ 9DWHUV
GXUFKGUXQJHQ VLQG :HOFKHV 0HQVFKHQKHU] VROOWH GDYRQ XQEHUKUW EOHLEHQ" $XFK GLH


:HLVKHLW XQG GLH 7LHIJUQGLJNHLW GHU *HGDQNHQ 2IIHQEDUXQJHQ (UPDKQXQJHQ XQG
8QWHUZHLVXQJHQOHJHQHLQEHUHGWHV=HXJQLVYRQLKUHP8UKHEHUDE:HOFKHU7UXJJHLVWVROOWH
LPVWDQGH VHLQ DOO GLHV PLW ILQVWHUHQ $EVLFKWHQ QXU YRU]XWlXVFKHQ" :RULQ VROOWHQ GLHVH
EHVWHKHQ GD GLHVH 8QWHUZHLVXQJHQ GHU %HVVHUXQJ (QWZLFNOXQJ XQG 9HUHGOXQJ GHV
0HQVFKHQJHVFKOHFKWHVQXUGLHQOLFKVHLQN|QQHQ"

$OVZHLWHUHU*UXQGGHUIUGLH(FKWKHLWGLHVHU.XQGJDEHQDOV QHXHV:RUW*RWWHVVSULFKWLVW
GHU 8PVWDQG ]X EHWUDFKWHQ GDVV GLHVH EHU HLQHQ VR ODQJHQ =HLWUDXP XQG GXUFK VR YLHOH
YHUVFKLHGHQH hEHUPLWWOHU XQG .XQGJHEXQJVRUWH HUIROJW VLQG XQG GRFK LKUHP *HLVW XQG
&KDUDNWHU QDFK HLQ HLQKHLWOLFKHV *HSUlJH KDEHQ XQG GHXWOLFK DXI HLQH HLQ]LJH
2IIHQEDUXQJVTXHOOH KLQZHLVHQ :HOFKH GXQNOH 0DFKW VROOWH LQ GHU /DJH VHLQ VR HWZDV LQ
HLQHPJDQ]HQ/DQGMDKU]HKQWHODQJDOVYHUIKUHULVFKHV*DXNHOVSLHO]XYHUDQVWDOWHQ *RWW]XP
+RKQH"'DVLVWHLQIDFKXQP|JOLFKXQGZUGH*RWWDOVOLHEHQGHU9DWHUVHLQHU0HQVFKHQNLQGHU
XQGREHUVWHU/HQNHULUGLVFKHU*HVFKLFNHQLHPDOV]XODVVHQ

:HLWHUH VFKZHUZLHJHQGH *UQGH IU GLH :DKUKDIWLJNHLW GLHVHU .XQGJDEHQ DOV =HXJQLV GHU
JHLVWLJHQ :LHGHUNXQIW &KULVWL LP :RUW VLQG GLH hEHUHLQVWLPPXQJHQ ]ZLVFKHQ GHQ
9HUKHLXQJHQ -HVX EHU VHLQH :LHGHUNXQIW XQG GHUHQ =HLFKHQ XQG GHP *HVFKHKHQ LQ
0H[LNR ZlKUHQG HLQHV =HLWUDXPV ZHOWEHZHJHQGHU XQG YHUlQGHUQGHU (UHLJQLVVH PLW ]ZHL
:HOWNULHJHQ+LHU]XVHLDXIGLH(LQIKUXQJLQ%DQG,GHV%XFKGHV:DKUHQ/HEHQVPLWGHP
7LWHO'LH:LHGHUNXQIW&KULVWLLP6SLHJHOELEOLVFKHU9HUKHLXQJHQKLQJHZLHVHQHEHQVRDXI
GLH6WXGLHYRQ(UQHVWR(QNHUOLQPLWGHP7LWHO*RWWHV*HLVWHVZHUNEHLGHVLP5HLFKO9HUODJ
HUVFKLHQHQ

(LQEHGHXWHQGHV=HXJQLVIUGLH:HOWUHJLRQXQGGDPLWDXFKIU0H[LNRDOV2UWGHU*HLVWLJHQ
:LHGHUNXQIW &KULVWL ZXUGH GHU &KULVWHQKHLW LP  -DKUKXQGHUW GXUFK GHQ VR EH]HLFKQHWHQ
6FKUHLENQHFKW *RWWHV -DNRE /RUEHU JHJHEHQ $Q HLQHU 6WHOOH VHLQHV JURHQ
1HXRIIHQEDUXQJV:HUNHVVSULFKW-HVXVGDYRQGDVVVHLQHJHLVWLJH:LHGHUNXQIWLQHLQHP/DQG
MHQVHLWVGHVJURHQ:HOWPHHUHVDOVRGHV$WODQWLNJHVFKHKHQZHUGH6ROOWHGLHVIUGLHDQGLH
2IIHQEDUXQJHQ GXUFK /RUEHU *OlXELJHQ XQG DOOH JHLVWLJ ZDFKHQ &KULVWHQ QLFKW $QOD GD]X
VHLQ VLFK ]X IUDJHQ RE GLHVH 3URSKH]HLXQJ QLFKW EHUHLWV LQ (UIOOXQJ JHJDQJHQ LVW XQG
QDFK]XIRUVFKHQRELQHLQHPGHU/lQGHUGHVDPHULNDQLVFKHQ.RQWLQHQWVHWZDVJHVFKHKHQLVW
GDVGLHVHQ$QVSUXFKHUKHEWXQGLKPDXFKJHUHFKWZLUG"'HU%HXUWHLOXQJVPDVWDEGDIUVROOWH
DEHUQLFKWQXUGLH*U|HGHVRIIHQEDUWHQ6FK|SIXQJVZLVVHQVVHLQVRQGHUQYRUDOOHPGLH]XP
$XVGUXFNNRPPHQGH*|WWOLFKH/LHEHXQG:HLVKHLW

(LQ VROFKHV *HVFKHKHQ KDW WDWVlFKOLFK VWDWWJHIXQGHQ XQG EHJDQQ LQ GHQ IUKHQ
6HFK]LJHUMDKUHQ GHV  -DKUKXQGHUWV LQ 0H[LNR (LQ HLQIDFKHU 0DQQ DXV GHP 9RON PLW
1DPHQ5RTXH5RMDVKDWWHGDPDOVDP-XQLHLQHUVWHV%HUXIXQJVHUOHEQLVGXUFKGHQ
(U]HQJHO *DEULHO XQG HLQH 9LVLRQ EHL GHU LKP VHLQH 0LVVLRQ DOV LUGLVFKHU :HJEHUHLWHU GHV
+HUUQ DQJHNQGLJW ZXUGH 1DFKGHP HU GXUFK HLQH ZHLWHUH JURH 9LVLRQ YRQ GHU (FKWKHLW
VHLQHU*|WWOLFKHQ%HUXIXQJEHU]HXJWZDUEHJDQQHUDQGHUHQ0HQVFKHQYRQGHQ%RWVFKDIWHQ
XQG*HVLFKWHQ]XEHULFKWHQGLHLKPLP=XVWDQGGHU9HU]FNXQJ]XWHLOZXUGHQXQGVFKDUWH
VR GXUFK VHLQH hEHU]HXJXQJVNUDIW XQG *ODXEZUGLJNHLW QDFK XQG QDFK HLQH *HPHLQGH YRQ
*OlXELJHQXPVLFK'XUFKGLHVLFKHLQVWHOOHQGH*DEHGHU*HLVWLJHQ+HLOXQJZXUGHHULQGHU
)ROJH]HLWZHLWKLQEHNDQQWXQGYRQDOOHQ+LOIHXQG5DW6XFKHQGHQKRFKJHVFKlW]W(UJUQGHWH
HLQHHUVWH9HUVDPPOXQJVVWlWWHLQGHUDP 6HSWHPEHUHUVWPDOV(OLDGXUFKLKQVSUDFK
XQGVLHEHQ0lQQHUXQG)UDXHQ]X/HLWHUQQHX]XJUQGHQGHU*HPHLQGHQJHZHLKWZXUGHQGLH
GLH6LHEHQ6LHJHOGHUHQWVSUHFKHQGHQKHLOVJHVFKLFKWOLFKHQ(SRFKHQV\PEROLVLHUWHQ


$OVGLH7HLOQHKPHUHLQHU=XVDPPHQNXQIWLQGHU.DUZRFKHYRQQLFKWGLH(KUIXUFKWXQG
$QGDFKW ]HLJWHQ GLH 5RTXH 5RMDV YRQ LKQHQ HUZDUWHWH HUIDVVWH LKQ KHLOLJHU =RUQ XQG HU
]HUVW|UWH GLH ELV GDKLQ YRQ LKP HPSIDQJHQHQ *|WWOLFKHQ 2IIHQEDUXQJHQ GXUFK (OLD (U
HUNOlUWHGHQ9HUVDPPOXQJVRUWIUJHVFKORVVHQXQGVHW]WHGDPLWVHLQHPVHJHQVUHLFKHQ:LUNHQ
HLQ YRU]HLWLJHV (QGH 'RFK GHU JXWH 6DPHQ GHQ HU DXVJHVlW KDWWH NHLPWH XQG HUEOKWH DQ
DQGHUHQ2UWHQXQGLQHLQHUGHU6LHEHQ6LHJHO*HPHLQGHQVSUDFK-DKUHVSlWHULP-DKUH
HUVWPDOV &KULVWXV 6HOEVW GXUFK HLQH LKUHU 0LVVLRQ WUHXJHEOLHEHQH 6WLPPWUlJHULQ 9RQ GD DQ
VHW]WHQ VLFK GLH *|WWOLFKHQ .XQGJDEHQ XQXQWHUEURFKHQ IRUW EHU *HQHUDWLRQHQ KLQZHJ ELV
]XP(QGHGHV-DKUHV

'LH =DKOGHU*HPHLQGHQXQG*OlXELJHQZXFKVLQGLHVHU =HLWLPPHUPHKUDQVRGDVVGLHVH


YRQ &KULVWXV DOV VHLQ *HLVWZHUN EH]HLFKQHWH FKULVWOLFKVSLULWXDOLVWLVFKH %HZHJXQJ ]XOHW]W
PHKUHUHKXQGHUW*HPHLQGHQPLW7DXVHQGHQYRQ$QKlQJHUQLPJDQ]HQ/DQGXPIDVVWH

'LH *OlXELJHQ YHUVDPPHOWHQ VLFK UHJHOPlLJ DP 6RQQWDJYRUPLWWDJ LQ LKUHQ VFKPXFNORVHQ
*HPHLQGHVlOHQRGHUDXFKLQSULYDWHQ5lXPOLFKNHLWHQXQGEHUDOOGRUWZRHLQRGHUPHKUHUH
:RUWEHUPLWWOHU ]XU 9HUIJXQJ VWDQGHQ JDE VLFK GHU *RWWHVJHLVW JOHLFK]HLWLJ NXQG MH QDFK
GHQ%HGUIQLVVHQXQGGHU$XIQDKPHIlKLJNHLWGHU=XK|UHU

(LQPDO LQ GHU :RFKH IDQGHQ +HLOXQJVJRWWHVGLHQVWH VWDWW EHL GHQHQ GLH *HLVWHUZHOW *RWWHV
OHKUHQG EHUDWHQG XQG KHLOHQG VLFK JHLVWLJ NXQGJDE (V JDE YLHOH JHLVWLJH +HLOXQJHQ DQ
.|USHU XQG 6HHOH GRFK OHLGHU ZXUGHQ GLHVH QLFKW VFKULIWOLFK IHVWJHKDOWHQ XQG IU GLH
1DFKZHOW EH]HXJW 0DQ EHWUDFKWHWH VLH RIIHQEDU DOV QLFKWV $XHUJHZ|KQOLFKHV XQG
hEHUOLHIHUXQJVZHUWHV

0LW GHU YRP +HUUQ VFKRQ ODQJH ]XYRU DQJHNQGLJWHQ XQG IHVWJHVHW]WHQ %HHQGLJXQJ GHU
*|WWOLFKHQ .XQGJDEHQ XQG MHQHU GHU *HLVWHUZHOW *RWWHV ]XP-DKUHVHQGH  WUDW HLQ WLHIHU
%UXFK LQQHUKDOE GHV *HLVWZHUNHV HLQ HLQH 6SDOWXQJ ]ZLVFKHQ GHQ *HPHLQGHQ GLH VLFK DQ
GLHVH $QRUGQXQJ &KULVWL KLHOWHQ XQG DXI ZHLWHUH *HLVWNXQGJDEHQ YHU]LFKWHWHQ XQG VROFKHQ
*HPHLQGHQXQG*HPHLQGHOHLWHUQGLHVLFKQLFKWGDUDQ KLHOWHQXQGLKUH6WLPPWUlJHUQXQPHKU
LQ HLQHQ 7UDQFH]XVWDQG IDOOHQ OLHHQ XQG VR GHU QLHGHUHQ *HLVWHUZHOW XQG GHQ 7UXJJHLVWHUQ
7UXQG7RU|IIQHWHQIUIDOVFKH&KULVWXV XQG*HLVWNXQGJDEHQ

/HLGHU KDWWHQ GLHVH XQJHKRUVDPHQ *HPHLQGHQ HLQH YLHO JU|HUH $Q]LHKXQJVNUDIW IU GDV
HLQIDFKH 9RON DOV GLH WUHXJHEOLHEHQHQ GHUHQ 0LWJOLHGHU VLFK JU|WHQWHLOV LQ NOHLQH *UXSSHQ
DXIO|VWHQ RGHU LQ GDV DQGHUH /DJHU EHUZHFKVHOWHQ ZHLO GRUW IU GLH PHQVFKOLFKH
8QWHUKDOWXQJV XQG 6HQVDWLRQVOXVW PHKU JHERWHQ ZXUGH DOV EHL GHQ VWLOOHQ $QGDFKWHQ PLW
/HVXQJHLQHV8QWHUZHLVXQJVDEVFKQLWWHVXQGDQVFKOLHHQGHP*HGDQNHQDXVWDXVFKGDUEHU

7URW]GLHVHUXQJQVWLJHQ8PVWlQGHEHJDQQQDFKHLQH*UXSSHYRQ0lQQHUQXQG)UDXHQ
PHLVWHKHPDOLJH6WLPPWUlJHUGLHEHUGDV JDQ]H /DQGYHUVWUHXWHQ.XQGJDEHQ]XVDPPHOQ
XP VLH LQ %XFKIRUP ]X YHU|IIHQWOLFKHQ XQG GHU 0HQVFKKKHLW EHNDQQW]XPDFKHQ 'DEHL
PXVVWHQ VLH VLFK EHUZLHJHQG DXI .RSLHQ GHU 6FKUHLEPDVFKLQHQ0DQXVNULSWH VWW]HQ GLH
QDFK GHQ GDPDOLJHQ VWHQRJUDSKLVFKHQ 0LWVFKULIWHQ GHU .XQGJHEXQJHQ YRQ GHQ 6FKUHLEHUQ
VHOEVWDXVJHIKUWXQGGDQQDXI9HUODQJHQDOV .RSLHQZHLWHUJHJHEHQZXUGHQ(VZXUGHHLQH
JURH=DKOYHUVFKLHGHQHU.XQGJDEHQ0DQXVNULSWH]XVDPPHQJHWUDJHQYRQGHQHQVFKOLHOLFK
IUGLH$XIQDKPHLQGHQ6DPPHOElQGHQGHV/LEURGHOD9LGD9HUGDGHUD]XGHXWVFK
%XFKGHV:DKUHQ/HEHQVDXVJHZlKOWZXUGHQ

2EZRKOGLHVHDOVRQXUHLQHQ7HLODOOHU.XQGJDEHQYRUDOOHPDXVGHQOHW]WHQ-DKUHQYRU
GDUVWHOOHQ  ZDVDXFKHLQHUVWXQOlQJVW DXIJHWDXFKWHU JURHU3DFNHQPLWDQVFKHLQHQGQRFK


XQYHU|IIHQWOLFKWHQ .XQGJDEHQ0DQXVNULSWHQ DXV GHP 1DFKODVV HLQHV HKHPDOLJHQ
6WLPPWUlJHUV EHZHLVW  NDQQ DQJHVLFKWV GLHVHU JURHQ =DKO YRQ .XQGJDEHQ GDYRQ
DXVJHJDQJHQ ZHUGHQ GDVV LQ LKQHQ DOV *DQ]HV EHWUDFKWHW DOOH 7KHPHQ XQG /HKULQKDOWH
HQWKDOWHQVLQGGLHGHU*RWWHVJHLVWGHU0HQVFKKHLWQDKHEULQJHQXQGZRUEHU(UVLHDXINOlUHQ
ZROOWHGDPLWVLHGHQ:HJLQHLQHOLFKWYROOHUH=XNXQIWILQGHW

,P -DKUH  NDP LQ 'HXWVFKODQG HLQ HUVWHU GHXWVFKHU $XVZDKOEDQG GLHVHV *HVDPWZHUNHV
XQWHUGHP7LWHO'LH'ULWWH=HLWKHUDXVGHUGDV2IIHQEDUXQJVZRUWGHV+HUUQHUVWPDOVDXFK
HLQHP EHJUHQ]WHQ 3HUVRQHQNUHLV LP GHXWVFKHQ 6SUDFKUDXP EHNDQQWPDFKWH 6HLW  EULQJW
GHU 5HLFKO 9HUODJ IRUWODXIHQG DXFK GLH GHXWVFKHQ %lQGH GHV %XFK GHV :DKUHQ /HEHQV
KHUDXVYRQZRVLH EHUGHQ%XFKKDQGHOHUKlOWOLFKVLQG

,Q GHQ 6LHE]LJHU -DKUHQ ZXUGH GDQQ LQ 0H[LNR&LW\ GLH *HVHOOVFKDIW IU JHLVWLJH 6WXGLHQ
JHJUQGHW GLH VLFK GLH 9HUZDOWXQJ XQG %HZDKUXQJ GHU .XQGJDEHQ0DQXVNULSWH XQG GLH
+HUDXVJDEH YRQ 1HXDXIODJHQ GHU 6DPPHOElQGH VRZLH YRQ %HJOHLWOLWHUDWXU ]XU $XIJDEH
PDFKWH'DULQVLHKWGLH*HVHOOVFKDIWDXFKKHXWHQRFKLKUHHLJHQWOLFKH$XIJDEH QLFKWMHGRFK
LQ GHU ]HQWUDOHQ )KUXQJ HLQHU UHOLJL|VHQ %HZHJXQJ  GLH GLH (LJHQYHUDQWZRUWOLFKNHLW GHV
(LQ]HOQHQLP/LFKWHGHV*HZLVVHQV]XU*UXQGODJHKDW

:R LPPHU ZLU GDV YRUOLHJHQGH :HUN DXIVFKODJHQ OHVHQ XQG HUOHEHQ ZLU JHLVWLJ GLH
EHU]HXJHQGHQ ZHLVHQ XQG OLHEHYROOHQ :RUWH XQG 2IIHQEDUXQJHQ &KULVWL GXUFK VHLQH
YRUEHUHLWHWHQ PHQVFKOLFKHQ :HUN]HXJH 0HQVFKHQ GLH WHLOZHLVH NDXP ZHOWOLFKH
6FKXOELOGXQJ EHVDHQ XQG RIW GHU 6SUDFKH GLH YRQ LKUHQ /LSSHQ NDP LQ GLHVHU :HLVH JDU
QLFKW PlFKWLJ ZDUHQ JHVFKZHLJH GHQQ GHV ,QKDOWV GHU :HLVKHLW XQG GHU VLFK GDULQ
EHNXQGHQGHQ*|WWOLFKHQ$XWRULWlW

'LHVHVQHXH*RWWHVZRUWHQWKlOWHLQHUVHLWV%HVWlWLJXQJHQXQG(UOlXWHUXQJHQ]X*HVFKHKQLVVHQ
XQG 2IIHQEDUXQJHQ LP $OWHQ 9RON ,VUDHO XQG ZlKUHQG GHV LUGLVFKHQ /HEHQV XQG :LUNHQV
-HVX DQGHUHUVHLWV EULQJW HV HLQH )OOH QHXHU JHLVWLJHU (UNHQQWQLVVH GLH WHLOZHLVH
HLQVFKQHLGHQGH .RUUHNWXUHQ GHV EHUNRPPHQHQ FKULVWOLFKHQ :HOWELOGHV GDUVWHOOHQ 'LHV
EHWULIIW GDV *RWWHVELOG GLH *|WWOLFKH 1DWXU -HVX XQG 0DULDV GDV :HVHQ GHV 0HQVFKHQ PLW
HLQHP LQQHZRKQHQGHQ *RWWHVIXQNHQ XQG HLQHU HZLJHQ (QWZLFNOXQJ GHV *HLVWHV GLH
9RUVWHOOXQJHQ EHU +LPPHO XQG +|OOH GHQ -QJVWHQ 7DJ RGHU GDV -QJVWH *HULFKW GLH
(UO|VXQJVOHKUH XQG 6QGHQYHUJHEXQJ GLH $XIHUVWHKXQJ YRQ GHQ 7RWHQ XQG GDV (ZLJH
/HEHQ $XFK LQ %H]XJ DXI GLH $XVEXQJ GHV FKULVWOLFKHQ *ODXEHQV GLH $QEHWXQJVIRUPHQ
ZHUGHQ WHLOZHLVH QHXH 0DVWlEH XQG =LHOH JHVHW]W XQG $OWYHUWUDXWHV LQ )UDJH JHVWHOOW RGHU
YHUZRUIHQZDVYRUDOOHPGLHJRWWHVGLHQVWOLFKHQ.XOWIRUPHQXQGGLH6DNUDOEDXWHQEHWULIIW

'LH ]HQWUDOH %RWVFKDIW HQWVSULFKW GHU GXUFK -HVXV JHEUDFKWHQ VWDWW lXHUOLFKHU
5HOLJLRQVDXVEXQJ ]XU 6FKDX JHVWHOOWHU )U|PPLJNHLW  LQQHUOLFKHV *HEHWVOHEHQ XQG
LQGLYLGXHOOHV +DQGHOQ QDFK GHP HLJHQHQ *HZLVVHQ VWDWW HLQHU EHUHFKQHQGHQ :RKOWlWLJNHLW
DXVJHLVWLJVHOEVWVFKWLJHQ0RWLYHQ  VSRQWDQHVVHOEVWORVHV+DQGHOQDXV/LHEH]X*RWWGHP
0HQVFKHQ XQG ]XU 1DWXU GHU 6FK|SIXQJ *RWWHV ZREHL /LHEH YLHOH
$XVGUXFNVP|JOLFKNHLWHQ KDEHQ NDQQ %HDFKWXQJ 5FNVLFKWVQDKPH 5HVSHNW 0LWJHIKO
=XQHLJXQJ 7URVW +LOIH XQG 8QWHUVWW]XQJ VWDWW HLQHV EHTXHPHQ EOLQGHQ *ODXEHQV 
OHEHQGLJHUVHKHQGHU*ODXEHDXV(UNHQQWQLVXQGJHLVWLJHP:LVVHQ

,QVHLQHQ.XQGJDEHQULFKWHWHGHU+HUUVHLQ:RUW]XQlFKVWDQGLHDQZHVHQGHQ*OlXELJHQGLH
HU |IWHUV PLW  0HLQ  9RON -QJHU RGHU $UEHLWHU DQVSUDFK JHOHJHQWOLFK DXFK PLW
 JHOLHEWHV  ,VUDHO ,Q ZHLWHUHP 6LQQ ULFKWHW VLFK VHLQ :RUW MHGRFK YRQ $XVQDKPHQ
DEJHVHKHQ DQ GDV JDQ]H *HLVWLJH ,VUDHO GDV JDQ]H 9RON *RWWHV LQ DOOHU :HOW XQG DQ GLH


0HQVFKHQ DOOHU 9|ONHU 5DVVHQ XQG 5HOLJLRQHQ 'RFK ZHUGHQ GLHVH GDV QHXH *RWWHVZRUW
IUHXGLJZLOONRPPHQKHLHQXQGDQHUNHQQHQ"

'LHVHV VROO XQG GDUI QLFKW $QODVV ]XU *UQGXQJ HLQHU QHXHQ 5HOLJLRQVJHPHLQVFKDIW .LUFKH
RGHU6HNWHVHLQ(VLVWGHU5XI*RWWHV]XU(UQHXHUXQJXQG9HUJHLVWLJXQJGHV0HQVFKHQXQG
DOO VHLQHU JHVHOOVFKDIWOLFKHQ XQG UHOLJL|VHQ ,QVWLWXWLRQHQ :HU VHLQ 'ULWWHV 7HVWDPHQW IU GLH
0HQVFKKHLWYHUZLUIWYHUZLUIW,KQ6HOEVWXQGVHLQHQVLFKGDULQRIIHQEDUHQGHQ+HLOLJHQ*HLVW
'LHVHV ZDUQHQGH :RUW DXV *RWWHV QHXHU /LHEHVERWVFKDIW VHOEVW P|JH MHGHUPDQQ ZRKO
EHGHQNHQ XQG EHKHU]LJHQ HEHQVR MHQH LQ GHQ *OHLFKQLVVHQ -HVX YRQ GHQ .OXJHQ XQG
W|ULFKWHQ-XQJIUDXHQ 0DWK  XQGYRQGHU.|QLJOLFKHQ+RFK]HLW 0DWK 
  HQWKDOWHQHQ :DUQXQJHQ 'HQQ GLHVHV :RUW LVW GDV KHLOLJH gO IU GLH HUO|VFKHQGHQ
/HXFKWHQGHV*HLVWHVHVLVWGDV%URWXQGGHU:HLQYRP7LVFKHGHV+HUUQGLHHZLJH1DKUXQJ
XQG(UTXLFNXQJGHV*HLVWHV


, ',(:,('(5.81)7&+5,67, '5,77(
2))(1%$581*6=(,7
.DSLWHO ,Q(UZDUWXQJGHU:LHGHUNXQIW&KULVWL

(LQIKUHQGHU$XVEOLFNDXIGDV+HLOVJHVFKHKHQ

,P$QIDQJGHU=HLWHQIHKOWHHVGHU:HOWDQ/LHEH'LHHUVWHQ0HQVFKHQZDUHQZHLWGDYRQ
HQWIHUQWMHQH*|WWOLFKH.UDIW]XIKOHQXQG]XYHUVWHKHQ MHQH(VVHQ]GHV*HLVWHV8UVSUXQJ
DOOHV*HVFKDIIHQHQ

6LHJODXEWHQDQ*RWWDEHUVLHVSUDFKHQ,KPQXU0DFKWXQG*HUHFKWLJNHLW]X'LH0HQVFKHQ
JODXEWHQGLH*|WWOLFKH6SUDFKHGXUFKGLH(OHPHQWHGHU1DWXU]XEHJUHLIHQGDKHUGDFKWHQVLH
ZHQQ VLH GLHVH PLOGH XQG IULHGYROO VDKHQ GDVV GHU +HUU PLW GHQ :HUNHQ GHU 0HQVFKHQ
HLQYHUVWDQGHQZDUGRFKZHQQGLH1DWXUNUlIWHHQWIHVVHOWZDUHQPHLQWHQVLHGDULQGHQ=RUQ
*RWWHV]XHUNHQQHQGHUVLFKLQGLHVHU)RUPNXQGJDE

 ,P +HU]HQ GHU 0HQVFKHQ KDWWH VLFK GLH 9RUVWHOOXQJ HLQHV IXUFKWEDUHQ *RWWHV JHELOGHW
ZHOFKHU=RUQXQGGDV*HIKOGHU5DFKHLQVLFKWUXJ:HQQVLHGDKHUJODXEWHQ*RWWEHOHLGLJW
]XKDEHQERWHQVLH,KP%UDQGRSIHUXQG2SIHUJDEHQDQLQGHU+RIIQXQJ,KQ]XYHUV|KQHQ

,FKVDJHHXFKGDVVMHQH2SIHUJDEHQQLFKWYRQGHU/LHEH]X*RWWLQVSLULHUWZDUHQHVZDU
GLH)XUFKWYRUGHU*|WWOLFKHQ*HUHFKWLJNHLWGLH$QJVWYRU6WUDIHGLHGLHHUVWHQ9|ONHUGD]X
WULHELKUHP+HUUQ7ULEXWH]XHQWULFKWHQ

'HQ*|WWOLFKHQ*HLVWQDQQWHQVLHHLQIDFK*RWWDEHUQLHPDOV9DWHURGHU0HLVWHU

(VZDUHQGLH3DWULDUFKHQXQGHUVWHQ3URSKHWHQGLHGHP0HQVFKHQEHJUHLIOLFK]XPDFKHQ
EHJDQQHQGDVV*RWW]ZDU*HUHFKWLJNHLWZDU MDDEHUYROONRPPHQH*HUHFKWLJNHLWGDVVHUYRU
DOOHP9DWHUZDUXQGDOV9DWHUDOOHVHLQH*HVFK|SIHOLHEWH

 6FKULWW IU 6FKULWW ZDQGHUWH GLH 0HQVFKKHLW ODQJVDP DXI GHP :HJ ]X LKUHU JHLVWLJHQ
(QWZLFNOXQJXQGVHW]WHLKUH3LOJHUUHLVHIRUWZHFKVHOWHYRQHLQHP=HLWDOWHULQHLQDQGHUHVXQG
OHUQWHGXUFKGLH2IIHQEDUXQJHQGLH*RWWVHLQHQ.LQGHUQ]XDOOHQ=HLWHQJDEHWZDVPHKUYRP
*|WWOLFKHQ*HKHLPQLVNHQQHQ

'HQQRFKHUODQJWHGHU0HQVFKNHLQHYROOH(UNHQQWQLVGHU*|WWOLFKHQ/LHEHGHQQHUOLHEWH
*RWWQLFKWZLUNOLFKZLHHLQHQ9DWHUQRFKYHUPRFKWHHULQVHLQHP+HU]HQGLH/LHEH]XIKOHQ
GLHVHLQ+HUULKPDOOH]HLWHQWJHJHQEUDFKWH

 (V ZDU QRWZHQGLJ GDVV GLH YROONRPPHQH /LHEH 0HQVFK ZXUGH GDVV GDV :RUW
LQNDUQLHUWH XQG HLQHQ IU GLH 0HQVFKHQ EHUKUEDUHQ XQG VLFKWEDUHQ .|USHU DQQDKP GDPLW
GLHVHHQGOLFKHUIKUHQZLHVHKUXQGDXIZHOFKH:HLVH*RWWVLHOLHEWH

 1LFKW DOOH HUNDQQWHQ LQ -HVXV GLH *HJHQZDUW GHV 9DWHUV :LH VROOWHQ VLH LKQ DXFK
HUNHQQHQ GD -HVXV GHPWLJ PLWIKOHQG XQG OLHEHYROO VHOEVW ]X GHQHQ ZDU GLH LKQ
EHOHLGLJWHQ" 6LH KLHOWHQ *RWW IU VWDUN XQG VWRO] JHJHQEHU VHLQHQ )HLQGHQ ULFKWHQG XQG
IXUFKWEDUIUMHQHGLH,KQEHOHLGLJWHQ


'RFKHEHQVRZLHYLHOHMHQHV:RUWDEOHKQWHQJODXEWHQLKPDXFKYLHOH MHQHP:RUWGDV
ELVLQV,QQHUVWHGHV +HU]HQVGUDQJ-HQH$UW/HLGHQXQGXQKHLOEDUH.UDQNKHLWHQQXUPLWHLQHU
/LHENRVXQJHLQHP%OLFNXQHQGOLFKHQ0LWOHLGVPLWHLQHP:RUWGHU+RIIQXQJ]XKHLOHQ-HQH
9DWHUZHLVXQJ GLH GLH 9HUKHLXQJ HLQHU QHXHQ :HOW HLQHV /HEHQV YROOHU /LFKW XQG
*HUHFKWLJNHLW ZDU NRQQWH DXV YLHOHQ +HU]HQ QLFKW PHKU DXVJHO|VFKW ZHUGHQ ZHOFKH
YHUVWDQGHQ GDVV MHQHU J|WWOLFKH 0HQVFK GLH :DKUKHLW GHV 9DWHUV ZDU GLH *|WWOLFKH /LHEH
'HVVHQGHQGLH0HQVFKHQQLFKWNDQQWHQXQGGDKHUQLFKWOLHEHQNRQQWHQ

 'HU 6DPH MHQHU K|FKVWHQ :DKUKHLW ZDU IU LPPHU LQ GDV +HU] GHU 0HQVFKKHLW JHVlW
&KULVWXVZDUGHU6lPDQQXQGHUSIOHJWQRFKLPPHUVHLQH6DDW+HUQDFKZLUGHUVHLQH)UXFKW
HLQEULQJHQ XQG VLFK LPPHUGDU DQ LKU HUIUHXHQ 'DQQ ZLUG HU LQ VHLQHP :RUWH QLFKW PHKU
VDJHQ ,FK KDEH +XQJHU RGHU ,FK KDEH 'XUVW GHQQ HQGOLFK ZHUGHQ LKQ VHLQH .LQGHU
OLHEHQZLHHUVLHVHLW$QEHJLQQJHOLHEWKDW

:HUVSULFKW]XHXFKEHU&KULVWXV-QJHU"(UVHOEVW

,FKELQHVGDV:RUWGDVDXIVQHXH]XGLUVSULFKW0HQVFKKHLW(UNHQQW0LFK]ZHLIHOW
QLFKWDQPHLQHU*HJHQZDUWZHJHQGHU8QVFKHLQEDUNHLWLQGHU,FK0LFK]HLJH%HL0LUNDQQ
HVNHLQHQ+RFKPXWJHEHQ

 (UNHQQW 0LFK DQ PHLQHP GDPDOLJHQ /HEHQVZHJ DXI GHU :HOW HULQQHUW HXFK GDVV ,FK
HEHQVRGHPWLJVWDUEZLH,FKJHERUHQZRUGHQZDUXQG JHOHEWKDWWH  

+RIIQXQJHQXQG(UZDUWXQJHQ

1DFKPHLQHP6FKHLGHQLQGHU=ZHLWHQ=HLWZXUGHYRQ*HQHUDWLRQ]X*HQHUDWLRQPHLQH
:LHGHUNXQIW HUZDUWHW XQWHU GHQHQ GLH GHQ *ODXEHQ DQ 0LFK EHZDKUWHQ 9RQ (OWHUQ DXI GLH
.LQGHUZXUGHGLH*|WWOLFKH9HUKHLXQJZHLWHUJHJHEHQXQGPHLQ:RUWHUKLHOWGLH6HKQVXFKW
OHEHQGLJPHLQH5FNNHKU]XHUOHEHQ

-HGH*HQHUDWLRQJODXEWHGLHEHJQDGHWH]XVHLQLQGHU(UZDUWXQJGDVVVLFKLQLKUGDV:RUW
LKUHV+HUUQHUIOOHQZUGH

 6R YHUVWULFK GLH =HLW XQG DXFK GLH *HQHUDWLRQHQ YHUJLQJHQ XQG DXV GHQ +HU]HQ ZXUGH
PHLQH9HUKHLXQJLPPHUPHKUYHUGUlQJWXQGPDQYHUJD]XZDFKHQXQG]XEHWHQ 


 'LH :HOW LVW GHU 3UIXQJ XQWHUZRUIHQ GLH 1DWLRQHQ IKOHQ GLH JDQ]H /DVW PHLQHU
*HUHFKWLJNHLWGLHDXIVLHIlOOWXQGPHLQ/LFKWPHLQH6WLPPHGLHHXFKUXIWPDFKWVLFKLQGHU
JDQ]HQ0HQVFKKHLWIKOEDU

 'LH 0HQVFKHQ IKOHQ PHLQH *HJHQZDUW QHKPHQ PHLQHQ 8QLYHUVHOOHQ 6WUDKO ZDKU GHU
KHUDEIlOOWXQGDXILKQHQUXKW6LHDKQHQ0LFKRKQHGLHVHV:HUN  ]XNHQQHQRKQHPHLQ:RUW
JHK|UW]XKDEHQXQGVLHHUKHEHQLKUH6HHOHQ ]X0LUXP0LFK]XIUDJHQ+HUULQZHOFKHU
=HLWOHEHQZLU"'LHVH+HLPVXFKXQJHQXQG /HLGHQGLHGLH0HQVFKHQ JHWURIIHQKDEHQ  ZDV
EHGHXWHQVLH9DWHU"9HUQLPPVW'XHWZDQLFKWGDV.ODJHQ GLHVHU:HOW"+DVW'XQLFKWJHVDJW
GDVV 'X ZLHGHUNRPPHQ ZUGHVW" :DQQ ZLUVW 'X GHQQ NRPPHQ R +HUU" 8QG LQ MHGHU
*ODXEHQVJUXSSH XQG 5HOLJLRQVJHPHLQVFKDIW HUKHEW VLFK GHU *HLVW PHLQHU .LQGHU XQG VLH
VXFKHQ0LFKELWWHQ0LFKIUDJHQ0LFKXQGHUZDUWHQ0LFK 



'LH2IIHQEDUXQJHQ&KULVWLEHLVHLQHU:LHGHUNXQIWLP:RUWLQJHLVWLJHU)RUPGLHLP-DKUH
LQ0H[LNRGXUFKGHQ:HJEHUHLWHU(OLDLKUHQ$QIDQJQDKP 'HU%HJULII 6HHOHNRPPW
VHKUKlXILJYRU$XIGLH3UREOHPDWLNGHUhEHUVHW]HU DXFKEHLGHQHUVWHQ(LQ]HOElQGHQLP
%XFK GHV ZDKUHQ /HEHQV ZXUGH EHUHLWV LP 9RUZRUW KLQJHZLHVHQ *UXQG LVW GHU LP
VSDQLVFKHQ HLQKHLWOLFKYHUZHQGHWH%HJULII (VStULWXVRZRKOIU6HHOHVWDWW$OPDDOVDXFK
ULFKWLJ IU*HLVW2EZRKOVFK|SIHULVFKGLHGDPLWEH]HLFKQHWHQ:HVHQKHLWHQXQWHUVFKLHGOLFKH
(QWVWHKXQJHQXQG$XIJDEHQHUKLHOWHQELOGHQVLHHLQHXQWUHQQEDUH(LQKHLWVREDOGVLHVLFKLP
LQNDUQLHUWHQ 0HQVFKHQ WUHIIHQ ELV KLQ ]XU YHUKHLVVHQHQ (ZLJNHLW (LQH $EKDQGOXQJ LP
$QKDQJ GHV ]ZHLWHQ %DQGHV LQ GHXWVFKHU 6SUDFKH EHIDVVW VLFK DXVIKUOLFK PLW GLHVHU
7KHPDWLN )U GLH HLQPDO YHUHLQLJWHQ EHLGHQ :HVHQKHLWHQ ZXUGH GDKHU GHU %HJULII
*HLVWVHHOHDOVWUHIIHQGHPSIXQGHQ

'LH0HQVFKHQEHIUDJHQ0LFKXQGVDJHQ0LU+HUUZHQQ'XH[LVWLHUVWZDUXPRIIHQEDUVW
'X 'LFK QLFKW XQWHU XQV REZRKO 'X ]X DQGHUHQ =HLWHQ ELV LQ XQVHUH (UGHQZHOW
KHUDEJHNRPPHQELVW":DUXPNRPPVW'XKHXWHQLFKW",VWXQVHUH*RWWORVLJNHLWMHW]WVRJUR
GDVV VLH 'LFK KLQGHUW XQV ]X +LOIH ]X NRPPHQ" ,PPHU KDVW 'X GHQ 9HUORUHQHQ GHQ
%OLQGHQGHQ $XVVlW]LJHQ JHVXFKW  MHW]WLVWGLH:HOWYROOYRQLKQHQ(UUHJHQZLUQLFKW
PHKU'HLQ0LWJHIKO"

'XKDVW]X'HLQHQ$SRVWHOQJHVDJWGDVV'X]XGHQ0HQVFKHQ]XUFNNHKUHQZUGHVWXQG
GDVV 'X =HLFKHQ 'HLQHV .RPPHQV JHEHQ ZUGHVW GLH ZLU QXQ ]X VHKHQ JODXEHQ :DUXP
]HLJVW'XXQVQLFKW'HLQ$QJHVLFKW"

6HKWVRZDUWHQGLH0HQVFKHQDXI0LFKRKQH]XIKOHQGDVV,FKXQWHULKQHQELQ,FKELQ
YRULKUHQ$XJHQXQGVLHVHKHQ0LFKQLFKW,FKVSUHFKH]XLKQHQXQGVLHK|UHQPHLQH6WLPPH
QLFKWXQGZHQQVLH0LFKHQGOLFKIUHLQHQ$XJHQEOLFNVFKDXHQOHXJQHQVLH0LFK$EHULFK
JHEHZHLWHUKLQ=HXJQLVYRQ0LUXQGGLHDXI0LFKKRIIHQZHUGH,FKIHUQHUKLQHUZDUWHQ

'RFKZDKUOLFKGLH=HLFKHQPHLQHU2IIHQEDUXQJLQGLHVHU=HLWVLQGJURJHZHVHQVHOEVW
GDV %OXW GHU 0HQVFKHQ LQ 6WU|PHQ YHUJRVVHQ XQG GLH (UGH WUlQNHQG KDW GLH =HLW PHLQHU
*HJHQZDUWXQWHUHXFKDOV+HLOLJHU*HLVWDQJH]HLJW  

1LHPDQGVROOWHYRQPHLQHU*HJHQZDUWEHUUDVFKWVHLQ6FKRQGXUFK-HVXV]HLJWH,FKHXFK
GLH(UHLJQLVVHDQGLHPHLQH.XQGJHEXQJ DOV*HLVWGHU:DKUKHLWDQNQGLJHQ ZUGHQ $XFK
VDJWH ,FK HXFK GDVV PHLQ .RPPHQ LP *HLVWH JHVFKHKHQ ZUGH GDPLW QLHPDQG PDWHULHOOH
0DQLIHVWDWLRQHQHUZDUWHQVROOWHGLHQLHPDOVNRPPHQZHUGHQ

%HWUDFKWHWGDVMGLVFKH9RONZLH HVQRFKLPPHUGHQ0HVVLDVHUZDUWHWRKQHGDVVGLHVHU
LQGHU)RUPNRPPWGLHVLHHUZDUWHQZHLOGHU:DKUHEHUHLWVEHLLKQHQZDUXQGVLH,KQQLFKW
HUNDQQWHQ

 0HQVFKKHLW ZLOOVW GX PHLQH QHXH 2IIHQEDUXQJ QLFKW DQHUNHQQHQ XP 0LFK ZHLWHUKLQ
JHPl GHLQHU *ODXEHQVYRUVWHOOXQJ ]X HUZDUWHQ XQG QLFKW GHP HQWVSUHFKHQG ZDV ,FK GLU
YHUKLH" 

 'LH :HOW VROO NHLQHQ QHXHQ 0HVVLDV HUZDUWHQ 6R ZLH LFK ZLHGHU]XNRPPHQ YHUVSUDFK
KDEH,FKHXFKDXFKZLVVHQODVVHQGDVVPHLQ.RPPHQJHLVWLJVHLQZUGHGRFKGLH0HQVFKHQ
KDEHQVLFKQLHYRU]XEHUHLWHQYHUVWDQGHQXP0LFK]XHPSIDQJHQ


'DPDOV]ZHLIHOWHQGLH0HQVFKHQGDUDQGDVV*RWWLQ-HVXVYHUERUJHQVHLQN|QQWHGHQVLH
IU HLQHQ 0HQVFKHQ ZLH DOOH DQGHUHQ KLHOWHQ XQG IU VR DUPVHOLJ ZLH QXU LUJHQGHLQHQ
'HQQRFK NDPHQ GLH 0HQVFKHQ VSlWHU LQ $QEHWUDFKW GHU PDFKWYROOHQ :HUNH &KULVWL ]X GHU
hEHU]HXJXQJ GDVV LQ MHQHP 0HQVFKHQ GHU DXI GHU :HOW JHERUHQ ZXUGH KHUDQZXFKV XQG
VWDUE GDV :RUW *RWWHV ZDU 'RFK LQ GHU KHXWLJHQ =HLW ZUGHQ YLHOH 0HQVFKHQ PHLQ
.RPPHQQXUGDQQEHMDKHQZHQQ,FKZLHLQGHU=ZHLWHQ=HLWDOV0HQVFKNlPH

 'LH %HZHLVH GDIU GDVV ,FK LP *HLVWH NRPPH XQG 0LFK VR GHU 0HQVFKKHLW NXQGWXH
ZHUGHQ WURW] GHU =HXJQLVVH QLFKW YRQ DOOHQ DQHUNDQQW ZHUGHQ GHQQ GHU 0DWHULDOLVPXV ZLUG
ZLHHLQHGXQNOH%LQGHYRUGHQ$XJHQPDQFKHUVHLQ

 :LH YLHOH P|FKWHQ &KULVWXV QRFK HLQPDO OHLGHQ VHKHQ DXI GHU :HOW XQG YRQ ,KP HLQ
:XQGHUHPSIDQJHQXPDQVHLQH*HJHQZDUWRGHUDQVHLQ'DVHLQ]XJODXEHQ'RFKZDKUOLFK
,FK VDJH HXFK DXI GLHVHU (UGH ZLUG HV NHLQH .ULSSH PHKU JHEHQ GLH 0LFK DOV 0HQVFKHQ
JHERUHQZHUGHQVLHKWQRFKHLQZHLWHUHV*ROJDWKDGDV0LFKVWHUEHQVLHKW1XQZHUGHQ0LFK
DOOHGLH]XPZDKUHQ/HEHQDXIHUVWHKHQLQLKUHP+HU]HQJHERUHQZHUGHQIKOHQHEHQVRZLH
0LFK DOOH GLH KDUWQlFNLJ LQ GHU 6QGH YHUKDUUHQ LQ LKUHQ +HU]HQ ZHUGHQ VWHUEHQ IKOHQ
 

6HKWZLHYLHOH 0HQVFKHQLQGLHVHU=HLWGLH6FKULIWHQYHUJDQJHQHU=HLWHQHUIRUVFKHQEHU
GLH 3URSKHWHQ QDFKGHQNHQ XQG GLH 9HUKHLXQJHQ ]X HUIDVVHQ YHUVXFKHQ GLH &KULVWXV EHU
VHLQH:LHGHUNXQIWPDFKWH

+|UWZLHVLHVDJHQ'HU0HLVWHULVWQDKH 'HU+HUULVWVFKRQGDRGHU(UZLUGEDOG
NRPPHQXQGKLQ]XIJHQ'LH=HLFKHQVHLQHU5FNNHKUVLQGNODUXQGRIIHQVLFKWOLFK

'LHHLQHQVXFKHQXQGUXIHQ0LFKDQGHUHIKOHQPHLQH*HJHQZDUWZLHGHUDQGHUHDKQHQ
PHLQ.RPPHQLP*HLVWH

$FKZHQQGRFKVFKRQLQDOOHQMHQHU'XUVWQDFK(UNHQQWQLVVHQZlUHZHQQGRFKDOOHMHQHV
9HUODQJHQQDFK.HQQWQLVGHUK|FKVWHQ:DKUKHLWKlWWHQ  

 6HKW ZLH GLH 0HQVFKHQ LQ DOOHQ .RQIHVVLRQHQ XQG 6HNWHQ GLH =HLW GDV /HEHQ XQG GLH
*HVFKHKQLVVH GXUFKIRUVFKHQ LQ GHU +RIIQXQJ GLH =HLFKHQ ]X HQWGHFNHQ GLH PHLQ .RPPHQ
DQNQGLJHQ (V VLQG 8QZLVVHQGH GLH QLFKW ZLVVHQ GDVV ,FK 0LFK VFKRQ VHLW ODQJHU =HLW
NXQGWXHXQGGDVVLQ.U]HGLHVH$UWGHU.XQGJDEHHQGHQZLUG

 $EHU ,FK VDJH HXFK DXFK GLHV GDVV YLHOH YRQ GHQHQ GLH 0LFK PLW VRYLHO 6HKQVXFKW
HUZDUWHQ0LFKQLFKWHUNHQQHQZUGHQZHQQVLHGLH$UWXQG:HLVHLQGHU,FK0LFKNXQGWXH
PLWHUOHEHQZUGHQYLHOPHKUZUGHQVLH0LFKUXQGZHJDEOHKQHQ

 =X LKQHQ ZHUGHQ QXU GLH =HXJQLVVH JHODQJHQ XQG GXUFK GLHVH ZHUGHQ VLH GRFK QRFK
JODXEHQGDVV,FKXQWHUPHLQHQ.LQGHUQJHZHVHQELQ

 $XFK LKU KDEW 0LFK LQQHUOLFK PLW 8QJHGXOG HUZDUWHW GRFK LFK ZXWH GDVV LKU 0LFK
HUNHQQHQXQG]XPHLQHQ$UEHLWHUQLQGLHVHU=HLWJHK|UHQZUGHW  

%LEOLVFKH9HUKHLXQJHQ

,QPHLQHU2IIHQEDUXQJGXUFK-HVXVNQGLJWH,FKHXFKGDV.RPPHQGHV+HLOLJHQ*HLVWHV
DQ XQG GLH 0HQVFKHQ JODXEWHQ GDVV HV VLFK XP HLQH *RWWKHLW KDQGOH GLH  YRQ LKQHQ


XQHUNDQQW  VLFK LQ *RWW EHILQGH RKQH EHJUHLIHQ ]X N|QQHQ GDVV ZHQQ ,FK YRP +HLOLJHQ
*HLVWHVSUDFK,FK]XHXFKYRQGHPDOOHLQLJHQ*RWWVSUDFKZHOFKHUGLH=HLWYRUEHUHLWHWHLQ
GHUHUVLFKGHQ0HQVFKHQEHU GDVPHQVFKOLFKH9HUVWDQGHVYHUP|JHQNXQGWXQZUGH 

 :DUXP VROOWH LUJHQG MHPDQG EHUUDVFKW VHLQ DQJHVLFKWV PHLQHU QHXHQ 2IIHQEDUXQJHQ"
:DKUOLFK ,FK VDJH HXFK GLH 3DWULDUFKHQ GHU DOWHQ =HLWHQ KDWWHQ EHUHLWV .HQQWQLV YRP
.RPPHQGLHVHV=HLWDOWHUV GLH6HKHUDQGHUHU(SRFKHQKDWWHQHV JHVFKDXWXQGGLH3URSKHWHQ
NQGLJWHQHVDQ(VZDUHLQ*|WWOLFKHV9HUVSUHFKHQGDVGHQ0HQVFKHQJHJHEHQZRUGHQZDU
ODQJHEHYRU,FKLQ-HVXV]XU:HOWNDP

$OV,FK0HLQHQ-QJHUQ0HLQHUQHXWHV.RPPHQDQNQGLJWHXQGLKQHQGLH$UWXQG:HLVH
PLWWHLOWH LQ GHU ,FK 0LFK GHQ 0HQVFKHQ NXQGJHEHQ ZUGH ZDU VFKRQ YLHO =HLW YHUJDQJHQ
VHLWHXFKGDV9HUVSUHFKHQJHJHEHQZRUGHQZDU

 -HW]W KDEW LKU GHQ $EODXI MHQHU =HLW YRU $XJHQ KLHU JHKHQ MHQH 3URSKH]HLXQJHQ LQ
(UIOOXQJ :HU NDQQ GDYRQ EHUUDVFKW VHLQ" 1XU GLH GLH LQ GHU )LQVWHUQLV  JHVFKODIHQ RGHU
MHQHGLHPHLQH9HUKHLXQJHQLQVLFKDXVJHO|VFKWKDEHQ  


'HU%HJULII)LQVWHUQLVKDWKLHUXQGDQGHUHQRUWVGLH%HGHXWXQJYRQ(UNHQQWQLVORVLJNHLW
8QZLVVHQKHLW ZlKUHQG /LFKW LP JHJHQWHLOLJHQ 6LQQH DOV 6LQQELOG IU (UNHQQWQLV
(UOHXFKWXQJYHUZHQGHWZLUG

 'D ,FK ZXWH GDVV LKU HXFK QXU ZHQLJ LQ PHLQH /HKUHQ YHUWLHIHQ ZUGHW XQG ,FK GLH
,UUWPHUYRUDXVVDKGHQHQLKUEHLGHU$XVOHJXQJPHLQHU2IIHQEDUXQJHQDQKHLPIDOOHQ ZUGHW
NQGLJWH ,FK HXFK PHLQH 5FNNHKU DQ LQGHP ,FK HXFK VDJWH GDVV ,FK HXFK GHQ *HLVW GHU
:DKUKHLWVHQGHQZUGHGDPLWHUYLHOH*HKHLPQLVVHDXINOlUHXQGHXFKGDVHUOlXWHUHZDVLKU
QLFKWYHUVWDQGHQKDEW

'HQQLP.HUQPHLQHVSURSKHWLVFKHQ:RUWHVJDE,FKHXFKEHNDQQWGDVV,FKLQGLHVHU=HLW
QLFKWZLHDXIGHP6LQDLXQWHU%OLW]XQG'RQQHUNRPPHQZUGHQRFKGDVV,FK0HQVFKZUGH
XQG PHLQH /LHEH XQG PHLQH :RUWH YHUPHQVFKOLFKHQ ZUGH ZLH LQ GHU =ZHLWHQ =HLW
VRQGHUQGDVV,FKLP6WUDKO PHLQHU:HLVKHLW]XHXUHP*HLVWHNRPPHQZUGHHXUHQ9HUVWDQG
PLWGHP/LFKWHGHU,QVSLUDWLRQEHUUDVFKHQXQGDQGHQ7UHQHXUHU+HU]HQPLWHLQHU6WLPPH
UXIHQZUGHGLHHXHU*HLVWYHUVWHKW-HQH9RUDXVVDJHQXQG9HUKHLXQJHQJHKHQHEHQMHW]WLQ
(UIOOXQJ

(VJHQJWHXFKHLQZHQLJYRU]XEHUHLWHQXPPHLQ/LFKW]XVFKDXHQXQGGLH*HJHQZDUW
PHLQHV*HLVWHV]XIKOHQ  GHVVHOEHQGHUHXFKDQNQGLJWHGDVVHUNRPPHQZUGHHXFK]X
OHKUHQXQGGLH:DKUKHLW]XHQWKOOHQ  

(VJLEWYLHOHGLHDXV)XUFKWVDPNHLWRGHUDXV0DQJHODQ)OHLVLFKQLFKWHQWZLFNHOWKDEHQ
XQG QXU GDV *HVHW] 0RVHV EHIROJHQ RKQH GDV .RPPHQ GHV 0HVVLDV DQ]XHUNHQQHQ XQG
DQGHUH GLH REZRKO VLH DQ -HVXV JODXEHQ GHQ YHUKHLHQHQ 7U|VWHU*HLVW GHQQRFK QLFKW
HUZDUWHWKDEHQ1XQELQ,FK]XPGULWWHQ0DOKHUQLHGHUJHNRPPHQXQGVLHKDEHQ0LFKQLFKW
HUZDUWHW


 'LH (QJHO KDEHQ GLHVH 2IIHQEDUXQJHQ DQJHNQGLJW XQG LKU 5XI KDW GHQ 5DXP HUIOOW
+DEW LKU VLH HUNDQQW" (V LVW GLH *HLVWLJH :HOW GLH ]X HXFK JHNRPPHQ LVW XP PHLQH
*HJHQZDUW ]X EH]HXJHQ $OOHV ZDV JHVFKULHEHQ VWHKW ZLUG LQ (UIOOXQJ JHKHQ 'LH
=HUVW|UXQJGLHDXVJHO|VWZXUGHZLUGGHQ+RFKPXWXQGGLH(LWHONHLWGHV0HQVFKHQEHVLHJHQ
XQGGLHVHU GHPWLJJHZRUGHQ ZLUG0LFKVXFKHQXQG0LFK9DWHUQHQQHQ  

 )ROJHQGHV VDJWH ,FK HXFK LQ GDPDOLJHU =HLW :DV ,FK HXFK JHVDJW KDEH LVW QLFKW DOOHV
ZDV,FKHXFKOHKUHQPX'DPLWLKUDOOHVHUIDKUWPX,FK]XHUVWKLQZHJJHKHQXQGHXFKGHQ
*HLVW GHU :DKUKHLW VHQGHQ GDPLW HU DOOHV HUNOlUW ZDV ,FK JHVDJW XQG JHWDQ KDEH ,FK
YHUVSUHFKHHXFKGHQ7U|VWHULQGHQ =HLWHQGHU3UIXQJ'RFKMHQHU7U|VWHUMHQHU(UNOlUHU
ELQ ,FKVHOEVWGHU]XUFNNHKUWXPHXFK]XHUOHXFKWHQXQGHXFK]XKHOIHQGLHYHUJDQJHQHQ
8QWHUZHLVXQJHQXQGGLHVHQHXH]XYHUVWHKHQGLH,FKHXFKMHW]WEULQJH 

,QGHU:HLVKHLWLVWGHU+HLOEDOVDPXQGGHU7URVWGHQHXHU+HU]HUVHKQW'HVKDOEYHUKLH
,FKHXFKHLQVWGHQ*HLVWGHU:DKUKHLWDOV*HLVWGHV7URVWHV$EHUHVLVWXQHUOlVVOLFK*ODXEHQ
]X KDEHQ XP QLFKW DXI GHP :HJH VWHKHQ]XEOHLEHQ QRFK )XUFKW ]X IKOHQ DQJHVLFKWV GHU
3UIXQJHQ  

(UIOOWH9RU]HLFKHQ

 :HQLJH VLQG GHU 0HQVFKHQ GLH GLH =HLFKHQ GDIU HUNHQQHQ GDVV HLQ QHXHV =HLWDOWHU
DQJHEURFKHQLVWXQGGDVV,FK0LFKGHU]HLWGHU0HQVFKKHLWJHLVWLJRIIHQEDUH,QLKUHU0HKUKHLW
ZLGPHQ VLH LKU /HEHQ XQG LKUH %HPKXQJHQ GHP PDWHULHOOHQ )RUWVFKULWW XQG LQ GLHVHP
UFNVLFKWVORVHQ XQG ]XZHLOHQ EOXWLJHQ .DPSIH ]XU (UODQJXQJ LKUHU =LHOH OHEHQ VLH ZLH
%OLQGH YHUOLHUHQ VLH GLH 5LFKWXQJ ZLVVHQ VLH QLFKW PHKU ZDV VLH HUVWUHEHQ N|QQHQ VLH GHQ
KHOOHQ6FKHLQGHUQHXHQ0RUJHQU|WHQLFKWVHKHQQHKPHQVLHGLH=HLFKHQQLFKWZDKUXQGVLQG
ZHLWGDYRQHQWIHUQWVLFKGLH.HQQWQLVPHLQHU2IIHQEDUXQJHQDQ]XHLJQHQ

 'LHVH 0HQVFKKHLW KDW PHKU DQ GLH /HKUHQ XQG GLH :RUWH GHU 0HQVFKHQ JHJODXEW DOV DQ
GLH2IIHQEDUXQJHQGLH,FKLKUEHUGLH=HLWHQKLQJHZlKUWKDEH:DUWHWLKUHWZDGDUDXIGDVV
GHU9DWHULQVHLQHU*HUHFKWLJNHLWHXFKQRFKJU|HUH=HLFKHQVFKLFNWDOVGLHGLHLKUDXI6FKULWW
XQG7ULWWHUEOLFNWGDPLWLKUVSUWXQGJODXEWGDVVGLHVGLHIUPHLQH.XQGJHEXQJDOV*HLVW
GHU :DKUKHLW YRUDXVJHVDJWH =HLW LVW" $FK LKU NOHLQJOlXELJHQ 0HQVFKHQ -HW]W ZHUGHW LKU
EHJUHLIHQ -QJHU ZHVKDOE ,FK HXFK ]XZHLOHQ VDJH GDVV PHLQH 6WLPPH LQ GHU :VWH UXIW
ZHLOHVQLHPDQGHQJLEWGHUVLHYHUQLPPWXQGZLUNOLFKEHDFKWHW  

'DPLWDOOH0HQVFKHQGHU(UGHGHU:DKUKHLWGLHVHU%RWVFKDIW*ODXEHQVFKHQNHQN|QQHQ
KDEH ,FK EHZLUNW GDVV MHQH LQ DOWHQ =HLWHQ SURSKH]HLWHQ =HLFKHQ DXI GHP JDQ]HQ (UGNUHLV
VSUEDUZDUHQ 3URSKH]HLXQJHQGLHYRQPHLQHU:LHGHUNXQIWVSUDFKHQ

 'DKHU ZHUGHQ GLH 0HQVFKHQ ZHQQ GLHVH *XWH %RWVFKDIW ]X GHQ 1DWLRQHQ JHODQJW DOOHV
HUIRUVFKHQXQGXQWHUVXFKHQZDVLQGLHVHQ=HLWHQ]XLKQHQJHVSURFKHQZXUGHXQGEHUUDVFKW
XQGIUHXGLJZHUGHQVLHHQWGHFNHQGDVVDOOHVZDVEH]JOLFKPHLQHU:LHGHUNXQIWDQJHNQGLJW
XQGYHUKHLHQZXUGHJHWUHXOLFKLQ(UIOOXQJJHJDQJHQLVWZLHHV-HQHPHQWVSULFKWGHUQXU
HLQHQ :LOOHQHLQ:RUWXQGHLQ *HVHW]KDW 

,QGHU=ZHLWHQ=HLW NQGLJWH,FKPHLQHQ$SRVWHOQPHLQHQHXH2IIHQEDUXQJDQXQGDOV
VLH0LFKIUDJWHQZHOFKH=HLFKHQMHQH=HLWDQNQGLJHQZUGHQNQGLJWH,FKLKQHQHLQHVQDFK
GHPDQGHUHQDQZLHDXFKGLH%HZHLVHGLH,FKLKQHQJHEHQZUGH



'LH +HLOVJHVFKLFKWH ZLUG YRQ &KULVWXV LQ  JURH $EVFKQLWWH =HLWDOWHU RGHU =HLWHQ
XQWHUWHLOW ZREHL GLH =ZHLWH =HLW MHQH GHU *RWWHVRIIHQEDUXQJ GXUFK -HVXV XQG GLH =HLW
GDQDFKLVW 1lKHUHVVLHKH.DSLWHO 

'LH9RU]HLFKHQVLQGELV]XPOHW]WHQHUVFKLHQHQVLHYHUNQGHWHQGDVVGLHVGLHYRQ-HVXV
YRUDXVJHVDJWH=HLWLVWXQGQXQIUDJH,FKHXFK:HQQGLHVHJHLVWLJH.XQGJHEXQJDQGHU,FK
HXFK WHLOKDEHQ ODVVH QLFKW :DKUKHLW ZlUH  ZDUXP LVW GDQQ &KULVWXV QLFKW LQ GHU YRQ GHQ
*OlXELJHQHUZDUWHWHQ)RUP HUVFKLHQHQREZRKOGLH=HLFKHQ HLQWUDIHQ"2GHUJODXEWLKUGDVV
GHU 9HUVXFKHU DXFK 0DFKW EHU GLH JDQ]H 6FK|SIXQJ XQG EHU GLH 1DWXUJHZDOWHQ KDW XP
HXFK]XEHWUJHQ"

,FKKDEHHXFKHLQVWJHZDUQWGDPLWLKUQLFKWGHU9HUIKUXQJIDOVFKHU3URSKHWHQIDOVFKHU
&KULVWXVVHXQGIDOVFKHU(UO|VHUHUOLHJW'RFKKHXWHVDJH,FKHXFKGDVVGHULQNDUQLHUWH*HLVW
DXIJUXQG VHLQHU (QWZLFNOXQJ VHLQHU (UNHQQWQLV XQG (UIDKUXQJ VRZHLW HUZDFKW LVW GDVV HV
QLFKW OHLFKW LVW LKP )LQVWHUQLV DOV /LFKW DQ]XELHWHQ VRYLHO %OHQGZHUN GLHVH DXFK ]XU
9HUIJXQJKDW

'DUXPKDEH ,FKHXFKJHVDJW%HYRULKUHXFKGLHVHP:HJLQEOLQGHP*ODXEHQEHUODW
SUIWQDFKVRYLHOLKUZROOW(UNHQQWGDVVGLHVHV:RUWIUDOOHJHJHEHQZRUGHQLVWXQGGDVV
,FK0LUQLHHLQHQ7HLOGDYRQQXUIUEHVWLPPWH0HQVFKHQYRUEHKDOWHQKDEH6HKWGDVVHVLQ
GLHVHP :HUNH NHLQH %FKHU JLEW LQ GHQHQ ,FK LUJHQGHLQH /HKUH YRU HXFK JHKHLP]XKDOWHQ
VXFKH

'RFKKDEH ,FKHXFK LQMHQHU=ZHLWHQ =HLWGXUFKGHQ0XQGPHLQHV$SRVWHOV-RKDQQHV


DXFKJHVDJW6RMHPDQGPHLQH6WLPPHK|UWXQGGLH7U

DXIWXW ZHUGH ,FK EHL LKP HLQNHKUHQ XQG GDV 0DKO PLW LKP WHLOHQ XQG HU PLW 0LU (EHQVR
OHKUWH ,FK HXFK GDV *OHLFKQLV YRQ GHQ -XQJIUDXHQ GDPLW LKU HV LQ GLHVHU =HLW EHKHU]LJHQ
ZUGHW  

 'D GLH 9RU]HLFKHQ XQG GLH +HLPVXFKXQJHQ HLQJHWURIIHQ VLQG XQG ,FK ZHGHU LQ GHU
6\QDJRJHQRFKLQLUJHQGHLQHU.LUFKHHUVFKLHQHQELQ  DKQWGDGLH:HOWQLFKWGDVV,FK0LFK
JHJHQZlUWLJ DQ LUJHQGHLQHP 2UW RIIHQEDUHQ PX GD ,FK QLFKW JHJHQ PHLQ :RUW YHUVWRHQ
NDQQ" 


.DSLWHO 'LH0RUJHQU|WHGHU'ULWWHQ =HLW

'LHHUVWH.XQGJDEH

 'LHV LVW HLQ 7DJ GHU (ULQQHUXQJ DQ HLQHP 'DWXP ZLH KHXWH ZHLKWH ,FK PHLQH HUVWHQ
6WLPPWUlJHU XP GXUFK VLH PHLQH QHXHQ :HLVXQJHQ XQG PHLQH QHXHQ 2IIHQEDUXQJHQ
NXQG]XWXQ 'HU *HLVW (OLD
V GXUFKVWUDKOWH 5RTXH 5RMDV  XP HXFK DQ GHQ :HJ ]X HULQQHUQ
ZHOFKHUGDV*HVHW]*RWWHVLVW


'HU1DPHGLHVHVHUVWHQ6WLPPWUlJHUVZLUG5RNH5RFKDVDXVJHVSURFKHQ

'HU$XJHQEOLFNZDUIHLHUOLFKGLH6HHOHGHU$QZHVHQGHQHUEHEWHYRU)XUFKWXQG:RQQHVR
ZLHGDV+HU],VUDHOVDP%HUJH6LQDLHUEHEWHDOVGDV*HVHW]YHUNQGHWZXUGHZLHGLH-QJHU
HUEHEWHQGLHDXIGHP%HUJH7DERUGLH9HUNOlUXQJ-HVXVDKHQDOV0RVHXQG(OLDJHLVWLJ]XU
5HFKWHQXQG]XU/LQNHQGHV0HLVWHUVHUVFKLHQHQ

-HQHU6HSWHPEHUZDUGLH*HEXUWHLQHVQHXHQ=HLWDOWHUVGLH0RUJHQU|WHHLQHVQHXHQ
7DJHVGHU'ULWWHQ=HLWGLHIUGLH0HQVFKKHLWDQEUDFK

9RQMHQHP =HLWSXQNW DQVLQGXQDXIK|UOLFKYLHOH3URSKH]HLXQJHQXQGYLHOH9HUKHLXQJHQ


LQ (UIOOXQJ JHJDQJHQ GLH *RWW GHQ 0HQVFKHQ VHLW 7DXVHQGHQ YRQ -DKUHQ JHJHEHQ KDW %HL
HXFKKDEHQVLHVLFKHUIOOWLKU0lQQHUXQG)UDXHQGLHLKUGLH:HOWLQGLHVHU =HLWEHZRKQW
:HOFKHYRQHXFKVLQGZRKODXI(UGHQJHZHVHQDOVMHQH3URSKH]HLXQJHQDXVJHVSURFKHQXQG
MHQH 9HUKHLXQJHQ JHPDFKW ZXUGHQ" ,FK DOOHLQ ZHL HV GRFK GDV :HVHQWOLFKH LVW GDVV LKU
ZLWGDVV,FKHVHXFKYHUVSUDFKXQGGDVV,FKHVQXQHUIOOH

 :LW LKU YRQ MHQHU :RONH DXI GHU 0LFK PHLQH -QJHU DXIIDKUHQ VDKHQ DOV ,FK 0LFK
LKQHQ GDV OHW]WH 0DO NXQGJDE" 'HQQ ZDKUKHLWVJHPl VWHKW JHVFKULHEHQ GDVV ,FK DXI GHU
:RONH ]XUFNNRPPHQ ZUGH XQG ,FK KDEH HV HUIOOW $P  6HSWHPEHU  NDP PHLQ
*HLVW DXI GHU V\PEROLVFKHQ :RONH XP HXFK IU GHQ (PSIDQJ GHU QHXHQ 8QWHUZHLVXQJ
YRU]XEHUHLWHQ+HUQDFKLP-DKUHEHJDQQ,FKHXFKPHLQH8QWHUZHLVXQJ]XJHEHQ

,FKNDPQLFKWDOV0HQVFKVRQGHUQJHLVWLJEHJUHQ]WLQHLQHP/LFKWVWUDKOXPLKQDXIHLQHP
PHQVFKOLFKHQ 9HUVWDQGHVYHUP|JHQ UXKHQ ]X ODVVHQ 'LHV LVW GDV GXUFK PHLQHQ :LOOHQ
HUZlKOWH0LWWHOXPLQGLHVHU=HLW]XHXFK]XVSUHFKHQXQG,FKZHUGHHXFKGHQ*ODXEHQ GHQ
LKUDQGLHVHV:RUWKDEWDQUHFKQHQ

 'HQQ QLFKW 0RVHV LVW HV GHU HXFK GXUFK GLH :VWH ]XP *HOREWHQ /DQGH IKUW QRFK
&KULVWXV DOV 0HQVFK GHU HXFK VHLQ :RUW GHV /HEHQV DOV HLQHQ :HJ ]XU 5HWWXQJ XQG ]XU
)UHLKHLW K|UHQ OlVVW 1XQ LVW HV GLH PHQVFKOLFKH 6WLPPH GLHVHU *HVFK|SIH GLH HXUH 2KUHQ
HUUHLFKWXQGHVLVWHUIRUGHUOLFKVLFK]XYHUJHLVWLJHQXPGLH*|WWOLFKH(VVHQ]]XHQWGHFNHQLQ
GHU ,FK JHJHQZlUWLJ ELQ 'DKHU VDJH ,FK HXFK GDVV HV YHUGLHQVWYROO LVW GDVV LKU DQ GLHVHV
:RUWJODXEWGHQQHVZLUGGXUFKXQYROONRPPHQH:HVHQJHJHEHQ  

 ,P -DKUH  HQWVWDQG GLH HUVWH *HPHLQGH YRQ 6SLULWXDOLVWHQ -QJHUQ GLHVHV :HUNHV
8QWHU GHP /LFKW PHLQHV *HLVWHV XQG YRQ (OLD EHOHKUW EHJDQQHQ MHQH HUVWHQ 6FKOHU GLH


6WUDKOHQ GHU %RWVFKDIW ]X HPSIDQJHQ GLH LKU QXQ DQ LKUHP $EVFKOXVV LQ )OOH
HPSIDQJW 

%RWVFKDIWHQXQG+LQZHLVHLQDOOHU:HOW

(OLDGHU]XHUVWNRPPHQPXWHXPGHQ:HJ GHV+HUUQ]XEHUHLWHQJDEVLFK]XPHUVWHQ
0DO  GXUFK GDV PHQVFKOLFKH 9HUVWDQGHVYHUP|JHQ NXQG :ROOW LKU QLFKW HLQ ZHQLJ =HLW
GDUDXIYHUZHQGHQGLH=HLFKHQXQG(UHLJQLVVH]XHUIRUVFKHQGLHDXIDOOHQ*HELHWHQHLQWUDWHQ
XQGPLWGHP=HLWSXQNWMHQHU.XQGJHEXQJ]XVDPPHQILHOHQ":LHGHUZHUGHQHVMHQH*HOHKUWHQ
VHLQGLHGLH6WHUQHVWXGLHUHQXQGGLHLQGHU$QWLNH0DJLHUJHQDQQWZXUGHQZHOFKHEH]HXJHQ
ZHUGHQGDVVGHU+LPPHO=HLFKHQJHJHEHQKDWZHOFKH*|WWOLFKH5XIHVLQG 

'HQNWQLFKWGDVVDQGLHVHP3XQNWGHU(UGHZRPDQGLHVHV:RUWYHUQLPPWGHUHLQ]LJH
2UW LVW ZR ,FK 0LFK EHL PHLQHQ .LQGHUQ HLQVWHOOH 'HQQ ZDKUOLFK ,FK VDJH HXFK PHLQH
.XQGJHEXQJLQXQWHUVFKLHGOLFKHQ)RUPHQLVWZHOWZHLW

(OLDGHUVLFKXQWHUHXFKNXQGWDWDOV:HJEHUHLWHUPHLQHU.XQGJDEHGXUFKGDVPHQVFKOLFKH
9HUVWDQGHVYHUP|JHQ NDP QLFKW QXU ]X GLHVHP/DQG ZR LKU ZRKQW (U JLQJ YRQ HLQHP 2UW
GHU (UGH ]XP DQGHUHQ XQG NQGLJWH GLH 1HXH =HLW DQ XQG YHUNQGHWH GDV 1DKHQ GHV
+LPPHOUHLFKHV

9RQDOOHQ6HLWHQHUKREHQVLFK5XIHGLHHXFKPHLQH$QNXQIWDQNQGLJWHQGLHHUVFKWWHUWH
1DWXU EHZHJWH GLH (UGH GLH :LVVHQVFKDIW VWDXQWH DQJHVLFKWV QHXHU 2IIHQEDUXQJHQ GLH
*HLVWLJH :HOW  VWU]WH VLFK DXI GLH 0HQVFKHQ XQG GHQQRFK EOLHE GLH 0HQVFKKHLW WDXE
JHJHQEHUMHQHQ5XIHQGHQ9RUERWHQHLQHVQHXHQ=HLWDOWHUV


'LHVHU $XVGUXFN EH]LHKW VLFK DXI GLH %HZRKQHU GHU K|KHUHQ MHQVHLWLJHQ (EHQHQ GLH
/LFKWJHLVWHUGHU*HLVWHUZHOW*RWWHV

 (LQH )OXW *|WWOLFKHQ /LFKWHV ILHO KHUDE XP GLH 0HQVFKHQ DXV LKUHU )LQVWHUQLV
KHUDXV]XKROHQ $EHU GLHVH VHOEVWVFKWLJ XQG YHUPDWHULDOLVLHUW   IHUQH GDYRQ QDFK
9HUYROONRPPQXQJ GHU 6HHOH QDFK VLWWOLFKHU 9HUEHVVHUXQJ LKUHV /HEHQV DXI GHU (UGH ]X
VWUHEHQ YHUZHQGHWHQMHQHV/LFKWQXUXPVLFK7KURQHXQG+HUUOLFKNHLWHQ%HTXHPOLFKNHLWHQ
XQG 9HUJQJXQJHQ IU GHQ .|USHU XQG ZHQQ VLH HV IU Q|WLJ KLHOWHQ DXFK :DIIHQ ]X
VFKDIIHQ XP GDV /HEHQ LKUHU 0LWPHQVFKHQ ]X YHUQLFKWHQ ,KUH $XJHQ ZDUHQ YRQ GHU
,QWHQVLWlWPHLQHV/LFKWHVJHEOHQGHWXQGLKUH(LWHONHLWZXUGHLKQHQ]XP9HUGHUEHQ$EHU,FK
VDJHHXFKGDVVVLHGXUFKHEHQGLHVHV/LFKWGLH:DKUKHLWILQGHQGHQ:HJHQWGHFNHQXQGVLFK
UHWWHQZHUGHQ


'LHV EHGHXWHW GDV *HJHQWHLO YRQ YHUJHLVWLJW DOVR HLQ QXU DXI GDV 0DWHULHOOH XQG
.|USHUOLFKHEH]RJHQHV/HEHQXQG'HQNHQGHV0HQVFKHQ

'LHMHQLJHQGLHGLHVHV/LFKWLQLKUHP9HUVWDQGHDXI]XQHKPHQYHUPRFKWHQXQGHVDOVHLQH
*|WWOLFKH %RWVFKDIW DQQDKPHQ OLHHQ LKU *HZLVVHQ LKUH 6FKULWWH OHQNHQ XQG LKUHP :LUNHQ


]XU5LFKWVFKQXUGLHQHQ'HQQVLHKDWWHQGLH9RUDKQXQJGDVVGHU+HUUZLHGHUJHNRPPHQLVW
XQGGDVVHUEHLGHQ0HQVFKHQLVW

'LH9HUWUHWHUGHUYHUVFKLHGHQHQ6HNWHQXQG.RQIHVVLRQHQZROOWHQ0LFKQLFKWHPSIDQJHQ
LKU +HU] LKUH :UGH XQG LKUH IDOVFKH *U|H KLQGHUWH VLH GDUDQ 0LFK JHLVWLJ DQ]XQHKPHQ
'HVKDOE KDEHQ VLFK DXI GHU JDQ]HQ (UGH *UXSSHQ %UXGHUVFKDIWHQ XQG 9HUHLQLJXQJHQ GHUHU
JHELOGHW GLH GLH *HJHQZDUW GHU 1HXHQ =HLW IKOHQ GLH GLH (LQVDPNHLWVXFKHQ XP ]X EHWHQ
XQGGLH,QVSLUDWLRQHQGHV+HUUQ]XHPSIDQJHQ  

(VJLEW5HOLJLRQVJHPHLQVFKDIWHQGLHVLFKDXIPHLQH:LHGHUNXQIWYRU]XEHUHLWHQWUDFKWHQ
RKQH]XZLVVHQGDVV,FKEHUHLWVLP6FKHLGHQEHJULIIHQELQ

,FKULHIDOOHXQGLQ:DKUKHLWJHODQJWHPHLQ5XIXQGGDV*HUFKWGDVV,FK0LFKGHU]HLW
GHQ 0HQVFKHQ NXQGWXH LQ DOOH :LQNHO GHU (UGH ]XVDPPHQ PLW =HXJQLVVHQ XQG %HZHLVHQ
GLH YRQ 0LU VSUHFKHQ HUQHXHUWH 6QGHU EHNHKUWH 8QJOlXELJH 7RWH GLH DXIHUVWHKHQ
XQKHLOEDU.UDQNHGLHJHVXQGZHUGHQXQG%HVHVVHQHGLHVLFKYRQLKUHPhEHOEHIUHLHQ

$EHU,FKWUDIYLHOHWDXEDQDQGHUHHLWHOJHZRUGHQLQLKUHPLUGLVFKHQ$QVHKHQXQGZLHGHU
DQGHUH ]X IXUFKWVDP XP 0HLQH .XQGJHEXQJ DOV *HLVW GHU :DKUKHLW EHNDQQW]XPDFKHQ ,FK
HPSILQJXQGOHKUWHDOOHGLH]X0LUNDPHQXQGDXI0HLQH/LHEHYHUWUDXWHQ  

 $XV DQGHUHQ /lQGHUQ ZHUGHQ 0HQVFKHQVFKDUHQ ]X GLHVHP 9RONH NRPPHQ GLH HXFK
EHJLHULJ EHU GLH JHLVWLJHQ *HVFKHKQLVVH DXVIUDJHQ ZHUGHQ GHQHQ LKU LQ GLHVHU =HLW
EHLJHZRKQW KDEW XQG DXFK EHU GLH 2IIHQEDUXQJHQ XQG 3URSKH]HLXQJHQ GLH ,FK HXFK
JHJHEHQKDEH

'HQQLQYLHOHQ7HLOHQGHU:HOWKDWPDQPHLQH%RWVFKDIWHQHPSIDQJHQGLHEHVDJHQGDVV
PHLQ*|WWOLFKHU6WUDKODQHLQHP2UWLP:HVWHQKHUQLHGHUJHNRPPHQLVWXP]XU0HQVFKKHLW
GLHVHU=HLW]XVSUHFKHQ

:HQQGHU=HLWSXQNWJHNRPPHQLVWZHUGHWLKUHUOHEHQZLHVLHDXVDQGHUHQ9|ONHUQXQG
1DWLRQHQKHUEHLNRPPHQZHUGHQXPHXFKDXI]XVXFKHQ'DQQZHUGHQGLH0lQQHUGHUJURHQ
.RQIHVVLRQHQEHWURIIHQVHLQGDVVQLFKWVLHHVVLQGDQGLH,FK0LFKZDQGWH 

 :LH ZHQLJ LQWHUHVVLHUW GLH :HOW PHLQH QHXH 0DQLIHVWDWLRQ :LH ZHQLJH VLQG GHUHU GLH
ZDFKHQXQG0LFKHUZDUWHQXQGZLHYLHOHVLQGHVGLHVFKODIHQ

 hEHU GLH GLH LQ GHU (UZDUWXQJ YRQ 0LU OHEHQ NDQQ ,FK HXFK VDJHQ GDVV QLFKW DOOH GLH
WDWVlFKOLFKH)RUPPHLQHU*HJHQZDUWLQGLHVHU=HLWDKQHQ'HQQZlKUHQGPDQFKHXQWHUGHP
(LQIOX DOWHU *ODXEHQVYRUVWHOOXQJHQ PHLQHQ GDVV ,FK DOV 0HQVFK ]XU :HOW ]XUFNNHKUH
JODXEHQDQGHUHGDVV,FKLQLUJHQGHLQHUIUMHGHV 0HQVFKHQDXJHVLFKWEDUHQ*HVWDOWHUVFKHLQHQ
PXXQGVHKUZHQLJHQXUHUUDWHQGLH:DKUKHLWXQGDKQHQGDVVPHLQ.RPPHQJHLVWLJLVW

:lKUHQGGLH HLQHQVLFKIUDJHQZHOFKH *HVWDOW ,FKDQQHKPHQZHUGH ]XZHOFKHU6WXQGH


RGHUDQZHOFKHP7DJH,FK0LFKDXI(UGHQ]HLJHQZHUGHXQGDQZHOFKHP2UW,FKHUVFKHLQHQ
ZHUGH VDJHQ DQGHUH RKQH DQ EHVWLPPWH (UVFKHLQXQJVIRUPHQ RGHU =HLWSXQNWH ]X GHQNHQ
'HU0HLVWHULVWEHUHLWVXQWHUXQVVHLQ/LFKWZHOFKHVVHLQ*HLVWLVWXPIOXWHWXQV

:HQQGLHVH%RWVFKDIW]XDOOHQ +HU]HQJHODQJWZLUGHVIUGLHHLQHQHLQ$XJHQEOLFNGHV
-XEHOVVHLQZHLOVLHLQLKUDOOHLKUH9RUDKQXQJHQXQGLKUHQ*ODXEHQEHVWlWLJWILQGHQZHUGHQ
$QGHUH KLQJHJHQ ZHUGHQ PHLQHU %RWVFKDIW :DKUKHLW DEVSUHFKHQ ZHLO VLH VLH QLFKW LQ


hEHUHLQVWLPPXQJPLWGHPILQGHQZDVVLHJODXEWHQGDVVJHVFKHKHQZUGHXQGPLWGHU$UW
XQG:HLVHLQGHUHVVLFKRIIHQEDUHQZUGH  

'DV:LUNHQ(OLDVDOV:HJEHUHLWHUGHV+HUUQ

,FKOLH(OLDLQGHU'ULWWHQ=HLW  ]XUFNNHKUHQXQG,FKDOV0HLVWHUKDWWHLKQ LQMHQHU


=ZHLWHQ=HLWDQJHNQGLJWXQGJHVDJW:DKUOLFK(OLDLVWXQWHUHXFKJHZHVHQXQGLKUKDEW
LKQ QLFKW HUNDQQW ,FK ZHUGH ]XU :HOW ]XUFNNHKUHQ DEHU ZDKUOLFK ,FK VDJH HXFK 9RU 0LU
ZLUG(OLDGDVHLQ


VLHKH.DSLWHO

 'D MHGHV :RUW GHV 0HLVWHUV LQ (UIOOXQJ JHKW LVW (OLD LQ GHU 'ULWWHQ =HLW YRU 0LU
JHNRPPHQXPGLH6HHOHQ]XHUZHFNHQXPVLHDKQHQ]XODVVHQGDVVGLH6WXQGHGHV+HLOLJHQ
*HLVWHVLKUH3IRUWHDXIWDWXPMHGHU6HHOH]XVDJHQGDVVVLHLKUH$XJHQ|IIQHQVROOHGDVVVLH
VLFK]XUVWHQVROOHXPGLH6FKZHOOHGHV=ZHLWHQ=HLWDOWHUV]XU'ULWWHQKLQ]XEHUVFKUHLWHQ
'DPLW GLH .XQGJHEXQJ (OLD
V LQ GLHVHU 'ULWWHQ =HLW IDEDUHU ZlUH OLH ,FK LKQ VLFK GXUFK
HLQHQJHUHFKWHQ0DQQNXQGWXQ5RTXH5RMDV

 (OLD HUOHXFKWHWH JHLVWLJ YRP -HQVHLWV DXV GLHVHQ 0DQQ LQVSLULHUWH LKQ VWlUNWH LKQ XQG
OHLWHWHLKQDXIDOOVHLQHQ:HJHQYRP$QIDQJELV]XP(QGH

 'RFK ZDKUOLFK ,FK VDJH HXFK QLFKW HU HUZlKOWH 5RTXH 5RMDV XQWHU GHQ 0HQVFKHQ ,FK
HUZlKOWHLKQVDQGWHVHLQHGXUFKPHLQH%DUPKHU]LJNHLW]XEHUHLWHWH6HHOH ,FKJDELKPHLQHQ
JOHLFKIDOOV GXUFK 0LFK YRUEHUHLWHWHQ .|USHU XQG LKU ZLW GDVV HU GHPWLJ ZDU GDVV GHU
9DWHU GXUFK VHLQH 'HPXW XQG VHLQH 7XJHQG JURH :HUNH YROOEUDFKWH (U ZDU 3URSKHW
6WLPPWUlJHU 6HKHU XQG )KUHU 9RQ DOOHGHP KLQWHUOLH HU GHP 9RONH HLQ OHXFKWHQGHV
%HLVSLHO

 (U ZXUGH YRQ VHLQHP HLJHQHQ 9RON YHUODFKW XQG YHUVSRWWHW ZLH HV 0RVH LQ GHU :VWH
JHVFKDK ZXUGH ZLH GHU 3URSKHW (OLD YHUIROJW XQG PXWH VLFK DXI GLH *LSIHO GHU %HUJH
]XUFN]LHKHQXPGRUWIUVHLQ9RON]XEHWHQXQGHLQ]XVWHKHQ

(UZXUGHZLHVHLQ0HLVWHUYRQ3ULHVWHUQXQG6FKULIWJHOHKUWHQYHUK|KQWXQGYHUXUWHLOW:LH
VHLQHP 0HLVWHU JODXEWHQ IROJWHQ XQG XPJDEHQ DXFK LKQ QXU HLQLJH ZHQLJH 6HLQH +lQGH
YHUVWU|PWHQ KHLOHQGH .UlIWH WDWHQ :XQGHU GLH EHL GHQ HLQHQ *ODXEHQ HUZHFNWHQ XQG EHL
DQGHUHQ9HUZLUUXQJYHUXUVDFKWHQ)UPDQFKHNDPHQYRQVHLQHQ/LSSHQSURSKHWLVFKH:RUWH
GLH VLFK EXFKVWDEHQJHWUHX HUIOOWHQ 6HLQ 0XQG JDE 5DWVFKOlJH YROOHU 7URVW IU GLH NUDQNHQ
+HU]HQ

 6HLQ *HLVW YHUPRFKWH JURH ,QVSLUDWLRQHQ DXI]XQHKPHQ XQG NRQQWH ZLH MHQHU GHU
*HUHFKWHQ$SRVWHOXQG3URSKHWHQLQ9HU]FNXQJIDOOHQ6HLQH6HHOHNRQQWHVLFKYRQGLHVHU
:HOW XQG VHLQHP .|USHU O|VHQ XP GDV *HLVWLJH *HILOGH ]X EHWUHWHQ XQG GHPWLJ ]X GHQ
7UHQ GHU*HKHLPHQ6FKDW]NDPPHUGHV+HUUQ]XJHODQJHQ0LWWHOVGLHVHU(UKHEXQJWDWVLFK
GHU *HLVW (OLDV GHQ HUVWHQ =HXJHQ NXQG EHYRU QRFK GHU 6WUDKO GHV 0HLVWHUV NDP 



 5RTXH 5RMDV YHUVDPPHOWH HLQH *UXSSH 0lQQHU XQG )UDXHQ YROO *ODXEHQ XQG JXWHP
:LOOHQ XQG GRUW LP 6FKRH VHLQHU HUVWHQ 9HUVDPPOXQJHQ RIIHQEDUWH VLFK (OLD GXUFK GHQ
9HUVWDQGGHV%RWHQLQGHPHUVSUDFK,FKELQGHU3URSKHW(OLDMHQHUGHU9HUNOlUXQJDXIGHP
%HUJH 7DERU (U JDE VHLQHQ HUVWHQ 6FKOHUQ GLH HUVWHQ %HOHKUXQJHQ ]XJOHLFK NQGLJWH HU
LKQHQ GDV =HLWDOWHU GHU 9HUJHLVWLJXQJ DQ XQG SURSKH]HLWH LKQHQ GDVV EDOG GHU 6WUDKO GHV
*|WWOLFKHQ0HLVWHUVNRPPHQZUGHXPVLFKVHLQHP9RONHPLW]XWHLOHQ

 (LQHV 7DJHV DOV GLH EHVFKHLGHQH 9HUVDPPOXQJVVWlWWH YRQ 5RTXH 5RMDV YROO YRQ
$QKlQJHUQ ZDU GLH GHP :RUWH GLHVHV 0DQQHV JODXEWHQ NDP (OLD KHUDE XP GHQ 9HUVWDQG
VHLQHV 6SUDFKURKUV ]X HUOHXFKWHQ XQG YRQ 0LU LQVSLULHUW VDOEWH HU VLHEHQ YRQ GLHVHQ
*OlXELJHQZHOFKHGLH6LHEHQ6LHJHOYHUWUHWHQRGHUV\PEROLVLHUHQVROOWHQ

6SlWHU DOVGHUYHUVSURFKHQH$XJHQEOLFNPHLQHU.XQGJDEHJHNRPPHQZDUIDQG,FKGDVV
YRQMHQHQVLHEHQ$XVHUZlKOWHQQXUHLQHULQGHU(UZDUWXQJGHU$QNXQIW GHVUHLQHQ*HPDKOV
ZDFKWHXQGGLHVHV+HU]ZDUGDVYRQ'DPLDQD2YLHGRGHU-XQJIUDXGHUHQ9HUVWDQGDOVHUVWH U
GDV/LFKWGHV*|WWOLFKHQ6WUDKOHVDOV%HORKQXQJIULKUH%HKDUUOLFKNHLWXQGLKUH9RUEHUHLWXQJ
HPSIDQJHQGXUIWH

'DPLDQD2YLHGRYHUWUDWGDV6HFKVWH6LHJHO 'LHVZDUHLQ%HZHLVPHKUGDIUGDVVGDV
/LFKWGHV6HFKVWHQ6LHJHOVGDVMHQLJHLVWZHOFKHVGLHVHbUDHUOHXFKWHW  


'LHVHUDXIGLH2IIHQEDUXQJ-RKDQQLVEH]RJHQH%HJULIIEH]HLFKQHWGDVYRUOHW]HGHU6LHEHQ
6LHJHOZHOFKHDOV6LQQELOGHUIU(SRFKHQLQQHUKDOEGHUKHLOVJHVFKLFKWOLFKHQ=HLWDOWHU]X
YHUVWHKHQVLQG 1lKHUHVGD]XVLHKH.DS 

1XUZHQLJHNRQQWHQGLH*HJHQZDUWGHV*RWWJHVDQGWHQZLUNOLFKIKOHQ(LQZHLWHUHV0DO
ZDUHUGLH6WLPPHGLHLQGHU:VWHULHIXQGDXIVQHXHEHUHLWHWHHUGDV+HU]GHU0HQVFKHQ
IU GDV EHYRUVWHKHQGH .RPPHQ GHV +HUUQ 6R ZXUGH GDV 6HFKVWH 6LHJHO JHO|VW OLH VHLQHQ
,QKDOWVFKDXHQXQGHUJRVLFKDOVHLQ6WURPYRQ*HUHFKWLJNHLWXQG/LFKWEHUGLH0HQVFKKHLW
$XIGLHVH:HLVHZXUGHQYLHOH9HUKHLXQJHQXQG3URSKH]HLXQJHQHUIOOW

(OLDHUOHXFKWHWHZLH-HVXVXQG0RVHGLH$XJHQHXUHV*HLVWHVGDPLWLKUGHQ9DWHUVFKDXHQ
VROOWHW 0RVH OHKUWH HXFK 'X VROOVW GHLQHQ 1lFKVWHQ OLHEHQ ZLH GLFK VHOEVW -HVXV VDJWH
HXFK /LHEHW HLQDQGHU (OLD JHERW HXFK PHKU XQG PHKU 0LWJHIKO PLW HXUHQ 1lFKVWHQ ]X
KDEHQ XQG IJWH VRJOHLFK KLQ]X XQG LKU ZHUGHW PHLQHQ 9DWHU LQ DOO VHLQHU +HUUOLFKNHLW
VFKDXHQ  

:HQQGDV'XQNHOGDVGLH0HQVFKKHLWHLQKOOWVLFKYHUIOFKWLJWXQGHVLQGHQ6HHOHQKHOO
ZLUG ZHUGHQ VLH GLH *HJHQZDUW HLQHV QHXHQ =HLWDOWHUV IKOHQ ZHLO (OLD ]X GHQ 0HQVFKHQ
]XUFNJHNHKUWLVW

 'RFK GD GLHVH LKQ QLFKW ]X VHKHQ YHUPRFKWHQ ZDU HV QRWZHQGLJ GDVV VLFK VHLQ *HLVW
GXUFK GDV PHQVFKOLFKH 9HUVWDQGHVYHUP|JHQ NXQGJDE XQG HU VLFK YRU GHQ 6HKHUQ LQ MHQHP
6LQQELOGGHV3URSKHWHQ(OLD]HLJWHEHUGHQ:RONHQLQVHLQHPIHXULJHQ:DJHQ

(OLDLVWLQGLHVHU=HLWDOV:HJEHUHLWHUJHNRPPHQXP0HLQ.RPPHQYRU]XEHUHLWHQ(ULVW
DOV3URSKHWJHNRPPHQXPHXFKGDVQHXH=HLWDOWHUPLWVHLQHQ.lPSIHQXQG3UIXQJHQDEHU


DXFK PLW GHU :HLVKHLW VHLQHU 2IIHQEDUXQJHQ DQ]XNQGLJHQ (U NRPPW PLW VHLQHP
/LFKWJHIlKUWXPHXFKHLQ]XODGHQHV]XEHVWHLJHQXPHXFKEHUGLH:RONHQHPSRU]XWUDJHQ
XQGHXFK]XU*HLVWLJHQ+HLPDW]XEULQJHQZRGHU)ULHGHUHJLHUW9HUWUDXWLKPDOVGHP*XWHQ
+LUWHQIROJWLKPJHLVWLJZLHGDV9RONLQGHU(UVWHQ=HLW0RVHQDFKIROJWH%HWHWGDPLWHU
HXFK EHL GHU (UIOOXQJ HXUHV $XIWUDJV KLOIW XQG ZHQQ LKU LKP QDFKHLIHUQ ZROOW VR WXW
HV  

 (OLD HLQ *HLVW YRQ JURHU 0DFKW GHU YRQ GHU 0HQVFKKHLW QLFKW HUNDQQW ZRUGHQ LVW LVW
LPPHU PHLQ :HJEHUHLWHU JHZHVHQ +HXWH LVW HU HLQ ZHLWHUHV 0DO JHNRPPHQ XP GLH
*HNHQQ]HLFKQHWHQ  YRU]XEHUHLWHQ GLH 6WLPPWUlJHU GLH 0LU ]X GLHQHQ KDEHQ VRZLH DOOH
0HQVFKHQ


'LH*HNHQQ]HLFKQHWHQ VSDQLVFKPDUFDGRV RGHU 9HUVLHJHOWHQ 2II-RK.DS VLQG
YRQ&KULVWXV(UZlKOWHGLHYRQLKPGDV=HLFKHQGHUJ|WWOLFKHQ'UHLHLQLJNHLWDQLKUHQ6WLUQHQ
HPSILQJHQ 1lKHUHVGD]XVLHKH.DSOHW]HU$EVFKQLWW 

 :HQQ LKU HXFK ]XUVWHW XQG PHLQH 8QWHUZHLVXQJ VWXGLHUW XP PHLQHQ :LOOOHQ
NHQQHQ]XOHUQHQZLUG(OLDHXFK]X+LOIHNRPPHQXQGHXFK6WW]HXQG)UHXQGVHLQ

(OLDLVW HLQ *|WWOLFKHU6WUDKOGHUDOOH:HVHQHUOHXFKWHWXQGOHQNWXQGVLH]X0LUIKUW


/LHEWLKQXQGYHUHKUWLKQDOVHXUHQ%DKQEUHFKHUXQG)UVSUHFKHU  

 'HU 3URSKHW (OLD GHU :HJEHUHLWHU GHU 9RUERWH GHU 'ULWWHQ =HLW OHJW )UVSUDFKH IU
VHLQH+HUGHHLQHUEHWHWIUGLHGLHQLFKW]XEHWHQYHUVWHKHQXQGYHUKOOWPLWVHLQHP0DQWHO
GHQ 6FKDQGIOHFNHQ GHV 6QGHUV LQ GHU +RIIQXQJ DXI GHVVHQ (UQHXHUXQJ (OLD UVWHW VHLQH
6FKDUHQ VHLQH +HHUH XP GLH )LQVWHUQLV ]X EHNlPSIHQ GLH GXUFK 8QZLVVHQKHLW 6QGH
)DQDWLVPXVXQGGHQ0DWHULDOLVPXVGHU0HQVFKKHLWHQWVWDQGHQLVW 

-HW]WLVWHVGLH$XIJDEH DOOHUGLHEHUHLWV ]XJHUVWHWXQG HUZDFKWVLQGGLH %HIUHLXQJGHU


:HOW]XYHUNQGHQ(ULQQHUWHXFKGDUDQGDVV(OLDGHUIUGLHVH=HLW9HUKHLHQHGHU]HLWDOOHV
YRUEHUHLWHWXPGLH1DWLRQHQGHU(UGHGLHYRP0DWHULDOLVPXVYHUVNODYWVLQGDXVGHU*HZDOW
3KDUDRV]XHUUHWWHQZLHHVHLQVW0RVHLQbJ\SWHQPLWGHQ6WlPPHQ,VUDHOVWDW

 6DJW HXUHQ 0LWPHQVFKHQ GDVV VLFK (OLD EHUHLWV GXUFK GDV PHQVFKOLFKH
9HUVWDQGHVYHUP|JHQ NXQGJHWDQ KDW GDVV VHLQH *HJHQZDUW LP*HLVWH JHZHVHQ LVW XQG HU
ZHLWHUKLQGHQ:HJDOOHU9|ONHUHUKHOOHQZLUGGDPLWVLHYRUDQNRPPHQ

(XHU+LUWHKDWGLH$XIJDEHDOOH*HVFK|SIHDXILKUHQZDKUHQ:HJ]XUFN]XEULQJHQJDQ]
JOHLFK RE GLHVHU GHP JHLVWLJHQ GHP PRUDOLVFKHQ RGHU GHP PDWHULHOOHQ %HUHLFK DQJHK|UW
'HVKDOEVDJH,FKHXFKGDVVGLH 1DWLRQHQJHVHJQHWVHLQZHUGHQGLHGXUFK(OLDGHQ5XILKUHV
+HUUQ HPSIDQJHQ GHQQ VLH ZHUGHQ GXUFK GDV *HVHW] GHU *HUHFKWLJNHLW XQG /LHEH YHUHLQW
EOHLEHQ GDV LKQHQ DOV )UXFKW LKUHV 9HUVWlQGQLVVHV XQG LKUHU %UGHUOLFKNHLW GHQ )ULHGHQ
EULQJHQ ZLUG 6ROFKHUPDHQ YHUHLQW ZHUGHQ VLH ]XP .DPSISODW] JHIKUW ZHUGHQ ZR VLH
JHJHQGLH9HUGHUEWKHLWGHQ0DWHULDOLVPXVXQGGLH/JHVWUHLWHQZHUGHQ

,QGLHVHP.DPSIHZHUGHQGLH0HQVFKHQGLHVHU=HLWGLHQHXHQ:XQGHUHUOHEHQXQGGHQ
JHLVWLJHQ 6LQQ GHV /HEHQV HUIDVVHQ MHQHQ GHU YRQ 8QVWHUEOLFKNHLW XQG )ULHGHQ VSULFKW 6LH


ZHUGHQDXIK|UHQVLFKJHJHQVHLWLJ]XW|WHQZHLOVLHHUNHQQHQGDVVVLHLKUH8QZLVVHQKHLWLKUH
6HOEVWVXFKW XQG GLH YHUGHUEOLFKHQ /HLGHQVFKDIWHQ DXV GHQHQ LKUH 6WU]H XQG 1|WH
KHUYRUJLQJHQVRZRKOGLHPDWHULHOOHQDOVDXFKGLHJHLVWLJHQYHUQLFKWHQPVVHQ  

 (OLD LVW GHU *RWWHVVWUDKO PLW GHVVHQ /LFKW HU HXUH )LQVWHUQLV YHUWUHLEW XQG HXFK DXV GHU
.QHFKWVFKDIW GLHVHU =HLW EHIUHLW ZHOFKH GLH GHU 6QGH LVW XQG GHU HXUHQ *HLVW GXUFK GLH
:VWHIKUHQZLUGELVHU]XP*HOREWHQ/DQGLP6FKRH*RWWHVJHODQJHQZLUG 


.DSLWHO 'LH*HLVWLJH6RQQHGHU:LHGHUNXQIW&KULVWL

'DV.RPPHQGHV+HUUQ

,FKELQLQGHU0HQVFKKHLWJHJHQZlUWLJ]XHLQHU=HLWLQGHUQHXH(QWGHFNXQJHQGDV/HEHQ
GHU 0HQVFKHQ YHUZDQGHOW KDEHQ XQG PDFKH PHLQH *HJHQZDUW XQWHU HXFK PLW GHU JOHLFKHQ
'HPXWIKOEDUGLHLKUHLQVWHQVDQ0LUNDQQWHW

 'DV :RUW *RWWHV LVW QLFKW QRFKPDOV 0HQVFK JHZRUGHQ &KULVWXV LVW QLFKW HUQHXW LQ GHU
$UPVHOLJNHLWHLQHV6WDOOHVJHERUHQ QHLQGHQQ HVLVWQLFKWPHKUQ|WLJGDVVHLQ.|USHUGLH
0DFKW *RWWHV EH]HXJW :HQQ 0HQVFKHQ PHLQHQ GDVV GLHVHU .|USHU KLHU GHU DXI GLH :HOW
JHNRPPHQH*RWWLVWVRLUUHQVLH'LH*HJHQZDUW*RWWHVLVWJHLVWLJXQLYHUVHOOXQHQGOLFK

 :HQQ DOOHV ZDV GLH 0HQVFKHQ LQ GLHVHU =HLW HUUXQJHQ KDEHQ LQ GHQ *UHQ]HQ GHV
*HUHFKWHQ GHV (UODXEWHQ XQG *XWHQ ZlUH ZlUH HV QLFKW Q|WLJ JHZHVHQ GDVV ,FK KHUQLHGHU
NRPPH XP HUQHXW ]X HXFK ]X VSUHFKHQ $EHU QLFKW DOOH :HUNH GLH 0LU GLHVH 0HQVFKKHLW
GDUELHWHW VLQG JXW HV JLEW YLHOH 9HUIHKOXQJHQ YLHOH 8QJHUHFKWLJNHLWHQ YLHOH $EZHJH XQG
hEHOWDWHQ'DKHUZDUHVQRWZHQGLJGDVVPHLQH IUVRUJOLFKH /LHEHGHQ 0HQVFKHQHUZHFNWH
DOVHUDPVWlUNVWHQLQVHLQ:HUNYHUWLHIWZDUXPLKQGDUDQ]XHULQQHUQZHOFKH3IOLFKWHQHU
YHUJHVVHQKDWXQG:HPHUDOOHVYHUGDQNWZDVLVWXQGZDVQRFKVHLQZLUG

8P0LFKHLQHUYHUPDWHULDOLVLHUWHQ0HQVFKKHLWK|UEDU]XPDFKHQGLH0LFKQLFKWYRQ*HLVW
]X *HLVW YHUQHKPHQ NRQQWH PXWH ,FK 0LFK LKUHU *HLVWHVJDEHQ XQG )lKLJKHLWHQ EHGLHQHQ
XP0LFKGXUFKGDV9HUVWDQGHVYHUP|JHQGHV0HQVFKHQNXQG]XWXQ

'LH(UNOlUXQJGDIUZHVKDOE,FKKHUDENRPPHXP0LFKHXFKPLW]XWHLOHQLVWGLHVH'D
LKUHXFKQLFKW]XHUKHEHQYHUPRFKWHWXPPLWHXUHP+HUUQYRQ*HLVW]X*HLVW=ZLHVSUDFKH]X
KDOWHQ PXWH ,FK HLQH 6WXIH WLHIHU KHUDEVWHLJHQ GDV KHLW YRP *HLVWLJHQ YRP *|WWOLFKHQ
ZRKLQLKUQRFKQLFKWJHODQJHQN|QQW,FKPXWHGDQQYRQHXUHP9HUVWDQGHVRUJDQ*HEUDXFK
PDFKHQ GDV VHLQHQ 3ODW] LP *HKLUQ GHV 0HQVFKHQ KDW XQG PHLQH *|WWOLFKH ,QVSLUDWLRQ LQ
0HQVFKHQZRUWHXQGPDWHULHOOH/DXWHEHUWUDJHQ

'HU0HQVFKEHGDUIHLQHUHUZHLWHUWHQ.HQQWQLVXQG*RWWLVWHVGHU]XP0HQVFKHQNRPPW
XPLKP:HLVKHLWDQ]XYHUWUDXHQ:HQQHXFKGDVHUZlKOWH0LWWHOIUPHLQHNXU]H.XQGJDEH
GXUFK GDV 9HUVWDQGHVRUJDQ GLHVHU 6SUDFKURKUH QLFKW ZUGLJ HUVFKHLQW VR VDJH ,FK HXFK LQ
:DKUKHLW GDVV GLH %RWVFKDIW GLH GXUFK VLH JHJHEHQ ZLUG VHKU JUR LVW ,KU KlWWHW HV OLHEHU
JHKDEW GDVV PHLQH .XQGJHEXQJ YRU GHQ 0HQVFKHQ PLW 3RPS XQG =HUHPRQLHQ JHVFKHKHQ
ZlUHGLH(LQGUXFNJHPDFKWKlWWHQGLHMHGRFKLQ:LUNOLFKNHLWYRP*HLVWHDXVEHWUDFKWHWHLWHO
JHZHVHQZlUHQ ZHLOVLHNHLQZDKUHV/LFKWHQWKDOWHQ 

,FKKlWWHXQWHU%OLW]HQXQG6WUPHQNRPPHQN|QQHQXPPHLQH0DFKWIKOEDU]XPDFKHQ
GRFKZLHOHLFKWZlUHHVGDQQIUGHQ0HQVFKHQ JHZHVHQ]XEHNHQQHQGDVVGLH*HJHQZDUW
GHV +HUUQ JHNRPPHQ ZDU 'RFK PHLQW LKU QLFKW GDVV GDQQ GLH )XUFKW LQ HXHU +HU]
]XUFNJHNHKUW ZlUH XQG DXFK GLH 9RUVWHOOXQJ YRQ HWZDV 8QEHUHLIOLFKHP" *ODXEW LKU QLFKW
GDVV MHGHV *HIKO GHU /LHEH ]XP 9DWHU VLFK QXU LQ $QJVW YRU VHLQHU *HUHFKWLJNHLW
XPJHZDQGHOW KlWWH" 'RFK LKU VROOW ZLVVHQ GDVV*RWW REZRKO (U DOOPlFKWLJH .UDIW LVW HXFK
QLFKWGXUFKGLHVH0DFKWEHVLHJHQZLUGVLFKQLFKWGXUFKVLHGXUFKVHW]HQZLUGVRQGHUQGXUFK
HLQHDQGHUH0DFKWXQGGDVLVWGLHGHU/LHEH

(VLVWGHU*|WWOLFKH*HLVWGHUKHXWH]XP8QLYHUVXPVSULFKW(ULVWHVGHU/LFKWEULQJWLQDOO
GDV ZDV LKU LQ DQGHUHQ =HLWHQ QLFKW NODU HUNDQQW KDEW (U LVW GLH 0RUJHQU|WH HLQHV QHXHQ


7DJHV IU DOOH 0HQVFKHQ GHQQ (U ZLUG HXFK YRQ IDOVFKHQ bQJVWHQ EHIUHLHQ HXUH =ZHLIHO
EHVHLWLJHQXPHXUH6HHOHXQGHXUHQ9HUVWDQGIUHL]XPDFKHQ

,FKVDJHHXFK1DFKGHPLKUGHQ:HVHQVNHUQPHLQHU8QWHUZHLVXQJHQXQGGLH*HUHFKWLJNHLW
PHLQHU *HVHW]H NHQQHQJHOHUQW KDEW ZHUGHW LKU DXFK GLH *UHQ]HQ HUNHQQHQ GLH HXUH
9RUVWHOOXQJHQ HXFK DXIHUOHJW XQG HXFK GDUDQ JHKLQGHUW KDEHQ EHU HLQH JHULQJH (UNHQQWQLV
GHU:DKUKHLWKLQDXV]XJHODQJHQ

 1LFKW PHKU GLH $QJVW RGHU )XUFKW YRU 6WUDIH ZLUG HV VHLQ GLH HXFK GDYRQ DEKlOW ]X
IRUVFKHQ ]X HQWGHFNHQ 1XU ZHQQ LKU ZLUNOLFK GDV IU HXFK 8QEHJUHLIOLFKH NHQQHQOHUQHQ
ZROOWZLUGHXHU*HZLVVHQHXFKGHQ:HJYHUELHWHQGHQQLKUVROOWZLVVHQGDVVGHP0HQVFKHQ
QLFKW GLH JDQ]H :DKUKHLW ]XNRPPW XQG GDVV HU YRQ LKU QXU GHQ 7HLO HUIDVVHQ VROO GHU LKP
HQWVSULFKW

 9RON :HQQ PHLQ .RPPHQ VR DQJHNQGLJW ZXUGH GDVV HV LQPLWWHQ YRQ .ULHJHQ
HQWIHVVHOWHQ1DWXUJHZDOWHQ6HXFKHQXQG&KDRVVHLQZUGHGDQQJHVFKDKGLHVQLFKWZHLO ,FK
HXFK DOO GLHV JHEUDFKW KlWWH HV JHVFKDK ZHLO PHLQH *HJHQZDUW JHUDGH LQ MHQHU 6WXQGH GHU
.ULVHIUGLH0HQVFKKHLWKLOIUHLFKVHLQ ZUGH

 +LHU QXQ LVW GLH (UIOOXQJ DOO GHVVHQ ZDV EHU PHLQH :LHGHUNXQIW JHVDJW ZXUGH ,FK
NRPPH ]X GHQ 0HQVFKHQ ZlKUHQG HLQH :HOW PLW GHP 7RGH ULQJW XQG GLH (UGH LQ LKUHP
7RGHVU|FKHOQEHEWXQGVLFKVFKWWHOWXPHLQHUQHXHQ0HQVFKKHLWGHQ:HJ]XEDKQHQ'DKHU
LVW GHU 5XI *RWWHV LQ GHU 'ULWWHQ =HLW HLQ 5XI GHU /LHEH HLQHU /LHEH GLH *HUHFKWLJNHLW
%UGHUOLFKNHLWXQG)ULHGHQLQVLFKWUlJWXQGGD]XLQVSLULHUW

'DV:RUW&KULVWLNHLPWHHLQVWLQVHLQHQ-QJHUQXQGLQGHP9RONGDVLKQHQQDFKIROJWH
ZXFKV VHLQH 6DDW KHUDQ 6HLQH /HKUH YHUEUHLWHWH VLFK XQG GHUHQ 6LQQJHKDOW JLQJ EHU GLH
JDQ]H:HOW6RZLUGVLFKDXFKGLHVHKHXWLJH/HKUHDXVEUHLWHQGLHYRQDOOMHQHQDQJHQRPPHQ
ZHUGHQZLUGGLHIlKLJVLQGVLH]XHUIKOHQXQG]XYHUVWHKHQ  

$OOHU$XJHQZHUGHQ0LFKVFKDXHQ

-HVXVVDJWHVHLQHQ-QJHUQ,FKZHUGHQXUNXU]H=HLWYRQHXFKHQWIHUQWVHLQ LFKZHUGH
]XUFNNHKUHQ 'DQDFK ZXUGH LKQHQ RIIHQEDUW GDVV LKU 0HLVWHU DXI GHU :RONH NRPPHQ
ZUGHXPJHEHQYRQ(QJHOQXQG/LFKWVWUDKOHQ]XU(UGHKHUDEVHQGHQG

 +LHU ELQ ,FK QXQ DXI GHU :RONH XPJHEHQ YRQ (QJHOQ ZHOFKHV GLH JHLVWLJHQ :HVHQ
VLQG GLH VLFK XQWHU HXFK DOV %RWVFKDIWHU PHLQHU *|WWOLFKNHLW XQG DOV HXUH JXWHQ 5DWJHEHU
NXQGJHWDQKDEHQ'LH/LFKWVWUDKOHQVLQGPHLQ:RUWGDVHXFKQHXH2IIHQEDUXQJHQEULQJWGDV
MHGHV9HUVWDQGHVYHUP|JHQPLW:HLVKHLWEHUVWU|PW

:RKOGHQHQGLHRKQH]XVHKHQJHJODXEWKDEHQGHQQVLHVLQGGLHGLHPHLQH*HJHQZDUW
IKOHQ  

 'HU 0HQVFK ZLUG PLWWHOV VHLQHV *HLVWHV GLH :DKUKHLW HQWGHFNHQ DOOH ZHUGHQ PHLQH
*HJHQZDUW VSUHQ GHQQ ,FK KDEH HXFK EHUHLWV VHLQHU]HLW JHVDJW GDVV MHGHV $XJH 0LFK
VFKDXHQZUGHZHQQGLH=HLWGDIUJHNRPPHQLVW

 1XQ GLHVH =HLW LQ GHU LKU OHEW LVW HEHQ MHQH GXUFK PHLQ :RUW XQG PHLQH 3URSKHWHQ
YHUJDQJHQHU=HLWHQDQJHNQGLJWHLQGHUDOOH0HQVFKHQ0LFKPLWWHOVGHU(PSILQGXQJHQXQG
)lKLJNHLWHQLKUHV*HLVWHVVFKDXHQVROOHQ


(VZLUGQLFKWQ|WLJVHLQGDVVVLH0LFKLQHLQHUPHQVFKOLFKHQ*HVWDOWEHJUHQ]WHUEOLFNHQ
XPVDJHQ]XN|QQHQGDVVVLH0LFKJHVHKHQKDEHQVRQGHUQHVZLUGJHQJHQGDVVLKU*HLVW
0LFKIKOWXQGLKU9HUVWDQG0LFKEHJUHLIWXPJDQ]ZDKUKHLWVJHPlVDJHQ]XN|QQHQGDVV
VLH0LFKJHVFKDXWKDEHQ

'LH /LHEHXQGGHU *ODXEHVRZLHGLH ,QWHOOLJHQ]N|QQHQXQHQGOLFKZHLWHUEOLFNHQ DOVHV


HXUH $XJHQ ]X WXQ YHUP|JHQ 'DUXP VDJH ,FK HXFK GDVV HV QLFKW QRWZHQGLJ LVW GDVV ,FK
PHLQH*HJHQZDUWDXIGLHPHQVFKOLFKH*HVWDOWRGHUPLWWHOVLUJHQGHLQHU6\PEROILJXUEHJUHQ]H
XP]XEHZLUNHQGDVVLKU0LFKVFKDXW

:LHYLHOHYRQGHQHQGLH0LFKLQMHQHU=ZHLWHQ=HLWVDKHQRGHUPLW0LU]RJHQZXWHQ
QLFKW HLQPDO ZHU ,FK ZDU :LHYLHOH KLQJHJHQ GLH QLFKW HLQPDO GDYRQ ZXWHQ DOV ,FK DOV
0HQVFK JHERUHQ ZXUGH HUEOLFNWHQ 0LFK LP *HLVWH HUNDQQWHQ 0LFK DQ PHLQHP /LFKWH XQG
HUIUHXWHQ VLFKDQPHLQHU*HJHQZDUWDXIJUXQGLKUHV*ODXEHQV

gIIQHWDOOHHXUH$XJHQXQGEHZHLVWGXUFKHXUHQ*ODXEHQGDVVLKUGLH.LQGHUGHV/LFKWHV
VHLG,KUDOOHN|QQW0LFKVFKDXHQGRFKGDIULVWHVXQHUOlVVOLFKGDVVLKU:LOOHXQG*ODXEHQ
KDEW  

,FKVDJHHXFK:HQQGLHVH0HQVFKKHLWDXIJUXQGLKUHU/LHEORVLJNHLWLKUHU$ENHKUYRQGHU
*HUHFKWLJNHLWXQGGHP*XWHQQRFKPHKUJHJHQ0LFKVHLQVROOWHZHUGH,FKDXILKUHP:HJH
YROO +HUUOLFKNHLW HUVFKHLQHQ ZLH ,FK HV YRU 6DXOXV WDW XQG ZHUGH VLH PHLQH 6WLPPH
YHUQHKPHQODVVHQ

 'DQQ ZHUGHW LKU HUOHEHQ ZLH YLHOH YRQ GHQHQ GLH RKQH VLFK GHVVHQ EHZXW ]X VHLQ 
0LFK YHUIROJW KDEHQ VLFK YHUZDQGHOW XQG HUOHXFKWHW DXIPDFKHQ ZHUGHQ XP 0LU DXI GHQ
:HJHQGHV*XWHQGHU/LHEHXQGGHU*HUHFKWLJNHLWQDFK]XIROJHQ

 ,KQHQ ZHUGH ,FK VDJHQ %OHLEW VWHKHQ :DQGHUHU XQG WULQNW YRQ GLHVHP 4XHOO
NULVWDOONODUHQ :DVVHUV (UKROW HXFK YRQ GHU VFKZHUHQ /HEHQVUHLVH GLH ,FK HXFK DXIHUOHJW
KDEH 9HUWUDXW 0LU HXUH 6RUJHQ DQ XQG ODW ]X GDVV PHLQ %OLFN WLHI LQ HXUHQ *HLVW GULQJW
GHQQ,FKZLOOHXFKPLW*QDGHHUIOOHQXQGHXFKWU|VWHQ 

 0HLQH /LHEH ZLUG HXUH HPSILQGVDPVWHQ 6DLWHQ HU]LWWHUQ ODVVHQ $EHU HV ZLUG GLH
hEHUHLQVWLPPXQJ PLW HXUHP *HZLVVHQ VHLQ GLH HXFK PHLQ *|WWOLFKHV .RQ]HUW YHUQHKPHQ
OlVVWXQG YLHOHYRQHXFKZHUGHQ0LFKLQGHUJHLVWLJHQ*HVWDOW-HVXVFKDXHQ

 ,FK PX HXFK GDUDXI KLQZHLVHQ GDVV GLH *HVWDOW -HVX QLFKW GLH YROONRPPHQVWH $UW XQG
:HLVHLVWLQGHULKU0LFKVFKDXHQZHUGHW:HQQ,FKHXFKLQYHUJDQJHQ=HLWHQVDJWH$OOHU
$XJHQ ZHUGHQ 0LFK VFKDXHQ VR JDE ,FK HXFK ]X YHUVWHKHQ GDVV LKU DOOH GLH :DKUKHLW
HUNHQQHQ ZUGHW REVFKRQ ,FK HXFK VDJHQ PX GDVV ,FK 0LFK GHU (QWZLFNOXQJ HLQHU MHGHQ
6HHOHHQWVSUHFKHQGEHJUHQ]HQZHUGH'RFKZHQQLKUDXIGHU6WXIHQOHLWHU]XU9ROONRPPHQKHLW
DXIVWHLJWZHUGHWLKU0LFKJHZLVVOLFKLQDOOPHLQHU+HUUOLFKNHLWVFKDXHQ

 9HUVXFKW MHW]W QLFKW 0LFK HXFK LQ LUJHQGHLQHU :HLVH YRU]XVWHOOHQ %HGHQNW :HQQ HXHU
*HLVW REZRKO HU EHJUHQ]W LVW (VVHQ] LVW /LFKW LVW ZHOFKH *HVWDOW N|QQWH GDQQ GHU
8QLYHUVHOOH *HLVW HXUHV +HUUQ KDEHQ GHU ZHGHU $QIDQJ QRFK (QGH KDW" /DW GDV
8QHUJUQGOLFKHLP,QQHUQPHLQHV%XFKHVGHU*|WOOLFKHQ:HLVKHLW  


 ,Q PHLQHP :RUW GHU =ZHLWHQ =HLW OLH ,FK HXFK ZLVVHQ GDVV ,FK DXIV QHXH ]X HXFK
NRPPHQZUGHGDVVPHLQHJHLVWLJHQ+HHUVFKDUHQPLW0LUKHUQLHGHUNRPPHQZUGHQ $EHU
GLH0HQVFKKHLWKDWGHQ6LQQPHLQHV:RUWHVQLFKWULFKWLJYHUVWDQGHQXQGDXVJHOHJW

'DKHUHUZDUWHW0LFKMHGH5HOLJLRQVJHPHLQVFKDIWLQLKUHU0LWWHGDKHUHUZDUWHQVLH0LFK
PLW LKUHQ VWHUEOLFKHQ $XJHQ ]X VFKDXHQ GRFK GLH 0LFK MHW]W DXI GLHVH :HLVH HUZDUWHQ VLQG
GLHVHOEHQGLHHLQVWOHXJQHWHQGDVV-HVXVGHU0HVVLDVZDUXQGLKQIUHLQHQ7UlXPHUKLHOWHQ

+HXWHVDJH,FKHXFKPHLQHQ-QJHUQ'HU$XJHQEOLFNZLUG NRPPHQLQGHPLKU0LFKLQ
DOO PHLQHU +HUUOLFKNHLW VFKDXHQ ZHUGHW =X GLHVHU =HLW ZHUGHQ GLH (UGH XQG LKUH %HZRKQHU
JHUHLQLJWVHLQXQGGLH7XJHQGXQG6FK|QKHLWGHU6HHOHZLHGHUKHUJHVWHOOW'HU6FKPHU]ZLUG
YHUVFKZLQGHQXQGDOOHVZLUG*OFNVHOLJNHLWZLUGHLQXQHQGOLFKHU7DJVHLQ RKQH(QGHIU
HXFK :ROOW LKU QLFKW GLHVH :XQGHU VFKDXHQ" :ROOW LKU QLFKW GDVV HXUH .LQGHU PLW PHLQHP
*HLVWH =ZLHVSUDFKHKDOWHQXQGIUHLYRQ6QGHHLQH:HOWGHV)ULHGHQVELOGHQN|QQHQ" 


:HQQGLH0HQVFKKHLWGLH3URSKH]HLXQJHQGHU(UVWHQ XQGGHU=ZHLWHQ=HLW]XHUJUQGHQ
YHUVWDQGHQ KlWWH ZlUH VLH DQJHVLFKWV GHU 9HUZLUNOLFKXQJ GHUVHOEHQ QLFKW YHUZLUUW 'DV
JOHLFKH JHVFKDK LQ GHU =ZHLWHQ =HLW DOV GHU 0HVVLDV XQWHU GHQ 0HQVFKHQ JHERUHQ ZXUGH
HEHQVRZLHHVMHW]WJHVFKLHKWZR,FKLP*HLVWHJHNRPPHQELQ

 'HU 6LQQJHKDOW PHLQHU 8QWHUZHLVXQJ LVW LQ EHLGHQ =HLWHQ GHUVHOEH 6LH EHUHLWHW HXFK ]X
GDPLW LKU DXV GLHVHP /HEHQ HLQ OLHEHYROOHV ZHQQ DXFK YHUJlQJOLFKHV +HLP PDFKW ZR GLH
0HQVFKHQ VLFK DOV *HVFKZLVWHU EHWUDFKWHQ XQG EHKDQGHOQ XQG HLQDQGHU GLH :lUPH ZDKUHU
%UGHUOLFKNHLWHQWJHJHQEULQJHQ

%HUHLWHWDXFKGHQ*HLVWGDUDXIYRUQDFKGLHVHP/HEHQMHQH:HOWHQRGHU+HLPVWlWWHQ]X
EHWUHWHQ GLH GHU +HUU IU VHLQH .LQGHU EHUHLWKlOW 0HLQ :XQVFK LVW GDVV LKU ZHQQ LKU ]X
LKQHQJHODQJWHXFKQLFKWIUHPGIKOWVRQGHUQHXUH9HUJHLVWLJXQJXQGHXUHLQQHUH(UNHQQWQLV
HXFK DOOHV VFKDXHQ ODVVHQ ZDV LKU DQWUHIIW VR DOV RE LKU EHUHLWV IUKHU GRUW JHZHVHQ ZlUHW
'DUDQ ZLUG YLHO :DKUHV VHLQ ZHQQ LKU VFKRQ KLHU PLW GHP *HLVWLJHQ LQ 9HUELQGXQJ VWHKW
PLWWHOVGHV*HEHWHV  

 ,FK ELQ GHU :DQGHUHU GHU DQ GLH 7UHQ HXUHU +HU]HQ NORSIW ,FK NORSIH XQG LKU ZLVVW
QLFKWZHUHVLVWLKU|IIQHWXQGHUNHQQWPLFKQLFKW,FKELQZLHGHU:DQGHUHUGHULQHLQ'RUI
NRPPWXQGQLHPDQGHQKDWGHULKQNHQQWZLHGHU$XVOlQGHUGHUHLQIUHPGHV/DQGEHWULWWXQG
LQ VHLQHU 6SUDFKH QLFKW YHUVWDQGHQ ZLUG 6R IKOH ,FK 0LFK XQWHU HXFK :DQQ ZHUGHW LKU
PHLQH*HJHQZDUWIKOHQ"20HQVFKHQZDQQZHUGHWLKU0LFKHUNHQQHQVRZLH]XVHLQHU=HLW
-RVHIYRQVHLQHQ%UGHUQLQbJ\SWHQHUNDQQWZXUGH" 


.DSLWHO 'LH8QWHUZHLVXQJGXUFK*|WWOLFKH.XQGJDEHQ

'LH4XHOOHGHU.XQGJDEHQ

(VVSULFKW]XHXFKGDV:RUWGDVLPPHULQ*RWWZDUGDVVHOEHGDVLQ&KULVWXVZDUXQG
GDV LKU KHXWH GXUFK GHQ +HLOLJHQ *HLVW NHQQW GHQQ GDV :RUW LVW :RUW LVW *HVHW] LVW
%RWVFKDIW LVW 2IIHQEDUXQJ LVW :HLVKHLW :HQQ LKU GDV :RUW GXUFK GLH :RUWH &KULVWL
YHUQRPPHQKDEWXQGHVQXQGXUFKGLH,QVSLUDWLRQGHV+HLOLJHQ*HLVWHVHPSIDQJW  ZDKUOLFK
,FKVDJHHXFKVRLVWHVGLH6WLPPH *RWWHVGLHLKUJHK|UWKDEW'HQQHVJLEWQXU HLQHQ *RWW
QXUHLQ :RUWXQGQXUHLQHQ +HLOLJHQ*HLVW 

:LWLKUZDVGHU8UVSUXQJMHQHV/LFKWHVLVWGDVLQGHPGXUFKGLH/LSSHQGHU6WLPPWUlJHU
DXVJHVSURFKHQHQ :RUWH OLHJW" 6HLQ 8UVSUXQJ LVW LP *XWHQ LQ GHU *|WWOLFKHQ /LHEH LP
8QLYHUVHOOHQ/LFKWGDVYRQ*RWWDXVJHKW(VLVWHLQ6WUDKORGHUHLQ)XQNHMHQHV$OO/LFKWHV
GDVHXFKGDV/HEHQJLEW LVW7HLOGHUXQHQGOLFKHQ.UDIWGLHDOOHVEHZHJWXQGGXUFKGLHDOOHV
VFKZLQJW SXOVLHUW XQG XQDXIK|UOLFK VHLQH %DKQHQ ]LHKW (V LVW GDV ZDV LKU J|WWOLFKH
$XVVWUDKOXQJQHQQWHVLVWGDV/LFKWGHV*|WWOLFKHQ*HLVWHVZHOFKHUGLH*HLVWHUHUOHXFKWHWXQG
EHOHEW 

(VVSULFKWLQGLHVHP$XJHQEOLFN-HQHU]XHXFKGHULPPHU]XHXUHU5HWWXQJJHNRPPHQLVW
&KULVWXVGLHJ|WWOLFKH9HUKHLXQJ0HQVFKJHZRUGHQLQ-HVXVLQGHU=ZHLWHQ=HLWGDV]X
0HQVFKHQZRUW JHZRUGHQH *|WWOLFKH :RUW GHU *HLVW GHU /LHEH GHV /LFKWHV GHU :HLVKHLW
EHJUHQ]W LQ HLQHP 6WUDKO ZHOFKHU EHU GDV *HZLVVHQ GHQ *HLVW XQG GHQ 9HUVWDQG GHV
0HQVFKHQEHUKUWXPLKQ]XOHKUHQPHLQH*HGDQNHQ]XEHUPLWWHOQ 

,FKELQ&KULVWXVGHQPDQYHUIROJWYHUOlVWHUWXQG]XP$QJHNODJWHQJHPDFKWKDWLQGLHVHU
:HOW 1DFK DOOHP ZDV LKU 0LU LQ GHU =ZHLWHQ =HLW LQ -HVXV DQJHWDQ KDEW NRPPH ,FK ]X
HXFKXPHXFKHLQPDOPHKU]XEHZHLVHQGDVV,FKHXFKYHUJHEHQKDEHXQGHXFKOLHEH

1DFNWKDEW,KU0LFKDQV.UHX]JHVFKODJHQXQGHEHQVRNRPPH,FK]XHXFK]XUFNGHQQ
,FK YHUEHUJH HXUHQ $XJHQ PHLQHQ *HLVW XQG PHLQH :DKUKHLW QLFKW KLQWHU GHP *HZDQG GHU
+HXFKHOHL RGHU GHU /JH 'RFK GDPLW LKU 0LFK HUNHQQHQ N|QQW PVVW LKU ]XYRU HXHU +HU]
UHLQLJHQ  

+HXWHVDJHLFKHXFK+LHULVWGHU0HLVWHU MHQHUGHQGLH0HQVFKHQGHQ5DEELDXV*DOLOlD
QDQQWHQ,FKJHEHHXFKGLHHZLJJOWLJH/HKUHGLH/HKUHGHU/LHEH'DV)HVWPDKO]XGHP,FK
HXFKKHXWHHLQODGHLVWJHLVWLJGDV%URWXQGGHU:HLQJOHLFKIDOOV$EHUKHXWHZLHHKHGHPXQG
ZLHLPPHUELQ,FKGHU:HJGLH:DKUKHLWXQGGDV/HEHQ 

'LH2IIHQEDUXQJVRUWHXQG(PSIlQJHUGHU.XQGJDEHQ

(ULQQHUWHXFKGDUDQGDVV,FKGDV:RUWGHV9DWHUVELQGDVVGLHJ|WWOLFKH(VVHQ]GLHLKU
LQGLHVHP:RUWHHPSIDQJW/LFKWYRQGLHVHP6FK|SIHUJHLVWHLVWGDVV,FKLQMHGHPYRQHXFK
HLQHQ7HLOPHLQHV*HLVWHVJHODVVHQKDEH

 'RFK ZHQQ LKU GLH $UPXW VHKW ZHOFKH GLH 6FKDU XPJLEW GLH 0LU JHUDGH ]XK|UW XQG GLH
%HVFKHLGHQKHLWGHV5DXPHVLQGHPLKUHXFKYHUVDPPHOWIUDJWLKU0LFKLP6WLOOHQ0HLVWHU
ZDUXP HUZlKOWHVW 'X 'LU IU 'HLQH .XQGJHEXQJ LQ GLHVHU =HLW QLFKW HLQHQ MHQHU JURHQ
7HPSHO RGHU 'RPH ZR 'LU UHLFKH $OWlUH XQG IHLHUOLFKH =HUHPRQLHQ KlWWHQ GDUJHERWHQ
ZHUGHQN|QQHQGLH'HLQHUZUGLJVLQG"


 ,FK DQWZRUWH MHQHQ +HU]HQ GLH VR EHU LKUHQ 0HLVWHU GHQNHQ 1LFKW GLH 0HQVFKHQ KDEHQ
0LFK ]X GLHVHU $UPXW JHIKUW ,FK VHOEVW KDEH 0LU IU PHLQH .XQGJHEXQJ GLH EHVFKHLGHQH
:RKQXQJLQGHPDUPHQ9RURUWHXUHU6WDGWDXVJHVXFKWXPHXFKGDPLWEHJUHLIOLFK]XPDFKHQ
GDVV HV QLFKW GHU PDWHULHOOH 7ULEXW RGHU GLH lXHUOLFKHQ 2SIHUJDEHQ VLQG GLH ,FK EHL HXFK
VXFKHVRQGHUQLP*HJHQWHLO,FKELQJHUDGHGHVKDOE]XUFNJHNHKUWXPQRFKHLQPDO'HPXW
]XSUHGLJHQGDPLWLKULQLKU9HUJHLVWLJXQJILQGHW  

0DQFKHJODXEHQQLFKWDQPHLQH*HJHQZDUWZHLOVLHGLH$UPVHOLJNHLWXQG%HVFKHLGHQKHLW
GLHVHU 9HUVDPPOXQJVRUWH XQG GLH 8QVFKHLQEDUNHLW GHU 6WLPPWUlJHU GXUFK GLH ,FK 0LFK
NXQGJHEH GDJHJHQ KDOWHQ 'RFK ZHQQ GLH VROFKHUPDHQ =ZHLIHOQGHQ GDV /HEHQ &KULVWL
VWXGLHUHQ ZUGHQ ZUGHQ VLH HUNHQQHQ GDVV HU QLHPDOV 6FKDXJHSUlQJH +XOGLJXQJHQ RGHU
5HLFKWPHUVXFKWH

'LHVH2UWHN|QQHQVRDUPVHOLJXQGJHULQJVHLQZLHGHU6WDOOXQGGDV6WURKDXIGHP,FK
GDPDOVJHERUHQZXUGH  

 'HQNW QLFKW GDVV ,FK GLHVH 1DWLRQ HUVW LQ OHW]WHU 6WXQGH IU PHLQH QHXH .XQGJHEXQJ
DXVHUZlKOWKDEH$OOHV ZDUVFKRQYRQ(ZLJNHLWKHUYRUJHVHKHQ 'LHVHU %RGHQGLHVH5DVVH
HXHU *HLVW ZXUGHQ YRQ 0LU YRUEHUHLWHW HEHQVR ZLH GLH =HLW PHLQHU *HJHQZDUW DXFK GXUFK
PHLQHQ:LOOHQYRUEHVWLPPWZRUGHQZDU

 ,FK HQWVFKLHG PHLQH .XQGJHEXQJHQ XQWHU GHQ *HULQJVWHQ ]X EHJLQQHQ XQWHU MHQHQ GLH
GHQ 9HUVWDQG XQG GLH 6HHOH UHLQ EHZDKUWHQ 'DQDFK HUODXEWH ,FK GDVV DOOH ]X 0LU NDPHQ
GHQQ DQ PHLQHP 7LVFKH JLEW HV ZHGHU 8QWHUVFKLHGH QRFK %HYRU]XJXQJHQ 0HLQ DXI GLHVHV
9RONKHUDEJHVDQGWHV:RUWZDUHLQIDFKXQGEHVFKHLGHQLQVHLQHU)RUPIUHXFK]XJlQJOLFK
GRFK VHLQ 6LQQJHKDOW YROO .ODUKHLW ZDU WLHI IU HXUHQ *HLVW ZHLO ,FK REZRKO ,FK GHU +RUW
DOOHQ :LVVHQV ELQ 0LFK LPPHU HLQIDFK XQG NODU DXVGUFNH XQG NXQGJHEH ,FK ELQ IU
QLHPDQGHQ HLQ *HKHLPQLV GDV *HKHLPQLV XQG GDV 0\VWHULXP VLQG .LQGHU HXUHU
8QZLVVHQKHLW  

 'LH HUVWHQ GLH 0LU ]XK|UWHQ EHKDQGHOWHQ PHLQ :HUN ZLH HLQHQ %DXP LQGHP VLH GLH
HUVWHQ=ZHLJHDEVFKQLWWHQXPVLHLQYHUVFKLHGHQH*HJHQGHQ]XYHUSIODQ]HQ'LHHLQHQOHJWHQ
PHLQH8QWHUZHLVXQJHQJXWDXVDQGHUHYHUIHKOWHQGHQ:HJ

 .OHLQ ZDUHQ GLH *UXSSHQ GLH LP 6FKDWWHQ GHU lUPOLFKHQ 9HUVDPPOXQJVUlXPH
]XVDPPHQNDPHQ 'RFK DOV GLHVH ]DKOUHLFKHU ZXUGHQ XQG GLH 0HQVFKHQVFKDUHQ VLFK
YHUJU|HUWHQULHI,FKVLH]XP=XVDPPHQVFKOXDXIGDPLWDOOHVLFKDOV-QJHUHLQHVHLQ]LJHQ
0HLVWHUV HUNHQQHQ XQG GLH 8QWHUZHLVXQJ LQ GHUVHOEHQ :HLVH DXVEHQ ZUGHQ GDPLW GHU
6DPH QLFKW QDFK GHP *XWGQNHQ GHU $UEHLWHU VRQGHUQ JHPl GHP *|WWOLFKHQ :LOOHQ
DXVJHVlWZUGH


%H]XJQDKPHDXIGDV*OHLFKQLV-HVXYRQGHQ$UEHLWHUQLP:HLQEHUJ

 9RU GHU *HLVWLJHQ /DGH GHV 1HXHQ %XQGHV JHOREWHQ GLH 0HQVFKHQVFKDUHQ (UJHEXQJ
*HKRUVDPXQGJXWHQ:LOOHQDEHUDOVGLH2UNDQHXQG:LUEHOVWUPHPLW0DFKWKHUHLQEUDFKHQ
XQG GLH =ZHLJH GHV %DXPHV SHLWVFKWHQ ZXUGHQ PDQFKH VFKZDFK ZlKUHQG DQGHUH


XQHUVFKWWHUOLFK VWDQGKDIW EOLHEHQ XQG GLH QHXHQ $UEHLWHU OHKUWHQ GLH )HOGHU ]X
EHVWHOOHQ

(LQLJHGLHGLH*U|HGLHVHU2IIHQEDUXQJHUNDQQWKDWWHQEHDEVLFKWLJWHQZHLWHULQPHLQH
*HKHLPQLVVH HLQ]XGULQJHQ DOV HV PHLQ :LOOH LVW XP VLFK HLQ :LVVHQ XQG HLQH 0DFKW
DQ]XHLJQHQGLHVLHGHQDQGHUHQEHUOHJHQPDFKHQVROOWHGRFKVHKUEDOGVWDQGHQVLHPHLQHU
*HUHFKWLJNHLWJHJHQEHU

 $QGHUH GLH GLH *U|H GLHVHV :HUNHV QLFKW LQ VHLQHU /DXWHUNHLW LQ VHLQHU 6FKOLFKWKHLW
HQWGHFNHQ NRQQWHQ KDEHQ YRQ 6HNWHQ XQG .LUFKHQ 5LWHQ 6\PEROH XQG =HUHPRQLHQ
EHUQRPPHQZHLOVLHPHLQWHQPHLQHQ.XQGJHEXQJHQGDPLW)HLHUOLFKNHLW]XYHUOHLKHQ 
 

 6HLW GLHVH .XQGJDEH VLFK ]X RIIHQEDUHQ EHJDQQ ZXUGH HXHU *HLVW GXUFK PHLQH
8QWHUZHLVXQJ HUOHXFKWHW REVFKRQ VLFK DXFK 8QJOlXELJH ]HLJWHQ VRZRKO EHL GHQHQ GLH GHQ
9HUVWDQGJHVFKXOWKDEHQDOVDXFKEHLGHQ8QJHELOGHWHQXQG8QZLVVHQGHQ

:LHYLHOH$UJXPHQWHXPGLHVH2IIHQEDUXQJ]XOHXJQHQ:LHYLHOH9HUVXFKHGLHVHV:RUW
]X YHUQLFKWHQ 'RFK QLFKWV KDW GHQ /DXI PHLQHU %RWVFKDIW DXIJHKDOWHQ  LP *HJHQWHLO -H
PHKUPDQGLHVHV:HUNEHNlPSIWKDWGHVWRPHKUZXUGHGHU*ODXEHGHU0HQVFKHQHQW]QGHW
XQG MH PHKU =HLW YHUJLQJ GHVWR JU|HU ZXUGH GLH =DKO GHUHU GXUFK GLH ,FK PHLQ :RUW
EHUPLWWOH

 :DVLVWGDUDXV]XOHUQHQ"GDVV0HQVFKHQPDFKWQLHPDOVLPVWDQGHVHLQZLUG]XYHUKLQGHUQ
GDVVGLH*|WWOLFKH0DFKWLKUH5DWVFKOVVHGXUFKIKUW

 :HQQ GDV 9RON LP ,QQHUQ GLHVHU 9HUVDPPOXQJVRUWH ]XVDPPHQNDP KDW HV GLHV LPPHU
RKQH )XUFKW YRU GHU :HOW JHWDQ LPPHU YROO 9HUWUDXHQ LQ PHLQH *HJHQZDUW XQG PHLQHQ
6FKXW]XQG,FKKDEHLKPEHZLHVHQGDVVVHLQ*ODXEHDXI:DKUKHLWEHUXKWH  

 (LQH QHXH $SRVWHOVFKDU HQWVWDQG LQ GLHVHU *HPHLQVFKDIW EHVWHKHQG DXV VFKOLFKWHQ XQG
GHPWLJHQ +HU]HQ GLH MHGRFK YRQ /LHEH XQG *ODXEHQ HUIOOW ZDUHQ XP 0LU QDFK]XIROJHQ
1DWUOLFK IHKOWH XQWHU LKQHQ QLFKW HLQ QHXHU 7KRPDV GHU VHKHQ PXWH XP DQ PHLQH
*HJHQZDUW]X JODXEHQ  HLQQHXHU3HWUXVGHUREZRKOHUDQ0LFK JODXEWH0LFKDXV)XUFKW
YRUGHQ0HQVFKHQYHUOHXJQHQZUGHXQGHLQQHXHU-XGDV,VFKDULRWGHU0LFKYHUUDWHQZUGH
LQGHPHUPHLQ:RUWXQGPHLQH:DKUKHLWIU*HOGXQG6FKPHLFKHOHLHQYHUIlOVFKW

 'LH 6FKDUHQ GLH GLHV 9RON ELOGHQ YHUPHKUWHQ VLFK LPPHU]X XQG YHU]ZHLJWHQ VLFK EHU
6WlGWH/DQGVWULFKHXQG'|UIHUKLQZHJXQGDXVGLHVHP9RONHUVWDQGHQ$SRVWHOGHU:DKUKHLW
XQG GHU 5HFKWVFKDIIHQKHLW DXIRSIHUXQJVYROOH $UEHLWHU YROO (LIHU LQ GHU /HKUH LKUHV +HUUQ
XQG3URSKHWHQPLWUHLQHP+HU]HQGLHGLH:DKUKHLWVSUDFKHQ  

 %HL PHLQHU QHXHQ 2IIHQEDUXQJ KDEH ,FK DOOHV JHlQGHUW GLH 2UWH XQG GLH 0LWWHO ]XU
.XQGJDEH XP GLH 8QZLVVHQKHLW GHQ ,UUWXP XQG GLH IDOVFKH $XVOHJXQJ ]X EHVHLWLJHQ GLH
PDQPHLQHQIUKHUHQ2IIHQEDUXQJHQJHJHEHQKDW6RZLHGLH6RQQHLP2VWHQDXIJHKWXQGLKU
VLH PLWWDJV DXI GHP K|FKVWHQ 3XQNWH VHKW XP KHUQDFK ]X EHREDFKWHQ ZLH VLH LP :HVWHQ
XQWHUJHKW VR LVW GDV /LFKW PHLQHV *HLVWHV LP /DXIH GHU =HLW YRP 2VWHQ QDFK GHP :HVWHQ
ZHLWHUJH]RJHQ GDPLW LKU PHLQH +HUUOLFKNHLW XQG PHLQH 0DFKW QLFKW DXI EHVWLPPWH 2UWH
0HQVFKHQRGHU5DVVHQEHJUHQ]W 


 (V JHQJW 0LU GDVV 0LFK HLQLJH ZHQLJH YHUQHKPHQ GHQQ GLHVH ZHUGHQ PRUJHQ LKUHQ
0LWPHQVFKHQ GDV =HXJQLV GDYRQ EHUEULQJHQ ,FK ZHL GDVV ZHQQ ,FK DOOH 0HQVFKHQ
KHUEHLJHUXIHQ KlWWH GLH PHLVWHQ QLFKW JHNRPPHQ ZlUHQ ZHLO VLH YRQ GHQ *HVFKlIWHQ GHU
:HOW LQ $QVSUXFK JHQRPPHQ VLQG 6LH ZUGHQ 0LFK OHXJQHQ XQG YHUKLQGHUQ GDVV GLH
0HQVFKHQJXWHQ:LOOHQVKHUEHLNRPPHQXP0LFK]XK|UHQ

 +LHU LQ GHU $EJHVFKLHGHQKHLW GLHVHU XQEHGHXWHQGHQ 2UWH DQ GHQHQ ,FK 0LFK NXQGWXH
ODVVH,FKPHLQHQ6DPHQDXIJHKHQ,FKYHUHLQHGLHVFKOLFKWHQ+HU]HQLQ*HPHLQGHQXQGZHQQ
VLHGDQQYRP*HW|VHGHVPDWHULDOLVWLVFKHQ/HEHQVHQWIHUQWVLQGVSUHFKH,FK]XLKQHQYRQGHU
/LHEHGHP(ZLJHQGHP*HLVWHGHQZDKUHQPHQVFKOLFKHQXQGJHLVWLJHQ:HUWHQZRPLW,FK
EHZLUNHGDVVVLHGDV/HEHQGXUFKGHQ*HLVWXQGQLFKWGXUFKGLH6LQQHEHWUDFKWHQ

'LHVH.LQGHUKHU]HQQHQQH,FK-QJHUXQGVLHGLHQLHHWZDVEHVHVVHQKDEHQGLHQLHYRQ
LKUHQ 1lFKVWHQ EHDFKWHW ZXUGHQ ZXUGHQ YRQ *HQXJWXXQJ GDUEHU HUIOOW YRQ 0LU JHUXIHQ
ZRUGHQ ]X VHLQ XQG VLQG ]X HLQHP QHXHQ /HEHQ DXIHUVWDQGHQ 6LH KDEHQ VLFK PLW GHU
hEHU]HXJXQJ XQG GHP +RFKJHIKO HUKREHQ GDVV VLH LKUHQ 1lFKVWHQ QW]OLFK VHLQ N|QQHQ
ZHLOGHU+HUUVHLQH2IIHQEDUXQJHQLQVLHJHOHJWXQGLKQHQGHQ:HJGHU /LHEHJH]HLJWKDW

0DQFKHP|JHQVLHYHUOHXJQHQXQGVLFKEHUVLHOXVWLJPDFKHQZHLOVLHVLFK-QJHU-HVX
QHQQHQ  GRFK ZDKUOLFK ,FK VDJH HXFK DXFK ZHQQ LKQHQ GLHVH *QDGH DEJHVSURFKHQ ZLUG
ZHUGHQVLHZHLWHUKLQPHLQH-QJHUVHLQ  

 'LH:HOWZDUWHWGDUDXIGDVVPHLQH6WLPPHVLHUXIWGDV+HU]GHU0HQVFKHQREVFKRQGHP
*ODXEHQDEJHVWRUEHQHUZDUWHWGDVVVLFKLKPGLH6WLPPH&KULVWLQDKWXQGLKPVDJW6WHKDXI
XQGZDQGOH

'LH7RWHQGLH%OLQGHQGLH.UDQNHQXQGGLH3DULDVELOGHQHLQVHKUJURHV9RON,FK
ZHUGH ]X LKQHQ NRPPHQ GHQQ MHQH GLH VHHOLVFK RGHU N|USHUOLFK OHLGHQ VLQG DP
HPSIlQJOLFKVWHQ IU PHLQH *HJHQZDUW 'LH *URHQ GHU :HOW MHQH GLH 0DFKW 5HLFKWPHU
XQG ZHOWOLFKH +HUUOLFKNHLWHQ KDEHQ JODXEHQ 0LFK QLFKW ]X EHQ|WLJHQ XQG HUZDUWHQ 0LFK
QLFKW:DVN|QQWHLKQHQ&KULVWXVGHQQJHEHQGDVLHGRFKVDJHQVFKRQDOOHV]XKDEHQ"(WZD
HLQLJHJHLVWLJH*WHURGHUHLQHQ3ODW]LQGHU(ZLJNHLW"'DVLQWHUHVVLHUWVLHQLFKW

'DVLVWGHU*UXQGGDIUZHVKDOE,FKGLHVH6FKDUHQ YRQ$UPHQXQG.UDQNHQDQ/HLEXQG
6HHOHJHVXFKWKDEHXPPHLQH/HKUHEHLLKQHQNXQG]XWXQGHQQVLHVHKQWHQVLFKQDFK0LUVLH
VXFKWHQ 0LFK 6R ZDU HV QXU QDWUOLFK GDVV VLH PHLQH *HJHQZDUW HPSIDQGHQ DOV GLH =HLW
NDP0LFKDXIVQHXHGHU0HQVFKKHLW]X]HLJHQ  

'LHhEHUPLWWOXQJ*|WWOLFKHU.XQGJDEHQ

 :HU DQ GLHVHU .XQGJDEH GXUFK GDV PHQVFKOLFKH 9HUVWDQGHVYHUP|JHQ ]ZHLIHOW YHUKlOW
VLFKVRDOVREHUVHLQHQ6WDWXVGHUhEHUOHJHQKHLWJHJHQEHUGHQDQGHUHQ*HVFK|SIHQOHXJQH
DOVREHUVHLQHQHLJHQHQ*HLVWYHUQHLQHXQGVLFKQLFKWGHV JHLVWLJHQXQG YHUVWDQGHVPlLJHQ
1LYHDXV EHZXVVW ZHUGHQ P|FKWH GDV HU GXUFK XQHQGOLFK YLHOH 3UIXQJHQ /HLGHQ XQG
.lPSIHHUUHLFKWKDW

 =X OHXJQHQ GDVV ,FK 0LFK PLWWHOV HXUHV 9HUVWDQGHVYHUP|JHQV RGHU HXUHV *HLVWHV
NXQGWXH EHGHXWHW VLFK VHOEVW ]X OHXJQHQ XQG VLFK DXI GHQ 3ODW] GHU QLHGHUHQ *HVFK|SIH ]X
VWHOOHQ


:HUZHLQLFKWGDVVGHU0HQVFKHLQ.LQG*RWWHVLVW":HUZHLQLFKWGDVVHUHLQHQ*HL VW
LQ VLFK WUlJW" :DUXP GDQQ QLFKW JODXEHQ GDVV HV ]ZLVFKHQ GHP 9DWHU XQG VHLQHQ .LQGHUQ
HLQHRGHUPHKUHUH$UWHQJHEHQPXVVVLFKJHJHQVHLWLJ]XYHUVWlQGLJHQ"

 'D ,FK ,QWHOOLJHQ] ELQ ZHQGH ,FK 0LFK DQ HXFK PLWWHOV HXUHV 9HUVWDQGHVYHUP|JHQV GD
,FK *HLVW ELQ ZHQGH ,FK 0LFK DQ HXUHQ *HLVW 'RFK ZLH ZROOHQ MHQH GLH PHLQH .XQGJDEH
OHXJQHQGLHVH:DKUKHLWEHJUHLIHQXQGDQQHKPHQZHQQVLH0LFKQLHDOV*HLVWEHWUDFKWHQXQG
HUNHQQHQZROOWHQ",QLKUHQ+HU]HQKDEHQVLHYLHOHLUULJH$QVFKDXXQJHQHQWZLFNHOWZLH MHQH
]X PHLQHQ GDVV ,FK HLQ J|WWOLFKHV :HVHQ PLW PHQVFKOLFKHU *HVWDOW ELQ GDV GXUFK 6\PEROH
XQG%LOGHUYHUVLQQELOGOLFKWZHUGHQPXVVXPGXUFKVLHPLW0LULQ9HUELQGXQJ]XWUHWHQ

,P/DXIHGHU-DKUKXQGHUWHKDEHQVLFKGLH0HQVFKHQGLH0LFKDXIGLHVH :HLVHVXFKWHQ
DQ GLH 6WXPPKHLW LKUHU %LOGQLVVH XQG 6NXOSWXUHQ JHZ|KQW YRU GHQHQ VLH EHWHQ XQG 5LWHQ
GDUEULQJHQ XQG LQ LKUHQ +HU]HQ KDW VLFK VFKOLHOLFK GLH $XIIDVVXQJ KHUDQJHELOGHW GDVV
QLHPDQG ZUGLJ LVW *RWW ]X VFKDXHQ ]X K|UHQ RGHU ]X IKOHQ ,QGHP VLH VDJHQ GDVV ,FK
XQHQGOLFK YLHO ]X KRFK ELQ XP 0LFK GHQ 0HQVFKHQ ]X QDKHQ JODXEHQ GLHVH 0LU HLQH
EHZXQGHUQGH+XOGLJXQJGDU]XEULQJHQ'RFKVLHLUUHQVLFKGHQQZHUEHKDXSWHWGDVV ,FK]X
JURVHLXP0LFKPLWVRNOHLQHQ*HVFK|SIHQZLHGHP0HQVFKHQDE]XJHEHQLVWHLQ,JQRUDQW
GHUGDV6FK|QVWHOHXJQHWZDVPHLQ*HLVWHXFKRIIHQEDUWKDWGLH'HPXW

:HQQLKUDQ&KULVWXVJODXEWZHQQLKUEHKDXSWHW&KULVWHQ]XVHLQGUIWLKUNHLQHVROFK
XQVLQQLJHQ 9RUVWHOOXQJHQ KHJHQ ZLH GLHMHQLJH ]X PHLQHQ GDVV LKU HV QLFKW ZHUW VHLG GDVV
HXHU+HUUVLFKHXFKQlKHUW+DEWLKUYHUJHVVHQGDVVJHUDGHHXHUFKULVWOLFKHU*ODXEHDXIMHQHP
%HZHLV *|WWOLFKHU /LHEH EHUXKW DOV GDV :RUW *RWWHV 0HQVFK ZXUGH" :HOFKH JUHLIEDUHUH
XQG PHQVFKOLFKHUH $QQlKHUXQJ NRQQWH QRFK PHKU GHP $XIIDVVXQJVYHUP|JHQ GHU VQGLJHQ
XQG IOHLVFKOLFKHQ 0HQVFKHQ PLW YHUILQVWHUWHQ 6HHOHQ XQG VFKZDFKHP 9HUVWDQGH
HQWJHJHQNRPPHQ DOV MHQH LQ GHU ,FK VLH PHLQH *|WWOLFKH 6WLPPH ]X 0HQVFKHQZRUW
JHZRUGHQYHUQHKPHQOLH"

'LHVZDUGHUJU|WH%HZHLVYRQ/LHEH'HPXWXQG0LWOHLGPLWGHQ0HQVFKHQGHQ,FKPLW
%OXWEHVLHJHOWHGDPLWHXFKLPPHUYRU$XJHQEOLHEHGDVVQLHPDQG0HLQHUXQZUGLJLVWGD
,FK JHUDGH XP GHUHU ZLOOHQ GLH DP PHLVWHQ LP 6FKODPP LP 'XQNHO XQG LQ GHQ /DVWHUQ
YHUORUHQZDUHQPHLQ:RUW0HQVFKZHUGHQOLHXQGGHQ/HEHQVVDIWPHLQHV%OXWHVYHUJR

 :HVKDOE YHUQHLQHQ GDQQ HEHQ MHQH GLH DOO GLHV JODXEHQ MHW]W PHLQH *HJHQZDUW XQG
.XQGJDEH" :HVKDOE VXFKHQ VLH ]X EHKDXSWHQ GDVV GLHV QLFKW P|JOLFK VHL ZHLO *RWW
XQHQGOLFK LVW XQG GHU 0HQVFK YLHO ]X WLHIVWHKHQG YLHO ]X XQEHGHXWHQG XQG XQZUGLJ VHL"
:DKUOLFK ,FK VDJH HXFK ZHU PHLQH .XQGJDEH LQ GLHVHU =HLW OHXJQHW OHXJQHW DXFK PHLQH
*HJHQZDUW DXI GHU :HOW LQ MHQHU =ZHLWHQ =HLW XQG OHXJQHW DXFK PHLQH /LHEH XQG PHLQH
'HPXW

)UHXFKGLH6QGHULVWHVQXUQDWUOLFKGDVVLKUHXFKLQHXUHU6QGHIHUQHYRQ0LUIKOW
,FKGDJHJHQIKOHGDVVMHPHKU9HUIHKOXQJHQLKUEHJHKWXQGMHPHKULKUHXUH6HHOHEHIOHFNW
HVXPVRQRWZHQGLJHULVWGDVV,FK0LFKHXFK]XZHQGHXPHXFKGDV/LFKW]XJHEHQHXFKGLH
+DQG]XUHLFKHQXPHXFK]XKHLOHQXQG]XUHWWHQ

 ,FK ZXWH GDVV ZHQQ ,FK 0LFK PHLQHQ .LQGHUQ HUQHXW NXQGWXQ ZUGH YLHOH 0LFK
OHXJQHQ ZUGHQ XQG GHVKDOE NQGLJWH ,FK PHLQH :LHGHUNXQIW VFKRQ GDPDOV DQ DEHU
JOHLFK]HLWLJ PDFKWH ,FK EHJUHLIOLFK GDVV PHLQH *HJHQZDUW GDQQ JHLVWLJ VHLQ ZUGH 'RFK
ZHQQLKUGLHVEH]ZHLIHOWVRYHUJHZLVVHUWHXFKDQKDQGGHV=HXJQLVVHVMHQHUYLHU-QJHUGLH
PHLQH:RUWHLQGHQ(YDQJHOLHQQLHGHUVFKULHEHQ


+LHUELQ,FKLP*HLVWHXQGVHQGHHXFKYRQGHUOHXFKWHQGHQ:RONHDXVPHLQ:RUWXQG
YHUPHQVFKOLFKH HV GXUFK GLHVH 6SUDFKURKUH  DOV HLQH YRUEHUHLWHQGH 8QWHUZHLVXQJ IU MHQH
.XQGJDEH]XGHULKUDOOHJHODQJHQVROOWGHU=ZLHVSUDFKHYRQ*HLVW]X*HLVW  


 'LH J|WWOLFKHQ *HGDQNHQ VLQG GXUFK PHLQH LQ 9HU]FNXQJ EHILQGOLFKHQ 6WLPPWUlJHU LQ
:RUWH EHUWUDJHQ ZRUGHQ ZHOFKH ]X 6lW]HQ YHUHLQW HLQH JHLVWLJH /HKUH JHELOGHW XQG
IHVWJHOHJWKDEHQZHOFKHYROOYRQ2IIHQEDUXQJHQXQGYROONRPPHQHQ8QWHUZHLVXQJHQLVW

'LHVLVWGHUYHUKHLHQH7U|VWHUGLHVLVW MHQHUDQJHNQGLJWH*HLVWGHU:DKUKHLWGHUHXFK
DOOHV OHKUHQ ZUGH 'LH =XUVWXQJ QLPPW VFKRQ LKUHQ $QIDQJ HV NRPPHQ GLH =HLWHQ LQ
GHQHQLKU-HQHQEHQ|WLJWGHUZHLOHU6WlUNHLQVHLQHP*HLVWHEHVLW]WHXFKPLWGHP$GHOXQG
GHU6FKOLFKWKHLWVHLQHV+HU]HQVPLW:HLVKHLWXQG%DUPKHU]LJNHLWIKUW  

 0HLQH 8QWHUZHLVXQJ NRPPW ]X HXFK XP HXUHP 9HUVWDQGH /LFKW ]X EULQJHQ 'RFK
ZXQGHUWHXFKQLFKWEHUGLH$UWXQG:HLVHLQGHU,FKLQGLHVHU=HLW]XHXFKJHNRPPHQELQ
VHLGQLFKWYHUZLUUWGHVZHJHQGRFKODWHVDXFKQLFKW]XU5RXWLQHZHUGHQ

:HQQPHLQ*|WWOLFKHV/LFKW]XP9HUVWDQGHVYHUP|JHQMHQHV0HQVFKHQJHODQJWGHU0LU
DOV 6WLPPWUlJHU GLHQW ZLUG HV ]X 6FKZLQJXQJHQ YHUGLFKWHW GLH LQ :RUWH GHU :HLVKHLW XQG
/LHEHXPJHZDQGHOWZHUGHQ:LHYLHOH6WXIHQGHU/HLWHUPXPHLQ*HLVWKHUDEVWHLJHQXPLQ
GLHVHU)RUP]XHXFK]XJHODQJHQ8QGDXFKPHLQH*HLVWLJH:HOWPXWH,FKHXFKVHQGHQ
GDPLWVLHHXFKHLQHDXVIKUOLFKH(UOlXWHUXQJPHLQHU8QWHUZHLVXQJHQJLEW 

,FKWXH0LFKGXUFKGDVPHQVFKOLFKH9HUVWDQGHVRUJDQNXQGZHLOGDV*HKLUQGHUGXUFKGHQ
6FK|SIHUYROONRPPHQJHVFKDIIHQH$SSDUDWLVWGDPLWVLFKLQLKPGLH,QWHOOLJHQ]RIIHQEDUH
ZHOFKHGDV/LFKWGHV*HLVWHVLVW

'LHVHU$SSDUDWLVWHLQ0RGHOOGDVLKUPLWDOOHXUHU:LVVHQVFKDIWQLHPDOVQDFKPDFKHQ
N|QQW ,KU ZHUGHW VHLQH )RUP XQG VHLQHQ $XIEDX DOV HLQ 9RUELOG IU HXUH 6FK|SIXQJHQ
YHUZHQGHQDEHULKUZHUGHWQLHPDOVGLH9ROONRPPHQKHLWHUUHLFKHQZHOFKHGLH:HUNHHXUHV
9DWHUV KDEHQ :DUXP ]ZHLIHOW LKU GDQQ GDUDQ GDVV ,FK GDV ZDV ,FK JHVFKDIIHQ KDEH
EHQXW]HQNDQQ"  

=XDOOHQ=HLWHQZDUPHLQH/LHEHDOV0HLVWHUVRUJIlOWLJDXIGLH%HOHKUXQJEHGDFKWZHOFKH
GLH0HQVFKHQEHQ|WLJWHQXQG,FKELQLPPHU]XLKQHQJHNRPPHQXPLP(LQNODQJPLWLKUHU
JHLVWLJHQ5HLIHXQGLKUHULQWHOOHNWXHOOHQ(QWZLFNOXQJ]XLKQHQ]XVSUHFKHQ

 ,FK ELQ ]X HXFK JHNRPPHQ ZHLO ,FK JHVHKHQ KDEH GDVV GDV 0HQVFKHQZRUW XQG GLH
/HKUHQGLHLKUJHVFKDIIHQKDEWQLFKWGHQEUHQQHQGHQ'XUVWHXUHV*HLVWHVVWLOOHQ 'XUVWQDFK
/LFKW 'XUVW QDFK :DKUKHLW QDFK (ZLJNHLW XQG /LHEH 'DUXP KDEH ,FK 0LFK EHL HXFK
HLQJHVWHOOW XQG EHGLHQH 0LFK GHPWLJHU XQZLVVHQGHU XQG XQJHELOGHWHU 0HQVFKHQ XQG
YHUDQODVVH VLH LQ GLH 9HU]FNXQJ GHV 9HUVWDQGHV XQG GHV *HLVWHV ]X IDOOHQ GDPLW LKUHP
0XQGHGLH%RWVFKDIWGHU'ULWWHQ=HLWHQWVWU|PH

 8P ZUGLJ ]X VHLQ PHLQH *|WWOLFKHQ *HGDQNHQ ]X HPSIDQJHQ XQG ]X EHUPLWWHOQ
PXWHQ VLH JHJHQ GLH 9HUPDWHULDOLVLHUXQJ XQG GLH 9HUVXFKXQJHQ GHU :HOW NlPSIHQ $XI
GLHVH :HLVH GLH HLJHQH 3HUV|QOLFKNHLW ]XUFNGUlQJHQG XQG LKUH (LWHONHLW ]FKWLJHQG KDEHQ
VLH HLQH Y|OOLJH +LQJDEH LKUHV :HVHQV LQ GHQ NXU]HQ =HLWVSDQQHQ HUODQJW LQ GHQHQ VLH LKU
9HUVWDQGHVRUJDQ GHU J|WWOLFKHQ ,QVSLUDWLRQ GDUERWHQ XQG VR HUP|JOLFKWHQ GDVV YRQ LKUHQ
/LSSHQHLQ:RUWYROOHU:HLVKHLW=lUWOLFKNHLW*HUHFKWLJNHLW%DOVDPXQG)ULHGHQNDP


 (V ZLUG LPPHU ZHOFKH JHEHQ GLH QLFKW EHJUHLIHQ N|QQHQ ZLH HV NRPPW GDVV GLH
6WLPPWUlJHUVRYLHO:LVVHQLQ:RUWHQDXVGUFNHQXQGVRYLHO/HEHQVHVVHQ]DXIGHQ*HLVWGHU
=XK|UHUVFKDUHQ DXVJLHHQ N|QQHQ RKQH GDVV PHLQ *HLVW ]X GLHVHQ *HKLUQHQ KHUDENRPPW
XQG QXU HLQ 6WUDKO PHLQHV /LFKWHV VLH HUOHXFKWHW 'DUDXI VDJH ,FK HXFK GDVV DXFK GDV
.|QLJVJHVWLUQ ZLH LKU GLH 6RQQH QHQQW QLFKW Q|WLJ KDW ]XU (UGH ]X NRPPHQ XP VLH ]X
HUKHOOHQGDGDV/LFKWGDVVLHDXVGHU(QWIHUQXQJ ]XHXUHP3ODQHWHQVHQGHWJHQJWXPLKQLQ
/LFKW:lUPHXQG/HEHQ]XEDGHQ

 (EHQVR HUOHXFKWHW XQG EHOHEW GHU *HLVW GHV 9DWHUV ZLH HLQH 6RQQH YRQ XQHQGOLFKHU
6WUDKONUDIWDOOHVGXUFKGDV/LFKWGDV(UDXIDOOH*HVFK|SIHKHUDEVHQGHW VRZRKOJHLVWLJHDOV
DXFKPDWHULHOOH

%HJUHLIWDOVRGDVVZRPHLQ/LFKWLVWDXFKPHLQ*HLVWJHJHQZlUWLJLVW  

 (LQ /LFKWIXQNH PHLQHV *HLVWHV HLQH :LGHUVSLHJHOXQJ GHV *|WWOLFKHQ :RUWHV LVW HV ZDV
DXI GHQ *HLVW GHV 6WLPPWUlJHUV KHUQLHGHUIlOOW GXUFK GHQ ,FK HXFK PHLQH %RWVFKDIW
YHUQHKPEDUPDFKH:HOFKHUPHQVFKOLFKH6WLPPWUlJHUN|QQWHGLHJDQ]H0DFKWGHV:RUWHV
HPSIDQJHQ".HLQHU8QGZDKUOLFK,FKVDJHHXFKLKUZLVVWQRFKQLFKWZDVGDV:RUWLVW

'DV:RUWLVW/HEHQLVW/LHEHLVW:RUW*RWWHV GRFKYRQDOOGHPNDQQGHU6WLPPWUlJHU
QXU HLQ $WRP HPSIDQJHQ $EHU KLHU LQ MHQHP /LFKWVWUDKO LQ MHQHU (VVHQ] ZHUGHW LKU GDV
8QHQGOLFKHGDV$EVROXWHGDV(ZLJHHQWGHFNHQN|QQHQ

8PYRQ0LU]XVSUHFKHQNDQQ,FKGLHVVRZRKOGXUFKJURH:HUNHDOVDXFKGXUFKNOHLQH
XQGEHJUHQ]WH%HNXQGXQJHQWXQ ,FKELQLQDOOHPDOOHVVSULFKWYRQ0LU GDV*URH ZLHGDV
.OHLQH LVW JOHLFK YROONRPPHQ 'HU 0HQVFK PXVV QXU ]X EHREDFKWHQ QDFK]XGHQNHQ XQG ]X
VWXGLHUHQYHUVWHKHQ  

 0HLQ :RUW LVW QLFKW QRFKPDOV 0HQVFK JHZRUGHQ ,FK ELQ LQ GLHVHU =HLW DXI GHU
:RONHGHP6LQQELOGIUGDV-HQVHLWVYRQGHP0HLQ6WUDKODXVJHKWZHOFKHUGHQ9HUVWDQG
GHV6WLPPWUlJHUVHUOHXFKWHW

(VKDW0LUZRKOJHIDOOHQ0LFKGXUFKGHQ 0HQVFKHQ PLW]XWHLOHQXQGPHLQ(QWVFKOX LVW


YROONRPPHQ ,FK NHQQH GHQ 0HQVFKHQ GHQQ ,FK KDEH LKQ JHVFKDIIHQ ,FK KDOWH LKQ IU
ZUGLJGHQQHULVWPHLQ.LQGGHQQHUJLQJDXV0LUKHUYRU,FKNDQQ0LFKVHLQHUEHGLHQHQ
GHQQ GDIU VFKXI ,FK LKQ XQG ,FK NDQQ PHLQH +HUUOLFKNHLW GXUFK VHLQH 9HUPLWWOXQJ
RIIHQEDUHQZHLO,FKLKQVFKXIXP0LFKLQLKP]XYHUKHUUOLFKHQ

'HU0HQVFK(ULVWPHLQ(EHQELOGZHLOHU,QWHOOLJHQ]/HEHQ%HZXWVHLQ:LOOHLVWZHLO
HUHWZDVYRQDOOPHLQHQ(LJHQVFKDIWHQEHVLW]WXQGVHLQ*HLVWGHU(ZLJNHLWDQJHK|UW

2IWPDOVVHLGLKUXQEHGHXWHQGHUDOVLKU JHJODXEWKDEWXQGHLQ DQGHUPDOVHLGLKU JU|HU


DOVLKUHXFKYRUVWHOOHQN|QQW  

 :HQQ LKU HLQ ZHQLJ QDFKGHQNW XQG GLH 6FKULIWHQ VWXGLHUW ZHUGHW LKU HUNHQQHQ GDVV EHL
DOOHQ3URSKHWHQHLQHLQ]LJHUJHLVWLJHU*HKDOW]XP$XVGUXFNNDPGHQVLHLQLKUHP:RUWHGHQ
0HQVFKHQ EHUJDEHQ 6LH JDEHQ GHQ 0HQVFKHQ (UPDKQXQJHQ 2IIHQEDUXQJHQ XQG
%RWVFKDIWHQ RKQH GLH ,UUWPHU GHV YHUPDWHULDOLVLHUWHQ .XOWHV GHQ GDV 9RON LQ MHQHQ =HLWHQ
DXVEWH 6LH OHKUWHQ GDV *HVHW] XQG GDV :RUW *RWWHV ]X EHIROJHQ XQG VLH KDOIHQ GHQ
0HQVFKHQPLWLKUHP+LPPOLVFKHQ9DWHULQ9HUELQGXQJ]XWUHWHQ


 9RON ILQGHVW GX QLFKW HLQH JURH bKQOLFKNHLW ]ZLVFKHQ MHQHQ 3URSKHWHQ XQG GLHVHQ
6WLPPWUlJHUQ GXUFK GLH ,FK GHU]HLW ]X HXFK VSUHFKH" $XFK DXI GLH /LSSHQ GLHVHU OHW]WHUHQ
OHJH ,FKGLH(VVHQ]PHLQHV*HVHW]HVGXUFKLKUH:RUWHHUUHLFKW HXFKPHLQH ,QVSLUDWLRQXQG
VWUDKOHQG EULFKW DXV GLHVHQ GLH 8QWHUZHLVXQJ KHUYRU GLH GLH =XK|UHU GD]X DXIIRUGHUW LKUHQ
+HUUQ DXI GLH ODXWHUVWH :HLVH ]X VXFKHQ 6LH VSUHFKHQ RKQH )XUFKW GDYRU GDVV XQWHU GHQ
YLHOHQ GLH LKQHQ ]XK|UHQ DXFK $XVNXQGVFKDIWHU RGHU )DQDWLNHU VLQG 6LH HUIOOHQ
KLQJHEXQJVYROO LKUH $XIJDEH LP 'LHQVWH LKUHV 9DWHUV GDPLW HU GXUFK VLH ]XU 0HQVFKKHLW
VSULFKWXQGLKUGLHVH8QWHUZHLVXQJHQJLEWGLHGHQ0HQVFKHQQHXH:HJHGHV/LFKWHVHU|IIQHQ
ZHUGHQ

 9RON HV EHVWHKW QLFKW QXU HLQH JURH bKQOLFKNHLW ]ZLVFKHQ MHQHQ 3URSKHWHQ XQG GLHVHQ
6WLPPWUlJHUQ VRQGHUQ HV JLEW DXFK HLQH YROONRPPHQH %H]LHKXQJ ]ZLVFKHQ LKQHQ -HQH
NQGLJWHQ GLHVH DQ XQG ZDV MHQH YRU ODQJHU =HLW YRUDXVVDJWHQ VFKDXHQ MHW]W GLHVH 'LHQHU
 

 1LFKW DOOH PHLQH 6WLPPWUlJHU ZDUHQ IlKLJ XQG ZLOOHQV VLFK YRU]XEHUHLWHQ XP 0LU ]X
GLHQHQ XQG RIWPDOV PXVVWH ,FK PHLQ /LFKW DXI XQUHLQH 9HUVWDQGHVRUJDQH KHUDEVHQGHQ GLH
PLW 8QQW]HP ZHQQ QLFKW VRJDU PLW 6QGKDIWHP EHVFKlIWLJW ZDUHQ 6LH KDEHQ GXUFK LKUH
9HUIHKOXQJ PHLQH *HUHFKWLJNHLW DXI GHQ 3ODQ JHEUDFKW GHQQ LKU 9HUVWDQG ZDU MHGHU
,QVSLUDWLRQ EHUDXEW XQG LKUH /LSSHQ MHGHU %HUHGVDPNHLW XP GLH *|WWOLFKH %RWVFKDIW
DXV]XGUFNHQ

 ,Q GLHVHQ )lOOHQ KDW GLH +|UHUVFKDU LKUH 2KUHQ JHJHQEHU MHQHQ DUPVHOLJHQ .XQGJDEHQ
YHUVFKORVVHQ KDW GDIU MHGRFK LKUHQ *HLVW JH|IIQHW XP LQ LKP PHLQH *HJHQZDUW ]X IKOHQ
XQG PHLQH (VVHQ] ]X HPSIDQJHQ 'DV 9RON QlKUWH VLFK YRQ GHU (VVHQ] GLH LKU PHLQH
%DUPKHU]LJNHLW LQ MHQHP $XJHQEOLFNH VDQGWH DEHU GHU 6WLPPWUlJHU YHUKLQGHUWH HLQH
%RWVFKDIW GLH QLFKW YRQ VHLQHQ /LSSHQ NDP XQG ]ZDQJ VR GLH $QZHVHQGHQ YRQ *HLVW ]X
*HLVW PLW LKUHP 0HLVWHU =ZLHVSUDFKH ]X KDOWHQ REZRKO VLH QRFK QLFKW YRUEHUHLWHW ZDUHQ
PHLQH,QVSLUDWLRQLQGLHVHU)RUP]XHPSIDQJHQ 

'LH)RUPGHU.XQGJDEHQ

 'LH 8QWHUZHLVXQJ GHV 0HLVWHUV EHJLQQW LPPHU LQ GHUVHOEHQ :HLVH ZHLO VLH GLH JOHLFKH
/LHEHHQWKlOW6LHEHJLQQWLQ/LHEHXQGHQGHWLQ%DUPKHU]LJNHLW ]ZHL:RUWHLQGHQHQPHLQH
JDQ]H/HKUHHQWKDOWHQLVW'LHVHKRKHQ(PSILQGXQJHQVLQGHVGLHGHP*HLVW.UDIWJHEHQXP
GLH5HJLRQHQGHV/LFKWHVXQGGHU:DKUKHLW]XHUUHLFKHQ 

 ,KU N|QQWHW VDJHQ GDVV GLH lXHUH )RUP GHU 6SUDFKH LQ GHU ,FK LQ GHU =ZHLWHQ =HLW
VSUDFK XQG GLHMHQLJH GLH ,FK MHW]W JHEUDXFKH XQWHUVFKLHGOLFK LVW XQG ]XP 7HLO ZUGHW LKU
UHFKW KDEHQ 'HQQ -HVXV VSUDFK GDPDOV ]X HXFK PLW GHQ $XVGUXFNVZHLVHQ XQG GHQ
5HGHZHQGXQJHQ GHU 9|ONHUVFKDIWHQ LQ GHQHQ HU OHEWH VR ZLH ,FK HV KHXWH LP +LQEOLFN DXI
GLH*HLVWHVDUWGHUHUWXHGLHPHLQ:RUWYHUQHKPHQ$EHUGHUJHLVWLJH*HKDOWGHQMHQHV:RUW
YHUPLWWHOW GDV GDPDOV XQG KHXWH JHJHEHQ ZXUGH LVW GHUVHOEH LVW HLQ HLQ]LJHU LVW
XQZDQGHOEDU'HQQRFKLVWGLHV YRQYLHOHQXQEHDFKWHWJHEOLHEHQGHUHQ+HU]HQYHUKlUWHWXQG
GHUHQ9HUVWDQGYHUVFKORVVHQLVW 

28QJOlXELJH.RPPWXQGK|UW0LURIW]XPHLQ:RUWZLUGHXUHQ=ZHLIHOEHUZLQGHQ
:HQQLKUGHQ(LQGUXFNKDEWGDVVGLH$XVGUXFNVZHLVHPHLQHV:RUWHV QLFKWGLHVHOEHLVWGLH
,FK HLQVW KDWWH VR VDJH ,FK HXFK GDVV LKU HXFK QLFKW DQ GLH )RUP DQ GDV bXHUOLFKH KDOWHQ
VROOWVRQGHUQGHQ6LQQJHKDOWVXFKHQVROOWZHOFKHUGHUJOHLFKHLVW


'LH(VVHQ]GHU6LQQJHKDOWLVWLPPHUQXUHLQHUZHLOGDV*|WWOLFKHHZLJXQGXQZDQGHOEDU
LVWDEHUGLH)RUPLQGHUGLH2IIHQEDUXQJ]XHXFKJHODQJWRGHUGXUFKZHOFKH,FKHXFKHLQHQ
ZHLWHUHQ 7HLO GHU :DKUKHLW ZLVVHQ ODVVH ]HLJW VLFK LPPHU LP (LQNODQJ PLW GHU
$XIQDKPHIlKLJNHLWRGHUGHU(QWZLFNOXQJGLHLKUHUUHLFKWKDEW 

*HJHQZDUWMHQVHLWLJHU:HVHQKHLWHQEHLGHQ8QWHUZHLVXQJHQ&KULVWL

 :DKUOLFK ,FK VDJH HXFK LQ GHQ $XJHQEOLFNHQ LQ GHQHQ PHLQ :RUW GDV
9HUVWDQGHVYHUP|JHQ GHV 0HQVFKHQ GXUFKVWUDKOW VLQG KLHU 7DXVHQGH XQG $EHUWDXVHQGH YRQ
HQWN|USHUWHQ :HVHQKHLWHQ EHL PHLQHU .XQGJHEXQJ DQZHVHQG XQG ODXVFKHQ PHLQHP :RUWH
LKUH=DKOLVWLPPHUJU|HUDOVGLHGHUHUGLHVLFKLQGHU0DWHULHHLQVWHOOHQ:LHLKUGULQJHQVLH
ODQJVDPDXVGHU)LQVWHUQLVHPSRUXPLQGDV5HLFKGHV/LFKWHVHLQ]XJHKHQ 

'LHVHVPHLQ:RUWK|UWLKUDXI(UGHQGXUFKGDVPHQVFKOLFKH9HUVWDQGHVYHUP|JHQXQGDXI
HLQHUK|KHUHQ/HEHQVWXIHDOVGHUHXUHQYHUQHKPHQHVGLH%HZRKQHUGHUVHOEHQDQGHUH6HHOHQ
JOHLFKIDOOVHEHQVRZLHHVGLH*HLVWZHVHQDQGHUHUQRFKK|KHUHU/HEHQVHEHQHQK|UHQGLHGRUW
]XKDXVHVLQG'HQQGLHV.RQ]HUWGDVGHU9DWHULQGHU'ULWWHQ=HLWPLWGHQ/LFKWJHLVWHUQ
DXIIKUWLVWXQLYHUVHOO

 ,FK KDEH HV JHVDJW 0HLQ 6WUDKO LVW XQLYHUVHOO PHLQ :RUW XQG PHLQH GDULQ HQWKDOWHQH 
*HLVWHVVHQ] VLQG JOHLFKIDOOV XQLYHUVHOO XQG VHOEVW DXI GHU K|FKVWHQ 6WXIH ZHOFKH *HLVWHU
HUUHLFKW KDEHQ YHUQHKPHQ VLH 0LFK ,KU K|UW 0LFK GHU]HLW EHL GLHVHU .XQGJDEH DXI GLH
XQYROONRPPHQVWH$UWXQG:HLVHZHOFKHGLHGXUFKGHQ0HQVFKHQLVW

 'HVKDOE EHUHLWH ,FK HXFK QXQ IU K|KHUH .XQGJDEHQ YRU GDPLW LKU ZHQQ LKU LQ GDV
*HLVWLJHHLQJHKWXQGGLHVH(UGHJDQ]YHUODWHXFKGDQQPLWHLQHUQHXHQ/HEHQVVWXIHYHUHLQHQ
N|QQWXPGDV.RQ]HUW]XYHUQHKPHQGDVGHU9DWHUPLWHXUHP*HLVW]XVDPPHQDXIIKUW

 +HXWH EHILQGHW LKU HXFK QRFK LQ GHU 0DWHULH HUTXLFNW HXHU +HU] XQG HXUHQ *HLVW DQ
GLHVHP :RUWH XQG MHQH :HVHQ GLH HXFK DXI (UGHQ DQJHK|UWHQ GLH LKU QRFK LPPHU 9DWHU
*DWWH*DWWLQ%UXGHU.LQG9HUZDQGWHRGHU)UHXQGQHQQWVLQGDXIDQGHUHQ/HEHQVWXIHQXQG
YHUQHKPHQGDVJOHLFKH:RUWGRFKIUVLHLVWVHLQ6LQQJHKDOWVHLQH(VVHQ]HLQHDQGHUHDXFK
ZHQQ VLH GLHVHOEH %HJOFNXQJ GLHVHOEH (UTXLFNXQJ GLH JOHLFKH (UPXWLJXQJ XQG GDVVHOEH
%URWJHQLHHQ  

,FKVHQGH]XMHGHU:HOWHLQHQ6WUDKOPHLQHV/LFKWHV=XHXFKKDEH,FKGLHV/LFKWLQ)RUP
YRQ PHQVFKOLFKHQ :RUWHQ JHODQJHQ ODVVHQ VR ZLH HV ]X DQGHUHQ +HLPVWlWWHQ PLWWHOV
,QVSLUDWLRQJHODQJW

,P/LFKWHMHQHV*|WWOLFKHQ6WUDKOHQVZHUGHQVLFKDOOH*HLVWHUYHUHLQHQLQGHPVLHDXVLKP
HLQH+LPPHOVOHLWHUPDFKHQGLHVLH]XPVHOEHQ3XQNWJHOHLWHW]XP*HLVWLJHQ5HLFKGDVHXFK
DOOHQYHUKHLHQLVWGLHLKUJHLVWLJH7HLOFKHQPHLQHU*|WWOLFKNHLWVHLG  

'LH]HLWOLFKH%HJUHQ]XQJGHU.XQGJDEHQ

 0HLQ 5HLFK NRPPWDXI GLH OHLGHQGH 0HQVFKKHLW KHUDE XQG PHLQ :RUW HUW|QW GXUFK GLH
$XVHUZlKOWHQ GLHVHU =HLW GDPLW MHQH GLH 0LFK YHUQHKPHQ ]XP 7URVW LKUHU 0LWPHQVFKHQ
ZHUGHQ

 =X DOOHQ =HLWHQ KDWWH ,FK 0LWWOHU ]ZLVFKHQ GHQ 0HQVFKHQ XQG PHLQHU *|WWOLFKNHLW HV
ZDUHQGLHYRQ+HU]HQ6DQIWPWLJHQXQG'HPWLJHQGHUHU,FK0LFKEHGLHQWKDEH,FKEHUHLWH


QXQGLHQHXHQ %RWVFKDIWHUPHLQHU8QWHUZHLVXQJHQYRUGDPLWGLHVH )URKERWVFKDIWXQWHUGHQ
0HQVFKHQGDV(UZDFKHQ]XP*HLVWLJHQ/HEHQVHL

 :LHYLHOH GHUHU GLH EHIlKLJW VLQG HLQH HGOH JHLVWLJH 0LVVLRQ ]X HUIOOHQ VFKODIHQ QRFK
EHU GLH :HOW YHUVWUHXW 6LH ZHUGHQ HUZDFKHQ XQG LKUHQ JHLVWLJHQ )RUWVFKULWW ZHUGHQ VLH
EHZHLVHQZHQQVLHLQGHU+RFKKHU]LJNHLWLKUHU(PSILQGXQJHQ]XQW]OLFKHQ:HVHQIULKUH
1lFKVWHQZHUGHQ6LHZHUGHQGHPWLJVHLQXQGQLHPDOVPLWhEHUOHJHQKHLWSUDKOHQ 


0HLQ:HUNPXVVXQYHUIlOVFKW]XU0HQVFKKHLWJHODQJHQGDPLWGLHVHDXIEULFKWXPPHLQ
*HVHW]]XHUIOOHQLQGHPVLHGDV.UHX]LKUHU(UO|VXQJXPDUPW

,FKKDEHHVGHQ0HQVFKHQGHUJDQ]HQ0HQVFKKHLWYHUKHLHQXQG,FKZHUGHHVHUIOOHQ
ZHLOPHLQ:RUWGDVHLQHV.|QLJVLVW,FKZHUGHLKUGXUFKPHLQH-QJHUGHQJROGHQHQ:HL]HQ
PHLQHV:RUWHVVHQGHQ XQGGLHVHUZLUGGHQ0HQVFKHQ]XU =XUVWXQJGLHQHQGDPLWVLHVLFK
EDOGGHU=ZLHVSUDFKHYRQ*HLVW]X*HLVWHUIUHXHQN|QQHQ'HQQQDFKZHUGH,FK0LFK
ZHGHUKLHUQRFKDQLUJHQGHLQHPDQGHUHQ2UWQRFKPDOV GXUFKGDV9HUVWDQGHVYHUP|JHQHLQHV
6WLPPWUlJHUVNXQGJHEHQ  


.DSLWHO 'HU*UXQGIUGLHQHXH*RWWHVRIIHQEDUXQJ

'HU(UO|VXQJVZLOOH*RWWHV

 :HQQ HV DXI GHU :HOW NHLQH 8QZLVVHQKHLW JlEH ZHQQ NHLQ %OXW IO|VVH ZHQQ HV QLFKW
6FKPHU] XQG (OHQG JlEH ZlUH NHLQ *UXQG YRUKDQGHQ GDVV PHLQ *HLVW VLFK PDWHULDOLVLHUW
LQGHPHUVLFKHXUHQ6LQQHQZDKUQHKPEDUPDFKW$EHULKUEUDXFKW0LFK ,FKZHLGDVVQXU
PHLQH/LHEHHXFKLQGLHVHQ=HLWHQUHWWHQNDQQXQGGDKHUELQ,FKJHNRPPHQ

 :HQQ ,FK HXFK QLFKW OLHEHQ ZUGH ZDV ZUGH HV VFKRQ EHGHXWHQ GDVV LKU HXFK
]XJUXQGHULFKWHWXQGZDVEHGHXWHWHVFKRQHXHU6FKPHU]"'RFK,FKELQHXHU9DWHU HLQ9DWHU
GHUGHQ6FKPHU]GHV.LQGHVLQVLFKIKOWZHLOMHGHV.LQGHLQNOHLQHU7HLOYRQLKPLVW'DUXP
JHEH,FKHXFKLQMHGHPPHLQHU:RUWHXQGLQMHGHU,QVSLUDWLRQGDV/LFKWGHU:DKUKHLWGDVIU
GHQ*HLVWGDV/HEHQEHGHXWHW  

 +LHU ELQ ,FK XQWHU HXFK XQG SRFKH DQ HXHU +HU] 0HLQW LKU HWZD GDVV PHLQ )ULHGH
YROONRPPHQ LVW ZHQQ ,FK HXFK LQ VWlQGLJHQ )HLQGVFKDIWHQ YHUVWULFNW VHKH" 'HVKDOE ELQ ,FK
DOV *URHU 6WUHLWHU JHNRPPHQ XP JHJHQ GLH )LQVWHUQLV XQG GDV %|VH ]X NlPSIHQ XQG PLW
0LUVLQGJOHLFKIDOOVGLH*HLVWHUGHV*XWHQJHNRPPHQGLH*HLVWLJH:HOWXPPHLQ:HUN]X
YROOHQGHQ:LHODQJHZLUGGLHVHU.DPSIGDXHUQ"%LVDOOHPHLQH.LQGHUJHUHWWHWVLQG$EHU
,FK KDEH QLFKW 6FKPHU] PLW 0LU JHEUDFKW ,FK ZLOO HXFK QXU GXUFK /LHEH XPZDQGHOQ 


0HLQ:RUWZLUGGHQ0HQVFKHQZLHLQYHUJDQJHQHQ=HLWHQZLHGHUXPXQEHTXHPVHLQGRFK
ZHUGH,FKLKQHQGLH:DKUKHLWVDJHQ2KQHMHPDQGHQEOR]XVWHOOHQQDQQWH,FKGHQ+HXFKOHU
HLQHQ +HXFKOHU GHQ (KHEUHFKHU HLQHQ (KHEUHFKHU XQG E|VH GHQ %|VHZLFKW 'LH :DKUKHLW
ZDU HQWVWHOOW ZRUGHQ XQG HV ZDU QRWZHQGLJ GDVV VLH ZLHGHU HUVWUDKOWH VR ZLH MHW]W ZR GLH
:DKUKHLWYHUKHLPOLFKWZRUGHQLVWXQGGHVKDOEPXVLHHUQHXWYRUGHQ$XJHQGHU0HQVFKHQ
DQV/LFKWNRPPHQ R

1LFKWHLQ0DOVRQGHUQPHKUHUH 0DOHXQGDXIYHUVFKLHGHQH:HLVHYHUNQGHWHXQGYHUKLH
,FK PHLQHQ -QJHUQ PHLQ HUQHXWHV .RPPHQ ,FK NQGLJWH HXFK GLH =HLFKHQ DQ GLH PHLQ
.RPPHQ DQ]HLJHQ ZUGHQ =HLFKHQ LQ GHU 1DWXU (UHLJQLVVH LQ GHU 0HQVFKKHLW ZHOWZHLWH
.ULHJHGLH6QGHDXILKUHP+|KHSXQNW'DPLWGLH:HOWQLFKWHLQHP,UUWXPHUOLHJHXQG0LFK
HUQHXWDOV0HQVFKHUZDUWHOLH,FKVLHZLVVHQGDVV&KULVWXVDXIGHU:RONHNlPHGDVKHLW
LP*HLVWH

-HQH9HUKHLXQJZXUGHHUIOOW+LHULVWGHU0HLVWHULP*HLVWHXQGVSULFKW]XU:HOW+LHULVW
GHU+HUUGHV)ULHGHQVXQGGHV5HLFKHVGHV/LFKWVGHUHLQHXQHUPHOLFKJURH$UFKHEDXWLQ
GHUGLH0HQVFKHQ=XIOXFKWILQGHQXQGVLFKUHWWHQN|QQHQZLHLQGHU(UVWHQ=HLWDOV1RDK
GLH$UFKHEDXWHXPGHQPHQVFKOLFKHQ6DPHQ]XUHWWHQ  

 'LH $UW XQG :HLVH LQ GHU ,FK 0LFK LQ GLHVHU =HLW RIIHQEDUW KDEH LVW DQGHUV DOV GLH GHU
=ZHLWHQ=HLWGRFKPHLQH$EVLFKWLVWGLHJOHLFKH'LH0HQVFKKHLW]XUHWWHQVLHDXVMHQHP
:LUEHOVWXUPHQWIHUQHQ GHPVLHDXILKUHP:HJ EHJHJQHWLVWXQGGHPVLH QLFKW]XHQWULQQHQ
YHUPRFKWH

'LH9HUVXFKXQJLVWLQDOOLKUHU0DFKWHQWIHVVHOWXQGGHU0HQVFKLVWZLHHLQNOHLQHV.LQG
JHIDOOHQ XQG KDW JURH /HLGHQ HUIDKUHQ (U OHHUW VHLQHQ /HLGHQVNHOFK XQG UXIW QDFK 0LU LQ
VHLQHUWLHIHQ9HUZLUUXQJXQGGHU9DWHULVWEHLLKPJHZHVHQ


 1RFK VLQG LQ GHP .HOFK GLH +HIHQ EULJ JHEOLHEHQ GRFK ,FK ZHUGH HXFK KHOIHQ MHQH
6FKPHU]HQ]XHUWUDJHQZHOFKHGLH)ROJHHXUHV8QJHKRUVDPVVLQG:RKO HXFKGLHLKU0LFK
K|UWGHQQLKUZHUGHWVWDUNVHLQ'RFKZDVZLUGPLWGHQDQGHUHQVHLQZHQQVLHMHQHVJURH
/HLGWULIIW":LUGLKUH6HHOHDXV0DQJHODQ*ODXEHQ]XVDPPHQEUHFKHQ"'DV*HEHW ,VUDHOV 
PXLKQHQ+DOWJHEHQ 


'LHVHU 1DPH EH]LHKW VLFK DXI GDV QHXH *RWWHVYRON GDV *HLVWLJH ,VUDHO QLFKW DXI GLH
%HZRKQHUGHV6WDDWHV,VUDHORGHUGDVMGLVFKH9RONLQVJHVDPW 1lKHUHVVLHKH.DS 

,FKVXFKHHXFKPLWXQHQGOLFKHU/LHEH,FKKDEHLQHXUHQ*HLVWVRYLHO$QPXWXQGVRYLHOH
*DEHQJHOHJWGDVV,FKQLFKWEHUHLWELQDXFKQXUHLQHLQ]LJHVPHLQHU.LQGHU]XYHUOLHUHQ,KU
VHLG7HLOPHLQHV*HLVWHVVHLGHWZDVYRQPHLQHP:HVHQ NDQQHVIDOVFKVHLQGDVV,FKHXFK
PLWVRYLHO(LIHUXQGVROFKHU/LHEHVXFKH"

 ,PPHU ZHQQ ,FK KHUDENRPPH XP HXFK PHLQ :RUW ]X JHEHQ ILQGH ,FK /HW]WH XQWHU
GHQ6FKDUHQHVVLQGMHQHGLH0LFKLQLKUHQ+HU]HQDPPHLVWHQIUDJHQ'RFK,FKELQLKQHQ]X
*HIDOOHQXQGDQWZRUWHLPPHUDXILKUH)UDJHQ

 +HXWH IUDJHQ 0LFK GLH =XOHW]WJHNRPPHQHQ ZDV GHU =ZHFN PHLQHU :LHGHUNXQIW LVW
ZRUDXI,FKDQWZRUWHGDVVGHU6LQQGHULVWGHQ0HQVFKHQ]XEHIlKLJHQGXUFKVLFKVHOEVW]X
VHLQHUXUVSUQJOLFKHQ5HLQKHLW]XUFN]XNHKUHQ  

'LH%HVHLWLJXQJYRQ,UUWPHUQXQGYHUlXHUOLFKWHQ.XOWIRUPHQ

 'LH 'ULWWH =HLW LVW IU GLH 0HQVFKKHLW YROO XQG JDQ] DQJHEURFKHQ (V VLQG HWZD 
-DKUH YHUJDQJHQ VHLW ,FK HXFK PHLQ :RUW JHJHEHQ KDEH GRFK MHQH /HKUH LVW WURW] GHU
YHUVWULFKHQHQ=HLWQRFKQLFKWYRQGHUJDQ]HQ0HQVFKKHLWHUNDQQWZRUGHQZHLO,FKQLFKWYRQ
DOOPHLQHQ.LQGHUQJHOLHEWZHUGH'HQQRFKEULQJHQ0LUDOOH9HUHKUXQJHQWJHJHQDOOHVXFKHQ
HLQHQHLQ]LJHQ*|WWOLFKHQ*HLVWZHOFKHUGHUPHLQHLVW'RFK ,FKVHKHNHLQH(LQLJNHLWXQWHU
GHQ 0HQVFKHQ ,FK VHKH XQWHU LKQHQ QLFKW GHQVHOEHQ *ODXEHQ GLHVHOEH (UKHEXQJ XQG
(UNHQQWQLVXQGGDKHUNRPPH ,FKDOV+HLOLJHU *HLVWXPVLHLQ0LU]XYHUHLQHQXPVLHPLW
PHLQHU /HKUH GHU :DKUKHLW ]X YHUYROONRPPQHQ PLW PHLQHP XQZDQGHOEDUHQ :RUWH PLW
PHLQHP*HVHW]GHU/LHEHXQG*HUHFKWLJNHLW 

'LH7UEXQJGHV9HUVWDQGHVGHU0DQJHODQ*ODXEHQGLH8QNHQQWQLVGHU:DKUKHLWVLQG
)LQVWHUQLVIUGLH6HHOHXQGGDUXPEHILQGHWVLFKGLH0HQVFKKHLWKHXWHDXIHLQHP,UUZHJ:LH
KDEHQVLFKMHQH0HQVFKHQYHUPHKUWGLHGDKLQOHEHQRKQH]XZLVVHQRGHUZLVVHQ]XZROOHQ
ZRKLQVLHJHKHQ

 ,FK ZXWH GDVV IU GLH 0HQVFKHQ HLQH VROFKH =HLW NRPPHQ ZUGH YROOHU 6FKPHU]
9HUZLUUXQJ8QVLFKHUKHLWXQG0LWUDXHQ,FKYHUVSUDFKHXFKDXVGLHVHU)LQVWHUQLV]XUHWWHQ
XQGKLHUELQ,FK,FKELQGHU*HLVWGHU:DKUKHLW:HVKDOEZROOWLKU0LFKHUQHXWDOV0HQVFK"
(ULQQHUWLKU HXFKQLFKW GDVV ,FK DOV0HQVFKVWDUEXQGHXFKVDJWHGDVV ,FKHXFKLQPHLQHP
5HLFKH HUZDUWHQ ZUGH" 'DPLW PDFKWH ,FK HXFK EHJUHLIOLFK GDVV GLH *HLVW HZLJ LVW
XQVWHUEOLFK  


 0HLQ :RUW LQ GLHVHU =HLW HULQQHUW HXFK DQ GDV 9HUJDQJHQH RIIHQEDUW HXFK GLH
*HKHLPQLVVH XQG NQGLJW HXFK GDV .RPPHQGH DQ (V ZLUG DOOHV ULFKWLJVWHOOHQ ZDV GLH
0HQVFKHQ YHUERJHQ XQG HQWNUlIWHW KDEHQ GHQQ ,FK DOV
+WHU GHU :DKUKHLW NRPPH PLW GHP 6FKZHUW PHLQHV (LIHUV XQG PHLQHU *HUHFKWLJNHLW XP
DOOHV)DOVFKHQLHGHU]XUHLHQXPGLH+HXFKHOHLXQG GLH /JH]X]HUVFKODJHQXPHUQHXWGLH
+lQGOHUDXVGHP7HPSHOGHU:DKUKHLW]XYHUMDJHQ

 %HJUHLIW GDVV LKU GLH :DKUKHLW QLFKW LQ %FKHUQ 5DWVFKOlJHQ RGHU *HERWHQ YRQ
0HQVFKHQ]XVXFKHQEUDXFKWXPHXHU6HHOHQKHLO]XHUODQJHQ

,KUDOOHPWJHUHWWHWZHUGHQ,FKHQWGHFNHQLFKWHLQHQGHUEHUHLWVDXIIHVWHP%RGHQVWHKW
,KUVHLG6FKLIIEUFKLJHLQPLWWHQHLQHU6WXUPHVQDFKWLQGHUMHGHUXPVHLQHLJHQHV/HEHQULQJW
RKQHDQVHLQHQ1lFKVWHQ]XGHQNHQZHLOVHLQ/HEHQLQ*HIDKULVW

'RFKZDKUOLFK,FKVDJHHXFK ,FKELQHXHUHLQ]LJHU5HWWHUGHUHLQZHLWHUHV0DODXIGHU
6XFKHQDFKGHQHQKHUEHLNRPPWGLHVLFKYHULUUWKDEHQZHLOVLHVLFKYRQGHU6FKLIIDKUWVURXWH
HQWIHUQWKDEHQZHOFKHUGDV*HVHW]LVW,FKHUKHOOHHXUHQ:HJGDPLWLKUDQ/DQGNRPPW]X
MHQHPJHVHJQHWHQ/DQGGDVHXFKHUZDUWHWZHLOHVLQVHLQHP6FKRHXQHQGOLFKH6FKlW]HIU
GHQ*HLVWELUJW  

 6R ZLH PDQ GHQ *|WWOLFKHQ :HLVXQJHQ HLQVW IDOVFKH 'HXWXQJHQ JHJHEHQ KDW HEHQVR
ZXUGH PHLQH /HKUH LQ GLHVHU =HLW YHUIlOVFKW XQG VR ZXUGH HV QRWZHQGLJ GDVV GHU 0HLVWHU
HUQHXWNDPXPHXFK]XKHOIHQHXFKYRQHXUHQ,UUWPHUQIUHL]XPDFKHQGDHVYRQVLFKDXV
QXUVHKUZHQLJHVFKDIIHQVLFKDXVLKUHQ9HULUUXQJHQ]XEHIUHLHQ

 =ZDU YHUVSUDFK ,FK HXFK VFKRQ GDPDOV GDVV ,FK ZLHGHUNRPPHQ ZUGH GRFK PX ,FK
HXFKDXFKGLHV VDJHQGDVV,FKHVWDWZHLO,FKZXWHGDVVHLQH=HLWNRPPHQZUGHLQGHUGLH
0HQVFKKHLW LQ GHU hEHU]HXJXQJ DXI GHP :HJH PHLQHU /HKUHQ ]X ZDQGHOQ VHKU ZHLW YRQ
LKQHQ HQWIHUQW VHLQ ZUGH XQG GLHV LVW GLH =HLW IU GLH ,FK PHLQH :LHGHUNXQIW DQNQGLJWH
 

,QGHU=ZHLWHQ=HLWZXUGH&KULVWXV GHUVHOEHGHULQGLHVHP$XJHQEOLFNH]XHXFKVSULFKW
0HQVFK XQG ZRKQWH DXI (UGHQ 'RFK MHW]W LVW HU LP *HLVWH EHL HXFK XQG HUIOOW VR HLQ
9HUVSUHFKHQGDVHUGHU0HQVFKKHLWJHJHEHQKDWGDV9HUVSUHFKHQLQHLQHUQHXHQ=HLWHSRFKH
ZLHGHU]XNRPPHQ XP HXFK GHQ K|FKVWHQ 7URVW XQG GDV /LFKW GHU :DKUKHLW ]X EULQJHQ XQG
GDEHLDOOHV]XHUKHOOHQXQG]XHUOlXWHUQZDVGHQ0HQVFKHQRIIHQEDUWZRUGHQLVW 

'LH0HQVFKKHLWLVWRULHQWLHUXQJVORVGRFK,FKELQJHNRPPHQXPVLHGXUFKGDV/LFKWGHV
+HLOLJHQ*HLVWHV]XIKUHQXQGGDPLWVLHPHLQ:RUWDQVHLQHP6LQQJHKDOWHUNHQQW

,P/DXIHGHU=HLWVLQGMHQH6FKULIWHQGLHPHLQH-QJHUKLQWHUOLHHQYRQGHQ0HQVFKHQ
YHUlQGHUWZRUGHQXQGGDUXPJLEWHV=ZLHWUDFKWXQWHUGHQ.RQIHVVLRQHQ'RFK,FKZHUGHDOOH
PHLQH /HKUHQ HUOlXWHUQ XP GLH 0HQVFKKHLW LQ HLQHP HLQ]LJHQ /LFKW XQG LQ HLQHP HLQ]LJHQ
:LOOHQ]XYHUHLQLJHQ  

 +HXWH EULFKW IU GLH :HOW HLQH QHXH (WDSSH DQ LQ GHU GHU 0HQVFK JU|HUH )UHLKHLW LP
'HQNHQHUVWUHEHQZLUGLQGHUHUNlPSIHQZLUGXPGLH.HWWHQGHU.QHFKWVFKDIW]XVSUHQJHQ
GLHVHLQ*HLVWPLWVLFKJHVFKOHSSWKDW(VLVWGLH=HLWLQGHULKUGLH9|ONHULP9HUODQJHQQDFK
JHLVWLJHU 1DKUXQJ XQG ZDKUHP /LFKW GLH 6FKUDQNHQ GHV )DQDWLVPXV EHUVFKUHLWHQ VHKHQ
ZHUGHWXQG,FKVDJHHXFKGDVVNHLQHUGHUDXFKQXUHLQHQ$XJHQEOLFNGDV*OFNHUOHEWVLFK
IUHL]XIKOHQXPQDFK]XGHQNHQ]XIRUVFKHQXQG]XKDQGHOQMHPDOVZLHGHUIUHLZLOOLJLQVHLQ


*HIlQJQLV ]XUFNNHKUHQ ZLUG 'HQQ QXQ KDEHQ VHLQH $XJHQ GDV /LFKW JHVFKDXW XQG VHLQ
*HLVWZDUHQW]FNWDQJHVLFKWVGHU*|WWOLFKHQ2IIHQEDUXQJHQ 

 ,FK ZXWH GDVV GLH 0HQVFKHQ PHLQH /HKUH YRQ *HQHUDWLRQ ]X *HQHUDWLRQ LPPHU PHKU
P\VWLIL]LHUHQPHLQ*HVHW]YHUlQGHUQXQGGLH:DKUKHLWYHUIlOVFKHQZUGHQ,FKZXWHGDVV
GLH0HQVFKHQPHLQH9HUKHLXQJ]XUFN]XNHKUHQYHUJHVVHQZUGHQXQGGDVVVLHVLFKQLFKW
PHKU DOV %UGHU EHWUDFKWHQ VLFK JHJHQVHLWLJ PLW GHQ JUDXVDPVWHQ IHLJVWHQ XQG
XQPHQVFKOLFKVWHQ:DIIHQ W|WHQZUGHQ

'RFKQXQLVWGLH=HLWXQGGHUYHUKHLHQH7DJJHNRPPHQXQGKLHUELQ,FK9HUXUWHLOWQLFKW
GLH$UWXQG:HLVHGLH,FKJHZlKOWKDEHXP0LFKHXFKNXQG]XWXQGHQQQLFKWGLH:HOW KDW
0LFK ]X ULFKWHQ VRQGHUQ ,FK ELQ HV GHU GLH 0HQVFKKHLW ULFKWHW ZHLO MHW]W GLH =HLW LKUHV
*HULFKWVLVW

 ,FK HUULFKWH HLQ 5HLFK LP +HU]HQ GHU 0HQVFKHQ NHLQ LUGLVFKHV 5HLFK ZLH YLHOH HV
HUZDUWHQ VRQGHUQ HLQ JHLVWLJHV GHVVHQ 0DFKW GHU /LHEH XQG GHU *HUHFKWLJNHLW HQWVSULQJW
XQGQLFKWGHQ0lFKWHQGHU:HOW

 ,FK VHKH GDVV PDQFKH HUVWDXQW VLQG 0LFK VR VSUHFKHQ ]X K|UHQ GRFK ,FK IUDJH HXFK
:DUXP ZROOW LKU 0LFK HXFK LPPHU PLW 6HLGH *ROG XQG (GHOVWHLQHQ EHNOHLGHW YRUVWHOOHQ"
:DUXPZROOWLKU]X DOOHQ=HLWHQGDVVPHLQ5HLFKYRQGLHVHU:HOWLVWZlKUHQG,FKHXFKGDV
*HJHQWHLORIIHQEDUWH"  

,FKKDEHHXFKEHUHLWVYRUDXVJHVDJWGDVVGHU.DPSIKHIWLJVHLQZLUGGHQQMHGHUKlOWVHLQH
5HOLJLRQ IU YROONRPPHQ XQG VHLQH $UW VLH DXV]XEHQ IU XQWDGHOLJ 'RFK ,FK VDJH HXFK
GDVVZHQQHVVRZlUH,FKNHLQHQ*UXQGJHKDEWKlWWHLQGLHVHU=HLW]XNRPPHQXQG]XHXFK
]XVSUHFKHQ

 ,FK JHEH HXFK GXUFK ,QVSLUDWLRQ HLQH ]XWLHIVW JHLVWLJH /HKUH ZHLO ,FK VHKH GDVV GDV
+HLGHQWXPLQHXUHQ.XOWIRUPHQUHJLHUWXQGGDVVGHUVFKOHFKWH6DPHGHV)DQDWLVPXVHXFKPLW
8QZLVVHQKHLWXQG+DJHIKOHQYHUJLIWHWKDW

0HLQ6FKZHUWGHV/LFKWHVLVWLQPHLQHU5HFKWHQ,FKELQGHU6WUHLWHUXQG.|QLJGHUDOOHV
:LGHUVHW]OLFKHDOOHVEHVWHKHQGHhEHOXQGDOOHV)DOVFKH]HUVW|UW:HQQPHLQ.DPSI]X(QGH
LVWXQGGLH+HU]HQJHOHUQWKDEHQVLFK]XYHUHLQHQXP]XEHWHQXQG]XOHEHQZLUGGHU%OLFN
HXUHV *HLVWHV 0LFK LP XQHQGOLFKHQ /LFKW XQG LP HZLJHQ )ULHGHQ HQWGHFNHQ 'LHV LVW PHLQ
5HLFKZHUGH,FKHXFKVDJHQXQG,FKELQHXHU.|QLJGHQQGD]XELQ,FKGDXQGGD]XKDEH
,FKHXFKHUVFKDIIHQXP]XKHUUVFKHQ  

$XINOlUXQJEHUGDVZDKUH/HEHQ

 $OOH 0HQVFKHQ ZLVVHQ GDVV ,FK GHU 9DWHU DOOHV *HVFKDIIHQHQ ELQ XQG GDVV GLH
%HVWLPPXQJGHU:HVHQLQ0LULVW'HQQRFKKDEH,FKYRQLKQHQZHGHULKUH$XIPHUNVDPNHLW
QRFK LKUH $FKWXQJ HPSIDQJHQ 6LH HUVFKDIIHQ JOHLFKIDOOV VLQG DXFK +HUUHQ XQG JODXEHQ
0DFKW]XKDEHQEHUGDV*HVFKLFNLKUHU1lFKVWHQ ZR]XVLFKDOVRYRU0LUEHXJHQ"

 $XI GLHVH :HLVH KDW GHU 0HQVFK PHLQH *HGXOG DXI GLH 3UREH JHVWHOOW XQG PHLQH
*HUHFKWLJNHLWKHUDXVJHIRUGHUW,FKKDEHLKP=HLWJHJHEHQXPGLH:DKUKHLW]XILQGHQDEHUHU
KDWQLFKWVYRQ0LUDQQHKPHQZROOHQ,FKNDPDOV9DWHUXQGZXUGHQLFKWJHOLHEWGDQDFKNDP
,FK DOV 0HLVWHU XQG ZXUGH QLFKW YHUVWDQGHQ GRFK GD HV QRWZHQGLJ LVW GLH 0HQVFKKHLW ]X
UHWWHQ NRPPH ,FK MHW]W DOV 5LFKWHU ,FK ZHL GDVV GHU 0HQVFK JHJHQ PHLQH *HUHFKWLJNHLW


DXIEHJHKUHQZLUGGHQQ HUZLUG0LFKDXFKDOV5LFKWHUQLFKWYHUVWHKHQXQGZLUGVDJHQGDVV
*RWWVLFKJHUlFKW KDW

 ,FK ZROOWH DOOH ZUGHQ EHJUHLIHQ GDVV *RWW NHLQH *HIKOH GHU 5DFKH KHJHQ NDQQ ZHLO
6HLQH/LHEHYROONRPPHQLVW(EHQVRZHQLJNDQQHUGHQ6FKPHU]VHQGHQLKUVHOEVWVHLGHVGLH
LKQ GXUFK HXUH 6QGHQ DQ]LHKW 0HLQH *|WWOLFKH *HUHFKWLJNHLW VWHKW EHU HXUHP /HLG XQG
VHOEVWHXUHP7RG'HU6FKPHU]GLH+LQGHUQLVVHGLH0LHUIROJHVLQGGLH3UIXQJHQGLHGHU
0HQVFK VLFK VWlQGLJ DXIHUOHJW XQG GLH )UFKWH VHLQHU 6DDW VLQG GDV ZDV HU QDFK XQG QDFK
HUQWHW0LU JHQJWHVEHLMHGHUGLHVHU/HEHQVNULVHQPHLQ/LFKW]XHXUHP*HLVWHJHODQJHQ]X
ODVVHQGDPLWHUVHLQ+HLOHUUHLFKW  

(VLVWGHU*HLVWGHU:DKUKHLWGHUKHUQLHGHUNRPPWXP*HKHLPQLVVHDXI]XNOlUHQXQGHXFK
GDV QRWZHQGLJH :LVVHQ ]X RIIHQEDUHQ XP HXFK GHV ZDKUHQ /HEHQV ]X HUIUHXHQ (U LVW GHU
*|WWOLFKH7URVWGHUVLFKDXIHXUH/HLGHQHUJLHWXPHXFKHLQ=HXJQLVGDIU]XJHEHQGDVV
GDV *|WWOLFKH *HULFKW QLFKW 6WUDIH QRFK 5DFKH LVW VRQGHUQ HLQ *HULFKW GHU /LHEH XP HXFK
]XP/LFKW]XP)ULHGHQXQG]XU6HOLJNHLW]XEULQJHQ 

:LVVHWGDVVGHUGHUHWZDVYRQGHPYHUVWHKWXQGHUNHQQWGDVMHQHQYRUEHKDOWHQLVWGLH
VLFK HPSRUVFKZLQJHQ VHLQHQ *HLVW QLFKW PHKU YRQ MHQHP /LFKWH ORVUHLHQ NDQQ GDV LKP
RIIHQEDUW ZXUGH 2E HU XQEHNDQQWH :HOWHQ EHWULWW RGHU HLQ XPV DQGHUH 0DO ]XU (UGH
]XUFNNHKUWZDVHUHLQPDODOVHLQHQJ|WWOLFKHQ/LFKWIXQNHQHPSILQJZLUGLPPHUZLHGHUDXV
GHP 5HLQVWHQ VHLQHV :HVHQV HPSRUGULQJHQ DOV $KQXQJ DOV HLQH *|WWOLFKH ,QVSLUDWLRQ
=XZHLOHQ ZLUG HV ZLH HLQ VHV (UZDFKHQ RGHU ZLH HLQ KLPPOLVFKHU *HVDQJ DXIOHEHQ
ZHOFKHU GDV +HU] PLW :RQQH EHUIOXWHQ ZLUG ZLH HLQH 6HKQVXFKW QDFK 5FNNHKU LQ GLH
JHLVWLJH +HLPDW 'DV LVW HV ZDV PHLQH /HKUH IU GLH 6HHOHQ EHGHXWHW GLH LQ GLHVHV /HEHQ
]XUFNNHKUHQ 'HP $QVFKHLQ QDFK YHUJLW GHU *HLVW VHLQH 9HUJDQJHQKHLW DEHU LQ :DKUKHLW
YHUOLHUWHUGLH.HQQWQLVPHLQHU8QWHUZHLVXQJQLFKW

'HQHQGLHGDUDQ]ZHLIHOQGDVVHVGDV*|WWOLFKH:RUWLVWGDVLQGLHVHP$XJHQEOLFNXQG
LQGLHVHU)RUP]XLKPVSULFKWVDJH,FKGDVVZHQQVLH0LUQLFKWMHQHQ1DPHQJHEHQZROOHQ
ZHQQVLHGLHV:RUWQLFKWGHP*|WWOLFKHQ0HLVWHU]XVFKUHLEHQZROOHQVLHVLFKGHQ6LQQJHKDOW
GLHVHU 8QWHUZHLVXQJ YRUQHKPHQ MHGHP VHLQHU *HGDQNHQ DXI GHQ *UXQG JHKHQ VROOHQ XQG
ZHQQ VLH EHLP 1DFKGHQNHQ EHU GDV ZDV VLH YHUQRPPHQ KDEHQ ]X GHP 6FKOXVV NRPPHQ
GDVV HV /LFKW XQG :DKUKHLW IU GLH 0HQVFKKHLW HQWKlOW VROOHQ VLH HV DOV 0DVWDE IU LKUH
6FKULWWHDXI(UGHQYHUZHQGHQXQGGDPLWLKU/HEHQXPZDQGHOQ

,FKZHLGDVV,FKHXFKGLHZDKUH:HLVKHLWEHUJHEHZDVGLH 0HQVFKHQ JODXEHQlQGHUW


QLFKW GDV *HULQJVWH DQ PHLQHU :DKUKHLW 'RFK HV LVW QRWZHQGLJ GDVV GHU 0HQVFK GLH
*HZLVVKHLWGHVVHQKDWZDVHUJODXEWZDVHUZHLXQGZDVHUOLHEW1XUGHVZHJHQVWHOOH,FK
0LFK ELVZHLOHQ LQ PHLQHQ .XQGJHEXQJHQ DXI GDV 1LYHDX GHU 0HQVFKKHLW XP VR ]X
HUUHLFKHQGDVVVLH0LFKHUNHQQW  

'LH9RUVWHOOXQJGLHGLH0HQVFKHQYRQ0LUKDEHQLVWVHKUEHJUHQ]WLKUH(UNHQQWQLVEHU
GDV*HLVWLJHVHKUJHULQJLKU*ODXEHVHKUNOHLQ

 'LH 5HOLJLRQHQ VFKOXPPHUQ LQ HLQHP MDKUKXQGHUWHODQJHQ 7UDXP RKQH HLQHQ 6FKULWW
YRUDQ]XNRPPHQXQGZHQQVLHHUZDFKHQVLQGVLHQXULQLKUHP,QQHUQUHJHXQGZDJHQQLFKW
GHQ.UHLV]XGXUFKEUHFKHQGHQVLHVLFKGXUFKLKUH7UDGLWLRQHQJHVFKDIIHQKDEHQ

(VZHUGHQGLH*HULQJJHDFKWHWHQGLH$UPHQGLH(LQIDFKHQXQG8QZLVVHQGHQVHLQGLHLP
9HUODQJHQ QDFK /LFKW QDFK HLQHP UHLQHQ JHLVWLJHQ 8PIHOG QDFK :DKUKHLW XQG )RUWVFKULWW


MHQHQ.UHLVYHUODVVHQ6LHVLQGHVGLHGLH*ORFNHXQGGHQ:HFNUXIHUVFKDOOHQODVVHQZHUGHQ
ZHQQ VLH GLH =HLW PHLQHU QHXHQ 2IIHQEDUXQJHQ LP =HLWDOWHU GHU 9HUJHLVWLJXQJ NRPPHQ
IKOHQ

'LH0HQVFKHQP|FKWHQGDV*HKHLPQLVGHV*HLVWLJHQ/HEHQVHQWGHFNHQ  MHQHV'DVHLQV
LQ GDV VLH XQZLGHUUXIOLFK HLQJHKHQ PVVHQ XQG ZHOFKHV NHQQHQ]XOHUQHQ VLH HEHQ GHVKDOE
LQWHUHVVLHUW

 'LH 0HQVFKHQ IUDJHQ EHWWHOQ ELWWHQ XP /LFKW DXV %DUPKHU]LJNHLW ZHLO VLH GLH
1RWZHQGLJNHLW]XU9RUEHUHLWXQJIKOHQGRFKDOV$QWZRUWDXIDOOHVVDJWPDQLKQHQGDVVGDV
*HLVWLJH /HEHQ HLQ *HKHLPQLV VHL XQG GDVV GHU :XQVFK GHQ 6FKOHLHU ]X OIWHQ GHU HV
EHGHFNWHLQH$QPDXQJXQGHLQH*RWWHVOlVWHUXQJVHL

 :DKUOLFK ,FK VDJH HXFK MHQH QDFK :DKUKHLW XQG QDFK /LFKW 'UVWHQGHQ ZHUGHQ GLH
4XHOOH GHUHQ :DVVHU LKUHQ 'XUVW O|VFKW QLFKW DXI GHU :HOW ILQGHQ ,FK ZHUGH HV VHLQ GHU
MHQHV :DVVHU GHU :HLVKHLW GDV GLH 6HHOHQ ]X WULQNHQ YHUODQJHQ YRP +LPPHO KHUDEVHQGHW
,FK ZHUGH PHLQHQ %UXQQTXHOO GHU :DKUKHLW DXI MHGHQ *HLVW XQG MHGHQ 9HUVWDQG HUJLHHQ
ODVVHQGDPLWGLH*HKHLPQLVVH]XQLFKWHZHUGHQ'HQQ,FKVDJHHXFKQRFKHLQPDOGDVVQLFKW
,FK HV ELQ GHU VLFK IU GLH 0HQVFKHQ LQ *HKHLPQLVVH KOOW VRQGHUQ LKU HV VHLG GLH VLH
HUVFKDIIHQ

=ZDUZLUGHVLQHXUHP9DWHULPPHUHWZDVJHEHQGDVLKUQLHPDOVHUNHQQHQZHUGHWZHQQ
LKU EHGHQNW GDVV *RWW XQHQGOLFK LVW XQG GDVV LKU QXU 3DUWLNHOFKHQ VHLG $EHU GDVV LKU QLFKW
ZLVVHQ VROOW ZHU LKU LQ GHU (ZLJNHLW VHLG GDVV LKU IU HXFK VHOEVW HLQ XQGXUFKGULQJOLFKHV
*HKHLPQLVVHLQVROOWXQGGDVVLKUZDUWHQPWELVLKULQGDV*HLVWLJH/HEHQHLQWUHWHWXPHV
NHQQHQ]XOHUQHQ GLHVLVWYRQ0LU QLFKWYRUJHVFKULHEHQ

(VLVWULFKWLJGDVVLQGHQYHUJDQJHQHQ =HLWHQQLFKW LQGLHVHU:HLVH]XHXFKJHVSURFKHQ


ZXUGH XQG DXFK NHLQH ZHLWUHLFKHQGH $XIIRUGHUXQJ GD]X HUJLQJ LQ GDV /LFKW JHLVWLJHU
(UNHQQWQLVVHYRU]XGULQJHQDEHUQXUGHVKDOEQLFKWZHLOGLH0HQVFKKHLWLQGHU9HUJDQJHQKHLW
QLFKW GLH GULQJHQGH 1RWZHQGLJNHLW ]X ZLVVHQ IKOWH GLH VLH KHXWH IKOW QRFK JHLVWLJ XQG
YHUVWDQGHVPlLJ EHIlKLJW ZDU ]X YHUVWHKHQ :HQQ VLH DXFK LPPHU VXFKWH XQG
KHUXPVWRFKHUWHVRJHVFKDKGLHVGRFKPHKUDXV1HXJLHUGHDOVDXVZLUNOLFKHP9HUODQJHQQDFK
/LFKW

'DPLWGLH0HQVFKHQGHQ:HJILQGHQGHUVLH]XMHQHP/LFKWHIKUWXQGGDPLWVLHLQGHU
/DJHVLQGMHQHV:DVVHUGHU4XHOOHGHV/HEHQVXQGGHU:HLVKHLW]XHPSIDQJHQPVVHQVLH
]XYRU MHGHQ lXHUOLFKHQ .XOW DXIJHEHQ XQG DXV LKUHQ +HU]HQ MHGHQ )DQDWLVPXV EHVHLWLJHQ
:HQQ VLH GDQQ LQ LKUHQ +HU]HQ GLH *HJHQZDUW GHV OHEHQGLJHQ XQG DOOPlFKWLJHQ *RWWHV ]X
IKOHQ EHJLQQHQ ZHUGHQ VLH DXV GHP ,QQHUVWHQ LKUHV :HVHQV HLQH QHXH XQEHNDQQWH
$QGlFKWLJNHLW DXIVWHLJHQ IKOHQ YROO (PSILQGXQJ XQG $XIULFKWLJNHLW YROO (UKHEXQJ XQG
+HU]OLFKNHLWZHOFKHGDVZDKUH*HEHWVHLQZLUGRIIHQEDUWGXUFKGHQ*HLVW

'LHVZLUGGHU %HJLQQVHLQHV$XIVWLHJV]XP /LFKWHVHLQGHUHUVWH6FKULWWDXIGHP:HJH


]XU'XUFKJHLVWLJXQJ:HQQGHU*HLVWGHP0HQVFKHQGDVHFKWH*HEHWRIIHQEDUHQNDQQZLUG
HULKPDXFKDOOH)lKLJNHLWHQRIIHQEDUHQN|QQHQGLHHUEHVLW]WVRZLHGLH$UWXQG:HLVHVLH
]XHQWIDOWHQXQGDXIGHQ:HJGHU/LHEH]XOHLWHQ  

 ,KU N|QQW LQ PHLQHU .XQGJHEXQJ GLHVHOEHQ 8QWHUZHLVXQJHQ ZLH GLH GHU =ZHLWHQ =HLW
ILQGHQ DEHU LQ GLHVHU bUD KDEH ,FK HXFK GXUFK GDV /LFKW PHLQHV +HLOLJHQ *HLVWHV GDV
8QHUJUQGOLFKH RIIHQEDUW XQG LQ GHU =ZLHVSUDFKH YRQ *HLVW ]X *HLVW ZHUGH ,FK HXFK


ZHLWHUKLQ QHXH XQG VHKU JURH /HKUHQ RIIHQEDUHQ 'HQ JDQ]HQ ,QKDOW GHV 6HFKVWHQ 6LHJHOV
ZHUGH,FKHXFKLQGLHVHU2IIHQEDUXQJVHSRFKH EHNDQQWJHEHQGLHHXFKIUGLH=HLWYRUEHUHLWHQ
ZLUG LQ GHU ,FK GDV 6LHEWH 6LHJHO O|VHQ ZHUGH 6R ZHUGHW LKU GDV 8QHUJUQGOLFKH LPPHU
PHKU HUNHQQHQ VR ZHUGHW LKU HQWGHFNHQ GDVV GLH *HLVWLJH :HOW GLH +HLPVWlWWH DOOHU
*HLVWZHVHQ LVW GDV XQHQGOLFKH XQG ZXQGHUEDUH 9DWHUKDXV GDV HXFK LP KRKHQ -HQVHLWV
HUZDUWHW ZR LKU GHQ /RKQ IU GLH :HUNH HPSIDQJHQ ZHUGHW GLH LKU PLW /LHEH XQG
%DUPKHU]LJNHLWDQHXUHQ0LWPHQVFKHQJHWDQKDEW 

'LH(QWZLFNOXQJ9HUJHLVWLJXQJXQG(UO|VXQJGHV0HQVFKHQ

 ,FK JHEH HXFK 0HLQH 8QWHUZHLVXQJ QLFKW QXU DOV HLQHQ PRUDOLVFKHQ =JHO IU HXUH
PDWHULHOOH1DWXUYLHOPHKUN|QQWLKUPLWLKUGLHJU|HUHQ+|KHQHXUHUVHHOLVFKHQ9ROOHQGXQJ
HUVWHLJHQ

 ,FK JUQGH NHLQH QHXH 5HOLJLRQ XQWHU HXFK GLHVH /HKUH YHUOHXJQHW GLH YRUKDQGHQ
5HOLJLRQHQ QLFKW ZHQQ VLH DXI 0HLQHU :DKUKHLW JHJUQGHW VLQG 'LHV LVW HLQH %RWVFKDIW GHU
*|WWOLFKHQ/LHEHIUDOOHHLQ5XIDQDOOHJHVHOOVFKDIWOLFKHQ(LQULFKWXQJHQ:HUGLH*|WWOLFKH
$EVLFKW YHUVWHKW XQG PHLQH *HERWH HUIOOW ZLUG VLFK ]XP )RUWVFKULWW XQG ]XU
+|KHUHQWZLFNOXQJVHLQHV*HLVWHVKLQJHIKUWIKOHQ

6RODQJHGHU0HQVFKQLFKWGLH9HUJHLVWLJXQJEHJUHLIWGLHHULQVHLQHP/HEHQKDEHQPX
ZLUG GHU )ULHGH QRFK ODQJH QLFKW ]X HLQHU 5HDOLWlW DXI GHU :HOW ZHUGHQ :HU GDJHJHQ PHLQ
/LHEHVJHVHW] HUIOOW ZLUG ZHGHU GHQ 7RG QRFK GDV *HULFKW IUFKWHQ GDV VHLQHQ *HLVW
HUZDUWHW  R

,FKZLOOHXFKPLWGLHVHQ2IIHQEDUXQJHQQLFKWQXUGHQ)ULHGHQGHU:HOWEULQJHQXQGHXFK
GLH/HLGHQGXUFKN|USHUOLFKH/LQGHUXQJHUOHLFKWHUQ,FKJHEHHXFKPLWGLHVHU.XQGJHEXQJGLH
JURHQ/HKUHQGLH]XHXFKYRQHXUHUVHHOLVFKHQ(QWZLFNOXQJVSUHFKHQ'HQQZHQQ,FKHXFK
QXUGLH*WHUGHU:HOWKlWWHEULQJHQZROOHQ ZDKUOLFK,FKVDJHHXFKGDIUKlWWHJHQJWGLH
:LVVHQVFKDIWOHU ]X EHDXIWUDJHQ GLH LFK GXUFK ,QWXLWLRQ HUOHXFKWH XQG GHQHQ ,FK GLH
*HKHLPQLVVH GHU 1DWXU RIIHQEDUW KlWWH GDPLW VLH DXV LKU GHQ +HLOEDOVDP QlKPHQ XP HXFK
YRQHXUHQN|USHUOLFKHQ/HLGHQ]XKHLOHQ

 0HLQ :HUN ZLOO HXFK ZHLWHUH +RUL]RQWH ]HLJHQ MHQVHLWV HXUHV 3ODQHWHQ PLW MHQHU
XQHQGOLFKHQ=DKOYRQ:HOWHQGLHHXFKXPJHEHQ  +RUL]RQWHGLHNHLQ(QGHKDEHQGLHHXFK
GHQ:HJ]XU(ZLJNHLWZHLVHQGLHHXFKJHK|UW  

 0HLQH JHLVWLJH /HKUH KDW YHUVFKLHGHQH =LHOH RGHU $XIJDEHQ HLQH LVW MHQH GHQ *HLVW LQ
VHLQHU 9HUEDQQXQJ]XWU|VWHQXQGLKPEHJUHLIOLFK]XPDFKHQGDVVGHU*RWWGHULKQVFKXILKQ
HZLJ LQ VHLQHP 5HLFK GHV )ULHGHQV HUZDUWHW (LQH DQGHUH LVW LKQ ZLVVHQ ]X ODVVHQ EHU
ZLHYLHOH*DEHQXQG)lKLJNHLWHQHUYHUIJHQNDQQXPVHLQH5HWWXQJXQGVHLQH(UKHEXQJRGHU
9HUYROONRPPQXQJ]XHUUHLFKHQ

 'LHV :RUW EULQJW GLH %RWVFKDIW GHU 9HUJHLVWLJXQJ GLH GHQ 0HQVFKHQ GLH $XJHQ |IIQHW
GDPLWVLHGLH:LUNOLFKNHLWYRQ$QJHVLFKWVFKDXHQGLHVLHQXULQGHPZDVVLHVHKHQLQGHP
ZDV VLH EHUKUHQ RGHU LQ GHP ZDV VLH PLW LKUHU PHQVFKOLFKHQ :LVVHQVFKDIW EHZHLVHQ ]X
ILQGHQ JODXEHQ RKQH VLFK EHZXW ]X ZHUGHQ GDVV VLH GDEHL GDV 9HUJlQJOLFKH 5HDOLWlW
QHQQHQXQGGDV(ZLJHZRGLHZDKUH5HDOLWlWH[LVWLHUWYHUNHQQHQXQGOHXJQHQ

 /DW GLHVH %RWVFKDIW YRQ 1DWLRQ ]X 1DWLRQ YRQ +DXV ]X +DXV JHKHQ XQG LKUH 6DDW GHV
/LFKWHV GHV 7URVWHV XQG GHV )ULHGHQV KLQWHUODVVHQ GDPLW GLH 0HQVFKHQ HLQLJH $XJHQEOLFNH


LQQHKDOWHQXQGLKUHP*HLVWHLQH5XKHSDXVHJ|QQHQGLHXQHUOlOLFKLVWGDPLWHUVLFKEHVLQQW
XQGVLFKHULQQHUWGDVVMHGHU$XJHQEOLFNGHUVHLQHU5FNNHKU]XUJHLVWLJHQ(EHQHVHLQNDQQ
XQGGDVVYRQVHLQHQ:HUNHQXQGVHLQHU6DDWGLH)UXFKWDEKlQJWGLHHUEHLVHLQHU$QNXQIWLP
JHLVWLJHQ/HEHQHUQWHW  


.DSLWHO 'DV'ULWWH7HVWDPHQWXQGGDV*URH%XFK GHV/HEHQV

'DV%XFKGHU/LHEHGHU:DKUKHLWXQG:HLVKHLW*RWWHV

'DV%XFKPHLQHV:RUWHVLVWGDV%XFKGHUJ|WWOLFKHQXQGZDKUHQ/LHEHLQLKPZHUGHWLKU
GLHXQYHUlQGHUOLFKH:DKUKHLWILQGHQ*UHLIW]XLKPXQGLKUZHUGHWGLH:HLVKHLWILQGHQGLH
HXFKKLOIWHXFK]XHQWZLFNHOQXQGGHQ)ULHGHQLQGHU(ZLJNHLW]XHUODQJHQ9HUJHKHQZLUG
VLFK ZHU VHLQHQ 6LQQJHKDOW YHUIlOVFKW RGHU YHUlQGHUW XQG GHUMHQLJH ZLUG PHLQ *HVHW]
VFKZHUZLHJHQG YHUOHW]HQ ZHOFKHU HLQ HLQ]LJHV :RUW ZHJOlW RGHU KLQ]XIJW GDV QLFKW LP
(LQNODQJPLWPHLQHUYROONRPPHQHQ/HKUHLVW

(UKDOWHWGLHV:RUWLQVHLQHUXUVSUQJOLFKHQ5HLQKHLWGHQQHVLVWGDVVFK|QVWH(UEHGDV,FK
GHP0HQVFKHQKLQWHUODVVHQZHUGH6FKUHLEWPHLQH8QWHUZHLVXQJQLHGHUXQGPDFKWVLHHXUHQ
%UGHUQEHNDQQWEHZDKUWVLH WUHXOLFKGHQQLKUVHLGYHUDQWZRUWOLFKIUGLHVHV(UEH

 0RUJHQ ZLUG GHU 0HQVFK LQ LKU GHQ :HVHQVNHUQ PHLQHU 2IIHQEDUXQJ ILQGHQ ZHOFKH LKQ
PLWGHP/LFKWHLKUHU/HKUHQDXIGHQ:HJGHU:DKUKHLWIKUHQZLUG

 9RQ (OWHUQ DXI GLH .LQGHU ZHUGHQ GLHVH 6FKULIWHQ YHUPDFKW ZHUGHQ DOV HLQ 4XHOO
OHEHQGLJHQ :DVVHUV GHVVHQ 6WURP XQHUVFK|SIOLFK KHUYRUTXHOOHQ XQG YRQ +HU] ]X +HU]HQ
JHKHQZLUG6WXGLHUWLPJURHQ%XFKGHV/HEHQVGHP%XFKHGHU9HUJHLVWLJXQJGDVHXFKGLH
J|WWOLFKHQ2IIHQEDUXQJHQHUNOlUHQZLUGGLHLKUEHUGLH=HLWHQKLQHUKDOWHQKDEW

 +DEH ,FK HXFK QLFKW YHUKHLHQ GDVV MHGH (UNHQQWQLV LQ LKUHU XUVSUQJOLFKHQ :DKUKHLW
ZLHGHUKHUJHVWHOOWZUGH"'HQQGLHVLVWGLH=HLWGLHHXFKDQJHNQGLJWZXUGH

 ,Q :DKUKHLW VDJH ,FK HXFK :HU EHU GLH 8QWHUZHLVXQJHQ PHLQHV %XFKHV QDFKGHQNW XQG
VLHHUJUQGHWPLWZDKUKDIWHP9HUODQJHQVHLQH(UNHQQWQLVVH]XHUK|KHQZLUGIUVHLQHQ*HLVW
GDV/LFKWJHZLQQHQXQG0LFKQlKHUEHLVLFKIKOHQ

 'LH 0\WKHQ YRQ IUKHU XQG GLH YRQ KHXWH ZHUGHQ IDOOHQ DOOHV 0LWWHOPlLJH XQG )DOVFKH
ZLUG VWU]HQ GHQQ GHU =HLWSXQNW ZLUG NRPPHQ DQ GHP LKU HXFK QLFKW PHKU YRQ
8QYROONRPPHQKHLWHQ QlKUHQ N|QQW XQG GDQQ ZLUG VLFK GHU *HLVW DXI GHU 6XFKH QDFK GHU
:DKUKHLWDXIPDFKHQGDPLWGLHVHLKPDOVHLQ]LJH1DKUXQJGLHQH

 ,Q GLHVHQ 8QWHUZHLVXQJHQ ZLUG GLH 0HQVFKKHLW GHQ :HVHQVNHUQ PHLQHU 2IIHQEDUXQJHQ
ILQGHQ GHQ VLH ELV KHXWH DXV 0DQJHO DQ 9HUJHLVWLJXQJ QLFKW YHUVWDQGHQ KDW 6HLW GHQ DOWHQ
=HLWHQKDEH,FKLKQHXFKGXUFKPHLQH*HVDQGWHQ%RWHQXQG'ROPHWVFKHUDQYHUWUDXWGRFK
HU KDW HXFK QXU GD]X JHGLHQW 0\WKHQ XQG 7UDGLWLRQHQ DXV LKP ]X ELOGHQ hEHUGHQNW XQG
VWXGLHUW GLHVH %HOHKUXQJ PLW (KUIXUFKW XQG /LHEH ZHQQ LKU HXFK -DKUKXQGHUWH YRQ
9HUZLUUXQJ XQG /HLG HUVSDUHQ ZROOW 'RFK EHGHQNW GDVV LKU HXUH $XIJDEH QLFKW HUIOOHQ
ZHUGHWZHQQLKU HXFKQXUPLWGHP%HVLW]GHV%XFKHVEHJQJWQHLQHVVROOHXFKZDFKUWWHOQ
XQGOHKUHQZHQQLKUZDKUKDIWPHLQH-QJHUVHLQZROOW/HKUWPLWGHP9RUELOGGHU/LHEHXQG
GHU+LOIVEHUHLWVFKDIWGLH,FKHXFKJH]HLJWKDEH  

'DV%XFKPHLQHU8QWHUZHLVXQJEHVWHKWDXVGHQ/HKUHQGLH,FKHXFKLQGLHVHU=HLWPLWWHOV
GHVPHQVFKOLFKHQ9HUVWDQGHVYHUP|JHQVGLNWLHUWKDEH0LWGLHVHP%XFKGDVGLH0HQVFKKHLW
VFKOLHOLFK DOV GDV 'ULWWH 7HVWDPHQW DQHUNHQQHQ ZLUG VROOW LKU PHLQH *|WWOLFKH 6DFKH
YHUWHLGLJHQ


 'LH0HQVFKKHLWNHQQWQXUGDV*HVHW]GHU (UVWHQ =HLWXQGZDVLP (UVWHQXQG =ZHLWHQ
7HVWDPHQW JHVFKULHEHQ VWHKW GRFK GDV 'ULWWH ZLUG QXQ YHUHLQHQ XQG EHULFKWLJHQ ZDV GLH
0HQVFKHQ DQ 0DQJHO DQ =XUVWXQJ XQG 9HUVWlQGQLV YHUIlOVFKW KDEHQ 'LH 0HQVFKKHLW ZLUG
PHLQH %RWVFKDIW VWXGLHUHQ PVVHQ GDPLW VLH LQ GHQ .HUQ MHGHV :RUWHV HLQGULQJHQG HLQ
HLQ]LJHV ,GHDO HLQH HLQ]LJH :DKUKHLW HLQ XQG GDVVHOEH /LFKW HQWGHFNW GDV VLH ]XU
9HUJHLVWLJXQJOHLWHQZLUG 

,FKRIIHQEDUHHXFKGDVZDVGHU:LVVHQVFKDIWOHUHXFKQLFKWOHKUHQNDQQZHLOHUHVQLFKW
NHQQW (U KDW LQ VHLQHU LUGLVFKHQ *U|H JHVFKODIHQ XQG KDW VLFK QLFKW ]X 0LU HUKREHQ LP
9HUODQJHQQDFKPHLQHU:HLVKHLW

'LH+HU]HQGHU*HLVWOLFKHQKDEHQVLFKYHUVFKORVVHQGLHLQGHQYHUVFKLHGHQHQ6HNWHQXQG
5HOLJLRQVJHPHLQVFKDIWHQGDVJHLVWLJH:LVVHQOHKUHQVROOWHQZHOFKHV*U|HXQG5HLFKWXPIU
GHQ*HLVWLVW

,FKKDEHJHVHKHQGDVVGDV*HVHW]XQGGLH/HKUHQGLH,FKGHU0HQVFKKHLWLQYHUJDQJHQHQ
=HLWHQ YHUPDFKWH YHUERUJHQ XQG GXUFK 5LWHQ lXHUOLFKH .XOWH XQG 7UDGLWLRQHQ HUVHW]W
ZRUGHQVLQG

'RFKLKUGLHLKU]XWLHIVWHUNHQQWGDVVGHU:HVHQVJHKDOWGLHVHV:RUWHVGHUJOHLFKHLVWGHQ
,VUDHODP%HUJH6LQDLHPSILQJXQGGHQGLH0HQVFKHQVFKDUHQLQGHU=ZHLWHQ=HLWYRQGHQ
/LSSHQ-HVXYHUQDKPHQVROOWPLWHXUHU*RWWHVYHUHKUXQJXQGHXUHQ:HUNHQOHKUHQGDVVPDQ
GDV *|WWOLFKH *HVHW] XP GHU %HIROJXQJ W|ULFKWHU 7UDGLWLRQHQ ZLOOHQ GLH GHU 6HHOH QLFKW
I|UGHUOLFKVLQGQLFKWYHUJHVVHQGDUI  

 ,FK KDEH HXFK DQ GLH 1DPHQ PHLQHU 6HQGERWHQ HULQQHUW GXUFK GLH LKU %RWVFKDIWHQ
*HERWH3URSKH]HLXQJHQXQG%HOHKUXQJHQHPSIDQJHQKDEW

$XIGLHVH:HLVHKDEH,FKGHQ,QKDOWDOOHUYHUJDQJHQHQ8QWHUZHLVXQJHQLQHLQHUHLQ]LJHQ
8QWHUZHLVXQJYHUHLQW

'HU6SLULWXDOLVPXVLVWGDV9HUPlFKWQLVLQZHOFKHPVLFKGLH 'UHL7HVWDPHQWH LQHLQHP


HLQ]LJHQJHLVWLJHQ%XFKHYHUHLQHQ  

 'LHVH /HKUH GLH VSLULWXHOO JHQDQQW ZLUG ZHLO VLH GDV *HLVWLJH RIIHQEDUW LVW GHU IU GHQ
0HQVFKHQ YRUJH]HLFKQHWH :HJ DXI GHP HU VHLQHQ 6FK|SIHU NHQQHQOHUQHQ ,KP GLHQHQ XQG
,KQ OLHEHQ ZLUG (V LVW GDV %XFK GDV GLH 0HQVFKHQ OHKUW LKUHQ 9DWHU LQ LKUHP HLJHQHQ
1lFKVWHQ ]X OLHEHQ 'HU 6SLULWXDOLVPXV LVW HLQ *HVHW] ZHOFKHV GDV *XWH GDV 5HLQH GDV
9ROONRPPHQHJHELHWHW

 'LH 3IOLFKW GLHV *HVHW] ]X EHIROJHQ JLOW IU DOOH GHQQRFK ]ZLQJW HV QLHPDQGHQ HV ]X
HUIOOHQZHLOMHGHU*HLVW:LOOHQVIUHLKHLWJHQLHW GDPLWVHLQ.DPSIXQGDOOHVHLQH7DWHQDOV
VHLQHHLJHQHQ9HUGLHQVWHDQJHUHFKQHWZHUGHQN|QQHQZHQQHUJHULFKWHWZLUG

 (UNHQQW DOVR GDVV GLHVH /HKUH GLH )ODPPH GHU *|WWOLFKHQ /LHEH LVW GLH YRP HUVWHQ ELV
]XPOHW]WHQPHLQHU.LQGHUDOOHHUOHXFKWHWXQGLKQHQ:lUPHJHJHEHQKDW  

'DV9HUKlOWQLV]ZLVFKHQGHU*HLVWOHKUHXQG-HVX/HKUH

 'LH *HLVWOHKUH LVW NHLQH 7KHRULH VLH LVW HLQH SUDNWLVFKH 8QWHUZHLVXQJ VRZRKO IU GDV
PHQVFKOLFKH /HEHQ DOVDXFKIUGDV /HEHQGHV *HLVWHV(VJLEWNHLQHDQGHUHXPIDVVHQGHUH


XQGYROONRPPHQHUH8QWHUZHLVXQJDOVVLH6LHEHJOHLWHWHXFKQRFKEHYRULKU]XU(UGHNRPPW
VLH IROJW HXFK ZlKUHQG GHV JDQ]HQ 7DJHZHUNV DXI GLHVHU :HOW XQG YHUVFKPLO]W PLW HXUHP
*HLVWZHQQHU]XVHLQHUYRULJHQ+HLPVWDWW]XUFNNHKUW

 1LFKW ,FK ZHUGH HV VHLQ GHU DXV HXUHQ *RWWHVGLHQVWHQ GLH /LWXUJLH XQG GLH 7UDGLWLRQHQ
HQWIHUQW  HV ZLUG GHU *HLVW GHV 0HQVFKHQ VHLQ GHU VLFK XQZLOONUOLFK EHU VHLQH DOWHQ
9RUVWHOOXQJHQ HUKHEW DQJHVLFKWV GHU 1RWZHQGLJNHLW JU|HUHQ /LFKWHV GDV VHLQHQ
(QWZLFNOXQJVZHJ HUKHOOW %DOG ZLUG GHU 0HQVFK EHJUHLIHQ GDVV GDV HLQ]LJH ZDV HU *RWW
GDUEULQJHQNDQQGLH$XVEXQJ GHU/LHEHLVWGHQQ/LHEHEHGHXWHWGDV*XWH%DUPKHU]LJNHLW
:HLVKHLWXQG*HUHFKWLJNHLW

 'HU 6SLULWXDOLVPXV O|VFKW NHLQ HLQ]LJHV GHU :RUWH DXV GLH &KULVWXV HLQVW YHUNQGHWH
:HQQ HV QLFKW VR ZlUH GUIWH HU VLFK QLFKW GLHVHQ 1DPHQ JHEHQ GD HU VLFK GHU :DKUKHLW
HQWJHJHQVWHOOHQZUGH:LHN|QQWHGLHVHV:RUWJHJHQMHQHVVHLQGDHVGRFKGHUVHOEH0HLVWHU
LVW GHU HV DXVVSULFKW :HQQ LKU ZLUNOLFK LQ GHQ 6LQQJHKDOW GLHVHU /HKUH HLQGULQJHQ ZUGHW
ZUGHWLKUVHKHQGDVVPHLQ:RUWYRQKHXWHGLH(UNOlUXQJRGHU(UOlXWHUXQJDOOGHVVHQLVWZDV
,FKHLQVWVDJWH'DKHULVWGLH0HQVFKKHLWYRQKHXWHXQGGLHGHU=XNXQIWLQGHU/DJHPHKU]X
YHUVWHKHQDOVGLHYHUJDQJHQHQ*HQHUDWLRQHQXQGGHVZHJHQDXFKGDV*HVHW]DXIHLQHUHLQHUH
K|KHUHXQGZDKUKDIWLJHUH:HLVH]XHUIOOHQ

 :HQQ LKU HXUH 0LWPHQVFKHQ EHL LKUHU 5HOLJLRQVDXVEXQJ JHQDX EHREDFKWHW ZHUGHW LKU
VHKHQ GDVV VLH GDV ZDV IUKHU *HJHQVWDQG LKUHU $QEHWXQJ ZDU MHW]W RKQH LQQHUH
$QWHLOQDKPHEHWUDFKWHQ'HU*UXQGGDIULVWGDVVGLH6HHOHYRQVHOEVWHUZDFKWXQG QDFKGHP
YHUODQJW ZDV VLH ZLUNOLFK QlKUHQ NDQQ 'DUXP VDJH ,FK HXFK GDVV GLH lXHUOLFKH
.XOWDXVEXQJGLHVHU0HQVFKKHLWGD]XEHVWLPPWLVW]XYHUVFKZLQGHQ  

 ,Q GLHVHP EHVFKHLGHQHQ XQG VFKOLFKWHQ DEHU YRQ *|WWOLFKHP /LFKW HUIOOWHQ %XFKH
ZHUGHQ GLH 0HQVFKHQ GLH .OlUXQJ DOO LKUHU =ZHLIHO ILQGHQ VLH ZHUGHQ GLH (UJlQ]XQJ GHU
8QWHUZHLVXQJHQHQWGHFNHQGLHLQYHUJDQJHQHQ=HLWHQQXU]XP7HLORIIHQEDUWZXUGHQXQGVLH
ZHUGHQ GLH NODUH XQG HLQIDFKH $UW XQG :HLVH ILQGHQ DOO GDV DXV]XOHJHQ ZDV LQ GHQ DOWHQ
7H[WHQLP6LQQELOGYHUERUJHQLVW

 :HU VLFK QDFK (PSIDQJ GLHVHU JHLVWLJHQ %RWVFKDIW YRQ GHU :DKUKHLW LKUHV ,QKDOWV
EHU]HXJWXQGGDUDQJHKWVHLQ9HUODQJHQQDFK6LQQHVHLQGUFNHQVHLQH$EJ|WWHUHLXQGVHLQHQ
)DQDWLVPXV ]X EHNlPSIHQ VHLQHQ 9HUVWDQG XQG VHLQ +HU] YRQ DOO MHQHQ 8QUHLQKHLWHQ ]X
VlXEHUQZLUGVHLQHQ*HLVWEHIUHLHQXQGLKP)URKVLQQXQG)ULHGHQEHVFKHUHQGHQQQXQZLUG
HU NlPSIHQ N|QQHQ XP GLH (ZLJNHLW ]X HUULQJHQ GLH LKQ HUZDUWHW $EHU MHQH GLH LQ LKUHU
lXHUOLFKHQ.XOWDXVEXQJIRUWIDKUHQGLHVLFKGDUDXIYHUVWHLIHQGDVGHU:HOW$QJHK|ULJH]X
OLHEHQXQGGLHQLFKWDQGLH(QWIDOWXQJRGHU(QWZLFNOXQJGHV*HLVWHVJODXEHQ  ZDKUOLFK,FK
VDJH HXFK VLH ZHUGHQ ]XUFNEOHLEHQ XQG 7UlQHQ YHUJLHHQ ZHQQ VLH VLFK LKUHU
=XUFNJHEOLHEHQKHLWXQGLKUHU8QZLVVHQKHLWEHZXWZHUGHQ  

'LH$XVHLQDQGHUVHW]XQJHQXPGHVQHXHQ:RUWHVZLOOHQ

:HQQHXFKPHLQH /HKUHGHUPDHQIUHPGDUWLJHUVFKHLQWGDVVLKUPHLQWQRFKQLHVROFKH
:RUWH YHUQRPPHQ ]X KDEHQ REZRKO LKU PLFK NHQQW VR VDJH ,FK HXFK GDVV HXUH
9HUZXQGHUXQJ GLH )ROJH HXUHV 9HUVlXPQLVVHV LVW GHQ .HUQ GHVVHQ ]X HUIRUVFKHQ ZDV ,FK
HXFK LQ YHUJDQJHQ =HLWHQ RIIHQEDUWH $XV GLHVHP *UXQG PDJ HXFK GLHVH /HKUH IUHPG RGHU
QHX YRUNRPPHQ REZRKO GLHVHV /LFKW LQ :LUNOLFKNHLW LPPHU LQ HXUHP /HEHQ JHJHQZlUWLJ
JHZHVHQLVW 


 0HLQH /HKUH LQ GLHVHU ZLH LQ GHU =ZHLWHQ =HLW ZLUG GLH 0HQVFKKHLW HUVFKWWHUQ 'LH
+HXFKOHUZHUGHQVLFKPLWGHU:DKUKDIWLJNHLWDXVHLQDQGHUVHW]HQPVVHQ'LH)DOVFKKHLWZLUG
LKUH 0DVNH IDOOHQ ODVVHQ XQG GLH :DKUKHLW ZLUG HUVWUDKOHQ 'LH :DKUKHLW ZLUG GLH /JH
EHUZLQGHQGLHGLHVH:HOWHLQKOOW

 'HU 0HQVFK ZLUG IlKLJ VHLQ DOO GDV ]X EHJUHLIHQ XQG ]X HUNHQQHQ ZDV 9HUQXQIW XQG
:DKUKHLWHQWKlOWGRFKDOOHVZDVPDQLKQ]XJODXEHQ]ZDQJDXFKZHQQHUHVQLFKWYHUVWHKHQ
ZUGHZLUGHUVHOEVWYRQVLFKZHLVHQ'DKHUZLUGPHLQH/HKUHVLFKDXVEUHLWHQZHLOVLH/LFKW
YHUVWU|PWGDVGLH0HQVFKHQEHQ|WLJHQ(XFKNRPPWHLQJURHU7HLOGLHVHV:HUNHV]XLQGHP
LKUHXUHQ0LWPHQVFKHQGHVVHQ%HJLQQXQGGHVVHQ=LHOVHW]XQJRIIHQEDUW  

 'LH 0HQVFKKHLW KXQJHUW QDFK PHLQHP :RUW QDFK PHLQHU :DKUKHLW 'LH 0HQVFKHQ
YHUODQJHQXQGHUVHKQHQ /LFKWIULKUHQ9HUVWDQGVLHUXIHQQDFK*HUHFKWLJNHLWXQGHUZDUWHQ
7URVW 'LHV LVW HLQH HQWVFKHLGHQGH =HLW :DKUOLFK ,FK VDJH HXFK YLHOH 9RUVWHOOXQJHQ
7KHRULHQXQGVHOEVW'RJPHQGLHMDKUKXQGHUWHODQJIU:DKUKHLWHQJHKDOWHQZXUGHQZHUGHQ
]X %RGHQ VWU]HQ XQG DOV IDOVFK YHUZRUIHQ ZHUGHQ 'HU )DQDWLVPXV XQG GLH $EJ|WWHUHL
ZHUGHQYRQGHQHQEHNlPSIWXQGEHVHLWLJWZHUGHQGLHDPPHLVWHQGDYRQHLQJHQRPPHQXQG
GDUDQ JHEXQGHQ ZDUHQ 'LH 8QWHUZHLVXQJHQ *RWWHV ZHUGHQ YHUVWDQGHQ LKU /LFKW LKU ,QKDOW
XQG:HVHQZHUGHQEHJULIIHQXQGHPSIXQGHQZHUGHQ

 :HQQ HV LP *HLVWH GHU :LVVHQVFKDIWOHU QDFK HLQHU =HLW GHU 3UIXQJHQ LQ GHU VLH VHKU
JURH9HUZLUUXQJHQHUOHLGHQZHUGHQ/LFKWZLUGXQGVLHGLH6WLPPHLKUHV*HLVWHVYHUQHKPHQ
ZHUGHQVLHHQWGHFNHQZDVVLHVLFKQLHWUlXPHQOLHHQ

$XIVQHXHVDJH ,FK HXFKZDFKHW 'HQQLQGHU =HLWGHU$XVHLQDQGHUVHW]XQJHQ]ZLVFKHQ


*ODXEHQVEHNHQQWQLVVHQ XQG 'RNWULQHQ 5HOLJLRQHQ XQG :LVVHQVFKDIWHQ ZHUGHQ YLHOH
0HQVFKHQ GHU 0HLQXQJ VHLQ GDVV GDV :LVVHQ GDV LKQHQ LKUH %FKHU YHUPLWWHOW KDEHQ GLH
:DIIH VHLQ ZLUG PLW GHU VLH PHLQH QHXHQ -QJHU EHVLHJHQ N|QQHQ ZRKO ZLVVHQG GDVV LKU
NHLQH%FKHUEHLHXFKKDEW  

,FKKDEHHXFKJHVDJW-QJHUGDVVLKUPLWGHQJURHQ.LUFKHQXQGGHQNOHLQHUHQ6HNWHQ
NRQIURQWLHUWZHUGHWDEHUIUFKWHWHXFKZHGHUYRUGHQHLQHQQRFKGHQDQGHUHQ'LH:DKUKHLW
GLH ,FK HXFK DQYHUWUDXW KDEH LVW HLQOHXFKWHQG GDV :RUW GDV ,FK HXFK JHOHKUW KDEH LVW
lXHUOLFKEHWUDFKWHWNODUXQGHLQIDFKDEHULQVHLQHP6LQQJHKDOWWLHIELVLQV8QHQGOLFKHXQG
HVVLQGVWDUNH:DIIHQPLWGHQHQLKUNlPSIHQXQGVLHJHQZHUGHW

'RFK,FKVDJHHXFKHLQ 9RONDXI(UGHQYROOHU0DWHULDOLVPXVXQG8QJODXEHQZLUGVLFK
HUKHEHQ XP HXFK GDV 5HFKW DE]XVSUHFKHQ HXFK ,VUDHO ]X QHQQHQ XP HXHU =HXJQLV ]X
OHXJQHQGDVHUQHXWH.RPPHQGHV0HVVLDVHUOHEW]XKDEHQXQGMHQHV9RONLVWGDVMGLVFKH
+DEWLKUQLFKWDQHVJHGDFKW"-HQHV9RONHUZDUWHWLQVHLQHU0LWWHGLH$QNXQIWVHLQHV0HVVLDV
VHLQHV5HWWHUVGHULKP*HUHFKWLJNHLWZLGHUIDKUHQOlWXQGHVHUQHXWEHUDOOH9|ONHUGHU(UGH
VWHOOW-HQHV 9RON ZHL GDVV ,FK LPPHU ]X LKPJHNRPPHQ ELQ XQG LQ GLHVHU 'ULWWHQ =HLW
ZLUG HV VDJHQ :HVKDOE VROOWH *RWW ]X HLQHP DQGHUHQ 9RONH NRPPHQ"C  'RFK VLHKH KLHU
VLQGPHLQH8QWHUZHLVXQJHQ 

 'LHVH VSLULWXHOOH *HPHLQVFKDIW KLHU OHEW XQHUNDQQW 'LH :HOW ZHL QLFKWV YRQ HXUHP
'DVHLQ GLH 0lFKWLJHQ QHKPHQ HXFK QLFKW ]XU .HQQWQLV DEHU HV QDKW GHU .DPSI ]ZLVFKHQ
6SLULWXDOLVWHQXQG&KULVWHQ]ZLVFKHQ6SLULWXDOLVWHQXQG-XGHQ-HQHU.DPSILVWQRWZHQGLJ
IU GLH (LQIKUXQJ PHLQHU /HKUH LQ GHU JDQ]HQ 0HQVFKKHLW 'DQQ ZLUG PDQ GDV $OWH
7HVWDPHQWPLWGHP=ZHLWHQXQG'ULWWHQ]XHLQHUHLQ]LJHQ(VVHQ]YHUHLQHQ


 9LHOHQ YRQ HXFK PDJ GLHV XQP|JOLFK HUVFKHLQHQ IU 0LFK LVW HV GDV 1DWUOLFKVWH
5LFKWLJVWHXQG9ROONRPPHQVWH  

'DV*URH%XFKGHV:DKUHQ/HEHQV

0HLQ:RUWZLUGIUDOOH=HLWHQQLHGHUJHVFKULHEHQEOHLEHQDXVLKPZHUGHWLKUGDV %XFK
GHU 'ULWWHQ =HLW GDV 'ULWWH 7HVWDPHQW GLH OHW]WH %RWVFKDIW GHV 9DWHUV ]XVDPPHQVWHOOHQ
GHQQ LQ DOOHQ GUHL =HLWDOWHUQ KDWWH *RWW 6HLQH *ROGIHGHUQ  XP GHU 0HQVFKKHLW VHLQH
:HLVKHLW]XKLQWHUODVVHQ


'LHVHU %HJULII EH]LHKW VLFK DXI GLH %H]HLFKQXQJ MHQHU 7HLOQHKPHU DQ GHQ *|WWOLFKHQ
.XQGJDEHQZHOFKHGLH$XIJDEHKDWWHQGDV:RUWGHV+HUUQVWHQRJUDSKLVFKPLW]XVFKUHLEHQ

0RVHVZDUGLHHUVWH*ROGIHGHUGHUHUVLFKGHU9DWHUEHGLHQWHXPGLH*HVFKHKQLVVHGHU
(UVWHQ =HLW PLW XQDXVO|VFKOLFKHQ /HWWHUQ DXI HLQH %XFKUROOH ]X VFKUHLEHQ 0RVHV ZDU GLH
*ROGIHGHU-HKRYDV

 8QWHU PHLQHQ $SRVWHOQ XQG 1DFKIROJHUQ GHU =ZHLWHQ =HLW KDWWH -HVXV YLHU )HGHUQ
XQG GLHV ZDUHQ 0DWWKlXV 0DUNXV /XNDV XQG -RKDQQHV 6LH ZDUHQ GLH *ROGIHGHUQ GHV
*|WWOLFKHQ 0HLVWHUV 'RFK DOV GLH =HLW NDP LQ GHU GDV (UVWH 7HVWDPHQW GXUFK %DQGH GHU
/LHEH GHU (UNHQQWQLV XQG GHV JHLVWLJHQ )RUWVFKULWWV PLW GHP =ZHLWHQ YHUHLQW ZHUGHQ VROOWH
HQWVWDQGHLQHLQ]LJHV%XFKGDUDXV

 -HW]W LQ GHU 'ULWWHQ =HLW LQ GHU LKU DXIV QHXH PHLQ :RUW KDEW KDEH ,FK JOHLFKIDOOV
*ROGIHGHUQHUQDQQWGDPLWHVVFKULIWOLFKHUKDOWHQEOHLEW

:HQQGLH=HLWJHNRPPHQLVWZHUGHWLKUHLQHLQ]LJHV%XFK]XVDPPHQVWHOOHQXQGGLHVHV
%XFKGDVGHU'ULWWHQ =HLWZLUG ZHQQGLH=HLWGDIUJHNRPPHQLVW  JOHLFKIDOOVPLWGHP
%XFK GHU =ZHLWHQ XQG GHU (UVWHQ =HLW YHUHLQLJW ZHUGHQ XQG GDQQ ZLUG DXV GHQ
2IIHQEDUXQJHQ 3URSKH]HLXQJHQ XQG :RUWHQ GHU 'UHL =HLWHQC GDV *URH %XFK GHV /HEHQV
HQWVWHKHQ]XU(UEDXXQJDOOHU6HHOHQ

'DQQZHUGHWLKUHUNHQQHQGDVVDOOH:RUWH YRPHUVWHQELV]XPOHW]WHQ LQ:DKUKHLWXQG


LP *HLVWH LQ (UIOOXQJ JHJDQJHQ VLQG GDVV DOOH 3URSKH]HLXQJHQ GHU YRUZHJJHQRPPHQH
*HVFKLFKWVYHUODXIZDUHQGHQGHU9DWHUGHU0HQVFKKHLWRIIHQEDUWH'HQQ*RWWDOOHLQNDQQGLH
(UHLJQLVVHQLHGHUVFKUHLEHQODVVHQGLHHLQWUHWHQZHUGHQ$OVGLH3URSKHWHQJHVSURFKHQKDEHQ
ZDUHQQLFKWVLHHVVRQGHUQ*RWWKDWHVGXUFKLKUH9HUPLWWOXQJJHWDQ

 ,FK KDEH PHLQHQ QHXHQ (UZlKOWHQ JHQJHQG =XUVWXQJ ]XWHLOZHUGHQ ODVVHQ ZLH VLH
0RVHVXQGGLHYLHU-QJHUGHU=ZHLWHQ=HLWKDWWHQGDPLWPHLQ:RUWLQY|OOLJHU/DXWHUNHLW
LQ YROOHU .ODUKHLW XQG :DKUKHLW QLHGHUJHVFKULHEHQ ZUGH GHQQ HV LVW IU GLH *HQHUDWLRQHQ
YRQ PRUJHQ GRFK ZHQQ MHPDQG EHDEVLFKWLJHQ VROOWH HWZDV KLQ]X]XIJHQ RGHU DXV MHQHP
%XFKH]XVWUHLFKHQVRZHUGH,FKHXFK]XU5HFKHQVFKDIW]LHKHQ

 1XQ PHLQH YLHOJHOLHEWHQ .LQGHU :HU PLW GHP %XFK GDV LKU ]XVDPPHQ]XVWHOOHQ
EHJLQQW%HGHXWXQJEHL",Q:DKUKHLW QLHPDQG'RFKGHU=HLWSXQNWZLUGNRPPHQDQGHP
GLH 0HQVFKKHLW HXFK YROO 9HUODQJHQ YROO 1HXJLHU XP HXHU %XFK ELWWHW XQG GDQQ ZLUG VLH
HUZDFKHQ PHLQ :RUW HUIRUVFKHQ XQG GDUEHU GLVNXWLHUHQ ,Q MHQHP ,GHHQVWUHLW ZHUGHQ
3DUWHLHQ]XWDJHWUHWHQ  :LVVHQVFKDIWOHU7KHRORJHQXQG3KLORVRSKHQ=XGHQ1DWLRQHQZLUG


GDV=HXJQLVHXUHV:RUWHVXQGGDV%XFKGHU:HLVKHLWJHEUDFKWZHUGHQXQGDOOHZHUGHQYRQ
PHLQHU/HKUHVSUHFKHQ'LHVZLUGGHU%HJLQQGHUQHXHQ6FKODFKWGHV.ULHJHVGHU:RUWHGHU
*HGDQNHQXQG,GHRORJLHQVHLQGRFKDP(QGHZHQQDOOHLQ:DKUKHLWXQGLP*HLVWHHUNDQQW
KDEHQGDVVGDV*URH%XFKGHV/HEHQVYRP+HUUQJHVFKULHEHQZRUGHQLVWZHUGHQVLHVLFK
EUGHUOLFKXPDUPHQXQGVLFKOLHEHQZLHHVPHLQ:LOOHLVW

:HVKDOEJHQJWHQLFKWGDV:RUW-HKRYDVLQGHU(UVWHQ=HLWXPGLH:HOW]XYHUHLQHQ
XQGYHUPRFKWHGLHVDXFKGLH/HKUH-HVXLQGHU=ZHLWHQQLFKW":HVKDOEKDWHVLQGLHVHU=HLW
QLFKWJHQJWGDVV,FKVHLWPHLQ:RUWEHUJHEHGDPLWGLH1DWLRQHQHLQDQGHUOLHEHQXQG
LQ )ULHGHQ OHEHQ" (V LVW QRWZHQGLJ GDVV GLH GUHL %FKHU HLQ HLQ]LJHV ELOGHQ GDPLW GLHVHV
:RUWGLHJDQ]H:HOWHUOHXFKWHW'DQQZLUGGLH0HQVFKKHLWMHQHP/LFKWHQDFKIROJHQXQGGHU
)OXFK%DEHOVZLUGDXIJHKREHQVHLQGHQQDOOH0HQVFKHQZHUGHQGDV*URH%XFKGHV :DKUHQ
/HEHQV OHVHQ DOOH ZHUGHQ GLHVHOEH /HKUH EHIROJHQ XQG VLFK LP *HLVW XQG LQ :DKUKHLW DOV
.LQGHU*RWWHVOLHEHQ  


.DSLWHO :LUNXQJXQG%HGHXWXQJGHU*HLVWOHKUH

'LH:LUNXQJGHU.XQGJDEHQ

+LHUDQJHVLFKWVGLHVHV:RUWHVJLEWHVNHLQHQ0HQVFKHQGHUQLFKWLP,QQHUHQXQGbXHUHQ
VHLQHV:HVHQVHUEHEWGDVKHLWLP*HLVWHXQGLP)OHLVFKH:lKUHQGHU0LUKLHU]XK|UWGHQNW
HUDQGDV/HEHQDQGHQ7RGDQGLH*|WWOLFKH*HUHFKWLJNHLWDQGLH(ZLJNHLWDQGDV*HLVWLJH
/HEHQDQGDV*XWHXQGDQGDV%|VH

:lKUHQGHUPHLQH6WLPPHYHUQLPPWIKOWHULQVLFKGLH*HJHQZDUWVHLQHV*HLVWHVXQGHU
HULQQHUWVLFKZRKHUHUNRPPW

,QGHUNXU]HQ=HLWVSDQQHGDHU0LU]XK|UWIKOWHUVLFKHLQVPLWDOOHQVHLQHQ1lFKVWHQXQG
HUNHQQWVLHLP7LHIVWHQVHLQHV:HVHQVDOVVHLQHZDKUHQ*HVFKZLVWHU DOV*HVFKZLVWHULQGHU
*HLVWLJHQ(ZLJNHLWGLHLKPVRJDUQlKHUVWHKHQDOVMHQHGLHHVQXUGHP)OHLVFKHQDFKVLQGGD
GLHVHVQXUYRUEHUJHKHQGDXI(UGHQLVW

 (V JLEW NHLQHQ 0DQQ XQG NHLQH )UDX GLH ZHQQ VLH 0LFK YHUQHKPHQ VLFK QLFKW YRQ 0LU
EHWUDFKWHW IKOHQ 'DKHU ZDJW QLHPDQG VHLQH 6FKDQGIOHFNHQ YRU 0LU ]X YHUEHUJHQ RGHU ]X
EHVFK|QLJHQ8QG,FKPDFKHVLHEHZXVVWDEHURKQHLUJHQGMHPDQGHQ|IIHQWOLFKEOR]XVWHOOHQ
GHQQ,FKELQHLQ5LFKWHUGHUQLHPDOVEORVWHOOW

 ,FK VDJH HXFK GDVV ,FK XQWHU HXFK (KHEUHFKHU .LQGHVP|UGHU 'LHEH /DVWHU XQG
*HEUHFKHQHQWGHFNHGLHZLH$XVVDW]DXIGHU6HHOHGHUHUVLQGGLHJHVQGLJWKDEHQ'RFK,FK
EHZHLVH HXFK QLFKW QXU GLH :DKUKHLW PHLQHV :RUWHV LQGHP ,FK HXFK ]HLJH GDVV ,FK GLH
9HUIHKOXQJHQ HXUHV +HU]HQV DXI]XGHFNHQ YHUPDJ ,FK ZLOO HXFK DXFK GLH 0DFKW PHLQHU
8QWHUZHLVXQJHQ EHZHLVHQ LQGHP ,FK HXFK GLH :DIIHQ JHEH XP GDV %|VH XQG GLH
9HUVXFKXQJHQ ]X EHVLHJHQ LQGHP ,FK HXFK OHKUH ZLH PDQ GLH (UQHXHUXQJ HUUHLFKW XQG
LQGHP ,FK LQ HXUHP :HVHQ HLQ 9HUODQJHQ QDFK GHP *XWHQ GHP +RKHQ XQG GHP 5HLQHQ
HUZHFNH XQG HLQHQ DEVROXWHQ :LGHUZLOOHQ JHJHQEHU DOOHP 8QHGOHQ DOOHP )DOVFKHQ XQG
DOOHPIUGLH6HHOH6FKlGOLFKHQ  

 +HXWH OHEW LKU QRFK LQ GHQ WUEHQ 7DJHQ GLH GHP /LFKWH YRUDQJHKHQ 8QG GRFK  LQGHP
MHQHV/LFKWGLHNOHLQHQ$XIKHOOXQJHQHXUHVQHEOLJHQ+LPPHOVQXW]WGULQJWHVPLWIOFKWLJHQ
/LFKWVWUDKOHQKLQGXUFK GLH]XHLQLJHQ3XQNWHQ GHU(UGH JHODQJHQXQG +HU]HQEHUKUHQXQG
6HHOHQHU]LWWHUQXQGHUZDFKHQODVVHQ

 $OOH GLH YRQ GLHVHP /LFKWH EHUUDVFKW ZXUGHQ KDEHQ DXI LKUHP :HJH LQQHJHKDOWHQ XQG
JHIUDJW:HUELVWGX"8QG,FKKDEHLKQHQJHDQWZRUWHW,FKELQGDV/LFKWGHU:HOW,FKELQ
GDV /LFKW GHU (ZLJNHLW ,FK ELQ GLH :DKUKHLW XQG GLH /LHEH ,FK ELQ -HQHU GHU
]XUFN]XNRPPHQYHUVSUDFKXP]XHXFK]XVSUHFKHQ-HQHUYRQGHPJHVDJWZXUGHGDVVHU
GDV:RUW*RWWHVVHL

 :LH 6DXOXV DXI GHP :HJH QDFK 'DPDVNXV KDEHQ VLH DOO LKUHQ 6WRO] JHGHPWLJW LKUHQ
+RFKPXWEH]ZXQJHQXQGGHPWLJLKU$QJHVLFKWJHQHLJWXP0LUPLWGHP+HU]HQ]XVDJHQ
0HLQ 9DWHU XQG +HUU YHUJLE PLU QXQ EHJUHLIH LFK GDVV LFK 'LFK XQZLVVHQWOLFK YHUIROJW
KDEH

 9RQ MHQHP $XJHQEOLFN DQ ZXUGHQ GLHVH +HU]HQ ]X NOHLQHQ 1DFKIROJHUQ GHQQ LQ GLHVHU
'ULWWHQ =HLWLVWELVKHXWHXQWHUPHLQHQQHXHQ-QJHUQNHLQ$SRVWHOPLWGHU+LQJDEHMHQHV


HUVFKLHQHQGHU0LFKVRVHKUYHUIROJWHLQPHLQHQ-QJHUQXQGGHU0LFKKHUQDFKPLWVROFKHU
,QEUXQVWOLHEWH  

 'LH .LUFKHQ VLQG LQ HLQHQ MDKUKXQGHUWHODQJHQ 6FKODI GHU 5RXWLQH XQG GHV 6WLOOVWDQGV
YHUVXQNHQZlKUHQGGLH:DKUKHLWYHUERUJHQJHEOLHEHQLVW'RFKMHQHGLHGLH*HERWH-HKRYDV
XQGGDV:RUWGHV*|WWOLFKHQ0HLVWHUVNHQQHQ PVVHQ LQGLHVHU6WLPPHGLHGHU]HLW]XHXFK
VSULFKW GLH 6WLPPH GHV *HLVWHV GHU :DKUKHLW HUNHQQHQ ZHOFKH IU GLHVH =HLWHQ YHUKHLHQ
ZXUGH 

 ,FK ZHL GDVV YLHOH HPS|UW VHLQ ZHUGHQ ZHQQ VLH GLHVHV :RUW NHQQHQOHUQHQ DEHU HV
ZHUGHQ MHQH VHLQ GLH LQ LKUHU *HLVWHVYHUZLUUXQJ QLFKW HUNHQQHQ ZROOHQ GDVV LP 0HQVFKHQ
DXHUGHUPHQVFKOLFKHQ1DWXUDXFKGHUJHLVWLJH:HVHQVWHLOH[LVWLHUW  RGHUMHQHGLH]ZDUDQ
GHQ PHQVFKOLFKHQ *HLVW JODXEHQ DEHU DQ GLH *HZRKQKHLW LKUHU hEHUOLHIHUXQJHQ XQG LKUHU
*ODXEHQVEHU]HXJXQJHQJHEXQGHQOHXJQHQGDVVHVHLQHQXQHQGOLFKODQJHQ(QWZLFNOXQJVZHJ
IUGHQ*HLVWJLEW 

 ,FK ZHUGH GLHVH :RUWH QLHGHUJHVFKULHEHQ ]XUFNODVVHQ XQG VLH ZHUGHQ ]X PHLQHQ
-QJHUQ GHU =XNXQIW JHODQJHQ XQG ZHQQ GLHVH VLH GDQQ VWXGLHUHQ ZHUGHQ VLH GLHVHOEHQ
IULVFKOHEHQGLJYRUILQGHQXQGLKU*HLVWZLUGHUVFKDXHUQYRU:RQQHGDVLHIKOHQGDVVHVLKU
0HLVWHULVWGHULQMHQHP$XJHQEOLFNH]XLKQHQVSULFKW

 0HLQW LKU GDVV DOO GDV ZDV ,FK HXFK JHVDJW KDEH QXU IU GLHMHQLJHQ GD LVW GLH 0LU
]XJHK|UW KDEHQ" 1HLQ JHOLHEWHV 9RON PLW PHLQHP :RUWH VSUHFKH ,FK IU GLH $QZHVHQGHQ
XQGIUGLH$EZHVHQGHQIUKHXWHIUPRUJHQXQGIUDOOH=HLWIUGLHGLHVWHUEHQIUGLH
/HEHQGHQXQGIUGLHGLHQRFKJHERUHQZHUGHQ 

(UNHQQWQLVXQG+RIIQXQJDXVGHPQHXHQ:RUW

 ,FK ELQ GDV :RUW GHU /LHEH GDV MHQHP 7URVW EULQJW GHU OHLGHW GHP 9HUVW|UWHQ GHP
:HLQHQGHQGHP6QGHUXQGGHPGHU0LFKJHVXFKWKDW0HLQ:RUWLVWLQMHQHQ+HU]HQGHU
)OXVV GHV /HEHQV ZR VLH LKUHQ 'XUVW VWLOOHQ XQG LKUH 9HUXQUHLQLJXQJHQ DEZDVFKHQ (V LVW
DXFKGHU:HJGHU]XUHZLJHQ+HLPDWGHU5XKHXQGGHV)ULHGHQVIKUW

 :LH N|QQW LKU ]X GHU $XIIDVVXQJ NRPPHQ GDVV GHU /HEHQVNDPSI  VHLQH 2SIHU
:LGHUZlUWLJNHLWHQ XQG 3UIXQJHQ  PLW GHP 7RGH HQGHQ RKQH HLQH JHUHFKWH %HORKQXQJ LQ
GHU(ZLJNHLW]XILQGHQ"'DKHUVLQGPHLQ*HVHW]XQGPHLQH /HKUHPLWLKUHQ2IIHQEDUXQJHQ
XQG 9HUKHLXQJHQ LQ HXUHQ +HU]HQ GHU $QVSRUQ GLH /LHENRVXQJ XQG GHU %DOVDP EHLP
7DJHZHUN1XUZHQQLKUHXFKYRQPHLQHQ8QWHUZHLVXQJHQDEZHQGHWIKOWLKUHXFKKXQJULJ
XQGVFKZDFK  

 ,Q PHLQHU *|WWOLFKHQ /LHEH ]X GHQ PHQVFKOLFKHQ *HVFK|SIHQ HUODXEH ,FK LKQHQ PHLQH
:HUNH ]X HUIRUVFKHQ XQG YRQ DOOHP *HVFKDIIHQHQ *HEUDXFK ]X PDFKHQ GDPLW VLH QLHPDOV
*UXQG KlWWHQ ]X EHKDXSWHQ GDVV *RWW XQJHUHFKW LVW ZHLO (U VHLQHQ .LQGHUQ VHLQH :HLVKHLW
YHUELUJW

,FKJHVWDOWHWHHXFKXQGYHUOLHKHXFKGLH *DEHGHU:LOOHQVIUHLKHLWXQGKDEHVLHUHVSHNWLHUW
REZRKOGHU0HQVFKGLHVH)UHLKHLWPLEUDXFKWKDWXQG0LFKGDGXUFKYHUOHW]WXQGPHLQ*HVHW]
HQWZHLKWKDW


 'RFK KHXWH ODVVH ,FK LKQ GLH /LHENRVXQJ PHLQHU 9HUJHEXQJ IKOHQ XQG HUOHXFKWH VHLQH
6HHOH PLW GHP /LFKWH PHLQHU :HLVKHLW GDPLW HLQV PHLQHU .LQGHU QDFK GHP DQGHUHQ ]XP
3IDGHGHU:DKUKHLW]XUFNNHKUW

 'HU *HLVW GHU :DKUKHLW ZHOFKHU PHLQ /LFKW LVW HUVWUDKOW LP *HLVWH ZHLO LKU LQ GHQ
DQJHNQGLJWHQ=HLWHQOHEWLQGHQHQHXFKMHGHV*HKHLPQLVHUKHOOWZHUGHQZLUGGDPLWLKUGDV
YHUVWHKWZDVELVKHUQLFKWULFKWLJJHGHXWHWZRUGHQLVW  

 ,FK KDEH 0LFK DQ GLHVHP 3XQNW GHU (UGH NXQGJHWDQ XQG ZHUGH PHLQ :RUW DOV HLQ
*HVFKHQN IU DOOH 0HQVFKHQ ]XUFNODVVHQ 'LHVH *DEH ZLUG GLH JHLVWLJH $UPXW GHU
0HQVFKKHLWEHVHLWLJHQ 

,FKZHUGHDOOHQGLHZDKUKDIWLJH$UWXQG:HLVHGHU9HUHKUXQJ*RWWHVHLQJHEHQXQGDXFK
GLH UHFKWH $UW LP (LQNODQJ PLW GHP *|WWOLFKHQ *HVHW]H ]X OHEHQ GHVVHQ (UIOOXQJ GDV
HLQ]LJHLVWZDVGHU+HUUMHGHPYRQHXFK]XUHFKQHQZLUG

 6FKOLHOLFK ZHUGHW LKU GHQ ,QKDOW RGHU GHQ 6LQQJHKDOW PHLQHV :RUWHV HUNHQQHQ R LKU
0HQVFKHQ 'DQQ ZHUGHW LKU HQWGHFNHQ GDVV PHLQH /HKUH QLFKW DOOHLQ GLH *|WWOLFKH 6WLPPH
LVWGLH]XGHQ0HQVFKHQVSULFKWVRQGHUQDXFKGHU$XVGUXFNDOOHU*HLVWHU

 0HLQ :RUW LVW GLH 6WLPPH GLH HUPXWLJW LVW GHU 6FKUHL QDFK )UHLKHLW LVW GHU UHWWHQGH
$QNHU  

'LH.UDIWGHV*RWWHVZRUWHV

0HLQH/HKUHHQWIDOWHWGHQ0HQVFKHQLQDOOVHLQHQ:HVHQVDVSHNWHQVLHVHQVLELOLVLHUWXQG
YHUHGHOW GDV +HU] HUZHFNW XQG YHUWLHIW GHQ 9HUVWDQG XQG YHUYROONRPPQHW XQG HUKHEW GLH
6HHOH


'LH %HJULIIH +HU] XQG 6HHOH KDEHQ LQ GHQ .XQGJDEHQ &KULVWL XQWHUVFKLHGOLFKH
%HGHXWXQJ +HU] VSDQ FRUD]RQ  YHUVLQQELOGOLFKW GDV LUGLVFK PHQVFKOLFKH DXFK
N|USHUDEKlQJLJH6HHOHQOHEHQZRPLWVLFKGLH3V\FKRORJLHEHVFKlIWLJWZlKUHQG6HHOH KLHU
HVSLULWX  GHQ K|KHUHQ 6HHOHQDVSHNW EH]HLFKQHW GHU VLFK YRQ GHP LKP LQQHZRKQHQGHQ
*RWWHVIXQNHQGHP*HLVWIKUHQOlWGXUFKGHVVHQ6WLPPHGDV*HZLVVHQ

0DFKWDXVPHLQHU/HKUHHLQJUQGOLFKHV6WXGLXPGDVHXFKHUP|JOLFKWGLHUHFKWH$UWGHU
$XVEXQJPHLQHU8QWHUZHLVXQJHQ]XYHUVWHKHQGDPLWHXUH(QWIDOWXQJKDUPRQLVFKLVWGDPLW
LKUQLFKWQXUGHQ9HUVWDQGHQWZLFNHOWRKQHHXFKXPGLH,GHDOHGHV*HLVWHV]XEHPKHQGLH
LKUHUPXWLJHQVROOW

 $OOH $QODJHQ HXUHV :HVHQV N|QQHQ LQ PHLQHP :RUWH GHQ OLFKWYROOHQ 3IDG ILQGHQ DXI
GHPVLHZDFKVHQXQGVLFKYHUYROONRPPQHQN|QQHQELVLQV8QHQGOLFKH  

0HLQH/HKUHLVWLKUHP:HVHQQDFKVSLULWXHOOLVW/LFKWXQGLVW.UDIWGLHKHUDEVWU|PWXQG
LQHXUH6HHOHGULQJWXPVLHLQLKUHP.DPSIPLWGHP%|VHQVLHJHQ]XODVVHQ0HLQ:RUWVROO
QLFKWQXUGHQ2KUHQVFKPHLFKHOQHVLVW/LFKWGHV*HLVWHV

:ROOWLKU0LFKPLWGHU6HHOHYHUQHKPHQGDPLWVLHVLFKQlKUWXQG GHQ6LQQJHKDOWGLHVHU
8QWHUZHLVXQJ QXW]W" 'DQQ UHLQLJW HXHU +HU] NOlUW HXUHQ 9HUVWDQG XQG ODVVW ]X GDVV HXHU


*HZLVVHQ HXFK IKUW ,KU ZHUGHW GDQQ HUOHEHQ ZLH LQ HXUHP :HVHQ HLQH 8PZDQGOXQJ
ZLUNVDP]XZHUGHQEHJLQQW QLFKWQXUVHHOLVFKVRQGHUQDXFKPRUDOLVFKXQGN|USHUOLFK-HQH
(UKHEXQJZHOFKHGLH6HHOHQDFKXQGQDFKGXUFKGLH(UNHQQWQLVHUULQJW  MHQH5HLQKHLWGLH
VLH DOOPlKOLFK HUUHLFKW ZLUG VLFK LQ GHQ *HIKOHQ GHV +HU]HQV XQG LQ GHU *HVXQGKHLW GHV
.|USHUVZLGHUVSLHJHOQ

 'LH /HLGHQVFKDIWHQ ZHUGHQ LPPHU VFKZlFKHU ZHUGHQ GLH /DVWHU DOOPlKOLFK
YHUVFKZLQGHQ GHU )DQDWLVPXV XQG GLH 8QZLVVHQKHLW ZHUGHQ LPPHU PHKU GHP HFKWHQ
*ODXEHQXQGGHQWLHIHQ(UNHQQWQLVVHQLQPHLQHP*HVHW]HZHLFKHQ  

 'LHVH /HKUH GLH QXU HLQLJHQ ZHQLJHQ EHNDQQW LVW XQG YRQ GHU 0HQVFKKHLW QLFKW ]XU
.HQQWQLVJHQRPPHQZLUGZLUGEDOGDOV+HLOEDOVDP]XDOOHQ /HLGHQGHQ JHODQJHQXP7URVW
]X VSHQGHQ GHQ *ODXEHQ ]X HQW]QGHQ XP )LQVWHUQLV ]X YHUWUHLEHQ XQG +RIIQXQJ
HLQ]XIO|HQ6LHHUKHEWHXFKEHUGLH6QGHGDV(OHQGGHQ6FKPHU]XQGGHQ7RG

 (V N|QQWH JDU QLFKW DQGHUV VHLQ GHQQ ,FK ELQ HV GHU *|WWOLFKH $U]W GHU YHUKHLHQH
7U|VWHUGHUHVHXFKRIIHQEDUWKDW  

 :HQQ LKU HLQPDO GXUFKJHLVWLJW VHLG XQG GDQQ 0HQVFKHQ EHJHJQHW GLH OHLGHQ XQG
YHU]ZHLIHOWVLQGZHLOVLHQLFKWGDVEHVLW]HQN|QQHQZDVVLHDXIGHU:HOWHUVWUHEHQZHUGHWLKU
HUOHEHQ ZLH LKU 0DWHULDOLVPXV PLW GHU (UKHEXQJ PHLQHU -QJHU NRQWUDVWLHUW GHUHQ
=XIULHGHQKHLW JUR VHLQ ZLUG ZHLO LKUH %HVWUHEXQJHQ XQG :QVFKH HGHO VHLQ ZHUGHQ
JHJUQGHWDXIGHUIHVWHQhEHU]HXJXQJGDVVLQGLHVHP/HEHQDOOHVYHUJlQJOLFKLVW

 0HLQH -QJHU ZHUGHQ ]XU :HOW GXUFK %HLVSLHOH YRQ 6SLULWXDOLWlW VSUHFKHQ  GXUFK HLQ
/HEHQ GDV GDUXP ULQJW GHQ *HLVW GHU *RWWKHLW QlKHU]XEULQJHQ DQVWDWW LKQ DQ GLH IDOVFKHQ
6FKlW]HGHU:HOW]XNHWWHQ

,FKZHLGDVVGLH0DWHULDOLVWHQVLFKLQGHQNRPPHQGHQ=HLWHQHPS|UHQZHUGHQZHQQVLH
GLHVH /HKUH NHQQHQOHUQHQ DEHU LKU *HZLVVHQ ZLUG LKQHQ VDJHQ GDVV PHLQ :RUW DOOHLQ GLH
:DKUKHLWVSULFKW  

%HLGHP JURHQ7DJHZHUNGDVHXFKHUZDUWHWZHUGH,FKHXHU%HLVWDQGVHLQ0HLQH/HKUH
ZLUG JURH 8PZlO]XQJHQ DXI GHU :HOW YHUXUVDFKHQ (V ZLUG JURH 9HUlQGHUXQJHQ LQ GHQ
6LWWHQXQG9RUVWHOOXQJHQJHEHQXQGVHOEVWLQGHU1DWXUZHUGHQ8PZDQGOXQJHQVWDWWILQGHQ
$OOGLHVZLUGGHQ%HJLQQHLQHVQHXHQ=HLWDOWHUVIUGLH0HQVFKKHLWDQ]HLJHQXQGGLH6HHOHQ
GLH,FKLQ.U]H]XU(UGHVHQGHQZHUGHZHUGHQYRQDOOGLHVHQ3URSKH]HLXQJHQVSUHFKHQXP
]XU :LHGHUKHUVWHOOXQJ XQG $XIZlUWVHQWZLFNOXQJ GLHVHU :HOW EHL]XWUDJHQ 6LH ZHUGHQ PHLQ
:RUWHUOlXWHUQXQGGLH*HVFKHKQLVVHGHXWHQ 

 (LQH =HLW GHU $XIHUVWHKXQJ LVW GLHVH 'ULWWH =HLW 'LH 6HHOHQ JOLFKHQ 7RWHQ XQG GLH
.|USHU GHUHQ *UDEHVK|KOHQ $EHU GHU 0HLVWHU LVW ]X LKQHQ JHNRPPHQ GHVVHQ :RUW GHV
/HEHQVLKQHQVDJWH.RPPWKHUDXVXQGHUKHEWHXFK]XP/LFKWH]XU)UHLKHLW

:HUYRQLKQHQVHLQH$XJHQGHU:DKUKHLW|IIQHWXQGGDQQVHLQ/HEHQVHLQH:HUNHXQG
VHLQH *HIKOH LQ /LHEH ]X VHLQHQ 0LWPHQVFKHQ ]X HUKHEHQ YHUPDJ ZLUG GLHVH :HOW QLFKW
PHKU DOV HLQHQ 9HUEDQQXQJVRUW RGHU HLQ 7DO GHU 7UlQHQ XQG GHU 6KQH EHWUDFKWHQ ZHLO HU
LPPHU PHKU GLH :RQQH GHV ZDKUHQ )ULHGHQV HPSILQGHQ ZLUG ZHOFKH GHU 6HHOHQIULHGHQ
VFKHQNW


 -HQHU =XVWDQG GHV +RFKJHIKOV LQ GLHVHP /HEHQ ZLUG HLQ $EJODQ] GHV YROONRPPHQHQ
)ULHGHQVXQG/LFKWHVVHLQGHQGHU*HLVWLQEHVVHUHQ:HOWHQJHQLHHQZLUGZR,FK6HOEVWLKQ
HPSIDQJHQ ZHUGH XP LKP HLQH +HLPVWlWWH ]X EHVFKHUHQ GLH VHLQHU 9HUGLHQVWH ZUGLJ LVW


5HDNWLRQHQYRQ7KHRORJHQXQG0DWHULDOLVWHQ

 6HLG QLFKW EHVWU]W ZHQQ PDQ HXFK VDJW GDVV GHU ZHOFKHU LQ GLHVHU =HLW ]X HXFK
JHVSURFKHQKDWGHU9HUVXFKHUJHZHVHQVHLXQGGDVVSURSKH]HLWLVWGDVVDXFKHU:XQGHUWXQ
ZUGH GXUFK GLH HU VHOEVW GLH $XVHUZlKOWHQ YHUVW|UHQ XQG YHUZLUUHQ ZUGH :DKUOLFK ,FK
VDJHHXFKYLHOHYRQGHQHQGLHPHLQH.XQGJHEXQJVREHXUWHLOHQZHUGHQ]XMHQHQJHK|UHQ
GLH WDWVlFKOLFK LP 'LHQVWH GHV %|VHQ XQG GHU )LQVWHUQLV VWHKHQ DXFK ZHQQ LKUH /LSSHQ ]X
YHUVLFKHUQVXFKHQGDVVVLH LPPHUGLH:DKUKHLWYHUEUHLWHQ

 9HUJHVVW QLFKW GDVV GHU %DXP DQ VHLQHU )UXFKW HUNDQQW ZLUG XQG ,FK VDJH HXFK 'LH
)UXFKW LVW GLHV :RUW GDV EHU GDV 9HUVWDQGHVYHUP|JHQ GLHVHU 6WLPPWUlJHU  0lQQHU XQG
)UDXHQ YRQ HLQIlOWLJHP +HU]HQ  K|UEDU JHZRUGHQ LVW $Q GHU )UXFKW XQG DQ GHP JHLVWLJHQ
)RUWVFKULWW GHUHU GLH VLH JHQRVVHQ KDEHQ ZLUG GLH 0HQVFKKHLW GHQ %DXP HUNHQQHQ GHU ,FK
ELQ

 'DV 7ULQLWDULVFK  0DULDQLVFKH *HLVWZHUN ZLUG VLFK DXV]XEUHLWHQ EHJLQQHQ XQG GDGXUFK
HLQHQZDKUHQ$ODUPXQWHUYLHOHQKHUYRUUXIHQGLHLQGHUhEHU]HXJXQJMHQH/HKUHVWXGLHUWXQG
YHUVWDQGHQ ]X KDEHQ GLH VLH IUKHU YRP 9DWHU HPSILQJHQ EHU GHU .HQQWQLV LKUHU
3KLORVRSKLHQXQG:LVVHQVFKDIWHQHLWHOJHZRUGHQVLQGRKQHVLFKGHUVSLULWXHOOHQ(QWZLFNOXQJ
EHZXVVW]XZHUGHQZHOFKHGLH0HQVFKKHLWHUUHLFKWKDW

6LHZHUGHQEHLP(UZDFKHQDXVLKUHU*HLVWHVWUlJKHLWGLH$UWXQG:HLVHEHPHUNHQLQGHU
KHXWHGHU*HLVWGHU0HQVFKHQGHQNWXQGIKOWZHUGHQ%DQQIOFKHVFKOHXGHUQJHJHQGDVZDV
VLHQHXH ,GHHQQHQQHQZHUGHQXQGYHUEUHLWHQGDVV GLHVH %HZHJXQJGXUFKGHQ $QWLFKULVW
KHUYRUJHUXIHQZRUGHQVHL

 'DQQ ZHUGHQ VLH LKUH =XIOXFKW QHKPHQ ]X GHQ 6FKULIWHQ GHQ 3URSKH]HLXQJHQ XQG
PHLQHP :RUW GDV ,FK HXFK LQ GHU =ZHLWHQ =HLW JDE XP ]X YHUVXFKHQ PHLQH QHXH
.XQGJHEXQJ PHLQH QHXHQ 8QWHUZHLVXQJHQ XQG DOOHV ZDV ,FK HXFK YHUVSURFKHQ KDEH XQG
KHXWHHUIOOH]XEHNlPSIHQ

 0HLQ :RUW ZLUG DXI GHQ /LSSHQ PHLQHU -QJHU XQG GXUFK 6FKULIWHQ VRJDU ]X GHQHQ
JHODQJHQ GLH QLFKWV JHOWHQ ODVVHQ ZDV MHQVHLWV GHV 0DWHULHOOHQ LVW RGHU ZDV DXHUKDOE LKUHU
.HQQWQLVVHXQG%HJULIIHOLHJWGLHVLHHLQPDODQJHQRPPHQKDEHQXQGVLHZHUGHQ0LFKHLQHQ
IDOVFKHQ*RWWQHQQHQZHLO,FKHXFKGLHVHV:RUWJHEUDFKWKDEH

'RFKZHQQLKUGLHVK|UWZLUGHXHU*ODXEHQLFKW6FKLIIEUXFKHUOHLGHQ REVFKRQHXHU+HU]
VLFKYHUOHW]WIKOWGDLKUPLWLQQHUHU%HZHJXQJGDUDQGHQNHQZHUGHWGDVVHXHU0HLVWHUHV
HXFK EHUHLWV DQJHNQGLJW XQG HXFK PLW VHLQHP :RUWH HUPXWLJW KDWWH GLHVHQ 3UIXQJHQ
VWDQG]XKDOWHQ

 ,FK VDJH HXFK MHGRFK REZRKO LKU DXI HXUHP :HJH GHP %HWUXJ GHU +HXFKHOHL GHP
$EHUJODXEHQ GHP UHOLJL|VHQ )DQDWLVPXV XQG GHU $EJ|WWHUHL EHJHJQHQ ZHUGHW GUIW LKU
QLHPDQGHQZHJHQVHLQHU9HUIHKOXQJHQYHUXUWHLOHQ/HKUWVLHPLWPHLQHP:RUWHXQGEHUODVVW
GLH 6DFKH 0LU GHU ,FK GHU HLQ]LJH ELQ GHU HXFK ULFKWHQ GDUI XQG GHU ZHL ZHU GHU IDOVFKH
*RWWGHUIDOVFKH&KULVWXVGHUE|VH$SRVWHOGHUKHXFKOHULVFKH3KDULVlHULVW  


'HU.ULHJGHU ,GHHQ*ODXEHQVEHNHQQWQLVVH 5HOLJLRQHQ /HKUHQ3KLORVRSKLHQ7KHRULHQ
XQG:LVVHQVFKDIWHQZLUGNRPPHQXQGPHLQ1DPHXQGPHLQH/HKUHZHUGHQDXIDOOHQ/LSSHQ
VHLQ 0HLQH :LHGHUNXQIW ZLUG GLVNXWLHUW XQG YHUZRUIHQ ZHUGHQ XQG GDUDXIKLQ ZHUGHQ VLFK
GLH JURHQ *OlXELJHQ HUKHEHQ XQG YHUNQGHQ GDVV &KULVWXV HUQHXW XQWHU GHQ 0HQVFKHQ
JHZHVHQ LVW =X GLHVHP =HLWSXQNW ZHUGH ,FK MHQH +HU]HQ DXV GHU 8QHQGOLFKNHLW HUPXWLJHQ
XQGDXILKUHQ:HJHQ:XQGHUWXQXPLKUHQ*ODXEHQ]XVWlUNHQ 

'LH:LUNXQJGHU*HLVWOHKUH

 0HLQ /LFKW KDW EHL VHLQHU $XVEUHLWXQJ DXI GHU JDQ]HQ :HOW EHZLUNW GDVV PDQ PHLQH
:DKUKHLW LQ MHGHU /HKUH VXFKW 'LHV LVW GHU *UXQG IU GLH $NWLYLWlW GHU 0HQVFKHQ LQ LKUHQ
XQWHUVFKLHGOLFKHQ*ODXEHQVEHU]HXJXQJHQ

 (V LVW GLH (UIOOXQJ GHVVHQ ZDV JHZHLVVDJW ZRUGHQ LVW :HU YRQ LKQHQ YHUWULWW GLH
:DKUKHLW" :HU YHUELUJW GHQ KXQJULJHQ :ROI LP 6FKDIVSHO]" :HU YHUVLFKHUW PLW UHLQHP
*HZDQGVHLQHDEVROXWHLQQHUH/DXWHUNHLW"

,KUPVVWGHQ6SLULWXDOLVPXV]XU$QZHQGXQJEULQJHQXPPHLQH:DKUKHLW]XHQWGHFNHQ
GHQQ GLH 0HQVFKKHLW KDW VLFK LQ VR YLHOH *ODXEHQVEHNHQQWQLVVH XQG :HOWDQVFKDXXQJHQ
JHVSDOWHQZLHHVGHU(QWZLFNOXQJGHVPHQVFKOLFKHQ'HQNHQVHQWVSUDFK

6RKDEHQVLFKLPPHUPHKU6HNWHQXQG.RQIHVVLRQHQJHELOGHWXQGHVZLUGIUHXFKVHKU
VFKZLHULJVHLQGHQ:DKUKHLWVJHKDOW]XEHXUWHLOHQGHULQMHGHUYRQLKQHQHQWKDOWHQLVW

 0HLQH /HKUH HUOHXFKWHW GLH *HGDQNHQ XQG 9RUVWHOOXQJHQ GHU 0HQVFKHQ XQG QDFK XQG
QDFKZLUGMHGHUGLH*UXQGODJHQEHJUHLIHQXPVHLQH:HUNH]XYHUYROONRPPQHQXQGVLHDXI
HLQHYROONRPPHQHUHXQGK|KHUH%DKQ]XOHQNHQ

'HU=HLWSXQNWZLUGNRPPHQDQGHPMHGH6HNWHXQG.LUFKHVLFKVHOEVWHUIRUVFKW XPQDFK
GHP]XVXFKHQZDV]XPHLQHP:HUNHJHK|UW'RFKXPMHQHQ6FKDW]]XILQGHQZLUGHVQ|WLJ
VHLQGDVVVLHLKUH6HHOHQHUKHEHQXQGDXIGLH6WLPPHGHV*HZLVVHQVK|UHQ  

 $XI GLHVHU (UGH JLEW HV YLHOH 5HOLJLRQVJHPHLQVFKDIWHQ DEHU NHLQH GHUVHOEHQ ZLUG GLH
0HQVFKHQ YHUHLQHQ RGHU EHZLUNHQ GDVV VLH HLQDQGHU OLHEHQ (V ZLUG PHLQH *HLVWOHKUH VHLQ
GLH GLHV :HUN YROOEULQJW 9HUJHEHQV ZLUG GLH :HOW VLFK GHP 9RUGULQJHQ GLHVHV /LFKWHV
HQWJHJHQVWHOOHQ

 :HQQ GLH 9HUIROJXQJ PHLQHU -QJHU DP KHIWLJVWHQ LVW ZHUGHQ GLH 1DWXUJHZDOWHQ
HQWIHVVHOW VHLQ DEHU VLH ZHUGHQ VLFK GXUFK GDV *HEHW GLHVHU PHLQHU $UEHLWHU EHVlQIWLJHQ
GDPLWGLH:HOWHLQHQ%HZHLVGHU9ROOPDFKWHUOHEWGLH,FKLKQHQJHJHEHQKDEH 

'LH:HOWZLUGLQ$XIUHJXQJJHUDWHQZHQQPHLQ:RUWLQGHQ1DWLRQHQYHUQRPPHQZLUG
GHQQGHU*HLVWGHU0HQVFKHQGHUIUGLHVH2IIHQEDUXQJYRUEHUHLWHWLVWZLUGYRQ)UHXGHXQG
]XJOHLFK YRQ )XUFKW EHZHJW ZHUGHQ 'DQQ VROO VLFK GHU GHU GLH :DKUKHLW NHQQHQOHUQHQ
P|FKWHYRQGHU.QHFKWVFKDIWVHLQHUPDWHULDOLVWLVFKHQ9RUVWHOOXQJHQIUHLPDFKHQXQGVLFKDQ
GHQ OLFKWYROOHQ +RUL]RQWHQ HUTXLFNHQ GLH VLFK VHLQHP %OLFNH GDUELHWHQ 'RFK ZHU LQ VHLQHU
*HLVWHVYHUILQVWHUXQJXQGLP$QNlPSIHQJHJHQGLHV/LFKWYHUKDUUWKDWZHLWHUKLQGLH)UHLKHLW
GLHV]XWXQ

 'HU 6LQQHVZDQGHO KLQ ]XU 6SLULWXDOLWlW ZLUG )UHXQGVFKDIW XQG %UGHUOLFKNHLW XQWHU GHQ
1DWLRQHQ KHUEHLIKUHQ 'RFK LVW HV QRWZHQGLJ GDVV LKU HXFK YRUEHUHLWHW GHQQ GLH


$XVHLQDQGHUVHW]XQJ ZLUG JUR VHLQ :HQQ GLH 0HQVFKHQ VLFK LQ .ULHJHQ JHJHQHLQDQGHU
HUKHEHQJHVFKLHKWGLHVQLFKWZHLOHVPHLQ:LOOHLVWVRQGHUQZHLOVLHGDV*HVHW]*RWWHVQLFKW
EHJULIIHQKDEHQ  

 'LH =HLW GHV DOOXPIDVVHQGHQ *HULFKWHV LVW JHNRPPHQ XQG DOOH :HUNH XQG DOOH
5HOLJLRQVJHPHLQVFKDIWHQ ZHUGHQ YRQ 0LU JHULFKWHW ZHUGHQ 'HU 6HHOH GHV 0HQVFKHQ ZLUG
VLFK HLQ :HKJHVFKUHL HQWULQJHQ GD DOOHV ZDV IDOVFK LVW DXIJHGHFNW ZHUGHQ ZLUG GLH
:DKUKHLW DOOHLQ ZLUG HUVWUDKOHQ ,Q GHU 0HQVFKKHLW ZLUG HV HLQ (UZDFKHQ JHEHQ XQG GDQQ
ZHUGHQ0LUGLH0HQVFKHQVDJHQ9DWHUJLEXQV'HLQH+LOIHJLEXQVHLQZDKUHV/LFKWGDV
XQVOHLWHW8QGMHQHV/LFKWXQGMHQH+LOIHZLUGGLH/HKUHGHV+HLOLJHQ*HLVWHVVHLQHVZLUG
GLH8QWHUZHLVXQJVHLQGLH,FKHXFKJHJHEHQKDEHXQGGLHDXFKLKQHQDOOHQJHK|UWZHLO,FK
GHU9DWHUDOOHUELQ 

'LH%HGHXWXQJGHVQHXHQ2IIHQEDUXQJVZRUWHV

'HP$QVFKHLQQDFKHQWKlOWGLHVH2IIHQEDUXQJQLFKWV*URDUWLJHVDEHULKUZHUGHWLQGHU
=XNXQIWQRFKHUOHEHQZHOFKH%HGHXWXQJVLHXQWHUGHU0HQVFKKHLWKDEHQZLUG

8QWHUGLHVHP9RONHJLEWHV-QJHU DOOHU$UWHLQLJHDKQHQGLH*U|HGLHVHV:HUNHVXQG
IKOHQ EHUHLWV GLH (UVFKWWHUXQJ GLH VHLQ (UVFKHLQHQ LQ GHU :HOW YHUXUVDFKHQ ZLUG DQGHUH
JHEHQVLFKGDPLW]XIULHGHQ]XJODXEHQGDVVGLHVHLQJXWHU:HJLVWXQGHVJLEWDXFKVROFKH
GLHGLH*U|HGLHVHU/HKUHQLFKWHQWGHFNHQN|QQHQXQGGLHDQLKUHP6LHJXQGLKUHP(LQ]XJ
LQGLH+HU]HQGHU0HQVFKHQ]ZHLIHOQ,FKVDJHHXFKHVLVWHLQ-XZHOGDV,FKHXFKDQYHUWUDXW
KDEHGHVVHQ*|WWOLFKH/LFKWVWUDKOHQLKUQLFKWHUNHQQHQZROOWHWZHLOLKUPHLQH8QWHUZHLVXQJ
QLFKWHUJUQGHWKDEW

 9HUJHVVW QLFKW GDVV DXFK ]X VHLQHU =HLW DP :RUWH &KULVWL JH]ZHLIHOW ZXUGH GHQQ GLH
0HQVFKHQ EHXUWHLOWHQ -HVXV DXIJUXQG VHLQHU +HUNXQIW XQG VHLQHU .OHLGXQJ XQG DOV VLH
HUIXKUHQGDVVHUGHU6RKQHLQHV=LPPHUPDQQVDXV1D]DUHWKXQGHLQHUDUPHQ)UDXZDU GHU
VLFKVSlWHULQ%HJOHLWXQJYRQDUPHQJDOLOlLVFKHQ)LVFKHUQDXIPDFKHQVROOWHXPHLQH/HKUH]X
SUHGLJHQ GLH LKQHQ VHOWVDP HUVFKLHQ GD NRQQWHQ VLH QLFKW JODXEHQ GDVV MHQHU
:DQGHUSUHGLJHU GHU YRQ 'RUI ]X 'RUI ]RJ XQG GLH 'UIWLJNHLW VHLQHU .OHLGXQJ GDUERW GHU
.|QLJVHLZHOFKHQGHU+HUUGHP9RON,VUDHOYHUVSURFKHQKDWWH

,FKJHEHHXFKGLHVH+LQZHLVHZHLOGLH0HQVFKHQGHQlXHUOLFKHQ*ODQ]VXFKHQGHUGLH
6LQQHEOHQGHWXPDQGLH*U|HGHVVHQJODXEHQ]XN|QQHQZDVQXUPLWGHP*HLVWHJHVHKHQ
XQGJHIKOWZHUGHQVROO

,FKPXVVWHPHLQ%OXWYHUJLHHQPHLQ/HEHQJHEHQXQGDXIHUVWHKHQGDPLWGLH0HQVFKHQ
GLH$XJHQ|IIQHWHQ:HOFKHQ.HOFKVROOPHLQ*HLVWMHW]WWULQNHQGDPLWLKUDQ0LFKJODXEW"
0HQVFKKHLW:DVZUGH,FKQLFKWWXQXPHXFKJHUHWWHW]XVHKHQ"   

 :HU EHKDXSWHQ VROOWH GDVV PHLQH /HKUH HLQH *HIDKU IU GHQ PDWHULHOOHQ )RUWVFKULWW GHU
0HQVFKKHLW LVW EHJHKW HLQHQ VFKZHUHQ )HKOHU ,FK GHU 0HLVWHU DOOHU 0HLVWHU ]HLJH GHU
0HQVFKKHLW GHQ :HJ ]X LKUHU $XIZlUWVHQWZLFNOXQJ XQG ]X ZDKUHP )RUWVFKULWW 0HLQ :RUW
VSULFKW QLFKW QXU ]XP *HLVW HV VSULFKW DXFK ]XP 9HUVWDQG ]XU 9HUQXQIW XQG VHOEVW ]X GHQ
6LQQHQ0HLQH/HKUHLQVSLULHUWXQGOHKUWHXFKQLFKWQXUGDV*HLVWLJH/HEHQVRQGHUQVLHEULQJW
/LFKW LQ MHGH :LVVVHQVFKDIW XQG DXI DOOH :HJH 'HQQ PHLQH 8QWHUZHLVXQJ EHVFKUlQNW VLFK
QLFKW GDUDXI DOOH 6HHOHQ DXI GHQ :HJ ]X GHU +HLPVWlWWH ]X EULQJHQ GLH MHQVHLWV GLHVHV
'DVHLQV LVW VLH HUUHLFKW DXFK GDV +HU] GHV 0HQVFKHQ XQG LQVSLULHUW LKQ GD]X DXI GLHVHP
3ODQHWHQHLQDQJHQHKPHVPHQVFKHQZUGLJHVXQGQW]OLFKHV/HEHQ]XIKUHQ 


 'LH 'ULWWH =HLW LQ GHU LKU MHW]W OHEW LVW GLH =HLW GHU $XIGHFNXQJ JURHU *HKHLPQLVVH
*HOHKUWHXQG7KHRORJHQZHUGHQLKUH.HQQWQLVVHEHULFKWLJHQPVVHQDQJHVLFKWVGHU:DKUKHLW
GLH,FKHXFKGHU]HLWRIIHQEDUH

 'LHV LVW GLH =HLW LQ GHU GLH 0HQVFKHQ LKUH $XJHQ GHP /LFKWH PHLQHU :HLVKHLW |IIQHQ
ZHUGHQ HLQHP/LFKWHGDV,FKLQHLQH/HKUHXPJHZDQGHOWKDEHGDPLWLKUGXUFKVLHJHLVWLJ
]XPZDKUHQ/HEHQDXIHUVWHKW  

 'LH 0HQVFKHQ ZHUGHQ YHUVXFKHQ PHLQHU 2IIHQEDUXQJ :DKUKHLW DE]XVSUHFKHQ DEHU GLH
7DWVDFKHQ GLH %HZHLVH GLH (UHLJQLVVH ZHUGHQ IU GLHVH :DKUKHLW VSUHFKHQ XQG ]HXJHQ
ZHOFKH DOV GLH JURH %RWVFKDIW GHU 'ULWWHQ =HLW YRQ GHQ /LSSHQ PHLQHV 9RONHV NRPPHQ
ZLUG8QGDXFKGXUFK6FKULIWHQZLUGVLFKPHLQH/HKUHDXIGHU:HOWYHUEUHLWHQZHLOGLHVHLQ
]XOlVVLJHV 0LWWHO LVW GDV ,FK YRQ GHQ IUKHVWHQ =HLWHQ DQ PHLQHQ %RWHQ LQVSLULHUWH ,FK ZLOO
QXUGDVVLKUEHUPHLQHU:DKUKHLWZDFKWXQGVLHGHQ+HU]HQLQGHUUHLQVWHQXQGVFKOLFKWHVWHQ
:HLVHZHLWHUJHEW 

 ,Q MHQHU =ZHLWHQ =HLW ZXUGH PHLQ .RPPHQ DOV 0HQVFK QXU YRQ HLQLJHQ ZHQLJHQ
+HU]HQ JHJODXEW 'HQQRFK EHVWLPPWH GLH 0HQVFKKHLW VSlWHU GLH *HEXUW GHV (UO|VHUV DOV
%HJLQQ HLQHV QHXHQ =HLWDOWHUV (EHQVR ZLUG LQ GLHVHU =HLW GHU %HJLQQ PHLQHU .XQGJDEH DQ
HXFK GDV KHLW PHLQ .RPPHQ DOV +HLOLJHU *HLVW PRUJHQ ]XP %HJLQQ HLQHV ZHLWHUHQ
=HLWDOWHUVIHVWJHVHW]WZHUGHQ

+|UWDXIGDVZDVHXFK&KULVWXVVDJWGLH9HUN|USHUXQJGHU*|WWOLFKHQ/LHEH)ULHGHGHQ
0HQVFKHQJXWHQ:LOOHQVGHQHQGLHGLH:DKUKHLWOLHEHQXQGGHQ6DPHQGHU/LHEHVlHQ 
 


.DSLWHO 'LHQHXHQ*HPHLQGHQ&KULVWL-QJHU$SRVWHOXQG*RWWJHVDQGWH

/LFKWXQG6FKDWWHQLQGHQ2IIHQEDUXQJVJHPHLQGHQ

:HQQ,FKPHLQ:RUWLQDOOHQ1DWLRQHQJHJHEHQKlWWHKlWWHGLH0HKUKHLWHVDEJHOHKQWZHLO
GLH (LWHONHLW GHU 0DWHULDOLVPXV XQG GLH IDOVFKH *U|H GHU 0HQVFKHQ NHLQH /HKUH
DQJHQRPPHQKlWWHQGLHYRQ9HUJHLVWLJXQJYRQ'HPXWXQG%UGHUOLFKNHLWVSULFKW'LH:HOW
LVWQRFKQLFKWYRUEHUHLWHWXPGLH/LHEH]XEHJUHLIHQZHVKDOEQLFKWDOOHIUPHLQH*HJHQZDUW
LQGLHVHU)RUPHPSIlQJOLFKJHZHVHQZlUHQ

 6R ZLH &KULVWXV GDPDOV HLQH )HOVHQK|KOH ZlKOWH XP DOV 0HQVFK JHERUHQ ]X ZHUGHQ VR
HQWGHFNWH,FKKHXWHGLHVHQ(UGHQZLQNHOGHU EHUHLWZDU0LFK]XK|UHQXQGGHUbKQOLFKNHLW
KDWPLWGHU*URWWHXQGGHU.ULSSHGLHLQMHQHUJHVHJQHWHQ1DFKWGHQ*RWWHVVRKQDXIQDKPHQ
 

 'DV %HLVSLHO GLHVHV HLQIDFKHQ 9RONHV KLHU GDV VHLQHQ :HJ RKQH *HLVWOLFKH JHKW GLH HV
OHLWHQXQGGDV0LU9HUHKUXQJGDUEULQJWRKQH=HUHPRQLHQXQG6\PEROHVROOHLQ$XIUXIVHLQ
GHUMHQHHUZHFNWGLHQRFKLQLKUHUMDKUKXQGHUWHODQJHQ1DFKWVFKODIHQXQGVROOHLQ$QVSRUQ
]XU(UQHXHUXQJXQG/lXWHUXQJYLHOHUPHLQHU.LQGHUVHLQ 

8QWHUGHP6FKDWWHQPHLQHU/HKUHZHUGHQNHLQH7KURQHHUULFKWHWZHUGHQYRQGHQHQKHUDE
YHUKHUUOLFKWH 0HQVFKHQ GLH 6HHOHQ LKUHU 0LWPHQVFKHQ EHKHUUVFKHQ N|QQHQ 1LHPDQG ZLUG
JHNU|QWQRFKPLWHLQHP3XUSXUPDQWHOEHGHFNWZHUGHQLQGHP%HVWUHEHQGHQ3ODW]GHV+HUUQ
HLQ]XQHKPHQ QRFK ZHUGHQ %HLFKWYlWHU DXIWUHWHQ GLH ULFKWHQ YHUJHEHQ YHUGDPPHQ RGHU
EHUGLH7DWHQGHU0HQVFKHQ8UWHLOHIlOOHQ,FKDOOHLQELQLQGHU/DJHHLQH6HHOHYRQHLQHP
JHUHFKWHQ XQGYROONRPPHQHQ 5LFKWHUVWXKODXV]XEHXUWHLOHQ

,FKNDQQ0HQVFKHQVHQGHQGLHEHULFKWLJHQOHKUHQXQGIKUHQGRFKZHUGH,FKQLHPDQGHQ
VHQGHQ]XULFKWHQXQG]XEHVWUDIHQ,FKKDEH0HQVFKHQJHVDQGWZHOFKH+LUWHQ GHU0HQVFKHQ
JHZHVHQ VLQG MHGRFK NHLQH +HUUHQ RGHU 9lWHU 'HU HLQ]LJH 9DWHU GHP *HLVWH QDFK ELQ ,FK
 

 ,FK ZHUGH LQ GLHVHU =HLW HLQ 9RON KHUDQELOGHQ GDV PHLQ *HVHW] ZLUNOLFK EHIROJW GDV GLH
:DKUKHLW OLHEW XQG GLH WlWLJH 1lFKVWHQOLHEH 'LHVHV 9RON ZLUG ZLH HLQ 6SLHJHO VHLQ LQ
ZHOFKHPGLHDQGHUHQGLH)HKOHUGLHVLHEHJDQJHQKDEHQVLFKZLGHUVSLHJHOQVHKHQN|QQHQ(V
VROOQLHPDQGHV5LFKWHUVHLQDEHUVHLQH7XJHQGHQ:HUNHXQGVHLQHJHLVWLJH3IOLFKWHUIOOXQJ
VROOHQGHQ*HLVWDOOGHUHUEHUKUHQGLHVHLQHQ:HJNUHX]HQXQGVLHVROOHQDOOHQLKUH)HKOHU
DXI]HLJHQGLHJHJHQPHLQ*HVHW]YHUVWRVVHQ

 :HQQ GLHVHV 9RON HLQPDO VWDUN XQG ]DKOUHLFK LVW ZLUG HV GLH $XIPHUNVDPNHLW VHLQHU
1lFKVWHQ DXI VLFK ]LHKHQ GHQQ GLH 5HLQKHLW VHLQHU :HUNH XQG GLH $XIULFKWLJNHLW VHLQHU
*RWWHVYHUHKUXQJZHUGHQGLH0HQVFKHQLQ(UVWDXQHQVHW]HQ'DQQZHUGHQVLFKGLH0HQVFKHQ
IUDJHQ :HUVLQGMHQHGLHRKQH7HPSHO]XKDEHQDXIVROFKH:HLVH]XEHWHQYHUVWHKHQ":HU
KDWGLHVH0HQVFKHQVFKDUHQJHOHKUWLKUHQ*RWWEHWHQG]XYHUHKUHQRKQHGDVLHGDV%HGUIQLV
IKOHQ IU LKUHQ *RWWHVGLHQVW $OWlUH ]X HUULFKWHQ" :RKHU VLQG GLHVH :DQGHUSUHGLJHU XQG
0LVVLRQDUH JHNRPPHQ GLH JOHLFK GHQ 9|JHOQ ZHGHU VlHQ QRFK HUQWHQ QRFK VSLQQHQ XQG
GHQQRFKZHLWHUH[LVWLHUHQ"

'DQQZHUGH,FKLKQHQVDJHQ'LHVHVDUPHXQGGHPWLJH9RONGDVMHGRFKYROO(LIHUQDFK
PHLQHP *HVHW]H OHEW XQG VWDUN LVW JHJHQEHU GHQ /HLGHQVFKDIWHQ GHU :HOW LVW QLFKW YRQ
LUJHQGHLQHP 0HQVFKHQ KHUDQJHELOGHW ZRUGHQ 'LHVH 6FKDUHQ GLH LKUH )UHXGH GDUDQ KDEHQ


*XWHV ]X WXQ GLH GXUFK ,QVSLUDWLRQ HUOHXFKWHW VLQG XQG GLH GHQ +HU]HQ GLH %RWVFKDIW GHV
)ULHGHQV XQG HLQHQ 7URSIHQ +HLOEDOVDP EULQJHQ VLQG QLFKW YRQ /HKUHUQ RGHU *HLVWOLFKHQ
LUJHQGHLQHU .XOWJHPHLQGH GHU (UGH XQWHUZLHVHQ ZRUGHQ 'HQQ ZDKUOLFK ,FK VDJH HXFK LQ
GLHVHU =HLW JLEW HV DXI HXUHU :HOW NHLQHQ HLQ]LJHQ 0HQVFKHQ GHU GLH 9HUHKUXQJ *RWWHV LQ
ZDKUHU *HLVWLJNHLW ]X OHKUHQ YHUP|FKWH (V LVW QLFKW LP *ODQ] YRQ 5LWHQ RGHU =HUHPRQLHQ
QRFKLP5HLFKWXPRGHULQGHULUGLVFKHQ0DFKWZRULQGLH:DKUKHLWLKUH:XU]HOQKDWZHOFKH
GD VLH GHPWLJ LVW GLH UHLQHQ HGOHQ DXIULFKWLJHQ ZDKUKHLWVOLHEHQGHQ +HU]HQ DOV LKUHQ
7HPSHOVXFKW:RVLQG MHQH+HU]HQ"  

 ,FK KDEH YLHOH PHLQHU .LQGHU JHUXIHQ XP LKQHQ XQWHUVFKLHGOLFKH $XIWUlJH YHUVFKLHGHQH
$XIJDEHQLQQHUKDOEGLHVHV:HUNHV]XJHEHQXQG,FKKDEHVLHHXFKJHPlHXUHP)RUWVFKULWW
XQG HXUHQ %HJDEXQJHQ JHJHEHQ $XV DOOHQ ]XVDPPHQ KDEH LFK PHLQ 9RON JHELOGHW PHLQH
QHXH$SRVWHOVFKDU

 (LQLJHQ KDEH ,FK GDV $PW YRQ /HLWHUQ DQYHUWUDXW XQG GDPLW LKUH $XIJDEH QLFKW VFKZHU
XQGPKVHOLJLVWKDEH,FKGDV9RONLQ*HPHLQGHQDXIJHWHLOW

 $QGHUHQ KDEH ,FK GLH *DEH HLQHV 6WLPPWUlJHUV DQYHUWUDXW GDPLW VLH PHLQH ]X
0HQVFKHQZRUW JHZRUGHQH ,QVSLUDWLRQ GLHVHQ 6FKDUHQ EHUPLWWHOQ GLH ]XVDPPHQNRPPHQ
XPGLHVHV:XQGHU]XHPSIDQJHQ

(LQLJHQKDEH,FKGDV3ULYLOHJGHU+HOOVLFKWLJNHLWJHJHEHQXPVLH]X3URSKHWHQ]XPDFKHQ
XQGGXUFKLKUH9HUPLWWOXQJGDVDQ]XNQGLJHQZDVNRPPHQZLUG

 'LH $XIJDEH YRQ 6lXOHQ KDEHQ MHQH HUKDOWHQ GLH GDV 9RON DXI VHLQHU 3LOJHUVFKDIW
XQWHUVWW]HQVROOHQXQGGHQ*HPHLQGHOHLWHUQHLQH+LOIHVLQGGLHGLH/DVWGHV.UHX]HVPLWGHQ
+|UHUVFKDUHQWUDJHQKLOIW

 $QGHUH VLQG PLW GHU *DEH GHU 0LWWOHUVFKDIW EHJQDGHW ZRUGHQ XQG GLHVH VLQG DOV
:HUN]HXJH GHU *HLVWLJHQ :HOW JHVFKXOW ZRUGHQ XP GHUHQ %RWVFKDIWHQ GLH (UOlXWHUXQJ
PHLQHV :HUNHV ]X EHUPLWWHOQ XQG DXFK DOV %HVLW]HU GHV +HLOEDOVDPV GHV 7URVWHV IU GLH
.UDQNHQ GDPLW VLH PLWWHOV LKUHU KHLOVDPHQ JHLVWLJHQ $XVVWUDKOXQJHQ GHQ 1RWOHLGHQGHQ
JHPHLQVDP%DUPKHU]LJNHLW]XWHLOZHUGHQODVVHQ

 *ROGIHGHU KDEH ,FK GHQ JHQDQQW GHU LQ GDV %XFK GDV ,FK HXFK KLQWHUODVVHQ ZHUGH
PHLQH2IIHQEDUXQJHQ8QWHUZHLVXQJHQXQG3URSKH]HLXQJHQGLHVHU=HLWVFKUHLEW

'DV$PWHLQHV)XQGDPHQWVWHLQHVKDEH,FKMHQHQYHUOLHKHQGLH%HLVSLHOYRQ)HVWLJNHLW
6WDELOLWlW XQG 6WlUNH XQWHU GHP 9RONH VHLQ VROOHQ 'HUHQ :RUW 5DW XQG 9RUELOG XQWHU GHP
9RONHVROOXQZDQGHOEDUVHLQZLHHVGHU)HOVLVW

'RFKQXQGDGLHVHU =HLWDEVFKQLWWPHLQHU.XQGJDEHVHLQHP(QGH]XJHKWULFKWH ,FKDOOH


bPWHUXQGDQDOOMHQHGLHHUZlKOWZHUGHQXPVRJURH$XIJDEHQ]XHUKDOWHQODVVH,FKHLQHQ
5XIHUJHKHQGDPLWVLHVLFKHLQJHKHQGHUIRUVFKHQXQGGDV(UJHEQLVLKUHU:HUNHHUNHQQHQ,Q
GLHVHU6WXQGHGHU0HGLWDWLRQVWHKH,FKDOOHQEHL  

:LH]XDOOHQ=HLWHQJDEHVYLHOH%HUXIHQHXQGZHQLJH$XVHUZlKOWHGHQQ,FKHUZlKOHQXU
MHQHGLHUHFKW]HLWLJEHUHLWVLQGLKUH$XIJDEH]XHUIOOHQXQGGHQ EULJHQJHEH,FKHLQ/LFKW
GDPLWVLHGLH=HLW]XHUZDUWHQYHUVWHKHQLQGHUVLHJOHLFKIDOOVDXVHUZlKOWZHUGHQ


 :LH YLHOH GLH QXU EHUXIHQ ZRUGHQ VLQG RKQH GD HV VFKRQ =HLW JHZHVHQ ZlUH VLH IU
HLQHQ$XIWUDJ]XHUZlKOHQKDEHQVLFKXQWHUPHLQH-QJHUXQG:HUNOHXWHJHUHLKWRKQHGD
LKUH 6HHOH GLH XQEHGLQJW QRWZHQGLJH (QWZLFNOXQJ KDWWH XP GLH /DVW GLHVHV .UHX]HV ]X
WUDJHQ QRFK LKU 9HUVWDQG GDV Q|WLJH /LFKW XP PHLQH ,QVSLUDWLRQ DXI]XQHKPHQ :DV KDEHQ
YLHOH YRQ LKQHQ JHWDQ QDFKGHP VLH VLFK LQ GHQ 5HLKHQ GHU $XVHUZlKOWHQ EHIDQGHQ"
(QWZHLKHQGLH$WPRVSKlUHYHUJLIWHQGLHDQGHUHQPLWLKUHQVFKOHFKWHQ1HLJXQJHQDQVWHFNHQ
OJHQ =ZLHWUDFKW VlHQ PLW PHLQHP 1DPHQ XQG PLW GHQ *HLVWHVJDEHQ ZXFKHUQ GLH ,FK LQ
PHLQH-QJHUJHOHJWKDEH

 1LHPDQG YHUVXFKH ]X HQWGHFNHQ ZHOFKH HV VLQG GHQQ LKU N|QQWHW HV QLFKW 1XU PHLQ
GXUFKGULQJHQGHU5LFKWHUEOLFNYHUOLHUWVLHQLFKWDXVGHQ$XJHQXQG,FKODVVHPHLQ:RUWLQLKU
*HZLVVHQJHODQJHQGDVLKQHQVDJW:DFKHWXQGEHWHWGDPLWLKUUHFKW]HLWLJHXUH9HUIHKOXQJHQ
EHUHXHQ N|QQW GHQQ ZHQQ LKU GLHV WXW YHUVSUHFKH ,FK HXFK GD ,FK HXFK JHLVWLJHUZHLVH
VFKQHOO DQ PHLQHQ 7LVFK VHW]HQ XQG HLQ )HVW GHU 9HUV|KQXQJ XQG 9HUJHEXQJ IHLHUQ ZHUGH
 

'LHVLVWGLH:DKUKHLW1LFKWDOOHOLHEHQHLQDQGHULQPHLQHP:HUNHDXFKZHQQVLH]XLKP
JHK|UHQQRFKKDEHQHVDOOHEHJULIIHQ'HVKDOENDQQ,FKHXFKVDJHQGDGLHHLQHQ]XPHLQHP
:HUNHJHK|UHQXQGGLHDQGHUHQGDVLKUH WXQ

 'LH 0LU DXV /LHEH QDFKIROJHQ OLHEHQ PHLQ :RUW ZHLO VLH ZLVVHQ GD HV VLH NRUULJLHUW
RKQHVLH]XYHUOHW]HQXQGLKQHQLKUH)HKOHU DXI]HLJWRKQHVLHEOR]XVWHOOHQ'LHVYHUDQODW
VLHEHLGHU9HUYROONRPPQXQJLKUHU+DQGOXQJHQEHKDUUOLFK]XEOHLEHQ

-HQHGLHVWDWWGHP6WUHEHQQDFKGLHVHU9HUYROONRPPQXQJQXU/REhEHUOHJHQKHLWVJHIKO
6FKPHLFKHOHLRGHULKUHQ/HEHQVXQWHUKDOWVXFKHQDQVWDWWGLH9HUYROONRPPQXQJGHU6HHOH]X
HUVWUHEHQHUWUDJHQPHLQ:RUWQLFKWZHQQHVLKQHQLKUH)HKOHUYRU$XJHQIKUW'DQQPVVHQ
VLHHLQ:HUNVFKDIIHQGDVDQGHUVDOVGDV0HLQHLVWZRVLHIUHLVLQGXP LKUHQ :LOOHQ]XWXQ
6LH KDEHQ QRFK QLFKW EHJULIIHQ GD GDV HLQ]LJH ZDV GLH =XK|UHU ZlKUHQG GHU =HLW PHLQHU
.XQGJHEXQJHQ ]X WXQ KDEHQ GDULQ EHVWHKW GD VLH 0LU PLW JU|WHU (UKHEXQJ ]XK|UHQ XP
KHUQDFKPHLQH%RWVFKDIWDXVOHJHQ]XN|QQHQ  

,FKKDEHJHVDJWGDGLH=HLWGHU9HUZLUUXQJGHV8QJHKRUVDPVNRPPHQZLUGLQZHOFKHU
MHQHU $UEHLWHU VLFK HUKHEHQ XQG EHKDXSWHQ ZLUG GD PHLQH .XQGJDEH GXUFK GDV
PHQVFKOLFKH 9HUVWDQGHVYHUP|JHQ QLFKW ]X (QGH JHKHQ ZLUG 'RFK GHU =HLWSXQNW ZLUG
NRPPHQ LQ GHU PHLQ :RUW LQ (UIOOXQJ JHKW DXFK ZHQQ GHU 0HQVFK VLFK PHLQHP :LOOHQ
ZLGHUVHW]HQP|FKWH

 :LHYLHOH ,UUWPHU DXI GHP :HJH KDEHQ YLHOH YRQ MHQHQ EHJDQJHQ GHQHQ ,FK HLQHQ
$XIWUDJXQGHLQH*QDGHDQYHUWUDXWKDEH:LHYLHO8QYHUVWlQGQLVVHKH,FKGDVVLFK QDFKGHP
-DKUHEHLPHLQHQ.LQGHUQEUHLWPDFKW

'XUFKGLH9HUVWlQGQLVORVLJNHLWXQGGLH7RUKHLWKlOWGHU0HQVFKPHLQHKHOIHQGH/LHEHXQG
GLH9ROOPDFKWXQGGLH *QDGH]XUFNXQGVWHKWDEVHLWVGHVZDKUHQ:HJHVGHV*HVHW]HVGHU
+DUPRQLHXQGGHU:DKUKHLW

(LQZHLWHUHV0DOZLUG,VUDHOVLFKYRQ6WDPP]X6WDPPHQW]ZHLHQHVZLUGVLFKZLHGHUXP
HQW]ZHLHQXQGP|FKWHGDVUHLQHXQGODXWHUH*HVHW]PLW)HQWUHWHQZROOHQGDV,FKLQ VHLQH
+lQGHEHUJDEQRFKHLQPDOZLUG,VUDHOGLHIUKHUHQ:HJHDXIVXFKHQXQGLQ$EJ|WWHUHLXQG
)DQDWLVPXV IDOOHQ (V ZLUG VLFK GHQ 6HNWHQ ]XZHQGHQ XQG LQ 9HUZLUUXQJ LQ )LQVWHUQLV


JHUDWHQ XQG VLFK DQ ZRKOW|QHQGHQ XQG IDOVFKHQ :RUWHQ HUJ|W]HQ GLH LKP GHU 0HQVFK
DQELHWHQZLUG

 :HQQ GLH .LUFKHQ XQG 6HNWHQOHXWH VHKHQ GD ,VUDHO VLFK VSDOWHW GD ,VUDHO VLFK
JHJHQVHLWLJYHUOHXJQHWXQGVFKZDFKLVWZHUGHQVLHQDFK*UQGHQVXFKHQXPGDV-XZHOYRQ
XQVFKlW]EDUHP:HUWDQVLFK]XUHLHQXPGLH/DGHGHV1HXHQ%XQGHVDQVLFK]XEULQJHQXQG
PRUJHQ ]X VDJHQ GD VLH GLH ZDKUHQ *RWWJHVDQGWHQ XQWHU GHU 0HQVFKKHLW XQG GLH
5HSUlVHQWDQWHQPHLQHU*|WWOLFKNHLWVLQG  

$QGLH+|UHUJHULFKWHWH0DKQZRUWHEH]JOLFKGHV*HLVWZHUNHV

,FKZLOOGDLKUQDFK%HHQGLJXQJPHLQHU.XQGJDEHHLQHNODUXPULVVHQH9RUVWHOOXQJYRQ
GHPKDEWZDVGLHVH/HKUHLVWGDPLWLKUVLHLQUHFKWHU:HLVHEHIROJWGHQQELVKHXWHVLQGXQWHU
GHQ 6FKDUHQ GLH PHLQ :RUW JHK|UW KDEHQ QRFK QLFKW GLH ZDKUHQ 6SLULWXDOLVWHQ HUVFKLHQHQ
%LV MHW]W LVW HV QLFKW 6SLULWXDOLVPXV JHZHVHQ ZDV LKU SUDNWL]LHUW KDEW VRQGHUQ QXU HXUH
9RUVWHOOXQJVZHLVHYRQGHPZDVPHLQ:HUNLVWZDVMHGRFKZHLWYRQGHUHFKWHQ6SLULWXDOLWlW
HQWIHUQWLVW

 ,KU PW VWDUN VHLQ XP HXFK HLQ]XJHVWHKHQ GD LKU HXFK YHULUUW KDEW PW HXFK
DXIUDIIHQXPHXUH*HZRKQKHLWHQ]XYHUEHVVHUQXQGPLW(LIHUGDQDFKVWUHEHQGDXQWHUHXFK
GLH:DKUKHLWXQGGLH5HLQKHLWGLHVHU/HKUHHUVWUDKOW

 )UFKWHW HXFK QLFKW GHQ lXHUOLFKHQ 7HLO HXUHU $QEHWXQJVIRUPHQ XQG HXUHV .XOWXV ]X
YHUlQGHUQVRODQJHLKUQLFKWGLH(VVHQ]PHLQHU8QWHUZHLVXQJHQYHUIlOVFKW  

 1XW]W GLH =HLW GLH LKU QRFK KDEW XP PHLQH 8QWHUZHLVXQJ ]X K|UHQ GDPLW VLH HXFK PLW
/LFKW XQG PLW *QDGH HUIOOW GDPLW LKU GHQ IHVWHQ 6FKULWW DXI GLH 6SLULWXDOLWlW ]X WXW  HLQHQ
6FKULWWGHQLKUQLFKWJHWDQKDEWZHLOLKULQHLQHP.XOWXVYROOHU0DWHULDOLVPXVXQG,UUWPHU
ZHLWHUJHPDFKWKDEW

 %LV KHXWH KDW HXFK GHU *ODXEH JHIHKOW XP HXUH )LJXUHQ 5LWHQ XQG 6LQQELOGHU
DE]XVFKDIIHQXQG0LFKVSLULWXHOOLP8QHQGOLFKHQ]XVXFKHQ(XFKKDWGHU0XWGD]XJHIHKOW
6SLULWXDOLVWHQ]XVHLQXQGLKUKDEWHXFKHLQH$UWYRQ6FKHLQ  6SLULWXDOLWlWDXVJHGDFKWKLQWHU
GHULKUHXUHPDWHULDOLVWLVFKH*HVLQQXQJXQGHXUH)HKOHUYHUVWHFNW

,FKZLOOHXFKQLFKWKHXFKOHULVFKVRQGHUQDXIULFKWLJXQGZDKUKHLWVOLHEHQGKDEHQ'HVKDOE
VSUHFKH,FKPLWJU|WHU.ODUKHLW]XHXFKGDPLWLKUHXHU/HEHQJUQGOLFKVlXEHUWXQGGHU:HOW
GLH :DKUKHLW GLHVHV :HUNHV ]HLJW ,KU QHQQW HXFK 6SLULWXDOLVWHQ" 'DQQ VHLG HV ZLUNOLFK
6SUHFKWQLFKWYRQPHLQHU /HKUHVRODQJHLKUJDQ]XQGJDUGDV*HJHQWHLOGDYRQWXWGHQQLKU
ZHUGHWGLH0HQVFKHQPLWHXUHQ:HUNHQGDQQQXUYHUZLUUHQ

 +DEW YRU DOOHP GLH (UNHQQWQLV GHVVHQ ZDV PHLQ :HUN LVW  GHVVHQ ZDV PHLQ *HVHW]
EHGHXWHWZDVHXUH$XIJDEHLVWXQGZLHLKUVLH GXUFKIKUHQPWGDPLW ZHQQLKUDXIHXUHP
:HJH NHLQHQ )KUHU KDEW GHU ZUGLJ LVW HXUH 6FKULWWH ]X OHQNHQ  LKU HXFK GXUFK GDV
*HZLVVHQXQGGXUFKGLH(UNHQQWQLVOHLWHWGLHLKULQPHLQHU/HKUHJHZRQQHQKDEW6RZHUGHW
LKUQLHPDQGHQIULUJHQGHLQHQ)HKOWULWWRGHU,UUWXPYHUDQWZRUWOLFKPDFKHQN|QQHQ 


 9RP %HJLQQ PHLQHU .XQGJDEH GXUFK GDV PHQVFKOLFKH 9HUVWDQGHVYHUP|JHQ DQ ZDU HV
PHLQ :LOOH GD LKU HXUH *HLVWHVJDEHQ SUDNWLVFK DQZHQGHQ XQG PLW HXUHU JHLVWLJHQ 0LVVLRQ
EHJLQQHQ VROOWHW GDPLW LKU ZHQQ GHU 7DJ PHLQHV $EVFKLHGV JHNRPPHQ LVW HLQHQ 7HLO GHV


:HJHVEHUHLWV]XUFNJHOHJWKlWWHWXQGLKUHXFKQLFKW]XVFKZDFKIKOHQZUGHWXPPLWGHU
(UIOOXQJHLQHVVRVFKZLHULJHQ$XIWUDJV]XEHJLQQHQ

 (LQLJH KDEHQ GLH *|WWOLFKH ,GHH ]X GHXWHQ YHUVWDQGHQ XQG KDEHQ VLFK EHPKW VLH ]X
YHUZLUNOLFKHQ$EHUHVJLEWDXFKVROFKH XQGGLHVHVLQGLQGHU0HKU]DKO GLHGHQ6LQQGLHVHV
:HUNHVIDOVFKDXIJHIDWKDEHQ

'LHVVLQGGLH,UUWPHUGLH,FKEHLGLHVHP9RONKLHUEHDQVWDQGHZHLO,FKQLFKWZLOO GD
GLH0HQVFKKHLWVLFKEHUGLHMHQLJHQOXVWLJPDFKWGLHVRODQJH=HLWKLQGXUFKEHOHKUWZRUGHQ
VLQG  

 :lKUHQG GLH HLQHQ QXU GHU 6LQQJHKDOW PHLQHV :RUWHV LQWHUHVVLHUWH XQG VLH LPPHU QDFK
GHP )RUWVFKULWW XQG GHU (QWZLFNOXQJ LKUHU 6HHOH YHUODQJWHQ KDWWHQ GLH DQGHUHQ PHKU DP
lXHUOLFKHQ .XOW *HIDOOHQ 'HVJOHLFKHQ  ZlKUHQG GLH HUVWHUHQ VLFK IUHXWHQ ZHQQ VLH
8QWHUZHLVXQJHQ EHU 6SLULWXDOLWlW HUKLHOWHQ VW|UWH HV GLH DQGHUHQ GD LKUH )HKOHU HUZlKQW
ZXUGHQ

 ,FK DOOHLQ ZHL ZHOFKH VLFK YRU 0LU ZHUGHQ YHUDQWZRUWHQ PVVHQ ZHJHQ DOO GHP ZDV
GXUFKPHLQH6WLPPWUlJHUKlWWHEHNDQQWVHLQPVVHQXQGZDV]XUFNEHKDOWHQZXUGH 


'HQNWQDFKXQGLKU ZHUGHWHLQVHKHQGDGLH(LQWUDFKWGLHLKUEHQ|WLJW JHLVWLJLVWXQG


LKUVLHHUUHLFKHQ ZHUGHWZHQQLKUHXFKEHUHXUH/HLGHQVFKDIWHQXQG5HFKWKDEHUHLHQHUKHEW

 :LH N|QQW LKU )ULHGHQ VFKDIIHQ ZHQQ MHGHU GDV 6HLQH DOV HLQ]LJ :DKUHV YHUNQGHW XQG
JOHLFK]HLWLJGDVGHUDQGHUHQDOVIDOVFKEHNlPSIW"

 'HU )DQDWLVPXV LVW )LQVWHUQLV LVW %OLQGKHLW LVW 8QZLVVHQKHLW XQG VHLQH )UFKWH N|QQHQ
QLHPDOVOLFKWYROOVHLQ  

 :DKUOLFK ,FK VDJH HXFK ZHQQ LKU HXFK QLFKW ]XVDPPHQVFKOLHW ZLH HV PHLQ :LOOH LVW
ZLUG GLH 0HQVFKKHLW HXFK ]HUVWUHXHQ XQG VLH ZLUG HXFK DXV LKUHU 0LWWH YHUMDJHQ ZHQQ VLH
VLHKWGDHXHU/HEHQYRQGHPDEZHLFKWZDVLKUSUHGLJW

:DVZLUGJHVFKHKHQZHQQGLH0HQVFKHQHQWGHFNHQGDLQMHGHU*HPHLQGHHLQHDQGHUH
$QGDFKWVIRUPXQGHLQHXQWHUVFKLHGOLFKH$UWGHU$XVEXQJPHLQHU/HKUHEHVWHKW"

,FKYHUWUDXHHXFK GLHGUHLOHW]WHQ-DKUHPHLQHU.XQGJHEXQJDQGDPLWLKUIUGLH(LQLJXQJ
GLHVHV9RONHVDUEHLWHW HLQ=XVDPPHQVFKOXGHUGDV*HLVWLJHZLHGDVbXHUHXPIDWGDPLW
HXHU:LUNHQHUIOOWYRQ+DUPRQLHXQG(LQPWLJNHLWGHUJU|WH%HZHLVGDIUVHLGDHXFK
DOOH LQ GHQ YHUVFKLHGHQHQ 9HUVDPPOXQJVVWlWWHQ XQG LQ YHUVFKLHGHQHQ /DQGHVWHLOHQ HLQ
HLQ]LJHU0HLVWHUOHKUWH*277  

:DKUH-QJHUVFKDIWQHXH$SRVWHO

 9HUVXFKW QLFKW GLHVHV :HUN ]X EHJUHQ]HQ ZHOFKHV XQLYHUVHOO XQG XQHQGOLFK LVW QRFK
HXUHU JHLVWLJHQ (QWIDOWXQJ *UHQ]HQ ]X VHW]HQ GHQQ MH PHKU LKU HXFK LQ GHQ :HJ GHU JXWHQ
:HUNH XQG GHV 6WXGLXPV YHUWLHIW GHVWR JU|HUH 2IIHQEDUXQJHQ ZHUGHW LKU HPSIDQJHQ ,KU
ZHUGHWGDV*|WWOLFKH:HUNDXVGHP8QVFKHLQEDUVWHQHPSRUGULQJHQVHKHQZHUGHWHVLQDOOHP
*HVFKDIIHQHQPDQLIHVWLHUWVHKHQZHUGHWHVLQHXUHP:HVHQSRFKHQIKOHQ


 'LHV LVW GLH 6FKOLFKWKHLW PLW GHU ,FK GHQ VSLULWXDOLVWLVFKHQ -QJHU OHKUH GDPLW DXFK HU
HLQIDFKVHLZLHVHLQ0HLVWHU'HU-QJHUVROOGXUFKGLH:DKUKHLWVHLQHU:RUWHXQGGLH.UDIW
VHLQHU :HUNH EHU]HXJHQ XQG EHNHKUHQ RKQH MHPDQGHQ GXUFK JHKHLPQLVYROOH .UlIWH RGHU
DXHUJHZ|KQOLFKH)lKLJNHLWHQEHHLQGUXFNHQ]XZROOHQ

 'HU ZDKUH -QJHU ZLUG GXUFK VHLQH 6FKOLFKWKHLW JUR VHLQ (U ZLUG VHLQHQ 0HLVWHU
YHUVWHKHQXQGZLUGVLFKJOHLFK]HLWLJVHLQHQ0LWPHQVFKHQYHUVWlQGOLFKPDFKHQ  

 (LQ -QJHU -HVX LVW MHQHU GHU GXUFK GDV :RUW EH]ZLQJW GHU EHU]HXJW XQG WU|VWHW GHU
HUKHEW XQG HUZHFNW GHU DXV GHP %H]ZXQJHQHQ HLQHQ hEHUZLQGHU VHLQHU VHOEVW XQG GHU
:LGHUZlUWLJNHLWHQPDFKW

(LQ$SRVWHO&KULVWLNDQQNHLQHQ(JRLVPXVLQVHLQHP+HU]HQWUDJHQLQGHPHUQXUDQVHLQH
HLJHQHQ/HLGHQRGHU6RUJHQGHQNW(UVRUJWVLFKQLFKWXPGDV6HLQHXQGGHQNWDQGLHDQGHUHQ
PLW GHP DEVROXWHQ 9HUWUDXHQ GD HU QLFKWV YHUQDFKOlVVLJW KDW ZHLO GHU 9DWHU XQYHU]JOLFK
MHQHPEHLVWHKWGHUGDV6HLQH]XUFNJHODVVHQKDWXPVLFKHLQHP.LQGHGHV+HUUQ]XZLGPHQ
GDV JHLVWLJHQ %HLVWDQG EHQ|WLJW 8QG MHQHU GHU VLFK VHOEVW YHUJD XP HLQHP 1lFKVWHQ HLQ
/lFKHOQ GHU +RIIQXQJ HLQHQ 7URVW IU VHLQH 7UDXULJNHLW HLQHQ 7URSIHQ %DOVDP IU VHLQHQ
6FKPHU]]XEULQJHQILQGHWVHLQ+HLPEHLVHLQHU5FNNHKUYRQHLQHP/LFKWHUKHOOWZHOFKHV
6HJHQ)UHXGHXQG)ULHGHQLVW  

$QPHLQHP7LVFKHLQGLHVHU=HLWZLUGVRZRKOGHU0DQQDOVDXFKGLH)UDX $SRVWHOVHLQ
DQGLHVHQ7LVFKZHUGH,FKHXUHQ*HLVW VHW]HQ

'LH)UDXHQVLQGHVJHZHVHQGLHLQGLHVHU=HLWGDVVSLULWXDOLVWLVFKH%DQQHUKRFKJHKDOWHQ
KDEHQVLH KDEHQDXIGHP:HJHGLH6SXUGHV$SRVWHOVKLQWHUODVVHQGHUPLW(LIHU GDV*HVHW]
GHV+HUUQEHDFKWHW

,QPHLQHUQHXHQ$SRVWHOVFKDUZLUGGLH)UDXQHEHQGHP0DQQHVWHKHQXQGHVZLUGNHLQH
EHVWLPPWHQ/HEHQVDOWHUJHEHQXP0LU]XGLHQHQVRZRKOGHU(UZDFKVHQHDOVDXFKGDV.LQG
RGHU GHU *UHLV ZHUGHQ HV WXQ GDV MXQJH 0lGFKHQ ZLH GLH 0XWWHU 'HQQ ,FK VDJH HXFK HLQ
ZHLWHUHV 0DO GD HV HXHU *HLVW LVW GHQ ,FK VXFKH XQG GD HU VFKRQ VHLW ODQJHP VHLQH
.LQGKHLWKLQWHUVLFKJHODVVHQKDW X R

:HQQ,FKHXFKLQGHU=ZHLWHQ=HLWVDJWHGDPHLQ5HLFKQLFKWYRQGLHVHU:HOWLVWVR
VDJH ,FK HXFK KHXWH GD VLFK KLHU DXFK QLFKW GDV HXUH EHILQGHW ZHLO GLHVH :HOW ZLH LKU
EHUHLWVZLWIUGHQ0HQVFKHQQXUHLQhEHUJDQJLVW

 ,FK OHKUH HXFK GDV ZDKUH /HEHQ GDV QLHPDOV DXI 0DWHULDOLVPXV JHJUQGHW JHZHVHQ LVW
'HVKDOEZHUGHQVLFKGLH0lFKWLJHQGHU(UGHHUQHXWJHJHQPHLQH/HKUHHUKHEHQ,FKNRPPH
]XHXFKPLWPHLQHUHZLJHQ/HKUHPLWPHLQHUIULPPHUJOWLJHQ8QWHUZHLVXQJZHOFKHDXV
/LHEH:HLVKHLWXQG*HUHFKWLJNHLWEHVWHKW'HQQRFKZLUGVLHQLFKWVRIRUWYHUVWDQGHQZHUGHQ
GLH0HQVFKKHLWZLUGPLFKZLHGHUXPYHUXUWHLOHQZLUG0LFKQRFKHLQPDODQV.UHX]VFKODJHQ
'RFK ,FK ZHLVV GDVV PHLQH /HKUH GXUFK DOO GLHV KLQGXUFKJHKHQ PXVV XP DQHUNDQQW XQG
JHOLHEW ]X ZHUGHQ ,FK ZHLVV GDVV PHLQH VFKlUIVWHQ 9HUIROJHU KHUQDFK PHLQH WUHXHVWHQ XQG
HQWVDJXQJVEHUHLWHVWHQ 6lPlQQHU VHLQ ZHUGHQ GHQQ ,FK ZHUGH LKQHQ VHKU JURVVH %HZHLVH
PHLQHU:DKUKHLWJHEHQ

 -HQHU 1LNRGHPXV GHU =ZHLWHQ =HLW HLQ )UVW XQWHU GHQ 3ULHVWHUQ GHU -HVXV DXIVXFKWH
XPPLWLKPEHUZHLVHXQGWLHIJUQGLJH /HKULQKDOWH]XVSUHFKHQZLUGLQGLHVHU=HLWHUQHXW
HUVFKHLQHQXPPHLQ:HUNJHZLVVHQKDIW]XHUIRUVFKHQXQGVLFK]XLKP]XEHNHKUHQ


-HQHU6DXOXVJHQDQQW3DXOXVZHOFKHU QDFKGHPHU0LFKPLW,QJULPPYHUIROJWKDWWH ]X
HLQHP PHLQHU JU|VVWHQ $SRVWHO ZXUGH ZLUG HUQHXW DXI PHLQHP :HJH HUVFKHLQHQ XQG
DOOHURUWHQ ZHUGHQ VLFK PHLQH QHXHQ -QJHU ]HLJHQ GLH HLQHQ LQEUQVWLJ DQGHUH VLFK VHOEVW
YHUOHXJQHQG 'LH JHJHQZlUWLJH 6WXQGH LVW YRQ JURVVHU 7UDJZHLWH GLH =HLW YRQ GHU ,FK ]X
HXFKVSUHFKHNRPPWHXFKLPPHU QlKHU  

'LH0HQVFKHQEHGUIHQGHUHUGLHLQGHQ3UIXQJHQVWDQGKDIW]XEOHLEHQYHUP|JHQGHUHU
GLH PLW GHQ JURHQ .lPSIHQ GHU :HOW XQG GHV *HLVWHV YHUWUDXW VLQG 6LH VLQG HV GLH GHU
0HQVFKKHLWGLH5LFKWXQJZHLVHQXQGVLHIKUHQN|QQHQ GHQQLQLKUHQ+HU]HQZLUGQLFKWGDV
9HUODQJHQ VHLQ LUJHQGMHPDQGHQ ]X XQWHUGUFNHQ RGHU ]X EHKHUUVFKHQ 6LH N|QQHQ GHU
6HOEWVXFKW NHLQH +HUEHUJH JHZlKUHQ ZHLO VLH LQ LKUHQ $XJHQEOLFNHQ GHU (UKHEXQJ GLH
%DUPKHU]LJNHLW GHV +HUUQ HPSIXQGHQ KDEHQ GHU VLH PLW /LHEH EHUVFKWWHW GDPLW VLH YRQ
GLHVHU%DUPKHU]LJNHLWDQLKUH%UGHUZHLWHUJHEHQ 

'LH*RWWJHVDQGWHQLQDOOHU:HOWXQG]XDOOHQ=HLWHQ

'LH9|ONHUGHU(UGHKDEHQQLHPDOVGHV*HLVWLJHQ/LFKWHVHUPDQJHOW:DKUOLFK,FKVDJH
HXFKQLFKWQXUGLHVHV9RONKLHUKDW3URSKHWHQXQG6HQGERWHQJHKDEWVRQGHUQDOOHQKDEH,FK
%RWHQJHVDQGWXPVLH]XHUZHFNHQ

$XIJUXQGGHV/LFKWHVXQGGHU:DKUKHLWLKUHU/HKUHQVRZLHGHUbKQOLFKNHLWPLWGHPZDV
,FKHXFK RIIHQEDUWKDEHN|QQWLKULKUH:RUWHEHXUWHLOHQ

'LHHLQHQOHEWHQYRUGHP.RPPHQGHV0HVVLDVGLHDQGHUHQZLUNWHQQDFKPHLQHP'DVHLQ
DOV0HQVFKDEHUDOOHKDEHQGHQ0HQVFKHQHLQHJHLVWLJH%RWVFKDIWJHEUDFKW

-HQH/HKUHQKDEHQ HEHQVRZLHGLHPHLQH (QWVWHOOXQJHQHUIDKUHQGHQQZHQQPDQQLFKW


LKUHQ6LQQJHKDOWYHUlQGHUWKDWKDWPDQVLHYHUVWPPHOWRGHUVLHZXUGHQGHQQDFK:DKUKHLW
KXQJHUQGHQ0HQVFKHQYHUKHLPOLFKW

(LQHHLQ]LJH:DKUKHLWXQGHLQHHLQ]LJH0RUDOLVWHVGLHGHQ0HQVFKHQGXUFK6HQGERWHQ
3URSKHWHQ XQG 'LHQHU RIIHQEDUW ZXUGH :DUXP KDEHQ GLH 9|ONHU GDQQ XQWHUVFKLHGOLFKH
9RUVWHOOXQJHQYRQGHU:DKUKHLWGHU0RUDOXQGGHP/HEHQ"

 'LHVH :DKUKHLW GLH ]X DOOHQ =HLWHQ YRQ GHU 0HQVFKKHLW YHUIlOVFKW ZXUGH ZLUG
ZLHGHUKHUJHVWHOOW ZHUGHQ XQG LKU /LFKW ZLUG PLW VROFKHU 0DFKW HUVWUDKOHQ GD HV IU GLH
0HQVFKHQGHQ$QVFKHLQKDEHQZLUGDOVREHVHWZDV1HXHVZlUHREZRKOHVGDVJOHLFKH/LFKW
LVWGDVLPPHUGDUGHQ(QWZLFNOXQJVZHJGHU.LQGHUPHLQHU*|WWOLFKNHLWHUKHOOWKDW

 9LHOH VLQG GHUHU GLH VWDUEHQ ZHLO VLH GLH :DKUKHLW JHVDJW KDEHQ YLHOH DXFK GHUHU GLH
)ROWHUXQJHQ XQWHUZRUIHQ ZXUGHQ ZHLO VLH GLH 6WLPPH GLH LQ LKQHQ VSUDFK QLFKW ]XP
6FKZHLJHQEULQJHQZROOWHQ

 'HQNW QLFKW GD GHU +LPPHO QXU MHQH JHVDQGW KDW GLH ]X HXFK YRP *HLVWH YRQ /LHEH
YRQ 0RUDO JHVSURFKHQ KDEHQ  QHLQ HU KDW DXFK MHQH JHVDQGW GLH HXFK JXWH )UFKWH GHU
:LVVHQVFKDIW EHVFKHUW KDEHQ MHQH .HQQWQLVVH ZHOFKH /LFKW LQ GDV /HEHQ GHU 0HQVFKHQ
EULQJHQZHOFKHLKUH/DVWHQHUOHLFKWHUQXQGLKUH1|WHOLQGHUQ6LHDOOHVLQGPHLQH*HVDQGWHQ
JHZHVHQ

 (V JLEW DXFK DQGHUH GLH ]ZDU NHLQH /HKUHQ JHLVWLJHU 0RUDO RGHU ZLVVHQVFKDIWOLFKH
(QWGHFNXQJHQEULQJHQGLHMHGRFKGLH%RWVFKDIWPLWEULQJHQZHOFKHOHKUWGLH6FK|QKHLWHQGHU


6FK|SIXQJ]XIKOHQXQG]XEHZXQGHUQ(VVLQG%RWVFKDIWHUYRQ0LUGLHGLH$XIJDEHKDEHQ
GHQ+HU]HQGHU%HWUEWHQ)UHXGHXQG%DOVDP]XEULQJHQ

 6LH DOOH KDEHQ HLQHQ ELWWHUHQ .HOFK JHWUXQNHQ DOV VLH GDV 8QYHUVWlQGQLV HLQHU IU GLH
:DKUKHLW EOLQGHQ :HOW JHZDKU ZXUGHQ HLQHU IU GDV 6FK|QH XQG GDV *XWH JHIKOORVHQ
0HQVFKKHLW 8QG GHQQRFK  ZHQQ ,FK HXFK JHVDJW KDEH GD LQ GLHVHU (SRFKH DOOHV
ZLHGHUKHUJHVWHOOW ZHUGHQ ZLUG  ZHQQ ,FK HXFK DQJHNQGLJW KDEH GD DOOHV DXI GLH UHFKWH
%DKQ]XUFNNHKUHQZLUGXQGDOOPHLQHQ/HKUHQLKUXUVSUQJOLFKHU6LQQJHKDOW]XUFNJHJHEHQ
ZHUGHQ ZLUG VR N|QQW LKU JODXEHQ GD IU GLHVH :HOW HLQH =HLW JHLVWLJHQ *ODQ]HV QDKH LVW
REVFKRQ LKU QLFKW YHUJHVVHQ GUIW GD  EHYRU GLHV HLQWULWW  DOOHV JHULFKWHW XQG JHOlXWHUW
ZHUGHQZLUG  

 ,PPHUZHQQHLQH*RWWHVRIIHQEDUXQJLP %HJULIIHLVWGLH0HQVFKHQ]XHUOHXFKWHQKDEH


,FKLKQHQ:HJEHUHLWHURGHU3URSKHWHQ JHVDQGWXPVLHYRU]XEHUHLWHQGDPLWMHQHV /LFKWYRQ
LKQHQ HUNDQQW ZHUGHQ NDQQ 'RFK JODXEW QLFKW GD QXU MHQH PHLQH %RWHQ VLQG GLH
%RWVFKDIWHQIUGHQ*HLVWEULQJHQ1HLQ-QJHUHLQMHGHUGHUXQWHUGHQ0HQVFKHQGDV*XWH
VlWLQLUJHQGHLQHUVHLQHU)RUPHQLVWHLQ%RWHYRQ0LU

 'LHVH 6HQGERWHQ N|QQW LKU DXI DOOHQ :HJHQ HXUHV /HEHQV DQWUHIIHQ VRZRKO LQ GHQ
5HOLJLRQVJHPHLQVFKDIWHQDOVDXFKLQGHQ:LVVHQVFKDIWHQ XQWHUGHQ0HQVFKHQGLHUHJLHUHQ
RGHUEHLGHQHQGLHJXWH/HKUHQHUWHLOHQ

(LQJXWHU'LHQHUYRQPLUZHLFKWQLHPDOVYRQGHP3IDGHDEGHQHU]XUFN]XOHJHQKDWHU
VWLUEW OLHEHU XQWHUZHJV DOV GD HU ]XUFNZHLFKW 6HLQ 9RUELOG LVW HLQ 6DPH GHV /LFKWHV LP
/HEHQ VHLQHU 1lFKVWHQ XQG VHLQH :HUNH VLQG %HLVSLHOH IU GLH DQGHUHQ $FK ZHQQ GLH
0HQVFKKHLWGRFKGLH%RWVFKDIWHQYHUVWHKHQN|QQWHGLH,FKLKUGXUFKVLH]XVHQGH'RFKHV LVW
QLFKW VR ZHLO HV YLHOH 0HQVFKHQ JLEW GLH KHLNOH 0LVVLRQHQ DXI GHU :HOW KDEHQ GLH MHGRFK
LKUH %OLFNH YRQ MHQHQ JURHQ 9RUELOGHUQ DELUUHQ ODVVHQ XP HLQHQ :HJ HLQ]XVFKODJHQ GHU
LKQHQEHVVHUJHIlOOW  

'RFKZDVKDVWGXPLWMHQHQ0HQVFKHQJHPDFKW0HQVFKKHLWGLH,FK]XGLUJHVDQGWKDEH
GDPLWVLHGLFKDQPHLQHQ:HJHULQQHUQGHQ:HJGHV*ODXEHQVZHOFKHUMHQHUGHU:HLVKHLW
GHU/LHEHXQGGHV)ULHGHQVLVW"

 ,KU ZROOWHW QLFKWV YRQ LKUHQ $XIJDEHQ ZLVVHQ XQG KDEW VLH PLW GHP KHXFKOHULVFKHQ
*ODXEHQEHNlPSIWGHQLKUDXIJUXQGHXUHU7KHRULHQXQG.RQIHVVLRQHQKDEW

 (XUH $XJHQ ZROOWHQ GDV /LFKW QLFKW VFKDXHQ GDV HXFK MHGHU PHLQHU *HVDQGWHQ DOV
/LHEHVERWVFKDIW EUDFKWH RE LKU VLH QXQ 3URSKHWHQ 6HKHU (UOHXFKWHWH bU]WH 3KLORVRSKHQ
:LVVHQVFKDIWOHURGHU6HHOVRUJHUQHQQW

-HQH0HQVFKHQKDWWHQ&KDULVPDGRFKLKUZROOWHWLKU/LFKWQLFKWHUNHQQHQ6LHVLQGHXFK
YRUDQJHJDQJHQGRFKLKUZROOWHWLKUHQ6FKULIWHQQLFKWIROJHQ

 6LH KLQWHUOLHHQ HXFK GDV %HLVSLHO HLQHV /HEHQVZHJHV YROOHU 2SIHU 6FKPHU] XQG
:RKOWlWLJNHLWGRFKLKUKDWWHW$QJVWGDYRULKQHQQDFK]XHLIHUQZHLOHXFKQLFKWEHZXVVWZDU
GDVVGHU6FKPHU]GHUHUGLH0LUQDFKIROJHQ)UHXGHIUGHQ*HLVWLVWHLQ:HJYROOHU%OXPHQ
XQGHLQ+RUL]RQWYROOHU9HUKHLXQJHQ


 6LH NDPHQ QLFKW XP GHQ 'XIW GHU %OXPHQ DXI (UGHQ HLQ]XRUGQHQ QRFK VLFK DQ GHQ
IOFKWLJHQ9HUJQJXQJHQGHU:HOW]XEHUDXVFKHQGHQQGDV9HUODQJHQLKUHU6HHOHZDUQLFKW
PHKUDXIGDV8QUHLQHJHULFKWHWVRQGHUQDXIGDV+RKH

 6LH OLWWHQ DEHU VLH VXFKWHQ QLFKW JHWU|VWHW ]X ZHUGHQ ZHLO VLH ZXVVWHQ GDVV VLH
JHNRPPHQZDUHQXPVHOEVW]XWU|VWHQ6LHHUZDUWHWHQQLFKWVYRQGHU:HOWZHLOVLHQDFKGHP
/HEHQVNDPSIGLH)UHXGHHUZDUWHWHQGLH$XIHUVWHKXQJGHU6HHOHQ DOOMHQHUGLHGHU:DKUKHLW
DEJHVFKZRUHQKDWWHQ]XP*ODXEHQXQG]XP/HEHQPLW]XHUOHEHQ

:HUVLQGMHQH0HQVFKHQYRQGHQHQ,FK]XHXFKVSUHFKH",FKVDJHHXFKHVKDQGHOWVLFK
GDEHLXPDOOMHQHGLHHXFK%RWVFKDIWHQGHV/LFKWHVGHU/LHEHGHU+RIIQXQJGHU*HVXQGKHLW
GHV*ODXEHQVGHV+HLOVJHEUDFKWKDEHQ'HU1DPHGHQVLHKDWWHQLVWQLFKWZLFKWLJQRFK GHU
/HEHQVZHJDXIGHQLKUVLHKDEWLQ(UVFKHLQXQJWUHWHQVHKHQQRFKGHU7LWHOGHQVLHDXI(UGHQ
JHWUDJHQKDEHQ  

 ,FK PX HXFK HLQ ZHLWHUHV 0DO VDJHQ GD GLHVHV 9RON GDV VLFK XP PHLQH .XQGJDEHQ
ELOGHWNHLQ9RONLVWGDVGHU9DWHULQVHLQHU/LHEHEHUGLHDQGHUHQ9|ONHUGHU(UGHVWHOOW'HU
+HUU KDW QXU GHVKDOE VHLQHQ %OLFN DXI HV JHULFKWHW ZHLO HU HV DXV 6HHOHQ JHELOGHW KDW GLH
VFKRQ LPPHU DXI GHU :HOW JHZHVHQ VLQG ZHQQ HLQH QHXH *|WWOLFKH 2IIHQEDUXQJ
KHUQLHGHUJHNRPPHQ LVW (V VLQG JHLVWLJH .LQGHU MHQHV 9RONHV ,VUDHO GHP 9RON YRQ
3URSKHWHQ6HQGERWHQ6HKHUQXQG3DWULDUFKHQ

 :HU N|QQWH 0LFK EHVVHU DOV VLH LQ GLHVHU =HLW HPSIDQJHQ GLH QHXH )RUP PHLQHU
2IIHQEDUXQJEHJUHLIHQXQGGLH(UIOOXQJPHLQHU9HUKHLXQJHQEH]HXJHQ"  

,FKELQLQGHQ6FKRGHV9RONHV,VUDHOKHUDEJHNRPPHQGDVLQVHLQHU0HKU]DKOLQGLHVHU
1DWLRQ]XKDXVHLVW'LH EULJHQVLQGLQ DOOH1DWLRQHQYHUVWUHXWYRQ0LU JHVDQGWXQGLKQHQ
KDEH,FK0LFKJHLVWLJNXQGJHWDQ'LHVVLQGPHLQH$XVHUZlKOWHQGLH 0LUWUHXJHEOLHEHQVLQG
,KU+HU]KDWVLFKQLFKWDQJHVWHFNWXQGLKU*HLVWNDQQPHLQH,QVSLUDWLRQHQDXIQHKPHQ'XUFK
LKUH9HUPLWWOXQJJHEH,FKGHU:HOWGHU]HLWHLQHQJURHQ6FKDW]DQ:HLVKHLW X

*HOLHEWH.LQGHUGLHLKULQJHULQJHU=DKOKHUEHLJHNRPPHQVHLGZDKUOLFK,FKVDJHHXFK
PHLQ GXUFKGULQJHQGHU %OLFN HQWGHFNW EHUDOO PHLQH (UZlKOWHQ GLH LQ LKUHP *HLVWH IKOHQ
GD QXQ GLH =HLW PHLQHU *HJHQZDUW LVW 6LH KDEHQ PHLQ :RUW QLFKW ZLH LKU JHK|UW GRFK LQ
LKUHP*HLVWHYHUQHKPHQVLHHLQH6WLPPHGLHLKQHQVDJWGD,FKHUQHXWXQWHUGHU0HQVFKKHLW
ELQ GD ,FK JHLVWLJ DXI GHU :RONH JHNRPPHQ ELQ 'HQ HLQHQ ZHUGH ,FK JHZlKUHQ 0LFK
PLWGHQ$XJHQGHV*HLVWHV]XVFKDXHQDQGHUHQPLWWHOVGHV$KQXQJVYHUP|JHQVGHQEULJHQ
PDFKH ,FKPHLQH/LHEHVWDUNIKOEDUGDPLWVLHGLH*HJHQZDUWPHLQHV*HLVWHVVSUHQ 


%DOGZHUGHQVLFKGLH,QWXLWLYHQGLH,QVSLULHUWHQGLHVHHOLVFK(PSILQGVDPHQHUKHEHQXQG
LQ GHQ 1DWLRQHQ GDV EH]HXJHQ ZDV VLH PLW GHP *HLVWH VHKHQ ZDV VLH HPSILQGHQ ZDV VLH
YHUQHKPHQ XQG HPSIDQJHQ ,FK VDJH HXFK QRFKPDOV GD PHLQ 9RON VLFK QLFKW DXI GLH
EHVFKUlQNW GLH 0LFK GXUFK GLHVH 6WLPPWUlJHU YHUQRPPHQ KDEHQ VRQGHUQ GD ,FK PHLQH
'LHQHU ]X YHUVFKLHGHQHQ 3XQNWHQ GHU (UGH JHVDQGW KDEH XP GLH :HJH ]X EHUHLWHQ XQG GLH
)HOGHU]XEHUHLQLJHQ]XGHQHQVSlWHUGLH6lPlQQHUNRPPHQPVVHQ

,FKVWlUNHVLHXQGVHJQHVLHGHQQLKU7DJHZHUNLVWOHLGYROOLKU3IDGPLW'RUQHQEHVSLFNW
6SRWW+RKQ9HUOHXPGXQJXQG1LHGHUWUDFKWIROJHQLKQHQEHUDOOKLQ$EHUVLH  DKQXQJVYROO
XQGLQVSLULHUW ZLVVHQGDVLHYRQ0LUJHVDQGWZRUGHQVLQGXQGVLQGZLOOHQVLQ(UIOOXQJ
LKUHU0LVVLRQELVDQV(QGHGHV:HJHV]XJHODQJHQ  


,FKODGHHXFKHLQPHLQ5HLFK]XEHWUHWHQ,FKUXIHDOOH9|ONHUGHU(UGHRKQHLUJHQGHLQH
%HYRU]XJXQJGRFK,FKZHLGDQLFKWDOOHDXI0LFKK|UHQZHUGHQ

'LH0HQVFKKHLWKDWLKUH/DPSHDXVJHO|VFKWXQGZDQGHOWLP'XQNHOQ'RFKGRUWZRVLFK
,UUWXP EHPHUNEDU PDFKW ZLUG HLQ (UOHXFKWHWHU YRQ 0LU DXIWUHWHQ GHU LQ VHLQHU 8PJHEXQJ
/LFKWPDFKW HLQJHLVWLJHU:lFKWHUGHUZDFKWXQGDXIPHLQ=HLFKHQZDUWHWXPGHQ$ODUPUXI
HUVFKDOOHQ]XODVVHQGHUHUZHFNWXQGHUVFKWWHUW

 /DW GLH /LHEH MHQHU 6HQGERWHQ LQ HXUHQ +HU]HQ IUXFKWWUDJHQGHU 6DPH VHLQ /HKQW VLH
QLFKWDEZHQQVLHVLFKYRUHXFKLQlXHUOLFKHU$UPXW]HLJHQ+|UWDXIVLHGHQQVLHNRPPHQ
LQ PHLQHP 1DPHQ XP HXFK HLQH )lKLJNHLW ]X YHUPLWWHOQ GLH LKU GHU]HLW QLFKW NHQQW 6LH
ZHUGHQHXFKGDVYROONRPPHQH*HEHWOHKUHQZHUGHQHXFKYRQGHQ%DQGHQGHV0DWHULDOLVPXV
EHIUHLHQPLWGHQHQLKU JHIHVVHOWVHLG ZHUGHQ HXFKKHOIHQGLH JHLVWLJH )UHLKHLW]XHUODQJHQ
GLHHXFK]X0LUHUKHEW 

 )DOOV LUJHQGZHU DXIWUHWHQ XQG EHKDXSWHQ VROOWH GD HU GHU HUQHXW 0HQVFK JHZRUGHQH
&KULVWXV VHL VR JODXEW LKP QLFKW 'HQQ DOV ,FK HXFK DQNQGLJWH GD ,FK ZLHGHUNRPPHQ
ZUGHOLH,FKHXFKZLVVHQGDHVLP*HLVWHVHLQZUGH)DOOVHXFKMHPDQGVDJHQVROOWHLFK
ELQGHU*HVDQGWH*RWWHV  PLWUDXWLKPGHQQGLHZDKUHQ%RWHQSUDKOHQQLFKWXQGSRVDXQHQ
GLH LKQHQ DQYHUWUDXWH 0LVVLRQ QLFKW DXV 6LH ZHLVHQ VLFK QXU GXUFK LKUH :HUNH DXV (V LVW
6DFKHGHU 0HQVFKHQ ]XVDJHQREMHQHUHLQ %RWHGHV+HUUQLVW(ULQQHUWLKUHXFKGDUDQGD
,FKHXFKVDJWHGDGHU%DXPDQVHLQHQ)UFKWHQHUNDQQWZUGH"

,FKYHUELHWHHXFKQLFKWGLH)UFKWHGHU%lXPH]XSURELHUHQDEHULKUPW]XJHUVWHW
VHLQGDPLWLKUGLHJXWH)UXFKWYRQGHUVFKOHFKWHQ]XXQWHUVFKHLGHQYHUP|JW

-HQHGLHGLH:DKUKHLWOLHEHQZHUGH,FKDOV/HXFKWHUDXIVWHOOHQGDPLWVLHGHQ3IDGLKUHU
0LWPHQVFKHQHUKHOOHQ  

 'LH =HLWHQ LQ GHQHQ LKU DXI GHU :HOW HLQHQ JHLVWLJHQ )KUHU Q|WLJ KDWWHW VLQG YRUEHU
9RQQXQDQZLUGMHGHUGHUGLHVHP3IDGHIROJWNHLQHQDQGHUHQ:HJDOVGHQPHLQHV*HVHW]HV
KDEHQQRFKHLQHQDQGHUHQ)KUHUDOVGHQVHLQHVHLJHQHQ*HZLVVHQV

'HQQRFKZLUGHVLPPHU0lQQHUXQG)UDXHQYRQ JURHP/LFKWHXQGJURHU6HHOHQVWlUNH
JHEHQGLHGXUFKLKU9RUELOGXQGLKUH,QVSLUDWLRQGHQ0HQVFKHQVFKDUHQEHLVWHKHQ

 :HQQ HV DQGHUV ZlUH KlWWH ,FK HXFK EHUHLWV *HLVWHU ZLH 0RVH RGHU ZLH (OLD ]XU (UGH
JHVDQGW GDPLW VLH HXFK GHQ :HJ YRU]HLFKQHQ XQG HXFK LPPHU]X DQ GDV *HVHW] HULQQHUQ
ZUGHQ 6LH VWHKHQ HXFK DXFK EHL EHKWHQ XQG EHJOHLWHQ HXFK DEHU QLFKW PHKU LQ
PHQVFKOLFKHU*HVWDOWVRQGHUQYRP*HLVWLJHQDXV

:HUVLHKWVLH"1LHPDQG$EHUZHQQLKUHXFK]XUVWHWZHUGHWLKUEHUHXFKGLH*HJHQZDUW
JURHU *HLVWHU IKOHQ GLH LPPHU PLW GHU 0HQVFKKHLW LQ 9HUELQGXQJ VWDQGHQ XQG JURH
0LVVLRQHQLQLKU]XHUIOOHQKDWWHQ 


,, 5h&.6&+$8 $8) ',( (567( 81' =:(,7(
2))(1%$581*6=(,7
.DSLWHO *HVFKLFKWHQXQG*HVWDOWHQGHV9RONHV,VUDHO

'LH 6QGHQIDOOJHVFKLFKWH

 'LH JHVFKLFKWOLFKH hEHUOLHIHUXQJ EHU GLH HUVWHQ 0HQVFKHQ ZHOFKH GLH (UGH EHZRKQWHQ
ZXUGH YRQ *HQHUDWLRQ ]X *HQHUDWLRQ ZHLWHUJHJHEHQ ELV VLH LP %XFK GHU (UVWHQ =HLW
QLHGHUJHVFKULHEHQ ZXUGH (V LVW HLQ OHEHQGLJHV *OHLFKQLV MHQHU HUVWHQ 0HQVFKHQZHVHQ GLH
DXI GHU (UGH OHEWHQ ,KUH /DXWHUNHLW XQG 8QVFKXOG HUP|JOLFKW LKQHQ GLH /LHENRVXQJ GHU
0XWWHU1DWXU]XIKOHQ=ZLVFKHQDOOHQ:HVHQEHVWDQGHLQIUHXQGVFKDIWOLFKHV9HUKlOWQLVXQG
XQWHUDOOHQ*HVFK|SIHQHLQHXQHLQJHVFKUlQNWH%UGHUOLFKNHLW 

 ,Q HLQHP *|WWOLFKHQ *OHLFKQLV LQVSLULHUWH ,FK GLH HUVWHQ 0HQVFKHQ GDPLW VLH HLQH HUVWH
.HQQWQLV LKUHU %HVWLPPXQJ HUODQJHQ ZUGHQ DEHU GHU 6LQQJHKDOW PHLQHU 2IIHQEDUXQJHQ
ZXUGHIDOVFKJHGHXWHW

 $OV ]X HXFK YRP %DXPH GHV /HEHQV JHVSURFKHQ ZXUGH YRQ GHP GHU 0HQVFK D GHP
:LVVHQXP*XWXQG%|VHVROOWHHXFKQXUEHJUHLIOLFKJHPDFKWZHUGHQGDGHU0HQVFK DOV
HU JHQJHQG (UNHQQWQLV EHVD XP ]ZLVFKHQ 5HFKW XQG 8QUHFKW ]X XQWHUVFKHLGHQ XQG HU
GDPLWIUVHLQH7DWHQYHUDQWZRUWOLFKZXUGH YRQGDDQGLH)UFKWHVHLQHU:HUNH]XHUQWHQ
EHJDQQ 

,KUZLWGD*RWW]XGHQ0HQVFKHQVDJWH:DFKVHWXQGPHKUHWHXFKXQGIOOHWGLH(UGH
'LHVZDUGDVDQIlQJOLFKH*HVHW]GDVPDQHXFKJDE9RON6SlWHUKDWGHU9DWHUGLH0HQVFKHQ
QLFKW QXU GD]X DXIJHIRUGHUW GD VLH VLFK PHKUHQ XQG GD GDV 0HQVFKHQJHVFKOHFKW ZHLWHU
ZlFKVW VRQGHUQ GD LKUH *HIKOH LPPHU KRFKKHU]LJHU ZHUGHQ XQG LKU *HLVW HLQH
XQEHKLQGHUWH (QWIDOWXQJ XQG (QWZLFNOXQJ QLPPW 'RFK ZHQQ GDV HUVWH *HVHW] GLH
$XVEUHLWXQJ GHU PHQVFKOLFKHQ 5DVVH ]XP =LHOH KDWWH ZLH N|QQW LKU GD DQQHKPHQ GD
GHUVHOEH9DWHUHXFKEHVWUDIHQZUGHZHLOLKUHLQ*HERWYRQ,KPEHIROJWXQGHUIOOWKDEW",VW
HVP|JOLFK9RONGDLQHXUHP*RWWHLQVROFKHU:LGHUVSUXFKH[LVWLHUW"

 6HKW ZHOFK PDWHULHOOH $XVOHJXQJ GLH 0HQVFKHQ HLQHP *OHLFKQLV JDEHQ LQ GHP ]X HXFK
QXU YRP (UZDFKHQ GHV *HLVWHV LP 0HQVFKHQ JHVSURFKHQ ZXUGH (UJUQGHW GDKHU PHLQH
8QWHUZHLVXQJXQGVDJWQLFKWOlQJHUGDLKUGLH6FKXOGEH]DKOWGLHGLHHUVWHQ(UGHQEHZRKQHU
GXUFKLKUHQ8QJHKRUVDPJHJHQEHULKUHP9DWHUDXIVLFKOXGHQ+DEWHLQHK|KHUH9RUVWHOOXQJ
YRQGHU*|WWOLFKHQ*HUHFKWLJKHLW 

-HW]WLVWGLH=HLWLQGHULKUPHLQH:RUWH:DFKVHWXQGPHKUHWHXFKYHUVWHKHQN|QQWGD
GLHV QlPOLFK DXFK JHLVWLJ JHWDQ ZHUGHQ PX XQG GD LKU GDV 8QLYHUVXP PLW HXUHQ JXWHQ
:HUNHQ XQG OLFKWYROOHQ *HGDQNHQ HUIOOHQ VROOW ,FK KHLH DOOH ZLOONRPPHQ GLH 0LU
QlKHUNRPPHQZROOHQ DOOHGLHQDFK9ROONRPPHQKHLWVWUHEHQ 

:LOOHQVIUHLKHLWXQG8UVQGH

 ,KU VDJW 0LU GD LKU ZHJHQ HXUHU :LOOHQVIUHLKHLW LQ )HKOHU XQG ,UUWPHU JHUDWHQ VHLG
'DUDXI DQWZRUWH ,FK HXFK GD LKU HXFK GXUFK GLHVH *DEH XQHQGOLFK EHU GHQ 3XQNW KLQDXV
HUKHEHQN|QQWYRQGHPLKU]X%HJLQQHXUHU(QWZLFNOXQJDXVJHJDQJHQVHLG


 $XHU GHU :LOOHQVIUHLKHLW JDE ,FK MHGHP *HLVW PHLQ /LFKW LQ VHLQHP *HZLVVHQ GDPLW
QLHPDQGLQGLH,UUHJHKHDEHUGLHGLHPHLQH6WLPPHQLFKWK|UHQZROOWHQRGHULP9HUODQJHQ
QDFK *HLVWLJHP /LFKW QLFKW LQ LKU ,QQHUHV HLQNHKUHQ ZROOWHQ OLHHQ VLFK EDOG GXUFK GLH
]DKOORVHQ 6FK|QKHLWHQ GHV PHQVFKOLFKHQ /HEHQV YHUIKUHQ YHUORUHQ GLH 6WW]H PHLQHV
*HVHW]HVIULKUH6HHOHXQGPXWHQVWUDXFKHOQXQGIDOOHQ

(LQHLQ]LJHV9HUJHKHQ]RJYLHOHVFKPHU]OLFKH)ROJHQQDFKVLFKXQG]ZDUGHVKDOEZHLOGLH
8QYROONRPPHQKHLWQLFKWLP(LQNODQJPLWGHU*|WWOLFKHQ/LHEHLVW

-HQHZHOFKHHUJHEHQXQGUHXHYROOVRJOHLFK]XP9DWHU]XUFNNHKUWHQXQG,KQVDQIWPWLJ
EDWHQ GD (U VLH UHLQLJHQ XQG YRQ GHQ 9HUIHKOXQJHQ ORVVSUHFKH GLH VLH VRHEHQ EHJDQJHQ
KDWWHQ HPSILQJ GHU +HUU PLW XQHQGOLFKHU /LHEH XQG %DUPKHU]LJKHLW WU|VWHWH LKUHQ *HLVW
VDQGWHVLHDXVXPLKUH)HKOHUZLHGHUJXW]XPDFKHQXQGEHVWlWLJWHVLHLQLKUHU$XIJDEH

 *ODXEW QLFKW GD DOOH QDFK LKUHP HUVWHQ 8QJHKRUVDP VDQIWPWLJ XQG UHXHYROO
]XUFNNHKUWHQ 1HLQ YLHOH NDPHQ YROO +RFKPXW XQG *UROO $QGHUH ZROOWHQ VFKDPHUIOOW LQ
(UNHQQWQLV LKUHU 6FKXOG LKUH 9HUJHKHQ YRU 0LU UHFKWIHUWLJHQ XQG IHUQH GDYRQ VLFK GXUFK
5HXHXQG%HVVHUXQJ]XOlXWHUQ ZHOFKH%HZHLVYRQ'HPXWVLQG HQWVFKLHGHQVLHVLFKIU
VLFKVHOEVWHLQ /HEHQQDFKLKUHU:HLVH ]XVFKDIIHQDXHUKDOEGHU*HVHW]HGLHPHLQH /LHEH
YRUVFKUHLEW

'DUDXIKLQWUDWPHLQH*HUHFKWLJKHLWLQ.UDIW DEHUQLFKWXPVLH]XVWUDIHQVRQGHUQXPVLH
]X EHVVHUQ QLFKW XP VLH ]X YHUQLFKWHQ VRQGHUQ XP VLH HZLJ ]X HUKDOWHQ LQGHP VLH LKQHQ
HLQH XPIDVVHQGH*HOHJHQKHLWERWVLFK]XYHUYROONRPPQHQ

 :LH YLHOHQ MHQHU HUVWHQ 6QGHU JHOLQJW HV QRFK LPPHU QLFKW VLFK YRQ LKUHQ )OHFNHQ ]X
EHIUHLHQ GHQQ YRQ HLQHP 6WXU] ]XP DQGHUHQ ILHOHQ VLH LPPHU WLHIHU KLQDE LQ GHQ $EJUXQG
DXVGHPVLHDOOHLQGLH$XVEXQJPHLQHV*HVHW]HVZLUGUHWWHQN|QQHQ 

'LH6LQWIOXW

 ,Q GHQ HUVWHQ =HLWHQ GHU 0HQVFKKHLW KHUUVFKWH 8QVFKXOG XQG (LQIDFKKHLW XQWHU GHQ
0HQVFKHQDEHULQGHP0DHZLHVLHDQ=DKO]XQDKPHQZXUGHQDXIJUXQGLKUHU(QWZLFNOXQJ
XQGLKUHU:LOOHQVIUHLKHLWDXFKLKUH6QGHQ]DKOUHLFKHUXQGHQWIDOWHWHQVLFKLPPHUVFKQHOOHU
QLFKWVRLKUH7XJHQGHQVRQGHUQLKUH9HUVW|HJHJHQEHUPHLQHP*HVHW]

 'D EHUHLWHWH ,FK 1RDK YRU GHP ,FK 0LFK YRQ *HLVW ]X *HLVW NXQGWDW GHQQ GLHVH
=ZLHVSUDFKHKDEH,FK YRP%HJLQQGHU0HQVFKKHLWDQPLWGHQ0HQVFKHQDXIJHQRPPHQ

 ,FK VDJWH 1RDK ,FK ZHUGH GLH 6HHOH GHU 0HQVFKHQ YRQ DOO LKUHQ 6QGHQ UHLQLJHQ ]X
GLHVHP=ZHFNZHUGH,FKHLQHJURH6LQWIOXWVHQGHQ%DXHHLQH$UFKHXQGODVVHGHLQH.LQGHU
GHUHQ)UDXHQGLH .LQGHUGHLQHU.LQGHUXQGHLQ3DDUYRQMHGHU7LHUDUWLQVLHHLQVWHLJHQ

 1RDK ZDU PHLQHP *HERW JHKRUVDP XQG GLH .DWDVWURSKH NDP LQ (UIOOXQJ PHLQHV
:RUWHV'HUVFKOHFKWH6DPHZXUGHPLWGHU:XU]HODXVJHULVVHQXQGGHUJXWH6DPHLQPHLQHQ
.RUQNDPPHUQ DXIEHZDKUW DXV GHP ,FK HLQH QHXH 0HQVFKKHLW VFKXI GLH GDV /LFKW PHLQHU
*HUHFKWLJNHLWLQVLFKWUXJXQGPHLQ*HVHW]]XHUIOOHQXQGLQGHU(LQKDOWXQJJXWHU6LWWHQ]X
OHEHQYHUVWDQG

 0HLQW LKU HWZD GD MHQH 0HQVFKHQ GLH HLQHQ VR OHLGYROOHQ 7RG IDQGHQ N|USHUOLFK XQG
VHHOLVFKXPNDPHQ":DKUOLFK,FKVDJHHXFKQHLQPHLQH.LQGHU,KU*HLVWZXUGHGXUFK0LFK


HUKDOWHQ XQG HUZDFKWH YRU GHP 5LFKWHU LKUHV HLJHQHQ *HZLVVHQV XQG ZXUGH ]XEHUHLWHW XP
HUQHXW DXI GHQ :HJ GHV /HEHQV ]XUFN]XNHKUHQ GDPLW VLH DXI LKP JHLVWLJHQ )RUWVFKULWW
HUODQJWHQ  

$EUDKDPV2SIHUEHUHLWVFKDIW

 1LFKW LPPHU ZLUG HV Q|WLJ VHLQ GD LKU GHQ /HLGHQVNHOFK ELV ]XU 1HLJH OHHUW 'HQQ HV
JHQJW 0LU HXUHQ *ODXEHQ HXUHQ *HKRUVDP HXUHQ 9RUVDW] XQG HXUH $EVLFKW ]X VHKHQ
PHLQHQ$XIWUDJ]XEHIROJHQGD,FKHXFKGHQVFKZHUVWHQ$XJHQEOLFNHXUHU3UIXQJHUVSDUH

(ULQQHUWHXFKGDYRQ$EUDKDPGDV/HEHQVHLQHV6RKQHV,VDDNJHIRUGHUWZXUGHGHQHU
VHKU OLHEWH XQG GHQ GHU 3DWULDUFK XQWHU hEHUZLQGXQJ VHLQHV 6FKPHU]HV XQG GHU /LHEH ]X
VHLQHP6RKQHLQHLQHU3UIXQJGHV*HKRUVDPVGHV*ODXEHQVGHU/LHEHXQG'HPXWGLHLKU
QRFKQLFKWEHJUHLIHQN|QQW]XRSIHUQLP%HJULIIHZDU'RFKHVZXUGHLKPQLFKWHUODXEWGDV
2SIHU DQ GHP 6RKQH ]X (QGH ]X EULQJHQ ZHLO HU DXI GHP *UXQGH VHLQHV +HU]HQV EHUHLWV
VHLQHQ *HKRUVDP JHJHQEHU GHP *|WWOLFKHQ :LOOHQ EHZLHVHQ KDWWH XQG GLHV JHQJWH :LH
JUR ZDU GHU LQQHUH -XEHO $EUDKDPV DOV VHLQH +DQG GXUFK HLQH K|KHUH 0DFKW DXIJHKDOWHQ
ZXUGHXQGLKQDQGHU2SIHUXQJ,VDDNVKLQGHUWH:LHVHJQHWHHUGHQ1DPHQ VHLQHV+HUUQXQG
EHZXQGHUWHVHLQH:HLVKHLW 

,Q$EUDKDPXQGVHLQHP6RKQH,VDDNJDE,FKHXFKHLQ*OHLFKQLVGDIUZDVGHU2SIHUWRG
GHV (UO|VHUV EHGHXWHQ ZUGH DOV ,FK GLH /LHEH GLH $EUDKDP 0LU HQWJHJHQEUDFKWH DXI GLH
3UREH VWHOOWH LQGHP ,FK LKQ GD]X DXIIRUGHUWH VHLQHQ 6RKQ VHLQHQ KHLJHOLHEWHQ ,VDDN ]X
RSIHUQ

%HLUHFKWHU%HWUDFKWXQJZHUGHWLKULQMHQHP$NWHLQHbKQOLFKNHLW]XGHPHUNHQQHQZDV
VSlWHU GLH 2SIHUXQJ GHV (LQJHERUHQHQ 6RKQHV  *RWWHV XP GHU 5HWWXQJ GHU :HOW ZLOOHQ
EHGHXWHWH


'LHVHUELEOLVFKH$XVGUXFNEHGHXWHWGHULQGLH:HOWKLQHLQJHERUHQH RGHULQNDUQLHUWH 6RKQ*RWWHV

 $EUDKDP ZDU KLHU GLH 9HUN|USHUXQJ *RWWHV XQG ,VDDN GDV $EELOG -HVX ,Q MHQHP
$XJHQEOLFN GDFKWH GHU 3DWULDUFK GDVV GHU +HUU GHVKDOE GDV /HEHQ VHLQHV 6RKQHV YRQ LKP
IRUGHUWH GDPLW GDV %OXW GHV 8QVFKXOGLJHQ GLH 6QGHQ GHV 9RONHV DEZDVFKHQ ZUGH XQG
REZRKOHUGHQGHU)OHLVFKYRQVHLQHP)OHLVFKHZDU]XWLHIVWOLHEWHZDUGHU*HKRUVDPLQLKP
JHJHQEHU*RWWVRZLHGDV(UEDUPHQXQGGLH/LHEH]XVHLQHP9RONHVFKZHUZLHJHQGHUIULKQ
DOVGDV/HEHQVHLQHVJHOLHEWHQ6RKQHV

 'HU JHKRUVDPH $EUDKDP ZDU QDKH GUDQ GHQ W|GOLFKHQ 6WR JHJHQ VHLQHQ 6RKQ
DXV]XIKUHQ,QGHP$XJHQEOLFNGDHUYRQ6FKPHU]EHUZlOWLJWGHQ$UPHUKREXPLKQ]X
RSIHUQKLHOWLKQPHLQH0DFKW]XUFNXQGJHERWLKPHLQ/DPPVWDWWVHLQHV6RKQHV]XRSIHUQ
GDPLWMHQHV6\PERODOV=HXJQLVYRQ/LHEHXQG*HKRUVDPEHVWHKHQEOLHEH  

'DV7UDXPELOG-DNREVYRQGHU+LPPHOVOHLWHU

 :LW LKU ZHOFKH %HGHXWXQJ MHQH /HLWHU KDW GLH -DNRE LP 7UDXPH VDK" -HQH /HLWHU
YHUVLQQELOGOLFKWGDV/HEHQXQGGLH(QWZLFNOXQJGHV*HLVWHV


'HU.|USHU-DNREVVFKOLHI]XP=HLWSXQNWGHU2IIHQEDUXQJDEHUVHLQH*HLVWZDUZDFK(U
KDWWH VLFK PLWWHOV GHV *HEHWHV ]XP 9DWHU HUKREHQ XQG DOV VHLQH 6HHOH LQ GLH 5HJLRQHQ GHV
/LFKWHV JHODQJWH HPSILQJ HU HLQH KLPPOLVFKH %RWVFKDIW GLH DOV HLQ 7HVWDPHQW JHLVWLJHU
2IIHQEDUXQJHQ XQG :DKUKHLWHQ IU VHLQ 9RON HUKDOWHQ EOHLEHQ VROOWH ZHOFKHV GLH JDQ]H
0HQVFKKHLWLVWGHQQ,VUDHOLVWNHLQLUGLVFKHUVRQGHUQHLQJHLVWLJHU1DPH

-DNREVDKGDMHQH/HLWHUDXIGHU(UGHVWDQGXQGLKUH6SLW]HGHQ+LPPHOEHUKUWH'LHV
]HLJW GHQ :HJ GHU VHHOLVFKHQ $XIZlUWVHQWZLFNOXQJ DQ ZHOFKHU DXI (UGHQ PLW GHP
)OHLVFKHVN|USHU EHJLQQW XQG GHU HQGHW ZHQQ GHU *HLVW VHLQ /LFKW XQG VHLQH (VVHQ] PLW GHU
VHLQHV9DWHUVYHUHLQWIHUQMHGHVPDWHULHOOHQ(LQIOXVVHV

 'HU 3DWULDUFK VDK GD DXI MHQHU /HLWHU (QJHO DXI XQG QLHGHUVWLHJHQ 'LHV
YHUVLQQELOGOLFKWH GDV XQDXIK|UOLFKH *HERUHQZHUGHQ XQG 6WHUEHQ GDV VWlQGLJH .RPPHQ XQG
*HKHQGHU6HHOHQLP9HUODQJHQQDFK/LFKWRGHUDXFKPLWGHU$XIJDEH]XVKQHQXQGVLFK]X
OlXWHUQXPEHLGHU5FNNHKU]XU*HLVWLJHQ:HOWVLFKHLQZHQLJK|KHU]XHUKHEHQ(VLVWGHU
:HJGHUVHHOLVFKHQ(QWZLFNOXQJGHU]XU9HUYROONRPPQXQJIKUW

 'HVKDOE VDK -DNRE DQ GHU 6SLW]H GHU /HLWHU GLH VLQQELOGOLFKH *HVWDOW -HKRYDV ZHOFKH
DQ]HLJWH GD *RWW GDV =LHO HXUHU 9HUYROONRPPQXQJ HXUHV 6WUHEHQV XQG GLH K|FKVWH
%HORKQXQJYRQXQHQGOLFKHQ6HOLJNHLWHQLVW DOV/RKQIUVFKZHUH.lPSIHODQJH/HLGHQXQG
GLH%HKDUUOLFKNHLW]XP6FKRHGHV9DWHUV]XJHODQJHQ

 ,PPHU IDQG GHU *HLVW LQ GHQ 6FKLFNVDOVVFKOlJHQ XQG 3UIXQJHQ HLQH *HOHJHQKHLW
9HUGLHQVWH ]X HUZHUEHQ XP DXI]XVWHLJHQ 'DEHL ZXUGH LQ MHGHU 3UIXQJ LPPHU GLH /HLWHU
-DNREVYHUVLQQELOGOLFKWGLHHXFKDXIIRUGHUWHHLQHZHLWHUH6SURVVHHPSRU]XVWHLJHQ

'LHVZDUHLQHJURH2IIHQEDUXQJR-QJHUGHQQLQLKUZXUGH]XHXFKLQHLQHU=HLWYRP
*HLVWLJHQ /HEHQ JHVSURFKHQ LQ GHU GDV (UZDFKHQ GHU 6HHOH ]XU 9HUHKUXQJ GHV *|WWOLFKHQ
GHV+RKHQ5HLQHQ*XWHQXQG:DKUHQNDXP EHJRQQHQKDWWH

 -HQH %RWVFKDIW NRQQWH QLFKW QXU IU HLQH )DPLOLH EHVWLPPW VHLQ QLFKW HLQPDO IU HLQ
HLQ]LJHV 9RON LKUH (VVHQ] ZDU JHLVWLJ XQG KDWWH GDKHU XQLYHUVHOOH %HGHXWXQJ (EHQ GDUXP
VSUDFK GLH 6WLPPH GHV 9DWHUV ]X -DNRE ,FK ELQ -HKRYD GHU *RWW $EUDKDPV XQG GHU *RWW
,VDDNV 'DV /DQG LQ GHP GX GLFK EHILQGHVW ZHUGH ,FK GLU XQG GHLQHP 6DPHQ JHEHQ XQG
GLHVHU 6DPH ZLUG ]DKOUHLFK ZLH GHU 6WDXE GHU (UGH VHLQ ,KU ZHUGHW HXFK QDFK :HVWHQ XQG
QDFK2VWHQQDFK1RUGHQXQGQDFK6GHQDXVEUHLWHQXQGDOOH*HVFKOHFKWHUGHU(UGHZHUGHQ
LQGLUXQGGHLQHP6DPHQJHVHJQHWZHUGHQ 

-RVHIXQGVHLQH%UGHU

 -RVHI 6RKQ GHV -DNRE ZDU YRQ VHLQHQ HLJHQHQ %UGHUQ DQ HLQLJH +lQGOHU YHUNDXIW
ZRUGHQGLHDXIGHP:HJHQDFKbJ\SWHQZDUHQ-RVHIZDUQRFKNOHLQXQGKDWWHGRFKVFKRQ
%HZHLVH HLQHU JURHQ *DEH GHU 3URSKH]HLXQJ JHJHEHQ 'HU 1HLG EHPlFKWLJWH VLFK VHLQHU
%UGHUGLHVLFKVHLQHUHQWOHGLJWHQLQGHU0HLQXQJLKQQLFKWPHKUZLHGHU]XVHKHQ'RFKGHU
+HUUGHUEHUVHLQHP'LHQHUZDFKWHEHVFKW]WHLKQ XQGPDFKWHLKQJUREHLP3KDUDRYRQ
bJ\SWHQ

 9LHOH -DKUH GDQDFK DOV GLH :HOW YRQ 'UUH XQG +XQJHU JHSODJW ZXUGH KDWWH bJ\SWHQ
JHOHLWHW YRQ GHQ 5DWVFKOlJHQ XQG ,QVSLUDWLRQHQ -RVHIV JHQJHQG 9RUUlWH DQJHOHJW XP GHU
+HLPVXFKXQJVWDQG]XKDOWHQ


 'D JHVFKDK HV GD GLH 6|KQH -DNREV DXI GHU 6XFKH QDFK /HEHQVPLWWHOQ QDFK bJ\SWHQ
NDPHQ*URZDULKUH%HVWU]XQJDOVVLHHUNDQQWHQGDLKU%UXGHU-RVHI]XHLQHP0LQLVWHU
XQG%HUDWHUGHV3KDUDRJHZRUGHQZDU$OVVLHLKQVDKHQILHOHQVLH]XVHLQHQ)HQDXILKUH
.QLHQLHGHUYROO5HXHEHULKUH9HUIHKOXQJXQGVLHHUNDQQWHQGDGLH3URSKH]HLXQJHQLKUHV
%UXGHUVLQ(UIOOXQJJHJDQJHQZDUHQ-HQHUGHQVLHIUWRWKLHOWHQZDUKLHUYRULKQHQYROOHU
0DFKW 7XJHQG XQG :HLVKHLW 'HU 3URSKHW GHQ VLH YHUNDXIW KDWWHQ EHZLHV LKQHQ GLH
:DKUKHLW GHU 3URSKHWLH GLH GHU +HUU LKP VFKRQ DOV .LQG DXI GLH /LSSHQ JHOHJW KDWWH 'HU
%UXGHUGHQVLHJHTXlOWXQGYHUNDXIWKDWWHQYHUJDELKQHQ9HUVWHKVWGX9RON"-HW]WZLWLKU
ZHVKDOE ,FK HXFK DQ GLHVHP 7DJH JHVDJW KDEH :DQQ ZHUGHW LKU 0LFK HUNHQQHQ ZLH -RVHI
YRQVHLQHQ%UGHUQHUNDQQWZXUGH" 

'LH:VWHQZDQGHUXQJGHV9RONHV,VUDHOVXQWHU0RVH

,QGHU(UVWHQ=HLWVWDQG0RVHDQGHU6SLW]H,VUDHOVXPHVZlKUHQGYLHU]LJ-DKUHQGXUFK
GLH:VWHLQV/DQG.DQDDQ]XIKUHQ$EHUDXV8QJHKRUVDP8QJODXEHQXQG0DWHULDOLVPXV
OlVWHUWHQGLHHLQHQDQGHUHZXUGHQDEWUQQLJXQGZLHGHUDQGHUHOHKQWHQVLFKDXI'RFK0RVH
VSUDFK ]X LKQHQ LQ GLHVHU 6LWXDWLRQ PLW .OXJKHLW XQG *HGXOG GDPLW VLH QLFKW GHQ +|FKVWHQ
:LOOHQYHUOHW]WHQVRQGHUQGHPWLJXQGIROJVDPZlUHQJHJHQEHUMHQHP9DWHUGHU RKQHDXI
LKUHQ8QJHKRUVDP]XVFKDXHQ  GDV0DQQDYRP+LPPHOIDOOHQXQG:DVVHUDXVGHP)HOVHQ
TXHOOHQOLH 

0RVHKDWWHJHQJHQG%HZHLVHJHOLHIHUWGDGHUZDKUH*RWWPLWLKPZDUGRFKGDV9RON
ZROOWH QRFK PHKU =HXJQLVVH XQG DOV GHU 6HQGERWH GLH 0HQVFKHQPHQJHQ ELV ]XP )XH GHV
%HUJHV 6LQDL JHEUDFKW KDWWH ULHI HU GLH 0DFKW -HKRYDV DQ XQG GHU +HUU HKUWH LKQ XQG
JHZlKUWHLKPJURH%HZHLVHXQG:XQGHU

 'DV 9RON ZROOWH -HQHQ K|UHQ XQG VHKHQ GHQ 0RVH GXUFK VHLQHQ *ODXEHQ K|UWH XQG
VFKDXWH XQG VR RIIHQEDUWH ,FK 0LFK GHP 9RON LQ GHU :RONH XQG OLH HV PHLQH 6WLPPH
VWXQGHQODQJ K|UHQ 'RFK VLH ZDU VR JHZDOWLJ GD GLH 0HQVFKHQ YRU )XUFKW ]X VWHUEHQ
JODXEWHQ LKUH .|USHU ]LWWHUWHQ XQG LKUH 6HHOHQ VFKDXGHUWHQ EHL MHQHU 6WLPPH GHU
*HUHFKWLJNHLW 'D IOHKWH GDV 9RON 0RVH DQ HU VROOH -HKRYD ELWWHQ QLFKW PHKU ]X VHLQHP
9RONH]XVSUHFKHQZHLOVLH,KQQLFKWPHKUDQK|UHQNRQQWHQ(VHUNDQQWHGDHVQRFKYLHO]X
XQUHLIZDUXPPLWGHP(ZLJHQGLUHNWLQ9HUELQGXQJWUHWHQ]XN|QQHQ 

6WlUNWHXUH6HHOHLQGHQJURHQ6FKODFKWHQGHV/HEHQVZLHMHQHV9RON,VUDHOLQGHU:VWH
VWDUN ZXUGH :LW LKU ZLH ZHLW GLH :VWH LVW GLH NHLQ (QGH ]X KDEHQ VFKHLQW PLW HLQHU
XQEDUPKHU]LJHQ 6RQQH XQG JOKHQGHP 6DQG" :LW LKU ZDV (LQVDPNHLW XQG 6WLOOH XQG GLH
1RWZHQGLJNHLWQlFKWOLFKHQ:DFKHQVLVWZHLOGLH)HLQGHDXIODXHUQ":DKUOLFK,FKVDJHHXFK
GRUWLQGHU:VWHZDUHVZRMHQHV9RONGLH*U|HHUIDWHZHOFKHGDULQEHVWDQGDQ*RWW]X
JODXEHQ XQG ZR HV OHUQWH ,KQ ]X OLHEHQ :DV NRQQWH MHQHV 9RON VFKRQ YRQ GHU :VWH
HUZDUWHQ"8QGGHQQRFKKDWWHHVDOOHV%URW:DVVHUHLQ+HLP]XP$XVUXKHQHLQH2DVHXQG
HLQ +HLOLJWXP XP VHLQHQ *HLVW LQ 'DQNEDUNHLW ]X VHLQHP 9DWHU XQG 6FK|SIHU ]X HUKHEHQ


(OLDV.DPSIIUGHQZDKUHQ*RWW

,QGHU(UVWHQ=HLWNDP(OLD]XU(UGHQDKWHVLFKGHQ+HU]HQGHU0HQVFKHQXQGIDQGVLH
GHP+HLGHQWXPXQG*|W]HQWXPYHUIDOOHQ'LH:HOWZXUGHYRQ.|QLJHQXQG3ULHVWHUQUHJLHUW
XQG EHLGH KDWWHQ VLFK YRQ GHU (UIOOXQJ GHU *|WWOLFKHQ *HVHW]H DEJHZDQGW XQG IKUWHQ LKUH
9|ONHU DXI :HJH GHU 9HULUUXQJ XQG 8QZDKUKHLW 6LH KDWWHQ YHUVFKLHGHQHQ *|WWHUQ $OWlUH
HUULFKWHWXQGYHUHKUWHQVLH


 (OLD WUDW LQ MHQHU =HLW DXI XQG VSUDFK ]X LKQHQ PLW :RUWHQ YROOHU *HUHFKWLJNHLW gIIQHW
HXUH $XJHQ XQG HUNHQQW GD LKU GDV *HVHW] GHV +HUUQ HQWZHLKW KDEW ,KU KDEW GDV 9RUELOG
VHLQHU %RWHQ YHUJHVVHQ XQG VHLG .XOWHQ YHUIDOOHQ GLH GHV OHEHQGLJHQ XQG PlFKWLJHQ *RWWHV
XQZUGLJVLQG(VLVWQRWZHQGLJGDLKUHUZDFKWDXI,KQVFKDXWXQG,KQDQHUNHQQW%HVHLWLJW
HXUHQ *|W]HQGLHQVW XQG HUKHEW HXUH $XJHQ EHU MHGHV %LOGQLV PLW GHP LKU ,KQ GDUJHVWHOOW
KDEW

 (OLD K|UWH PHLQH 6WLPPH GLH LKP VDJWH (QWIHUQH GLFK YRQ GLHVHP E|VHQ 9RONH 6DJH
LKPGDIUODQJH=HLWNHLQ5HJHQPHKUIDOOHQZLUGELVGXHVLQPHLQHP1DPHQEHILHKOVW

8QG(OtDVSUDFK(VZLUGQLFKWPHKUUHJQHQELVPHLQ+HUUGLH6WXQGHDQ]HLJWXQGPHLQH
6WLPPHHVEHILHKOWXQGLQGHPHUGLHVVDJWHHQWIHUQWHHUVLFK

 9RQ MHQHP 7DJH DQ ZDU GLH (UGH WURFNHQ GLH IU GHQ 5HJHQ EHVWLPPWHQ -DKUHV]HLWHQ
YHUVWULFKHQRKQHGDGLHVHUVLFKHLQVWHOOWH$P+LPPHOVDKPDQNHLQH$Q]HLFKHQIU5HJHQ
GLH)HOGHUIKOWHQGLH'UUHGDV9LHKYHUVFKPDFKWHWHQDFKXQGQDFKGLH0HQVFKHQJUXEHQ
LQ GHU (UGH QDFK :DVVHU XP LKUHQ 'XUVW ]X VWLOOHQ RKQH HV ]X ILQGHQ GLH )OVVH
YHUWURFNQHWHQGDV*UDVYHUZHONWHZHLOHVGHQ6WUDKOHQHLQHUVHQJHQGHQ6RQQHHUODJXQGGLH
0HQVFKHQULHIHQLKUH*|WWHUDQXQGEDWHQVLHGDMHQHV(OHPHQW]XLKQHQ]XUFNNHKUHXP]X
VlHQXQG6DPHQ]XHUQWHQGHUVLHHUQlKUHQZUGH

 (OLD KDWWH VLFK DXI *|WWOLFKHV *HERW KLQ ]XUFNJH]RJHQ EHWHWH XQG KDUUWH GHV :LOOHQV
VHLQHV+HUUQ'LH0lQQHUXQG)UDXHQEHJDQQHQDXVLKUHU+HLPDWIRUW]X]LHKHQDXIGHU6XFKH
QDFKQHXHQ/lQGHUQZRVLHNHLQ:DVVHUHQWEHKUHQZUGHQhEHUDOOVDKPDQ.DUDZDQHQXQG
DQDOOHQ2UWHQZDUGLH(UGHDXVJHG|UUW

 'LH -DKUH YHUJLQJHQ XQG HLQHV 7DJHV DOV (OLD VHLQHQ *HLVW ]XP 9DWHU HUKRE K|UWH HU
VHLQH6WLPPHGLHLKPVDJWH6XFKHGHQ.|QLJDXIXQGZHQQ,FKGLUGDV=HLFKHQJHEHZLUG
GHU5HJHQZLHGHUDXIGLHV/DQGKHUDEIDOOHQ

(OLDGHPWLJXQGYROO*HKRUVDP JLQJKLQ ]XP.|QLJMHQHV9RONHVXQG]HLJWHYRUGHQ


$QEHWHUQ GHV IDOVFKHQ *RWWHV VHLQH 0DFKW 'DQDFK VSUDFK HU YRP 9DWHU XQG YRQ GHVVHQ
0DFKWXQGGDHUVFKLHQHQGLH=HLFKHQ%OLW]H'RQQHU XQG)HXHUJHZDKUWHPDQDP+LPPHO
GDUDXIKLQILHOGHUOHEHQVSHQGHQGH5HJHQLQ6WU|PHQKHUDE9RQQHXHPEHNOHLGHWHQVLFKGLH
)HOGHUPLW*UQGLH%lXPHZDUHQYROOHU)UFKWHXQGHVJDE:RKOVWDQG

'DV9RONHUZDFKWHDQJHVLFKWVGLHVHV%HZHLVHVXQGHULQQHUWHVLFKVHLQHV9DWHUVZHOFKHU
HV GXUFK (OLD DXIULHI XQG HUPDKQWH =DKOUHLFK XQG VHKU JUR ZDUHQ ]X MHQHU =HLW GLH
:XQGHUWDWHQ(OLDVXPGLH0HQVFKKHLWZDFK]XUWWHOQ  

'LH]Z|OI6WlPPH,VUDHOV

 *ODXEW QLFKW GD HV QXU LP 6FKRH GHV 9RONHV ,VUDHO 3URSKHWHQ :HJEHUHLWHU XQG
/LFKWJHLVWHU JDE $XFK LQ DQGHUH 9|ONHU KDEH ,FK HLQLJH YRQ LKQHQ JHVDQGW GRFK GLH
0HQVFKHQ YHUVWDQGHQ VLH DOV *|WWHU XQG QLFKW DOV %RWHQ XQG VFKXIHQ XP LKUH /HKUHQ
5HOLJLRQHQXQG.XOWH

 'DV 9RON ,VUDHO EHJULII GLH 0LVVLRQ QLFKW GLH HV JHJHQEHU DQGHUHQ 9|ONHUQ KDWWH XQG
VFKOXPPHUWHDXIHLQHP/DJHUYROOHU6HJQXQJHQXQG$QQHKPOLFKNHLWHQ


'HU9DWHUKDWWHHVDOVHLQHYROONRPPHQH)DPLOLHJHIRUPWLQGHU HLQ 6WDPPGLH$XIJDEH
KDWWHGDV9RON]XYHUWHLGLJHQXQGGHQ)ULHGHQ]XHUKDOWHQHLQDQGHUHUEHDUEHLWHWHGDV/DQG
HLQ ZHLWHUHU 6WDPP EHVWDQG DXV )LVFKHUQ XQG 6HHOHXWHQ (LQHP DQGHUHQ ZXUGH GLH JHLVWLJH
9HUHKUXQJ *RWWHV DQYHUWUDXW XQG VR HUIOOWH MHGHU GHU ]Z|OI 6WlPPH DXV GHQHQ GDV 9RON
EHVWDQG HLQH DQGHUH $XIJDEH GLH ]XVDPPHQ HLQ %HLVSLHO YRQ +DUPRQLH JDEHQ 'RFK
ZDKUOLFK ,FK VDJH HXFK GLH JHLVWLJHQ )lKLJNHLWHQ GLH LKU LQ MHQHQ IUKHUHQ =HLWHQ EHVDHW
KDEWLKUQRFKLPPHU  

'LH3URSKHWHQXQGHUVWHQ.|QLJH,VUDHOV

 'LH 3URSKHWHQ VSUDFKHQ PLW JURHU :DKUKDIWLJNHLW IDVW LPPHU NDPHQ VLH ]XU (UGH LQ
=HLWHQGHU9HUZLUUXQJXQG9HULUUXQJ6LHZDUQWHQGLH9|ONHUXQGIRUGHUWHQVLH]XU5HXHXQG
]XU 8PNHKU DXI ZREHL VLH JURH +HLPVXFKXQJHQ GHU *HUHFKWLJNHLW DQNQGLJWHQ ZHQQ VLH
VLFKQLFKW GHP*XWHQ]XZDQGWHQ%HLDQGHUHQ*HOHJHQKHLWHQVDJWHQVLH6HJQXQJHQYRUDXVIU
GLH%HIROJXQJXQGGHQ*HKRUVDPJHJHQEHUGHP*|WWOLFKHQ*HVHW]

 'RFK ZDV MHQH 3URSKHWHQ VSUDFKHQ ZDU HLQH (UPDKQXQJ ]XU $XVEXQJ GHV *XWHQ GHU
*HUHFKWLJNHLW XQG GHU JHJHQVHLWLJHQ $FKWXQJ 6LH RIIHQEDUWHQ QLFKW GDV /HEHQ GHV *HLVWHV
VHLQH%HVWLPPXQJXQGVHLQH(QWZLFNOXQJ1LFKWHLQPDO0RVHGHQ ,FKHUZlKOWHXPLKQ]X
PHLQHP6WHOOYHUWUHWHU]XPDFKHQXQGGXUFKGHVVHQ9HUPLWWOXQJ,FKGDV*HVHW]IUDOOH=HLWHQ
EHUJDEVSUDFK]XHXFKYRP*HLVWLJHQ/HEHQ

 'DV *HVHW] GHV 9DWHUV HQWKlOW :HLVKHLW XQG *HUHFKWLJNHLW (V OHKUW GHQ 0HQVFKHQ LQ
)ULHGHQ]XOHEHQVLFKXQWHUHLQDQGHU]XOLHEHQXQG]XUHVSHNWLHUHQXQGVLFKDOV0HQVFKHQLQ
PHLQHQ $XJHQ DOV ZUGLJ ]X HUZHLVHQ $EHU 0RVH ]HLJWH GHU 0HQVFKKHLW QLFKW ZDV HV
MHQVHLWV GHU 6FKZHOOH GHV N|USHUOLFKHQ 7RGHV JDE QRFK ZLH GLH :LHGHUJXWPDFKXQJ GHU
XQJHKRUVDPHQ 6HHOHQ EHVFKDIIHQ LVW RGHU GLH %HORKQXQJ IU GLH LQ LKUHU /HEHQVDXIJDEH
.OXJHQXQG)OHLLJHQ

 6SlWHU UHJLHUWH 'DYLG HUIOOW YRQ *HLVWHVJDEHQ XQG ,QVSLUDWLRQHQ XQG LQ VHLQHQ
$XJHQEOLFNHQ GHU (UKHEXQJ LQ VHLQHQ 9HU]FNXQJHQ YHUQDKP HU +\PQHQ XQG JHLVWLJH
/LHGHUDXVGHQHQHUGLH3VDOPHQVFKXI0LWLKQHQVROOWHHUGDV9RON,VUDHOGD]XHLQODGHQ]X
EHWHQXQGVHLQHP+HUUQGLHEHVWH2SIHUJDEHVHLQHV+HU]HQV]XVFKHQNHQ'RFK'DYLGNRQQWH
PLWDOOVHLQHU/LHEHXQG,QVSLUDWLRQGHP9RONHQLFKWGLHZXQGHUEDUH([LVWHQ]GHU*HLVWZHVHQ
LKUH(QWZLFNOXQJXQGLKU=LHORIIHQEDUHQ

8QG6DORPRQGHULKPLQGHU+HUUVFKDIWQDFKIROJWHXQGJOHLFKIDOOVGLHJURHQ*DEHQGHU
:HLVKHLWXQG0DFKWEHZLHVGLHLKPYHUOLHKHQZRUGHQZDUHQXPGHUHWZLOOHQHUJHOLHEWXQG
EHZXQGHUW ZXUGH XQG GHVVHQ 5DWVFKOlJHQ 8UWHLOHQ XQG 6SULFKZ|UWHUQ QRFK KHXWH JHGDFKW
ZLUG ZHQQVHLQ9RONVLFKDQLKQJHZDQGW XQGLKQJHIUDJWKlWWH+HUUZLHLVWGDV*HLVWLJH
/HEHQEHVFKDIIHQ":DVJLEWHVMHQVHLWVGHV7RGHV":DVLVWGLH6HHOH" 6DORPRQLQDOOVHLQHU
:HLVKHLWKlWWHGDUDXIQLFKWDQWZRUWHQN|QQHQ  


.DSLWHO $OVGLH=HLWHUIOOWZDU

3URSKHWLVFKH:HLVVDJXQJHQ

(XHU 9DWHU EHUHLWHWH DOOHV YRU GDPLW 'DV :RUW *RWWHV XQWHU GHQ 0HQVFKHQ ZRKQH XQG
LKQHQDQGHQHUKDEHQHQ%HLVSLHOHQVHLQHU/LHEHGHQ:HJLKUHU:LHGHUJXWPDFKXQJ]HLJH

 =XHUVW LQVSLULHUWH (U GLH 3URSKHWHQ GLH GLH )RUP DQ]XNQGLJHQ KDWWHQ LQ ZHOFKHU GHU
0HVVLDV ]XU :HOW NRPPHQ ZUGH ZHOFKHU $UW VHLQ :HUN VHLQH /HLGHQ XQG VHLQ 7RG DOV
0HQVFK VHLQ ZUGH GDPLW ZHQQ &KULVWXV DXI GHU (UGH HUVFKLHQH GHUMHQLJH GHU GLH
3URSKH]HLXQJHQNDQQWH,KQDXJHQEOLFNOLFKHUNHQQHQZUGH

 -DKUKXQGHUWH YRU PHLQHU *HJHQZDUW LQ -HVXV VDJWH GHU 3URSKHW -HVDLD 'DUXP ZLUG GHU
+HUUHXFKGLHVHV=HLFKHQJHEHQ6LHKHHLQH-XQJIUDXZLUGVFKZDQJHUZHUGHQXQGHLQHQ6RKQ
JHElUHQ GHQ ZLUG PDQ QHQQHQ ,PDQXHO :DV EHGHXWHW *RWW PLW XQV  0LW GLHVHU
:HLVVDJXQJXQWHUDQGHUHQNQGLJWHHUPHLQ.RPPHQDQ

 'DYLG EHVDQJ YLHOH -DKUKXQGHUWH YRU PHLQHU $QNXQIW LQ 3VDOPHQ YROOHU 6FKPHU] XQG
SURSKHWLVFKHP 6LQQ GLH /HLGHQ GHV 0HVVLDV ZlKUHQG GHU .UHX]LJXQJ ,Q MHQHQ 3VDOPHQ
VSULFKW HU YRQ HLQHP PHLQHU VLHEHQ :RUWH DP .UHX] ]HLJW GLH 9HUDFKWXQJ DQ PLW GHU GLH
0HQVFKHQPHQJH 0LFK ]XU .UHX]LJXQJ IKUHQ ZUGH GLH $XVGUFNH GHV 6SRWWHV GHU
0HQVFKHQZHQQVLH0LFKVDJHQK|UHQGDLQ0LUGHU9DWHULVWGLH9HUODVVHQKHLWGLHPHLQ
.|USHU DQJHVLFKWV GHU PHQVFKOLFKHQ 8QGDQNEDUNHLW IKOHQ ZUGH DOOH 0DUWHU GHQHQ LFK
XQWHUZRUIHQZHUGHQZUGHXQGVRJDUGLH$UWLQGHUVLHEHUPHLQ*HZDQGGDV/RVZHUIHQ
ZUGHQ

 -HGHU PHLQHU 3URSKHWHQ NQGLJWH PHLQ .RPPHQ DQ EHUHLWHWH GLH :HJH XQG JDE JHQDXH
0HUNPDOHGDPLWZHQQGHU7DJNRPPHQZUGHQLHPDQGVLFKLUUWH 

'LH0HVVLDVHUZDUWXQJLPMGLVFKHQ9RON

'LH:HOWZDULQGHU JHJHQZlUWLJHQ =HLWQLFKWEHUHLW0LFKVR]XHUZDUWHQZLH0LFKGDV


9RON,VUDHOLQMHQHU=ZHLWHQ=HLWHUZDUWHWH0HLQHJURHQ3URSKHWHQKDWWHQHLQHQ 0HVVLDV
DQJHNQGLJWHLQHQ+HLODQGGHQ6RKQ*RWWHVZHOFKHUNRPPHQZUGHXPGLH8QWHUGUFNWHQ
]XEHIUHLHQXQGGLH:HOWGXUFKGDV/LFKWGHV:RUWHV]XHUOHXFKWHQ-HPHKUMHQHV9RONOLWW
GHVWR PHKU VHKQWH HV GDV .RPPHQ GHV 9HUKHLHQHQ KHUEHL MH PHKU HV YRP .HOFK GHU
(UQLHGULJXQJXQGGHU8QWHUGUFNXQJWUDQNGHVWRPHKUVHKQWHHVVLFKQDFKGHU*HJHQZDUWGHV
0HVVLDV XQG EHUDOO VXFKWH HV QDFK +LQZHLVHQ XQG =HLFKHQ GLH ]X LKP YRQ GHU 1lKH GHU
$QNXQIWLKUHV(UO|VHUVVSUHFKHQZUGHQ

9RQ*HQHUDWLRQ]X*HQHUDWLRQXQGYRQ(OWHUQDXI.LQGHUZXUGHGLH*|WWOLFKH9HUKHLXQJ
ZHLWHUJHJHEHQ GLH GDV DXVHUZlKOWH 9RON GHV +HUUQ ODQJH =HLW KLQGXUFK ]XP :DFKHQ XQG
%HWHQYHUDQODVVWH

(QGOLFKNDP,FK]XPHLQHQ9RONHDEHUQLFKWDOOHYHUPRFKWHQ0LFK]XHUNHQQHQREZRKO
0LFK DOOH HUZDUWHWHQ GLH HLQHQ WDWHQ HV LQ YHUJHLVWLJWHU :HLVH XQG GLH DQGHUHQ LQ HLQHU
PDWHULDOLVWLVFKHQ$XVOHJXQJ

$EHU0LUJHQJWHGLH/DXWHUNHLWXQGGLH/LHEHGHUHUGLHPHLQH*HJHQZDUWIKOWHQXQGLP
/LFKWHPHLQHV:RUWHVGDV+LPPHOUHLFKHUEOLFNWHQXQGDQPHLQH.XQGJHEXQJJODXEWHQ0LU


JHQJWHQMHQHGLH0LUJHWUHXOLFKQDFKIROJWHQXQGLQ0LULKUHQJHLVWLJHQ(UO|VHUVDKHQGHQQ
VLHZDUHQHVGLHPHLQH:DKUKHLWEH]HXJWHQQDFKGHP,FKYRQGLHVHU:HOWJHVFKLHGHQZDU

 2EZRKO PHLQH %RWVFKDIW IU DOOH 9|ONHU GHU (UGH EHVWLPPW ZDU JLQJ PHLQ 5XI DQ GDV
+HU] GHV $XVHUZlKOWHQ 9RONHV GDPLW HV KHUQDFK ]XP 6SUDFKURKU PHLQHV :RUWHV ZUGH
'HQQRFK  QLFKW QXU MHQHV 9RON IKOWH PHLQH *HJHQZDUW DXFK LQ DQGHUHQ 1DWLRQHQ
YHUPRFKWHQ GLH 0HQVFKHQ GLH =HLFKHQ PHLQHU $QNXQIW ]X HQWGHFNHQ XQG HUDKQWHQ GLH =HLW
PHLQHU*HJHQZDUWDXI(UGHQ  

,QMHGHP=HLWDOWHUXQGEHLMHGHU*|WWOLFKHQ2IIHQEDUXQJHUVFKHLQW(OLDEHLGHQ0HQVFKHQ

 1RFK ZDU GHU 0HVVLDV QLFKW ]XU (UGH JHNRPPHQ QLFKW PHKU ODQJH VR ZUGH HU DOV
0HQVFK JHERUHQ ZHUGHQ XQG VFKRQ ZDU GHU *HLVW GHV 3URSKHWHQ LQ -RKDQQHV LQNDUQLHUW
ZHOFKHU VSlWHU GHU 7lXIHU JHQDQQW ZXUGH XP GLH 1lKH GHV +LPPHOUHLFKHV DQ]XNQGLJHQ
ZHOFKHVGLH*HJHQZDUWGHV:RUWHVXQWHUGHQ0HQVFKHQVHLQZUGH 

0DULDGLH/HLEHVPXWWHU-HVX

6FKRQLQGHU(UVWHQ=HLWEHJDQQHQGLH3DWULDUFKHQXQG3URSKHWHQYRQGHU$QNXQIWGHV
0HVVLDV]XVSUHFKHQ'RFKGHU0HVVLDVNDPQLFKWQXULP*HLVWH  HUNDPXPDXVHLQHU)UDX
JHERUHQ]XZHUGHQXP0HQVFK]XZHUGHQXPYRQHLQHU)UDXHLQHQ.|USHU]XHUKDOWHQ

'HUPWWHUOLFKH*HLVW*RWWHVPXWHJOHLFKIDOOV0HQVFKZHUGHQ]XU)UDXZHUGHQDOVHLQH
%OXPH GHU 5HLQKHLW GDPLW LKUHU %OWHQNURQH GHU 'XIW GHV :RUWHV *RWWHV HQWVWU|PH
ZHOFKHV-HVXVZDU 

 ,Q 1D]DUHWK OHEWH HLQH %OXPH GHU 5HLQKHLW XQG =lUWOLFKNHLW HLQH YHUOREWH -XQJIUDX PLW
1DPHQ 0DULD ZHOFKH JHUDGH GLH YRP 3URSKHWHQ -HVDLD $QJHNQGLJWH ZDU ZHLO DXV LKUHP
6FKRHGLH)UXFKWGHVZDKUHQ/HEHQVKHUYRUJHKHQVROOWH

 =X LKU NDP GHU *HLVWLJH %RWH GHV +HUUQ XP LKU GLH 0LVVLRQ ]X YHUNQGHQ GLH VLH ]XU
(UGHPLWJHEUDFKWKDWWHLQGHPHUVSUDFK6HLJHJUWGX+RFKEHJQDGHWHGHU+HUULVWPLWGLU
GXELVWJHVHJQHWXQWHUGHQ)UDXHQ

 'LH 6WXQGH GD GDV *|WWOLFKH *HKHLPQLV RIIHQEDUW ZHUGHQ VROOWH ZDU JHNRPPHQ XQG
DOOHV ZDV EHU GLH *HJHQZDUW GHV 0HVVLDV GHV +HLODQGV GHV (UO|VHUV JHVDJW ZRUGHQ ZDU
VROOWH QXQ XQPLWWHOEDU LQ (UIOOXQJ JHKHQ $EHU ZLH ZHQLJH +HU]HQ ZDUHQ HV GLH PHLQH
*HJHQZDUWIKOWHQZLHZHQLJH6HHOHQGLHYRUEHUHLWHWZDUHQXPLP /LFKWHPHLQHU:DKUKHLW
GDV5HLFKGHU+LPPHO]XHUNHQQHQ 

'LH$QEHWXQJGHV-HVXVNLQGHV

 'LH 0HQVFKKHLW JHGHQNW KHXW]XWDJH MHQHV 7DJHV DQ GHP HLQLJH :HLVH DXV GHP
0RUJHQODQG ]XU .ULSSH YRQ %HWKOHKHP NDPHQ XP GDV *|WWOLFKH .LQG DQ]XEHWHQ +HXWH
IUDJHQ 0LFK HLQLJH +HU]HQ +HUU LVW HV ZDKU GD MHQH PlFKWLJHQ XQG ZHLVHQ +HUUHQ VLFK
YRU'LUYHUQHLJWHQXQG'HLQH*|WWOLFKNHLWDQHUNDQQWHQ"

-DPHLQH.LQGHUHVZDUGLH:LVVHQVFKDIWGLH0DFKWXQGGHU5HLFKWXPGLHYRUPHLQHU
*HJHQZDUWQLHGHUNQLHWHQ


 $XFK ZDUHQ GRUW GLH +LUWHQ LKUH )UDXHQ XQG LKUH .LQGHU PLW LKUHQ EHVFKHLGHQHQ
JHVXQGHQ XQG VFKOLFKWHQ *DEHQ PLW GHQHQ VLH GHQ (UO|VHU GHU :HOW HPSILQJHQ XQG
EHJUWHQ XQG DXFK 0DULD DOV 9HUN|USHUXQJ KLPPOLVFKHU =lUWOLFKNHLW 6LH UHSUlVHQWLHUWHQ
GLH 'HPXW GLH 8QVFKXOG GLH 6FKOLFKWKHLW 'RFK MHQH GLH LQ LKUHQ 3HUJDPHQWUROOHQ GLH
3URSKH]HLXQJHQ XQG 9HUKHLXQJHQ EHVDHQ GLH YRP 0HVVLDV VSUDFKHQ VFKOLHIHQ WLHI RKQH
DXFKQXU]XDKQHQZHU ]XU:HOWJHNRPPHQZDU  

'DV%DQGGHU/LHEH]ZLVFKHQ-HVXVXQG0DULD

 -HVXV YHUEUDFKWH 6HLQH .LQGKHLW XQG-XJHQG DQ GHU 6HLWH 0DULDV XQG DXI LKUHP 6FKRH
XQGDQLKUHU6HLWHJHQRHUPWWHUOLFKH/LHEH'LH]XU)UDXJHZRUGHQH*|WWOLFKH=lUWOLFKNHLW
YHUVWH GHP +HLODQG GLH HUVWHQ -DKUH VHLQHV /HEHQV DXI GHU :HOW GD (U DOV GLH 6WXQGH
JHNRPPHQZDUVRJURH%LWWHUQLVWULQNHQVROOWH

 :LH LVW HV P|JOLFK GD MHPDQG PHLQHQ NDQQ GD HV 0DULD LQ GHUHQ 6FKRH VLFK GHU
.|USHU-HVXELOGHWHXQGDQ GHUHQ6HLWHGHU0HLVWHUOHEWHDQVHHOLVFKHU(UKHEXQJDQ5HLQKHLW
XQG+HLOLJNHLWKlWWHPDQJHOQN|QQHQ"

:HU0LFKOLHEWPX]XYRUDOOGDV0HLQHOLHEHQ DOOHVZDV,FKOLHEH 

-HVX:LVVHQXQG:HLVKHLW

'LH0HQVFKHQEHKDXSWHQLQLKUHQ%FKHUQGD-HVXVEHLGHQ(VVHQHUQJHZHVHQVHLXP
VHLQ:LVVHQ]XHUODQJHQ'RFK-HQHUGHUDOOHVZXWHXQGOHEWHEHYRUGLH:HOWHQHQWVWDQGHQ
KDWWH QLFKWV YRQ GHQ 0HQVFKHQ ]X OHUQHQ 'DV *|WWOLFKH NRQQWH QLFKWV YRP 0HQVFKOLFKHQ
OHUQHQ:RLPPHU,FK0LFKDXIKLHOWJHVFKDKHVXP]XOHKUHQ.DQQHVDXI(UGHQMHPDQGHQ
JHEHQ GHU ZHLVHU LVW DOV *RWW" &KULVWXV NDP YRP 9DWHU XP GHQ 0HQVFKHQ GLH *|WWOLFKH
:HLVKHLW]XEULQJHQ*DEHXFKHXHU0HLVWHUQLFKWHLQHQ%HZHLVGDIUDOVHUPLW]Z|OI-DKUHQ
7KHRORJHQ3KLORVRSKHQXQG*HVHW]HVOHKUHUMHQHU=HLWLQK|FKVWHV6WDXQHQYHUVHW]WH"

0DQFKHKDEHQ-HVXVGLH6FKZDFKKHLWHQDOOHU0HQVFKHQ]XJHVFKULHEHQXQGHUJ|W]HQVLFK
GDUDQMHQHQ0HQVFKHQGHUJ|WWOLFKXQGRKQH)HKOLVWPLWGHP6FKPXW]]XEHZHUIHQGHQVLH
LQLKUHQ +HU]HQWUDJHQ'LHVHNHQQHQ0LFKQLFKW

 :HQQ DOOH :XQGHU GHU 1DWXU GLH LKU EHWUDFKWHW QLFKWV DQGHUHV DOV GLH PDWHULHOOH
9HUN|USHUXQJ *|WWOLFKHU *HGDQNHQ VLQG  PHLQW LKU GDQQ QLFKW GD GHU .|USHU &KULVWL GLH
0DWHULDOLVDWLRQ HLQHV HUKDEHQHQ *HGDQNHQV GHU /LHEH HXUHV 9DWHUV ZDU" 'DKHU OLHEWH HXFK
&KULVWXVQXUPLWGHP*HLVWHQLFKWPLWGHP)OHLVFKH0HLQH:DKUKHLWZLUGQLHPDOVYHUIlOVFKW
ZHUGHQ N|QQHQ ZHLO VLH HLQ DEVROXWHV /LFKW XQG HLQH XQXPVFKUlQNWH 0DFKW LQ VLFK
ELUJW  

,FKJDEHXFKLQGHU=ZHLWHQ=HLWHLQ%HLVSLHOGDIUZLHLKUGLHUHFKWH6WXQGHDEZDUWHQ
PWXPGLH$XIJDEH]XHUIOOHQGLHHXFK]XU(UGHEUDFKWH

 ,FK ZDUWHWH ELV PHLQ .|USHU  MHQHU -HVXV GHQ GLH 0HQVFKHQ YRU $XJHQ KDWWHQ  VHLQ
EHVWHV$OWHUHUUHLFKWKDEHQ ZUGHXPGXUFKLKQGLH*|WWOLFKH0LVVLRQ]XHUIOOHQHXFKGLH
/LHEH]XOHKUHQ

$OVMHQHU.|USHU GDV+HU]XQGGHU9HUVWDQG VHLQHYROOH(QWIDOWXQJHUODQJWKDWWHVSUDFK


PHLQ *HLVW GXUFK VHLQH /LSSHQ PHLQH :HLVKHLW GXUFKIOXWHWH VHLQHQ 9HUVWDQG PHLQH /LHEH
OLH VLFK LQ VHLQHP +HU]HQ QLHGHU XQG GLH +DUPRQLH ]ZLVFKHQ MHQHP .|USHU XQG GHP


*|WWOLFKHQ /LFKW GDV LKQ HUOHXFKWHWH ZDU VR YROONRPPHQ GD ,FK RIW ]X GHQ
0HQVFKHQVFKDUHQVSUDFK:HUGHQ6RKQNHQQWNHQQWGHQ9DWHU

 &KULVWXV PDFKWH *HEUDXFK YRQ GHU :DKUKHLW LQ *RWW XP GLH 0HQVFKHQ ]X OHKUHQ (U
EH]RJVLHQLFKWYRQGHU:HOW:HGHUYRQGHQ*ULHFKHQ&KDOGlHUQ(VVHQHUQRGHU3K|QL]LHUQ
QRFKYRQVRQVWMHPDQGHPEH]RJHUGDV/LFKW6LHNDQQWHQGHQ:HJ]XP+LPPHOUHLFKQRFK
QLFKWXQG,FKOHKUWHGDVZDVDXI(UGHQQRFKXQEHNDQQWZDU

 -HVXV KDWWH VHLQH .LQGKHLW XQG -XJHQG GHU WlWLJHQ 1lFKVWHQOLHEH XQG GHP *HEHW
JHZLGPHW ELV GLH 6WXQGH NDP XP GDV +LPPHOUHLFK GDV *HVHW] GHU /LHEH XQG GHU
*HUHFKWLJNHLWGLH/HKUHGHV/LFKWHVXQGGHV/HEHQV]XYHUNQGHQ

 6XFKW GHQ 6LQQJHKDOW PHLQHV LQ MHQHU =HLW YHUNQGHWHQ :RUWHV XQG VDJW 0LU RE HU DXV
LUJHQGHLQHU PHQVFKOLFKHQ /HKUH RGHU LUJHQGHLQHU GDPDOV EHNDQQWHQ :LVVHQVFKDIW VWDPPHQ
NRQQWH

 ,FK VDJH HXFK ZHQQ ,FK ZLUNOLFK GLH *HOHKUVDPNHLW MHQHU 0HQVFKHQ LQ $QVSUXFK
JHQRPPHQ KlWWH GDQQ KlWWH ,FK PHLQH -QJHU XQWHU LKQHQ JHVXFKW XQG QLFKW XQWHU GHQ
XQJHELOGHWHQXQGXQZLVVHQGHQ0HQVFKHQDXVGHQHQ,FK0HLQH$SRVWHOVFKDUELOGHWH 
 

'DV8QYHUVWlQGQLVGHUPHQVFKOLFKHQ8PZHOWLQ1D]DUHWK

 ,FK PXVVWH GHQ 6FKR HLQHV 9RONHV ZLH bJ\SWHQ DXIVXFKHQ GD GDV 9RON ]X GHP ,FK
JHNRPPHQZDU0LUNHLQHVFKW]HQGH+HUEHUJH]XJHEHQYHUPRFKWH$EHUGLHVZDUQLFKWGHU
HLQ]LJH6FKPHU]GHQPHLQ+HU]HUOHLGHQPXVVWH

 $OV ,FK DXV bJ\SWHQ ]XUFNNHKUWH XQG GDQQ LQ 1D]DUHWK OHEWH ZXUGH ,FK IRUWZlKUHQG
YHUVSRWWHWXQGGXUFKbXHUXQJHQYRQ8QJODXEHQXQG0LVVJXQVWYHUOHW]W

 ,FK WDW GRUW :XQGHU EH]HLJWH PHLQH 1lFKVWHQOLHEH XQG PHLQH 0DFKW XQG ZXUGH
YHUNDQQW 1LFKW HLQHU YRQ GHQHQ GLH PHLQ /HEHQ XQG PHLQH :HUNH DXV GHU 1lKH NDQQWHQ
JODXEWHDQ0LFK

 $OV GDKHU GLH 6WXQGH GHU 9HUNQGXQJ JHNRPPHQ ZDU PXVVWH ,FK EHLP 9HUODVVHQ
1D]DUHWKVVDJHQ:DKUOLFK,FKVDJHHXFKNHLQ3URSKHWILQGHW*ODXEHQLQVHLQHP9DWHUODQG
(UPXVVHVYHUODVVHQGDPLWVHLQ:RUW*HK|UILQGHW  


.DSLWHO 'DV:LUNHQ-HVXDXI(UGHQ

'LH7DXIHLP-RUGDQ9RUEHUHLWXQJV]HLWLQGHU:VWH

-HVXVGHUOLHEHYROOHXQGGHPWLJH1D]DUHQHUGHUDXIGLH6WXQGHJHZDUWHWKDWWHLQGHU GDV
*|WWOLFKH:RUWDXVVHLQHP0XQGHNRPPHQZUGHVXFKWH-RKDQQHVDQGHQ8IHUQGHV-RUGDQ
DXIXPGDV:DVVHUGHU7DXIH]XHPSIDQJHQ*LQJ-HVXVLP9HUODQJHQQDFK5HLQLJXQJKLQ"
1HLQPHLQ9RON*LQJHUHWZDXPHLQHQ5LWXV]XYROO]LHKHQ"$XFKQLFKW-HVXV ZXWHGD
GLH6WXQGHJHNRPPHQZDULQGHUHUVHOEVWDXIK|UWH]XVHLQLQGHUGHU0HQVFKYHUVFKZDQG
XP GHQ *HLVW VSUHFKHQ ]X ODVVHQ XQG HU ZROOWH MHQH 6WXQGH GXUFK HLQH +DQGOXQJ
NHQQ]HLFKQHQGLHVLFKLQGDV*HGlFKWQLVGHU0HQVFKHQHLQSUlJHQZUGH

 'DV V\PEROLVFKH :DVVHU KDWWH NHLQHUOHL 0DNHO DE]XZDVFKHQ ZRKO DEHU PDFKWH HV MHQHQ
.|USHU  DOV %HLVSLHO IU GLH 0HQVFKKHLW  IUHL YRQ MHGHU %LQGXQJ DQ GLH :HOW XP ]X
HUP|JOLFKHQGDVVHUZLOOHQVPlLJPLWGHP*HLVWHHLQVZHUGHQZUGH'LHVJHVFKDKDOVMHQ H
GLH]XJHJHQZDUHQHLQH*|WWOLFKH6WLPPHYHUQDKPHQGLHPLW0HQVFKHQZRUWHQVSUDFK'LHV
LVWPHLQJHOLHEWHU6RKQDQGHP,FK:RKOJHIDOOHQKDEH+|UWDXILKQ

9RQMHQHP$XJHQEOLFNDQZXUGHGDV:RUW*RWWHV]XP:RUWHGHVHZLJHQ/HEHQVDXIGHQ
/LSSHQ -HVX ZHLO VLFK &KULVWXV LQ GHU )OOH GXUFK ,KQ NXQGJDE 'LH 0HQVFKHQ QDQQWHQ LKQ
5DEEL0HLVWHU6HQGERWH0HVVLDVXQG6RKQ*RWWHV 

 'DQDFK ]RJ ,FK PLFK LQ GLH :VWH ]XUFN XP ]X PHGLWLHUHQ XQG HXFK ]X OHKUHQ LQ
=ZLHVSUDFKH PLW GHP 6FK|SIHU ]X WUHWHQ XQG XP LQ GHU 6WLOOH GHU :VWH GDV :HUN ]X
EHWUDFKWHQGDV0LFKHUZDUWHWHXQGHXFKGDPLW ]XOHKUHQGDLKUHXFK ]XYRUOlXWHUQPW
EHYRULKUDQGLH(UIOOXQJGHV:HUNHVJHKWGDV,FKHXFKDQYHUWUDXWKDEH6XFKWGDQDFKLQGHU
6WLOOH HXUHV :HVHQV GLH GLUHNWH =ZLHVSUDFKH PLW HXUHP 9DWHU XQG VR YRUEHUHLWHW  ODXWHU
JHVWlUNW XQG HQWVFKORVVHQ  PDFKW HXFK XQEHLUUEDU DQ GLH (UIOOXQJ HXUHU VFKZLHULJHQ
0LVVLRQ 

'LH(LQKHLW-HVXPLW*RWW

'UHL-DKUHODQJVSUDFK,FK]XU:HOWGXUFK-HVX0XQGRKQHGDHLQHVPHLQHU:RUWHRGHU
HLQHU PHLQHU *HGDQNHQ YRQ MHQHP 9HUVWDQGH HQWVWHOOW ZXUGH RKQH GD HLQH VHLQHU
+DQGOXQJHQQLFKWPLWPHLQHP:LOOHQEHUHLQJHVWLPPWKlWWH'HU*UXQGGDIUZDUGD-HVXV
XQG&KULVWXV0HQVFKXQG*HLVWHLQVZDUHQVRZLH&KULVWXVPLWGHP9DWHUHLQVLVW 

 (UNHQQW LQ 0LU GHQ 9DWHU GHQQ ZDKUOLFK ,FK VDJH HXFK &KULVWXV LVW PLW GHP 9DWHU HLQV
YRQ(ZLJNHLWKHUQRFKEHYRUGLH:HOWHQZDUHQ

 ,Q GHU =ZHLWHQ =HLW ZXUGH GLHVHU &KULVWXV GHU PLW *RWW HLQV LVW DXI (UGHQ 0HQVFK LQ
GHP JHVHJQHWHQ .|USHU -HVX XQG ZXUGH VR GHU 6RKQ *RWWHV GRFK QXU KLQVLFKWOLFK VHLQHV
0HQVFKVHLQV'HQQ,FKVDJHHXFKQRFKHLQPDOGDQXUHLQHLQ]LJHU*RWWH[LVWLHUW 

$OV,FK0HQVFKZXUGHLQ-HVXVJHVFKDKHVQLFKWXPHXFKEHJUHLIOLFK]XPDFKHQGD*RWW
PHQVFKOLFKH*HVWDOWKDWVRQGHUQXP0LFKVLFKWEDUXQGK|UEDU]XPDFKHQIUGLHZHOFKHIU
DOOHV*|WWOLFKHEOLQGXQGWDXEZDUHQ

:DKUOLFK,FKVDJHHXFKZHQQGHU.|USHU-HVXGLH*HVWDOW-HKRYDVJHZHVHQZlUHVRKlWWH
HU ZHGHU JHEOXWHW QRFK ZlUH HU JHVWRUEHQ (V ZDU HLQ YROONRPPHQHU .|USHU MHGRFK


PHQVFKOLFK XQG HPSILQGOLFK GDPLW GLH 0HQVFKHQ LKQ VHKHQ XQG GLH 6WLPPH LKUHV
+LPPOLVFKHQ9DWHUVGXUFKLKQK|UHQVROOWHQ 

 =ZHL 1DWXUHQ JDE HV LQ -HVXV HLQH PDWHULHOOH PHQVFKOLFKH GXUFK PHLQHQ :LOOHQ LP
MXQJIUlXOLFKHQ 6FKRH 0DULDV JHVFKDIIHQ ZHOFKH ,FK GHQ 0HQVFKHQVRKQ QDQQWH XQG GLH
DQGHUHJ|WWOLFKH GHU*HLVWZHOFKHU6RKQ*RWWHVJHQDQQWZXUGH,QGLHVHUZDUGDV*|WWOLFKH
:RUWGHV9DWHUVGDVLQ-HVXVVSUDFKGLHDQGHUHZDUQXUPDWHULHOOXQGVLFKWEDU 

 &KULVWXV GDV :RUW *RWWHV ZDU HV GDV GXUFK GHQ 0XQG -HVX GHV UHLQHQ XQG ODXWHUHQ
0HQVFKHQVSUDFK

'HU0HQVFK-HVXVZXUGHJHERUHQOHEWHXQGVWDUEGRFKZDV&KULVWXVDQEHODQJW(UZXUGH
QLFKW JHERUHQ QRFK ZXFKV (U LQ GHU :HOW DXI QRFK VWDUE (U GHQQ (U LVW GLH 6WLPPH GHU
/LHEH GHU *HLVW GHU /LHEH GDV *|WWOLFKH :RUW GHU $XVGUXFN GHU :HLVKHLW GHV 6FK|SIHUV
ZHOFKHULQPPHUGDULP9DWHUJHZHVHQLVW 

'LH$EOHKQXQJ-HVXDOVGHQHUZDUWHWHQ0HVVLDV

 1LFKW YRQ DOOHQ ZXUGH ,FK LQ GHU =ZHLWHQ =HLW DQHUNDQQW $OV ,FK LP 6FKRH GHV
MGLVFKHQ 9RONHV HUVFKLHQ GDV 0LFK EHUHLWV HUZDUWHWH ZHLO HV GLH YRQ GHQ 3URSKHWHQ
JHJHEHQHQ 9RU]HLFKHQ HUIOOW VDK EUDFKWH PHLQH *HJHQZDUW YLHOH LQ 9HUZLUUXQJ GLH GLH
3URSKHWHQQLFKWULFKWLJDXV]XOHJHQYHUVWDQGHQXQGLKUHQ0HVVLDVDOVHLQHQPlFKWLJHQ)UVWHQ
]XVHKHQHUZDUWHWHQGHUVHLQH)HLQGHQLHGHUZHUIHQZUGHGHUGLH.|QLJHGLH8QWHUGUFNHU
GHPWLJHQXQGGHQHQGLHLKQHUZDUWHWHQ%HVLW]WPHUXQGLUGLVFKH*WHUJHZlKUHQZUGH

$OVMHQHV9RON-HVXVVDK DUPXQGRKQH%HLQNOHLGVHLQ.|USHUQXUPLWHLQHPHLQIDFKHQ
*HZDQG EHGHFNW LQ HLQHP 6WDOO JHERUHQ XQG VSlWHU DOV HLQIDFKHU +DQGZHUNHU DUEHLWHQG
NRQQWH HV QLFKW JODXEHQ GD HU GHU YRP 9DWHU *HVDQGWH VHL GHU 9HUKHLHQH 'HU 0HLVWHU
PXWHVLFKWEDUH:XQGHUXQG:HUNHYROOEULQJHQGDPLWVLHLKPJODXEWHQXQGVHLQH*|WWOLFKH
%RWVFKDIWYHUVWQGHQ 

,PPHUVLQGHVGLH'HPWLJHQXQGGLH$UPHQJHZHVHQGLHPHLQH*HJHQZDUWHQWGHFNHQ
ZHLOLKU9HUVWDQGHVYHUP|JHQQLFKWPLWPHQVFKOLFKHQ7KHRULHQEHVFKlIWLJWLVWGLHLKUNODUHV
8UWHLOVYHUP|JHQWUEHQ

 ,Q GHU =ZHLWHQ =HLW JHVFKDK HV JOHLFKIDOOV GDVV REZRKO GDV .RPPHQ GHV 0HVVLDV
DQJHNQGLJW ZDU QXU GLH 0HQVFKHQ YRQ VFKOLFKWHP *HPW YRQ GHPWLJHP *HLVW XQG
XQEHODVWHWHP9HUVWDQGLKQJHIKOVPlLJHUNDQQWHQDOVHUNDP

'LH7KHRORJHQKDWWHQLQLKUHQ+lQGHQGDV%XFKGHU3URSKHWHQXQGWlJOLFKZLHGHUKROWHQ
VLHGLH:RUWHGLHGLH=HLFKHQGLH=HLWXQGGLH$UWGHV.RPPHQVGHV0HVVLDVDQNQGLJWH Q
XQGGHQQRFK VLHVDKHQ0LFKXQGHUNDQQWHQ0LFKQLFKWVLHK|UWHQ0LU]XXQGOHXJQHWHQGDVV
,FK GHU YHUKHLHQH +HLODQG VHL 6LH VDKHQ PHLQH :HUNH GRFK GDV HLQ]LJH ZDV VLH ]X WXQ
ZXVVWHQ ZDU VLFK EHU VLH ]X HPS|UHQ REZRKO VLH LQ :DKUKHLW DOOH JHZHLVVDJW ZRUGHQ
ZDUHQ  

 +HXWH ]ZHLIHOW PDQ QLFKW PHKU DQ -HVXV DEHU YLHOH HU|UWHUQ XQG OHXJQHQ VRJDU PHLQH
*|WWOLFKNHLW'LHHLQHQJHVWHKHQ0LUJURHJHLVWLJH(UKHEXQJ]XDQGHUHEHKDXSWHQGDDXFK
,FK GHQ (QWZLFNOXQJVZHJ GHU 6HHOH GXUFKODXIH XP ]XP 9DWHU JHODQJHQ ]X N|QQHQ 'RFK
ZHQQHVVRZlUHKlWWH,FKHXFKQLFKWJHVDJW,FKELQGHU:HJGLH:DKUKHLWXQGGDV/HEHQ



-HVXVDOVKHLOEULQJHQGHU*DVWLPHLQIDFKHQ9RONH

 (XUH $XIJDEH LVW HV GHP 9RUELOG HXUHV *|WWOLFKHQ 0HLVWHUV DXI VHLQHP (UGHQZHJH
QDFK]XOHEHQ (ULQQHUW HXFK :DQQ LPPHU ,FK 0LFK LQ GHQ +HLPHQ ]HLJWH OLH ,FK LQ DOOHQ
HLQH %RWVFKDIW GHV )ULHGHQV ]XUFN KHLOWH ,FK GLH .UDQNHQ WU|VWHWH GLH %HWUEWHQ PLW GHU
*|WWOLFKHQ9ROOPDFKWZHOFKHGLH/LHEHEHVLW]W

 1LHPDOV XQWHUOLH ,FK HV LQ HLQ +DXV HLQ]XWUHWHQ ZHLO PDQ 0LU GDULQ QLFKW JODXEHQ
ZUGH ,FK ZXWH GD EHLP 9HUODVVHQ GLHVHV 2UWHV GLH +HU]HQ VHLQHU %HZRKQHU YROO
EHUTXHOOHQGHU )UHXGH VHLQ ZUGHQ GHQQ RKQH HV ]X ZLVVHQ KDWWH LKU *HLVW GXUFK PHLQH
8QWHUZHLVXQJLQGDV+LPPHOVUHLFKJHVFKDXW

=XZHLOHQVXFKWH,FKGLH+HU]HQDXIPDQFKPDOVXFKWHQVLH0LFKGRFKLQDOOHQ)lOOHQZDU
PHLQH /LHEH GDV %URW GHV HZLJHQ /HEHQV GDV ,FK LKQHQ LP 6LQQJHKDOW PHLQHV :RUWHV JDE


'HUXQHUPGOLFKH3UHGLJHU-HVXV

 %HL HLQLJHQ *HOHJHQKHLWHQ EHL GHQHQ ,FK 0LFK LQ GLH (LQVDPNHLW LUJHQGHLQHV 7DOHV
]XUFN]RJ EOLHE ,FK QXU IU $XJHQEOLFNH DOOHLQ ZHLO GLH 0HQVFKHQPHQJHQ EHJLHULJ 0LFK
]X K|UHQ VLFK LKUHP 0HLVWHU LP 9HUODQJHQ QDFK GHU XQHQGOLFKHQ *WH 6HLQHV %OLFNHV
QlKHUWHQ ,FK HPSILQJ VLH XQG EHUVWU|PWH MHQH 0lQQHU )UDXHQ XQG .LQGHU PLW GHU
=lUWOLFKNHLWPHLQHUXQEHJUHQ]WHQ%DUPKHU]LJNHLWZHLO,FKZXWHGDHVLQMHGHP*HVFK|SI
HLQHQ *HLVW JLEW XP GHVVHQWZLOOHQ ,FK ]XU :HOW JHNRPPHQ ZDU 'DQQ VSUDFK LFK ]X LKQHQ
YRP +LPPHOUHLFK ZHOFKHV GLH ZDKUH +HLPDW GHV *HLVWHV LVW GDPLW VLH LKUH LQQHUH 8QUXKH
GXUFKPHLQ:RUWEHVlQIWLJHQXQGVLFKDQGHU+RIIQXQJVWlUNHQZUGHQGDV(ZLJH/HEHQ]X
HUODQJHQ

 (V NDP YRU GD HV XQWHU GHU 0HQJH YHUERUJHQ MHPDQGHQ JDE GHU GLH $EVLFKW KDWWH
PHLQH:DKUKHLWVFKUHLHQG]XOHXJQHQXQG]XYHUVLFKHUQGD,FKHLQIDOVFKHU3URSKHWVHLDEHU
PHLQ :RUW NDP LKP ]XYRU EHYRU HU QRFK =HLW JHKDEW KDWWH VHLQH /LSSHQ ]X |IIQHQ %HL
DQGHUHQ $QOlVVHQ OLH ,FK ]X GD LUJHQGHLQ /lVWHUHU 0LFK VFKPlKWH XP YRU GHU
0HQVFKHQPHQJH ]X EHZHLVHQ GD GHU 0HLVWHU DQJHVLFKWV GHU %HOHLGLJXQJHQ QLFKW XQZLOOLJ
ZXUGHZRPLW,FKLKQHQHLQ%HLVSLHOYRQ'HPXWXQG/LHEHJDE

 (V JDE HLQLJH GLH  YRQ PHLQHU 6DQIWPXW EHVFKlPW  VLFK VRJOHLFK HQWIHUQWHQ XQG
EHUHXWHQPLWLKUHQ=ZHLIHOQ'HQYHUOHW]W]XKDEHQZHOFKHUPLWVHLQHQ:HUNHQGLH:DKUKHLW
YHUNQGHWH6REDOGVLFK GLH*HOHJHQKHLWERWNDPHQVLH]X0LUIROJWHQ 0LUDXIGHQ:HJHQ
QDFK ZHLQHQGJHUKUWYRQPHLQHP:RUWHRKQHDXFKQXU]XZDJHQ0LFKDQ]XVSUHFKHQXP
0LFKIUGLH%HOHLGLJXQJHQGLHVLH0LU]XYRU]XJHIJWKDWWHQXP9HUJHEXQJ]XELWWHQ,FK
ULHIVLHKHUEHLOLHENRVWHVLHPLWPHLQHP:RUWHXQGJHZlKUWHLKQHQLUJHQGHLQH*QDGH 

 +|UHW $OV ,FK EHL HXFK DXI (UGHQ ZDU NDPHQ GLH 0HQVFKHQ LQ 6FKDUHQ ]X 0LU 
0HQVFKHQ LQ KRKHQ 6WHOOXQJHQ YROOHU (LWHONHLW 5HJLHUHQGH GLH 0LFK KHLPOLFK DXIVXFKWHQ
XP 0LFK ]X K|UHQ 'LH HLQHQ EHZXQGHUWHQ 0LFK DEHU DXV )XUFKWVDPNHLW EHNDQQWHQ VLH HV
QLFKWRIIHQDQGHUHOHKQWHQ0LFKDE

(VNDPHQ0HQVFKHQVFKDUHQ]X0LUGLHDXV0lQQHUQ)UDXHQXQG.LQGHUQEHVWDQGHQXQG
0LU DP 0RUJHQ DP 1DFKPLWWDJ XQG LQ GHU 1DFKW ]XK|UWHQ XQG LPPHU IDQGHQ VLH GHQ
0HLVWHUEHUHLWLKQHQGDV:RUW*RWWHV]XJHEHQ6LHVDKHQGDGHU0HLVWHUVLFKVHOEVWYHUJD
XQG NRQQWHQ VLFK QLFKW HUNOlUHQ ]X ZHOFKHU 6WXQGH HU 1DKUXQJ ]X VLFK QDKP GDPLW VHLQ


.|USHU QLFKW VFKZDFK XQG VHLQH 6WLPPH QLFKW PDWW ZUGH 'HU *UXQG ZDU GD VLH QLFKW
ZXWHQGD-HVXVDXVVHLQHPHLJHQHQ*HLVWH.UlIWHHUKLHOWXQGLQVLFKVHOEVW1DKUXQJIDQG


'LH.LQGHU XQG1DWXUOLHEH-HVX

 *HOHJHQWOLFK ZHQQ ,FK HLQPDO DOOHLQ ZDU ZXUGH ,FK YRQ .LQGHUQ HQWGHFNW GLH ]X 0LU
NDPHQ XP 0LU NOHLQH %OXPHQ HQWJHJHQ]XVWUHFNHQ 0LU LUJHQGHLQHQ NOHLQHQ .XPPHU ]X
HU]lKOHQXQG0LFK]XNVVHQ

'LH0WWHUZDUHQlQJVWOLFKEHVRUJWZHQQVLHLKUH.OHLQHQLQPHLQHQ$UPHQIDQGHQZLH
VLH PHLQHQ :RUWHQ ODXVFKWHQ 'LH -QJHU GLH PHLQWHQ GD GLHV HLQHQ 0DQJHO DQ 5HVSHNW
JHJHQEHUGHP0HLVWHUEHGHXWHYHUVXFKWHQVLHDXVPHLQHU1lKH]XYHUWUHLEHQ'DPXWH,FK
LKQHQ VDJHQ /DVVHW GLH .LQGHU ]X 0LU NRPPHQ GHQQ XP LQV +LPPHOUHLFK ]X JHODQJHQ
PWLKUGLH5HLQKHLWGLH(LQIDFKKHLWXQG(LQIDOWYRQ.LQGHUQKDEHQ

 ,FK IUHXWH 0LFK EHU MHQH 8QVFKXOG XQG 8QEHIDQJHQKHLW VR ZLH MHPDQG YRP $QEOLFN
HLQHU%OWHQNQRVSHHUIUHXWZLUGGLHVLFKJHUDGH|IIQHW 

:LHRIWZXUGH-HVXVYRQVHLQHQ-QJHUQGDEHLDQJHWURIIHQZLHHUPLWGHQYHUVFKLHGHQHQ
*HVFK|SIHQ GHV 8QLYHUVXPV VSUDFK :LH RIW ZXUGH GHU 0HLVWHU EHL VHLQHQ *HVSUlFKHQ PLW
GHQ9|JHOQPLWGHU)OXUPLW GHP0HHUEHUUDVFKW'RFKVLHZXWHQGDLKU0HLVWHUQLFKW
HQWUFNW ZDU VLH ZXWHQ GD LQ LKUHP 0HLVWHU GHU 6FK|SIHUJHLVW GHV 9DWHUV OHEWH ZHOFKHU
DOOHQ:HVHQHLQH6SUDFKHJHJHEHQKDWWHZHOFKHUDOOHVHLQH .LQGHUYHUVWDQGZHOFKHUYRQ
DOOHPGXUFK,KQ*HVFKDIIHQHQ/RESUHLVXQG/LHEHHPSILQJ

 :LH RIW VDKHQ GLH -QJHU XQG GLH /HXWH -HVXV ZLH HU HLQHQ 9RJHO RGHU HLQH %OXPH
OLHENRVWHXQGDOOHVVHJQHWHXQGLQVHLQHQ$XJHQHQWGHFNWHQVLH%OLFNHXQHQGOLFKHU/LHEHIU
DOOH*HVFK|SIH'LH-QJHUHUDKQWHQ GLHJ|WWOLFKH:RQQHGHV+HUUQZHQQHUVLFKYRQVRYLHO
+HUUOLFKNHLW VR YLHO :XQGHUEDUHP XPJHEHQ VDK GDV DXV VHLQHU :HLVKHLW KHUYRUJHJDQJHQ
ZDU XQG VLH VDKHQ DXFK RIWPDOV 7UlQHQ LQ GHQ $XJHQ GHV 0HLVWHUV ZHQQ HU GLH
*OHLFKJOWLJNHLW GHU 0HQVFKHQ DQJHVLFKWV VROFKHU +HUUOLFKNHLW VDK GLH 6WXPSIKHLW XQG GLH
%OLQGKHLW GHU PHQVFKOLFKHQ *HVFK|SIH JHJHQEHU VRYLHO *ODQ] 6LH VDKHQ GHQ 0HLVWHU RIW
ZHLQHQ ZHQQ HU HLQHQ $XVVlW]LJHQ HUEOLFNWH GHU ZHJHQ VHLQHV $XVVDW]HV 7UlQHQ YHUJR
RGHU 0lQQHU XQG )UDXHQ GLH EHU LKU 6FKLFNVDO NODJWHQ REZRKO VLH YRQ HLQHU 6SKlUH
YROONRPPHQHU/LHEHXPJHEHQZDUHQ  

'LH/HKUH-HVX

-HVXVOHKUWHHXFKGLHWlWLJH1lFKVWHQOLHEHGLH6DQIWPXWGLH/LHEH(UOHKUWHHXFKHXUHQ
)HLQGHQYRQ+HU]HQ]X YHUJHEHQVDJWHHXFKGDLKUGLH /JHYHUZHUIHQXQGGLH:DKUKHLW
OLHEHQ VROOW (U YHUNQGHWH HXFK GD LKU VRZRKO GDV %|VH DOV DXFK GDV *XWH GDV LKU
HPSILQJHW LPPHU PLW *XWHP YHUJHOWHQ VROOW (U OHKUWH HXFK GLH $FKWXQJ YRU MHGHP HXUHU
1lFKVWHQXQGRIIHQEDUWHHXFKGLH $UW XQG:HLVHZLHPDQGLH*HVXQGKHLWGHV.|USHUVXQG
GHU 6HHOH ILQGHW ZLH LKU PLW HXUHP /HEHQ GHQ 1DPHQ HXUHU (OWHUQ HKUW GDPLW LKU ]XJOHLFK
YRQHXUHQ.LQGHUQJHHKUWZHUGHQN|QQW

 'LHV VLQG HLQLJH GHU *HERWH GLH MHGHU EHIROJHQ PX GHU ZLUNOLFK &KULVW VHLQ P|FKWH



$OVGLH6FKULIWJHOHKUWHQXQGGLH3KDULVlHUGLH7DWHQ-HVXEHREDFKWHWHQXQGVLHHQWGHFNWHQ
GD VLH YRQ GHQ LKUHQ DEZLFKHQ EHKDXSWHWHQ VLH GD GLH /HKUH GLH HU SUHGLJWH JHJHQ GDV
*HVHW] 0RVHV YHUVWLHH 'HU *UXQG GDIU ZDU GD VLH GDV *HVHW] PLW GHQ 7UDGLWLRQHQ
YHUZHFKVHOWHQ 'RFK ,FK EHZLHV ,KQHQ GD ,FK GDV *HVHW] GDV GHU 9DWHU GHP 0RVHV
RIIHQEDUWKDWWHQLFKWEHUWUHWHQKDWWHVRQGHUQHVPLW:RUWHQXQG:HUNHQHUIOOWH

*HZLVHW]WH,FK0LFKEHUYLHOHGHU7UDGLWLRQHQMHQHV9RONHVKLQZHJZHLOGHU=HLWSXQNW
EHUHLWVJHNRPPHQZDUGDVLHYHUVFKZLQGHQVROOWHQGDPLWHLQHQHXH=HLWPLWK|KHUHQ/HKUHQ
EHJLQQHQNRQQWH  

(ULQQHUWHXFKGD,FKLPHUVWHQ*HERWGHV*HVHW]HVGDV,FKGHU0HQVFKKHLWGXUFK0RVHV
JDEVDJWH,KUVROOWHXFKNHLQ%LOGQLVQRFK*OHLFKQLVYRQKLPPOLVFKHQ'LQJHQPDFKHQXP
HXFKGDYRUQLHGHU]XNQLHQXQGHVDQ]XEHWHQ6HLWGDPDOVLVWGHU:HJIUGHQ0HQVFKHQXQG
GHU:HJIUGLH6HHOHGHXWOLFKYRUJH]HLFKQHW

0RVHVEHVFKUlQNWHVLFKQLFKWGDUDXIGHQ0HQVFKHQGLH =HKQ*HERWH]XEHUPLWWHOQHU
VHW]WHDXFK]ZHLWUDQJLJH*HVHW]HIUGDVPHQVFKOLFKH/HEHQLQ.UDIWXQGIKUWH7UDGLWLRQHQ
5LWHQ XQG 6\PEROH LQQHUKDOE GHU JHLVWLJHQ *RWWHVYHUHKUXQJ HLQ DOOHV GHQ
(QWZLFNOXQJVVFKULWWHQHQWVSUHFKHQGGLHGDPDOVGHUPHQVFKOLFKH*HLVWWDW

$EHUGHUYHUKHLHQH0HVVLDVNDPXQGEHVHLWLJWH7UDGLWLRQHQ5LWHQ6\PEROHXQG2SIHU
XQG OLH QXU GDV *HVHW] XQDQJHWDVWHW $OV GDKHU GLH 3KDULVlHU GHP 9RONH VDJWHQ GD -HVXV
JHJHQ
GLH *HVHW]H 0RVHV HLQJHVWHOOW VHL DQWZRUWHWH ,FK LKQHQ GD ,FK QLFKW JHJHQ GDV *HVHW] VHL
YLHOPHKU JHNRPPHQ VHL XP HV ]X HUIOOHQ :HQQ PHLQH 8QWHUZHLVXQJHQ GLH 7UDGLWLRQHQ
EHVHLWLJHQZUGHQVRJHVFKlKHGLHVZHLOGDV9RONXPVLH]XHUIOOHQYHUJHVVHQKDEHGDV
*HVHW]]XEHIROJHQ  X

 'DV J|WWOLFKH 9HUODQJHQ -HVX ZDU HV GD VHLQH -QJHU ]X 6lPlQQHUQ VHLQHU HUO|VHQGHQ
/HKUHZUGHQ,PHUKDEHQVWHQ$XJHQEOLFNVHLQHUOHW]WHQ/HKUDQVSUDFKHDQGLH-QJHUZHOFKH
]XJOHLFKGDVOHW]WH*HVSUlFK]ZLVFKHQGHP9DWHUXQGGHQ .LQGHUQZDUVDJWHHULKQHQGDKHU
PLW OLHEHYROOHU 1DFKGUFNOLFKNHLW ,FK KLQWHUODVVH HXFK HLQ QHXHV *HERW /LHEHW HXFK
XQWHUHLQDQGHU0LWGHP /LFKWHMHQHVK|FKVWHQ *HERWHVHQW]QGHWH ,FK GLHJU|WH+RIIQXQJ
GHU0HQVFKKHLW 

0HLQ:RUWLQGHU*HJHQZDUWZLUGGLH:RUWHGLH,FKHXFKLQGHU=ZHLWHQ=HLWJDEQLFKW
DXVO|VFKHQ'LH(SRFKHQ-DKUKXQGHUWHXQG=HLWDOWHUZHUGHQYHUJHKHQGRFKGLH:RUWH-HVX
ZHUGHQQLFKWYHUJHKHQ+HXWHHUNOlUHXQGRIIHQEDUH,FKHXFKGHQ6LQQJHKDOWGHVVHQZDV,FK
HXFKGDPDOVVDJWHXQGLKUQLFKWYHUVWDQGHW 

:XQGHU-HVX

 'DPLW MHQH /HKUH LQ GHQ +HU]HQ GHQ *ODXEHQ HQW]QGHQ ZUGH YROOEUDFKWH ,FK
JOHLFK]HLWLJ :XQGHUWDWHQ GDPLW VLH YRQ LKQHQ JHOLHEW ZHUGHQ N|QQWH XQG GDPLW GLHVH
:XQGHU P|JOLFKVW KDQGJUHLIOLFK ZlUHQ YROOEUDFKWH ,FK VLH DQ GHQ .|USHUQ YRQ .UDQNHQ
KHLOWH ,FK GLH %OLQGHQ GLH 7DXEHQ GLH 6WXPPHQ GLH /DKPHQ GLH %HVHVVHQHQ GLH
$XVVlW]LJHQXQGHUZHFNWHDXFK7RWH]XP/HEHQ

 :LHYLHOH :XQGHU GHU /LHEH WDW &KULVWXV XQWHU GHQ 0HQVFKHQ ,KUH 1DPHQ EHZDKUWH GLH
*HVFKLFKWHDOV%HLVSLHOIU]XNQIWLJH*HQHUDWLRQHQ  


 :HVHQ GHV /LFKWHV LP 'LHQVWH GHV *|WWOLFKHQ :HUNHV XQG DQGHUH GLH UHEHOOLVFK XQG
XQZLVVHQG ZDUHQ PDFKWHQ VLFK EHUDOO EHPHUNEDU XQG XQWHU MHQHU 0HQVFKKHLW WUDWHQ GLH
%HVHVVHQHQ LQ (UVFKHLQXQJ ZHOFKH GLH :LVVHQVFKDIW QLFKW ]X EHIUHLHQ YHUPRFKWH XQG GLH
YRP 9RONH YHUVWRHQ ZXUGHQ :HGHU GLH /HKUHU GHV *HVHW]HV QRFK GLH :LVVHQVFKDIWOHU
YHUPRFKWHQMHQHQ.UDQNHQGLH*HVXQGKHLW]XUFN]XJHEHQ

 'RFK DOO GLHV ZDU YRQ 0LU YRUJHVHKHQ XP HXFK ]X OHKUHQ XQG HXFK /LHEHVEHZHLVH ]X
JHEHQ,FKJHZlKUWHHXFKGXUFK-HVXVGLH+HLOXQJVHLQHU*HVFK|SIH]XP(UVWDXQHQYLHOHU

 'LH 8QJOlXELJHQ GLH YRQ GHU 0DFKW -HVX VSUHFKHQ JHK|UW KDWWHQ XQG GLH XP VHLQH
:XQGHUWDWHQZXVVWHQYHUODQJWHQQDFKGHQVFKZLHULJVWHQ%HZHLVHQXPLKQHLQHQ$XJHQEOLFN
XQVLFKHU]XPDFKHQXQG]XEHZHLVHQGDVVHUQLFKWXQIHKOEDUVHL'RFK GLHVH%HIUHLXQJGHU
%HVHVVHQHQ GLH 7DWVDFKH GDVV ,FK VLH LQ GHQ =XVWDQG QRUPDOHU 0HQVFKHQZHVHQ
]XUFNYHUVHW]WH QXU LQGHP ,FK VLH EHUKUWH RGHU DQEOLFNWH RGHU HLQ %HIHKOVZRUW DQ VLH
ULFKWHWH GDPLW MHQH *HLVWHU GHUHQ 9HUVWDQG YHUODVVHQ XQG EHLGH YRQ LKUHU VFKZHUHQ /DVW
EHIUHLWVHLQZUGHQYHUZLUUWHMHQH

 $QJHVLFKWV GLHVHU 0DFKW ]HLJWHQ GLH 3KDULVlHU GLH :LVVHQVFKDIWOHU GLH 6FKULIWJHOHKUWHQ
XQG GLH =|OOQHU XQWHUVFKLHGOLFKH 5HDNWLRQHQ 'LH HLQHQ DQHUNDQQWHQ GLH 9ROOPDFKW -HVX
DQGHUH VFKULHEHQ VHLQH 0DFKW XQEHNDQQWHQ (LQIOVVHQ ]X ZLHGHU DQGHUH YHUPRFKWHQ QLFKWV
GD]X]XVDJHQ$EHUGLH.UDQNHQGLHJHKHLOWZRUGHQZDUHQVHJQHWHQVHLQHQ1DPHQ

0DQFKHZDUHQYRQHLQHPHLQ]LJHQ*HLVWEHVHVVHQJHZHVHQDQGHUHYRQVLHEHQZLH0DULD
DXV0DJGDODXQGHLQLJHYRQHLQHUVRJURHQ=DKOGDVVVLHVHOEVWVDJWHQHLQH/HJLRQ]XVHLQ

 :lKUHQG GHV JDQ]HQ /HEHQV GHV 0HLVWHUV IROJWH HLQH JHLVWLJH 0DQLIHVWDWLRQ QDFK GHU
DQGHUHQ'LHHLQHQZXUGHQYRQGHQ]Z|OI-QJHUQPLWHUOHEWDQGHUHYRP9RON LP)UHLHQXQG
LQGHQ+HLPHQ(VZDUHLQH=HLWGHU:XQGHUWDWHQGHU:XQGHU  

 'DV :XQGHU VR ZLH LKU HV YHUVWHKW JLEW HV QLFKW HV JLEW NHLQHQ :LGHUVSUXFK ]ZLVFKHQ
GHP*|WWOLFKHQXQGGHP0DWHULHOOHQ

-HVXVVFKUHLEWLKUYLHOH:XQGHU]XGRFKZDKUOLFK,FKVDJHHXFKVHLQH7DWHQZDUHQGLH
QDWUOLFKH $XVZLUNXQJ GHU /LHEH GLHVHU J|WWOLFKHQ .UDIW ZHOFKH LKU QRFK QLFKW ]X
JHEUDXFKHQZLWREZRKOVLHLQMHGHP*HLVWHXQJHQXW]WYRUKDQGHQLVW'HQQLKUKDEWGLH.UDIW
GHU/LHEHQLFKWNHQQHQOHUQHQZROOHQ

:DVZDULQDOOHQ:XQGHUWDWHQGLH-HVXVYROOEUDFKWHZLUNVDPDXHU/LHEH"

 +|UHW -QJHU 'DPLW GLH /LHEH *RWWHV VLFK GHU 0HQVFKKHLW NXQGJHEHQ NRQQWH ZDU GLH
'HPXW GHV :HUN]HXJHV QRWZHQGLJ XQG -HVXV ZDU LPPHU GHPWLJ XQG GD HU GDYRQ GHQ
0HQVFKHQHLQ%HLSLHOJDEVDJWHHUHXFKEHLHLQHU*HOHJHQKHLWGDHURKQHGHQ:LOOHQVHLQHV
+LPPOLVFKHQ9DWHUVQLFKWV]XWXQYHUP|FKWH:HUQLFKWLQGLH'HPXWGLHVHU:RUWHHLQGULQJW
ZLUGGHQNHQGD-HVXVHLQ0HQVFKZLHMHGHUDQGHUHZDUGRFKGLH:DKUKHLWLVWGDHUHXFK
HLQH/HKUHGHU'HPXWJHEHQZROOWH

 (U ZXWH GD GLHVH'HPXW GLHVH (LQKHLW PLW GHP 9DWHU LKQ JHJHQEHU GHU 0HQVFKKHLW
DOOPlFKWLJPDFKWH

2EHUDXVJURHXQGVFK|QH9HUNOlUXQJZHOFKHGLH/LHEHGLH'HPXWXQGGLH:HLVKHLW
VFKHQNW


1XQZLWLKUZDUXP-HVXVREJOHLFKHUVDJWHGDHUQLFKWVWXQN|QQHZHQQHVQLFKWQDFK
GHP:LOOHQVHLQHV9DWHUVZDULQ:LUNOLFKNHLWDOOHVYHUPRFKWHGHQQHUZDUJHKRUVDPGHQQ
HU ZDU GHPWLJ GHQQ HU PDFKWH VLFK ]XP 'LHQHU GHV *HVHW]HV XQG GHU 0HQVFKHQ XQG HU
YHUVWDQG]XOLHEHQ

(UNHQQHWDOVRGD REVFKRQLKUVHOEVWHLQLJHGHU)lKLJNHLWHQGHUJHLVWLJHQ/LHEHNHQQW
LKUVLHQLFKWHPSILQGHWXQGGDUXPN|QQWLKUQLFKWGLH8UVDFKHEHJUHLIHQYRQDOOGHPZDVLKU
:XQGHURGHU0\VWHULXPQHQQWZHOFKHVGLH:HUNHVLQGGLHGLHJ|WWOLFKH/LHEHEHZLUNW

 :HOFKH /HKUHQ JDE HXFK -HVXV GLH QLFKW DXV /LHEH EHVWDQGHQ KlWWHQ" :HOFKH
:LVVHQVFKDIW ZHOFKH hEXQJHQ RGHU JHKHLPQLVYROOHQ .HQQWQLVVH ZDQGWH HU DQ XP HXFK
6HLQH%HLVSLHOHYRQ0DFKWXQG:HLVKHLW]XJHEHQ"1XUGLHEHVHOLJHQGH/LHEHPLWGHUPDQ
DOOHVYHUPDJ

(VJLEWQLFKWV:LGHUVSUFKOLFKHVLQGHQ*HVHW]HQGHV9DWHUVGLHHLQIDFKVLQGZHLOZHLVH
XQGZHLVHZHLOYRQ/LHEHGXUFKGUXQJHQ

%HJUHLIWGHQ0HLVWHUHULVWHXHU/HKUEXFK  

'HU*HLVWGHU-HVXVEHOHEWHZDU0HLQHLJHQHUHXHU*RWWGHU0HQVFKZXUGHXPXQWHU
HXFK ]X ZRKQHQ XQG VLFK DQVFKDXHQ ]X ODVVHQ ZHLO GLHV QRWZHQGLJ ZDU ,FK IKOWH DOV
0HQVFK DOOH PHQVFKOLFKHQ /HLGHQ 'LH :LVVHQVFKDIWOHU GLH GDV :HVHQ GHU 1DWXU VWXGLHUW
KDWWHQ NDPHQ ]X 0LU XQG HQWGHFNWHQ GD VLH YRQ PHLQHU /HKUH QLFKWV ZXWHQ *URH XQG
.OHLQH7XJHQGKDIWHXQG6QGLJH8QVFKXOGLJHXQG6FKXOGLJHHPSILQJHQGLH(VVHQ]PHLQHV
:RUWHV XQG DOOH ZUGLJWH ,FK PLW PHLQHU *HJHQZDUW 'RFK REVFKRQ YLHOH EHUXIHQ ZXUGHQ
ZDUHQHVQXUZHQLJH$XVHUZlKOWHXQGQRFKZHQLJHUGLHXPPLFKZDUHQ 

'LH(KHEUHFKHULQ

 ,FK YHUWHLGLJWH GLH 6QGHU (ULQQHUW LKU HXFK QLFKW DQ GLH (KHEUHFKHULQ" $OV VLH ]X 0LU
JHEUDFKW ZXUGH YRQ GHU 9RONVPHQJH YHUIROJW XQG YHUGDPPW NDPHQ GLH 3KDULVlHU XQG
IUDJWHQ 0LFK :DV VROOHQ ZLU PLW LKU PDFKHQ"  'LH 3ULHVWHU HUZDUWHWHQ GD ,FK VDJHQ
ZUGH /DW GLH *HUHFKWLJNHLW ZDOWHQ XP GDQQ ]X HUZLGHUQ :LH NRPPW HV GD GX GLH
/LHEH SUHGLJVW XQG HUODXEVW GD GLHVH 6QGHULQ EHVWUDIW ZLUG" 8QG ZHQQ ,FK JHVDJW KlWWH
/DW VLH IUHL KlWWHQ VLH JHDQWZRUWHW ,Q GHQ *HVHW]HQ 0RVHV GLH GX ZLH GX VDJVW
EHVWlWLJVW JLEWHV HLQH9RUVFKULIWGLHEHVDJW -HGH)UDXGLHEHLP(KHEUXFKHUWDSSWZXUGH
VROOJHVWHLQLJWZHUGHQ

'D,FKLKUH$EVLFKWHUNDQQWHDQWZRUWHWH,FKQLFKWDXILKUH:RUWHEHXJWH0LFKQLHGHUXQG
VFKULHE LQ GHQ 6WDXE GHU (UGH GLH 6QGHQ MHQHU GLH VLH YHUXUWHLOWHQ 9RQ QHXHP IUDJWHQ VLH
0LFKZDVVLHPLWMHQHU)UDXWXQVROOWHQXQG,FKDQWZRUWHWHLKQHQ:HUIUHLYRQ6QGHLVW
GHU ZHUIH GHQ HUVWHQ 6WHLQ 'D HUNDQQWHQ VLH LKUH 9HUIHKOXQJHQ XQG HQWIHUQWHQ VLFK ZREHL
VLHLKUH*HVLFKWHUEHGHFNWHQ.HLQHUZDUUHLQXQGGDVLHVLFKYRQPLUELVDXIGHQ*UXQGLKUHV
+HU]HQV GXUFKVFKDXW IKOWHQ NODJWHQ VLH MHQH )UDX QLFKW PHKU DQ GHQQ VLH DOOH KDWWHQ
JHVQGLJW 'RFK GLH )UDX XQG PLW LKU DQGHUH GLH JOHLFKIDOOV GLH (KH JHEURFKHQ KDWWHQ
EHUHXWHQXQGVQGLJWHQQLFKWPHKU,FKVDJHHXFKHVLVWOHLFKWHUHLQHQ6QGHUGXUFK/LHEH]X
EHNHKUHQDOVGXUFK6WUHQJH 

0DULD0DJGDOHQD


0DULD0DJGDOHQD GLH6QGHULQZLHGLH:HOWVLHJHQDQQWKDW KDWWHPHLQH=lUWOLFKNHLW
XQGPHLQH9HUJHEXQJYHUGLHQW

 %DOG HUODQJWH VLH LKUH (UO|VXQJ ZDV EHL DQGHUHQ GLH QXU PLW VFKZDFKHP *ODXEHQ XP
9HUJHEXQJIULKUH6QGHQELWWHQQLFKWJHVFKLHKW:lKUHQGVLHGDVZRQDFKVLHVXFKWHEDOG
IDQGHUODQJHQHVDQGHUHQLFKW

0DJGDOHQDZXUGHYHUJHEHQRKQHPLWLKUHU8PNHKU]XSUDKOHQ6LHKDWWHJHVQGLJWZLH
DXFKLKUVQGLJWGRFKVLHKDWWHYLHOJHOLHEW

:HUOLHEWPDJ9HULUUXQJHQLQVHLQHPPHQVFKOLFKHQ9HUKDOWHQDXIZHLVHQDEHUGLH/LHEH
LVW GLH =lUWOLFKNHLW GLH DXV GHP +HU]HQ EHUVWU|PW :HQQ LKU ZROOW GDVV HXFK ZLH LKU 
YHUJHEHQ ZHUGHQ VROO VR ULFKWHW HXUH %OLFNH YROO /LHEH XQG 9HUWUDXHQ DXI 0LFK XQG LKU
ZHUGHWYRQMHGHU9HUIHKOXQJIUHLJHVSURFKHQZHUGHQ

-HQH)UDXVQGLJWHQLFKWPHKUGLH/LHEHYRQGHULKU+HU]EHUVWU|PWHZLGPHWHVLHGHU
/HKUHGHV0HLVWHUV

,KUZXUGHYHUJHEHQREZRKOVLH)HKOHUEHJDQJHQKDWWH$EHULQLKUHP+HU]HQEUDQQWHGDV
)HXHU GDV OlXWHUW XQG DXIJUXQG GHU 9HUJHEXQJ GLH GLH 6QGHULQ HPSILQJ WUHQQWH VLH VLFK
NHLQHQ $XJHQEOLFN PHKU YRQ -HVXV PHLQH -QJHU GDJHJHQ OLHHQ 0LFK LQ GHQ EOXWLJVWHQ
6WXQGHQDOOHLQ'RFKMHQHJHULQJJHDFKWHWH0DULDWUHQQWHVLFKQLFKWYRQ0LUYHUOHXJQHWH0LFK
QLFKWIUFKWHWHVLFKQLFKWQRFKVFKlPWHVLHVLFK

'DKHUZXUGHLKUJHZlKUW]X)HQPHLQHV.UHX]HVXQGEHUPHLQHU*UDEHVVWlWWH7UlQHQ
]XYHUJLHHQ,KUH6HHOHIDQGEDOG(UO|VXQJZHLOVLHYLHOOLHEWH

 ,QLKUHP+HU]HQKDWWHDXFKVLHHLQHQ$SRVWHOJHLVW ,KUH%HNHKUXQJVWUDKOWZLHGDV /LFKW


GHU:DKUKHLW6LHKDWWHVLFK]XPHLQHQ )HQQLHGHUJHZRUIHQXP0LU]XVDJHQ+HUUZHQQ
'XHVZLOOVWZHUGHLFKIUHLYRQ6QGHVHLQ

 ,KU GDJHJHQ ZLH RIW ZROOW LKU 0LFK YRQ HXUHU 8QVFKXOG EHU]HXJHQ LQGHP LKU HXUH
9HUIHKOXQJHQPLWODQJHQ*HEHWHQYHUGHFNW

1HLQ-QJHUOHUQWYRQLKUOLHEWHXUHQ+HUUQZLUNOLFKLQMHGHPHXUHU0LWPHQVFKHQ/LHEW
YLHO XQG HXUH 6QGHQ ZHUGHQ HXFK YHUJHEHQ ZHUGHQ ,KU ZHUGHW JUR VHLQ ZHQQ LKU GLHVH
:DKUKHLWLQHXUHQ+HU]HQ]XP(UEOKHQEULQJW  

1LNRGHPXVXQGGLH5HLQNDUQDWLRQVIUDJH

,QMHQHU=HLWVDJWH,FK1LNRGHPXVGHU0LFKLQJXWHU*HVLQQXQJDXIJHVXFKWKDWWHXPPLW
0LU]XVSUHFKHQ:DVYRP)OHLVFKHJHERUHQLVWLVW)OHLVFKXQGZDVYRP*HLVWHJHERUHQLVW
LVW *HLVW :XQGHUH GLFK QLFKW ZHQQ ,FK
GLUVDJHGDPDQQRFKPDOVJHERUHQ ZHUGHQPX:HUYHUVWDQGMHQH:RUWH"

 ,FK ZROOWH HXFK PLW LKQHQ VDJHQ GD HLQ 0HQVFKHQOHEHQ QLFKW JHQJW XP HLQH HLQ]LJH
PHLQHU/HKUHQ]XEHJUHLIHQXQGGDLKUXPGDV/HKUEXFKGDVGLHVHV/HEHQLQVLFKELUJW]X
YHUVWHKHQ YLHOH (UGHQOHEHQ EHQ|WLJW 'DKHU KDW GDV )OHLVFK QXU GLH $XIJDEH GHU 6HHOH DOV
6WW]H]XGLHQHQEHLLKUHP*DQJEHUGLH(UGH 

'LH9HUNOlUXQJ-HVX


 ,Q GHU =ZHLWHQ =HLW PDFKWH -HVXV HLQPDO HLQH :DQGHUXQJ JHIROJW YRQ HLQLJHQ VHLQHU
-QJHU 6LH KDWWHQ HLQHQ %HUJ HUVWLHJHQ XQG ZlKUHQG GHU 0HLVWHU MHQH 0lQQHU GXUFK VHLQH
:RUWHPLW%HZXQGHUXQJHUIOOWHVDKHQVLHSO|W]OLFKGHQ.|USHULKUHV+HUUQYHUNOlUWZHOFKHU
LP5DXPHVFKZHEWHXQG]XVHLQHUUHFKWHQGHQ*HLVW0RVHVXQG]XVHLQHUOLQNHQGHQGHV(OLDV
KDWWH

 %HL MHQHP EHUQDWUOLFKHQ $QEOLFN ZDUIHQ VLFK GLH -QJHU ]XU (UGH JHEOHQGHW YRP
*|WWOLFKHQ /LFKWH 'RFK VLH EHUXKLJWHQ VLFK VRJOHLFK XQG VFKOXJHQ LKUHP 0HLVWHU YRU EHU
VHLQH6FKXOWHUQGHQ3XUSXUPDQWHOGHU.|QLJH]XOHJHQHEHQVREHU0RVHXQG(OLD'DK|UWHQ
VLH HLQH 6WLPPH GLH DXV GHU 8QHQGOLFKNHLW KHUDENDP ZHOFKH VSUDFK 'LHV LVW 0HLQ OLHEHU
6RKQDQGHP,FK:RKOJHIDOOHQKDEHK|UWDXI,KQ

*URH)XUFKWEHILHOGLH-QJHUDOVVLHMHQH6WLPPHK|UWHQXQGDOVVLHDXIEOLFNWHQVDKHQ
VLHQXUGHQ0HLVWHUGHULKQHQVDJWH)UFKWHWHXFKQLFKWXQGVDJWGLHVHV*HVLFKWQLHPDQGHP
ELV LFK YRQ GHQ 7RWHQ DXIHUVWDQGHQ ELQ 'D IUDJWHQ VLH LKUHQ +HUUQ :DUXP VDJHQ GLH
6FKULIWJHOHKUWHQGD(OLD]XYRUNRPPHQPX"8QG-HVXVDQWZRUWHWHLKQHQ:DKUOLFK(OLD
ZLUG ]XYRU NRPPHQ XQG DOOH 'LQJH ]XUHFKWUFNHQ 'RFK ,FK VDJH HXFK GD (OLD VFKRQ
JHNRPPHQ LVW XQG VLH HUNDQQWHQ LKQ QLFKW YLHOPHKU WDWHQ VLH DQ LKPZDV VLH ZROOWHQ 'D
YHUVWDQGHQGLH-QJHUGDHUYRQ-RKDQQHVGHP7lXIHU]XLKQHQVSUDFK

 :LH RIW KDEH ,FK LQ GHU MHW]LJHQ =HLW YRU HXUHQ $XJHQ GHQ .|USHU GXUFK GHQ ,FK 0LFK
PLWWHLOH XQVLFKWEDU ZHUGHQ ODVVHQ XP HXFK GDQQ ]X HUODXEHQ 0LFK LQ GHU PHQVFKOLFKHQ
*HVWDOWLQGHUGLH0HQVFKKHLW-HVXVNDQQWH]XVFKDXHQXQGGHQQRFKKDEWLKU HXFKDQJHVLFKWV
GHUQHXHQ9HUNOlUXQJ QLFKWQLHGHUJHZRUIHQ  


'LHVHV 3KlQRPHQ LVW LQ GHU 3DUDSV\FKRORJLH DXFK DOV 7UDQVILJXUDWLRQ EHNDQQW DOV GLH ]XQHKPHQGH
6LFKWEDUZHUGXQJHLQHVVLFKPDQLIHVWLHUHQGHQ*HLVWZHVHQV

0DQJHOQGHU%HNHQQHUPXW

 $OV ,FK GDPDOV PHQVFKJHZRUGHQ XQWHU HXFK OHEWH JHVFKDK HV RIWPDOV GD EHL 1DFKW
ZHQQDOOHUXKWHQ0HQVFKHQ]X0LUNDPHQGLH0LFKKHLPOLFKDXIVXFKWHQZHLOVLHIUFKWHWHQ
HQWGHFNW ]X ZHUGHQ 6LH VXFKWHQ 0LFK DXI ZHLO VLH *HZLVVHQVELVVH IKOWHQ GD VLH 0LFK
DQJHVFKULHQXQGbUJHUQLVJHJHQ0LFKHUUHJWKDWWHQZlKUHQG,FK]XU0HQVFKHQPHQJHVSUDFK
,KU5HXHJHIKOZDUQRFKHLQGULQJOLFKHUDOVVLH IHVWVWHOOWHQGDPHLQ:RUWLQLKUHP+HU]HQ
HLQ *HVFKHQN GHV )ULHGHQV XQG GHV /LFKWHV KLQWHUODVVHQ KDWWH XQG ,FK LQ LKUHP .|USHU
PHLQHQ+HLOEDOVDPYHUVWU|PWKDWWH

 0LW JHVHQNWHP .RSI HUVFKLHQHQ VLH EHL 0LU XQG VDJWHQ 0LU 0HLVWHU YHUJLE XQV ZLU
KDEHQ HUNDQQW GD GHLQ :RUW :DKUKHLW HQWKlOW ,FK DQWZRUWHWH LKQHQ :HQQ LKU HQWGHFNW
KDEW GD ,FK QXU GLH :DKUKHLW VSUHFKH  ZDUXP YHUEHUJW LKU HXFK GDQQ" *HKW LKU QLFKW LQV
)UHLH XP GLH 6WUDKOHQ GHU 6RQQH ]X HPSIDQJHQ ZHQQ GLHVH HUVFKHLQW  XQG ZDQQ KDEW LKU
HXFKGHVVHQJHVFKlPW":HUGLH:DKUKHLWOLHEWYHUKHLPOLFKWVLHQLHPDOVQRFKOHXJQHWHUVLH
QRFKVFKlPWHUVLFKLKUHWZHJHQ

,FKVDJHHXFKGLHVZHLO,FKVHKHGDYLHOH0LUQXUKHLPOLFK]XK|UHQXQGOHXJQHQZRKLQ
VLH JHJDQJHQ VLQG YHUKHLPOLFKHQ ZDV VLH JHK|UW KDEHQ XQG PDQFKPDO DEVWUHLWHQ EHL 0LU
JHZHVHQ]XVHLQ:HVVHQVFKlPWLKUHXFKGDQQ"  

$QIHLQGXQJHQJHJHQ-HVXV


 :HQQ ,FK LQ GHU =ZHLWHQ =HLW ]X GHQ 0HQVFKHQVFKDUHQ VSUDFK ZXUGH PHLQ :RUW LQ
6LQQJHKDOW XQG )RUP YROONRPPHQ YRQ DOOHQ YHUQRPPHQ 0HLQ LQ GLH +HU]HQ GULQJHQGHU
%OLFN HQWGHFNWH DOOHV ZDV HLQ MHGHU LQ VLFK EDUJ ,Q GHQ HLQHQ ZDU =ZHLIHO LQ DQGHUHQ
*ODXEHQLQZLHGHUDQGHUHQVSUDFKHLQHDQJVWHUIOOWH6WLPPH]X0LUHVZDUHQGLH.UDQNHQ
GHUHQ 6FKPHU] VLH YRQ 0LU HLQ :XQGHU HUKRIIHQ OLH (V JDE ZHOFKH GLH LKUHQ 6SRWW ]X
YHUEHUJHQVXFKWHQZHQQVLH0LFKVDJHQK|UWHQGD,FKYRP9DWHUNlPHXPGHQ0HQVFKHQ
GDV +LPPHOUHLFK ]X EULQJHQ XQG HV JDE DXFK +HU]HQ LQ GHQHQ ,FK +D JHJHQ 0LFK
HQWGHFNWHXQGGLH$EVLFKW0LFK]XP6FKZHLJHQ]XEULQJHQRGHU]XEHVHLWLJHQ

 (V ZDUHQ GLH +RFKPWLJHQ GLH 3KDULVlHU GLH VLFK GXUFK PHLQH :DKUKHLW JHWURIIHQ
IKOWHQ'HQQREZRKOPHLQ:RUWVRNODUZDUVRYROOHU /LHEHXQGVRWURVWUHLFK  REZRKOHV
LPPHU GXUFK PDFKWYROOH :HUNH EHVWlWLJW ZXUGH ZROOWHQ YLHOH 0HQVFKHQ ZHLWHUKLQ GLH
:DKUKHLW PHLQHU *HJHQZDUW GDGXUFK HQWGHFNHQ GD VLH 0LFK QDFK GHP 0HQVFKHQ -HVXV
EHXUWHLOWHQ LQGHP VLH PHLQ /HEHQ HUIRUVFKWHQ XQG LKU $XJHQPHUN DXI GLH %HVFKHLGHQKHLW
PHLQHU*HZlQGHUXQGPHLQHDEVROXWH$UPXWDQPDWHULHOOHQ*WHUQULFKWHWHQ

 'RFK QLFKW ]XIULHGHQ GDPLW 0LFK ]X YHUXUWHLOHQ YHUXUWHLOWHQ VLH DXFK PHLQH -QJHU
EHREDFKWHWHQ VLH GLHVH JHQDX RE VLH QXQ VSUDFKHQ RE VLH 0LU DXI GHQ :HJHQ QDFKIROJWHQ
RGHU VLFK ]X 7LVFK VHW]WHQ :LH UHJWHQ VLFK GLH 3KDULVlHU GDUEHU DXI DOV VLH EHL HLQHU
EHVWLPPWHQ *HOHJHQKHLW VDKHQ GD PHLQH -QJHU VLFK QLFKW GLH +lQGH JHZDVFKHQ KDWWHQ
EHYRUVLHVLFK]X7LVFKHVHW]WHQ$UPVHOLJH.|SIHGLHGLH5HLQOLFKNHLWGHV.|USHUVPLWGHU
5HLQKHLWGHU6HHOHYHUZHFKVHOWHQ6LHZDUHQVLFKQLFKWEHZXWGDVVZHQQVLHLP7HPSHOGLH
KHLOLJHQ %URWH DQIDWHQ LKUH +lQGH ]ZDU VDXEHU DEHU LKUH +HU]HQ YROOHU )lXOQLV ZDUHQ
 

 $XI 6FKULWW XQG 7ULWW IRUVFKWH PDQ 0LFK DXV $OOH PHLQH 7DWHQ XQG :RUWH ZXUGHQ PLW
E|VHU$EVLFKWEHXUWHLOWPHLVWZDUHQVLHDQJHVLFKWVPHLQHU:HUNHXQG%HZHLVHYHUZLUUWGHQQ
LKU9HUVWDQGZDUQLFKWIlKLJGDV]XYHUVWHKHQZDVQXUGHU*HLVWEHJUHLIHQNDQQ

 :HQQ ,FK EHWHWH VDJWHQ VLH :R]X EHWHW HU ZR HU GRFK VDJW GD HU YROO 0DFKW XQG
:HLVKHLW LVW" :DV NDQQ HU EHQ|WLJHQ RGHU HUELWWHQ" 8QG ZHQQ LFK QLFKW EHWHWH VDJWHQ VLH
GD,FKLKUHUHOLJL|VHQ9RUVFKULIWHQQLFKWHUIOOH

 :HQQ VLH VDKHQ GD ,FK NHLQH 1DKUXQJ ]X 0LU QDKP ZlKUHQG PHLQH -QJHU DHQ
XUWHLOWHQVLHGD,FK0LFKDXHUKDOEGHUYRQ*RWWHLQJHVHW]WHQ*HVHW]HEHIDQGXQGZHQQVLH
0LFK1DKUXQJ]X0LUQHKPHQVDKHQIUDJWHQVLHVLFK:R]XPXHUHVVHQXP]XOHEHQ HU
GHUEHKDXSWHWHGDHUGDV/HEHQLVW"6LHYHUVWDQGHQQLFKWGD,FK]XU:HOWJHNRPPHQZDU
XPGHQ0HQVFKHQ]XRIIHQEDUHQZLHGLH0HQVFKKHLWQDFKHLQHUODQJHQ/lXWHUXQJV]HLWOHEHQ
ZUGH GDPLW DXV LKU HLQH YHUJHLVWLJWH *HQHUDWLRQ KHUYRUJHKHQ ZUGH GLH EHU GHP
PHQVFKOLFKHQ (OHQG EHU GHQ QRWZHQGLJHQ %HGUIQLVVHQ GHV )OHLVFKHV XQG EHU GHQ
/HLGHQVFKDIWHQGHUN|USHUOLFKHQ6LQQHVWQGH  

$EVFKLHGVDQNQGLJXQJ

 'UHL -DKUH ODQJ OHEWH -HVXV PLW VHLQHQ -QJHUQ ]XVDPPHQ (U ZXUGH YRQ JURHQ
0HQVFKHQPHQJHQ XPODJHUW GLH LKQ ]XWLHIVW OLHEWHQ (V JDE IU MHQH -QJHU QLFKWV DOV GDV
+|UHQ DXI LKUHQ 0HLVWHU ZHQQ HU VHLQH *|WWOLFKH /HKUH SUHGLJWH 6HLQHQ 6FKULWWHQ IROJHQG
VSUWHQ VLH ZHGHU +XQJHU QRFK 'XUVW HV JDE NHLQHUOHL 6WUDXFKHOQ RGHU +HPPQLV DOOHV ZDU
)ULHGHXQG*OFNLQGHU$WKPRVSKlUHGLHMHQH*UXSSHXPJDEXQGGHQQRFK DOVVLHHLQPDO
YRQ GHU %HWUDFKWXQJ LKUHV JHOLHEWHQ -HVXV EHVRQGHUV KLQJHULVVHQ ZDUHQ VSUDFK HU ]X LKQHQ
(VZLUGQXQHLQHDQGHUH=HLWNRPPHQLFKZHUGHYRQHXFKJHKHQXQGLKUZHUGHWZLH6FKDIH


XQWHU :|OIHQ ]XUFNEOHLEHQ 'LHVH 6WXQGH UFNW QlKHU XQG HV LVW QRWZHQGLJ GD LFK GDKLQ
]XUFNNHKUHYRQZRLFKJHNRPPHQELQ,KUZHUGHWHLQH=HLWODQJDOOHLQVHLQXQGGDV=HXJQLV
YRQ GHP ZDV LKU JHVHKHQ XQG JHK|UW KDEW GHQ QDFK /LHEH XQG *HUHFKWLJNHLW +XQJHUQGHQ
XQG 'UVWHQGHQ EULQJHQ :LUNW LQ PHLQHP 1DPHQ XQG KHUQDFK ZHUGH LFK HXFK ]X PLU
QHKPHQLQGLH(ZLJH+HLPDW

-HQH :RUWH PDFKWHQ GLH-QJHU WUDXULJ XQG MH QlKHU GLH 6WXQGH NDP ZLHGHUKROWH -HVXV
MHQH$QNQGLJXQJPLWJU|HUHP1DFKGUXFNVSUDFKHUYRQVHLQHP$EVFKLHG$EHU]XJOHLFK
WU|VWHWH HU GLH +HU]HQ MHQHU GLH LKP ]XK|UWHQ LQGHP HU LKQHQ VDJWH GD VHLQ *HLVW QLFKW
VFKHLGHQXQGDXFKIHUQHUKLQEHUGLH:HOWZDFKHQZUGH:HQQVLHVLFK]XUVWHWHQXPGHQ
0HQVFKHQMHQHU=HLWVHLQ:RUWDOVHLQH%RWVFKDIWGHV7URVWHVXQGGHU+RIIQXQJ]XEULQJHQ
VRZUGHHUGXUFKLKUHQ0XQGVSUHFKHQXQG:XQGHUWXQ  

-HVX(LQ]XJLQ-HUXVDOHP

 -XEHOQG HPSILQJHQ 0LFK GLH 0HQVFKHQPHQJHQ DOV ,FK GLH 6WDGW -HUXVDOHP EHWUDW $XV
GHQ'|UIHUQXQG*DVVHQNDPHQVLHLQ6FKDUHQ 0lQQHU)UDXHQXQG.LQGHUXPGHQ(LQ]XJ
GHV 0HLVWHUV LQ GLH 6WDGW PLW]XHUOHEHQ (V ZDUHQ MHQH GLH GDV :XQGHU XQG GHQ %HZHLV GHU
0DFKWGHV*RWWHVVRKQHVHUKDOWHQKDWWHQ %OLQGHGLHQXQVDKHQ6WXPPHGLHMHW]W+RVLDQQDK
VLQJHQ NRQQWHQ /DKPH GLH LKU %HWW YHUODVVHQ KDWWHQ XQG HLOHQGV KHUEHLNDPHQ XP GHQ
0HLVWHUDXIGHP3DVVDKIHVW]XVHKHQ

 ,FK ZXWH GD GLHVHU 7ULXPSK IOFKWLJ ZDU PHLQHQ -QJHUQ KDWWH ,FK EHUHLWV
YRUDXVJHVDJW ZDV GDQDFK JHVFKHKHQ ZUGH 'LHV ZDU NDXP PHKU DOV GHU %HJLQQ PHLQHV
.DPSIHV XQG KHXWH DXV ZHLWHP $EVWDQG ]X MHQHQ *HVFKHKQLVVHQ VDJH ,FK HXFK GD GDV
/LFKW PHLQHU :DKUKHLW ZHLWHUKLQ JHJHQ GLH )LQVWHUQLV GHU 8QZLVVHQKHLW GHU 6QGH XQG GHV
%HWUXJHV NlPSIW ZHVKDOE ,FK KLQ]XIJHQ PX GD PHLQ HQGJOWLJHU 7ULXPSK QRFK QLFKW
JHNRPPHQLVW

 :LH N|QQW LKU JODXEHQ GD MHQHU (LQ]XJ LQ -HUXVDOHP GHQ 6LHJ PHLQHU 6DFKH EHGHXWHW
KDEHZRHVGRFKQXUHLQLJHZHQLJHZDUHQGLHVLFKEHNHKUWKDWWHQXQGGHUHUYLHOHZDUHQGLH
QLFKWHUNDQQWHQZHU,FKZDU"

8QGVHOEVWZHQQMHQH0HQVFKHQVLFKDOOH]XPHLQHP:RUWHEHNHKUWKlWWHQ PXWHQQLFKW
QRFKYLHOH*HQHUDWLRQHQQDFKIROJHQ"

-HQHU$XJHQEOLFNGHV-XEHOVMHQHUNXU]IULVWLJHWULXPSKDOH(LQ]XJZDUQXUGDV6LQQELOG
GHV6LHJHVGHV/LFKWHVGHV*XWHQGHU:DKUKHLWGHU/LHEHXQGGHU*HUHFKWLJNHLW GHV7DJHV
GHUNRPPHQPXXQG]XGHPLKUDOOHHLQJHODGHQVHLG

:LVVHWGDZHQQHLQHLQ]LJHVPHLQHU .LQGHUVLFKGDQQDXHUKDOEGHV1HXHQ-HUXVDOHP
EHIlQGHNHLQ)HVWVWDWWILQGHQZUGHGHQQ*RWWN|QQWHGDQQQLFKWYRQ7ULXPSKVSUHFKHQ(U
N|QQWH NHLQHQ 6LHJ IHLHUQ ZHQQ VHLQH 0DFKW QLFKW LPVWDQGH JHZHVHQ ZlUH DXFK GDV OHW]WH
VHLQHU.LQGHU]XUHWWHQ  

 ,KU VHLG GLHVHOEHQ GLH LQ GHU =ZHLWHQ =HLW GDV +RVLDQQDK VDQJHQ DOV -HVXV-HUXVDOHP
EHWUDW +HXWH GD ,FK 0LFK HXFK LP *HLVWH NXQGWXH EUHLWHW LKU QLFKW PHKU HXUH 0lQWHO DXI
PHLQHP :HJH DXV HV VLQG HXUH +HU]HQ GLH LKU HXUHP +HUUQ DOV :RKQXQJ DQELHWHW +HXWH
NRPPWHXHU+RVLDQQDKQLFKWPHKUDXVYROOHU.HKOHGLHV+RVLDQQDKHQWVSULQJWHXUHU6HHOHDOV
HLQ+\PQXVGHU'HPXWGHU/LHEHXQG(UNHQQWQLVGHV9DWHUVDOVHLQ+\PQXVGHV*ODXEHQV
DQGLHVH.XQGJHEXQJGLHHXHU+HUUHXFKLQGHU'ULWWHQ=HLWJHEUDFKWKDW


 (LQVW ZLH KHXWH VHLG LKU 0LU EHL PHLQHP (LQ]XJ LQ -HUXVDOHP JHIROJW 'LH JURHQ
0HQVFKHQPDVVHQ XPJDEHQ 0LFK JHIHVVHOW YRQ PHLQHQ :RUWHQ GHU /LHEH 0lQQHU XQG
)UDXHQ$OWHXQG.LQGHUHUVFKWWHUWHQGLH6WDGWPLWLKUHQ-XEHOUXIHQXQGVHOEVWGLH3ULHVWHU
XQG3KDULVlHUGLHEHIUFKWHWHQGDGDV9RONUHEHOOLHUHQZUGHVSUDFKHQ]X0LU0HLVWHU
ZHQQ'XGHQ)ULHGHQOHKUVW ZDUXPHUODXEVW'XGD'HLQH$QKlQJHUHLQHQVROFKHQ$XIUXKU
YHUXUVDFKHQ" 'RFK ,FK DQWZRUWHWH LKQHQ :DKUOLFK ,FK VDJH HXFK ZHQQ GLHVH VFKZHLJHQ
ZUGHQ ZUGHQ GLH 6WHLQH VSUHFKHQ 'HQQ HV ZDUHQ $XJHQEOLFNH GHV -XEHOV HV ZDU GHU
+|KHSXQNW XQG GLH 9HUKHUUOLFKXQJ GHV 0HVVLDV XQWHU GHQ QDFK *HUHFKWLJNHLW +XQJHUQGHQ
XQG 'UVWHQGHQ  MHQHQ 6HHOHQ GLH ODQJH =HLW KLQGXUFK GLH $QNXQIW GHV +HUUQ LQ (UIOOXQJ
GHU3URSKH]HLXQJHQHUZDUWHWKDWWHQ

 0LW MHQHP -XEHO XQG MHQHU )UHXGH IHLHUWH PHLQ 9RON DXFK GLH %HIUHLXQJ DXV bJ\SWHQ
-HQHV*HGHQNHQDQGDV3DVVDKZROOWH,FKIUPHLQ9RONXQYHUJHOLFKPDFKHQ$EHUZDKUOLFK
,FKVDJHHXFK,FKEHIROJWHQLFKWEORHLQH7UDGLWLRQLQGHP,FKHLQ/DPPRSIHUWH  QHLQ,FK
ERW0LFKLQ-HVXVGHP2SIHUODPPDOVGHQ:HJDQGXUFKGHQDOOHPHLQH.LQGHU(UO|VXQJ
ILQGHQZUGHQ  

'DVOHW]WH$EHQGPDKO

$OV-HVXVPLWVHLQHQ-QJHUQMHQHV3DVVDKPDKOIHLHUWHZLHHVGHU7UDGLWLRQMHQHV9RONHV
HQWVSUDFKVDJWHHULKQHQ(WZDV1HXHVRIIHQEDUHLFKHXFKQXQQHKPWYRQGLHVHP:HLQXQG
HW YRQ GLHVHP %URW GLH PHLQ %OXW XQG PHLQHQ .|USHU GDUVWHOOHQ XQG WXW GLHV ]X PHLQHP
*HGlFKWQLV

1DFKGHP+LQVFKHLGHQGHV0HLVWHUVJHGDFKWHQGLH-QJHUGHV2SIHUVLKUHV+HUUQLQGHP
VLH :HLQ ]X VLFK QDKPHQ XQG %URW DHQ ZDV 6\PEROH IU -HQHQ ZDUHQ GHU DXV /LHEH ]XU
0HQVFKKHLWDOOHVKLQJDE

 ,P /DXIH GHU -DKUKXQGHUWH JDEHQ GLH LQ .RQIHVVLRQHQ DXIJHVSDOWHQHQ 9|ONHU PHLQHP
:RUWHXQWHUVFKLHGOLFKH$XVOHJXQJHQ

 +HXWH ZLOO ,FK HXFK VDJHQ ZDV ,FK LQ MHQHU 6WXQGH EHL MHQHP $EHQGPDKO HPSIXQGHQ
KDEH EHL GHP MHGHV :RUW XQG MHGH +DQGOXQJ -HVX GLH /HNWLRQ HLQHV %XFKHV YRQ WLHIHU
:HLVKHLWXQGXQHQGOLFKHU/LHEHZDU:HQQ,FKGD]X%URWXQG:HLQYHUZHQGHWHJHVFKDKHV
XPHXFKYHUVWHKHQ]XODVVHQGDVLHGHU/LHEHJOHLFKHQZHOFKHGLH1DKUXQJXQGGDV/HEHQ
GHV*HLVWHVLVWXQGZHQQ,FKHXFKVDJWH7XWGLHV]XPHLQHP*HGlFKWQLVGDQQZROOWH GHU
0HLVWHUGDPLWVDJHQGDLKUHXUH1lFKVWHQPLWHLQHU/LHEHlKQOLFKMHQHUYRQ-HVXVOLHEHQXQG
HXFKGHQ0HQVFKHQDOVZDKUH1DKUXQJKLQJHEHQVROOWHW

-HGHU5LWXVGHQLKUDXVGLHVHQ8QWHUZHLVXQJHQPDFKWZLUGXQIUXFKWEDUVHLQZHQQLKU
PHLQH/HKUHQXQG%HLVSLHOHQLFKWLQHXUHP/HEHQ]XU$QZHQGXQJEULQJW*HUDGHGDVLVWGDV
6FKZLHULJHIUHXFKDEHUGDULQEHVWHKWGDV9HUGLHQVW  

6RZLHLKUMHW]WXP0LFKVHLGVRZDUHVDXFKDQMHQHPOHW]WHQ$EHQGLQGHU=ZHLWHQ
=HLW'LH6RQQH JLQJJHUDGHXQWHUDOV-HVXVVLFKLQMHQHP5DXP]XPOHW]WHQ0DOPLWVHLQHQ
-QJHUQEHVSUDFK(VZDUHQGLH:RUWHHLQHVVWHUEHQGHQ9DWHUVDQVHLQHYLHOJHOLHEWHQ.LQGHU
7UDXHU ZDU LQ -HVXV XQG DXFK LQ GHQ -QJHUQ GLH QRFK QLFKW ZXWHQ ZDV HLQLJH 6WXQGHQ
VSlWHU -HQHQ HUZDUWHWH GHU VLH JHOHKUW XQG VR VHKU JHOLHEW KDWWH ,KU +HUU ZDU LP %HJULII ]X
VFKHLGHQGRFKVLHZXWHQQRFKQLFKWZLH3HWUXVZHLQWHXQGXPNODPPHUWHGDEHLGHQ.HOFK
DQVHLQHP+HU]HQ-RKDQQHVEHQHW]WHPLWVHLQHQ7UlQHQGLH%UXVWGHV0HLVWHUV0DWWKlXVXQG
%DUWKRORPlXV ZDUHQ DXHU VLFK EHL PHLQHQ :RUWHQ 3KLOLSSXV XQG 7KRPDV YHUEDUJHQ LKUH


%LWWHUNHLWZlKUHQGVLHDHQ-DNREXVGHU-QJHUHXQGbOWHUH7KDGGlXV$QGUHDVXQG6LPRQ
ZDUHQVWXPPYRU6FKPHU]GHQQRFKZDUHVYLHOHVZDVVLH]X0LUPLWGHP+HU]HQVSUDFKHQ
$XFK -XGDV ,VFKDULRW WUXJ 6FKPHU] LQ VHLQHP +HU]HQ GRFK DXFK $QJVW XQG *HZLVVHQELVVH
$EHUHUNRQQWHQLFKWPHKU]XUFNZHLOGLH)LQVWHUQLVLKQLQ%HVLW]JHQRPPHQKDWWH

 $OV -HVXV VHLQH OHW]WHQ :RUWH XQG (UPDKQXQJHQ JHVSURFKHQ KDWWH ZDUHQ MHQH -QJHU
WUlQHQEHUVWU|PW'RFKHLQHUYRQLKQHQZDUQLFKWPHKUGDVHLQH6HHOHNRQQWHVRYLHO/LHEH
QLFKWDXIQHKPHQQRFKVRYLHO/LFKWVFKDXHQXQGVRJLQJHUIRUWZHLOMHQHV:RUWVHLQ+HU]
YHUVHQJWH 

 'LH *|WWOLFKH 6HKQVXFKW -HVX ZDU GD VHLQH -QJHU ]X 6lPlQQHUQ VHLQHU HUO|VHQGHQ
/HKUH ZHUGHQZUGHQ

$XIGHP+|KHSXQNWVHLQHUOHW]WHQ$QVSUDFKHDQGLH-QJHUZHOFKH]XJOHLFKGDVOHW]WH
*HVSUlFK]ZLVFKHQGHP9DWHUXQGGHQ.LQGHUQZDUVDJWHHULKQHQGDKHULQOLHEHYROOHP7RQ
,FKJHEHHXFKQXQHLQQHXHV*HERW/LHEHWHLQDQGHU

 0LW GHP /LFKWH MHQHV +|FKVWJHERWHV HQW]QGHWH HU GDEHL GLH JU|WH +RIIQXQJ IU GLH
0HQVFKKHLW 


.DSLWHO /HLGHQ7RGXQG$XIHUVWHKXQJ

/HEHQVODQJH0KHQXQG/HLGHQ-HVX

 ,FK OHEWH XQWHU GHQ 0HQVFKHQ XQG PDFKWH DXV PHLQHP /HEHQ HLQ 9RUELOG HLQ /HKUEXFK
,FKOHUQWHDOOH/HLGHQNHQQHQGLH9HUVXFKXQJHQXQGGLH.lPSIHGLH$UPXWGLH$UEHLWXQG
GLH9HUIROJXQJHQ,FKHUOHEWHGLH$EOHKQXQJGXUFKGLH$QJHK|ULJHQGLH8QGDQNEDUNHLWXQG
GHQ9HUUDWGLHODQJHQ7DJHVZHUNHGHQ+XQJHUXQGGHQ'XUVWGHQ6SRWWGLH(LQVDPNHLWXQG
GHQ7RG,FKOLH]XGDGLHJDQ]H/DVWGHUPHQVFKOLFKHQ6QGHDXI0LFKILHO,FKHUODXEWH
GD GHU 0HQVFK PHLQHQ *HLVW LQ PHLQHP :RUWH XQG LQ PHLQHP GXUFKERKUWHQ .|USHU
HUIRUVFKWHZRPDQVHOEVWGLHOHW]WHPHLQHU5LSSHQVHKHQNRQQWH2EZRKO*RWWZXUGH,FK]X
HLQHP6SRWWN|QLJ]XHLQHP(QWEO|WHQJHPDFKWXQGPXWHDXFKQRFKGDV.UHX]GHU6FKDQGH
WUDJHQ XQG GDPLW GHQ +JHO KLQDXIVWHLJHQ ZR GLH 5lXEHU VWDUEHQ 'RUW HQGHWH PHLQ
PHQVFKOLFKHV/HEHQDOVHLQ%HZHLVGDIUGD,FKQLFKWQXUGHU*RWWGHV:RUWHVELQVRQGHUQ
GHU*RWWGHU7DWHQ 

 $OV GLH 6WXQGH QDKWH XQG GDV $EHQGPDKO ]X (QGH ZDU KDWWH -HVXV VHLQHQ -QJHUQ GLH
OHW]WHQ $QZHLVXQJHQ JHJHEHQ (U EUDFK DXI ]XP 2OLYHQJDUWHQ ZR HU ]X EHWHQ SIOHJWH XQG
VSUDFK ]XP 9DWHU +HUU ZHQQ HV P|JOLFK LVW VR QLPP GLHVHQ .HOFK YRQ PLU 'RFK QLFKW
PHLQ VRQGHUQ 'HLQ :LOOH JHVFKHKH 'DQQ QlKHUWH VLFK MHQHU PHLQHU -QJHU GHU 0LFK
DXVOLHIHUQ VROOWH EHJOHLWHW YRQ HLQHU 6FKDU GLH 0LFK IHVWQHKPHQ ZUGH $OV MHQH IUDJWHQ
:HULVW-HVXVGHU1D]DUHQHU"QlKHUWHVLFK-XGDVVHLQHP0HLVWHUXQGNWHLKQ,P+HU]HQ
MHQHU0lQQHUZDU)XUFKWXQG%HWURIIHQKHLWDOVVLHGLHUXKLJH*HIDWKHLW-HVXVDKHQXQGVLH
IUDJWHQQRFKHLQPDO:HULVW-HVXV"'DJLQJ,FKDXIVLH]XXQGVDJWHLKQHQ+LHUELQ,FK
,FKELQ
V'DEHJDQQPHLQH3DVVLRQ

6LHEUDFKWHQ0LFKYRU3ULHVWHU5LFKWHUXQG0DFKWKDEHU6LHYHUK|UWHQ0LFKXUWHLOWHQEHU
0LFKXQGNODJWHQ0LFKDQJHJHQGDV*HVHW]0RVHV]XYHUVWRHQXQGHLQ5HLFKVFKDIIHQ]X
ZROOHQZHOFKHVGDVGHV.DLVHUV]HUVW|UHQVROOWH  

'HU9HUUDWGHV-XGDV

(ULQQHUWLKUHXFKQLFKWEHLZLHYLHOHQ*HOHJHQKHLWHQ,FKPHLQH/LHEHRIIHQEDUWHQLFKWQXU
EHLGHQHQGLHDQ0LFKJODXEWHQVRQGHUQDXFKEHLMHQHPGHU0LFKYHUULHWXQGEHLGHQHQGLH
0LFKYHUIROJWHQXQGULFKWHWHQ"-HW]WN|QQWHWLKU0LFKIUDJHQ ZDVGHU *UXQGZDUGHU0LFK
EHZRJDOOMHQH9HUK|KQXQJHQ]X]XODVVHQ8QG,FKDQWZRUWHHXFK(VZDUQRWZHQGLJGD,FK
LKQHQ Y|OOLJH )UHLKHLW GHU *HGDQNHQ XQG GHV +DQGHOQV OLH XP SDVVHQGH *HOHJHQKHLWHQ ]X
VFKDIIHQ0LFK]XRIIHQEDUHQXQGGDPLWDOOHGLH%DUPKHU]LJNHLWXQG/LHEHHUIDKUHQZUGHQ
GLH,FKGLH:HOWOHKUWH

 ,FK EHZRJ GDV +HU] GHV -XGDV QLFKW 0LFK ]X YHUUDWHQ HU ZDU :HUN]HXJ HLQHV E|VHQ
*HGDQNHQV DOV VHLQ +HU] YRQ )LQVWHUQLV HUIOOW ZDU 'RFK DQJHVLFKWV GHU 8QWUHXH MHQHV
-QJHUV]HLJWH,FKLKPPHLQH9HUJHEXQJ

(VZlUHQLFKWQ|WLJ JHZHVHQGDHLQHUGHU0HLQHQ0LFKYHUULHWXPHXFKMHQHV %HLVSLHO


YRQ 'HPXW ]X JHEHQ 'HU 0HLVWHU KlWWH VLH EHL MHGHU EHOLHELJHQ *HOHJHQKHLW EHZLHVHQ GLH
LKPGLH0HQVFKHQJHERWHQKlWWHQ-HQHP-QJHUILHOHV]XGDV:HUN]HXJ]XVHLQGXUFKGDV
GHU 0HLVWHU GHU :HOW VHLQH *|WWOLFKH 'HPXW ]HLJWH $XFK ZHQQ LKU GDFKWHW GD HV GLH
6FKZDFKKHLWMHQHV0HQVFKHQZDUGLHGHQ7RG-HVXKHUEHLIKUWHVRVDJH,FKHXFKGDLKULP
,UUWXPVHLGGHQQ,FKNDPXP0LFKHXFKJDQ]KLQ]XJHEHQXQGZHQQHVQLFKWDXIGLHVH$UW
JHZHVHQZlUHVRN|QQWLKUVLFKHUVHLQGDHVDXIDQGHUH:HLVHJHVFKHKHQZlUH'DUXPKDEW


LKU NHLQ 5HFKW MHQHQ ]X YHUIOXFKHQ RGHU ]X ULFKWHQ GHU HXHU %UXGHU LVW ZHOFKHP LQ HLQHP
$XJHQEOLFNGHU9HUILQVWHUXQJGLH/LHEHXQGGLH7UHXHIHKOWHGLHHUVHLQHP0HLVWHUVFKXOGHWH
:HQQLKULKPGLH6FKXOGDQPHLQHP7RGHJHEW ZDUXPVHJQHWLKULKQQLFKWGDLKUZLWGD
PHLQ%OXWIUGLH5HWWXQJDOOHU0HQVFKHQYHUJRVVHQZXUGH"(VZlUHEHVVHUIUHXFK]XEHWHQ
XQG ]X ELWWHQ GD QLHPDQG YRQ HXFK LQ 9HUVXFKXQJ IDOOH GHQQ GLH +HXFKHOHL GHU
6FKULIWJHOHKUWHQXQG3KDULVlHUH[LVWLHUWQRFKLPPHULQGLHVHU:HOW  

-HVX3DVVLRQ

 $OV ,FK YRP +RKHSULHVWHU .DLSKDV YHUK|UW ZXUGH XQG HU ]X 0LU VDJWH ,FK EHVFKZ|UH
'LFKGD'XPLUVDJVWRE'X&KULVWXVELVWGHU0HVVLDVGHU6RKQ*RWWHVGDDQWZRUWHWH,FK
LKP'XKDVWHVJHVDJW 

 :LH YLHOH +HU]HQ GLH ZHQLJH 7DJH ]XYRU PHLQH :HUNH EHZXQGHUW XQG JHVHJQHW KDWWHQ
YHUJDHQ GLHVH ]HLJWHQ VLFK XQGDQNEDU XQG VFKORVVHQ VLFK GHQHQ DQ GLH 0LFK VFKPlKWHQ
'RFKHVZDUQRWZHQGLJGDMHQHV2SIHUVHKUJURZDUGDPLWHVQLHPDOVDXVGHP*HGlFKWQLV
GHU0HQVFKHQJHO|VFKWZUGH

'LH:HOWXQGLKUDOV7HLOYRQLKUKDEW0LFKYHUOlVWHUWYHUVSRWWHWXQGHUQLHGULJWJHVHKHQ
ZLH HV NHLQ 0HQVFK KlWWH VHLQ N|QQHQ 'RFK JHGXOGLJ OHHUWH ,FK GHQ .HOFK GHQ LKU 0LU ]X
WULQNHQJDEW6FKULWWIU6FKULWWHUIOOWH,FKPHLQH/LHEHVEHVWLPPXQJXQWHUGHQ0HQVFKHQXQG
VFKHQNWH0LFKPHLQHQ.LQGHUQJDQ]

6HOLJGLHDQLKUHQ*RWWJODXEWHQREZRKOVLH,KQEOXWEHUVWU|PWXQGNHXFKHQGHUOHEWHQ

 'RFK HWZDV 6FKZHUHUHV HUZDUWHWH 0LFK QRFK ]ZLVFKHQ ]ZHL 5lXEHUQ DQ HLQ +RO]
JHQDJHOW]XVWHUEHQ$EHUHVVWDQGJHVFKULHEHQXQGGDKHUPXWHHVLQ(UIOOXQJJHKHQGDPLW
,FKDOVGHUZDKUH0HVVLDVHUNDQQWZUGH 

)UGLHVH8QWHUZHLVXQJGLH ,FKHXFK JHUDGHJHEH JDE ,FKHXFKEHUHLWVLQGHU=ZHLWHQ


=HLW HLQ %HLVSLHO -HVXV KLQJ DP .UHX]H GHU (UO|VHU UDQJ PLW GHP 7RG DQJHVLFKWV GHU
0HQVFKHQVFKDUHQ GLH HU VR VHKU JHOLHEW KDWWH -HGHV +HU] ZDU HLQH 7U DQ GLH HU JHNORSIW
KDWWH 8QWHU GHU =XVFKDXHUVFKDU EHIDQG VLFK GHU 0HQVFK GHU 0HQVFKHQPDVVHQ UHJLHUWH GHU
.LUFKHQIUVWGHU=|OOQHUGHU3KDULVlHUGHU5HLFKHGHU$UPHGHU9HUNRPPHQHXQGGHUYRQ
VFKOLFKWHP*HPW'RFKZlKUHQGGLHHLQHQZXWHQZHU'HUZDUGHULQMHQHU6WXQGHVWDUE
ZHLOVLHVHLQH:HUNHJHVHKHQXQGVHLQH:RKOWDWHQHPSIDQJHQKDWWHQEHVFKOHXQLJWHQDQGHUH
YROO 'XUVW QDFK XQVFKXOGLJHP %OXW XQG JLHULJ QDFK 5DFKH GHQ 7RG -HQHV GHQ VLH K|KQLVFK
.|QLJ GHU -XGHQ QDQQWHQ RKQH ]X ZLVVHQ GD HU QLFKW QXU .|QLJ HLQHV 9RONHV ZDU
VRQGHUQ GD HU HV YRQ DOOHQ 9|ONHUQ GHU (UGH XQG YRQ DOOHQ :HOWHQ GHV 8QLYHUVXPV ZDU
:lKUHQG -HVXV HLQHQ VHLQHU OHW]WHQ %OLFNH DXI MHQH 0HQVFKHQVFKDUHQ ULFKWHWH HUKRE HU YROO
HUEDUPHQGHU/LHEHXQG0LWOHLGVHLQH%LWWH]XP9DWHUXQGVSUDFK0HLQ9DWHUYHUJLELKQHQ
GHQQVLHZLVVHQQLFKWZDVVLHWXQ

-HQHU%OLFNXPIDWHVRZRKOGLHGLHXPLKQZHLQWHQDOVDXFKMHQHGLHVLFKDQVHLQHU4XDO
ZHLGHWHQ GHQQ GLH /LHEH GHV 0HLVWHUV ZHOFKH GLH /LHEH GHV 9DWHUV ZDU JDOW DOOHQ
JOHLFKHUPDHQ  

 $OV GHU 7DJ NDP DQ GHP GLH 9RONVPHQJH DXIJHKHW]W YRQ GHQHQ GLH VLFK GXUFK GLH
*HJHQZDUW-HVXEHXQUXKLJWIKOWHQLKQYHUOHW]WHXQGJHLHOWHXQGLKQLQIROJHGHU6FKOlJHZLH
HLQHQJHZ|KQOLFKHQ6WHUEOLFKHQEOXWHQXQGVSlWHUPLWGHP7RGHULQJHQXQGVWHUEHQVDKZLH
MHGHU DQGHUH 0HQVFK GD ULHIHQ GLH 3KDULVlHU GLH 2EHUHQ GHV 9RONHV XQG GLH 3ULHVWHU


EHIULHGLJWDXV6HKWLKQHXFKDQGHUVLFK6RKQ*RWWHVQHQQWVLFKIUHLQHQ.|QLJKLHOWXQG
IUGHQ0HVVLDVDXVJDE

*HUDGHIUVLHPHKUDOVIUDQGHUHEDW-HVXVVHLQHQ9DWHUGD(ULKQHQYHUJHEHQP|JH
LKQHQ GLH REZRKO VLH GLH 6FKULIWHQ NDQQWHQ ,KQ QXQ YHUOHXJQHWHQ XQG JHJHQEHU GHU
0HQVFKHQPHQJH DOV HLQHQ %HWUJHU KLQVWHOOWHQ 6LH ZDUHQ HV GLH WURW] LKUHU %HKDXSWXQJ
/HKUHUGHV*HVHW]HV]XVHLQEHLGHU9HUXUWHLOXQJ-HVXLQ:LUNOLFKNHLWQLFKWZXWHQZDVVLH
WDWHQZlKUHQGHVGRUWXQWHUGHU9RONVPHQJH+HU]HQJDEGLHDQJHVLFKWVGHU8QJHUHFKWLJNHLW
GLH VLH PLWDQVDKHQ YRP 6FKPHU] ]HUULVVHQ ZDUHQ XQG *HVLFKWHU GLH DQJHVLFKWV GHV
2SIHUWRGHV GHV *HUHFKWHQ YRQ 7UlQHQ EHUVWU|PW ZDUHQ (V ZDUHQ GLH 0lQQHU XQG )UDX HQ
YRQ VFKOLFKWHP *HPW XQG GHPWLJHP XQG KRFKKHU]LJHP *HLVWH GLH ZXWHQ :HU DXI GHU
:HOW EHL GHQ 0HQVFKHQ JHZHVHQ ZDU XQG GLH EHJULIIHQ ZDV GLHVH EHLP +LQVFKHLGHQ GHV
0HLVWHUVYHUORUHQ  

 (V VSULFKW -HQHU ]X HXFK GHU DP .UHX]H PLW GHP 7RGH ULQJHQG XQG YRQ GHQ
+HQNHUVNQHFKWHQPLKDQGHOWXQGJHPDUWHUWVHLQH$XJHQ]XU8QHQGOLFKNHLWHUKREXQGVSUDFK
9DWHUYHUJLELKQHQGHQQVLHZLVVHQQLFKWZDVVLHWXQ

 ,QMHQH*|WWOLFKH9HUJHEXQJVFKOR ,FKDOOH0HQVFKHQDOOHU =HLWHQHLQGHQQ ,FKNRQQWH


GLH 9HUJDQJHQKHLW GLH *HJHQZDUW XQG GLH =XNXQIW GHU 0HQVFKKHLW VHKHQ ,FK NDQQ HXFK LQ
:DKUKHLWXQGLP*HLVWHVDJHQGD,FKDXFKHXFKLQMHQHUJHVHJQHWHQ6WXQGHJHVFKDXWKDEH
GLHLKULQGLHVHU=HLWPHLQQHXHV:RUWYHUQHKPW 

 $OV ,FK YRQ GHU +|KH GHV .UHX]HV KHUDE PHLQH OHW]WHQ %OLFNH DXI GLH 0HQVFKHQVFKDU
ULFKWHWH HUEOLFNWH ,FK 0DULD XQG LKU VDJWH ,FK PLW %H]XJ DXI -RKDQQHV )UDX GLHV KLHU LVW
GHLQ6RKQXQG]X-RKDQQHV6RKQGLHVLVWGHLQH0XWWHU

 -RKDQQHV ZDU GHU HLQ]LJH LQ MHQHU 6WXQGH GHU GHQ 6LQQ GHV IROJHQGHQ 6DW]HV YHUVWHKHQ
NRQQWH GHQQ GLH 9RONVPHQJH ZDU VR EOLQG GD DOV ,FK VDJWH 0LFK GUVWHW VLH GHU
0HLQXQJZDUGDHVN|USHUOLFKHU'XUVWZDUXQGVLH0LU*DOOHXQG(VVLJUHLFKWHZlKUHQGHV
GRFK'XUVWQDFK/LHEHZDUZDVPHLQ*HLVWHPSIDQG

 $XFK GLH EHLGHQ hEHOWlWHU UDQJHQ QHEHQ 0LU PLW GHP 7RGH GRFK ZlKUHQG GHU HLQH
OlVWHUWH XQG VLFK LQV 9HUGHUEHQ VWU]WH OLH VLFK GHU DQGHUH YRP /LFKWH GHV *ODXEHQV
HUOHXFKWHQ XQG REZRKO HU VHLQHQ *RWW DQ GHQ VFKPDFKYROOHQ .UHX]HVEDONHQ JHQDJHOW XQG
GHP 7RGH QDKH VDK JODXEWH HU DQ VHLQH *|WWOLFKNHLW XQG VDJWH ]X LKP :HQQ 'X LP
+LPPHOUHLFK ELVW VR JHGHQNH PHLQHU ZRUDXI ,FK YRQ VRYLHO *ODXEHQ EHZHJW DQWZRUWHWH
:DKUOLFK,FKVDJHGLUKHXWHQRFKZLUVWGX PLW0LULP3DUDGLHVHVHLQ

1LHPDQGNHQQWGLH6WUPHGLHLQGLHVHU6WXQGHLP+HU]HQ-HVXWREWHQ'LHHQWIHVVHOWHQ
1DWXUJHZDOWHQ ZDUHQ QXU HLQH VFKZDFKH :LGHUVSLHJHOXQJ GHVVHQ ZDV LQ GHU (LQVDPNHLW
MHQHV 0HQVFKHQ YRU VLFK JLQJ XQG GHU 6FKPHU] GHV *|WWOLFKHQ *HLVWHV ZDU VR JUR XQG VR
ZLUNOLFKGDGDV)OHLVFKGDVVLFKIUHLQHQ$XJHQEOLFNVFKZDFKIKOWHDXVULHI0HLQ*RWW
PHLQ*RWWZDUXPKDVWGXPLFKYHUODVVHQ"

6RZLH,FKGLH0HQVFKHQ]XOHEHQOHKUWHOHKUWH,FKVLHDXFK]XVWHUEHQZREHL ,FKVHOEVW
GHQHQYHUJDEXQGVLHVHJQHWHGLH0LFKVFKPlKWHQXQGPDUWHUWHQDOV,FK]XP9DWHUVSUDFK
9HUJLELKQHQGHQQVLHZLVVHQQLFKWZDVVLHWXQ


8QGDOVGHU*HLVWGLHVH:HOWYHUOLHVDJWHHU9DWHULQ'HLQH+lQGHEHIHKOH,FKPHLQHQ
*HLVW 'DV YROONRPPHQH /HKUEHLVSLHO ZDU YROOEUDFKW DOV *RWW XQG DOV 0HQVFK KDWWH ,FK
JHVSURFKHQ  

(LQ$XJHQEOLFNJHQJWH'LPDVXPGLH5HWWXQJ]XILQGHQXQGGLHVHUZDUGHUOHW]WHVHLQHV
/HEHQV (U VSUDFK ]X 0LU YRP .UHX]H DXV XQG REZRKO HU VDK GD -HVXV GHQ PDQ *RWWHV
6RKQ QDQQWH LP 7RGHVNDPSI ODJ IKOWH HU GD HU GHU 0HVVLDV GHU +HLODQG ZDU XQG HU
EHUJDE VLFK LKP PLW GHU JDQ]HQ 5HXH VHLQHV +HU]HQV XQG GHU JDQ]HQ 'HPXW VHLQHU 6HHOH
'DUXPYHUVSUDFK,FKLKPGDV3DUDGLHVQRFKIUGHQVHOEHQ7DJ

 ,FKVDJH HXFK ,FKZHUGHMHGHQGHUXQEHZXWVQGLJWDEHU DP(QGH VHLQHV /HEHQVPLW


HLQHP+HU]HQYROOHU'HPXWXQG*ODXEHQ]X0LUVSULFKWGLH=lUWOLFKNHLWPHLQHUHUEDUPHQGHQ
/LHEH VSUHQ ODVVHQ GLH LKQ DXV GHQ 1|WHQ GHU (UGH HPSRUKHEW XP LKQ GLH 6HOLJNHLW HLQHV
HGOHQXQGHUK|KWHQ/HEHQVNHQQHQOHUQHQ]XODVVHQ  

 -D OLHEHU 'LPDV GX ZDUVW PLW 0LU LP 3DUDGLHV GHV /LFKWHV XQG GHV JHLVWLJHQ )ULHGHQV
ZRKLQ ,FK GHLQH 6HHOH DOV %HORKQXQJ IU GHLQHQ *ODXEHQ WUXJ :HU KlWWH GHQHQ GLH GDUDQ
]ZHLIHOWHQ GD LQ -HVXV  VWHUEHQG XQG EOXWHQG ZLH HU ZDU  HLQ *RWW ZRKQWH ZRKO VDJHQ
N|QQHQ GD VLFK LQ GHP 5lXEHU GHU ]X VHLQHU 5HFKWHQ LP 7RGHVNDPSI ODJ HLQ /LFKWJHLVW
YHUEDUJ"

'LH=HLWYHUJLQJXQGDOVGLH6HHOHQUXKHVLFKZLHGHUHLQVWHOOWHGUDQJHQYLHOHYRQGHQHQ
GLH 0LFK DEOHKQWHQ XQG YHUVSRWWHWHQ LQ GDV /LFKW PHLQHU :DKUKHLW HLQ ZHVKDOE LKUH 5HXH
JURZDUXQGLKUH/LHEHLQPHLQHU1DFKIROJHXQ]HUVW|UEDU 

$OVGHU.|USHUGHU0LULQGHU=ZHLWHQ=HLWDOV+OOHGLHQWHLQ GHQ7RGHVNDPSIHLQWUDW
XQG ,FKYRP.UHX]HKHUDEGLHOHW]WHQ:RUWHVSUDFKZDUXQWHUPHLQHQOHW]WHQ6lW]HQHLQHU
GHUZHGHULQMHQHQ$XJHQEOLFNHQQRFKODQJH=HLWGDQDFKYHUVWDQGHQZXUGH0HLQ*RWWPHLQ
*RWWZDUXPKDVW'XPLFKYHUODVVHQ"

 :HJHQ MHQHU :RUWH ]ZHLIHOWHQ YLHOH DQGHUH ZXUGHQ YHUZLUUW GD VLH GDFKWHQ GD HV
.OHLQPXWHLQ:DQNHQHLQ$XJHQEOLFNGHU6FKZlFKHZDU'RFKVLHKDEHQQLFKWEHGDFKWGD
GLHV QLFKW GHU OHW]WH 6DW] ZDU VRQGHUQ GD ,FK QDFK LKP QRFK DQGHUH VSUDFK ZHOFKH YROOH
6WlUNH XQG .ODUKHLW RIIHQEDUWHQ 9DWHU LQ 'HLQH +lQGH EHIHKOH LFK PHLQHQ *HLVW XQG
$OOHVLVWYROOEUDFKW

 -HW]W GD ,FK ]XUFNJHNHKUW ELQ XP LQ HXUH 9HUZLUUXQJHQ /LFKW ]X EULQJHQ XQG GDV ]X
HUKHOOHQZDVLKU*HKHLPQLVVHJHQDQQWKDEWVDJH,FKHXFK $OV,FKDP.UHX]HKLQJZDUGHU
7RGHVNDPSIODQJHEOXWLJXQGGHU.|USHU-HVXXQHQGOLFKHPSILQGVDPHUDOVGHUDOOHUDQGHUHQ
0HQVFKHQ HUGXOGHWH HLQH ODQJ ZlKUHQGH $JRQLH XQG GHU 7RG NDP QLFKW -HVXV KDWWH VHLQH
0LVVLRQ DXI GHU :HOW HUIOOW KDWWH EHUHLWV GDV OHW]H :RUW JHVSURFKHQ XQG GLH OHW]WH /HKUH
JHJHEHQ'DIUDJWHMHQHUJHPDUWHUWH.|USHUMHQHV]HUULVVHQH)OHLVFKDOVHVGLH7UHQQXQJYRP
*HLVWHIKOWHVFKPHU]HUIOOWGHQ+HUUQ9DWHU9DWHUZDUXPKDVW'XPLFKYHUODVVHQ"  (V
ZDUGHUVDQIWHXQGOHLGHQGH.ODJHUXIGHVYHUOHW]WHQ/DPPHVQDFKVHLQHP+LUWHQ(VZDUGHU
%HZHLV GD &KULVWXV GDV :RUW ZLUNOLFK 0HQVFK JHZRUGHQ LVW LQ -HVX XQG GD VHLQ
/HLGHQHFKWZDU

.|QQWLKUGLHVH:RUWH&KULVWXV]XVFKUHLEHQGHUHZLJPLWGHP9DWHUHLQVLVW" 1XQZLW
LKU GD HV HLQ :LPPHUQ GHV .|USHUV -HVX ZDU GHU GXUFK GLH %OLQGKHLW GHU 0HQVFKHQ
JHVFKlQGHW ZDU 'RFK DOV VLFK GLH /LHENRVXQJ GHV +HUUQ DXI MHQHV JHPDUWHUWH )OHLVFK


QLHGHUVHQNWH IXKU -HVXV IRUW ]X VSUHFKHQ XQG VHLQH :RUWH ZDUHQ 9DWHU LQ 'HLQH +lQGH
EHIHKOWHLFKPHLQHQ*HLVW $OOHVLVWYROOEUDFKW 

$OV-HVXVDP.UHX]HKLQJJDEHVNHLQHQ*HLVWGHUVLFKQLFKWHUVFKWWHUWJHIKOWKlWWHEHL
GHU 6WLPPH GHU /LHEH XQG *HUHFKWLJNHLW 'HVVHQ ZHOFKHU VWDUE  QDFNW ZLH GLH :DKUKHLW
VHOEVW GLH HU LQ VHLQHP :RUWH EUDFKWH 'LH ZHOFKH GDV /HEHQ -HVX HUIRUVFKW KDEHQ KDEHQ
HUNDQQWGDHVZHGHUYRUQRFKQDFKLKPMHPDQGHQJHJHEHQKDWGHUHLQ:HUNZLHGDVVHLQH
YROOEUDFKWH GHQQ HV ZDU HLQ J|WWOLFKHV :HUN GDV GXUFK VHLQ %HLVSLHO GLH 0HQVFKKHLW UHWWHQ
ZLUG

6DQIWPWLJNDP,FK]XU2SIHUXQJGHQQ,FKZXWHGDPHLQ%OXWHXFKXPZDQGHOQXQG
UHWWHQVROOWH%LV]XPOHW]WHQ$XJHQEOLFNHVSUDFK,FKPLW/LHEHXQGYHUJDE,FKHXFKGHQQ,FK
NDP XP HXFK HLQH HUKDEHQH /HKUH ]X EULQJHQ XQG HXFK PLW YROONRPPHQHQ %HLVSLHOHQ GHQ
:HJ]XU(ZLJNHLWYRU]X]HLFKQHQ

'LH0HQVFKKHLWZROOWH0LFKYRQPHLQHP9RUKDEHQDEEULQJHQLQGHPVLHGLH6FKZlFKH
GHV )OHLVFKHV VXFKWH GRFK ,FK OLH QLFKW DE GDYRQ 'LH 0HQVFKHQ ZROOWHQ 0LFK ]XU
*RWWHVOlVWHUXQJYHUOHLWHQGRFK ,FKOlVWHUWHQLFKW-HPHKU0LFKGLH0HQJHEHOHLGLJWHGHVWR
PHKU 0LWOHLG XQG /LHEH KDWWH ,FK LKU JHJHQEHU XQG MH PHKU VLH PHLQHQ .|USHU YHUOHW]WHQ
GHVWRPHKU%OXWTXROODXVLKPXPGHQIUGHQ*ODXEHQ7RWHQ/HEHQ]XJHEHQ

 -HQHV %OXW LVW GDV 6\PERO GHU /LHEH PLW GHU ,FK GHP PHQVFKOLFKHQ *HLVWH GHQ :HJ
YRUJH]HLFKQHW KDEH ,FK KLQWHUOLH PHLQ :RUW GHV *ODXEHQV XQG GHU +RIIQXQJ GHQ QDFK
*HUHFKWLJNHLW+XQJHUQGHQXQGGHQ6FKDW]PHLQHU2IIHQEDUXQJHQGHQJHLVWLJ$UPHQ

(UVWQDFKGLHVHU=HLWZXUGHGLH0HQVFKKHLWVLFKGHVVHQEHZXW:HULQGHU:HOWJHZHVHQ
ZDU 'DUDXIKLQ ZXUGH GDV :HUN -HVX DOV YROONRPPHQ XQG *|WWOLFK DXIJHIDW DOV
EHUPHQVFKOLFK HUNDQQW ZLH YLHOH 7UlQHQ GHU 5HXH :LH YLHOH *HZLVVHQVELVVH LQ GHQ
6HHOHQ  

 :HQQ -HVXV ZHOFKHU GHU :HJ GLH :DKUKHLW XQG GDV /HEHQ ZDU VHLQH 0LVVLRQ PLW
MHQHP*HEHWGHUVLHEHQ:RUWHEHHQGHWHXQG]XOHW]W]XVHLQHP9DWHUVSUDFK,Q'HLQH+lQGH
EHIHKOHLFKPHLQHQ*HLVWVREHGHQNWRELKUGLHLKU6FKOHUXQG-QJHUMHQHV0HLVWHUVVHLG
GLHVHV /HEHQ YHUODVVHQ N|QQW RKQH HV GHP 9DWHU DOV HLQHQ 7ULEXW GHV *HKRUVDPV XQG GHU
'HPXWGDU]XEULQJHQXQGRELKUHXUH$XJHQIUGLHVH:HOWVFKOLHHQN|QQWRKQHGHQ+HUUQ
XPVHLQHQ6FKXW]]XELWWHQGDLKUVLHHUVWLQDQGHUHQ5HJLRQHQZLHGHU|IIQHQZHUGHW

 'DV JDQ]H /HEHQ -HVX ZDU HLQ /LHEHVRSIHU IU GHQ 9DWHU 'LH 6WXQGHQ GLH VHLQ
7RGHVNDPSI DP .UHX]H ZlKUWH ZDUHQ HLQ *HEHW GHU /LHEH GHU )UVSUDFKH XQG GHU
9HUJHEXQJ

'LHVLVWGHU:HJGHQ,FKGLUZLHV0HQVFKKHLW/HEWLQGHU1DFKIROJHHXUHV0HLVWHUVXQG
,FKYHUVSUHFKHHXFKHXFK]XPHLQHP6FKRH]XIKUHQZHOFKHUGHU8UVSUXQJDOOHU6HOLJNHLW
LVW  

 ,FK &KULVWXV RIIHQEDUWH GXUFK GHQ 0HQVFKHQ -HVXV GLH +HUUOLFKNHLW GHV 9DWHUV VHLQH
:HLVKHLW XQG VHLQH 0DFKW 'LH 0DFKW ZXUGH DQJHZDQGW XP :XQGHU ]X YROOEULQJHQ ]XP
:RKOHGHUHUGLHLQLKUHP*HLVWH*ODXEHQEHQ|WLJWHQLQLKUHP9HUVWDQGH/LFKWXQGLQLKUHP
+HU]HQ )ULHGHQ -HQH 0DFKW ZHOFKH GLH .UDIW GHU /LHEH VHOEVW LVW ZXUGH EHU GLH
1RWOHLGHQGHQDXVJHJRVVHQXPVLFKLKQHQJDQ]KLQ]XJHEHQZDVVRZHLWJLQJGD,FKVLHIU
PHLQHQHLJHQHQ.|USHUQLFKWJHEUDXFKWHGHUVLHLQGHU7RGHVVWXQGHJOHLFKIDOOVEHQ|WLJWH


,FKZROOWHNHLQHQ*HEUDXFKYRQPHLQHU0DFKWPDFKHQXPGHQGXUFKGULQJHQGHQ6FKPHU]
PHLQHV .|USHUV ]X YHUPHLGHQ 'HQQ DOV ,FK 0HQVFK ZXUGH JHVFKDK HV LQ GHU $EVLFKW XP
HXUHWZLOOHQ]XOHLGHQXQGHXFKHLQHQJUHLIEDUHQJ|WWOLFKHQXQGPHQVFKOLFKHQ%HZHLVPHLQHU
XQHQGOLFKHQ/LHEHXQGPHLQHV0LWOHLGVPLWGHQ8QUHLIHQGHQ1RWOHLGHQGHQGHQ6QGHUQ] X
JHEHQ

$OOH0DFKWGLH,FKDQDQGHUHQRIIHQEDUWH VHLHVGD,FKHLQHQ$XVVlW]LJHQKHLOWHHLQHP
%OLQGHQGDV$XJHQOLFKWZLHGHUJDEXQG%HZHJOLFKNHLWGHP/DKPHQRGHUGD,FKGLH6QGHU
EHNHKUWH XQG 7RWH DXIHUZHFNWH  DOOH 9ROOPDFKW GLH ,FK YRU GHQ 0HQVFKHQPHQJHQ
RIIHQEDUWH XP LKQHQ %HZHLVH IU PHLQH :DKUKHLW ]X JHEHQ LQGHP ,FK LKQHQ PHLQH
0DFKWEHIXJQLVEHUGLH1DWXUUHLFKHXQGPHLQH0DFKWEHU/HEHQXQG7RGEHZLHVZROOWH,FK
IU 0LFK QLFKW DQZHQGHQ ZRPLW ,FK ]XOLH GD PHLQ .|USHU MHQH 3DVVLRQ GXUFKOHEWH XQG
MHQHQ6FKPHU]HUOLWW

=ZDUKlWWHPHLQH0DFKWPHLQHP.|USHUMHGHQ6FKPHU]HUVSDUHQN|QQHQDEHU  ZHOFKHV
9HUGLHQVW KlWWH LFK GDQQ LQ HXUHQ $XJHQ JHKDEW" :HOFKHV IU GHQ 0HQVFKHQ EHJUHLIEDUH
9RUELOGKlWWH,FKKLQWHUODVVHQZHQQ,FKYRQPHLQHU0DFKW*HEUDXFKJHPDFKWKlWWHXP0LU
GHQ 6FKPHU] ]X HUVSDUHQ" (V ZDU Q|WLJ 0LFK LQ MHQHQ $XJHQEOLFNHQ PHLQHU 0DFKW ]X
HQWlXHUQ GLH *|WWOLFKH .UDIW ]XUFN]XZHLVHQ XP GHQ 6FKPHU] GHV )OHLVFKHV GLH 7UDXHU
DQJHVLFKWV GHU 8QGDQNEDUNHLW GLH (LQVDPNHLW GHQ 7RGHVNDPSI XQG GHQ 7RG ]X IKOHQ XQG
]XHUOHEHQ

 'DKHU EDWHQ GLH /LSSHQ -HVX LQ GHU 7RGHVVWXQGH XP +LOIH GD VHLQ 6FKPHU] HFKW ZDU
$EHU HV ZDU QLFKW QXU GHU SK\VLVFKH 6FKPHU] GHU GHQ ILHEHUQGHQ XQG HUVFK|SIWHQ .|USHU
-HVX EHUZlOWLJWH  HV ZDU DXFK GDV JHLVWLJH (PSILQGHQ HLQHV *RWWHV GHU PLWWHOV MHQHV
.|USHUVJHVFKXQGHQXQG]XP*HVS|WWJHPDFKWZXUGHYRQVHLQHQEOLQGHQXQGDQNEDUHQXQG
KRFKPWLJHQ.LQGHUQIUGLHHUMHQHV%OXWYHUJR

 -HVXV ZDU VWDUN GXUFK GHQ *HLVW GHU LKQ EHVHHOWH ZHOFKHV GHU *|WWOLFKH *HLVW ZDU XQG
KlWWH JHJHQEHU GHP 6FKPHU] XQHPSILQGOLFK VHLQ N|QQHQ XQG JHJHQEHU GHQ $QJULIIHQ
VHLQHU9HUIROJHUXQEHVLHJEDUDEHUHVZDUQRWZHQGLJGDHU7UlQHQYHUJRGDHUIKOWHGD
HU LPPHU ZLHGHU YRU GHQ $XJHQ GHU 0HQJH ]X %RGHQ VWU]WH GLH .UlIWH VHLQHV .|USHUV
HUVFK|SIW ZDUHQ XQG GD HU VWHUEHQ VROOWH QDFKGHP VHLQ .|USHU GHQ OHW]WHQ 7URSIHQ %OXW
YHUORUHQKDWWH

6RZXUGHPHLQH0LVVLRQDXI(UGHQHUIOOWVRHQGHWHGDV'DVHLQ-HQHVDXIGHU:HOWGHQ
GDV9RONZHQLJH7DJH]XYRU]XP.|QLJDXVJHUXIHQKDWWHDOVHULQ-HUXVDOHPHLQ]RJ 
 

-HVX(UO|VXQJVWDWLQMHQVHLWLJHQ:HOWHQ

 ,Q GHQ HUVWHQ =HLWHQ GHU 0HQVFKKHLW ZDU LKUH JHLVWLJH (QWZLFNOXQJ VR JHULQJ GD LKUH
PDQJHOQGH LQQHUH(UNHQQWQLVEHUGDV/HEHQGHU6HHOHQDFKGHPN|USHUOLFKHQ7RGHXQGGLH
IHKOHQGH  .HQQWQLV LKUHU OHW]WHQ %HVWLPPXQJ EHZLUNWH GD GLH 6HHOH EHLP 9HUODVVHQ GHU
)OHLVFKHVKOOH LQ HLQHQ WLHIHQ 6FKODI ILHO DXV GHP VLH QXU ODQJVDP HUZDFKWH 'RFK DOV
&KULVWXV0HQVFKZXUGHLQ-HVXVXPDOOHQ6HHOHQVHLQH/HKUH]XJHEHQVDQGWH(UVREDOG(U
VHLQH$XIJDEHXQWHUGHQ0HQVFKHQYROOHQGHWKDWWHVHLQ/LFKW]XJURHQ6FKDUHQYRQ:HVHQ
GLHVHLW$QEHJLQQGHU:HOWDXIVHLQH$QNXQIWZDUWHWHQXPYRQLKUHU9HUZLUUXQJEHIUHLW]X
ZHUGHQXQGVLFK]XP6FK|SIHU HUKHEHQ]XN|QQHQ


 1XU &KULVWXV NRQQWH MHQHV 'XQNHO HUKHOOHQ QXU VHLQH 6WLPPH NRQQWH MHQH 6HHOHQ GLH
VFKOLHIHQ IU LKUH (QWZLFNOXQJ HUZHFNHQ $OV &KULVWXV DOV 0HQVFK VWDUE EUDFKWH GHU
*|WWOLFKH*HLVW/LFKWLQGLHJHLVWLJHQ:HOWHQXQGVHOEVWLQGLH *UlEHUDXVGHQHQGLH6HHOHQ
KHUYRUNDPHQ GLH EHL LKUHQ .|USHUQ GHQ 7RGHVVFKODI KLHOWHQ 'LHVH :HVHQ ]RJHQ LQ MHQHU
1DFKW GXUFK GLH :HOW ZREHL VLH VLFK GHQ PHQVFKOLFKHQ %OLFNHQ VLFKWEDU PDFKWHQ DOV HLQ
=HXJQLVGDIUGDGHU (UO|VHUIUDOOH:HVHQ /HEHQ ZDUXQGGDGHU*HLVWXQVWHUEOLFKLVW
 

 0lQQHU XQG )UDXHQ HPSILQJHQ =HLFKHQ XQG 5XIH DXV GHP -HQVHLWV 'LH $OWHQ XQG GLH
.LQGHU ZDUHQ JOHLFKIDOOV =HXJHQ GLHVHU (UVFKHLQXQJHQ XQG LQ GHQ 7DJHQ GLH GHP
.UHX]HVWRGH GHV (UO|VHUV YRUDQJLQJHQ GUDQJ GDV +LPPOLVFKH /LFKW LQ GLH +HU]HQ GHU
0HQVFKHQGLH:HVHQGHV*HLVWLJHQ7DOHVULHIHQGLH+HU]HQGHU0HQVFKHQXQGDQGHP7DJH
DQGHPGHU0HLVWHUVHLQHQOHW]WHQ$WHP]XJDOV0HQVFKWDWXQGVHLQ/LFKWLQDOOH+|KOHQXQG
LQDOOH:LQNHOHLQGUDQJLQGLHPDWHULHOOHQXQGJHLVWLJHQ+HLPVWlWWHQLP9HUODQJHQQDFKGHQ
:HVHQGLH ,KQVHLWODQJHPHUZDUWHWHQ  YHUPDWHULDOLVLHUWHYHUZLUUWHXQG NUDQNH:HVHQGLH
YRP :HJH DEJHLUUW ZDUHQ JHEXQGHQ PLW .HWWHQ GHU *HZLVVHQVELVVH /DVWHQ GHU
8QJHUHFKWLJNHLWPLWVLFKVFKOHSSHQGXQGDQGHUH6HHOHQGLHWRW]XVHLQJODXEWHQXQGDQLKUH
.|USHU JHEXQGHQZDUHQ  GD HUZDFKWHQDOOH DXVLKUHPWLHIHQ6FKODIHXQG HUKREHQVLFK]XP
/HEHQ

 $EHU EHYRU VLH GLHVH (UGH YHUOLHHQ JDEHQ VLH GHQHQ GLH LKUH $QJHK|ULJHQ JHZHVHQ
ZDUHQHLQH%H]HXJXQJLKUHU$XIHUVWHKXQJXQGLKUHV'DVHLQV'XUFKDOOGLHVHUOHEWHGLH:HOW
GLHVH.XQGJHEXQJHQLQMHQHU1DFKWGHU7UDXHUXQGGHV6FKPHU]HV

 'LH +HU]HQ GHU 0HQVFKHQ HUEHEWHQ XQG GLH .LQGHU ZHLQWHQ DQJHVLFKWV MHQHU GLH VHLW
ODQJHPWRWZDUHQXQG DQGLHVHP7DJHQXUIUHLQHQ$XJHQEOLFN]XUFNNHKUWHQXPYRQMHQHP
0HLVWHU =HXJQLV DE]XOHJHQ GHU ]XU (UGH KHUDEJHNRPPHQ ZDU XP VHLQHQ /LHEHVVDPHQ
DXV]XVWUHXHQ XQG GHU ]XJOHLFK GLH JHLVWLJHQ )HOGHU EHVWHOOWH ZHOFKH YRQ XQHQGOLFK YLHOHQ
*HLVWZHVHQEHZRKQWZDUHQGLHJOHLFKIDOOVVHLQH.LQGHUZDUHQXQGGLHHUKHLOWHXQGYRQLKUHU
8QZLVVHQKHLWEHIUHLWH 

$OV,FKPHLQHQ.|USHUYHUOLHEHWUDWPHLQ*HLVWGLH:HOWGHU*HLVWHVZHVHQXPPLWGHP
:RUW GHU :DKUKHLW ]X LKQHQ ]X VSUHFKHQ :LH EHL HXFK VSUDFK LFK ]X LKQHQ YRQ GHU
*|WWOLFKHQ/LHEHGHQQGLHVHLVWGLHZDKUH(UNHQQWQLVGHV/HEHQV

:DKUOLFK,FKVDJHHXFKGHU*HLVW-HVXZDUQLFKWHLQHQ$XJHQEOLFNLP*UDEHHUKDWWHLQ
DQGHUHQ /HEHQVZHOWHQYLHOH:RKOWDWHQ]XYROOEULQJHQ0HLQXQHQGOLFKHU *HLVWKDWWHMHQHQ 
ZLH]XYRUHXFK YLHOH2IIHQEDUXQJHQNXQG]XWXQ

 (V JLEW DXFK :HOWHQ ZR GLH *HLVWZHVHQ QLFKW ]X OLHEHQ YHUVWHKHQ VLH OHEHQ LQ GHU
)LQVWHUQLVXQGVHKQHQVLFKQDFK/LFKW+HXWHZLVVHQGLH0HQVFKHQGDZR/LHEORVLJNHLWXQG
(JRLVPXV UHJLHUW'XQNHOKHLWKHUUVFKWGD.ULHJXQG/HLGHQVFKDIWHQGLH6FKOVVHOVLQGGLH
GDV7RU]XGHP:HJYHUVFKOLHHQGHU]XP5HLFKH*RWWHVIKUW

'LH/LHEHGDJHJHQLVWGHU6FKOVVHOPLWGHPVLFKGDV5HLFKGHV/LFKWHVDXIWXWZHOFKHV
GLH:DKUKHLWLVW

 +LHU DXI (UGHQ KDEH ,FK 0LFK GXUFK PDWHULHOOH 0LWWHO NXQGJHWDQ LP -HQVHLWV KDEH ,FK
0LFK GHQ KRKHQ *HLVWZHVHQ GLUHNW PLWJHWHLOW GDPLW VLH MHQH XQWHUULFKWHQ ZUGHQ GLH QLFKW
EHIlKLJWVLQGPHLQH ,QVSLUDWLRQGLUHNW]XHPSIDQJHQ-HQHKRKHQOHXFKWHQGHQ:HVHQKHLWHQ
VLQG ZLHKLHUIUHXFK GLH6WLPPWUlJHU  


'DV(UVFKHLQHQ-HVXQDFKVHLQHU$XIHUVWHKXQJ

(LQLJH7DJHQDFKPHLQHU.UHX]LJXQJDOVPHLQH-QJHUXP0DULDYHUVDPPHOWZDUHQOLH
,FKVLHPHLQH*HJHQZDUWIKOHQGLHLQGHUJHLVWLJHQ6FKDXHLQHU7DXEHYHUVLQQELOGOLFKWZDU
,QMHQHUJHVHJQHWHQ6WXQGHZDJWHVLFKQLHPDQG]XEHZHJHQQRFKLUJHQGHLQ:RUW]XVSUHFKHQ
(V KHUUVFKWH HLQH ZDKUH 9HU]FNXQJ EHL GHU %HWUDFKWXQJ MHQHV JHLVWLJHQ %LOGHV XQG GLH
+HU]HQ VFKOXJHQ YROO .UDIW XQG =XYHUVLFKW ZHLO VLH ZXWHQ GD GHU 0HLVWHU GHU
DXJHQVFKHLQOLFK YRQ LKQHQ JHJDQJHQ ZDU LPPHUGDU LP *HLVWH EHL LKQHQ JHJHQZlUWLJ VHLQ
ZHUGH 

:HVKDOEVROOWHWLKUPHLQHQGDPHLQ.RPPHQLP*HLVWHNHLQHQ6LQQKDW"(ULQQHUWHXFK
GDUDQGD,FKQDFK PHLQHP7RGHDOV0HQVFKZHLWHUKLQ]XPHLQHQ-QJHUQVSUDFKXQG0LFK
LKQHQDOV*HLVWZHVHQ]HLJWH

 :DV ZlUH DXV LKQHQ JHZRUGHQ RKQH MHQH 0DQLIHVWDWLRQHQ GLH ,FK LKQHQ JHZlKUWH GLH
LKUHQ*ODXEHQVWlUNWHQXQGLKQHQIULKUH0LVVLRQVDXIJDEHQHXHQ0XWHLQIO|WHQ"

7UDXULJZDUGDV%LOGGDVVLHQDFKPHLQHP6FKHLGHQERWHQGLH7UlQHQIORVVHQXQDEOlVVLJ
EHULKUH*HVLFKWHUDOOH$XJHQEOLFNHHQWUDQJVLFKLKUHU%UXVWHLQ6FKOXFK]HUVLHEHWHWHQYLHO
XQG)XUFKWXQG*HZLVVHQVELVVHEHGUFNWHQVLH6LHZXWHQ GHUHLQHKDWWH0LFKYHUNDXIWHLQ
DQGHUHUKDWWH0LFKYHUOHXJQHWXQGIDVWDOOHKDWWHQ0LFKLQGHU7RGHVVWXQGHYHUODVVHQ

 :LH NRQQWHQ VLH GLH =HXJHQ MHQHV 0HLVWHUV DOOHU 9ROONRPPHQKHLW VHLQ" :LH VROOWHQ VLH
0XW XQG .UDIW GD]X KDEHQ XP GHQ 0HQVFKHQ VR XQWHUVFKLHGOLFKHU *ODXEHQVYRUVWHOOXQJHQ
XQG$UWHQ]XGHQNHQXQG]XOHEHQHQWJHJHQ]XWUHWHQ"

*HUDGHGDHUVFKLHQPHLQ*HLVWXQWHULKQHQXPLKUHQ6FKPHU]]XOLQGHUQLKUHQ*ODXEHQ
]XHQW]QGHQLKUH+HU]HQPLWGHP,GHDOPHLQHU/HKUH]XHQWIODPPHQ

,FKJDEPHLQHP*HLVWPHQVFKOLFKH*HVWDOWXPLKQEHLGHQ-QJHUQVLFKWEDUXQGIKOEDU
]X PDFKHQ DEHU PHLQH *HJHQZDUW ZDU GHQQRFK JHLVWLJ XQG VHKW ZHOFKHQ (LQIOX XQG
ZHOFKH%HGHXWXQJMHQHV(UVFKHLQHQXQWHUPHLQHQ$SRVWHOQKDWWH  

 0HLQ 2SIHU ZDU YROOEUDFKW GRFK LP :LVVHQ GD MHQH +HU]HQ 0LFK PHKU GHQQ MH
EHQ|WLJWHQ ZHLO VLFK LQ LKUHP ,QQHUQ HLQ 6WXUP YRQ =ZHLIHOQ /HLGHQ 9HUZLUUXQJHQ XQG
%HIUFKWXQJHQHUKREHQKDWWHQDKWH,FK0LFKLKQHQVRJOHLFKXPLKQHQHLQHQZHLWHUHQ%HZHLV
PHLQHU XQHQGOLFKHQ %DUPKHU]LJNHLW ]X JHEHQ ,Q PHLQHU /LHEH XQG PHLQHP 0LWJHIKO IU
MHQH.LQGHUPHLQHV:RUWHVYHUPHQVFKOLFKWH,FK0LFKLQGHP,FKGLH*HVWDOWRGHUGDV$EELOG
MHQHV .|USHUV DQQDKP GHQ ,FK DXI GHU :HOW JHKDEW KDWWH XQG OLH 0LFK VHKHQ XQG PDFKWH
0LFK K|UEDU XQG PLW PHLQHQ :RUWHQ HQW]QGHWH ,FK DXIV QHXH GHQ *ODXEHQ LQ MHQHQ
QLHGHUJHVFKODJHQHQ6HHOHQ(VZDUHLQHQHXH/HNWLRQHLQHQHXH$UW0LFKGHQHQPLW]XWHLOHQ
GLH0LFKDXI(UGHQEHJOHLWHWKDWWHQXQGVLHIKOWHQVLFKJHVWlUNWLQVSLULHUWYHUZDQGHOWGXUFK
GHQ*ODXEHQXQGGLH(UNHQQWQLVPHLQHU:DKUKHLW

7URW]MHQHU%HZHLVHGHUHQ=HXJHVLHDOOHZDUHQJDEHVHLQHQGHUGLH%HNXQGXQJHQXQG
%HZHLVHKDUWQlFNLJOHXJQHWHGLH,FKPHLQHQ-QJHUQJHLVWLJJDEXQGVRZDUHVQ|WLJLKP]X
HUODXEHQPHLQHJHLVWLJH*HJHQZDUWVRJDUPLWVHLQHQN|USHUOLFKHQ6LQQHQ]XEHWDVWHQGDPLW
HUJODXEHQN|QQWH

$EHUQLFKWQXUXQWHUGHQ-QJHUQGLH0LUQlKHUVWDQGHQHUKREVLFKMHQHU=ZHLIHO  QHLQ
DXFKXQWHUGHQ$QKlQJHUVFKDUHQLQGHQ2UWVFKDIWHQLQ6WlGWHQXQG'|UIHUQXQWHUGHQHQGLH


%HZHLVHPHLQHU0DFKWHUKDOWHQKDWWHQXQG0LUXPGLHVHU:HUNHZLOOHQQDFKIROJWHQHQWVWDQG
9HUZLUUXQJ HLQ lQJVWOLFKHV )UDJHQ %HWURIIHQKHLW PDQ NRQQWH VLFK QLFKW HUNOlUHQ ZHVKDOE
DOOHVDXIGLHVH:HLVHJHHQGHWKDWWH

 ,FK KDWWH 0LWJHIKO PLW DOOHQ XQG GDKHU JDE ,FK LKQHQ HEHQVR ZLH PHLQHQ QlFKVWHQ
-QJHUQ %HZHLVH GDIU GD ,FK PLFK QLFKW YRQ LKQHQ HQWIHUQW KDWWH DXFK ZHQQ ,FK LKQHQ
QLFKWPHKUDOV0HQVFKDXI(UGHQEHLVWDQG,QMHGHP+HLPMHGHU)DPLOLHXQGLQMHGHP9RON
EHNXQGHWH ,FK 0LFK GHQ +HU]HQ GLH DQ 0LFK JODXEWHQ LQGHP ,FK LKQHQ PHLQH JHLVWLJH
*HJHQZDUW DXI YLHOHUOHL :HLVH IKOEDU PDFKWH 'D EHJDQQ GHU .DPSI MHQHV 9RONHV YRQ
&KULVWHQGLHLKUHQ0HLVWHUDXI(UGHQYHUOLHUHQPXWHQXPVLFK]XHUKHEHQXQG GLH :DKUKHLW
]XYHUNQGHQGLHHULKQHQRIIHQEDUWKDWWH,KUDOOHNHQQWLKUHJURHQ:HUNH 

 $OV ,FK 0LFK LQ GHU =ZHLWHQ =HLW PHLQHQ -QJHUQ ]XP OHW]WHQ 0DOH VLFKWEDU PDFKWH
]ZLVFKHQ:RONHQZDU7UDXULJNHLWLQLKQHQDOV,FKLKUHP%OLFNHQWVFKZDQGZHLOVLHVLFKLQ
GLHVHP $XJHQEOLFN DOOHLQJHODVVHQ IKOWHQ DEHU GDQDFK K|UWHQ VLH GLH 6WLPPH GHV
(QJHOVERWHQ GHV +HUUQ GHU ]X LKQHQ VSUDFK ,KU 0lQQHU DXV *DOLOlD ZRQDFK KDOWHW LKU
$XVVFKDX"'LHVHQ-HVXVGHQLKUKHXWHLQGLH+LPPHOKDEWDXIIDKUHQ VHKHQZHUGHWLKULQGHU
JOHLFKHQ:HLVHKHUDENRPPHQVHKHQ

'DYHUVWDQGHQVLHGDGHU0HLVWHUZHQQHU]XGHQ0HQVFKHQ]XUFNNHKUHQZUGHGLHV
JHLVWLJWXQZUGH O 


.DSLWHO 0LVVLRQXQG%HGHXWXQJ-HVXXQG6HLQHU$SRVWHO

'LH.RUUHNWXU GHVDOWHQ*RWWHVELOGHVXQGIDOVFKHU7UDGLWLRQHQ

-HVXVGHU&KULVWXVLVWGDVNODUVWH/HKUEHLVSLHOJHZHVHQGDV,FKHXFKDXIGHU:HOWJDEXP
HXFK ]X ]HLJHQ ZLH JUR GLH /LHEH XQG GLH :HLVKHLW GHV 9DWHUV LVW -HVXV ZDU GLH OHEHQGH
%RWVFKDIW GLH GHU 6FK|SIHU DXI GLH (UGH VDQGWH GDPLW LKU GLH KRKHQ (LJHQVFKDIWHQ 'HVVHQ
HUNHQQHQ VROOWHW GHU HXFK HUVFKXI 'LH 0HQVFKHQ VDKHQ LQ -HKRYD HLQHQ ]UQHQGHQ XQG
XQYHUV|KQOLFKHQ *RWW HLQHQ VFKUHFNOLFKHQ XQG UDFKVFKWLJHQ 5LFKWHU GRFK GXUFK -HVXV
EHIUHLWH(UHXFK DXVHXUHP,UUWXP

6HKWLP0HLVWHUGLH0HQVFKJHZRUGHQH*|WWOLFKH/LHEH(UULFKWHWHDOOHHXUH:HUNHGXUFK
VHLQ/HEHQGHU'HPXWGHV2SIHUVXQGGHU%DUPKHU]LJNHLW'RFKVWDWWHXFKPLWGHP7RGH]X
EHVWUDIHQERWHUHXFKVHLQ%OXWDQXPHXFKGDVZDKUH/HEHQ]X]HLJHQGDVGHU/LHEH-HQH
*|WWOLFKH %RWVFKDIW HUOHXFKWHWH GDV /HEHQ GHU 0HQVFKKHLW XQG GDV :RUW GDV GHU *|WWOLFKH
0HLVWHUGHQ0HQVFKHQEHUJDEZXUGH]XP8UVSUXQJYRQ.LUFKHQXQG6HNWHQPLWWHOVGHUHU
VLH0LFKJHVXFKWKDEHQXQGQRFKLPPHUVXFKHQ'RFKZDKUOLFK,FKVDJHHXFKVLHKDEHQGHQ
,QKDOWMHQHU%RWVFKDIWQRFKQLFKWYHUVWDQGHQ

'LH0HQVFKKHLWJODXEW]ZDUGDGLH/LHEH*RWWHV]XVHLQHQ.LQGHUQXQEHJUHQ]WLVWGD(U
LQ-HVXVDXV/LHEH]XGHQ0HQVFKHQVWDUE6LHLVWVRJDULQQHUOLFKEHZHJWYRQGHQ/HLGHQ-HVX
YRUVHLQHQ5LFKWHUQXQG+HQNHUQHUNHQQWQDFKXQGQDFKDXFKLQGHP6RKQGHQ9DWHUDEHU
GLH%HGHXWXQJGLH7UDJZHLWHDOOGHVVHQZDVGHU+HUUGHQ0HQVFKHQGXUFKMHQH2IIHQEDUXQJ
VDJHQZROOWHGLHLQHLQHU-XQJIUDXEHJDQQXQGLQGHU:RONHYRQ%HWKDQLHQHQGHWHLVWELV
KHXWHQLFKWULFKWLJJHGHXWHWZRUGHQ

 ,FK PXWH DXI GHUVHOEHQ :RONH ZLHGHUNRPPHQ LQ GHU VLFK GDV :RUW ]XP 9DWHU
HUKREXPHXFKGLH(UNOlUXQJGDIU]XJHEHQXQGGLH%HGHXWXQJDOOGHVVHQDXI]X]HLJHQZDV
HXFKPLWGHU*HEXUWGHP/HEHQGHQ:HUNHQXQGGHP7RGH-HVXRIIHQEDUWZXUGH

 'HU *HLVW GHU :DKUKHLW GHU GDPDOV YRQ &KULVWXV 9HUKHLHQH LVW GLHVH *|WWOLFKH
.XQGJHEXQJZHOFKHNDPXPGLH)LQVWHUQLVVH]XHUKHOOHQXQGGLH*HKHLPQLVVH]XHUNOlUHQ
GLHGHU9HUVWDQGRGHUGDV+HU]GHU0HQVFKHQQLFKW]XGXUFKGULQJHQYHUPRFKWH  

,FKSUHGLJWHPHLQH:DKUKHLWLQGHU=ZHLWHQ=HLWDOV0HQVFKGXUFKPHLQ9RUELOG,FKKRE
GLH XQQW]H 2SIHUXQJ XQVFKXOGLJHU XQG XQEHZXWHU :HVHQ DXI LQGHP ,FK 0LFK XP HLQHU
YROONRPPHQHQ/LHEHVOHKUHZLOOHQRSIHUWH/DPP*RWWHVKDEWLKU0LFKJHQDQQWZHLO0LFK
MHQHV9RONDQVHLQHQWUDGLWLRQHOOHQ)HLHUWDJHQJHRSIHUWKDWWH

 7DWVlFKOLFK ZXUGH PHLQ %OXW YHUJRVVHQ XP GHQ 0HQVFKHQ GHQ :HJ ]XU (UO|VXQJ ]X
]HLJHQ 0HLQH *|WWOLFKH /LHEH ZXUGH YRP .UHX] KHUDE DXI GLH 0HQVFKKHLW MHQHU XQG DOOHU
=HLWHQDXVJHJRVVHQGDPLWGLH0HQVFKKHLWVLFKDQMHQHP%HLVSLHODQMHQHQ:RUWHQDQMHQHP
YROONRPPHQHQ/HEHQLQVSLULHUHQZUGHXQGGLH5HWWXQJGLH5HLQLJXQJYRQ6QGHQXQGGLH
(UKHEXQJGHU6HHOHIlQGH 

'DV9RUELOG-HVX

 (V ZDU QRWZHQGLJ GD -HVXV HXFK GLH 3ULQ]LSLHQ DXI]HLJWH QDFK GHQHQ LKU HXFK ULFKWHQ
VROOWHWXQGYRQGHQHQLKUHXFKHQWIHUQWKDWWHW


 ,FK EH]HXJWH HXFK PHLQH JDQ]H 6DQIWPXW PHLQH /LHEH PHLQH :HLVKHLW XQG
%DUPKHU]LJNHLW XQG WUDQN EHL HXFK GHQ /HLGHQVNHOFK GDPLW HXHU +HU] EHZHJW XQG HXHU
9HUVWDQGHUZDFKHQZUGH'LH+HU]HQPXWHQ]XP*XWHQJHERUHQZHUGHQXQGGHU6FKPHU]
0LFK DXV /LHEH ]X LKQHQ JHNUHX]LJW ]X VHKHQ ZDU ZLH HLQ 6WDFKHO GHU VLH GDUDQ HULQQHUQ
VROOWH GD LKU DOOH XP GHU /LHEH ZLOOHQ OHLGHQ PW XP ]XP 9DWHU ]X JHODQJHQ 0HLQH
9HUKHLXQJIUMHGHQGHUVHLQ.UHX]DXIVLFKQHKPHQXQG0LUQDFKIROJHQP|FKWHZDUGHU
HZLJH)ULHGHGLHK|FKVWH6HOLJNHLWGLHNHLQ(QGHKDWLP*HLVWH  

&KULVWXVLVWXQGVROOHXHU9RUELOGVHLQGDIUELQ,FKGDPDOV0HQVFKJHZRUGHQ:DVZDU
GLH2IIHQEDUXQJGLH-HVXVGHU0HQVFKKHLWEUDFKWH"6HLQHXQHQGOLFKH/LHEH6HLQH*|WWOLFKH
:HLVKHLW6HLQH%DUPKHU]LJNHLWRKQH*UHQ]HQXQG6HLQH0DFKW

,FKVDJWHHXFKQHKPW0LFK]XP9RUELOGXQGLKUZHUGHWGLHJOHLFKHQ:HUNHWXQGLH,FK
WXH'D,FKDOV0HLVWHU NDPVROOWHWLKUEHJUHLIHQGDGDVQLFKWJHVFKDKXPHXFKXQHUIOOEDUH
/HKUHQ]XJHEHQRGHUVROFKHGLHMHQVHLWVGHV$XIIDVVXQJVEHUHLFKVGHV0HQVFKHQOLHJHQ

 %HJUHLIW DOVR GD ZHQQ LKU :HUNH WXW GLH MHQHQ JOHLFKHQ GLH -HVXV HXFK OHKUWH LKU GLH
)OOHGHV/HEHQVYRQGHU,FK]XYRU]XHXFKVSUDFKHUUHLFKWKDEHQZHUGHW  

'LH%HGHXWXQJGHU/HKUH-HVX

 'LH /HKUH -HVX  JHJHEHQ DOV 5LFKWVFKQXU DOV RIIHQHV %XFK GDPLW GLH 0HQVFKKHLW VLH
VWXGLHUH  LVW PLW QLFKWV DQGHUHP LQ LUJHQGHLQHP DQGHUHQ 9RON GHU (UGH LQ LUJHQGHLQHU
*HQHUDWLRQLQLUJHQGHLQHU5DVVH]XYHUJOHLFKHQ'HQQMHQHGLHVLFKDXIJHPDFKWKDEHQXP
*HERWH GHU *HUHFKWLJNHLW RGHU /HKUHQ GHU 1lFKVWHQOLHEH ]X EHUEULQJHQ VLQG YRQ 0LU ]XU
(UGHJHVDQGWZRUGHQDOV:HJEHUHLWHUDOV%RWHQGRFKQLFKWDOV*RWWKHLW&KULVWXVDOOHLQNDP
]XHXFKDOV*RWWKHLW(UEUDFKWHHXFKGLHNODUVWHXQGJU|WH8QWHUZHLVXQJGLHGDV+HU]GHV
0HQVFKHQHPSIDQJHQKDW 

%HUXIXQJ/HKU]HLWXQG3UIXQJHQGHU-QJHU-HVX

,KUKDEWLQGLHVHU=HLWGHU-DKUHPHLQHU3UHGLJWWlWLJNHLWJHGDFKW MHQHUGUHL-DKUHLQGHQHQ
,FKPHLQH-QJHUYRUEHUHLWHWHLQGHQHQ ,FKPLWLKQHQ]XVDPPHQOHEWH6LHVDKHQDOOHPHLQH
:HUNHXQGEHLLKUHU9RUEHUHLWXQJYHUPRFKWHQVLHLQPHLQ+HU]]XGULQJHQXQGGLH5HLQKHLW
GLHJDQ]H0DMHVWlWXQGGLH:HLVKHLW]XVFKDXHQGLHLP0HLVWHUZDU

0HLQH7DWHQGDPDOVJHVFKDKHQQLFKWXPGHV$XIVHKHQVZLOOHQPHLQ:DQGHODXI(UGHQ
ZDUEHVFKHLGHQZHUMHGRFKYRUEHUHLWHWZDUDKQWHGLH*U|HPHLQHU*HJHQZDUWXQGGHU=HLW
LQGHUHUOHEWH

$OVRHUZlKOWH,FKPHLQH-QJHUYRQGHQHQ,FKHLQLJHDP8IHUGHV)OXVVHVDQWUDIXQGGLH
,FK EHULHI LQGHP ,FK VDJWH )ROJHW 0LU QDFK $OV GLHVH LKUHQ %OLFN DXI 0LFK ULFKWHWHQ
YHUVWDQGHQ VLH ZHU -HQHU ZDU GHU ]X LKQHQ VSUDFK XQG VR HUZlKOWH ,FK HLQHQ QDFK GHP
DQGHUHQ 

 6RODQJH ,FK DXI GHU :HOW SUHGLJWH KDEH ,FK QLHPDOV JHVDJW GD PHLQH -QJHU EHUHLWV
0HLVWHU VHLHQ RGHU GD PDQ DXI VLH K|UHQ VROOH 6LH ZDUHQ QRFK 6FKOHU GLH  YRP /LFKWH
PHLQHV:RUWHVLQ%DQQJHVFKODJHQ  0LUZLOOLJQDFKIROJWHQGLHDEHUQRFK)HKOHUEHJLQJHQ
GHQQHVEUDXFKWHVHLQH=HLWELVVLHVLFKZDQGHOWHQXQGKHUQDFKDOV9RUELOGIUGLH0HQVFKHQ
ZLUNWHQ6LHZDUHQ)HOVEURFNHQGLHQRFKYRP0HLHOGHU*|WWOLFKHQ/LHEHJHJOlWWHWZXUGHQ
GDPLWDXFKVLHVSlWHU6WHLQHLQ'LDPDQWHQYHUZDQGHOQZUGHQ 


 =X DOOHQ =HLWHQ KDEH ,FK PHLQH -QJHU JHSUIW :LHYLHOH 0DOH KDEH ,FK 3HWUXV GHU
3UIXQJXQWHUZRUIHQXQGQXULQHLQHUGHUVHOEHQ ZDQNWHHU'RFKXUWHLOWREGLHVHU 7DWQLFKW
VFKOHFKW EHU LKQ GHQQ DOV VHLQ *ODXEH HQWIODPPWH ZDU HU XQWHU GHQ 0HQVFKHQ ZLH HLQH
)DFNHOZHQQHUSUHGLJWHXQGYRQGHU:DKUKHLW=HXJQLVDEOHJWH

 9HUXUWHLOW 7KRPDV QLFKW EHGHQNW ZLH RIW LKU PHLQH :HUNH PLW +lQGHQ JUHLIHQ NRQQWHW
XQGVHOEVWGDQQQRFKJH]ZHLIHOWKDEW%OLFNWQLFKWPLW9HUDFKWXQJDXI-XGDV,VFKDULRWMHQHQ
JHOLHEWHQ -QJHU GHU VHLQHQ 0HLVWHU IU GUHLLJ 6LOEHUOLQJH YHUNDXIWH GHQQ QLHPDOV KDW HV
HLQHJU|HUH5HXHJHJHEHQDOVGLHVHLQH

 ,FK EHGLHQWH 0LFK MHGHV HLQ]HOQHQ YRQ LKQHQ XP HXFK /HKUHQ ]X KLQWHUODVVHQ GLH HXFK
DOV %HLVSLHO GLHQHQ XQG HZLJ LP *HGlFKWQLV GHU 0HQVFKKHLW KDIWHQ ZUGHQ 1DFK LKUHP
.OHLQPXWEHUHXWHQVLHlQGHUWHQVLFKXQGZLGPHWHQVLFKXQHLQJHVFKUlQNWGHU(UIOOXQJLKUHU
0LVVLRQ6LHZDUHQZLUNOLFKH$SRVWHOXQGOLHHQIUDOOH*HQHUDWLRQHQHLQ9RUELOG]XUFN 
 

'HU$SRVWHO-RKDQQHV

(ULQQHUW HXFK DOV PHLQ .|USHU YRP .UHX]H JHQRPPHQ XQG GDQDFK EHJUDEHQ ZXUGH
JODXEWHQGLH-QJHUGLHEHVWU]WZDUHQXQGQLFKWEHJUHLIHQNRQQWHQZDVJHVFKHKHQZDUGD
PLWGHP7RGHGHV0HLVWHUVDOOHVDXVVHL(VZDUQRWZHQGLJGDLKUH$XJHQ0LFKQRFKPDOV
VDKHQXQGLKUH2KUHQ0LFKHUQHXWK|UWHQGDPLWLKU*ODXEHHQWEUDQQWHXQGLKUH(UNHQQWQLVDQ
PHLQHP:RUWHHUVWDUNWH

 1XQ NDQQ ,FK HXFK VDJHQ GD HV XQWHU MHQHQ -QJHUQ HLQHQ JDE GHU QLHPDOV DQ 0LU
]ZHLIHOWHGHUDQJHVLFKWVGHU3UIXQJHQQLHPDOVZDQNWHXQGGHU0LFKQLFKWHLQHQ$XJHQEOLFN
YHUOLH(VZDU-RKDQQHVGHUWUHXHPXWLJHIHXULJHXQGOLHEHYROOVWH-QJHU

8PGLHVHU/LHEHZLOOHQYHUWUDXWH,FKLKP0DULDDQDOVVLH]X)HQGHV.UHX]HVVWDQGHQ
GDPLWHUDXFKIHUQHUKLQLQMHQHP+HU]HQRKQH0DNHOGLH/LHEHILQGHQZUGHXQGHUDQLKUHU
6HLWHQRFKPHKUIUGHQ.DPSIJHVWlUNWZUGHGHULKQ HUZDUWHWH

 :lKUHQG VHLQH %UGHU GLH DQGHUHQ -QJHU HLQHU QDFK GHP DQGHUHQ XQWHU GHP
7RGHVVWUHLFKGHV+HQNHUVILHOHQXQGVRPLWLKUHP%OXWXQGLKUHP/HEHQGLHJDQ]H:DKUKHLW
GLHVLHJHSUHGLJWKDWWHQXQGGHQ1DPHQLKUHV0HLVWHUVEHVLHJHOWHQEHVLHJWH -RKDQQHVGHQ7RG
XQGHQWNDPGHP0DUW\ULXP

'DHULQGLH(LQ|GHYHUEDQQWZDUGDFKWHQVHLQH9HUIROJHUQLFKWGDUDQGDGRUWDXIMHQHU
,QVHO ZRKLQ VLH LKQ YHUMDJW KDWWHQ ]X MHQHP 0HQVFKHQ GLH JURH 2IIHQEDUXQJ GHU
=HLWHSRFKHQDXVGHQ+LPPHOQKHUQLHGHUNRPPHQZUGHGLHLKUQDFKXQGQDFKGXUFKOHEW GLH
3URSKHWLH GLH ]X GHQ 0HQVFKHQ EHU DOOHV VSULFKW ZDV JHVFKHKHQ XQG LQ (UIOOXQJ JHKHQ
ZLUG

 1DFKGHP -RKDQQHV VHLQHQ %UGHUQ YLHO /LHEH JHVFKHQNW XQG VHLQ /HEHQ GHU $XIJDEH
JHZLGPHW KDWWH LKQHQ LP 1DPHQ VHLQHV 0HLVWHUV ]X GLHQHQ PXWH HU JHWUHQQW YRQ LKQHQ
OHEHQ DOOHLQ DEHU LPPHU]X EHWHWH HU IU GLH 0HQVFKKHLW LPPHU GDFKWH HU DQ MHQH IU GLH
-HVXVVHLQ%OXWYHUJRVVHQKDWWH

'DV*HEHWGLH6WLOOHGLH,Q6LFK*HNHKUWKHLWGLH/DXWHUNHLWVHLQHU([LVWHQ]XQGGLH*WH
VHLQHU*HGDQNHQYROOEUDFKWHQGDV:XQGHUGDMHQHU0HQVFKMHQH6HHOHVLFKLQNXU]HU=HLW


HQWZLFNHOWHZRIUDQGHUH6HHOHQ-DKUWDXVHQGHEHQ|WLJHQXPHVHUUHLFKHQ]XN|QQHQ 
 

:HQQ,FKGLH%HZRKQHUGLHVHU:HOWEHWUDFKWHVHKH,FKGDDOOH9|ONHUPHLQHQ1DPHQ
NHQQHQ GD 0LOOLRQHQ YRQ 0HQVFKHQ PHLQH :RUWH QDFKVSUHFKHQ GRFK ZDKUOLFK ,FK VDJH
HXFKGHQQRFKVHKH,FKNHLQH/LHEHGHU0HQVFKHQXQWHUHLQDQGHU

$OOHVZDV,FKHXFKLQGLHVHU=HLWOHKUHXQGZDVDXIGHU:HOWJHVFKLHKWLVWGLH(UNOlUXQJ
XQG GLH (UIOOXQJ GHU 2IIHQEDUXQJ GLH ,FK GHU 0HQVFKKHLW GXUFK PHLQHQ $SRVWHO-RKDQQHV
JDEDOV,FKLKQ]XGHU=HLWGDHUDXIGHU,QVHO3DWPRVOHEWHLP*HLVWHLQGLH+LPPHOVK|KHQ
]XU*|WWOLFKHQ(EHQH]XU8QHUPHVVOLFKNHLWWUXJXPLKPGXUFK6LQQELOGHUGHQ8UVSUXQJXQG
GDV =LHO GDV $OSKD XQG GDV 2PHJD ]X ]HLJHQ XQG HU VDK GLH (UHLJQLVVH GLH JHVFKHKHQ
ZDUHQ MHQHGLHVLFKJHUDGHYROO]RJHQXQGMHQHGLHQRFKNRPPHQZUGHQ

(UYHUVWDQG]XGLHVHP=HLWSXQNWQLFKWVGDYRQDEHUPHLQH6WLPPHVDJWHLKP6FKUHLEH
DXIZDVGXVHKHQXQGK|UHQZLUVWXQGVRVFKULHEHU

 -RKDQQHV KDWWH -QJHU GLH GDV 0HHU PLW 6FKLIIHQ EHUTXHUWHQ XP LKQ DQ VHLQHP
=XIOXFKWVRUW DXI]XVXFKHQ %HJLHULJ IUDJWHQ MHQH 0lQQHU GHQ GHU HLQ -QJHU -HVX JHZHVHQ
ZDUZLHGHU0HLVWHUJHZHVHQVHLXQGZLHVHLQ:RUWXQGVHLQH:XQGHUWDWHQXQG-RKDQQHV
GHU VHLQHP 0HLVWHU LQ /LHEH XQG :HLVKHLW QDFKHLIHUWH VHW]WH VLH PLW VHLQHP :RUWH LQ
(UVWDXQHQ$XFKDOVGDV $OWHUKHUDQQDKWHDOVVHLQ.|USHUEHUHLWVYRQ GHU=HLW JHEHXJWZDU
KDWWHHUQRFKJHQXJ.UlIWHXPYRQVHLQHP0HLVWHU]X]HXJHQXQGVHLQHQ-QJHUQ]XVDJHQ
/LHEHWHLQDQGHU

 $OV MHQH GLH LKQ DXIVXFKWHQ VDKHQ GD GHU 7DJ YRQ -RKDQQHV +LQVFKHLGHQ QlKHUNDP
EDWHQVLHLKQLP9HUODQJHQGDQDFKDOOH:HLVKHLW]XEHVLW]HQGLHMHQHU$SRVWHODQJHVDPPHOW
KDWWH LKQHQ DOOHV ]X RIIHQEDUHQ ZDV HU YRQ VHLQHP 0HLVWHU JHOHUQW KDWWH GRFK VWDWW MHGHU
$QWZRUWYHUQDKPHQVLHLPPHUQXUMHQHQ6DW]/LHEHWHLQDQGHU

-HQHGLHPLWVRYLHO(LIHUXQG,QWHUHVVHIUDJWHQIKOWHQVLFKEHWURJHQXQGGDFKWHQGDGDV
$OWHUGLH:RUWH&KULVWLDXVVHLQHP*HGlFKWQLVJHO|VFKWKDEH

,FKVDJHHXFKGD-RKDQQHVNHLQHLQ]LJHVPHLQHU:RUWHYHUJHVVHQKDWWHVRQGHUQGDHU
DXV DOO PHLQHQ /HKUHQ DOV HLQH HLQ]LJH 4XLQWHVVHQ] MHQH /HKUH DXVVSUDFK GLH GDV JDQ]H
*HVHW]]XVDPPHQIDWGLH/LHEHXQWHUHLQDQGHU

:LHKlWWHMHQHPVRJHOLHEWHQ-QJHUGLH/HKUHGHV0HLVWHUVGHQHUVRVHKUOLHEWHDXVGHU
(ULQQHUXQJVFKZLQGHQN|QQHQ"  

,QGHU=ZHLWHQ=HLWQDFKPHLQHP6FKHLGHQVWlUNWHHXUH+LPPOLVFKH0XWWHUZHLWHUKLQ
PHLQH-QJHUXQGVWDQGLKQHQEHL1DFKGHP6FKPHU]XQGGHU3UIXQJIDQGHQVLH6FKXW]LP
OLHEHYROOHQ +HU]HQ 0DULDV LKU :RUW QlKUWH VLH 7DJ IU 7DJ (UPXWLJW GXUFK 0DULD GLH VLH
ZHLWHUKLQLQ9HUWUHWXQJ GHV*|WWOLFKHQ0HLVWHUV EHOHKUWHVHW]WHQVLHLKUHQ:HJIRUW$OVVLH
KLQVFKLHGEHJDQQLKU.DPSIXQGHLQMHGHUIROJWHGHP:HJGHULKPJHZLHVHQZDU 

'LH$SRVWHO3HWUXVXQG3DXOXV

 9HUJHW QLFKW GLH 6DFKH PLW 3HWUXV PHLQHP -QJHU DOV HU ELV DXI GHQ 7RG YRQ 6DXOXV
YHUIROJWZXUGH,FKEHZLHVGHPWUHXHQ$SRVWHOGDHUQLFKWDOOHLQLQVHLQHU3UIXQJZDUXQG
ZHQQHUPHLQHU0DFKWYHUWUDXWH,FKLKQYRUVHLQHQ9HUIROJHUQVFKW]HQZUGH


6DXOXVZXUGHYRQPHLQHP*|WWOLFKHQ/LFKWEHUUDVFKWDOVHUDXIGHU6XFKHQDFK3HWUXV
ZDUXPLKQ]XYHUKDIWHQ0HLQ/LFKWJHODQJWHELVDXIGHQ+HU]HQVJUXQGGHV6DXOXVZHOFKHU
 DQJHVLFKWV PHLQHU *HJHQZDUW ]X %RGHQ JHZRUIHQ EHVLHJW YRQ PHLQHU /LHEH XQIlKLJ GLH
$XIJDEH ]X (QGH ]X IKUHQ GLH HU JHJHQ PHLQHQ -QJHU YRUKDWWH LQ VHLQHP WLHIVWHQ ,QQHUQ
GLH8PZDQGOXQJVHLQHV JDQ]HQ:HVHQVIKOWHXQGQXQ]XP*ODXEHQDQ&KULVWXVEHNHKUW 
VLFK EHHLOWH QDFK 3HWUXV ]X VXFKHQ DEHU QLFKW PHKU XP LKQ ]X W|WHQ VRQGHUQ XP LKQ ]X
ELWWHQGDHULKQLP:RUWHGHV+HUUQ XQWHUZHLVHXQGLKQDQVHLQHP:HUNHWHLOKDEHQODVVH

 9RQ GD DQ ZDU 6DXOXV 3DXOXV ZREHL MHQHU 1DPHQVZHFKVHO GLH YROOVWlQGLJH VHHOLVFKH
8PZDQGOXQJMHQHV0DQQHVDQ]HLJWHVHLQHY|OOLJH%HNHKUXQJ  

 3DXOXV ]lKOWH QLFKW ]X GHQ ]Z|OI $SRVWHOQ HU D QLFKW DQ PHLQHP 7LVFK QRFK IROJWH HU
0LUDXIGHQ:HJHQQDFKXPPHLQH8QWHUZHLVXQJHQ]XK|UHQ9LHOPHKUJODXEWHHUQLFKWDQ
0LFKQRFKEOLFNWHHUPLWIUHXQGOLFKHQ$XJHQDXIGLHGLH0LUQDFKIROJWHQ,QVHLQHP+HU]HQ
H[LVWLHUWHGLH,GHHGHQ6DPHQGHQ,FKPHLQHQ-QJHUQDQYHUWUDXWKDWWHZHOFKHUVLFKJHUDGH
DXV]XEUHLWHQEHJDQQ]XYHUQLFKWHQ$EHU3DXOXVZXWHQLFKWGDHUHLQHUGHU0HLQHQZDU(U
ZXWH GD GHU 0HVVLDV NRPPHQ PXVVWH XQG HU JODXEWH GDUDQ 'RFK NRQQWH HU VLFK QLFKW
YRUVWHOOHQGDGHUGHPWLJH-HVXVGHUYHUKHLHQH+HLODQGVHLQVROOWH6HLQ+HU]ZDUYROOGHV
+RFKPXWVGHU:HOWXQGGHVKDOEKDWWHHUGLH*HJHQZDUWVHLQHV+HUUQQLFKWHPSIXQGHQ

 6DXOXV KDWWH VLFK JHJHQ VHLQHQ (UO|VHU HUKREHQ (U YHUIROJWH PHLQH -QJHU VRZLH GLH
/HXWH GLH VLFK DQ VLH ZDQGWHQ XP PHLQH %RWVFKDIW YRQ GHQ /LSSHQ MHQHU $SRVWHO ]X
YHUQHKPHQ 8QG VR EHUUDVFKWH ,FK LKQ DOV HU GDEHL ZDU GLH 0HLQHQ ]X YHUIROJHQ ,FK
EHUKUWHLKQDQGHUHPSILQGVDPVWHQ6WHOOHVHLQHV+HU]HQVXQGVRJOHLFKHUNDQQWHHU0LFKZHLO
VHLQ*HLVW0LFKHUZDUWHWH'HVKDOEK|UWHHUPHLQH6WLPPH

 (V ZDU PHLQ :LOOH GD MHQHU ZHLWKLQ EHNDQQWH 0DQQ VLFK DXI GLHVH :HLVH EHNHKUHQ
VROOWHGDPLWGLH:HOWDXIDOOHQVHLQHQ:HJHQMHQHEHUUDVFKHQGHQ:HUNHPLWHUOHEHQNRQQWH
GLHLKUDOV$QVSRUQ]XP*ODXEHQXQG]XP9HUVWHKHQGLHQHQVROOWHQ

:R]XQRFKLPHLQ]HOQHQGDV/HEHQGLHVHV0DQQHVGXUFKJHKHQGHUYRQGDDQVHLQ/HEHQ
GHU/LHEH]XVHLQHQ1lFKVWHQZLGPHWHLQVSLULHUWYRQGHU/LHEH]XVHLQHP0HLVWHUXQGVHLQHQ
*|WWOLFKHQ8QWHUZHLVXQJHQ"

3DXOXVZDUHLQHUGHUJU|WHQ$SRVWHOPHLQHV:RUWHVVHLQ=HXJQLVZDULPPHUYRQ/LHEH
$XIULFKWLJNHLW :DKUKDIWLJNHLW XQG /LFKW GXUFKGUXQJHQ 6HLQ IUKHUHU 0DWHULDOLVPXV ZXUGH
]X HLQHU VHKU KRKHQ *HLVWLJNHLW VHLQH +lUWH ]X XQHQGOLFKHU =lUWOLFKNHLW XQG VR ZXUGH GHU
9HUIROJHU PHLQHU $SRVWHO ]XP HLIULJVWHQ 6lPDQQ PHLQHV :RUWHV ]XP XQHUPGOLFKHQ
:DQGHUSUHGLJHUZHOFKHUGLH*|WWOLFKH%RWVFKDIWVHLQHV+HUUQIUGHQGHUOHEWHXQGGHPHU
VHLQ/HEHQZHLKWHLQYHUVFKLHGHQH1DWLRQHQ3URYLQ]HQXQG'|UIHUEUDFKWH

+LHUKDVWGXJHOLHEWHV9RONHLQVFK|QHV%HLVSLHOYRQ%HNHKUXQJXQGHLQHQ%HZHLVGDIU
GD0HQVFKHQDXFKZHQQVLH0LFKQRFKQLFKWJHK|UWKDEHQJURH$SRVWHOYRQ0LUZHUGHQ
N|QQHQ  

'LH9RUELOGOLFKNHLWGHU$SRVWHO

 :HU DXHU 0LU HUPXWLJWH GLH -QJHU LQ MHQHU =ZHLWHQ =HLW DOV VLH GDQQ RKQH LKUHQ
0HLVWHU GXUFK GLH :HOW ]RJHQ" (UVFKHLQW HXFK QLFKW GDV :HUN HLQHV MHGHQ YRQ LKQHQ
EHZXQGHUQVZHUW" $EHU ,FK VDJH HXFK GD DXFK VLH 6FKZlFKHQ KDWWHQ ZLH MHGHU DQGHUH
0HQVFK6SlWHUZXUGHQVLHYRQ/LHEHXQG*ODXEHQHUIOOWHVPDFKWHVLHQLFKWPXWORVDXIGHU


:HOWZLH6FKDIHXQWHU:|OIHQ]XVHLQXQGLKUHQ:HJLPPHUXQWHU9HUIROJXQJXQG6SRWWGHU
/HXWH]XJHKHQ

6LHKDWWHQGLH0DFKW:XQGHU]XYROOEULQJHQVLH YHUVWDQGHQYRQMHQHU*QDGH*HEUDXFK
]XPDFKHQXP+HU]HQ]XU:DKUKHLW]XEHNHKUHQ

:RKODOOMHQHQGLHGDV:RUW-HVXDXVGHP0XQGHPHLQHU$SRVWHOYHUQDKPHQGHQQEHL
LKQHQ HUOLWW PHLQH /HKUH NHLQH 9HUlQGHUXQJ VRQGHUQ ZXUGH LQ DOO LKUHU /DXWHUNHLW XQG
:DKUKHLWJHJHEHQ'DKHUIKOWHQGLH0HQVFKHQZHQQVLHLKQHQ]XK|UWHQLQLKUHU6HHOHGLH
*HJHQZDUW GHV +HUUQ XQG VSUWHQ LQ LKUHP :HVHQ HLQ XQEHNDQQWHV *HIKO YRQ 0DFKW YRQ
:HLVKHLWXQG0DMHVWlW

,QMHQHQDUPHQXQGGHPWLJHQ)LVFKHUQDXV*DOLOlDKDEWLKUHLQZUGLJHV9RUELOGGXUFK
GLH/LHEHYHUZDQGHOWLQJHLVWLJH)LVFKHUHUVFKWWHUWHQVLH9|ONHUXQG5HLFKHGXUFKGDV:RUW
GDV VLH YRQ -HVXV JHOHUQW KDWWHQ XQG EHUHLWHWHQ GXUFK LKUH %HKDUUOLFKNHLW XQG LKUH
$XIRSIHUXQJGLH%HNHKUXQJGHU9|ONHUXQGGDV =XVWDQGHNRPPHQGHVJHLVWLJHQ)ULHGHQVYRU
9RQ GHQ .|QLJHQ ELV ]X GHQ %HWWOHUQ  VLH DOOH HUIXKUHQ PHLQHQ )ULHGHQ LQ MHQHQ 7DJHQ
ZDKUHQ&KULVWHQWXPV

 -HQH bUD GHU 6SLULWXDOLWlW XQWHU GHQ 0HQVFKHQ ZDU QLFKW YRQ 'DXHU GRFK ,FK GHU DOOHV
ZHLKDWWHHXFKPHLQH 5FNNHKUDQJHNQGLJWXQGYHUKHLHQZHLO ,FK ZXWHGD ,KU0LFK
ZLHGHUXPEUDXFKHQZUGHW  

'LH$XVEUHLWXQJGHV&KULVWHQWXPV

0HLQH /HKUH DXI GHQ /LSSHQ XQG LQ GHQ :HUNHQ PHLQHU -QJHU ZDU HLQ 6FKZHUW GHU
/LHEH XQG GHV /LFKWHV GDV JHJHQ GLH 8QZLVVHQKHLW GDV *|W]HQWXP XQG GHQ 0DWHULDOLVPXV
NlPSIWH(LQ6FKUHLGHU(PS|UXQJVWLHJEHLGHQHQDXIGLHGHQQDKHQ8QWHUJDQJLKUHU0\WKHQ
XQG 7UDGLWLRQHQ VDKHQ ZlKUHQG JOHLFK]HLWLJ DXV DQGHUHQ +HU]HQ HLQ +\PQXV GHU :RQQH
GUDQJDQJHVLFKWVGHVOLFKWYROOHQ:HJHVGHUVLFKIUGLH+RIIQXQJXQGGHQ*ODXEHQGHUQDFK
:DKUKHLW'UVWHQGHQXQGYRQ6QGH%HODVWHWHQDXIWDW

-HQHGLHGDV*HLVWLJH /HEHQOHXJQHWHQ JHULHWHQLQ:XWDOVVLHGLH2IIHQEDUXQJHQEHU


GDV +LPPHOUHLFK YHUQDKPHQ ZlKUHQG GLH GLH MHQHV 'DVHLQ HUDKQWHQ XQG GDYRQ
*HUHFKWLJNHLW XQG +HLO HUKRIIWHQ GHP 9DWHU GDQNWHQ GD (UGHU:HOWVHLQHQ(LQJHERUHQHQ
6RKQJHVDQGWKDWWH

 'LH 0HQVFKHQ GLH LQ LKUHQ +HU]HQ GLH JHVHJQHWH 6HKQVXFKW EHZDKUW KDWWHQ LKUHP *RWW
PLW/DXWHUNHLW]XGLHQHQXQG,KQ]XOLHEHQVDKHQLKUHQ:HJOLFKWZHUGHQXQGLKUHQ9HUVWDQG
VLFKNOlUHQDOVVLHVLFKLQPHLQ:RUWYHUWLHIWHQXQGVLHIKOWHQHLQH%HOHEXQJLQLKUHP*HLVWH
XQG LQ LKUHP +HU]HQ 'LH 8QWHUZHLVXQJ &KULVWL DOV ZDKUHV JHLVWLJHV %URW IOOWH GLH
XQHUPHOLFKH /HHUH DXV GLH LQ LKQHQ ZDU XQG HUIOOWH PLW 9ROONRPPHQKHLW XQG VHLQHP
6LQQJHKDOWDOOH6HKQVFKWHLKUHV*HLVWHVEHUUHLFKOLFK

(LQQHXHV=HLWDOWHUKREDQHLQOLFKWYROOHUHU:HJWDWVLFKDXIGHULQGLH(ZLJNHLWIKUWH

:HOFKVFK|QH*HIKOHVHHOLVFKHU(UKHEXQJYRQ/LHEHXQGYRQ =lUWOLFKNHLWHUZDFKWHQGD
LQ MHQHQ GLH YRP *ODXEHQ HUOHXFKWHW ZXUGHQ XP PHLQ :RUW ]X HPSIDQJHQ :HOFKHU 0XW
XQG ZHOFKH 6WDQGKDIWLJNHLW EHJOHLWHWH MHQH +HU]HQ GLH DOOHV ]X HUOHLGHQ XQG ]X EHUZLQGHQ
YHUVWDQGHQRKQHHLQHQ$XJHQEOLFN]XYHU]DJHQ


(WZDZHLOGDV %OXWGHV0HLVWHUVQRFKIULVFKZDU"1HLQ9RONGLH JHLVWLJH(VVHQ]MHQHV
%OXWHVZHOFKHVGLHPDWHULHOOH9HUN|USHUXJGHU*|WWOLFKHQ/LHEHZDUZLUGQLFKWWURFNHQQRFK
HUOLVFKWVLHMHPDOVVLHLVWKHXWHZLHGDPDOVJHJHQZlUWLJOHEHQGLJXQGOHEHQVZDUP

'HU*UXQGLVWGDLQMHQHQ+HU]HQJOHLFKIDOOV/LHEH]XU:DKUKHLWYRUKDQGHQZDUGHUVLH
LKU/HEHQZHLKWHQXQGIUGLHVLHVRJDULKU%OXWKLQJDEHQXPGDPLW]XEHZHLVHQGDVLHGLH
/HNWLRQLKUHV0HLVWHUVJHOHUQWKDWWHQ

-HQHVKRFKKHU]LJGDKLQJHJHEHQH%OXWEHUZDQGGLH+LQGHUQLVVHXQGGLH+HLPVXFKXQJHQ

:HOFKHLQ*HJHQVDW]]HLJWHVLFK]ZLVFKHQGHU*HLVWLJNHLWGHU-QJHUPHLQHV:RUWHVXQG
GHU $EJ|WWHUHL GHP 0DWHULDOLVPXV GHP (JRLVPXV XQG GHU 8QZLVVHQKHLW GHU )DQDWLNHU LQ
DOWHQ 7UDGLWLRQHQ RGHU GHU +HLGHQ GLH QXU OHEWHQ XP GHP 9HUJQJHQ GHV .|USHUV ]X
KXOGLJHQ  

 %HVlW GHQ /HEHQVZHJ PLW JXWHQ EHLVSLHOKDIWHQ :HUNHQ YHUIlOVFKW QLFKW 0HLQH
8QWHUZHLVXQJHQ 1HKPW HXFK GDULQ PHLQH $SRVWHO GHU =ZHLWHQ =HLW ]XP 9RUELOG GLH
QLHPDOV DXI VLQQIlOOLJH .XOWH YHUILHOHQ XP PHLQH /HKUH ]X OHKUHQ XQG ]X HUOlXWHUQ 1LFKW
LKQHQ NDQQ PDQ GLH 6FKXOG DQ GHU $EJ|WWHUHL ]XVFKUHLEHQ LQ GLH GLH 0HQVFKKHLW GDQDFK
JHULHW ,KUH +lQGH HUULFKWHWHQ QLHPDOV $OWlUH QRFK EDXWHQ VLH 3DOlVWH IU GLH JHLVWLJH
*RWWHVYHUHKUXQJ $EHU VLH EUDFKWHQ GHU 0HQVFKKHLW GLH 8QWHUZHLVXQJ &KULVWL EUDFKWHQ
*HVXQGKHLWGHQ.UDQNHQ+RIIQXQJXQG7URVWGHQ$UPHQXQG%HWUEWHQXQGZLHLKU0HLVWHU
]HLJWHQVLHGHQ9HULUUWHQGHQ:HJ]XP +HLO

'LHFKULVWOLFKH5HOLJLRQGLHLKUKHXW]XWDJHNHQQWLVWQLFKWHLQPDOHLQ$EJODQ]GHU/HKUH
GLHPHLQH$SRVWHODXVEWHQXQGOHKUWHQ

,FKVDJHHXFKQRFKHLQPDOGDLKULQMHQHQ-QJHUQYROONRPPHQH9RUELOGHUYRQ'HPXW
/LHEH %DUPKHU]LJNHLW XQG (UKHEXQJ ILQGHQ N|QQW 6LH EHVLHJHOWHQ GLH :DKUKHLW GLH LKU
0XQGDXVVSUDFKPLWLKUHP%OXW

 9RQ HXFK ZLUG GLH 0HQVFKKHLW QLFKW PHKU %OXW IRUGHUQ XP HXUHP =HXJQLV *ODXEHQ ]X
VFKHQNHQDEHUVLHZLUG:DKUKDIWLJNHLWYRQHXFKYHUODQJHQ 


,,, ',(=(,7'(6.,5&+(1&+5,67(17806
.DSLWHO &KULVWHQWXP.LUFKHQXQG.XOWH

'LH(QWZLFNOXQJGHV&KULVWHQWXPV

1DFKPHLQHP6FKHLGHQLQGHU=ZHLWHQ=HLWVHW]WHQPHLQH$SRVWHOPHLQ:HUNIRUWXQG
GLH DXI PHLQH $SRVWHO IROJWHQ IKUWHQ GHUHQ $UEHLW IRUW (V ZDUHQ GLH QHXHQ $UEHLWHU GLH
%HEDXHU MHQHV $FNHUODQGHV GDV YRP +HUUQ YRUEHUHLWHW ZDU IUXFKWEDU JHPDFKW GXUFK VHLQ
%OXW VHLQH 7UlQHQ XQG VHLQ :RUW DXIEHUHLWHW GXUFK GLH $UEHLW GHU ]Z|OI (UVWHQ XQG DXFK
GXUFK MHQH GLH DXI VLH IROJWHQ 'RFK LP /DXIH GHU =HLW XQG YRQ *HQHUDWLRQ ]X *HQHUDWLRQ
P\VWLIL]LHUWHQRGHUYHUIlOVFKWHQGLH0HQVFKHQPHLQ:HUNXQGPHLQH/HKUHLPPHUPHKU

:HUVDJWHGHP0HQVFKHQGDHUYRQ0LUHLQ$EELOGPDFKHQGUIH":HUVDJWHLKPGDHU
0LFK DP .UHX]H KlQJHQG GDUVWHOOHQ VROOH" :HU VDJWH LKP GD HU GDV $EELOG 0DULDV GLH
*HVWDOW GHU (QJHO RGHU GDV $QWOLW] GHV 9DWHUV KHUVWHOOHQ GUIH" $FK LKU NOHLQJOlXELJHQ
0HQVFKHQ GLH LKU GDV *HLVWLJH PDWHULHOO VLFKWEDU PDFKHQ PXWHW XP PHLQH *HJHQZDUW ]X
VSUHQ

'DV(EHQELOGGHV9DWHUV ZDU-HVXVGDV(EHQELOGGHV0HLVWHUVVHLQH-QJHU,FKVDJWHLQ
GHU =ZHLWHQ =HLW :HU GHQ 6RKQ NHQQW NHQQW GHQ 9DWHU 'DPLW VROOWH JHVDJW VHLQ GD
&KULVWXV ZHOFKHU LQ -HVXV VSUDFK GHU 9DWHU 6HOEVW LVW 'HU 9DWHU DOOHLQ NRQQWH VHLQ HLJHQHV
(EHQELOGVFKDIIHQ

1DFKPHLQHP7RGDOV0HQVFKRIIHQEDUWH ,FK0LFKPHLQHQ$SRVWHOQDOV/HEHQGHUGDPLW
VLHHUNHQQHQVROOWHQGD,FKGDV/HEHQXQGGLH(ZLJNHLWELQXQGGD,FK RELP.|USHURGHU
DXHUKDOEGHVVHOEHQ XQWHUHXFKJHJHQZlUWLJELQ1LFKWDOOH0HQVFKHQYHUVWDQGHQGLHVXQG
GDUXPJHULHWHQVLHLQ$EJ|WWHUHLXQGLQ)DQDWLVPXV  

,FKKDEHGHU)UDXDXV6DPDULDJHVDJW:HUYRQGLHVHP:DVVHUWULQNWGDV,FKJHEHZLUG
QLHPHKU'XUVWKDEHQ8QGKHXWHVDJH,FKHXFK:HQQGLH0HQVFKKHLWYRQ MHQHPOHEHQGLJHQ
:DVVHUJHWUXQNHQKlWWHJlEHHVNHLQVRJURHV(OHQGLQLKU

 'LH 0HQVFKHQ KLHOWHQ VLFK QLFKW XQEHLUUEDU DQ PHLQH 8QWHUZHLVXQJ XQG ]RJHQ HV YRU
PHLQHQ 1DPHQ ]X JHEUDXFKHQ XP LKUHU $XVOHJXQJ XQG %HTXHPOLFKNHLW HQWVSUHFKHQG
.LUFKHQ ]X JUQGHQ ,FK YHUZDUI 7UDGLWLRQHQ XQG XQWHUZLHV VLH LQ GHU /HKUH GHU /LHEH XQG
KHXWH NRPPW LKU ]X 0LU XP 0LU JHKDOWORVH 5LWHQ XQG =HUHPRQLHQ GDU]XEULQJHQ GLH HXUHU
6HHOH QLFKW GHQ JHULQJVWHQ 1XW]HQ EULQJHQ :HQQ LQ HXUHQ :HUNHQ NHLQH 6SLULWXDOLWlW
YRUKDQGHQ LVW NDQQ NHLQH :DKUKHLW LQ LKQHQ VHLQ XQG ZDV QLFKW :DKUKHLW LQ VLFK WUlJW
JHODQJWQLFKW]XHXUHP9DWHU

$OVMHQHVDPDULWDQLVFKH)UDXIKOWHGDGDV/LFKWPHLQHU$XJHQELVDXIGHQ*UXQGLKUHV
+HU]HQVGUDQJVDJWHVLH]X0LU+HUULKU-XGHQVDJWGD-HUXVDOHPGHU2UWVHLDQGHPPDQ
XQVHUHQ*RWWDQEHWHQPX'DVDJWH,FKLKU)UDXZDKUOLFK,FKVDJHGLUGHU=HLWSXQNWZLUG
NRPPHQDQGHPLKUGHQ9DWHUZHGHUDXIGLHVHP%HUJQRFKLQ-HUXVDOHPDQEHWHQZHUGHWZLH
LKUHVGHU]HLWWXW'LH=HLW UFNWQlKHULQGHUPDQGHQ9DWHULP*HLVWXQGLQGHU:DKUKHLW
YHUHKUWGHQQ*RWWLVW*HLVW

'LHVLVWPHLQH/HKUHDOOHU=HLWHQ6HKWGLH:DKUKHLWODJYRUHXUHQ$XJHQXQGLKUZROOWHW
VLHQLFKWVHKHQ:LHZROOWLKUVLHOHEHQZHQQLKUVLHQLFKWNHQQW"  


.XOWKDQGOXQJHQ

:HQQLKUOLHEWZHUGHWLKUNHLQHVLQQIlOOLJHQ.XOWKDQGOXQJHQRGHU5LWHQQ|WLJKDEHQZHLO
LKU GDV /LFKW KDEHQ ZHUGHW GDV HXUHQ LQQHUHQ 7HPSHO HUKHOOW DQ GHP VLFK GLH :RJHQ DOOHU
6WUPH EUHFKHQ ZHUGHQ GLH HXFK SHLWVFKHQ N|QQWHQ XQG GDV GLH ILQVWHUHQ 1HEHO GHU
0HQVFKKHLWDXIO|VW

 (QWZHLKW QLFKW OlQJHU GDV *|WWOLFKH GHQQ ZDKUOLFK ,FK VDJH HXFK JUR LVW GLH
8QGDQNEDUNHLW PLW GHU LKU HXFK YRU *RWW ]HLJW ZHQQ LKU GLHVH lXHUOLFKHQ .XOWKDQGOXQJHQ
YROO]LHKWGLHLKUYRQHXUHQ9RUIDKUHQEHUQRPPHQKDEWXQGLQGHQHQLKUIDQDWLVFKJHZRUGHQ
VHLG  

 %HWUDFKWHW GLH IHKOJHOHLWHWH 0HQVFKKHLW  IHKOJHOHLWHW ZHLO GLH JURHQ .LUFKHQ GLH VLFK
FKULVWOLFK QHQQHQ GHP 5LWXHOOHQ XQG bXHUOLFKHQ PHKU %HGHXWXQJ EHLPHVVHQ DOV PHLQHU
/HKUH VHOEVW -HQHV :RUW GHV /HEHQV GDV ,FK PLW :HUNHQ GHU /LHEH XQG PLW GHP %OXW DP
.UHX]HEHVLHJHOWHOHEWQLFKWPHKULP+HU]HQGHU0HQVFKHQHVLVWHLQJHVSHUUWXQGVWXPPLQ
GHQDOWHQXQGYHUVWDXEWHQ%FKHUQ8QGVR JLEW HVHLQH FKULVWOLFKH0HQVFKKHLWGLHZHGHU
EHJUHLIWQRFKZHLZLHPDQ&KULVWXVQDFKIROJW

 'DUXP KDEH ,FK QXU ZHQLJH -QJHU LQ GLHVHU =HLW  VROFKH GLH LKUH OHLGHQGHQ %UGHU
OLHEHQ GLH GHQ 6FKPHU] OLQGHUQ VROFKH GLH LQ GHU 7XJHQG OHEHQ XQG VLH GXUFK LKU 9RUELOG
SUHGLJHQGDVVLQGGLH-QJHU&KULVWL

:HUPHLQH/HKUHNHQQWXQGYHUKHLPOLFKWRGHUVLHQXUPLWGHQ/LSSHQEHNDQQWPDFKWXQG
QLFKWPLWGHP+HU]HQGHULVWQLFKWPHLQ-QJHU

 ,FK ELQ LQ GLHVHU =HLW QLFKW JHNRPPHQ XP 7HPSHO DXV 6WHLQ DXI]XVXFKHQ XQG 0LFK LQ
LKQHQNXQG]XWXQ,FKVXFKH+HU]HQQLFKWPDWHULHOOHV*HSUlQJH  

6RODQJHGLH5HOLJLRQVJHPHLQVFKDIWHQZHLWHULQWLHIHP6FKODIYHUVXQNHQEOHLEHQXQGLKUH
JHZRKQWHQ%DKQHQQLFKWYHUODVVHQZLUGHVNHLQJHLVWLJHV(UZDFKHQJHEHQQRFK(UNHQQWQLV
GHUJHLVWLJHQ,GHDOHXQGGDKHUZLUGNHLQ)ULHGHXQWHUGHQ0HQVFKHQVHLQN|QQHQQRFK5DXP
IUWlWLJH1lFKVWHQOLHEH'DV/LFKWGDVGLHVFKZHUHQPHQVFKOLFKHQ.RQIOLNWHO|VWZLUGQLFKW
HUVWUDKOHQN|QQHQ 

'LH*HLVWOLFKNHLW

 'D LKU QLFKW ZLW ZDV GHU ZDKUH )ULHGH LVW EHJQJW LKU HXFK GDPLW HXFK QDFK LKP ]X
VHKQHQXQGYHUVXFKWPLWDOOHQP|JOLFKHQ0LWWHOQXQGDXIDOOHQXUHUGHQNOLFKH$UWHLQZHQLJ
6HHOHQIULHGHQ $QQHKPOLFKNHLWHQ XQG %HIULHGLJXQJHQ ]X HUODQJHQ DEHU QLHPDOV GDV ZDV
ZLUNOLFK)ULHGHGHU6HHOHLVW,FKVDJHHXFKGDLKQQXUGHU*HKRUVDPGHV.LQGHVJHJHQEHU
GHP:LOOHQGHV+HUUQHUULQJW

$XIGHU:HOWIHKOHQJXWH(UNOlUHUPHLQHV:RUWHVJXWH$XVOHJHUPHLQHU8QWHUZHLVXQJHQ
'DKHU OHEW GLH 0HQVFKKHLW DXFK VRZHLW VLH VLFK FKULVWOLFK QHQQW JHLVWLJ UFNVWlQGLJ ZHLO
QLHPDQG GD LVW GHU VLH PLW PHLQHU ZDKUHQ /HKUH HUVFKWWHUW HV QLHPDQGHQ JLEW GHU GLH
+HU]HQPLWGHU/LHEHSIOHJWPLWGHU,FKGLH0HQVFKHQOHKUWH

7DJIU7DJ LQ*HPHLQGHVlOHQ.LUFKHQXQG.DWKHGUDOHQ VSULFKWPDQPHLQHQ1DPHQ


DXV XQG ZLHGHUKROW PDQ PHLQH :RUWH GRFK QLHPDQG LVW LQQHUOLFK EHZHJW QLHPDQG HUEHEW
GXUFKLKU /LFKWXQG]ZDUGHVKDOEZHLOGLH0HQVFKHQGHQ6LQQGHUVHOEHQIDOVFKYHUVWDQGHQ


KDEHQ 'LH PHLVWHQ JODXEHQ GD GLH :LUNXQJVNUDIW GHV :RUWHV &KULVWL GDUDXI EHUXKW HV
ZLHGHUXQGZLHGHUPHFKDQLVFK]XZLHGHUKROHQRKQH]XEHJUHLIHQGDHVQLFKWQ|WLJLVWHV
DXI]XVDJHQVRQGHUQHV]XVWXGLHUHQGDUEHUQDFK]XGHQNHQHVDXV]XEHQXQG]XOHEHQ

:HQQGLH0HQVFKHQGHQ6LQQJHKDOWLP:RUWH &KULVWLVXFKHQZUGHQVRZlUHHVIUVLH
LPPHUZLHGHUQHXIULVFKOHEHQGLJXQGOHEHQVQDK$EHUVLHNHQQHQHVQXUREHUIOlFKOLFKXQG
VRN|QQHQVLHVLFKQLFKWYRQLKPQlKUHQQRFKZHUGHQVLHHVDXIGLHVH:HLVHMHPDOVN|QQHQ

$UPH0HQVFKKHLW LP'XQNHOQXPKHULUUHQGREZRKOGDV/LFKWLKUVRQDKHLVWlQJVWOLFK
NODJHQG REZRKO GHU )ULHGH LQ 5HLFKZHLWH LVW 'RFK GLH 0HQVFKHQ N|QQHQ MHQHV *|WWOLFKH
/LFKWQLFKWHUEOLFNHQZHLOHVZHOFKHJHJHEHQKDWGLHLKQHQPLWOHLGVORVGLH$XJHQYHUEXQGHQ
KDEHQ ,FK GHU ,FK HXFK ZDKUKDIW OLHEH NRPPH HXFK ]X +LOIH LQGHP ,FK HXFK DXV GHU
)LQVWHUQLVEHIUHLHXQGHXFKEHZHLVHGDDOOGDVZDV,FKHXFKVHLQHU]HLWVDJWHIUDOOH=HLWHQ
EHVWLPPWZDUXQGGDLKUMHQHV*|WWOLFKH:RUW QLFKWDOVHLQHDOWH /HKUHHLQHUYHUJDQJHQHQ
(SRFKHEHWUDFKWHQGUIW'HQQGLH/LHEHGLHGLH(VVHQ]PHLQHUJDQ]HQ8QWHUZHLVXQJZDULVW
HZLJ XQG LQ LKU OLHJW GDV *HKHLPQLV HXUHU 5HWWXQJ LQ GLHVHU =HLW GHU 9HULUUXQJHQ
XQHUPHOLFKHQ/HLGHVXQG]JHOORVHU/HLGHQVFKDIWHQ  

,FKWDGOHMHQHGLHHLQHQEOLQGHQ*ODXEHQSUHGLJHQHLQHQ*ODXEHQRKQH(UNHQQWQLVHLQHQ
GXUFKbQJVWHXQG$EHUJODXEHQHUZRUEHQHQ*ODXEHQ

 +|UW QLFKW DXI GLH :RUWH GHUHU GLH DOOH hEHO GLH GLH 0HQVFKKHLW TXlOHQ DOOH 3ODJHQ
+XQJHUVQ|WH XQG 6HXFKHQ *RWW ]XVFKUHLEHQ LQGHP VLH GLHVH DOV 6WUDIHQ RGHU =RUQ *RWWHV
EH]HLFKQHQ'DVVLQGGLHIDOVFKHQ3URSKHWHQ

:HQGHWHXFKYRQLKQHQDEGHQQVLHNHQQHQ0LFKQLFKWXQGZROOHQGRFKGLH0HQVFKHQ
OHKUHQZLH*RWWLVW

'LHVLVWGLH)UXFKWGHUVFKOHFKWHQ$XVOHJXQJGLH PDQGHQ6FKULIWHQYHUJDQJHQHU=HLWHQ
JHJHEHQKDWGHUHQ*|WWOLFKH6SUDFKHQRFKQLFKWLP.HUQGHUPHQVFKOLFKHQ6SUDFKHHQWGHFNW
ZXUGH PLW GHU GLH 2IIHQEDUXQJHQ XQG 3URSKH]HLXQJHQ QLHGHUJHVFKULHEHQ ZXUGHQ 9LHOH
VSUHFKHQ YRP (QGH GHU :HOW YRP -QJVWHQ *HULFKW YRP 7RG XQG YRQ GHU +|OOH RKQH GLH
JHULQJVWH.HQQWQLVGHU:DKUKHLW  

 ,KU OHEW EHUHLWV LQ GHU 'ULWWHQ =HLW XQG QRFK LPPHU LVW GLH 0HQVFKKHLW VSLULWXHOO
]XUFNJHEOLHEHQ,KUH6HHOVRUJHULKUH7KHRORJHQXQGJHLVWOLFKHQ+LUWHQRIIHQEDUHQLKUUHFKW
ZHQLJ XQG PDQFKPDO JDU QLFKWV EHU GDV (ZLJH /HEHQ $XFK LKQHQ RIIHQEDUH ,FK GLH
*HKHLPQLVVH GHV %XFKHV PHLQHU :HLVKHLW XQG VR IUDJH ,FK HXFK :DUXP VFKZHLJHQ VLH"
:DUXPIUFKWHQVLHVLFKGDYRUGLHVFKOlIULJHQ6HHOHQGHU0HQVFKHQDXI]XZHFNHQ" 

0HLQH/HKUHXQWHUZHLVWHXFKLQHLQHUYROONRPPHQHQJHLVWLJHQXQGUHLQHQ9HUHKUXQJGHV
9DWHUV GHQQ GLH 6HHOH GHV 0HQVFKHQ LVW RKQH HV ]X PHUNHQ  EHL GHQ 6FKZHOOHQ GHV
7HPSHOV GHV +HUUQ DQJHODQJW ZR VLH HLQWUHWHQ ZLUG XP PHLQH *HJHQZDUW ]X IKOHQ XP
GXUFKLKUHQ*HLVWPHLQH6WLPPH]XK|UHQXQG0LFKLQGHP/LFKWH]XVFKDXHQGDVDXILKUHQ
9HUVWDQGKHUDEIlOOW

 'LH /HHUH ZHOFKH GLH 0HQVFKHQ LQ GLHVHU =HLW LQQHUKDOE LKUHU YHUVFKLHGHQHQ
5HOLJLRQVJHPHLQVFKDIWHQIKOHQLVWGDUDXI]XUFN]XIKUHQGDGLH6HHOH+XQJHUXQG'XUVW
QDFK 9HUJHLVWLJXQJ KDW 'LH 5LWHQ XQG 7UDGLWLRQHQ JHQJHQ LKU QLFKW PHKU VLH VHKQW VLFK
GDQDFKPHLQH:DKUKHLWNHQQHQ]XOHUQHQ  


$EHQGPDKOXQG0HVVH

1LHPDOVELQ,FK]XGHQ0HQVFKHQLQ*HKHLPQLVVHJHKOOWJHNRPPHQ:HQQ,FK]XHXFK
LQELOGOLFKHP6LQQHJHVSURFKHQKDEHXPHXFKGDV*|WWOLFKH]XRIIHQEDUHQRGHUGDV(ZLJHLQ
LUJHQGHLQHUPDWHULHOOHQ)RUPGDU]XVWHOOHQVRJHVFKDKHVGDPLWLKU0LFKYHUVWHKW$EHUZHQQ
GLH 0HQVFKHQ GDULQ YHUKDUUHQ )RUPHQ *HJHQVWlQGH RGHU 6\PEROH ]X YHUHKUHQ VWDWW QDFK
GHP 6LQQJHKDOW MHQHU %HOHKUXQJHQ ]X VXFKHQ VR LVW HV QDWUOLFK GD VLH -DKUKXQGHUWH
KLQGXUFKHLQHQ6WLOOVWDQGHUOHLGHQXQGLQDOOHP*HKHLPQLVVHVHKHQ

6HLWGHQ=HLWHQGHV$XIHQWKDOWHV,VUDHOVLQbJ\SWHQLQGHQHQPHLQ%OXWGXUFKGDVHLQHV
/DPPHVYHUN|USHUWZXUGHKDWHV0HQVFKHQJHJHEHQGLHQXUYRQhEHUOLHIHUXQJHQXQG5LWHQ
OHEHQRKQH]XEHJUHLIHQGDMHQHV2SIHUHLQ$EELOGGHV%OXWHVZDUGDV&KULVWXVYHUJLHHQ
VROOWHXPHXFKGDV*HLVWLJH/HEHQ]XJHEHQ$QGHUHGLHVLFKYRQPHLQHP.|USHU]XQlKUHQ
JODXEHQHVVHQPDWHULHOOH%URWHRKQHEHJUHLIHQ]XZROOHQGD  DOV,FKPHLQHQ-QJHUQGDV
%URWEHLGHP$EHQGPDKOJDE HVJHVFKDKXPLKQHQEHJUHLIOLFK]XPDFKHQGDGHUGHUGHQ
6LQQJHKDOWPHLQHV:RUWHVZLH1DKUXQJ]XVLFKQLPPWVLFKYRQ0LUQlKUW

:LHZHQLJHVLQGGHUHUGLHLQ:DKUKHLWPHLQH*|WWOLFKHQ/HKUHQ]XEHJUHLIHQYHUP|JHQ
XQGGLHVHZHQLJHQVLQGMHQHGLHVLHPLWGHP*HLVWHDXVOHJHQ%HGHQNWMHGRFKGD,FKHXFK
GLH *|WWOLFKH 2IIHQEDUXQJ QLFKW DXI HLQPDO EHUJHEHQ KDEH VRQGHUQ GD ,FK VLH HXFK QDFK
XQGQDFKEHLMHGHUPHLQHU8QWHUZHLVXQJHQHUOlXWHUH  

 :RQQH LVW LQ GHQ +HU]HQ GLHVHU =XK|UHUVFKDUHQ ZHLO VLH ZLVVHQ GD VLFK YRU LKUHP
*HLVWHGDVKLPPOLVFKH)HVWPDKOEHILQGHW]XGHPGHU0HLVWHUVLHHUZDUWHWXPLKQHQGDV%URW
XQGGHQ:HLQGHVZDKUHQ/HEHQV]XHVVHQXQG]XWULQNHQ]XJHEHQ

'HU7LVFKXPGHQVLFKGDPDOV-HVXVPLWVHLQHQ$SRVWHOQYHUVDPPHOWHZDUHLQ6\PERO
GHV+LPPHOUHLFKHV 'RUWZDUGHU9DWHUYRQVHLQHQ.LQGHUQXPJHEHQGRUWZDUHQGLH6SHLVHQ
GLHGDV/HEHQXQGGLH/LHEHGDUVWHOOWHQHVHUNODQJGLH*|WWOLFKH6WLPPHXQGLKU:HVHQZDU
GLH ZHOWXPIDVVHQGH +DUPRQLH XQG GHU )ULHGH GHU GRUW KHUUVFKWH ZDU GHU )ULHGH GHU LP
5HLFKH*RWWHVEHVWHKW

 ,KU KDEW YHUVXFKW HXFK LQ GLHVHQ 0RUJHQVWXQGHQ ]X UHLQLJHQ GD LKU GDFKWHW GD GHU
0HLVWHU HXFK LQ VHLQHQ :RUWHQ HLQ QHXHV 7HVWDPHQW EULQJHQ ZHUGH XQG VR LVW HV +HXWH
HUODXEH,FKHXFKGDLKUGHV%URWHVXQGGHV:HLQHVJHGHQNWPLWGHQHQ,FKPHLQHQ.|USHU
XQG PHLQ %OXW GDUVWHOOWH 'RFK HEHQVR VDJH ,FK HXFK GD LKU LQ GLHVHU QHXHQ =HLW MHQH
1DKUXQJQXULP*|WWOLFKHQ6LQQPHLQHV:RUWHVILQGHQZHUGHW:HQQLKUPHLQHQ.|USHUXQG
PHLQ %OXW VXFKW PW LKU VLH LP *|WWOLFKHQ GHU 6FK|SIXQJ VXFKHQ GHQQ ,FK ELQ QXU *HLVW
(VVHW YRQ MHQHP %URW XQG WULQNHW YRQ MHQHP :HLQ GRFK IOOW DXFK PHLQHQ %HFKHU ,FK
P|FKWHPLWHXFKWULQNHQ,FKKDEH'XUVWQDFKHXUHU/LHEH

7UDJWGLHVH%RWVFKDIW]XHXUHQ%UGHUQXQGOHUQHWGDGDV%OXWGDHV/HEHQLVWQXUHLQ
6\PERO GHV HZLJHQ /HEHQV LVW ZHOFKHV GLH ZDKUH /LHEH LVW  'XUFK HXFK EHJLQQH ,FK GLH
0HQVFKKHLWPLWPHLQHQQHXHQ2IIHQEDUXQJHQ]XHUOHXFKWHQ  

,FKEULQJHHXFKGHQ)ULHGHQXQGHLQHQHXH8QWHUZHLVXQJ:HQQPHLQ2SIHUGHU=ZHLWHQ
=HLWGLH2SIHUXQJXQVFKXOGLJHU7LHUHDXIKREGLHLKUDXIGHP$OWDU-HKRYDVRSIHUWHWVRKDW
KHXWHGLH1DKUXQJPHLQHV*|WWOLFKHQ:RUWHVEHZLUNWGDLKUPHLQHQ.|USHUXQGPHLQ%OXW
QLFKWPHKUGXUFKGDV%URWXQGGHQ:HLQGLHVHU:HOWYHUVLQQELOGOLFKW


 -HGH 6HHOH GLH OHEHQ ZLOO PX VLFK YRP *|WWOLFKHQ *HLVWH QlKUHQ :HU PHLQ :RUW
YHUQLPPWXQGHVLQVHLQHP+HU]HQHPSILQGHWKDWVLFKLQ:DKUKHLWJHQlKUW'LHVHUKDWQLFKW
QXU PHLQHQ .|USHU JHJHVVHQ XQG PHLQ %OXW JHWUXQNHQ VRQGHUQ KDW YRQ PHLQHP *HLVWH
JHQRPPHQXPVLFK]XQlKUHQ

 :HU QDFKGHP HU GLHVH +LPPOLVFKH 1DKUXQJ JHNRVWHW KDW ZLUG 0LFK QRFKPDOV LQ
*HELOGHQXQG)RUPHQVXFKHQGLHYRQ0HQVFKHQKDQGJHPDFKWVLQG"

9RQ=HLW]X=HLWNRPPH,FKXQGEHVHLWLJH7UDGLWLRQHQ5LWHQXQG*HEUlXFKH XQGODVVHLQ
HXUHP *HLVWHQXUGDV*HVHW]XQGGHQ JHLVWLJHQ .HUQPHLQHU8QWHUZHLVXQJHQEHVWHKHQ 


'LH7DXIH

 9RON ]X VHLQHU =HLW WDXIWH -RKDQQHV GHU DXFK GHU 7lXIHU JHQDQQW ZLUG GLHMHQLJHQ PLW
:DVVHU GLH DQ VHLQH :HLVVDJXQJ JODXEWHQ 'LHVH +DQGOXQJ ZDU HLQ 6LQQELOG IU GLH
5HLQLJXQJYRQGHU8U6FKXOG(UVDJWHGHQ0HQVFKHQVFKDUHQGLH]XP-RUGDQNDPHQXPGLH
:RUWHGHV:HJEHUHLWHUV]XK|UHQ6LHKHLFK WDXIHHXFKPLW:DVVHUGRFKVFKRQLVW-HQHUDXI
GHP:HJHGHUHXFKPLWGHP)HXHUGHV+HLOLJHQ*HLVWHVWDXIHQZLUG

 $XV GLHVHP *|WWOLFKHQ )HXHU ZXUGHQ DOOH *HLVWHU JHERUHQ VLH JLQJHQ UHLQ XQG ODXWHU
GDUDXVKHUYRU'RFKZHQQVLHVLFKDXILKUHP:HJHPLWGHU6QGHEHIOHFNWKDEHQZHOFKHGHU
8QJHKRUVDP PLWVLFKEUDFKWHVRHUJLHWVLFKDXIVQHXHGDV)HXHUPHLQHV*HLVWHVDXIVLHXP
LKUH 6QGH ]X WLOJHQ LKUH )OHFNHQ DXV]XO|VFKHQ XQG LKQHQ LKUH XUVSUQJOLFKH 5HLQKHLW
]XUFN]XJHEHQ

:HQQLKUGLHVH*HLVWLJH7DXIHVWDWWVLHDOV/lXWHUXQJ]XYHUVWHKHQGLHGHU0HQVFKGXUFK
HLQHQ $NW DXIULFKWLJHU 5HXH JHJHQEHU VHLQHP 6FK|SIHU HUODQJW LQ HLQHQ 5LWXV YHUZDQGHOW
XQGHXFKPLWGHP6\PEROJHKDOWHLQHU+DQGOXQJEHJQJW ZDKUOLFK,FKVDJHHXFKGDQQZLUG
HXUH6HHOHQLFKWVHUODQJHQ

:HUVRKDQGHOWOHEWQRFKLQGHQ=HLWHQGHV7lXIHUVXQGHVLVW DOVREHUQLFKWDQGHVVHQ
3URSKH]HLXQJHQ XQG :RUWH JHJODXEW KlWWH GLH YRQ GHU *HLVWLJHQ 7DXIH VSUDFKHQ YRP
*|WWOLFKHQ)HXHUGXUFKGDV*RWWVHLQH.LQGHUUHLQLJWXQGLP/LFKWHXQVWHUEOLFKPDFKW

 -RKDQQHV ULHI GLH 0HQVFKHQ DOV (UZDFKVHQH ]X VLFK XP MHQHV :DVVHU DOV 6LQQELOG GHU
5HLQLJXQJDXIVLH]XJLHHQ6LHNDPHQ]XLKPDOVVLHVLFKEHUHLWVLKUHU+DQGOXQJHQEHZXW
ZDUHQ XQG VFKRQ GHQ IHVWHQ :LOOHQ KDEHQ NRQQWHQ DXI GHP :HJH GHV *XWHQ GHU
5HFKWVFKDIIHQKHLWXQGGHU*HUHFKWLJNHLW]XEOHLEHQ6HKWZLHGLH0HQVFKKHLWHVYRUJH]RJHQ
KDW GHQ V\PEROLVFKHQ $NW GHU /lXWHUXQJ PLWWHOV :DVVHU ]X YROO]LHKHQ VWDWW ZDKUKDIWLJHU
(UQHXHUXQJGXUFK5HXHXQGGHQIHVWHQ9RUVDW]]XU%HVVHUXQJZHOFKHDXVGHU/LHEH]X*RWW
JHERUHQ ZHUGHQ 'LH ULWXHOOH +DQGOXQJ EHGHXWHW NHLQH $QVWUHQJXQJ KLQJHJHQ GDV +HU]
OlXWHUQXQGGDUXPULQJHQUHLQ]XEOHLEHQEHGHXWHWIUGHQ0HQVFKHQVHKUZRKO$QVWUHQJXQJ
(QWVDJXQJ XQG VHOEVW 2SIHU 'DUXP KDEHQ GLH 0HQVFKHQ HV YRUJH]RJHQ LKUH 6QGHQ
lXHUOLFK ]X]XGHFNHQ LQGHP VLH VLFK PLW GHU (LQKDOWXQJ YRQ =HUHPRQLHQ EHVWLPPWHQ
+DQGOXQJHQ XQG 5LWHQ EHJQJWHQ GLH LKUH PRUDOLVFKH RGHU JHLVWLJH 9HUIDVVXQJ QLFKW LP
JHULQJVWHQYHUEHVVHUQZHQQEHLLKQHQQLFKWGDV*HZLVVHQPLWVSULFKW

 -QJHU GDV LVW GHU *UXQG ZHVKDOE ,FK QLFKW ZLOO GD XQWHU HXFK ULWXHOOH +DQGOXQJHQ
VWDWWILQGHQ GDPLW LKU GXUFK GHUHQ 9ROO]XJ QLFKW GDV YHUJHW ZDV WDWVlFKOLFK DXI GLH 6HHOH
HLQZLUNW  


,FKELQHVGHUGLH6HHOHQLP(LQNODQJPLWGHP*HVHW]HGHU(QWZLFNOXQJ]XU,QNDUQDWLRQ
VHQGHWXQGZDKUOLFK ,FKVDJHHXFKGLH(LQIOVVHGLHVHU:HOWZHUGHQPHLQH*|WWOLFKHQ3OlQH
QLFKWlQGHUQ'HQQEHUDOOHVHKUJHL]LJH0DFKWVWUHEHQKLQZHJZLUGPHLQ:LOOHJHVFKHKHQ

-HGHVPHQVFKOLFKH:HVHQEULQJWHLQHQ$XIWUDJ]XU(UGHPLWVHLQH%HVWLPPXQJLVWYRP
9DWHUYRUJH]HLFKQHWXQGVHLQ*HLVWLVWGXUFKPHLQH9DWHUOLHEHJHVDOEW8PVRQVWYHUDQVWDOWHQ
GLH 0HQVFKHQ =HUHPRQLHQ XQG VHJQHQ GLH .OHLQHQ :DKUOLFK ,FK VDJH HXFK LQ NHLQHP
PDWHULHOOHQ /HEHQVDOWHU ZLUG GDV :DVVHU GLH 6HHOH YRQ LKUHQ 9HUVW|HQ JHJHQ PHLQ *HVHW]
UHLQLJHQ8QGZHQQ,FKHLQHQYRQMHGHU6QGHUHLQHQ*HLVWVHQGH  YRQZHOFKHU%HIOHFNXQJ
UHLQLJHQVLHGDQQGLH*HLVWOLFKHQGHU.RQIHVVLRQHQPLWGHU7DXIH"

(VLVW=HLWGDLKUEHJUHLIWGDGHU8UVSUXQJGHV0HQVFKHQNHLQH6QGHLVWVRQGHUQGD
VHLQH*HEXUWGDV(UJHEQLVGHU(UIOOXQJHLQHV1DWXUJHVHW]HVLVWHLQHV*HVHW]HVGDVQLFKWQXU
GHU0HQVFKHUIOOWVRQGHUQDOOH*HVFK|SIHZHOFKHGLH1DWXUELOGHQ%HDFKWHWGD,FKGHU
0HQVFKJHVDJWKDEHXQGQLFKWVHLQ*HLVW'HU0HQVFKKDWPHLQH9ROOPDFKW LKPlKQOLFKH
:HVHQ]XVFKDIIHQGLH*HLVWHUMHGRFKJHKHQQXUDXV0LUKHUYRU

:DFKVHQXQGVLFK0HKUHQLVWXQLYHUVHOOHV*HVHW]'LH6WHUQHJLQJHQHEHQVRDXVDQGHUHQ
JU|HUHQ6WHUQHQKHUYRUZLHGHU6DPHVLFKYHUYLHOIlOWLJWHXQGQLHPDOVKDEH,FKJHVDJW GD
VLH GXUFK GLHVH 7DWVDFKH JHVQGLJW RGHU GHQ 6FK|SIHU YHUOHW]W KDEHQ :DUXP VROOWHW LKU LQ
(UIOOXQJ GLHVHV *|WWOLFKHQ *HERWHV GDQQ IU 6QGHU JHKDOWHQ ZHUGHQ" %HJUHLIW GD GLH
(UIOOXQJGHV*HVHW]HVGHQ0HQVFKHQQLHPDOVEHIOHFNHQNDQQ

:DVGHQ0HQVFKHQEHIOHFNWXQGGLH6HHOHYRP:HJHGHU(QWZLFNOXQJHQIHUQWVLQGGLH
QLHGHUHQ/HLGHQVFKDIWHQGLH=JHOORVLJNHLWGDV/DVWHUGLH8Q]XFKWGHQQDOOGLHVLVWJHJHQ
GDV*HVHW]

 6WXGLHUHW XQG IRUVFKHW ELV LKU GLH :DKUKHLW ILQGHW 'DQQ ZHUGHW LKU GLH *HERWH GHV
6FK|SIHUV GHV /HEHQV QLFKW PHKU 6QGH QHQQHQ XQG ZHUGHW GDV 'DVHLQ HXUHU .LQGHU GXUFK
GDV9RUELOGHXUHUJXWHQ:HUNHKHLOLJHQ  

7RWHQJHGHQNHQ

'LH0HQVFKHQKDOWHQDQLKUHQ7UDGLWLRQHQXQG%UlXFKHQIHVW(VLVWYHUVWlQGOLFKGD VLH
HLQHXQDXVO|VFKOLFKH(ULQQHUXQJDQGLH0HQVFKHQKDEHQGHUHQ.|USHUVLHLQV*UDEJHVHQNW
KDEHQXQGVLHGHU2UWDQ]LHKWZRVLHGHUHQhEHUUHVWHEHHUGLJWHQ'RFKZHQQVLHVLFKLQGHQ
ZLUNOLFKHQ 6LQQ GHV PDWHULHOOHQ /HEHQV YHUWLHIHQ ZUGHQ ZUGHQ VLH HUNHQQHQ GD MHQHU
.|USHUEHLVHLQHU$XIO|VXQJ$WRPIU$WRP]XMHQHQ1DWXUUHLFKHQ]XUFNNHKUWDXVGHQHQHU
JHELOGHWZXUGHXQGGDV/HEHQVLFKZHLWHUHQWIDOWHW

$EHUGHU0HQVFKKDWLQIROJHGHVIHKOHQGHQ6WXGLXPVGHV*HLVWLJHQ]XDOOHQ=HLWHQHLQH
.HWWH YRQ IDQDWLVFKHQ .XOWHQ IU GHQ .|USHU JHVFKDIIHQ (U YHUVXFKW GDV PDWHULHOOH /HEHQ
XQYHUJlQJOLFK]XPDFKHQXQGYHUJLWGHQ*HLVWGHUGDVLVWZDVLQ:DKUKHLWHZLJHV /HEHQ
EHVLW]W:LHZHLWVLQGVLHQRFKGDYRQHQWIHUQWGDV*HLVWLJH/HEHQ]XYHUVWHKHQ

 -HW]W YHUVWHKW LKU GD HV XQQ|WLJ LVW DQ MHQH 2UWH *DEHQ ]X EULQJHQ ZR HLQ *UDEVWHLQ
ZHOFKHU7RGDXVGUFNW$XIO|VXQJXQG/HEHQ]XP$XVGUXFNEULQJHQVROOWHGHQQGRUWLVW
GLH 1DWXU LQ YROOHU %OWH GRUW LVW (UGUHLFK GDV IUXFKWEDUHU XQG XQHUVFK|SIOLFKHU 6FKR YRQ
*HVFK|SIHQXQG/HEHQVIRUPHQLVW


 :HQQ GLHVH /HKUHQ EHJULIIHQ VLQG ZLUG GLH 0HQVFKKHLW GHP 0DWHULHOOHQ VHLQHQ
6WHOOHQZHUW XQG GHP *|WWOLFKHQ GHQ VHLQHQ ]X JHEHQ YHUVWHKHQ 'DQQ ZLUG GHU DEJ|WWLVFKH
.XOWIUGLH9RUDXVJHJDQJHQHQYHUVFKZLQGHQ

'HU0HQVFKVROOVHLQHQ6FK|SIHUYRQ*HLVW]X*HLVWHUNHQQHQXQGOLHEHQ

 'LH $OWlUH VLQG 7UDXHUIORUH XQG GLH *UDEPlOHU VLQG HLQ %HZHLV IU 8QZLVVHQKHLW XQG
$EJ|WWHUHL ,FK YHUJHEH DOOH HXUH 9HUIHKOXQJHQ DEHU ,FK PX HXFK ZLUNOLFK ZDFKUWWHOQ
0HLQH 8QWHUZHLVXQJ ZLUG YHUVWDQGHQ ZHUGHQ XQG GLH =HLW ZLUG NRPPHQ LQ GHU GLH
0HQVFKHQGLHPDWHULHOOHQ*DEHQGXUFKKRKH*HGDQNHQHUVHW]HQ  

0DWHULHOOH6\PEROH.UHX]HXQG5HOLTXLHQ

 ,Q GHU (UVWHQ =HLW NDQQWHW LKU GLH 6\PEROH GDV 7DEHUQDNHO RGHU +HLOLJWXP GDV GLH
%XQGHVODGH EHKWHWH LQ GHU GLH *HVHW]HVWDIHOQ DXIEHZDKUW ZDUHQ $OV MHQH 6LQQELOGHU LKUH
$XIJDEH HUIOOW KDWWHQ EHVHLWLJWH VLH PHLQ :LOOH YRQ GHU (UGH HQW]RJ VLH GHQ %OLFNHQ GHU
0HQVFKHQ GDPLW GLH :HOW QLFKW LQ $EJ|WWHUHL JHULHWH DEHU GHQ 6LQQJHKDOW RGHU GLH (VVHQ]
MHQHUOHKUUHLFKHQ6\PEROHOLH,FKLP*HLVWHPHLQHU'LHQHUJHVFKULHEHQEHVWHKHQ

 ,Q GHU =ZHLWHQ =HLW QDFKGHP GDV 2SIHU &KULVWL YROOEUDFKW ZDU OLH ,FK GDV K|FKVWH
6\PERO GHV &KULVWHQWXPV YHUVFKZLQGHQ GDV .UHX] ]XVDPPHQ PLW GHU 'RUQHQNURQH GHP
.HOFK XQG DOOHP ZDV YRQ 6HLWHQ GHU 0HQVFKKHLW ]XP 2EMHNW VFKZlUPHULVFKHU 9HUHKUXQJ
KlWWHZHUGHQN|QQHQ 

 'LH 0HQVFKKHLW VDK -HVXV OHLGHQ XQG VHLQH /HKUH XQG VHLQ =HXJQLV ZLUG YRQ HXFK
JHJODXEW:R]X,KQZHLWHUKLQLQHXUHQ6NXOSWXUHQNUHX]LJHQ"*HQJHQHXFKGLH-DKUKXQGHUWH
QLFKWGLHLKUGDPLWYHUEUDFKWKDEWLKQDOV2SIHUHXUHU6FKOHFKWLJNHLW]XU6FKDX]XVWHOOHQ"

6WDWWPHLQHULQGHQ0DUWHUQXQGLP7RGHVNDPSIH -HVX]XJHGHQNHQ ZDUXPJHGHQNWLKU


QLFKWPHLQHU$XIHUVWHKXQJYROO/LFKWXQG+HUUOLFKNHLW"

(VJLEWPDQFKHGLHEHLP$QEOLFNHXUHU%LOGHUGLH0LFKLQGHU*HVWDOW-HVXDP.UHX]H
GDUVWHOOHQ ]XZHLOHQ JHJODXEW KDEHQ GD HV VLFK XP HLQHQ VFKZlFKOLFKHQ IHLJHQ RGHU
IXUFKWVDPHQ 0HQVFKHQ KDQGHOWH RKQH GDUDQ ]X GHQNHQ GD ,FK *HLVW ELQ XQG GDV HUOLWWHQ
KDEH ZDV LKU 2SIHUXQJ QHQQW XQG ZDV ,FK /LHEHVSIOLFKW QHQQH ]XP 9RUELOG IU GLH JDQ]H
0HQVFKKHLW

 :HQQ LKU GDUEHU QDFKGHQNW GD ,FK HLQV ZDU PLW GHP 9DWHU VR GHQNW GDUDQ GD HV
NHLQH:DIIHQQRFK*HZDOWHQQRFK)ROWHUQJDEGLH0LFKKlWWHQEHXJHQN|QQHQGRFKZHQQ
,FK DOV 0HQVFK OLWW EOXWHWH XQG VWDUE VR JHVFKDK HV XP HXFK PHLQ HUKDEHQHV 9RUELOG GHU
'HPXW]XJHEHQ

'LH0HQVFKHQKDEHQGLH*U|HMHQHU/HNWLRQQLFKWEHJULIIHQXQGEHUDOOHUULFKWHWHQVLH
GDV%LOGGHV*HNUHX]LJWHQGDVHLQH6FKDQGHIUGLHVH0HQVFKKHLWGDUVWHOOWZHOFKHLKQ  RKQH
/LHEHXQG$FKWXQJIU-HQHQGHQVLH]XOLHEHQEHKDXSWHW IRUWXQGIRUWNUHX]LJWXQGWlJOLFK
YHUZXQGHWLQGHPGLH0HQVFKHQGDV+HU]LKUHU%UGHUYHUOHW]HQIUZHOFKHGHU0HLVWHUVHLQ
/HEHQJDE O 

 ,FK ZUGH HXFK QLFKW YHUXUWHLOHQ ZHQQ LKU YRQ GHU (UGH VHOEVW GDV OHW]WH .UHX]
YHUVFKZLQGHQ OLHHW PLW GHP LKU HXUHQ FKULVWOLFKHQ *ODXEHQ YHUVLQQELOGOLFKW XQG DOV
$XVJOHLFK MHQHV 6\PERO GXUFK GLH ZDKUKDIWLJH /LHEH XQWHUHLQDQGHU HUVHW]HQ ZUGHW GHQQ


GDQQZUGHQHXHU*ODXEHXQGHXUHlXHUOLFKH*RWWHVYHUHKUXQJ]XHLQHU9HUHKUXQJXQGHLQHP
*ODXEHQGHV*HLVWHVZDVGHPHQWVSULFKWZDV,FKYRQHXFKHUZDUWH

:HQQHXUH*RWWHVGLHQVWHXQGHXUH6\PEROHZHQLJVWHQVGLH.UDIWKlWWHQXPHXUH.ULHJH
]XYHUKLQGHUQXPHXFKQLFKWLQV/DVWHUYHUVLQNHQ]XODVVHQXPHXFKLP)ULHGHQ]XHUKDOWHQ
$EHUVHKWZLHLKUEHUDOOHVKLQZHJJHKWZDVQDFKHXUHQ:RUWHQ KHLOLJLVWVHKWZLHLKUGDV
PLW)HQWUHWHWZDVLKUIUJ|WWOLFKJHKDOWHQKDEW

,FKVDJHHXFKQRFKHLQPDOHVZlUHEHVVHUIUHXFKZHQQLKUNHLQHHLQ]LJH.LUFKHQLFKW
HLQHQ $OWDU NHLQ HLQ]LJHV 6\PERO RGHU %LOGQLV DXI GHU JDQ]HQ (UGH KlWWHW DEHU PLW GHP
*HLVWH]XEHWHQXQGHXUHQ9DWHU]XOLHEHQYHUVWQGHWXQGDQ,KQ]XJODXEHQYHUP|FKWHWRKQH
GDV %HGUIQLV QDFK 6WHOOYHUWUHWHUQ XQG GD LKU HXFK OLHEHQ ZUGHW ZLH ,FK HXFK LQ PHLQHU
/HKUH XQWHUZLHVHQ KDEH 'DQQ ZlUHW LKU JHUHWWHW ZUGHW DXI GHP :HJH JHKHQ GHU GXUFK
PHLQH %OXWVSXUHQ JHNHQQ]HLFKQHW LVW 6SXUHQ PLW GHQHQ ,FK GLH :DKUKHLW PHLQHU
8QWHUZHLVXQJHQEHVLHJHOH  

+HLOLJHQYHUHKUXQJ

,FKJHEHHXFKGLHVH%HOHKUXQJHQZHLOLKUGLH6HHOHQYLHOHU*HUHFKWHU]X+HLOLJHQHUNOlUW
KDEW GLH LKU ELWWHW XQG YHUHKUW DOV RE VLH *|WWHU ZlUHQ :LHYLHO 8QZLVVHQKHLW 0HQVFKKHLW
:LH N|QQHQ GLH 0HQVFKHQ GLH +HLOLJNHLW XQG 9ROONRPPHQKHLW HLQHU 6HHOH EHXUWHLOHQ QXU
DXIJUXQGLKUHUPHQVFKOLFKHQ:HUNH"

 ,FK ELQ GHU (UVWH ZHQQ HV GDUXP JHKW HXFK ]X VDJHQ GD LKU HXFK GLH JXWHQ %HLVSLHOH
]XP 9RUELOG QHKPHQ VROOW GLH HXUH %UGHU PLW LKUHQ :HUNHQ PLW LKUHP /HEHQ PLW LKUHU
7XJHQG JHVFKULHEHQ KDEHQ XQG ,FK VDJH HXFK DXFK GD LKU ZHQQ LKU DQ VLH GHQNW LKUHQ
JHLVWLJHQ%HLVWDQGXQGLKUHQ(LQIOXHUKRIIHQGUIW'RFKZHVKDOEHUULFKWHWLKULKQHQ$OWlUH
GLH QXU GD]X GLHQHQ GLH 'HPXW MHQHU *HLVWZHVHQ ]X EHOHLGLJHQ" :DUXP VFKDIIW PDQ .XOWH
XP LKU $QGHQNHQ DOV RE VLH GLH *RWWKHLW ZlUHQ XQG VHW]W VLH DQ GLH 6WHOOH GHV 9DWHUV GHQ
PDQ EHU GHU 9HUHKUXQJ GHU HLJHQHQ %UGHU YHUJLW" :LH OHLGYROO LVW IU GLHVH GHU 5XKP
JHZHVHQGHQLKULKQHQKLHUKDEW]XWHLOZHUGHQODVVHQ

 :DV ZLVVHQ GLH 0HQVFKHQ YRQ PHLQHP 8UWHLO EHU MHQH GLH VLH +HLOLJH QHQQHQ" :DV
ZLVVHQVLHEHUGDV*HLVWLJH/HEHQMHQHU:HVHQKHLWHQRGHUEHUGHQ2UWGHQVLFKMHGHUEHLP
+HUUQHUUXQJHQKDW"

 1LHPDQG GHQNH GD ,FK PLW GLHVHQ 2IIHQEDUXQJHQ DXV HXUHQ +HU]HQ GLH 9HUGLHQVWH
O|VFKHQZLOOGLHPHLQH'LHQHUXQWHUGHQ0HQVFKHQHUEUDFKWKDEHQ LP*HJHQWHLO,FKZLOO
GDLKUZLWGDGLH*QDGHJURLVWGLHVLHEHL0LUJHIXQGHQKDEHQXQGGD,FKHXFKGXUFK
LKUH *HEHWH YLHOHV JHZlKUH DEHU HV LVW QRWZHQGLJ GD LKU HXUH 8QZLVVHQKHLW EHVHLWLJW DXV
GHUGHUUHOLJL|VH)DQDWLVPXVGLH$EJ|WWHUHLXQGGHU$EHUJODXEHQHQWVSULQJHQ

:HQQLKUIKOWGDGHU*HLVWMHQHU:HVHQKHLWHQEHUHXUHU/HEHQVZHOWZDOWHWVRYHUWUDXW
LKQHQ GLH 7HLO GHU *HLVWLJHQ :HOW VLQG GDPLW LKU XQG VLH LP :HJH GHV +HUUQ YHUHLQW GDV
:HUN GHU JHLVWLJHQ %UGHUOLFKNHLW YROOEULQJW MHQHV :HUN GDV ,FK DOV 5HVXOWDW DOO PHLQHU
8QWHUZHLVXQJHQHUZDUWH  

.LUFKHQIHVWH

 $Q GLHVHP 7DJ DQ GHP GLH 0HQVFKHQVFKDUHQ PLW JURHP *HVFKUHL ]X LKUHQ .LUFKHQ
HLOHQXPGHQ$XJHQEOLFN]XIHLHUQLQGHPGHU+LPPHOVLFK|IIQHWHXP0LFK]XHPSIDQJHQ


VDJH ,FK HXFK GD DOO GLHV QXU HLQH 7UDGLWLRQ LVW XP GLH +HU]HQ GHU 0HQVFKHQ ]X
EHHLQGUXFNHQ(VVLQGQXU5LWXDOHGLHKHXWHPHLQH*|WWOLFKH3DVVLRQPDWHULDOLVLHUHQ

 ,KU VROOW GLHVHU 7HQGHQ] QLFKW IROJHQ LQGHP LKU $OWlUH XQG 6LQQELOGHU DXIVWHOOW 0DFKW
NHLQH 'DUVWHOOXQJHQ KHLOLJHU *HVFKHKQLVVH XQG YHUZHQGHW NHLQH EHVRQGHUHQ *HZlQGHU XP
DXI]XIDOOHQGHQQDOOGLHVLVWDEJ|WWLVFKHU.XOW

 5XIW 0LFK PLW GHP +HU]HQ UXIW HXFK PHLQH 8QWHUZHLVXQJ LQV *HGlFKWQLV XQG IROJW
PHLQHQ%HLVSLHOHQ%LHWHW0LUGHQ7ULEXWHXUHU%HVVHUXQJDQXQGLKUZHUGHWIKOHQZLHGLH
3IRUWHQGHV+LPPHOVVLFK|IIQHQXPHXFK]XHPSIDQJHQ

 0HLGHW GLH IDOVFKHQ XQG SURIDQHQ 'DUVWHOOXQJHQ GLH PDQ YRQ 0LU XQG PHLQHU 3DVVLRQ
PDFKW GHQQ QLHPDQG NDQQ 0LFK YHUN|USHUQ /HEW PHLQ 9RUELOG XQG PHLQH 8QWHUZHLVXQJ
:HUDOVRWXWZLUGVHLQHQ0HLVWHUDXI(UGHQYHUN|USHUWKDEHQ  

0HQVFKKHLW,QGLHVHQ7DJHQLQGHQHQLKUGHU*HEXUW-HVXJHGHQNWODWLKUGHQ)ULHGHQLQ
HXUH+HU]HQHLQ]LHKHQXQGHUVFKHLQWLKUZLHHLQHYHUHLQLJWHXQGJOFNOLFKH)DPLOLH

,FKZHLQLFKWDOOH+HU]HQIKOHQHLQHDXIULFKWLJH)UHXGHZHQQVLHPHLQHV.RPPHQV]XU
:HOWLQMHQHU=HLWJHGHQNHQ6HKUZHQLJHVLQGHVGLHVLFK=HLWIU%HVLQQXQJXQG6DPPOXQJ
QHKPHQXQG]XODVVHQGDGLH)UHXGHHLQHLQQHUOLFKHLVWXQGGDGDV)HVWGHV*HGHQNHQVVLFK
LP*HLVWHYROO]LHKW

 +HXWH ZLH ]X DOOHQ =HLWHQ KDEHQ GLH 0HQVFKHQ DXV GHQ *HGHQNWDJHQ SURIDQH XQG
VLQQHQWOHHUWH )HVWH JHPDFKW XP 9HUJQJXQJHQ IU GLH 6LQQH ]X VXFKHQ ZHLW HQWIHUQW YRQ
GHPZDVGLH)UHXGHQGHV*HLVWHVVHLQVROOHQ

 :HQQ GLH 0HQVFKHQ GLHVHQ 7DJ GD]X JHEUDXFKHQ ZUGHQ LKQ GHP *HLVWH ]X ZLGPHQ
LQGHP VLH EHU GLH *|WWOLFKH /LHEH QDFKGHQNHQ GHUHQ XQXPVW|OLFKHU %HZHLV GLH 7DWVDFKH
ZDU GD ,FK 0HQVFK ZXUGH XP PLW HXFK ]X OHEHQ ZDKUOLFK ,FK VDJH HXFK HXHU *ODXEH
ZUGHLP+|FKVWHQHXUHV:HVHQVHUVWUDKOHQXQGHUZlUHGHU6WHUQGHUHXFKGHQ:HJZHLVHQ
ZUGH GHU ]X 0LU IKUW (XUH 6HHOH ZlUH GHUDUW YRQ *WH GXUFKGUXQJHQ GD LKU DXI HXUHP
/HEHQVZHJH GLH %HGUIWLJHQ PLW :RKOWDWHQ 7URVW XQG =lUWOLFKNHLW EHUVFKWWHQ ZUGHW ,KU
ZUGHW HXFK PHKU DOV *HVFKZLVWHU IKOHQ ZUGHW HXUHQ %HOHLGLJHUQ YRQ +HU]HQ YHU]HLKHQ
,KU ZUGHW HXFK YRQ =lUWOLFKNHLW HUIOOW IKOHQ EHLP $QEOLFN GHU 9HUVWRHQHQ MHQHU .LQGHU
RKQH(OWHUQRKQH2EGDFKXQGRKQH/LHEH,KUZUGHWDQGLH9|ONHURKQH)ULHGHQGHQNHQZR
GHU .ULHJ DOOHV *XWH (GOH XQG +HLOLJH GHV PHQVFKOLFKHQ /HEHQV ]HUVW|UW KDW 'DQQ ZUGH
HXHU*HEHWUHLQ]X0LUHPSRUGULQJHQXQG0LUVDJHQ+HUUZHOFKHV5HFKWDXI)ULHGHQKDEHQ
ZLUVRODQJHHVVRYLHOH*HVFKZLVWHUYRQXQVJLEWGLHIXUFKWEDUOHLGHQ"

0HLQH$QWZRUWGDUDXIZlUHGLHV'DLKUGHQ6FKPHU]HXUHU0LWPHQVFKHQHPSIDQGHWXQG
LKUJHEHWHWXQG0LWJHIKOJHKDEWKDEWVRYHUVDPPHOWHXFKLQHXUHP+HLPVHW]WHXFKDQGHQ
7LVFKXQGIUHXWHXFKLQMHQHUJHVHJQHWHQ6WXQGHGHQQ,FKZHUGHGRUWJHJHQZlUWLJVHLQ+DEW
NHLQH%HGHQNHQIU|KOLFK]XVHLQREZRKOLKUZLWGDHVLQMHQHP$XJHQEOLFNYLHOHJLEWGLH
OHLGHQGHQQZDKUOLFK,FKVDJHHXFKZHQQHXUH)UHXGHDXIULFKWLJLVWZLUGYRQLKUHLQ+DXFK
YRQ )ULHGHQ XQG YRQ +RIIQXQJ DXVVWU|PHQ GHU GLH 1RWOHLGHQGHQ ZLH HLQ /LHEHVZHKHQ
EHUKUHQZLUG

 1LHPDQG PHLQH GD ,FK DXV HXUHQ +HU]HQ GDV UHLQVWH )HVW DXVO|VFKHQ ZLOO GDV LKU LP
-DKUHVYHUODXIIHLHUWZHQQLKUGHU*HEXUW-HVXJHGHQNW,FKZLOOHXFKQXUOHKUHQGHU:HOWGDV
]X JHEHQ ZDV LKU ]XVWHKW XQG GHU 6HHOH ZDV LKU ]XNRPPW GHQQ ZHQQ LKU VR YLHOH )HVWH


EHJHKW XP PHQVFKOLFKH (UHLJQLVVH ]X IHLHUQ ZDUXP EHUODW LKU GLHVHV )HVW QLFKW GHP
*HLVW GDPLW HU ]XP .LQG JHZRUGHQ KHUEHLNRPPW XP 0LU VHLQ *HVFKHQN GHU /LHEH
GDU]XEULQJHQ GDPLW HU GLH 6FKOLFKWKHLW GHU +LUWHQ HUODQJW XP 0LFK DQ]XEHWHQ XQG GLH
'HPXWGHU:HLVHQXPVHLQHQ1DFNHQ]XEHXJHQXQGVHLQ:LVVHQYRUGHP+HUUQGHUZDKUHQ
:HLVKHLWGDU]XEULQJHQ"

,FKZLOOQLFKWGLH)UHXGHGlPSIHQGLHLQGLHVHQ7DJHQGDV/HEHQGHU0HQVFKHQXPJLEW
(V LVW QLFKW QXU GLH 0DFKW HLQHU 7UDGLWLRQ HV OLHJW GDUDQ GD PHLQH %DUPKHU]LJNHLW HXFK
EHUKUWPHLQ/LFKWHXFKHUKHOOWPHLQH/LHEHHXFKZLHHLQ0DQWHOXPKOOW'DQQIKOWLKUGDV
+HU]YROOHU+RIIQXQJ)UHXGHXQG=lUWOLFKNHLWHUIOOWYRQGHP%HGUIQLVHWZDV]XVFKHQNHQ
]X HUOHEHQ XQG ]X OLHEHQ 1XU ODW LKU MHQH *HIKOH XQG (LQJHEXQJHQ QLFKW LPPHU LQ LKUHU
ZDKUHQ +RFKKHU]LJNHLW XQG /DXWHUNHLW ]XP $XVGUXFN NRPPHQ GHQQ LKU YHUJHXGHW MHQH
)UHXGH LQ 9HUJQJXQJHQ GHU :HOW RKQH ]X]XODVVHQ GD GHU *HLVW XP GHVVHQWZLOOHQ GHU
(UO|VHU ]XU :HOW NDP MHQHQ $XJHQEOLFN GXUFKOHEW LQ MHQHV /LFKW HLQJHKW VLFK OlXWHUW XQG
JHUHWWHW ZLUG 'HQQ MHQH *|WWOLFKH /LHEH GLH 0HQVFK ZXUGH LVW HZLJ JHJHQZlUWLJ DXI GHP
/HEHQVZHJHHLQHVMHGHQ0HQVFKHQGDPLWHULQLKUGDV/HEHQILQGH  

'LH*HJHQZDUW*RWWHVWURW]IDOVFKHU.XOWIRUPHQ

'DGHU0HQVFKYHUPDWHULDOLVLHUWLVWPXHU0LFKEHUGHQVLQQIlOOLJHQ.XOWVXFKHQXQG
GD GLH $XJHQ VHLQHV *HLVWHV QLFKW RIIHQ VLQG PX HU PHLQ $EELOG VFKDIIHQ XP 0LFK ]X
VHKHQ 'D HU VLFK VHHOLVFK QLFKW HPSILQGVDP JHPDFKW KDW YHUODQJW HU LPPHU PDWHULHOOH
:XQGHUXQG%HZHLVHXPDQPHLQ'DVHLQ]XJODXEHQXQGVWHOOW0LU%HGLQJXQJHQXP0LU]X
GLHQHQ 0LU QDFK]XIROJHQ 0LFK ]X OLHEHQ XQG 0LU IU GDV ZDV ,FK LKP JHEH HWZDV
]XUFN]XJHEHQ 6R VHKH ,FK DOOH .LUFKHQ DOOH 5HOLJLRQVJHPHLQVFKDIWHQ DOOH 6HNWHQ GLH GLH
0HQVFKHQDXIGHUJDQ]HQ(UGHJHVFKDIIHQKDEHQ6LHVLQGGXUFKGUXQJHQYRQ0DWHULDOLVPXV
YRQ)DQDWLVPXVXQG$EJ|WWHUHLYRQ*HKHLPQLVNUlPHUHL%HWUXJXQG(QWZHLKXQJHQ

 :DV QHKPH ,FK GDYRQ DQ" 1XU GLH $EVLFKW :DV JHODQJW ]X 0LU YRQ DOOHGHP" 'LH
VHHOLVFKHRGHUN|USHUOLFKH%HGUIWLJNHLWPHLQHU.LQGHULKUELFKHQ/LHEHLKU9HUODQJHQQDFK
/LFKW'LHVLVWHVZDV0LFKHUUHLFKWXQG,FKELQEHLDOOHQ,FKEOLFNHQLFKWDXI.LUFKHQQRFK
DXI )RUPHQ DXI 5LWHQ ,FK NRPPH ]X DOOHQ PHLQHQ .LQGHUQ JOHLFKHUPDHQ ,FK HPSIDQJH
LKUHQ *HLVW LP *HEHW ,FK ]LHKH LKQ DQ PHLQH %UXVW XP LKQ ]X XPDUPHQ GDPLW HU PHLQH
:lUPHIKOWXQGGLHVH:lUPH$QUHL]XQG$QVSRUQLVWDXIVHLQHP:HJHGHU+HLPVXFKXQJHQ
XQG 3UIXQJHQ $EHU GHVKDOE ZHLO ,FK GLH JXWH $EVLFKW GHU 0HQVFKKHLW DQQHKPH PX ,FK
QLFKW ]XODVVHQ GD VLH HZLJ LP 'XQNHOQ EOHLEW HLQJHKOOW LQ LKUH $EJ|WWHUHL XQG LKUHQ
)DQDWLVPXV

 ,FK ZLOO GD GHU 0HQVFK HUZDFKW GD GHU *HLVW VLFK ]X 0LU HUKHEW XQG LQ VHLQHU
(UKHEXQJ GLH ZDKUH +HUUOLFKNHLW VHLQHV 9DWHUV VFKDXHQ NDQQ XQG GHQ IDOVFKHQ *ODQ] GHU
/LWXUJLHQ XQG 5LWHQ YHUJLW ,FK ZLOO GD ZHQQ HU VHLQHQ ZDKUHQ $XIVWLHJ HUUHLFKW HU VLFK
HUQHXHUW VLFK YRQ GHQ PHQVFKOLFKHQ 1|WHQ IUHL PDFKW XQG GLH 6LQQHQJHEXQGHQKHLW GLH
/HLGHQVFKDIWHQ GLH /DVWHU EHUZLQGHW XQG VLFK VHOEVW ILQGHW GDPLW HU QLHPDOV ]XP 9DWHU
VDJW GD HU HLQ (UGHQZXUP LVW GDPLW HU ZHL GD GHU 9DWHU LKQ ]X VHLQHP %LOG XQG
*OHLFKQLVVFKXI  

9LHOH5HOLJLRQVJHPHLQVFKDIWHQJLEWHVDXI(UGHQXQGLQLKUHU0HKUKHLWVLQGVLHDXIGHQ
*ODXEHQDQ&KULVWXV JHJUQGHW'HQQRFKOLHEHQ VLHVLFKXQWHUHLQDQGHUQLFKWQRFKHUNHQQHQ
VLHVLFKJHJHQVHLWLJDOV-QJHUGHV*|WWOLFKHQ0HLVWHUVDQ


0HLQWLKUQLFKWGD ZHQQVLHDOOHPHLQH /HKUHYHUVWQGHQVLHGLHVVHOEHLQ$QZHQGXQJ
JHEUDFKWKlWWHQLQGHPVLHGLH.RQIHVVLRQHQ]XU9HUV|KQXQJXQG]XP)ULHGHQJHOHLWHWKlWWHQ"
'RFKGHPZDUQLFKWVR6LH DOOHKDEHQVLFKGLVWDQ]LHUW]XHLQDQGHUYHUKDOWHQZRGXUFKVLHGLH
0HQVFKHQJHLVWLJWUHQQWHQXQGHQW]ZHLWHQGLHVLFKGDQQDOV)HLQGHRGHU)UHPGHEHWUDFKWHQ
-HGHU VXFKW 0LWWHO XQG $UJXPHQWH XP GHQ DQGHUHQ ]X EHZHLVHQ GDHU GHU %HVLW]HU GHU
:DKUKHLWLVWXQGGDGLHDQGHUHQVLFKLUUHQ'RFKQLHPDQGKDWGLH.UDIWXQGGHQ0XWIUGLH
9HUHLQLJXQJ DOOHU ]X NlPSIHQ QRFK KDW MHPDQG GHQ JXWHQ :LOOHQ XP]X HQWGHFNHQ GD LQ
MHGHU*ODXEHQVEHU]HXJXQJXQGLQMHGHU*RWWHVYHUHKUXQJHWZDV:DKUKHLWHQWKDOWHQLVW 
 


.DSLWHO 6FKHLQFKULVWHQNLUFKOLFKH,UUOHKUHQXQG0LVWlQGH

1DPHQV&KULVWHQ

'HUJU|HUH7HLOGLHVHU0HQVFKKHLWQHQQWVLFKFKULVWOLFKGRFKGHU0HLVWHUVDJWHXFK:HQQ
VLH ZLUNOLFK FKULVWOLFK ZlUH KlWWH VLH PLW LKUHU /LHEH PLW LKUHU 'HPXW XQG LKUHP )ULHGHQ
EHUHLWV GHQ 5HVW GHU 0HQVFKHQ EHUZXQGHQ $EHU PHLQH VFKRQ LQ GHU =ZHLWHQ =HLW DOV
7HVWDPHQWKLQWHUODVVHQH/HKUHLVWQLFKWLP+HU]HQGHU0HQVFKKHLWVLHOHEWXQGEOKWQLFKWLQ
GHQ :HUNHQ GHU 0HQVFKHQ 6LH ZLUG LQ YHUVWDXEWHQ %FKHUQ DXIEHZDKUW XQG ,FK ELQ QLFKW
JHNRPPHQXP]XP0HQVFKHQEHU%FKHU]XVSUHFKHQ

 6WDWW HLQHV %XFKHV EUDFKWH ,FK HXFK PHLQ /HEHQ PHLQ :RUW XQG PHLQH :HUNH PHLQ
/HLGHQXQGPHLQHQ7RGDOV0HQVFK'HU*UXQGZHVKDOEGHUJU|WH7HLOGHU0HQVFKKHLWGLH
VLFKFKULVWOLFKQHQQWQLFKWGHQ)ULHGHQQRFKGLH*QDGH&KULVWLKDWLVWGHUZHLOGLH0HQVFKHQ
,KQQLFKW]XP9RUELOGQHKPHQZHLOVLHQLFKWQDFKVHLQHU/HKUHOHEHQ 

 +|UW DXI 0LFK -QJHU GDPLW LKU DOWH *ODXEHQVYRUVWHOOXQJHQ DXV HXUHP 9HUVWDQGH
DXVPHU]W 'LH &KULVWHQKHLW WHLOWH VLFK LQ *ODXEHQVJUXSSLHUXQJHQ DXI GLH VLFK XQWHUHLQDQGHU
QLFKW OLHEHQ GLH LKUH %UGHU GXUFK IDOVFKH 8UWHLOH GHPWLJHQ YHUDFKWHQ XQG EHGURKHQ ,FK
VDJHHXFKHVVLQG&KULVWHQRKQH /LHEHGHVZHJHQVLQGVLHNHLQH&KULVWHQGHQQ&KULVWXVLVW
/LHEH

0DQFKHVWHOOHQ-HKRYDDOVDOWHQ0DQQYROOPHQVFKOLFKHU)HKOHUGDUUDFKVFKWLJJUDXVDP
XQGVFKUHFNOLFKHUDOVGHUVFKOHFKWHVWHHXUHU5LFKWHUDXI(UGHQ

'LHVVDJH ,FKHXFKQLFKWGDPLWLKUHXFKEHU MHPDQGHQOXVWLJPDFKW VRQGHUQGDPLWVLFK


HXUH9RUVWHOOXQJYRQGHU*|WWOLFKHQ/LHEHOlXWHUW,KUZLWMHW]WQLFKWDXIZHOFKH:HLVH LKU
0LFKLQHXUHU9HUJDQJHQKHLWDQJHEHWHWKDEW  

 :LH LVW HV P|JOLFK GD GLH 9|ONHU GLH VLFK &KULVWHQ QHQQHQ VLFK GXUFK GHQ .ULHJ
YHUQLFKWHQXQGVRJDUEHWHQEHYRUVLHKLQJHKHQXPLKUH%UGHU]XW|WHQXQG0LFKELWWHQGD
,FKLKQHQGHQ6LHJEHULKUH)HLQGHJHEH".DQQPHLQ6DPHGRUWH[LVWLHUHQZRVWDWW/LHEHGHU
+DXQGVWDWW9HUJHEXQJGLH5DFKHKHUUVFKW" 

$OOHQ0HQVFKHQGHUYHUVFKLHGHQHQ*ODXEHQVEHNHQQWQLVVHXQG5HOLJLRQHQVDJH,FKGDVLH
GLHPDWHULHOOHQ5HLFKWPHUQLFKWDXILKUHQ3ODW]]XYHUZHLVHQYHUVWDQGHQXPGDQQGLHMHQLJHQ
GHV *HLVWHV DXI GHQ 3ODW] ]X VWHOOHQ GHU LKQHQ ]XVWHKW :HQQ GLH 0HQVFKHQ PHLQH *HVHW]H
HUIOOWHQZUGHQVLHVFKRQYRQKLHUDXVGHQ$EJODQ]GHV9HUKHLHQHQ /DQGHVVFKDXHQXQG
GHQ.ODQJGHU6WLPPHQLKUHU%HZRKQHUYHUQHKPHQ

 ,KU EHKDXSWHW DQ PHLQ 'DVHLQ ]X JODXEHQ XQG *ODXEHQ DQ PHLQH *|WWOLFKNHLW ]X KDEHQ
DXFK VDJW LKU GD PHLQ :LOOH JHVFKHKH 'RFK ZDKUOLFK ,FK VDJH HXFK :LH JHULQJ LVW HXHU
*ODXEH XQG HXUH (UJHEXQJ LQ GDV ZDV ,FK YHUIJH $EHU ,FK HUZHFNH LQ HXFK GHQ ZDKUHQ
*ODXEHQGDPLWLKUVWDUNVHLGDXIGHP:HJHGHQ,FKIUHXFKJHEDKQWKDEH  

+HXWHIRUGHUHLFKQLFKWHXHU%OXWGDLKUHXHU/HEHQRSIHUW:DV,FKYRQHXFKYHUODQJHLVW
/LHEH$XIULFKWLJNHLW:DKUKHLW6HOEVWORVLJNHLW

6ROHKUH,FKHXFKXQGGDULQXQWHUZHLVH,FKHXFKXQGHU]LHKHGDGXUFKGLH-QJHUPHLQHU
*|WWOLFKNHLW LQ GLHVHU 'ULWWHQ =HLW GHQQ LFK VHKH HXFK GHQ /DXI GHU :HOW JOHLFKJOWLJ


EHWUDFKWHQ XQG ]ZDU GHVKDOE ZHLO LKU HXFK QLFKW LQ GDV +HU] GHU 0HQVFKHQ ]X YHUVHW]HQ
YHUVWHKWZRHVVRYLHO(OHQGXQGVRYLHO6FKPHU]JLEW

(VKHUUVFKWJURH8QJOHLFKKHLWGHQQ,FKVHKH+HUUHQGHQHQQXUGLH.URQHIHKOWXPVLFK
.|QLJHQHQQHQ]XN|QQHQXQG,FKVHKH8QWHUJHEHQHGLHZDKUH6NODYHQVLQG'DUDXVLVWHLQ
.DPSI HQWEUDQQW 8QWHU MHQHQ DXI GHU :HOW UHLFK JHZRUGHQHQ +HUUHQ JLEW HV YLHOH GLH VLFK
&KULVWHQQHQQHQGRFK,FKVDJHHXFKGDVLHNDXPPHLQHQ1DPHQNHQQHQ

-HQHGLHLQGHQ0LWPHQVFKHQQLFKWLKUHQ1lFKVWHQVHKHQGLH5HLFKWPHUDQKlXIHQXQG
VLFK GHVVHQ EHPlFKWLJHQ ZDV DQGHUHQ JHK|UW VLQG NHLQH &KULVWHQ ZHLO VLH NHLQ 0LWJHIKO
NHQQHQ

'HU.DPSI]ZLVFKHQGHP*HLVWLJHQXQGGHP0DWHULHOOHQZLUGNRPPHQGLH0HQVFKKHLW
ZLUG LQ GLHVH $XVHLQDQGHUVHW]XQJ KLQHLQJHUDWHQ 'RFK ZLHYLHOH /HLGHQ ZLUG VLH ]X HUWUDJHQ
KDEHQGDPLWGHU6LHJGHU*HUHFKWLJNHLWNRPPW  

8QJOlXELJHXQG*ODXEHQVIDQDWLNHU

,FKVDJHHXFKGDHVEHVVHUIUHXFKLVWYROOHU8QJHZLKHLWHQXQG9HUQHLQXQJHQ]XVHLQ
DOV YROO IDOVFKHU hEHU]HXJXQJHQ RGHU /JHQ GLH LKU IU :DKUKHLWHQ KDOWHW 'LH HKUOLFKH
9HUQHLQXQJGLHGHP=ZHLIHORGHUGHU8QZLVVHQKHLWHQWVSULQJWVFKDGHWHXFKZHQLJHUDOVGLH
XQDXIULFKWLJH =XVWLPPXQJ ]X HWZDV )DOVFKHP 'HU HKUOLFKH =ZHLIHO GHU QDFK 9HUVWlQGQLV
KXQJHUWLVWEHVVHUDOVGHUIHVWH*ODXEHDQLUJHQGHLQHQ0\WKRV'LHYHU]ZHLIHOWH8QJHZLKHLW
GLHVFKUHLHQGQDFK/LFKWYHUODQJWLVWEHVVHUDOVGLHIDQDWLVFKHRGHUDEJ|WWLVFKH6LFKHUKHLW

+HXWHEHUZLHJHQEHUDOOGLH8QJOlXELJHQGLH(QWWlXVFKWHQXQGGLH9HUELWWHUWHQ(VVLQG
5HEHOOHQ GLH RIWPDOV NODUHU VHKHQ DOV GLH DQGHUHQ GLH GDV ULWXHOOH *HKDEH QLFKW DOV VROFKHV
HPSILQGHQ 'LH 9HUVLFKHUXQJHQ GLH VLH YRQ GHQHQ YHUQRPPHQ KDEHQ GLH GLH 0HQVFKHQ
JHLVWLJIKUHQEHU]HXJHQVLHDXFKQLFKW'HQQDOOMHQHNRPSOL]LHUWHQ7KHRULHQHUIOOHQQLFKW
LKU+HU]GDVQDFKUHLQHP:DVVHUGUVWHWGDVLKUH$QJVWEHVFKZLFKWLJW

 -HQH GLH LKU IU UHEHOOLVFK KDOWHW ]HLJHQ LQ LKUHQ )UDJHQ RIW PHKU (UNHQQWQLVOLFKW DOV
GLHMHQLJHQ GLH LQ GHU 0HLQXQJ JHOHKUW XQG JUR ]X VHLQ GDUDXI DQWZRUWHQ 6LH HPSILQGHQ
VHKHQVSUHQK|UHQXQGEHJUHLIHQNODUHUDOVYLHOHGLHVLFK0HLVWHULQGHQ*|WWOLFKHQ/HKUHQ
QHQQHQ 

 :LH HLQOHXFKWHQG XQG VFKOLFKW LVW GLH :DKUKHLW :LH NODU XQG HLQIDFK GLH 6SLULWXDOLWlW
8QG GRFK  ZLH VFKZHU LVW VLH IU GHQ ]X EHJUHLIHQ GHU KDUWQlFNLJ LP 'XQNHO VHLQHV
)DQDWLVPXVXQGVHLQHU7UDGLWLRQHQYHUKDUUW6HLQ9HUVWDQGNDQQQLFKWEHJUHLIHQGDHVHWZDV
PHKUJLEWDOVGDVZDVHUYHUVWHKWVHLQ+HU]VWUlXEWVLFKGDV]XYHUZHUIHQZDVIULKQVHLQ
*RWWXQGVHLQ*HVHW]ZDUGLH7UDGLWLRQXQGGHU5LWXV

 0HLQW LKU HWZD GD ,FK MHQH YHUDEVFKHXH GLH PHLQH :DKUKHLW GXUFKDXV QLFKW HUNHQQHQ
ZROOHQ"1HLQPHLQH.LQGHUPHLQH%DUPKHU]LJNHLWLVWXQHQGOLFKJURXQGJHUDGHGLHVHVLQG
HVDQGLH,FK0LFKZHQGHXPLKQHQ]XKHOIHQLKU*HIlQJQLV]XYHUODVVHQGDPLWVLHVLFKDQ
GHU %HWUDFKWXQJ GHV /LFKWHV HUJ|W]HQ ,KQHQ VLQG GLH IU LKU (UZDFKHQ ]XP *ODXEHQ
QRWZHQGLJHQ 3UIXQJHQ YRUEHKDOWHQ (V ZHUGHQ NHLQH EHU LKUH .UlIWH JHKHQGHQ 3UIXQJHQ
VHLQ HV ZHUGHQ /HNWLRQHQ VHLQ GLH MHGHU 6HHOH MHGHP /HEHQ MHGHP 0HQVFKHQ ZHLVH
DQJHSDWVLQG


 9RQ GRUW XQWHU MHQHQ YHUILQVWHUWHQ *HKLUQHQ XQWHU MHQHQ +HU]HQ GLH NUDQN VLQG YRU
UHOLJL|VHP )DQDWLVPXV XQG YRU 8QZLVVHQKHLW ZHUGHW LKU GLH JURHQ XQG OHLGHQVFKDIWOLFKHQ
6ROGDWHQGHU:DKUKHLWHUVFKHLQHQVHKHQ'HQQDQGHP7DJHDQGHPVLHVLFKYRQLKUHQ.HWWHQ
EHIUHLHQ DXV LKUHU )LQVWHUQLV XQG VLH GDV /LFKW VHKHQ ZHUGHQ VLH LKUHQ -XEHO QLFKW
]XUFNKDOWHQN|QQHQXQGPLWYROOHU.HKOHKLQDXVUXIHQGD,FK]XUFNJHNRPPHQELQXPGLH
:HOW ]X UHWWHQ LQGHP ,FK VLH DXI GHU 6WXIHQOHLWHU GHU 9HUJHLVWLJXQJ ]XP ZDKUHQ 5HLFK
HPSRUKHEH  

9HUIlOVFKXQJHQGHU/HKUH-HVXXQGLKUH)ROJHQ

,FKJHEHHXFKPHLQ:RUWPLWGHPJOHLFKHQJHLVWLJHQ*HKDOWPLWGHP,FKLQGHU=ZHLWHQ
=HLW ]X HXFK VSUDFK XQG KDEH HXFK DQ YLHOH PHLQHU 8QWHUZHLVXQJHQ HULQQHUW GLH LKU
YHUJHVVHQ KDWWHW RGHU YRQ GHQHQ LKU HXFK ZHJHQ LUUWPOLFKHU $XVOHJXQJHQ HXUHU 9RUIDKUHQ
DEJHZHQGHWKDEW

 ,KU KDEW VR VHKU JHJHQ PHLQH /HKUH YHUVWRHQ GD ,FK HXFK VDJHQ NDQQ ,KU KDEW HLQHQ
:HJ JHVFKDIIHQ GHU YRQ GHP PHLQHQ Y|OOLJ YHUVFKLHGHQ LVW GHP LKU DEHU GHQ JOHLFKHQ
1DPHQ JHJHEHQ KDEW 1LHPDQG DXHU 0LU NRQQWH HXFK YRQ HXUHP ,UUWXP EHIUHLHQ PLW
:RUWHQGHV/HEHQVGHU/LHEHXQGGHU:DKUKHLW

(UJUQGHWXQGEHJUHLIWGDKHUPHLQ:RUWMHW]WGDLKU0LU]XK|UWGDQQZLUG/LFKWLQHXFK
VHLQ 'LHV LVW GLH =HLW LQ GHU ,FK HXFK PLW YROOHU .ODUKHLW VDJH GD GLH 5HLQNDUQDWLRQ GHU
6HHOH 7DWVDFKH LVW GD VLH DOV /LFKW *|WWOLFKHU *HUHFKWLJNHLW XQG /LHEH VHLW $QEHJLQQ GHU
0HQVFKKHLW EHVWHKW RKQH ZHOFKH LKU DXI GHP ODQJHQ :HJH GHU 9HUYROONRPPQXQJ GHV
*HLVWHVQLFKWYRUDQNRPPHQN|QQWHW  

5HFKWZHQLJLVWHVZDVGLH.LUFKHQGHQ0HQVFKHQEHUGLH6HHOHRIIHQEDUWKDEHQ'RFK
QXQ ZHUGHQ VLH DXV LKUHU /HWKDUJLH HUZDFKHQ XQG MHQH ZHUGHQ JHVHJQHW ZHUGHQ GLH
%HGHQNHQXQG%HIUFKWXQJHQEHUZLQGHQXQGGHU 0HQVFKKHLWGLH:DKUKHLWHQWKOOHQGLHVLH
YHUKHLPOLFKW KDEHQ ,FK ZHUGH VLH PLW GHP /LFKWH PHLQHU 9HUJHEXQJ PHLQHU *QDGH XQG
PHLQHU:HLVKHLWHUOHXFKWHQ

 :HQQ GLH 0HQVFKKHLW GDQQ HUNHQQW GD GLH .LUFKHQ QLFKW QXU GD]X GD VLQG GD GLH
0HQVFKHQ DXI (UGHQ PRUDOLVFK OHEHQ VRQGHUQ GD VLH GLH $XIJDEH KDEHQ GLH 6HHOH LQ LKUH
HZLJH+HLPDW]XIKUHQZLUGGLH0HQVFKKHLWDXIGHP3IDG]XLKUHUVHHOLVFKHQ(QWZLFNOXQJ
HLQHQ6FKULWWYRUZlUWVJHPDFKWKDEHQ  

1DFKPHLQHP'DVHLQDOV-HVXVXQWHU GHQ0HQVFKHQKDEH ,FKLPPHUVROFKHJHVDQGWGLH


DOV6ROGDWHQRGHU$SRVWHONDPHQXPPHLQH/HKUHGXUFKLKUH:HUNH]XEHVWlWLJHQXQGXP
]XYHUKLQGHUQGDGLH0HQVFKKHLWPHLQH/HKUHQYHUGUHKHQZUGH$EHUYLHOH 7DXEHXQG
%OLQGHGLHPHLQ:RUWXQYROONRPPHQDXVOHJWHQZDUHQJHWHLOWHU0HLQXQJXQGVFKXIHQVR
GLH8QWHUVFKLHGOLFKNHLWGHU6HNWHQ'RFKZHQQGLH0HQVFKHQGDQQJHLVWLJJHWUHQQWVLQG  ZLH
N|QQWHQVLHHLQDQGHUJHPlGHPK|FKVWHQ*HERWHPHLQHV*HVHW]HVOLHEHQ"

'DKHUVDJH,FKHXFKGDGLHVH=LYLOLVDWLRQQXUVFKHLQEDULVWZHLOGLH0HQVFKHQVHOEVW
VLH]HUVW|UHQ6RODQJHGLH0HQVFKKHLWQLFKWHLQH:HOWDXIGHQ)XQGDPHQWHQPHLQHV*HVHW]HV
GHU *HUHFKWLJNHLW XQG /LHEH HUULFKWHW ZLUG VLH QLFKW GHQ )ULHGHQ XQG GDV /LFKW GHV *HLVWHV
KDEHQN|QQHQDXI GHVVHQ7XJHQGHQVLHHLQHZDKUH:HOWGHU$XIZlUWVHQWZLFNOXQJVFKDIIHQ
XQG JHVWDOWHQ ZUGH  VRZRKO LP *HLVWLJHQ DOV DXFK LQ GHU :LVVHQVFKDIW XQG LQ GHU
0RUDO XQW7


1XUGLH(UQHXHUXQJXQGGDV,GHDOGHU9HUYROONRPPQXQJZHUGHQHXFKDXIGHQ:HJGHU
:DKUKHLW]XUFNNHKUHQODVVHQ

 'LH VLFK DOV $XVOHJHU GHV *|WWOLFKHQ *HVHW]HV IKOHQ VDJHQ HXFK GD HXFK IU HXUH
9HUGHUEWKHLWXQG:LGHUVSHQVWLJNHLW+|OOHQTXDOHQHUZDUWHQXQGGD QXUZHQQLKUHXUH5HXH
EHNXQGHW HXHU )OHLVFK NDVWHLW XQG YHUZXQGHW XQG *RWW PDWHULHOOH 2SIHUJDEHQ GDUEULQJW (U
HXFKYHUJHEHQXQGHXFKLQ6HLQ5HLFKEULQJHQZHUGH ZDKUOLFK,FKVDJHHXFKVLHVLQGLP
,UUWXP

 :RKLQ ZHUGHW LKU JHODQJHQ 0HQVFKHQ JHIKUW YRQ GHQHQ GLH LKU DOV JURH 0HLVWHU
KHLOLJHU 2IIHQEDUXQJHQ EHZXQGHUW XQG GLH ,FK DOV 9HUZLUUWH EHWUDFKWH" 'DUXP NRPPH ,FK
HXFK PLW GHP /LFKWH GLHVHU /HKUH ]X HUUHWWHQ ZHOFKH HXFK DXI GHP 3IDGH 0HLQHU /LHEH
YRUDQNRPPHQODVVHQZLUG  

 'LH 0HQVFKHQ KDEHQ GHQ ZLUNOLFKHQ 6LQQJHKDOW PHLQHU 8QWHUZHLVXQJ YHUKHLPOLFKW XP
HXFKVWDWWGHVVHQHLQHQ&KULVWXV]X]HLJHQGHUQLFKWHLQPDOHLQ$EJODQ]GHVVHQLVWGHUVWDUE
XPHXFKGDV/HEHQ]XJHEHQ

+HXWHHUOHEWLKUGLH)ROJHQHXUHU$ENHKUYRQ GHP0HLVWHUGHUHXFKOHKUWH,KUVHLGYRQ
6FKPHU] XPJHEHQ VHLG QLHGHUJHGUFNW YRQ HXUHU $UPVHOLJNHLW JHTXlOW YRQ 8QZLVVHQKHLW
'RFKGLH=HLWLVWJHNRPPHQLQGHUGLHLP0HQVFKHQVFKOXPPHUQGHQ)lKLJNHLWHQXQG*DEHQ
HUZDFKHQXQGZLH+HUROGHYHUNQGHQGD HLQHQHXH=HLWDQJHEURFKHQLVW

 'LH .LUFKHQ GLH :LVVHQVFKDIW XQG GLH -XVWL] GHU 0HQVFKHQ ZHUGHQ GDV 9RUGULQJHQ
GHVVHQ ]X YHUKLQGHUQ VXFKHQ ZDV IU VLH HLQ IUHPGHU XQG VFKlGOLFKHU (LQIOX LVW 'RFK HV
ZLUG NHLQH 0DFKW JHEHQ GLH GDV (UZDFKHQ XQG GHQ )RUWVFKULWW GHV *HLVWHV DXIKDOWHQ NDQQ
'HU7DJGHU%HIUHLXQJLVWQDKH  

6FKOHFKWKDEHQ0LFKDXI(UGHQMHQHYHUWUHWHQGLH0LFK]XNHQQHQEHKDXSWHQXQGGDVLVW
GHU*UXQGGDIUGDYLHOH0LUGHQ5FNHQJHNHKUWKDEHQ

-HQHGLHVLFK$WKHLVWHQQHQQHQZHUGH,FKQLFKW]XU5HFKHQVFKDIW]LHKHQZHLOVLH0LFK
DXV LKUHQ +HU]HQ YHUEDQQW KDEHQ VRQGHUQ MHQH ZHOFKH  GLH :DKUKHLW YHUIlOVFKHQG  HLQHQ
*RWWYRU$XJHQJHIKUWKDEHQGHQYLHOHQLFKWDQQHKPHQNRQQWHQ

$OOHVZDVJHUHFKWJHVXQGXQGJXWLVWHQWKlOW:DKUKHLWGLH,FK]XDOOHQ=HLWHQYHUNQGHW
KDEH

'LH6WXQGHLVWJHNRPPHQLQGHULKUGLH:DKUKHLWZLHGHUOLHEHQVROOWGDVKHLWLQGHULKU
ZLHGHUGDV*HUHFKWHXQG*XWHHUNHQQHQZHUGHW'DLKUDXV0LUJHERUHQVHLG PW LKUGDKLQ
JHODQJHQQDFKGHP+RKHQGHP(ZLJHQXQGGHP5HLQHQ]XWUDFKWHQ  

-D,VUDHOGDV0HQVFKHQKHU]KDWLPPHUGDQDFKJHWUDFKWHWPDWHULHOOH'LQJH]XYHUHKUHQ
GDV2KUKDWVLFKDPZRKOW|QHQGHQ:RUWHUTXLFNW'DKHUKDWGHU0HQVFKGDVZDV,FK LQGHU
=ZHLWHQ=HLWDOVFKULVWOLFKH/HKUHEUDFKWHYHUlQGHUWDOVHUHVLQ5HOLJLRQXPZDQGHOWH

,PPHULVWLPPHQVFKOLFKHQ+HU]HQGHU(JRLVPXVGLH+DEJLHUXQGGLH(LWHONHLWHUZDFKW
XQGVLHKDEHQVLFK]X.|QLJHQXQG+HUUHQJHPDFKWGDPLWGDV9RONVLFKYRULKQHQYHUQHLJW
XQGXPHV]XPHLQHP9DVDOOHQ]XP6NODYHQ]XPDFKHQHVDQGLH6QGH]XNHWWHQXQGLQGLH
)LQVWHUQLVGLH2ULHQWLHUXQJVORVLJNHLWXQG9HUZLUUXQJ]XIKUHQ 


 'LH 7KHRORJHQ GLHVHU =HLW ZHUGHQ PHLQ :RUW XQG GLH QHXHQ 6FKULIWHQ HUIRUVFKHQ XQG
ZHUGHQ IUDJHQ :HU ELVW GX GHU LQ GLHVHU :HLVH JHVSURFKHQ KDW" 6R ZLH GLH
6FKULIWJHOHKUWHQ XQG GLH 3KDULVlHU YRQ HLQVW DXIEHJHKUWHQ XQG ]X 0LU VDJWHQ :HU ELVW GX
GD GX GDV *HVHW] 0RVHV PLDFKWHVW XQG HUVHW]HVW" 'DQQ ZHUGH ,FK LKQHQ EHJUHLIOLFK
PDFKHQ GD GLH GUHL 2IIHQEDUXQJHQ GDV HLQ]LJH *HVHW] VLQG GDV ,FK LPPHU JHOHKUW XQG
EHIROJWKDEH

 9LHOH YRQ GHQHQ GLH 0LFK LQ GLHVHU (SRFKH YHUXUWHLOHQ JHK|UHQ ]X GHQHQ GLH LQ GHU
=ZHLWHQ=HLW]ZHLIHOWHQ'RFK,FKKDEHVLHHUKDOWHQXQGVLHHUQHXW]XU(UGHJHVDQGWGDPLW
VLHGHQ6LHJPHLQHV*HVHW]HVPLWDQVHKHQXQGLKUH$XJHQGHP/LFKWH|IIQHQ  

)HKOHQWZLFNOXQJHQXQG0LVWlQGHLP&KULVWHQWXP

&KULVWOLFKQHQQWVLFKHLQJURHU7HLOGLHVHU0HQVFKKHLWRKQHEHUKDXSW ]XZLVVHQZDV
GDV:RUW&KULVWXVEHGHXWHWQRFKVHLQH/HKUH]XNHQQHQ

:DVKDEWLKUDXVPHLQHP:RUWHPHLQHP%HLVSLHOPHLQHU /HKUH JHPDFKWGLH ,FKHXFK


HLQVWHQVJDE"

6HLGLKUWDWVlFKOLFKHQWZLFNHOWHUH0HQVFKHQDOVGLHMHQHU=HLWHSRFKH":DUXPEHZHLVWLKU
HVQLFKWGXUFKGLH:HUNHHXUHV*HLVWHV"0HLQWLKUHWZDGDGLHVHV/HEHQHZLJLVWRGHUGHQNW
LKUYLHOOHLFKWGDLKUHXFKQXUGXUFKGLHPHQVFKOLFKH:LVVHQVFKDIWHQWZLFNHOQPW"

 ,FK OHKUWH HXFK GLH ZDKUH (UIOOXQJ GHV *HVHW]HV GDPLW LKU GLHVH :HOW LQ HLQHQ JURHQ
7HPSHO YHUZDQGHOQ ZUGHW LQ ZHOFKHP PDQ GHQ ZDKUHQ *RWW YHUHKUW ZR GDV /HEHQ GHV
0HQVFKHQ HLQH EHVWlQGLJH /LHEHVJDEH IU GHQ 9DWHU VHLQ ZUGH GHQ HU LQ MHGHP VHLQHU
1lFKVWHQOLHEHQXQGDXIGLHVH:HLVHVHLQHP6FK|SIHUXQG0HLVWHU7ULEXW]ROOHQVROOWH

'RFKKHXWHGD,FK]XGHQ0HQVFKHQ]XUFNJHNRPPHQELQ ZDVILQGH,FKGDYRU"/JH
XQG 6HOEVWVXFKW KDEHQ GLH :DKUKHLW XQG GLH 1lFKVWHQOLHEH HUVHW]W 6WRO] XQG (LWHONHLW GLH
6DQIWPXWXQGGLH'HPXW$EJ|WWHUHL)DQDWLVPXVXQG8QZLVVHQKHLWGDV/LFKWGLH(UKHEXQJ
XQG GLH 9HUJHLVWLJXQJ *HZLQQVXFKW XQG (QWZHLKXQJ KHUUVFKHQ ZR QXU 3IOLFKWHLIHU XQG
5HFKWVFKDIIHQKHLW EHVWHKHQ VROOWH +DVV XQG HQWIHVVHOWHU 6WUHLW XQWHU *HVFKZLVWHUQ KDEHQ
%UGHUOLFKNHLW)ULHGHQXQG/LHEHHUVHW]W

'RFK,FKZHUGH]XPHLQHP7HPSHONRPPHQXPGLH+lQGOHUYRQGRUW]XYHUMDJHQZLH
,FKHVLQGHU=ZHLWHQ=HLWLP7HPSHOYRQ-HUXVDOHPWDWXQGZHUGHLKQHQHLQZHLWHUHV0DO
VDJHQ 0DFKW DXV GHP +DXVH GHV *HEHWV NHLQHQ .UlPHUODGHQ ,FK ZHUGH GLH 0HQVFKHQ
OHKUHQ GDPLW MHGHU YRU GHP ZDKUHQ $OWDU GLHQW GDPLW VLH QLFKW OlQJHU LP ,UUWXP EHIDQJHQ
VLQG QRFK DXV 8QZLVVHQKHLW LQ GLH ,UUH JHKHQ ZHJHQ GHU VFKOHFKWHQ $XVOHJXQJHQ GLH VLH
PHLQHP*HVHW]HJHEHQ  

0HLQ%HLVSLHOXQGGDVPHLQHU$SRVWHOZXUGHQLFKWYRQDOOHQ]XP9RUELOGJHQRPPHQGLH
YHUVXFKWKDEHQ0LUQDFK]XIROJHQ9LHOHKDEHQVLFKLQ+HUUHQYHUZDQGHOWDQVWDWW'LHQHU]X
VHLQ KDEHQ LKU +HU] PLW hEHUOHJHQKHLWVJHIKO XQG +RFKPXW HUIOOW XQG ZDUHQ QXU DXI
5HLFKWXP 3RPS XQG (KUXQJHQ DXV 6LH YHUJDHQ GDEHL GLH 1|WH GHU $UPHQ XQG ZXUGHQ
JOHLFKJOWLJXQGJHIKOORVJHJHQEHUGHP(OHQGXQGGHP /HLGHQGHUDQGHUHQ'DKHU JHKHQ
GLH 0HQVFKHQ DXI GHU 6XFKH QDFK :DKUKHLW YRQ HLQHU .RQIHVVLRQ ]XU DQGHUHQ GDKHU LKU
JHLVWLJHV%HGUIQLVQHXH6HNWHQ]XVFKDIIHQXP0LFKIUHL]XVXFKHQ


 -HQH GLH IUKHU DOV +HLOLJH XQG +DOEJ|WWHU DQJHVHKHQ ZXUGHQ ZHUGHQ KHXWH YRQ HLQHU
HQWWlXVFKWHQ0HQVFKKHLWDEJHOHKQW

'LH0HQVFKHQVXFKHQQLFKWPHKUGHQ%HLFKWYDWHUDXIGDPLWHUVLHYRQLKUHQ)HKOWULWWHQ
ORVVSUHFKH ZHLO VLH HV XQZUGLJ ILQGHQ 8QG GLH 'URKXQJ PLW GHP HZLJHQ +|OOHQIHXHU
EHHLQGUXFNWXQGHUVFKUHFNWGDV+HU]GHV6QGHUVQLFKWPHKU

'LHVHJHLVWLJH2ULHQWLHUXQJVORVLJNHLWQXW]HQGODXHUWGHU:ROIKLQWHUGHU+HFNH

 -HGHU 'LHQHU PHLQHU *|WWOLFKNHLW XQG MHGHU 5HSUlVHQWDQW KDW GLH $XIJDEH )ULHGHQ XQWHU
GHQ0HQVFKHQ]XVFKDIIHQGRFKGDVLVWGDV*HJHQWHLOZDVVLHLQGLHVHU=HLWWXQ-HGHUKlOW
VLFKIUGHQ(UVWHQMHGHUZLOOGHU6WlUNVWHVHLQXQGYHUJLWGDEHLGDGHUHLQ]LJH6WDUNHGHU
,FKELQLQDOOHQLVW

 1XQ N|QQW LKU HXFK HUNOlUHQ ZHVKDOE ,FK HXFK LQ GHU =ZHLWHQ =HLW ZLHGHU]XNRPPHQ
YHUVSUDFKQXQLVWHXFKYHUVWlQGOLFKZHVKDOE,FKHXFKDXIVQHXHXQWHUULFKWH'HQQQXUPHLQ
:RUWNDQQGLHGXQNOH%LQGHGHV*HLVWHVHQWIHUQHQPHLQH/LHEHDOOHLQLVWLPVWDQGHHXFKYRQ
HXUHQ6QGHQ]XHUO|VHQ  

 hEHU GLH VFKZHUHQ 9HUJHKHQ XQG GLH 9HUIHKOXQJHQ GLH DQ PHLQHP *HVHW]H EHJDQJHQ
ZXUGHQZLUGPHLQ*HULFKWNRPPHQ(V ZLUGNHLQHHLQ]LJH9HUIHKOXQJJHEHQGLHQLFKWGXUFK
GHQ YROONRPPHQHQ 0HLVWHU NRUULJLHUW ZHUGHQ ZLUG ,KU GUIW HXFK QLFKW YHUZLUUHQ ODVVHQ
EHULFKWLJWHXUH)HKOHUXQGULFKWHWQLFKW%HJUHLIWGD,FKHXFKQLHPDOVVWUDIH LKUVHOEVWVWUDIW
HXFK

,FKPDFKH/LFKWLQMHQHPGHUDXV8QZLVVHQKHLWJHVQGLJWKDWXQGEHZHJHGHQ]XU5HXH
GHUZLVVHQWOLFKJHVQGLJWKDWGDPLWEHLGHYROO9HUWUDXHQDXIPHLQH9HUJHEXQJGDUDQJHKHQ
GHQEHJDQJHQHQ)HKOHUZLHGHUJXW]XPDFKHQ'LHVLVWGHUHLQ]LJH:HJ]X0LU]XJHODQJHQ

 %HGHQNW GLHV DOOHV LKU *HLVWOLFKHQ GLH LKU GLH 0HQVFKHQ DXI GHQ YHUVFKLHGHQHQ
.RQIHVVLRQVZHJHQIKUW%HWHWXQGEULQJWGLH(XUHQ]XU9HUJHLVWLJXQJ(VLVWQXQDQGHU=HLW
GD LKU HXUH 9HULUUXQJHQ EHUHXW XQG HLQHQ .DPSI JHJHQ GHQ PHQVFKOLFKHQ 0DWHULDOLVPXV
EHJLQQW ZHOFKHU 7RG XQG )LQVWHUQLV IU GLH 6HHOH LVW 'DIU VROOW LKU PHLQH :DKUKHLW
JHEUDXFKHQPHLQ:RUWDOV:DIIHHUJUHLIHQXQGLQPHLQHU/HKUHOHEHQ

 ,FK KDEH NHLQH 9RUOLHEH IU GLH HLQH RGHU DQGHUH .RQIHVVLRQ 1LFKW ,FK ZHUGH DXI HXHU
VRQGHUQLKUPWDXIPHLQHU6HLWHVWHKHQ'HQQZHQQLKUGLHVWXWZHUGHWLKUHUUHLFKWKDEHQ
HXFKDOOHJHLVWLJ]XYHUHLQHQ  

 0HLQH /HKUH YROOHU 6SLULWXDOLWlW ZLUG LP +HU]HQ GLHVHV 9RONHV NHLPHQ GDPLW HV LQ GHU
=XNXQIW VHLQH )UFKWH GHU :DKUKHLW XQG GHV /HEHQV VSHQGHW 0HLQ :RUW ZLUG VLFK EHU GLH
(UGHYHUEUHLWHQXQGNHLQHQ2UWEULJODVVHQDQGHPHVQLFKWUHLQLJWHUOHXFKWHWXQGULFKWHW

 'DQQ ZHUGHQ GLH 9|ONHU ]XP *HLVWLJHQ /HEHQ ]X HUZDFKHQ EHJLQQHQ ]XP ZDKUHQ XQG
HZLJHQ XQG ZHUGHQ GHQ lXHUOLFKHQ XQG PDWHULDOLVWLVFKHQ 7HLO LKUHU YHUVFKLHGHQHQ
.XOWIRUPHQ ]HUVW|UHQ XP VLFK GDUDXI ]X EHVFKUlQNHQ VLFK GHU (VVHQ] PHLQHV *HVHW]HV
]X]XZHQGHQ

 'LH 0HQVFKKHLW ZLUG GLH 0DFKW IHVWVWHOOHQ ZHOFKH GLH 6SLULWXDOLWlW YHUOHLKW XQG ZLUG
LKUHQ%OLFNYRQDOOHPDEZHQGHQZDVVLHVRYLHOH-DKUKXQGHUWHKLQGXUFKDXIKLHOW


:DVQW]WHVGDGDV6\PEROGHV&KULVWHQWXPVGDVKHLWGDV.UHX]VLFKPLOOLRQHQIDFK
DXI(UGHQEHILQGHWZHQQGLH0HQVFKHQQLFKWJXWHQ:LOOHQVVLQGXQGHLQDQGHUQLFKWOLHEHQ"

 'DV bXHUOLFKH KDW NHLQH 0DFKW PHKU EHU GLH 0HQVFKHQ HV JLEW NHLQH +RFKDFKWXQJ
PHKUQRFK*XWJOlXELJNHLWQRFK%HGDXHUQGDUEHUYHUOHW]W]XKDEHQ'DKHUVDJH ,FKHXFK
GDGLH6\PEROHXQG.XOWIRUPHQYHUVFKZLQGHQZHUGHQZHLOLKUH=HLWYRUEHULVWXQGHVGLH
LQQHUOLFKH$QEHWXQJVHLQZLUGGLHGHQ0HQVFKHQ]XP/LFKWHHPSRUWUlJWLKQHUKHEWXQG]X
0LUIKUW  


,9'$6*(6(7=*277(6 81'1b&+67(1/,(%(
.DSLWHO 'DV*|WWOLFKH*HVHW]

'LH0DFKWGHV*|WWOLFKHQ*HVHW]HV

(VJLEWYLHOH 0HQVFKHQGLHPHLQH/HKUHIUXQ]HLWJHPlKDOWHQGRFKGHU*UXQGGDIULVW
GDVV LKUH 9HUPDWHULDOLVLHUXQJ LKQHQ QLFKW HUODXEW GHQ HZLJHQ 6LQQJHKDOW 0HLQHU
8QWHUZHLVXQJHQ]XHQWGHFNHQ

0HLQ*HVHW]LVWXQZDQGHOEDU'LH0HQVFKHQPLWLKUHQ.XOWXUHQLKUHQ =LYLOLVDWLRQHQXQG
LKUHQ*HVHW]HQVLQGHVGLHYHUJlQJOLFKVLQGZREHLYRQDOOHGHPQXUGDVEHUGDXHUWZDVGHU
*HLVW PLW VHLQHQ :HUNHQ GHU /LHEH XQG %DUPKHU]LJNHLW DXIJHEDXW KDW (U LVW HV GHU QDFK
MHGHP 7DJHZHUN QDFK MHGHU 3UIXQJ ZHQQ HU GHQ %RUQ *|WWOLFKHU :HLVKHLW EHIUDJW GHQ
XQEHZHJOLFKHQ)HOVHQPHLQHV*HVHW]HVXQGGDVVWHWVRIIHQH%XFKHUVFKDXWZHOFKHVGLH/HKUH
GHV*HLVWHVHQWKlOW  

 $OOH 0HQVFKHQ KDEH ,FK PLW PHLQHP /LFKWH EHUVWUDKOW XQG LKQHQ GDPLW GLH HLQ]LJH
H[LVWLHUHQGH :DKUKHLW RIIHQEDUW DEHU LKU VHKW MD ZLH MHGHU 0HQVFK XQG MHGHV 9RON LQ
XQWHUVFKLHGOLFKHU:HLVHIKOWGHQNWJODXEWXQGLQWHUSUHWLHUW

 -HQH YHUVFKLHGHQDUWLJHQ 'HQNZHLVHQ GHU 0HQVFKHQ KDEHQ LKUH (QW]ZHLXQJHQ YHUXUVDFKW
GDMHGHV9RONXQGMHGH5DVVHDQGHUHQ:HJHQIROJWXQGDQGHUVDUWLJH,GHDOHKRFKKlOW

'LH0HKUKHLWKDWVLFKYRPOLFKWYROOHQXQGZDKUHQ3IDGHQWIHUQWLQGHU0HLQXQJGDVVGLH
(UIOOXQJGHV*|WWOLFKHQ*HVHW]HVEHUPHQVFKOLFKH2SIHU(QWVDJXQJHQXQG$QVWUHQJXQJHQ
EHGHXWHW XQG KDW HV YRUJH]RJHQ IU VLFK VHOEVW 5HOLJLRQVJHPHLQVFKDIWHQ XQG 6HNWHQ ]X
JUQGHQGHUHQ*HVHW]HVHUIOOXQJXQG.XOWKDQGOXQJIUVLHOHLFKWHU]XEHIROJHQLVW$XIGLHVH
:HLVH JODXEHQ GLH 0HQVFKHQ GDV 9HUODQJHQ QDFK /LFKW XQG (UKHEXQJ EHVFKZLFKWLJHQ ]X
N|QQHQGDVVLHLQLKUHU6HHOHIKOHQ

 9LHOH -DKUKXQGHUWH XQG YLHOH =HLWDOWHU VLQG YHUJDQJHQ RKQH GDVV GLH 0HQVFKHQ VLFK
EHZXWZXUGHQGDVVGLH(UIOOXQJPHLQHV*HVHW]HVNHLQPHQVFKOLFKHV2SIHULVWXQGGDVV VLH
KLQJHJHQ VHKU ZRKO /HLE XQG 6HHOH GHU :HOW ]XP 2SIHU EULQJHQ ZHQQ VLH PHLQH *HERWH
PLVVDFKWHQ 6LH KDEHQ VLFK QLFKW NODU JHPDFKW ZROOWHQ QLFKW EHJUHLIHQ GDVV ZHU QDFK
PHLQHP:RUWHOHEWGDVZDKUH*OFNGHQ)ULHGHQGLH:HLVKHLWXQGGLH+HUUOLFKNHLWILQGHQ
ZLUGZHOFKHGLHYHUPDWHULDOLVLHUWHQ0HQVFKHQVLFKDXIVRDQGHUVDUWLJH:HLVHYRUVWHOOHQ

'LHPRUDOLVFKHXQGZLVVHQVFKDIWOLFKH:HOWGLHHXFKXPJLEWLVWGDV:HUNYRQ0HQVFKHQ
PLW PDWHULDOLVWLVFKHQ ,GHDOHQ  YRQ 0HQVFKHQ GLH QXU GLH PDWHULHOOH 9HUEHVVHUXQJ GHU
0HQVFKKHLW HUVWUHEW KDEHQ XQG ,FK KDEH LKQHQ HUODXEW LKU :HUN ]X WXQ HV ELV DQ VHLQH
*UHQ]H GXUFK]XIKUHQ VHLQH )ROJHQ NHQHQQ]XOHUQHQ XQG VHLQH )UFKWH ]X HUQWHQ GDPLW VLH
GDUDXVGDV/LFKWGHU(UIDKUXQJ]LHKHQN|QQHQ,QMHQHP/LFKWHZLUGVLFKPHLQH*HUHFKWLJNHLW
RIIHQEDUHQXQGLQMHQHU*HUHFKWLJNHLWZLUGPHLQ*HVHW]JHJHQZlUWLJVHLQZHOFKHVGLH/LHEH
LVW  

 :HQQ ,FK HXFK JHZlKUHQ OLHH GDVV LKU PHLQH /HKUH QDFK HXUHP :LOOHQ XQG QLFKW QDFK
GHP PHLQHQ DXI HXHU /HEHQ DQZHQGHW  ZDKUOLFK ,FK VDJH HXFK LKU ZUGHW QLHPDOV DXV
HXUHP JHLVWLJHQ 6WLOOVWDQG KHUDXVILQGHQ XQG HXUHU 6HHOH QLHPDOV LKUH (QWZLFNOXQJ LKUH
(QWIDOWXQJXQG9HUYROONRPPQXQJHUODXEHQ


 'D VHKW LKU GLH LQ LKUHQ 5HOLJLRQHQ WUlJH JHZRUGHQHQ 0HQVFKHQ GLH NHLQHQ 6FKULWW PHKU
KLQ]XP/LFKWHPDFKHQZHLOVLHVLFKQLFKWGHPXQWHUZRUIHQKDEHQZDVGDV*|WWOLFKH*HVHW]
EHILHKOW VRQGHUQ GDV *HVHW] LKUHP :LOOHQ ]X XQWHUZHUIHQ YHUVXFKW KDEHQ LQGHP VLH HV PLW
0\WKHQXQG,UUOHKUHQDQIOOWHQ

 (V LVW QRWZHQGLJ JHZHVHQ GDVV YLHOH 0HQVFKHQ GLHVHU =HLW VLFK YRQ MHGHU 5HOLJLRQ
IUHLPDFKWHQ XP 0LFK PLW GHP *HLVWH VXFKHQ XQG DOO MHQH (LJHQVFKDIWHQ *DEHQ XQG
)lKLJNHLWHQHQWIDOWHQ]XN|QQHQGLHVLHLP,QQHUVWHQLKUHV:HVHQVIKOHQ  

'DV/LHEHVJHVHW]*RWWHVLP*HLVWZHUN

(VLVWHXHU*RWWGHU]XHXFKVSULFKWPHLQH6WLPPHLVWGDV*HVHW]+HXWHK|UWLKUHVDXIV
QHXHRKQHGDVVHVQ|WLJLVWHVLQ6WHLQ]XPHLHOQRGHUGDVV,FKPHLQXQWHUHXFKLQNDUQLHUWHV
:RUWVHQGHQPXVV0HLQHJ|WWOLFKH6WLPPHLVWHVGLH]XHXUHP*HLVWHNRPPWXQGLKPGHQ
%HJLQQ HLQHV =HLWDOWHUV RIIHQEDUW LQ ZHOFKHP GHU 0HQVFK JHUHFKW ZLUG VLFK PLW VHLQHP
6FK|SIHUYHUV|KQHQXQGVLFKOlXWHUQZLUGZLHHVJHVFKULHEHQVWHKW 

'XUFK-HVXVJDE,FKHXFKGLHYROONRPPHQH8QWHUZHLVXQJ%HWUDFKWHWPHLQHQ/HEHQVZHJ
DOV0HQVFKYRQGHU*HEXUWELV]XP7RGHGDQQ ZLUGVLFK HXFKGLH /LHEHLQOHEHQGLJHUXQG
YROONRPPHQHU:HLVHHUVFKOLHHQ

,FKYHUODQJHQLFKWYRQHXFKGDVVLKU-HVXVJOHLFKVHLQVROOWGHQQLQLKPZDUHWZDVZDV
LKU QLFKW HUUHLFKHQ N|QQW DOV 0HQVFK YROONRPPHQ ]X VHLQ GD -HQHU GHU LQ ,KP ZDU *RWW
6HOEVWLQEHJUHQ]WHU)RUPZDU$EHU,FKVDJHHXFKGHQQRFKGDVVLKULKPQDFKHLIHUQVROOW

 0HLQ HZLJHV *HVHW] KDW ]X HXFK LPPHU YRQ GLHVHU /LHEH JHVSURFKHQ ,FK VDJWH HXFK LQ
GHQ (UVWHQ =HLWHQ 'X VROOVW *RWW YRQ JDQ]HP +HU]HQ XQG YRQ JDQ]HU 6HHOH OLHEHQ XQG
/LHEHGHLQHQ1lFKVWHQZLHGLFKVHOEVW

6SlWHUJDE,FKHXFKGLHVHLQVSLULHUHQGHQ:RUWH/LHEHWHXUH*HVFKZLVWHUZLHGHU9DWHU
HXFKJHOLHEWKDW/LHEHWHLQDQGHU

 ,Q GLHVHU =HLW KDEH ,FK HXFK RIIHQEDUW GDVV LKU *RWW PHKU DOV DOOHV *HVFKDIIHQH OLHEHQ
VROOWGDVVLKU*RWWLQDOOHP%HVWHKHQGHQXQGDOOHV%HVWHKHQGHLQ*RWWOLHEHQVROOW'DVVLKU
DQ HXUHQ 0LWPHQVFKHQ %DUPKHU]LJNHLW XQG QRFKPDOV %DUPKHU]LJNHLW EHQ VROOW GDPLW LKU
GHQ9DWHULQDOOVHLQHU+HUUOLFKNHLW VFKDXWGHQQ%DUPKHU]LJNHLWLVW/LHEH  

,FKVDJHHXFKQLFKWHLQPDOGDVVGLHVH*HLVWOHKUHGLH:HOWUHOLJLRQVHLQZLUGGHQQQLHPDOV
KDEH ,FK 5HOLJLRQ EHUEUDFKW VRQGHUQ *HVHW] ,FK EHVFKUlQNH 0LFK GDUDXI HXFK ]X VDJHQ
GDVVGDV*HVHW]GDVDXIGHU(UGHWULXPSKLHUHQXQGEOHLEHQGH*OWLJNHLWDXILKUKDEHQZLUG
XPGDV'DVHLQGHU0HQVFKHQ]XHUOHXFKWHQGDV*HVHW]GHU/LHEHVHLQZLUGGDV,FKHXFKLQ
PHLQHU/HKUHHUNOlUWKDEHGDPLWLKUHVYROOHUNHQQW

'LH0HQVFKKHLWZLUGQRFKYLHOHIDOVFKH:HUNHGHU/LHEHXQG:RKOWlWLJNHLWWXQELVVLH]X
OLHEHQXQGZDKUH/LHEHVWlWLJNHLWDXV]XEHQOHUQWXQGYLHOHZHUGHQQRFKYRQ.RQIHVVLRQ]X
.RQVIHVVLRQZDQGHUHQPVVHQELVLKU*HLVWVLFK]XK|KHUHP(UNHQQHQDXIVFKZLQJWXQGVLH
HQGOLFK EHJUHLIHQ GDVV GDV HLQ]LJH *HVHW] GLH XQLYHUVHOOH XQG HZLJH /HKUH GHV *HLVWHV GLH
GHU/LHEHLVW]XGHUDOOHJHODQJHQZHUGHQ

$OOH5HOLJLRQHQZHUGHQYHUVFKZLQGHQXQGEULJEOHLEHQZLUGQXUGDV/LFKWGHV7HPSHOV
*RWWHV GDV LQQHUKDOE XQG DXHUKDOE GHV 0HQVFKHQ HUVWUDKOW  GHV 7HPSHOV LQ ZHOFKHP LKU


DOOH HLQHQ HLQ]LJHQ .XOW GHV *HKRUVDPV GHU /LHEH GHV *ODXEHQV XQG GHV JXWHQ :LOOHQV
GDUEULQJHQZHUGHW  

'LH0LDFKWXQJGHU*|WWOLFKHQ*HVHW]HXQGLKUH)ROJHQ

$QGLHVHP0RUJHQIHLHUOLFKHQ*HGHQNHQVIUDJH ,FKHXFK:DVKDEWLKUDXVGHP*HVHW]
JHPDFKWGDV,FKGXUFK0RVHGHU0HQVFKKHLWVDQGWH":XUGHQGLHVH*HERWHHWZDQXUIUGLH
0HQVFKHQMHQHU=HLWJHJHEHQ"

,Q:DKUKHLWVDJH,FKHXFKGDVVMHQHUJHVHJQHWH6DPHQQLFKWLP+HU]HQGHU0HQVFKHQLVW
ZHLOVLH0LFKQLFKWOLHEHQQRFKVLFKXQWHUHLQDQGHUOLHEHQVLHHKUHQZHGHULKUH(OWHUQQRFK
DFKWHQVLHIUHPGHV(LJHQWXPGDJHJHQQHKPHQVLHHLQDQGHUGDV/HEHQEUHFKHQGLH(KHXQG
EULQJHQ6FKDQGHEHUVLFK

+|UWLKUQLFKWYRQDOOHQ/LSSHQGLH/JH",VWHXFK QLFKWEHZXVVWJHZRUGHQZLHHLQ9RON
GHP DQGHUHQ GHQ )ULHGHQ UDXEW" 8QG GHQQRFK VDJW GLH 0HQVFKKHLW VLH NHQQH PHLQ *HVHW]
:DV ZUGH DXV GHQ 0HQVFKHQ ZHUGHQ ZHQQ VLH PHLQH *HERWH YROOVWlQGLJ YHUJHVVHQ
ZUGHQ"  

 ,QGHU=ZHLWHQ =HLWDOV -HVXVLQ-HUXVDOHPHLQJH]RJHQZDUIDQG HUGDVVGHU7HPSHO


GHUIUGDV*HEHWXQGGLH*RWWHVYHUHKUXQJJHZHLKWH2UWLQHLQHQ0DUNWYHUZDQGHOWZRUGHQ
ZDUXQGGHU0HLVWHUZDUIYROOHU(LIHUGLHMHQLJHQKLQDXVGLHLKQLQGLHVHU:HLVHHQWZHLKWHQ
ZREHLHU]XLKQHQVDJWH'DV+DXVPHLQHV9DWHUVLVWNHLQ0DUNWSODW]'LHVHZDUHQZHQLJHU
VFKXOGLJ DOV GLH GD]X %HDXIWUDJWHQ GHQ *HLVW GHU 0HQVFKHQ LQ GHU (UIOOXQJ GHV *HVHW]HV
*RWWHV]XIKUHQ'LH3ULHVWHUKDWWHQGHQ7HPSHOLQHLQHQ2UWYHUZDQGHOWDQGHP(KUVXFKW
XQG3UDFKWOLHEHKHUUVFKWHQXQGGLHVH+HUUVFKDIWZXUGH]HUVW|UW

+HXWHKDEH ,FKNHLQH*HLHOYHUZHQGHWXPGLH]XVWUDIHQGLHPHLQ*HVHW]HQWZHLKWHQ
,FK KDEH MHGRFK  ]XJHODVVHQ GDVV VLFK GLH )ROJHQ LKUHU HLJHQHQ 9HUIHKOXQJHQ LQ GHQ
0HQVFKHQ IKOEDU PDFKHQ GDPLW VLH GHUHQ 6LQQ ]X GHXWHQ ZLVVHQ XQG VLH EHJUHLIHQ GDVV
PHLQ *HVHW] XQEHXJVDP XQG XQZDQGHOEDU LVW ,FK KDEH GHP 0HQVFKHQ GHQ :HJ JHZLHVHQ
GHQJHUDGHQ:HJXQGZHQQHUVLFKYRQLKPHQWIHUQWVHW]WHUVLFKGHQ+lUWHQHLQHVJHUHFKWHQ
*HVHW]HVDXVGHQQLQLKPEHNXQGHWVLFKPHLQH/LHEH  

 ,FK ZHUGH PHLQHQ 7HPSHO ZLHGHU DXIULFKWHQ  HLQHQ 7HPSHO RKQH 0DXHUQ XQG 7UPH
GHQQHULVWLP+HU]HQGHU0HQVFKHQ

 'HU 7XUP YRQ %DEHO HQW]ZHLW QRFK LPPHU GLH 0HQVFKKHLW GRFK VHLQH )XQGDPHQWH
ZHUGHQLP+HU]HQGHU0HQVFKHQ]HUVW|UWZHUGHQ

'LH$EJ|WWHUHLXQGGHUUHOLJL|VH)DQDWLVPXVKDEHQJOHLFKIDOOVLKUHKRKHQ7UPHHUULFKWHW
DEHUVLHVLQGEUFKLJXQGZHUGHQHLQVWU]HQPVVHQ

 :DKUOLFK ,FK VDJH HXFK PHLQH *HVHW]H  GLH J|WWOLFKHQ ZLH GLH PHQVFKOLFKHQ  VLQG
KHLOLJXQGVLHVHOEVWZHUGHQGLH:HOWULFKWHQ

 'LH 0HQVFKKHLW KlOW VLFK QLFKW IU J|W]HQGLHQHULVFK GRFK ZDKUOLFK ,FK VDJH HXFK VLH
EHWHWQRFKLPPHUGDV*ROGHQH.DOEDQ 

'DV&KDRVLVW]XUFNJHNHKUWZHLOHVNHLQH7XJHQGJLEWXQGZRNHLQH7XJHQGLVWNDQQHV
NHLQH :DKUKHLW JHEHQ 'HU *UXQG GDIU LVW QLFKW GDVV GDV *HVHW] GDV GHU 9DWHU 0RVH


EHUJDE NHLQH .UDIW KlWWH QRFK GDVV GLH /HKUH -HVX QXU DXI GLH YHUJDQJHQHQ =HLWHQ
DQZHQGEDUZlUH%HLGHVLQGLQLKUHPJHLVWLJHQ*HKDOWHZLJH*HVHW]H'RFKHUNHQQWGDVVVLH
ZLHHLQH4XHOOHVLQGGHVVHQ:DVVHU]XWULQNHQQLHPDQGJH]ZXQJHQZLUGVRQGHUQGDVVMHGHU
GHUVLFKGLHVHP%UXQQTXHOOGHU/LHEHQDKWHVDXVHLJHQHP$QWULHEWXW 

 /HJW PHLQH 8QWHUZHLVXQJ ULFKWLJ DXV GHQNW QLFKW GDVV PHLQ *HLVW )UHXGH GDUDQ KDEHQ
NDQQZHQQHUHXUH/HLGHQDXI(UGHQVLHKWRGHUGDVV,FKNRPPHHXFKDOOHV]XHQW]LHKHQZDV
HXFK )UHXGH PDFKW XP 0LFK GDUDQ ]X HUJ|W]HQ ,FK NRPPH GDPLW LKU PHLQH *HVHW]H
DQHUNHQQWXQGUHVSHNWLHUWGHQQVLHVLQGHXUHV5HVSHNWVXQGHXUHU%HDFKWXQJZUGLJXQGZHLO
VLHHXFKGLH*OFNVHOLJNHLWEHVFKHUHQZHQQLKULKQHQJHKRUFKW

,FKOHKUWHHXFK*RWW]XJHEHQZDV*RWWHVLVWXQGGHP.DLVHUZDVGHV.DLVHUVLVW
GRFKIUGLH0HQVFKHQYRQKHXWHJLEWHVQXUGHQ.DLVHUXQGLKUHP+HUUQKDEHQVLHQLFKWV
GDU]XEULQJHQ :HQQ LKU ZHQLJVWHQV GHU :HOW QXU GDV 1RWZHQGLJH ]XWHLO ZHUGHQ OLHVVHW VR
ZlUHQHXUH/HLGHQJHULQJHU$EHUGHU.DLVHUGHQLKUHXHU7XQXQG/DVVHQEHVWLPPHQODVVW
KDW HXFK ZLGHUVLQQLJH *HVHW]H GLNWLHUW KDW HXFK ]X 6NODYHQ JHPDFKW XQG QLPPW HXFK GDV
/HEHQRKQHHXFKLUJHQGHWZDVGDIU]XJHEHQ

 %HGHQNW ZLH DQGHUV PHLQ *HVHW] LVW GDV ZHGHU GHQ .|USHU QRFK GLH 6HHOH ELQGHW (V
EHUUHGHW HXFK QXU OLHEHYROO XQG IKUW HXFK YROOHU *WH $OOHV JLEW HV HXFK RKQH (LJHQQXW]
XQG6HOEVWVXFKWXQGDOOHVEHORKQWXQGYHUJWHWHVHXFKLP/DXIHGHU=HLW  

'LH(UIOOXQJGHVK|FKVWHQ*HVHW]HV

:HQQHXFKGHU+HUUVDJWH'XVROOVW*RWWYRQJDQ]HP+HU]HQXQGJDQ]HU6HHOHOLHEHQ
XQG GHLQHQ 1lFKVWHQ ZLH GLFK VHOEVW XQG ZHQQ GHU 0HLVWHU HXFK GLH /HKUH GHU /LHEH
SUHGLJWHVRVDJWHXFKGLHVH JHLVWLJH6WLPPHGLHDXVGHUVHOEHQ4XHOOHVWDPPWGDVVLKUHXFK
DQ GDV /LHEHVJHVHW] NODPPHUQ VROOW ZHLO HV HLQH 0DFKW KDW GLH QLFKW HLQPDO GLH JU|WHQ
+HHUHGHU:HOWEHVLW]HQXQGGDVVLKUH(UREHUXQJHQVLFKHUXQGYRQ'DXHUVHLQZHUGHQZHLO
DOOHVZDVLKUDXI)XQGDPHQWHQGHU/LHEHHUULFKWHWHZLJHV/HEHQKDEHQZLUG 

 ,FK ]HLJH HXFK GDV ZDKUH /HEHQ GHU 6HHOH GDPLW LKU QLFKW XQWHU XQJHUHFKWIHUWLJWHQ
'URKXQJHQOHEWXQGPHLQ*HVHW]QLFKWQXUDXV)XUFKWYRU6WUDIHHUIOOWYRQGHUMHQH]XHXFK
JHVSURFKHQKDEHQGLHPHLQ:RUWQLFKWULFKWLJDXV]XOHJHQYHUVWDQGHQ

 (UIDVVW PHLQ *HVHW] HV LVW QLFKW NRPSOL]LHUW RGHU VFKZHU ]X EHJUHLIHQ .HLQHU GHU HV
NHQQW XQG VLFK GDQDFK ULFKWHW ZLUG ]XVFKDQGHQ QRFK JLEW HU IDOVFKHQ :RUWHQ RGHU
9RUDXVVDJHQLUULJHQ9RUVWHOOXQJHQRGHUVFKOHFKWHQ$XVOHJXQJHQ5DXP

0HLQ*HVHW]LVWHLQIDFKHVZHLVWLPPHUGHQ:HJGHPLKUIROJHQVROOW9HUWUDXW0LU,FK
ELQGHU:HJGHUHXFK]XGHUZHLVVJOlQ]HQGHQ6WDGWIKUHQZLUG]XP9HUKHLHQHQ/DQGGDV
VHLQH7RUHLQ(UZDUWXQJHXUHU$QNXQIWRIIHQKlOW 

 :DQQ ZHUGHW LKU HQGOLFK GDYRQ EHU]HXJW VHLQ GDVV LKU QXU LQ GHU (UIOOXQJ PHLQHV
*HVHW]HVGLH*HVXQGKHLWGDV*OFNXQGGDV/HEHQILQGHQN|QQW"

 ,KU DQHUNHQQW GDVV HV LP PDWHULHOOHQ /HEHQ 3ULQ]LSLHQ JLEW DQ GLH LKU HXFK DQSDVVHQ
PVVW XP EHUOHEHQ ]X N|QQHQ $EHU LKU KDEW YHUJHVVHQ GDVV HV DXFK LP *HLVWLJHQ
3ULQ]LSLHQ JLEW GLH UHVSHNWLHUW ZHUGHQ PVVHQ GDPLW GHU 0HQVFK GHU 4XHOOH GHV HZLJHQ
/HEHQVWHLOKDIWLJZHUGHQNDQQGLHLP*|WWOLFKHQH[LVWLHUW 


 'HQNW GDUDQ GDVV ,FK DOOHLQ HXHU +HLO ELQ ,Q GHQ YHUJDQJHQHQ =HLWHQ LQ GHQ
JHJHQZlUWLJHQXQGLQGHQ]XNQIWLJHQZDULVWXQGZLUGPHLQ*HVHW]GHU:HJXQGGHU)KUHU
HXUHU6HHOHQVHLQ

 *HVHJQHW VHLHQ GLH DXI PHLQ *HVHW] EDXHQ GHQQ VLH ZHUGHQ DQ GHQ :HJNUHX]XQJHQ
QLHPDOV LQ GLH ,UUH JHKHQ 6LH ZHUGHQ ]XP *HOREWHQ /DQGH NRPPHQ XQG GDV 7ULXPSKOLHG
DQVWLPPHQ  

,FKZHLMHJU|HUHXUH(UNHQQWQLVZLUGGHVWRJU|HUZLUGHXUH/LHEH]X0LUVHLQ

:HQQ ,FK HXFKVDJH/LHEW0LFK  ZLWLKUZDV ,FKHXFKGDPLWVDJHQZLOO"/LHEWGLH


:DKUKHLW OLHEW GDV *XWH OLHEW GDV /LFKW OLHEW HXFK XQWHUHLQDQGHU OLHEW GDV :DKUH /HEHQ
 

,FKZLOOGDVVLKUHLQDQGHUOLHEWZLH,FKHXFKOLHEHXQGDXFKHXFKVHOEVW'HQQ,FKKDEH
HXFKQLFKWQXUGLH)KUXQJXQG/HLWXQJHLQHUEHVWLPPWHQ$Q]DKOYRQ0HQVFKHQDQYHUWUDXW
VRQGHUQGLHHUVWH3IOLFKWGLHLKU0LUJHJHQEHUKDEWLVWDXIHXFKVHOEVW]XDFKWHQ ,KUVROOW
HXFKOLHEHQLQGHU(UNHQQWQLVGDVVLKUGDVOHEHQGH$EELOGHXUHV6FK|SIHUVVHLG 

'LH0LVVLRQGLH,FKPHLQHP9RONHDXI(UGHQDQYHUWUDXWKDEHLVWJURXQGVHKUKHLNHO
'HVKDOE KDEH ,FK HV LQ MHGHP =HLWDOWHU DXIJHVXFKW XP HV PLW PHLQHP :RUWH ]X LQVSLULHUHQ
XQGLKPHWZDVPHKUYRP,QKDOWGHV*HVHW]HV]XRIIHQEDUHQ

'DV*HVHW]GHU/LHEHGHV*XWHQXQGGHU*HUHFKWLJNHLWLVWGDVJHLVWLJH(UEH JHZHVHQGDV
,FKLKP]XDOOHQ=HLWHQJHEUDFKWKDEH9RQ/HNWLRQ]X/HNWLRQKDEH,FKGLH0HQVFKKHLW]XP
9HUVWlQGQLV GHVVHQ JHIKUW GDVV GDV *HVHW] LQ HLQHP HLQ]LJHQ *HERW ]XVDPPHQJHIDVVW
ZHUGHQ NDQQ GHP GHU /LHEH /LHEW GHQ 9DWHU ZHOFKHU 8UKHEHU GHV /HEHQV LVW OLHEW GHQ
0LWPHQVFKHQZHOFKHU7HLOGHV9DWHUVLVWOLHEWDOOHVZDVGHU+HUUJHVFKDIIHQXQGDQJHRUGQHW
KDW

 'LH /LHEH LVW *UXQG 8UVSUXQJ XQG 6DPH GHU :HLVKHLW GHU *U|H GHU .UDIW GHU
(UKHEXQJ XQG GHV /HEHQV 'LHV LVW GHU ZDKUH :HJ GHQ GHU 6FK|SIHU IU GLH 6HHOH
YRUJH]HLFKQHW KDW GDPLW VLH YRQ 6WXIH ]X 6WXIH XQG YRQ +HLPVWDWW ]X +HLPVWDWW GLH LPPHU
JU|HUH1lKH]X0LUIKOW

:HQQGHU0HQVFKYRQ$QEHJLQQGHU=HLWHQDXVGHUJHLVWLJHQ/LHEHHLQHQ*RWWHV'LHQVW
JHPDFKWKlWWHDQVWDWWLQDEJ|WWLVFKH5LWHQXQGLQUHOLJL|VHQ)DQDWLVPXV]XYHUIDOOHQVRZlUH
GLHVH :HOW GLH KHXWH GXUFK GLH $QJVW XQG GDV (OHQG GHU 0HQVFKHQ ]X HLQHP 7UlQHQWDO
JHZRUGHQLVWHLQ7DOGHV)ULHGHQVLQZHOFKHPGLH6HHOHQ9HUGLHQVWHHUZHUEHQZUGHQXP
QDFK GLHVHP /HEHQ MHQH JHLVWLJHQ +HLPVWlWWHQ ]X HUUHLFKHQ LQ ZHOFKH GLH 6HHOH DXI LKUHP
:HJGHU$XIZlUWVHQWZLFNOXQJHLQJHKHQVROO  


.DSLWHO 'LHQHXH$UWGHU9HUHKUXQJ*RWWHV

'LH(QWZLFNOXQJGHU$QEHWXQJVIRUPHQ

:LHODQJVDPJHKWGLH0HQVFKKHLWGHU9ROONRPPHQKHLWLKUHU*RWWHVYHUHKUXQJHQWJHJHQ

 ,PPHU ZHQQ ,FK ]X HXFK PLW HLQHU QHXHQ /HNWLRQ NRPPH HUVFKHLQW VLH HXFK HXUHU
(QWZLFNOXQJVVWXIHDOO]XZHLWYRUDXV'RFKEHJUHLIWGDVV,FKHXFKHLQ=HLWDOWHU ]XU9HUIJXQJ
VWHOOHGDPLWLKUVLHVRODQJHHV ZlKUWHUIDVVHQXQGLQHXHU/HEHQDXIQHKPHQN|QQW 


 'LH 7LHURSIHU GLH LKU DXI GHP $OWDU -HKRYDV GDUEUDFKWHW ZXUGHQ YRQ ,KP DQJHQRPPHQ
'RFKHVZDUQLFKWGLHEHVWH)RUPXPHXUH6HHOH]XP+HUUQ]XHUKHEHQ'DNDP,FKDOV-HVXV
]XHXFKXP HXFKGDV*|WWOLFKH*HERW]XOHKUHQGDVHXFKVDJW/LHEHWHLQDQGHU

-HW]WVDJH ,FKHXFKGDVVGLH/HKUHQGLH,FKHXFKLQGHU=ZHLWHQ=HLWGXUFKGLH:HUNH
-HVX NXQGWDW GDV HLQH 0DO YHUlQGHUW XQG GDV DQGHUH 0DO VFKOHFKW DXVJHOHJW ZRUGHQ VLQG
'DUXPELQ,FKJHNRPPHQZLH,FKHVHXFKDQNQGLJWHXPPHLQH:DKUKHLW]XHUKHOOHQ0HLQ
2SIHUGDPDOVYHUKLQGHUWHYLHOH7LHURSIHUXQG,FKOHKUWHHXFKHLQHYROONRPPHQHUH9HUHKUXQJ
*RWWHV

0HLQHQHXH2IIHQEDUXQJLQGLHVHU=HLWZLUGEHZLUNHQGDVVGLH0HQVFKKHLW EHJUHLIWGDVV
LKUGLHV\PEROLVFKHQ.XOWIRUPHQQLFKWYHUZHQGHQGUIWRKQH]XYRULKUHQ6LQQ]XGHXWHQGD
VLHQXUHLQHVLQQELOGOLFKH'DUVWHOOXQJPHLQHU/HKUHQVLQG 

 'DV *HEHW LVW GDV JHLVWLJH 0LWWHO GDV ,FK GHP 0HQVFKHQ LQVSLULHUW KDEH XP PLW PHLQHU
*|WWOLFKNHLW=ZLHVSUDFKH]XKDEHQ'DKHUEHNXQGHWHHVVLFKYRQ$QEHJLQQLQHXFK DOVHLQH
6HKQVXFKWDOVHLQ%HGUIQLVGHV*HLVWHVDOVHLQH=XIOXFKWLQGHQ6WXQGHQGHU+HLPVXFKXQJ

 :HU GDV ZDKUH *HEHW QLFKW NHQQW NHQQW QLFKW GLH %HVHOLJXQJHQ GLH HV PLW VLFK EULQJW
NHQQWQLFKWGLH4XHOOHYRQ*HVXQGKHLWXQG:RKOWDWHQGLHLQLKPHQWKDOWHQVLQG(UIKOW]ZDU
GHQ,PSXOVVLFK0LU]XQlKHUQPLW0LU]XVSUHFKHQXQGVHLQ$QOLHJHQYRU0LFK]XEULQJHQ
DEHU GD HV LKP DQ 6SLULWXDOLWlW PDQJHOW HUVFKHLQW LKP GLH 2SIHUJDEH QXU VHLQH *HGDQNHQ
HPSRU]XULFKWHQVRDUPVHOLJGDVVHUVRJOHLFKQDFKHWZDV0DWHULHOOHP$XVVFKDXKlOWXPHV
0LUGDU]XEULQJHQZHLOHUPHLQWGDVVHU0LUGDPLWEHVVHUKXOGLJW

$XIGLHVH:HLVHVLQGGLH0HQVFKHQLQ$EJ|WWHUHL)DQDWLVPXV5LWHQXQGlXVVHUOLFKH.XOWH
YHUIDOOHQZRPLWVLHLKUH6HHOHQHUVWLFNWHQXQGVLHMHQHUJHVHJQHWHQ)UHLKHLWEHUDXEWHQGLUHNW
]XLKUHP9DWHU]XEHWHQ1XUZHQQGHU6FKPHU]VHKUKHIWLJLVWZHQQGLH4XDOGLH*UHQ]HQ
GHUPHQVFKOLFKHQ.UlIWHHUUHLFKWEHIUHLWVLFKGLH6HHOHYHUJLVVW)RUPDOLWlWHQXQGVWU]WLKUH
*|W]HQ XP VLFK HPSRU]XULFKWHQ XQG DXV WLHIVWHP +HU]HQ ]X VFKUHLHQ PHLQ 9DWHU PHLQ
*RWW

 6HKW LKU ZLH GLH 9|ONHU LQ GLHVHU =HLW GHV 0DWHULDOLVPXV GDPLW EHVFKlIWLJW VLQG
JHJHQHLQDQGHU.ULHJ]XIKUHQ"'RFK,FKVDJHHXFKGDVVYLHOH0HQVFKHQGRUWLQPLWWHQMHQHU
.ULHJVJHVFKHKHQGDV*HKHLPQLVGHV*HEHWVHQWGHFNWKDEHQ  MHQHV*HEHWVGDVGHP+HU]HQ
HQWVSULQJWXQGDOVHLQGULQJOLFKHU+LOIHUXI DOVHLQH.ODJHDOV HLQHIOHKHQWOLFKH%LWWH]X0LU
JHODQJW


 $OV VLH GDQQ GDV HUEHWHQH :XQGHU DXI LKUHP :HJH HUOHEWHQ KDEHQ VLH JHZXVVW GDVV HV
NHLQHDQGHUH$UWJLEWPLW*RWW]XVSUHFKHQDXHULQGHU6SUDFKHGHV*HLVWHV  


6FKHLQJHEHWHRKQH+LQJDEHXQG*ODXEHQ

20HLQH.LQGHUDOOHU*ODXEHQVEHNHQQWQLVVHHUW|WHWQLFKWGLHHGHOVWHQ(PSILQGXQJHQGHU
6HHOHXQGYHUVXFKWDXFKQLFKWVLHPLWlXHUOLFKHQ%UlXFKHQXQG.XOWHQDE]XILQGHQ

6HKW:HQQHLQH0XWWHULKUHPJHOLHEWHQNOHLQHQ.LQGHQLFKWV0DWHULHOOHVDQ]XELHWHQKDW
GUFNW VLH HV DQ LKU +HU] VHJQHW HV PLW DOO LKUHU /LHEH EHGHFNW HV PLW .VVHQ EOLFNW HV
OLHEHYROODQEDGHWHVPLWLKUHQ7UlQHQGRFKQLHPDOVYHUVXFKWVLHHVPLWOHHUHQ/LHEHVJHVWHQ
]XEHWUJHQ

:LHNRPPWLKUDXIGHQ*HGDQNHQGDVV,FKGHU*|WWOLFKH0HLVWHUJXWKHLHGDVVLKUHXFK
PLW GHQ .XOWKDQGOXQJHQ ]XIULHGHQJHEW GLH EDU MHGHV JHLVWLJHQ :HUWHV MHGHU :DKUKHLW XQG
/LHEHVLQGPLWGHQHQLKUHXUH6HHOH]XEHWUJHQYHUVXFKWLQGHPLKUVLH JODXEHQPDFKWVLH
KDEHVLFKJHQlKUWZHQQVLHLQ:LUNOLFKNHLWEH]JOLFKGHU:DKUKHLWLPPHUXQZLVVHQGHUZLUG"


'DV*HEHWLVWHLQH*QDGHGLH*RWWGHP0HQVFKHQJHJHEHQKDWGDPLWHVLKPDOV/HLWHU
GLHQHXP JHLVWLJ HPSRU]XVWHLJHQDOV:DIIHXPVLFK]XYHUWHLGLJHQDOV%XFKXPVLFK]X
XQWHUULFKWHQXQGDOV%DOVDPXPVLFK]XKHLOHQXQGYRQMHGHU.UDQNKHLW]XJHQHVHQ

 'DV ZDKUH *HEHW LVW YRQ GHU (UGH YHUVFKZXQGHQ GLH 0HQVFKHQ EHWHQ QLFKW PHKU XQG
ZHQQ VLH HV ]X WXQ YHUVXFKHQ WXQ VLH HV PLW GHQ /LSSHQ DQVWDWW PLW GHP *HLVWH ]X 0LU ]X
VSUHFKHQ XQG YHUZHQGHQ OHHUH :RUWH 5LWHQ XQG 9HUVWHOOXQJVNQVWH :LH ZROOHQ GLH
0HQVFKHQ:XQGHUVFKDXHQZHQQVLH)RUPHQJHEUDXFKHQXQG3UDNWLNHQDQZHQGHQGLH-HVXV
QLFKWOHKUWH"

(VLVWQRWZHQGLJGDVVGDVZDKUH*HEHWXQWHUGLH0HQVFKHQ]XUFNNHKUWXQG,FKELQHV
GHUHVHXFKYRQQHXHPOHKUW 

 /HKUHW ]X EHWHQ PDFKW HXUHQ 0LWPHQVFKHQ EHJUHLIOLFK GDVV HV LKU *HLVW LVW GHU PLW
VHLQHP6FK|SIHU=ZLHVSUDFKHKDOWHQVROOGDPLWVLHHLQVHKHQGDVVLKUH*HEHWHIDVWLPPHUGHU
6FKUHL GHV .|USHUV VLQG GHU $XVGUXFN YRQ $QJVW GHU %HZHLV LKUHV 0DQJHOV DQ *ODXEHQ
LKUHV$XIEHJHKUHQVRGHULKUHV0LVVWUDXHQVJHJHQ0LFK

 0DFKW HXUHQ 0LWPHQVFKHQ EHJUHLIOLFK GDVV VLH LKUHQ .|USHU QLFKW NDVWHLHQ RGHU
]HUIOHLVFKHQ PVVHQ XP PHLQHQ *HLVW ]X EHZHJHQ XP PHLQ 0LWJHIKO RGHU PHLQH
%DUPKHU]LJNHLW ]X HUZHFNHQ -HQH GLH VLFK N|USHUOLFKH /HLGHQ XQG %XHQ DXIHUOHJHQ WXQ
GLHV ZHLO VLH QLFKW GLH JHULQJVWH .HQQWQLV GDYRQ KDEHQ ZHOFKHV GLH ZRKOJHIlOOLJVWHQ
2SIHUJDEHQIU0LFKVLQGQRFKHLQH9RUVWHOOXQJYRQPHLQHU/LHEHXQGGHU%DUPKHU]LJNHLW
HXUHV9DWHUVKDEHQ

 0HLQW LKU GDVV HV IU 0LFK GHU 7UlQHQ LQ HXUHQ $XJHQ XQG GHV 6FKPHU]HV LQ HXUHQ
+HU]HQ EHGDUI XP 0LFK HXUHU ]X HUEDUPHQ" 'LHV ZUGH EHGHXWHQ 0LU +lUWH
*HIKOORVLJNHLW *OHLFKJOWLJNHLW 6HOEVWVXFKW ]X]XVFKUHLEHQ .|QQW LKU HXFK GLHVH )HKOHU LQ
GHP*RWWGHQLKUOLHEWYRUVWHOOHQ"


:LHZHQLJKDEWLKUHXFKGDUXPEHPKW0LFKNHQQHQ]XOHUQHQ'HU*UXQGGDIULVWGDVV
LKUHXUHQ9HUVWDQGQLFKWVRJHVFKXOWKDEWGDVVHULP(LQNODQJPLWGHP*HLVWHGHQNW 
 

 /DVVW KHXWH HLQPDO GLH (UGH IU HLQLJH $XJHQEOLFNH KLQWHU HXFK XQG NRPPW ]X 0LU LP
*HLVWH

9LHOH-DKUKXQGHUWHODQJKDEHQGLH0HQVFKHQGLHUHFKWH$UW]XEHWHQYHUIHKOWZHVKDOEVLH
VLFKQLFKWJHVWlUNWQRFKLKUHQ/HEHQVZHJPLWPHLQHU/LHEHHUKHOOWKDEHQGDVLHPLWWHOVLKUHU
6LQQHXQGQLFKWPLWLKUHP*HLVWJHEHWHWKDEHQ

 'LH $EJ|WWHUHL ]X GHU GHU 0HQVFK VR VHKU QHLJW LVW ZLH HLQ *LIW JHZHVHQ GDV LKQ GLH
JHLVWLJHQ)UHXGHQGHVLQQHUOLFKHQ*HEHWHVQLFKWKDWJHQLHHQODVVHQ

 :LHYLHO (OHQG KDEHQ GLH 0HQVFKHQ PLW VLFK JHVFKOHSSW QXU ZHLO VLH QLFKW ]X EHWHQ
YHUVWDQGHQ 8QG GLHV LVW QXU QDWUOLFK -QJHU 'HQQ ZHOFKH JHLVWLJH 6WlUNH NDQQ HLQ
PHQVFKOLFKHV :HVHQ VFKRQ KDEHQ XP GLH 9HUVXFKXQJHQ GHV /HEHQV ]X EHVWHKHQ ZHQQ HV
QLFKWVKDWXPVLFKGHP/HEHQVTXHOO]XQlKHUQGHULQPHLQHP*HLVWHH[LVWLHUW"(VVXFKW0LFK
LQGHQ$EJUQGHQLQGHQ6FKDWWHQREZRKOHVVLFKHUKHEHQN|QQWHXP0LFKDXIGHQ*LSIHOQ
LP/LFKWH]XILQGHQ

 $FK ZHQQ GLH 0HQVFKHQ GLHVHU =HLW GRFK GLH 0DFKW GHV *HEHWHV EHJULIIHQ  ZLHYLHOH
EHUPHQVFKOLFKH :HUNH ZUGHQ VLH EHZHUNVWHOOLJHQ $EHU VLH GXUFKOHEHQ HLQH (SRFKH GHV
0DWHULDOLVPXVLQGHUVLHVHOEVWGDV*|WWOLFKH]XYHUPDWHULDOLVLHUHQYHUVXFKHQXPHVEHUKUHQ
XQGVHKHQ]XN|QQHQ  

'DVZDKUH*HEHW

,FKVHJQHMHQHGLHEHWHQ-HVSLULWXHOOHULKU*HEHWLVWGHVWRJU|HULVWGHU)ULHGHGHQ,FK
VLHIKOHQODVVH

 'LHV N|QQW LKU HXFK OHLFKW HUNOlUHQ GHQQ ZHU XP ]X EHWHQ GDUDXI DQJHZLHVHQ LVW YRU
%LOGQLVVHQ RGHU *HJHQVWlQGHQ QLHGHU]XNQLHQ XP GLH *HJHQZDUW GHV *|WWOLFKHQ ]X IKOHQ
ZLUG QLFKW GLH JHLVWLJH (PSILQGXQJ GHU *HJHQZDUW GHV 9DWHUV LQ VHLQHP +HU]HQ HUIDKUHQ
N|QQHQ

6HOLJGLHRKQH]XVHKHQJODXEHQVDJWH,FKHLQVWHQVXQGMHW]WVDJH,FKHVHUQHXWGHQQ
ZHUVHLQH$XJHQIUGLH'LQJHGHU:HOWVFKOLHW|IIQHWVLHIUGDV*HLVWLJHXQGZHU*ODXEHQ
DQPHLQHJHLVWLJH *HJHQZDUWKDWPXVV VLHIKOHQXQGVLFKLKUHUHUIUHXHQ

 :DQQ ZHUGHQ GLH (UGHQPHQVFKHQ GDPLW DXIK|UHQ LKUHP *HLVW GLH :RQQH ]X YHUVDJHQ
0LFKLQLKUHP+HU]HQ]XIKOHQPLWWHOVGHVGLUHNWHQ*HEHWHVRGHU  ZDVGDVVHOEHLVW GXUFK
GDV *HEHW YRQ *HLVW ]X*HLVW" 'DQQ ZHQQ PHLQ /LFKW GDV /HEHQ GHU 0HQVFKHQ HUOHXFKWHW
VLHGLH:DKUKHLWNHQQHQXQGLKUH,UUWPHUEHJUHLIHQ

 -H]W LVW GLH UHFKWH =HLW XP ]X EHWHQ XQG ]X PHGLWLHUHQ DEHU PLW *HEHWHQ GLH IUHL YRQ
)DQDWLVPXV XQG 9HUJ|W]XQJ VLQG XQG PLW UXKLJHP XQG WLHIHP 1DFKGHQNHQ EHU PHLQ
*|WWOLFKHV:RUW

 $OOH 6WXQGHQ XQG DOOH 2UWH N|QQHQ JHHLJQHW VHLQ XP ]X EHWHQ XQG ]X PHGLWLHUHQ 1LH
KDEH LFK HXFK LQ PHLQHQ 8QWHUZHLVXQJHQ JHVDJW GDVV HV 2UWH RGHU $XJHQEOLFNH JlEH GLH


EHVRQGHUVGDIUYRUJHVHKHQVLQG:R]XDXIGHU:HOWEHVWLPPWH2UWHDXIVXFKHQXP]XEHWHQ
ZRGRFKHXHU*HLVWJU|HULVWDOVGLH:HOWGLHLKUEHZRKQW":HVKDOE0LFKDXI%LOGQLVVHXQG
VREHJUHQ]WH2UWHEHVFKUlQNHQZR,FKGRFKXQHQGOLFKELQ"

 'HU VFKZHUZLHJHQGVWH *UXQG IU GLH VHHOLVFKH $UPXW GHU 0HQVFKHQ XQG LKUH LUGLVFKHQ
6FKLFNVDOVVFKOlJH LVW LKUH XQYROONRPPHQH $UW ]X EHWHQ ZHVKDOE ,FK HXFK VDJH GDVV GLHVH
(UNHQQWQLVGLHJDQ]H0HQVFKKHLWHUUHLFKHQPXVV 

 1LFKW LPPHU EHWHW LKU PLW GHU JOHLFKHQ LQQHUHQ 6DPPOXQJ GDKHU HUOHEW LKU DXFK QLFKW
LPPHUGHQJOHLFKHQ)ULHGHQRGHUGLHJOHLFKH,QVSLUDWLRQ

(VJLEW*HOHJHQKHLWHQEHLGHQHQLKULQVSLULHUWVHLGXQGGLH*HGDQNHQHUKHEWXQGHVJLEW
DQGHUHEHLGHQHQLKUY|OOLJWHLOQDKPVORVEOHLEW:LHZROOWLKUGDPHLQH%RWVFKDIWHQLPPHULQ
GHU JOHLFKHQ :HLVH HPSIDQJHQ" ,KU PW HXHU *HPW XQG VHOEVW HXUHQ .|USHU HU]LHKHQ LQ
GHQ$XJHQEOLFNHQGHV*HEHWHVPLWGHP*HLVWH]XVDPPHQ]XDUEHLWHQ

'HU*HLVWLVWLPPHUEHUHLWVLFKPLW0LU]XYHUELQGHQDEHUHUEHGDUIGHUJXWHQ9HUIDVVXQJ
GHV.|USHUVXPVLFKLQMHQHQ$XJHQEOLFNHQHUKHEHQXQGYRQDOOHPEHIUHLHQ]XN|QQHQZDV
LKQLQVHLQHPLUGLVFKHQ/HEHQXPJLEW

%HPKWHXFKGDVZDKUH*HEHW]XHUUHLFKHQGHQQZHU]XEHWHQYHUVWHKWWUlJWLQVLFKGHQ
6FKOVVHO ]XP )ULHGHQ ]XU *HVXQGKHLW ]XU +RIIQXQJ ]XU JHLVWLJHQ .UDIW XQG ]XP HZLJHQ
/HEHQ

 'HU XQVLFKWEDUH 6FKLOG PHLQHV *HVHW]HV ZLUG LKQ YRU 1DFKVWHOOXQJHQ XQG *HIDKUHQ
EHVFKW]HQ ,Q VHLQHP 0XQGH ZLUG HU HLQ XQVLFKWEDUHV 6FKZHUW PLW VLFK IKUHQ XP DOOH
*HJQHU GLH VLFK VHLQHP :HJ HQWJHJHQVWHOOHQ QLHGHU]XZHUIHQ (LQ /HXFKWWXUP ZLUG VHLQH
%DKQLQPLWWHQGHU6WUPHHUKHOOHQ%HVWlQGLJZLUGHLQ:XQGHUIULKQHUUHLFKEDUVHLQZDQQ
LPPHUHUHVEHQ|WLJWVHLHVIULKQVHOEVWRGHU]XP:RKOHVHLQHU0LWPHQVFKHQ

%HWHWEWGLHVHKRKH*DEHGHV*HLVWHVDXVGHQQGLHVH.UDIWZLUGHVVHLQGLHGDV/HEHQ
GHU0HQVFKHQGHU=XNXQIWEHZHJW MHQHU0HQVFKHQGLH VFKRQ LP)OHLVFKHGLH9HUELQGXQJ
YRQ LKUHP *HLVW]X PHLQHP *HLVWHUUHLFKHQZHUGHQ

 'LH )DPLOLHQYlWHU ZHUGHQ VLFK GXUFK GDV *HEHW GLH (LQJHEXQJHQ VFKHQNHQ ODVVHQ XP
LKUH.LQGHU]XIKUHQ

 'LH .UDQNHQ ZHUGHQ GLH *HVXQGKHLW PLWWHOV GHV *HEHWHV HPSIDQJHQ 'LH 5HJLHUHQGHQ
ZHUGHQ LKUH JURHQ 3UREOHPH O|VHQ LQGHP VLH LP *HEHW GDV /LFKW VXFKHQ XQG GHU
:LVVHQVFKDIWOHU ZLUG GLH 2IIHQEDUXQJHQ JOHLFKIDOOV GXUFK GLH *DEH GHV *HEHWV HPSIDQJHQ
 

-QJHU,QGHU=ZHLWHQ=HLWIUDJWHQ0LFKPHLQH$SRVWHOZLHVLHEHWHQVROOWHQ XQG,FK
OHKUWHVLHGDVYROONRPPHQH*HEHWGDVLKUGDV9DWHUXQVHUQHQQW

 1XQ VDJH ,FK HXFK ,QVSLULHUW HXFK DQ GLHVHP *HEHW DQ VHLQHP 6LQQJHKDOW DQ VHLQHU
'HPXWXQGDQVHLQHP*ODXEHQGDPLWHXHU*HLVWPLWGHPPHLQHQ=ZLHVSUDFKHKlOW'HQQHV
ZHUGHQ GDQQ QLFKW PHKU GLH N|USHUOLFKHQ /LSSHQ VHLQ GLH MHQH JHVHJQHWHQ :RUWH VSUHFKHQ
VRQGHUQGHU*HLVWGHUPLWGHULKPHLJHQHQ6SUDFKH]X0LUVSULFKW 


$FKWHWGDUDXIGDVV HVQLFKWQXU HXUH /LSSHQVLQGGLH0LFK 9DWHU QHQQHQGHQQYLHOH
YRQHXFKSIOHJHQGLHVPHFKDQLVFK]XWXQ,FKZLOOGDVVZHQQLKUVSUHFKW9DWHUXQVHUGHU
'X ELVW LP +LPPHO JHKHLOLJW ZHUGH GHLQ 1DPH GLHVHV *HEHW DXV WLHIVWHP +HU]HQ NRPPW
XQG LKU EHU MHGHQ 6DW] QDFKVLQQW GDPLW LKU GDQDFK LQVSLULHUW XQG LQ YROONRPPHQHU
*HPHLQVFKDIWPLW0LUVHLG

,FKKDEHHXFKGDVPDFKWYROOHYROOHQGHWH*HEHWJHOHKUWZHOFKHVGDV.LQGZLUNOLFKGHP
9DWHUQlKHUEULQJW:HQQLKUGDV:RUW9DWHUPLW,QEUXQVWXQG(KUIXUFKWPLW(UKHEXQJXQG
/LHEH PLW *ODXEH XQG +RIIQXQJ DXVVSUHFKW VFKZLQGHQ GLH (QWIHUQXQJHQ GHU 5DXP
YHUVFKZLQGHWGHQQLQGLHVHP$XJHQEOLFNGHU=ZLHVSUDFKHYRQ*HLVW]X*HLVWLVWZHGHU*RWW
IHUQH YRQ HXFK QRFK VHLG LKU IHUQH YRQ ,KP %HWHW VR XQG LKU ZHUGHW LQ HXUHQ +HU]HQ PLW
YROOHQ+lQGHQGLH:RKOWDWPHLQHU/LHEHHPSIDQJHQ 

'LHYLHU$VSHNWHGHVYROONRPPHQHQ*HEHWV

5LQJHWULQJHWGDUXPGLHVHHOLVFKH9ROONRPPHQKHLW]XHUODQJHQ,FKKDEHHXFKGHQ:HJ
JH]HLJW XP GLHVHV =LHO ]X HUUHLFKHQ ,FK KDEH HXFK GDV *HEHW DQYHUWUDXW DOV GLH MHGHU
PDWHULHOOHQ:DIIHEHUOHJHQH :DIIHXPHXFKDXIGHP/HEHQVZHJHJHJHQ+LQWHUKDOWH]X
YHUWHLGLJHQ$EHUGLHEHVWH:DIIHZHUGHWLKUKDEHQZHQQLKUPHLQ*HVHW]HUIOOW

 :RUDXV EHVWHKW GDV *HEHW" 'DV *HEHW LVW %LWWH )UELWWH $QEHWXQJ XQG JHLVWLJH
%HWUDFKWXQJ$OOHVHLQH7HLOHVLQGQRWZHQGLJXQGHLQHVJHKWDXVGHPDQGHUHQKHUYRU'HQQ
LQ:DKUKHLWVDJH,FKHXFK'LH%LWWHEHVWHKWGDULQGDVVGHU0HQVFK0LFKELWWHWGDVV,FKLKP
VHLQH :QVFKH HUIOOH VHLQH 6HKQVFKWH EHIULHGLJH  GDV ZDV HU IU GDV :LFKWLJVWH XQG
+HLOVDPVWH LQ VHLQHP /HEHQ KlOW 8QG ZDKUOLFK ,FK VDJH HXFK PHLQH .LQGHU GHU 9DWHU
YHUQLPPW GLH %LWWH XQG JLEW HLQHP MHGHQ ZDV HU DP PHLVWHQ EHQ|WLJW ZDQQ LPPHU HV ]X
VHLQHP:RKOHLVW'RFKKWHWHXFKGDYRUXPHWZDV]XELWWHQZDVLP:LGHUVSUXFK]XP+HLOH
HXUHU 6HHOH LVW 'HQQ MHQH GLH QXU XP PDWHULHOOH *WHU ELWWHQ XP N|USHUOLFKH :RQQHQ XQG
YHUJlQJOLFKH0DFKWELWWHQGDUXPLKUH6HHOHLQ.HWWHQ]XOHJHQ

'LHN|USHUOLFKHQ:RQQHQEULQJHQQXU/HLGHQPLWVLFK QLFKWQXULQGLHVHU:HOWVRQGHUQ
DXFK QDFK GHP hEHUJDQJ LQ GLH *HLVWLJH :HOW GHQQ VHOEVW GRUWKLQ NDQQ GHU (LQIOXVV MHQHU
PDWHULHOOHQ :QVFKH JHODQJHQ XQG ZHLO GLH 6HHOH VLFK QLFKW YRQ LKQHQ IUHLPDFKHQ NDQQ
ZLUG VLH ZHLWHUKLQ YRQ MHQHQ 6HKQVFKWHQ JHTXlOW XQG P|FKWH ZLHGHU XQG ZLHGHU ]XU (UGH
]XUFNNHKUHQ XP ]X UHLQNDUQLHUHQ XQG ZHLWHUKLQ PDWHULHOO ]X OHEHQ 'DKHU 0HLQH .LQGHU
ELWWHWQXUXPGDVZDVLKUZLUNOLFK]XP:RKOHHXUHU6HHOHEHQ|WLJW

'LH]ZHLWH$UWGHV*HEHWVGLH)UELWWHHQWVSULQJWGHU/LHEH]XP1lFKVWHQMHQHU/LHEH
GLH ,FK HXFK DOV 0HLVWHU OHKUWH DOV ,FK LQ GLHVH :HOW NDP %HWHW IU HXUH QDKHQ XQG IHUQHQ
*HVFKZLVWHUIUMHQHGLHLQGHQYHUVFKLHGHQHQ1DWLRQHQGLH)ROJHQGHV.ULHJHVHUOHLGHQGLH
GLH7\UDQQHLGHUYHUJlQJOLFKHQ+HUUVFKHUGLHVHU:HOWHUGXOGHQ

 %HUHLWHW HXFK R PHLQH .LQGHU ELWWHW IU HXUH 0LWPHQVFKHQ DEHU DXFK EHL GLHVHU
)UVSUDFKH PVVW LKU ]X ELWWHQ YHUVWHKHQ GHQQ ZDV ZLFKWLJ LVW LVW GHU *HLVW :HQQ HLQ
%UXGHU HXUH (OWHUQ RGHU HXUH .LQGHU NUDQN VLQG VR ELWWHW IU VLH DEHU EHVWHKW QLFKW GDUDXI
GDVV VLH LQ GLHVHP /HEHQ YHUEOHLEHQ ZHQQ GLHV QLFKW GDV LVW ZDV GLH 6HHOH EHQ|WLJW %LWWHW
OLHEHUGDVVGLHVH6HHOHIUHLZHUGHGDVVVLHVLFKLQLKUHQ/HLGHQOlXWHUHGDVVGHU6FKPHU]GLH
VHHOLVFKH$XIZlUWVHQWZLFNOXQJI|UGHUH'HVKDOEKDWGHU0HLVWHUHXFKVFKRQLQGHU=ZHLWHQ
=HLW VDJHQ JHOHKUW 9DWHU 'HLQ :LOOH JHVFKHKH 'HQQ GHU 9DWHU ZHL EHVVHU DOV
LUJHQGHLQHVVHLQHU.LQGHUZHVVHQGLH6HHOHEHGDUI


'LHGULWWH$UWGHV*HEHWVGLH9HUHKUXQJIUGHQ*|WWOLFKHQ*HLVWEHGHXWHWGLH9HUHKUXQJ
IU DOOHV ZDV YROONRPPHQ LVW GHQQ GXUFK GLHVH $UW YRQ *HEHW N|QQW LKU HXFK PLW GHU
9ROONRPPHQKHLW PLW GHU /LHEH YHUHLQHQ GLH GDV JDQ]H :HOWDOO XPIlQJW ,Q GHU $QEHWXQJ
N|QQW LKU GHQ 6WDQG GHU 9ROONRPPHQKHLW ILQGHQ GHQ LKU DOOH HUUHLFKHQ PVVW XQG GLH
$QEHWXQJ IKUWHXFKZHLWHU]XUJHLVWLJHQ%HWUDFKWXQJZHOFKH]XVDPPHQPLWGHU$QEHWXQJ
HXFK]XU9HUHLQLJXQJPLWGHP*|WWOLFKHQ*HLVWHEULQJWGHP4XHOOGHV(ZLJHQ/HEHQV  GHU
4XHOOHGLHHXFK7DJIU7DJ.UDIWJLEWXP]XP5HLFKGHV9DWHUV]XJHODQJHQ

6RVROOWLKUEHWHQEHJLQQHQGPLWGHP%LWWJHEHWELV]XUJHLVWLJHQ%HWUDFKWXQJ'LHVZLUG
HXFK.UDIWJHEHQ

:HQQLKUGDQQJXW]XJHUVWHWVHLGVROOWLKUQLFKWQXUIUHXFKNlPSIHQVRQGHUQXPHXUHQ
0LWPHQVFKHQ]XKHOIHQGLHVHQ:HJ]XEHVFKUHLWHQ'HQQLKU N|QQWHXHU6HHOHQKHLOQLFKWIU
HXFK DOOHLQ HUUHLFKHQ VRQGHUQ PVVW GDUXP ULQJHQ GDV +HLO GHU JDQ]HQ 0HQVFKKHLW ]X
HUUHLFKHQ  

'DVVSRQWDQH+HU]HQVJHEHWRKQH:RUWH

 9RON KLHU LVW GLH 6WLPPH GHV +HLOLJHQ *HLVWHV GLH JHLVWLJH .XQGJHEXQJ *RWWHV PLWWHOV
HXUHV 9HUVWDQGHVYHUP|JHQV GLH HXFK NHLQ QHXHV *HVHW] QRFK HLQH QHXH /HKUH RIIHQEDUW
VRQGHUQ HLQH QHXH IRUWVFKULWWOLFKHUH VSLULWXHOOHUH XQG YROONRPPHQHUH $UW XQG :HLVH PLW
GHP9DWHULQ9HUELQGXQJ]XWUHWHQ,KQ]XHPSIDQJHQXQG,KQ]XYHUHKUHQ 

:LHYLHOHJLEWHVGLHPHLQ:RUWYHUQHKPHQGLH]XJURHQ$XVOHJHUQGHVVHOEHQJHZRUGHQ
VLQG XQG GHQQRFK VLQG VLH QLFKW GLH EHVWHQ 7DW-QJHU PHLQHU /HKUH HUIOOHQ VLH QLFKW GDV
*|WWOLFKH*HERWGDVHXFKVDJW/LHEHWHLQDQGHU

 6HKW GDJHJHQ ZLH OHLFKW VLFK MHQHU XPZDQGHOW GHU DXFK QXU HLQ $WRP PHLQHU
8QWHUZHLVXQJSUDNWLVFKDQZHQGHW:ROOWLKUHLQ%HLVSLHOGDIU"

 'D JDE HV MHPDQGHQ GHU 0LU VHLQ JDQ]HV /HEHQ ODQJ GXUFK :RUW*HEHWH VDJWH GDVV HU
0LFK OLHEH  *HEHWH GLH DQGHUH IRUPXOLHUWHQ GLH HU QLFKW HLQPDO YHUVWDQG ZHLO VLH DXV
:RUWHQEHVWDQGHQGHUHQ%HGHXWXQJHUQLFKWNDQQWH'RFKEDOGEHJULIIHUZLHGLHZDKUH$UW
]XEHWHQVHLXQGLQGHPHUVHLQHDOWHQ*HZRKQKHLWHQEHLVHLWHVFKRENRQ]HQWULHUWHHUVLFKDXI
GDV,QQHUVWHVHLQHU6HHOHVDQGWHVHLQH*HGDQNHQ ]X*RWWHPSRUXQG]XPHUVWHQ0DOIKOWHHU
'HVVHQ*HJHQZDUW

(UZXWHQLFKWZDVHUVHLQHP+HUUQVDJHQVROOWHVHLQH%UXVWEHJDQQ]XVFKOXFK]HQXQG
VHLQH$XJHQ7UlQHQ]XYHUJLHHQ,QVHLQHP9HUVWDQGHIRUPWHVLFKQXU HLQ6DW]GHUODXWHWH
0HLQ9DWHUZDVNDQQLFK'LUVDJHQZRLFKGRFKQLFKWPLW'LU]XVSUHFKHQYHUVWHKH"

 $EHU MHQH 7UlQHQ MHQH 6FKOXFK]HU MHQH LQQHUH :RQQH XQG VHOEVW VHLQH 9HUZLUUXQJ
VSUDFKHQ]XP9DWHULQHLQHUVRVFK|QHQ6SUDFKHZLHLKUVLHQLHPDOVLQHXUHQPHQVFKOLFKHQ
6SUDFKHQQRFKLQHXUHQ%FKHUQZHUGHWILQGHQN|QQHQ

-HQHV6WDPPHOQGHV0HQVFKHQGHUPLWVHLQHP+HUUQJHLVWLJ]XEHWHQEHJLQQWlKQHOWGHQ
HUVWHQ:RUWHQYRQ.OHLQNLQGHUQZHOFKHIULKUH(OWHUQ:RQQHXQG(QW]FNHQVLQGZHLOVLH
GLH HUVWHQ bXHUXQJHQ HLQHV :HVHQV YHUQHKPHQ GDV VLFK ]XP /HEHQ ]X HUKHEHQ EHJLQQW
 


'LHK|KHUHQWZLFNHOWH*HLVWZHLGDVVGDVPHQVFKOLFKH:RUWGHQ$XVGUXFNGHVJHLVWLJHQ
*HGDQNHQVDUPPDFKWXQGYHUNOHLQHUW'DKHUOlVVWHUGLHPDWHULHOOHQ/LSSHQVFKZHLJHQXP
VLFK HPSRU]XVFKZLQJHQ XQG LQ GHU 6SUDFKH GLH *RWW DOOHLQ NHQQW GDV *HKHLPQLV
DXV]XVSUHFKHQGDVHULP,QQHUVWHQVHLQHV:HVHQVYHUERUJHQPLWVLFKWUlJW 

:LHYLHO)UHXGHEHUHLWHWLKUPHLQHP*HLVWHZHQQ,FKVHKHGDVVLKUHXUH*HGDQNHQDXIGHU
6XFKHQDFKHXUHP9DWHUHPSRUULFKWHW,FKODVVHHXFKPHLQH*HJHQZDUWIKOHQXQGEHUIOXWH
HXFKPLW)ULHGHQ

 6XFKW 0LFK VSUHFKW PLW 0LU PDFKW HXFK QLFKWV GDUDXV GDVV HXUH *HGDQNHQ ]X
XQEHKROIHQVLQGXPHXUH%LWWHDXV]XGUFNHQ,FKZHUGHVLH]XYHUVWHKHQZLVVHQ6SUHFKW]X
0LUPLWGHP 9HUWUDXHQPLWGHPPDQPLWVHLQHP9DWHUVSULFKW9HUWUDXW0LUHXUH.ODJHQDQ
ZLHLKUHVEHLHXUHPEHVWHQ)UHXQGHWXQZUGHW )UDJW0LFKZDVLKU QLFKWZLVVWDOOHVZDV
HXFKXQEHNDQQWLVWXQG,FKZHUGH]XHXFKPLWGHP:RUWHGHV0HLVWHUVVSUHFKHQ$EHUEHWHW
GDPLW LKU LQ MHQHP JHVHJQHWHQ $XJHQEOLFN LQ ZHOFKHP HXHU *HLVW VLFK ]X 0LU HUKHEW GDV
/LFKWGLH.UDIWGHQ6HJHQXQGGHQ)ULHGHQHPSIDQJHWGHQHXFKHXHU9DWHUJHZlKUW 

(U]lKOW0LULQGHU6WLOOHHXUH/HLGHQYHUWUDXW0LUHXUH6HKQVFKWHDQ2EZRKO,FKDOOHV
ZHLZLOO,FKGDVVLKUQDFKXQGQDFKOHUQWHXHUHLJHQHV*HEHW]XIRUPXOLHUHQELVLKUVRZHLW
VHLGGLHYROONRPPHQH=ZLHVSUDFKHHXUHV*HLVWHVPLWGHP9DWHUDXV]XEHQ 

 'DV *HEHW NDQQ ODQJ RGHU NXU] VHLQ MH QDFKGHP HV QRW WXW ,KU N|QQW ZHQQ LKU HV VR
ZQVFKW JDQ]H 6WXQGHQ LQ MHQHU JHLVWLJHQ :RQQH YHUEULQJHQ ZHQQ HXHU .|USHU QLFKW
HUPDWWHWRGHUZHQQNHLQHDQGHUH3IOLFKWHXUH$XIPHUNVDPNHLWHUIRUGHUW8QGHVNDQQVRNXU]
VHLQ GDVV HV VLFK DXI HLQH 6HNXQGH EHVFKUlQNW ZHQQ LKU LUJHQGHLQHU 3UIXQJ XQWHUZRUIHQ
VHLGGLHHXFKSO|W]OLFKEHUUDVFKWKDW

(VVLQGQLFKWGLH:RUWHPLWGHQHQHXHU9HUVWDQGGDV*HEHW]XJHVWDOWHQYHUVXFKWGLH]X
0LU JHODQJHQ VRQGHUQ GLH /LHEH GHU *ODXEH RGHU GLH 1RW PLW GHU LKU HXFK YRU 0LU ]HLJW
'HVKDOEVDJH,FKHXFKGDVVHV)lOOHJHEHQZLUGLQGHQHQHXHU*HEHWQXUHLQH6HNXQGHZlKUW
ZHLO NHLQH =HLW VHLQ ZLUG *HGDQNHQ 6lW]H RGHU ,GHHQ ]X IRUPXOLHUHQ ZLH LKU HV JHZRKQW
VHLG

 hEHUDOO N|QQW LKU 0LFK DQUXIHQ GHQQ IU 0LFK LVW GHU 2UW JOHLFKJOWLJ GD GDV ZDV ,FK
VXFKHHXHU*HLVWLVW  

 $OV LQ GHU =ZHLWHQ =HLW HLQH )UDX -HVXV IUDJWH RE LQ -HUXVDOHP GHU 2UW VHL DQ GHP VLH
*RWWDQEHWHQVROOHDQWZRUWHWHLKUGHU0HLVWHU'LH=HLWNRPPWLQGHUZHGHU-HUXVDOHPQRFK
LUJHQGHLQDQGHUHU2UWGHUUHFKWH3ODW]LVWXP*RWWDQ]XEHWHQGHQQ(UZLUGLP*HLVWXQGLQ
GHU:DKUKHLWDQJHEHWHWZHUGHQGDVKHLWYRQ*HLVW]X*HLVW

 $OV PHLQH -QJHU 0LFK EDWHQ GDVV ,FK VLH EHWHQ OHKUH JDE ,FK LKQHQ DOV 9RUELOG GDV
*HEHW GDV LKU 9DWHUXQVHU QHQQW ZRPLW ,FK LKQHQ EHJUHLIOLFK PDFKWH GDVV GDV ZDKUH
YROONRPPHQH *HEHW MHQHV LVW GDV JOHLFK MHQHP YRQ -HVXV VSRQWDQ DXV GHP +HU]HQ NRPPW
XQG ELV ]XP 9DWHU HPSRUGULQJW (V VROO *HKRUVDP 'HPXW 6FKXOGEHNHQQWQLV 'DQNEDUNHLW
*ODXEH+RIIQXQJXQG9HUHKUXQJHQWKDOWHQ  

'DVWlJOLFKH*HEHW

 *HOLHEWH -QJHU hEW WlJOLFK GDV JHLVWLJH *HEHW XQG OHJW HXUHQ JDQ]HQ JXWHQ :LOOHQ
KLQHLQHXFK]XYHUYROONRPPQHQ


%HGHQNHW$XHUGDVVLKULQHLQHLQQLJH*HPHLQVFKDIWPLWHXUHP0HLVWHUJHODQJWXQGLQ
MHQHQ$XJHQEOLFNHQHLQHQXQHQGOLFKHQ)ULHGHQHUIDKUWLVWHVIUHXFKGLHEHVWH*HOHJHQKHLW
PHLQH *|WWOLFKHQ ,QVSLUDWLRQHQ ]X HPSIDQJHQ ,Q LKQHQ ZHUGHW LKU GLH (UNOlUXQJ IU DOO GDV
ILQGHQ ZDV LKU QLFKW YHUVWDQGHQ RGHU IDOVFK DXIJHIDVVW KDEW ,KU ZHUGHW GHQ :HJ ILQGHQ
LUJHQGHLQHU*HIDKUYRU]XEHXJHQHLQ3UREOHP]XO|VHQHLQH8QNODUKHLW]XEHVHLWLJHQ,QMHQHU
6WXQGHJHVHJQHWHUJHLVWLJHU=ZLHVSUDFKHZHUGHQVLFKDOO HXUH6LQQHHUKHOOHQXQGLKUZHUGHW
HXFKEHUHLWHUXQGJHQHLJWHUIKOHQ*XWHV]XWXQ 

8QWHUODVVWQLFKWGDV*HEHWDXFKZHQQHVVRNXU]LVWGDVVHVQLFKWOlQJHUDOVIQI0LQXWHQ
GDXHUW GRFK XQWHU]LHKW HXFK GDULQ PLW GHP /LFKWH HXUHV *HZLVVHQV HLQHU JHQDXHQ 3UIXQJ
GDPLWLKUHXHU+DQGHOQLP$XJHEHKDOWHWXQGZLVVWZRULQLKUHXFKEHVVHUQPVVW

 :HQQ LKU EHL HXUHU (UKHEXQJ LP *HEHW GHQ =HLWEHJULII YHUOLHUHQ VROOWHW ZLUG HV HLQ
=HLFKHQYRQ9HUJHLVWLJXQJVHLQGDLKUZHQQDXFKQXUIUHLQLJH $XJHQEOLFNHDXVGHU=HLW
KHUDXV]XWUHWHQ YHUPRFKWHW  MHQHU =HLW ZHOFKH GLH 6NODYHQ GHV 0DWHULDOLVPXV QXU IU LKUH
9HUJQJXQJHQRGHUIUGLH9HUPHKUXQJLKUHV*HOGHVEHJHKUHQ

 :HU VLFK WlJOLFK SUIW ZLUG VHLQH $UW GHV 'HQNHQV /HEHQV 6SUHFKHQV XQG )KOHQV
YHUEHVVHUQ  

,FKKDEHHXFKJHOHKUWGDVVPDQGXUFKGDV*HEHW:HLVKHLWHUODQJWGRFKGHVKDOEZLOO,FK
QLFKW GDVV LKU HXUH *HEHWH YHUOlQJHUW ,FK KDEH YRQ HXFK GDV *HEHW YRQ IQI 0LQXWHQ
YHUODQJW XQG GDPLW ZLOO ,FK VDJHQ GDVV LKU NXU] EHWHQ VROOW GDPLW LKU HXFK LQ GLHVHQ
$XJHQEOLFNHQ ZLUNOLFK HXUHP 9DWHU KLQJHEW GRFK HXUH EULJH =HLW VROOW LKU HXUHQ JHLVWLJHQ
XQGPDWHULHOOHQ3IOLFKWHQJHJHQEHUHXUHQ0LWPHQVFKHQZLGPHQ 

 ,FK OHKUH HXFK QXQ HLQH EHVWLPPWH $UW HXFK ]X]XUVWHQ GDPLW HXUH WlJOLFKHQ :HUNH
DOOHVDPW YRQ HGOHQ *HIKOHQ LQVSLULHUW VLQG XQG GDPLW GLH +HLPVXFKXQJHQ XQG
6FKZLHULJNHLWHQHXFKQLFKWDXIKDOWHQQRFK]XUFNZHLFKHQODVVHQ:HQQLKUHXUH$XJHQGHP
/LFKWH HLQHV QHXHQ 7DJHV |IIQHW VR EHWHW QlKHUW HXFK 0LU GXUFK HXHU 'HQNHQ ELOGHW GDQQ
HXUHQ 7DJHVSODQ LQVSLULHUW YRQ PHLQHP /LFKWH XQG HUKHEW HXFK QXQ ]XP /HEHQVNDPSI
1HKPW HXFK GDEHL YRU VWDUN ]X VHLQ XQG QLFKW HLQHQ HLQ]LJHQ $XJHQEOLFN ODQJ JHJHQ GHQ
*HKRUVDPXQGGHQ*ODXEHQ]XYHUVWRHQ

:DKUOLFK ,FKVDJHHXFKVFKRQEDOGZLUGHXFKHXUH6WDQGKDIWLJNHLWXQGGDV5HVXOWDWHXUHU
:HUNHLQ(UVWDXQHQVHW]HQ  

'HU5XKHWDJDOV7DJGHU6HOEVWEHVLQQXQJ

6FKRQLQGHUHUVWHQ=HLWOHKUWH,FKHXFKGHQVLHEWHQ7DJ0LU]XZHLKHQ'DGHU0HQVFK
VLFKVHFKV7DJHODQJGHU(UIOOXQJVHLQHUZHOWOLFKHQ3IOLFKWHQZLGPHWHZDUHVQXUUHFKWXQG
ELOOLJGDVVHUZHQLJVWHQVHLQHQGHP'LHQVWHVHLQHV+HUUQZHLKWH,FKIRUGHUWHQLFKWYRQLKP
GDVVHU0LUGHQHUVWHQ7DJZLGPHWHVRQGHUQGHQOHW]WHQGDPLWHULQLKPYRQVHLQHQ0KHQ
DXVUXKH XQG VLFK GHU JHLVWLJHQ %HWUDFKWXQJ ZLGPH GDPLW HU VHLQHU 6HHOH *HOHJHQKHLW E|WH
VLFKLKUHP9DWHU]XQlKHUQXQGGXUFKGDV*HEHWPLWLKP]XVSUHFKHQ

'HU7DJGHU5XKHZXUGHHLQJHVHW]WGDPLWGHU0HQVFKLP9HUJHVVHQGHVKDUWHQLUGLVFKHQ
/HEHQVNDPSIHV  XQG VHL HV DXFK QXU IU HLQH NXU]H =HLWVSDQQH  VHLQHP *HZLVVHQ GLH
0|JOLFKNHLW JlEH ]X LKP ]X VSUHFKHQ LKQ DQ GDV *HVHW] ]X HULQQHUQ XQG HU VLFK VHOEVW
HUIRUVFKHVHLQH9HUIHKOXQJHQEHUHXHXQGLQVHLQHP+HU]HQHGOH9RUVlW]H]XU8PNHKUIDVVH


 'HU 6DEEDW ZDU GHU 7DJ GHU IUKHU GHU (UKROXQJ GHP *HEHW XQG GHP 6WXGLXP GHV
*HVHW]HV JHZLGPHW ZDU $EHU GDV 9RON YHUJD EHL GHU %HIROJXQJ GHU 7UDGLWLRQ GLH
EUGHUOLFKHQ *HIKOH JHJHQEHU GHQ 0LWPHQVFKHQ XQG GLH JHLVWLJHQ 3IOLFKWHQ GLH HV
JHJHQEHUVHLQHQ1lFKVWHQKDWWH

'LH=HLWHQYHUJLQJHQGLH0HQVFKKHLWHQWZLFNHOWHVLFKJHLVWLJXQG&KULVWXVNDPXPHXFK
]X OHKUHQ GDVV LKU DXFK DQ GHQ 7DJHQ GHU 5XKH WlWLJH 1lFKVWHQOLHEH EHQ XQG DOOH JXWHQ
:HUNHWXQVROOW

 -HVXV ZROOWH HXFK GDPLW VDJHQ GDVV ]ZDU HLQ 7DJ GHU %HVLQQXQJ XQG N|USHUOLFKHQ
(UKROXQJ JHZLGPHW LVW LKU MHGRFK EHJUHLIHQ VROOW GDVV IU GLH (UIOOXQJ GHU 0LVVLRQ GHV
*HLVWHVZHGHU7DJQRFK6WXQGHYRUKHUEHVWLPPWZHUGHQNRQQWH

2EZRKOGHU0HLVWHU PLWJU|WHU.ODUKHLW ]XHXFK JHVSURFKHQKDWZLFKHQGLH0HQVFKHQ


GDYRQDEXQGMHGHUZlKOWHGHQ7DJGHULKPDP SDVVHQGVWHQZDU:lKUHQGGDKHUGLHHLQHQ
ZHLWHUKLQ GHQ 6DEEDW DOV GHQ GHU 5XKH JHZHLKWHQ 7DJ EHLEHKLHOWHQ ZlKOWHQ DQGHUH GHQ
6RQQWDJXPLKUH*RWWHVGLHQVWH]XIHLHUQ

 +HXWH VSUHFKH ,FK HLQ ZHLWHUHV 0DO ]X HXFK XQG PHLQH 8QWHUZHLVXQJHQ EULQJHQ HXFK
QHXH (UNHQQWQLVVH ,KU KDEW YLHOH (UIDKUXQJHQ GXUFKOHEW XQG HXFK HQWZLFNHOW +HXWH LVW HV
QLFKWYRQ%HGHXWXQJZHOFKHQ7DJLKUGHU(UKROXQJYRQGHULUGLVFKHQ0KVDOZLGPHWZRKO
DEHU GDVV LKU ZLVVW GDVV LKU DOOH 7DJH DXI GHP :HJH ZDQGHOQ VROOW GHQ ,FK HXFK
YRUJH]HLFKQHWKDEH%HJUHLIWGDVVHVNHLQHIHVWJHVHW]WH6WXQGHIUHXHU*HEHWJLEWGHQQMHGH
7DJHV]HLW LVW GD]X JHHLJQHW ]X EHWHQ XQG PHLQH /HKUH ]XP :RKOH HXUHU 0LWPHQVFKHQ
DXV]XEHQ  

%LWWHWVRZLUGHXFKJHJHEHQ

,KUDOOHWUDJWHLQH:XQGHLP+HU]HQ:HUN|QQWHZLH,FKLQHXHU,QQHUHVHLQGULQJHQ",FK
NHQQHHXHU/HLGHXUH7UDXHUXQG1LHGHUJHVFKODJHQKHLWDQJHVLFKWVVRJURHU8QJHUHFKWLJNHLW
XQG8QGDQNEDUNHLWGLHDXIHXUHU:HOWKHUUVFKW,FKZHLXPGLH(UVFK|SIXQJGHUHUGLHODQJH
DXI(UGHQJHOHEWXQGVLFKDEJHPKWKDEHQXQGGHUHQ'DVHLQIUVLHZLHHLQHVFKZHUH/DVWLVW
,FK ZHL XP GLH 8QDXVJHIOOWKHLW GHUHU GLH LQ GLHVHP /HEHQ DOOHLQ JHODVVHQ ZXUGHQ (XFK
DOOHQVDJH,FK%LWWHWVRZLUGHXFKJHJHEHQZHUGHQGHQQ,FKELQGD]XJHNRPPHQHXFKGDV
]XJHEHQGHVVHQLKUYRQ0LUEHGUIWVHLHV*HVHOOVFKDIW6HHOHQIULHGHQ+HLOXQJ$XIJDEHQ
RGHU/LFKW 

 )UFKWHW QLFKW GDV (OHQG HV LVW QXU YRUEHUJHKHQG XQG LQ LKP VROOW LKU EHWHQ XQG GLH
*HGXOG+LREV]XP9RUELOGQHKPHQ'HUhEHUIOXVVZLUG]XUFNNHKUHQXQGGDQQZHUGHWLKU
QLFKWJHQXJ:RUWHKDEHQXP0LU]XGDQNHQ

:HQQHXFKHLQPDO.UDQNKHLWQLHGHUGUFNWRJHVHJQHWH.UDQNHVRYHU]ZHLIHOWQLFKWHXHU
*HLVWLVWQLFKWNUDQN(UKHEWHXFKLP*HEHW]X0LUXQGHXHU*ODXEHXQGHXUH9HUJHLVWLJXQJ
ZHUGHQHXFKGLH*HVXQGKHLWGHV.|USHUV]XUFNJHEHQ%HWHWLQGHU)RUPGLH,FKHXFKJHOHKUW
KDEHJHLVWLJ  

%HWHWLQGHQ$XJHQEOLFNHQGHU3UIXQJHLQNXU]HVDEHUODXWHUHVXQGDXIULFKWLJHV*HEHW
XQGLKUZHUGHWHXFKJHWU|VWHWIKOHQXQGZHQQLKUHUUHLFKWLP(LQNODQJPLWHXUHP+HUUQ]X
VHLQZHUGH,FK]XHXFKVDJHQN|QQHQGDVVPHLQ:LOOHGHUHXUHXQGHXHU:LOOHGHUPHLQHLVW



%HWHWDEHUHXHU*HEHWVROOYRQHXUHQWlJOLFKHQ9RUKDEHQXQG:HUNHQEHVWLPPWVHLQGLHV
ZLUGHXHUEHVWHV*HEHWVHLQ'RFKZHQQLKU HLQHQ*HGDQNHQDQ0LFKULFKWHQZROOWXPPLW
LKP HLQH %LWWH DXV]XGUFNHQ VR VDJW 0LU QXU 9DWHU 'HLQ :LOOH JHVFKHKH DQ PLU 'DPLW
ZHUGHW LKU VRJDU PHKU HUELWWHQ DOV LKU YHUVWHKHQ XQG HUKRIIHQ N|QQWHW XQG GLHVHU HLQIDFKH
6DW]GLHVHU*HGDQNHZLUGMHQHV9DWHUXQVHUXPGDVLKU0LFKLQHLQHUDQGHUHQ=HLWEDWHW
QRFKPHKUYHUHLQIDFKHQ

 'DPLW KDEW LKU GDV *HEHW GDV DOOHV HUELWWHW XQG GDV DP EHVWHQ IU HXFK VSUHFKHQ ZLUG
'RFKQLFKWHXUH/LSSHQVROOHQHVVDJHQVRQGHUQHXHU+HU]VROOHVHPSILQGHQGHQQVDJHQLVW
QLFKWIKOHQXQGZHQQLKUHVIKOWEUDXFKWLKU HV0LUQLFKW]XVDJHQ ,FKZHLGLH6WLPPH
GHV*HLVWHV]XYHUQHKPHQXQGYHUVWHKHVHLQH6SUDFKH*LEWHVHLQHJU|HUH)UHXGHIUHXFK
DOVGLHV]XZLVVHQ"2GHUPHLQWLKUHWZDGDVV ,FKGDUDXIDQJHZLHVHQELQGDVVLKU0LUVDJW
ZDV,FKWXQPXVV"  

,FKKDEHHXFKJHOHKUWIUDQGHUH]XEHWHQXQG]XELWWHQDEHU,FKK|UHHXFKDXFKDQZHQQ
LKUIUHXFKELWWHW,FKQHKPHGLHVHV*HEHWDQ'RFK,FKVDJHHXFKGDVVGLH=HLWLQGHU,FK
HXFK ZHLO LKU QRFK XQUHLI ZDUW HXUHU %LWWH HQWVSUHFKHQG JDE YRUEHU LVW -HW]W LVW HV PHLQ
:LOOH GDVV LKU HXFK ZLH -QJHU YHUKDOWHW XQG 0LU EHLP %HWHQ HXUHQ *HLVW XQG HXHU +HU]
GDUELHWHWGDEHLMHGRFK]XODVVWGDVV,FKLQLKQHQOHVHXQGPHLQHQ :LOOHQWXH 

:HQQLKU0LFKEHIUDJWRGHU0LFKELWWHWGDQQVWUHQJWHXFKQLFKWDQEHLGHP9HUVXFK0LU
HXHU3UREOHPNODUGDU]XOHJHQXQGEHPKWHXFKDXFKQLFKWLQHXUHP9HUVWDQGQDFKGHQDP
EHVWHQ IRUPXOLHUWHQ 6lW]HQ ]X VXFKHQ 0LU JHQJW HV ZHQQ HXHU *HLVW VLFK LQ GLHVHP
$XJHQEOLFN YRQ GHU :HOW O|VW XQG +HU] XQG 6LQQ UHLQ VLQG GDPLW VLH 0HLQH ,QVSLUDWLRQ
HPSIDQJHQN|QQHQ:DVQW]WHVHXFKVFKRQ0LUZXQGHUEDUH:RUWH]XVDJHQZHQQLKUQLFKW
IlKLJVHLGPHLQH*HJHQZDUWLQHXUHP,QQHUQ]XIKOHQ",FKZHLDOOHVXQGLKUEUDXFKW0LU
QLFKWV]XHUNOlUHQGDPLW,FKHXFKYHUVWHKHQNDQQ  

:HQQLKUPHLQH/HKUH]XEHJUHLIHQYHUP|JWZLUGVLHHXFKYLHOH%HIULHGLJXQJHQJHEHQ
YLHOH *HOHJHQKHLWHQ ELHWHQ HXFK DXIZlUWVHQWZLFNHOQ ]X N|QQHQ /HUQHW ]X EHWHQ EHYRU LKU
LUJHQGHLQHQ(QWVFKOXVVIDVVWGHQQGDV*HEHWLVWGLHYROONRPPHQH$UWXQG:HLVHHXUHQ9DWHU
]XELWWHQGDLKULQLKPQDFK/LFKWXQG6WlUNXQJYHUODQJWXPLP/HEHQVNDPSI]XEHVWHKHQ

%HLP%HWHQZLUGHXUHP9HUVWDQGHVYHUP|JHQEDOGGLH(UOHXFKWXQJNRPPHQGLHHXFKGDV
*XWHNODUYRP%|VHQXQWHUVFKHLGHQOlVVWGDV5DWVDPHYRQGHPZDVLKUQLFKWWXQVROOWXQG
GLHV ZLUG GHU RIIHQVLFKWOLFKVWH %HZHLV GDIU VHLQ GDVV LKU HXFK LQQHUOLFK ]X EHUHLWHQ
YHUVWDQGHWXPGLH6WLPPHGHV*HZLVVHQV]XYHUQHKPHQ

 (UWUDJW HXUH 0KVDOH PLW *HGXOG XQG ZHQQ LKU GHQ 6LQQ HXUHU 3UIXQJHQ QLFKW ]X
EHJUHLIHQYHUP|JW VREHWHWXQG,FKZHUGHHXFKLKUHQ6LQQRIIHQEDUHQGDPLWLKUVLHLQQHUOLFK
EHMDKW  

 -HGHVPDO ZHQQ HXUH /LSSHQ RGHU HXUH *HGDQNHQ 0LU VDJHQ +HUU KDEH (UEDUPHQ PLW
PLU KDEH 0LWOHLG PLW PHLQHP 6FKPHU]  +HUU YHUVDJH PLU QLFKW 'HLQH 9HUJHEXQJ GDQQ
EHZHLVWLKUHXUH8QZLVVHQKHLWHXUH9HUZLUUWKHLWXQGZLHZHQLJLKU0LFKNHQQW

 0LU VDJHQ GDVV ,FK 0LWJHIKO PLW HXUHP 6FKPHU] KDEHQ VROO" 0LFK ELWWHQ GDVV ,FK
(UEDUPHQ PLW PHLQHQ .LQGHUQ KDEHQ VROO" 0LFK DQIOHKHQ GDVV ,FK HXUH 6QGHQ YHUJHEH 
0LFKGHU,FKGLH/LHEHGLH*QDGHGLH%DUPKHU]LJNHLWGLH9HUJHEXQJXQGGDV0LWOHLGELQ"


(VLVWJXWZHQQLKUMHQH]XEHZHJHQVXFKWGLHDXI(UGHQHLQKDUWHV+HU]KDEHQXQGGDVV
LKUPLW7UlQHQXQGIOHKHQWOLFKHQ%LWWHQEHLGHQHQ0LWOHLG]XHUZHFNHQVXFKWGLHQLFKWHLQH
6SXU YRQ 0LWJHIKO PLW LKUHQ 1lFKVWHQ KDEHQ DEHU JHEUDXFKW MHQH 6lW]H RGHU *HGDQNHQ
QLFKWXP'HQ]XEHZHJHQGHUHXFKDXV/LHEHHUVFKXIXQGXPHXFKHZLJ]XOLHEHQ 
 

 6HLG ]XIULHGHQ PLW GHQ JURHQ :RKOWDWHQ GLH GHU 9DWHU HXFK LP +LQEOLFN DXI DOO GDV
EHVFKHUWKDWZDVVLFKDXIGDVPHQVFKOLFKH/HEHQDXI(UGHQEH]LHKW%LWWHWQLFKWXPGDVZDV
HXUHU6HHOHXQGHXUHP.|USHU]XP9HUGHUEHQJHUHLFKHQN|QQWH,FKKDEHHXFKPHKU]XJHEHQ
DOV LKU YRQ 0LU HUELWWHQN|QQWHW 'RFK ELQ ,FK HV GHU ZHL ZDV HXFK DXI GHP /HEHQVZHJH
ZLUNOLFK IHKOW ,FK KDEH HXFK JHVDJW ZHQQ LKU PHLQ *HVHW] ]X HUIOOHQ YHUVWHKW ZHUGHW LKU
0LFKLQDOOPHLQHU+HUUOLFKNHLWVFKDXHQ 

'HU6HJHQGHU)UELWWH

 *HZ|KQW HXFK QLFKW DQ QXU PLW :RUWHQ ]X EHWHQ EHWHW PLW GHP *HLVWH $XFK VDJH ,FK
HXFK6HJQHWPLWGHP*HEHWVHQGHW*HGDQNHQGHV/LFKWV]XHXUHQ0LWPHQVFKHQELWWHWQLFKWV
IUHXFKHULQQHUWHXFK:HUVLFKPLWGHP0HLQHQEHIDVVWZLUG0LFKLPPHUDOV:lFKWHUEHU
VLFKKDEHQ

'HQ6DPHQGHQLKUPLW/LHEHVlWZHUGHWLKUYLHOIlOWLJ]XUFNHUKDOWHQ  

%HWHWQLFKWQXUZHQQLKUJHUDGHHLQHVFKPHU]OLFKH3UIXQJGXUFKOHEWEHWHWDXFKZHQQ
LKULP)ULHGHQVHLGGHQQGDQQZHUGHQVLFKHXUH+HU]HQXQGHXUH*HGDQNHQ PLWGHQDQGHUHQ
EHVFKlIWLJHQ N|QQHQ %LWWHW DXFK QLFKW QXU IU GLH GLH HXFK *XWHV JHWDQ RGHU IU MHQH GLH
HXFKNHLQHQ6FKDGHQ]XJHIJWKDEHQGHQQREZRKOGLHVYHUGLHQVWYROOLVWLVWHVQLFKWVRJUR
ZLHZHQQLKUIUGLHMHQLJHQ)UELWWHHLQOHJWGLHHXFKDXILUJHQGHLQH:HLVH6FKDGHQ]XJHIJW
KDEHQ 

 :DV OHKUH ,FK HXFK GHU]HLW" DOOHV XQG DOOH PLW +HU] XQG *HLVW ]X VHJQHQ GHQQ ZHU VR
VHJQHWLVWVHLQHP9DWHUlKQOLFKZHQQ(UVHLQH:lUPHDOOHQ]XWHLOZHUGHQOlVVW'DUXPVDJH
,FKHXFK/HUQWPLWGHP*HLVWHPLW*HGDQNHQPLWGHP+HU]HQVHJQHQXQGHXHU)ULHGHHXUH
.UDIWXQGHXUH+HU]HQVZlUPH ZHUGHQ]XMHQHPJHODQJHQGHPLKUHV]XVHQGHWVRIHUQHLKU
LKQDXFKJODXEW

:DVZUGHJHVFKHKHQZHQQDOOH0HQVFKHQHLQDQGHUVHJQHQZUGHQDXFKRKQHVLFK]X
NHQQHQ QRFK VLFK MHPDOV JHVHKHQ ]X KDEHQ" 9ROONRPPHQHU )ULHGH ZUGH DXI (UGHQ
KHUUVFKHQ.ULHJZlUHXQYRUVWHOOEDU

'DPLWGLHV:XQGHU:LUNOLFKNHLWZLUGPVVWLKUHXUH6HHOHQGXUFK%HKDUUOLFKNHLWLQGHU
7XJHQGHUKHEHQ+DOWHWLKUGLHVHWZDIUXQP|JOLFK" P

 %LWWHW VR ZLUG HXFK JHJHEHQ $OOHV ZDV LKU ]XP :RKOH HXUHU 0LWPHQVFKHQ HUVHKQW 
ELWWHW 0LFK GDUXP %LWWHW YHUHLQW HXUH %LWWH PLW GHU GHV 1RWOHLGHQGHQ XQG ,FK ZHUGH HXFK
JHZlKUHQZRQDFKLKUELWWHW 

'LH1RWZHQGLJNHLWGHV*HEHWV

:DFKHWXQGEHWHWVDJHLFK HXFKLPPHUZLHGHU DEHU ,FKZLOOQLFKWGDVVLKUHXFKDQ


GLHVHQJWLJHQ5DWJHZ|KQWVRQGHUQEHULKQQDFKGHQNWXQGGDQDFKKDQGHOW


 ,FK KHLH HXFK EHWHQ ZHLO MHQHU GHU QLFKW EHWHW VLFK EHUIOVVLJHQ PDWHULHOOHQ XQG
PDQFKPDOXQVLQQLJHQ*HGDQNHQKLQJLEWZRGXUFKHURKQHVLFKGHVVHQEHZXVVW]XVHLQGLH
EUXGHUP|UGHULVFKHQ.ULHJHEHJQVWLJWXQGQlKUW'RFKZHQQLKUEHWHW]HUUHLWHXHU'HQNHQ
DOV RE HV HLQ 6FKZHUW GHV /LFKWHV ZlUH GLH 6FKOHLHU GHU )LQVWHUQLV XQG GLH 6FKOLQJHQ GHU
9HUVXFKXQJGLHKHXWHYLHOH:HVHQJHIDQJHQKDOWHQHVVlWWLJWHXUH8PJHEXQJPLWJHLVWLJHU
.UDIWXQGZLUNWGHQ0lFKWHQGHV%|VHQHQWJHJHQ  

 'LH 0HQVFKHQ VLQG LPPHU DOO]XVHKU PLW GHQ +HUUOLFKNHLWHQ GHU (UGH EHVFKlIWLJW
JHZHVHQ DOV EHU GLH %HGHXWXQJ QDFK]XGHQNHQ ZHOFKH GDV %HWHQ XQG GLH JHLVWLJH
%HWUDFKWXQJGHVMHQVHLWVGLHVHV/HEHQV/LHJHQGHQKDWDOVGDVVVLHLKUHQHLJHQHQ:HVHQVNHUQ
KlWWHQHQWGHFNHQN|QQHQ:HUEHWHWVSULFKWPLWGHP9DWHUXQGZHQQHUIUDJWHUKlOWHUVRIRUW
GLH $QWZRUW 'LH 8QZLVVHQKHLW GHU 0HQVFKHQ EHU GDV *HLVWLJH LVW )ROJH GHV 0DQJHOV DQ
*HEHW 

,KUJHKWDXIHLQH=HLW]XLQGHULKUHXUHP*HLVWLQJHUHFKWHU:HLVHGDV]XJHEHQYHUVWHKW
ZDVLKP]XVWHKWXQGGHU:HOWGDVZDVLKU]XNRPPW(VZLUGHLQH=HLWZDKUKDIWLJHQ*HEHWHV
VHLQHLQHUYRQ)DQDWLVPXVIUHLHQ9HUHKUXQJ*RWWHVEHLGHULKUYRUMHGHU8QWHUQHKPXQJEHWHW
EHLGHULKUGDV]XEHZDKUHQZLVVWZDVHXFKDQYHUWUDXWZXUGH

 :LH N|QQWH GHU 0HQVFK HLQHQ )HKOHU EHJHKHQ ZHQQ HU VWDWW VHLQHQ :LOOHQ ]X WXQ
]XQlFKVWHLQPDOLP*HEHWVHLQHQ9DWHUIUDJHQZUGH":HUEHWHWOHEWLQ9HUELQGXQJPLW*RWW
NHQQW GHQ :HUW GHU :RKOWDWHQ GLH HU YRQ VHLQHP 9DWHU HPSIlQJW XQG ]XJOHLFK EHJUHLIW HU
GHQ6LQQRGHUGHQ=ZHFNGHU3UIXQJHQGLHHUGXUFKOHEW  

'LHKHLOYROOHQ:LUNXQJHQGHV*HEHWVOHEHQV

 =X DOOHQ =HLWHQ KDEH ,FK HXFK JHVDJW %HWHW +HXWH VDJH ,FK HXFK GDVV LKU GXUFK GDV
*HEHW :HLVKHLW HUODQJHQ N|QQW :HQQ DOOH 0HQVFKHQ EHWHWHQ ZUGHQ VLH QLHPDOV YRQ GHP
/LFKWSIDG DELUUHQ GHU YRQ 0LU YRUJH]HLFKQHW ZXUGH 'XUFK GDV *HEHW ZUGHQ GLH .UDQNHQ
JHVXQG HV ZUGH NHLQH 8QJOlXELJHQ PHKU JHEHQ XQG GHU )ULHGH ZUGH ]X GHQ 6HHOHQ
]XUFNNHKUHQ

:LHNDQQGHU0HQVFKJOFNOLFKVHLQZHQQHUPHLQH*QDGH]XUFNJHZLHVHQKDW"0HLQW
HU HWZD GDVV GLH /LHEH GLH %DUPKHU]LJNHLW XQG GLH 6DQIWPXW NHLQH (LJHQVFKDIWHQ GHV
PHQVFKOLFKHQ/HEHQVVLQG"  

:LVVHWGDVVGDV:RUWGDVNHLQH/LHEHLQVLFKKDWZHGHU/HEHQQRFK.UDIWEHVLW]W,KU
IUDJW0LFKZLHLKU]XOLHEHQEHJLQQHQN|QQWXQGZDVLKUWXQPVVWGDPLWLQHXUHQ+HU]HQ
GLHVH (PSILQGXQJ HUZDFKW XQG ,FK VDJH HXFK GD]X ZRPLW LKU EHJLQQHQ PVVW LVW ULFKWLJ
EHWHQ]XN|QQHQ(VZLUGHXFKGHP0HLVWHUQlKHUEULQJHQXQGGLHVHU0HLVWHUELQ ,FK

 ,P *HEHW ZHUGHW LKU 7URVW ,QVSLUDWLRQ XQG .UDIW ILQGHQ HV ZLUG HXFK GLH N|VWOLFKH
%HIULHGLJXQJVFKHQNHQPLW*RWWYHUWUDXOLFKVSUHFKHQ]XN|QQHQRKQH=HXJHQXQG9HUPLWWOHU
*RWW XQG HXHU *HLVW VLQG LQ GLHVHP VHQ $XJHQEOLFN GHU 9HUWUDXOLFKNHLWHQ GHU JHLVWLJHQ
=ZLHVSUDFKHXQGGHU6HJQXQJHQYHUHLQW  

:DQQLPPHULKUHLQHQ9HUWUDXWHQHLQHQJWLJHQ)UHXQGEUDXFKWZHQGHWHXFKDQ0LFK
XQGOHJWEHL0LUGLH /HLGHQDEGLHHVLQHXUHQ +HU]HQJHEHQPDJXQG LFKZHUGHHXFKGHQ
EHVWHQ :HJDQUDWHQ GLH/|VXQJGLHLKUVXFKW


:HQQHXUH6HHOHYRQGHQ/DVWHQQLHGHUJHGUFNWLVWVRGHVKDOEZHLOLKUJHVQGLJWKDEW
,FKZHUGHHXFKHPSIDQJHQXQGLQPHLQHP8UWHLOZRKOZROOHQGVHLQZHUGHHXUHQ9RUVDW]]XU
%HVVHUXQJEHVWlUNHQXQGHXFKGLHYHUORUHQHQ.UlIWH]XUFNJHEHQ

1XUGLH%HIROJXQJPHLQHU8QWHUZHLVXQJHQZLUGHXFKLQGHU*QDGHEHZDKUHQXQGHXUH
VHHOLVFKH XQG N|USHUOLFKH *HVXQGKHLW HUKDOWHQ 'LH (UIDKUXQJ GLH LKU JHZLQQW ZLUG /LFKW
VHLQGDVLKUQDFKXQGQDFKLQHXUHU6HHOHDQVDPPHOW  

'LH6HHOHGLHZDFKVDP]XOHEHQYHUVWHKWZHLFKWQLHPDOVYRQGHU%DKQDEGLHLKU+HUU
IUVLHYRUJH]HLFKQHWKDWXQGVLHLVWLQGHU/DJHLKU(UEHXQGLKUH*DEHQ]XU$QZHQGXQJ]X
EULQJHQELVVLHLKUH+|KHUHQWZLFNOXQJHUUHLFKWKDW

 'LHVHV :HVHQ PXVV LQ GHQ 3UIXQJHQ YRUDQNRPPHQ ZHLO HV ZDFKVDP OHEW XQG VLFK
QLHPDOV YRQ GHU 0DWHULH EHKHUUVFKHQ OlVVW :HU ZDFKW XQG EHWHW ZLUG LPPHU VLHJUHLFK DXV
GHQ/HEHQVNULVHQKHUYRUJHKHQXQGGHQ/HEHQVZHJPLWIHVWHP6FKULWW]XUFNOHJHQ

 :LH DQGHUV LVW GDV 9HUKDOWHQ GHVVHQ GHU ]X EHWHQ XQG ]X ZDFKHQ YHUJLVVW )UHLZLOOLJ
YHU]LFKWHW HU GDUDXI VLFK PLW GHQ EHVWHQ :DIIHQ ]X YHUWHLGLJHQ GLH ,FK LQ GHQ 0HQVFKHQ
JHOHJWKDEHZHOFKHGHU*ODXEHGLH/LHEHXQGGDV/LFKWGHV:LVVHQVVLQG(ULVW HVGHUGLH
LQQHUH6WLPPHQLFKWYHUQLPPWGLH]XLKPGXUFKGLH,QWXLWLRQGDV*HZLVVHQXQGGLH7UlXPH
VSULFKW $EHU VHLQ +HU] XQG VHLQ 9HUVWDQG YHUVWHKHQ MHQH 6SUDFKH QLFKW XQG VFKHQNHQ GHU
%RWVFKDIWVHLQHVHLJHQHQ*HLVWHVNHLQHQ*ODXEHQ  

 'DV *HEHW LVW GDV HXUHP *HLVWH RIIHQEDUWH 0LWWHO XP PLW HXUHQ )UDJHQ HXUHQ 6RUJHQ
XQGHXUHP9HUODQJHQQDFK/LFKW]X0LU]XJHODQJHQ'XUFKGLHVH=ZLHVSUDFKHN|QQWLKUHXUH
=ZHLIHO]HUVWUHXHQXQGGHQ6FKOHLHU]HUUHLHQGHULUJHQGHLQ*HKHLPQLVYHUELUJW

 'DV *HEHW LVW GHU %HJLQQ GHU =ZLHVSUDFKH YRQ *HLVW ]X *HLVW GLH LQ GHQ NRPPHQGHQ
=HLWHQHUEOKHQXQGXQWHUGLHVHU0HQVFKKHLW)UFKWHWUDJHQZLUG

+HXWHKDEH,FKGLHVHP9RONGDV0LU]XK|UWDOOGLHVRIIHQEDUWGDPLWHVGHU:HJEHUHLWHU
GHU=HLW GHU9HUJHLVWLJXQJVHL  

'LH0DFKWGHV*HEHWV

 :HQQ HLQHU YRQ HXFK EHWHW LVW HU VLFK QLFKW EHZXVVW ZDV HU PLW VHLQHQ *HGDQNHQ LP
*HLVWLJHQ HUUHLFKW'DKHUVROOWLKUHUIDKUHQGDVVZHQQLKUIUHXUH0LWPHQVFKHQEHWHW  IU
MHQH 9|ONHU GLH VLFK LP .ULHJH YHUQLFKWHQ  HXHU *HLVW LQ GLHVHQ $XJHQEOLFNHQ VHLQHUVHLWV
HLQH JHGDQNOLFKH 6FKODFKW JHJHQ GDV %|VH VFKOlJW XQG GDVV HXHU 6FKZHUW ZHOFKHV )ULHGH
9HUQXQIW*HUHFKWLJNHLWXQGGDV9HUODQJHQQDFK*XWHPIUVLHLVWDXIGLH:DIIHQGHV+DVV HV
GHU5DFKHGHV+RFKPXWVVW|W

-HW]WLVWGLH=HLW JHNRPPHQLQGHUGLH0HQVFKHQVLFKGHU0DFKWGHV*HEHWHVEHZXVVW
ZHUGHQ'DPLWGDV*HEHWZLUNOLFK.UDIWXQG/LFKWKDWLVWHVHUIRUGHUOLFKGDVVLKUHV0LUPLW
/LHEHHPSRUVHQGHW  

 *HGDQNHQ XQG *HLVW YHUHLQLJW LP *HEHW VFKDIIHQ LP 0HQVFKHQ HLQH .UDIW GLH MHGHU
PHQVFKOLFKHQ .UDIWEHUOHJHQLVW

,P*HEHWZLUGGHU6FKZDFKHJHVWlUNWGHU)HLJHZLUGYRQ0XWHUIOOWGHU8QZLVVHQGH
ZLUGHUOHXFKWHWGHU6FKFKWHUQHZLUGXQEHIDQJHQ


 :HQQ GHU *HLVW KDUPRQLVFK PLW GHP 9HUVWDQG ]XVDPPHQ]XZLUNHQ YHUPDJ XP GDV
ZDKUH *HEHW ]X HUUHLFKHQ ZLUG HU ]X HLQHP XQVLFKWEDUHQ 6ROGDWHQ GHU YRUEHUJHKHQG YRQ
GHPZDVVHLQ :HVHQEHWULIIW$EVWDQGQLPPWVLFKDQDQGHUH2UWHYHUVHW]WVLFKYRP(LQIOXVV
GHU 0DWHULH EHIUHLW XQG VLFK VHLQHP .DPSIH ZLGPHW *XWHV ]X WXQ hEHO XQG *HIDKUHQ ]X
EDQQHQGHQ%HGUIWLJHQHLQHQ)XQNHQ/LFKWHVHLQHQ7URSIHQ%DOVDPRGHUHLQHQ+DXFKYRQ
)ULHGHQ]XEULQJHQ

 %HJUHLIW DXIJUXQG DOO GHVVHQ ZDV ,FK HXFK VDJH ZLHYLHO LKU LQPLWWHQ GHV &KDRV GDV
GLHVH0HQVFKKHLWHUJULIIHQKDWPLWGHP*HLVWXQGPLWGHP9HUVWDQG]XWXQYHUP|JW,KUVHLG
LQ HLQHU :HOW JHJHQVlW]OLFKHU *HGDQNHQ XQG ,GHHQ LQ GHU GLH /HLGHQVFKDIWHQ WREHQ XQG GLH
*HIKOHGHV+DVVHVDXIHLQDQGHUSUDOOHQLQ GHUGDV'HQNHQGXUFKGHQ0DWHULDOLVPXVYHUZLUUW
LVWXQGGLH6HHOHQYRQ)LQVWHUQLVXPIDQJHQVLQG

 1XU ZHU PLWWHOV GHV *HEHWHV JHOHUQW KDW VLFK JHGDQNOLFK XQG VHHOLVFK LQ GLH 5HJLRQHQ
GHV/LFKWHVGLH6SKlUHQGHV)ULHGHQV]XHUKHEHQZLUGGLH:HOWGHU .lPSIHLQGHUVLFKDOOH
PHQVFKOLFKHQ/HLGHQVFKDIWHQZLGHUVSLHJHOQEHWUHWHQN|QQHQRKQHEHVLHJW]XZHUGHQXQGLP
*HJHQWHLOHWZDV1XW]EULQJHQGHVIUMHQH]XUFNODVVHQGLHGHV/LFKWHVGHV*HLVWHVEHGUIHQ
 

/HUQHW]XEHWHQGHQQDXFKPLWGHP*HEHWN|QQWLKUYLHO*XWHVWXQHEHQVRZLHLKUHXFK
DXFK JHJHQ GHQ +LQWHUKDOW YHUWHLGLJHQ N|QQW 'DV *HEHW LVW 6FKLOG XQG :DIIH ZHQQ LKU
)HLQGH KDEW VR YHUWHLGLJW HXFK GXUFK GDV *HEHW $EHU ZLVVHW GDVV GLHVH :DIIH QLHPDQGHQ
YHUZXQGHQRGHUVFKlGLJHQGDUIZHLOVHLQHHLQ]LJH$XIJDEHGDULQEHVWHKHQVROO/LFKWLQGLH
)LQVWHUQLV]XEULQJHQ 

 'LH 1DWXUJHZDOWHQ VLQG JHJHQ GHQ 0HQVFKHQ HQWIHVVHOW ,KU VROOW HXFK QLFKW IUFKWHQ
ZHLOLKUZLVVWGDVV,FKHXFKHLQH9ROOPDFKWJHJHEHQKDEHXPGDV%|VH]XEHVLHJHQXQGHXUH
0LWPHQVFKHQ ]X VFKW]HQ ,KU N|QQW MHQHQ (OHPHQWHQ GHU =HUVW|UXQJ EHIHKOHQ GDVV VLH
LQQHKDOWHQ XQG VLH ZHUGHQ JHKRUFKHQ :HQQ LKU EHWHQG XQG ZDFKHQG EOHLEW ZHUGHW LKU
:XQGHUWXQN|QQHQXQGGLH:HOWLQ(UVWDXQHQVHW]HQN|QQHQ

%HWHWDXIULFKWLJVFKDIIW*HPHLQVFKDIWPLWPHLQHP*HLVWVXFKWGDIUNHLQHQEHVWLPPWHQ
2UW DXI %HWHW XQWHU HLQHP %DXP XQWHUZHJV DXI GHP *LSIHO HLQHV %HUJHV RGHU LP :LQNHO
HXUHU 6FKODIVWHOOH XQG ,FK ZHUGH KHUQLHGHUNRPPHQ XP PLW HXFK ]X VSUHFKHQ HXFK ]X
HUOHXFKWHQXQGHXFK.UDIW]XJHEHQ  

 :DKUOLFK ,FK VDJH HXFK ZHQQ LKU EHUHLWV LP *HLVWH LP 'HQNHQ XQG :ROOHQ YHUHLQW
ZlUWZUGHHXHU*HEHWDOOHLQJHQJHQXPGLH 1DWLRQHQDXI]XKDOWHQGLHLQGHU9RUEHUHLWXQJ
DXIGLH6WXQGHOHEHQLQGHUVLHVLFKDXIHLQDQGHUVWU]HQZROOHQ,KUZUGHWGLH)HLQGVFKDIWHQ
EHVHLWLJHQ ZlUHW HLQ +LQGHUQLV IU DOO MHQH E|VHQ 3OlQH HXUHU 0LWPHQVFKHQ ZlUW ZLH HLQ
XQVLFKWEDUHV 6FKZHUW GDV GLH 0lFKWLJHQ EHVLHJW XQG ZLH HLQ VWDUNHU 6FKLOG GHU GLH
6FKZDFKHQVFKW]W

'LH0HQVFKKHLWZUGHDQJHVLFKWVGLHVHURIIHQVLFKWOLFKHQ%HZHLVHHLQHUK|KHUHQ0DFKW
HLQHQ $XJHQEOLFN LQQHKDOWHQ XP VLFK ]X EHVLQQHQ XQG GLHVH %HVLQQXQJ ZUGH LKU YLHOH
VFKZHUH6W|HXQG+HLPVXFKXQJHQHUVSDUHQGLHVLHDQGHUHQIDOOVGXUFKGLH1DWXUXQGGHUHQ
(OHPHQWHHUKDOWHQZLUG 

 :HQQ LKU HLQHQ JURHQ *ODXEHQ XQG HLQ JU|HUHV :LVVHQ EHU GLH 0DFKW GHV *HEHWV
KlWWHW ZLHYLHOH:HUNH GHU %DUPKHU]LJNHLWZUGHWLKUGXUFKHXHU'HQNYHUP|JHQWXQ$EHU
LKUKDEWLKPQLFKWDOOGLH 0DFKWEHLJHPHVVHQGLHHVEHVLW]WXQGGHVKDOEZLUGHXFKRIWPDOV


QLFKW EHZXVVW ZDV LKU LQ HLQHP $XJHQEOLFN HFKW HPSIXQGHQHQ XQG ZDKUHQ *HEHWHV
DEZHQGHW

0HUNWLKUQLFKWGDVVHWZDV+|KHUHVYHUKLQGHUWGDVVDXIHXUHU:HOWGHUXQPHQVFKOLFKVWH
DOOHUHXUHU.ULHJHDXVEULFKW"%HJUHLIWLKUQLFKWGDVVDXIGLHVHV:XQGHU0LOOLRQHQ*HEHWHYRQ
0lQQHUQ )UDXHQ XQG .LQGHUQ (LQIOX KDEHQ GLH PLW LKUHP *HLVWH GLH 'XQNHOPlFKWH
EHNlPSIHQXQGGHP .ULHJVWUHLEHQ HQWJHJHQZLUNHQ"%HWHWZHLWHUKLQ ZDFKHWDXFKIHUQHUKLQ
GRFKOHJWLQGLHVH%HWlWLJXQJDOOHXUHQ*ODXEHQGHVVHQLKUIlKLJVHLG

%HWHW9RONXQGEUHLWHWEHUGHQ.ULHJGHQ6FKPHU]XQGGDV(OHQGGHQ)ULHGHQVPDQWHO
HXUHU *HGDQNHQ PLW GHQHQ LKU HLQHQ 6FKLOG ELOGHQ ZHUGHW XQWHU GHVVHQ 6FKXW] HXUH
0LWPHQVFKHQ(UOHXFKWXQJXQG=XIOXFKWILQGHQ  

/LHEH]X*RWWXQG]XP1lFKVWHQDOV9HUHKUXQJ*RWWHV

 :LVVHW R PHLQH QHXHQ -QJHU GDVV HXUH +XOGLJXQJ XQG HXHU 7ULEXW IU GHQ +HUUQ
EHVWlQGLJ VHLQ VROOHQ RKQH GDVV LKU DXI EHVWLPPWH =HLWSXQNWH RGHU 7DJH ZDUWHW XP VLH
GDU]XEULQJHQVRZLHGLH/LHEHHXUHV9DWHUV]XHXFKJOHLFKEOHLEHQGLVW'RFKZHQQLKUZLVVHQ
ZROOW ZLH LKU HXFK WlJOLFK DQ PHLQH :HUNH GHU /LHEH HULQQHUQ VROOW RKQH LQ )DQDWLVPXV ]X
YHUIDOOHQZHUGH,FKHVHXFKVDJHQ(XHU/HEHQVROOHLQHVWlQGLJH+XOGLJXQJIU'HQVHLQGHU
DOOHVJHVFKDIIHQKDWLQGHPLKUHLQDQGHUOLHEW

 +DQGHOW VR XQG ,FK ZHUGH HXFK JHZlKUHQ ZRUXP LKU 0LFK GHPWLJ ELWWHW GDVV HXUH
9HUIHKOXQJHQHXFKYHUJHEHQVLQG ,FKWU|VWH HXFKXQGVFKHQNHHXFK(UOHLFKWHUXQJDEHU ,FK
VDJHHXFK:HQQLKUHXUH)HKOHUHQWGHFNWXQGHXHU*HZLVVHQHXFKULFKWHWVREHWHWEHULFKWLJW
HXUH)HKOHUZDSSQHWHXFKPLW6WlUNHGDPLWLKUQLFKWZLHGHUGLHJOHLFKH6QGHEHJHKWXQGLKU
0LFKQLFKWZLHGHUKROWELWWHQPVVWGDVV,FK HXFKYHUJHEH0HLQ:RUWOHKUWHXFKGDPLWLKU
DXIZlUWVVWHLJWXQGGHP/LFKWXQGGHU9HUJHLVWLJXQJ=XJDQJJHZlKUW  

0LFKGUVWHWVDJWH,FK]XMHQHU9RONVPHQJHGLHPHLQH:RUWHQLFKWYHUVWDQG XQGVLFK
DQPHLQHP7RGHVNDPSIHZHLGHWH:DVN|QQWH,FKKHXWHHUVWVDJHQZR,FKVHKHGDVVHVQLFKW
QXU HLQH 0HQVFKHQPHQJH VRQGHUQ GLH JDQ]H :HOW LVW GLH PHLQHQ *HLVW YHUOHW]W RKQH VLFK
PHLQHV6FKPHU]HVEHZXVVW]XVHLQ"

 0HLQ 'XUVW LVW XQHQGOLFK XQIDVVEDU JUR XQG QXU HXUH /LHEH ZLUG LKQ VWLOOHQ N|QQHQ
:DUXP ELHWHW LKU 0LU VWDWW /LHEH HLQHQ lXHUOLFKHQ .XOW DQ" :LVVW LKU QLFKW GDVV ZlKUHQG
,FKHXFKXP:DVVHU ELWWHLKU0LU*DOOH XQG(VVLJ GDUUHLFKW"  

 :DKUOLFK ,FK VDJH HXFK JHUDGH GLH GLH YLHO JHOLWWHQ XQG 0LFK RIW YHUOHW]W KDEHQ
ZHUGHQ0LFKDPEUHQQHQGVWHQOLHEHQLKUHP+HU]HQZLUGEHVWlQGLJHLQH2SIHUJDEHIUPHLQH
*|WWOLFKNHLWHQWVWU|PHQ(VZHUGHQNHLQHPDWHULHOOHQ*DEHQVHLQQRFK3VDOPHQRGHULUGLVFKH
$OWlUH 6LH ZLVVHQ GDVV GLH ZRKOJHIlOOLJVWH 2SIHUJDEH XQG 9HUHKUXQJ IU 0LFK GLH :HUNH
GHU/LHEHVLQGGLHVLHDQLKUHQ%UGHUQWXQ 

 7DJ IU 7DJ JHODQJW HXHU JHLVWLJHV %HWHQ ]X 0LU GHVVHQ 6SUDFKH HXUH LUGLVFKH 1DWXU
QLFKWNHQQWZHLOHVNHLQHYRQHXUHQ /LSSHQDXVJHVSURFKHQHQ:RUWHVLQGQRFKGXUFKHXUHQ
9HUVWDQG JHELOGHWH 9RUVWHOOXQJHQ 'DV *HEHW GHV *HLVWHV LVW VR WLHI GDVV HV MHQVHLWV GHU
PHQVFKOLFKHQ)lKLJNHLWHQXQG6LQQHLVW


,QMHQHP*HEHWJHODQJWGHU*HLVWLQGLH5HJLRQHQGHV/LFKWHVXQGGHV)ULHGHQVZRKRKH
*HLVWHU ZRKQHQ XQG GRUW VlWWLJW HU VLFK DQ MHQHU (VVHQ] XQG NHKUW GDQQ ]X VHLQHP
YHUJlQJOLFKHQ.|USHU]XUFNXPLKP.UDIW]XEHUWUDJHQ  

9RON'LH=HLWLQGHULKU]XEHWHQYHUVWHKHQVROOWLVW]XHXFKJHNRPPHQ+HXWHVDJH,FK
HXFKQLFKWGDVVLKUDXIGLH(UGHQLHGHUIDOOHQVROOW,FKOHKUHHXFKQLFKWPLWHXUHQ/LSSHQ]X
EHWHQRGHU0LFKPLWJHZlKOWHQ:RUWHQLQVFK|QHQ*HEHWHQDQ]XUXIHQ+HXWHVDJHLFKHXFK
:HQGHWHXFKJHGDQNOLFKDQ0LFKHUKHEWHXUH6HHOHXQG,FKZHUGHLPPHUKHUQLHGHUNRPPHQ
XP HXFK PHLQH *HJHQZDUW IKOEDU ]X PDFKHQ :HQQ LKU PLW HXUHP *RWW QLFKW ]X VSUHFKHQ
YHUVWHKWZHUGHQ0LUHXUH5HXHHXUH*HGDQNHQHXHU6FKPHU]JHQJHQZLUG0LUHXUH/LHEH
JHQJHQ

'LHVLVWGLH6SUDFKHGLH,FKYHUQHKPHGLH,FKYHUVWHKHGLH6SUDFKHRKQH:RUWHGLHGHU
:DKUKDIWLJNHLWXQGGHU$XIULFKWLJNHLW'LHVLVWGDV*HEHWGDV,FKHXFKLQGLHVHU'ULWWHQ=HLW
JHOHKUWKDEH

 ,PPHU ZHQQ LKU HLQ JXWHV :HUN JHWDQ KDEW KDEW LKU PHLQHQ )ULHGHQ %HUXKLJXQJ XQG
+RIIQXQJHPSIXQGHQZHLOHXFKGHU9DWHUGDQQVHKUQDKHLVW  

 ,FK YHUVFKPlKH DOOHV ZDV PHQVFKOLFKH (LWHONHLW XQG PHQVFKOLFKHU 3UXQN LVW GHQQ ]X
PHLQHP *HLVWH JHODQJW QXU ZDV JHLVWLJ LVW ZDV HGHO XQG KRFKKHU]LJ LVW GDV 5HLQH XQG
(ZLJH (ULQQHUW HXFK GDVV ,FK GHU )UDX DXV 6DPDULD VDJWH *RWW LVW *HLVW XQG GLH ,KQ
DQEHWHQPVVHQ,KQLP*HLVWXQGLQGHU:DKUKHLWDQEHWHQ6XFKW0LFKLP8QHQGOLFKHQLP
5HLQHQXQGGRUWZHUGHWLKU0LFKILQGHQ

 :DUXP 0LU GDV DQELHWHQ ZDV ,FK IU HXFK JHVFKDIIHQ KDEH" :DUXP VFKHQNW LKU 0LU
%OXPHQ ZHQQ VLH QLFKW HXHU :HUN VLQG" :HQQ LKU 0LU GDJHJHQ :HUNH GHU /LHEH GHU
%DUPKHU]LJNHLWGHU9HUJHEXQJGHU*HUHFKWLJNHLWGHU+LOIHIUHXUHQ1lFKVWHQGDUEULQJWVR
ZLUGGLHVHU7ULEXWJHZLVVJHLVWLJVHLQXQGVLFK]XP9DWHUHUKHEHQZLHHLQH/LHENRVXQJZLH
HLQ.XVVGHQGLH.LQGHULKUHP+HUUQYRQGHU(UGHDXV]XVHQGHQ 

 ,FK ZLOO DXFK QLFKW GDVV LKU HXUH *RWWHVYHUHKUXQJ DXI PDWHULHOOH 9HUVDPPOXQJVUlXPH
EHJUHQ]WGHQQLKUZUGHWGDQQHXUHQ*HLVWHLQVSHUUHQXQGLKQQLFKWVHLQH)OJHODXVEUHLWHQ
ODVVHQXPGLH(ZLJNHLW]XJHZLQQHQ

 'HU $OWDU GHQ ,FK HXFK EHUODVVH XP DXI LKP GHQ *RWWHVGLHQVW ]X IHLHUQ GHQ ,FK
HUZDUWH LVW GDV /HEHQ VHOEVW RKQH LUJHQGHLQH %HJUHQ]XQJ MHQVHLWV DOOHU 5HOLJLRQHQ DOOHU
.LUFKHQXQG6HNWHQGHQQHUJUQGHWLP*HLVWLJHQLP(ZLJHQLP*|WWOLFKHQ  

'LH=ZLHVSUDFKH]ZLVFKHQ*RWWXQG0HQVFK

+HXWHNRPPH,FK]XHXFKPLWHLQHU/HKUHGLH ZHQQVLHHLQPDOEHJULIIHQLVW GLHDP


OHLFKWHVWHQ]XHUIOOHQGHLVWDXFKZHQQHVIUGLH:HOWGHQ$QVFKHLQKDWGDVVVLHXQP|JOLFK
]XYHUZLUNOLFKHQLVW,FKOHKUHHXFKGHQ*RWWHVGLHQVWGHU/LHEH]X*RWWGXUFKHXHU/HEHQHXUH
:HUNH XQG GDV JHLVWLJH *HEHW GDV QLFKW DQ HLQHP EHVWLPPWHQ 2UW YRQ GHQ /LSSHQ
DXVJHVSURFKHQ ZLUG QRFK NXOWLVFKH +DQGOXQJHQ RGHU %LOGHU EHQ|WLJW XP LQVSLULHUW ]X VHLQ


:lKUHQGGLH0HQVFKHQLQ0LUHLQHQIHUQHQXQQDKEDUHQ*RWWHUNHQQHQZROOWHQKDEH,FK
0LU YRUJHQRPPHQ LKQHQ ]X EHZHLVHQ GDVV ,FK LKQHQ QlKHU ELQ DOV GLH :LPSHUQ LKUHQ
$XJHQ


6LHEHWHQPHFKDQLVFKXQGZHQQVLHQLFKWVRJOHLFKDOOHVYHUZLUNOLFKWVHKHQZRUXPVLHLQ
GULQJOLFKHU:HLVHJHEHWHQKDEHQUXIHQVLHHQWPXWLJW*RWWKDWXQVQLFKWHUK|UW

 :HQQ VLH]X EHWHQYHUVWQGHQ ZHQQ VLH +HU] XQG 9HUVWDQG PLW LKUHU 6HHOH YHUHLQLJHQ
ZUGHQN|QQWHQVLHLQLKUHP*HLVWHGLH*|WWOLFKH6WLPPHGHV+HUUQYHUQHKPHQXQGIKOHQ
GDVV VHLQH *HJHQZDUW LKQHQ VHKU QDKH LVW $EHU ZLH ZROOHQ VLH PHLQH *HJHQZDUW VSUHQ
ZHQQVLH0LFKPLWWHOVYHUlXHUOLFKWHU.XOWHELWWHQ":LHVROOWHQVLHHUUHLFKHQGDVVLKUH6HHOH
HPSILQGVDP ZLUG ZHQQ VLH VHOEVW LKUHQ +HUUQ LQ %LOGQLVVHQ DQEHWHQ GLH YRQ LKUHQ +lQGHQ
JHPDFKWVLQG"

 ,FK ZLOO GDVV LKU EHJUHLIW GDVV ,FK HXFK VHKU QDKH ELQ GDVV LKU HXFK OHLFKW PLW 0LU
YHUELQGHQ0LFKIKOHQXQGPHLQH,QVSLUDWLRQHQHPSIDQJHQN|QQW  

 hEW HXFK LP 6WLOOHVHLQ GDV GHP *HLVWH EHKLOIOLFK LVW VHLQHQ *RWW ILQGHQ ]X N|QQHQ
'LHVH 6WLOOH LVW ZLH HLQ:LVVHQVTXHOO XQG DOOHGLH LQ VLH HLQJHKHQ ZHUGHQ PLW GHU .ODUKHLW
PHLQHU:HLVKHLWHUIOOW'LH 6WLOOHLVWZLHHLQYRQXQ]HUVW|UEDUHQ0DXHUQXPVFKORVVHQHU2UW
]XGHPQXUGHU*HLVW=XWULWWKDW'HU0HQVFKWUlJWEHVWlQGLJLQVHLQHP,QQHUQGDV:LVVHQXP
GHQJHKHLPHQ2UWLQZHOFKHPHUVLFKPLW*RWWYHUELQGHQNDQQ

'HU2UWLVWXQZLFKWLJDQGHPLKUHXFKEHILQGHWEHUDOON|QQWLKUHXFKPLWHXUHP+HUUQ
YHUELQGHQ RE LKU DXI GHP *LSIHO HLQHV %HUJHV VHLG RGHU HXFK LQ GHU 7LHIH HLQHV 7DOHV
EHILQGHW LQ GHU 8QUXKH HLQHU 6WDGW LP )ULHGHQ GHV +HLPHV RGHU LQPLWWHQ HLQHV .DPSIHV
:HQQLKU0LFKLP,QQHUQHXUHV+HLOLJWXPVLQGHUWLHIHQ6WLOOHHXUHU(UKHEXQJVXFKWZHUGHQ
VLFK DXJHQEOLFNOLFK GLH 7RUH GHV XQLYHUVHOOHQ XQG XQVLFKWEDUHQ 7HPSHOV |IIQHQ GDPLW LKU
HXFKZLUNOLFKLP+DXVHHXUHV9DWHUVIKOWGDVLQMHGHP*HLVWHYRUKDQGHQLVW

 :HQQ GHU 6FKPHU] GHU 3UIXQJHQ HXFK QLHGHUGUFNW XQG GLH /HLGHQ GHV /HEHQV HXUH
*HIKOH]HUVW|UHQZHQQLKUHLQKHLHV9HUODQJHQHPSILQGHWHLQZHQLJ)ULHGHQ]XHUODQJHQ
VR]LHKWHXFKLQHXUH6FKODINDPPHU]XUFNRGHUVXFKWGLH6WLOOHGLH(LQVDPNHLWGHU)HOGHU
GRUWULFKWHWHXUHQ*HLVWHPSRUJHIKUWGXUFKGDV*HZLVVHQXQGYHUVHQNWHXFK'LH6WLOOHLVW
GDV5HLFKGHV*HLVWHVHLQ5HLFKGDVGHQN|USHUOLFKHQ$XJHQXQVLFKWEDULVW

,P$XJHQEOLFNGHV(LQWUHWHQVLQGLHJHLVWLJH9HU]FNXQJHUUHLFKWPDQGDVVGLHK|KHUHQ
6LQQH HUZDFKHQ GLH ,QWXLWLRQ VLFK HLQVWHOOW GLH ,QVSLUDWLRQ DXIOHXFKWHW GLH =XNXQIW VLFK
HUDKQHQ OlVVW XQG GDV JHLVWLJH /HEHQ GDV (QWIHUQWH NODU HUNHQQW XQG P|JOLFK PDFKW ZDV
]XYRUXQHUUHLFKEDUVFKLHQ

:HQQLKULQGLH6WLOOHGLHVHV+HLOLJWXPVGLHVHU6FKDW]NDPPHUHLQWUHWHQZROOWPVVWLKU
VHOEVWGHQ:HJEHUHLWHQGHQQQXUPLWZDKUHU5HLQKHLWZHUGHWLKULQVLHHLQGULQJHQN|QQHQ
 

(VLVWQRWZHQGLJGDVVVLFKYRQQHXHPPHLQH3URSKHWHQHUKHEHQXPGLH0HQVFKKHLW]X
HUPDKQHQ 'HQQ ZlKUHQG HV 9|ONHU JLEW GLH VLFK YHUQLFKWHQ YHUEOHQGHW YRQ (KUJHL] XQG
*HZDOW IUFKWHQ MHQH GLH PHLQ /LFKW HPSIDQJHQ KDEHQ XQG GLH 0HQVFKKHLW XQSDUWHLLVFK
EHXUWHLOHQLKUH$XIJDEHDQ]XSDFNHQXQGGLH*XWH%RWVFKDIWZHLWHU]XJHEHQ

 :HQQ GLH 0HQVFKHQ PLW GHP *HLVWH ]X EHWHQ YHUVWQGHQ ZUGHQ VLH PHLQH 6WLPPH
YHUQHKPHQZUGHQVLHPHLQH,QVSLUDWLRQHPSIDQJHQ$EHUMHGHVPDOZHQQVLHEHWHQOLHJWHLQ
6FKOHLHUEHULKUHQJHLVWLJHQ$XJHQGHULKQHQGDV/LFKWPHLQHU*HJHQZDUWYHUELUJW,FKPXVV
]XGHQ0HQVFKHQLQGHQ$XJHQEOLFNHQNRPPHQLQGHQHQLKUH.|USHUUXKHQXPLKUH6HHOH


]XHUZHFNHQVLH]XUXIHQXQGPLWLKU]XVSUHFKHQ(VLVW&KULVWXVGHUZLHHLQ'LHELQWLHIHU
1DFKWLQHXHU+HU]GULQJWXPLQLKPVHLQHQ6DPHQGHU/LHEH]XVlHQ 

/HUQHW]X EHWHQXQGJOHLFK]HLWLJ]XPHGLWLHUHQGDPLWLQMHGHPYRQHXFKGLH(UNHQQWQLV
XQGGDV9HUVWlQGQLVDQV/LFKWNRPPW 

 6SLULWXDOLWlW LVW )UHLKHLW 'DKHU VHKHQ MHQH GLH 0LFK GHU]HLW YHUQHKPHQ XQG GLH GHQ
6LQQJHKDOW GLHVHU EHIUHLHQGHQ /HKUH YHUVWDQGHQ KDEHQ ZLH VLFK YRU LKQHQ HLQ ZHLWHV 7DO
|IIQHWLQZHOFKHPVLHNlPSIHQXQGGDYRQ=HXJQLVDEOHJHQZHUGHQGDVVGLH=HLWJHNRPPHQ
LVW LQ GHU *RWW GHU DOOPlFKWLJH 6FK|SIHU NDP XP GLH =ZLHVSUDFKH ]ZLVFKHQ ,KP XQG GHP
0HQVFKHQHLQ]XIKUHQ 

'LH/HKUH&KULVWLZDUVSLULWXHOOGRFKGHU0HQVFKXPJDEVLHPLW5LWHQXQG)RUPHQXP
VLHLQGHQ)DVVXQJVEHUHLFKGHU6HHOHQPLWJHULQJHU(UKHEXQJ]XEULQJHQ

,KUVHLGLQGLH=HLWGHV*HLVWHVGHUJURHQ2IIHQEDUXQJHQHLQJHWUHWHQLQGHUDXVMHGHP
.XOW GLH 9HUPDWHULDOLVLHUXQJ GHU %HWUXJ XQG GLH 8QYROONRPPHQKHLW YHUVFKZLQGHQ ZLUG LQ
GHU MHGHU 0HQVFK PLWWHOV VHLQHV *HLVWHV VHLQHQ *RWW HUNHQQHQ ZLUG ZHOFKHU JDQ] *HLVW LVW
$XIGLHVHP:HJHZLUGHUGLH)RUPGHUYROONRPPHQHQ=ZLHVSUDFKHHQWGHFNHQ  

 :HQQ GLH 0HQVFKHQ HLQPDO JHOHUQW KDEHQ PLW PHLQHP *HLVWH =ZLHVSUDFKH ]X KDOWHQ
EUDXFKHQVLHNHLQH%FKHUPHKUQDFK]XVFKODJHQRGHU)UDJHQ]XVWHOOHQ

+HXWHIUDJHQVLHQRFKMHQHYRQGHQHQVLHJODXEHQGDVVVLHPHKUZLVVHQRGHUVLHVLQG
DXIGHU6XFKHQDFK6FKULIWHQXQG%FKHUQ LP9HUODQJHQGLH:DKUKHLW]XILQGHQ 

:HQQLKUOHUQHQZUGHWWlJOLFKIUNXU]H=HLW]XPHGLWLHUHQXQGZHQQHXUH0HGLWDWLRQ
GDV *HLVWLJH /HEHQ EHWUlIH ZUGHW LKU XQHQGOLFK YLHOH (UNOlUXQJHQ HQWGHFNHQ XQG
2IIHQEDUXQJHQHPSIDQJHQGLHLKUDXINHLQHDQGHUH:HLVHHUKDOWHQN|QQWHW

(XUH6HHOHEHVLW]WEHUHLWVJHQJHQG/LFKWXP0LFK]XEHIUDJHQVRZLHPHLQH$QWZRUW
HQWJHJHQ]XQHKPHQ'HU*HLVWGHV0HQVFKHQKDW VFKRQHLQHJURH(QWZLFNOXQJVK|KHHUUHLFKW
%HREDFKWHW HXUH 0LWPHQVFKHQ DXV EHVFKHLGHQHQ 9HUKlOWQLVVHQ GLH WURW] LKUHV 0DQJHOV DQ
.HQQWQLVVHQPLWLKUHQWLHIVLQQLJHQ%HREDFKWXQJHQEHUUDVFKHQVRZLHPLWGHUNODUHQ$UWXQG
:HLVHLQGHUVLHVLFKGDVHUNOlUHQZDVIUYLHOHDQGHUHHWZDV8QHUNOlUOLFKHVLVW%H]LHKHQVLH
GLHVHWZDDXV%FKHUQRGHU6FKXOHQ"1HLQ$EHUVLHKDEHQDXV,QWXLWLRQRGHU1RWZHQGLJNHLW
KHUDXV GLH *DEH GHU 0HGLWDWLRQ HQWGHFNW ZHOFKH 7HLO GHV JHLVWLJHV *HEHWHV LVW ,Q LKUHU
$EJHVFKLHGHQKHLW DEJHVFKLUPW JHJHQEHU (LQIOVVHQ XQG 9RUXUWHLOHQ KDEHQ VLH GHQ :HJ
HQWGHFNW PLW GHP (ZLJHQ GHP *HLVWLJHQ GHP :DKUHQ LQ 9HUELQGXQJ ]X WUHWHQ XQG GLH
HLQHQPHKUGLHDQGHUHQZHQLJHUKDEHQDOOHGLHEHUGLHZDKUH(VVHQ]GHV/HEHQVPHGLWLHUW
KDEHQ LQLKUHP9HUVWDQGHVYHUP|JHQJHLVWLJHV/LFKWHPSIDQJHQ  

 ,KU IUDJW 0LFK ZRULQ GDV *HEHW EHVWHKW XQG ,FK DQWZRUWH HXFK =X]XODVVHQ GDVV HXHU
*HLVW VLFK IUHL ]XP 9DWHU HUKHEW HXFK PLW Y|OOLJHP 9HUWUDXHQ XQG *ODXEHQ MHQHP $NW
KLQ]XJHEHQ LP +HU]HQ XQG LP 9HUVWDQG GLH (LQGUFNH HQWJHJHQ]XQHKPHQ GLH GXUFK GHQ
*HLVWDXIJHQRPPHQZXUGHQPLWZDKUHU'HPXW GHQ:LOOHQGHV9DWHUV]XEHMDKHQ:HUDXI
GLHVH :HLVH EHWHW HUIUHXW VLFK LQ MHGHP $XJHQEOLFNH VHLQHV /HEHQV PHLQHU *HJHQZDUW XQG
IKOWVLFKQLHPDOVEHGUIWLJ 

 ,P 5HLQVWHQ VHLQHV :HVHQV LP *HLVWH ZHUGH ,FK LQ GLHVHU =HLW PHLQ *HVHW]
QLHGHUVFKUHLEHQ ZHUGH ,FK PHLQH 6WLPPH YHUQHKPHQ ODVVHQ ZHUGH ,FK PHLQHQ 7HPSHO


HUULFKWHQGHQQZDVQLFKWLP,QQHUQGHV0HQVFKHQLVWZDVQLFKW LQVHLQHU6HHOHLVWLVWVRDOV
REHVQLFKWH[LVWLHUH

2EPDQULHVLJHPDWHULHOOH.LUFKHQ]XPHLQHU(KUHHUULFKWHWREPDQ0LU)HLHUOLFKNHLWHQ
XQG=HUHPRQLHQYROOHU3UDFKWGDUEULQJW GLHVH2SIHUJDEHZLUG0LFKQLFKWHUUHLFKHQZHLOVLH
QLFKWJHLVWLJLVW-HGHUlXHUOLFKH.XOWWUlJWLPPHU(LWHONHLWXQG=XUVFKDXVWHOOXQJLQVLFKGLH
KHLPOLFKH2SIHUJDEHKLQJHJHQ  MHQHZHOFKHGLH:HOWQLFKWVLHKWXQGGLHLKU0LUYRQ*HLVW
]X*HLVWHGDUEULQJW JHODQJW]X0LUDXIJUXQGLKUHU%HVFKHLGHQKHLWLKUHU$XIULFKWLJNHLWLKUHU
:DKUKDIWLJNHLWPLWHLQHP:RUWZHLOVLHGHP*HLVWHHQWVSUDQJ

5XIWHXFKMHQHV*OHLFKQLVYRQ0LULQV*HGlFKWQLV]XUFNGDVHXFKLQGHU=ZHLWHQ=HLW
JHJHEHQZXUGHXQGGDVDOV*OHLFKQLVYRP3KDULVlHUXQG=|OOQHUEHNDQQWLVWXQGLKUZHUGHW
HLQVHKHQGDVVPHLQH8QWHUZHLVXQJ]XDOOHQ=HLWHQGLHJOHLFKHZDU 

 :LVVW LKU GDVVPDQFKH JHOLHEW ZHUGHQ RKQH HV ]X YHUGLHQHQ" 6R OLHEH ,FK HXFK *HEW
0LU HXHU .UHX] JHEW 0LU HXUH 7UEVDOH JHEW 0LU HXUH JHVFKHLWHUWHQ +RIIQXQJHQ JHEW 0LU
GLHVFKZHUH/DVWGLHLKUWUDJW,FKZHUGHPLWDOOHQ6FKPHU]HQIHUWLJ)KOWHXFKIUHLYRQHXUHU
%UGHGDPLWLKUJOFNOLFKVHLGWUHWHWLQGDV+HLOLJWXP0HLQHU /LHEHHLQXQGVHLGVWLOOHYRU
GHP $OWDU GHV 8QLYHUVXPV GDPLW HXHU *HLVW VLFK PLW GHP 9DWHU LQ GHU VFK|QVWHQ 6SUDFKH
XQWHUKDOWHQNDQQGLHGHU/LHEH 


.DSLWHO :HUNHGHU%DUPKHU]LJNHLWXQGGLH]HQWUDOH%HGHXWXQJGHU/LHEH

'HUUFNZLUNHQGH6HJHQJXWHU:HUNH

%HREDFKWHWDOOH$UWHQYRQPHQVFKOLFKHP(OHQGYRQ6FKPHU]YRQ%HGUIWLJNHLWXQGODVVW
HXHU +HU] EHLP $QEOLFN GHV 6FKPHU]HV GHU HXFK EHUDOO XPJLEW LPPHU PLWIKOHQGHU
ZHUGHQ

:HQQLKULP,QQHUVWHQHXUHV:HVHQVHLQHQKRFKKHU]LJHQXQGHGOHQ'UDQJIKOW*XWHV]X
WXQ VR ODVVW GLHVHQ ,PSXOV EHUKDQGQHKPHQ XQG VLFK EHNXQGHQ (V LVW GLH 6HHOH GLH LKUH
%RWVFKDIWPLWWHLOWZHLOVLHLKUHQ.|USHUZLOOLJXQGEHUHLWJHIXQGHQKDW  

6HLGGDUDXIEHGDFKWGDVVGLH/LHEHVWlWLJNHLWXQWHUHXUHQ%HVWUHEXQJHQDQHUVWHU6WHOOHVWHKW
XQG EHUHXW QLHPDOV ZRKOWlWLJ JHZHVHQ ]X VHLQ GHQQ GXUFK GLHVH 7XJHQG ZHUGHW LKU GLH
JU|WHQ %HIULHGLJXQJHQ XQG*OFNVJHIKOHHXUHV'DVHLQVKDEHQXQG]XJOHLFKDOOH:HLVKHLW
.UDIWXQG(UKHEXQJGLHMHGHHGOH6HHOHHUVHKQWHUUHLFKHQ

'XUFKGLH%DUPKHU]LJNHLWJHJHQEHUHXUHQ0LWPHQVFKHQZHUGHWLKUHXUH6HHOHOlXWHUQXQG
DXIGLHVH:HLVHDOWH6FKXOGHQEHJOHLFKHQ,KUZHUGHWHXHUPHQVFKOLFKHV/HEHQYHUHGHOQXQG
HXHUJHLVWLJHV/HEHQHUK|KHQ

:HQQLKUGDQQHLQVWDQGLH3IRUWHJHODQJWDQGLHLKUDOOHHLQPDONORSIHQZHUGHWZLUGHXUH
6HOLJNHLW VHKU JUR VHLQ ZHLO LKU GHQ :LOONRPPHQVUXI YHUQHKPHQ ZHUGHW GHQ HXFK GLH
*HLVWLJH :HOW HQWELHWHQ ZLUG GLH HXFK VHJQHQ XQG ]XP :HUNH GHU (UQHXHUXQJ XQG
9HUJHLVWLJXQJEHUXIHQZLUG  

 ,FK VDJH HXFK *HVHJQHW VHLHQ MHQH PHLQHU $UEHLWHU GLH LQ LKUHP +HU]HQ GDV /HLG GHUHU
PLW]XIKOHQ YHUP|JHQ GLH LKUH )UHLKHLW RGHU *HVXQGKHLW HLQJHEW KDEHQ XQG GLH GLHVH
EHVXFKHQ XQG WU|VWHQ 'HQQ HLQHV 7DJHV ZHUGHQ VLH HLQDQGHU ZLHGHU EHJHJQHQ  VHL HV LQ
GLHVHP RGHU HLQHP DQGHUHQ /HEHQ  XQG LKU ZLVVW QLFKW RE GLHVH GDQQ QLFKW PHKU
*HVXQGKHLWJU|HUH)UHLKHLWXQGPHKU/LFKWKDEHQDOVMHQHGLHLKQHQGLH%RWVFKDIWGHU/LHEH
LQHLQ*HIlQJQLVRGHUHLQ.UDQNHQKDXVEUDFKWHQ'DQQZHUGHQVLHVLFKLQLKUHU'DQNEDUNHLW
HUNHQQWOLFK]HLJHQXQGMHQHPGLH+DQGHQWJHJHQVWUHFNHQGHUVLHLKQHQ]XHLQHUDQGHUHQ=HLW
UHLFKWH

 -HQHU $XJHQEOLFN GD LKU LKUHP +HU]HQ PHLQ :RUW QDKHEUDFKWHW  MHQHU 0RPHQW LQ
ZHOFKHPHXUH+DQGEHULKUH6WLUQHVWULFKXQGLKUVLHDQ0LFKGHQNHQXQG0LFKIKOHQOLHHW
ZLUG QLHPDOV DXV LKUHU 6HHOH JHWLOJW ZHUGHQ VR ZHQLJ ZLH LQ LKUHP 9HUVWDQGH HXHU *HVLFKW
XQG HXUH EUGHUOLFKH 6WLPPH LQ 9HUJHVVHQKHLW JHUDWHQ ZHUGHQ ZHVKDOE VLH HXFK EHUDOO
HUNHQQHQZHUGHQZRLKUHXFKDXFKEHILQGHW  

 6R ZLH GHU :LQGKDXFK XQG GLH 6RQQH HXFK OLHENRVHQ VR PHLQ 9RON VROOW LKU HXUH
1lFKVWHQ OLHENRVHQ 'LHV LVW GLH =HLW LQ GHU %HGUIWLJH XQG 1RWOHLGHQGH EHUUHLFKOLFK
YRUKDQGHQ VLQG %HJUHLIW GDVV GHU GHU HXFK XP HLQH *HIlOOLJNHLW ELWWHW HXFK GLH *QDGH
JHZlKUW DQGHUHQ QW]OLFK ]X VHLQ XQG IU HXUH (UO|VXQJ ]X DUEHLWHQ (U JLEW HXFK GLH
*HOHJHQKHLW EDUPKHU]LJ ]X VHLQ XQG GDGXUFK HXUHP 9DWHU lKQOLFK ]X ZHUGHQ 'HQQ GHU
0HQVFK LVW JHERUHQ XP EHU GLH :HOW GHQ 6DPHQ GHV *XWHQ DXV]XVWUHXHQ 9HUVWHKW DOVR
GDVVZHUHXFKELWWHWHXFKHLQHQ*HIDOOHQWXW 

(FKWHXQGIDOVFKH:RKOWlWLJNHLW


 2 -QJHU HXUH K|FKVWH $XIJDEH ZLUG GLH /LHEHVWlWLJNHLW VHLQ 2IW ZHUGHW LKU VLH LP
9HUERUJHQHQRKQH3UDKOHUHLWXQRKQHGLHOLQNH+DQGZLVVHQ]XODVVHQZDVGLHUHFKWHJHWDQ
KDW $EHU HV ZLUG *HOHJHQKHLWHQ JHEHQ EHL GHQHQ HXUH /LHEHVWlWLJNHLW YRQ HXUHQ
0LWPHQVFKHQJHVHKHQZHUGHQVROOGDPLWVLHOHUQHQVLFKGDUDQ]XEHWHLOLJHQ

 6HLG ZHJHQ GHV /RKQHV XQEHVRUJW ,FK ELQ GHU 9DWHU GHU GLH :HUNH VHLQHU .LQGHU PLW
*HUHFKWLJNHLWEHORKQWRKQHHLQHLQ]LJHV]XYHUJHVVHQ

,FKKDEHHXFKJHVDJWGDVVZHQQLKUHLQ*ODV:DVVHUPLWZDKUHU/LHEHJHEHQZHUGHWGLHV
QLFKWXQEHORKQWEOHLEHQZLUG

6HOLJVLQGGLH]X0LUVDJHQZHQQVLHEHL0LUDQODQJHQ+HUUDOV/RKQIUPHLQH:HUNH
HUZDUWHLFKQLFKWVPLUJHQJWGDV'DVHLQXQGGDV:LVVHQGDVVLFK'HLQ.LQGELQXQGVFKRQ
LVWPHLQ*HLVWYRQ*OFNHUIOOW  

+HJWQLFKWVHOEVWVFKWLJH:QVFKHLQGHPLKUQXUDQHXHU 6HHOHQKHLOXQGHXUH%HORKQXQJ
GHQNW GHQQ HXUH (QWWlXVFKXQJ ZLUG VHKU VFKPHU]OLFK VHLQ ZHQQ LKU HXFK LP *HLVWLJHQ
HLQILQGHW ZHLO LKU HQWGHFNHQ ZHUGHW GDVV LKU HXFK LQ :LUNOLFKNHLW NHLQHQ /RKQ HUDUEHLWHW
KDEW

'DPLWLKUEHVVHUYHUVWHKWZDV,FKHXFKVDJHQZLOOJHEH,FKHXFKGDVIROJHQGH%HLVSLHO
(V JLEW XQG KDW LPPHU 0lQQHU XQG )UDXHQ JHJHEHQ GLH HV VLFK DQJHOHJHQ VHLQ OLHHQ
ZRKOWlWLJH:HUNHXQWHULKUHQ0LWPHQVFKHQ]XWXQXQGGLHGHQQRFKZHQQVLH]X0LUNDPHQ
0LUNHLQH9HUGLHQVWHIULKUHJHLVWLJH*OFNVHOLJNHLWYRUZHLVHQNRQQWHQ:DVZDUGHU*UXQG
GDIU".|QQWLKUHXFKYRUVWHOOHQGDVVVLH2SIHUHLQHU8QJHUHFKWLJNHLWYRQ6HLWHQLKUHV9DWHUV
JHZHVHQVLQG"'LH$QWZRUWLVWHLQIDFK-QJHU6LHNRQQWHQQLFKWV*XWHVIUVLFKHUQWHQZHLO
LKUH:HUNHQLFKWDXIULFKWLJZDUHQ'HQQZHQQVLHLKUH+DQGDXVVWUHFNWHQXPHWZDV]XJHEHQ
WDWHQ VLH HV QLH DXV HLQHP ZDKUHQ *HIKO GHU %DUPKHU]LJNHLW KHUDXV JHJHQEHU GHP GHU
OHLGHW VRQGHUQ LQGHP VLH DQ VLFK VHOEVW GDFKWHQ DQ LKU 6HHOHQKHLO DQ LKUH %HORKQXQJ 'LH
HLQHQ EHZRJ GHU (LJHQQXW] GD]X DQGHUH GLH (LWHONHLW XQG GLHV LVW NHLQH ZDKUH
%DUPKHU]LJNHLWGHQQVLHZDUZHGHU HPSIXQGHQ QRFKVHOEVWORV ,FKVDJH HXFKGDVVGHUGHU
NHLQH$XIULFKWLJNHLWXQG/LHEHLQVLFKKDWQLFKWGLH :DKUKHLWVlWXQGVLFKDXFKNHLQHQ/RKQ
HUZLUEW

 'LH DXJHQVFKHLQOLFKH :RKOWlWLJNHLW NDQQ HXFK DXI (UGHQ PDQFKH %HIULHGLJXQJHQ
YHUVFKDIIHQ GLH GHU %HZXQGHUXQJ HQWVSULQJHQ GLH LKU HUUHJW XQG GHU 6FKPHLFKHOHL GLH LKU
HPSIDQJW DEHU GDV 6FKHLQEDUH JHODQJW QLFKW LQ PHLQ 5HLFK GRUWKLQ JHODQJW QXU GDV
:DKUKDIWLJH 'RUW ZHUGHW LKU DOOH KLQNRPPHQ RKQH GLH JHULQJVWH %HIOHFNXQJ RGHU
8QODXWHUNHLWYHUEHUJHQ]XN|QQHQ'HQQEHYRULKUYRU*RWWHUVFKHLQHQN|QQWZHUGHWLKUGLH
*DODPlQWHO .URQHQ ,QVLJQLHQ 7LWHO XQG DOOHV ZDV GHU :HOW DQJHK|UW DEJHOHJW KDEHQ XP
YRU GHP K|FKVWHQ 5LFKWHU DOV HLQIDFKH 6HHOHQ ]X HUVFKHLQHQ GLH YRU GHP 6FK|SIHU
5HFKHQVFKDIWDEOHJHQEHUGLH$XIJDEHGLHLKQHQDQYHUWUDXWZXUGH  

:HUVHLQHQ1lFKVWHQJHUQHDXV/LHEH QW]OLFKVHLQP|FKWHZLGPHWVLFKGHP*XWHQDXI
LUJHQGHLQHP GHU YLHOHUOHL :HJH GLH GDV /HEHQ ELHWHW (U ZHL GDVV HU HLQ 0HQVFKHQZHVHQ
LVW GDV VLFK EHUHLWILQGHQ VROO YRP *|WWOLFKHQ :LOOHQ IU VHKU KRKH =LHOH YHUZHQGHW ]X
ZHUGHQ ,FK ZLOO GDVV LKU R -QJHU :LVVHQ HUODQJW GDPLW LKU MHQH YRQ LKUHQ ,UUWPHUQ
EHIUHLWGLHGHQ:HJ]XU$XIZlUWVHQWZLFNOXQJYHUORUHQKDEHQ


 'LH ZDKUH /LHEH MHQH GLH EHU GLH PHQVFKOLFKHQ *HIKOH GHV +HU]HQV KLQDXVJHKW LVW
GLH )UXFKW GHU :HLVKHLW 6HKW ZLH ,FK LQ PHLQHP :RUWH :HLVKHLW LQ HXUH 9RUVWHOOXQJVZHOW
VlHXQGKHUQDFKHUZDUWH,FKGLH)UXFKWHXUHU/LHEH

 (V JLEW YLHOH $UWHQ *XWHV ]X WXQ YLHOH $UWHQ ]X WU|VWHQ XQG ]X GLHQHQ $OOH VLQG
$XVGUXFNGHU/LHEHZHOFKHHLQHHLQ]LJHLVW GHU/LHEHZHOFKH:HLVKHLWGHV*HLVWHVLVW

'LHHLQHQP|JHQDXIGHP:HJHGHU:LVVHQVFKDIWZDQGHOQDQGHUHDXIGHPGHV*HLVWHV
ZLHGHU DQGHUH YRP *HIKO EHVWLPPW GRFK GLH *HVDPWKHLW DOOHU ZLUG GLH JHLVWLJH +DUPRQLH
HUJHEHQ  

*HLVWLJHXQGPDWHULHOOH/LHEHVWlWLJNHLW

:HQQLKUPDWHULHOODUPVHLGXQGDXVGLHVHP*UXQGHHXUHQ1lFKVWHQQLFKWKHOIHQN|QQWVR
JUlPWHXFKQLFKW%HWHWXQG,FKZHUGHEHZLUNHQGDVVGRUWZRHVQLFKWVJLEW/LFKWHUVWUDKOW
XQG)ULHGHZLUG

'LHZDKUH1lFKVWHQOLHEHDXVGHUGDV0LWJHIKOJHERUHQZLUGLVWGLHEHVWH*DEHGLHLKU
GHQ %HGUIWLJHQ ]XWHLOZHUGHQ ODVVHQ N|QQW :HQQ LKU EHLP *HEHQ HLQHV *HOGVWFNV HLQHV
%URWHV RGHU HLQHV *ODVHV :DVVHU QLFKW GDV *HIKO YRQ /LHEH ]X HXUHP 0LWPHQVFKHQ KDEW 
ZDKUOLFK ,FK VDJH HXFK GDQQ KDEW LKU QLFKWV JHJHEHQ GDQQ ZlUH HV EHVVHU IU HXFK HXFK
QLFKWYRQGHP]XWUHQQHQZDVLKUJHEW

:DQQZLOOVWGXR0HQVFKKHLWGLH0DFKWGHU/LHEHNHQQHQOHUQHQ"%LVKHXWHKDVWGXQRFK
QLHPDOV*HEUDXFKJHPDFKWYRQMHQHU.UDIWGLHGHU8UVSUXQJGHV/HEHQVLVW  

 6HKW QLFKW )HLQGH VRQGHUQ %UGHU LQ DOOHQ GLH HXFK XPJHEHQ 9HUODQJW IU QLHPDQGHQ
%HVWUDIXQJ VHLG QDFKVLFKWLJ GDPLW LKU HLQ %HLVSLHO YRQ 9HUJHEXQJ JHEW XQG NHLQH
*HZLVVHQVELVVH LQ HXUHP *HLVWH HQWVWHKHQ 9HUVFKOLHW HXUH /LSSHQ XQG ODVVW 0LFK HXUH
6DFKHULFKWHQ

+HLOWGLH.UDQNHQJHEWGHQ9HUZLUUWHQGLH9HUQXQIW]XUFN9HUWUHLEWGLH*HLVWHUGLHGHQ
9HUVWDQG WUEHQ XQG VRUJW GDIU GDVV EHLGH GDV /LFKW GDV VLH YHUORUHQ KDEHQ
ZLHGHUJHZLQQHQ  

-QJHU-HQHU*UXQGVDW]GHQ,FKHXFKLQGHU=ZHLWHQ=HLWOHKUWHHLQDQGHU]XOLHEHQLVW
DXIDOOH+DQGOXQJHQHXUHV/HEHQVDQZHQGEDU

 0DQFKH VDJHQ 0LU 0HLVWHU ZLH NDQQ ,FK PHLQH 1lFKVWHQ OLHEHQ GD LFK HLQ
XQEHGHXWHQGHV:HVHQELQGHVVHQ/HEHQPLWN|USHUOLFKHU$UEHLWDXVJHIOOWLVW"

 'LHVHQ PHLQHQ .LQGHUVFKOHUQ VDJH ,FK 6HOEVW EHL GLHVHU N|USHUOLFKHQ $UEHLW GLH
VFKHLQEDU RKQH %HGHXWXQJ LVW N|QQW LKU HXUH 1lFKVWHQ OLHEHQ ZHQQ LKU HXUH $UEHLWHQ PLW
GHP:XQVFKWXWHXUHQ0LWPHQVFKHQ]XGLHQHQ

 6WHOOW HXFK YRU ZLH VFK|Q HXHU /HEHQ ZlUH ZHQQ MHGHU 0HQVFK PLW GHP *HGDQNHQ
DUEHLWHQZUGH*XWHV]XWXQXQGVHLQHNOHLQH$QVWUHQJXQJPLWGHUGHUDQGHUHQ]XYHUHLQHQ
:DKUOLFK,FKVDJHHXFKHVJlEHGDQQNHLQ(OHQGPHKU'RFKGLH:DKUKHLWLVWGDVVMHGHUIU
VLFK DUEHLWHWDQVLFKGHQNWXQGK|FKVWHQVQRFKDQGLH6HLQHQ


,KUDOOHPWZLVVHQGDVVQLHPDQGVLFKVHOEVWJHQXJVHLQNDQQXQGGDVVHUGLHDQGHUHQ
EHQ|WLJW,KUDOOHVROOWZLVVHQGDVVLKU]XWLHIVWDQHLQHXQLYHUVHOOH0LVVLRQJHEXQGHQVHLGGLH
LKUYHUHLQWHUIOOHQVROOW MHGRFKQLFKWGXUFKLUGLVFKH9HUSIOLFKWXQJHQYHUHLQWVRQGHUQGXUFK
GLH*HVLQQXQJGXUFK,QVSLUDWLRQXQG,GHDOPLWHLQHP:RUWGXUFKGLH/LHEHXQWHUHLQDQGHU
'LH)UXFKWZLUGGDQQ]XP:RKOHDOOHUVHLQ  

,FKVDJHHXFK-QJHUQLQPHLQHP*HVHW]HGHU/LHEHGDVVZHQQLKUNHLQHYROONRPPHQHQ
:HUNH WXQ N|QQW ZLH MHQH GLH ,FK LQ -HVXV WDW VR VROOW LKU HXFK ZHQLJVWHQV DQVWUHQJHQ LQ
HXUHP /HEHQXPLKQHQQDKH]XNRPPHQ0LUJHQJWHV HLQZHQLJ JXWHQ:LOOHQ]XVHKHQ
XP0LUQDFK]XHLIHUQXQGHLQZHQLJ/LHEH]XHXUHQ1lFKVWHQXQGVFKRQVWHKH,FKHXFKEHL
XQGRIIHQEDUHPHLQH*QDGHXQGPHLQH0DFKWDXIHXUHP:HJH

1LHPDOVZHUGHWLKUDOOHLQLP.DPSIHVHLQ'D ,FKHXFKQLFKW DOOHLQODVVHZHQQLKUYRQ


GHU /DVW HXUHU 6QGHQ QLHGHUJHGUFNW VHLG JODXEW LKU GD GDVV ,FK HXFK YHUODVVH ZHQQ LKU
XQWHUGHU/DVWGHV.UHX]HVGLHVHU/LHEHVPLVVLRQHXUHQ:HJJHKW"  

'LHXPIDVVHQGH%HGHXWXQJGHU/LHEH

 =X DOOHQ =HLWHQ KDW HXFK PHLQH /HKUH GHXWOLFK JHPDFKW GDVV LKU LQQHUVWHV :HVHQ GLH
/LHEHLVW

'LH/LHEHLVWGLH(VVHQ]*RWWHV$XVGLHVHU.UDIWVFK|SIHQDOOH:HVHQXP]XOHEHQDXV
LKUHQWVSUDQJGDV/HEHQXQGGLHJDQ]H6FK|SIXQJ'LH/LHEHLVWGHU8UVSUXQJXQGGDV=LHOLQ
GHU%HVWLPPXQJDOOGHVVHQZDVYRP9DWHUJHVFKDIIHQZXUGH

 $QJHVLFKWV MHQHU .UDIW GLH DOOHV EHZHJW HUKHOOW XQG EHOHEW YHUVFKZLQGHW GHU 7RG
YHUIOFKWLJW VLFK GLH 6QGH YHUJHKHQ GLH /HLGHQVFKDIWHQ ZHUGHQ GLH 8QUHLQKHLWHQ
DEJHZDVFKHQXQGYHUYROONRPPQHWVLFKDOOHVZDVXQYROONRPPHQLVW 

,FKKDEHHXFKPHLQ'DVHLQXQGGHQ*UXQGIUGDVHXUHRIIHQEDUW,FKKDEHHXFKHQWKOOW
GDVVGDV)HXHUGDV /HEHQVFKHQNWXQGDOOHVEHVHHOWGLH /LHEHLVW6LHLVWGHU8UVSUXQJDXV
GHPDOOH/HEHQVIRUPHQKHUYRUJHJDQJHQVLQG

 6HKW ,KU VHLG DXV /LHEH JHERUHQ H[LVWLHUW DXV /LHEH ILQGHW 9HUJHEXQJ DXV /LHEH XQG
ZHUGHWDXV/LHEHLQGHU(ZLJNHLWVHLQ  

'LH/LHEHLVWGHU8UVSUXQJXQGGHU*UXQGIUHXHU'DVHLQR0HQVFKHQ:LHN|QQWHWLKU
RKQHGLHVH*DEHOHEHQ"*ODXEW0LUHVJLEWYLHOHGLHLQVLFKGHQ7RGWUDJHQXQGDQGHUHGLH
NUDQNVLQGQXUZHLOVLHQLHPDQGHQOLHEHQ'HU+HLOEDOVDPGHUYLHOHJHUHWWHWKDWLVWGLH/LHEH
JHZHVHQXQGGLH*|WWOLFKH*DEHGLH]XPZDKUHQ/HEHQDXIHUZHFNWGLHHUO|VWXQGHUKHEWLVW
JOHLFKIDOOVGLH/LHEH 

/LHEW:HUQLFKWOLHEWWUlJWHLQHWLHIH7UDXULJNHLWLQVLFKMHQHGDV6FK|QVWHXQG+|FKVWH
LP/HEHQQLFKW]XEHVLW]HQQLFKW]XIKOHQ

'DVZDUHVZDV&KULVWXVHXFKPLWVHLQHP/HEHQXQGPLWVHLQHP7RGHOHKUWHXQGZDVHU
HXFKLQVHLQHP *|WWOLFKHQ:RUWHYHUPDFKWH]XVDPPHQJHIDVVWLQGHP6DW]H/LHEHWHLQDQGHU
PLWMHQHU/LHEHGLH,FKHXFKHUZLHVHQKDEH

'HU7DJZLUGNRPPHQDQGHPGLHGLHQLFKWJHOLHEWKDEHQVLFKYRQLKUHU9HUELWWHUXQJ
XQGLKUHQ9RUXUWHLOHQIUHLPDFKHQKHUEHLNRPPHQXQGEHL0LUDXVUXKHQZRVLH]XP/HEHQ


]XUFNNHKUHQ ZHUGHQ ZHQQ VLH PHLQ OLHEHYROOHV :RUW YRQ XQHQGOLFKHU =lUWOLFKNHLW
YHUQHKPHQ

 :DKUOLFK ,FK VDJH HXFK LQ GHU /LHEH OLHJW PHLQH .UDIW PHLQH :HLVKHLW XQG PHLQH
:DKUKHLW 6LH LVW ZLH HLQH XQHUPHVVOLFK ODQJH 6WXIHQOHLWHU GLH VLFK LQ XQWHUVFKLHGOLFKHQ
)RUPHQYRQGHQWLHIHUVWHKHQGHQ0HQVFKHQZHVHQELV]XGHQK|FKVWHQ*HLVWHUQ]HLJWGLHGLH
9ROONRPPHQKHLWHUUHLFKWKDEHQ

 /LHEW DXFK ZHQQ HV DXI HXUH $UW LVW GRFK OLHEW LPPHU]X +DVVW QLFKW GHQQ GHU +DVV
KLQWHUOlVVWHLQH7RGHVVFKOHSSHZlKUHQGPDQVLFKDXV/LHEHYHUJLEWXQGMHGHU*UROOHUOLVFKW
 

 ,FK VDJH HXFK :HU VHLQH /LHEH QLFKW LQ GHU K|FKVWHQ )RUP XQG PLW DEVROXWHU
$XIULFKWLJNHLW RIIHQEDUW GHU OLHEW QLFKW (U ZLUG NHLQ ZDKUKDIWLJHV :LVVHQ KDEHQ XQG ZLUG
QXUVHKUZHQLJEHVLW]HQ:HUGDJHJHQPLWJDQ]HU6HHOHXQG DOOGHQLKP JHJHEHQHQ.UlIWHQ
OLHEW GHU ZLUG LQ VLFK GDV /LFKW GHU :HLVKHLW WUDJHQ XQG IKOHQ GDVV HU LQ :LUNOLFKNHLW GHU
(LJHQWPHU DOO GHVVHQ LVW ZDV LKQ XPJLEW GHQQ ZDV GHU 9DWHU EHVLW]W LVW DXFK (LJHQWXP
VHLQHU.LQGHU 

'LH /LHEH ZLUGHXFKGLH:HLVKHLWJHEHQ GLH :DKUKHLW]XYHUVWHKHQ GLHDQGHUHDXIGHQ


KROSULJHQ:HJHQGHU:LVVHQVFKDIWYHUJHEOLFKVXFKHQ

(UODXEWGDVVGHU0HLVWHUHXFKEHLDOOHQ+DQGOXQJHQ:RUWHQXQG*HGDQNHQIKUW5VWHW
HXFK ]X QDFK VHLQHP JWLJHQ XQG OLHEHYROOHQ 9RUELOG GDQQ ZHUGHW LKU GLH *|WWOLFKH /LHEH
RIIHQEDUHQ6RZHUGHWLKUHXFK*RWWQDKHIKOHQZHLOLKULP(LQNODQJPLWLKPVHLQZHUGHW

:HQQLKUOLHEWZLUGHVHXFKJHOLQJHQVDQIW]XVHLQZLH-HVXVHVZDU  

 :HU OLHEW YHUVWHKWZHU OHUQW EHVLW]W :LOOHQ ZHU GHQ :LOOHQ KDW YHUPDJ YLHOHV ]X WXQ
,FK VDJH HXFK ZHU QLFKW PLW GHU JDQ]HQ 0DFKW VHLQHU 6HHOH OLHEW ZLUG ZHGHU VHHOLVFKH
(UKHEXQJQRFK:HLVKHLWKDEHQQRFKZLUGHUJURH:HUNHYROOEULQJHQ 

/DVVWHXHU+HU]QLFKWHLQJHELOGHWZHUGHQGHQQHVYHUVLQQELOGOLFKWGDV)HXHUGHU(ZLJNHLW
'HVVHQDXVGHPDOOHVKHUYRUJLQJXQGZRDOOHVQHXEHOHEWZLUG

'HU*HLVWEHGLHQWVLFKGHV+HU]HQVXPPLWWHOVGHV.|USHUV]XOLHEHQ:HQQLKUQXUQDFK
GHP *HVHW] GHU 0DWHULH OLHEW ZLUG HXUH /LHEH YHUJlQJOLFK VHLQ ZHLO VLH EHJUHQ]W LVW 'RFK
ZHQQ LKU JHLVWLJ OLHEW JOHLFKW MHQH (PSILQGXQJ GHU GHV 9DWHUV ZHOFKHU HZLJ YROONRPPHQ
XQGXQZDQGHOEDULVW

$OOHV /HEHQXQG DOOHV*HVFKDIIHQHVWHKWLQ%H]LHKXQJ]XP*HLVWZHLOHUHZLJHV /HEHQ


EHVLW]W%HJUHQ]WHXFKQLFKWOLHEW0LFKXQGOLHEWHXFKGDLKUMHQHQ*RWWHVIXQNHQGHV6HLQV
EHVLW]WGDVNHLQH*UHQ]HQLP/LHEHQNHQQWZHOFKHV*RWW6HOEVWLVW  

 6WHLJW HPSRU DXI GHP 3IDGH GHU HXFK DXI GHQ *LSIHO GHV %HUJHV IKUW XQG EHL MHGHP
HXUHU 6FKULWWH ZHUGHW LKU PHLQH 8QWHUZHLVXQJHQ EHVVHU YHUVWHKHQ XQG HXFK LPPHU PHKU
YHUYROONRPPQHQEHLGHU$XVOHJXQJGHU*|WWOLFKHQ%RWVFKDIW

:DVLVWGLH6SUDFKH GHV*HLVWHV"(VLVWGLH /LHEH'LH /LHEHLVWGLHXQLYHUVHOOH6SUDFKH


DOOHU *HLVWHU 6HKW LKU QLFKW GDVV DXFK GLH PHQVFKOLFKH /LHEH VSULFKW" 2IWPDOV EUDXFKW VLH
NHLQH :RUWH VSULFKW VLH EHVVHU GXUFK 7DWHQ GXUFK *HGDQNHQ :HQQ VLFK VFKRQ GLH


PHQVFKOLFKH/LHEHVRlXHUW ZLHZLUGGDQQHUVWLKUH6SUDFKHVHLQZHQQLKUHXFKLQPHLQHQ
*HVHW]HQYHUYROONRPPQHW"  

 :HQQ LKU GDUEHU QDFKGHQNW GDVV ,FK GLH :HLVKHLW ELQ  MHQH :HLVKHLW HQWVSULQJW GHU
/LHEH:HQQLKU0LFKDOV5LFKWHUHUNHQQW  MHQH5HFKWVSUHFKXQJJUQGHWVLFKDXIGLH/LHEH
:HQQ LKU 0LFK DOV 0DFKWYROOHQ EHWUDFKWHW PHLQH 0DFKW EHUXKW DXI GHU /LHEH :HQQ LKU
ZLVVWGDVV,FKHZLJELQ PHLQH(ZLJNHLWVWDPPWDXVGHU/LHEHZHLOGLHVH/HEHQLVWXQGGDV
/HEHQGLH6HHOHQXQVWHUEOLFKPDFKW

 'LH /LHEH LVW /LFKW LVW /HEHQ XQG :LVVHQ 8QG GLHVHQ 6DPHQ KDEH ,FK HXFK YRP
$QEHJLQQGHU=HLWHQDQJHJHEHQ GHQHLQ]LJHQGHQ,FKDOVYROONRPPHQHU/DQGPDQQDXIGLH
bFNHUJHVlWKDEHGLHHXUH+HU]HQVLQG 

'LHKRKH0DFKWGHU/LHEH

 2 0lQQHU XQG )UDXHQ GHU :HOW GLH LKU LQ HXUHQ :LVVHQVFKDIWHQ GDV HLQ]LJH YHUJHVVHQ
KDEW ZDV HXFK ZHLVH XQG JOFNOLFK PDFKHQ NDQQ LKU KDEW GLH /LHEH YHUJHVVHQ GLH DOOHV
LQVSLULHUW GLH/LHEHGLHDOOHVYHUPDJ XQGDOOHVYHUZDQGHOW,KUOHEWLQPLWWHQGHV6FKPHU]HV
XQG GHU )LQVWHUQLV GHQQ GD LKU QLFKW GLH /LHEH EW GLH ,FK HXFK OHKUH YHUXUVDFKW LKU HXHU
N|USHUOLFKHVRGHUVHHOLVFKHV/HLGHQ

8PPHLQH%RWVFKDIWHQ]XHQWGHFNHQXQG]XYHUVWHKHQPWLKU]XHUVW YRQ+HU]HQJWLJ
XQG VDQIW VHLQ  7XJHQGHQ GLH LQ MHGHP *HLVWH YRP $XJHQEOLFNH VHLQHU (UVFKDIIXQJ DQ
YRUKDQGHQVLQGDEHUXPGLHZDKUHKRKH(PSILQGXQJGHU/LHEHIKOHQ]XN|QQHQPWLKU
HXFK YHUJHLVWLJHQ LQGHP LKU HXUH JXWHQ (PSILQGXQJHQ SIOHJW GRFK DOOHV KDEW LKU LP /HEHQ
KDEHQZROOHQQXUNHLQHJHLVWLJH/LHEH  

 =X DOOHQ =HLWHQ KDEW LKU )KUHU JHKDEW GLH HXFK GLH 0DFKW GHU /LHEH JHOHKUW KDEHQ (V
ZDUHQHXUHIRUWJHVFKULWWHQHUHQ%UGHUPLWJU|HUHU(UNHQQWQLVPHLQHV*HVHW]HVXQGJU|HUHU
5HLQKHLWLQLKUHQ:HUNHQ6LHJDEHQHXFKHLQ%HLVSLHOYRQ6WlUNH/LHEHXQG'HPXWDOVVLH
LKU/HEHQGHU9HULUUXQJHQXQG6QGHQPLWHLQHP'DVHLQYHUWDXVFKWHQGDVGHP*XWHQGHP
2SIHUXQGWlWLJHU1lFKVWHQOLHEHJHZHLKWZDU

9RQGHU.LQGKHLWELVLQVKRKH$OWHUKDEWLKUNODUH9RUELOGHUYRQDOOGHPZDVPDQPLWGHU
/LHEH HUUHLFKW XQG YRQ GHQ /HLGHQ GLH GHU 0DQJHO DQ 1lFKVWHQOLHEH YHUXUVDFKW DEHU LKU 
JHIKOORVHUDOVGLH)HOVHQ KDEWHVQLFKWYHUVWDQGHQDXVGHQ/HKUHQXQG%HLVSLHOHQ]XOHUQHQ
GLHHXFKGDVWlJOLFKH/HEHQJLEW

 +DEW LKU HLQPDO EHREDFKWHW ZLH VHOEVW GLH 5DXEWLHUH DXI HLQHQ 5XI GHU /LHEH VDQIW
UHDJLHUHQ" ,Q GHUVHOEHQ :HLVH N|QQHQ GLH (OHPHQWH GLH .UlIWH GHU 1DWXU UHDJLHUHQ  DOOHV
ZDVLQGHUPDWHULHOOHQXQGJHLVWLJHQ:HOWH[LVWLHUW

 'DUXP VDJH ,FK HXFK GDVV LKU DOOHV PLW /LHEH VHJQHQ VROOW LP 1DPHQ GHV 9DWHUV XQG
6FK|SIHUVGHV:HOWDOOV

6HJQHQEHGHXWHWVlWWLJHQ6HJQHQLVWGDV*XWH]XIKOHQHV]XVDJHQXQGZHLWHU]XJHEHQ
6HJQHQKHLWDOOHVZDVHXFKXPJLEWPLW*HGDQNHQGHU/LHEH]XGXUFKWUlQNHQ  

 :DKUOLFK ,FK VDJH HXFK GLH /LHEH LVW GLH XQZDQGHOEDUH 0DFKW GLH GDV 8QLYHUVXP
EHZHJW'LH/LHEHLVW8UVSUXQJXQG6LQQGHV/HEHQV


,FKOHLWHQXQPHKUHLQH=HLWJHLVWLJHU$XIHUVWHKXQJIUDOOHHLQ HLQH=HLWLQGHU,FKMHQHQ
JHVHJQHWHQ 6DPHQ GHU /LHEH ]XP (UEOKHQ EULQJHQ ZHUGH GHQ ,FK YRQ GHU +|KH HLQHV
.UHX]HVKHUDEDXIGLH:HOWYHUVWU|PWHXQGHXFKGDPLWDQNQGLJWHGDVVZHQQGLH0HQVFKHQ
VLFKOLHEHQZLH,FKHVHXFKOHKUWHGHU7RGDXVGHU:HOWJHVFKDIIWVHLQZUGHXQGDQVHLQHU
6WHOOHGDV/HEHQ EHUGLH0HQVFKHQKHUUVFKHQXQGVLFKLQDOOLKUHQ:HUNHQEHNXQGHQZUGH



92))(1%$581*6)250(181':,5.(1*277(6
.DSLWHO 'LH'UHLHLQLJNHLW*RWWHV

'LH(LQKHLW*RWWHVPLW&KULVWXVXQGGHP+HLOLJHQ*HLVW

 'DV /LFKW PHLQHV :RUWHV ZLUG GLH 0HQVFKHQ LQ GLHVHU 'ULWWHQ =HLW YHUHLQLJHQ 0HLQH
:DKUKHLW ZLUG LQ MHGHP 9HUVWDQGH DXIOHXFKWHQ XQG GDPLW 8QWHUVFKLHGH GHU
*ODXEHQVEHNHQQWQLVVHXQG.XOWH]XPYHUVFKZLQGHQEULQJHQ

:lKUHQGKHXWHHLQLJH0LFKLQ-HKRYDOLHEHQXQG&KULVWXVYHUOHXJQHQOLHEHQDQGHUH0LFK
LQ &KULVWXV XQG NHQQHQ -HKRYD QLFKW ZlKUHQG PDQFKH PHLQ 'DVHLQ DOV +HLOLJHU *HLVW
DQHUNHQQHQVWUHLWHQXQGHQW]ZHLHQVLFKDQGHUHZHJHQPHLQHU'UHLHLQLJNHLW

8QGQXQIUDJH,FKGLHVH0HQVFKKHLWXQGGLHVLHJHLVWLJIKUHQ:DUXPGLVWDQ]LHUWLKUHXFK
YRQHLQDQGHUZRLKUHXFKGRFKDOOH]XGHPZDKUHQ*RWWEHNHQQW":HQQLKU0LFKLQ-HKRYD
OLHEW VHLG LKU LQ GHU :DKUKHLW :HQQ LKU 0LFK GXUFK &KULVWXV OLHEW (U LVW GHU :HJ GLH
:DKUKHLWXQGGDV/HEHQ:HQQLKU0LFKDOV+HLOLJHQ*HLVWOLHEWQlKHUWLKUHXFKGHP/LFKWH

 ,KU KDEW QXU HLQHQ HLQ]LJHQ *RWW QXU HLQHQ HLQ]LJHQ 9DWHU (V JLEW NHLQH GUHL *|WWOLFKHQ
3HUVRQHQ GLH LQ *RWW H[LVWLHUHQ VRQGHUQ QXU HLQHQ *|WWOLFKHQ *HLVW ZHOFKHU VLFK GHU
0HQVFKKHLWZlKUHQGGUHLYHUVFKLHGHQHQ(QWZLFNOXQJVVWXIHQRIIHQEDUWKDW%HLP9RUGULQJHQ
LQGLHVH7LHIHJODXEWHGLHVHLQLKUHU.LQGOLFKNHLWGUHL3HUVRQHQ]XVHKHQZRQXUHLQHLQ]LJHU
*|WWOLFKHU*HLVWH[LVWLHUW:HQQLKU DOVRGHQ1DPHQ-HKRYDK|UWVRGHQNWDQ*RWWDOV9DWHU
XQG5LFKWHU:HQQLKUDQ&KULVWXVGHQNWVRHUNHQQWLQ,KP*RWWDOV0HLVWHUDOV/LHEHXQG
ZHQQLKUGHQ8UVSUXQJGHV+HLOLJHQ*HLVWHV]XHUJUQGHQVXFKWVRZLVVHWGDVVHUQLHPDQG
DQGHUHV LVW DOV *RWW ZHQQ HU VHLQH XQHUPHVVOLFKH :HLVKHLW VROFKHQ -QJHUQ RIIHQEDUW GLH
ZHLWHUIRUWJHVFKULWWHQVLQG

:HQQ,FKGLH0HQVFKKHLWGHU(UVWHQ=HLWJHLVWLJVRHQWZLFNHOWDQJHWURIIHQKlWWHZLHVLH
HV KHXWH LVW KlWWH ,FK 0LFK LKU DOV 9DWHU DOV 0HLVWHU XQG DOV +HLOLJHU *HLVW RIIHQEDUW GDQQ
KlWWHQ GLH 0HQVFKHQ NHLQH GUHL *RWWKHLWHQ JHVHKHQ ZR QXU HLQH LVW $EHU VLH ZDUHQ QLFKW
IlKLJ PHLQH /HKUHQ ULFKWLJ ]X GHXWHQ XQG ZlUHQ YHUZLUUW ZRUGHQ XQG PHLQHP :HJH IHUQ
JHEOLHEHQ XP ZHLWHUKLQ LKUHQ 9RUVWHOOXQJHQ JHPlH ]XJlQJOLFKH XQG NOHLQH *|WWHU ]X
VFKDIIHQ

6REDOGGLH0HQVFKHQGLHVH:DKUKHLWHLQVHKHQXQGDQQHKPHQZLUGHVLKQHQOHLGWXQGDVV
VLH VLFK JHJHQVHLWLJ YHUNDQQW KDEHQ ZHJHQ HLQHV ,UUWXPV GHQ VLH PLW HLQ ZHQLJ /LHEH
YHUPLHGHQKlWWHQ

:HQQ&KULVWXV GLH/LHEHLVWN|QQWLKUGDQQJODXEHQGDVV(UYRQ-HKRYDXQDEKlQJLJLVW
ZR,FKGRFKGLH/LHEHELQ"

:HQQGHU+HLOLJH*HLVWGLH:HLVKHLWLVWJODXEWLKUGDQQGDVVGLHVHU*HLVWXQDEKlQJLJYRQ
&KULVWXVH[LVWLHUWZR,FKGRFKGLH:HLVKHLWELQ"0HLQWLKU GDV:RUWXQGGHU+HLOLJH*HLVW
VHLHQ]ZHLHUOHL"

 (V JHQJW QXU HWZDV YRQ GHP :RUW ]X NHQQHQ GDV -HVXV GLH 0HQVFKKHLW OHKUWH XP ]X
EHJUHLIHQGDVVQXU HLQ *RWWH[LVWLHUWKDWXQGHZLJQXU(LQHUVHLQZLUG'HVZHJHQVDJWH ,FK
GXUFK LKQ :HU GHQ 6RKQ NHQQW NHQQW GHQ 9DWHU ZHLO HU LQ 0LU LVW XQG ,FK LQ LKP ELQ
6SlWHU DOV HU DQNQGLJWH GDVV HU LQ HLQHU DQGHUHQ =HLW ]X GHQ 0HQVFKHQ ]XUFNNRPPHQ


ZHUGH VDJWH HU QLFKW QXU  ,FK ZHUGH ZLHGHUNRPPHQ VRQGHUQ HU YHUVSUDFK GHQ +HLOLJHQ
*HLVW]XVHQGHQGHQ*HLVWGHV7U|VWHUVGHQ*HLVWGHU:DKUKHLW

:DUXPVROOWH&KULVWXVYRP+HLOLJHQ*HLVWJHWUHQQWNRPPHQ".|QQWH(ULQVHLQHP*HLVWH
HWZDQLFKWGLH:DKUKHLWGDV/LFKWXQGGHQ7URVWPLWVLFKEULQJHQ"   

,FKELQHXHU0HLVWHUGRFKVHKW0LFKQLFKWJHWUHQQWYRP9DWHUGHQQ,FKELQGHU9DWHU

(VJLEWNHLQHQ8QWHUVFKLHG]ZLVFKHQGHP6RKQXQGGHP+HLOLJHQ*HLVWGHQQGHU+HLOLJH
*HLVWXQGGHU6RKQVLQGHLQHLQ]LJHU*HLVWXQGGLHVHUELQ,FK

 6HKW LQ PHLQHQ 2IIHQEDUXQJHQ EHU DOOH =HLWHQ KLQZHJ HLQHQ HLQ]LJHQ *RWW GHU HXFK
PLWWHOV YLHOIDFKHU XQG XQWHUVFKLHGOLFKHU /HNWLRQHQ JHOHKUW KDW HLQ HLQ]LJHV %XFK PLW YLHOHQ
6HLWHQ 

'LHGUHL2IIHQEDUXQJVZHLVHQ*RWWHV

1XQZLWLKUGHQ*UXQGZDUXPGHU9DWHUVLFKLQ(WDSSHQRIIHQEDUWKDWXQGYHUVWHKWDXFK
GHQ,UUWXPGHU0HQVFKHQEH]JOLFKGHV%HJULIIVGHU'UHLHLQLJNHLW

 9HUVXFKW QLFKW PHKU 0LU LQ HXUHU 9RUVWHOOXQJ N|USHUOLFKH *HVWDOW ]X JHEHQ GHQQ HV
H[LVWLHUW NHLQH *HVWDOW LQ PHLQHP *HLVWH VR ZHQLJ ZLH GLH ,QWHOOLJHQ] GLH /LHEH RGHU GLH
:HLVKHLW*HVWDOWKDEHQ

,FKVDJHHXFKGLHVZHLOVLFKYLHOH0LFKLQGHU*HVWDOWHLQHV*UHLVHVYRUVWHOOHQZHQQVLH
DQ GHQ 9DWHU GHQNHQ GRFK ,FK ELQ NHLQ DOWHU 0DQQ GHQQ ,FK ELQ DXHUKDOE GHU =HLW PHLQ
*HLVWKDWNHLQ$OWHU

:HQQLKUDQ&KULVWXVGHQNWIRUPWLKUVRJOHLFKLQHXUHP6LQQGDVN|USHUOLFKH%LOG-HVX
'RFK ,FK VDJH HXFK GDVV &KULVWXV GLH LQV )OHLVFK JHERUHQH *|WWOLFKH /LHEH PHLQ
PHQVFKJHZRUGHQHV :RUW DOV (U GLH N|USHUOLFKH +OOH YHUOLH PLW PHLQHP *HLVWH
YHUVFKPRO]DXVGHP(UKHUYRUJHJDQJHQZDU

:HQQLKUMHGRFKYRP+HLOLJHQ*HLVWVSUHFKWYHUZHQGHWLKUGDV6\PEROGHU7DXEHXP]X
YHUVXFKHQLKQHXFKLQLUJHQGHLQHU)RUPYRU]XVWHOOHQ'RFK,FKVDJHHXFKGDVVGLH=HLWGHU
6LQQELOGHUYRUEHULVWXQGGDVVLKUDXV GLHVHP*UXQGHZHQQLKUHXFKXQWHUGHP(LQIOXGHV
+HLOLJHQ *HLVWHV IKOW LKQ DOV (LQJHEXQJ DOV /LFKW LQ HXUHP *HLVWH DOV .ODUKHLW HPSIDQJW
ZHOFKH8QJHZLVVKHLWHQ*HKHLPQLVVHXQG'XQNHOKHLWHQ]HUVWUHXW  

9RQ=HLWDOWHU]X=HLWDOWHUKDEHQGLH0HQVFKHQHLQHLPPHUNODUHUH9RUVWHOOXQJYRQ0LU
'LHMHQLJHQ GLH 0LFK GXUFK &KULVWXV NHQQHQJHOHUQW KDEHQ KDEHQ HLQH GHU :DKUKHLW
QlKHUNRPPHQGH 9RUVWHOOXQJ DOV MHQH GLH 0LFK QXU GXUFK GLH *HVHW]H 0RVHV NHQQHQ -HQHU
*RWW GHP GLH 0HQVFKHQVFKDUHQ DXV )XUFKW YRU VHLQHU *HUHFKWLJNHLW QDFKIROJWHQ XQG
JHKRUFKWHQ ZXUGH VSlWHU DOV 9DWHU XQG 0HLVWHU JHVXFKW DOV LQ LKUHQ +HU]HQ GHU 6DPH GHU
/LHEH&KULVWLNHLPWH 

 ,FK VWHKH EHU GHQ =HLWHQ EHU DOOHP *HVFKDIIHQHQ 0HLQ *|WWOLFKHU *HLVW LVW QLFKW GHU
(QWZLFNOXQJ XQWHUZRUIHQ ,FK ELQ HZLJ XQG YROONRPPHQ  QLFKW ZLH LKU GLH LKU VHKU ZRKO
HLQHQ $QIDQJ KDEW GLH LKU GXUFKDXV *HVHW]HQ GHU (QWZLFNOXQJ XQWHUZRUIHQ VHLG XQG
DXHUGHPEHUHXUHP6HLQGHQ$EODXIGHU=HLWHQIKOW


6DJWDOVRQLFKW GDVVGHU9DWHU QXUHLQHP =HLWDOWHUDQJHK|UW&KULVWXVHLQHPDQGHUHQXQG
GHU+HLOLJH*HLVWZLHGHUHLQHPDQGHUHQ'HQQGHU9DWHULVWHZLJXQGJHK|UWNHLQHP=HLWDOWHU
DQVRQGHUQGLH=HLWHQVLQGVHLQXQG&KULVWXVDOV(UDOV0HQVFKHQWVFKZXQGHQZDULVW*R WW
6HOEVWHEHQVRZLHGHU+HLOLJH*HLVWGHUNHLQDQGHUHULVWDOVHXHU9DWHU6HOEVWZHOFKHUXQWHU
HXFK VHLQH K|FKVWH 2IIHQEDUXQJVIRUP YRUEHUHLWHW GDV KHLW RKQH GLH +LOIH LUJHQGHLQHV
LUGLVFKHQ0LWWOHUV 

 ,FK KDEH HXFK HUNOlUW GDVV GDV ZDV LKU 9DWHU QHQQW GLH DEVROXWH 0DFKW *RWWHV GHV
8QLYHUVHOOHQ 6FK|SIHUV LVW GHU HLQ]LJH 8QJHVFKDIIHQH GDVV 'HU GHQ LKU 6RKQ QHQQW
&KULVWXV LVW GDV KHLW GLH 2IIHQEDUXQJ GHU YROONRPPHQHQ /LHEH GHV 9DWHUV ]X VHLQHQ
*HVFK|SIHQXQGGDVVGDVZDVLKU+HLOLJHU*HLVWQHQQWGLH:HLVKHLWLVWGLHHXFK*RWWLQ
GLHVHU =HLW DOV /LFKW VHQGHW LQ GHU HXHU *HLVW IlKLJ LVW PHLQH 2IIHQEDUXQJHQ EHVVHU ]X
YHUVWHKHQ

 -HQHV /LFKW GHV +HLOLJHQ *HLVWHV MHQH :HLVKHLW *RWWHV ZLUG EDOG LQ GLHVHP GULWWHQ
=HLWDOWHU GDV LKU HQWVWHKHQ VHKW UHJLHUHQ XQG GDV 'HQNHQ HLQHU 0HQVFKKHLW HUOHXFKWHQ GLH
6SLULWXDOLWlWEHQ|WLJWGLHQDFK:DKUKHLWGUVWHWXQGQDFK/LHEHKXQJHUW

(EHQVRZDKULVW9RONGDVVVLFKHLQHLQ]LJHU*RWWGHQ0HQVFKHQRIIHQEDUWKDWZHQQDXFK
XQWHU GUHL YHUVFKLHGHQHQ $VSHNWHQ ZHQQ LKU LQ GHQ :HUNHQ GHV 9DWHUV LQ MHQHP HUVWHQ
=HLWDOWHUQDFK/LHEHVXFKWZHUGHWLKUVLHILQGHQXQGZHQQLKUGDV/LFKWGHU:HLVKHLWVXFKW
ZHUGHW LKU HV JOHLFKIDOOV HQWGHFNHQ VR ZLH LKU LQ GHQ :HUNHQ XQG :RUWHQ &KULVWL QLFKW QXU
GHU /LHEH EHJHJQHQ ZHUGHW VRQGHUQ DXFK GHU 0DFKW XQG :HLVKHLW :DV ZlUH DOVR VHOWVDP
GDUDQ ZHQQ LKU LQ GHQ :HUNHQ GHV +HLOLJHQ *HLVWHV LQ GLHVHU =HLW VRZRKO GLH .UDIW GDV
*HVHW] XQG GLH 0DFKW DOV DXFK GLH /LHEH GLH =lUWOLFKNHLW XQG GHQ +HLOEDOVDP HQWGHFNHQ
ZUGHW"   

*HVHW]/LHEH:HLVKHLW GLHVVLQGGLHGUHL2IIHQEDUXQJVIRUPHQLQGHQHQ,FK0LFKGHP
0HQVFKHQJH]HLJWKDEHGDPLWHUDXIVHLQHP(QWZLFNOXQJVZHJHHLQHIHVWHhEHU]HXJXQJXQG
HLQH YROOVWlQGLJH .HQQWQLV VHLQHV 6FK|SIHUV KDW 'LHVH GUHL 2IIHQEDUXQJVSKDVHQ
XQWHUVFKHLGHQVLFKYRQHLQDQGHUDEHUVLHDOOHKDEHQHLQXQGGHQVHOEHQ8UVSUXQJXQGLQLKUHU
*HVDPWKHLWVLQGVLHGLHDEVROXWH9ROONRPPHQKHLW 

,Q0LULVWGHU5LFKWHUGHU9DWHUXQGGHU0HLVWHU GUHLYHUVFKLHGHQH2IIHQEDUXQJVSKDVHQ
LQHLQHPHLQ]LJHQ:HVHQGUHL.UDIW]HQWUHQXQGHLQHHLQ]LJH:HVHQV(VVHQ]/LHEH 

,FKELQ-HKRYDGHUHXFK]XDOOHQ=HLWHQYRP7RGHEHIUHLWKDW,FKELQGHU HLQH *RWWGHU


]X DOOHQ =HLWHQ ]X HXFK JHVSURFKHQ KDW &KULVWXV LVW PHLQ :RUW GDV GXUFK -HVXV ]X HXFK
VSUDFK (U VDJWH HXFK :HU GHQ 6RKQ NHQQW NHQQW GHQ 9DWHU 8QG GHU +HLOLJH *HLVW GHU
KHXWH ]X HXFK VSULFKW ELQ JOHLFKIDOOV ,FK GHQQ HV JLEW QXU HLQHQ +HLOLJHQ *HLVW QXU HLQ
:RUWXQGGLHVLVWGDVPHLQH

+|UHWPHLQH-QJHU,QGHU(UVWHQ=HLWJDE,FKHXFKGDV*HVHW]LQGHU=ZHLWHQOHKUWH
,FK HXFK GLH /LHEH PLW GHU LKU MHQH *HERWH DXVOHJHQ VROOWHW XQG QXQ LQ GLHVHP GULWWHQ
=HLWDOWHU VHQGH ,FK HXFK GDV /LFKW GDPLW LKU LQ GHQ 6LQQ DOO GHVVHQ HLQGULQJW ZDV HXFK
RIIHQEDUWZXUGH

 :DUXP ZROOW LKU GDQQ GXUFKDXV GRUW GUHL *RWWKHLWHQ HQWGHFNHQ ZR QXU HLQ *|WWOLFKHU
*HLVWH[LVWLHUWZHOFKHUGHUPHLQHLVW"


,FKJDEGHQHUVWHQ0HQVFKHQGDV*HVHW]XQGGHQQRFKNQGLJWH,FK0RVHDQGDVV,FKGHQ
0HVVLDVVHQGHQZHUGH&KULVWXVLQZHOFKHP,FKHXFKPHLQ:RUWJDEVDJWHHXFKDOVVHLQH
0LVVLRQEHUHLWV]X(QGHJLQJ,FKNHKUH]XP9DWHU]XUFNYRQGHP,FKDXVJHJDQJHQELQ
(UVDJWHHXFKDXFK'HU9DWHUXQG,FKVLQG(LQV'RFKGDQDFKYHUVSUDFKHUHXFKGHQ*HLVW
GHU :DKUKHLW ]X VHQGHQ GHU QDFK PHLQHP :LOOHQ XQG JHPl HXUHU (QWZLFNOXQJ GDV
*HKHLPQLVPHLQHU2IIHQEDUXQJHQHUKHOOHQZUGH

'RFKZHUNDQQ/LFKWLQPHLQH*HKHLPQLVVHEULQJHQXQGGLHVH0\VWHULHQHUNOlUHQ":HU
NDQQGLH6LHJHOGHV%XFKHVPHLQHU:HLVKHLWO|VHQDXHU0LU"

 :DKUOLFK ,FK VDJH HXFK GHU +HLOLJH *HLVW GHQ LKU GHU]HLW IU HWZDV YRQ -HKRYD XQG
&KULVWXV 9HUVFKLHGHQHV KDOWHW LVW QLFKWV DQGHUHV DOV GLH :HLVKHLW GLH ,FK HXUHP *HLVWH
NXQGWXHXPHXFKGLH:DKUKHLWEHJUHLIHQVFKDXHQXQGIKOHQ]XODVVHQ  

 9HUHLQLJW LQ HXUHP 9HUVWDQG XQG *HLVW PHLQH 2IIHQEDUXQJHQ DOV *RWW GLH HXFK GDV
*HVHW] YHUNQGHQ PHLQH 2IIHQEDUXQJHQ DOV 9DWHU GLH HXFK PHLQH XQHQGOLFKH /LHEH
HQWKOOHQXQGPHLQH8QWHUZHLVXQJHQDOV0HLVWHUGLHHXFK0HLQH:HLVKHLWRIIHQEDUHQGDQQ
HUKDOWHW LKU DXV DOOHGHP HLQH (VVHQ] HLQH *|WWOLFKH $EVLFKW GDVV LKU DXI GHP 3IDGH GHV
JHLVWLJHQ/LFKWHV]X0LUNRPPW HWZDVPHKUDOVHLQH.XQGJHEXQJDQHXFK,FK ZLOOHXFKLQ
PHLQHLJHQHV5HLFKIKUHQZR,FKHXFKLPPHUJHJHQZlUWLJIULPPHULQHXFKELQ 

 (V ZLUG QLFKW GDV HUVWH 0DO VHLQ GDVV GLH 0HQVFKHQ GDUXP ULQJHQ HLQH *|WWOLFKH
2IIHQEDUXQJ]XGHXWHQRGHU.ODUKHLWLQHLQHU6DFKH]XHUODQJHQGLHVLFKLKUHQ $XJHQDOVHLQ
*HKHLPQLV SUlVHQWLHUW 6FKRQ LQ GHU =ZHLWHQ =HLW EHUDWVFKODJWHQ VLFK GLH 0HQVFKHQ QDFK
PHLQHU 3UHGLJWWlWLJNHLW DXI GHU :HOW EHU GLH 3HUV|QOLFKNHLW -HVX XQG ZROOWHQ ZLVVHQ RE HU
J|WWOLFKVHLRGHUQLFKWREHUHLQVPLWGHP9DWHULVWRGHUHLQHYRQLKPYHUVFKLHGHQH3HUVRQ
$XIDOOH$UWHQEHXUWHLOWHQXQGHUIRUVFKWHQVLHPHLQH/HKUH

 -HW]W ZHUGH ,FK ZLHGHUXP *HJHQVWDQG YRQ 'HXWXQJHQ (U|UWHUXQJHQ


$XVHLQDQGHUVHW]XQJHQXQG8QWHUVXFKXQJHQVHLQ

 0DQ ZLUG SUIHQ RE GHU *HLVW &KULVWL DOV HU VLFK NXQGWDW XQDEKlQJLJ YRP *HLVWH GHV
9DWHUV ZDU XQG HV ZLUG DQGHUH JHEHQ GLH VDJHQ GDVV HV GHU +HLOLJH *HLVW ZDU GHU
JHVSURFKHQKDWXQGQLFKWGHU9DWHUQRFKGHU6RKQ

'RFKZDVLKU+HLOLJHU*HLVWQHQQWLVWGDV/LFKW*RWWHVXQGZDVLKU6RKQQHQQWLVW
VHLQ :RUW :HQQ LKU DOVR GLHV :RUW KLHU YHUQHKPW ZHQQ LKU YRQ PHLQHU /HKUH GHU
=ZHLWHQ=HLW*HEUDXFKPDFKWRGHUDQGDV*HVHW]XQGGLH2IIHQEDUXQJHQGHU(UVWHQ=HLW
GHQNW VR VHLG HXFK EHZXVVW GDVV LKU LQ GHU *HJHQZDUW GHV (LQHQ *RWWHV VHLG VHLQ :RUW
YHUQHKPWXQGGDV/LFKWVHLQHV*HLVWHVHPSIDQJW  

*RWWDOV6FK|SIHUJHLVWXQG9DWHU

,FKELQGLH(VVHQ]DOOHV*HVFKDIIHQHQ$OOHVOHEWGXUFKPHLQHXQHQGOLFKH0DFKW,FKELQ
LQMHGHP.|USHUXQGLQMHGHU)RUP,FKELQLQMHGHPYRQHXFKDEHULKUPVVWHXFK]XEHUHLWHQ
XQGHPSILQGVDPPDFKHQGDPLWLKU0LFKIKOHQXQGHQWGHFNHQN|QQW

 ,FK ELQ GHU /HEHQVKDXFK IU DOOH :HVHQ ZHLO ,FK GDV /HEHQ ELQ 'DKHU KDEH ,FK HXFK
EHJUHLIOLFKJHPDFKWGDVVZHQQ,FKLQDOOHQHXUHQ:HUNHQJHJHQZlUWLJELQHVQLFKWQ|WLJLVW
0HLQ%LOGQLVLQ7RQRGHU0DUPRUKHU]XVWHOOHQXP0LFKDQ]XEHWHQRGHU0LFKHXFKQDKH]X


IKOHQ 'LHVHV 8QYHUVWlQGQLV KDW QXU GD]X JHGLHQW GLH 0HQVFKKHLW ]XU $EJ|WWHUHL ]X
YHUIKUHQ

 $XIJUXQG PHLQHV :RUWHV DKQW LKU GLH +DUPRQLH GLH ]ZLVFKHQ GHP 9DWHU XQG DOOHP
*HVFKDIIHQHQH[LVWLHUWEHJUHLIWLKUGDVV,FKGLH(VVHQ]ELQGLHDOOH:HVHQQlKUWXQGGDVVLKU
HLQ7HLOYRQ0LU6HOEVWVHLG  

 'HU *HLVW GHV 9DWHUV LVW XQVLFKWEDU DEHU (U RIIHQEDUW VLFK LQ XQHQGOLFK YLHOHQ )RUPHQ
'DV JDQ]H 8QLYHUVXP LVW QXU HLQH PDWHULHOOH 0DQLIHVWDWLRQ GHU *|WWOLFKNHLW $OOHV
*HVFKDIIHQHLVWHLQ$EJODQ]GHU:DKUKHLW

,FKKDEHGDV'DVHLQGHU*HLVWHUZHOFKH.LQGHUPHLQHU*|WWOLFKNHLWVLQGMHQDFKGHP2UW
GHQ VLH EHZRKQHQ PLW HLQHU 5HLKH YRQ /HEHQVIRUPHQ XPJHEHQ LQ ZHOFKH ,FK :HLVKHLW
6FK|QKHLW/HEHQVNUDIWXQG6LQQKDIWLJNHLWOHJWHXPMHGHUGLHVHU+HLPVWlWWHQGHQVLFKWEDUVWHQ
%HZHLVYRQPHLQHP'DVHLQXQGHLQH9RUVWHOOXQJYRQPHLQHU0DFKW]XJHEHQ,FKZHLVHHXFK
GDUDXIKLQGDVVGHU6LQQJHKDOWGHV/HEHQVLP/LHEHQLP:LVVHQLP(UNHQQHQGHU:DKUKHLW
EHVWHKW 

-QJHUDXV0LUVLQGGLHGUHL:HVHQVQDWXUHQKHUYRUJHJDQJHQ'LHJ|WWOLFKHGLHVHHOLVFKH
XQGGLHPDWHULHOOH$OV(UVFKDIIHUXQG(LJHQWPHUDOOHV*HVFKDIIHQHQNDQQ,FKLQJ|WWOLFKHU
XQG ]XJOHLFK YHUVWlQGOLFKHU :HLVH ]X HXFK VSUHFKHQ 'D GLH PDWHULHOOH 1DWXU DXV 0LU
KHUYRUJLQJNDQQ ,FKPHLQH6WLPPHXQGPHLQ:RUWDXFKN|USHUOLFKK|UHQODVVHQXP0LFK
GHP0HQVFKHQYHUVWlQGOLFK]XPDFKHQ

 ,FK ELQ GLH YROONRPPHQH :LVVHQVFKDIW GHU 8UVSUXQJ YRQ DOOHP GLH 8UVDFKH DOOHU
8UVDFKHQ XQG GDV /LFKW GDV DOOHV HUKHOOW ,FK VWHKH EHU DOOHP *HVFKDIIHQHQ EHU DOOHU
*HOHKUVDPNHLW  

-HW]WLVWGLH=HLWGHV9HUVWHKHQVGHU(UOHXFKWXQJGHU6HHOHXQGGHV9HUVWDQGHVLQZHOFKHU
GHU 0HQVFK 0LFK HQGOLFK JHLVWLJ VXFKHQ ZLUG ZHLO HU HUNHQQHQ ZLUG GDVV *RWW ZHGHU HLQH
3HUVRQ QRFK HLQH 3KDQWDVLHYRUVWHOOXQJ LVW VRQGHUQ XQEHJUHQ]WHU XQG DEVROXWHU 8QLYHUVHOOHU
*HLVW 

&KULVWXVGLH /LHEHXQGGDV:RUW*RWWHV

 %HYRU VLFK GHU 9DWHU LQ -HVXV GHU 0HQVFKKHLW NXQGJDE VDQGWH (U HXFK VHLQH
2IIHQEDUXQJHQZREHL(UVLFKPDWHULHOOHU)RUPHQXQG(UHLJQLVVHEHGLHQWH8QWHUGHP1DPHQ
&KULVWXV KDEW LKU 'HQ NHQQHQJHOHUQW GHU GLH /LHEH *RWWHV XQWHU GHQ 0HQVFKHQ NXQGWDW
GRFKDOV(U]XU(UGHNDPKDWWH(UVLFKVFKRQ]XYRUDOV9DWHURIIHQEDUWZHVZHJHQLKUQLFKW
VDJHQGUIWGDVV&KULVWXV DXIGHU:HOWJHERUHQZXUGH -HVXV ZDUHVGHUJHERUHQZXUGHGHU
.|USHULQZHOFKHP&KULVWXVZRKQWH

 'HQNW QDFK XQG LKU ZHUGHW 0LFK VFKOLHOLFK YHUVWHKHQ XQG ZHUGHW DQHUNHQQHQ GDVV
&KULVWXVVFKRQYRU-HVXVZDUGHQQ&KULVWXVLVWGLH/LHEH*RWWHV  

 +LHU ELQ ,FK EHL HXFK XQG JHEH HXFK .UDIW XP IU GHQ HZLJHQ )ULHGHQ HXUHU 6HHOH ]X
NlPSIHQ 'RFK ZDKUOLFK ,FK VDJH HXFK VFKRQ EHYRU GLH 0HQVFKKHLW 0LFK NHQQHQOHUQWH
HUOHXFKWHWH ,FK HXFK EHUHLWV DXV GHU 8QHQGOLFKNHLW XQG VSUDFK ,FK VFKRQ ]X HXUHQ +HU]HQ
'HQQ GD ,FK (LQV ELQ PLW GHP 9DWHU ELQ ,FK LPPHU LQ ,KP JHZHVHQ (V PXVVWHQ =HLWDOWHU
EHUGLH 0HQVFKKHLWKLQZHJJHKHQELVGLH:HOW0LFKLQ-HVXVHPSILQJXQGGDV:RUW*RWWHV
YHUQDKP ZHQQJOHLFK ,FK HXFK VDJHQ PXVV GDVV QLFKW DOOH GLH GDPDOV PHLQH /HKUH


YHUQDKPHQ GLH HUIRUGHUOLFKH VHHOLVFKH (QWZLFNOXQJ KDWWHQ XP LQ &KULVWXV GLH *HJHQZDUW
*RWWHV]XIKOHQ 

 ,Q -HKRYD JODXEWHW LKU HLQHQ JUDXVDPHQ VFKUHFNOLFKHQ XQG UDFKVFKWLJHQ *RWW ]X
HUNHQQHQ $OVGDQQ VDQGWH HXFK GHU +HUU XP HXFK YRQ HXUHP ,UUWXP ]X EHIUHLHQ &KULVWXV
VHLQH *|WWOLFKH /LHEH GDPLW LKU GHQ 6RKQ NHQQHQOHUQHQG GHQ 9DWHU NHQQHQ VROOWHW XQG
WURW]GHP JODXEW GLH XQZLVVHQGH XQG DXIV QHXH LQ LKUH 6QGH YHUVWULFNWH 0HQVFKKHLW HLQHQ
HU]UQWHQXQGEHOHLGLJWHQ-HVXV]XVHKHQGHUQXUDXIGLH$QNXQIWGHUHULP*HLVWLJHQ7DOH
ZDUWHWGLHLKQYHUOHW]WHQXPLKQHQ]XVDJHQ:HLFKHWYRQPLULFKNHQQHHXFKQLFKWXQG
XPVLHVRJOHLFKGLHJUDXVDPVWHQ4XDOHQLQGHU(ZLJNHLWHUOHLGHQ]XODVVHQ

 (V LVW =HLW GDVV LKU GHQ 6LQQ PHLQHU /HKUHQ YHUVWHKW GDPLW LKU NHLQHQ ,UUWPHUQ
DQKHLPIDOOW'LH*|WWOLFKH/LHEHZLUGHXFKQLFKWKLQGHUQ]X0LU]XNRPPHQGRFKZHQQLKU
HXUH)HKOHUQLFKWZLHGHUJXWPDFKWZLUGHVGHUXQHUELWWOLFKH5LFKWHUHXUHV*HZLVVHQVVHLQGHU
HXFKVDJWGDVVLKUQLFKWZUGLJVHLGLQGDV5HLFKGHV/LFKWHV]XJHODQJHQ  

,FKZLOOGDVVLKUZLHHXHU0HLVWHUVHLGXPHXFK]X5HFKWPHLQH-QJHU]XQHQQHQ0HLQH
+LQWHUODVVHQVFKDIWEHVWHKWDXV/LHEHXQGDXV:HLVKHLW&KULVWXVZDUHVGHU]XHXFKNDPXQG
&KULVWXV LVW HV GHU LQ GLHVHP $XJHQEOLFNH ]X HXFK VSULFKW GRFK YHUVXFKW QLFKW 0LFK YRQ
*RWW ]X WUHQQHQ RGHU 0LFK DXHUKDOE YRQ ,KP ]X VHKHQ GHQQ ,FK ELQ XQG ZDU LPPHU (LQV
PLWGHP9DWHU

,FKKDEHHXFKJHVDJWGDVV&KULVWXVGLH*|WWOLFKH/LHEHLVWYHUVXFKWGHVKDOEQLFKW0LFK
YRP9DWHU]XWUHQQHQ*ODXEWLKUGDVV(UHLQ9DWHURKQH /LHEH]XVHLQHQ.LQGHUQLVW":LH
NRPPWLKUDXIGLHVHQ*HGDQNHQ"(VLVWDQGHU=HLWGDVVLKUGLHVHUNHQQW

 1LHPDQG VROO VLFK VFKlPHQ *RWW GHQ 6FK|SIHU 9DWHU ]X QHQQHQ GHQQ GLHV LVW VHLQ
ZDKUHU1DPH  

,Q-HVXVHUEOLFNWHGLH:HOWLKUHQ0HQVFKJHZRUGHQHQ*RWW'LH0HQVFKHQHUKLHOWHQYRQ
LKP QXU /HNWLRQHQ GHU /LHEH /HKUHQ YRQ XQHQGOLFKHU :HLVKHLW %HZHLVH YROONRPPHQHU
*HUHFKWLJNHLW DEHU QLHPDOV HLQ :RUW GHU *HZDOWWlWLJNHLW HLQHQ $NW RGHU HLQ =HLFKHQ YRQ
*UROO 6HKW VWDWWGHVVHQ ZLH VHKU HU EHOHLGLJW XQG YHUVSRWWHW ZXUGH (U KDWWH 9ROOPDFKW XQG
DOOH*HZDOWLQVHLQHU+DQGZLHVLHGLHJDQ]H:HOWQLFKWKDWDEHUHVZDUQRWZHQGLJGDVVGLH
:HOWLKUHQ9DWHULQVHLQHPZDKUHQ:HVHQVHLQHUZDKUHQ*HUHFKWLJNHLWXQG%DUPKHU]LJNHLW
NHQQHQOHUQHQVROOWH

 ,Q -HVXV VDK GLH :HOW HLQHQ 9DWHU GHU DOOHV IU VHLQH .LQGHU KLQJLEW RKQH GDIU
LUJHQGHWZDV IU 6LFK ]X YHUODQJHQ HLQHQ 9DWHU GHU GLH VFKZHUVWHQ %HOHLGLJXQJHQ PLW
XQHQGOLFKHU /LHEH YHUJLEW RKQH MHPDOV 5DFKH ]X EHQ XQG HLQHQ 9DWHU GHU VWDWW VHLQHQ
.LQGHUQGLH,KQEHOHLGLJHQGDV/HEHQ]XQHKPHQLKQHQYHUJLEWXQGLKQHQPLWVHLQHP%OXW
GHQ:HJ]XLKUHUVHHOLVFKHQ(UO|VXQJYRU]HLFKQHW  

$OV0HQVFKZDU-HVXVHXHU,GHDOXQGGLH9HUZLUNOLFKXQJGHU9ROONRPPHQKHLWGDPLWLKU
LQLKPHLQGHU1DFKIROJHZUGLJHV9RUELOGKlWWHWZROOWH,FKHXFKGDVOHKUHQZDVGHU0HQVFK
VHLQPXVVXPVHLQHP*RWWlKQOLFK]XZHUGHQ

 (V LVW HLQ *RWW XQG &KULVWXV LVW (LQV PLW ,KP ZHLO (U GDV :RUW GHU *RWWKHLW LVW GHU
HLQ]LJH:HJGXUFKGHQLKU]XP9DWHUDOOHV*HVFKDIIHQHQJHODQJHQN|QQW  


-QJHU&KULVWXVLVWGLHK|FKVWH0DQLIHVWDWLRQGHU*|WWOLFKHQ/LHEHLVWGDV/LFKWZHOFKHV
LQGHQ5HJLRQHQGHV*HLVWHVGDV/HEHQLVWGDV/LFKWGDVGLH)LQVWHUQLVGXUFKEULFKWXQGYRU
MHGHPJHLVWLJHQ%OLFNGLH:DKUKHLWDXIGHFNWGLH*HKHLPQLVVHDXIO|VWGLH7U|IIQHWXQGGHQ
:HJ]XU:HLVKHLW(ZLJNHLWXQG9ROONRPPHQKHLWGHV*HLVWHV]HLJW 

'HU+HLOLJH*HLVW GLH:DKUKHLWXQG:HLVKHLW*RWWHV

,QGHU:HLVKHLWOLHJWGLH+HLONUDIWXQGGHU7URVWGHQHXHU+HU]HUVHKQW'DKHUYHUVSUDFK
,FKHXFKHLQVWHQVGHQ*HLVWGHU:DKUKHLWDOV*HLVWGHU7U|VWXQJ

$EHUHVLVWXQEHGLQJWQRWZHQGLJ*ODXEHQ]XKDEHQXPQLFKWDXIGHP(QWZLFNOXQJVZHJH
VWHKHQ]XEOHLEHQQRFK)XUFKW YRUGHQ3UIXQJHQ]XIKOHQ  

 'LHV LVW GDV =HLWDOWHU GHV /LFKWHV LQ ZHOFKHP GLH *|WWOLFKH :HLVKHLW GLH GDV /LFKW GHV
+HLOLJHQ*HLVWHVLVWVHOEVWGLHJHKHLPVWHQ:LQNHOGHV+HU]HQVXQGGHU6HHOHHUKHOOHQZLUG



.DSLWHO 0DULDGLHPWWHUOLFKH/LHEH*RWWHV

'DVLUGLVFKH'DVHLQ0DULDVLQ'HPXW

 0DULD LVW GLH %OXPH PHLQHV +LPPOLVFKHQ *DUWHQV GHUHQ :HVHQKHLW LPPHU LQ PHLQHP
*HLVWHJHZHVHQLVW

 6HKW LKU GLHVH %OXPHQ KLHU GLH LKUH 6FK|QKHLW LQ 'HPXW YHUEHUJHQ" (EHQVR ZDU XQG LVW
0DULDHLQXQHUVFK|SIOLFKHU%RUQGHU6FK|QKHLWIUGHQGHUVLHLQ5HLQKHLWXQG(KUIXUFKW]X
VFKDXHQYHUPDJXQGHLQ6FKDW]DQ*WHXQG=lUWOLFKNHLWIUDOOH:HVHQ

0DULD JLQJGXUFKGLH :HOWXQGYHUEDUJLKUH J|WWOLFKH:HVHQKHLWVLH ZXVVWHZHUVLHZDU


XQGZHULKU6RKQZDUGRFKVWDWWVLFKMHQHU*QDGH]XUKPHQHUNOlUWHVLHVLFKQXUIUHLQH
'LHQHULQGHV+|FKVWHQIUHLQ:HUN]HXJGHU5DWVFKOVVHGHV+HUUQ  

 0DULD ZXVVWH GDVV VLH HLQHQ PlFKWLJHUHQ XQG JU|HUHQ .|QLJ HPSIDQJHQ ZUGH DOV DOOH
.|QLJH GHU (UGH 'RFK NU|QWH VLH VLFK GHVZHJHQ HWZD ]XU .|QLJLQ XQWHU GHQ 0HQVFKHQ"
9HUNQGHWHQLKUH/LSSHQDXI3OlW]HQ6WUDHQLQGHQHLQIDFKHQ+WWHQRGHULQGHQ3DOlVWHQ
GDVVVLHGLH0XWWHUGHV0HVVLDVZHUGHQZUGHGDVVGHU(LQJHERUHQH6RKQGHV9DWHUVDXV
LKUHP6FKRHKHUYRUJHKHQZHUGH"

 *HZLVV QLFKW PHLQ 9RON GLH JU|WH 'HPXW 6DQIWPXW XQG *QDGH ZDU LQ LKU XQG GLH
9HUKHLXQJJLQJLQ(UIOOXQJ,KU+HU]HLQHUPHQVFKOLFKHQ0XWWHUZXUGHEHJOFNWXQGVFKRQ
EHYRUVLHJHEDU ]XGLHVHP=HLWSXQNWXQGKHUQDFKZlKUHQGGHVJDQ]HQ/HEHQVGHV6RKQHV 
ZDUVLHHLQHOLHEHYROOVWH0XWWHUGLHJHLVWLJGLH%HVWLPPXQJ-HVXNDQQWHGLH0LVVLRQGLHHU
XQWHU GHQ 0HQVFKHQ ]X HUIOOHQ KDWWH XQG ZR]X HU JHNRPPHQ ZDU 6LH ZLGHUVHW]WH VLFK
QLHPDOVGLHVHU%HVWLPPXQJGHQQVLHKDWWH$QWHLODQGHPVHOEHQ:HUNH

:HQQVLH]XZHLOHQ7UlQHQYHUJRVVZDUHVHLQ:HLQHQGHUPHQVFKOLFKHQ0XWWHUZDUHVGLH
.|USHUQDWXUGLHGHQ6FKPHU]LQGHP6RKQHLKUHPHLJHQHQ)OHLVFKHIKOWH

 'RFK ZDU VLH HLQH -QJHULQ GHV 0HLVWHUV LKUHV 6RKQHV" 1HLQ 0DULD EUDXFKWH YRQ -HVXV
QLFKWV]XOHUQHQ6LHZDULP9DWHU6HOEVWXQGKDWWHVLFKQXULQNDUQLHUWXPMHQHVFK|QHXQG
VFKZLHULJH$XIJDEH]XHUIOOHQ

 %HVFKUlQNWH VLFK MHQHV YRUWUHIIOLFKH 0XWWHUKHU] GDUDXI QXU LKUHQ JHOLHEWHVWHQ 6RKQ ]X
OLHEHQ" *HZLVV QLFKW GXUFK MHQHV NOHLQH PHQVFKOLFKH +HU] RIIHQEDUWH VLFK GDV 0WWHUOLFKH
+HU]LQ7U|VWXQJXQGHUKDEHQHQ:RUWHQLQ5DWVFKOlJHQXQG:RKOWDWHQLQ:XQGHUQLQ/LFKW
XQGLQ:DKUKHLW

1LHPDOVVWHOOWHVLHVLFK]XU6FKDXQLHPDOV IDVVWHVLHGDV:RUWGHV0HLVWHUVIDOVFKDXI$EHU
HEHQVRZLHVLH]X)HQGHU.ULSSHZDUGLHLKUDOV:LHJHGLHQWHVRZDUVLHDXFK]X)HQ
GHV.UHX]HVDQGHPGHU6RKQGHU0HLVWHUGHU9DWHUGHUJDQ]HQ6FK|SIXQJVWDUEXQG6HLQHQ
OHW]WHQ$WHP]XJDOV0HQVFKWDW

6RHUIOOWHVLHLKUH%HVWLPPXQJDOVPHQVFKOLFKH0XWWHUXQGJDEDOOHQ0WWHUQXQGDOOHQ
0HQVFKHQHLQHUKDEHQHV%HLVSLHO  

0DULDXQG-HVXV


 2IWPDOV KDEHQ VLFK GLH 0HQVFKHQ JHIUDJW ZDUXP -HVXV VHOEVW QDFKGHP HU JHNUHX]LJW
ZRUGHQZDUVLFKYRQGHU6QGHULQ0DJGDOHQDVHKHQOLHXQGKHUQDFKVHLQH-QJHUDXIVXFKWH
PDQ KLQJHJHQ QLFKWV GDYRQ ZHL GDVV HU VHLQH 0XWWHU EHVXFKW KlWWH 'DUDXI VDJH ,FK HXFK
GDVVHVQLFKWQRWZHQGLJZDU0LFKEHL0DULDLQGHUJOHLFKHQ:HLVHNXQG]XWXQZLH,FKHVEHL
MHQHUWDW'HQQGLH9HUELQGXQJ]ZLVFKHQ&KULVWXVXQG0DULDEHVWDQGVFKRQLPPHUVFKRQHKH
GLH:HOWZDU

'XUFK-HVXVRIIHQEDUWH,FK0LFKGHU0HQVFKKHLWXP6QGHU]XUHWWHQXQG,FKOLH0LFK
QDFK GHU .UHX]LJXQJ YRQ LKQHQ EHWUDFKWHQ XP GHQ *ODXEHQ GHUHU ]X EHOHEHQ GLH 0LFK
EHQ|WLJWHQ 'RFK ZDKUOLFK ,FK VDJH HXFK 0DULD DOV 0HQVFK PHLQH OLHEHYROOH 0XWWHU
EUDXFKWHVLFKYRQNHLQHU%HIOHFNXQJUHLQ]XZDVFKHQXQGVLHNRQQWHDXFKJDUNHLQHQ0DQJHO
DQ*ODXEHQKDEHQZHLOVLHZXVVWHZHU&KULVWXVZDUQRFKEHYRUVLH,KPLKUHQPWWHUOLFKHQ
6FKRGDUERW

(VZDUQLFKWQ|WLJPHLQHQ*HLVW]XYHUPHQVFKOLFKHQXPMHQH]XEHVXFKHQZHOFKHPLW
GHU JOHLFKHQ 5HLQKHLW XQG 6DQIWPXW PLW GHU VLH 0LFK LQ LKUHP 6FKRH HPSILQJ 0LFK GHP
5HLFKH]XUFNJDEYRQGHP,FKJHNRPPHQZDU'RFKZHUNRQQWHGLH$UWXQG:HLVHNHQQHQ
LQGHU,FKLQLKUHU(LQVDPNHLW]XLKUVSUDFKXQGGLH*|WWOLFKH/LHENRVXQJPLWGHUVLHPHLQ
*HLVWXPJDE"

6RDQWZRUWH,FKGHQHQGLH0LUGLHVH)UDJHJHVWHOOWKDEHQZHLOVLHKlXILJGDFKWHQGDVV
GHUHUVWH%HVXFK-HVXVHLQHU0XWWHUKlWWHJHOWHQVROOHQ

:LHYHUVFKLHGHQPXVVWHGLH)RUPLQGHU,FK0LFK0DULDNXQGWDWYRQGHUMHQLJHQVHLQGLH
,FKYHUZDQGWHXP0LFK0DJGDOHQDXQGPHLQHQ-QJHUQIKOEDU]XPDFKHQ  

'LH-XQJIUlXOLFKNHLW0DULDV

 $XI GHP *LSIHO GHV %HUJHV DXI GHP VLFK GHU 0HLVWHU EHILQGHW LVW DXFK 0DULD GLH
8QLYHUVHOOH 0XWWHU -HQH GLH LQ GHU =ZHLWHQ =HLW )UDX ZXUGH GDPLW GDV :XQGHU GHU
,QNDUQDWLRQGHV*|WWOLFKHQ:RUWHV:LUNOLFKNHLWZUGH

'HU0HQVFKKDW0DULDXQGDXFKGLH$UWLQGHU-HVXV]XU:HOWNDPRIWPDOVEHXUWHLOWXQG
GXUFKIRUVFKW XQG GLHVH 8UWHLOH KDEHQ GDV *HZDQG GHU 5HLQKHLW GHV 0WWHUOLFKHQ *HLVWHV
]HUULVVHQGHVVHQ+HU]VHLQ%OXWDXIGLH:HOWKHUDEJHJRVVHQKDW

 ,FK KDEH LQ GLHVHU =HLW GLH 6FKOHLHU GHV 8QEHNDQQWHQ ZHJJH]RJHQ XP GHQ =ZHLIHO GHV
8QJOlXELJHQ]XEHVHLWLJHQXQGLKPGLH.HQQWQLVGHUJHLVWLJHQ8QWHUZHLVXQJHQ]XJHEHQ

 'LH 0HQVFKHQ KDEHQ DXV PHLQHU :DKUKHLW GLH ZLH HLQ :HJ LVW YLHOH 1HEHQZHJH
JHPDFKW DXI GHQHQ VLH PHLVWHQV LQ GLH ,UUH JHKHQ :lKUHQG GLH HLQHQ GLH )UVSUDFKH GHU
+LPPOLVFKHQ 0XWWHU VXFKHQ XQG GLH DQGHUHQ VLH YHUNHQQHQ KOOW LKU 0DQWHO GHU /LHEH XQG
=lUWOLFKNHLWDOOHHZLJOLFKHLQ

 9RQ $QEHJLQQ GHU =HLWHQ RIIHQEDUWH ,FK GDV 'DVHLQ GHU *HLVWLJHQ 0XWWHU YRQ GHU GLH
3URSKHWHQVSUDFKHQVFKRQEHYRUVLH]XU:HOWNDP  

0DULDZXUGHJHVDQGWXPLKUH7XJHQGLKU9RUELOGXQGLKUHYROONRPPHQH*|WWOLFKNHLW]X
RIIHQEDUHQ 6LH ZDU NHLQH )UDX ZLH DOOH DQGHUHQ XQWHU GHQ 0HQVFKHQ 6LH ZDU HLQH DQGHUV
EHVFKDIIHQH)UDXXQGGLH:HOWEHWUDFKWHWHLKU/HEHQOHUQWHLKUH$UW]XGHQNHQXQG]XIKOHQ
NHQQHQZXVVWHXPGLH5HLQKHLWXQG$QPXWLKUHU6HHOHXQGLKUHV.|USHUV


6LHLVWHLQ%HLVSLHOYRQ6FKOLFKWKHLW'HPXW6HOEVWORVLJNHLWXQG/LHEH 'RFKREZRKOLKU
/HEHQGHUGDPDOLJHQ:HOWXQGGHQQDFKIROJHQGHQ*HQHUDWLRQHQEHNDQQWJHZHVHQLVWJLEWHV
YLHOHGLHLKUH7XJHQGLKUH-XQJIUlXOLFKNHLWQLFKWDQHUNHQQHQ6LHN|QQHQVLFKGLH7DWVDFKH
QLFKW HUNOlUHQ GDVV VLH ]XJOHLFK -XQJIUDX XQG 0XWWHU ZDU 'HU *UXQG GDIU LVW GDVV GHU
0HQVFKYRQ1DWXUDXVXQJOlXELJLVWXQGGLH*|WWOLFKHQ:HUNHQLFKWPLWHUZHFNWHP*HLVWH]X
EHXUWHLOHQ YHUVWHKW :HQQ HU GLH 6FKULIWHQ VWXGLHUHQ XQG GLH ,QNDUQDWLRQ 0DULDV XQG GDV
/HEHQLKUHU9RUIDKUHQHUJUQGHQZUGHZVVWHHUVFKOLHOLFKZHUVLHLVW 

'LH]DUWIKOHQGVWH/LHEH*RWWHV]XVHLQHQ*HVFK|SIHQKDWNHLQH*HVWDOW 'HQQRFKQDKP
VLHLQGHU=ZHLWHQ=HLWGLH*HVWDOWHLQHU)UDXDQLQ0DULDGHU0XWWHU-HVX


'LH DXV GHQ 0DULHQHUVFKHLQXQJHQ EHNDQQWH *HVWDOW 0DULDV LVW GDKHU QXU DOV HLQH NXU]IULVWLJ DQJHQRPPHQH
JHLVWLJH2IIHQEDUXQJVJHVWDOW]XEHWUDFKWHQ

%HJUHLIWGDVV0DULDLPPHUH[LVWLHUWKDWGDLKUH(VVHQ]LKUH/LHEHLKU=DUWJHIKOVFKRQ
LPPHULQGHU*RWWKHLWJHZHVHQVLQG

:LHYLHOH7KHRULHQXQG ,UUWPHUKDEHQGLH0HQVFKHQEHU0DULD JHVFKDIIHQhEHULKUH


0XWWHUVFKDIWLKUH(PSIlQJQLVXQGLKUH5HLQKHLW:LHVHKUKDEHQVLHGDEHLJHOlVWHUW

 $Q GHP 7DJH GD VLH MHQH 5HLQKHLW ZLUNOLFK EHJUHLIHQ ZHUGHQ VLH VLFK VDJHQ (V ZlUH
EHVVHU IU XQV ZHQQ ZLU QLH JHERUHQ ZlUHQ 7UlQHQ YRQ )HXHU ZHUGHQ LQ LKUHQ 6HHOHQ
EUHQQHQ'DQQZLUG0DULDVLHLQLKUH*QDGHKOOHQGLH*|WWOLFKH0XWWHUZLUGVLHPLWLKUHP
0DQWHO EHVFKW]HQ XQG GHU 9DWHU ZLUG LKQHQ YHUJHEHQ XQG PLW XQHQGOLFKHU /LHEH VDJHQ
:DFKHW XQG EHWHW GHQQ ,FK YHUJHEH HXFK XQG LQ HXFK YHUJHEH XQG VHJQH ,FK GLH :HOW
 

'DV9RUELOG0DULDVIUGLH)UDX

 'DV /HEHQ HXUHV 0HLVWHUV LVW 9RUELOG IU DOOH 0HQVFKHQ 'RFK GD GHU )UDX GLH
8QWHUZHLVXQJEHULKUH$XIJDEHDOV0XWWHUIHKOWHZXUGHLKU0DULDJHVDQGWDOV9HUN|USHUXQJ
GHVJ|WWOLFKHQ=DUWJHIKOVZHOFKHDOV)UDXXQWHUGHQ0HQVFKHQHUVFKLHQXPHXFKJOHLFKIDOOV
LKUJ|WWOLFKHV9RUELOGGHU'HPXW]XJHEHQ 

 *HVHJQHWH )UDXHQ DXFK LKU JHK|UW ]X PHLQHU $SRVWHOVFKDU =ZLVFKHQ GHP *HLVW GHV
0DQQHVXQGGHPHXUHQJLEWHVNHLQHQ8QWHUVFKLHGDXFKZHQQLKUN|USHUOLFKYHUVFKLHGHQVHLG
XQGDXFKGLHEHLGHUVHLWLJH$XIJDEHXQWHUVFKLHGOLFKLVW

 1HKPW DOV 0HLVWHU HXUHV *HLVWHV -HVXV XQG IROJW LKP DXI GHP 3IDGH GHQ VHLQH /LHEH
YRUJH]HLFKQHWKDW0DFKWHXFKVHLQ:RUW]XHLJHQXQGXPDUPWVHLQ.UHX]

,FKVSUHFKH]XHXUHP*HLVWHPLWGHPVHOEHQ:RUWHPLWGHP,FK]XGHQ0lQQHUQVSUHFKH
ZHLO LKU JHLVWLJ JOHLFK VHLG 'HQQRFK ZHQQ HXHU )UDXHQKHU] HLQ 9RUELOG VXFKW XP LKP
QDFK]XHLIHUQ ZHQQ LKU YROONRPPHQH %HLVSLHOH DOV 6WW]H EUDXFKW XP HXFK LP /HEHQ ]X
YHUYROONRPPQHQVRHULQQHUWHXFKDQ0DULDEHREDFKWHWVLHZlKUHQGLKUHVJDQ]HQ/HEHQVDXI
(UGHQ

 (V ZDU GHU :LOOH GHV 9DWHUV GDVV GDV EHVFKHLGHQH /HEHQ 0DULDV YRQ PHLQHQ -QJHUQ
QLHGHUJHVFKULHEHQ ZUGH GLH HV ZlKUHQG LKUHV JDQ]HQ :LUNHQV NDQQWHQ XQG VLFK PLW LKU
EHVSUDFKHQ

-HQHV/HEHQ EHVFKHLGHQIUGHQGHUHVNHQQW ZDUYRQLKUHU*HEXUWELV]XLKUHP(QGH
DXI GHU :HOW VWUDKOHQG 9LHOH 6HLWHQ OLHEHYROOHU 8QWHUZHLVXQJ VFKULHE 0DULD PLW GHU 'HPXW
LKUHV *HLVWHV PLW LKUHP XQHQGOLFKHQ =DUWJHIKO PLW GHU 5HLQKHLW LKUHV +HU]HQV PLW LKUHU
/LHEH]XU0HQVFKKHLWZDVVLHPHKUPLW6FKZHLJHQDOVPLW:RUWHQDXVGUFNWHGDVLHZXVVWH
GDVV-HQHUGHU]XGHQ0HQVFKHQVSUHFKHQVROOWH&KULVWXVZDU

 'HU *HLVW 0DULDV ZDU GLH YRP 9DWHU DXVJHJDQJHQH 0WWHUOLFKH /LHEH VHOEVW XP GHU
0HQVFKKHLW GDV YROONRPPHQH %HLVSLHO YRQ 'HPXW *HKRUVDP XQG 6DQIWPXW ]X JHEHQ ,KU
*DQJGXUFKGLH:HOWZDUHLQH/LFKWVSXU,KU/HEHQZDUVFKOLFKWKRKHLWVYROO XQGUHLQ,QLKU
JLQJHQGLH:HLVVDJXQJHQLQ(UIOOXQJGLHDQNQGLJWHQGDVVGHU0HVVLDVYRQHLQHU-XQJIUDX
JHERUHQZUGH

1XUVLHKDWWHLQLKUHP6FKRHGHQ6DPHQ*RWWHVWUDJHQN|QQHQQXUVLHZDUZUGLJQDFK
GHU (UIOOXQJ LKUHU $XIJDEH JHJHQEHU -HVXV DOV *HLVWLJH 0XWWHU GHU 0HQVFKKHLW
]XUFN]XEOHLEHQ

 'HVKDOE LVW 0DULD HXHU YROONRPPHQHV 9RUELOG )UDXHQ $EHU ZHQGHW HXFK DQ VLH XQG
QHKPW VLH HXFK ]XP 9RUELOG LQ LKUHP 6FKZHLJHQ LQ LKUHQ :HUNHQ GHU 'HPXW GHU
XQHQGOLFKHQ 6HOEVWYHUOHXJQXQJ DXV /LHEH ]X GHQ %HGUIWLJHQ LQ LKUHP VWLOOHQ 6FKPHU] LQ
LKUHP 0LWJHIKO GDV DOOHV YHUJLEW XQG LQ LKUHU /LHEH ZHOFKH )UELWWH 7URVW XQG VHU
%HLVWDQGLVW

-XQJIUDXHQ*DWWLQQHQ0WWHUHOWHUQORVH0lGFKHQRGHU:LWZHQHLQVDPH)UDXHQGLHLKU
HLQYRP6FKPHU]GXUFKGUXQJHQHV+HU]KDEW QHQQW0DULDHXUHOLHEHYROOHXQGIUVRUJOLFKH
0XWWHUUXIWVLHLQ*HGDQNHQHPSIDQJWVLHLP*HLVWHXQGIKOWVLHLP+HU]HQ  

0DULDDOV)UVSUHFKHULQ7U|VWHULQXQG0LWHUO|VHULQGHU0HQVFKHQ

 0DULD JLQJ VWLOO GXUFK GLH :HOW GRFK VLH HUIOOWH GLH +HU]HQ PLW )ULHGHQ OHJWH IU GLH
%HGUIWLJHQ )UELWWH HLQ EHWHWH IU DOOH XQG YHUJRVV ]XOHW]W LKUH 7UlQHQ GHU 9HUJHEXQJ XQG
GHV0LWOHLGVEHUGLH8QZLVVHQKHLWXQG6FKOHFKWLJNHLWGHU0HQVFKHQ:DUXPVROOWHWLKU HXFK
QLFKWDQ0DULDZHQGHQZHQQLKU]XP+HUUQNRPPHQZROOWGDLKUGXUFKVLH-HVXVHPSIDQJHQ
KDEW":DUHQQLFKW0XWWHUXQG6RKQLQGHU7RGHVVWXQGHGHV(UO|VHUVYHUHLQW"9HUPLVFKWHVLFK
QLFKWLQMHQHP$XJHQEOLFNGDV%OXWGHV6RKQHVPLWGHQ7UlQHQGHU0XWWHU" 

 ,FK KDEH GHU :HOW YRP .UHX]H KHUDE GDV %XFK GHV /HEHQV XQG GHU JHLVWLJHQ :HLVKHLW
YHUPDFKW HLQ %XFK GDV LP /DXIH GHU -DKUKXQGHUWH GHU =HLWDOWHU XQG (SRFKHQ YRQ GHQ
0HQVFKHQ JHGHXWHW XQG YHUVWDQGHQ ZHUGHQ VROOWH 'DKHU VDJWH ,FK ]X GHU YRP 6FKPHU]
HUVFKWWHUWHQ0DULD]X)HQGH.UHX]HV)UDXGLHVLVWGHLQ6RKQZREHL,FKPLWGHP%OLFN
DXI -RKDQQHV ]HLJWH GHU LQ GLHVHP $XJHQEOLFN GLH 0HQVFKKHLW YHUN|USHUWH MHGRFK GLH LQ
HLQHQJXWHQ-QJHU&KULVWLYHUZDQGHOWH0HQVFKKHLWGLHYHUJHLVWLJWH0HQVFKKHLW

 $XFK DQ -RKDQQHV ZDQGWH ,FK 0LFK PLW GHQ :RUWHQ 6RKQ GLHV LVW GHLQH 0XWWHU
:RUWHGLH,FKHXFKQXQHUOlXWHUQZHUGH

 0DULD YHUN|USHUWH GLH 5HLQKHLW GHQ *HKRUVDP GHQ *ODXEHQ GDV =DUWJHIKO XQG GLH
'HPXW-HGHGLHVHU7XJHQGHQLVWHLQH6SURVVHGHU/HLWHUDXIGHU,FK]XU:HOWKHUDENDPXP
LP6FKRHMHQHUKHLOLJHQXQGUHLQHQ)UDX0HQVFK]XZHUGHQ

-HQHV=DUWJHIKOMHQH5HLQKHLWXQG/LHEHVLQGGHUJ|WWOLFKH6FKRLQZHOFKHPGHU6DPH
GHV/HEHQVEHIUXFKWHWZLUG


 -HQH /HLWHU DXI GHU ,FK ]X HXFK KHUDEVWLHJ XP 0HQVFK ]X ZHUGHQ XQG EHL PHLQHQ
.LQGHUQ]XZRKQHQLVWGLHJOHLFKHGLH,FKHXFKDQELHWHGDPLWLKUDXILKU]X0LUHPSRUVWHLJW
LQGHPLKUHXFKYRQ0HQVFKHQLQ/LFKWJHLVWHUYHUZDQGHOW

0DULDLVWGLH/HLWHU0DULDLVWGHUPWWHUOLFKH6FKR:HQGHWHXFKLKU]XXQGLKUZHUGHW
0LUEHJHJQHQ  

,FKOLHHXFK0DULD]X)HQGHV.UHX]HV]XUFNDXIMHQHU$QK|KHGLHPHLQ%OXWXQG
GLH 7UlQHQ GHU 0XWWHU DXIQDKP 'RUW EOLHE VLH LQ (UZDUWXQJ LKUHU .LQGHU GHQQ VLH ZLUG HV
VHLQGLHGDV.UHX]YRQLKUHQ6FKXOWHUQQLPPWXQGLKQHQGHQ:HJ]XP+LPPHOZHLVW 


 'LH %RWVFKDIW 0DULDV ZDU GLH GHV 7URVWHV GHU ]lUWOLFKHQ )UVRUJH GHU 'HPXW XQG GHU
+RIIQXQJ6LHPXVVWH]XU(UGHNRPPHQXPLKUPWWHUOLFKHV:HVHQEHNDQQW]XPDFKHQXQG
LKUHQMXQJIUlXOLFKHQ6FKRDQ]XELHWHQGDPLWLQLKPGDV:RUW0HQVFKZUGH

 'RFK LKUH 0LVVLRQ HQGHWH QLFKW DXI (UGHQ -HQVHLWV GLHVHU :HOW ZDU LKUH ZDKUH +HLPDW
YRQ GHU DXV VLH HLQHQ 0DQWHO GHV 0LWJHIKOV XQG GHU )UVRUJOLFKNHLW EHU DOOH LKUH .LQGHU
DXVEUHLWHQNDQQYRQZRDXVVLHGLH6FKULWWHGHU9HULUUWHQYHUIROJHQXQGLKUHQ+LPPOLVFKHQ
7URVWDXIGLH/HLGHQGHQDXVJLHHQNDQQ

 9LHOH -DKUKXQGHUWH EHYRU 0DULD ]XU :HOW NRPPHQ VROOWH 0HQVFK JHZRUGHQ LQ HLQHU
)UDXXPHLQH*|WWOLFKH %HVWLPPXQJ]XHUIOOHQNQGLJWHVLHHLQ3URSKHW*RWWHVDQ'XUFK
LKQKDEWLKUHUIDKUHQGDVVHLQH-XQJIUDXHLQHQ6RKQHPSIDQJHQXQGJHElUHQZUGHZHOFKHU
,PPDQXHOJHQDQQWZUGHZDVEHGHXWHW*RWWPLWHXFK

 ,Q 0DULD HLQHU )UDX RKQH 0DNHO DXI GLH VLFK GHU *HLVW GHU +LPPOLVFKHQ 0XWWHUOLHEH
KHUDEVHQNWHJLQJGLH*|WWOLFKH9HUKHLXQJLQ(UIOOXQJGLHYRQGHP3URSKHWHQDQJHNQGLJW
ZRUGHQZDU

6HLWGDPDOVNHQQWGLH:HOWVLHXQGGLH0HQVFKHQXQG9|ONHUVSUHFKHQLKUHQ1DPHQPLW
/LHEHDXVXQGLQLKUHP6FKPHU]YHUODQJHQVLHQDFKLKUDOV0XWWHU

6FKPHU]HQVPXWWHUQHQQWLKUVLHZHLOLKUZLVVWGDVVGLH:HOWGDV6FKZHUWGHV6FKPHU]HV
LQLKU+HU]VWLHXQGDXVHXUHU9RUVWHOOXQJVZHOWZHLFKWQLFKWMHQHVOHLGYROOH$QWOLW]XQGMHQHU
$XVGUXFNXQHQGOLFKHU7UDXHU

 +HXWH ZLOO ,FK HXFK VDJHQ GDVV LKU DXV HXUHQ +HU]HQ MHQHV LPPHUZlKUHQGH %LOG GHV
6FKPHU]HV HQWIHUQHQ VROOW XQG VWDWWGHVVHQ DQ 0DULD DOV JWLJH OlFKHOQGH XQG OLHEHYROOH
0XWWHUGHQNHQVROOWZHOFKHJHLVWLJZLUNWXQGDOOLKUHQ.LQGHUQGDEHLKLOIWVLFKDXIGHPYRP
0HLVWHUYRUJH]HLFKQHWHQ:HJHDXIZlUWV]XHQWZLFNHOQ

 (UNHQQW LKU QXQ GDVV GLH 0LVVLRQ 0DULDV VLFK QLFKW DXI GLH 0XWWHUVFKDIW DXI (UGHQ
EHVFKUlQNWH"$XFKZDULKUH0DQLIHVWDWLRQLQGHU=ZHLWHQ=HLWQLFKWGLHHLQ]LJHVRQGHUQHV
LVW LKU HLQH QHXH =HLWHSRFKH YRUEHKDOWHQ LQ GHU VLH YRQ *HLVW ]X *HLVW ]X GHQ 0HQVFKHQ
VSUHFKHQZLUG

 0HLQ -QJHU -RKDQQHV HLQ 3URSKHW XQG 6HKHU VFKDXWH LQ VHLQHU 9HU]FNXQJ HLQH )UDX
PLWGHU6RQQHEHNOHLGHWHLQH-XQJIUDXVWUDKOHQGYRU/LFKW


'LHVH)UDXGLHVH-XQJIUDXLVW0DULDGLHLQLKUHP6FKRHQLFKWPHKUHLQHQQHXHQ(UO|VHU
VRQGHUQ HLQH JDQ]H :HOW YRQ 0HQVFKHQ HPSIDQJHQ ZLUG GLH VLFK LQ LKU YRQ /LHEH YRQ
*ODXEHQ XQG 'HPXW QlKUHQ XP GHQ J|WWOLFKHQ 6SXUHQ &KULVWL QDFK]XIROJHQ GHV 0HLVWHUV
DOOHU9ROONRPPHQKHLW

'HU3URSKHWVDKZLHMHQH)UDXOLWWDOVREVLHJHElUHQZUGHGRFKMHQHU6FKPHU]ZDUGHU
GHU/lXWHUXQJGHU0HQVFKHQGHU6KQHGHU6HHOHQ:HQQGHU6FKPHU]YRUEHULVWZLUGHVLQ
GHQ6HHOHQOLFKWZHUGHQXQG)UHXGHZLUGGHQ*HLVWHXUHU8QLYHUVHOOHQ0XWWHUHUIOOHQ 
 

'LHJ|WWOLFKH1DWXU0DULDV

'HU0DQWHOHXUHU+LPPOLVFKHQ0XWWHUKDWGHU:HOWYRQ(ZLJNHLWKHU6FKDWWHQJHVSHQGHW
XQGEHVFKW]WOLHEHYROOPHLQH.LQGHUGLHDXFKGLH,KUHQVLQG0DULDDOV*HLVWZXUGHQLFKWDXI
GHU:HOWJHERUHQLKUPWWHUOLFKHU:HVHQVNHUQLVWVFKRQLPPHUHLQ7HLOYRQ0LUJHZHVHQ

6LHLVWGLH*DWWLQPHLQHU5HLQKHLWPHLQHU+HLOLJNHLW6LHZDUPHLQH 7RFKWHUDOVVLH]XU
)UDXZXUGHXQGPHLQH0XWWHUDOVVLHGDV,QNDUQLHUWH:RUWHPSILQJ  

0DULDLVWLKUHP:HVHQQDFKJ|WWOLFKLKU*HLVWLVWHLQVPLWGHP9DWHUXQGPLWGHP6RKQH
:HVKDOE VLH PHQVFKOLFK EHXUWHLOHQ ZR VLH GRFK GLH DXVHUZlKOWH 7RFKWHU ZDU GLH GHU
0HQVFKKHLW YRQ $QEHJLQQ GHU =HLWHQ DOV GDV UHLQH *HVFK|SI DQJHNQGLJW ZDU LQ ZHOFKHP
VLFKGDV*|WWOLFKH:RUWLQNDUQLHUHQZUGH"

:DUXPOlVWHUWGHU0HQVFKGDQQXQG]ZHLIHOWDQPHLQHU0DFKWXQGHUIRUVFKWPHLQH:HUNH
RKQH 5HVSHNW" 'HU *UXQG GDIU LVW GDVV HU VLFK QLFKW LQ PHLQH *|WWOLFKH 8QWHUZHLVXQJ
YHUWLHIW KDW QLFKW GDUEHU QDFKJHGDFKW KDW ZDV GLH 6FKULIWHQ DXVVDJHQ QRFK VLFK PHLQHP
:LOOHQXQWHUVWHOOW

+HXWHLQGHU'ULWWHQ=HLW]ZHLIHOWHUJOHLFKIDOOVGDUDQGDVV0DULDVLFKGHQ0HQVFKHQ
NXQGJLEW 'RFK ,FK VDJH HXFK GDVV VLH DQ DOOHQ PHLQHQ :HUNHQ $QWHLO KDW ZHLO VLH GLH
9HUN|USHUXQJGHU]DUWIKOHQGVWHQ/LHEHLVWGLHLQPHLQHP*|WWOLFKHQ*HLVWHZRKQW 


0DULDLVWGHU*HLVWGHUVRVHKUPLWGHU*|WWOLFKNHLWYHUVFKPRO]HQLVWGDVVHUHLQHQLKUHU
$VSHNWHELOGHWZLHVLHGLHGUHL2IIHQEDUXQJVIRUPHQGDUVWHOOHQ'HU9DWHU'DV:RUWXQGGDV
/LFKW GHV +HLOLJHQ *HLVWHV ,Q GLHVHP 6LQQH LVW 0DULD MHQHU *HLVW *RWWHV GHU GLH *|WWOLFKH
)UVRUJOLFKNHLWRIIHQEDUWXQGYHUN|USHUW 

:LHYLHOHKRIIHQLQGHQK|FKVWHQ+LPPHO]XJHODQJHQ XP0DULDNHQQHQ]XOHUQHQGLHVLH
VLFK LPPHU LQ GHU PHQVFKOLFKHQ *HVWDOW DOV )UDX YRUVWHOOHQ GLH VLH DXI GHU :HOW ZDU DOV
0XWWHU GHV PHQVFKJHZRUGHQHQ &KULVWXV XQG GLH VLH VLFK DOV .|QLJLQ DXI HLQHP 7KURQ
YRUVWHOOHQVFK|QXQGPDFKWYROO

'RFK,FKVDJHHXFKGDVVLKUGHP*|WWOLFKHQQLFKWOlQJHU*HVWDOWYHUOHLKHQVROOWLQHXUHP
9HUVWDQGH 0DULD HXUH *HLVWLJH 0XWWHU H[LVWLHUW DEHU VLH KDW ZHGHU GLH *HVWDOW HLQHU )UDX
QRFK LUJHQGHLQH DQGHUH *HVWDOW 6LH LVW GLH KHLOLJH XQG OLHEHYROOH =lUWOLFKNHLW GHUHQ
%DUPKHU]LJNHLW VLFK ELV LQV 8QHQGOLFKH DXVEUHLWHW 6LH UHJLHUW LQ GHQ 6HHOHQ GRFK LKUH
+HUUUVFKDIW LVW GLH GHU 'HPXW GHU %DUPKHU]LJNHLW XQG GHU 5HLQKHLW $EHU VLH KDW NHLQHQ
7KURQZLHGLH0HQVFKHQVLFKGDVYRUVWHOOHQ


 6LH LVW VFK|Q DEHU YRQ HLQHU 6FK|QKHLW GLH LKU HXFK QLFKW HLQPDO PLW GHP VFK|QVWHQ
$QJHVLFKW YHUJHJHQZlUWLJHQ N|QQW ,KUH 6FK|QKHLW LVW KLPPOLVFK XQG GDV +LPPOLVFKH ]X
EHJUHLIHQZHUGHWLKUQLHPDOVLPVWDQGHVHLQ 

'LHXQLYHUVHOOH$XVVWUDKOXQJ0DULDV

 0DULDHXUH8QLYHUVHOOH0XWWHUOHEWLQ0LUXQGVLHVFKHQNWLKUHQYLHOJHOLHEWHQ.LQGHUQ
GLH ]lUWOLFKVWHQ /LHENRVXQJHQ 6LH LVW LQ HXUHQ +HU]HQ JHZHVHQ XP LQ LKQHQ LKUHQ )ULHGHQ
XQG GLH =XUVWXQJ HLQHV +HLOLJWXPV ]X KLQWHUODVVHQ 0DULD ZDFKW EHU GLH :HOW XQG EUHLWHW
LKUH )OJHO ZLH HLQH /HUFKH EHU VLH DXV XP VLH YRQ HLQHP 3RO ]XP DQGHUHQ ]X VFKW]HQ


 ,Q 0HLQHU *RWWKHLW OHEW GLH IUELWWHQGH /LHEH HV LVW 0DULD :LHYLHOH +HU]HQ GLH GHP
*ODXEHQYHUVFKORVVHQJHEOLHEHQZDUHQKDEHQVLFKGXUFK VLHGHU5HXHXQGGHU/LHEHJH|IIQHW
,KUH PWWHUOLFKH :HVHQKHLW LVW LQ GHU JDQ]HQ 6FK|SIXQJ JHJHQZlUWLJ VLH ZLUG YRQ DOOHQ
HPSIXQGHQXQGGHQQRFKOHXJQHQVLHPDQFKHVHKHQGHQ$XJHV 

 -HQH GLH GLH *|WWOLFKH 0WWHUOLFKNHLW 0DULDV OHXJQHQ YHUOHXJQHQ HLQH GHU VFK|QVWHQ
2IIHQEDUXQJHQZHOFKHGLH*RWWKHLWGHQ0HQVFKHQJHJHEHQKDW

-HQHGLHGLH*|WWOLFKNHLW&KULVWLDQHUNHQQHQXQG0DULDYHUOHXJQHQZLVVHQQLFKWGDVVVLH
DXI GHQ ]DUWIKOHQGVWHQ XQG OLHEOLFKVWHQ :HVHQV]XJ YHU]LFKWHQ GHU LQ PHLQHU *|WWOLFKNHLW
H[LVWLHUW

 :LHYLHOH JLEW HV GLH GLH 6FKULIWHQ ]X NHQQHQ JODXEHQ XQG GRFK QLFKWV ZLVVHQ ZHLO VLH
QLFKWV YHUVWDQGHQ KDEHQ 8QG ZLHYLHOH JLEW HV GLH WURW] LKUHU 0HLQXQJ GLH 6SUDFKH GHU
6FK|SIXQJHQWGHFNW]XKDEHQLP,UUWXPOHEHQ

 'HU 0WWHUOLFKH *HLVW LVW LQ DOOHQ :HVHQ OLHEHYROO WlWLJ LKU N|QQW VHLQ $EELOG EHUDOO
HUEOLFNHQ6HLQH*|WWOLFKH0XWWHUOLHEHLVWDOVJHVHJQHWHU6DPHLQGLH+HU]HQDOOHU*HVFK|SIH
JHIDOOHQXQGMHGHV5HLFKGHU1DWXULVWHLQOHEHQGHV=HXJQLVYRQLKUXQGMHGHV0XWWHUKHU]LVW
HLQYRUMHQHU JURHQ /LHEHHUULFKWHWHU$OWDU0DULDZDUHLQH*|WWOLFKH%OWHXQGGLH)UXFKW
ZDU-HVXV 


.DSLWHO $OOPDFKW$OOJHJHQZDUW*RWWHVXQGVHLQH*HUHFKWLJNHLW

'LH0DFKW*RWWHV

 :HQQ GHU JHJHQZlUWLJH 0HQVFK PLW DOO VHLQHU :LVVHQVFKDIW QLFKW LPVWDQGH LVW GLH
(OHPHQWH GHU 1DWXU VHLQHP :LOOHQ ]X XQWHUZHUIHQ ZLH N|QQWH HU GDQQ VHLQH 0DFKW GHQ
JHLVWLJHQ.UlIWHQDXI]ZLQJHQ"

(EHQVRZLHGLH*HVWLUQHLP.RVPRVLKUHUXPZDQGHOEDUHQ2UGQXQJIROJHQRKQHGDVVGHU
:LOOHGHV0HQVFKHQVLHLKUH%DKQRGHULKUH%HVWLPPXQJYHUlQGHUQODVVHQNDQQVRNDQQDXFK
GLH2UGQXQJGLHLP*HLVWLJHQH[LVWLHUWYRQQLHPDQGHPYHUlQGHUWZHUGHQ

,FKVFKXIGHQ7DJXQGGLH1DFKWGDVKHLW,FKELQGDV/LFKWXQGQLHPDQGDQGHUHUDOV,FK
NDQQHV]XUFNKDOWHQ'DVVHOEHJLOWIUGDV*HLVWLJH  

:HQQLKUDQ0LFKJODXEWGUIWLKUGDUDXIYHUWUDXHQGDVVPHLQH0DFKWXQHQGOLFKJU|HULVW
DOV GLH 6QGH GHU 0HQVFKHQ XQG GDVV GDKHU GHU 0HQVFK XQG VHLQ /HEHQ VLFK ZDQGHOQ
PVVHQVREDOGGLH6QGHYRUGHP/LFKWHGHU:DKUKHLWXQGGHU*HUHFKWLJNHLWZHLFKW

 .|QQW LKU HXFK GDV /HEHQ DXI GLHVHU :HOW YRUVWHOOHQ ZHQQ GLH 0HQVFKHQ HLQPDO GHQ
:LOOHQ*RWWHVWXQ"  

)U0LFKNDQQ GLH5HXHHLQHV0HQVFKHQZHVHQVVHLQH(UQHXHUXQJXQG VHLQH5HWWXQJQLFKW


XQP|JOLFKVHLQ,FKZlUHGDQQQLFKWDOOPlFKWLJXQGGHU0HQVFKZlUHVWlUNHUDOV,FK+DOWHW
LKUPHLQH0DFKWGHU.UDIWXQWHUOHJHQGLHGDV%|VHLQGHQ0HQVFKHQEHVLW]W"%HWUDFKWHWLKU
GDV'XQNOHLP0HQVFKHQDOVGHPJ|WWOLFKHQ/LFKWHEHUOHJHQ"1LHPDOVVDJW0LUHXHU+HU]

 %HGHQNW PHLQH $XIJDEH LVW QDFKGHP ,FK HXFK GDV 6HLQ JHJHEHQ KDEH HXFK ]XU
9ROONRPPHQKHLW]XIKUHQXQGHXFKDOOHLQHLQHUHLQ]LJHQJHLVWLJHQ)DPLOLH]XYHUHLQHQXQG
YHUJHVVWQLFKWGDVVPHLQ:LOOHEHUDOOHVKLQZHJLQ(UIOOXQJJHKW

,FKGHU*|WWOLFKH6lPDQQOHJHPHLQHQ /LHEHVVDPHQXQPHUNOLFKLQMHGH6HHOH,FKDOOHLQ
ZHL]XZHOFKHU=HLWGLHVHU6DPHLQGHUJDQ]HQ0HQVFKKHLWDXINHLPHQZLUGXQG,FKDOOHLQ
YHUPDJPLWXQHQGOLFKHU*HGXOGDXIGLH)UFKWHPHLQHU:HUNH]XZDUWHQ  

 ,FK ZLOO HXFK QLFKW GXUFK PHLQH *U|H HUQLHGULJHQ QRFK PLW GHUVHOEHQ SUDKOHQ DEHU ,FK
]HLJH VLH HXFK GHQQRFK VRZHLW HV PHLQ :LOOH LVW GDPLW LKU GLH K|FKVWH :RQQH GDUEHU
HPSILQGHWHLQHQ*RWWDOOHU0DFKW:HLVKHLWXQG 9ROONRPPHQKHLW]XP9DWHU]XKDEHQ

 )UHXW HXFK EHL GHP *HGDQNHQ GDVV LKU QLHPDOV GDV (QGH PHLQHU 0DFKW HUOHEHQ ZHUGHW
XQGGDVVMHK|KHUGLH(QWZLFNOXQJHXUHV*HLVWHVLVWLKU0LFKGHVWREHVVHUHUNHQQHQZHUGHW
:HUN|QQWHVLFKQLFKWGDPLWHLQYHUVWDQGHQ]HLJHQ]XZLVVHQGDVVHUQLHPDOVGLH*U|HVHLQHV
+HUUQ HUUHLFKHQ ZLUG" :DUW LKU DXI (UGHQ HWZD QLFKW GDPLW HLQYHUVWDQGHQ LP 9HUJOHLFK ]X
HXUHP LUGLVFKHQ 9DWHU MQJHU DQ -DKUHQ ]X VHLQ" +DEW LKU LKP HWZD QLFKW EHUHLWZLOOLJ
(UIDKUXQJ XQG $XWRULWlW ]XJHELOOLJW" +DEW LKU HXFK QLFKW JHIUHXW ]X VHKHQ GDVV LKU HLQHQ
VWlUNHUHQ0DQQDOVLKU]XP9DWHUKDEW VWRO]WDSIHUXQGYROOHU7XJHQGHQ"  

:DVEHGHXWHWGLH.UDIWGHU0HQVFKHQ JHJHQEHUPHLQHU0DFKW":DVYHUPDJVFKRQGLH
*HJQHUVFKDIW GHU PDWHULDOLVWLVFKHQ 9|ONHU JHJHQ GLH XQHQGOLFKH .UDIW GHU 9HUJHLVWLJXQJ"
1LFKWV


 ,FK KDEH ]XJHODVVHQ GDVV GHU 0HQVFK ELV DQ GLH *UHQ]H VHLQHV 0DFKWVWUHEHQV XQG ELV
]XP*LSIHOVHLQHV+RFKPXWVJHKWGDPLWHUVHOEVWIHVWVWHOOWGDVVGLH*DEHGHU:LOOHQVIUHLKHLW
PLWGHUHUYRP9DWHUDXVJHVWDWWHWZXUGHHLQH:DKUKHLWGDUVWHOOW

'RFKZHQQHUGDQQELVDQGLH*UHQ]HJHODQJWLVWZLUGHUVHLQH$XJHQGHP/LFKWHXQGGHU
/LHEH |IIQHQ XQG VLFK DQJHVLFKWV PHLQHU *HJHQZDUW EHXJHQ EH]ZXQJHQ YRQ GHU HLQ]LJHQ
DEVROXWHQ 0DFKW XQG GHU HLQ]LJHQ XQLYHUVHOOHQ :HLVKHLW ZHOFKH GLH HXUHV *RWWHV LVW 


'LH*HJHQZDUW*RWWHVLQDOOHP*HVFKDIIHQHQ

,FKKDEHNHLQHEHVWLPPWHRGHUEHJUHQ]WH6WlWWHDQGHU,FKLP8QHQGOLFKHQZRKQHGHQQ
PHLQH*HJHQZDUWLVWLQDOOHPZDVH[LVWLHUWVRZRKOLP*|WWOLFKHQDOVDXFKLP*HLVWLJHQRGHU
LP 0DWHULHOOHQ ,KU N|QQW YRQ 0LU QLFKW VDJHQ LQ ZHOFKHU 5LFKWXQJ PHLQ 5HLFK OLHJW XQG
ZHQQLKUHXUHQ%OLFN]XGHQ+|KHQHUKHEWXQGHUJHQ+LPPHOJHULFKWHWLVWVRWXWGLHVQXUDOV
HWZDV 6\PEROLVFKHV 'HQQ HXHU 3ODQHW GUHKW VLFK XQDXIK|UOLFK XQG ELHWHW HXFK PLW MHGHU
%HZHJXQJQHXH+LPPHOVDEVFKQLWWHXQGQHXH+|KHQGDU

0LWDOOGHPZLOO ,FKHXFKVDJHQGDVV HV]ZLVFKHQHXFKXQG0LUNHLQH(QWIHUQXQJ JLEW


XQGGDVVGDVHLQ]LJHZDVHXFKYRQ0LUWUHQQWHXUHXQHUODXEWHQ:HUNHVLQGGLHLKU]ZLVFKHQ
PHLQYROONRPPHQHV*HVHW]XQGHXUHQ*HLVWVWHOOW

-HJU|HUHXUH5HLQKHLWMHKRFKVWHKHQGHUHXUH:HUNHXQGMHEHVWlQGLJHUHXHU*ODXEHLVW
GHVWRQlKHULQQLJHUHXUHP*HEHWH]XJlQJOLFKHUZHUGHWLKU0LFKIKOHQ

(EHQVRDXFK-HPHKULKUHXFKYRP*XWHQYRP*HUHFKWHQYRP(UODXEWHQHQWIHUQWXQG
HXFKGHP0DWHULDOLVPXVHLQHVGXQNOHQXQGHJRLVWLVFKHQ /HEHQVKLQJHEWGHVWRPHKUZHUGHW
LKU 0LFK LPPHU IHUQHU YRQ HXFK IKOHQ PVVHQ -H PHKU VLFK HXHU +HU] YRQ GHU (UIOOXQJ
PHLQHV *HVHW]HV HQWIHUQW GHVWR XQHPSILQGOLFKHU ZLUG HV IU PHLQH *|WWOLFKH *HJHQZDUW
ZHUGHQ

 %HJUHLIW ZDUXP ,FK LQ GLHVHU =HLW PHLQ :RUW LQ GLHVHU )RUP NXQGWXH XQG HXFK IU GLH
=ZLHVSUDFKHYRQ*HLVW]X*HLVWYRUEHUHLWH

'DLKU0LFKXQHQGOLFKIHUQHJODXEWHWYHUVWDQGHWLKUQLFKW]X0LU]XNRPPHQ,FKKDEH
HXFK DXIJHVXFKW XP HXFK PHLQH *|WWOLFKH *HJHQZDUW IKOEDU ]X PDFKHQ XQG HXFK ]X
EHZHLVHQGDVVHV]ZLVFKHQGHP9DWHUXQGVHLQHQ.LQGHUQNHLQH5lXPHRGHU(QWIHUQXQJH Q
JLEWGLHVLHWUHQQHQ 

 )DOOV LKU GHQNW GDVV ,FK PHLQHQ 7KURQ YHUODVVHQ KDEH XP 0LFK HXFK NXQG]XWXQ VR
EHILQGHWLKUHXFKLQHLQHP,UUWXPGHQQMHQHU7KURQGHQLKUHXFKYRUVWHOOWH[LVWLHUWQLFKW'LH
7KURQHVLQGHWZDVIUGLHHLWOHQXQGKRFKPWLJHQ0HQVFKHQ

'DPHLQ*HLVWXQHQGOLFKXQGDOOPlFKWLJLVWZRKQW(UQLFKWDQHLQHPEHVWLPPWHQ2UW(U
LVWEHUDOODQDOOHQ2UWHQLP*HLVWLJHQXQGLP0DWHULHOOHQ:RVROOGDQQMHQHU7KURQVHLQ
GHQLKU0LU]XVFKUHLEW"

+|UWDXIGDPLW0LU HLQHPDWHULHOOHN|USHUOLFKH*HVWDOWDXIHLQHP7KURQJOHLFKGHQHQGHU
(UGH]XJHEHQEHIUHLW0LFKYRQGHUPHQVFKOLFKHQ*HVWDOWGLHLKU0LULPPHUJHEWK|UWDXI
YRQ HLQHP +LPPHO ]X WUlXPHQ GHQ HXHU PHQVFKOLFKHU 9HUVWDQG QLFKW ]X HUIDVVHQ YHUPDJ
:HQQ LKU HXFK YRQ DOOHGHP EHIUHLW ZLUG HV VHLQ DOV RE LKU GLH .HWWHQ ]HUEUlFKHW GLH HXFK


EDQGHQ DOV RE HLQH KRKH 0DXHU YRU HXUHQ %OLFNHQ HLQVWU]WH DOV RE HLQ GLFKWHU 1HEHO VLFK
OLFKWHWH XQG HXFK HUODXEHQ ZUGH HLQHQ +RUL]RQW RKQH *UHQ]HQ XQG HLQ XQHQGOLFKHV
VWUDKOHQGHV)LUPDPHQW]XVFKDXHQGDVMHGRFK]XJlQJOLFKLVWIUHXUHQ*HLVW

 'LH HLQHQ VDJHQ *RWW LVW LP +LPPHO DQGHUH *RWW ZRKQW LP -HQVHLWV $EHU VLH ZLVVHQ
QLFKW ZDV VLH VDJHQ QRFK YHUVWHKHQ VLH ZDV VLH JODXEHQ =ZDU ZRKQH ,FK LP +LPPHO
DEHUQLFKWDQGHPEHVWLPPWHQ2UWHGHQLKUHXFKYRUJHVWHOOWKDEW,FKZRKQHLP+LPPHOGHV
/LFKWHV GHU 0DFKW GHU /LHEH GHU :HLVKHLW GHU *HUHFKWLJNHLW GHU 6HOLJNHLW GHU
9ROONRPPHQKHLW  

 0HLQH XQLYHUVHOOH *HJHQZDUW HUIOOW DOOHV DQ NHLQHP 2UW RGHU /HEHQVUDXP GHV
8QLYHUVXPVJLEWHVHLQH/HHUHDOOHVLVWYRQ0LUGXUFKGUXQJHQ 

 ,FK KDEH HXFK JHVDJW GDVV ,FK HXFK VR QDKH ELQ GDVV ,FK VHOEVW GDV *HKHLPVWH HXUHU
*HGDQNHQ NHQQH GDVV ,FK EHUDOO ELQ ZR LKU VHLG ZHLO ,FK DOOJHJHQZlUWLJ ELQ ,FK ELQ GDV
/LFKWGDVHXUHQ9HUVWDQGGXUFK,QVSLUDWLRQHQRGHUOLFKWYROOH,GHHQHUOHXFKWHW

,FKELQLQHXFKGHQQ,FKELQGHU*HLVWGHUHXFKEHVHHOWGDV*HZLVVHQGDVHXFKULFKWHW
,FKELQLQHXUHQ6LQQHQXQGLQHXUHP.|USHUGHQQ,FKELQLQGHUJDQ]HQ6FK|SIXQJ

 )KOW 0LFK LPPHU PHKU LQ HXFK XQG LQ DOOHP ZDV HXFK XPJLEW GDPLW ZHQQ GHU
$XJHQEOLFNNRPPWGLHVH:HOW]XYHUODVVHQLKUYROOXQGJDQ]LQGDV*HLVWLJH/HEHQHLQJHKW
XQG HV NHLQH 9HUVW|UWKHLW LQ HXUHU 6HHOH JLEW GXUFK GLH (LQGUFNH GLH GLH 6LQQHQZHOW
KLQWHUODVVHQ N|QQWH XQG LKU HXFK 0LU HLQHQ ZHLWHUHQ 6FKULWW QlKHUW GHU ,FK GLH 4XHOOH YRQ
XQHQGOLFKHU5HLQKHLWELQDXVGHULKUHZLJWULQNHQZHUGHW 

:LWLKUZDVGHU8UVSUXQJMHQHV/LFKWHVLVWGDVLQGHPYRQGHQ/LSSHQGHU6WLPPWUlJHU
JHVSURFKHQHQ :RUWH HQWKDOWHQ LVW" 6HLQ 8UVSUXQJ LVW LP *XWHQ LQ GHU *|WWOLFKHQ /LHEH LP
8QLYHUVHOOHQ/LFKWHGDVYRQ*RWWDXVJHKW(VLVWHLQ6WUDKORGHUHLQ)XQNHMHQHVOHXFKWHQGHQ
$OO6HLQVGDVHXFKGDV/HEHQJLEWHVLVWHLQ7HLOGHUXQHQGOLFKHQ.UDIWGLHDOOHVEHZHJWXQG
XQWHU GHU DOOHV VFKZLQJW VLFK UHJW XQG XQDXIK|UOLFK VHLQH .UHLVH ]LHKW (V LVW GDV ZDV LKU
*|WWOLFKH $XVVWUDKOXQJ QHQQW HV LVW GDV /LFKW GHV *|WWOLFKHQ *HLVWHV GDV GLH 6HHOHQ
HUOHXFKWHWXQGEHOHEW

-HQH$XVVWUDKOXQJKDWVRZRKODXIGLH6HHOHDOVDXFKDXIGHQ.|USHU(LQIOXVRZRKODXI
GLH:HOWHQDOVDXFKDXIGLH0HQVFKHQGLH3IODQ]HQXQGDOOH:HVHQGHU6FK|SIXQJ6LHLVW
JHLVWLJIUGHQ*HLVWLVWPDWHULHOOIUGLH0DWHULHLVW,QWHOOLJHQ] IUGDV9HUVWDQGHVYHUP|JHQ
LVW /LHEH LQ GHQ +HU]HQ 6LH LVW :LVVHQ LVW 7DOHQW XQG LVW 6HOEVWEHVLQQXQJ LVW ,QVWLQNW LVW
,QWXLWLRQXQGVWHKWEHUGHQ6LQQHQDOOHU:HVHQJHPlLKUHU2UGQXQJLKUHU%HVFKDIIHQKHLW
LKUHU $UW XQG LKUHP (QWZLFNOXQJVJUDG $EHU GHU 8UVSUXQJ LVW HLQ HLQ]LJHU *RWW XQG LKUH
(VVHQ]HLQHHLQ]LJHGLH/LHEH:DVNDQQDOVRXQP|JOLFKGDUDQVHLQGDVV ,FKGHQ9HUVWDQG
GLHVHU*HVFK|SIHHUOHXFKWHXPHXFKHLQH%RWVFKDIWJHLVWLJHQ/LFKWHV]XVHQGHQ"

 'LH 3IODQ]HQ HPSIDQJHQ GLH /HEHQVVWUDKOXQJ GLH LKQHQ PHLQ *HLVW VHQGHW GDPLW VLH
)UFKWH WUDJHQ 'LH 6WHUQH HPSIDQJHQ GLH .UDIW GLH PHLQ *HLVW DXI VLH DXVVWUDKOW XP DXI
LKUHQ 8PODXIEDKQHQ NUHLVHQ ]X N|QQHQ 'LH (UGH GLH GDV JHJHQZlUWLJH OHEHQGLJH =HXJQLV
LVW DOO HXUHQ 6LQQHQ]XJlQJOLFK HPSIlQJW XQDXIK|UOLFK GLH $XVVWUDKOXQJ YRQ /HEHQ GLH VR
YLHOH :XQGHU DXV LKUHP 6FKRH KHUYRUJHKHQ OlVVW :HVKDOE VROOWH HV GDQQ XQP|JOLFK VHLQ
GDVVGHU0HQVFKLQGHVVHQ:HVHQZLHHLQ-XZHOGLH*HJHQZDUWHLQHV*HLVWHVVWUDKOWZRULQ
VHLQH bKQOLFKNHLW PLW 0LU EHJUQGHW LVW GLUHNW YRQ PHLQHP *HLVW ]X VHLQHP *HLVW GLH


*|WWOLFKH $XVWUDKOXQJ HPSIlQJW GLH GHU JHLVWLJH 6DPH LVW GLH LQ LKP )UXFKW EULQJHQ VROO"
 

.HLQHLQ]LJHUHXUHU6HXI]HUZLUGLP+LPPHOXQJHK|UWEOHLEHQMHGHV*HEHWILQGHWVHLQHQ
:LGHUKDOO LQ 0LU NHLQH HXUHU 7UEVDOH RGHU /HEHQVNULVHQ EOHLEHQ YRQ PHLQHU 9DWHUOLHEH
XQEHDFKWHW$OOHVZHL,FKK|UH,FKVHKH,FKXQGLQDOOHPELQ,FKJHJHQZlUWLJ

:HLOGLH0HQVFKHQPHLQHQGDVV,FK0LFKZHJHQLKUHU6QGHQYRQLKQHQ]XUFNJH]RJHQ
KDEH IKOHQ VLH VLFK VFKOLHOLFK IHUQ YRQ 0LU 2 PHQVFKOLFKH 8QZLVVHQKHLW GLH VR YLHO
%LWWHUQLVDXILKUH/LSSHQJHEUDFKWKDW:LVVHWGDVVZHQQ,FK0LFKYRQLUJHQGHLQHPPHLQHU
*HVFK|SIHHQWIHUQHQZUGHGLHVHVDXJHQEOLFNOLFK]XH[LVWLHUHQDXIK|UHQZUGH'RFKGLHVLVW
QLFKW JHVFKHKHQQRFKZLUGHV JHVFKHKHQGHQQDOV ,FKHXFKGHQ*HLVW JDEYHUVDK ,FKHXFK
DOOHPLWHZLJHP/HEHQ  

6FKLFNVDOVVFKOlJH

 9HUIOXFKW QLFKW GLH 3UIXQJHQ GLH HXFK XQG GDV JDQ]H 0HQVFKHQJHVFKOHFKW EHGUFNHQ
VDJWQLFKWGDVVVLH6WUDIH=RUQRGHU5DFKH*RWWHVVLQGGHQQGDQQOlVWHUWLKU,FKVDJHHXFK
GDVV HV JHUDGH GLHVH +HLPVXFKXQJHQ VLQG GLH GLH 0HQVFKKHLW GHP UHWWHQGHQ +DIHQ LPPHU
QlKHUEULQJHQ

1HQQWVLH*HUHFKWLJNHLW6KQHRGHU/HNWLRQHQGDQQ ZLUGHV]XWUHIIHQGXQGULFKWLJVHLQ
'HU=RUQXQGGLH5DFKHVLQGPHQVFKOLFKH/HLGHQVFKDIWHQGLHVROFKHQ:HVHQHLJHQVLQGGLH
QRFK GHP 6HHOHQIULHGHQ GHU +DUPRQLH XQG GHU 9ROONRPPHQKHLW IHUQH VLQG (V LVW QLFKW
JHUHFKWGDVVLKUPHLQHU/LHEH]XHXFKGLH DOOHPHLQH:HUNHEHVWLPPWGHQYXOJlUHQ1DPHQ
6WUDIHJHEWRGHUGHQXQZUGLJHQ1DPHQ5DFKH

 %HGHQNW GDVV LKU HXFK IUHLZLOOLJ DXI GRUQLJH :HJH RGHU LQ ILQVWHUH $EJUQGH EHJHEHQ
KDEW XQG GDVV LKU QLFKW DXI PHLQHQ OLHEHYROOHQ 5XI JHK|UW QRFK DXI GLH 6WLPPH HXUHV
*HZLVVHQVJHODXVFKWKDEWZHVKDOEHVQRWZHQGLJZXUGHGDVVGHU6FKPHU]HXFK]X+LOIHNDP
XP HXFK DXI]XZHFNHQ HXFK DXI]XKDOWHQ HXFK ]XU %HVLQQXQJ ]X EULQJHQ XQG ]XP ZDKUHQ
:HJ]XUFNNHKUHQ]XODVVHQ  

 ,FK EHVWUDIH HXFK QLFKW DEHU ,FK ELQ *HUHFKWLJNHLW XQG DOV VROFKH ODVVH ,FK VLH MHGHQ
IKOHQ GHU JHJHQ PHLQH *HERWH YHUVW|VVW 'HQQ GHU (ZLJH KDW HXFK VHLQ *HVHW] EHNDQQW
JHPDFKWGDVQLHPDQGDElQGHUQNDQQ

 6HKW ZLH GHU 0HQVFK LQ HLQHU VFKZHUHQ 3UIXQJ NODJW ZHQQ HU LQ HLQHQ XQHUPHOLFK
WLHIHQ$EJUXQGVWU]WZHQQHUVLHKWZLHVHLQH)UDXEHLP9HUOXVWYRQJHOLHEWHQ:HVHQZHLQW
GLH.LQGHULKUHV8QWHUKDOWHVEHUDXEWZHUGHQXQGGLH+HLPHLQ(OHQGXQG7UEVDOYHUVLQNHQ
(U LVW EHVWU]W DQJHVLFKWV VHLQHV 8QJOFNV HU YHU]ZHLIHOW GRFK DQVWDWW ]X EHWHQ XQG VHLQH
6QGHQ]XEHUHXHQEHJHKUWHUJHJHQ0LFKDXIXQGVDJW:LHLVWHVP|JOLFKGDVV*RWWPLFK
LQ GLHVHU :HLVH ]FKWLJW" ZlKUHQG GHU *|WWOLFKH *HLVW LQ :DKUKHLW JOHLFKIDOOV 7UlQHQ
YHUJLHW ZHJHQ GHV 6FKPHU]HV VHLQHU .LQGHU XQG VHLQH 7UlQHQ VLQG %OXW GHU /LHEH GHU
9HUJHEXQJXQGGHV/HEHQV

 :DKUOLFK ,FK VDJH HXFK $XIJUXQG GHU (QWZLFNOXQJ GLH GLH 0HQVFKKHLW HUUHLFKW KDW
KlQJWGLH9HUEHVVHUXQJLKUHU6LWXDWLRQLQGLHVHU=HLWQLFKWQXUYRQPHLQHU%DUPKHU]LJNHLWDE
6LH LVW 2SIHU LKUHU VHOEVW GRFK QLFKW PHLQHU 6WUDIH 'HQQ PHLQ *HVHW] XQG PHLQ /LFKW
HUVWUDKOHQLQMHGHP*HZLVVHQ


0HLQH*HUHFKWLJNHLWNRPPWKHUDEXPMHGHV8QNUDXW  PLWGHU:XU]HODXV]XUHLHQXQG
VHOEVWGLH1DWXUJHZDOWHQRIIHQEDUHQVLFKDOV9ROOVWUHFNHUGLHVHU*HUHFKWLJNHLW'DQQVFKHLQW
HV DOV RE VLFK DOOHV YHUHLQW XP GHQ 0HQVFKHQ DXV]XURWWHQ REZRKO HV VHLQHU /lXWHUXQJ
GLHQHQ VROO $EHU PDQFKH ZHUGHQ GDUDQ LUUH XQG VDJHQ :HQQ ZLU VR JURHQ 6FKPHU] ]X
HUWUDJHQKDEHQ ZR]XNRPPHQZLUGDQQEHUKDXSWDXIGLHVH:HOW"RKQH]XEHGHQNHQGDVV
GHU6FKPHU]XQGGLH6QGHQLFKWYRQ0LUVWDPPHQ


$XV HLQHP DQGHUHQ lKQOLFKHQ :RUWH &KULVWL JHKW KHUYRU GDVV PLW GLHVHP 8QNUDXW QLFKW VFKOHFKWH
0HQVFKHQJHPHLQWVLQGVRQGHUQGLHE|VHQXQGODVWHUKDIWHQ7ULHEHXQG1HLJXQJHQGHU0HQVFKHQ

 'HU 0HQVFK LVW GDIU YHUDQWZRUWOLFK GDVV HU LQ 8QZLVVHQKHLW GDUEHU EOHLEW ZDV
*HUHFKWLJNHLWXQGZDV6KQHLVW'DKHUNRPPW]XQlFKVWVHLQ$XIEHJHKUHQXQGGDQDFKVHLQH
%ODVSKHPLH 1XU ZHU PHLQH 8QWHUZHLVXQJ HUIRUVFKW KDW XQG PHLQ *HVHW] EHDFKWHW LVW QLFKW
PHKUIlKLJVHLQHQ9DWHU]XEHVFKXOGLJHQ  

'LH*HUHFKWLJNHLW*RWWHV

 ,KU VHLG ZLH 6WUlXFKHU GLH PDQFKPDO VR GUUH XQG NUDQNH =ZHLJH KDEHQ GDVV VLH HLQH
VFKPHU]KDIWH%HVFKQHLGXQJEHQ|WLJHQXPLKUHNUDQNHQ7HLOH]XHQWIHUQHQGDPLWVLHZLHGHU
JHVXQGHQN|QQHQ

:HQQPHLQH/LHEHVJHUHFKWLJNHLWYRPPHQVFKOLFKHQ%DXPHGLHNUDQNHQbVWHHQWIHUQWGLH
VHLQ+HU]VFKlGLJHQULFKWHWVLHLKQDXI

 :HQQ HLQHP 0HQVFKHQ HLQ *OLHG VHLQHV .|USHUV DEJHVFKQLWWHQ ZHUGHQ VROO VHXI]W HU
]LWWHUW HU XQG ZLUG IHLJH DXFK ZHQQ HU ZHL GDVV HV JHVFKLHKW XP GDV ]X HQWIHUQHQ ZDV
NUDQNLVWZDVWRWLVWXQGEHGURKWZDVQRFKOHEHQNDQQ

 $XFK GLH 5RVHQ ZHQQ VLH EHVFKQLWWHQ ZHUGHQ YHUJLHHQ LKUHQ /HEHQVVDIW ZLH
6FKPHU]HQVWUlQHQDEHUGDQDFKEHGHFNHQVLHVLFKPLWGHQVFK|QVWHQ%OWHQ

 0HLQH /LHEH EHVFKQHLGHW DXI HLQH XQHQGOLFK K|KHUH :HLVH GDV %|VH LP +HU]HQ PHLQHU
.LQGHUZREHL,FK0LFKPDQFKPDOVHOEVWRSIHUH

 $OV GLH 0HQVFKHQ 0LFK NUHX]LJWHQ EHGHFNWH ,FK PHLQH +HQNHU PLW PHLQHU *WH XQG
PHLQHU 9HUJHEXQJ XQG JDE LKQHQ /HEHQ 0LW PHLQHQ :RUWHQ XQG LQ PHLQHP 6FKZHLJHQ
HUIOOWH ,FKVLHPLW /LFKWYHUWHLGLJWHXQGUHWWHWH ,FKVLH6REHVFKQHLGH ,FKGDV%|VHZHKUH
,FK LKP GXUFK PHLQH /LHEH XQG YHUWHLGLJH XQG UHWWH LFK GHQ hEHOWlWHU -HQH 9HUJHEXQJHQ
ZDUHQVLQGQRFKLPPHUXQGZHUGHQHZLJOLFK4XHOOHQGHU(UO|VXQJVHLQ 

 ,FK NDQQ NHLQ 8UWHLO EHU HXFK IlOOHQ GDV VFKZHUHU LVW DOV GDV *HZLFKW HXUHU
9HUIHKOXQJHQ'DKHUVDJH,FKHXFKGDVVLKUYRQ0LUQLFKWV]XEHIUFKWHQKDEWVRQGHUQYRQ
HXFKVHOEVW

 ,FK DOOHLQ NHQQH GLH 6FKZHUH GLH *U|H XQG GLH %HGHXWXQJ HXUHU 9HUIHKOXQJHQ 'LH
0HQVFKHQODVVHQVLFKVWlQGLJYRPlXHUHQ$QVFKHLQEHHLQGUXFNHQGHQQVLHYHUP|JHQQLFKW
LQ GDV +HU] LKUHU 1lFKVWHQ HLQ]XGULQJHQ ,FK GDJHJHQ EOLFNH LQ GLH +HU]HQ XQG NDQQ HXFK
VDJHQ GDVV 0HQVFKHQ ]X 0LU JHNRPPHQ VLQG GLH VLFK VFKZHUHU 9HUIHKOXQJHQ DQJHNODJW
KDEHQ XQG GLH YROO 5HXH ZDUHQ ZHLO VLH 0LFK EHOHLGLJW KDEHQ GRFK ,FK KDEH VLH IU UHLQ
EHIXQGHQ,P*HJHQVDW]GD]XVLQGDQGHUHJHNRPPHQXQGKDEHQ0LUJHVDJWGDVVVLHQLHPDOV

MHPDQGHPHWZDV%|VHVJHWDQKDEHQGRFK,FKZXWHGDVVVLHOJHQ'HQQREZRKOLKUH+lQGH
VLFK QLFKW PLW GHP %OXW LKUHV 1lFKVWHQ EHIOHFNW KDEHQ LVW GDV %OXW LKUHU 2SIHU GHQHQ GDV
/HEHQ ]X QHKPHQ VLH EHIRKOHQ KDWWHQ DXI LKUH 6HHOH KHUDEJHVWU|PW (V VLQG MHQH GLH GHQ
6WHLQ ZHUIHQ XQG GDEHL GLH +DQG YHUEHUJHQ :HQQ ,FK LQ PHLQHU .XQGJDEH GLH :RUWH
IHLJH IDOVFK RGHU 9HUUlWHU DXVJHVSURFKHQ KDEH LVW LKU JDQ]HV :HVHQ HUEHEW XQG RIW
KDEHQ VLH VLFK DXV PHLQHU /HKUVWXQGH HQWIHUQW ZHLO VLH HLQHQ %OLFN DXI VLFK IKOWHQ GHU VLH
JHULFKWHWKDW  

 :HQQ LQ GHU *|WWOLFKHQ *HUHFKWLJNHLW QLFKW GLH JU|WH /LHEH GHV 9DWHUV YRUKDQGHQ VHLQ
ZUGHZHQQVHLQH*HUHFKWLJNHLWQLFKWGLHVHQ8UVSUXQJKlWWHZUGHGLHVH0HQVFKKHLWQLFKW
PHKU H[LVWLHUHQ LKUH 6QGH XQG LKUH XQDXIK|UOLFKHQ 9HUJHKHQ KlWWHQ GLH *|WWOLFKH *HGXOG
HUVFK|SIWDEHUGLHVLVWQLFKWJHVFKHKHQ'LH0HQVFKKHLWOHEWZHLWHUKLQGLH6HHOHQLQNDUQLHUHQ
LPPHU QRFK XQG DXI 6FKULWW XQG 7ULWW LQ MHGHP PHQVFKOLFKHQ :HUN EHNXQGHW VLFK PHLQH
*HUHFKWLJNHLWZHOFKH/LHEHXQGXQHQGOLFKH%DUPKHU]LJNHLWLVW 

 (UJUQGHW 0HLQ :RUW GDPLW LKU QLFKW ZLH YLHOH DQ GHQ 7DWHQ PHLQHU *|WWOLFKHQ
*HUHFKWLJNHLWLUUHZHUGHWZHQQ,FKMHQHGLHQXUHLQHOHLFKWH9HUIHKOXQJEHJHKHQPLW0DFKW
KHLPVXFKH XQG GDJHJHQ DQVFKHLQHQG GHQHQ YHUJHEH GLH HLQ VFKZHUHV 9HUJHKHQ EHJDQJHQ
KDEHQ

'HU0HLVWHUVDJWHXFK:HQQ,FKGHQGHUGHP$QVFKHLQQDFKQXUHLQHOHLFKWH9HUIHKOXQJ
EHJDQJHQKDWPLW0DFKWKHLPVXFKHVRGHVKDOEZHLO,FKGLH6FKZlFKHGHU6HHOHQNHQQHXQG
ZHQQGLHVHYRP:HJHGHU*HVHW]HVHUIOOXQJDEZHLFKHQNDQQHVGHUHUVWH6FKULWWVHLQGHUVLH
LQV9HUGHUEHQIKUW'RFKZHQQ,FKDQGHUHQHLQVFKZHUHV9HUJHKHQQDFKVHKHJHVFKLHKWHV
ZHLO,FKZHLGDVVHLQHJURH9HUIHKOXQJIUGLH6HHOH*UXQGIUHLQHJOHLFKIDOOVJURH5HXH
LVW

 5LFKWHW QLFKW YHUXUWHLOW QLFKW ZQVFKW QLFKW HLQPDO LQ *HGDQNHQ GDVV PHLQH
*HUHFKWLJNHLWDXIMHQHIlOOWGLHXQWHUGHQ9|ONHUQ%OXWYHUJLHHQYHUXUVDFKHQ'HQNWQXUGDVV
VLHZLHLKUJOHLFKIDOOVPHLQH.LQGHUVLQGPHLQH*HVFK|SIHXQGVLHLKUHJURHQ9HUEUHFKHQ
PLWJURHQ6KQHOHLVWXQJHQZHUGHQEHQPVVHQ:DKUOLFK,FKVDJHHXFKJHUDGHGLHDXI
GLHLKUPLW)LQJHUQ]HLJWDOVMHQHGLHGHQ)ULHGHQHUEDUPXQJVORV]HUVW|UWKDEHQXQGHXFKLQV
&KDRVVWU]HQZHUGHQLQGHQNRPPHQGHQ=HLWHQ]XGHQJURHQ)ULHGHQVVWLIWHUQZHUGHQGHQ
JURHQ:RKOWlWHUQGHU0HQVFKKHLW

 'DV %OXW YRQ 0LOOLRQHQ 2SIHUQ VFKUHLW YRQ GHU (UGH DXV QDFK PHLQHU *|WWOLFKHQ
*HUHFKWLJNHLWGRFKEHUGLHPHQVFKOLFKH5HFKWVSUHFKXQJKLQZHJZLUGHVGLHPHLQHVHLQGLH
MHGH6HHOHMHGHV+HU]HUUHLFKW

'LH5HFKWVSUHFKXQJGHU0HQVFKHQYHUJLEWQLFKWHUO|VWQLFKWOLHEWQLFKW'LH0HLQHOLHEW
YHUJLEWHUO|VW HUZHFNW]XQHXHP /HEHQ HUKHEW XQGHUOHXFKWHWXQG JHUDGHMHQHGLHIUGLH
0HQVFKKHLW VRYLHO 6FKPHU] YHUXUVDFKW KDEHQ ZHUGH ,FK HUO|VHQ XQG UHWWHQ LQGHP ,FK VLH
GXUFKLKUHJURH6KQHJHKHQODVVHZHOFKHGHU6FKPHO]WLHJHOVHLQZLUGLQGHPVLHJHOlXWHUW
XQGY|OOLJZDFKZHUGHQIUGLH6WLPPHLKUHV*HZLVVHQVXPELVDXIGHQWLHIVWHQ*UXQGLKUHU
:HUNHVFKDXHQ]XN|QQHQ,FKZHUGHVLHGHQJOHLFKHQ:HJ]XUFNOHJHQODVVHQGHQVLHLKUH
2SIHULKUH9|ONHUJHKHQOLHHQ$EHUVFKOLHOLFKZHUGHQVLHGLHVHHOLVFKH5HLQKHLWHUUHLFKHQ
XP ]XU (UGH ]XUFNNHKUHQ ]X N|QQHQ XP DOOHV =HUVW|UWH ZLHGHUDXI]XEDXHQ XP DOOHV
=XJUXQGHJHULFKWHWHZLHGHUKHU]XVWHOOHQ 


 ,KU VROOW ZLVVHQ GDVV QLFKW HUVW ZHQQ GHU 7RG ]X HXFK NRPPW HXHU 9DWHU HXFK ULFKWHW
VRQGHUQGDVVGLHVHV*HULFKWEHJLQQWVREDOGLKUHXFKHXUHU:HUNHEHZXVVWZHUGHWXQGLKUGHQ
5XIHXUHV*HZLVVHQVHPSILQGHW

 0HLQ *HULFKW LVW LPPHU EHU HXFK $XI 6FKULWW XQG 7ULWW VHL HV LPPHQVFKOLFKHQ /HEHQ
RGHULQHXUHP*HLVWLJHQ/HEHQVHLGLKUPHLQHP*HULFKWHXQWHUZRUIHQDEHUKLHUDXIGHU:HOW
LQGHU.|USHUKOOHZLUGGLH6HHOHXQHPSILQGOLFKXQGWDXEIUGLH5XIHGHV*HZLVVHQV

,FKULFKWHHXFKXPHXFK]XKHOIHQHXUH$XJHQGHP/LFKWH]X|IIQHQXPHXFKYRQ6QGH
]XEHIUHLHQXQGYRP6FKPHU]]XHUO|VHQ

 ,Q PHLQHP 8UWHLO UHFKQH ,FK QLHPDOV GLH %HOHLGLJXQJHQ DQ GLH LKU 0LU DQJHWDQ KDEHQ
N|QQWHWGHQQEHLPHLQHP*HULFKWWULWWQLHPDOVGHU*UROOGLH5DFKHQLFKWHLQPDOGLH6WUDIHLQ
(UVFKHLQXQJ

 :HQQ GHU 6FKPHU] LQ HXHU +HU] GULQJW XQG HXFK DQ GHU HPSILQGOLFKVWHQ 6WHOOH WULIIW VR
JHVFKLHKW HV XP HXFK DXI LUJHQGHLQHQ )HKOHU KLQ]XZHLVHQ GHQ LKU EHJHKW XP HXFK PHLQH
8QWHUZHLVXQJYHUVWHKHQ]XODVVHQXQGHXFKHLQHQHXHXQGZHLVH/HKUH]XHUWHLOHQ$XIGHP
*UXQGHMHGHUGLHVHU3UIXQJHQLVWLPPHUPHLQH/LHEHJHJHQZlUWLJ

 %HL HLQLJHQ *HOHJHQKHLWHQ KDEH ,FK HXFK HUODXEW GDVV LKU GLH 8UVDFKH HLQHU 3UIXQJ
YHUVWHKW EHL DQGHUHQ N|QQW LKU GHQ 6LQQ MHQHU :DUQXQJ PHLQHU *HUHFKWLJNHLW QLFKW ILQGHQ
XQG]ZDUGHVKDOEZHLOHVLP:HUNHGHV9DWHUVXQGLP/HEHQHXUHU6HHOHWLHIH*HKHLPQLVVH
JLEWGLHGHUPHQVFKOLFKH9HUVWDQGQLFKW]XHQWUlWVHOQYHUPDJ  

 )HUQ LVW GLH =HLW LQ GHU HXFK JHVDJW ZXUGH 0LW GHU (OOH PLW GHU LKU PHVVW ZHUGHW LKU
JHPHVVHQ ZHUGHQ :LH RIW ZXUGH MHQHV *HVHW] EHQXW]W XP KLHU DXI GHU (UGH 5DFKH ]X
QHKPHQXQGMHGHV*HIKOYRQ1lFKVWHQOLHEHEHLVHLWH]XVFKLHEHQ

 -HW]W VDJH ,FK HXFK GDVV ,FK GLHVH *HUHFKWLJNHLWVHOOH HUJULIIHQ KDEH XQG HXFK PLW LKU
PHVVHQ ZHUGH MH QDFKGHP ZLH LKU JHPHVVHQ KDEW REVFKRQ ,FK HUNOlUHQG KLQ]XIJHQ PX
GDVVLQMHGHPPHLQHU*HULFKWHGHU9DWHUJHJHQZlUWLJVHLQZLUGGHUHXFKVHKUOLHEWXQGGHU
(UO|VHUGHU]XHXUHU5HWWXQJJHNRPPHQLVW

'HU0HQVFKLVWHVGHUPLWVHLQHQ:HUNHQVHLQ8UWHLOIlOOWIXUFKWEDUH8UWHLOHELVZHLOHQ
XQGHXHU+HUULVWHVGHUHXFK+LOIHYHUVFKDIIWGDPLWLKUGLH$UWXQG:HLVHILQGHWLQGHULKU
HXUH6KQHHUWUDJHQN|QQW

 :DKUOLFK ,FK VDJH HXFK ZHQQ LKU HLQH DOO]X VFKPHU]OLFKH 6KQH YHUPHLGHQ ZROOW VR
EHUHXW UHFKW]HLWLJ XQG JHEW HXUHP /HEHQ GXUFK HLQH DXIULFKWLJH (UQHXHUXQJ HLQH QHXH
5LFKWXQJPLW:HUNHQGHU/LHEHXQG%DUPKHU]LJNHLWJHJHQEHUHXUHQ%UGHUQ

 9HUVWHKW GDVV ,FK GDV UHWWHQGH 7RU ELQ  GDV 7RU GDV IU DOOH GLH 0LFK PLW ZDKUHP
*ODXEHQVXFKHQQLHPDOVYHUVFKORVVHQVHLQZLUG  

1XQVHKWLKUGDVVGLH*|WWOLFKH*HUHFKWLJNHLWDXV/LHEHEHVWHKWQLFKWDXV%HVWUDIXQJZLH
GLHHXUH:DVZUGHDXVHXFKZHQQ,FKHXUHHLJHQHQ*HVHW]HDQZHQGHQZUGHXPHXFK]X
ULFKWHQ YRU0LUYRUGHPNHLQlXHUHU$QVFKHLQQRFKIDOVFKH$UJXPHQWHJHOWHQ"


 :HQQ ,FK HXFK JHPl HXUHU 6FKOHFKWLJNHLW ULFKWHQ XQG HXUH VFKUHFNOLFK KDUWHQ *HVHW]H
DQZHQGHQZUGH ZDVZUGHDXVHXFK"'DQQZUGHWLKU0LFK]X5HFKWELWWHQ*QDGHZDOWHQ
]XODVVHQ

'RFKLKUEUDXFKWHXFKQLFKW]XIUFKWHQGHQQPHLQH/LHEHZHONWQLHPDOVQRFKlQGHUWVLH
VLFK QRFK YHUJHKW VLH ,KU GDJHJHQ YHUJHKW EHVWLPPW LKU VWHUEW XQG ZHUGHW ZLHGHUXP
JHERUHQ LKU JHKW XQG NRPPW GDQQ ZLHGHU XQG VR JHKW LKU HXUHQ 3LOJHUZHJ ELV GHU 7DJ
NRPPWDQGHP LKUHXUHQ9DWHUHUNHQQWXQGHXFKVHLQHP*|WWOLFKHQ*HVHW]HXQWHUVWHOOW 



.DSLWHO /LHEH)UVRUJHXQG*QDGH*RWWHV

'LH/LHEHGHV+LPPOLVFKHQ9DWHUV

:XQGHUWHXFKQLFKWGDVVPHLQH/LHEHHXFKWURW]HXUHU6QGHQEHUDOOKLQIROJW,KUDOOHVHLG
PHLQH .LQGHU $XI GLHVHU :HOW KDEW LKU HLQ $EELOG GHU J|WWOLFKHQ /LHEH LQ GHU /LHEH HXUHU
(OWHUQ JHKDEW ,KU N|QQW LKQHQ GHQ 5FNHQ NHKUHQ LKUH $XWRULWlW QLFKW DQHUNHQQHQ LKUHQ
$QRUGQXQJHQ QLFKW JHKRUFKHQ XQG LKUHQ 5DWVFKOlJHQ NHLQ *HK|U VFKHQNHQ LKU N|QQW PLW
HXUHQE|VHQ+DQGOXQJHQHLQH:XQGHLQLKUHQ+HU]HQYHUXUVDFKHQN|QQW$QODVVJHEHQGDVV
LKUH $XJHQ YRQ VR YLHOHP :HLQHQ DXVWURFNQHQ GDVV VLFK DXI LKUHQ 6FKOlIHQ ZHLH +DDUH
]HLJHQ XQG LKUH *HVLFKWHU YRQ GHQ 6SXUHQ GHV /HLGHV JH]HLFKQHW ZHUGHQ GRFK QLHPDOV
ZHUGHQ VLH DXIK|UHQ HXFK ]X OLHEHQ XQG VLH ZHUGHQ QXU 6HJHQ XQG 9HUJHEXQJ IU HXFK
KDEHQ

'RFKZHQQGLHVH(OWHUQGLHLKUDXIGHU(UGHJHKDEWKDEWXQGGLHQLFKWYROONRPPHQVLQG
HXFK VR JURH %HZHLVH HLQHU UHLQHQ XQG HUKDEHQHQ /LHEH JHJHEHQ KDEHQ ZDUXP VHLG LKU
GDQQHUVWDXQWGDVV'HUZHOFKHUGLHVH+HU]HQVFKXIXQGLKQHQMHQH$XIJDEH(OWHUQ]XVHLQ
JDE HXFK PLW YROONRPPHQHU /LHEH OLHEW" 'LH /LHEH LVW GLH K|FKVWH :DKUKHLW 8P GHU
:DKUKHLWZLOOHQZXUGH ,FK0HQVFKXQGXPGHU :DKUKHLW ZLOOHQVWDUE ,FKDOV0HQVFK 


0HLQH/LHEHVROOHXFKQLFKWLQ(UVWDXQHQVHW]HQGRFK]ZHLIHOWDXFKQLFKWDQLKUZHQQLKU
HUOHEWGDVVLKULQGHU:HOWRIWHLQHQVHKUELWWHUHQ.HOFKOHHUW

 'HU 0HQVFK NDQQ WLHI VLQNHQ YRQ )LQVWHUQLV HUIOOW VHLQ RGHU ]|JHUQ ]X 0LU
]XUFN]XNHKUHQ'RFKIUDOOHZLUGGHU=HLWSXQNWNRPPHQDQGHPVLH0LFKLQLKUHPHLJHQHQ
:HVHQ VSUHQ 0LFK QLFKW PHKU IHUQH IKOHQ XQG 0LFK DXFK QLFKW DOV HLQHQ )UHPGHQ
EHWUDFKWHQRGHUPHLQ'DVHLQPHLQH/LHEHXQGPHLQH*HUHFKWLJNHLWOHXJQHQN|QQHQ 

 ,FK ZLOO HXFK QLFKW DOV $QJHNODJWH YRU 0LU VHKHQ ZLOO HXFK LPPHU DOV PHLQH .LQGHU
EHWUDFKWHQ IU GLH PHLQH 9DWHUOLHEH LPPHU ]XU +LOIH EHUHLW LVW ,FK KDEH HXFK ]XP 5XKPH
PHLQHV*HLVWHVJHVFKDIIHQXQGGDPLWLKULQ0LUJOFNOLFKVHLG 

 /HUQW 0LFK ]X OLHEHQ HUNHQQW ZLH PHLQH /LHEH HXFK WURW] HXUHU 9HUVW|H XQG 6QGHQ
EHUDOOKLQ IROJW RKQH GDVV LKU HXFK LKUHP (LQIOXVV HQW]LHKHQ RGHU LKU DXVZHLFKHQ N|QQW
(UNHQQWMHVFKZHUHUHXUH9HUIHKOXQJHQVLQGGHVWRJU|HULVWPHLQ(UEDUPHQPLWHXFK

'LH%RVKHLWGHU0HQVFKHQP|FKWHPHLQH/LHEHDEZHKUHQDEHUVLHNRPPWQLFKWJHJHQVLH
DQZHLOGLH/LHEHGLHXQLYHUVHOOH.UDIWGLH*|WWOLFKH0DFKWLVWGLHDOOHVHUVFKDIIWXQGDOOHV
EHZHJW

'HU%HZHLVIUDOOHVZDV,FKHXFKVDJHLVWGHUGHQ,FKHXFKJHJHEHQKDEHDOV,FK0LFK
XQWHUHXFKLQGLHVHU=HLWNXQGWDWLQGHUGLH0HQVFKKHLWVLFKLP$EJUXQGLKUHU6QGHYHULUUW
KDW 0HLQH /LHEH NDQQ NHLQHQ (NHO YRU GHU PHQVFKOLFKHQ 6QGH HPSILQGHQ ZRKO DEHU
0LWOHLG

 (UNHQQW 0LFK NRPPW ]X 0LU XP HXUH )OHFNHQ LP NULVWDOONODUHQ %UXQQTXHOO PHLQHU
%DUPKHU]LJNHLWDE]XZDVFKHQ%LWWHWELWWHWVRZLUGHXFKJHJHEHQZHUGHQ  

 )U $XJHQEOLFNH JODXEHQ GLH 0HQVFKHQ PHLQHU VR XQZUGLJ ]X VHLQ GDVV VLH QLFKW
EHJUHLIHQ GDVV ,FK VLH VR VHKU OLHEHQ NDQQ 8QG ZHQQ VLH VLFK HLQPDO GDPLW DEJHIXQGHQ


KDEHQ IHUQH YRQ LKUHP 9DWHU ]X OHEHQ HUEDXHQ VLH VLFK HLQ /HEHQ QDFK LKUHQ HLJHQHQ
9RUVWHOOXQJHQ VFKDIIHQ LKUH *HVHW]H XQG JUQGHQ LKUH 5HOLJLRQVJHPHLQVFKDIWHQ 'DKHU LVW
LKUHhEHUUDVFKXQJJURZHQQVLH0LFKNRPPHQVHKHQ'DQQIUDJHQVLH/LHEWXQVXQVHUHU
9DWHU ZLUNOLFK VR VHKU GDVV HU DXI VROFKH :HLVH HLQH 0|JOLFKNHLW VXFKW 6LFK XQV
PLW]XWHLOHQ"

 0HQVFKHQ ,FK NDQQ HXFK QXU VDJHQ GDVV ,FK GDV ZDV PHLQ LVW QLFKW ]XJUXQGH JHKHQ
ODVVH XQG LKU VHLG PHLQ ,FK OLHEWH HXFK QRFK EHYRU LKU ZDUW XQG ZHUGH HXFK HZLJ OLHEHQ
 

'LH)UVRUJHXQG+LOIH*RWWHV

 -QJHU ,FK KDEH HXFK DOOH 8QWHUZHLVXQJHQ JHJHEHQ GLH GLH 6HHOH LQ LKUHU (QWZLFNOXQJ
EHQ|WLJW

 :RKO GHQHQ GLH GLH :DKUKHLW HUNHQQHQ GHQQ VLH ZHUGHQ GHQ :HJ VFKQHOO ILQGHQ
$QGHUH ZHLVHQ GLH *|WWOLFKHQ 8QWHUZHLVXQJHQ LPPHU ]XUFN ZHLO LKQHQ LKUH :HUNH GHQ
PHLQHQ EHUOHJHQHUVFKHLQHQ

,FKOLHEHHXFKDOOH,FKELQGHU+LUWHGHUVHLQH6FKDIHUXIWGHUVLHYHUHLQWXQG]lKOWXQG
WlJOLFKPHKUKDEHQP|FKWH GHUVLHQlKUWXQGOLHENRVWIUVLHVRUJWXQGVLFKIUHXWZHQQHU
VLHKW GDVV HV YLHOH VLQG REZRKO HU PDQFKPDO ZHLQW ZHQQ HU VLHKW GDVV QLFKW DOOH IROJVDP
VLQG

 'LHV VLQG HXUH +HU]HQ YLHOH YRQ HXFK NRPPHQ ]X 0LU DEHU ZHQLJH VLQG HV GLH 0LU
ZLUNOLFKQDFKIROJHQ  

1HKPWHXHU.UHX]XQGIROJW0LULQ'HPXW9HUWUDXWGDUDXIGDVV ZlKUHQGLKUMHPDQGHP
7URVW ]XVSUHFKW HLQHP +HU]HQ )ULHGHQ RGHU HLQHU 6HHOH /LFKW EULQJW  ,FK DXI DOOHV DFKWHQ
ZHUGH ZDV PLW HXUHP PDWHULHOOHQ /HEHQ LQ %H]LHKXQJ VWHKW XQG ,FK ZHUGH QLFKWV
YHUQDFKOlVVLJHQ

*ODXEHWGDUDQGDVVZHQQ,FK]XHXUHP*HLVWHVSUHFKH,FKDXFKHLQHQ%OLFNLQHXHU+HU]
ZHUIHXPLQLKPVHLQH6RUJHQVHLQH%HGUIQLVVHXQGVHLQH:QVFKH]XHQWGHFNHQ 


(VJLENHLQH5DVVHQRGHU6WlPPHVRXQNXOWLYLHUWVLHHXFKDXFKHUVFKHLQHQP|JHQ DXFK
MHQH GLH LKU QLFKW NHQQW ZHLO VLH LQ XQ]XJlQJOLFKHQ :lOGHUQ ZRKQHQ GLH QLFKW
%HNXQGXQJHQPHLQHU/LHEHHUIDKUHQKlWWHQ6LHKDEHQLP$XJHQEOLFNGHU*HIDKUKLPPOLVFKH
6WLPPHQYHUQRPPHQGLHVLHEHVFKW]HQEHKWHQXQGEHUDWHQ

 ,KU KDEW QLHPDOV YHUODVVHQ JHOHEW 6HLW $QEHJLQQ GD LKU ]XP /HEHQ HUVWDQGHW VHLG LKU
XQWHUGHP6FKXW]VFKLOGPHLQHU/LHEHJHZHVHQ

,KU0HQVFKHQHOWHUQGLHLKUHXUH.LQGHU]lUWOLFKOLHEWZlUWLKUIlKLJVLHLKUHP6FKLFNVDO
]X EHUODVVHQ ZHQQ VLH NDXP LQ GLHVHV /HEHQ KLQHLQJHERUHQ ZRUGHQ VLQG ZHQQ VLH HXUH
)UVRUJHHXUH+LQJDEHHXUH/LHEHDPPHLVWHQEHQ|WLJHQ"

 ,FK KDEH HXFK XP HXUH .LQGHU EHVRUJW JHVHKHQ VHOEVW ZHQQ VLH GDV (UZDFKVHQHQDOWHU
HUUHLFKWKDWWHQVHOEVWXPMHQHGLHVLFKYHUJHKHQGLHHXFKYHUOHW]WKDEHQVRUJWLKUHXFKPLW
GHUJU|WHQ/LHEH


'RFKZHQQLKU DXIGLH1|WHHXUHU.LQGHULQGLHVHU:HLVHUHDJLHUW ZLHZLUGGDQQZRKO
GLH/LHEHHXUHV+LPPOLVFKHQ9DWHUVVHLQGHUHXFKOLHEWHQRFKEHYRULKUH[LVWLHUWKDEW"

 ,PPHU ELQ ,FK HXFK ]X +LOIH JHNRPPHQ XQG LQ GLHVHU =HLW LQ GHU ,FK HXFK PLW HLQHU
JU|HUHQVHHOLVFKHQ(QWZLFNOXQJDQWUHIIHKDEH,FKHXFKJHOHKUWZLHLKUNlPSIHQPVVWXP
GLH XQKHLOYROOHQ .UlIWH ]XQLFKWH ]X PDFKHQ XQG GLH $UW XQG :HLVH GLH 6FKZLQJXQJHQ GHV
*XWHQ]XYHUPHKUHQ  

,KUWUHWHWQXQLQHLQHQQHXHQ$EVFKQLWWHXUHV/HEHQVHLQGHU:HJLVWJHEDKQW1HKPWHXHU
.UHX]DXIHXFKXQGIROJW0LU,FKVDJHHXFKQLFKWGDVVHVDXIGLHVHP:HJHNHLQH3UIXQJHQ
JLEWDEHULPPHUZHQQLKUHLQHVFKZLHULJH:HJVWUHFNHGXUFKTXHUWRGHU HLQHQ /HLGHQVNHOFK
OHHUWZHUGHWLKUHLQH6WLPPHYHUQHKPHQGLHHXFKHUPXWLJWXQGHXFKEHUlWZLUGPHLQH/LHEH
EHLHXFKVHLQGLHHXFKEHLVWHKWXQGHXFKHUKHEWXQGLKUZHUGHWGLHVDQIWH/LHENRVXQJPHLQHV
+HLOEDOVDPVIKOHQ 

:HQQ,FKVHKHGDVVLKUHXFKYRP6FKPHU]EHVLHJHQODVVWXQGGDVVLKUDQVWDWWDXVLKPGLH
/HKUHQ]X]LHKHQGLHMHGH3UIXQJHQWKlOWHXFKGDPLWEHJQJW]XZHLQHQ]XIOXFKHQRGHU
HLQIDFKDXIGHQ7RG]XZDUWHQDOVGDV(QGHHXUHU/HLGHQGDQQQDKH,FK0LFKHXFKXPHXHU
+HU]OLHEHYROODQ]XVSUHFKHQLKP7URVWXQG+RIIQXQJ]XJHEHQXQGHV]XVWlUNHQGDPLWHV
VLFK VHOEVW VHLQH 6FKZDFKKHLW XQG VHLQHQ 0DQJHO DQ *ODXEHQ EHUZLQGHW XQG HV EHU GLH
3UIXQJHQ WULXPSKLHUHQ NDQQ GHQQ LQ GLHVHP 7ULXPSK OLHJW GHU )ULHGH GDV /LFKW XQG GDV
JHLVWLJH*OFNOLFKVHLQZHOFKHVGDVZDKUH*OFNLVW 

:HQQLKUEHGHQNWGDVV,FKVHOEVWLQGHQNOHLQVWHQ:HVHQGHU1DWXUELQ ZLHVROOWH,FK
HXFK GD YHUOHXJQHQ XQG 0LFK YRQ HXFK WUHQQHQ QXU ZHLO LKU 8QYROONRPPHQKHLWHQ DQ HXFK
KDEWGDLKU0LFKJHUDGHGDQQDPPHLVWHQEHQ|WLJW"

 ,FK ELQ GDV /HEHQ XQG ELQ LQ DOOHP GHVKDOE NDQQ QLFKWV VWHUEHQ 'HQNW JUQGOLFK QDFK
GDPLW LKU QLFKW DQ GLH $XVGUXFNVZHLVH JHEXQGHQ EOHLEW %ULQJW HXUH 6LQQH ]XU 5XKH XQG
HQWGHFNW0LFKLP.HUQGHV:RUWHV   

.HKUWLQHXHU,QQHUHVHLQXQGLKUZHUGHWGRUWGDV+HLOLJWXPGLH%XQGHVODGHILQGHQ,KU
ZHUGHWHLQH4XHOOHHLQHQ%RUQGHU*QDGHQXQG6HJQXQJHQHQWGHFNHQ

 (V JLEW NHLQHQ KLOIORVHQ *HLVW QLHPDQG LVW HQWHUEW $QJHVLFKWV PHLQHU *|WWOLFKHQ
%DUPKHU]LJNHLWJLEWHVLPJDQ]HQ8QLYHUVXPNHLQHQHLQ]LJHQGHUVLFKDUPQHQQHQNDQQYRQ
VHLQHP9DWHUYHUVWRHQNHLQHQGHUVLFKDXVGHQ/DQGHQGHV+HUUQYHUEDQQWQHQQHQN|QQWH

:HUVLFKHQWHUEWIKOWWXWGLHVZHLOHULQVLFKVHOEVWQLFKWGLH*QDGHQJDEHQHQWGHFNWKDW
RGHU ZHLO HU VLFK JHUDGH LQ GHU 6QGH YHULUUW KDW ZHLO HU YHUEOHQGHW LVW RGHU ZHLO HU VLFK
XQZUGLJIKOW

,KU VROOWGLHVH*QDGHQJDEHQLPPHULQHXFKHQWGHFNHQGDQQZHUGHWLKUHUOHEHQGDVVHXFK
PHLQH *HJHQZDUW QLHPDOV IHKOHQ ZLUG GDVV LPPHU %URW +HLOEDOVDP :DIIHQ
6FKOVVHOXQGDOOHVZDVLKUEHQ|WLJWLQHXFKVHOEVWYRUKDQGHQVHLQZLUGZHLOLKUGLH(UEHQ
PHLQHV5HLFKHVXQGPHLQHU+HUUOLFKNHLWVHLG 

=ZLVFKHQGHP9DWHUXQGGHQ.LQGHUQJLEWHVHLQ%DQGGDVQLHPDOV]HUUHLHQNDQQXQG
GLHVHV %DQG LVW GLH 8UVDFKH GDIU GDVV ]ZLVFKHQ GHP *|WWOLFKHQ *HLVW XQG GHP YRQ HXFK
DOOHQHLQH=ZLHVSUDFKHVWDWWILQGHW 


 'LH 0HQVFKKHLW EHQ|WLJW PHLQH /LHEH PHLQ :RUW GDV ELV DXI GHQ *UXQG LKUHU +HU]HQ
JHODQJHQ PXVV 'HU 0HLVWHU NlPSIW XQHUPGOLFK GDUXP GDVV HXUH 6HHOHQ WlJOLFK PHKU
HUOHXFKWHW ZHUGHQ GDPLW VLH VLFK YRQ 8QZLVVHQKHLW EHIUHLW ]X K|KHUHQ 5HJLRQHQ HUKHEHQ
N|QQHQ

'LH7RUHPHLQHV5HLFKHVVWHKHQRIIHQXQGGDV:RUWGHV9DWHUVNRPPWPLWXQHQGOLFKHU
/LHEH]XHXFKXPHXFKHUQHXWGHQ:HJ]X]HLJHQ

 ,FK ELQ QRFKPDOV ]XU 0HQVFKKHLW JHNRPPHQ GRFK VLH KDW 0LFK QLFKW JHIKOW ZHLO ,FK
JHLVWLJ HUVFKLHQHQ ELQ XQG LKU 0DWHULDOLVPXV JUR LVW 'D HXHU *HLVW PHLQHP *|WWOLFKHQ
*HLVWHHQWVSUDQJ ZHVKDOEKDEHQGLH0HQVFKHQ0LFKGDQQQLFKWHPSIXQGHQ":HLOVLHLKUH
6HHOHQDQGHQ0DWHULDOLVPXVJHEXQGHQKDEHQDQGLHQLHGHUHQ/HLGHQVFKDIWHQ

'RFKKLHULVWGDV/DPP*RWWHVGDVDOV/LFKW]XHXFKJHODQJWXPHXFK]XHUOHXFKWHQXQG
GLH:DKUKHLW]XEULQJHQ  

'LH'HPXWGHV$OOHUK|FKVWHQ

 %HJUHLIW GDVV PHLQ :RUW HXUHQ 9HUVWDQG QLFKW PLW HLWOHQ 3KLORVRSKLHQ HUIOOW HV LVW GLH
(VVHQ]GHV/HEHQV,FKELQNHLQ5HLFKHUGHUHXFKZHOWOLFKHQ5HLFKWXPDQELHWHW,FKELQGHU
$OOHLQLJH *RWW GHU HXFK GDV 5HLFK GHV ZDKUHQ /HEHQV YHUKHLW ,FK ELQ GHU GHPWLJH *RWW
GHU VLFK RKQH *HSUlQJH VHLQHQ .LQGHUQ QDKW XP VLH PLW VHLQHU /LHENRVXQJ XQG VHLQHP
ZXQGHUWlWLJHQ:RUWDXIGHP6KQHZHJDXI]XULFKWHQ 

6HLGPHLQH'LHQHUXQGLKUZHUGHWQLHPDOVYRQ 0LUJHGHPWLJWZHUGHQ

6HKW,FKELQQLFKWDOV.|QLJJHNRPPHQQRFKWUDJH,FK6]HSWHURGHU.URQH,FKELQXQWHU
HXFKDOV%HLVSLHOYRQ'HPXWXQGPHKUQRFKDOVHXHU'LHQHU

%LWWHW0LFKXQG,FKZHUGHHXFKJHEHQEHIHKOW0LUXQG,FKZHUGHJHKRUFKHQXPHXFK
HLQHQZHLWHUHQ%HZHLVPHLQHU/LHEHXQGPHLQHU'HPXW]XJHEHQ,FKELWWHHXFKQXUGDVVLKU
0LFK HUNHQQW XQG PHLQHQ :LOOHQ WXW XQG ZHQQ LKU DXI +LQGHUQLVVH VWRW EHL GHU (UIOOXQJ
HXUHU 3IOLFKWHQ VR EHWHW XQG EHUZLQGHW LQ PHLQHP 1DPHQ XQG HXUH 9HUGLHQVWH ZHUGHQ
JU|VVHUVHLQ 

 'HU 9DWHU VSULFKW ]X HXFK -HQHU GHU QLHPDQGHQ KDW XP VLFK YRU LKP LP *HEHW ]X
YHUQHLJHQ'RFKZDKUOLFK,FKVDJHHXFKZHQQHVEHU0LUMHPDQG*U|HUHQJlEHZUGH ,FK
0LFKYRULKPYHUQHLJHQGHQQLQPHLQHP*HLVWHZRKQWGLH'HPXW

 %HGHQNW ZLH LKU REZRKO LKU PHLQH NOHLQHQ .LQGHU VHLG 0LFK GD]X YHUDQODW
KHUQLHGHU]XNRPPHQXP]XHXFK]XVSUHFKHQHXFKDQ]XK|UHQXQG]XWU|VWHQDQVWDWWGDVVLKU
GDUXPULQJW]X0LUHPSRU]XVWHLJHQ 

 (UOHEW LQ HXUHQ +HU]HQ GLH :RQQH HXFK YRQ HXUHP 9DWHU JHOLHEW ]X IKOHQ GHU HXFK
QLHPDOV GXUFK VHLQH *U|H HUQLHGULJW KDW VRQGHUQ GLHVH LQ VHLQHU YROONRPPHQHQ 'HPXW
RIIHQEDUWKDWXPHXFKJUR]XPDFKHQXQGHXFKGDKLQ]XEULQJHQHXFKGHVZDKUHQ/HEHQV
LQ6HLQHP5HLFKH]XHUIUHXHQZHOFKHVZHGHU$QIDQJQRFK(QGHKDW 

'DV0LWJHIKOXQG0LW/HLGHQ*RWWHV


 :HQQ LKU JODXEW GDVV -HVXV ZHLO HU *RWWHV 6RKQ ZDU NHLQHQ 6FKPHU] VSUWH LUUW LKU
HXFK :HQQ LKU JODXEW GDVV ,FK IUHL YRQ 6FKPHU] ELQ ZHLO ,FK KHXWH LP *HLVWH NRPPH VR
VHLGLKUJOHLFKIDOOVLQHLQHP,UUWXPEHIDQJHQ:HQQLKUGHQNWGDVV ZHLO,FKZHLGDVVLKU
VFKOLHOLFKDOOHEHL0LUVHLQZHUGHW ,FKKHXWHQLFKWOHLGHVRKDEWLKUDXFKGDULQQLFKWUHFKW
:DKUOLFK,FKVDJHHXFKHVJLEWNHLQDQGHUHV:HVHQGDVHPSILQGVDPHULVWDOVGHU*|WWOLFKH
*HLVW

,FKIUDJHHXFK:HUJDEDOOHQ:HVHQGLH(PSILQGVDPNHLW":DVN|QQWLKU*XWHVWXQGDV
QLFKW )UHXGH EHL 0LU DXVO|VW" 8QG ZDV N|QQW LKU %|VHV WXQ GDV QLFKW ZLH HLQH :XQGH IU
PHLQH (PSILQGVDPNHLW LVW" 6HKW GDV LVW GHU *UXQG ZHVKDOE ,FK HXFK VDJH GDVV GLH
0HQVFKKHLW 0LFK YRQ QHXHP JHNUHX]LJW KDW :DQQ ZHUGH ,FK YRQ PHLQHP .UHX]H
KHUDEJHQRPPHQXQGYRQGHU'RUQHQNURQHEHIUHLW" 

:HQQPDQFKHVLFKDOVPHLQH)HLQGHHUKHEHQVHKH,FKVLHQLFKWDOVVROFKHDQVRQGHUQQXU
DOV%HGUIWLJH'LHMHQLJHQGLHVLFKIU*HOHKUWHKDOWHQXQGPHLQ'DVHLQOHXJQHQEOLFNH,FK
PLW0LWOHLGDQ-HQHGLHYHUVXFKHQ0LFKLP+HU]HQGHU0HQVFKHQ]XYHUQLFKWHQEHWUDFKWH
,FK DOV 8QZLVVHQGH GD VLH JODXEHQ GLH 0DFKW XQG GLH :DIIHQ ]X KDEHQ XP 'HQ ]X
YHUQLFKWHQZHOFKHUGHU8UKHEHUGHV/HEHQVLVW 

 ,FK ]HLJH 0LFK HXFK DOV HLQ OLHEHYROOHU 9DWHU DOV HLQ GHPWLJHU 0HLVWHU QLHPDOV
JOHLFKJOWLJJHJHQEHUHXUHQ/HLGHQXQGLPPHUQDFKVLFKWLJXQGEDUPKHU]LJJHJHQEHUHXUHQ
8QYROONRPPHQKHLWHQGHQQLKUZHUGHWLQPHLQHQ$XJHQLPPHU.LQGHUVHLQ

 ,FK PXVV HXFK ULFKWHQ ZHQQ ,FK VHKH ZLH GLH .LQGHU GLH PLW VR YLHO /LHEH JHVFKDIIHQ
XQGIUGDV(ZLJH/HEHQEHVWLPPWZXUGHQDXI(UGHQKDUWQlFNLJGHQ7RGVXFKHQRKQHVLFK
XP GDV *HLVWLJH /HEHQ ]X NPPHUQ QRFK GHQ :XQVFK KDEHQ GLH 9ROONRPPHQKHLWHQ
NHQQHQ]XOHUQHQGLHMHQHV'DVHLQIUVLHEHUHLWKlOW  

'D,FKHXHU9DWHUELQPXVV,FKQRWZHQGLJHUZHLVHPLWIKOHQZDVGLH.LQGHUIKOHQ1XU
VR ZHUGHW LKU EHJUHLIHQ GDVV ZlKUHQG MHGHU YRQ HXFK OHLGHW XQG VHLQHQ HLJHQHQ 6FKPHU]
IKOW GHU*|WWOLFKH*HLVWGHQ6FKPHU]DOOVHLQHU.LQGHUPLWHUOHLGHW

$OV%HZHLVGLHVHU:DKUKHLWNDP,FK]XU:HOWXP0HQVFK]XZHUGHQXQGHLQ.UHX]]X
WUDJHQGDVDOOHQ6FKPHU]XQGDOOH6QGHGHU:HOWGDUVWHOOWH'RFKZHQQ,FKDOV0HQVFKGLH
/DVW HXUHU 8QYROONRPPHQKHLWHQ DXI PHLQHQ 6FKXOWHUQ WUXJ XQG DOO HXUHQ 6FKPHU] IKOWH
N|QQWH,FK0LFKGDQQDOV*RWWJHIKOORV]HLJHQDQJHVLFKWVGHU7UEVDOHPHLQHU.LQGHU" 
 

9HUJHEXQJ*QDGHXQG(UEDUPXQJ*RWWHV

,FKELQGHUHLQ]LJHGHUGLH%HVWLPPXQJDOOHUNHQQWGHU(LQ]LJHGHUGHQ:HJNHQQWGHQ
LKU ]XUFNJHOHJW KDEW XQG GHQ LKU QRFK GXUFKODXIHQ PVVW ,FK ELQ HV GHU HXUH /HLGHQ XQG
HXUH )UHXGHQ YHUVWHKW ,FK ZHL ZLHYLHO LKU JHZDQGHUW VHLG XP GLH :DKUKHLW XQG GLH
*HUHFKWLJNHLW ]X ILQGHQ 0HLQH %DUPKHU]LJNHLW LVW HV GLH GHQ DQJVWHUIOOWHQ 5XI GHVVHQ
HPSIlQJWGHU0LFKLQQHUOLFKXP9HUJHEXQJIUVHLQH9HUIHKOXQJHQELWWHW

 8QG DOV 9DWHU HUIOOH ,FK MHGH LQVWlQGLJH %LWWH VDPPOH HXUH 7UlQHQ KHLOH HXUH
*HEUHFKHQ ODVVH HXFK IKOHQ GDVV HXFK YHUJHEHQ LVW XQG LKU YRQ HXUHQ 6FKDQGIOHFNHQ
ORVJHVSURFKHQVHLGGDPLWLKUHXHU/HEHQQHXJHVWDOWHW


 $XFK ELQ ,FK GHU (LQ]LJH GHU HXFK GLH %HOHLGLJXQJHQ GLH 0LU YRQ HXFK GLH LKU PHLQH
.LQGHUVHLG]XJHIJWZHUGHQYHUJHEHQNDQQ  

 ,Q GLHVHU =HLW HUOHXFKWHW HXFK PHLQ :RUW DXIV QHXH ,FK ZLOO PHLQH*QDGH LP hEHUIOXVV
DXVJLHVVHQ GDPLW LKU UHLQ XQG ]XJHUVWHW VHLG 'RFK ZHQQ LKU HUQHXW LQ 6QGH IDOOW VR
HUNHQQH9RONGDVVQLFKW,FKHVELQGHUHXFKYRQPHLQHP6FKRHQWIHUQWVRQGHUQGDVVLKUHV
VHLG GLH VLFK YRQ 0LU HQWIHUQHQ REZRKO GLHV QLFKW PHLQ :LOOH LVW 'RFK PHLQH 9HUJHEXQJ
XQG PHLQH /LHEH VLQG ZLH RIIHQH 7RUH XP MHGHQ ]X HPSIDQJHQ GHU UHXHYROO ]X 0LU
]XUFNNHKUHQP|FKWH 

,QGHU/LHEHPLWGHU,FKHXFKYHUJHEHXQGHXFKNRUULJLHUHJHEH,FK0LFK]XHUNHQQHQ
$OVLKUQDFKHXUHP :LOOHQJHOHEWXQGGDEHLIRUWZlKUHQGGHQ9DWHUYHUOHW]WKDEWVFKQLWW,FK
GHQ)DGHQMHQHV6QGHQGDVHLQVQLFKWDEYHUVDJWH,FKHXFKZHGHUGLH/XIWQRFKGDV%URW,FK
YHUOLH HXFK QLFKW LP 6FKPHU] QRFK EHUK|UWH ,FK HXUH .ODJH 8QG GLH 1DWXU XPJDE HXFK
ZHLWHUKLQ PLW LKUHU )UXFKWEDUNHLW LKUHP /LFKW XQG LKUHQ 6HJQXQJHQ 6R JHEH ,FK 0LFK GHQ
0HQVFKHQ]XHUNHQQHQXQGRIIHQEDUH0LFKLKQHQ1LHPDQGNDQQHXFKDXI(UGHQPLWGLHVHU
/LHEHOLHEHQXQGQLHPDQGNDQQHXFKVRYHUJHEHQZLH,FKHVWXH

(XUH6HHOHLVWHLQ6DPHGHQ,FKYRQ(ZLJNHLWKHUSIOHJHXQGYHUYROONRPPQHELVHUGLH
VFK|QVWHQ %OWHQ XQG GLH YROONRPPHQVWHQ )UFKWH WUlJW :LH N|QQWH ,FK HXFK DEVWHUEHQ
ODVVHQRGHUGHU*HZDOWGHU8QZHWWHUEHUODVVHQ":LHHXFKDXIHXUHP:HJHLP6WLFKODVVHQ
ZR,FKGRFKGHU(LQ]LJHELQGHUGLH%HVWLPPXQJDOOHU*HVFK|SIHNHQQW"  

 ,KU GLH LKU DXI ,UUZHJHQ JHKW ,FK ELQ EHUHLW HXFK ]X HPSIDQJHQ XQG HXFK PHLQH .UDIW
XQGPHLQ/LFKW]XJHEHQZHQQLKU0LFKUXIW(VLVWQLFKWYRQ%HGHXWXQJZHQQLKUDXIHXUHP
.|USHUXQGHXUHU6HHOHGLH6SXUGHUJURHQ6QGHUWUDJW ,FKZHUGH EHZLUNHQGDVVLKUMHQH
VHJQHWGLHHXFKEHOHLGLJWKDEHQXQGGDVVLKU*RWWVHJQHWZHLO(UMHQHV:XQGHULQHXFKIU
P|JOLFKJHKDOWHQKDW'DQQZHUGHWLKUGLH/LHEH&KULVWLLQHXUHP+HU]HQ]XIKOHQEHJLQQHQ

 0DQFKH ZHUGHQ EHLP +|UHQ GLHVHU :RUWH GHQNHQ :LH LVW HV P|JOLFK GDVV GLH JURHQ
6QGHUGLHVH*QDGHHEHQVRHPSIDQJHQN|QQHQZLHGLH*HUHFKWHQGLHVLHIULKUH9HUGLHQVWH
EHVLW]HQ"

 2 0HQVFKHQ 0HQVFKHQ GLH LKU QLFKW ZHLWHU DOV HXUH $XJHQ VHKW ,FK KDEH HXFK PHLQH
:RKOWDWHQLPPHUDXV*QDGHJHJHEHQQRFKEHYRULKUVLHYHUGLHQWKDEW

 ,FK DQWZRUWHVRZRKODXIHLQHQUHLQHQ*HGDQNHQDOVDXFKDXIGLHWUDXULJH.ODJHGHVVHQ


GHU VLFK 0LU EHIOHFNW QDKW ZDQQ LPPHU VLFK LKP HLQ ZHJHQ VHLQHV 0DQJHOV DQ /LHEH ]X
VHLQHQ0LWPHQVFKHQ QRFKVRNOHLQHU)XQNHYRQ'HPXWRGHU(UNHQQWQLVHQWULQJW

,FKELQGHU9HUWHLGLJHUGHU6FKZDFKHQGLHLQLKUHUJURHQ8QIlKLJNHLWXQG8QZLVVHQKHLW
7UlQHQYHUJLHHQ,FKELQGLH*|WWOLFKH+RIIQXQJGLHGLH:HLQHQGHQUXIWXQGWU|VWHW,FKELQ
GHUJWLJH-HVXVGHUGHQLQ VHLQHP6FKPHU]XQGLQVHLQHU6KQH6W|KQHQGHQVDQIWOLHENRVW

 ,FKELQHXHU+HLODQGHXHU(UO|VHU ,FKELQGLHIUGHQ0HQVFKHQEHJUHLIOLFKH:DKUKHLW


 


.DSLWHO ,QVSLUDWLRQHQXQG2IIHQEDUXQJHQ*RWWHV

*|WWOLFKH,QVSLUDWLRQHQ

 -QJHU :HQQ PHLQ :RUW ]X HXFK NRPPW XQG LKU HV QLFKW YHUVWHKW ]ZHLIHOW LKU DQ LKP
'RFK ,FK VDJH HXFK :HQQ HXFK 8QJHZLVVKHLW TXlOW VR ]LHKW HXFK LQ GLH (LQVDPNHLW GHU
)HOGHU ]XUFN XQG GRUW LQPLWWHQ GHU 1DWXU ZR LKU QXU GLH IUHLH )OXU GLH %HUJH XQG GDV
)LUPDPHQW DOV =HXJHQ KDEW EHIUDJW HXUHQ 0HLVWHU QRFK HLQPDO 9HUWLHIW HXFK LQ VHLQ :RUW
XQG VFKQHOO ZLUG HXFK VHLQH OLHEHYROOH $QWZRUW HUUHLFKHQ 'DQQ ZHUGHW LKU HXFK JHWUDJHQ
LQVSLULHUWYRQHLQHUXQEHNDQQWHQJHLVWLJHQ:RQQHHUIOOWIKOHQ

$XIGLHVH :HLVHZHUGHWLKUNHLQHNOHLQJOlXELJHQ0HQVFKHQPHKUVHLQZHLOLKUZLVVWGDVV
MHGHV:RUW*RWWHV:DKUKHLWHQWKlOWGDVVPDQMHGRFKXPHV]XHUVFKOLHHQPLW$QGDFKWXQG
ODXWHUHP6LQQLQGDVVHOEHHLQGULQJHQPXVVZHLOHVHLQ+HLOLJWXPLVW

,PPHUZHQQ LKUYRUEHUHLWHWVHLGXQGHWZDVZLVVHQZROOWZLUGHXHU9HUODQJHQQDFK/LFKW
GDV*|WWOLFKH/LFKWDQ]LHKHQ:LHRIWKDEH,FKHXFKVFKRQJHVDJW*HKWLQGLH%HUJHLQVDPNHLW
XQGVDJW0LUGRUWHXUH6RUJHQHXUH/HLGHQXQG1|WH

-HVXVOHKUWHHXFKGLHVH/HNWLRQHQLQGHU=ZHLWHQ=HLWPLWVHLQHP%HLVSLHO(ULQQHUWHXFK
DQ PHLQ %HLVSLHO DOV ,FK 0LFK LQ GLH :VWH ]XUFN]RJ XP ]X EHWHQ EHYRU ,FK PHLQ
3UHGLJWDPW EHJDQQ (ULQQHUW HXFK GDVV ,FK LQ GHQ OHW]WHQ 7DJHQ PHLQHV 'DVHLQV XQWHU GHQ
0HQVFKHQ QRFK EHYRU ,FK LQ GLH 6\QDJRJH JLQJ XP ]X EHWHQ GLH (LQVDPNHLW GHV
gOEHUJKDLQHVDXIVXFKWHXPPLWGHP9DWHU]XVSUHFKHQ

'LH1DWXULVWHLQ7HPSHOGHV6FK|SIHUVZRVLFKDOOHV]X,KPHUKHEWXP,KQ]XYHUHKUHQ
'RUWN|QQWLKUGLUHNWXQGXQYHUIlOVFKWGLH$XVVWUDKOXQJHXUHV 9DWHUVHPSIDQJHQ'RUW IHUQ
YRQ PHQVFKOLFKHP (JRLVPXV XQG 0DWHULDOLVPXV ZHUGHW LKU IKOHQ ZLH ZHLVH ,QVSLUDWLRQHQ
LQHXHU+HU]GULQJHQGLHHXFKGD]XEHZHJHQDXIHXUHP:HJHGDV*XWH]XWXQ  

 ,KU PVVW ZDFK VHLQ -QJHU GHQQ ,FK ZHUGH ]X HXFK QLFKW QXU GXUFK GLHV 6SUDFKURKU
VSUHFKHQ ,FK ZHUGH 0LFK HXUHP *HLVWH DXFK LQ GHQ $XJHQEOLFNHQ NXQGWXQ LQ GHQHQ HXHU
.|USHU VFKOlIW ,FK ZHUGH HXFK OHKUHQ HXFK YRUEHUHLWHW GHP 6FKODIH KLQ]XJHEHQ XQG HXUH
6HHOHYRP,UGLVFKHQ]XO|VHQGDPLWVLHVLFK]XGHQ5HJLRQHQGHV/LFKWHVHUKHEWZRVLHGLH
:HLVVDJXQJ HPSIDQJHQ ZLUG PLW GHU VLH LKUHQ :HJ HUKHOOW XP GDQQ LKUH %RWVFKDIW GHP
9HUVWDQGH]XEHUPLWWHOQ 

,FKELQQLHPDOVIHUQYRQHXFKJHZHVHQZLHLKU]XZHLOHQJHJODXEWKDEWQRFKVLQG0LUHXUH
/HLGHQ MHPDOV JOHLFKJOWLJ JHZHVHQ QRFK ZDU ,FK WDXE EHL HXUHQ 5XIHQ )ROJHQGHV LVW
JHVFKHKHQ ,KU KDEW HXFK QLFKW GDUXP EHPKW HXUH K|KHUHQ 6LQQH ]X YHUIHLQHUQ XQG KDEW
HUZDUWHW 0LFK PLW GHQ 6LQQHQ GHV )OHLVFKHV ZDKU]XQHKPHQ 'RFK ,FK VDJH HXFK GDVV GLH
=HLWLQGHU,FKGHQ0HQVFKHQGLHVJHZlKUWHVFKRQVHKUZHLW]XUFNOLHJW

 :HQQ LKU HXFK HLQ ZHQLJ GDUXP EHPKW KlWWHW HLQLJH HXUHU JHLVWLJHQ )lKLJNHLWHQ ]X
HQWIDOWHQ ZLH GLH LQQHUH (UKHEXQJ GXUFK JHLVWLJH %HWUDFKWXQJ GDV *HEHW GDV
$KQXQJVYHUP|JHQGHQSURSKHWLVFKHQ7UDXPRGHUGDVJHLVWLJH*HVLFKW ,FKYHUVLFKHUHHXFK
GXUFKMHGHGHUVHOEHQZUGHWLKUHXFKPLW0LUYHUELQGHQXQGGDKHU$QWZRUWDXIHXUH)UDJHQ
XQGJ|WWOLFKH,QVSLUDWLRQLQHXUHQ*HGDQNHQHUKDOWHQ

 ,FKELQLPPHUEHUHLW PLWHXFK]XVSUHFKHQELQLPPHULQ(UZDUWXQJHXUHU(UKHEXQJXQG


JHLVWLJHQ %HUHLWVFKDIW XP HXFK ]X *HIDOOHQ ]X VHLQ XQG HXFK GDV *OFN ]X EHUHLWHQ 0LFK


HXUHP *HLVWH NXQG]XWXQ 'DIU LVW QXU Q|WLJ HXFK PLW JU|WHU /DXWHUNHLW EHUHLW ]X PDFKHQ
GLHVH*QDGH]XHUODQJHQ  

)UDJWHXUH*HOHKUWHQXQGZHQQVLHHKUOLFKVLQGZHUGHQVLHHXFKVDJHQGDVVVLH*RWWXP
,QVSLUDWLRQ JHEHWHQ KDEHQ ,FK ZUGH LKQHQ PHKU (LQJHEXQJHQ VFKHQNHQ ZHQQ VLH 0LFK
GDUXPPLWPHKU/LHEHIULKUH0LWPHQVFKHQELWWHQZUGHQXQGPLWZHQLJHU(LWHONHLWIUVLFK
VHOEVW

:DKUOLFK,FKVDJHHXFK$OOHVZDVLKUDQZDKUHP:LVVHQDQJHVDPPHOWKDEWNRPPWYRQ
0LU $OOHV ZDV GLH 0HQVFKHQ DQ 5HLQHP XQG +RKHP KDEHQ ZHUGH ,FK LQ GLHVHU =HLW ]X
HXUHP9RUWHLOQXW]HQGHQQGDIUKDEH,FKHVHXFKJHZlKUW  

-HW]WLVWHLQH=HLWLQGHUPHLQ*HLVWXQDEOlVVLJ]XP*HZLVVHQ]XP*HLVW]XP9HUVWDQG
XQG ]XP +HU]HQ GHU 0HQVFKHQ VSULFKW 0HLQH 6WLPPH JHODQJW ]X GHQ 0HQVFKHQ PLWWHOV
*HGDQNHQXQG3UIXQJHQGXUFKZHOFKHYLHOHYRQVLFKDXV]XU:DKUKHLWHUZDFKHQGDMHQH
GLHVLHIKUHQRGHUXQWHUZHLVHQVFKODIHQXQGP|FKWHQGDVVGLH:HOWQLHPDOVHUZDFKW 


,QGHU'ULWWHQ=HLWYHUZLUNOLFKWH,FKPLWGHU.ODUKHLWPHLQHU.XQGJHEXQJHQGDVIUGLH
0HQVFKHQ8QP|JOLFKH0LFKGXUFKGDVPHQVFKOLFKH9HUVWDQGHVYHUP|JHQPLW]XWHLOHQ

 %HJUHLIW 0LFK -QJHU GHQQ LQ GHU =ZLHVSUDFKH YRQ *HLVW ]X *HLVW GLH HXFK HUZDUWHW
ZHUGHW LKU PHLQH *HJHQZDUW HZLJOLFK IKOHQ :HQQ LKU HXFK YRU]XEHUHLWHQ YHUVWHKW ZHUGHW
LKU 0LU QLFKW PHKU VDJHQ +HUU ZDUXP NRPPVW 'X QLFKW" :DUXP VLHKVW 'X PHLQHQ
6FKPHU]QLFKW",KUZHUGHWQLFKWPHKUVR]X0LUVSUHFKHQ:DKUOLFK-QJHULFKVDJHHXFK
ZHU VR ]X 0LU VSULFKW ZLUG HLQHQ JUHLIEDUHQ %HZHLV VHLQHU 8QZLVVHQKHLW XQG VHLQHV
8QYRUEHUHLWHWVHLQVJHEHQ

 ,FK ZLOO PHLQH -QJHU QLFKW YRQ 0LU JHWUHQQW VHKHQ ,FK P|FKWH GDVV LKU 0LU LQ HXUHP
*HLVWHVDJW0HLVWHU'XELVWXQWHUXQVXQVHU*HLVWIKOW'LFK'HLQH:HLVKHLWLVWGLH4XHOOH
PHLQHU,QVSLUDWLRQ'LHVLVWGDVZDKUH%HNHQQWQLVGDV,FKYRQHXFKK|UHQZLOO 

'LH$QSDVVXQJJ|WWOLFKHU2IIHQEDUXQJHQDQGDV9HUVWlQGQLVGHU0HQVFKHQ

 8P GDV *|WWOLFKH ]X RIIHQEDUHQ VLQG HXUH 6SUDFKHQ ]X EHJUHQ]W GHVKDOE PXVVWH ,FK ]X
DOOHQ=HLWHQLQ*OHLFKQLVVHQLQ(QWVSUHFKXQJVELOGHUQ]XHXFKUHGHQDEHUQXQVHKWLKUGDVV
VHOEVW ZHQQ ,FK DXI GLHVH $UW ]X HXFK JHVSURFKHQ KDEH LKU 0LFK ZHQLJ YHUVWDQGHQ KDEW
ZHLOHXFKGHUQ|WLJH:LOOHJHIHKOWKDWPHLQH2IIHQEDUXQJHQ]XHUJUQGHQ 

,QMHGHP=HLWDOWHUKDEWLKU0LFK HUZDUWHWXQGGHQQRFK ZDQQLPPHU,FKEHLHXFKZDU


KDEW LKU 0LFK QLFKW HUNDQQW ZHJHQ HXUHV 0DQJHOV DQ =XUVWXQJ XQG *HLVWLJNHLW ,FK VDJH
HXFK:HOFKH)RUPDXFKLPPHUPHLQH*HJHQZDUWXPNOHLGHWLPPHUZLUGVLH:DKUKHLWXQG
J|WWOLFKH/HEHQVHVVHQ]HQWKDOWHQ

,FKKDEHHXFKJHVDJWGDVV,FK0LFKXQWHUVFKLHGOLFKHU)RUPHQEHGLHQWKDEHXP0LFKGHU
:HOW NXQG]XWXQ 'RFK GLHVH ZDUHQ NHLQH 0DVNH XP HXFK PHLQHQ *HLVW ]X YHUEHUJHQ
VRQGHUQ VLH GLHQWHQ GD]X 0LFK ]X YHUPHQVFKOLFKHQ ]X EHJUHQ]HQ XQG 0LFK VR IU GLH
0HQVFKHQK|UEDUXQGIKOEDU]XPDFKHQ


-HW]WVDJHLFKHXFKGDVVLKUEHYRULKUHXHU8UWHLOIlOOW]XYRUGLHVH6WLPPHK|UHQVROOWELV
GHU $XJHQEOLFN HXUHV hEHU]HXJWVHLQV RGHU HXUHU (UOHXFKWXQJ NRPPW ZHQQ HV LQ GHU 6HHOH
OLFKWZLUG  

6RODQJHGLH0HQVFKHQLQLKUHU%OLQGKHLWXQGLQLKUHU8QZLVVHQKHLWYHUKDUUHQZHUGHQVLH
$QODVV GDIU VHLQ GDVV *RWW GHU YRU DOOHP 9DWHU LVW VLFK JHJHQEHU VHLQHQ .LQGHUQ
YHUPHQVFKOLFKHQEHJUHQ]HQXQGYHUNOHLQHUQPXVVXPYHUVWDQGHQZHUGHQ]XN|QQHQ :DQQ
ZHUGHW LKU ]XODVVHQ GDVV ,FK 0LFK YRU HXFK PLW GHU +HUUOLFKNHLW ]HLJH LQ GHU LKU 0LFK
VFKDXHQVROOW"

 ,KU PVVW JUR VHLQ XP HXFK PHLQH *U|H YRUVWHOOHQ ]X N|QQHQ XQG XP GHVVHQWZLOOHQ
NRPPH,FKLPPHUZLHGHUXPHXFKJHLVWLJH*U|H]XJHEHQGDPLWLKUGLHXQHQGOLFKH:RQQH
HUIDKUHQN|QQWHXUHQ9DWHUNHQQHQ]XOHUQHQVHLQH/LHEH]XVSUHQGDV*|WWOLFKH.RQ]HUW]X
K|UHQGDVEHUHXFKHUNOLQJW  

 'HU lXHUOLFKH 7HLO MHQHU 2IIHQEDUXQJ GHV 9DWHUV DXI GHP 6LQDL ZDU GHU 6WHLQ GHU DOV
0LWWHOGLHQWHXPGDV*|WWOLFKH*HVHW]LQLKQHLQ]XSUlJHQ

 'DV bXHUOLFKH LQ GHU .XQGJDEH *RWWHV DQ GLH 0HQVFKHQ GXUFK -HVXV ZDU GLH
.|USHUKOOHGLHPHQVFKOLFKH*HVWDOW&KULVWL

 ,QGHUKHXWLJHQ =HLWLVWGHU lXHUOLFKH 7HLO PHLQHU.XQGJDEHGHU 6WLPPWUlJHU JHZHVHQ


ZHVKDOEGLHVH2IIHQEDUXQJVIRUPZLHGLHGHUYHUJDQJHQHQ=HLWHQHLQ(QGHKDEHQPXVV

%HJUHLIWGDVVLKUGLH.LQGHUGHV6SLULWXDOLVWLVFKHQ9RONHVVHLGGDVVLFKQLFKWYRQ)RUPHQ
QlKUHQVROOVRQGHUQYRQGHU(VVHQ]:HQQLKUPHLQ:RUWUHFKWYHUVWHKWZHUGHWLKUQLHPHKU
LQ$EJ|WWHUHLJHUDWHQQRFKZHUGHWLKUHXFKDQGLHlXHUOLFKHQ.XOWKDQGOXQJHQDQGLH5LWHQ
DQGDV9HUJlQJOLFKHNODPPHUQGHQQLKUZHUGHWLPPHUQDFKGHP:HVHQWOLFKHQGHP(ZLJHQ
YHUODQJHQ  

9HUVFKLHGHQH$UWHQGHU2IIHQEDUXQJHQ*RWWHV

 'LH 0HQVFKKHLW KlWWH JHUQ GHQ %HVXFK HLQHV QHXHQ 0HVVLDV GHU VLH DXV GHP $EJUXQG
UHWWHWRGHUVLHP|FKWHZHQLJVWHQVGLH6WLPPH*RWWHVZLHHLQHV0HQVFKHQ6WLPPHK|UHQGLH
LQGHQ /IWHQHUW|QW'RFK ,FKVDJHHXFKHVZUGHJHQJHQHLQZHQLJ]XEHREDFKWHQRGHU
HXUH 6HHOH LQ GHU 0HGLWDWLRQ ]X VDPPHOQ XP LKU (PSILQGVDPNHLW ]X JHEHQ XQG VFKRQ
ZUGHW LKU K|UHQ ZLH DOOHV ]X HXFK VSULFKW :HQQ HV HXFK XQP|JOLFK HUVFKHLQW GDVV GLH
6WHLQHVSUHFKHQVDJH,FK HXFKGDVVQLFKWQXUGLH6WHLQHVRQGHUQDOOHVZDVHXFKXPJLEW]X
HXFKYRQHXUHP6FK|SIHUVSULFKWGDPLWLKUYRQHXUHQ7UlXPHQGHU*U|HGHV+RFKPXWVXQG
GHV0DWHULDOLVPXVHUZDFKW 

 'LH (UOHXFKWHWHQ YHUJDQJHQHU =HLWHQ VDKHQ LPPHU HLQHQ /LFKWJODQ] VLH K|UWHQ LPPHU
PHLQ :RUW 'LH 3URSKHWHQ GLH ,QVSLULHUWHQ GLH 9RUOlXIHU GLH %HJUQGHU YRQ /HKUHQ PLW
KRKHU *HLVWLJNHLW OHJWHQ =HXJQLV DE GDVV VLH 6WLPPHQ K|UWHQ GLH DXV GHQ :RONHQ GHQ
%HUJHQ YRP :LQG RGHU LUJHQGHLQHP 2UWH KHU]XNRPPHQ VFKLHQHQ GHQ VLH QLFKW JHQDX
EHVWLPPHQ NRQQWHQ GDVV VLH GLH 6WLPPH *RWWHV K|UWHQ DOV RE VLH DXV )HXHU]XQJHQ
KHUYRUJLQJHXQGJHKHLPQLVYROOHQ(FKRV9LHOHK|UWHQVDKHQXQGIKOWHQPLWWHOVLKUHU6LQQH
DQGHUHGXUFKLKUHJHLVWLJHQ(LJHQVFKDIWHQGDVVHOEHJHVFKLHKWLQGLHVHU=HLW

:DKUOLFK ,FKVDJHHXFK-HQHZHOFKHPHLQH%RWVFKDIWHQPLWLKUHQN|USHUOLFKHQ6LQQHQ
HPSILQJHQ OHJHQ GLH J|WWOLFKH ,QVSLUDWLRQ JHLVWLJ DXV XQG GLHV WDWHQ VLH JHPl LKUHU


N|USHUOLFKHQXQGJHLVWLJHQ=XUVWXQJJHPlGHU=HLWLQGHUVLHDXIGHU:HOWZDUHQVRZLH
HV MHW]W EHL GHQ PHQVFKOLFKHQ :HUN]HXJHQ JHVFKLHKW GLH ,KU 6WLPPWUlJHU RGHU
*DEHQWUlJHUQHQQW'RFKPXVV,FKHXFKVDJHQGDVVVLHLQGHQYHUJDQJHQHQ=HLWHQHEHQVR
ZLH LQ GHQ JHJHQZlUWLJHQ GHU 5HLQKHLW GHU J|WWOLFKHQ 2IIHQEDUXQJHQ LKUH HLJHQHQ
9RUVWHOOXQJHQRGHUGLHMHQLJHQZHOFKHLQLKUHU8PJHEXQJYRUKHUUVFKWHQEHLJHPLVFKWKDEHQ
XQG ZLVVHQWOLFK RGHU XQZLVVHQWOLFK GLH 5HLQKHLW XQG GDV XQEHJUHQ]WH :HVHQ GHU :DKUKHLW
YHUlQGHUWKDEHQZHOFKHVLQ:DKUKHLWGLH/LHEHLQLKUHQK|FKVWHQ2IIHQEDUXQJHQLVW

'LHJHLVWLJHQ6FKZLQJXQJHQXQG(LQJHEXQJHQZDUHQLQLKQHQXQGVRZRKOGLH(UVWHQ
DOV DXFK GLH /HW]WHQ KDEHQ =HXJQLV DEJHOHJW XQG ZHUGHQ =HXJQLV DEOHJHQ YRQ GLHVHU
,QVSLUDWLRQGLH]XLKUHP*HLVWHJHODQJWHIDVWLPPHURKQH]XZLVVHQZLHLQ JOHLFKHU:HLVH
ZLHHVKHXWHEHLYLHOHQJHVFKLHKWXQGZLHHVPRUJHQQRFKEHLZHLWHUHQJHVFKHKHQZLUG

 'LH :RUWH GLH $XVOHJXQJHQ XQG GLH $UW GHV +DQGHOQV VLQG DXI GLH 0HQVFKHQ XQG GLH
=HLWHQ]XUFN]XIKUHQLQGHQHQVLHOHEHQGRFKEHUDOOHGHPVWHKWGLHK|FKVWH:DKUKHLW 
 

 9RQ =HLW ]X =HLW LVW HV QRWZHQGLJ GDVV VLFK PHLQ *HLVW LQ LUJHQGHLQHU IU HXHU
$XIIDVVXQJVYHUP|JHQ ]XJlQJOLFKHQ XQG YHUVWlQGOLFKHQ :HLVH RIIHQEDUW 'LHVH
1RWZHQGLJNHLW]XHXFK]XVSUHFKHQLVWLQHXUHP8QJHKRUVDPJHJHQEHUPHLQHP*HVHW]LQ
HXUHP$EZHLFKHQYRPZDKUHQ:HJHEHJUQGHW

 'HU 0HQVFK LVW DXIJUXQG GHU :LOOHQVIUHLKHLW GLH HU JHQLHW GDV UHEHOOLVFKVWH *HVFK|SI
GHU6FK|SIXQJ%LVKHXWHKDWHUVLFKQLFKWGHQ:HLVXQJHQGHV*HZLVVHQVXQWHUZHUIHQZROOHQ

 0HLQ :RUW P|FKWH GLH HLQHQ ]XUFNKDOWHQ DQGHUHQ 2ULHQWLHUXQJ JHEHQ DOOH LQ GHU
:DKUKHLWEHVWlUNHQXQGHXFKDXVGHQ$EJUQGHQUHWWHQ

1HKPWNHLQHQ$QVWRDQGHU$UWXQG:HLVHLQGHU,FK0LFKMHW]WRIIHQEDUHGLHVRDQGHUV
LVWDOVGLHGHU=ZHLWHQ=HLW:LVVHWGDVV,FKQLHPDOV]ZHLPDOGLHJOHLFKH)RUPJHEUDXFKW
KDEHGDHVEHGHXWHQZUGHHXFKEHLHLQ XQGGHUVHOEHQ8QWHUZHLVXQJVWLOOVWHKHQ]XODVVHQ
XQG ,FK NRPPH LPPHU XP HXFK QHXH /HNWLRQHQ ]X OHKUHQ XQG XP HXFK ]X KHOIHQ QHXH
6FKULWWH]XJHKHQ  

 0HLQ :RUW WHLOW VLFK DXI YLHOHUOHL :HLVH PLW GXUFK GDV *HZLVVHQ GXUFK 3UIXQJHQ GLH
YRQ 0LU VSUHFKHQ GXUFK GLH 1DWXUNUlIWH RGHU GXUFK PHLQH JHLVWLJHQ .LQGHU 0HLQ :RUW LVW
XQLYHUVHOO-HGHUGHUVLFKYRUEHUHLWHWZLUGPHLQH6WLPPH K|UHQ X

'LH1RWZHQGLJNHLWJ|WWOLFKHU2IIHQEDUXQJHQ

0HLQH*|WWOLFKH8QWHUZHLVXQJLVWQLFKWQXUIUGHQ*HLVWEHVWLPPW QHLQVLHPXVVDXFK
GDV PHQVFKOLFKH +HU] HUUHLFKHQ GDPLW VRZRKO GHU JHLVWLJH DOV DXFK GHU N|USHUOLFKH
:HVHQVWHLOKDUPRQLVFKZHUGHQ

 'DV *|WWOLFKH :RUW LVW GD]X EHVWLPPW GHQ 9HUVWDQG ]X HUOHXFKWHQ XQG GDV +HU] GHV
0HQVFKHQHPSILQGVDP]XPDFKHQXQGGLHLQGLHVHP:RUWHHQWKDOWHQH/HEHQVHVVHQ]LVWGD]X
EHVWLPPWGLH6HHOH]XQlKUHQXQG]XHUKHEHQ

 'DPLW GDV /HEHQ GHV 0HQVFKHQ YROOVWlQGLJ LVW EHQ|WLJW HU XQEHGLQJW JHLVWLJHV %URW
HEHQVRVHKUZLHHUIUGLHPDWHULHOOH1DKUXQJDUEHLWHWXQGVLFKDEPKW


'HU0HQVFKOHEWQLFKWYRP%URWDOOHLQVDJWH,FKHXFKLQGHU=ZHLWHQ=HLWPHLQ:RUW
LVW ZHLWHUKLQ JOWLJ GHQQ QLHPDOV ZHUGHQ GLH 0HQVFKHQ DXI JHLVWLJH 1DKUXQJ YHU]LFKWHQ
N|QQHQRKQHDXIGHU(UGHYRQ.UDQNKHLWHQ6FKPHU])LQVWHUQLV8QJOFNVIlOOHQ(OHQGXQG
7RGKHLPJHVXFKW]XZHUGHQ

 'LH 0DWHULDOLVWHQ N|QQWHQ GDJHJHQKDOWHQ GDVV GLH 0HQVFKHQ EHUHLWV YRQ GHP DOOHLQ
OHEHQ ZDV LKQHQ GLH (UGH XQG GLH 1DWXU EHVFKHUHQ RKQH GDVV VLH QDFK HWZDV *HLVWLJHP ]X
VWUHEHQEUDXFKHQGDVVLHQlKUWGDVVLHZlKUHQGLKUHU/HEHQVUHLVHVWlUNW$EHU,FKPXVVHXFK
VDJHQ GDVV GLHV NHLQ YROONRPPHQHV XQG HUIOOWHV /HEHQ LVW VRQGHUQ HLQ 'DVHLQ GHP GDV
:HVHQWOLFKHZLHHVGLH*HLVWLJNHLWLVWIHKOW  

 =X DOOHQ =HLWHQ KDEH ,FK 0LFK GHP 0HQVFKHQ LQ VFKOLFKWHU :HLVH RIIHQEDUW GDPLW HU
0LFK YHUVWHKHQ N|QQWH LPPHU KDEH ,FK HV LP )DVVXQJVEHUHLFK HXUHV 9HUVWDQGHVYHUP|JHQV
XQGHXUHV+HU]HQVJHWDQ ,FKELQ]XHXFKKHUDEJHNRPPHQXPHXFKGDPLWHLQ%HLVSLHOYRQ
'HPXW]XJHEHQZHQQ,FK0LFK]XHXUHPDUPVHOLJHQ/HEHQKHUDEQHLJWHXPHXFK]XHLQHP
EHVVHUHQ/HEHQ]XHUKHEHQ 

+LHULVWGDV:RUWHUIOOWGDV,FKHXFKJDEDOV-HVXVLQGHU=ZHLWHQ=HLWVHLQHP9DWHU
GDQNWHZHLOHU6HLQH:HLVKHLWGHQ*HOHKUWHQXQG*HELOGHWHQYHUERUJHQKDEHXQGVLHGDJHJHQ
GHQ'HPWLJHQJHJHEHQXQGRIIHQEDUWKDW

-DPHLQ9RONGHQQMHQHGLHLKU*HOHKUWHQHQQWEOlKHQVLFKDXIXQGZROOHQGDVHLQIDFKH
9RONQLHGHUKDOWHQLQGHPVLHHVQXUGDVOHKUHQZDVVLHIUGLH.UPHOGHV%URWHVKDOWHQGDV
VLHYRQ0LUHPSIDQJHQKDEHQ

'LH$UPHQKLQJHJHQGLHNOHLQHQ /HXWHGLHGXUFKDXVGLH1|WHNHQQHQGLHGDV /HEHQ


PLWVLFKEULQJWXQGDXFKGLHGDPLWYHUEXQGHQHQ(QWEHKUXQJHQ ZHQQVLH HLQPDOHWZDVLKU
(LJHQ QHQQHQ N|QQHQ GDQQ KDEHQ VLH GDV *HIKO GDVV HV DOO]X YLHO IU VLH LVW XQG GDKHU
WHLOHQVLHHVPLWGHQDQGHUHQ

,FKIJHQXQQRFKKLQ]X:HQQGHU+DEJLHULJH]XHLQHPIUHLJHELJHQ0HQVFKHQZLUGXQG
GHU+RFKPWLJH]XHLQHPGHPWLJHQZHUGHQVLHDXJHQEOLFNOLFKDOOGHVVHQWHLOKDIWLJZHUGHQ
ZDV ,FK IU MHQHQ EHUHLWKDOWH GHU WXJHQGVDP ]X OHEHQ YHUVWHKW 'HQQ PHLQH /LHEH LVW QLFKW
SDUWHLLVFKVLHLVWDOOXPIDVVHQGLVWIUDOOHPHLQH.LQGHU 

'LH8QEHJUHQ]WKHLWJ|WWOLFKHU2IIHQEDUXQJHQ

 'LHVH 8QWHUZHLVXQJ GLH GDV 'ULWWH =HLWDOWHU HUKHOOHQ VROO LVW QLFKW PHLQH OHW]WH 'DV
*HLVWLJHKDWNHLQ(QGH0HLQ*HVHW]HUVWUDKOWJOHLFKHLQHUJ|WWOLFKHQ6RQQHLQDOOHQ*HZLVVHQ
6WLOOVWDQGXQG1LHGHUJDQJLVWQXUGHQ0HQVFKHQZHVHQHLJHQXQGHVLVWLPPHUGLH)ROJHYRQ
/DVWHUQ6FKZlFKHQRGHU=JHOORVLJNHLWGHU/HLGHQVFKDIWHQ

 :HQQ GLH 0HQVFKKHLW LKU /HEHQ HLQPDO DXI JHLVWLJH )XQGDPHQWH JUQGHW XQG GDV
(ZLJNHLWVLGHDO LQ VLFK WUlJW GDV HXFK PHLQH /HKUH LQVSLULHUW ZLUG VLH GHQ :HJ GHV
)RUWVFKULWWV XQG GHU 9ROONRPPHQKHLW JHIXQGHQ KDEHQ XQG QLHPDOV PHKU ZLUG VLH VLFK YRP
:HJ]XLKUHU$XIZlUWVHQWZLFNOXQJHQWIHUQHQ 

 :HQQ LKU PHLQW GDVV ,FK HXFK HUVW MHW]W HWZDV YRP *HLVWLJHQ /HEHQ RIIHQEDUW KDEH
EHILQGHW LKU HXFK LQ HLQHP JURHQ ,UUWXP GHQQ ,FK VDJH HXFK QRFK HLQPDO GLH *|WWOLFKH
8QWHUZHLVXQJ EHJDQQ DOV GHU HUVWH 0HQVFK JHERUHQ ZXUGH XQG ,FK EHUWUHLEH QLFKW ZHQQ


,FK HXFK VDJH GDVV PHLQH 8QWHUZHLVXQJ PLW GHU 6FKDIIXQJ GHU *HLVWHU EHJDQQ QRFK EHYRU
GLH:HOWZDU 

 $OV GLH 0HQVFKHQ QRFK JODXEWHQ GDVV QXU GDV H[LVWLHUH ZDV VLH PLW LKUHQ $XJHQ ]X
HQWGHFNHQYHUPRFKWHQXQGVLHVHOEVWGLH*HVWDOWGHU:HOWGLHVLHEHZRKQWHQ QLFKWNDQQWHQ
VWHOOWHQVLHVLFKHLQHQ*RWWYRUGHUDXIGDVEHJUHQ]WZDUZDVLKUH$XJHQNDQQWHQ

 $EHU LQ GHP 0DH ZLH LKU 9HUVWDQG QDFK XQG QDFK HLQ *HKHLPQLV QDFK GHP DQGHUHQ
DXIO|VWH GHKQWH VLFK GDV 8QLYHUVXP YRU LKUHQ $XJHQ LPPHU PHKU DXV XQG GLH *U|H XQG
$OOPDFKW*RWWHVQDKPIUGLHVWDXQHQGH,QWHOOLJHQ]GHV0HQVFKHQPHKUXQGPHKU]X

'DKHUPXVVWH,FKHXFKLQGLHVHU=HLWHLQH8QWHUZHLVXQJJHEHQGLHLP(LQNODQJPLWHXUHU
(QWZLFNOXQJLVW

'RFK,FKIUDJHHXFKLVWHVPDWHULHOOHV:LVVHQZDVPHLQH2IIHQEDUXQJHQWKlOW"1HLQGDV
:LVVHQ GDV ,FK HXFK OHKUH KDQGHOW YRQ HLQHP 'DVHLQ MHQVHLWV GHU 1DWXU GLH LKU VHKW XQG
VFKRQ VR ODQJH =HLW HUIRUVFKW 0HLQH 2IIHQEDUXQJ ]HLJW GHQ :HJ GHU GHQ *HLVW ]X HLQHU
/HEHQVHEHQHHPSRUIKUWYRQZRDXVHUDOOHVHQWGHFNHQHUNHQQHQXQGYHUVWHKHQNDQQ

 (UVFKHLQW HV HXFK XQP|JOLFK RGHU ]XPLQGHVW VHOWVDP GDVV *RWW 6LFK GHQ 0HQVFKHQ
JHLVWLJNXQGWXW GDVVGLH*HLVWLJH:HOWVLFKNXQGJLEWXQGLQHXUHP/HEHQPDQLIHVWLHUW GDVV
XQEHNDQQWH :HOWHQ XQG 6SKlUHQ VLFK HXFK PLWWHLOHQ" :ROOW LKU HWZD GDVV HXUH (UNHQQWQLV
VWHKHQEOHLEWXQGGHU9DWHUHXFKQLHPDOVPHKUDOVGDVRIIHQEDUWZDV(UHXFKEHUHLWVRIIHQEDUW
KDW"

6HLGQLFKWJHZRKQKHLWVJOlXELJXQGVHW]WHXUHP*HLVWHNHLQH*UHQ]HQGHU(UNHQQWQLV

+HXWHP|JW LKUGLH*HLVWOHKUHYHUQHLQHQEHNlPSIHQXQGYHUIROJHQGRFK,FKZHLGDVV
LKUHXFKPRUJHQGHU:DKUKHLWEHXJHQZHUGHW

 -HGH *|WWOLFKH 2IIHQEDUXQJ LVW EHL LKUHP (UVFKHLQHQ EHNlPSIW XQG DEJHOHKQW ZRUGHQ
GRFK]XOHW]WKDWVLFKMHQHV/LFKWGXUFKJHVHW]W

 %HL GHQ (QWGHFNXQJHQ GHU :LVVHQVFKDIW KDW VLFK GLH 0HQVFKKHLW JOHLFKIDOOV XQJOlXELJ
JH]HLJWGRFKVFKOLHOLFKPXVVWHVLHVLFKGHU5HDOLWlWEHXJHQ  

:HQQVLFKYRP+HU]HQGHU0HQVFKKHLWGHU7HPSHOGHV+HLOLJHQ*HLVWHVLQV8QHQGOLFKH
HUKHEWZHUGHQLQLKUHU0LWWHQHXH2IIHQEDUXQJHQHUVFKHLQHQGLHXPVRJU|HUVHLQZHUGHQMH
PHKUVLFKGLH6HHOHQDXIZlUWVHQWZLFNHOQ 

:LHN|QQWLKUDQQHKPHQGDVVZlKUHQG,FK]XHXFKKHUQLHGHUNDP ,FKDQGHUH1DWLRQHQ
YHUQDFKOlVVLJHQ N|QQWH ZR LKU GRFK DOOH PHLQH .LQGHU VHLG" 0HLQW LKU GDVV LUJHQGMHPDQG
IHUQH RGHU DXHUKDOE YRQ 0LU LVW REZRKO PHLQ *HLVW XQLYHUVHOO LVW XQG DOOHV *HVFKDIIHQH
XPIDVVW"

 $OOHV OHEW XQG QlKUW VLFK YRQ 0LU 'DUXP LVW PHLQ XQLYHUVHOOHU 6WUDKO DXI GHQ JDQ]HQ
(UGEDOO KHUDEJHNRPPHQXQGGHU*HLVWKDWPHLQHQ(LQIOXVVLQGLHVHUXQGLQDQGHUHQ:HOWHQ
HPSIDQJHQGHQQ,FKELQJHNRPPHQXPDOOHPHLQH.LQGHU]XUHWWHQ 

0HLQH.XQGJHEXQJ GXUFKGLH6WLPPWUlJHUVROOQDFKPHLQHP:LOOHQQXUYRUEHUJHKHQG
VHLQ HLQH NXU]H (WDSSH GHU 9RUEHUHLWXQJ GLH GLHVHP 9RON DOV 1RUP *HVHW] XQG 3ULQ]LS


GLHQHQ VROO XP GLHVH :DKUKHLW ]X EH]HXJHQ XQG ]X YHUEUHLWHQ XQG GHU :HOW GLH *HJHQZDUW
GHU'ULWWHQ=HLW]XYHUNQGHQ

 6R ZLH PHLQH .XQGJHEXQJ GXUFK GDV PHQVFKOLFKH 9HUVWDQGHVYHUP|JHQ GD]X EHVWLPPW
ZDU IOFKWLJ ZLH HLQ %OLW] ]X VHLQ HEHQVR ZDU HV DXFK YRUJHVHKHQ GDVV QXU HLQLJH
0HQVFKHQJUXSSHQ JHUXIHQ ZUGHQ XP EHL GLHVHU 2IIHQEDUXQJ DQZHVHQG ]X VHLQ XQG GLHVH
%RWVFKDIW]XHPSIDQJHQ

 'LH =ZLHVSUDFKH YRQ *HLVW ]X *HLVW KLQJHJHQ ZLUG GDV JDQ]H 0HQVFKHQJHVFKOHFKW
HUUHLFKHQ RKQH ]HLWOLFKH %HJUHQ]XQJ GHQQ GLHVH )RUP 0LFK ]X VXFKHQ ]X HPSIDQJHQ ]X
EHWHQ0LFK]XYHUQHKPHQXQG0LFK]XIKOHQJLOWIUDOOH(ZLJNHLW  

'DV2IIHQEDUZHUGHQGHU*HJHQZDUW*RWWHVLP0HQVFKHQ

,FKZLOOHXFK]XPHLQHQ-QJHUQPDFKHQGDPLWLKU0LFKDOV.LQGHUGLHPHLQHV*HLVWHV
VLQGHPSILQGHQOHUQW:DUXPVROOWHWLKUPHLQH*HJHQZDUWQLFKWLQHXFKIKOHQGDLKUGRFK
DXVPHLQHUHLJHQHQ(VVHQ]EHVWHKWHLQ7HLOYRQ0LUVHLG"

,KUIKOW0LFKQLFKWZHLOLKUHXFKGHVVHQQLFKWEHZXVVWVHLGZHLOHVHXFKDQ6SLULWXDOLWlW
XQG =XUVWXQJ IHKOW XQG VR YLHOH =HLFKHQ XQG *HIKOVHLQGUFNH LKU DXFK HPSIDQJW LKU
VFKUHLEW VLH PDWHULHOOHQ 8UVDFKHQ ]X 'HVKDOE VDJH ,FK HXFK GDVV LKU REZRKO ,FK EHL HXFK
ELQPHLQH*HJHQZDUWQLFKWZDKUQHKPW

-HW]WVDJH,FKHXFKLVWHVHWZDQLFKWQDWUOLFKGDVV,KU0LFKLQHXUHP:HVHQIKOWGDLKU
HLQ 7HLO YRQ 0LU VHLG" ,VW HV LQ $QEHWUDFKW GHVVHQ  HWZD QLFKW ULFKWLJ GDVV HXHU *HLVW
VFKOLHOLFK PLW GHP PHLQHQ YHUVFKPLO]W" ,FK HQWKOOH HXFK GLH ZDKUH *U|H GLH LQ MHGHP
0HQVFKHQ YRUKDQGHQ VHLQ VROO GHQQ LKU VHLG LQ GLH ,UUH JHJDQJHQ XQG LKU VHLG LQ GHP
9HUODQJHQDXI(UGHQJUR]XVHLQJHLVWLJNOHLQHUJHZRUGHQ  

,FKZLOOQLFKW PHKUGDVVLKU0LUVDJW+HUUZDUXPELVW'XIHUQYRQ0LUZDUXPK|UVW'X
PLFKQLFKWZDUXPIKOHLFK0LFKDOOHLQDXIGHP/HEHQVZHJ"

*HOLHEWHV9RON,FKHQWIHUQHPLFKQLHPDOVYRQ0HLQHQ.LQGHUQLKUVHLGHVGLHVLFKYRQ
0LUHQWIHUQHQZHLOHXFKGHU*ODXEHJHIHKOWKDWXQGLKUVHOEVW0LFK]XUFNJHZLHVHQXQGPLU
GLH7UHQHXUHU+HU]HQYHUVFKORVVHQKDEW 

 ,FK ZLOO QLFKW GDVV LKU 0LFK IHUQH IKOW GHQQ ,FK KDEH HXFK JHVDJW GDVV LKU DOOH 0LFK
DXIJUXQG HXHU 9HUJHLVWLJXQJ IKOHQ ZHUGHW 0LFK XQPLWWHOEDU ZDKUQHKPHQ ZHUGHW (XHU
*HLVW ZLUG PHLQH 6WLPPH YHUQHKPHQ XQG JHLVWLJ ZHUGHW LKU PHLQH *HJHQZDUW VFKDXHQ 6R
ZLOO,FKHXUHQ*HLVWPLWGHPPHLQHQIUHZLJYHUHLQWVHKHQGHQQGLHVLVWPHLQ:LOOH 



9,',(6&+g3)81*
.DSLWHO 'LHJHLVWLJHXQGGLHPDWHULHOOH6FK|SIXQJ

'LH(UVFKDIIXQJGHU*HLVWZHVHQ

%HYRUHV:HOWHQJDEEHYRUDOOH.UHDWXUXQGGLH0DWHULH]XP/HEHQHUVWDQGHQH[LVWLHUWH
EHUHLWV PHLQ *|WWOLFKHU *HLVW 'RFK DOV $OO(LQKHLW IKOWH ,FK LQ 0LU HLQH XQHUPHVVOLFKH
/HHUH GHQQ ,FK ZDU ZLH HLQ .|QLJ RKQH 8QWHUWDQHQ ZLH HLQ 0HLVWHU RKQH 6FKOHU $XV
GLHVHP*UXQGHIDVVWH,FKGHQ3ODQ0LUlKQOLFKH:HVHQ]XHUVFKDIIHQGHQHQ,FKPHLQJDQ]HV
/HEHQZLGPHQZUGHGLH,FKVRWLHIXQGLQQLJOLHEHQZUGHGDVV,FK ZHQQGHU=HLWSXQNW
GDIUJHNRPPHQZlUH QLFKW]|JHUQZUGHLKQHQDP.UHX]HPHLQ%OXW]XRSIHUQ

1HKPWQLFKW$QVWRGDUDQZHQQ,FKHXFKVDJHGD,FKHXFKEHUHLWVOLHEWHQRFKEHYRULKU
H[LVWLHUWHW-DYLHOJHOLHEWH.LQGHU  

 'HU *|WWOLFKH *HLVW ZDU YROOHU /LHEH REZRKO (U DOOHLQ H[LVWLHUWH 1LFKWV ZDU QRFK
JHVFKDIIHQZRUGHQQLFKWVJDEHVXPGDV*|WWOLFKH:HVHQKHUXPXQGGHQQRFKOLHEWH(UXQG
IKOWHVLFKDOV9DWHU

:HQOLHEWH(U"$OVZHVVHQ9DWHUIKOWH(UVLFK"(VZDUHQDOOH:HVHQXQGDOOH*HVFK|SIH
GLHDXV,KPKHUYRUJHKHQZUGHQXQGGHUHQ.UDIWLQVHLQHP*HLVWHYHUERUJHQUXKWH,Q-HQHP
*HLVWH ZDUHQ DOOH :LVVHQVFKDIWHQ DOOH 1DWXUNUlIWH DOOH :HVHQKHLWHQ DOOH
6FK|SIXQJVJUXQGODJHQ(UZDUGLH(ZLJNHLWXQGGLH=HLW,Q,KPZDUGLH9HUJDQJHQKHLWGLH
*HJHQZDUWXQGGLH=XNXQIWQRFKEHYRUGLH:HOWHQXQG:HVHQ]XP/HEHQHUVWDQGHQ

 -HQH *|WWOLFKH ,QVSLUDWLRQ ZXUGH XQWHU GHU XQHQGOLFKHQ .UDIW GHU *|WWOLFKHQ /LHEH
:LUNOLFKNHLWXQGGDV/HEHQEHJDQQ  

 'DPLW *RWW VLFK 9DWHU QHQQHQ N|QQWH OLH (U DXV VHLQHP 6FKR *HLVWHU KHUYRUJHKHQ
*HVFK|SIH GLH ,KP LQ 6HLQHQ *|WWOLFKHQ (LJHQVFKDIWHQ lKQOLFK ZDUHQ 'LHV ZDU HXHU
8UVSUXQJVRHUVWDQGHWLKU]XP*HLVWLJHQ/HEHQ 

'HU*UXQGIUHXUH(UVFKDIIXQJZDUGLH/LHEHGLH*|WWOLFKH6HKQVXFKWPHLQH0DFKWPLW
MHPDQGHP]XWHLOHQXQGGHU*UXQGGDIUGD,FKHXFKPLW:LOOHQVIUHLKHLWDXVJHVWDWWHWKDEH
ZDU JOHLFKIDOOV GLH /LHEH ,FK ZROOWH 0LFK YRQ PHLQHQ .LQGHUQ JHOLHEW IKOHQ  QLFKW GXUFK
*HVHW] EHGLQJW VRQGHUQ DXV HLQHP VSRQWDQHQ *HIKO KHUDXV GDV IUHL DXV HXUHU 6HHOH
KHUYRUEUHFKHQVROOWH 

 -HGHU *HLVW HQWVWDQG DXV HLQHP UHLQHQ *HGDQNHQ GHU *RWWKHLW GDKHU VLQG GLH *HLVWHU HLQ
YROONRPPHQHV:HUNGHV6FK|SIHUV 

'DV:LUNHQJURHU*HLVWHULP6FK|SIXQJVZHUN

(OLDLVWGHU*URH*HLVWGHU]XU5HFKWHQ*RWWHVLVWGHUVLFKLQVHLQHU'HPXW'LHQHU*RWWHV
QHQQW GXUFK VHLQH 9HUPLWWOXQJ VRZLH DQGHUHU JURHU *HLVWHU EHZHJH ,FK GDV *HLVWLJH
8QLYHUVXP XQG IKUH JURH XQG KRKH 5DWVFKOVVH DXV -D PHLQH -QJHU ,FK KDEH 6FKDUHQ
JURHU*HLVWHU]XPHLQHQ'LHQVWHQGLHGLH6FK|SIXQJUHJLHUHQ 

9RUVHKXQJVJHGDQNHQ*RWWHV


+|UHW-QJHU%HYRULKULQV/HEHQWUDWHWH[LVWLHUWH,FKEHUHLWVXQGLQPHLQHP*HLVWHZDU
GHU HXUH YHUERUJHQ 'RFK ,FK ZROOWH HXFK QLFKW ]X (UEHQ PHLQHV 5HLFKHV PDFKHQ RKQH
9HUGLHQVWH HUZRUEHQ ]X KDEHQ QRFK GD LKU GDV 9RUKDQGHQH EHVLW]HQ ZUGHW RKQH ]X
ZLVVHQ ZHU HXFK JHVFKDIIHQ KDWWH QRFK ZROOWH ,FK GD LKU RKQH 5LFKWXQJ RKQH =LHO XQG
RKQH,GHDOHYRQ0LUJLQJHW

'HVKDOE JDE ,FKHXFKGDV *HZLVVHQGDPLWHVHXFKDOV )KUHUGLHQH ,FK JHZlKUWHHXFK


GHQIUHLHQ:LOOHQGDPLWHXUH:HUNHZDKUHQ:HUWYRU0LUKlWWHQ,FKJDEHXFK*HLVWGDPLW
HU VLFK LPPHU GDQDFK VHKQHQ VROOWH VLFK ]XP /LFKWYROOHQ XQG 5HLQHQ ]X HUKHEHQ ,FK JDE
HXFKGHQ.|USHUGDPLWLKUPLWWHOVGHV+HU]HQVHLQ*HIKOIUGDV*XWHXQGIUGDV6FK|QH
KlWWHW XQG GDPLW HU HXFK DOV 6FKPHO]WLHJHO DOV VWlQGLJH 3UIXQJ XQG DXFK DOV :HUN]HXJ
GLHQHXPLQGHUPDWHULHOOHQ:HOW]XOHEHQ  R

'LH6FKDIIXQJPDWHULHOOHU:HOWHQIUGLH*HLVWZHVHQ

 $OV GHU 5DXP ]XP HUVWHQ 0DO GXUFK GLH *HJHQZDUW GHU *HLVWHU HUKHOOW ZXUGH IKOWHQ
GLHVH  GD VLH QRFK ZDQNHQG XQG VWDPPHOQG ZLH NOHLQH .LQGHU ZDUHQ XQG ZHGHU GLH
(QWZLFNOXQJ QRFK GLH .UDIW KDWWHQ VLFK DQ GHQ 2UWHQ KRKHU *HLVWLJNHLW DXI]XKDOWHQ  GDV
%HGUIQLV QDFK HLQHP +DOW QDFK HLQHP 6WW]SXQNW XP VLFK VWDUN ]X IKOHQ XQG VR ZXUGH
LKQHQGLH0DWHULHXQGHLQHPDWHULHOOH:HOWJHJHEHQXQGLQLKUHPQHXHQ=XVWDQGJHZDQQHQ
VLH(UIDKUXQJXQG(UNHQQWQLVVH 

'DV:HOWDOOIOOWHVLFKPLW:HVHQXQGLQDOOHQRIIHQEDUWHVLFKGLH/LHEHGLH0DFKWXQG
GLH :HLVKHLW GHV 9DWHUV :LH HLQH XQHUVFK|SIOLFKH 4XHOOH GHV /HEHQV ZDU GHU 6FKR GHV
+HUUQ VHLW MHQHP $XJHQEOLFN GD (U JHERW GD GLH $WRPH VLFK YHUHLQHQ VROOWHQ XP :HVHQ
XQG.|USHU]XELOGHQXQG*HVWDOW]XJHEHQ

 =XHUVW H[LVWLHUWH GDV *HLVWLJH /HEHQ ]XHUVW JDE HV GLH *HLVWZHVHQ XQG GDQDFK HUVW GLH
PDWHULHOOH1DWXU

 'D EHVFKORVVHQ ZDU GDVV YLHOH JHLVWLJH *HVFK|SIH N|USHUOLFKH *HVWDOW DQ]XQHKPHQ
KDWWHQXPDXIPDWHULHOOHQ:HOWHQ]XOHEHQZXUGH]XYRUDOOHVHLQJHULFKWHWGDPLWGLH.LQGHU
GHV+HUUQDOOHVIUVLHEHUHLWIlQGHQ

 (U EHUVFKWWHWH GHQ :HJ GHQ VHLQH .LQGHU ]X JHKHQ KDEHQ ZUGHQ PLW 6HJQXQJHQ
EHUIOXWHWHGDV8QLYHUVXPPLW/HEHQXQGHUIOOWHPLW6FK|QKHLWHQGHQ:HJGHV0HQVFKHQLQ
ZHOFKHQ(UHLQHQJ|WWOLFKHQ)XQNHQOHJWHGDV*HZLVVHQXQGGHQ*HLVWXQGVFKXILKQVRDXV
/LHEH ,QWHOOLJHQ].UDIW:LOOHQXQG%HZXWVHLQ'RFKDOOHV([LVWLHUHQGHKOOWH(ULQVHLQH
.UDIWXQG]HLJWHLKPVHLQH%HVWLPPXQJ  

 $OV GHU 9DWHU GLH :HOW VFKXI XQG LKU GLH %HVWLPPXQJ JDE HLQ 2UW GHU 6KQH ]X VHLQ
ZXWH (U EHUHLWV GD VHLQH .LQGHU DXI LKUHP :HJH 6FKZDFKKHLWHQ XQG 9HUIHKOXQJHQ
DQKHLPIDOOHQ ZUGHQ GD HLQH +HLPVWDWW Q|WLJ ZlUH XP GHQ HUVWHQ 6FKULWW ]XU (UQHXHUXQJ
XQG9HUYROONRPPQXQJ]XWXQ 

'LH(UVFKDIIXQJGHV0HQVFKHQ

 +|UHW *RWW GDV K|FKVWH :HVHQ VFKXI HXFK ]X VHLQHP %LOG XQG *OHLFKQLV QLFKW
KLQVLFKWOLFK GHU PDWHULHOOHQ *HVWDOW GLH LKU KDEW VRQGHUQ GHU )lKLJNHLWHQ PLW GHQHQ HXHU
*HLVWDXVJHUVWHWLVWlKQOLFKGHQHQGHV9DWHUV


:LHDQJHQHKPZDUHVIUHXUH(LWHONHLWHXFKIUGDV(EHQELOGGHV6FK|SIHUV]XKDOWHQ
,KUKDOWHWHXFKIUGLHK|FKVWHQWZLFNHOWHQ*HVFK|SIHGLH*RWWJHPDFKWKDW'RFKLKUEHILQGHW
HXFK LQ HLQHP VFKZHUHQ ,UUWXP ZHQQ LKU DQQHKPW GDVV GDV 8QLYHUVXP QXU IU HXFK
JHVFKDIIHQZXUGH0LWZHOFKHU8QZLVVHQKHLWQHQQWLKUHXFKVHOEVWGLH.URQHGHU6FK|SIXQJ

 %HJUHLIW GDVV QLFKW HLQPDO GLH (UGH QXU IU GLH 0HQVFKHQ JHVFKDIIHQ LVW $XI GHU
HQGORVHQ6WXIHQOHLWHUGHU*|WWOLFKHQ6FK|SIXQJJLEWHVHLQHXQHQGOLFKH=DKOYRQ6HHOHQGLH
VLFKLQ(UIOOXQJGHV*|WWOLFKHQ*HVHW]HVHQWZLFNHOQ

'LH=LHOHGLHDOOHVPLWHLQEH]LHKHQXQGGLHLKUDOV0HQVFKHQDXFKZHQQLKUZROOWHWQLFKW
YHUVWHKHQ N|QQW VLQG JUR XQG YROONRPPHQ ZLH DOOH $EVLFKWHQ GHV 9DWHUV 'RFK ZDKUOLFK
,FKVDJHHXFKLKUVHLGZHGHUGLHJU|WHQQRFKGLHNOHLQVWHQ*HVFK|SIHGHV+HUUQ

 ,KU ZXUGHW HUVFKDIIHQ XQG LQ MHQHP $XJHQEOLFN QDKP HXHU *HLVW /HEHQ YRP
$OOPlFKWLJHQGDVVRYLHOH(LJHQVFKDIWHQLQVLFKWUXJZLHIUHXFKQRWZHQGLJZDUHQXPHLQH
VFKZLHULJH$XIJDEHLQGHU(ZLJNHLW]XHUIOOHQ  

,QGHQ*HLVWGHV0HQVFKHQZHOFKHUPHLQ0HLVWHUZHUNLVWKDEH,FKPHLQ*|WWOLFKHV/LFKW
JHOHJW,FKKDEHLKQPLWXQHQGOLFKHU/LHEHJHSIOHJWZLHHLQ*lUWQHUHLQHYHUZ|KQWH3IODQ]H
VHLQHV *DUWHQV SIOHJW ,FK KDEH HXFK LQ GLHVHQ /HEHQVUDXP JHVWHOOW ZR HXFK QLFKWV ]XP
/HEHQIHKOWGDPLWLKU0LFKHUNHQQWXQGHXFKVHOEVWHUNHQQW,FKKDEHHXUHU6HHOH9ROOPDFKW
JHJHEHQGDV/HEHQGHV-HQVHLWV]XIKOHQXQGHXUHP.|USHU6LQQHGDPLWLKUHXFKHUTXLFNW
XQG YHUYROONRPPQHW ,FK KDEH HXFK GLHVH :HOW EHUJHEHQ GDPLW LKU DXI LKU HXUH HUVWHQ
6FKULWWH]XPDFKHQEHJLQQWXQGDXIGLHVHP:HJHGHV )RUWVFKULWWVXQGGHU9HUYROONRPPQXQJ
GLH 9ROONRPPHQKHLW PHLQHV *HVHW]HV HUIDKUW GDPLW LKU ZlKUHQG HXUHV /HEHQV 0LFK LPPHU
PHKUHUNHQQWXQGOLHEWXQGGXUFKHXUH9HUGLHQVWH]X0LUJHODQJW

 ,FK KDEH HXFK GLH *DEH GHU :LOOHQVIUHLKHLW JHZlKUW XQG HXFK PLW GHP *HZLVVHQ
DXVJHVWDWWHW'DVHUVWHUHGDPLWLKUHXFKLP5DKPHQPHLQHU*HVHW]HIUHLHQWZLFNHOWXQGGDV
]ZHLWH GDPLW LKU GDV *XWH YRP %|VHQ ]X XQWHUVFKHLGHQ YHUVWHKW GDPLW HV HXFK DOV
YROONRPPHQHU5LFKWHUVDJWZDQQLKUPHLQ*HVHW]HUIOOWRGHUGDJHJHQ YHUVWRW

 'DV *HZLVVHQ LVW /LFKW DXV PHLQHP *|WWOLFKHQ *HLVWH GDV HXFK LQ NHLQHP $XJHQEOLFN
YHUOlW

,FKELQGHU:HJGLH:DKUKHLWXQGGDV/HEHQ,FKELQGHU)ULHGHXQGGDV*OFNGLHHZLJH
9HUKHLXQJGDLKUEHL0LUVHLQZHUGHWXQGDXFKGLH(UIOOXQJDOOHUPHLQHU:RUWH 


'LH(ULQQHUXQJDQGDV3DUDGLHV

'LHHUVWHQ0HQVFKHQ MHQHGLH8UDKQHQGHU0HQVFKKHLWZDUHQEHZDKUWHQHLQH=HLWODQJ
GHQ(LQGUXFNGHQLKUH6HHOHYRP*HLVWLJHQ7DOHPLWQDKP HLQ(LQGUXFNYRQ6FK|QKHLW
YRQ )ULHGHQ XQG :RQQH GHU LQ LKQHQ IRUWEHVWDQG VRODQJH LQ LKUHP /HEHQ QLFKW GLH
/HLGHQVFKDIWHQGHV)OHLVFKHVXQGDXFKGHU.DPSIXPVhEHUOHEHQLQ(UVFKHLQXQJWUDWHQ

'RFK,FKPXHXFKVDJHQGDGLH6HHOHMHQHU0HQVFKHQREZRKOVLHDXVHLQHU/LFKWZHOW
NDP QLFKWGHQK|FKVWHQ+HLPVWlWWHQHQWVWDPPWH MHQHQ]XGHQHQLKUQXUGXUFK9HUGLHQVWH
JHODQJHQN|QQW


 'HQQRFK ZDU GHU =XVWDQG GHU 8QVFKXOG GHV )ULHGHQV GHV :RKOHUJHKHQV XQG GHU
*HVXQGKHLW GHQ MHQH 6HHOHQ EHL LKUHQ HUVWHQ 6FKULWWHQ EHZDKUWHQ DOV HLQH =HLW GHV /LFKWHV
XQYHUJHOLFKGHVVHQ=HXJQLVVLHDQLKUH.LQGHUXQGGLHVHDQLKUH1DFKNRPPHQZHLWHUJDEHQ

 'HU YHUPDWHULDOLVLHUWH 9HUVWDQG GHU 0HQVFKHQ GHU GHQ ZDKUHQ 6LQQJHKDOW MHQHV
=HXJQLVVHV PLYHUVWDQG JODXEWH VFKOLHOLFK GD GDV 3DUDGLHV LQ GHP GLH HUVWHQ 0HQVFKHQ
JHOHEW KDWWHQ HLQ LUGLVFKHV 3DUDGLHV JHZHVHQ VHL RKQH ]X EHJUHLIHQ GD HV HLQH VHHOLVFKH
9HUIDVVXQJMHQHU*HVFK|SIHZDU  

'LH%HVFKDIIHQKHLWGHV0HQVFKHQ

 *HLVW XQG .|USHU VLQG YHUVFKLHGHQHU 1DWXU DXV LKQHQ EHVWHKW HXHU :HVHQ XQG EHU
EHLGHQVWHKWGDV*HZLVVHQ'HUHUVWHUHLVW7RFKWHUGHV/LFKWVGHU]ZHLWHHQWVWDPPWGHU(UGH
LVW0DWHULH%HLGHVLQGLQHLQHPHLQ]LJHQ:HVHQYHUHLQWXQGNlPSIHQJHJHQHLQDQGHUJHIKUW
GXUFKGDV*HZLVVHQLQZHOFKHPLKUGLH*HJHQZDUW*RWWHVKDEW'LHVHU.DPSIKDWELVKHXWH
VWlQGLJ VWDWWJHIXQGHQ DEHU ]XOHW]W ZHUGHQ *HLVW XQG .|USHU LQ +DUPRQLH GLH $XIJDEH
HUIOOHQGLHPHLQ*HVHW]MHGHPYRQEHLGHQ]XZHLVW

,KUN|QQWHXFKGLH6HHOHDXFKVRYRUVWHOOHQDOVREVLHHLQH3IODQ]HZlUHXQGGHQ.|USHU
DOVGLH(UGH'LH6HHOHGLHLQGLH0DWHULHJHSIODQ]WZXUGHZlFKVWULFKWHWVLFKHPSRUZREHL
VLH VLFK YRQ GHQ 3UIXQJHQ XQG /HKUHQ QlKUW GLH VLH ZlKUHQG LKUHV PHQVFKOLFKHQ /HEHQV
HUKlOW  

'LH(LQKHLWGHV6FK|SIHUVPLWGHU6FK|SIXQJ

 'HU *HLVW *RWWHV LVW ZLH HLQ XQHQGOLFK JURHU %DXP GHP GLH bVWH GLH :HOWHQ XQG GLH
%OlWWHU GLH :HVHQ VLQG 'D HV HLQ XQG GHUVHOEH 3IODQ]HQVDIW LVW GHU GXUFK GHQ 6WDPP ]X
DOOHQ =ZHLJHQ XQG YRQ GLHVHQ ]X GHQ %OlWWHUQ VWU|PW  JODXEW LKU GD QLFKW GD HV HWZDV
(ZLJHVXQG+HLOLJHVJLEWGDVHXFKDOOHXQWHUHLQDQGHUYHUELQGHWXQGHXFKPLWGHP6FK|SIHU
YHUHLQW" 

0HLQ*HLVWZHOFKHUDOOXPIDVVHQGLVWH[LVWLHUWLQDOOHPYRQ0LU*HVFKDIIHQHQVHLHVLP
*HLVWLJHQ RGHU LQ GHU PDWHULHOOHQ 1DWXU ,Q DOOHP LVW PHLQ :HUN JHJHQZlUWLJ XQG ]HXJW DXI
DOOHQ/HEHQVHEHQHQYRQPHLQHU9ROONRPPHQKHLW

0HLQ*|WWOLFKHV:HUNXPIDWDOOHV YRQGHQJU|WHQXQGYROONRPPHQVWHQ:HVHQGLH]X
PHLQHU5HFKWHQZRKQHQELV]XPNDXPZDKUQHKPEDUHQ.OHLQVWOHEHZHVHQGHU3IODQ]HRGHU
GHP0LQHUDOGHP$WRPRGHUGHU=HOOHGLHDOOHQ*HVFK|SIHQ*HVWDOWJHEHQ

 'DPLW ZHLVH ,FK HXFK HUQHXW DXI GLH 9ROONRPPHQKHLW DOOHV YRQ 0LU *HVFKDIIHQHQ KLQ 
YRQ GHQ PDWHULHOOHQ :HVHQ ELV ]X GHQ *HLVWHUQ GLH EHUHLWV GLH 9ROONRPPHQKHLW HUUHLFKW
KDEHQ'LHVLVWPHLQ:HUN 

 :HU YRP *HLVWLJHQ *HVHW] DEZHLFKW ZHOFKHV K|FKVWHV *HVHW] LVW IlOOW XQWHU GLH
+HUUVFKDIW GHU XQWHUJHRUGQHWHQ RGHU PDWHULHOOHQ *HVHW]H YRQ GHQHQ GLH 0HQVFKHQ DXFK
ZHQLJZLVVHQ:HUMHGRFKGHPK|FKVWHQ*HVHW]JHKRUFKWXQGPLWLKPLQhEHUHLQVWLPPXQJ
EOHLEWVWHKWEHUDOOHQ2UGQXQJHQGLHLKUGLHQDWUOLFKHQQHQQWXQGIKOWXQGYHUVWHKWPHKU
DOVGHUZHOFKHUQXUGLH.HQQWQLVVHEHVLW]WGLHHULQGHU:LVVHQVFKDIWRGHULQGHQ5HOLJLRQHQ
JHIXQGHQKDW


 'DV LVW HV ZHVKDOE -HVXV HXFK PLW GHQ :HUNHQ GLH LKU :XQGHU QHQQW LQ 6WDXQHQ
YHUVHW]WH GRFK HUNHQQW GLH /HKUHQ GLH HU HXFK DXV /LHEH JDE %HJUHLIW GDVV HV QLFKWV
hEHUQDWUOLFKHV QRFK :LGHUVSUFKOLFKHV LP *|WWOLFKHQ JLEW GDV LQ GHU JDQ]HQ 6FK|SIXQJ
VFKZLQJW  


.DSLWHO 'LH1DWXU

'LH1DWXUJHVHW]H

,FKKDEHHXFKJHOHKUW*RWWDOVGHQ$OO(LQHQ]XEHWUDFKWHQDOVGDV:XQGHURKQH*UHQ]HQ
IU HXUH JHLVWLJH 9RUVWHOOXQJVNUDIW DOV GLH .UDIW GLH GLH %HZHJXQJ XQG $NWLRQ LP JDQ]HQ
8QLYHUVXPYHUXUVDFKW DOVGDV/HEHQGDVVLFKVRZRKOLQGHUHLQIDFKVWHQ3IODQ]HDOVDXFKLQ
MHQHQ:HOWHQRIIHQEDUWGLH]X0LOOLRQHQLP:HOWDOOLKUH%DKQHQ]LHKHQRKQHGDLUJHQGHLQH
GDYRQGHP*HVHW]HXQJHKRUVDPLVWGDVVLHUHJLHUW

 -HQHV *HVHW] ELQ ,FK HXHU *RWW LVW GDV *HVHW] XQDXIK|UOLFKHU (QWZLFNOXQJ GDV GHQ
0HQVFKHQHUVWDXQWXQGLKPZHLWH)HOGHUGHU)RUVFKXQJHU|IIQHWGLHLKPHUP|JOLFKHQLPPHU
PHKULQGLH*HKHLPQLVVHGHU1DWXUHLQ]XGULQJHQ  

%HJUHLIWGDVVGDV*HVHW]GHU:HJLVWGHUGXUFKGLH/LHEHGHV+|FKVWHQ6FK|SIHUVJHEDKQW
LVW XP MHGHV VHLQHU *HVFK|SIH ]X IKUHQ 'HQNW EHU GDV /HEHQ QDFK GDV HXFK XPJLEW
ZHOFKHV DXV *UXQGVWRIIHQ XQG 2UJDQLVPHQ YRQ XQHQGOLFKHU =DKO EHVWHKW XQG LKU ZHUGHW
VFKOLHOLFK HQWGHFNHQ GDVV MHGHU .|USHU XQG MHGHV :HVHQ VLFK DXI HLQHP :HJH RGHU HLQHU
%DKQEHZHJWGLHGHP$QVFKHLQQDFKYRQHLQHUIUHPGHQXQGJHKHLPQLVYROOHQ0DFKWJHOHQNW
ZLUG'LHVH0DFKWLVWGDV*HVHW]GDV*RWWIUMHGHVVHLQHU*HVFK|SIHHUODVVHQKDW

 :HQQ LKU GLHVH EHGHXWVDPHQ 9RUJlQJH HUIRUVFKW ZHUGHW LKU DP (QGH ]X GHU (UNHQQWQLV
JHODQJHQ GDVV WDWVlFKOLFK DOOHV XQWHU HLQHP K|FKVWHQ *HERWH OHEW VLFK EHZHJW XQG
ZlFKVW 

'LH*HJHQZDUW*RWWHVLQGHU1DWXU

 6XFKW 0LFK LQ DOOHQ YRQ 0LU YROOEUDFKWHQ :HUNHQ XQG LKU ZHUGHW 0LFK EHUDOO ILQGHQ
N|QQHQ 9HUVXFKW 0LFK ]X K|UHQ XQG LKU ZHUGHW 0LFK LQ GHU PDFKWYROOHQ 6WLPPH
YHUQHKPHQGLHYRQDOOHP*HVFKDIIHQHQDXVJHKWGHQQHVEHUHLWHW0LUNHLQH6FKZLHULJNHLWHQ
0LFKGXUFKGLH:HVHQGHU6FK|SIXQJ]XP$XVGUXFN]XEULQJHQ

,FKEHNXQGH0LFKVRZRKOLQHLQHP6WHUQLP:WHQHLQHV6WXUPHVDOVDXFKLPOLHEOLFKHQ
/LFKW HLQHU 0RUJHQU|WH ,FK ODVVH PHLQH 6WLPPH LP PHORGLVFKHQ *HVDQJ HLQHV 9RJHOV
HUW|QHQZLH,FK6LHDXFKGXUFKGHQ'XIWGHU%OXPHQ]XP$XVGUXFNEULQJH8QGMHGH PHLQHU
$XVGUXFNVIRUPHQ MHGHU $VSHNW MHGHV :HUN VSULFKW ]X HXFK YRQ /LHEH YRQ (UIOOXQJ GHU
*HVHW]HGHU*HUHFKWLJNHLWGHU:HLVKHLWGHU(ZLJNHLWLP*HLVWLJHQ 

'LH1DWXULVW6FK|SIXQJ*RWWHVXQG*OHLFKQLVIU*HLVWLJHV

9LHOHKDEHQGLH1DWXU]XLKUHP*RWWJHPDFKWLQGHPVLHGLHVHOEHDOVVFK|SIHULVFKH4XHOOH
DOOGHVVHQZDVH[LVWLHUWYHUJ|WWOLFKHQ'RFKZDKUOLFK,FKVDJHHXFKGLHVH1DWXUDXVGHUHQ
6FKRDOOH:HVHQKHUYRUJHJDQJHQVLQG GLHPDWHULHOOHQ.UlIWHXQGGLH1DWXUUHLFKHGLHHXFK
XPJHEHQ  VLH LVW QLFKW 6FK|SIHULQ VLH ZXUGH ]XYRU YRP *|WWOLFKHQ 6FK|SIHU JHSODQW XQG
JHVFKDIIHQ6LHLVWZHGHUGLH8UVDFKHQRFKGHU*UXQGGHV/HEHQV,FKDOOHLQHXHU+HUUELQ
GHU$QIDQJXQGGDV(QGHGDV$OSKDXQGGDV2PHJD 

$OOHVZDVHXFKXPJLEWXQGXPKOOWLQGLHVHP/HEHQLVWHLQ$EELOGGHV(ZLJHQ/HEHQVLVW
HLQH WLHIJUQGLJH /HKUH GLH GXUFK PDWHULHOOH )RUPHQ XQG 2EMHNWH HUNOlUW ZLUG GDPLW VLH
YHUVWDQGHQZHUGHQNDQQ


 1RFK VHLG LKU QLFKW DXI GHQ *UXQG GLHVHU ZXQGHUEDUHQ /HKUH YRUJHGUXQJHQ XQG GHU
0HQVFKKDWVLFKHUQHXWJHLUUWZHLOHUGDV/HEHQGDVHUDXI(UGHQIKUWVRDXIJHIDWKDWDOV
RE HV GLH (ZLJNHLW ZlUH (U KDW VLFK GDPLW EHJQJW VLFK PLW GHQ (UVFKHLQXQJVIRUPHQ ]X
EHIDVVHQXQGKDWDOOHVYHUVFKPlKWZDVHVDQ*|WWOLFKHU2IIHQEDUXQJHQWKlOW GDVZDVGDULQ
(VVHQ]XQG:DKUKHLWLVWGLHLQGHUJDQ]HQ6FK|SIXQJYRUKDQGHQVLQG  

,FKZLOOHXFKQLFKWVYRQGHPYRUHQWKDOWHQZDV,FKLQGLH1DWXUKLQHLQJHOHJWKDEH]XHXUHU
(UKDOWXQJ*HVXQGKHLW(UQlKUXQJGHP:RKOEHILQGHQXQGGHU:RQQHPHLQHU.LQGHU

 ,P *HJHQWHLO ,FK VDJH HXFK 6R ZLH ,FK HXFK GDV %URW GHV *HLVWHV DQELHWH XQG HXFK
HLQODGH J|WWOLFKH (VVHQ]HQ HLQ]XDWPHQ XQG HXFK DQ JHLVWLJHQ 'IWHQ ]X HUTXLFNHQ HEHQVR
VROOW LKU ZHGHU GDV PLDFKWHQ QRFK HXFK YRQ GHP HQWIHUQHQ ZDV HXFK GLH 1DWXU EHVFKHUW
GHQQ VR ZHUGHW LKU +DUPRQLH *HVXQGKHLW (QHUJLH HUODQJHQ XQG GDPLW GLH UHFKWH (UIOOXQJ
GHU*HVHW]HGHV/HEHQV 

 'DV YHUQXQIWORVH :HVHQ OHLWHW GHU ,QVWLQNW GHU VHLQH LQQHUH 6WLPPH VHLQ 0HLVWHU VHLQ
)KUHU LVW (U LVW ZLH HLQ /LFKW GDV YRQ VHLQHU 0XWWHU GHU 1DWXU VWDPPW XQG LKP GHQ :HJ
HUKHOOW GHQ HV LQ VHLQHP /HEHQ ]XUFN]XOHJHQ KDW  DXFK GLHV HLQ :HJ GHU *HIDKUHQ XQG
5LVLNHQ

 1HKPW HXFK HLQ %HLVSLHO DQ GHU +DUPRQLH PLW GHU MHGH *DWWXQJ OHEW DQ GHU $NWLYLWlW
GHUHU GLH HPVLJ VLQG %HKHU]LJW GLH %HLVSLHOH YRQ 7UHXH RGHU YRQ 'DQNEDUNHLW (V VLQG
%HLVSLHOH GLH *|WWOLFKH :HLVKHLW HQWKDOWHQ GD VLH YRQ PHLQHQ *HVFK|SIHQ VWDPPHQ
JOHLFKIDOOV DXV 0LU KHUYRUJHJDQJHQ GDPLW VLH HXFK XPJHEHQ XQG EHJOHLWHQ DXI HXUHU :HOW
GDPLWVLHDQGHPWHLOKDEHQZDV,FKLQGLH(UGHJHOHJWKDEH  

'LH0DFKWGHU*RWWHVNLQGHUEHUGLH1DWXU

 'LH 1DWXUNUlIWH ZHUGHQ HXFK JHKRUFKHQ ZHQQ LKU PHLQ *HVHW] HUIOOW XQG 0LFK GDUXP
]XP:RKOHHXUHU0LWPHQVFKHQELWWHW 

 +DEH ,FK HXFK QLFKW JHOHKUW GD VHOEVW GLH HQWIHVVHOWHQ 1DWXUJHZDOWHQ HXHU *HEHW
YHUQHKPHQN|QQHQXQGVLFKEHUXKLJHQ":HQQVLHPHLQHU6WLPPHJHKRUFKHQ  ZDUXPVROOWHQ
VLHGDQQQLFKWDXFKGHU6WLPPHGHU.LQGHUGHV+HUUQ JHKRUFKHQZHQQGLHVHVLFK]XEHUHLWHW
KDEHQ" 

 ,FK KDEH GHP *HLVWH 0DFKW EHU GLH 0DWHULH JHJHEHQ GDPLW HU DXV GHQ 3UIXQJHQ
VLHJUHLFK KHUYRUJHKH XQG ELV ]XP (QG]LHO GHV :HJHV JHODQJH 'RFK GHU .DPSI ZLUG JUR
VHLQGHQQVHLWGHU0HQVFKDXIGHU:HOWGDVHLQ]LJH5HLFKVFKXIDQGDVHUJODXEW]HUVW|UWHHU
GLH +DUPRQLH GLH ]ZLVFKHQ LKP XQG DOOHP ZDV LKQ XPJLEW EHVWHKHQ VROO 9RQ VHLQHP
VWRO]HQ 7KURQH KHUDE P|FKWH HU DOOHV GHU 0DFKW VHLQHU :LVVHQVFKDIW XQWHUZHUIHQ XQG GHQ
(OHPHQWHQ XQG .UlIWHQ GHU 1DWXU VHLQHQ :LOOHQ DXI]ZLQJHQ 'RFK LVW LKP GLHV QLFKW
JHOXQJHQ GHQQ VFKRQ VHLW ODQJHP KDW HU GLH %DQGH GHU )UHXQGVFKDIW PLW GHQ *HLVWLJHQ
*HVHW]HQ]HUULVVHQ

 $OV ,FK MHW]W GLHVHP 9RONH KLHU JHVDJW KDEH GD GLH 1DWXUJHZDOWHQ LKP JHKRUFKHQ
N|QQHQJDEHVZHOFKHGLHGLHVQLFKWJHJODXEWKDEHQXQG,FKVDJHHXFKGDVLH*UXQG]XP
=ZHLIHOQKDEHQGHQQGLH1DWXUZLUGQLHPDOVGHQHQJHKRUFKHQGLHVLHPLDFKWHQVFKlQGHQ
RGHUYHUK|KQHQ:HUGDJHJHQLP(LQNODQJPLWGHQ*HVHW]HQGHV*HLVWHVXQGGHU0DWHULH]X
OHEHQYHUVWHKW GDVKHLWZHUPLWDOOHPZDVLKQXPJLEWLQ+DUPRQLHOHEWGHUZLUGZlKUHQG
VHLQHV /HEHQV PLW VHLQHP 6FK|SIHU LQ (LQNODQJ VHLQ XQG HLQ $QUHFKW GDUDXI HUZHUEHQ GDVV


GLH(OHPHQWHGHU1DWXULKPGLHQHQXQGJHKRUFKHQZLHHVMHGHP.LQGH]XNRPPWGDVVHLQHP
9DWHUJHKRUVDPLVWGHP6FK|SIHUDOOHU'LQJH 

,FKOJHQLFKWQRFKEHUWUHLEH,FKZHQQ,FKHXFKVDJHGDVVGLH1DWXUUHLFKHHXUH6WLPPH
YHUQHKPHQN|QQHQXQGHXFKJHKRUFKHQXQGUHVSHNWLHUHQ

'LH*HVFKLFKWH,VUDHOVZXUGHDOV=HXJQLVPHLQHU:DKUKHLWQLHGHUJHVFKULHEHQXQGLQLKU
N|QQWLKUHQWGHFNHQZLHGDV9RON*RWWHVZLHGHUXQGZLHGHUYRQGHQ.UlIWHQXQG(OHPHQWHQ
GHU1DWXUDQHUNDQQWXQGUHVSHNWLHUWZXUGH:HVKDOEVROOWHGLHVIUHXFKQLFKWJHOWHQ"

0HLQWLKUHWZDGDPHLQH0DFKWRGHUPHLQH/LHEH]XU0HQVFKKHLWVLFKLP/DXIHGHU=HLW
JHlQGHUW KDW" 1HLQ LKU 6FKDUHQ GLH LKU GLHVHV :RUW YHUQHKPW GDV /LFKW PHLQHV *HLVWHV
XPIOXWHWHXFKPHLQH0DFKWXQGPHLQH/LHEHVLQGHZLJXQGXQZDQGHOEDU 

0HQVFKXQG1DWXU

 'RFK LKU PW HXFK YRUVHKHQ R 9|ONHU GHU (UGH GHQQ ZHQQ LKU ZHLWHUKLQ PHLQH
*|WWOLFKHQ ,QVSLUDWLRQHQ GD]X YHUZHQGHW GLH 1DWXUJHZDOWHQ KHUDXV]XIRUGHUQ  ZHQQ LKU GLH
JHULQJHQ.HQQWQLVVHGLHLKUKDEWIHUQHUKLQIU%|VHVYHUZHQGHWZHUGHWLKUGLHOHLGYROOHXQG
VWUHQJH $QWZRUW HUKDOWHQ ZHQQ LKU HV DP ZHQLJVWHQ HUZDUWHW ,KU IRUGHUW /XIW )HXHU (UGH
:DVVHUXQGDOOH0lFKWHKHUDXVXQGLKUZLWEHUHLWVZDVHXUH(UQWHVHLQZLUGZHQQLKUQLFKW
UHFKW]HLWLJ HXUH +DQGOXQJVZHLVHQ NRUULJLHUW XP GLH GXUFK HXUH 8QYHUQXQIW HQWIHVVHOWHQ
1DWXUJHZDOWHQDXIKDOWHQ]XN|QQHQ

,FKPDFKHHXFKGDUDXIDXIPHUNVDPGDLKULP%HJULIIVHLGGDV0DYROO]XPDFKHQGDV
PHLQH*HUHFKWLJNHLWHXUHPIUHLHQ:LOOHQHUODXEW]XVHKUIRUGHUWLKUGLH1DWXUKHUDXV8QGGD
LKU GLH .OHLQHQ VHLG GLH VLFK JUR IKOHQ NRPPW GLHVHV :RUW XP HXFK YRU GHU *HIDKU ]X
ZDUQHQLQGHULKUHXFKEHILQGHW X

 ,FK VDJWH HXFK GDVV NHLQ %ODWW YRP %DXPH VLFK RKQH PHLQHQ :LOOHQ EHZHJW XQG MHW]W
VDJH,FKHXFKGDVVNHLQ(OHPHQWGHU1DWXUHLQHPDQGHUHQ:LOOHQDOVGHPPHLQHQJHKRUFKW

$XFKVDJH,FKHXFKGDVVGLH1DWXUIUGLH0HQVFKHQGDVVHLQNDQQZDVVLHZROOHQHLQH
DQ6HJQXQJHQ/LHENRVXQJHQXQG1DKUXQJYHUVFKZHQGHULVFKH0XWWHURGHUHLQHGUUH:VWH
ZR+XQJHUXQG'XUVWKHUUVFKWHLQ0HLVWHUZHLVHUXQGXQHQGOLFKHU2IIHQEDUXQJHQEHUGDV
/HEHQ GDV *XWH GLH /LHEH XQG GLH (ZLJNHLW RGHU HLQ XQHUELWWOLFKHU 5LFKWHU DQJHVLFKWV GHU
6FKlQGXQJHQ8QJHKRUVDPNHLWHQXQG,UUWPHUGHU0HQVFKHQ

0HLQH9DWHUVWLPPHVDJWHGHQHUVWHQ0HQVFKHQVLHVHJQHQG6HLGIUXFKWEDUXQGPHKUHW
HXFKXQGIOOHWGLH(UGHPDFKHWVLHHXFKXQWHUWDQXQGVHLG+HUUEHUGLH)LVFKHGHV0HHUHV
EHUGLH9|JHOGHV+LPPHOVXQGEHUDOOH*HVFK|SIHGLHVLFKDXIGHU(UGHEHZHJHQ

-D0HQVFKKHLW ,FK VFKXIGHQ0HQVFKHQGDPLWHU+HUUVHLQXQG0DFKWKDEHQVROOWHLP


/XIWUDXP LQ GHQ *HZlVVHUQ DXI GHP JDQ]HQ )HVWODQG XQG LQ GHQ 1DWXUUHLFKHQ GHU
6FK|SIXQJ 'RFK ,FK VDJWH +HUU GHQQ GLH 0HQVFKHQ  LQ GHU 0HLQXQJ PLW LKUHU
:LVVHQVFKDIWGLH(UGH]XEHKHUUVFKHQ VLQG6NODYHQ2EZRKOVLHGLH(OHPHQWHGHU1DWXU]X
EHPHLVWHUQ JODXEHQ ZHUGHQ VLH ]X 2SIHUQ LKUHU 8QUHLIH LKUHU 9HUPHVVHQKHLW XQG
8QZLVVHQKHLW

 'LH PHQVFKOLFKH 0DFKW XQG :LVVHQVFKDIW KDW GLH (UGH GLH 0HHUH XQG GHQ /XIWUDXP
HUREHUWDEHULKUH0DFKWXQGLKUH*HZDOWVLQGQLFKWLP(LQNODQJPLWGHU0DFKWXQG*HZDOW


GHU 1DWXU GLH  DOV $XVGUXFN GHU *|WWOLFKHQ /LHEH  /HEHQ :HLVKHLW +DUPRQLH XQG
9ROONRPPHQKHLW LVW ,Q GHQ :HUNHQ GHU 0HQVFKHQ LQ LKUHU :LVVHQVFKDIW XQG LKUHU 0DFKW
EHNXQGHWVLFKQXUGHU+RFKPXWGLH6HOEVWVXFKWGLH(LWHONHLWXQGGLH%RVKHLW  

 (UNHQQW LKU GDV JHVW|UWH *OHLFKJHZLFKW GHU 1DWXUNUlIWH XQG GHQ WLHIJHKHQGVWHQ :DQGHO
GHQ VLH HUOLWWHQ KDEHQ" 6HLG LKU HXFK EHZXW ZHVKDOE LKU YRQ LKUHQ HQWIHVVHOWHQ *HZDOWHQ
KHLPJHVXFKW ZHUGHW" 'HU *UXQG GDIU LVW GD LKU GLH +DUPRQLH ]HUEURFKHQ KDEW GLH
]ZLVFKHQ GHP JHLVWLJHQ XQG GHP PDWHULHOOHQ /HEHQ EHVWHKW ZRGXUFK LKU MHQHV &KDRV
KHUYRUJHUXIHQ KDEW LQ GHP LKU QXQ YHUVLQNW 'RFK VREDOG GLH 0HQVFKKHLW GHQ *HVHW]HQ
JHKRUVDPLVWGLHGDV/HEHQUHJLHUHQZLUGDOOHVZLHGHU)ULHGHQhEHUIOXXQG*OFNVHOLJNHLW
VHLQ 

 :LH VROOWHQ HXUH :HUNH DXI (UGHQ YROONRPPHQ VHLQ ZHQQ ,FK HXFK PLW GHQ (OHPHQWHQ
GHU1DWXUYHUIHLQGHWVHKHZHOFKHHEHQMHQHVLQGYRQGHQHQLKUOHEW"

0HLQH/HKUHZLOOHXFKQLFKWGDUDQKLQGHUQGLH(OHPHQWHXQG.UlIWHGHU1DWXU]XQXW]HQ
DEHUVLHKHLWXQGOHKUWHXFKVLHIUJXWH=ZHFNH]XYHUZHQGHQ

'LH1DWXUNUlIWHLQHXUHQ+lQGHQN|QQHQYRQ)UHXQGHQXQG%UGHUQ]X5LFKWHUQ ZHUGHQ
GLHHXFKVFKZHUEHVWUDIHQ

(VZDUOlQJVWDQGHU=HLWGDGLH0HQVFKHQGLH)UXFKWGHU(UIDKUXQJHUQWHWHQGDPLWVLH
QLFKW OlQJHU GLH 1DWXUJHZDOWHQ KHUDXVIRUGHUQ 'HQQ VLH ZHUGHQ PLW DOO LKUHU :LVVHQVFKDIW
QLFKWLPVWDQGHVHLQVLHDXI]XKDOWHQ  

 'HU %DXP GHU :LVVHQVFKDIW ZLUG DQJHVLFKWV GHV :WHQV GHV :LUEHOVWXUPHV HUVFKWWHUW
ZHUGHQ XQG VHLQH )UFKWH DXI GLH 0HQVFKKHLW IDOOHQ ODVVHQ 'RFK ZHU KDW GLH .HWWHQ MHQHU
1DWXUJHZDOWHQJHO|VWZHQQQLFKWGHU0HQVFK"

=ZDUKDEHQGLHIUKHUHQ0HQVFKHQZHVHQDXFKGHQ6FKPHU]NHQQHQJHOHUQWGDPLWVLH]XU
:LUNOLFKNHLWHUZDFKWHQ]XP/LFKWHGHV*HZLVVHQVXQGVLHVLFKHLQHP*HVW]HXQWHUVWHOOWHQ
$EHUGHUHQWZLFNHOWHEHZXVVWHXQGJHELOGHWH0HQVFKGLHVHU=HLW ZLHNDQQHUHVZDJHQGHQ
%DXPGHV/HEHQV]XVFKlQGHQ 

'HQHQGLHPHLQHQGDVV,FKGLH0HQVFKHQVWUDIHLQGHP,FKGLH1DWXUJHZDOWHQEHULKQHQ
HQWIHVVOH VDJH ,FK GDVV VLH HLQHP JURHQ ,UUWXP HUOLHJHQ ZHQQ VLH VR GHQNHQ 'HQQ GLH
1DWXUHQWZLFNHOWXQGZDQGHOWVLFKXQGEHLLKUHQ9HUlQGHUXQJHQRGHUhEHUJlQJHQHQWVWHKHQ
8PZlO]XQJHQ GLH HXFK /HLGHQ YHUXUVDFKHQ ZHQQ LKU PHLQ *HVHW] QLFKW HUIOOW GRFK LKU
VFKUHLEWVLH*|WWOLFKHQ6WUDIHQ]X

 =ZDU ZLUNW LQ LKQHQ PHLQH *HUHFKWLJNHLW GRFK ZHQQ LKU  PLW GHP *|WWOLFKHQ )XQNHQ
EHYRU]XJWH:HVHQGHUHXUH6HHOHHUOHXFKWHW  PLWGHUHXFKXPJHEHQGHQ1DWXULQ+DUPRQLH
OHEWHW VR ZUGH HXHU *HLVW HXFK EHU GLH :DQGOXQJHQ EHU GLH *HZDOW GHU 1DWXUNUlIWH
HPSRUJHKREHQKDEHQXQGLKUZUGHWQLFKWOHLGHQ 

 :DV LVW GLH 1DWXU DQGHUHV DOV HLQ JURHV *HVFK|SI" -D -QJHU HLQ *HVFK|SI GDV VLFK
JOHLFKIDOOV HQWZLFNHOW OlXWHUW HQWIDOWHW XQG YHUYROONRPPQHW XP LQ VHLQHP 6FKRH GLH
0HQVFKHQYRQPRUJHQEHKHUEHUJHQ]XN|QQHQ

:LHRIWVHLGLKUYHUGURVVHQEHULKUHQDWUOLFKHQhEHUJDQJVHUVFKHLQXQJHQ]XU(UUHLFKXQJ
MHQHU 9ROONRPPHQKHLW XQG KDOWHW VLH IU 6WUDIHQ *RWWHV RKQH HXFK EHZXW ]X PDFKHQ GD


DXFK LKU HXFK ]XVDPPHQ PLW GHU 1DWXU XQG GHU 6FK|SIXQJ OlXWHUW HQWZLFNHOW XQG GHU
9ROONRPPHQKHLWHQWJHJHQJHKW  


.DSLWHO $QGHUH:HOWHQ

'DV8QLYHUVHOOH/LFKW&KULVWL

(LQVWVDJWH,FKHXFK,FKELQGDV/LFKWGHU:HOWZHLO,FKDOV0HQVFKVSUDFKXQGZHLOGLH
0HQVFKHQ QLFKWV YRQ MHQVHLWV LKUHU NOHLQHQ :HOW ZXWHQ -HW]W LP *HLVWH VDJH ,FK HXFK ,FK
ELQGDV8QLYHUVHOOH/LFKWZHOFKHVGDV/HEHQDOOHU:HOWHQ+LPPHOXQG+HLPVWlWWHQHUKHOOW
GDVDOOH:HVHQXQG.UHDWXUHQHUOHXFKWHWXQGLKQHQ/HEHQVFKHQNW 

 ,FK ELQ GHU (ZLJH 6lPDQQ 6FKRQ EHYRU ,FK ]XU (UGH NDP XQG YRQ GHQ 0HQVFKHQ -HVXV
JHQDQQW ZXUGH ZDU ,FK EHUHLWV GHU 6lPDQQ NDQQWHQ 0LFK VFKRQ MHQH GLH MHQVHLWV GHU
9HUPDWHULDOLVLHUXQJ GHV ,UUWXPV RGHU GHU 8QZLVVHQKHLW ZDUHQ MHQH ZHOFKH JHLVWLJH
5HJLRQHQXQG+HLPVWlWWHQEHZRKQWHQGLHLKUQRFKQLFKWNHQQWQRFKHXFKYRUVWHOOHQN|QQW

9RQMHQHQGLH0LFKNDQQWHQEHYRU ,FK]XU(UGHNDPVDQGWH ,FKHXFKYLHOHXPDXIGHU


:HOWYRQ0LU=HXJQLVDE]XOHJHQXPGDV.RPPHQ&KULVWLDQ]XNQGLJHQGHU/LHEHXQGGHV
:RUWHVGHV9DWHUV9RQMHQHQZDUHQGLHHLQHQ3URSKHWHQDQGHUHZDUHQ:HJEHUHLWHUXQG
ZLHGHUDQGHUHZDUHQ$SRVWHO

 'LHVH :HOW LVW QLFKW GLH HLQ]LJH DXI GHU PHLQH 6FKULWWH 6SXUHQ KLQWHUODVVHQ KDEHQ :R
LPPHUHLQ(UO|VHUQRWZHQGLJJHZHVHQLVWZDU,FKJHJHQZlUWLJ

$EHU,FKPXHXFKVDJHQGDVVDXIDQGHUHQ:HOWHQPHLQ.UHX]XQGPHLQ.HOFKGXUFKGLH
(UQHXHUXQJ XQG GLH /LHEH HXUHU *HVFKZLVWHU EHVHLWLJW ZXUGH ZlKUHQG ,FK KLHU DXI GLHVHU
:HOW QDFK YLHOHQ -DKUKXQGHUWHQ QRFK LPPHU PLW 'RUQHQ JHNU|QW ELQ JHPDUWHUW DP .UHX]H
HXUHU8QYROONRPPHQKHLWHQXQGQRFKLPPHUGHQ.HOFKPLW*DOOHXQG(VVLJWULQNH

'DPHLQ/LHEHVZHUNGLH(UO|VXQJIUGLHJDQ]H0HQVFKKHLWHLQVFKOLHWHUZDUWH,FKHXFK
PLW XQHQGOLFKHU *HGXOG XQG ,FK KDEH MHGHP PHQVFKOLFKHQ :HVHQ QLFKW QXU HLQH VRQGHUQ
YLHOH *HOHJHQKHLWHQ IU VHLQHQ $XIVWLHJ JHZlKUW XQG KDEH YLHOH =HLWDOWHU KLQGXUFK DXI GDV
(UZDFKHQDOOMHQHUJHZDUWHWGLHLQWLHIH/HWKDUJLHYHUVXQNHQVLQG  

 $XI GHU /HLWHU ]XU 9ROONRPPHQKHLW JLEW HV YLHOH 6WXIHQ LP *HLVWLJHQ 7DO XQG LQ GHQ
HQGORVHQ :HOWUlXPHQ JLEW HV YLHOH :HOWHQ 'RFK ZDKUOLFK ,FK VDJH HXFK ,FK KDEH 0LFK
LPPHUDOOHQNXQGJHWDQXQGMHQDFKGHUJHLVWLJHQ6WXIHGHU:HOWDXIGHUVLHVLFKEHILQGHQLVW
PHLQH2IIHQEDUXQJXQWHULKQHQJHZHVHQ X

 :lKUHQG GLH PHQVFKOLFKHQ *HVFK|SIH PHLQH *RWWKHLW PHLQH ([LVWHQ] XQG PHLQH /HKUH
GLVNXWLHUHQJLEWHV:HOWHQDXIGHQHQ,FKLQ9ROONRPPHQKHLWJHOLHEWZHUGH

 =XU JOHLFKHQ =HLW GD PDQFKH JU|WH VHHOLVFKH 5HLQKHLW HUODQJW KDEHQ HUOHEW HXHU 3ODQHW
PRUDOLVFKXQGJHLVWLJHLQH=HLWJURHU9HUGHUEWKHLW  

'LHJHLVWLJH9HUELQGXQJ]ZLVFKHQGHQ:HOWHQ

 0HLQ *|WWOLFKHV /LFKW HUVWUDKOW EHUDOO ZR LPPHU LKU 0LFK VXFKW ZHUGHW LKU PHLQH
*HJHQZDUWILQGHQ

 ,FK ELQ GHU 9DWHU GHU GDUDXI KLQZLUNW GD XQWHU DOOHQ VHLQHQ .LQGHUQ +DUPRQLH ]X
KHUUVFKHQ EHJLQQW VRZRKO XQWHU GHQHQ GLH GLH (UGH EHZRKQHQ DOV DXFK MHQHQ GLH DXI
DQGHUHQ:HOWHQOHEHQ


'LHJHLVWLJH+DUPRQLHXQWHUDOOHQ:HVHQZLUGLKQHQJURH(UNHQQWQLVVHRIIHQEDUHQZLUG
LKQHQ GLH =ZLHVSUDFKH YRQ *HLVW ]X *HLVW EULQJHQ ZHOFKH (QWIHUQXQJHQ YHUNU]HQ GLH
$EZHVHQGHQQDKHEULQJHQXQG)URQWHQXQG*UHQ]HQEHVHLWLJHQZLUG  

 'HU 0HQVFK ZLUG JURH 6FKULWWH DXI GLH 9HUJHLVWLJXQJ ]X PDFKHQ VHLQ *HLVW ZLUG GLH
PHQVFKOLFKHQ*UHQ]HQEHUVFKUHLWHQXQG]XK|KHUHQ/HEHQVZHOWHQJHODQJHQN|QQHQXPPLW
VHLQHQ%UGHUQLQ9HUELQGXQJ]XWUHWHQXQGGDV/LFKW]XHPSIDQJHQGDVVLHLKPDQ]XELHWHQ
KDEHQ

 (U ZLUG ]X GHQ /HEHQVHEHQHQ KHUDENRPPHQ N|QQHQ DXI GHQHQ VLFK :HVHQ YRQ
JHULQJHUHU (QWZLFNOXQJVK|KH ]XUFNJHEOLHEHQH :HVHQ DXIKDOWHQ XP LKQHQ ]X KHOIHQ LKU
DUPVHOLJHV'DVHLQKLQWHUVLFK]XODVVHQXQGVLHDXIHLQHQEHVVHUHQ/HEHQVSODQ]XYHUVHW]HQ

 'LH 6WXIHQOHLWHU DXI GHU GHU *HLVW DXI VHLQH 9HUYROONRPPQXQJ ]X HPSRUVWHLJW LVW VHKU
ODQJDXILKUZHUGHWLKU:HVHQKHLWHQYRQXQHQGOLFKYLHOHQYHUVFKLHGHQHQ (QWZLFNOXQJVVWXIHQ
EHJHJQHQXQGLKUZHUGHWLKQHQHWZDVYRQGHPZDVLKUEHVLW]WDQELHWHQXQGDXFKVLHZHUGHQ
HXFKLKUHUVHLWVHWZDVYRQLKUHPJHLVWLJHQ5HLFKWXPVFKHQNHQ

'DQQZHUGHWLKUHQWGHFNHQGDGLHVQLFKWGLHHLQ]LJH:HOWLVWGLHXPLKUH9HUEHVVHUXQJ
ULQJW ,KU ZHUGHW HUIDKUHQ GD VLFK DXI DOOHQ 3ODQHWHQ GLH 6HHOH HQWZLFNHOW GD VLH VLFK DXI
DOOHQ UHJW XQG ZlFKVW LQ (UIOOXQJ LKUHU %HVWLPPXQJ XQG ,FK ZLOO GD LKU HXFK ]XUVWHW
GDPLW LKU PLW DOO HXUHQ %UGHUQ HLQHQ %XQG VFKOLHW GD LKU HXFK PLW LKQHQ DXVWDXVFKW LQ
MHQHPKHLOLJHQ9HUODQJHQHLQDQGHU]XHUNHQQHQ]XOLHEHQXQGEHL]XVWHKHQ

7XWHVLQPHLQHP1DPHQXQGLQXQEHGLQJWHP*HKRUVDPPLWWHOVHXUHU*HGDQNHQ:HQQ
LKU PLW GLHVHU hEXQJ EHJLQQW ZHUGHW LKU QDFK XQG QDFK LKUH %LWWHQ LKUH /HKUHQ XQG
:RKOWDWHQHLQVFKlW]HQ

,FKVHKQH0LFKGDQDFKGDLKUPLWHXUHQ%UGHUQDXIXQGDXHUKDOEGLHVHV3ODQHWHQGHU
GHU]HLW HXHU +HLP LVW LQ (LQNODQJ VHLG 6FKOLHW %DQGH GHU )UHXQGVFKDIW ELWWHW XP +LOIH
ZHQQLKUVLHEHQ|WLJWXQGHLOW DXFKGHQHQ]X+LOIHGLHHXFKXPGDVELWWHQZDVLKUEHVLW]W
 

'DV.HQQHQOHUQHQDQGHUHU:HOWHQXQG/HEHQVIRUPHQ

 ,KU KDEW 0LFK RIW JHIUDJW ZDV HV MHQVHLWV GLHVHU :HOW JLEW XQG RE MHQH 6WHUQH GLH LP
:HOWUDXPLKUH%DKQHQ]LHKHQ:HOWHQVLQGZLHGLHHXUH

0HLQH$QWZRUWJHJHQEHUHXUHU1HXJLHUKDWGHQ6FKOHLHUGHV*HKHLPQLVVHVQLFKWY|OOLJ
JHOIWHWGD,FKVHKHGDLKUQRFKQLFKWGLHQRWZHQGLJH(QWZLFNOXQJKDEWXP]XYHUVWHKHQ
QRFKGLHXQEHGLQJWQ|WLJH6SLULWXDOLWlWXPPLWDQGHUHQ:HOWHQ]XKDUPRQLHUHQ

,KUKDEWQRFKQLFKWGLH/HKUHQHUNDQQWXQGEHJULIIHQGLHHXFKGHU3ODQHWELHWHWDXIGHP
LKUOHEWXQGVFKRQZROOWLKUQDFKDQGHUHQ:HOWHQVXFKHQ,KUZDUWQLFKWLPVWDQGHXQWHUHXFK
GHQ %HZRKQHUQ HLQ XQG GHUVHOEHQ :HOW ]X %UGHUQ ]X ZHUGHQ XQG ZROOW GDV 'DVHLQ YRQ
:HVHQDXIDQGHUHQ:HOWHQHQWGHFNHQ

)UVHUVWHVROOHXFKJHQJHQHXFKGDUDQ]XHULQQHUQGD,FKHXFKLQGHU=ZHLWHQ=HLW
VDJWH ,P +DXVH GHV 9DWHUV JLEW HV YLHOH :RKQXQJHQ XQG GD ,FK HXFK MHW]W MHQH :RUWH
EHVWlWLJHQG VDJH GD LKU QLFKW GLH HLQ]LJHQ %HZRKQHU GHV 8QLYHUVXPV VHLG XQG GD HXHU
3ODQHWQLFKWGHUHLQ]LJHEHZRKQWHLVW


 'HQ *HQHUDWLRQHQ YRQ PRUJHQ ZLUG HV JHJHEHQ VHLQ GLH 7RUH GLH VLH DQGHUHQ :HOWHQ
QlKHUEULQJHQRIIHQ]XVHKHQXQGVLHZHUGHQGHQ9DWHU]X5HFKWEHZXQGHUQ

'DV*XWHXQGGLH/LHEHDXVGHQHQGLH:RKOWlWLJNHLWXQGGHU)ULHGHHUEOKHQZHUGHQGLH
6FKOVVHOVHLQGLHGLH7UHQGHV*HKHLPQLVVHV|IIQHQZRGXUFKGLH0HQVFKHQHLQHQ6FKULWW
DXIGLHXQLYHUVHOOH+DUPRQLH]XWXQZHUGHQ

 +HXWH VHLG LKU QRFK LVROLHUW EHJUHQ]W EHKLQGHUW ZHLO HXHU (LJHQQXW] HXFK QXU IU GLH
:HOWOHEHQOLHRKQHGLH)UHLKHLWXQG(UKHEXQJGHU6HHOHDQ]XVWUHEHQ

 :DV ZUGH DXV HXFK HLWOH 0HQVFKHQ :HVHQ GLH GXUFK LKUHQ 0DWHULDOLVPXV NOHLQ
JHZRUGHQVLQG ZHQQHXFKJHVWDWWHWZUGH]XDQGHUHQ:HOWHQ]XJHODQJHQEHYRULKUHXFK
YRQHXUHQPHQVFKOLFKHQ)HKOHUQIUHLJHPDFKWKDEW":DVZlUHGHU6DPHGHQLKUVlHQZUGHW"
=ZLHWUDFKWPDORVHU(KUJHL](LWHONHLW

 :DKUOLFK ,FK VDJH HXFK XP MHQHV :LVVHQ ]X HUODQJHQ QDFK GHP VLFK MHGHU 0HQVFK
VHKQW XQG MHQH 2IIHQEDUXQJ GLH VHLQ 'HQNHQ YRQ GHQ )UDJHQ EHIUHLW GLH LKQ TXlOHQ XQG
VHLQH1HXJLHUHUZHFNHQZLUGVLFKGHU0HQVFKVHKUOlXWHUQXQGZDFKHQXQGEHWHQPVVHQ

 1LFKW GLH :LVVHQVFKDIW DOOHLQ ZLUG HV VHLQ GLH LKP PHLQH *HKHLPQLVVH RIIHQEDUW HV LVW
QRWZHQGLJGDMHQHV9HUODQJHQQDFK:LVVHQYRQJHLVWLJHU/LHEHLQVSLULHUWLVW

:HQQGDV /HEHQGHU0HQVFKHQHLQPDO6SLULWXDOLWlWZLGHUVSLHJHOW ,FKVDJH HXFKGDQQ


ZHUGHQ VLH VLFK QLFKW HLQPDO DQVWUHQJHQ PVVHQ XP MHQVHLWV LKUHU :HOW ]X IRUVFKHQ GHQQ
]XP VHOEHQ =HLWSXQNW ZHUGHQ VLH YRQ GHQHQ DXIJHVXFKW ZHUGHQ GLH K|KHUH +HLPVWlWWHQ
EHZRKQHQ  

'LH%HVWLPPXQJGHU6WHUQH

 ,P +DXVH HXUHV 9DWHUV JLEW HV YLHOH :RKQXQJHQ ZHOFKH GLH XQHQGOLFK YLHOHQ 6WXIHQ
GHU/HLWHUVLQGGLH]XU9ROONRPPHQKHLWIKUWYRQGRUWVWHLJWGLH*HLVWLJH:HOWKHUDEXP
VLFKXQWHUHXFKNXQG]XWXQ

,KUKDEW0LFKYLHOH0DOHYRQ*HLVW]X*HLVWQDFKGHP*UXQGIUGDV9RUKDQGHQVHLQMHQHU
XQHUPHVVOLFK JURHQ =DKO YRQ 6WHUQHQ JHIUDJW XQG MHQHU 3ODQHWHQ GLH EHU HXUHU :HOW
VWUDKOHQXQGKDEW0LUJHVDJW0HLVWHUVLQGMHQH:HOWHQOHHU"

 'RFK ,FK VDJH HXFK 'LH =HLW LVW QRFK QLFKW JHNRPPHQ LQ GHU ,FK HV HXFK Y|OOLJ
RIIHQEDUH:HQQGHU0HQVFK6SLULWXDOLWlWHUODQJWGDQQHUVWZHUGHQLKPJURH2IIHQEDUXQJHQ
JHJHEHQ ZHUGHQ XQG HU ZLUG PLW MHQHQ JHOLHEWHQ :HVHQ PHLQHU *|WWOLFKNHLW YRQ *HLVW ]X
*HLVW =ZLHVSUDFKH KDOWHQ N|QQHQ XQG GDQQ ZLUG GHU *HGDQNHQDXVWDXVFK ]ZLVFKHQ DOOHQ
%UGHUQVWDWWILQGHQ

 'RFK VROOW LKU VFKRQ KHXWH HUIDKUHQ DOOH :HOWHQ VLQG YRQ PHLQHQ *HVFK|SIHQ EHZRKQW
QLFKWVLVWOHHUDOOHVLQGJHVHJQHWH*HILOGHXQG*lUWHQEHWUHXWYRQ0DUtDGHU9HUN|USHUXQJ
*|WWOLFKHU=lUWOLFKNHLW

'HU+HLOLJH*HLVWZLUGGXUFKHXUHQ0XQGHUQHXWKRKH/HKUHQEHUPLWWHOQGLHHXFKXQG
GHU0HQVFKKHLWXQEHNDQQWVLQG:DQQJHOLHEWHV9RON"'DQQZHQQEHL HXFK9HUJHLVWLJXQJ
KHUUVFKWXQG+LQJDEHDQHXUH0LVVLRQ  


6FKDXH0HLQ9RONEHWUDFKWHGHQ+LPPHOVLHKLKQJHQDXDQXQGGXZLUVWHUOHEHQGDLQ
MHGHP 6WHUQ HLQH 9HUKHLXQJ OLHJW HLQH :HOW GLH GLFK HUZDUWHW HV VLQG /HEHQVZHOWHQ GLH
GHQ.LQGHUQ*RWWHVYHUKHLHQVLQGXQGGLHLKU DOOHEHZRKQHQZHUGHW'HQQLKU DOOHZHUGHW
PHLQ5HLFKNHQQHQOHUQHQGDVQLFKWQXUIUEHVWLPPWH:HVHQJHVFKDIIHQZXUGHHVZXUGHDOV
GLH8QLYHUVHOOH+HLPVWDWWJHVFKDIIHQLQGHUVLFKDOOH.LQGHUGHV+HUUQYHUHLQHQZHUGHQ 



.DSLWHO 'DV-HQVHLWV

'LHQRWZHQGLJH.HQQWQLVYRP*HLVWLJHQ/HEHQ

:LHXQZLVVHQGKLQVLFKWOLFKGHUJHLVWLJHQ/HKUHQWUHIIH,FKGLHKHXWLJHQ0HQVFKHQDQ'HU
*UXQG GDIU LVW GDVV PDQ LKQHQ PHLQ *HVHW] XQG PHLQH /HKUH QXU DOV HLQH 0RUDOOHKUH
YRUJHWUDJHQ KDW GLH LKQHQ EHKLOIOLFK LVW XQG QLFKW DOV GHQ :HJ GHU LKUH 6HHOHQ ]XU
YROONRPPHQHQ+HLPDWIKUW

 'LH YHUVFKLHGHQHQ .RQIHVVLRQHQ KDEHQ LQ GLH 0HQVFKHQKHU]HQ HLQH IDOVFKH )XUFKW YRU
JHLVWLJHP:LVVHQJHVlWZDVYHUXUVDFKWKDWGDVLHPHLQH2IIHQEDUXQJHQPHLGHQXQGLPPHU
PHKU LQ GHU )LQVWHUQLV GHU 8QZLVVHQKHLW YHUVLQNHQ ZREHL VLH DOV *UXQG DQJHEHQ GDVV GDV
*HLVWLJH/HEHQHLQXQGXUFKGULQJOLFKHV*HKHLPQLVLVW

'LHGLHVEHKDXSWHQOJHQ$OOH2IIHQEDUXQJHQGLH*RWWGHP0HQVFKHQYRQ$QEHJLQQGHU
0HQVFKKHLW JDEKDEHQ]XLKPYRP*HLVWLJHQ /HEHQ JHVSURFKHQ =ZDUKDWWHLFK HXFKQLFKW
PHLQHJDQ]H/HKUHJHJHEHQZHLOLKUQRFKQLFKWEHIlKLJWZDUWDOOHV]XHUIDKUHQVRQGHUQHUVW
ZHQQGLH=HLWGDIU JHNRPPHQZlUH$EHUGDVYRP9DWHUELVKHXWH2IIHQEDUWHLVWIUHXFK
DXVUHLFKHQGXPHLQHYROOVWlQGLJH.HQQWQLVGHV*HLVWLJHQ/HEHQV]XKDEHQ  

 'DV *HLVWLJH /HEHQ GDV YRQ GHQ HLQHQ HUVHKQW ZLUG ZLUG YRQ DQGHUHQ JHIUFKWHW
JHOHXJQHWXQGVRJDUYHUVSRWWHWDEHUHVHUZDUWHWHXFKDOOHXQZHLJHUOLFK(VLVWGHU6FKRGHU
DOOH DXIQLPPW  GHU $UP GHU VLFK HXFK HQWJHJHQVWUHFNW  GDV 9DWHUODQG GHV *HLVWHV HLQ
XQHUJUQGOLFKHV *HKHLPQLV VHOEVW IU GLH *HOHKUWHQ $EHU LQ PHLQH *HKHLPQLVVH NDQQ PDQ
HLQGULQJHQZDQQLPPHUGHU6FKOVVHOGHQLKUEHQW]WXPGLHVH3IRUWH]X|IIQHQMHQHUGHU
/LHEHLVW 

+LPPHOXQG+|OOH

 'LH 0HQVFKHQ KDEHQ VLFK GLH +|OOH DOV HLQHQ 2UW HZLJHU 4XDO YRUJHVWHOOW ZRKLQ LKUHU
0HLQXQJQDFKDOOHMHQH NRPPHQGLH JHJHQPHLQH*HERWHYHUVWRHQKDEHQ8QGVR ZLHVLH
IU GLH VFKZHUHQ 9HUJHKHQ GLHVH +|OOH VFKXIHQ VR VWHOOWHQ VLH VLFK IU GLH JHULQJHUHQ
9HUJHKHQ HLQHQ DQGHUHQ 2UW YRU XQG HEHQVR HLQHQ ZHLWHUHQ IU MHQH ZHOFKH ZHGHU *XWHV
QRFK%|VHVJHWDQKDEHQ

 :HU VDJW GDVV PDQ VLFK LP -HQVHLWV ZHGHU IUHXW QRFK OHLGHW VSULFKW QLFKW GLH :DKUKHLW
QLHPDQG LVW RKQH /HLGHQ QRFK EDU MHGHU )UHXGH 'LH /HLGHQ XQG )UHXGHQ ZHUGHQ LPPHU
JHPLVFKWVHLQVRODQJHGLH6HHOHQLFKWGHQK|FKVWHQ)ULHGHQHUUHLFKW

 +|UW PHLQH .LQGHU 'LH +|OOH LVW LQ ,QNDUQLHUWHQ XQG QLFKW PHKU ,QNDUQLHUWHQ LQ
%HZRKQHUQGLHVHU:HOWXQGGHV*HLVWLJHQ7DOHV'LH+|OOHLVWGDV 6LQQELOG IUGLHVFKZHUHQ
/HLGHQ GLH IXUFKWEDUHQ *HZLVVHQVELVVH GLH 9HU]ZHLIOXQJ GHQ 6FKPHU] XQG GLH %LWWHUQLV
GHUHU GLH VFKZHU JHVQGLJW KDEHQ 'RFK YRQ GLHVHQ )ROJHQ ZHUGHQ VLH VLFK IUHL PDFKHQ
GXUFKGLH(QWZLFNOXQJLKUHU6HHOHQKLQ]XU/LHEH

'HU+LPPHOGDJHJHQZHOFKHUGDVZDKUH*OFNXQGGHQZDKUHQ)ULHGHQV\PEROLVLHUWLVW
IUMHQHZHOFKHVLFKYRQGHQ/HLGHQVFKDIWHQGHU:HOWDEJHZDQGWKDEHQXPLQ*HPHLQVFKDIW
PLW*RWW]XOHEHQ

 %HIUDJW HXHU *HZLVVHQ GDQQ ZHUGHW LKU ZLVVHQ RE LKU LQ GHU +|OOH OHEW RE LKU HXUH
9HUJHKHQVKQWRGHURELKUYRP)ULHGHQGHV+LPPHOVGXUFKGUXQJHQVHLG


 :DV GLH 0HQVFKHQ +LPPHO RGHU +|OOH QHQQHQ VLQG NHLQH EHVWLPPWHQ 2UWH HV LVW GHU
:HVHQVLQKDOWHXUHU:HUNHGHQ HXHU*HLVWHUQWHWZHQQ HUGDV *HLVWLJH 7DO HUUHLFKW- HGHU
HUOHEW VHLQH +|OOH EHZRKQW VHLQH :HOW GHU 6KQH RGHU JHQLHW GLH 6HOLJNHLW ZHOFKH GLH
(UKHEXQJXQGGLH+DUPRQLHPLWGHPJ|WWOLFKHQ*HLVWHVFKHQNW  

 6R ZLH GHU 0HQVFK VLFK DXI (UGHQ HLQH :HOW JHLVWLJHQ )ULHGHQV lKQOLFK GHP )ULHGHQ
PHLQHV5HLFKHVVFKDIIHQNDQQNDQQHUGXUFKVHLQH9HUGHUEWKHLWDXFKHLQ'DVHLQIKUHQGDV
ZLHHLQH+|OOHYRQ/DVWHUQ6FKOHFKWLJNHLWHQXQG*HZLVVHQVELVVHQLVW

$XFKLP-HQVHLWVNDQQGHU*HLVW:HOWHQGHU)LQVWHUQLVGHU9HUGHUEWKHLWGHV+DVVHVXQG
GHU 5DFKHDQWUHIIHQMHQDFKGHU1HLJXQJGHU6HHOHLKUHU9HULUUXQJXQGLKUHQ/HLGHQVFKDIWHQ
'RFK ZDKUOLFK ,FK VDJH HXFK VRZRKO GHU +LPPHO DOV DXFK GLH +|OOH YRQ GHQHQ VLFK GLH
0HQVFKHQ QXU PLWWHOV LUGLVFKHU )RUPHQ XQG %LOGHU HLQH 9RUVWHOOXQJ PDFKHQ VLQG QLFKWV
DQGHUHVDOVYHUVFKLHGHQH(QWZLFNOXQJVVWDGLHQGHU6HHOHGLHHLQHDXIJUXQGLKUHU7XJHQGXQG
(QWZLFNOXQJ DXI GHP *LSIHO GHU 9ROONRPPHQKHLW GLH DQGHUH LP $EJUXQG LKUHU )LQVWHUQLV
LKUHU/DVWHUXQGLKUHU9HUEOHQGXQJ

)UGLHJHUHFKWH6HHOHLVWGHU2UWDQGHPVLHVLFKEHILQGHWJOHLFKJOWLJGHQQEHUDOOZLUG
VLH GHQ )ULHGHQ XQG GHQ +LPPHO GHV 6FK|SIHUV LQ VLFK WUDJHQ 'LH XQUHLQH XQG YHUZLUUWH
6HHOH KLQJHJHQ NDQQ VLFK LQ GHU EHVWHQ GHU :HOWHQ EHILQGHQ XQG VLH ZLUG LP ,QQHUQ
XQDXIK|UOLFKGLH+|OOHLKUHU*HZLVVHQVELVVHIKOHQGLHLQLKUEUHQQHQ ZHUGHQELVGLHVHVLH
JHOlXWHUWKDEHQ

 *ODXEW LKU GDVV ,FK HXHU 9DWHU 2UWH JHVFKDIIHQ KDEH GLH DXVGUFNOLFK GD]X EHVWLPPW
VLQGHXFK]XVWUDIHQXQG0LFKVRDXIHZLJIUHXUH%HOHLGLJXQJHQ]XUlFKHQ"

:LHEHVFKUlQNWVLQGGLH0HQVFKHQGLHGLHVH7KHRULHQOHKUHQ

:LHLVWHVP|JOLFKGDVVLKUJODXEWGDVVHZLJH)LQVWHUQLVXQGHZLJHU6FKPHU]GDV(QGH
LVW GDV PDQFKH *HLVW6HHOHQ HUZDUWHW" $XFK ZHQQ VLH JHVQGLJW KDEHQ ZHUGHQ VLH GHQQRFK
IULPPHU.LQGHU*RWWHVVHLQ:HQQVLH%HOHKUXQJEUDXFKHQ KLHULVWGHU0HLVWHU:HQQVLH
GHU/LHEHEHGUIHQ KLHULVWGHU9DWHU:HQQVLHVLFKQDFK9HUJHEXQJVHKQHQ KLHULVWGHU
YROONRPPHQH5LFKWHU

:HUQLHYHUVXFKW0LFK]XVXFKHQXQGVHLQH)HKOHU]XEHULFKWLJHQGHUZLUGQLFKW]X0LU
NRPPHQ 'RFK HV JLEW QLHPDQGHQ GHU PHLQHU *HUHFKWLJNHLW RGHU PHLQHQ 3UIXQJHQ
ZLGHUVWHKW1XUJHOlXWHUWN|QQWLKU]X0LUNRPPHQ  

8QWHUVRYLHOHQ:RKQXQJHQZLHVLHGDV+DXVGHV9DWHUVEHVLW]WJLEWHVQLFKW HLQHHLQ]LJH
:HOWGHU)LQVWHUQLVLQDOOHQLVWVHLQ/LFKWGRFKZHQQGLH6HHOHQVLHPLWHLQHU%LQGHYRUGHQ
$XJHQ EHWUHWHQ DXIJUXQG LKUHU 8QZLVVHQKHLW ZLH N|QQHQ VLH GDQQ MHQH +HUUOLFKNHLW
VFKDXHQ"

:HQQLKUKLHUDXIGHU:HOWHLQHQ%OLQGHQIUDJWZDV HUVLHKWZLUGHUHXFKDQWZRUWHQQXU
)LQVWHUQLV 1LFKW ZHLO GDV /LFKW GHU 6RQQH QLFKW YRUKDQGHQ ZlUH VRQGHUQ ZHLO HU HV QLFKW
VHKHQNDQQ  

,FKKDEHHXFKLQGLHVHU=HLWJHVDJW+HJWQLFKWGLH9RUVWHOOXQJGLHXQWHUGHQ0HQVFKHQ
EHUGLH +|OOHH[LVWLHUWGHQQDXIGLHVHU :HOWJLEWHVNHLQHJU|HUH+|OOHDOVGDV/HEHQGDV
LKUPLWHXUHQ.ULHJHQXQG)HLQGVFKDIWHQJHVFKDIIHQKDEWXQGLP-HQVHLWVJLEWHVNHLQDQGHUHV


)HXHU DOV GLH *HZLVVHQVTXDOHQ GHU 6HHOH ZHQQ GDV *HZLVVHQ LKU LKUH 9HUIHKOXQJHQ YRU
$XJHQIKUW 

 6RODQJH MHQH GLH LQ LKUHP UHOLJL|VHQ )DQDWLVPXV LP -HQVHLWV QXU GLH 6WUDIH GHU +|OOH
HUZDUWHQ DQ GLHVHU 0HLQXQJ IHVWKDOWHQ ZHUGHQ VLH VLFK VHOEVW LKUH +|OOH VFKDIIHQ ZHLO GLH
9HUZLUUXQJGHU6HHOHlKQOLFKMHQHUGHVPHQVFKOLFKHQ9HUVWDQGHVLVWZHQQDXFKYLHOVWlUNHU

,KUIUDJWQXQ0HLVWHUJLEWHV5HWWXQJIUMHQH",FKVDJHHXFK5HWWXQJJLEWHVIUDOOH
DEHUGHU)ULHGHXQGGDV/LFKWZHUGHQHUVWGDQQ]XMHQHQ6HHOHQJHODQJHQZHQQGLH)LQVWHUQLV
GHU9HUEOHQGXQJ VLFKDXIO|VW

+DEWLKUHLQPDO0LWOHLGIUHLQHQ0HQVFKHQ HPSIXQGHQGHVVHQYHUZLUUWHU9HUVWDQGLKQ
'LQJH VHKHQ OlW GLH JDU QLFKW H[LVWLHUHQ" :LHYLHO JU|HU ZlUH HXHU 6FKPHU] ZHQQ LKU LP
-HQVHLWV MHQH ZDKQXPIDQJHQHQ :HVHQ VHKHQ ZUGHW GLH LKUH HLQJHELOGHWH +|OOH
HUEOLFNHQ 

 (U]LWWHUW QLFKW DQJHVLFKWV GLHVHU 2IIHQEDUXQJHQ LP *HJHQWHLO IUHXW HXFK EHL GHP
*HGDQNHQ GD GLHVHV :RUW GLH 9RUVWHOOXQJ ]HUVW|UHQ ZLUG GLH LKU YRQ HLQHU HZLJHQ 6WUDIH
KDWWHWXQGDOOH$XVOHJXQJHQGLHHXFKLQGHQ YHUJDQJHQHQ=HLWHQYRPHZLJHQ)HXHUJHJHEHQ
ZXUGHQ

 'DV )HXHU LVW GDV 6LQQELOG GHV 6FKPHU]HV GHU 6HOEVWDQNODJHQ XQG GHU 5HXH GLH GLH
6HHOHPDUWHUQXQGVLHOlXWHUQZHUGHQZLHVLFKGDV*ROGLP6FKPHO]WLHJHOOlXWHUW,QGLHVHP
6FKPHU]LVWPHLQ:LOOHXQGLQPHLQHP:LOOHQLVWPHLQH/LHEH]XHXFK

 :HQQ HV ZDKU ZlUH GDVV HV GDV )HXHU LVW GDV GLH PHQVFKOLFKHQ 6QGHQ EHVWUDIW GDQQ
PVVWHQDOOH.|USHUGHUHUGLHJHVQGLJWKDEHQKLHULPLUGLVFKHQ/HEHQLQV)HXHUJHZRUIHQ
ZHUGHQ LP /HEHQ ZHLO VLH HV WRW QLFKW PHKU IKOHQ ZUGHQ 'HQQ GLH .|USHU HUKHEHQ VLFK
QLHPDOVLQGHQ*HLVWLJHQ5DXP LP*HJHQWHLOZHQQVLHHLQPDOLKUH$XIJDEHEHHQGHWKDEHQ
VLQNHQVLHLQV,QQHUHGHU(UGHZRVLHPLWGHU1DWXUYHUVFKPHO]HQYRQGHUVLH/HEHQQDKPHQ

 'RFK ZHQQ LKU JODXEW GD GDV ZDV LKU HZLJHV )HXHU QHQQW QLFKW IU GHQ .|USHU
VRQGHUQ IU GLH 6HHOH EHVWLPPW LVW VR LVW GLHV HLQ ZHLWHUHU VFKZHUHU ,UUWXP ZHLO HV LP
*HLVWLJHQ5HLFKNHLQHPDWHULHOOHQ(OHPHQWHJLEWQRFKGDV)HXHUHLQH:LUNXQJDXIGLH6HHOH
DXVEW :DV DXV GHU 0DWHULH JHERUHQ LVW LVW 0DWHULH ZDV DXV GHP *HLVWH JHERUHQ LVW LVW
*HLVW

0HLQ:RUWNRPPWQLFKWKHUDEXPLUJHQGHLQH*ODXEHQVEHU]HXJXQJDQ]XJUHLIHQ:HQQ
MHPDQGGLHVGHQNWLUUWHUVLFKVHKU0HLQ:RUWZLUGGHQ,QKDOWDOOGHVVHQHUNOlUHQZDVQLFKW
ULFKWLJDXVJHOHJWZRUGHQLVWXQGZDVGDKHU,UUWPHUHU]HXJWKDWGLHXQWHUGHU0HQVFKKHLWYRQ
*HQHUDWLRQ]X*HQHUDWLRQZHLWHUJHJHEHQZXUGHQ

:HOFKHQ:HUWKlWWHQPHLQ*HVHW]XQGPHLQH/HKUHZHQQVLHQLFKWLPVWDQGHZlUHQGLH
6HHOHQ DXV ,UUWXP XQG 6QGH ]X HUUHWWHQ" 8QG ZHOFKHQ 6LQQ KlWWH PHLQH *HJHQZDUW DOV
0HQVFKDXIGHU:HOWJHKDEWZHQQHVYLHOHJHEHQZUGHGLHIULPPHULQHLQHU6KQHRKQH
(QGH]XJUXQGHJHKHQPVVWHQ"  

 0DQFKH IKOHQ VLFK EHZRJHQ JXWH :HUNH ]X WXQ ZHLO VLH IUFKWHQ GDVV GHU 7RG VLH
EHUUDVFKW XQG VLH GDQQ NHLQH 9HUGLHQVWH KDEHQ GLH VLH LKUHP +HUUQ GDUEULQJHQ N|QQHQ
$QGHUH O|VHQ VLFK YRP %|VHQ GRFK QXU DXV )XUFKW LQ 6QGH ]X VWHUEHQ XQG QDFK GLHVHP
/HEHQHLQHHZLJH+|OOOHQTXDOHUWUDJHQ]XPVVHQ


 :LH HQWVWHOOW XQG XQYROONRPPHQ LVW GLHVHU *RWW LQ GHU *HVWDOW LQ GHU VR YLHOH ,KQ VLFK
YRUVWHOOHQ :LH XQJHUHFKW PRQVWU|V XQG JUDXVDP :HQQ PDQ DOOH6QGHQ XQG 9HUEUHFKHQ
GLH GLH 0HQVFKHQ EHJDQJHQ KDEHQ YHUHLQW VR NDQQ GLHV QLFKW PLW GHU $EVFKHXOLFKNHLW
YHUJOLFKHQZHUGHQZHOFKHGLH+|OOHQVWUDIHIUDOOH(ZLJNHLWEHGHXWHQZUGH]XGHU LKUHU
0HLQXQJQDFK *RWWGLH .LQGHUYHUGDPPWGLHVQGLJHQ+DEH,FKHXFKQLFKWGDUJHOHJWGD
GLHK|FKVWH(LJHQVFKDIW*RWWHVGLH/LHEHLVW"0HLQWLKUGDQQQLFKWGDHLQHHZLJH4XDOGLH
DEVROXWH9HUQHLQXQJGHU*|WWOLFKHQ(LJHQVFKDIWHZLJHU/LHEHZlUH"  

 ,KU JODXEW GD GHU +LPPHO HLQH 5HJLRQ LQ GHU (ZLJNHLW LVW XQG GD LKU GXUFK HLQ
DXIULFKWLJHV %HUHXHQ HXUHU 9HUIHKOXQJHQ LQ GHU 6WXQGH HXUHV N|USHUOLFKHQ 7RGHV LQ LKQ
HLQJHKHQN|QQWZHLOLKUGDUDXIYHUWUDXWGDLKULQMHQHP$XJHQEOLFN9HUJHEXQJILQGHWXQG
YRQ0LULQV+LPPHOUHLFKJHIKUWZHUGHW'DVLVWHVZDVLKUJODXEW

,FKGDJHJHQVDJHHXFKGDGHU+LPPHONHLQEHVWLPPWHU2UWQRFKHLQH5HJLRQQRFKHLQH
+HLPVWDWWLVW'HU+LPPHOGHV*HLVWHVLVWVHLQHKRKH*HIKOVZHOWXQGVHLQH9ROONRPPHQKHLW
VHLQ=XVWDQGGHU5HLQKHLW$QZHPOLHJWHVDOVRHXFK]XHUODXEHQGDLKU LQV+LPPHOUHLFK
NRPPW DQ0LUGHU,FKHXFKLPPHUJHUXIHQKDEHRGHUDQHXFKGLHLKULPPHUWDXEJHZHVHQ
VHLG"

 %HJUHQ]W QLFKW OlQJHU GDV 8QHQGOLFKH GDV *|WWOLFKH %HJUHLIW LKU QLFKW GD ZHQQ GHU
+LPPHOVRZlUHZLHLKUJODXEW HLQHEHVWLPPWH+HLPVWlWWH5HJLRQRGHUHLQEHVWLPPWHU2UW
HUGDQQQLFKWPHKUXQHQGOLFKZlUH"(VLVWDQGHU=HLWGDLKUGDV*HLVWLJHLQHLQHUK|KHUHQ
:HLVH DXIIDW DXFK ZHQQ HXUH 9RUVWHOOXQJVNUDIW QLFKW GLH JDQ]H :LUNOLFKNHLW ]X HUIDVVHQ
YHUPDJ$EHUVLHVROOVLFKLKUZHQLJVWHQVDQQlKHUQ  

'LH0XVLNGHV+LPPHOV

,KUKDEWJHK|UWGDVVGLH(QJHOLP+LPPHOHZLJGDV*|WWOLFKH.RQ]HUWYHUQHKPHQ:HQQ
LKU EHU GLHV 6LQQELOG QDFKGHQNW GDQQ KWHW HXFK GDYRU ]X JODXEHQ GDVV PDQ DXFK LP
+LPPHO0XVLNVWFNHlKQOLFK MHQHQYHUQLPPWGLHLKUDXI(UGHQ]XK|UHQJHZRKQWVHLG:HU
VRGHQNWLVWHLQHPY|OOLJHQ,UUWXPGHV0DWHULDOLVPXVHUOHJHQ:HUGDJHJHQ ZHQQHUYRQGHU
0XVLNGHV+LPPHOVXQGYRQ GHU6HOLJNHLWGHU(QJHOEHLP+|UHQGHUVHOEHQVSUHFKHQK|UW  DQ
GLH+DUPRQLHPLW*RWWEHLGLHVHP*|WWOLFKHQ.RQ]HUWGHQNWGHUZLUGLQGHU:DKUKHLWVHLQ

 'RFK ZLH NRPPW HV GDVV PDQFKH GLHV QLFKW VR DXIIDVVHQ REZRKO MHGHP YRQ HXFK LQ
VHLQHU 6HHOH HLQ 7RQ GHV 8QLYHUVHOOHQ .RQ]HUWHV LQQHZRKQW":LH NRPPW HV GDVV PDQFKHU
GHUGLHVHV:RUWYHUQLPPWHVQLFKWEHJUHLIWHVQLFKWHUIKOWRGHUHVIDOVFKDXVOHJW"

2JHOLHEWH.LQGHUGLHLKUVFKZDFKVHLGLQHXUHP$XIIDVVXQJVYHUP|JHQ VXFKWLP*HEHW
GDV/LFKW)UDJW0LFKLQHXUHQ0HGLWDWLRQHQGHQQVRZHLWJHKHQGHXUH)UDJHVWHOOXQJHQ DXFK
VHLQ P|JHQ ,FK ZHUGH HXFK DXV GHU (ZLJNHLW ]X DQWZRUWHQ ZLVVHQ ,FK ZHUGH HXFK
PHLQHUVHLWVJOHLFKIDOOV)UDJHQVWHOOHQGDPLW]ZLVFKHQGHP0HLVWHUXQGGHQ-QJHUQGDV/LFKW
GHU:DKUKHLWDXIJHKW

 'LH KLPPOLVFKH 0XVLN LVW GLH *HJHQZDUW *RWWHV LQ HXFK XQG LQPLWWHQ MHQHV .RQ]HUWHV
ZLUG HXHU 7RQ HUNOLQJHQ ZHQQ LKU HLQPDO GLH ZDKUH (UKHEXQJ HUUHLFKW KDEW ZHOFKHV GLH
JHLVWLJH6FK|QKHLWLVW'LHVLVWGLH+LPPHOVPXVLNXQGGHU*HVDQJGHU(QJHO:HQQLKUHVVR
HUOHEWXQGIKOWZLUGGLH:DKUKHLWLQHXUHP:HVHQZLGHUVWUDKOHQXQGLKUZHUGHWIKOHQGD
*RWW LQ HXFK LVW 'DV /HEHQ ZLUG HXFK HLQ HZLJHV XQG *|WWOLFKHV .RQ]HUW GDUELHWHQ XQG LQ
MHGHPVHLQHU7|QHZHUGHWLKUHLQH2IIHQEDUXQJHQWGHFNHQ


 1RFK KDEW LKU GLH VFK|QHQ 7|QH QLFKW LQ LKUHU YROONRPPHQHQ +DUPRQLH YHUQRPPHQ
OLHEOLFKH7|QH]XZHLOHQDQGHUHNUDIWYROO:HQQ LKUVLH]XIlOOLJPDOZDKUQHKPWZHUGHQVLH
HXFK DOV XQEHVWLPPWH 7|QH HUVFKHLQHQ GLH LKU QLFKW YHUHLQHQ N|QQW GRFK LKU VHLG HXFK GHU
6FK|QKHLW GLH VLH HQWKDOWHQ QLFKW Y|OOLJ EHZXW JHZRUGHQ ,KU PVVW GLH 6LQQH GLH
/HLGHQVFKDIWHQXQGGLH6FKDWWHQGHV0DWHULDOLVPXVKLQWHUHXFKODVVHQXPGDV.RQ]HUW*RWWHV
LQHXUHU6HHOHYHUQHKPHQ]XN|QQHQ  

,Q0HLQHV9DWHUV+DXVVLQGYLHOH:RKQXQJHQ

0HLQ:HUNZlFKVWLPPHUPHKUELVVLFKVFKOLHOLFKDOOH*HLVW6HHOHQLQ(UIOOXQJPHLQHV
*HVHW]HVYHUHLQHQXQGGLHVHLUGLVFKH+HLPVWDWW]XHLQHU:HOWGHU9ROONRPPHQKHLWZLUG'LH
VLH ]X MHQHU =HLW EHZRKQHQ ZHUGHQ PHLQH /LHEH LQ DOOHP *HVFKDIIHQHQ IKOHQ XQG VLFK
]XEHUHLWHQ XP LQ HLQHU EHVVHUHQ :HOW ]X OHEHQ 'LHVH :HOW ZLUG IU HXUHQ *HLVW
YRUEHUJHKHQG VHLQ HU ZLUG LP 9HUODQJHQ QDFK 9HUYROONRPPQXQJ ]X DQGHUHQ 5HJLRQHQ
DQGHUHQ(EHQHQGHV-HQVHLWVDXIEUHFKHQ

(ULQQHUWHXFKGDVV,FKHXFKVDJWH,P+DXVHPHLQHV9DWHUVJLEWHVYLHOH:RKQXQJHQ
8QG LQ GLHVHU =HLW JU|HUHU (QWZLFNOXQJ LQ GHU LKU PHLQH 8QWHUZHLVXQJHQ EHVVHU YHUVWHKW
ZLOO ,FK HXFK VDJHQ ,P +DXVH GHV 9DWHUV JLEW HV HLQH XQHQGOLFKH =DKO YRQ :RKQXQJHQ
0HLQW DOVR QLFKW GDVV LKU EHLP 6FKHLGHQ YRQ GLHVHU :HOW EHUHLWV GLH JU|WH JHLVWLJH +|KH
HUUHLFKWKDW1HLQ-QJHU:HQQHXHU$XIHQWKDOWDXIGLHVHP3ODQHWHQHQGHWZHUGH,FKHXFK
]X QHXHQ +HLPVWlWWHQ IKUHQ XQG VR ZHUGH ,FK HXFK LPPHUGDU DXI GHU XQHQGOLFKHQ
6WXIHQOHLWHU HXUHU 9HUYROONRPPQXQJ OHLWHQ 9HUWUDXW DXI 0LFK OLHEW 0LFK XQG LKU ZHUGHW
JHUHWWHWVHLQ 

 (V LVW XQP|JOLFK GDVV LKU HXFK EHUHLWV LQ GLHVHU :HOW HLQH 9RUVWHOOXQJ GDYRQ PDFKHQ
N|QQWZDVRGHUZLHPHLQ5HLFKGHU+LPPHOXQGGLH+HUUOLFKNHLWEHVFKDIIHQVLQG,FKZLOO
GDVVLKUHXFKGDPLWEHJQJW]XZLVVHQGDVVHVHLQ=XVWDQGGHU9ROONRPPHQKHLWGHU6HHOHLVW
DXVGHPKHUDXVVLHGDVZXQGHUEDUH/HEHQGHV*HLVWHVHUOHEWHPSILQGHWXQGEHJUHLIWZHOFKHV
LKUGHU]HLWZHGHUEHJUHLIHQQRFKHXFKYRUVWHOOHQN|QQW

,FKVDJHHXFKGDVVQLFKWHLQPDOGLH6HHOHQGLHDXIK|KHUHQ(EHQHQOHEHQDOVMHQHUDXI
GHULKUHXFKEHILQGHWGLH:LUNOLFKNHLWMHQHV/HEHQVNHQQHQ:LVVWLKUZDVHVEHGHXWHWLP
6FKRHGHV9DWHUV]XOHEHQ":HQQLKUHLQPDOGRUWOHEWGDQQHUVWN|QQWLKUHVZLVVHQ1XU
HLQ XQEHVWLPPWHV 9RUJHIKO HLQH VFKZDFKH $KQXQJ MHQHV 0\VWHULXPV VWUHLIW IOFKWLJ HXHU
+HU]DOVHLQ$QVSRUQDXIHXUHP(QWZLFNOXQJVZHJH 


9,,'(5(17:,&./81*6:(*=8592//.200(1+(,7
.DSLWHO 6WHUEHQ7RGXQGMHQVHLWLJHV(UZDFKHQ

'LH8QVWHUEOLFKNHLWGHU6HHOH

'LHVLVWGLH=HLWLQGHUGLH0HQVFKHQIUGLH6FK|QKHLWHQGHV*HLVWHVHUZDFKHQLQGHUVLH
VLFKIUGDV(ZLJHLQWHUHVVLHUHQXQGVLFKIUDJHQ:LHZLUGGDV/HEHQVHLQGDVXQVQDFKGHP
7RGHHUZDUWHW"

 :HU KDW VLFK QLFKW VFKRQ JHIUDJW ZLH XQJOlXELJ HU DXFK VHL RE LQ LKP QLFKW HWZDV
H[LVWLHUW GDV GLH .|USHUPDWHULH EHUOHEW" :DKUOLFK ,FK VDJH HXFK HV JLEW QLHPDQGHQ GHU
MHQHV 0\VWHULXP QLFKW DKQW XQG GHU QLFKW HLQHQ $XJHQEOLFN EHU GDV 8QHUJUQGOLFKH
QDFKJHGDFKWKlWWH

'LHHLQHQVWHOOHQ)UDJHQKLQVLFKWOLFKGHV*HKHLPQLVVHVGHV*HLVWLJHQ/HEHQVGDVIHUQH]X
VHLQ VFKHLQW XQG GDV GRFK LQ :LUNOLFKNHLW GLUHNW YRU HXUHQ $XJHQ LVW DQGHUH ZHUGHQ GDYRQ
YHUZLUUW XQG ZLHGHU DQGHUH OHXJQHQ HV 'LH HLQHQ UHGHQ ZHLO VLH DOOHV ]X ZLVVHQ JODXEHQ
DQGHUH VFKZHLJHQ XQG ZDUWHQ DE GRFK ZLH ZHQLJH VLQG GHUHU GLH ZLUNOLFK HWZDV YRP
-HQVHLWVZLVVHQ 

 ,Q GHU 'ULWWHQ =HLW ELQ ,FK GHP *UDE GHV 9HUJHVVHQV LQ GDV GLH 0HQVFKKHLW 0LFK
YHUZLHVHQ KDW HQWVWLHJHQ XP VLH ]X QHXHP /HEHQ ]X HUZHFNHQ GHQQ ,FK ELQ GDV /HEHQ
1LHPDQGNDQQVWHUEHQ6HOEVWMHQHUGHUVLFKGDV'DVHLQPLWHLJHQHU+DQGUDXEWZLUGK|UHQ
GDVVLKPVHLQ*HZLVVHQVHLQHQ0DQJHODQ*ODXEHQYRUZLUIW 

 0HLQH /HKUH LVW QLFKW QXU GDIU GD XP HXFK .UDIW XQG =XYHUVLFKW ZlKUHQG HXUHV
/HEHQVZHJHV DXI (UGHQ ]X JHEHQ VLH VROO HXFK OHKUHQ ZLH PDQ GLHVH :HOW YHUOlW GLH
6FKZHOOHQGHV-HQVHLWVEHUVFKUHLWHWXQGGLHHZLJH+HLPDWEHWULWW

 $OOH .RQIHVVLRQHQ VWlUNHQ GLH 6HHOH DXI LKUHP *DQJ GXUFK GLHVH :HOW DEHU ZLH ZHQLJ
RIIHQEDUHQ VLH LKU XQG EHUHLWHQ VLH IU GLH JURH 5HLVH LQV -HQVHLWV YRU 'DV LVW GHU *UXQG
ZHVKDOE YLHOH GHQ 7RG DOV HLQ (QGH EHWUDFKWHQ RKQH ]X ZLVVHQ GDVV PDQ YRQ GD DQ GHQ
XQHQGOLFKHQ+RUL]RQWGHVZDKUHQ/HEHQVHUEOLFNW  

 'HU 7RG LVW QXU HLQ 6LQQELOG GHU 7RG H[LVWLHUW QXU IU MHQH GLH GLH :DKUKHLW QRFK
QLFKW]XHUNHQQHQYHUP|JHQ)UVLHLVWGHU7RGZHLWHUKLQHLQ6FKUHFNHQVELOGKLQWHUGHP
GDV8QIDVVEDUHRGHUGDV1LFKWVLVW (XFK VDJH,FK0DFKWHXUH$XJHQDXIXQGEHJUHLIWGDVV
DXFKLKUQLFKWVWHUEHQZHUGHW,KUZHUGHWHXFKYRP.|USHUWUHQQHQGRFKGLHVEHGHXWHWQLFKW
GDVVLKUVWHUEHQZHUGHW,KUKDEWZLHHXHU0HLVWHUHZLJHV/HEHQ 

9RUEHUHLWXQJDXIGDV6FKHLGHQYRQGLHVHU:HOW

,KUPVVWEHJUHLIHQGDVVLKU PLW*HLVWEHJDEW LQGHU6FK|SIXQJGDVJHOLHEWHVWH:HUN


GHV 9DWHUV GDUVWHOOW ZHLO (U LQ HXFK JHLVWLJH (VVHQ] JHLVWLJH (LJHQVFKDIWHQ XQG
8QVWHUEOLFKNHLWKLQHLQOHJWH

)UGLH6HHOHJLEWHVNHLQHQ7RG HLQHQ7RGZLHLKULKQDXIIDVVW GDVKHLWGDV$XIK|UHQ


]X H[LVWLHUHQ 'HU 7RG GHV .|USHUV NDQQ QLFKW GHU 7RG RGHU GDV (QGH IU GLH 6HHOH VHLQ
*HUDGHGDQQ|IIQHWVLHGLH$XJHQIUHLQK|KHUHV/HEHQZlKUHQGLKUH.|USHUKOOHGLHVHOEHQ


LQ%H]XJDXIGLH:HOWIULPPHUVFKOLHW(VLVWQXUHLQ$XJHQEOLFNGHVhEHUJDQJHVDXIGHP
:HJHGHU]XU9ROONRPPHQKHLWIKUW

:HQQLKUHVQRFKQLFKWVRYHUVWDQGHQKDEWVRGHVKDOEZHLOLKUGLHVH:HOWQRFKVHKUOLHEW
XQGHXFKHQJDQVLHJHEXQGHQIKOW(VEHGUFNWHXFKGLHVH+HLPVWDWW]XYHUODVVHQZHLOLKU
HXFK IU GLH (LJHQWPHU GHVVHQ KDOWHW ZDV LKU LQ LKU EHVLW]W XQG PDQFKH KDEHQ DXFK HLQH
XQEHVWLPPWH 9RUDKQXQJ PHLQHU *|WWOLFKHQ *HUHFKWLJNHLW XQG IUFKWHQ VLFK GDYRU GLH
*HLVWLJH:HOW]XEHWUHWHQ

'LH0HQVFKKHLWKDW GLHVH:HOWDOO]XVHKU JHOLHEW DOO]XVHKU ZHLOLKUH /LHEH IHKOJHOHLWHW


ZDU:LHYLHOHVLQGDXVGLHVHP*UXQGHDXILKUXPJHNRPPHQ:LHVHKUKDEHQVLFKGLH6HHOHQ
DXVGHPVHOEHQ*UXQGHYHUPDWHULDOLVLHUW

1XUZHQQLKUGLH6FKULWWHGHV7RGHVQDKH JHIKOWKDEWZHQQLKUVFKZHUNUDQN JHZHVHQ


VHLG ZHQQ LKU JHOLWWHQ KDEW GDQQ HUVW KDEW LKU GDUDQ JHGDFKW GDVV LKU QXU HLQHQ 6FKULWW YRU
GHP -HQVHLWV VWHKW YRU MHQHU *HUHFKWLJNHLW GLH LKU QXU LQ VROFKHQ NULWLVFKHQ $XJHQEOLFNHQ
IUFKWHWXQGGDQQPDFKWLKUGHP9DWHU*HO|EQLVVHXQGVFKZ|UW ,KQDXI(UGHQ]XOLHEHQ,KP
]XGLHQHQXQG]XJHKRUFKHQ  

'LH0HQVFKHQKDEHQGLHV/HEHQGHUDUWJHOLHEWGDVVVLHVLFK ZHQQGLH6WXQGHQDKWHV]X
YHUODVVHQ JHJHQPHLQHQ:LOOHQDXIOHKQHQXQG GHQ5XIQLFKWK|UHQ ZROOHQGHQ ,FK DQVLH
HUJHKHQ ODVVH 6LH YHUVFKPlKHQ GHQ )ULHGHQ PHLQHV 5HLFKHV XQG ELWWHQ GHQ 9DWHU XP HLQH
ZHLWHUH=HLWVSDQQHDXIGHU(UGHXPZHLWHUKLQLKUH]HLWOLFKHQ*WHU]XEHVLW]HQ

 :HUGHW IHLQIKOLJ GDPLW LKU GDV *HLVWLJH /HEHQ HUDKQW XQG HXFK QLFKW PLW GHP $QIDQ J
HXUHU (QWZLFNOXQJ EHJQJW GHQQ GDV LVW GLHVHV /HEHQ  ZHLO EHU LKP K|KHUH
6FK|SIXQJVZHUNHH[LVWLHUHQ

9HUVXFKWQLFKWGHQ7RG]XUFN]XZHLVHQZHQQHUQDFKPHLQHP:LOOHQDQHXFKKHUDQWULWW
XQGYHUODQJWDXFKQLFKWQDFKGHP:LVVHQVFKDIWOHUGDPLW HUIUHXFKGDV:XQGHUYROOEULQJW
PHLQHQ 5DWVFKOVVHQ ]X ZLGHUVWHKHQ XQG HXHU 'DVHLQ ]X YHUOlQJHUQ GHQQ EHLGH ZHUGHW LKU
GLHVHQ)HKOHUELWWHUEHUHXHQ%HUHLWHWHXFKLQGLHVHP/HEHQYRUXQGLKUZHUGHWNHLQHQ*UXQG
KDEHQHXUHQ(LQWULWWLQV-HQVHLWV]XIUFKWHQ  

/LHEWGDVZDVGHU:HOWDQJHK|UWVRODQJHLKUDXILKUOHEWELV]XHLQHPEHVWLPPWHQ3XQNW
GDPLW LKU LKUH *HVHW]H ]X HUIOOHQ YHUVWHKW DEHU QlKUW LPPHU GDV KRKH =LHO LQ GHQ KRKHQ
JHLVWLJHQ /HEHQVZHOWHQ ]X ZRKQHQ GDPLW HXUH 6HHOH QLFKW YHUVW|UW LVW ZHQQ VLH VLFK LKUHU
.|USHUKOOH HQWOHGLJW QRFK VLFK YRQ GHP LQ 9HUVXFKXQJ IKUHQ OlVVW ZDV VLH DXI GLHVHP
3ODQHWHQOLHEWHGHQQGDQQZLUGVLHDQHLQH:HOWJHEXQGHQXQGJHNHWWHWEOHLEHQGHUVLHQLFKW
PHKUDQJHK|UWXQGGLHVLHLQNHLQHU:HLVHPHKUJHQLHVVHQNDQQ 

+DEW(UEDUPHQPLWHXFKVHOEVW.HLQHUZHLZDQQGHU$XJHQEOLFNNRPPHQZLUGLQGHP
VHLQ *HLVW VLFK YRQ GHU 0DWHULH WUHQQW 1LHPDQG ZHL RE DP IROJHQGHQ 7DJH VHLQH $XJHQ
VLFK QRFK GHP /LFKWH |IIQHQ ZHUGHQ ,KU DOOH JHK|UW GHP HLQ]LJHQ (LJHQWPHU DOOHV
*HVFKDIIHQHQXQGZLVVWQLFKWZDQQLKUDEJHUXIHQZHUGHW

%HGHQNWGDVVQLFKWHLQPDOGLH+DDUHDXIHXUHP+DXSWHHXFKJHK|UHQQRFKGHU6WDXEDXI
GHQ LKU WUHWHW GDVV LKU VHOEVW QLFKW HXFK JHK|UW GDVV LKU NHLQH YHUJlQJOLFKHQ %HVLW]WPHU
EHQ|WLJWGDDXFKHXHU5HLFKQLFKWYRQGLHVHU:HOWLVW


9HUJHLVWLJWHXFKXQGDOOHVZHUGHWLKUPLW*HUHFKWLJNHLWXQGPLW0DEHVLW]HQVRODQJHLKU
HV EHQ|WLJW :HQQ GDQQ GHU $XJHQEOLFN GHV 9HU]LFKWHV DXI GLHVHV /HEHQ JHNRPPHQ LVW
ZHUGHW LKU YRP /LFKWH HUIOOW DXIVWHLJHQ XP GDV LQ %HVLW] ]X QHKPHQ ZDV HXFK LQ GHU
DQGHUHQ:HOW]XNRPPW  

'HUhEHUJDQJLQGLHDQGHUH:HOW

=XMHGHU6WXQGHUXIWHXFKPHLQH6WLPPHDXIGHQJXWHQ:HJDXIGHPGHU)ULHGHLVWDEHU
HXHUWDXEHV*HK|UKDWQXUHLQHQ $XJHQEOLFNGHU(PSILQGVDPNHLWIUMHQH6WLPPHXQGGLHVHU
$XJHQEOLFNLVWGHUOHW]WHHXUHV/HEHQVZHQQGHU7RGHVNDPSIHXFKGLH1lKHGHVN|USHUOLFKHQ
7RGHV DQNQGLJW 'DQQ ZROOWHW LKU JHUQH GDV /HEHQ QHX EHJLQQHQ XP )HKOHU ZLHGHU
JXW]XPDFKHQ XP HXUH 6HHOH DQJHVLFKWV GHV 8UWHLOVVSUXFKHV HXUHV *HZLVVHQV ]X EHUXKLJHQ
XQGGHP+HUUQHWZDV:HUWYROOHVXQG9HUGLHQVWYROOHVGDU]XEULQJHQ 

 :HQQ LKU QDFK GHU 8QVWHUEOLFKNHLW GHU *HLVW6HHOH VWUHEW VR IUFKWHW QLFKW GDV .RPPHQ
GHV7RGHVGHUGHPPHQVFKOLFKHQ/HEHQHLQ(QGHVHW]W(UZDUWHWLKQYRUEHUHLWHWHUXQWHUVWHKW
PHLQHP%HIHKOXQGGDUXPNRPPWHULPPHU]XUULFKWLJHQ=HLWXQG]X5HFKWDXFKZHQQGLH
0HQVFKHQKlXILJGDV*HJHQWHLOJODXEHQ

 'DV 6FKZHUH LVW QLFKW GDVV GHU 0HQVFK VWLUEW VRQGHUQ GDVV HV VHLQHU 6HHOH EHLP
9HUODVVHQ GHV .|USHUV DQ /LFKW PDQJHOW XQG VLH GLH :DKUKHLW QLFKW VFKDXHQ NDQQ ,FK ZLOO
QLFKW GHQ 7RG GHV 6QGHUV VRQGHUQ VHLQH 8PNHKU 'RFK ZHQQ GHU 7RG HLQPDO QRWZHQGLJ
ZLUG VHL HV XP HLQH 6HHOH ]X EHIUHLHQ RGHU XP GHQ 6WXU] HLQHV 0HQVFKHQ LQV 9HUGHUEHQ
DXI]XKDOWHQ GDQQ GXUFKVFKQHLGHW PHLQH *|WWOLFKH *HUHFKWLJNHLW GHQ /HEHQVIDGHQ MHQHU
PHQVFKOLFKHQ([LVWHQ]  

 :LVVHW GDVV LP %XFKH HXUHU %HVWLPPXQJ GHU 7DJ XQG GLH 6WXQGH DXIJH]HLFKQHW LVW GD
VLFK GLH 3IRUWHQ GHV -HQVHLWV |IIQHQ ZHUGHQ XP HXUHU 6HHOH (LQODVV ]X JHZlKUHQ 9RQ GRUW
DXVZHUGHWLKUHXHUJDQ]HV:HUNDXI(UGHQHXUHJDQ]H9HUJDQJHQKHLWVHKHQ,KUZROOWGRFK
GDQQ QLFKW 6WLPPHQ K|UHQ GLH DXV 9RUZUIHQ RGHU .ODJHQ JHJHQ HXFK EHVWHKHQ RGHU MHQH
VHKHQGLHHXFKDOV8UKHEHULKUHUhEHOEH]HLFKQHQ 

:HLOLKUQRFKHLQHQZHLWHQ:HJYRUHXFKVHKWVROOWLKUQLFKWVWHKHQEOHLEHQXQGGHQNHQ
GDVVLKUQLHPDOVDQV=LHOJHODQJHQZHUGHW6FKUHLWHWYRUDQGHQQVHOEVWEHU HLQHQ YHUORUHQHQ
$XJHQEOLFNZLUGHXUH6HHOHVSlWHUZHLQHQ:HUKDWHXFKJHVDJWGDVVGDV=LHODXIGLHVHU:HOW
LVW":HUKDWHXFKJHOHKUWGDVVGHU7RGGDV(QGHLVWXQGGDVVLKULQMHQHP$XJHQEOLFNPHLQ
5HLFKHUUHLFKHQN|QQW"

'HU7RGLVWZLHHLQNXU]HU6FKODIQDFKZHOFKHPGLH6HHOHXQWHUGHU/LHENRVXQJPHLQHV
/LFKWHVPLWHUQHXHUWHQ.UlIWHQHUZDFKHQZLUGZLH]XHLQHPQHXHQ7DJHGHUIUVLHEHJLQQW

 'HU 7RG LVW GHU 6FKOVVHO GHU HXFK GLH 7RUH GHV *HIlQJQLVVHV |IIQHW LQ GHP LKU HXFK
EHIDQGHWVRODQJHLKU DQ GLH.|SHUPDWHULH JHEXQGHQZDUWXQGHULVW]XJOHLFKGHU6FKOVVHO
GHUHXFKGLH3IRUWHQ]XU(ZLJNHLW|IIQHW

 'LHVHU 3ODQHW GHU GXUFK GLH PHQVFKOLFKHQ 8QYROONRPPHQKHLWHQ LQ HLQ 6KQHWDO
YHUZDQGHOWZXUGHZDUIUGLH6HHOH*HIDQJHQVFKDIWXQG9HUEDQQXQJ

 :DKUOLFK ,FK VDJH HXFK GDV /HEHQ DXI (UGHQ LVW HLQH ZHLWHUH 6WXIH DXI GHU /HLWHU GHV
/HEHQV :DUXP IDVVW LKU HV QLFKW VR DXI GDPLW LKU DOOH VHLQH /HNWLRQHQ QXW]W" 'HU *UXQG


ZDUXP YLHOH HLQ XPV DQGHUH PDO ]X LKP ]XUFNNHKUHQ PVVHQ LVW GHU ZHLO VLH HV QLFKW
YHUVWDQGHQXQGVLHDXVLKUHPYRUKHUJHKHQGHQ/HEHQNHLQHQ1XW]HQ]RJHQ  

,KUPVVWZLVVHQGDVVGLH6HHOHYRULKUHU(UGHQLQNDUQDWLRQHLQHJUQGOLFKH9RUEHUHLWXQJ
HUKlOW GD VLH LP %HJULIIH LVW HLQHU ODQJHQ XQG ]XZHLOHQ KDUWHQ 3UIXQJ XQWHUZRUIHQ ]X
ZHUGHQ$EHUGDQNMHQHU9RUEHUHLWXQJLVWVLHQLFKWYHUVW|UWZHQQVLHLQGLHVHV/HEHQHLQWULWW
6LHVFKOLHWLKUH$XJHQIUGLH9HUJDQJHQKHLWXPVLHIUHLQQHXHV'DVHLQ]X|IIQHQXQGVR
SDVVWVLHVLFKYRPHUVWHQ$XJHQEOLFNGHU:HOWDQDXIGLHVLHJHNRPPHQLVW

:LHDQGHUVLVWGLH$UWXQG:HLVHLQGHUVLFKHXUH6HHOHYRUGHQ6FKZHOOHQGHV*HLVWLJHQ
/HEHQV HLQVWHOOW VREDOG VLH LKUHQ .|USHU XQG GLH :HOW YHUODVVHQ KDW 'D LKU ZLUNOLFKH
9RUEHUHLWXQJIUGLH5FNNHKULQLKUH+HLPDWQLFKW]XWHLOZXUGHLVWVLHYHUZLUUWEHKHUUVFKHQ
VLHQRFKGLH*HIKOHGHV0DWHULHN|USHUVXQGVLHZHLQLFKWZDVVLHWXQQRFKZRKLQVLHVLFK
ZHQGHQVROO

'LHVLVWGDUDXI]XUFN]XIKUHQGDVLHQLFKWOHUQWHGDPDQLPOHW]WHQ$XJHQEOLFNDXFK
IUGLHVH:HOWGLH$XJHQYHUVFKOLHHQPXGHQQQXUVRZLUGVLHGLHVHLQGHUJHLVWLJHQ:HOW
GLHVLHYHUODVVHQKDWWHZLHGHU|IIQHQN|QQHQZRVLHLKUHJDQ]H9HUJDQJHQKHLWHUZDUWHWXP
PLW LKUHU QHXHQ (UIDKUXQJ YHUHLQW ]X ZHUGHQ XQG DOOH LKUH IUKHUHQ 9HUGLHQVWH GHQ QHXHQ
KLQ]XJHIJWZHUGHQ

 (LQ GLFKWHU 6FKOHLHU KOOW LKU 'HQNYHUP|JHQ HLQ ZlKUHQG VLH GDV /LFKW ]XUFNJHZLQQW
HLQ KDUWQlFNLJHU (LQIOXVV YRQ DOOHP ZDV VLH ]XUFNOLH KLQGHUW VLH GDUDQ GLH 6FKZLQJXQJ
LKUHV*HLVWHV]XIKOHQGRFKZlKUHQGLKUH6FKDWWHQVLFKDXIO|VHQXPVLFKPLWLKUHPZDKUHQ
:HVHQVNHUQ]XYHUHLQHQ ZLHYLHO9HUVW|UWKHLWZLHYLHO6FKPHU]

 *LEW HV MHPDQGHQ GHU QDFKGHP HU GLHVH %RWVFKDIW JHK|UW RGHU JHOHVHQ KDW VLH DOV HLQH
QXW]ORVHRGHUIDOVFKH%HOHKUXQJDEOHKQW",FKVDJHHXFKGDVVQXUGHUGHUVLFKDXIHLQHU6WXIH
lXHUVWHQ 0DWHULDOLVPXV RGHU EOLQGHU 8QEHOHKUEDUNHLW EHILQGHW GLHVHV /LFKW ]XUFNZHLVHQ
N|QQWHRKQHGDVVVHLQH6HHOHGDYRQ]XWLHIVWEHZHJWZLUG  

'HU7RGHVVFKODI

 'LH JHLVWLJH 5XKH ZLH VLH HXUH LUGLVFKH 1DWXU YHUVWHKW XQG DXIIDVVW JLEW HV QLFKW 'LH
(UKROXQJGLHGHQ*HLVWHUZDUWHWLVW$NWLYLWlWLVWGLH9HUYLHOIDFKXQJLP7XQGHV*XWHQLVW
GDV 1XW]HQ HLQHV MHGHQ $XJHQEOLFNHV 'DQQ HUKROW VLFK GLH 6HHOH HQWOHGLJW VLH VLFK YRQ
6HOEVWYRUZUIHQXQG /HLGHQHUTXLFNWVLFKLQGHPVLH*XWHVWXWHUKROWVLFKLQGHPVLHLKUHQ
6FK|SIHUXQGLKUH*HVFKZLVWHUOLHEW

:DKUOLFK,FKVDJHHXFKZHQQ,FKHXUH6HHOHXQWlWLJEOHLEHQODVVHQZUGHGDPLWVLHUXKW
ZLHLKUHXFKGLH5XKHDXI(UGHQYRUVWHOOWZUGHVLFKLKUGLH)LQVWHUQLVGHU9HU]ZHLIOXQJXQG
GHU$QJVWEHPlFKWLJHQGHQQGDV/HEHQXQGGDV/LFKWGHU6HHOHVRZLHLKUJU|WHV*OFNVLQG
GLH$UEHLWGHU.DPSIGLHXQDEOlVVLJH$NWLYLWlW

 'LH 6HHOH GLH YRQ GHU (UGH ]XP *HLVWLJHQ 7DOH ]XUFNNHKUW LQ VLFK VHOEVW GLH
0GLJNHLWGHV)OHLVFKHVHLQJHSUlJWPLWEULQJWXQGGDV-HQVHLWVDOVHLQ5XKHODJHUVXFKWXP]X
UXKHQXP]XYHUJHVVHQXPGLH6SXUHQGHV/HEHQVNDPSIHVDXV]XO|VFKHQ GLHVHZLUGVLFKDOV
GDV XQJOFNOLFKVWH :HVHQ IKOHQ XQG ZHGHU )ULHGHQ QRFK 6HOLJNHLW ILQGHQ ELV VLH DXV LKUHU
/HWKDUJLHHUZDFKWLKUHQ,UUWXPHLQVLHKWXQGVLFK]XP*HLVWLJHQ/HEHQHUKHEWGDVVRLVWZLH
,FKHVHXFKHEHQJHVDJWKDEH /LHEH7lWLJNHLWXQDEOlVVLJHU.DPSIDXIGHP3IDGHGHU]XU
9ROONRPPHQKHLWIKUW  


'DV:LHGHUVHKHQLP-HQVHLWV

,FKZLOOGDVVLKUJOlXELJH0HQVFKHQVHLGGDVVLKUDQGDV*HLVWLJH/HEHQJODXEW:HQQLKU
HXUH%UGHULQV-HQVHLWVKDEWDXIEUHFKHQVHKHQVRKDOWHWVLHQLFKWIUIHUQYRQ HXFKXQGGHQNW
DXFK QLFKW GDVV LKU VLH IU LPPHU YHUORUHQ KDEW :HQQ LKU HXFK PLW LKQHQ ZLHGHU YHUHLQHQ
ZROOWVRDUEHLWHWHUZHUEWHXFK9HUGLHQVWHXQGZHQQLKUGDQQLQV-HQVHLWVNRPPWZHUGHWLKU
VLHGRUWDXIHXFKZDUWHQGILQGHQXPHXFK]XOHKUHQLP*HLVWLJHQ7DO]XOHEHQ 

 :HU KDW QRFK QLFKW %HXQUXKLJXQJ HPSIXQGHQ DQJHVLFKWV GHV /HEHQV LP -HQVHLWV" :HU
YRQ GHQHQ GLH HLQHQ $QJHK|ULJHQ DXI GLHVHU :HOW YHUORUHQ KDEHQ KDW QLFKW GLH 6HKQVXFKW
JHIKOW LKQ QRFK HLQPDO ]X VHKHQ RGHU ZHQLJVWHQV ]X ZLVVHQ ZR HU VLFK EHILQGHW" $OO GLHV
ZHUGHWLKUHUIDKUHQLKUZHUGHWVLHZLHGHUVHKHQ

'RFKHUZHUEWMHW]W 9HUGLHQVWHGDPLWQLFKWZHQQLKUGLHVH(UGHYHUODVVWXQGLP*HLVWLJHQ
7DOH IUDJW ZR VLFK MHQH DXIKDOWHQ GLH LKU ]X ILQGHQ KRIIW PDQ HXFK VDJW GDVV LKU VLH QLFKW
VHKHQ N|QQW ZHLO VLH VLFK DXI HLQHU K|KHUHQ 6WXIH EHILQGHQ 9HUJHVVW QLFKW GDVV ,FK HXFK
VFKRQYRUODQJHU =HLWJHVDJWKDEHGDVVHVLP+DXVHGHV9DWHUVYLHOH:RKQXQJHQ JLEW 


'DV*HULFKWGHU6HHOHGXUFKGDVHLJHQH*HZLVVHQ

:HQQGLH6HHOHLUJHQGHLQHVJURHQ6QGHUVVLFKYRQGLHVHPPDWHULHOOHQ/HEHQO|VWXP
LQGDV*HLVWLJH7DOHLQ]XJHKHQLVWVLHHUVWDXQWIHVW]XVWHOOHQGDVVGLH+|OOHZLHVLHVLFKGLHVH
YRUVWHOOWH QLFKW H[LVWLHUW XQG GDVV GDV )HXHU YRQ GHP PDQ LKU LQ YHUJDQJHQHQ =HLWHQ
HU]lKOWH QLFKWV DQGHUHV DOV GLH JHLVWLJH $XVZLUNXQJ LKUHU :HUNH LVW ZHQQ VLH GHP
XQHUELWWOLFKHQ5LFKWHUJHJHQEHUVWHKWZHOFKHULKU*HZLVVHQLVW

 'LHVHV HZLJH *HULFKW GLHVH +HOOLJNHLW GLH LQPLWWHQ GHU )LQVWHUQLV DQEULFKW GLH MHQHQ
6QGHUXPJLEWEUHQQWVWlUNHUDOVGDVKHLHVWH)HXHUGDVLKUHXFKYRUVWHOOHQN|QQW'RFKHV
LVW NHLQH 0DUWHU GLH LP YRUDXV DOV HLQH 6WUDIH IU GHQ GHU 0LFK YHUOHW]W KDW YRUEHUHLWHW
ZXUGH QHLQ GLHVH 4XDO HQWVSULQJW GHU (UNHQQWQLV GHU EHJDQJHQHQ 9HUIHKOXQJHQ GHP /HLG
'HQYHUOHW]W]XKDEHQGHULKPGDV'DVHLQVFKHQNWHHLQHQVFKOHFKWHQ*HEUDXFKYRQGHU=HLW
XQGDOOGHQ*WHUQJHPDFKW]XKDEHQGLHHUYRQVHLQHP+HUUQHPSILQJ

*ODXEWLKUGDVV,FKGHQVWUDIHQVROOWHGHU0LFKGXUFKVHLQH6QGHQYHUOHW]WHDXFKZHQQ
,FK ZHL GDVV GLH 6QGH GHQMHQLJHQ PHKU YHUOHW]W GHU VLH EHJHKW" 6HKW LKU QLFKW GDVV GHU
6QGHU VHOEVW HV LVW GHU VLFK %|VHV DQWXW XQG GDVV ,FK PLW VHLQHU %HVWUDIXQJ QLFKW GDV
8QJOFNYHUPHKUHQZLOOGDVHUVLFKEHUHLWHWKDW",FKODVVHQXU]XGDVVHUVLFKVHOEVWHUEOLFNW
GDVV HU GLH XQHUELWWOLFKH 6WLPPH VHLQHV *HZLVVHQV K|UW GDVV HU VLFK VHOEVW EHIUDJW XQG VLFK
VHOEVW DQWZRUWHW GDVV HU GDV JHLVWLJH *HGlFKWQLV ]XUFNJHZLQQW GDV HU GXUFK GLH 0DWHULH
YHUORUHQ KDWWH XQG HU VLFK DQ VHLQHQ 8UVSUXQJ VHLQH %HVWLPPXQJ XQG VHLQH *HO|EQLVVH
HULQQHUW XQG GRUW LQ GLHVHP *HULFKW PXVV HU GLH :LUNXQJ GHV )HXHUV HUIDKUHQ GDV VHLQ
%|VHVDXVPHU]WGDVLKQYRQQHXHPZLHGDV*ROGLP6FKPHO]WLHJHOVFKPLO]WXPYRQLKPGDV
6FKlGOLFKHGDV8QQW]HXQGDOOHVZDVQLFKWJHLVWLJLVW]XHQWIHUQHQ

 :HQQ HLQH *HLVW6HHOH LQQHKlOW XP GLH 6WLPPH XQG GDV 8UWHLO LKUHV *HZLVVHQV ]X
YHUQHKPHQ ZDKUOLFK,FKVDJHHXFKLQGLHVHU6WXQGHEHILQGHWVLHVLFKLQPHLQHU*HJHQZDUW

 'LHVHU $XJHQEOLFN GHU 5XKH GHV 6WLOOHZHUGHQV XQG GHU .ODUKHLW NRPPW QLFKW ]X DOOHQ
6HHOHQ ]XU JOHLFKHQ =HLW 0DQFKH WUHWHQ VFKQHOO LQ MHQH 3UIXQJ LKUHU VHOEVW HLQ XQG GDPLW
HUVSDUHQVLHVLFKYLHOH/HLGHQ'HQQVREDOGVLH]XU:LUNOLFKNHLWHUZDFKHQXQGLKUH,UUWPHU


HUNHQQHQ PDFKHQ VLH VLFK EHUHLW XQG JHKHQ GDUDQ LKUH E|VHQ :HUNH ELV ]XP OHW]WHQ ]X
VKQHQ

$QGHUHGLHYHUEOHQGHWVLQG VHLHVGXUFKGDV/DVWHUGXUFKLUJHQGHLQHQ*UROORGHUZHLO
VLH HLQ /HEHQ GHU 6QGHQ JHIKUW KDEHQ EUDXFKHQ ODQJH ELV VLH DXV LKUHU 9HUEOHQGXQJ
KHUDXVILQGHQ

 :LHGHU DQGHUH GLH XQ]XIULHGHQ VLQG ZHLO VLH PHLQHQ GDVV VLH ]X IUK YRQ GHU (UGH
ZHJJHUDIIW ZXUGHQ DOV LKQHQ QRFK DOOHV ]XOlFKHOWH IOXFKHQ XQG OlVWHUQ ZRPLW VLH GLH
0|JOLFKNHLW YHU]|JHUQ VLFK DXV LKUHU 9HUVW|UWKHLW ]X EHIUHLHQ XQG ZLH GLHVH JLEW HV HLQH
JURH=DKOYRQ)lOOHQGLHQXUPHLQH:HLVKHLWNHQQW  

 )U DOOHV PVVW LKU HXFK YHUDQWZRUWHQ XQG MH QDFKGHP ZLH HXUH VFKOHFKWHQ :HUNH
EHVFKDIIHQVLQGZHUGHWLKUQDFKGUFNOLFKVWH*HULFKWHGXUFKHXFKVHOEVWHPSIDQJHQ'HQQ,FK
ULFKWHHXFKQLFKWGLHVLVWIDOVFK(XHUHLJHQHU*HLVWLQVHLQHP=XVWDQGGHU.ODUKHLWLVWHVGHU
HXHU IXUFKWEDUHU $QNOlJHU XQG VFKUHFNOLFKHU 5LFKWHU LVW ,FK GDJHJHQ YHUWHLGLJH HXFK JHJHQ
GLH ZLOGHQ $QNODJHQ VSUHFKH HXFK IUHL XQG HUO|VH HXFK GHQQ ,FK ELQ GLH /LHEH GLH OlXWHUW
XQGYHUJLEW 

%HGHQNWGDVVLKUVHKUEDOGLP*HLVWLJHQVHLQZHUGHWXQGGDVVLKUGDVZDVLKUDXIGLHVHU
(UGH JHVlW KDEW DXFK HUQWHQ PVVW 'HU 6FKULWW YRQ GLHVHP /HEHQ LQ GDV DQGHUH EOHLEW
ZHLWHUKLQ HLQ HUQVWHV XQG VWUHQJHV *HULFKW IU GLH 6HHOH 1LHPDQG HQWJHKW GLHVHP *HULFKW
DXFKZHQQHUVLFKIUGHQZUGLJVWHQPHLQHU'LHQHUKlOW

0HLQ:LOOHLVWHVGDVVLKUYRQGHP$XJHQEOLFNDQDQGHPLKUMHQH XQHQGOLFKH+HLPDW
EHWUHWHW QLFKW PHKU GLH bQJVWH GHU (UGH HUOHEW XQG LKU GLH %HJOFNXQJ XQG GLH :RQQH ]X
IKOHQEHJLQQWHLQHZHLWHUH6WXIHHUNORPPHQ]XKDEHQ  

'DV-QJVWH*HULFKWZLHHVGLH0HQVFKKHLWJHGHXWHWKDWLVWHLQ,UUWXP0HLQ*HULFKWLVW
QLFKWHLQHVYRQHLQHU6WXQGHRGHUHLQHP7DJ6FKRQVHLWJHUDXPHU=HLWODVWHWHVDXIHXFK

 'RFK ZDKUOLFK LFK VDJH HXFK GLH WRWHQ .|USHU VLQG GD]X EHVWLPPW XQG IROJWHQ LKUHU
%HVWLPPXQJVLFKPLWGHPLKQHQHQWVSUHFKHQGHQ1DWXUUHLFK]XYHUVFKPHO]HQGHQQZDVYRQ
GHU(UGHLVWVROO]XU(UGH]XUFNNHKUHQHEHQVRZLHGDV*HLVWLJHQDFKVHLQHU +HLPDWVWUHEHQ
VROOZHOFKHPHLQ6FKRLVW

 $EHU ,FK VDJH HXFK DXFK GLHV GDVV LKU EHL HXUHP *HULFKW HXUH HLJHQHQ 5LFKWHU VHLQ
ZHUGHW GHQQ HXHU *HZLVVHQ HXUH 6HOEVWHUNHQQWQLV XQG ,QWXLWLRQ ZHUGHQ HXFK VDJHQ ELV ]X
ZHOFKHP 3XQNW LKU OREHQVZHUW VHLG XQG LQ ZHOFKHU JHLVWLJHQ +HLPVWDWW LKU ZRKQHQ PVVW
.ODU ZHUGHW LKU GHQ :HJ VFKDXHQ GHP LKU IROJHQ PVVW GHQQ ZHQQ LKU GDV /LFKW PHLQHU
*|WWOLFKNHLWHPSIDQJWZHUGHWLKUHXUH7DWHQHUNHQQHQXQGHXUH9HUGLHQVWHEHXUWHLOHQ

 ,P *HLVWLJHQ 7DOH JLEW HV YLHOH YHUZLUUWH XQG YHUVW|UWH :HVHQ %ULQJW LKQHQ PHLQH
%RWVFKDIWXQGPHLQ/LFKWZHQQLKUHVHLQVWEHWUHWHW

6FKRQMHW]WN|QQWLKUGLHVH)RUPGHU%DUPKHU]LJNHLWDXVEHQGXUFKGDV*HEHWGXUFKGDV
LKUPLWLKQHQ LQ9HUELQGXQJWUHWHQN|QQW(XUH6WLPPHZLUGGRUWHUW|QHQZRVLHZRKQHQXQG
VLH DXV LKUHP WLHIHQ 6FKODI HUZHFNHQ 6LH ZHUGHQ ZHLQHQ XQG VLFK PLW LKUHQ 5HXHWUlQHQ
UHLQLJHQ ,Q MHQHP $XJHQEOLFNH ZHUGHQ VLH HLQHQ /LFKWVWUDKO HPSIDQJHQ KDEHQ GHQQ GDQQ
ZHUGHQVLHLKUHYHUJDQJHQHQ(LWHONHLWHQLKUH,UUWPHULKUH6QGHQEHJUHLIHQ


 :LH JUR LVW GHU 6FKPHU] GHU 6HHOH ZHQQ GDV *HZLVVHQ VLH HUZHFNW :LH GHPWLJW VLH
VLFKGDQQYRUGHP%OLFNGHV+|FKVWHQ5LFKWHUV:LHGHPXWVYROOHQWVSULQJHQGHP ,QQHUVWHQ
LKUHV:HVHQVGLH%LWWHQXP9HUJHEXQJGLH*HO|EQLVVHGLH6HJQXQJHQPHLQHV1DPHQV

1XQ HUNHQQWGLH6HHOHGDVVVLHVLFKGHU9ROONRPPHQKHLWGHV9DWHUV QLFKWQlKHUQNDQQ


XQGVRULFKWHWVLHLKUHQ%OLFNDXIGLH(UGHZRVLHGLH=HLWXQG GLH3UIXQJHQQLFKW]XQXW]HQ
YHUVWDQGZHOFKH*HOHJHQKHLWERWHQGHP=LHOQlKHU]XNRPPHQXQGELWWHWXPHLQHQZHLWHUHQ
.|USHUXP9HUIHKOXQJHQ]XVKQHQXQGQLFKWHUIOOWH$XIJDEHQ]XHUIOOHQ

 :HU VRUJWH DOVR IU *HUHFKWLJNHLW" :DU HV QLFKW GHU *HLVW VHOEVW GHU *HULFKW EHU VLFK
KLHOW"

0HLQ *HLVWLVWHLQ6SLHJHOLQGHPLKUHXFKEHWUDFKWHQPVVWXQGHUZLUGHXFKGHQ*UDG
YRQ5HLQKHLWGHQLKUKDEWYHUUDWHQ  

 :HQQ HXUH 6HHOH VLFK GHU PHQVFKOLFKHQ +OOH HQWOHGLJW XQG VLH VLFK LP +HLOLJWXP GHV
*HLVWLJHQ/HEHQVLQLKUHLJHQHV,QQHUVWHV]XUFN]LHKWXPLKUH9HUJDQJHQKHLWXQGLKUH(UQWH
HLQHU 3UIXQJ ]X XQWHU]LHKHQ ZHUGHQ VLFK YLHOH LKUHU :HUNH GLH LKU KLHU DXI GHU :HOW
YROONRPPHQ HUVFKLHQHQ ZDUHQ XQG ZUGLJ GHP +HUUQ YRU $XJHQ JHIKUW ]X ZHUGHQ XQG
HLQHU%HORKQXQJZHUWLQGHQ$XJHQEOLFNHQMHQHU6HOEVWEHWUDFKWXQJDOVDUPVHOLJHUVFKHLQHQ
'LH6HHOHZLUGEHJUHLIHQGDVVGHU6LQQYLHOHU7DWHQGLHLKUDXIGHU:HOWDOVJXWHUVFKLHQHQ
QXU GHU $XVGUXFN YRQ (LWHONHLW YRQ IDOVFKHU /LHEH YRQ :RKOWlWLJNHLW ZDU GLH QLFKW YRQ
+HU]HQNDP

:HUJODXEWLKUKDWGHU6HHOHGLH(UOHXFKWXQJHLQHVYROONRPPHQHQ5LFKWHUVJHJHEHQXP
VLFK VHOEVW ]X ULFKWHQ" 'DV *HZLVVHQ GDV LQ MHQHU 6WXQGH GHU *HUHFKWLJNHLW DXI HXFK GHQ
(LQGUXFNPDFKHQZLUGLQQLH]XYRUJHVHKHQHU.ODUKHLW]XHUVWUDKOHQXQGHVZLUGHVVHLQGDV
HLQHPMHGHQVDJWZDVGDV*XWHGDV*HUHFKWHGDV5LFKWLJHGDV:DKUHJHZHVHQLVWGDVHUDXI
(UGHQWDWXQGZDVGDV%|VHGDV)DOVFKH XQGGDV8QUHLQHZDUGDVHUDXIVHLQHP:HJHVlWH

'DV+HLOLJWXPYRQGHP,FKHEHQ]XHXFKVSUDFKLVWGDVGHV*HZLVVHQV MHQHU7HPSHO
GHQ QLHPDQG HQWZHLKHQ NDQQ MHQHU 7HPSHO LQ ZHOFKHP *RWW ZRKQW XQG DXV GHP VHLQH
6WLPPHHUW|QWXQGGDV/LFKWKHUYRUEULFKW

 $XI GHU :HOW ZDUW LKU QLH EHUHLW LQ MHQHV LQQHUH +HLOLJWXP HLQ]XWUHWHQ ZHLO HXUH
PHQVFKOLFKH 3HUV|QOLFKNHLW LPPHU DXI 0LWWHO XQG :HJH EHGDFKW LVW GHU ZHLVHQ 6WLPPH
DXV]XZHLFKHQGLHLQMHGHP0HQVFKHQVSULFKW

 ,FK VDJH HXFK :HQQ HXUH 6HHOH VLFK LKUHU +OOH HQWOHGLJW ZLUG VLH VFKOLHVVOLFK YRU GHU
6FKZHOOH MHQHV +HLOLJWXPV LQQHKDOWHQ XQG VLFK VDPPHOQ XP HV ]X EHWUHWHQ XQG YRU MHQHP
$OWDUGHV*HLVWHVQLHGHU]XNQLHQVLFKVHOEVW]XK|UHQLKUH:HUNHLQMHQHP/LFKWH]XSUIHQ
ZHOFKHV GDV *HZLVVHQ LVW LQ VLFK GLH 6WLPPH *RWWHV DOV 9DWHU DOV 0HLVWHU XQG DOV 5LFKWHU
VSUHFKHQ]XK|UHQ

.HLQ6WHUEOLFKHUNDQQVLFKMHQHQ$XJHQEOLFNLQVHLQHUJDQ]HQ)HLHUOLFKNHLWYRUVWHOOHQGHQ
LKU DOOH GXUFKOHEHQ PVVW XP GDV ]X HUNHQQHQ ZDV LKU DQ *XWHP LQ HXFK KDEW XP HV ]X
EHZDKUHQXQGDXFKGDVZDVLKUYRQHXFKZHLVHQPVVWZHLOLKUHVQLFKWOlQJHULQGHU6HHOH
IHVWKDOWHQGUIW

:HQQGLH6HHOHGDQQIKOWGDVVVLHPLWLKUHP*HZLVVHQNRQIURQWLHUWLVWXQGGLHVHVVLFK
PLWGHU.ODUKHLWGHU:DKUKHLW LQ(ULQQHUXQJEULQJWIKOWVLFKMHQHV:HVHQ]XVFKZDFKXP


VLFK VHOEVW DQ]XK|UHQ HV ZROOWH HV KlWWH QLH H[LVWLHUW GHQQ LQ HLQHP $XJHQEOLFN ]LHKW DQ
LKUHP%HZXVVWVHLQLKUJDQ]HV/HEHQYRUEHL MHQHVGDVVLHKLQWHUVLFKOLHGDVVLHEHVDXQG
GDVLKUHLJHQZDUXQGYRQGHPVLHQXQVFKOLHOLFK5HFKHQVFKDIWDEOHJHQPXVV

-QJHU0HQVFKHQEHUHLWHWHXFKVFKRQLQGLHVHP/HEHQDXIMHQHQ$XJHQEOLFNYRUGDPLW
LKU MHQHQ 7HPSHO QLFKW LQ HLQ 7ULEXQDO YHUZDQGHOW ZHQQ HXUH 6HHOH YRU GHU 6FKZHOOH GHV
7HPSHOVGHV*HZLVVHQVHUVFKHLQWGHQQGHUVHHOLVFKH6FKPHU]ZLUGGDQQVRJURVHLQGDVVHV
NHLQHQN|USHUOLFKHQ6FKPHU]JLEWGHUGDPLW]XYHUJOHLFKHQZlUH

,FKZLOOGDVVLKUEHUDOOHVQDFKGHQNWZDV,FKHXFKLQGLHVHU8QWHUZHLVXQJJHVDJWKDEH
GDPLW LKU EHJUHLIWZLH VLFK LP *HLVWLJHQ HXHU *HULFKW YROO]LHKW 6R ZHUGHW LKU DXV HXUHU
9RUVWHOOXQJVZHOW MHQHV %LOG ]XP 9HUVFKZLQGHQ EULQJHQ LQ ZHOFKHP LKU HXFK HLQHQ
*HULFKWVKRI YRUVWHOOW GHU YRQ *RWW LQ *HVWDOW HLQHV *UHLVHV JHOHLWHW ZLUG ZHOFKHU GLH JXWHQ
.LQGHU]XVHLQHU5HFKWHQYRUEHL]LHKHQOlVVWXPVLFKGHV +LPPHOV]XHUIUHXHQXQGGHUGLH
%|VHQ]XVHLQHU/LQNHQDXIVWHOOWXPVLH]XHLQHUHZLJHQ6WUDIH]XYHUGDPPHQ

 1XQ LVW HV DQ GHU =HLW GDVV GDV /LFKW ELV ]X GHQ K|FKVWHQ %HUHLFKHQ HXUHV *HLVWHV XQG
HXUHV 9HUVWDQGHV JHODQJW GDPLW GLH :DKUKHLW LQ MHGHP 0HQVFKHQ HUVWUDKOW XQG HU VLFK
YRUEHUHLWHWXPGDV*HLVWLJH/HEHQZUGLJ]XEHWUHWHQ P  

'DVZLHGHUJHZRQQHQHJHLVWLJH%HZXVVWVHLQ

(VJLEWLQPHLQHU6FK|SIXQJQLFKWVGDVZLHGHUN|USHUOLFKH7RGGD]XJHHLJQHWLVWMHGHU
6HHOHGLH+|KHLKUHU(QWZLFNOXQJ]X]HLJHQGLHVLHZlKUHQGGHV/HEHQVHUUHLFKWHXQGQLFKWV
VR +LOIUHLFKHV ZLH PHLQ :RUW XP ]XU 9ROONRPPHQKHLW DXI]XVWHLJHQ 'DV LVW GHU *UXQG
ZDUXPPHLQ*HVHW]XQGPHLQH /HKUHDOOH]HLWXQGXQQDFKJLHELJLQGLH+HU]HQHLQ]XGULQJHQ
VXFKHQ XQG ZDUXP GHU 6FKPHU] XQG GLH /HLGHQ GHQ 0HQVFKHQ DQUDWHQ MHQH :HJH ]X
YHUODVVHQGLHVWDWWGLH6HHOH]XHUKHEHQVLHLQGHQ$EJUXQGIKUHQ

:LHJOFNOLFKZLUGVLFKHXUH6HHOHLP-HQVHLWVIKOHQ ZHQQLKU*HZLVVHQLKUVDJWGDVV
VLH DXI (UGHQ GHQ 6DPHQ GHU /LHEH VlWH 'LH JDQ]H 9HUJDQJHQKHLW ZLUG YRU HXUHQ $XJHQ
HUVFKHLQHQ XQG MHGHU $QEOLFN YRQ GHP ZDV HXUH :HUNH ZDUHQ ZLUG HXFK HLQH XQHQGOLFKH
:RQQHEHUHLWHQ

 'LH *HERWH PHLQHU *HVHW]H GLH HXHU *HGlFKWQLV QLFKW LPPHU ]X EHZDKUHQ YHUPRFKWH
ZHUGHQJOHLFKIDOOVYROO.ODUKHLWXQG/LFKWDQHXUHP*HLVWYRUEHU]LHKHQ(UZHUEW9HUGLHQVWH
GLHHXFKHUODXEHQPLWIUGLH:DKUKHLWRIIHQHQ$XJHQLQV8QEHNDQQWHHLQ]XGULQJHQ

(VJLEWYLHOH*HKHLPQLVVHGLHGHU0HQVFKYHUJHEHQVDXI]XNOlUHQYHUVXFKWKDWZHGHUGLH
PHQVFKOLFKH ,QWXLWLRQ QRFK GLH :LVVHQVFKDIW KDW HV JHVFKDIIW GLH YLHOHQ )UDJHQ GLH GLH
0HQVFKHQVLFK JHVWHOOWKDEHQ]XEHDQWZRUWHQXQG]ZDUGHVKDOEZHLOHV(UNHQQWQLVVH JLEW
GLHQXUIU GHQ*HLVWEHVWLPPWVLQGZHQQGLHVHULQGDV*HLVWLJH7DOHLQJHJDQJHQLVW'LHVH
hEHUUDVFKXQJHQ GLH DXI LKQ ZDUWHQ GLHVH :XQGHU GLHVH 2IIHQEDUXQJHQ ZHUGHQ HLQ 7HLO
VHLQHU%HORKQXQJVHLQ'RFKZDKUOLFKVDJH,FKHXFKZHQQHLQ*HLVWPLWHLQHU%LQGHYRU GHQ
$XJHQ LQ GLH *HLVWLJH :HOW JHODQJW ZLUG HU QLFKWV VFKDXHQ VRQGHUQ ZHLWHUKLQ QXU
*HKHLPQLVVHXPVLFKVHKHQ GRUWZRDOOHV.ODUKHLWVHLQVROOWH

'LHVH+LPPOLVFKH/HKUHGLH,FKHXFKKHXWHEULQJHRIIHQEDUWHXFKYLHOH6FK|QKHLWHQXQG
EHUHLWHWHXFKYRUGDPLWZHQQLKUGHUHLQVWLP*HLVWHYRUGLH*HUHFKWLJNHLWGHV(ZLJHQWUHWHW
LKUGHUZXQGHUEDUHQ:LUNOLFKNHLWVWDQG]XKDOWHQYHUP|JWGLHHXFKYRQGLHVHP$XJHQEOLFNDQ
XPJHEHQZLUG  


(PSIDQJWPHLQ/LFKWGDPLWHVHXUHQ/HEHQVZHJHUKHOOWXQGLKUHXFKLQGHU6WXQGHGHV
7RGHV YRQ GHU %HZXWVHLQVWUEXQJ IUHL PDFKW 'DQQ ZHUGHW LKU LP $XJHQEOLFN GD LKU GLH
6FKZHOOHQGHV-HQVHLWVEHUVFKUHLWHWZLVVHQZHULKUVHLGZHULKUJHZHVHQVHLGXQGZHULKU
VHLQZHUGHW 

:lKUHQGHXUH.|USHULQGLH(UGHKLQDEJHVHQNWZHUGHQLQGHUHQ6FKRHVLHVLFKPLWLKU
YHUPHQJHQ XP VLH IUXFKWEDU ]X PDFKHQ  GHQQ QRFK QDFK GHP 7RGH ZHUGHQ VLH ZHLWHUKLQ
.UDIW XQG /HEHQ VHLQ  ZLUG HXHU *HZLVVHQ GDV EHU HXUHP :HVHQ VWHKW QLFKW LQ GHU (UGH
EOHLEHQVRQGHUQHVZLUGPLWGHP*HLVW]LHKHQXPVLFKLKPDOVHLQ%XFK]X]HLJHQGHVVHQ
WLHIHXQGZHLVH/HKUHQYRP*HLVWVWXGLHUWZHUGHQ

'DZHUGHQVLFKHXUHVHHOLVFKHQ$XJHQIUGLH:DKUKHLW|IIQHQXQGLQHLQHP$XJHQEOLFN
ZHUGHW LKU GDV ]X GHXWHQ ZLVVHQ ZDV LKU LQ HLQHP JDQ]HQ /HEHQ QLFKW ]X EHJUHLIHQ
YHUPRFKWHW'RUWZHUGHWLKUYHUVWHKHQZDVHVEHGHXWHWHLQ.LQG*RWWHVXQGHLQ%UXGHUHXUHU
1lFKVWHQ ]X VHLQ 'RUW ZHUGHW LKU GHQ :HUW DOO GHVVHQ EHJUHLIHQ ZDV LKU EHVHVVHQ KDEW
ZHUGHW GDV %HGDXHUQ XQG GLH 5HXH ZHJHQ GHU EHJDQJHQHQ )HKOHU GHU YHUORUHQHQ =HLW
HPSILQGHQ XQG GLH VFK|QVWHQ 9RUVlW]H ]XU %HVVHUXQJ XQG :LHGHUJXWPDFKXQJ ZHUGHQ LQ
HXFKJHERUHQZHUGHQ 

 6WUHEW VFKRQ MHW]W DOOH GHP JOHLFKHQ =LHOH ]X ZREHL LKU HXHU 6HHOHQOHEHQ YHUV|KQW XQG
KDUPRQLVLHUW 1LHPDQG VROO PHLQHQ GDVV HU DXI HLQHP EHVVHUHQ :HJH JHKW DOV VHLQ %UXGHU
QRFK GHQNHQ GDVV HU DXI HLQHU K|KHUHQ 6WXIH VWHKW DOV GLH DQGHUHQ ,FK VDJH HXFK LQ GHU
7RGHVVWXQGHZLUGHVPHLQH6WLPPHVHLQGLHHXFKGLH:DKUKHLWEHUHXUH (QWZLFNOXQJVK|KH
VDJW

'RUWLQMHQHPNXU]HQ$XJHQEOLFNGHU(UOHXFKWXQJYRUGHP*HZLVVHQHPSIDQJHQYLHOH
LKUH%HORKQXQJDEHUYLHOHVHKHQDXFKLKUH*U|HHQWVFKZLQGHQ

:ROOWLKUHXFKUHWWHQ"'DQQNRPPW]X0LUDXIGHP:HJHGHU%UGHUOLFKNHLW(VLVWGHU
HLQ]LJHHVJLEWNHLQHQDQGHUHQHVLVWMHQHUGHULQPHLQHP+|FKVWJHERWJHVFKULHEHQVWHKWGDV
HXFKVDJW/LHEHWHLQDQGHU  


.DSLWHO /lXWHUXQJXQG$XIVWLHJGHU6HHOHQLP-HQVHLWV

*HZLVVHQVELVVH5HXHXQG6HOEVWDQNODJHQ

,FKZLOOQLFKWGDVVVLFKHXHUHXUH6HHOHEHIOHFNWQRFKGDVLHEH]JOLFKGHVZDKUHQ/HEHQV
VWLUEW'DUXPVXFKH,FKHXFKPLWPHLQHU*HUHFKWLJNHLWKHLPZHQQ,FKHXFKGHQVFKlGOLFKHQ
)UHXGHQ XQG 9HUJQJXQJHQ KLQJHJHEHQ DQWUHIIH (XHU *HLVW PXVV UHLQ ]X PHLQHP 6FKRH
JHODQJHQZLHHUDXVLKPHQWVSUDQJ

$OOHGLHLKUHQ.|USHULQGHU(UGH]XUFNODVVHQXQGVLFKLP=XVWDQGGHU9HUVW|UWKHLWYRQ
GLHVHU :HOW O|VHQ HUZDFKHQ ZHQQ VLH PHLQH *HJHQZDUW VFKDXHQ GLH VLFK LP /LFKWH GHU
(ZLJNHLWRIIHQEDUWGDVGHQ*HLVWHUOHXFKWHW DXVLKUHPWLHIHQ6FKODIHXQWHUELWWHUHQ7UlQHQ
XQGGHU9HU]ZHLIOXQJGHU6HOEVWDQNODJHQ6RODQJHGHU6FKPHU]LP.LQGHDQKlOWXPVLFKYRQ
VHLQHQ/HLGHQ]XEHIUHLHQOHLGHWDXFKGHU9DWHU  

 *HZLVVHQVELVVH XQG 4XDOHQ GLH YRP 0DQJHO DQ :LVVHQ KHUUKUHQ /HLGHQ ZHLO GLH
9HUJHLVWLJXQJ IHKOW XP VLFK DQ MHQHP /HEHQ ]X HUIUHXHQ GLHVHV XQG QRFK PHKU LVW LQ GHU
6KQH GHU 6HHOHQ HQWKDOWHQ GLH EHIOHFNW RGHU RKQH 9RUEHUHLWXQJ ]X GHQ 6FKZHOOHQ GHV
*HLVWLJHQ/HEHQVJHODQJHQ

(UNHQQWGDVV ,FKGLH6QGHGLH8QYROONRPPHQKHLWHQRGHUGLH9HUGHUEWKHLWGHU0HQVFKHQ
QLFKW DOV .UlQNXQJ DXIIDVVHQ NDQQ GLH GHP 9DWHU ]XJHIJW ZLUG GD ,FK ZHL GDVV GLH
0HQVFKHQVLFKGDV%|VHVHOEVW]XIJHQ 

:LHOLFKWYROOZlUHHXHU/HEHQXQGZLHJURDUWLJXQGZHJZHLVHQGZlUHHXUH:LVVHQVFKDIW
ZHQQLKUHXUH1lFKVWHQOLHEHQXQGGHQ:LOOHQHXUHV9DWHUVWXQZUGHW ZHQQLKUHWZDVYRQ
HXUHU:LOOHQVIUHLKHLWRSIHUQXQGGHPZDVHXFKGDV*HZLVVHQEHILHKOWHQWVSUHFKHQGZLUNHQ
ZUGHW(XUH:LVVHQVFKDIWZUGHGDQQEHLPhEHUVFKUHLWHQGHU*UHQ]HQGHV0DWHULHOOHQGDV
hEHULUGLVFKHEHUKUHQGHQQELVKHUKDWVLHVLFKMHQHQ*UHQ]HQQLFKWHLQPDOJHQlKHUW

:HOFKH%HVWU]XQJIKOWGLH6HHOHGHV:LVVHQVFKDIWOHUVZHQQVLHGLHVH:HOWYHUOlVVWXQG
VFKOLHOLFKGHU*|WWOLFKHQ:DKUKHLWJHJHQEHUVWHKW'RUWVHQNWVLHVFKDPHUIOOWLKU$QJHVLFKW
XQG ELWWHW GDUXP GDVV LKU LKU +RFKPXW YHUJHEHQ ZHUGH 6LH JODXEWH DOOHV ]X ZLVVHQ XQG ]X
N|QQHQOHXJQHWHGDHWZDVH[LVWLHUHZDVMHQVHLWVLKUHV:LVVHQVRGHULKUHV%HJUHLIHQVOLHJH
$EHUQXQGDVLHYRUGHP%XFKGHV/HEHQVVWHKWYRUGHPXQHQGOLFKHQ:HUNGHV6FK|SIHUV
PXVV VLH LKUH $UPVHOLJNHLW HUNHQQHQ XQG VLFK LQ 'HPXW KOOHQ YRU 'HP GHU DEVROXWH
:HLVKHLWLVW  

)UFKWHWQLFKWGDLKUEHLGHU$QNXQIWLQGHU*HLVWLJHQ:HOWDQGDVGHQNHQPVVWZDVLKU
DXI(UGHQ JHVQGLJWKDEW:HQQLKUHXFKYRP6FKPHU]UHLQZDVFKHQODVVWXQGGLH5HXHDXV
HXUHP +HU]HQ KHUYRUEULFKW ZHQQ LKU GDUXP ULQJW HXUH 9HUIHKOXQJHQ ZLHGHUJXW]XPDFKHQ
ZHUGHW LKU ZUGLJ XQG UHLQ LQ PHLQH *HJHQZDUW JHODQJHQ XQG QLHPDQG QLFKW HLQPDO HXUHU
*HZLVVHQZLUGHVZDJHQHXUHYHUJDQJHQHQ8QYROONRPPHQKHLWHQ]XHUZlKQHQ

,QGHUYROONRPPHQHQ+HLPDWJLEWHVIUMHGHQ*HLVWHLQHQ2UWZHOFKHULQGHU=HLWRGHULQ
GHU (ZLJNHLW GLH $QNXQIW VHLQHV %HVLW]HUV HUZDUWHW $XI GHU 6WXIHQOHLWHU GHU /LHEH GHU
%DUPKHU]LJNHLWGHV*ODXEHQVXQGGHU9HUGLHQVWHZHUGHWLKUHLQHUQDFKGHPDQGHUHQLQPHLQ
5HLFKJHODQJHQ  

'LHDXVJOHLFKHQGH*HUHFKWLJNHLW


1XUZHQLJH-QJHUKDEH,FKDXIGLHVHU:HOWJHKDEWXQGLQQRFKNOHLQHUHU=DKOVROFKHGLH
ZLHHLQ%LOGGHV*|WWOLFKHQ0HLVWHUVJHZHVHQVLQG,P*HLVWLJHQ7DOGDJHJHQKDEH,FKYLHOH
-QJHUGHQQGRUWPDFKWPDQDPPHLVWHQ)RUWVFKULWWHLP(UIDVVHQPHLQHU/HKUHQ'RUWLVWHV
ZR PHLQH .LQGOHLQ GLH QDFK /LHEH +XQJHUQGHQ XQG 'UVWHQGHQ YRQ LKUHP 0HLVWHU
HPSIDQJHQ ZDV GLH 0HQVFKKHLW LKQHQ YHUZHLJHUWH 'RUW LVW HV ZR GXUFK LKUH 7XJHQG MHQH
HUVWUDKOHQGLHZHJHQLKUHU'HPXWDXIGHU(UGHXQEHDFKWHWEOLHEHQXQGZRGLHMHQLJHQWUDXULJ
XQGUHXHYROOZHLQHQGLHDXIGLHVHU:HOWPLWIDOVFKHP/LFKWHJOlQ]WHQ

,P-HQVHLWVLVWHVZR,FKHXFKHPSIDQJHZLHLKUHVDXIGHU(UGHQLFKWHUKRIIWHWDOVLKU
XQWHU7UlQHQ DEHU0LFKVHJQHQG HXUH6FKXOGVKQWHW(VLVWQLFKWYRQ %HGHXWXQJGDVVLKU
ZlKUHQG HXUHU /HEHQVUHLVH HLQHQ $XJHQEOLFN KHIWLJHQ $XIEHJHKUHQV KDWWHW ,FK ZHUGH
EHUFNVLFKWLJHQGDVVLKU7DJHJURHU6FKPHU]HQKDWWHWXQGLQLKQHQ(UJHEXQJEHZLHVHWXQG
PHLQHQ 1DPHQ VHJQHWHW $XFK LKU KDEW LQ GHQ *UHQ]HQ HXUHU .OHLQKHLW HLQLJH *ROJDWKDV
HUOHEWDXFKZHQQGLHVHGXUFKHXUHQ8QJHKRUVDPYHUXUVDFKWZRUGHQVLQG

 6HKW GXUFK HLQLJH $XJHQEOLFNH GHU 7UHXH XQG /LHEH ]X *RWW HUODQJW LKU /HEHQV XQG
*QDGHQ]HLWHQ LP -HQVHLWV 6R HUZLGHUW PHLQH (ZLJH /LHEH GLH NXU]IULVWLJH /LHEH GHV
0HQVFKHQ  

-HGHJXWH7DWILQGHW LKUH%HORKQXQJGLHQLFKWDXIGHU(UGHHPSIDQJHQZLUGVRQGHUQLP
-HQVHLWV$EHUZLHYLHOHP|FKWHQYRQGLHVHU6HOLJNHLWVFKRQKLHUDXI(UGHQJHQLHHQRKQH]X
ZLVVHQ GDVV GHU ZHOFKHU QLFKWV IU VHLQ JHLVWLJHV /HEHQ WXW EHLP (LQWULWW LQ GDVVHOEH RKQH
9HUGLHQVWHGDVWHKHQXQGVHLQH5HXHGDQQJURVHLQZLUG 

 :HQ HV QDFK (KUXQJHQ XQG /RESUHLVXQJHQ GHU :HOW YHUODQJW PDJ VLH KLHU EHNRPPHQ
DEHUVLHZHUGHQYRQNXU]HU'DXHUVHLQXQGLKPDP7DJHVHLQHV(LQWULWWVLQGLH*HLVWLJH :HOW
QLFKWVQW]HQ:HUDXI*HOGDXVLVWPDJKLHU VHLQHQ/RKQHUKDOWHQGHQQHVZDUGDVZRQDFK
HUVWUHEWH'RFKZHQQGLH6WXQGH JHNRPPHQLVWLQGHUHUDOOHVKLHU]XUFNODVVHQPXVVXP
VLFKLP-HQVHLWVHLQ]XVWHOOHQZLUGHUQLFKWGDVJHULQJVWH5HFKWKDEHQLUJHQGHLQH9HUJWXQJ
IU VHLQH 6HHOH ]X EHDQVSUXFKHQ DXFK ZHQQ HU PHLQW YLHOHV ]XJXQVWHQ GHU :RKOWlWLJNHLW
JHWDQ]XKDEHQ

 ,P *HJHQVDW] GD]X ZLUG GHU GHU LPPHU 6FKPHLFKHOHLHQ XQG %HJQVWLJXQJHQ DEJHOHKQW
KDW GHU VHLQH 0LWPHQVFKHQ UHLQHQ +HU]HQV XQG XQHLJHQQW]LJ JHOLHEW XQG MHGH PDWHULHOOH
%HORKQXQJ ]XUFNJHZLHVHQ KDW GHU GDPLW EHVFKlIWLJW ZDU GDV *XWH ]X VlHQ XQG GHP HV
)UHXGHPDFKWH/LHEHVZHUNH]XYROOEULQJHQ GLHVHUZLUGQLFKWDQ%HORKQXQJHQGHQNHQGHQQ
HU ZLUG QLFKW IU GLH HLJHQH %HIULHGLJXQJ OHEHQ VRQGHUQ IU GLH VHLQHU 1lFKVWHQ :LH JUR
ZLUGVHLQ)ULHGHXQGVHLQH6HOLJNHLWVHLQZHQQHUGDQQLP6FKRHVHLQHV+HUUQLVW 

 ,FK EULQJH HXFK LQ GLHVHU =HLW HLQH UHLQH XQG YROONRPPHQH 8QWHUZHLVXQJ ZHVKDOE ,FK
HXFK VDJH GDVV HXFK DP (QGH HXUHV 7DJHZHUNHV QXU GDV ]XJXWH JHKDOWHQ ZLUG ZDV LKU LP
/HEHQPLWZDKUHU/LHEHJHWDQKDEWGHQQGLHVZLUGEHZHLVHQGDVVLKUGLH:DKUKHLWNDQQWHW


'HQNWQLFKW ZHLOLKULP$XJHQEOLFNHLQJXWHV:HUNYROOEULQJWGHQ:HUWGHVVHOEHQ QLFKW


NHQQW  GDVV LKU GDV *XWH GDV LKU WDWHW QLHPDOV HUIDKUHQ ZHUGHW ,FK VDJH HXFK GDVV NHLQHV
HXUHU:HUNHRKQH/RKQEOHLEHQZLUG

 :HQQ LKU HLQVW LP *HLVWLJHQ 5HLFKH VHLG ZHUGHW LKU HUNHQQHQ ZLH RIWPDOV HLQ NOHLQHV
:HUN GHP $QVFKHLQ QDFK YRQ JHULQJHU %HGHXWXQJ GHU %HJLQQ HLQHU .HWWH YRQ :RKOWDWHQ


ZDU HLQHU.HWWHGLHDQGHUHLPPHUOlQJHUPDFKWHQGLHDEHUGHQGHUVLHEHJDQQIULPPHU
PLW*HQXJWXXQJHUIOOHQZLUG  

 ,FK LQVSLULHUH HXFK GD]X 9HUGLHQVWH ]X HUZHUEHQ DEHU HV VROO HXFK GDEHL QLFKW GHU
HJRLVWLVFKH:XQVFKQDFKGHPHLJHQHQ6HHOHQKHLOEHZHJHQVRQGHUQLKUVROOWHXUH:HUNHLP
*HGDQNHQ DQ HXUH 0LWPHQVFKHQ WXQ LP *HGDQNHQ DQ GLH NRPPHQGHQ *HQHUDWLRQHQ GHUHQ
-XEHOVHKUJURVHLQZLUGZHQQVLHGHQ:HJGXUFKGLH(UVWHQJHHEQHWDQWUHIIHQ'DQQZLUG
HXHU *OFNJUHQ]HQORVVHLQZHLOGLH)UHXGHXQGGHU)ULHGHHXUHU*HVFKZLVWHUDXFKHXUH6HHOH
HUUHLFKW

 :LH DQGHUV LVW HV EHL MHQHQ GLH QXU QDFK LKUHU HLJHQHQ 5HWWXQJ XQG LKUHU 6HOLJNHLW
WUDFKWHQ GHQQ ZHQQ VLH ]X GHP 2UW JHODQJHQ GHQ VLH VLFK GXUFK LKUH :HUNH HUZLUNWHQ
N|QQHQ VLH NHLQHQ $XJHQEOLFN )ULHGH RGHU )UHXGH KDEHQ ZHQQ VLH MHQH EHWUDFKWHQ GLH VLH
]XUFNJHODVVHQKDEHQXQGGLHGLHVFKZHUH/DVWLKUHU/HLGHQHUWUDJHQ

:DKUOLFK,FKVDJHHXFKGLHZDKUHQ-QJHUGLHVHU/HKUHZHUGHQJHUHFKWXQGUHLQVHLQLQ
LKUHQ:HUNHQZLHLKU*HLVWGHUPHLQHLJHQHV/LFKWLVW  

:HQQLKUGHPWLJVHLGZLUGVLFKHXHUJHLVWLJHU5HLFKWXPPHKUHQLQGHP/HEHQGDVHXFK
HUZDUWHW 'DQQ ZHUGHW LKU GHQ )ULHGHQ KDEHQ GHU HXFK GLH VFK|QVWH (PSILQGXQJ HXUHV
'DVHLQV EHVFKHUW 8QG LQ HXUHP *HLVW ZLUG GLH 6HKQVXFKW JHERUHQ GHP 9DWHU ]X GLHQHQ
LQGHP HU HLQ WUHXHU +WHU DOOHV YRQ 0LU *HVFKDIIHQHP LVW LQGHP HU HLQ 7URVW IU GHQ
/HLGHQGHQXQG)ULHGHQIUGHQ)ULHGORVHQLVW 

'HU$XIVWLHJGHU6HHOHQLQGDV5HLFK*RWWHV

'LHVLVWGLH'ULWWH=HLWLQGHUHXUH6HHOHVFKRQDXI(UGHQGDPLWEHJLQQHQNDQQYRQVHKU
KRKHQ /HEHQVHEHQHQXQGVHKUJURHQ(UNHQQWQLVVHQ]XWUlXPHQ'HQQZHUYRQGLHVHU:HOW
VFKHLGHWXQGLQVHLQHU6HHOHEHUHLWVGLH(UNHQQWQLVGHVVHQPLWQLPPWZDVVLHYRUILQGHQZLUG
XQGGLH(QWIDOWXQJLKUHU*HLVWHVJDEHQGHUZLUGYLHOH:HOWHQGXUFKTXHUHQRKQHLQLKQHQ]X
YHUZHLOHQ ELV HU ]X MHQHU JHODQJW DXI GHU ]X ZRKQHQ LKP DXIJUXQG VHLQHU 9HUGLHQVWH
]XNRPPW

 (U ZLUG VLFK Y|OOLJ VHLQHV JHLVWLJHQ =XVWDQGHV EHZXVVW VHLQ ZLUG VHLQH $XIJDEH
GXUFK]XIKUHQYHUVWHKHQZRLPPHUHUVLFKDXFKEHILQGHW(UZLUGGLH6SUDFKHGHU/LHEHGHU
+DUPRQLH XQG GHU *HUHFKWLJNHLW YHUVWHKHQ XQG ZLUG VLFK PLW GHU .ODUKHLW GHU JHLVWLJHQ
6SUDFKH ZHOFKH GHU *HGDQNH LVW PLW]XWHLOHQ YHUP|JHQ (V ZLUG IU LKQ NHLQH .OLSSHQ
9HUVW|UWKHLWQRFK7UlQHQJHEHQXQGHUZLUGLPPHUPHKUGLHXQHUPHVVOLFKH:RQQHHUIDKUHQ
VLFK GHQ +HLPVWlWWHQ ]X QlKHUQ GLH LKP JHK|UHQ ZHLO VLH LKP DOV HZLJHV (UEH ]XNRPPHQ


 $XI GHU *|WWOLFKHQ +LPPHOVOHLWHU JLEW HV HLQH XQHQGOLFKH =DKO YRQ :HVHQ GHUHQ
JHLVWLJHQ 9HUYROONRPPQXQJ LKQHQ HUODXEW JHPl GHP (QWZLFNOXQJVJUDGH GHQ VLH HUUHLFKW
KDEHQ YHUVFKLHGHQH 6WXIHQ HLQ]XQHKPHQ (XHU *HLVW ZXUGH PLW SDVVHQGHQ (LJHQVFKDIWHQ
JHVFKDIIHQ XP VLFK DXI GLHVHU 6WXIHQOHLWHU GHU 9HUYROONRPPQXQJ ]X HQWZLFNHOQ XQG ELV ]X
GHPLQGHQKRKHQ5DWVFKOVVHQGHV6FK|SIHUVIHVWJHVHW]WHQ=LHOH]XJHODQJHQ

'LH%HVWLPPXQJMHQHU6HHOHQNHQQWLKUQLFKWGRFK,FKVDJHHXFKGDVVVLHYROONRPPHQLVW
ZLHDOOHVYRQ0LU*HVFKDIIHQH


 1RFK LPPHU EHJUHLIW LKU QLFKW GLH *DEHQ GLH HXFK GHU 9DWHU VFKHQNWH 'RFK VHLG
XQEHVRUJW GHQQ VSlWHU ZHUGHW LKU HXFK LKUHU EHZXVVW ZHUGHQ XQG HUOHEHQ ZLH VLH VLFK YROO
RIIHQEDUHQ

 'LH XQHQGOLFKH =DKO YRQ *HLVW6HHOHQ GLH ZLH LKU XQWHUVFKLHGOLFKH /HEHQVHEHQHQ
EHZRKQHQ VLQG XQWHU VLFK YHUHLQW GXUFK HLQH K|KHUH 0DFKW ZHOFKH GLH GHU /LHEH LVW 6LH
ZXUGHQ IU GHQ .DPSI IU LKUH +|KHUHQWZLFNOXQJ QLFKW IU GHQ 6WLOOVWDQG JHVFKDIIHQ
'LHMHQLJHQGLHPHLQH*HERWHHUIOOWKDEHQZXUGHQJURLQGHU*|WWOLFKHQ/LHEH

 ,FK HULQQHUH HXFK MHGRFK GDUDQ GDVV VHOEVW GDQQ ZHQQ HXHU *HLVW *U|H 0DFKW XQG
:HLVKHLWHUUHLFKWKDWHUQLFKWDOOPlFKWLJZHUGHQZLUGGDVHLQH(LJHQVFKDIWHQQLFKWXQHQGOLFK
VLQGZLHVLHHVLQ*RWWVLQG'HQQRFKZHUGHQVLHDXVUHLFKHQXPHXFKDXIGHPJHUDGHQ:HJ
GHQHXFKYRPHUVWHQ$XJHQEOLFNDQGLH/LHEHHXUHV6FK|SIHUVYRUJH]HLFKQHWKDW]XP*LSIHO
HXUHU9ROOHQGXQJ]XEULQJHQ  

 6LHEHQ JHLVWLJH (QWZLFNOXQJVDEVFKQLWWH PXVV HXHU *HLVW ]XUFNOHJHQ XP VHLQH
9ROONRPPHQKHLW]XHUUHLFKHQ+HXWHGDLKUQRFKDXI(UGHQOHEWZLVVWLKUQLFKWDXIZHOFKHU
6WXIHGHU+LPPHOVOHLWHULKUHXFKEHILQGHW

2EZRKO,FKGLH$QWZRUWDXIGLHVH)UDJHHXUHV*HLVWHVZHLGDUI,FKVLHHXFKGHU]HLWQLFKW
VDJHQ  

-HGH6SURVVHMHGH6WXIHMHGH/HEHQVHEHQHELHWHWGHP*HLVWHLQJU|HUHV/LFKWXQGHLQH
YROONRPPHQHUH 6HOLJNHLW $EHU GHU K|FKVWH )ULHGH GDV YROONRPPHQH *OFN GHV *HLVWHV LVW
MHQVHLWVDOOHUVHLQHUYRUEHUJHKHQGHU$XIHQWKDOWVRUWH

:LHYLHOH0DOHZHUGHWLKUPHLQHQGDVYROONRPPHQH*OFNLP6FKRH*RWWHVLPYRUDXV
]X IKOHQ RKQH HXFK EHZXVVW ]X VHLQ GDVV MHQHV *OFN NDXP HLQ 9RUJHVFKPDFN GHU
XQPLWWHOEDUHQ:HOWLVWZRKLQLKUQDFKGLHVHP/HEHQ]LHKHQPVVW  

 :LHYLHOH WUlXPHQ YRP 6WHUEHQ LQ GHU (UZDUWXQJ GDVV GLHVHU $XJHQEOLFN VLH ]X 0LU
EULQJW GDPLW VLH 0LFK GDQQ HZLJOLFK LP +LPPHO DQEHWHQ RKQH ]X ZLVVHQ GDVV GHU :HJ
XQHQGOLFK ZHLWHU LVW DOV VLH JHJODXEW KDEHQ 8P DXFK QXU HLQH 6WXIH GHU +LPPHOVOHLWHU GLH
HXFK]X0LUIKUHQZLUGK|KHU]XVWHLJHQPXVVPDQGDVPHQVFKOLFKH/HEHQLQUHFKWHU:HLVH
JHOHEWKDEHQ'LH8QZLVVHQKHLWLVWVFKXOGGDUDQGDVVYLHOHGLH(VVHQ]PHLQHU/HKUHQIDOVFK
DXIIDVVHQ 

'XUFKGHQ0HQVFKHQZXUGHQGLH .UlIWHGHU=HUVW|UXQJHQWIHVVHOW'HU.ULHJKDWVHLQHQ
6DPHQ LQ DOOH +HU]HQ JHVlW :LHYLHO 6FKPHU] KDW GLH 0HQVFKKHLW HUIDKUHQ :LHYLHO
9HUODVVHQKHLW(OHQG9HUZDLVWKHLWXQG7UDXHUKDWHUDXIVHLQHU%DKQ]XUFNJHODVVHQ0HLQW
LKUGDVVGLH6HHOHQMHQHUGLHLP.DPSIJHIDOOHQVLQG]XJUXQGHJHJDQJHQVLQGRGHUGDVVMHQHU
7HLOGHV/HEHQVGLH(ZLJNHLWGLHLP0HQVFKHQZRKQWQLFKWPHKUH[LVWLHUW"

 1HLQ 9RON 'HU *HLVW EHUOHEW GHQ .ULHJ XQG GHQ 7RG 'LHVHU 7HLO PHLQHV HLJHQHQ
*HLVWHVKDWVLFKYRQGHQ)HOGHUQGHV6FKPHU]HVHUKREHQXQGVXFKWDXIPHLQHP:HJHHLQHQ
QHXHQ+RUL]RQWXPZHLWHUKLQ]XOHEHQVLFK]XHQWIDOWHQXQG]XHQWZLFNHOQ  

 ,FK KDEH HXFK GLH (UGH JHJHEHQ GDPLW LKU VLH DOOH JOHLFKHUPDHQ EHVLW]W GDPLW LKU LQ
)ULHGHQ OHEW XQG VLH DOV ]HLWZHLOLJHV +HLP YHUZHQGHW LQ ZHOFKHP LKU HXUH )lKLJNHLWHQ
HQWIDOWHWXQGHXUHQ*HLVWYRUEHUHLWHWXP]XVHLQHUQHXHQ+HLPVWDWWDXI]XVWHLJHQ


,FKKDEHHXFKJHVDJW,P+DXVHGHV+HUUQJLEWHVYLHOH:RKQXQJHQ,KUZHUGHWVLHLQ
GHP 0DH NHQQHQOHUQHQ LQ GHP LKU HXFK HUKHEW -HGH GDYRQ ZLUG HXFK LQ DQVWHLJHQGHP
*UDGH 0LU QlKHUEULQJHQ XQG VLH ZHUGHQ YRQ HXFK HXUHQ :HUNHQ HQWVSUHFKHQG HUUHLFKW
ZHUGHQGHQQDOOHVLVWHLQHU*|WWOLFKHQ2UGQXQJXQG*HUHFKWLJNHLWXQWHUVWHOOW

 1LHPDQG ZLUG HXUHQ hEHUJDQJ YRQ HLQHU /HEHQVHEHQH ]XU DQGHUHQ YHUKLQGHUQ N|QQHQ
XQGDP(QGHHLQHUMHGHQYRQLKQHQZLUG-XEHOXQG)HVWOLFKNHLWLQHXUHP*HLVWHXQGDXFKLQ
GHUPHLQHQVHLQ

6REHUHLWH ,FK HXFK YRUGDPLWLKUZLVVWGDVVGHU:HJGHQLKU]XUFNOHJHQPVVWODQJ


LVWXQGLKUHXFKQLFKWPLWHXUHQHUVWHQ:HUNHQ]XIULHGHQJHEWLQGHU0HLQXQJGDVVVLHHXFK
VFKRQGLH7U]XMHQHQ+HLPVWlWWHQ|IIQHQZHUGHQ

'RFK,FKVDJHHXFKDXFKGLHVGDVVHVVFK|QXQGJHQXJWXHQGIUHLQHQ*HLVWLVWDQV(QGH
HLQHV (QWZLFNOXQJVDEVFKQLWWHV ]X JHODQJHQ XQG LQQH]XKDOWHQ XP DXI GHQ ]XUFNJHOHJWHQ
:HJPLWVHLQHQJURHQ.lPSIHQVHLQHQ7DJHQGHU%LWWHUQLVXQGVHLQHQ6WXQGHQGHV)ULHGHQV
]XUFN]XEOLFNHQQDFKGHPHUGLH]DKOORVHQ+LQGHUQLVVHEHUZXQGHQKDW

 6FKOLHOLFK GHU 7ULXPSK GLH %HORKQXQJ XQG GLH *HUHFKWLJNHLW GLH XP HXFK KHU
HUVWUDKOHQXQG GHU *HLVWHXUHV9DWHUV  JHJHQZlUWLJKHUUOLFKGHQ6RKQVHJQHQGXQGLKQLQ
VHLQHP6FKRHUXKHQODVVHQGELVHUIUVHLQHQlFKVWH/HEHQVVWXIHYRUEHUHLWHWLVW6RJHKWHU
YRQHLQHU]XUDQGHUHQELVHUVFKOLHOLFK]XUK|FKVWHQ(UIOOXQJJHODQJWXPHZLJLQ0LU]X
ZRKQHQ  

'HU*HLVWIXQNHGHUGHQ0HQVFKHQVHLQHP6FK|SIHUlKQOLFKPDFKWZLUGVLFKLPPHUPHKU
GHUXQHQGOLFKHQ )ODPPHQlKHUQDXVGHUHUHQWVSUDQJXQGMHQHU)XQNHZLUGHLQOHXFKWHQGHV
:HVHQVHLQ EHZXVVWVWUDKOHQGYRU/LHEHYROO:LVVHQXQG.UDIW-HQHV:HVHQHUIUHXWVLFK
GHV=XVWDQGHVGHU9ROONRPPHQKHLWLQZHOFKHPQLFKWGHUJHULQJVWH6FKPHU]RGHUGLHNOHLQVWH
1RWH[LVWLHUWLQZHOFKHPGLHYROONRPPHQHXQGZDKUH6HOLJNHLWKHUUVFKW

 :HQQ GLHV QLFKW GDV =LHO HXUHV *HLVWHV ZlUH ZDKUOLFK ,FK VDJH HXFK ,FK KlWWH HXFK
PHLQH /HKUH QLFKW GXUFK VR YLHOH 8QWHUZHLVXQJHQ EHNDQQW JHPDFKW GHQQ GDQQ ZlUH GDV
*HVHW]GHU(UVWHQ=HLWIUHXFKDXVUHLFKHQGJHZHVHQXPLQ)ULHGHQDXI(UGHQ]XOHEHQ

 $EHU ZHQQ LKU EHGHQNW GDVV ,FK XQWHU GHQ 0HQVFKHQ OHEWH XQG LKQHQ HLQH XQHQGOLFK
EHVVHUH:HOWMHQVHLWVGLHVHV/HEHQVYHUKLHXQGZHQQLKUHXFKEHUGLHVGDUDQHULQQHUWGDVV
,FKLQHLQHUDQGHUHQ=HLWZLHGHU]XNRPPHQYHUVSUDFKXPZHLWHUKLQ]XHXFK]XVSUHFKHQXQG
DOOHV]XHUNOlUHQZDVLKUQLFKWYHUVWDQGHQKDWWHWVRZHUGHWLKU]XGHP6FKOXVVNRPPHQGDVV
GLHJHLVWLJH%HVWLPPXQJGHV0HQVFKHQK|KHUYLHOK|KHULVWDOVDOOHV ZDVLKUHUZDUWHQN|QQW
XQG GDVV GLH YHUKHLHQH 6HOLJNHLW XQHQGOLFK YLHO JU|HU LVW DOV ZDV LKU DKQHQ RGHU HXFK
YRUVWHOOHQN|QQW  


.DSLWHO 'LH(QWZLFNOXQJGHU6HHOHEHU5HLQNDUQDWLRQHQ

'DV*HVHW]GHU(QWZLFNOXQJ

,FKVDJHHXFKGHU0HQVFKPXVVZLVVHQGDVVVHLQH6HHOHYLHOH0DOH]XU(UGHJHNRPPHQ
LVWXQGHUQRFKLPPHUQLFKWDXIGHP:HJHPHLQHV*HVHW]HVDXIZlUWV]XVWHLJHQYHUVWDQGXP
GHQ*LSIHOGHV%HUJHV]XHUUHLFKHQ 

'DGHU0HQVFKGLH(QWIDOWXQJGHU:LVVHQVFKDIWXQGGLH(QWGHFNXQJGHVVHQPLWHUOHEWKDW
ZDV HU ]XYRU QLFKW JHJODXEW KlWWH ZDUXP VWUlXEW HU VLFK GDQQ JHJHQ GLH QDWUOLFKH
(QWZLFNOXQJ GHU 6HHOH" :DUXP YHUVWHLIW HU VLFK DXI GDV ZDV VLH ]XP 6WLOOVWDQG EULQJW XQG
HLQVFKOlIHUW":HLOHUYRUGHP$XVEOLFNDXIGDVHZLJH/HEHQ]XUFNVFKHXWH 

 %HJUHLIW 2EZRKO GLH 6FK|SIXQJ GHP $QVFKHLQ QDFK DEJHVFKORVVHQ LVW HQWZLFNHOW VLFK
GHQQRFKDOOHVYHUZDQGHOWXQGYHUYROONRPPQHWVLFKDOOHV.DQQHXUH6HHOHVLFKHWZDGLHVHP
J|WWOLFKHQ *HVHW] HQW]LHKHQ" 1HLQ 0HLQH .LQGHU 1LHPDQG NDQQ GDV OHW]WH :RUW EHU GDV
*HLVWLJHEHUGLH:LVVHQVFKDIWRGHUEHUGDV/HEHQVDJHQGHQQVLHVLQG PHLQH :HUNHGLH
NHLQ(QGHKDEHQ 

:LHYLHOH0HQVFKHQPHLQHQDXIJUXQGGHV:LVVHQVGDVVLHHUODQJWKDEHQJHLVWLJH*U|H
]X EHVLW]HQ XQG VLQG IU 0LFK GRFK QLFKW PHKU DOV HLQLJH DXI GHP (QWZLFNOXQJVZHJH
VWHKHQJHEOLHEHQH .LQGHU 'HQQ VLH PVVHQ EHGHQNHQ GDVV HV QLFKW QXU GLH (QWIDOWXQJ LKUHV
9HUVWDQGHV LVW ZRGXUFK VLH GLH $XIZlUWVHQWZLFNOXQJ LKUHU 6HHOH HUUHLFKHQ N|QQHQ VRQGHUQ
HV PXVV GXUFK GLH (QWZLFNOXQJ GHU *HVDPWKHLW LKUHV :HVHQV JHVFKHKHQ XQG HV JLEW YLHOH
)lKLJNHLWHQLP0HQVFKHQGLHHQWZLFNHOWZHUGHQPVVHQXPGLH9ROOHQGXQJ]XHUUHLFKHQ

'DVLVWGHU*UXQGGDIUGDVV,FK DOVHLQHVPHLQHU*HVHW]HGHU/LHEHXQG*HUHFKWLJNHLW
GLH5HLQNDUQDWLRQGHU6HHOHHLQVHW]WHXPLKUHLQHQOlQJHUHQ:HJ]XJHZlKUHQGHULKUDOOH
QRWZHQGLJHQ*HOHJHQKHLWHQELHWHWXPLKUH9HUYROONRPPQXQJ]XHUUHLFKHQ

-HGHV(UGHQGDVHLQLVWHLQHNXU]H/HNWLRQGHQQDQGHUHQIDOOVZlUHQGLH*HOHJHQKHLWHQHLQHV
0HQVFKHQ XP GLH (UIOOXQJ PHLQHV *HVHW]HV ]X YROOEULQJHQ ]X JHULQJ $EHU HV LVW
XQXPJlQJOLFK GDVV LKU GDV =LHO GLHVHV /HEHQV HUNHQQW GDPLW LKU DXV LKP GHQ 6LQQJHKDOW
DXIQHKPWXQGVHLQH+DUPRQLHHUUHLFKWZHOFKHGLH*UXQGODJHPHQVFKOLFKHU 9ROONRPPHQKHLW
LVW GDPLWLKU]XHLQHUK|KHUHQ'DVHLQVHEHQHIRUWVFKUHLWHQN|QQWELVLKU]XP*HLVWLJHQ/HEHQ
JHODQJWZR,FKIUHXFKVRYLHOH/HNWLRQHQEHUHLWKDOWHGLH,FKHXFKQRFKOHKUHQPXVVXQGVR
YLHOH2IIHQEDUXQJHQGLH,FKQRFK]XJHEHQKDEH  

 :lKUHQG DOOHV XQDXIK|UOLFK ZlFKVW VLFK ZDQGHOW VLFK YHUYROONRPPQHW XQG HQWIDOWHW
ZHVKDOEVROOWHGDHXUH6HHOHMDKUKXQGHUWHODQJLP6WLOOVWDQGYHUKDUUHQ"

'DLKUGXUFKGLH:LVVHQVFKDIWYLHOHVHQWGHFNWXQGJHOHUQWKDEWLVWHXFKGLHXQDXIK|UOLFKH
(QWZLFNOXQJQLFKWXQEHNDQQWGLHLQDOOHQ:HVHQGHU6FK|SIXQJH[LVWLHUW'DKHUZLOO,FKGDVV
LKU EHJUHLIW GDVV LKU HXUH 6HHOH QLFKW LQ MHQHU =XUFNJHEOLHEHQKHLW XQG LQ MHQHP 6WLOOVWDQG
YHUODVVHQGUIWLQGHQLKUVLHVFKRQVHLWODQJHU=HLWJHEUDFKWKDEWXQGGDVVLKUHXFKEHPKHQ
PVVWXPGLH+DUPRQLHPLWDOOHPZDVHXFKXPJLEW]XHUUHLFKHQGDPLWIUGLH0HQVFKHQ
HLQ 7DJ NRPPW DQ GHP GLH 1DWXU VWDWW LKUH *HKHLPQLVVH ]X YHUEHUJHQ VLH RIIHQEDUW XQG
DQVWDWW GDVV GLH 1DWXUNUlIWH HXFK IHLQG VLQG VLH ]X 'LHQHUQ 0LWDUEHLWHUQ %UGHUQ ZHUGHQ


'LH$XIHUVWHKXQJGHV)OHLVFKHV ULFKWLJYHUVWDQGHQ


1XQVROOGLH:HOWGLH:DKUKHLWEHUGLH$XIHUVWHKXQJGHV)OHLVFKHVHUIDKUHQZHOFKHV
GLH5HLQNDUQDWLRQGHU6HHOHLVW

5HLQNDUQLHUHQEHGHXWHW]XUPDWHULHOOHQ:HOW]XUFNNHKUHQXPYRQQHXHPDOV0HQVFK
JHERUHQ ]X ZHUGHQ GDV $XIHUVWHKHQ GHU 6HHOH LQ HLQHP PHQVFKOLFKHQ .|USHU XP LKUH
0LVVLRQ IRUW]XVHW]HQ 'LHV LVW GLH :DKUKHLW EHU GLH $XIHUVWHKXQJ GHV )OHLVFKHV YRQ GHU
HXUH 9RUIDKUHQ JHVSURFKHQ KDEHQ ZREHL VLH HEHQVR YHUGUHKWH ZLH DEVXUGH $XVOHJXQJHQ
JHJHEHQKDEHQ

 'LH 5HLQNDUQDWLRQ LVW HLQ *HVFKHQN GDV *RWW HXUHP *HLVWH JHZlKUW KDW GDPLW HU VLFK
QLHPDOV DXI GLH $UPVHOLJNHLW GHU 0DWHULH EHVFKUlQNW DXI VHLQH IOFKWLJH ([LVWHQ] DXI GHU
(UGHDXIVHLQHQDWUOLFKHQ8Q]XOlQJOLFKNHLWHQVRQGHUQGHU*HLVWNDQQ GDHUHLQHUK|KHUHQ
1DWXU HQWVWDPPW VR YLHOH 0DWHULHN|USHU JHEUDXFKHQ ZLH HU IU GLH 'XUFKIKUXQJ VHLQHU
JURHQ$XIJDEHQLQGHU:HOWEHQ|WLJW

 'XUFK GLHVH *DEH EHZHLVW GHU *HLVW VHLQH XQHUPHVVOLFKH hEHUOHJHQKHLW EHU GDV
)OHLVFKEHUGHQ7RGXQGEHUDOOHV,UGLVFKHLQGHPHUGHQ7RGEHUZLQGHWHLQHQ.|USHU
QDFKGHPDQGHUHQXQGDOOHEHUOHEWVRYLHOHLKPDXFKDQYHUWUDXWZXUGHQ(ULVWhEHUZLQGHU
GHU=HLWGHU:LGHUVWlQGHXQGGHU9HUVXFKXQJHQ  

 :LH KDEW LKU JODXEHQ N|QQHQ GDVV DP 7DJH GHV *HULFKWV GLH .|USHU GHU 7RWHQ
DXIHUVWHKHQ XQG VLFK PLW LKUHQ *HLVW6HHOHQ YHUHLQHQ XP LQ GDV 5HLFK *RWWHV HLQ]XJHKHQ"
:LHN|QQWLKUGDVZDVHXFK]XDQGHUHQ=HLWHQJHOHKUWZXUGHLQGLHVHU:HLVHDXVOHJHQ"

 'DV )OHLVFK LVW YRQ GLHVHU :HOW XQG LQ LKU EOHLEW HV ZlKUHQG GHU *HLVW VLFK IUHL HUKHEW
XQG ]X GHP /HEHQ ]XUFNNHKUW YRQ GHP HU DXVJLQJ :DV DXV GHP )OHLVFK JHERUHQ LVW LVW
)OHLVFKXQGZDVDXVPHLQHP*HLVWJHERUHQLVWLVW*HLVW'LH$XIHUVWHKXQJGHV)OHLVFKHV

LVW GLH :LHGHUHLQN|USHUXQJ GHU 6HHOH XQG ZHQQ PDQFKH JODXEHQ GDVV GLHV HLQH
PHQVFKOLFKH 7KHRULH LVW XQG DQGHUH YRQ HXFK JODXEHQ GDVV HV HLQH QHXH 2IIHQEDUXQJ LVW
ZDKUOLFK ,FKVDJHHXFK ,FKKDEHYRP$QEHJLQQGHU0HQVFKKHLWGDPLWEHJRQQHQGHU:HOW
GLHVH 2IIHQEDUXQJ EHNDQQW ]X PDFKHQ 'HQ %HZHLV GDIU N|QQW LKU LP 7H[W GHU 6FKULIWHQ
ILQGHQGLHHLQ=HXJQLVPHLQHU:HUNHVLQG


'LHVHUDXVGHPDOWHQFKULVWOLFKHQ*ODXEHQVEHNHQQWQLV EHNDQQWH$XVGUXFNZXUGHDXIGHP.RQ]LOYRQ1LNlD
DOVR ]X HLQHU =HLW IRUPXOLHUW DOV GLH ELV GDKLQ WHLOZHLVH DQHUNDQQWH 5HLQNDUQDWLRQVOHKUH GXUFK .DLVHU
.RQVWDQWLQ   DOV ,UUOHKUH YHUGDPPW ZXUGH 6R ZXUGH DXV GHU :LGHUJHEXUW GHU 6HHOH LP )OHLVFKH GLH
$XIHUVWHKXQJGHV )OHLVFKHV

 'RFK LQ GLHVHU =HLW LVW GLHVH 2IIHQEDUXQJ ]X HXUHP *HLVWH JHODQJW ZlKUHQG HU VLFK DXI
HLQHU K|KHUHQ (QWZLFNOXQJVVWXIH EHIDQG XQG EDOG ZLUG VLH JHUHFKWHUZHLVH DOV HLQHV GHU
JHUHFKWHVWHQ XQG OLHEHYROOVWHQ *HVHW]H GHV 6FK|SIHUV DQJHQRPPHQ ZHUGHQ 9HUZHUIW GLH
9RUVWHOOXQJGLHLKUYRP7DJHGHV*HULFKWVKDWWHWGHQQHVLVWQLFKWHLQHU HXUHU 7DJHZHLO
HVHLQ=HLWDEVFKQLWWLVWXQGGDV(QGHGHU:HOWLVWQLFKWGDVGHV3ODQHWHQDXIGHPLKUOHEW
VRQGHUQGDV(QGHGHVVHOEVWVFKWLJHQ/HEHQVGDVLKUDXILKPJHVFKDIIHQKDEW  

'DV*HKHLPQLVGHU$XIHUVWHKXQJGHV)OHLVFKHVZXUGHDXIJHNOlUWGXUFKGLH2IIHQEDUXQJ
EHU GLH 5HLQNDUQDWLRQ GHU 6HHOH +HXWH ZLVVW LKU GDVV GHU 6LQQ GLHVHV *HVHW]HV GHU /LHEH
XQG*HUHFKWLJNHLWGHULVWGDVVGLH6HHOHVLFKYHUYROONRPPQHWGDVVVLHQLHPDOVYHUORUHQJHKW
ZHLOVLHLPPHUHLQHRIIHQH7UDOV*HOHJHQKHLWIULKUH5HWWXQJYRUILQGHQZLUGGLHLKPGHU
9DWHUDQELHWHW


 0HLQ 8UWHLOVVSUXFK EHU MHGH 6HHOH DXIJUXQG GLHVHV *HVHW]HV LVW YROONRPPHQ XQG
XQHUELWWOLFK

,FKDOOHLQZHLHXFK]XULFKWHQZHLOMHGHV6FKLFNVDOIUGLH0HQVFKHQXQEHJUHLIOLFKLVW
'DKHUZLUGQLHPDQGGHQDQGHUHQJHJHQEHUEORJHVWHOOWRGHUYHUUDWHQ

 1DFKGHP GLH 6HHOHQ VLFK LQ LKUHQ 6QGHQ YHULUUW KDWWHQ QDFK VR YLHOHQ .lPSIHQ XQG
:HFKVHOIlOOHQ XQG QDFK ODQJHP :DQGHUHQ ZHUGHQ VLH YROO :HLVKHLW DXIJUXQG LKUHU
(UIDKUXQJHQ ]X 0LU NRPPHQ JHOlXWHUW GXUFK GHQ 6FKPHU] HUKREHQ GXUFK LKUH 9HUGLHQVWH
PGHYRQGHUODQJHQ3LOJHUVFKDIWMHGRFKHLQIDFKXQGIU|KOLFK ZLH.LQGHU 

'HUXQWHUVFKLHGOLFKH(QWZLFNOXQJVVWDQGGHU6HHOHQ

9RUODQJHU=HLWLVWHXHU*HLVWDXV0LUKHUYRUJHJDQJHQGHQQRFKVLQGQLFKWDOOHLQJOHLFKHU
:HLVHDXIGHPVHHOLVFKHQ(QWZLFNOXQJVZHJHIRUWJHVFKULWWHQ

 $OOH 6FKLFNVDOH VLQG YHUVFKLHGHQ REVFKRQ VLH HXFK ]XP JOHLFKHQ =LHOH EULQJHQ 'HQ
HLQHQVLQGGLHVHGHQDQGHUHQMHQH3UIXQJHQYRUEHKDOWHQ'DVHLQH*HVFK|SIGXUFKOlXIWGHQ
HLQHQ :HJ GDV DQGHUH IROJW HLQHP DQGHUHQ ,KU VHLG ZHGHU DOOH LP VHOEHQ $XJHQEOLFN LQV
'DVHLQ JHWUHWHQ QRFK ZHUGHW LKU DOOH ]XP JOHLFKHQ =HLWSXQNW ]XUFNNHKUHQ 'LH HLQHQ
ZDQGHUHQYRUQHGLHDQGHUHQKLQWHQGRFKGDV=LHOHUZDUWHWHXFKDOOH1LHPDQGZHLZHULKP
QDKHLVWRGHUZHUIHUQHYRQLKPZDQGHUWZHLOLKUQRFK]XXQUHLIVHLGXPGLHVH.HQQWQLV]X
EHVLW]HQLKUVHLGPHQVFKOLFKXQGHXUH(LWHONHLWZUGHHXFK]XP9HUGHUEHQJHUHLFKHQ 
 

=XDOOHQ=HLWHQVHOEVWLQGHQIHUQHQ=HLWHQGHU0HQVFKKHLWVJHVFKLFKWHKDEWLKU%HLVSLHOH
YRQ 0HQVFKHQ KRKHQ *HLVWHV JHKDEW :LH N|QQWHW LKU HXFK HUNOlUHQ GDVV HV EHUHLWV LQ GHQ
IUKHVWHQ =HLWHQ 0HQVFKHQ PLW HQWZLFNHOWHP *HLVW JDE ZHQQ GLHVHU QLFKW GXUFK
DXIHLQDQGHUIROJHQGH 5HLQNDUQDWLRQHQ JHJDQJHQ ZlUH GLH LKP KDOIHQ VLFK DXIZlUWV ]X
HQWZLFNHOQ"

'HU*UXQGGDIULVWGDVVGHU*HLVWQLFKW]XUVHOEHQ =HLWZLHGLH.|USHUKOOHHQWVWHKWXQG
GHU$QIDQJGHV0HQVFKHQJHVFKOHFKWVDXFKQLFKWPLWGHPGHU6HHOH]XVDPPHQIlOOW:DKUOLFK
,FKVDJHHXFKHVJLEWNHLQHQHLQ]LJHQ*HLVWZHOFKHUDXIGLH:HOWJHNRPPHQLVWRKQHGDVVHU
]XYRULP-HQVHLWVH[LVWLHUWKDW :HUYRQHXFKNDQQGLH=HLWHUPHVVHQRGHUNHQQHQGLHHULQ
DQGHUHQ6SKlUHQJHOHEWKDWEHYRUHUNDPDXIGLHVHU(UGH]XOHEHQ"  

'LH.HQQWQLVIUKHUHU(UGHQOHEHQXQGGHUHLJHQHQ(QWZLFNOXQJVK|KH

6RODQJHGLH6HHOHHQJPLWGHP.|USHUYHUEXQGHQLVWHUNHQQWVLHQLFKWQRFKNDQQVLHGLH
9HUGLHQVWHZLVVHQGLHVLHLQLKUHQIUKHUHQ/HEHQHUZRUEHQKDW$EHUQXQHUIlKUWVLHGDVVLKU
/HEHQ GLH (ZLJNHLW LVW HLQH XQXQWHUEURFKHQH (QWZLFNOXQJ LP 9HUODQJHQ GHQ *LSIHO ]X
HUUHLFKHQ'RFKKHXWHZLVVWLKU QRFKQLFKWZHOFKH +|KHLKUHUUHLFKWKDEW 

 (XHU 9HUVWDQG HPSIlQJW QLFKW GLH (LQGUFNH RGHU (ULQQHUXQJVELOGHU GHU 9HUJDQJHQKHLW
HXUHU6HHOHZHLOGHU.|USHUZLH HLQGLFKWHU6FKOHLHULVWGHUQLFKW]XOlVVWLQGDV /HEHQGHU
6HHOH HLQ]XGULQJHQ :HOFKHV *HKLUQ N|QQWH GLH %LOGHU XQG (LQGUFNH DXIQHKPHQ GLH GLH
6HHOH LP 9HUODXI LKUHU 9HUJDQJHQKHLW HPSIDQJHQ KDW" :HOFKH ,QWHOOLJHQ] N|QQWH PLW
PHQVFKOLFKHQ9RUVWHOOXQJHQ]XVDPPHQKlQJHQGHUIDVVHQZDVLKUXQEHJUHLIOLFKLVW"


:HJHQDOOGHPKDEH,FKHXFKELVKHUQLFKWHUODXEW]XZLVVHQZHULKUJHLVWLJVHLGQRFKZLH
HXUH9HUJDQJHQKHLWEHVFKDIIHQZDU  

 $OOH PHLQH :HUNH VLQG YRQ 0LU LQ HLQHP %XFKH QLHGHUJHVFKULHEHQ GDV VLFK /HEHQ
QHQQW'LH=DKOVHLQHU6HLWHQLVWXQ]lKOEDUVHLQHXQHQGOLFKH:HLVKHLWZLUGYRQQLHPDQGHP
QHEHQ*RWWGHUVHLQ9HUIDVVHULVWHUUHLFKWZHUGHQN|QQHQ$EHUGDULQDXIMHGHUVHLQHU6HLWHQ
LVW HLQH NXU]H =XVDPPHQIDVVXQJ HQWKDOWHQ LQ GHU GHU 9DWHU MHGHV VHLQHU :HUNH IDVVOLFK
GDUJHVWHOOWKDWXPHVIUMHGHV9HUVWDQGHVYHUP|JHQEHJUHLIOLFK]XPDFKHQ

$XFKLKUVFKUHLEWVWlQGLJDP%XFKHHXUHV/HEHQVLQGHPDOOHHXUH:HUNHXQGDOOHHXUH
6FKULWWH DXI GHP JDQ]HQ (QWZLFNOXQJVZHJH QLHGHUJHVFKULHEHQ EOHLEHQ ZHUGHQ -HQHV %XFK
ZLUGLQHXUHP*HLVWHJHVFKULHEHQVWHKHQXQGZLUG/LFKWGHV:LVVHQVXQGGHU(UIDKUXQJVHLQ
PLWGHPLKUPRUJHQGHQ:HJHXUHUMQJHUHQ*HVFKZLVWHUHUKHOOHQVROOW

1RFKN|QQWLKUQLHPDQGHPHXHU %XFK]HLJHQZHLOLKUQLFKWHLQPDOVHLQHQ ,QKDOWNHQQW


$EHU EDOG ZLUG HV LQ HXUHP :HVHQ OLFKW ZHUGHQ XQG LKU ZHUGHW HXUHQ 0LWPHQVFKHQ GLH
6HLWHQ ]HLJHQ N|QQHQ GLH YRQ HXUHU (QWIDOWXQJ HXUHU 6KQHOHLVWXQJ XQG HXUHQ (UIDKUXQJHQ
VSUHFKHQ,KUZHUGHWGDQQHLQRIIHQHV%XFKIUGLH0HQVFKHQVHLQ

:RKOGHQHQGLHVLFKLKUH0LVVLRQ]XHLJHQPDFKHQ6LHZHUGHQIKOHQ GDVVVLHDXIGHU
/HLWHUHPSRUVWHLJHQGLH-DNRELP7UDXPHVDKZHOFKHGHUJHLVWLJH:HJLVWGHUGLH:HVHQELV
LQGLH*HJHQZDUWGHV6FK|SIHUVIKUW  

/LHEHDOV1RWZHQGLJNHLWIUGLHJHLVWLJVHHOLVFKH(QWZLFNOXQJ

 6R ZLH HXHU .|USHU XP ]XOHEHQ QDFK /XIW 6RQQH :DVVHU XQG %URW YHUODQJW HEHQVR
EHQ|WLJW DXFK GLH 6HHOH GDV /HEHQVXPIHOG GDV /LFKW XQG GLH 1DKUXQJ GLH LKUHP :HVHQ
HQWVSULFKW :HQQ VLH VLFK GHU )UHLKHLW EHUDXEW VLHKW LP 9HUODQJHQ QDFK LKUHU 1DKUXQJ
HPSRU]XVFKZLQJHQZLUGVLHVFKZDFKZHONWVLHXQGZLUGVWXPSIVLQQLJVRZLHZHQQPDQHLQ
.LQG]ZLQJHQZUGHLPPHULQVHLQHU:LHJH]XEOHLEHQXQGLQVHLQHU.DPPHUHLQJHVSHUUW]X
VHLQ 6HLQH *OLHGHU ZUGHQ ODKP ZHUGHQ HV ZUGH EOHLFK ZHUGHQ VHLQH 6LQQH ZUGHQ
DEVWXPSIHQXQGVHLQH)lKLJNHLWHQYHUNPPHUQ

(UNHQQWGDDXFKGLH6HHOHHLQ/DKPHUVHLQNDQQ,FKN|QQWHHXFKVRJDUVDJHQGDVVGLH
:HOWYROOYRQVHHOLVFK/DKPHQ%OLQGHQ7DXEHQXQG.UDQNHQLVW'LH6HHOHGLH HLQJHVSHUUW
OHEWXQGRKQH)UHLKHLW]XU(QWIDOWXQJLVWLVWHLQ:HVHQGDVQLFKWZlFKVW ZHGHUDQ:HLVKHLW
QRFKDQ.UDIWQRFKDQ7XJHQG  

 :DKUOLFK ,FK VDJH HXFK ZDV HXFK HPSRUKHEHQ NDQQ LVW GLH /LHEH ZHLO LKU :HLVKHLW
*HIKO XQG (UKHEXQJ LQQHZRKQW 'LH /LHEH LVW HLQH =XVDPPHQIDVVXQJ DOOHU (LJHQVFKDIWHQ
GHU*|WWOLFKNHLWXQG*RWWKDWGLHVH)ODPPHLQMHGHPJHLVWLJHQ*HVFK|SIHQW]QGHW

 :LH YLHOH /HNWLRQHQ KDEH ,FK HXFK JHJHEHQ GDPLW LKU OHUQW ]X OLHEHQ :LH YLHOH
*HOHJHQKHLWHQ/HEHQXQG5HLQNDUQDWLRQHQKDWHXFKGLH*|WWOLFKH%DUPKHU]LJNHLW]XJHWHLOW
'LH/HNWLRQZXUGHZLHGHUKROWVRRIWHVQ|WLJZDUELVVLHJHOHUQWZDU(LQPDOHUIOOWJLEWHV
NHLQHQ*UXQG]XU:LHGHUKROXQJGHQQVLHNDQQDXFKQLFKWPHKUYHUJHVVHQZHUGHQ

:HQQLKUPHLQH/HNWLRQHQVFKQHOOOHUQHQZUGHWEUlXFKWHWLKUQLFKWPHKU]XOHLGHQQRFK
EHU )HKOHU ]X ZHLQHQ (LQ :HVHQ GDV DXI (UGHQ GLH /HNWLRQHQ QXW]W GLH HV DXI LKU
HPSIDQJHQKDWPDJ]XU:HOW]XUFNNHKUHQDEHULPPHUZLUGHVPLWJU|HUHU5HLIHXQGXQWHU
EHVVHUHQ /HEHQVEHGLQJXQJHQ JHVFKHKHQ =ZLVFKHQ HLQHP /HEHQ XQG GHP QlFKVWHQ ZLUG HV


LPPHUHLQH(UKROXQJVSDXVHKDEHQGLHQRWZHQGLJLVWXP]XPHGLWLHUHQXQGVLFKDXV]XUXKHQ
EHYRUHVGDVQHXH7DJHZHUNEHJLQQW  

8QWHUVFKLHGOLFKH*UQGHIU 5HLQNDUQDWLRQHQ

:DKUOLFK,FKVDJHHXFKLQNHLQHU(SRFKHGHVPHQVFKOLFKHQ/HEHQVKDWGHP0HQVFKHQ
GLH.HQQWQLVPHLQHV*HVHW]HVJHIHKOWGHQQYRQGHP*|WWOLFKHQ)XQNHQZHOFKHUVHLQ*HLVW
LVWKDWLKPQLHHLQ/LFKWVWUDKOLQVHLQHU6HHOHHLQH(LQJHEXQJLQVHLQHP9HUVWDQGRGHUHLQH
$KQXQJLQVHLQHP+HU]HQJHIHKOW

 'HQQRFK LVW HXUH 6HHOH PLW HLQHU GXQNOHQ %LQGH YRU GHQ $XJHQ LQV -HQVHLWV
]XUFNJHNHKUWXQG,FKVDJHHXFK:HUGLH/HNWLRQQLFKWQXW]WGLHGDV/HEHQDXIGLHVHU:HOW
HQWKlOW LQ GLHVHP 7DO GHU 3UIXQJHQ GHU PXVV ]X LKP ]XUFNNHKUHQ XP VHLQH
:LHGHUJXWPDFKXQJ]XYROOHQGHQXQGYRUDOOHPXP]XOHUQHQ 

$XIDQGHUHQ:HOWHQHUIUHXHQVLFKGLH6HHOHQJOHLFKIDOOVGHU:LOOHQVIUHLKHLWXQGVQGLJHQ
XQG JHUDWHQ DXI $EZHJH RGHU VLH EOHLEHQ EHKDUUOLFK LP *XWHQ XQG HUUHLFKHQ HV DXI GLHVH
:HLVH VLFK DXIZlUWV ]X HQWZLFNHOQ VR ZLH LKU HV DXI GHU (UGH WXW 'RFK ZHQQ GHU
YRUEHVWLPPWH =HLWSXQNW GD LVW NRPPHQ MHQH GLH GD]X YRUJHVHKHQ VLQG DXI GLHVHU :HOW ]X
OHEHQ ]X LKU KHUDE XP HLQH HGOH $XIJDEH ]X HUIOOHQ XQG DQGHUH XP LKUHU 6KQHSIOLFKW
QDFK]XNRPPHQ

 $EHU MH QDFKGHP ZLH VLH GLHVH (UGH VHKHQ ZROOHQ ZLUG VLH VLFK GHQHLQHQ DOV 3DUDGLHV
XQG GHQ DQGHUHQ DOV HLQH +|OOH SUlVHQWLHUHQ :HQQ GLHVH GDKHU GLH %DUPKHU]LJNHLW LKUHV
9DWHUV EHJUHLIHQ VHKHQ VLH QXU QRFK HLQ ZXQGHUEDUHV /HEHQ GDV PLW 6HJQXQJHQ XQG
/HEHQVOHKUHQIUGHQ*HLVWEHVlWLVW HLQHQ:HJGHUVLHGHP*HOREWHQ/DQGHQlKHUEULQJW

 'LH HLQHQ JHKHQ YRQ GLHVHU :HOW PLW GHP :XQVFKH ]XUFN]XNHKUHQ DQGHUH WXQ HV PLW
GHU)XUFKW]XUFNNHKUHQ]XPVVHQ'HU*UXQGGDIULVWGDVVHXUHPHQVFKOLFKH:HVHQVQDWXU
QRFKQLFKWGLH+DUPRQLH]XEHJUHLIHQYHUPRFKWHLQGHULKUPLWGHP+HUUQOHEHQVROOW 


 1LHPDQG OHKQH VLFK JHJHQ GLH 9RUVWHOOXQJ DXI LQ HLQHP DQGHUHQ .|USHU DXI GLHVHQ
3ODQHWHQ]XUFNNHKUHQ]XPVVHQXQGKDEWDXFKQLFKWGLH0HLQXQJGDVVGLH5HLQNDUQDWLRQ
HLQH6WUDIHIUGLH6HHOHLVW$OOH6HHOHQGLHGD]XEHVWLPPWVLQGDXIGHU(UGH]XOHEHQKDEHQ
GDV *HVHW] GHU 5HLQNDUQDWLRQ GXUFKVFKUHLWHQ PVVHQ XP LKUH +|KHUHQWZLFNOXQJ HUUHLFKHQ
]XN|QQHQXQGGLH$XIJDEHGXUFK]XIKUHQGLH,FKLKQHQDQYHUWUDXWKDEH

 1LFKW QXU GLH ZHQLJ HQWZLFNHOWHQ 6HHOHQ PVVHQ HUQHXW LQNDUQLHUHQ DXFK GLH
KRFKVWHKHQGHQ6HHOHQNRPPHQHLQXPVDQGHUH0DO]XUFNELVVLHLKU:HUNYROOHQGHWKDEHQ

 (OLD LVW GHU JU|WH GHU 3URSKHWHQ GHU ]XU (UGH JHNRPPHQ LVW GRFK WURW] GHU JURHQ
:HUNHGLHHUWDWXQGGHUJURHQ%HZHLVHGLHHUHUEUDFKWH GDVV*RWWH[LVWLHUW PXVVWHHULQ
HLQHU DQGHUHQ =HLW LQ HLQHP DQGHUHQ .|USHU XQG PLW HLQHP DQGHUHQ 1DPHQ ]X GLHVHU :HOW
]XUFNNHKUHQ

'LHVHV*HVHW]GHU/LHEHXQG*HUHFKWLJNHLWZDUGHQ0HQVFKHQODQJH=HLWXQEHNDQQWGHQQ
ZHQQ VLH HV IUKHU JHNDQQW KlWWHQ KlWWHQ VLH LQ 9HUZLUUXQJ JHUDWHQ N|QQHQ 'HQQRFK JDE
HXFKGHU9DWHUHLQLJH2IIHQEDUXQJHQXQGHLQLJH$Q]HLFKHQGLHGDVGLHVHU=HLWYRUDXVHLOHQGH
/LFKWZDUHQ]XU$XINOlUXQJDOOHU*HKHLPQLVVH  


'HU:HJ]XU9ROONRPPHQKHLW

 :HLW LVW GHU :HJ DXI GHP LKU ]XU )OOH GHV /LFKWHV JHODQJHQ ZHUGHW .HLQ :HVHQ KDW
HLQHQ OlQJHUHQ :HJ DOV GHQ GHU 6HHOH DXI ZHOFKHP GHU 9DWHU GHU *|WWOLFKH %LOGKDXHU GHU
HXUH6HHOHIRUPWXQGJOlWWHWLKUGLHYROONRPPHQH*HVWDOWJLEW 

:DKUOLFK,FKVDJHHXFKGDPLWLKUY|OOLJH5HLQKHLWHUODQJWZLUGHXUH6HHOHVLFKQRFKVHKU
OlXWHUQPVVHQLQGLHVHU:HOWXQGLQGHU*HLVWLJHQ

6RRIWHVIUHXFKQRWZHQGLJLVWZHUGHWLKU]XGLHVHP3ODQHWHQ]XUFNNHKUHQPVVHQXQG
MH |IWHU LKU GLH *HOHJHQKHLWHQ GLH HXHU 9DWHU HXFK JHZlKUW XQJHQXW]W ODVVW GHVWR PHKU
ZHUGHWLKUHXUHQHQGJOWLJHQ(LQWULWWLQGDVZDKUH/HEHQYHU]|JHUQXQGHXUH9HUZHLOGDXHULP
7DOGHU7UlQHQYHUOlQJHUQ

-HGH6HHOHPXVVLQMHGHP(UGHQGDVHLQGHQ)RUWVFKULWWXQGGLH)UFKWHLKUHU(QZLFNOXQJ
YRUZHLVHQLQGHPVLHMHGHVPDOHLQHQIHVWHQ6FKULWWQDFKYRUQPDFKW

6HLGHXFK EHZXVVWGDVVGDVHLQ]LJH*XWHGDVGHPHLJHQHQ:RKO]XJXWHNRPPWMHQHVLVW
GDVDXVZDKUHU/LHEHXQG%DUPKHU]LJNHLWDQDQGHUHQXQG]ZDUVHOEVWORVJHVFKLHKW 
 

 ,P 0HQVFKHQ JLEW HV ]ZHL 0lFKWH GLH LPPHU LP .DPSIH OLHJHQ VHLQH PHQVFKOLFKH
1DWXUGLHYHUJlQJOLFKLVWXQGVHLQHJHLVWLJH1DWXUGLHHZLJLVW

'LHVHVHZLJH:HVHQZHLVHKUZRKOGDVVVHKUODQJH=HLWUlXPHYHUJHKHQPVVHQGDPLW
HV VHLQH VHHOLVFKH 9HUYROONRPPQXQJ ]X HUUHLFKHQ YHUPDJ (V DKQW GDVV HV YLHOH
0HQVFKHQOHEHQKDEHQPXVVXQGGDVVHVLQLKQHQGXUFKYLHOH3UIXQJHQJHKHQPXVVEHYRUHV
GDV ZDKUH *OFN HUODQJW 'HU *HLVW DKQW GDVV HU QDFK GHQ 7UlQHQ GHP 6FKPHU] XQG
QDFKGHP HUYLHOH0DOH GXUFKGHQN|USHUOLFKHQ 7RGJHJDQJHQLVW]XMHQHP*LSIHO JHODQJHQ
ZLUGGHQHU LQVHLQHP6HKQHQQDFK9ROONRPPHQKHLWLPPHUJHVXFKWKDW

'HU.|USHUGDJHJHQGDVJHEUHFKOLFKHXQGNOHLQH'LQJZHLQWElXPWVLFKDXIXQGZHLJHUW
VLFK]XZHLOHQGHQ5XIHQGHV*HLVWHV]XIROJHQXQGQXUZHQQGLHVHUVLFKHQWZLFNHOWKDWVWDUN
XQGHUIDKUHQ LVWLP.DPSIHPLWGHP)OHLVFKXQGDOOHPZDVLKQXPJLEWJHOLQJWHVLKPGHQ
.|USHU]XEHKHUUVFKHQXQGVLFKGXUFKLKQ]XEHNXQGHQ

/DQJLVWGLH3LOJHUVFKDIWGHV*HLVWHVZHLWVHLQ:HJYLHOIDFKXQGVHKUDEZHFKVOXQJVUHLFK
VHLQH'DVHLQVIRUPHQXQGDOOH$XJHQEOLFNHVLQGVHLQH3UIXQJHQDQGHUHU$UW'RFKZlKUHQG
HUGLHVHEHVWHKWHUKHEWHUVLFKUHLQLJWHUVLFKYHUYROONRPPQHWHUVLFK

 $XI VHLQHP *DQJ GXUFKV /HEHQ OlVVW HU HLQH /LFKWVSXU ]XUFN GDKHU LVW GHP
KRFKVWHKHQGHQ*HLVWRIWPDOVGDV:LPPHUQVHLQHV.|USHUVQLFKWZLFKWLJZHLOHUZHLGDVV
HVYRUEHUJHKWXQGHUVLFKDXIVHLQHU5HLVHQLFKWGXUFK(UHLJQLVVHDXIKDOWHQODVVHQGDUIGLH
LKPNOHLQHUVFKHLQHQ

 )U HLQHQ $XJHQEOLFN ULFKWHW HU VHLQH $XIPHUNVDPNHLW DXI GLH 6FKZlFKHQ VHLQHV
)OHLVFKHV DEHU HU ZHL GDVV HU HWZDV GDV QXU NXU] OHEW XQG EDOG LP ,QQHUQ GHU (UGH
YHUVFKZLQGHWQLFKW]XVHKUOLHEHQGDUI  

'LHXQLYHUVHOOH6FKXOHGHV/HEHQV


 6HLW $QEHJLQQ GHU 0HQVFKKHLW JLEW HV GLH 5HLQNDUQDWLRQ GHU 6HHOH DOV HLQ *HVHW] GHU
/LHEHXQG*HUHFKWLJNHLWXQGDOVHLQHGHU)RUPHQLQGHQHQGHU9DWHUVHLQHXQHQGOLFKH*QDGH
EHZLHVHQ KDW 'LH 5HLQNDUQDWLRQ LVW QLFKW QXU HLQH 6DFKH GLHVHU =HLW VRQGHUQ DOOHU =HLWHQ
XQGLKUVROOWDXFKQLFKWPHLQHQGDVV,FKHXFKGLHV0\VWHULXPHUVWMHW]WRIIHQEDUWKDEH6FKRQ
LQ GHQ IUKHVWHQ =HLWHQ H[LVWLHUWH LP 0HQVFKHQ GDV LQWXLWLYH :LVVHQ EHU GLH
:LHGHUHLQN|USHUXQJGHU6HHOH

 'RFK GLH 0HQVFKHQ ZHOFKH PDWHULDOLVWLVFKH :LVVHQVFKDIWHQ XQG 6FKlW]H GHU :HOW
HUVWUHEWHQ OLHHQ VLFK YRQ GHQ /HLGHQVFKDIWHQ GHV )OHLVFKHV EHKHUUVFKHQ ZRGXUFK MHQH
)DVHUQGHVPHQVFKOLFKHQ+HU]HQVYHUKlUWHWZXUGHQPLWGHQHQPDQGDV*HLVWLJHZDKUQLPPW
VRGDVVGLH0HQVFKHQWDXEXQGEOLQGIUDOOHVZXUGHQZDVGHP*HLVWH]XJHK|UW 

 9RU HXUHU (UVFKDIIXQJ ZDUW LKU LQ 0LU GDQDFK DOV JHLVWLJH *HVFK|SIH ZDUW LKU DQ GHP
2UWZRDOOHVLQYROONRPPHQHU+DUPRQLHVFKZLQJWZRGLH(VVHQ]GHV/HEHQVXQGGLH4XHOOH
GHVZDKUHQ/LFKWHVLVWYRQGHP,FKHXFKQlKUH

 'HU 6FKPHU] ZXUGH QLFKW YRP 9DWHU JHVFKDIIHQ ,Q GHQ =HLWHQ YRQ GHQHQ ,FK ]X HXFK
VSUHFKHKDWWHWLKUNHLQHQ*UXQG]XP6HXI]HQLKUKDWWHWEHUQLFKWV]XNODJHQLKUIKOWHWGHQ
+LPPHO LQ HXFK VHOEVW GHQQ LQ HXUHP YROONRPPHQHQ /HEHQ ZDUW LKU GDV 6LQQELOG GLHVHV
'DVHLQV

 $EHU DOV LKU MHQH +HLPVWDWW YHUOLHHW JDE ,FK HXUHP *HLVWH HLQ *HZDQG XQG LKU VDQNHW
LPPHU WLHIHU +HUQDFK HQWZLFNHOWH VLFK HXUH 6HHOH 6FKULWW IU 6FKULWW ELV VLH ]X GHU
'DVHLQVHEHQHJHODQJWHZRLKUHXFKMHW]WEHILQGHWXQGZRGDV/LFKWGHV9DWHUVVWUDKOW 
 

 'DV =LHO MHGHU *HLVW6HHOH LVW HV QDFK LKUHU /lXWHUXQJ XQG 9HUYROONRPPQXQJ PLW GHU
*|WWOLFKNHLW]XYHUVFKPHO]HQ'DIUEHUIOXWH,FKHXUHQ:HJPLW/LFKWXQGJHEHHXUHU6HHOH
.UDIWGDPLWLKU6WXIHXP6WXIHHPSRUVWHLJW-HQDFKGHU(QWZLFNOXQJVK|KHGLHLKUHUUXQJHQ
KDEW ZHQQ LKU GLHVH :HOW YHUODVVW ZLUG GLH JHLVWLJH +HLPVWlWWH VHLQ GLH LKU LP -HQVHLWV
EHZRKQW 'HQQ GDV 8QLYHUVXP ZXUGH DOV HLQH 6FKXOH GHU 9ROONRPPHQKHLW IU GLH 6HHOH
JHVFKDIIHQ 


'LHVLVW QLFKWLGHQWLVFK PLWGHUEXGGKLVWLVFKHQ9RUVWHOOXQJ YRP1LUZDQD1lKHUH(UOlXWHUXQJHQGD]X JHEHQ
XDGLH7H[WVWHOOHQ.DS.DSYRUDOOHP.DS

 :HQQ ,FK HXFK DOOHV LQ GLHVHP /HEHQ JHJHEHQ KlWWH ZUGHW LKU NHLQ 9HUODQJHQ PHKU
KDEHQHLQHZHLWHUH6WXIHK|KHU]XVWHLJHQ$EHUGDVZDVLKULQ HLQHP 'DVHLQQLFKWHUUHLFKW
KDEW HUVWUHEW LKU LQ HLQHP DQGHUHQ XQG ZDV LKU LQ MHQHP QLFKW HUUHLFKW YHUKHLW HXFK HLQ
DQGHUHV K|KHUHV XQG VR JHKW HV ELV LQ DOOH (ZLJNHLW VFKULWWZHLVH ZHLWHU DXI GHP HQGORVHQ
(QWZLFNOXQJVZHJGHU6HHOH

 :HQQ LKU PHLQ :RUW K|UW HUVFKHLQW HV HXFK XQP|JOLFK GDVV HXUH 6HHOH IlKLJ VHLQ VROO
HLQH VR JURH 9ROONRPPHQKHLW ]X HUUHLFKHQ GRFK ,FK VDJH HXFK GDVV LKU QXU GHVKDOE GLH
KRKH %HVWLPPXQJ GHU 6HHOH LQ =ZHLIHO ]LHKW ZHLO LKU QXU GDV EHWUDFKWHW ZDV LKU PLW HXUHQ
PDWHULHOOHQ $XJHQ VHKW $UPVHOLJNHLW 8QZLVVHQKHLW %RVKHLW $EHU GLHV NRPPW QXU GDKHU
ZHLO GLH 6HHOH EHL GHQ HLQHQ NUDQN LVW EHL DQGHUHQ LVW VLH JHOlKPW DQGHUH VLQG EOLQG XQG
PDQFKH JHLVWLJ WRW 'RFK DQJHVLFKWV HLQHV VROFKHQ JHLVWLJHQ (OHQGV PVVW LKU DQ GHU
%HVWLPPXQJ]ZHLIHOQZHOFKHGLH(ZLJNHLWIUHXFKEHUHLWKlOW


6ROHEWLKULQGLHVHU=HLWGHU/LHEH]XU:HOWXQG]XP0DWHULDOLVPXV'RFKVFKRQLVWGDV
/LFKWPHLQHU:DKUKHLW]XHXFKJHODQJWXQGKDWGLH)LQVWHUQLVGHU1DFKWHLQHU=HLWYHUWULHEHQ
ZHOFKH EHUHLWV YHUJDQJHQ LVW XQG KDW PLW VHLQHU 0RUJHQU|WH GDV .RPPHQ HLQHV =HLWDOWHUV
DQJHNQGLJW LQ ZHOFKHP GLH 6HHOH GLH (UOHXFKWXQJ HPSIDQJHQ ZLUG GXUFK PHLQH
8QWHUZHLVXQJ  

9LHOHYRQHXFKZHUGHQNHLQHQHXH*HOHJHQKHLWKDEHQ]XU(UGH]XUFN]XNHKUHQXPDXI
LKUHXUH9HUIHKOXQJHQZLHGHUJXW]XPDFKHQ,KUZHUGHWMHQHV:HUN]HXJGDVLKUKHXWHKDEWXQG
GDVHXHU.|USHULVWDXIGHQLKUHXFKVWW]WQLFKWPHKUEHVLW]HQ,KUPVVWEHJUHLIHQGDVVGDV
.RPPHQ]XU :HOWIUGLH6HHOHHLQ3ULYLOHJLVWHVQLHPDOVHLQH6WUDIHLVW'HVKDOEPVVWLKU
GLHVH*QDGHQXW]HQ

 1DFK GLHVHP /HEHQ ZHUGHW LKU ]X DQGHUHQ :HOWHQ JHKHQ XP QHXH /HNWLRQHQ ]X
HPSIDQJHQXQGGRUWZHUGHWLKUQHXH*HOHJHQKHLWHQILQGHQXPZHLWHUDXI]XVWHLJHQXQGHXFK
]XYHUYROONRPPQHQ:HQQLKUHXUH3IOLFKWHQDOV0HQVFKHQJHWDQKDEWZHUGHWLKUGLHVH:HOW
PLW%HIULHGLJXQJYHUODVVHQZHLOLKUHXUH$XIJDEHHUIOOWKDEWXQGLQHXUHU6HHOHZLUG)ULHGH
VHLQ  

0HLQH6WLPPHUXIWGHU]HLWJURH0HQVFKHQVFKDUHQKHUEHLZHLOVLFKIUYLHOH6HHOHQGDV
(QGHLKUHU3LOJHUVFKDIWDXI(UGHQQDKW

-HQH1LHGHUJHVFKODJHQKHLWMHQHU$EVFKHXMHQH7UDXULJNHLWGLHVLHLP+HU]HQWUDJHQVLQG
GHU %HZHLV GDIU GDVV VLH VLFK EHUHLWV QDFK HLQHU K|KHUHQ +HLPVWlWWH HLQHU EHVVHUHQ :HOW
VHKQHQ

 $EHU HV LVW QRWZHQGLJ GDVV VLH GLH OHW]WH (WDSSH GLH VLH DXI GHU :HOW ]XUFNOHJHQ LP
*HKRUVDP JHJHQEHU GHQ :HLVXQJHQ LKUHV *HZLVVHQV OHEHQ GDPLW GLH 6SXU LKUHU OHW]WHQ
6FKULWWH DXI (UGHQ VHJHQVYROO LVW IU GLH *HQHUDWLRQHQ GLH QDFK LKQHQ NRPPHQ XP LKUH
YHUVFKLHGHQHQ$XIJDEHQLQGHU:HOW]XHUIOOHQ 

 'LHVH :HOW LVW QLFKW HZLJ QRFK EUDXFKW VLH HV ]X VHLQ :HQQ GLHVH +HLPVWlWWH HLQPDO
QLFKWPHKUGHQ'DVHLQV]ZHFNGHQVLHMHW]WKDWHUIOOWZLUGVLHYHUVFKZLQGHQ

:HQQHXHU*HLVWQLFKWPHKUGLH/HNWLRQHQEHQ|WLJWGLHGLHV/HEHQKLHUHUWHLOWZHLOLKP
DQGHUH K|KHUH DXI HLQHU DQGHUHQ :HOW HUZDUWHQ GDQQ ZLUG HU DXIJUXQG GHV LQ GLHVHP
(UGHQNDPSI HUUXQJHQHQ /LFKWHV VDJHQ 0LW ZHOFKHU .ODUKHLW EHJUHLIH LFK MHW]W GDVV DOOH
+|KHQXQG7LHIHQGLHVHV /HEHQVQXU(UIDKUXQJHQXQG /HNWLRQHQ ZDUHQ GLHLFKQ|WLJKDWWH
XP EHVVHU ]X YHUVWHKHQ :LH ODQJ HUVFKLHQ PLU MHQH /HEHQVUHLVH VRODQJH GLH /HLGHQ PLFK
QLHGHUGUFNWHQ-HW]WKLQJHJHQZRDOOHVYRUEHLLVW ZLHNXU]XQG IOFKWLJ HUVFKHLQWVLHPLU
DQJHVLFKWVGHU(ZLJNHLW X

 )UHXW HXFK 0HQVFKHQ GHQNW GDVV LKU )OXJY|JHO VHLG DXI GLHVHU :HOW YROOHU 7UlQHQ
(UElUPOLFKNHLWHQ XQG /HLGHQ )UHXW HXFK GHQQ HV LVW QLFKW HXUH +HLPDW IU GLH (ZLJNHLW
EHVVHUH:HOWHQZDUWHQDXIHXFK

 :HQQ LKU DOVR YRQ GLHVHU (UGH VFKHLGHW VR WXW HV RKQH %HGDXHUQ GDQQ ZHUGHQ GLH
6FKPHU]HQVVHXI]HU GLH 0KHQ GLH 7UlQHQ KLHU ]XUFNEOHLEHQ ,KU ZHUGHW GLHVHU :HOW
/HEHZRKO VDJHQ XQG HXFK ]X MHQHQ HPSRUVFKZLQJHQ GLH HXFK LQ GHQ +LPPHOVK|KHQ
HUZDUWHQ9RQGRUWDXVZHUGHWLKUGLH(UGHDOVHLQHQ3XQNWLP5DXPHVHKHQDQGHQLKUPLW
/LHEH]XUFNGHQNHQZHUGHW 


'LHhEHU]HXJXQJVNUDIWGHU5HLQNDUQDWLRQVOHKUH

'DV/LFKWGHV6SLULWXDOLVPXVRIIHQEDUWQXQGHU:HOWGLH:DKUKHLWGLH*HUHFKWLJNHLWGLH
9HUQXQIW XQG GLH /LHEH ZHOFKH GHU JHLVWLJHQ %HIlKLJXQJ ]XU 5HLQNDUQDWLRQ LQQHZRKQHQ
'HQQRFK PXVV GLH :HOW GLHVH 2IIHQEDUXQJ ]XQlFKVW KDUWQlFNLJ EHNlPSIHQ XQG LKU GHQ
$QVFKHLQ HLQHU IUHPGDUWLJHQ XQG IDOVFKHQ /HKUH JHEHQ XP GHQ 0HQVFKHQ JXWHQ *ODXEHQV
0LVVWUDXHQHLQ]XIO|HQ

8QQW]XQGYHUJHEOLFKZHUGHQGLH$QVWUHQJXQJHQVHLQGLHGLH.RQIHVVLRQHQPDFKHQXP
LKUH*OlXELJHQLQGHQHLQJHIDKUHQHQ*OHLVHQDOWHU*ODXEHQVYRUVWHOOXQJHQXQGXQ]HLWJHPlHU
*ODXEHQVV\VWHPH]XHUKDOWHQ'HQQQLHPDQGZLUGGDVJ|WWOLFKH /LFKWDXIKDOWHQN|QQHQGDV
ELV]XP*UXQGHPHQVFKOLFKHQ'HQNYHUP|JHQVYRUGULQJWXQGGHQ*HLVWIUHLQ=HLWDOWHUGHU
2IIHQEDUXQJHQ J|WWOLFKHU (LQJHEXQJHQ GHU (UKHOOXQJ YRQ =ZHLIHOQ XQG *HKHLPQLVVHQ GHU
JHLVWLJHQ%HIUHLXQJHUZHFNW

$XFKZLUGQLHPDQGGLH)OXWDXIKDOWHQN|QQHQZHOFKHGLH0HQVFKKHLWELOGHQZLUGZHQQ
VLH LP 9HUODQJHQ QDFK LKUHU )UHLKHLW GHV 'HQNHQV GHV *HLVWHV XQG GHV *ODXEHQV DXIEULFKW
 

5HLQNDUQDWLRQVZHJHHLQHU6HHOH

,FKUXIHDOOH(UGHQSLOJHUGDPLWVLHPHLQH6WLPPHK|UHQGLHVLH]XU$XIZlUWVHQWZLFNOXQJ
XQG]XP%HVLW]GHVHZLJHQ/HEHQVHLQOlGW

$QGLHVHP7DJDQGHPVLFKGDV *|WWOLFKH:RUWNXQGWXW QW]HWVHLQ:RUWXQGODVVW


HXFKGXUFKGDVVHOEHHUOHXFKWHQGHQQLP:LVVHQLVWGDV/LFKWXQGHXUH(UO|VXQJ

 :HQQ PHLQ *HVHW] HXFK 0RUDO 5HFKWVFKDIIHQKHLW XQG 2UGQXQJ EHL DOOHQ +DQGOXQJHQ
HXUHV /HEHQV OHKUW ZDUXP VXFKW LKU GDQQ HQWJHJHQJHVHW]WH :HJH ZRGXUFK LKU HXFK
6FKPHU]HQ EHUHLWHW" 'RFK ZHQQ LKU LQV -HQVHLWV DEVFKHLGHW XQG HXUHQ .|USHU DXI GHU (UGH
]XUFNODVVWZHLQWLKUZHLOLKUGLHVH+OOH]XVHKUJHOLHEWKDEW

 :HQQ LKU IKOW GDVV HXFK GHU .|USHU QLFKW PHKU JHK|UW XQG GDVV LKU DXI GHP
(QWZLFNOXQJVZHJH IRUWVFKUHLWHQ PVVW ELV LKU ]X 0LU NRPPW VDJH ,FK HXFK 0HLQ .LQG
ZDVKDVWGX0LUYRU]XZHLVHQ"+DVWGXDXIGHU(UGHLQ(UIOOXQJPHLQHU*HERWHJHOHEW"

 ,KU MHGRFK EHVFKlPW XQG YHU]DJW ZHLO LKU NHLQ *HVFKHQN GHU /LHEH KDEW IU 'HQ GHU
HXFKVRVHKUOLHEWXQG HXFKVRYLHOHVJHZlKUWKDW KDEW.HWWHQJHVFKPLHGHWGLHHXUH6HHOH
QLHGHUGUFNHQ XQG VLH HUVFKHLQW OLFKWORV ZHLQW XQG MDPPHUW EHU VLFK ZHLO VLH GLH *QDGH
YHUORUHQ KDW 6LH K|UW QXU GLH 6WLPPH GHV 9DWHUV GLH VLH UXIW 'RFK GD VLH VLFK QLFKW
HQWZLFNHOWKDWXQGVLFKDXFKQLFKWZHUWIKOW]X,KP]XNRPPHQEOHLEWVLHVWHKHQXQGZDUWHW
DE

 'LH =HLW YHUJHKW XQG GLH 6HHOH K|UW ZLHGHUXP GLH 6WLPPH XQG JDQ] YRQ LKUHP /HLG
HUIOOW IUDJW VLH ZHU ]X LKU VSULFKW XQG GLHVH 6WLPPH VDJW LKU (UZDFKH :HLW GX QLFKW
ZRKHU GX JHNRPPHQ ELVW XQG ZRKLQ GX JHKVW" 'D KHEW VLH LKUH $XJHQ DXI VLHKW HLQ
XQHUPHVVOLFKJURHV/LFKWEHLGHVVHQ*ODQ]HVLHVLFKDUPVHOLJYRUNRPPW6LHHUNHQQWGDVV
VLH EHYRU VLH ]XU (UGH JHVDQGW ZRUGHQ ZDU VFKRQ H[LVWLHUWH VFKRQ YRP 9DWHU JHOLHEW ZDU
YRQGHPGLH6WLPPHDXVJLQJXQGGHUQXQGD(UVLHLQGHPEHNODJHQVZHUWHQ=XVWDQGVLHKW
/HLGXPVLHWUlJW6LHHUNHQQWGDVVVLH]XYHUVFKLHGHQHQ+HLPVWlWWHQJHVDQGWZRUGHQLVWXP
GHQ:HJGHV.DPSIHV]XGXUFKODXIHQXQGGXUFKLKUH9HUGLHQVWHLKUHQ/RKQ]XHUODQJHQ


 8QG GDV .LQG IUDJW :HQQ LFK EHYRU LFK ]XU (UGH JHVDQGW ZXUGH 'HLQ VHKU JHOLHEWHV
*HVFK|SIJHZHVHQELQ ZDUXPELQLFKQLFKWLQGHU7XJHQGVWDQGKDIWJHEOLHEHQXQGPXVVWH
IDOOHQOHLGHQXQGPLFKDEPKHQXP]X'LU]XUFN]XNRPPHQ"

 'LH 6WLPPH KDW LKP JHDQWZRUWHW $OOH 6HHOHQ VLQG GHP *HVHW]H GHU (QWZLFNOXQJ
XQWHUVWHOOW ZRUGHQ XQG DXI GLHVHP :HJ EHKWHW VLH PHLQ 9DWHUJHLVW LPPHUGDU XQG (U KDW
:RKOJHIDOOHQ DQ GHQ JXWHQ :HUNHQ GHU .LQGHU $OOHUGLQJV KDEH ,FK HXFK ]XU (UGH JHVDQGW
GDPLWLKUDXVLKUHLQHQ.DPSISODW]GHUVHHOLVFKHQ9HUYROONRPPQXQJQLFKWHLQH:DOVWDWWGHV
.ULHJHVXQGGHV6FKPHU]HVPDFKW

 ,FK KDEH HXFK JHVDJW GDVV LKU HXFK PHKUHQ VROOW GDVV LKU QLFKW XQIUXFKWEDU VHLQ VROOW
'RFKZHQQLKULQV *HLVWLJH7DO]XUFNNHKUW EULQJWLKUNHLQH(UQWHPLWNODJWLKUQXUXQG
NRPPWRKQHGLH*QDGHPLWGHU,FKHXFKDXVJHVWDWWHWKDEH'HVKDOEHQWVHQGH,FKHXFKQRFK
HLQPDO XQG VDJH HXFK 5HLQLJW HXFK VXFKW GDV ZDV LKU YHUORUHQ KDEW XQG HUDUEHLWHW HXUHQ
JHLVWLJHQ$XIVWLHJ

'LH6HHOHNHKUW]XU(UGH]XUFNVXFKWHLQHQNOHLQHQXQG]DUWHQPHQVFKOLFKHQ.|USHUXP
LQLKP]XUXKHQXQGGLHQHXH/HEHQVUHLVH]XEHJLQQHQ6LHILQGHWGHQNOHLQHQ.LQGHVN|USHU
GHU LKU ]XJHZLHVHQ LVW XQG JHEUDXFKW LKQ XP LKUH 9HUVW|H JHJHQ PHLQ *HVHW] ]X VKQHQ
0LW.HQQWQLVGHU8UVDFKHNRPPWGLH6HHOH]XU(UGHVLHZHLGDVVVLH2GHPGHV9DWHUVLVW
XQGNHQQWGHQ$XIWUDJGHQVLHYRQ,KPPLWEULQJW

,QGHQHUVWHQ-DKUHQLVWVLHXQVFKXOGLJXQGEHZDKUWLKUH5HLQKHLWVLHEOHLEWLQ9HUELQGXQJ
PLWGHP*HLVWLJHQ/HEHQ'DQDFKEHJLQQWVLHGLH6QGHNHQQHQ]XOHUQHQVLHKWDXVGHU1lKH
GHQ 6WRO] GHQ +RFKPXW XQG GLH :LGHUVHW]OLFKNHLW GHU 0HQVFKHQ JHJHQEHU GHQ JHUHFKWHQ
*HVHW]HQGHV9DWHUVXQGGDVYRQ1DWXUDXVZLGHUVSHQVWLJH )OHLVFK EHJLQQWVLFKPLWGHP
%|VHQ]XEHIOHFNHQ,Q9HUVXFKXQJ]X)DOOJHNRPPHQYHUJLVVWVLHGHQ$XIWUDJGHQVLH]XU
(UGH PLWEUDFKWH XQG VFKLFNW VLFK DQ :HUNH ]X WXQ GLH ZLGHU GDV *HVHW] VLQG 6HHOH XQG
.|USHU NRVWHQ GLH YHUERWHQHQ )UFKWH XQG ZHQQ VLH GHP 9HUGHUEHQ DQKHLPJHIDOOHQ VLQG
EHUUDVFKWVLHGLHOHW]WH6WXQGH

 :LHGHU EHILQGHW VLFK GLH 6HHOH LP JHLVWLJHQ /HEHQVUDXP HUPDWWHW XQG JHEHXJW YRQ GHU
/DVW LKUHU 6FKXOG 'D HULQQHUW VLH VLFK DQ GLH 6WLPPH GLH HLQVW ]X LKU VSUDFK XQG VLH QRFK
LPPHUUXIWXQGQDFKGHPVLHYLHOH7UlQHQYHUJRVVHQKDWGDVLHVLFKYHUORUHQIKOWRKQH]X
ZLVVHQZHUVLHLVWHULQQHUWVLHVLFKGDVVVLHVFKRQHLQPDODQMHQHP2UWHJHZHVHQLVW

'HU9DWHUGHUVLHPLWVRYLHO/LHEHJHVFKDIIHQKDWHUVFKHLQWDXILKUHP:HJHXQGVDJW]X
LKU:HUELVWGXZRKHUNRPPVWGXXQGZRKLQJHKVWGX"

'DV.LQGHUNHQQWLQMHQHU6WLPPHGDV:RUW'HVVHQGHULKPGDV6HLQGLH,QWHOOLJHQ]XQG
GLH )lKLJNHLWHQ JDE GHQ 9DWHU GHU LKP LPPHU ZLHGHU YHUJLEW HV UHLQLJW HV DXV GHU
)LQVWHUQLVZHJEULQJWXQG]XP/LFKWHIKUW(V]LWWHUWGHQQHVZHLGDVVHVYRUGHP5LFKWHU
VWHKWXQGVDJW9DWHUPHLQ8QJHKRUVDPXQGPHLQH6FKXOGEHL'LUVLQGVHKUJURXQGLFK
NDQQQLFKWHUZDUWHQLQ'HLQHP5HLFKH]XOHEHQGHQQLFKKDEHNHLQH9HUGLHQVWH+HXWHGD
LFK ]XP *HLVWLJHQ 7DOH ]XUFNJHNHKUW ELQ VHKH LFK GDVV LFK QXU 6FKXOG DQJHKlXIW KDEH
GLHLFKVKQHQPXVV

'RFKGHUOLHEHYROOH9DWHU]HLJWLKPHLQZHLWHUHV0DOGHQ:HJHVNHKUWZLHGHULQV)OHLVFK
]XUFNXQGJHK|UWZLHGHUGHU0HQVFKKHLWDQ


'RFKQXQPDFKWGLHVFKRQHUIDKUHQH*HLVW6HHOHGLHN|USHUOLFKH+OOHPLWJU|HUHU.UDIW
JHIJLJ XP VLFK GXUFK]XVHW]HQ XQG GHQ *|WWOLFKHQ *HERWHQ ]X JHKRUFKHQ 'HU .DPSI
EHJLQQW VLH EHNlPSIW GLH 6QGHQ GLH GHQ 0HQVFKHQ ]X )DOO EULQJHQ XQG ZLOO GLH
*HOHJHQKHLW QXW]HQ GLH LKU IU LKUH (UO|VXQJ JHZlKUW ZRUGHQ LVW 'HU 0HQVFK NlPSIW YRQ
$QIDQJ ELV ]XP (QGH XQG ZHQQ GLH ZHLHQ +DDUH DQ VHLQHQ 6FKOlIHQ HUJOlQ]HQ XQG VHLQ
IUKHUZLGHUVWDQGVIlKLJHUXQGVWDUNHU.|USHUVLFKXQWHUGHU/DVWGHU-DKUH]XEHXJHQEHJLQQW
XQG GLH .UlIWH YHUOLHUW IKOW VLFK GLH 6HHOH VWDUN UHLIHU XQG HUIDKUHQHU :LH JUR XQG
DEVWRVVHQG HUVFKHLQW LKU GLH 6QGH 6LH ZHQGHW VLFK YRQ LKU DE XQG JHODQJW DQV =LHO 1XQ
ZDUWHWVLHQXUQRFKDXIGHQ$XJHQEOLFNDQGHPGHU9DWHUVLHUXIWGHQQVLH LVW]XGHP6FKOXVV
JHNRPPHQ GDVV GDV *|WWOLFKH *HVHW] JHUHFKW XQG GHU :LOOH *RWWHV YROONRPPHQ LVW GDVV
GLHVHU9DWHUOHEWXPVHLQHQ.LQGHUQ/HEHQXQG+HLO]XJHEHQ

$OVGHUOHW]WH7DJNDPVSUWHVLHLQLKUHP)OHLVFKHGHQ7RGXQGIKOWHNHLQHQ6FKPHU]
6LH VFKLHG VWLOO XQG DQGlFKWLJ 6LH VDK VLFK LP *HLVWH XQG DOV RE VLH HLQHQ 6SLHJHO YRU VLFK
KlWWHHUEOLFNWHVLHVLFKVFK|QXQGVWUDKOHQGYRU/LFKW'DVSUDFKGLH6WLPPH]XLKPXQGVDJWH
LKP .LQG ZRKLQ JHKVW GX" 8QG VLH GLH ZXVVWH ZHU (U ZDU JLQJ DXI GHQ 9DWHU ]X OLH
VHLQ/LFKWLQLKU:HVHQHLQVWU|PHQXQGVSUDFKDOVR26FK|SIHURDOOXPIDVVHQGH/LHEHLFK
NRPPH]X'LUXPDXV]XUXKHQXQG'LUGLH(UIOOXQJ]XEHUJHEHQ

 'LH 5HFKQXQJ ZDU EHJOLFKHQ XQG GLH *HLVW6HHOH ZDU JHVXQG UHLQ XQG RKQH .HWWHQ GHU
6QGHXQGVDKYRUVLFKGHQKRKHQ/RKQGHUVLHHUZDUWHWH

 'DQDFK IKOWH VLH GDVV VLH PLW GHP /LFKWH MHQHV 9DWHUV YHUVFKPRO] GDVV LKUH 6HOLJNHLW
JU|HU ZXUGH XQG HUEOLFNWH HLQHQ 2UW GHV )ULHGHQV HLQ KHLOLJHV /DQG HPSIDQG HLQH WLHIH
6WLOOHXQGUXKWHLQ$EUDKDPV6FKRH  


.DSLWHO 5HWWXQJ(UO|VXQJXQGHZLJHV+HLO

'LH.RUUHNWXUIDOVFKHU9RUVWHOOXQJHQEHUGLH(UO|VXQJ

9LHOH0HQVFKHQZDUHQGHU$XIIDVVXQJGDVVDOOH7UlQHQGLHVHU:HOWGXUFKGLH6QGHGHU
HUVWHQ(UGHQEHZRKQHUYHUXUVDFKWZRUGHQVLQG,QLKUHU8QIlKLJNHLWGDV*OHLFKQLV]XGHXWHQ
KDEHQ VLH VFKOLHOLFK JHVDJW GDVV &KULVWXV NDP XP PLW VHLQHP %OXW MHGH %HIOHFNXQJ
DE]XZDVFKHQ :HQQ GLHVH %HKDXSWXQJ ULFKWLJ JHZHVHQ ZlUH ZDUXP VQGLJHQ XQG OHLGHQ
GLH0HQVFKHQDXFKZHLWHUKLQREZRKOMHQHV2SIHUEHUHLWVYROOEUDFKWZXUGH"

 -HVXV NDP ]XU (UGH XP GLH 0HQVFKHQ GHQ :HJ ]XU 9ROONRPPHQKHLW ]X OHKUHQ HLQHQ
:HJGHQHUPLWVHLQHP/HEHQPLWVHLQHQ7DWHQXQGVHLQHQ:RUWHQOHKUWH  

,KUDOOHZHUGHWGDV=LHOHUUHLFKHQGXUFKGLH(UIOOXQJHXUHU$XIJDEH,FKKDEHHXFKPHLQH
/HKUHQ GLH XQHUVFK|SIOLFK VLQG GHVKDOE JHJHEHQ GDPLW LKU DXI GHU 6WXIHQOHLWHU HXUHU
(QWZLFNOXQJ HPSRUVWHLJW 1LFKW PHLQ %OXW LVW HV GDV HXFK HUUHWWHW VRQGHUQ PHLQ /LFKW LQ
HXUHU6HHOHZLUGHXFKHUO|VHQ 

 (LQ QHXHV .UHX] ZLUG 0LU LQ GHU 'ULWWHQ =HLW ]XWHLO ZHUGHQ 'LHVHV ZLUG GHQ VWHUEOLFKHQ
$XJHQ QLFKW VLFKWEDU VHLQ GRFK YRQ VHLQHU +|KH KHUDE ZHUGH ,FK GHU 0HQVFKKHLW PHLQH
/LHEHVERWVFKDIWVHQGHQXQGPHLQ%OXWZHOFKHVGLHJHLVWLJH(VVHQ]PHLQHV:RUWHVLVWZLUG
LQ/LFKWIUGLH6HHOHYHUZDQGHOWZHUGHQ

 -HQH GLH 0LFK VHLQHU]HLW ULFKWHWHQ EULQJHQ KHXWH GHQ +HU]HQ GHU 0HQVFKHQ PLW LKUHP
*HLVWHUHXHYROOGDV/LFKWXPLKUH)HKOHUZLHGHUJXW]XPDFKHQ

'DPLWPHLQH/HKUHEHUGLH6FKOHFKWLJNHLWGHU0HQVFKHQWULXPSKLHUWPXVVVLH]XYRUZLH
&KULVWXV DQ GHU 0DUWHUVlXOH JHJHLHOW XQG YHUVSRWWHW ZHUGHQ $XV MHGHU :XQGH PXVV PHLQ
/LFKWVWU|PHQXPGLH)LQVWHUQLVGLHVHU:HOWRKQH/LHEH]XHUKHOOHQ(VLVWQRWZHQGLJGDVV
PHLQ XQVLFKWEDUHV %OXW DXI GLH 0HQVFKKHLW QLHGHUIlOOW XP LKU HUQHXW GHQ :HJ ]X LKUHU
(UO|VXQJ]X]HLJHQ  

,FKVDJHHXFKQRFKPDOVGDVVLQ0LUGLHJDQ]H0HQVFKKHLWJHUHWWHWZHUGHQZLUG-HQHVDXI
*ROJDWKDYHUJRVVHQH%OXWLVW/HEHQIUMHGH6HHOH'RFKHVLVWQLFKWGDV%OXWDQVLFKGDHVLQ
GHQ6WDXEGHU(UGHILHOVRQGHUQGLH*|WWOLFKH/LHEHGLHLQLKPV\PEROLVLHUWLVW:DQQLPPHU
,FK]XHXFKYRQPHLQHP%OXWHVSUHFKHZLVVWLKUQXQZDVHVLVWXQGZHOFKH%HGHXWXQJHVKDW

 9LHOH 0HQVFKHQ KDEHQ LKU %OXW LP 'LHQVWH LKUHV +HUUQ XQG DXV /LHEH ]X LKUHQ %UGHUQ
YHUJRVVHQ GRFK GLHVHV KDW QLFKW GLH *|WWOLFKH /LHEH YHUN|USHUW VRQGHUQ QXU GLH JHLVWLJH
PHQVFKOLFKH

'DV%OXW-HVXMHGRFKYHUN|USHUWGLH*|WWOLFKH/LHEHGHQQHVJLEWNHLQHUOHL0DNHO DQLKP
,P0HLVWHUZDUQLHPDOVHLQH6QGHXQGHUJDEHXFKVHLQ%OXWELV]XPOHW]WHQ7URSIHQXP
HXFKEHJUHLIOLFK]XPDFKHQGDVV*RWWDOOHV IUVHLQH*HVFK|SIHLVWGDVV(UVLFKLKQHQY|OOLJ
KLQJLEWRKQH9RUEHKDOWHZHLO(UVLHXQHQGOLFKOLHEW

 :HQQ GHU 6WDXE GHU (UGH MHQH )OVVLJNHLW DXIVDXJWH ZHOFKH LP .|USHU GHV 0HLVWHUV
/HEHQ ZDU VR JHVFKDK HV GDPLW LKU EHJUHLIHQ VROOWHW GDVV PHLQH /HKUH GDV /HEHQ GHU
0HQVFKHQ GXUFK GLH *|WWOLFKH %HZlVVHUXQJ PLW VHLQHU /LHEH :HLVKHLW XQG *HUHFKWLJNHLW
IUXFKWEDUPDFKHQPXVVWH


'LH:HOW XQJOlXELJXQGVNHSWLVFKJHJHQEHUGHQ:RUWHQXQG%HLVSLHOHQGHV0HLVWHUV
EHNlPSIWPHLQH/HKUHXQGVDJWGDVVREZRKO-HVXVVHLQ%OXWYHUJRVVXPGLH0HQVFKHQYRU
GHU6QGH]XUHWWHQGLH:HOWQLFKWJHUHWWHWZXUGH GDVVVLHWlJOLFKPHKUVQGLJWREZRKOVLH
HQWZLFNHOWHULVW

:REOHLEWGLH0DFKWMHQHV%OXWHVGHU(UO|VXQJIUDJHQVLFKGLH0HQVFKHQZlKUHQGMHQH
GLHGLHZLUNOLFKHQ*UXQGJHGDQNHQPHLQHU/HKUHDXI]HLJHQVROOWHQGLH)UDJHQGHUQDFK/LFKW
+XQJHUQGHQXQGQDFK(UNHQQWQLVGHU:DKUKHLW'UVWHQGHQQLFKW]XEHIULHGLJHQYHUVWHKHQ

 ,FK VDJH HXFK GDVV LQ GLHVHU =HLW GLH )UDJHQ GHUHU GLH QLFKW ZLVVHQ PHKU 7LHIH XQG
JU|HUHQ*HKDOWKDEHQDOVGLH$QWZRUWHQXQG(UNOlUXQJHQMHQHUGLHEHKDXSWHQGLH:DKUKHLW
]XNHQQHQ

'RFK,FKELQDXIVQHXHJHNRPPHQ]XHXFK]XVSUHFKHQXQGKLHULVWPHLQ:RUWIUMHQH
GLHGHU$XIIDVVXQJVLQGGDVVMHQHV%OXWWDWVlFKOLFKGLH5HWWXQJGHU6QGHUYRUGHU*|WWOLFKHQ
*HUHFKWLJNHLWEHZLUNWH DOOMHQHUGLHYHUORUHQXQG]XVFKZHUHU3HLQYHUXUWHLOWZDUHQ

 ,FK VDJH HXFK :HQQ GHU 9DWHU GHU DOOHV ZHL JHJODXEW KlWWH GDVV GLH 0HQVFKHQ QLFKW
QDFK XQG QDFK GLH JDQ]H /HKUH GLH LKQHQ -HVXV LQ VHLQHQ :RUWHQ XQG :HUNHQ JDE QXW]HQ
XQG YHUVWHKHQ ZUGHQ ZDKUOLFK (U KlWWH LKQ QLHPDOV JHVDQGW GHQQ GHU 6FK|SIHU KDW QLH
HWZDV8QQW]HVJHWDQ QLFKWVGDVQLFKWGD]XEHVWLPPWLVW)UFKWH]XWUDJHQ'RFKZHQQ(U
LKQDXVVDQGWHXPXQWHUGHQ0HQVFKHQJHERUHQ]XZHUGHQKHUDQ]XZDFKVHQ]XOHLGHQXQG]X
VWHUEHQ VR JHVFKDK HV ZHLO (U ZXVVWH GDVV MHQHV DXVVWUDKOHQGH XQG IUXFKWEDUH /HEHQ GHV
0HLVWHUV GXUFK VHLQH :HUNH HLQHQ XQDXVO|VFKOLFKHQ :HJ HLQH XQ]HUVW|UEDUH 6SXU
YRU]HLFKQHQZUGHVRGDVVDOOHVHLQH.LQGHUGHQ3IDGIlQGHQGHUVLH]XUZDKUHQ/LHEHOHLWHW
XQG LQ GHU %HIROJXQJ VHLQHU /HKUH ]X GHU +HLPVWDWW IKUHQ ZUGH LQ GHU LKU 6FK|SIHU VLH
HUZDUWHW

$XFKZXVVWH(UGDVVMHQHV%OXWGDVYRQ/DXWHUNHLWYRQXQHQGOLFKHU/LHEH]HXJWXQGELV
]XP OHW]WHQ 7URSIHQ YHUJRVVHQ ZXUGH GLH 0HQVFKHQ OHKUHQ ZUGH PLW *ODXEHQ DQ LKUHQ
6FK|SIHU GLH $XIJDEH ]X HUIOOHQ GLH VLH ]XP *HOREWHQ /DQGH HPSRUKHEHQ ZUGH ZR VLH
0LU GLH (UIOOXQJ LKUHU $XIJDEH GDUEULQJHQ XQG GDQQ VDJHQ N|QQHQ +HUU DOOHV LVW
YROOEUDFKW

 -HW]W NDQQ ,FK HXFK VDJHQ GDVV QLFKW GLH 6WXQGH LQ GHU PHLQ %OXW DP .UHX] YHUJRVVHQ
ZXUGH MHQH ZDU ZHOFKH GLH 6WXQGH GHU (UO|VXQJ GHU 0HQVFKHQ DQ]HLJWH 0HLQ %OXW EOLHE
KLHU LQ GHU :HOW JHJHQZlUWLJ OHEHQGLJ IULVFK XQG NHQQ]HLFKQHWH PLW GHU EOXWLJHQ 6SXU
PHLQHU3DVVLRQGHQ:HJ]XHXUHU(QWVKQXQJGHUHXFKGLH+HLPVWlWWHHUULQJHQODVVHQZLUG
GLHHXFKHXHU9DWHUYHUKHLHQKDW

,FKKDEHHXFKJHVDJW,FKELQGHU4XHOOGHV/HEHQVNRPPWXQGUHLQLJWHXFKYRQHXUHQ
)OHFNHQGDPLWLKUIUHLXQGKHLO]XHXUHP9DWHUXQG6FK|SIHUJHKW

0HLQH4XHOOHEHVWHKWDXV/LHEHXQHUVFK|SIOLFKXQGJUHQ]HQORV'DVLVWHVZDVHXFKPHLQ
GDPDOV YHUJRVVHQHV %OXW VDJHQ ZLOO (V EHVLHJHOWH PHLQ :RUW HV EHVWlWLJWH PHLQH /HKUH
 

 +HXWH YLHOH -DKUKXQGHUWH YRQ MHQHP *HVFKHKHQ HQWIHUQW VDJH ,FK HXFK GDVV REZRKO
,FKPHLQ%OXW IUGLHJDQ]H 0HQVFKKHLWYHUJRVVHQKDEH QXUMHQHGLH5HWWXQJLKUHU6HHOH]X
HUODQJHQYHUPRFKWHQGLHGHQ :HJJLQJHQGHQ-HVXVHXFKOHKUWHZlKUHQGDOOMHQHGLHLQGHU


8QZLVVHQKHLW LQ LKUHP )DQDWLVPXV LQ LKUHQ ,UUWPHUQ RGHU LQ GHU 6QGH YHUKDUUWHQ QRFK
QLFKWJHUHWWHWVLQG

 ,FK VDJH HXFK DXFK ZHQQ ,FK WDXVHQGPDO 0HQVFK ZUGH XQG WDXVHQGPDO DP .UHX]H
VWUEH VRODQJH GLH 0HQVFKHQ VLFK QLFKW HUKHEHQ XP 0LU QDFK]XIROJHQ ZHUGHQ VLH GLH
5HWWXQJ LKUHU 6HHOH QLFKW HUUHLFKHQ (V LVW QLFKW PHLQ .UHX] GDV HXFK HUO|VHQ VROO VRQGHUQ
GDVHXUH,FKWUXJGDVPHLQHDXIGHQ6FKXOWHUQXQGVWDUEDQLKPDOV0HQVFKXQGYRQGLHVHP
$XJHQEOLFN DQ ZDU ,FK LP 6FKRH GHV 9DWHUV ,KU VROOW 0LU LQ 6DQIWPXW XQG LQ /LHEH
QDFKIROJHQ XQG PLW HFKWHU 'HPXW HXHU .UHX] DXI GHQ 6FKXOWHUQ WUDJHQ ELV LKU GDV (QG]LHO
HXUHU0LVVLRQHUUHLFKWKDEWXPGDQQJOHLFKIDOOVEHLHXUHP9DWHU]XVHLQ  

 (V JLEW QLHPDQGHQ GHU QLFKW GDV *OFN ILQGHQ P|FKWH XQG MH GDXHUKDIWHU HV LVW GHVWR
EHVVHU GHQQ,FKOHKUHHXFKHLQHQ:HJGHU]XUK|FKVWHQXQGHZLJHQ6HOLJNHLWIKUW'HQQRFK
,FK]HLJH HXFKQXUGHQ:HJXQGGDQQODVVH ,FKHXFKMHQHQZlKOHQGHUHXFK DPPHLVWHQ
]XVDJW

 ,FK IUDJH HXFK :HQQ LKU HXFK QDFK *OFN VHKQW ZDUXP VlW LKU HV QLFKW DXV XP HV
KHUQDFK ]X HUQWHQ" :LH ZHQLJH VLQG GHUHU GLH VLFK JHWULHEHQ JHIKOW KDEHQ IU GLH
0HQVFKHQGD]XVHLQ  

)DOVFKLVWGLH9RUVWHOOXQJGLHLKUYRQGHPKDEWZDVGDV/HEHQDXIGHU(UGHEHGHXWHWYRQ
GHPZDVGLH6HHOHLVWXQGYRQGHPZDVGLH*HLVWLJH:HOWLVW

 'LH 0HKUKHLW GHU *OlXELJHQ PHLQW GDVV ZHQQ VLH PLW HLQHU JHZLVVHQ 5HFKWVFKDIIHQKHLW
OHEHQ RGHU ZHQQ VLH LP OHW]WHQ $XJHQEOLFN LKUHV /HEHQV GLH EHJDQJHQHQ 9HUIHKOXQJHQ
EHUHXHQGHU+LPPHOIULKUH6HHOHVLFKHULVW

'RFKGLHVHIDOVFKH9RUVWHOOXQJGLHGHP0HQVFKHQVHKUJHIlOOWLVWGHU*UXQGGDIUGDVV
HUZlKUHQGVHLQHV JDQ]HQ /HEHQV GDV*HVHW]QLFKWEHKDUUOLFKHUIOOWXQGEHZLUNWGDVVVHLQH
6HHOHZHQQVLHGLHVH:HOWYHUOlWXQGLQGLH*HLVWLJH:HOWJHODQJWIHVWVWHOOHQPXVVGDVVVLH
DQHLQHQ2UWJHNRPPHQLVWDQGHPVLHQLFKWGLH:XQGHUVFKDXWGLHVLHVLFKYRUJHVWHOOWKDWWH
QRFKGLHK|FKVWH*OFNVHOLJNHLWIKOWDXIGLHVLHHLQ$QUHFKW]XKDEHQJODXEWH

:LVVWLKUZDVMHQHQ:HVHQZLGHUIlKUWGLHVLFKHUZDUHQLQGHQ+LPPHO]XNRPPHQXQG
GLHVWDWWGHVVHQQXU9HUZLUUHQGHVYRUIDQGHQ"'DVLHQLFKWOlQJHUDXIGHU(UGH]X+DXVHZDUHQ
ZHLO LKQHQ GHU 6WW]SXQNW LKUHU N|USHUOLFKHQ +OOH IHKOWH XQG VLH VLFK DXFK QLFKW ]X MHQHQ
+|KHQ HUKHEHQ NRQQWHQ LQ GHQHQ VLFK GLH 6SKlUHQ GHV *HLVWLJHQ /LFKWHV EHILQGHQ VFKXIHQ
VLH IU VLFK RKQH VLFK GHVVHQ EHZXVVW ]X VHLQ HLQH :HOW GLH ZHGHU PHQVFKOLFK QRFK
]XWLHIVWJHLVWLJLVW

'DQQEHJLQQHQVLFKGLH6HHOHQ]XIUDJHQ,VW GDV GHU+LPPHO",VWGDV GLH+HLPVWDWWGLH


*RWWGHQ6HHOHQEHVWLPPWKDWQDFKGHPVLHVRODQJHDXI(UGHQJHZDQGHUWVLQG"

1HLQ VDJHQ DQGHUH GLHVNDQQQLFKWGHU6FKRGHV+HUUQVHLQ ZRQXU /LFKW /LHEH


XQG5HLQKHLWH[LVWLHUHQNDQQ

 $OOPlKOLFK GXUFK 1DFKGHQNHQ XQG 6FKPHU] JHODQJW GLH 6HHOH ]XP %HJUHLIHQ 6LH
YHUVWHKWGLH*|WWOLFKH*HUHFKWLJNHLWXQGYRP/LFKWHLKUHV*HLVWHVHUOHXFKWHWEHXUWHLOWVLHLKUH
YHUJDQJHQHQ:HUNHXQGHQWGHFNWGDEHLGDVVVLHDUPVHOLJXQGXQYROONRPPHQZDUHQGDVVVLH
QLFKWZHUWZDUHQGDV]XYHUGLHQHQZDVVLHJHJODXEWKDWWH


 'DQDFK DXIJUXQG GLHVHU 6HOEVWEHWUDFKWXQJ ]HLJW VLFK GLH 'HPXW XQG HQWVWHKW GDV
9HUODQJHQ DXI MHQH :HJH ]XUFN]XNHKUHQ GLH VLH KLQWHU VLFK KDWWH XP GLH 6FKDQGIOHFNHQ
DXV]XO|VFKHQ GLH )HKOHU ZLHGHUJXW]XPDFKHQ XQG YRU LKUHP 9DWHU ZLUNOLFK 9HUGLHQVWYROOHV
]XWXQ

(VLVWQRWZHQGLJGLH0HQVFKKHLWEHUGLHVH*HKHLPQLVVHDXI]XNOlUHQGDPLWVLHEHJUHLIW
GDVV GDV /HEHQ LQ GHU 0DWHULH HLQH *HOHJHQKHLW GDIU LVW GDVV GHU 0HQVFK IU VHLQH 6HHOH
9HUGLHQVWH HUZLUEW 9HUGLHQVWH GLH VLH HUKHEHQ ZHUGHQ ELV VLH LQ HLQHU 6SKlUH K|KHUHU
9HUJHLVWLJXQJ ]X OHEHQ YHUGLHQW ZR VLH DXIV QHXH YHUGLHQVWYROO KDQGHOQ PXVV XP QLFKW
]XUFN]XEOHLEHQXQGXPZHLWHUYRQ6WXIH]X6WXIHDXI]XVWHLJHQGHQQLP+DXVHGHV9DWHUV
JLEWHVYLHOH:RKQXQJHQ

'LHVH9HUGLHQVWHZHUGHWLKUGXUFKGLH/LHEHHUZHUEHQZLHHVHXFKGDVHZLJH*HVHW]GHV
9DWHUV JHOHKUW KDW 8QG VR ZLUG HXUH *HLVW6HHOH DXI GHU 6WXIHQOHLWHU ]XU 9ROONRPPHQKHLW
6WXIH XP 6WXIH IRUWVFKUHLWHQ XQG GDEHL GHQ VFKPDOHQ :HJ NHQQHQOHUQHQ GHU ]XP
+LPPHOUHLFKIKUW ]XPZDKUHQ+LPPHOZHOFKHUGLH9ROONRPPHQKHLWGHU6HHOHLVW 
 

:DKUOLFK,FKVDJHHXFKZHQQ,FKLQGLHVHU=HLWDOV0HQVFKJHNRPPHQZlUHKlWWHQHXUH
$XJHQPHLQH:XQGHQQRFKIULVFKXQGEOXWHQGVHKHQPVVHQZHLOGLH6QGH GHU0HQVFKHQ
QLFKWDXIJHK|UWKDWXQG VLHVLFKDXFKQLFKWHUO|VHQZROOWHQLP*HGHQNHQDQMHQHV%OXWGDV
YRQ0LUDXI*ROJDWKDYHUJRVVHQZXUGHXQGGDVHLQ%HZHLVPHLQHU/LHEH]XU0HQVFKKHLWZDU
$EHU ,FK ELQ LP *HLVWH JHNRPPHQ XP HXFK GLH 6FKDQGH ]X HUVSDUHQ GDV :HUN GHUHU ]X
EHWUDFKWHQGLH0LFKDXI(UGHQULFKWHWHQXQGYHUXUWHLOWHQ

$OOHVLVWYHUJHEHQDEHULQMHGHU6HHOHH[LVWLHUWHWZDVYRQGHPZDV,FKIUDOOHDP.UHX]H
YHUJR *ODXEW QLFKW GDVV MHQH /HEHQVNUDIW XQG MHQHV %OXW VLFK DXIO|VWHQ RGHU
YHUORUHQJLQJHQ 6LH YHUN|USHUWHQ GDV *HLVWLJH /HEHQ GDV ,FK YRQ MHQHP $XJHQEOLFN DQ DXI
DOOH0HQVFKHQYHUVWU|PWH'XUFKMHQHV%OXWGDVPHLQ:RUWEHVLHJHOWHXQGDOOHVEHNUlIWLJWH
ZDV,FKDXI(UGHQVSUDFKXQGWDWZHUGHQVLFKGLH0HQVFKHQLP9HUODQJHQQDFK(UQHXHUXQJ
LKUHU6HHOHDXIZlUWVHQWZLFNHOQ

 0HLQ :RUW PHLQH:HUNH XQG PHLQ %OXW ZDUHQ QLFKW XQG ZHUGHQ QLFKW YHUJHEOLFK VHLQ
:HQQ HV HXFK ELVZHLOHQ VR YRUNRPPW GDVV PDQ PHLQHQ 1DPHQ XQG PHLQ :RUW IDVW
YHUJHVVHQ KDW ZHUGHW LKU EDOG PLWHUOHEHQ ZLH VLH DXIV QHXH YROOHU /HEHQVVDIW /HEHQ XQG
5HLQKHLW LQ (UVFKHLQXQJ WUHWHQ DOV HLQ 6DPH GHU REZRKO HU XQDEOlVVLJ EHNlPSIW ZLUG
QLHPDOVYHUJHKW  

'DV%OXW-HVXYHUZDQGHOWLQ/LFKWGHU(UO|VXQJGUDQJLQDOOH6HHOHQDOV5HWWXQJHLQXQG
WXW GLHV ZHLWHUKLQ (ZLJOLFK VSHQGHW PHLQ *HLVW 5HWWXQJ XQG /LFKW XQDEOlVVLJ ODVVH ,FK GLH
6WUDKOHQ PHLQHV /LFKWHV GRUW HLQGULQJHQ ZR HV GXQNHO LVW XQDXIK|UOLFK HUJLHW VLFK 0HLQ
*|WWOLFKHU *HLVW QLFKW DOV PHQVFKOLFKHV %OXW VRQGHUQ DOV (UO|VHUNUDIW DOV JHLVWLJHV /HEHQ
DXIDOOH0HLQH.LQGHU 

'HU+LPPHOZLOOHUUXQJHQVHLQ

 'LH 0HQVFKHQ IRUWJHULVVHQ YRQ GHU *HZDOW LKUHU /HLGHQVFKDIWHQ VLQG VR VHKU LQ LKUHQ
6QGHQ JHVXQNHQ GDVV VLH MHGH +RIIQXQJ DXI (UO|VXQJ DXIJHJHEHQ KDEHQ 'RFK HV JLEW
QLHPDQGHQGHUQLFKWKHLOZHUGHQNDQQ'HQQGLH6HHOH ZHQQVLHVLFKEHU]HXJWKDWGDVVGLH
PHQVFKOLFKHQ6WUPHQLFKWDXIK|UHQZHUGHQVRODQJHVLHQLFKWDXIGLH6WLPPHGHV*HZLVVHQV


K|UW ZLUG VLFK HUKHEHQ XQG PHLQ *HVHW] HUIOOHQ ELV VLH ]XP =LHOH LKUHU %HVWLPPXQJ
JHODQJWGDVQLFKWDXIGHU(UGHLVWVRQGHUQLQGHU(ZLJNHLW

 -HQH GLH JODXEHQ GDVV GDV 'DVHLQ VLQQORV LVW XQG GLH GDEHL DQ GLH 1XW]ORVLJNHLW GHV
.DPSIHVXQGGHV6FKPHU]HVGHQNHQZLVVHQQLFKWGDVVGDV/HEHQGHU0HLVWHULVWGHUIRUPW
XQGGHU6FKPHU]GHU0HLHOGHUYHUYROONRPPQHW'HQNWQLFKWGDVV ,FK GHQ6FKPHU]VFKXI
XPLKQHXFKLQHLQHP.HOFKH]XUHLFKHQ GHQNWQLFKWGDVV,FK HXFK]XP)DOOHQYHUDQODVVW
KDEH'HU 0HQVFKZXUGHYRQVLFKDXVXQJHKRUVDPXQGGDUXPPXVVHUVLFKDXFKGXUFKVHLQH
HLJHQH $QVWUHQJXQJ ZLHGHU DXIULFKWHQ $XFK VROOW LKU QLFKW PHLQHQ GDVV QXU GHU 6FKPHU]
HXFKYHUYROONRPPQHWQHLQDXFKGXUFK/LHEHVWlWLJNHLWZHUGHWLKU]X0LUJHODQJHQGHQQ,FK
ELQ/LHEH  

 %HWHW PHKU PLW GHP *HLVWH DOV PLW GHP .|USHU GHQQ XP GDV +HLO ]X HUODQJHQ JHQJW
QLFKW HLQ $XJHQEOLFN GHV *HEHWV RGHU HLQ 7DJ GHU /LHEH VRQGHUQ HV EHGDUI HLQHV /HEHQV
YROOHU$XVGDXHU*HGXOGKRFKKHU]LJHU:HUNHXQGGHU%HIROJXQJPHLQHU*HERWH'DIUKDEH
,FKHXFKJURVVH)lKLJNHLWHQVRZLH(LQIKOXQJVYHUP|JHQJHJHEHQ

0HLQ:HUNLVWZLHHLQH$UFKHGHU5HWWXQJGLHDOOHHLQ]XWUHWHQHLQOlGW-HGHUGHUPHLQH
*HERWH EHIROJW ZLUG QLFKW ]XJUXQGH JHKHQ :HQQ LKU HXFK YRQ PHLQHP :RUWH OHLWHQ ODVVW
ZHUGHWLKUJHUHWWHWVHLQ  

'HQNWGDUDQGDVVQXUGDVZDVYROONRPPHQLVW]X0LUJHODQJW'DUXPZLUGHXHU *HLVW
QXU GDQQ LQ PHLQ 5HLFK HLQJHKHQ ZHQQ HU GLH 9ROONRPPHQKHLW HUUHLFKW KDW ,KU VHLG RKQH
(UIDKUXQJDXV0LU KHUYRUJHJDQJHQGRFKZHUGHWLKUPLWGHP*HZDQGHHXUHU9HUGLHQVWHXQG
7XJHQGHQJHVFKPFNW]X0LU]XUFNNHKUHQPVVHQ 

 :DKUOLFK ,FK VDJH HXFK GLH *HLVW6HHOHQ GHU *HUHFKWHQ GLH QDKH EHL *RWW ZRKQHQ
YHUGLHQWHQVLFKPLWLKUHQHLJHQHQ:HUNHQGDV5HFKWMHQHQ3ODW]HLQ]XQHKPHQ QLFKWZHLO
,FK LKQHQ GLHVHQ JHJHEHQ KDEH ,FK ZLHV LKQHQ QXU GHQ :HJ XQG ]HLJWH LKQHQ DP (QGH
GHVVHOEHQHLQHKRKH%HORKQXQJ

*HVHJQHWVHLHQGLH]X0LUVDJHQ+HUU'XELVWGHU:HJGDV/LFKWGDVLKQHUKHOOWXQG
GLH.UDIWIUGHQ:DQGHUHU'XELVWGLH6WLPPHGLHGLH:HJULFKWXQJDQJLEWXQGXQVDXIGHU
/HEHQVUHLVHQHXEHOHEWXQG'XELVWDXFKGLH%HORKQXQJIUGHQGHU]XP=LHOHJHODQJW -D
PHLQH.LQGHU,FKELQGDV/HEHQXQGGLH$XIHUVWHKXQJYRQGHQ7RWHQ  

 +HXWH IUDJW GHU 9DWHU QLFKW :HU LVW LPVWDQGH XQG EHUHLW GDV 0HQVFKHQJHVFKOHFKW PLW
VHLQHP %OXW ]X UHWWHQ"1RFK ZLUG -HVXV DQWZRUWHQ +HUU LFK ELQ GDV /DPP GDV EHUHLW LVW
PLWVHLQHP%OXWXQGVHLQHU/LHEHGHQ:HJ]XU(QWVKQXQJGHU0HQVFKKHLW]XEDKQHQ

$XFKZHUGH,FKPHLQ:RUWQLFKWVHQGHQXPLQGLHVHU=HLW0HQVFK]XZHUGHQ'LHVHV
=HLWDOWHULVWIUHXFKYRUEHUXQGOLHVHLQH/HKUHXQG(UKHEXQJLQHXUHU6HHOH]XUFN-HW]W
KDEH ,FK HLQH QHXH (SRFKH JHLVWLJHQ )RUWVFKULWWV HLQJHOHLWHW LQ ZHOFKHU LKU GLHMHQLJHQ VHLQ
VROOWGLH9HUGLHQVWHHUZHUEHQ  

,FKZLOOHXFKDOOHJOFNOLFKVHKHQLQ)ULHGHQXQGLP/LFKWHZRKQHQGGDPLWLKUQDFKXQG
QDFKDOOHVEHVLW]W QLFKWQXUGXUFKPHLQH /LHEHVRQGHUQDXFKGXUFKHXUH9HUGLHQVWHGHQQ
GDQQZHUGHQHXUH*HQXJWXXQJXQGHXHU*OFNYROONRPPHQVHLQ 

,FKNDPHXFKGLH6FK|QKHLWHLQHVK|KHUHQ/HEHQVDOVGDVPHQVFKOLFKH]X]HLJHQHXFK]X
KRKHQ :HUNHQ ]X LQVSLULHUHQ HXFK GDV :RUW ]X OHKUHQ GDV /LHEH HUZHFNW HXFK GDV QLH


JHNDQQWH *OFN ]X YHUKHLHQ GDV MHQHQ *HLVW HUZDUWHW GHU GHQ %HUJ GHV 2SIHUV GHV
*ODXEHQVXQGGHU/LHEH]XHUVWHLJHQYHUPRFKWH

$OOGLHVVROOWLKULQPHLQHU8QWHUZHLVXQJHUNHQQHQGDPLWLKUHQGOLFKEHJUHLIWGDVVHVHXUH
JXWHQ:HUNHVLQGGLHHXUHQ*HLVWGHUZDKUHQ*OFNVHOLJNHLWQlKHUEULQJHQZHUGHQ 


:HQQLKUXPYRQHLQHP.RQWLQHQWGHU(UGH]XHLQHPDQGHUHQ]XUHLVHQYLHOHKRKHXQG
QLHGULJH%HUJH0HHUH9|ONHU6WlGWHXQG/lQGHUGXUFKTXHUHQPVVWELVLKUGDV=LHOHXUHU
5HLVH HUUHLFKW VR EHGHQNW GDVV LKU XP ]X MHQHP *HOREWHQ /DQGH ]X JHODQJHQ JOHLFKIDOOV
ODQJH UHLVHQ PVVW GDPLW LKU DXI GHU ODQJHQ 5HLVH (UIDKUXQJ (UNHQQWQLV (QWIDOWXQJ XQG
(QWZLFNOXQJ GHU 6HHOH HUODQJW 'LHV ZLUG GLH )UXFKW GHV /HEHQVEDXPHV VHLQ GLH LKU
VFKOLHOLFK JHQLHHQ ZHUGHW QDFKGHP LKU YLHO JHNlPSIW XQG JHZHLQW KDEW XP VLH ]X
HUUHLFKHQ 

,KUVHLG.LQGHUGHV9DWHUVGHV/LFKWHVGRFKZHQQLKUDXIJUXQGHXUHU6FKZDFKKHLWLQGLH
)LQVWHUQLV HLQHV /HEHQV YROOHU 0KHQ ,UUWPHU XQG 7UlQHQ JHUDWHQ VHLG VR ZHUGHQ GLHVH
/HLGHQYRUEHUJHKHQZHLOLKUHXFKDXIPHLQHQ5XIKLQHUKHEHQZHUGHWZHQQ,FKHXFKUXIH
XQG HXFK VDJH +LHU ELQ ,FK XQG HUKHOOH HXUH :HOW XQG ODGH HXFK GD]X HLQ GHQ %HUJ ]X
HUVWHLJHQDXIGHVVHQ*LSIHOLKUGHQJDQ]HQ)ULHGHQMHQHV*OFNXQGMHQHQ5HLFKWXPILQGHQ
ZHUGHWGHQLKUDXI(UGHQYHUJHEOLFKDQVDPPHOQZROOWHW 

 -HGH :HOW MHGH 'DVHLQVHEHQH ZXUGH JHVFKDIIHQ GDPLW GLH 6HHOH VLFK DXI LKU HQWZLFNOH
XQG HLQHQ 6FKULWW DXI LKUHQ 6FK|SIHU ]X WXH XQG VR LPPHU ZHLWHU DXI GHP :HJH GHU
9HUYROONRPPQXQJ YRUDQNRPPHQG *HOHJHQKHLW KDEH IOHFNHQORV UHLQ XQG ZRKOJHVWDOWHW DQV
=LHOLKUHV5HLVHZHJHV]XJHODQJHQDXIGHQ*LSIHOGHUVHHOLVFKHQ9ROONRPPHQKHLWZDVHEHQ
JHUDGHGDV:RKQHQLP5HLFKH*RWWHVLVW

 :HP HUVFKHLQW HV XQP|JOLFK VFKOLHOLFK LP 6FKRH *RWWHV ]X ZRKQHQ" $FK LKU
DUPVHOLJHQ 9HUVWDQGHVPHQVFKHQ GLH LKU QLFKW ZLUNOLFK QDFK]XGHQNHQ YHUVWHKW +DEW LKU
VFKRQ YHUJHVVHQ GDVV LKU DXV PHLQHP 6FKRH LQV 'DVHLQ WUDWHW GDV KHLW GDVV LKU EHUHLWV
]XYRULQLKPH[LVWLHUWKDEW"(VLVWGRFKQLFKWV6HOWVDPHVGDUDQGDVVDOOHVZDVGHP4XHOOGHV
/HEHQVHQWVSUDQJ]XVHLQHU=HLW]XLKP]XUFNNHKUW

-HGHU*HLVWZDUDOVHUDXV0LULQV/HEHQWUDWMXQJIUlXOLFKUHLQGRFKKHUQDFKEHIOHFNWHQ
VLFK YLHOH DXI LKUHP :HJH 'HQQRFK GD DOOHV YRQ 0LU LQ ZHLVHU OLHEHYROOHU XQG DXI
*HUHFKWLJNHLW EHGDFKWHU :HLVH YRUDXVJHVHKHQ ZXUGH JLQJ ,FK XQYHU]JOLFK GDUDQ DXI GHP
:HJHGHQPHLQH.LQGHUGXUFKODXIHQPXVVWHQDOOHQRWZHQGLJHQ0LWWHOIULKUH5HWWXQJXQG
(UQHXHUXQJEHUHLW]XVWHOOHQ

$XFKZHQQMHQHJHLVWLJH-XQJIUlXOLFKNHLWYRQYLHOHQ:HVHQJHVFKlQGHWZXUGHZLUGGHU
7DJ NRPPHQ DQ GHP VLH VLFK YRQ DOO LKUHQ 9HUIHKOXQJHQ OlXWHUQ XQG GDGXUFK LKUH
XUVSUQJOLFKH 5HLQKHLW ]XUFNJHZLQQHQ 'LH /lXWHUXQJ ZLUG LQ PHLQHQ $XJHQ VHKU
YHUGLHQVWYROO VHLQ GHQQ GHU *HLVW ZLUG VLH GXUFK JURH XQG IRUWZlKUHQGH 3UIXQJHQ VHLQHV
*ODXEHQVVHLQHU/LHEHVHLQHU7UHXHXQGVHLQHU*HGXOGHUUXQJHQKDEHQ

,KUDOOHZHUGHWDXIGHP:HJGHU$UEHLWGHV.DPSIHVXQGGHV6FKPHU]HV]XP5HLFKGHV
/LFKWHV ]XUFNNHKUHQ ZR LKU HV QLFKW PHKU Q|WLJ KDEW LQ HLQHQ PHQVFKOLFKHQ .|USHU ]X
LQNDUQLHUHQ QRFK LQ HLQHU :HOW DXV 0DWHULH ]X OHEHQ GHQQ GDQQ ZLUG HXFK HXHU JHLVWLJHV
:LUNXQJVYHUP|JHQEHUHLWVEHIlKLJHQHXUHQ(LQIOXVVXQGHXHU/LFKWYRQHLQHU'DVHLQVHEHQH
]XUDQGHUHQ]XVHQGHQXQGIKOEDU]XPDFKHQ  


'LHPlFKWLJVWH.UDIW]XU(UO|VXQJ

6HKWKLHULVWGHU:HJJHKWDXILKPXQGLKUZHUGHWHXFKUHWWHQ:DKUOLFK,FKVDJHHXFK
HVLVWQLFKWQ|WLJ0LFKLQGLHVHU=HLWJHK|UW]XKDEHQXPGDV+HLO]X HUODQJHQ-HGHUGHULP
/HEHQ PHLQ J|WWOLFKHV *HVHW] GHU /LHEH DXVEW XQG MHQH DP 6FK|SIHU LQVSLULHUWH /LHEH LQ
1lFKVWHQOLHEHYHUZDQGHOWLVWJHUHWWHW(UJLEW=HXJQLVYRQ0LULQVHLQHP/HEHQXQGLQVHLQHQ
:HUNHQ 

:HQQGLH6RQQHDXIGLHJDQ]H1DWXUXQGDXIDOOH:HVHQ/HEHQVOLFKWDXVVWUDKOWXQGZHQQ
DXFKGLH6WHUQH/LFKWDXIGLH(UGHDXVVWUDKOHQ ZDUXPVROOWHGDQQQLFKWGHU*|WWOLFKH*HLVW
/LFKWDXIGLH6HHOHGHV0HQVFKHQDXVVWUDKOHQ"

-HW]WVDJH,FKHXFK0HQVFKHQJHKWLQHXFKODVVWGDV/LFKWGHU*HUHFKWLJNHLWGDVVHLQHQ
8UVSUXQJ LQ GHU /LHEH KDW VLFK DXI GHU :HOW YHUEUHLWHQ /DVVW HXFK GXUFK PHLQH :DKUKHLW
GDYRQEHU]HXJHQGDVVLKURKQHZLUNOLFKH/LHEHGDV+HLOHXUHU6HHOHQQLFKWHUODQJHQZHUGHW
 

 0HLQ /LFKW LVW IU DOOH PHLQH .LQGHU QLFKW QXU IU HXFK GLH LKU GLHVH :HOW EHZRKQW
VRQGHUQ IU DOO GLH *HLVWZHVHQ GLH DXI XQWHUVFKLHGOLFKHQ 'DVHLQVHEHQHQ OHEHQ 6LH DOOH
ZHUGHQ EHIUHLW XQG ]XP HZLJHQ /HEHQ DXIHUVWDQGHQ VHLQ ZHQQ VLH PLW LKUHQ :HUNHQ GHU
/LHEH DQ LKUHQ 0LWPHQVFKHQ PHLQ *|WWOLFKHV *HERW HUIOOHQ GDV YRQ HXFK IRUGHUW GDVV LKU
HXFKXQWHUHLQDQGHUOLHEW 

 *HOLHEWHV 9RON GLHV LVW GHU 'ULWWH 7DJ DQ GHP ,FK PHLQ :RUW XQWHU GHQ 7RWHQ ]X
QHXHP /HEHQ HUZHFNH 'LHVLVWGLH'ULWWH =HLWLQGHU ,FKYRUGHU:HOWLQJHLVWLJHU:HLVH
HUVFKHLQHXPLKU]XVDJHQ+LHULVWGHUVHOEH&KULVWXVGHQLKUDP.UHX]HVWHUEHQVDKWXQG
(UVSULFKWGHU]HLW]XHXFKGHQQ(UOHEWXQGZLUGOHEHQXQGZLUGLPPHUVHLQ

 'DJHJHQ VHKH ,FK GDVV GLH 0HQVFKHQ HLQ KLQVLFKWOLFK GHV *ODXEHQV GHU /LHEH XQG GHV
/LFKWHVWRWHV+HU]LP/HLEHKDEHQREZRKOVLHLQLKUHQ5HOLJLRQVJHPHLQVFKDIWHQEHKDXSWHQ
GLH:DKUKHLW]XYHUNQGHQ6LHPHLQHQGDVVVLHLKU6HHOHQKHLOJHVLFKHUWKDEHQZHQQVLHLQ
LKUHQ .LUFKHQ EHWHQ XQG DQ LKUHQ 5LWHQ WHLOQHKPHQ 'RFK ,FK VDJH HXFK GLH :HOW PXVV
HUIDKUHQ GDVV GDV +HLO GHU 6HHOH QXU GXUFK GLH 9ROOEULQJXQJ YRQ :HUNHQ GHU /LHEH XQG
%DUPKHU]LJNHLWHUODQJWZLUG

'LH9HUVDPPOXQJVVWlWWHQVLQGQXUHLQH6FKXOH'LH.LUFKHQVROOHQVLFKQLFKWQXUGDUDXI
EHVFKUlQNHQGDV*HVHW]]XHUNOlUHQVRQGHUQVLHVROOHQGDIUVRUJHQGDVVGLH:HOWYHUVWHKW
GDVVGDV/HEHQHLQ:HJLVWDXIGHPPDQGDV]XU$QZHQGXQJEULQJHQPXVVZDVPDQYRP
*|WWOLFKHQ*HVHW]HJHOHUQWKDWLQGHPPDQPHLQH/HKUHGHU/LHEHDXVEW   

 &KULVWXV ZXUGH 0HQVFK XP YRU GHU :HOW GLH *|WWOLFKH /LHEH ]X RIIHQEDUHQ $EHU GLH
0HQVFKHQKDEHQKDUWH+HU]HQXQGHLQHQEHVVHUZLVVHULVFKHQ9HUVWDQGVLHYHUJHVVHQEDOGHLQH
HPSIDQJHQH /HKUH XQG OHJHQ VLH IDOVFK DXV ,FK ZXVVWH GDVV GLH 0HQVFKHQ QDFK XQG QDFK
*HUHFKWLJNHLW XQG /LHEH PLW 5DFKH XQG 6WUDIH YHUZHFKVHOQ ZUGHQ 'HVKDOE NQGLJWH ,FK
HXFK HLQH =HLW DQ LQ GHU ,FK JHLVWLJ ]XU :HOW ]XUFNNHKUHQ ZUGH XP GHQ 0HQVFKHQ GLH
/HKUHQ]XHUNOlUHQGLHVLHQLFKWYHUVWDQGHQKDWWHQ

 -HQH YHUKHLHQH =HLW LVW GLHVH LQ GHU LKU OHEW XQG ,FK KDEH HXFK PHLQH 8QWHUZHLVXQJ
JHJHEHQGDPLWPHLQH*HUHFKWLJNHLWXQG*|WWOLFKH:HLVKHLWDOVHLQHYROONRPPHQH/HKUHGHU
HUKDEHQHQ /LHEH HXUHV *RWWHV RIIHQEDUW ZLUG 0HLQW LKU GDVV ,FK JHNRPPHQ ELQ ZHLO ,FK
IUFKWH GDVV GLH 0HQVFKHQ VFKOLHOLFK GLH :HUNH LKUHV +HUUQ RGHU VRJDU GDV /HEHQ VHOEVW


YHUQLFKWHQ ZHUGHQ" 1HLQ ,FK NRPPH QXU DXV /LHEH ]X PHLQHQ .LQGHUQ GLH LFK YROO /LFKW
XQG)ULHGHQVHKHQP|FKWH

,VWHVQLFKWUHFKWXQGELOOLJGDVVDXFKLKUQXUDXV/LHEH]X0LUNRPPW"'RFKQLFKWDXV
/LHEH]XHXFKVHOEVWVRQGHUQLQGHU/LHEH]XP9DWHUXQG]XHXUHQ0LWPHQVFKHQ0HLQWLKU
GDVV VLFK MHQHU DQ GHU *|WWOLFKHQ /LHEH LQVSLULHUW GHU QXU DXV )XUFKW YRU +|OOHQTXDOHQ GLH
6QGHPHLGHWRGHUMHQHUGHUJXWH:HUNHQXULP*HGDQNHQDQGLH%HORKQXQJWXWGLHHUGDPLW
HUODQJHQNDQQQlPOLFKHLQHQ3ODW]LQGHU(ZLJNHLW]XJHZLQQHQ":HUVRGHQNWNHQQW0LFK
QLFKWQRFKNRPPWHUDXV/LHEH]X0LU(UKDQGHOWQXUDXV/LHEH]XVLFKVHOEVW  

 0HLQ JDQ]HV *HVHW] LVW LQ ]ZHL *HERWHQ ]XVDPPHQJHIDVVW GHU /LHEH ]X *RWW XQG GHU
/LHEH]XP1lFKVWHQ'LHVLVWGHU:HJ 

5HWWXQJXQG(UO|VXQJIUMHGH6HHOH

 -HW]W NRPPH ,FK QLFKW XP N|USHUOLFK 7RWH ]X HUZHFNHQ ZLH ,FK HV PLW /D]DUXV LQ GHU
=ZHLWHQ =HLW WDW +HXWH NRPPW PHLQ /LFKW GLH 6HHOH ]X HUZHFNHQ GLH 0LU JHK|UW 8QG
GLHVH ZLUG VLFK GXUFK GLH :DKUKHLW PHLQHV :RUWHV ]XP HZLJHQ /HEHQ HUKHEHQ GHQQ HXUH
6HHOH LVW GHU /D]DUXV GHQ LKU GHU]HLW LQ HXUHP :HVHQ WUDJW XQG GHQ ,FK YRQ GHQ 7RWHQ
DXIHUZHFNHQXQGKHLOHQZHUGH 

$XFKGDVJHLVWLJH/HEHQZLUGYRQ*HVHW]HQUHJLHUWXQGZHQQLKUHXFKYRQLKQHQHQWIHUQW
IKOWLKUVHKUEDOGGLHVFKPHU]OLFKHQ)ROJHQMHQHV8QJHKRUVDPV

 (UNHQQW ZLH JUR PHLQ 9HUODQJHQ LVW HXFK ]X UHWWHQ +HXWH ZLH GDPDOV ZHUGH ,FK GDV
.UHX]DXI0LFKQHKPHQXPHXFK]XPZDKUHQ/HEHQ]XHUKHEHQ

:HQQ0HLQDXI*ROJDWKDYHUJRVVHQHV%OXWGDV+HU]GHU0HQVFKHQHUVFKWWHUWHXQGVLH]X
PHLQHU/HKUHEHNHKUWHVRZLUGHVLQGLHVHU=HLWPHLQ*|WWOLFKHV/LFKWVHLQGDVGHQ*HLVWXQG
GHQ.|USHUHUEHEHQOlVVWXPHXFKDXIGHQZDKUHQ:HJ]XUFN]XEULQJHQ

,FKZLOOGDVVGLHGLHIUGDV/HEHQGHU*QDGHWRWVLQGHZLJOLFKOHEHQ,FKZLOOQLFKWGDVV
HXUH6HHOHLQGHU)LQVWHUQLVZRKQW  

(UNHQQWZLHYLHOHHXUHU0LWPHQVFKHQLQPLWWHQLKUHVDEJ|WWLVFKHQ7UHLEHQVGDV.RPPHQ
GHV0HVVLDVHUZDUWHQ%HGHQNWZLHYLHOHLQLKUHU8QZLVVHQKHLWPHLQHQGDVV,FKQXUNRPPHQ
ZHUGH XP PHLQ *HULFKW EHU GLH %|VHQ DE]XKDOWHQ GLH *XWHQ ]X UHWWHQ XQG GLH :HOW ]X
]HUVW|UHQ RKQH ]X ZLVVHQ GDVV ,FK XQWHU GHQ 0HQVFKHQ DOV 9DWHU DOV 0HLVWHU DOV %UXGHU
RGHU )UHXQG ELQ YROO /LHEH XQG 'HPXW XQG PHLQH KHOIHQGH +DQG DXVVWUHFNH XP DOOH ]X
UHWWHQ]XVHJQHQXQGLKQHQ]XYHUJHEHQ 

 1LHPDQG LVW GXUFK =XIDOO JHERUHQ ZRUGHQ XQG ZHQQ MHPDQG VLFK IU QRFK VR
XQEHGHXWHQGXQIlKLJXQGDUPVHOLJKlOWVRLVWHUGRFKGXUFKGLH*QDGHGHV+|FKVWHQ:HVHQV
JHVFKDIIHQZRUGHQZHOFKHULKQHEHQVROLHEWZLHGLH:HVHQGLHHUIUEHUOHJHQKlOWXQGHU
KDWHLQH%HVWLPPXQJGLHLKQZLHDOOH]XP6FKRH*RWWHVIKUHQZLUG

6HKWLKUMHQH0HQVFKHQGLHDOV$XVJHVWRHQHDXIGHQ6WUDHQGDKLQ]LHKHQXQG/DVWHUXQG
(OHQGPLWVLFKVFKOHSSHQRKQH]XZLVVHQZHUVLHVLQGXQGZRKLQVLHJHKHQ":LVVWLKUYRQ
GHQ0HQVFKHQGLHQRFKLPPHULQ:lOGHUQ OHEHQYRQ5DXEWLHUHQXPODXHUW"1LHPDQGLVWYRQ
PHLQHU 9DWHUOLHEH YHUJHVVHQ DOOH KDEHQ VLH HLQH $XIJDEH ]X HUIOOHQ DOOH EHVLW]HQ VLH GHQ


.HLP]XU(QWZLFNOXQJXQGVLQGDXIGHP:HJHDXIGHPGLH9HUGLHQVWHGLH$QVWUHQJXQJXQG
GHU.DPSIGLH6HHOH6WXIHXP6WXIH]X0LUEULQJHQZHUGHQ

 :R LVW MHPDQG GHU ZHQQ DXFK QXU IU HLQHQ HLQ]LJHQ $XJHQEOLFN PHLQHQ )ULHGHQ
QLFKWHUVHKQWKDWXQGVLFKQLFKWZQVFKWHYRPLUGLVFKHQ/HEHQEHIUHLW]XVHLQ"-HGH6HHOHKDW
+HLPZHK QDFK GHU :HOW GLH VLH ]XYRU EHZRKQWH QDFK GHP +HLP LQ ZHOFKHP VLH JHERUHQ
ZXUGH -HQH :HOW HUZDUWHW DOOH PHLQH .LQGHU XQG OlGW VLH HLQ VLFK GHV HZLJHQ /HEHQV ]X
HUIUHXHQGDVPDQFKHHUVHKQHQZlKUHQGDQGHUHQXUGHQ7RGHUZDUWHQXPGDQQDXI]XK|UHQ
]XVHLQZHLOVLHHLQHYHUZLUUWH6HHOHKDEHQXQGRKQH+RIIQXQJXQGRKQH*ODXEHQOHEHQ:DV
N|QQWHGLHVH:HVHQGD]XEHZHJHQIULKUH(UQHXHUXQJ]XNlPSIHQ":DVN|QQWHLQLKQHQGLH
6HKQVXFKW QDFK (ZLJNHLW HUZHFNHQ" 6LH HUZDUWHQ QXU GDV 1LFKWPHKU6HLQ GDV 6FKZHLJHQ
XQGGDV(QGH

'RFKGDV/LFKWGHU:HOWLVW]XUFNJHNHKUWGHU:HJXQGGLH:DKUKHLWXPHXFKGXUFK
VHLQH9HUJHEXQJ]XP /HEHQ DXIHUVWHKHQ]XODVVHQXP HXHUPGHV $QJHVLFKW]XOLHENRVHQ
HXHU +HU] ]X WU|VWHQ XQG ]X EHZLUNHQ GDVV GHU GHU VLFK QLFKW IU ZHUW KLHOW ]X H[LVWLHUHQ
PHLQH6WLPPHYHUQLPPWGLHLKPVDJW,FKOLHEHGLFKNRPPH]X0LU  

'HU0HQVFKPDJIDOOHQXQGVLFKLQV'XQNHOVWU]HQXQGVLFKGDKHUYRQ0LUIHUQHIKOHQ
HU PDJ JODXEHQ GDVV ZHQQ HU VWLUEW DOOHV IU LKQ ]X (QGH VHL )U 0LFK GDJHJHQ VWLUEW
QLHPDQGQLHPDQGJHKWYHUORUHQ

:LHYLHOHJLEWHVGLHDXIGHU:HOWIUYHUNRPPHQH:HVHQJHKDOWHQZXUGHQXQGGLHKHXWH
YROOHU /LFKW VLQG :LHYLHOH GLH DOV 6SXU GLH 6FKDQGIOHFNHQ LKUHU 6QGHQ LKUHU /DVWHU XQG
9HUEUHFKHQKLQWHUOLHVVHQKDEHQEHUHLWVLKUH/lXWHUXQJHUUHLFKW  

=ZDUEHIOHFNHQYLHOHLKUH6HHOHQGRFKYHUXUWHLOWVLHQLFKWGHQQVLHZLVVHQQLFKWZDVVLH
WXQ $XFK VLH ZHUGH ,FK UHWWHQ XQJHDFKWHW GHVVHQ GDVV VLH 0LFK GHU]HLW YHUJHVVHQ KDEHQ
RGHU 0LFK GXUFK GLH IDOVFKHQ *|WWHU HUVHW]W KDEHQ GLH VLH DXI GHU :HOW VFKXIHQ $XFK VLH
ZHUGH ,FK LQ PHLQ 5HLFK EULQJHQ VHOEVW ZHQQ VLH MHW]W ZHLO VLH GHQ IDOVFKHQ 3URSKHWHQ
IROJHQ GHQ JWLJHQ &KULVWXV YHUJHVVHQ KDEHQ ZHOFKHU IU VLH VHLQ /HEHQ KLQJDE XP VLH
VHLQH/HKUHGHU/LHEH]XOHKUHQ

 )U GHQ 9DWHU LVW QLHPDQG E|VH QLHPDQG NDQQ HV VHLQ GD VHLQ 8UVSUXQJ LQ 0LU LVW
9HULUUWH%OLQGH*HZDOWWlWLJH5HEHOOHQ VRVLQGYLHOHPHLQHU.LQGHUDXIJUXQGLKUHV IUHLHQ
:LOOHQVJHZRUGHQPLWGHPVLHDXVJHVWDWWHWZXUGHQ'RFKLQDOOHQZLUGHVOLFKWZHUGHQXQG
0HLQH%DUPKHU]LJNHLWZLUGVLHDXIGHQ:HJ]XLKUHU(UO|VXQJIKUHQ  

 ,KU DOOH VHLG PHLQ 6DPH XQG GHU 0HLVWHU HUQWHW LKQ :HQQ XQWHU GHQ JXWHQ 6DPHQ GHU
8QNUDXWVDPH JHODQJW QHKPH ,FK DXFK LKQ OLHEHYROO LQ PHLQH +lQGH XP LKQ LQ JROGHQHQ
:HL]HQXP]XZDQGHOQ

 ,FK VHKH LQ GHQ +HU]HQ GHQ 6DPHQ GHV 8QNUDXWV GHV 0RUDVWHV GHV 9HUEUHFKHQV GHV
+DVVHVXQGGHQQRFKHUQWHXQGOLHEH,FKHXFK,FKOLHENRVHXQGUHLQLJHGLHVHQ6DPHQELVHU
ZLH:HL]HQLQGHU6RQQHJOlQ]W

0HLQWLKUGDVVGLH0DFKWPHLQHU/LHEHQLFKWIlKLJLVWHXFK]XHUO|VHQ",FKZHUGHHXFK
QDFKGHP ,FK HXFK JHVlXEHUW KDEH LQ PHLQHQ *DUWHQ VlHQ ZR LKU QHXH %OWHQ XQG QHXH
)UFKWH WUDJHQ ZHUGHW =X PHLQHU *|WWOLFKHQ $XIJDEH JHK|UW HV HXFK PHLQHU ZUGLJ ]X
PDFKHQ  


 :LH N|QQWH IU 0LFK HLQH *HLVW6HHOH XQZLHGHUEULQJOLFK YHUORUHQ JHKHQ ZR VLH GRFK
HLQHQ)XQNHQPHLQHV/LFKWHVLQVLFKWUlJWZHOFKHVQLHPDOVHUOLVFKWXQG,FKDXIDOOHQ:HJHQ
EHLLKUELQ"6RODQJHDXFKLKUH:LGHUVHW]OLFKNHLWDQGDXHUQRGHULKUH9HUZLUUXQJDQKDOWHQPDJ
QLHPDOVZHUGHQGLHVHGXQNOHQ.UlIWHPHLQHU(ZLJNHLWVWDQGKDOWHQ 

 )U 0LFK LVW HV HEHQVR YHUGLHQVWYROO ZHQQ HLQ PLW GHU 6SXU VFKZHUVWHU 9HUIHKOXQJHQ
EHIOHFNWHV :HVHQ YRQ HLQHP KRKHQ ,GHDO LQVSLULHUW VLFK OlXWHUW DOV ZHQQ HLQ :HVHQ GDV
VWDQGKDIW UHLQ JHEOLHEHQ LVW ELV ]XOHW]W GDUXP ULQJW VLFK QLFKW ]X EHIOHFNHQ ZHLO HV YRQ
$QEHJLQQGDV/LFKWOLHEWH

:LHIHUQHGHU:DKUKHLWZDQGHOQMHQHGLHPHLQHQGDVVGLHYHUZLUUWHQ*HLVWHUHLQHDQGHU H
%HVFKDIIHQKHLWKDEHQDOVGLH*HLVWHUGHV/LFKWHV

8QJHUHFKWZlUHGHU9DWHUZHQQGLHVZDKUZlUHZLH(UDXFKQLFKWPHKUGHU$OOPlFKWLJH
ZlUHZHQQHV,KPDQGHU:HLVKHLWXQG/LHEHPDQJHOWHXPGLH%HIOHFNWHQGLH8QUHLQHQGLH
8QYROONRPPHQHQ ]X UHWWHQ XQG (U VLH QLFKW PLW DOOHQ *HUHFKWHQ LQ HLQ XQG GHUVHOEHQ
+HLPVWDWWYHUHLQHQN|QQWH  

:DKUOLFK,FKVDJHHXFKVHOEVWMHQH:HVHQGLHLKU9HUVXFKHURGHU'lPRQHQQHQQWVLQG
QXU YHUZLUUWH RGHU XQYROONRPPHQH :HVHQ GHUHU VLFK GHU 9DWHU ZHLVH EHGLHQW XP VHLQH
KRKHQ5DWVFKOVVHXQG3OlQHGXUFK]XIKUHQ

$EHUGLHVH:HVHQGHUHQ6HHOHQKHXWHYRQ)LQVWHUQLVXPIDQJHQVLQGXQGYRQGHQHQYLHOH
HLQHQVFKOHFKWHQ*HEUDXFKYRQGHQ)lKLJNHLWHQJHPDFKWKDEHQGLH,FKLKQHQJHZlKUWKDEH
ZHUGHQ ZHQQGLH=HLWGDIUIUVLHJHNRPPHQLVW YRQ0LUJHUHWWHWZHUGHQ

 'HQQ GHU $XJHQEOLFN ZLUG NRPPHQ R ,VUDHO GD DOOH *HVFK|SIH GHV +HUUQ 0LFK HZLJ
UKPHQZHUGHQ,FKZlUHQLFKWPHKU*RWWZHQQ,FKPLWPHLQHU0DFKWPHLQHU:HLVKHLWXQG
PHLQHU/LHEHHLQH6HHOHQLFKW HUUHWWHQN|QQWH 

 :DQQ KDEHQ GLH (OWHUQ DXI (UGHQ QXU GLH JXWHQ .LQGHU JHOLHEW XQG GLH %|VHQ
YHUDEVFKHXW":LHRIWKDEH,FKVLHDPOLHEHYROOVWHQXQGVRUJVDPVWHQJHUDGHGHQHQJHJHQEHU
JHVHKHQGLHVLHDPPHLVWHQYHUOHW]HQXQGOHLGHQODVVHQ:LHVROOWHHVP|JOLFKVHLQGDVV LKU
JU|HUH:HUNHGHU/LHEHXQG9HUJHEXQJWXQN|QQWHWDOVHVGLHPHLQHQVLQG":DQQKDWPDQ
VFKRQHLQPDOHUOHEWGDVVGHU0HLVWHUYRQGHQ-QJHUQOHUQHQPXVV"

:LVVHWDOVR GDVV,FKQLHPDQGHQPHLQHUIUXQZUGLJKDOWHXQGGDVVGHU:HJ]XP+HLO
HXFKGDKHUHZLJOLFKHLQOlGWLKQ]XEHVFKUHLWHQHEHQVRZLHGLH7RUHPHLQHV5HLFKHVZHOFKH
GDV /LFKW GHU )ULHGH XQG GDV *XWH VLQG IU LPPHU RIIHQVWHKHQ LQ (UZDUWXQJ GHU $QNXQIW
GHUHUGLHGHP*HVHW]HXQGGHU:DKUKHLWIHUQHVWDQGHQ  

'LHKHUUOLFKH=XNXQIWGHU.LQGHU*RWWHV

 ,FK ZHUGH QLFKW ]XODVVHQ GDVV HLQ HLQ]LJHV PHLQHU .LQGHU VLFK YHULUUW RGHU JDU YHUORUHQ
JHKW 'LH 6FKPDURW]HUSIODQ]HQ YHUZDQGOH ,FK LQ IUXFKWEULQJHQGH GHQQ DOOH *HVFK|SIH
ZXUGHQLQV'DVHLQJHUXIHQXPHLQ=LHOGHU9ROONRPPHQKHLW]XHUUHLFKHQ

,FKZLOOGDVVLKUHXFKPLW0LUDQPHLQHP:HUNHHUIUHXW6FKRQIUKHUKDEH,FKHXFKDQ
PHLQHQ (LJHQVFKDIWHQ WHLOKDEHQ ODVVHQ ZHLO LKU HLQ 7HLO YRQ 0LU VHLG 'D DOOHV 0LU JHK|UW
PDFKH,FKDXFKHXFK]X(LJHQWPHUQPHLQHV:HUNHV  


=ZHLIHOWQLFKWDQPHLQHP:RUWH,QGHU(UVWHQ=HLWHUIOOWH,FKHXFKPHLQH9HUKHLXQJ
,VUDHO DXV GHU .QHFKWVFKDIW bJ\SWHQV ZHOFKH $EJ|WWHUHL XQG )LQVWHUQLV EHGHXWHWH ]X
EHIUHLHQ XP HXFK QDFK .DQDDQ ]X IKUHQ GHP /DQG GHU )UHLKHLW XQG GHU 9HUHKUXQJ GHV
OHEHQGLJHQ *RWWHV 'RUW ZXUGH HXFK PHLQ .RPPHQ DOV 0HQVFK DQJHNQGLJW XQG GLH
3URSKH]HLXQJZXUGH:RUWIU:RUWLQ&KULVWXVHUIOOW

,FKMHQHU0HLVWHUGHULQ-HVXVZRKQWHXQGHXFKLQLKPOLHEWHYHUVSUDFKGHU:HOWLQHLQHU
DQGHUHQ=HLW]XLKU]XVSUHFKHQXQG0LFKLP*HLVWH]XRIIHQEDUHQ8QGKLHULVWGLH(UIOOXQJ
PHLQHU9HUKHLXQJ

 +HXWH NQGLJH ,FK HXFK DQ GDVV ,FK IU HXUHQ *HLVW ZXQGHUEDUH 5HJLRQHQ
$XIHQWKDOWVRUWHJHLVWLJH+HLPVWlWWHQUHVHUYLHUWKDEHZRLKUGLHZDKUH)UHLKHLWILQGHQN|QQW
XP ]X OLHEHQ GDV *XWH ]X WXQ XQG PHLQ /LFKW ]X YHUEUHLWHQ .|QQW LKU GDUDQ ]ZHLIHOQ
QDFKGHP,FKHXFKPHLQHIUKHUHQ9HUKHLXQJHQHUIOOWKDEH"  

0HLQ*|WWOLFKHV9HUODQJHQLVWHVHXFK]XUHWWHQXQGHXFKLQHLQH:HOWGHV /LFKWHVGHU
6FK|QKHLWHQ XQG GHU /LHEH ]X IKUHQ ZR LKU DXIJUXQG GHU (UKHEXQJ GHV *HLVWHV GHU
+RFKKHU]LJNHLWGHU*HIKOHGHV,GHDOVGHU9ROONRPPHQKHLWIUHXGLJVFKZLQJW'RFKHUNHQQW
LKU QLFKW LQ GLHVHP *|WWOLFKHQ 9HUODQJHQ PHLQH 9DWHUOLHEH" =ZHLIHOORV PXVV GHU GHU GLHV
QLFKWVRYHUVWHKWEOLQGVHLQ 

 %HGHQNW $OOH 6FK|QKHLWHQ GLHVHU :HOW VLQG GD]X EHVWLPPW ]X YHUVFKZLQGHQ XP
LUJHQGHLQPDO DQGHUHQ3ODW]]XPDFKHQ'RFKHXHU*HLVWZLUGZHLWHUKLQ HZLJOHEHQXQGGHQ
9DWHU LQ DOO VHLQHU +HUUOLFKNHLW VFKDXHQ GHQ 9DWHU DXV GHVVHQ 6FKRH LKU VWDPPW $OOHV
*HVFKDIIHQHPXVV]XGHP2UW]XUFNNHKUHQYRQGHPHVDXVJLQJ 

 ,FK ELQ GDV HZLJH /LFKW GHU HZLJH )ULHGH XQG GLH HZLJH 6HOLJNHLW XQG GD LKU PHLQH
.LQGHUVHLGLVWHVPHLQ:LOOHXQGPHLQH3IOLFKWHXFK]X7HLOKDEHUQDQPHLQHU+HUUOLFKNHLW
]X PDFKHQ XQG GDIU OHKUH ,FK HXFK GDV *HVHW] DOV GHQ :HJ GHU GHQ *HLVW LQ GLH +|KHQ
MHQHV5HLFKHVOHLWHW 

 6HLG HXFK LPPHU EHZXVVW GDVV GHU *HLVW ZHOFKHU GLH KRKHQ *UDGH GHU *WH GHU
:HLVKHLW GHU 5HLQKHLW XQG GHU /LHEH HUUHLFKW EHU GHU =HLW GHP 6FKPHU] XQG GHQ
(QWIHUQXQJHQVWHKW(ULVWQLFKWGDUDXIEHVFKUlQNWDQHLQHP 2UW]XZRKQHQHUYHUPDJEHUDOO
]X VHLQ XQG NDQQ DOOHURUWHQ HLQH K|FKVWH :RQQH GDUDQ ILQGHQ ]X H[LVWLHUHQ ]X IKOHQ ]X
ZLVVHQ]XOLHEHQXQGVLFKJHOLHEW]XZLVVHQ'LHVLVWGHU+LPPHOGHV*HLVWHV 


9,,,'(50(16&+
.DSLWHO ,QNDUQDWLRQ1DWXUXQG$XIJDEHGHV0HQVFKHQ

'LH,QNDUQDWLRQDXI(UGHQ

 ,KU ZHLQW ZHQQ HLQHU GHU (XUHQ LQV *HLVWLJH 7DO DEVFKHLGHW VWDWW GDVV LKU HXFK YROO
)ULHGHQ IKOW ZHLO LKU EHJUHLIW GDVV MHQHU VLFK VHLQHP +HUUQ HLQHQ ZHLWHUHQ 6FKULWW QlKHUW
'DJHJHQ IHLHUW LKU HLQ )HVW ZHQQ HLQ QHXHV :HVHQ LQ HXHU +HLP NRPPW RKQH LQ GLHVHU
6WXQGHGDUDQ]XGHQNHQGDVVMHQH6HHOHLQV)OHLVFKJHNRPPHQLVWXPLQGLHVHP7UlQHQWDO
HLQH6KQH]XHUIOOHQGDQQ VROOWHWLKUXPVLHZHLQHQ 

 ,KU ]HXJW .LQGHU HXUHV )OHLVFKHV GRFK ,FK ELQ HV GHU GLH *HLVWHU DXI GLH )DPLOLHQ
9RONVVWlPPH1DWLRQHQXQG:HOWHQYHUWHLOWXQGLQGLHVHUIUGLH0HQVFKHQXQ]XJlQJOLFKHQ
*HUHFKWLJNHLWRIIHQEDUWVLFKPHLQH/LHEH 

 ,KU OHEW LQ GHU *HJHQZDUW XQG ZLVVW QLFKW ZDV ,FK IU HXUH =XNXQIW EHVWLPPW KDEH ,FK
EHUHLWH JURH /HJLRQHQ YRQ *HLVWZHVHQ YRU GLH DXI GHU (UGH ZRKQHQ ZHUGHQ XQG HLQH
VFKZLHULJH 0LVVLRQ PLWEULQJHQ XQG LKU PVVW ZLVVHQ GDVV YLHOH YRQ HXFK GLH (OWHUQ MHQHU
*HVFK|SIH VHLQ ZHUGHQ LQ GHQHQ PHLQH %RWHQ LQNDUQLHUW ZHUGHQ (XUH 3IOLFKW LVW HV HXFK
LQQHUOLFK]XEHUHLWHQGDPLWLKUVLH]XHPSIDQJHQXQG]XOHLWHQYHUVWHKW 

 ,FK P|FKWH ]X HXFK EHU YLHOH JHLVWLJH 7KHPHQ VSUHFKHQ DEHU LKU N|QQW VLH QRFK QLFKW
YHUVWHKHQ:HQQ,FKHXFKRIIHQEDUHQZUGH]XZHOFKHU$UWYRQ%HKDXVXQJHQLKUVFKRQDXI
GLH (UGH