0D [ L
)DUEYHUlQGHUXQJHQ GHU *ODVNHUDPLNREHUIOlFKH KDEHQ
NHLQHUOHL $XVZLUNXQJ DXI GHUHQ )XQNWLRQ RGHU 6WDELOLWlW
'HUDUWLJH 9 HUIlUEXQJHQ VLQG LQ GHU 5HJHO DXI
DQJHEUDQQWH /HEHQVPLWWHOUHVWH RGHU GLH 9 HUZHQGXQJ
YRQ .RFKJHVFKLUU ]XUFN]XIKUHQ GDV DXV 0DWHULDOLHQ
ZLH$OXPLQLXP RGHU .XSIHU EHVWHKW 'LHVH 5FNVWlQGH
VLQG VFKZHU ZLHGHU ]X HQWIHUQHQ
(,1,*( 7,336
+lXILJHV5HLQLJHQKLQWHUOlVVWHLQH6FKXW]VFKLFKWGLHZHVHQWOLFKLVW
XP.UDW]HUXQG 9 HUVFKOHLVSXUHQ ]XYHUKLQGHUQ$FKWHQ6LHGDUDXI
GDVV GLH 2EHUIOlFKH VDXEHU LVW EHYRU 6LH GDV .RFKIHOG ZLHGHU
EHQXW]HQ :DVVHUVSXUHQ HQWIHUQHQ 6LH PLW HLQ SDDU 7 URSIHQ
+DXVKDOWVHVVLJ RGHU =LWURQHQVDIW :LVFKHQ 6LH DQVFKOLHHQG PLW
HLQHP VDXJIlKLJHQ 3DSLHUWXFK XQG HLQLJHQ 7 URSIHQ VSH]LHOOHU
5HLQLJXQJVIOVVLJNHLW QDFK
'LH *ODVNHUDPLNREHUIOlFKH KlOW HEHQE|GLJHP .RFKJHVFKLUU ]ZDU
VWDQGGHQQRFKVROOWH.RFKJHVFKLUUVWHWV DQJHKREHQZHUGHQXPHV
DXI HLQH DQGHUHQ .RFK]RQH ]X VWHOOHQ
+LQZHLV
%HQXW]HQ 6LH NHLQHQ ]X QDVVHQ 6FKZDPP
%HQXW]HQ 6LH QLHPDOV HLQ 0HVVHU RGHU HLQHQ 6FKUDXEHQGUHKHU
(LQ 6FKDEHU PLW HLQHU 5DVLHUNOLQJH YHUXUVDFKW NHLQH 6FKlGHQ DXI
GHU 2EHUIOlFKH VRODQJH HU LQ HLQHP :LQNHO YRQ JHKDOWHQ
ZLUG
+DOWHQ 6LH .RFKIHOGVFKDEHU LPPHU DXHUKDOE GHU 5HLFKZHLWH
YRQ .LQGHUQ
%HQXW]HQ 6LH QLHPDOV DEUDVLYH 3URGXNWH RGHU 6FKHXHUSXOYHU
'LH 0HWDOOHLQIDVVXQJ 5HLQLJHQ 6LH GLH 0HWDOOHLQIDVVXQJ PLW
+DXVKDOWVUHLQLJHU XQG : DVVHU XQG ZLVFKHQ 6LH VLH GDQQPLW HLQHP
ZHLFKHQ 7XFK WURFNHQ
352%/(0%(+(%81*
'LH .RFK]RQHQ ZHUGHQ QLFKW RGHU QXU PlLJ KHL
%HQXW]HQ 6LH DXVVFKOLHOLFK HEHQE|GLJHV .RFKJHVFKLUU : HQQ
]ZLVFKHQ .RFKJHVFKLUUXQG .RFK]RQH/LFKW ]X VHKHQ LVW ILQGHWNHLQH
NRUUHNWH +LW]HEHUWUDJXQJ VWDWW
'DV .RFKJHVFKLUU VROOWH GHQVHOEHQ 'XUFKPHVVHU ZLH GLH EHQXW]WH
.RFK]RQH KDEHQ
'HU *DUYRUJDQJ GDXHUW ]X ODQJH
(V ZXUGH XQJHHLJQHWHV .RFKJHVFKLUU EHQXW]W 9 HUZHQGHQ 6LH QXU
HEHQE|GLJHV VFKZHUHV .RFKJHVFKLUU PLW PLQGHVWHQV GHPVHOEHQ
'XUFKPHVVHU ZLH GLH .RFK]RQH
.OHLQH .UDW]HU RGHU $EQXW]XQJ DXI GHU *ODVIOlFKH GHV .RFKIHOGV
8QVDFKJHPlH 5HLQLJXQJ RGHU %HQXW]XQJ YRQ .RFKJHVFKLUU PLW
UDXHP %RGHQ 3DUWLNHO 6DQG 6DO] XVZ ]ZLVFKHQ .RFKIHOG XQG
%RGHQ GHV .RFKJHVFKLUUV 6LHKH $EVFKQLWW Ä5(,1,*81*³ $FKWHQ 6LH
YRU GHU %HQXW]XQJ GDUDXI GDVV GHU %RGHQ GHV .RFKJHVFKLUUV VDXEHU
LVW XQG EHQXW]HQ 6LH QXU .RFKJHVFKLUU PLW HLQHP JODWWHQ SODQHQ
%RGHQ 'XUFK RUGQXQJVJHPlH 5HLQLJXQJ ODVVHQ VLFK .UDW]HU
YHUPHLGHQ
0HWDOOVSXUHQ
6FKLHEHQ 6LH $OXPLQLXPNRFKW|SIH QLFKW EHU GDV .RFKIHOG %HDFKWHQ
6LH GLH 5HLQLJXQJVKLQZHLVH
9 HUZHQGHQ 6LH JHHLJQHWH 0DWHULDOLHQ 6ROOWHQ 5FNVWlQGH EOHLEHQ
EHQXW]HQ 6LH HLQHQ VSH]LHOOHQ .RFKIHOGVFKDEHU %HIROJHQ 6LH GLH
+LQZHLVH XQWHU Ä5(,1,*81*³
'XQNOH 5FNVWlQGH
%HQXW]HQ 6LH HLQHQ VSH]LHOOHQ .RFKIHOGVFKDEHU XQG EHIROJHQ 6LH GLH
+LQZHLVH XQWHU Ä5(,1,*81*³
+HOOH )OlFKHQ DXI GHP .RFKIHOG
6SXUHQ YRQ $OXPLQLXP RGHU .XSIHUNRFKJHVFKLUU VRZLH 0LQHUDO
: DVVHU RGHU /HEHQVPLWWHOUFNVWlQGH N|QQHQ PLW HLQHP
.RFKIHOGUHLQLJHU HQWIHUQW ZHUGHQ
.DUDPHOLVDWLRQ RGHU JHVFKPRO]HQHU .XQVWVWRII DXI GHP
.RFKIHOG
%HIROJHQ 6LH GLH +LQZHLVH XQWHU Ä5(,1,*81*³
'DV .RFKIHOG E]Z EHVWLPPWH .RFK]RQHQ IXQNWLRQLHUHQ QLFKW
'LH $QVFKOVVH DQ GHU .OHPPOHLVWH ZXUGHQ QLFKW NRUUHNW
YRUJHQRPPHQ
hEHUSUIHQ 6LH RE GLH $QVFKOVVH HQWVSUHFKHQG GHQ +LQZHLVH
DXVJHIKUW ZXUGHQ RGHU GDV %HGLHQIHOG JHVSHUUW LVW +HEHQ 6LH GLH
6SHUUH DXI
'DV .RFKIHOG OlVVW VLFK QLFKW DEVFKDOWHQ
'DV %HGLHQIHOG LVW JHVSHUUW +HEHQ 6LH GLH 6SHUUH DXI
.RFK]RQHQ VFKDOWHQ VLFK ZLHGHUKROW HLQ XQG DXV
'LH (LQ$XVVFKDOW]\NOHQ YDULLHUHQ MH QDFK HUIRUGHUOLFKHU +LW]H
JHULQJH +LW]H NXU]H %HWULHEVGDXHU
VWDUNH +LW]H ODQJH %HWULHEVGDXHU
'DV .RFKIHOG IXQNWLRQLHUW QLFKW
hEHUSUIHQ 6LH GHQ =XVWDQG GHU 6LFKHUXQJHQ 7UHQQVFKDOWHU 3UIHQ
6LH RE HLQ 6WURPDXVIDOO YRUOLHJW
'DV .RFKIHOG KDW VLFK VHOEVWlQGLJ DEJHVFKDOWHW
'HU +DXSWVFKDOWHU (,1$867 DVWH ZXUGH YHUVHKHQWOLFK EHWlWLJW
RGHU HLQ *HJHQVWDQG DXI HLQHU 7 DVWH DEJHVWHOOW (QWIHUQHQ 6LH
HYHQWXHOOH *HJHQVWlQGH YRP%HGLHQIHOG XQGVFKDOWHQ 6LH GDV *HUlW
ZLHGHU HLQ 1HKPHQ 6LH GLH JHZQVFKWHQ (LQVWHOOXQJHQ HUQHXW YRU
$XI GHP 'LVSOD\ ZLUG Ä)³ XQG =DKOHQ DQJH]HLJW
:HQQGDV 'LVSOD\ Ä)³ XQG =DKOHQ DQ]HLJWOLHJW HLQH *HUlWHVW|UXQJ
YRU 'LH QDFKVWHKHQGH 7 DEHOOH HQWKlOW 0DQDKPHQXP GDV 3UREOHP
]X EHKHEHQ
.81'(1',(167
%HYRU 6LHVLFK DQ HLQHQ : DUWXQJVWHFKQLNHU ZHQGHQ EHUSUIHQ
6LH ELWWH
± RE GHU 1HW]VWHFNHU NRUUHNW DQ HLQHU DEJHVLFKHUWHQ 6WHFNGRVH
DQJHVFKORVVHQ LVW
)DOOV VLFK GHU )HKOHU QLFKW IHVWVWHOOHQ OlVVW VFKDOWHQ 6LH GDV *HUlW DXV
XQG ZHQGHQ VLFK XPJHKHQG DQ GHQ .XQGHQGLHQVW 'DV *HUlW ZLUG PLW
HLQHU *DUDQWLH DXVJHOLHIHUW GLH VLFKHUVWHOOW GDVV HV NRVWHQORV YRP
.XQGHQGLHQVW UHSDULHUW ZLUG
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
%HLHLQHU6W|UXQJGDV*HUlWYRQGHU6SDQQXQJVYHUVRUJXQJDEWUHQQHQXQGHUQHXWZLHGHUDQVFKOLHHQ
6ROOWHGLH6W|UXQJEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ)DOOVGLH6W|UXQJXQYHUPLWWHOW
EHLQRUPDOHP%HWULHEDXIWULWWGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ
%HUKUXQJVVWHXHUXQJV6RIWZDUHIHKOHU
: DUWHQ6LHELVGLH7 HPSHUDWXUVLQNW'DV.RFKIHOGZLUGDXWRPDWLVFKZLHGHUEHWULHEVEHUHLWZHQQGLH
7 HPSHUDWXUGHQQRUPDOHQ:HUWHUUHLFKWKDW
'LH%HUKUXQJVVWHXHUXQJV]RQHLVW]XKHL
XQGKDWDOOH.RFK]RQHQDEJHVFKDOWHW
: DUWHQ6LHELVGLH7 HPSHUDWXUVLQNW6ROOWHGLH6W|UXQJEHVWHKHQEOHLEHQQDFKGHPGLH7 HPSHUDWXUGHQ
QRUPDOHQ:HUWHUUHLFKWKDWGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ
: DUWHQ6LHELVGLH7 HPSHUDWXUVLQNW6ROOWHGLH6W|UXQJEHVWHKHQEOHLEHQQDFKGHPGLH7 HPSHUDWXUGHQ
QRUPDOHQ:HUWHUUHLFKWKDWGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ
'HU%HUKUXQJVVWHXHUXQJV
7 HPSHUDWXUVHQVRULVWHYHQWXHOOEHVFKlGLJW
3UIHQ6LHREGDV.RFKIHOGNRUUHNWPRQWLHUWLVW6WHOOHQ6LHVLFKHU GLH7 DVWHQDXIGHU*ODVREHUIOlFKH
NRUUHNW]XEHUKUHQ
$XHUJHZ|KQOLFKH7 DVWHQUHDNWLRQ
'LHVHU)HKOHULVWHLQHDXWRPDWLVFKH%HGLHQIHOGSUIXQJ(UYHUVFKZLQGHWVREDOGGLHDXWRPDWLVFKH
3UIXQJZLHGHUHLQHQVLFKHUHQ:HUWHUJLEW6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVW
EHQDFKULFKWLJHQ
%HGLHQIHOGVLFKHUKHLWVIHKOHU
'LHVHU)HKOHULVWHLQHDXWRPDWLVFKH6RIWZDUHSUIXQJ(UYHUVFKZLQGHWVREDOGGLHDXWRPDWLVFKH3UIXQJ
ZLHGHUHLQHQVLFKHUHQ:HUWHUJLEW6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVW
EHQDFKULFKWLJHQ
%HGLHQIHOGVLFKHUKHLWVIHKOHU
'LHVHU)HKOHULVWHLQHDXWRPDWLVFKH6RIWZDUHSUIXQJ(UYHUVFKZLQGHWVREDOGGLHDXWRPDWLVFKH3UIXQJ
ZLHGHUHLQHQVLFKHUHQ:HUWHUJLEW6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVW
EHQDFKULFKWLJHQ
%HGLHQIHOGVLFKHUKHLWVIHKOHU
(YHQWXHOOOLHJWHLQ5HODLVSUREOHPYRU 7UHQQHQ6LHGDV.RFKIHOGYRQGHU6SDQQXQJVYHUVRUJXQJZDUWHQ
6LHHLQH0LQXWHXQGVFKDOWHQ6LHHVGDQQZLHGHUHLQ6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ
.XQGHQGLHQVWEHQDFKULFKWLJHQ
5HODLVVLFKHUKHLWVIHKOHU
6W|UXQJ
0DQDKPH
.RFKIHOGDQ]HLJH
'HU%HUKUXQJVVWHXHUXQJV
7 HPSHUDWXUVHQVRULVWHYHQWXHOOEHVFKlGLJW
'(