ENG'(876&+
6,&+(5+(,76+,1:(,6(
y
'DV*HUlWLVWVFKZHUXQGVROOWHVWHWVPLW]ZHL3HUVRQHQEHZHJWRGHUDXVJHSDFNW
ZHUGHQ
$QGHUQIDOOVNDQQHV]X9HUOHW]XQJHQNRPPHQ
y
:HQGHQ6LHVLFKHLQPDOLP-DKUDQGHQ.XQGHQGLHQVWGDPLWGLHLQQHQOLHJHQGHQ
%DXWHLOHGHV3URGXNWVIDFKJHUHFKWJHUHLQLJWZHUGHQ
$QJHVDPPHOWHU6WDXENDQQPHFKDQLVFKH)HKOHUYHUXUVDFKHQ
y
:HQGHQ6LHVLFKEHL3UREOHPHQDQHLQHQTXDOLIL]LHUWHQ.XQGHQGLHQVWPLWDUEHLWHU
%LWWHVHW]HQ6LHVLFKPLWGHP.XQGHQGLHQVWLQ9HUELQGXQJZHQQGDV*HUlWLQ
LUJHQGHLQHU:HLVHEHVFKlGLJWZXUGH]%ZHQQGDV6WURPNDEHORGHUGHU6WHFNHU
GHIHNWVLQGZHQQ)OVVLJNHLWEHUGDV*HUlWJHJRVVHQZXUGHRGHU*HJHQVWlQGH
LQGDV*HUlWJHODQJWVLQGZHQQGDV*HUlW5HJHQRGHU)HXFKWLJNHLWDXVJHVHW]W
ZXUGHZHQQGDV*HUlWQLFKWRUGQXQJVJHPlIXQNWLRQLHUWRGHUZHQQGDV*HUlW
IDOOHQJHODVVHQZXUGH
y
:HQQVLFKGDV*HUlWNDOWDQIKOWNDQQHVEHLP(LQVFKDOWHQ]XHLQHPNXU]HQ)OLP
PHUQNRPPHQ'DVLVWQRUPDOXQGNHLQ)HKOHUGHV*HUlWHV
y
'HU%LOGVFKLUPLVWHLQKRFKHQWZLFNHOWHV*HUlWPLWHLQHU$XIO|VXQJYRQ]ZHLELV
VHFKV0LOOLRQHQ3L[HO8QWHU8PVWlQGHQVLQGZLQ]LJHVFKZDU]H3XQNWHXQGRGHU
EXQWH3XQNWHURWEODXRGHUJUQYRQSSP*U|HDXIGHP%LOGVFKLUP]XVHKHQ
'LHVGHXWHWQLFKWDXIHLQH)HKOIXQNWLRQKLQXQGEHHLQWUlFKWLJWQLFKWGLH/HLVWXQJ
XQG=XYHUOlVVLJNHLWGHV*HUlWHV
'LHVH(UVFKHLQXQJWULWWDXFKEHL*HUlWHQYRQ)UHPGDQELHWHUQDXIXQGZLUGQLFKW
DOV*UXQGIU8PWDXVFKRGHU5FNHUVWDWWXQJDQHUNDQQW
y
-HQDFK,KUHU%HWUDFKWXQJVSRVLWLRQYRQUHFKWVOLQNVREHQXQWHQVLQG+HOOLJNHLW
XQG)DUEHQDXIGHP%LOGVFKLUPP|JOLFKHUZHLVHXQWHUVFKLHGOLFK
'LHVH(UVFKHLQXQJLVWDXIGLHEHVRQGHUHQ(LJHQVFKDIWHQGHV%LOGVFKLUPV]XUFN
]XIKUHQ(VVWHKWLQNHLQHP=XVDPPHQKDQJPLWGHU/HLVWXQJGHV*HUlWHVXQG
HVKDQGHOWVLFKKLHUEHLQLFKWXPHLQH)HKOIXQNWLRQ
y
'XUFKGDV$Q]HLJHQHLQHV6WDQGELOGV]%HLQ3URJUDPPORJR%LOGVFKLUPPHQ6]HQHHLQHV9L
GHRVSLHOVRGHU&RPSXWHUELOGVFKLUPEHUHLQHQOlQJHUHQ=HLWUDXPNDQQGHU%LOGVFKLUPEHVFKlGLJW
ZHUGHQXQGGDV%LOGZLUGHLQJHEUDQQW'LHVNDQQIUHLQHQOlQJHUHQ=HLWUDXPDQKDOWHQRGHUQLFKW
PHKUYHUVFKZLQGHQ'DV(LQEUHQQHQYRQ%LOGHUQZLUGEHLGLHVHP*HUlWQLFKWYRQGHU*DUDQWLHJH
GHFNW
9HUPHLGHQ6LHGLH$Q]HLJHYRQ6WDQGELOGHUQDXIGHP)HUQVHKELOGVFKLUPEHUHLQHQOlQJHUHQ=HLW
UDXP
RGHUPHKU6WXQGHQIUGLHRUJDQLVFKH/HXFKWGLRGH
:LUGGDV)RUPDWEHUHLQHQOlQJHUHQ=HLWUDXPDXIHLQJHVWHOOWNDQQHVDQGHQ5lQGHUQGHV
%LOGVFKLUPV]XP(LQEUHQQHQNRPPHQ
'LHVH(UVFKHLQXQJWULWWDXFKEHL*HUlWHQYRQ)UHPGDQELHWHUQDXIXQGZLUGQLFKWDOV*UXQGIU8P
WDXVFKRGHU5FNHUVWDWWXQJDQHUNDQQW
y
(U]HXJWHV*HUlXVFK
Ä.QDFNHQ³'DVEHLP)HUQVHKHQRGHU$XVVFKDOWHQGHV*HUlWHV]XK|UHQGH.QDFNHQZLUGGXUFK
:lUPHVFKUXPSIXQJYRQ.XQVWVWRIIHQDXIJUXQGYRQ7HPSHUDWXUXQG)HXFKWLJNHLWYHUXUVDFKW'LHVHV
*HUlXVFKLVWQRUPDOEHL*HUlWHQEHLGHQHQGLHWKHUPLVFKH9HUIRUPXQJHUIRUGHUOLFKLVW6WURPNUHLV
EUXPPHQ%LOGVFKLUPVXPPHQ'HU+RFKJHVFKZLQGLJNHLWVVFKDOWNUHLVGHUHLQHJURH0HQJH6WURP
IUGHQ%HWULHEGHV*HUlWHVEHUHLWVWHOOWJLEWHLQOHLVHV*HUlXVFKDE'LHVHV*HUlXVFKLVWMHQDFK
*HUlWDQGHUV
(VKDWNHLQHQ(LQIOXVVDXIGLH/HLVWXQJXQG=XYHUOlVVLJNHLWGHV*HUlWHV