Page 1

:EITSCHRIFTDER0ASSAUER0UBLIKATIONEN'RUPPE POLITISCH UNABHÛNGIG KOSTENLOS

72-AGAZIN

%CORWU





#

W

UI

C

D

G

$XVJDEH6RPPHU,, -XQL

7KHPHQ 2G\VVHHGXUFK8QWHUQHKPHQVSUDNWLND 6FKLOOHU QGH V(XURSD 9RQGHU5HEHOOHQVWDGW]XU.XOWXUKDXSWVWDGW ,QWHUYLHZPLW0G%'U$QGUHDV6FKHXHU 5HSRUWDJH]XGHQ&KDQFHQXQG6RUJHQGHV0LWWHOVWDQGV XYP

YYYWRECORWUOCIC\KPFG


/$1'.5(,6*$//(5,(6&+/2661(8%85*

K F V R Q D 'HU7UlXPHU 8QJHZ|KQOLFKHgOELOGHU=HLFKQXQJHQ*UDSKLNHQ IUNOHLQHXQGJUR‰H0HQVFKHQ

'LH2VWNLUFKHEHNDP%HVXFKgOELOG

'DXHUGHU$XVVWHOOXQJ

0DLELV6HSWHPEHU gIIQXQJV]HLWHQ'LELV6RELV8KU ZZZODQGNUHLVJDOHULHNXOWXUVHUYHUED\HUQGH 6HLWH$XVJDEH 7HO


(GLWRULDO /LHEH/HVHULQQHQXQG/HVHU ]X %HJLQQ GHV +RFKVRPPHUV ZDUWHW GDV 7HDP GHU 3DVVDXHU 3XEOLNDWLRQHQ *UXSSH PLW HLQHU QHXHQ LQVJHVDPW GHU VLHEWHQ $XVJDEH GHU =HLWVFKULIW 83&DPSXV0DJD]LQ DXI :LU KDEHQ XQV PLW GLHVHU $XVJDEH HQWVFKLHGHQ QRFK NODUHU XQG DN]HQWXLHUWHU GHQ &KDUDNWHU GHV 83&DPSXV0DJD]LQV KHUYRU]XKHEHQ HLQ DQVSUXFKVYROOHV XQG RIIHQHV 0HGLXP GDV ]XP 1DFKGHQNHQ XQG ]XU NULWLVFKHQ %HWUDFKWXQJ DQUHJHQVROO

,Q GLHVHU $XVJDEH HUZDUWHW XQV DXV GLHVHP *UXQG HLQ 1RYXP HLQH 5HSRUWDJH EHU HLQ NOHLQHV PLWWHOVWlQGLVFKHV)DPLOLHQXQWHUQHKPHQDXVGHP.UHLV3DVVDX'DPLWZROOHQZLU]HLJHQZLHZLFKWLJ HLQXQWHUQHKPHULVFKHU*HLVWJHUDGHPLWORNDOHU9HUZXU]HOXQJLVW=XGHPNRQQWHQZLUDXVDNWXHOOHP $QODVVPLWGHP3DVVDXHU%XQGHVWDJVDEJHRUGQHWHQ$QGUHDV6FKHXHUVSUHFKHQGHUVLFKLP-XOLIU GDV 'LUHNWPDQGDW GHV :DKONUHLVHV 3DVVDX EHZLUEW 'DQHEHQ ELHWHQ ZLU ZLH JHZRKQW .XOWXU XQG )HXLOOHWRQ VRZLH EHZlKUWHQ 6HUYLFH UXQG XP $XVVWHOOXQJHQ DNWXHOOH 1HXHUVFKHLQXQJHQ 3DVVDXHU $EVROYHQWHQDXIGHP%FKHUPDUNWXQGYLHOHVPHKU :LU IUHXHQ XQV VWHWV EHU ,QLWLDWLYHQ 8QWHUQHKPHU XQG 8QWHUQHKPHQVZLOOLJH ,QWHUHVVLHUWH 1DFKZXFKVMRXUQDOLVWHQVLQGKHU]OLFKGD]XDQLPLHUWHLQHQ$UWLNHOHLQ]XUHLFKHQ8QVHU&KHIUHGDNWHXU 0DUWLQ5HLFKLQJHUDEHUDXFKGLH+HUDXVJHEHUVWHKHQIUDOOH$QIUDJHQ]XU9HUIJXQJ$OOHZHLWHUHQ 'HWDLOVILQGHQVLFKLP,PSUHVVXPDXI6 (VEOHLEWXQVQRFKLQGLHVHP6LQQHYLHO6SD‰EHLP/HVHQ]XZQVFKHQXQGIU+HUEVWHLQHKRIIHQWOLFK JXWH:DKOGLHHLQHQGULQJHQGEHQ|WLJWHQ5XFNIUXQVHU/DQGEULQJW

%HQFH%DXHU +HUDXVJHEHU 9RUVLW]HQGHU33*

'U)ORULDQ+DUWOHE +HUDXVJHEHU 6WHOOYHUWUHWHQGHU9RUVLW]HQGHU33*

6HLWH$XVJDEH

0DUWLQ5HLFKLQJHU &KHIUHGDNWHXU 83&DPSXV0DJD]LQ

'FKVQTKCN

'LHVHP 8PVWDQG WUDJHQ ZLU DXFK GDGXUFK 5HFKQXQJGDVVZLUXQVEHZXVVWXQGXQ]ZHLGHXWLJ DOV SROLWLVFK XQG XQDEKlQJLJ EHWUDFKWHQ :LU VLQG SROLWLVFK ZHLO ZLU XQV RIIHQVLY ]X YLHOHQ 7KHPHQ lX‰HUQ XQG XQDEKlQJLJ ZHLO ZLU XQV YOQU %HQFH%DXHU'U)ORULDQ+DUWOHE0HODQL%DU GDEHL YRQ NHLQHU SROLWLVFKHQ 6HLWH EHHLQIOXVVHQ ODL0DUWLQ5HLFKLQJHUDXI.ORVWHU%DQ] RGHU JDU LQVWUXPHQWDOLVLHUHQ ODVVHQ 'DV 83 &DPSXV0DJD]LQP|FKWHHKHUGDV%HZXVVWVHLQGHU/HVHUVFKlUIHQXQGPLWPXWLJHQNRQWURYHUVHQ 7KHPHQ0HLQXQJVPDFKHULQGHUDNWXHOOHQ'HEDWWHEOHLEHQ'LHVHLWGHPYHUlQGHUWHSROLWLVFKH *UR‰ZHWWHUODJHGUlQJWXQVDOOHXQVPLWGHU=XNXQIW'HXWVFKODQGV]XEHIDVVHQ:LUGUIHQQLFKWGLH $XJHQYHUVFKOLH‰HQDQJHVLFKWVGHUGUlQJHQGHQ3UREOHPHGLHZLULQ'HXWVFKODQGKDEHQ


-XQJG\QDPLVFKIOH[LEHO±XQGY|OOLJSOHLWH

2TCMVKMC /GNCPKG)TGNN

8QL$EVROYHQWHQDXILKUHU2G\VVHHGXUFK8QWHUQHKPHQV3UDNWLND -XQJ G\QDPLVFK XQG IOH[LEHO GDV LVW 6WHIDQLH $OWHU6LHKDW.RPPXQLNDWLRQVZLVVHQVFKDIWHQ VWXGLHUWHLQHQHUVWNODVVLJHQ$EVFKOXVVJHPDFKW XQG NDQQ LQVJHVDPW UXQG  0RQDWH %HUXIVHU IDKUXQJLQGHQIUVLHUHOHYDQWHQ%HUHLFKHQYRU ZHLVHQ)HUQVHKHQ)LOP2QOLQH5HGDNWLRQ35 8QWHUQHKPHQV.RPPXQLNDWLRQ XQG (YHQWPD QDJHPHQW ± DOOHV LVW GDEHL :HQQ PDQ VLFK LK UHQ/HEHQVODXIDQVFKDXWZLUGPDQQHLGLVFKXQG GHQNWÄ1DGLHKDWNHLQH3UREOHPHHLQHQ-RE]X ILQGHQ³'RFKZHLWJHIHKOW 'HQQ YRU DOOHP IU *HLVWHVZLVVHQVFKDIWOHU VLQG GLH-REDXVVLFKWHQGLHVHU7DJHQLFKWHEHQURVLJ :HUQDFKGHP$EVFKOXVVVRIRUWHLQHQÄULFKWLJHQ³ -RELQGHU7DVFKHKDWNDQQVLFK]XGHQ*OFNOL FKHQ]lKOHQ8QGGLHDQGHUHQ"'LHYHUVXFKHQHV HUVWHLQPDOPLWHLQHP3UDNWLNXP 'DVLVWMDLP3ULQ]LSQLFKWVFKOHFKWGHQQLQHL QHP3UDNWLNXPNDQQPDQDOV6WXGHQWYLHOH(U IDKUXQJHQVDPPHOQXQGLQGLH%HUXIHGLHHLQHQ LQWHUHVVLHUHQ KLQHLQVFKQXSSHUQ 'HPHQWVSUH FKHQG ODXWHW DXFK GLH 'HILQLWLRQ HLQHV 3UDNWL NXPV Ä2KQH VLFK JOHLFK IHVW ]X ELQGHQ NDQQ PDQGDEHLLQYHUVFKLHGHQH%HUHLFKHUHLQVFKQXS SHUQ³2GHUÄ(LQ3UDNWLNXPNDQQPDQDEVROYLH UHQXP*HOHUQWHVDX‰HUKDOEGHU+RFKVFKXOHLQ :LUWVFKDIW XQG 9HUZDOWXQJ DQ]XZHQGHQ³ :LU KDOWHQ DOVR IHVW %HL HLQHP 3UDNWLNXP NRPPW HV QLFKW GDUDXI DQ VHOEVWYHUDQWZRUWOLFK HLQLJH $XIJDEHQLQGHU)LUPD]XEHUQHKPHQVRQGHUQ PLW]XKHOIHQ XQG GHQ %HUXI RGHU GLH %UDQFKH NHQQHQ]XOHUQHQ 'RFK'HILQLWLRQHQVLQGEHNDQQWHUZHLVHUHFKWWKH RUHWLVFKGLH3UD[LVVLHKWDQGHUVDXV'DV]HLJW GDV %HLVSLHO HLQHU JUR‰HQ 0QFKHQHU $JHQWXU GLHHLQÄ$EVROYHQWHQSUDNWLNXP³DQELHWHW6HFKV 0RQDWHLQGHQHQPDQÄGLUHNWLQGLH7HDPVHLQ JHEXQGHQ³LVWXQGÄHLJHQYHUDQWZRUWOLFK7HLODXI JDEHQ³ EHUQLPPW 'LH Ä$XIZDQGVHQWVFKlGL JXQJ³EHWUlJW(XUR 6WHIDQLHVPRQDWOLFKHU 0LQGHVWDXIZDQG OLHJW EHL  (XUR  1RFK GUHLVWHUDJLHUWHLQH%HUOLQHU$JHQWXU6LHVXFKHQ HLQHQ$EVROYHQWHQPLW(UIDKUXQJHQDXVPHKUH UHQ3UDNWLNDXQG]DKOHQJHUDGHHLQPDO(XUR LP 0RQDW 1DFK HLQHU +RFKUHFKQXQJ EHL HLQHU $UEHLWV]HLWYRQ6WXQGHQLQGHU:RFKHNRPPW PDQDXIHLQHQ6WXQGHQORKQYRQ(XUR'DV LVW GHPWLJHQG 9ROOHQGV EHU GDV =LHO VFKLH‰W HLQH$JHQWXULQ$XJVEXUJKLQDXV6LHELHWHWHLQ 7UDLQHHSURJUDPP DQ PLW GHP :XQVFK3URILO Ä0HKUHUH -DKUH %HUXIVHUIDKUXQJ XQG ]DKOUHL FKH.RQWDNWHLQGLH35%UDQFKH³8QGGDIUDJHQ VLFK GRFK GLH 6WHIDQLHV LQ 0QFKHQ $XJVEXUJ XQG %HUOLQ ZLH VLH YRQ VROFK HLQHP *HKDOW OH EHQVROOHQRGHUZRGHU6LQQLVWQDFKPHKUHUHQ -DKUHQ %HUXIVHUIDKUXQJ DOV 7UDLQHH HLQ]XVWHL

JHQ8QGGLHVH3UDNWLNXPVDXVVFKUHLEXQJHQVLQG NHLQHVIDOOVHLQ]HOQHNXULRVH$XVZFKVHLP6WHO OHQPDUNW VRQGHUQ %HLVSLHOH IU HLQH GHXWVFK ODQGZHLWH 0LVHUH (V JLEW ]X YLHOH $EVROYHQWHQ XQGGLH8QWHUQHKPHQZROOHQVLFKLQXQVLFKHUHQ =HLWHQQLFKWDQQHXH0LWDUEHLWHUELQGHQ$QVWDWW MHPDQGHQ IHVW HLQ]XVWHOOHQ QXW]HQ GLH 8QWHU QHKPHQOLHEHUGLH6LWXDWLRQGHU$EVROYHQWHQDXV XQG EHVHW]HQ PLW LKQHQ 6WHOOHQ GLH HLJHQWOLFK IUIHVW$QJHVWHOOWHJHGDFKWZDUHQ'DVEHGHX WHW MHGRFK QLFKW QXU QXOO 3ODQXQJVVLFKHUKHLW IU GLH$EVROYHQWHQVRQGHUQDXFKGDVVHLQHHUKHE OLFKH 'LVNUHSDQ] ]ZLVFKHQ $QVSUXFK XQG :LUN OLFKNHLWEHVWHKW'HU3UDNWLNDQWEHUQLPPWTXDVL DOOH$XIJDEHQHLQHVIHVWDQJHVWHOOWHQ0LWDUEHLWHUV ±PDOUHLQVFKQXSSHUQXQGGHQ%HUXINHQQHQOHU QHQLVWSDVVp 'LHVHU0LVVVWDQGGHUPLWGHP=XVDPPHQEUXFK GHV ,QWHUQHW%RRPV LP -DKUH  EHJDQQ LVW MHGRFK QLFKW XQEHPHUNW JHEOLHEHQ ,Q GHU gI IHQWOLFKNHLWKDEHQGLHDUPHQ$EVROYHQWHQEHUHLWV HLQH *HQHUDWLRQHQ]XRUGQXQJ HUKDOWHQ GLH *H QHUDWLRQ 3UDNWLNXP *HQHUDWLRQ *ROI ZlUH DXFK XQ]XWUHIIHQG GHQQ GLH :HQLJVWHQ N|QQHQ VLFK VFKOLH‰OLFK HLQ $XWR OHLVWHQ 'LH gIIHQWOLFKNHLW PDFKWH DXFK YRU GHU 5HGDNWLRQ GHU Ä.DUULHUH³ HLQHP0DJD]LQIU6WXGHQWHQ$EVROYHQWHQXQG <RXQJ3URIHVVLRQDOVQLFKWKDOW'RUWZXUGHPDQ DXI GLH QLFKW YRUKDQGHQH .DUULHUH GHU *HQHUD WLRQ 3UDNWLNXP DXIPHUNVDP XQG JUQGHWH GHV KDOE LP +HUEVW  GLH ,QLWLDWLYH Ä)DLU &RP SDQ\³ 0LW GLHVHU $NWLRQ ZHUGHQ 8QWHUQHKPHQ DXVJH]HLFKQHWGLHVLFKGHPDOOJHPHLQHQ7UHQG 9ROO]HLWVWHOOHQ PLW VFKOHFKW RGHU JDU QLFKW HQW ORKQWHQ 3UDNWLND ]X VXEVWLWXLHUHQ ZLGHUVHW]HQ Ä)DLU &RPSDQ\V³ JHEHQ $EVROYHQWHQ HLQH IDLUH &KDQFH XQG LKUH =DKO VWHLJW NRQWLQXLHUOLFK'HU DNWXHOOH 6WDQG LVW XQWHU ZZZNDUULHUHGH QDFK ]XOHVHQ 'RFK]XUFN]X6WHIDQLH8QWHU$XVQXW]XQJGHU ÄVWXGHQWLVFKHQ /FNH³ DUEHLWHW VLH PRPHQWDQ IUHL IU PHKUHUH 3URMHNWH 6LH LVW ZHLWHUKLQ DQ GHU8QLHLQJHVFKULHEHQXPLKUH.UDQNHQNDVVHQ .RVWHQVRQLHGULJZLHP|JOLFK]XKDOWHQXQGEH NRPPW]XPLQGHVWIUHLQZHLWHUHV-DKU.LQGHU JHOG/HEHQNDQQVLHYRQLKUHQ+RQRUDUHQDEHU DXFKQLFKWXQGVRLVWVLHZHLWHUKLQDXIGHU6XFKH QDFKHLQHU)HVWDQVWHOOXQJLQGHU+RIIQXQJGHU Y|OOLJHQ3OHLWH]XHQWJHKHQ 'UFNHQZLULKUGLH'DXPHQ

6HLWH$XVJDEH

0HODQLH*UHOOKDW.XOWXUZLUWVFKDIW LQ3DVVDXVWXGLHUWXQGDUEHLWHW ]XU]HLWDOVIUHLH0LWDUEHLWHULQ LP0DUNHWLQJEHLHIHOORZVQHW


+|KHQUDXVFK'LHZLUNOLFKNHLWVOHHUH:HOWGHU3ROLWLNHU

7URW] DOOHU 3ROHPLN XQG 6WDPPWLVFKGLVNXVVLRQ EHU $EJHRUGQHWHQJHKlOWHU XQG 3ULYLOHJLHQ LVW HLQH NULWLVFKH $XVHLQDQGHUVHW]XQJ PLW 3ROL WLNHUQDXFKDXIHLQHUDQGHUHQ (EHQH P|JOLFK :HU GLH SDUWHLSROLWLVFKH 0DFKW V]HQDULHQ GHU %XQGHVUHSXEOLN XQG HLQ 6WFN 1DFKNULHJVJHVFKLFKWH XQYHUEOPW XQG KDXWQDK ÄHUOHEHQ³ZLOONRPPWDQ/HLQHPDQQVIHVVHOQGHP %XFKQLFKWYRUEHLÄ6HLWYLHU]LJ-DKUHQEHREDFK WHLFKVLHDXVQlFKVWHU1lKHVHKHZLHGLH0DFKW VLH YHUlQGHUW ZLH VLH VLFK HLQPDXHUQ LQ 3RVHQ YRQ.RPSHWHQ]XQG=XYHUVLFKWZlKUHQGGLH|I IHQWOLFKH 9HUDFKWXQJ ZlFKVW $OOH KDEHQ VLH LU JHQGZDQQHLQPDOGLH:HOWYHUlQGHUQZROOHQHLQ ELVVFKHQ ZHQLJVWHQV DEHU GLH PHLVWHQ JHUDWHQ GRFKDOVEDOGLQGLH9HUVXFKXQJLKUH:DKOlPWHU DOV3ODWWIRUP]XU6HOEVWEHVWlWLJXQJ]XEHQXW]HQ « (LQH:HLOHJODXEWHLFKPLFKLQPHLQHU%HR EDFKWHUSRVLWLRQDXIGHUVLFKHUHQ6HLWH±ELVLFK PHUNWH GDVV LFK DOV -RXUQDOLVW NHLQHVZHJV QXU =XVFKDXHUZDU « ³ 6I  $XVGHU6LFKWHLQHV,QVLGHUVEHVFKUHLEWGHUODQJ MlKULJH 6SLHJHO5HGDNWHXU VFKRQXQJVORV XQG XQYHUKOOWZLHZRKOQLHPDOVPLWHUKREHQHP=HL JHILQJHU GLH 3V\FKRORJLH XQG 0DFKWVSLHOH GLH 'URJHQ Ä0DFKW³ XQG Ä:LFKWLJNHLW³  GHU %HUXIV SROLWLNHU Ä1DFK PHLQHP (LQGUXFN LVW GLH )OXFKW LQGLH6XFKWJDQ]XQGJDUNHLQH6SH]LDOLWlWGHU SROLWLVFKHQ.ODVVH(KHUKDOWHLFKGLH3ROLWLNHULQ GLHVHU+LQVLFKWZLUNOLFKIUÃ9RONVYHUWUHWHU¶0DQ GDWVWUlJHU HLQHU 6XFKWJHVHOOVFKDIW ,KUH %HVRQ GHUKHLW LVW IUHLOLFK HUVWHQV GDVV LKUH EHUXIVEH GLQJWH Ã6HKVW|UXQJ¶ QLFKW 3ULYDWDQJHOHJHQKHLW EOHLEW VRQGHUQ XQVHU DOOHU /HEHQ EHHLQIOXVVW 8QGGDVV]ZHLWHQVGLH9HUIKUXQJHQ]XU'HVLQ IRUPDWLRQ IU VLH LQ MQJHUHU =HLW ZHLWDXV ]DKO UHLFKHUJHZRUGHQVLQGDOVGLH%LOGXQJVFKDQFHQ³ 6  'DV %XFK JOLHGHUW VLFK QDFK =HLWDEVFKQLWWHQ ± QLFKW ZLH HLQ *HVFKLFKWVEXFK SlGDJRJLVFKHQ &KDUDNWHUV VRQGHUQ ZLH HLQ %XFK GDVV GHP 3KlQRPHQ Ä3ROLWLNHU³ LP VSH]LILVFKHQ .RQWH[W

GHU %XQGHVUHSXEOLN QlKHU NRPPW 1DFK GHU (LQOHLWXQJ XQG HLQHP HUVWHQ $EVFKQLWW EHU GLH JHJHQZlUWLJH %HUOL QHU5HSXEOLNIROJHQÄ'LH:HL PDUHU³ ELV Ä'LH 6ROGDWHQ³  ELV   Ä'LH .ULHJVNLQGHU³  ELV   Ä'LH 7UPPHUNLQGHU³ ELV XQGDP(QGH Ä+RIIQXQJVWUlJHU³)U/HLQH PDQQKDWGHU5HJLHUXQJVXP ]XJ DXV GHP EHVFKDXOLFKHQ %RQQ LQ GDV KHNWLVFKH YLHO VFKLFKWLJH %HUOLQ ZR VR]LDOH 3UREOHPHHLJHQWOLFKDOOJHJHQ ZlUWLJVLQGZHQLJ1HXHVJH EUDFKW ± LP *HJHQWHLO Ä$EHU REZRKO±RGHUYLHOOHLFKWVRJDU ZHLO ± GHU /HEHQVDOOWDJ PLW VHLQHQ UHDOHQ 3UREOHPHQ GHQ 3ROLWLNHUQLQ%HUOLQVRYLHOQl KHUDQGLH3HOOHUFNWHYHUEDUULNDGLHUWHVLFKGLH SROLWLVFKH.ODVVHXPVRSHUIHNWHUKLQWHU*ODVXQG %HWRQ³ 6  $QGHUHUVHLWV H[LVWLHUW HLQH SHU PDQHQWH PHGLDOH 3UlVHQ]Ä:HULQGHU%XQGHV UHSXEOLNSROLWLVFKJDQ]QDFKREHQNRPPHQZLOO LQGLH5HJLHUXQJRGHUDQGLH6SLW]HHLQHU3DUWHL GHUPXVVYRUDOOHPLP)HUQVHKHQJXWUEHUNRP PHQ (U PXVV PLW IORWWHQ 6SUFKHQ 6WLPPXQJ PDFKHQN|QQHQVLFKH[WUDYDJDQWDXIIKUHQDP OLHEVWHQ HLQ ELVVFKHQVFKUlJ]XU HLJHQHQ3DUWHL DUJXPHQWLHUHQ XQG HLQH JHIlOOLJH $XVVWUDKOXQJ KDEHQGDQQLVWHUJHIUDJWLQGHQGUHL'XW]HQG 7DONVKRZV³ 6I  'LH*UHQ]HQ]ZLVFKHQGHU|IIHQWOLFKHQ)LJXUGHU =HLWJHVFKLFKWHXQGGHP3ULYDWPHQVFKHQZUGHQ YHUVFKZLPPHQ JHQDXVR ZLH GLH 8QWHUVFKLHGH ]ZLVFKHQ *HUFKW XQG ,QIRUPDWLRQ YHUZLVFKHQ /HVHQVXQGEHGHQNHQVZHUWZLUNWIUGHQ/HVHU GLHVFKDUIVLQQLJH%HREDFKWXQJGHURVWGHXWVFKHQ Ä/DLHQVSLHOHU³ 6 ZLHGHUHKHPDOLJHQ%U JHUUHFKWOHU GLH VLFK QDFK GHU (LQKHLW LQ HLQHP QHXHQ SROLWLVFKHQ 6\VWHP HQWZHGHU GHU QHX HQYRUJHJHEHQHQ ZHVWGHXWVFKHQ :LUNOLFKNHLW Ä:HLWHU VR³  DQSDVVHQ PXVVWHQ RGHU VFKQHOO YRQGHUSROLWLVFKHQ%LOGIOlFKHYHUVFKZDQGHQ YRQ)ORULDQ+DUWOHE

-UJHQ/HLQHPDQQ+|KHQUDXVFK 'LHZLUNOLFKNHLWVOHHUH:HOWGHU3ROLWLNHU 0QFKHQ .DUO%OHVVLQJ9HUODJ  6HLWHQ(85

6HLWH$XVJDEH

*ÌJGPTCWUEJ

'HU 3ROLWLNHUEHUXI KDW VHLQH RIIHQNXQGLJHQ 6FKDWWHQVHL WHQ 6FKRQ $OH[LV GH 7RF TXHYLOOH GHU ZlKUHQG GHU 5HYROXWLRQ YRQ  LQ GHU )UDQ]|VLVFKHQ 1DWLRQDOYHU VDPPOXQJVD‰OLH‰VLFKEHU GHQ 2SSRUWXQLVPXV XQG GLH 0LWWHOPl‰LJNHLW VHLQHU 3ROLWL NHUNROOHJHQ DXV ,Q GHU 6ND OD GHU 7UDXPEHUXIH ZHUGHQ %XQGHVWDJVDEJHRUGQHWH LQ HLQHP $WHP]XJ PLW ,PPREL OLHQPDNOHUQ XQG $XWRYHUNlX IHUQJHQDQQW


6FKLOOHU QGH V(XURSD

5%JKNNGT PFG U'WTQRC

:DVLVWEULJYRQGHU8WRSLHHLQHVZLHGHUEHOHEWHQGHXWVFKHQ+HOGHQ" )ULHGULFK6FKLOOHUKDW WH HLQH ,GHH 2EZRKO GHU 'LFKWHU XQG +LV WRULNHU QLH EHU GHQ 7HOOHUUDQG VHLQHV HQJ EHJUHQ]WHQ /HEHQV UDXPV KLQDXVNDP HQWZLFNHOWH HU LP *HLVWH GLH UHYROXWL RQlUH 9LVLRQ YRQ HL QHPJHHLQWHQJUHQ] EHUJUHLIHQGHQ XQG Y|ONHUXPIDVVHQGHQ (XURSD ,QVSLULHUW GXUFK GLH :HUWH GHU $XINOlUXQJ XQG GLH (UUXQJHQVFKDIWHQGHU )UDQ]|VLVFKHQ 5HYROXWLRQ YRQ  YHUVFKULHE 6FKLOOHUVHLQ:LUNHQGHP*HGDQNHQGHU+XPD QLWlW 'HU XPIDQJUHLFKH OLWHUDULVFKH 1DFKODVV ZLGHUVSLHJHOW GHQ XQHUPGOLFKHQ .DPSI JHJHQ )UHPGHQIHLQGOLFKNHLW0DFKWPLVVEUDXFKXQG*H ZDOWKHUUVFKDIWIU0HQVFKHQZUGH)ULHGHQVOLH EH XQG ÄGDV *XWH³ LP 0HQVFKHQ DXI GHU %DVLV GHV IUDQNRSKRQHQ 'UHLNODQJV Ä*OHLFKKHLW )UHL KHLW%UGHUOLFKNHLW³.HLQ&KDUDNWHUVWW]WGLHVH HXURSlLVFKH ,GHH EHVVHU DOV GHU IULHGOlQGLVFKH )HOGKHUU :DOOHQVWHLQ LP JOHLFKQDPLJHQ 'UDPD ,QLKPYHUN|USHUW6FKLOOHUGLH+RIIQXQJDXIHLQH hEHUZLQGXQJ SROLWLVFKHU XQG UHOLJL|VHU )URQWHQ XQG GLH 9LVLRQ HLQHU QHXHQ HXURSlLVFKHQ )ULH GHQVRUGQXQJ $P0DLVWLUEW)ULHGULFK6FKLOOHULP$OWHU YRQ-DKUHQ'HU6FKULIWVWHOOHUKDWVLFKEHUHLWV ]X/HE]HLWHQHLQHQ5XIHUDUEHLWHW6HLQH:HUNH ZHUGHQJHOHVHQXQGJHVFKlW]WIULKUHQ3DWKRV XQGLKUH/HLGHQVFKDIW8QGGHQQRFKVFKHLQWHV DOV ZlUH 6FKLOOHU PLW VHLQHU ,GHH JHVFKHLWHUW VHLQH JHZDJWH 9LVLRQ JHEUDQGPDUNW DOV LUUHDOH XQG LGHDOLVWLVFKH 8WRSLH 'HQQ LQ GHU 5HDOLWlW VSUHFKHQ )lXVWH XQG .DQRQHQ :HQLJH 0RQDWH QDFK GHP 7RG 6FKLOOHUV ]LHKW GHU IUDQ]|VLVFKH .DLVHU 1DSROHRQ , PLW VHLQHU $UPHH JHQ :HV WHQ,PPHUPHKU6WDDWHQRSIHUQLKUH1HXWUDOLWlW ]XJXQVWHQLQGLYLGXHOOHU,QWHUHVVHQ'LHPLOLWlUL VFKHQ$XVHLQDQGHUVHW]XQJHQILQGHQLKUHQWUDX ULJHQ+|KHSXQNWLQGHU9|ONHUVFKODFKWYRQ/HLS ]LJ(VWREWGHU.DPSIXPGLH0DFKW,Q(XURSD KHUUVFKWGHU.ULHJV]XVWDQG  -DKUH VSlWHU ZLUG ZLHGHU JHNlPSIW 1LFKW PLW:DIIHQXQG*HZDOWVRQGHUQPLW:RUWHQXQG MHGHU0HQJH3RSXOLVPXV:LHGHUJHKWHVXPGLH HXURSlLVFKH,GHHLQ*HVWDOWHLQHUJHPHLQVDPHQ 9HUIDVVXQJIUDOOH6WDDWHQGHU(XURSlLVFKHQ 8QLRQ $OVHUVWHKDEHQ)UDQNUHLFKXQGGLH1LHGHUODQGH LP 5DKPHQ HLQHV 5HIHUHQGXPV GHU 9HUIDVVXQJ

HLQH UHODWLY NODUH $E VDJH HUWHLOW 6HLWKHU OLHJHQ GDV Ä1RQ³ XQG Ä1HH³ ZLH HLQ )OXFK EHU GHQ (8+DXSW TXDUWLHUHQ LQ %UVVHO XQG 6WUD‰EXUJ 8QG QXQ ZDFNHOW DXFK QRFK GLH EULWLVFKH 5HJLHUXQJ GLH $QJVW YRU HLQHP QHJDWLYHQ 9RWXP GHU HLJHQHQ VWHWV HXURSDVNHSWL VFKHQ %HY|ONHUXQJ EHNRPPW 2EZRKO GDV ,QNUDIWWUHWHQ GHU HXURSlLVFKHQ 9HUIDV VXQJ EHUHLWV MHW]W XQP|JOLFK LVW IOFKWHW PDQ VLFK LQ 'XUFKKDOWHSDUROHQ Ä:LU KDOWHQ DP 5D WLIL]LHUXQJVSUR]HVV IHVW³ VDJW -HDQ&ODXGH -XQ FNHU GHU OX[HPEXUJLVFKH 3UHPLHUPLQLVWHU XQG GHU]HLWLJH([5DWVSUlVLGHQW'LHVH,QV]HQLHUXQJ JOHLFKWGHP$EVFKLHGVVSLHOHLQHV)X‰EDOOVSLHOHUV GHQPDQDXIGHU(KUHQUXQGHK|IOLFKEHNODWVFKW 'DV-DKUKlWWHHLQJDQ]EHVRQGHUHVZHUGHQ N|QQHQ $QOlVVOLFK GHV  7RGHVWDJHV EHIUHLW 'HXWVFKODQG )ULHGULFK 6FKLOOHU DXV GHQ )lQJHQ YHUVWDXEWHU %FKHUUHJDOH XQG IHLHUW LQ VHLQHU 3HUVRQ QLFKW QXU HLQHQ HLQ]LJDUWLJHQ 1DWLRQDO GLFKWHUVRQGHUQHLQHQEHU]HXJWHQ9RUUHLWHUGHU HXURSlLVFKHQ(LQLJXQJVLGHH,PJOHLFKHQ$WHP ]XJ JHEHQ VLFK GLH 6WDDWHQ GHU (8 HLQH HLJH QHHXURSlLVFKH9HUIDVVXQJZlUHGDV-DKU 6FKLOOHUV XQG (XURSDV JHZRUGHQ +lWWH ZlUH ZHQQ 'LH*UDEUHGHQDXIHLQHJHPHLQVDPH9HUIDVVXQJ DOOHU(80LWJOLHGVVWDDWHQZXUGHQEHUHLWVJHVSUR FKHQ$XV(XSKRULHZLUG/HWKDUJLHDXV$XIEUXFK ZLUG6WLOOVWDQGDXVhEHU]HXJXQJZLUG3HUVSHNWLY ORVLJNHLW DXV GHP HLQVW JHIHLHUWHQÄ0HLOHQVWHLQ GHUHXURSlLVFKHQ,QWHJUDWLRQ³ZLUGHLQ0KOVWHLQ GHUDOOHQ%HWHLOLJWHQVFKZHU]XVFKDIIHQPDFKW 'HU GHXWVFKH %XQGHVNDQ]OHU *HUKDUG 6FKU|GHU UXIWHLQHÄ'HQNSDXVH³DXV:DKUVFKHLQOLFKPV VHQ VLFK GLH 9HUDQWZRUWOLFKHQ GLH 5LFKWXQJ XQG =LHOVHW]XQJGHU(XURSlLVFKHQ8QLRQHUVWZLHGHU QHXYHUJHJHQZlUWLJHQ 9DOpU\*LVFDUGG¶(VWDLQJVFKHLQWVHLQHQ.ROOHJHQ LQGLHVHU)UDJHHLQHQ6FKULWWYRUDXV]XVHLQÄ:LU ZROOHQNHLQH.RDOLWLRQYRQ6WDDWHQVRQGHUQHLQH .RDOLWLRQ YRQ 0HQVFKHQ³ VDJWH GHU HKHPDOLJH IUDQ]|VLVFKH 6WDDWVSUlVLGHQW XQG 9RUVLW]HQGHU GHV(XURSlLVFKHQ.RQYHQWVYRUGHU5DWLIL]LHUXQJ GHV (89HUIDVVXQJVYHUWUDJHV LP 'HXWVFKHQ %XQGHVUDW ,Q GLHVHQ :RUWHQ VFKZLQJW HLQH 0HQJH 6FKLOOHU PLW (XURSD LVW PHKU DOV GLH 8QLRQ (XURSD LVW PHKUDOVHLQHSROLWLVFKH=ZHFNJHPHLQVFKDIW(X

6HLWH$XVJDEH


'LHHXURSlLVFKH,GHHYRQ)UHLKHLWXQG9|ONHUYHU VWlQGLJXQJLVWHVZHUWGDVVPLWDOOHU.UDIWGDIU JHNlPSIWZLUGQLFKWQXUYRQ3ROLWLNHUQ(XURSl LVFKH(LQLJXQJEHUGHQ.|SIHQGHU0HQVFKHQLQ GHQ &KHIHWDJHQ YRQ 3ROLWLN XQG :LUWVFKDIW ZR 0DFKW XQG (LQIOXVV *HOG XQG *HZLQQ GLH 9HU KDQGOXQJHQ OHQNHQ HU]HXJW HLQH *HPHLQVFKDIW RKQH9RON,QWHJUDWLRQEHQ|WLJW=XVWLPPXQJXQG .RQVHQV (LQH ZLUNXQJVYROOH HXURSlLVFKH (LQL JXQJ PXVV ZHQQ VLH GDXHUKDIW %HVWDQG KDEHQ ZLOOYRQGHQ0HQVFKHQJHWUDJHQZHUGHQ  'LHVH hEHU]HXJXQJ LVW DQ GHU HOHPHQWDUHQ 6FKQLWWVWHOOH ]ZLVFKHQ (XURSD XQG 6FKLOOHU YHU DQNHUWGHU(XURSDK\PQH-HGHUNHQQWGDV(X URYLVLRQV7KHPD DXV GHP OHW]WHQ 6DW] GHU  6LQIRQLH YRQ /XGZLJ YDQ %HHWKRYHQ 'LH ZH QLJVWHQZLVVHQGDVVGHUGD]XJHK|ULJH7H[WGHU )HGHU )ULHGULFK 6FKLOOHUV HQWVSULQJW ,P $XV]XJ DXVGHUÄ2GHDQGLH)UHXGH³YHUNQSIWGHU'LFK WHUGDV)UHXGHQWKHPDÄ)UHXGHVFK|QHU*|WWHU

IXQNHQ³ PLW GHP *HPHLQVFKDIWVJHGDQNHQ Ä$OOH 0HQVFKHQ ZHUGHQ %UGHU³ $Q YLHOHQ 6WHOOHQ GLHVHV EHHLQGUXFNHQGHQ :HUNHV EULFKW GHU *H GDQNH YRQ 6FKLOOHUV (XURSD KHUYRU 6HLQ $XIUXI LVWNODUYHUVWlQGOLFK1LFKWLP=HLFKHQHLQHUJH PHLQVDPHQ 9HUIDVVXQJ QLFKW LP =HLFKHQ HLQHU JHPHLQVDPHQ:lKUXQJVRQGHUQSULPlULP=HL FKHQ HLQHU JHPHLQVDPHQ )UHXGH ZHUGHQ 0DX HUQ HLQJHULVVHQ *UHQ]HQ EHUZXQGHQ XQG JH JHQVHLWLJH8QWHUVWW]XQJEHJUQGHW (XURSD KDW VHLQH $FKLOOHVIHUVHQ 'RFK GHU *H GDQNH Ä(XURSD³ VWHFNW QRFK LQ VHLQHQ .LQGHU VFKXKHQ 0DQ VROOWH EHGHQNHQ GDVV NHLQH +RFKNXOWXUGHU$QWLNHDOVVROFKHJHERUHQZXUGH *HJHQZlUWLJ OLHJW GDV .LQG DXI GHP %RGHQ HV EUDXFKWHLQHQQHXHQ5XFNYLHOOHLFKWHLQHQQHX HQ$QODXI *HUDGHLQVFKZHUHQ=HLWHQEHGDUIHVHLQHVNOD UHQ %OLFNV IU GLH =XNXQIW 'LHVH 7XJHQG KDW 6FKLOOHU ]X /HE]HLWHQ HLQGUXFNVYROO EHZLHVHQ 7URW]HWOLFKHUSHUV|QOLFKHU5FNVFKODJHKDWVLFK GHU'LFKWHUZLHGHUDXIJHULFKWHWXQGLVWPLW0XW XQG 9HUQXQIW IU HLJHQH ,GHDOH XQG 9RUVWHOOXQ JHQHLQJHWUHWHQ'DV(XURSDYRQKHXWHEUDXFKW PHKU 6FKLOOHU DXI GHP :HJ ]X HLQHU YRQ EHU ]HXJWHQ0HQVFKHQJHHLQWHQ9|ONHUJHPHLQVFKDIW ]XHLQHPVFKLOOHUQGHQ(XURSD

-RKDQQHV3LQNO VWXGLHUWLP6HPHVWHU-XUD

$Q]HLJH

         #  " #

  #!!!

 %#   #

  

6HLWH$XVJDEH

5%JKNNGT PFG U'WTQRC

URSD LVW PHKU DOV HLQH ZLUWVFKDIWOLFKH )UHLKDQ GHOV]RQH 'LH 7DWVDFKH DOOHUGLQJV GDVV (XURSD LQ HLQHU EUHLWHQ gIIHQWOLFKNHLW VR EHVFKUlQNW ZDKUJHQRPPHQZLUGLVWQLFKW]XOHW]WGLH6FKXOG QDWLRQDOHU3ROLWLNHU9LHOH6WLPPHQ]HLFKQHQGDV %LOGHLQHUVWHWVJHJHQZlUWLJHQ*HIDKUGLHUFN VLFKWVORVLQGHQXQDQWDVWEDUHQQDWLRQDOHQ6RX YHUlQLWlWVSDQ]HU HLQGULQJW XP GLH %FKVH GHU 3DQGRUD]X|IIQHQXQGDOOHV%|VH]XHQWODVVHQ 6RZLUGÄ(XURSD³YLHOIDFKPLVVEUDXFKWDOV6Q GHQERFN $EVFKLHEHEDKQKRI XQG $EVROXWLRQVLQ VWDQ]IUHLJHQHSROLWLVFKH)HKOHU


-WNVWTJCWRVUVCFV

9RQGHU5HEHOOHQVWDGW]XU.XOWXUKDXSWVWDGW 9RQ GHU 5HEHOOHQVWDGW ]XU .XOWXUKDXSWVWDGW (V EHJDQQDP-DQXDUXQGHVZHUGHQ9HU DQVWDOWXQJHQ VWDWWILQGHQ Ä*DQ] ,UODQG LVW EH JHLVWHUW GDYRQ GDVV JHUDGH XQVHUH OLHEH 6WDGW DP/HHDXVJHZlKOWZRUGHQLVW³VDJWHGLHLULVFKH 3UlVLGHQWLQ0DU\0F$OHHVH]XU(U|IIQXQJ,QGHU .XOWXUKDXSWVWDGW(XURSDVLVWHLQLJHVORVLQ GLHVHQ7DJHQ'DEHLVLQGGLH,UHQHKHUIULKUH 5XKH XQG )UHXQGOLFKNHLW EHNDQQW DOV IU NXOWX UHOOHV 7UHLEHQ 'HQQRFK ILHO GLH :DKO DXI &RUN HLQH ,QGXVWULHVWDGW LP 6GRVWHQ GHU ,QVHO PLW UXQG  (LQZRKQHUQ 'DPLW LVW VLH GLH NOHLQVWH.XOWXUKDXSWVWDGWGLHHVMHJDE&RUNLVW NHLQH .XOWXUPHWURSROH DXV GHP %LOGHUEXFK GLH *HVFKLFKWHGHU6WDGWLVWJHSUlJWYRQGHU,QGXV WULH XQG GHQ 7DXVHQGHQ 0HQVFKHQ GLH LQ GHQ )DEULNHQGLH3URGXNWLRQDP/DXIHQKLHOWHQ9LHOH -DKU]HKQWH ZDU *UDX GLH YRUKHUUVFKHQGH )DUEH GHU6WDGWPLWGHQHQGORVHQ5HLKHQKDXVVLHGOXQ JHQ LQ GHQ WULVWHQ 9RURUWHQ (LQH VFK|QH 6WDGW LVW&RUNHUVWDXIGHQ]ZHLWHQ%OLFN'DIUWUlJW VLHGHQ%HLQDPHQÄ5HEHOOHQVWDGW³1LFKWVRVHKU ZHLO GLH *UR‰HOWHUQ PWWHUOLFKHUVHLWV GHV 5HYR OXWLRQlUV&KH*XHYDUDYRQKLHUVWDPPWHQVRQ GHUQZHLOVLHLPPHUZLHGHU$XVJDQJVSXQNWGHU $XIVWlQGH JHJHQ GLH HQJOLVFKH .URQH XP  ZDU 7HUHQFH 0DF6ZHHQH\ %UJHUPHLVWHU YRQ &RUNZXUGHVRJDULQV*HIlQJQLVJHZRUIHQZHLO HU]XU,5$JHK|UWH 8QG QXQ VWHKW LQ &RUN DOOHV XQWHU GHQ EUHLWHQ )LWWLFKHQ GHU 0XVHQ 'DV OLH‰HQ VLFK GLH 6WDGW YlWHUDXFKHWZDVNRVWHQ0LOOLRQHQ(XURKDW GDV &RXQW\ IU HLQ 3URJUDPP ]XU 6WDGWHUQHX HUXQJ DXVJHJHEHQ 8PJHVWDOWHW XQG LQ QHXHP *ODQ]HUVWUDKOWDXFKGLH+DXSWHLQNDXIVVWUD‰H6W 3DWULFNµV6WUHHW'RFKGHU:DQGHOEHJDQQVFKRQ YLHOIUKHU'LH*ODVIDEULNHQXQGGLHDQGHUHQ,Q GXVWULHEDXWHQVWHKHQOHHURGHUZXUGHQÄXPJH QXW]W³DOV&DIqV.XOWXUVFKXSSHQRGHU(LQNDXIV YLHUWHO'LHÄ2OG(FRQRP\³LVWIDVWJDQ]DXVGHP =HQWUXP YHUVFKZXQGHQ 1XU GLH %UDXHUHL %HD PLVK &UDZIRUGDQGHU6RXWK0DLQ6WUHHWKlOW WDSIHUVWDQGGHU'XUVWGHU,UHQLVWHLQIDFK]X VWDUN :DV ZlUH ,UODQG VFKRQ RKQH VHLQ *XLQ QHVV" 'RFK GDV NRPPW EHNDQQWOLFK QLFKW DXV &RUNVRQGHUQDXV'XEOLQZRHLQVWVFKRQ-DPHV -R\FH XPKHUZDQGHUWH 7URW] GHU LQGXVWULHOOHQ 9HUJDQJHQKHLW EHVLW]W &RUN HLQHV GHU ZHQLJHQ 2SHUQKlXVHU GHU ,QVHO $XFK GLH &UDZIRUG 0X QLFLSDO$UW*DOOHU\KDWVLFKKHUDXVJHSXW]WIUGLH )HVWOLFKNHLWHQ XQG ]HLJW 0HLVWHUZHUNH LULVFKHU 0DOHUHL8QGDXFKGLHVDNUDOH.XQVWGDUIQLFKW]X NXU]NRPPHQ'LHJUR‰H.DWKHGUDOHLVWGHP+O )LQEDUU )LQ%DUUH JHZHLKWGHP6FKXW]KHLOLJHQ YRQ &RUN XQG HLQHV GHU PlFKWLJVWHQ %DXZHU NHGHU6WDGW)LQEDUULVWGHU*UQGHUGHUHUVWHQ 6LHGOXQJDXIHLQHU,QVHOLP/HH)OXVVXQGGDPLW *UQGHUYDWHUGHU6WDGW'HU1DPH&RUNVWDPPW EULJHQV YRP JlOLVFKHQ :RUW ÄFRUFDLJK³ IU 6XPSIGHUKLHUDOOHVEHKHUUVFKWHELVGLH6WDGW

LP-DKUKXQGHUWHLQH'UDLQDJHHUKLHOW6HLQHU YHUVWRUEHQHQ7RFKWHU]X(KUHQNU|QWHGHU$UFKL WHNWGLH$SVLVGHU.DWKHGUDOHPLWHLQHPYHUJRO GHWHQ(QJHOGHUHLQH7URPSHWHLQGHU+DQGKlOW 6HLWGHPJHKWLQ&RUNGLH/HJHQGHXPGHU(QJHO ZHUGH GDV ,QVWUXPHQW VSLHOHQ ZHQQ GDV (QGH GHU:HOWQDKHLVW 1DFKGHPÄ'RSSHOSDFN³*HQXDXQG/LOOHLPOHW] WHQ-DKUJLEWHVGLHVHV-DKUZLHGHUHLQHHLQ]LJH .XOWXUKDXSWVWDGW8QGGLH%HZRKQHUVLQGGXUFK DXVVHOEVWEHZXVVWÄ(VJLEWLQ,UODQG]ZHL6RUWHQ 0HQVFKHQ³ HU]lKOW GHU 6WDGWIKUHU Ä'LH HLQHQ NRPPHQ DXV &RUN 8QG GLH DQGHUHQ ZQVFKHQ VLFKVLHNlPHQDXV&RUN³ 'LH 6WDGW OLHJW KHXWH HWZDV DX‰HUKDOE GHU 9HU NHKUVVWU|PHGHU,QVHO'DVZDUQLFKWLPPHUVR 9RQ  ELV  YHUOLH‰HQ EHU HLQH 9LHUWHO 0LOOLRQ,UHQEHUGLHVHQ+DIHQLKUH+HLPDWXP LQGHU1HXHQ:HOWLKU*OFN]XYHUVXFKHQ,QV JHVDPW ZDUHQ HV EHU  0LOOLRQHQ (PLJUDQWHQ 'LHV ZDU GLH =HLW GHU NDWDVWURSKDOHQ +XQJHUV Q|WH GLH YLHOH ,UHQ ]XP $XVZDQGHUQ ]ZDQJHQ :HQLJHUDXIJUXQGYRQUHOLJL|VHU9HUIROJXQJZLH LQ DQGHUHQ HXURSlLVFKHQ 6WDDWHQ VRQGHUQ DXV EODQNHU1RWNHKUWHQYLHOH)DPLOLHQGHU,QVHOGHQ 5FNHQ6HLWGHP%HLWULWW]XU(XURSlLVFKHQ8QL RQ  LVW GHU :RKOVWDQG DXI GHP (LODQG EH VWlQGLJJHVWLHJHQ Ä:LU VLQG HLQH NOHLQH 6WDGW DP 5DQGH (XURSDV DEHU ZLU N|QQHQ HLQH 0HQJH EHLWUDJHQ ]XP .XOWXUOHEHQ GHV .RQWLQHQWV³ VDJW 6KDQH 0DOR QH YRP .RPLWHH &RUN  )U GDV NXOWXUHOOH 3URJUDPPOLHJHQUXQG0LOOLRQHQ(XUREHUHLW (LQ NXOWXUHOOHU 6FKZHUSXQNW LVW LQ GLHVHP -DKU GHU)LOP=XU$XIODJHGHV&RUN)LOP)HVWLYDO LP 2NWREHU  VROO VLFK HLQ 6\PSRVLXP PLW *HVFKLFKWH XQG *HJHQZDUW YRQ .XU]ILOPHQ EH IDVVHQ=ZDUJDEHVYRUHLQLJHQ-DKUHQQRFK .LQRV LQ &RUN GRFK LVW GLH =DKO KHXWH DXI HLQH +DQGYROO]XVDPPHQJHVFKPRO]HQ(QWZHGHUKDW VLHGDV)HUQVHKHQYHUGUlQJWRGHUGLH,UHQOHVHQ OLHEHU HLQHQ 7HLO GHU JUR‰DUWLJHQ /LWHUDWXU EHU LKU /DQG ]XP %HLVSLHO GDV Ä,ULVFKH 7DJHEXFK³ YRQ+HLQULFK%|OODXVGHP-DKU 'LH 1DFKEDUVWDGW &REK SURILWLHUW HEHQIDOOV YRQ GHQ %HVXFKHUQ GHU 6WDGW DP /HH GLH VLFK JHU QHÄ$WKHQ,UODQGV³QHQQW+LHUOLHIDP$SULO GLH7LWDQLFGDVOHW]WH0DOHLQHQ+DIHQDQ EHYRUVLHLP$WODQWLNPLWHLQHP(LVEHUJNROOLGLHU WH XQG YHUVDQN 'DV HKHPDOLJH %UR GHU :KLWH 6WDU 5HGHUHL GHU (LJHQWPHULQ GHU 7LWDQLF LVW KHXWHHLQ5HVWDXUDQWLQGHPVRZRKOGLH*HULFK WHDOVDXFKGLH3UHLVHDQGHQ*ODQ]GHV/X[XVOL QHUVHULQQHUQ8QGDXFK&RUNJOlQ]WZHQQDXFK QLFKWJDQ]VRIXQNHOQGZLHPDQFKIUKHUH.XO WXUKDXSWVWDGW

6HLWH$XVJDEH


+LQWHUJUXQG 'LH,QLWLDWLYHHLQPDOLP-DKUHLQHRGHUPHKUHUH(XURSlLVFKH.XOWXUKDXSWVWlGWH]XEHQHQQHQJHKW DXIGLHJULHFKLVFKH.XOWXVPLQLVWHULQ0HOLQD0HUFRXUL]XUFN6HLWZlKOWHLQHN|SILJH([SHU WHQNRPPLVVLRQGLH6WlGWHDXVGLHGHQ7LWHOWUDJHQVROOHQ0LWGLHVHU,GHHZROOWH0HOLQD0HUFRXULGLH 9|ONHUGHU(80LWJOLHGVWDDWHQHLQDQGHUQlKHUEULQJHQGLHNXOWXUHOOH=XVDPPHQDUEHLWI|UGHUQXQG GHQ(LQLJXQJVSUR]HVVYRUDQWUHLEHQ

,P-DKUGDUI'HXWVFKODQGZLHGHUHLQH6WDGWYRUVFKODJHQ $OH[DQGHU3IDESURPRYLHUWDQGHUMXULVWLVFKHQ )DNXOWlWGHU8QLYHUVLWlW3DVVDX

$Q]HLJH

%D\HULVFKHV5RWHV.UHX]

(LQNDXIVGLHQVW IU6HQLRUHQ%HKLQGHUWH.UDQNH

 EHUDOOLQGHU6WDGW3DVVDX +HOIHQLP=HLFKHQGHU0HQVFKOLFKNHLW %5..UHLVYHUEDQG3DVVDX‡5RWNUHX]VWUD‰H‡3DVVDX ,QWHUQHWZZZNYSDVVDXEUNGH‡(0DLOLQIR#NYSDVVDXEUNGH

6WXGHQWHQGLHVLFKIUGHQ(LQNDXIVGLHQVWLQWH UHVVLHUHQVHW]HQVLFKELWWHPLWGHP%5..UHLV JHVFKlIWVIKUHU +HUUQ %HUQKDUG 3DSSHQEHUJHU LQ9HUELQGXQJ 7HO 

6HLWH$XVJDEH

-WNVWTJCWRVUVCFV

%LVKHULJH.XOWXUKDXSWVWlGWH(XURSDV $WKHQ)ORUHQ]$PVWHUGDP%HUOLQ3DULV*ODVJRZ 'XEOLQ0DGULG$QWZHUSHQ/LVVDERQ/X[HPEXUJ.R SHQKDJHQ7KHVVDORQLNL6WRFNKROP:HLPDU$YLJQRQ%HUJHQ%ROR JQD%UVVHO+HOVLQNL.UDNDX3UDJ5H\NMDYLN6DQWLDJRGH&RPSRVWHOD5RWWHUGDP3RUWR %UJJH6DODPDQFD*UD]*HQXD/LOOH&RUN


Ä6HOEVWEHZXVVWHUGLH5HJLRQYHUPDUNWHQ³

&T#PFTGCU5EJGWGT/F$

,QWHUYLHZPLWGHP%XQGHVWDJVDEJHRUGQHWHQ'U$QGUHDV6FKHXHU &68

83&DPSXV0DJD]LQ 6HKU JHHKUWHU +HUU 'U 6FKHXHU GLH %XQGHVUHJLHUXQJ EHILQ GHWVLFKGHU]HLWLQHLQHUNDWD VWURSKDOHQ /DJH :LH VFKlW ]HQ6LHGLHDNWXHOOHSROLWLVFKH /DJHLQ%HUOLQHLQ"

VWRSSHQ"

$QGUHDV6FKHXHU$OV&'8 &68 VLQG ZLU RKQH =ZHLIHO LQ HLQHU DEVROXWHQ $XIEUXFK VWLPPXQJ KRFK PRWLYLHUW :LU ZROOHQ GHQ :HFKVHO XQG ZHUGHQ ]HLJHQ GDVV ZLU HV EHVVHU N|QQHQ 5RW*UQ LVW LP $XIO|VXQJVSUR]HVV 'LH UHQQHQJDQ]VFK|QXQNRRUGLQLHUWGXUFKGLH*lQ JH $EHU QHEHQ DOOHQ $QNQGLJXQJHQEOHLEW GLH RIIHQH )UDJH ZLH %XQGHVNDQ]OHU 6FKU|GHU HV YHUIDVVXQJVUHFKWOLFK VDXEHU KLQEHNRPPW GLH 1HXZDKOHQ]XHUP|JOLFKHQ 83&DPSXV0DJD]LQ 6LH KDEHQ LQ GHQ OHW ]HQ -DKUHQ PHKUIDFK IU 6FKODJ]HLOHQ JHVRUJW GLH VLH XD LQ GLH %,/' =HLWXQJ EUDFKWHQ 6R IRUGHUWHQ 6LH QDFK GHU )OXWNDWDVWURSKH LQ 6G RVWDVLHQ GDVV GHXWVFKH $UEHLWVORVH GRUW :LH GHUDXIEDXKLOIH OHLVWHQ VROOWHQ 'XUFK $NWLRQHQ JHJHQ GHQ 7DQNWRXULVPXV HUUHJWHQ 6LH ]XGHP $XIPHUNVDPNHLW,VWHVIUMXQJH3ROLWLNHULQGHU PRGHUQHQ0HGLHQGHPRNUDWLHZLFKWLJVLFKEHU GLH%RXOHYDUGSUHVVH]XSURILOLHUHQ" $QGUHDV6FKHXHU0DQFKH3ROLWLNHUGHILQLHUHQ GLH0HGLHQLP9HUKlOWQLV]XU3ROLWLNDOV*HJQHU 'DVWXHLFKQLFKW)UPLFKLVWHVHLQH*HVFKlIWV EH]LHKXQJ,FKELHWHDP0DUNWPHLQH,GHHQDQ XQG GDQQ LVW IUDJOLFK RE LUJHQGMHPDQG QDFK IUDJW'LHQHXH*HQHUDWLRQDQ3ROLWLNHUQKDWHL QHQ YLHO RIIHQHUHQ =XJDQJ ]X GHQ 0HGLHQ 'LH EHVWHQ,GHHQVLQGQLFKWVZHUWZHQQGLH%UJH ULQQHQ XQG %UJHU QLFKWV GDYRQ HUIDKUHQ XQG GDV*DQ]HLPSDUODPHQWDULVFKHQ7DJHVJHVFKlIW XQWHUJHKW %HL GHU 7DQNWRXULVPXVDNWLRQ ZXUGH HUUHLFKW GDVV GLH %XQGHVUHJLHUXQJ HQGOLFK LQV 5HFKQHQJHNRPPHQLVWHLQ0RGHOOYRUOHJHQZLOO ZHLO HEHQ GLHVH $NWLRQ DQ GHU GHXWVFK|VWHU UHLFKLVFKHQ*UHQ]HYLHOEHUUHJLRQDOHV$XIVHKHQ HUUHJWKDW 83&DPSXV0DJD]LQ +HUU 'U 6FKHXHU 6LH VHW]HQVLFKLP%XQGHVWDJDOV0LWJOLHGGHV$XV VFKXVVHV IU )DPLOLH 6HQLRUHQ )UDXHQ XQG -X JHQG WDJWlJOLFK IU GLH MXQJH *HQHUDWLRQ HLQ *HUDGH LQ RVWGHXWVFKHQ %XQGHVOlQGHUQ VWHOOW VLFKGDVHQRUPH3UREOHPGHU3HUVSHNWLYORVLJNHLW XQG $EZDQGHUXQJ 6WlGWH ZLH HWZD &KHPQLW] VLQG Y|OOLJ EHUDOWHUW 'XUFKVFKQLWWVDOWHU  -DKUH  :LH NDQQ GLH 3ROLWLN GLHVH (QWZLFNOXQJ

$QGUHDV 6FKHXHU )U GLH &'8&68KDEHLFKGLH*UR‰H $QIUDJHÄ-XJHQGLQ'HXWVFK ODQG³ DQ GLH %XQGHVUHJLH UXQJ PLW EHU  )UDJHQ HLQJHEUDFKW 3DUDOOHO GD]X KDEHQ ZLU HLQ MXJHQGSROLWL VFKHV3URJUDPPIUGLH&68 DXVJHDUEHLWHW $OVR ZLU VLQG DXIGHP7KHPHQIHOGVHKUJXW DXIJHVWHOOW'LH%XQGHVUHJLH UXQJKDWGHQ)HKOHUJHPDFKW VHKU YLHOH 3URJUDPPH XQG .DPSDJQHQDXI]XOHJHQRKQH QDFKKDOWLJHQ(IIHNWYLHO.RVWHQIU:HUEXQJXQG (YDOXLHUXQJDEHUNHLQ*HVDPWHUIROJIUGLHMXQ JH *HQHUDWLRQ hEHU DOOHP VWHKW GHU .DPSI IU GHQ$XIVFKZXQJXQGJHJHQGLH$UEHLWVORVLJNHLW :HQQGLH-XJHQGOLFKHQNHLQH3HUVSHNWLYHVHKHQ GDQQ ZDQGHUQ VLH DXFK WURW] 3URJUDPPHQ XQG .DPSDJQHQ DE 'DV KDW )ROJHQ IU HLQH *H VHOOVFKDIW YRU 2UW :LU PVVHQ GXUFK YHUOlVVOL FKH 5DKPHQEHGLQJXQJHQ ZLHGHU 6WLPPXQJ IU ,QYHVWLWLRQHQ XQG $UEHLWVSOlW]H LQ 'HXWVFKODQG I|UGHUQ3DUDOOHOPXVVGLH$EZDQGHUXQJGHUEHV WHQ .|SIH LQV $XVODQG JHVWRSSW ZHUGHQ :HLO =XNXQIWVWHFKQRORJLHQ GXUFK SROLWLVFKH )HKOHQW VFKHLGXQJHQ DXV 'HXWVFKODQG YHUWULHEHQ ZHU GHQODXIHQZLU*HIDKUDXFKGHQ5RKVWRII*HLVW ± XQVHU JU|‰WHV -XZHO ± ]X YHUOLHUHQ :HQLJHU %HGHQNHQWUlJHUVLQGJHIUDJWVRQGHUQYLHOPHKU /HXWHPLW0XWXQG0RWLYDWLRQGLHDXFKPDOZDV 8QSRSXOlUHVDQSDFNHQ 83&DPSXV0DJD]LQ 'U .ODXV 5RVH GHU VHLW YLHOHQ-DKUHQGDV%XQGHVWDJVGLUHNWPDQGDWLQQH KDW JDOW ODQJH =HLW DOV ,KU SROLWLVFKHU =LHKYD WHU1XQWUHWHQ6LHGLUHNWJHJHQLKQDQZDVGDV (QGHVHLQHUSROLWLVFKHQ.DUULHUHEHGHXWHQN|QQ WH:DVKDW6LH]XGLHVHP6FKULWWEHZHJW" $QGUHDV 6FKHXHU 0HLQ .ROOHJH 5RVH LVW VHLW  LP 'HXWVFKHQ %XQGHVWDJ 1DFK PHLQHP EHUUDVFKHQGHQ(LQ]XJKDEHLFKYLHOYRQVHLQHU (UIDKUXQJ JHOHUQW ,FK KDEH MHW]W VHOEVW LQ GHQ IDVW GUHL -DKUHQ PHLQH /HKU]HLW LP 'HXWVFKHQ %XQGHVWDJ DEVROYLHUW XQG WUDXH PLU ]X PHLQH +HLPDW EHU GDV 'LUHNWPDQGDW ]X YHUWUHWHQ :LUGUIHQGLH+RIIQXQJHQGHU%UJHULQQHQXQG %UJHU QDFK GHP 1HXDQIDQJ IU 'HXWVFKODQG QLFKW ]HUVW|UHQ 1HEHQ GHQ QHXHQ XQG EHVVHUHQ.RQ]HSWHQZROOHQZLUPLWHLQHUQHXHQ %XQGHVUHJLHUXQJ'HXWVFKODQGZLHGHUILWPDFKHQ 1DFK-DKUHQVROOHLQIULVFKHV3HUVRQDODQJHERW IUGLH5HJLRQGLHVHQ$XIEUXFKDXFKYHUN|USHUQ 0LFK KDEHQ YRU DOOHP VHKU YLHOH lOWHUH %UJHU XQG3DUWHLIUHXQGH]XHLQHU.DQGLGDWXUHUPXWLJW

6HLWH  $XVJDEH 


$QGUHDV6FKHXHU-HW]WN|QQWHLFKHVPLUOHLFKW PDFKHQ XQG VDJHQ 'D PVVHQ 6LH XQVHUHQ +HUUQ%LVFKRIIUDJHQ:LUPVVHQYLHOVHOEVWEH ZXVVWHUXQVHUH5HJLRQYHUPDUNWHQ'DVÄ%HQH GLNW0DUNHWLQJ³NDQQQXUHLQ%DXVWHLQVHLQ'LH 6WXGHQWHQNRPPHQMDDXFKYRQEHUDOOKHUZHLO XQVHUH 5HJLRQ XQQDFKDKPOLFK VFK|Q LVW ZHLO GLH /HEHQVTXDOLWlW KRFK LVW ± DXFK VWXGHQWLVFK JHVHKHQ PLW YLHOHQ 3DUW\V XQG )HVWHQ :HLO ZLU WROOH(LQULFKWXQJHQKDEHQZLH]%HLQH7RS8QL EHL GHU PDQ NHLQH =HLW YHUOLHUW YRQ +|UVDDO ]X 6HPLQDUUDXP ]X NRPPHQ XQG QLFKW HUVW HLQH KDOEH 6WXQGH PLW GHU 8%DKQ IDKUHQ PXVV HLQ %lGHUGUHLHFN XQG HLQH *ROIUHJLRQ ZRKLQ YLHOH *lVWHYRQEHUDOOKHUIDKUHQHLQHQ%D\HULVFKHQ :DOG ]XP 5DGHOQ XQG :DQGHUQ XQG HLQH :LUW VFKDIWVWUXNWXU PLW WUDGLWLRQHOOHP *HZHUEH XQG QHXHQPRGHUQHQ%HWULHEHQ'DPLWPVVHQZLU ZXFKHUQ 'D IKOH LFK PLFK LQ PHLQHU $XIJDEH DXFKDOV$X‰HQGLHQVWPLWDUEHLWHUGLHVHU 7RS5H JLRQ 83&DPSXV0DJD]LQ +HUU 'U 6FKHXHU DQJH QRPPHQ6LHZlUHQGHUQHXH3DSVWEHUDWHU0LW ZHOFKHQ6WUDWHJLHQZUGH6LHYHUVXFKHQGLHOHH UHQ.LUFKHQElQNHZLHGHUPLW/HEHQ]XIOOHQ" $QGUHDV 6FKHXHU *HQDXVR ZLH LQ GHU 3ROLWLN KlQJWYLHOHVYRQGHQ3HUVRQHQYRU2UWDE:HQQ GHU3IDUUHUGHQULFKWLJHQ=XJDQJ]XVHLQHU3IDUUHL JHIXQGHQKDWGDQQKDWHUDXFKNHLQ3UREOHPPLW IHKOHQGHP (QJDJHPHQW RGHU ZHQLJHQ .LUFKHQ EHVXFKHUQ6FKDXHQ6LHVLFKDQZLHKHIWLJGHV gIWHUHQGLH.ULWLNDP.XUVYRQ-RKDQQHV3DXO,, DXVJHIDOOHQLVWXQGZLHYLHOH0HQVFKHQLKQGDQQ GRFKLQVHLQHQOHW]WHQ6WXQGHQEHJOHLWHWKDEHQ ZLHYLHOHMXQJH0HQVFKHQGLHVHQ3DSVWJHVFKlW]W KDEHQ1DWUOLFKZQVFKWPDQVLFKDXFKYRQGHQ /HLWILJXUHQ NODUH :RUWH XQG HLQHQ NODUHQ .XUV *OHLFK]HLWLJ DEHU DXFK 5HIRUPWHQGHQ]HQ ,FK ZUGH DOV %HUDWHU DXI MHGHQ )DOO GLH gIIHQWOLFK NHLWVDUEHLW VWlUNHQ XQG GLH 0DUNHWLQJDEWHLOXQJ DXVEDXHQ

6LH GDPDOV PLW XQVHUHU 8QLYHUVLWlW YHUEXQGHQ ZDVYHUELQGHW6LHKHXWHGDPLW" $QGUHDV 6FKHXHU 'XUFK PHLQ HKUHQDPWOL FKHVXQGSROLWLVFKHV(QJDJHPHQWYRU2UWZROOWH LFK QLFKW ZHJ DXV 3DVVDX =XGHP ERW PLU GLH 8QL3DVVDXJHUDGHLQPHLQHQ,QWHUHVVHQIHOGHUQ HLQ KHUYRUUDJHQGHV $QJHERW 'LH 8QLYHUVLWlWHQ PVVHQ VLFK JHQHUHOO KHXWH LPPHU ZLHGHU QHX DXVULFKWHQXQGPRGHUQEOHLEHQ1HW]ZHUNHVLQG KHXWH HQWVFKHLGHQG XP DXFK ZHLWHUKLQ YLHOH MXQJH0HQVFKHQDQXQVHUHQ7RS%LOGXQJVVWDQG RUW3DVVDX]XEULQJHQ0LWJUR‰HQ,QYHVWLWLRQHQ KDWGHU)UHLVWDDW%D\HUQGLH8QL3DVVDXVWlQGLJ HUZHLWHUWXQGDXVJHEDXW'LH8QLYHUVLWlWLVWHLQ ZLFKWLJHU 3IHLOHU IU GLH (QWZLFNOXQJ 3DVVDXV QLFKW QXU LP .QHLSHQOHEHQ JHVHOOVFKDIWOLFKHQ 0LWHLQDQGHU XQG LQ GHU :HOWRIIHQKHLW 3DVVDXV VRQGHUQDXFKDOV6WDQGRUWYRUWHLOÄ:LVVHQ³GHQQ HVKDEHQVLFKVFKRQYLHOH8QWHUQHKPHQDXVGHU 8QLKHUDXVHQWZLFNHOW 83&DPSXV0DJD]LQ 'XUFK LKUHQ SROLWLVFKHQ 6HQNUHFKWVWDUWKDEHQ6LHHLQHQLQWHQVLYHQ.RQ WDNW ]XU )KUXQJVVSLW]H GHU &68 :HOFKHU 3ROL WLNHUNRPPW,KUHP7\SXVDPQlFKVWHQZHOFKHU 3ROLWLNHULVW,KUSHUV|QOLFKHV9RUELOG" $QGUHDV 6FKHXHU 'LH .ULWLNIlKLJNHLW XQG 7HDPIlKLJNHLWYRQ0LQLVWHUSUlVLGHQW'U(GPXQG 6WRLEHUKDWPLFKLQPHLQHU7lWLJNHLWYRU-DKUHQ DOVSHUV|QOLFKHU0LWDUEHLWHUEHJHLVWHUW:HQQHLQ GDPDOV MlKULJHU PLW VHLQHQ (LQVFKlW]XQJHQ VWHWV HLQ RIIHQHV 2KU EHLP &KHI SHUV|QOLFK ILQ GHW GDQQ QLPPW PDQ GD YLHO DQ %HJHLVWHUXQJ XQG (UIDKUXQJ PLW ,FK KDEH NHLQH NRQNUHWHQ 9RUELOGHU-HGHU0HQVFKKDW6WlUNHQXQG6FKZl FKHQ,FKQHKPHJHUQHGLHSRVLWLYHQ6HLWHQYRQ 3HUV|QOLFKNHLWHQDXIXQGYHUVXFKHDXV(UIDKUXQ JHQ]XOHUQHQ-HGHUPXVVDEHUVRJODXEHLFK VHLQHQHLJHQHQ:HJVHLQH3HUV|QOLFKNHLWVHOEVW GHILQLHUHQ :LH PHLQ 3ROLWLNW\S HLQJHVFKlW]W ZLUGPVVHQDQGHUHEHXUWHLOHQ 83&DPSXV0DJD]LQ +HUU 'U 6FKHXHU ZLU GDQNHQ,KQHQIUGLHVHV*HVSUlFK

'DV,QWHUYLHZIKUWH0DUWLQ5HLFKLQJHU

83&DPSXV0DJD]LQ6LHKDEHQDOVJHEUWLJHU 3DVVDXHUODQJH-DKUHLQ3DVVDXVWXGLHUW:DVKDW

6HLWH  $XVJDEH 

&T#PFTGCU5EJGWGT/F$

(LQH .DQGLGDWXU YRQ PHKUHUHQ .DQGLGDWHQ XP HLQ 0DQGDW LVW MD DXFK HLQ JDQ] QRUPDOHU GHPRNUDWLVFKHU 9RUJDQJ 'LH &68:DKOIUDXHQ XQGPlQQHUZHUGHQGDVHQWVFKHLGHQ  83&DPSXV0DJD]LQ 1DFK GHU :DKO HLQHV 'HXWVFKHQ]XP3DSVWUHFKQHWGLH%XQGHVUHSXE OLNPLWHLQHP=XZDFKVLQGHU7RXULVPXV%UDQFKH LQVEHVRQGHUHLQUHOLJL|VHQ2UWHQGHUED\HULVFKHQ +HLPDW5HJLRQ.DUGLQDO5DW]LQJHUV'HVVHQ*H EXUWVRUW 0DUNWO OLHJW EHNDQQWOLFK DXFK DP ,QQ XQGJHK|UW]XU'L|]HVH3DVVDX5HFKQHWPDQLQ 3DVVDXPLWHLQHP3LOJHUVWXUP",QZLHZHLWEULQJW GHU 6FKZXQJ GHV QHXHQ 3DSVWHV GHP VWUXNWXU VFKZDFKHQ 1LHGHUED\HUQ DXFK PDWHULHOO HLQHQ 1XW]HQ"


/KVVGNUVCPFUTGRQTVCIG

&KDQFHQXQG6RUJHQHLQHV0LWWHOVWlQGOHUVLP /DQGNUHLV3DVVDX±GDV.XUKRWHO.|FN %DG )VVLQJ LVW DOV PHLVWEH VXFKWHU .XURUW (XURSDV HLQH IHVWH*U|‰HGHV7RXULVPXVLP /DQGNUHLV 3DVVDX XQG LQ JDQ] 1LHGHUED\HUQ 'DPLW HLQKHU JHKHQGGLHQWGHU6WDQGRUW .LORPHWHU VG|VWOLFK YRQ 3DV VDXXQGPLWVHLQHQJHJHQZlU WLJFD(LQZRKQHUYLHOHQ PLWWHOVWlQGLVFKHQ %HWULHEHQ LQ GHU 7RXULVPXVEUDQFKH DOV ([LVWHQ]JUXQGODJH 'LH =DKO GHU hEHUQDFKWXQJHQ HUUHLFKW  0LR SHU DQQR %DG )V VLQJ EDXW SHUPDQHQW VHLQHQ 6WDQGRUWYRUWHLODXVXQGELHWHW KHXWHQHEHQ*ROISOlW]HQ %DG )VVLQJYHUIJWEHUGLHJU|‰ WH *ROIDQODJH (XURSDV  XQG PHKUHUHQ 1RUGLF:DONLQJ$UHDOHQ HLQH JHVXQ GH0LVFKXQJDXV(UKROXQJ:HOOQHVVDEHUDXFK $NWLYXUODXE XQG (UOHEQLVIDKUWHQ *OHLFKZRKO LVW %DG )VVLQJ LP .XUEHUHLFK YRUQHKPOLFK IU GLH lOWHUH*HQHUDWLRQHQDWWUDNWLY 'DV 83&DPSXV0DJD]LQ KDWWH GLH *HOHJHQKHLW GDV KLHU EHKHLPDWHWH .XUKRWHO .|FN DOV HLQHV GHU YLHOHQ %HKHUEHUJXQJVEHWULHEH LQ %DG )V VLQJ]XSRUWUlWLHUHQH[HPSODULVFKIU%DG)V VLQJDEHUDXFKH[HPSODULVFKIUGLH6RUJHQXQG 1|WH +HUDXVIRUGHUXQJHQ XQG &KDQFHQ YLHOHU 0LWWHOVWlQGOHULQXQVHUHP/DQGH 'DV.XUKRWHO.|FNZXUGHDOV(LQ]HOXQWHU QHKPHQ JHJUQGHW  EHUQDKP *QWKHU .|FN YRQ VHLQHQ (OWHUQ GHQ %HWULHE XQG IKUW GDV+RWHOZHLWHUKLQDOV(LQ]HOXQWHUQHKPHQ(LQ (LQ]HOXQWHUQHKPHU LVW GHU )LUPHQSKLORVRSKLH ]XIROJH ZHJHQ GHU YROOHQ SHUV|QOLFKHQ +DIWXQJ DXFK LQ GHU YROOHQ 9HUDQWZRUWXQJ IU VLFK VHL QHQ %HWULHE XQG VHLQH 0LWDUEHLWHU VR *QWKHU .|FNLPSHUV|QOLFKHQ*HVSUlFK(UILQGHWHVIU GDV *HPHLQZRKO DEWUlJOLFK VLFK PLW HLQHU .D SLWDOJHVHOOVFKDIWXQGHLQHU+DIWXQJVEHJUHQ]XQJ DXVGHU9HUDQWZRUWXQJIUHLQHYHQWXHOOHV0LVV PDQDJHPHQW]XVWHKOHQ'LHVWDUNHORNDOH9HU ZXU]HOXQJVHLQHV%HWULHEVEULQJHDXFKHLQHVWDU NH9HUEXQGHQKHLWPLWGHU8PJHEXQJXQGVHLQHQ 0HQVFKHQ PLW VLFK 'LHVH N|QQH PDQ LP )DOOH GHV)DOOHVQLFKWHLQIDFKLQ6WLFKODVVHQVRQGHUQ PVVH ]XP 2UW XQG ]XU 7UDGLWLRQ GHV +DXVHV VWHKHQHJDOZDVSDVVLHUW *QWKHU .|FN KDW LQ GHU QDKH JHOHJHQHQ 8QL YHUVLWlWVVWDGW3DVVDX.XOWXU6SUDFKXQG:LUW VFKDIWVVWXGLHQ VWXGLHUW NXU] QDFKGHP GLHVHU LQQRYDWLYH6WXGLHQJDQJLQV/HEHQJHUXIHQZXU GH (U HQWVFKLHG VLFK EHZXVVW JHJHQ GDV 7RX ULVPXVXQGDXFKJHJHQGDV%:/6WXGLXPIU

ZHOFKHVHUEHUHLWVHLQH=XODV VXQJ KDWWH /RNDO XQG GRFK JOREDO ± VR N|QQWH GDV 0RWWR GHV:HUGHJDQJVYRQ*QWKHU .|FNDXFKODXWHQ$OVÄ$QJOR .X:L³DOVR.XOWXUZLUWPLWDQ JHOVlFKVLVFKHP6FKZHUSXQNW WUDW HU ZHLW EHU GHQ 5DGLXV GHV HOWHUOLFKHQ %HWULHEV KLQ DXV VFKULHE VHLQH $EVFKOXVV DUEHLWEHUEULWLVFKH$X‰HQSR OLWLNOHUQWH6SUDFKHQEHUHLVWH GLH:HOWNHKUWHDP(QGHDEHU DQ VHLQH KHXWLJH :LUNXQJV VWlWWH ]XUFN 'DPLW LVW HU QDKH]X HLQ 3DUDGHEHLVSLHO IU Ä*ORNDOLVLHUXQJ³+LHU±LQ%DG )VVLQJ±LVWQLFKWQXU+HLPDW XQG /HEHQVPLWWHOSXQNW VRQ GHUQDXFKGHU2UWDQGHPGDV]DUWH3IOlQ]FKHQ )DPLOLHQEHWULHE ZDFKVHQ XQG JHGHLKHQ PXVVWH +LHUHQJDJLHUWHUVLFKLQ]DKOUHLFKHQ9HUHLQHQLVW LQ VHLQHU *HPHLQGH DOV 0LWJOLHG GHV *HPHLQGH UDWHVDNWLYXQGNDQGLGLHUWHEHLGHQOHW]WHQ.RP PXQDOZDKOHQVRJDUDOV%UJHUPHLVWHU 'DV8QWHUQHKPHQKDWWHLQGHQ-DKUHQQDFK +|KHQ DEHU DXFK HLQLJH 7LHIHQ %HUHLWV  MHGRFK ZXUGH HLQH ,QWHUQHWVHLWH ZZZNRHFNGH XQGHLQH:HEVLWHHUULFKWHWGHU1DPHÄ.|FN³DOV 0DUNH GHU +RWHOOHULH UHJLVWULHUW XQG GHU *UXQG VWHLQ IU PHKUHUH (UZHLWHUXQJVEDXWHQ ZLH GLH 7LHIJDUDJH HLQ 3DQRUDPDOLIW RGHU :LUHOHVV/$1 LPJDQ]HQ+DXVJHOHJW1XUNRQWLQXLHUOLFKH9HU EHVVHUXQJHQXQG,QYHVWLWLRQHQHUODXEWHQHVGLH .XQGHQ]XIULHGHQ]XVWHOOHQXQGDXFK]XKDOWHQ =ZDU HUUHLFKW GDV .XUKRWHO .|FN QXU HWZD  0DUNWDQWHLOEHLPHKUDOV.RQNXUUHQ]EHWULH EHQ GRFK ]lKOW QLFKW VFKQHOOH ([SDQVLRQ VRQ GHUQ VWHWLJH JHVXQGH (QWZLFNOXQJ (LQH HQJH =XVDPPHQDUEHLW GHU HLQ]HOQHQ %HWULHEH XQWHU HLQDQGHULVWLQ%DG)VVLQJHLQH6HOEVWYHUVWlQG OLFKNHLW 0DQ KLOIW VLFK PLW :HLWHUHPSIHKOXQJHQ XQG.RRSHUDWLRQHQZRHVQXUJHKW %HLP .XUKRWHO .|FN VLQG EHU  GHU *lVWH 6WDPPJlVWH XQG EHU  6HOEVW]DKOHU 'DV 8QWHUQHKPHQVPRWWR ODXWHW DXFK Ä)LW IU GHQ 0DUNW QLFKW IU GLH .UDQNHQNDVVHQ³ :LH ZLFK WLJGLHJXWH0XQG]X0XQG3URSDJDQGDLVWEH OHJWGLH7DWVDFKHGDVVGHU1HXNXQGHQEHU GLHVHQ:HJ ]XP .XUKRWHO.|FNILQGHW$XIWHX UH :HUEHPD‰QDKPHQ YHU]LFKWHW GDV +RWHO ORJL VFKHUZHLVHDXFK'DV*HOGLVWEHVVHULQGLH$Q ODJHQ XQG (UZHLWHUXQJHQ LQYHVWLHUW ILQGHW +HUU .|FN -HGRFK SUlVHQWLHUWH VLFK VHLQ %HWULHE LQ GHU MQJVWHQ 9HUJDQJHQKHLW XQWHU GHP 6FKLUP GHUJHPHLQGOLFKHQ.XUYHUZDOWXQJPLWPHKUHUHQ DQGHUHQ%HWULHEHQGHV2UWHVJHPHLQVDPDXIHL

6HLWH  $XVJDEH 


QLJHQ7RXULVPXVPHVVHQ

'RFK PDFKHQ GHP .XUKRWHO GLH EHUZXFKHUQ GHQ EURNUDWLVFKHQ +HPPQLVVH DP 6WDQGRUW 'HXWVFKODQG ]X VFKDIIHQ 2KQH GLH )HVVHO GHV .QGLJXQJVVFKXW]JHVHW]HVZUGH+HUU.|FNPLW JUR‰HU)UHXGHPLQGHVWHQV]ZHLZHLWHUH9ROO]HLW VWHOOHQHLQULFKWHQN|QQHQ8QWHUGHQJHJHQZlU WLJHQ DUEHLWJHEHUIHLQGOLFKHQ 5HVWULNWLRQHQ DEHU PXVV MHGHU $UEHLWJHEHU GHU 3HUVRQDO HLQVWHO OHQ ZLOO VLFK GLHVHQ 6FKULWW ]ZHLPDO EHUOHJHQ ± PHLVW IlOOW GDV (UJHEQLV ]XP /HLGZHVHQ YRQ .|FN GDQQ QHJDWLY DXV ZHLO JHUDGH LP 7RXULV PXVEHUHLFK 3URSKH]HLXQJHQ EHU ]X HUZDUWHQ GH%HVXFKHUXQGGLH+RWHODXVODVWXQJVFKZHU]X WUHIIHQVLQG,Q'HXWVFKODQGLVWHV]ZDUVFKZHU VFKQHOO HQWODVVHQ ]X ZHUGHQ DEHU QRFK YLHO VFKZLHULJHUHLQHQQHXHQ-RE]XEHNRPPHQVR GDV HUQFKWHUQGH 5HVPHH 'DV .XUKRWHO .|FN ZlUHGDEHLVLFKHUOLFKHLQDWWUDNWLYHU$UEHLWJHEHU 1HEHQEHUWDULIOLFKHQ/|KQHQXQGHLQHPIDPLOLl UHQ0LWHLQDQGHULVWGDV$UEHLWVNOLPDYRUELOGOLFK )DVWVFKRQNHLQHUEHVRQGHUHQ(UZlKQXQJEHGDUI GLH7DWVDFKHGHVNRPSOL]LHUWHQXQGXQEHUVLFKW OLFKHQ 6WHXHUV\VWHPV 'LH H[WHUQH 6WHXHUEHUD WXQJNRVWHWGHP+RWHOPHKUDOVHLQHKDOEH9ROO ]HLWNUDIW *HOG GDV EHVVHU LQ 1HXHLQVWHOOXQJHQ RGHU ,QYHVWLWLRQHQ DQJHOHJW ZHUGHQ N|QQWH DOV LQGHU9HUZDOWXQJYRQ%URNUDWLHXQG*HVHW]HV IOXW0DQFKPDOKDW+HUU.|FNGHQ(LQGUXFNGLH 3ROLWLNHUGLHGLH6WHXHUJHVHW]HEHVFKOLH‰HQKlW WHQDXFKNHLQHQJUR‰HQ'XUFKEOLFNPHKU'DVLVW NHLQSROHPLVFKHV6WDPPWLVFKXUWHLOVRQGHUQGDV HLQHV 0DQQHV GHU 7DJ IU 7DJ PLW GHQ 8QZlJ EDUNHLWHQ GHV GHXWVFKHQ 6WHXHUV\VWHPV OHEHQ PXVV XQG PLW %HGDFKW VHLQH :RUWH ZlKOW $Q VWDWWGLHW\SLVFKGHXWVFKH9HUDQODJXQJGHUhEHU JHQDXLJNHLWXQGGHU5HJHOXQJVZXWJHUDGHLQGHU

=XGHPNRPPWDXFKQRFKGHUPDVVLYH:HWWEH ZHUEVQDFKWHLO GHU GHXWVFKHQ 7KHUPDOEHWULHEH LP 9HUJOHLFK ]XU 6FKZHL] XQG ]X gVWHUUHLFK :lKUHQG EHL GHQ (LGJHQRVVHQ GHU HUPl‰LJWH 6WHXHUVDW]YRQJLOWEHUHFKQHWGDVXQPLWWHO EDU |VWOLFK DQJUHQ]HQGH 1DFKEDUODQG DXFK QXU 'LH|VWHUUHLFKLVFKHQ7KHUPDOElGHUORFNHQ PLW 6WDQGRUWHQ NHLQH ]HKQ .LORPHWHU YRQ %DG )VVLQJHQWIHUQWOHLGHUDXFKYLHOHGHXWVFKH.XU JlVWH:HLWPHKU.RQNXUUHQ]EHGHXWHQDEHUGLH %lGHU LQ 8QJDUQ GLH YRU DOOHP VHLW GHU 2VWHU ZHLWHUXQJHLQHQJUR‰HQ6SUXQJJHPDFKWKDEHQ 'D GLH .UDQNHQNDVVHQ DXV .RVWHQJUQGHQ GHQ .XUXUODXE LQ 8QJDUQ QLFKW QXU EH]DKOHQ VRQ GHUQ YLHOPHKU QRFK I|UGHUQ N|QQHQ GLH GHXW VFKHQ$QELHWHUDXIJUXQGGHUK|KHUHQ3HUVRQDO NRVWHQNDXPPLWKDOWHQ±XQGPLW%HVXFKHUQDXV GHP2VWHQVFKRQJDUQLFKWUHFKQHQ$QGHUVDOV GDV SURGX]LHUHQGH *HZHUEH LVW HLQH 6WDQGRUW YHUODJHUXQJJHQ2VWHQDXFKJDUQLFKWP|JOLFK GLH7KHUPHEHILQGHWVLFKHEHQYRU2UWPDQLVW VRPLWDXI*HGHLKXQG9HUGHUEDQGHQ6WDQGRUW 'HXWVFKODQG JHEXQGHQ 6LFK GHP LQWHUQDWLRQD OHQ:HWWEHZHUERIIHQVLY]XVWHOOHQXQGQLFKWGLH $XJHQ ]X YHUVFKOLH‰HQ YRU GHQ 5HDOLWlWHQ GDV IRUGHUQ0LWWHOVWlQGOHUYRQGHU3ROLWLNVFKRQVHLW ODQJHPIUDEHQWHXHUOLFKH'RJPHQLVWLQXQVH UHU :HOW NHLQ 3ODW] Ä0HLQ %HWULHE LVW XP VRYLHO EHVVHUZLHHVWHXUHULVWGDVPXVVXQVHUJHVDP WHV/DQGDXFKVFKDIIHQ³VR.|FN ,P=XVDPPHQKDQJPLWGHU2VWHUZHLWHUXQJEH GHXWHQ DXFK GLH )|UGHU]LHOJHELHWH HLQH HUQVW ]XQHKPHQGH %HGURKXQJ 'RUWLJH ,QYHVWLWLRQHQ ZHUGHQJUR‰]JLJJHI|UGHUWZlKUHQGGLHWUDGL WLRQHOOHQ6WDQGRUWHOHHUDXVJHKHQ'LH0HQVFKHQ LQ )VVLQJ KDEHQ PDQFKPDO GHQ (LQGUXFN ]X

6HLWH  $XVJDEH 

/KVVGNUVCPFUTGRQTVCIG

1HEHQGHQVLHEHQIHVWDQJHVWHOOWHQ0LWDUEHLWHUQ EHVFKlIWLJW +HUU .|FN HLQLJH H[WHUQH 'LHQVW OHLVWHU DOOH DXV %DG )VVLQJ 1HEHQ GHP 7KHU PHQEHWULHEEHLGHPGDV+RWHODQGLH7KHUPH DQJHVFKORVVHQ LVW ZHUGHQ GLH WKHUDSHXWLVFKHQ 'LHQVWOHLVWXQJHQXQGDXFKGHU:lVFKHUHLEHWULHE YRQ)VVLQJHU)LUPHQHUEUDFKW)UGHQ,QKDEHU LVWGLH%HVFKlIWLJXQJORNDOHQ3HUVRQDOVDXFKHLQ $XVGUXFNGHU9HUZXU]HOXQJYRU2UW6RJHVHKHQ EOLHE GHU 3HUVRQDOVWDPP LQ GHQ OHW]WHQ -DKUHQ IDVW XQYHUlQGHUW IOLHJHQGH :HFKVHO ZHJHQ XQ PRWLYLHUWHU RGHU XQ]XYHUOlVVLJHU $UEHLWVNUlI WH VLQG KLHU XQEHNDQQW )U GHQ %HWULHE LVW HV WURW] SRWHQWLHOOHU (LQVSDUP|JOLFKNHLWHQ JlQ]OLFK XQYRUVWHOOEDU JQVWLJHUH $UEHLWVNUlIWH DXV 2VW HXURSD]XEHVRUJHQDXFKQLFKWDOV/HLKDUEHLWHU Ä:DVZUGHQGHQQGLH0HQVFKHQYRU2UWVDJHQ ZHQQGLHDOOHDXIGHU6WUD‰HVWQGHQ"³JLEW+HUU .|FN DXFK ]X EHGHQNHQ 'HU JXWH 5XI GHV +R WHOVLVWHLQH6DDWGLHQDFK-DKUHQKDUWHU$UEHLW HUVWULFKWLJDXIJHKWNXU]IULVWLJH(QWVFKHLGXQJHQ RKQHGLH3HUVSHNWLYHDXI-DKUHVLQGVHLQH6DFKH QLFKW

6WHXHUJHVHW]JHEXQJZHLWHUDXV]XEDXHQZLHHV GLHQRFKDPWLHUHQGH%XQGHVUHJLHUXQJWDWZlUH PDQEHVVHUEHUDWHQGDV6\VWHPUDGLNDO]XYHU HLQIDFKHQXQGVLFK*HGDQNHQEHUHLQH)ODW7D[ ]X PDFKHQ ± ZLH EHUHLWV LQ GHU 6ORZDNHL LPS OHPHQWLHUW ,Q GHU 6FKZHL] GHU 7VFKHFKLVFKHQ 5HSXEOLN XQG LQ gVWHUUHLFK LVW GLHVH 'LVNXVVL RQ GDQN PXWLJHU 'HQNDQVW|‰H VFKRQ LQ YROOHP *DQJH ZDUXP QLFKW DXFK LQ 'HXWVFKODQG IUD JHQVLFKZLH+HUU.|FNYLHOH0LWWHOVWlQGOHU'HQ 0LWWHOVWDQG ]X I|UGHUQ YHUVSUHFKHQ LPPHU ZLH GHUDOOHP|JOLFKHQ3ROLWLNHUNHLQH6RQQWDJVUHGH RKQH GHQ 0LWWHOVWDQG QHEHQ GHQ DOWEHNDQQWHQ 6FKODJZ|UWHUQZLH(QWEURNUDWLVLHUXQJXQG'H UHJXOLHUXQJ  ]X HUZlKQHQ ± GRFK SDVVLHUW LVW QLFKWYLHO'LHZDKUHQ3UREOHPHXQG6RUJHQGHU 0LWWHOVWlQGOHUZHUGHQPHLVWEHUKDXSWQLFKWHU IDVVW'LHHUKHEOLFKH7HXHUXQJVZHOOHEHLGHQ(Q HUJLHNRVWHQEHLVSLHOVZHLVHLVWIU%HWULHEHZLHHLQ +RWHOOHEHQVEHGURKHQG'RFKGHU$WRPDXVVWLHJ LVW]XPLQGHVWIUURWJUQEHVFKORVVHQH6DFKH IU GHQ %HWULHE .|FN DEHU ODQJVDP ZLUNHQGHV *LIW 'HQ $XVVWLHJ DXV GHP $XVVWLHJ HUZDUWHQ 8QWHUQHKPHUZLH*QWKHU.|FNYRQHLQHUQHXHQ %XQGHVUHJLHUXQJXQWHU$QJHOD0HUNHO


/KVVGNUVCPFUTGRQTVCIG

NXU]]XNRPPHQXQGNHLQHIDLUHQ%HGLQJXQJHQ YRU]XILQGHQ 6R VHL HV DXFK NHLQ :XQGHU GDVV GLH )UDQ]RVHQ XQG 1LHGHUOlQGHU GLH (89HUIDV VXQJ DEJHOHKQW KDWWHQ VLH IKOWHQ VLFK PLVV YHUVWDQGHQ XQG IlQGHQ NHLQH 3ROLWLNHU GLH VLFK LKUHU6RUJHQXQGbQJVWHDQQHKPHQVRIDVVWGHU +RWHOLHUGLHJHJHQZlUWLJH/DJH]XVDPPHQ%DG )VVLQJVHLHEHQEHUDOO 'LH .UDQNHQNDVVHQ PLW LKUHP YHUIHVWLJWHQ NRU SRUDWLYHQ 6\VWHPHQ WXQ LQ GLHVHP =XVDPPHQ KDQJZDKUOLFKHLQEULJHV-HGH.XUOHLVWXQJGLH IU GDV $XVODQG EHZLOOLJW ZLUG JHIlKUGHW GHXW VFKH $UEHLWVSOlW]H -H PHKU $UEHLWVORVH GHVWR ZHQLJHU %HLWUDJVHLQQDKPHQ 'DVV LQ GHQ OHW] WHQ-DKUHQLPPHUZHQLJHU/HLVWXQJHQILQDQ]LHUW ZHUGHQ N|QQHQ PDJ DXFK GDPLW ]XVDPPHQ KlQJHQ $OOHV LQ DOOHP HQWZLFNHOW VLFK HLQ 7HX IHOVNUHLVDXVGHPPDQIUKDXVEUHFKHQPXVV :HQQ VROFKH %HWULHEH ZLH GDV +RWHO .|FN DXI GLH.UDQNHQNDVVHQJHVHW]WKlWWHQKlWWHQVLHVL FKHUOLFKOlQJVWYHUORUHQ+LOIGLUVHOEVWXQG*RWW KLOIW GLU LVW YLHOPHKU GDV 0RWWR YRQ /HXWHQ ZLH *QWKHU .|FN /HLVWXQJHQ YHUEHVVHUQ 6HUYLFH DXVEDXHQ1HXHUXQJHQVXFKHQXQGVFKDIIHQZLH PLW GHQ %lGHU7KHPHQZHOWHQ HLQH .RPSRVLWL RQ GHU .XU ZHJ YRP UHLQHQ =ZHFNGHQNHQ KLQ ]X:RKOIKONOLPDQDFK7KHPHQZLHPHGLWHUUDQ ED\HULVFK HWF JHRUGQHW  7UHQGV DEIDQJHQ .XQGHQ ]XIULHGHQ VWHOOHQ XQG VRPLW ODQJIULVWLJ ELQGHQDOOGLHVPXVVGHU0LWWHOVWlQGOHUEHGHQ NHQ ZHQQ HU VHLQHQ %HWULHE DXFK QRFK LQ IQI -DKUHQDXIGHP0DUNWYRUILQGHQZLOO 'RFKEOHLEHQDEXQGDQHLQLJH/LFKWVWUHLIHQDP +RUL]RQW 6R KDEH GHU /DQGHVJHVHW]JHEHU LQV EHVRQGHUH QDFK  YLHOH NOHLQH 6FKULWWH EH VFKORVVHQ GLH LQ GHU *UXQGULFKWXQJ JROGULFKWLJ VHLHQ VFKQHOOHU XQG HIIL]LHQWHUH 9HUZDOWXQJ XQG PHKU %UJHUQlKH =XP %HLVSLHO LVW GLH /DQGHVEDXRUGQXQJ JHlQGHUW ZRUGHQ EDXOLFKH

9RUKDEHQN|QQHQQXQPLWWHOVGHVVRJ)UHLVWHO OXQJVYHUIDKUHQV VFKQHOOHU XQG HLQIDFKHU UHD OLVLHUW ZHUGHQ 'LHVHV %HLVSLHO EHOHJW IU .|FN HLQGUXFNVYROOGDVVLQGHUNOHLQHQ*HPHLQVFKDIW 3UREOHPHVFKQHOOHUJHO|VW6FKZLHULJNHLWHQEHV VHUDEJHVWHOOWXQGGLH$PWVWUlJHUEUJHUIUHXQG OLFKHU RSHULHUWHQ ,Q %DG )VVLQJ KDEH HU VWHWV JXWH (UIDKUXQJHQ PLW GHQ %HK|UGHQ JHPDFKW PDQ NHQQW VLFK PDQ VFKlW]W VLFK XQG |UWOLFKH %HWULHEHZHUGHQDOVGDVJHVFKlW]WZDVVLHZLUN OLFKVLQG$OV$UEHLWVSOlW]HGHU0HQVFKHQYRU2UW XQG 3DUWQHU GHU *HPHLQGH +LHU OHEH PDQ GLH YLHOIDFKHUKREHQH)RUGHUXQJGHQ6WDDW]XUFN ]XGUlQJHQXQGGHP,QGLYLGXXPVHLQH)UHLKHLWHQ ]XODVVHQLPSUDNWLVFKHQ (LQH GHUDUWLJH (UZDUWXQJ DQ GLH QHXH %XQGHV UHJLHUXQJ KDEHQ %HWULHE ZLH GDV .XUKRWHO JDQ] HQRUP:HQLJHU6WDDWPHKU)UHLUlXPHYRUDO OHP DEHU HLQ HQWVFKORVVHQHV +DQGHOQ GHU (QW IOHFKWXQJGHVYHUZRUUHQHQ6WDQGRUWHV'HXWVFK ODQGRKQH5FNVLFKWDXIHLQHDYLVLHUWH:LHGHUZDKO QDFKYLHU-DKUHQ $OV 7URVW EOHLEW HUVWPDO GLH 7DWVDFKH GDVV GLH 0HQVFKHQLPPHUlOWHUZHUGHQXQGHLQVWlUNHUHV *HVXQGKHLWVEHZXVVWVHLQDXFKEHLGHQ-QJHUHQ ]X EHREDFKWHQ LVW 'DV LVW HLQH *UXQGWHQGHQ] GLH ELVKHU DXFK GLH URWJUQH %XQGHVUHJLHUXQJ QLFKW KDW NDSXWWPDFKHQ N|QQHQ 'DVV DEHU GLH *lVWH EOHLEHQ XQG LPPHU ZLHGHU NRPPHQ LVW GDQQGRFKLQGHQLP+RWHOXQGLP0DQDJHPHQW OLHJHQGHQ *UQGHQ ]X VXFKHQ ZHQLJHU EHL GHU 3ROLWLN7URW]YLHOHU:LGULJNHLWHQKDEHQ%HWULHEH YRQGHUYRQ*QWKHU.|FNEHUOHEWGDVVGLHVVR EOHLEWHUZDUWHW+HUU.|FNQLFKWYRQGHU3ROLWLN VRQGHUQ YRQ VHLQHP XQWHUQHKPHULVFKHQ .QRZ +RZYRQIDLUHQ5DKPHQEHGLQJXQJHQXQGQLFKW ]XOHW]WYRP=XVDPPHQKDOWVHLQHU0LWDUEHLWHU YRQ%HQFH%DXHU

$Q]HLJH

'HEHND+RFKVFKXOVHUYLFH6HUYLFHEUR3DVVDX([HU]LHUSODW]7HO   $OH[DQGHU.DW]HQVWHLQHU%H]LUNVOHLWHUXQG-HQV1HXJHEDXHU%H]LUNVEHDXIWUDJWHU ,QIRUPLHUHQ6LHVLFKDXFKEHUXQVHUH9RUWUlJHXQWHUZZZNDW]HQVWHLQHUGH

6HLWH  $XVJDEH 


Ä'HU7UlXPHU³'LH-DQRVFK$XVWHOOXQJ

)UDOOH)UHXQGHXQG.HQQHUHEHQVRIUGLHGLH GLHV QRFK ZHUGHQ ZROOHQ ZDUWHW GHU /DQGNUHLV 3DVVDX PLW HLQHU HLQ]LJDUWLJHQ $XVVWHOOXQJ DXI GLHHVLQGLHVHU)RUPQRFKQLHJHJHEHQKDW6HLW 0LWWH0DLEHKHUEHUJWQlPOLFKGDV6FKORVV 1HXEXUJ  .LORPHWHU VG|VWOLFK YRQ 3DVVDX GLH ELVKHU JU|‰WH XQG ZRKO DXFK HLQ]LJDUWLJVWH $XVVWHOOXQJ GHV .QVWOHUV 8QWHU =XVDPPHQDU EHLWGHV/DQGNUHLVHV3DVVDXPLWGHU(GLWLRQ7RQL 3RQJUDW]ZHUGHQKLHUELV]XP6HSWHPEHU DXFK %LOGHU JH]HLJW GLH GHP 3XEOLNXP ELVKHU YHUERUJHQ JHEOLHEHQ VLQG ,Q DXIRSIHUXQJVYRO OHU =XVDPPHQDUEHLW XQG HQJHP EUJHUVFKDIWOL FKHP(QJDJHPHQWYHUEXQGHQKDEHQ'U:LOIULHG +DUWOHE.XOWXUUHIHUHQWGHV/DQGNUHLVHV3DVVDX XQG7RQL3RQJUDW]YRP3DVVDXHU3HJDVXVHVJH VFKDIIW 1HXEXUJ ]XP 0HNND DOOHU -DQRVFK%H JHLVWHUWHU]XPDFKHQ

6FKORVVHVOHKUWXQVLQVSLHOHULVFKHU:HLVHGDVV GHU .QVWOHU -DQRVFK HLQ ZDKUKDIWLJHU .LQGHU EXFKDXWRU LVW VRZLH 6FK|SIHU DQPXWLJHU XQG OLHEHQVZUGLJHU 7LHUH XQG 7LHUFKHQ 'DV LVW IUHLOLFK QXU HLQH 'LPHQVLRQ GLH %UHLWH XQG GLH :HLWJHIlFKHUWKHLWGHU)LJXUHQXQG7KHPHQYRQ GHQNOHLQHQXQGJUR‰HQ*HVFK|SIHQELVKLQ]XU /DQGVFKDIWVPDOHUHL RIIHQEDUHQ HLQHQ WLHIJUQ GLJHQ XQG PHLVWHUKDIWHQ 0HQVFKHQW\SXV GHQ HV KHXW]XWDJH OHLGHU QXU QRFK VHOWHQ JLEW 'LH $XVVWHOOXQJZLUGVRVFKOLFKWZHJ]XHLQHP0XVV IUMXQJXQGDOW

hEULJHQV PXVV NHLQHU RKQH HLQ 6WFNFKHQ -D QRVFK QDFKKDXVH JHKHQ ,Q GHU $XVVWHOOXQJ ZHUGHQ QLFKW QXU %FKHU $QVWHFNHU XQG $Q VLFKWVNDUWHQ VRQGHUQ DXFK YLHOH *HPlOGH GHV .QVWOHUV YHUNDXIW'LH 3UHLVH EHUHLWV XP ZHLW XQWHU(XURNDQQPDQHLQ%LOGHUZHUEHQ HU VFKHLQHQDXFKIUGHQVWXGHQWLVFKHQ*HOGEHXWHO HUVFKZLQJOLFKXQGVLQGHLQHDXVJH]HLFKQHWH,Q YHVWLWLRQ 1lKHUH,QIRUPDWLRQHQ]X-DQRVFKXQG]XU$XV VWHOOXQJLQ1HXEXUJXQWHU ZZZMDQRVFKGHXQG ZZZODQGNUHLVJDOHULHGH $XVVWHOOXQJJH|IIQHWELV 'LHQVWDJ±6RQQWDJ8KU (LQWULWW(85HUPl‰LJW(85

'HU  LQ 6FKOHVLHQ JHERUHQH -DQRVFK PLW EUJHUOLFKHP 1DPHQ +RUVW (FNHUW HUZHLVW VLFK GDEHL PHKU DOV HLQ 0HLVWHU GHU 0lUFKHQ XQG )DEHOQ )U GHQ -DQRVFK/DLHQ YHUZXQGHUOLFK XQG YLHOOHLFKW DXFK JHUDGH GHVKDOE LQWHUHVVDQW N|QQHQ QLFKW QXU GLH LQ .LQGHUIRUP YHUSDFNWHQ Ä(UZDFKVHQHQ7KHPHQ³ VHLQ VRQGHUQ DXFK GLH $TXDUHOOHXQGgO]HLFKQXQJHQGHV.QVWOHUVGLH YRQ(LQIDOOVUHLFKWXPXQG9HUYH]XGHPYRQ.R PLN]HXJHQ 'LH $XVVWHOOXQJ LQ GHU /DQGNUHLVJDOHULH GHV

6HLWH  $XVJDEH 

YRQ%HQFH%DXHU

Ŧ&GT6T·WOGTŤ,CPQUEJ

:HU NHQQW VLH QLFKW GLH DXV XQJH]lKOWHQ 6HQGXQJHQ PLW GHU 0DXVKHUZRKOEHNDQQ WH YHUWUDXWH 7LJH UHQWH" 8QG ZHU NHQQW VLH QLFKW GLH PDQQLJ IDOWLJHQ )LJXUHQ XQG )LJUFKHQ GHV :XQ GHU]HLFKQHUV -DQRVFK HLQHV YLUWXRVHQ GRFK HEHQVRIDFHWWHQUHLFKHQ.QVWOHUV"


.WEKQ)WVK¾TTG\'MWCFQT

'LH3UlVLGHQWVFKDIWYRQ/XFLR*XWLpUUH] (NXDGRU LVW HV LPPHU QRFK QLFKW JHOXQ JHQ GHQ :HJ ]X HLQHU SDUWL ]LSDWLYHQ GH PRNUDWLVFKHQ 5HFKWVVWDDW OLFKNHLW HLQ ] X V F K O D J H Q  *HUDGH NDP HV XQWHU GUD PDWLVFKHQ %H JOHLWXPVWlQ GHQ ]XP 6WXU] GHU 5HJLHUXQJ /XFLR *XWLpU UH] 'DV %XFK GHV 3DVVDXHU 'LSORP.XO WXUZLUWV *HRUJ 2YHUEHFN LVW NXU]YRUGLHVHQ DNWXHOOHQ (QW ZLFNOXQJHQ HU VFKLHQHQ ZDV GHQ:HUWGHU$UEHLWGHXWOLFKHUK|KW2YHUEHFN QDKP VLFK LQ VHLQHU $EVFKOXVVDUEHLW GHU YHU GLHQVWYROOHQ$XIJDEHDQQDFK]XZHLVHQZLHGLH 5HJLHUXQJ *XWLpUUH] LQ GHP VSH]LILVFKHQ *H IOHFKW]ZLVFKHQ3RSXOLVPXV$XWRULWDULVPXVXQG GHIHNWHU 'HPRNUDWLH LQWHUDJLHUW H  :HU VLFK PLWGHPSROLWLVFKHQ6\VWHP(NXDGRUVEHVFKlI WLJW NDQQ XQG GDUI GDKHU NHLQH HXURSlLVFKHQ 6WDQGDUGVDQOHJHQJHUDGHQLFKWGLHÄHXUR]HQ WULVFKH %ULOOH¶³ 6  DXIVHW]HQ 'LH ]HQWUDOH 3UREOHPVWHOOXQJODXWHWÄ:HUGHQ5HJLHUXQJXQG SROLWLVFKHV 6\VWHP LQ GHU *UDX]RQH ]ZLVFKHQ DXWRNUDWLVFKHQXQGGHPRNUDWLVFKHQ5HJLPHQHL QHQ .XUV LQ 5LFKWXQJ 'HPRNUDWLH HLQVFKODJHQ VWDJQLHUW GLH GHPRNUDWLVFKH (QWZLFNOXQJ RGHU ZLUGGDV3HQGHO5LFKWXQJ$XWRULWDULVPXV]XUFN VFKODJHQ"³ 6 :LFKWLJIU2YHUEHFNV$UEHLW LVW ]XGHP GHU SROLWLNZLVVHQVFKDIWOLFKH $QVDW] GHU ÄGHIHNWHQ 'HPRNUDWLH³ 1XU GLHVHU WKHRUH WLVFKHU hEHUEDX PDFKW HV P|JOLFK GLH VSH]LIL VFKHQ(QWZLFNOXQJVOLQLHQ(NXDGRUV]XEHZHUWHQ XQG]XDQDO\VLHUHQ'DEHLOlXIWGHU$XWRUQLFKW *HIDKUVLFKLQGHUHLQGUXFNVYROOHQHPSLULVFKHQ %DVLV ]X YHUOLHUHQ XQG YRUQHKPOLFK GHVNULSWLY ]X DUJXPHQWLHUHQ 2YHUEHFN LQWHUYLHZWH ]DKO UHLFKH SROLWLVFKH $NWHXUH ZLH *HQHUDO 5RGUt JXH] /DUD GHQ 'LNWDWRU GHV /DQGHV YRQ  ELV 'LHORJLVFKHXQGLQVLFKJHVFKORVVH QH$UJXPHQWDWLRQ]HLJWYLHOPHKUDXIGDVVVLFK DXWRULWlUH RGHU SRSXOLVWLVFKH %HIUHLXQJVVFKOl JH GXUFK ZHFKVHOQGH $OOLDQ]HQ XQG %ORFNDGHQ LP .RQJUHVV HUJHEHQ 'HV :HLWHUHQ VLQG GLHVH )ROJH GHU 'RPLQDQ] LQIRUPDOHU /|VXQJVPHFKD QLVPHQ VRZLH GHU NRQIOLNWJHODGHQHQ SROLWLVFKHQ .XOWXU YJO6 'HU$XWRUNRPPWGXUFKGLH 6WULQJHQ] GHV $XIEDXV XQG GHU $UJXPHQWDWLRQ

IDVW ]ZDQJVOlXILJ ]X NODUHQ (UJHE QLVVHQ ZHOFKH GXUFK GLH DNWXHOOHQ (QWZLFNOXQJHQ HLQGUXFNVYROO EH VWlWLJWZHUGHQÄ/XFLR*XWLpUUH]LVW ZHGHU JHQHLJW QRFK EHIlKLJW GLH GHIHNWH 'HPRNUDWLH (NXDGRUV DXV GHP ZHLWHQ *UDXEHUHLFK ]ZLVFKHQ 'HPRNUDWLHXQG$XWRNUDWLHKHUDXV ]XIKUHQ 6RZRKO VHLQ +DQGHOQ DOV DXFKGLHWUDMHFWRU\GHV/DQGHVZHL VHQYLHOPHKUGDUDXIKLQGDVVHVELV DXIDEVHKEDUH=HLWEHLP6WDWXV4XR HLQHU GHIHNWHQ 'HPRNUDWLH EOHLEW « $OOHU9RUDXVVLFKWQDFKZLUG/X FLR *XWLpUUH] VHLQH 3UlVLGHQWVFKDIW GXUFK'UXFNYRQGHU 6WUD‰H GXUFK $E VHW]XQJVHLWHQVGHV .RQJUHVVHV RGHU QDFKHLQHU,QWHUYHQ WLRQGHU6WUHLWNUlIWH EHHQGHQ³ 6 I  )D]LW 3DVVDXHU 6WXGHQWHQ GLH VLFK LQ LUJHQGHLQHU )RUP PLWGHPSROLWLVFKHQ 6\VWHP /DWHLQD PHULNDV QLFKW QXU (NXDGRUV  EHVFKlI WLJHQ LVW GLH /HN WUH LQ GHQ $XJHQ GHV 5H]HQVHQWHQ VHKU ]X HPSIHKOHQ *HRUJ 2YHUEHFN LVW PLWWOHUZHLOH 3URMHNWOHLWHU EHL GHU :LUWVFKDIWVI|UGHUJHVHOOVFKDIW %DGHQ :UWWHPEHUJ,QWHUQDWLRQDOLQGHU$EWHLOXQJ:LV VHQVFKDIW)RUVFKXQJXQG.XQVW YRQ)ORULDQ+DUWOHE

*HRUJ2YHUEHFN'LH3UlVLGHQWVFKDIWYRQ /XFLR*XWLpUUH]=XP6WDQGGHU'HPR NUDWLHLQ(NXDGRU0DUEXUJ 7HFWXP 9HUODJ 6HLWHQ(85

6HLWH  $XVJDEH 


,PSUHVVXP $XVJDEHGHV83&DPSXV0DJD]LQV $XVJDEH 6RPPHU,,

HUVFKLHQHQLP-XQL $XIODJH6WNLQ3DVVDX

)RWRV %HQFH%DXHU'U$QGUHDV6FKHXHU 3KRWR*UXSSH3DVVDX *DVWEHLWUlJH 0HODQLH*UHOO0HODQLH.XQ]-RKDQQHV 3LQNO$OH[DQGHU3IDE +HU]OLFKHQ'DQNDQDOOH,QVHUHQWHQ

+HUDXVJHEHU 'U)ORULDQ+DUWOHEXQG%HQFH%DXHU

.RQWDNW

*HVWDOWXQJ.RQ]HSW/D\RXW &KULVWRSK6W|‰ *HVFKlIWVIKUHU33*

3DVVDXHU3XEOLNDWLRQHQ*UXSSH 83&DPSXV0DJD]LQ 7HO (PDLOLQIR#XSFDPSXVPDJD]LQGH ,QWHUQHWZZZXSFDPSXVPDJD]LQGH

&KHIUHGDNWLRQ 0DUWLQ5HLFKLQJHU 5HGDNWLRQ %HQFH%DXHU'U)ORULDQ+DUWOHE0DUWLQ 5HLFKLQJHU&KULVWRSK6W|‰ $Q]HLJHQOHLWXQJ 6WHIDQ+DVVIXUWHU 'LVWULEXWLRQ 8OULFK6RPPHU

+LQZHLV 'LH 9HUDQWZRUWXQJ LP 6LQQH GHV 3UHVVH UHFKWV 9L6G3 WUDJHQGLH+HUDXVJHEHU $OOHQDPHQWOLFKJHNHQQ]HLFKQHWHQ$UWLNHO VSLHJHOQGLH0HLQXQJGHV9HUIDVVHUVQLFKW GLHGHU5HGDNWLRQRGHUGHV+HUDXVJHEHU JUHPLXPVZLGHU

$Q]HLJH 7KHUPH .XUDOOHH '%DG)VVLQJ 7HO   ZZZWKHUPHGH LQIR#WKHUPHGH

6WXGHQWHQQXU¼ JLOWQXUIUGLH7KHUPH

$EKHEHQ   (UKROHQ    (LQWDXFKHQ       +HLOHQ gIIQXQJV]HLWHQ7KHUPDOEDG *DQ]MlKULJWlJOLFKYRQ8KU$XIHQWKDOWVGDXHU6WXQGHQ 0LWWZRFK)UHLWDJ6DPVWDJ$EHQGEDGHWDJELV8KU

6HLWH  $XVJDEH 

+ORTGUUWO

9HUODJ 3DVVDXHU3XEOLNDWLRQHQ*UXSSH


'KPNCFWPI\WT(QVQITCHKG

(LQODGXQJ]XU)RWRJUDILH 'HP .QDFNHQ GHU JHZDOWVDP DXIJHEURFKHQHQ 6FKDOH IROJW HLQ VFKPDW]HQGHV *HUlXVFK :LH KRFKJH]RJHQHU6SHLFKHO'DQQHLQGXPSIHV)DO OHQHLQODXWORVHU$XISUDOO'DQQ6WLOOH/DQJVDP YHUVDPPHOW VLFK GDV (LZHL‰ LQ HLQHU XQUHJHOPl‰LJHQ 3IW]H XP GHQ 'RWWHU 7UDQVSDUHQW IDVWZHL‰DX‰HQXQGGXQNHOJHOE LQQHQ 6RQQHQEOXPHQJHOE (LQ ZHQLJ GXQNOHU DOV 6RQQHQEOX PHQJHOE +HUUVFKHU GHV *H ELOGHV 3UHLVJHJHEHQ YRQ GHQ XQEHDFKWHW DP 5DQGH VFKPRO OHQGHQ (LHUVFKDOHQ +HOOEUDXQH =DFNHQ KDOWHQ GLH 1DEHOVFKQXU IHVW VWHOOHQ HLQH 9HUELQGXQJ KHU]ZLVFKHQLQQHQXQGDX‰HQ /LQLHXQG)OlFKHVHLQXQGZHU GHQ6FKPHLFKHOKDIWHV0RUJHQ OLFKWIlOOWLQV)HQVWHUDXIGDV(L ,FKIRWRJUDILHUHDXVOHLFKWHU$XIVLFKWGLHVKHEW GHQ 'RWWHU NODUHU YRP (LZHL‰ DE XQG EHUFN VLFKWLJH GHQ /LFKWHLQIDOO YRQ GHU UHFKWHQ 6HLWH ,FK UFNH DXFK HLQH EODXH )ODVFKH LQV %LOG XP HLQHDXVJHZRJHQH.RPSRVLWLRQXQGHLQHQNODUHQ )DUENRQWUDVW]XVFKDIIHQ,FKDFKWHGDUDXIGDVV VLFKGDV(LZHL‰QLFKWDXVGHP%LOGYHUOlXIWXQG Y H U Z H Q G H HLQ 2EMHN WLY PLW HLQHU HWZDVOlQJH UHQ %UHQQ ZHLWH GDPLW GLH 6WUXNWXU GHU 5DXID VHUWDSHWHLP +LQWHUJUXQG ]XU *HOWXQJ NRPPW ,FK ELQ 5HJLV VHXU GHU 6]HQH GDV (L PHLQ 3UR WDJRQLVW GLH .DPHUD GDV NULWLVFKH $XJH %OLQ ]HOQGNOLFNWGHU$XVO|VHU'LH%LOGDQ]HLJHEOlWWHUW ODXWORVXP $Q GHU 8QLYHUVLWlW 3DVVDX JLEW HV GLH 0|JOLFK NHLW)RWRJUDILH]XHUOHUQHQE]ZHUZRUEHQHIR WRJUDILVFKH .HQQWQLVVH DXV]XEDXHQ 'DV 6WX GHQWHQZHUN 1LHGHUED\HUQ 2SHUSIDO] XQWHUKlOW HLQ )RWRODERU VRZLH HLQ )RWRVWXGLR GLH PLW DO OHP DXVJHVWDWWHW VLQG ZDV HLQHV )RWRJUDIHQ +HU]EHJHKUW,P)RWRODERULVWQHEHQPHKUHUHQ 9HUJU|‰HUHUQ YRQ GHU )LOPVSXOH ELV ]XP .RUQ VXFKHU DOOHV YRUKDQGHQ ,P )RWRVWXGLR VWHKW GHPEHJHLVWHUWHQ)RWRJUDIHQHLQHSURIHVVLRQHOOH )RWREOLW]DQODJH VRZLH VFKZDU]H XQGZHL‰H +LQ WHUJUXQGUROOHQIU3DVVELOGHUXQGVRQVWLJH)RWR H[SHULPHQWH ]XU 9HUIJXQJ %HLGHV NDQQ QDFK HLQHU (LQIKUXQJ GDV JDQ]H -DKU EHU JHQXW]W

ZHUGHQ-HGHV6HPHVWHUZHUGHQGDUEHUKLQDXV YHUVFKLHGHQH)RWRZRUNVKRSVDQJHERWHQVR]% ]XP 7KHPD 3RUWUDLWIRWRJUDILH %LOGJHVWDOWXQJ RGHU.DPHUDWHFKQLN (LQH0|JOLFK NHLW GHV IR WRJUDILVFKHQ $ X V W D X V F K V ELHWHW GLH )R W R J U X S S H OLFKWJHVWDO WHQ 'LJLWDO XQG DQDORJ /DERU XQG %LOGEHDU EHLWXQJ DP & R P S X W H U )DUEH 6: XQG ,QIUD URW NQVWOHULVFKH XQG WHFKQLVFKH $QVlW]H ILQ GHQEHLGHQ/LFKWJHVWDOWHQ]XVDPPHQ$XIGHP 3URJUDPPVWHKHQJHPHLQVDPH)RWRSURMHNWH,Q GHQ YHUJDQJHQHQ EHLGHQ -DKUHQ ZXUGH MHZHLOV HLQ.DOHQGHUKHUDXVJHJHEHQ$XFKIUGDV-DKU LVWHLQ.DOHQGHU]XP7KHPDÄ3DVVDXXQJH VHKHQ³ LQ $UEHLW $E GHP  -XOL ZLUG VLFK GLH *UXSSH LQ HLQHU ]ZHLPRQDWLJHQ )RWRDXVVWHOOXQJ LP &DIp 0XVH XPLQ3DVVDXSUlVHQWLHUHQ 6HLHVQXQDOVR(LRGHU(UGEHHU VDKQHWRUWH GDV 3RUWUDLW HLQHV 'XGHOVDFNVSLHOHUV GLH $XIQDK PH HLQHU )OXVVODQGVFKDIW QDFK HLQHP ZDUPHQ 6RPPHUUHJHQ HLQH6WLOOOHEHQPLW=XFFKLQLRGHU GHU 6FKQDSSVFKXVV EHLP )UL VHXU )RWRV HU]lKOHQ *HVFKLFK WHQ *HVFKLFKWHQ GLH HUVW JH VHKHQ ZHUGHQ PVVHQ XP VLH GDQQ DXI]XPDOHQ $XI]XPDOHQ PLW/LFKW 'LHV LVW HLQH (LQODGXQJ DQ MHGHQ HV DXV]XSUR ELHUHQ 'HQQ GDV 6FK|QH DQ GHU )RWRJUDILH LVW GDVVVLHHLQIDFK6SD‰PDFKW ,QIRUPDWLRQHQ KWWSZZZXQLUHJHQVEXUJGH(LQULFKWXQJHQ 6WXGHQWHQZHUNSDVVDX KWWSZZZOLFKWJHVWDOWHQWN

6HLWH  $XVJDEH 

YRQ0HODQLH.XQ]

)RWRREHQ0HODQLH.XQ] )RWRXQWHQ.DWKULQ0DW]NXV


XXXDTVQBTTBVEF

YYYDKIRQKPVRCUUCWFG 0GWDWTIGT5VT2CUUCW 6HLWH  $XVJDEH 

UP-Campus 4/2005  

Zeitschrift der Passauer Publikationen Gruppe

Read more
Read more
Similar to
Popular now
Just for you