$QOHLWXQJ 'LH :HOW KDW GHLQH )DUEHQ
/LHEH (OWHUQ 6LFKHUKHLW VWHKW EHL 2UELV DQ HUVWHU 6WHOOH /HVHQ 6LH XQEHGLQJW GLH IROJHQGHQ ZLFKWLJHQ +LQZHLVH YRU GHP HUVWHQ (LQVDW] GHV 2UELV $LUEUXVK 3RZHU 6WXGLRV :HLWHUH ,QIRUPDWLRQHQ ]XP 7KHPD 6LFKHUKHLW ¿QGHQ 6LH DXI 6HLWH 6FKDOWQHW]WHLOH IU 6SLHO]HXJH VLQG QLFKW GD]X JHHLJQHW DOV 6SLHO]HXJ EHQXW]W ]X ZHUGHQ 'LH %HQXW]XQJ PXVV XQWHU VWlQGLJHU hEHUZDFKXQJ GHU (OWHUQ HUIROJHQ :HLVHQ 6LH ,KUH .
6R IXQNWLRQLHUWCV 9HUELQGH GHQ .RPSUHVVRU XQG GLH 6SUKSLVWROH PLW GHP /XIWVFKODXFK 1XQ VWU|PW /XIW REHQ DXV GHP /RFK +DOWH GLH 6SUKSLVWROH ZLH HLQHQ 6WLIW 8P ]X VSUD\HQ VFKOLHH GDV /XIWORFK PLW GHP =HLJH¿QJHU 1LPPVW GX GHQ =HLJH¿QJHU ZLHGHU ZHJ NRPPW NHLQH )DUEH PHKU DXV GHU 6SUKSLVWROH 8P GDV *HUlW HLQ XQG DXV ]X VFKDOWHQ EHWlWLJH GHQ VFKZDU]HQ 6FKDOWHU 6FKOLHH GDV 1HW]WHLO DQ GHU .
GDV EUDXFKVW GX 'DUEHU KLQDXV NDQQVW GX GDV 6FKPLHUSDSLHU DXFK GD]X EHQXW]HQ JHUDGH /LQLHQ ]X HU]HXJHQ RGHU HLQHQ +RUL]RQW RGHU 6WUDHQ GDU]XVWHOOHQ /HJH GLU HLQHQ DXVUHLFKHQGHQ 6WDSHO 6FKPLHUSDSLHU ]XP $XVSURELHUHQ ]XU 6HLWH %HYRU GX HWZDV VSUKVW NDQQVW GX VR ] % )DUEHQ RGHU 6FKDEORQHQ WHVWHQ 1DWUOLFK NDQQVW GX GHLQ %LOG DXFK PLW QRUPDOHQ 6WLIWHQ YHU]LHUHQ RGHU IUHLKlQGLJ ZHLWHUH (OHPHQWH KLQ]XIJHQ %HQXW]H ]XP 0DOHQ DEHU QLFKW GLH )DUESDWURQHQ 9HUZHQGH 6FKUDXEHQ 0XWWHUQ RGHU NOHLQH 6WHLQ
/RV JHKWCV %HYRU GX PLW GHLQHP HUVWHQ ULFKWLJHQ %LOG VWDUWHVW IDQJ ]XHUVW PLW HLQ SDDU Ä$XIZlUP hEXQJHQ³ DQ +LHU HLQ SDDU 7LSSV GUHL )DUEVFKLFKWHQ :HQLJHU LVW PHKU 6SUKH OLHEHU PHK UHUH GQQH )DUEVFKLFKWHQ DOV HLQH GLFNH 6FKLFKW )DUEH $UEHLWH PLW UXKLJHQ JOHLFKPlLJHQ %HZHJXQJHQ ]ZHL )DUEVFKLFKWHQ Q $FKWH EHLP 6SUKHQ GDUDXI GDVV GX LPPHU HLQ ELVVFKHQ EHU GLH 6WDQ]IRUP GHU 6FKDEORQH KLQDXV VSUKVW 6R EHNRPPVW GX HLQ VDXEHUHV (UJHEQLV HLQH )DUEVFKLFKW $EVWDQG KDOWHQ 0LW XQWHUVFKLHGOLF
W 6&+5,77 )ÑU VFK6NULW DWHU :HQQ GX PLW GHP +LQWHUJUXQG IHUWLJ ELVW SODW]LHUH GLH +DXSW¿JXU GHV 6NDWHUV XQG VSUKH VLH DXV +DXSW¿JXU 'UFNH EHL GHU 6FKDEORQH PLW GHU +DXSW¿JXU GHQ 6NDWHU YRUVLFKWLJ KHUDXV 'LH +DOWHSXQNWH NDQQVW GX DP EHVWHQ GXUFK 'UHKHQ O|VHQ =XP HLQIDFKHUHQ $UEHLWHQ NDQQVW GX GLH 6FKDEORQHQ DXFK VR ]XUHFKWVFKQHLGHQ ZLH GX VLH EUDXFKVW 6SUKH DOV HUVWHV PLW ZHQLJ )DUEH GHQ +LQWHUJUXQG GHV %LOGHV $FKWH GDUDXI GDVV GX IU GHQ 6NDWHU XQG HYHQWXHOOH DQGHUH (OHPHQWH :HLVWHOOHQ O
W 6&+5,77 )ÑU VFK6NULW DWHU 0LW NOHLQHQ 7ULFNV NDQQVW GX YLHO :LUNXQJ HU]LHOHQ %HQXW]H GHLQH 6FKDEORQH YRQ GHU DQGHUHQ 6HLWH XP ]XP %HLVSLHO +lXVHUQ HLQH 7LHIHQZLUNXQJ ]X YHUOHLKHQ 9HUOHLK 'HLQHP %LOG PHKU 7LHIH 6SUK HLQ IDFK HLQH RGHU YHUVFKLHGHQH 6FKDEORQHQ KLQ WHUHLQDQGHU XQG OHLFKW YHUVHW]W VR HU]HXJVW GX PLW JDQ] HLQIDFKHQ 0LWWHOQ HLQH JHZLVVH 5lXPOLFKNHLW 8P 8QVDXEHUNHLWHQ ]X YHUPHLGHQ GHFNH XP GLH 6FKDEORQHQ KHUXP PLW 6FKPLHU SDSLHU DE 6R NDQQ DXFK EHL NOHLQHUHQ 9RUODJHQ QLFKWV GDQH
W 6&+5,77 )ÑU VFK6NULW DWHU 9HUZHQGH ]XP (QGH KLQ LPPHU GXQNOHUH )DUEW|QH =XP %HLVSLHO NDQQVW GX GHLQHP %LOG QRFK HLQHQ 5DKPHQ VSUKHQ RGHU HV PLW YHUVFKLHGHQHQ (OHPHQWHQ GHU 6FKDEORQHQ YHU]LHUHQ
'LH 6SLHJHOXQJHQ GHU 3DOPHQ DXI GHP :DVVHU HU]HXJVW GX LQGHP GX GLH 6FKDEORQH XPGUHKVW XQG PLW ZHQLJ )DUEH GLH 6SLHJHOXQJ LP :DVVHU DQGHXWHVW 6&+5,77 )ÑU VFKGDUQFLWLQWJ 'HQ 6WUDQG NDQQVW GX PLW ZHOOHQI|UPLJ JHVFKQLWWHQHP 3DSLHU VSUKHQ )U GLH XQWHUJHKHQGH 6RQQH HLJQHW VLFK DOV 6FKDEORQH HLQH DEJHVFKQLWWHQH .
6&+5,77 )ÑU VFKGDUQFLWLQWJ 0LW GXQNOHQ )DUEHQ NDQQVW GX GHP %LOG MHW]W ZHLWHUH 0RWLYH KLQ]XIJHQ :HQQ GX HWZDV (LJHQHV HQWZHUIHQ ZLOOVW EOlWWHUH VFKQHOO ZHLWHU XQG OHUQH ZLH GX PLW JDQ] HLQIDFKHQ 7ULFNV HLJHQH 6FKDEORQHQ EDVWHOQ NDQQVW
6FKDEORQHQ DXV GHLQHP =LPPHU :DWWH LVW HLQH VXSHU ÀH[LEOH 6FKDEORQH =HUSÀFNH VLH HLQ ELVVFKHQ XQG VSUKH XP VLH KHUXP 6R HQWVWHKHQ WROOH :RONHQIRUPDWLRQHQ (LQ DXVJHGLHQWHU .DPP HLJQHW VLFK KHUYRUUDJHQG XP GDPLW 0XVWHU LQ GHLQH %LOGHU ]X ]DXEHUQ 0LW LKP NDQQVW GX DXFK ZXQGHUEDU =lXQH VSUKHQ 0LW DEJHULVVHQHP 3DSLHU ODVVHQ VLFK ZXQGHUEDU /DQGVFKDIWHQ ZLH ]XP %HLVSLHO *HELUJV]JH JHVWDOWHQ (LQ /RFKHU KLOIW GLU NOHLQH .UHLVH ]X VSUKHQ 6R NDQQVW GX ]XP %HLVSLHO 0XVWHU 3HUOHQ NHWWHQ .
6FKDEORQHQ DXV GHU QDWXU 1XW] GRFK PDO HLQHQ 7DQQHQ]DSIHQ DOV 6FKDEORQH :DV NDQQVW GX PLW GHP 0XVWHU PDFKHQ" :RUDQ HULQQHUW HV GLFK" 9LHOOHLFKW LQVSLULHUW HV GLFK MD ]X HLQHP %LOG %OlWWHU HUJHEHQ DXFK LQWHUHVVDQWH )RUPHQ 9LHOOHLFKW HLJQHW VLFK HLQH %ODWWIRUP MD DOV 6LOKRXHWWH IU HLQ %RRW RGHU HLQ 5DXPVFKLII" )HGHUQ VLQG DXFK WROOH 6FKDEORQHQ :HQQ GX DXI GHP %RGHQ NHLQH ¿QGHVW VLHK PDO YRUVLFKWLJ LQ HLQHP 9RJHOKlXVFKHQ QDFK %OXPHQ XQG *UlVHU HUJHEHQ OXVWLJH 0XVWHU 0LW 6LFKHUKHLW ¿QGHVW 'X D
6FKDEORQHQ VHOEVW HQWZHUIHQ 0DQFKPDO LVW HV VR HLQIDFK 1LPP GLU HLQH 6FKDEORQH XQG OHJH VLH LPPHU ZLHGHU QHEHQHLQDQGHU 0LW GLHVHP VLPSOHQ 7ULFN NDQQVW GX WROOH 0XVWHU JHVWDOWHQ 9HUZHQGH ]ZHL 6WFN 3DSLHU XP XQWHUVFKLHGOLFKH 'UHLHFNH ]X VSUKHQ =HUNQOOH )ROLH XQG VSUKH VLH DQ 'X NDQQVW QXQ GLH )ROLH DOV 6WHPSHO EHQXW]HQ XQG LQWHUHVVDQWH 6WUXNWXUHQ HQWVWHKHQ ODVVHQ )DOWH HLQ %ODWW 3DSLHU XQG VFKQHLGH DQ GHU JHIDO WHWHQ .DQWH HLQHQ KDOEHQ 3IHLO DXV .
WROOH EDVWHOLGHHQ ]XP QDFKPDFKHQ 0LW HLQ SDDU NOHLQHQ ,GHHQ NDQQVW GX GHLQH 6FKXOKHIWH XQG 2UGQHU VW\OLVFK YHU]LHUHQ 6R HWZDV KDW VRQVW JDUDQWLHUW NHLQHU *HVWDOWH GHLQH HLJHQHQ 0L[ &'V QLFKW QXU PXVLNDOLVFK ± DXFK RSWLVFK NDQQVW GX LKQHQ GHLQHQ JDQ] HLJHQHQ 6W\OH YHUSDVVHQ 0LW NOHLQHQ %LOGHUQ NDQQVW GX 6WLIWEHFKHU XQG DQGHUH *HJHQVWlQGH DXI GHLQHP 6FKUHLEWLVFK LPPHU ZLHGHU QHX JHVWDOWHQ $XV JURHQ ',1 $ %OlWWHUQ OlVVW VLFK ZXQGHU EDU HLJHQHV *HVFKHQNSDSLHU JHVWDOWHQ 6R ZHUGHQ GHLQH *HVFKHQNH QRFK
)HKOHUTXHOOHQ 3UREOHP 6LFKHUKHLW /ÌVXQ* GLH 3DWURQH VLW]W QLFKW IHVW JHQXJ LQ GHU 6SUKSLVWROH" 'UFNH GLH 3DWURQH IHVW LQ GLH 3LVWROH GDEHL HLQ ZHQLJ GUHKHQ 6R ZLUG GLH 3DWURQH SHUIHNW LQ GHQ 'LFKWXQJVULQJ JHIKUW (V NRPPW NHLQH )DUEH DXV GHU 6SUKSLVWROH RGHU GLH )DUEH ÄVSXFNW³ DXV GHU 3LVWROH RGHU GX YHUVFKOLHW PLW GHP =HLJH¿QJHU GDV /XIW ORFK QLFKW NRPSOHWW 'DQQ HQWZHLFKW /XIW QDFK REHQ RGHU GHLQH 3DWURQH LVW OHHU 'LH )DUEH YHUOlXIW DXI GHP 3DSLHU RGHU GLH )DUEH OlXIW EHLP 6SUKHQ XQWHU
'HLQH 2UELV :HOW $LUEUXVK &RORU IU 3DSLHU 'DV VWHOOW GLH :HOW DXI GHQ .RSI 'LH HUVWHQ )DUESDWURQHQ ]XP 6SUD\HQ -HGHV 6HW HQWKlOW YLHU )DUESDWURQHQ ]XP $LUEUXVKHQ DXI 3DSLHU .
6HL DXI GHP QHXVWHQ 6WDQG $OOH 3URGXNWH XQG VSDQQHQGH 1HZV DXV GHU 2UELV :HOW JLEWɆV DXI ZZZ RUELV UHYHOO GH $FKWXQJ )¾U .LQGHU XQWHU 0RQDWHQ QLFKW JHHLJQHW .OHLQH 7HLOH (UVWLFNXQJVJHIDKU /DQJH 6FKQXU 6WUDQJXODWLRQVJHIDKU ZZZ RUELV UHYHOO GH k 5HYHOO *PE+ &R .* +HQVFKHOVWUD¡H Ƀ ' %¾QGH 7HO 5(9(// ,6 7+( 5(*,67(5(' 75$'(0$5. 2) 5(9(// *PE+ &R .