Mandari Insight

2011/0202

Konversion Cambrai-Fritsch-Kaserne, Jefferson Siedlung und Lincoln Siedlung - Rahmenplanung Bessungen-Süd mit Entwicklungskonzept Lincoln-Siedlung

Magistratsvorlage 10.05.2011

KI-Zusammenfassung

Klicken Sie, um eine KI-Zusammenfassung dieses Vorgangs zu erstellen.

KI-Analyse läuft...

vergangen

Was passiert gerade?

  • 📄 Dokumente werden analysiert...
  • 🤔 KI denkt nach (Reasoning-Modell)...
  • ✍️ Zusammenfassung wird geschrieben...
  • ⏳ Das dauert etwas länger bei komplexen Dokumenten...

Dieser Vorgang kann 1-3 Minuten dauern. Bitte lassen Sie die Seite geöffnet.

2011/0202

32.5 KB · application/pdf

Ansehen

anlage 1

26.3 MB · application/pdf

Ansehen

2011/0202

18724 Zeichen

Magistratsvorlage 
 
Eingang Magistrats- 
geschäftsstelle: 
18.05.2011 
an den Magistrat 
   zur Kenntnis 
   zur Beschlussfassung 
 
Beteiligt vor 
Magistratsbeschlussfassung: 
Dezernat VI Dezernat I 
Dezernat V an die Stadtverordnetenversammlung 
   OBW zur Befassung 
   zur Kenntnis 
   zur Beschlussfassung 
   zur abschließenden Beschluss-        
fassung Fachausschuss 
 
Amt: Stadtplanungsamt 
In Zusammenarbeit mit: 
Grünflächenamt 
Straßenverkehrs- und 
Tiefbauamt Behandlung in  
öffentl. Sitzung 
Ja 
 
Nein 
 
 OBW bei abschl. 
Beschlussfassung Magistrat 
 
 
 
Ja 
 
Nein  
Internetfähig     
Verteiler: 
 
 
Vorlage-Nr. 2011/0202 
 
Magistratsbeschluss-Nr. 
  
 
 
Betreff: Konversion Cambrai-Fritsch-Kaserne,  Jefferson Siedlung und Lincoln Siedlung 
- Rahmenplanung Bessungen-Süd mit Entwicklungskonzept Lincoln-Siedlung 
 
Vorlage vom: 10.05.2011 
 
Beschlussvorschlag: 
 
1. Den inhaltlichen Zielsetzungen und Ergebnissen der Rahmenplanung Darmstadt Bessungen Süd 
einschließlich des Entwicklungskonzeptes Lincoln Siedlung wird zugestimmt. 
 
2. Die Rahmenplanung Darmstadt Bessungen Süd einschließlich des Entwicklungskonzepts Lincoln-
Siedlung ist der weiteren Planung für die Konversionsflächen ehemalige Cambrai-Fritsch-Kaserne, 
Jefferson Siedlung, Lincoln Siedlung zugrunde zu legen. 
 
 
Anlagen: Bericht Rahmenplanung Darmstadt Bessungen Süd 
- Rahmenplan Bessungen Süd (wird zu den Sitzungen aufgehängt / ausgelegt) 
- Entwicklungskonzept Lincoln-Siedlung (wird zu den Sitzungen aufgehängt / ausgelegt) 
 
Datenschutzrelevante Anlage:  
 
Beschluss des Magistrats vom

2 
...

3 
... 
 
Begründung zur Magistratsvorlage 2011/0202 vom 10.05.2011:  
 
1. Planungsanlass 
 
Die ehemals militärisch genutzten Flächen der amerikanischen Streitkräfte im Süden Darmstadts sind 
in den Jahren 2008/09 in das Eigentum der Bundesanstalt für Immobilienaufgaben (BIMA) 
übergegangen. Während die St-Barbara-Siedlung bereits im Jahr 2010 einer zivilen Nutzung 
zugeführt werden konnte, ist für die mit insgesamt 58,7 ha ungleich größeren Areale der ehemaligen 
Cambrai-Fritsch-Kaserne, der Jefferson-Siedlung und der Lincoln-Siedlung ein umfassender 
Planungsprozess erforderlich, der die Umsetzung der Stadtentwicklungsziele für den Bereich 
zwischen den Stadtteilen Bessungen und Eberstadt sowie die städtebauliche, landschaftliche und 
verkehrliche Integration der zu entwickelnden Quartiere in das Stadtgefüge gewährleistet. Die 
Rahmenplanung Bessungen Süd ist hierzu der erste Schritt, dem ein städtebaulicher und 
landschaftsplanerischer Wettbewerb für das Areal Ehemalige Cambrai-Fritsch-Kaserne/Jefferson-
Siedlung sowie die Bauleitplanung für alle drei Areale folgen werden. 
 
Bereits 2005 wurden Aufstellungsbeschlüsse für die Bebauungspläne S 25 „Lincoln-Siedlung“ und S 
26 „Cambrai-Fritsch-Kaserne/Jefferson-Siedlung“ gefasst. Verwiesen sei zudem auf die Vorlagen 
2008/313 „Konversion Cambrai-Fritsch-Kaserne, Rahmenbedingungen zur zukünftigen Entwicklung“, 
2008/314 „Wohnungswirtschaftliche Entwicklungsperspektiven der Konversionsareale“, 2009/139 
„Mittelanmeldung für den Nachtragshaushalt – Konversion“, 2009/376 „Öffentlichkeitsbeteiligung im 
Konversionsprozess“, 2009/454 „Einleitung zur vorbereitenden Untersuchung“ und 2010/13 
„Gemeinsame Erklärung der Bundesanstalt für Immobilienaufgaben (BIMA) und der 
Wissenschaftsstadt Darmstadt zur Konversion“. 
 
Der Auftrag für die Rahmenplanung Bessungen-Süd wurde in Abstimmung mit der BIMA im April 2010 
vom Magistrat der Wissenschaftsstadt Darmstadt vergeben. Die Rahmenplanung umfasst den 
Rahmenplan Bessungen Süd (Gesamtkonzept) und das Entwicklungskonzept Lincoln Siedlung. Sie 
bildet die Grundlage für die Vorgaben zum Wettbewerb „Ehemalige Cambrai-Fritsch-
Kaserne/Jefferson Siedlung“, für die Bauleitplanung sowie den vorgesehenen städtebaulichen Vertrag 
zwischen der BIMA und der Wissenschaftsstadt Darmstadt zur Entwicklung der o.g. 
Konversionsareale.  
 
Die Bundesanstalt für Immobilienaufgaben war als Eigentümerin an den Planungskosten für die 
Rahmenplanung und zugehörige Gutachten beteiligt. Auch das Land Hessen hat sich an der 
Finanzierung der Planung beteiligt. Die BIMA wurde regelmäßig über alle Planungsschritte informiert 
und war in den Planungsprozess einbezogen. Auf Seiten der Stadt war der Lenkungskreis Konversion 
mit Vertretern der Fraktionen der Stadtverordnetenversammlung regelmäßig in den Planungsprozess 
eingebunden. 
 
 
2. Bearbeitung und Planungsprozess 
 
Die Rahmenplanung wurde von drei Planungsbüros mit den fachlichen Schwerpunkten Stadtplanung 
(Federführung), Freiraum- und Landschaftsplanung sowie Verkehrsplanung erstellt und in einem 
kontinuierlichen Planungsprozess mit den Fachverwaltungen abgestimmt. Das Projektteam mit den 
beauftragten Büros und Vertretern der Fachämter tagte im Zeitraum von Mai 2010 bis April 2011 in 
kurzen Abständen. Die von der Rahmenplanung berührten Fachverwaltungen wurden in mehreren 
Ämterrunden einbezogen. Mit weiteren von der Planung berührten Behörden und Institutionen wurden 
Abstimmungsgespräche geführt. 
 
Grundlage der Planung ist eine umfassende Bestandsaufnahme auf der Basis zahlreicher 
Fachgutachten, u.a. zu Gebäudebestand, Baumbestand, Altlasten, Schadstoff- und 
Immissionsbelastungen, technischer Infrastruktur und Verkehrsflächen, Energieversorgung, 
Nahversorgung. Im ersten Planungsschritt wurden unterschiedliche Entwicklungsszenarien erarbeitet 
und bewertet. Im Rahmen einer ersten Planungswerkstatt am 21/22.08.2010 wurden drei alternative 
Szenarien der Öffentlichkeit erläutert und zur Diskussion gestellt.

4 
... 
 
Mit den Hinweisen aus der Planungswerkstatt wurden die Szenarien weiter entwickelt und zu einem 
Rahmenkonzept verdichtet. Die Anforderungen an die verkehrliche, technische und soziale 
Infrastruktur sowie alle städtebaulichen, landschaftsplanerischen und verkehrlichen Maßnahmen, die 
Voraussetzung oder Folge der Flächenentwicklung sind, wurden gemäß den Bedarfen nach den 
allgemeinen städtischen Standards ermittelt und in die Planung aufgenommen. 
 
Parallel zur Rahmenplanung ist die HA Stadtentwicklungsgesellschaft (Tochter der HessenAgentur) 
im Planungsprozess beratend tätig und mit der Betrachtung der immobilienwirtschaftlichen 
Rahmenbedingungen der Planung beauftragt. 
 
Die abgestimmten Entwürfe des Rahmenplans Bessungen Süd sowie des Entwicklungskonzeptes 
Lincoln Siedlung waren Gegenstand der zweiten Planungswerkstatt am 11./12.02.2011. Mit den 
Anregungen aus der zweiten Planungswerkstatt wurde die vorliegende Rahmenplanung ausgearbeitet 
und als Entwurf vorgelegt. 
 
 
3. Grundzüge des Rahmenplans Bessungen Süd 
- Im Folgenden sind die Grundzüge der Rahmenplanung knapp zusammengefasst. - 
 
Grundlage der Rahmenplanung sind die Zielsetzungen der Stadtentwicklung: 
Auf den Konversionsarealen westlich und östlich der Heidelberger Straße sollen lebendige 
Stadtquartiere mit dem Nutzungsschwerpunkt Wohnen entstehen. Dabei wird in beiden Quartieren die 
Ausbildung einer ausgewogenen Sozialstruktur angestrebt. Auf eine zukunftsfähige und präventiv 
ausgerichtete soziale Infrastruktur wird Wert gelegt.  
Gleichzeitig sollen die besonderen stadträumlichen und landschaftlichen Qualitäten des 
Planungsraums gesichert und die neuen Quartiere funktional, landschaftlich und verkehrlich in die 
Umgebung eingefügt werden.  
 
Angesichts des begrenzten Siedlungsflächenpotentials der Stadt bieten die Konversionsflächen die 
besondere Chance, die auch perspektivisch hohe Nachfrage nach Wohnraum im Stadtgebiet in 
größerem Umfang qualitätvoll zu befriedigen. Die Planung sieht daher, orientiert an den vom Institut 
Wohnen und Umwelt (IWU) festgestellten Bedarfszahlen, Wohnraum für bis zu 3.000 Menschen im 
„Lincoln-Quartier“ und bis zu 2.500 Menschen im „Cambrai-Fritsch-Quartier“ (Arbeitstitel) vor.  
 
Entsprechend der Zielvorgabe einer möglichst ausgewogenen Sozialstruktur sind in beiden Quartieren 
ein breit gefächertes Wohnraumangebot und eine kleinteilige Mischung von Wohnformen vorgesehen. 
Dabei wird für das Lincoln Quartier der Schwerpunkt im Geschosswohnungsbau unterschiedlicher 
Ausprägung liegen. Im Cambrai-Fritsch-Quartier wird neben Geschosswohnungsbau Wohnbebauung 
mittlerer und niedriger Dichte (Einfamilienhausbau) in größerem Umfang vorgesehen.  
 
In beiden Quartieren ist ein Teil des Wohnraumangebots für die Versorgung von 
Wohnungssuchenden innerhalb der Einkommensgrenzen des Wohnraumförderungsgesetzes 
vorzuhalten, ebenso für  generationsübergreifende Wohnprojekte, Wohnangebote für ältere Menschen 
und zur Versorgung von Studierenden, integratives Wohnen und Eigentumsbildung für Familien mit 
Einkommen in den Grenzen der Eigentumsförderung des Landes Hessen. 
 
In beiden Quartieren sind Gemeinbedarfseinrichtungen für Menschen aller Altergruppen vorzusehen. 
Die für die neue Wohnbevölkerung beider Quartiere erforderliche 4-zügige Grundschule erhält einen 
zentralen Standort am Quartierszentrum des Lincoln-Quartiers an der Heidelberger Straße, die 
erforderliche 4-zügige weiterführende Schule einen Standort im Cambrai-Fritsch-Quartier (konkreter 
Standort noch offen). Für beide Quartiere sind entsprechend dem Bedarf je zwei Kindertagesstätten 
vorgesehen, sowie Jugend- und Gemeinschaftseinrichtungen, Spiel- und Sport- und Freizeitangebote 
im erforderlichen Umfang.

5 
... 
In beiden Quartieren sind Flächen für ein eigenes Zentrum mit jeweils unterschiedlichen, sich 
funktional ergänzenden Angeboten vorgesehen. Im Lincoln-Quartier wird aufgrund der Nähe zum 
neuen Versorgungsschwerpunkt »Marktplatz Bessungen« nur in geringem Maße Einzelhandel 
realisiert werden können. Der funktionale Schwerpunkt soll dort auf quartiersbezogenen 
Dienstleistungen, Gastronomie, sozialen und kommunikativen Angeboten liegen. Zentraler Baustein 
ist die neue Grundschule, die eine wesentliche Rolle im öffentlichen Leben beider Quartiere 
einnehmen soll. Im Cambrai-Fritsch-Quartier soll im Quartierszentrum Fläche für einen kleinen 
Nahversorger (bis zu 800 qm Verkaufsfläche) vorgesehen werden, der auch zur Versorgung des 
südlichen Teils des Lincoln-Quartiers beitragen soll. 
 
Der Rahmenplan sieht in beiden Quartieren ein großzügiges und differenziertes Angebot an 
attraktiven Freiräumen zur wohnortnahen Erholung und als Orte der Kommunikation vor. Darüber 
hinaus werden die Freiräume am Rand und teilweise außerhalb der Konversionsflächen einbezogen 
mit dem Ziel, den Freiraumgürtel vom Grünzug Bessungen Süd im Osten bis zum Sport- und 
Freizeitgelände Heimstättensiedlung im Westen als durchgängigen Grünzug aufzuwerten und 
wiederherzustellen sowie den nahezu geschlossenen umfließenden Wald- und Offenlandgürtel mit 
hohen landschaftlichen Qualitäten zwischen Bessungen und Eberstadt zu ergänzen.  
 
Der Grünzug Bessungen Süd soll unter Berücksichtigung vorhandener Gehölzbestände und –
strukturen funktional und gestalterisch aufgewertet werden, um der Naherholung der zukünftig 
benachbarten Wohnbevölkerung zu dienen sowie das Spielangebot für Kinder und Bewegungs- und 
Aufenthaltsangebote für Jugendliche im erforderlichen Umfang zu ergänzen. Aufgrund der 
Lärmproblematik sind gerade Aufenthaltsbereiche für Jugendliche auf ausreichende Abstände zu 
Wohnnutzungen angewiesen. 
 
In der ehemaligen Cambrai-Fritsch-Kaserne stellt der bestehende denkmalgeschützte Platz den 
zentralen Ort innerhalb des Quartiers dar. Der die Kaserne prägende alte Baumbestand soll 
weitgehend geschützt werden.  
 
Für die Ausbildung von Randzonen und Übergängen zu den angrenzenden Waldflächen, zum 
Naturschutzgebiet „Bessunger Kiesgrube“ sowie zur Integration des Wohnstandortes in den 
umgebenden Landschaftsraum sollen Flächen vorgehalten werden. 
 
Das Naturschutzgebiet Bessunger Kiesgrube bleibt geschützt (Betretungsverbot). Wertvolle 
Lebensräume von Pflanzen und Tieren wie ausgeprägte Magerrasenstandorte, alte Baumbestände 
und Sonderstandorte der Mauereidechse werden gesichert und entwickelt. 
 
Bei den verkehrlichen Fragestellungen zur Entwicklung der Konversionsflächen werden Aussagen zur 
Einbindung in das gesamtstädtische Verkehrs- und Wegenetz und den zu erwartenden verkehrlichen 
Wirkungen getroffen. Das vorhandene Straßennetz weist heute stellenweise schon erhebliche 
Engpässe auf, so dass die durch die Konversionsflächen entstehenden zusätzlichen 
Verkehrsbelastungen nur durch ergänzende verkehrstechnische und bauliche Maßnahmen 
leistungsfähig abgewickelt werden können. Neben den bestehenden Haupterschließungsstraßen 
erfolgt eine weitere Anbindung der Konversionsflächen an das übergeordnete Netz (B3 Karlsruher 
Straße) über eine neue Straßenverbindung (Planstraße) zwischen der Heidelberger Straße und 
Karlsruher Straße südlich der Lincolnsiedlung. 
 
Ziel der verkehrlichen Entwicklung der Konversionsflächen ist es, die Vernetzung der Quartiere 
untereinander und mit der Umgebung insbesondere zu Fuß und mit dem Fahrrad sicherzustellen. Dies 
entspricht auch den Vorgaben des Luftreinhalteplans, verkehrsbedingte Emissionen (Lärm, Feinstaub, 
Abgase) zu reduzieren. Hierzu müssen Angebote geschaffen werden, die auf möglichst geringe Kfz-
Nutzungsraten abzielen. Eine Erweiterung im ÖPNV-Angebot wird durch eine neue 
Straßenbahnhaltestelle an der Heidelberger Straße und eine Straßenbahnverlängerung durch das 
Cambrai-Fritsch-Quartier vorgesehen. Hierzu ist eine Kosten-Nutzen-Untersuchung in Vorbereitung. 
 
Neben einem Ausbau der Verkehrsangebote des Umweltverbunds (ÖPNV, Fuß- und Radverkehr) 
gehören zur umwelt- und sozialverträglichen Verkehrsabwicklung insbesondere auch Maßnahmen im

6 
... 
Bereich des Mobilitätsmanagements, die die zukünftigen Bewohnerinnen und Bewohner, Beschäftigte 
und Besucher der Quartiere in einer vom Kfz unabhängigen Mobilität unterstützen. 
 
Ein übersichtliches und attraktives Wegenetz sichert die Integration der Quartiere untereinander und 
mit der Umgebung. Durch Wiederherstellungen historischer Wegebeziehungen wie der Alten 
Bogenschneise, des Sandwegs oder des Ludwigswegs sowie der Entwicklung neuer 
Wegeverbindungen werden die Quartiere in den Landschaftsraum eingebunden und untereinander 
vernetzt. 
 
 
4. Grundzüge des Entwicklungskonzeptes Lincoln Siedlung 
 
Das Entwicklungskonzept Lincoln vertieft den Rahmenplan Bessungen Süd für das Areal der Lincoln-
Siedlung. Es stellt die Grundlage für die weitere Planung, insbesondere die Bauleitplanung dar. 
 
Zentraler Planungsansatz ist die Weiterentwicklung der Lincoln-Siedlung mit ihrer gleichförmigen Bau- 
und Freiraumstruktur zu einem differenziert gestalteten Quartier mit einer klaren räumlichen und 
funktionalen Mitte. Das Entwicklungskonzept sieht ein inneres Freiraumsystem vor, welches einerseits 
zur Erzeugung hochwertiger Wohnlagen im Kern des Quartiers beiträgt und andererseits im Inneren 
Qualitäten erzeugt, die aufgrund der Lärmbelastungen durch die Karlsruher Straße und die 
Heidelberger Straße an den Quartiersrändern nicht möglich sind. 
 
Die Quartiersmitte bildet ein Park in Verbindung mit den zentralen Einrichtungen der Grundschule mit 
Kita, einer zugehörigen kleinen Sport-/Mehrzweckhalle, des zur Nachnutzung als Kita vorgesehenen 
Gebäudes des ehemaligen Child Development Centers, sowie des Quartierszentrums an der 
geplanten neuen Straßenbahnhaltestelle an der Heidelberger Straße. Das Quartierszentrum mit 
Platzfläche ist Ausgangspunkt eines der beiden geplanten Verbindungswege (Schulwege) zum 
Cambrai-Fritsch-Quartier. 
 
Um den zentralen Quartierspark werden mehrere Teilquartiere mit einem differenzierten Angebot an 
Wohnformen und Wohntypologien vorgesehen. Das Lincoln-Quartier soll hinsichtlich der Wohnqualität 
ein breites Spektrum an zukünftigen Bewohnern ansprechen. 
 
Der angemessen dimensionierte Quartierspark ist über Grünverbindungen aus den verschiedenen 
Wohn- und Freiraumbereichen für alle Altersgruppen gut zu erreichen. Die Größe des Parks mit rund 
2 ha lässt eine räumlich-funktionale Gliederung zu, die den vielfältigen Nutzungsansprüchen an einen 
zentralen Freiraum gerecht werden kann. 
 
Die räumliche Vernetzung des Quartiersparks und des Quartierszentrums erfolgt in Nord-Süd-
Richtung über eine Freiraumachse, die aus der Franklinstraße und einem linearen Freiraum 
(„Bellevue“) mit Bezug zum Gebäude der denkmalgeschützten ehemaligen Großherzoglichen 
Keramischen Manufaktur im Norden besteht.  
 
Voraussetzung für die vorgestellte städtebauliche und freiraumplanerische Grundstruktur des Lincoln-
Quartiers ist eine Neuordnung des nördlichen Teils der Lincoln-Siedlung. Die mit dem Abbruch eines 
Teils der vorhandenen Wohngebäude verbundene Neuordnung ist darüber hinaus folgendermaßen 
begründet: 
- Die derzeitige Erschließungs- und Bebauungsstruktur mit ungünstig geschnittenen Bauflächen 
erschwert die Orientierung und die Bildung von stadträumlichen Qualitäten.  
- Die locker gruppierten Wohnzeilen des Bestands sind hinsichtlich der Wohnqualität, der 
Ausrichtung, des passiven Solarenergieeintrags und des Lärmschutzes nur ungenügend 
entwicklungsfähig. Zudem weisen die Wohngebäude überwiegend einen erheblichen 
Sanierungsstau auf. 
- Nur eine Neuordnung des nördlichen Bereichs ermöglicht eine in Hinblick auf die Lagegunst 
und den dringenden Wohnraumbedarf im Stadtgebiet angemessene Dichte der 
Wohnbebauung mit guter städtebaulicher Qualität.

7 
... 
Mit der Neuordnung im nördlichen Teil des Quartiers entsteht die Voraussetzung, mit kompakten und 
urbanen Baustrukturen zeitgemäße Qualitätsstandards hinsichtlich Energieeinsparung, 
Barrierefreiheit, Wohnqualität, Schallschutz und Gestaltung zu realisieren. 
 
Im südlichen Teil soll die bestehende Wohnbebauung weitgehend erhalten werden. Mittels 
Nachverdichtung durch Aufstockungen (Staffelgeschosse) und Ergänzungsbauten kann neben einer 
angemessenen Dichte ein breiteres Angebot unterschiedlicher Wohnungsgrößen erreicht werden, das 
der Bestand nicht aufweist.  
 
Die Flächen entlang der Karlsruher Straße (Magerrasenstandorte) werden als extensiv nutzbare Spiel- 
und Bewegungsflächen speziell für Jugendliche in das Grünsystem eingegliedert. Die Lindenallee 
entlang der Heidelberger Straße und wertvolle Baumbestände im Quartier wie Eichen und Kiefern 
werden erhalten und zur Verbesserung der Orientierung innerhalb der Lincoln-Siedlung ergänzt.  
 
Das Lincoln-Quartier wird als autoarmes Quartier mit hohen Aufenthaltsqualitäten in den 
Straßenräumen und bespielbaren öffentlichen Räumen gestaltet.  
 
Der Dezernent I: Der Dezernent V: Der Dezernent VI:  
 
 
 
 
 
Walter Hoffmann Jochen Partsch Dipl.-Ing. Dieter Wenzel 
Oberbürgermeister Stadtrat Stadtrat 
 
 
 
 
Darmstadt, den   10.05.2011 
VI/61.3 ho NSt. 3646

anlage 1

283685 Zeichen

5DKPHQSODQXQJ'DUPVWDGW%HVVXQJHQ6G
/LQFROQ6LHGOXQJ-HIIHUVRQ6LHGOXQJHKHPDOLJH&DPEUDL)ULWVFK.DVHUQH
6WDGWSODQXQJVDPW
*UQÀlFKHQDPW
6WUD‰HQYHUNHKUVXQG7LHIEDXDPW

æ
'HU0DJLVWUDW
6WDGWSODQXQJVDPW
*UQÀlFKHQDPW
6WUD‰HQYHUNHKUVXQG7LHIEDXDPW
%HVVXQJHU6WUD‰H
'DUPVWDGW
%6VWlGWHEDXXQGDUFKLWHNWXU
5RWOLQWVWUD‰H
)UDQNIXUWDP0DLQ
LQIR#EVSOXVGH
ZZZEVSOXVGH
7RUVWHQ%HFNHU+HQULNH6SHFKW
.HUVWLQ)RUPKDOV0DJQXV-DNRE-DQDYRQ0DFNHQVHQ7KRUVWHQ6WHOWHU
/DQGVFKDIWVSODQXQJ
'LWWPDQQ.RPSOL]HQ
/DQGVFKDIWVDUFKLWHNWXU
:LHVHQVWU
)UDQNIXUWDP0DLQ
WHO
ID[
WKRPDVGLWWPDQQ#GNODGH
ZZZGNODGH
)5$1=gNRORJLHXQG/DQGVFKDIWVSODQXQJ
'U+RUVW)UDQ]
'LHEXUJHU6WUD‰H
'DUPVWDGW
WHO
ID[
IUDQ]GD#JP[GH
9HUNHKUVSODQXQJ
6WHWH3ODQXQJ%URIU6WDGWXQG9HUNHKUVSODQXQJ
'LSO,QJ*LVHOD6WHWH
'LSO,QJ.DWDOLQ6DDU\
6DQGEHUJVWUD‰H
'DUPVWDGW
WHO
ID[
NRQWDNW#VWHWHSODQXQJGH
ZZZVWHWHSODQXQJGH
7LWHOVHLWH%OLFNYRQGHU/XGZLJVK|KHEHUGLH&DPEUDL)ULWVFK.DVHUQHXQG
GLH/LQFROQ6LHGOXQJQDFK1RUGZHVWHQ‹6WDGW'DUPVWDGW
$OOH$EELOGXQJHQVWDPPHQVRZHLWQLFKWDQGHUVYHUPHUNW
YRQGHQ3ODQXQJVEURV
VWlGWHEDXXQGDUFKLWHNWXU
0DL
$3ODQXQJVUDXP
$ /DJHLP6WDGWJHELHW6WDQGRUWSUR¿O
$ 3ODQJHELHW
$ *HVFKLFKWHGHV2UWHV
%3ODQXQJVSUR]HVV
% 5DKPHQSODQXQJ
% )DFKJXWDFKWHQXQGIDFKOLFKH6WHOOXQJQDKPHQ
% %HVWHKHQGHV3ODQXQJVUHFKW
% 3ODQXQJVZHUNVWlWWHQ
&*HVDPWNRQ]HSW
& /HLWLGHH
&=LHOYRUVWHOOXQJHQ]XU%HEDXXQJ
& /DQGVFKDIWVXQGIUHLUDXPSODQHULVFKH(QWZLFNOXQJV]LHOH
& =LHOHIUGLHYHUNHKUOLFKH(QWZLFNOXQJ
&5DKPHQSODQ%HVVXQJHQ6G
&(QWZLFNOXQJVNRQ]HSW/LQFROQ
'%HEDXXQJ
' 1XW]XQJVNRQ]HSW
' %HEDXXQJVNRQ]HSW
()UHLUDXP
( hEHUJHRUGQHWH3ODQXQJHQ
( %HVWDQGVHUKHEXQJDQDO\VHEHZHUWXQJ
( 5DKPHQSODQXQG(QWZLFNOXQJVNRQ]HSW/LQFROQ6LHGOXQJ
( %HJUQGXQJGHU)UHLUDXPEHGDUIHXQGGHU)OlFKHQDXVZHLVXQJHQ
)9HUNHKU
) $XVJDQJVVLWXDWLRQ
) 9HUNHKUVNRQ]HSW5DKPHQSODQ
) 9HUNHKUVNRQ]HSW/LQFROQ6LHGOXQJ
) )ODQNLHUHQGH0D‰QDKPHQ
,QKDOW

:LVVHQVFKDIWVVWDGW
'DUPVWDGW

3ODQXQJVDQODVV
=XP-DKUHVHQGHKDEHQGLHOHW]WHQDPHULNDQL
VFKHQ6WUHLWNUlIWHGHQ6WDQGRUW'DUPVWDGWYHUODVVHQ
XQGHWZDKD)OlFKHLP6WDGWJHELHWKLQWHUODVVHQ
YRQGHQHQHWZDKDDOVLQQHUVWlGWLVFKH.RQYHUVL
RQVÀlFKHQDQJHVHKHQZHUGHQ
'LHLP6GHQGHU6WDGWJHOHJHQHQLQVJHVDPWHWZD
KDJUR‰HQ$UHDOHGHU/LQFROQ6LHGOXQJGHU
-HIIHUVRQ6LHGOXQJVRZLHGHUHKHPDOLJHQ&DPEUDL
)ULWVFK.DVHUQHLP(LJHQWXPGHU%XQGHVDQVWDOWIU
,PPRELOLHQDXIJDEHQ%,P$EH¿QGOLFKHQ)OlFKHQ
ZHLVHQHLQHQEHVRQGHUVKRKHQ6WHOOHQZHUWIUGLH
6WDGWHQWZLFNOXQJDXI*XWH(UUHLFKEDUNHLWGLHH[
SRQLHUWH/DJHLPVWlGWLVFKHQXQGODQGVFKDIWOLFKHQ
.RQWH[WVRZLHGLHWHLOVDQVSUHFKHQGH%DXVXEVWDQ]
]HLFKQHQGLHVH)OlFKHQDXV
'LH&DPEUDL)ULWVFK.DVHUQHGLH-HIIHUVRQ6LHGOXQJ
XQGGLH/LQFROQ6LHGOXQJVWHOOHQDQJHVLFKWVGHUKR
KHQ1DFKIUDJHQDFK:RKQUDXPXQGGHVYHUJOHLFKV
ZHLVHJHULQJHQ6LHGOXQJVÀlFKHQHQWZLFNOXQJVSR
WHQ]LDOV'DUPVWDGWHLQHHQRUPH&KDQFHGDU'HU
3ODQXQJVUDXPEH¿QGHWVLFKLQHLQHUDWWUDNWLYHQ/DJH
LQQHUKDOEGHU6WDGWLVWMHGRFKLQ7HLOHQGHQ,PPLVVL
RQHQYRQ9HUNHKUVWUDVVHQDXVJHVHW]W*OHLFK]HLWLJ
JLOWHVGLHZHUWYROOHQ1DWXUUlXPHLQVEHVRQGHUHGDV
PLWWHQLP3ODQXQJVUDXPEH¿QGOLFKH1DWXUVFKXW]JH
ELHW%HVVXQJHU.LHVJUXEH]XVFKW]HQXQGLQHLQ
EHUJHRUGQHWHV)UHLUDXPNRQ]HSW]XLQWHJULHUHQ
8PGLH3RWHQ]LDOHGHU$UHDOHIUGLH6WDGWHQWZLFN
OXQJRSWLPDOQXW]HQ]XN|QQHQVLQG1XW]XQJVP|J
OLFKNHLWHQ+DQGOXQJVRSWLRQHQXQGSODQHULVFKH5DK
PHQEHGLQJXQJHQGDU]XVWHOOHQXQGLQGHQEHUJHRUG
QHWHQNRQ]HSWLRQHOOHQ5DKPHQGHU6WDGWHQWZLFNOXQJ
HLQ]XELQGHQ
)UGHQJHVDPWHQ3ODQXQJVUDXP%HVVXQJHQ6G
ZDUGHVKDOEHLQHVWlGWHEDXOLFKH5DKPHQSODQXQJ]X
HUDUEHLWHQ)UGLH/LQFROQ6LHGOXQJZXUGHGLH5DK
PHQSODQXQJGXUFKHLQNRQNUHWHV(QWZLFNOXQJVNRQ
]HSWYHUWLHIW)UGHQ|VWOLFKHQ7HLO&DPEUDL)ULWVFK
.DVHUQHXQGGLH-HIIHUVRQ6LHGOXQJZXUGHQGLH
LQKDOWOLFKHQ*UXQGODJHQIUGLH'XUFKIKUXQJHLQHV
VWlGWHEDXOLFKHQ:HWWEHZHUEHVHUPLWWHOW
6FKUlJOXIWELOG%OLFNEHUGLH/LQFROQ6LHGOXQJ]XU%HVVXQJHU.LHVJUXEHLP+LQWHUJUXQG‹1LNRODXV+HLVV
6FKUlJOXIWELOG%OLFNEHUGLH&DPEUDL)ULWVFK.DVHUQH]XU/LQFROQ6LHGOXQJLP+LQWHUJUXQG‹1LNRODXV+HLVV

$3ODQXQJVUDXP

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
/DJH]ZLVFKHQ.HUQVWDGWXQG*UQHP6GHQ6FKQLWWVWHOOH]ZLVFKHQ2GHQZDOGXQG5KHLQHEHQH
/LQFROQ6LHGOXQJ
 &DPEUDL)ULWVFK.DVHUQHXQG-HIIHUVRQ6LHGOXQJ
'LH.RQYHUVLRQVÀlFKHQEH¿QGHQVLFKLPVGOLFKHQ
6WDGWJHELHW'DUPVWDGWVLP6WDGWWHLO%HVVXQJHQ=XU
6WDGWPLWWH/XLVHQSODW]EHWUlJWGLH(QWIHUQXQJYRP
Q|UGOLFKHQ5DQGGHU.RQYHUVLRQVÀlFKHQHWZD
NP]XP&DPSXV/LFKWZLHVHGHU78'DUPVWDGWVLQG
HVHWZDNP
'DV3ODQJHELHWZHLVWLQQHUKDOEGHV6WDGWJHIJHV
HLQHEHVRQGHUH/DJHDXI
=XPHLQHQVWHOOWGHU5DXPGHQhEHUJDQJVEHUHLFK
]ZLVFKHQGHUGLFKWEHEDXWHQ.HUQVWDGWHLQVFKOLH‰OLFK
GHV6WDGWWHLOV%HVVXQJHQ]XPGXUFKJUQWHQ6WDGWWHLO
(EHUVWDGWDQGHU%HUJVWUD‰HGDU'LHEHLGHQ)OlFKHQ
OLHJHQLP6FKQLWWSXQNWHLQHV'DUPVWDGWQDKH]XJH
VFKORVVHQXPÀLH‰HQGHQ:DOGXQG2IIHQODQGJUWHOV
PLWGHPOLQHDUHQ6LHGOXQJVEDQG]ZLVFKHQ(EHUVWDGW
XQG%HVVXQJHQZHOFKHVVLFKDQGHUZHVWOLFKHQ
+DQJNDQWHGHV2GHQZDOGVHQWZLFNHOWKDW
=XPDQGHUHQWUHIIHQLP3ODQXQJVUDXPGLHEHL
GHQ1DWXUUlXPHGHVYRUGHUHQ2GHQZDOGVXQGGHU
KHVVLVFKHQ5KHLQHEHQHDXIHLQDQGHU'HU9RUGHUH
2GHQZDOGLVWJHJHQEHUGHU5KHLQHEHQHHLQWHN
WRQLVFKKHUDXVJHKREHQHU*UXQGJHELUJVVWRFN'HU
%HVVXQJHU+DQJPDUNLHUWGHQhEHUJDQJLQGLH(EH
QHZHOFKHLP2VWHQLQHWZDGXUFKGLH+HLGHOEHUJHU
6WUD‰HEHJUHQ]WZLUG'LH%|GHQXQGGLHQDWUOLFKH
:DOGYHJHWDWLRQDXIEHLGHQ6HLWHQGHU+HLGHOEHUJHU
6WUD‰HXQWHUVFKHLGHQVLFKHUKHEOLFK$XIGHQZHVW
OLFKHQVDQGLJHQ)OlFKHQVWRFNHQQDWUOLFKHUZHLVH
ZlUPHOLHEHQGHWURFNHQH(LFKHQ.LHIHUQZlOGHU$XI
GHQ|VWOLFKHQQlKUVWRIIKDOWLJHUHQ6WDQGRUWHQVWHKHQ
(LFKHQ%XFKHQZlOGHULQVDWWHPIULVFKHP*UQ
'DV3ODQJHELHWZHLVWVRPLWHLQHDX‰HURUGHQWOLFKH
9LHOIDOWDQVWlGWLVFKHQXQGODQGVFKDIWOLFKHQ%H]JHQ
DXI*HJHQVlW]HWUHIIHQXQPLWWHOEDUDXIHLQDQGHUXQG
HU]HXJHQHLQHQFKDUDNWHUYROOHQ2UW
'LH1lKH]XDWWUDNWLYHQ:RKQTXDUWLHUHQLQ9HUELQ
GXQJPLWGHQHLQ]LJDUWLJHQODQGVFKDIWOLFKHQ4XDOL
WlWHQXQGGHQKHUYRUUDJHQGHQ(UVFKOLH‰XQJVP|J
OLFKNHLWHQSUlGHVWLQLHUHQGLH$UHDOHDOVKRFKZHUWLJHQ
:RKQVWDQGRUW9RQGHQK|KHUHQ/DJHQDXVHUJHEHQ
VLFKIDV]LQLHUHQGH$XVEOLFNHQDFK:HVWHQ]XPUKHLQ
KHVVLVFKHQ+JHOODQGXQGQDFK1RUGHQ]XU6WDGW
QDFK)UDQNIXUWXQG]XP7DXQXV
$ /DJHLP6WDGWJHELHW6WDQGRUWSUR¿O



/DJHLQGHU6WDGW


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL
P
,QQHQVWDGW/XLVHQSODW]
78/LFKWZLHVH
%HVVXQJHQ
+HLPVWlWWHQVLHGOXQJ
P

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
$ 3ODQJHELHW
'DV3ODQJHELHWEHVWHKWDXVGHQEHLGHQ.RQYHUVLRQV
ÀlFKHQGHUHWZDKDJUR‰HQ/LQFROQ6LHGOXQJ
XQGGHUHWZDKDJUR‰HQ)OlFKHGHU&DPEUDL
)ULWVFK.DVHUQHXQGGHUDQJUHQ]HQGHQ-HIIHUVRQ
6LHGOXQJVRZLHGHQXQPLWWHOEDUDQJUHQ]HQGHQ6WDGW
XQG/DQGVFKDIWVUlXPHQ
7RSRJUDSKLH
'HU9RUGHUH2GHQZDOGVWHOOWVLFKLP6WDGWJHELHWDOV
Q|UGOLFKHU$XVOlXIHUGHU%HUJVWUD‰HXQGDOVQRUG
ZHVWH[SRQLHUWHU+|KHQUFNHQ%HVVXQJHU5FNHQ
GDU'HUVRJHQDQQWH7UDXWKHLPHU:DOGGHULP2VWHQ
DQGLH3ODQXQJVDUHDOHDQJUHQ]WLVWHLQHSODWHDXDU
WLJH+RFKÀlFKHPLWVWHLODXIUDJHQGHQ5DQGK|KHQ
JHJHQGLH2EHUUKHLQHEHQH+LHUEH¿QGHQVLFKPLW
GHP'DFKVEHUJP11XQGGHP'RPPHUEHUJ
P11GLHK|FKVWHQ(UKHEXQJHQGHV6WDGW
JHELHWV
9RQGHP+|KHQUFNHQIlOOWGDV*HOlQGH]XHUVW
UHODWLYVWHLOQDFK:HVWHQHWZDVVFKZlFKHU5LFK
WXQJ%HVVXQJHQDE,QGHU+|KHQODJHGHU&DPEUDL
)ULWVFK.DVHUQHP11IJWVLFKHLQH
OHLFKWH*HOlQGHWHUUDVVHHLQ8PHEHQH)OlFKHQIU
GHQ%DXGHU.DVHUQH]XHUKDOWHQZXUGHGLHGHXWO
OLFKH+|KHQGLIIHUHQ]YRQFDPGXUFK$EJUDEXQ
JHQXQG$XIVFKWWXQJHQZHLWJHKHQGQLYHOOLHUW'D
GXUFKHQWVWDQGHQRUWVELOGSUlJHQGHPRUSKRORJLVFKH
6WUXNWXUHQ%HEDXXQJVWHUUDVVHQEHJUQWH%|VFKXQ
JHQ*HOlQGHPRGXODWLRQHQXQG6WW]PDXHUQNHQQ
]HLFKQHQGLH(LQJULIIHLQGHQXUVSUQJOLFKHQ*HOlQ
GHYHUODXI
:lKUHQGGDV*HOlQGHGHU&DPEUDL)ULWVFK.DVHU
QHQDFK1RUGZHVWHQ5LFKWXQJ%HVVXQJHQJHQHLJW
LVWEHJLQQWDP)X‰GHU/XGZLJVK|KHLP%HUHLFK
GHU-HIIHUVRQ6LHGOXQJGHU/DQGVFKDIWVUDXPGHU
%HUJVWUD‰HPLWZHVWRULHQWLHUWHU+DQJODJHDXIHLQHP
+|KHQQLYHDX]ZLVFKHQXQGP11+LHU
ZXUGHQHEHQIDOOVGXUFK$EJUDEXQJHQXQG$XIVFKW
WXQJHQ%HEDXXQJVWHUUDVVHQLQGHQKLHUMHGRFKVWHL
OHUHQ+DQJJHVFKDIIHQ
:HVWOLFKGHU&DPEUDL)ULWVFK.DVHUQHIlOOWGDV*H
OlQGHZLHGHUVWHLOHUDEXPLQ+|KHGHU+HLGHOEHUJHU
6WUD‰H]XP)X‰HGHV%HUJUFNHQV]XNRPPHQGHU
GDQQVDQIWLQGLH5KHLQHEHQHEHUOHLWHW
'HU+|KHQVSUXQJLP6GHQGHU/LQFROQ6LHGOXQJ
FDP11ZHVWOLFKGHU+HLGHOEHU
JHU6WUD‰HLVWDXIHLQHNQVWOLFKH9HUlQGHUXQJGHV
*HOlQGHV]XUFN]XIKUHQ'DPLWHQWVSULFKWGHU
+|KHQXQWHUVFKLHGYRQGHUREHUVWHQ.DQWHGHU&DP
EUDL)ULWVFK.DVHUQHELV]XPWLHIVWHQ3XQNWLQGHU
/LQFROQ6LHGOXQJLQHWZDGHU+|KHGHV)QI)LQJHU
7XUPVDXIGHU0DWKLOGHQK|KHFDPKRFK
:HLWHUQDFK:HVWHQ]XU+HLPVWlWWHQVLHGOXQJXQG
GDUEHUKLQDXVIlOOWGDV*HOlQGHLQGHU(EHQHQXU
QRFKVHKUJHULQJDE
7HLOEHUHLFKH
'LH/LQFROQ6LHGOXQJLVWHLQHW\SLVFKHUHLQH:RKQ
VLHGOXQJDXVGHQHU-DKUHQ,KU6WDGWJUXQGULVV
HQWVSULFKWGHQGDPDOVYRUKHUUVFKHQGHQVWlGWHEDX
OLFKHQ/HLWELOGHUQGHUªJHJOLHGHUWHQDXIJHORFNHUWHQ
6WDGW©XQGGHUª6WDGWODQGVFKDIW©,QVJHVDPW
:RKQ]HLOHQIJHQVLFKORFNHUJUXSSLHUWLQGLHRIIH
QH/DQGVFKDIWHLQ'LHGUHLJHVFKRVVLJHQPLW6DW
WHOGlFKHUQYHUVHKHQHQ*HElXGHVLQGDXIJUXQGGHU
7\SLVLHUXQJQDKH]XJOHLFKVRGDVVHLQPRQRWRQHU
5DXPHLQGUXFNHQWVWHKW
'LH)RUPGHV(UVFKOLH‰XQJVQHW]HVHUNOlUWVLFKDXV
XUVSUQJOLFKHQ3ODQXQJVLGHHQVLHKH.DSLWHO*H
VFKLFKWH]XU$QODJHYRQ5DGLDOVWUD‰HQLP3ODQXQJV
UDXP
1HEHQGHQ:RKQJHElXGHQEH¿QGHQVLFKLQGHU
/LQFROQ6LHGOXQJ]ZHL6FKXONRPSOH[HDPZHVWOLFKHQ
5DQGHLQª&KLOGGHYHORSPHQWFHQWHU©LQGHU0LWWH
GHV4XDUWLHUV-XJHQG]HQWUHQLP1RUGHQVRZLHHLQ
+HL]ZHUNXQGHLQH7DQNVWHOOH(LQ.XULRVXPVWHOOHQ
GLHEHLGHQPLWWHQLQGHU6LHGOXQJJHOHJHQHQSULYDWHQ
'RSSHOKlXVHUGDU
'DV)UHLUDXPDQJHERWEHVWHKWLPZHVHQWOLFKHQDXV
GHQLP=HQWUXPJHOHJHQHQ%DVHEDOOIHOGHUQHLQHU
6NDWHUDQODJHDPZHVWOLFKHQ5DQGVRZLHGHQ6FKX
OHQ]XJHRUGQHWHQ6SRUWÀlFKHQ'LHEULJHQ)UHLUlX
PHGHU6LHGOXQJVLQGQLFKWSDU]HOOLHUWRGHUHLQ]HOQHQ
:RKQXQJHQ]XJHRUGQHWGHU5DXPªÀLH‰W©]ZLVFKHQ
GHQ*HElXGHQGXUFK'LH3DUNLHUXQJ¿QGHWHEHQHU
GLJLQJUR‰]JLJGLPHQVLRQLHUWHQ(UVFKOLH‰XQJVK|IHQ
VWDWWGLHVLFKDOWHUQLHUHQGPLWJUQHQ+|IHQDEZHFK
VHOQ6GZHVWOLFKGHU/LQFROQ6LHGOXQJVFKOLH‰WVLFK
HLQH.OHLQJDUWHQVLHGOXQJDQ


/XIWELOGPLW+|KHQOLQLHQXQG+|KHQDQJDEHQ













5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP
/XGZLJVK|KH
0RRVEHUJ
0DULHQK|KH
6SRUWXQG)UHL]HLWJHOlQGH
+HLPVWlWWHQVLHGOXQJ
+HLPVWlWWHQVLHGOXQJ
(EHUVWDGW
%HVVXQJHQ
/LQFROQ6LHGOXQJ
+HUUJRWWVEHUJ
*UQ]XJ%HVVXQJHQ6G
%HVVXQJHU.LHVJUXEH
&DPEUDL)ULWVFK.DVHUQH
-HIIHUVRQ6LHGOXQJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
/XGZLJVK|KVWUD‰HLQ%HVVXQJHQ
0RRVEHUJVWUD‰HLQ%HVVXQJHQ
HKHP*UR‰KHU]RJO0DQXIDNWXULQGHU1RDFNVWUD‰H
$NDGHPLHIU7RQNXQVW
'LH/LQFROQ6LHGOXQJZLUGQDFK:HVWHQGXUFKHLQH
/lUPVFKXW]ZDQGYRP/lUPGHUVWDGWDXWREDKQlKQ
OLFKHQ.DUOVUXKHU6WUD‰HJHVFKW]W=XVDPPHQPLW
GHUWLHÀLHJHQGHQ%DKQWUDVVHELOGHWGLH.DUOVUXKHU
6WUD‰HHLQH%DUULHUHZHOFKHGLH9HUQHW]XQJPLWGHQ
ZHVWOLFKDQJUHQ]HQGHQ5lXPHQHUVFKZHUWhEHU
HLQHQ)X‰JlQJHUVWHJLVWGHU6SRUWXQG)UHL]HLW
EHUHLFKGHU+HLPVWlWWHQVLHGOXQJDXIGHPDOWHQ
6FKLH‰SODW]HUUHLFKEDU
,QQRUGZHVWOLFKHU5LFKWXQJEH¿QGHWVLFKLP'UHLHFN
]ZLVFKHQ.DUOVUXKHU6WUD‰HXQG%DKQVWUHFNHGLH
6SRUWDQODJHGHU7*%HVVXQJHQGLHMHGRFKLQHL
QHPVHKUYHUQDFKOlVVLJWHQ=XVWDQGLVW
'DV$UHDOQ|UGOLFKGHU/LQFROQ6LHGOXQJVWHOOWVLFK
GHU]HLWKLQVLFKWOLFKGHU1XW]XQJXQG*HVWDOWXQJDOV
VHKUKHWHURJHQGDU:RKQJHElXGHXQWHUVFKLHGOLFKHU
7\SRORJLHSUlJHQGHQ5DQGDQGHU1RDFNVWUD‰H
ZHLWHUQ|UGOLFKEH¿QGHQVLFKW\SLVFKH*HZHUEHQXW
]XQJHQ%DXPDUNW$XWRKDXV6FKQHOOUHVWDXUDQW9HU
ZDOWXQJHWF0LWGHUDQVWHKHQGHQ5HDOLVLHUXQJGHV
3URMHNWVª0DUNWSODW]%HVVXQJHQ©ZLUGGHU%HUHLFK
]XNQIWLJDXIJHZHUWHWXQGHLQHZLFKWLJH)XQNWLRQDOV
1DKYHUVRUJXQJVVWDQGRUWHLQQHKPHQ+HUDXVUDJHQG
LVWGDVGHQNPDOJHVFKW]WH+DXSWJHElXGHGHUHKH
PDOLJHQ*UR‰KHU]RJOLFKHQ.HUDPLVFKHQ0DQXIDN
WXUDQGHU1RDFNVWUD‰H
'LH/LQFROQ6LHGOXQJZLUGLP2VWHQGXUFKGLH+HLGHO
EHUJHU6WUD‰HEHJUHQ]W'LHVHVWHOOWGLH]HQWUDOH(U
VFKOLH‰XQJVDFKVHXQGGDVVWDGWUlXPOLFKH5FNJUDW
LP3ODQXQJVUDXPGDU6LHYHUELQGHWGLH,QQHQVWDGW
PLW%HVVXQJHQXQG(EHUVWDGWXQGZHLVWHLQHQEHU
PHKUDOVNPODQJHQJHUDGOLQLJHQ9HUODXIDXI,P
PLWWOHUHQ%HUHLFKEHVWHKWDQGHU+HLGHOEHUJHU6WUD‰H
]XU/LQFROQ6LHGOXQJKLQHLQPDUNDQWHU%|VFKXQJV
UDQG
gVWOLFKGHU+HLGHOEHUJHU6WUD‰HEH¿QGHWVLFKGDV
*HOlQGHGHV1DWXUVFKXW]JHELHWVGHU%HVVXQJHU
.LHVJUXEH,QlOWHUHQ3OlQHQZLUGGDV*HOlQGH
DOV.LHVEHUJEH]HLFKQHW(VKDQGHOWVLFKKHXWHXP
HLQGXUFK.LHVDEEDXELVHQWVWDQGHQHVUHLFK
VWUXNWXULHUWHVXQGWHUUDVVLHUWHV*HOlQGHPLW]ZHL
*UXQGZDVVHUVHHQGLH]7GXUFK6WHLOKlQJHEH
JUHQ]WZHUGHQ'LHLPSRVDQWHQ:lQGHVWHOOHQLQ9HU
ELQGXQJPLWGHQ:DVVHUÀlFKHQHLQ*HIDKUHQSRWHQ]L
DOGDUGDVEHUHLWV]XW|GOLFKHQ8QIlOOHQJHIKUWKDW
6HLW(LQVWHOOXQJGHV.LHVDEEDXVKDWVLFKGRUWHLQ
|NRORJLVFKZHUWYROOHU/DQGVFKDIWVUDXPHQWZLFNHOW
GHUWHLOZHLVHXQWHU1DWXUVFKXW]VWHKWXQGIUGLHgI
IHQWOLFKNHLWQLFKW]XJlQJOLFKLVW
6GOLFKGHU.LHVJUXEHVFKOLH‰WVLFKHLQH:DOGLQVHO
EHLGHUVHLWVGHU&RRSHUVWUD‰HDQ
'LHGHQ+DQJKLQDXIIKUHQGH&RRSHUVWUD‰HLVWGLH
HLQ]LJH:HVW2VW9HUELQGXQJLP3ODQXQJVUDXP
6LHYHUELQGHWGLH/LQFROQ6LHGOXQJPLWGHU&DPEUDL
)ULWVFK.DVHUQHXQGGHU-HIIHUVRQ6LHGOXQJ6HLWDQ
IDQJGHV-DKUHVLVWGLH&RRSHUVWUD‰HZLHGHUIUGLH
gIIHQWOLFKNHLWGXUFKJlQJLJQXW]EDUVRGDVVEHUGLH
|VWOLFKDQVFKOLH‰HQGH%RJHQVFKQHLVHHLQH9HUELQ
GXQJ]XP:DOGDQGHU/XGZLJVK|KHXQGGHU0DULHQ
K|KHEHVWHKW
6GOLFKGHU&RRSHUVWUD‰HEH¿QGHWVLFKGLH-HIIHU
VRQ6LHGOXQJ6LHEHVWHKWDXVLQVJHVDPWQHXQ
:RKQJHElXGHQYRQGHQHQHLQHV]XHLQHP+RWHO
XPJHEDXWZXUGH'LH*HElXGHVLQGORFNHUJUXSSLHUW
XQGIROJHQZHLWJHKHQGGHP+|KHQYHUODXI1HEHQ
GHQ:RKQJHElXGHQEHVWHKWGLH6LHGOXQJQRFKDXV
GUHL6RQGHUJHElXGHQGHUIUDPHULNDQLVFKH0LOL
WlUVLHGOXQJHQW\SLVFKHQ&KDSHOGHP5DLQERZ&OXE
VRZLHGHU=DKQNOLQLNDQGHU&RRSHUVWUD‰H
:lKUHQGGDV*HOlQGHGHU&DPEUDL)ULWVFK.DVHU
QHQDFK1RUGZHVWHQ5LFKWXQJ%HVVXQJHQJHQHLJW
LVWEHJLQQWDP)X‰GHU/XGZLJVK|KHLP%HUHLFK
GHU-HIIHUVRQ6LHGOXQJGHU/DQGVFKDIWVUDXPGHU
%HUJVWUD‰HPLWZHVWRULHQWLHUWHU+DQJODJHDXIHLQHP
+|KHQQLYHDX]ZLVFKHQXQGP11+LHU
ZXUGHQHEHQIDOOVGXUFK$EJUDEXQJHQXQG$XIVFKW
WXQJHQ%HEDXXQJVWHUUDVVHQLQGHQKLHUMHGRFKVWHL
OHUHQ+DQJJHVFKDIIHQ
6GOLFKGHU-HIIHUVRQ6LHGOXQJVFKOLH‰WVLFKGHU
6WDGWWHLO(EHUVWDGWPLWVHLQHQJUR‰]JLJGXUFKJUQ
WHQ9LOOHQJHELHWHQDQ'LH+HLQULFK'HOS6WUD‰HHQW
VSULFKWGDEHLGHP9HUODXIGHUDOWHQ%HUJVWUD‰HXQG
VWHOOWHLQHZLFKWLJH9HUQHW]XQJVDFKVHIU)X‰JlQJHU
XQG5DGIDKUHUGDU
'LH&DPEUDL)ULWVFK.DVHUQHEHVWHKWDXV]ZHLXU
VSUQJOLFKIXQNWLRQDOJHWUHQQWHQ.DVHUQHQDQODJHQ
GLHDXI%DVLVHLQHUSXQNWV\PPHWULVFKHQ.RPSRVL
WLRQXPGHQ]HQWUDOHQ(UVFKOLH‰XQJVKRIDQJHOHJW
ZXUGHQ'LDJRQDOGXUFKGHQ]HQWUDOHQ3ODW]IKUWH
LQ9HUOlQJHUXQJGHU/XGZLJVK|KVWUD‰HGLHDOWH:H



3ODQXQJVUDXP


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP
+HLQULFK'HOS6WUD‰H
/XGZLJVK|KH
&RRSHUVWUD‰H
0RRVEHUJ
0DULHQK|KH
3ROL]HLSUlVLGLXP
*UQ]XJ%HVVXQJHQ6G
$NDGHPLHIU7RQNXQVW
6GEDKQKRI
.ODSSEDFKHU6WUD‰H
.DUOVUXKHU6WUD‰H
'RQQHUVEHUJULQJ
(LVHQEDKQVWUHFNH
+DDUGWULQJ
+HLGHOEHUJHU6WUD‰H
0DULHQKRVSLWDO
%HVVXQJHU.LHVJUXEH
5DGUHQQEDKQ
7HQQLVSODW]
1RDFNVWUD‰H
/LFKWHQEHUJVFKXOH
/XGZLJVK|KVWUD‰H
ª0DUNWSODW]
%HVVXQJHQ©
 3DXO:DJQHU6WUD‰H
/DQGVNURQVWUD‰H
0RRVEHUJVWUD‰H
5GHVKHLPHU6WUD‰H
6SRUWDQODJH
7*%HVVXQJHQ
6SRUWXQG)UHL]HLWJHOlQGH
+HLPVWlWWHQVLHGOXQJ
$OWHU6FKLH‰SODW]
(EHUVWDGW
%HVVXQJHQ
/LQFROQ6LHGOXQJ
&DPEUDL)ULWVFK.DVHUQH
-HIIHUVRQ6LHGOXQJ
+HUUJRWWVEHUJ
+HLPVWlWWHQVLHGOXQJ












æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
+HLGHOEHUJHU6WUD‰H
*UQ]XJ%HVVXQJHQ6G
%DKQVWUHFNH
$OWHU6FKLH‰SODW]ZHVWOLFKGHU%DKQVWUHFNH
JHYHUELQGXQJYRQ%HVVXQJHQ]XU/XGZLJVK|KH'HU
%HUHLFKLVWDOV(QVHPEOHGHQNPDOJHVFKW]W
'LH%HEDXXQJGHU&DPEUDL)ULWVFK.DVHUQHRUGQHW
VLFKHLQHPRUWKRJRQDOHQ5DVWHUXQWHUGHVVHQ$XV
ULFKWXQJDXIGLH3DXOXVNLUFKHXQGGHQ+RFK]HLWVWXUP
YHUZHLVW7\SLVFKIUGLH.DVHUQHVLQGGLH]X+|IHQ
JUXSSLHUWHQVHKUKRFKZHUWLJHQ0DQQVFKDIWVKlXVHU
XQG9HUZDOWXQJVJHElXGHDXVGHQHU-DKUHQ
'DUEHUKLQDXVEH¿QGHQVLFKLQGHU.DVHUQH:HUN
VWDWWJHElXGHLPQRUG|VWOLFKHQ7HLOHLQH6SRUWKDOOH
HKHPDOLJH5HLWKDOOHVRZLHLP6GZHVWHQPHKUHUH
*HElXGHPLW(LQ]HOKDQGHOVXQG9HUVRUJXQJVQXW
]XQJHQ
:lKUHQGGLH]HQWUDOHQ)UHLÀlFKHQGXUFKXPIDQJ
UHLFKHQ%DXPEHVWDQGJHSUlJWVLQGVWHOOHQVLFKGLH
5DQGEHUHLFKHHKHUDOVJUR‰ÀlFKLJYHUVLHJHOWH)DKU
]HXJDEVWHOOÀlFKHQGDU$PQ|UGOLFKHQ5DQGEH¿QGHW
VLFKHLQHJU|‰HUH6SRUWDQODJH7\SLVFKIUGLH$Q
ODJHVLQGGLH7HUUDVVLHUXQJHQVRZLHGLH0DXHUQLP
,QQHUHQXQGDQGHU/XGZLJVK|KVWUD‰H
'LH&DPEUDL)ULWVFK.DVHUQHZLUG]XU.LHVJUXEH
GXUFKHLQHQ'DPPEHJUHQ]WDXIGHVVHQ.URQHHLQ
)X‰ZHJYHUOlXIWGHU]DKOUHLFKH$XVEOLFNHLQGLH
5KHLQHEHQHXQG]XU,QQHQVWDGWHUP|JOLFKW=XP
:DOGUDQGLP2VWHQZLUGGDV$UHDOHEHQIDOOVGXUFK
HLQHELV]XPKRKH%|VFKXQJEHJUHQ]W'HUXQPLW
WHOEDUDQGLH.RQYHUVLRQVÀlFKHQDQJUHQ]HQGH:DOG
ZHLVWDXIJUXQGGHVHQJPDVFKLJHQ:HJHQHW]HVGHU
EHZHJWHQ7RSRJUDSKLHXQGGHPYLHOIlOWLJHQ%DXPEH
VWDQGHLQHQVHKUKRKHQ(UKROXQJVZHUWDXI
1|UGOLFKGHU&DPEUDL)ULWVFK.DVHUQHVFKOLH‰WVLFK
VLFKPLWGHP*UQ]XJ%HVVXQJHQ6GHLQ/DQG
VFKDIWVUDXPDQGHUSDWFKZRUNDUWLJDXVXQWHUVFKLHG
OLFKHQ7HLOEHUHLFKHQEHVWHKWXQGLQGHQ|IIHQWOLFKH
(LQULFKWXQJHQZLH]%GLH/LFKWHQEHUJVFKXOHGLH
$NDGHPLHIU7RQNXQVWXQGGDV3ROL]HLSUlVLGLXP
LQWHJULHUWVLQG'HU*UQ]XJ%HVVXQJHQ6GIROJW
ZHLWJHKHQGGHP9HUODXIGHV6DXEDFKJUDEHQVXQG
EHVWHKWJU|‰WHQWHLOVDXV*lUWHQXQG6SRUWDQODJHQ
5DGUHQQEDKQ7HQQLVSOlW]H/HGLJOLFKLP%HUHLFK
GHU$NDGHPLHIU7RQNXQVWH[LVWLHUHQQHQQHQVZHUWH
|IIHQWOLFKQXW]EDUH)UHLUlXPH'LH'XUFKZHJXQJGHV
*UQ]XJV]ZLVFKHQ/XGZLJVK|KVWUD‰HXQG+HLGHO
EHUJHU6WUD‰HLVWQLFKWJHJHEHQ
'HUVGOLFKH2UWVUDQG%HVVXQJHQVZLUGGXUFKGDV
:RKQJHELHWDQGHU3DXO:DJQHU6WUD‰HJHELOGHW
ZHOFKHVLP:HVHQWOLFKHQDXV(LQIDPLOLHQKlXVHUQ
EHVWHKW'LH/XGZLJVK|KVWUD‰HVWHOOWGLH9HUQHW
]XQJVDFKVHQDFK%HVVXQJHQGDU:lKUHQGGHUDOWH
2UWVNHUQPLWWHLOZHLVHHLQXQG]ZHLJHVFKRVVLJHQ
*HElXGHQDXINOHLQHQ3DU]HOOHQHLQHQHKHUG|UI
OLFKHQ&KDUDNWHUDXIZHLVW¿QGHQVLFKLP%HUHLFK
GHU0RRVEHUJVWUD‰HXQGGHU/DQGVNURQVWUD‰HHKHU
JUR‰VWlGWLVFKH*HElXGHW\SRORJLHQDXVGHP%HJLQQ
GHV-DKUKXQGHUWVQDFK:HVWHQKLQDXFK=HLOHQ
EHEDXXQJDXVGHQHU-DKUHQ
/HJHQGHªªª
6WDGWXQGVWlGWLVFKH
*HVHOOVFKDIWHQ
%XQG
/DQG
3ULYDW



(LJHQWXPVYHUKlOWQLVVH


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
'LH*HVFKLFKWHGHV3ODQJHELHWVLVW]XQlFKVWPLWVHL
QHU/DJHDPVGOLFKHQ5DQGGHVODQJH=HLWG|UÀLFK
XQGElXHUOLFKJHSUlJWHQ6WDGWWHLOV%HVVXQJHQYHU
EXQGHQ=DKOUHLFKH%HVVXQJHU6WUD‰HQQDPHQ.LHV
EHUJVWUD‰H:HLQEHUJVWUD‰H/XGZLJVK|KVWUD‰H
YHUZHLVHQDXIGLHHKHPDOLJHQ1XW]XQJGHU$UHDOH
$XI3OlQHQYRQLVW%HVVXQJHQGDVVLFK
DP.UHX]XQJVSXQNWDOWHU:HJHHQWZLFNHOWHGDUJH
VWHOOW$XIGHQKHXWLJHQ.RQYHUVLRQVDUHDOHQVLQGJH
URGHWH)OlFKHQ]XHUNHQQHQGLHYHUPXWOLFKODQGZLUW
VFKDIWOLFKJHQXW]WZXUGHQ=XP2UWVNHUQVFKOLH‰HQ
VLFK:HLQEDXÀlFKHQDQGLHELVLQGLH]ZHLWH+lOIWH
GHV-KEHVWDQGHQ(UNHQQEDULVWDXIGHQKLVWR
ULVFKHQ3OlQHQDX‰HUGHPHLQ:HJ]ZLVFKHQ(EHU
VWDGWXQG%HVVXQJHQGHU|VWOLFKGHU+HLGHOEHUJHU
6WUD‰HXQGXQWHUKDOEGHU/XGZLJVK|KHYHUOlXIWXQG
EHLGHPHVVLFKXPHLQHQ$EVFKQLWWGHUDOWHQ%HUJ
VWUD‰HKDQGHOW0LWGHU(LQJHPHLQGXQJ%HVVXQJHQV
LP-DKUZXUGHGLHVH:HJHYHUELQGXQJGLHVHLW
GHP0LWWHODOWHUGXUFKGHQ2UWVNHUQ%HVVXQJHQVIKU
WH]XU/XGZLJVK|KVWUD‰H
$XIDOWHQ3OlQHQXQGGHP/XIWELOGYRQLVWGHU
GXUFKJHKHQGHQ:DOGJUWHO]ZLVFKHQ%HVVXQJHQXQG
(EHUVWDGWJXWHUNHQQEDU
/XGZLJVK|KH
%HUHLWVDE¿QGHQVLFKHUVWH(UZlKQXQJHQ
GDVVGLHQDKH(UKHEXQJZHJHQGHVZHLGHQGHQ
9LHKVDQGHVVHQ+lQJHQDXFKª0LOFKEHUJ©JHQDQQW
DOV$XVÀXJV]LHOLPPHUEHOLHEWHUZXUGH*UR‰KHU]RJ
/XGHZLJ,GHUGXUFKYLHOH6SD]LHUIDKUWHQGXUFKGHQ
%HVVXQJHU:DOGQXQDXFKGLHVHQªUHL]HQGHQ3XQNW©
GXUFK(U]lKOXQJHQNHQQHQJHOHUQWKDWWHOLH‰LKQYHU
JU|‰HUQXQG]HLFKQHWIUGLH1DPHQVJHEXQJYHUDQW
ZRUWOLFK,QGHQIROJHQGHQ-DKUHQZXUGHQGLH:HJH
]XU/XGZLJVK|KHYHUEHVVHUW=XQlFKVWJDEHV]XU
%HZLUWXQJYRQ*lVWHQQXUHLQHQ$XVVFKDQNDQVFK|
QHQ7DJHQZXUGHHLQPDVVLYHV*DVWKDXVHU
ULFKWHWZXUGHGHU/XGZLJVWXUPHLQJHZHLKW:H
QLJVSlWHUHQWZLFNHOWHVLFKGDV*DVWKDXV]XHLQHP
+RWHO5HVWDXUDQWXQGGLH/XGZLJVK|KHHUKLHOWGHQ
6WDWXVHLQHV/XIWNXURUWV(UP|JOLFKWGXUFKVWUHQJH
:LQWHUZXUGHXPHLQH%REEDKQDQJHOHJWXQG
LQGHQHU-DKUHQGXUFKGHQ5HLFKVDUEHLWVGLHQVW
VRJDUHLQH1DWXUVNLVSUXQJVFKDQ]H,QGHQ.ULHJVMDK
UHQZXUGHGLH/XGZLJVK|KHPLOLWlULVFKJHQXW]WPLW
%XQNHUXQG%DUDFNHQEDXWHQEHEDXWXQGVFKOLH‰OLFK
]XUPLOLWlULVFKHQ6SHUU]RQH$P(QGHGHV=ZHLWHQ
:HOWNULHJVZXUGHQGLHPHLVWHQEDXOLFKHQ$QODJHQ
GXUFKGHXWVFKH6ROGDWHQJHVSUHQJW
6HLWGHQHU-DKUHQKDWVLFKGLH/XGZLJVK|KH
ZLHGHU]XHLQHPVHKUEHOLHEWHQ$XVÀXJV]LHOHQWZL
FNHOWQLFKW]XOHW]WGXUFKGLHHQJDJLHUWHª%UJHUDNWL
RQ/XGZLJVK|KH©
.LHVJUXEH
,QDOWHQ6WDGWNDUWHQLVWLP%HUHLFKGHVKHXWLJHQ
1DWXUVFKXW]JHELHWVHLQH(UK|KXQJHUNHQQEDUGLH
DOV.LHVEHUJEH]HLFKQHWZXUGH7DWVlFKOLFKZXUGH
KLHUELVGHUVRJHQDQQWHª%HVVXQJHU.LHV©
DEJHEDXW1DFK(LQVWHOOXQJGHV.LHVDEEDXVJDEHV
LQGHQHU-DKUHQhEHUOHJXQJHQGHU6WDGWGDV
DWWUDNWLYH*HOlQGHDOV)UHL]HLWXQG1DKHUKROXQJVJH
ELHW]XHQWZLFNHOQ'DVLFKGDV*HOlQGHDEHUPLWW
OHUZHLOH]XHLQHPZHUWYROOHQ%LRWRSHQWZLFNHOWKDWWH
ZXUGHHVXQWHU1DWXUVFKXW]JHVWHOOW
+LVWRULVFKH.DUWH
+LVWRULVFKH.DUWH
%OLFNYRQGHU/XGZLJVK|KHDXI'DUPVWDGW
$XJXVW/XFDV4XHOOH7K'HXVWHU'LH/XGZLJVK|KH
$ *HVFKLFKWHGHV2UWHV


6WDGWSODQ6WDGWSODQ
/XIWELOGPLW&DPEUDL.DVHUQHXQG)ULWVFK.DVHUQHVRZLHGXUFKJHKHQGHP:DOGJUWHO /XIWELOGPLWGHQQHXHQ6LHGOXQJHQ/LQFROQXQG-HIIHUVRQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
)UHLKHUUYRQ)ULWVFK.DVHUQH
&DPEUDL.DVHUQH
:RKQHQ
9HUVRUJXQJ
:HUNVWDWW
9HUZDOWXQJ
&DPEUDL.DVHUQHXQG)UHLKHUU
YRQ)ULWVFK.DVHUQH
,QGHQHU-DKUHQPDFKWHQGLH1DWLRQDOVR]LD
OLVWHQ'DUPVWDGW]XHLQHPª+DXSWZDIIHQSODW]GHV
:HVWHQV©XQGGDPLW]XHLQHP]HQWUDOHQ2UWLKUHU
.ULHJVYRUEHUHLWXQJ6RZXUGHQ]ZHLYRQHL
QDQGHUJHWUHQQWH.DVHUQHQGLH&DPEUDL.DVHUQH
EHQDQQWQDFKHLQHU3DQ]HUVFKODFKWGHV(UVWHQ:HOW
NULHJVXQGGLH)ULWVFK.DVHUQHEHQDQQWQDFK:HU
QHU)UHLKHUUYRQ)ULWVFKGHP2EHUEHIHKOVKDEHUGHV
+HHUHVYRQIUGLHª)HOGDUWLOOHULH©
HUULFKWHW'LH(UVFKOLH‰XQJHUIROJWHYRQ1RUGHQEHU
GLH/XGZLJVK|KVWUD‰H$XIGHP]HQWUDOHQ3ODW]PLW
VHLQHUPLWWOHUZHLOHGHQNPDOJHVFKW]HQ%HEDXXQJ
VLQGQRFKKHXWHGLH6WHLQPDXHUQHUKDOWHQGLHGLH
QRUG|VWOLFKH)UHLKHUUYRQ)ULWVFK.DVHUQHYRQGHU
VGZHVWOLFKHQ&DPEUDL.DVHUQHWUHQQWHQ)UGHQ
%DXGHU.DVHUQHZXUGHLQGHQ5DQGEHUHLFKHQGHU
:DOGJHURGHW'DVVWDUNJHQHLJWH*HOlQGHZXUGH
GXUFK$EJUDEXQJHQXQG$XIVFKWWXQJHQZHLWJHKHQG
QLYHOOLHUWXQGWHUUDVVLHUW
1DFK(QGHGHV=ZHLWHQ:HOWNULHJVZXUGHQGLH.D
VHUQHQDPLQGHU/LHJHQVFKDIWVYHUHLQ
EDUXQJYRQGHU86$UPHHEHUQRPPHQXQG]X
VDPPHQJHOHJW'HU%HVWDQGPLWVHLQHQJUR‰HQ
0DQQVFKDIWVXQG9HUZDOWXQJVJHElXGHQXQG
DQGHUVJHQXW]WHQ*HElXGHQLVWQDKH]XXQYHUlQGHUW
HUKDOWHQJHEOLHEHQ,QGHQHU-DKUHQZXUGHKLHU
HLQH0LOLWlUVFKXOHGHU86$UPHHHLQJHULFKWHWXQGGLH
.DVHUQHPLW*HElXGHQIU:DFKHQXQG,QIUDVWUXN
WXUHUJlQ]W$EGHQHU-DKUHQHQWVWDQGHQHLQH
%RZOLQJ+DOOHYHUVFKLHGHQH6SRUWDQODJHQXQG)HU
WLJWHLOJDUDJHQIU/DJHU]ZHFNH8PEDXWHQXQG6D
QLHUXQJHQZXUGHQMHQDFK1XW]XQJVDQIRUGHUXQJHQ
YRUJHQRPPHQ
'HU%HVWDQGYRQLVWDQQlKHUQGYROOVWlQGLJ
HUKDOWHQXQGDQZHQLJHQ6WHOOHQGXUFKGLH866WUHLW
NUlIWHHUJlQ]WZRUGHQ



9



æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
-HIIHUVRQ6LHGOXQJ
$EZXUGHVGOLFKDQGLH&DPEUDL)ULWVFK.D
VHUQHDQJUHQ]HQGGLH-HIIHUVRQ6LHGOXQJDOV:RKQ
TXDUWLHUHUVWHOOW(VHQWVWDQGHQQHXQXQGJH
VFKRVVLJH:RKQ]HLOHQHLQHZXUGHVSlWHU]XHLQHP
+RWHOXPJHEDXWPLWFD:RKQXQJHQIU$QJH
K|ULJHGHU86$UPHHGLHWHLOZHLVHLQGHQVWHLOHQXQG
EHZDOGHWHQ+DQJKLQHLQJHEDXWZXUGHQ'XUFKGLH
$QODJHGHU6LHGOXQJZXUGHQGLH6WDGWWHLOH%HVVXQ
JHQXQG(EHUVWDGWEDXOLFKPLWHLQDQGHUYHUEXQGHQ
XQGGLHHKHPDOLJH,QVHOODJHGHU&DPEUDL)ULWVFK.D
VHUQHDXIJHO|VWRKQHMHGRFKVWlGWHEDXOLFKH%H]JH
]XP(EHUVWlGWHU9LOOHQYLHUWHOGHU+HLQULFK'HOS6WUD
‰HDXI]XJUHLIHQ
0LWGHP%DXGHU6LHGOXQJHUKLHOWGDV.DVHUQHQDUHDO
GDVELVGDKLQQXUEHUGLH/XGZLJVK|KVWUD‰HYHU
NHKUOLFKHUVFKORVVHQZXUGHGXUFKGLH&RRSHUVWUD‰H
HLQHQGLUHNWHQ$QVFKOXVVDQGLH+HLGHOEHUJHU6WUD‰H
XQGGDPLWDXFKDQGLHZHVWOLFKJHOHJHQH/LQFROQ
6LHGOXQJ'LH]XQlFKVW|IIHQWOLFKH'XUFKIDKUWEHU
GLH&RRSHUVWUD‰H]XU0DULHQK|KHZXUGHDEIU
GHQ|IIHQWOLFKHQ9HUNHKUJHVSHUUWLVWMHGRFKPLWWOHU
ZHLOHZLHGHUJH|IIQHWZRUGHQ

:RKQHQ
9HUVRUJXQJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
/LQFROQ6LHGOXQJ
'DV*HOlQGHGHU/LQFROQ6LHGOXQJZXUGHYRUVHL
QHU%HEDXXQJEHUZLHJHQGJlUWQHULVFKJHQXW]WGHU
VGZHVWOLFKH%HUHLFKZDUEHZDOGHW1|UGOLFKGHU
/LQFROQ6LHGOXQJEHIDQGHQVLFKYRQELV
GLH3URGXNWLRQVXQG/DJHUVWlWWHQGHU*UR‰KHU]RJOL
FKHQ.HUDPLVFKHQ0DQXIDNWXU'DV+DXSWJHElXGH
GHU0DQXIDNWXUDQGHU1RDFNVWUD‰HLVW.XOWXUGHQN
PDOXQGZLUGGHU]HLWDOV:RKQKDXVJHQXW]W'DV
*HElXGH]HLJWHLQHYRP-XJHQGVWLOEHHLQÀXVVWH
$UFKLWHNWXUVSUDFKH'LH$UEHLWGHU0DQXIDNWXUVWDQG
LP=XVDPPHKDQJPLWGHU.QVWOHUNRORQLHDXIGHU
0DWKLOGHQK|KH
'LHª/LQFROQ)DPLO\+RXVLQJ©ZXUGHLQGHQ-DKUHQ
IUGLHDPHULNDQLVFKHQ6WUHLWNUlIWHXQGLKUH
$QJHK|ULJHQHUULFKWHW'LH6LHGOXQJEHVWHKWDXV
:RKQ]HLOHQXQG(LQULFKWXQJHQGHUVR]LDOHQ,QIUD
VWUXNWXU6FKXOHQ.LQGHUJDUWHQ0LW:RKQXQ
JHQZDUGLH6LHGOXQJGLHJU|‰WH+RXVLQJ$UHDGHU
866WUHLWNUlIWHLQ'DUPVWDGW
=ZHL6FKXONRPSOH[H(OHPHQWDU\6FKRRO0LGGOH
6FKRROPLW6SRUWDQODJHQZXUGHQLQGHQHUXQG
HU-DKUHQHUJlQ]W1RFKLP-DKUHZXUGH
HLQHXPIDQJUHLFKH(LQULFKWXQJ]XU.LQGHUEHWUHX
XQJHUULFKWHW=XVlW]OLFKHQWVWDQGHQYHUVFKLHGHQH
*HElXGHXQG$QODJHQIU-XJHQGXQG6SRUWGHUHQ
9LHO]DKOXQG'LPHQVLRQLHUXQJZHLWEHUGHQ%HGDUI
GHU6LHGOXQJKLQDXVJLQJHQGDVLHDXFKYRQDQGHUHQ
6WDQGRUWHQPLWJHQXW]WZXUGHQ

:RKQHQ
9HUVRUJXQJ
:HUNVWDWWHWF
%HEDXXQJVHQWZUIHGHU6WDGWEDXYHUZDOWXQJYRQ

%3ODQXQJVSUR]HVV

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
% 5DKPHQSODQXQJ
=LHOGHU5DKPHQSODQXQJ
8PGLH]LYLOH1DFKQXW]XQJGHU/LQFROQXQG-HIIHU
VRQ6LHGOXQJVRZLHGHU&DPEUDL)ULWVFK.DVHUQH
YRU]XEHUHLWHQEHGDUIHVHLQHVXPIDVVHQGHQ3OD
QXQJVSUR]HVVHV,QGHVVHQ=HQWUXPVWHKWGLH5DK
PHQSODQXQJGLHLQVEHVRQGHUHGUHL=LHOHHUIOOHQ
VROO
(UNXQGHQGHU3RWHQ]LDOHGHV2UWHVXQG$XI]HLJHQ
HLQHU9LVLRQ
'LH5DKPHQSODQXQJVROODOV,QVWUXPHQWGHULQIRUPHO
OHQ3ODQXQJGLH(QWZLFNOXQJVSRWHQ]LDOHGHV3URMHNW
JHELHWVGHUHKHPDOLJHQ0LOLWlUÀlFKHQHUNXQGHQXQG
DXI]HLJHQ6LHVWHOOWGLHEHUJHRUGQHWHVWlGWHEDXOL
FKHYHUNHKUOLFKHXQGODQGVFKDIWOLFKH(LQELQGXQJLQ
GHQ.RQWH[WGDU(VLVWHLQUREXVWHVXQGYLVLRQlUHV
.RQ]HSW]XHUVWHOOHQZHOFKHVEHUGHQODQJHQ8P
VHW]XQJV]HLWUDXPKLQZHJLP.HUQ%HVWDQGKDEHQ
VROO
.RPPXQLNDWLRQVLQVWUXPHQWPLWDQVFKDXOLFKHP
&KDUDNWHU]XU,QIRUPDWLRQYRQ$NWHXUHQ
'XUFKGDV=XVDPPHQIKUHQDOOHUZHVHQWOLFKHQ,QIRU
PDWLRQHQLQQHUKDOEGHV3URMHNWJHELHWVLQGHQ%HULFKW
GHV5DKPHQSODQVHUKDOWHQGLHELVKHUEHWHLOLJWHQXQG
QHXKLQ]XNRPPHQGH$NWHXUH%UJHU9HUZDOWXQJ
3ROLWLN,QYHVWRUHQHWFHLQHhEHUVLFKWEHUGHQ
6DFKVWDQG'HUYRUOLHJHQGH5DKPHQSODQLVWVRNRQ
]LSLHUWGDVVHUKLQVLFKWOLFKGHU'DUVWHOOXQJLQ3ODQ
XQG7H[WDOOJHPHLQYHUVWlQGOLFKXQGDQVFKDXOLFKLVW
*UXQGODJHIU(QWVFKHLGXQJHQXQGZHLWHUH3OD
QXQJHQ%DXOHLWSODQXQJ)DFKSODQXQJHQVWlGWHEDX
OLFKH9HUWUlJH
'LHLQIRUPHOOH5DKPHQSODQXQJELOGHWGLH*UXQGODJH
IUHLQH5HLKHYRQZHLWHUHQ3ODQXQJHQ'LHIRUPHOOH
%DXOHLWSODQXQJKDWGHQYRQGHU*HPHLQGHEHVFKORV
VHQHQ5DKPHQSODQQDFK†$EV1U%DX*%DOV
$EZlJXQJVPDWHULDO]XEHUFNVLFKWLJHQ)UGHQ%H
UHLFKGHU/LQFROQ6LHGOXQJELOGHWGHU5DKPHQSODQGLH
*UXQGODJHIUGDV(QWZLFNOXQJVNRQ]HSWLQGHPGLH
VWlGWHEDXOLFKHQODQGVFKDIWVSODQHULVFKHQXQGYHU
NHKUOLFKHQ=LHOVHW]XQJHQDXVIRUPXOLHUWZHUGHQ'DV
(QWZLFNOXQJVNRQ]HSWLVW7HLOGHV5DKPHQSODQV(V
ELOGHWGLH%DVLVIUGLH%DXOHLWSODQXQJ
)UGHQ%HUHLFKGHU&DPEUDL)ULWVFK.DVHUQHXQG
-HIIHUVRQ6LHGOXQJVROOHLQVWlGWHEDXOLFKHUXQGODQG
VFKDIWVSODQHULVFKHU:HWWEHZHUEGXUFKJHIKUWZHU
GHQZHOFKHUGLHLP5DKPHQSODQJHWURIIHQHQ=LHOH
LQVEHVRQGHUHKLQVLFKWOLFKGHU*HVWDOWXQJGHUVWDGW
UlXPOLFKHQ=XVDPPHQKlQJHXQGGHU*UQ]RQHQ
NRQNUHWLVLHUW
'LH5DKPHQSODQXQJ]HLJWGDVDQJHVWUHEWH1XW
]XQJVJHIJHGHU)OlFKHQXQGVWHOOWGDKHUHLQHZH
VHQWOLFKH*UXQGODJHIUGLH%HWUDFKWXQJZLUWVFKDIW
OLFKHU=XVDPPHQKlQJHGDU6LHELOGHWIHUQHUGLH
NRQ]HSWLRQHOOHXQGWHFKQLVFKH*UXQGODJHIUGLH
3ODQXQJGHUWHFKQLVFKHQXQGVR]LDOHQ,QIUDVWUXNWXU
XQGGHU(UPLWWOXQJGHU)ROJHNRVWHQGHUHQhEHUQDK
PHGXUFKGLH(LJHQWPHUE]Z,QYHVWRUHQLQHLQHP
VWlGWHEDXOLFKHQ9HUWUDJJHUHJHOWZLUG
'HU5DKPHQSODQVWHOOWGDKHUHLQHZLFKWLJH(QWVFKHL
GXQJVKLOIHIUGLHEHWHLOLJWHQ3ODQHUGLHSROLWLVFKHQ
*UHPLHQXQGDXFKGLHSRWHQ]LHOOHQ,QYHVWRUHQGDU
'HU5DKPHQSODQVROOGXUFKGLH6WDGWYHURUGQHWHQYHU
VDPPOXQJDPEHVFKORVVHQZHUGHQ
0HWKRGLN
3URMHNWWHDP
'HUYRQGHU6WDGW'DUPVWDGWLQ.RRSHUDWLRQPLWGHU
%,P$EHDXIWUDJWH5DKPHQSODQZXUGHJHPHLQVDP
GXUFKGUHL%URVHUVWHOOWXQGLQHLQHPNRQWLQXLHUOL
FKHQ$UEHLWVSUR]HVVPLW9HUWUHWHUQGHU6WDGWYHUZDO
WXQJDEJHVWLPPW'DV3URMHNWWHDPWDJWHLP=HLWUDXP
YRQ-XQLELV$SULOLQNXU]HQ$EVWlQGHQ
%HVWDQGVDXIQDKPHXQG$QDO\VH
,P5DKPHQGHU*UXQGODJHQHUPLWWOXQJZXUGHHLQH
GHWDLOOLHUWH%HVWDQGVDXIQDKPHGXUFKJHIKUW'DEHL
ZXUGHQXQWHUDQGHUHPGLHEDXOLFKHQJHVWDOWHUL
VFKHQODQGVFKDIWVSODQHULVFKHQXQGYHUNHKUOLFKHQ
3RWHQ]LDOHXQG'H¿]LWHGRNXPHQWLHUWXQGDQDO\VLHUW
1HEHQ2UWVEHJHKXQJHQZXUGHQ]XVlW]OLFKKLVWRUL
VFKH8QWHUODJHQYHUVFKLHGHQH)DFKJXWDFKWHQXQG
GLHIUGDV8QWHUVXFKXQJVJHELHWEHWUHIIHQGHQ.RQ
]HSWHXQGEHUJHRUGQHWH3ODQXQJHQXQWHUVXFKWXQG
DXVJHZHUWHW
6]HQDULHQGLVNXVVLRQXQGHUVWH3ODQXQJVZHUNVWDWW
$XI%DVLVGHU$QDO\VHZXUGHQXQWHUVFKLHGOLFKH
(QWZLFNOXQJVV]HQDULHQHUDUEHLWHWXQGEHZHUWHW
$XIJUXQGGHU%HGHXWXQJGHV3URMHNWVZXUGHHLQH
XPIDQJUHLFKH%UJHUEHWHLOLJXQJGXUFKJHIKUWGLH
]XP=LHOKDWWHGLH:QVFKHXQG9RUVWHOOXQJHQGHU
%UJHUXQGLQVEHVRQGHUHGHU]XNQIWLJHQ%HZRKQHU
]XHUIDVVHQXQGLQGLH3ODQXQJLQWHJULHUHQ]XN|Q
QHQ,P5DKPHQHLQHUHUVWHQ3ODQXQJVZHUNVWDWWDP
ZXUGHQGUHLDOWHUQDWLYH6]HQDULHQ
GHUgIIHQWOLFKNHLWHUOlXWHUWXQG]XU'LVNXVVLRQJH
VWHOOWVLHKH.DSLWHO%
7HVWHQWZUIH
0LWGHQ+LQZHLVHQDXVGHU3ODQXQJVZHUNVWDWWZXU
GHQGLH6]HQDULHQZHLWHUHQWZLFNHOWXQG]XHLQHP
5DKPHQNRQ]HSWYHUGLFKWHW)U7HLOEHUHLFKHZXUGHQ
DOWHUQDWLYH7HVWHQWZUIHLQVEHVRQGHUH]XP8PJDQJ
PLWGHU%DXVXEVWDQ]XQGGHUUlXPOLFKHQ$XVSUlJXQJ
LQGHU/LQFROQ6LHGOXQJHUVWHOOW
:LUWVFKDIWVOLFKNHLWVXQWHUVXFKXQJ+$
3DUDOOHO]XU5DKPHQSODQXQJZXUGHGXUFKGLH+HV
VHQ$JHQWXUHLQ*XWDFKWHQ]XU%HWUDFKWXQJGHU
LPPRELOLHQZLUWVFKDIWOLFKHQ5DKPHQEHGLQJXQJHQ
HUVWHOOW
(QWZXUI5DKPHQSODQXQG]ZHLWH3ODQXQJVZHUNVWDWW
,P'H]HPEHUZXUGHVFKOLH‰OLFKHLQ(QWZXUIGHV
5DKPHQSODQHVDOV.RQVHQVSODQGHUDXIWUDJJHEHQ
GHQbPWHUHUVWHOOW'HU5DKPHQSODQHQWZXUIZXUGH
GHUgIIHQWOLFKNHLWLQHLQHUZHLWHUHQ3ODQXQJVZHUNVWDWW
DPHUOlXWHUW'LH%UJHUIRUPXOLHUWHQ
]XGHPNRQNUHWH$QIRUGHUXQJHQDQGLHZHLWHUH$XVDU
EHLWXQJGHV.RQ]HSWHVVLHKH.DSLWHO%
bPWHUXQG%HK|UGHQEHWHLOLJXQJ
'LHYRQGHU5DKPHQSODQXQJEHUKUWHQbPWHU%H
K|UGHQXQG'LHQVWVWHOOHQLQVEHVRQGHUHGLH1DWXU
VFKXW]EHK|UGHQGDV$PWIU6WUD‰HQXQG9HUNHKUV
ZHVHQXQG+HDJPRELORZXUGHQLQUHJHOPl‰LJHQ
$EVWlQGHQEHUGHQ3ODQXQJVVWDQGLQIRUPLHUW,P
)HEUXDUZXUGHQGLHVWlGWLVFKHQ'LHQVWVWHOOHQ
LP5DKPHQGHUEHUGHQDNWXHOOHQ6WDQGGHV5DK
PHQSODQXQJ%HVVXQJHQ6GLQ.HQQWQLVJHVHW]W
(QWZXUI5DKPHQSODQXQG(QWZLFNOXQJVNRQ]HSW
,P$QVFKOXVVDQGLHVH%HWHLOLJXQJVUXQGHZXUGHQGHU
5DKPHQSODQXQGGDV(QWZLFNOXQJVNRQ]HSW/LQFROQ
DXVJHDUEHLWHWXQGDOV(QWZXUIYRUJHOHJW
)DFKIRUHQ.RQYHUVLRQ
8PGHQ5DKPHQSODQSUR]HVVIDFKOLFK]XXQWHUVWW
]HQIKUWHGLH6FKDGHU6WLIWXQJLP6HSWHPEHU
YLHU)DFKIRUHQ]XU.RQYHUVLRQGXUFK


,P9RUODXIXQGSDUDOOHO]XU5DKPHQSODQXQJZXUGHQ
HLQH5HLKHYRQ)DFKJXWDFKWHQHUVWHOOW
*HElXGH]XVWDQG
8P(UNHQQWQLVVHEHUGHQ=XVWDQGGHU:RKQJHElX
GH]XHUKDOWHQZXUGH]XQlFKVWHLQª*XWDFKWHQ
]XU3UIXQJGHU%DXVXEVWDQ]YHUVFKLHGHQHU.RQYHU
VLRQVÀlFKHQLQGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW
HLQVFKOLH‰OLFKGHU%HXUWHLOXQJGHUHQ(LJQXQJIUHLQH
:RKQRGHUJHZHUEOLFKH1XW]XQJ©GXUFKGDV%UR
%60)%HUDWXQJVJHVHOOVFKDIWIU6WDGWHUQHXHUXQJ
XQG0RGHUQLVLHUXQJHUVWHOOW
,P-DKUHUIROJWHGXUFKGDV+HVVLVFKH%DXPD
QDJHPHQWHLQHGHWDLOOLHUWH%HXUWHLOXQJGHV*HElX
GH]XVWDQGVGLHLQGHQ%DXXQG=XVWDQGVEHULFKWHQ
GDUJHVWHOOWZXUGHQ
'DV%UR'U+XJ*HRFRQVXOWIKUWHIU
GLH/LQFROQ6LHGOXQJRULHQWLHUHQGH*HElXGHXQWHU
VXFKXQJHQDXI6FKDGVWRIIHGXUFK'DEHLZXUGHQ
QHEHQGHQ|IIHQWOLFKHQ*HElXGHQH[HPSODULVFKYLHU
:RKQJHElXGHKLQVLFKWOLFKGHU%HODVWXQJPLW$VEHVW
NQVWOLFKHQ0LQHUDOIDVHUQ.0)SRO\]\NOLVFKHQDUR
PDWLVFKHQ.RKOHQZDVVHUVWRIIHQ3$.SRO\FKORULHUWH
%LSKHQ\OH3&%%OHL3HQWDFKORUSKHQROXQG2UJD
QRFKORU3HVWL]LGHDQDO\VLHUW
,P=XJHGHU5DKPHQSODQXQJZXUGHQGXUFKXQ
WHUVFKLHGOLFKH$NWHXUH3ODQXQJVWHDPVWlGWLVFKH
bPWHUZHLWHUHGLIIHUHQ]LHUWH(LQVFKlW]XQJHQ]XP
=XVWDQGXQG]XU1XW]EDUNHLWGHV*HElXGHEHVWDQGV
YRUJHQRPPHQ
7HFKQLVFKH,QIUDVWUXNWXUXQG
9HUNHKUVÀlFKHQ
=XU%HXUWHLOXQJGHU1XW]EDUNHLWYRUKDQGHQHU9HU
NHKUVÀlFKHQLQGHU/LQFROQ6LHGOXQJOLHJWHLQHª*XW
DFKWHUOLFKH6WHOOXQJQDKPH]XU%HXUWHLOXQJGHU7UDJ
IlKLJNHLWXQG%HVFKDIIHQKHLWGHU9HUNHKUVÀlFKHQ
VRZLHDEIDOOWHFKQLVFKH%HZHUWXQJGHU6FKZDU]GH
FNHQ©YRUGLHGXUFKGDV%UR,6.,QJHQLHXUJH
VHOOVFKDIWIU%DXXQG*HRWHFKQLNHUVWHOOWZXUGH
$XI%DVLVGHV*XWDFKWHQEH]LHKWGDV6WUD‰HQYHU
NHKUVXQG7LHIEDXDPWIROJHQGHUPD‰HQ6WHOOXQJ
ª'LHEHVWHKHQGHQ$VSKDOWIDKUEDKQHQHQWVSUHFKHQ
QDFKGHPLP*XWDFKWHQGDUJHVWHOOWHQ$XIEDXQLFKW
GHQDQHUNDQQWHQ5HJHOQGHU7HFKQLN]XGHPZXUGHQ
LQGHUDEIDOOWHFKQLVFKHQ8QWHUVXFKXQJWHHUSHFKW\
SLVFKH6XEVWDQ]HQJHIXQGHQGLHEHLHLQHP$XVEDX
JHVRQGHUWEHKDQGHOWZHUGHQPVVWHQ$XFKGLHVH
6WUD‰HQZHUGHQQLFKWLQGLH8QWHUKDOWVSÀLFKWGHU
6WDGW'DUPVWDGWEHUQRPPHQ©6WHOOXQJQDKPHGHV
6WUD‰HQYHUNHKUVXQG7LHIEDXDPWVYRP
'HU7KHPHQNRPSOH[GHUWHFKQLVFKHQ,QIUDVWUXNWXU
ZXUGHGXUFKGDV%UR8PZHOWSODQXQJ%XOOHUPDQQ
XQWHUVXFKWª8QWHUVXFKXQJLQIUDVWUXNWXUHOOHU
$VSHNWHLP%HUHLFKGHU.RQYHUVLRQVÀlFKHQ©
'DVYRUKDQGHQH0LVFKV\VWHPGHU*UXQGVWFNV
HQWZlVVHUXQJLVWQLFKWPHKU6WDQGGHU7HFKQLNXQG
VRPLWQLFKWJHQHKPLJXQJVIlKLJhEHUGHQ=XVWDQG
GHU.DQlOHIUGLH*HELHWVHQWZlVVHUXQJOLHJHQNHLQH
JHVLFKHUWHQ(UNHQQWQLVVHYRUHVLVWMHGRFKPLWHL
QHPKRKHQ6FKDGHQVSRWHQ]LDO]XUHFKQHQ6WHOOXQJ
QDKPHGHV6WUD‰HQYHUNHKUVXQG7LHIEDXDPWVYRP

$OWODVWHQ
'LH*9'*UXQGVWFNVHQWZLFNOXQJVXQG9HUZHU
WXQJVJHVHOOVFKDIW'DUPVWDGWPE+EHDXIWUDJWHEH
UHLWVGDV%UR8PZHOWSODQXQJ%XOOHUPDQQ
6FKQHEOH*PE+HLQH5HFKHUFKH]XXPZHOWWHFKQL
VFKHQ$VSHNWHQGHU.RQYHUVLRQVDUHDOHLQ'DUPVWDGW
GXUFK]XIKUHQ'LH(UJHEQLVVHODJHQLP$SULO
YRU$XVJHZHUWHWZXUGHQGLYHUVH8QWHUODJHQZLH]%
/XIWELOGHUXQGYRUKDQGHQH8QWHUODJHQGHV5HJLH
UXQJVSUlVLGLXPV'DUPVWDGWXQGGHV8PZHOWDPWV
GHU6WDGW'DUPVWDGW'XUFKGLH5HFKHUFKHQZXUGHQ
.RQWDPLQDWLRQVEHUHLFKHXQG9HUGDFKWVÀlFKHQVRZLH
*HElXGHWHLOHXQGGDVSRWHQ]LHOOH6FKDGVWRI¿QYHQ
WDUHUPLWWHOW'LH(UJHEQLVVHVROOHQDOV*UXQGODJH
IUGLH%HZHUWXQJYRQZHLWHUHQWHFKQLVFKHQ(UNXQ
GXQJVXQG6DQLHUXQJVPD‰QDKPHQGLHQHQ=XU
.DPSIPLWWHOVLWXDWLRQZLUGIHVWJHVWHOOWGDVVJHPl‰
(LQVFKlW]XQJGHV.DPSIPLWWHOUlXPGLHQVWVGHV/DQ
GHV+HVVHQGLH&DPEUDL)ULWVFK.DVHUQHXQGGLH
-HIIHUVRQ6LHGOXQJDP5DQGHGHV%RPEHQDEZXUI
JHELHWVOLHJHQ'DKHUPXVVDXFKPLWGHU([LVWHQ]
YRQ.DPSIPLWWHOQJHUHFKQHWZHUGHQ'DV$UHDOGHU
/LQFROQ6LHGOXQJOLHJWLQQHUKDOEGHV%RPEHQDEZXUI
JHELHWVVRGDVVGLH*HIDKUGHV9RUKDQGHQVHLQVYRQ
%OLQGJlQJHUQLQ)RUPYRQ6SUHQJXQG%UDQGERP
EHQJHJHEHQLVW
1DFKIROJHQGZXUGHQGXUFKGDV+HVVLVFKH%DXPD
QDJHPHQW5HJLRQDOQLHGHUODVVXQJ6GZHLWHUH8Q
WHUVXFKXQJHQEHDXIWUDJWGHUHQ(UJHEQLVVHVHLW'H
]HPEHU*XWDFKWHQRULHQWLHUHQGHXPZHOWWHFK
QLVFKH8QWHUVXFKXQJHQIUGLH/LQFROQ6LHGOXQJ'U
+XJ*HRFRQVXOW*PE+XQGVHLW$SULO(UIDV
VXQJXQG(UVWEHZHUWXQJ3KDVHYRQNRQWDPLQLDWL
RQVYHUGlFKWLJHQ)OlFKHQ.9)DXIGHU/LHJHQVFKDIW
&DPEUDL)ULWVFK.DVHUQHXQG-HIIHUVRQ6LHGOXQJ
,%/8PZHOWXQG%LRWHFKQLN*PE+YRUOLHJHQ
,QGHU/LQFROQ6LHGOXQJZXUGHQ9HUGDFKWVEHUHLFKH
XQWHUVXFKWEHVFKULHEHQXQGEHZHUWHWVRZLH(PSIHK
OXQJHQIUGLHZHLWHUH9RUJHKHQVZHLVHDXVJHVSUR
FKHQ1XUIUGHQ%HUHLFKGHUHKHPDOLJHQ7DQNVWHOOH
*HElXGHOLHJWHLQEHJUQGHWHUDOWODVWHQUHOH
YDQWHU.RQWDPLQDWLRQVYHUGDFKWYRUGHUZHLWHUH8Q
WHUVXFKXQJHQHUIRUGHUW
$XIGHU/LHJHQVFKDIWGHU&DPEUDL)ULWVFK.DVHUQH
ZXUGHQ-DKUHODQJ0LOLWlUIDKU]HXJHJHZDUWHW
VRZLH.UDIWVWRIIHXQG0LQHUDO|OHXPJHIOOWXQGJH
ODJHUWVRGDVV%RGHQ%RGHQOXIWXQG*UXQGZDVVHU
NRQWDPLQDWLRQ]XHUZDUWHQVLQG(VZXUGHQ.RQ
WDPLQDWLRQVYHUGDFKWVÀlFKHQ.9)LGHQWL¿]LHUW%HL
LQVJHVDPW.9)ZHUGHQZHLWHUHXPZHOWWHFKQLVFKH
(UNXQGXQJVPD‰QDKPHQGHU3KDVH,,DHPSIRKOHQ
6FKDOOLPPLVVLRQHQ
'LH*9'PE+*UXQGVWFNVHQWZLFNOXQJVXQG9HU
ZHUWXQJVJHVHOOVFKDIW'DUPVWDGWPE+EHDXIWUDJWH
HLQHVFKDOOWHFKQLVFKH8QWHUVXFKXQJIUGHQVGOL
FKHQ%HUHLFKGHU/LQFROQ6LHGOXQJ*HElXGH
GLHYRQGHU'U*UXVFKND,QJHQLHXUJHVHOO
VFKDIWPE+GXUFKJHIKUWZXUGHXQGVHLW$SULO
YRUOLHJW8QWHUVXFKWZXUGHQGLH*HUlXVFKHLQZLUNXQ
JHQGXUFKGHQ6FKLHQHQYHUNHKUGHU%DKQVWUHFNH
'DUPVWDGW+HLGHOEHUJGHU6WUD‰HQEDKQOLQLH'DUP
VWDGW(EHUVWDGWVRZLHGHV6WUD‰HQYHUNHKUVGHU%$%
$%.DUOVUXKHU6WUD‰H+HLGHOEHUJHU/DQGVWUD‰H
1RDNVWUD‰H
'LH%HXUWHLOXQJVSHJHOLQGHQ$X‰HQZRKQEHUHLFKHQ
OLHJHQWDJVEHU]ZLVFKHQZHQLJHUDOVG%$ELV
XQWHUG%$,QGHQ:RKQKlXVHUQDQGHU+HLGHO
EHUJHU/DQGVWUD‰HZLUGGHUJHIRUGHUWH2ULHQWLHUXQJV
ZHUWIUDOOJHPHLQH:RKQJHELHWHYRQWDJVG%$
PLWhEHUVFKUHLWXQJHQXPZHQLJHUDOVG%$HLQJH
KDOWHQhEHUVFKUHLWXQJHQLQGLHVHU*U|‰HQRUGQXQJ
% )DFKJXWDFKWHQXQGIDFKOLFKH6WHOOXQJQDKPHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
OLHJHQLQQHUKDOEGHV$EZlJXQJVVSLHOUDXPV,QGHU
]ZHLWHQ5HLKHZLUGGHU2ULHQWLHUXQJVZHUWIUUHLQH
:RKQJHELHWHYRQWDJVG%$HLQJHKDOWHQ
,QGHU1DFKWNRPPWHVLQVEHVRQGHUHGXUFKGHQ(L
VHQEDKQYHUNHKU]XK|KHUHQhEHUVFKUHLWXQJHQ'D
1DFKWVNDXP1XW]XQJHQGHU$X‰HQZRKQEHUHLFKH
HUIROJHQNDQQVLFKGHU6FKDOOVFKXW]DXIGHQ6FKXW]
GHU$XIHQWKDOWVXQG6FKODIUlXPHEHVFKUlQNHQ'LHV
NDQQZLUNVDPGXUFKSDVVLYH6FKDOOVFKXW]PD‰QDK
PHQHUIROJHQ
$XV*UQGHQGHU+\JLHQHXQG]XU%HJUHQ]XQJGHU
5DXPOXIWIHXFKWHPVVHQ:RKQXQG6FKODIUlXPH
PLWDXVUHLFKHQG)ULVFKOXIWYHUVRUJWZHUGHQ(PSIRK
OHQZLUGGDVVGLH)ULVFKOXIW]XIXKUPLWWHOVJHHLJQHWHQ
]XVlW]OLFKHQVFKDOOJHGlPPWHQ/IWXQJVHLQULFKWXQ
JHQIHQVWHUXQDEKlQJLJVLFKHU]XVWHOOHQLVW
'DV%UR'U*UXVFKNDOHJWHLP'H]HPEHU
HLQHUVFKDOOWHFKQLVFKHQ8QWHUVXFKXQJ]XUYRUKDQGH
QHQ6NDWHUDQODJHDPZHVWOLFKHQ5DQGGHU/LQFROQ
6LHGOXQJYRU'HPQDFKLVWGLH1XW]XQJGHU6NDWHUDQ
ODJHPLWGHUDQJHVWUHEWHQ:RKQQXW]XQJLQXQPLWWHO
EDUHU1DFKEDUVFKDIWQLFKWYHUHLQEDU
'HU(QWZXUIGHV(QWZLFNOXQJVNRQ]HSWV/LQFROQZXU
GHLP-DQXDUGXUFKGDV%UR'U*UXVFKND
DQDO\VLHUW+LHU]XZXUGHQLQVEHVRQGHUHGLH%DXN|U
SHUVWHOOXQJHQDPZHVWOLFKHQXQG|VWOLFKHQ5DQGDXI
LKUH([SRQLHUXQJ]X/lUPTXHOOHQXQGLKUHSRWHQ]LHOOH
6FKXW]ZLUNXQJIUGDKLQWHUOLHJHQGH*HElXGHJH
SUIW'HU(QWZXUIZXUGHGDUDXIKLQRSWLPLHUW
,P/lUPDNWLRQVSODQGHV5HJLHUXQJVSUlVLGLXPV
'DUPVWDGWGHUDOV(QWZXUIVHLW0lU]YRUOLHJW
ZHUGHQDQGHQ6WUD‰HQ%$%%.DUOVUXKHU6WUD‰H
XQG+HLGHOEHUJHU6WUD‰H/lUPEHODVWXQJVNRQÀLNW
SXQNWHLGHQWL¿]LHUWXQG0D‰QDKPHQYRUJHVWHOOWGLH
OlUPPLQGHUQGH$XVZLUNXQJHQKDEHQN|QQHQ
=XVlW]OLFKZXUGHYRQGHU'U*UXVFKND,QJHQLHXU
JHVHOOVFKDIWPE+HLQ3UIEHULFKW]XUYRUKDQGHQHQ
/XIWXQG7ULWWVFKDOOGlPPXQJXQG]XGHQ,QVWDOODWL
RQVJHUlXVFKHQLQGHQ*HVFKRVVZRKQXQJVEDXWHQ
GHU/LQFROQ6LHGOXQJHUVWHOOW'DULQZHUGHQNRQNUHWH
9RUVFKOlJHJHPDFKWXPGLH0LQGHVWDQIRUGHUXQJHQ
RGHUJHJHEHQHQIDOOVGLH$QIRUGHUXQJHQDQGHQHU
K|KWHQ6FKDOOVFKXW]]XHUUHLFKHQ6RZLUGEHLVSLHOV
ZHLVHHPSIRKOHQGXUFKDEJHKlQJWH8QWHUGHFNHQ
GLH0LQGHVWDQIRUGHUXQJHQDQGHQ/XIWVFKDOOVFKXW]
XQGGXUFKGHQ(LQEDXHLQHVVFKZLPPHQGHQ(VWULFKV
GLH0LQGHVWDQIRUGHUXQJHQDQGHQ7ULWWVFKDOOVFKXW]
]XHUUHLFKHQ
(QHUJLHYHUVRUJXQJ
'LH:LVVHQVFKDIWVVWDGW'DUPVWDGWKDWVLFKGXUFK
LKUH0LWJOLHGVFKDIWLP.OLPD%QGQLVGD]XYHUSÀLFK
WHWGLH7UHLEKDXVJDVHPLVVLRQHQNRQWLQXLHUOLFK]X
UHGX]LHUHQ,QGLHVHP=XVDPPHQKDQJZXUGHYRQ
GHU+($*6GKHVVLVFKH(QHUJLH$*+6(HLQH8Q
WHUVXFKXQJLQ$XIWUDJJHJHEHQGLHGLH0|JOLFKNHL
WHQHLQHU]XNXQIWVIlKLJHQ(QHUJLHYHUVRUJXQJIUGLH
HKHPDOLJPLOLWlULVFKJHQXW]WHQ)OlFKHQ]XP*HJHQ
VWDQGKDWWH'HU$EVFKOXVVEHULFKWOLHJWVHLW-XOL
YRU8QWHUVXFKWZXUGHGHU]XNQIWLJH(QHUJLHEHGDUI
GLHYRUKDQGHQHQ,QIUDVWUXNWXUHQLQVEHVRQGHUHGDV
EHVWHKHQGH)HUQZlUPHQHW]VRZLHGLH$VSHNWHGHU
8PZHOWXQGGHU:LUWVFKDIWOLFKNHLWP|JOLFKHU9HUVRU
JXQJVV\WHPH$XV6LFKWGHU]XNQIWLJHQ%HZRKQHU
GHU.RQYHUVLRQVÀlFKHQVWHOOWGHPQDFKHLQHDUHDO
EH]RJHQH:lUPHYHUVRUJXQJGLHGDVEHVWHKHQGH
)HUQZlUPHQHW]XQGGDVEHVWHKHQGH.HVVHOKDXV
QXW]WHLQHVHKUZLUWVFKDIWOLFKH9HUVRUJXQJVO|VXQJ
GDU$XV8PZHOWVLFKWELHWHWGLHDUHDOEH]RJHQH:lU
PHYHUVRUJXQJ)HUQZlUPHHQWVFKHLGHQGH9RUWHL
OHJHJHQEHUREMHNWEH]RJHQHQDXI(LQ]HOJHElXGH
EHVFKUlQNWH/|VXQJHQ'XUFKGHQ(LQVDW]YRQ+RO]
+RO]SHOOHWVGHUVLFKDOV(QHUJLHWUlJHULQ%H]XJDXI
GLH&2%LODQ]EHVRQGHUVYRUWHLOKDIWGDUVWHOOWGXUFK
PRGHUQH)HXHUXQJVXQG)LOWHUWHFKQLNXQGGXUFKGLH
2SWLPLHUXQJGHU(QHUJLHHI¿]LHQ]PLWWHOV.UDIW:lU
PH.RSSOXQJNDQQHLQZLFKWLJHU%HLWUDJ]XU(UUHL
FKXQJGHUXPZHOWSROLWLVFKHQ=LHOHGHU6WDGW'DUP
VWDGWJHOHLVWHWZHUGHQ
=XUZHLWHUHQ4XDOL¿]LHUXQJGHV*XWDFKWHQVZXUGH
GDV,QVWLWXWIU:RKQHQXQG8PZHOW,:8EHDXIWUDJW
YHUWLHIHQGH8QWHUVXFKXQJHQ]XU(QHUJLHYHUVRUJXQJ
DQ]XVWHOOHQ
:RKQXQJVZLUWVFKDIW
'DV,QVWLWXWIU:RKQHQXQG8PZHOW,:8HUVWHOOWH
DXI%DVLVDNWXHOOHU3URJQRVHQGHU%HY|O
NHUXQJVHQWZLFNOXQJHLQ*XWDFKWHQ]XZRKQXQJVZLUW
VFKDIWOLFKHQ(QWZLFNOXQJVSHUVSHNWLYHQGHU.RQYHU
VLRQVÀlFKHQ(UJHEQLVVHVLHKH.DSLWHO'%HEDXXQJ
(LQ]HOKDQGHO
8PYHUOlVVOLFKH9RUJDEHQIUGLH$XVVWDWWXQJGHU
$UHDOHPLW(LQ]HOKDQGHOVÀlFKHQ]XHUKDOWHQZXUGH
GXUFKGDV%UR-XQNHUXQG.UXVHHLQHªJXW
DFKWHUOLFKH.XU]HLQVFKlW]XQJ]XU$QVLHGOXQJP|JOL
FKHU1DKYHUVRUJXQJVDQELHWHULP=XVDPPHQKDQJPLW
GHU8PQXW]XQJGHUHKHPDOLJPLOLWlULVFKJHQXW]WHQ
)OlFKHQ]X:RKQJHELHWHQLPVGOLFKHQ.HUQVWDGWJH
ELHWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW©YRUJHOHJW
(UJHEQLVVHVLHKH.DSLWHO'%HEDXXQJ
%DXPNDUWLHUXQJ
=XU(UIDVVXQJGHVZHUWYROOHQHUKDOWHQVZUGLJHQ
%DXPEHVWDQGVZXUGHYRQGHU)LUPD/HLWVFKHLQH%H
VWDQGVNDUWLHUXQJHUVWHOOWGLHLP-XOLYRUJHOHJW
ZXUGH
:HLWHUH6WHOOXQJQDKPHQ
1HEHQGHQKLHUDXIJHIKUWHQ*XWDFKWHQZXUGHQ]X
GHQIUGLH5DKPHQSODQXQJUHOHYDQWHQ$VSHNWHQ
6WHOOXQJQDKPHQXQG$QIRUGHUXQJHQVHLWHQVGHUYHU
VFKLHGHQHQVWlGWLVFKHQ'LHQVWVWHOOHQHUDUEHLWHWVR
]%]XUVFKXOLVFKHQ9HUVRUJXQJ]XU$XVVWDWWXQJPLW
.LQGHUEHWUHXXQJVHLQULFKWXQJHQ*HPHLQVFKDIWVHLQ
ULFKWXQJHQ-XJHQGHLQULFKWXQJHQ'LHIUGLH9HUVRU
JXQJGHU$UHDOHDQJHPHOGHWHQQRWZHQGLJHQ%HGDUIH
VLQGLQGLH5DKPHQSODQXQJHLQJHÀRVVHQ


$XVVFKQLWW)OlFKHQQXW]XQJVSODQ
%HEDXXQJVSODQ6
%HEDXXQJVSODQ6
% %HVWHKHQGHV3ODQXQJVUHFKW
9RUEHUHLWHQGH%DXOHLWSODQXQJ
)OlFKHQQXW]XQJVSODQ
'HUª)OlFKHQQXW]XQJVSODQGHU:LVVHQVFKDIWV
VWDGW'DUPVWDGW©PLW)HVWVWHOOXQJVEHVFKOXVVYRP
VWHOOWDOVVWlGWHEDXOLFKHU=LHOSODQGLH
3ODQJHELHWHDOV:RKQEDXÀlFKHVRZLHDOV6RQGHU
EDXÀlFKHGHV%XQGHVE]ZGHU9HUWHLGLJXQJGDU,P
%HUHLFKGHU/LQFROQ6LHGOXQJVWHOOWGHUª)OlFKHQQXW
]XQJVSODQ©GHQEHUJHRUGQHWHQ*UQ]XJGHVª5HJL
RQDOSODQV6GKHVVHQ©DOVGLDJRQDOYHUODXIHQ
GH*UQÀlFKHRKQHEHVRQGHUH=ZHFNEHVWLPPXQJ
GDU=XVlW]OLFKVLQGKLHU+DXSWUDGZHJHXQG+DXSW
IX‰ZHJHYHUELQGXQJHQJHNHQQ]HLFKQHW
9HUELQGOLFKH%DXOHLWSODQXQJ
%HEDXXQJVSOlQH
$OVYHUELQGOLFKH%DXOHLWSOlQHH[LVWLHUHQLP3ODQXQJV
UDXPGLH%HEDXXQJVSOlQH6XQG6GLHXD
HLQH$XWREDKQWUDVVHGXUFKGDV$UHDOYRUVDKHQ'LH
3ODQXQJZLUGQLFKWZHLWHUYHUIROJW)UGLHVGZHVW
OLFKDQGLH/LQFROQ6LHGOXQJDQJUHQ]HQGH.OHLQJDU
WHQDQODJHOLHJWGHU%HEDXXQJVSODQ6YRU)UGLH
EHLGHQ)OlFKHQZXUGHQDP%HVFKOVVH
]XU$XIVWHOOXQJYRQ%HEDXXQJVSOlQHQ6/LQFROQ
6LHGOXQJXQG6&DPEUDL)ULWVFK.DVHUQHXQG
-HIIHUVRQ6LHGOXQJJHIDVVW=XGHPZXUGHQDP
IUGLH$UHDOH6DW]XQJHQEHUEHVRQGHUH
9RUNDXIVUHFKWHEHVFKORVVHQ$PZXUGH
GLH(LQOHLWXQJ]X9RUEHUHLWHQGHQ8QWHUVXFKXQJHQIU
HLQHQVWlGWHEDXOLFKHQ(QWZLFNOXQJVEHUHLFK%HVVXQ
JHQ6GEHVFKORVVHQ
%HEDXXQJVSODQ6
3ODQXQJVUHFKWOLFKH%HXUWHLOXQJGHU
.RQYHUVLRQVÀlFKHQ
=XU%HXUWHLOXQJGHUSODQXQJVUHFKWOLFKHQ6LWXDWLRQ
HLQVFKOLH‰OLFKGHV%HVWDQGVFKXW]HVGHU%HEDXXQJ
LQGHQ.RQYHUVLRQVÀlFKHQZXUGHHLQ5HFKWVJXWDFK
WHQGXUFKGLH.DQ]OHL1LFNHOXQG3DUWQHUHUVWHOOWXQG
LP1RYHPHUYRUJHOHJW'LH/LQFROQ6LHGOXQJ
ZLUGYRQ6HLWHQGHU*XWDFKWHUDOVXQEHSODQWHU,QQHQ
EHUHLFKJHPl‰†%DX*%HLQ]XVWXIWª=LYLOH)RO
JHQXW]XQJHQYRUPDOVPLOLWlULVFKHU$QODJHQN|QQHQ
VLFKQLFKWDXI%HVWDQGVVFKXW]EHUXIHQ©1LFNHOXQG
3DUWQHU
'LH&DPEUDL)ULWVFK.DVHUQHXQGGLH-HIIHUVRQ
6LHGOXQJVLQGDOV$X‰HQEHUHLFKHJHPl‰†%DX*%
DQ]XVHKHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
% 3ODQXQJVZHUNVWlWWHQ
3DUDOOHO]XU(UDUEHLWXQJGHV5DKPHQSODQVZXUGHHLQ
LQWHQVLYHU%HWHLOLJXQJVSUR]HVVPLW]ZHL3ODQXQJV
ZHUNVWlWWHQRUJDQLVLHUW'DV9HUIDKUHQZXUGHYRP
%URFJ.RQ]HSWPRGHULHUW
8QWHUGHP0RWWRª*HVWDOWHW(XUH6WDGW©OXGGLH
6WDGW'DUPVWDGWGLHLQWHUHVVLHUWHgIIHQWOLFKNHLWHLQ
VLFKDNWLYLQGLH=XNXQIWVSODQXQJGHU.RQYHUVLRQVD
UHDOH&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQXQG/LQ
FROQ6LHGOXQJHLQ]XEULQJHQ,GHHQXQG$QUHJXQJHQ
GHU%UJHUVROOWHQ]XVDPPHQJHWUDJHQZHUGHQXP
GHQ3ODQHQGHQYRQ6WDGWXQGH[WHUQHQ)DFKEURV
(PSIHKOXQJHQPLWDXIGHQ:HJ]XJHEHQ
,QGHUHUVWHQ3ODQXQJVZHUNVWDWWDP
HUOlXWHUWHQGLH3ODQXQJVEURVDP)UHLWDJDEHQG
]XQlFKVWGLH(UJHEQLVVHDXVGHU$QDO\VH,QHLQHP
JHPHLQVDPHQ5XQGJDQJGHU7HLOQHKPHQGHQEHU
GLH.RQYHUVLRQVÀlFKHQNRQQWHQGLH%UJHUGHQ2UW
HUNXQGHQXQGPLWGHQ3ODQHUQYRU2UWGLVNXWLHUHQ
'LH3ODQXQJVEURVHUOlXWHUWHQDP6DPVWDJGLH
JUXQGVlW]OLFKHQ(QWZLFNOXQJVP|JOLFKNHLWHQXQGVWHOO
WHQHUVWHDOWHUQDWLYH3ODQXQJVLGHHQGDU$QKDQGYRQ
GUHLXQWHUVFKLHGOLFKHQ6]HQDULHQª=ZHL:RKQLQ
VHOQLP*UQHQ©ª:RKQHQDP3DUNEDQG©
ª=ZHL6WDGWTXDUWLHUHDP%HVVXQJHU+DQJ©ZXU
GHQGLHNRPSOH[HQ=XVDPPHQKlQJH]ZLVFKHQGHQ
XQWHUVFKLHGOLFKHQVWlGWHEDXOLFKHQ6WUXNWXUHQGHQ
EDXOLFKHQ'LFKWHQGHU9HUWHLOXQJGHUVR]LDOHQ,QIUD
VWUXNWXUGHQ(UVFKOLH‰XQJVP|JOLFKNHLWHQXQGGHQ
$QIRUGHUXQJHQYRQ6HLWHQGHU)UHLUDXPSODQXQJ
YHUGHXWOLFKW
'LH%UJHUNRQQWHQGDQQLQHLQHPVRJHQDQQWHQ
*DOHULH5XQGJDQJGLHSUlVHQWLHUWHQVWlGWHEDXOLFKHQ
(QWZLFNOXQJVV]HQDULHQLQGLH.DWHJRULHQªJXW¿QGH
LFKNULWLVFKVHKHLFK©EHZHUWHQ
$QVFKOLH‰HQGWUDIHQVLFKGLH7HLOQHKPHQGHQLQHL
QHPVRJ'LDORJFDIp,Q$UEHLWVJUXSSHQPLWMH3HU
VRQHQZXUGHQWKHPDWLVFK%RWVFKDIWHQIUIROJHQGH
7KHPHQIHOGHUHUDUEHLWHW4XHOOH.XU]GRNXPHQWDWLRQ
HUVWH3ODQXQJVZHUNVWDWWFJ.RQ]HSW
0RELOLWlWXQG9HUQHW]XQJ
‡ 3NZEHGLQJWTXDUWLHUVEH]RJHQNHLQ'XUFK
JDQJVYHUNHKU
‡ .I]$OWHUQDWLYHQLVWGHU9RU]XJ]XJHEHQ%DUULH
UHIUHLKHLW
‡ 8PZHOWYHUEXQGXQEHGLQJWNRPIRUWDEHO3ULRULWlW
DOOH5LFKWXQJHQ
‡ 9RUUDQJIUGHQ8PZHOWYHUEXQGXQGQHXHQ0REL
OLWlWVIRUPHQ9HUNHKUVOHQNXQJ
‡ g319I|UGHUQ6WUD‰HQEDKQOLQLHYHUOlQJHUQELV
+HLQULFK'HOS6WUD‰H4XDUWLHUVEXV
‡ 1RUPDWLYHU5DKPHQ]HLWOLFKHU$EODXIGHU(QW
ZLFNOXQJ
‡ 6DPPHOSDUNSOlW]HNHLQH*UQÀlFKHQXQG.OHLQ
JlUWHQIUGLH$QELQGXQJDQ.DUOVUXKHU6WUD‰H
RSIHUQ
‡ %UJHUEHWHLOLJXQJHQGXUFKIKUHQ
:RKQIRUPHQ
‡ %XQWHVR]LDOH0LVFKXQJYRUVHKHQ
‡ 6LQQYROOH9HUGLFKWXQJGXUFK0LVFKEHEDXXQJSOD
QHQ
‡ %XQWH9LHOIDOWDQ:RKQIRUPHQDQELHWHQ
‡ 6R]LDO|NRORJLVFKDOWHUQDWLYDXVULFKWHQ
‡ 4XDOLWlWVWDWW4XDQWLWlWVFKDIIHQ
‡ $PHLVHQVWUDWHJLHZlKOHQ9HUNDXIDQHLQ]HOQH
(UZHUEHURGHU%DXJUXSSHQ±VWDWWDQ%DXWUlJHU
,GHQWLWlWXQG,PDJH
‡ $QJHPHVVHQHQ8PJDQJPLWGHU*HVFKLFKWHYRU
QHKPHQ
‡ .ULHJXQG)ULHGHQDOV(ULQQHUXQJVIRUPDXVGU
FNHQ
‡ hEHUIUDFKWXQJGHUQHXHQ%HZRKQHUVFKDIWPLWGHU
9HUJDQJHQKHLWYHUPHLGHQ
‡ 'DV,PDJHSRVLWLYZDQGOXQJVIlKLJLQQRYDWLY±
NHLQÄ2EHQ³XQGÄXQWHQ³
‡ :HGHUÄ0LOOLRQlUVKJHO³QRFKÄVR]LDOHV*KHWWR³
EXQW
‡ 1HXH4XDUWLHUHXQWHUHLQDQGHUXQGPLWGHU6WDGW
YHUQHW]W
‡ $OVYHUELQGHQGHV(OHPHQWGHUDQJUHQ]HQGHQ
6WDGWWHLOHNRQ]LSLHUHQ
‡ )UHLUDXPIUGLH(USUREXQJYRQ1HXHP:RKQHQ
JHEHQ
*UQXQG)UHLÀlFKHQJHVWDOWXQJ
‡ *UR‰]JLJH*UQXQG)UHLÀlFKHQPLWYLHOIlOWLJHQ
1XW]XQJVP|JOLFKNHLWHQJHVWDOWHQ
‡ .HLQH]XVWDUNH9HUGLFKWXQJGHU%HEDXXQJYRU
QHKPHQ
‡ 6FKW]HQZHUWH1DWXULQ3ODQXQJLQWHJULHUHQ
‡ *UR‰HQ$EVWDQGGHU%HEDXXQJ]XP16*HLQKDO
WHQ
%HODQJHlOWHUHU0HQVFKHQ
‡ ,QQHXHQ:RKQNRQ]HSWHQJHWUHQQW=XVDPPHQOH
EHQ
‡ GLH&KDQFHIULQQRYDWLYH.RQ]HSWHQXW]HQ
‡ 1DKUlXPOLFKH,QIUDVWUXNWXUHQPLWGHQNHQ
%HODQJHGHU-XJHQGOLFKHQ
‡ $QJHERWHIUDOOH$OWHUVJUXSSHQVFKDIIHQ
‡ $OWHUJUXSSHQYHUQHW]HQGXUFKJHPHLQVDPJH
QXW]WH5lXPHGHQQRFK)UHLUlXPH5FN]XJVRU
WHVFKDIIHQ
‡ %HGDFKWH3ODW]LHUXQJYRQ1XW]XQJHQIU-XJHQG
OLFKHYRUVHKHQ
‡ -XJHQGKDXVPLW6R]LDODUEHLWHUQLVWJHQDXVRZLFK
WLJZLH6HOEVWEHVWLPPXQJ
‡ -XJHQGOLFKHLQGLH3ODQXQJXQG$XVIKUXQJPLW
HLQEH]LHKHQ/LFKWHQEHUJVFKXOH"
%HODQJHYRQ.LQGHUQ
‡ 6WDUNH$QHUNHQQXQJGHU%HODQJHYRQ.LQGHUQ
%HODQJHYRQ)DPLOLHQ
‡ *XWHVVR]LDOHV1HW]ZHUNVFKDIIHQ
‡ (LQELQGXQJLVWIUDOOH$O WHUV*UXSSHQZLFKWLJ
(LQHZHVHQWOLFKH(UNHQQWQLVGHUHUVWHQ3ODQXQJV
ZHUNVWDWWODXWHWH
ª:LUSODQHQHLQHQ6WDGWWHLOQLFKWQXUHLQH:RKQ
VLHGOXQJ³GLHVH3HUVSHNWLYHQLFKWDXVGHQ$X
JHQ]XYHUOLHUHQLVWHLQH]HQWUDOH%RWVFKDIWGHU
]DKOUHLFKHQ7HLOQHKPHQGHQ'LH3ODQXQJVROOGD
EHLLQQRYDWLYPXWLJXQG]XNXQIWVRULHQWLHUWVHLQ©


6]HQDULHQDXVGHUHUVWHQ3ODQXQJVZHUNVWDWW
6WDQGGHU3ODQXQJ]XU]ZHLWHQ3ODQXQJVZHUNVWDWW

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
'LH(UNHQQWQLVVHDXVGHUHUVWHQ3ODQXQJVZHUNVWDWW
VLQGDQVFKOLH‰HQGLQHLQHQHUVWHQ(QWZXUIIUGHQ
5DKPHQSODQHLQJHÀRVVHQ'LHVHUZXUGHLQHLQHU
]ZHLWHQ3ODQXQJVZHUNVWDWWDPGHQ
%UJHUQYRUJHVWHOOW
'LH7HLOQHKPHQGHQZXUGHQGDEHLLQ]ZHL$UEHLWVSKD
VHQDXIJHIRUGHUWGHQ3ODQHQGHQ5FNPHOGXQJHQ
]XPHUVWHOOWHQ5DKPHQSODQHQWZXUI]XJHEHQVRZLH
%RWVFKDIWHQDQGLH3ODQXQJVWHDPVIUGLH:HLWHUHQW
ZLFNOXQJGHU)OlFKHQDUHDOH]XIRUPXOLHUHQDP)UHL
WDJDEHQGZXUGHQ4XDOLWlWV]LHOHIUGDVDQVWHKHQGH
:HWWEHZHUEVYHUIDKUHQIUGLH&DPEUDL)ULWVFK.D
VHUQHXQG-HIIHUVRQ6LHGOXQJHUDUEHLWHW
$P6DPVWDJZXUGHQYRQGHQ7HLOQHKPHQGHQQDFK
HLQHULQWHQVLYHQ,QIRUPDWLRQVSKDVH]XGHQ7KHPHQ
IHOGHUQª0HKUZHUWXQG+HUDXVIRUGHUXQJHQDQ%DX
JUXSSHQ©ª6WlGWHEDXOLFKHV.RQ]HSW©XQGª0RELOL
WlWVNRQ]HSWH©VRZLHª)UHLUDXPJHVWDOWXQJ©NRQNUHWH
(PSIHKOXQJHQ]XIROJHQGHQ$VSHNWHQDEJHJHEHQ
4XHOOH.XU]GRNXPHQWDWLRQ]ZHLWH3ODQXQJVZHUN
VWDWWFJ.RQ]HSW
4XDOLWlWV]LHOH0RELOLWlWXQG9HUQHW]XQJ
‡ 'HQ8PZHOWYHUEXQGVWlUNHQ
‡ %HKXWVDPH6WUD‰HQQHXSODQXQJHQ
‡ ,QQRYDWLYH3DUNLHUXQJVNRQ]HSWHYRUVFKODJHQ
‡ 9HUQHW]XQJPLWGHU6WDGWXQGGHQDQJUHQ]HQGHQ
6WDGWWHLOHQLQVEHVRQGHUHIU)X‰XQG5DGYHU
NHKUHVLFKHUVWHOOHQ
‡ 0RELOLWlWVPDQDJHPHQWYRUVHKHQ
4XDOLWlWV]LHOH%DXHQXQG:RKQHQ
‡ 'LH3ODQXQJVVWUDWHJLHª(LQHQ6WDGWWHLOSODQHQ±
QLFKWHLQH:RKQVLHGOXQJ©XPVHW]HQ
‡ %DXXQG:RKQIRUPHQPLVFKHQ
‡ 1XW]HUJUXSSHQ
‡ *HVFKRVVK|KH:RKQGLFKWH
‡ *HVWDOWXQJ
‡ 'LH1XW]XQJVPLVFKXQJPDFKW¶V
‡ gNRORJLVFKH%DXIRUPHQXQG6WDQGDUGVYRUVHKHQ
4XDOLWlWV]LHOH6R]LDOH,QIUDVWUXNWXUXQG9HUVRUJXQJ
‡ .LQGHUEHWUHXXQJVP|JOLFKNHLWHQVFKDIIHQ
‡ 7DJHVSÀHJH
‡ )X‰OlX¿JH9HUVRUJXQJVP|JOLFKNHLWHQLP4XDUWLHU
VLFKHUVWHOOHQ
‡ %HJHJQXQJVP|JOLFKNHLWHQLP4XDUWLHUDQELHWHQ
‡ .LUFKH
4XDOLWlWV]LHOH*UQXQG)UHLÀlFKHQJHVWDOWXQJ
‡ 4XDOLWlWVYROO)UHLUlXPHSODQHQ
‡ :HJHYHUELQGXQJHQ
‡ *DUWHQIRUPHQXQGQXW]XQJHQ
4XDOLWlWV]LHOH,GHQWLWlWXQG,PDJH
‡ %DODQFH]ZLVFKHQ$OWXQG1HXKDOWHQ
‡ (LQHJHPHLQVDPH0LWWHVFKDIIHQ
‡ +LVWRULVFKH%H]JHKHUVWHOOHQXQG5HOLNWHDXIZHU
WHQ
‡ ,PDJHXQG$GUHVVELOGXQJ
4XDOLWlWV]LHOHIUXQWHUVFKLHGOLFKH1XW]HUJUXSSHQ
‡ %DUULHUHIUHLKHLWEHGHQNHQ
‡ 1XW]EDUNHLWIUDOOH%HY|ONHUXQJVJUXSSHQEHDFK
WHQ
‡ 6WDGWWHLO*HPHLQZHVHQ
‡ 'LDORJXQG%HWHLOLJXQJ
'LHVHYRQGHQ%UJHUQIRUPXOLHUWHQ(PSIHKOXQJHQ
NRQQWHQLQGLH5DKPHQSODQXQJHLQJHDUEHLWHWZHU
GHQ


&*HVDPWNRQ]HSW

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
$QGHU6FKQLWWVWHOOH]ZLVFKHQ6WDGWXQG/DQGVFKDIWVROOHQ]ZHLYLHOIlOWLJH:RKQTXDUWLHUH
HQWVWHKHQ(LQJHPLVFKWHV:RKQXQJVDQJHERWIUXQWHUVFKLHGOLFKH1XW]HUJUXSSHQHLQEUHLWHV
9HUVRUJXQJVDQJHERWHLQDXWRDUPHV:RKQXPIHOGXQGTXDOLWDWLYKRFKZHUWLJH)UHLUlXPHNHQQ]HLFKQHQ
EHLGH4XDUWLHUH'LHMHZHLOVXQWHUVFKLHGOLFKHQODQGVFKDIWOLFKHQXQGEDXOLFKKLVWRULVFKHQ&KDUDNWHUH
GHUEHLGHQ$UHDOHELOGHQGLH*UXQGODJHGHUVSH]L¿VFKHQLGHQWLWlWVVWLIWHQGHQ*HVWDOWXQJ'DV/LQFROQ
4XDUWLHUXQGGDV&DPEUDL)ULWVFK4XDUWLHUVLQGVRZRKOXQWHUHLQDQGHUDOVDXFKPLWGHQXPJHEHQGHQ
6WDGWWHLOHQXQG/DQGVFKDIWVUlXPHQUlXPOLFKXQGIXQNWLRQDOYHUQHW]W
& /HLWLGHH


&=LHOYRUVWHOOXQJHQ]XU%HEDXXQJ
‡ +HUDXVELOGHQHLQHVHLJHQHQ6WDQGRUWSUR¿OV]ZLVFKHQGHQEHLGHQ6WDGWWHLOHQ%HVVXQJHQXQG(EHUVWDGW
VRZLHYRQLQGLYLGXHOOHQ7HLOEHUHLFKHQPLWHLJHQVWlQGLJHP&KDUDNWHUXQGEHVRQGHUHQ$WPRVSKlUHQ
‡ )|UGHUXQJGHV$XVWDXVFKVGXUFKIXQNWLRQDOH9HUQHW]XQJGHU4XDUWLHUH]%GXUFKGLH9HURUWXQJGHU
*UXQGVFKXOHLP/LQFROQ4XDUWLHUXQGGHUZHLWHUIKUHQGHQ6FKXOHLP&DPEUDL)ULWVFK4XDUWLHU
‡ 6FKDIIXQJYRQ/HEHQVUDXPIUHLQEUHLWHV6SHNWUXPYRQ/HEHQVIRUPHQ]XU(UP|JOLFKXQJHLQHUVR]LDOHQ
0LVFKXQJ*HVWDOWXQJHLQHUDOOWDJVWDXJOLFKHQ:RKQXPJHEXQJIUDOOH%HY|ONHUXQJVJUXSSHQ)|UGHUXQJ
GHU9HUHLQEDUNHLWYRQ)DPLOLHXQG%HUXI
‡ (UKDOWKLVWRULVFKHU*HElXGH(ULQQHUXQJVZHUW
‡ (QWZLFNOXQJMHZHLOVHLQHVNOHLQHQ4XDUWLHUV]HQWUXPVPLWTXDUWLHUVEH]RJHQHQ'LHQVWOHLVWXQJHQ
*DVWURQRPLHNXOWXUHOOHQXQGVR]LDOHQ(LQULFKWXQJHQ
‡ DWWUDNWLYHV$QJHERWDQVR]LDOHU,QIUDVWUXNWXULQGHQ4XDUWLHUV]HQWUHQIUDOOH%HY|ONHUXQJVJUXSSHQ
‡ DWWUDNWLYHV$QJHERW]XU*DQ]WDJVNLQGHUEHWUHXXQJ
‡ 5HDOLVLHUXQJNRPSDNWHUÀlFKHQVSDUHQGHUHQHUJLHVSDUHQGHU%DXVWUXNWXUHQ
‡ VR]LDOH0LVFKXQJLQGHQ4XDUWLHUHQXQGLQQHUKDOEGHUHLQ]HOQHQ7HLOEHUHLFKH%DXIHOGHU
‡ 0LVFKXQJYRQ:RKQXQJHQIUXQWHUVFKLHGOLFKH(LQNRPPHQVQLYHDXVLQEHLGHQ4XDUWLHUHQ
‡ GLIIHUHQ]LHUWHV$QJHERWXQWHUVFKLHGOLFKHU]HLWJHPl‰HU:RKQIRUPHQXQGYLHOIlOWLJH3URGXNWW\SHQIU
XQWHUVFKLHGOLFKH:RKQEHGUIQLVVHLQMHGHP4XDUWLHU
‡ %HUFNVLFKWLJXQJGHUEHVRQGHUHQ%HGUIQLVVHEHVWLPPWHUJHVHOOVFKDIWOLFKHU*UXSSHQ
]%DOWHU0HQVFKHQEHKLQGHUWHUXQGNUDQNHU0HQVFKHQ.LQGHUQXQG-XJHQGOLFKHQ
‡ 6FKDIIXQJJHPHLQVFKDIWOLFKHU:RKQIRUPHQ
‡ 5HDOLVLHUXQJLQQRYDWLYHU*HElXGHW\SHQ
‡ 5HDOLVLHUXQJYRQJHI|UGHUWHP:RKQXQJVEDXGHU*HVDPWZRKQHLQKHLWHQLQMHGHP4XDUWLHU
‡ P|JOLFKVWYLHOIlOWLJH3DU]HOOLHUXQJXQGEUHLWH6WUHXXQJGHU(LJHQWXPVYHUKlOWQLVVH

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
& /DQGVFKDIWVXQGIUHLUDXPSODQHULVFKH(QWZLFNOXQJV]LHOH
‡ 9HUQHW]XQJGHUQHXHQ:RKQVWDQGRUWHPLWWHOVDWWUDNWLYHU*UQYHUELQGXQJHQ]XGHQ
JHZDFKVHQHQ6WDGWWHLOHQ
‡ (UKDOWXQG(QWZLFNOXQJVWDGWUlXPOLFKHU%H]JH6LFKWEH]LHKXQJHQQDFK%HVVXQJHQDXIGLH
5KHLQHEHQH
‡ ,QWHJUDWLRQGHUQHXHQ:RKQVWDQGRUWHLQGHQ/DQGVFKDIWVUDXP
$XVELOGXQJYRQ5DQG]RQHQXQGhEHUJlQJHQ
‡ :LHGHUKHUVWHOOXQJZLFKWLJHUKLVWRULVFKHU:HJHYHUELQGXQJHQIU)X‰JlQJHUXQG5DGIDKUHU
/XGZLJVK|KVWUD‰H$OWH%RJHQVFKQHLVH/XGZLJVK|KVWUD‰H+HLQULFK'HOS6WUD‰H6DQGZHJ
/XGZLJVZHJ
‡ 4XDUWLHUVSDUNLQGHU/LQFROQ6LHGOXQJDOVYLHOJHVWDOWLJHQXQGYLHOIlOWLJEHQXW]EDUHQ3DUN
VFKDIIHQGHU2UWGHU%HJHJQXQJIUDOOHJHVHOOVFKDIWOLFKHQ*UXSSHQZHUGHQNDQQ
‡ QHXHU6WDGWWHLOSODW]LQGHU/LQFROQ6LHGOXQJDP6FKQLWWSXQNWYRQ)UHLUDXPXQG
1XW]XQJVDFKVHQ
‡ (UKDOWXQG(QWZLFNOXQJGHVGHQNPDOJHVFKW]WHQ3ODW]HVLQGHU&DPEUDL)ULWVFK.DVHUQHDOV
]HQWUDOHQXQGYLWDOHQ2UWGHV4XDUWLHUV
‡ P|JOLFKVWDWWUDNWLYHLQQHUHªJUQH©(UVFKOLH‰XQJ]XU*OLHGHUXQJGHU%DXÀlFKHQZHLWJHKHQG
DXWRIUHLXQGEHVSLHOEDU
‡ ZRKQXQJVQDKHQXW]EDUH)UHLUlXPHIUGLH%HZRKQHUVFKDIIHQ
‡ (UKDOWZHUWYROOHU%lXPHXQGSUlJHQGHU*HK|O]VXEVWDQ]
‡ %HUFNVLFKWLJXQJLGHQWLWlWVVWLIWHQGHUKLVWRULVFKHU(OHPHQWHEHLGHU(QWZLFNOXQJYRQ
)UHLUlXPHQ
‡ (UKDOWXQG(QWZLFNOXQJZHUWYROOHU%LRWRSVWUXNWXUHQ/HEHQVUlXPHYRQ3ÀDQ]HQXQG7LHUHQ
6DQGPDJHUUDVHQHWF
‡ EHVRQGHUH)|UGHUXQJZHUWYROOHU/HEHQVUlXPHRGHU$UWHQEHL$XVJOHLFKVPD‰QDKPHQ
‡ $WWUDNWLYLHUXQJDQJUHQ]HQGHU/DQGVFKDIWVUlXPHIU(UKROXQJV]ZHFNH
‡ 6FKDIIXQJHLQHVSDUNDUWLJHQ:DOGJUWHOV]ZLVFKHQGHU-HIIHUVRQ6LHGOXQJXQG(EHUVWDGW]XU
)|UGHUXQJUlXPOLFKHU,GHQWLWlW


& =LHOHIUGLHYHUNHKUOLFKH(QWZLFNOXQJ
‡ 9HUNHKUVJHVFKHKHQVWDGWXPZHOWXQGVR]LDOYHUWUlJOLFKJHVWDOWHQ
‡ GHQ8PZHOWYHUEXQGg319)X‰XQG5DGYHUNHKUVWlUNHQ
‡ .I]9HUNHKUVDXINRPPHQPLQLPLHUHQ
‡ /HLVWXQJVIlKLJNHLWVHQJSlVVHLP6WUD‰HQQHW]YHUPHLGHQ
‡ YHUNHKUVEHGLQJWH(PLVVLRQHQ/lUP)HLQVWDXE$EJDVHYHUPHLGHQUHGX]LHUHQ
‡ 1DKPRELOLWlWLQGHQ4XDUWLHUHQXQGLQV8PIHOGI|UGHUQ
‡ $QJHERWHIUPXOWLPRELOHV9HUNHKUVYHUKDOWHQEHUHLWKDOWHQ
‡ GLH8QDEKlQJLJNHLWYRPHLJHQHQ$XWRI|UGHUQ
‡ LQQRYDWLYH3DUNLHUXQJVNRQ]HSWHXPVHW]HQXQGPLW3DUNUDXPPDQDJHPHQWPD‰QDKPHQYHUELQGHQ
‡ 9HUQHW]XQJGHU4XDUWLHUHPLWGHU8PJHEXQJLQVEHVRQGHUH]X)X‰XQGPLWGHP)DKUUDGVLFKHUVWHOOHQ
‡ VWDGWYHUWUlJOLFKH(UUHLFKEDUNHLWZLFKWLJHU=LHOHLP8PIHOGXQGLQGHU6WDGWJHZlKUOHLVWHQ
‡ 6WUD‰HQUlXPHPLW$XIHQWKDOWVTXDOLWlWHQYHUVHKHQXQGEDUULHUHIUHLJHVWDOWHQ
‡ LQQHUKDOEGHU4XDUWLHUHÀlFKHQKDIWH9HUNHKUVEHUXKLJXQJYRUVHKHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU

'HU5DKPHQSODQ%HVVXQJHQ6GLVWHLQLQWHJULHUWHV
.RQ]HSWDXVGHQ7KHPHQIHOGHUQ%HEDXXQJ)UHL
UDXPXQG9HUNHKU2EHUVWHV=LHOLVWGLH(QWZLFNOXQJ
]ZHLHUHLJHQVWlQGLJHU4XDUWLHUHDXIGHQEHLGHQ.RQ
YHUVLRQVÀlFKHQGHV/LQFROQ4XDUWLHUVLP:HVWHQ
XQGGHV&DPEUDL)ULWVFK4XDUWLHUVLP2VWHQ
*UXQGODJHIUGDV.RQ]HSWVLQGGLH5DKPHQEHGLQ
JXQJHQGHU6WDGWHQWZLFNOXQJKRKH1DFKIUDJHQDFK
:RKQUDXPEHLEHJUHQ]WHP)OlFKHQDQJHERWHLQHU
VHLWVXQGGLHHQRUPHQ/DJHTXDOLWlWHQGHU)OlFKHQ
DQGHUHUVHLWV'HU1XW]XQJVVFKZHUSXQNWOLHJWGDKHU
LQEHLGHQ4XDUWLHUHQEHLP:RKQHQXQGGHQGD]XJH
K|ULJHQ:RKQIROJHHLQULFKWXQJHQ,P/LQFROQ4XDUWLHU
VROOHQ]XQlFKVWELV]X0HQVFKHQOHEHQ'LH
JXWHQ(UVFKOLH‰XQJVP|JOLFKNHLWHQVRZLHGLH1lKH
]X1DKYHUVRUJXQJVHLQULFKWXQJHQHUP|JOLFKHQDQ
GLHVHP6WDQGRUWGLHNXU]IULVWLJH%HIULHGLJXQJYRQ
1DFKIUDJHQDFK:RKQUDXP,P&DPEUDL)ULWVFK
4XDUWLHUVROOHQELV]X0HQVFKHQZRKQHQ'HU
$QWHLOGHU%DXÀlFKHDQGHU*HVDPWÀlFKHXQGGLH
'LFKWHVLQGLP&DPEUDL)ULWVFK4XDUWLHUDXVODQG
VFKDIWVSODQHULVFKHQXQG|NRORJLVFKHQVWlGWHEDXOL
FKHQXQGYHUNHKUOLFKHQ*UQGHQHWZDVQLHGULJHUDOV
LP/LQFROQ4XDUWLHU'LH(LQZRKQHU]DKOHQZHUGHQIU
EHLGH4XDUWLHUHEHUHLQHQOlQJHUHQ=HLWUDXPDXI
JUXQGGHUVLFKHLQVWHOOHQGHQ9HUlQGHUXQJHQLQGHU
+DXVKDOWVVWUXNWXUXQGGHU:RKQXQJVEHOHJXQJVGLFK
WHOHLFKWVLQNHQ
8PHLQHP|JOLFKVWDXVJHZRJHQH6R]LDOVWUXNWXULQ
EHLGHQ4XDUWLHUHQ]XHUUHLFKHQVROOHLQEUHLWJHIl
FKHUWHV:RKQUDXPDQJHERWIUXQWHUVFKLHGOLFKVWH
1XW]HUUHDOLVLHUWZHUGHQ1HEHQGHU0LVFKXQJYRQ
:RKQIRUPHQ(WDJHQZRKQXQJHQXQG(LQIDPLOLHQ
KlXVHUQZHUGHQDXFKXQWHUVFKLHGOLFKH*HElXGHW\
SRORJLHQ3XQNWKlXVHU+RIKlXVHUHWFVRZLHHLQH
NOHLQWHLOLJGLIIHUHQ]LHUWH(LJHQWPHUVWUXNWXUDOVQRW
ZHQGLJH%DXVWHLQHHLQHUVR]LDOHQ0LVFKXQJDQJHVH
KHQ
,QEHLGHQ4XDUWLHUHQZLUGHLQHLJHQVWlQGLJHVDWWUDN
WLYHV$QJHERWDQ9HUVRUJXQJVHLQULFKWXQJHQIU0HQ
VFKHQLQDOOHQ$OWHUJUXSSHQJHSODQW,P/LQFROQ4XDU
WLHUZLUGHLQHJHPHLQVDPH*UXQGVFKXOHJHSODQWLP
&DPEUDL)ULWVFK4XDUWLHUHLQHZHLWHUIKUHQGH6FKX
OH8PGLH9HUHLQEDUNHLWYRQ)DPLOLHXQG%HUXI]X
I|UGHUQZLUGHLQDWWUDNWLYHV$QJHERW]XU*DQ]WDJV
NLQGHUEHWUHXXQJPLWMH]ZHL.LQGHUWDJHVVWlWWHQYRU
JHVHKHQ(LQULFKWXQJHQ]XU.LQGHUXQG-XJHQGDU
EHLWZHUGHQLQGLH4XDUWLHUHLQWHJULHUW'LH%HEDXXQJ
VROOGLH0|JOLFKNHLW]XU5HDOLVLHUXQJZHLWHUHU|IIHQW
OLFKHUXQGSULYDWHU(LQULFKWXQJHQXDGXUFKÀH[LEHO
QXW]EDUH(UGJHVFKRVV]RQHQDQ]HQWUDOHQ6WHOOHQLQ
GHQ4XDUWLHUHQHUP|JOLFKHQ
%HLGH4XDUWLHUHHUKDOWHQMHZHLOVHLQHLJHQHV=HQWUXP
PLWHLQHPXQWHUVFKLHGOLFKHQVLFKIXQNWLRQDOHUJlQ
]HQGHP$QJHERW,P/LQFROQ4XDUWLHUZLUGDXIJUXQG
GHU1lKH]XPQHXHQ9HUVRUJXQJVVFKZHUSXQNW
ª0DUNWSODW]%HVVXQJHQ©QXULQVHKUJHULQJIJLJHP
0D‰H(LQ]HOKDQGHOUHDOLVLHUWZHUGHQN|QQHQ'HU
IXQNWLRQDOH6FKZHUSXQNWZLUGGRUWDXITXDUWLHUVEH
]RJHQHQ'LHQVWOHLVWXQJHQ*DVWURQRPLHVR]LDOHQ
XQGNRPPXQLNDWLYHQ$QJHERWHQOLHJHQ=HQWUDOHU
%DXVWHLQLVWGLH*UXQGVFKXOHGLHDOV6WDGWWHLOVFKX
OHNRQ]LSLHUWHLQHZHVHQWOLFKH5ROOHLP|IIHQWOLFKHQ
/HEHQEHLGHU4XDUWLHUHHLQQHKPHQVROO,P&DPEUDL
)ULWVFK4XDUWLHUZLUGLP4XDUWLHUV]HQWUXPDOVZLFK
WLJVWHU%DXVWHLQHLQNOHLQHU1DKYHUVRUJHUELV]X
TP9HUNDXIVÀlFKHYRUJHVHKHQ(UWUlJWDXFK]XU
9HUVRUJXQJGHVVGOLFKHQ7HLOVGHV/LQFROQ4XDUWLHUV
EHLXQGI|UGHUWVRPLWGLHIXQNWLRQDOH9HUÀHFKWXQJXQG
GHQNRPPXQLNDWLYHQ$XVWDXVFK]ZLVFKHQEHLGHQ
4XDUWLHUHQ
'HU5DKPHQSODQVLHKWLQEHLGHQ4XDUWLHUHQHLQJUR‰
]JLJHVXQGGLIIHUHQ]LHUWHV$QJHERWDQDWWUDNWLYHQ
)UHLUlXPHQ]XUZRKQRUWQDKHQ(UKROXQJXQGDOV2UWH
GHU.RPPXQLNDWLRQYRU'DUEHUKLQDXVZHUGHQGLH
)UHLUlXPHDP5DQGXQGDX‰HUKDOEGHU.RQYHUVLRQV
ÀlFKHQDXIJHZHUWHWGHU*UQ]XJ%HVVXQJHQ6G
ZLUGZHLWHUHQWZLFNHOWGHUXUVSUQJOLFKYRUKDQGHQH
:DOGJUWHO]ZLVFKHQ%HVVXQJHQXQG(EHUVWDGWVROO
ZLHGHUHQWVWHKHQGDV1DWXUVFKXW]JHELHW%HVVXQJHU
.LHVJUXEHJHVFKW]W'LHEHLGHQ4XDUWLHUHVLQGVHQ
VLEHOLQGHQVWlGWLVFKHQXQGQDWXUUlXPOLFKHQ.RQWH[W
LQWHJULHUW9RUKDQGHQHHUKDOWHQVZHUWH6WUXNWXUHQ
%HEDXXQJ%lXPH7RSRJUDSKLHZHUGHQLQGDV.RQ
]HSWLQWHJULHUW
(LQEHUVLFKWOLFKHVXQGDWWUDNWLYHV:HJHQHW]VLFKHUW
GLH,QWHJUDWLRQGHU4XDUWLHUHXQWHUHLQDQGHUXQGPLW
GHU8PJHEXQJ'DV6WUD‰HQQHW]ZLUGVRDQJHOHJW
GDVVGLH%HODVWXQJHQIUEHVWHKHQGH:RKQEHUHLFKH
PLQLPLHUWZHUGHQ=XU$XIQDKPHGHVQHXHQWVWHKHQ
GHQ9HUNHKUVVROOHLQH3ODQVWUD‰HLQ9HUOlQJHUXQJ
GHU&RRSHUVWUD‰H]XU$QELQGXQJDQGLH.DUOVUXKHU
6WUD‰HGLHQHQ'LH0|JOLFKNHLWHQ]XU(UVFKOLH‰XQJ
GHU)OlFKHQPLWGHP|IIHQWOLFKHQ9HUNHKUZHUGHQ
DXVJHVFK|SIW(LQHQHXH6WUD‰HQEDKQKDOWHVWHOOH
DQGHU+HLGHOEHUJHU6WUD‰HXQGHLQH6WUD‰HQEDKQ
YHUOlQJHUXQJGXUFKGDV&DPEUDL)ULWVFK4XDUWLHU
VFKDIIHQGLH9RUDXVVHW]XQJIUHLQHP|JOLFKVWVWDGW
XPZHOWXQGVR]LDOYHUWUlJOLFKH$EZLFNOXQJGHV9HU
NHKUV
&5DKPHQSODQ%HVVXQJHQ6G


 5DKPHQSODQ%HVVXQJHQ6G

”ŠƒŽ–†‡•†‡ƒŽ‰‡•…Šò–œ–‡ƒ•‡”‡Š‘ˆ‡•Ǣ
‘А‡‹†‡„‡”‰‡•…Š‘••‡•‘™‹‡
‘Аˆ‘މ‡‡‹”‹…Š–—‰‡ȋ¡†‡ǡ
ƒ•–”‘‘‹‡ǡ•‘œ‹ƒŽ‡
—†—Ž–—”‡ŽŽ‡ˆ”ƒ•–”—–—”ǡ‘„‹Ž‹–¡–•œ‡–”ƒŽ‡Ȍ‹†‡
”†‰‡•…Š‘••‡
‰”‘éœò‰‹‰‡ǡƒ––”ƒ–‹˜‡‡‰‡˜‡”„‹†—‰œ™‹•…Ї„‡‹†‡—ƒ”–‹‡”‡
‰”‘éœò‰‹‰‡ǡƒ––”ƒ–‹˜‡‡‰‡˜‡”„‹†—‰œ™‹•…Ї„‡‹†‡—ƒ”–‹‡”‡
…Š—–œ†‡•‹‡•‰”—„‡ƒ”‡ƒŽ•ȋƒ–—”•…Š—–œǡ‹…Ї”Ї‹–Ȍ
‰”ò‡o„‡”‰ƒ‰•œ‘‡†‡•
—ƒ”–‹‡”•œ—ƒ–—”•…Š—–œ‰‡„‹‡–
‘œ‹ƒŽǦ—†‹Ž†—‰•…ƒ’—•
ȋ
”—†•…Зއǡ‹–ƒǡ‡–…ǤȌ
‘А‡‹†‡„‡”‰‡•…Š‘••‡
•‘™‹‡‘Аˆ‘މ‡‡‹”‹…Š–—‰‡
ȋ¡†‡ǡ
ƒ•–”‘‘‹‡ǡ•‘œ‹ƒŽ‡
—†—Ž–—”‡ŽŽ‡ˆ”ƒ•–”—–—”ǡ
‘„‹Ž‹–¡–•œ‡–”ƒŽ‡Ȍ‹†‡
”†‰‡•…Š‘••‡Ǣ
‹–ƒ
–ƒ†‘”–‹–ƒȋƒ‰‡‹
‡––„‡™‡”„œ—Ž¡”‡Ȍ
—ƒ”–‹‡”•’ƒ”

—‰‡†•’‹‡Žƪ¡…Ї
	Ž¡…Їˆò”
ƒ†ƒ‰‡””ƒ•‡
	Ž¡…Їˆò”
ƒ†ƒ‰‡””ƒ•‡
…Š—–œ„‡”‡‹…Šˆò”
ƒ—‡”‡‹†‡…Š•‡’‘’—Žƒ–‹‘
‘А‡
‘А‡
‡‰‡˜‡”„‹†—‰œ—
ò†„ƒŠŠ‘ˆ—†œ—”
‡‹•–¡––‡•‹‡†Ž—‰
‘А‡
„‹†—‰ƒ†‡
ƒ”–’Žƒ–œȋoǦ”‡ƒŽȌ
—ˆ™‡”–—‰—†
‡—‘”†—‰†‡•	”‡‹”ƒ—•
ȋ’‘”–ƪ¡…Їǡ‡–…ǤȌ
‘А‡
‘А‡
‘А‡
‘А‡
‡‹œ™‡”
‡—‡‡”„‹†—‰••–”ƒé‡
‡—‡”’Žƒ‰Ž‡‹…Ї”‘–‡
‰‡•–ƒŽ–—‰‘–‡
‰‡•–ƒŽ–—‰ƒ”Ž•”—Ї”
–”ƒé‡œ—”–ƒ†–•–”ƒé‡
ȋ‡’‘͘͝ǡƒ—”‡‹Š‡ǡ
„‡‰”ò–‡”‹––‡Ž•–”‡‹ˆ‡ǡ
	—éǦ—†ƒ†™‡‰‡Ȍ
‰”ò‡o„‡”‰ƒ‰•œ‘‡†‡•—ƒ”–‹‡”•
œ—
”òœ—‰‡••—‰‡ò†
––”ƒ–‹˜‹‡”—‰†‡•
”òœ—‰‡•‡••—‰‡
ò†ȋ—–œ—‰ǡ
‡•–ƒŽ–—‰ǡ‡‰‡˜‡”„‹†—‰Ȍ
‹ˆ‘”‡ŽŽ‡‡™‡‰—‰•Ǧ
—†’‹‡Žƒ‰‡„‘–‡
‹ˆ‘”‡ŽŽ‡‡™‡‰—‰•Ǧ
—†’‹‡Žƒ‰‡„‘–‡
ƒ…А—–œ—‰†‡•‡”•–ƒ––‰‡„¡—†‡•
ˆò”•‘œ‹ƒŽ‡ǡ—Ž–—”‡ŽŽ‡‘†‡”
‰ƒ•–”‘‘‹•…Ї™‡…‡
‰”ò‡o„‡”‰ƒ‰•œ‘‡†‡•
—ƒ”–‹‡”•œ—ƒŽ†”ƒ†
	”‡‹ŠƒŽ–‡‡‹‡””ƒ••‡œ—”‡”Ž¡‰‡”—‰†‡”
–”ƒé‡„ƒŠ•–”‡…‡ȋ	òŠ”—‰‹
‡„‹‡–ƒ—ˆ
‡‹‰‡‡ƒŠÚ”’‡”ǡƒ‰‡†‡””ƒ••‡—††‡”
ƒŽ–‡•–‡ŽŽ‡‘…Š‘ơ‡ȌǢ
†‹‡‡‹–‡”ˆòŠ”—‰†‡”–”ƒé‡„ƒŠ–”ƒ••‡œ—”
‡‹†‡Ž„‡”‰‡”–”ƒé‡—†Ȁ‘†‡”œ—”
‡‹”‹…ŠǦ‡Ž’Ǧ–”ƒé‡™‹”†‰‡’”òˆ–
‘’–‹‘ƒŽ‡””ŠƒŽ–™‡‹–‡”‡”
‡„¡—†‡
‡—‡–”ƒé‡„ƒŠŠƒŽ–‡•–‡ŽŽ‡
—ƒ”–‹‡”•œ‡–”—
‘’–‹‘ƒŽ‡””ŠƒŽ–™‡‹–‡”‡”
‡„¡—†‡
‘’–‹‘ƒŽ‡””ŠƒŽ–†‡•Ž—„•
‡‹‡™Ǧ‡”„‹†—‰˜‘†‡”‡‹”‹…ŠǦ
‡Ž’Ǧ–”ƒé‡‹†ƒ•Žƒ‰‡„‹‡–
”ŠƒŽ–†‡”Šƒ’‡Ž
„‹†—‰‘‰‡•…А‡‹•‡Ǣ
‡”„‹†—‰ˆò”†‡™Ǧ‡”‡Š”˜‘
†‡”ƒ”‹‡ŠÚЇœ—”‘‘’‡”•–”ƒé‡
–™‹…Ž—‰‡‹‡”‰”‘éœò‰‹‰‡

”ò˜‡”„‹†—‰Ǣ‡”‡‹…Š‹•–˜‘
‡„ƒ——‰ˆ”‡‹œ—ŠƒŽ–‡
‡”ò…•‹…Š–‹‰—‰†‡•™‡”–˜‘ŽŽ‡
ƒ—„‡•–ƒ†‡•
‡”ò…•‹…Š–‹‰—‰†‡•™‡”–˜‘ŽŽ‡
ƒ—„‡•–ƒ†‡•
‘А‡
‘А‡
‘А‡
‘А‡
‘„‹Ž‹–¡–••–ƒ–‹‘
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
'DV(QWZLFNOXQJVNRQ]HSW/LQFROQYHUWLHIWGHQ5DK
PHQSODQ%HVVXQJHQ6GIUGDV$UHDOGHU/LQFROQ
6LHGOXQJ(VVWHOOWGLH*UXQGODJHIUGLHZHLWHUH3OD
QXQJLQEHVRQGHUHGHU%DXOHLWSODQXQJGDU
=HQWUDOHU3ODQXQJVDQVDW]LVWGLH:HLWHUHQWZLFNOXQJ
GHU/LQFROQ6LHGOXQJPLWLKUHUJOHLFKI|UPLJHQ%DX
XQG)UHLUDXPVWUXNWXU]XHLQHPGLIIHUHQ]LHUWJHVWDO
WHWHQ4XDUWLHUPLWHLQHUNODUIRUPXOLHUWHQUlXPOLFKHQ
XQGIXQNWLRQDOHQ0LWWH'DV(QWZLFNOXQJVNRQ]HSW
IRUPXOLHUWHLQLQQHUHV)UHLUDXPV\VWHPZHOFKHVHL
QHUVHLWV]XU(U]HXJXQJKRFKZHUWLJHU:RKQODJHQLP
.HUQGHV4XDUWLHUVEHLWUlJWXQGDQGHUHUVHLWVLP,QQH
UHQGHV4XDUWLHUV4XDOLWlWHQHU]HXJWGLHDXIJUXQG
GHU/lUPEHODVWXQJHQ]XU.DUOVUXKHU6WUD‰HXQG]XU
+HLGHOEHUJHU6WUD‰HDQGHQ5lQGHUQQLFKWP|JOLFK
VLQG
=HQWUDOHU%DXVWHLQGHV)UHLUDXPV\VWHPVLVWHLQJUR‰
]JLJHU4XDUWLHUVSDUNGHULQ9HUELQGXQJPLWGHP
4XDUWLHUV]HQWUXPGLH0LWWHGHV4XDUWLHUVGDUVWHOOW
'HU3DUNLVW2UWGHU(UKROXQJXQGGHU.RPPXQLNDWL
RQJOHLFKHUPD‰HQ$QVHLQHQ5lQGHUQNRQ]HQWULHUHQ
VLFKGLHZHVHQWOLFKHQ:RKQIROJHHLQULFKWXQJHQVRZLH
GDV4XDUWLHUV]HQWUXPLPQRUGZHVWOLFKHQ7HLO(VEH
VWHKWDXVGHP4XDUWLHUVSODW]GHU5DQGEHEDXXQJPLW
9HUVRUJXQJVHLQULFKWXQJHQVRZLHGHU*UXQGVFKXOH
GLHDOV6WDGWWHLOVFKXOHHLQHKHUDXVJHKREHQH6WHOOXQJ
IUGDVVR]LDOH/HEHQHLQQHKPHQVROO1HEHQGHUHL
JHQWOLFKHQ6FKXOHVROODXFKHLQH.,7$XQGHLQHNOHL
QH0HKU]ZHFNKDOOHUHDOLVLHUWZHUGHQVLHKH.DSLWHO'
%HEDXXQJ
'DV4XDUWLHUV]HQWUXPIXQJLHUWDOVª)LOWHU©HV|IIQHW
VLFKHLQHUVHLWVQDFK$X‰HQ]XU+HLGHOEHUJHU6WUD
‰HQHXH6WUD‰HQEDKQKDOWHVWHOOHXQG)X‰ZHJ]XU
/LFKWHQEHUJVFKXOHPLWWHOVHLQHU(LQJDQJVJHVWHXQG
VFKDIIWDQGHUHUVHLWVUlXPOLFKH4XDOLWlWHQQDFK,Q
QHQ]XP4XDUWLHUVSDUN'DV9HUVRUJXQJVDQJHERW
LP4XDUWLHUV]HQWUXPZLUGLQ(UJlQ]XQJXQGQLFKWLQ
.RQNXUUHQ]]XPª0DUNWSODW]%HVVXQJHQ©NRQ]LSLHUW
'DV4XDUWLHUV]HQWUXPVROOGDKHU]XYRUGHUVWVR]LDOH
XQGNRPPXQLNDWLYH$XIJDEHQLP6LQQHHLQHUOHEHQ
GLJHQ0LWWHHUIOOHQXQGGHQ$XVWDXVFKGHU%HZRK
QHUGHV4XDUWLHUVXQWHUHLQDQGHUXQGPLW%HZRKQHUQ
EHQDFKEDUWHU4XDUWLHUHI|UGHUQ
8PGHQ4XDUWLHUVSDUNZHUGHQPHKUHUH7HLOTXDUWLH
UHPLWHLQHPGLIIHUHQ]LHUWHQ$QJHERWDQ:RKQIRU
PHQXQG:RKQW\SRORJLHQYRUJHVHKHQ'DV/LQFROQ
4XDUWLHUVROOKLQVLFKWOLFKGHU:RKQTXDOLWlWHLQEUHLWHV
6SHNWUXPDQ]XNQIWLJHQ%HZRKQHUQDQVSUHFKHQ
VRGDVVGLH(QWVWHKXQJVR]LDOHLQVHLWLJHULQVWDELOHU
6WUXNWXUHQXQWHUEXQGHQZLUG
'LHUlXPOLFKH9HUQHW]XQJGHV4XDUWLHUVSDUNVXQG
GHV4XDUWLHUV]HQWUXPVHUIROJWLQ1RUG6G5LFKWXQJ
EHUHLQH)UHLUDXPDFKVHGLHDXVGHU)UDQNOLQVWUD
‰HXQGGHPVRJHQDQQWHQ%HOOHYXHLP1RUGHQEH
VWHKW'LHVHUOLQHDUH)UHLUDXPQLPPW%H]XJ]XP
0DQXIDNWXU*HElXGHDQGHU1RDFNVWUD‰HXQGHU
P|JOLFKWEHUGLHVHGLH$QELQGXQJDQGHQª0DUNW
SODW]%HVVXQJHQ©'LHGXUFKJHKHQGH)UHLUDXPDFKVH
HUP|JOLFKWDXFKGDVNRPIRUWDEOH'XUFKTXHUHQGHV
4XDUWLHUVLQ1RUG6G5LFKWXQJIU5DGIDKUHUXQG
)X‰JlQJHU]%IU%HZRKQHUDXVGHPVGOLFKHQ
7HLOGHV&DPEUDL)ULWVFK4XDUWLHUVGLH]XP0DUNW
SODW]%HVVXQJHQP|FKWHQXQGYHUEHVVHUWVRPLWGLH
,QWHJUDWLRQLQGLH8PJHEXQJ
0LWGHU$QODJHGHV4XDUWLHUVSDUNVGHV4XDUWLHUV
]HQWUXPVXQGGHV%HOOHYXHVHUIROJWHLQH1HXRUGQXQJ
GHVQ|UGOLFKHQ7HLOVGHU/LQFROQ6LHGOXQJ'LHGHU
]HLWLJH(UVFKOLH‰XQJV)UHLUDXPXQG%HEDXXQJV
VWUXNWXUHQWVWDQGXQWHUDQGHUHQVWlGWHEDXOLFKHQ
/HLWYRUVWHOOXQJHQXQG=LHOVHW]XQJHQUDGLDOHV6WUD
‰HQV\VWHPVLHKH.DSLWHO*HVFKLFKWH'LHGDUDXV
UHVXOWLHUHQGHQ%DXÀlFKHQVLQGXQJQVWLJJHVFKQLW
WHQXQGHUVFKZHUHQGLH%LOGXQJYRQVWDGWUlXPOLFKHQ
4XDOLWlWHQ'LH)RUPGHV(UVFKOLH‰XQJVV\VWHPV
PLWGHQJHNQLFNWHQ6WUD‰HQYHUOlXIHQGHUQ|UGOL
FKHQ)UDQNOLQVWUD‰HXQGGHUVGOLFKHQ1RDFNVWUD
‰HHQWVSULFKWQLFKWGHQ]XNQIWLJHQ$QIRUGHUXQJHQ
DQ5DXPELOGXQJ2ULHQWLHUXQJVP|JOLFKNHLWHQXQG
9HUQHW]XQJVP|JOLFKNHLWHQPLWGHU8PJHEXQJ'LH
$XVULFKWXQJGHUORFNHUJUXSSLHUWHQ:RKQ]HLOHQLVW
KLQVLFKWOLFKGHU5DXPELOGXQJGHU$XVQXW]XQJGHU
:RKQTXDOLWlWGHVSDVVLYHQ6RODUHQHUJLHHLQWUDJV
XQGGHV/lUPVFKXW]HVSUREOHPDWLVFK=XGHPZHLVHQ
GLH:RKQJHElXGHHLQHQJU|‰WHQWHLOVHUKHEOLFKHQ6D
QLHUXQJVVWDX7ULWWVFKDOO$X‰HQOlUP%DUULHUHIUHLKHLW
:lUPHGlPPXQJHWFDXI
0LWGHU1HXRUGQXQJLPQ|UGOLFKHQ7HLOGHV4XDUWLHUV
HQWVWHKWGLH9RUDXVVHW]XQJPLWNRPSDNWHQXQGXU
EDQHQ%DXVWUXNWXUHQ]HLWJHPl‰H4XDOLWlWVVWDQGDUGV
KLQVLFKWOLFK(QHUJLHHLQVSDUXQJ%DUULHUHIUHLKHLW
:RKQTXDOLWlW6FKDOOVFKXW]XQG*HVWDOWXQJ]XUHDOL
VLHUHQ
,PVGOLFKHQ7HLOVROOGLHEHVWHKHQGH:RKQEHEDX
XQJZHLWJHKHQGHUKDOWHQZHUGHQ'LH(UVFKOLH‰XQJV
VWUXNWXULVWZLUWVFKDIWOLFKGHUQRWZHQGLJH/lUPVFKXW]
]XU+HLGHOEHUJHU6WUD‰HNDQQGXUFKHLQH8PJHVWDO
WXQJGHUHQWVSUHFKHQGHQ*UXQGULVVHWHFKQLVFKH
1DFKUVWXQJHQ/IWXQJVDQODJHQXQG6FKDOOVFKXW]
IHQVWHUXQGHUJlQ]HQGOlUPDEVFKLUPHQGH*HElXGH
VLFKHUJHVWHOOWZHUGHQ0LWWHOV1DFKYHUGLFKWXQJHQ
GXUFK$XIVWRFNXQJHQ6WDIIHOJHVFKRVVHXQG(UJlQ
]XQJVEDXWHQVROOHLQH$XVGLIIHUHQ]LHUXQJGHVJOHLFK
I|UPLJHQ:RKQUDXPDQJHERWVXQGHLQHVR]LDOH0L
VFKXQJHUUHLFKWZHUGHQ
$PQ|UGOLFKHQ5DQGGHV6GWHLOVPVVHQGUHL
:RKQ]HLOHQDXVVWlGWHEDXOLFKHQ*UQGHQ]XU'LV
SRVLWLRQJHVWHOOWZHUGHQ1XUEHLHLQHP$EULVVGHU
EHLGHQ|VWOLFKHQ*HElXGHNDQQGDV6FKXOJUXQGVWFN
GLHQRWZHQGLJH*U|‰H6FKXOH+DOOH.,7$HUUHL
FKHQXQGGLH]XU9HUQHW]XQJPLWGHP=HQWUXPGHV
&DPEUDL)ULWVFK4XDUWLHUVEHGHXWHQGH:HJHDFKVH
GHV6DQGZHJVDXIJHQRPPHQZHUGHQ'LHVGOLFK
GHUEHVWHKHQGHQ.LWDEH¿QGOLFKHQ:RKQ]HLOHQYHU
KLQGHUQGLH$XVELOGXQJHLQHVDGlTXDWHQ)UHLUDXPV
IUGLHVH(LQULFKWXQJVRZLHHLQHUNODUHQ(UVFKOLH
‰XQJVVWUXNWXU
=XU.DUOVUXKHU6WUD‰HZLUGDXV*UQGHQGHV/lUP
VFKXW]HVXQGGHV1DWXUVFKXW]HV6DQGPDJHUUDVHQ
$EVWDQGJHKDOWHQ'HU)UHLUDXPVROOLQIXQNWLRQDOHU
(UJlQ]XQJ]XP4XDUWLHUVSDUN$QJHERWHVSH]LHOOIU
-XJHQGOLFKHEHUHLWKDOWHQVLHKH.DSLWHO()UHLUDXP
'DV/LQFROQ4XDUWLHUZLUGDOVDXWRDUPHV4XDUWLHUPLW
KRKHQ$XIHQWKDOWVTXDOLWlWHQLQGHQ6WUD‰HQUlXPHQ
JHVWDOWHW'LH(UVFKOLH‰XQJHUIROJWEHUGUHLZLQNHO
I|UPLJH6WUD‰HQ]JHGLHHLQHUVHLWVNXU]H:HJH
HUP|JOLFKHQXQGDQGHUHUVHLWVGLH(QWVWHKXQJYRQ
'XUFKJDQJVYHUNHKULQVEHVRQGHUHDP4XDUWLHUV]HQW
UXPYHUKLQGHUQVLHKH.DSLWHO)9HUNHKU
&(QWZLFNOXQJVNRQ]HSW/LQFROQ


 (QWZLFNOXQJVNRQ]HSW/LQFROQ

5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP

'%HEDXXQJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
5DKPHQEHGLQJXQJHQ
*UXQGODJHIUGDV1XW]XQJVNRQ]HSWVLQGHLQHUVHLWV
GLH$QIRUGHUXQJHQDXVGHUEHUJHRUGQHWHQ3HUVSHN
WLYHGHU6WDGWHQWZLFNOXQJXQGDQGHUHUVHLWVGLHNRQ
NUHWHQVWlGWHEDXOLFKHQ5DKPHQEHGLQJXQJHQYRU2UW
,QGHU6WDGW'DUPVWDGWEHVWHKWDXIJUXQGJQVWLJHU
5DKPHQEHGLQJXQJHQHLQHDQKDOWHQGKRKH1DFK
IUDJHQDFKQHXHP:RKQUDXPDXVIKUOLFKGD]XGDV
*XWDFKWHQGHV,:8]XZRKQXQJVZLUWVFKDIWOLFKHQ
3HUVSHNWLYHQGHU.RQYHUVLRQVDUHDOH0DL
1HEHQHLQHUGHXWOLFKHQ=XQDKPHGHU(LQZRKQHU]DKO
YRQLP-DKUDXIHWZDLP-DKU
%HY|ONHUXQJVYRUDXVVFKlW]XQJGHU+HVVHQ
$JHQWXU'H]HPEHUZLUGDXFKGLH=DKOGHU
3ULYDWKDXVKDOWHHLQHGHXWOLFKH6WHLJHUXQJHUIDKUHQ
(VZLUGPLWHLQHU=XQDKPHYRQHWZDLP-DKU
DXIHWZDLQJHUHFKQHW%HUHFK
QXQJHQGHV,:89HUVFKLHEXQJHQLP$OWHUVDXIEDX
VRZLH9HUlQGHUXQJHQLP+DXVKDOWVELOGXQJVYHUIDK
UHQIKUHQ]XHLQHUGHXWOLFKHUK|KWHQ$Q]DKODQ
(LQXQG=ZHLSHUVRQHQKDXVKDOWHQLQVEHVRQGHUHPLW
lOWHUHQ%HV]XJVSHUVRQHQ
'HUDXVGHQ5DKPHQEHGLQJXQJHQDEJHOHLWHWH:RK
QXQJVEHGDUIIU'DUPVWDGWEHWUlJWELV]XP-DKU
GXUFKVFKQLWWOLFKHWZD:RKQXQJHQSUR-DKU
1DFK:RKQXQJVJU|‰HQDXIJHJOLHGHUWHWZDGUHL
XQGYLHU=LPPHU:RKQXQJHQ:RKQXQJHQPLW
IQIRGHUPHKU5lXPHQXQG:RKQXQJHQPLWHLQ
RGHU]ZHL=LPPHUQ(LQEHVRQGHUHU%HGDUIEHVWHKW
DQ6R]LDOZRKQXQJHQ8PGHQYRUGULQJOLFKHQ%HGDUI
]XGHFNHQPVVWHQMlKUOLFK:RKQXQJHQPLW%H
/HJHQGHªªª
:RKQQXW]XQJ
0LVFKXQG
*HZHUEHQXW]XQJ
*HPHLQEHGDUI
OHJUHFKWHQ]XU9HUIJXQJJHVWHOOWZHUGHQHLQ8P
IDQJYRQHWZDQHXHQJHI|UGHUWHQ0LHWZRKQXQJHQ
MlKUOLFKHUVFKHLQWUHDOLVLHUEDU4XHOOH,:8*XWDFKWHQ
6II
=XVDPPHQIDVVHQGNRPPHQGLH*XWDFKWHUGHV,:8
6HLWH]XIROJHQGHU(LQVFKlW]XQJ
ª(LQ(UJHEQLVGHU:RKQXQJVPDUNWDQDO\VHLVWGLH(U
NHQQWQLVGDVVLQ'DUPVWDGWDXFKNQIWLJZHLWHU:RK
QXQJVEHGDUIEHVWHKHQZLUGXQGPLWGHU9HUIJEDUNHLW
GHU.RQYHUVLRQVÀlFKHQIUGHQ:RKQXQJVEDXJXWH
9RUDXVVHW]XQJHQJHJHEHQVLQGVWUXNWXUHOOH'H¿]LWH
GHV$QJHERWVDQ:RKQXQJHQXQG:RKQLPPRELOLHQ
LQ'DUPVWDGWDE]XEDXHQDP6WDQGRUW'DUPVWDGW
IHKOHQVRZRKOKRFKZHUWLJH:RKQLPPRELOLHQZLH
DXFKSUHLVZHUWH:RKQXQJHQGDUXQWHULQVEHVRQGH
UH6R]LDOZRKQXQJHQ*U|‰HXQG8QWHUVFKLHGOLFKNHLW
GHU*HELHWHODVVHQHUZDUWHQGDVVDXFKIUGDUEHU
KLQDXVEHVWHKHQGHVSH]LHOOHUH:RKQDQIRUGHUXQJHQ
MHZHLOVJHHLJQHWH)OlFKHQEHUHLWJHVWHOOWZHUGHQN|Q
QHQ©
'LHZRKQXQJVZLUWVFKDIWOLFKHQ(QWZLFNOXQJVSHUVSHN
WLYHQ,:8*XWDFKWHQZXUGHQDPGHQ
6WDGWYHURUGQHWHQ]XU.HQQWQLVJHJHEHQ6LHELOGHQ
]XGHPHLQHZHVHQWOLFKHJHPHLQVDPH=LHOYRUJD
EHYRQ6WDGWXQG%,P$5DKPHQYHUHLQEDUXQJYRP

+LQVLFKWOLFKGHU$QJHERWVVLWXDWLRQEHVWHKWLQGHU
6WDGW'DUPVWDGWDXIJUXQGYLHOIlOWLJHU5HVWULNWLRQHQ
1DWXUUDXP6LHGOXQJVEHVFKUlQNXQJV]RQHGXUFK
GHQ)OXJKDIHQ6LFKHUKHLWVDEVWlQGHLQIROJHGHU6H
YHVR,,5LFKWOLQLHHLQQXUEHVFKUlQNWHV$QJHERWDQ
KRFKZHUWLJHQ)OlFKHQIUQHXH:RKQJHELHWH
7DE5HDOLVLHUXQJGHU=LHO]DKOGHV:RKQUDXPYHUVRUJXQJVNRQ]HSWVQDFK6HJPHQWHQ
6HJPHQW$Q]DKO(LQKHLWHQ PLQ PD[ 'XUFKVFKQLWW 3UR]HQW 6FKlW]XQJ
+RFKSUHLVLJH()+     0DNOHU
+RFKSUHLVLJH(7:     0DNOHU
.RVWHQJQVWLJH5+     3URMHNWHQWZLFNOHU
JHI|UGHUWHU:RKQXQJVEDX     )|UGHUVWDWLVWLN
=ZLVFKHQVXPPH    
*HVFKRVVEDX(7:XQG0LHWH     'LIIHUHQ]
6XPPH=LHO]DKO     :RKQUDXPYHUVNRQ]HSW
*UXQGODJHQ6FKlW]XQJHQKRFKSUHLVLJH(LQIDPLOLHQKlXVHU()+XQG(LJHQWXPVZRKQXQJHQ(7:YJO$E
VFKQLWW6FKlW]XQJNRVWHQJQVWLJH5HLKHQKlXVHUYJO$EVFKQLWWJHI|UGHUWHU:RKQXQJVEDXYJO$E
VFKQLWW'HUYHUEOHLEHQGHHUIRUGHUOLFKH*HVFKRVVZRKQXQJVEDXHUJLEWVLFKDXVGHU'LIIHUHQ]]XGHU=LHO]DKO
YRQ:RKQHLQKHLWHQMlKUOLFK
1XW]XQJVSUR¿O:RKQHQ
'LH)OlFKHQGHU/LQFROQ6LHGOXQJGHU&DPEUDL
)ULWVFK.DVHUQHXQGGHU-HIIHUVRQ6LHGOXQJZHLVHQ
LP9HUJOHLFKPLWDQGHUHQ6LHGOXQJVSRWHQ]LDOÀlFKHQ
GDEHLHLQHH[]HOOHQWH/DJHJXQVWDXIGLH1lKH]XEH
OLHEWHQ:RKQTXDUWLHUHQGLH/DJHLQ%H]XJ]XDWWUDN
WLYHQ/DQGVFKDIWVUlXPHQXQGGLHKHUYRUUDJHQGHQ
(UVFKOLH‰XQJVP|JOLFKNHLWHQLQVEHVRQGHUHGXUFKGHQ
|IIHQWOLFKHQ9HUNHKU]HLFKQHQGLHVH)OlFKHQDXV
9RUGLHVHP+LQWHUJUXQGLVWHVDXVEHUJHRUGQHWHU
6LFKWVLQQYROOGLH3RWHQ]LDOHGHU.RQYHUVLRQVÀlFKHQ
P|JOLFKVWRSWLPDO]XQXW]HQXQGGLH=LHOHGHU,QQHQ
HQWZLFNOXQJXQGGHU(QWZLFNOXQJYRQYHUGLFKWHWHQ
6WDGWEHUHLFKHQDQGHQ7UDVVHQGHVgIIHQWOLFKHQ
9HUNHKUV3XQNW$[LDOHV6\VWHPXP]XVHW]HQ'LH
EHLGHQ.RQYHUVLRQVÀlFKHQVROOHQGDKHUZHLWJHKHQG
]XP:RKQHQJHQXW]WZHUGHQ,Q(UJlQ]XQJ]XP
:RKQHQVLQGGLHHQWVSUHFKHQGHQ$QJHERWH]XU9HU
VRUJXQJLQVEHVRQGHUH1DKYHUVRUJXQJVR]LDOH,QIUD
VWUXNWXUXQG%LOGXQJVHLQULFKWXQJHQJHSODQW
DQJHPHVVHQH'LFKWH
9RUGHP+LQWHUJUXQGGHU5DKPHQEHGLQJXQJHQ]XU
6WDGWHQWZLFNOXQJHUVFKHLQWGLHGHU]HLWLJH$XVQXW]XQJ
GHU/LQFROQ6LHGOXQJPLWHLQHU*)=YRQGXUFKVFKQLWW
OLFKHWZDXQG:RKQHLQKHLWHQDOVGHXWOLFK
]XQLHGULJ'DV.RQ]HSWVLHKWGDKHUHLQHPD‰YROOH
9HUGLFKWXQJGHU6LHGOXQJYRU'LHJHSODQWHQ'LFKWHQ
UHLFKHQGDEHLYRQHLQHU*)=YRQLP6GHQELV
KLQ]XHLQHU*)=YRQDP4XDUWLHUV]HQWUXPLP
1RUGRVWHQ,QVJHVDPWZHUGHQLP/LQFROQ4XDUWLHU
HWZD:RKQHLQKHLWHQIUHWZD(LQZRKQHU
JHSODQW'DV1HWWREDXODQGEHWUlJWHLQVFKOLH‰OLFKGHU
*HPHLQEHGDUIVÀlFKHQTP
,P%HUHLFKGHU&DPEUDL)ULWVFK.DVHUQHXQGGHU
-HIIHUVRQ6LHGOXQJVROOHLQHZHLWJHKHQGH1HXRUG
QXQJGHU1XW]XQJHQHUIROJHQ'HUVGOLFKH7HLOGHU
-HIIHUVRQ6LHGOXQJVROO]XJXQVWHQHLQHUGXUFKJHKHQ
GHQ*UQYHUELQGXQJ]XUFNJHEDXWZHUGHQ'LHNRQ
NUHWH1XW]XQJVYHUWHLOXQJVROOGXUFKGHQ:HWWEHZHUE
JHNOlUWZHUGHQ'XUFK7HVWHQWZUIHZXUGHHLQ1HW
WREDXODQGHLQVFKOLH‰OLFKGHU*HPHLQEHGDUIVÀlFKHQ
YRQTPDOVVLQQYROOHV0D‰HUPLWWHOW

' 1XW]XQJVNRQ]HSW
/HJHQGHªªª
6WDGWXQGVWlGWLVFKH
*HVHOOVFKDIWHQ
%XQG
/DQG
3ULYDW


1XW]XQJVNRQ]HSWPLW9HUVRUJXQJV]HQWUHQ


IUGDV$UHDOGHU&DPEUDL)ULWVFK
.DVHUQHXQG-HIIHUVRQ6LHGOXQJZLUG
GLH%HEDXXQJVVWUXNWXUDXI%DVLVHLQHV
VWlGWHEDXOLFKHQ:HWWEHZHUEHQWZLFNHOW
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP
ª0DUNWSODW]%HVVXQJHQ©
1DKYHUVRUJHU
ELVTP9.
/XGZLJVK|KVWUD‰H
+HLGHOEHUJHU6WUD‰H
+HLPVWlWWHQZHJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
(WZDTPGHUKHXWLJHQ.RQYHUVLRQVÀlFKHVRO
OHQZLHGHU]XU+HUVWHOOXQJGHV:DOGJUWHOVXQG]XU
,QWHJUDWLRQGHV6LHGOXQJVN|USHUVLQGLH/DQGVFKDIW
5DQGJHVWDOWXQJYHUZHQGHWZHUGHQ'LH'LFKWHQ
UHLFKHQYRQHLQHU*)=YRQELV]X,P%HUHLFK
GHVKLVWRULVFKHQ.DVHUQHQSODW]HVN|QQHQDXIJUXQG
GHUVSH]L¿VFKHQ6LWXDWLRQKRKH*HElXGHDXINOHL
QHQ3DU]HOOHQDXFKK|KHUH'LFKWHQP|JOLFKVHLQ
(VVROOHQLQGHU&DPEUDL)ULWVFK.DVHUQHXQGGHU
-HIIHUVRQ6LHGOXQJHWZD:RKQHLQKHLWHQIU
HWZD(LQZRKQHUHQWVWHKHQ
'DV1HWWRZRKQEDXODQGZLUGLQEHLGHQ4XDUWLHUHQLQ
XQWHUVFKLHGOLFKH%DXODQGW\SHQXQWHUVFKLHGHQ
,P/LQFROQ4XDUWLHUVROOYRUZLHJHQG*HVFKRVVZRK
QXQJVEDXLQXQWHUVFKLHGOLFKHQ$XVSUlJXQJHQ7\SR
ORJLH'LFKWHQ*HVFKRVVLJNHLWHQ(LJHQWXPVIRUPHQ
:RKQXQJVJU|‰HQ$XVVWDWWXQJHWFHUULFKWHWZHU
GHQ,PQ|UGOLFKHQ7HLON|QQHQ]XVlW]OLFK(LQIDPL
OLHQKlXVHULQYHUGLFKWHWHU%DXZHLVH6WDGWKlXVHU
HQWVWHKHQVLHKH7DEHOOHXQG*UD¿NQHEHQDQ
,QGHU&DPEUDL)ULWVFK.DVHUQHXQGGHU-HIIHUVRQ
6LHGOXQJVROOHQ*HVFKRVVZRKQXQJVEDXWHQLQXQ
WHUVFKLHGOLFKHQ$XVSUlJXQJHQ(LQIDPLOLHQKlXVHULQ
YHUGLFKWHWHU%DXZHLVH6WDGWKlXVHURGHU5HLKHQKlX
VHUVRZLH(LQIDPLOLHQKlXVHULQDXIJHORFNHUWHU%DX
ZHLVH(LQ]HOKlXVHU'RSSHOKlXVHUHQWVWHKHQVLH
KH7DEHOOHXQG*UD¿NQHEHQDQ'LHNRQNUHWHUlXP
OLFKH9HURUWXQJZLUGHEHQIDOOVGXUFKGHQ:HWWEHZHUE
JHNOlUW
-&&! !+#(++.(#'-'"+-
!+#(++.(#'-'"+-
(' !*.(#'!' &$,,%!*!$#,! '$! *$"!$#,!
   	    
',!$%!$' 	     
$'.(#'!* 
    
  
%$'(%'  

 	  	 		 
',!$%!$' 
  
  
$'.(#'!* 	  
 	   
"!+&,  

 
  		 	  
',!$%!$' 
 

    	
$'.(#'!* 

 	
  		  
*HVFKRVVZRKQXQJVEDX
*HVFKRVVZRKQXQJVEDX
PLWKRKHU'LFKWH
*UQYHUELQGXQJXQG
:DOGDEVWDQG
6RQGHUZRKQHQ
*HVFKRVVZRKQXQJVEDX
PLWPLWWOHUHU'LFKWH
gIIHQWOLFKH
*UQÀlFKHQ
(LQIDPLOLHQKDXV
YHUGLFKWHW
*HVFKRVVZRKQXQJVEDX
PLWQLHGULJHU'LFKWH
gIIHQWOLFKH
9HUNHKUVÀlFKHQ
(LQIDPLOLHQKDXV
DXIJHORFNHUW
(LQIDPLOLHQKDXV
YHUGLFKWHW
*HZHUEH
(LQIDPLOLHQKDXV
DXIJHORFNHUW
*HPHLQEHGDUIVÀlFKHQ
)OlFKHQQXW]XQJ $XIWHLOXQJGHU:RKQXQJVW\SRORJLH

7DEHOOH'ZLFKWLJHVWlGWHEDXOLFKH.HQQ]LIIHUQ

6FKHPDVNL]]H6FKXOHQXQG.LQGHUWDJHVVWlWWHQ
6FKHPDVNL]]H1DKYHUVRUJXQJ
*HPHLQEHGDUIVQXW]XQJHQ
=XVlW]OLFK]XGHQ:RKQÀlFKHQZHUGHQLQEHLGHQ
4XDUWLHUHQGLHIUGLH9HUVRUJXQJGHU$UHDOHQRWZHQ
GLJHQJHPHLQVDPHQ*HPHLQEHGDUIVÀlFKHQYRUJHVH
KHQ
,P/LQFROQ4XDUWLHUVROOIUEHLGH4XDUWLHUHHLQH
YLHU]JLJH*UXQGVFKXOHIUELV]X6FKOHUPLW
HLQHULQWHJULHUWHQ.LQGHUWDJHVVWlWWH3OlW]H.,*$
3OlW]H8HUULFKWHWZHUGHQ'DVLFKGLHYRUKDQ
GHQH*UXQGVFKXOH(OHPHQWDU\6FKRRODOVQLFKW
VLQQYROOQDFKQXW]EDUHUZLHVHQKDWZLUGHLQ1HXEDX
HLQVFKOLH‰OLFKHLQHU=ZHLIHOGWXUQKDOOHJHSODQW$OV
6WDQGRUWZLUGGHU%HUHLFK]ZLVFKHQ+HLGHOEHUJHU
6WUD‰HXQG4XDUWLHUVSDUNYRUJHVHKHQ*UXQGVWFNV
JU|‰HHWZDTPVRGDVVDXFKGLH6FKOHU
DXVGHP&DPEUDL)ULWVFK4XDUWLHUP|JOLFKVWNXU]H
6FKXOZHJHKDEHQ$XIGHP*UXQGVWFNVROOHQDXFK
GLHZHVHQWOLFKHQ$X‰HQVSRUWÀlFKHQP/DXIEDKQ
6SUXQJJUXEH%DOOVSLHOIHOGP[P3ODW]¿QGHQ
:HLWHUKLQZLUGGDVEHVWHKHQGH&KLOG'HYHORSPHQW
&HQWHUDOV.LQGHUWDJHVVWlWWH3OlW]H.,*$XQG
3OlW]H8QDFKJHQXW]W
,P&DPEUDL)ULWVFK4XDUWLHUVROOHLQHJHPHLQVDPH
ZHLWHUIKUHQGH6FKXOHIUELV]X6FKOHUHLQ
VFKOLH‰OLFKHLQHU'UHLIDFK0XOWLIXQNWLRQVKDOOHDXI
HLQHP*UXQGVWFNYRQHWZDTPHUULFKWHW
ZHUGHQ+LHU]XJLEWHVGHU]HLWQRFKNHLQH6WDQGRUW
IHVWOHJXQJ$OV$OWHUQDWLYHQNRPPHQHLQ6WDQGRUWLP
1RUGHQLQ=XRUGQXQJ]XU/LFKWHQEHUJVFKXOHRGHUHLQ
6WDQGRUWVGOLFKGHU&RRSHUVWUD‰HLQ%HWUDFKW+LHU
]XVROOGHU:HWWEHZHUE(UNHQQWQLVVHOLHIHUQ'LH$X
‰HQVSRUWÀlFKHQPLWHLQHU*U|‰HYRQHWZDTP
VROOHQLQGLUHNWHP=XVDPPHQKDQJPLWGHP*UXQG
VWFNRGHULQIX‰OlX¿JHU(QWIHUQXQJXQWHUJHEUDFKW
ZHUGHQ
)UGLH.LQGHUEHWUHXXQJZHUGHQ]ZHL6WDQGRUWH
HUULFKWHWLQVJHVDPW3OlW]H8XQG3OlW]H
.,*$'LH6WDQGRUWHVROOHQDXI%DVLVGHV:HWWEH
ZHUEVHUJHEQLVVHVIHVWJHOHJWZHUGHQ(VELHWHWVLFK
MHZHLOVHLQ6WDQGRUWLPQ|UGOLFKHQXQGVGOLFKHQ7HLO
EHUHLFKLQ=XRUGQXQJ]XP:DOGDQ
)UGLH.LQGHUXQG-XJHQGDUEHLWVROOHQ$QJHERWHLQ
GLH4XDUWLHUHLQWHJULHUWZHUGHQ'LHIUGLH9HUVRU
JXQJGHU$UHDOHQRWZHQGLJHQ)OlFKHQEHGDUIHVLQG
GDEHLLQGLH:RKQEHEDXXQJLQWHJULHUEDU,P/LQFROQ
4XDUWLHUZLUGHLQ6WDQGRUWPLWTP1XW]ÀlFKHDP
ZHVWOLFKHQ5DQGLQ=XRUGQXQJ]XP-XJHQGVSLHOEH
EHVWHKHQGH.LWD
*UXQGVFKXOHPLW
QHXHU.LWD
P|JOLFKHU6WDQGRUW
6HNXQGDUVFKXOH
P|JOLFKHU6WDQGRUW
6HNXQGDUVFKXOH
0DUNWSODW]%HVVXQJHQ
1DKYHUVRUJHU
ELVTP9.
P|JOLFKHU6WDQGRUW
.LWD
P|JOLFKHU6WDQGRUW
.LWD

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
UHLFKHLQJHSODQW,P&DPEUDL)ULWVFK4XDUWLHULVWHLQ
ZHLWHUHU6WDQGRUWLP5DKPHQGHUZHLWHUHQ3ODQXQJ
YRU]XVHKHQ,Q(UJlQ]XQJ]XGLHVHQ(LQULFKWXQJHQ
LVWHLQH*HPHLQEHGDUIVHLQULFKWXQJ]XU6FKDIIXQJLQ
IRUPHOOHU.RPPXQLNDWLRQVDQJHERWHPLWMHZHLOVHWZD
TP1XW]ÀlFKHHLQ]XSODQHQ
:HLWHUH*HPHLQEHGDUIVÀlFKHQVLQGGDV+HL]ZHUN
VRZLHGDPLWLP=XVDPPHQKDQJHLQQ|UGOLFKDQJUHQ
]HQGHV%DXIHOGZHOFKHVIUHLQH0RELOLWlWVWDWLRQYRU
JHKDOWHQZHUGHQVROO
EHGDUIVRULHQWLHUWHU(LQ]HOKDQGHO
=XU(UPLWWOXQJGHV%HGDUIVDQ)OlFKHQIUGLH1DK
YHUVRUJXQJZXUGHGXUFKGDV%UR-XQNHUXQG.UXVH
HLQHJXWDFKWHUOLFKH.XU]HLQVFKlW]XQJ]XU$QVLHGOXQJ
P|JOLFKHU1DKYHUVRUJXQJVDQELHWHUHUVWHOOW'DQDFK
VROOLP%HUHLFKGHV&DPEUDL)ULWVFK4XDUWLHUVHLQ
1DKYHUVRUJHUXQWHUKDOEGHU6FKZHOOHGHU*UR‰Àl
FKLJNHLWYRQTP9HUNDXIVÀlFKHDQJHVLHGHOWZHU
GHQ(VZLUGHLQ6WDQGRUWVGOLFKGHVKLVWRULVFKHQ
.DVHUQHQKRIVHPSIRKOHQGDVRPLWHLQHP|JOLFKVW
JXWH(UUHLFKEDUNHLWJHJHEHQZlUH'LHVHU6WDQGRUW
N|QQWHDXFK]XU9HUEHVVHUXQJGHU*UXQGYHUVRUJXQJ
GHU9LOOHQNRORQLHLQ(EHUVWDGWEHLWUDJHQXQGGHQVG
OLFKHQ7HLOGHV/LQFROQ4XDUWLHUVPLWDEGHFNHQ(V
VROOLP=XJHGHV:HWWEHZHUEVJHSUIWZHUGHQREGLH
1DKYHUVRUJXQJDXFKLQHLQHPSRWHQ]LHOOHUKDOWHQV
ZHUWHQ*HElXGHHUIROJHQNDQQ,GHHª0DUNWKDOOH©
LPHKHPDOLJHQ3IHUGHVWDOO
'DV/LQFROQ4XDUWLHUZLUGZHLWJHKHQGGXUFKGDV
QHXH1DKYHUVRUJXQJV]HQWUXPª0DUNWSODW]%HVVXQ
JHQ©YHUVRUJW(VN|QQHQOHGLJOLFKHUJlQ]HQGHNOHLQ
WHLOLJH1DKYHUVRUJXQJVVWUXNWXUHQUHDOLVLHUWZHUGHQ
' %HEDXXQJVNRQ]HSW
8PGDV=LHOHLQHUVR]LDOHQ0LVFKXQJLQEHLGHQ4XDU
WLHUHQ]XHUUHLFKHQVLHKWGHU5DKPHQSODQHLQGLIIH
UHQ]LHUWHV%HEDXXQJVNRQ]HSWYRU
(VZLUGLQEHLGHQ4XDUWLHUHQHLQHNOHLQWHLOLJH0L
VFKXQJGHU:RKQXQJVDQJHERWHPLWHLQHP6FKZHU
SXQNWEHLGHQK|KHUSUHLVLJHQ$QJHERWHQDXIGHP
*HOlQGHGHU&DPEUDL)ULWVFK.DVHUQHXQGGHU-HI
IHUVRQ6LHGOXQJDQJHVWUHEW
,QEHLGHQ4XDUWLHUHQVROOHQDXFK3URMHNWHIUEHVRQ
GHUH:RKQIRUPHQUHDOLVLHUWZHUGHQ
5HDOLVLHUXQJYRQ0D‰QDKPHQ
‡ IU6RQGHUZRKQIRUPHQXQWHUVR]LDOHU7UlJHU
VFKDIWLQWHJUDWLYHV:RKQHQ
‡ IUEHVRQGHUH:RKQDQJHERWHlOWHUHU0HQVFKHQ
‡ IUJHQHUDWLRQVEHUJUHLIHQGH:RKQSURMHNWH
‡ ]XU(LJHQWXPVELOGXQJIU)DPLOLHQPLW(LQNRP
PHQLQGHQ*UHQ]HQGHU(LJHQWXPVI|UGHUXQJGHV
/DQGHV+HVVHQ
‡ ]XU9HUVRUJXQJYRQ6WXGLHUHQGHQ
,QVJHVDPWVROOHQGHVNQIWLJHQ:RKQXQJVEH
VWDQGVIUGLHVH0D‰QDKPHQ]XU9HUIJXQJJHVWHOOW
ZHUGHQZHLWHUHVROOHQIUGLHVR]LDOH:RKQ
UDXPI|UGHUXQJYRUJHVHKHQZHUGHQ
,QQHUKDOEGHU4XDUWLHUHVROOHLQHP|JOLFKVWNOHLQWHLOL
JH0LVFKXQJGHU:RKQIRUPHQHUIROJHQ
ª8P]XYHUPHLGHQGDVVVLFK4XDUWLHUHPLWVR]LDO
LQVWDELOHU%HY|ONHUXQJKHUDXVELOGHQVROOWHQ6R]LDO
ZRKQXQJHQP|JOLFKVWJHPLVFKWPLWDQGHUHQ:RKQ
IRUPHQXQGQLFKWDQHLQHU6WHOOHGHU6LHGOXQJNRQ
]HQWULHUWZHUGHQ%HVRQGHUH$XIPHUNVDPNHLWVROOWH
GHU%HOHJXQJJHZLGPHWZHUGHQDOV9RUDXVVHW]XQJ
IUIXQNWLRQLHUHQGH+DXVJHPHLQVFKDIWHQXQG1DFK
EDUVFKDIWHQ©,:86HLWH
/HJHQGHªªª
]XHUKDOWHQGH
%HEDXXQJ
RSWLRQDO]XHUKDOWHQGH
%HEDXXQJ
QHXH%HEDXXQJ



 %HEDXXQJVNRQ]HSW

IUGDV$UHDOGHU&DPEUDL)ULWVFK
.DVHUQHXQG-HIIHUVRQ6LHGOXQJZLUG
GLH%HEDXXQJVVWUXNWXUDXI%DVLVHLQHV
VWlGWHEDXOLFKHQ:HWWEHZHUEHQWZLFNHOW
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
&DPEUDL)ULWVFK4XDUWLHU
‡ KLVWRULVFKHU.DVHUQHQSODW]DOV]HQWUDOHU7UHII
SXQNWPLWKRKHU$XIHQWKDOWVTXDOLWlW
‡ GHQNPDOJHUHFKWH*HVWDOWXQJGHVKLVWRULVFKHQ
.DVHUQHQSODW]HV(UKDOWGHU*HElXGH]XU8PVHW
]XQJLQQRYDWLYHU,PPRELOLHQNRQ]HSWH5DXPK|
KHXQG*UXQGULVVH]HLWJHPl‰H6DQLHUXQJXQG
8PEDXEHVRQGHUH:RKQIRUPHQVHQVLEOH*H
VWDOWXQJ
‡ RSWLRQDO(UKDOWZHLWHUHU0DQQVFKDIWVJHElXGH
‡ RSWLRQDO(UKDOWGHVQ|UGOLFKHQ:HUNVWDWWJHElXGHV
IU*DVWURQRPLHVR]LDOHRGHUNXOWXUHOOH(LQULFK
WXQJHQQLFKWVW|UHQGHV*HZHUEH
‡ RSWLRQDO(UKDOWZHLWHUHU*HElXGHHKHPDOLJH
3IHUGHVWlOOHLPZHVWOLFKHQ7HLO1XW]XQJIU1DK
YHUVRUJXQJVR]LDOH,QIUDVWUXNWXUHWF
‡ EHVRQGHUVVHQVLEOHXQGKRPRJHQH*HVWDOWXQJ
LQVEHVRQGHUHGHUQ|UGOLFKHQXQG|VWOLFKHQ7HLO
EHUHLFKHDXIJUXQGGHU:LUNXQJIUGDV6WDGWXQG
/DQGVFKDIWVELOG
‡ NOHLQWHLOLJH%HEDXXQJHUP|JOLFKWGLIIHUHQ]LHUWHV
(LQJHKHQDXIGLH7RSRJUDSKLH7HUUDVVHQ%|
VFKXQJHQHWF
‡ %HEDXXQJPD[LPDOYLHU*HVFKRVVH7UDXINDQ
WHPKRFK$XVQDKPHQLP]HQWUDOHQ%HUHLFK
P|JOLFK
‡ %HUFNVLFKWLJXQJGHUKLVWRULVFKHQ6SXUHQLP
6WDGWJUXQGULVV]ZHLYHUVFKLHGHQH5DVWHU
‡ )UHLKDOWHQYRQ6LFKWEH]LHKXQJHQ]XU/XGZLJVK|
KH]XU5KHLQHEHQH]XU3DXOXVNLUFKH
‡ 1DKYHUVRUJXQJ9ROOYHUVRUJHUELV]XTP9HU
NDXIVÀlFKHVGOLFKGHVKLVWRULVFKHQ.DVHUQHQ
KRIVJJIXQWHU(LQEH]LHKXQJHLQHV%HVWDQGVJH
ElXGHVHKHPDOLJHU3IHUGHVWDOODOVª0DUNWKDOOH©
‡ ªHXURSlLVFKHV6WDGWJHIKO©PLWDQJHPHVVHQHU
XUEDQHU'LFKWHLQVEHVRQGHUHDP4XDUWLHU]HQWUXP
XQGDXIJHORFNHUWHU%HEDXXQJDP:DOGUDQG
‡ RSWLRQDO(UKDOWXQG1XW]XQJGHV&OXEJHElXGHV
DOV2UWIU9HUDQVWDOWXQJHQ*DVWURQRPLH
‡ (UKDOWXQG1XW]XQJGHU&KDSHOIUUHOLJL|VHVR]L
DOHRGHUNXOWXUHOOH=ZHFNH
/LQFROQ4XDUWLHU
6GWHLO
‡ (UKDOWGHU=HLOHQEHEDXXQJLPVGOLFKHQ7HLOGHU
/LQFROQ6LHGOXQJGDKHUQXUPD‰YROOHVHQVLEOH
9HUGLFKWXQJELV]XHLQHU*)=YRQ
‡ GUHL*HElXGHDQGHU+HLGHOEHUJHU6WUD‰HVRUJHQ
IU6FKDOOVFKXW]ELOGHQHLQHlX‰HUH$GUHVVHXQG
HUZHLWHUQGDVYRUKDQGHQHHLQVHLWLJH:RKQUDX
PDQJHERWGLH6FKODIUlXPHVROOHQQDFK:HVWHQ
RULHQWLHUWZHUGHQ
‡ HQWODQJGHU)UDQNOLQVWUD‰HZHUGHQDXIMHGHU6HLWH
GUHLQHXH*HElXGHYRUJHVHKHQGLHGDV:RKQ
UDXPDQJHERWHUZHLWHUQXQGLQGHQ(UGJHVFKRV
VHQ0|JOLFKNHLWHQIU*HPHLQVFKDIWVUlXPHHWF
DXIZHLVHQ
‡ GLH6WHOOSOlW]HZHUGHQLQ4XDUWLHUVJDUDJHQXQWHU
JHEUDFKWGLH+|IHN|QQHQVRPLWDXWRIUHLJHVWDOWHW
ZHUGHQGHUGXUFKJUQWH&KDUDNWHUGHU6LHGOXQJ
ZLUGHUKDOWHQXQGJHVWlUNW
‡ GLHEHVWHKHQGHQ:RKQJHElXGHVLQGXPIDVVHQG
]XVDQLHUHQXQGN|QQHQPLWHLQHP6WDIIHOJH
VFKRVVDXIJHVWRFNWZHUGHQ
‡ GHUQ|UGOLFKH5DQGGHV6GWHLOVZHLVW]ZHL7LHI
JDUDJHQDXIGLHZLQNHOI|UPLJH%HEDXXQJELOGHW
HLQHQ5DKPHQXQGIDVVWGHQ]HQWUDOHQ4XDU
WLHUVSDUNLQGHQ(UGJHVFKRVV]RQHQVLQGVR]LDOH
(LQULFKWXQJHQXQG*HPHLQVFKDIWVUlXPHP|JOLFK
JUR‰]JLJHgIIQXQJHQLQGHQ(UGJHVFKRVVHQHU
P|JOLFKHQ'XUFKEOLFNH
4XDUWLHUV]HQWUXPXQGQRUG|VWOLFKHU7HLO
‡ GDV6FKXOJHElXGHZLUGDQ]HQWUDOHU6WHOOHLP
4XDUWLHUJHSODQWGHU+DXSWEDXN|USHUELOGHW]XU
+HLGHOEHUJHU6WUD‰HHLQHPDUNDQWH5DXPNDQWH
‡ HLQH.LQGHUWDJHVVWlWWHZLUGLPVGOLFKHQ6FKXO
JUXQGVWFNLQWHJULHUW
‡ GLH6FKXOVSRUWKDOOHVROODPQ|UGOLFKHQ5DQGLQ
=XRUGQXQJ]XP4XDUWLHUVSODW]HQWVWHKHQVLHLVW
DOV0XOWLIXQNWLRQVKDOOHDXV]XELOGHQXQGVWHKWGHQ
%HZRKQHUQEHLGHU4XDUWLHUHDXFKDX‰HUKDOEGHU
6FKXOQXW]XQJ]XU9HUIJXQJ
‡ LP4XDUWLHUV]HQWUXPVROOHLQVHFKVJHVFKRVVLJHV
*HElXGHPLW9HUVRUJXQJVHLQULFKWXQJHQLP(UG
JHVFKRVVXQG:RKQHQLQGHQ2EHUJHVFKRVVHQ
HQWVWHKHQGLH*HElXGHIRUPVROOPDUNDQWDOV
6ROLWlUDXVJHELOGHWZHUGHQGDV*HElXGHWULWWYRQ
GHU+HLGHOEHUJHU6WUD‰HDXV]XUFNXQGVFKDIIW
VRPLWHLQH(LQJDQJVVLWXDWLRQ
‡ GHU4XDUWLHUVSODW]ZLUGGXUFKHLQZLQNHOI|UPLJHV
*HElXGHQDFK1RUGHQKLQJHIDVVWLP(UGJH
VFKRVVZLUGGLH0RELOLWlWV]HQWUDOHDQSURPLQHQWHU
6WHOOHSODW]LHUWHLQHJUR‰]JLJHgIIQXQJHUP|J
OLFKWGHQ%OLFNXQGGLH:HJHEH]LHKXQJ]XGHQ
UFNZlUWLJHQ6WHOOSOlW]HQIU&DU6KDULQJXQG
$QGLHQXQJIUGLH/lGHQXQG'LHQVWOHLVWXQJVHLQ
ULFKWXQJHQ
‡ QDFK1RUGHQVFKOLH‰HQVLFK]XU1RDFNVWUD‰H
]ZHL:RKQK|IHDQGLHVLFKHLQHUVHLWV]XU/lUP
TXHOOH+HLGHOEHUJHU6WUD‰HVFKOLH‰HQXQGDQGH
UHUVHLWV]XP]HQWUDOHQ)UHLUDXPKLQ|IIQHQGLH
6FKODIUlXPHVROOWHQQDFK:HVWHQRULHQWLHUWZHU
GHQGLH'LFKWHEHWUlJWPD[LPDO*)=


/XIWELOGPLWJHSODQWHU%HEDXXQJ


IUGDV$UHDOGHU&DPEUDL)ULWVFK
.DVHUQHXQG-HIIHUVRQ6LHGOXQJZLUG
GLH%HEDXXQJVVWUXNWXUDXI%DVLVHLQHV
VWlGWHEDXOLFKHQ:HWWEHZHUEHQWZLFNHOW
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
QRUGZHVWOLFKHU7HLO
‡ GHU5DQGGHVQRUGZHVWOLFKHQ4XDUWLHUV]XP]HQW
UDOHQ3DUNZLUGPLWGXUFKOlVVLJHQZUIHOI|UPLJHQ
3XQNWKlXVHUQJHIDVVWVLHELHWHQHLQHVHKUKRFK
ZHUWLJH:RKQTXDOLWlW
‡ GLH*HElXGHVLQGYLHUJHVFKRVVLJXQGZHLVHQ
]ZHLELVGUHL:RKQXQJHQMH(WDJHDXIGLH'LFKWH
LVW*)=
‡ GHU%HUHLFKZLUGEHUHLQHZLQNHOI|UPLJH6WUD‰H
HUVFKORVVHQ
‡ HLQH5HLKHPLWGUHLJHVFKRVVLJHQ6WDGWKlXVHUQ
VRUJWIUHLQGLIIHUHQ]LHUWHV:RKQXQJVDQJHERW
‡ DQGHU1RDFNVWUD‰HKLQZLUGHLQZLQNHOI|UPLJHV
*HElXGHJHSODQWHVIRUPXOLHUWGLH*HOHQNVWHO
OHLPhEHUJDQJ]XP0DUNWSODW]%HVVXQJHQHV
ELHWHWVLFKIUHLQHEHVRQGHUH:RKQIRUPDQXQG
NDQQLP(UGJHVFKRVVVR]LDOH(LQULFKWXQJHQDXI
QHKPHQ
‡ EHLGHUVHLWVGHUQRUGVGJHULFKWHWHWH6WUD‰HVRO
OHQ*HElXGHPLW(WDJHQZRKQXQJHQHQWVWHKHQ
GLH*HElXGH]XPZHVWOLFKHQ5DQGVLQGDXIJUXQG
GHV6FKDOOHLQWUDJVYRQGHU.DUOVUXKHU6WUD‰HXQG
GHU%DKQVWUHFNHKLQVLFKWOLFKGHU*UXQGULVVRULHQ
WLHUXQJEHVRQGHUVDXV]XELOGHQHVELHWHWVLFKDQ
GLH6FKODIUlXPHQDFK2VWHQ]XRULHQWLHUHQ
%DXIHOGZHVWOLFKGHV3DUNV
‡ GLHGUHLYRUKDQGHQHQ:RKQJHElXGHVROOHQXP
IDVVHQGVDQLHUWXQGDXIJHVWRFNWZHUGHQ
‡ PLWZLQNHOI|UPLJHQ$QEDXWHQZHUGHQ+|IHJH
ELOGHWGLHJHVFKW]WH)UHLUlXPHDXVELOGHQXQG
UXKLJH,QQHQVHLWHQ/lUPEHODVWXQJYRQ:HVWHQ
HUP|JOLFKHQ
‡ GDVQ|UGOLFKH*HElXGHVROOLP(UGJHVFKRVVHLQH
(LQULFKWXQJIURIIHQH.LQGHUXQG-XJHQGDUEHLW
DXIQHKPHQHVELHWHWVLFKIUHLQHEHVRQGHUH
:RKQIRUPDQ
%DXIHOGLP6GZHVWHQ
‡ GLHEHVRQGHUHODQGVFKDIWOLFKH6LWXDWLRQPLWGHU
2ULHQWLHUXQJ]XUHWZDVWLHIHUOLHJHQGHQ.OHLQJDU
WHQDQODJHXQGGHU$XVVLFKWDXIGHQ:DOGUDQG
EHGLQJWHLQHRIIHQHGXUFKOlVVLJH%DXZHLVH
‡ HVZHUGHQKRFKZHUWLJH]ZHLELVGUHLJHVFKRVVLJH
*HElXGHPLW(WDJHQZRKQXQJHQYRUJHVHKHQ
‡ GHUZHVWOLFKH5DQGUHDJLHUWPLWHLQHPULHJHOI|UPL
JHQ*HElXGHDXIGHQ/lUPHLQWUDJYRQ:HVWHQ

'LFKWHQ 5DXPNDQWHQ
'LFKWH*)=
'LFKWH*)=
'LFKWH*)=
]HQWUDOHV+DXVDP4XDUWLHUVSODW]
6RQGHUW\SHQ
:LQNHOKlXVHUPLWHUJlQ]HQGHU,QIUDVWUXNWXULQ(UGJHVFKRVVHQ
QHXH*HVFKRVVZRKQXQJVEDXWHQ
6WDGWKlXVHU
EHVWHKHQGH*HVFKRVVZRKQXQJVEDXWHQ
/lUPVFKXW]IDVVDGH
,QQHUH$GUHVVH]XP)UHLUDXP
XUEDQH5DXPNDQWH
%OLFNEH]LHKXQJGXUFKGDV4XDUWLHUV]HQWUXP
%OLFNEH]LHKXQJGXUFKGLH:RKQK|IH]XP*UQHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU

6FKQLWW&&
6FKQLWW$$
6FKQLWW%%
$ $
% %
&
&
 %DKQVWUHFNH  .DUOVUXKHU6WUD‰H  /LQFROQ4XDUWLHU  4XDUWLHUV]HQWUXP +HLGHOEHUJHU6WUD‰H %HVVXQJHU.LHVJUXE H  
1HXH3ODQVWUD‰H]XU.DUOVUXKHU6WUD‰H    (UJlQ]XQJVEDXWHQDQGHU+HLGHOEHUJHU6WUD‰H  :LQNHOEDXPLW4XDUWLHUVJDUDJHLP8* QHXH$QELQGXQJD QGLH+H
  .DUOVUXKHU6WUD‰H

 ]HQWUDOHU3ODW]LP&DPEUDL)ULWVFK4XDUWLHU               /XGZLJVK|KH
HLGHOEHUJHU6WUD‰H   *UXQGVFKXOH  4XDUWLHUV]HQWUXP  1HXH5DQGEHEDXXQJDQGHU+HLGHOEHUJHU6WUD‰H 1RDFNVWUD‰H
   %HEDXXQJDPQ|UGOLFKHQ3DUNUDQG  %HOOHYXHPLW%OLFN]XU0DQXIDNWXU  4XDUWLHUV]HQWUXP      +HLGHOEHUJHU6WUD‰H

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
%OLFNYRP4XDUWLHUVSDUN]XP4XDUWLHUV]HQWUXPXQGGXUFKGDV%HOOHYXH]XP0DQXIDNWXUJHElXGH


6WlGWHEDXOLFKHU5DKPHQSODQ%HVVXQJHQ6G

 (QWZLFNOXQJVNRQ]HSW/LQFROQ$XVVFKQLWW1RUGHQ
%OLFNULFKWXQJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
%OLFNGXUFKGHQ4XDUWLHUVSDUN]XUQHXHQ5DQGEHEDXXQJLP1RUGHQ


6WlGWHEDXOLFKHU5DKPHQSODQ%HVVXQJHQ6G

 (QWZLFNOXQJVNRQ]HSW/LQFROQ$XVVFKQLWW4XDUWLHUVSDUN
%OLFNULFKWXQJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
%OLFNYRQGHU+HLGHOEHUJHU6WUD‰HDQGHUQHXHQ6WUD‰HQEDKQKDOWHVWHOOHYRUEHL]XP4XDUWLHUV]HQWUXP


6WlGWHEDXOLFKHU5DKPHQSODQ%HVVXQJHQ6G

 (QWZLFNOXQJVNRQ]HSW/LQFROQ$XVVFKQLWW4XDUWLHUV]HQWUXP
%OLFNULFKWXQJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
%OLFNYRPVGOLFKHQ5DQGGHV4XDUWLHUVSDUNVLQGLH)UDQNOLQVWUD‰HQDFK6GHQPLWGHQEHVWHKHQGHQ:RKQJHElXGHQLP+LQWHUJUXQG


6WlGWHEDXOLFKHU5DKPHQSODQ%HVVXQJHQ6G

 (QWZLFNOXQJVNRQ]HSW/LQFROQ$XVVFKQLWW6GWHLO
%OLFNULFKWXQJ

()UHLUDXP

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
( hEHUJHRUGQHWH3ODQXQJHQ
&KDUDNWHULVWLN6GZHVWH[SRQLHUWHUZlUPHEHJQV
WLJWHU%HUJKDQJPLW6WUHXREVWZLHVHQDXI/|‰LP
hEHUJDQJYRQGHU2EHUUKHLQ(EHQH]XP2GHQZDOG
6FKXW]]ZHFNZLFKWLJHU9HUPHKUXQJVUDXPIUZlU
PHOLHEHQGHJHIlKUGHWH=XJYRJHODUWHQYRUDOOHPIU
GHQ:HQGHKDOVK|FKVWH6LHGOXQJVGLFKWH+HVVHQV
XQGIUGHQ*DUWHQURWVFKZDQ]
(QWZLFNOXQJV]LHOH)UHLKDOWHQGHU)OlFKHYRQ%HEDX
XQJ:HLWHUIKUXQJGHU2EVWEDXPQXW]XQJXQGH[
WHQVLYHQ:HLGHQXW]XQJGHV*UQODQGVVW|UXQJVDU
PH%HVXFKHUOHQNXQJ
'DV9RJHOVFKXW]JHELHWEHLQKDOWHWGDVQDFKIROJHQG
DXIJHIKUWH))+*HELHW
))+*HELHW6WUHXREVWZLHVHQ
YRQ'DUPVWDGW(EHUVWDGW3ULQ]HQEHUJXQG
(LFKZlOGFKHQ
/DJHHWZDPVG|VWOLFKGHU-HIIHUVRQ6LHGOXQJ
*U|‰HKD
/HEHQVUDXPW\SHQQDFK$QK,))+5LFKWOLQLHPLW(U
KDOWXQJV]LHOHQ
'QHQPLWRIIHQHQ*UDVÀlFKHQPLW&RU\QHSKR
UXVXQG$JURVWLV
0DJHUH)ODFKODQG0lKZLHVHQ$ORSHFXUXVSUD
WHQVLV6DQJXLVRUEDRI¿FLQDOLV
(UKDOWXQJV]LHOH(UKDOWXQJGHV2IIHQODQGFKDUDNWHUV
GHU6WDQGRUWH(UKDOWXQJHLQHUEHVWDQGVSUlJHQGHQ
GLH1lKUVWRIIDUPXWEHJQVWLJHQGHQ%HZLUWVFKDIWXQJ
$UWHQQDFK$QK,,))+5LFKWOLQLHPLW(UKDOWXQJV]LH
OHQ
0\RWLVP\RWLV*UR‰HV0DXVRKU(UKDOWXQJYRQ*H
K|O]VWUXNWXUHQHQWODQJGHU+DXSWÀXJURXWHQLP2IIHQ
ODQG(UKDOWXQJYRQIXQNWLRQVIlKLJHQ6RPPHUTXDUWLH
UHQ
))+*HELHW'RPPHUVEHUJ
'DFKVEHUJXQG'DUPEDFKDXHYRQ
'DUPVWDGW
/DJHHWZDP|VWOLFKGHU&DPEUDL)ULWVFK.D
VHUQH-HIIHUVRQ6LHGOXQJ
*U|‰HKD
/HEHQVUDXPW\SHQQDFK$QK,))+5LFKWOLQLHLQGHU
1lKHGHV5DKPHQSODQJHELHWV
+DLQVLPVHQ%XFKHQZDOG/X]XOR)DJHWXP
:DOGPHLVWHU%XFKHQZDOG$VSHUXOR)DJHWXP
,QGHU*UXQGGDWHQHUIDVVXQJ]X0RQLWRULQJXQG0D
QDJHPHQWGHV))+*HELHWVZHUGHQ$QJDEHQ
]X%HHLQWUlFKWLJXQJHQXQG6W|UXQJHQGHV%LRWRS
W\SV:DOGPHLVWHU%XFKHQZDOGXQG+DLQVLPVHQ
%XFKHQZDOGJHPDFKWGLHDXFKDXIGLHXQPLWWHOEDU
DQGLH&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
DQJUHQ]HQGHQ%HUHLFKHEHUWUDJHQZHUGHQN|QQHQ
(LQHÀRULVWLVFKHXQGIDXQLVWLVFKH%HVWDQGVHUIDVVXQJ
ZXUGH]XGLHVHP%LRWRSW\SDOOHUGLQJVQLFKWHUVWHOOW
'LH(UKDOWXQJV]LHOHVLQG(UKDOWXQJQDWXUQDKHUXQG
VWUXNWXUUHLFKHU:DOGEHVWlQGHPLWVWHKHQGHPXQGOLH
JHQGHP7RWKRO]+|KOHQElXPHQXQGOHEHQVUDXPW\
SLVFKHQ%DXPDUWHQLQLKUHQYHUVFKLHGHQHQ(QWZLFN
OXQJVVWXIHQXQG$OWHUVSKDVHQ
1DWXUVFKXW]JHELHWª%HVVXQJHU
.LHVJUXEH©
9HURUGQXQJYRP
/DJHLQQHUKDOEGHV5DKPHQSODQJHELHWV|VWOLFKGHU
+HLGHOEHUJHU6WUD‰H
*U|‰HKD
:HUWEHVWLPPHQGXQGVW|UXQJVHPS¿QGOLFKVLQGGLH
EHUZLHJHQGLP1RUGHQGHV16*JHOHJHQHQVRQ
QHQH[SRQLHUWHQ+lQJHXQG)HOVHQDOV/HEHQVUDXP
GHU0DXHUHLGHFKVHVRZLHQlKUVWRIIDUPH6WLOOJHZlV
VHU
(UKDOWXQJVXQG(QWZLFNOXQJV]LHOH
‡ (UKDOWXQJGHU7URFNHQUDVHQXQG)HOVJUDVÀXUHQ
‡ (UKDOWXQJGHUEOWHQUHLFKHQ%UDFKXQG5XGHUDO
ÀlFKHQ
‡ (UKDOWGHU6WLOOJHZlVVHU
‡ hEHUIKUXQJYRQ%HVWlQGHQPLWQLFKWKHLPLVFKHQ
%DXPDUWHQLQ:DOGEHVWlQGHGHUSRWHQ]LHOOQDWU
OLFKHQ9HJHWDWLRQGXUFK6XN]HVVLRQ
:HVHQWOLFKH0D‰QDKPHQ)UHLVWHOOHQYRQ%|VFKXQ
JHQXQG)HOVVWDQGRUWHQGXUFK(QWIHUQHQYRQ*HK|O
]HQDOV/HEHQVUlXPHIUGLH0DXHUHLGHFKVH
(UIDVVXQJVXQG%HZHUWXQJVERJHQIUGLH5HYLVLRQ
LQ1DWXUVFKXW]JHELHWHQ
(/DQGVFKDIWVSODQ
'HU/DQGVFKDIWVSODQGHU6WDGW'DUPVWDGW6WDGW
'DUPVWDGWLVWGDVª:HUN]HXJ©GHUNRPPX
QDOHQ3ODQXQJLQGHPQDFKQDWXUUlXPOLFKHQXQG
IUHLUDXPSODQHULVFKHQ(UIRUGHUQLVVHQHLQ)OlFKHQ
NRQ]HSW]XU(QWZLFNOXQJGHV5DXPVDEJHELOGHWLVW
DXFKLQGHPHVLQHLQHUHKHUYRQ(LQ]HOLQWHUHVVHQ
JHOHLWHWHQ)OlFKHQQXW]XQJV3ODQXQJJHJHQVWHXHUW
ZLUG
)UGHQ5DXPGHVVGOLFKHQ%HVVXQJHQVWHOOWGLH
/HLWELOGNDUWHGHV/DQGVFKDIWVSODQVHLQHZHLWJHKHQGH
%HVWDQGVVLFKHUXQJGDU$OVZHVHQWOLFKH(QWZLFNOXQJ
ZLUGGLH:LHGHUKHUVWHOOXQJHLQHVGXUFKJlQJLJHQ2VW
:HVW*UQ]XJVXQGHQWVSUHFKHQGHU*UQYHUELQGXQ
JHQYRP*UQ]XJ%HVVXQJHQ6GELV]XP*UQ]XJ
GHU+HLPVWlWWHQVLHGOXQJZHVWOLFKGHU.DUOVUXKHU
6WUD‰HGDUJHVWHOOW
'DPLWZLUGHLQHEHGHXWHQGHIUHLUDXPSODQHULVFKH
=LHOVHW]XQJIUGLH(QWZLFNOXQJGHUHKHPDOLJHQ.D
VHUQHQÀlFKHQLQVEHVRQGHUHIUGLH/LQFROQ6LHG
OXQJIRUPXOLHUW
)UGLH&DPEUDL)ULWVFK.DVHUQHZHUGHQ'XUFKJU
QXQJVPD‰QDKPHQXQGIU-HIIHUVRQVRZLH/LQFROQ
6LHGOXQJ9HUEHVVHUXQJHQGHUYRUKDQGHQHQ*UQ
VXEVWDQ]JHIRUGHUW
'LH*UQ]JHVLQGLP6LQQHHLQHUODQGVFKDIWVYHU
WUlJOLFKHQ(UKROXQJVQXW]XQJIXQNWLRQDOXQGJHVWDOWH
ULVFKDXI]XZHUWHQ'LH$XHGHV6DXEDFKVVROOHUKDO
WHQXQGDOVQDWXUQDKHU%DFKDEVFKQLWWHQWZLFNHOWXQG
JHVFKW]WZHUGHQ
(6FKXW]JHELHWH
6FKXW]REMHNWH
,QQHUKDOEXQGLP8PIHOGGHV5DKPHQSODQJHELHWV
VLQGHLQLJH)OlFKHQPLWQDWXUVFKXW]UHFKWOLFKHQ%LQ
GXQJHQYRUKDQGHQ(VVLQGP|JOLFKHUlXPOLFKIXQN
WLRQDOH$XVZLUNXQJHQGHU]XNQIWLJHQ(QWZLFNOXQJLP
3ODQJHELHW]XEHUFNVLFKWLJHQ
(XURSlLVFKHV9RJHOVFKXW]JHELHW
3ULQ]HQEHUJEHL'DUPVWDGW(EHUVWDGW
/DJHHWZDPVG|VWOLFKGHU-HIIHUVRQ6LHGOXQJ
*U|‰HKD


$XVVFKQLWWDXVGHP/DQGVFKDIWVSODQ/HLWELOGNDUWH
PDJHQWDIDUELJXPUDQGHWGLH.RQYHUVLRQVÀlFKHQ
6FKXW]JHELHWHLP5DKPHQSODQJHELHWRGHUDQJUHQ]HQG
  1DWXUVFKXW]JHELHW%HVVXQJHU.LHVJUXEH
  /DQGVFKDIWVVFKXW]JHELHWª6WDGW'DUPVWDGW©
  1DWXUGHQNPDO(LFKHPLW*UDQLWIHOVHQ
   *HELHWGHV)RUHOOHQWHLFKV
  6FKXW]QDFK+HVV'HQNPDOUHFKW+'VFK*


æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
/DQGVFKDIWVVFKXW]JHELHWª6WDGW
'DUPVWDGW©
9HURUGQXQJYRP-XQL
*U|‰HKD
'DV/DQGVFKDIWVVFKXW]JHELHWXPIDVVWLP6GHQ
'DUPVWDGWVVlPWOLFKH:DOGJHELHWHZHOFKHDQGLH
.RQYHUVLRQVVWDQGRUWH/LQFROQ6LHGOXQJ&DPEUDL
)ULWVFK.DVHUQHXQG-HIIHUVRQ6LHGOXQJDQJUHQ]HQ
(VEHLQKDOWHWGLHREHQJHQDQQWHQ))+XQG9RJHO
VFKXW]JHELHWHQLFKWMHGRFKGDV16*ª%HVVXQJHU
.LHVJUXEH©
6FKXW]]ZHFNLVWGLHQDFKKDOWLJH6LFKHUXQJGHU.XO
WXUODQGVFKDIWLQVEHVRQGHUHGHUJUR‰HQ]XVDPPHQ
KlQJHQGHQ:DOGJHELHWH
6FKXW]ZDOG
'HUVGOLFKGHU/LQFROQ6LHGOXQJDQVFKOLH‰HQGH
:DOGLVW6FKXW]ZDOG6FKXW]JUQGHVLQGVHLQH)XQN
WLRQHQDOV.OLPDDXVJOHLFKVUDXPVHLQH,PPLVVLRQV
VFKXW]ZLUNXQJGLH)XQNWLRQDOV/HEHQVUDXPIU
3ÀDQ]HQXQG7LHUHVRZLHGHU%RGHQVFKXW]
7ULQNZDVVHUVFKXW]JHELHWH
:DVVHUVFKXW]JHELHWHVLQGLP8QWHUVXFKXQJVUDXP
QLFKWYRUKDQGHQ(UVWLQFDNPVGOLFKHU(QWIHU
QXQJEHJLQQWGLHZHLWHUH6FKXW]]RQHHLQHV:DVVHU
VFKXW]JHELHWV(LQH:HFKVHOZLUNXQJ]ZLVFKHQGHP
:DVVHUVFKXW]JHELHWXQGGHU%DXODQGHQWZLFNOXQJDXI
GHQ.DVHUQHQÀlFKHQNDQQQLFKWEHJUQGHWZHUGHQ
*HVFKW]WH/DQGVFKDIWVEHVWDQGWHLOH
1DWXUGHQNPDOH
1RUG|VWOLFKGHU&DPEUDL)ULWVFK.DVHUQHOLHJHQ]ZHL
1DWXUGHQNPDOH
$XIGHP*UXQGVWFNGHV3ROL]HLSUlVLGLXPVVWHKW
GDV1DWXUGHQNPDOª(LFKHPLW*UDQLWIHOVHQ©%HLGHU
VRJHQDQQWHQª.ODSSDFK(LFKH©KDQGHOWHVVLFKXP
HLQHXQJHZ|KQOLFKJUR‰NURQLJHPlFKWLJH6WLHOHLFKH
6WDPPXPIDQJFDP
1|UGOLFKGHU.ODSSDFKHU6WUD‰HOLHJWGDV1DWXUGHQN
PDOª*HELHWGHV)RUHOOHQWHLFKHV©'DV*HELHWXP
VFKOLH‰WHLQHQHKHPDOLJHQ)LVFKWHLFKXQGHLQHQQDV
VHQ:DOGEHUHLFKXPGHQ2EHUODXIGHV6DXEDFKV
'DV$UHDOLVWYRUDOOHPDOV/DLFKSODW]IU$PSKLELHQ
XD)HXHUVDODPDQGHU(UGNU|WH7HLFKPROFKYRQ
%HGHXWXQJ
%LRWRSYHUEXQG
'LH$XHGHV6DXEDFKVJHK|UW]XGHQ%LRWRSYHUEXQG
ÀlFKHQ'DUPVWDGWV
'HQNPDOUHFKWOLFKJHVFKW]WH)UHLUlXPH
'HU]HQWUDOH%HUHLFKGHU&DPEUDL)ULWVFK.DVHUQH
LVWDOV6DFKJHVDPWKHLW(QVHPEOHQDFK+HVVLVFKHP
'HQNPDOUHFKWJHVFKW]W=XGHP(QVHPEOHJHK|
UHQGLHYLHUGHQ3ODW]XPJHEHQGHQ*HElXGHGLH
0DXHUQDXIGHP3ODW]VRZLHGHUGHQ3ODW]SUlJHQGH
*HK|O]EHVWDQG
0|JOLFKH$XVZLUNXQJHQGHU]XNQIWLJHQ
(QWZLFNOXQJDXIHLQ]HOQH6FKXW]JHELHWH
RGHU6FKXW]REMHNWH
'XUFKGHQ]XHUZDUWHQGHQ=X]XJPHKUHUHU7DXVHQG
(LQZRKQHUHQWVWHKWHLQK|KHUHU%HVXFKHUGUXFNDXI
GLHXPJHEHQGH/DQGVFKDIWGXUFK)UHL]HLWQXW]XQJHQ
ZLH6SD]LHUHQJHKHQ5DGIDKUHQ-RJJLQJ.LQGHU
VSLHOXl'LHVJLOWJUXQGVlW]OLFKIUDOOHREHQJHQDQQ
WHQ6FKXW]JHELHWHGLHGHUgIIHQWOLFKNHLW]XJlQJOLFK
VLQGXQGGLHDXFKGHU]HLWEHUHLWVLQWHQVLY]XU1DKHU
KROXQJJHQXW]WZHUGHQ3ULQ]HQEHUJ:DOGXPGHQ
'DFKVEHUJXQGGLH/XGZLJVK|KH
)UGLH:HUWHUKDOWXQJXQGHQWZLFNOXQJGHU))+*H
ELHWHE]ZGHV(XURSlLVFKHQ9RJHOVFKXW]JHELHWV
LVWHVDOOHUGLQJVDXVVFKODJJHEHQGGDVVGLHLQGHQ
3ÀHJHSOlQHQIRUPXOLHUWHQ1XW]XQJVXQG8QWHUKDO
WXQJVPD‰QDKPHQDXFKZHLWHUKLQXPJHVHW]WZHUGHQ
'LH6FKXW]JHELHWHDP3ULQ]HQEHUJEHWUHIIHQHLQH
.XOWXUODQGVFKDIWPLWDOWHQ1XW]XQJVIRUPHQ'HU$XI
HQWKDOWZHLWHUHU0HQVFKHQLQGHQKLHUIUYRUJHVHKH
QHQ%HUHLFKHQOlVVWNHLQHHUKHEOLFKH*HIlKUGXQJ
GHU(UKDOWXQJV]LHOHHUZDUWHQ
'DV1DWXUVFKXW]JHELHWª%HVVXQJHU.LHVJUXEH©
ELHWHWHLQHDQGHUH6LWXDWLRQ+LHUEHVWHKW]XP6FKXW]
GHUZHUWEHVWLPPHQGHQ6WLOOJHZlVVHU7URFNHQUDVHQ
XQG)HOVÀXUHQDEHUDXFKDXV6LFKHUKHLWVJUQGHQ
HLQ%HWUHWXQJVYHUERW'LHVHVVROOQDFKGHQ6WHOOXQJ
QDKPHQGHU1DWXUVFKXW]XQG)RUVWYHUZDOWXQJ81%
21%)RUVWDPW'DUPVWDGWQLFKWJHORFNHUWZHUGHQ
'DV%HWUHWXQJVYHUERWZLUGGHU]HLWDXIJUXQGGHUQLFKW
GXUFKJlQJLJHQ(LQ]lXQXQJXQWHUODXIHQDOOHUGLQJV
QLFKWLQHLQHP8PIDQJGHUGLHZHUWYROOHQ/HEHQV
UlXPHZHVHQWOLFKEHHLQWUlFKWLJW%DGHQ6SLHOHQ
1DWXUHUOHEQLV(LQHDNXWH*HIlKUGXQJGHUZHUWYROOHQ
2IIHQVWDQGRUWH¿QGHWGDJHJHQLQIROJHYRQ*HK|O]
VXN]HVVLRQVWDWW
0LWGHU(QWZLFNOXQJQHXHU:RKQJHELHWHLQXQPLWWHO
EDUHU1DFKEDUVFKDIWZLUGGHU%HVXFKHUXQG1XW
]XQJVGUXFNDXIGDV*HELHWYRUDXVVLFKWOLFKHUKHEOLFK
DQVWHLJHQ,QVEHVRQGHUH.LQGHUXQG-XJHQGOLFKH
ZHUGHQGDV*HELHWDOVP|JOLFKHQ6SLHO$EHQWHXHU
XQG5FN]XJVUDXPHQWGHFNHQ:LOOPDQGDV%HWUH
WXQJVYHUERWDXIUHFKWHUKDOWHQNDQQGDVPLWIROJHQ
GHQ0D‰QDKPHQXQWHUVWW]WZHUGHQ
‡ YROOVWlQGLJH8P]lXQXQJGHV16*
‡ DWWUDNWLYH6SD]LHUZHJHXQG$XIHQWKDOWVEHUHLFKH
LQGHUGLUHNWHQ8PJHEXQJGHV16*
‡ $XINOlUXQJGHU%UJHUVFKDIWEHUGLH:HUWLJNHL
WHQXQG6FKXW]HUIRUGHUQLVVHGHV16*
‡ LQWHQVLYHUHhEHUZDFKXQJXQG%HWUHXXQJGHV
16*]%1DWXUVFKXW]ZDUW


æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
(+LVWRULHXQG/DQGQXW]XQJ
%LV]XP%DXGHU.DVHUQHQZDUGHU6LHGOXQJVUDQG
VGOLFKYRQ%HVVXQJHQYRQHLQHPNOHLQWHLOLJHQ1XW
]XQJVPRVDLNJHSUlJW'LH/DQGVFKDIWZDUQDFK6
GHQELVDXI+|KHGHV6DQGZHJVUHODWLYRIIHQ9HUHLQ
]HOWHVHLWJHUDXPHU=HLWJHQXW]WH6DQGJUXEHQVRZLH
)LVFKWHLFKHLP7DOGHV6DXEDFKVVLQGEHVRQGHUH
1XW]XQJVIRUPHQGLHLQDOWHQ.DUWHQGRNXPHQWLHUW
VLQG'HUKHXWLJH*UQ]XJ%HVVXQJHQ6GLVWHLQ
5HOLNWGHUIUKHUHQ2UWVUDQGQXW]XQJPLWGHQW\SL
VFKHQª6HOEVWYHUVRUJHU/DQG1XW]XQJHQ©
6GOLFKGHV6DQGZHJVELV]XU(EHUVWlGWHU:DOG
NRORQLHZDU:DOG'LH&DPEUDLXQG)UHLKHUUYRQ
)ULWVFK.DVHUQHQZXUGHQ0LWWHGHUHU-DKUHLQ
GHQ%HVVXQJHU+DQJJHEDXW'LHVVWHOOWGLHELVGDKLQ
QDFKKDOWLJVWH9HUlQGHUXQJGHV2UWVUDQGVGDU
)UGHQ%DXGHU/LQFROQ6LHGOXQJPXVVWHLQGHQ
HU-DKUHQJUR‰ÀlFKLJ*DUWHQODQGXQGWURFNHQHU
(LFKHQ.LHIHUQZDOGZHLFKHQ$OV$XVJOHLFKIUGHQ
9HUOXVWGHU*lUWHQZXUGHGLH.OHLQJDUWHQDQODJHGHV
.*96G:HVWPLWPHKUDOVHLQKXQGHUW*lUWHQVG
ZHVWOLFKGHU/LQFROQ6LHGOXQJHUEDXW
,QIROJHVLFKZDQGHOQGHUVWlUNHUHUKROXQJVRULHQWLHUWHU
1XW]XQJVDQVSUFKHDQGHQ)UHLUDXPLQGHQIQI]L
JHUELVDFKW]LJHU-DKUHQlQGHUWHVLFKGDV1XW]XQJV
VSHNWUXPLP*UQ]XJ%HVVXQJHQ6G1XW]XQJHQ
ZLHGLH5DGUHQQEDKQGHV5DGVSRUWFOXEVGLH7HQ
QLVDQODJHGHU7&%7HQQLVFOXE%HVVXQJHQ
'DUPVWDGWH9GLH'DXHUNOHLQJDUWHQDQODJHª+LQWHU
GHU.ODSSDFKHU©XQG)UHL]HLWJlUWHQJHZDQQHQDQ
%HGHXWXQJ'HUQRFKELV]XU0LWWHGHVYRULJHQ-DKU
KXQGHUWVYRUKHUUVFKHQGHQ&KDUDNWHUHLQHURIIHQHQ
.XOWXUODQGVFKDIWPLW1XW]XQJVPRVDLNVDXV*lUWHQ
:LHVHQ2EVWZLHVHQXQGNOHLQHQ$FNHUODQGVWUHLIHQ
KDWVLFKGDGXUFKQDFKKDOWLJYHUlQGHUW'LH]XQHK
PHQGJHZQVFKWH3ULYDWKHLWXQGGDPLW$XVXQG$E
JUHQ]XQJGXUFK=lXQHXQG+HFNHQJHJHQEHUGHP
RIIHQHQXQG|IIHQWOLFKHP5DXPKDEHQGDV(UVFKHL
QXQJVELOG]XGHPVWDUNYHUlQGHUW
1HEHQGHU)OlFKHQLQDQVSUXFKQDKPHGXUFKSULYDWH
1XW]XQJHQZLUGGHU*UQ]XJGXUFK9HUNHKUVZHJH
DOV%DUULHUHQLQVHLQHU)XQNWLRQDOV*UQYHUELQGXQJ
JHVW|UW'LHVH%DUULHUHQVLQGGLHYRQ1RUGQDFK6G
YHUODXIHQGH+HLGHOEHUJHU6WUD‰HGLH.DUOVUXKHU
6WUD‰HVRZLHGLHZHVWOLFKGDUDQDQVFKOLH‰HQGHWLHILQ
GDV*HOlQGHHLQJHVFKQLWWHQH%DKQWUDVVH
'DV1DWXUVFKXW]JHELHWª%HVVXQJHU.LHVJUXEH©LVW
HLQHPLWWHQLP3ODQXQJVUDXPOLHJHQGHQLFKWEHWUHW
EDUHª7DEXÀlFKH©
1DKH]XVHQNUHFKWH6WHLOZlQGHDQPHKUHUHQ6WHO
OHQXQG]ZHLJUXQGZDVVHUJHVSHLVWH7HLFKHVLQGGLH
=HXJQLVVHGHVHKHPDOLJHQ7DJHEDXV'DVDXV6L
FKHUKHLWVXQG1DWXUVFKXW]JUQGHQIUGLHgIIHQWOLFK
NHLWQLFKW]XJlQJOLFKH*HELHWEOHLEWDOV6XN]HVVLRQV
ÀlFKHZHLWJHKHQGVLFKVHOEVWEHUODVVHQ
'LH5FN,QEHVLW]QDKPHQGXUFKGLH1DWXUKDWLQZH
QLJHUDOVGUHL-DKU]HKQWHQLP6WDGWUDXPHLQ5HIXJL
XPIU3ÀDQ]HQXQG7LHUHHQWVWHKHQODVVHQ
6SLHOXQG6SRUWDQJHERWH
9RUGHP+LQWHUJUXQGNLQGOLFKHU(QWZLFNOXQJXQG
VR]LDOHU.RPSHWHQ]YHUPLWWOXQJNRPPW6SLHOHQRGHU
VSRUWOLFKH%HWlWLJXQJDOVHLQHPZLFKWLJHQJHVHOO
VFKDIWOLFKHQ7HLOGHV/HEHQVXQGIUGLH(UKDOWXQJ
GHUSHUV|QOLFKHQ*HVXQGKHLWHLQEHVRQGHUHU6WHOOHQ
ZHUW]X
,P3ODQXQJVUDXPEH¿QGHQVLFKIROJHQGHYHUHLQVJH
EXQGHQH6SRUWDQODJHQ
‡ GHU5DGVSRUWNOXEª9HORFLSHG&OXE'DUP
VWDGW9&'©
‡ GHU7HQQLVYHUHLQª7HQQLVFOXE%HVVXQJHQ
'DUPVWDGWH9©
‡ GLH6*(LFKH6SRUWJHPHLQVFKDIW(LFKH'DUP
VWDGW+HLPVWlWWHQVLHGOXQJ
‡ GHU6.95RW:HL‰
‡ GLH7*%HVVXQJHQ
,QIRUPHOOH6SRUWDQJHERWHIU-XJHQGOLFKHZLHIUHL
]XJlQJOLFKH%RO]6WUHHWEDOOSOlW]HRGHU)XQFRXUWV
VLQGLP8QWHUVXFKXQJVUDXPQLFKWYRUKDQGHQ*H
VFKW]WH$QJHERWHIUGHQ$XIHQWKDOWLP)UHLHQEHL
VFKOHFKWHP:HWWHUIHKOHQ
'HU]HLWLJLVWJHPl‰6SRUWVWlWWHQOHLWSODQIU
%HVVXQJHQNHLQ3ODQXQJVXQG+DQGOXQJVHUIRUGHU
QLVJHJHEHQYJO6SRUWHQWZLFNOXQJVSODQ6WDGW'DUP
VWDGW
'LH6SRUWÀlFKHQELODQ]LVWPLWFDKDhEHUVFKXVV
IU'DUPVWDGWSRVLWLYGHUPLWWOHUH9HUVRUJXQJVJUDG
OLHJWEHLTP(LQZRKQHU'LH)HKOEHVWlQGHLQ
%HVVXQJHQVLQGGXUFKGLHhEHUVFKVVHLQGHQDQ
JUHQ]HQGHQ6WDGWEH]LUNHQNRPSHQVLHUEDUYJO/3
'$.XU]IDVVXQJ6
$XIGHQ.DVHUQHQÀlFKHQVLQG]DKOUHLFKH6SLHOIHOGHU
IU%DVNHWEDOO7HQQLV%DVHEDOOVRZLHHLQHKHUDXVUD
JHQGH6NDWHUDQODJHYRUKDQGHQ'HUEDXOLFKH=X
VWDQGGHU$QODJHQUHLFKWYRQGHQVWDUNVDQLHUXQJV
EHGUIWLJHQ%DVHEDOOIHOGHUQLQGHU/LQFROQ6LHGOXQJ
EHU+DUWSODW].XQVWRIIVSLHOIHOGHUPLWPLWWOHUHP
JHULQJHP6DQLHUXQJVEHGDUIELV]X$QODJHQZLHGHU
6NDWHUDQODJHGLHVLFKLQHLQHPVHKUJXWHQ=XVWDQG
EH¿QGHQ
(LQH,QWHJUDWLRQGHUYRUJHQDQQWHQ6SLHOIHOGHULQGLH
:RKQTXDUWLHUHVWHOOWKRKH$QIRUGHUXQJHQDQGHQ
/lUPVFKXW]$Q]XZHQGHQLVWGLH)UHL]HLWOlUPULFKW
OLQLHQDFKGHUHQ0D‰JDEHGLH(PLVVLRQVEHODVWXQJ
]XHUPLWWHOQLVWVX,P5HJHOIDOOVLQG%RO]SOlW]H
6NDWHUDQODJHQXbDOVHPLWWLHUHQGH$QODJHQLQPLWWHQ
HLQHV:RKQJHELHWV:5:$RGHUDXFKLQHLQHP0,
QLFKWRGHUQXUlX‰HUVWVFKZHU]XLQWHJULHUHQ
,P3ODQJHELHWLQHUUHLFKEDUHU/DJH]XGHQQ|UGOL
FKHQ(QWZLFNOXQJVÀlFKHQOLHJW|VWOLFKGHU$NDGH
PLHIU7RQNXQVWHLQDWWUDNWLYHU|IIHQWOLFKHU.LQGHU
6SLHOSODW]DP6DXEDFK
:HLWHUH|IIHQWOLFKH.LQGHU6SLHODQJHERWHVLQGLQ
HUUHLFKEDUHU1lKHQLFKWYRUKDQGHQ'HUDWWUDNWLYH
6SLHOSODW]DQGHU/XGZLJVK|KHLVWQXUEHVFKZHUOLFK
QDFKHLQHPOlQJHUHQ:HJGXUFKGHQ:DOG]XHUUHL
FKHQ,QGHQ.DVHUQHQVLQGGHQ:RKQXQJHQ]X
JHRUGQHWH6SLHODQJHERWH]DKOUHLFKYRUKDQGHQ'LH
$XVVWDWWXQJGHU6SLHOSOlW]HLVWMHGRFKVFKHPDWLVFK
XQGHUIOOWDOOHQIDOOVHLQHQXQWHUHQ6WDQGDUG3lGD
JRJLVFKXQGQDFKKHXWLJHQ(UNHQQWQLVVHQVLQGGLHVH
)OlFKHQIU.LQGHUZHQLJDWWUDNWLY
6SH]LHOOIU-XJHQGOLFKHVLQGNHLQH|IIHQWOLFKHQ
XQGIUHL]XJlQJOLFKHQ6SLHORGHU%HZHJXQJVDQ
JHERWHDX‰HUKDOEGHU.DVHUQHQÀlFKHQYRUKDQGHQ
.OHLQJlUWHQXQG)UHL]HLWJlUWHQ
.OHLQJlUWHQXQG)UHL]HLWJlUWHQELHWHQLPXUEDQHQ
5DXPHLQH*UXQGODJHIUVR]LDOH1HW]ZHUNH9HU
HLQVOHEHQ1DFKEDUVFKDIWHQXQGVLHN|QQHQ|NROR
JLVFKH)XQNWLRQHQEHUQHKPHQ6LHVWHOOHQIUJU|
‰HUH7HLOHGHU%HY|ONHUXQJRIWPDOVGHQZHVHQWOLFKHQ
SULYDWHQ)UHLUDXPGDU
( %HVWDQGVHUKHEXQJDQDO\VHEHZHUWXQJ


,P*UQ]XJ%HVVXQJHQ6GVLQGPHKUHUH]XVDP
PHQKlQJHQGHJlUWQHULVFKJHQXW]WH%HUHLFKHYRUKDQ
GHQ9RQ2VWHQEHJLQQHQGGLH$QODJHª+LQWHUGHU
.ODSSDFK©*lUWHQ*DUWHQEDXYHUHLQ'DUPVWDGW
H9)OlFKHFDKDGLHVGOLFKDQVFKOLH‰HQ
GHQ)UHL]HLWJlUWHQFD6WFNFDKDFD
)UHL]HLWJlUWHQZHVWOLFKGHU/LFKWHQEHUJVFKXOHXQGFD
)UHL]HLWJlUWHQVGOLFKGHU5DGUHQQEDKQVRZLHGLH
'DXHUNOHLQJDUWHQDQODJHGHV.*9'DUPVWDGW6G
:HVWH9VGOLFKGHU/LQFROQ6LHGOXQJPLW*lU
WHQDXIFDKD
,P/DQGVFKDIWVSODQGHU6WDGW'DUPVWDGWZLUGIUGHQ
%HUHLFK%HVVXQJHQXQG(EHUVWDGWHLQ]XVlW]OLFKHU
%HGDUIDQ.OHLQJlUWHQEHVFKULHEHQ-HGRFKZLUG
HLQJHUlXPWGDVVHLQ7HLOGHV)HKOEHGDUIVQLFKWDXI
IHKOHQGHV*DUWHQODQGVRQGHUQDXIGLH]XJHULQJH
$Q]DKODQ*DUWHQJUXQGVWFNHQ]XUFN]XIKUHQLVW
YJO/3'$.XU]IDVVXQJ6
1DKHUKROXQJLPZHLWHUHQ8PIHOG
/DQGVFKDIWZLUGVFKRQVHLWPHKUHUHQ-DKUKXQGHUWHQ
QLFKWQXUDOV:LUWVFKDIWVUDXP)HOGHU:LHVHQXQG
:DOGJHVHKHQVRQGHUQDXFKDOV(UKROXQJVUDXP
$XI9HUDQODVVXQJYRQ*UR‰KHU]RJ/XGHZLJ,ZXU
GHDQODQGVFKDIWOLFKKHUYRUUDJHQGHU6WHOOHGLH
/XGZLJVK|KHDOV$XVEOLFNVXQG=LHORUWJHVFKDIIHQ
PLWZHLWHP%OLFNQDFK'DUPVWDGWXQGGLH5KHLQHEH
QH,P-DKUZXUGHGDQQGHU/XGZLJVWXUPDXI
GHP%HVVXQJHUª+DXVEHUJ©HUULFKWHWGHUGHQ2UW
PDUNLHUWXQGLP%HZXVVWVHLQGHU%HY|ONHUXQJYHUDQ
NHUW
9RQGRUWREHQHUVWUHFNWVLFKHLQHQJPDVFKLJHV
:HJHQHW]LQDOOH5LFKWXQJHQ6GOLFKGHU/XGZLJV
K|KHOLHJWGLH9RONVVWHUQZDUWH'DUPVWDGWGLHPLW
HLQHPª3ODQHWHQZHJ©GLH%HGHXWXQJGHV2UWHVDOV
(UKROXQJVUDXPXQWHUVWUHLFKW
1HEHQGHQQ|UGOLFKHQ$XVOlXIHUQGHV*HR1DWXU
SDUNV%HUJVWUD‰H2GHQZDOGZLUGGHU:DOGLP6LQQH
HLQHU:DOGSlGDJRJLNIUHU]LHKHULVFKHXQGNXOWXUHOO
IUNQVWOHULVFKH=ZHFNHLQWHQVLYJHQXW]W=DKOUHLFKH
$XVVWHOOXQJHQPLWLQWHUQDWLRQDOHQ.QVWOHUQKDEHQ
GLHVHQ2UWLQGHQOHW]WHQ-DKUHQEHNDQQWJHPDFKW
9HUHLQIULQWHUQDWLRQDOH:DOGNXQVWH9,QWHUQDWLR
QDOHV:DOGNXQVW=HQWUXP,:=
(1DWXUUlXPOLFKH/DJHXQG
 0RUSKRORJLH
'LHQDWXUUlXPOLFKH=XRUGQXQJIROJWGHQJHRPRUSKR
ORJLVFKHQ*HJHEHQKHLWHQ1DFKGHU1DWXUUlXPOLFKHQ
*OLHGHUXQJYRQ.ODXVLQJJHK|UWGLH/LQFROQ
6LHGOXQJ]XGHQQDWXUUlXPOLFKHQ(LQKHLWHQ
‡ +HVVLVFKH5KHLQHEHQHXQG
‡ 3IXQJVWDGW*ULHVKHLPHU6DQG
'LH&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
GDV16*©%HVVXQJHU.LHVJUXEH©XQGGLH:DOGÀl
FKHQVGOLFKGHV16*VLQG7HLOGHU(LQKHLWHQ
‡ %HUJVWUD‰HXQG
‡ %HVVXQJHU+DQJ
(*HZlVVHU
 :DVVHUKDXVKDOW
,P5DKPHQSODQJHELHWVLQGDOV2EHUÀlFKHQJHZlV
VHUHLQ%DFKODXIXQG]ZHLJU|‰HUH6WLOOJHZlVVHU
YRUKDQGHQ
'HULP*UQ]XJ%HVVXQJHQ6GYHUODXIHQGH6DX
EDFK6DXEDFKJUDEHQQLPPWVHLQHQ8UVSUXQJDXV
4XHOOHQLP:DOGJHELHWZHQLJHKXQGHUW0HWHU|VWOLFK
XQGVG|VWOLFKGHU.ODSSDFKHU6WUD‰H
'DVLP*HELHWHWZDELVPEUHLWHJUDEHQDUWLJH
*HZlVVHUÀLH‰WPLWEHUZLHJHQGJHUDGHP9HUODXI
ZHVWZlUWV8UVSUQJOLFKXQWHUTXHUWHGHU6DXEDFK
XQPLWWHOEDUQ|UGOLFKGHU5DGUHQQEDKQGLH+HLGHO
EHUJHU6WUD‰HXPGDQQRKQH9HUELQGXQJ]XGHQ
EULJHQ*HZlVVHUV\VWHPHQLQGHQ6DQGE|GHQGHU
5KHLQHEHQH]XYHUVLFNHUQ
,P-DKUHUIROJWHZHVWOLFKGHU/LFKWHQEHUJVFKXOH
HLQH9HUOHJXQJXQGQDWXUQDKJHVWDOWHWHRIIHQH)K
UXQJGHV6DXEDFKVVGZlUWVGXUFKGDV)UHL]HLWJDU
WHQJHELHWLQV16*ª%HVVXQJHU.LHVJUXEH©
'LH:DVVHUIKUXQJLVWLP2EHUODXI|VWOLFKGHU/XG
ZLJVK|KVWUD‰HDXVGDXHUQGRGHUEHUZLHJHQGDXV
GDXHUQG,P%HUHLFKGHU/LFKWHQEHUJVFKXOH¿QGHW
DOOHUGLQJVRIIHQEDUHLQHVWDUNH:DVVHUYHUVLFNHUXQJ
VWDWW%HLNHLQHUGHULP0DL-XQL-XOL6HSWHPEHU
XQG'H]HPEHUGXUFKJHIKUWHQ%HJHKXQJHQ
ZXUGHLP%HUHLFKGHU)UHL]HLWJlUWHQVGZHVWOLFKGHU
/LFKWHQEHUJVFKXOHXQGGHV16*HLQH:DVVHUIKUXQJ
GHV6DXEDFKVIHVWJHVWHOOW
,QGHU*HZlVVHUJWHNDUWH+HVVHQXQGLQ
GHU*HZlVVHUVWUXNWXUJWHNDUWHGHV/DQGHV+HVVHQ
LVWGHU6DXEDFKQLFKWHUIDVVW,QHLQHPLQ
WHUQHQ*XWDFKWHQ]XU|NRORJLVFKHQ.DUWLHUXQJXQG
%HZHUWXQJYRQ)OLH‰JHZlVVHUQGHU6WDGW'DUPVWDGW
ZLUGGHU6DXEDFKJUDEHQLP$EVFKQLWW
]ZLVFKHQ.ODSSDFKHU6WUD‰HXQG/XGZLJVK|KVWUD‰H
DOV|NRPRUSKRORJLVFKZHQLJEHHLQWUlFKWLJWXQGLQ
VHLQHU*HZlVVHUJWHDOVXQEHODVWHWHLQJHVWXIW
,QQHUKDOEGHV1DWXUVFKXW]JHELHWVª%HVVXQJHU.LHV
JUXEH©OLHJHQ]ZHLJU|‰HUHWHLFKDUWLJH$EEDXJH
ZlVVHU6LHZHUGHQYRQ9HUVLFNHUXQJVZDVVHUGHV
6DXEDFKVXQGVRQVWLJHP*UXQGZDVVHUJHVSHLVW
'HUZHVWOLFKH%DJJHUWHLFKVWHKWDEÀXVVORVLP$XV
WDXVFKPLWGHP*UXQGZDVVHU

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
+LQ]XNRPPHQLP16*]ZHLNOHLQHUHQDFKGHU8Q
WHUVFKXW]VWHOOXQJDQJHOHJWH$PSKLELHQWPSHO
'LH*HPDUNXQJVJUHQ]H]ZLVFKHQ%HVVXQJHQXQG
(EHUVWDGWPDUNLHUWLQHWZDGLH:DVVHUVFKHLGHGHU
(LQ]XJVJHELHWHYRQ'DUPEDFKE]Z6FKZDU]EDFK
LP1RUGHQXQGGHU0RGDXLP6GHQ
'DV*UXQGZDVVHUÀLH‰WYRQ2VWHQNRPPHQGPLW
ZHQLJHQ0HWHUQ)OXUDEVWDQGDXIXQGLQGHPWHLO
ZHLVHWLHI]HUNOIWHWHQ*UDQRGLRULWQDFK:HVWHQ
0LWGHPhEHUJDQJLQGLH2EHUUKHLQHEHQHVLQNWGHU
*UXQGZDVVHUVSLHJHOUDVFKDXIPHKUDOVPXQWHU
*HOlQGHQLYHDX'LHVLVWLP3ODQXQJVJHELHWDP:DV
VHUVSLHJHOGHUZHVWOLFKHQ%HVVXQJHU.LHVJUXEHDE
OHVEDU1DFK%*68PZHOWEHWUDJHQGLH)OXU
DEVWlQGHLP%HUHLFKGHU/LQFROQ6LHGOXQJPHKUDOV
P'HU3HJHOPHVVVWDQGLP-DKUHODJEHLFD
PXQWHU*HOlQGHQLYHDXEHLGHU+HLGHOEHUJHU
6WUD‰H9HUPHVVXQJVDPW'DUPVWDGW
'LH9HUVLFNHUXQJVIlKLJNHLWLVWVRZRKOLQGHQ6DQG
E|GHQZHVWOLFKGHU+HLGHOEHUJHU6WUD‰HZLHDXFK
LQGHQ9HUZLWWHUXQJVE|GHQEHUGHPNULVWDOOLQHQ
*UXQGJHVWHLQKRFK$OOHUGLQJVVLQGDP%HVVXQJHU
+DQJDXIJUXQGGHUNOHLQUlXPOLFKZHFKVHOQGHQ7LHI
JUQGLJNHLWGHU%|GHQVHKUXQWHUVFKLHGOLFKH9HUVL
FNHUXQJVNDSD]LWlWHQDQ]XQHKPHQ
$XIJUXQGGHUKRKHQ:DVVHUZHJVDPNHLWGHU6DQG
E|GHQLVWGLH9HUVFKPXW]XQJVHPS¿QGOLFKNHLWGHV
*UXQGZDVVHUVLP%HUHLFKGHU/LQFROQ6LHGOXQJVHKU
KRFK
(LQH*UXQGZDVVHUDQUHLFKHUXQJGXUFK1LHGHU
VFKOlJH¿QGHWLP3ODQXQJVJHELHWYRUDOOHPLQGHQ
:LQWHUPRQDWHQVWDWWREZRKOGDV5HJHQPD[LPXPLQ
6RPPHUOLHJW8UVDFKHLVWGLHKRKH9HUGXQVWXQJVR
ZLHGHU:DVVHUEHGDUIGHU9HJHWDWLRQDXV*UHLIHQ
KDJHQ/DQGVFKDIWVSODQ'DUPVWDGW%*6
8PZHOW
*HRORJLVFKH.DUWHGHV*UR‰KHU]RJWKXPV+HVVHQ
%ODWW'DUPVWDGW
(*HRORJLH%|GHQ
'DV5DKPHQSODQJHELHWOLHJWDXIGHU*UHQ]HGHV
NULVWDOOLQHQ2GHQZDOGHV]XP2VWUDQGGHU2EHU
UKHLQLVFKHQ7LHIHEHQH'LH9HUZHUIXQJVOLQLHGHV
5KHLQJUDEHQVIROJWKLHUHWZDGHP9HUODXIGHU+HL
GHOEHUJHU6WUD‰HDP)X‰GHU2GHQZDOGKlQJHYRQ
6DQGEHUJ/XGZLJVK|KHXQG0DULHQK|KH
'HUNULVWDOOLQH2GHQZDOGLVW7HLOGHVYDULV]LVFKHQ
0LWWHOJHELUJHVGHVVHQ)DOWHQ]JHVLFKHQWODQJGHU
Q|UGOLFKHQ%HUJVWUD‰HKDXSWVlFKOLFKDXV0HWDPRU
SKLWHQVRZLHGD]ZLVFKHQHLQJHGUXQJHQHQ0DJPD
WLWHQ]XVDPPHQVHW]HQ,P6GRVWHQ'DUPVWDGWV
WULWWHLQ*UDQRGLRULWDXIGHULP2VWHQYRQ'LDEDVHQ
EHJUHQ]WVRZLHLP:HVWHQYRQGHQ5KHLQJUDEHQYHU
ZHUIXQJHQDEJHVFKQLWWHQZLUG'LHELVLQGLHHU
-DKUHDXVJHEHXWHWHª%HVVXQJHU.LHVJUXEH©LVWHLQ
JU|‰HUHU$XIVFKOXVVGLHVHVPDJPDWLVFKHQ7LHIHQ
JHVWHLQV'HU*UDQRGLRULWLVWKLHUYRQHLQHPPHKUHUH
0HWHUVWDUNHQ9HUZLWWHUXQJVJUXVEHUGHFNWGHUDOV
ª%HVVXQJHU.LHV©LQVEHVRQGHUHIUGHQ:HJHEDX
JHZRQQHQZXUGH
*U|‰HUHNDQWHQJHUXQGHWH9HUZLWWHUXQJVEO|FNHYRQ
*UDQRGLRULW¿QGHQVLFKDQ]DKOUHLFKHQ6WDQGRUWHQLP
6GRVWHQGHV6WDGWJHELHWVVRDXFKLP%HUHLFKGHU
&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
:HVWOLFKGHU+HLGHOEHUJHU6WUD‰HOLHJHQEHUGHP
DEJHVXQNHQHQ*UXQGJHELUJVVRFNHOTXDUWlUH6HGL
PHQWHÀXYLDWLOH.LHVHGXUFK:LQGWUDQVSRUWDXIJHOD
JHUWH6DQGHXQGWRQLJVFKOXI¿JH6DQGHª)OXJVDQG
GQHQ©
,QGHU%DFKDXHGHV6DXEDFKVVLQGQDFKHLV]HLWOLFKH
:LHVHQOHKPHJHULQJHU0lFKWLJNHLWDEJHODJHUW
%HLGHU%RGHQELOGXQJKDEHQVLFKLQGHU5KHLQH
EHQHGLHPPlFKWLJHQREHUÀlFKOLFKHQWNDONWHQ
)OXJVDQGH]XWLHIJUQGLJHQ%UDXQHUGHQPLW%lQGHUQ
DXVVFKOXI¿JHPELVWRQLJHP6DQGHQWZLFNHOW
,P%HUHLFKGHV*UXQGJHELUJHVlQGHUQVLFKGLH
6WDQGRUWYHUKlOWQLVVHNOHLQUlXPOLFK$XVGHQ9HUZLW
WHUXQJVSURGXNWHQGHV*UDQRGLRULWVPLW)OXJVDQGDXI
ODJHUXQJHQJHULQJHUHU0lFKWLJNHLWHQWZLFNHOWHQVLFK
ÀDFKJUQGLJHEDVHQDUPH%UDXQHUGHQPLWPHKURGHU
PLQGHUKRKHP6NHOHWWDQWHLODXV)LFNHO*HR
ORJLVFKHhEHUVLFKWVNDUWHYRQ+HVVHQ/DQG
VFKDIWVSODQ'DUPVWDGW*UHLIHQKDJHQ
$OWODVWHQ,P5DKPHQSODQJHELHWVLQGDXIJUXQGGHU
ELVKHULJHQ1XW]XQJHQELVODQJOHGLJOLFK$OWODVWYHU
GDFKWVÀlFKHQYHU]HLFKQHW


(%LRORJLVFKH&KDUDNWHULVLHUXQJ
3RWHQ]LHOOHQDWUOLFKH9HJHWDWLRQ
1DFKGHU6WDQGRUWNDUWHGHU9HJHWDWLRQLQ+HVVHQ
.ODXVLQJ	:HLVVZUGHQGLH)OXJVDQGÀl
FKHQLP%HUHLFKGHU+HLGHOEHUJHU6WUD‰HYRQ)ODW
WHUJUDV%XFKHQZDOGHLQJHQRPPHQGHU%HVVXQJHU
+DQJYRQ3HUOJUDV%XFKHQZlOGHUQ:DOGPHLVWHU
%XFKHQZDOG)UGDV6DXEDFKWDOLVWHLQ%DFK$XHQ
ZDOGDQ]XQHKPHQ
%LRWRSW\SHQXQG9HJHWDWLRQ
=XU(UVWHOOXQJHLQHU%LRWRSW\SHQNDUWHIUGDV5DK
PHQSODQJHELHWZXUGHQ]ZLVFKHQGHP
XQGGHP]DKOUHLFKHHLJHQH%HJHKXQ
JHQGXUFKJHIKUW+)UDQ]
'DUEHUKLQDXVZXUGHQGLH(UJHEQLVVHIROJHQGHU
YRUKDQGHQHU.DUWLHUXQJHQLQWHJULHUWE]ZGXUFKGLH
HLJHQHQ8QWHUVXFKXQJHQDNWXDOLVLHUW
/DQGVFKDIWVSODQ'DUPVWDGW.DUWHGHU
1XW]XQJVXQG%LRWRSW\SHQ5HDOQXW]XQJ6WDQG
6WDGW'DUPVWDGW*UQÀlFKHQXQG8PZHOW
DPW
6WDQGRUWJXWDFKWHQ]XU9HUOHJXQJGHU.OHLQJDU
WHQDQODJH/LFKWZLHVH9HUIDVVHU+DQV'RUQ/DQG
VFKDIWVDUFKLWHNW)UDQNIXUWDP0DLQLP$XIWUDJGHU
6WDGW'DUPVWDGW*UQÀlFKHQDPW%LR
WRSW\SHQNDUWLHUXQJIUGHQ%HUHLFKGHV*UQ]XJV
%HVVXQJHQ6G]ZLVFKHQGHU7HQQLVDQODJHGHV7&%
XQGGHP:DOGVGOLFKGHV3ROL]HLSUlVLGLXPV
%HZHUWXQJGHU.RQYHUVLRQVÀlFKHQDXVQDWXU
VFKXW]IDFKOLFKHU6LFKW±LQWHUQHV*XWDFKWHQGHU
6WDGW'DUPVWDGW'U.ODXV'LHWHU-XQJ8PZHOWDPW
0DL
.DUWLHUXQJLP5DPHQGHV3URMHNWHV/HKUEDX
VWHLQ*UHQ]ÀlFKHQ6WDGW/DQG±1XW]XQJVVWUXNXUHQ
XQG%LRWRSW\SHQ3URMHNWOHLWXQJ**URVVH%UDXN
PDQQ$5RVHQVWRFN$XVIKUXQJ0/+RKPDQQ
XQG,.HOOHU7+'DUPVWDGW)DFKEHUHLFK%LRORJLH
'H]HPEHU
'LH%LRWRSW\SHQNDUWHHQWKlOWGLHIROJHQGHQ)OlFKHQ
NDWHJRULHQ
*lUWQHULVFKJHSUlJWH|IIHQWOLFKHXQGSULYDWH
*UQÀlFKHQ
,QQHUKDOEGHU.DVHUQHQVWDQGRUWHZDUHQJUR‰H)Ol
FKHQDQWHLOHJlUWQHULVFKDQJHOHJWH$X‰HQDQODJHQGLH
ELV]XP$E]XJGHU86$UP\PLWXQWHUVFKLHGOL
FKHU,QWHQVLWlWJHQXW]WE]ZXQWHUKDOWHQZXUGHQ
'LH*HVWDOWXQJVHOHPHQWHVLQG5DVHQÀlFKHQ%lX
PHXQG*HEVFKHZREHLDXIhEHUVLFKWOLFKNHLWXQG
6LFKWRIIHQKHLWRIIHQEDUJUR‰HU:HUWJHOHJWZXUGH
*UR‰H+HFNHQXQGÀlFKLJHGLFKWH6WUDXFKSÀDQ]XQ
JHQIHKOHQZHLWJHKHQG$XVQDKPHQVLQGIUHLZDFK
VHQGH6LFKWVFKXW]KHFNHQHQWODQJGHU+HLGHOEHUJHU
6WUD‰HLQGHU/LQFROQ6LHGOXQJXQG%|VFKXQJVÀl
FKHQPLWGLFKWHU*HK|O]VXN]HVVLRQLQGHU-HIIHUVRQ
6LHGOXQJ
'HU%DXPEHVWDQGXPIDVVWHLQHUVHLWVDOWH%lXPH
GLHDXVGHU=HLWIUKHUHU:DOGQXW]XQJLP*HELHW
EHUGDXHUWKDEHQ6WLHOXQG7UDXEHQHLFKHQ4XHU
FXVUREXU4SHWUDHD.LHIHUQ3LQXVV\OYHVWULV
5RWEXFKH)DJXVV\OYDWLFDXQG%HUJDKRUQ$FHU
SVHXGRSODWDQXV,QEHLGHQ.DVHUQHQVLQGGXUFK
,QWHJUDWLRQXQG8PJHVWDOWXQJVROFKHU:DOGUHOLNWH
SDUNDUWLJH*UQÀlFKHQYRQKRKHU$XIHQWKDOWVTXDOL
WlWHQWVWDQGHQ6LHSUlJHQPD‰JHEOLFKGDV(UVFKHL
QXQJVELOGGHVEHWUHIIHQGHQ6WDGWTXDUWLHUV
+LQ]XNRPPHQLQGHU=HLWGHU.DVHUQHQQXW]XQJDXV
JHVWDOWHULVFKHQ*UQGHQDQJHSÀDQ]WH/DXEXQG1D
GHOElXPHLQKRKHU$UWHQXQG)RUPHQYLHOIDOW+HUYRU
]XKHEHQVLQGVWUD‰HQEHJOHLWHQGH%DXPUHLKHQDXV
JUR‰NURQLJHQ5RVVNDVWDQLHQXQG5RWHLFKHQVRZLH
GLH*HVWDOWXQJGHV]HQWUDOHQ3ODW]HVLQGHU&DPEUDL
)ULWVFK.DVHUQH
=XP%DXPEHVWDQGEHLGHU.RQYHUVLRQVÀlFKHQOLHJW
HLQ*XWDFKWHQPLW$QJDEHQ]XU(UKDOWXQJVZUGLJNHLW
GHUHLQ]HOQHQ%lXPHYRU-XOL$XIEHLGHQ.D
VHUQHQÀlFKHQZXUGHQLQVJHVDPW%lXPHPLWHL
QHP6WDPPGXUFKPHVVHUDEFPUHJLVWULHUW'DYRQ
HQWIDOOHQDXIGLH/LQFROQ6LHGOXQJ%lXPHXQG
DXIGLH&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
%lXPH,QGLH%HVWDQGVNDUWHZXUGHQQXUGLH
ªHUKDOWXQJVZUGLJHQ©XQGGLHªDEVROXWHUKDOWXQJV
ZUGLJHQ©%lXPHPLWPHKUDOVP.URQHQGXUFK
PHVVHUDX‰HUKDOEJHVFKORVVHQHU*HK|O]EHVWlQGH
EHUQRPPHQ
(LQHQ6RQGHUIDOOELOGHWGLH'RSSHOUHLKHYRQ/LQGHQ
DQGHU2VWJUHQ]HGHU/LQFROQ6LHGOXQJ6LHLVWKLV
WRULVFKXQGJHVWDOWHULVFKGHU+HLGHOEHUJHU6WUD‰H
]X]XRUGQHQGXUFKGLH3ODW]LHUXQJGHU.DVHUQHQXP
]lXQXQJ]ZLVFKHQGHQ5HLKHQXQGGLH3ÀDQ]XQJ
YRQ6LFKWVFKXW]JHK|O]HQHQWODQJGHV=DXQVLVWGHU
$OOHHFKDUDNWHUDOOHUGLQJVLQVHLQHU:LUNXQJJHVW|UW
%HLGHQDQJHSÀDQ]WHQ6WUDXFKDUWHQLVWGDV$UWHQ
VSHNWUXPUHODWLYNOHLQ(VXPIDVVWZHLWYHUEUHLWHWH
=LHUXQG6LFKWVFKXW]JHK|O]HPLWHLQKHLPLVFKHQXQG
QLFKWHLQKHLPLVFKHQ$UWHQ
*UR‰H)OlFKHQDQWHLOHZHUGHQYRQ5DVHQHLQJHQRP
PHQGHUDOVDUWHQUHLFKHU([WHQVLYUDVHQPLW]XP7HLO
K|KHUHQ$QWHLOHQYRQ0DJHUUDVHQDUWHQHQWZLFNHOWLVW
YJOZHLWHUXQWHQGLH%HVFKUHLEXQJGHU6DQGPDJHU
UDVHQ$XINOHLQHUHQ5DQGÀlFKHQ]%EHL*HElX
GHQRGHUDQ*HK|O]HQVLQGNXU]OHELJHXQGDXVGDX
HUQGH5XGHUDOJHVHOOVFKDIWHQHQWZLFNHOW6LV\PEULHWD
OLD$UWHPLVLHWDOLD2QRSRUGHWDOLD
$X‰HUKDOEGHU.DVHUQHQVWDQGRUWH¿QGHQVLFKDQ
JHOHJWH*UQÀlFKHQLQ.OHLQJDUWHQJHELHWHQXQG)UHL
]HLWJlUWHQVRZLHDQ6SRUWVWlWWHQ6FKXOHQXQGGHP
3ROL]HLSUlVLGLXP
%HLGHU'DUVWHOOXQJGHV%HVWDQGVZHUGHQYHUHLQ
IDFKHQGGUHL.DWHJRULHQYRQJlUWQHULVFKJHSUlJWHQ
*UQÀlFKHQXQWHUVFKLHGHQGLHVLFKLQLKUHUGXUFK
GHQ*HK|O]EHVWDQGEHGLQJWHQ6WUXNWXUYLHOIDOWXQWHU
VFKHLGHQ
*UQÀlFKHQRKQHRGHUPLWJHULQJHP*HK|O]
DQWHLO
*lUWQHULVFKH$QODJHGLH6WUXNWXUHOHPHQWHVLQG
5DVHQXQGMQJHUH5DVHQEUDFKHQNOHLQHUH$QWHLOH
5XGHUDOÀXUHQZHQLJHVLHGOXQJVW\SLVFKHEHUZLH
JHQGMQJHUH*HK|O]H,P8QWHUVXFKXQJVJHELHWVLQG
QXUHLQLJH6SRUWÀlFKHQGLHVHP%LRWRSW\S]XJHRUGQHW
3ROL]HLSUlVLGLXP5DGUHQQEDKQ7*%HVVXQJHQ

*UQÀlFKHQPLWPLWWOHUHP*HK|O]DQWHLO
*lUWQHULVFKH$QODJHGLH6WUXNWXUHOHPHQWHVLQGVLHG
OXQJVW\SLVFKH%lXPHXQG6WUlXFKHU5DVHQÀlFKHQ
5DVHQEUDFKHQXQG$QWHLOH5XGHUDOÀXUHQ'LHVHP
ZHLWYHUEUHLWHWHP%LRWRSW\S]XJHRUGQHWZHUGHQ
DXFKGLHLQWHQVLYJHQXW]WHQVWUXNWXUUHLFKHQ.OHLQ
JlUWHQVGOLFKGHU/LQFROQ6LHGOXQJXQGLP*UQ]XJ
%HVVXQJHQ6G

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
*UQÀlFKHQPLW$OWEDXPEHVWDQG
*lUWQHULVFKH$QODJHRGHUJlUWQHULVFKHhEHUIRUPXQJ
HKHPDOLJHQ:DOGHV'LH6WUXNWXUHOHPHQWHVLQGJUR‰
NURQLJH%lXPH5DVHQÀlFKHQ5DVHQEUDFKHQ$QWHL
OHPLW5XGHUDOÀXUHQXQG*HEVFKHQ'LHVHP%LRWRS
W\S]XJHRUGQHWZHUGHQDXFKGLHH[WHQVLYJHQXW]WHQ
VWUXNWXUUHLFKHQJUR‰HQ)UHL]HLWJlUWHQPLWDOWHP
%DXPEHVWDQGLP*UQ]XJ%HVVXQJHQ6G
,QGHU%HVWDQGVNDUWHQLFKWGDUJHVWHOOWVLQGNOHLQHUH
*UQÀlFKHQDQ*HElXGHQ6WUD‰HQ:HJHQXQG
3OlW]HQ6LHVWHOOHQEHUZLHJHQG5DVHQEUDFKHQVR
ZLHNXU]OHELJHRGHUDXVGDXHUQGH5XGHUDOÀXUHQGDU
8QWHUKDOWXQJV]XVWDQGGHU*UQDQODJHQ
'LHJHK|O]IUHLHQ*UQÀlFKHQGHU/LQFROQ6LHGOXQJ
ZHUGHQVHLWGHP$E]XJGHU$UP\HLQPDOMlKUOLFKHL
QHU0XOFKPDKGXQWHU]RJHQXPHLQJHSÀHJWHV(U
VFKHLQXQJVELOGDXIUHFKW]XHUKDOWHQJHVFKDK
GLHV$QIDQJ-XOL
,QGHU&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
JLEWHVVROFKH3ÀHJHPD‰QDKPHQQLFKW'DKHULVW
GLH(QWZLFNOXQJGHU5DVHQXQG5DVHQEUDFKHQKLQ
]XUXGHUDOHQ+RFKVWDXGHQÀXUHQKLHUEHUHLWVGHXWOLFK
ZHLWHUIRUWJHVFKULWWHQYJOZHLWHUXQWHQ5XGHUDOÀXUHQ
XQGIUKH*HK|O]XQG6XN]HVVLRQVVWDGLHQ
(LQÀRULVWLVFKHU6RQGHUIDOONRQQWHLQGHU/LQFROQ
6LHGOXQJEHREDFKWHWZHUGHQ+LHUZXUGHDXIGUHL
JHElXGHQDKHQHKHPDOLJHQ3ÀDQ]EHHWHQRIIHQEDU
LP6LQQHHLQHVªQDWXUQDKHQ*DUWHQV©HLQH:LOG
SÀDQ]HQ6DPHQPLVFKXQJDXVJHEUDFKW'DUDXVKDW
VLFKHLQH5XGHUDOÀXUHQWZLFNHOWZHOFKHXQWHUDQ
GHUHPIROJHQGH]7EHVWDQGVJHIlKUGHWH$UWHQHQW
KlOW.RUQEOXPH&HQWDXUHDF\DQXV.RUQUDGH$J
URVWHPPDJLWKDJR5RWH/LVWH+HVVHQXQG$FNHU
+DVHQRKU%XSOHXUXPURWXQGLIROLXP5/+'LH
.RUQUDGHWULWW]XGHPDQ]ZHL6WDQGRUWHQLP8PIHOG
GLHVHU3ÀDQ]EHHWHPLW(LQ]HOH[HPSODUHQDXI
6DQGPDJHUUDVHQ
'LHLP8QWHUVXFKXQJVJHELHWYRUKDQGHQHQ6DQGPD
JHUUDVHQ¿QGHQVLFKIDVWDXVVFKOLH‰OLFKLQQHUKDOE
JlUWQHULVFKDQJHOHJWHU*UQÀlFKHQ:HJHQLKUHU%H
GHXWXQJIUGHQ%LRWRSXQG$UWHQVFKXW]ZHUGHQVLH
KLHUDEHUJHVRQGHUWEHKDQGHOW
,QGHU/LQFROQ6LHGOXQJKDEHQVLFKDXIGHQREHU
ÀlFKOLFKDQVWHKHQGHQSOHLVWR]lQHQ6DQGHQGLHJlUW
QHULVFKDQJHOHJWHQ5DVHQÀlFKHQ]XUHODWLYDUWHQUHL
FKHQ([WHQVLYUDVHQRGHU]X6DQGPDJHUUDVHQHQW
ZLFNHOW'LHKLHU]XJHJHEHQHQ5DKPHQEHGLQJXQJHQ
ZDUHQ]XU=HLWGHUPLOLWlULVFKHQ1XW]XQJGHUVDQGLJH
%RGHQWURFNHQZDUPHV.OLPDHLQELVPHKUIDFKMlKU
OLFKH0DKGXQGRIIHQEDUQXUJHULQJHRGHUIHKOHQGH
:lVVHUXQJXQG'QJXQJGHU5DVHQÀlFKHQ
3ÀDQ]HQVR]LRORJLVFKVLQGGLH6DQGPDJHUUDVHQDOV
6HGR6FOHUDQWKHWHD0LVFKJHVHOOVFKDIWHQ6DQGXQG
)HOVJUXV7URFNHQUDVHQ]XFKDUDNWHULVLHUHQ&KDUDN
WHULVWLVFKHKlX¿JH$UWHQVLQG6FKDUIHU0DXHUSIHIIHU
6HGXPDFUH=ZHUJ6FKQHFNHQNOHH0HGLFDJRPL
QLPD6DQG+RUQNUDXW&HUDVWLXPVHPLGHFDQGUXP
6LOEHU)LQJHUNUDXW3RWHQWLOODDUJHQWHD+DVHQNOHH
7ULIROLXPDUYHQVH5RWHV6WUDX‰JUDV$JURVWLVFDSLO
ODULVXQGDQGHUH
'LHEHVWDQGVJHIlKUGHWH6DQGVWURKEOXPH+HOLFK
U\VXPDUHQDULXPLVWKlX¿JPLWNOHLQHUHQ+HUGHQ
YHUWUHWHQ$Q]DKOUHLFKHQ6WDQGRUWHQYRUDOOHPLP
:HVWHQGHV/LQFROQ*HELHWVVLQGGLHEHVRQGHUV
ZHUWYROOHQ.HJHOOHLPNUDXW6DQGSLRQLHUÀXUHQPLWGHP
.HJHOIUFKWLJHQ/HLPNUDXW6LOHQHFRQLFD$VV6LOH
QRFRQLFDH&HUDVWLHWXPVHPLGHFDQGULHQWZLFNHOW
,QGHU%HVWDQGVHUIDVVXQJXQGGDUVWHOOXQJZXU
GHQGLHZHUWYROOHUHQDUWHQUHLFKHQ6DQGPDJHUUDVHQ
XQWHUVFKLHGHQYRQ([WHQVLYUDVHQLQZHOFKHQGHU
=ZHUJ6FKQHFNHQNOHH0HGLFDJRPLQLPD'RPL
QDQ]EHVWlQGHQHEHQPHLVWZHQLJHQZHLWHUHQ0DJHU
UDVHQ$UWHQDXVELOGHW
'LHDUWHQUHLFKHQ6DQGPDJHUUDVHQVLQGJHVHW]OLFK
JHVFKW]WH%LRWRSHJHPl‰†$EV%1DW6FK*
,KUH*HVDPWÀlFKHEHWUlJWLQGHU/LQFROQ6LHGOXQJ
HWZDKD
'HULQGHU&DPEUDL)ULWVFK.DVHUQHXQG-HI
IHUVRQ6LHGOXQJDQVWHKHQGH*UDQRGLRULWJUXV
ª%HVVXQJHU.LHV©IKUWHDXIGHQGRUWJHOHJHQHQ
)UHLÀlFKHQHEHQIDOOV]XU$XVELOGXQJYRQ([WHQVLYUD
VHQXQG6DQGPDJHUUDVHQOHW]WHUHDOOHUGLQJVQXUPLW
VHKUNOHLQHQ(LQ]HOÀlFKHQXQGLQVJHVDPWJHULQJHP
)OlFKHQDQWHLO,KUH*HVDPWÀlFKHEHWUlJWOHGLJOLFK
HWZDTP
$XFKKLHUVLQGGLH6DQGPDJHUUDVHQDOV6HGR6F
OHUDQWKHWHD0LVFKJHVHOOVFKDIWHQ6DQGXQG)HOV
JUXV7URFNHQUDVHQDXVJHELOGHWVLHKH7DE((V
IHKOHQDOOHUGLQJVGLH.HJHOOHLPNUDXW6DQGSLRQLHUÀX
UHQ$QGHUHUVHLWVWUHWHQKLHULQ3ÀDVWHUULW]HQXQGDXI
.LHVXQG6FKRWWHUÀlFKHQ6FKPLHOHQKDIHU3LRQLHUUD
VHQDXIPLWGHP1HONHQ6FKPLHOHQKDIHU
$LUDFDU\R
SK\OOHD$VV$LURFDU\RSK\OOHDH)HVWXFHWXPRYLQDH
,Q7DEVLQGGLHLQGHQ0DJHUUDVHQEHLGHU.DVHU
QHQEHUHLFKHDQJHWURIIHQHQ3ÀDQ]HQDUWHQPLWSÀDQ
]HQVR]LRORJLVFKHU=XRUGQXQJDXIJHIKUW
'LHZHUWYROOHQ0DJHUUDVHQ6WDQGRUWHVLQGGXUFK
HLQHPHKURGHUZHQLJHUOFNLJH9HJHWDWLRQVGHFNH
JHNHQQ]HLFKQHW+LHUNRPPHQZLHLPUHODWLYIHXFK
WHQ6RPPHUDOOHUGLQJVDXFKVWLFNVWRIÀLHEHQGH
3LRQLHUDUWHQZLH.DQDG%HUXINUDXW&RQ\]DFDQD
GHQVLVXQG+XQGV]DKQJUDV&\QRGRQGDFW\ORQ]X
KRKHQ'HFNXQJVDQWHLOHQ±$Q]HLFKHQIU(XWURSKLH
UXQJHQGLHZRKODXIDQWKURSRJHQH6WLFNVWRIIHLQWUlJH
DXV1LHGHUVFKOlJHQ]XUFNJHKHQ
$X‰HUKDOEGHU.DVHUQHQVWDQGRUWH|VWOLFKGHU.DUOV
UXKHU6WUD‰HVLQG6DQGPDJHUUDVHQQXULQQHUKDOE
GHV16*ª%HVVXQJHU.LHVJUXEH©PLWJHULQJHU)Ol
FKHTPYRUKDQGHQ
6DQGVWURKEOXPH
+HOLFKU\VXPDUHQDULXP
P



*UHQ]HGHV.RQYHUVLRQVJHELHWHV
(UKDOWHQVZHUWH(LQ]HOElXPHDXV%DXPJXWDFKWHQ/HLWVFK%lXPHPLW.URQHQGXUFKPHVVHU!P
([WHQVLYUDVHQPLW'RPLQDQ]EHVWDQGYRQ0HGLFDJRPLQLPDXQVSH]LILVFKHDUWHQDUPH6DQGPDJHUUDVHQ
6DQGPDJHUUDVHQJHVHW]OLFKJHVFKW]WHU%LRWRS†%1DW6FK*
%HEDXWH%HUHLFKHXQGVLHGOXQJVQDKH*UQIOlFKHQ
*UQIOlFKHQPLWJHULQJHP*HK|O]DQWHLO
JlUWQHULVFKH$QODJHEHUZLHJHQG([WHQVLYUDVHQXQG5DVHQEUDFKHQNOHLQHUH$QWHLOH5XGHUDOIOXUHQ
VLHGOXQJVW\SLVFKHEHUZLHJHQGMQJHUH*HK|O]H
*UQIOlFKHQPLWPLWWOHUHP*HK|O]DQWHLO
JlUWQHULVFKH$QODJHVLHGOXQJVW\SLVFKH%lXPHXQG6WUlXFKHU([WHQVLYUDVHQ5DVHQEUDFKHQ
$QWHLOH5XGHUDOIOXUHQLQWHQVLYJHQXW]WHVWUXNWXUUHLFKH.OHLQJlUWHQXQG)UHL]HLWJlUWHQ
*UQIOlFKHQPLW$OWEDXPEHVWDQG
JlUWQHULVFKH$QODJHRGHUhEHUIRUPXQJHKHPDOLJHQ:DOGHVJUR‰NURQLJH%lXPH([WHQVLYUDVHQ5DVHQEUDFKHQ
$QWHLOH5XGHUDOIOXUHQH[WHQVLYJHQXW]WH)UHL]HLWJlUWHQPLWDOWHP%DXPEHVWDQGXQGKRKHP6WUXNWXUUHLFKWXP

QLFKWDQJHOHJW*HElXGH6WUD‰HQ:HJXQG+RIIOlFKHQPLW
DQJUHQ]HQGHQVWUXNWXUDUPHQ*UQIOlFKHQ
,QWHQVLYUDVHQDXI6SRUWIOlFKHQ
%LRWRSPRVDLN$XVGDXHUQGH5XGHUDOIOXUHQWURFNHQZDUPHU6WDQGRUWH
*HEVFKH
%UDFKHQPLW5XGHUDOIOXUHQXQGIUKHQ*HK|O]6XN]HVVLRQVVWDGLHQ
$XVGDXHUQGH5XGHUDOIOXUHQIULVFKHUELVPl‰LJIHXFKWHU6WDQGRUWH
%LRWRSPRVDLN$XVGDXHUQGH5XGHUDOIOXUHQ%URPEHHUGLFNLFKWH
*HEVFKH%lXPH
$XVGDXHUQGH5XGHUDOIOXUHQWURFNHQZDUPHU6WDQGRUWH
:DOGXQGZDOGlKQOLFKH*HK|O]EHVWlQGH
VRQVWLJH:DOGW\SHQ./.LHIHUQ/DXEPLVFKZDOG.L.LHIHUQIRUVW5R5RWHLFKHQ5HLQEHVWlQGH
'R'RXJODVLHQ/DXEPLVFKEHVWlQGH
6XN]HVVLRQVIOlFKHQLP9RUZDOGVWDGLXP
DOWHU6XN]HVVLRQVZDOG
DOWHU%XFKHQXQG%XFKHQ(LFKHQZDOG
./
6HHXQG7HLFKLP16*%HVVXQJHU.LHVJUXEH
%DFKDXHPLW%DXPZHLGHQ
%DFK6DXEDFK
6RQVWLJH%LRWRSW\SHQE]Z6WUXNWXUHQ
+DXSWZHJH
VWDUNIUHTXHQWLHUWH7UDPSHOSIDGH
./
.L
./
./























































$










 









%
$








 








 



6FKXOH





























 














$ %


















)UDQNOLQVWUD‰H
)UDQNOLQVWUD‰H
.DUOVUXKHU
6WUD‰H
)UDQNOLQVWUD‰H
(LQVWHLQVWUD‰H
.DUOVUXKHU
6WUD‰H
)UDQNOLQVWUD‰H
.DUOVUXKHU
6WUD‰H
.DUOVUXKHU
6WUD‰H
)X‰ZHJ
5DGZHJ
5DGZHJ)X‰ZHJ
 %LRWRSW\SHQNDUWLHUXQJ/LQFROQ6LHGOXQJ

5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
7DE($UWHQOLVWH3ÀDQ]HQGHU6DQGPDJHUUD
VHQXQGQlKUVWRIIDUPHQ([WHQVLYUDVHQ
8QWHUVXFKXQJVJHELHWH
/ /LQFROQ6LHGOXQJ
&)- &DPEUDL)ULWVFK.DVHUQHXQG-HIIHUVRQ6LHGOXQJ
+lX¿JNHLWVNODVVHQ'HFNXQJ
'LH$QJDEHQEH]LHKHQVLFKQXUDXI6WDQGRUWHPLW6DQGPDJHUUDVHQXQGPDJH
UHQ([WHQVLYUDVHQ
, (LQ]HOIXQG
,, NOHLQHU%HVWDQGDXVPHKUHUHQ([HPSODUHQRGHLQ]HOQH([HPSOD UHDQ
 YHUVFKLHGHQHQ6WDQGRUWHQ
 'HFNXQJDXIGHQ)OlFKHQW\SEH]RJHQ
,,, ]HUVWUHXWELVKlX¿J'HFNXQJ
,9 VHKUKlX¿JKRKH'HFNXQJ
9 EHVWLPPWZHLWJHKHQGGHQ$VSHNW!
*HIlKUGXQJVJUDGHGHU5RWHQ/LVWHQ5/+ 5RWH/LVWH+HVVHQ5/'
 5RWH/LVWH'HXWVFKODQG
 DXVJHVWRUEHQRGHUYHUVFKROOHQ YRP$XVVWHUEHQEHGURKW VWDUN
JHIlKUGHW JHIlKUGHW9 $UWHQGHU9RUZDUQOLVWH
†QDFK%$UW6FK9$QOEHVRQGHUVJHVFKW]W
$UW6LSSH / &)-

$UWHQGHU6DQGPDJHUUDVHQ7URFNHQXQG+DOEWURFNHQUDVHQ
$LUDFDU\RSK\OOHD/ 1HONHQ6FKPLHOHQKDIHU 5/+9 ,,,
$UDELGRSVLVWKDOLDQD/+H\QK $FNHU6FKPDOZDQG ,, ,,
$UWHPLVLDFDPSHVWULV/VVS )HOG%HLIX‰ ,, ,,
%XSOHXUXPURWXQGLIROLXP/ $FNHU+DVHQRKU 5/' , 
&HQWDXUHDVWRHEH/ 5LVSHQ)ORFNHQEOXPH ,, ,,
&HUDVWLXPVHPLGHFDQGUXP/ 6DQG+RUQNUDXW ,,, ,,
'LDQWKXVGHOWRLGHV/ +HLGH1HONH 5/+9† ,
(URGLXPFLFXWDULXP//µ+HU *HZ|KQO5HLKHUVFKQDEHO ,,, ,,,
(URSKLODYHUQD/&KHYDOO )UKOLQJV+XQJHUEOPFKHQ ,, ,,
(U\QJLXPFDPSHVWUH/ )HOG0DQQVWUHX 5/+9† ,
)HVWXFDWUDFK\SK\OOD+DFNHO.UDM 5DXEOlWWULJHU6FKZLQJHO ,,, ,,
)HVWXFDRYLQDDJJ 6FKDIVFKZLQJHO ,, ,,
+HOLFKU\VXPDUHQDULXP/0RHQFK6DQG6WURKEOXPH 5/' ,, ,
+HUQLDULDJODEUD/ .DKOHV%UXFKNUDXW ,, ,,
+LHUDFLXPSLORVHOOD/ .OHLQHV+DELFKWVNUDXW ,, ,,
.RHOHULDS\UDPLGDWD/DP3% 3\UDPLGHQ6FKLOOHUJUDV , 
0HGLFDJRPLQLPD/%DUWDO =ZHUJ6FKQHFNHQNOHH 5/' ,,, ,,
0\RVRWLVVWULFWD/LQN 6DQG9HUJL‰PHLQLFKW ,, ,,
2QRQLVVSLQRVD/ 'RUQLJH+DXKHFKHO
3HWURUKDJLDSUROLIHUD/ 6SURVVHQGH.RSIQHONH ,, ,,
3LPSLQHOODVD[LIUDJD/ .OHLQH%LEHUQHOOH , 
3RDEXOERVD/ .QROOLJHV5LVSHQJUDV ,, 
3RWHQWLOODDUJHQWHD/ 6LOEHU)LQJHUNUDXW ,,, ,,,
3RWHQWLOODWDEHUQDHPRQWDQL$VFK )UKOLQJV)LQJHUNUDXW ,, 
5XPH[DFHWRVHOOD/ .OHLQHU6DXHUDPSIHU ,,, ,,
6D[LIUDJDWULGDFW\OLWHV/ 'UHL¿QJHU6WHLQEUHFK ,
6HGXPDFUH/ 6FKDUIHU0DXHUSIHIIHU ,,, ,,,
6HGXPUHÀH[XP/ 7ULSPDGDP ,
6LOHQHFRQLFD/ .HJHOIUFKWLJHV/HLPNUDXW 5/' ,,, ,
7ULIROLXPDUYHQVH/ +DVHQ.OHH ,,, ,,
7ULIROLXPFDPSHVWUH6FKUHE )HOG.OHH ,, ,,
9HURQLFDDUYHQVLV/ )HOG(KUHQSUHLV ,,, ,,
9HURQLFDYHUQD/ )UKOLQJV(KUHQSUHLV 5/+ , 
9LFLDDQJXVWLIROLD/VVSDQJXVWL 6FKPDOEOlWWULJH:LFNH ,, ,,
9LFLDODWK\URLGHV/ 6DQG:LFNH 5/+ , ,
9XOSLDP\XURV/&*PHO )XFKV)HGHUVFKZLQJHO ,,, ,,

6RQVWLJHDQQXHOOHXQGNXU]OHELJH$UWHQJHULQJELVPl‰LJVWLFN 
$JURVWHPPDJLWKDJR/ .RUQUDGH 5/' ,, 
$UHQDULDVHUS\OOLIROLD/VVS 4XHQGHO6DQGNUDXW ,,, ,,
%HUWHURDLQFDQD/'& *UDX.UHVVH ,, ,,
%URPXVKRUGHDFHXV/VVS :HLFKH7UHVSH ,, ,,
%URPXVWHFWRUXP/ 'DFK7UHVSH ,, ,,
&HQWDXUHDF\DQXV/ .RUQEOXPH , 
&KRQGULOODMXQFHD/ %LQVHQ.QRUSHOVDODW ,,
(FKLXPYXOJDUH/ 1DWWHUQNRSI , ,
*HUDQLXPPROOH/ :HLFKHU6WRUFKVFKQDEHO ,, ,,
2HQRWKHUDELHQQLV/ *HZ|KQOLFKH1DFKWNHU]H ,, ,,
6HQHFLRLQDHTXLGHQV'& 6FKPDOEOlWWULJHV*UHLVNUDXW ,, ,,
6SHUJXODULDUXEUD/-HW&3UHVO5RWH6FKXSSHQPLHUH , ,
9DOHULDQHOODORFXVWD//DWHUUDGH (FKWHU)HOGVDODW ,, ,,
9HUEDVFXPSXOYHUXOHQWXP9LOO )ORFNLJH.|QLJVNHU]H 5/' ,, ,,
9LFLDKLUVXWD/6)*UD\ 5DXKKDDULJH:LFNH , ,
9LRODDUYHQVLV0XUUD\ $FNHU6WLHIPWWHUFKHQ , ,

6RQVWLJHDXVGDXHUQGH$UWHQJHULQJELVPl‰LJVWLFNVWRIIUHLFKHU 
$JURVWLVFDSLOODULV/ 5RWHV6WUDX‰JUDV ,,, ,,,
&DPSDQXODURWXQGLIROLD/ 5XQGEOlWWULJH*ORFNHQEOX ,,
&RURQLOODYDULD/ %XQWH.URQZLFNH ,
(TXLVHWXPDUYHQVH/ $FNHU6FKDFKWHOKDOP ,, ,,
+\SHULFXPSHUIRUDWXP/ 7SIHO-RKDQQLVNUDXW ,, ,,
+\SRFKRHULVUDGLFDWD/ *HZ|KQOLFKHV)HUNHONUDXW ,, ,,
/X]XODFDPSHVWULV/'& )HOG+DLQVLPVH ,
0HGLFDJRIDOFDWD/ 6LFKHONOHH ,, ,,
0HGLFDJROXSXOLQD/ +RSIHQ.OHH ,, ,
0XVFDULUDFHPRVXP//DPHW 7UDXEHQK\D]LQWKH , 
2ULJDQXPYXOJDUH/ 'RVW:LOGHU0DMRUDQ , 
3ODQWDJRPHGLD/ 0LWWOHUHU:HJHULFK , ,
3RWHQWLOODUHFWD/ +RKHV)LQJHUNUDXW , ,
3RDFRPSUHVVD/ 3ODWWKDOP5LVSHQJUDV ,, ,,
3RDSUDWHQVLV/VVSDQJXVWLIROLD :LHVHQ5LVSHQJUDV ,, ,,
6HGXPWHOHSKLXP/ 3XUSXU)HWWKHQQH ,
6LOHQHYXOJDULVYXOJDULV0RHQFK *HZ|KQOLFKHV/HLPNUDXW ,, ,,
7K\PXVSXOHJLRLGHV/ *HZ|KQOLFKHU7K\PLDQ ,, ,,

$QQXHOOHXQGNXU]OHELJHQLWURSK\WLVFKH$UWHQ6WLFNVWRII]DKOELV 
$SKDQHVDUYHQVLV/ *HZ|KQO$FNHUIUDXHQ ,, 
%URPXVVWHULOLV/ 7DXEH7UHVSH , ,
&DSVHOODEXUVDSDVWRULV/0HG +LUWHQWlVFKHONUDXW , 
&RQ\]DFDQDGHQVLV/&URQT .DQDG%HUXINUDXW ,,, ,,
'LSORWD[LVWHQXLIROLD/'& 6WLQNUDXNH ,, 
(ULJHURQDQQXXV/3HUV )HLQVWUDKO$VWHU ,, ,,
*HUDQLXPSXVLOOXP/ .OHLQHU6WRUFKVFKQDEHO ,,, 
+RUGHXPPXULQXP/ 0lXVH*HUVWH ,, 
2[DOLVFRUQLFXODWD/ +RUQ6DXHUNOHH ,
3DSDYHUGXELXPDJJ 6DDW0RKQ , 
3DSDYHUUKRHDV/ .ODWVFK0RKQ , ,
3ODQWDJRDUHQDULD:HW.LW 6DQG:HJHULFK ,, 
6FOHUDQWKXVDQQXXV/ (LQMlKULJHU.QlXHO ,, ,
6HQHFLRYHUQDOLV:HW.LW )UKOLQJV*UHLVNUDXW ,, ,,
6HWDULDYLULGLV/3% *UQH%RUVWHQKLUVH ,, 
9HUEDVFXPGHQVLÀRUXP%HUWRO *UR‰EOWLJH.|QLJVNHU]H ,
9HUEDVFXPWKDSVXV/ .OHLQEOWLJH.|QLJVNHU]H ,, ,,

$XVGDXHUQGHQLWURSK\WLVFKH$UWHQ6WLFNVWRII]DKOELVQDFK 
$JURS\URQUHSHQV/3% .ULHFKHQGH4XHFNH , ,
&DODPDJURVWLVHSLJHMRV/5RWK /DQG5HLWJUDV ,, 
&DUH[KLUWD/ %HKDDUWH6HJJH ,, 
&\QRGRQGDFW\ORQ/3HUV +XQGV]DKQ*UDV ,,, ,,
7DQDFHWXPYXOJDUH/ 5DLQIDUQ , 

$UWHQGHU:LHVHQXQG3DUNUD 
$FKLOOHDPLOOHIROLXPPLOOHIROLXP/ *HZ|KQOLFKH6FKDIJDUEH ,, ,,
%HOOLVSHUHQQLV/ *lQVHEOPFKHQ ,, 
&UHSLVFDSLOODULV/:DOOU .OHLQN|SI3LSSDX ,, 
)HVWXFDUXEUDUXEUD/ 5RWVFKZLQJHO ,, ,,
/RWXVFRUQLFXODWXV/ *HZ|KQOLFKHU+RUQNOHH 
2UQLWKRJDOXPXPEHOODWXP/ 'ROGHQ0LOFKVWHUQ , 
3ODQWDJRODQFHRODWD/VVS 6SLW]:HJHULFK ,,, 
5XPH[DFHWRVD/ :LHVHQ6DXHUDPSIHU , 
6HQHFLRMDFREDHD/ -DFREV*UHLVNUDXW , ,,
7DUD[DFXPRI¿FLQDOHDJJ :LHVHQ/|ZHQ]DKQ , ,
7ULIROLXPSUDWHQVH/ 5RW.OHH ,
7ULIROLXPUHSHQV/ :HL‰.OHH ,, 
9HURQLFDFKDPDHGU\V/VVS *DPDQGHU(KUHQSUHLV , ,
   



'R
./
./
./
./
'R
'R
5R
5R
'R
./
./
./
./
./
./
























$






&DPEUDL)ULWVFK.DVHUQH










































 









7HPSHO

 














7*D






































































$










.


$



7*D



.



















$








$














$

$







7*D


.





$NDGHPLHIU7RQNXQVW


$
%






 








 














$































/LFKWHQEHUJ6FKXOH






 

$












$

$ 










$

.










$





















7




















$




 

&$





%















































$









 
















%




$







%
$













'
+HLGHOEHUJHU
6WU

 









 



 







7*D


 


 






$XI
GHU
/XGZLJVK|KH
+HLQULFK'HOS6WUD‰H
&RRSHUVWUD‰H
7HLFK
&RRSHUVWUD‰H
+HLQULFK'HOS6WUD‰H
$XI
GHU
/XGZLJVK|KH

)UDQNOLQVWUD‰H
5DGZHJ
)X‰ZHJ
)X‰ZHJ
5DGZHJ
5DGZHJ)X‰ZHJ
16*%HVVXQJHU.LHVJUXEH
 %LRWRSW\SHQNDUWLHUXQJ&DPEUDL)ULWVFK.DVHUQHXQG-HIIHUVRQ6LHGOXQJ

5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
5XGHUDOÀXUHQXQGIUKH*HK|O]
6XN]HVVLRQVVWDGLHQ
 $XVGDXHUQGH5XGHUDOÀXUHQWURFNHQZDU
PHU6WDQGRUWH
'LHVHU%LRWRSW\SLVWNOHLQÀlFKLJLQYLHOHQ%HUHLFKHQ
EHLGHU.RQYHUVLRQVVWDQGRUWHDQ:HJUlQGHUQ*H
K|O]VlXPHQDXI5DVHQEUDFKHQXVZDQ]XWUHIIHQ,Q
GHU%HVWDQGVNDUWHVLQGGLHVHNOHLQHQ5XGHUDOÀXUHQ
%HVWDQGWHLOGHU.DWHJRULHª*UQÀlFKHQ©LQGHQHQ
VLHOLHJHQ1XUJU|‰HUH]XVDPPHQKlQJHQGH5XGH
UDOÀXUHQVLQGLQGLYLGXHOOGDUJHVWHOOW
,QQHUKDOEGHU/LQFROQ6LHGOXQJZXUGHOHGLJOLFKHLQH
JU|‰HUH5XGHUDOÀXUDP+HL]NUDIWZHUNGLHVHP%LRWRS
W\S]XJHRUGQHWXQGGLIIHUHQ]LHUWGDUJHVWHOOW
,QGHU&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
VLQGZHVHQWOLFKJU|‰HUH)OlFKHQDQWHLOHDOVZlUPH
OLHEHQGHDXVGDXHUQGH5XGHUDOÀXUHQ2UGQ2QRSRU
GHWDOLDDFDQWKLLLGHQWL¿]LHUWGDKLHUVHLW-DKUHQDXI
GHQ)UHLÀlFKHQNHLQH0DKGPHKUGXUFKJHIKUWZLUG
(QWVSUHFKHQGLVWKLHUGLHVXN]HVVLYH(QWZLFNOXQJGHU
)UHLÀlFKHQZHLWHUIRUWJHVFKULWWHQLVWDOVLQGHU/LQ
FROQ6LHGOXQJ
$VSHNWEHVWLPPHQGVLQG$UWHQGHU0|KUHQ6WHLQNOHH
*HVHOOVFKDIWHQ9HUE'DXFR0HOLORWLRQXQG4XH
FNHQ+DOEWURFNHQUDVHQ9HUE&RQYROYXOR$JURS\UL
RQPLW
‡ /DQGUHLWJUDV &DODPDJURVWLVHSLJHMRV
‡ 5DLQIDUQ 7DQDFHWXPYXOJDUH
‡ *HZ|KQOLFKHU%HLIX‰ $UWHPLVLDYXOJDULV
‡ )HLQVWUDKO$VWHU (ULJHURQDQQXXV
‡ 1DWWHUQNRSI (FKLXPYXOJDUH
‡ 7SIHO-RKDQQLVNUDXW +\SHULFXPSHUIRUDWXP
‡ *HZ|KQOLFKH1DFKWNHU]H 2HQRWKHUDELHQQLV
‡ :HJZDUWH &LFKRULXPLQW\EXV
‡ $FNHU.UDW]GLVWHO &LUVLXPDUYHQVH
‡ :HJ.UDW]GLVWHO &LUVLXPYXOJDUH
‡ .DQDG*ROGUXWH 6ROLGDJRFDQDGHQVLV
‡ 6LFKHONOHH 0HGLFDJRIDOFDWD
‡ .ULHFKHQGH4XHFNH $JURS\URQUHSHQV
‡ *UR‰EOWLJH.|QLJVNHU]H 9HUEDVFXPGHQVLÀR
UXP
‡ .OHLQEOWLJH.|QLJVNHU]H 9HUEDVFXPWKDSVXV
‡ *UDX.UHVVH %HUWHURDLQFDQD
‡ *HZ|KQOLFKHV/HLPNUDXW 6LOHQHYXOJDULV
‡ XD
%HPHUNHQVZHUWLVWGDVUHODWLYKlX¿JH$XIWUHWHQGHU
)ORFNLJHQ.|QLJVNHU]H9HUEDVFXPSXOYHUXOHQWXP
5/'XQGGHU5LVSHQ)ORFNHQEOXPH&HQWDXUHD
VWRHEHLQEHLGHQ.DVHUQHQ
 $XVGDXHUQGH5XGHUDOÀXUHQIULVFKHUKDOE
VFKDWWLJHUELVVFKDWWLJHU6WDQGRUWH
'LHVHU%LRWRSW\SLVWLQQHUKDOEGHUHKHPDOLJHQ.D
VHUQHQJHOlQGHQXUNOHLQÀlFKLJDOV%UHQQHVVHORGHU
%UHQQHVVHO*LHUVFK6lXPHLP*HK|O]VFKDWWHQDQ]X
WUHIIHQ
,QQHUKDOEGHVVWlUNHUYRQGLFKWHQ*HK|O]EHVWlQGHQ
JHSUlJWHQ*UQ]XJV%HVVXQJHQ6GLVWLKU$QWHLOK|
KHU(LQHJU|‰HUH]XVDPPHQKlQJHQGH)OlFKHGLH
VHV%LRWRSW\SV%UHQQHVVHOEHVWDQGUXGHUDOH/DQJ
JUDVÀXUHQEH¿QGHWVLFK|VWOLFKGHV16*ª%HVVXQ
JHU.LHVJUXEH©
 $XVGDXHUQGH5XGHUDOÀXUHQPLW*HK|O]DXI
ZXFKVIUKHV6XN]HVVLRQVVWDGLXP
,QQHUKDOEGHU.DVHUQHQVWDQGRUWHLVWGLHVHU%LRWRSW\S
RKQHJU|‰HUH%HGHXWXQJ,P*UQ]XJ%HVVXQJHQ
6GEH¿QGHQVLFKKLQJHJHQPHKUHUH$UHDOHPLW
*DUWHQXQG*UDEHODQGEUDFKHQGLHGLHVHP6XN]HV
VLRQVVWDGLXP]X]XRUGQHQVLQG
$XIVRQQHQH[SRQLHUWHQ)OlFKHQVLQGHV$XVGDXHUQ
GH5XGHUDOÀXUHQWURFNHQZDUPHU6WDQGRUWHLQVEH
VRQGHUH*ROGUXWHQXQG/DQGUHLWJUDVEHVWlQGHGLH
PLW%URPEHHU'LFNLFKWHQXQGDXINRPPHQGHQ5REL
QLHQ5RELQLDSVHXGRDFDFLD6WLHOHLFKHQ4XHUFXV
UREXU:HL‰GRUQ&UDWDHJXVVS+XQGVURVH5RVD
FDQLQD6FKOHKH3UXQXVVSLQRVDXQGZHLWHUHQ*H
K|O]DUWHQGXUFKVHW]WVLQG
6WlUNHUEHVFKDWWHWH)OlFKHQVLQGLQGHU.UDXWVFKLFKW
YRQGHU*UR‰HQ%UHQQHVVHOEHVWLPPW'D]XWUHWHQ
DOV*HK|O]DUWHQYRUDOOHPPHKURGHUZHQLJHUGLFKWH
%HVWlQGHYRQ%URPEHHUHXQG3ÀDXPHQ:LOGOLQJHQ
KLQ]XGDQHEHQZHLWHUH:LOGXQG.XOWXUJHK|O]H
ZLH+DVHO&RU\OXVDYHOODQD
)OLHGHU6\ULQJDVS
:HL‰GRUQ5RWHU+DUWULHJHO&RUQXVVDQJXLQHDXQG
/LJXVWHU/LJXVWUXPYXOJDUH/RYDOLIROLXP
:DOGXQGZDOGlKQOLFKH*HK|O]EHVWlQGH
 *HK|O]VXN]HVVLRQDXIWURFNHQHQELVIUL
VFKHQ6WDQGRUWHQ9RUZDOGVWDGLXP
)OlFKHQPLW*HK|O]VXN]HVVLRQLP9RUZDOGVWDGLXP
EH¿QGHQVLFKYRUDOOHPLP16*ª%HVVXQJHU.LHVJUX
EH©XQGLP*UQ]XJ%HVVXQJHQ6GQ|UGOLFKXQG
QRUG|VWOLFKGHU&DPEUDL)ULWVFK.DVHUQH'RUWKDW
QDFK(QGHGHV.LHVVDEEDXVE]ZYRQJlUWQHULVFKHU
XQGODQGZLUWVFKDIWOLFKHU/DQGQXW]XQJEHUHLQHQ
=HLWUDXPYRQHWZDELV-DKUHQHLQHZHLWJHKHQG
XQEHHLQÀXVVWH:DOGHQWZLFNOXQJVWDWWJHIXQGHQ
,P%HUHLFKGHV1DWXUVFKXW]JHELHWVVLQGHVYRQGHU
5RELQLH5RELQLDSVHXGRDFDFLDGRPLQLHUWH/DXE
KRO]EHVWlQGHGHQHQVWHOOHQZHLVH%LUNH%HWXOD
SHQGXOD6LOEHUZHLGH6DOL[DOED6DOZHLGH6DOL[
FDSUHD6DQGNLHIHU3LQXVV\OYHVWULV*|WWHUEDXP
$LODQWKXVDOWLVVLPDXQGHLQLJHZHLWHUH$UWHQEHLJH
PLVFKWVLQG
,P*UQ]XJWUHWHQDXIYRUPDOLJHP*DUWHQXQG
$FNHUODQGQHEHQGHU5RELQLHDOV5HOLNWHGHU*DUWHQ
QXW]XQJ3ÀDXPHQZLOGOLQJHXQG:DOQXVVElXPHVR
ZLH:DOGSLRQLHUDUWHQZLH6DOZHLGH=LWWHUSDSSHO
%HUJDKRUQ9RJHONLUVFKHXQG6WLHOHLFKHDXI
'LH.UDXWXQGGLH6WUDXFKVFKLFKWVLQGLQ$EKlQ
JLJNHLWYRQGHU%HVFKDWWXQJXQWHUVFKLHGOLFKVWDUN
DXVJHELOGHW±DPUHLFKVWHQDXI*DUWHQEUDFKHQZR
RIW1XW]XQG=LHUJHK|O]HEHUGDXHUWKDEHQ,QGHU
.UDXWVFKLFKWEHUZLHJHQQLWURSK\WLVFKH$UWHQ
,QQHUKDOEGHU0LOLWlUVWDQGRUWHWULWWGLHVHU%LRWRSW\S
QXULQGHU&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHG
OXQJLQHLQLJHQNOHLQHUHQ%|VFKXQJVXQG5DQGEH
UHLFKHQDXIGLHVFKZHU]XJlQJOLFKVLQGXQGGDKHU
NHLQHU3ÀHJHXQWHU]RJHQZXUGHQ
 $OWHU6XN]HVVLRQVZDOGLP2VWHQ
)OlFKHQPLWDOWHP6XN]HVVLRQVZDOGEH¿QGHQVLFK
YRUDOOHPLPQ|UGOLFKHQ*UQ]XJ%HVVXQJHQ6G
1DFKDOWHQ/XIWELOGHUQ]XXUWHLOHQKDWVHLWGHQHU
-DKUHQDXIGHQLQGHU1DFKNULHJV]HLWHKHPDOLJHQ
ODQGZLUWVFKDIWOLFKHQ1XW]ÀlFKHQHLQHUDVFKHVXN]HV
VLYH:DOGHQWZLFNOXQJVWDWWJHIXQGHQ'LH%HVWlQGH
EHVLW]HQKHXWHEHUHLWV0LWWHOELV+RFKZDOGFKDUDNWHU
/LFKWEHGUIWLJH3LRQLHUDUWHQZLH5RELQLH6DQGELUNH
RGHU=LWWHUSDSSHOVLQGPLWDOWHQ([HPSODUHQQRFK
VWDUNYHUWUHWHQ(VGRPLQLHUHQDEHUGLH:DOGEDXPDU
WHQ6WLHOHLFKHXQG%HUJDKRUQHUJlQ]WYRQHLQ]HOQHQ


(VFKHQ9RJHONLUVFKHQ5RWEXFKHQ+DLQEXFKHQ
)ODWWHUXOPHQ(LQ]HOQH2EVWEDXPUXLQHQXQG:LOG
SÀDXPHQJHEVFKH]HLJHQVWHOOHQZHLVHQRFKGLHIU
KHUH*DUWHQQXW]XQJ
 $OWHU/DXEZDOG%XFKHQZDOG
:HVWOLFKXQG|VWOLFKGHU&DPEUDL)ULWVFK.DVHUQH
-HIIHUVRQ6LHGOXQJVWRFNWDXI7HLOÀlFKHQHLQUHODWLY
DOWHU5RWEXFKHQ+RFKZDOG'HU6WDPPXPIDQJHLQ
]HOQHU$OWEXFKHQEHWUlJWELVHWZDP6WHOOHQZHL
VHLVWGHU:DOGLQIROJHYRQ:LQGEUXFKYHUOLFKWHW+LHU
LVWGLH6WUDXFKVFKLFKWUHLFKHQWZLFNHOW,QGHU1DWXU
YHUMQJXQJWUHWHQQHEHQGHU5RWEXFKHDXFK5RELQLH
.LHIHU6WLHOHLFKHXQGZHLWHUH%DXPDUWHQDXI
3ÀDQ]HQVR]LRORJLVFKLVWGHUDOWH/DXEZDOGHLQDU
WHQDUPHU:DOGPHLVWHU%XFKHQZDOGHWZDVUHLFKHUHU
6WDQGRUWH$VV*DOLRRGRUDWL)DJHWXP.HQQ]HLFK
QHQGH$UWHQLQGHU.UDXWVFKLFKWVLQG(LQEOWLJHV
3HUOJUDV0HOLFDXQLÀRUXPXQG:DOGPHLVWHU*DOLXP
RGRUDWXPGDQHEHQKlX¿JGDV.OHLQEOWLJH6SULQJ
NUDXW,PSDWLHQVSDUYLÀRUDVRZLHGLHDXFKLQGHQ
DQGHUHQ:DOGW\SHQKlX¿JHQ5XGHUDOLVLHUXQJV]HLJHU
VLHKH
'LH$OWElXPHVLQGWHLOZHLVHUHLFKDQ7RWKRO]E]Z
%DXPK|KOHQ0HKUHUH%DXPUXLQHQ6SHFKWElXPH
VLQGYRUKDQGHQ
'HUDUWHQDUPH:DOGPHLVWHU%XFKHQZDOGHQWVSULFKW
DXIGHQ)OlFKHQGHV%HVVXQJHU+DQJVGHUSRWHQ]LHO
OHQQDWUOLFKHQ9HJHWDWLRQ
 6RQVWLJH:DOGW\SHQ
+LHUEHLKDQGHOWHVVLFKXP)RUVWÀlFKHQGHUHQ%H
VWRFNXQJPHKURGHUZHQLJHUVWDUNYRQGHUSRWHQ]LHO
OHQQDWUOLFKHQ9HJHWDWLRQDEZHLFKW
*U|‰HUH)OlFKHQZHUGHQYRQ.LHIHUQ/DXEPLVFK
ZDOGHLQJHQRPPHQ(UVWRFNWVGOLFKGHU/LQFROQ
6LHGOXQJVRZLHZHVWOLFKXQGVG|VWOLFKGHU&DPEUDL
)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ$XIJUXQGGHU
UHODWLYVWDUNHQ%RGHQEHOLFKWXQJLVWGLH6WUDXFKXQG
.UDXWVFKLFKWLQGLHVHQ0LVFKZlOGHUQJXWDXVJHELOGHW
ZREHL5XGHUDOLVLHUXQJV]HLJHUZLH*UR‰H%UHQQQHV
VHO8UWLFDGLRLFD.QREODXFKVUDXNH$OOLDULDRI¿FLQD
OLV%URPEHHUH5XEXVIUXWLFRVXVDJJXQGHLQLJH
ZHLWHUH$UWHQVWDUNYRUKHUUVFKHQN|QQHQ
'LH%DXPVFKLFKWLVWUHODWLYDUWHQUHLFK1HEHQGHU
.LHIHUVLQG6WLHOHLFKH7UDXEHQHLFKH5RWHLFKH%HUJ
DKRUQ/LQGHQ7LOLDFRUGDWD7[YXOJDULV5RELQLH
5RWEXFKHXQGHLQLJHZHLWHUHYHUWUHWHQ$Pª%HVVXQ
JHU+DQJ©VWRFNHQ]XP7HLOKDOOHQZDOGDUWLJH$OWEH
VWlQGH
$OWH/XIWELOGHUODVVHQHUNHQQHQGDVVLQIUKH
UHQ-DKU]HKQWHQGHU$QWHLODQ.LHIHUQLP/DXEPLVFK
ZDOGK|KHUZDU'HU5FNJDQJLVWZRKOYRUDOOHPDXI
VWDUNH6WUPH]XUFN]XIKUHQGHQHQGLHKRKHQ
UHODWLYGLFKWHQ%DXPNURQHQGHU.LHIHULQEHVRQGHUHP
0D‰HDXVJHVHW]WVLQG
'DUEHUKLQDXVJLEWHVHLQLJHMQJHUH$OWHUVNODVVHQ
EHVWlQGHYRQ5RWHLFKH4XHUFXVUXEUDRGHU6DQG
NLHIHU3LQXVV\OYHVWULVVRZLHlOWHUH/DXEPLVFKEH
VWlQGHPLW'RXJODVLH3VHXGRWVXJDPHQ]LHVLL
6RQVWLJH%LRWRSW\SHQ
6DXEDFKJUDEHQXQG6DXEDFKDXH
bOWHUHQ6WDGWNDUWHQXQG/XIWELOGHUQLVW]XHQWQHKPHQ
GDVVGHU%DFKELVLQGLHHU-DKUHLP%HUHLFK
GHV*UQ]XJV6GPLWEHUZLHJHQGJHUDGHP9HUODXI
]ZLVFKHQ*lUWHQ:LHVHQXQG*UDEHODQGZHVWZlUWV
ÀRVV%LV]XU/LFKWHQEHUJVFKXOHLVWGHU%DFKYHUODXI
DXFKKHXWHQRFKHWZDJOHLFK(LQHJlUWQHULVFKHRGHU
ODQGZLUWVFKDIWOLFKH1XW]XQJELVDQGLH8IHUEHUHLFKH
JLEWHVKLHUDOOHUGLQJVQLFKWPHKU'LH%DFKXIHUZHU
GHQYRQ+RFKVWDXGHQÀXUHQQlKUVWRIIUHLFKHU6WDQG
RUWHEHUZLHJHQG*UR‰H%UHQQHVVHO8UWLFDGLRLFD
XQGPHKURGHUPLQGHUDXHQW\SLVFKHQ*HK|O]HQ
HLQJHQRPPHQ,QHLQHPNXU]HQ%DFKDEVFKQLWW|VW
OLFKGHU$NDGHPLHIU7RQNXQVWZLUGGHU%DFKODXIYRQ
%DXPZHLGHQ%UXFKZHLGH6DOL[IUDJLOLVJHVlXPW
+LHU]HLJHQGLH8IHUGDV%LOGHLQHUQDWXUQDKHQ:HL
GHQDXH
1|UGOLFKXQGZHVWOLFKGHU/LFKWHQEHUJVFKXOHYHUOlXIW
GHUKLHUQDWXUQDKXPJHVWDOWHWHDEHUZHLWJH
KHQGZDVVHUORVH6DXEDFKJUDEHQ]XU%HVVXQJHU
.LHVJUXEH(ULVWJHVlXPWYRQ+RFKVWDXGHQÀXUHQ
8IHUJHK|O]HVLQGNDXPYRUKDQGHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
)DXQD
'LHGDUJHVWHOOWHQIDXQLVWLVFKHQ%HIXQGHEHWUHIIHQ
LP:HVHQWOLFKHQGLH.RQYHUVLRQVÀlFKHQ'DUEHU
KLQDXVJHKHQGH$QJDEHQZHUGHQJHPDFKWZHQQ
EHVRQGHUH%H]JH]XGHQ.RQYHUVLRQVVWDQGRUWHQ
EHVWHKHQ9|JHO)OHGHUPlXVH5HSWLOLHQ
+DXSW]LHOGHUHLJHQHQ8QWHUVXFKXQJHQZDUGLH
(UPLWWOXQJYRQ$UWHQPLWKRKHP6FKXW]VWDWXV(8
UHFKWOLFKJHVFKW]WH$UWHQJHPl‰9RJHOVFKXW]ULFKWOL
QLHE]Z)DXQD)ORUD+DELWDW5LFKWOLQLH
9RUKDQGHQH8QWHUVXFKXQJHQ
=XGHQEHLGHQ.RQYHUVLRQVJHELHWHQVHOEVWOLHJW
OHGLJOLFKHLQHELRORJLVFKH9RUXQWHUVXFKXQJGHV8P
ZHOWDPWHV'DUPVWDGWYRU%HZHUWXQJGHU.RQYHUVL
RQVÀlFKHQDXVQDWXUVFKXW]IDFKOLFKHU6LFKW±LQWHU
QHV*XWDFKWHQGHU6WDGW'DUPVWDGW8PZHOWDPW'U
.ODXV'LHWHU-XQJ60DL
,QGHP*XWDFKWHQZHUGHQQHEHQ$QJDEHQEHU%LR
WRSW\SHQXQG9HJHWDWLRQDXFKHLQLJH+LQZHLVHDXI
GDV9RUNRPPHQYRQ5HSWLOLHQJHJHEHQ
)OHGHUPDXVHUIDVVXQJLP6WDGWJHELHW'DUPVWDGW
%HDUEHLWXQJ*HUROG+HU]LJ'%91DWXU
VFKXW]EXQG'HXWVFKODQG2UWVJUXSSH'DUPVWDGWH9
$UEHLWVJHPHLQVFKDIW)OHGHUPDXVVFKXW]LQ+HVVHQ
$*)+PLW8QWHUVWW]XQJGHV5HJLHUXQJVSUlVL
GLXPV'DUPVWDGWXQGGHV8PZHOWDPWHVGHU6WDGW
'DUPVWDGW6
(LJHQH8QWHUVXFKXQJHQXQWHUVXFKWH
2UJDQLVPHQJUXSSHQ
'LHVWDQG|UWOLFKHQ0HUNPDOHGHV3ODQXQJVJHELHWV
VRZLHGHUDUWHQVFKXW]UHFKWOLFKH6WDWXVEHVWLPPWHU
7LHUXQG3ÀDQ]HQJUXSSHQEHVWLPPWHQGHQ8QWHUVX
FKXQJVXPIDQJ
)ROJHQGH7LHUJUXSSHQZXUGHQ]ZLVFKHQ0DLXQG'H
]HPEHUXQWHUVXFKW)OHGHUPlXVH9|JHO5HS
WLOLHQ7DJIDOWHU+HXVFKUHFNHQ[\ORELRQWH KRO]EH
VLHGHOQGH.lIHU
'LHIDXQLVWLVFKHQ8QWHUVXFKXQJHQHUIROJWHQGXUFK
'LSO%LRO'U*HUG5DXVFKELRSODQ3RWVGDPHU
6WUD‰H2EHU5DPVWDGW)OHGHUPlXVH
5HSWLOLHQ6FKPHWWHUOLQJH+HXVFKUHFNHQ[\ORELRQWH
.lIHU
'LSO%LRO'U+RUVW)UDQ]9|JHO5HSWLOLHQ
$QGUHD:HLVFKHGHO1DWXUVFKXW]EXQG'HXWVFKODQG
2UWVJUXSSH'DUPVWDGW9|JHO
 )OHGHUPDXVHUIDVVXQJLP6WDGWJHELHW
'DUPVWDGW*HUROG+HU]LJ
)OHGHUPlXVH&KLURSWHUD
'LH'DUVWHOOXQJGHU8QWHUVXFKXQJVHUJHEQLVVHHU
IROJWHLQ(LQ]HOUDVWHUQ[NPGHU7RSRJUDSKLVFKHQ
.DUWHQEOlWWHU'DUPVWDGWV'DV5DKPHQSODQJHELHW
OLHJWLP.DUWHQDXVVFKQLWWGHV0HVVWLVFKEODWWV
'DUPVWDGW:HVW
'LH.DVHUQHQZDUHQLQGHQ-DKUHQXQG
IUGLHgIIHQWOLFKNHLWEHJHKEDU(VNDQQDOVRDQJH
QRPPHQZHUGHQGDVVGLH8QWHUVXFKXQJHQDXFK
LQQQHUKDOEGHU.RQYHUVLRQVJHELHWHGXUFKJHIKUW
ZXUGHQ
(UJHEQLVVH
5DVWHU
)UGLH/LQFROQ6LHGOXQJJLEWHVNHLQH%HIXQGH
:DOGZHVWOLFKYRQ.DUOVUXKHU6WUD‰H%DKQWUDVVH
=ZHUJÀHGHUPDXV)OXJEHREDFKWXQJ
%HVVXQJHU.LHVJUXEHXQG:DOGDP6GXIHUGHU
.LHVJUXEH16*)OXJEHREDFKWXQJHQYRQ.OHLQHP
$EHQGVHJOHU*UR‰HP$EHQGVHJOHUXQG:DVVHUÀH
GHUPDXV
2EHUHU7HLFKLP16*)OXJEHREDFKWXQJHQYRQ.OHL
QHP$EHQGVHJOHU*UR‰HP$EHQGVHJOHUXQG=ZHUJ
ÀHGHUPDXV
5DVWHU
$P:DOGUDQGLP2VWHQGHU&DPEUDL.DVHUQHJLEWHV
)OXJEHREDFKWXQJHQGHU=ZHUJÀHGHUPDXV
6RPPHURGHU:LQWHUTXDUWLHUHYRQ)OHGHUPlXVHQ
ZXUGHQLPJHVDPWHQ6GHQ%HVVXQJHQVQLFKWIHVW
JHVWHOOW
 (LJHQH8QWHUVXFKXQJHQ
'LH(UIDVVXQJGHU)OHGHUPlXVHHUIROJWHGXUFK'LSO
%LRO'U*HUG5DXVFK'D]XIKUWHHUDP
DXIEHLGHQ.DVHUQHQVWDQGRUWHHLQH1DFKWEHJHKXQJ
GXUFK'LH2UWXQJGHU7LHUHXQGGLH$UWEHVWLPPXQJ
HUIROJWHQPLW+LOIHHLQHV8OWUDVFKDOO'HWHNWRUV6.<(
,QVWUXPHQWV0RG6%5/DDU%ULGJH%R[
(UJHEQLVVH7DE(3ODQª1DWXUVFKXW]UHOHYDQWH
$UWHQ©
=XU8QWHUVXFKXQJV]HLWLP$XJXVWZXUGHQLQ
EHLGHQ.DVHUQHQ)OXJNRUULGRUHGHU=ZHUJÀHGHU
PDXVEHLGH6WDQGRUWHXQGGHV*UR‰HQ$EHQG
VHJOHUV/LQFROQ6LHGOXQJIHVWJHVWHOOW-DJGYHUKDO
WHQGDVDXI1DKUXQJVKDELWDWH-DJGUHYLHUHVFKOLH
‰HQOlVVWZXUGHQLFKWEHREDFKWHW7URW]GHPLVWGDV
]HLWZHLOLJH9RUKDQGHQVHLQYRQ-DJGUHYLHUHQIU
HLQ]HOQH)OHGHUPDXVDUWHQDXIEHLGHQ.RQYHUVLRQV
ÀlFKHQDQ]XQHKPHQ
$XIJUXQGGHVDOWHQ%DXPEHVWDQGVXQGGHVQLVFKHQ
UHLFKHQ*HElXGHEHVWDQGVLVWGLH&DPEUDL)ULWVFK
.DVHUQH-HIIHUVRQ6LHGOXQJHLQSRWHQ]LHOOHU6WDQG
RUWIU6RPPHUE]Z)RUWSÀDQ]XQJVTXDUWLHUHGHU
=ZHUJÀHGHUPDXVKRKHV3RWHQ]LDOXQGGHV*UR‰HQ
$EHQGVHJOHUVPLWWOHUHV3RWHQ]LDO
'LH/LQFROQ6LHGOXQJELHWHWQDFKHLJHQHU(LQVFKlW
]XQJPLWLKUHQZHQLJHUQLVFKHQUHLFKHQ*HElXGHQ
XQGGHPLQVJHVDPWMQJHUHQ%DXPEHVWDQGOHGLJOLFK
GHU=ZHUJÀHGHUPDXVHLQHJHZLVVHV4XDUWLHUDQJHERW
PLWWOHUHV3RWHQ]LDO


7DE()DXQDGHU.RQYHUVLRQVJHELHWHDX‰HU9|JHO
JHVFKW]WHE]ZEHVWDQGVJHIlKUGHWH$UWHQ
    
$UW
6WDWXV 5/+ 5/' %16* ))+
/LQFROQ &)-  $QK
9HVSHUWLOLRQLGDH*ODWWQDVHQ)OHGHUPlXVH    
1\FWDOXVQRFWXODVFKUHE *UR‰HU$EHQGVHJOHU ) S% 9 V , 9
3LSLVWUHOOXVSLSLVWUHOOXVVFKUHE =ZHUJÀHGHUPDXV )S% )S%   V, 9
   
6RQVWLJH6lXJHWLHUH    
/HSXVHXURSDHXV )HOGKDVH  %"   E 
   
5HSWLOLD.ULHFKWLHUH    
/DFHUWDDJLOLV =DXQHLGHFKVH  % 9 E ,9
3RGDUFLVPXUDOLV 0DXHUHLGHFKVH  % 9 E ,9
$QJXLVIUDJLOLV %OLQGVFKOHLFKH  %" 9  E 
1DWUL[QDWUL[ 5LQJHOQDWWHU  %" 9 9 E 
  
5KRSDORFHUD7DJIDOWHU    
$ULFLDDJHVWLV 'XQNHOEUDXQHU%OlXOLQJ % 99 E 
   
6DOWDWRULD+HXVFKUHFNHQ    
&KRUWKLSSXVPROOLV 9HUNDQQWHU*UDVKSIHU  % 9 
2HFDQWKXVSHOOXFHQV :HLQKlKQFKHQ %%  
2HGLSRGDFDHUXOHVFHQV %ODXÀJHOLJHgGODQGVFKUHFNH %%  E 
  
0ROOXVFD:HLFKWLHUH    
+HOLFHOODLWDOD *HPHLQH+HLGHVFKQHFNH %  
      
7DE(9|JHO     
$UW
6WDWXV 5/+ 5/' %16* 965/
/LQFROQ &)- DQJUHQ]
:DOG
   $QK
$UW
$SXVDSXV/ 0DXHUVHJOHU 1* %  9  E 
%XWHREXWHR/ 0lXVHEXVVDUG  1* 1*S%  V 
&DUGXHOLVFDUGXHOLV/ 6WLHJOLW] %% 9  E 
&DUGXHOLVFKORULV/ *UQ¿QN %%  E 
&HUWKLDEUDFK\GDFW\OD%5(+0 *DUWHQEDXPOlXIHU %%  E 
&ROXPEDSDOXPEXV/ 5LQJHOWDXEH %%  E 
&RUYXVFRURQH/ 5DEHQNUlKH 1* %   E 
'HQGURFRSRVPDMRU/ %XQWVSHFKW 1* 1*S%   E 
'HQGURFRSRVPHGLXV/ 0LWWHOVSHFKW 1 *  9   V,
(ULWKDFXVUXEHFXOD/ 5RWNHKOFKHQ %   E 
)DOFRWLQQXQFXOXV/ 7XUPIDONH 1 *   V 
)ULQJLOODFRHOHEV/ %XFK¿QN %%  E 
*DUUXOXVJODQGDULXV/ (LFKHOKlKHU  1*S%   E 
0RWDFLOODDOED/ %DFKVWHO]H % 1*S%   E 
3DUXVFDHUXOHXV/ %ODXPHLVH %%  E 
3DUXVPDMRU/ .RKOPHLVH %%  E 
3DVVHUGRPHVWLFXV/ +DXVVSHUOLQJ %% 9 9 E 
3KRHQLFXUXVRFKUXURV*0(/,1 +DXVURWVFKZDQ] %%  E 
3KRHQLFXUXVSKRHQLFXUXV/ *DUWHQURWVFKZDQ] %     V 
3K\OORVFRSXVFROO\ELWD9,(,//27 =LOS]DOS %%  E 
3LFDSLFD/ (OVWHU  1*S%   E 
3LFXVYLULGLV/ *UQVSHFKW 1 * %     V 
3UXQHOODPRGXODULV/ +HFNHQEUDXQHOOH %   E 
6HULQXVVHULQXV/ *LUOLW] %% 9  E 
6LWWDHXURSDHD/ .OHLEHU %%  E 
6WUHSWRSHOLDGHFDRFWR)ULY 7UNHQWDXEH %   E 
6WXUQXVYXOJDULV/ 6WDU %%  E 
6\OYLDDWULFDSLOOD/ 0|QFKJUDVPFNH %%  E 
7XUGXVPHUXOD/ $PVHO %%  E 
7XUGXVSKLORPHORV%5(+0 6LQJGURVVHO %   E 
7XUGXVSLODULV/ :DFKROGHUGURVVHO %  E 
QXULPDQJUHQ]HQGHQ:DOG  
&RUYXVFRUD[/ .RONUDEH  1*S% 9  E 
&XFXOXVFDQRUXV/ .XFNXFN % 9 9 E 
'U\RFRSXVPDUWLXV/ 6FKZDU]VSHFKW % 9  V,
/XVFLQLDPHJDUK\QFKRV%5(+0 1DFKWLJDOO %  E 
2ULROXVRULROXV/ 3LURO % 9 9 E 
3LFXVFDQXV*0(/,1 *UDXVSHFKW  % 9  V ,

IUGHQDQJUHQ]HQGHQ:DOGVLQGQXUVHOWHQHUH9RJHODUWHQGDUJHVWHOOW
(UOlXWHUXQJHQ]XGHQ7DE(XQG(
6WDWXVLP*HELHW% UHSURGXNWLYHV9RUNRPPHQLP*HELHW%UXWYRJHO
S% SRWHQ]LHOOHVUHSURGXNWLYHV9RUNRPPHQSRWHQ]LHOOHU%UXIYRJHO1* 1DKUXQJVJDVW
) ]XU8QWHUVXFKXQJV]HLWQXU)OXJNRUULGRUHEHREDFKWHW)OHGHUPlXVH
)HWWVFKULIWJHIlKUGHWHXQGRGHUVWUHQJJHVFKW]WH$UWHQ
*HIlKUGXQJVNDWHJRULHQGHU5RWHQ/LVWHQ5/+ +HVVHQ5/' 'HXWVFKODQG
 DXVJHVWRUEHQRGHUYHUVFKROOHQ YRP$XVVWHUEHQEHGURKW VWDUNJHIlKUGHW JHIlKUGHW
9 $UWHQGHU9RUZDUQOLVWH5 $UWHQPLWEHVRQGHUHQJHRJUDSKLVFKHQ5HVWULNWLRQHQ
*' *HIlKUGXQJDQ]XQHKPHQ6WDWXVXQEHNDQQW'DWHQGH¿]LWlU
 $UWHQIUGLH+HVVHQEHVYHUDQWZRUWOLFKLVW
 JOREDOJHIlKUGHWH$UWHQGHUHQ:HOWEHVWDQG]X!LQ(XURSDNRQ]HQWULHUWLVW
 JOREDOJHIlKUGHWH$UWHQLQ'HXWVFKODQG!GHV:HOWEHVWDQGV
%16*%XQGHVQDWXUVFKXW]JHVHW]
E EHVRQGHUVJHVFKW]WH$UWV VWUHQJJHVFKW]WH$UW
))+)DXQD)ORUD+DELWDW5LFKWOLQLHGHU(XURSlLVFKHQ8QLRQ
,, $UWHQGHV$QKDQJV,,7LHUDUWHQYRQJHPHLQVFKDIWOLFKHP,QWHUHVVHIUGHUHQ(UKDOWXQJEHVRQGHUH6FKXW]JH
ELHWHDXVJHZLHVHQZHUGHQPVVHQ
,9 $UWHQGHV$QKDQJV,96WUHQJ]XVFKW]HQGH7LHUDUWHQYRQJHPHLQVFKDIWO,QWHUHVVH
965/(*9RJHOVFKXW]ULFKWOLQLH
, $UWHQGHV$QKDQJV,HVVLQGEHVRQGHUH6FKXW]PD‰QDKPHQ]XWUHIIHQ
 $UW$EVGHU965/VWUHQJ]XVFKW]HQGHJHIlKUGHWH=XJYRJHODUWHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
9|JHO$YHV
=XU8QWHUVXFKXQJGHU$YLIDXQDZXUGHQ]ZLVFKHQ
GHP(UVWEHJHKXQJXQG$XJXVW
PHKUHUH%HJHKXQJHQGXUFKJHIKUWGDYRQ)UKEH
JHKXQJHQDELQGHU/LQFROQDPVR
ZLHLQGHU&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHG
OXQJDPXQGDPVRZLHLQDQJUHQ
]HQGHQ:DOGEHUHLFKHQDP'LHRUQLWKR
ORJLVFKHQ8QWHUVXFKXQJHQHUIROJWHQGXUFK'LSO%LRO
$QGUHD:HLVFKHGHOXQG'U+RUVW)UDQ]
(UJHEQLVVH7DE3ODQª1DWXUVFKXW]UHOHYDQWH$U
WHQ©
$XIGHQ.RQYHUVLRQVÀlFKHQZXUGHQLQVJHVDPW
9RJHODUWHQIHVWJHVWHOOW'DYRQZDUHQVLFKHUH%UXW
YRJHODUWHQGLHEULJHQ$UWHQZDUHQ1DKUXQJVRGHU
5XKHJlVWHE]ZLKU6WDWXVLVWDOVªSRWHQ]LHOOH%UXWYR
JHODUWHQ©XQNODU
=XGHQDQJUHQ]HQ]HQGHQ:DOGJHELHWHQZXUGHQ
OHGLJOLFKGLHQDWXUVFKXW]UHFKWOLFKUHOHYDQWHQ$UWHQ
HUIDVVWXQGLQ7DE(GDUJHVWHOOW
)QIGHULQGHQ.RQYHUVLRQVJHELHWHQQDFKJHZLHVH
QHQ$UWHQVWHKHQXQWHUVWUHQJHP6FKXW]GDYRQHLQH
QDFK(8965/$QKDQJ,0LWWHOVSHFKW1DKUXQJV
JDVWXQGHLQHQDFK(8965/$UW*DUWHQURW
VFKZDQ]%UXWYRJHO=ZHLGHUHUIDVVWHQ%UXWYRJHODU
WHQVLQGQDFKGHU5RWHQ/LVWH+HVVHQVEHVWDQGVJH
IlKUGHWVHFKV$UWHQVWHKHQDXIGHU9RUZDUQOLVWH
%HVRQGHUVKHUYRU]XKHEHQLVWGDV9RUNRPPHQHLQHU
0DXHUVHJOHUNRORQLHLQGHU&DPEUDL)ULWVFK.DVHUQH
$QE]ZLQIQI*HElXGHQZXUGHQLQ6SDOWHQYRU
DOOHPLP7UDXIEHUHLFKGHU'lFKHUXQG'DFKJDX
EHQ7LHUHEHLP1HVWEHVXFKEHREDFKWHW$P+LPPHO
ZDUHQ)OXJXQG-DJGDNWLYLWlWHQYRQELV]XHWZD
9|JHOQ]XVHKHQ'LH*HVDPW]DKOGHUDNWLYHQ1LVW
VWlWWHQLVWPLWHWZDELV]XYHUDQVFKODJHQ'LH
JU|‰WH$Q]DKOYRQEHVHW]WHQ1HVWHUQEH¿QGHWVLFKLQ
GHQ*HElXGHQXQGVLHKH3ODQª1DWXU
VFKXW]UHOHYDQWH$UWHQ©
%HPHUNHQVZHUWLVWDXFKGDV9RUNRPPHQGHV*DU
WHQURWVFKZDQ]HVPLWHLQHP%UXWSDDULQGHU-HIIHU
VRQ6LHGOXQJXQGHLQHPZHLWHUHQ3DDULP*UQ]XJ
%HVVXQJHQ6G
'LH%UXWYRUNRPPHQYRQ*LUOLW]6WLHJOLW]XQG+DXV
VSHUOLQJLQGHU&DPEUDL)ULWVFK.DVHUQHVLQGHUIUHX
OLFK7URW]LKUHV6WDWXVDXIGHU9RUZDUQOLVWHGHU5RWHQ
/LVWH+HVVHQVVLQGGLHVH$UWHQLQ6LHGOXQJVEHUHL
FKHQPLWK|KHUHP*UQDQWHLOQRFKKlX¿JHUDQ]X
WUHIIHQ)UGHQ*LUOLW]JLOWGDVLQVEHVRQGHUHLQGHQ
:lUPHJHELHWHQGHU(EHQH
9RQGHQ6SHFKWDUWHQZXUGHQLQGHU&DPEUDL)ULWVFK
.DVHUQH-HIIHUVRQ6LHGOXQJHLQPDOHLQ0LWWHOVSHFKW
VRZLHPHKUIDFK*UQVSHFKWHXQG%XQWVSHFKWH
DXFKGLHVMlKULJH-XQJWLHUHEHREDFKWHW(LQ6WDWXV
DOV%UXWYRJHOZDUP|JOLFKHUZHLVHDXFKDXIJUXQGGHU
VSlWHQ8QWHUVXFKXQJV]HLWQLFKWQDFK]XZHLVHQ(LQ
DOWHU+|KOHQEDXPZDUP|JOLFKHUZHLVH1LVWVWlWWHGHV
*UQVSHFKWVGDLQGLHVHPHQJHUHQ.DVHUQHQEH
UHLFK-XQJWLHUHGHU$UWEHREDFKWHWZXUGHQ
'LH/LQFROQ6LHGOXQJLVWYRQUHODWLYJHULQJHURUQLWKR
ORJLVFKHU%HGHXWXQJ%HPHUNHQVZHUWVLQG9RUNRP
PHQYRQ*LUOLW]7UNHQWDXEH6WLHJOLW]XQG+DXV
VSHUOLQJ6WlUNHUH-DJGDNWLYLWlWHQYRQ0DXHUVHJOHUQ
RGHU6FKZDOEHQZXUGHQEHUGHU/LQFROQ6LHGOXQJ
QLFKWEHREDFKWHWOHGLJOLFK(LQ]HOWLHUHLQGHU5HJHO
QXULPNXU]HQhEHUÀXJ
5HSWLOLHQ
'LH8QWHUVXFKXQJHQ]XU5HSWLOLHQIDXQDHUIROJWHQLP
=HLWUDXPYRP0DLXQG(QGH$XJXVWDQ
KDQG]DKOUHLFKHU%HJHKXQJHQGXUFK'LSO%LRO'U
+RUVW)UDQ]XQG'LSO%LRO'U*HUG5DXVFK+LHUEHL
ZXUGHQP|JOLFKH5HYLHUH$XIZlUPXQG6RQQSOlW]H
LQEHLGHQ.DVHUQHQVWDQGRUWHQDEJHVXFKW
(UJHEQLVVH
%HLGHQHLJHQHQ8QWHUVXFKXQJHQZXUGHQGUHL5HSWL
OLHQDUWHQIHVWJHVWHOOW7DE(3ODQª1DWXUVFKXW]UH
OHYDQWH$UWHQ©
,QGHU/LQFROQ6LHGOXQJJLEWHVOHGLJOLFKHLQHQ)XQG
SXQNWGHU=DXQHLGHFKVHDQHLQHUZHVWH[SRQLHUWHQ
%|VFKXQJDP2VWUDQGGHV*HELHWV,QGHU&DPE
UDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJEHVWHKWLP
1RUGZHVWHQGHV*HELHWVHLQHVWDUNH3RSXODWLRQGHU
0DXHUHLGHFKVH,KU.HUQJHELHWLVWHLQHVGH[SR
QLHUWH:LHVHQE|VFKXQJPLWHLQHU7URFNHQPDXHUDP
%|VFKXQJVIX‰XQPLWWHOEDUDQGDV16*ª%HVVXQJHU
.LHVJUXEH©DQJUHQ]HQG
+LHUZXUGHQEHLJQVWLJHQ:LWWHUXQJVEHGLQJXQJHQ
DPHWZD(LGHFKVHQQDFKJHZLHVHQ
=XP7HLOZDUHQVLHDXIJUXQGGHU6FKQHOOLJNHLWLKUHV
)OXFKWYHUKDOWHQVQLFKW]ZHLIHOVIUHL]XEHVWLPPHQ
9RQGHQEHREDFKWHWHQ7LHUHQZDUHQHWZDGLH+lOI
WHHLQGHXWLJDOV0DXHUHLGHFKVHQ]XLGHQWL¿]LHUHQ
OHGLJOLFKHLQH=DXQHLGHFKVH'LHEULJHQZDUHQQLFKW
QlKHUEHVWLPPWH(LGHFKVHQGLHZRKOJDQ]EHU
ZLHJHQG0DXHUHLGHFKVHQGDUVWHOOWHQ$QZHLWHUHQ
6WDQGRUWHQLP1RUGHQXQG:HVWHQGHU&DPEUDL
)ULWVFK.DVHUQHZXUGHQ(LQ]HOWLHUHYRQ(LGHFKVHQ
JHIXQGHQ6RZHLWVLHEHVWLPPEDUZDUHQKDQGHOWHHV
VLFKXP0DXHUHLGHFKVHQ
$OVZHLWHUH$UWZXUGHDPLP1RUGZHV
WHQGHU&DPEUDL)ULWVFK.DVHUQHHLQH5LQJHOQDWWHU
EHREDFKWHW
:HLWHUH%HIXQGH
,QVHLQHUª%HZHUWXQJGHU.RQYHUVLRQVÀlFKHQDXV
QDWXUVFKXW]IDFKOLFKHU6LFKW©$SULO0DLEHVWl
WLJW-XQJGDV9RUNRPPHQHLQHUJU|‰HUHQ3RSXODWLRQ
YRQ=DXQ(LGHFKVHQDXIGHQ%|VFKXQJHQXQGLQ
GHQ7URFNHQPDXHUQGHU&DPEUDL)ULWVFK.DVHUQH
LP*UHQ]JHELHW]XP16*ª%HVVXQJHU.LHVJUXEH©
+LHUKDWHUGDUEHUKLQDXVDXFKHLQH%OLQGVFKOHLFKH
EHREDFKWHW
&DPEUDL)ULWVFK.DVHUQH*DXEHQIHQVWHUPLW.RWVSXUHQYRQ
6FKZDOEHQ



0P
0P
0P0P
0P
0P
0P
0P
0P
6F
0P
0P
0P
6F
6F
0P
0P
6F
0P
0P
0P
6F
0P
+D
6F
+D
6F 6F
+D +D
+D
+D
+D
+D
+D
6F
+D+D
+D
+D
9O
9O
9O
9O
+D
6F
6F
6F
6F
6F
6F
+D
6F
6F
6F
+D
9O
0P
0P
0P
0P
0P
9S
9S
9S
0P
0P
0P+D
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
+D
0P
9S
0P
0P
0P
0P
0P
0P
0P
0P0P
0P0P
6F0P
0P
0P 0P
0P 0P
0P
0P
0P
0P 0P0P
0P
0P
0P
6F
0P
6F
6F
0P
0P
0P
0P
0P
+D
0P
9O
6F
+D
6F
0P
0P
0P
0P
0P
9O
9O 9O
0P
0P
0P
0P
0P
0P
0P
0P
0P0P
0P
0P
6F 6F
6F
0P
0P
6F
0P
0P
0P
0P
0P
0P0P
0P
0P
0P
0P 0P
0P 0P
0P
0P
0P
9S 9S
0P
0P
$J
$J
$J
$J
$J
9S
0P
0P
6F
6F 6F
6F
6F
6F
0P 0P
0P
6F
6F
0P
0P0P
0P
0P
0P
0P
0P
6F
0P 0P
0P
0P
6F
6F
6F 6F
6F
6F
6F
6F
6F
6F
6F
0P0P
0P
0P 0P
9O
9O
9S
6F
6F
6F
6F
+D
+D
0P
0P
0P
0P
0P
9O
0P
0P
0P
0P
0P0P
0P
+D
0P
0P
0P 0P 0P
0P
0P
0P
0P
0P
0P
0P
0P 0P 0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
+D
+D
0P
0P
0P
0P
9O
0P
0P
0P
0P
0P
+D
0P
0P
0P0P
0P
0P
0P
0P
0P
0P
0P
+D
0P
0P
0P
0P
0P
0P
0P 0P
0P
+D
0P
0P
0P
0P
0P
0P
0P
0P
0P
6F
0P
9O
0P
0P
0P
0P 0P
6F
6F
0P
0P0P
9S
0P
0P
0P
0P
0P
+D
+D
0P
0P
0P
+D
0P
0P 0P
6F
6F 6F
6F
6F
+D
0P
0P0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
0P
6F
0P
0P
0P
0P
0P
0P0P
0P
0P 0P0P
0P
0P
0P
9S
0P
0P
9S
9S
9Y
%U
9S
























































$












 










%

$












 









 



6FKXOH































 















$ %












)UDQNOLQVWUD‰H
)UDQNOLQVWUD‰H
)UDQNOLQVWUD‰H
(LQVWHLQVWUD‰H
.DUOVUXKHU
6WUD‰H
)UDQNOLQVWUD‰H
.DUOVUXKHU
6WUD‰H
)X‰ZHJ
5DGZHJ
5DGZHJ)X‰ZHJ
*LUOLW]
*LUOLW]
*LUOLW]
*LUOLW]
*LUOLW]
*LUOLW]
*LUOLW]
+HFNHQ
EUDXQHOOH
*LUOLW]
/D
+DXVVSHUOLQJ
+DXVVSHUOLQJ
7UNHQWDXEH
*LUOLW]
6WLHJOLW]
6WLHJOLW]
+DXVVSHUOLQJ
*HVHW]OLFKJHVFKW]WH%LRWRSHJHPl‰†%1DW6FK*
6DQGPDJHUUDVHQ
)XQGSXQNWHYRQ5HSWLOLHQ
/D =DXQHLGHFKVH/DFHUWDDJLOLV
,QGHQ5RWHQ/LVWHQ'HXWVFKODQGVE]Z+HVVHQV
DXIJHIKUWH3IODQ]HQDUWHQ
*UHQ]HGHV.RQYHUVLRQVJHELHWV
$J
%U
+D
0P
6F
9S
9Y
9O
.RUQUDGH$JURVWHPPDJLWKDJR
$FNHU+DVHQRKU%XSOHXUXPURWXQGLIROLXP
6DQG6WURKEOXPH+HOLFKU\VXPDUHQDULXP
=ZHUJ6FKQHFNHQNOHH0HGLFDJRPLQLPD
.HJHOIUFKWLJHV/HLPNUDXW6LOHQHFRQLFD
)ORFNLJH.|QLJVNHU]H9HUEDVFXPSXOYHUXOHQWXP
)UKOLQJV(KUHQSUHLV9HURQLFDYHUQD
6DQG:LFNH9LFLDODWK\URLGHV
 1DWXUVFKXW]UHOHYDQWH$UWHQXQG%LRWRSH



























H
$F
$F$$
$F$$
$
0P
0P
+D
0
$F
+D
0
F 6F6
1Q
/P
/
/P
P
/
///
/
D

+DXVVSHUOLQJ
FKZDU]VSHFKW
N.XFNXFN 3LURO
.RONUDEH
6FKZDU]VSHFKW
N.XFNXFN
*HVHW]OLFKJHVFKW]WH%LRWRSHJHPl‰†%1DW6FK*
6DQGPDJHUUDVHQ
*HElXGHPLW%UXWNRORQLHQGHV0DXHUVHJOHUV
)XQGSXQNWHYRQ5HSWLOLHQ
/D
3P
1Q
=DXQHLGHFKVH/DFHUWDDJLOLV
0DXHUHLGHFKVH3RGDUFLVPXUDOLV
5LQJHOQDWWHU1DWUL[QDWUL[
$F
(F
+D
0P
6F
9S
9O
1HONHQ6FKPLHOHQKDIHU$LUDFDU\RSK\OOHD
)HOG0DQQVWUHX(U\QJLXPFDPSHVWUH
6DQG6WURKEOXPH+HOLFKU\VXPDUHQDULD
=ZHUJ6FKQHFNHQNOHH0HGLFDJRPLQLPD
.HJHOIUFKWLJHV/HLPNUDXW6LOHQHFRQLFD
)ORFNLJH.|QLJVNHU]H9HUEDVFXPSXOYHUXOHQWXP
6DQG:LFNH9LFLDODWK\URLGHV
,QGHQ5RWHQ/LVWHQ'HXWVFKODQGVE]Z+HVVHQV
DXIJHIKUWH3IODQ]HQDUWHQ
*UHQ]HGHV.RQYHUVLRQVJHELHWV
+lXILJNHLWVDQJDEHQ]X9RUNRPPHQGHV0DXHUVHJOHUV$%&
$ .RWVSXUHQDQ+RO]VFKDOXQJHQYRQ7UDXIHQXQG'DFKJDXEHQ
GLHDXIDOWHRGHUDNWXHOOH1LVWVWlWWHQKLQZHLVHQ
% EHREDFKWHWH(LQIOJH]X1HVWHUQ1DFKZHLVDNWXHOOHU%UXWYRUNRPPHQ
& JHVFKlW]WH$Q]DKODNWXHOOEHVHW]WHU1LVWVWlWWHQ
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
6RQVWLJH7LHUJUXSSHQ
$PIKUWH'LSO%LRO'U*HUG5DXVFK
HLQH%HJHKXQJ]XU(UIDVVXQJJHIlKUGHWHUE]ZJH
VFKW]WHU6FKPHWWHUOLQJHXQG+HXVFKUHFNHQGXUFK
=XZHLWHUHQ7LHUJUXSSHQJLEWHV=XIDOOVEHREDFKWXQ
JHQ'LH(UJHEQLVVHVLQGLQ7DE(XQG3ODQª1D
WXUVFKXW]UHOHYDQWH$UWHQ©
GDUJHVWHOOW
'HU)XQGHLQHV+LUVFKNlIHUV/XFDQXVFHUYXV
PlQQOLFKHV7LHULP6GRVWHQGHU/LQFROQ6LHGOXQJ
LP-XQLZLUGQLFKWDOV+LQZHLVDXIHLQUHSURGXN
WLYHV9RUNRPPHQGHU$UWLQQHUKDOEGHUHKHPDOLJHQ
.DVHUQHJHZHUWHW,QGLHVHP%HUHLFKVLQGNHLQH$OW
ElXPHPLWKRKHP7RWKRO]DQWHLOYRUKDQGHQ9LHOPHKU
ZXUGHGDV7LHUZRKOEHLP1DKUXQJVRGHU3DDUXQJV
ÀXJDQJHWURIIHQ
1DWXUVFKXW]UHFKWOLFKH%HXUWHLOXQJ$UWHQXQG
%LRWRSVFKXW]
$UWHQVFKXW]
'LHLP5DKPHQVSlWHUHU%HEDXXQJVSOlQHGXUFK
]XIKUHQGHDUWHQVFKXW]UHFKWOLFKH3UIXQJGLHQWGHU
)HVWVWHOOXQJRELQVEHVRQGHUH(8UHFKWOLFKVWUHQJ
JHVFKW]WH$UWHQLP*HELHWYRUKDQGHQVLQGRGHU
HLQKRKHV3RWHQ]LDOIUHLQ9RUNRPPHQGLHVHU$UWHQ
YRUOLHJWXQGLQZLHZHLWGLHVH$UWHQGXUFKGLHJHSODQWH
6LHGOXQJVHQWZLFNOXQJEHHLQWUlFKWLJWZHUGHQN|QQWHQ
'LH3UIXQJJLOWLQVEHVRQGHUH
‡ $UWHQDXV$QKDQJ,9GHU))+5LFKWOLQLH5LFKWOL
QLH(:*
‡ $UWHQDXV$QKDQJ,GHU9RJHOVFKXW]5LFKWOLQLH
5LFKWOLQLH(:*
‡ JHIlKUGHWH=XJYRJHODUWHQJHP$UW$EV
9RJHOVFKXW]5LFKWOLQLH
‡ 9RJHODUWHQGHUHQ3RSXODWLRQHQLQ+HVVHQNHLQHQ
JQVWLJHQ(UKDOWXQJV]XVWDQGDXIZHLVHQ$UWLNHO
965/LQ9HUELQGXQJPLWGHP/HLWIDGHQIUGLH
DUWHQVFKXW]UHFKWOLFKH3UIXQJLQ+HVVHQ+08
(/9
,PREHQJHQDQQWHQ6LQQHJHVFKW]WH$UWHQVLQG
LP*HELHWDXVGHQ7LHUJUXSSHQGHU)OHGHUPlXVH
VlPWOLFKH$UWHQ9|JHOVLHKH7DE(XQGGHU
5HSWLOLHQ=DXQHLGHFKVH0DXHUHLGHFKVHVLHKH
7DE(YRUKDQGHQ(LQ9RUNRPPHQVWUHQJJH
0DXHUHLGHFKVHLQGHU&DPEUDL)ULWVFK.DVHUQH
6RQQHQH[SRQLHUWH%|VFKXQJLP1RUGHQGHU&DPEUDL)ULWVFK
.DVHUQHPLWGHPVWDUNHQ9RUNRPPHQGHU0DXHUHLGHFKVH
%HDFKWHQVZHUWGLHWURFNHQDXIJHVHW]WH%UXFKVWHLQPDXHU
VFKW]WHU3ÀDQ]HQDUWHQ$UWHQDXV$QK,9GHU))+
5/LVWLP5DKPHQSODQJHELHWQLFKWJHJHEHQ
,QGHU&DPEUDL)ULWVFK.DVHUQHHUIRUGHUQGLH9RU
NRPPHQLQVEHVRQGHUHEHLGHU5HSWLOLHQDUWHQVRZLH
GHU0DXHUVHJOHU.RORQLHQLP5DKPHQGHUDUWHQ
VFKXW]UHFKWOLFKHQ*HQHKPLJXQJJH]LHOWH0D‰QDK
PHQGHV$UWHQVFKXW]HV
,QGHU/LQFROQ6LHGOXQJVLQGQDFKGHU]HLWLJHU.HQQW
QLVODJHNHLQHJU|‰HUHQ5HVWULNWLRQHQDXIJUXQGGHV
$UWHQVFKXW]HV]XHUZDUWHQ
%LRWRSVFKXW]
'LHELRWRSVFKXW]UHFKWOLFKH3UIXQJEHWULIIW
‡ JHVFKW]WH%LRWRSHJHPl‰†$EV
%1DW6FK*
‡ JHVFKW]WH/HEHQVUlXPHJHPl‰$QKDQJ,GHU
))+5LFKWOLQLHXQG
‡ /HEHQVUlXPHJHVFKW]WHU$UWHQDXV$QKDQJ
,9GHU))+5LFKWOLQLHXQGDXV$QK,GHU9RJHO
VFKXW]5LFKWOLQLH†$EV%1DW6FK*
,QEHLGHQ.DVHUQHQVWDQGRUWHQVLQGELRORJLVFKKRFK
ZHUWLJH6DQGPDJHUUDVHQYRUKDQGHQZHOFKHJH
VFKW]WH%LRWRSHJHPl‰†$EV%1DW6FK*
GDUVWHOOHQVLHKH3ODQª1DWXUVFKXW]UHOHYDQWH$U
WHQ©:lKUHQGLQGHU&DPEUDL)ULWVFK.DVHUQH
-HIIHUVRQ6LHGOXQJOHGLJOLFKHWZDTPGLHVHP
%LRWRSW\SDQJHK|UHQVLQGHVLQGHU/LQFROQ6LHGOXQJ
HWZDKD
'LH%HVHLWLJXQJRGHUHUKHEOLFKH6FKlGLJXQJHL
QHVJHVFKW]WHQ%LRWRSVLVWQXUPLWHLQHUQDWXU
VFKXW]UHFKWOLFKHQ%HIUHLXQJJHPl‰†$EV
%1DW6FK*PLW'DUVWHOOXQJYRQ.RPSHQVDWLRQV
PD‰QDKPHQ]XOlVVLJIXQNWLRQDOHU$XVJOHLFK
*HVFKW]WH/HEHQVUlXPHJHPl‰$QKDQJ,GHU
5LFKWOLQLH(:*))+5LFKWOLQLHVLQGLQGHQ
EHLGHQ.RQYHUVLRQVJHELHWHQQLFKWYRUKDQGHQ
$UWHQDXV$QKDQJ,9GHU))+5LFKWOLQLHXQGDXV$QK
,GHU9RJHOVFKXW]5LFKWOLQLHVLQGGLHREHQJHQDQQWHQ
)OHGHUPlXVHGLH9RJHODUWHQ0LWWHOVSHFKW*UDX
VSHFKWXQG6FKZDU]VSHFKWXQGGLHEHLGHQ(LGHFK
VHQDUWHQ
'LH)OHGHUPlXVHXQGGLHEHWUHIIHQGHQ9RJHODUWHQ
EHVLW]HQLQGHQ.RQYHUVLRQVJHELHWHQNHLQHÀlFKHQ
KDIWHQ+DELWDWHGHUHQ9HUOXVWLQIROJHGHU]XHUZDU
WHQGHQ6LHGOXQJVHQWZLFNOXQJ]X%HHLQWUlFKWLJXQJHQ
GLHVHU$UWHQIKUHQZUGHVRQGHUQQXU6WUXNWXUHQ
ZLH1LVWVWlWWHQLQ*HElXGHQXQG*HK|O]HQ
'DJHJHQVWHOOWGHU%HUHLFKPLW)XQGSXQNWHQYRQ(L
GHFKVHQLP1RUGZHVWHQGHU&DPEUDL)ULWVFK.DVHU
QHGHQ/HEHQVUDXPHLQHUVWDUNHQ0DXHUHLGHFKVHQ
3RSXODWLRQGDU3ODQª1DWXUVFKXW]UHOHYDQWH$UWHQ©
'LHVHU/HEHQVUDXPLVWJHVHW]OLFKJHVFKW]W


(gUWOLFKHV.OLPD
'DV5DKPHQSODQJHELHWJHK|UW]XU.OLPDUHJLRQ
5KHLQ0DLQ*HELHW,P2EHUUKHLQJUDEHQXQGDQ
GHU%HUJVWUD‰HWUHWHQUHODWLYKRKH7HPSHUDWXUHQXQG
JHULQJH1LHGHUVFKODJVPHQJHQDXI+LHU]HLJWVLFK
GHUNRQWLQHQWDOH.OLPDHLQÀXVV,Q'DUPVWDGWODJGLH
PLWWOHUH-DKUHVWHPSHUDWXULP=HLWUDXPYRQELV
EHLUXQGƒ&'LHGXUFKVFKQLWWOLFKH1LHGHU
VFKODJVPHQJHODJ]ZLVFKHQXQGEHLHWZD
PPZREHLGLH+|FKVWZHUWHLQGHQ0RQDWHQ0DL
ELV$XJXVWHUUHLFKWZHUGHQ0HVVXQJHQGHV'HXW
VFKHQ:HWWHUGLHQVWHVDXIGHUKRPHSDJHGHU6WDGW
'DUPVWDGW
:lKUHQGGHU6RPPHUPRQDWHHUIlKUWGHU5DXP
'DUPVWDGWHLQHKRKH6RQQHQHLQVWUDKOXQJ,P:LQWHU
NRPPWHVKLQJHJHQLQGHU5KHLQHEHQHRIW]XHLQHU
VWDELOHQ.DOWOXIWVFKLFKWXQJXQGLQIROJHGDYRQ]X,Q
YHUVLRQVZHWWHUODJHQPLW1HEHOXQG6FKDGVWRIIDQUHL
FKHUXQJLQGHU/XIW
)UGDV5DKPHQSODQJHELHWVLQGIROJHQGHORNDONOLPD
WLVFKUHOHYDQWH)OlFKHQE]Z3UR]HVVH]XEHWUDFKWHQ
/DQGVFKDIWVSODQ'DUPVWDGW':'
3RWHQ]LHOOIULVFKOXIWSURGX]LHUHQGH)OlFKHQVLQG
GLHJUR‰ÀlFKLJHQ:DOGEHUHLFKHDQGHQZHVWOLFKHQ
2GHQZDOGKlQJHQ+LHU¿QGHWLP9HUJOHLFK]XODQG
ZLUWVFKDIWOLFKHQ1XW]ÀlFKHQLP6RPPHUQXUHLQH
Pl‰LJHQlFKWOLFKH/XIWDENKOXQJVWDWW-HGRFKLVW
DXIJUXQGGHVKRKHQ6WUXNWXUUHLFKWXPVXQGGHUJUR
‰HQ/XIWYROXPHQVGLH)LOWHUZLUNXQJDXI6WDXE/XIW
VFKDGVWRIIHXQGDXFK/lUPKRFK'LH(IIHNWLYLWlWGHU
)ULVFKOXIWELOGXQJXQGGHV±WUDQVSRUWHVLVWDEKlQJLJ
YRQ$EÀXVVLP*HOlQGH6RVLQGGLH:DOGÀlFKHQ
|VWOLFKGHU&DPEUDL)ULWVFK.DVHUQHHIIHNWLYHUDOVGLH
:lOGHUGHU5KHLQHEHQH$P%HVVXQJHU+DQJNRPPW
HVZlKUHQG]LUNXODWLRQVDUPHU+RFKGUXFNODJHQ]X
QlFKWOLFKHQZHVWZlUWVDEÀLH‰HQGHQ6FKZDFKZLQGHQ
':'
3RWHQ]LHOONDOWOXIWSURGX]LHUHQGH)OlFKHQVLQG
LQVEHVRQGHUH*UQODQGXQGYHJHWDWLRQVEHGHFN
WH$FNHUÀlFKHQZHOFKHQlFKWOLFKEHVRQGHUVVWDUN
DENKOHQ,KUHORNDONOLPDWLVFKH(IIHNWLYLWlWLVWHEHQ
IDOOVYRQGHQ$EÀXVVYHUKlOWQLVVHQDEKlQJLJ,P
3ODQXQJVJHELHWVLQGNDOWOXIWSURGX]LHUHQGH)OlFKHQLQ
EHJUHQ]WHP8PIDQJLP6DXEDFKWDOXQGLQGHQ5D
VHQXQG:LHVHQÀlFKHQGHU.RQYHUVLRQVVWDQGRUWH
JHJHEHQ
'LHORNDOHQ)ULVFKE]Z.DOWOXIWPDVVHQÀLH‰HQÀl
FKLJKDQJDEZlUWVRGHUIROJHQDEKlQJLJYRQGHUWR
SRJUDSKLVFKHQ6LWXDWLRQYRUKDQGHQHQ/XIWOHLWXQG
±VDPPHOEDKQHQ(LQHVROFKH/XIWOHLWEDKQVWHOOWGDV
6DXEDFKWDOGDUGHVVHQ/HLVWXQJVIlKLJNHLWGXUFKGLH
%DXN|USHUGHU$NDGHPLHIU7RQNXQVWXQGGLH/LFK
WHQEHUJVFKXOHDOOHUGLQJVVWDUNHLQJHVFKUlQNWZLUG
'DVORNDOH:LQGV\VWHPDXVZHVWZlUWVDEÀLH‰HQGHU
)ULVFKXQG.DOWOXIWLVW]XPLQGHVWLQEHLGHQ.RQYHUVL
RQVJHELHWHQSRVLWLYNOLPDZLUNVDP
,QGHU(EHQHZLUNVDPH)OXUZLQGHVLQGDXIJUXQGGHU
EHKLQGHUQGHQ:LUNXQJYRQ:DOGXQG%HEDXXQJLP
*HELHW/LQFROQ6LHGOXQJRKQHJU|‰HUH%HGHXWXQJ
,PJUR‰UlXPOLFKHQ0D‰VWDEZHLVWGLH.OLPDIXQNWL
RQVNDUWH+HVVHQGDV6LHGOXQJV
EDQGHQWODQJGHU+HLGHOEHUJHU6WUD‰HDOVªSRWHQ
]LHOOEHUZlUPWHQ6WDGWUDXP©XQGGLH:DOGEH
UHLFKH|VWOLFKGHU&DPEUDL)ULWVFK.DVHUQHDOV
ªSRWHQ]LHOOKRFKDNWLYHV)ULVFKOXIWHQWVWHKXQJV
JHELHW©DXV
1DFKGHU:XFKVNOLPD*OLHGHUXQJYRQ+HVVHQ
(OOHQEHUJ	(OOHQEHUJOLHJWGHU6
GHQ%HVVXQJHQVLQHLQHP*HELHWGDVGLHLPKHV
VLVFKHQ0D‰VWDEK|FKVWH:lUPHVXPPHQVWXIH
ªVHKUZDUP©HUUHLFKW(VEHVWHKWHLQH(LJQXQJ
]XP(UZHUEV:HLQEDXDQVSlWIURVWVLFKHUHQ+lQJHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
(/DQGVFKDIWVELOG
8QWHU/DQGVFKDIWVELOGZLUGGDVYRP0HQVFKHQZDKU
JHQRPPHQH(UVFKHLQXQJVELOGHLQHU/DQGVFKDIW
DXFKQLFKWYLVXHOOH(LQGUFNHZLH*HUFKHXQG*H
UlXVFKHYHUVWDQGHQ(VZLUGVRZRKOGXUFK1DWXU
9HJHWDWLRQ%RGHQ*HRORJLH«ZLHDXFKGXUFK
.XOWXUJHSUlJW
'LH(OHPHQWHHLQHV/DQGVFKDIWVELOGHVN|QQHQZHLW
JHKHQGQDWUOLFKHQ8UVSUXQJVVHLQ7RSRJUD¿H*H
OlQGHIRUPDWLRQHQ9HJHWDWLRQRGHU*HZlVVHURGHU
GXUFKPHQVFKOLFKH7lWLJNHLWEHHLQÀXVVWH/DQGVFKDIW
VHOHPHQWH]%+HFNHQSÀDQ]XQJHQEHVRQGHUVJH
VWDOWHWH)OlFKHQRGHU*HElXGH
:LHVFKRQREHQGDUJHVWHOOWLVWGDV/DQGVFKDIWVELOG
LP3ODQXQJVUDXPQLFKWKRPRJHQ
'HUYLVXHOOHUIDKUEDUH5DXPZLUGGXUFK:lOGHU+H
FNHQXQG*HEVFKHJHUDKPWXQGEHJUHQ]W:HLWH
$XVEOLFNHEHURGHULQGLH/DQGVFKDIWVLQGQXUDQ
ZHQLJHQH[SRQLHUWHQ6WHOOHQP|JOLFK'HP%HVXFKHU
GHV*UQ]XJV%HVVXQJHQ6GYHUEOHLEHQVFKPDOH
WHLOZHLVHXQEHIHVWLJWH3IDGHGLHVHLWOLFKGXUFK+H
FNHQRGHU=lXQHGHQHUIDKUXQGZDKUQHKPEDUHQ
5DXPHLQHQJHQ]%DP3ROL]HLSUlVLGLXPRGHUGHU
/LFKWHQEHUJVFKXOH
'HQQRFKJLEWHV]DKOUHLFKH2UWHLP*UQ]XJ
%HVVXQJHQ6G]%HQWODQJGHV6DXEDFKVGLHGLH
6FK|QKHLWXQG9LHOJHVWDOWGHV5DXPVZLGHUVSLHJHOQ
(LQDOVKRPRJHQZDKUQHKPEDUHV(UVFKHLQXQJVELOG
YRQ/DQGVFKDIWLVWQLFKWYRUKDQGHQ5HOLNWHQDWU
OLFKHURGHUQDWXUQDKHU%HVWlQGHVLQGGLH/DXE
XQG0LVFKZDOGEHUHLFKHDP%HVVXQJHU+DQJE]Z
%HVVXQJHU5FNHQ'LHDQGHUHQ)OlFKHQVLQGGXUFK
PHQVFKOLFKH(LQZLUNXQJZHLWJHKHQGNXOWXURGHU
WHFKQLVFKEHUSUlJW-HQDFK.XOLVVHXQG6WDQGRUW
VLQG'DFKODQGVFKDIWHQ.DVHUQHQ*HElXGH(LQIULH
GXQJHQRGHUGHXWOLFKH/DQGVFKDIWV]lVXUHQZLH6WUD
‰HQXQG%DKQN|USHUZDKUQHKPEDU(LQHHLQKHLWOLFKH
&KDUDNWHULVWLNRGHU5K\WKPLNGHV5DXPVLVWQLFKW
JHJHEHQ
'LHKRKH$Q]DKOYLVXHOOHUOHEEDUHU6WUXNWXUHQVSLH
JHOWHLQHQHKHUW\SLVFKHQ5DQGEHUHLFKHLQHUEHEDX
WHQ2UWVODJHZLGHU9HUNHKUVEHGLQJWH*HUlXVFKH
LQVEHVRQGHUHYRPPRWRULVLHUWHQ9HUNHKUDXIGHU
+HLGHOEHUJHU6WUD‰HXQGGHU.DUOVUXKHU6WUD‰HVLQG
MHQDFK:HWWHUODJHXQG(QWIHUQXQJPDOJHULQJHUPDO
ODXWHULPJHVDPWHQ3ODQXQJVUDXP]XYHUQHKPHQ
$WWUDNWLYH%OLFNEH]LHKXQJHQHUJHEHQVLFKYRQKDQJ
H[SRQLHUWHQ6WHOOHQ]XU5KHLQHEHQH]XU.HUQVWDGW
XQG]XUQlKHUHQ8PJHEXQJ


æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
( 5DKPHQSODQXQG(QWZLFNOXQJVNRQ]HSW/LQFROQ6LHGOXQJ
'DVEHGHXWHW*UQÀlFKHQLQDXVUHLFKHQGHU*U|
‰HXQGIUMHGH=LHOJUXSSHLQHUUHLFKEDUHU1lKH
]XGHQ:RKQXQJHQRGHUJHPHLQVFKDIWOLFKHQ(LQ
ULFKWXQJHQDQ]XELHWHQ
.RQÀLNWHGLHVLFKDXV)UHLUDXPQXW]XQJHQZLH
6SLHOHQRGHU%HZHJXQJVDNWLYLWlWHQHUJHEHQ
N|QQHQVLQGLP9RUIHOG]XPLQLPLHUHQ,QGHQ
4XDUWLHUHQVLQG*UQYHUELQGXQJHQKHU]XVWHOOHQ
GLHZLFKWLJH=LHOHLQQHUKDOERGHUDQGHQ4XDU
WLHUVUlQGHUQYHUELQGHQVRGDVVGLHVHJHIDKUORV
YRQ.LQGHUQRGHUlOWHUHQ0HQVFKHQHUUHLFKWZHU
GHQN|QQHQ(VLVWHLQHEHVSLHOEDUH8PZHOWXQG
HLQDQUHJHQGHV:RKQXPIHOG]XVFKDIIHQGDV]XU
.RPPXQLNDWLRQXQG]XHLQHPJHVHOOVFKDIWOLFKHQ
0LWHLQDQGHUDXIIRUGHUW
‡ :HUWYROOH /HEHQVUlXPHYRQ3ÀDQ]HQXQG7LH
UHQZLHGDV1DWXUVFKXW]JHELHWª%HVVXQJHU.LHV
JUXEH©GLHDXVJHSUlJWHQ0DJHUUDVHQVWDQGRUWH
LQGHU/LQFROQ6LHGOXQJXQGGHU6RQGHUVWDQGRUW
GHU0DXHUHLGHFKVHQSRSXODWLRQLQGHU&DPEUDL
)ULWVFK.DVHUQHVLQG]XVLFKHUQXQG]XHQWZL
FNHOQ
‡ )|UGHUXQJGHU,GHQWLWlWGHU4XDUWLHUH GXUFK
(UKDOWZHUWYROOHU%DXPEHVWlQGHLQGHU&DPEUDL
)ULWVFK.DVHUQHXQG-HIIHUVRQ6LHGOXQJ
‡ (QWZLFNOXQJYRQ*UQVWUXNWXUHQ GLHGHU2UL
HQWLHUXQJLQQHUKDOEXQGGHU,GHQWLWlWGHU4XDUWLH
UHGLHQHQ
,QGHU%UJHU3ODQXQJVZHUNVWDWW$XJXVWXQG
)HEUXDUZXUGHQIROJHQGH:QVFKHXQG$QUH
JXQJHQYRUJHWUDJHQGLHEHLGHU3ODQXQJ%HUFNVLFK
WLJXQJ¿QGHQVROOHQWHLOZHLVHYHUHLQIDFKWZLHGHUJH
JHEHQ
%4XDOLWlWVYROOH)UHLUlXPHSODQHQDXVUHLFKHQG
(UOHEQLVXQG6SLHOUlXPHVRZLH1DWXUVSLHOSOlW]H
VFKDIIHQ
%*UQHV,PDJHVWlUNHQYLHO*UQDQ6WUD‰HQXQG
:RKQDQODJHQ
%5HVSHNWLHUHQVFKXW]ZUGLJHU1DWXUXQG/H
EHQVUlXPHXQGDXFKGHV%DXPEHVWDQGVHUIRU
GHUOLFKH(UVFKOLH‰XQJVPD‰QDKPHQVROOHQVRVFKR
QHQGZLHP|JOLFKXPJHVHW]WZHUGHQ
(5DKPHQSODQJHELHW
'LHODQGVFKDIWVXQGIUHLUDXPSODQHULVFKHQ=LHOHJH
KHQDXIGUHL4XHOOHQ]XUFN
‡ GLH%HVWDQGVDQDO\VHGHUQDWXUUlXPOLFKHQ4XDOL
WlWHQGHV*HELHWV
‡ GLHVWDGWHQWZLFNOXQJVSROLWLVFKEHJUQGHWHQ=LHO
VHW]XQJHQ
‡ GLH:QVFKHXQG$QUHJXQJHQDXVGHU3ODQXQJV
ZHUNVWDWWPLWGHQ%UJHUQ
1DFKIROJHQGZHUGHQGLHVH=LHOHHUOlXWHUW3XQNWXHOO
ZHUGHQGLH(UJHEQLVVHGHU3ODQXQJVZHUNVWDWWHLQJH
VSLHJHOW
'LH/DQGVFKDIWVXQGIUHLUDXPSODQHULVFKH(QWZLFN
OXQJGHV5DKPHQSODQJHELHWVKDWIROJHQGH6FKZHU
SXQNWH
‡ 'LH :LHGHUKHUVWHOOXQJHLQHVQDKH]XJHVFKORV
VHQHQ)UHLUDXPV\VWHPVXPGLH6WDGW'DUP
VWDGWXQGGDPLWYHUEXQGHQHLQHEHVVHUH(U
UHLFKEDUNHLW(UVFKOLH‰XQJGHUVLHGOXQJVQDKHQ
(UKROXQJVUlXPH
8PGLHVHV=LHO]XHUUHLFKHQVLQGLQGHQ.RQYHU
VLRQVJHELHWHQDXVUHLFKHQG)OlFKHQIUDWWUDNWLYH
*UQYHUELQGXQJHQYRU]XVHKHQ
,P1RUGHQGHU&DPEUDL)ULWVFK.DVHUQHVLQGIU
HLQH:HLWHUIKUXQJXQG$XIZHUWXQJGHV*UQ
]XJV%HVVXQJHQ6GVRZLHLP6GHQGHU-HI
IHUVRQ6LHGOXQJ)OlFKHQ]XU:LHGHUKHUVWHOOXQJ
HLQHV:DOGXQG3DUNVWUHLIHQVJHSODQW
,QGHU/LQFROQ6LHGOXQJVLQG)OlFKHQLQKLQUHL
FKHQGHU*U|‰HXQG4XDOLWlWYRU]XKDOWHQGLHGHQ
$QVFKOXVV]XP*UQ]XJ+HLPVWlWWHQ6LHGOXQJ
HUP|JOLFKHQ
‡ 'XUFK DWWUDNWLYH*UQYHUELQGXQJHQLVWHLQH
JXWH9HUQHW]XQJGHUQHXHQ:RKQTXDUWLHUHPLW
%HVVXQJHQXQG(EHUVWDGWKHU]XVWHOOHQ
‡ ,QGHQ4XDUWLHUHQVLQG IXQNWLRQLHUHQGHDQJH
PHVVHQHXQGTXDOLWlWYROOH)UHLUlXPHQ]XHQW
ZLFNHOQGLHGDV:RKQHQVLQQYROOHUJlQ]HQXQG
GHQ%HGDUIDQSULYDWHPXQG|IIHQWOLFKHP)UHL
UDXPGHFNHQ



 )UHLUDXPNRQ]HSW

5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DLP

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
%6HOEVWJHVWDOWXQJVP|JOLFKNHLWHQLPXQPLWWHOED
UHQ:RKQXPIHOGXQGLQ|IIHQWOLFKHQ*UQÀlFKHQ
YRUVHKHQ
%'HU*UQ]XJ%HVVXQJHQ6GLVWDXI]XZHUWHQ
XQG]XHQWZLFNHOQ
%'LUHNWH:HJHYHUELQGXQJHQYRP:RKQXPIHOGLQGLH
1DKHUKROXQJVJHELHWHVLQG]XEHUFNVLFKWLJHQ
%HLGHU5HDOLVLHUXQJGHUYRUJHQDQQWHQ=LHOVHW]XQJHQ
NRPPWGHP*UQ]XJ%HVVXQJHQ6GGHUMDDX‰HU
KDOEGHUHLJHQWOLFKHQ.RQYHUVLRQVÀlFKHQOLHJWDOV
6WDQGRUWIUHUJlQ]HQGH6SLHOXQGLQIRUPHOOHVSRUW
OLFKH$NWLYLWlWHQHLQHJUR‰H%HGHXWXQJ]X,QGHQ
*UQ]J%HVVXQJHQ6GN|QQHQGLHPLWP|JOLFKHQ
/lUPNRQÀLNWHQYHUEXQGHQH6SLHODQJHERWHIU.LQ
GHUXQG-XJHQGOLFKHUHODWLYXQSUREOHPDWLVFKHLQ
JHEHWWHWZHUGHQ,QQHUKDOEHLQHV:RKQJHELHWVVLQG
VROFKH.RPSOHPHQWlUQXW]XQJHQDXIJUXQGJHVHW]OL
FKHU5HJHOXQJHQQXUPLWHUKHEOLFKHPWHFKQLVFKHQ
$XIZDQG]XYHUZLUNOLFKHQ

1DFK(UIDKUXQJVZHUWHQVLQGYRQHLQHPDOOJHPHLQHQ
:RKQJHELHW$EVWlQGHYRQFDP]XHLQHP%RO]
SODW]HUIRUGHUOLFK6NDWHUDQODJHQEHQ|WLJHQXQJHIlKU
GRSSHOWVRJUR‰H$EVWlQGHYJO%D\ULVFKHV/DQGHV
DPWHVIU8PZHOW'LHVH$EVWlQGHN|QQHQ
YHUNOHLQHUWZHUGHQZHQQ]HLWOLFKH1XW]XQJVHLQ
VFKUlQNXQJHQXPVHW]EDUVLQG0|JOLFKH1XW]XQJV
HLQVFKUlQNXQJHQODVVHQVLFKQXUGDQQGXUFKVHW]HQ
ZHQQGLH$QODJHQYHUVFKORVVHQZHUGHQN|QQHQ
'LHVLVWMHGRFKEHL|IIHQWOLFKQXW]EDUHQ)OlFKHQLG5
QLFKWGXUFKE]ZXPVHW]EDU

$OV.RQVHTXHQ]DXVGLHVHQ(UIDKUXQJVZHUWHQZLUG
HVHUIRUGHUOLFKVHLQHPLVVLRQVWUlFKWLJHDEHUQDFK
JHIUDJWHXQGGDPLWQRWZHQGLJH6SLHOXQG%HZH
JXQJVÀlFKHQQLFKWLQGHQ]XHQWZLFNHOQGHQ:RKQJH
ELHWHQYRU]XKDOWHQVRQGHUQLPIX‰OlX¿JXQGVLFKHU
HUUHLFKEDUHQ8PIHOGGHV*UQ]XJV%HVVXQJHQ6G
6RN|QQHQGLHQHXHQ:RKQTXDUWLHUHRKQH9HUOXVWH
DQ)UHLUDXPTXDOLWlWDQJHPHVVHQHQWZLFNHOWZHUGHQ
'LHJU|‰HUH:RKQUXKHVWHOOWHLQHQKRKHQ:HUWXQG
VRPLWDXFKHLQHQ9HUPDUNWXQJVYRUWHLOGDU
(&DPEUDL)ULWVFK.DVHUQHXQG
 -HIIHUVRQ6LHGOXQJ
(VLVWEHDEVLFKWLJWIUGDV*HELHWGHU&DPEUDL
)ULWVFK.DVHUQHHLQHQVWlGWHEDXOLFKIUHLUDXPSODQHUL
VFKHQ:HWWEHZHUEGXUFK]XIKUHQ'DVEHGLQJWGDVV
LQGHU5DKPHQSODQXQJIUGLH&DPEUDL)ULWVFK.DVHU
QHQXUDOOJHPHLQHODQGVFKDIWVXQGIUHLUDXPSODQHUL
VFKH4XDOLWlWV]LHOHXQG5DKPHQVHW]XQJHQGDUJHOHJW
ZHUGHQN|QQHQ1XULQZHQLJHQEHJUQGEDUHQ)lOOHQ
HUIROJHQNRQNUHWH9HURUWXQJHQXQG0D‰QDKPHQYRU
VFKOlJH
1DFKGHQ9RUJDEHQGHVVWlGWHEDXOLFKHQ(QWZXUIV
ZHUGHQLQGHU&DPEUDL)ULWVFK.DVHUQHXQG-HIIHUVRQ
6LHGOXQJFD0HQVFKHQ:RKQUDXP¿QGHQN|Q
QHQ'LHYHUNHKUOLFKH(UVFKOLH‰XQJHUIROJWZHLWJHKHQG
EHUGLHLP%HVWDQGYRUKDQGHQHQ6WUD‰HQ
)UGLH)UHLUDXPHQWZLFNOXQJHUJHEHQVLFKIROJHQGH
6FKZHUSXQNWH+DQGOXQJVHPSIHKOXQJHQ
:LHGHUKHUVWHOOHQYRQ:HJHYHUELQGXQJHQ
XQG9HUQHW]XQJQDFK%HVVXQJHQ
(EHUVWDGWXQG]XGHQXPJHEHQGHQ
1DKHUKROXQJVUlXPHQ
)UGLH9HUNQSIXQJGHU&DPEUDL)ULWVFK.DVHUQH
PLW%HVVXQJHQLVWHVHUIRUGHUOLFK)X‰XQG5DGZH
JHQDFK1RUGHQLQKLQUHLFKHQGHU4XDOLWlWKHU]XVWHO
OHQGDPLWGLHVHDQJHQRPPHQZHUGHQXQGGDXHUKDIW
IXQNWLRQLHUHQ6WLFKZRUWHDXVUHLFKHQGH:HJHEUHLWHQ
IHVWHEHQXW]HUIUHXQGOLFKH%HOlJH%HOHXFKWXQJ9HU
ZHLODQJHERWH'XUFKIKUXQJYRQ3ÀHJHPD‰QDKPHQ
]XU(UKDOWXQJGHU6LFKWRIIHQKHLWXQGGDPLW6LFKHUKHLW
GXUFKVR]LDOH.RQWUROOH
'LH6FKXOVWDQGRUWH/LFKWHQEHUJVFKXOHQHXH6FKXO
VWDQGRUWHLQGHU/LQFROQ6LHGOXQJVRZLH&DPEUDL
)ULWVFK.DVHUQHPVVHQIU6FKOHUDXVEHLGHQ
QHXHQ:RKQJHELHWHQJOHLFKHUPD‰HQHUUHLFKEDUVHLQ
+LHUIUVLQG]ZLQJHQGQHXH6FKXOZHJHKHU]XVWHOOHQ
'LHVHQHXHQ6FKXOZHJHVLQGDOVDWWUDNWLYH*UQYHU
ELQGXQJHQ]XJHVWDOWHQ6LHPVVHQEUHLWJHQXJDXV
JHEDXWZHUGHQJXWEHOHXFKWHWVHLQXQGVRZHLWP|J
OLFKVR]LDONRQWUROOLHUEDU
(LQHQ|UGOLFKH:HJHXQG*UQYHUELQGXQJYHUOlXIW
]ZLVFKHQGHU+HLGHOEHUJHU6WUD‰HXQGGHU/XGZLJV



)UHLUDXPNRQ]HSW$XVVFKQLWW&DPEUDL)ULWVFK.DVHUQHXQG-HIIHUVRQ6LHGOXQJ


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
K|KVWUD‰HYHUELQGHWVRPLWGLH/LQFROQ6LHGOXQJPLW
GHU/LFKWHQEHUJVFKXOH'DEHLVFKQHLGHWVLHGHQ1RU
GHQGHV1DWXUVFKXW]JHELHWVª%HVVXQJHU.LHVJUXEH©
:HLWHUVGOLFKIKUWHLQH:HJH*UQYHUELQGXQJEHU
GHQDXV]XEDXHQGHQ6DQGZHJ
'LHDOWHQ:HJHEH]LHKXQJHQZLHGLHGHUKLVWRULVFKHQ
%HUJVWUD‰H/XGZLJVK|KVWUD‰H+HLQULFK'HOS6WUD
‰HGHUDOWHQ%RJHQVFKQHLVHRGHUGHV6DQGZHJV
/XGZLJVZHJVVLQGZLHGHUKHU]XVWHOOHQGDGLHVH]XU
(UVFKOLH‰XQJGHVVG|VWOLFKHQ1DKHUKROXQJVUDXPV
XPGLH/XGZLJVK|KH0DULHQK|KHHUIRUGHUOLFKVLQG
(VZLUGIUGHQVWlGWHEDXOLFKHQ:HWWEHZHUEHPSIRK
OHQGLHVH:HJHLP:RKQTXDUWLHUDOVHUOHEEDUH*UQ
YHUELQGXQJHQDXV]XIRUPXOLHUHQ
6WDGWUlXPOLFKH%H]JHHUKDOWHQ
(VVLQG%OLFNEH]LHKXQJHQ]XU-RKDQQLVNLUFKHYRP
]HQWUDOHQ%HUHLFKGHU&DPEUDL)ULWVFK.DVHUQH]X
HUKDOWHQ
5DQG]RQHQGHU&DPEUDL)ULWVFK.DVHUQHVLQGLP1RU
GHQ]XPLQGHVWWHLOZHLVHGHUgIIHQWOLFKNHLW]XJlQJOLFK
]XKDOWHQGDYRQKLHUDXVEHVRQGHUH$XVEOLFNHDXIGLH
5KHLQHEHQH'DUPVWDGWXQGGHQ*UQ]XJ%HVVXQJHQ
6GP|JOLFKVLQG
,QQHUHV*UQV\VWHP*UXQGODJHQGHU
)UHLUDXPHQWZLFNOXQJLQGHU&DPEUDL
)ULWVFK.DVHUQH
(VVLQGLQGHU3ODQXQJIUDOOHJHVHOOVFKDIWOLFKHQ*UXS
SHQ)UHLUlXPH]XEHUFNVLFKWLJHQ'HU)UHLUDXPLVWLP
+LQEOLFNDXIVHLQHVR]LDOHQ)XQNWLRQHQ]XVWUXNWXULHUHQ
XQGUlXPOLFK]XJOLHGHUQ'DEHLLVWGHU|IIHQWOLFKH)UHL
UDXPGHUMHQLJH2UWDQGHPHLQJHPHLQVFKDIWOLFKHV
0LWHLQDQGHUHUP|JOLFKWZHUGHQVROO
'LHEHVRQGHUHQ%HGDUIHYRQ)DPLOLHQ.LQGHUQ-X
JHQGOLFKHQ)UDXHQVRZLHlOWHUHQ0HQVFKHQVLQG]X
EHUFNVLFKWLJHQ6WLFKZRUWHVLQGEHVSLHOEDUH8PZHOW
VLFKHUHXQGVR]LDONRQWUROOLHUWH:HJHXQG*UQÀl
FKHQ%DUULHUHIUHLKHLW9HUZHLOVWlWWHQ
0RELOLWlWVROODXFKXQJHVW|UWXQGXQEHHLQWUlFKWLJWYRQ
PRWRULVLHUWHP3HUVRQHQYHUNHKULP4XDUWLHUP|JOLFK
VHLQ$XWRIUHLHLQQHUH*UQYHUELQGXQJHQVLQGXQYHU
]LFKWEDU
(VLVWHLQJHVWXIWHV)UHLUDXPV\VWHP]XHQWZLFNHOQ
SULYDWHXQGKDOESULYDWHVRZLH|IIHQWOLFKH)UHLUlX
PH
%HVRQGHUH%HDFKWXQJVROOWHEHLGHU)UHLUDXPHQW
ZLFNOXQJGLHLP*HELHWYRUKDQGHQHE]ZKHUVWHOOEDUH
+|KHQVWXIXQJ¿QGHQZHLOGLHVHPLWJUR‰HU$WWUDNWLYL
WlWYHUEXQGHQLVW
3ULYDWH)UHLUlXPHVROOWHQP|JOLFKVWXQJHVW|UWQXW]
EDUVHLQ.RQÀLNWWUlFKWLJH6LWXDWLRQHQVLQG]XYHUPHL
GHQ]%XQJHVFKW]WH:RKQWHUUDVVHQGLHGLUHNWDQ
VWDUNIUHTXHQWLHUWH6SLHOEHUHLFKHJUHQ]HQ
,PXQPLWWHOEDUHQ:RKQXPIHOGVROOWHQ0|JOLFKNHLWHQ
HLJHQYHUDQWZRUWOLFKHU*HVWDOWXQJIUGLH$QZRKQHU
JHJHEHQZHUGHQ
'LH*UQÀlFKHQGHVJHVDPWHQ4XDUWLHUVHLQVFKOLH‰
OLFKGHV*UQ]XJVVROOWHQVRZHLWZLHP|JOLFK]X
HLQHPEHVSLHOEDUHQ:RKQXPIHOGHQWZLFNHOWZHUGHQ
XDGXUFKGLH6FKDIIXQJYRQ6SLHOSXQNWHQLQ*UQ
YHUELQGXQJHQXQGHQWODQJYRQ:HJHQ
(LQH*OLHGHUXQJGHU%DXÀlFKHQGXUFK*UQUlXPH
*UQYHUELQGXQJHQVXLVWZQVFKHQVZHUW
6SLHOXQG%HZHJXQJVÀlFKHQ
6SLHOÀlFKHQEHGDUIH
'HU6SLHOÀlFKHQEHGDUIRULHQWLHUWVLFKDQGHQ(PS
IHKOXQJHQGHU$5*(%$8XQGGHQ9RUJDEHQGHU
6R]LDOYHUZDOWXQJGHU6WDGW'DUPVWDGW'H]HUQDW9
6R]LDOXQG-XJHQGKLOIHSODQXQJYRPVR
ZLHIDFKOLFKHQ(UNHQQWQLVVHQ
'DQDFKVLQGMH(LQZRKQHUFDTP%UXWWRVSLHOÀl
FKHYRU]XVHKHQ'LH$OWHUVJUXSSHQVLQGTXDQWLWDWLY
]XEHUFNVLFKWLJHQ)UDOOH$OWHUVJUXSSHQVLQGLP
%HUHLFKGHU:RKQEHEDXXQJ6SLHORUWHLQJXWHU/DJH
(UUHLFKEDUNHLWYRU]XVHKHQ
:HLWHUH4XDOLWlWVPHUNPDOHKLHU]XVLQGZHLWHUXQWHQ
LP3XQNWª%HJUQGXQJGHU)UHLUDXPEHGDUIHXQG)Ol
FKHQDXVZHLVXQJHQ©DXIJHIKUW
,PDQJUHQ]HQGHQ*UQ]J%HVVXQJHQ6GVLQGHU
JlQ]HQGHRGHUDXFKQXUGRUWVLQQYROOXQGNRQÀLNWDUP
LQWHJULHUEDUH6SLHODQJHERWHIU.LQGHUXQG-XJHQGOL
FKHYRU]XVHKHQ,QVEHVRQGHUHIUJHUlXVFKLQWHQVLYH
6SLHOXQGLQIRUPHOOHVSRUWOLFKH$NWLYLWlWHQZHUGHQ
KLHU0|JOLFKNHLWHQJHVHKHQHEHQVRIUZDOGJHSUlJ
WH1DWXUVSLHOSOlW]H
9RQHLQHUVLQQYROOHQUlXPOLFKHQ2UGQXQJOlUPLQWHQ
VLYHU6SLHOHLQULFKWXQJHQSUR¿WLHUWGLHQHXH6LHGOXQJ
DOV:RKQVWDQGRUWHUKHEOLFK=XGHPP|FKWHQDXFK
-XJHQGOLFKHQLFKWLPPHUªPLWWHQGULQ©LP:RKQJHELHW
VHLQXQGXQWHUVR]LDOHU.RQWUROOHVWHKHQ
3ULYDWHU)UHLUDXPEHL
*HVFKRVVZRKQXQJVEDX
:LUG*HVFKRVVZRKQXQJVEDXYRUJHVHKHQVRVLQG
IROJHQGH%HGDUIHDOVZRKQXQJVQDKHUSULYDWHU)UHL
UDXP]XEHUFNVLFKWLJHQMH:RKQXQJHQ
*DUWHQ
'LHVHUVROOWHLP%HGDUIVIDOOHDOV0LHWHUJDUWHQGLUHNW
GHQ(UGJHVFKRVVZRKQXQJHQ]XJHRUGQHWVHLQ$EHU
DXFK:RKQXQJHQDXVGHP2EHUJHVFKRVVN|QQHQ
*lUWHQ]XJHZLHVHQZHUGHQ,P,GHDOIDOOLVWHLQGLUHN
WHU=XJDQJEHUHLQH7UHSSHDXVGHP6WRFNYRU
]XVHKHQ
$XFKVLQG*HPHLQVFKDIWVJlUWHQGHQNEDUGLHQHEHQ
GHU)UHLUDXPIXQNWLRQHLQHJU|‰HUHVR]LDOH%HGHX
WXQJLQVEHVRQGHUHIUlOWHUH0HQVFKHQKDEHQ
N|QQHQ
'LHRSWLPDOH*U|‰HYRQ0LHWHUJlUWHQNDQQDQGLHVHU
6WHOOHQLFKWGH¿QLHUWZHUGHQ(VLVWMHGRFK]XEHGHQ
NHQGDVVDXFKNOHLQH7HUUDVVHQJlUWHQRIWPDOVVFKRQ
GHQ:XQVFKQDFKHLQHPSULYDWHQ)UHLUDXPHUIO
OHQ,QGLHVHP=XVDPPHQKDQJZLUGDXIGLH7DEHOOH
ªhEHUVLFKW]X(PSIHKOXQJHQIUGLH*U|‰HHLQ]HOQHU
*DUWHQW\SHQ©ZHLWHUXQWHQYHUZLHVHQ
*HK|O]EHVWlQGH(UKDOWYRQ,GHQWLWlW
EHVWLPPHQGHQ*UQVWUXNWXUHQ
%DXPEHVWDQG
'LH*HK|O]EHVWlQGHLQGHU&DPEUDL)ULWVFK.DVHUQH
XQG-HIIHUVRQ6LHGOXQJVLQGJHPl‰GHUDEJHVWXI
WHQ%HZHUWXQJLP%DXPJXWDFKWHQEHLGHU3ODQXQJ
]XEHUFNVLFKWLJHQ'HQZHUWYROOHUHQ%DXPJUXSSHQ
RGHU6ROLWlUElXPHQLVWDXFKLP6LQQHHLQHVTXDOL
WlWYROOHQVWlGWHEDXOLFKHQ(QWZXUIVK|KHUH%HDFKWXQJ
]XJHEHQ
'LH*HK|O]HGHU:HUWVWXIHªDEVROXWHUKDOWHQVZU
GLJ©VLQGPLWHQWVSUHFKHQGKRKHU3ULRULWlW]XEHUFN
VLFKWLJHQ'LHVEHGHXWHWLKUH(UKDOWXQJVRIHUQQLFKW
ZHVHQWOLFKHSODQHULVFKH*UQGHGDJHJHQVWHKHQ


5HOHYDQWIUGLH*HK|O]HUKDOWXQJVLQGDXFKJJIJH
SODQWH9HUlQGHUXQJHQGHV*HOlQGHSUR¿OV$EJUDEXQ
JHQGHV:XU]HOKRUL]RQWVVLQGEHLZHUWYROOHQ%lXPHQ
]ZLQJHQG]XXQWHUODVVHQ
,P)DFKSODQXPJUHQ]WVLQGGLH*HK|O]EHVWlQGHGLH
DXIJUXQGLKUHU:HUWLJNHLWXQGÀlFKHQKDIWHQ$XVGHK
QXQJDOV]XHUKDOWHQHPSIRKOHQZHUGHQGD]XJHK|UW
DXFKGLH%DXP]HLOHDXV5RVVNDVWDQLHQ
=XVDPPHQKlQJHQGHOLFKWH*HK|O]EHVWlQGHN|QQHQ
IUNOHLQHUH6SLHORGHUIU9HUZHLODQJHERWHJHQXW]W
ZHUGHQ(LQVHQVLEOHU8PJDQJPLWGHP*HK|O]EH
VWDQGLVWGDEHLYRUDXV]XVHW]HQ
(UKDOWGHVSUlJHQGHQ4XDUWLHUVSODW]HV
'HQNPDOVFKXW]
'HU]HQWUDOH3ODW]DOV7HLOGHUGHQNPDOJHVFKW]WHQ
*HVDPWDQODJHLVWLQVHLQHU*HVWDOWTXDOLWlW]XHQWZL
FNHOQ(VVROOHQKLHUIUQXW]XQJVDGlTXDWHXQGGHQN
PDOJHUHFKWH9RUVWHOOXQJHQIRUPXOLHUWZHUGHQ'LH
3ODW]ÀlFKHLVWYRQWHFKQLVFKHQ%DXZHUNHQRGHU(LQ
EDXWHQIUHL]XKDOWHQ'LH(QVHPEOHTXDOLWlWZLUGQXU
]XHUKDOWHQVHLQZHQQGDV=XVDPPHQVSLHO]ZLVFKHQ
)UHLUDXPXQG*HK|O]EHVWDQGPLWGHU+RFKEDXDUFKL
WHNWXUEHVWHKHQEOHLEW
:DOGJUWHOLP6GHQ
,P6GHQGHU-HIIHUVRQ6LHGOXQJLVWHLQ3DUNXQG
:DOGJUWHO]XU9LOOHQ.RORQLH(EHUVWDGW1RUG]X
EHUFNVLFKWLJHQ'LHVHJUQH=lVXUGLHQWGHU,GHQWL
WlWVVWLIWXQJDOV1DKHUKROXQJVUDXPVRZLHGHP%LR
WRSYHUEXQG'DULQN|QQHQXQWHUJHRUGQHWXQGODQG
VFKDIWVYHUWUlJOLFK,QIUDVWUXNWXUHLQULFKWXQJHQYHURUWHW
ZHUGHQ
6LHKHGD]XZHLWHUXQWHQ(UOlXWHUXQJGHU)UHLUDXP
XQG/DQGVFKDIWVSODQXQJIUGHQ:DOGJUWHO]ZL
VFKHQ-HIIHUVRQ6LHGOXQJXQG(EHUVWDGW9LOOHQNROR
QLH
8PJDQJPLW0DJHUUDVHQXQGDQGHUHQ
JHVFKW]WHQ/HEHQVUlXPHQ
'HULP*HELHWDQVWHKHQGH*UDQRGLRULWJUXV
ª%HVVXQJHU.LHV©IKUWHLP.DVHUQHQJHOlQGH
NOHLQÀlFKLJ]XU$XVELOGXQJDUWHQUHLFKHU6DQGPD
JHUUDVHQJHVFKW]WH%LRWRSH†%1DW6FK*,KUH
LQGLYLGXHOOH(UKDOWXQJEHLGHU*HELHWVHQWZLFNOXQJLVW
JUXQGVlW]OLFKZQVFKHQVZHUWSUDNWLVFKDEHUDOOHQ
IDOOVLQ(LQ]HOIlOOHQ]XUHDOLVLHUHQ'DKHUZLUGYRUJH
VFKODJHQEHLGHU.RQ]HSWLRQGHU)UHLÀlFKHQ6WDQG
RUWHPLWHQWVSUHFKHQGHP(QWZLFNOXQJVSRWHQ]LDO
YRU]XVHKHQ
9RUUDQJÀlFKHIUGHQ%LRWRSXQG
$UWHQVFKXW]
'DV9RUNRPPHQGHUVWUHQJJHVFKW]WHQ0DXHUHL
GHFKVHLP1RUGZHVWHQGHU&DPEUDL)ULWVFK.DVHUQH
LVWDXIHLQHUª9RUUDQJÀlFKH©GDXHUKDIW]XVLFKHUQ
'LH9RUUDQJÀlFKHEHLQKDOWHWHLQHVGH[SRQLHUWH:LH
VHQE|VFKXQJHLQH7URFNHQPDXHUDP%|VFKXQJVIX‰
VRZLHHLQHQPLQGHVWHQVPEUHLWHQ3XIIHUVWUHLIHQ
]XUDQJUHQ]HQGHQSULYDWHQ*DUWHQQXW]XQJE]Z%H
EDXXQJ
'HU%HUHLFKLVWJHK|O]IUHL]XHQWZLFNHOQRGHUDOOHQ
IDOOVSXQNWXHOOPLWNOHLQHUH*HEVFKHRGHU(LQ]HOElX
PH]XJHVWDOWHQ
'HU3XIIHUVWUHLIHQLVWDOV5DVHQRGHU:LHVHQÀlFKH
DQ]XOHJHQP|JOLFKH1XW]XQJHQVLQG)X‰ZHJHYHU
ELQGXQJ.OHLQNLQGHUVSLHOSODW]9HUZHLODQJHERWH
/LHJHZLHVH
8QWHUKDOWXQJVPD‰QDKPHQ
‡ DXIGHU%|VFKXQJHLQELV]ZHLPDOMlKUOLFKH0DKG
PLW5lXPHQGHV0lKJXWHV
‡ 3XIIHUVWUHLIHQ9LHOVFKQLWWUDVHQRGHU%HGDUIVPDKG
HLQELV]ZHLPDOMlKUOLFK
$QHLQLJHQ*HElXGHQVLQG1LVWP|JOLFKNHLWHQDOV
4XDUWLHUHIU9|JHOXQG)OHGHUPlXVH]XHUKDOWHQ
RGHUQHX]XVFKDIIHQ
5DQGEHUHLFKHLP1RUGHQGHU&DPEUDL
)ULWVFK.DVHUQHXQGhEHUJDQJV]RQH]X
GHQ:lOGHUQLP2VWHQ
(VVROOHLQHhEHUJDQJV]RQHDXIGHQ)OlFKHQGHU
.DVHUQH]ZLVFKHQGHP*UQ]XJ%HVVXQJHQ6G
XQGGHUQHX]XHQWZLFNHOQGHQ%HEDXXQJYRUJHVHKHQ
ZHUGHQ(LQHSXQNWXHOOH%HEDXXQJLQGLHVHPhEHU
JDQJVEHUHLFKGXUFK|IIHQWOLFKHJHQXW]WH*HElXGH
PLWJDVWURQRPLVFKHQRGHUNXOWXUHOOHQ(LQULFKWXQJHQ
.LWDRGHUDQVRQVWHQOlUPDUPHQ6SRUWXQG)UHL]HLW
HLQULFKWXQJHQLVWGHQNEDU9RQGHP]7H[SRQLHUWHQ
%HUHLFKELHWHQVLFKODQGVFKDIWOLFKUHL]YROOH%OLFNHLQ
GHQ*UQ]XJRGHUDXIGLH5KHLQHEHQH
(QWODQJGHU|VWOLFKHQEHUJVHLWLJHQ*UHQ]HVLQG]XP
EHVWHKHQGHQ:DOGDQJHPHVVHQH$EVWDQGVÀlFKHQ
YRQ%HEDXXQJIUHL]XKDOWHQ'LHVH)OlFKHQN|QQHQ
DOVSULYDWH*DUWHQÀlFKHQJHQXW]WZHUGHQ
,P6GRVWHQVROOWHGLHYRUKDQGHQHZDOGDUWLJH%HVWR
FNXQJDXIGHQ$EVWDQGVÀlFKHQLQJHVWXIWH:DOGUlQ
GHUXPJHZDQGHOWZHUGHQ
,P1RUGRVWHQVLQGGLHHKHPDOVPLOLWlULVFKHQ1XW]
ÀlFKHQLQGLHEHUJVHLWLJHQ+lQJHKLQHLQJHVFKQLWWHQ
'LHHQWVSUHFKHQGHQ%|VFKXQJHQVWHOOHQ%DUULHUHQ
GDUGLHEHLGHUKLHUQRWZHQGLJHQ+HUVWHOOXQJQHX
HU:HJHYHUELQGXQJHQLQGHQ:DOGLQQHUKDOEGLHVHU
5DQGEHUHLFKH]XEHUZLQGHQVLQG
.OHLQNOLPD
,QGHU&DPEUDL)ULWVFK.DVHUQHLVWHLQJUR‰HU$Q
WHLOGHU)OlFKHQYHUVLHJHOW8PHLQDQJHQHKPHV
:RKQNOLPD]XHUP|JOLFKHQVLQGXPIDQJUHLFKH(QW
VLHJHOXQJHQGXUFK]XIKUHQ=XHLQHPDQJHQHKPHQ
:RKQNOLPDWUlJWDXFKGHU(UKDOWGHVZHUWYROOHQ
%DXPEHVWDQGVEHL
6RQVWLJHV
gIIHQWOLFKH*UQÀlFKHQVLQGZHQQNHLQH*UQGH
GDJHJHQVSUHFKHQDOVJU|‰HUH]XVDPPHQKlQJHQ
GH)OlFKHQ]XSODQHQGDPLWVLHZLUWVFKDIWOLFKXQG
NRVWHQVSDUHQGXQWHUKDOWHQZHUGHQN|QQHQ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
((QWZLFNOXQJVNRQ]HSW
 /LQFROQ6LHGOXQJ
'HQ)UHLUlXPHQLQGHU/LQFROQ6LHGOXQJNRPPWHLQH
EHVRQGHUH%HGHXWXQJ]XOLHJWGLH/LQFROQ6LHGOXQJ
GRFKUHODWLYLVROLHUW]ZLVFKHQGHQEHLGHQVWDUNEHIDK
UHQHQ1RUG6G$FKVHQGHU+HLGHOEHUJHUXQGGHU
.DUOVUXKHU6WUD‰H,P1RUGHQVFKOLH‰WGHU(LQNDXIV
EHUHLFKª0DUNSODW]%HVVXQJHQ©DQLP6GHQGHU
:DOG,P=XJHGHU(QWZLFNOXQJZLUGGLH,QVHOODJHGHU
6LHGOXQJ]XVlW]OLFKGXUFKGLHJHSODQWH(QWODVWXQJV
4XHUVSDQJHYRQGHU+HLGHOEHUJHU]XU.DUOVUXKHU
6WUD‰HYHUVWlUNW
$OOHLQGLHVH8PVWlQGHEHJUQGHQGDVVGLH9HUQHW
]XQJGHV*HELHWVQDFK$X‰HQVRZLHGLH4XDOLWlWGHU
)UHLUlXPHXQGDXFKGHU)OlFKHQDQWHLOLQGHU6LHG
OXQJQLFKW]XNQDSSEHPHVVHQVHLQGDUIXPHLQH
KLQUHLFKHQGH$QELQGXQJXQG9HUVRUJXQJGHU:RKQ
EHY|ONHUXQJPLW|IIHQWOLFKHP*UQ]XHUP|JOLFKHQ
(LQHZHLWHUH)XQNWLRQNRPPWGHPª*UQ©DOVSRVL
WLYHV,GHQWLWlWVPHUNPDOXQG,PDJHNRUUHNWLYIUGHQ
QHXHQWVWHKHQGHQ6WDGWWHLO]X
1HEHQGHU:HLWHUIKUXQJ]XU+HLPVWlWWHQ6LHGOXQJ
XQGGHP/FNHQVFKOXVVGHV*UQ]XJV%HVVXQJHQ
6GLVWHLQ3DUNYRQUXQGKD*U|‰HLQGHU0LWWH
GHU6LHGOXQJYRUJHVHKHQ'LHVHU3DUNLVWIUDOOH
$OWHUVJUXSSHQIX‰OlX¿JJXWHUUHLFKEDUXQGNDQQVR
]XP0LWWHOSXQNWHLQHVOHEHQGLJHQ4XDUWLHUVZHUGHQ
$XVGHQYHUVFKLHQGHQHQ1DFKEDUVFKDIWHQ4XDUWLH
UHQOHLWHQ*UQYHUELQGXQJHQ]XP]HQWUDOHQ3DUNKLQ
'DVª%HOOHYXH©HLQHJUR‰]JLJHUH*UQYHUELQGXQJ
LQGHU/LQFROQ6LHGOXQJQLPPWPLWVHLQHU$XVULFK
WXQJDXIGLHHKHPDOLJH*UR‰KHU]RJOLFKH.HUDPLVFKH
0DQXIDNWXU%H]XJDXIGLHVHVZHUWYROOH.XOWXUGHQN
PDOXQGOHLWHW]XPª0DUNWSODW]%HVVXQJHQ©KLQ
'LHQDWXUVFKXW]IDFKOLFKZHUWYROOHQ)OlFKHQPLW6DQG
PDJHUUDVHQHQWODQJGHU.DUOVUXKHU6WUD‰HZHUGHQ
LP%HVWDQGJHVLFKHUWXQGXP(QWZLFNOXQJVÀlFKHQ
HUZHLWHUWGDLQGHP%HUHLFKJHHLJQHWH%|GHQYRU
OLHJHQ'LH(QWZLFNOXQJVÀlFKHQGLHQHQGHU.RP
SHQVDWLRQIUYRUKDQGHQH0DJHUUDVHQÀlFKHQGLH
LQQHUKDOEGHU/LQFROQ.DVHUQHGXUFK%HEDXXQJRGHU
DQGHUH1DFKIROJHQXW]XQJHQ]HUVW|UWZHUGHQ
4XDUWLHUVSDUN
(LQEHLGHU3ODQXQJVZHUNVWDWWYRUJHWUDJHQHU:XQVFK
GHU%UJHULVWHLQYLHOJHVWDOWLJHUYLHOIlOWLJEHQXW]
EDUHU]HQWUDOJHOHJHQHU3DUNGHUGLH|NRORJLVFKHQ
%HVRQGHUKHLWHQGHV2UWHVEHUFNVLFKWLJWXQGIUDOOH
JHVHOOVFKDIWOLFKHQ*UXSSHQDWWUDNWLYLVW'HU3DUNVROO
NHLQHWUHQQHQGH:LUNXQJLP4XDUWLHUHQWIDOWHQ
(VZXUGHQ]DKOUHLFKH$QJHERWHJHZQVFKWYRQVWLO
OHQ5FN]XJVUlXPHQELV]XNRPPXQLNDWLYHQ2UWHQ
YRQ/LHJHZLHVHQELV]XJHPHLQVFKDIWOLFKHQ6SLHOÀl
FKHQ7HLOEHUHLFKHGLHGLH%UJHUDXIIRUGHUQVROOHQ
LQ,KUHP3DUNªWlWLJ©]XZHUGHQ$XFK.XQVWZLUGDOV
%HUHLFKHUXQJGHV|IIHQWOLFKHQ*UQVJHZQVFKW
,PYRUOLHJHQGHQ5DKPHQSODQ(QWZXUIZLUGVNL]
]HQKDIWXPULVVHQGDVVGLH*U|‰HGHV3DUNVHLQH
UlXPOLFKIXQNWLRQDOH*OLHGHUXQJ]XOlVVWXQGGHQ
:QVFKHQGHU%UJHUZHLWJHKHQGHQWVSURFKHQZHU
GHQNDQQ.RQÀLNWHQGHU3DUNEHQXW]HUXQWHUHLQDQGHU
RGHUPLWGHUDQJUHQ]HQGHQHPS¿QGOLFKHQ:RKQQXW
]XQJNDQQGHPHQWVSUHFKHQGYRUJHEHXJWZHUGHQ
=XU6LFKHUXQJHLQHURSWLPDOHQ*HVWDOWXQJXQG1XW
]XQJVNRQ]HSWLRQGHV4XDUWLHUVSDUNVZLUGHLQ*XW
DFKWHUYHUIDKUHQDOVDQJHPHVVHQHV,QVWUXPHQWYRU
JHVFKODJHQXPHLQIHLQDEJHVWLPPWHVXQG]XJOHLFK
UREXVWHV)OlFKHQNRQ]HSWPLWDQVSUHFKHQGHP)Ol
FKHQXQG5DXPGHVLJQIUGHQ3DUN]XHUODQJHQ
'HU3DUNHQWVWHKWDXIVDQGLJHQ%|GHQLQQLHGHU
VFKODJVDUPHQ*HELHWVRGDVVYRQ%HJLQQDQDXIGLH
9HUZHQGXQJHQWVSUHFKHQGUREXVWHU*HK|O]HXQG
VRQVWLJHP3ÀDQ]HQPDWHULDO]XDFKWHQLVW$XVGHP
JOHLFKHQ*UXQGLVWIULQWHQVLYJHQXW]WH%HUHLFKH
]%*\PQDVWLNZLHVHQGHU%RGHQHQWVSUHFKHQGDXI
]XEHUHLWHQE]ZDXV]XWDXVFKHQ
,PZHLWHUHQ3ODQYHUIDKUHQVLQGJHVWDOWHULVFKH9RU
JDEHQIUHLQKDUPRQLVFKHV*HVDPWELOGLP*UHQ]
EHUHLFK]ZLVFKHQ|IIHQWOLFKHQ*UQXQGSULYDWHQ
)OlFKHQ]XHQWZLFNHOQ+HFNHQRGHUVRQVWLJH(LQIULH
GXQJHQGLHDQGHQ4XDUWLHUVSDUNDQJUHQ]HQVROO
WHQLQHLQHP=XJHPLWGHU3DUNKHUVWHOOXQJUHDOLVLHUW
ZHUGHQ
%HOOHYXHXQG*UQYHUELQGXQJHQ
'DV%HOOHYXHXQGDQGHUH*UQYHUELQGXQJHQLQGHU
6LHGOXQJELHWHQLQVEHVRQGHUH.LQGHUQ)DPLOLHQXQG
lOWHUHQ0LWEUJHUQVLFKHUHTXDOLWlWYROOHXQGJHIDK
UHQIUHLH(UVFKOLH‰XQJVUlXPH
%HLGHU*HVWDOWXQJGHV%HOOHYXHVLVWGLH6LFKWEH]LH
KXQJ]XP0DQXIDNWXUJHElXGH]XEHUFNVLFKWLJHQ
XQGKHUDXV]XDUEHLWHQ
$OOH*UQYHUELQGXQJHQVLQGDEHUDXFK$XIHQWKDOWV
XQG6SLHOUlXPH1HEHQEUHLWHQXQGEHTXHPHQ:H
JHQVROOWHQMHZHLOVPHKUHUH6LW]EHUHLFKHXQGXQWHU
JHRUGQHWHNOHLQH6SLHOSXQNWHYRUJHVHKHQZHUGHQ
'LH4XDOLWlWGHU9HUELQGXQJ]XU+HLPVWlWWHQVLHGOXQJ
LVW]XYHUEHVVHUQ'LH$QJVWUlXPHEHUGLH%UFNH
XQGGHU|VWOLFKH%UFNHQNRSIVLQGDXI]XZHUWHQXQG
HLQVHKEDUHU]XJHVWDOWHQ
'LH%DUULHUHZLUNXQJHQDXVJHKHQGYRQGHU+HLGHO
EHUJHU6WUD‰HXQGGHU.DUOVUXKHU6WUD‰HVLQGGXUFK
EUHLWHVLFKHUHXQGDWWUDNWLYH)X‰XQG5DGZHJHYHU
ELQGXQJHQ]XUHGX]LHUHQ
5HWHQWLRQVPXOGHQ]XU5HJHQZDVVHUUFNKDOWXQJXQG
YHUVLFNHUXQJN|QQHQJJIDXFKLQGLHVH)OlFKHQLQ
WHJULHUWZHUGHQ
*UQÀlFKHDQ.DUOVUXKHU6WUD‰H6SLHO
XQG%HZHJXQJVEHUHLFK(UKDOWXQG
(QWZLFNOXQJGHU0DJHUUDVHQ
'LH*UQÀlFKHQDQGHU.DUOVUXKHU6WUD‰HVLQGZLH
REHQGDUJHOHJWDXFKDXVQDWXUVFKXW]IDFKOLFKHU6LFKW
]XHUKDOWHQXQG]XHQWZLFNHOQ
=XGLHVHP=ZHFNHVLQGLQVEHVRQGHUH6FKXW]PD‰
QDKPHQJHJHQHLQH1lKUVWRIIDQUHLFKHUXQJLQVEHVRQ
GHUHGXUFK+XQGHNRWYRU]XVHKHQ
'LHZHUWYROOHQ0DJHUUDVHQÀlFKHQVHOEVWN|QQHQ
LQ0D‰HQEHWUHWHQZHUGHQ(VLVWVRJDUI|UGHUOLFK
ZHQQGLH9HJHWDWLRQVGHFNHGXUFK7ULWWJHOHJHQWOLFK
EHVFKlGLJWZLUGGDYLHOHGHUQDWXUVFKXW]IDFKOLFK
ZHUWYROOHQ3ÀDQ]HQ3LRQLHU$UWHQVLQGGLHDXIRIIHQH
%|GHQDOV/HEHQVUDXPDQJHZLHVHQVLQG,QWHQVLYH
6SLHODQJHERWHVLQGDOOHUGLQJVDXIGHQZHUWYROOHUHQ
)OlFKHQQLFKWYRU]XVHKHQGDGLHV]XHLQHU=HUVW|
UXQJGHU0DJHUUDVHQIKUW
(VVLQGEHUGLH%HVWDQGVÀlFKHQKLQDXVJHKHQG]X
VlW]OLFKH(QWZLFNOXQJVÀlFKHQIU0DJHUUDVHQYRUJH
VHKHQ



)UHLUDXPNRQ]HSW$XVVFKQLWW/LQFROQ6LHGOXQJ


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
6DQGPDJHUUDVHQVROOHQLPJHVDPWHQ*HELHWZR
VLHVLQQYROOLQGLH1DFKQXW]XQJHQHLQ]XELQGHQVLQG
HUKDOWHQXQGHQWZLFNHOWZHUGHQ]%DOV6WUD‰HQEH
JOHLWJUQ
*UQÀlFKHQDQ+HLGHOEHUJHU6WUD‰H
HLQVFKO/LQGHQDOOHHXQG+HFNHQDQ
+HLGHOEHUJHU6WUD‰H
'LH*UQÀlFKHQHQWODQJGHU+HLGHOEHUJHU6WUD‰HPLW
GHQZHUWYROOHQ(LFKHQXQG.LHIHUQVLQGLQLKUHP%H
VWDQGZHLWJHKHQG]XHUKDOWHQ
'LHJHVWDOWHULVFKH:LUNXQJGHU/LQGHQDOOHHHQWODQJ
GHU+HLGHOEHUJHU6WUD‰HLVW]XI|UGHUQ'LH/LQGHQ
DOOHHVROOGRUWZR/FNHQEHVWHKHQXQGHVJHVWDO
WHULVFKVLQQYROOLVWYHUYROOVWlQGLJWZHUGHQ'LHDQ
GHU/LQGHQDOOHHYHUODXIHQGHIUHLZDFKVHQGH+HFNH
PLWGXUFKJHZDFKVHQHQ*UR‰VWUlXFKHUQLVWDXIHLQH
+|KHYRQHWZDPDE]XVHW]HQ$XIGLHVH:HLVH
NDQQHLQ.RPSURPLVV]ZLVFKHQ$EJUHQ]XQJVEH
GUIQLVXQG6LFKWRIIHQKHLWJHVWDOWHULVFKH*UQGH
6LFKHUKHLWGXUFKVR]LDOH.RQWUROOHJHIXQGHQZHUGHQ
'HU=DXQLVWZLHXPVlPWOLFKHYRQGHU.RQYHUVLRQ
EHWURIIHQHQ)OlFKHQ]XHQWIHUQHQ
%HZRKQHUJlUWHQ*HVFKRVVZRKQXQJVEDX
SULYDWH)UHLÀlFKHQ
,QGHU/LQFROQ6LHGOXQJEOHLEHQPHKUHUH*HVFKRVV
ZRKQXQJVEDXWHQDOV0HKUIDPLOLHQKlXVHUHUKDOWHQ
'LH)UHLÀlFKHQXPGLHVH*HElXGHVROOWHQYRQGHQ
%HZRKQHUQGHU+lXVHU]XP$XIHQWKDOWLP)UHLHQXQG
DOV2UWHGHV0LWHLQDQGHUVJHQXW]WZHUGHQN|QQHQ
'D]XLVWHLQH*OLHGHUXQJGHU)OlFKHQLQXQWHUVFKLHG
OLFKH%HUHLFKH)XQNWLRQVUlXPHHUIRUGHUOLFKVR
GDVV]ZHFNGLHQOLFKH)UHLUDXPDQJHERWHZLH*HPHLQ
VFKDIWVÀlFKHQXQG6LW]JHOHJHQKHLWHQ.RPPXQLND
WLRQVRUWH6SLHOXQG1XW]ÀlFKHQDEHUDXFKSULYDWH
)OlFKHQZLH7HUUDVVHQ:RKQXQJVJlUWHQRGHU*H
PHLQVFKDIWVJlUWHQHQWVWHKHQ
'LH)OlFKHQVLQGYRP+DXVDXVJHKHQGXQGXQWHU
%HUFNVLFKWLJXQJGHUXQWHUVFKLHGOLFKHQ:RKQQXW]XQ
JHQ6FKODIHQ$UEHLWVUlXPHQ:RKQHQ6DQLWlUUlX
PH«]XHQWZLFNHOQXQGHQWVSUHFKHQG]XJOLHGHUQ
GDPLWZLUGIUGLH%HZRKQHUHLQH(UJlQ]XQJXQG
$XIZHUWXQJLKUHV:RKQXPHOGHVHUUHLFKWXQQ|WLJH
.RQÀLNWHN|QQHQYHUPLHGHQZHUGHQ
'HQ(UGJHVFKRVVZRKQXQJHQN|QQHQYRUJHODJHUW
SULYDWQXW]EDUH%HUHLFKH]XJHRUGQHWZHUGHQ$XFK
:RKQXQJHQDXVGHP6WRFNVROOWHHLQGLUHNWHU=X
JDQJ]XGLHVHQ)OlFKHQHUP|JOLFKWZHUGHQ
:LFKWLJVLQGNODUH$EJUHQ]XQJHQGHU7HUUDVVHQXQG
:RKQXQJVJlUWHQYRQGHQJHPHLQVFKDIWOLFKQXW]ED
UHQ%HUHLFKHQ]%GXUFK=lXQHRGHU+HFNHQ
*HPHLQVFKDIWVJlUWHQVLQGI|UGHUOLFKIUGLH.RPPX
QLNDWLRQXQGNOHLQHVR]LDOH1HW]ZHUNHRGHUIU0HQ
VFKHQGLHQXUHLQ%HHWKDEHQZROOHQRGHUDXV$O
WHUVJUQGHQNHLQHJDQ]HQ*DUWHQPHKUEHZLUWVFKDI
WHQN|QQHQ
gUWOLFKH%DXYRUVFKULIWHQVRZLHGLH/DQGHVEDXRUG
QXQJVLQGEHLGHU$XVJHVWDOWXQJJUXQGVlW]OLFK]X
EHDFKWHQ'LHNRQNUHWH$XVJHVWDOWXQJGLHVHUZRK
QXQJVQDKHQ)UHLUlXPHVROOWHGXUFKGLH1XW]HUHUIRO
JHQ
:HLWHUXQWHQZHUGHQ(PSIHKOXQJHQ]XU*DUWHQJU|‰H
LQ$EKlQJLJNHLWYRQGHU:RKQXQJVJU|‰HXDJHJH
EHQ
'LH*HVWDOWXQJGHU+DXVHLQJDQJVXQG6WHOOSODW]EH
UHLFKHVROOWHIROJHQGH$VSHNWHEHUFNVLFKWLJHQ
‡ +DXVHLQJDQJVEHUHLFKHVLQGDOV%HJHJQXQJVRUW
IU+DXVJHPHLQVFKDIWHQYRQJUR‰HU%HGHXWXQJ
XQGVLQGDOV2UWHGHU.RPPXQLNDWLRQXQGGHVVR
]LDOHQ0LWHLQDQGHUV]XJHVWDOWHQ
‡ 6WHOOSODW]DQODJHQVLQGGXUFK%lXPHXQGQLHGULJH
+HFNHQ]XJOLHGHUQXQGGXUFK%lXPH]XEHU
VFKDWWHQ
‡ (VVROOWHHLQHVHSDUDWH=XZHJXQJYRQGHU6WUD‰H
]XP+DXVJHEHQGLHQLFKWEHUGLH3DUNSODW]Àl
FKHIKUW
‡ =XZHJXQJXQG6WHOOSODW]DQODJHQVLQGEDUULHUHIUHL
DXV]XIKUHQ
‡ (VVROOWHQDXVUHLFKHQGEHUGDFKWH)OlFKHQIU
)DKUUlGHUXQG.LQGHUZDJHQXDYRUJHKDOWHQZHU
GHQ
6SRUWXQG%HZHJXQJVÀlFKHQLQGHU
/LQFROQ6LHGOXQJ
)U-XJHQGOLFKHPVVHQ0|JOLFKNHLWHQGHULQIRUPHO
OHQVSRUWOLFKHQ$NWLYLWlWYRUJHKDOWHQZHUGHQ
ª'LH6NDWHUDQODJHLQGHU/LQFROQ6LHGOXQJZlUH
HLQLGHDOHU2UW,Q9HUELQGXQJPLWGHU6NDWHUDQODJH
ZlUHQDXFKDQGHUH6SRUWP|JOLFKNHLWHQYRU]XKDOWHQ
1DFKGHQ9RUVWHOOXQJHQGHU6R]LDOYHUZDOWXQJVROO
WHGRUWHUJlQ]HQGHLQ6WUHHWEDVNHWEDOOIHOGFD[
0HWHUQJHVFKDIIHQZHUGHQVRZLHHLQ%RO]SODW]
*U|‰HFD[0HWHU,Q9HUELQGXQJPLWGLHVHU
)OlFKH6NDWHQ%DVNHWEDOOXQG)X‰EDOOVROOWHHLQH
EHUGDFKWH9HUZHLOP|JOLFKNHLWPLW6LW]JHOHJHQKHLWHQ
JHVFKDIIHQZHUGHQ©6R]LDOYHUZDOWXQJ'DUPVWDGW
'LH%HQXW]XQJGHU6NDWHUDQODJHIKUWDOOHUGLQJV]X
HLQHUHUKHEOLFKHQ/lUPEHOlVWLJXQJGHU$QZRKQHU
(LQVFKDOOWHFKQLVFKHV*XWDFKWHQKDWHUJHEHQGDVV
GLH6NDWHUDQODJHQXUGDQQDP2UWYHUEOHLEHQNDQQ
ZHQQGLH$QODJHQDKH]XYROOVWlQGLJXPVFKORVVHQ
HLQJHKDXVWZlUH'LH%DXNRVWHQKLHUIUZXUGHQ
PLWUG0LR(XURDQJHJHEHQ'LHVH,QYHVWLWLRQLVW
ZLUWVFKDIWOLFKQLFKWYHUWUHWEDUVRGDVVDOWHUQDWLYH
6WDQGRUWHIUGLHZLHGHUDXIEDXEDUH6NDWHUDQODJH]X
VXFKHQVLQG*UXQGVlW]OLFKVWHOOWHLQHVROFKH$QODJH
HLQHHUKHEOLFKH%HUHLFKHUXQJGHV-XJHQGVSLHODQJH
ERWVIU'DUPVWDGWV6GHQGDU'DKHUPXVVGLHVHV
$QJHERWLP(LQ]XJVJHELHWGHU+HLPVWlWWHQVLHGOXQJ
YRQ%HVVXQJHQXQG(EHUVWDGWYHUEOHLEHQ=ZHLDOWHU
QDWLYH6WDQGRUWHN|QQHQELVODQJHPSIRKOHQZHUGHQ
DDXIGHP*HOlQGHGHU7*%HVVXQJHQ]ZLVFKHQ
GHU+HLPVWlWWHQVLHGOXQJXQGGHU/LQFROQ6LHGOXQJ
RGHU
ELP*UQ]XJ%HVVXQJHQ6G]ZLVFKHQGHU/LFK
WHQEHUJVFKXOHXQGGHP1DWXUVFKXW]JHELHWª%HVVXQ
JHU.LHVJUXEH©
'LH.RVWHQIUHLQHQHXH$VSKDOWRGHU%HWRQGHFNH
VRZLHGDV9HUEULQJHQGHU6NDWHUHOHPHQWHEHWUDJHQ
QXUHLQHQ%UXFKWHLOGHUMHQLJHQGHU(LQKDXVXQJVR
GDVVGHU$XIZDQGZLUWVFKDIWOLFKYHUWUHWEDULVW
'LH6NDWHUDQODJHDPQHXHQ6WDQGRUWVROOWH]XPLQ
GHVWXP$QJHERWHZLHREHQGDUJHVWHOOWHUJlQ]WZHU
GHQGDPLWVLHDOV7UHIISXQNWIU-XJHQGOLFKHHUIROJ
UHLFKDQJHQRPPHQZHUGHQNDQQ



)UHLUDXPNRQ]HSW$XVVFKQLWW]HQWUDOHU%HUHLFKGHU/LQFROQ6LHGOXQJ


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
)UGLH1DFKQXW]XQJGHVDOWHQ6WDQGRUWHVGHU6ND
WHUDQODJHJDEHVVHLWHQVGHU%UJHUVFKDIW]DKOUHLFKH
,GHHQVR]%IUHLQH
‡ DOWHUVEHUJUHLIHQGH6SLHO%HJHJQXQJVXQG%H
ZHJXQJVVWlWWH%RXOH%KQHQ2SHQ$LU6RP
PHUEKQHIU)LOP0XVLN7KHDWHUPLW6WXIHQ
‡ ª*DWHGFRPPXQLW\IRUGRJV©
‡ HLQHQ7HLOIU6WUHHWEDOOYRUVHKHQHLQHQJUR‰HQ
7HLOIU0DJHUUDVHQ
‡ ª:LOGH(FNH©HLQULFKWHQ
‡ %DXVWHOOHQH[SHULPHQWHIU.LQGHUXQG-XJHQGOL
FKHHUP|JOLFKHQ
‡ EHUGDFKWH)UHLÀlFKHIU]%,QOLQHUXVZ
‡ *ULOOSODW]
‡ 6LW]SOlW]H
*UXQGVlW]OLFKVLQGGLHVH,GHHQUHDOLVLHUEDU
(UKDOW%DXPEHVWDQG
'HU*HK|O]EHVWDQGLQGHU/LQFROQ6LHGOXQJZXUGHLP
)UKMDKU6RPPHUGXUFKGLH)D/HLWVFKDXIJH
QRPPHQXQGEHZHUWHW
'LH*HK|O]EHVWlQGHLQGHU/LQFROQ6LHGOXQJVLQGJH
Pl‰GHUDEJHVWXIWHQ%HZHUWXQJLP%DXPJXWDFKWHQ
]XEHUFNVLFKWLJHQ'HQZHUWYROOHUHQ%DXPJUXSSHQ
RGHU6ROLWlUElXPHQLVWDXFKLP6LQQHHLQHVTXDOL
WlWYROOHQVWlGWHEDXOLFKHQ(QWZXUIVK|KHUH%HDFK
WXQJ]XJHEHQ'LHVJLOWLQVEHVRQGHUHIUGLH*H
K|O]EHVWlQGHHQWODQJGHU+HLGHOEHUJHU6WUD‰HGHU
)UDQNOLQ6WUD‰HXQGGHQ.LHIHUQXQG%LUNHQKDLQLP
6GHQ
'LH*HK|O]HGHU:HUWVWXIHªDEVROXWHUKDOWHQVZU
GLJ©VLQGPLWHQWVSUHFKHQGKRKHU3ULRULWlW]XEHUFN
VLFKWLJHQ'LHVEHGHXWHWLKUH(UKDOWXQJVRIHUQQLFKW
ZHVHQWOLFKHSODQHULVFKH*UQGHGDJHJHQVWHKHQ
/lUPVFKXW]ZDQG
'LH/lUPVFKXW]ZDQGHQWODQJGHU.DUOVUXKHU6WUD‰H
LVWJHVWDOWHULVFKDXI]XZHUWHQ'LHVNDQQXQWHUDQ
GHUHPGXUFK*HK|O]DQSÀDQ]XQJHQLP9RUEHUHLFK
JHVFKHKHQ
(*UQ]XJ%HVVXQJHQ6G
:HLWHUIKUXQJ*UQ]XJ:LHGHUKHUVWHOOHQ
YRQ:HJHYHUELQGXQJHQ$XIZHUWXQJGHV
*UQ]XJV
'HU*UQ]XJLVWYRQGHU.ODSSDFKHU6WUD‰HELV]XU
+HLGHOEHUJHU6WUD‰HDOVGXUFKJlQJLJHU*UQUDXP]X
HQWZLFNHOQ:HLWHUHUDXPJUHLIHQGHEDXOLFKH(LQJULIIH
LQGLHVHP%HUHLFKVLQG]XXQWHUODVVHQ
'HU*UQ]XJLVWIXQNWLRQDOXQGJHVWDOWHULVFKDXI]XZHU
WHQGDPLWHUVHLQHQ1DKHUKROXQJV]ZHFNHQJHUHFKW
ZHUGHQNDQQ$XIJUXQGGHVK|KHUHQ1XW]XQJVGUXFNV
XQGQHXHUHUIRUGHUOLFKHU:HJHVLQGIROJHQGH$VSHNWH
]XEHDFKWHQVWDELOH:HJHEHOlJHDQJHPHVVHQEUHLWH
:HJHEDUULHUHIUHLHU$XVEDXVR]LDOH.RQWUROOHHUP|J
OLFKHQ(QWIHUQXQJVW|UHQGHU(OHPHQWH
,P)ROJHQGHQZHUGHQ4XDOLWlWV]LHOHXQG%HJUQGXQ
JHQIUGLH$XVJHVWDOWXQJGHV*UQ]XJV%HVVXQJHQ
6GVNL]]LHUW
8QWHUJHRUGQHWH:HJHVLQGPLWHLQHU%UHLWHYRQFD
PDXV]XEDXHQ6LHGLHQHQGHUHQJPDVFKLJHQ9HUQHW
]XQJGHUQHXHQ:RKQVWDQGRUWHXQWHUHLQDQGHUXQGPLW
GHQ6WDGWWHLO]HQWUHQYRQ%HVVXQJHQXQG(EHUVWDGW
:LFKWLJH5DGXQG)X‰ZHJHYHUELQGXQJHQVLHKH
3ODQVLQGDOVFDPELVPEUHLWH:HJHDXV]X
EDXHQ$VSKDOWGHFNH'HU+DXSWZHJ]ZLVFKHQ+HL
GHOEHUJHU6WUD‰HXQG.ODSSDFKHU6WUD‰HGLHQWQLFKW
QXU6FKOHUQDXVGHQEHLGHQQHXHQ:RKQVLHGOXQJHQ
VRQGHUQ]%DXFK6WXGHQWHQDXVGHU/LQFROQ6LHG
OXQJXPPLWGHP)DKUUDGDXINXU]HP:HJH]XU7HFK
QLVFKHQ8QLYHUVLWlW]XJHODQJHQ
'LHZLFKWLJHQ:HJHYHUELQGXQJHQLP*UQ]XJVLQGPLW
%HOHXFKWXQJ]XYHUVHKHQ%HLGHU:DKOGHU/LFKWTXHO
OHQVLQGP|JOLFKHQHJDWLYH$XVZLUNXQJHQDXIGLH)DX
QDLQVEHVRQGHUHGHV1DWXUVFKXW]JHELHWV]XEHDFKWHQ
XQGDXV]XVFKOLH‰HQ(QWODQJGHU:HJHVLQGDOOH
P6LW]SOlW]HXQGRGHUDXFKXQWHUJHRUGQHWH
ODQGVFKDIWOLFKDQJHSDVVWH6SLHOSXQNWHYRU]XVHKHQ
GDPLWlOWHUH0HQVFKHQRGHU)DPLOLHQPLW.LQGHUQVLFK
GHQ(UKROXQJVUDXPDQHLJQHQN|QQHQ
'HU6DXEDFKHLQVFKOLH‰OLFKVHLQHU$XHLVWPLWHLQHU
DWWUDNWLYHQXQGEDUULHUHIUHLHQ:HJHYHUELQGXQJDOV
1DWXUHUOHEQLVUDXPEHVVHU]XJlQJOLFK]XPDFKHQXQG
GDPLWDXI]XZHUWHQ(QWODQJGHV:HJVVLQGGLFKWH
*HK|O]EHVWlQGHWHLOZHLVH]XUFN]XQHKPHQXPHLQ
KLQUHLFKHQGHV0D‰DQ6LFKHUKHLWXQGVR]LDOHU.RQ
WUROOH]XHUP|JOLFKHQ$EVFKQLWWZHLVHLVWMHGRFKGHU
(QWZLFNOXQJXQGGHP6FKXW]QDWXUQDKHU%HUHLFKH
9RUUDQJ]XJHEHQ
(LQ7HLOGHU*DUWHQEUDFKHQLP*UQ]XJVROOWHDXIJUXQG
GHUYRUKDQGHQHQ1DFKIUDJHQDFK*DUWHQODQGZLHGHU
LQ1XW]XQJJHQRPPHQZHUGHQ$QGHUH%UDFKHQPLW
GLFKWHQ%URPEHHURGHU*HEVFKGLFNLFKWHQEH¿Q
GHQVLFKDXI6WDQGRUWHQGLHHQWODQJYRQ:HJHQRGHU
IU$XIHQWKDOWVXQG6SLHOEHUHLFKHWHLOZHLVHJH|IIQHW
ZHUGHQVROOWHQ'LHVNDQQXQWHU(UKDOWXQJHLQHV7HLOHV
GHVZHUWYROOHQ*HK|O]EHVWDQGVJHVFKHKHQ
6SLHODQJHERWHIU.LQGHU
'HU*UQ]XJLVWDOV6SLHOUDXPIUHWZDVJU|‰HUH.LQ
GHUVHKUJHHLJQHWGHQQHVJLEWEHUHLWVHLQHQ6SLHO
SODW]GHU6WDQGRUWQDK]XPDOWHQ2UWVUDQG%HVVXQ
JHQXQG]XUQHXHQ6LHGOXQJ&DPEUDL)ULWVFK.DVHUQH
LVWVHKUJQVWLJHVJLEWYLHOIUHLHQ5DXPXQGGLHQDWXU
QDKHQ6WUXNWXUHQPLWYLHO:LOGQLVELHWHQYLHOH]XVlW]OL
FKH6SLHOP|JOLFKNHLWHQLP8PIHOG
'HUYRUKDQGHQH6SLHOSODW]DP6DXEDFK|VWOLFKGHU
$NDGHPLHIU7RQNXQVWZLUGYRQGHQ%HZRKQHUQJXW
DQJHQRPPHQ(ULVWDXFKIU.OHLQNLQGHUJHHLJQHW
VROOWHDEHUGXUFKZHLWHUH6SLHODQJHERWHHUJlQ]WZHU
GHQXPHLQHUJU|‰HUHQ1DFKIUDJHDXVGHP(QWZLFN
OXQJVJHELHW&DPEUDL)ULWVFK.DVHUQHHQWVSUHFKHQ]X
N|QQHQ
6SLHOXQG$XIHQWKDOWVDQJHERWHIU
-XJHQGOLFKH
(VEHVWHKWLP6GHQ'DUPVWDGWVHLQ%HGDUIDQ6SLHO
XQG$XIHQWKDOWVP|JOLFKNHLWHQIU-XJHQGOLFKH
$WWUDNWLYH$QJHERWHIU-XJHQGOLFKHLP)UHLHQ]X
VFKDIIHQLVWNHLQHHLQIDFKH$XIJDEHGHU6WDGWXQG
)UHLÀlFKHQSODQXQJ
'LH(UIRUGHUQLVVHVLQGXQWHUDQGHUHP
‡ JHHLJQHWHU5DKPHQIU$XIHQWKDOWXQG.RPPXQL
NDWLRQLQYHUVFKLHGHQHQ-DKUHV]HLWHQXQGDXFK
EHLVFKOHFKWHP:HWWHU
‡ JHZLVVH$EJHVFKLHGHQKHLWDEHUDXFKVR]LDOH.RQ
WUROOH
‡ JXWH(UUHLFKEDUNHLW)DKUUDG0RSHG
‡ 0|JOLFKNHLWGHV6HKHQVXQG*HVHKHQ:HUGHQV


)UHLUDXPNRQ]HSW$XVVFKQLWW*UQ]XJ%HVVXQJHQ6G


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
‡ HLQUREXVWHVRGHUWROHUDQWHV8PIHOGJHJHQEHU
HLQHUJHZLVVHQ/lUPEHODVWXQJ
0|JOLFKH6SLHOXQG$XIHQWKDOWVUlXPHGLHGLHVH0HUN
PDOHEHUZLHJHQGHUIOOHQVLQGLP*UQ]XJYRUDOOHP
DQ]ZHL6WDQGRUWHQJHJHEHQ
'HULP2VWHQGHV*UQ]XJVYRUJHVHKHQHQDWXUQDKH
ª:DOG6SLHOEHUHLFK©VLHKHREHQVROOJHUDGHDXFKIU
-XJHQGOLFKHHLQHKRKH$WWUDNWLYLWlWHUKDOWHQ(LQ%RO]
SODW]RGHUHLQ)XQ&RXUWN|QQWHQHLQVSRUWOLFKHV%H
WlWLJXQJVIHOGELHWHQHUJlQ]WGXUFK0|JOLFKNHLWHQ]XP
6LW]HQ/LHJHQ/DJHUQXVZ
=XU(UK|KXQJGHU$WWUDNWLYLWlWLQVEHVRQGHUHIU-X
JHQGOLFKHVROOWHQGLH6SLHOXQG$XIHQWKDOWVVWlWWHQ
DXFK$QJHERWHPLWhEHUGDFKXQJIUGHQ$XIHQWKDOW
EHLVFKOHFKWHP:HWWHUEHLQKDOWHQYJO.DS
'HU%HUHLFKVGOLFKGHU/LFKWHQEHUJVFKXOHLVWHLQZHL
WHUHUJHHLJQHWHU6WDQGRUW]XU$XVJHVWDOWXQJVSH]LHOO
IU-XJHQGOLFKH'LHVHU2UWOLHJWJXWHUUHLFKEDUIU-X
JHQGOLFKHDXVGHU&DPEUDL)ULWVFK.DVHUQHZLHDXFK
DXV%HVVXQJHQLVWJXWQXW]EDUIU6FKOHUGHU/LFK
WHQEHUJVFKXOHXQGHUEHOHEWGLHQHXH*UQYHUELQGXQJ
]ZLVFKHQ/XGZLJVK|KVWUD‰HXQG+HLGHOEHUJHU6WUD‰H
'LH$XVJHVWDOWXQJVROOIROJHQGH(OHPHQWHXPIDVVHQ
‡ 7UHIIXQG$XIHQWKDOWVEHUHLFKHRIIHQEHUGDFKW
‡ 6SLHOXQG%HZHJXQJVIHOGVRZLH.RPPXQLND
WLRQVXQG5FN]XJVEHUHLFKH]%HLQ0XOWLVSLHO
IHOG
[PPLW.XQVWVWRIIEHODJIU6WUHHWEDVNHWEDOO
%HDFKYROOH\EDOO
‡ $OWHUQDWLYN|QQWHDXFKGLH6NDWHUDQODJHDXVGHU
/LQFROQ6LHGOXQJKLHUZLHGHUDXIJHEDXWZHUGHQ
HUJlQ]WGXUFKHLQ0LQL6SLHOIHOGIU6WUHHWEDOORl
‡ 6FKDIIXQJQDWXUQDKHU6SLHOEHUHLFKH
%HLGHU3ODQXQJXQG$XVJHVWDOWXQJYRQ.RPPXQLND
WLRQVXQG9HUZHLORUWHQVLQGGLH%HGUIQLVVHZHLEOLFKHU
-XJHQGOLFKHU]XEHUFNVLFKWLJHQ*HQGHUDVSHNW
,P*UQ]XJDEHUDXFKHUJlQ]HQGRGHUDOWHUQDWLYLQ
GHUHKHPDOLJHQ&DPEUDL)ULWVFK.DVHUQHPXVVHV
HLQHQLQIRUPHOOHQ7UHIISXQNWIU-XJHQGOLFKHPLW6LW]
XQG9HUZHLOJHOHJHQKHLWJHEHQGLHIUDOOH$OWHUVNODV
VHQXQGGDVJDQ]H4XDUWLHUQXW]EDUZlUH
'HUYRUKDQGHQH%DXPEHVWDQGVROOVRZHLWP|JOLFK
LQWHJULHUWZHUGHQ,QVEHVRQGHUHZHUWYROOHUHXQGlOWHUH
*HK|O]HVLQG]ZLQJHQG]XHUKDOWHQ
)UGLH5HDOLVLHUXQJLVWGHU$QNDXIHLQHV*UXQGVWFNV
HUIRUGHUOLFK
*HK|O]EHVWDQG
:HUWYROOHU%DXPEHVWDQGLP*UQ]XJVROOHUKDOWHQ
EOHLEHQXQGLVW]XVFKRQHQ
1DWXUXQG$UWHQVFKXW]
1DWXUXQGDUWHQVFKXW]UHFKWOLFKH%HODQJHVLQGLQZHL
WHUHQ3ODQXQJHQEHVRQGHUV]XEHUFNVLFKWLJHQXQG
PLWGHQ=LHOVHW]XQJHQGHU$WWUDNWLYLHUXQJGHV*UQ
]XJVLQ(LQNODQJ]XEULQJHQ
/RNDONOLPD
1|UGOLFKGHU&DPEUDL)ULWVFK.DVHUQHLVWGLH)XQNWLRQ
GHV*UQ]XJVDOV)ULVFKOXIWOHLWEDKQ]XHUKDOWHQXQG
JJI]XYHUEHVVHUQ
*lUWHQXQGDQGHUHSULYDWH)OlFKHQ
*UXQGVlW]OLFKN|QQHQJHVFKORVVHQH*DUWHQDQODJHQ
DXFKZHUWYROOH%HVWDQGWHLOHYRQ*UQ]JHQVHLQ6LH
GLHQHQGHU%HOHEXQJHLQHUVLQQYROOHQ)OlFKHQQXW]XQJ
XQGGHU)UHL]HLWYLHOHU0HQVFKHQ
'LHVH$QODJHQVROOWHQLP*UQ]XJDOOHUGLQJVDXI,KUHQ
+DXSWZHJHQGHU$OOJHPHLQKHLW]XJlQJOLFKVHLQ(V
VROOWHHLQHJHZLVVH6LFKWRIIHQKHLW]ZLVFKHQLQQHQXQG
DX‰HQEHVWHKHQXPHLQH*KHWWRELOGXQJ]XYHUPHL
GHQXQGDXVGHQ*lUWHQKHUDXVVROOWHGDV8PIHOG
VR]LDONRQWUROOLHUWZHUGHQN|QQHQ$OVlX‰HUH(LQIULH
GXQJVLQGQLHGULJHUH+HFNHQRGHU=lXQHYRU]XVHKHQ
3DUNSODW]GHU$NDGHPLHIU7RQNXQVW
'HU3DUNSODW]GHU$NDGHPLHIU7RQNXQVWOLHJWLP
6FKQLWWSXQNWGHV*UQ]XJV%HVVXQJHQ6GXQGGHU
/XGZLJVK|KVWUD‰H(UEORFNLHUWDQGLHVHP6WDQGRUW
HLQHJUR‰]JLJHXQGXQJHKLQGHUWH6LFKWXQG:HJH
EH]LHKXQJGXUFKGHQ(UKROXQJVUDXP0LWWHOELVODQJ
IULVWLJVROOWHGHU3DUNSODW]DQGLHVHU6WHOOHDXIJHJHEHQ
ZHUGHQXQGLQGHQ%HUHLFKGHUMHW]LJHQ6WUD‰HQEDKQ
:HQGVFKOHLIHLQGHU/XGZLJVK|KVWUD‰HYHUOHJWZHU
GHQ
(:DOGJUWHO]ZLVFKHQ
-HIIHUVRQ6LHGOXQJXQG(EHUVWDGW
9LOOHQNRORQLH
'LHDOWHQ'DUPVWlGWHU6WDGWWHLOH%HVVXQJHQXQG
(EHUVWDGWKDEHQVLFKGXUFK6LHGOXQJVHUZHLWHUXQJHQ
HQWODQJGHU+HLGHOEHUJHU/DQG6WUD‰HYRUDOOHPLP
-DKUKXQGHUWIDVWYROOVWlQGLJ]XHLQHPGXUFKJH
KHQGHQ6LHGOXQJVEDQGHQWZLFNHOW
(VYHUEOLHEDQGHU+HLGHOEHUJHU6WUD‰HHLQDXIGHU
:HVWVHLWHPEUHLWHV:DOGEDQGZHOFKHVGLH
/DJHGHU*HPDUNXQJVJUHQ]HPDUNLHUWgVWOLFKGD
YRQLP6GHQGHU-HIIHUVRQ6LHGOXQJLVWGLHVHV
:DOGEDQGPLWVHLQHPDOWHQ%DXPEHVWDQGQRFKDE
OHVEDU$OOHUGLQJVLVWHVKLHUGXUFKHLQ]HOQHPLOLWlUL
VFKH%DXWHQWHLOZHLVHDXIJHO|VW
'DVVWlGWHEDXOLFKODQGVFKDIWVSODQHULVFKH.RQ]HSW
VLHKWYRUGLHVWDGWKLVWRULVFKHQ%H]JHXQGGLHUlXP
OLFKH,GHQWLWlWGHUEHLGHQ6WDGWWHLOHGXUFK(UKDOWXQJ
E]Z:LHGHUKHUVWHOOXQJGLHVHU*UQ]lVXUZHLWHUKLQ
LP6WDGWELOGDEOHVEDU]XPDFKHQ
,P%HUHLFKGHUVGOLFKHQ-HIIHUVRQ6LHGOXQJVROO
GLHhEHUJDQJV]RQH]XHLQHPEHUZLHJHQGRIIHQHQ
3DUNXQG:DOGJUWHOHQWZLFNHOWZHUGHQ'LHGHU
+HLQULFK'HOS6WUD‰HIROJHQGH6LFKWEH]LHKXQJXQG
GLHSDUNDUWLJRIIHQH*HVWDOWXQJGHU*UQEHUHLFKH
PDFKHQGLH9HUELQGXQJXQGUlXPOLFKH1lKHEHLGHU
6WDGWWHLOHHUOHEEDUHLQª,QHLQDQGHUÀLH‰HQ©ZLUGDO
OHUGLQJVEHZXVVWYHUPLHGHQ
'LHLQGLHVHP%HUHLFKYHUODXIHQGHZLFKWLJH)X‰ZH
JHYHUELQGXQJ]ZLVFKHQGHU/LQFROQ6LHGOXQJXQG
GHQ|VWOLFKJHOHJHQHQ:DOGJHELHWHQNDQQDOVGXUFK
JlQJLJH*UQYHUELQGXQJJHVWDOWHW:DOGZHJZHU
GHQ'HU6WDQGRUWHLJQHWVLFK]XGHPDOV*UQEHUHLFK
PLW)UHL]HLWXQG1DKHUKROXQJVIXQNWLRQHQIUGHQ
6GWHLOGHV.RQYHUVLRQVJHELHWV
gNRORJLVFKGLHQWGHU:DOGVWUHLIHQGHU%LRWRSYHUQHW
]XQJ]ZLVFKHQGHQ:DOGÀlFKHQZHVWOLFKXQG|VWOLFK
GHU+HLQULFK'HOS6WUD‰H
=XU5HDOLVLHUXQJGHUREHQJHQDQQWHQ)XQNWLRQHQ
ZLUGHLQHRSWLPDOH%UHLWHGHV:DOGJUWHOVYRQP
YRUJHVFKODJHQ6LHEHJLQQWDQGHUVGOLFKHQ*UHQ]H
GHU-HIIHUVRQ6LHGOXQJ7RUXQGVFKOLH‰WGLH&KDSHO



)UHLUDXPNRQ]HSW$XVVFKQLWW:DOGJUWHO]ZLVFKHQ%HVVXQJHQXQG(EHUVWDGW


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
XQGGLHQ|UGOLFKDQVFKOLH‰HQGHDOWEDXPEHVWDQGHQH
*UQÀlFKHHLQ$OV.RPSURPLVV]XJXQVWHQHLQHUJH
ULQJHUHQ,QDQVSUXFKQDKPHSRWHQ]LHOOHU%DXÀlFKHQ
ZLUGHLQH0LQGHVWEUHLWHYRQPYRUJHVFKODJHQ
'HU:DOGJUWHOEHJLQQWLQGLHVHP)DOOHEHQIDOOVDQ
GHUVGOLFKHQ*UHQ]HGHU-HIIHUVRQ6LHGOXQJXQG
UHLFKWELV]XU&KDSHORKQHGLHVHPLWHLQ]XVFKOLH‰HQ
$QGHU+HLGHOEHUJHU6WUD‰HEOHLEWGHUhEHUJDQJYRQ
%HVVXQJHQQDFK(EHUVWDGWDXIGHU2VWVHLWHGXUFK
GHQKLHUQRFKUHLFKYRUKDQGHQHQ:DOGEHVWDQGGHXW
OLFKHUNHQQEDU$XIGHU:HVWVHLWHKLQJHJHQZLUGGLH
RKQHKLQUHODWLYVFKPDOH*UQ]lVXUGXUFKGLHJHSODQ
WHQHXH6WUD‰HQDQELQGXQJDQGLH.DUOVUXKHU6WUD‰H
ZHLWHUUHGX]LHUW
(5XQGZHJXPGDV
 1DWXUVFKXW]JHELHW%HVVXQJHU
 .LHVJUXEHXQG]XU
 *UQYHUELQGXQJDP6DQGZHJ
5XQGZHJXPGDV1DWXUVFKXW]JHELHW
%HVVXQJHU.LHVJUXEH16*
$OV0D‰QDKPH]XUODQJIULVWLJHQ6LFKHUXQJXQG:HU
WHUKDOWXQJGHV16*VROOGLH$N]HSWDQ]GHVDXFK
ZHLWHUKLQQLFKW|IIHQWOLFK]XJlQJOLFKHQ6FKXW]JHELHWV
EHLGHU:RKQEHY|ONHUXQJGXUFK$XINOlUXQJEHU
GLH6FKXW]]LHOH6FK|QKHLWHQ:HUWLJNHLWHQXQGGLH
KLVWRULVFKH(QWZLFNOXQJGHV*HELHWVHUUHLFKWZHUGHQ
)UGDV16*XQGGLH=LHOHGHV1DWXUVFKXW]HVHUKRIIW
PDQVLFKGDPLWHLQHK|KHUH:HUWVFKlW]XQJEHVVHUH
VR]LDOH.RQWUROOHXQGGDPLW5FNVLFKWQDKPH
'HUDQGHU/XGZLJVK|KVWUD‰HEHJLQQHQGHQ|UGOLFK
GHU&DPEUDL)ULWVFK.DVHUQHJHOHJHQHXQGQDFK
:HVWHQDXIGHP+|KHQJUDWYHUODXIHQGH:HJIKUW
]XHLQHP$XVEOLFNSXQNWYRQGHPHLQHKHUYRUUDJHQ
GH6LFKWDXIGLH5KHLQHEHQH]XU/XGZLJVK|KHDXI
7HLOH'DUPVWDGWVVRZLHLQGDV16*P|JOLFKLVW
'LHVHU$XVVLFKWVSXQNWZLUGDOVJHHLJQHWHU2UWIU
HLQH,QIRUPDWLRQVWDIHORlEHUGHQ/DQGVFKDIWV
UDXPXQGGDV16*DQJHVHKHQ
'HU5XQGZHJIlOOWDXIGHU1RUGVHLWHGHV16*PLWGHU
*UQYHUELQGXQJ]ZLVFKHQ/XGZLJVK|KVWUD‰HXQG
+HLGHOEHUJHU6WUD‰H]XVDPPHQ$XFKKLHUVLQG$XV
VLFKWVSXQNWHLQGDV16*YRU]XVHKHQ
'DV1DWXUVFKXW]JHELHWVROOWHYROOVWlQGLJPLWHLQHU
PKRKHQ=DXQDQODJHXPVFKORVVHQZHUGHQ'HU
=DXQVROO%HVXFKHUDXVGHP*HELHWIHUQKDOWHQGD
DEJHVHKHQYRP%LRWRSXQG$UWHQVFKXW]GLHELV
]XPKRKHQVHQNUHFKWHQ6WHLOZlQGHHLQVWDUNHV
6LFKHUKHLWVULVLNRGDUVWHOOHQ'LHYRUKDQGHQH(LQIULH
GXQJLVWDQPHKUHUHQ6WHOOHQLQHLQHPGHUDUWEDXOLFK
VFKOHFKWHQ=XVWDQGGDVVHLQHJUXQGKDIWH(UQHXH
UXQJHUIRUGHUOLFKLVW
*UQYHUELQGXQJ6DQGZHJ
'LH9HUELQGXQJGHU&DPEUDL)ULWVFK.DVHUQHXQG
/LQFROQ6LHGOXQJEHUGHQ6DQGZHJLVWYRQJUR‰HU
%HGHXWXQJDOV6FKXOZHJXQG]XU9HUQHW]XQJGHUEHL
GHQ4XDUWLHUHXQWHUHLQDQGHU8PGLHVHP$QVSUXFK
JHUHFKW]XZHUGHQLVWGHU:HJDOVDVSKDOWLHUWHU:HJ
PLWHLQHU%UHLWHYRQFDPELVPDXV]XEDXHQ
$OOJHPHLQZlUHHLQJHPHLQVDPHU)X‰XQG5DGZHJ
LQQHURUWVYRQPDXVUHLFKHQG1DFKHPSLULVFKHQ
8QWHUVXFKXQJHQLVWMHGRFKHLQPLQGPEUHLWHU
:HJHUIRUGHUOLFKXPHLQ0LQGHVWPD‰DQ*HKNRPIRUW
]XHUUHLFKHQ)X‰QRWH0lU]$UEHLWVJUXSSH
)X‰YHUNHKUYRQ65/XQG)X‰H9
)UGHQ:HJLVWHLQH%HOHXFKWXQJHUIRUGHUOLFK'D]X
VLQG/HXFKWPLWWHO]XYHUZHQGHQGLHNHLQHRGHUQXU
HLQHJHULQJH%HHLQWUlFKWLJXQJGHU7LHUZHOWQDFKVLFK
]LHKHQ]%1DWULXPGDPSÀDPSHQ
(QWODQJGHV:HJVVLQGQDWXUQDKHIDVWXQDXIIlOOLJH
6SLHOSXQNWHDQ]XOHJHQ=XGHPVLQG%lQNHRGHU6LW]
SOlW]HHQWODQJGHV:HJVYRU]XVHKHQGDPLW(OWHUQ
PLWNOHLQHUHQ.LQGHUQXQGDXFKlOWHUH0HQVFKHQGHQ
:HJEHQXW]HQN|QQHQ
=XU9HUPHLGXQJYRQ$QJVWUlXPHQLVWGHUDQJUHQ]HQ
GH:DOGGDXHUKDIWRIIHQ]XKDOWHQ


( %HJUQGXQJGHU)UHLUDXPEHGDUIHXQGGHU)OlFKHQDXVZHLVXQJHQ
YRQGHU:RKQXQJPD[P(QWIHUQXQJ
GLH9RUJDEHQGHU+HVVLVFKHQ%DXRUGQXQJJHOWHQ
VLQQJHPl‰
‡ )UHLÀlFKHQIUDOWH0HQVFKHQELVP(QWIHU
QXQJRGHUP5DGLXV
:HLWHUH=LHOJU|‰HQGHU)UHLUDXPSODQXQJIU6SLHOÀl
FKHQ)OlFKHQJU|‰HQ
‡ 6SLHOÀlFKHLP1DFKEDUVFKDIWVEHUHLFK0LQGHVW
JU|‰HTP
‡ 6SLHOÀlFKHLP4XDUWLHUVEHUHLFK0LQGHVWJU|‰H
TPRGHUPHKU
(VLVWPLQGHVWHQVHLQLQWHJULHUWHU6SLHORUWLQQHUKDOE
MHGHV:RKQVWDQGRUWVYRU]XVHKHQFDTP
]XVDPPHQKlQJHQGH*UQÀlFKHDQGHPDOOH$O
WHUVXQGJHVHOOVFKDIWOLFKHQ*UXSSHQ7HLOKDEH¿QGHQ
N|QQHQ
6SLHOXQG6SRUWÀlFKHQVLQGLPPHULQDNWLYH%HUHL
FKHXQGSDVVLYH%HUHLFKH6LW]JHOHJHQKHLWHQ]XP
=XVFKDXHQIU*HVSUlFKHHWF]XXQWHUJOLHGHUQ
$XFKVLQG5FN]XJVUlXPHHLQ]XSODQHQGLHDXFKEHL
VFKOHFKWHP:HWWHUHLQHQ$XIHQWKDOWLP)UHLHQHUP|J
OLFKHQZQVFKHQVZHUWVLQGEHUGDFKWH)UHL]HLWDQJH
ERWH
$OOJHPHLQVROOHQGLH6SLHOÀlFKHQIROJHQGH.ULWHULHQ
HUIOOHQ
‡ 6LQQHVXQG%HZHJXQJVI|UGHUXQJ
‡ *HVWDOWEDUNHLW
‡ 0RGHOOLHUXQJGHV*HOlQGHV)|UGHUXQJGHU6LQQH
XQG0RWRULN
‡ 5DXPELOGXQJ
‡ %DUULHUHIUHLKHLW
‡ 1XW]XQJVYLHOIDOW
‡ )|UGHUXQJYRQ6R]LDONRQWDNWHQ.RPPXQLNDWL
RQVEHUHLFKH5FN]XJVEHUHLFKHhEHUGDFKWH
5FN]XJVEHUHLFKH
‡ 6LFKHUKHLW
‡ %HUHLFKH]XU)|UGHUXQJGHV1DWXUHUOHEQLVVHV
‡ DXFKJU|‰HUHEHIHVWLJWH)OlFKHQ
‡ EHLXQJQVWLJHP:HWWHUQXW]EDUH6SLHOEHUHLFKH
DOVR]%EHUGDFKWH)OlFKHQZHWWHUIHVWH%HOlJH
HWF
6SLHOXQG%HZHJXQJVÀlFKHQ
6SLHOXQG%HZHJXQJVÀlFKHQVLQG]XU(QWZLFNOXQJ
XQG]XU$XIUHFKWHUKDOWXQJGHUPRWRULVFKHQ)lKLJNHL
WHQXQGPHQWDOHQ*HVXQGKHLWYRQ.LQGHUQ-XJHQGOL
FKHQ(UZDFKVHQHQXQG6HQLRUHQHUIRUGHUOLFK
ª.LQGHUXQG-XJHQGOLFKHEHQ|WLJHQ]XLKUHU(QWZLFN
OXQJHLQHNLQGHUIUHXQGOLFKH8PZHOWXQGDX‰HUKDOE
GHU)DPLOLHXQG$XVELOGXQJDXVUHLFKHQGH6SLHOXQG
%HZHJXQJVP|JOLFKNHLWHQVRZLHJHQJHQG%HZH
JXQJVUDXP,P5DKPHQGHUDOOJHPHLQHQ'DVHLQV
YRUVRUJHKDEHQGLH*HPHLQGHQGLHGDIUQRWZHQ
GLJHQ9RUDXVVHW]XQJHQLP|IIHQWOLFKHQ%HUHLFK]X
VFKDIIHQXQGHQWVSUHFKHQGH%HGUIQLVVHGHU.LQGHU
XQG-XJHQGOLFKHQLQGHU6WDGWHQWZLFNOXQJ6WDGWHU
QHXHUXQJXQG%DXOHLWSODQXQJ]XEHUFNVLFKWLJHQ
'LH|IIHQWOLFKH9RUVRUJHIUGLH(UKDOWXQJXQG*H
VWDOWXQJHLQHUNLQGHUIUHXQGOLFKHQ8PZHOWVRZLHIU
6SLHOXQG%HWlWLJXQJVP|JOLFKNHLWHQIU.LQGHUXQG
-XJHQGOLFKHLVWXPVRGULQJOLFKHUMHGLFKWHUGLH%H
EDXXQJMHVFKOHFKWHUGLH%DXVXEVWDQ]XQGMHJU|‰HU
GDV'H¿]LWDQYRUKDQGHQHQ6SLHOXQG%HWlWLJXQJV
P|JOLFKNHLWHQLVW
0HQVFKHQVROOWHQ*HOHJHQKHLW]XPDOWHUVVSH]L¿
VFKHQ6SLHOHQDXIEHVRQGHUHQ)OlFKHQZLH6SLHO
SOlW]HQ%RO]SOlW]HQ]XU%HQXW]XQJLQWHJULHUWHU
6SLHOHLQULFKWXQJHQIUPHKUHUH$OWHUVJUXSSHQZLH
6SLHOXQG)UHL]HLWDQODJHQ]XUVSLHOHULVFKVSRUWOL
FKHQ%HWlWLJXQJGXUFK5DGIDKUHQ5ROOVFKXKXQG
(LVODXI5RGHOQXbVRZLH]XVSRQWDQHQXQEH
VWLPPWHQ6SLHOXQG%HWlWLJXQJVP|JOLFKNHLWHQDXI
DQGHUHQ)OlFKHQXQG(LQULFKWXQJHQ0HKUIDFKQXW
]XQJHQKDEHQ$5*(%DX©
,QGHU5DKPHQSODQXQJZXUGH%H]XJDXIGHQ0XV
WHUHUODVVGHU$5*(%$8JHQRPPHQ
-H(LQZRKQHUVLQGFDTP%UXWWRVSLHOÀlFKHYRU]X
VHKHQ'LH$OWHUVJUXSSHQVLQGTXDQWLWDWLY]XEHUFN
VLFKWLJHQ)UDOOH$OWHUVJUXSSHQVLQGLP%HUHLFKGHU
:RKQEHEDXXQJ6SLHORUWHLQJXWHU/DJHXQG(UUHLFK
EDUNHLWYRU]XVHKHQ(VVLQGIROJHQGH:HJHGLVWDQ]HQ
]XGHQ6SLHOÀlFKHQE]Z$XIHQWKDOWVEHUHLFKHQ]X
EHUFNVLFKWLJHQ
‡ IU.LQGHUlOWHUDOV-DKUHHLQHIX‰OlX¿JH(QW
IHUQXQJYRQPRGHUP5DGLXV
‡ IU.LQGHUYRQELV-DKUHHLQHIX‰OlX¿JHU(QW
IHUQXQJYRQPRGHUP5DGLXV
‡ IU.LQGHUXQWHU-DKUHGLH6LFKWXQG5XIZHLWH
,QIRUPHOOH7UHIISXQNWHIU
-XJHQGOLFKH
,QQHUKDOERGHULQUHODWLYHU1lKHGHUEHLGHQ]XHQWZL
FNHOQGHQ:RKQVWDQGRUWHLVWMHHLQLQIRUPHOOHU7UHII
SXQNWIU-XJHQGOLFKHHLQVFKOLH‰OLFKHLQHVEHUGDFK
WHQ8QWHUVWDQGVPLW6LW]XQG9HUZHLOJHOHJHQKHLW]X
HUULFKWHQGHUIUDOOH$OWHUVNODVVHQXQGGDVJDQ]H
4XDUWLHUQXW]EDUZlUH6R]LDOYHUZDOWXQJ'DUPVWDGW
:RKQXQJVEH]RJHQH*lUWHQ
*HPHLQVFKDIWVJlUWHQ
:LUG*HVFKRVVZRKQXQJVEDXYRUJHVHKHQVRVLQG
IROJHQGH*DUWHQÀlFKHQJU|‰HQ]XEHUFNVLFKWLJHQ
-H:RKQXQJHQLVWHLQ*DUWHQYRU]XVHKHQ
'LHVHUVROOWHLP%HGDUIVIDOODOV0LHWHUJDUWHQHLQHU
(UGJHVFKRVVZRKQXQJ]XJHRUGQHWVHLQ'LHQDFKJH
IUDJWHQ*U|‰HQVROFKHU*lUWHQN|QQHQVWDUNVFKZDQ
NHQ(VLVW]XEHUFNVLFKWLJHQGDVVDXFKNOHLQH7HU
UDVVHQJlUWHQRIWPDOVVFKRQGHQ:XQVFKQDFKHLQHP
SULYDWHQ)UHLUDXPHUIOOHQ
(VZLUHPSIRKOHQIU*lUWHQZRKQXQJVEH]RJHQH
*lUWHQIROJHQGH*U|‰HQ]XEHUFNVLFKWLJHQ
hEHUVLFKW]X(PSIHKOXQJHQIUGLH*U|‰HHLQ]HOQHU
*DUWHQW\SHQ
7\S /DJH %UXWWR
5LFKWZHUW
TP
7HUUDVVHQJDUWHQ
LQNO7HUUDVVH
9RUELV=LPPHU
ZRKQXQJHQ
YRUXQGPHKU=LP
PHU:RKQXQJHQ


$QVFKOXVVDQ
2*
XQWHUELV=LP
PHUZRKQXQJHQ
XQWHUXQGPHKU
=LPPHU:RKQXQJHQ


:RKQXQJVJDU
WHQLP*HPHLQ
VFKDIWVJUQ

*HPHLQVFKDIWV
JDUWHQ
3ULYDWHV%HHWLP*H
PHLQVFKDIWVJDUWHQ


4XHOOH
6WDGW0QFKHQ

)9HUNHKU

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
) $XVJDQJVVLWXDWLRQ
'LH(QWZLFNOXQJGHU.RQYHUVLRQVÀlFKHQKDWQLFKW
QXU$XVZLUNXQJHQDXIGLHXQPLWWHOEDUDQJUHQ]HQGHQ
9HUNHKUVUlXPHVRQGHUQVLHZLUNWLPJHVDPWHQVG
OLFKHQ6WDGWJHIJH)UDOOHYHUNHKUOLFKHQ)UDJHVWHO
OXQJHQ]XGHQ.RQYHUVLRQVÀlFKHQ/LQFROQ6LHGOXQJ
XQG&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
ZLUGGDKHUGHU%HWUDFKWXQJVKRUL]RQWHUZHLWHUWGDPLW
$XVVDJHQ]XU(LQELQGXQJLQVVWlGWLVFKH9HUNHKUV
XQG:HJHQHW]XQG]XGHQ]XHUZDUWHQGHQYHUNHKUOL
FKHQ:LUNXQJHQJHWURIIHQZHUGHQN|QQHQ
,P+LQEOLFNDXIGLHGHU]HLWLJH(LQELQGXQJLQGLHVWlG
WLVFKHQ9HUNHKUVXQG:HJHQHW]HVLQGGLHIROJHQGH
%HIXQGHUHOHYDQW
‡ 'LH.RQYHUVLRQVÀlFKHQVLQGEHUGLH+HLGHOEHU
JHU6WUD‰HDQGDVVWlGWLVFKH+DXSWYHUNHKUVVWUD
‰HQQHW]DQJHEXQGHQ9RQKLHUDXVZHUGHQGLH
/LQFROQ6LHGOXQJEHUGLH1RDFNVWUD‰HXQGGLH
)UDQNOLQVWUD‰HXQGGLH&DPEUDL)ULWVFK.DVHU
QH-HIIHUVRQ6LHGOXQJEHUGLH&RRSHUVWUD‰H
GLUHNWHUUHLFKW'LH&DPEUDL)ULWVFK.DVHUQH
-HIIHUVRQ6LHGOXQJNDQQ]XGHPQRFKEHUGLH(U
VFKOLH‰XQJVVWUD‰HQ+HLQULFK'HOS6WUD‰HXQGGLH
/XGZLJVK|KVWUD‰HDQJHIDKUHQZHUGHQDOOHUGLQJV
VLQGGLH=XIDKUWHQ]XGHQ.RQYHUVLRQVÀlFKHQ
GHU]HLWJHVFKORVVHQ:HLWHUHIUGHQ.I]9HUNHKU
GHU.RQYHUVLRQVÀlFKHQZLFKWLJH$EVFKQLWWHGHV
+DXSWYHUNHKUVVWUD‰HQQHW]HVVLQGGHU6WUD‰HQ]XJ
5GHVKHLPHU6WUD‰H±/DQGVNURQVWUD‰H±.ODS
SDFKHU6WUD‰H9HUWHLOHUVFKLHQHDXV:HVWHQ
1RUG:HVWHQE]Z2VWHQGLH.DUOVUXKHU6WUD‰H
5LFKWXQJ6GHQ%$%$QVFKOXVVVWHOOH'DUP
VWDGW(EHUVWDGWVRZLHGHU'RQQHUVEHUJULQJXQG
GLH+HLGHOEHUJHU6WUD‰H5LFKWXQJ1RUGHQ,Q
QHQVWDGWXQGGLH+HLGHOEHUJHU/DQGVWUD‰H5LFK
WXQJ(EHUVWDGW
‡ 'LHg319$QELQGXQJXQG(UVFKOLH‰XQJGHU(QW
ZLFNOXQJVÀlFKHQLVWXQJHQJHQG1XUHLQJHULQ
JHU7HLOOLHJWLQQHUKDOEGHVLP1DKYHUNHKUVSODQ
IHVWJHOHJWHQ+DOWHVWHOOHQ(LQ]XJVEHUHLFKVYRQ
P6WUD‰HQEDKQYHUELQGXQJHQEHVWHKHQLP
=XJHGHU+HLGHOEHUJHU6WUD‰HLQ5LFKWXQJ(EHU
VWDGW%HUJVWUD‰HXQGLQ5LFKWXQJ,QQHQVWDGW
$UKHLOJHQ+DOWHVWHOOH0DULHQK|KHHLQHZHLWH
UH6WUD‰HQEDKQDQELQGXQJ5LFKWXQJ,QQHQVWDGW
+DXSWEDKQKRIIKUWEHUGLH/XGZLJVK|KVWUD‰H
(QGKDOWHVWHOOH/LFKWHQEHUJVFKXOH'LHQlFKVWHQ
%XVOLQLHQYHUODXIHQLP6WUD‰HQ]XJ5GHVKHLPHU
6WUD‰H±/DQGVNURQVWUD‰H.ODSSDFKHU6WUD‰H
GHUHQP+DOWHVWHOOHQ(LQ]XJVEHUHLFKHHEHQ
IDOOVQLFKWELVLQGLH.RQYHUVLRQVÀlFKHQUHLFKHQ
‡ 'LH(LQELQGXQJLQVVWlGWLVFKH5DGYHUNHKUVQHW]
LVWDXIGHU1RUG6G5HODWLRQEHUVHSDUDWH5DG
YHUNHKUVDQODJHQHQWODQJGHU+HLGHOEHUJHU6WUD‰H
JHZlKUOHLVWHW'LH2VW:HVW9HUELQGXQJYHUOlXIW
Q|UGOLFKGHU.RQYHUVLRQVÀlFKHQEHUGLH5GHV
KHLPHU6WUD‰HVHSDUDWH5DGZHJHPLW9HUVDW]LQ
GLH3DXO:DJQHU6WUD‰H±/RVVHQZHJ)KUXQJ
LP0LVFKYHUNHKUPLW.I]LQ7HPSR=RQHQE]Z
LQYHUNHKUVEHUXKLJWHQ%HUHLFKHQ'LH9HUELQGXQJ
]ZLVFKHQ/XGZLJVK|KVWUD‰HXQG+HLQULFK'HOS
6WUD‰HEHLGHV%HVWDQGWHLOHGHVVWlGWLVFKHQ
+DXSWUDGYHUNHKUVQHW]HV±GXUFKGLH&DPEUDL
)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJLVWGHU]HLW
XQWHUEURFKHQ
‡ 'HUEHVWHKHQGH=DXQXPGLH.RQYHUVLRQVÀl
FKHQXQWHUEULFKWGDUEHUKLQDXVIDVWDOOHZLFKWL
JHQ)X‰ZHJHEH]LHKXQJHQLQGLHEHQDFKEDUWHQ
6WDGWTXDUWLHUHVRZLHLQGLHXPOLHJHQGHQ1DKHU
KROXQJVJHELHWHE]ZGHQ6WDGWZDOG'LH]HQWUDOH
+HLGHOEHUJHU6WUD‰HPLWGHPSDUDOOHOHQ*OHLVN|U
SHULVWLP%HUHLFKGHU(QWZLFNOXQJVÀlFKHQDOV
DQEDXIUHLH+DXSWYHUNHKUVVWUD‰HNODVVL¿]LHUW
]ZLVFKHQ&RRSHUVWUD‰HXQG/DQGVNURQVWUD‰H
EHVWHKHQNHLQHUOHLJHVLFKHUWH4XHUXQJVP|JOLFK
NHLWHQIUGHQ)X‰YHUNHKU$XFKGDV1DWXUVFKXW]
JHELHWª%HVVXQJHU.LHVJUXEH©NDQQQLFKWGXUFK
TXHUWZHUGHQ
'LH9HUNHKUVEHODVWXQJHQLQGHQ+DXSWYHUNHKUV
VWUD‰HQXQWHUVFKHLGHQVLFKHUKHEOLFK'LHK|FKVWHQ
%HODVWXQJHQPLWFD.I]KOLHJHQLQGHU
.DUOVUXKHU6WUD‰HDOV+DXSWYHUELQGXQJ]XU%$%XQG
]XU%HUJVWUD‰H'LH+HLGHOEHUJHU6WUD‰HLVWLP%H
UHLFKGHU/LQFROQ6LHGOXQJPLWWlJOLFK.I]
KEHODVWHW$QVRQVWHQYDULLHUHQGLH%HODVWXQJHQ
LP+DXSWYHUNHKUVVWUD‰HQ]XJ5GHVKHLPHU6WUD‰H
±/DQGVNURQVWUD‰H±.ODSSDFKHU6WUD‰H]ZLVFKHQ
XQG.I]K'LHXQWHUJHRUGQHWH
/XGZLJVK|KVWUD‰H(UVFKOLH‰XQJVVWUD‰HGDJHJHQ
LVWLQGHU=XIKUXQJDXIGLH&DPEUDL)ULWVFK.DVHUQH
PLWQXUFD.I]WlJOLFKEHODVWHW
=XU%HXUWHLOXQJGHU4XDOLWlWGHV9HUNHKUVDEODXIVDQ
GHQXPOLHJHQGHQ.QRWHQSXQNWHQ±EHUGLHLP)DOOH
GHU(QWZLFNOXQJGHU.RQYHUVLRQVÀlFKHQDXFKGHUHQ
9HUNHKUVDXINRPPHQDEJHZLFNHOWZLUG±ZXUGHQGLH
/HLVWXQJVIlKLJNHLWGHU.QRWHQSXQNWHXQGGLH.DSD
]LWlWVUHVHUYHQJHPl‰GHPª+DQGEXFKIUGLH%H
PHVVXQJYRQ6WUD‰HQYHUNHKUVDQODJHQ©+%6
)DVVXQJIUGLHPRUJHQGOLFKHXQGDEHQGOLFKH
6SLW]HQVWXQGHHUPLWWHOW'LH%HZHUWXQJIKUW]XIRO
JHQGHQ(UJHEQLVVHQ
‡ %HL%HWUDFKWXQJGHU*HVDPWNQRWHQZHLVHQGLH
XQWHUVXFKWHQ/LFKWVLJQDODQODJHQEHUZLHJHQGJH
ULQJH/HLVWXQJVIlKLJNHLWVUHVHUYHQDXI/HGLJOLFK
DP.QRWHQ/DQGVNURQVWUD‰H/XGZLJVK|KVWUD‰H
NDQQGLH9HUNHKUVTXDOLWlWDOVJXWHLQJHVWXIWZHU
GHQ,QGHU$EHQGVSLW]HWUHWHQDQDOOHQ/LFKWVLJ
QDODQODJHQhEHUODVWXQJHQHLQ]HOQHU6LJQDOJUXS
SHQDXIGHU*HVDPWNQRWHQ'RQQHUVEHUJULQJ
5GHVKHLPHU6WUD‰H.DUOVUXKHU6WUD‰HLVWLQGHU
$EHQGVSLW]HYROOVWlQGLJEHUODVWHW'LHPLWWOHUH
:DUWH]HLWGHUPD‰JHEHQGHQ9HUNHKUVVWU|PHEH
WUlJWWHLOZHLVHZHLWEHUV.I]XQGLVWGDPLW
XQJHQJHQG
‡ 'HUXQVLJQDOLVLHUWH.QRWHQSXQNW.ODSSDFKHU6WUD
‰H/DQGVNURQVWUD‰HLVWLQEHLGHQ6SLW]HQVWXQGHQ
EHUODVWHW
‡ )UGHQ)X‰YHUNHKUHUJHEHQVLFKLQGHQ+DXSW
YHUNHKUV]HLWHQEHUGLH+DXSWULFKWXQJDQDOOHQ
/LFKWVLJQDODQODJHQPLWWOHUH:DUWH]HLWHQLP%H
UHLFKXPV)JGKGLH9HUNHKUVTXDOLWlWLVW
WHLOZHLVHPDQJHOKDIW$P.QRWHQSXQNW'RQQHUV
EHUJULQJ5GHVKHLPHU6WUD‰H.DUOVUXKHU6WUD‰H
VLQGGLHGHU]HLWLJHQ:DUWH]HLWHQDOVLQDN]HSWDEHO
HLQ]XVWXIHQ



Cambrai-Fritsch-Kaserne
Jefferson-Siedlung
Lincoln-Siedlung
Karlsruher Straße
Klappacher Straße
Landskronstraße
Rüdesheimer Straße
Ludwigshöhstraße
Heidelberger Straße
Cooperstraße
Planstraße
Heinrich-Delp-Straße
Noackstraße
Seminar Marienhöhe
Bessunger
MarktplatzStraßennetz
Bestand
Straßenbahnlinie
Fuß- und Radverkehrs-
verbindung
Querungsstelle (LSA, FSA)
Überführung
$QELQGXQJGHU.RQYHUVLRQVÀlFKHQDQGDV6WUD‰HQXQG:HJHQHW]%HVWDQG


5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
6FKOXVVIROJHUXQJHQ
=XVlW]OLFKH.I]9HUNHKUVEHODVWXQJHQGXUFKGLHJH
SODQWH(QWZLFNOXQJGHU.RQYHUVLRQVÀlFKHQDQGHQ
.QRWHQSXQNWHQLPYRUKDQGHQHQ6WUD‰HQQHW]N|QQHQ
QXUGXUFKHUJlQ]HQGHYHUNHKUVWHFKQLVFKHXQGEDXOL
FKH0D‰QDKPHQOHLVWXQJVIlKLJDXIJHQRPPHQZHU
GHQ(LQH(UZHLWHUXQJYRQ9HUNHKUVÀlFKHQLQGHQ
EHWURIIHQHQ6WUD‰HQLVWDOOHUGLQJVQXUHLQJHVFKUlQNW
P|JOLFK+LQ]XNRPPWGDVVGLH:RKQQXW]XQJHQLQ
GHQYRP9HUNHKUVJHVFKHKHQEHWURIIHQHQ6WUD‰HQ
WHLOZHLVHVHKUHPS¿QGOLFKJHJHQEHU]XVlW]OLFKHQ
.I]9HUNHKUVEHODVWXQJHQVLQG=LHOGHUYHUNHKUOLFKHQ
(QWZLFNOXQJGHU.RQYHUVLRQVÀlFKHQPXVVGDKHU
VHLQ$QJHERWH]XVFKDIIHQGLHDXIP|JOLFKVWJHULQ
JH.I]1XW]XQJVUDWHQDE]LHOHQ1HEHQHLQHP$XV
EDXGHU9HUNHKUVDQJHERWHLPg319)X‰XQG5DG
YHUNHKUJHK|UHQKLHU]XLQVEHVRQGHUH0D‰QDKPHQ
LP%HUHLFK0RELOLWlWVPDQDJHPHQWGLHGLH]XNQIWL
JHQ%HZRKQHULQQHQXQG%HZRKQHULQHLQHUYRP.I]
XQDEKlQJLJHQ0RELOLWlWXQWHUVWW]HQ
'HVZHLWHUHQZXUGHJHSUIWZLHHPS¿QGOLFKGLH
6WUD‰HQ]JHLQ$EKlQJLJNHLWLKUHU5DQGQXW]XQJHQ
JHJHQEHU]XVlW]OLFKHQ.I]9HUNHKUVEHODVWXQJHQ
LQIROJHGHU(QWZLFNOXQJGHU.RQYHUVLRQVÀlFKHQHLQ
]XVWXIHQVLQGXQGZHOFKH3RWHQ]LDOHLQGHQ6WUD‰HQ
UlXPHQKLQVLFKWOLFKYRQ)OlFKHQHUZHLWHUXQJHQIU
9HUNHKUVÀlFKHQEHVWHKHQ
‡ 'LHDQEDXIUHLH.DUOVUXKHU6WUD‰HLVWDXIJUXQG
LKUHU5DQGQXW]XQJXQGPLWGHPEHVWHKHQGHQ
/lUPVFKXW]ZDOODXIGHU2VWVHLWHKLQVLFKWOLFK]X
VlW]OLFKHU.I]9HUNHKUVEHODVWXQJHQDOVXQHPS
¿QGOLFKHLQ]XVWXIHQGLH5GHVKHLPHU6WUD‰HDOV
EHUZLHJHQGXQHPS¿QGOLFK'DJHJHQVLQGGLH
/DQGVNURQVWUD‰HGLHVFKRQKHXWHUHODWLYVWDUN
EHODVWHWLVWVRZLHGLH/XGZLJVK|KVWUD‰HXQGGLH
+HLQULFK'HOS6WUD‰HDXIJUXQGGHUDQJUHQ]HQ
GHQ:RKQEHEDXXQJKLQVLFKWOLFKZHLWHUHU.I]9HU
NHKUVEHODVWXQJHQGHXWOLFKHPS¿QGOLFKHU
‡ (LQH(UZHLWHUXQJYRQ.I]9HUNHKUVÀlFKHQLP
6WUD‰HQUDXPVLQGLQGHQGHU]HLWLJHQ.DWDVWHU
JUHQ]HQQXU]X/DVWHQGHU6HLWHQUlXPHGK
GHV)X‰XQG5DGYHUNHKUVP|JOLFK'LHVZLGHU
VSUlFKHDOOHUGLQJVGHQHUNOlUWHQ=LHOHQGHU9HU
NHKUVHQWZLFNOXQJLQ'DUPVWDGWGLHHLQH6WlUNXQJ
GHV)X‰XQG5DGYHUNHKUVXQGHLQHQDFKKDOWLJH
(QWZLFNOXQJGHV9HUNHKUVJHVFKHKHQVH[SOL]LWEH
LQKDOWHQ$OWHUQDWLYLVWHLQHEDXOLFKH(UZHLWHUXQJ
GHU9HUNHKUVÀlFKHQPLW(LQJULIIHQLQ3ULYDWJUXQG
VWFNHYHUEXQGHQ


'RQQHUQVEHUJULQJ

+HLGHOEHUJHU
6WUD‰H

/XGZLJVK|KVWUD‰H

.ODSSDFKHU6WUD‰H
0RUJHQVSLW]H ' & % )
$EHQGVSLW]H
5GHVKHLPHU
6WUD‰H )
5GHVKHLPHU
6WUD‰H &
/DQGVNURQVWUD‰H
%
/DQGVNURQVWUD‰H
)


.DUOVUXKHU6WUD‰H

+HLGHOEHUJHU
6WUD‰H

/XGZLJVK|KVWUD‰H

.ODSSDFKHU6WUD‰H

/HLVWXQJVIlKLJNHLWGHUUHOHYDQWHQ.QRWHQSXQNWHLP6WUD‰HQQHW]%HVWDQG
$%
&'
()

VHKUJXWHJXWH/HLVWXQJVIlKLJNHLW
EHIULHGLJHQGHDXVUHLFKHQGH/HLVWXQJVIlKLJNHLW
.DSD]LWlWHUUHLFKWhEHUODVWXQJ

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
) 9HUNHKUVNRQ]HSW5DKPHQSODQ
)6WUD‰HQQHW]
+DXSWHUVFKOLH‰XQJVDFKVHIUEHLGH.RQYHUVLRQVÀl
FKHQLVWGLH+HLGHOEHUJHU6WUD‰H9RQKLHUDXVZLUG
GLH/LQFROQ6LHGOXQJEHUGLHEHVWHKHQGHQ$QVFKOV
VH)UDQNOLQVWUD‰HXQG1RDFNVWUD‰HDQJHEXQGHQ
HLQHZHLWHUH$QELQGXQJZLUGLQ+|KHGHVQHXHQ
6FKXOVWDQGRUWVJHVFKDIIHQ=XVlW]OLFKH/LFKWVLJ
QDODQODJHQLQGHU+HLGHOEHUJHU6WUD‰HVLFKHUQHLQH
JXWH9HU]DKQXQJGHUEHLGHQ4XDUWLHUHVLHKHKLHU]X
DXFK)X‰XQG5DGYHUNHKUXQGWUDJHQ]XHLQHU*H
VFKZLQGLJNHLWVGlPSIXQJEHL'LH'XUFKIDKUWIUGHQ
.I]9HUNHKUDXV5LFKWXQJ(EHUVWDGWZLUGGDPLWXQDW
WUDNWLYHU=XU0LOGHUXQJGHUEHVWHKHQGHQRSWLVFKHQ
'XUFKVFKXVVZLUNXQJZLUGGHU6WUD‰HQUDXPPLW%lX
PHQXQWHUVWW]HQGJHJOLHGHUWXQGDOV6WDGWVWUD‰H
HUNHQQEDUJHVWDOWHW
'HU.QRWHQSXQNW)UDQNOLQVWUD‰H+HLGHOEHUJHU6WUD
‰H&RRSHUVWUD‰HZLUGXPJHEDXWXPGHQ.I]9HU
NHKUVW|UXQJVIUHLHUDEZLFNHOQ]XN|QQHQhEHUGLH
VHQ.QRWHQHUIROJWGLH+DXSWDQELQGXQJGHU&DPEUDL
)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJDQGDVVWlGWL
VFKH6WUD‰HQQHW](LQHZHLWHUH$QELQGXQJGLHVHV
4XDUWLHUVELHWHWGLH/XGZLJVK|KVWUD‰HGLH±ZLHYRU
GHU6FKOLH‰XQJGHUYRP0LOLWlUJHQXW]WHQ)OlFKHQ±
QXQZLHGHU]XU4XDUWLHUVHUVFKOLH‰XQJKHUDQJH]RJHQ
ZLUG(LQH9HUELQGXQJPLWGHU&RRSHUVWUD‰HLVWVLQQ
YROOVROODEHUVRJHVWDOWHWE]ZJHUHJHOWVHLQ]%DOV
YHUNHKUVEHUXKLJWH=RQHGDVVHLQH'XUFKIDKUWGXUFK
GDV4XDUWLHU±LQVEHVRQGHUHIUTXDUWLHUVIUHPGHQ
9HUNHKUYRQGHU+HLGHOEHUJHU6WUD‰HEHU/XGZLJV
K|KVWUD‰H]XU.ODSSDFKHU6WUD‰HXQDWWUDNWLYLVW
(LQH.I]9HUNHKUVDQELQGXQJEHUGLH+HLQULFK'HOS
6WUD‰HLVWQLFKWYRUJHVHKHQZHLOKLHUGLH*HIDKUYRQ
XQHUZQVFKWHP'XUFKJDQJVYHUNHKUEHVWHKW'LHVH
9HUELQGXQJEOHLEWGHP5DGYHUNHKUYRUEHKDOWHQ
'LH$QELQGXQJGHU.RQYHUVLRQVÀlFKHQDQGDVEHU
JHRUGQHWH6WUD‰HQQHW]%.DUOVUXKHU6WUD‰HHU
IROJWEHUHLQHQHXH6WUD‰HQYHUELQGXQJ3ODQVWUD‰H
]ZLVFKHQ+HLGHOEHUJHU6WUD‰HXQG.DUOVUXKHU6WUD‰H
DP.QRWHQSXQNW)UDQNOLQVWUD‰H+HLGHOEHUJHU6WUD
‰H&RRSHUVWUD‰H'LHVHQHXH6WUD‰HQYHUELQGXQJLVW
IUGLH(QWZLFNOXQJGHU.RQYHUVLRQVÀlFKHQLQPHKU
IDFKHU+LQVLFKWQRWZHQGLJ
‡ 6LHIKUWGHQ.I]9HUNHKUDXV/LQFROQ6LHGOXQJ
XQG&DPEUDL)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJ
LQ5LFKWXQJ6GHQ(EHUVWDGW%HUJVWUD‰H%$%
$QVFKOXVVVWHOOH'DUPVWDGW6GDXIGLUHNWHP
:HJ]XU.DUOVUXKHU6WUD‰H'DPLWZHUGHQ]X
VlW]OLFKH%HODVWXQJHQXQG(PLVVLRQHQLQIROJHGHU
(QWZLFNOXQJGHU.RQYHUVLRQVÀlFKHQLQGHU+HL
GHOEHUJHU/DQGVWUD‰HE]ZQHJDWLYH:LUNXQJHQ
DXIGLHDQJUHQ]HQGH:RKQEHEDXXQJYHUPLHGHQ
GLHRKQHGLHVH9HUELQGXQJDXIWUHWHQZHUGHQ
‡ 6LHIKUWGDUEHUKLQDXVHUKHEOLFKH$QWHLOHGHV
.I]9HUNHKUVDXVGHQ.RQYHUVLRQVÀlFKHQLQ
5LFKWXQJ'DUPVWDGW1RUG:HVW+DXSWEDKQKRI
*HZHUEHJHELHWH%$%$QVFKOXVV'DUPVWlGWHU
.UHX]XQGYHUPHLGHWGDPLWHLQHZHLWHUH9HU
VFKOHFKWHUXQJGHUEHVWHKHQGHQ/HLVWXQJVIlKLJ
NHLWVSUREOHPHLPDQJUHQ]HQGHQ6WUD‰HQQHW]
‡ 6LHHQWODVWHWGLH+HLGHOEHUJHU6WUD‰HLP%H
UHLFKGHU/LQFROQ6LHGOXQJYRQ.I]9HUNHKUDXV
(EHUVWDGWLQ5LFKWXQJ'DUPVWDGW1RUG:HVWGHU
HEHQIDOOVEHUGLHQHXH6WUD‰HQYHUELQGXQJJH
IKUWZLUG'LH(QWODVWXQJVZLUNXQJEH]RJHQDXI
GDVGHU]HLWLJH9HUNHKUVDXINRPPHQOLHJWEHLFD
GLH/lUPEHODVWXQJGHU:RKQJHElXGHLQGHU
/LQFROQ6LHGOXQJNDQQGDPLWVSUEDUUHGX]LHUW
ZHUGHQ
‡ 'XUFKGLH$XIQDKPHXQG$EOHLWXQJGHUEHVFKULH
EHQHQ.I]9HUNHKUVVWU|PHEHUGLHQHXH9HU
ELQGXQJVVWUD‰HHQWVWHKHQ.DSD]LWlWVUHVHUYHQ
LQGHU+HLGHOEHUJHU6WUD‰HXQGGHU]XVlW]OLFKH
.I]9HUNHKUGHU.RQYHUVLRQVÀlFKHQLQ5LFKWXQJ
'DUPVWDGW,QQHQVWDGWNDQQEHVVHUDXIJHQRPPHQ
ZHUGHQ
8PHLQH9HUEHVVHUXQJGHUKHXWHSUREOHPDWLVFKHQ
9HUNHKUVVLWXDWLRQLP6WUD‰HQ]XJ/DQGVNURQVWUD‰H
±5GHVKHLPHU6WUD‰H]XHUUHLFKHQXQGDXFKGHQ
]XVlW]OLFKHQ.I]9HUNHKUDXVGHQ.RQYHUVLRQVÀl
FKHQZHLWHVWJHKHQGVW|UXQJVIUHLDEZLFNHOQ]XN|Q
QHQZHUGHQYRQ6HLWHQGHU6WDGW'DUPVWDGWZHLWHUH
ÀDQNLHUHQGH0D‰QDKPHQJHSUIWZHUGHQ]%/LFKW
VLJQDODQODJHDP.3.ODSSDFKHU6WUD‰H/DQGVNURQ
VWUD‰H$XVEDX5GHVKHLPHU6WUD‰H
'LH%RJHQVFKQHLVHGLH]ZLVFKHQ]HLWOLFKIUGHQ.I]
9HUNHKU]XP6HPLQDU0DULHQK|KHIUHLJHJHEHQZXU
GHVROOWHDXIGHQ3UIVWDQGJHVWHOOWXQGJJIVLQGHU
)KUXQJJHlQGHUWZHUGHQ
=LHOGHV9HUNHKUVNRQ]HSWVDXI5DKPHQSODQHEHQH
LVWHVGDVHQWVWHKHQGH9HUNHKUVDXINRPPHQP|J
OLFKVWVWDGWXPZHOWXQGVR]LDOYHUWUlJOLFKDE]XZL
FNHOQ+LHU]XJHK|UHQYRUDOOHPDWWUDNWLYH$QJHERWH
LPg319XQGLP)X‰XQG5DGYHUNHKUÀDQNLHUWYRQ
HLQHUHQWVSUHFKHQGDXVJHULFKWHWHQ,QIUDVWUXNWXU'HU
HQWVWHKHQGH.I]9HUNHKUVROODXIHLQHPYHUWUlJOLFKHQ
0LQLPXPJHKDOWHQZHUGHQ+LQWHUJUXQGVLQG]XP
HLQHQGLH$QIRUGHUXQJHQGLHVLFKDXVGHQ%HODQJHQ
YRQ/lUPPLQGHUXQJXQG/XIWUHLQKDOWXQJHUJHEHQ
]XPDQGHUHQGLHKHXWHVFKRQDQJHVSDQQWH6LWXDWLRQ
LPVWlGWLVFKHQ6WUD‰HQQHW]GDV]XVlW]OLFKH.I]9HU
NHKUVEHODVWXQJHQQXUVHKUHLQJHVFKUlQNWDXIQHKPHQ
NDQQ
'HVZHLWHUHQVROOGDV9HUNHKUVNRQ]HSWGLH9HU]DK
QXQJGHU4XDUWLHUH/LQFROQ6LHGOXQJXQG&DPEUDL
)ULWVFK.DVHUQH-HIIHUVRQ6LHGOXQJLP6LQQHHLQHU
ª6WDGWGHUNXU]HQ:HJH©VLFKHUVWHOOHQ+LHUEHLVLQG
GLHVWlGWHEDXOLFKHXQGYHUNHKUOLFKH(QWZLFNOXQJGHU
EHLGHQ4XDUWLHUHDOV]ZHL6HLWHQHLQXQGGHUVHOEHQ
0HGDLOOH]XEHJUHLIHQGHUHQ:LUNXQJHQLQHLQHPHQ
JHQ:HFKVHOYHUKlOWQLVVWHKHQ
,QQHUKDOEGHU4XDUWLHUHLVWGDV=XVDPPHQVSLHOGHU
YHUVFKLHGHQHQ9HUNHKUVWUlJHUYRQ%HGHXWXQJ'LH
VSH]L¿VFKHQ6WlUNHQPVVHQ]XU*HOWXQJJHEUDFKW
GLH6FKQLWWVWHOOHQPVVHQRSWLPLHUWZHUGHQ'HU
QLFKWPRWRULVLHUWH)X‰XQG5DGYHUNHKUPXVV±JH
UDGHLQGHQDQJHVWUHEWHQNRPSDNWHQ6WUXNWXUHQ±LQ
VHLQHU%HGHXWXQJJHZUGLJWGHUYHUEOHLEHQGHQRW
ZHQGLJH.I]9HUNHKUPXVVHLQHUVHLWVP|JOLFKVWVW|
UXQJVIUHLXQGOHLVWXQJVIlKLJDQGHUHUVHLWVP|JOLFKVW
VWDGWYHUWUlJOLFKDEJHZLFNHOWZHUGHQ'LHVJLOWIUGLH
LQQHUH(UVFKOLH‰XQJXQGIUGLHlX‰HUH$QELQGXQJ
JOHLFKHUPD‰HQ'LHYHUNHKUOLFKH(QWZLFNOXQJVROO
QDFKGHP3ULQ]LSª3XVKDQG3XOO©JHVWHXHUWZHU
GHQ'DVEHGHXWHWGDVVDOWHUQDWLYH$QJHERWH]XU
.I]1XW]XQJJHVFKDIIHQ3XVKXQG0D‰QDKPHQ]XU
5HGX]LHUXQJGHU.I]1XW]XQJHLQJHVHW]WZHUGHQXP
GLH%HZRKQHULQQHQXQG%HZRKQHU]XP8PVWLHJ]X
EHZHJHQ3XOO



Franklinstraße
Cambrai-Fritsch-Kaserne
Jefferson-Siedlung
Lincoln-Siedlung
Karlsruher Straße
Klappacher Straße
Landskronstraße
Rüdesheimer Straße
Ludwigshöhstraße
Heidelberger Straße
Cooperstraße
Planstraße
Heinrich-Delp-Straße
Noackstraße
Seminar Marienhöhe
Bessunger
Marktplatz
$QELQGXQJXQG(UVFKOLH‰XQJGHU.RQYHUVLRQVÀlFKHQ±6WUD‰HQQHW]


Hauptverkehrsstraße
Erschließungsstraße
Verkehrsberuhigung
LSA
LSA prüfen
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
)g319$QJHERW
'DVg319$QJHERWIUGLH.RQYHUVLRQVÀlFKHQEH
VWHKWDXVPHKUHUHQ%DXVWHLQHQ
6WUD‰HQEDKQ)UGLH$QELQGXQJGHU/LQFROQ6LHG
OXQJZLUGDXIGHU1RUG6GDFKVH$UKHLOJHQ±(EHU
VWDGW%HUJVWUD‰HLQ+|KHGHUJHSODQWHQ6FKXOH
HLQHQHXH+DOWHVWHOOHHLQJHULFKWHW'DPLWHUKlOWGLH
/LQFROQ6LHGOXQJ±QHEHQGHUEHVWHKHQGHQ+DOWH
VWHOOH0DULHQK|KHDQ]HQWUDOHU6WHOOHHLQHGLUHNWH
6WUD‰HQEDKQYHUELQGXQJVRZRKOLQ5LFKWXQJ,QQHQ
VWDGWDOVDXFKLQGHQ1DFKEDUVWDGWWHLO(EHUVWDGW'LH
+DOWHVWHOOHZLUGDQEHLGHQ(QGHQPLWHLQHU)X‰JlQ
JHUVLJQDQODJHDXVJHVWDWWHWGLHHLQVLFKHUHV4XHUHQ
VRZRKOGHU6WUD‰HDOVDXFKGHV*OHLVN|USHUVHUP|J
OLFKW
)UGLH(UVFKOLH‰XQJGHU&DPEUDL)ULWVFK.DVHUQH
ZLUGGLHEHVWHKHQGH6WUD‰HQEDKQOLQLHLQGHU/XG
ZLJVK|KVWUD‰HEHUGLHGHU]HLWLJH(QGKDOWHVWHOOH
/LFKWHQEHUJVFKXOHKLQDXVYHUOlQJHUW6LHNDQQZDKO
ZHLVHZHVWOLFKDQGHQ*HElXGHQGHVKLVWRULVFKHQ
3ODW]YRUEHLRGHUEHUGHQ3ODW]VHOEVWJHIKUWZHU
GHQ$QJHVWUHEWZLUGHLQHP|JOLFKVWÀlFKHQGHFNHQ
GHg319(UVFKOLH‰XQJLPP5DGLXVXPGLH
+DOWHVWHOOHQ4XDOLWlWVVWDQGDUGQDFK193

'LHVZLUGIUGLH6WUD‰HQEDKQEHVVHUHUUHLFKWZHQQ
GLH+DOWHVWHOOHDPKLVWRULVFKHQ3ODW]OLHJW(LQH)K
UXQJGHU6WUD‰HQEDKQDXIJHPHLQVDPHQ)OlFKHQPLW
GHP.I]9HUNHKUZLUGGHU]HLWDXVI|UGHUWHFKQLVFKHQ
*UQGHQDXVJHVFKORVVHQ2EXQGLQZHOFKHU)RUP
(UVFKOLH‰XQJVVWUD‰HQIUGHQ.I]9HUNHKUXQGHLQ
VHSDUDWHU*OHLVN|USHUIUGLH6WUD‰HQEDKQSDUDOOHO
RGHUJHWUHQQWDQJHOHJWXQGJHVWDOWHWZHUGHQVROOWH
LQGLH$XIJDEHQVWHOOXQJGHVVWlGWHEDXOLFKHQ:HWWEH
ZHUEVDXIJHQRPPHQZHUGHQ
'LH9HUOlQJHUXQJGHU6WUD‰HQEDKQLQGDV4XDUWLHU
ZLUGGHU]HLWLQHLQHU1XW]HQ.RVWHQ8QWHUVXFKXQJ
1.8JHSUIW+LHUVWHKHQ9DULDQWHQ]XU'LVNXVVL
RQ
‡ 99HUOlQJHUXQJELV]XU4XDUWLHUVPLWWHGHU&DP
EUDL)ULWVFK.DVHUQH
‡ 99HUOlQJHUXQJELVLQGLH-HIIHUVRQ6LHGOXQJ
+HLQULFK'HOS6WUD‰H
‡ 99HUOlQJHUXQJXQG'XUFKELQGXQJELV]XU+HL
GHOEHUJHU6WUD‰H
=LHOHLQHUEHUGHQ]HQWUDOHQ3ODW]KLQDXVJHKHQGHQ
9HUOlQJHUXQJLVWHV6\QHUJLHHIIHNWH]XHU]HXJHQ
XQGZHLWHUHZLFKWLJH=LHOHLP8PIHOGEHVVHUPLWGHP
g319]XHUVFKOLH‰HQ]%GHQ6FKXOVWDQGRUWª6H
PLQDU0DULHQK|KH©XQGGHQ%HUHLFKQ|UGOLFKH+HLQ
ULFK'HOS6WUD‰H(LQH'XUFKELQGXQJ]XU+HLGHOEHU
JHU6WUD‰HVLFKHUW]XPHLQHQDXFKIUGLH&DPEUDL
)ULWVFK.DVHUQHHLQHQGLUHNWHQ6WUD‰HQEDKQDQ
VFKOXVVLQGHQ1DFKEDUVWDGWWHLO(EHUVWDGWXQGELHWHW
]XPDQGHUQGLH&KDQFHGLHDQGHU6WUD‰HQEDKQOLQLH
OLHJHQGHQ'DUPVWlGWHU*\PQDVLHQXQG6FKXOHQ
DXV5LFKWXQJ(EHUVWDGW%HUJVWUD‰HXPVWHLJHIUHLDQ
]XELQGHQ+LQ]XNRPPWGDVVGHU]HLWGLH$QVLHGOXQJ
HLQHUZHLWHUIKUHQGHQ6FKXOHLQGHU&DPEUDL)ULWVFK
.DVHUQHJHSUIWZLUGGLHDXFK6FKOHULQQHQXQG
6FKOHUDXV(EHUVWDGWDXIQHKPHQVROO
4XDUWLHUVEXV'LHDQJHVWUHEWHÀlFKHQGHFNHQGH
(UVFKOLH‰XQJLPP5DGLXVZLUGPLWGHU(UZHL
WHUXQJGHV6WUD‰HQEDKQDQJHERWVDOOHLQQLFKWXP
IlQJOLFKHUUHLFKW+LHUVLQGHUJlQ]HQGH0D‰QDKPHQ
HUIRUGHUOLFKGLHXDGLH(UUHLFKEDUNHLWGHV1DKYHU
VRUJXQJV]HQWUXPVª%HVVXQJHU0DUNWSODW]©YRQDOOHQ
4XDUWLHUHQDXVPLWGHPg319VLFKHUQ(PSIRKOHQ
ZLUG]XQlFKVWGLH(LQULFKWXQJHLQHV4XDUWLHUVEXVVHV
GHUEHLGH.RQYHUVLRQVÀlFKHQPLWHLQDQGHUXQGPLW
GHQZLFKWLJHQ=LHOHQLQGHQ4XDUWLHUHQ]%6FKXOH
.LQGHUWDJHVVWlWWHQVR]LDOH,QIUDVWUXNWXUXQGLP8P
IHOG(LQNDXIVP|JOLFKNHLWHQYHUELQGHW
,QZLHZHLWGLHVHTXDUWLHUVLQWHUQH%XVOLQLHLQVVWlGWL
VFKH%XVOLQLHQQHW]HLQJHEXQGHQZHUGHQNDQQXQG
GDPLWZLFKWLJH=LHOHLQGHU6WDGW]%GHU+RFK
VFKXOVWDQGRUW/LFKWZLHVHGHQ6GEDKQKRIXQGGHU
1DFKEDUVWDGWWHLO+HLPVWlWWHQVLHGOXQJXPVWHLJHIUHL
HUUHLFKWZHUGHQN|QQHQVROOWHJHSUIWZHUGHQ
%53OlW]H8PHLQH9HUNQSIXQJLQVEHVRQGHUHGHU
9HUNHKUVV\VWHPHGHV8PZHOWYHUEXQGHV]XVLFKHU]X
VWHOOHQVROOHQDQDOOHQ6WUD‰HQEDKQKDOWHVWHOOHQ%5
$QJHERWHLQ)RUPYRQZLWWHUXQJVJHVFKW]WHQ$EVWHOO
P|JOLFKNHLWHQPLW5DKPHQDQVFKOXVVP|JOLFKNHLWHQ
EHUHLWJHVWHOOWZHUGHQ
1DKYHUNHKUVSODQ±GHV/DQGNUHLVHV'DUPVWDGW
'LHEXUJXQGGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW



$QELQGXQJXQG(UVFKOLH‰XQJGHU.RQYHUVLRQVÀlFKHQ±g319


V3
V2
V1
Cambrai-Fritsch-Kaserne
Jefferson-Siedlung
Lincoln-Siedlung
Karlsruher Straße
Klappacher Straße
Landskronstraße
Rüdesheimer Straße
Ludwigshöhstraße
Heidelberger Straße
Cooperstraße
Planstraße
Heinrich-Delp-Straße
Noackstraße
Seminar Marienhöhe
Bessunger
MarktplatzBuslinie
Straßenbahn - Bestand
Straßenbahn - Verlängerung
Straßenbahnhaltestelle
Bushaltestelle
Einzugsbereich 300 m
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
))X‰XQG5DGYHUNHKU
%HVRQGHUHV$XJHQPHUNEHLGHU(QWZLFNOXQJGHU
.RQYHUVLRQVÀlFKHQJLOWGHU9HUELQGXQJGHUEHLGHQ
4XDUWLHUH/LQFROQ6LHGOXQJXQG&DPEUDL)ULWVFK.D
VHUQH-HIIHUVRQ6LHGOXQJ]X)X‰XQGPLWGHP)DKU
UDGVRZLHGHU(LQELQGXQJGHU4XDUWLHUHLQGLHEHU
JHRUGQHWHQ:HJHQHW]H+LHUVWHOOHQGHU]HLWGLH+HL
GHOEHUJHU6WUD‰HGDV1DWXUVFKXW]JHELHWª%HVVXQJHU
.LHVJUXEH©XQGDXFKGLH.DUOVUXKHU6WUD‰H%DUULHUHQ
GDUGLHHV]XEHUZLQGHQJLOW
:LFKWLJH(UVFKOLH‰XQJVDFKVHDXFKIUGHQ)X‰XQG
5DGYHUNHKULVWGLH+HLGHOEHUJHU6WUD‰HPLWGHPDXI
GHU2VWVHLWHGHV*OHLVN|USHUVYHUODXIHQGHQJHPHLQ
VDPHQ)X‰XQG5DGZHJ'LH+HLGHOEHUJHU6WUD‰H
YHUELQGHWDOV+DXSWUDGYHUNHKUVDFKVHGLH.RQYHUVL
RQVÀlFKHQPLWGHU,QQHQVWDGWLP1RUGHQXQGGHP
1DFKEDUVWDGWWHLO(EHUVWDGWLP6GHQ,P%HUHLFKGHU
.RQYHUVLRQVÀlFKHQ]ZHLJHQ9HUELQGXQJHQDEGLH
JOHLFK]HLWLJGLH9HU]DKQXQJGHUEHLGHQ4XDUWLHUH]X
)X‰XQGPLWGHP)DKUUDGVLFKHUVWHOOHQ1|UGOLFKXQG
VGOLFKGHV1DWXUVFKXW]JHELHWVZHUGHQQHXHGXUFK
JlQJLJH:HJHDQJHOHJWGLHDQGHU+HLGHOEHUJHU
6WUD‰HDXIJHJULIIHQXQGPLW/LFKWVLJQDODQODJHQ]XU
VLFKHUHQ4XHUXQJEHUGLH+DXSWYHUNHKUVVWUD‰HXQG
GHQ*OHLVN|USHUGHU6WUD‰HQEDKQYHUVHKHQZHUGHQ
=XVDPPHQPLWGHQ/LFKWVLJQDODQODJHQDQGHQ6WUD
‰HQEDKQKDOWHVWHOOHQEHVWHKHQGDPLWLQVJHVDPWYLHU
JHVLFKHUWH4XHUXQJVP|JOLFKNHLWHQ
(LQHZHLWHUH4XHUXQJEHUGLH+HLGHOEHUJHU6WUD
‰H±ZHQQDXFKDX‰HUKDOEGHV5DKPHQSODQJHELHWV
OLHJHQG±ZLUGLQ+|KHGHU3DXO:DJQHU6WUD‰HHPS
IRKOHQ6LHGLHQWLQVEHVRQGHUHGHUGLUHNWHQIX‰OlX
¿JHQ(UUHLFKEDUNHLWGHV1DKYHUVRUJXQJV]HQWUXPV
ª%HVVXQJHU0DUNSODW]©DXV%HVVXQJHQ6G&DP
EUDL)ULWVFK.DVHUQHRKQH8PZHJEHUGHQ.QRWHQ
SXQNW+HLGHOEHUJHU6WUD‰H/DQGVNURQVWUD‰H
%HVWHKHQGH:HJHYHUELQGXQJHQLQGHQ|VWOLFKDQ
JUHQ]HQGH6WDGWZDOG]XU/LFKWZLHVH]XP%|OOHQIDOO
WRU]XU/XGZLJVK|KHXQG]XP6FKXOVWDQGRUW0DUL
HQK|KHZHUGHQDXIJHJULIIHQXQGLQGDV*HOlQGHYRQ
&DPEUDL)ULWVFK.DVHUQH±-HIIHUVRQ6LHGOXQJKLQ
HLQJHIKUW+LHUVROOHQYRUDOOHPKLVWRULVFKH%H]JH
]%DXV%HVVXQJHQ]XU/XGZLJVK|KHXQGYRQGHU
+HLQULFK'HOS6WUD‰H]XU/XGZLJVK|KVWUD‰HZLHGHU
KHUJHVWHOOWZHUGHQ
hEHUGLH%DUULHUH.DUOVUXKHU6WUD‰HEHVWHKWGHU]HLW
HLQH)X‰XQG5DGZHJHEUFNHDPVGOLFKHQ5DQG
GHU/LQFROQ6LHGOXQJ(LQHQHXH4XHUXQJZLUGLQ
+|KHGHU6SRUWSOlW]HDXIGHU:HVWVHLWHJHVFKDI
IHQGLHJOHLFK]HLWLJGLH.RQYHUVLRQVÀlFKHQ]X)X‰
XQGPLWGHP)DKUUDGDXINXU]HP:HJPLWGHP6G
EDKQKRIXQGGHP|VWOLFKGHU*OHLVWUDVVHQOLHJHQGHQ
1DFKEDUVWDGWWHLO+HLPVWlWWHQVLHGOXQJYHUELQGHW'HU
YRQ6GHQ(EHUVWDGWNRPPHQGH5DGZHJ+HVVHQ
UDGZHJ5]ZLVFKHQ.DUOVUXKHU6WUD‰HXQG+HL
GHOEHUJHU6WUD‰HZLUGDXIJHQRPPHQXQGEHUGLH
3ODQVWUD‰HLQGLH/LQFROQ6LHGOXQJJHIKUWE]ZYRQ
KLHUDXVZLUGSDUDOOHO]XU3ODQVWUD‰HHLQH9HUELQGXQJ
]XP5DGZHJHQWODQJGHP/lUPVFKXW]ZDOOXQG]X
GHQEHLGHQ4XHUXQJVP|JOLFKNHLWHQEHUGLH.DUOV
UXKHU6WUD‰HJHVFKDIIHQ'DPLWNDQQGHU+HVVHQ
UDGZHJ5GLUHNW5LFKWXQJ'RQQHUVEHUJULQJJHIKUW
ZHUGHQ
)5XKHQGHU.I]9HUNHKU
'LHDQJHVWUHEWH(QWZLFNOXQJGHU.RQYHUVLRQVÀl
FKHQ]XHLQHPYHUNHKUOLFKQDFKKDOWLJHQ4XDUWLHUVROO
DWWUDNWLYH$QJHERWH]XU1XW]XQJGHU9HUNHKUVPLWWHO
GHV8PZHOWYHUEXQGVg319)X‰XQG5DGYHUNHKU
EHUHLWKDOWHQGLHVHHQWVSUHFKHQGYHUPDUNWHQXQG
]XPLQGHVWHLQH&KDQFHQJOHLFKKHLW]ZLVFKHQGHP
8PZHOWYHUEXQGXQGGHP.I]GXUFKHQWVSUHFKHQGH
2UJDQLVDWLRQXQG6WHXHUXQJVFKDIIHQ'DPLWVROOHQ
9HUKDOWHQVURXWLQHQDXIJHZHLFKWXQGHLQXPZHOW
IUHXQGOLFKHV9HUNHKUVYHUKDOWHQHU]LHOWZHUGHQ'LH
EHVFKULHEHQHQXPIDVVHQGHQ9HUNHKUVDQJHERWHLP
g319)X‰XQG5DGYHUNHKUZHUGHQGDEHLHUJlQ]W
GXUFKHLQH=XUFNQDKPHXQG5HGX]LHUXQJGHU$QJH
ERWHIUGHQ.I]9HUNHKU'LHVJLOWLQVEHVRQGHUHIU
GHQUXKHQGHQPRWRULVLHUWHQ,QGLYLGXDOYHUNHKU
'LH+HVVLVFKH%DXRUGQXQJHUODXEWGHQªYROOVWlQ
GLJHQRGHUWHLOZHLVHQ9HU]LFKWDXIGLH+HUVWHOOXQJ
YRQQRWZHQGLJHQ*DUDJHQRGHU6WHOOSOlW]HQVRZHLW
GHU6WHOOSODW]EHGDUIGXUFKEHVRQGHUH0D‰QDKPHQ
YHUULQJHUWZLUG†$EV3XQNWD©9RQGLHVHU
0|JOLFKNHLWVROOEHLGHU(QWZLFNOXQJGHU.RQYHUVLRQV
ÀlFKHQ*HEUDXFKJHPDFKWZHUGHQGHQQGLH9RU
DXVVHW]XQJHQEHVRQGHUHU0D‰QDKPHQVLQGGXUFK
GDV9HUNHKUVNRQ]HSWGHV5DKPHQSODQVHUIOOWXQG
GHU%HGDUIDQ6WHOOSOlW]HQNDQQHQWVSUHFKHQGUHGX
]LHUWZHUGHQ%HLVSLHOH]HLJHQGDVVGHUSULYDWH$XWR
EHVLW]LQYHUJOHLFKEDUHQ4XDUWLHUHQGHXWOLFKJHULQJHU
LVWDOVLQNRQYHQWLRQHOOHQWZLFNHOWHQLQVEHVRQGHUH
ZHQQHUJlQ]HQG&DU6KDULQJ$QJHERWHYRUJHKDOWHQ
ZHUGHQVLHKHKLHU]X.DS)
'LHVEHGHXWHWGHQ(UODVVHLQHUHQWVSUHFKHQGHQ(LQ
VFKUlQNXQJVVDW]XQJ)U:RKQQXW]XQJZLUGHLQH
$Q]DKOYRQ6WHOOSOlW]HQ:RKQHLQKHLWHPSIRKOHQ
GLH5HGXNWLRQGHU$Q]DKOKHU]XVWHOOHQGHU6WHOOSOlW]H
IUZHLWHUH1XW]XQJHQLVWIHVW]XOHJHQE]ZDE]XVWLP
PHQ



Cambrai-Fritsch-Kaserne
Jefferson-Siedlung
Lincoln-Siedlung
Karlsruher Straße
Klappacher Straße
Landskronstraße
Rüdesheimer Straße
Ludwigshöhstraße
Heidelberger Straße
Cooperstraße
Planstraße
Heinrich-Delp-Straße
Noackstraße
Seminar Marienhöhe
Bessunger
Marktplatz
$QELQGXQJXQG(UVFKOLH‰XQJGHU.RQYHUVLRQVÀlFKHQ±)X‰XQG5DGYHUNHKU


Fuß- und Radverkehrs-
verbindung
Querung an LSA-Kreuzung - Bestand
Querungsstelle - Bestand
Querungsstelle - neu
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
) 9HUNHKUVNRQ]HSW/LQFROQ6LHGOXQJ
'LH]XJHODVVHQH+|FKVWJHVFKZLQGLJNHLWLQGHQ
(UVFKOLH‰XQJVVWUD‰HQVROOPD[LPDONPKEH
WUDJHQ
‡ ,QGHQ:RKQE]Z$QOLHJHUVWUD‰HQKDWGHUQLFKW
PRWRULVLHUWH)X‰XQG5DGYHUNHKU9RUUDQJJH
JHQEHUGHPPRWRULVLHUWHQ.I]9HUNHKU+LHU
GRPLQLHUWGLH$XIHQWKDOWVIXQNWLRQJHJHQEHU
GHU9HUNHKUVIXQNWLRQIUGHQ.I]9HUNHKUZLUG
6FKULWWJHVFKZLQGLJNHLWDQJHVWUHEW=6W92
'HU4XDUWLHUVSODW]VROODOVDXWRIUHLHU3ODW]JHVWDOWHW
ZHUGHQGLH(UVFKOLH‰XQJXQG$QGLHQXQJGHU/lGHQ
XQG%URVHUIROJWQ|UGOLFKGHV%DXEORFNVEHUGLH
+HLGHOEHUJHU6WUD‰H6RVROOVLFKHUJHVWHOOWZHUGHQ
GDVV
‡ GLHJHSODQWH*UQDFKVH%HOOHYXHQLFKWYRQ.I]
9HUNHKUJHNUHX]WZLUG
‡ GHUDQGHU+DOWHVWHOOHTXHUHQGH)X‰XQG5DG
YHUNHKUQLFKWGXUFK.I]9HUNHKUJHVW|UWZLUG
‡ NHLQHhEHUODJHUXQJGHU)X‰XQG5DGZHJHDFKVH
LP%HUHLFKGHU6WUD‰HQEDKQKDOWHVWHOOHPLWGHP
.I]9HUNHKUJLEW
‡ .XU]SDUNHQDXIGHP3ODW]XQWHUEXQGHQZLUG
2EHLQHVROFKH(UVFKOLH‰XQJIUGLH]XNQIWLJHQ
1XW]XQJHQWUDJIlKLJLVWLVWLQGHUQlFKVWHQ%HDUEHL
WXQJVVWXIHLP'HWDLO]XSUIHQ
)g319(UVFKOLH‰XQJ
'LHg319(UVFKOLH‰XQJGHU/LQFROQ6LHGOXQJPLW
GHQDXIGLH*HVDPWVWDGWEH]RJHQHQ$QJHERWHQHU
IROJWEHUGLHEHVWHKHQGH6WUD‰HQEDKQYHUELQGXQJ
LP=XJHGHU+HLGHOEHUJHU6WUD‰H+HLGHOEHUJHU
/DQGVWUD‰H'LHQHXH+DOWHVWHOOHLQ+|KHGHU6FKX
OHYHUGLFKWHWGDV$QJHERWLPP(LQ]XJVEHUHLFK
JHJHQEHUGHP%HVWDQG
(UJlQ]WZLUGGLHg319(UVFKOLH‰XQJ]XQlFKVWGXUFK
HLQHQ4XDUWLHUVEXVGHULQVEHVRQGHUHGLH(UUHLFK
EDUNHLWGHV1DKYHUVRUJXQJV]HQWUXPVª%HVVXQJHU
0DUNWSODW]©JHZlKUOHLVWHW(UHUKlOW+DOWHVWHOOHQDQ
GHU(LQPQGXQJ3ODQVWUD‰H+HLGHOEHUJHU6WUD‰HQ
hEHUJDQJ]XU6WUD‰HQEDKQXQGDPNOHLQHQ4XDU
WLHUVSODW]LQ+|KHGHU.LQGHUWDJHVVWlWWHHLQHZHLWHUH
+DOWHVWHOOHZLUGDQGHU1RDFNVWUD‰HHLQJHULFKWHW)U
GHQ4XDUWLHUVEXVZLUGHLQ(LQ]XJVEHUHLFKYRQP
YRUJHVFKODJHQXPPRELOLWlWVHLQJHVFKUlQNWHQ3HUVR
QHQNXU]H:HJH]XU+DOWHVWHOOH]XHUP|JOLFKHQ
0LWGLHVHQ$QJHERWHQLVWGLH/LQFROQ6LHGOXQJÀl
FKHQGHFNHQGPLW|IIHQWOLFKHQ9HUNHKUVPLWWHOQHU
VFKORVVHQXQGHLQHg3199HUELQGXQJ]XP4XDU
WLHU&DPEUDL)ULWVFK.DVHUQHVLFKHUJHVWHOOW,QHLQHU
QlFKVWHQ6WXIHVROOWHGHU4XDUWLHUVEXVLQVVWlGWLVFKH
%XVOLQLHQQHW]LQWHJULHUWZHUGHQXPXPVWHLJHIUHLH
g3199HUELQGXQJHQ]XZLFKWLJHQ=LHOHQDX‰HUKDOE
LQVEHVRQGHUH6GEDKQKRIXQG/LFKWZLHVH]XVFKDI
IHQ
'LH9HUNQSIXQJPLWZHLWHUHQ0RELOLWlWVDQJHER
WHQ&DU6KDULQJXQG)DKUUDGYHUOHLKHUIROJWDQGHQ
EHLGHQ]HQWUDOHQ+DOWHVWHOOHQYRQ6WUD‰HQEDKQXQG
%XV
$UWE%HJHJQXQJV]RQH6LJQDOLVDWLRQVYHURUGXQJGHU
6FKZHL]'DV6LJQDO©%HJHJQXQJV]RQHªNHQQ]HLFK
QHW6WUD‰HQLQ:RKQRGHU*HVFKlIWVEHUHLFKHQDXIGHQHQGLH
)X‰
JlQJHUXQG%HQW]HUYRQIDKU]HXJlKQOLFKHQ*HUlWHQGLH
JDQ]H9HUNHKUVÀlFKHEHQW]HQGUIHQ6LHVLQGJHJHQEHUGHQ
)DKU]HXJIKUHUQYRUWULWWVEHUHFKWLJWGUIHQMHGRFKGLH)DKU]HX
JHQLFKWXQQ|WLJEHKLQGHUQ
)UGDV9HUNHKUVNRQ]HSWGHU/LQFROQ6LHGOXQJJHOWHQ
GLHIUGLH5DKPHQSODQXQJIRUPXOLHUWHQ*UXQGVlW]H
LQEHVRQGHUHP0D‰H+LHUVROOJH]HLJWZHUGHQGDVV
GDV=LHOHLQHUXPZHOWXQGVR]LDOYHUWUlJOLFKHQ9HU
NHKUVJHVWDOWXQJYHUEXQGHQPLWHLQHU.I]UHGX]LHUWHQ
4XDUWLHUVVWUXNWXUHUUHLFKWZHUGHQNDQQZHLOYLHOH
DWWUDNWLYH$QJHERWHLPg319XQGLP)X‰XQG5DG
YHUNHKUJHVFKDIIHQZHUGHQGLHPLWHLQDQGHUYHUQHW]W
VLQG'DPLWNDQQHLQHYRP$XWRXQDEKlQJLJH0R
ELOLWlWJHZlKUOHLVWHWXQGGLH&KDQFHQJOHLFKKHLWGHU
9HUNHKUVDUWHQ0,9g319)X‰XQG5DGYHUNHKUXQG
GDPLWDOOHU%HY|ONHUXQJVJUXSSHQ.LQGHU-XJHQGOL
FKH(UZHUEVWlWLJHPLWXQGRKQH)DPLOLHQSÀLFKWHQ
lOWHUH0HQVFKHQLP+LQEOLFNDXIHLQHHLJHQVWlQGLJH
0RELOLWlWJHZDKUWZHUGHQ'DV9HUNHKUVNRQ]HSWVROO
GDUEHUKLQDXVGDIU6RUJHWUDJHQGDVVGLH$XIHQW
KDOWVIXQNWLRQGHV|IIHQWOLFKHQ6WUD‰HQ5DXPVZLH
GHUHUOHEEDUZLUGXQG±ZLHLQHLQHP:RKQTXDUWLHU
DQ]XVWUHEHQ±GLH9HUNHKUVIXQNWLRQXQWHUJHRUGQHW
LVW
'LH6FKDIIXQJYRQ.I]UHGX]LHUWHQ6WUXNWXUHQVROO
VLFKGDEHLÀlFKHQGHFNHQGEHUGLHJHVDPWH/LQFROQ
6LHGOXQJHUVWUHFNHQHLQH$XVZHLVXQJYRQH[SOL]LW
DXWRIUHLHQ7HLOEHUHLFKHQLVWQLFKWYRUJHVHKHQ
)0,9(UVFKOLH‰XQJ
'LH/LQFROQ6LHGOXQJLVWEHUGLH+HLGHOEHUJHU6WUD‰H
XQGGLHQHXH3ODQVWUD‰HDQVEHUJHRUGQHWHVWlG
WLVFKHXQGUHJLRQDOH6WUD‰HQQHW]DQJHVFKORVVHQ
VLHKHKLHU]X.DS)'LH0,9(UVFKOLH‰XQJGHV
4XDUWLHUVHUIROJWlX‰HUVWVSDUVDPGXUFKHLQH1RUG
6GJHULFKWHWH]ZHLIDFKJHEURFKHQH(UVFKOLH‰XQJV
DFKVHPLWGHQHUIRUGHUOLFKHQ9HUELQGXQJHQ]XGHQ
$QVFKOXVVSXQNWHQ9RQGHQ(UVFKOLH‰XQJVVWUD‰HQ
]ZHLJHQZHQLJH:RKQE]Z$QOLHJHUVWUD‰HQDEGLH
GLH$QIDKUEDUNHLWDOOHU*HElXGHXQG3OlW]HDXFKPLW
GHP.I]VLFKHUVWHOOHQ
$OOH6WUD‰HQVLQGDOV=ZHL5LFKWXQJVVWUD‰HQDXVJH
OHJWXQGYHUNHKUVEHUXKLJWPLWGHQIROJHQGHQ$EVWX
IXQJHQ
‡ ,QGHQ(UVFKOLH‰XQJVVWUD‰HQVLQGDOOH9HUNHKUV
DUWHQJOHLFKEHUHFKWLJWXQWHUVWW]WZLUGGLHVGXUFK
HLQHHQWVSUHFKHQGH6WUD‰HQUDXPJHVWDOWXQJ]%
DOV%HJHJQXQJV]RQHQQDFK6FKZHL]HU9RUELOG




Quartiersplatz
Läden
Mobilitäts-
zentrale
Kleingärten
Lincoln-Siedlung
Karlsruher Straße (B3)
Heidelberger Straße
Planstraße
Noackstraße
Lärmschutz
Lincoln-Siedlung
Karlsruher Straße (B3)
Heidelberger Straße
Planstraße
Noackstraße
Lärmschutz
Hauptverkehrsstraße
Erschließungsstraße
Anliegerstraße
LSA
Einzugsbereich Straßenbahn 300m
Einzugsbereich Quartiersbus 200m
CarSharing
Bike+Ride

g319(UVFKOLH‰XQJ/LQFROQ6LHGOXQJ 
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
):HJHQHW]H)X‰XQG
 5DGYHUNHKU
'HUQLFKWPRWRULVLHUWH)X‰XQG5DGYHUNHKUHUKlOW
LQQHUKDOEGHV4XDUWLHUVGDVGLFKWHVWH1HW]EHVWH
KHQGDXVVWUD‰HQEHJOHLWHQGHQ:HJHQ±GHU5DGYHU
NHKUZLUGLQGHQ(UVFKOLH‰XQJVXQG$QOLHJHUVWUD‰HQ
LP0LVFKYHUNHKUDXIGHU)DKUEDKQJHIKUW±XQG
VHSDUDWHQJHPHLQVDPHQ)X‰XQG5DGZHJHQ(LQH
'XUFKZHJXQJ]XPLQGHVWIUGHQ)X‰YHUNHKULP%H
UHLFKGHU]XHUKDOWHQGHQ:RKQJHElXGHLPVGOLFKHQ
4XDUWLHUVROOWHDQJHVWUHEWZHUGHQ
,QGLHVHV1HW]HLQJHEXQGHQVLQGDOOH|IIHQWOLFKHQ
XQGSULYDWHQVR]LDOHQJHVXQGKHLWOLFKHQXQGVRQVWL
JH,QIUDVWUXNWXUHLQULFKWXQJHQGLHg319+DOWHVWHOOHQ
VRZLHZHLWHUH0RELOLWlWVDQJHERWH&DU6KDULQJ)DKU
UDGYHUOHLK'LH$QODJHYRQNOHLQHUHQ$XIHQWKDOWVÀl
FKHQPLW6LW]P|JOLFKNHLWHQHUK|KHQGLH$WWUDNWLYLWlW
LQVEHVRQGHUHIUGHQ)X‰YHUNHKUXQGYHUGHXWOLFKHQ
GLH$XIHQWKDOWVIXQNWLRQGHV|IIHQWOLFKHQ6WUD‰HQ
UDXPV
'LH9HUNQSIXQJPLWEHQDFKEDUWHQ4XDUWLHUHQ±VR
ZHLWYRQ+DXSWYHUNHKUVVWUD‰HQJHWUHQQW±HUIROJW
EHU/LFKWVLJQDODQODJHQE]Z%UFNHQEDXZHUNHVLH
KHKLHU]XDXFK.DS)(QWODQJGHU+HLGHOEHUJHU
6WUD‰H%HVWDQGXQGGHUQHXHQ3ODQVWUD‰HZHUGHQ
VWUD‰HQEHJOHLWHQGVHSDUDWH9HUNHKUVDQODJHQIUGHQ
)X‰XQG5DGYHUNHKUHUZHLWHUWE]ZDQJHOHJW'HU
DXIGHU:HVWVHLWHGHU+HLGHOEHUJHU6WUD‰HYHUODXIHQ
GH(LQ5LFKWXQJV5DGZHJ]ZLVFKHQ5GHVKHLPHU
6WUD‰HXQG1RDFNVWUD‰HVROOWHGDEHL]XHLQHP=ZHL
5LFKWXQJV5DGZHJDXVJHEDXWZHUGHQ
gIIHQWOLFKH)DKUUDGDEVWHOOSOlW]HZLWWHUXQJVJHVFKW]W
XQGPLW5DKPHQDQVFKOXVVP|JOLFKNHLWHQZHUGHQDQ
DOOHQZLFKWLJHQ=LHOHQXQG(LQULFKWXQJHQDQJHERWHQ
)UGLH+HUVWHOOXQJYRQ)DKUUDGDEVWHOODQODJHQDXI
3ULYDWJUXQGVROOWHHLQ/HLWIDGHQHQWZLFNHOWZHUGHQ
GHU,QYHVWRUHQXQGSRWHQ]LHOOH%DXKHUUHQXQWHUVWW]W
DWWUDNWLYH$QJHERWHLP%HUHLFKGHU(LQJlQJHXQGLP
*HElXGHVHOEVW]XVFKDIIHQ
)3DUNLHUXQJ
'LHDQJHVWUHEWH*OHLFKEHUHFKWLJXQJGHU9HUNHKUVWUl
JHUg319XQG0,9ZLUGLQVEHVRQGHUHGDQQHUUHLFKW
ZHQQGHU:HJ]XU+DOWHVWHOOHQLFKWZHLWHULVWDOVGHU
:HJ]XP3DUNSODW]'HUUXKHQGH9HUNHKUVVROOGDKHU
QLFKWXQPLWWHOEDUDQGHQ+DXVHLQJlQJHQVRQGHUQLQ
GH]HQWUDODQJHRUGQHWHQ3DUNLHUXQJVDQODJHQ3DUN
KlXVHURGHU7LHIJDUDJHQXQWHUJHEUDFKWZHUGHQGLH
YRU]XJVZHLVHDQGHQ(LQIDKUWHQ]XP4XDUWLHUSODW
]LHUWZHUGHQ'DPLWZLUGGHU.I]9HUNHKUIUK]HLWLJ
DEJHIDQJHQXQGEHODVWHWQLFKWGLHTXDUWLHUVLQWHUQHQ
6WUD‰HQ$OOH*HElXGHXQG:RKQXQJHQN|QQHQ]XP
(LQXQG$XVODGHQDQJHIDKUHQZHUGHQGLH(QWIHU
QXQJHQ]XGHQ3DUNLHUXQJVDQODJHQOLHJHQEHLPD[L
PDOP
'LHHPSIRKOHQH(LQVFKUlQNXQJ]XU+HUVWHOOXQJYRQ
6WHOOSOlW]HQVLHKH.DS)IKUW]XHLQHUGHXWOL
FKHQ5HGX]LHUXQJGHVUXKHQGHQ.I]9HUNHKUVXQG
EHLGHQ.RVWHQ]XU+HUVWHOOXQJGHUHUIRUGHUOLFKHQ
3DUNLHUXQJVDQODJHQ
0LQGHVWHQV]ZHL&DU6KDULQJ6WDWLRQHQDQGHQEHL
GHQ4XDUWLHUVSOlW]HQELHWHQGLH0|JOLFKNHLWDXFK
RKQHHLJHQHV$XWRLP%HGDUIVIDOODXIHLQ)DKU]HXJ
]XUFNJUHLIHQ]XN|QQHQVLHKHKLHU]X.DS)8P
8PZHJHIDKUWHQLQQHUKDOEGHV4XDUWLHUV]XYHUPHL
GHQVSH]LHOOEHL)DKU]HXJEHUQDKPHDPDXWRIUHL
HQ4XDUWLHUVSODW]VROOWHHLQHÀH[LEOH1XW]XQJGHU
DXVJHZLHVHQHQ&DU6KDULQJ6WHOOSOlW]HHUP|JOLFKW
ZHUGHQ%HLVSLHO&DU*R8OP
%HVRQGHUHU:HUWLVWDXIGLH3UlVHQ]XQG6LFKWEDUNHLW
GHV&DU6KDULQJ$QJHERWV]XOHJHQGHQQGLHVI|UGHUW
GLH1XW]XQJ(LQQLHGHUVFKZHOOLJHV$QJHERWLVW%H
VWDQGWHLOGHV0RELOLWlWVPDQDJHPHQWV'LHUFNZlU
WLJHQ$QRUGQXQJGHU6WHOOSOlW]HDP4XDUWLHUVSODW]
PDFKWHLQHHQWVSUHFKHQGH*HVWDOWXQJGHU3ODW]UDQG
EHEDXXQJHUIRUGHUOLFK
3DUNVWlQGHIU.XQGHQXQG%HVXFKHUZHUGHQVRZRKO
LQGHQ3DUNLHUXQJVDQODJHQDOVDXFKLP|IIHQWOLFKHQ
6WUD‰HQUDXPDQJHERWHQ'DVJHVDPWH|IIHQWOLFKH
3DUNUDXPDQJHERWLVWEHZLUWVFKDIWHWPLWGHP=LHO
'DXHUSDUNHQLP|IIHQWOLFKHQ6WUD‰HQUDXP]XYHUPHL
GHQXQGGLH3DUNVWlQGHIUNXU]SDUNHQGH.XQGHQ
XQG%HVXFKHU]XU9HUIJXQJ]XKDOWHQ
,PVGOLFKHQ%HUHLFKGHU/LQFROQ6LHGOXQJLQGHP
GLHEHVWHKHQGHQ:RKQJHElXGHHUKDOWHQEOHLEHQ
XQGGLH)OlFKHQYHUIJEDUNHLWIUJU|‰HUH3DUNLH
UXQJVDQODJHQHLQJHVFKUlQNWLVWZHUGHQ]ZLVFKHQ
GHQ*HElXGHQHLQLJHZHQLJH6WHOOSOlW]HIU0RELOL
WlWVHLQJHVFKUlQNWHDQJHERWHQ+LQWHUJUXQGLVWGDVV
GHU*HVDPWHLQGUXFNQLFKWYRQDEJHVWHOOWHQ)DKU]HX
JHQVRQGHUQYRP)UHLUDXPGRPLQLHUWZHUGHQVROO



Parkierungsanlage (Parkhaus, Tiefgarage)
Parkierungsfläche im Bestand
bewirtschaftetes Parken im Straßenraum
CarSharing
/c80
Lincoln-Siedlung
Karlsruher Straße (B3)
Heidelberger Straße
Planstraße
Noackstraße
Lärmschutz
Lincoln-Siedlung
Karlsruher Straße (B3)
Heidelberger Straße
Planstraße
Noackstraße
Lärmschutz
separate Radverkehrsanlagen
an Hauptverkehrsstraßen
Radverkehr im Mischverkehr mit Kfz
gemeinsame Fuß- und Radwege
Fahrradparken
Verleih Fahrräder und Zubehör

3DUNLHUXQJ/LQFROQ6LHGOXQJ 
5DKPHQSODQXQJ%HVVXQJHQ6G_0DJLVWUDWGHU:LVVHQVFKDIWVVWDGW'DUPVWDGW_%6VWlGWHEDXXQGDUFKLWHNWXU
'LWWPDQQ.RPSOL]HQ
6WHWH3ODQXQJ  0DL

æ $
3ODQXQJVUDXP%
3ODQXQJVSUR]HVV&
*HVDPWNRQ]HSW'
%HEDXXQJ(
)UHLUDXP)
9HUNHKU
) )ODQNLHUHQGH0D‰QDKPHQ
8PGLH$QJHERWHXQGGLHGDPLWYHUEXQGHQHQ'LHQVW
OHLVWXQJHQVLFKHU]XVWHOOHQZHUGHQ5lXPHXQG
)OlFKHQEHQ|WLJW.RQNUHWVROOHQ5lXPOLFKNHLWHQIU
HLQH0RELOLWlWV]HQWUDOHLQMHGHPGHUEHLGHQ4XDUWLHUH
YRUJHKDOWHQZHUGHQZRVLFK%UJHULQQHQXQG%UJHU
LQGLYLGXHOOEHUDWHQODVVHQ)DKUNDUWHQHUZHUEHQZR
6HUYLFHDQJHERWHZLH]%/LHIHUGLHQVWH*HVFKlIWH
3RVWRUJDQLVLHUWRGHU)DKUUlGHUXQG(TXLSPHQWZLH
]%.LQGHUVLW]H)DKUUDGDQKlQJHUHWFDXVJHOLHKHQ
ZHUGHQN|QQHQ'LHVH0RELOLWlWV]HQDWUDOHQPVVHQ
±ZLHGLH%H]HLFKQXQJQDKHOHJW±LP=HQWUXPGHU
4XDUWLHUHE]ZDQGHQ4XDUWLHUVSOlW]HQDQJHVLHGHOW
ZHUGHQZRVLFKDXFKGLHg319+DOWHVWHOOHQEH¿Q
GHQXQGZRVLHJXWPLWGHQ9HUNHKUVPLWWHOQGHV8P
ZHOWYHUEXQGHVHUUHLFKEDUVLQG
(EHQIDOOVYRQ%HGHXWXQJLVWGLH$XVZHLVXQJYRQ
|IIHQWOLFK]XJlQJOLFKHQ&DU6KDULQJ6WHOOSOlW]HQDQ
]HQWUDOHQJXW]XJlQJOLFKHQ2UWHQLQ9HUNQSIXQJ
PLWTXDOLWlWYROOHQ|IIHQWOLFKHQ)DKUUDGDEVWHOODQODJHQ
VLHK.DS)'DV&DU6KDULQJ$QJHERWXQWHU
VWW]WLQVEHVRQGHUHGLHDQJHVWUHEWH(LQVFKUlQNXQJ
]XUYHUSÀLFKWHQGHQ+HUVWHOOXQJYRQSULYDWHQ.I]
6WHOOSOlW]HQVLHKH.DS)
'DV9HUNHKUVNRQ]HSWIUGLH.RQYHUVLRQVÀlFKHQ]LHOW
LQHUVWHU/LQLHDXIHLQHYHUWUlJOLFKH$EZLFNOXQJGHV
HQWVWDQGHQHQ9HUNHKUV(VPXVVHUJlQ]WZHUGHQXP
0D‰QDKPHQGLHEHUHLWVDQGHU9HUNHKUVHQWVWHKXQJ
DQVHW]HQGKDQGHU(QWVFKHLGXQJZHOFKHV9HU
NHKUVPLWWHOJHZlKOWZLUG.RQNUHWVROOHQ%HZRKQHULQ
QHQXQG%HZRKQHU%HVFKlIWLJWHXQG%HVXFKHUGHU
4XDUWLHUHKLQVLFKWOLFKLKUHU9HUNHKUVPLWWHOZDKOEHHLQ
ÀXVVWXQGLQGLH/DJHYHUVHW]WZHUGHQLKUH0RELOL
WlWPLWP|JOLFKVWZHQLJ$XIZDQGDQ.I]9HUNHKU]X
RUJDQLVLHUHQXQGDE]XZLFNHOQ
$OV6WUDWHJLHGLHLQGHQOHW]WHQ-DKUHQPLWQDFKZHLV
OLFKHP(UIROJHLQJHVHW]WZLUGJLOWGDVª0RELOLWlWVPD
QDJHPHQW©,P)RFXVVWHKWGDEHLNHLQDXIZHQGLJHU
,QIUDVWUXNWXUDXVEDXVRQGHUQVRJªZHLFKH)DNWR
UHQ©ZLH,QIRUPDWLRQXQG%HUDWXQJ'LHQVWOHLVWXQJHQ
XQGGHUHQ2UJDQLVDWLRQ¿QDQ]LHOOH$QUHL]H.RPPX
QLNDWLRQXQG.RRSHUDWLRQ.RRUGLQDWLRQ$OV%HLVSLHOH
VHLHQJHQDQQW
,QIRUPDWLRQ,QGLYLGXHOOH0RELOLWlWVEHUDWXQJLQVEH
VRQGHUHIU%HZRKQHUXQG%HVFKlIWLJWH]XDOOHQ0R
ELOLWlWVDQJHERWHQSHUV|QOLFKH)DKUSOlQH]ZLVFKHQ
:RKQRUWXQG$UEHLWVSODW],QIRSDNHWHIU1HXEUJHU
.XQGHQXQG%HVXFKHU]XU(UUHLFKEDUNHLWGHU4XDUWLH
UHPLWGHP8PZHOWYHUEXQGXQG]XVRQVWLJHQ'LHQVW
OHLVWXQJVDQJHERWHQ
'LHQVWOHLVWXQJHQXQG2UJDQLVDWLRQ&DU6KDULQJ
&DU3RROLQJXQG)DKUJHPHLQVFKDIWHQ)DKUUDGYHU
OHLKXQGUHSDUDWXUVHUYLFH/LHIHUVHUYLFHYRQ*H
VFKlIWHQ3DNHWDQQDKPH
)LQDQ]LHOOH$QUHL]H0LHWHUWLFNHWV-REWLFNHWV.RP
EL7LFNHWg319&DU6KDULQJ%DKQFDUG)DKUUDGYHU
OHLK7D[L
.RPPXQLNDWLRQ0RWLYDWLRQVNDPSDJQHQ]XU%H
ZXVVWVHLQVELOGXQJ:HWWEHZHUEHXQG$NWLRQHQUXQG
XPQDFKKDOWLJH0RELOLWlW]%ª0LWGHP5DG]XU$U
EHLW©
$NWHXUHVLQGGLH.RPPXQHQ9HUNHKUVGLHQVWOHLVWHU
:RKQXQJVXQWHUQHKPHQ%HWULHEH$UEHLWVJHEHU
(LQ]HOKDQGHO9HUElQGHHWFGLHLQ.RRSHUDWLRQPLW
HLQDQGHUGLHYHUVFKLHGHQHQ0D‰QDKPHQNRRUGLQLH
UHQXQGXPVHW]HQ


*$QKDQJ

'LH)LUPD/HLWVFKKDWLP$XIWUDJGHU%XQGHVDQVWDOW
IU,PPRELOLHQDXIJDEHQ%,P$VlPWOLFKH*UR‰JH
K|O]HLQGHQ.DVHUQHQ&DPEUDL)ULWVFK.DVHUHQ
-HIIHUVRQ6LHGOXQJXQG/LQFROQ6LHGOXQJDXIJHQRP
PHQXQGEHZHUWHW

:LVVHQVFKDIWVVWDGW
'DUPVWDGW

Beratungsverlauf (5)

TOP 14
TOP 15
TOP 3
TOP 24
TOP 271

Orte (11)

  • Heidelberger Straße
  • Karlsruher Straße
  • Franklinstraße
  • Noackstraße
  • Marktplatz
  • Klappacher Straße
  • Landskronstraße
  • Rüdesheimer Straße
  • Ludwigshöhstraße
  • Heinrich-Delp-Straße
  • Cooperstraße

Ortsbezüge werden automatisch aus den Dokumenten ermittelt und können unvollständig sein.

Details

Vorlagen-Nr.
2011/0202
Typ
Magistratsvorlage
Datum
10.05.2011
Erstellt
29.09.2026 00:00