2 0 1 4 sommer-programm

Wir danken allen Förderern und Sponso-­
DĂƌŬƚŐĞŵĞŝŶĚĞ
JHGUXFNWQDFKGHU
5FKWOLQLH
Ä'UXFNHU]HXJQLVVH³ GHVgVWHUUHLFKLVFKHQ
8PZHOW]HLFKHQV 'UXFNHUHL-DQHWVFKHN
*PE+ā8:-­1U DĂƌŬƚŐĞŵĞŝŶĚĞ
VRPPHU-­SURJUDPP .XOWXUEUFNH)UDWUHV ) U DWU HV $-­ :DOG NLU FK HQ 7KD \D 7HO)D[R (-­0DLORIILFH#NXOWXUEUXHFNHFRP :HEVLWHZZZPXVHXPKXPDQXPFRP ZZZNXOWXUEUXHFNHFRP 0DL8KUVW*XWVKRI)UDWUHV -XQL*XWVKRI)UDWUHV,QVWLWXW6ODYRQLFH -XQL8KUVW*XWVKRI)UDWUHV -XOL8KUVW*XWVKRI)UDWUHV $XJXVW8KUVW*XWVKRI)UDWUHV .8167:,'(567$1' ',(:$))(1'(5.h167/(5-­,11(1 +(5%(577,&+<%(5*-­3,21,(5
:(/7%h5*(5.8/785%276&+$)7(5 62,5e()h5623+,( 81''$66$5$-(92921+(87( *5h1(*5(1=(1-­*5(1=(1/26(1$785-­
%(*5(1=7()5(,+(,7" *277-­1$785 ',(%(6((/7+(,7'(6.26026 7DXJW .XQVW DOV 0LWWHO GHV :LGHUVWDQGV JHJHQ SROLWLVFKH 9HUKlOWQLVVH" :LH
ZLUNW VLH XQG ZDV NDQQ VLH EHZLUNHQ" :HOFKH :HFKVHOZLUNXQJHQ JLEW HV
ZHQQDXV.QVWOHUQ XQG.QVWOHULQQHQSROLWLVFKH9HUDQWZRUWXQJVWUlJHU ZHU
GHQ"-­hEHUGLH5ROOHYRQ.XQVWLQ3ROLWLNXQG*HVHOOVFKDIW-­(LQH9HUDQVWDO
WXQJDQOlVVOLFKÄ-DKUH)DOOGHV(LVHUQHQ9RUKDQJV³ 'HUgVWHUUHLFKHU+HUEHUW7LFK\-­ZDUQLFKWQXU([WUHPEHUJVWHLJHU
XQG:HOWUHLVHQGHUVRQGHUQDXFKHLQEHJQDGHWHU9HUPLWWOHUIUHPGHU.XOWXUHQ
6HLQH *HGDQNHQ EHU GLH *UXQGIUDJHQ GHV /HEHQV XQG VHLQH 6RUJH YRU
)HKOHQWZLFNOXQJHQ DXI |NRORJLVFKHP *HELHW KDEHQ LQ PHKU DOV %FKHUQ
JUR‰H9HUEUHLWXQJJHIXQGHQ-­'LH.XOWXUEUFNHEHOHXFKWHW7LFK\V/HEHQVZHUN
DXVDNWXHOOHU3HUVSHNWLYH 'LHÄHUVWH.XJHOGHV:HOWNULHJV³WUDIGLHDXVE|KPLVFKHP$GHOVWDPPHQGH
*HPDKOLQGHV|VWHUUHLFKLVFKHQ7KURQIROJHUV)UDQ])HUGLQDQG*UlILQ6RSKLH
&KRWHNGLHQDFKPDOLJH+HU]RJLQYRQ+RKHQEHUJ'HU$WWHQWlWHUVDJWHDXVHU
KDEHNHLQHUOHL$EVLFKWJHKDEW6RSKLH]XYHUOHW]HQ'LH.XOWXUEUFNHWKHPDWL
VLHUWGLHWUDXULJH7DWVDFKHGDVVLQDOOHQ.ULHJHQGLH=DKOHQXQVFKXOGLJHU2SIHU
GLHZHLWDXVJU|‰WHQZDUHQ $%%e/,%È16.é.5(,6/$8) 'LH QHXH /DQG-­DUW-­,QVWDOODWLRQ YRQ $EEp /LEiQVNê LP ,QQHQKRI 0lFKWLJH
%lXPHGLHGXUFKPDVVLYH0HWDOOSODWWHQZDFKVHQ'LH1DWXU±YRP0HQVFKHQ
JHQXW]W DXVJHEHXWHW WHLOZHLVH ]HUVW|UW ± OHLVWHW :LGHUVWDQG HUREHUW VLFK
5lXPH]XUFN±'HU.QVWOHUYHUDUEHLWHW GHQ6WDPPGHUXUDOWHQ/LQGHDP
7RUGHV*XWVKRIVGLHHLQHP7RUQDGR]XP2SIHUILHO =XU(U|IIQXQJVSLHOHQ.LQGHUGHU9RONVVFKXOHQ.DUOVWHLQXQG:DOGNLUFKHQLP
,QQHUHQ GHU ,QVWDOODWLRQ DXI ,QVWUXPHQWHQ GLH VLH XQWHU $QOHLWXQJ YRQ 0DUWLQ
-DQLþHN&=JHEDXWKDEHQ-­(LQ3URMHNWLP5DKPHQGHV9LHUWHOIHVWLYDOV1g
:DOGYLHUWHO $8667(//81*.$7+$5,1$5$=80296.< ,00(5:,'(5,00(5:,'(5 ,Q GHU .XQVW VLHKW .DWKDULQD 5D]XPRYVN\ HLQ )UHLKHLWVYHUVSUHFKHQ PLW
SROLWLVFKHP3RWHQ]LDO(PLQHQWZLGHUVWlQGLJLVW.XQVWLQLKUHP.HUQGHUYHU
ODQJWVLFKDXIHLQXQEHUHFKHQEDUHVRIWELWWHUHUQVWHV6SLHOHLQ]XODVVHQ±GDV
/HEHQLQDOOVHLQHUJHZDOWYROOHQ3UlVHQ] $XIJHZDFKVHQLQ3UDJ%HOJUDGXQG3DULVPRQDWHODQJH5HLVHQGXUFK$IULND
XQG$VLHQ3URPRWLRQLQ3KLORVRSKLHDQGHU8QLYHUVLWlW0QFKHQ-DKUHLQ 8KUVW*XWVKRI)UDWUHV $XVVWHOOXQJ([SRQDWHDXV+HUEHUW7LFK\VHWKQRORJLVFKHU.XQVWVDPPOXQJ
VRZLH $XVUVWXQJVJHJHQVWlQGH GLH HU EHL VHLQHQ OHJHQGlUHQ ([SHGLWLRQHQ
EHQW]W KDW 0LW IUHXQGOLFKHU 8QWHUVWW]XQJ GHU (UEHQJHPHLQVFKDIW QDFK
+HUEHUW7LFK\ ,Q(UJlQ]XQJGD]XZHUGHQ 2ULJLQDO]HLFKQXQJHQYRQ +HUZLJ
=HQVJH]HLJW *HVSUlFK PLW 1RUPDQ '\UHQIXUWK 'LH 0DFKW GHU %LOGHU DXV GHP IHUQHQ
+LPDOD\D (LQIKUXQJ3URI'U+HUZLJ)ULVFK2EPDQQGHV9HUHLQV
Ä0HQVFKHQZHJH±*|WWHUEHUJH³ 6WDWHPHQWV YRQ'U 9HUHQD .LHQDVW -RXUQDOLVWLQ+HUDXVJHEHULQGHUQHX
DXIJHOHJWHQ+HUEHUW-­7LFK\-­%FKHU3URI.XUW/XJHU9RUVWDQGYRQ(FR-­+LPDO VRZLH3URI+HLQ]1X‰EDXPHU-RXUQDOLVWXQG%XFKDXWRU+HUDXVJH
EHU 'LH )XUFKHHKHP3UHVVHFKHIGHU |VWHUUHLFKLVFKHQ 3UlVLGHQW
VFKDIWVNDQ]OHL 086,.$/,6&+-­/,7(5$5,6&+(6(175e( Ä'(50$11'(5%b80(3)/$1=7(³ $8',29,68(//(&2//$*( 6$5$-(9261(8(,'(17,7b7 8KUVW,QVWLWXW6ODYRQLFH )LOPYRUIKUXQJHQ 6DPVDUD -­ (LQWLEHWLVFKHV (UEH PLQ XQG
+LPDOD\D -­ 3LORWHQ XQG 3LRQLHUH PLQ YRQ %HUJILOPOHJHQGH
1RUPDQ'\UHQIXUWK'HU5HJLVVHXULVWDQZHVHQG 'DVÄ*UQH%DQG³HQWODQJGHVHKHPDOLJHQ(LVHUQHQ9RUKDQJVLVWQLFKWQXUHLQ
SRVLWLYHV 6\PERO IU GLH 7UDQVIRUPDWLRQHQ (XURSDV QDFK VRQGHUQ
DQJHVLFKWV YLHOHU QHX HQWVWDQGHQHU *UHQ]HQ DXFK HLQ 0HQHWHNHO IU HLQHQ
GURKHQGHQ5FNVFKULWW-­'LH.XOWXUEUFNHVSUWGHU(QWVWHKXQJXQG:LUNXQJ
GLHVHU*UHQ]HQLQ5DXPXQG=HLWQDFK (LQKHLWOLFKH :HOWYRUVWHOOXQJHQ EHU *RWW-­1DWXU VSLHJHOQ VLFK LP
SKLORVRSKLVFK-­WKHRORJLVFKHQ XQG QDWXUZLVVHQVFKDIWOLFKHQ 'HQNHQ
DOOHU=HLWHQZLH]XP%HLVSLHOLQGHUGHXWVFKHQ0\VWLNXQGLPVSlWHQ
-KGWLQ+DHFNHOVÄ0RQLVPXVDOV5HOLJLRQ³%HVHHOWKHLWGHU1DWXU
(LQKHLW YRQ *RWW XQG :HOW YRQ *HLVW XQG 0DWHULH VLQG ,QKDOWH GLH
DQJHVLFKWV GHV DNWXHOOHQ |NRORJLVFKHQ 'LVNXUVHV HUQHXW %HGHXWXQJ
JHZLQQHQ
$8667(//81*%,5*,7:(,167$%/ +$5021,(181'%5h&+( ,P8QWHUVFKLHG]XGHQPHLVWHQ*HGHQNYHUDQVWDOWXQJHQGLHVHU7DJHZLUGHLQH
=HLWEUFNHYRQGHQWUDJLVFKHQ(UHLJQLVVHQGHV-XQLLQGLH*HJHQZDUW
JHVFKODJHQ:LUEHJHJQHQHLQHUPRGHUQHQ 0HWURSROHDXI GHU6XFKH QDFK
LKUHU,GHQWLWlW]XGHUZHLWPHKUJHK|UWDOVQXUGLH(ULQQHUXQJDQGDV$WWHQWDW
YRQ*DYULOR3ULQFLS (LQ0RVDLNNQVWOHULVFKHU([SUHVVLRQHQGHVKHXWLJHQ6DUDMHYRGLHWHLOZHLVH
GLHKLVWRULVFKH6\PEROLNGHU6WDGWDXIJUHLIHQXQG]HLWJHPl‰YHUZDQGHOQ 6RLUHH(LQDXVJHGHKQWHV%XIIHWLP.DPLQUDXPGHV*XWVKRIVZLUGYRQ/HVXQ
JHQ 6WDWHPHQWV XQG HLQHU HLJHQV IU GLHVHQ $QODVV NRPSRQLHUWHQ 0XVLN
XQWHUEURFKHQE]ZEHJOHLWHW,P0LWWHOSXQNWGHVOLWHUDULVFKHQ7HLOVGHQ$OH[DQ
GHU 6WLSVLWV JHVWDOWHW XQG PRGHULHUW VWHKHQ KHUDXVUDJHQGH %HLVSLHOH GHU
)ULHGHQVOLWHUDWXUGHV-DKUKXQGHUWV 3XEOLNXPVJHVSUlFKEHU6DUDMHYRXQGGDVKHXWLJH(XURSD 3URWDJRQLVWHQGHU9HUDQVWDOWXQJ(OLãND &tONRYi .RPSRQLVWLQ3UDJ&D]LP
'HUYLVHYLF)LOPHPDFKHU6DUDMHYR0DVKD+LOVLF'RNXPHQWDULVWLQ6DUDMHYR
$OH[DQGHU6WLSVLWV,GHH.RQ]HSW6ODYRQLFH 'HU6FKDXVSLHOHU6WHSKDQ%HVWLHUXQGGLH0XVLNHU0HODQLH6DEHO4XHUIO|WH
XQGâWČSiQ0DWČMND*LWDUUHDOOH$EVROYHQWHQGHU+RFKVFKXOHIU0XVLNXQG
7KHDWHULQ5RVWRFNJHVWDOWHQHLQH,QVWDOODWLRQDXV7H[WXQG0XVLNDXI*UXQGOD
JHGHU1RYHOOHYRQ-HDQ *LRQRGLHVHLWLKUHP(UVFKHLQHQLP-DKUH]X
HLQHP%DVLVWH[WGHU|NRORJLVFKHQ%HZHJXQJZXUGH 6WDWHPHQWYRQ0LFKDHOD .URSLN/DQGVFKDIWVJHVFKLFKWHLP*UHQ]UDXPYRQ
6ODYRQLFH±'LH/DQGVFKDIWV|NRORJLQ0LFKDHOD.URSLN8QLYHUVLWlW:LHQVSUW
GHQ8QWHUVFKLHGHQXQG*HPHLQVDPNHLWHQGHU9HUlQGHUXQJHQGHU.XOWXUODQG
VFKDIWGLHVVHLWVXQGMHQVHLWVGHU*UHQ]HLP5DXP6ODYRQLFHQDFKXQGNRPPW
]XEHUUDVFKHQGHQ6FKOXVVIROJHUXQJHQ 6WDWHPHQW YRQ 7KRPDV :UEND -DKUH Ä*UQHV %DQG³ ± ZLH ZHLWHU"
7KRPDV :UEND 8QLYHUVLWlW :LHQ EHIDVVW VLFK VHLW ODQJHP PLW GHQ ODQG
VFKDIWV|NRORJLVFKHQ XQG JHVHOOVFKDIWOLFKHQ 'LPHQVLRQHQ GHV HXURSlLVFKHQ
Ä*UQHQ%DQGHV³XQGUHVPLHUWLQNULWLVFKHU6LFKWHLQH-­MlKULJH(UIROJVJH
VFKLFKWH 6WDWHPHQW YRQ (OPDU &VDSORYLFV *UQH *UHQ]HQ ± 1HXH *UlEHQ" *UQH *UHQ]HQ VXJJHULHUHQ ODXW (OPDU &VDSORYLFV 7HFKQLVFKH 8QLYHUVLWlW
'UHVGHQ ,&2026 $XVWULD ]ZDU 'XUFKOlVVLJNHLW VFKHLQHQ MHGRFK -­ ,QVSLULHUWGXUFKGDV7KHPD0RQLVPXVKDWGLH:DOGYLHUWOHU.QVWOHULQ
%LUJLW :HLQVWDEO IU GHQ 3URJUDPPWDJ %LOGHU XQG HLQH ,QVWDOODWLRQ
JHVFKDIIHQGLHVLFKDXILPSXOVLYHLQGULQJOLFKH:HLVHPLWGHQ+DUPR
QLHQ XQG %UFKHQ GHU *RWW-­1DWXU DXVHLQDQGHUVHW]HQ LQ :DLGKRIHQ DQ GHU 7KD\D JHERUHQ OHEW XQG DUEHLWHW GLH
.QVWOHULQLQ1LHGHU|VWHUUHLFKXQG%HUOLQ6LHDEVROYLHUWHHLQ6WXGLXP
GHU 0DOHUHL DQ GHU :LHQHU .XQVWVFKXOH XQG H[SHULPHQWLHUW PLW GHU
9HUELQGXQJ YHUVFKLHGHQHU 0DWHULDOLHQ$XVVWHOOXQJHQXDLQgVWHU
UHLFKXQGGHU7VFKHFKLVFKHQ5HSXEOLN 92575$*/(1.$29ýÈý.29È *277-­1$785 $/6 021,67,6&+( 5(/,*,21 (LQHDOOH%HUHLFKHGHVJHVHOOVFKDIWOLFKHQ/HEHQVHUIDVVHQGHHLQKHLW
OLFKH:HOWYRUVWHOOXQJYRQ*RWW-­1DWXUKDWGHUGHXWVFKH=RRORJH(UQVW
+DHFNHO -­ HQWZLFNHOW XQG DOV ÄPRQLVWLVFKH 5HOLJLRQ³ SUR
SDJLHUW 'LH .XOWXUZLVVHQVFKDIWOHULQ XQG 'RNXPHQWDUILOPHULQ 'U /HQND 2YþiþNRYiEHOHXFKWHWGLHLQ*RHWKHV3DQWKHLVPXVXQG'DUZLQV $8667(//81*.$7+$5,1$5$=80296.< /(681*&+5,6723++(,1 'HU DXV 6FKOHVLHQ VWDPPHQGH 5RPDQFLHU 'UDPDWLNHU XQG (VVD\LVW &KULV
WRSK +HLQ -J LVW HLQ XQEHVWHFKOLFKHU &KURQLVW GHU JHVHOOVFKDIWOLFKHQ
=XVWlQGHLQGHUHKHPDOLJHQ''5VRZLHGHU8PEUFKHXQGJHVDPWGHXWVFKHQ
(QWZLFNOXQJHQVHLW6HLQH1RYHOOH'UDFKHQEOXWZXUGHLQVlPWOLFKHHXUR
SlLVFKH6SUDFKHQEHUVHW]W Ä.HLQ$XWRUGHU''5KDWELQQHQZHQLJHU-DKUHGLH/LWHUDWXUVHLQHV/DQGHVVR
VFKODJHQG XQGVRQDFKKDOWLJYHUlQGHUWZLH&KULVWRSK+HLQ³ :ROIJDQJ (P
PHULFK .21=(5767,51(562<.$ .DUO6WLUQHU=LWKHUXQG:DOWKHU6R\ND$NNRUGHRQVLQGPXVLNDOLVFKH$EHQ
WHXUHU GHU ([WUDNODVVH 6RXYHUlQ XQG PLW ÄDWPRVSKlULVFK GLFKWHU .ODQJHOH
JDQ]³.OHLQH=HLWXQJYHUZDQGHOQGLHEHLGHQ.RPSRQLVWHQXQG0XVLNHUDOWH
0XVLNWUDGLWLRQHQLQJHZDJWHQLHJHK|UWH0XVLN 7DJHVYHUDQWZRUWXQJ&KULVWD%LQGHU /(681*%$5%$5$&28'(1+29(-­.$/(5*,
=8+$86(,67h%(5$// 92575$*5(,1+2/'0(661(5 7,&+<6&+22<8-­(567%(67(,*81* 9RU-DKUHQDP2NWREHUJHODQJGHP:LHQHU*HRORJHQ+HUEHUW
7LFK\GLH(UVWEHVWHLJXQJGHVPKRKHQ&KR2\XGHV7KURQHVGHU*|WWLQ
LQ7UNLVRKQH6DXHUVWRIIJHUlW±HLQH:HOWVHQVDWLRQ-­'HU6GWLUROHU([WUHP
EHUJVWHLJHU 5HLQKROG 0HVVQHU ZUGLJW GLH 3LRQLHUWDWHQ VHLQHV YHUHKUWHQ
9RUELOGV Ä6HLQH (UVWEHVWHLJXQJ GHV &KR 2\X GLH PLW HLQIDFKVWHQ 0LWWHOQ
JHODQJVLQG]HLWORVKHUDXVUDJHQGH/HLVWXQJHQ(UKDWGHQQDFKNRPPHQGHQ
*HQHUDWLRQHQQHXH:HJHJHZLHVHQDXFKLQGHU$UWZLHHUVLFKGHQ 0HQ
VFKHQ YRU 2UW JHQlKHUW KDW³ 7LFK\V *UXQGVlW]H -­ DQ *UHQ]HQ JHKHQ XQG
5HVSHNWIUGHQ$QGHUHQ±VLQGELVKHXWHJOWLJ0HVVQHUÄ(UKDWXQV/LWHUDWXU
XQGHLQH/HEHQVKDOWXQJKLQWHUODVVHQGLHPHKUZHUWVLQGDOVDOOH)RUVFKXQJV
DEHQWHXHU³ ,P $QVFKOX‰ )HLHUOLFKH hEHUJDEH YRQ +HUEHUW 7LFK\V (LVSLFNHO GXUFK GHQ
9HUHLQ Ä0HQVFKHQZHJH ± *|WWHUEHUJH³DOV'DXHUOHLKJDEHIUGDV Ä0HVVQHU
0RXQWDLQ0XVHXP³DQ5HLQKROG0HVVQHU .21=(576$%$+221.+$:$5 ‹6XKUNDPS9HUODJ 'HU+LVWRULNHUXQG3XEOL]LVW1LNODV 3HU]LEHOHXFKWHWGLH5ROOHGHU.QVWOHULQ
GHU7VFKHFKRVORZDNHLZlKUHQGGHUbUDGHUÄ1RUPDOLVLHUXQJ³GHUHUXQG
HU-DKUH (UQVW+DHFNHO 0DUWLQ3ROODFN &KULVWRSK+HLQ 92575$*1,./$63(5=, .h167/(5*(*(1',(Ä1250$/,6,(581*³ %DUEDUD&RXGHQKRYH-­.DOHUJL 5HLQKROG0HVVQHU 0RVNDX6HLWOHEWXQGDUEHLWHWGLH.QVWOHULQXQG0XWWHUYRQYLHU.LQGHUQ
LQ:LHQ±Ä(LQHZLFKWLJH|VWHUUHLFKLVFKH.QVWOHULQ³'LH:HOW ‹.UDPDU.ROOHNWLY)LVFKND )RWR$OH[DQGHU6XSHUWUDPS ‹7\UROLD9HUODJ +HUEHUW7LFK\ .DWKDULQD5D]XPRYVN\ ‹.DWDU]\QD']LGW=VROQD\9HUODJ ,00(5:,'(5,00(5:,'(5 6DEDKRRQ.KDZDUVWDPPWDXV$IJKDQLVWDQ$OV-XJHQGOLFKHUIOFKWH
WHHUPLWVHLQHQ(OWHUQXQG*HVFKZLVWHUQQDFKgVWHUUHLFKZRHU
DUEHLWHWVWXGLHUWXQGMXQJHDIJKDQLVFKH)OFKWOLQJHEHWUHXW 2UJDQLVDWLRQ9HUHLQÄ0HQVFKHQZHJH±*|WWHUEHUJH³ $XVVWHOOXQJ.DWKDULQD5D]XPRYVN\JH|IIQHW 7DJHVYHUDQWZRUWXQJ9HUHQD.LHQDVW LP*HJHQWHLO-­QHXH*UHQ]HQ ]XSURYR]LHUHQGLH ZHQQQLFKW |NRORJLVFKVR
GRFKSROLWLVFKXQG|NRQRPLVFKEHVWLPPWVLQG 0$57,132//$&. .217$0,1,(57(/$1'6&+$)7(1 /(681*',6.866,21 ,QLKUHPODQJHHUZDUWHWHQ(ULQQHUXQJVEXFKHU]lKOWGLHJUR‰H3XEOL]LVWLQXQG
OHJHQGlUH 2VWHXURSD-­.RUUHVSRQGHQWLQ GHV 25) %DUEDUD &RXGHQKRYH-­
.DOHUJLYRQGHUXQWHUJHJDQJHQHQ:HOWGHUE|KPLVFKHQ$ULVWRNUDWLHLQGLHVLH
KLQHLQJHERUHQZXUGHEHYRUVLHLP0DLDOV-­-lKULJH5LFKWXQJ:HVWHQ
IOLHKHQPXVVWH-­(LQZDUPKHU]LJHV3RUWUlWLKUHUZHLWYHU]ZHLJWHQ)DPLOLHXQG
HLQHLQ]LJDUWLJHV'RNXPHQWEHUGLH,UUXQJHQXQG:LUUXQJHQ0LWWHOHXURSDVLP
-DKUKXQGHUW Ä(LQ OHEHQGLJHV 3DQRUDPD GHU MQJHUHQ |VWHUUHLFKLVFKHQ XQG PLWWHOHXURSlL
VFKHQ*HVFKLFKWH(LQZXQGHUEDUHV%XFK³SURILO (KUHQSUHLV GHV |VWHUUHLFKLVFKHQ %XFKKDQGHOV IU 7ROHUDQ] LQ 'HQNHQ XQG
+DQGHOQ -$==-­.21=(57 :2/)*$1*386&+1,* 6$;2)285 'HUEULOODQWH6ROLVWXQGLGHHQVSUKHQGH9LUWXRVHLVW*UQGHUHWOLFKHU(QVHP
EOHVXQG JLOW VHLW -RH =DZLQXO DOV GHU EHGHXWHQGVWH -D]]PXVLNHU DXV gVWHU
UHLFK 'LH PXVLNDOLVFKHQ 3URMHNWH GHV *UHQ]JlQJHUV VLQG $XVGUXFN VHLQHU
NQVWOHULVFKHQ 2IIHQKHLW 1HXJLHUGH XQG ([SHULPHQWLHUOXVW DXI K|FKVWHP
1LYHDX:ROIJDQJ3XVFKQLJVSLHOW]XVDPPHQPLW)ORULDQ%UDPE|FN.ODXV
'LFNEDXHUXQG&KULVWLDQ0DXUHU $XVVWHOOXQJHQ.DWKDULQD5D]XPRYVN\XQG+HUEHUW7LFK\JH|IIQHW 7DJHVYHUDQWZRUWXQJ$OH[DQGHU6WLSVLWV %LUJLW:HLQVWDEO (QWZLFNOXQJVOHKUH OLHJHQGHQ :XU]HOQ GLHVHU $XIIDVVXQJ XQG HUOlX
WHUW GLH *UXQGODJHQ YRQ +DHFNHOV 'HQNHQ ,QVEHVRQGHUH +DHFNHOV
%XFK Ä.XQVWIRUPHQGHU1DWXU³YHUPLWWHOWGLH9HUEXQGHQKHLWPLWHLQHU
lVWKHWLVFKHQ 1DWXUZDKUQHKPXQJ DXI HLQGUXFNVYROOH :HLVH -­
%HPHUNHQVZHUW LVW GLH :LUNXQJVJHVFKLFKWH GHV +DHFNHOVFKHQ 0R
QLVPXVLQ7VFKHFKLHQ .200(17,(57(/(681*0$57,1ä(0/$ $8)'(16385(1*277(6,1'(5:(/7 'HU'R\HQGHUNXOWXUJHVFKLFKWOLFKEHJUQGHWHQ6SXUHQVXFKHQDFKGHQYHUOR
UHQHQOLWHUDULVFKHQ/DQGVFKDIWHQLQGHQ*UHQ]UlXPHQ2VW-­0LWWHOHXURSDVOLHVW
DXV VHLQHP 2HXYUH LQVEHVRQGHUH DXV VHLQHP HUVFKLHQHQHQ %XFK
Ä.RQWDPLQLHUWH/DQGVFKDIWHQ³XQGJHKW DXFKDXIGLHDNWXHOOHQGUDPDWLVFKHQ
9HUZHUIXQJHQLPXNUDLQLVFKHQ5DXPHLQ 0DUWLQ3ROODFNKDWGHQ/LWHUDWXUVFKZHUSXQNWÄ3ROHQ8NUDLQH%HODUXV³EHLGHU
/HLS]LJHU%XFKPHVVHNXUDWLHUW(ULVWDXFK7UlJHUGHV/HLS]LJHU%XFKSUHLVHV
]XU(XURSlLVFKHQ9HUVWlQGLJXQJ 'HUWVFKHFKLVFKH3KLORVRSKXQGhEHUVHW]HU'U0DUWLQäHPODEHID‰W
VLFK PLW 'HQNZHLVHQ LQ 7KHRORJLH XQG 1DWXUSKLORVRSKLH ]ZLVFKHQ
0LWWHODOWHU XQG 1HX]HLW GLH LQVEHVRQGHUH LQ GHU 0\VWLN :HJH ]X
HLQHP HLQKHLWOLFKHQ 9HUVWlQGQLV YRQ *RWW XQG 1DWXU VXFKWHQ ,Q
GLHVHP =XVDPPHQKDQJ JHKW HU EHLVSLHOKDIW DXI GDV :LUNHQ YRQ
3DUDFHOVXV-DNRE%|KPHXQG9DOHQWLQ:HLJHOHLQ .21=(57.$3(//$35$*=(8+/=(.7 ,P$QVFKOX‰0|JOLFKNHLW]XU'LVNXVVLRQ &,0%È/29È08=,.$9(521,&$ 086,.$860b+5(1%g+0(16/2:$.(, 9LHU|NRORJLVFKLQVSLULHUWH 0XVLNHU,QQHQ*HLJH%UDWVFKH.RQWUDEDVV=\P
EDO PXVL]LHUHQ DXI *UXQGODJH DXWRFKWKRQHU 4XHOOHQ DXV 0lKUHQ DXV %|K
PHQXQGGHU6ORZDNHL $XVVWHOOXQJHQ.DWKDULQD5D]XPRYVN\XQG+HUEHUW7LFK\JH|IIQHW 7DJHVYHUDQWZRUWXQJ(OPDU&VDSORYLFV 'DV3UDJHU,QVWUXPHQWDO-­XQG9RNDO-­(QVHPEOHIROJWGHP/HLWVDW]YRQ
,EQ $UDEL Ä'LH 0XVLN LVW GLH HLJHQWOLFKVWH )RUP GHV *ODXEHQV GHQ
PDQLQVLFKWUlJW³-­,Q)UDWUHVLQWHUSUHWLHUHQGLH0XVLNHU,QQHQ:HUNH
DXV GHP %HUHLFK GHU SURJUHVVLYHQ 5RFNPXVLN 0DJPD .LQJ &ULP
VRQ XQG GHU ]HLWJHQ|VVLVFKHQ XQG MQJHUHQ JHLVWOLFKHQ 0XVLN
*,*XUGMLHII$UYR3lUW 'LHVH9HUDQVWDOWXQJZLUGGXUFKJHKHQGLQGHXWVFKHUXQG WVFKH
FKLVFKHU6SUDFKHPRGHULHUW 7DJHVYHUDQWZRUWXQJ/HQND2YþiþNRYi 'ČNXMHPHYãHP
SRGERURYDWHOĤP
DVSRQ]RUĤP DĂƌŬƚŐĞŵĞŝŶĚĞ
tĂůĚŬŝƌĐŚĞŶ JHGUXFNWQDFKGHU
5FKWOLQLH
Ä'UXFNHU]HXJQLVVH³ GHVgVWHUUHLFKLVFKHQ
8PZHOW]HLFKHQV 'UXFNHUHL-DQHWVFKHN
*PE+ā8:-­1U DĂƌŬƚŐĞŵĞŝŶĚĞ
<ĂƵƚnjĞŶ OHWQtSURJUDP .XOWXUEUFNH)UDWUHV ) U DWU HV $-­ :DOG NLU FK HQ 7KD \D 7HO)D[R (-­0DLORIILFH#NXOWXUEUXHFNHFRP :HEVLWHZZZPXVHXPKXPDQXPFRP ZZZNXOWXUEUXHFNHFRP NYČWQD'YĤU)UDWUHV þHUYQD'YĤU)UDWUHV,QVWLWXW6ODYRQLFH þHUYQD'YĤU)UDWUHV þHUYHQFH'YĤU)UDWUHV VUSQD'YĤU)UDWUHV 80ċ1Ë2'325 =%5$1ċ80ċ/&ģ$80ċ/.<ĕ +(5%(577,&+<35ģ.231Ë.+25 69ċ72%(ä1Ë.=35267ě('.29$7(/
.8/785< 62,5e(35262),, $6$5$-(92'1(â.$ =(/(1È+5$1,&(±%(=0(=1È
3ěË52'$±20(=(1È692%2'$" %ģ+±3ěË52'$ 2'8â(91ċ/267.2608 3UYQtNXONDVYČWRYpYiON\WUHILODPDQåHONXUDNRXVNpKRQiVOHGQtND
WUĤQX )UDQWLãND )HUGLQDQGD KUDEČQNX 6RILL &KRWNRYRX YpYRGN\QL
] +RKHQEHUJX $WHQWiWQtN SR]GČML Y\SRYtGDO åH QHPČO åiGQê ~P\VO
6RILL ]UDQLW .XOWXUQt PRVW VH ]DEêYi VNDQGiOHP XND]XMtFtP åH YH
YiONiFKDVWROHWtE\OQHMYČWãtSRþHWQHYLQQêFKREČWt 2EODVW W]Y Ä(XURSHDQ *UHHQ EHOW³ (YURSVNê ]HOHQê SiV SRGpO
EêYDOpäHOH]QpRSRQ\QHQtMHQSR]LWLYQt6\PEROWUDQVIRUPDFH(YURS\
SR URFH QêEUå Y]KOHGHP N QRYČ Y]QLNDMtFtP KUDQLFtP WDNp
KUR]EDNURNX]SČW±.XOWXUQtPRVWVH]DEêYiY]QLNHPDSĤVREHQtP
WČFKWRQRYêFKKUDQLFY SURVWRUXDþDVH 8FHOHQp SĜHGVWDY\ R Y]WDKX PH]L %RKHP DSĜtURGRXVH RGUiåHO\ YH
ILOR]RILFNR-­WHRORJLFNpPDSĜtURGRYČGHFNpPVYČWRYpPP\ãOHQtEČKHP
YãHFK GRE MDNR QDSĜtNODG Y QČPHFNp P\VWLFH QHER QD NRQFL VWROHWtY +DHFNORYČGtOHÄ0RQLVPXVMDNRQiERåHQVWYt³2GXãHYQČORVW
SĜtURG\MHGQRWD%RKDDSĜtURG\GXFKDDKPRW\WRMVRXWpPDWDNWHUi
VHY]KOHGHPNDNWXiOQtHNRORJLFNpUR]SUDYČRSČWVWiYDMtGĤOHåLWi -HXPČQtYKRGQêPSURVWĜHGNHPRGSRUXSURWLVSROHþHQVNR-­SROLWLFNêP
SRPČUĤP"-DNSĤVREtDPĤåHQČFR]PČQLW"-DNêYOLYPiXPČQtQD
SROLWLNX NG\å XPČOFL SĜHEtUDMt SROLWLFNRX ]RGSRYČGQRVW" -­ 2 UROL
XPČQt Y SROLWLFH D VSROHþQRVWL ± 7pPD GQH X SĜtOHåLWRVWL Ä YêURþt
SiGXäHOH]QpRSRQ\³ $%%e/,%È16.é.2/2%ċ+ 1RYi /DQG-­DUW-­,QVWDODFH $EEp /LEiQVNpKR YH GYRĜH 0RKXWQp
VWURP\ NWHUp SURUĤVWDMt PDVLYQtPL NRYRYêPL GHVNDPL 3ĜtURGD ±
þORYČNHP XåtYDQi ]QHXåtYDQi þiVWHþQČ QLþHQi ± NODGH RGSRU
GREêYi VYĤM SURVWRU ]SČW ± 8PČOHF ]SUDFRYDO NPHQ SUDVWDUp OtS\ X
EUiQ\GYRUDNWHUiSDGOD]DREČĢWRUQiGX] URNX 1D~YRG]DKUDMtGČWL]H]iNODGQtFKãNROY .DUOVWHLQXD:DOGNLUFKHQX
QD KXGHEQtFK QiVWURMtFKNWHUpVL XYQLWĜLQVWDODFHY\WYRĜLO\VDP\ SRG
YHGHQtP 0DUWLQD -DQtþND &= ± 3URMHNW Y UiPFL YLHUWHOIHVWLYDOX 1g
9é67$9$.$7+$5,1$5$=80296.< 67È/(3527,67È/(3527,« .DWKDULQD 5D]XPRYVN\ YLGt Y XPČQt VOLE VYRERG\ V SROLWLFNêP
SRWHQFLiOHP 8å YH VYpP MiGĜH NODGH XPČQt VWiOH RGSRU QHERĢ
SRåDGXMHDE\FKRPVHSXVWLOLGRQHSĜHGYtGDWHOQpþDVWRKRĜNpKU\ ±
åLYRWDDMHKRFHOpQiVLOQpSĜtWRPQRVWL 8PČON\QČ Y\UĤVWDOD Y 3UD]H %ČOHKUDGČ D 3DĜtåL PČVtFH FHVWRYDOD
SR$IULFHD$VLLSURPRYDOD]ILORVRILHQDXQLYHUVLWČY 0QLFKRYČOHW
VWUiYLOD Y 0RVNYČ 2G URNX åLMH D SUDFXMH YH 9tGQL MH PDWNRX +HUEHUW 7LFK\ -­ 5DNXãDQ E\O QHMHQ H[WUpPQtP
KRUROH]FHP
D
FHVWRYDWHOHP
QêEUå
WDNp
YêERUQêP
]SURVWĜHGNRYDWHOHP FL]tFK NXOWXU -HKR P\ãOHQN\ R ]iNODGQtFK
RWi]NiFK åLYRWD D MHKR REDY\ SĜHG QH]GUDYêP YêYRMHP ]HMPpQD
Y REODVWLHNRORJLH]D]QDPHQDOYHYtFHQHåGYDFHWLSČWLNQLKiFKNWHUp
VHWČãtYHONpPX]iMPX±.XOWXUQtPRVWSRKOtåtQDåLYRWQtGtOR7LFKpKR
] DNWXiOQtSHUVSHNWLY\ ,QVWLWXW6ODYRQLFH 3URPtWiQt ILOPX 6DPVDUD -­ (LQWLEHWLVFKHV (UEH 7LEHWVNê RGND]
PLQ D +LPDOD\D -­ 3LORWHQ XQG 3LRQLHUH +LPDOiMH ± SLORWL D
SLRQêĜLPLQRG1RUPDQD '\UHQIXUWKDOHJHQG\ILOPĤR KRUiFK 5HåLVpUEXGHSĜtWRPHQ 'YĤU)UDWUHV 9êVWDYD ([SRQiW\ ]H VEtUN\ +HUEHUWD 7LFK\ (WQRORJLFNi VEtUND
XPČQtWDNL3ĜHGPČWĤ] YêEDY\NWHUpSRXåtYDOSĜLVYêFKOHJHQGiUQtFK
H[SHGLFtFK 6 SRGSRURX VGUXåHQt GČGLFĤ +HUEHUWD 7LFK\ 1D
GRSOQČQtY\VWDYtPHRULJLQiO\NUHVHE+HUZLJD=HQVH 5R]KRYRU V 1RUPDQHP '\UHQIXUWKHP 6tOD REUD]Ĥ ] GiOQêFK
+LPDOiMt 8YHGH3URI 'U +HUZLJ )ULVFK SĜHGVHGDVSRONXÄ&HVW\þORYČND±
KRU\%RKD³ 9\MiGĜHQt 'U 9HUHQ\ .LHQDVW åXUQDOLVWN\ Y\GDYDWHON\ QRYČ
Y\FKi]HMtFtFKNQLK+HUEHUWD7LFKpKR3URI .XUWD /XJHUD SĜHGVHG\
VSRONX(FR-­+LPDOWDNL/XW]H 0DXUHUD NWHUêY\WYRĜLOVpULLWHOHYL]QtFK
ILOPĤ=HPČKRU +8'(%1ċ/,7(5È51ËÒ92' Ä08ä.7(5é6È=(/67520<³ $XGLRYL]XiOQtNROiå6DUDMHYRGQHV 2SURWLYãHPY]SRPtQNRYêPVODYQRVWHPWČFKWRGQĤVHSĜHQHVHPHRG
WUDJLFNêFK XGiORVWt þHUYQD GR SĜtWRPQRVWL VHWNiPH VH
V PRGHUQtPHWURSROtDEXGHPHMLVOHGRYDWSĜLKOHGiQtGQHãQtLGHQWLW\
NH NWHUp SDWĜt VRXþDVQRVW PQRKHP YtFH QHå Y]SRPtQND QD DWHQWiW
*DYULOD3ULQFLSD 0R]DLNDXPČOHFNpWYRUE\GQHãQtKR6DUDMHYDNWHUiþiVWHþQČSRXåtYi
KLVWRULFNRXV\PEROLNXPČVWDDSĜHPČĖXMHMtGRVRXþDVQRVWL 6RLUpH %RKDWp REþHUVWYHQt Y PtVWQRVWL V NUEHP EXGH GRSURYi]HQR
þL SĜHUXãRYiQR þHWERX UĤ]QêPL SĜtVSČYN\ D SUR WXWR SĜtOHåLWRVW
]NRPSRQRYDQRX KXGERX 9 FHQWUX OLWHUiUQt þiVWL PRGHURYDQp
$OH[DQGHUHP 6WLSVLWVHP VWRMt Y\QLNDMtFt SĜtNODG\ PtURYp OLWHUDWXU\
6WROHWt 5R]KRYRUV SXEOLNHPR6DUDMHYXDGQHãQt(YURSČ ý(7%$%$5%$5$&28'(1+29(-­.$/(5*, '2029-(9â8'( 9 GORXKR RþHNiYDQp NQL]HY]SRPtQHN Y\SUiYt Yê]QDPQi SXEOLFLVWND
DOHJHQGiUQtYêFKRGRHYURSVNiNRUHVSRQGHQWND25)%DUEDUD +HUHF6WHSKDQ %HVWLHU QČPHFNiIOpWQLVWND0HODQLH 6DEHODþHVNê
N\WDULVWD âWČSiQ 0DWČMND YãLFKQL DEVROYHQWL NRQ]HUYDWRĜH
Y 5RVWRFNX XYHGRX KXGHEQt D WH[WRYRX LQVWDODFL QD ]iNODGČ QRYHO\
-HDQD *LRQDNWHUiVHRGVYpKRY\GiQtY URFHVWDOD]iNODGQtP
WH[WHPHNRORJLFNpKRKQXWt 6WDWHPHQW 0LFKDHOD .URSLN 'ČMLQ\ NUDMLQ\ Y SĜtKUDQLþt
6ODYRQLFND ± (NRORåND NUDMLQ\ 0LFKDHOD .URSLN 8QLYHU]LWD
9tGHĖ ]NRXPi UR]GtOQp D VSROHþQp ]QDN\ ]PČQ Y NXOWXUQt
NUDMLQČ QD RERX VWUDQiFK KUDQLF Y RNROt 6ODYRQLF D GRFKi]t
N SĜHNYDSLYêP]iYČUĤP 9é67$9$%,5*,7:(,167$%/ 628/$'$1(628/$' %LUJLW :HLQVWDEO VH LQVSLURYDOD WpPDWHP 0RQLVPX D Y\WYRĜLOD
N SURJUDPX GQH REUD]\ D LQVWDODFH YH NWHUêFK VH LPSXOVLYQtP
QDOpKDYêP ]SĤVREHP ]DEêYi VRXODGHP D QHVRXODGHP %RKD D
SĜtURG\ 8PČON\QČ QDUR]HQi YH :DLGKRIHQ DQ GHU 7KD\D åLMH D SUDFXMH Y
'ROQtP 5DNRXVNX D Y %HUOtQČ $EVROYRYDOD VWXGLXP NUHVE\ QD
9tGHĖVNp XPČOHFNp ãNROH D ]DEêYDOD VH H[SHULPHQW\ NRPELQRYiQt
UĤ]QêFKPDWHULiOĤ9\VWDYRYDODPMY5DNRXVNXDýHVNpUHSXEOLFH 3ě('1Èâ.$/(1.$29ýÈý.29È %ģ+±3ěË52'$-$.2021,67,&.e
1È%2ä(1679Ë 6WDWHPHQW 7KRPDV :UEND OHW Ä(YURSVNpKR ]HOHQpKR
SiVX³ ± MDN GiOH" 7KRPDV : UEND 8QLYHU]LWD 9tGHĖ VH MLå
GORXKR ]DEêYi HNRORJLFNêPL D VSROHþHQVNêPL GLPHQ]HPL
(YURSVNpKR]HOHQpKRSiVXDVKUQXMHNULWLFNêPSRKOHGHPMHKR
WLOHWRX~VSČãQRXKLVWRULL 6WDWHPHQW(OPDU&VDSORYLFV=HOHQpKUDQLFH±QRYpSĜtNRS\" =HOHQp KUDQLFH QiP GOH (OPDUD &VDSORYLFVH 7HFKQLFNi
8QLYHU]LWD'UiåćDQ\,&2026$XVWULDVLFHVXJHUXMt ,GHX VYČWD MDNR MHGQRW\ %RKD D SĜtURG\ ]DKUQXMtFt YãHFKQ\ REODVWL
VSROHþHQVNpKR åLYRWD Y\YLQXO D SURSDJRYDO MDNR ÄPRQLVWLFNp
QiERåHQVWYt³QČPHFNê]RRORJ(UQVW+DHFNHO-­ .XOWXURORåND D GRNXPHQWDULVWND 'U /HQND 2YþiþNRYi REMDVĖXMH
NRĜHQ\ Qi]RUĤ *RHWKRYD SDQWHLVPX D 'DUZLQRY\ WHRULH YêYRMH D
$8667(//81*.$7+$5,1$5$=80296.< ,00(5:,'(5,00(5:,'(5 3ĜHGQiãND 3URI +HLQ] 1X‰EDXPHU Ä)LORVRILH D VYDWp KRU\³
1RYLQiĜ D DXWRU NQLK Y\GDYDWHO 5êKD EêYDOê WLVNRYê POXYþt
SUH]LGHQWVNpNDQFHOiĜH
8YiGt&KULVWD%LQGHU 3ě('1Èâ.$1,./$63(5=, 80ċ1Ë3527,Ä1250$/,=$&,³ +LVWRULN D SXEOLFLVWD 1LNODV 3HU]L Y\VYČWOt UROL XPČQt Y GREČ
ÄQRUPDOL]DFH³Y DOHWHFKPLQXOpKRVWROHWtY ýHVNRVORYHQVNX ý(7%$&+5,6723++(,1 6SLVRYDWHO GUDPDWLN D HVHMLVWD &KULVWRSK +HLQ QDU SĤVREt
MDNR QHSRGSODWLWHOQê NURQLNiĜ VSROHþHQVNêFK SRPČUĤ Y EêYDOp ''5
DOH L ]PČQ D FHORQČPHFNpKR YêYRMH SR URFH -HKR QRYHOD
'UDFKHQEOXW'UDþt.UHYE\ODSĜHORåHQDGRWpPČĜYãHFKHYURSVNêFK
MD]\NĤ ÄäiGQê MLQê DXWRU 1'5 QH]PČQLO EČKHP QČNROLND OHW OLWHUDWXUX VYp
]HPČ WDN GĤUD]QČ D GORXKRGREČ³ &LWiW :ROIJDQJ (PPHULFK .21&(5767,51(562<.$ .DUO 6WLUQHU FLWHUD D :DOWKHU 6R\ND DNRUGHRQ MVRX KXGHEQt
GREURGUX]L H[WUD WĜtG\ 2ED NRPSRQLVWp D KXGHEQtFL VXYHUpQQČ
SURPČĖXMt V Ä SURQLNDMtFt HOHJDQFt WyQĤ³ VWDURX WUDGLþQt KXGEX YH
]FHODRGYiåQRXQRYRXKXGEX =DSURJUDPGQH]RGSRYtGi&KULVWD%LQGHU 3ě('1Èâ.$5(,1+2/'$0(661(5$ 7,&+<+23591Ë9é67831$&+22<8 3ĜHGOHW\ĜtMQDVHYtGHĖVNpPXJHRORJRYL+HUEHUWX7LFK\
SRGDĜLOR MDNR YĤEHF SUYQtPX ]GRODW P Y\VRNRX KRUX &KR 2\X
7UĤQERK\QČYW\UN\VXEH]N\VOtNRYpKRSĜtVWURMH±VYČWRYiVHQ]DFH
± -LKRW\UROVNê H[WUpPQtDOSLQLVWD 5HLQKROG 0HVVQHU RKRGQRWLO WHQWR
SLRQêUVNê þLQ VYpKR Y]RUX Ä 3UYQt YêVWXS QD &KR 2\X NWHUê VH
SRGDĜLO V QHMMHGQRGXããtPL SURVWĜHGN\ ]ĤVWDQH QDYåG\ Yê]QDPQêP
þLQHP 7LFK\ XNi]DO EXGRXFtP JHQHUDFtP QRYp FHVW\ L YH ]SĤVREX
MDN VH FKRYDO N PtVWQtP RE\YDWHOĤP³ 7LFKpKR ]iVDG\ ± MtW QD VYp
KUDQLFHDUHVSHNWN RVWDWQtP±MVRXVWiOHSODWQp0HVVQHUÄ=DQHFKDO
QiP OLWHUDWXUX D ]SĤVRE åLYRWD NWHUê ]QDPHQi YtFH QHå YãHFKQD
YČGHFNiGREURGUXåVWYt«³ 1D ]iYČU 6ODYQRVWQt SĜHGiQt FHStQX +HUEHUWD 7LFKpKR ]iVWXSFL
VSROHN Ä&HVW\ þORYČND ± KRU\ %RKD³ 5HLQKROGX 0HVVQHURYL MDNR
]iSĤMþNXGRMHKRPX]HDÄ0HVVQHU0RXQWDLQ0XVHXP³ .RQFHUW7UDGLþQtDIJiQVNRXKXGEX]DKUDMH6DEDKRRQ.KDZDU 2UJDQL]XMH6SROHNÄ&HVW\þORYČND±KRU\%RKD³ 9êVWDYD.DWKDULQD5D]XPRYVN\RWHYĜHQD =DSURJUDPGQH]RGSRYtGi9HUHQD.LHQDVW %DUEDUD&RXGHQKRYH-­.DOHUJL ‹6XKUNDPS9HUODJ 5HLQKROG0HVVQHU ‹.DWDU]\QD']LGW=VROQD\9HUODJ þW\ĜGČWt±Ä9ê]QDPQiUDNRXVNiXPČON\QČ³&LWiW'LH:HOW ‹.UDPDU.ROOHNWLY)LVFKND )RWR$OH[DQGHU6XSHUWUDPS ‹7\UROLD9HUODJ +HUEHUW7LFK\ .DWKDULQD5D]XPRYVN\ -$==29é.21&(57 :2/)*$1*386&+1,* 6$;2)285 %ULODQWQt VyOLVWD D QiSDGLWê YLUWXRV MH ]DNODGDWHOHP UĤ]QêFK
KXGHEQtFKVNXSLQ DSODWtRG GRE-RH =DZLQXOD ]DQHMYê]QDPQČMãtKR
MD]]RYpKRKXGHEQtND5DNRXVND-HKRKXGHEQtSURMHNW\MVRXYêUD]HP
RWHYĜHQRVWL]YtGDYRVWLDFKXWLN H[SHULPHQWRYiQt QD QHMY\ããt~URYQL
6 :ROIJDQJHP 3XVFKQLJHP KUDMt )ORULDQ %UDPE|FN .ODXV
'LFNEDXHUD&KULVWLDQ0DXUHU 9êVWDYD.DWKDULQD5D]XPRYVN\D+HUEHUW7LFK\RWHYĜHQD =DSURJUDPGQH]RGSRYtGi$OH[DQGHU6WLSVLWV (UQVW+DHFNHO 0DUWLQ3ROODFN &KULVWRSK+HLQ &RXGHQKRYH-­.DOHUJLRPL]HMtFtPVYČWČþHVNpDULVWRNUDFLH NH NWHUpPX SDWĜLOD QHå SĜHG NYČWQHP MDNR OHWi PXVHOD
XSUFKQRXWQD =iSDG±3RXWDYêSRUWUpWMHMt GDOHNRUR]YČWYHQpURGLQ\
D MHGLQHþQê GRNXPHQW R RP\OHFK D ]PDWFtFK VWĜHGQt (YURS\ VWROHWt ÄäLYp SDQRUDPD PODGãtFK UDNRXVNêFK D VWĜHGRHYURSVNêFK GČMLQ
%iMHþQiNQLKD³&LWiWSURILO ýHVWQi FHQD URNX UDNRXVNpKR NQLåQtKR REFKRGX ]D WROHUDQFL
Y P\ãOHQtDMHGQiQt 3URWDJRQLVWp GQH (OLãND &tONRYi KXGHEQt VNODGDWHOND3UDKD
&D]LP 'HUYLVHYLF ILOPDĜ6DUDMHYR0DVKD +LOVLF GRNXPHQWDULVWND
6DUDMHYR$OH[DQGHU6WLSVLWVLGHDNRQFHSW6ODYRQLFH SURSXVWQRVW DOH MDN VH ]Gi Y\WYiĜt VStãH RSDN ± SURYRNXMt
QRYp KUDQLFH NG\å QH HNRORJLFNp WDN DOHVSRĖ SROLWLFNp D
HNRQRPLFNp 0$57,132//$&..217$0,129$1e
.5$-,1<-­ý(7%$',6.86( %LUJLW:HLQVWDEO Y\VYČWOXMH ]iNODG\ +DHFNHORYD P\ãOHQt 2E]YOiãĢ +DHFNHORYD
NQLKD Ä8PČOHFNp WYDU\ SĜtURG\³ ]SURVWĜHGNRYiYi REGLYXKRGQêP
]SĤVREHPHVWHWLFNpYQtPiQtSĜtURG\ ±-HQXWQRVLSRYãLPQRXWYOLYX+DHFNHORYDPRQLVPXY ýHFKiFK .20(1729$1Èý(7%$0$57,1ä(0/$ 326723$&+%2+$9(69ċ7ċ 'R\HQ KOHGiQt VWRS ]WUDFHQêFK OLWHUiUQtFK NUDMLQQD ]iNODGČ KLVWRULH
NXOWXU\ Y SĜtKUDQLþt YêFKRGQt D VWĜHGQt (YURS\ SĜHþWH ]H VYpKR GtOD
SĜHGHYãtP ]H VYp NQLK\ Y\GDQp Y URFH SRG WLWXOHP
Ä.RQWDPLQRYDQp NUDMLQ\³ D Y\MiGĜt VH WDNp N DNWXiOQtP GUDPDWLFNêP
XGiORVWHPY REODVWL8NUDMLQ\ 0DUWLQ 3ROODFN NXUiWRU WČåLãWČ OLWHUiUQtKR SURJUDPX Ä3ROVNR
8NUDMLQD%ČORUXVNR³QD/LSVNpPNQLåQtPYHOHWUKX-HWDNpQRVLWHOHP
/LSVNpNQLåQtFHQ\ 1D]iYČU2WHYĜHQiGLVNXVH &,0%È/29È08=,.$9(521,&$ 08=,.$= 025$9<ý(&+$6/29(16.$ ýW\ĜL PX]LNDQWL LQVSLURYDQt HNRORJLt KRXVOH YLROD NRQWUDEDV
FLPEiO]DKUDMtQD]iNODGČOLGRYpKXGE\] PRUDYVNêFK.DUSDWýHFK
D6ORYHQVND 9êVWDYD.DWKDULQD5D]XPRYVN\D+HUEHUW7LFK\RWHYĜHQD =DSURJUDPGQH]RGSRYtGi(OPDU&VDSORYLFV ýHVNêILOR]RIDSĜHNODGDWHO3K'U 0DUWLQ äHPODVH]DEêYi]SĤVRE\
P\ãOHQt Y WHRORJLL D YH ILOR]RILL SĜtURG\ Y GREČ PH]L VWĜHGRYČNHP D
QRYRYČNHP NWHUp KOHGDO\ RE]YOiãĢ Y P\VWLFH FHVW\ N SRFKRSHQt
MHGQRW\%RKDDSĜtURG\9 WpWRVRXYLVORVWLVHQDSĜtNODG]DEêYiYOLYHP
3DUDFHOVHD-DNRED%|KPDD9DOHQWLQD:HLJHOD .21&(57.$3(/$35$*=(8+/=(.7 3UDåVNi LQVWUXPHQWiOQt D YRNiOQt VNXSLQD VH ĜtGt KHVOHP ,EQD
$UDELKRÄ+XGEDMHQHMSRGVWDWQČMãtIRUPDYtU\NWHURXY VREČQRVtPH³ ±ýOHQRYpDþOHQN\VNXSLQ\LQWHUSUHWXMtYH)UDWUHVGtOD] REODVWL SURJUHVLYQt URFNRYp KXGE\ 0DJPD .LQJ &ULPVRQ D VRXþDVQp L
QRYČMãtGXFKRYQtKXGE\*,*XUGMLHII$UYR3lUW &HOêSURJUDPEXGHPRGHURYiQY þHVNpPDQČPHFNpPMD]\FH =DSURJUDPGQH]RGSRYtGi/HQND2YþiþNRYi