'(
9RUZRUW 9LHOHQ 'DQN IU GHQ .DXI GLHVHV 3URGXNWHV :LU KDEHQ YLHO =HLW XQG %HPKXQJHQ LQ VHLQH (QWZLFNOXQJ LQYHVWLHUW GDPLW 6LH YLHOH -DKUH VW|UXQJVIUHL PLW GHP 0\ 1RWH DUEHLWHQ N|QQHQ %HPHUNXQJ .DXIHQ GHU QHXHQ .XJHOVFKUHLEHUPLQHQ 'LH 0LQHQ KDEHQ GLH $EPDH FD PP [ PP :LU HPSIHKOHQ 3URGXNWH GHU 0DUNHQ .$1*+(5 0,1, 67$5 6&+0,'7 ) XQG 5275,1* ]X YHU ZHQGHQ $QPHUNXQJHQ 8QJHHLJQHWH 0LQHQ N|QQHQ GLH )XQNWLRQDOLWlW GHV GLJLWDOHQ .
(UVWH 6FKULWWH 'DV 0\ 1RWH LVW HLQ KDQGOLFKHV *HUlW ]XU (UIDVVXQJ ,KUHU KDQGVFKULIWOLFKHQ $XI]HLFK QXQJHQ :lKUHQG 6LH ,KUH 1RWL]HQ DXI 3DSLHU PDFKHQ VSHLFKHUW GDV 0\ 1RWH DOOHV VLPXOWDQ GLJLWDO DE ZDV 6LH VFKUHLEHQ RGHU ]HLFKQHQ 'LHVH $XI]HLFKQXQJHQ N|QQHQ 6LH VSlWHU EHU GHQ &RPSXWHU GDUVWHOOHQ XQG EHDUEHLWHQ $XHUGHP NDQQ GDV 0\ 1RWH HEHQVR DOV *UD¿NWDEOHWW JHQXW]W ZHUGHQ  /LHIHUXPIDQJ '( GLJLWDOHU 6FKUHLEEORFN GLJLWDOHU .
 'HU GLJLWDOH 6FKUHLEEORFN $EGHFNXQJ %DWWHULHIDFK 86% $QVFKOXVV (QHUJLHVFKDOWHU /&' $Q]HLJH )XQNWLRQVWDVWHQ .
 %DWWHULHQ HLQOHJHQ 'LJLWDOHU 6FKUHLEEORFN 'DV %DWWHULHIDFK EH¿QGHW VLFK DXI GHU 5FNVHLWH GHV 0\ 1RWH gIIQHQ 6LH HV LQGHP 6LH OHLFKW DXI GHQ %HUHLFK PLW GHQ /|FKHUQ GUFNHQ XQG GLH $EGHFNXQJ QDFK REHQ VFKLHEHQ 1XQ N|QQHQ 6LH GLH YLHU $$$ %DWWHULHQ JHPl GHU IROJHQGHQ $EELOGXQJ HLQOHJHQ 6FKOLHHQ 6LH GDV %DWWHULHIDFK QXQ ZLHGHU '( 'XUFK IDOVFKHV (LQOHJHQ GHU %DWWHULHQ N|QQHQ 6LH GHQ GLJLWDOHQ 6FKUHLEEORFN EHVFKlGLJHQ %LWWH EHDFKWHQ 6LH GDVV GLH YLHU $$$
 9HUZHQGHQ HLQHU 6SHLFKHUNDUWH RSWLRQDO =XVlW]OLFK ]XP LQWHUQHQ 6SHLFKHU N|QQHQ 6LH HLQH 6' 6SHLFKHUNDUWH PLW GHP 0\ 1RWH YHUZHQGHQ 6WHFNHQ 6LH KLHU]X GLH JHZQVFKWH 6SHLFKHUNDUWH LQ GHQ GDIU YRUJHVHKHQHQ .
6SHLFKHUQ ,KUHU $XI]HLFKQXQJHQ 8P ,KU 0\ 1RWH LQ %HWULHE ]X QHKPHQ SODW]LHUHQ 6LH GDV 6FKXW]SDG RGHU HLQ %ODWW 3DSLHU PLW +LOIH GHU 3DSLHUNODPPHU XQG VFKLHEHQ 6LH GHQ (QHUJLHVFKDOW DXI ³21´ :HQQ 6LH PLW ,KUHQ $XI]HLFKQXQJHQ IHUWLJ VLQG VFKLHEHQ 6LH GHQ (QHUJLHVFKDOWHU ZLHGHU DXI ³2))´ '( :HQQ VLFK GDV 0\ 1RWH QLFKW HLQVFKDOWHQ OlVVW EHUSUIHQ 6LH ELWWH RE GLH %DWWHULHQ NRUUHNW HLQJHOHJW VLQG
 6\PEROH GHU /&' $Q]HLJH  .XJHOVFKUHLEHUV\PERO :HQQ 6LH GHQ GLJLWDOHQ .XJHOVFKUHLEHU YHUZHQGHQ HUVFKHLQW LQ GHU /&' $Q]HLJH GDV .XJHOVFKUHLEHUV\PERO %HDFKWHQ 6LH ELWWH GDVV ,KUH +DQGVFKULIW QXU GDQQ HUIDVVW ZLUG ZHQQ GLHVHV 6\PERO HUVFKHLQW :HQQ GDV .
 1LHGULJHU %DWWHULHVWDQG :HQQ GDV 6\PERO IU QLHGULJHQ (QHUJLHVWDQG LQ GHU /&' $Q]HLJH HUVFKHLQW VROOWHQ 6LH GLH %DWWHULHQ VRIRUW ZHFKVHOQ 6LQG GLH %DWWHULHQ NRPSOHWW OHHU HUVFKHLQW GDV 6\PERO GHU OHHUHQ %DWWHULH $NNXV XQG QRUPDOH DONDOLVFKH %DWWHULHQ KDEHQ XQWHUVFKLHGOLFKH (LJHQ VFKDIWHQ %LWWH EHDFKWHQ 6LH GDVV EHL $NNXV GDV %DWWHULHV\PERO VFKRQ QDFK NXU]HU =HLW YRQ ³YROO´ QDFK ³ YROO´ ZHFKVHOW  6SHLFKHU YROO :HQQ GHU LQWHUQH 6SHLFKHU GHV 0\ 1RWH RGHU GL
 'LH )XQNWLRQVWDVWHQ 'DV 0\ 1RWH YHUIJW DXI GHU OLQNHQ 6HLWH EHU IQI )XQNWLRQVWDVWHQ GLH ,KQHQ EHLP 9HUZDOWHQ XQG (UVWHOOHQ YRQ 6HLWHQ EHKLOÀLFK VLQG  (UVWHOOHQ HLQHU QHXHQ OHHUHQ 6HLWH 'UFNHQ 6LH GLH OLQNV DEJHELOGHWH 7DVWH XP HLQH QHXH OHHUH 6HLWH ]X HUVWHOOHQ  :HFKVHOQ ]ZLVFKHQ GHQ 6HLWHQ 8P ]ZLVFKHQ GHQ EHUHLWV EHVWHKHQGHQ 6HLWHQ KLQ XQG KHU QDYLJLHUHQ ]X N|QQHQ EHQXW]HQ 6LH ELWWH GLHVH 7DVWHQ  /|VFKHQ YRQ 6HLWHQLQKDOW
 :HFKVHOQ GHU .XJHOVFKUHLEHUPLQHQ ,P 6HLWHQIDFK GHV 0\ 1RWH N|QQHQ 6LH ELV ]X ]ZHL (UVDW]PLQHQ PLWIKUHQ 6R N|QQHQ 6LH ZHQQ ,KUHP .XJHOVFKUHLEHU PDO GLH 7LQWH DXVJHKW HLQIDFK GLH OHHUH 0LQH JHJHQ HLQH 1HXH WDXVFKHQ 6HLWHQIDFK |IIQHQ gIIQHQ 6LH GDV 6HLWHQIDFK LQGHP 6LH GLH $EGHFNXQJ PLW HLQ ZHQLJ 'UXFN QDFK UHFKWV VFKLHEHQ ,P )DFK EH¿QGHQ VLFK GLH QHXHQ 0LQHQ (QWIHUQHQ GHU OHHUH 0LQH DXV GHP .
1XW]XQJ DOV *UD¿NWDEOHWW  ,QVWDOODWLRQ GHV 7UHLEHUV :LFKWLJ %LWWH LQVWDOOLHUHQ 6LH XQEHGLQJW HUVW GHQ 7UHLEHU XQG GLH 6RIWZDUH EHYRU 6LH GDV 0\ 1RWH DQ GHQ &RPSXWHU DQVFKOLHHQ %HYRU 6LH GDV 0\ 1RWH DOV GLJLWDOHV *UD¿NWDEOHWW DQ ,KUHP &RPSXWHU YHUZHQGHQ N|QQHQ PVVHQ 6LH GHQ PLWJHOLHIHUWHQ 7UHLEHU XQG GLH 6RIWZDUH LQVWDOOLHUHQ /HJHQ 6LH GLH &' LQ GDV &' 5RP /DXIZHUN ,KUHV &RPSXWHUV HLQ :HQQ ,KU &RPSXWHU GLH ³$XWR 5XQ´ )XQ
 2SHUDWLRQHQ LP *UD¿NWDEOHWW 0RGXV %HYRU 6LH GDV 0\ 1RWH DOV *UD¿NWDEOHWW EHQXW]HQ VROOWHQ 6LH GLH PLWJHOLHIHUWH 6FKXW]DEGHFNXQJ IU GLH 6FKUHLEÀlFKH PLW +LOIH GHU 3DSLHUNODPPHU EHIHVWLJHQ 1XU VR N|QQHQ 6LH 6FKXW]DE VLFKHUVWHOOHQ GDVV GLH HPS¿QGOLFKH 2EHUÀlFKH GHV 0\ GHFNXQJ 1RWH RSWLPDO YRU %HVFKlGLJXQJHQ JHVFKW]W ZLUG '(  (UNHQQXQJVEHUHLFK
 3HUVRQDOLVLHUHQ GHU *UD¿NWDEOHWWIXQNWLRQHQ :HQQ 6LH GDV 0\ 1RWH DOV *UD¿NWDEOHWW YHUZHQGHQ N|QQHQ 6LH LP ]XJHK|ULJHQ .RQWUROOIHQVWHU YHUVFKLHGHQH )XQNWLRQHQ ,KUHQ %HGUIQLVVHQ DQSDVVHQ 'RSSHONOLFNHQ 6LH KLHU]X DXI GDV ³86% 7DEOHW´ 6\PERO LQ GHU 7DVNOHLVWH XP LQ GLH (LQVWHOOXQJHQ ]X JHODQJHQ :HQQ GDV 6\PERO QLFKW DQJH]HLJW ZLUG NRQWUROOLHUHQ 6LH ELWWH RE GDV 86% .
6ROOWH GHU HLQJHVWHOOWH $UEHLWVEHUHLFK XQQRUPDO DXVVHKHQ WUHQQHQ 6LH GDV 86% .
$QKDQJ  )HKOHUEHKHEXQJ 3UREOHP /|VXQJ 'DV 0\ 1RWH OlVVW VLFK QLFKW HLQVFKDOWHQ D 6WHOOHQ 6LH VLFKHU GDVV GLH %DWWHULHQ NRUUHNW HLQJHVHW]W ZXUGHQ E .RQWUROOLHUHQ 6LH GHQ (QHUJLHVWDQG GHU %DWWHULHQ 'HU ,QKDOW HLQHU 6HLWH ZLUG EHUVFKULHEHQ (UVWHOOHQ 6LH HLQH QHXH OHHUH 6HLWH XQG VFKUHLEHQ 6LH GRUW ZHLWHU %HLP 6FKUHLEHQ DXI GHP 0\ 1RWH HUVFKHLQW GDV .XJHO VFKUHLEHUV\PERO QLFKW LQ GHU /&' $Q]HLJH D 9HUlQGHUQ 6LH GHQ 6FKUHLEGUXFN E .
3UREOHP /|VXQJ (V NDQQ NHLQ ZHLWHUHU 2UGQHU HUVWHOOW ZHUGHQ 6LH KDEHQ GLH PD[LPDOH $Q]DKO DQ 2UGQHUQ EHUHLWV HUVWHOOW 2UGQHU $ = $QPHUNXQJ 6LH N|QQHQ LP 0\ 1RWH NHLQH 2UGQHU O|VFKHQ 8P ZHLWHUH 6HLWHQ EHVFKUHLEHQ ]X N|QQHQ PVVHQ 6LH ]XQlFKVW HLQLJH DQGHUH 6HLWHQ O|VFKHQ :HQQ GDV 0\ 1RWH DQ HLQHQ 3& DQJHVFKORVVHQ ZXUGH lQGHUW VLFK GLH /&' $Q]HLJH QLFKW XQG GDV 0\ 1RWH ZLUG QLFKW HUNDQQW D 6WHOOHQ 6LH VLFKHU GDVV GDV 0\ 1RWH ULFKWLJ DQJHVFKORVVHQ ZXUGH E :HQQ 6LH HLQHQ 8
 'DWHQEODWW 0\ 1RWH 7HFKQRORJLH (OHNWURPDJQHWLVFK $EPHVVXQJHQ [ [ PP (UNHQQEDUHU %HUHLFK [ PP *HZLFKW J J RKQH %DWWHULHQ 0D[ (UNHQQXQJVK|KH PP HQWVSULFKW HWZD %OlWWHUQ ,QWHUQHU 6SHLFKHU 0% )ODVK ([WHUQH 6SHLFKHUNDUWHQ 6' 6SHLFKHUNDUWH %DWWHULHQ [ $$$ %DWWHULHQ %DWWHULHOHEHQVGDXHU 6FKUHLEHQ FD 6WG %HUHLWVFKDIW 6WG (QHUJLHYHUEUDXFK 6FKUHLEHQ P$ %HUHLWVFKDIW P$ (QHUJLHYHUVRUJXQJ 1RUPDOHU 0RGXV
 'DWHQEODWW 'LJLWDOHU .