³ 7)7 /&' 79 0,7 '9% 7 '9' &20%2 7'' %HGLHQXQJVDQOHLWXQJ %LWWH OHVHQ 6LH VLFK GLHVH $QOHLWXQJ JXW GXUFK EHYRU 6LH GDV 3URGXNW EHQXW]HQ +HEHQ 6LH GLHVH IU GHQ ZHLWHUHQ *HEUDXFK DXI
,QKDOWVYHU]HLFKQLV 6,&+(5+(,76+,1:(,6( %(187=81*6+,1:(,6( /,()(580)$1* 0217$*( '(0217$*( '(6 67$1')866(6 $16,&+7 79 021,725 )(51%(',(181*
03 -3(* :,('(5*$%( (,167(//81*(1 62167,*( )81.7,21(1 .
6HKU JHHKUWHU .XQGH 9LHOHQ 'DQN IU GHQ .
%(187=81*6+,1:(,6( %LWWH OHVHQ 6LH VLFK GLH %HQXW]XQJVKLQZHLVH GXUFK EHYRU 6LH GDV *HUlW LQ %HWULHE QHKPHQ 6FKXW] GHV 1HW]NDEHOV 1HW]NDEHOV %HQXW]HQ 6LH ,KUHQ /&' 79 0RQLWRU QLHPDOV PLW HLQHP EHVFKlGLJWHQ 1HW]NDEHO 6WHOOHQ 6LH NHLQH *HJHQVWlQGH DXI GDV 1HW]NDEHO XQG DFKWHQ 6LH ELWWH GDUDXI GDVV QLHPDQG EHU GDV .DEHO VWROSHUQ NDQQ %HLP =LHKHQ GHV 1HW]VWHFNHUV IDVVHQ 6LH ELWWH DP 6WHFNHU DQ QLFKW DP .
|USHU )UHPGN UHPGN| USHU )KUHQ 6LH NHLQH )UHPGN|USHU GXUFK GLH %HOIWXQJVVFKOLW]H LQ GDV *HUlW 'LHV NDQQ ]X HLQHP 6WURPVFKODJ RGHU .
/,()(580)$1* %LWWH YHUJHZLVVHUQ 6LH VLFK GDVV XQWHQ VWHKHQGH =XEHK|UWHLOH PLW ,KUHP /&' )HUQVHKHU PLWJHOLHIHUW ZXUGHQ 6ROOWH HWZDV IHKOHQ VR ZHQGHQ 6LH VLFK ELWWH XPJHKHQG DQ ,KUHQ )DFKKlQGOHU 7)7 /&' 79 0RQLWRU )HUQEHGLHQXQJ %HGLHQXQJVDQOHLWXQJ 1HW]WHLO 1HW]NDEHO &LQFKNDEHO 9ROW $XWRDGDSWHU
0217$*( '(0217$*( '(6 67$1')866(6 6LH KDEHQ GLH 0|JOLFKNHLW GLHVHQ /&' )HUQVHKHU DXFK PLW HLQHU HQWVSUHFKHQGHQ +DOWHUXQJ DQ GHU :DQG DXI]XKlQJHQ =XYRU PVVHQ 6LH GDIU GHQ 6WDQGIX DEQHKPHQ %HIROJHQ 6LH GLH XQWHQVWHKHQGHQ $QZHLVXQJHQ LQ GHU JHQDQQWHQ 5HLKHQIROJH /HJHQ 6LH GDV *HUlW PLW GHU )URQW DXI HLQH JHUDGH XQG ZHLFKH 8QWHUODJH $FKWHQ 6LH ELWWH GDUDXI GD NHLQH *HJHQVWlQGH XQWHU GHP *HUlW OLHJHQ ± HV N|QQWH VRQVW GDV 'LVSOD\ EHVFKlGLJW ZHUGHQ (QWIHUQHQ 6LH GLH REHQ JH]HLJWHQ 6FKUDXEHQ
$16,&+7 79 021,725 )URQWDQVLFKW 5FNDQVLFKW ,QIUDURWHPSIlQJHU 3RZHU 7DVWH 6WDWXV /(' '9' 3OD\ 3DXVH 7DVWH '9' 6WRSS 7DVWH '9' (MHFW 7DVWH 79 $9 7DVWH )XQNWLRQVZDKO 7DVWH &+ 1DYLJDWLRQV 7DVWH KRFK &+ 1DYLJDWLRQV 7DVWH UXQWHU 92/ 1DYLJDWLRQV 7DVWH UHFKWV 92/ 1DYLJDWLRQV 7DVWH OLQNV 0HQ 7DVWH '9' /DXIZHUN 6ORW ,Q '& $XWRDGDSWHU (LQJDQJVEXFKVH +'0, %XFKVH 9*$ %XFKVH 3& $XGLRHLQJDQJ 9LGHRHLQJDQJ $XGLRHLQJDQJ UHF
)(51%(',(181*
7$67(1%(/(*81* 6WDQGE\ 3RZHU 7DVWH =LIIHUQWDVWHQ 7DVWH $VSHFW 7DVWH )RUPDWXPVFKDOWXQJ /DXWVWlUNH 7DVWH /DXWVWlUNH 7DVWH 'LVSOD\ 7DVWH .DQDOLQIRUPDWLRQHQ 1DYLJDWLRQV 7DVWH KRFK 2.
(,16(7=(1 '(5 %$77(5,(1 :HFKVHOQ 6LH GLH %DWWHULHQ ZLH QDFKVWHKHQG EHVFKULHEHQ DXV (V ZHUGHQ %DWWHULHQ GHV 7\SV ³ $$$´ EHQ|WLJW gIIQHQ 6LH GDV %DWWHULHIDFK ZLH KLHU GDUJHVWHOOW 6HW]HQ 6LH GLH %DWWHULHQ HLQ $FKWHQ 6LH DXI GLH 3RODULWlW 6FKOLHHQ 6LH GDV %DWWHULHIDFK ZLHGHU $FKWXQJ $FKWXQJ %HZDKUHQ 6LH %DWWHULHQ NLQGHUVLFKHU DXI 9HUVXFKHQ 6LH QLHPDOV $ONDOLQH %DWWHULHQ ]X ODGHQ VFKOLHHQ 6LH VLH QLFKW NXU] XQG ZHUIHQ VLH QLFKW LQV )HXHU 7DXVFKHQ 6LH VWHWV EHLGH
,167$//$7,21 81' $16&+/866 021,725 $16&+/866 '(6 /&' 79 79 0 $QWHQQHQDQVFKOXVV 6FKOLHHQ 6LH GDV $QWHQQHQNDEHO DP 795) '9% 7 $QWHQQHQDQVFKOXVV DQ $OV (LQJDQJVVLJQDOH GLHQHQ HLQH '9% 7 $QWHQQH RGHU GHU .DEHODQVFKOXVV %HQXW]HQ 6LH HLQ ¡ $QWHQQHQNDEHO .RD[LDONDEHO +LQZHLV 'HU $QWHQQHQDQVFKOXVV DQ GLHVHP *HUlW XQWHUVW]W NHLQH $QWHQQHQYHUVWlUNHU G K HV ZLUG NHLQH 6SDQQXQJ EHU GDV $QWHQQHQNDEHO DQ GLH $QWHQQH DXVJHJHEHQ 9+) $QWHQQH 8+) $QWHQQH ¡.
$XGLR XQG 9LGHRDQVFKO VVH 9LGHRDQVFKO 6FKOLHHQ 6LH GLH $XGLRTXHOOHQ ZLH ] % '9' 9&5 &$0&25'(5 HWF DQ GHQ HQWVSUHFKHQGHQ $8',2 (LQJlQJHQ µ/¶ XQG µ5¶ DQ 6FKOLHHQ 6LH GLH 9LGHRTXHOOH PLW HLQHP &LQFKNDEHO DP 9,'(2 (LQJDQJ DQ 9HUIJW GLH 9LGHRTXHOOH EHU HLQHQ 6FDUWDXVJDQJ VR N|QQHQ 6LH GHQ 6&$57 $QVFKOX DP 0RQLWRU QXW]HQ 6FKOLHHQ 6LH GDV 1HW]WHLO DQ HLQHU 6WHFNGRVH DQ GDQDFK GHQ 9ROWVWHFNHU DP '& (LQJDQJ GHV /&' )HUQVHKHUV 1XW]HQ 6LH GHQ /&' )HUQVHKHU DOV &RPSX
(UVWLQVWDOODWLRQ $EVFKQLWW RGHU GHQ DXWRPDWLVFKHQ PDQXHOOHQ 6HQGHUVXFKODXI LP 79 0RGXV $EVFKQLWW LP '9% 7 0RGXV $EVFKQLWW E]Z E]Z )(516(+352*5$00( $16&+$8(1 'UFNHQ 6LH GLH ,1387 ,1387 7DVWH DXI GHU )HUQEHGLHQXQJ ]XU $XVZDKO GHU 79 )XQNWLRQ .DQDO µ ¶ ZLUG REHQ UHFKWV DQJH]HLJW QDFKGHP GLH .DQDOVXFKH EHHQGHW ZXUGH 0LW GHQ &+ RGHU &+ 7DVWHQ ZlKOHQ 6LH GHQ YRUKHULJHQ RGHU QlFKVWHQ )HUQVHKNDQDO RGHU JHEHQ 6LH GLH .
)8// =220 $872 Q +,1:(,6 JEDUHQ 'LVSOD\PRGL ULFKWHQ VLFK QDFK GHU MHZHLOLJHQ 'LH YHUI YHUI (LQJDQJVTXHOOH 'XUFK PHKUIDFKHV %HWlWLJHQ GHU 6/((3 6/((3 7DVWH N|QQHQ 6LH GLH $EVFKDOW]HLW YRQ ± PLQ HLQVWHOOHQ RGHU DXVVFKDOWHQ 2)) 0LQ 0LQ 0LQ 0LQ 0LQ 0LQ 0LQ 0LQ 48(//(1 $86: b+/(1 $9 6&$57 +'0, 0(',$ $9 $9 48(//(1 $86:b 'UFNHQ 6LH GLH ,1387 7DVWH DXI GHU )HUQEHGLHQXQJ XQG IROJHQGHV 0HQ ZLUG ,KQHQ DXI GHP 'LVSOD\ DQJH]HLJW :lKOHQ 6LH
QlFKVWH 9LGHRWH[WVHLWH DXI]XUXIHQ RGHU QXW]HQ 6LH GLH =LIIHUQWDVWHQ PLW GHU 7DVWH XP GLH 6HLWHQ]DKO GLUHNW HLQ]XJHEHQ /HVHQ 6LH ELWWH DXFK GHQ $EVFKQLWW 7DVWHQEHOHJXQJ XP ZHLWHUH )XQNWLRQHQ GHU 9LGHRWH[WWDVWHQ ]X HUIDKUHQ 7(;7 'UFNHQ 6LH GLH 7(;7 7(;7 7DVWH XP GHQ 9LGHRWH[W DXI]XUXIHQ 'UFNHQ 6LH GLH 7DVWH HUQHXW RGHU GLH '9' 6(783 (;,7 6(783 (;,7 7DVWH XP GHQ 9LGHRWH[W ZLHGHU ]X YHUODVVHQ 9LGHRWH[W DXIUXIHQ ([LW +2/' 'UFNHQ 6LH GLHVH 7DVWH XP HLQ ZHLWHUEOlWWHUQ GHU 9LGHRWH[WVH
3& %,/'6&+,50 'UFNHQ 6LH GLH ,1387 ,1387 7DVWH XP GHQ 9*$ (LQJDQJ DXV]XZlKOHQ 79 ]X 3& µ3&¶ ZLUG LP REHUHQ UHFKWHQ %HUHLFK GHV 'LVSOD\V DQJH]HLJW 'DV *HUlW YHUIJW DXI GHU 5FNVHLWH EHU HLQH 9*$ %XFKVH 6FKOLHHQ 6LH ,KUHQ 3& DQ GLHVH %XFKVH DQ XQG 6LH N|QQHQ GHQ /&' )HUQVHKHU DOV &RPSXWHUPRQLWRU EHQXW]HQ h3$5$0(7(5 81' (,167(//81*(1 0(1 0(1h +,1:(,6 ,Q GLHVHU $QOHLWXQJ N|QQHQ GLH $EELOGXQJHQ YRP 26' 0HQ YRQ GHP 26' 0HQ GDV DXI ,KUHP )HUQVHKELOGVFKLUP DQJH]HLJW ZLUG DEZHLFKHQ 0HQ 0HQ
%,/'(,167(//81*(1 %LOGPRGXV %LOGPRGXV 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP (OHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ YHUIJEDUHQ 0RGXV IU GLH %LOGHLQVWHOOXQJHQ DXV]XZlKOHQ 3HUV|QOLFK 6WDQGDUG )LOP 0LOG 6SLHO +HOOLJNHLW +HOOLJNHLW 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
+,1:(,6 +,1:(,6 JEDU 'LHVH )XQNWLRQ LVW QXU LP 176& )RUPDW YHUI YHUI ,P '79 '9% 6 0RGXV LVW GLHVH )XQNWLRQ QLFKW YHUI JEDU YHUI )DUEWHPSHUDWXU )DUEWHPSHUDWXU 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
7RQPRGXV 7RQPRGXV 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ 6RXQGHIIHNW DXV]XZlKOHQ 3HUV|QOLFK 6WDQGDUG 0XVLN 6WLPPH 7KHDWHU %lVVH 7LHIWRQ % 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
,Q GLHVHP 0HQ EHILQGHW VLFK GHU $XVZDKOUDKPHQ DXI GHP 6\PERO IU GLH )81.7,216(,167(//81*(1 6SUDFKHLQVWHOOXQJ 6SUDFKHLQVWHOOXQJ 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH RGHU 1DYLJDWLRQVWDVWHQ XP HLQH GHU YHUIJEDUHQ 26' 0HQVSUDFKHQ DXV]XZlKOHQ 9LGHRIRUPDW 9LGHRIRUPDW 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
'LHVH )XQNWLRQ LVW LP '79 JEDU '9% 6 0RGXV QLFKW YHUI YHUI 6OHHSWLPHU 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ 6OHHSWLPHU ]X DNWLYLHUHQ VR GDVV VLFK GDV *HUlW DXWRPDWLVFK LQ GHQ %HUHLWVFKDIWVEHWULHE 6WDQGE\ VFKDOWHQ NDQQ 26' 7LPHU 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
D .LQGHUVLFKHUXQJ 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 1DYLJDWLRQVWDVWH XP 21 (LQ RGHU 2)) $XV DXV]XZlKOHQ ,VW GLH .LQGHUVLFKHUXQJ DNWLYLHUW PXVV HLQ 3,1 &RGH HLQJHJHEHQ ZHUGHQ +,1:(,6 'HU 3,1 &RGH LVW ZHUNVVHLWLJ DXI Ä ³³ HLQJHVWHOOW ,VW GLH .
*HEHQ 6LH ]XQlFKVW PLW GHQ =,))(51 =,))(51 7DVWHQ GHQ ZHUNVVHLWLJ HLQJHVWHOOWHQ 3,1 &RGH HLQ *HEHQ 6LH GDQQ GHQ QHXHQ 3,1 &RGH HLQ =XP $EVFKOXVV JHEHQ 6LH GHQ QHXHQ 3,1 &RGH HUQHXW HLQ +,1:(,6 %LWWH QRWLHUHQ 6LH VLFK ,KUHQ QHXHQ 3,1 &RGH 'HU 3,1 &RGH ZLUG QLFKW |VFKW GXUFK :LHGHUKHUVWHOOXQJ GHU :HUNVHLQVWHOOXQJHQ JHO JHO| (UVWLQVWDOODWLRQ 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 1DYLJDWLRQVWDVWHQ RGHU XP DOOH 3URJUDPPH O|VFKHQ ]X N|QQHQ G 3URJUDPPVXFKH 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
79 (,167(//81*(1 79 (,167(//81*(1 185 )h5 $1$/2* 79 +,1:(,6 +,1:(,6 lW PX VLFK LP 79 0RGXV EHILQGHQ 'DV *HU *HUl PX %HL HLQHP DQDORJHQ )HUQVHKVLJQDO EHWlWLJHQ 6LH ]XQlFKVW GLH /&' 0(18 0(18 7DVWH DXI GHU )HUQEHGLHQXQJ XQG GUFNHQ GDQQ GLH 7DVWH RGHU XP GDV 0HQ IU GLH 79 (,167(//81*(1 ZLH IROJW DXI GHP %LOGVFKLUP DQ]X]HLJHQ ,Q GLHVHP 0HQ EHILQGHW VLFK GHU $XVZDKOUDKPHQ DXI GHP 6\PERO IU GLH 79 (,167(//81*(1 /DQG 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU X
1XQ QXW]HQ 6LH ELWWH GLH 1DYLJDWLRQVWDVWHQ RGHU XP GLH 6FKDOWIOlFKH <(6 -D RGHU 12 1HLQ DXV]XZlKOHQ 'UFNHQ 6LH GDQQ GLH 2. 2. 7DVWH XP QDFK GHU $XVZDKO YRQ <(6 GHQ DXWRPDWLVFKHQ 6XFKODXI ]X VWDUWHQ 0DQXHOOHU 6XFKODXI 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 7DVWH XP GDV 0HQ IU GHQ PDQXHOOHQ 6XFKODXI ZLH IROJW DXI]XUXIHQ D .
'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG ZlKOHQ 6LH GDQQ PLW GHQ 1DYLJDWLRQVWDVWHQ RGHU GDV HQWVSUHFKHQGH 6RXQGV\VWHP DXV +,1:(,6 )U 'HXWVFKODQG JLOW GDV 7RQV\VWHP Ä%* %*³³ F 79 )DUEV\VWHP 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
D )DYRULWHQOLVWH HUVWHOOHQ 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP DXVJHZlKOWHQ .DQDO ]X SRVLWLRQLHUHQ 'DQQ EHWlWLJHQ 6LH GLH h1( *5 *5h 1( 7DVWH (LQ Ɣ =HLFKHQ HUVFKHLQW QXQ QHEHQ GHP EHWUHIIHQGHQ (OHPHQW XQG ZHLVW GDUDXI KLQ GDVV 6LH GDV 3URJUDPP ,KUHU )DYRULWHQDXVZDKO KLQ]XJHIJW KDEHQ 'XUFK HUQHXWHV 'UFNHQ GHU h1(1 *5 *5h 1(1 7DVWH ZLUG GDV Ɣ =HLFKHQ HQWIHUQW ZDV EHGHXWHW GDVV 6LH GLH MHZHLOLJH 3URJUDPPDXVZDKO GHDNWLYLHUW KDEHQ lOH EHUVSULQJHQ E .
XQG QLFKW HPSIDQJHQ ZHUGHQ NDQQ 'XUFK HUQHXWHV 'UFNHQ GHU %/$8(1 %/$8(1 7DVWH YHUVFKZLQGHW GDV Ɣ =HLFKHQ ZDV EHGHXWHW GDVV 6LH GLH )XQNWLRQ 6SHUUHQ GHU 3URJUDPPDXVZDKO GHDNWLYLHUW KDEHQ G .DQDOUHLKHQIROJH lQGHUQ 0LW GLHVHU )XQNWLRQ N|QQHQ 6LH GLH 5HLKHQIROJH GHU .DQlOH LQ GHU /LVWH YHUlQGHUQ 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP DXVJHZlKOWHQ .
H .DQDOQDPHQ EHDUEHLWHQ 0LW GLHVHU )XQNWLRQ N|QQHQ 6LH HLQHP .DQDO HLQH %H]HLFKQXQJ JHEHQ RGHU GLH JHVSHLFKHUWH %H]HLFKQXQJ YHUlQGHUQ +LHU]X SRVLWLRQLHUHQ 6LH GHQ &XUVRU PLW GHU 1DYLJDWLRQVWDVWHQ RGHU DXI GHP JHZQVFKWHQ .DQDO XQG EHWlWLJHQ GDQQ GLH 2. 2. 7DVWH XP GDV 0HQ ZLH IROJW DXI]XUXIHQ RGHU 'UFNHQ 6LH GLH 1DYLJDWLRQVWDVWHQ XQG RGHU XP GDV =HLFKHQ PLW GHP EOLQNHQGHQ &XUVRU DXV]XZlKOHQ =XP $EVFKOXVV VSHLFKHUQ 6LH GLH $XVZDKO LQGHP 6LH DXI 2.
,Q GLHVHP 0HQ EHILQGHW VLFK GHU $XVZDKOUDKPHQ DXI GHP 6\PERO IU GLH '79 (,167(//81*(1 &+ 0DQDJH .DQDOYHUZDOWXQJ 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ 'DQQ EHWlWLJHQ 6LH GLH 2. 2. 7DVWH XP GDV 0HQ IU GLH .DQDOYHUZDOWXQJ ZLH IROJW DQ]X]HLJHQ lOH EHDUEHLWHQ $ &+ 2UJQ .DQ .DQl 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ 'DQQ EHWlWLJHQ 6LH GLH 2. 2.
D 'UFNHQ 6LH GLH 1DYLJDWLRQVWDVWHQ RGHU XP HLQHQ 6HQGHU GHQ 6LH EHDEHLWHQ ZROOHQ DXV]XZlKOHQ E 0LW GHU 527(1 527(1 7DVWH N|QQHQ 6LH GHQ DXVJHZlKOWHQ 6HQGHU GHU )DYRULWHQOLVWH KLQ]XIJHQ ,Q GHU 6SDOWH )DYRULW HUVFKHLQW HLQH 0DUNLHUXQJ 'UFNHQ 6LH ]XU %HVWlWLJXQJ XQG ]XU 6SHLFKHUXQJ GLH 2. 2. 7DVWH h1(1 F 0LW GHU *5 *5h 1(1 7DVWH N|QQHQ 6LH GHQ DXVJHZlKOWHQ 6HQGHU O|VFKHQ ,Q GHU 6SDOWH /|VFK HUVFKHLQW HLQH 0DUNLHUXQJ 'UFNHQ 6LH ]XU %HVWlWLJXQJ GLH 2. 2.
I 'UFNHQ 6LH GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ 6HQGHUQDPHQ ]X lQGHUQ )ROJHQGHV 0HQ HUVFKHLQW 1XW]HQ 6LH GLH 527( 527( 7DVWH XP ]ZLVFKHQ %XFKVWDEHQ XQG =DKOHQ DXV]XZlKOHQ 1XW]HQ 6LH GLH *(/%( *(/%( 7DVWH XP ]ZLVFKHQ *URVV XQG .OHLQEXFKVWDEHQ DXV]XZlKOHQ 1XW]HQ 6LH GLH %/$8( %/$8( 7DVWH XP HLQHQ /HHUVFKULWW ]X PDFKHQ h1( 1XW]HQ 6LH GLH *5 *5h 1( 7DVWH XP GLH (LQJDEH ]X O|VFKHQ 1XW]HQ 6LH GLH =,))(51 =,))(51 7DVWHQ ]XU (LQJDEH lOH VRUWLHUHQ % &+ 6RUW .DQ .
E 'UFNHQ 6LH ZLHGHU GLH 1DYLJDWLRQVWDVWHQ RGHU XP GLH ]ZHLWH $XVZDKO ,KUHU 6RUWLHUXQJ ]X WUHIIHQ :lKOHQ 6LH KLHU RE 6LH DOOH QXU YHUVFKOVVHOWH RGHU QXU XQYHUVFKOVVHOWH 6HQGHU VRUWLHUHQ ZROOHQ $EVFKOLHHQG GUFNHQ 6LH GLH 1DYLJDWLRQVWDVWH XP ]XP QlFKVWHQ 0HQSXQNW ]X JHODQJHQ F 'UFNHQ 6LH GLH 1DYLJDWLRQVWDVWHQ RGHU XP GLH GULWWH $XVZDKO ,KUHU 6RUWLHUXQJ ]X WUHIIHQ :lKOHQ 6LH KLHU RE 6LH DOOH 6HQGHU RGHU DOSKDEHWLVFK YRQ $a= RGHU YRQ =a$ VRUWLHUHQ ZROOHQ 'UFNHQ 6LH ]XU 6SHLFKHUXQJ
' '(/ 79 &+ $OOH )HUQVHKVHQGHU O|VFKHQ 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ 'DQQ EHWlWLJHQ 6LH GLH 2. 2. 7DVWH XP IROJHQGHV 0HQ DXI]XUXIHQ :lKOHQ 6LH QXQ PLW GHQ 1DYLJDWLRQVWDVWHQ RGHU -$ DXV XP GLH 6HQGHU XQZLHGHUUXIOLFK ]X O|VFKHQ RGHU 1(,1 XP GHQ /|VFKYRUJDQJ DE]XEUHFKHQ %HVWlWLJHQ 6LH ,KUH $XVZDKO PLW GHU 2. 2.
$XWRPDWLVFKHU 6XFKODXI 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 2. 2. 7DVWH XP GDV 0HQ IU GHQ DXWRPDWLVFKHQ 6XFKODXI ZLH IROJW DQ]X]HLJHQ :lKOHQ 6LH PLW GHQ 1DYLJDWLRQVWDVWHQ RGHU GLH 6FKDOWIOlFKH <(6 -D DXV XP GHQ DXWRPDWLVFKHQ 6XFKODXI ]X VWDUWHQ RGHU 12 1HLQ XP GHQ 6XFKODXI DE]XEUHFKHQ %HVWlWLJHQ 6LH ,KUH $XVZDKO PLW GHU 2. 2.
:lKOHQ 6LH PLW GHQ 1DYLJDWLRQVWDVWHQ RGHU GLH 6FKDOWIOlFKH <(6 -D DXV XP GDV 0HQ IU GHQ PDQXHOOHQ 6XFKODXI ]X |IIQHQ RGHU 12 1HLQ XP GHQ 6XFKODXI DE]XEUHFKHQ %HVWlWLJHQ 6LH ,KUH $XVZDKO PLW GHU 2. 2. 7DVWH :HQQ 6LH HLQHQ PDQXHOOHQ 6XFKODXI GXUFKIKUHQ ZROOHQ VHKHQ 6LH IROJHQGHV 0HQ DXI GHP 'LVSOD\ D 0LW GHQ 1DYLJDWLRQVWDVWHQ RGHU ZlKOHQ 6LH QXQ GHQ HQWVSUHFKHQGHQ .
(UZHLWHUWH (LQVWHOOXQJHQ (UZHLWHUWH 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 2. 2. 7DVWH XP GDV 0HQ IU GLH HUZHLWHUWHQ (LQVWHOOXQJHQ ZLH IROJW DQ]X]HLJHQ $ $XGLR 6SUDFKH RGHU 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ XP GHQ &XUVRU DXI GHP .
8KU]HLW 8KU]HLW 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .RQWUROOHOHPHQW ]X SRVLWLRQLHUHQ XQG EHWlWLJHQ 6LH GDQQ GLH 2. 2. 7DVWH XP GDV 0HQ IU GLH =HLWHLQVWHOOXQJHQ ZLH IROJW DQ]X]HLJHQ $ *07 =HLW]RQH XP LQ GDV $XVZDKOPHQ DXI GHU 'UFNHQ 6LH GLH 1DYLJDWLRQVWDVWH UHFKWHQ 6HLWH ]X JHODQJHQ :lKOHQ 6LH PLW GHQ 1DYLJDWLRQVWDVWHQ RGHU GHQ IU ,KUH =HLW]RQH SDVVHQGHQ :HUW DXV %HVWlWLJHQ XQG VSHLFKHUQ 6LH ,KUH $XVZDKO PLW GHU 2. 2.
(V VWHKHQ QXQ IROJHQGH 6SLHOH ]XU $XVZDKO %R[0DQ 7HWULV +LW5DW 1DFKGHP 6LH DOOH (LQVWHOOXQJHQ YRUJHQRPPHQ KDEHQ GUFNHQ 6LH GLH /&' 0(18 0(18 7DVWH XP ]XP +DXSWPHQ ]XUFN]XNHKUHQ RGHU EHWlWLJHQ 6LH GLH '9' 6(783 (;,7 6(783 (;,7 7DVWH XP GLH 0HQHLQVWHOOXQJ GLUHNW ]X YHUODVVHQ $8)1$+0()81.
8P GLH $XIQDKPH ]X EHHQGHQ GUFNHQ 6LH GLH 6723 6723 7DVWH DXI GHU )HUQEHGLHQXQJ )ROJHQGHV 0HQ HUVFKHLQW XQG 6LH ZHUGHQ JHIUDJW RE 6LH GLH $XIQDKPH EHHQGHQ ZROOHQ :lKOHQ 6LH PLW GHQ 1DYLJDWLRQVWDVWHQ RGHU GLH 6FKDOWIOlFKH <(6 -D DXV XP GLH $XIQDKPH ]X EHHQGHQ RGHU 12 1HLQ XP GLH $XIQDKPH ZHLWHU ODXIHQ ]X ODVVHQ %HVWlWLJHQ 6LH ,KUH $XVZDKO PLW GHU 2. 2. 7DVWH % )LOH 0DQDJHU 'DWHLYHU]HLFKQLV 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
h1( GUFNHQ 6LH GLH *5 *5h 1( 7DVWH XP GLH DXVJHZlKOWH 'DWHL ]X O|VFKHQ F 'UFNHQ 6LH GLH *(/%( *(/%( 7DVWH XP DOOH 'DWHLHQ ]X O|VFKHQ G 'UFNHQ 6LH GLH %/$8( %/$8( 7DVWH XP GLH 'DWHLHQ ELOGVFKLUPIOOHQG DXI GHP 'LVSOD\ DQ]X]HLJHQ 'UFNHQ 6LH GLH 7DVWH HUQHXW XP ]XU 0HQDQVLFKW ]XUFN]XNHKUHQ H 'UFNHQ 6LH GLH '9' 6(783 (;,7 6(783 (;,7 7DVWH XP GDV 0HQ ]X YHUODVVHQ lWHOLVWH & 'HYLFH /LVW *HU *HUl 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XP GHQ &XUVRU DXI GHP .
6LH N|QQHQ ELV ]X $XIQDKPHQ SURJUDPPLHUHQ XQG VSHLFKHUQ D 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ DQVFKOLHHQG GLH 1DYLJDWLRQVWDVWHQ RGHU RGHU XQG XP HLQHQ 6SHLFKHU SODW] DXV]XZlKOHQ E 'UFNHQ 6LH GLH 1DYLJDWLRQVWDVWHQ GLH 1DYLJDWLRQVWDVWHQ RGHU RGHU XQG DQVFKOLHHQG XP GHQ $XIQDKPHPRGXV DXV]XZlKOHQ $XVJHVFKDOWHW (LQPDO 7lJOLFK :|FKHQWOLFK RGHU F 'UFNHQ 6LH GLH 1DYLJDWLRQVWDVWHQ GLH 1DYLJDWLRQVWDVWHQ RGHU XQG DQVFKOLHHQG XP GHQ JHZQVFKWHQ 6HQGHU DXV]XZlKOHQ G 'UFNH
DNWLYLHUW F 'UFNHQ 6LH GLH 6723 6723 7DVWH DXI GHU )HUQEHGLHQXQJ )ROJHQGHV 0HQ HUVFKHLQW XQG 6LH ZHUGHQ JHIUDJW RE 6LH GLH 7LPHVKLIW )XQNWLRQ EHHQGHQ ZROOHQ :lKOHQ 6LH PLW GHQ 1DYLJDWLRQVWDVWHQ -D GLH 6FKDOWIOlFKH <(6 RGHU DXV XP GLH )XQNWLRQ ]X EHHQGHQ RGHU 12 1HLQ XP GLH 7LPHVKLIW )XQNWLRQ ZHLWHU ODXIHQ ]X ODVVHQ %HVWlWLJHQ 6LH ,KUH $XVZDKO PLW GHU 2. 2.
EHVWlWLJHQ ,KUH (LQJDEH PLW GHU *(/%(1 *(/%(1 7DVWH 'LH ,QIRUPDWLRQHQ ZHUGHQ ,KQHQ GDQQ LQ HLQHP H[WUD )HQVWHU DQJH]HLJW 0LW GHU 527(1 RGHU GHU *5 h1(1 *5h 1(1 7DVWH N|QQHQ 6LH ZlKOHQ ]ZLVFKHQ 7DJHV XQG :RFKHQDQVLFKW 'UFNHQ 6LH GLH %/$8( %/$8( 7DVWH XP HLQH DXVJHZlKOWH 6HQGXQJ LQ GLH 7LPHU $XIQDKPH ]X EHUQHKPHQ 'LH 6HQGXQJ ZLUG GDQQ ]X GHU DQJHJHEHQHQ 8KU]HLW DXIJH]HLFKQHW EHDFKWHQ 6LH KLHUIU GHQ 3XQNW ' 7LPHU $XIQDKPH 0LW GHU '9' 6(783 (;,7 6(783 (;,7 7DVWH EHHQGHQ 6LH GLH (3* )XQNW
,Q GLHVHP 0HQ EHILQGHW VLFK GHU $XVZDKOUDKPHQ DXI GHP 6\PERO IU GLH 3& .
JHZQVFKWH 'DWHL DXV]XZlKOHQ 'UFNHQ 6LH GLH 2. 2. 7DVWH XP GLH 9LGHRGDWHL DE]XVSLHOHQ 0LW GHU 6723 6723 7DVWH EHHQGHQ 6LH GLH :LHGHUJDEH (;,7 XQG PLW GHU '9' 6(783 6(783 (;,7 (;,7 7DVWH NHKUHQ 6LH ]XP +DXSWPHQ ]XUFN +,1:(,6 |IIQHW XQG (V N|QQHQ QXU 'DWHLHQ PLW GHU (QGXQJ PSJ RGHU DYL JH JH| ZLHGHUJHJHEHQ ZHUGHQ % 0XVLN 'UFNHQ 6LH ]XQlFKVW GLH 1DYLJDWLRQVWDVWHQ RGHU XQG ZlKOHQ 6LH GDV 086,. 6\PERO DXV 'UFNHQ 6LH GLH 2. 2.
HLQLJHQ 03 3OD\HUQ SDVVLHUHQ GDVV $XIJUXQG YRQ 8QWHUVFKLHGHQ LP 03 .RGLHUIRUPDW GLH :LHGHUJDEH EHU GHQ 86% 3RUW QLFKW P|JOLFK LVW +LHUEHL KDQGHOW HV VLFK QLFKW XP HLQH )HKOIXQNWLRQ GHV 6\VWHPV (V LVW QLFKW P|JOLFK SHU 86% .
:,('(5*$%( /DGHQ HLQHU &' '9' )KUHQ 6LH GLH 'LVF LQ GHQ (LQ]XJ GHV '9' /DXIZHUNV GHU 3OD\HU ]LHKW GLH 'LVF DXWRPDWLVFK HLQ 'LH %LOGVFKLUPDQ]HLJHQ ¶&/26(¶ XQG ¶5($'¶ HUIROJHQ 1DFK GHP (LQOHVHQ GHV 0HGLXPV VFKDOWHW GHU 3OD\HU DXWRPDWLVFK LQ GHQ :LHGHUJDEHPRGXV XP XQG GLH 'LVF ZLUG ZLHGHUJHJHEHQ +LQZHLV z )KUHQ 6LH GLH 'LVF PLW GHP $XIGUXFN ]XU 5FNVHLWH ]HLJHQG HLQ %HL IDOVFKHP (LQIKUHQ NDQQ GDV /DXIZHUN EHVFKlGLJW ZHUGHQ :lKUHQG GHV /DGHQV K|UHQ 6LH OHLFKWH 1HEHQJHUlXVFKH GDV LVW Y|OOLJ QR
+,1:(,6 +,1:(,6 (18 z %HL XQWHUVFKLHGOLFKHQ 'LVFV ZHUGHQ PLW GHU ' 0 ' 0(18 (18 7DVWH XQWHUVFKLHGOLFKH ,QIRUPDWLRQHQ DQJH]HLJW z 9RU GHU $XVJDEH GHU 'LVF GUFNHQ 6LH VWHWV GLH 6723 XQG GDQDFK GLH (-(&7 (-(&7 7DVWH +DOWHQ 6LH GLH 'LVF YRUVLFKWLJ DQ GHU $XHQNDQWH ZHQQ 6LH GLHVH DXV GHP /DXIZHUN QHKPHQ XP .
z ,Q GHU 3URJUDPPZLHGHUJDEH ]HLJHQ 6LH ,KUH 9RUSURJUDPPLHUXQJ PLW GHU 352* 352* 7DVWH ]XU %HDUEHLWXQJ DQ =XU /|VFKXQJ GHU &/($5 9RUSURJUDPPLHUXQJ JHKHQ 6LH PLW GHQ 1DYLJDWLRQVWDVWHQ DXI >&/($5 &/($5@ XQG GUFNHQ GLH 2. 2. 7DVWH RGHU GUFNHQ 6LH HLQIDFK GLH 6723 6723 7DVWH ]XU %HHQGLJXQJ GHV 3URJUDPPV 'UFNHQ 6LH GLH 3/$< 3$86( 3/$< 3$86( 7DVWH HUQHXW XP GLH 6HTXHQ] GHU 'LVF ZLHGHU]XJHEHQ z ,Q GHU 3URJUDPPZLHGHUJDEH ZHUGHQ µ35* 3/$<¶ VRZLH DNWXHOOH 7LWHO XQG .
XQWHUVFKLHGOLFKHQ 9RUODXI *HVFKZLQGLJNHLWHQ XP [ [ [ [ 1RUPDOZLHGHUJDEH 0LW GHU 6&+1(// 5h&./$8) &.
z )U '9'¶V NDQQ GLH :LHGHUKROXQJ HEHQIDOOV HLQJHVWHOOW ZHUGHQ ,KQHQ VWHKHQ 0RGL ]XU 9HUIJXQJ GLH PLW GHU 5(3($7 5(3($7 7DVWH XPJHVFKDOWHW ZHUGHQ 5(3 2)) 5(3 &+$37(5 5(3 7,7/( 5(3 $// z )U 03 -3(* 'LVFV N|QQHQ 6LH ZlKUHQG GHU :LHGHUJDEH GHQ :LHGHUKROXQJVPRGXV HLQVWHOOHQ ,KQHQ VWHKHQ 0RGL ]XU 9HUIJXQJ GLH PLW GHU 5(3($7 5(3($7 7DVWH XPJHVFKDOWHW ZHUGHQ 5(3($7 2)) 5(3($7 5(3($7 ',5 5(3($7 $// 'LVSOD\ 0LW GHU ' ',63 ' ',63 7DVWH DNWLYLHUHQ 6LH GDV %LOGVFKLUPEDQQHU IU DNWXHOOHQ 7LW
DNWXHOO JHVDPW RGHU $86 'UFNHQ 6LH DEVFKOLHHQG GLH ' ',63 ' ',63 7DVWH ]XU 'HDNWLYLHUXQJ GHV %DQQHUV z )U &' &' * +' &' XQG 03 -3(* 'LVFV 'UFNHQ 6LH HLQPDO GLH ' ',63 ' ',63 7DVWH ]XU $Q]HLJH GHU HUVWHQ 6HLWH 'LVF 7\S 7UDFN DNWXHOO JHVDPW 6WXPPVFKDOWXQJ :LHGHUKROXQJ 7UDFN 6SLHO]HLW 'UFNHQ 6LH DEVFKOLHHQG GLH ' ',63 ' ',63 7DVWH ]XU 'HDNWLYLHUXQJ GHV %DQQHUV *RWR 0LW GLHVHU )XQNWLRQ N|QQHQ 6LH HLQHQ JHZQVFKWHQ 7LWHO 7UDFN RGHU HLQ .
z 0LW GHU 3/$< 3$86( 3/$< 3$86( 7DVWH VSLHOHQ 6LH GLH HQWVSUHFKHQGH $XVZDKO DE z 0LW GHQ =,))(51 =,))(51 7DVWHQ UXIHQ 6LH GLH HQWVSUHFKHQGHQ 0LQLDWXUELOGHU GLUHNW DXI +,1:(,6 z ,P 'LVFPHQ KDW GLH ,1752 ,1752 7DVWH NHLQH )XQNWLRQ z 1DFK 6HNXQGHQ ZLUG ]XP QlFKVWHQ 7UDFN JHVSUXQJHQ $XGLR 'UFNHQ 6LH HLQPDO GLH $8',2 $8',2 7DVWH ]XU $Q]HLJH GHV DNWXHOOHQ $XGLRPRGXV 'UFNHQ 6LH HUQHXW GLH $8',2 $8',2 7DVWH ]XP 'XUFKODXIHQ GHU $XGLRPRGL )U 69&' XQG 9&' 'LVFV 6WHUHR / 5 $XWR / $XWR
=220 0LW GHU =220 =220 7DVWH YHUJU|HUQ RGHU YHUNOHLQHUQ 6LH GDV %LOG ,KQHQ VWHKHQ 0RGL ]XU 9HUIJXQJ GLH PLW GHU =220 =220 7DVWH GXUFKODXIHQ ZHUGHQ =220 =220 =220 =220 =220 =220 =220 $86 +,1:(,6 %HL =220 N|QQHQ 6LH XP VLFK GDV NRPSOHWWH %LOG DQ]XVFKDXHQ PLW GHQ 1DYLJDWLRQVWDVWHQ XQG KLQ XQG KHU VFUROOHQ $ % :LHGHUKROXQJ :lKUHQG GHU :LHGHUJDEH GHP VFKQHOOHP 9RUODXI RGHU 5FNODXI 'UFNHQ 6LH $ % $ % 7DVWH ]XU )HVWOHJXQJ GHV 6WDUWSXQNWHV $ ]XU :LHGHUK
'LVSOD\ DNWXHOOHU 0DUNLHUWH 03 'DWHL ]XU :LHGHU DNWXHOOHQ JDEH :LHGHU PRGXV JDEH 8PVFKDOWEXWWRQV ]ZLVFKHQ 03 XQG -3(* :LHGHUJDEH 'LVSOD\ DNWXHOOHU 6FUROOEDONHQ -3(* ]XP :LHGHUJD 8PEOlWWHUQ EHPRGXV 0LW GHQ 1DYLJDWLRQVWDVWHQ ZlKOHQ 6LH DXV RGHU JHKHQ ]X HLQHP DQGHUHQ 9HU]HLFKQLV RGHU HLQHU DQGHUHQ 'DWHL +,1:(,6 z 0LW GHQ 1DYLJDWLRQVWDVWHQ XQG YHUVFKLHEHQ 6LH GLH 0DUNLHUXQJ ]ZLVFKHQ 'DWHLHQ XQG 0RGXVDXVZDKO z 0LW GHQ =,))(51 =,))(51 7DVWHQ ZlKOHQ 6LH GLH ,QKDOWH GLUHNW DXV
(,167(//81*(1 0LW GHU '9' 6(783 (;,7 6(783 (;,7 7DVWH UXIHQ 6LH GDV 6(783 0(18 DXI 0LW GHQ 1DYLJDWLRQVWDVWHQ 2. 2.
z 36 1RUPDO 1RUPDO 3DQ 6FDQ LVW GLH 6WDQGDUGHLQVWHOOXQJ GHU PHLVWHQ )HUQVHKHU 'DV %LOGVHLWHQYHUKlOWQLV LV ,Q GLHVHU (LQVWHOOXQJ KDEHQ 6LH HLQ 9ROOELOG HV LVW MHGRFK EHL '9' :LHGHUJDEH OLQNV XQG UHFKWV EHVFKQLWWHQ z /% 1RUPDO 1RUPDO /HWWHU %R[ ]HLJW GLH '9' :LHGHUJDEH LP 2ULJLQDO %LOGVHLWHQYHUKlOWQLV MHGRFK P|JOLFKHUZHLVH PLW VFKZDU]HQ %DONHQ REHQ XQG XQWHQ LP %LOG z %UHLWELOG :lKOHQ 6LH GLHVH (LQVWHOOXQJ EHL '9'¶V PLW :LHGHUJDEH +,1:(,6 z 'LH :LHGHUJDEH LVW YRP %LOGVHLW
8P GHQ 3,1 &RGH ]X lQGHUQ JHEHQ 6LH EHL HQWVSHUUWHP 3DVVZRUW HLQH QHXH VWHOOLJH =DKOHQNRPELQDWLRQ HLQ +,1:(,6 %LWWH QRWLHUHQ 6LH VLFK ,KUHQ QHXHQ 3,1 &RGH 'HU 3,1 &RGH ZLUG QLFKW |VFKW GXUFK :LHGHUKHUVWHOOXQJ GHU :HUNVHLQVWHOOXQJHQ JHO JHO| G .,1'(56,&+(581* 'LH :LHGHUJDEH YRQ HLQLJHQ EHZHUWHWHQ 'LVFV LVW JHVSHUUW :lKOHQ 6LH GLH HQWVSUHFKHQGHQ (LQVWHOOXQJHQ ]ZLVFKHQ 0|JOLFKNHLWHQ YRQ .,' 6$)( ELV $'8/7 H 67$1'$5'(,167(//81*(1 0LW GHU 2. 2.
0LW GHQ 1DYLJDWLRQVWDVWHQ XQG ZlKOHQ 6LH GDV 6SUDFKHLQVWHOOXQJVV\PERO XQG EHVWlWLJHQ PLW GHU 2. 2. 7DVWH 7UHIIHQ 6LH KLHU ,KUH HQWVSUHFKHQGH 6SUDFKDXVZDKO $XGLR 6HWXS D $8',2 $86*$1* 0LW GHQ 1DYLJDWLRQVWDVWHQ XQG ZlKOHQ 6LH $8',2 287 XQG XQG VWHOOHQ 6LH GHQ .ODQJ HLQ EHVWlWLJHQ PLW GHU 2. 2.
'LJLWDO 6HWXS D '<1$0,. %HL (LQVWHOOXQJ GHV .RPSUHVVLRQVPRGXV DXI $8',2 287 VWHOOHQ 6LH GLH .
(LQVWHOOXQJHQ JHPl QDFKVWHKHQGHU 7DEHOOH 02'86 /,1.(5 5(&+7(5 /$87635(&+(5 /$87635(&+(5 6(5(2 67(5(2 / 67(5(2 5 / 0212 / 0212 / 0212 5 0212 5 0212 5 0212 0,; 0212 / 0212 5 0212 / 0212 5 0212 6,&+(5+(,76+,1:(,6( )h5 '(1 80*$1* 0,7 '(0 '9' 3/$<(5 'LHVHV 3URGXNW DUEHLWHW PLW HLQHP /DVHU GHU .
62167,*( )81.7,21(1 g5(5 $16&+/866 .23)+ .23)+g 'DV *HUlW YHUIJW EHU HLQH PP .OLQNHQ .RSIK|UHUEXFKVH 9HUELQGHQ 6LH GHQ .RSIK|UHU PLW GHP *HUlW XQG UHJHOQ GLH /DXWVWlUNH EHU GLH 9RO 7DVWHQ 6LQG .RSIK|UHU DQJHVFKORVVHQ ZHUGHQ GLH /DXWVSUHFKHU DXWRPDWLVFK VWXPP JHVFKDOWHW $&+781* /lQJHUHV +|UHQ |UHU EHU .RSIK .
E 79 0RQLWRU 3UREOHP .HLQH 6SDQQXQJVYHUVRUJXQJ .HLQ %LOG .
+,1:(,6( %LWWH OHVHQ 6LH YRU ,QEHWULHEQDKPH GHV *HUlWHV GLH %HGLHQXQJVDQOHLWXQJ DXIPHUNVDP GXUFK =XP YROOVWlQGLJHQ $XVVFKDOWHQ GHV *HUlWV GUFNHQ 6LH ELWWH GLH 32:(5 32:(5 7DVWH XQG ]LHKHQ GHQ 1HW]VWHFNHU 'UFNHQ 6LH EHL 1LFKWEHQXW]XQJ NHLQH 7DVWHQ 7UHQQHQ 6LH GDV *HUlW NRPSOHWW YRQ GHU 6WURPYHUVRUJXQJ XQG HQWQHKPHQ EHL OlQJHUHU 1LFKWEHQXW]XQJ DXFK GLH %DWWHULHQ DXV GHU )HUQEHGLHQXQJ %LWWH DFKWHQ 6LH DXI GDV 6LFKHUKHLWVV\PERO hEHUODVVHQ 6LH 5HSDUDWXUHQ ELWWH QXU GHP
:$5781* 81' 3)/(*( 5HLQLJHQ GHV *HU lWHJHK lXVHV *HUl WHJHKl %HQXW]HQ 6LH HLQ ZHLFKHV OHLFKW DQJHIHXFKWHWHV 7XFK P|JOLFKHUZHLVH HLQ PLOGHV 5HLQLJXQJVPLWWHO .HLQHVIDOOV /|VXQJVPLWWHO PLW $ONRKRO $PPRQLDN RGHU 6FKHXHUPLWWHO EHQXW]HQ 5HLQLJXQJ YRQ &' &'¶¶V XQG '9' '9'¶¶V :LVFKHQ 6LH &'¶V XQG '9'¶V LPPHU YRQ LQQHQ QDFK DXHQ DE .
63(=,),.$7,21(1 %LOGVFKLUPJU|H %LOGVHLWHQYHUKlOWQLV $XIO|VXQJ .RQWUDVWYHUKlOWQLV +HOOLJNHLW )DUEHQ %HWUDFKWXQJVZLQNHO 5HDNWLRQV]HLW /HEHQVHUZDUWXQJ /HXFKWN|USHU 9LGHR )DUEV\VWHP 79 6WDQGDUG 79 6HQGHUZDKO 79 )XQNWLRQ 7XQHU =ROO FG Pð 0 FRORUV KRUL]RQWDO YHUWLNDO PV 6WXQGHQ 3$/ 176& 176& 3$/ %* , '. 6(&$0 '. %* / /¶ $XWRPDWLVFKH 9RUHLQVWHOOXQJ &$79 RSWLRQDO .DQlOH ,QWHJULHUWH XQG )UHTXHQ]V\QWKHVH 6 a6 .
%,/'6&+,50$8)/ g681*(1 185 9*$ %,/'6&+,50$8)/g ; ; +RUL]RQWDO )UHT .
1LFKW JHOLVWHWH 0RGL N|QQHQ P|JOLFKHUZHLVH XQWHUVWW]W ZHUGHQ )U GDV EHVWH (UJHEQLV ZlKOHQ 6LH HLQHQ 0RGXV DXV GHU 7DEHOOH DXV ,KQHQ VWHKHQ PHKUHUH PLW :LQGRZV XQG 0$& NRPSDWLEOH 0RGL ]XU 9HUIJXQJ %LOGVW|UXQJHQ N|QQHQ GXUFK 6LJQDOH GHU *UDILNNDUWH KHUYRUJHUXIHQ ZHUGHQ GLH QLFKW GHQ 6WDQGDUGV HQWVSULFKW 'LHV LVW NHLQH )HKOIXQNWLRQ bQGHUQ 6LH GLH DXWRPDWLVFKH (LQVWHOOXQJ RGHU lQGHUQ 6LH GLH %LOGIUHTXHQ] %HLP $XVVFKDOWHQ GHV 79 0RQLWRUV NDQQ HV ]X 6WUHLIHQ DXI GHP %LOGVFKLUP NRPPHQ 'LHV
%$77(5,( (17625*81*6+,1:(,6 %DWWHULHQ XQG $NNXV GUIHQ QLFKW LQ GHQ +DXVP OO +DXVP -HGHU 9HUEUDXFKHU LVW JHVHW]OLFK YHUSIOLFKWHW DOOH %DWWHULHQ XQG $NNXV HJDO RE VLH 6FKDGVWRIIH HQWKDOWHQ RGHU QLFKW EHL HLQHU 6DPPHOVWHOOH VHLQHU *HPHLQGH VHLQHV 6WDGWWHLOV RGHU LP +DQGHO DE]XJHEHQ GDPLW VLH HLQHU XPZHOWVFKRQHQGHQ (QWVRUJXQJ ]XJHIKUW ZHUGHQ N|QQHQ %$77(5,(1 81' $..86 %,77( 185 ,0 (17/$'(1(1 =867$1' $%*(%(1 *(.(11=(,&+1(7 0,7 &' &$'0,80 +* 48(&.
7'' 7'' *$5$17,( 'LH )LUPD 8OWUD0HGLD *PE+ &R +DQGHOV .* 6WHLQVWU ' %DUGRZLFN 7HO )D[ 0R 'R )U ZZZ XOWUDPHGLD GH VHUYLFH#XOWUDPHGLD GH EHUQLPPW IU GLHVHV 3URGXNW HLQH *DUDQWLH IU GLH 'DXHU YRQ 0RQDWHQ DE .