*HEUXLNಣ VDDQZLM]LQJ 6 & ) 1RWLFH G XWLOLಣ VDWLRQ %HQXW]HULQಣ IRUPDWLRQ .RHONDVW 5«IULJ«UDWHXU .
,1+$/769(5=(,&+1,6 6LFKHUKHLWVKLQZHLVH 6LFKHUKHLWVDQZHLVXQJHQ 0RQWDJH %HGLHQIHOG 7¦JOLFKHU *HEUDXFK 7LSSV XQG +LQZHLVH 5HLQLJXQJ XQG 3IOHJH )HKOHUVXFKH *HU¦XVFKH 7HFKQLVFKH 'DWHQ ,QIRUPDWLRQHQ I¾U 3U¾ILQVWLWXWH .81'(1',(167 81' 6(59,&( 9HUZHQGHQ 6LH DXVVFKOLH¡OLFK 2ULJLQDO (UVDW]WHLOH +DOWHQ 6LH IROJHQGH $QJDEHQ EHUHLW ZHQQ 6LH VLFK DQ HLQHQ DXWRULVLHUWHQ .XQGHQGLHQVW ZHQGHQ 0RGHOO 6HULHQQXPPHU 'LH 'DWHQ ILQGHQ 6LH DXI GHP 7\SHQVFKLOG :DUQXQJV 6LFKHUKHLWVKLQZ
ವ ವ ವ ವ ವ 'LHVHV *HU¦W NDQQ YRQ 3HUVRQHQ PLW VFKZHUHQ XQG NRPSOH[HQ %HKLQGHUXQJHQ EHQXW]W ZHUGHQ YRUDXVJHVHW]W VLH ZXUGHQ RUGQXQJVJHP¦¡ HLQJHZLHVHQ +DOWHQ 6LH .LQGHU XQWHU -DKUHQ YRP *HU¦W IHUQ ZHQQ VLH QLFKW VW¦QGLJ EHDXIVLFKWLJW ZHUGHQ .LQGHU G¾UIHQ QLFKW PLW GHP *HU¦W VSLHOHQ .LQGHU G¾UIHQ NHLQH 5HLQLJXQJ XQG :DUWXQJ RKQH %HDXIVLFKWLJXQJ GXUFKI¾KUHQ +DOWHQ 6LH V¦PWOLFKHV 9HUSDFNXQJVPDWHULDO YRQ .
ವ ವ ವ ವ ವ ವ :$5181* %HWUHLEHQ 6LH LQ GHQ /HEHQVPLWWHOI¦FKHUQ GHV *HU¦WV NHLQH DQGHUHQ DOV GLH YRP +HUVWHOOHU HPSIRKOHQHQ (OHNWURJHU¦WH 5HLQLJHQ 6LH GDV *HU¦W QLFKW PLW :DVVHUVSUD\ RGHU 'DPSI 5HLQLJHQ 6LH GDV *HU¦WV PLW HLQHP ZHLFKHQ IHXFKWHQ 7XFK 1XU QHXWUDOH 5HLQLJXQJVPLWWHO YHUZHQGHQ %HQXW]HQ 6LH NHLQH 6FKHXHUPLWWHO VFKHXHUQGH 5HLQLJXQJVVFKZ¦PPFKHQ /¸VXQJVPLWWHO RGHU 0HWDOOJHJHQVW¦QGH :HQQ GDV *HU¦W O¦QJHUH =HLW OHHU VWHKW VFKDOWHQ 6LH HV DXV WDXHQ 6LH HV DE UHLQLJHQ XQG WURFNQHQ 6LH H
ವ 6WHOOHQ 6LH GDV *HU¦W QLFKW GRUW DXI ZR HV GLUHNWHP 6RQQHQOLFKW DXVJHVHW]W VHLQ N¸QQWH ವ 6WHOOHQ 6LH GLHVHV *HU¦W QLFKW LQ %HUHLFKHQ DXI GLH ]X IHXFKW RGHU NDOW VLQG ವ :HQQ 6LH GDV *HU¦W YHUVFKLHEHQ P¸FKWHQ KHEHQ 6LH HV ELWWH DQ GHU 9RUGHUNDQWH DQ XP GHQ )X¡ERGHQ QLFKW ]X YHUNUDW]HQ ವ 'DV *HU¦W HQWK¦OW HLQHQ %HXWHO PLW 7URFNHQPLWWHO 'LHVHU %HXWHO LVW NHLQ 6SLHO]HXJ 'LHVHU %HXWHO LVW NHLQ /HEHQVPLWWHO %LWWH HQWVRUJHQ 6LH LKQ XPJHKHQG (OHNWULVFKHU $QVFKOXVV :$5181* %UDQG XQG 6WURPVFKODJJHI
ವ )ULHUHQ 6LH DXIJHWDXWH /HEHQVPLWWHO QLFKW ZLHGHU HLQ ವ %HIROJHQ 6LH GLH +LQZHLVH DXI GHU 9HUSDFNXQJ ]XU $XIEHZDKUXQJ WLHIJHN¾KOWHU /HEHQVPLWWHO ವ :LFNHOQ 6LH GLH /HEHQVPLWWHO LQ /HEHQVPLWWHONRQWDNWPDWHULDO HLQ EHYRU 6LH VLH LQ GDV *HIULHUIDFK OHJHQ ,QQHQEHOHXFKWXQJ :$5181* 6WURPVFKODJJHIDKU ವ %H]¾JOLFK GHU /DPSH Q LQ GLHVHP *HU¦W XQG VHSDUDW YHUNDXIWHU (UVDW]ODPSHQ 'LHVH /DPSHQ P¾VVHQ H[WUHPHQ SK\VLNDOLVFKHQ %HGLQJXQJHQ LQ +DXVKDOWVJHU¦WHQ VWDQGKDOWHQ ZLH ] % 7HPSHUDWXU 9LEUDWLRQ )HXFKWLJ
0217$*( :$5181* 6LHKH .
t +¸KH %UHLWH XQG 7LHIH GHV *HU¦WV HLQVFKOLH¡OLFK *ULII XQG ]X]¾JOLFK GHV QRWZHQGLJHQ )UHLUDXPV I¾U GLH =LUNXODWLRQ GHU .¾KOOXIW 3ODW]EHGDUI LQVJHVDPW Z¦KUHQG GHV %H഻ WULHEV u + $ % PP : PP ' PP u +¸KH %UHLWH XQG 7LHIH GHV *HU¦WV HLQVFKOLH¡OLFK *ULII SOXV GHV QRWZHQGLJHQ )UHLUDXPV I¾U GLH =LUNXODWLRQ GHU .
:HFKVHOQ GHV 7¾UDQVFKODJV ,QIRUPDWLRQHQ ]X 0RQWDJH XQG ]XP :HFKVHOQ GHV 7¾UDQVFKODJV ILQGHQ 6LH LQ HLQHU VHSDUDWHQ $QOHLWXQJ 9256,&+7 :HQQ 6LH GHQ 7¾UDQVFKODJ ZHFKVHOQ VFK¾W]HQ 6LH GHQ %RGHQ PLW HLQHP VWUDSD]LHUI¦KLJHP 0DWHULDO YRU 9HUNUDW]XQJHQ %(',(1)(/' 1 2 4 3 7HPSHUDWXUDQ]HLJH /(' $Q]HLJH )DVW)UHH]H 7DVWH )DVW)UHH]H 7HPSHUDWXUUHJOHU 7DVWH (,1 $86 (LQVFKDOWHQ GHV *HU¦WV 6WHFNHQ 6LH GHQ 6WHFNHU LQ GLH 1HW]VWHFNGRVH %HU¾KUHQ 6LH GHQ 7HPSHUDWXUUHJOHU ZHQQ DOOH /('V DXVJH
$ODUP 7¾U RIIHQ :HQQ GLH .
A B OK OK /DJHUXQJ YRQ 7LHIN¾KOJHULFKWHQ /DVVHQ 6LH GDV *HU¦W YRU GHU HUVWHQ ,QEHWULHEQDKPH RGHU QDFK HLQHU =HLW LQ GHU GDV *HU¦W QLFKW EHQXW]W ZXUGH PLQGHVWHQV GUHL 6WXQGHQ ODQJ ODXIHQ EHYRU 6LH /HEHQVPLWWHO LQ GDV )DFK OHJHQ ZHQQ GLH )DVW)UHH]H )XQNWLRQ HLQJHVFKDOWHW LVW /DJHUQ 6LH GLH /HEHQVPLWWHO PLW HLQHP 0LQGHVWDEVWDQG YRQ PP ]XU 7¾U (LQIULHUHQ IULVFKHU /HEHQVPLWWHO 'DV *HIULHUIDFK HLJQHW VLFK ]XP (LQIULHUHQ IULVFKHU /HEHQVPLWWHO XQG ]XU ODQJIULVWLJHQ $XIEHZDKUXQJ JHIURUHQHU XQG WLH
ವ *HIULHUJHU¦W -H N¦OWHU GLH 7HPSHUDWXUHLQVWHOOXQJ GHVWR K¸KHU GHU (QHUJLHYHUEUDXFK ವ .¾KOVFKUDQN 6WHOOHQ 6LH GLH 7HPSHUDWXU QLFKW ]X KRFK HLQ XP (QHUJLH ]X VSDUHQ HV VHL GHQQ GLHV LVW ZHJHQ GHU %HVFKDIIHQKHLW GHV /HEHQVPLWWHOV HUIRUGHUOLFK ವ :HQQ GLH 8PJHEXQJVWHPSHUDWXU KRFK LVW GHU 7HPSHUDWXUUHJOHU DXI HLQH QLHGULJH 7HPSHUDWXU HLQJHVWHOOW XQG GDV *HU¦W YROO EHODGHQ LVW NDQQ HV ]X DQGDXHUQGHP %HWULHE GHV .
ವ $FKWHQ 6LH GDUDXI GDVV GLH 9HUSDFNXQJ QLFKW EHVFK¦GLJW LVW GLH /HEHQVPLWWHO N¸QQWHQ YHUGRUEHQ VHLQ :HQQ GLH 9HUSDFNXQJ DXIJHTXROOHQ RGHU QDVV LVW ZXUGH GDV /HEHQVPLWWHO P¸JOLFKHUZHLVH QLFKW XQWHU GHQ RSWLPDOHQ %HGLQJXQJHQ JHODJHUW XQG GDV $XIWDXHQ KDW HYHQWXHOO EHUHLWV EHJRQQHQ ವ 8P GHQ $XIWDXSUR]HVV ]X PLQLPLHUHQ NDXIHQ 6LH 7LHIN¾KOZDUH DP (QGH ,KUHV (LQNDXIV XQG WUDQVSRUWLHUHQ 6LH GLHVH LQ HLQHU ,VROLHUWDVFKH ವ /HJHQ 6LH GLH WLHIJHIURUHQHQ /HEHQVPLWWHO VRIRUW QDFK GHU 5¾FNNHKU DXV GHP /DGHQ
ವ ವ ವ ವ ವ ವ (LQH K¸KHUH 7HPSHUDWXUHLQVWHOOXQJ LP *HU¦W NDQQ GLH +DOWEDUNHLW GHU /HEHQVPLWWHO YHUN¾U]HQ 'HFNHQ 6LH GLH /HEHQVPLWWHO PLW 9HUSDFNXQJVPDWHULDO DE XP LKUH )ULVFKH XQG LKU $URPD ]X EHZDKUHQ 9HUZHQGHQ 6LH LPPHU JHVFKORVVHQH %HK¦OWHU I¾U )O¾VVLJNHLWHQ XQG /HEHQVPLWWHO XP '¾IWH RGHU *HU¾FKH LP )DFK ]X YHUPHLGHQ 8P HLQH .
5HLQLJHQ 6LH GDV ,QQHUH XQG GLH =XEHK¸UWHLOH PLW ODXZDUPHP :DVVHU XQG HWZDV 1HXWUDOVHLIH 3U¾IHQ XQG V¦XEHUQ 6LH GLH 7¾UGLFKWXQJHQ LQ UHJHOP¦¡LJHQ $EVW¦QGHQ XP ]X JHZ¦KUOHLVWHQ GDVV GLHVH VDXEHU XQG IUHL YRQ )UHPGN¸USHUQ VLQG 6S¾OHQ XQG WURFNQHQ 6LH GLHVH VRUJI¦OWLJ DE $EWDXHQ GHV .¾KOVFKUDQNV %HL QRUPDOHP %HWULHE ZLUG 5HLI DXWRPDWLVFK DXV GHP 9HUGDPSIHU GHV .
=XU %HVFKOHXQLJXQJ GHV $EWDXSUR]HVVHV VWHOOHQ 6LH HLQHQ 7RSI PLW ZDUPHP :DVVHU LQ GDV *HIULHUIDFK (QWIHUQHQ 6LH EHUHLWV Z¦KUHQG GHV $EWDXSUR]HVVHV YRUVLFKWLJ (LVVW¾FNH GLH VLFK O¸VHQ ODVVHQ :HQQ GHU *HIULHUUDXP YROOVW¦QGLJ DEJHWDXW LVW ZLVFKHQ 6LH GDV ,QQHUH VRUJI¦OWLJ WURFNHQ 6FKDOWHQ 6LH GDV *HU¦W HLQ XQG VFKOLH¡HQ 6LH GLH 7¾U 'UHKHQ 6LH GHQ 7HPSHUDWXUUHJOHU DXI HLQH K¸KHUH (LQVWHOOXQJ XP GLH PD[LPDO P¸JOLFKH .
3UREOHP 0¸JOLFKH 8UVDFKH /¸VXQJ 'LH 7¾U LVW RIIHQ 6FKOLH¡HQ 6LH GLH 7¾U 'HU .RPSUHVVRU DUEHLWHW VW¦QGLJ 'LH 7HPSHUDWXU LVW IDOVFK HLQJHVWHOOW 6LHKH .DSLWHO ಱ%HGLHQIHOGಯ (V ZXUGHQ YLHOH /HEHQVPLWಣ WHO JOHLFK]HLWLJ KLQHLQJHOHJW :DUWHQ 6LH HLQLJH 6WXQGHQ XQG SU¾IHQ 6LH HUQHXW GLH 7HPSHUDWXU 'LH 5DXPWHPSHUDWXU LVW ]X KRFK 6LHKH .
3UREOHP 0¸JOLFKH 8UVDFKH /¸VXQJ 'LH 7HPSHUDWXU LVW IDOVFK HLQJHVWHOOW 6LHKH .DSLWHO ಱ%HGLHQIHOGಯ 'DV *HU¦W LVW YROO YRQ /Hಣ EHQVPLWWHOQ XQG DXI GLH QLHGULJVWH 7HPSHUDWXU HLQಣ JHVWHOOW 6WHOOHQ 6LH HLQH K¸KHUH 7HPSHUDWXU HLQ 6LHKH .DSLಣ WHO ಱ%HGLHQIHOGಯ 'LH 7HPSHUDWXU LP *HU¦W LVW ]X QLHGULJ XQG GLH 8PJHಣ EXQJVWHPSHUDWXU LVW ]X KRFK 6WHOOHQ 6LH HLQH K¸KHUH 7HPSHUDWXU HLQ 6LHKH .DSLಣ WHO ಱ%HGLHQIHOGಯ :DVVHU IOLH¡W DQ GHU 5¾FNಣ ZDQG GHV .
3UREOHP 0¸JOLFKH 8UVDFKH /¸VXQJ 'LH 7¾U LVW QLFKW ULFKWLJ JHಣ VFKORVVHQ 6LHKH $EVFKQLWW ಱ6FKOLH¡HQ GHU 7¾Uಯ 'LH 7HPSHUDWXU GHU /HEHQVಣ PLWWHO LVW ]X KRFK /DVVHQ 6LH GLH /HEHQVPLWWHO DXI 5DXPWHPSHUDWXU DEN¾Kಣ OHQ EHYRU 6LH GLHVH LQ GDV .¾KOJHU¦W OHJHQ 9LHOH /HEHQVPLWWHO ZHUGHQ JOHLFK]HLWLJ LQ GDV .¾KOJHU¦W JHOHJW /HJHQ 6LH ZHQLJHU /HEHQVಣ PLWWHO JOHLFK]HLWLJ LQ GDV .
*(586&+( SSSRRR! BRRR! CLICK! HISSS! BLUBB! 7(&+1,6&+( '$7(1 'LH WHFKQLVFKHQ 'DWHQ EHILQGHQ VLFK DXI GHP 7\SHQVFKLOG LQQHQ LP *HU¦W VRZLH DXI GHU (QHUJLHSODNHWWH 'HU 45 &RGH DXI GHU (QHUJLHSODNHWWH GHV *HU¦WV ELHWHW HLQHQ :HE /LQN ]X ,QIRUPDWLRQHQ ¾EHU GLH *HU¦WHOHLVWXQJ LQ GHU (8 (35(/ 'DWHQEDQN %HZDKUHQ 6LH GDKHU GLH (QHUJLHSODNHWWH DOV 5HIHUHQ] ]XVDPPHQ PLW GLHVHU %HGLHQXQJVDQOHLWXQJ XQG DOOHQ DQGHUHQ 8QWHUODJHQ GLH PLW GHP *HU¦W JHOLHIHUW ZXUGHQ DXI (V LVW DXFK P¸JOLFK GLH JOHLFKHQ ,QIRUP
HQWVSUHFKHQ )¾U ZHLWHUH ,QIRUPDWLRQHQ HLQVFKOLH¡OLFK GHU %HODGXQJVSO¦QH ZHQGHQ 6LH VLFK ELWWH DQ GHQ +HUVWHOOHU 80:(/77,336 5HF\FHOQ 6LH 0DWHULDOLHQ PLW GHP 6\PERO (QWVRUJHQ 6LH GLH 9HUSDFNXQJ LQ GHQ HQWVSUHFKHQGHQ 5HF\FOLQJEHK¦OWHUQ 5HF\FHOQ 6LH ]XP 8PZHOW XQG *HVXQGKHLWVVFKXW] HOHNWULVFKH XQG HOHNWURQLVFKH *HU¦WH (QWVRUJHQ 6LH *HU¦WH PLW GLHVHP 6\PERO QLFKW PLW GHP +DXVP¾OO %ULQJHQ 6LH GDV *HU¦W ]X ,KUHU ¸UWOLFKHQ 6DPPHOVWHOOH RGHU ZHQGHQ 6LH VLFK DQ ,KU *HPHLQGHDPW