*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,&( %LWWH YHUZHQGHQ 6LH DXVVFKOLH¡OLFK 2ULJLQDO (UVDW]WHLOH I¾U ,KUH 3URGXNWH +DOWHQ 6LH IROJHQGH $QJDEHQ EHUHLW ZHQQ 6LH VLFK DQ HLQHQ DXWRULVLHUWHQ .XQGHQGLHQVW ZHQGHQ 0RGHOO 6HULHQQXPPHU 'LH 'DWHQ ILQGHQ 6LH DXI GHP 7\SHQVFKLOG :
ವ ವ ವ ವ ವ ವ RGHU YRQ GLHVHU 3HUVRQ $QZHLVXQJHQ HUKDOWHQ KDEHQ ZLH GDV *HU¦W VLFKHU ]X EHGLHQHQ LVW XQG ZHOFKH *HIDKUHQ EHL QLFKW RUGQXQJVJHP¦¡HU %HGLHQXQJ EHVWHKHQ .LQGHU ]ZLVFKHQ XQG -DKUHQ G¾UIHQ GDV *HU¦W EH XQG HQWODGHQ YRUDXVJHVHW]W VLH ZXUGHQ RUGQXQJVJHP¦¡ HLQJHZLHVHQ 'LHVHV *HU¦W NDQQ YRQ 3HUVRQHQ PLW VFKZHUHQ XQG NRPSOH[HQ %HKLQGHUXQJHQ EHQXW]W ZHUGHQ YRUDXVJHVHW]W VLH ZXUGHQ RUGQXQJVJHP¦¡ HLQJHZLHVHQ +DOWHQ 6LH .
ವ ವ ವ ವ ವ ವ ವ ವ :$5181* 9HUVXFKHQ 6LH QLFKW GHQ $EWDXYRUJDQJ GXUFK DQGHUH DOV YRP +HUVWHOOHU HPSIRKOHQH PHFKDQLVFKH RGHU VRQVWLJH +LOIVPLWWHO ]X EHVFKOHXQLJHQ :$5181* %HVFK¦GLJHQ 6LH QLFKW GHQ .¦OWHNUHLVODXI :$5181* %HWUHLEHQ 6LH LQ GHQ /HEHQVPLWWHOI¦FKHUQ GHV *HU¦WV NHLQH DQGHUHQ DOV GLH YRP +HUVWHOOHU HPSIRKOHQHQ (OHNWURJHU¦WH 5HLQLJHQ 6LH GDV *HU¦W QLFKW PLW :DVVHUVSUD\ RGHU 'DPSI 5HLQLJHQ 6LH GDV *HU¦WV PLW HLQHP ZHLFKHQ IHXFKWHQ 7XFK 1XU QHXWUDOH 5HLQLJXQJVPLWWHO YHUZHQGHQ %HQXW]HQ
ವ ವ ವ ವ ವ ವ ವ GDV O LQ GHQ .RPSUHVVRU ]XU¾FNIOLH¡HQ NDQQ =LHKHQ 6LH GHQ 6WHFNHU DXV GHU 6WHFNGRVH EHYRU 6LH DP *HU¦W DUEHLWHQ ] % :HFKVHO GHV 7¾UDQVFKODJV 6WHOOHQ 6LH GDV *HU¦W QLFKW LQ GHU 1¦KH YRQ +HL]N¸USHUQ +HUGHQ %DFN¸IHQ RGHU .
ವ ವ ವ ವ ವ HQWIODPPEDUHQ 3URGXNWHQ EHQHW]W VLQG LQ GDV *HU¦W XQG VWHOOHQ 6LH VROFKH QLFKW LQ GLH 1¦KH RGHU DXI GDV *HU¦W %HU¾KUHQ 6LH QLFKW GHQ .RPSUHVVRU RGHU GHQ .
0217$*( :$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 1 2 3 2 4 2 2 5 'DV REHUH RGHU XQWHUH )DFK ZLUG GXUFK GLH )DFK $XVZDKOWDVWH JHZ¦KOW %HU¾KUHQ 6LH ]XU $XVZDKO GHV *HIULHUUDXPV GLH $XVZDKOWDVWH ELV /(' I¾U GDV REHUH )DFK DXIOHXFKWHW 'LH 7HPSHUDWXU /(' $Q]HLJH ]HLJW GLH ]XOHW]W
KLQ]XNRPPHQGHU /HEHQVPLWWHO XQG VFK¾W]W JOHLFK]HLWLJ GLH EHUHLWV LP *HIULHUIDFK HLQJHODJHUWHQ /HEHQVPLWWHO YRU XQHUZ¾QVFKWHU (UZ¦UPXQJ 8P IULVFKH /HEHQVPLWWHO HLQ]XIULHUHQ VFKDOWHQ 6LH GLH )DVW)UHH]H )XQNWLRQ PLQGHVWHQV 6WXQGHQ EHYRU 6LH GLH HLQ]XIULHUHQGHQ /HEHQVPLWWHO LQ GDV *HIULHUIDFK KLQHLQOHJHQ HLQ XP GDV 9RUJHIULHUHQ DE]XVFKOLH¡HQ =XP (LQVFKDOWHQ GHU )DVW)UHH]H )XQNWLRQ KDOWHQ 6LH GLH 7DVWH )DVW)UHH]H 6HNXQGHQ ODQJ JHGU¾FNW 'LH .
'LH *ODVDEODJH ¾EHU GHU *HP¾VHVFKXEODGH VROOWH MHGRFK QLFKW YHUVWHOOW ZHUGHQ XP HLQH NRUUHNWH /XIW]LUNXODWLRQ ]X JHZ¦KUOHLVWHQ 2EVW *HP¾VHVFKXEODGH :LHGHUHLQEDX =LHKHQ 6LH GLH 6FKLHQHQ KHUDXV 'LH 6FKXEODGH HLJQHW VLFK ]XP $XIEHZDKUHQ YRQ 2EVW XQG *HP¾VH +HUDXVQHKPHQ GHU 6FKXEODGH ] % ]XU 5HLQLJXQJ =LHKHQ 6LH GLH 6FKXEODGH KHUDXV XQG KHEHQ 6LH VLH DQ 6HW]HQ 6LH GHQ KLQWHUHQ 7HLO GHU 6FKXEODGH DXI GLH 6FKLHQHQ 2 6FKLHEHQ 6LH GLH 6FKLHQHQ LQ GDV *HU¦W XP HLQH %HVFK¦GLJXQJ
=LHKHQ 6LH GLH 6FKXEODGH ZLHGHU KHUDXV XP ]X SU¾IHQ RE VLH ULFKWLJ DXI GHQ KLQWHUHQ XQG YRUGHUHQ +DNHQ VLW]W A B 7HPSHUDWXUDQ]HLJH 8P HLQH NRUUHNWH /DJHUXQJ GHU /HEHQVPLWWHO ]X JHZ¦KUOHLVWHQ YHUI¾JW GLHVHU .¾KOVFKUDQN ¾EHU HLQH 7HPSHUDWXUDQ]HLJH 'DV 6\PERO DQ GHU 6HLWHQZDQG GHV *HU¦WV ]HLJW GHQ N¦OWHVWHQ %HUHLFK LP .¾KOUDXP DQ :HQQ 2. DQJH]HLJW ZLUG $ ODJHUQ 6LH GLH IULVFKHQ /HEHQVPLWWHO LP %HUHLFK GHU GXUFK GDV 6\PERO DQJH]HLJW ZLUG %HL % ZDUWHQ 6LH PLQGHVWHQV 6WXQGHQ XQG SU¾IHQ 6LH R
9256,&+7 .DP HV ]XP %HLVSLHO ]XP $XIWDXHQ GXUFK HLQHQ 6WURPDXVIDOO GHU O¦QJHU GDXHUWH DOV GHU DXI GHP 7\SHQVFKLOG DQJHJHEHQH :HUW XQWHU /DJHU]HLW EHL 6W¸UXQJ GDQQ P¾VVHQ GLH DXIJHWDXWHQ /HEHQVPLWWHO VFKQHOO YHUEUDXFKW RGHU VRIRUW JHNRFKW XQG QDFK GHP $EN¾KOHQ ZLHGHU HLQJHIURUHQ ZHUGHQ $EWDXHQ 7LHIJHIURUHQH RGHU JHIURUHQH /HEHQVPLWWHO N¸QQHQ YRU GHP 9HU]HKU LP .
ವ )ULHUHQ 6LH NHLQH )ODVFKHQ RGHU 'RVHQ PLW )O¾VVLJNHLWHQ LQVEHVRQGHUH NRKOHQV¦XUHKDOWLJH *HWU¦QNH HLQ GLH *HI¦¡H N¸QQHQ EHLP (LQIULHUHQ H[SORGLHUHQ ವ *HEHQ 6LH NHLQH KHL¡HQ /HEHQVPLWWHO LQ GHQ *HIULHUUDXP 9HUJHZLVVHUQ 6LH VLFK GDVV VLH DXI 5DXPWHPSHUDWXU DEJHN¾KOW VLQG EHYRU 6LH VLH LQ GDV )DFK OHJHQ ವ 8P HLQH (UZ¦UPXQJ EHUHLWV HLQJHIURUHQHU /HEHQVPLWWHO ]X YHUKLQGHUQ OHJHQ 6LH GLH IULVFKHQ QLFKW JHIURUHQHQ /HEHQVPLWWHO QLFKW GLUHNW QHEHQ VLH /HJHQ 6LH GLH /HEHQVPLWWHO PLW 5DXPWHPSHUDWXU LQ
/HEHQVPLWWHO /DJHUGDXHU 0RQD഻ WH 0RONHUHLSURGXNWH %XWWHU :HLFKN¦VH ] % 0R]]DUHOOD +DUWN¦VH ] % 3DUPHVDQ &KHGGDU 0HHUHVIU¾FKWH )HWWKDOWLJHU )LVFK ] % /DFKV 0DNUHOH )HWWDUPHU )LVFK ] % 'RUVFK )OXQGHU 6KULPSV 0XVFKHOQ XQG 0LHVPXVFKHOQ RKQH 6FKDOH *HNRFKWHU )LVFK )OHLVFK *HIO¾JHO 5LQGIOHLVFK 6FKZHLQHIOHLVFK /DPP :XUVW 6FKLQNHQ 5HVWH PLW )OHLVFK +LQZHLVH I¾U GLH .
LQ $OXPLQLXPIROLH E]Z LQ 3ODVWLNEHXWHO HLQJHSDFNW ZHUGHQ XP VR ZHQLJ /XIW ZLH P¸JOLFK LQ GHU 9HUSDFNXQJ ]X EHODVVHQ ವ )ODVFKHQ )ODVFKHQ P¾VVHQ PLW YHUVFKORVVHQHP 'HFNHO LQ GHU )ODVFKHQDEODJH GHU 7¾U RGHU LP )ODVFKHQKDOWHU IDOOV YRUKDQGHQ DXIEHZDKUW ZHUGHQ ವ (V ZLUG HPSIRKOHQ I¾U HLQH VFKQHOOHUH .
$EWDXHQ GHV *HIULHUJHU¦WV 9256,&+7 9HUZHQGHQ 6LH QLHPDOV VFKDUIH 0HWDOOZHUN]HXJH XP 5HLI YRP 9HUGDPSIHU ]X NUDW]HQ ZHLO HU GDGXUFK EHVFK¦GLJW ZHUGHQ N¸QQWH 9HUVXFKHQ 6LH QLFKW GHQ $EWDXYRUJDQJ GXUFK DQGHUH DOV YRP +HUVWHOOHU HPSIRKOHQH PHFKDQLVFKH RGHU VRQVWLJH +LOIVPLWWHO ]X EHVFKOHXQLJHQ 6WHOOHQ 6LH XQJHI¦KU 6WXQGHQ YRU GHP $EWDXHQ HLQH QLHGULJHUH 7HPSHUDWXU HLQ XP DXVUHLFKHQG .
)(+/(568&+( :$5181* 6LHKH .
3UREOHP 0¸JOLFKH 8UVDFKH /¸VXQJ 'HU .RPSUHVVRU VFKDOWHW VLFK QLFKW VRIRUW HLQ QDFKಣ GHP 6LH ಱ)DVW)UHH]Hಯ JHಣ GU¾FNW RGHU GLH 7HPSHUDWXU DXI HLQHQ DQGHUHQ :HUW HLQಣ JHVWHOOW KDEHQ 'HU .
3UREOHP 0¸JOLFKH 8UVDFKH /¸VXQJ 'LH 7¾U ZXUGH QLFKW YROOVW¦Qಣ GLJ JHVFKORVVHQ $FKWHQ 6LH GDUDXI GDVV GLH 7¾U YROOVW¦QGLJ JHVFKORVVHQ LVW 'LH DXIEHZDKUWHQ /HEHQVಣ PLWWHO ZDUHQ QLFKW YHUSDFNW 3DFNHQ 6LH GLH /HEHQVPLWWHO ULFKWLJ HLQ EHYRU 6LH GLHVH LQ GDV *HU¦W OHJHQ :DVVHU IOLH¡W LP ,QQHUQ GHV .
:HQQ GLH 5DWVFKO¦JH QLFKW ]XP JHZ¾QVFKWHQ (UJHEQLV I¾KUHQ ZHQGHQ 6LH VLFK DQ GDV Q¦FKVWH DXWRULVLHUWH 6HUYLFH]HQWUXP $XVWDXVFKHQ GHU /DPSH 'DV *HU¦W LVW PLW HLQHU ODQJOHELJHQ /(' ,QQHQEHOHXFKWXQJ DXVJHVWDWWHW 'LH %HOHXFKWXQJ GDUI QXU YRQ HLQHU )DFKNUDIW DXVJHWDXVFKW ZHUGHQ :HQGHQ 6LH VLFK DQ ,KUHQ DXWRULVLHUWHQ .
(V LVW DXFK P¸JOLFK GLH JOHLFKHQ ,QIRUPDWLRQHQ LQ (35(/ ]X ILQGHQ LQGHP 6LH GHQ /LQN KWWSV HSUHO HF HXURSD HX VRZLH GHQ 0RGHOOQDPHQ XQG GLH 3URGXNWQXPPHU GLH 6LH DXI GHP 7\SHQVFKLOG GHV *HU¦WV ILQGHQ YHUZHQGHQ %HDFKWHQ 6LH GHQ /LQN ZZZ WKHHQHUJ\ODEHO HX EH]¾JOLFK GHWDLOOLHUWHU ,QIRUPDWLRQHQ ]XU (QHUJLHSODNHWWH ,1)250$7,21(1 )5 35),167,787( 'LH ,QVWDOODWLRQ XQG GLH 9RUEHUHLWXQJ GHV *HU¦WV I¾U HLQH HYHQWXHOOH (FR'HVLJQ 3U¾IXQJ P¾VVHQ PLW (1 ¾EHUHLQVWLPPHQ 'LH $QIRUGHUXQJHQ DQ GLH %HO
$
