*HEUXLNಣ VDDQZLM]LQJ 8VHU 0DQXDO 1RWLFH G XWLOLಣ VDWLRQ %HQXW]HULQಣ IRUPDWLRQ .RHONDVW 5HIULJHUDWRU 5«IULJ«UDWHXU .
'211(6 7(&+1,48(6 /HV FDUDFW«ULVWLTXHV WHFKQLTXHV ILJXUHQW VXU OD SODTXH VLJQDO«WLTXH DSSRV«H VXU OH F¶W« LQW«ULHXU GH OಬDSSDUHLO HW VXU Oಬ«WLTXHWWH «QHUJ«WLTXH /H FRGH 45 SU«VHQW VXU Oಬ«WLTXHWWH «QHUJ«WLTXH IRXUQLH DYHF OಬDSSDUHLO FRQWLHQW XQ OLHQ :HE YHUV OHV LQIRUPDWLRQV UHODWLYHV DX[ SHUIRUPDQFHV GH OಬDSSDUHLO GDQV OD EDVH GH GRQQ«HV (35(/ GH Oಬ8( &RQVHUYH] Oಬ«WLTXHWWH «QHUJ«WLTXH ¢ WLWUH GH U«I«UHQFH DYHF OH PDQXHO GಬXWLOLVDWLRQ HW WRXV OHV DXWUHV GRFXPHQWV IRXUQLV DYHF FHW DSSDUHLO ,O HVW «JD
,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 (OHNWULVFKHU $QVFKOXVV :$5181* %UDQG XQG 6WURPVFKODJJHIDKU :$5181* $FKWHQ 6LH EHL GHU 0RQWDJH GHV *HU¦WV GDUDXI GDVV GDV 1HW]NDEHO QLFKW HLQJHNOHPPW RGHU EHVFK¦GLJW ZLUG :$5181* 9HUZHQGHQ 6LH NHLQH 0HKUIDFKV
QLFKW I¾U GLH 5DXPEHOHXFKWXQJ JHHLJQHW 5HLQLJXQJ XQG 3IOHJH :$5181* 9HUOHW]XQJVJHIDKU VRZLH 5LVLNR YRQ 6FK¦GHQ DP *HU¦W ವ 6FKDOWHQ 6LH GDV *HU¦W LPPHU DXV XQG ]LHKHQ 6LH GHQ 1HW]VWHFNHU DXV GHU 6WHFNGRVH EHYRU 5HLQLJXQJVDUEHLWHQ GXUFKJHI¾KUW ZHUGHQ ವ 'HU .¦OWHNUHLV GHV *HU¦WHV HQWK¦OW .
D3 D1 $EPHVVXQJHQ D2 ° H2 90 H1 W1 W3 W2 *HVDPWDEPHVVXQJHQ { + PP : PP ' PP { +¸KH %UHLWH XQG 7LHIH GHV *HU¦WV RKQH *ULII XQG )¾¡H 3ODW]EHGDUI Z¦KUHQG GHV %HWULHEV t + PP : PP ' PP t +¸KH %UHLWH XQG 7LHIH GHV *HU¦WV HLQVFKOLH¡OLFK *ULII XQG ]X]¾JOLFK GHV QRWZHQGLJHQ )UHLUDXPV I¾U GLH =LUNXODWLRQ GHU .
%HL )UDJHQ ]XP $XIVWHOOXQJVRUW GHV *HU¦WV ZHQGHQ 6LH VLFK DQ GHQ 9HUN¦XIHU XQVHUHQ .XQGHQGLHQVW RGHU Q¦FKVWJHOHJHQHQ DXWRULVLHUWHQ .XQGHQGLHQVW (V PXVV P¸JOLFK VHLQ GDV *HU¦W YRP 1HW] ]X WUHQQHQ 'DKHU PXVV GHU 6WHFNHU QDFK GHU ,QVWDOODWLRQ ]XJ¦QJOLFK EOHLEHQ (OHNWURDQVFKOXVV ವ .RQWUROOLHUHQ 6LH YRU GHP (LQVFKDOWHQ GHV *HU¦WV RE GLH 1HW]VSDQQXQJ XQG IUHTXHQ] ,KUHV +DXVDQVFKOXVVHV PLW GHQ DXI GHP 7\SHQVFKLOG DQJHJHEHQHQ $QVFKOXVVZHUWHQ ¾EHUHLQVWLPPHQ ವ 'DV *HU¦W PXVV JHHUGHW VHLQ =X GLHVHP =ZHF
7*/,&+(5 *(%5$8&+ 9256,&+7 'LHVHV .
7,336 81' +,1:(,6( 7LSSV ]XP (QHUJLHVSDUHQ ವ 'LH HIIL]LHQWHVWH (QHUJLHQXW]XQJ ZLUG HUUHLFKW ZHQQ GLH 6FKXEODGHQ LP XQWHUHQ 7HLO GHV *HU¦WV HLQJHVHW]W XQG GLH $EODJHQ JOHLFKP¦¡LJ DQJHRUGQHW VLQG 'LH 3RVLWLRQ GHU 7¾UDEODJHQ ZLUNW VLFK QLFKW DXI GHQ (QHUJLHYHUEUDXFK DXV ವ IIQHQ 6LH GLH 7¾U QLFKW ]X K¦XILJ XQG ODVVHQ 6LH GLHVH QLFKW O¦QJHU RIIHQ DOV QRWZHQGLJ ವ 6WHOOHQ 6LH GLH 7HPSHUDWXU QLFKW ]X KRFK HLQ XP (QHUJLH ]X VSDUHQ HV VHL GHQQ GLHV LVW ZHJHQ GHU %HVFKDIIHQKHLW GHV /HEHQVPLWWHOV HUIRUGHUO
ವ $FKWHQ 6LH DXI GDV +DOWEDUNHLWVGDWXP GHU /HEHQVPLWWHO GDPLW 6LH ZLVVHQ ZLH ODQJH VLH JHODJHUW ZHUGHQ N¸QQHQ 5(,1,*81* 81' 3)/(*( :$5181* 6LHKH .DSLWHO 6LFKHUKHLWVKLQZHLVH 5HLQLJHQ GHV ,QQHQUDXPV %HYRU 6LH GDV *HU¦W LQ %HWULHE QHKPHQ EHVHLWLJHQ 6LH GHQ W\SLVFKHQ 1HXJHUXFK DP EHVWHQ GXUFK 5HLQLJHQ GHU ,QQHQWHLOH PLW ODXZDUPHP :DVVHU XQG HLQHU QHXWUDOHQ 6HLIH 6RUJI¦OWLJ QDFKWURFNQHQ 9256,&+7 9HUZHQGHQ 6LH NHLQH FKHPLVFKHQ 5HLQLJXQJVPLWWHO 6FKHXHUSXOYHU FKORU RGHU ¸OKDOWLJH 5HLQLJXQJVPLWWHO
VLFK KLHU NHLQ 7DXZDVVHU DQJHVDPPHOW KDW 5HLQLJHQ 6LH GDV 8QWHUWHLO GHV *HU¦WV PLW HLQHP 6WDXEVDXJHU 5HLQLJHQ GHV %HO¾IWXQJVILOWHUV 'U¾FNHQ 6LH GLH /DVFKHQ $ XQG % PLW GHQ )LQJHUQ ]XVDPPHQ =LHKHQ 6LH GHQ )LOWHU QDFK XQWHQ =LHKHQ 6LH GHQ )LOWHU KHUDXV *HKHQ 6LH LQ XPJHNHKUWHU 5HLKHQIROJH YRU XP GHQ )LOWHU ZLHGHU HLQ]XVHW]HQ 'HU )LOWHU NDQQ ]XU 5HLQLJXQJ KHUDXVJHQRPPHQ ZHUGHQ 6WLOOVWDQGV]HLWHQ 'DV *HU¦W LVW PLW HLQHP /XIWHLQODVVILOWHU XQG HLQHP /XIWDXVODVVNDQDO DXI GH
3UREOHP 0¸JOLFKH 8UVDFKH /¸VXQJ 'DV *HU¦W LVW ODXW 'DV *HU¦W LVW QLFKW RUGಣ QXQJVJHP¦¡ DEJHVW¾W]W 3U¾IHQ 6LH RE VLFK GDV *Hಣ U¦W LQ HLQHU VWDELOHQ 3RVLWLRQ EHILQGHW '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 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 .¾KOVFKUDQNV KHಣ UXQWHU :¦KUHQG GHV DXWRPDWLVFKHQ $EWDXSUR]HVVHV WDXW GDV (LV DXI GHU 5¾FNZDQG DE 'DV LVW ULFKWLJ $Q GHU 5¾FNZDQG GHV .¾KOಣ VFKUDQNV EHILQGHW VLFK ]X YLHO .
3UREOHP 0¸JOLFKH 8UVDFKH /¸VXQJ ,P *HU¦W KHUUVFKW NHLQH .DOWOXIW]LUNXODWLRQ 6WHOOHQ 6LH VLFKHU GDVV GLH .DOWOXIW LP *HU¦W ]LUNXOLHUHQ NDQQ 6LHKH .
*(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
