U 'LQJR ' =XJPDVFKLQH 0RGHOOQXPPHU 7(³ GDUEHU %HGLHQXQJVDQOHLWXQJ 'HXWVFK '
(LQOHLWXQJ 'DQNH GD 6LH VLFK IU HLQ 7RUR 3URGXNW HQWVFKLHGHQ KDEHQ :LU EHL 7RUR P|FKWHQ GD 6LH PLW ,KUHP QHXHQ 3URGXNW YROOVWlQGLJ ]XIULHGHQ VLQG =X +LOIH EHL GHU :DUWXQJ 7RUR 2ULJLQDOWHLOHQ RGHU DQGHUHQ ,QIRUPDWLRQHQ ZHQGHQ 6LH VLFK ELWWH DQ ,KUHQ 7RUR 9HUWUDJVKlQGOHU :HQQ 6LH VLFK DQ ,KUHQ 7RUR 9HUWUDJVKlQGOHU RGHU DQV :HUN ZHQGHQ VROOWHQ 6LH LPPHU GLH 0RGHOO XQG 6HULHQQXPPHU ,KUHV 3URGXNWHV DQJHEHQ 'LHVH 1XPPHUQ KHOIHQ GHP +lQGOHU RGHU GHP 6HUYLFH 5HSUlVHQWDQWHQ IU ,KU VSH]LHOOHV 3URGXN
,QKDOW 6LFKHUKHLW 6LFKHUH %HWULHEVSUD[LV 6FKDOOGUXFNSHJHO 6FKDOOHLVWXQJVSHJHO 9LEUDWLRQVQLYHDX *HIlOOHGLDJUDPP 6LFKHUKHLWV XQG $QZHLVXQJVSODNHWWHQ 0RQWDJH (LQ]HOWHLOH
6LFKHUKHLW )HKOHUKDIWH %HGLHQXQJ RGHU :DUWXQJ GXUFK GHQ $QZHQGHU RGHU %HVLW]HU N|QQHQ ]X 9HUOHW]XQJHQ IKUHQ 'LHVH 6LFKHUKHLWVKLQZHLVH VROOHQ GDEHL KHOIHQ GDV 9HUOHW]XQJVULVLNR ]X UHGX]LHUHQ $FKWHQ 6LH LPPHU DXI GDV :DUQV\PERO (V EHGHXWHW 9256,&+7 :$5181* RGHU *()$+5 ³ 6LFKHUKHLWVKLQZHLV :HQQ GHU +LQZHLV QLFKW EHDFKWHW ZLUG NDQQ HV ]X 9HUOHW]XQJHQ RGHU 7RG NRPPHQ 1LFKW GLH )H XQWHU GLH 3ODWWIRUP VWHOOHQ 9RU .XUYHQ ODQJVDPHU ZHUGHQ (QJH .XUYHQ N|QQHQ DXI MHGHP %RGHQ ]X .
6LFKHUKHLW .
LFKHUKHLW 'LH =XJPDVFKLQH QLFKW DQ +lQJHQ DEVWHOOHQ RKQH GLH =XVDW]YRUULFKWXQJ DXI GHQ %RGHQ KHUXQWHU]XODVVHQ XQG GLH 5lGHU ]X YHUNHLOHQ 1LFKW YHUVXFKHQ GLH =XJPDVFKLQH PLW GHP )X DXI GHP %RGHQ ]X VWDELOLVLHUHQ :HQQ HV EHL EHL :DUWXQJV RGHU 5HSDUDWXU DUEHLWHQ HUIRUGHUOLFK LVW GD VLFK GLH +XEDUPH LQ JHKREHQHU 3RVLWLRQ EHILQGHQ PVVHQ VLH PLW GHQ +\GUDXOLN]\OLQGHUVFKO|VVHUQ GHU =XJPDVFKLQH JHVLFKHUW ZHUGHQ 1LHPDOV HLQH =XJPDVFKLQH LQ HLQHP JHVFKORVVHQHQ %HUHLFK HLQVHW]HQ 'DUDX
6LFKHUKHLW :HQQ DXI HLQ +LQGHUQLV JHVWRHQ ZXUGH GLH 0DVFKLQH VWRSSHQ XQG XQWHUVXFKHQ (YHQWXHOO QRWZHQGLJH 5HSDUDWXUHQ GXUFKIKUHQ EHYRU GLH 0DVFKLQH ZLHGHU JHVWDUWHW ZLUG 1XU 2ULJLQDO (UVDW]WHLOH YHUZHQGHQ XP VLFKHU]XVWHOOHQ GD GLH XUVSUQJOLFKHQ 1RUPHQ EHLEHKDOWHQ ZHUGHQ %DWWHULHIOOVlXUH LVW JLIWLJ XQG NDQQ 9HUlW]XQJHQ YHUXUVDFKHQ .RQWDNW PLW +DXW $XJHQ XQG .OHLGXQJ YHUPHLGHQ %HL GHU $UEHLW PLW HLQHU %DWWHULH *HVLFKW $XJHQ XQG .
6LFKHUKHLW *HIlOOHGLDJUDPP ',(6( .$17( $8) (,1 6(1.5(&+7(6 2%-(.7 $865,&+7(1 %$80 *(%b8'( =$813)$+/ 86: ( 1 7 / $ 1 * .
6LFKHUKHLW 6LFKHUKHLWV XQG $QZHLVXQJVSODNHWWHQ 3ODNHWWHQ PLW 6LFKHUKHLWVKLQZHLVHQ XQG $QZHLVXQJHQ EHILQGHQ VLFK IU GLH %HGLHQXQJVSHUVRQ JXW VLFKWEDU QHEHQ P|JOLFKHQ *HIDKUHQVWHOOHQ %HVFKlGLJWH RGHU YHUORUHQJHJDQJHQH 3ODNHWWHQ DXVWDXVFKHQ E]Z HUVHW]HQ ) 5 ' & $EELOGXQJ 6LFKHUKHLWVZDUQV\PERO %HGLHQXQ
6LFKHUKHLW $EELOGXQJ 6FKQHOO 5DGDQWULHE /DQJVDP .
0RQWDJH (LQ]HOWHLOH +LQZHLV $QKDQG GHU QDFKVWHKHQGHQ $XIVWHOOXQJ EHUSUIHQ RE DOOH 7HLOH JHOLHIHUW ZRUGHQ VLQG %(=(,&+181* 67 =XJPDVFKLQH 9HQWLOKHEHO 6FKOVVHO 9(5:(1'81* ,QVWDOODWLRQ GHV 9HQWLOKHEHOV 0RWRUVWDUW ,QVWDOODWLRQ GHV 9HQWLOKHEHOV $NWLYLHUXQJ GHU %DWWHULH 'LH =XJPDVFKLQH ZLUG PLW WURFNHQHU %DWWHULH JHOLHIHUW ,P )DFKKDQGHO PX %DWWHULHIOOVlXUH PLW HLQHU 'LFKWH YRQ JHNDXIW ZHUGHQ 'HQ +HEHO LQ GDV 3XPSHQZDKOYHQWLO GUHKHQ $EE +LQZHLV 'HU +HEHO VROOWH PLW GHU
0RQWDJH 'LH %DWWHULH YRQ LKUHU 3ODWWH KHUXQWHUKHEHQ 0g*/,&+( *()$+5 %DWWHULHIOOVlXUH HQWKlOW 6FKZHIHOVlXUH HLQ W|GOLFKHV *LIW GDV DXHUGHP VFKZHUH 9HUlW]XQJHQ YHUXUVDFKHQ NDQQ %HL DEJHQRPPHQHQ 'HFNHOQ HLQ ELV $ %DWWHULHODGHJHUlW DQ GLH %DWWHULHNOHPPHQ DQVFKOLHHQ $EE :$6 .$11 3$66,(5(1 :HQQ )OOVlXUH JHWUXQNHQ ZLUG NDQQ GDV ]XP 7RG IKUHQ )OOVlXUH DXI GHU +DXW IKUW ]X 9HUlW]XQJHQ :,( ',( *()$+5 9(50,('(1 :,5' )OOVlXUH QLFKW WULQNHQ XQG .
0RQWDJH /DQJVDP )OOVlXUH LQ GLH HLQ]HOQHQ %DWWHULH]HOOHQ JLHHQ ELV GLH 6lXUH ZLHGHU GLH REHUH /LQLH DP %DWWHULHJHIl HUUHLFKW $EE 'DQQ GLH 'HFNHO DQEULQJHQ 'LH %DWWHULH DXI LKUHU 3ODWWH DQEULQJHQ $EE 'LH %DWWHULH PLW GHQ ]XYRU HQWIHUQWHQ 6WDQJHQ XQG 0XWWHUQ LQ GHU *UXQGSODWWH EHIHVWLJHQ $EE 'DV SRVLWLYH URWH .DEHO DQ GHU SRVLWLYHQ %DWWHULHNOHPPH DQVFKOLHHQ $EE 'LH *XPPLDEGHFNXQJ EHU GLH %DWWHULHNOHPPH VFKLHEHQ 'DV QHJDWLYH VFKZDU]H .
7HFKQLVFKH 'DWHQ +LQZHLV 7HFKQLVFKH 'DWHQ XQG .RQVWUXNWLRQ N|QQHQ RKQH 9RUDQNQGLJXQJ JHlQGHUW ZHUGHQ %UHLWH FP µ /lQJH FP µ +|KH FP µ *HZLFKW NJ OEV %HWULHEVNDSD]LWlW PLW NJ OEV %HGLHQXQJVSHUVRQ NJ OEV .LSSNDSD]LWlW PLW NJ OEV %HGLHQXQJVSHUVRQ NJ OEV 5DGVWDQG FP µ .
7HFKQLVFKH 'DWHQ 6WDELOLWlWVGDWHQ ,Q GHU IROJHQGHQ 7DEHOOH VLQG GLH IU GLH =XJPDVFKLQH HPSIRKOHQHQ PD[LPDOHQ 6WHLJXQJHQ IU GLH MHZHLOLJHQ 3RVLWLRQHQ DXIJHIKUW $Q 6WHLJXQJHQ EHU GHP DXIJHIKUWHQ :HUW EHVWHKW GLH *HIDKU GD GLH 0DVFKLQH LKUH 6WDELOLWlW YHUOLHUW 'LH $QJDEHQ LQ GHU 7DEHOOH JHOWHQ IU JDQ] DEJHVHQNWH +XEDUPH XQG ZHUNVLQVWDOOLHUWH 5HLIHQ PLW GHP HPSIRKOHQHQ 'UXFN *HKREHQH $UPH XQG DQGHUH 5HLIHQDUWHQ RGHU 5HLIHQGUFNH N|QQHQ GLH 6WDELOLWlW GHU 0DVFKLQH EHHLQWUlFKWLJHQ 0D[LPDOH HPSIRKOHQH
9RU GHU ,QEHWULHEQDKPH 9RU GHU ,QEHWULHEQDKPH GHQ .UDIWVWRII XQG gOVWDQG NRQWUROOLHUHQ )UHPGN|USHU YRQ GHU =XJPDVFKLQH HQWIHUQHQ XQG GHQ 5HLIHQGUXFN NRQWUROOLHUHQ $XHUGHP GDUDXI DFKWHQ GD VLFK NHLQH 3HUVRQHQ XQG )UHPGN|USHU LP $UEHLWVEHUHLFK EHILQGHQ (V VROOWHQ DXFK GLH 3RVLWLRQHQ DOOHU XQWHULUGLVFKHQ /HLWXQJHQ EHNDQQW VHLQ XQG PDUNLHUW ZHUGHQ 1DFKIOOHQ YRQ .UDIWVWRII 'HU 0RWRU OlXIW PLW VDXEHUHP IULVFKHP 'LHVHO NUDIWVWRII PLW HLQHU &HWDQ]DKO YRQ PLQGHVWHQV .
9RU GHU ,QEHWULHEQDKPH $EODVVHQ YRQ :DVVHU DXV GHP .UDIWVWRIILOWHU 'LH KLQWHUH =XJDQJVDEGHFNXQJ |IIQHQ 6LHKH ´gIIQHQ GHU KLQWHUHQ =XJDQJVDEGHFNXQJµ 6HLWH 7lJOLFK :DVVHU RGHU DQGHUH 9HUXQUHLQLJXQJHQ DXV GHP .
9RU GHU ,QEHWULHEQDKPH .RQWUROOH GHV .KOV\VWHPV 'DV .KOV\VWHP LVW PLW HLQHU /|VXQJ DXV :DVVHU XQG HLQHP 'DXHUIURVWVFKXW]PLWWHO DXV (WK\OHQJO\NRO JHIOOW 'HQ .KOIOVVLJNHLWVVWDQG MHGHQ 7DJ NRQWUROOLHUHQ EHYRU GHU 0RWRU JHVWDUWHW ZLUG 'HQ .KOHUYHUVFKOXGHFNHO VLFKHU ZLHGHU DQEULQJHQ P 0g*/,&+( *()$+5 .KOIOVVLJNHLW LVW KHL XQG VWHKW XQWHU 'UXFN $EELOGXQJ 9HUVFKOXGHFNHO :$6 .$11 3$66,(5(1 :HQQ KHLH .
9RU GHU ,QEHWULHEQDKPH 9RU MHGHP (LQVDW] PLW HLQHU %UVWH RGHU HLQHP *HEOlVH )UHPGN|USHUDQVDPPOXQJHQ DP 0RWRU EHVHLWLJHQ :LFKWLJ (V LVW YRU]X]LHKHQ 6FKPXW] KHUDXV]XEODVHQ DQVWDWW KHUDXV]XVSOHQ :HQQ :DVVHU YHUZHQGHW ZLUG GDUDXI DFKWHQ GD GDV :DVVHU QLFKW PLW HOHNWULVFKHQ 7HLOHQ XQG +\GUDXOLNYHQWLOHQ LQ %HUKUXQJ NRPPW .HLQH +RFKGUXFN 6SOYRUULFKWXQJ YHUZHQGHQ 'XUFK +RFKGUXFNVSOHQ N|QQHQ GLH HOHNWULVFKH $QODJH XQG GLH +\GUDXOLNYHQWLOH EHVFKlGLJW RGHU GDV 6FKPLHUIHWW EHVHLWLJW ZHUGHQ 9
9RU GHU ,QEHWULHEQDKPH 'LH YRUGHUH =XJDQJVDEGHFNXQJ DQEULQJHQ 'LH =\OLQGHUVFKO|VVHU DEQHKPHQ XQG ZLHGHU EHU GHQ +\GUDXOLNVFKOlXFKHQ DQEULQJHQ VLHKH ´9HUZHQGXQJ GHU =\OLQGHUVFKO|VVHUµ 6HLWH XQG GLH +XEDUPH DEVHQNHQ 5HLIHQGUXFN 'HQ /XIWGUXFN LQ GHQ 5HLIHQ DXI GHP DQJHJHEHQHQ :HUW KDOWHQ 'LH 5HLIHQ NRQWUROOLHUHQ ZHQQ VLH NDOW VLQG XP P|JOLFKVW JHQDXH :HUWH ]X HUKDOWHQ 'UXFN N3D SVL +LQZHLV %HL %HWULHE DXI 6DQGERGHQ HLQHQ QLHGULJHUHQ 5HLIHQGUXFN N3D SVL YHUZHQGHQ
%HWULHE =XJPDVFKLQH hEHUEOLFN $EELOGXQJ ]HLJW HLQH 9RUGHU XQG HLQH +LQWHUDQVLFKW GHU =XJPDVFKLQH 0DFKHQ 6LH VLFK PLW DOOHQ LQ $EELOGXQJ DXIJHIKUWHQ .RPSRQHQWHQ GHU =XJPDVFKLQH YHUWUDXW P P $EELOGXQJ 0RQWDJHSODWWH 9RUGHUH =XJDQJVDEGHFNXQJ .LSS]\OLQGHU .UDIWVWRIIWDQN =XVDW]YRUULFKWXQJV +\GUDXOLN 5DG NXSSOXQJHQ +XE]\OLQGHU %HGLHQXQJVSODWWIRUP +XEDUPH +LQWHUH =XJDQJVDEGHF
%HWULHE %HGLHQXQJVHOHPHQWH 8P JHUDGHDXV ]X IDKUHQ EHLGH 5DGDQWULHEVKHEHO JOHLFK]HLWLJ EHZHJHQ 0DFKHQ 6LH VLFK PLW DOOHQ %HGLHQXQJVHOHPHQWHQ $EE YHUWUDXW EHYRU 6LH GHQ 0RWRU VWDUWHQ XQG GLH =XJPDVFKLQH LQ %HWULHE QHKPHQ -H ZHLWHU GLH 5DGDQWULHEVKHEHO LQ HLQH 5LFKWXQJ EHZHJW ZHUGHQ GHVWR VFKQHOOHU EHZHJW VLFK GLH =XJPDVFKLQH LQ GLHVH 5LFKWXQJ P $EELOGXQJ 5DGDQWULHEVKHEHO 6FKDOWKHEHO =XVDW]YRUULFKWXQJV *DVKHEHO .
%HWULHE 8P HLQH +\GUDXOLNYRUULFKWXQJ UFNZlUWV ]X EHZHJHQ GHQ +HEHO QDFK OLQNV DXV GHU 1HXWUDOUDVWH KHUDXVVFKLHEHQ XQG ODQJVDP QDFK YRUQH VFKLHEHQ 'HU +HEHO NDQQ DXFK VR HLQJHVWHOOW ZHUGHQ GD GLH 5FNZlUWVEHZHJXQJ GHU +\GUDXOLNYRUULFKWXQJ HLQJHVFKDOWHW EOHLEW RKQH GD GLH %HGLHQXQJVSHUVRQ DQZHVHQG ]X VHLQ EUDXFKW 'D]X GHQ +HEHO JDQ] QDFK OLQNV XQG GDQQ ZLHGHU ]XUFNVFKLHEHQ ELV HU LQ 5FNZlUWV 3RVLWLRQ EOHLEW 6FKDOWKHEHO 'HQ 6FKDOWKHEHO DXI VFKQHOOH 3RVLWLRQ +DVH VWHOOHQ XP 5DGDQWULHE +XEDUPH XQ
%HWULHE 0HQJHQWHLOHU 'LH +\GUDXOLNDQODJH GHU =XJPDVFKLQH G K 5DGDQWULHE +XEDUPH XQG .LSSYRUULFKWXQJ GHU =XVDW]YRUULFKWXQJ KDW HLQHQ VHSDUDWHQ .UHLVODXI GHU YRQ GHU +\GUDXOLNDQODJH IU GLH =XVDW]YRUULFKWXQJHQ JHWUHQQW LVW 'LH EHLGHQ 6\VWHPH WHLOHQ VLFK MHGRFK HLQH JHPHLQVDPH +\GUDXOLNSXPSH 0LW +LOIH GHV 0HQJHQWHLOHUV $EE OlW VLFK GLH *HVFKZLQ GLJNHLW GHU +\GUDXOLNDQODJH GHU =XJPDVFKLQH YHUlQGHUQ LQGHP GLH +\GUDXOLNIOVVLJNHLW LQ GHQ .UHLVODXI GHU =XVDW]YRUULFKWXQJV +\GUDXOLNDQODJH DEJHOHLWH
%HWULHE gOGUXFNODPSH P $EELOGXQJ )HVWVWHOOEUHPVHQKHEHO 3RVLWLRQ EHL JHO|VWHU 'LHVH /DPSH OHXFKWHW LPPHU HLQ SDDU 6HNXQGHQ ODQJ DXI ZHQQ GHU 0RWRU JHVWDUWHW ZLUG :HQQ GLH gOGUXFNODPSH EHL ODXIHQGHP 0RWRU DXIOHXFKWHW LVW GHU 0RWRU|OGUXFN ]X QLHGULJ 'HQ 0RWRU VWRSSHQ XQG GLH =XJPDVFKLQH DENKOHQ ODVVHQ 'HQ gOVWDQG NRQWUROOLHUHQ XQG EHL %HGDUI GDV .
%HWULHE 'HQ 6FKOVVHO LQV =QGVFKOR VWHFNHQ XQG DXI 3RVLWLRQ ´5XQµ GUHKHQ +LQZHLV :HQQ GHU 0RWRU VFKZHU EHODVWHW ZXUGH RGHU KHL LVW VROOWH HU HLQH 0LQXWH ODQJ LP /HHUODXI ODXIHQ EHYRU HU DEJHVWHOOW ZLUG 'DGXUFK NDQQ GHU 0RWRU EHVVHU DENKOHQ ,Q HLQHP 1RWIDOO NDQQ GHU 0RWRU VRIRUW JHVWRSSW ZHUGHQ +LQZHLV %DWWHULH gOGUXFN XQG *OKNHU]HQODPSH OHXFKWHQ DXI :HQQ GLH *OKNHU]HQ .
%HWULHE 6WRSSHQ GHU =XJPDVFKLQH 8P GLH =XJPDVFKLQH ]X VWRSSHQ GLH 5DGDQWULHEV KHEHO DXI 1HXWUDO XQG GHQ *DVKHEHO DXI ODQJVDPH 3RVLWLRQ 6FKLOGNU|WH VWHOOHQ GLH +XEDUPH DXI GHQ %RGHQ KHUXQWHUODVVHQ XQG GHQ 0RWRU DEVWHOOHQ 'HQ 6FKOVVHO DE]LHKHQ P $EELOGXQJ 0g*/,&+( *()$+5 -HPDQG N|QQWH YHUVXFKHQ GLH =XJPDVFKLQH ]X EHZHJHQ RGHU ]X EHGLHQHQ ZHQQ VLH XQEHDXIVLFKWLJW EOHLEW :$6 .$11 3$66,(5(1 .
%HWULHE -HGHV +XEDUP =\OLQGHUVFKOR PLW 6LFKHUXQJVVWLIW XQG 6SOLQW VLFKHUQ $EE 'LH =\OLQGHUVFKO|VVHU EHU GHQ +\GUDXOLN VFKOlXFKHQ DQEULQJHQ XQG PLW GHQ 6LFKHUXQJVVWLIWHQ XQG 6SOLQWHQ VLFKHUQ $EE P $EELOGXQJ =\OLQGHUVFKOR 6LFKHUXQJVVWLIW +XE]\OLQGHU +XE]\OLQGHUVWDQJH +DDUQDGHOVSOLQW P $EELOGXQJ 'HQ 0RWRU DQODVVHQ /DQJVDP GLH +XEDUPH KHUXQWHUODVVHQ ELV GLH =\OLQGHUVFKO|VVHU =\OLQGHUJHKlXVH XQG 6WDQJ
%HWULHE 'LH =XVDW]YRUULFKWXQJ DXI HLQHU HEHQHQ 2EHUIOlFKH DEVWHOOHQ XQG GDKLQWHU JHQXJ 3ODW] IU GLH =XJPDVFKLQH ODVVHQ 'HQ 6FKDOWKHEHO DXI 6FKLOGNU|WHQSRVLWLRQ VWHOOHQ 'HQ 0RWRU DQODVVHQ 'HQ =XVDW]YRUULFKWXQJV .
%HWULHE :HQQ GLH =XVDW]YRUULFKWXQJ +\GUDXOLN IXQNWLRQHQ KDW GLH 0DQVFKHWWH ]XUFN DXI GLH +\GUDXOLNNXSSOXQJHQ VFKLHEHQ XQG GLH .XSSOXQJHQ O|VHQ 0g*/,&+( *()$+5 +\GUDXOLNIOVVLJNHLW GLH XQWHU 'UXFN DXVWULWW NDQQ LQ GLH +DXW HLQGULQJHQ XQG 9HUOHW]XQJHQ YHUXUVDFKHQ :LFKWLJ :$6 .
:DUWXQJ :DUWXQJVLQWHUYDOOH %HL MHGHP (LQVDW] :DUWXQJVWlWLJNHLW )HVWVWHOOEUHPVH ³ EHUSUIHQ +\GUDXOLNIOVVLJNHLW ³ 6WDQG NRQWUROOLHUHQ +\GUDXOLNIOVVLJNHLW ³ ZHFKVHOQ 6W 6W 6W 6W 6W -lKUOLFK ; (UVWPDOV ; ; +\GUDXOLNILOWHU ³ DXVWDXVFKHQ 0RWRU|O ³ 6WDQG NRQWUROOLHUHQ 6W (UVWPDOV ; ; ; DQIDQJV QDFK 0RWRU|O ³ ZHFKVHOQ 0RWRU|OILOWHU ³ DXVWDXVFKHQ 6W RGHU MHGHU ]ZHLWH gOZHFKVHO 6W 5DGPXWWHUQ ³ QDFK]LHKHQ (UVWPDOV )DKUJHVWHOO ³ HLQIHWWHQ ; 3ULPlUOXIWIL
:DUWXQJ :DUWXQJVWlWLJNHLW %HIHVWLJXQJVHOHPHQWH ³ NRQWUROOLHUHQ QDFK]LHKHQ %HL MHGHP (LQVDW] 6W 6W 6W 6W 6W 6W -lKUOLFK ; $EJHEOlWWHUWH 2EHUIOlFKHQ ³ QDFKVWUHLFKHQ +lXILJHU ; EHL VWDXELJHQ VFKPXW]LJHQ (LQVDW]EHGLQJXQJHQ /DJHUXQJ 8QPLWWHOEDU ZHQQ :DVVHU DQZHVHQG DXVWDXVFKHQ LVW 8QPLWWHOEDU QDFK MHGHP 6SOHQ :DUWXQJ YRU GHU %HZHJOLFKH /HLWXQJHQ DOOH -DKUH E]Z %HWULHEVVWXQGHQ 6LHKH 0RWRU %HGLHQXQJVDQOHLWXQJ RGHU ZHQGHQ 6LH VLFK DQ ,KUHQ 7RU
:DUWXQJ P P $EELOGXQJ 9RUGHUH =XJDQJV 6LFKHUXQJV]XQJHQ DEGHFNXQJ :HQQ GLH $UEHLW EHHQGHW LVW GLH YRUGHUH =XJDQJVDEGHFNXQJ ZLHGHU DQEULQJHQ XQG PLW GHQ YLHU 6LFKHUXQJV]XQJHQ EHIHVWLJHQ $EELOGXQJ +LQWHUH =XJDQJV 6FKUDXEH DEGHFNXQJ 6LFKHUXQJV]XQJHQ :HQQ GLH $UEHLW EHHQGHW LVW GLH KLQWHUH =XJDQJVDEGHFNXQJ ZLHGHU DQ LKUHQ 3ODW] KRFKVFKZHQNHQ XQG PLW GHQ ]ZHL 6LFKHUXQJV ]XQJHQ XQG GHU 6FKUDXEH EHIHVWLJHQ gIIQHQ GHU KLQWHUHQ =XJDQJVD
:DUWXQJ 5HLQLJXQJ GHV 3ULPlUILOWHUV 'LH ,QQHQVHLWH GHU /XIWILOWHUDEGHFNXQJ PLW 'UXFNOXIW UHLQLJHQ 9RUVLFKWLJ GHQ 3ULPlUILOWHU DXV GHP /XIWILOWHUJHKlXVH KHUDXVVFKLHEHQ $EE 'DUDXI DFKWHQ GD GHU )LOWHU QLFKW JHJHQ GLH *HKlXVHVHLWH VFKOlJW 'HQ 6LFKHUKHLWVILOWHU QXU KHUDXVQHKPHQ ZHQQ HU DXVJHWDXVFKW ZHUGHQ VROO 'HQ 3ULPlUILOWHU DXI 6FKlGHQ XQWHUVXFKHQ 'D]X HLQ KHOOHV /LFKW JHJHQ GLH )LOWHUDXHQVHLWH KDOWHQ XQG LQ GHQ )LOWHU VHKHQ /|FKHU LP )LOWHU ZHUGHQ DOV KHOOH 6WHOOHQ VLFKWEDU :
:DUWXQJ :HFKVHO GHV 0RWRU|OV 'DV gO QDFK GHQ HUVWHQ %HWULHEVVWXQGHQ XQG GDQDFK DOOH %HWULHEVVWXQGHQ ZHFKVHOQ 0g*/,&+( *()$+5 :HQQ GLH =XJPDVFKLQH JHODXIHQ LVW VLQG GLH .RPSRQHQWHQ KHL +LQZHLV %HL EHVRQGHUV VWDXELJHQ RGHU VDQGLJHQ $UEHLWVEHGLQJXQJHQ GDV gO KlXILJHU ZHFKVHOQ :$6 .$11 3$66,(5(1 :HQQ KHLH .
:DUWXQJ 'HQ gOVWDQG NRQWUROOLHUHQ 6LHKH ´gOVWDQGVNRQWUROOHµ 6HLWH 'HQ $XVWDXVFK gOILOWHU DP )LOWHUDGDSWHU DQEULQJHQ XQG LP 8KU]HLJHUVLQQ GUHKHQ ELV GLH *XPPLGLFKWXQJ GHQ )LOWHUDGDSWHU EHUKUW 'DQQ GHQ )LOWHU XP HLQH ZHLWHUH 8PGUHKXQJ IHVWGUHKHQ $EE 'DV .
:DUWXQJ 'HQ .UDIWVWRIILOWHU PLW HLQHP )LOWHUVFKOVVHO HQWIHUQHQ $EE P $EELOGXQJ )HWW LQ GLH 1LSSHO SXPSHQ ELV HV EHJLQQW DXV GHQ /DJHUQ DXV]XWUHWHQ FD 3XPSHQWDNWH hEHUVFKVVLJHV )HWW DEZLVFKHQ $XVWDXVFK GHV .UDIWVWRIILOWHUV 'HQ .UDIWVWRIILOWHU DOOH %HWULHEVVWXQGHQ E]Z HLQPDO SUR -DKU DXVWDXVFKHQ MH QDFKGHP ZHOFKHU )DOO ]XHUVW HLQWULWW 1LHPDOV HLQHQ VFKPXW]LJHQ )LOWHU ZLHGHU DQEULQJHQ $EELOGXQJ $EODYHQWLO .
:DUWXQJ (QWOIWHQ GHV .UDIWVWRIIV\VWHPV 'DV .UDIWVWRIIV\VWHP PX LQ GHQ IROJHQGHQ 6LWXDWLRQHQ HQWOIWHW ZHUGHQ 'HQ (QWOIWXQJVVWRSIHQ VFKOLHHQ 'LH KLQWHUH =XJDQJVDEGHFNXQJ VFKOLHHQ (QWOHHUHQ GHV .UDIWVWRIIWDQNV (UVWPDOLJH ,QEHWULHEQDKPH HLQHU QHXHQ =XJPDVFKLQH RGHU QDFK GHU /DJHUXQJ 1DFKGHP GHU 0RWRU GXUFK .UDIWVWRIIPDQJHO DXVJHJDQJHQ LVW 1DFKGHP :DUWXQJVDUEHLWHQ DQ .RPSRQHQWHQ GHV .UDIWVWRIIV\VWHPV GXUFKJHIKUW ZXUGHQ 'LH KLQWHUH =XJDQJVDEGHFNXQJ |IIQHQ 6LHKH ´gIIQHQ G
:DUWXQJ :DUWXQJ GHU +\GUDXOLNDQODJH $XVWDXVFK GHV +\GUDXOLNILOWHUV 'HQ +\GUDXOLNILOWHU DXVWDXVFKHQ 1DFK GHQ HUVWHQ %HWULHEVVWXQGHQ $OOH %HWULHEVVWXQGHQ 'LH KLQWHUH =XJDQJVDEGHFNXQJ |IIQHQ 6LHKH ´gIIQHQ GHU KLQWHUHQ =XJDQJVDEGHFNXQJµ 6HLWH 'LH =XJPDVFKLQH DXI HLQHU HEHQHQ 2EHUIOlFKH DEVWHOOHQ 'LH 6FKODXFKNOHPPH DP .UDIWVWRIILOWHU O|VHQ XQG DQ GHU .UDIWVWRIIOHLWXQJ QDFK REHQ YRP .UDIWVWRIILOWHU ZHJ VFKLHEHQ 'LH +XEDUPH DQKHEHQ XQG GLH =\OLQGHUVFKO|VVHU DQEULQJHQ 6LHKH ´
:DUWXQJ 'HQ )OVVLJNHLWVVWDQG LP +\GUDXOLNWDQN NRQWUROOLHUHQ VLHKH ´.RQWUROOH GHU +\GUDXOLNIOVVLJNHLWµ 6HLWH XQG )OVVLJNHLW QDFKIOOHQ ELV GLH 0DUNLHUXQJ DP 3HLOVWDE HUUHLFKW LVW 'HQ 7DQN QLFKW EHUIOOHQ :LFKWLJ (LQH JURH $XIIDQJVFKDOH XQWHU GLH =XJPDVFKLQH VWHOOHQ GLH PLQGHVWHQV O JD DXIQHKPHQ NDQQ 'LH $EODVFKUDXEH YRQ GHU 8QWHUVHLWH GHV +\GUDXOLNWDQNV HQWIHUQHQ XQG GLH )OVVLJNHLW YROOVWlQGLJ KHUDXVODXIHQ ODVVHQ 'LH $EODVFKUDXEH DQEULQJHQ 'HQ +\GUDXOLN
:DUWXQJ 0g*/,&+( *()$+5 +\GUDXOLNIOVVLJNHLW GLH XQWHU 'UXFN DXVWULWW NDQQ LQ GLH +DXW HLQGULQJHQ XQG 9HUOHW]XQJHQ YHUXUVDFKHQ :$6 .$11 3$66,(5(1 )OVVLJNHLW GLH YHUVHKHQWOLFK LQ GLH +DXW HLQJHGUXQJHQ LVW PX LQQHUKDOE ZHQLJHU 6WXQGHQ YRQ HLQHP $U]W GHU PLW GLHVHU 9HUOHW]XQJVIRUP YHUWUDXW LVW RSHUDWLY HQWIHUQW ZHUGHQ ZHLO HV DQGHUQIDOOV ]X :XQGEUDQG NRPPHQ NDQQ :,( ',( *()$+5 9(50,('(1 :,5' .|USHU XQG +lQGH YRQ /HFNDJHQ XQG 'VHQ IHUQKDOWHQ DXV GHQHQ XQWHU KRKHP 'UXFN +\GUDXOLNIOVVLJNHL
:DUWXQJ 'HQ )OOVlXUHVWDQG NRQWUROOLHUHQ 6LHKH ´.RQWUROOH GHV )OOVlXUHVWDQGVµ 6HLWH 'HQ /XIWILOWHU UHLQLJHQ 6LHKH ´:DUWXQJ GHV /XIWILOWHUVµ 6HLWH 'LH 9HUVFKOXGHFNHO YRQ GHU %DWWHULH DEQHKPHQ XQG HLQ ELV $ %DWWHULHODGHJHUlW DQ GLH %DWWHULHNOHPPHQ DQVFKOLHHQ 'LH %DWWHULH 6WXQGHQ ODQJ EHL $ RGHU ZHQLJHU ODGHQ 9 'LH %DWWHULH QLFKW EHUODGHQ 'LH =XJPDVFKLQH HLQIHWWHQ 6LHKH ´(LQIHWWHQ GHU =XJPDVFKLQHµ 6HLWH 'DV .
)HKOHUEHKHEXQJ 352%/(0 6WDUWHU IXQNWLRQLHUW QLFKW 0RWRU GUHKW GXUFK DEHU S J QLFKW DQ VSULQJW 0g*/,&+( 856$&+(1 0$661$+0( (OHNWULVFKH $QVFKOVVH NRUURGLHUW RGHU ORVH .
)HKOHUEHKHEXQJ 352%/(0 0RWRU GUHKW GXUFK DEHU VSULQJW QLFKW DQ J )RUWVHW]XQJ 0RWRU VSULQJW DQ DEHU JHKW ZLHGHU DXV 0g*/,&+( 856$&+(1 0$661$+0( =X QLHGULJH $QODGUHK]DKO %DWWHULH gOYLVNRVLWlW XQG $QODVVHU NRQWUROOLHUHQ 9HUWUDJVKlQGOHU YHUVWlQGLJHQ /XIWILOWHUHLQVDW] VFKPXW]LJ 5HLQLJHQ RGHU DXVWDXVFKHQ =X QLHGULJH .RPSUHVVLRQ 9HUWUDJVKlQGOHU YHUVWlQGLJHQ (LQVSULW]GVHQ EHVFKlGLJW 9HUWUDJVKlQGOHU YHUVWlQGLJHQ .UDIWVWRIILOWHU YHUVWRSIW .
)HKOHUEHKHEXQJ 352%/(0 0RWRU OlXIW DEHU NORSIW RGHU VHW]W DXV .HLQ /HHUODXI P|JOLFK 0g*/,&+( 856$&+(1 0$661$+0( 6FKPXW] :DVVHU DOWHU RGHU IDOVFKHU .UDIWVWRII LP .UDIWVWRIIV\VWHP .UDIWVWRII DEODVVHQ XQG 6\VWHP VSOHQ IULVFKHQ .UDIWVWRII HLQIOOHQ 0RWRU EHUKLW]W 6LHKH 02725 h%(5+,7=7 /XIW LP .UDIWVWRII 'VHQ HQWOIWHQ XQG .UDIWVWRIIVFKODXFKDQVFKOVVH ]ZLVFKHQ .
)HKOHUEHKHEXQJ 352%/(0 0RWRU EHUKLW]W 0RWRU YHUOLHUW /HLVWXQJ 0g*/,&+( 856$&+(1 0HKU .KOIOVVLJNHLW HUIRUGHUOLFK .KOIOVVLJNHLW NRQWUROOLHUHQ XQG QDFKIOOHQ /XIWVWURP ]XP .KOHU EHKLQGHUW .KOHUJLWWHU EHL MHGHP (LQVDW] XQWHUVXFKHQ XQG UHLQLJHQ )DOVFKHU .
)HKOHUEHKHEXQJ 352%/(0 9LHO VFKZDU]HU 5DXFK DXV GHP $XVSXII 9LHO ZHLHU 5DXFK DXV GHP $XVSXII =XJPDVFKLQH IlKUW QLFKW 0g*/,&+( 856$&+(1 0$661$+0( /XIWILOWHUHLQVDW] VFKPXW]LJ 5HLQLJHQ RGHU DXVWDXVFKHQ )DOVFKH (LQVSULW]SXPSHQ V\QFKURQLVDWLRQ 9HUWUDJVKlQGOHU YHUVWlQGLJHQ )DOVFKHU .UDIWVWRII LP .UDIWVWRIIV\VWHP .UDIWVWRII DEODVVHQ XQG ULFKWLJHQ .