6 L ; L 0XOWLPHGLD 3URMHNWRU %HQXW]HUKDQGEXFK 9LHOHQ 'DQN GDVV 6LH GLHVHQ 3URMHNWRU HUZRUEHQ KDEHQ :$5181* Ź(KH 6LH GDV *HUlW EHQXW]HQ OHVHQ 6LH GDV 6LFKHUKHLWVDQOHLWXQJ GHV *HUlWV XQG GLHVHV +DQGEXFK VRUJIlOWLJ XP ]X JHZlKUOHLVWHQ GDVV 6LH GLH )XQNWLRQ GHV *HUlWHV YHUVWDQGHQ KDEHQ 9HUZDKUHQ 6LH GLH +DQGEFKHU QDFK GHP /HVHQ DQ HLQHP VLFKHUHQ 3ODW] hEHU GLHVH %HGLHQXQJVDQOHLWXQJ ,Q GLHVHU $QOHLWXQJ ZHUGHQ YHUVFKLHGHQH 6\PEROH YHUZHQGHW 'LH %HGHXWXQJ GLHVHU 6\PEROH LVW LP )ROJHQGHQ EHVFKU
,QKDOW ,QKDOW hEHU GLHVH %HGLHQXQJVDQOHLWXQJ ,QKDOW 3URMHNWRUPHUNPDOH 9RUEHUHLWXQJHQ hEHU GHQ OLHIHUXPIDQJ 7HLOHEH]HLFKQXQJHQ 3URMHNWRU %HGLQWDVWHQ )HUQEHGLHQXQJ (LQULFKWHQ $QEULQJHQ GHU 2EMHNWLYNDSSH
URMHNWRUPHUNPDOH 9RUEHUHLWXQJHQ 3URMHNWRUPHUNPDOH 'LHVHU 3URMHNWRU GLHQW ]XU 3URMHNWLRQ YHUVFKLHGHQHU &RPSXWHUVLJQDOH HEHQVR ZLH YRQ 176& 3$/ 6(&$0 &RPSRQHQW 6' +' 9LGHRVLJQDOHQ DXI HLQH 3URMHNWLRQVÀlFKH (UIRUGHUW QXU ZHQLJ 3ODW] ]XU $XIVWHOOXQJ XQG HU]LHOW JURH %LOGHU DXV NXU]HP $EVWDQG +RKH +HOOLJNHLW 1HX HQWZLFNHOWH : 8+% XOWUD KHOOH /DPSH HU]LHOW HLQ KHOOHUHV 3URMHNWLRQVELOG 'DV %LOG LVW KHOO XQG VFKDUI JHQXJ XP LQ KHOOHQ 5lXPHQ SURML]LHUW ]X ZHUGHQ 1LHGULJHV %HWULHEVJHUlXVFK 6
7HLOHEH]HLFKQXQJHQ 7HLOHEH]HLFKQXQJHQ 3URMHNWRU Ì %HGLHQWDVWHQ /DPSHQDEGHFNXQJ /DPSHQHLQKHLW LVW LP ,QQHUHQ =RRPULQJ 6FKDUIVWHOOULQJ /IWXQJV|IIQXQJ 2EMHNWLY )HUQEHGLHQXQJVVHQVRU /DXWVSUHFKHU 6LFKHUXQJVVWDE 'LHQW ]XU $QEULQJXQJ HLQHU LP +DQGHO HUKlOWOLFKHQ 'LHEVWDKOVVFKXW]NHWWH RGHU HLQHV 'UDKWHV )XHLQVWHOOXQJ 1LYHOOLHUIH 9RUGHUH UHFKWH 6HLWH 2EMHNWLYGHFNHO /XIW¿OWHUJHKlXVH /XIW¿OWHU XQG /IWXQJHLQODVV|IIQXQJ VLQG LP ,QQHUHQ Ì 8Q
7HLOHEH]HLFKQXQJHQ 1HW]VFKDOWHU 1HW]DQVFKOXVV )XHLQVWHOOXQJ 1LYHOOLHUIH $QVFKOVVH 6LHKH XQWHQ /IWXQJV|IIQXQJ +LQWHUH OLQNH 6HLWH 1HXVWDUWVFKDOWHU &21752/ $QVFKOXVV $8',2 287 $QVFKOXVV 5*% ,1 5*% 287 $QVFKOXVV 9HUZHQGHQ 6LH GLH 8PVFKDOWWDVWH 5*% ,1 287 ]XP :lKOHQ YRQ 5*% ,1 RGHU 5*% 287 IU GLHVHQ $QVFKOXVV 5*% ,1 $QVFKOXVV /HJW GDV 5*% 6LJQDO YRQ HLQHP 3& DQ 5*% 287 $QVFKOXVV %HL $QVFKOXVV DQ HLQHQ 0RQLWRU ZLUG GDV 6LJQDO EHU 5*% ,1 DXVJ
7HLOHEH]HLFKQXQJHQ %HGLQWDVWHQ &XUVRUWDVWHQ Ÿ ź Ż Ź $Q]HLJH /$03 $Q]HLJH 7(03 $Q]HLJH 32:(5 7DVWH 67$1%< 21 7DVWH ,1387 )HUQEHGLHQXQJ 7DVWH 6($5&+ 7DVWH 5*% 7DVWH 9,'(2 7DVWH $63(&7 7DVWH +20( 7DVWH (1' 7DVWH )5((=( 7DVWH 326,7,21 7DVWH $872 7DVWH %/$1.
(LQULFKWHQ (LQULFKWHQ :$5181* Ź6WHOOHQ 6LH GHQ 3URMHNWRU LQ HLQHU VWDELOHQ ZDDJHUHFKWHQ 3RVLWLRQ DXI 'XUFK +HUXQWHUIDOOHQ RGHU 8PNLSSHQ N|QQHQ 9HUOHW]XQJHQ XQG RGHU 6FKlGHQ DP 3URMHNWRU YHUXUVDFKW ZHUGHQ 9HUZHQGXQJ HLQHV EHVFKlGLJWHQ 3URMHNWRUV NDQQ ]X %UlQGHQ XQG RGHU HOHNWULVFKHQ 6FKOlJHQ IKUHQ 'HQ 3URMHNWRU QLFKW DXI HLQHU LQVWDELOHQ JHQHLJWHQ RGHU YLEULHUHQGHQ 2EHUÀlFKH DXIVWHOOHQ ZLH HWZD DXI HLQHP ZDFNHOLJHQ RGHU JHQHLJWHQ 6WlQGHU 'HQ 3URMHNWRU QLFKW PLW GHU 6HLWH 9RUGHUVHLWH 5FNV
(LQULFKWHQ $QRUGQXQJ 'LH %LOGJU|H XQG GHQ 3URMHNWLRQVDEVWDQG N|QQHQ 6LH LQ GHQ XQWHQVWHKHQGHQ $EELOGXQJHQ XQG 7DEHOOHQ DEOHVHQ 'LH LQ GHU 7DEHOOH HQWKDOWHQHQ :HUWH EH]LHKHQ VLFK DXI HLQ %LOGVFKLUPELOG PLW PD[LPDOHU *U|H 6 L î ; L î E D 3URMHNWLRQVÀlFKHQJU|H GLDJRQDO E $EVWDQG YRP 3URMHNWRU ]XU /HLQZDQG F DXI F +|KH GHU 3URMHNWLRQVÀ lFKH D F DE D )U GDV 0RGHOO 6 L D 3URMHNWLRQVÀ lFKHQJU|H >LQFK P @
(LQULFKWHQ $XVULFKWHQ GHV 3URMHNWRUV EHU GLH HLQVWHOOIH 9256,&+7 Ź+DOWHQ 6LH EHLP 'UFNHQ GHU )XHLQVWHOOXQJVWDVWHQ LPPHU GHQ 3URMHNWRU IHVW GDPLW GLHVHU QLFKW KLQXQWHUIlOOW XPNLSSW 6LH VLFK QLFKW ,KUH )LQJHU YHUOHW]HQ XQG HV QLFKW ]X )HKOIXQNWLRQHQ NRPPW 8P %HVFKlGLJXQJHQ GHV 3URMHNWRUV XQG 9HUOHW]XQJHQ ]X YHUPHLGHQ KDOWHQ VLH GHQ SURMHNWRU LPPHU IHVW ZHQQ 6LH ]XU (LQVWHOOXQJ GHU 3URMHNWRUK|KH GLH )XHLQVWHOOXQJVWDVWHQ EHWlWLJHQ Ź1HLJHQ 6LH GHQ 3URMHNWRU QLFKW QDFK UHFKWV RGHU OLQNV 1HLJHQ
(LQULFKWHQ 9HUZHQGXQJ GHV 6LFKHUXQJVVWDEV :$5181* Ź'HU 6LFKHUXQJVVWDE GDUI QLFKW ]XP 9HUKLQGHUQ GHV +HUXQWHUIDOOHQV GHV 3URMHNWRUV YHUZHQGHW ZHUGHQ 'XUFK +HUXQWHUIDOOHQ RGHU 8PNLSSHQ GHV 3URMHNWRUV N|QQHQ 6FKlGHQ RGHU 9HUOHW]XQJHQ YHUXUVDFKW ZHUGHQ 9256,&+7 Ź'HU 6LFKHUXQJVVWDE LVW NHLQH XPIDVVHQGH 'LHEVWDKOVVLFKHUXQJVPDQDKPH (U LVW DOV ]XVlW]OLFKH 'LHEVWDKOVYHUKLQGHUXQJ VPDQDKPH JHGDFKW (LQH LP +DQGHO HUKlOWOLFKH 'LHEVWDKOVVFKXW]NHWWH RGHU HLQ 'UDKW NDQQ DP 6LFKHUXQJVVWDE DP 3URMHNWRU DQJHEU
(LQULFKWHQ $QVFKOLHVVHQ GHU JHUlWH 9256,&+7 Ź6FKDOWHQ 6LH YRU GHP $QVFKOLHHQ DQ GHQ 3URMHNWRU DOOH *HUlWH DXV :HQQ YHUVXFKW ZLUG HLQ HLQJHVFKDOWHWHV *HUlW DQ GHQ 3URMHNWRU DQ]XVFKOLHHQ N|QQHQ VHKU ODXWH *HUlXVFKH RGHU DQGHUH $QRUPDOLWlWHQ DXIWUHWHQ GLH ]X )HKOIXQNWLRQ XQG RGHU 6FKlGHQ DP *HUlW XQG RGHU 3URMHNWRU IKUHQ N|QQHQ Ź9HUZHQGHQ 6LH QXU GLH EHLOLHJHQGHQ .DEHO RGHU .DEHO ZHOFKH GLH HQWVSUHFKHQGHQ 9RUDXVVHW]XQJHQ HUIOOHQ (LQLJH 9HUELQGXQJHQ PVVHQ PLW YRUJHIHUWLJWHQ DEJHVFKLUPWHQ .
(LQULFKWHQ %HLVSLHO GHU 9HUELQGXQJ PLW HLQHP &RPSXWHU %HL GHU 9RUJDEHHLQVWHOOXQJ LVW GHU $8',2 ,1 $QVFKOXVV GHU $XGLR $QVFKOXVV IU GLH 5*% ,1 XQG 5*% ,1 $QVFKOVVH =XP bQGHUQ GHU (LQVWHOOXQJHQ VLHKH 6(783 0HQ $8',2 5*% .DEHO 86% .DEHO $XGLR $XVJDQJ 5*% $XVJDQJ 56 & 86% 5*% $XVJDQJ 6WHUHR 0LQLDXGLRNDEHO 56 & .
(LQULFKWHQ %HLVSLHO GHU 9HUELQGXQJ PLW HLQHP 9LGHRUHFRUGHU '9' 3OD\HU %HL GHU 9RUJDEHHLQVWHOOXQJ LVW GHU $8',2 ,1 / 5 $QVFKOXVV GHU $XGLR $QVFKOXVV IU GLH 9,'(2 6 9,'(2 XQG &20321(17 9,'(2 $QVFKOVVH =XP bQGHUQ GHU (LQVWHOOXQJHQ VLHKH 6(783 0HQ $8',2 $XGLR 9LGHR .DEHO $XGLR $XVJDQJ 5 $XGLR $XVJDQJ / 9LGHR $XVJDQJ $XGLR .
(LQULFKWHQ 6WURPYHUVRUJXQJ DQVFKOLHHQ :$5181* Ź6HLHQ 6LH EHVRQGHUV YRUVLFKWLJ ZHQQ 6LH GDV 1HW]NDEHO DQVFKOLHHQ ,VW GLH 6WURPYHUVRUJXQJ QLFKW NRUUHNW DQJHVFKORVVHQ NDQQ HV ]X )(8(5 XQG RGHU ]X HLQHP 675206&+/$* NRPPHQ 9HUZHQGHQ 6LH OHGLJOLFK GDV 1HW]NDEHO DXV GHP /LHIHUXPIDQJ GHV 3URMHNWRUV 1HKPHQ 6LH LP )DOO HLQHU %HVFKlGLJXQJ .
)HUQEHGLHQXQJ )HUQEHGLHQXQJ (LQVHW]HQ YRQ EDWWHULHQ :$5181* Ź%HKDQGHOQ 6LH %DWWHULHQ LPPHU YRUVLFKWLJ XQG YHUZHQGHQ 6LH VLH VDFKJHPl )DOVFKH 9HUZHQGXQJ NDQQ ]X %DWWHULHH[SORVLRQ 5LVVHQ RGHU /HFNV IKUHQ ZDV ]X %UDQGYHUOHW]XQJHQ XQG RGHU 9HUVFKPXW]XQJ GHU XPJHEHQGHQ 8PZHOW IKUHQ NDQQ 9HUZHQGHQ 6LH VLH QXU GLH YRUJHVFKULHEHQHQ %DWWHULHQ 9HUZHQGHQ 6LH QLFKW JOHLFK]HLWLJ %DWWHULHQ DQGHUHU 6RUWHQ 0LVFKHQ 6LH QLFKW IULVFKH XQG JHEUDXFKWH %DWWHULHQ %HLP (LQOHJHQ VLFKHUVWHOOHQ GDVV GLH 3OXV X
)HUQEHGLHQXQJ 9HUZHQGXQJ GHU )HUQEHGLHQXQJ 9256,&+7 Ź6HLHQ 6LH YRUVLFKWLJ EHLP 8PJDQJ PLW GHU )HUQEHGLHQXQJ /DVVHQ 6LH GLH )HUQEHGLHQXQJ QLFKW IDOOHQ XQG VFKW]HQ 6LH VLH YRU 6W|HQ /DVVHQ 6LH GLH )HUQEHGLHQXQJ QLFKW QDVV ZHUGHQ XQG OHJHQ 6LH VLH QLFKW DXI QDVVH *HJHQVWlQGH 'DGXUFK N|QQHQ )HKOIXQNWLRQHQ YHUXUVDFKW ZHUGHQ 1HKPHQ 6LH GLH %DWWHULHQ DXV GHU )HUQEHGLHQXQJ XQG ODJHUQ 6LH VLH DQ HLQHP VLFKHUHQ 2UW ZHQQ 6LH GLH )HUQEHGLHQXQJ OlQJHUH =HLW QLFKW YHUZHQGHQ ZROOHQ :HFKVHOQ 6LH GLH %DW
*HUlW HLQ DXV *HUlW HLQ DXV :$5181* Ź:HQQ GDV *HUlW HLQJHVFKDOWHW LVW ZLUG HLQ VWDUNHV /LFKW DEJHJHEHQ %OLFNHQ 6LH QLFKW LQ GDV 2EMHNWLY RGHU LQ GLH /IWXQJV|IIQXQJHQ DP 3URMHNWRU +,1:(,6 6FKDOWHQ 6LH GHQ 3URMHNWRU LQ ULFKWLJHU 5HLKHQIROJH HLQ XQG DXV 6FKDOWHQ 6LH GHQ 3URMHNWRU LPPHU HLQ EHYRU 6LH GLH DQJHVFKORVVHQHQ *HUlWH HLQVFKDOWHQ 6FKDOWHQ 6LH GHQ 3URMHNWRU HUVW GDQQ DXV ZHQQ GLH DQJHVFKORVVHQHQ *HUlWH EHUHLWV DXVJHVFKDOWHW VLQG (LQVFKDOWHQ GHV JHUlWV 67$1'%< 21 3UIHQ 6LH
%HWULHEV]XVWDQG %HWULHEV]XVWDQG (LQVWHOOHQ GHU /DXWVWlUNH 'UFNHQ 6LH GLH 92/80( 7DVWH DQ GHU )HUQEHGLHQXQJ (LQ 'LDORJ HUVFKHLQW LP %LOG XP EHL GHU (LQVWHOOXQJ GHU /DXWVWlUNH ]X KHOIHQ 9HUZHQGHQ 6LH GLH &XUVRUWDVWHQ Ÿ ź ]XU (LQVWHOOXQJ GHU /DXWVWlUNH 'UFNHQ 6LH GLH 92/80( 7DVWH HUQHXW ]XP 6FKOLHHQ GHV 'LDORJV XQG %HHQGHQ GLHVHV 9RUJDQJV $XFK ZHQQ 6LH GLHVHQ 6FKULWW QLFKW DXVIKUHQ ZLUG GDV 'LDORJIHOG QDFK ZHQLJHQ 6HNXQGHQ DXWRPDWLVFK DXVJ
%HWULHEV]XVWDQG (LQ HLQJDQJVVLJQDO ZlKOHQ )RUWVHW]XQJ 'UFNHQ 6LH GLH 9,'(2 7DVWH DQ GHU )HUQEHGLHQXQJ ]XP :lKOHQ HLQHV (LQJDQJVDQVFKOXVVHV IU GDV 9LGHR 6LJQDO %HL MHGHP 'UFNHQ GHU 7DVWH VFKDOWHW GHU 3URMHNWRU VHLQHQ 9LGHR $QVFKOXVV XP ZLH IROJW &20321(17 9,'(2 Æ 6 9,'(2 Æ 9,'(2 Ɣ :HQQ GLH 9,'(2 7DVWH JHGUFNW ZLUG EHLP 8PVFKDOWHQ YRQ 5*% DXI 9,'(2 6LJQDOH ZHQQ (,1 IU GHQ *HJHQVWDQG $8720 68&+( LP 0HQ 237 JHZlKOW LVW SUIW GHU 3URMHNWRU ]XHUVW GHQ
%HWULHEV]XVWDQG .
%HWULHEV]XVWDQG .RUUHNWXU GHU 7UDSH]YHU]HUUXQJ 'UFNHQ 6LH GLH .(<6721( 7DVWH DQ GHU )HUQEHGLHQXQJ (LQ 'LDORJ HUVFKHLQW LP %LOG XP EHL GHU .RUUHNWXU GHU 9HU]HUUXQJ ]X KHOIHQ 9HUZHQGHQ 6LH GLH &XUVRUWDVWHQ Ÿ ź]XU .RUUHNWXU GHU 9HU]HUUXQJ 'UFNHQ 6LH GLH .
%HWULHEV]XVWDQG (LQIULHUHQ GHV %LOGVFKLUPV 'UFNHQ 6LH GLH )5((=( 7DVWH DQ GHU )HUQEHGLHQXQJ 'LH (,1)5,(5(1 $Q]HLJH HUVFKHLQW LP %LOGVFKLUP XQG GHU 3URMHNWRU VFKDOWHW DXI (,1)5,(5(1 0RGXV =XP %HHQGHQ GHV (,1)5,(5(1 0RGXV XQG ]XUFNVFKDOWHQ GHV %LOGVFKLUP DXI QRUPDO GUFNHQ 6LH GLH )5((=( 7DVWH HUQHXW Ɣ 'HU 3URMHNWRU EHHQGHW DXWRPDWLVFK GHQ 052ĩ(1,( 0RGXV ZHQQ GDV (LQJDQJVVLJQDO XPZHFKVHOW RGHU ZHQQ HLQH GHU 7DVWHQ 67$1'%< 21 6($5&+
%HWULHEV]XVWDQG %HGLHQXQJ GHV &RPSXWHUELOGVFKLUPV 9256,&+7 Ź)lOVFKOLFKHU *HEUDXFK GHU 6WHXHUHOHPHQWH YRQ 0DXV 7DVWDWXU NDQQ ]X %HVFKlGLJXQJHQ DQ ,KUHP *HUlW IKUHQ %HL 9HUZHQGXQJ GLHVHU )XQNWLRQ GDUI QXU GHU &RPSXWHU DQJHVFKORVVHQ VHLQ 9RU GHP $QVFKOXVV OHVHQ 6LH GLH %HGLHQXQJVDQOHLWXQJ GHV DQ]XVFKOLHHQGHQ &RPSXWHUV +,1:(,6 ,Q PDQFKHQ )lOOHQ LVW HV QLFKW P|JOLFK 1RWHERRNV XQG DQGHUH &RPSXWHU PLW LQWHJULHUWHQ =HLJHUJHUlWHQ ] % HLQHP 7UDFNEDOO EHU GLHVH )HUQEHGLHQXQJ ]X VWHXHUQ :HQQ 6LH
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0XOWLIXQNWLRQVHLQVWHOOXQJHQ 9HUZHQGXQJ GHU 0HQIXQNWLRQ 'LHVHU 3URMHNWRU KDW GLH IROJHQGHQ 0HQV %,/' $%%,/'81* (,1*% 6(783 %,/'6&+,50 237 XQG (,1) 0(1h (,1) 0(1h HQWKlOW KlX¿J YHUZHQGHWH )XQNWLRQHQ XQG GLH DQGHUHQ 0HQV VLQG HQWVSUHFKHQG MHGHP =ZHFN NODVVL¿]LHUW -HGHV GLHVHU 0HQV ZLUG DXI JOHLFKH :HLVH EHGLHQW 'LH JUXQGOHJHQGHQ %HGLHQYRUJlQJH GLHVHU 0HQV VLQG ZLH IROJW 0(18 7DVWH
0XOWLIXQNWLRQVHLQVWHOOXQJHQ ˳'+0( /'0 (,1) 0HQ ,P (LQI 0HQ N|QQHQ GLH LQ GHU QDFKVWHKHQGHQ 7DEHOOH JHQDQQWHQ 9RUJlQJH DXVJHIKUW ZHUGHQ :lKOHQ 6LH HLQHQ *HJHQVWDQG PLW GHQ &XUVRUWDVWHQ Ÿ ź DP 3URMHNWRU RGHU DQ GHU )HUQEHGLHQXQJ 'DQQ YHUIDKUHQ 6LH HQWVSUHFKHQG GHU IROJHQGHQ 7DEHOOH ˳$+.&(14/#6˳˳˳˳˳˳˳˳˳ -';5610' 014/#. /1&75 *'..' -1064#56 (#4$' (̂610 ˳ 5%* 4(' 014/#. 56+../1&75 014/#. 52+')'. 4%-56 ˳˳˳ J (+.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ (,1) 0HQ )RUWVHW]XQJ (OHPHQW %HVFKUHLEXQJ 63,(*(/ 0LW GHQ 7DVWHQ Ż Ź ZLUG ]ZLVFKHQ GHQ 0RGL IU GHQ 6SLHJHOVWDWXV XPJHVFKDOWHW 6LHKH %HVFKUHLEXQJ YRQ 63,(*(/ LP 0HQ 6(783 5&.67 'XUFK $XVIKUHQ GLHVHV *HJHQVWDQGV ZHUGHQ DOOH *HJHQVWlQGH LP (,1) 0(1h DXVJHQRPPHQ ),/7(5 7,0(5 XQG 635$&+( (LQ 'LDORJ HUVFKHLQW ]XU %HVWlWLJXQJ :lKOHQ 6LH 5&.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ %,/' ˳/'0˳=4)$? ,P 0HQ %,/' N|QQHQ GLH LQ GHU QDFKVWHKHQGHQ 7DEHOOH ˳$+.& JHQDQQWHQ 9RUJlQJH DXVJHIKUW ZHUGHQ )KUHQ 6LH GLH ˳#$$+.&70) ˳'+0)$ )XQNWLRQHQ HQWVSUHFKHQG GHQ $QZHLVXQJHQ LQ GHU 7DEHOOH DXV ˳5'672 ˳$+.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ %,/' )RUWVHW]XQJ (OHPHQW %HVFKUHLEXQJ :lKOHQ 6LH HLQH )DUEWHPSHUDWXU PLW GHQ 7DVWHQŸ ź +2&+ Ù 0,77/( Ù 1,('5,* Ù ,1',9,'8 =XP (LQVWHOOHQ YRQ ,1',9,'8 'XUFK :lKOHQ YRQ ,1',9,'8 XQG DQVFKOLHHQGHV GUFNHQ GHU 7DVWH Ź RGHU (17(5 7DVWH ZLUG HLQ 'LDORJ ]XU +LOIH EHL GHU (LQVWHOOXQJ GHV 0RGXV 2))6(7 XQG RGHU *$,1 GHV 0RGXV ,1',9,'8 DQJH]HLJW )$5% 7(03 2))6(7 (LQVWHOOXQJHQ lQGHUQ GLH )DUELQWHQVLWlW D
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ %,/' )RUWVHW]XQJ (OHPHQW 352*5(66,9 %HVFKUHLEXQJ 0LW GHQ 7DVWHQ Ÿ ź ZLUG GHU 3URJUHVVLY 0RGXV XPJHVFKDOWHW )(516(+(5 Ù ),/0 Ù $86 'LHVH )XQNWLRQ DUEHLWHW QXU PLW HLQHP 6LJQDO LP =HLOHQVSUXQJYHUIDKUHQ IU GHQ 9,'(2 6 9,'(2 XQG &20321(17 9,'(2 (LQJDQJ PLW HLQHP L L RGHU L L 6LJQDO :HQQ )(516(+(5 RGHU ),/0 DXVJHZlKOW LVW ZLUG GDV %LOGVFKLUPELOG VFKlUIHU 'HU 0RGXV ),/0 LVW IU GDV 3XOO 'RZQ 6\VWHP IU GLH 8PZDQGOXQJ JHHLJQHW 'LH
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ $%%,/'81* ,P 0HQ $%%,/'81* N|QQHQ GLH LQ GHU QDFKVWHKHQGHQ 7DEHOOH JHQDQQWHQ 9RUJlQJH DXVJHIKUW ZHUGHQ :lKOHQ 6LH HLQHQ *HJHQVWDQG PLW GHQ &XUVRUWDVWHQ Ÿ ź DP 3URMHNWRU RGHU DQ GHU )HUQEHGLHQXQJ XQG GUFNHQ 6LH GLH &XUVRUWDVWH Ź DP 3URMHNWRU RGHU GHU )HUQEHGLHQXQJ RGHU GLH (17(5 7DVWH DQ GHU )HUQEHGLHQXQJ ]XP )RUWIDKUHQ 'DQQ YHUIDKUHQ 6LH HQWVSUHFKHQG GHU IROJHQGHQ 7DEHOOH (OHPHQW %,/')250$7 h%(56&$1 9 326,7 + 326,7 + 3+$6( ˳/'0˳=4)$? ˳$+.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ $%%,/'81* )RUWVHW]XQJ (OHPHQW %HVFKUHLEXQJ + *5 3DVVHQ 6LH GLH KRUL]RQWDOH *U|H PLW GHQ Ÿ ź 7DVWHQ DQ *UR Ù .OHLQ 6LH N|QQHQ GLHVHQ (LQWUDJ QXU EHL HLQHP 5*% 6LJQDO ZlKOHQ :HQQ 6LH IU GLHVH (LQVWHOOXQJ VHKU KRKH RGHU VHKU JHULQJH :HUWH ZlKOHQ ZLUG GDV %LOG P|JOLFKHUZHLVH QLFKW RUGQXQJVJHPl DQJH]HLJW 6HW]HQ 6LH LQ GLHVHQ )lOOHQ GLH (LQVWHOOXQJ ]XUFN LQGHP 6LH LP 9HUODXI GHV 9RUJDQJV GLH 7DVWH 5&.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ (,1*% ,P 0HQ (,1*% N|QQHQ GLH LQ GHU QDFKVWHKHQGHQ 7DEHOOH JHQDQQWHQ 9RUJlQJH DXVJHIKUW ZHUGHQ :lKOHQ 6LH HLQHQ *HJHQVWDQG PLW GHQ &XUVRUWDVWHQ Ÿ ź DP 3URMHNWRU RGHU DQ GHU )HUQEHGLHQXQJ XQG GUFNHQ 6LH GLH &XUVRUWDVWH Ź DP 3URMHNWRU RGHU GHU )HUQEHGLHQXQJ RGHU GLH (17(5 7DVWH DQ GHU )HUQEHGLHQXQJ ]XP )RUWIDKUHQ 'DQQ YHUIDKUHQ 6LH HQWVSUHFKHQG GHU IROJHQGHQ 7DEHOOH ˳/'0˳=4)$? ˳$+.& ˳#$$+.&70) ˳'+0)$ ˳5'672 ˳$+.&5%*+4/ ˳126 ˳'+0( /'0 ˳˳˳ 9 *.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ (,1*% )RUWVHW]XQJ (OHPHQW %HVFKUHLEXQJ 'XUFK :DKO GLHVHV *HJHQVWDQGV ZLUG HLQ 'LDORJ PLW GHP 7LWHO (,1*% ,1)250$7 DXIJHUXIHQ (U ]HLJW GLH ,QIRUPDWLRQ EHU GHQ DNWXHOOHQ (LQJDQJ ,1)250$7 'LH 0HOGXQJ )5$0( /2&.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ 6(783 ,P 0HQ 6(783 N|QQHQ GLH LQ GHU 7DEHOOH DXIJHIKUWHQ )XQNWLRQHQ DXVJHIKUW ZHUGHQ :lKOHQ 6LH HLQHQ *HJHQVWDQG PLW GHQ &XUVRUWDVWHQ Ÿ ź DP 3URMHNWRU RGHU DQ GHU )HUQEHGLHQXQJ XQG GUFNHQ 6LH GLH &XUVRUWDVWH Ź DP 3URMHNWRU RGHU GHU )HUQEHGLHQXQJ RGHU GLH (17(5 7DVWH DQ GHU )HUQEHGLHQXQJ ]XP )RUWIDKUHQ 'DQQ YHUIDKUHQ 6LH HQWVSUHFKHQG GHU IROJHQGHQ 7DEHOOH ˳/'0˳=4)$? ˳$+.& ˳#$$+.&70) ˳'+0)$ ˳5'672 ˳$+.&5%*+4/ ˳126 ˳'+0( /'0 ˳˳˳ 9 *.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ %,/'6&+,50 ,P 0HQ %,/'6&+,50 N|QQHQ GLH LQ GHU QDFKVWHKHQGHQ 7DEHOOH JHQDQQWHQ 9RUJlQJH DXVJHIKUW ZHUGHQ :lKOHQ 6LH HLQHQ *HJHQVWDQG PLW GHQ &XUVRUWDVWHQ Ÿ ź DP 3URMHNWRU RGHU DQ GHU )HUQEHGLHQXQJ XQG GUFNHQ 6LH GLH &XUVRUWDVWH Ź DP 3URMHNWRU RGHU GHU )HUQEHGLHQXQJ RGHU GLH (17(5 7DVWH DQ GHU )HUQEHGLHQXQJ ]XP )RUWIDKUHQ 'DQQ YHUIDKUHQ 6LH HQWVSUHFKHQG GHU IROJHQGHQ 7DEHOOH (OHPHQW ˳/'0˳=4)$? ˳$+.& ˳#$$+.&70) ˳'+0)$ ˳5'672 ˳$+.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ %,/'6&+,50 )RUWVHW]XQJ (OHPHQW %HVFKUHLEXQJ 67$57 9HUZHQGHQ 6LH GLH 7DVWHQ Ÿ ź XP DXI GHQ 0RGXV GHU 6WDUWDQ]HLJH XP]XVFKDOWHQ 'HU 67$57 %LOGVFKLUP ZLUG DQJH]HLJW ZHQQ HLQ XQ]XUHLFKHQGHV E]Z NHLQ 6LJQDO HUNDQQW ZLUG 0(,1 %,/' Ù 25,*,1$/ Ù $86 $OV 0(,1 %,/' N|QQHQ 6LH HLQHQ %LOGVFKLUP DXVZlKOHQ ZlKUHQG 25,*,1$/ GHQ YRUKDQGHQHQ 6WDQGDUGELOGVFKLUP EH]HLFKQHW :HQQ $86 DXVJHZlKOW LVW ZLUG 6&+:$5= YHUZHQGHW 1RWL] 8P GDV (LQEUHQQHQ GHV %LOGHV ]X YHUPHLGHQ
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ %,/'6&+,50 )RUWVHW]XQJ (OHPHQW %HVFKUHLEXQJ 0(/'81* 0LW GHQ 7DVWHQ Ÿ ź ZLUG GLH 0HOGXQJ )XQNWLRQ DXV HLQ JHVFKDOWHW (,1 Ù $86 :HQQ (,1 DXVJHZlKOW LVW VLQG GLH QDFKVWHKHQGHQ 0HOGXQJVIXQNWLRQHQ DNWLYLHUW $872 ,0 *$1*( ZlKUHQG GHU DXWRPDWLVFKHQ (LQVWHOOXQJ .
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ 237 ,P 0HQ 237 N|QQHQ GLH LQ GHU QDFKVWHKHQGHQ 7DEHOOH JHQDQQWHQ ˳/'0˳=4)$? 9RUJlQJH DXVJHIKUW ZHUGHQ ˳$+.& :lKOHQ 6LH HLQHQ *HJHQVWDQG PLW GHQ &XUVRUWDVWHQ Ÿ ź DP 3URMHNWRU RGHU ˳#$$+.&70) ˳'+0)$ ˳5'672 DQ GHU )HUQEHGLHQXQJ XQG GUFNHQ 6LH GLH &XUVRUWDVWH Ź DP 3URMHNWRU ˳$+.
0XOWLIXQNWLRQVHLQVWHOOXQJHQ 0HQ 237 )RUWVHW]XQJ (OHPHQW %HVFKUHLEXQJ 6(59,&( 'XUFK :DKO GLHVHV *HJHQVWDQGV ZLUG GDV 6(59,&( 0HQ DXIJHUXIHQ :lKOHQ 6LH HLQHQ *HJHQVWDQG PLW GHQ 7DVWHQ Ÿ ź XQG GUFNHQ 6LH GLH 7DVWH Ź RGHU GLH (17(5 7DVWH DQ GHU )HUQEHGLHQXQJ ]XP )RUWIDKUHQ *(%/ *(6&+ Ù $872 (,167 Ù *(,67(5%,/' Ù 7$67(163(55( Ù ),/7(50('81* Ù :(5.6 5h&.67 *(%/ *(6&+ 0LW GHQ 7DVWHQ Ÿ ź ZLUG GLH 'UHK]DKO GHU .
:DUWXQJ :DUWXQJ /DPSH :$5181* +2&+63$1181* +2+( 7(03(5$785 +2&+'58&. Ź'HU 3URMHNWRU LVW PLW HLQHU 4XHFNVLOEHUGDPSI +RFKGUXFNODPSH DXV *ODV DXVJHVWDWWHW 'LH /DPSH NDQQ PLW HLQHP ODXWHQ .
:DUWXQJ /DPSH )RUWVHW]XQJ (LQH /DPSH KDW HLQH EHJUHQ]WH 3URGXNWOHEHQVGDXHU %HL 9HUZHQGXQJ GHU /DPSH EHU OlQJHUH =HLW EHVWHKW GLH *HIDKU GDVV GLH %LOGHU GXQNOHU ZHUGHQ RGHU GHU )DUEWRQ VFKOHFKW ZLUG %HDFKWHQ 6LH GDVV MHGH /DPSH HLQH DQGHUH /HEHQVGDXHU KDW XQG PDQFKH /DPSHQ EHUHLWV NXU] QDFK GHU ,QEHWULHEQDKPH EHUVWHQ RGHU GXUFKEUHQQHQ N|QQHQ %HUHLWVWHOOXQJ HLQHU QHXHQ /DPSH XQG IUKHU $XVWDXVFK ZHUGHQ HPSIRKOHQ =XP %HUHLWVWHOOHQ HLQHU QHXHQ /DPSH ZHQGHQ 6LH VLFK DQ ,KUHQ )DFKKlQGOHU XQG JHE
:DUWXQJ /XIWÀOWHU :$5181* Ź9RU GHU :DUWXQJ VWHOOHQ 6LH VLFKHU GDVV GHU 1HW]VFKDOWHU LQ $XV 6WHOOXQJ LVW XQG GDV 1HW]NDEHO QLFKW HLQJHVWHFNW LVW XQG ZDUWHQ 6LH GDQQ ELV GHU 3URMHNWRU DXVUHLFKHQG DENKOW :DUWXQJ DP KHLHQ 3URMHNWRU NDQQ ]X HOHNWULVFKHQ 6FKOlJHQ 9HUEUHQQXQJHQ XQG RGHU )HKOIXQNWLRQHQ DP 3URMHNWRU IKUHQ Ź1XU GHQ /XIW¿OWHU GHV YRUJHVFKULHEHQHQ 7\SV YHUZHQGHQ 'HU 3URMHNWRU GDUI RKQH /XIW¿OWHU XQG )LOWHUDEGHFNXQJ QLFKW YHUZHQGHW ZHUGHQ 'LHV NDQQ ]X %UlQGHQ XQG RGHU )HKOIXQNWLRQHQ DP
:DUWXQJ /XIW¿OWHU )RUWVHW]XQJ 6HW]HQ 6LH HLQHQ 6WDXEVDXJHU DQ /XIW¿OWHU XQG )LOWHUJHKlXVH DQ (UVHW]HQ 6LH GHQ /XIW¿OWHU ZHQQ HU EHVFKlGLJW RGHU ]X VWDUN YHUVFKPXW]W LVW %ULQJHQ 6LH GHQ /XIW¿OWHU ZLHGHU LQ VHLQHU XUVSUQJOLFKHQ 6WHOOXQJ DQ 6LFKHUQ 6LH GHQ /XIW¿OWHU GXUFK $QGUFNHQ GHU VHFKV 6WHOOHQ .
:DUWXQJ 6RQVWLJH 3ÁHJH :$5181* Ź9RU GHU :DUWXQJ VWHOOHQ 6LH VLFKHU GDVV GHU 1HW]VFKDOWHU LQ $XV 6WHOOXQJ LVW XQG GDV 1HW]NDEHO QLFKW HLQJHVWHFNW LVW XQG ZDUWHQ 6LH GDQQ ELV GHU 3URMHNWRU DXVUHLFKHQG DENKOW :DUWXQJ DP KHLHQ 3URMHNWRU NDQQ ]X %UlQGHQ 9HUEUHQQXQJHQ XQG RGHU )HKOIXQNWLRQHQ DP 3URMHNWRU IKUHQ Ź9HUVXFKHQ 6LH NHLQH 7HLOH LP ,QQHUHQ GHV 3URMHNWRUV VHOEHU ]X ZDUWHQ 'DV LVW JHIlKUOLFK Ź/DVVHQ 6LH GHQ 3URMHNWRU QLFKW QDVV ZHUGHQ XQG VFKW]HQ 6LH LKQ YRU GHP (LQGULQJHQ YRQ )OVVLJNHLWHQ
)HKOHUVXFKH )HKOHUVXFKH 9HUZDQGWH 0HOGXQJHQ %HLP (LQVFKDOWHQ GHV *HUlWV N|QQHQ 0HOGXQJHQ ZLH GLH XQWHQ JH]HLJWHQ HUVFKHLQHQ :HQQ VROFKH 0HOGXQJHQ DXI GHP %LOGVFKLUP HUVFKHLQHQ YHUIDKUHQ 6LH ELWWH ZLH XQWHQ EHVFKULHEHQ :HQQ GLH JOHLFKH 0HOGXQJ QDFK GHU $EKLOIVPDQDKPH HUVFKHLQW RGHU ZHQQ HLQH DQGHUH 0HOGXQJ DOV HLQH GHU IROJHQGHQ HUVFKHLQW ZHQGHQ 6LH VLFK DQ ,KUHQ )DFKKlQGOHU RGHU GLH .
)HKOHUVXFKH ,QIRUPDWLRQHQ ]X GHQ $Q]HLJHODPSHQ ,Q GHU IROJHQGHQ 7DEHOOH ZLUG HUOlXWHUW ZHOFKH %HGHXWXQJHQ GDV /HXFKWHQ XQG %OLQNHQ GHU $Q]HLJHQ 32:(5 /$03 XQG 7(03 KDEHQ )KUHQ 6LH DQKDQG GHU (UOlXWHUXQJHQ LQ GHU 7DEHOOH GLH HQWVSUHFKHQGHQ 6FKULWWH DXV (UVFKHLQW GLH 0HOGXQJ QDFK ,KUHP 9HUVXFK GHQ )HKOHU ]X EHVHLWLJHQ HUQHXW RGHU HUVFKHLQW HLQH )HKOHUPHOGXQJ GLH KLHU QLFKW DXIJHIKUW LVW QHKPHQ 6LH .
)HKOHUVXFKH ,QIRUPDWLRQHQ ]X GHQ $Q]HLJHODPSHQ )RUWVHW]XQJ 32:(5 $Q]HLJH /$03 7(03 $Q]HLJH $Q]HLJH %HVFKUHLEXQJ 'HU /IWHU DUEHLWHW QLFKW %OLQNW 5RW RGHU 'HDNWLYLHUW /HXFKWHW 5RW %OLQNW 5RW %LWWH VFKDOWHQ 6LH GDV *HUlW XQG ODVVHQ HV PLQGHVWHQV 0LQXWHQ ODQJ DENKOHQ :HQQ GHU 3URMHNWRU DXVUHLFKHQG DEJHNKOW LVW EHVWlWLJHQ 6LH GDVV VLFK NHLQH )UHPGPDWHULDOLHQ LP /IWHU XVZ IHVWJHVHW]W KDEHQ XQG VFKDOWHQ 6LH GDV *HUlW ZLHGHU HLQ :HQQ GLH JOHLFKH $Q]HLJH QDFK GHU $EKLOIVPDQDKPH HU
)HKOHUVXFKH $Q]HLFKHQ GLH DXI NHLQH *HUlWHIHKOHU KLQZHLVHQ :$5181* Ź9HUZHQGHQ 6LH GHQ 3URMHNWRU QLH ZHQQ DQRUPDOH =XVWlQGH ZLH $XVWUHWHQ YRQ 5DXFK PHUNZUGLJH *HUFKH NHLQ %LOG NHLQ 7RQ ]X VWDUNHU 7RQ VFKDGKDIWH *HKlXVH %DXWHLOH RGHU .
)HKOHUVXFKH $Q]HLFKHQ GLH DXI NHLQH *HUlWHIHKOHU KLQZHLVHQ )RUWVHW]XQJ $Q]HLFKHQ )lOOH EHL GHQHQ NHLQ *HUlWHGHIHNW YRUOLHJW 'LH 6LJQDONDEHO VLQG QLFKW ULFKWLJ DQJHVFKORVVHQ 6FKOLHHQ 6LH GLH $XGLRNDEHO ULFKWLJ DQ 'LH 6WXPPVFKDOW )XQNWLRQ 087( DUEHLWHW =XP :LHGHUKHUVWHOOHQ GHV 7RQV GUFNHQ 6LH GLH 087( (V NRPPW NHLQ RGHU 92/80( 7DVWH DQ GHU )HUQEHGLHQXQJ 7RQ 'LH /DXWVWlUNH LVW VHKU QLHGULJ HLQJHVWHOOW 6WHOOHQ 6LH GLH /DXWVWlUNH PLW GHU 0HQIXQNWLRQ RGHU GHU )HUQEHGLHQXQJ DXI HLQHQ K|KHUHQ
)HKOHUVXFKH $Q]HLFKHQ GLH DXI NHLQH *HUlWHIHKOHU KLQZHLVHQ )RUWVHW]XQJ $Q]HLFKHQ )lOOH EHL GHQHQ NHLQ *HUlWHGHIHNW YRUOLHJW +HOOLJNHLW XQG RGHU .RQWUDVW VLQG VHKU QLHGULJ HLQJHVWHOOW 6WHOOHQ 6LH GLH +(//( XQG RGHU .
7HFKQLVFKH 'DWHQ 7HFKQLVFKH 'DWHQ +,1:(,6 bQGHUXQJHQ EHL WHFKQLVFKHQ 'DWHQ XQG 'HVLJQ EOHLEHQ RKQH 9RUDQNQGLJXQJ YRUEHKDOWHQ 3XQNW 3URGXNWEH]HLFKQXQJ *U|H (LQ]HOKHLWHQ )OVVLJNULVWDOOSURMHNWRU FP 7\S )OVVLJNULVW $QWULHEV\VWHP DOOIHOG %LOGSXQNWH]DKO 7)7 $NWLY 0DWUL[ 2EMHNWLY =RRPREMHNWLY ) ELV I ELV PP /DPSH : 8+% /DXWVSUHFKHU : [ 6WURPYHUVRUJXQJ :HFKVHOVWURP 9 $ :HFKVHOVWURP 9 $ 6WURPYHUEUDXFK : 7HPSHUDWXUEHUHLFK & EL
7HFKQLVFKH 'DWHQ 7HFKQLVFKH 'DWHQ )RUWVHW]XQJ
9RRUJHQRPHQ JHEUXLN /HHV YRRU JHEUXLN GH KDQGOHLGLQJ YDQ GLW DSSDUDDW JRHG GRRU 'H 00XOWLPHGLD 3URMHFWRUHQ ]LMQ RQWZLNNHOG JHPDDNW HQ JHWHVW YRRU JHEUXLN ELQQHQVKXLV LQ FRPELQDWLH PHW 0 ODPSHQ 0 SODIRQGVSHQGHODSSDUDWXXU HQORNDOH QRPLQDOH YROWDJHV +HW JHEUXLN YDQ DQGHUH YHUYDQJHQGH ODPSHQ JHEUXLN EXLWHQVKXLV RI DQGHUH YROWDJHV GLH QLHW ]LMQ JHWHVW NXQQHQGH UDQGDSSDUDWXXU YDQ GH SURMHFWRU EHVFKDGLJHQ HQ RI HHQ JHYDDUOLMNH ZHUNVLWXDWLH WRW JHYROJ KHEEHQ 0 0XOWLPHGLD SURMHFWRUV HQ :DQGVFKHUPV\VWHP