)RUP 1R 3UR/LQH FP 5HF\FOHUX ,, 0RWRUUDVHQPlKHU 0RGHOOQU ³ XQG GDUEHU %HGLHQXQJVDQOHLWXQJ *HUPDQ '
,QKDOW (LQOHLWXQJ 6LFKHUKHLW $OOJHPHLQH 6LFKHUKHLWV KLQZHLVH ]X 5DVHQPlKHUQ 6FKDOOGUXFNSHJHO 6FKDOOHLVWXQJVSHJHO 9LEUDWLRQVQLYHDX 6\PEROHUNOlUXQJ
1LHPDOV PlKHQ ZHQQ 0HQVFKHQ ³ LQVEHVRQGHUH .
9RU GHP (LQVDW] LPPHU NRQWUROOLHUHQ RE 6FKQLWW PHVVHU 6FKQLWWPHVVHUVFKUDXEHQ XQG 0lKZHUN QLFKW DEJHQXW]W RGHU EHVFKlGLJW VLQG $EJHQXW]WH RGHU EHVFKlGLJWH 6FKQLWWPHVVHU XQG 6FKUDXEHQ VDW]ZHLVH DXVWDXVFKHQ GDPLW GLH $XVZXFKWXQJ EHLEHKDOWHQ ZLUG %HLP 0RWRUVWDUW QLFKW YRU GHP $XVZXUINDQDO VWHKHQ $Q 0DVFKLQHQ PLW PHKUHUHQ 6FKQLWWPHVVHUQ GDUDQ GHQNHQ GD VLFK GXUFK 5RWDWLRQ HLQHV 6FKQLWWPHVVHUV DXFK DQGHUH 0HVVHU GUHKHQ N|QQHQ 1LHPDOV HLQHQ 5DVHQPlKHU KRFKKHEHQ RGHU WUDJHQ ZHQQ GHU 0RWRU OlXI
8P RSWLPDOH /HLVWXQJ XQG 6LFKHUKHLW ]X JHZlKUOHLVWHQ QXU 2ULJLQDO 7RUR (UVDW]WHLOH XQG =XEHK|UWHLOH NDXIHQ 1LFKW LUJHQGZHOFKH 7HLOH RGHU =XEHK|U QHKPHQ ZHLO VLH HLQ 6LFKHUKHLWVULVLNR GDUVWHOOHQ N|QQHQ 1LFKW LQ QDVVHP *UDV PlKHQ ZHLO 5XWVFKJHIDKU EHVWHKW :DUWXQJ XQG /DJHUXQJ 'DUDXI DFKWHQ GD DOOH 0XWWHUQ XQG 6FKUDXEHQ LQVEHVRQGHUH GLH 6FKQLWWPHVVHU %HIHVWLJXQJV VFKUDXEHQ IHVW VLW]HQ GDPLW GDV *HUlW LPPHU LQ VLFKHUHP %HWULHEV]XVWDQG LVW 6FKDOOGUXFNSHJHO 'DV *HUlW QLHPDOV PLW %HQ]LQ LP 7
\PEROHUNOlUXQJ :DUQGUHLHFN GDV 6\PERO LP 'UHLHFN EH]HLFKQHW HLQ 5LVLNR 'LH 6LFKHUKHLWVVFKLOGH QLFKW |IIQHQ RGHU DEQHKPHQ ZlKUHQG GHU 0RWRU OlXIW :DUQV\PERO 'HU URWLHUHQGH 0HVVHUEDONHQ NDQQ =HKHQ RGHU )LQJHU DEWUHQQHQ 9RP 0HVVHUEDONHQ IHUQ EOHLEHQ VRODQJH GHU 0RWRU OlXIW %HGLHQXQJVDQOHLWXQJ OHVHQ 8P EHL %HWULHE PLW %RGHQDXVZXUI HLQHQ 'HIHNW GHV 0HVVHUEDONHQV ]X YHUPHLGHQ HLQH %ODWWVWHLIH YHUZHQGHQ ZHQQ GHU 5DVHQPlKHU PLW HLQHP 9HUVFKOXVWRSIHQ DXVJHVWDWWHW LVW =X :DUWXQJVYHUIDKUHQ GDV WHFKQLVF
0RWRU DEVWHOOHQ EHYRU GLH %HGLHQXQJV SRVLWLRQ YHUODVVHQ ZLUG %DWWHULHODGH]XVWDQG %HWULHEVVWXQGHQ]lKOHU .UDIWVWRII 6FKQHOO 1HXWUDO /DQJVDP (UVWHU *DQJ $EQHKPHQG ]XQHKPHQG =ZHLWHU *DQJ 6FKPLHUVWHOOH 'ULWWHU *DQJ 0RWRUVWDUW 0lKZHUN *UXQGV\PERO 0RWRUVWRSS 0lKZHUN +|KHQHLQVWHOOXQJ &KRNH 6HLO ]LHKHQ
.DOWVWDUWKLOIH 5DG .
0RQWDJH 'D GHU 6WRSIHQ HWZDV EUHLWHU LVW DOV GLH gIIQXQJ GHV $XVZXUINDQDOV VROOWH GHU 6WRSIHQ EHLP (LQVHW]HQ HWZDV LP 8KU]HLJHUVLQQ JHGUHKW ZHUGHQ $EE 'DUDXI DFKWHQ GD GHU 3IHLO DQ GHU 6WRSIHQSODNHWWH QDFK REHQ ]HLJW +LQZHLV 'LH OLQNH XQG UHFKWH *HUlWHVHLWH ZHUGHQ YRQ GHU QRUPDOHQ %HGLHQXQJVSRVLWLRQ DXV HUPLWWHOW *ULIIVWDQJH 'LH *ULIIVWDQJH DQ GHU $XHQVHLWH GHV 0lKHUJHKlXVHV PLW PP [ PP [ µ .RSIVFKUDXEHQ 8QWHUOHJVFKHLEHQ XQG 6LFKHUXQJVPXWWHUQ PLW GQQHQ 1\ORQHLQ
$XIIOOHQ GHV .
*()$+5 327(17,(//( *()$+5 %HLP 7DQNHQ NDQQ VLFK XQWHU EHVWLPPWHQ %HGLQJXQJHQ HLQH VWDWLVFKH /DGXQJ DXIEDXHQ XQG GDV %HQ]LQ HQW]QGHQ :$6 .$11 3$66,(5(1 )HXHU RGHU ([SORVLRQHQ N|QQHQ 9HUOHW]XQJHQ XQG 6DFKVFKlGHQ YHUXUVDFKHQ :,( ',( *()$+5 9(50,('(1 :(5'(1 .
HLQIDFK GHQ )DKUDQWULHEVKHEHO JHJHQ GLH *ULIIVWDQJH DXI 3RVLWLRQ ´&µ GUFNHQ RKQH LKQ QDFK UHFKWV ]X VFKLHEHQ 0(66(5%$/.(1 6&+b5)(1 ³ -HGH 6DLVRQ PLW HLQHP VFKDUIHQ 0HVVHUEDONHQ EHJLQQHQ 5HJHOPlLJ .HUEHQ DXVIHLOHQ %HGLHQXQJVHOHPHQWH & %(',(181*6(/(0(17( $EE ³ *DVUHJOHU XQG *UXQGJHVFKZLQGLJNHLWVUHJOHU EHILQGHQ VLFK DQ GHU .
9HUZHQGXQJ GHV *UDVNRUEV )U EHVRQGHUV ODQJHV RGHU SSLJHV *UDV RGHU /DXE NDQQ GHU *UDVNRUE YHUZHQGHW ZHUGHQ 0RWRU DEVWHOOHQ XQG ZDUWHQ ELV DOOH 7HLOH VWLOOVWHKHQ 'DUDXI DFKWHQ GD GHU *ULII GHU $XVZXUINDQDOWU JDQ] YRUQH VWHKW XQG GHU 6WLIW LQ GHU 6SHUUH VLW]W $EE 0217$*( '(6 .25%6 ³ 'DV /RFK LP .RUEUDKPHQ DXI GHQ +DOWHSIRVWHQ DP $XVZXUINDQDO VFKLHEHQ $EE 'LH +LQWHUVHLWH GHV .RUEUDKPHQV DXI GLH +DOWHVWDQJH VHW]HQ P $EELOGXQJ 6WLIW LQ GHU .HUEH DP .
/((5(1 '(6 .25%6 ³ 0RWRU DEVWHOOHQ XQG ZDUWHQ ELV DOOH 7HLOH VWLOOVWHKHQ 'HQ *ULII GHU $XVZXUINDQDOWU DQKHEHQ XQG QDFK YRUQH EHZHJHQ XP GHQ 9HUULHJHOXQJVVWLIW LQ GHU 6SHUUH HLQ]XUDVWHQ $EE 'LH *ULIIH YRUQH XQG KLQWHQ DP .RUE JUHLIHQ XQG GHQ .RUE YRP 5DVHQPlKHU KHUXQWHUKHEHQ 'HQ .RUE ODQJVDP QDFK YRUQH NLSSHQ XP GLH *UDVUHVWH KHUDXV]XVFKWWHQ =XP HUQHXWHQ $QEULQJHQ GHV .
6FKQHLGHQ YRQ /DXE 'LH 0lKULFKWXQJ DEZHFKHOQ 'DGXUFK ZHUGHQ *UDVUHVWH IU HLQH JOHLFKPlLJH 'QJXQJ DXI GHP 5DVHQ YHUWHLOW 1DFK %HHQGLJXQJ GHU $UEHLW LPPHU GDUDXI DFKWHQ GD GHV 5DVHQV GXUFK GLH JHVFKQLWWHQH /DXEIOlFKH VLFKWEDU LVW 'DIU N|QQHQ HLQHU RGHU PHKUHUH 'XUFKJlQJH EHU GDV /DXE Q|WLJ VHLQ :HQQ GDV $XVVHKHQ GHV IHUWLJJHPlKWHQ 5DVHQV QLFKW ]XIULHGHQVWHOOHQG LVW NDQQ IROJHQGHV YHUVXFKW ZHUGHQ 'HQ 0HVVHUEDONHQ VFKlUIHQ )U HLQH OHLFKWH /DXEGHFNH DOOH 5lGHU DXI GLH JOHLFKH 6FKQL
.RPSRQHQWH -HGHU (LQVDW] 6WG :DUWXQJVWlWLJNHLW 'HQ 6FKDXPVWRIIYRUILOWHU DOOH %HWULHEVVWXQGHQ UHLQLJHQ /XIWILOWHU 6WG 6WG 6WG ; 'HQ 3DSLHUOXIWILOWHU DOOH %HWULHEVVWXQGHQ E]Z HLQPDO SUR -DKU UHLQLJHQ 'HQ )LOWHU DOOH %HWULHEVVWXQGHQ E]Z HLQPDO SUR -DKU DXVWDXVFKHQ EHL VWDXELJHQ (LQVDW]EHGLQJXQJHQ KlXILJHU ; 6FKQLWWPHVVHU 'DV 6FKQLWWPHVVHU VFKlUIHQ RGHU DXVWDXVFKHQ 'DV 0HVVHU KlXILJHU VFKlUIHQ ZHQQ GLH 6FKQHLGNDQWH EHL UDXKHQ RGHU VDQGLJHQ (LQVDW]EHGLQJXQJHQ VFKQHOO
9256,&+7 327(17,(//( *()$+5 :HQQ GDV .DEHO DQ GHU =QGNHU]H EOHLEW N|QQWH MHPDQG GHQ 0RWRU VWDUWHQ :$6 .$11 3$66,(5(1 :HQQ GHU 0RWRU YHUVHKHQWOLFK JHVWDUWHW ZLUG N|QQHQ VFKZHUH 9HUOHW]XQJHQ GLH )ROJH VHLQ :,( ',( *()$+5 9(50,('(1 :(5'(1 .$11 9RU :DUWXQJVDUEHLWHQ GDV .
6FKPXW] XQG *UDVUHVWH PLW HLQHP +DUWKRO]VFKDEHU EHVHLWLJHQ *UDWH XQG VFKDUIH .
'HQ *UXQGJHVFKZLQGLJNHLWVUHJOHU DXI 1HXWUDOSRVLWLRQ XQG VR ZHLW ]XUFN ZLH P|JOLFK EHZHJHQ 'LH .DEHOKDOWHVFKUDXEH O|VHQ $EE 'HQ 6FKDOWKHEHO QDFK UHFKWV ]LHKHQ ELV HU IHVW DP $QVFKODJ DP *HWULHEH OLHJW $EE 'DV .DEHO GXUFK GHQ .
PP l P $EELOGXQJ P 6FKPLHUQLSSHO 5LHPHQDEGHFNXQJ $EELOGXQJ 'HQ .
'HQ 3DSLHUOXIWILOWHU DEQHKPHQ XQG ZHJZHUIHQ $EE :,&+7,* 1LFKW YHUVXFKHQ HLQHQ 3DSLHUILOWHU ]X UHLQLJHQ (LQHQ QHXHQ 3DSLHUILOWHU LQVWDOOLHUHQ 'HQ 6FKDXPVWRIIYRUILOWHU DQ HLQHP QHXHQ 3DSLHUOXIWILOWHU DQEULQJHQ 'HQ NRPSOHWWHQ /XIWILOWHU LQVWDOOLHUHQ 'LH $EGHFNXQJ DQEULQJHQ XQG PLW GHU 6FKUDXEH EHIHVWLJHQ ,QVSHNWLRQ $XVEDX 6FKlUIHQ GHV 0HVVHUEDONHQV ,PPHU PLW HLQHP VFKDUIHQ 0HVVHUEDONHQ PlKHQ (LQ VFKDUIHV 0HVVHU VFKQHLGHW VDXEHU RKQH GLH *UDVKDOPH DE]XUHLHQ RGHU ]X
6&+b5)(1 '(6 0(66(5%$/.(16 ³ 0LW HLQHU )HLOH GLH 2EHUVHLWH GHV 0HVVHUEDONHQV VR VFKlUIHQ GD GHU XUVSUQJOLFKH 6FKQLWWZLQNHO EHLEHKDOWHQ ZLUG $EE 'HU 0HVVHUEDONHQ EOHLEW DXVJHZXFKWHW ZHQQ YRQ EHLGHQ 6FKQHLGNDQWHQ GLH JOHLFKH 0DWHULDOPHQJH HQWIHUQW ZLUG .
HPSIHKOHQVZHUW GHQ 6FKLOG ]X UHLQLJHQ ZHQQ GHU 0HVVHUEDONHQ JHVFKlUIW ZLUG ZHLO ]XP $XVEDX GHV 6FKLOGV GHU 0HVVHUEDONHQ HQWIHUQW ZHUGHQ PX 'LH .DEHONOHPPVFKUDXEH O|VHQ ELV GHU %UHPVNDEHOVFKODXFK UXWVFKW $EE $P .DEHO ]LHKHQ XP 'XUFKKDQJ ]X EHVHLWLJHQ DEHU QLFKW GLH )HGHU XQWHU 6SDQQXQJ VHW]HQ 'LH 6FKUDXEH DQ]LHKHQ XP GLH (LQVWHOOXQJ ]X VLFKHUQ 'HQ 0RWRU DEVWHOOHQ XQG ZDUWHQ ELV DOOH 7HLOH VWLOOVWHKHQ 'DV .DEHO YRQ GHU =QGNHU]H DE]LHKHQ $EE 'DV %HQ]LQ DXV GHP .
$EODVVHQ GHV %HQ]LQV XQG 5HLQLJXQJ GHV .UDIWVWRIILOWHUV 'HQ .UDIWVWRIILOWHUHLQVDW] DOOH %HWULHEVVWXQGHQ UHLQLJHQ 'HQ 0RWRU DEVWHOOHQ XQG ZDUWHQ ELV HU VLFK DEJHNKOW KDW :,&+7,* %HQ]LQ QXU YRQ HLQHP NDOWHQ 0RWRU DEODVVHQ 'HQ .UDIWVWRIIVFKODXFK DEQHKPHQ 'D]X GLH 6FKODXFKNOHPPH DP 9HUJDVHU O|VHQ $EE $EELOGXQJ .UDIWVWRIIVFKODXFK .UDIWVWRIILOWHU 'HQ .UDIWVWRIILOWHU PLW HLQHP /|VXQJVPLWWHO PLW KRKHP )ODPPSXQNW UHLQLJHQ )LOWHU 6FKOlXFKH XQG .
5HLQLJXQJ GHV .KOV\VWHPV :DUWXQJ GHU 5lGHU 1DFK MHZHLOV %HWULHEVVWXQGHQ PLW HLQHU %UVWH RGHU PLW 'UXFNOXIW YRQ =\OLQGHU =\OLQGHUNRSIULSSHQ 9HUJDVHU XQG *HVWlQJHEHUHLFK 6FKPXW] XQG 0lKJXWDEODJHUXQJHQ HQWIHUQHQ $XHUGHP )UHPGN|USHU YRQ GHQ /XIWHLQODVFKOLW]HQ DP 5FNVSXOVWDUWHUJHKlXVH EHVHLWLJHQ 6R ZHUGHQ ULFKWLJH .
'DV 5DG PLW .RSIVFKUDXEHQ $EVWDQGVVWFN XQG 6LFKHUXQJVPXWWHU ZLHGHU DP $FKV]DSIHQ DQEULQJHQ 'DUDXI DFKWHQ GD GDV $EVWDQGVVWFN ]ZLVFKHQ 5DGQDEH XQG $FKV]DSIHQ NRPPW $EE 'LH $XVULFKWXQJ DOOHU 7HLOH NRQWUROOLHUHQ XQG GLH 6FKUDXEHQ YRQ HLQHU 6HLWH ]XU DQGHUHQ ZHFKVHOQG JOHLFKPlLJ DQ]LHKHQ ELV GLH 5DGKlOIWHQ ]XVDPPHQJH]RJHQ ZHUGHQ .
352%/(0 $XVZXUINDQDO YHUVWRSIW 0$1$+0( 6FKQLWWK|KH K|KHU VWHOOHQ *UDV YRU GHP 0lKHQ WURFNQHQ ODVVHQ 8QWHUVHLWH GHV 5DVHQPlKHUGHFNV UHLQLJHQ 6HOEVWDQWULHE GHV 5DVHQPlKHUV IXQNWLRQLHUW QLFKW 6HOEVWDQWULHEVNDEHO QDFKVWHOOHQ )UHPGN|USHU XQWHU GHU 5LHPHQDEGHFNXQJ EHVHLWLJHQ /DJHUXQJ 'HQ 0RWRU IQI 0LQXWHQ ODQJ ODXIHQ ODVVHQ XP GHQ VWDELOLVLHUWHQ .UDIWVWRII LP .UDIWVWRIIV\VWHP ]X YHUWHLOHQ =XU 9RUEHUHLWXQJ GHV 5DVHQPlKHUV ]XU /DJHUXQJ DXHUKDOE GHU 6DLVRQ GLH HPSIRKOHQHQ :DUWXQJV
*UDV XQG 6FKPXW] YRQ GHQ $XHQWHLOHQ GHV 0RWRUV GHQ 6FKXW]EOHFKHQ XQG GHU 2EHUVHLWH GHV 5DVHQPlKHUJHKlXVHV EHVHLWLJHQ 'HQ =XVWDQG GHV 6FKQLWWPHVVHUV NRQWUROOLHUHQ 6LHKH ,QVSHNWLRQ $XVEDX 6FKlUIHQ GHV 6FKQLWWPHVVHUV DXI 6HLWH $OOH 0XWWHUQ XQG 6FKUDXEHQ IHVW]LHKHQ 'LH *HOHQNDUPH XQG GDV *HWULHEH VFKPLHUHQ 6LHKH 6FKPLHUXQJ DXI 6HLWH XQG 6FKPLHUXQJ GHV *HWULHEHV DXI 6HLWH 'HQ 6FKLOG GHU 6FKQLWWPHVVHUEUHPVHQNXSSOXQJ UHLQLJHQ 6LHKH 5HLQLJXQJ GHV 6FKLOGV GHU 6FKQLWWPHVVHUEUHPVHQNXSS
