)250 12 ' 5(9 $ 3RZHU 6KLIWX XQG 6FKQHHIUlVHQ 0RGHOO XQG GDUEHU 0RGHOO XQG GDUEHU *HEUDXFKV $QZHLVXQJ
$EELOGXQJHQ 7\SHQVFKLOG PLW 0RGHOO XQG 6HULHQQXPPHU 8QWHUH 5LHPHQDEGHFNXQJ YRQ XQWHQ JHVHKHQ %HIHVWLJXQJV]XQJHQ %XQGVFKUDXEH 5lXPZHUNJHKlXVH 6SDQQUROOHQVDW] 0RWRUUDKPHQ %HIHVWLJXQJVVFKUDXEHQ *HEOlVH 5LHPHQVFKHLEH L 2EHUH 5LHPHQDEGHFNXQJ .DEHOGHFNH .7KH 7RUR &RPSDQ\ 5HY $OOH 5HFKWH YRUEHKDOWHQ %XQGVFKUDXEH 3ULQWHG LQ 86$
$XVZXUI $XVZXUIKDOWHSODWWH $XVZXUIKDOWHU DXV $XVZXUIULQJ .XQVWVWRII 6FKDOWVWDQJH %HIHVWLJXQJVPXWWHU .
6FKUIOHLVWH 6LFKHUXQJVVFKUDXEH 6FKQHLGHPHVVHU GHU 6FKQHFNH $EODVWRSIHQ )ODQVFKERO]HQ %HIHVWLJXQJVPXWWHU .
5lXUQZHUN *HEOlVH 6WHX 6SHHG 6KLIW 6WHXHUXQJ HUXQJ =QGVFKDOWHU $XVZXUIVFKZHQNNXUEHO )DKUDQWULHEVKHEHO .UDIWVWRII $EVSHUUYHQWLO 6FKODXFKNOHPPH .
6FKHLQZHUIHU HIHVWLJXQJVPXWWHU 'UXFNNQRSIVFKDOWHU $FKVHQVWLIW ,QQHUHV $FKVHQORFK XQG 5DGQDEH Y bXHUHV $FKVHQORFK $QWULHEVNHWWH
5lXPZHUN *HEOlVH %HIHVWLJXQJVKDOWHU .DEHO lXHUHV .DEHO *HJHQPXWWHU )DKUDQWULHEVNDEHO $EODNDSSH LQQHUHV .
6SDQQUROOHQVDW] %XQGVFKUDXEH *HWULHEH *HWULHEHUDKPHQ 5lXPZHUN *HEOlVH 5LHP )DKUDQWULHEVULHPHQ HQ .RSIVFKUDXEH XQG 6LFKHUXQJVVFKHLEH 0LWWOHUHU 5ROOHQDEVFKQLWW +DOEULHPHQVFKHLEH 6SDQQUROOH PP ELV PP %LHJXQJ YLL .
9HUJDVHUKHL]JHKlXVH 6HFKVNDQWVFKUDXEH +DXSWHLQVWHOOVFKUDXEH $XVSXIIVFKXW]YRUULFKWXQJ &KRNH .QRSI /HHUODXIOXIWVFKUDXEH .
,QKDOWVYHU]HLFKQLV (LQOHLWXQJ 6LFKHUKHLWVKLQZHLVH 9RU ,QEHWULHEQDKPH :lKUHQG 'HV %HWULHEHV :DUWXQJ 'HU 6FKQHHIUlVH 6FKDOOGUXFNSHJHO 6FKDOOLQWHQVLWlWVSHJHO 9LEUDWLRQVLQWHQVLWlW 6\PEROYHU]HLFKQLV
GHP QHXHVWHQ 6WDQG GHU 7HFKQLN HQWVSUHFKHQ WUDJHQ 6LH GLH 9HUDQWZRUWXQJ IU GHQ RUGQXQJVJHPlHQ XQG VLFKHUHQ %HWULHE GHV 3URGXNWHV 6LH VLQG DXFK IU GLH 8QWHUZHLVXQJ YRQ 3HUVRQHQ YHUDQWZRUWOLFK GDV 3URGXNW VLFKHU ]X EHGLHQHQ 'LHVHV +DQGEXFK HQWKlOW 7RUR :DUQKLQZHLVH GLH DXI P|JOLFKH *HIDKUHQ KLQZHLVHQ VRZLH EHVRQGHUH 6LFKHUKHLWVKLQZHLVH XP 6LH XQG DQGHUH YRU .
%HLGH .XIHQ VR HLQVWHOOHQ GD GDV 5lXPJHKlXVH NHLQH %HUKUXQJ PLW .LHV RGHU 6FKRWWHUIOlFKHQ EHNRPPW 'HQ 6SHHG 6KLIW +HEHO LQ GLH /HHUODXIVWHLOXQJ 1 EULQJHQ XQG VLFKHUVWHOOHQ GD GLH 6FKDOWKHEHO IU 6FKQHFNH XQG 6HOEVWIDKUDQWULHE 5DGDQWULHE LQ GHU DXVJHNRSSHOWHQ 6WHOOXQJ VLQG EHYRU GHU 0RWRU JHVWDUWHW ZLUG ,PPHU HLQHQ JHHUGHWHQ 'UHLDGHU 6WHFNHU XQG .
'HQ $XVZXUI QLH JHJHQ XPVWHKHQGH 3HUVRQHQ 9HUJODVXQJHQ .
=XP =HLWSXQNW GHU +HUVWHOOXQJ HUIOOWH RGHU EHUWUDI GLH 6FKQHHIUlVH GLH HLQVFKOlJLJHQ JHOWHQGHQ 23(O 6LFKHUKHLWVQRUPHQ IU 6FKQHHIUlVHQ 8P RSWLPDOH 6LFKHUKHLW XQG /HLVWXQJ ]X JHZlKUOHLVWHQ VROOWH PDQ QXU 2ULJLQDO 7252 (UVDW]WHLOH XQG =XEHK|U NDXIHQ VR GD GDV *HUlW GXUFK XQG GXUFK HLQ 7252 EOHLEW 1,( (,1 (56$7=7(,/ 2'(5 =8%(+g5 9(5:(1'(1 '$6 ´6&+21 3$66(1 :,5'µ $XV 6LFKHUKHLWVJUQGHQ QXU YRQ 7252 HPSIRKOHQHV =XEHK|U XQG =XVDW]WHLOH YHUZHQGHQ XP VRPLW GLH GDXHUQGH 6LFKHUKHLWV]XODVVXQJ GHV 3U
925 '(5 ,1%(75,(%1$+0( 9RU ,QEHWULHEQDKPH GHU 6FKQHHIUlVH PVVHQ 6LH GHQ ,QKDOW GHV YRUOLHJHQGHQ +DQGEXFKV JHOHVHQ XQG YHUVWDQGHQ KDEHQ 0DFKHQ 6LH VLFK PLW DOOHQ %HGLHQHOHPHQWHQ YHUWUDXW XQG SUlJHQ 6LH VLFK HLQ ZLH PDQ GHQ 0RWRU VFKQHOO DEVWHOOW 9256,&+7 816$&+*(0b66(5 *(%5$8&+ .$11 =8 9(5/867 921 ),1*(51 +b1'(1 2'(5 )h66(1 )h+5(1 *()$+5 +,17(5 '(5 g))181* %(),1'(7 6,&+ (,1(0 $%67$1' 921 )h1) =(17,0(7(51 (,1 6&+1(// 527,(5(1'( 6&+1(&.
6\PEROYHU]HLFKQLV *HIDKU]HLFKHQ GDV LP 'UHLHFN GDUJHVWHOOWH 6\PERO ZHLVW DXI HLQH *HIDKU KLQ 6LFKHUKHLWVYRUULFK WXQJHQ QLFKW |IIQHQ RGHU HQWIHUQHQ ZlKUHQG GHU 0RWRU OlXIW *HIDKU]HLFKHQ 6LFKHUHQ $EVWDQG YRQ GHU 0DVFKLQH HLQKDOWHQ %HGLHQHU +DQGEXFK OHVHQ 6LFKHUKHLWVDEVWDQG ]XU 0DVFKLQH KDOWHQ HLQVWXILJHU 6FKQHHSIOXJ =XU ULFKWLJHQ 'XUFKIKUXQJ YRQ :DUWXQJVDUEHLWHQ LP WHFKQLVFKHQ +DQGEXFK QDFKVHKHQ 6LFKHUKHLWVDEVWDQG ]XU 0DVFKLQH KDOWHQ ]ZHLVWXILJHU 6FKQHHSIOXJ 9RU :DUWXQJV RGHU 5HSDUDWXUDU
9HUOHW]XQJHQ DQ )LQJHUQ RGHU +DQG ,PSHOOHUEODWW (OHNWURVWDUW +HLH )OlFKHQ 9HUEUHQQXQJHQ DQ )LQJHUQ RGHU +lQGHQ .RQWUROOYHUOXVW EHU GLH 0DVFKLQH KDQJDXIZlUWV bW]HQGH )OVVLJNHLWHQ 9HUlW]XQJHQ DQ )LQJHUQ RGHU +lQGHQ .RQWUROOYHUOXVW EHU GLH 0DVFKLQH KDQJDEZlUWV %DWWHULH QLFKW NLSSHQ 5DGDQWULHE 7URFNHQ KDOWHQ 6FKQHHSIOXJ .
(LQ 6WDUW &KRNH $XV 6WRSS 'UHK]DKO *DV 6FKQHOO 1HXWUDO /DQJVDP 6FKQHHSIOXJPHFKDQ LVPXV =XQHKPHQG DEQHKPHQG 6SHUUH 0RWRU VWDUWHQ 6SHUUH JHO|VW 0RWRU DEVWHOOHQ +HEHOEHWlWLJXQJ 6FKQHHSIOXJ $XVZXUIULFKWXQJ +HEHOEHWlWLJXQJ '
3ULPHU 6WDUWKLOIH 8QYHUEOHLWHU .
/RVH 7HLOH %HQHQQXQ $Q]DKO =ZHFN .RSIVFKUDXEH [ µ OJ 8QWHUH 5LHPHQDEGHFNXQJ .RSIVFKUDXEH [ µ OJ .DEHODEGHFNXQJ 6FKDOWVWDQJH 6LFKHUXQJVVFKHLEH $XVZXUI 6FKQHFNHQJHWULHEH *HWULHEHKDOWHUXQJ 6FKORVFKUDXEH [ µ OJ 8QWHUOHJVFKHLEH %HIHVWLQJXQJVPXWWHU .XIH .
0RQWDJHKLQZHLVH +LQZHLV /LQNV XQG UHFKWV YHUVWHKW VLFK YRQ GHU %HGLHQXQJVVHLWH GHU 6FKQHHIUlVH DXV JHVHKHQ 0RQWLHUHQ 'HV 5lXPJHWULHEHJHKlXVHV 6FKDOWVWDQJH (LQEDXHQ $EE 2EHUHQ 6FKDOWVWDQJHQNXJHOJHOHQNERO]HQ GXUFK 9RUGHUVHLWH GHU 6FKDOWKDOWHUXQJ HLQVHW]HQ XQG PLW 6LFKHUXQJVPXWWHU VLFKHUQ +LQZHLV 'LH 6FKDOWVWDQJH VR SRVLWLRQLHUHQ GD GHU JHERJHQH 7HLO QDFK KLQWHQ ]X OLHJW 8QWHUHQ 6FKDOWVWDQJHQNXJHOJHOHQNERO]HQ GXUFK UHFKWH 6HLWH GHV *HWULHEHKHEHOV HLQVHW]HQ XQG PLW 6LFKHUXQJVPXWWHU VLFKHUQ
'LH $XVZXUIKDOWHU DQ GHU UHFKWHQ 6HLWH JHJHQ GHQ PLW 6FKDOWVFKOLW] YHUVKHQHQ $XVZXUI VFKLHEHQ XQG 0DVFKLQHQVFKUDXEH DQ]LHKHQ 6LFK EHU]HXJHQ GD $XVZXUI XQEHKLQGHUW DP 5LQJ URWLHUW )DOOV $XVZXUI NOHPPW UHFKWHQ $XVZXUIKDOWHU QDFK DXHQ EHZHJHQ XP %HWULHE ]X HUOHLFKWHUQ 6FKQHHIUlVH DXI HLQHU IODFKHQ 2EHUIOlFKH KLQVWHOOHQ XQG SUIHQ RE GLH 6FKUIOHLVWH $EE SDUDOOHO ]XP %RGHQ LVW :HQQ QLFKW 6FKUIOHLVWH HLQVWHOOHQ 6LHKH GD]X (LQVWHOOXQJ GHU 6FKUIOHLVWH DXI 6HLWH 'LH )ODQVF
5lXPJHWULHEHJHKlXVH|O .
)OOHQ 'HV .UDIWVWRIIWDQNV 0LW %HQ]LQ /HEHQVGDXHU GHU =QGNHU]HQ 'DV 9HUZHQGHQ YRQ 6XSHUNUDIWVWRII LVW ZHGHU HUIRUGHUOLFK QRFK ZLUG HV HPSIRKOHQ +LQZHLV 1,( 0(7+$12/ (,1 0(7+$12/ %(1=,1*(0,6&+ *$62+2/ 0,7 0(+5 $/6 (7+$12/ 2'(5 /(,&+7%(1=,1 %(187=(1 '$ %(O ',(6(1 672))(1 02725%(6&+b',*81*6*()$ +5 %(67(+7 0g*/,&+( *()$+5(148(//(1 %HQ]LQ LVW lXHUVW HQW]QGOLFK XQG NDQQ XQWHU JHZLVVHQ %HGLQJXQJHQ H[SORGLHUHQ :$6 3$66,(5(1 .
'DV )DVVXQJVYHUP|JHQ GHV .UDIWVWRIIWDQNV EHWUlJW TXDUWV O %HWULHE %HGLHQXQJVHOHPHQWH 5lXPZHUNNXSSOXQJVKHEHO $EE 'LHVHU +HEHO KDW ]ZHL 6WHOOXQJHQ (1 XQG $86 =XP (LQVFKDOWHQ GHV 5lXPZHUNV XQG *HEOlVHV GHQ +HEHO ]XP OLQNHQ *ULIIKROP GUFNHQ 8P GHQ $QWULHE ]X VWRSSHQ GHQ +HEHO ORVODVVHQ )DKUDQWULHEVKHEHO $EE 8P GHQ 6HLEVWDQWULHE 5DGDQWULHE HLQ]XVFKDOWHQ RGHU GDV 3RZHU 6KLIW 6\VWHP ]X EHWlWLJHQ PX GHU +HEHO JHJHQ GHQ OLQNHQ +DOWHJULII JHGUFNW ZHUGHQ 8P GHQ 6HOEVWDQWULHE DXV]XVFKDOW
'LH 6SHHG 6KLIW 6WHXHUXQJ LQ GLH /HHUODXIVWHOOXQJ 1 XQG GLH 'URVVHO DXW ´VFKQHOOµ )$67 VWHOOHQ $EE 'HQ 0RWRU HLQH :HLOH ODXIHQ ODVVHQ XP )HXFKWLJNHLW GLH VLFK LP 0RWRU DQJHVDPPHOW KDW ]X WURFNQHQ 6LFKHUVWHOOHQ GD GLH %HGLHQXQJVKHEHO IU GLH 6FKQHFNH GDV *HEOlVH XQG GHQ 6HOEVWDQWULHE LQ GHU DXVJHNRSSHOWHQ 6WHOOXQJ VLQG 'HQ %HQ]LQKDKQ XQWHU GHP .
+LQZHLV 'LH +DQGJULIIH EHLP 8PVFKDOWHQ OHLFKW DQKHEHQ GDPLW VLFK GLH 5lGHU OHLFKWHU YHUVWHOOHQ N|QQHQ 0g*/,&+( *()$+5(148(//(1 (V EHVWHKW 9HUOHW]XQJVJHIDKU GXUFK URWLHUHQGH *HEOlVHUlGHU RGHU 6FKQHFNHQZDO]HQ +LQZHLV :HQQ GHU 0RWRU QLFKW OlXIW ZHUGHQ GLH 5lGHU PDQXHOO YHUVWHOOW LQGHP 6FKULWWH XQG EHIROJW ZHUGHQ $QVFKOLHHQG GLH +DQGJULIIH DQKHEHQ XP GLH 5lGHU ]X HQWVSHUUHQ :$6 3$66,(5(1 .
EHZHJHQGHQ 7HLOH ]XP 6WLOOVWDQG JHNRPPHQ VLQG (UVW GDQQ NRQWUROOLHUHQ RE 7HLOH IHVWJHIURUHQ VLQG .
/RFNHUQ 6LH GLH )ODQVFKERO]HQ GLH GLH EHLGHQ *OHLWNXIHQ PLW GHQ 6FKQHFNHQVHLWHQSODWWHQ YHUELQGHQ (LQVWHOOXQJ GHU 6FKUIOHLVWH SUIHQ GDPLW GLH 6FKQHFNH GHQ $VSKDOW QLFKW EHUKUW 6LHKH GD]X (LQVWHOOXQJ GHU 6FKUIOHLVWH DXI 6HLWH 5lGHU LQ GLH +,17(5( 3RZHU 6KLIW 6WHOOXQJ EULQJHQ 6FKUIOHLVWH KRFKEULQJHQ GDPLW VLH PP REHUKDOE GHU HEHQHQ 2EHUIOlFKH LVW ZHQQ GLH 6FKQHHIUlVH DXI JODWWHP $VSKDOW YHUZHQGHW ZHUGHQ VROO +LQZHLV 'HU $EVWDQG ]ZLVFKHQ 6FKUWOHLVWH XQG %RGHQ VROOWH
327(17,(//( *()$+5 %HQ]LQ LVW OHLFKW HQW]QGOLFK 'DV .DEHO YRQ GHU =QGNHU]H DE]LHKHQ XQG VLFKHUVWHOOHQ GD HV GLH =QGNHU]H QLFKW YHUVHKHQWOLFK EHUKUW :$6 3$66,(5(1 .
QHXHU DQJHVFKDIIW ZHUGHQ :(11 (,1 1(8(5 5,(0(1 (,1*(6(7=7 :,5' ,67 (,1( (,167(//81* (5)25'(5/,&+ 185 7252 (56$7=7(,/( 9(5:(1'(1 'DV .DEHO YRQ GHU =QGNHU]H DE]LHKHQ XQG VLFKHUVWHOOHQ GD HV GLH =QGNHU]H QLFKW YHUVHKHQWOLFK EHUKUW 'LH GUHL GLH 5LHPHQDEGHFNXQJ DP 0RWRUUDKPHQ EHIHVWLJHQGHQ .RSIVFKUDXEHQ HQWIHUQHQ XQG GLH $EGHFNXQJ DXI GHQ .
(LQVWHOOHQ 'HV )DKUDQWULHEVULHPHQV $EE 'DV .DEHO YRQ GHU =QGNHU]H DE]LHKHQ XQG VLFKHUVWHOOHQ GD HV QLFKW YHUVHKHQWOLFK PLW GHU .HU]H LQ %HUKUXQJ NRPPHQ NDQQ )DOOV VLFK GLH 5lGHU QLFKW GUHKHQ ZHQQ GHU )DKUDQWULHEV KHEHO KHUXQWHUJHGUFNW ZLUG VROOWH GLH 6SDQQXQJ DXI GHP )DKUDQWULHEVULHPHQ HUK|KW ZHUGHQ :HQQ GHU 5LHPHQ DXVJHWDXVFKW ZLUG LVW HLQH (LQVWHOOXQJ HUIRUGHUOLFK 'LH GUHL %XQGVFKUDXEHQ GLH GLH 5LHPHQDEGHFNXQJ IHVWKDOWHQ DEVFKUDXEHQ XQG GLH 5LHPHQDEGHFNXQJ DXI GHQ .
327(17,(//( *()$+5 815,&+7,*( (,167(//81* .$11 =8 9(5/(7=81*(1 )h+5(1 )$//6 '$6 5$80:(5. *(%/b6( 6,&+ '5(+7 :(11 (6 (17.833(/7 ,67 6LFKHUVWHOOHQ GD GLH 5lGHU LQ GHU KLQWHUHQ (LQVWHOOXQJ VLQG GDQQ 6FKDOWKHEHO DXI GHQ ]ZHLWHQ *DQJ VWHOOHQ XQG GLH 6FKQHHIUlVH QDFK YRUQH DXI GLH 9RUGHUVHLWH GHV *HKlXVHV GHU 6FKQHFNH NLSSHQ :LFKWLJ :$6 3$66,(5(1 .$11 527,(5(1'(6 *(%/b6( 2'(5 527,(5(1'( 6&+1(&.( .
(LQVWHOOHQ 'HV 9HUJDVHUV $EE 327(17,(//( *()$+5 'HU 0RWRU PX ODXIHQ XP HLQH HQGJOWLJH (LQVWHOOXQJ GHV 9HUJDVHUV YRUQHKPHQ ]X N|QQHQ 'HU 9HUJDVHU ZXUGH LP :HUN HLQJHVWHOOW DEHU HLQH 1DFKVWHOOXQJ N|QQWH JHOHJHQWOLFK QRWZHQGLJ VHLQ :$6 3$66,(5(1 .$11 :HQQ GLH 6FKQHHIUlVH LQ %HWULHE LVW N|QQHQ VLFK GDV *HEOlVHUDG XQG GLH :DO]H GUHKHQ .
+LQZHLV 1DFK MHGHU 9HUVWHOOXQJ XP *DQJ HLQLJH 6HNXQGHQ ZDUWHQ VR GD GHU 0RWRU DXI GLH QHXH *HPLVFKHLQVWHOOXQJ UHDJLHUHQ NDQQ 'LH 'URVVHO QDFK KLQWHQ DXI /HHUODXI EULQJHQ 'DQQ GLH /HHUODXIHLQVWHOOVFKUDXEH GUHKHQ ELV GHU 0RWRU VFKQHOOHQ /HHUODXI KDW 8 PLQ 'LH /HHUODXIOXIWVFKUDXEH XP MHZHLOV *DQJ QDFK UHFKWV HLQGUHKHQ ELV GHU 0RWRU LQIROJH PDJHUHU *HPLVFKHLQVWHOOXQJ ]X VWRWWHUQ EHJLQQW 'DQQ GLH 6FKUDXEH XP MHZHLOV *DQJ QDFK OLQNV KHUDXVGUHKHQ ELV GHU 0RWRU LQIROJH IHWWHU *H
'HQ .UDIWVWRII RUGQXQJVJHPl HQWVRUJHQ 1DFK GHQ MHZHLOV JHOWHQGHQ %HVWLPPXQJHQ GHP 5HF\FOLQJ ]XIKUHQ 67$%,/,6,(57(1 .UDIWVWRII 1,&+7 OlQJHU DOV 7DJH ODJHUQ 'LH =QGNHU]H KHUDXVVFKUDXEHQ XQG ]ZHL 7HHO|IIHO 0RWRU|O GXUFK GLH .HU]HQ|IIQXQJ LQ GHQ =\OLQGHU JLHHQ 'LH =QGNHU]H ZLHGHU HLQVFKUDXEHQ DEHU QLFKW PLW GHP .DEHO YHUELQGHQ 'DQQ ODQJVDP DP 5XFNODXIVWDUWHU ]LHKHQ GDPLW VLFK GDV gO LP =\OLQGHU YHUWHLOW 'LH 6FKQHHIUlVH DEVFKPLHUHQ 6LHKH 6FKPLHUHQ ' GHU 6FKQHHIUlVH 'DV 0RW