U :KHHO +RUVH Ç µ 0lKGHFN PLW 6HLWHQDXVZXUI [L 7UDNWRUHQ 0RGHOO 1U ³ GDUEHU %HGLHQXQJVDQOHLWXQJ *HUPDQ '
(LQOHLWXQJ :LU P|FKWHQ GDVV 6LH PLW ,KUHP QHXHQ 3URGXNW YROOVWlQGLJ ]XIULHGHQ VLQG ,KU 9HUWUDJVKlQGOHU LVW IU 6LH GD ZHQQ 6LH +LOIH EHL GHU :DUWXQJ 2ULJLQDO (UVDW]WHLOH RGHU ZHLWHUJHKHQGH ,QIRUPDWLRQHQ EUDXFKHQ :HQQ 6LH VLFK DQ ,KUHQ 9HUWUDJVKlQGOHU RGHU DQV :HUN ZHQGHQ VROOWHQ 6LH LPPHU GLH 0RGHOO XQG 6HULHQQXPPHU ,KUHV 3URGXNWHV DQJHEHQ 'LHVH 1XPPHUQ KHOIHQ GHP +lQGOHU E]Z GHP 5HSUlVHQWDQWHQ H[DNWH ,QIRUPDWLRQHQ ]X ,KUHP VSH]LHOOHQ 3URGXNW ]X OLHIHUQ 6LH ILQGHQ GLH 3ODWWH PLW GHU 0RGHOO XQG
,QKDOW $QZHLVXQJV XQG :DUQDXINOHEHU ,QVWDOODWLRQ (LQ]HOWHLOH 9RUEHUHLWXQJ GHV 0lKZHUNV (LQEDX GHV 0lKZHUNV $QEULQJHQ GHV 0lKZHUNDQWULHEVULHPHQV (LQVWHOOXQJ GHV 0lKZHUNV $XVEDX GHV 0lKZHUNV %HWULHE
6LFKHUKHLW $QZHLVXQJV XQG :DUQDXINOHEHU $QZHLVXQJV XQG :DUQDXINOHEHU VLQG IU GHQ $QZHQGHU JXW VLFKWEDU QHEHQ SRWHQWLHOOHQ *HIDKUHQEHUHLFKHQ DQJHEUDFKW %HVFKlGLJWH RGHU YHUORUHQJHJDQJHQH $XINOHEHU PVVHQ HUVHW]W ZHUGHQ $0 $86:85).$1$/ 7HLOHQU $1 '(5 $86*/(,&+667$1*( 7HLOHQU $1 '(5 /,1.(1 0b+:(5.6(,7( 81' $0 $86:85).$1$/ 7HLOHQU +,17(1 2%(1 $0 0b+:(5. 7HLOHQU 1(%(1 '(1 925'(55b'(51 7HLOHQU $1 '(5 5(&+7(1 0b+:(5.
,QVWDOODWLRQ (LQ]HOWHLOH +LQZHLV ,Q GHU IROJHQGHQ $XIVWHOOXQJ VLQG GLH IU GLH ,QVWDOODWLRQ HUIRUGHUOLFKHQ 7HLOH DXIJHIKUW %(=(,&+181* 67 9(5:(1'81*6=:(&.
,QVWDOODWLRQ 0g*/,&+( *()$+5(148(//(1 2KQH DQJHEUDFKWH $XVZXUIYRUULFKWXQJ RGHU NRPSOHWWHQ *UDVNRUE VLQG GLH %HGLHQXQJVSHUVRQ XQG XPVWHKHQGH 3HUVRQHQ .RQWDNW PLW GHP 6FKQLWWPHVVHU XQG PLW KRFKJHVFKOHXGHUWHQ *HJHQVWlQGHQ DXVJHVHW]W :$6 3$66,(5(1 .$11 .
,QVWDOODWLRQ %HIHVWLJXQJ GHV 0lKZHUNV 'DUDXI DFKWHQ GDVV GLH 0lKZHUNUlGHU DXI QLHGULJH 6FKQLWWK|KH HLQJHVWHOOW VLQG 'DUDXI DFKWHQ GDVV GLH +HEHYRUULFKWXQJ JDQ] REHQ LVW 9RQ GHU UHFKWHQ 7UDNWRUVHLWH DXV YRQ GHU %HGLHQXQJVSRVLWLRQ DXV JHVHKHQ GDV 0lKZHUN XQWHU GHQ 7UDNWRU VFKLHEHQ 1DFKGHP HV XQWHU GHQ 7UDNWRU JHVFKREHQ ZRUGHQ LVW GDV 0lKZHUN VR DXVULFKWHQ GDVV GLH 6FKOLW]H LQ GHQ 6HLWHQ GHU 0lKZHUN 0RQWDJH EJHO $EE XQPLWWHOEDU XQWHU GHQ $EVHQNKHEHO GHV 7UDNWRUV DXVJHULFKWHW VLQ
,QVWDOODWLRQ P P $EELOGXQJ /LQNH 7UDNWRUVHLWH JH]HLJW - 6WLIW 0lKZHUNVFKOLW] LP VHLWOLFKHQ 0RQWDJHEJHO :HQQ GLH EHLGHQ - 6WLIWH LQ GHQ 0RQWDJHEJHOQ GHV 0lKZHUNV VLW]HQ GDV 0lKZHUN PLW +LOIH GHU +HEHYRUULFKWXQJ XQG HLQHU +DQG DP UHFKWHQ YRUGHUHQ YHUVWHOOEDUHQ 0lKZHUNUDGEJHO $EE VR DXVULFKWHQ GDVV GLH %HIHVWLJXQJV VWDQJH GHV 0lKZHUNV LQ GLH PLWWOHUH $WWDFK $ 0DWLFZ )DVVXQJ NRPPW $EELOGXQJ (LQH +DQG KLHUKLQ 'HQ +HEHO GHU $WWDFK $ 0DWLFZ 9RUULFK
,QVWDOODWLRQ $QEULQJHQ GHV 0lKZHUNDQWULHEVULHPHQV 'HQ 5LHPHQ EHU GDV 0lKZHUN KlQJHQ XQG GDQQ QDFK YRUQH GXUFK GLH 5LHPHQIKUXQJ $EE DP 0lKZHUN ]LHKHQ P $EELOGXQJ .KOHUJULOOVFKUDXEH YRQ P $EELOGXQJ 5LHPHQ 5LHPHQIKUXQJ 'HQ 5LHPHQ GXUFK GLH 0LWWH GHV 5ROOHQNDVWHQV ]ZLVFKHQ GLH EHLGHQ 5LHPHQ ]LHKHQ 'HQ (QWVSDQQXQJVKHEHO DP 5ROOHQNDVWHQ O|VHQ XQG QDFK DXHQ VFKZHQNHQ $EE 'HQ .
,QVWDOODWLRQ -HW]W GLH 5LHPHQVSDQQXQJ HLQVWHOOHQ $ 'HQ (QWVSDQQXQJVKHEHO IU GLH 5LHPHQ VSDQQXQJ ]XUFN ]XP 5ROOHQNDVWHQ GUFNHQ XP GHQ 5LHPHQ ]X VSDQQHQ P 5ROOHQNDVWHQUROOH 0lKZHUNULHPHQVFKHLEH 0lKZHUNDQWULHEVULHPHQ 'DV DQGHUH (QGH GHV 5LHPHQV XP GLH $QWULHEV ULHPHQVFKHLEH GHV 0lKZHUNV OHJHQ (V OlVVW VLFK PHKU 'XUFKKDQJ LP 5LHPHQ HU]LHOHQ IDOOV Q|WLJ LQGHP GHU (LQVWHOONQRSI IU GLH 5LHPHQVSDQQXQJ JHGUHKW ZLUG $EE 'DUDXI DFKWHQ GDVV GLH EUHLWH 6HLWH
,QVWDOODWLRQ P P $EELOGXQJ 5LHPHQIKUXQJ 5LHPHQ $EELOGXQJ 5LHPHQ EHUKUW KLHU 5LHPHQIKUXQJVVFKUDXEH 6FKQLWWK|KHQHLQVWHOOKHEHO +RFK 6WHOOERJHQ 1LHGULJ 'LH 5LHPHQIKUXQJVVFKUDXEH IHVW]LHKHQ 'HQ .
,QVWDOODWLRQ 'HQ $EVWDQG YRQ GHU YRUGHUHQ 6SLW]H GHV 6FKQLWWPHVVHUV $EE ]XP %RGHQ PHVVHQ 'DQQ YRUVLFKWLJ GLH 0HVVHUVSLW]H QDFK KLQWHQ GUHKHQ 'LH 0HVVHUVSLW]H VROOWH YRUQH PP µ QLHGULJHU VHLQ DOV KLQWHQ 9RUQH P P $EELOGXQJ (LQVWHOOVWDQJH IU $XVULFKWXQJ LQ /lQJVULFKWXQJ (LQVWHOOXQJ GHU VHLWOLFKHQ $XVULFKWXQJ $EELOGXQJ 6FKQLWWPHVVHU LQ 9RUGHUH 0HVVHUVSLW]H PHVVHQ 6SLW]H YRQ YRUQH QDFK KLQWHQ GUHKHQ XQG PHVVHQ /lQJVULFKWXQJ +LH
,QVWDOODWLRQ (LQVWHOOXQJ GHU 6FKQLWWPHVVHUQHLJXQJ IU GHQ 7UDQVSRUW 'D GLH +HEHYRUULFKWXQJ YHUZHQGHW ZLUG ZHQQ GHU 0lKZHUNDQWULHE HLQJHNXSSHOW LVW PXVV GLH 6FKQLWWPHVVHUQHLJXQJ ]XP 7UDQVSRUW HLQJHVWHOOW ZHUGHQ XP GLH /HEHQVGDXHU GHV 0lKZHUNDQWULHEV ULHPHQV ]X YHUOlQJHUQ 'LHVH (LQVWHOOXQJ VRUJW DXHUGHP IU GLH ULFKWLJH 7UDQVSRUWK|KH 'D]X VLQG GUHL 6FKULWWH HUIRUGHUOLFK EHUSUIHQ RE GLH +XEDUPQRFNHQ LQ GHU JOHLFKHQ 3RVLWLRQ VLQG GLH 6FKQLWWPHVVHUQHLJXQJ YRUQH XQG KLQWHQ PHVVHQ XQG GLH HU
,QVWDOODWLRQ 327(17,(//( *()$+5 'LH ´6FKHUHµ GLH GXUFK GLH 0RQWDJHEJHO GHV 0lKZHUNV XQG GHQ $EVHQNKHEHO JHELOGHW ZLUG LVW JHIlKUOLFK 'LH 1RFNHQPXWWHUQ O|VHQ XQG GHQ OLQNHQ XQG UHFKWHQ 1RFNHQ JOHLFKPlLJ QDFK XQWHQ GUHKHQ XP GLH 9RUGHUVHLWH GHV 'HFNV DQ]XKHEHQ E]Z QDFK REHQ XP GLH 'HFNYRUGHUVHLWH DE]XVHQNHQ 'LH 0XWWHUQ ZLHGHU IHVW]LHKHQ :$6 3$66,(5(1 .
,QVWDOODWLRQ 327(17,(//( *()$+5 'LH .RPSRQHQWHQ XQWHU GHU +DXEH VLQG KHL ZHQQ GHU 7UDNWRU JHODXIHQ LVW :$6 3$66,(5(1 .$11 .RQWDNW PLW KHLHQ .RPSRQHQWHQ NDQQ 9HUEUHQQXQJHQ YHUXUVDFKHQ :,( ',( *()$+5 9(50,('(1 :,5' 'HQ 7UDNWRU DENKOHQ ODVVHQ EHYRU :DUWXQJVDUEHLWHQ GXUFKJHIKUW RGHU .RPSRQHQWHQ XQWHU GHU +DXEH EHUKUW ZHUGHQ P $EELOGXQJ 'HQ (QWVSDQQXQJVKHEHO DP 5ROOHQNDVWHQ O|VHQ XP GLH 6SDQQXQJ DP $QWULHEVULHPHQ ]X O|VHQ $EE 0lKZHUNULHPHQVFKHLEH 'HQ .
,QVWDOODWLRQ P P $EELOGXQJ $EELOGXQJ - 6WLIW 9RUGHUHU )URQW $WWDFK $ 0DWLF Z 9RUGHUH $WWDFK $ 5ROOHQNDVWHQ 0DWLF .
%HWULHE 6HLWHQDXVZXUI 'HU 5DVHQPlKHU KDW HLQH $XVZXUIYRUULFKWXQJ PLW 6FKDUQLHU GLH GLH *UDVUHVWH ]XU 6HLWH XQG QDFK XQWHQ DXI GHQ 5DVHQ OHLWHW 0g*/,&+( *()$+5(148(//(1 2KQH DQJHEUDFKWH $XVZXUIYRUULFKWXQJ RGHU NRPSOHWWHQ *UDVNRUE VLQG GLH %HGLHQXQJVSHUVRQ XQG XPVWHKHQGH 3HUVRQHQ .RQWDNW PLW GHP 6FKQLWWPHVVHU XQG PLW KRFKJHVFKOHXGHUWHQ *HJHQVWlQGHQ DXVJHVHW]W :$6 3$66,(5(1 .$11 .
%HWULHE $EVHQNKHEHO 'HU $EVHQNKHEHO $EE ZLUG YHUZHQGHW XP YHUVFKLHGHQH =XVDW]YRUULFKWXQJHQ DE]XVHQNHQ XQG DQ]XKHEHQ $QKHEHQ YRQ =XVDW]JHUlWHQ 'HQ 7UDNWRU VWDUWHQ 'HQ $EVHQNKHEHO QDFK REHQ ]LHKHQ ELV GLH 9HUULHJHOXQJ HLQUDVWHW ,Q GLHVHU 3RVLWLRQ ZLUG GLH =XVDW]YRUULFKWXQJ LQ DQJHKREHQHU 3RVLWLRQ JHKDOWHQ P $EELOGXQJ $EVHQNKHEHO 327(17,(//( *()$+5 :HQQ GHU 0RWRU DXV LVW N|QQHQ VLFK =XVDW]JHUlWH LQ JHKREHQHU 3RVLWLRQ DOOPlKOLFK DEVHQNHQ :$6 3$66,(5(1 .
%HWULHE =XU (LQVWHOOXQJ GHU 5DGK|KH EHU GHP %RGHQ GHQ +DDUQDGHOVSOLQW XQG GHQ 6WLIW HQWIHUQHQ XQG GLH /RFKSRVLWLRQ YHUlQGHUQ $EE (LQH /RFKSRVLWLRQ DXVZlKOHQ GXUFK GLH GDV 5DG EHL GHU JHUDGH HLQJHVWHOOWHQ 6FKQLWWK|KH FD PP µ EHU GHP %RGHQ OLHJW $EE 'HQ 6WLIW HLQVHW]HQ XQG PLW HLQHP +DDUQDGHOVSOLQW VLFKHUQ 'LHVH (LQVWHOOXQJ DP DQGHUHQ 5DG ZLHGHUKROHQ P $EELOGXQJ +LQWHUDFKVHQDEGHFNXQJ 7LSSV ]XP 0lKHQ YRQ *UDV 6FKQHOOH *DVHLQVWHOOXQJ
%HWULHE 0lKULFKWXQJ /DQJHV *UDV 'LH 0lKULFKWXQJ DEZHFKVHOQ GDPLW GDV *UDV DXIUHFKW VWHKHQ EOHLEW 'DGXUFK ZLUG DXFK GLH 9HUWHLOXQJ GHU *UDVUHVWH YHUEHVVHUW ZDV VLFK SRVLWLY DXI GHQ .
:DUWXQJ :DUWXQJVLQWHUYDOOH :DUWXQJVWlWLJNHLW -HGHU (LQVDW] 6FKQLWWPHVVHU ³ NRQWUROOLHUHQ 6WG 6WG ; ; ; ; ; 0lKZHUNVSLQGHOQ ³ HLQIHWWHQ 6WG :DUWXQJ YRU GHU /DJHUXQJ 5LHPHQ ³ DXI 9HUVFKOHL 5LVVH XQWHUVXFKHQ 5DVHQPlKHUJHKlXVH ³ UHLQLJHQ :DUWXQJ LP )UKOLQJ ; ; 5LHPHQVSDQQXQJ ³ NRQWUROOLHUHQ ; ; (UVWPDOV ; $EJHEOlWWHUWH 2EHUIOlFKHQ ³ QDFKVWUHLFKHQ ; ; 6FKQLWWPHVVHU 327(17,(//( *()$+5 :HQQ 6LH GHQ =QGVFKOVVHO LP =QGVFKDOWHU VWHFNHQ ODVVHQ N|QQWH MHPDQG DQGHUHU GHQ 0RWRU D
:DUWXQJ ,QVSHNWLRQ GHU 6FKQLWWPHVVHU 'DV 0lKZHUN DXVEDXHQ 6LHKH ´$XVEDX GHV 0lKZHUNVµ 6HLWH 'LH 6FKQHLGNDQWHQ XQWHUVXFKHQ $EE :HQQ GLH .DQWHQ QLFKW VFKDUI VLQG RGHU .
:DUWXQJ (LQIHWWHQ XQG 6FKPLHUHQ :DUWXQJVLQWHUYDOOH 6SH]LILNDWLRQHQ 'DV 0lKZHUN DOOH %HWULHEVVWXQGHQ E]Z HLQPDO SUR -DKU HLQIHWWHQ MH QDFKGHP ZHOFKHU )DOO ]XHUVW HLQWULWW %HL H[WUHP VWDXELJHQ RGHU VDQGLJHQ (LQVDW]EHGLQJXQJHQ KlXILJHU $EELOGXQJ 6FKQLWWPHVVHU :DDJH (LQEDX GHU 6FKQLWWPHVVHU 'DV 6FKQLWWPHVVHUHQGH PLW HLQHP /DSSHQ RGHU HLQHP GLFN JHSROVWHUWHQ +DQGVFKXK KDOWHQ 6FKQLWWPHVVHU 0HVVHUVWHLIH XQG 0HVVHUVFKUDXEH DQEULQJHQ $EE :LFKWLJ )HWWVRUWH $OO]ZHFNIHWW
:DUWXQJ .RQWUROOH GHU 0lKZHUNULHPHQVSDQQXQJ 9HUOlQJHUXQJ GHU /HEHQVGDXHU GHV 0lKZHUNDQWULHEVULHPHQV 'LH 0lKZHUNULHPHQVSDQQXQJ EHL HLQHP QHXHQ 5LHPHQ QDFK %HWULHEVVWXQGHQ XQG GDQDFK DOOH %HWULHEVVWXQGHQ E]Z HLQPDO SUR -DKU NRQWUROOLHUHQ MH QDFKGHP ZHOFKHU )DOO ]XHUVW HLQWULWW 'HU 0lKZHUNDQWULHEVULHPHQ KlOW ODQJH =HLW ZHQQ HU ULFKWLJ LQVWDOOLHUW XQG EHWULHEHQ ZLUG 'LH IROJHQGHQ 3XQNWH KHOIHQ GDEHL GLH /HEHQVGDXHU GHV 5LHPHQV ]X YHUOlQJHUQ .RUUHNWH 5LHPHQVSDQQXQJ EHLEHKDOWHQ .
:DUWXQJ 6FKQLWWPHVVHUDQWULHEVULHPHQ $XVEDX GHV 6FKQLWWPHVVHUDQWULHEV ULHPHQV 'DV 0lKZHUN DXVEDXHQ 6LHKH ´$XVEDX GHV 0lKZHUNVµ 6HLWH 'LH +DOWHVFKUDXEHQ GHU 5LHPHQDEGHFNXQJHQ XQG GLH 5LHPHQDEGHFNXQJHQ YRQ GHQ 6FKQLWWPHVVHUULHPHQVFKHLEHQ HQWIHUQHQ $EE (LQEDX GHV 6FKQLWWPHVVHUDQWULHEV ULHPHQV 'HQ QHXHQ 5LHPHQ DQ GHQ 6FKQLWWPHVVHU ULHPHQVFKHLEHQ XQG DQ GHQ )KUXQJVUROOHQ DQEULQJHQ 'LH )HGHU EHIHVWLJHQ $EE /LQNH XQG UHFKWH 5LHPHQVFKHLEHQDEGHFNX
:DUWXQJ 6SOHQ GHU 0lKZHUNXQWHUVHLWH 1DFK MHGHP (LQVDW] GLH 0lKZHUNXQWHUVHLWH VSOHQ XP *UDVDQVDPPOXQJHQ ]X EHVHLWLJHQ GDPLW GDV JHVFKQLWWHQH *UDV EHVVHU DXI GHP 5DVHQ YHUWHLOW ZHUGHQ NDQQ 'HQ 7UDNWRU DXI HLQHU KDUWHQ HEHQHQ )OlFKH DEVWHOOHQ 'LH )HVWVWHOOEUHPVH DQ]LHKHQ GHQ 7UDNWRU VWDUWHQ XQG GLH +HEHYRUULFKWXQJ DQKHEHQ 9RP 7UDNWRU DEVWHLJHQ 'HQ 0lKZHUN 6FKQLWWK|KHQKHEHO DXI QLHGULJVWH 6FKQLWWSRVLWLRQ VWHOOHQ 'LH +HEHYRUULFKWXQJ DEVHQNHQ GLH =QGXQJ DXVVFKDOWHQ XP GH
)HKOHUEHKHEXQJ 352%/(0 8QJHZ|KQOLFKH 9LEUDWLRQ 0g*/,&+( 856$&+(1 0$661$+0( 6FKQLWWPHVVHU YHUERJHQ RGHU QLFKW DXVJHZXFKWHW 1HXH V 6FKQLWWPHVVHU LQVWDOOLHUHQ 6FKQLWWPHVVHU +DOWHVFKUDXEH ORVH 6FKQLWWPHVVHU +DOWHVFKUDXEH IHVW]LHKHQ 0RWRUEHIHVWLJXQJVVFKUDXEHQ ORFNHU %HIHVWLJXQJVVFKUDXEHQ IHVW]LHKHQ 0RWRUULHPHQVFKHLEH )KUXQJVUROOH RGHU 0HVVHUULHPHQVFKHLEH VLQG ORFNHU 'LH ]XWUHIIHQGH /DXIVFKHLEH IHVW]LHKHQ 0RWRUULHPHQVFKHLEH LVW EHVFKlGLJW :HQGHQ 6LH
)HKOHUEHKHEXQJ 352%/(0 0lKZHUNULHPHQ O|VW VLFK YRQ GHQ 6FKHLEHQ UXWVFKW RGHU LVW GHIHNW )RUWVHW]XQJ 0g*/,&+( 856$&+(1 0$661$+0( 0lKZHUN ZLUG LQ KRKHP XQJHVFKQLWWHQHP *UDV RGHU 3IODQ]HQ HLQJHNXSSHOW 0lKZHUN QXU LQ NU]HUHP RGHU EHUHLWV JHVFKQLWWHQHP *UDV HLQNXSSHOQ 0lKZHUN EHUODVWHW ZHLO ]XP %RGHQDXVZXUI RGHU .RUEDXIIDQJ PHKU /HLVWXQJ HUIRUGHUOLFK LVW %HLP %RGHQDXVZXUI RGHU .
