*XWDFKWHQ]XU(UWHLOXQJGHU$%(1U QDFK6W9=2
1U 5$$
$QODJH1U E
6HLWH
$XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
*PE+
7HLOHW\S 6$/
7HFKQLVFKH'DWHQ.XU]IDVVXQJ
5DGGDWHQ
5DGW\S 6$/
$UWGHV6RQGHUUDGHV HLQWHLOLJHV/HLFKWPHWDOO5DG
+DQGHOVPDUNH ULDO
0RQWDJHSRVLWLRQ 9RUGHUXQG+LQWHUDFKVH
5DGDXVIKUXQJ %
5DGDXVIKUXQJVNHQQ] %
5DGJU|H -[ +
5DG(LQSUHVVWLHIH PP
/RFKNUHLVGXUFKPHVVHU PP
/RFK]DKO
§22 54915*00
0LWWHQORFKGXUFKPHVVHU PP
=HQWULHUDUW 0LWWHQ]HQWULHUXQJ
=HQWULHUULQJ =
JHSUIWH5DGODVW
NJ
5HLIHQDEUROOXPIDQJ PP
'LH]XOlVVLJH5DGODVWNDQQMHQDFK5HLIHQJU|HYRPDQJHJHEHQHQ:HUWDEZHLFKHQ
$OOJHPHLQH$QIRUGHUXQJHQ
,P)DKU]HXJYHUEDXWHVLFKHUKHLWVXQGRGHUXPZHOWUHOHYDQWH)DKU]HXJV\VWHPH ]%
5HLIHQGUXFNNRQWUROOV\VWHPH PVVHQQDFK$QEDXGHU6RQGHUUlGHUIXQNWLRQVIlKLJEOHLEHQE]Z
HQWVSUHFKHQGHUVHW]WZHUGHQ
9HUZHQGXQJVEHUHLFK
)DKU]HXJKHUVWHOOHURGHU0DUNH /$1'529(5
5DGEHIHVWLJXQJ
$XIODJHQ $FKVH %HVFKUHLEXQJGHU%HIHVWLJXQJVWHLOH =XEHK|U.LW $Q]XJV
.U]HO PRPHQW
%) 5DGPXWWHU.HJHO*HZLQGH0[ 03D 1P
%) 5DGPXWWHU.HJHO*HZLQGH0[ 03D 1P
*XWDFKWHQ]XU(UWHLOXQJGHU$%(1U QDFK6W9=2
1U 5$$
$QODJH1U E
6HLWH
$XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
*PE+
7HLOHW\S 6$/
7\S HQ $%((**HQHKPLJXQJ HQ
/) H
/) H
/)$ H
0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH
N: YRUQHXQGKLQWHQJJI$XIODJHQ
ELV /DQG5RYHU)UHHODQGHU 5 $ ELV$
$ 1 %)
5
$ $ .
5
$ $ .
5
$ $ .
5
$ $ .
§22 54915*00
5
$ . . .
7\S HQ $%((**HQHKPLJXQJ HQ
/& H
/& H
0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH
N: YRUQHXQGKLQWHQJJI$XIODJHQ
ELV /DQG5RYHU'LVFRYHU\ 5 $ ELV$
6SRUW 1 $ %) ( () (5
5 06
5
5
5
$ D
5
5
*XWDFKWHQ]XU(UWHLOXQJGHU$%(1U QDFK6W9=2
1U 5$$
$QODJH1U E
6HLWH
$XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
*PE+
7HLOHW\S 6$/
7\S HQ $%((**HQHKPLJXQJ HQ
/9 H
/9$ H
0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH
N: YRUQHXQGKLQWHQJJI$XIODJHQ
ELV 5DQJH5RYHU(YRTXH 5 $ ELV$
5DQJH5RYHU(YRTXH $ 1 %)
&DEULR5DQJH5RYHU
(YRTXH9DQ 5
$
5
5
5
$
5
§22 54915*00
7\S HQ $%((**HQHKPLJXQJ HQ
/= H
0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH
N: YRUQHXQGKLQWHQJJI$XIODJHQ
ELV 5DQJH5RYHU(YRTXH 5 $ ELV$
1 $ %) ()
5 06
5
5
5
7\S HQ $%((**HQHKPLJXQJ HQ
/< H
/< H
0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH
N: YRUQHXQGKLQWHQJJI$XIODJHQ
ELV 5DQJH5RYHU9HODU 5 $ ELV$
$ $ %) ()
5
(5 *(;
5
$
5
$ D *
5
$ D
*XWDFKWHQ]XU(UWHLOXQJGHU$%(1U QDFK6W9=2
1U 5$$
$QODJH1U E
6HLWH
$XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
*PE+
7HLOHW\S 6$/
$XIODJHQXQG+LQZHLVH
$ 'HUYRUVFKULIWVPlLJH=XVWDQGGHV)DKU]HXJVLVWGXUFKHLQHQDPWOLFKDQHUNDQQWHQ
6DFKYHUVWlQGLJHQRGHU3UIHUIUGHQ.UDIWIDKU]HXJYHUNHKURGHUHLQHQ
.UDIWIDKU]HXJVDFKYHUVWlQGLJHQRGHUHLQHQ$QJHVWHOOWHQQDFK1XPPHUGHU$QODJH9,,,E]XU
6W9=2DXIHLQHP1DFKZHLVHQWVSUHFKHQGGHP%HLVSLHONDWDORJ]X 6W9=2
YHU|IIHQWOLFKWHQ0XVWHUEHVFKHLQLJHQ]XODVVHQ
$ :LUGHLQHLQGLHVHP*XWDFKWHQDXIJHIKUWH5HLIHQJU|HYHUZHQGHWGLHQLFKWEHUHLWVLQGHQ
)DKU]HXJSDSLHUHQJHQDQQWLVWVRVLQGGLH$QJDEHQEHUGLH5HLIHQJU|HLQGHQ
)DKU]HXJSDSLHUHQGXUFKGLH=XODVVXQJVVWHOOHEHULFKWLJHQ]XODVVHQ'LHVH%HULFKWLJXQJLVW
GDQQQLFKWHUIRUGHUOLFKZHQQGLH$%(GHV6RQGHUUDGHVHLQH)UHLVWHOOXQJYRQGHU3IOLFKW]XU
%HULFKWLJXQJGHU)DKU]HXJSDSLHUHHQWKlOW
$ 'LHPLQGHVWHQVHUIRUGHUOLFKHQ*HVFKZLQGLJNHLWVEHUHLFKHXQG7UDJIlKLJNHLWHQGHU]X
YHUZHQGHQGHQ5HLIHQVLQGXQWHU=XJUXQGHOHJXQJGHUIDKU]HXJVSH]LILVFKHQ'DWHQDXVGHU
LQ$QODJHEHILQGOLFKHQ7DEHOOHÄ7UDJIlKLJNHLWVNHQQ]DKOXQG*HVFKZLQGLJNHLWVV\PERO³]X
HQWQHKPHQ*LEWHVGLH5HLIHQJU|HQPLWGHQHUPLWWHOWHQ0LQGHVWZHUWHQQLFKWVRVLQGVLH
QLFKW]XOlVVLJ
§22 54915*00
$ 'DV)DKUZHUNVRZLHGLH%UHPVXQG/HQNXQJVDJJUHJDWHPVVHQVRIHUQGLHVHGXUFKNHLQH
ZHLWHUHQ$XIODJHQEHUKUWZHUGHQGHP6HULHQVWDQGHQWVSUHFKHQ:LUGJOHLFK]HLWLJPLWGHP
$QEDXGHU6RQGHUUlGHUHLQH)DKUZHUNVlQGHUXQJYRUJHQRPPHQVRLVWGLHVHXQGLKUH
$XVZLUNXQJDXIGHQ$QEDXGHU6RQGHUUlGHUJHVRQGHUW]XEHXUWHLOHQ
$ (VVLQGQXUVFKODXFKORVH5HLIHQPLW*XPPLRGHU0HWDOOYHQWLOHQ]XOlVVLJ'LH9HQWLOHPVVHQ
GHQ1RUPHQ',1(7572RGHU75$HQWVSUHFKHQVROOHQP|JOLFKVWNXU]VHLQXQGGUIHQ
QLFKWEHUGLH5DGNRQWXUKLQDXVUDJHQ
$ %HL9HUZHQGXQJGHVVHULHQPlLJHQ(UVDW]E]Z1RWUDGHVVLQGGLHVHULHQPlLJHQ
%HIHVWLJXQJVWHLOH]XYHUZHQGHQ
$ 'LH%H]LHKHUGHU6RQGHUUlGHUVLQGGDUDXIKLQ]XZHLVHQGDVVGHUYRP5HLIHQKHUVWHOOHU
YRUJHVFKULHEHQH5HLIHQIOOGUXFNE]Z0LQGHVWOXIWGUXFN]XEHDFKWHQLVW
$ :LUGGDVVHULHQPlLJH(UVDW]UDGYHUZHQGHWVROOPLWPlLJHU*HVFKZLQGLJNHLWXQGQLFKWOlQJHU
DOVHUIRUGHUOLFKJHIDKUHQZHUGHQ%HL)DKU]HXJHQPLWSHUPDQHQWHP$OOUDGDQWULHELVWEHL
9HUZHQGXQJGHV(UVDW]UHLIHQVGDUDXI]XDFKWHQGDVVQXU5HLIHQPLWJOHLFKJURHP
$EUROOXPIDQJ]XOlVVLJVLQG(VPVVHQGLHVHULHQPlLJHQ%HIHVWLJXQJVWHLOHYHUZHQGHW
ZHUGHQ
$ 'LH%H]LHKHUVLQGGDUDXIKLQ]XZHLVHQGDVV6FKQHHNHWWHQEHWULHEQLFKWJHSUIWZXUGHHVVHL
GHQQGDVVGLH9HUZHQGXQJYRQ6FKQHHNHWWHQGXUFKHLQHZHLWHUH$XIODJHLP*XWDFKWHQHUODXEW
ZLUG
$ 'LH5lGHUGUIHQQXUDQGHU,QQHQVHLWHPLW.OHEHJHZLFKWHQDXVJHZXFKWHWZHUGHQ-HQDFK
%UHPVDXVVWDWWXQJNDQQGLH$QEULQJXQJYRQ:XFKWJHZLFKWHQXQWHUKDOEGHV)HOJHQWLHIEHWWV
XQGRGHUGHU)HOJHQVFKXOWHUHLQJHVFKUlQNWVHLQ$XIJUXQGXQWHUVFKLHGOLFKHU%UHPVDQODJHQ
MHQDFK)DKU]HXJW\SLVWHVP|JOLFKGDVVXQWHUKDOEGHV)HOJHQWLHIEHWWVNHLQH.OHEHJHZLFKWH
PRQWLHUWZHUGHQN|QQHQ
*XWDFKWHQ]XU(UWHLOXQJGHU$%(1U QDFK6W9=2
1U 5$$
$QODJH1U E
6HLWH
$XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
*PE+
7HLOHW\S 6$/
$ $XFK]XOlVVLJDQ)DKU]HXJHQPLW+\EULG$QWULHE+\EULG0LOG+\EULG3OXJLQ+\EULGGDVV
VLQG)DKU]HXJH )= GLHLQGHU=XODVVXQJVEHVFKHLQLJXQJ7HLO )=6FKHLQ XQWHU3
+\EUHLQJHWUDJHQKDEHQ
$ 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOVPPDXIWUDJHQLVWQXU
DXIGHQ5lGHUQGHU9RUGHUDFKVH]XOlVVLJ VLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV
)DKU]HXJKHUVWHOOHUV
$ D 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOV PPDXIWUDJHQLVWQXU
DXIGHQ5lGHUQGHU9RUGHUDFKVH]XOlVVLJ VLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV
)DKU]HXJKHUVWHOOHUV
$ 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOVPPDXIWUDJHQLVWQXU
DXIGHQ5lGHUQGHU+LQWHUDFKVH]XOlVVLJ VLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV
)DKU]HXJKHUVWHOOHUV
$ D 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOV PPDXIWUDJHQLVWQXU
DXIGHQ5lGHUQGHU+LQWHUDFKVH]XOlVVLJ VLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV
)DKU]HXJKHUVWHOOHUV
§22 54915*00
%) (VVLQGIROJHQGHYRP5DGKHUVWHOOHUPLW]XOLHIHUQGH%HIHVWLJXQJVWHLOH]XYHUZHQGHQ
$FKVH
5DGPXWWHU.HJHO*HZLQGH0[
=XEHK|UNLW 03D
$Q]XJVPRPHQW 1P
%) (VVLQGIROJHQGHYRP5DGKHUVWHOOHUPLW]XOLHIHUQGH%HIHVWLJXQJVWHLOH]XYHUZHQGHQ
$FKVH
5DGPXWWHU.HJHO*HZLQGH0[
=XEHK|UNLW 03D
$Q]XJVPRPHQW 1P
( 1LFKW]XOlVVLJDQ)DKU]HXJHQGLHPLW=ROO6HULHQUHLIHQDXVJHUVWHWVLQG
() 1LFKW]XOlVVLJDQ)DKU]HXJDXVIKUXQJHQGLHVHULHQPlLJDQGHU9RUGHUXQGRGHUDQGHU
+LQWHUDFKVHQXUPLW5lGHUQDXVJHUVWHWRGHUGLHVHLQGHQ)DKU]HXJSDSLHUHQ
)DKU]HXJVFKHLQ=XODVVXQJVEHVFKHLQLJXQJ,RGHU&2&3DSLHU ]XJHODVVHQVLQGGHUHQ
5DGGXUFKPHVVHUJU|HUDOVGHU5DGGXUFKPHVVHUGHV8PUVWUDGHVVLQGXQGRGHUGHUHQ
)HOJHQPDXOZHLWHJU|HUDOVGLH)HOJHQPDXOZHLWHGHV8PUVWUDGHVVLQG
(5 'DV6RQGHUUDG JHSU5DGODVW LVWLQ9HUELQGXQJPLWGLHVHU5HLIHQJU|HQXU]XOlVVLJELV]X
HLQHU$FKVODVWYRQNJ'DVJLOWDXFKEHLHUK|KWHU$FKVODVWLP$QKlQJHUEHWULHEJHPlGHQ
)DKU]HXJSDSLHUHQ )HOGE]Z=LIIHU
(5 'DV6RQGHUUDG JHSU5DGODVW LVWLQ9HUELQGXQJPLWGLHVHU5HLIHQJU|HQXU]XOlVVLJELV]X
HLQHU$FKVODVWYRQNJ'DVJLOWDXFKEHLHUK|KWHU$FKVODVWLP$QKlQJHUEHWULHEJHPlGHQ
)DKU]HXJSDSLHUHQ )HOGE]Z=LIIHU
* (VLVWGHU1DFKZHLV]XHUEULQJHQGDVVGLH$Q]HLJHGHV*HVFKZLQGLJNHLWVPHVVHUVXQGGHV
:HJVWUHFNHQ]lKOHUVLQQHUKDOEGHUJHVHW]OLFKYRUJHVFKULHEHQHQ7ROHUDQ]HQ 6W9=2
OLHJW6RIHUQGLH$Q]HLJHDQJHJOLFKHQZHUGHQPXVVNDQQGLHVH5DG5HLIHQ.RPELQDWLRQ
QLFKWDOVZDKOZHLVH$XVUVWXQJDXIGHU$QEDXEHVWlWLJXQJHLQJHWUDJHQZHUGHQ
*XWDFKWHQ]XU(UWHLOXQJGHU$%(1U QDFK6W9=2
1U 5$$
$QODJH1U E
6HLWH
$XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
*PE+
7HLOHW\S 6$/
* %HL)DKU]HXJHQGLHVHULHQPlLJQLFKWPLWHLQHUGHU%HUHLIXQJVJU|HQ5
55DXVJHUVWHWRGHUPLQHLQHUGLHVHU%HUHLIXQJVJU|HQLQGHQ
)DKU]HXJSDSLHUHQ )DKU]HXJVFKHLQ=XODVVXQJVEHVFKHLQLJXQJ,RGHU&2&3DSLHU E]ZLQGHU
(**HQHKPLJXQJGHV)DKU]HXJHV]XJHODVVHQLVWVLQGGLH$XIODJHQ$ XQG* ]X
EHDFKWHQ
*(; %HL)DKU]HXJHQGLHVHULHQPlLJQLFKWPLWGHU%HUHLIXQJVJU|H5DXVJHUVWHWRGHU
GLHVHLQGHQ)DKU]HXJSDSLHUHQ )DKU]HXJVFKHLQ=XODVVXQJVEHVFKHLQLJXQJ,RGHU&2&
3DSLHU E]ZLQGHU(**HQHKPLJXQJGHV)DKU]HXJHV]XJHODVVHQLVWVLQGGLH$XIODJHQ$
XQG* ]XEHDFKWHQ
. 'LH5DGDEGHFNXQJDQ$FKVHLVWGXUFK$XVVWHOOHQGHU)URQWVFKU]HXQGGHV.RWIOJHOVRGHU
GXUFK$QEDXYRQGDXHUKDIWEHIHVWLJWHQ.DURVVHULHWHLOHQLP%HUHLFKELVYRUGHU
5DGPLWWHKHU]XVWHOOHQ
'LHJHVDPWH%UHLWHGHU5DG5HLIHQNRPELQDWLRQPXVVXQWHU%HDFKWXQJGHVPD[LPDOP|JOLFKHQ
%HWULHEVPDHVGHV5HLIHQV IDFKHGHU1HQQEUHLWHGHV5HLIHQV LQGHPREHQ
JHQDQQWHQ%HUHLFKDEJHGHFNWVHLQ
. 'LH5DGDEGHFNXQJDQ$FKVHLVWGXUFK$XVVWHOOHQGHU+HFNVFKU]HXQGGHV.RWIOJHOVRGHU
§22 54915*00
GXUFK$QEDXYRQGDXHUKDIWEHIHVWLJWHQ.DURVVHULHWHLOHQLP%HUHLFKELVKLQWHUGHU
5DGPLWWHKHU]XVWHOOHQ
'LHJHVDPWH%UHLWHGHU5DG5HLIHQNRPELQDWLRQPXVVXQWHU%HDFKWXQJGHVPD[LPDOP|JOLFKHQ
%HWULHEVPDHVGHV5HLIHQV IDFKHGHU1HQQEUHLWHGHV5HLIHQV LQGHPREHQ
JHQDQQWHQ%HUHLFKDEJHGHFNWVHLQ
. $Q$FKVHLVWGDV.XQVWVWRIILQQHQUDGKDXVLP%HUHLFKYRUGHU$FKVH LP
/HQNHLQVFKODJEHUHLFK ]XU)DKU]HXJPLWWHKLQZDUPHLQ]XIRUPHQ.RQWUROOHGXUFK.UHLVIDKUW
PLWYROOHLQJHVFKODJHQHU/HQNXQJ
1 1LFKW]XOlVVLJDQ)DKU]HXJDXVIKUXQJHQGLHVHULHQPlLJDQ9RUGHUXQGRGHU+LQWHUDFKVH
QXUPLW6RPPHU5HLIHQJU|HQRGHUJU|HUDXVJHUVWHWVLQGXQGDXFKQXUVROFKH
6RPPHU5HLIHQJU|HQLQGHQ)DKU]HXJSDSLHUHQ )DKU]HXJVFKHLQ=XODVVXQJVEHVFKHLQLJXQJ
,RGHU&2&3DSLHU E]ZLQGHU(**HQHKPLJXQJGHV)DKU]HXJHV]XJHODVVHQVLQG
'LH$QODJHEPLWGHQ6HLWHQKDWQXU*OWLJNHLWLQ9HUELQGXQJPLWGHP*XWDFKWHQIU6RQGHUUlGHU
7\S6$/ GHV$XIWUDJJHEHUV6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\*PE+
*HVFKlIWVVWHOOH(VVHQ
