*XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK6W9=2 1U 5$$ $QODJH1U 6HLWH $XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\ *PE+ 7HLOHW\S 6$/ 7HFKQLVFKH'DWHQ.XU]IDVVXQJ 5DGGDWHQ 5DGW\S 6$/ $UWGHV6RQGHUUDGHV HLQWHLOLJHV/HLFKWPHWDOO5DG +DQGHOVPDUNH ULDO 0RQWDJHSRVLWLRQ 9RUGHUXQG+LQWHUDFKVH 5DGDXVIKUXQJ % 5DGDXVIKUXQJVNHQQ] % 5DGJU|H -[+ 5DG(LQSUHVVWLHIH PP /RFKNUHLVGXUFKPHVVHU PP /RFK]DKO §22 54915*00 0LWWHQORFKGXUFKPHVVHU PP =HQWULHUDUW 0LWWHQ]HQWULHUXQJ =HQWULHUULQJ = JHSUIWH5DGODVW NJ 5HLIHQDEUROOXPIDQJ PP 'LH]XOlVVLJH5DGODVWNDQQMHQDFK5HLIHQJU|HYRPDQJHJHEHQHQ:HUWDEZHLFKHQ $OOJHPHLQH$QIRUGHUXQJHQ ,P)DKU]HXJYHUEDXWHVLFKHUKHLWVXQGRGHUXPZHOWUHOHYDQWH)DKU]HXJV\VWHPH]% 5HLIHQGUXFNNRQWUROOV\VWHPHPVVHQQDFK$QEDXGHU6RQGHUUlGHUIXQNWLRQVIlKLJEOHLEHQE]Z HQWVSUHFKHQGHUVHW]WZHUGHQ 9HUZHQGXQJVEHUHLFK )DKU]HXJKHUVWHOOHURGHU0DUNH +21'$ 5DGEHIHVWLJXQJ $XIODJHQ $FKVH %HVFKUHLEXQJGHU%HIHVWLJXQJVWHLOH =XEHK|U.LW $Q]XJV .U]HO PRPHQW %) 5DGPXWWHU.HJHO*HZLQGH0[ 03 1P %) 5DGPXWWHU.HJHO*HZLQGH0[ 03 1P *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK6W9=2 1U 5$$ $QODJH1U 6HLWH $XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\ *PE+ 7HLOHW\S 6$/ 7\SHQ $%((**HQHKPLJXQJHQ &8 H &8 H &8 H &: H &: H &: H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ ELV +RQGD$FFRUG 5 $ELV$ /LPRXVLQH.RPEL $*117 %) 5 1 5 5 §22 54915*00 7\SHQ $%((**HQHKPLJXQJHQ ). H ). H ). H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ ELV +RQGD&LYLF+RQGD&LYLF 5 $ELV$ 7RXUHU %)(7 DE0RGHOOMDKU 7\SHQ $%((**HQHKPLJXQJHQ )& H ). H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ ELV +RQGD&LYLFGU 5 $ELV$ WULJ 1 %) 506 5 1 506 5 7\SHQ $%((**HQHKPLJXQJHQ )( H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ +RQGD&LYLF 5 $ELV$ $D%) *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK6W9=2 1U 5$$ $QODJH1U 6HLWH $XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\ *PE+ 7HLOHW\S 6$/ 7\SHQ $%((**HQHKPLJXQJHQ 5( H 5( H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ ELV +RQGD&59 5 $ELV$ DE0RGHOOMDKU %)(D 7\S5(QXU]XOlVVLJ 5 DE(**HQHKPLJXQJV1U H 7\S5(QXU]XOlVVLJ DE(**HQHKPLJXQJV1U H 7\SHQ $%((**HQHKPLJXQJHQ =& H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ +RQGDH 5 $ELV$ $%) §22 54915*00 5 $.7 7\SHQ $%((**HQHKPLJXQJHQ 58 H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ ELV +RQGD+59 5 $ELV$ $D %). 5 5 5 . 7\SHQ $%((**HQHKPLJXQJHQ 59 H 0RWRUOHLVWXQJ +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|HQ $XIODJHQXQG+LQZHLVH N: YRUQHXQGKLQWHQJJI$XIODJHQ +RQGD+59 5 $ELV$ %) 5 $D 5 *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK6W9=2 1U 5$$ $QODJH1U 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]X6W9=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$%(1UQDFK6W9=2 1U 5$$ $QODJH1U 6HLWH $XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\ *PE+ 7HLOHW\S 6$/ $ 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOVPPDXIWUDJHQLVWQXU DXIGHQ5lGHUQGHU9RUGHUDFKVH]XOlVVLJVLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV )DKU]HXJKHUVWHOOHUV $D 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOVPPDXIWUDJHQLVWQXU DXIGHQ5lGHUQGHU9RUGHUDFKVH]XOlVVLJVLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV )DKU]HXJKHUVWHOOHUV $ 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOVPPDXIWUDJHQLVWQXU DXIGHQ5lGHUQGHU+LQWHUDFKVH]XOlVVLJVLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV )DKU]HXJKHUVWHOOHUV %) (VVLQGIROJHQGHYRP5DGKHUVWHOOHUPLW]XOLHIHUQGH%HIHVWLJXQJVWHLOH]XYHUZHQGHQ $FKVH 5DGPXWWHU.HJHO*HZLQGH0[ =XEHK|UNLW03 $Q]XJVPRPHQW1P %) (VVLQGIROJHQGHYRP5DGKHUVWHOOHUPLW]XOLHIHUQGH%HIHVWLJXQJVWHLOH]XYHUZHQGHQ §22 54915*00 $FKVH 5DGPXWWHU.HJHO*HZLQGH0[ =XEHK|UNLW03 $Q]XJVPRPHQW1P ( 1XU]XOlVVLJDQ)DKU]HXJDXVIKUXQJHQDE0RGHOOMDKU 7\S).DE*HQHKPLJXQJV1UH 7\S).DE*HQHKPLJXQJV1UH 7\S).DE*HQHKPLJXQJV1UH (D 1XU]XOlVVLJDQ)DKU]HXJDXVIKUXQJHQDE0RGHOOMDKU 7\S5(DE(**HQHKPLJXQJV1UH 7\S5(DE(**HQHKPLJXQJV1UH * (VLVWGHU1DFKZHLV]XHUEULQJHQGDVVGLH$Q]HLJHGHV*HVFKZLQGLJNHLWVPHVVHUVXQGGHV :HJVWUHFNHQ]lKOHUVLQQHUKDOEGHUJHVHW]OLFKYRUJHVFKULHEHQHQ7ROHUDQ]HQ6W9=2 OLHJW6RIHUQGLH$Q]HLJHDQJHJOLFKHQZHUGHQPXVVNDQQGLHVH5DG5HLIHQ.RPELQDWLRQ QLFKWDOVZDKOZHLVH$XVUVWXQJDXIGHU$QEDXEHVWlWLJXQJHLQJHWUDJHQZHUGHQ *1 %HL)DKU]HXJHQGLHVHULHQPlLJQLFKWPLWHLQHUGHU%HUHLIXQJVJU|HQ5 555DXVJHUVWHWRGHUPLQHLQHUGLHVHU%HUHLIXQJVJU|HQLQ GHQ)DKU]HXJSDSLHUHQ)DKU]HXJVFKHLQ=XODVVXQJVEHVFKHLQLJXQJ,RGHU&2&3DSLHUE]Z LQGHU(**HQHKPLJXQJGHV)DKU]HXJHV]XJHODVVHQLVWVLQGGLH$XIODJHQ$XQG*]X EHDFKWHQ . 'LH5DGDEGHFNXQJDQ$FKVHLVWGXUFK$XVVWHOOHQGHU)URQWVFKU]HXQGGHV.RWIOJHOVRGHU GXUFK$QEDXYRQGDXHUKDIWEHIHVWLJWHQ.DURVVHULHWHLOHQLP%HUHLFKYRUELVKLQWHUGHU 5DGPLWWHKHU]XVWHOOHQ 'LHJHVDPWH%UHLWHGHU5DG5HLIHQNRPELQDWLRQPXVVXQWHU%HDFKWXQJGHVPD[LPDOP|JOLFKHQ %HWULHEVPDHVGHV5HLIHQVIDFKHGHU1HQQEUHLWHGHV5HLIHQVLQGHPREHQ JHQDQQWHQ%HUHLFKDEJHGHFNWVHLQ *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK6W9=2 1U 5$$ $QODJH1U 6HLWH $XIWUDJJHEHU 6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\ *PE+ 7HLOHW\S 6$/ . 'LH5DGDEGHFNXQJDQ$FKVHLVWGXUFK$XVVWHOOHQGHU+HFNVFKU]HXQGGHV.RWIOJHOVRGHU GXUFK$QEDXYRQGDXHUKDIWEHIHVWLJWHQ.DURVVHULHWHLOHQLP%HUHLFKELVKLQWHUGHU 5DGPLWWHKHU]XVWHOOHQ 'LHJHVDPWH%UHLWHGHU5DG5HLIHQNRPELQDWLRQPXVVXQWHU%HDFKWXQJGHVPD[LPDOP|JOLFKHQ %HWULHEVPDHVGHV5HLIHQVIDFKHGHU1HQQEUHLWHGHV5HLIHQVLQGHPREHQ JHQDQQWHQ%HUHLFKDEJHGHFNWVHLQ 1 1LFKW]XOlVVLJDQ)DKU]HXJDXVIKUXQJHQGLHVHULHQPlLJDQ9RUGHUXQGRGHU+LQWHUDFKVH QXUPLW6RPPHU5HLIHQJU|HQRGHUJU|HUDXVJHUVWHWVLQGXQGDXFKQXUVROFKH 6RPPHU5HLIHQJU|HQLQGHQ)DKU]HXJSDSLHUHQ)DKU]HXJVFKHLQ=XODVVXQJVEHVFKHLQLJXQJ ,RGHU&2&3DSLHUE]ZLQGHU(**HQHKPLJXQJGHV)DKU]HXJHV]XJHODVVHQVLQG 1 1LFKW]XOlVVLJDQ)DKU]HXJDXVIKUXQJHQGLHVHULHQPlLJDQ9RUGHUXQGRGHU+LQWHUDFKVH QXUPLW6RPPHU5HLIHQJU|HQRGHUJU|HUDXVJHUVWHWVLQGXQGDXFKQXUVROFKH 6RPPHU5HLIHQJU|HQLQGHQ)DKU]HXJSDSLHUHQ)DKU]HXJVFKHLQ=XODVVXQJVEHVFKHLQLJXQJ ,RGHU&2&3DSLHUE]ZLQGHU(**HQHKPLJXQJGHV)DKU]HXJHV]XJHODVVHQVLQG 7 1XU]XOlVVLJDQ)DKU]HXJHQPLWHLQHU]XOlVVLJHQ$FKVODVWELVPD[NJEHL/,'LH 7UDJIlKLJNHLWGHV=55HLIHQVPXVVGDQQPLQNJEHWUDJHQ$QJDEHQVWHKHQDXIGHP §22 54915*00 5HLIHQ$XIODJH$LVWMHGRFKJHQHUHOO]XEHDFKWHQ 7 1XU]XOlVVLJDQ)DKU]HXJHQPLWHLQHU]XOlVVLJHQ$FKVODVWELVPD[NJEHL/,'LH 7UDJIlKLJNHLWGHV=55HLIHQVPXVVGDQQPLQNJEHWUDJHQ$QJDEHQVWHKHQDXIGHP 5HLIHQ$XIODJH$LVWMHGRFKJHQHUHOO]XEHDFKWHQ 7 1XU]XOlVVLJDQ)DKU]HXJHQPLWHLQHU]XOlVVLJHQ$FKVODVWELVPD[NJEHL/,'LH 7UDJIlKLJNHLWGHV=55HLIHQVPXVVGDQQPLQNJEHWUDJHQ$QJDEHQVWHKHQDXIGHP 5HLIHQ$XIODJH$LVWMHGRFKJHQHUHOO]XEHDFKWHQ 'LH$QODJHPLWGHQ6HLWHQKDWQXU*OWLJNHLWLQ9HUELQGXQJPLWGHP*XWDFKWHQIU 6RQGHUUlGHU7\S6$/GHV$XIWUDJJHEHUV6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\*PE+ *HVFKlIWVVWHOOH(VVHQ