Professional Documents
Culture Documents
$&6 +Dugzduh+Dqgexfk: 'Lhvhv+Dqgexfkhqwklow 6lfkhukhlwvklqzhlvh, Qvwdoodwlrq :duwxqj 3urgxnwlqirupdwlrq
$&6 +Dugzduh+Dqgexfk: 'Lhvhv+Dqgexfkhqwklow 6lfkhukhlwvklqzhlvh, Qvwdoodwlrq :duwxqj 3urgxnwlqirupdwlrq
$&6 +Dugzduh+Dqgexfk: 'Lhvhv+Dqgexfkhqwklow 6lfkhukhlwvklqzhlvh, Qvwdoodwlrq :duwxqj 3urgxnwlqirupdwlrq
'LHVHV+DQGEXFKHQWKlOW )UHTXHQ]XPULFKWHU$&6$&&$&3
6LFKHUKHLWVKLQZHLVH
,QVWDOODWLRQ ELVN:
:DUWXQJ
3URGXNWLQIRUPDWLRQ
ACS 600
ENTER
REM
$&66LQJOH'ULYH+DQGEFKHU
*(1(5$/0$18$/6DSSURSULDWHKDUGZDUHPDQXDOLV 7K\ULVWRU6XSSO\8QLW768(1
LQFOXGHGLQWKHGHOLYHU\ 768RSHUDWLRQEDVLFV
768ILUPZDUHGHVFULSWLRQ
$&6$&&$&3+DUGZDUH0DQXDO(1 768SURJUDPSDUDPHWHUV
WRN: 768FRPPLVVLRQLQJ
6DIHW\LQVWUXFWLRQV
&DEOHVHOHFWLRQ ),50:$5(0$18$/6)25'5,9($33/,&$7,21
0HFKDQLFDODQGHOHFWULFDOLQVWDOODWLRQ 352*5$06DSSURSULDWHPDQXDOLVLQFOXGHGLQWKH
0DLQWHQDQFH GHOLYHU\
7HFKQLFDOGDWD
'LPHQVLRQDOGUDZLQJV
6WDQGDUG(1
$&6$&&$&36XSSOHPHQW(1 &RQWURO3DQHOXVH
LQFOXGHGLQ$&[GHOLYHULHVRQO\ 6WDQGDUGDSSOLFDWLRQPDFURVZLWKH[WHUQDOFRQWURO
6DIHW\LQVWUXFWLRQV FRQQHFWLRQGLDJUDPV
,QVWDOODWLRQ 3DUDPHWHUVRIWKH6WDQGDUG$SSOLFDWLRQ3URJUDP
0DLQWHQDQFH )DXOWWUDFLQJ
)DXOWWUDFLQJ )LHOGEXVFRQWURO
3DUDPHWHUV 1RWHDVHSDUDWH6WDUWXS*XLGHLVDWWDFKHG
7HFKQLFDOGDWD
0RWLRQ&RQWURO(1
'LPHQVLRQDOGUDZLQJV
&RQWURO3DQHOXVH
$&6$&&$&3+DUGZDUH0DQXDO(1 6WDUWXS
WRN: 2SHUDWLRQ
6DIHW\LQVWUXFWLRQV 3DUDPHWHUV
&DEOHVHOHFWLRQ )DXOWWUDFLQJ
0HFKDQLFDODQGHOHFWULFDOLQVWDOODWLRQ )LHOGEXVFRQWURO
0DLQWHQDQFH
&UDQH'ULYH(1%6(
7HFKQLFDOGDWD
&RPPLVVLRQLQJRIWKH&UDQH'ULYH$SSOLFDWLRQ3URJUDP
'LPHQVLRQDOGUDZLQJV
&RQWURO3DQHOXVH
$&6$&&+DUGZDUH0DQXDO(1 &UDQHSURJUDPGHVFULSWLRQ
WRN: 3DUDPHWHUVRIWKH&UDQH'ULYH$SSOLFDWLRQ3URJUDP
6DIHW\LQVWUXFWLRQV )DXOWWUDFLQJ
&DEOHVHOHFWLRQ
6\VWHP(1
0HFKDQLFDODQGHOHFWULFDOLQVWDOODWLRQ
&RPPLVVLRQLQJRIWKH6\VWHP$SSOLFDWLRQ3URJUDP
'ULYHVHFWLRQFRPPLVVLRQLQJ
&RQWURO3DQHOXVH
0DLQWHQDQFH
6RIWZDUHGHVFULSWLRQ
7HFKQLFDOGDWD
3DUDPHWHUVRIWKH6\VWHP$SSOLFDWLRQ3URJUDP
'LPHQVLRQDOGUDZLQJV
)DXOWWUDFLQJ
&RQYHUWHU0RGXOH,QVWDOODWLRQLQ8VHUGHILQHG&DELQHW 7HUPV
(1LQFOXGHGLQPRGXOHVGHOLYHULHVRQO\
$SSOLFDWLRQ3URJUDP7HPSODWH(1
6DIHW\LQVWUXFWLRQV
&RPPLVVLRQLQJRIWKH'ULYH6HFWLRQ
&DELQHWGHVLJQ
&RQWURO3DQHOXVH
:LULQJ
6RIWZDUHGHVFULSWLRQ
,QVWDOODWLRQFKHFNV
3DUDPHWHUV
'LPHQVLRQDOGUDZLQJV
)DXOWWUDFLQJ
$&6$&&'ULYH0RGXOHV6XSSOHPHQW(1 7HUPV
LQFOXGHGLQ$&[PRGXOHGHOLYHULHVRQO\
6DIHW\LQVWUXFWLRQV 237,210$18$/6GHOLYHUHGZLWKRSWLRQDOHTXLSPHQW
7HFKQLFDOGDWD
'LPHQVLRQDOGUDZLQJV
)LHOGEXV$GDSWHUV,2([WHQVLRQ0RGXOHV%UDNLQJ
&KRSSHUVHWF
6833/<81,786(5¶60$18$/6ZLWKWRN: ,QVWDOODWLRQ
XQLWVGHSHQGLQJRQWKHVXSSO\W\SHRQHRIWKHVHPDQXDOVLV 3URJUDPPLQJ
LQFOXGHGLQWKHGHOLYHU\ )DXOWWUDFLQJ
7HFKQLFDOGDWD
'LRGH6XSSO\8QLW'68(1
'68VSHFLILFVDIHW\LQVWUXFWLRQV
'68KDUGZDUHDQGVRIWZDUHGHVFULSWLRQV
'68FRPPLVVLRQLQJ
(DUWKIDXOWSURWHFWLRQRSWLRQV
)UHTXHQ]XPULFKWHU$&6$&&$&3
ELVN:
+DUGZDUH+DQGEXFK
'LHVHV+DQGEXFKLVWJOWLJIU)UHTXHQ]XPULFKWHU
GHV7\SV$&6$&&XQG$&36LH
ZHUGHQLP7H[WXQWHUGHU%H]HLFKQXQJ$&[
]XVDPPHQJHIDVVW
$)<55(9%
'(
*h/7,*$%
(56(7=7
È $%%,QGXVWU\2\$OO5LJKWV5HVHUYHG
6LFKHUKHLWVYRUVFKULIWHQ
Übersicht 'LHVHV.DSLWHOHQWKlOWGLH6LFKHUKHLWVYRUVFKULIWHQGLHEHL,QVWDOODWLRQ
%HWULHEXQG:DUWXQJGHV$&6$&&$&3EHIROJWZHUGHQPVVHQ
%HL1LFKWEHDFKWXQJGLHVHU9RUVFKULIWHQNDQQHV]X9HUOHW]XQJHQDXFK
PLWW|GOLFKHQ)ROJHQRGHU]X6FKlGHQDQ)UHTXHQ]XPULFKWHU0RWRU
XQG$UEHLWVPDVFKLQHNRPPHQ9RU$XVIKUXQJLUJHQGZHOFKHU
$UEHLWHQDPRGHUPLWGHP*HUlWPVVHQGLHLQGLHVHP.DSLWHO
HQWKDOWHQHQ,QIRUPDWLRQHQJHOHVHQZHUGHQ
,P+DQGEXFKZHUGHQIROJHQGH6\PEROHYHUZHQGHW
:$5181*YRU+RFKVSDQQXQJVJHIDKU'LHVHV6\PEROZDUQWYRU
+RFKVSDQQXQJHQGLH]X9HUOHW]XQJHQYRQ3HUVRQHQXQGRGHU
6FKlGHQDQ*HUlWHQIKUHQN|QQHQ'HU7H[WQHEHQGLHVHP6\PERO
EHVFKUHLEW0|JOLFKNHLWHQ]XU9HUPHLGXQJGLHVHU*HIDKU
$OOJHPHLQH:$5181*'LHVHV6\PEROZDUQWYRUQLFKWHOHNWULVFKHQ
*HIDKUHQGLH]X9HUOHW]XQJHQYRQ3HUVRQHQXQGRGHU6FKlGHQDQ
*HUlWHQIKUHQN|QQHQ'HU7H[WQHEHQGLHVHP6\PEROEHVFKUHLEW
0|JOLFKNHLWHQ]XU9HUPHLGXQJGLHVHU*HIDKU
:$5181*YRUHOHNWURVWDWLVFKHU(QWODGXQJ'LHVHV6\PERO
ZDUQWYRUHOHNWURVWDWLVFKHQ(QWODGXQJHQGLH]X6FKlGHQDQ
*HUlWHQIKUHQN|QQHQ'HU7H[WQHEHQGLHVHP6\PEROEHVFKUHLEW
0|JOLFKNHLWHQ]XU9HUPHLGXQJGLHVHU*HIDKU
9256,&+7 6ROODXIHLQHQEHVWLPPWHQ6DFKYHUKDOWEHVRQGHUH$XIPHUNVDPNHLW
OHQNHQ
+LQZHLV *LEW]XVlW]OLFKH,QIRUPDWLRQHQRGHUZHLVWDXIZHLWHUH,QIRUPDWLRQHQ
KLQGLH]XGLHVHP7KHPDHUKlOWOLFKVLQG
6LFKHUKHLWEHL 'LHVH6LFKHUKHLWVYRUVFKULIWHQVLQGIUDOOH$UEHLWHQDP$&[
,QVWDOODWLRQXQG EHVWLPPW1LFKWEHDFKWXQJNDQQ]XVFKZHUHQ9HUOHW]XQJHQRGHU
:DUWXQJ W|GOLFKHQ8QIlOOHQIKUHQ
:$5181*$OOHHOHNWULVFKHQ,QVWDOODWLRQVXQG:DUWXQJVDUEHLWHQ
DP$&[VLQGYRQTXDOLIL]LHUWHQ(OHNWULNHUQGXUFK]XIKUHQ
9HUVXFKHQ6LHDXINHLQHQ)DOO$UEHLWHQDQHLQHPXQWHU6SDQQXQJ
VWHKHQGHQ$&[YRU]XQHKPHQ:DUWHQ6LHQDFKGHP$XVVFKDOWHQ
GHU6SDQQXQJVYHUVRUJXQJVWHWV0LQXWHQELVGLH=ZLVFKHQNUHLV
NRQGHQVDWRUHQHQWODGHQVLQGEHJLQQHQ6LHHUVWGDQDFKPLW$UEHLWHQ
DP8PULFKWHUGHP0RWRURGHUGHP0RWRUNDEHO'LH6SDQQXQJ
]ZLVFKHQMHGHU(LQJDQJVNOHPPH89:XQG(UGHPXVVPLW
HLQHP0XOWLPHWHU,QQHQZLGHUVWDQGPLQGHVWHQV 0WJHPHVVHQ
ZHUGHQXPVLFKHU]XJHKHQGDVVVLFKGHU)UHTXHQ]XPULFKWHUYRU
%HJLQQGHU$UEHLWHQHQWODGHQKDW
9RU,VRODWLRQVSUIXQJHQPVVHQGLH.DEHODQVFKOVVHGHV$&[
DEJHNOHPPWZHUGHQ
$QGHQ0RWRUNDEHODQVFKOVVHQGHV$&[OLHJHQXQDEKlQJLJYRP
0RWRUEHWULHEOHEHQVJHIlKUOLFKKRKH6SDQQXQJHQDQ9RU$UEHLWHQDP
0RWRUNDEHOPXVVGLH6SDQQXQJVYHUVRUJXQJDEJHVFKDOWHWZHUGHQ
'LH%UHPV6WHXHUDQVFKOVVH8'&8'&5XQG5$QVFKOVVH
VWHKHQXQWHUOHEHQVJHIlKUOLFKKRKHU*OHLFKVSDQQXQJEHU9
,QQHUKDOEGHV$&[N|QQHQJHIlKUOLFKH)UHPGVSDQQXQJHQYRQ
H[WHUQHQ6WHXHUNUHLVHQH[LVWLHUHQDXFKZHQQGHU$&[
HLQJDQJVVHLWLJDEJHVFKDOWHWLVW$QGHQ6WHXHUNDEHOQGUIHQNHLQH
$UEHLWHQYRUJHQRPPHQZHUGHQVRODQJHDP)UHTXHQ]XPULFKWHURGHU
DQGHQH[WHUQHQ6WHXHUVWURPNUHLVHQ6SDQQXQJDQOLHJW*HKHQ6LHEHL
$UEHLWHQDP*HUlWPLWGHUHUIRUGHUOLFKHQ9RUVLFKWYRU
1HW]DQVFKOXVV %HL*HUlWHQGHU%DXUHLKH$&[LVWHLQ1HW]WUHQQVFKDOWHULQGHU
(LQVSHLVXQJHLQ]XEDXHQ'DPLWN|QQHQGLHHOHNWULVFKHQ7HLOHGHV
*HUlWVEHL,QVWDOODWLRQVXQG:DUWXQJVDUEHLWHQYRPVSHLVHQGHQ1HW]
JHWUHQQWZHUGHQ'HU1HW]WUHQQVFKDOWHUPXVVEHL,QVWDOODWLRQVXQG
:DUWXQJVDUEHLWHQLQGHU3RVLWLRQ2))(1YHUULHJHOWVHLQ
8PGHQ(XURSlLVFKHQ1RUPHQ]XHQWVSUHFKHQPXVVGHU1HW]WUHQQ
VFKDOWHUYRP7\S6LFKHUXQJVODVWWUHQQVFKDOWHUJHPl(1
.ODVVH%VHLQRGHUYRP7\S6LFKHUXQJVODVWWUHQQVFKDOWHUPLW
YRUHLOHQGHP+LOIVNRQWDNWGHUEHZLUNWGDVVHLQ6FKDOWHUGHQ/DVW
VWURPNUHLVXQWHUEULFKWEHYRUGLH+DXSWNRQWDNWHGHV6LFKHUXQJV
ODVWWUHQQVFKDOWHUV|IIQHQ
LY $&[ $&6$&&$&3$&6$&&$&3)UHTXHQ]XPULFKWHU
6LFKHUKHLWVYRUVFKULIWHQ
:LUGHLQ$&[PLWLQWHJULHUWHP(091HW]ILOWHU.HQQ]DKOLP
7\SHQVFKOVVHOEHL(09)LOWHUQDQHLQXQJHHUGHWHV1HW]HLQ
XQJHHUGHWHVRGHUKRFKRKPLJPLWPHKUDOV2KPJHHUGHWHV1HW]
DQJHVFKORVVHQZLUGGDV1HW]EHUGLH(09)LOWHUNRQGHQVDWRUHQGHV
$&[DQ(UGSRWHQWLDOJHOHJW'LHVEHGHXWHW/HEHQVJHIDKURGHU
NDQQ6FKlGHQDP*HUlW]XU)ROJHKDEHQNDQQ'HVKDOEVLQGYRUGHP
$QVFKOXVVGHV$&[DQHLQQLFKWJHHUGHWHV1HW]GLH(09
)LOWHUNRQGHQVDWRUHQDE]XNOHPPHQ$XVIKUOLFKH$QZHLVXQJHQKLHU]X
VLQGEHLGHU|UWOLFKHQ$%%1LHGHUODVVXQJ]XHUKDOWHQ
'HU0RWRUGDUIQLFKWPLWGHP1HW]WUHQQVFKDOWHUHLQXQGDXVJHVFKDOWHW
ZHUGHQVWDWWGHVVHQVLQGGLH XQG 7DVWHQDXIGHP6WHXHUSXOW
RGHU6WHXHUEHIHKOHEHUGLH($/HLWHUSODWWHYRQ*HUlWHQGHU%DXUHLKH
$&[]XYHUZHQGHQ'LH*OHLFKVWURP.RQGHQVDWRUHQGHV$&[
GK,QEHWULHEQDKPHGXUFK$QOHJHQYRQ1HW]VSDQQXQJGUIHQ
LQQHUKDOEYRQ]HKQ0LQXWHQPD[LPDOIQI0DOJHODGHQZHUGHQ
:$5181*$XINHLQHQ)DOO1HW]NDEHODQGHQ$&[$XVJDQJ
DQVFKOLHHQ0XVVKlXILJHLQ%\SDVVYHUZHQGHWZHUGHQPVVHQ
PHFKDQLVFKJHNRSSHOWH6FKDOWHURGHU6FKW]HYHUZHQGHWZHUGHQ
)DOOV1HW]VSDQQXQJDQGHQ$XVJDQJDQJHOHJWZLUGNDQQGLHV]X
GDXHUKDIWHU6FKlGLJXQJGHV*HUlWVIKUHQ
*HUlWHQGHU%DXUHLKH$&[VROOWHNHLQH6SDQQXQJ]XJHIKUW
ZHUGHQGLHDXHUKDOEGHUPD[LPDOHQ(LQJDQJVVSDQQXQJOLHJWGD
DQGHUHQIDOOVGDXHUKDIWH6FKlGHQYHUXUVDFKWZHUGHQN|QQHQ
(UGVFKOXVV 'HU$&[LVWPLWHLQHULQWHUQHQ(UGVFKOXVV6FKXW]IXQNWLRQ
6FKXW]IXQNWLRQ DXVJHVWDWWHWGLHGDV*HUlWJHJHQ(UGVFKOVVHLP8PULFKWHULP0RWRU
XQGLQGHQ0RWRUNDEHOQVFKW]W6LHGLHQWQLFKWDOV3HUVRQHQE]Z
hEHUKLW]XQJVVFKXW]'LH(UGVFKOXVV6FKXW]IXQNWLRQGHV$&6$&3
NDQQPLWGHP3DUDPHWHU$&&DXVVHU%HWULHEJHVHW]W
ZHUGHQ
'HU(09)LOWHUGHV$&[HQWKlOW.RQGHQVDWRUHQGLH]ZLVFKHQ
+DXSWVWURPNUHLVXQG*HKlXVHJHVFKDOWHWVLQG'LHVH.RQGHQVDWRUHQ
HUK|KHQGHQ$EOHLWVWURPEHUGHQ3(/HLWHU]XU6SHLVXQJXQGN|QQHQ
X8]XU$XVO|VXQJGHV(UGVFKOXVV6FKXW]HVIKUHQ
1RW$XV -HGH%HGLHQVWDWLRQXQGDQGHUH6WHXHUHLQULFKWXQJHQEHUGLHXQWHU
9RUULFKWXQJHQ 8PVWlQGHQHLQ1RW+DOWHLQJHOHLWHWZHUGHQPXVVPVVHQPLWHLQHU
1RW$XV9RUULFKWXQJDXVJHVWDWWHWZHUGHQ'XUFK'UFNHQGHU
7DVWHDXIGHU$&[6WHXHUWDIHOZLUGNHLQ1RW+DOWGHV0RWRUV
HLQJHOHLWHWXQGGHU$QWULHEZLUGQLFKWYRP1HW]DEJHNRSSHOW
$&6$&&$&3)UHTXHQ]XPULFKWHU$&[ $&6$&&$&3 Y
6LFKHUKHLWVYRUVFKULIWHQ
0RWRUDQVFKOVVH :$5181*'HU%HWULHELVWQLFKW]XOlVVLJZHQQGLH1HQQVSDQQXQJ
GHV0RWRUVZHQLJHUDOVGHU+lOIWH$&3IDFKGHU1HQQHLQJDQJV
VSDQQXQJGHV$&[HQWVSULFKWRGHUGHU1HQQVWURPGHV0RWRUV
ZHQLJHUDOVGHV1HQQ$XVJDQJVWURPHVGHV$&[EHWUlJW
:LHDOOH)UHTXHQ]XPULFKWHUZHOFKHGLHPRGHUQVWH,*%7:HFKVHO
ULFKWHUWHFKQRORJLHEHQXW]HQHUUHLFKWGHU$&[$XVJDQJXQDE
KlQJLJYRQGHU$XVJDQJVIUHTXHQ]6SDQQXQJVVSLW]HQYRQXQJHIlKU
PDOGHU9HUVRUJXQJVVSDQQXQJPLWHLQHUVHKUNXU]HQ$QVWLHJV]HLW
'LH6SDQQXQJVVSLW]HQN|QQHQDEKlQJLJYRQGHQ(LJHQVFKDIWHQGHV
0RWRUNDEHOVDQGHQ0RWRUNOHPPHQIDVWGRSSHOWVRKRFKVHLQ'LHV
ZLHGHUXPNDQQHLQH]XVlW]OLFKH%HODVWXQJIUGLH0RWRULVRODWLRQGDU
VWHOOHQ'HU0RWRUKHUVWHOOHUVROOWHEH]JOLFKGHV$XIEDXVGHU0RWRU
LVRODWLRQNRQVXOWLHUWZHUGHQ)DOOVGHU0RWRUGLHIROJHQGHQ$QIRUGH
UXQJHQQLFKWHUIOOWNDQQVLFKGLH/HEHQVGDXHUGHV0RWRUVYHUNU]HQ
$QIRUGHUXQJHQDQ 'LH$QIRUGHUXQJHQDQGLH0RWRULVRODWLRQEHLHLQHP$QWULHEPLW
GLH0RWRULVRODWLRQ $&6 )UHTXHQ]XPULFKWHULVWQDFKVWHKHQGDQJHJHEHQ
YL $&[ $&6$&&$&3$&6$&&$&3)UHTXHQ]XPULFKWHU
6LFKHUKHLWVYRUVFKULIWHQ
6\PERO 'HILQLWLRQ
81 1HQQVSDQQXQJGHV1HW]HV
Ó// 6SLW]HQVSDQQXQJ3KDVHJHJHQ3KDVHDQ
GHQ0RWRUNOHPPHQ
$QVWLHJV]HLW 'LH$QVWLHJV]HLWLVWGLH
bQGHUXQJVJHVFKZLQGLJNHLWGHU6SDQQXQJ
]ZLVFKHQ3KDVHXQG3KDVHDQGHQ
0RWRUNOHPPHQGLH=HLWVSDQQHLQGHUGLH
6SDQQXQJYRQDXIGHVJHVDPWHQ
6SDQQXQJVEHUHLFKHVVWHLJW
W ÂÓ GXGW
//
Ó//XQG WKlQJHQYRQGHU.DEHOOlQJHDE
(QWQHKPHQ6LHGLH:HUWHIUÓ//XQGGXGW
DXVGHQIROJHQGHQ'LDJUDPPHQ
)LOWHUEHQXW]WZLUG
Ó//81
GXGWN9mV
.DEHOOlQJHP
)LOWHUDP$XVJDQJGHV$&[HLQJHVHW]WZLUG
Ó//81
GXGWN9mV
.DEHOOlQJHP
:$5181*%HLP(LQVDW]YRQ$QODJHQGHV7\SV$&[DUEHLWHQ
GLH(OHNWURPRWRUHQ.UDIWEHUWUDJXQJVHOHPHQWHXQG$UEHLWVPDVFKLQHQ
LQHLQHPHUZHLWHUWHQ%HWULHEVEHUHLFK(VPXVVVLFKHUJHVWHOOWVHLQ
GDVVDOOH%HWULHEVPLWWHOIUGLHVH%HGLQJXQJHQJHHLJQHWVLQG
:$5181*'HU$&6PLW6WDQGDUG$SSOLNDWLRQVSURJUDPP
EHVLW]WPHKUHUHDXWRPDWLVFKH4XLWWLHUIXQNWLRQHQ6LQGGLHVH
)XQNWLRQHQDXVJHZlKOWZLUGGDV*HUlWQDFKHLQHP)HKOHU
]XUFNJHVHW]WXQGDQVFKOLHHQGGHU%HWULHEZLHGHUDXIJHQRPPHQ
'LHVH)XQNWLRQHQGUIHQQLFKWHLQJHVWHOOWZHUGHQZHQQDQGHUH
(LQULFKWXQJHQIUHLQHQVROFKHQ%HWULHEQLFKWJHHLJQHWVLQGRGHU
JHIlKUOLFKH6LWXDWLRQHQHQWVWHKHQN|QQHQ
:$5181*:HQQHLQHH[WHUQH4XHOOHIUGHQ6WDUWEHIHKODXVJHZlKOW
LVWXQGDXI(,1VWHKWVWDUWHWGHU$&6PLW6WDQGDUG
$SSOLNDWLRQVSURJUDPPXQPLWWHOEDUQDFKHLQHU)HKOHU4XLWWLHUXQJ
%OLQGOHLVWXQJV %OLQGOHLVWXQJVNRQGHQVDWRUHQXQGhEHUVSDQQXQJVDEOHLWHUGUIHQQLFKW
.RPSHQVDWLRQV DQ0RWRUNDEHODQJHVFKORVVHQZHUGHQ'LHVH%DXWHLOHVLQGQLFKWIU
NRQGHQVDWRUHQ GHQ(LQVDW]PLW)UHTXHQ]XPULFKWHUQYRUJHVHKHQXQGEHHLQWUlFKWLJHQ
GLH)XQNWLRQGHU0RWRUUHJHOXQJ$XIJUXQGGHUVFKQHOOHQbQGHUXQJHQ
LQGHU$XVJDQJVVSDQQXQJGHV$&[N|QQHQGDGXUFKGDXHUKDIWH
6FKlGHQDP$&[RGHUDQGHQ.RQGHQVDWRUHQVHOEVWHQWVWHKHQ
:HQQ.RPSHQVDWLRQVNRQGHQVDWRUHQSDUDOOHO]XP$&[
DQJHVFKORVVHQVLQGLVWGDUDXI]XDFKWHQGDVVGLH.RQGHQVDWRUHQXQG
GHU$&[QLFKWJOHLFK]HLWLJJHODGHQZHUGHQGLHKLHUEHL
HQWVWHKHQGHQ6SDQQXQJVVSLW]HQN|QQHQGDV*HUlWEHVFKlGLJHQ
$XVJDQJVVFKW]H :HQQVLFK]ZLVFKHQGHP$XVJDQJGHV$&[XQGGHP0RWRUHLQ
6FKW]EHILQGHWPXVVZHQQDOV%HWULHEVDUWGLHGLUHNWH'UHKPRPHQW
UHJHOXQJ'7&JHZlKOWZXUGHGHU$&6YRUGHPgIIQHQGHV
6FKW]HVHLQHQ+DOW%HIHKOHUKDOWHQ%HL*HUlWHQGHV7\SV$&6
LVWPLW+LOIHGHV3DUDPHWHUV$&3GHU:HUW758'(/1
DQ]XZlKOHQ:XUGHGHU:HUW5$03(JHZlKOWPXVVGHU$XVJDQJGHV
$&6$&3PLW+LOIHGHV3DUDPHWHUVDXI1XOOHLQJHVWHOOWZHU
GHQLQGHPDPJHZlKOWHQ'LJLWDOHLQJDQJ9DQJHOHJWZLUG$QGHUHQ
IDOOVZLUGGDV6FKW]EHVFKlGLJW,P6NDODU0RGXVNDQQGDV6FKW]
DXFKEHLODXIHQGHP$&6$&&JH|IIQHWZHUGHQ
9DULVWRUHQRGHU5&1HW]ZHUNH$&E]Z'LRGHQ'&VROOWHQHLQJH
VHW]WZHUGHQXPJHJHQWUDQVLHQWH6SDQQXQJHQYRQ6FKW]VSXOHQ]X
VFKW]HQ'LH6FKXW]HLQULFKWXQJHQVROOWHQVRQDKHZLHP|JOLFKDQGHQ
6FKW]VSXOHQDQJHEUDFKWZHUGHQ'LHVH6FKXW]HLQULFKWXQJHQGUIHQ
QLFKWDQGHU.OHPPHQOHLVWHGHU/HLWHUSODWWH1,2&LQVWDOOLHUWZHUGHQ
(UGXQJ 'HU$&[XQGGLHEHQDFKEDUWHQ*HUlWHVLQGIDFKJHUHFKW]XHUGHQ
'HU$&[XQGGHU0RWRUPVVHQDP$XIVWHOORUWJHHUGHWZHUGHQ
GDPLWGLHSHUV|QOLFKH6LFKHUKHLWXQWHUDOOHQ8PVWlQGHQJHZlKUOHLVWHW
LVWXQGHOHNWURPDJQHWLVFKH6W|UXQJHQUHGX]LHUWZHUGHQ6WHOOHQ6LH
VLFKHUGDVVGLH(UGOHLWHUDXVUHLFKHQGJHPlGHQ6LFKHUKHLWVYRUVFKULI
WHQGLPHQVLRQLHUWVLQG
%HL,QVWDOODWLRQHQJHPl&(XQGEHL,QVWDOODWLRQHQLQGHQHQ(09
(PLVVLRQHQPLQLPLHUWZHUGHQPVVHQZLUGHLQH*UDG+RFKIUH
TXHQ](UGXQJGHU.DEHOHLQJlQJHYRUJHQRPPHQXPHOHNWURPDJQHWL
VFKH6W|UXQJHQ]XYHUKLQGHUQ=XVlW]OLFKPVVHQGLH.DEHOVFKLUPH
PLW6FKXW]HUGH3(YHUEXQGHQZHUGHQXPGLHHQWVSUHFKHQGHQ
6LFKHUKHLWVYRUVFKULIWHQ]XHUIOOHQ'LH6FKLUPHYRQ9HUVRUJXQJVND
EHOQVLQGDOV(UGXQJV/HLWHUQXUGDQQJHHLJQHWZHQQGLH6FKLUP/HLWHU
JHPlGHQ6LFKHUKHLWVYRUVFKULIWHQGLPHQVLRQLHUWVLQG
'LH(UGXQJVDQVFKOVVHGHV$&[VROOWHQLP)DOOHHLQHU0HKUIDFK
,QVWDOODWLRQQLFKWLQ5HLKHJHVFKDOWHWZHUGHQ(LQHIHKOHUKDIWH(UGXQJ
NDQQ]XVFKZHUHQ9HUOHW]XQJHQRGHUW|GOLFKHQ8QIlOOHQIKUHQ
%HWULHEVVW|UXQJHQYHUXUVDFKHQXQGHOHNWURPDJQHWLVFKH6W|UXQJHQ
KHUYRUUXIHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU$&[ $&6$&&$&3 L[
6LFKHUKHLWVYRUVFKULIWHQ
.RPSRQHQWHQDQ
'LJLWDO$QDORJ
(LQJlQJHQ
:$5181*,(&VFKUHLEWGRSSHOWHRGHUYHUVWlUNWH,VRODWLRQ
]ZLVFKHQVSDQQXQJIKUHQGHQ7HLOHQXQGGHU2EHUIOlFKHYRQ
]XJlQJOLFKHQ7HLOHQGHUHOHNWULVFKHQ$XVVWDWWXQJYRUGLHHQWZHGHU
QLFKWOHLWHQGRGHUOHLWHQGDEHUQLFKWPLW6FKXW]HUGHYHUEXQGHQVLQG
8PGLHVH$QIRUGHUXQJ]XHUIOOHQNDQQHLQ7KHUPLVWRUXQGDQGHUH
lKQOLFKH.RPSRQHQWHQDQGHQ'LJLWDOHLQJlQJHQGHV$&[DXIGUHL
YHUVFKLHGHQHQ$UWHQDQJHVFKORVVHQZHUGHQ
(VEHVWHKWHLQHGRSSHOWHRGHUYHUVWlUNWH,VRODWLRQ]ZLVFKHQGHP
7KHUPLVWRUXQGVSDQQXQJIKUHQGHQ7HLOHQGHV0RWRUV
$OOH6WURPNUHLVHGLHDQ'LJLWDOXQG$QDORJ(LQJlQJHGHV$&[
DQJHVFKORVVHQVLQG
VLQGJHJHQ%HUKUXQJJHVFKW]WXQG
PLW%DVLV,VRODWLRQJOHLFKH6SDQQXQJVHEHQHZLHGHU
+DXSWVWURPNUHLVGHV8PULFKWHUVJHJHQDQGHUH
1LHGHUVSDQQXQJVVWURPNUHLVHLVROLHUW
(LQH[WHUQHV7KHUPLVWRU5HODLVZLUGEHQXW]W'LH,VRODWLRQGHV
5HODLVPXVVIUGLHJOHLFKH6SDQQXQJVHEHQHZLHGHU8PULFKWHU
+DXSWVWURPNUHLVDXVJHOHJWVHLQ
+LQZHLV6LQG6LFKHUKHLWVVFKDOWHU6FKW]H.OHPPHQNlVWHQRGHU
lKQOLFKHVDP0RWRUNDEHODQJHVFKORVVHQVLQGVLHLQPHWDOOLVFKHQ
*HKlXVHQPLW*UDG(UGXQJVRZRKOIUGLH6FKLUPOHLWXQJHQGHU
(LQJDQJVDOVDXFKGHU$XVJDQJVNDEHO]XLQVWDOOLHUHQRGHUGLH
.DEHOVFKLUPXQJPXVVDXIDQGHUH:HLVHPLWHLQDQGHUYHUEXQGHQ
ZHUGHQ
:$5181*'LH/HLWHUSODWWHQVLQGPLWLQWHJULHUWHQ6FKDOWNUHLVHQ
EHVWFNWGLHH[WUHPHPSILQGOLFKJHJHQHOHNWURVWDWLVFKH(QWODGXQJHQ
VLQG*HKHQ6LHEHL$UEHLWHQDP*HUlWYRUVLFKWLJYRUGDPLWGLH
6FKDOWNUHLVHQLFKWEHVFKlGLJWZHUGHQ9HUPHLGHQ6LHXQQ|WLJHV
%HUKUHQGHU/HLWHUSODWWHQ
[ $&[ $&6$&&$&3$&6$&&$&3)UHTXHQ]XPULFKWHU
6LFKHUKHLWVYRUVFKULIWHQ
.KOXQJ
:$5181*'LH$QIRUGHUXQJHQDQ.KOOXIWPHQJHXQG3ODW]EHGDUI
PVVHQHUIOOWZHUGHQ%HVRQGHUH$XIPHUNVDPNHLWJLOWGHU.KOXQJ
YRQ*HUlWHQGLHLQHLQJHVFKUlQNWHQ5lXPHQXQGLQNXQGHQHLJHQHQ
6FKUlQNHQLQVWDOOLHUWVLQG
0RQWDJH 9256,&+7'HU$&[ZHLVWHLQKRKHV*HZLFKWDXIXQGGDUIQLFKW
DQGHU)URQWDEGHFNXQJDQJHKREHQZHUGHQ'DV*HUlWVROOWHQXUDXI
GHU5FNVHLWHDEJHVWHOOWZHUGHQ%HLGHU+DQGKDEXQJGHV*HUlWHVLVW
HQWVSUHFKHQGH9RUVLFKWJHERWHQXP%HVFKlGLJXQJHQRGHU
9HUOHW]XQJHQ]XYHUPHLGHQ'HU7UDQVSRUWGHV$&[LVWOHLFKWHU
XQGVLFKHUHUZHQQHUYRQ]ZHL3HUVRQHQGXUFKJHIKUWZLUG
9256,&+76WHOOHQ6LHVLFKHUGDVVEHLGHU0RQWDJHNHLQ%RKUVWDXE
LQGHQ$&[JHODQJW(OHNWULVFKOHLWHQGHU6WDXELP,QQHUHQGHV
*HUlWHVNDQQ6W|UXQJHQRGHU6FKlGHQYHUXUVDFKHQ
9256,&+7%HIHVWLJHQ6LHGHQ$&[QLFKWGXUFK6FKZHLHQRGHU
1LHWHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU$&[ $&6$&&$&3 [L
6LFKHUKHLWVYRUVFKULIWHQ
6LFKHUKHLWVYRUVFKULIWHQ
hEHUVLFKW LLL
9256,&+7 LLL
+LQZHLV LLL
6LFKHUKHLWEHL,QVWDOODWLRQXQG:DUWXQJ LY
1HW]DQVFKOXVV LY
(UGVFKOXVV6FKXW]IXQNWLRQ Y
1RW$XV9RUULFKWXQJHQ Y
0RWRUDQVFKOVVH YL
$QIRUGHUXQJHQDQGLH0RWRULVRODWLRQ YL
$XVJDQJVVFKW]H YLLL
5HODLVNRQWDNWH L[
(UGXQJ L[
.RPSRQHQWHQDQ'LJLWDO$QDORJ(LQJlQJHQ [
(09 [
.KOXQJ [L
0RQWDJH [L
,QKDOWVYHU]HLFKQLV
.DSLWHO±(LQOHLWXQJ
$OOJHPHLQHV
hEHUSUIHQEHL/LHIHUXQJ
$&[[7\SHQVFKOVVHO
$QIUDJHQ
.DSLWHO±0HFKDQLVFKH0RQWDJH
0RQWDJH
0RQWDJHLQHLQHP.KOOXIWNDQDO
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
,VRODWLRQVSUIXQJHQ
(LQJDQJVVLFKHUXQJHQ
6FKXW]GHV1HW]DQVFKOXVVNDEHOV
$XVZDKOXQG'LPHQVLRQLHUXQJGHU.DEHO
/HLVWXQJVNDEHO
$OWHUQDWLYH/HLVWXQJVNDEHOW\SHQ
0RWRUNDEHOVFKLUP
6WHXHUNDEHO
.DEHOIKUXQJ
$&6$&&$&3+DUGZDUH+DQGEXFK [LLL
1HW]0RWRUXQG6WHXHUNDEHODQVFKOVVH
.DEHODQVFKOVVH
,PSXOVJHEHU,VRODWLRQ$&3
,PSXOVJHEHU3KDVHQVWHOOXQJ$&31,2&3.DUWH
,QVWDOODWLRQYRQRSWLRQDOHQ0RGXOHQXQG'ULYH:LQGRZ
.DSLWHO±,QVWDOODWLRQV&KHFNOLVWH
,QVWDOODWLRQV&KHFNOLVWH
.DSLWHO±:DUWXQJ
.KON|USHU
/IWHU
.RQGHQVDWRUHQ
)RUPLHUHQ
6WHXHUWDIHODQVFKOXVV
/('V
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
,(&.HQQGDWHQ $
1(0$.HQQGDWHQ $
7HPSHUDWXUDEKlQJLJH5HGXNWLRQGHV$XVJDQJVVWURPV $
'LDJUDPP $
1HW]DQVFKOXVV $
0RWRUDQVFKOXVV $
:LUNXQJVJUDGXQG.KODUW $
8PJHEXQJVEHGLQJXQJHQ $
6LFKHUXQJHQ $
%HLVSLHO $
.DEHOHLQIKUXQJHQ $
([WHUQH6WHXHUDQVFKOXVV'LDJUDPPH $
1,2&/HLWHUSODWWH $
%XV$EVFKOXVVVFKDOWHU $
1,2&3.DUWH $
6SH]LILNDWLRQHQ1,2&XQG1,2&3.DUWH $
,PSXOVJHEHU6LJQDOH $
6FKXW]DUWHQXQG3ODW]EHGDUI $
(UIRUGHUOLFKH.KOOXIWPHQJH $
.KOOXIWNDQDO $
$EPHVVXQJHQXQG*HZLFKWH $
$SSOLNDWLRQVSURJUDPPH $
$QZHQGXQJV0DNURV $
0DNUR6SUDFKHQ.RPELQDWLRQHQ $
6FKXW]HLQULFKWXQJHQ $
*HOWHQGH1RUPHQ $
0DWHULDO $
(QWVRUJXQJ $
[LY $&6$&&$&3+DUGZDUH+DQGEXFK
&(3UI]HLFKHQ $
hEHUHLQVWLPPXQJPLW(095LFKWOLQLHQ $
0DVFKLQHQULFKWOLQLH $
8/&6$.HQQ]HLFKHQ $
8/ $
.HQQ]HLFKQXQJ $
hEHUHLQVWLPPXQJPLW$61=6 $
*HUlWHJDUDQWLHXQG+DIWXQJ $
+DIWXQJVEHJUHQ]XQJ $
$QKDQJ%±$&6$&&$&3
0D]HLFKQXQJHQ
%RKUXQJHQ.DEHOGXUFKIKUXQJ %
%DXJU|H5 %
%DXJU|H5)ODQVFKPRQWDJH %
%DXJU|H5)ODQVFKPRQWDJH %
%DXJU|H5 %
%DXJU|H5 %
%DXJU|H5)ODQVFKPRQWDJH %
%DXJU|H55)ODQVFKPRQWDJH %
%DXJU|H55 %
%DXJU|H5 %
$&36WHXHUNDEHODQVFKOVVH %
$&3%DXJU|H5 %
$&3%DXJU|H5 %
$&3%DXJU|H5 %
$&3%DXJU|H55 %
$&6$&&$&3+DUGZDUH+DQGEXFK [Y
[YL $&6$&&$&3+DUGZDUH+DQGEXFK
.DSLWHO±(LQOHLWXQJ
hEHUSUIHQEHL 3UIHQ6LHGLH/LHIHUXQJDXI9RUKDQGHQVHLQLUJHQGZHOFKHU6FKlGHQ
/LHIHUXQJ ,QIRUPDWLRQHQDXIGHP7\SHQVFKLOGGHV)UHTXHQ]XPULFKWHUVSUIHQ
XPYRU,QVWDOODWLRQXQG,QEHWULHEQDKPHVLFKHU]XVWHOOHQGDVV7\SXQG
$XVIKUXQJGHV*HUlWHVULFKWLJVLQG
-HGHU$&[EHVLW]W]XU.HQQ]HLFKQXQJHLQ7\SHQVFKLOG'LH'DWHQ
DXIGHP7\SHQVFKLOGHQWKDOWHQHLQHQ7\SHQVFKOVVHOXQGHLQH6HULHQ
QXPPHUGLHHLQLQGLYLGXHOOHV(UNHQQHQMHGHV*HUlWVHUODXEHQ'HU
7\SHQVFKOVVHOHQWKlOW$QJDEHQEHUGLH(LJHQVFKDIWHQXQG.RQILJX
UDWLRQGHV*HUlWV'LHHUVWH=LIIHUGHU6HULHQQXPPHUJLEWGDV+HUVWHOO
ZHUNDQ'LHQlFKVWHQYLHU=LIIHUQJHEHQ-DKUXQG:RFKHGHU+HU
VWHOOXQJDQ'LHOHW]WHQ=LIIHUQYHUYROOVWlQGLJHQGLH6HULHQQXPPHUVR
GDVVHVNHLQH]ZHL*HUlWHPLWGHUJOHLFKHQ6HULHQQXPPHUJLEW
$&6$&&$&3+DUGZDUH+DQGEXFK
.DSLWHO±(LQOHLWXQJ
$&[[ 'LH%HGHXWXQJGHU+DXSWDXVZDKOP|JOLFKNHLWHQGHU$&[[7\SHQ
7\SHQVFKOVVHO VFKOVVHO=LIIHUQLVWLQGHUIROJHQGHQ7DEHOOHEHVFKULHEHQ(VVLQGQLFKW
DOOH$XVZDKOP|JOLFKNHLWHQIUDOOH7\SHQYHUIJEDU:HLWHUH,QIRUPD
WLRQHQEHUGLH$XVZDKOP|JOLFKNHLWHQVLQGLQGHU$&6 6LQJOH'ULYH
%HVWHOOLQIRUPDWLRQV$QOHLWXQJHQWKDOWHQ%HVWHOOQXPPHUDXI
$QIUDJHHUKlOWOLFK
$&6$&&$&3+DUGZDUH+DQGEXFK
.DSLWHO±(LQOHLWXQJ
$QIUDJHQ $OOH$QIUDJHQEH]JOLFKGHV3URGXNWVVLQGDQGLH|UWOLFKH$%%1LHGHU
ODVVXQJXQWHU$QJDEHGHV7\SHQVFKOVVHOVXQGGHU6HULHQQXPPHU
GHV*HUlWV]XULFKWHQ,VWGLH|UWOLFKH$%%9HUWUHWXQJQLFKWHUUHLFKEDU
VLQGGLH$QIUDJHQDQ$%%,QGXVWU\+HOVLQNL)LQQODQG]XULFKWHQ
$&6$&&$&3+DUGZDUH+DQGEXFK
.DSLWHO±(LQOHLWXQJ
$&6$&&$&3+DUGZDUH+DQGEXFK
.DSLWHO±0HFKDQLVFKH0RQWDJH
=XGHQ]XOlVVLJHQ%HWULHEVEHGLQJXQJHQIUGHQ$&[VLHKH
$QKDQJ$±7HFKQLVFKH'DWHQ
'HU$&[LVWLQVHQNUHFKWHU/DJHPLWGHP.KOXQJVWHLO]XU:DQG
]HLJHQG]XPRQWLHUHQ'LH:DQGPXVVP|JOLFKVWVHQNUHFKWVWHKHQ
DXVQLFKWEUHQQEDUHP0DWHULDOXQGVWDELOJHQXJVHLQXPGDV*HUlWH
JHZLFKWWUDJHQ]XN|QQHQ'HU%RGHQE]ZGDV0DWHULDOXQWHUKDOEGHV
*HUlWVGUIHQQLFKWEUHQQEDUVHLQ
8PGHQ$&[PXVVJHQJHQG3ODW]YRUKDQGHQVHLQGDPLWGLH
.KOOXIW]LUNXOLHUHQNDQQXQGGDV*HUlWIU:DUWXQJVXQG,QVWDQGVHW
]XQJVDUEHLWHQ]XJlQJOLFKLVW
0RQWDJH hEHUSUIHQ6LHREDPYRUJHVHKHQHQ0RQWDJHRUWJHQJHQG3ODW]
YRUKDQGHQLVWXQGQLFKWVDQGHU:DQGGLH0RQWDJHEHKLQGHUW6LHKH
$QKDQJ%±0D]HLFKQXQJHQIU*HKlXVHGHWDLOVXQG6FKUDXEHQ
JU|HQ
0DUNLHUHQ6LHGLH6WHOOHQIUGLHYLHU%RKUXQJHQ
'UHKHQ6LHGLH6FKUDXEHQDQGHQPDUNLHUWHQ6WHOOHQHLQ
6HW]HQ6LHGHQ$&[DXIGLH6FKUDXEHQLQGHU:DQG
+LQZHLV+HEHQ6LHGHQ$&[DP*HKlXVHXQGQLFKWDQGHU
)URQWSODWWHDQ%DXJU|H5EHVLW]W+XE|VHQVRGDVVHLQH
JHHLJQHWH+HEHYRUULFKWXQJEHQXW]WZHUGHQNDQQ
=LHKHQ6LHGLH6FKUDXEHQLQGHU:DQGIHVW
RGHU
/XIWVWURP
5
$EELOGXQJ:DQGPRQWDJHGHV$&[
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±0HFKDQLVFKH0RQWDJH
0RQWDJHLQHLQHP 'LH]ZHLWHLOLJH$XVIKUXQJGHV$&[HUP|JOLFKWHVGDV*HUlWLQ
.KOOXIWNDQDO HLQH:DQG|IIQXQJHLQ]XODVVHQZREHLVLFKGHU.KON|USHULQHLQHP
VSH]LHOOHQ.KOOXIWNDQDOEHILQGHW*HUlWH%DXJU|HQ55'LH.KO
OXIWJLWWHUDQGHU*HUlWHXQWHUXQG2EHUVHLWHGUIHQQLFKWGXUFKGLH
:DQGRGHULUJHQGHLQDQGHUHV+LQGHUQLVYHUVSHUUWZHUGHQ=XU$XVIK
UXQJYRQ6HUYLFHXQG:DUWXQJVDUEHLWHQVROOWHQHQWVSUHFKHQGH9RU
NHKUXQJHQJHWURIIHQZHUGHQ
'LH/XIWLP.KOOXIWNDQDOPXVVGHQIUGLH8PJHEXQJVOXIWIHVWJHOHJWHQ
%HGLQJXQJHQHQWVSUHFKHQ:HQQGLH/XIWLP.KOOXIWNDQDOQLFKWUHLQ
LVWZLUGHLQ$&[PLW6FKXW]DUW,3EHQ|WLJWGLHHQWVSUHFKHQGHQ
1HQQOHLVWXQJVGDWHQGHU*HUlWHLQ,3VLQG]XEHDFKWHQ
=XU0RQWDJHGHV$&[LQHLQHP.KOOXIWNDQDOEHIROJHQ6LH
IROJHQGH6FKULWWH
=XU*U|HGHUgIIQXQJLP.KOOXIWNDQDOVLHKH$QKDQJ%±
0D]HLFKQXQJHQ
6FKQHLGHQ6LHGLHgIIQXQJDXV
0DUNLHUHQ6LHGLH6WHOOHQIUGLHYLHU%RKUXQJHQ%ULQJHQ6LHGLH
%RKUXQJHQDQ
%DXJU|H5XQG5/|VHQ6LHGLHEHLGHQ6FKUDXEHQDPXQWHUHQ
5DQGGHU)URQWVHLWH+HEHQ6LHGLH)URQWSODWWHHWZDVDQXQGWUHQ
QHQ6LHGDV6WHXHUWDIHONDEHOYRQGHU.DUWHGLHVLFKDXIGHU,QQHQ
VHLWHGHU3ODWWHEHILQGHW9RUGHUHXQGREHUH$EGHFNXQJDEQHKPHQ
%DXJU|H5ELV5%DXHQ6LHGLH6WHXHUWDIHOXQGGLH
7HOHIRQVWHFNYHUELQGHUDXV/|VHQ6LHGLHEHLGHQ6FKUDXEHQDP
XQWHUHQ5DQGGHU)URQWVHLWH9RUGHUHXQGREHUH$EGHFNXQJ
DEQHKPHQ
0RQWDJHZLHLQ$EELOGXQJJH]HLJWIRUWVHW]HQ
/XIWVWURP
(LQJDQJ 8QWHUH 6FKUDXEHQ
0RQWDJHIODQVFK ]XHUVW
$EELOGXQJ0RQWDJHGHV$&[LQHLQHP.KOOXIWNDQDO
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
:$5181*'LHLQGLHVHP.DSLWHOEHVFKULHEHQHHOHNWULVFKH,QVWDOOD
WLRQGDUIQXUYRQHLQHPTXDOLIL]LHUWHQ(OHNWULNHUDXVJHIKUWZHUGHQ'LH
6LFKHUKHLWVYRUVFKULIWHQDXIGHQHUVWHQ6HLWHQGLHVHV+DQGEXFKVVLQG
]XEHDFKWHQ1LFKWEHDFKWXQJNDQQ]XVFKZHUHQRGHUVRJDUW|GOLFKHQ
8QIlOOHQIKUHQ
,VRODWLRQVSUIXQJHQ -HGHV*HUlWGHU%DXUHLKH$&[ZXUGHLP:HUNDXI,VRODWLRQVIHVWLJ
NHLW]ZLVFKHQ+DXSWVWURPNUHLVXQG*HKlXVH0DVVH9HII+]
IU VJHSUIW(VEHVWHKWGHVKDOENHLQH1RWZHQGLJNHLWGLH,VRODWLRQV
IHVWLJNHLWGHV*HUlWVQRFKPDOV]XNRQWUROOLHUHQ:HQQGLH,VRODWLRQVIH
VWLJNHLWGHU%DXJUXSSHGHQQRFKNRQWUROOLHUWZLUGLVWIROJHQGHUPDHQ
YRU]XJHKHQ
:$5181*'LH.RQWUROOHGHU,VRODWLRQVIHVWLJNHLWPXVVYRU$QVFKOXVV
GHV$&[DQV1HW]GXUFKJHIKUWZHUGHQ9RU%HJLQQGHU
,VRODWLRQVZLGHUVWDQGVPHVVXQJHQLVWVLFKHU]XVWHOOHQGDVVGHU$&[
YRP1HW]JHWUHQQWLVW
.RQWUROOLHUHQREGDV0RWRUNDEHOYRQGHQ$XVJDQJVNOHPPHQ8
9XQG:GHV$&[DEJHNOHPPWLVW
2 'LH,VRODWLRQVZLGHUVWlQGHYRQ0RWRUXQG0RWRUNDEHO]ZLVFKHQ
0 MHGHU3KDVHXQG6FKXW]HUGH3(VLQGPLWHLQHU0HVV6SDQQXQJ
W YRQN9'&]XPHVVHQ'HU,VRODWLRQVZLGHUVWDQGPXVVPHKUDOV
0W EHWUDJHQ.
3(
(LQJDQJVVLFKHUXQJHQ (LQJDQJVVLFKHUXQJHQZHUGHQEHQ|WLJWXPGLH(LQJDQJVJOHLFKULFKWHU
EUFNHGHV$&[LP)DOOHHLQHVLQWHUQHQ.XU]VFKOXVVHV]XVFKW
]HQ'HU$&[LVWQLFKWPLW(LQJDQJVVLFKHUXQJHQDXVJHUVWHW)U
GHQ$QVFKOXVVGHV$&[ZLUGGHU(LQVDW]YRQVXSHUIOLQNHQ6LFKH
UXQJHQHPSIRKOHQZLHVLHLP$QKDQJ$DXIJHIKUWVLQG)U*HUlWH
GHU%DXUHLKH$&[XQGXQGJU|HUVLQGJHQHUHOO
VXSHUIOLQNH6LFKHUXQJHQHUIRUGHUOLFK
,VWHLQH6LFKHUXQJGXUFKJHEUDQQWGDUIVLHQLFKWGXUFKHLQHQRUPDOH
WUlJH6LFKHUXQJPLW6WURPVWlUNHQHQWVSUHFKHQG$QKDQJ$HUVHW]WZHU
GHQ(VPXVVHLQHVXSHUIOLQNH6LFKHUXQJYHUZHQGHWZHUGHQ
'HU$&[VFKW]WGLH(LQJDQJVXQG0RWRUNDEHOYRUhEHUODVWZHQQ
GLH.DEHOHQWVSUHFKHQGGHP1HQQVWURPGHV$&[GLPHQVLRQLHUW
VLQG:HUGHQGLHVXSHUIOLQNHQ6LFKHUXQJHQGHV$&[LQGHU8QWHU
YHUWHLOXQJDQJHVFKORVVHQVFKW]HQVLHGDV(LQJDQJVNDEHOLP)DOOH
HLQHV.XU]VFKOXVVHV
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
6FKXW]GHV (VN|QQHQQRUPDOHWUlJH6LFKHUXQJHQ]XP6FKXW]GHV1HW]DQ
1HW]DQVFKOXVVNDEHOV VFKOXVVNDEHOVJHJHQ.XU]VFKOXVVYHUZHQGHWZHUGHQVLHVFKW]HQ
GLH(LQJDQJVJOHLFKULFKWHUEUFNHGHV$&[EHL.XU]VFKOXVVQLFKW
7UlJH6LFKHUXQJHQPVVHQJHPlGHQ|UWOLFKHQ6LFKHUKHLWVYRUVFKULI
WHQGHUSDVVHQGHQ1HW]VSDQQXQJXQGGHP1HQQVWURPGHV$&[
VLHKH$QKDQJ$DXVJHOHJWZHUGHQ
$XVZDKOXQG
'LPHQVLRQLHUXQJGHU
.DEHO
/HLVWXQJVNDEHO 1HW]XQG0RWRUNDEHOPVVHQHQWVSUHFKHQGGHQ|UWOLFKHQ
9RUVFKULIWHQDXVJHOHJWZHUGHQ
'DV.DEHOPXVVGHQ/DVWVWURPGHV$&[ IKUHQN|QQHQ
'LH.DEHONOHPPHQGHV$&[HUZlUPHQVLFKZlKUHQGGHV
%HWULHEVELVDXI&'DV.DEHOPXVVIUPLQGHVWHQV &
%HWULHEVWHPSHUDWXUDXVJHOHJWVHLQ
'DV.DEHOPXVVGLH$QIRUGHUXQJHQGHVYHUZHQGHWHQ
.XU]VFKOXVV6FKXW]HVHUIOOHQ
,QGXNWLYLWlWXQG,PSHGDQ]GHV.DEHOVPVVHQKLQVLFKWOLFKGHU
]XOlVVLJHQ%HUKUXQJVVSDQQXQJEHLP$XIWUHWHQYRQ)HKOHUQ
DXVJHOHJWVHLQVRGDVVGLH)HKOHUVSDQQXQJQLFKW]XKRFKVWHLJW
ZHQQHLQ(UGVFKOXVVVWDWWILQGHW
'LH6SDQQXQJVIHVWLJNHLWGHU1HW]NDEHOVROOWHN9IU9$&*HUlWH
QHQQVSDQQXQJEHWUDJHQ)UGHQQRUGDPHULNDQLVFKHQ0DUNWLVWHLQ
9$&.DEHOEHL9$&*HUlWHQHQQVSDQQXQJ]XOlVVLJ'LH
1HQQVSDQQXQJIUGDV0RWRUNDEHOVROOWHLPDOOJHPHLQHQPLQGHVWHQV
N9VHLQ
)UGLH$&[%DXJU|H5XQGJU|HURGHUIU0RWRUHQPLWHLQHU
/HLVWXQJYRQPHKUDOVN:PVVHQV\PPHWULVFKJHVFKLUPWH0RWRU
NDEHOEHQXW]WZHUGHQVLHKH$EELOGXQJXQWHQ(LQ9LHU/HLWHU6\VWHP
NDQQELV]XU%DXJU|H5PLW0RWRUHQELV]XN:EHQXW]WZHUGHQ
HVZLUGDEHUHLQV\PPHWULVFKJHVFKLUPWHV0RWRUNDEHOHPSIRKOHQ
=ZDUZLUGHLQ9LHU/HLWHU6\VWHPDOV1HW]NDEHO]XJHODVVHQDEHUHV
ZLUGHLQV\PPHWULVFKJHVFKLUPWHV.DEHOHPSIRKOHQ8PDOV6FKXW]OHL
WHU]XGLHQHQPXVVGLH%HODVWEDUNHLWGHV6FKLUPVPLQGHVWHQV
GHU3KDVHQEHODVWEDUNHLWEHWUDJHQ
,P9HUJOHLFK]X9LHU/HLWHU.DEHOQZHUGHQEHL9HUZHQGXQJYRQV\P
PHWULVFKJHVFKLUPWHQ.DEHOQHOHNWURPDJQHWLVFKH(PLVVLRQHQGHV
JHVDPWHQ$QWULHEVV\VWHPVVRZLH/DJHUVWU|PHXQG9HUVFKOHLYHUPLQ
GHUW
'DV0RWRUNDEHOXQGGHUYHUGULOOWH6FKLUPPXVVP|JOLFKVWNXU]JHKDO
WHQZHUGHQXPHOHNWURPDJQHWLVFKH(PLVVLRQHQVRZLHNDSD]LWLYH
6WU|PH]XYHUPLQGHUQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
$OWHUQDWLYH /HLVWXQJVNDEHOW\SHQGLHPLWGHP$&[EHQXW]WZHUGHQN|QQHQ
/HLVWXQJVNDEHOW\SHQ VLQGQDFKIROJHQGGDUJHVWHOOW
(PSIRKOHQ
6\PPHWULVFKJHVFKLUPWHV.DEHOGUHLSKDVLJH/HLWHU (LQVHSDUDWHU3(/HLWHULVWHUIRUGHUOLFKZHQQGLH
XQGHLQNRQ]HQWULVFKHUDQGHUHQIDOOVV\PPHWULVFKHU %HODVWEDUNHLWGHV.DEHOVFKLUPV GHU
3(/HLWHUXQGHLQ6FKLUP %HODVWEDUNHLWGHV3KDVHQOHLWHUVLVW
3(/HLWHU 6FKLUP
XQG6FKLUP 6FKLUP
3(
3(
3( 6FKLUP
.DEHOPLWYLHU/HLWHUQ
GUHLSKDVLJH/HLWHUXQG
HLQ6FKXW]OHLWHU
1LFKW]XOlVVLJDOV0RWRUNDEHO 1LFKW]XOlVVLJDOV0RWRUNDEHOEHLHLQHP
3KDVHQOHLWHUPLWHLQHP4XHUVFKQLWWJU|HU
DOV PP0RWRUHQ!N:
0RWRUNDEHOVFKLUP 8PDEJHVWUDKOWHXQGOHLWXQJVJHEXQGHQH+RFKIUHTXHQ](PLVVLRQHQ
HIIHNWLY]XYHUKLQGHUQPXVVGLH6FKLUPEHODVWEDUNHLWPLQGHVWHQV
GHU3KDVHQEHODVWEDUNHLWVHLQ(LQH0|JOLFKNHLWGLH:LUNVDPNHLWGHV
6FKLUPVDE]XVFKlW]HQLVWGLH6FKLUPLQGXNWLYLWlWZHOFKHQLHGULJVHLQ
PXVVXQGQXULQEHJUHQ]WHP8PIDQJYRQGHU)UHTXHQ]DEKlQJHQ
GDUI'LHVH$QIRUGHUXQJHQZHUGHQOHLFKWGXUFK(LQVDW]YRQ.XSIHUXQG
$OXPLQLXPDOV6FKLUP$UPLHUXQJHUUHLFKW1DFKIROJHQGVLQGGLH0LQL
PDO$QIRUGHUXQJHQIUGHQ0RWRUNDEHOVFKLUPGHV$&[ JH]HLJW
HLQHNRQ]HQWULVFKH/DJHDXV.XSIHUGUlKWHQPLWHLQHUVSLUDOI|UPLJHQ
/DJHDXV.XSIHUEDQG-HEHVVHUXQGHQJHUGHU6FKLUPLVWGHVWRQLHG
ULJHUVLQG(PLVVLRQHQXQG:LUEHOVWU|PH
.DEHODGHUQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
6WHXHUNDEHO $OOH6WHXHUNDEHOPVVHQJHVFKLUPWVHLQ,PDOOJHPHLQHQVROOWHGHU
6FKLUPGHU6WHXHUVLJQDOOHLWXQJGLUHNWLP$&[JHHUGHWZHUGHQ'DV
DQGHUH(QGHGHV6FKLUPVVROOWHRIIHQJHODVVHQZHUGHQRGHULQGLUHNW
JHHUGHWZHUGHQEHU.RQGHQVDWRUHQPLWHLQLJHQ1DQRIDUDGJHHLJQHW
IU+RFKIUHTXHQ]XQG+RFKVSDQQXQJ]%Q) 9'HU
6FKLUPNDQQDXFKEHLGVHLWLJGLUHNWJHHUGHWZHUGHQZHQQEHLGH(QGHQ
GDVJOHLFKH3RWHQWLDOKDEHQRKQHQHQQHQVZHUWH6SDQQXQJVXQWHU
VFKLHGH]ZLVFKHQGHQ(QGSXQNWHQ
'XUFK9HUGULOOHQGHU6LJQDODGHUPLWGHU5FNOHLWXQJZHUGHQGLHGXUFK
LQGXNWLYH(LQNRSSOXQJYHUXUVDFKWHQ6W|UXQJHQYHUULQJHUW'LH/HL
WXQJVSDDUHVLQGVRQDKHDQGHQ.OHPPHQZLHP|JOLFK]XYHUGULOOHQ
)U$QDORJVLJQDOHLVWHLQHGRSSHOWJHVFKLUPWHYHUGULOOWH'RSSHOOHLWXQJ
]XYHUZHQGHQ$EED]%-$0$.YRQ1.&DEOHV)LQQODQG)U
MHGHV6LJQDOLVWHLQHHLQ]HOQJHVFKLUPWH'RSSHOOHLWXQJ]XYHUZHQGHQ
(LQHJHPHLQVDPH5FNOHLWXQJGDUIIUXQWHUVFKLHGOLFKH$QDORJVLJQDOH
QLFKWYHUZHQGHWZHUGHQ
(LQGRSSHOWJHVFKLUPWHV.DEHOLVWGLHEHVWH$OWHUQDWLYHIUGLJLWDOH
1LHGHUVSDQQXQJVVLJQDOHDEHUHLQHLQIDFKJHVFKLUPWHV.DEHOPLW
$GHUSDDUHQ$EEENDQQHEHQIDOOVYHUZHQGHWZHUGHQ
D E
(LQGRSSHOWJHVFKLUPWHV (LQHLQIDFKJHVFKLUPWHV
YHUGULOOWHV$GHUSDDU .DEHOPLW$GHUSDDUHQ
'LHDQDORJHQXQGGLJLWDOHQ6LJQDOHVLQGLQJHWUHQQWHQJHVFKLUPWHQ
.DEHOQ]XYHUOHJHQ
6RIHUQLKUH6SDQQXQJ9QLFKWEHUVWHLJWN|QQHQUHODLVJHVWHXHUWH
6LJQDOHEHUGLHJOHLFKHQ.DEHOZLHGLHGLJLWDOHQ(LQJDQJVVLJQDOHZHL
WHUJHOHLWHWZHUGHQ(VZLUGHPSIRKOHQUHODLVJHVWHXHUWH6LJQDOHEHU
YHUGULOOWH.DEHOSDDUH]XIKUHQ
9*OHLFKVSDQQXQJVXQG9:HFKVHOVSDQQXQJV
6LJQDOHGUIHQDXINHLQHQ)DOOLQGDVJOHLFKH.DEHOHLQJHVSHLVW
ZHUGHQ
5HODLVNDEHO .DEHOYRP7\Sg/)/(;JHIORFKWHQHU0HWDOOVFKLUP/$33.$%(/
'HXWVFKODQGZXUGHQYRQ$%%JHSUIWXQG]XJHODVVHQ
,PSXOVJHEHUNDEHO 0LQÂPPÂPPYHUGULOOWH/HLWHUSDDUHPLW
$&3 JHPHLQVDPHU$EVFKLUPXQJRSWLVFKH%HGHFNXQJ! 'LHPD[
.DEHOOlQJHEHWUlJWP(LQJHHLJQHWHV.DEHOLVWEHL$%%HUKlOWOLFK
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
6WHXHUWDIHONDEHO )UGHQH[WHUQHQ%HWULHEGDUIGDV.DEHOPLWGHPGLH6WHXHUWDIHODP
$&[DQJHVFKORVVHQLVWQLFKWOlQJHUDOVPVHLQ'HUYRQ$%%
JHSUIWHXQGJHQHKPLJWH.DEHOW\SLVWLP6WHXHUWDIHO=XVDW]NLWHQWKDO
WHQ
.DEHOIKUXQJ 'DV0RWRUNDEHOLVWJHWUHQQWYRQDQGHUHQ.DEHOQ]XYHUOHJHQ'LH
0RWRUNDEHOYRQPHKUHUHQ)UHTXHQ]XPULFKWHUQN|QQHQSDUDOOHO
QHEHQHLQDQGHUYHUODXIHQ(VZLUGHPSIRKOHQGDVV0RWRU1HW]XQG
6WHXHUNDEHODXIVHSDUDWHQ.DEHOSULWVFKHQ0LQGHVWDEVWDQGPP
YHUOHJWZHUGHQ/DQJHSDUDOOHOH6WUHFNHQPLWDQGHUHQ.DEHOQVLQG]X
YHUPHLGHQGDPLWHOHNWURPDJQHWLVFKH6W|UXQJHQGLHGXUFKVFKQHOOH
bQGHUXQJHQGHU$XVJDQJVVSDQQXQJGHV)UHTXHQ]XPULFKWHUVYHUXU
VDFKWZHUGHQJHULQJJHKDOWHQZHUGHQN|QQHQ
0VVHQ6WHXHUNDEHOEHU/HLVWXQJVNDEHOJHIKUWZHUGHQGDQQKDW
GLHVLQHLQHP:LQNHO]XHUIROJHQGHUVRQDKHZLHP|JOLFKEHLOLHJW
=XVDW]NDEHOGUIHQQLFKWGXUFKGHQ$&[JHIKUWZHUGHQ
'LH.DEHOSULWVFKHQPVVHQHLQHJXWHHOHNWULVFKH9HUELQGXQJXQWHUHLQ
DQGHUXQG]XU(UGHKDEHQ$OXPLQLXP7UlJHUV\VWHPHN|QQHQEHQXW]W
ZHUGHQXPHLQHQJXWHQ3RWHQWLDODXVJOHLFKVLFKHU]XVWHOOHQ
1DFKIROJHQGHLQH'DUVWHOOXQJGHU.DEHOIKUXQJ
ACS 600
ENTER
REM
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
1HW]0RWRUXQG6WHXHUNDEHODQVFKOVVH
:$5181*'LHVH$UEHLWHQGUIHQQXUYRQTXDOLIL]LHUWHP)DFKSHUVR
QDOGXUFKJHIKUWZHUGHQ'LH6LFKHUKHLWVYRUVFKULIWHQDXIGHQHUVWHQ
6HLWHQGLHVHV+DQGEXFKVVLQG]XEHDFKWHQ1LFKWEHDFKWXQJNDQQ]X
VFKZHUHQRGHUVRJDUW|GOLFKHQ8QIlOOHQIKUHQ
1HW]XQG0RWRUNDEHOZHUGHQPLWGHU.OHPPOHLVWHGHV$&[LP
XQWHUHQ7HLOGHV*HKlXVHVYHUEXQGHQGLH6WHXHUNDEHOZHUGHQ
GDUEHUPLWGHU1,2&1,2&3.DUWHYHUEXQGHQ$
1HW]0RWRUXQG6WHXHUNDEHOZHUGHQZLHIROJWDQJHVFKORVVHQ
6WHOOHQ6LHVLFKHUGDVVDP$&[ZlKUHQGGHU$QVFKOXVV
DUEHLWHQNHLQH1HW]VSDQQXQJDQOLHJW1DFKGHP$EVFKDOWHQGHU
1HW]VSDQQXQJVYHUVRUJXQJPLQGHVWHQV0LQXWHQZDUWHQ
%DXJU|H5ELV5$XVEDXGHU$EGHFNXQJ
6WHXHUWDIHOGHPRQWLHUHQ
7HOHIRQVWHFNYHUELQGHUDXVEDXHQ
'LHEHLGHQ6FKUDXEHQDPXQWHUHQ5DQGGHU
)URQWVHLWHO|VHQXQGGLHYRUGHUH$EGHFNXQJ
DEQHKPHQKLHU]XGLH$EGHFNXQJYRUVLFKWLJ
DQKHEHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
%DXJU|H5XQG5
$XVEDXGHU$EGHFNXQJ
'LHEHLGHQ6FKUDXEHQDP
XQWHUHQ5DQGGHU)URQWVHLWH
O|VHQ
8QWHUHQ5DQGGHU$EGHFNXQJ
DQKHEHQGDPLWGLH/HLWHUSODWWH
$]XJlQJOLFKZLUG.DEHOYRP
6WHFNYHUELQGHU;DE]LHKHQ
$EGHFNXQJDEQHKPHQ
%DXJU|H5
$XVEDXGHU$EGHFNXQJ
6FKUDXEHQGHU$EGHFNXQJ
O|VHQ
=LHKHQ $EGHFNXQJHWZDVDQKHEHQELV
VLHYRQGHQ6FKUDXEHQ
'UFNHQ IUHLNRPPW
$EGHFNXQJDPREHUHQ5DQG
KlQJHQODVVHQ
8QWHUHQ5DQGGHU$EGHFNXQJ
DQKHEHQGDPLWGLH/HLWHUSODWWH
$]XJlQJOLFKZLUG.DEHOYRP
6WHFNYHUELQGHU;DE]LHKHQ
$EGHFNXQJDEQHKPHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
.DEHODQVFKOVVH (PSIRKOHQH(UGXQJV1HW]XQG0RWRUNDEHODQVFKOVVH=XU/DJHGHU
$QVFKOVVHVLHKH$QKDQJ%±0D]HLFKQXQJHQ
$ $&36WHXHUXQG,PSXOVJHEHU
.DEHOVLHKH$QKDQJ%
1,2&3
(LQJDQJ $XVJDQJ
'DVDQGHUH(QGHGHV1HW]NDEHOVDQGHU
169HUWHLOXQJHUGHQ
8PPLQLPDOH+)6W|UIUHTXHQ]HQ5),DP
0RWRUHQGH]XHUUHLFKHQZLUGGHU6FKLUPLQ
GHU.DEHOGXUFKIKUXQJUXQGXP*UDG
6WHXHU
JHHUGHWRGHUGHU.DEHOVFKLUPYHUGULOOW
NDEHO
%UHLWH!Â/lQJH
$OWHUQDWLYH]XU(UGXQJGHV$&[XQGGHV0RWRUVEHUGHQ.DEHOVFKLUP
+LQZHLV:LUGGHUYLHUWH/HLWHUGHV0RWRUNDEHOVDP0RWRUDQJHVFKORVVHQ
HUK|KHQVLFKGLH/DJHUVWU|PHZDV]XVlW]OLFKHQ9HUVFKOHL]XU)ROJHKDW
:LUGYHUZHQGHWZHQQGLH/HLWIlKLJNHLWGHV.DEHOVFKLUPVGHU
/HLWIlKLJNHLWGHV3KDVHQOHLWHUVEHWUlJW
%DXJU|H5
'LH.DEHOVFKXKHDQGLH3KDVHQOHLWHU
DQVFKOLHHQ'LH(QGHQGHU.DEHOVFKXKHPLW
VHOEVWYHUVFKZHLHQGHP%DQGLVROLHUHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
(UGXQJV1HW]XQG 'DV1HW]NDEHOGXUFKGLH(,1*$1*.DEHOGXUFKIKUXQJGDV
0RWRUNDEHODQVFKOVVH 0RWRUNDEHOGXUFKGLH$86*$1*.DEHOGXUFKIKUXQJLQGDV*HUlW
HLQIKUHQ
3KDVHQOHLWHUGHV1HW]NDEHOVDQGLH.OHPPHQ89XQG:
DQVFKOLHHQGLH3KDVHQOHLWHUGHV0RWRUNDEHOVDQGLH.OHPPHQ
89XQG:
'HQYHUGULOOWHQ6FKLUPGHV1HW]NDEHOVDQGLH(UGXQJVNOHPPH
DQVFKOLHHQHEHQVRGHQ0RWRUNDEHOVFKLUP
6WHXHUNDEHODQVFKOVVH 'DV6WHXHUNDEHOEHUGHQ6,*1(LQJDQJLQGDV,QQHUHGHV
*HUlWHVIKUHQ
'HQ/HLWHUDQGLHHQWVSUHFKHQGH.OHPPHGHU1,2&1,2&3.DUWH
DQVFKOLHHQ$VLHKH$QKDQJ$XQG3URJUDPPLHUKDQGEXFKXQG
GLH6FKUDXEHQDQ]LHKHQXPGHQ$QVFKOXVVVLFKHU]XVWHOOHQ'HQ
YHUGULOOWHQ6FKLUP(UGXQJVGUlKWHLQP|JOLFKVWJHULQJHP$EVWDQG
DQGLH(UGXQJVVFKLHQH QHEHQGHU1,2&.DUWHDQVFKOLHHQ
)UGDV$QNOHPPHQXQG(UGHQGHV6WHXHUXQG,PSXOVJHEHU
.DEHOVGHV$&3VLHKH$QKDQJ%
(LQEDXGHU$EGHFNXQJ
%DXJU|H5ELV5 %DXJU|H5
6WHXHUWDIHONDEHODQGLH6WHFNYHUELQGXQJ;
DQVFKOLHHQXQG$EGHFNXQJDQEULQJHQ
%DXJU|H5ELV5
9RUGHUH$EGHFNXQJZLHGHUDQEULQJHQ
7HOHIRQ6WHFNYHUELQGHUZLHGHUHLQEDXHQ
6WHXHUWDIHOHLQEDXHQKLHU]XGLH6WHXHUWDIHOYRUVLFKWLJDXIGHQ
6WHFNYHUELQGHULQGHU$XVVSDUXQJGHUYRUGHUHQ$EGHFNXQJ
DXIVFKLHEHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
6WHXHUWDIHOIU .OHPPHQ6LHGDV6WHXHUWDIHONDEHODQGLH.OHPPH;GHU1$0&
GLH)HUQEHGLHQXQJ RGHUPLW1$0&DQGLH.OHPPH;GHU1,2&.DUWH;GHU
1,2&3.DUWH
$&[PLW1$0&.DUWHXQG$&[ $&[PLW1$0&.DUWH
1,2& 1$0&PLW1'&2
;
;
(UGHQ6LHGHQ
.DEHOVFKLUPDQGHU
QlFKVWHQ(UGXQJV
VFKUDXEH
1$0&
;
;
1,2&3.DUWH
,PSXOVJHEHU,VRODWLRQ 'HU,PSXOVJHEHUPXVVYRP6WDWRURGHU5RWRUHOHNWULVFKLVROLHUWVHLQ
$&3 XPHLQHQ6WURPIOXVVGXUFKGHQ,PSXOVJHEHU]XYHUKLQGHUQ'HUEOL
FKH,PSXOVJHEHUPLW.XSSOXQJPXVVHLQHHOHNWULVFKLVROLHUWH.XSSOXQJ
KDEHQ:HQQHLQ+RKOZHOOHQ,PSXOVJHEHUHLQJHVHW]WZLUGNDQQGLH
,VRODWLRQGXUFKHLQLVROLHUWHV.XJHOJHOHQNGHV%HIHVWLJXQJVDUPVRGHU
GXUFK,VROLHUXQJGHV%HIHVWLJXQJVDUPVVHOEVWHUIOOWZHUGHQ'HU
6FKLUPGHV,PSXOVJHEHUNDEHOVPXVVYRP,PSXOVJHEHU*HKlXVHLVR
OLHUWVHLQ6LHKH$QKDQJ%EH]JOLFK(UGXQJGHVDQGHUHQ(QGHVGHV
,PSXOVJHEHUNDEHO6FKLUPV
,PSXOVJHEHU :HQQGHU,PSXOVJHEHUNRUUHNWDQJHVFKORVVHQLVWPXVVEHLPVLFKYRU
3KDVHQVWHOOXQJ$&3 ZlUWVGUHKHQGHQ$QWULHESRVLWLYH'UHKULFKWXQJHLQSRVLWLYHV5FN
1,2&3.DUWH PHOGHVLJQDOGHV,PSXOVJHEHUVHU]HXJWZHUGHQ
%HL,PSXOVJHEHUQVLQGGLHEHLGHQ$XVJDQJVNDQlOHGLHQRUPDOHUZHLVH
PLWXQGE]Z$XQG%EH]HLFKQHWZHUGHQXPYRQHLQDQGHUYHU
VFKREHQ3KDVHQYHUVFKLHEXQJ%HLGHU'UHKXQJLP8KU]HLJHUVLQQHLOW
.DQDOEHLGHQPHLVWHQ,PSXOVJHEHUQQLFKWEHLDOOHQ.DQDOYRU
(UPLWWHOQ6LHDQKDQGGHU,PSXOVJHEHU'RNXPHQWDWLRQRGHUGHU0HV
VXQJPLWGHP2V]LOORVNRSGHQYRUHLOHQGHQ.DQDO
'HU,PSXOVJHEHU$XVJDQJVNDQDOGHUEHLYRUZlUWVGUHKHQGHP$QWULHE
YRUHLOWPXVVDQ1,2&3(LQJDQJ$XQGGHUQDFKODXIHQGH$XVJDQJVND
QDODQ1,2&3(LQJDQJ%DQJHVFKORVVHQVHLQ
'HU1XOOUHIHUHQ]$XVJDQJVNDQDOZLUGDQ1,2&3(LQJDQJ=DQJH
VFKORVVHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
,QVWDOODWLRQYRQ 'LHVHU$EVFKQLWWJLEWDOOJHPHLQH,QVWDOODWLRQVDQZHLVXQJHQIUGDV
RSWLRQDOHQ0RGXOHQ 'ULYH:LQGRZ3&7RROXQGGLH=XVDW]PRGXOHGHV$&[ZLH]%
XQG'ULYH:LQGRZ )HOGEXV$GDSWHU,2(UZHLWHUXQJVPRGXOHXQG,PSXOVJHEHU6FKQLWW
VWHOOH$QVFKOXVVEHLVSLHOHZHUGHQDP(QGHGLHVHV$EVFKQLWWVJHJH
EHQ
$QRUGQXQJ 'DV0RGXOVROOWHLQQHUKDOEGHV*HUlWHVDQGHULQGHU0D]HLFKQXQJ
DQJHJHEHQHQ6WHOOHPRQWLHUWZHUGHQ$QKDQJ%'LH2SWLRQVPRGXOH
IUGLH%DXJU|H5XQG5ZHUGHQDXHUKDOEGHV)UHTXHQ]XPULFK
WHUVPRQWLHUW)ROJHQ6LHGHQ$QZHLVXQJHQGLHLP.DSLWHO0HFKDQL
VFKH,QVWDOODWLRQGHU%HWULHEVDQOHLWXQJGHV0RGXOVVWHKHQ
6SDQQXQJVYHUVRUJXQJ 'LH9'&9HUVRUJXQJIUHLQ]XVlW]OLFKHV0RGXOZLUGYRQGHU
GHU0RGXOH 1,2&1,2&3.DUWHGHV8PULFKWHUV1,2&.OHPPH;1,2&3
.OHPPH;]XU9HUIJXQJJHVWHOOW'LH$QRUGQXQJGHU1,2&1,2&3
.DUWHLVWGHQ0D]HLFKQXQJHQ]XHQWQHKPHQ$QKDQJ%
/LFKWZHOOHQOHLWHU =XVlW]OLFKH0RGXOHZHUGHQPLWHLQHU''&6/LFKWZHOOHQOHLWHU9HUELQ
9HUELQGXQJ GXQJDXIGHU1$0&/HLWHUSODWWHRGHUGHU1'&2/HLWHUSODWWHEHLGH
REHQDXIGHU1,2&%DXJUXSSHPRQWLHUWDQJHVFKORVVHQ'LH.OHPPHQ
DXIGHU1$0&1'&2/HLWHUSODWWHDQZHOFKHQGLH.DEHODQJHVFKORV
VHQZHUGHQVLQGLQGHUIROJHQGHQ7DEHOOHDXIJHIKUW.DQDO&+
EHILQGHWVLFKDXIGHU1$0&/HLWHUSODWWH.DQlOH&+&+XQG
&+EHILQGHQVLFKDXIGHU1'&2/HLWHUSODWWH'LH1$0&/HLWHU
SODWWHHQWKlOW.DQlOH&+ELV&+
&+PLW$&66\VWHP 99
&UDQH0DVWHU)ROORZHU
XQG7HPSODWH
$QZHQGXQJVSURJUDPPHQ
DXIGHU1'&2/HLWHUSODWWHZHQQHLQH1$0&/HLWHUSODWWHEHQXW]WZLUG
'ULYH:LQGRZ/LJKWZLUGEHUGHQ13&856:DQGOHUDQGHQ6WHFNYHUELQ
GHUGHU6WHXHUWDIHODXIGHU$EGHFNXQJDQJHVFKORVVHQRGHUDQGHQ7HOHIRQ6WHFN
YHUELQGHU;DXIGHU1$0&/HLWHUSODWWH
%HDFKWHQ6LHGLH)DUEFRGHVZHQQ6LHGLH/LFKWZHOOHQOHLWHULQVWDOOLH
UHQ%ODXH6WHFNHUPVVHQLQEODXH.OHPPHQXQGJUDXH6WHFNHUPV
VHQLQJUDXH.OHPPHQJHVWHFNWZHUGHQ
)UGHQ)DOOGDVVPHKUHUH0RGXOHDPJOHLFKHQ.DQDOLQVWDOOLHUWZHU
GHQPVVHQGLHVHLQHLQHP5LQJYHUEXQGHQVHLQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
$QVFKOXVVEHLVSLHOH
)HOGEXV$GDSWHU0RGXO
$&[
1$0& 1,2&
1,2&3
1'&2
&+ &+
5
7
7 5 7 5
5;'
7;' 1,2&.OHPPH;
1,2&3.OHPPH;
'LH.OHPPHQIU
GHQ9HUVRUJXQJV
DQVFKOXVVYDULLH
UHQ6LHKH0RGXO
+DQGEXFK
,2(UZHLWHUXQJVPRGXO
$&[
,PSXOVJHEHUPRGXOHPLW
1$0& 1,2&
$&6.UDQ9HUVLRQ[6\VWHP
0DVWHU)ROORZHUXQG%HLVSLHO
1'&2
$SSOLNDWLRQVSURJUDPPHQ &+
5
7
7 5
5;' 1,2&.OHPPH;
7;'
'LH.OHPPHQIU 1LFKWXQWHUVWW]WEHLP$&3
GHQ9HUVRUJXQJV
DQVFKOXVVYDULLH
UHQ6LHKH0RGXO
+DQGEXFK
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
$QVFKOXVVEHLVSLHOH
1$0& 1,2&
1'&2
&+ &+
5
7
7 5 7 5
5;'
7;' 1,2&.OHPPH;
'LH.OHPPHQIU
'HU$&3XQWHUVWW]W
GHQ9HUVRUJXQJV VWDWWGHVVHQGHQ17$&3'RS
DQVFKOXVVYDULLH SHO,PSXOVJHEHU6LHKH
UHQ6LHKH0RGXO 17$&30RQWDJHXQG,QEH
+DQGEXFK WULHEQDKPH+DQGEXFK
'ULYH:LQGRZ
$&[
1$0& 1,2&
1,2&3
1'&2
&+ &+
5
7
7 5 7 5 5
/DSWRS3&
5 7 5 7
1'3& 1,6$
1'3$ 'HVNWRS3&
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±,QVWDOODWLRQV&KHFNOLVWH
,QVWDOODWLRQV&KHFNOLVWH 9RUGHU,QEHWULHEQDKPHLVW]XSUIHQREGHU$&[PHFKDQLVFKXQG
HOHNWULVFKULFKWLJLQVWDOOLHUWLVW(VHPSILHKOWVLFK]XVDPPHQPLWHLQHU
DQGHUHQ3HUVRQGLHVH&KHFNOLVWHGXUFK]XJHKHQ/HVHQ6LHVRUJIlOWLJ
GLH6LFKHUKHLWVYRUVFKULIWHQDXIGHQHUVWHQ6HLWHQGLHVHV+DQGEXFKV
EHYRU6LHPLWGHU$UEHLWDPRGHUPLWGHP*HUlWEHJLQQHQ
0(&+$1,6&+(,167$//$7,21
3UIHQREGLHIUGHQ%HWULHEJHHLJQHWHQ8PJHEXQJVEHGLQJXQJHQKHUUVFKHQ6LHKH
$QKDQJ$8PJHEXQJVEHGLQJXQJHQ.KOOXIWEHGDUI3ODW]EHGDUI
3UIHQREGDV*HUlWDQHLQHUVHQNUHFKWHQDXVQLFKWEUHQQEDUHP0DWHULDOEHVWHKHQGHQ
:DQGHLQZDQGIUHLPRQWLHUWLVW6LHKH.DSLWHO±0RQWDJH
3UIHQREGLH.KOOXIWXQJHKLQGHUWVWU|PHQNDQQ
3UIHQRE0RWRUXQG$UEHLWVPDVFKLQHIUGLH$QZHQGXQJJHHLJQHWVLQG6LHKH$QKDQJ$
0RWRUDQVFKOXVV
(/(.75,6&+(,167$//$7,216LHKH.DSLWHO±(OHNWULVFKH,QVWDOODWLRQ
3UIHQREGLH(09)LOWHU.RQGHQVDWRUHQDEJHWUHQQWVLQGIDOOVGHU$&6DQHLQHP
QLFKWJHHUGHWHQ1HW]DQJHVFKORVVHQZLUG
3UIHQREGLH$QODJHRUGQXQJVJHPlJHHUGHWLVW
3UIHQRE1HW]XQG1HQQHLQJDQJVVSDQQXQJGHV)UHTXHQ]XPULFKWHUV]XVDPPHQSDVVHQ
3UIHQREGLH1HW]DQVFKOVVHDQ89XQG:RUGQXQJVJHPlGXUFKJHIKUWVLQG
3UIHQREJHHLJQHWH1HW]VLFKHUXQJHQHLQJHEDXWVLQG
3UIHQREGLH0RWRUDQVFKOVVHDQ89XQG:RUGQXQJVJHPlGXUFKJHIKUWVLQG
3UIHQREGDV0RWRUNDEHORUGQXQJVJHPlYHUOHJWZRUGHQLVW
3UIHQGDVVNHLQH.RPSHQVDWLRQVNRQGHQVDWRUHQDP0RWRUNDEHODQJHVFKORVVHQVLQG
3UIHQREGLH6WHXHUDQVFKOVVHLP*HKlXVHRUGQXQJVJHPlGXUFKJHIKUWVLQG
(VLVWVLFKHU]XVWHOOHQGDVVVLFKNHLQH:HUN]HXJHRGHUDQGHUH)UHPGN|USHULP*HUlW
EHILQGHQ
%HLHLQHU%\SDVV9HUELQGXQJLVWVLFKHU]XVWHOOHQGDVVGLH1HW]VSDQQXQJQLFKWDQGHQ
$XVJDQJGHV$&[ DQJHOHJWZHUGHQNDQQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±,QVWDOODWLRQV&KHFNOLVWH
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±:DUWXQJ
'HU$&[HUIRUGHUWPLQLPDOH:DUWXQJ
:$5181*$OOH:DUWXQJVDUEHLWHQZLHVLHLQGLHVHP.DSLWHO
EHVFKULHEHQZHUGHQGUIHQQXUYRQHLQHPTXDOLIL]LHUWHQ(OHNWULNHU
DXVJHIKUWZHUGHQ'LH6LFKHUKHLWVYRUVFKULIWHQDXIGHQHUVWHQ6HLWHQ
GLHVHV+DQGEXFKVPVVHQEHIROJWZHUGHQ
.KON|USHU 'LH.KON|USHU5LSSHQQHKPHQ6WDXEYRQGHU.KOOXIWDXI'HU
$&[ NDQQVLFKXQ]XOlVVLJHUZlUPHQXQG)HKOHUXQG:DUQXQJV
PHOGXQJDXVJHEHQZHQQGLH.KON|USHUQLFKWUHJHOPlLJJHUHLQLJW
ZHUGHQ,QHLQHUQRUPDOHQ8PJHEXQJVROOWHQGLH.KON|USHUMlKUOLFK
EHUSUIWXQGJHUHLQLJWZHUGHQ
'HU6WDXEVROOWHYRUVLFKWLJPLWHLQHPZHLFKHQ3LQVHOHQWIHUQWZHUGHQ
ZHQQGLH5HLQLJXQJLPJOHLFKHQ5DXPHUIROJWLQGHPGDV*HUlW
JHZ|KQOLFKEHWULHEHQZLUG3UHVVOXIWVROOWHQLFKWIUGLH5HLQLJXQJ
EHQXW]WZHUGHQHVVHLGHQQGDVHQWVSUHFKHQGH*HUlWNDQQDXVJH
EDXWZHUGHQXQGGLH5HLQLJXQJILQGHWLQHLQHPDQGHUHQ5DXPE]ZLP
)UHLHQVWDWW(LQH5RWDWLRQGHV/IWHUVEHL5HLQLJXQJGHV.KON|USHUV
GXUFK'UXFNOXIWPXVVYHUPLHGHQZHUGHQXP/DJHUVFKlGHQYRU]XEHX
JHQ
.RQGHQVDWRUHQ 'HU=ZLVFKHQNUHLVGHV$&[LVWPLWPHKUHUHQ(OHNWURO\WNRQGHQVD
WRUHQDXVJHVWDWWHW'LH/HEHQVGDXHUGLHVHU.RQGHQVDWRUHQOLHJWEHL
HWZD6WXQGHQXQGKlQJWYRQGHU%HODVWXQJGHV)UHTHQ]XP
ULFKWHUVXQGGHU8PJHEXQJVWHPSHUDWXUDE
%HLQLHGULJHU8PJHEXQJVWHPSHUDWXUYHUOlQJHUWVLFKGLH/HEHQVGDXHU
GHV.RQGHQVDWRUV.RQGHQVDWRUDXVIlOOHVLQGQLFKWYRUKHUVHKEDU
$&6$&&$&3)UHTXHQ]XPULFKWHU
.DSLWHO±:DUWXQJ
,QGHU5HJHOKDWHLQ.RQGHQVDWRUDXVIDOOHLQHQ1HW]VLFKHUXQJVDXVIDOO
RGHUHLQH)HKOHUPHOGXQJ]XU)ROJH:LUGHLQ.RQGHQVDWRUDXVIDOOYHU
PXWHWLVW$%%]XEHQDFKULFKWLJHQ(UVDW]NRQGHQVDWRUHQN|QQHQYRQ
$%%EH]RJHQZHUGHQ)UGHQ%HWULHEVLQGQXUYRQ$%%YRUJHVFKULH
EHQH$XVWDXVFKWHLOH]XYHUZHQGHQ
)RUPLHUHQ )RUPLHUHQ6LHGLH(UVDW].RQGHQVDWRUHQHLQPDOLP-DKUJHPl
$&6 .RQGHQVDWRUHQ)RUPLHUXQJVDQOHLWXQJ&RGH
6WHXHUWDIHODQVFKOXVV 'LH6WHXHUWDIHOLVWDQGHQ7HOHIRQ6WHFNYHUELQGHU;DXIGHU.DUWH
1$0&DQJHVFKORVVHQ'LH7HOHIRQ6WHFNYHUELQGHUDXIGHU1,2&
.DUWHVLQGQLFKWIUGLH6WHXHUWDIHOYRUJHVHKHQVRQGHUQIUGLH6WDQ
GDUG0RGEXV9HUELQGXQJ
1'&2[
.RPSRQHQWHQVHLWH
&+ &+ &+ &+ ,17 %5&
QDFKXQWHQ
'LVWDQ]VWFN ; ; 'LVWDQ]VWFN
;
1$0&
9 9 9 9
/('V 'LHIROJHQGH7DEHOOH]HLJWGLH%HGHXWXQJGHU/('$Q]HLJHQDXIGHQ
6WHXHUNDUWHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
,(&.HQQGDWHQ ,PIROJHQGHQVLQGGLH.HQQGDWHQGHU%DXUHLKH$&6$&&$&3PLW
+]XQG+]9HUVRUJXQJVVSDQQXQJHQDXIJHIKUW$&[ $&6
$&&$&3'LH 96HULHVWHKWIUGHQ$&3QLFKW]XU9HUIJXQJ
6\PEROHZHUGHQLP$QVFKOXVVDQGLH7DEHOOHHUOlXWHUW
1RUPDOEHWULHE hEHUODVWEHWULHE
/DVWVSLHO /DVWVSLHO /DVWVSLHO
PLQ PLQ V
$&[ %DX
7\S ,1 ,1PD[ 61 31 31 ,KG ,KGPD[ ,KG ,KGPD[ 6KG 3KG 3KG JU|H
PLQ PLQ PLQ PLQ V V
>$@ >$@ >N9$@ >N:@ >36@ >$@ >$@ >$@ >$@ >N9$@ >N:@ >36@
'UHLSKDVLJH*HUlWHIU99RGHU9
$&[ 5
$&[
$&[
$&[ 5
$&[
$&[ 5
$&[
$&[ 5
$&[
$&[
$&[ 5
$&[
$&[ 5
$&[
'UHLSKDVLJH*HUlWHIU999999RGHU9
$&[ 5
$&[
$&[
$&[ 5
$&[
$&[ 5
$&[
$&[ 5
$&[
$&[
$&[ 5
$&[
$&[ 5
$&[
'UHLSKDVLJH*HUlWHIU99999RGHU9
$&[
$&[ 5
$&[
$&[
$&[ 5
$&[
$&[ 5
$&[
$&[ 5
$&[
$&[ 5
$&[
)RUWVHW]XQJGHU7DEHOOHDXIQlFKVWHU6HLWH
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
)RUWVHW]XQJGHU7DEHOOH
3XPSHQXQG 'LH6WURPNHQQGDWHQVLQGXQDEKlQJLJYRQGHU9HUVRUJXQJVVSDQ
/IWHUEHWULHE QXQJLQQHUKDOEHLQHV6SDQQXQJVEHUHLFKHVJOHLFK'HU1HQQVW
4XDGUDWLVFKH URPGHU$&[[*HUlWHPXVVK|KHUDOVGHURGHUJOHLFKGHP
/DVW 1HQQ0RWRUVWURPVHLQXPGLHLQGHU7DEHOOHDQJHJHEHQH0RWRU
QHQQOHLVWXQJ]XHU]LHOHQ
$&6 ,1VT 31 %DX
7\S JU|VVH +LQZHLV'LHPD[LPDO]XOlVVLJH0RWRUZHOOHQOHLVWXQJLVWDXI
>$@ >N:@ Â3KGEHJUHQ]W6REDOGGLHVHU*UHQ]ZHUWEHUVFKULWWHQZLUG
ZHUGHQGDV0RWRUPRPHQWXQGGHU,KGPD[VDXWRPDWLVFK
'UHLSKDVLJH*HUlWHIU99RGHU EHJUHQ]W'LHVH)XQNWLRQVFKW]WGLH(LQJDQJVEUFNHGHV
9 $&6 JHJHQhEHUODVW
$&6 5
$&6 +LQZHLV'LH%HODVWEDUNHLW6WURPXQG/HLVWXQJYHUPLQGHUW
$&6 5 VLFKZHQQGLH$XIVWHOOK|KHYRQPEHUVFKULWWHQZLUGRGHU
$&6 GLH8PJHEXQJVWHPSHUDWXU&E]Z&EHLGHQ*HUlWHQ
$&6 $&6XQG$&6EHL3XPSHQXQG/I
$&6 5 WHUEHWULHEEHUVFKUHLWHW'LHVEH]LHKWVLFKDXI*HUlWHPLW6FKXW]
$&6
$&6 5 DUW,36LHKH7HPSHUDWXUDEKlQJLJH5HGXNWLRQGHV
$&6 $XVJDQJVVWURPVDXI6HLWH$
+LQZHLV'LH3XPSHQXQG/IWHUNHQQGDWHQJHOWHQQLFKWLQ
'UHLSKDVLJH*HUlWHIU99
9999RGHU9 9HUELQGXQJPLWGHQGXGW)LOWHUQ1RUPDOHUZHLVHVLQGGXGW)LOWHU
$&6 5 DP$XVJDQJGHU9ELV9*HUlWHEHL0RWRUHQPLW
$&6 7UlXIHOZLFNOXQJHUIRUGHUOLFK%HL0RWRUHQPLW)RUPVSXOHQ
$&6 5 :LFNOXQJVLQGLQGHU5HJHONHLQHGXGW)LOWHUHUIRUGHUOLFK
$&6
$&6 +LQZHLVHQXUIU3XPSHQXQG/IWHUEHWULHE
$&6 5
$&6
$&6 5 'LH3XPSHQXQG/IWHUNHQQGDWHQVLQGIUGHQ$&6PLW
$&6 6WDQGDUGVRZLH3XPSHQXQG/IWHUVWHXHUXQJV
$SSOLNDWLRQVPDNURYHUIJEDU
7\SLVFKH0RWRUOHLVWXQJEHL,1VT
+LQZHLV,1VT$QJDEHQJHOWHQQLFKWIU,3 *HUlWH
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
1(0$.HQQGDWHQ ,PIROJHQGHQVLQGGLH1(0$.HQQGDWHQGHU%DXUHLKH$&6PLW
+]9HUVRUJXQJVVSDQQXQJHQDXIJHIKUW'LH6\PEROHVLQGDXIGHU
YRUKHUJHKHQGHQ6HLWHHUOlXWHUW
1RUPDOEHWULHE hEHUODVWEHWULHE
/DVWVSLHO /DVWVSLHO /DVWVSLHO
PLQ PLQ V
$&6 %DX
7\S ,1 ,1PD[ 31 ,KG ,KGPD[ ,KG ,KGPD[ 3KG JU|VVH
PLQ PLQ PLQ PLQ V V
'UHLSKDVLJH*HUlWHIU999999RGHU9
$&6 5
$&6
$&6
$&6 5
$&6
$&6 5
$&6
$&6 5
$&6
$&6
$&6 5
$&6
$&6 5
$&6
+LQZHLV'LHLQGHQ86$KHUJHVWHOOWHQ*HUlWHVLQGDOV7\SHQJHNHQQ]HLFKQHW)U
VLHJHOWHQGLH,QIRUPDWLRQHQLQGLHVHP+DQGEXFK]XGHQ7\SHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
7HPSHUDWXUDEKlQJLJH 'HU$XVJDQJVVWURPZLUGHUUHFKQHWLQGHPGHULQGHU7DEHOOH
5HGXNWLRQGHV DXIJHIKUWH6WURPZHUWPLWGHP5HGXNWLRQVIDNWRUPXOWLSOL]LHUWZLUG
$XVJDQJVVWURPV 7HPSHUDWXU5HGXNWLRQVIDNWRUIU6FKXW]DUW,3
$OOJHPHLQH5HJHOhEHU&&IU7\SHQ$&6[
XQG$&6[PLW,1VT.HQQ]DKOUHGX]LHUWVLFKGHU
1HQQDXVJDQJVVWURPXPMHZHLOVSUR&ELV]X&
%HLVSLHO%HWUlJWGLH8PJHEXQJVWHPSHUDWXU&OLHJWGHU
5HGXNWLRQVIDNWRUEHL
'HU$XVJDQJVVWURPLVWGDQQÂ,1Â,KGRGHUÂ,1VT
5HGXNWLRQVIDNWRUEHL*HUlWHQGHU%DXUHLKH$&[PLW6FKXW]DUW
,3
9RQ&ELV&ZLUGGHU$XVJDQJVVWURPDQKDQGGHUXQWHQ
DXIJHIKUWHQ7DEHOOHHUUHFKQHW
hEHU&UHGX]LHUWVLFKGHU$XVJDQJVVWURPXPMHZHLOV
SUR&ELV]X&
%HLVSLHO%HLHLQHU8PJHEXQJVWHPSHUDWXUYRQ&EHWUlJWGHU
5HGXNWLRQVIDNWRUIUGHQ$&[RGHU.XUYH
'HU$XVJDQJVVWURPEHWUlJWGDPLWÂ,1
%HLVSLHO,VWGLH8PJHEXQJVWHPSHUDWXU&ZLUGGHU
$XVJDQJVVWURPIUGHQ$&[]XQlFKVWEHL&,1
5HGXNWLRQVIDNWRURGHUYRQ.XUYHHUUHFKQHWXQGGDV
(UJHEQLVPLWGHP)DNWRUVLHKH%HLVSLHO,3PXOWLSOL]LHUW
'HU$XVJDQJVVWURPLVWGDQQÂÂ,1)U,KGPXVVGHU
$XVJDQJVVWURPNOHLQHURGHUJOHLFKÂÂ,1VHLQ
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
'LDJUDPP 'HU$XVJDQJVVWURPIUGHQ$&6$&&$&3PLW6FKXW]DUW,3
XQGHLQHU8PJHEXQJVWHPSHUDWXU]ZLVFKHQ&XQG&LVWGHP
IROJHQGHQ'LDJUDPP]XHQWQHKPHQ,1LVWGHU(IIHNWLYZHUWGHV$XV
JDQJVVWURPVIUGHQ1RUPDOEHWULHE
+LQZHLV'HU$XVJDQJVVWURPEHLhEHUODVWEHWULHE,KGPXVVNOHLQHU
RGHUJOHLFKGHPUHGX]LHUWHQ,1VHLQ
YRQ,1
W&
W)
.XUYH
NHLQH5HGXNWLRQ
$&[ $&[
$&[ $&[
$&[
$&[
$&[
$&[
$&[
$&[
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
1HW]DQVFKOXVV 6SDQQXQJ8
9aIU9*HUlWH
9aIU9*HUlWH
9aIU9*HUlWH
9aIU$&[*HUlWH
.XU]VFKOXVVOHLVWXQJ'HUQRPLQDOH.XU]]HLW+DOWHVWURPGHV$&[
EHWUlJWN$V
*HPHVVHQHQWVSUHFKHQGGHQ866WDQGDUGVELVN9$*HHLJQHWIUGHQ
(LQVDW]LQHLQHP6WURPNUHLVGHUEHLHLQHP0D[LPXPYRQ99
*HUlWHE]Z99*HUlWHQLFKWPHKUDOVN$(IIHNWLYZHUW
V\PPHWULVFKDXIZHLVW
)UHTXHQ]ELV+]PD[LPDOHbQGHUXQJV
8QV\PPHWULH0D[GHUYHUNHWWHWHQ1HQQHLQJDQJVVSDQQXQJ
*UXQGOHLVWXQJVIDNWRUFRVjEHL1HQQODVW
I):3)UHTXHQ]LP)HOGVFKZlFKSXQNW811HW]1HW]VSDQQXQJ
810RWRU0RWRUQHQQVSDQQXQJI10RWRU0RWRUQHQQIUHTXHQ]
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
:LUNXQJVJUDGXQG :LUNXQJVJUDG8QJHIlKUEHL1HQQOHLVWXQJ
.KODUW .KODUW,QWHUQHU/IWHU6WU|PXQJVULFKWXQJYRQXQWHQQDFKREHQ
8PJHEXQJV 1DFKIROJHQGVLQGGLHXPJHEXQJVEHGLQJWHQ*UHQ]HQGHU$&6$&&
EHGLQJXQJHQ $&3)UHTXHQ]XPULFKWHUDXIJHIKUW'LH)UHTXHQ]XPULFKWHUGUIHQ
QXULQEHKHL]WHQXQGEHUZDFKWHQ,QQHQUlXPHQEHWULHEHQZHUGHQ
%HL$XIVWHOOXQJVK|KHQREHUKDOEPEHU11UHGX]LHUWVLFKGLHPD[
$XVJDQJVOHLVWXQJXPSUR]XVlW]OLFKHP%HL$XIVWHOOXQJVK|KHQREHUKDOE
PEHU11LVWGLH|UWOLFKH$%%1LHGHUODVVXQJ]XNRQWDNWLHUHQXPZHLWHUH
,QIRUPDWLRQHQ]XHUKDOWHQ
6LHKH$EVFKQLWW7HPSHUDWXUDEKlQJLJH5HGXNWLRQGHV$XVJDQJVVWURPVDXI
6HLWH$
6LFKHUXQJHQ (PSIRKOHQH(LQJDQJVVLFKHUXQJV.HQQGDWHQIU$&6$&&$&3
VLQGGHUIROJHQGHQ7DEHOOH]XHQWQHKPHQ$0LQGHVWQHQQVWURPLQ
$PSHUH$ VPD[,W:HUW91HQQVSDQQXQJLQ9ROW(LQHQ
DXVUHLFKHQGHQ6FKXW]IUGHQ*OHLFKULFKWHUJHZlKUOHLVWHQQXU
VXSHUIOLQNH6LFKHUXQJHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
6LFKHUXQJHQ
7\S 7\S
',1 ',1
$&[7\S $ $V 9 +HUVWHOOHU *U|VVH *U|VVH
$XQG$6LFKHUXQJHQYRQ%XVVPDQQN|QQHQIU*HUlWHGHV7\SV$&[XQG
$&[ YHUZHQGHWZHUGHQ
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
%HLVSLHO )UGHQ$&6VLQG]XP6FKXW]GHU(LQJDQJVJOHLFKULFKWHUEUFNHGLH
6LFKHUXQJHQ$VXSHUIOLQNYRUJHVFKULHEHQ
'LH:HUWH,1,KGXQG,1VTIU$&6VLQG$ $E]Z $
Â$ $XQGÂ$ $XQGÂ$ $1RUPDOH
6LFKHUXQJHQPLW1HQQVWU|PHQEHU$RGHU$RGHU$N|QQHQIUGHQ
6FKXW]GHV(LQJDQJVNDEHOVHLQJHVHW]WZHUGHQHVN|QQHQDOVRMHQDFK
9HUZHQGXQJV]ZHFN$RGHU$6LFKHUXQJHQJHZlKOWZHUGHQ1RUPDO
hEHUODVWE]Z3XPSHQXQG/IWHUEHWULHE
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
%UHPV
89:89: (UGXQJV3(
$&[7\S XQJ
$Q]XJV
.DEHO .DEHO
8'&
$QVFKOXVV $QVFKOXVV
PRPHQW 8'&
PP.XSIHUNDEHOXQGPP$OXPLQLXPJHHLJQHW
4XHUVFKQLWWEHL.XSIHUOHLWHUQLQPPSKDVLJHU/HLWHU3(/HLWHU$XIJUXQGGHU.DEHOVFKXKJU|VVHNDQQ
NHLQ$OXPLQLXPNDEHOYHUZHQGHWZHUGHQ
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
([WHUQH ([WHUQH6WHXHUDQVFKOVVHGHV$&6GLHPLWGHP6WDQGDUG$SSOL
6WHXHUDQVFKOXVV NDWLRQV3URJUDPP:HUNVPDNURDXVJHVWDWWHWVLQGVLQGGHUIROJHQGHQ
'LDJUDPPH /LVWH]XHQWQHKPHQ([WHUQH6WHXHUDQVFKOVVHYDULLHUHQEHLDQGHUHQ
$SSOLNDWLRQVPDNURVXQG3URJUDPPHQVLHKH3URJUDPPLHUKDQGEXFK
'LHH[WHUQH6WHXHUYHUGUDKWXQJLVWGLUHNWPLWGHQ.OHPPHQDXIGHU
1,2&.DUWHYHUEXQGHQ
'LHH[WHUQH6WHXHUYHUGUDKWXQJGHV$&3LVWHQWZHGHUGLUHNWPLW
GHQ.OHPPHQDXIGHU1,2&.DUWHRGHUGHU1,2&3.DUWHYHUEXQGHQ
'LHH[WHUQHQ6WHXHUDQVFKOVVHPLWGHU1,2&3.DUWHVLQGGHUIROJHQ
GHQ7DEHOOH]XHQWQHKPHQ
%HLP$QVFKOXVVGHUH[WHUQHQ6WHXHUDQVFKOVVHPXVVVLFKHUJHVWHOOW
ZHUGHQGDVVGLHGXUFKGHQ$QWULHEJHJHEHQH.RQILJXUDWLRQGHU.OHP
PHQPLWGHQXQWHQDQJHJHEHQHQ'LDJUDPPHQYHUJOLFKHQZLUGXP
VLFKHU]XVWHOOHQGDVVGDVULFKWLJH'LDJUDPPEHQXW]WZLUG
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
1,2&/HLWHUSODWWH ,PIROJHQGHQVLQGGLHH[WHUQHQ6WHXHUDQVFKOVVHGHV$&6DXIGHU
1,2&.DUWHPLWGHU6WDQGDUG$SSOLNDWLRQV6RIWZDUH:HUNVPDNUR
DXIJHIKUW'LHH[WHUQHQ6WHXHUDQVFKOVVHYDULLHUHQEHLDQGHUHQ
$SSOLNDWLRQV0DNURVXQG3URJUDPPHQVLHKH3URJUDPPLHUKDQGEXFK
H
W
W
D
O
S
U
H
W
L
H
/
3URJUDPPLHUEDUH($
&
6
2
& , :HUNVHLQVWHOOXQJHQ
$
$ 1
.OHPPOHLVWHQJU|H ;
;;;;;;.DEHOELV
95() 5HIHUHQ]VSDQQXQJ9'&
PP
*1' NW 5/NW
*U|H6WHXHUNDEHO'XUFKIKUXQJ
$, 5LQ!NW
$, 6WDQGDUGPlVVLJQLFKWEHQXW]W
$, 6WDQGDUGPlVVLJQLFKWEHQXW]W
ELV
;
', 6WRS6WDUW
', 9RUZlUWV5FNZlUWV
:HQQ3DUDXI9(5/$1*7JHVHW]WLVW
', 1LFKWEHQXW]W
%HWULHE 2IIHQ *HVFKORVVHQ ', %(6&+/9(5=g*
(LQJHVWHOOWH'UHK]DKOYLD$,
$XVZDKO.RQVWDQWGUHK]DKO
.RQVWDQWGUHK]DKO
9 9'&PD[P$
.RQVWDQWGUHK]DKO
9
.RQVWDQWGUHK]DKO
'*1' (UGHIU'LJLWDOHLQJlQJH
$QVFKOXVV;IU56$QVFKOXVV ;
%
;
$
52 5HODLVDXVJDQJ
*1'
52 %HUHLW
9
;
$QVFKOXVV;IU56$QVFKOXVV
52 5HODLVDXVJDQJ
75$16
%
52
$ ;
*1'
5HODLVDXVJDQJ
9 )HKOHU
)HKOHU
6+
6&+,50 .DEHOVFKLUPEHU5&)LOWHUDQ*HKDQJHVFKO
DE2NWREHU
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
%XV$EVFKOXVVVFKDOWHU :HQQPHKUHUH1,2&.DUWHQIUGLHJHPHLQVDPH6WHXHUXQJEHUHLQ
H[WHUQHV0RGEXV*HUlWJHVWHXHUWZHUGHQPXVVGHU6FKDOWHU6:DXI
GHQ=ZLVFKHQNDUWHQVLFKLQ6WHOOXQJ$86EHILQGHQ6LHKH$EELOGXQJ
XQWHQ6:EHILQGHWVLFKDE2NWREHUDXIGHU1,2&.DUWH
6WHOOXQJYRQ
)XQNWLRQ
6FKDOWHU6:
%XVLVWQLFKW
1$0& $86 DEJHVFKORVVHQ
DXV HLQ
1,2&
%XVLVWDEJHVFKORVVHQ
(,1 6WDQGDUGHLQVWHOOXQJ
;
;
$QWULHEHDQHLQHPJHPHLQVDPHQ(UGSRWHQWLDO]%LQHLQHPJHPHLQVDPHQ
6FKDOWVFKUDQNHLQJHEDXWH$QWULHEH
56 +LQZHLV :HQQGLH$QWULHEHQLFKWDQHLQHPJHPHLQVDPHQ(UGSRWHQWLDO
0RGEXV OLHJHQRGHUHLQ$QVFKOXVVEHUHLQHJU|HUH(QWIHUQXQJHUIRUGHUOLFKLVW
N|QQHQ1%&,0RGXOHYHUZHQGHWZHUGHQ6LHKH0RGXOKDQGEXFK
'XUFKJDQJVNDEHO.HQQ]*UDX
3LQDQ3LQ3LQDQ3LQXVZ
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
1,2&3.DUWH ,PIROJHQGHQVLQGGLHH[WHUQHQ6WHXHUDQVFKOVVHGHV$&3DXIGHU
1,2&3.DUWHXQGGDV'UHK]DKOUHJHOXQJV$SSOLNDWLRQV0DNURDXIJH
IKUW'LHH[WHUQHQ6WHXHUDQVFKOVVHYDULLHUHQEHLDQGHUHQ$SSOLNDWL
RQV0DNURVVLHKH3URJUDPPLHUKDQGEXFK
.OHPPOHLVWH; )XQNWLRQ
[[ PP $,±
6ROOGUHK]DKO
$, ([WHUQHU6ROOZHUW1LFKW
GHILQLHUW
$,±
$2±
.OHPPOHLVWH;
', 67$576723
', 1LFKWGHILQLHUW
', )(+/(548,77,(5(1
', '5(+=$+/62//6:
', $86:%(6&+/9(5=
',
',
$QVFKOXVV;IU56$QVFKOXVV
',
*1' ',
6WHXHUWDIHODQVFKOVVH
% ',
$
',
'9
*1' 6WURPYHUVRUJXQJIUH[WHUQH6WHXHUWDIH
6WHXHUVSDQQXQJVDXVJDQJ
'9
9 9'&PD[P$
'9
'*1' (UGHIU'LJLWDOHLQJlQJH
.OHPPOHLVWH;
9 +LOIVVSDQQXQJVDXVJDQJ
'*1' 9
.OHPPOHLVWH;
'9 6WHXHUVSDQQXQJVHLQJDQJ
'2 '5(+=$+/,67
'2 /b8)7
'2 )(+/(5
'*1' (UGHIU'LJLWDOHLQJlQJH
.OHPPOHLVWH;
8(1& 6SDQQXQJVYHUVRUJXQJ
6(16( 5LFKWXQJ
6(16(± 5LFKWXQJ±
8(1&± 9
$ .DQDO$
$± .DQDO$±
% .DQDO%
%± .DQDO%±
= .DQDO=
=± .DQDO=±
.OHPPOHLVWH;
521&&
5HODLVDXVJDQJ%(5(,7
52&0
6LJQDO
5212&
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
6SH]LILNDWLRQHQ1,2& 'LH'DWHQGHUH[WHUQHQ6WHXHUDQVFKOXVVNDUWHQGHU3URGXNWIDPLOLH
XQG1,2&3.DUWH $&[ VLQGXQWHQDXIJHIKUW
$&6$&&$&3 $&3
1,2&/HLWHUSODWWH 1,2&3/HLWHUSODWWH
$QDORJHLQJlQJH $&6=ZHLSURJUDPPLHUEDUH =ZHLELSRODUH'LIIHUHQWLDOVSDQQXQJV
'LIIHUHQWLDOVWURPHLQJlQJHELV P$ HLQJlQJH 95HLQ NW
'HUDQDORJH'LIIHUHQ 5HLQ W
*OHLFKWDNWVSDQQXQJ 9'&PD[
WLDOHLQJDQJKDWGHQ
$&&=ZHL'LIIHUHQWLDOVWURPHLQJlQJH *OHLFKWDNWXQWHUGUFNXQJ!G%EHL+]
9RUWHLOGDVVGDV(UG
ELVP$5HLQ W
SRWHQWLDOGHV*HUlWV $XIO|VXQJELW
E]ZGHV7UDQVPLW $&3(LQSURJUDPPLHUEDUHU
WHUVGHUGDV$QDORJ 'LIIHUHQWLDOVWURPHLQJDQJ *HQDXLJNHLWELW
VLJQDOVHQGHWELV]X ELVP$5HLQ W 7ROHUDQ]9ROODXVVFKODJEHL &
9YRP(UGSRWHQ 7HPSHUDWXUNRHIIL]LHQW
WLDOGHV$&[ $&6$&3(LQSURJUDPPLHUEDUHU
'LIIHUHQWLDOVSDQQXQJVHLQJDQJ$&6 SSP&PD[
*HKlXVHVDEZHL
FKHQNDQQRKQHGDV ELV95HLQ!NW$&3ELV (LQJDQJVDNWXDOLVLHUXQJV]HLWPV
6LJQDO]XVW|UHQ'HU 95HLQ!NW
'LIIHUHQWLDOHLQJDQJ $&&(LQ'LIIHUHQWLDOVSDQQXQJV
GlPSIWGDUEHUKLQ HLQJDQJELV95HLQ!NW
DXVZLUNXQJVYROO
*OHLFKWDNWVW|UXQJHQ *OHLFKWDNWVSDQQXQJ 9'&PD[
DQGHQ6WHXHUNDEHOQ *OHLFKWDNWXQWHUGUFNXQJ!G%EHL+]
$XIO|VXQJELW
7ROHUDQ]9ROODXVVFKODJEHL &
7HPSHUDWXUNRHIIL]LHQW
SSP&PD[
(LQJDQJVDNWXDOLVLHUXQJV]HLWPV$&6
PV$&&PV$&3
.RQVWDQWVSDQXQJV 6SDQQXQJ9'&9ROODXVVFKODJ 6SDQQXQJ9'&9ROODXVVFKODJ
DXVJDQJ EHL&7HPSHUDWXUNRHIIL]LHQW SSP EHL&7HPSHUDWXUNRHIIL]LHQW
&PD[ SSP&PD[
0D[%HODVWXQJP$ 0D[%HODVWXQJP$
*HHLJQHWHV3RWHQWLRPHWHUNW ELVNW *HHLJQHWHV3RWHQWLRPHWHU!NW
+LOIVVSDQQXQJVDXV 6SDQQXQJ9'&NXU]VFKOXVVIHVW 6SDQQXQJ9'&NXU]VFKOXVVIHVW
JDQJ
0D[LPDOVWURPP$P$PLW1/0' 0D[LPDOVWURPP$
2SWLRQ
$QDORJDXVJlQJH $&6$&&=ZHLSURJUDPPLHUEDUH (LQSURJUDPPLHUEDUHUELSRODUHU
6WURPDXVJlQJHELVP$5/ W 6SDQQXQJVDXVJDQJ95/ ! NW
$&3(LQSURJUDPPLHUEDUHU $XIO|VXQJELW
6WURPDXVJDQJELVP$5/ W
*HQDXLJNHLWELW
$XIO|VXQJELW 7ROHUDQ]9ROODXVVFKODJEHL &
7ROHUDQ]9ROODXVVFKODJEHL & 7HPSHUDWXUNRHIIL]LHQW
7HPSHUDWXUNRHIIL]LHQW SSP&PD[
SSP&PD[ $XVJDQJVDNWXDOLVLHUXQJV]HLW PV
$XVJDQJVDNWXDOLVLHUXQJV]HLWRGHU $XVJDQJVDQVWLHJV]HLW PV
PV$&6 PV$&& PV
$&3
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
$&6$&&$&3 $&3
1,2&/HLWHUSODWWH 1,2&3/HLWHUSODWWH
'LJLWDOHLQJlQJH $&6$&36HFKVSURJUDPPLHUEDUH =Z|OISURJUDPPLHUEDUH'LJLWDOHLQJlQJH
'LJLWDOHLQJlQJH*HPHLQVDPH(UGH *HPHLQVDPH(UGH9'&ELV
9'&ELV
/RJLVFKH6FKZHOOHQ9'& ³´! 9
$&&6HFKV'LJLWDOHLQJlQJH '& ³´
*HPHLQVDPH(UGH9'&ELV
)LOWHU]HLWNRQVWDQWH mV
/RJLVFKH6FKZHOOHQ ',XQG',N|QQHQ]XU=HLWPHVVXQJ
9'& ³´! 9'& ³´ ]ZLVFKHQ]ZHLH[WHUQHQ9RUJlQJHQ
(LQJDQJVVWURP YHUZHQGHWZHUGHQ352%(XQG352%(
',ELV', P$',P$ ,QWHUQH9*OHLFKVWURP9HUVRUJXQJIU
)LOWHU]HLWNRQVWDQWH PV 'LJLWDOHLQJlQJH.XU]VFKOXVVIHVW
JUXSSHQZHLVH3RWHQWLDOWUHQQXQJ
7KHUPLVWRUHLQJDQJP$NW ³´
1RUPDOWHPSHUDWXU!NW ³´+RKH ,VRODWLRQVSUIVSDQQXQJ 9$&0LQXWH
7HPSHUDWXU2IIHQHU6WURPNUHLV ³´+RKH (LQJDQJVDNWXDOLVLHUXQJV]HLWPV
7HPSHUDWXU
(LQHH[WHUQH9'&6SDQQXQJV
,QWHUQH9*OHLFKVWURP9HUVRUJXQJIU YHUVRUJXQJNDQQDQ6WHOOHGHULQWHUQHQ
'LJLWDOHLQJlQJH.XU]VFKOXVVIHVW HLQJHVHW]WZHUGHQ
JUXSSHQZHLVHSRWHQWLDOJHWUHQQW
)LOWHU]HLWNRQVWDQWH mV
,VRODWLRQVSUIVSDQQXQJ 9$&0LQXWH
(LQJDQJVDNWXDOLVLHUXQJV]HLWPV$&6
PV$&&PV$&3
(LQHH[WHUQH9'&6SDQQXQJV
YHUVRUJXQJNDQQDQ6WHOOHGHULQWHUQHQ
HLQJHVHW]WZHUGHQ
'LJLWDODXVJlQJH 9LHUSURJUDPPLHUEDUH'LJLWDODXVJlQJH
.XU]VFKOXVVIHVWhEHUODVWVFKXW]
0D[%HODVWXQJP$PLWLQWHUQHU9'&
9HUVRUJXQJP$PLWH[WHUQHU9HUVRUJXQJ
$XVJDQJVDNWXDOLVLHUXQJV]HLWPV
5HODLVDXVJlQJH 'UHLSURJUDPPLHUEDUH5HODLVDXVJlQJH (LQ5HODLVDXVJDQJ
6FKDOWOHLVWXQJ$EHL9'&RGHU 9 6FKDOWOHLVWXQJ$EHL9'&RGHU 9
$&$EHL9'& $&$EHL9'&
0LQ'DXHUVWURPP$HIIEHL9'& 0LQ'DXHUVWURPP$HIIEHL9'&
0D['DXHUVWURP$HII 0D['DXHUVWURP $ HII
.RQWDNWPDWHULDO6LOEHUNDGPLXPR[LG$J&G2 .RQWDNWPDWHULDO6LOEHUNDGPLXPR[LG$J&G2
,VRODWLRQVSUIVSDQQXQJ N9$&0LQXWH ,VRODWLRQVSUIVSDQQXQJ N9$&0LQXWH
$XVJDQJVDNWXDOLVLHUXQJV]HLW PV$&6 $XVJDQJVDNWXDOLVLHUXQJV]HLWPV
PV$&& PV$&3
''&6/LFKWZHOOHQ 3URWRNROO''&6$%%'LVWULEXWHG'ULYHV&RPPXQLFDWLRQ6\VWHP
OHLWHU9HUELQGXQJ
0RGEXV 56
.RPPXQLNDWLRQV
hEHUWUDJXQJVUDWH0D[ELWV
YHUELQGXQJ
3DULWlW:lKOEDU
6WHFNYHUELQGHU*HVFKLUPWHPRGXODUH
7HOHNRPPXQLNDWLRQV6WHFNEXFKVH
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
$&6$&&$&3 $&3
1,2&/HLWHUSODWWH 1,2&3/HLWHUSODWWH
,QNUHPHQWDOJHEHU (LQ,PSXOVJHEHU(LQJDQJ.DQDO
HLQJDQJ 'LIIHUHQWLDO)UHTXHQ]N+]
:LGHUVWDQGVDXVJOHLFKIU6SHLVHNDEHO
&20%,&216WHFNYHUELQGHU 3LQV
(QWVSULFKW(,$1RUP56,PSXOVJHEHU
6SDQQXQJVYHUVRUJXQJ 9'& 9'&
NXU]VFKOXVVIHVWPD[P$
(UIRUGHUOLFKHU,PSXOVJHEHU7\SGHUKLHU
DXIJHOLVWHWH7\SRGHUJOHLFKZHUWLJ
Â*,,5,21 9266(/(5
Â52'$+HLGHQKDLQ
,PSXOVJHEHU6LJQDOH
6LJQDOEHUHLFK%HODVWXQJ
95HFKWHFNVLJQDOH=HLW]ZLVFKHQGHQ
)ODQNHQD!mVEHLIPD[
)ODQNHQVWHLOKHLWWY QV
9HU]|JHUXQJGHV6ROOZHUWVLJQDOV=1XOO
,PSXOVWG QV
6DPSOH)UHTXHQ]IPD[ N+]
,PSXOVJHEHU6LJQDOH 'LH&KDUDNWHULVWLNYRQ,PSXOVJHEHUVLJQDOHQEHL$QZHQGXQJHQPLW
,PSXOVJHEHUIU9RUZlUWVULFKWXQJLVWLPIROJHQGHQGDUJHVWHOOW
WY WY
D D D D
9
$
9
%
WG
9
=
D D D D WG WY WY
9
$
9
%
WG
9
=
WG
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
6FKXW]DUWHQXQG 6FKUlQNH6FKXW]DUWHQXQG3ODW]EHGDUIIU*HUlWHGHU%DXUHLKH$&[
3ODW]EHGDUI VLQGLPIROJHQGHQDQJHJHEHQ
*HKlXVHDUW 6FKXW]DUW 3ODW]EHGDUI 3ODW]EHGDUI 3ODW]EHGDUI 3ODW]EHGDUI
$&[7\S
REHQ XQWHQ UHFKWVOLQNV YRUQHKLQWHQ
PP LQ PP LQ PP LQ PP LQ
0HWDOOJHKlXVHIU ,3,3
:DQGPRQWDJH
%DXJU|H5 ,3
%DXJU|HQ5XQG5 ,3
'ULYHV0166FKUDQN ,3
,3
VSH]LIL]LHUWGHQ6FKXW]JHJHQIHVWH2EMHNWHXQG9HUVFKPXW]XQJ'LH]ZHLWH=LIIHUVSH]LIL]LHUWGHQ6FKXW]JHJHQ)OVVLJNHLWHQ,3LVWHLQ
RIIHQHV*HKlXVH1(0$*HKlXVHVLQGYHUJOHLFKEDUPLW*HKlXVHQGHU6FKXW]DUW,3ELV,31(0$5*HKlXVHVLQGYHUJOHLFKEDU
PLW*HKlXVHQGHU6FKXW]DUW,31(0$XQG1(0$*HKlXVHVLQGYHUJOHLFKEDUPLW*HKlXVHQGHU6FKXW]DUW,3ELV,3
1(0$*HKlXVHVLQGYHUJOHLFKEDUPLW*HKlXVHQGHU6FKXW]DUW,3RGHU,3
1LFKWJHVFKW]W 1LFKWJHVFKW]W
'XUFKP
'XUFKP YHUWLNDO
'XUFKP YHUWLNDO
'XUFKP :DVVHUDXVDOOHQ5LFKWXQJHQ:DVVHUGDUIQLFKWLQJU|HUHQ
0HQJHQLQGDV*HKlXVHHLQGULQJHQ
6WDXEJHVFKW]W6WDXEGDUIQLFKWLQVROFKHQ0HQJHQLQGDV *HVFKW]WJHJHQ6SUKHQYRQ:DVVHUPLWJHULQJHP'UXFNDXV
*HKlXVHJHODQJHQZHOFKHHLQHQ]XIULHGHQVWHOOHQGHQ%HWULHE DOOHQ5LFKWXQJHQ:DVVHUGDUIQLFKWLQJU|HUHQ0HQJHQLQGDV
GHU*HUlWHVW|UHQ *HKlXVHHLQGULQJHQ
6WDXEGLFKW *HVFKW]WJHJHQVWDUNH6HHDXI6FKLIIGHFNVRGHUVWDUNHV
6SUKHQYRQ:DVVHUDXVDOOHQ5LFKWXQJHQ:DVVHUGDUIQLFKWLQ
JU|HUHQ0HQJHQLQGDV*HKlXVHHLQGULQJHQ
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
(UIRUGHUOLFKH 1DFKIROJHQGVLQGGLHHUIRUGHUOLFKHQ.KOOXIWPHQJHQDXIJHIKUW
.KOOXIWPHQJH
.KOOXIWNDQDO 1DFKIROJHQGVLQG:lUPHDEIXKUXQG.KOOXIWVWURPGHV$&[LQ
HLQHP.KOOXIWNDQDODXIJHIKUW
$EVFKQLWW $EVFKQLWW
9HUOXVWH 9HUOXVWH
9HUOXVWH 9HUOXVWH
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
$EPHVVXQJHQXQG 0DHXQG*HZLFKWHGHU$&6$&&$&3*HUlWHIU:DQGPRQWDJH
*HZLFKWH VLQGLPIROJHQGHQDXIJHIKUW
LOC RES ET RE F
REM
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
$SSOLNDWLRQV )UGLH)UHTXHQ]XPULFKWHUGHU5HLKH$&6VWHKHQYHUVFKLHGHQH
SURJUDPPH $SSOLNDWLRQVSURJUDPPH]XU9HUIJXQJ'LHVH2SWLRQHQVLQGQLFKWIU
DOOH*HUlWHYHUIJEDU(VNDQQMHZHLOVQXUHLQ$SSOLNDWLRQVSURJUDPPLQ
GHQ6SHLFKHUGHV8PULFKWHUVJHODGHQZHUGHQ
$&6$SSOLNDWLRQVSURJUDPPH
6WDQGDUG
3XPSHQXQG/IWHUVWHXHUXQJ3)&
0DVWHU)ROORZHU0)
6SLQQLQJ&RQWURO
0RWLRQ&RQWURO
.UDQH
6\VWHP
$QZHQGXQJV0DNURV ,PIROJHQGHQVLQGGLH0DNURVGHU$SSOLNDWLRQVSURJUDPPHDXIJHIKUW
+DQG$XWR IUYRU2UW)HUQ%HWULHE
3,'5HJHOXQJ IU5HJHOXQJVSUR]HVVH
'UHKPRPHQW IU3UR]HVVHEHLGHQHQ0RPHQWUHJHOXQJHUIRU
UHJHOXQJ GHUOLFKLVW
6HTXHQ]VWHXHUXQJ IU%HWULHEPLWYRUHLQJHVWHOOWHQ.RQVWDQW
GUHK]DKOHQ
%HQXW]HUPDNUR IUGLHYRP%HQXW]HULQGLYLGXHOOYRUJH
QRPPHQHQ3DUDPHWHUHLQVWHOOXQJHQ
WHUVWHXHUXQJ WHUVWHXHUXQJ
+DQG$XWR ORNDOHUXQGH[WHUQHU%HWULHE
0DNURVGLHLP6WDQ
GDUG$SSOLNDWLRQVSUR
JUDPP
HLQJHVFKORVVHQVLQG
OLFKLVW
'UHK]DKOUHJHOXQJ 'UHK]DKOUHJHOXQJ
3RVLWLRQLHUXQJ /DJHUHJHOXQJIU3XQNW]X3XQNW
3RVLWLRQLHUXQJ
6\QFKURQLVLHUXQJ 3RVLWLRQLHUXQJDXIHLQEHZHJOLFKHV=LHO
%HQXW]HUPDNUR IUGLHYRP%HQXW]HULQGLYLGXHOOYRUJH
QRPPHQHQ3DUDPHWHUHLQVWHOOXQJHQ
0DVWHU)ROORZHU $QWULHEV$QZHQGXQJPLW]ZHL.UDQDQWULHEHQXQG
0DVWHU)ROORZHU%HWULHE
%HQXW]HUPDNUR IUGLHYRP%HQXW]HULQGLYLGXHOOYRUJH
QRPPHQHQ3DUDPHWHUHLQVWHOOXQJHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
0DNUR6SUDFKHQ ,QGHU6RIWZDUHGHV$&[HQWKDOWHQH6SUDFKHQXQG$QZHQGXQJV
.RPELQDWLRQHQ 0DNURVVLQGLPIROJHQGHQDXIJHIKUW'LHVH2SWLRQHQVLQGQLFKWIUDOOH
*HUlWHYHUIJEDU
7\SHQ
$SSOLN $QZHQGXQJV0DNURV 6SUDFKHQ
VFKOVVHO
3UR
=HLFKHQ1U
JUDPP
5HJHOXQJ'UHKPRPHQWUHJHOXQJ 6SDQLVFK3RUWXJLHVLVFK
6HTXHQ]VWHXHUXQJ
5HJHOXQJ'UHKPRPHQWUHJHOXQJ 1LHGHUOlQGLVFK
6HTXHQ]VWHXHUXQJ
5HJHOXQJ'UHKPRPHQWUHJHOXQJ )LQQLVFK
6HTXHQ]VWHXHUXQJ
5HJHOXQJ'UHKPRPHQWUHJHOXQJ 6SDQLVFK3RUWXJLHVLVFK
6HTXHQ]VWHXHUXQJ
XQG/I 1LHGHUOlQGLVFK
$XWR 6SDQLVFK3RUWXJLHVLVFK
0DNURV )LQQLVFK
0DNURV 6SDQLVFK3RUWXJLHVLVFK
0DNURV 6SDQLVFK3RUWXJLHVLVFK
&RQWURO 'UHK]DKOUHJHOXQJ3RVLWLRQLHUXQJ
6\QFKURQLVLHUXQJ
4 $&3'UHKPRPHQWUHJHOXQJ (QJOLVFK'HXWVFK
'UHK]DKOUHJHOXQJ
&RQWURO 6SLQQ0DVFKLQHQ
)&%SURJUDPPLHUEDU
'LHVH$XVZDKOLVWIUGHQQRUGDPHULNDQLVFKHQ0DUNWYRUJHVHKHQ'LH
VWDQGDUGPlLJHQ3DUDPHWHUHLQVWHOOXQJHQLQGHQ6WDQGDUG$SSOLNDWLRQV0DNURV
EHLQKDOWHQJHULQJIJLJHbQGHUXQJHQ]XU(UIOOXQJYRQORNDOHQ%HVWLPPXQJHQZLH]%
HLQ'UDKW6WDUW6WRS
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
6FKXW]HLQULFKWXQJHQ $SSOLNDWLRQVSURJUDPPDEKlQJLJH)XQNWLRQHQGHV$&[VLQGLP
IROJHQGHQDXIJHOLVWHW VWDQGDUGPlLJYHUIJEDU 2SWLRQ(V
VWHKHQQLFKWVlPWOLFKH)XQNWLRQHQIUDOOH7\SHQ]XU9HUIJXQJ
:HLWHUH,QIRUPDWLRQHQVLHKHHQWVSUHFKHQGHV$QZHQGXQJVSURJUDPP
3URJUDPPLHUKDQGEXFK
O O O
R R R
U U U
W W W
G Q G Q G Q
9RUSURJUDPPLHUWH U P 3URJUDPPLHUEDUH U P 3URJUDPP U P
D Q R D Q R D Q R
H H H
G D &
W G D &
W G D &
W
)HKOHUDQ]HLJH U V
)HKOHUDQ]HLJHQ U V hEHUZDFK U V
Q Q Q Q Q Q
D . \ D . \ D . \
W R W R )XQNWLRQHQ W R
L 6 L 6 L 6
6 W 6 W 6 W
R R R
0 0 0
0LQGHVWZHUW
PRPHQW
9'& ]DKO
9'&
WDIHOXQWHUEURFKHQ
($6WHXHUNDUWH VFKZHOOH
$QVSUHFK]HLW
GHU%UHPVH
)HOGEXV0RGXV
8PULFKWHUEHUODVW 0DVWHU)ROORZHU.RP
PXQLNDWLRQ
.HLQH0RWRUGDWHQ %UHPVH
,'/DXI)HKOHU 'DWHQEHUWUDJXQJV
SUIXQJ
/IWHUPRWRUUHJHOXQJ 6FKOHSSIHKOHU
XQG'LDJQRVH
3RVLWLRQVJUHQ]HQ
'DWHQEHUWUDJXQJV
IHKOHU
,PSXOVJHEHU6FKQLWW
VWHOOHQPRGXO
hEHUGUHK]DKO
9RUSURJUDPPLHUWH:DUQXQJHQ7HPSHUDWXU$&60RWRU,'
/DXIbQGHUXQJ$QWULHEV,'.HQQXPPHU$QZHQGHU0DNUR
=LHOSRVLWLRQ$&3
3URJUDPPLHUEDUH)HKOHUIXQNWLRQHQPDXWRP4XLWWLHUHQQXU$&6
PLW6WDQGDUGSURJUDPPQDFKhEHUVWURPhEHUVSDQQXQJ
8QWHUVSDQQXQJXQG$QDORJHLQJDQJXQWHU0LQGHVWZHUW
,QIRUPDWLRQVIXQNWLRQHQ)LUPZDUH9HUVLRQGHV$&[$SSOL
NDWLRQV3URJUDPP9HUVLRQGHV$&[7HVWGDWXPGHV$&[
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
*HOWHQGH1RUPHQ 'HU$&6HQWVSULFKWGHQIROJHQGHQ1RUPHQ
(1(UJlQ]XQJHQ,(&6LFKHUKHLWYRQ
0DVFKLQHQ(OHNWULVFKH$XVUVWXQJYRQ0DVFKLQHQ7HLO
$OOJHPHLQH$QIRUGHUXQJHQ9RUJDEHQIU.RQIRUPLWlW'HU
$XVIKUHQGHGHU(QGPRQWDJHLVWYHUDQWZRUWOLFKIUGHQ(LQEDX
HLQHU1RWKDOW9RUULFKWXQJ
HLQHU1HW]DEVFKDOWYRUULFKWXQJ$&[XQG$&[
GHV$&[,3LQHLQHPVHSDUDWHQ*HKlXVH
(1,(&,(&6FKXW]DUWHQYRQ
*HKlXVHQ,36FKOVVHO
(1(093URGXNWQRUPHLQVFKOVSH]LIL]LHUWHU
3UIPHWKRGHQ
$61=6*UHQ]HQXQG0HWKRGHQGHU0HVVXQJHOHNWUR
QLVFKHU6W|UXQJHQEHLLQGXVWULHOOHQZLVVHQVFKDIWOLFKHQXQG
PHGL]LQLVFKHQ,60+RFKIUHTXHQ]JHUlWHQ
0DWHULDO
%HVFKLFK )DUEH
*HKlXVH$&[
WXQJVGLFNH
363RO\VW\UROPP 1&6 <5$/306&
)HXHUYHU]LQNWHV6WDKOEOHFKELV PP mP 1&6 <5$/306&KDOEPDWW
PLWHLQHU(SR[LGSRO\HVWHU3XOYHUEHVFKLFKWXQJ
$QRGLVLHUWHV$OXPLQLXPSURILO5ELV5 6FKZDU](6
9HUSDFNXQJ$&[
:HOOSDSSH%DXJU|HQ5ELV5XQG2SWLRQVPRGXOH6SHUUKRO]5.XQVWVWRIIKOOHGHU9HUSDFNXQJ
3(/'%lQGHU33RGHU6WDKO
(QWVRUJXQJ 'HU$&[EHVWHKWDXV0DWHULDOHQGLH]XU6FKRQXQJGHU8PZHOW
XQGGHUQDWUOLFKHQ5HVVRXUFHQZLHGHUYHUZHQGHWZHUGHQVROOWHQ'LH
9HUSDFNXQJVPDWHULDOLHQYRQ*HUlWHQGHV7\SV$&[ XQGGHU
=XVDW]PRGXOHVLQGXPZHOWYHUWUlJOLFKXQGN|QQHQZLHGHUYHUZHQGHW
ZHUGHQ$OOHPHWDOOLVFKHQ7HLOHN|QQHQZLHGHUYHUZHUWHWZHUGHQ'LH
.XQVWVWRIIWHLOHN|QQHQHQWVSUHFKHQGGHQ|UWOLFKHQ%HVWLPPXQJHQHQW
ZHGHUZLHGHUYHUZHQGHWRGHUNRQWUROOLHUWYHUEUDQQWZHUGHQ:HQQHLQH
9HUZHUWXQJQLFKWGXUFKIKUEDULVWN|QQHQDOOH7HLOHPLW$XVQDKPHGHU
HOHNWURO\WKDOWLJHQ.RQGHQVDWRUHQDXI'HSRQLHQHQWVRUJWZHUGHQ'LH
*OHLFKVWURP.RQGHQVDWRUHQGHV*HUlWHVHQWKDOWHQJHVXQGKHLWVVFKlG
OLFKHV(OHNWURO\W'HU2UWGHU.RQGHQVDWRUHQLVWDXIHLQHP$XINOHEHU
DQJHJHEHQGHUVLFKDXIGHU,QQHQVHLWHGHU)URQWYHUNOHLGXQJEHILQGHW
&ELV&6LHPVVHQHQWVSUHFKHQGGHQ|UWOLFKHQ%HVWLPPXQJHQ
HQWVRUJWZHUGHQ
:HLWHUH,QIRUPDWLRQHQ]XP7KHPD8PZHOWVFKXW]HUKDOWHQ6LHYRQ
,KUHU$%%9HUWUHWXQJ
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
&(3UI]HLFKHQ $Q)UHTXHQ]XPULFKWHUQGHV7\SV$&[VLQG&(3UI]HLFKHQDQJHEUDFKW
GDPLWZLUGEHVWlWLJWGDVVGLH*HUlWHGHQ1LHGHUVSDQQXQJVXQG(095LFKWOLQLHQGHU
(85LFKWOLQLH((&HUJlQ]WGXUFK((&XQG5LFKWOLQLH((&
HUJlQ]WGXUFK((&HQWVSUHFKHQ
hEHUHLQVWLPPXQJPLW (09VWHKWIUHOHNWURPDJQHWLVFKH9HUWUlJOLFKNHLW+LHUEHLZLUGGLH)lKLJNHLWYRQ
(095LFKWOLQLHQ HOHNWULVFKHQHOHNWURQLVFKHQ*HUlWHQEH]HLFKQHWLQHLQHUHOHNWURPDJQHWLVFKHQ
8PJHEXQJVW|UXQJVIUHL]XDUEHLWHQ(EHQVRGDUIGDV*HUlWDQGHUH3URGXNWHRGHU
6\VWHPHGLHVLFKLQGHU1lKHVHLQHV(LQVDW]RUWHVEHILQGHQQLFKWVW|UHQRGHU
EHHLQIOXVVHQ
'LH(095LFKWOLQLHQGHILQLHUHQGLH6W|UIHVWLJNHLWXQG(PLVVLRQHQHOHNWULVFKHU$QODJHQ
GLHDXIGHP*HELHWGHU(8EHWULHEHQZHUGHQ'LH(093URGXNWQRUP(1
EHLQKDOWHWGLH$QIRUGHUXQJHQDQ)UHTXHQ]XPULFKWHU
)UHTXHQ]XPULFKWHUGHV7\SV$&[HQWVSUHFKHQGHQ(095LFKWOLQLHQIUQLHGHU
VSDQQXQJVIKUHQGH,QGXVWULHQHW]HXQG|IIHQWOLFKH1HW]HHLQJHVFKUlQNWH=XJlQJOLFK
NHLWVRZLH,71HW]HQLFKWJHHUGHWHV1HW]VRIHUQGLHIROJHQGHQ9RUDXVVHW]XQJHQ
HUIOOWZHUGHQ
,QGXVWULHOOH1LHGHU (VLVWVLFKHUJHVWHOOWGDVVNHLQHEHUPlLJHQ(PLVVLRQHQEHQDFKEDUWH1LHGHU
VSDQQXQJVQHW]H VSDQQXQJVQHW]HEHHLQIOXVVHQ,QHLQLJHQ)lOOHQLVWGLHQDWUOLFKH(PLVVLRQVXQ
WHUGUFNXQJLQ7UDQVIRUPDWRUHQXQG.DEHOQDXVUHLFKHQG,P=ZHLIHOVIDOONDQQ
GHU$&[PLW(09)LOWHUQVLHKH7DEHOOH$DXVJHVWDWWHWRGHULP1HW]WUDQV
IRUPDWRUHLQHVWDWLVFKH$EVFKLUPXQJ]ZLVFKHQGHQ3ULPlUXQG6HNXQGlUZLFN
OXQJHQHLQJHEDXWZHUGHQ
'LH0RWRUXQG6WHXHUXQJVNDEHOGHV$&[VLQGHQWVSUHFKHQGGHULQGLHVHP
+DQGEXFKHQWKDOWHQHQ$QJDEHQDQJHVFKORVVHQ
+LQZHLV(VZLUGHPSIRKOHQGHQ$&[PLW(09)LOWHUQDXV]XUVWHQIDOOV]XVDP
PHQPLWGHP$&[*HUlWHDQGHQ1HW]WUDQVIRUPDWRUDQJHVFKORVVHQVLQGGLHHPS
ILQGOLFKDXIOHLWXQJVJHEXQGHQH6W|UXQJHQUHDJLHUHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
7DEOH$ 'LH(09)LOWHUGHU$&[*HUlWHVLQGLP7\SHQVFKOVVHOZLHIROJW
DQJHJHEHQ
GXGW)LOWHU(09)LOWHU
GXGW)LOWHUNHLQ(09)LOWHU
(09
6FKUDQNPLW(09)LOWHU
7\SHQVFKOVVHO
$&67\S =HLFKHQ1U (09)LOWHU .HLQH(09)LOWHU
$XVZDKO $XVZDKO
$&6$&&$&3 $&[[[[[[[[[[[[[[[[[[[[
$&6$&&$&3 $&[[[[[[[[[[[[[[[[[[[[
ELVN:
ELVN:
$&60XOWL'ULYH
9HUVRUJXQJVHLQKHLW $&$[[[[[[[[[[[[[
$QWULHEVHLQKHLW $&$[[[[[[[[[[[[
0LWWHOVSDQQXQJVQHW]
(LQVSHLVXQJV
WUDQVIRUPDWRU
%HQDFKEDUWHV1HW]
6WDWLVFKH
$EVFKLUPXQJ
6FKLUPZLFNOXQJ
0HVVSXQNW
1LHGHU 1LHGHU
VSDQQXQJ VSDQQXQJ
*HUlWH
$&[
2SIHU
*HUlWH *HUlWH
(LQVDW]GHV$&[LQ8PJHEXQJHQGHU.DWHJRULH,,RKQH(09)LOWHU(1
8PJHEXQJHQGHU.DWHJRULH,,XPIDVVHQ(LQULFKWXQJHQGLHQLFKWGLUHNWDQHLQ
1LHGHUVSDQQXQJVQHW]DQJHVFKORVVHQVLQGGDVJOHLFK]HLWLJSULYDWH+DXVKDOWH
YHUVRUJW
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
1LFKWJHHUGHWHV1HW] (VLVWVLFKHUJHVWHOOWGDVVNHLQHEHUPlLJHQ(PLVVLRQHQEHQDFKEDUWH1LHGHU
,71HW] VSDQQXQJVQHW]HEHHLQIOXVVHQ,QHLQLJHQ)lOOHQLVWGLHQDWUOLFKH(PLVVLRQVXQ
WHUGUFNXQJLQ7UDQVIRUPDWRUHQXQG.DEHOQDXVUHLFKHQG,P=ZHLIHOVIDOONDQQ
LP1HW]WUDQVIRUPDWRUHLQHVWDWLVFKH$EVFKLUPXQJ]ZLVFKHQGHQ3ULPlUXQG
6HNXQGlUZLFNOXQJHQHLQJHEDXWZHUGHQ
'LH0RWRUXQG6WHXHUXQJVNDEHOGHV$&[VLQGHQWVSUHFKHQGGHULQGLHVHP
+DQGEXFKHQWKDOWHQHQ$QJDEHQDQJHVFKORVVHQ
+LQZHLV'HU$&[GDUIQLFKWPLW(09)LOWHUQDXVJHUVWHWZHUGHQVLHKH7DEHOOH
$ZHQQGDV*HUlWDQHLQHUGIUHLHV1HW]DQJHVFKORVVHQZHUGHQVROOhEHUGHQ(09
)LOWHUNRQGHQVDWRUZLUGGDV1HW]PLWGHP(UGSRWHQWLDOYHUEXQGHQ%HLHUGIUHLHQ1HW]HQ
NDQQGLHV]X*HIDKUHQVLWXDWLRQHQRGHU6FKlGHQDP*HUlWIKUHQ
0DVFKLQHQULFKWOLQLH $&[)UHTXHQ]XPULFKWHUHUIOOHQGLH0DVFKLQHQULFKWOLQLHGHU(XURSlL
VFKHQ8QLRQ((&IUHOHNWULVFKH$XVUVWXQJGLH]XP(LQEDXLQ$QODJHQYRU
JHVHKHQLVW
8/&6$.HQQ]HLFKHQ 'LH8/8/&&6$.HQQ]HLFKHQGHV$&6VLQGLPIROJHQGHQDXIJHIKUW[
8/ *HUlWHGHV7\SV$&6VLQGIUGHQ(LQVDW]LQHLQHP6WURPNUHLVJHHLJQHWLQGHP
HLQ(IIHNWLYZHUWYRQN$V\PPHWULVFKEHLPD[99*HUlWHXQGEHLPD[
99*HUlWHQLFKWEHUVFKULWWHQZLUG
'HU$&6YHUIJWEHUHLQHQhEHUODVWVFKXW]JHPl1DWLRQDO(OHFWULFDO&RGH86
6LHKH$&6)LUPZDUH+DQGEXFKIU(LQVWHOOXQJHQ'LHVWDQGDUGPlLJH(LQVWHO
OXQJLVWÄ$XV³XQGPXVVEHL,QEHWULHEQDKPHDNWLYLHUWZHUGHQ
$&6$QWULHEHGUIHQQXULQEHKHL]WHQEHUZDFKWHQ,QQHQUlXPHQEHWULHEHQ
ZHUGHQ6LHKH$EVFKQLWW8PJHEXQJVEHGLQJXQJHQIUVSH]LILVFKH*UHQ]ZHUWH
$&6%UHPV&KRSSHUHVVWHKHQ%UHPV&KRSSHUPRGXOH]XU9HUIJXQJGLHHV
GHP$QWULHEEHLHQWVSUHFKHQGJURHQ%UHPVZLGHUVWlQGHQHUP|JOLFKHQ%UHPVHQHUJLH
DE]XIKUHQJHZ|KQOLFKDQJHZDQGWEHLVFKQHOOHQ9HU]|JHUXQJHQHLQHV0RWRUV'LH
JHHLJQHWH$QZHQGXQJGHV%UHPV&KRSSHUVLVWGHP%UHPV&KRSSHU0RQWDJH+DQG
EXFK1%5$[[%UHPV&KRSSHU0RQWDJHXQG,QEHWULHEQDKPH+DQGEXFK$QKDQJ
$]XHQWQHKPHQ'LHVHV+DQGEXFKZLUG,KQHQKHOIHQGHQHQWVSUHFKHQGHQ%UHPV
&KRSSHUIU,KUHVSH]LILVFKH$QZHQGXQJIU6WDQGDUGRGHUHUZHLWHUWH/DVWVSLHOH]X
ILQGHQ'LHVNDQQVRZRKOIUHLQHQ$QWULHEDOVDXFKIUPHKUHUH$QWULHEHPLWJHPHLQ
VDPHP'&%XVYHUZHQGHWZHUGHQXPHLQH$XIWHLOXQJGHU%UHPVHQHUJLH]XHUUHL
FKHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
.HQQ]HLFKQXQJ $Q)UHTXHQ]XPULFKWHUQGHV7\SV$&[LVWHLQH³&7LFN´0DUNLHUXQJ
DQJHEUDFKWGLHEHVWlWLJWGDVVGDV*HUlWGHQIROJHQGHQ9RUVFKULIWHQHQWVSULFKW
)XQNYHUNHKU(OHNWURPDJQHWLVFKH9HUWUlJOLFKNHLW6WDQGDUG
)XQNYHUNHKU.HQQ]HLFKQXQJIU(LQKDOWXQJGHU1RUPHQ$XVVWUDKOXQJYRQ
6W|UXQJHQ+LQZHLV
$61=6*UHQ]HQXQG0HWKRGHQGHU0HVXQJHOHNWURQLVFKHU6W|UXQJHQEHL
LQGXVWULHOOHQZLVVHQVFKDIWOLFKHQXQGPHGL]LQLVFKHQ,60+RFKIUHTXHQ]JHUlWHQ
1HXVHHOlQGLVFKH)XQN%HVWLPPXQJHQ
hEHUHLQVWLPPXQJPLW 'LHJHVHW]OLFKHQ9RUVFKULIWHQUHJHOQGLHJUXQGVlW]OLFKHQ$QIRUGHUXQJHQDQGLH6W|U
$61=6 DXVVHQGXQJHQYRQHOHNWULVFKHQ$QODJHQLQ$XVWUDOLHQXQG1HXVHHODQG'LH1RUP$6
1=6*UHQ]HQXQG0HWKRGHQGHU0HVVXQJHOHNWURQLVFKHU6W|UXQJHQEHL
LQGXVWULHOOHQZLVVHQVFKDIWOLFKHQXQGPHGL]LQLVFKHQ,60+RFKIUHTXHQ]JHUlWHQGHIL
QLHUWLP(LQ]HOQHQGLH$QIRUGHUXQJHQDQHLQHQ)UHTXHQ]XPULFKWHU
)UHTXHQ]XPULFKWHUGHV7\SV$&[HQWVSUHFKHQGHQ1RUPHQ$61=6IU
*HUlWHGHU.ODVVH$*HUlWHGHU.ODVVH$VLQGIUGHQ(LQVDW]LQDOOHQ%HUHLFKHQ
DXHULQKlXVOLFKHU8PJHEXQJRGHULQ(LQULFKWXQJHQJHHLJQHWGLHGLUHNWDQHLQ
1LHGHUVSDQQXQJVQHW]DQJHVFKORVVHQVLQG'LH1RUPZLUGHUIOOWVRIHUQIROJHQGH
9RUDXVVHW]XQJHQYRUOLHJHQ
'HU$&[LVWPLWHLQHP(09)LOWHUDXVJHUVWHWVLHKH7DEHOOH$
'HU$&[ZXUGHJHPlGHULQGLHVHP+DQGEXFKDXIJHIKUWHQ$QZHLVXQJHQ
LQVWDOOLHUW
'LH0RWRUXQG6WHXHUNDEHOZXUGHQHQWVSUHFKHQGGHQLQGLHVHP+DQGEXFK
HQWKDOWHQHQ$QZHLVXQJHQDXVJHZlKOW
'LHPD[LPDOH.DEHOOlQJHEHWUlJW0HWHU
+LQZHLV%HLGHU(LQELQGXQJLQHLQHUGIUHLHV1HW]GDUIGHU$&[QLFKWPLWHLQHP
(09)LOWHUVLHKH7DEHOOH$DXVJHUVWHWZHUGHQhEHUGLH.RQGHQVDWRUHQGHV
(09)LOWHUVZLUGGDV1HW]DQGDV(UGSRWHQWLDOJHOHJW,QHUGIUHLHQ1HW]HQNDQQ
GDGXUFKGDV*HUlWEHVFKlGLJWZHUGHQ
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
*HUlWHJDUDQWLHXQG $OOJHPHLQHV$%%OHLVWHWIUYRQ$%%JHOLHIHUWH*HUlWHEHL0DWHULDOXQG
9HUDUEHLWXQJVIHKOHUQ*DUDQWLHLQQHUKDOEHLQHV=HLWUDXPHVYRQ]Z|OI0RQDWHQ
+DIWXQJ
QDFK,QVWDOODWLRQE]ZOlQJVWHQVMHGRFKYLHUXQG]ZDQ]LJ0RQDWHQQDFK9HUVDQG
DE:HUNZDVLPPHU]XHUVWHLQWULWW
7ULWWZlKUHQGGHUDQJHJHEHQHQ=HLWUlXPHEHLQRUPDOHPXQGNRUUHNWHP*HEUDXFK
LUJHQGHLQ0DQJHOHQWVSUHFKHQGGHQDQZHQGEDUHQ*DUDQWLHEHGLQJXQJHQDXIXQWHU
GHU9RUDXVVHW]XQJGDVVGLH*HUlWHULFKWLJJHODJHUWLQVWDOOLHUWEHGLHQWVRZLHJHZDUWHW
ZXUGHQXQGVRIHUQGXUFKGHQ.lXIHUVRIRUWLJH0LWWHLOXQJHUIROJWHVRZLUG$%%GHQ
0DQJHOQDFKHLJHQHU:DKOEHKHEHQGXUFK5HSDUDWXURGHU$XVWDXVFKGHUPDQJHO
KDIWHQ*HUlWHE]Z*HUlWHEDXWHLOH5HSDUDWXUHQRGHU$XVWDXVFKJHPl*DUDQWLHEH
GLQJXQJHQEHZLUNHQNHLQH(UQHXHUXQJE]Z$XVZHLWXQJGHUIUGLH*HUlWH
DQZHQGEDUHQ2ULJLQDO*DUDQWLHGDXHUMHGRFKZLUGIU5HSDUDWXUHQRGHU$XVWDXVFK
YRQ*HUlWHQE]Z*HUlWHEDXWHLOHQGLHQRFKYHUEOHLEHQGH=HLWGHUXUVSUQJOLFKHQ
*DUDQWLHE]ZPLQGHVWHQV7DJHDOV*DUDQWLHGDXHUHLQJHUlXPW
=XU)HKOHUHUPLWWOXQJ0lQJHOEHVHLWLJXQJE]Z$XVWDXVFKLVWGDV*HUlWDQHLQHDXWRUL
VLHUWH5HSDUDWXUZHUNVWDWW]XVHQGHQ'LH'HPRQWDJHGLHHUQHXWH0RQWDJHRGHUGHU
7UDQVSRUW]XURGHUYRQGHU5HSDUDWXUZHUNVWDWWRGHUGHP:HUNHUIROJHQDXI5LVLNRXQG
]X/DVWHQGHV.lXIHUV
'LHVH*DUDQWLHEHGLQJXQJHQNRPPHQQLFKW]XU$QZHQGXQJEHL*HUlWHQE]Z*HUlWH
EDXWHLOHQGLHQLFKWNRUUHNWUHSDULHUWE]ZJHlQGHUWZXUGHQHLQHPIDOVFKHQ
*HEUDXFKIDKUOlVVLJHQ+DQGOXQJHQRGHUHLQHP8QIDOODXVJHVHW]WZDUHQLP
:LGHUVSUXFK]XGHQ$QZHLVXQJHQYRQ$%%EHQXW]WZXUGHQ0DWHULDOHQWKDOWHQ
GDVDXI$QZHLVXQJGHV.lXIHUVJHOLHIHUWRGHUDXVJHOHJWZXUGH EHUHLWVEHQXW]W
ZXUGHQ
'LH]XYRUJHQDQQWHQ*DUDQWLHEHGLQJXQJHQJHOWHQDXVVFKOLHVVOLFKXQGDQ6WHOOHYRQ
DOOHQDQGHUHQVFKULIWOLFKHQPQGOLFKHQRGHUVWLOOVFKZHLJHQGHLQEH]RJHQHQ4XDOLWlWV
XQG/HLVWXQJVJDUDQWLHQGLHVHZHUGHQYRQ$%%XQGGHQ*HUlWHKHUVWHOOHUQQLFKW
DQHUNDQQWZR]XDXFKVWLOOVFKZHLJHQGHLQEH]RJHQH*DUDQWLHQEHUKDQGHOVEOLFKH
4XDOLWlWRGHU7DXJOLFKNHLWIUHLQHQEHVWLPPWHQ=ZHFN]lKOHQ
'LH%HVHLWLJXQJYRQ0lQJHOQLQGHU$UWXQG:HLVHVRZLHLQGHP=HLWUDXPZLHREHQ
YRUJHJHEHQLVWGHUDOOHLQLJH5HFKWVDQVSUXFKGHV.lXIHUVXQGEHGHXWHWGLH(UIOOXQJ
DOOHU9HUSIOLFKWXQJHQYRQ$%%XQGDQGHUHU*HUlWHKHUVWHOOHUHLQVFKOLHOLFKMHJOLFKHU
+DIWXQJIUGLUHNWHLQGLUHNWHVSH]LHOOH]XIlOOLJHRGHUQDFKIROJHQGH6FKlGHQVRZRKO
LQEH]XJDXI*DUDQWLH9HUWUDJ)DKUOlVVLJNHLW6FKDGHQVHUVDW]*HIlKUGXQJVKDIWXQJ
DOVDXFKLQEH]XJDXI0lQJHO)HKOHURGHUIHKOHQGHU(LJHQVFKDIWHQGHUJHOLHIHUWHQ
*HUlWHE]Z6HUYLFHOHLVWXQJHQ
+DIWXQJVEHJUHQ]XQJ $%%6(,1(=8/,()(5(5817(51(+0(12'(5$8)75$*1(+0(56,1',1
.(,1(0)$//()h563(=,(//(,1',5(.7(1(%(12'(5)2/*(6&+b'(1
+$)7%$581'=:$581$%+b1*,*'$9212%',(6(0,7'(09(575$*
'(5*(:b+5/(,6781*81(5/$8%7(1+$1'/81*(1)$+5/b66,*.(,7
*()b+5'81*6+$)781*2'(5$1'(5(1)$.725(1,19(5%,1'81*67(
+(1HLQVFKOLHOLFKDEHUQLFKWEHVFKUlQNWDXI*HZLQQRGHU(LQQDKPHQYHUOXVWH1XW
]XQJVDXVIDOOGHUEHWUHIIHQGHQ$XVUVWXQJRGHUDQGHUHUGDPLWLQ9HUELQGXQJ
VWHKHQGHU$XVUVWXQJVWHLOH.DSLWDONRVWHQ.RVWHQIU(UVDW]DXVUVWXQJ$QODJHQRGHU
'LHQVWOHLVWXQJHQ$XVIDOO]HLWNRVWHQ9HU]|JHUXQJHQRGHU$QVSUFKHYRQ.XQGHQGHV
.lXIHUVRGHUDQGHUHU'ULWWHUEH]JOLFKGHUDUWLJHURGHUDQGHUHU6FKlGHQ'LH+DIWXQJ
YRQ$%%EH]JOLFKMHJOLFKHU$QVSUFKHXQG]ZDUXQDEKlQJLJGDYRQREGLHVHPLW
GHP9HUWUDJGHU*HZlKUOHLVWXQJ)DKUOlVVLJNHLWXQHUODXEWHQ+DQGOXQJHQ*HIlKU
GXQJVKDIWXQJRGHUDQGHUHQ)DNWRUHQLQ9HUELQGXQJVWHKHQIU9HUOXVWHRGHU6FKlGHQ
MHGHU$UWGLHDXVGHP9HUWUDJRGHUGHU/HLVWXQJRGHUGHUHQ1LFKWHUIOOXQJHQWVWHKHQ
RGHUDXV(QWZLFNOXQJ)HUWLJXQJ9HUWULHE/LHIHUXQJ:HLWHUYHUNDXI,QVWDQGVHW]XQJ
$XVWDXVFK,QVWDOODWLRQWHFKQLVFKHU,QVWDOODWLRQVDQOHLWXQJ,QVSHNWLRQ%HWULHERGHU
1XW]XQJMHJOLFKHU$XVUVWXQJGLHGDGXUFKHUIDVVWZLUGLVWRGHUGDPLWLQ9HUELQGXQJ
VWHKWNDQQLQNHLQHP)DOOGHQ.DXISUHLVIUGLH$XVUVWXQJRGHUHLQHQ7HLOGDYRQRGHU
GLH'LHQVWOHLVWXQJHQEHUVWHLJHQGLHGHQ$QVSUXFKEHJUQGHQ
$&6$&&$&3)UHTXHQ]XPULFKWHU $
$QKDQJ$±7HFKQLVFKH'DWHQIU$&6$&&$&3
$OOH5HFKWVDQVSUFKHJHJHQEHU$%%GLHVLFKDXVGHP9HUWUDJRGHUVHLQHU(UIOOXQJ
E]Z9HUOHW]XQJHUJHEHQYHUIDOOHQVRIHUQVLHQLFKWELQQHQHLQHV-DKUHVQDFKLKUHU
9HUXUVDFKXQJYRUJHEUDFKWZHUGHQ
,QNHLQHP)DOODXVZHOFKHP*UXQGHDXFKLPPHULVW$%%IU6WUDIHQRGHU6WUDINODX
VHOQMHJOLFKHU$UWRGHUIUGLH(QWVFKlGLJXQJGHV.XQGHQRGHU'ULWWHUIU.RVWHQ6FKl
GHQRGHU$XIZHQGXQJHQGLHVLFKMHZHLOVDXVGHQ:DUHQRGHU'LHQVWOHLVWXQJHQLP
5DKPHQGHV$XIWUDJVHUJHEHQRGHUGDPLWLQ%H]LHKXQJVWHKHQYHUDQWZRUWOLFKRGHU
KDIWEDU
'DV]XVWlQGLJH9HUWULHEVEURRGHUGLH$%%1LHGHUODVVXQJKlOW*DUDQWLHEHVWLPPXQ
JHQEHUHLWGLHLQGHQ9HUNDXIVEHGLQJXQJHQ*HVFKlIWVEHGLQJXQJHQRGHU*HZlKUOHLV
WXQJVEHGLQJXQJHQDXIJHIKUWVLQG'LHVH%HGLQJXQJHQVLQGDXI$QIUDJHHUKlOWOLFK
%HL)UDJHQEH]JOLFKGHV$%%)UHTXHQ]XPULFKWHUVZHQGHQ6LHVLFKELWWHDQGDV
]XVWlQGLJH9HUWULHEVEURRGHU,KUH$%%1LHGHUODVVXQJ'LHWHFKQLVFKHQ'DWHQ,QIRU
PDWLRQHQXQG6SH]LILNDWLRQHQHQWVSUHFKHQGHQ]XP=HLWSXQNWGHV'UXFNHVJOWLJHQ
$QJDEHQ'HU+HUVWHOOHUEHKlOWVLFKbQGHUXQJHQRKQH9RUDQNQGLJXQJYRU
$ $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ%±$&6$&&$&3
0D]HLFKQXQJHQ
'LHIROJHQGHQ=HLFKQXQJHQJHOWHQDE
%RKUXQJHQ.DEHOGXUFKIKUXQJ
%DX 5 5 5 5 5 5
$&[ $&[
PP PP PP PP PP PP
6,*1
(,1$86
%5
$&6$&&$&3)UHTXHQ]XPULFKWHU %
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
%DXJU|H5
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
/XIWDXVWULWW
/XIWDXVWULWW +DXSWOXIW
DXVWULWW
HJ HJ
WDQ WDQ
R R
P P
GQ
KF
D
QVD :
O)
/XIW /XIW
HLQWULWW HLQWULWW
% $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
%DXJU|H5)ODQVFKPRQWDJH
%DXJU|H5)ODQVFKPRQWDJH
$&6$&&$&3)UHTXHQ]XPULFKWHU %
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
%DXJU|H5
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
8QWHUDQVLFKW
/XIWDXVWULWW /XIWDXVWULWW
/XIWDXVWULWW
/XIWHLQWULWW /XIWHLQWULWW
% $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
%DXJU|H5
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
8QWHUDQVLFKW
/XIWDXVWULWW
/XIWDXVWULWW
+DXSWOXIW
HLQWULWW
/XIWHLQWULWW
$&6$&&$&3)UHTXHQ]XPULFKWHU %
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
%DXJU|H5
)ODQVFKPRQWDJH
%DXJU|H55
)ODQVFKPRQWDJH
% $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
%DXJU|H55
PP LQ
/XIWDXVWULWW
/XIWDXVWULWW /XIWDXVWULWW
/XIWHLQWULWW +DXSWOXIW
HLQWULWW
$&6$&&$&3)UHTXHQ]XPULFKWHU %
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
%DXJU|H5
$&[ NJ
$&[ NJ
$&[ NJ
$&[ NJ
3/$7=)h5
237,21602'8/(
3/$7= )h5
%5(06&+233(5
5$80)h5
/h)7(5
:(&+6(/
% $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
$&36WHXHUNDEHO 'LH/LHIHUXQJEHLQKDOWHWHLQHQ%HXWHOPLWYLHU.OHPPHQ6FKUDXEHQ
DQVFKOVVH XQGHLQHP.XSIHUVWUHLIHQEHL%DXJU|H5]XVlW]OLFKHLQH
0RQWDJHSODWWH.OHPPHQ6LHGLH6WHXHUXQJVXQG,PSXOVJHEHU.DEHO
ZLHXQWHQDQJHJHEHQIHVW:HUGHQPHKUDOVYLHU.DEHOEHQ|WLJW
YHUELQGHQ6LHGHQYHUGULOOWHQ6FKLUP(UGXQJV'UlKWHGHU
]XVlW]OLFKHQ.DEHOLPJHULQJVWP|JOLFKHQ$EVWDQGPLWGHU
(UGXQJVVFKLHQH QHEHQGHU1,2&3.DUWH'DV)HVWNOHPPHQLVW
VHKUZLFKWLJEHL,PSXOVJHEHU.DEHOQHVLVWZHQLJHUZLFKWLJEHL5HODLV
XQGDQGHUHQ'LJLWDO6LJQDO.DEHOQ
(QWIHUQHQ6LHGHQ.DEHOPDQWHOHQWVSUHFKHQGGHUXQWHUHQ
$EELOGXQJ
%HWULIIWQXU%DXJU|H5%HIHVWLJHQ6LHGLH0RQWDJHSODWWHPLW
GHQ6FKUDXEHQDQGHP*HKlXVH
9HUELQGHQ6LHGLH/HLWHUPLWGHQHQWVSUHFKHQGHQ.OHPPHQDXIGHU
1,2&1,2&3.DUWH
6WHOOHQ6LH(UGXQJVLFKHULQGHP6LHGHQ.XSIHUVWUHLIHQXP
GDVIUHLOLHJHQGH.DEHOVWFNXQWHUKDOEGHU.OHPPHUROOHQ
%HIHVWLJHQ6LHGLH.OHPPHQPLWGHQ6FKUDXEHQDQGDV*HKlXVH
9HUGULOOHQ6LHGLH6FKLUP'UlKWH(UGXQJV'UlKWHGHUlXHUHQ
8PPDQWHOXQJXQGYHUELQGHQ6LHVLHLPJHULQJVWP|JOLFKHQ
$EVWDQGPD[FPPLWGHUQlFKVWHQ(UGXQJV.OHPPH%HL
GRSSHOWJHVFKLUPWHQ.DEHOQYHUELQGHQ6LHMHGH6FKLUPODJH
YHUGULOOWH(UGXQJV'UlKWHJHWUHQQWPLWGHUQlFKVWHQ(UGXQJV
.OHPPH/HLWHU6FKLUPHN|QQHQDXHUEHL,PSXOVJHEHU.DEHOQ
]XVDPPHQYHUGULOOWZHUGHQ
(LQIDFKJHVFKLUPWHV.DEHO
'RSSHOWJHVFKLUPWHV.DEHO
$&6$&&$&3)UHTXHQ]XPULFKWHU %
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
$&3%DXJU|H5
(UGXQJVVFKLHQH
.OHPPH
6FKUDXEHIUGLH(UGXQJ
GHV,PSXOVJHEHU.DEHOV 1,2&3
$ELVROLHUWHU7HLOGHV.DEHOV
,PSXOVJHEHU.DEHO
$&3%DXJU|H5
(UGXQJVVFKLHQH
.OHPPH
6FKUDXEHIUGLH 1,2&3
(UGXQJGHV
,PSXOVJHEHU.DEHOV
$ELVROLHUWHU7HLOGHV.DEHOV
,PSXOVJHEHU.DEHO
% $&6$&&$&3)UHTXHQ]XPULFKWHU
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
$&3%DXJU|H5
(UGXQJVVFKLHQH
0RQWDJHSODWWH
.OHPPH 6FKUDXEHIUGLH
(UGXQJGHV
,PSXOVJHEHU
.DEHOV
$ELVROLHUWHU7HLOGHV.DEHOV
,PSXOVJHEHU.DEHO
$&6$&&$&3)UHTXHQ]XPULFKWHU %
$QKDQJ%±$&6$&&$&30D]HLFKQXQJHQ
$&3%DXJU|H55
(UGXQJVVFKLHQH
6FKUDXEHIUGLH
.OHPPH (UGXQJGHV
,PSXOVJHEHU
.DEHOV
$ELVROLHUWHU7HLOGHV.DEHOV
,PSXOVJHEHU.DEHO
% $&6$&&$&3)UHTXHQ]XPULFKWHU
$)<55(9%
*h/7,*$%'(
$QKDQJ%