HR305_REF_Teil 2_3

.
DSLWHO
3HUV|QOLFKH 'DWHQ
:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW
hEHUEOLFN EHU GDV .DSLWHO

,Q GLHVHP .DSLWHO ZHUGHQ GLH ,QIRW\SHQ 'DWHQ ]XU 3HUVRQ $QVFKULIWHQ
XQG %DQNYHUELQGXQJ QlKHU EHVSURFKHQ'LHV JHVFKLHKW LP 5DKPHQ
HLQHU (LQVWHOOXQJVPDQDKPH ZREHL ]XVlW]OLFK DXFK GLH ZLFKWLJVWHQ
&XVWRPL]LQJHLQVWHOOXQJHQ EHKDQGHOW ZHUGHQ
/HUQ]LHOH GHV .DSLWHOV

$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH
GLH SHUV|QOLFKHQ 'DWHQ HLQHV 0LWDUEHLWHUV EHUEOLFNHQ
,QKDOW GHV .DSLWHOV

/HNWLRQ 3HUV|QOLFKH 'DWHQ
hEXQJ 3HUV|QOLFKH 'DWHQ
4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

.DSLWHO 3HUV|QOLFKH 'DWHQ +5
/HNWLRQ 3HUV|QOLFKH 'DWHQ

'DXHU GHU /HNWLRQ 0LQXWHQ
hEHUEOLFN EHU GLH /HNWLRQ

,QIRW\SHQ
'DWHQ ]XU 3HUVRQ
$QVFKULIWHQ
%DQNYHUELQGXQJ
/HUQ]LHOH GHU /HNWLRQ

$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
8QWHUQHKPHQVV]HQDULR
'LH SHUV|QOLFKHQ 'DWHQ HLQHV 0LWDUEHLWHUV ZHUGHQ LQ GDIU YRUJHVHKHQHQ
,QIRW\SHQ KLQWHUOHJW
(YHQWXHOO ZHUGHQ DXFK KLHU ILUPHQVSH]LILVFKH $QSDVVXQJHQ LP &XVWRPL]LQJ
QRWZHQGLJ
6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

+5 /HNWLRQ 3HUV|QOLFKH 'DWHQ
'DWHQ ]XU 3HUVRQ
$EELOGXQJ =X 'DWHQ ]XU 3HUVRQ
,Q GHU HUVWHQ *UXSSH YRQ 'DWHQ GHILQLHUHQ 6LH DOOH $QJDEHQ ]XP 1DPHQ GHV
0LWDUEHLWHUV 'D]X JHK|UHQ GLH $QUHGH GHU 9RU XQG 1DFKQDPH HYHQWXHOO HLQ
]ZHLWHU 1DPH RGHU *HEXUWVQDPH VRZLH 5XIQDPH XQG GLH ,QLWLDOHQ 6FKOLHOLFK
ILQGHQ 6LH KLHU GHQ DNDGHPLVFKHQ 7LWHO GDV 9RUVDW] XQG GDV =XVDW]ZRUW GHV
0LWDUEHLWHUV
*HEXUWVGDWHQ
'LHVH *UXSSH YRQ 'DWHQ EHVWHKW DXV GHP *HEXUWVGDWXP XQG GHP *HEXUWVRUW
GHU 6WDDWVDQJHK|ULJNHLW XQG GHU 6SUDFKH
)DPLOLHQVWDQG .RQIHVVLRQ
'LH GULWWH *UXSSH YRQ 'DWHQ HQWKlOW $QJDEHQ EHU GLH
$Q]DKO GHU .LQGHU GHQ )DPLOLHQVWDQG XQG LQ PDQFKHQ /lQGHUQ EHU GLH
.RQIHVVLRQ GHV 0LWDUEHLWHUV
'D GLH HLQ]HOQHQ )DPLOLHQPLWJOLHGHU GHV 0LWDUEHLWHUV QLFKW LP 6\VWHP HUIDVVW
ZHUGHQ PVVHQ ILQGHW NHLQH 3UIXQJ ]ZLVFKHQ GHP ,QKDOW GHV )HOGHV .LQGHU]DKO
XQG GHU =DKO GHU WDWVlFKOLFK LP ,QIRW\S )DPLOLH JHVSHLFKHUWHQ .LQGHU VWDWW

$QVFKULIWHQ
$EELOGXQJ =X $QVFKULIWHQ
$XVODQGVDQVFKULIWHQ
)U GHQ ,QIRW\S $QVFKULIWHQ H[LVWLHUHQ YHUVFKLHGHQH (LQJDEHELOGHU IU GLH
HLQ]HOQHQ /lQGHUYHUVLRQHQ %HLP $QOHJHQ HLQHU $QVFKULIW ZlKOW GDV 6\VWHP
GDVMHQLJH /lQGHUELOG GDV GHP /DQG GHV 3HUVRQDOEHUHLFKV HQWVSULFKW GHP GHU
0LWDUEHLWHU LP ,QIRW\S 2UJDQLVDWRULVFKH =XRUGQXQJ ]XJHRUGQHW LVW
0|FKWHQ 6LH DQVWDWW GHV YRP 6\VWHP YRUJHVFKODJHQHQ %LOGHV HLQ DQGHUHV
/lQGHUELOG ZlKOHQ XP HLQH $XVODQGVDQVFKULIW HLQHV 0LWDUEHLWHUV ]X HUIDVVHQ VR
N|QQHQ 6LH KLHU]X GHQ %XWWRQ $XVODQGVDQVFKULIW QXW]HQ 6LH ILQGHQ GLHVH )XQNWLRQ
DXI GHP (LQJDEHELOG GHV ,QIRW\SV $QVFKULIWHQ

%DQNYHUELQGXQJ
$EELOGXQJ =X %DQNYHUELQGXQJ


hEXQJ 3HUV|QOLFKH 'DWHQ

'DXHU GHU hEXQJ 0LQXWHQ
/HUQ]LHOH GHU hEXQJ

$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
GLH SHUV|QOLFKHQ 'DWHQ ,KUHV 0LWDUEHLWHUV SIOHJHQ
)U HLQH HIIHNWLYH XQG HIIL]LHQWH 9HUZDOWXQJ YRQ 0LWDUEHLWHUQ EHQ|WLJW MHGHV
8QWHUQHKPHQ HLQH 5HLKH YHUVFKLHGHQHU SHUV|QOLFKHU 'DWHQ GLH IU GLH 0LWDUEHLWHU
JHSIOHJW ZHUGHQ PVVHQ 6LH KDEHQ ,KUH (LQVWHOOXQJHQ LP &XVWRPL]LQJ EHUSUIW
XQG ZHUGHQ QXQ GLH 'DWHQ ,KUHV QHXHQ 0LWDUEHLWHUV HQWVSUHFKHQG DNWXDOLVLHUHQ
$XIJDEH
.HKUHQ 6LH ]XU 0DQDKPH (LQVWHOOXQJ +5 ]XUFN XQG NRPSOHWWLHUHQ

6LH GLH ,QIRW\SHQ 'DWHQ ]XU 3HUVRQ $QVFKULIWHQ
XQG %DQNYHUELQGXQJ IU ,KUHQ 0LWDUEHLWHU
*UXSSHQQXPPHU PLW (LQJDEHQ ,KUHU :DKO
+LQZHLV :HQQ 6LH HLQHQ (KHSDUWQHU RGHU .LQGHU DQJHEHQ NDQQ

HLQH G\QDPLVFKH 0DQDKPH ]XVlW]OLFKH (LQJDEHQ LP 6\VWHP
HUIRUGHUQ ,VW GLHV GHU )DOO ZlKOHQ 6LH GLH HQWVSUHFKHQGHQ (LQJDEHQ
DXV VLFKHUQ GHQ ,QIRW\SHQ XQG IDKUHQ PLW GHU (LQVWHOOXQJVPDQDKPH
IRUW
1DFKGHP 6LH GLH (LQJDEHQ LQ GLHVHQ ,QIRW\SHQ JHSIOHJW XQG JHVLFKHUW

KDEHQ 67233(1 6LH GLH (LQVWHOOXQJVPDQDKPH LQGHP 6LH GLH )XQNWLRQ
Ä%HHQGHQ³ ZlKOHQ
$XIJDEH
9HUZHQGHQ 6LH ]XU %HDQWZRUWXQJ GHU IROJHQGHQ )UDJH ,KUHQ 3URMHNW,0*

:LH ODXWHW GHU ,0*3IDG ]XU 0RGLIL]LHUXQJ GHV )DPLOLHQVWDQGHV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

$XIJDEH
'LH IROJHQGH $XIJDEH LVW RSWLRQDO

,KU 0LWDUEHLWHU PLW GHU 3HUVRQDOQXPPHU YHUOHJW DE HUVWHQ GHV
QlFKVWHQ 0RQDWV VHLQHQ VWlQGLJHQ :RKQVLW]
$XIJDEH

%HL ,KUHP 0LWDUEHLWHU PLW GHU 3HUVRQDOQXPPHU KDEHQ 6LH HLQHQ
7LSSIHKOHU LQ GHP )HOG 6WUDH JHPDFKW XQG P|FKWHQ GLHVHQ NRUULJLHUHQ

/|VXQJ 3HUV|QOLFKH 'DWHQ

$XIJDEH
.HKUHQ 6LH ]XU 0DQDKPH (LQVWHOOXQJ +5 ]XUFN XQG NRPSOHWWLHUHQ

6LH GLH ,QIRW\SHQ 'DWHQ ]XU 3HUVRQ $QVFKULIWHQ
XQG %DQNYHUELQGXQJ IU ,KUHQ 0LWDUEHLWHU
*UXSSHQQXPPHU PLW (LQJDEHQ ,KUHU :DKO
+LQZHLV :HQQ 6LH HLQHQ (KHSDUWQHU RGHU .LQGHU DQJHEHQ NDQQ

HLQH G\QDPLVFKH 0DQDKPH ]XVlW]OLFKH (LQJDEHQ LP 6\VWHP
HUIRUGHUQ ,VW GLHV GHU )DOO ZlKOHQ 6LH GLH HQWVSUHFKHQGHQ (LQJDEHQ
DXV VLFKHUQ GHQ ,QIRW\SHQ XQG IDKUHQ PLW GHU (LQVWHOOXQJVPDQDKPH
IRUW

1DFKGHP 6LH GLH (LQJDEHQ LQ GLHVHQ ,QIRW\SHQ JHSIOHJW XQG JHVLFKHUW

KDEHQ 67233(1 6LH GLH (LQVWHOOXQJVPDQDKPH LQGHP 6LH GLH )XQNWLRQ
Ä%HHQGHQ³ ZlKOHQ
D 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP
E :lKOHQ 6LH 3HUVRQDOPDQDKPHQ
F *HEHQ 6LH GLH 3HUVRQDOQXPPHU HLQ
G 0DUNLHUHQ 6LH GLH 0DQDKPH (LQVWHOOXQJ +5 :lKOHQ 6LH
$XVZlKOHQ
H :lKOHQ 6LH ,QIRJUXSSH DXVIKUHQ XP GLH (LQVWHOOXQJVPDQDKPH
HUQHXW ]X VWDUWHQ
I :lKOHQ 6LH 1lFKVWHU 6DW] ELV 6LH DXI GDV %LOG 'DWHQ ]XU 3HUVRQ
DQOHJHQ ,QIRW\S JHODQJHQ
J %HDUEHLWHQ 6LH GLH HUIRUGHUOLFKHQ )HOGHU PLW (LQJDEHQ ,KUHU :DKO XQG
VLFKHUQ 6LH GLH 'DWHQ
K :lKOHQ 6LH 1lFKVWHU 6DW] ELV 6LH DXI GDV %LOG $QVFKULIWHQ DQOHJHQ
,QIRW\S JHODQJHQ
L %HDUEHLWHQ 6LH GLH HUIRUGHUOLFKHQ )HOGHU PLW (LQJDEHQ ,KUHU :DKO XQG
M :lKOHQ 6LH 1lFKVWHU 6DW] ELV 6LH DXI GDV %LOG %DQNYHUELQGXQJ DQOHJHQ
,QIRW\S JHODQJHQ
N %HDUEHLWHQ 6LH GLH HUIRUGHUOLFKHQ )HOGHU PLW (LQJDEHQ ,KUHU :DKO XQG
O :lKOHQ 6LH %HHQGHQ XQG NHKUHQ 6LH LQ GDV 6$3(DV\ $FFHVV0HQ
]XUFN
$XIJDEH
9HUZHQGHQ 6LH ]XU %HDQWZRUWXQJ GHU IROJHQGHQ )UDJH ,KUHQ 3URMHNW,0*

:LH ODXWHW GHU ,0*3IDG ]XU 0RGLIL]LHUXQJ GHV )DPLOLHQVWDQGHV"
D ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ 3HUV|QOLFKH
'DWHQ ĺ 'DWHQ ]XU 3HUVRQ ĺ )DPLOLHQVWDQG IHVWOHJHQ

$XIJDEH

,KU 0LWDUEHLWHU PLW GHU 3HUVRQDOQXPPHU YHUOHJW DE HUVWHQ GHV
QlFKVWHQ 0RQDWV VHLQHQ VWlQGLJHQ :RKQVLW]
D 3HUVRQDOVWDPPGDWHQSIOHJH DXIUXIHQ EHU 6$3($6<$&&(66
0(1h
E 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP ĺ 3IOHJHQ
F ,QIRW\S $QVFKULIWHQ PDUNLHUHQ XQG %XWWRQ 1HX RGHU .RSLHUHQ GUFNHQ
G ĺ HV ZLUG HLQH +LVWRULH HU]HXJW
$XIJDEH

%HL ,KUHP 0LWDUEHLWHU PLW GHU 3HUVRQDOQXPPHU KDEHQ 6LH HLQHQ
7LSSIHKOHU LQ GHP )HOG 6WUDH JHPDFKW XQG P|FKWHQ GLHVHQ NRUULJLHUHQ
D 3HUVRQDOVWDPPGDWHQSIOHJH DXIUXIHQ EHU 6$3($6<$&&(66
0(1h
E 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP ĺ 3IOHJHQ
F ,QIRW\S $QVFKULIWHQ PDUNLHUHQ XQG %XWWRQ bQGHUQ GUFNHQ
G ĺ HV ZLUG NHLQH +LVWRULH HU]HXJW

=XVDPPHQIDVVXQJ GHU /HNWLRQ

1XQ N|QQHQ 6LH

+5 =XVDPPHQIDVVXQJ GHV .DSLWHOV
=XVDPPHQIDVVXQJ GHV .DSLWHOV

1XQ N|QQHQ 6LH

=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

.DSLWHO
=XVDPPHQKDQJ ]ZLVFKHQ
6ROODUEHLWV]HLW XQG %DVLVEH]JHQ

,QKDOW GLHVHV .DSLWHOV VLQG GLH ,QIRW\SHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JH XQG
LKUH 9HUNQSIXQJ PLWHLQDQGHU ,P 5DKPHQ GHU (LQVWHOOXQJVPDQDKPH ZLUG DXI
GLH 9HUHUEXQJ YRQ 'DWHQ HLQJHJDQJHQ

GHQ =XVDPPHQKDQJ ]ZLVFKHQ GHQ $UEHLWV]HLWHQ LP ,QIRW\S 6ROODUEHLWV]HLW

XQG GHQ DEUHFKQXQJVUHOHYDQWHQ ,QIRUPDWLRQHQ LQ GHQ %DVLVEH]JHQ
ZLHGHUJHEHQ
GLH 5HOHYDQ] GLHVHU ,QIRUPDWLRQHQ IU GLH $EUHFKQXQJ HUOlXWHUQ
,QKDOW GHV .DSLWHOV

/HNWLRQ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JHQ
hEXQJ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG
%DVLVEH]JHQ

.DSLWHO =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JHQ +5
/HNWLRQ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG

%DVLVEH]JHQ

,QKDOW
,QIRW\S 6ROODUEHLWV]HLW
=XVDPPHQKDQJ GHU ,QIRW\SHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JH
.RQVHTXHQ]HQ IU GLH $EUHFKQXQJ

ZLHGHUJHEHQ
'LH 0LWDUEHLWHU LQ ,KUHP 8QWHUQHKPHQ DUEHLWHQ JHPl EHVWLPPWHU
$UEHLWV]HLWYRUJDEHQ %DVLHUHQG DXI GLHVHQ *UXQGODJHQ N|QQHQ $E XQG
$QZHVHQKHLWVEHUHFKQXQJHQ GXUFKJHIKUW ZHUGHQ
=XGHP VLQG GLH $UEHLWV]HLWHQ UHOHYDQW IU GLH %H]DKOXQJ GHU 0LWDUEHLWHU +LHUEHL
JLEW HV GHQ JUXQGVlW]OLFKHQ 8QWHUVFKLHG ]ZLVFKHQ GHU %H]DKOXQJ DXI 6WXQGHQEDVLV
XQG GHU %H]DKOXQJ IU HLQH 3HULRGH ]% PRQDWOLFK

+5 /HNWLRQ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JHQ
$UEHLWV]HLW YRQ 0LWDUEHLWHUQ
$EELOGXQJ $UEHLWV]HLW YRQ 0LWDUEHLWHUQ
-HGHU 0LWDUEHLWHU LVW HLQHP $UEHLWV]HLWSODQ ]XJHRUGQHW 'LH KLHU KLQWHUOHJWHQ

$UEHLWV]HLWHQ VLQG UHOHYDQW IU GLH %H]DKOXQJ YRQ 0LWDUEHLWHUQ XQG GLH $XV]lKOXQJ
YRQ $Q XQG $EZHVHQKHLWHQ
,P HUVWHQ 6FKULWW ELOGHQ 6LH $UEHLWV]HLWLQIRUPDWLRQHQ LQ GHU 6ROODUEHLWV]HLW XQG
GHQ %DVLVEH]JHQ DE
,P ]ZHLWHQ 6FKULWW JUHLIW GLH $E XQG $QZHVHQKHLWVEHUHFKQXQJ XQG GLH
$EUHFKQXQJ DXI GLHVH ,QIRUPDWLRQHQ ]X

6ROODUEHLWV]HLW
$EELOGXQJ 6ROODUEHLWV]HLW
'LH $UEHLWV]HLW HLQHV 0LWDUEHLWHUV ZLUG DOV $UEHLWV]HLWSODQUHJHO LP ,QIRW\S

6ROODUEHLWV]HLW KLQWHUOHJW 'RUW ILQGHQ 6LH HEHQIDOOV GLH GXUFKVFKQLWWOLFKHQ
$UEHLWVVWXQGHQ HLQHV 0LWDUEHLWHUV +LQWHU GHP $UEHLWV]HLWSODQ HLQHV 0LWDUEHLWHUV
YHUEHUJHQ VLFK GLH 6ROODUEHLWVVWXQGHQ HLQHV 0LWDUEHLWHUV SUR 0RQDW

=XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG

%DVLVEH]JHQ
$EELOGXQJ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JHQ
'HU $UEHLWV]HLWDQWHLO XQG GLH GXUFKVFKQLWWOLFKHQ $UEHLWVVWXQGHQ DXV GHP ,QIRW\S

DOV 9RUVFKODJVZHUWH IU GHQ %HVFKlIWLJXQJVJUDG XQG GLH $UEHLWVVWXQGHQ
SUR 3HULRGH LP ,QIRW\S

*UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQ

UHJHO
$EELOGXQJ *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHO
*UXQGVlW]OLFK XQWHUVFKHLGHW VLFK GLH %H]DKOXQJ YRQ 0LWDUEHLWHUQ DXI 6WXQGHQEDVLV

YRQ GHU %H]DKOXQJ YRQ 0LWDUEHLWHUQ EDVLHUHQG DXI $UEHLWVVWXQGHQ SUR 3HULRGH
]% PRQDWOLFK
8P GLHVHP 8QWHUVFKLHG JHUHFKW ]X ZHUGHQ JUXSSLHUHQ 6LH GLH 0LWDUEHLWHUNUHLVH
IU GLH 3HUVRQDOUHFKHQUHJHO XQG HUUHLFKHQ GDGXUFK HLQH XQWHUVFKLHGOLFKH
%HKDQGOXQJ YHUVFKLHGHQHU 0LWDUEHLWHUNUHLVH LQ GHU $EUHFKQXQJ 'LH %HGHXWXQJ
GHU *UXSSLHUXQJ LVW IL[ XQG GDUI QLFKW JHlQGHUW ZHUGHQ ]% 6WXQGHQO|KQHU
*HKDOWVHPSIlQJHU

$EELOGXQJ 5HFKHQEHLVSLHO %HUHFKQXQJ 0HKUDUEHLWVVWXQGHQORKQ IU

*HKDOWVHPSIlQJHU
'LHV LVW HLQ %HLVSLHO IU GDV :LUNHQ HLQHU 3HUVRQDOUHFKHQUHJHO IU HLQHQ
*HKDOWVHPSIlQJHU
$EELOGXQJ 5HFKHQEHLVSLHO %HUHFKQXQJ 0HKUDUEHLWVVWXQGHQORKQ IU

6WXQGHQO|KQHU

'LH %HUHFKQXQJ HLQHV 0HKUDUEHLWVVWXQGHQVDW]HV IU HLQHQ 6WXQGHQO|KQHU

ZUGH ]ZDU YRQ GHU VHOEHQ 3HUVRQDOUHFKHQUHJHO GXUFKJHIKUW ZHUGHQ MHGRFK
DXIJUXQG GHU 0LWDUEHLWHUNUHLVJUXSSLHUXQJ IU GLH 3HUVRQDOUHFKHQUHJHO IU HLQHQ
6WXQGHQO|KQHU ÄZHL³ GLH 3HUVRQDOUHFKHQUHJHO GDVV KLHU NHLQHVIDOOV QRFK GXUFK
GLH $UEHLWVVWXQGHQ SUR 3HULRGH JHWHLOW ZHUGHQ GUIWH

hEXQJ =XVDPPHQKDQJ ]ZLVFKHQ

/HUQ]LHOH GHU hEXQJ

GLH %HGHXWXQJ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH XQG GHQ
=XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JHQ HUOlXWHUQ
8QVHU 8QWHUQHKPHQ KDW MHW]W PHKUHUH YHUVFKLHGHQH 0LWDUEHLWHUNUHLVH GLH LQ
GHU 3HUVRQDODEUHFKQXQJ JOHLFK EHKDQGHOW ZHUGHQ VROOHQ 'D]X PVVHQ 6LH ,KUH
0LWDUEHLWHUNUHLVH IU GLH 3HUVRQDOUHFKHQUHJHOQ JUXSSLHUHQ $XHUGHP HUKDOWHQ
6LH (LQEOLFN LQ GLH =XVDPPHQKlQJH ]ZLVFKHQ GHU 6ROODUEHLWV]HLW XQG GHQ
%DVLVEH]JHQ
$XIJDEH
/|VHQ 6LH IROJHQGH $XIJDEHQ
hEHUSUIHQ 6LH RE LP ,0* XQWHU %DVLVEH]JH ,KUHP 0LWDUEHLWHUNUHLV GLH
NRUUHNWH *UXSSLHUXQJ IU 3HUVRQDOUHFKHQUHJHOQ ]XJHRUGQHW LVW
:LH ODXWHQ GLH P|JOLFKHQ (LQJDEHQ IU GLH *UXSSLHUXQJ IU GLH
3HUVRQDOUHFKHQUHJHO" ,VW ,KUHP 0LWDUEHLWHUNUHLV GLH ULFKWLJH *UXSSLHUXQJ
]XJHRUGQHW"
6ROOWH PDQ GLH %HGHXWXQJ GHU *UXSSLHUXQJHQ lQGHUQ VR GDVV ] % IU
$QJHVWHOOWH XQG IU *HZHUEOLFKH YHUZHQGHW ZLUG"
.HKUHQ 6LH LQ GLH 3HUVRQDOPDQDKPH (LQVWHOOXQJ +5 ]XUFN
XQG OHJHQ 6LH GHQ ,QIRW\S 6ROODUEHLWV]HLW DQ :lKOHQ 6LH GLH
$UEHLWV]HLWSODQUHJHO 1250 DXV %HYRU 6LH VLFKHUQ ZlKOHQ 6LH (QWHU
1RWLHUHQ 6LH ZDV SDVVLHUW QDFKGHP 6LH (QWHU JHZlKOW KDEHQ

1DFKGHP 6LH GHQ (LQWUDJ JHVLFKHUW KDEHQ JHODQJHQ 6LH DXI GDV
%LOG %DVLVEH]JH DQOHJHQ ,QIRW\S ZDV HEHQIDOOV 7HLO GHU
(LQVWHOOXQJVPDQDKPH LVW 1RWLHUHQ 6LH GLH IROJHQGHQ 9RUVFKODJVZHUWH
7DULIDUW BBBBBBBBBBBBBBB
7DULIJHELHW BBBBBBBBBBBBBBB
%HVFKlIWLJXQJVJUDG BBBBBBBBBBBBBBB
$UEHLWVVWG3HULRGH BBBBBBBBBBBBBBB
:RKHU NRPPHQ GLH :HUWH IU %HVFKlIWLJXQJVJUDG XQG $UEHLWVVWXQGH SUR

3HULRGH"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9HUODVVHQ 6LH GHQ ,QIRW\S RKQH ]X VLFKHUQ EHU GHQ %XWWRQ %HHQGHQ

/|VXQJ =XVDPPHQKDQJ ]ZLVFKHQ

$XIJDEH
hEHUSUIHQ 6LH RE LP ,0* XQWHU %DVLVEH]JH ,KUHP 0LWDUEHLWHUNUHLV GLH
NRUUHNWH *UXSSLHUXQJ IU 3HUVRQDOUHFKHQUHJHOQ ]XJHRUGQHW LVW
D 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 0LWDUEHLWHUNUHLVH IU
3HUVRQDOUHFKHQUHJHO7DULIUHJHOXQJ
E *HEHQ 6LH DXI GHP 'LDORJIHQVWHU $UEHLWVEHUHLFK IHVWOHJHQ GLH
/lQGHUJUXSSLHUXQJ HLQ
:LH ODXWHQ GLH P|JOLFKHQ (LQJDEHQ IU GLH *UXSSLHUXQJ IU GLH
3HUVRQDOUHFKHQUHJHO" ,VW ,KUHP 0LWDUEHLWHUNUHLV GLH ULFKWLJH *UXSSLHUXQJ
]XJHRUGQHW"
D (V ZLUG XQWHUVFKLHGHQ ]ZLVFKHQ 0LWDUEHLWHUQ GLH DXI 6WXQGHQEDVLV
EH]DKOW ZHUGHQ XQG 0LWDUEHLWHUQ GLH DXI %DVLV LKUHU GXUFKVFKQLWWOLFKHQ
$UEHLWV]HLW SUR 3HULRGH EH]DKOW ZHUGHQ 'LH P|JOLFKHQ (LQJDEHQ IU
GLH 3HUVRQDOUHFKHQUHJHO VLQG
6WXQGHQO|KQHU
0LWDUEHLWHU PLW SHULRGLVFKHU $XV]DKOXQJ ]% 0RQDWVO|KQHU
*HKDOWVHPSIlQJHU
%HVROGXQJ |IIHQWOLFKHU 'LHQVW 'HXWVFKODQG
E hEHUSUIHQ 6LH RE GHU IROJHQGH (LQWUDJ H[LVWLHUW 0LWDUEHLWHUJUXSSH
0LWDUEHLWHUNUHLV *USJ35HFK5HJHO
F +LQZHLV GLHVHU (LQWUDJ ZXUGH HEHQIDOOV DQJHOHJW DOV 6LH ,KUHQ
0LWDUEHLWHUNUHLV NRSLHUW KDEHQ
6ROOWH PDQ GLH %HGHXWXQJ GHU *UXSSLHUXQJHQ lQGHUQ VR GDVV ] % IU
$QJHVWHOOWH XQG IU *HZHUEOLFKH YHUZHQGHW ZLUG"

D 1(,1 'LH %HGHXWXQJ GHU REHQ DXIJHOLVWHWHQ 3HUVRQDOUHFKHQUHJHOZHUWH
LVW IL[ XQG VROOWH LP 6\VWHP QLFKW JHlQGHUW ZHUGHQ 'LH HLQ]LJH
P|JOLFKH bQGHUXQJ LVW GLH =XRUGQXQJ GHU *UXSSLHUXQJ IU GLH
3HUVRQDOUHFKHQUHJHO ]XP MHZHLOLJHQ 0LWDUEHLWHUNUHLV
.HKUHQ 6LH LQ GLH 3HUVRQDOPDQDKPH (LQVWHOOXQJ +5 ]XUFN
XQG OHJHQ 6LH GHQ ,QIRW\S 6ROODUEHLWV]HLW DQ :lKOHQ 6LH GLH
$UEHLWV]HLWSODQUHJHO 1250 DXV %HYRU 6LH VLFKHUQ ZlKOHQ 6LH (QWHU
1RWLHUHQ 6LH ZDV SDVVLHUW QDFKGHP 6LH (QWHU JHZlKOW KDEHQ
3HUVRQDOVWDPP
E :lKOHQ 6LH 3HUVRQDOPDQDKPHQ
G 0DUNLHUHQ 6LH (LQVWHOOXQJ +5
H :lKOHQ 6LH $XVZlKOHQ
I :lKOHQ 6LH ,QIRJUDXVI XP GLH (LQVWHOOXQJVPDQDKPH HUQHXW ]X
VWDUWHQ
J :lKOHQ 6LH 1lFKVWHU 6DW] ELV 6LH DXI GDV %LOG 6ROODUEHLWV]HLW DQOHJHQ
,QIRW\S JHODQJHQ
K *HEHQ 6LH GLH $UEHLWV]HLWSODQUHJHO 1250 HLQ XQG ZlKOHQ 6LH (QWHU
L 'LH $UEHLWV]HLWHQ ZHUGHQ DXWRPDWLVFK DXV GHP $UEHLWV]HLWSODQ
JHOHVHQ
M 6LFKHUQ 6LH GLH 'DWHQ
1DFKGHP 6LH GHQ (LQWUDJ JHVLFKHUW KDEHQ JHODQJHQ 6LH DXI GDV
%LOG %DVLVEH]JH DQOHJHQ ,QIRW\S ZDV HEHQIDOOV 7HLO GHU
(LQVWHOOXQJVPDQDKPH LVW 1RWLHUHQ 6LH GLH IROJHQGHQ 9RUVFKODJVZHUWH
7DULIDUW BBBBBBBBBBBBBBB
7DULIJHELHW BBBBBBBBBBBBBBB
%HVFKlIWLJXQJVJUDG BBBBBBBBBBBBBBB
$UEHLWVVWG3HULRGH BBBBBBBBBBBBBBB
:RKHU NRPPHQ GLH :HUWH IU %HVFKlIWLJXQJVJUDG XQG $UEHLWVVWXQGH SUR

3HULRGH"

9HUODVVHQ 6LH GHQ ,QIRW\S RKQH ]X VLFKHUQ EHU GHQ %XWWRQ %HHQGHQ
D
7DULIDUW
7DULIJHELHW
%HVFKlIWLJXQJVJUDG
$UEHLWVVWG3HULRGH
'LH :HUWH IU %HVFKlIWLJXQJVJUDG XQG $UEHLWVVWXQGH SUR 3HULRGH

NRPPHQ DXV GHQ :HUWHQ IU $UEHLWV]HLWDQWHLO XQG $UEHLWVVWXQGHQ SUR
0RQDW DXV GHP ,QIRW\S 6ROODUEHLWV]HLW
:lKOHQ 6LH %HHQGHQ


1XQ N|QQHQ 6LH
ZLHGHUJHEHQ


1XQ N|QQHQ 6LH
ZLHGHUJHEHQ


.DSLWHO
(QWJHOWVWUXNWXU

=XQlFKVW ZHUGHQ GLH %HVWDQGWHLOH GHU (QWJHOWVWUXNWXU EHWUDFKWHW :HLWHUKLQ
ZHUGHQ LQ GLHVHP .DSLWHO GLH 0|JOLFKNHLWHQ HUOlXWHUW 7DULIDUW XQG 7DULIJHELHW
DXWRPDWLVFK YRUVFKODJHQ ]X ODVVHQ

UHJLRQDOH EUDQFKHQVSH]LILVFKH ILQDQ]LHOOH XQG ]HLWOLFKH $VSHNWH GHU

(QWJHOWVWUXNWXU HUIDVVHQ
GLH 6WHXHUXQJVSDUDPHWHU DEKlQJLJ YRP 0LWDUEHLWHUNUHLV XQG DEKlQJLJ YRP
3HUVRQDOWHLOEHUHLFK GHILQLHUHQ
9RUVFKODJVZHUWH IU 7DULIDQJDEHQ IHVWOHJHQ
,QKDOW GHV .DSLWHOV

/HNWLRQ (QWJHOWVWUXNWXU
hEXQJ (QWJHOWVWUXNWXU

.DSLWHO (QWJHOWVWUXNWXU +5
/HNWLRQ (QWJHOWVWUXNWXU

%HVWDQGWHLOH GHU (QWJHOWVWUXNWXU
0|JOLFKNHLWHQ 9RUVFKODJVZHUWH ]X GHILQLHUHQ

6$3 XQWHUVFKHLGHW ]ZLVFKHQ GHP (QWJHOWW\S *HKDOW XQG 7DULI
)U ,KU 8QWHUQHKPHQ LVW GLH %H]DKOXQJ GHU 0LWDUEHLWHU EHU 7DULIYHUWUlJH JHUHJHOW
'LHVH 7DULIYHUWUlJH XQWHUVFKHLGHQ VLFK QDFK UlXPOLFKHQ *HJHEHQKHLWHQ
7DULIJHELHWH

+5 /HNWLRQ (QWJHOWVWUXNWXU
(QWJHOWW\SHQ
$EELOGXQJ (QWJHOWW\SHQ
,P ,QIRW\S %DVLVEH]JH ODVVHQ VLFK LP 0HQ EHU %HDUEHLWHQ(QWJHOWW\S lQGHUQ

GLHVHU DXI 7DULI E]Z *HKDOW VWHOOHQ 'HU (QWJHOWW\S NDQQ DXFK EHU GDV 0HUNPDO
7$5,) YRUJHVFKODJHQ ZHUGHQ
:HQQ 6LH HLQH *HKDOWVVWUXNWXU YHUZHQGHQ ZROOHQ EHDFKWHQ 6LH ELWWH GLH .XUVH
]XP 7KHPD 9HUJWXQJVPDQDJHPHQW
0|FKWHQ 6LH /RKQDUWHQ LQGLUHNW EHZHUWHQ VLHKH QlFKVWHV .DSLWHO PVVHQ 6LH LQ
MHGHP )DOO HLQH 7DULIVWUXNWXU 7DEHOOH 7 DXIEDXHQ GHQQ GLHVH ZLUG IU GLH
LQGLUHNWH %HZHUWXQJ YRQ /RKQDUWHQ DXFK EHL 9HUZHQGXQJ YRQ *HKDOWVVWUXNWXUHQ
YHUZHQGHW ,P IROJHQGHQ ZLUG GHU $XIEDX GLHVHU 7DULIVWUXNWXU QlKHU HUOlXWHUW

7DULIVWUXNWXU
$EELOGXQJ hEHUEOLFN 7DULIVWUXNWXU
'LH (QWJHOWVWUXNWXU XPIDVVW UHJLRQDOH GK UlXPOLFKH EUDQFKHQVSH]LILVFKH

GK VDFKOLFKH ]HLWOLFKH XQG ILQDQ]LHOOH $VSHNWH 'DUEHU KLQDXV VLQG
8QWHUVFKHLGXQJHQ ]ZLVFKHQ *HZHUEOLFKHQ XQG $QJHVWHOOWHQ ]X EHUFNVLFKWLJHQ
'LH =XRUGQXQJ HLQHV 0LWDUEHLWHUV ]XU (QWJHOWVWUXNWXU IKUHQ 6LH EHL GHU (UIDVVXQJ
GHU %DVLVEH]JH LP ,QIRUPDWLRQVW\S %DVLVEH]JH GXUFK
$EELOGXQJ 7DULIDQJDEHQ KLQWHUOHJW LQ GHQ %DVLVEH]JHQ

,QIRUPDWLRQHQ ]X GHQ 7DULIDQJDEHQ HLQHV 0LWDUEHLWHUV ZHUGHQ LP ,QIRW\S

%DVLVEH]JH KLQWHUOHJW
$XFK ZHQQ LQ ,KUHU )LUPD NHLQH 7DULIYHUWUlJH JHOWHQ VRQGHUQ GLH 0LWDUEHLWHU LKUH
%H]DKOXQJ EHL GHU (LQVWHOOXQJ IUHL YHUKDQGHOQ PVVHQ 6LH GHQQRFK ZHQLJVWHQV
HLQH 7DULIDUW HLQ 7DULIJHELHW HLQH 0LWDUEHLWHUJUXSSLHUXQJ IU GLH 7DULIUHJHOXQJ
XQG HLQH 7DULIJUXSSH GHILQLHUHQ 'D HV VLFK LP ,QIRW\S EHL GLHVHQ )HOGHUQ
XP 0XVV)HOGHU KDQGHOW PXVV ZHQLJVWHQV HLQ 7DEHOOHQHLQWUDJ LQ GHU MHZHLOLJHQ
7DEHOOH KLQWHUOHJW VHLQ
$EELOGXQJ $EELOGXQJ YRQ 7DULIDQJDEHQ LP 6$36\VWHP
)U GLH %H]DKOXQJ GHU 0LWDUEHLWHU ,KUHP 8QWHUQHKPHQ JHOWHQ YHUVFKLHGHQH

7DULIYHUWUlJH 'LHVH XQWHUVFKHLGHQ VLFK ]XGHP QDFK UlXPOLFKHQ *HJHEHQKHLWHQ
7DULIJHELHWH
,Q GLHVHQ 7DULIYHUWUlJHQ LVW GLH %H]DKOXQJ GHU 0LWDUEHLWHU GHU )LUPD KLQWHUOHJW
'LH XQWHUVFKLHGOLFKH %H]DKOXQJ ZLUG LP 6\VWHP EHU 7DULIJUXSSHQ XQG VWXIHQ
UHDOLVLHUW
$XI GHU UHFKWHQ 6HLWH VHKHQ 6LH GLH HLQ]HOQHQ ,0*$UEHLWVVFKULWWH ]XU $EELOGXQJ
GHU (QWJHOWVWUXNWXU LP 6$36\VWHP

*UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 7DULIUHJHOXQJ
$EELOGXQJ *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 7DULIUHJHOXQJ
'LH *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU GLH 7DULIUHJHOXQJ HUP|JOLFKW HLQH

JH]LHOWH =XRUGQXQJ ]X GHQ YHUVFKLHGHQHQ 7DULIJUXSSHQ 0LWDUEHLWHUNUHLVH N|QQHQ
6LH EHU GDV &XVWRPL]LQJ XQWHU GLHVHU *UXSSLHUXQJ ]XVDPPHQIDVVHQ
'DEHL VLQG LP $XVOLHIHUXQJVV\VWHP IROJHQGH (LQJDEHQ DQJHJHEHQ
*HZHUEOLFKH6WXQGHQORKQ ĺ .HQQ]HLFKHQ
*HZHUEOLFKH0RQDWVORKQ ĺ .HQQ]HLFKHQ
$QJHVWHOOWH ĺ .HQQ]HLFKHQ
$XHUWDULIOLFKH $QJHVWHOOWH ĺ .HQQ]HLFKHQ
%HDPWH ĺ .HQQ]HLFKHQ
'LH ZHVHQWOLFKH RUJDQLVDWRULVFKH )XQNWLRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH
IU GLH 7DULIUHJHOXQJ LVW IROJHQGH
7DULIJUXSSHQ XQG VWXIHQ N|QQHQ LQQHUKDOE GHU *UXSSLHUXQJ SUR 7DULIDUW XQG
7DULIJHELHW GHILQLHUW ZHUGHQ

7DULIDUW XQG 7DULIJHELHW
$EELOGXQJ 7DULIDUW XQG 7DULIJHELHW IHVWOHJHQ
7DULIDUW
'LH 7DULIDUWHQ VLQG LP 6$36\VWHP SUR /DQG DOV ]ZHLVWHOOLJHU 6FKOVVHO GHILQLHUW
XQG N|QQHQ LP &XVWRPL]LQJ JHSIOHJW ZHUGHQ
7DULIJHELHW
8QWHU 7DULIJHELHW YHUVWHKW PDQ GHQ UlXPOLFKHQ *HOWXQJVEHUHLFK HLQHV
7DULIYHUWUDJHV 'LH 7DULIJHELHWH VLQG LP 6$36\VWHP SUR /DQG DOV ]ZHLVWHOOLJHU
6FKOVVHO DEJHOHJW 7DULIJHELHWH N|QQHQ 6LH LP &XVWRPL]LQJ HLQULFKWHQ

9RUVFKODJVZHUWH IU 7DULIDUW XQG 7DULIJHELHW
$EELOGXQJ 7DULIYHUWUDJVDUWJHELHW HLQHP 3HUVRQDOWHLOEHUHLFK ]XRUGQHQ
7DULIDUW XQG JHELHW N|QQHQ GHQ HLQ]HOQHQ 3HUVRQDOWHLOEHUHLFKHQ EHU GLH

,0*7DEHOOH Ä=XRUGQXQJ 7DULIVWUXNWXU ]XU 8QWHUQHKPHQVVWUXNWXU SUIHQ³
]XJHRUGQHW ZHUGHQ
$EELOGXQJ 9RUVFKODJ IU 7DULIDQJDEHQ EHU 0HUNPDO 7$5,)
6LH KDEHQ GLH 0|JOLFKNHLW GLH 9RUVFKODJVZHUWH DXV GHU =XRUGQXQJ

3HUVRQDOWHLOEHUHLFK ]X 7DULIVYHUWUDJVDUW XQG JHELHW RGHU DXV HLQHU
(QWVFKHLGXQJVUHJHO ]X EHVWLPPHQ

6R N|QQHQ 6LH EHLVSLHOVZHLVH DEKlQJLJ YRQ GHU RUJDQLVDWRULVFKHQ =XRUGQXQJ HLQHV

0LWDUEHLWHUV XQWHUVFKLHGOLFKH 7DULIDUWHQ XQG JHELHWH LP ,QIRW\S %DVLVEH]JHQ
YRUVFKODJHQ ODVVHQ 0HUNPDO 7$5,)
'HU 5FNJDEHZHUW PXVV GLH )RUP [[\\] KDEHQ ZREHL [[ GLH 7DULIDUW
\\ GDV 7DULIJHELHW XQG ] GHU 7\S GHU 6ROOEH]DKOXQJ ,QIRW\S GHV
2UJDQLVDWLRQVPDQDJHPHQWV LVW 'LH $QJDEH GHV 7\SV GHU 6ROOEH]DKOXQJ
HUP|JOLFKW HV ,KQHQ *HKDOWV XQG (QWJHOWVWUXNWXUHQ ]X KLQWHUOHJHQ XP ]%
7DULIDUW XQG 7DULIJHELHW DEKlQJLJ YRQ GHU 3ODQVWHOOH GHV 0LWDUEHLWHUV YRUVFKODJHQ
]X ODVVHQ
7DULIWDEHOOH
$EELOGXQJ 7DULIORKQJUXSSHQ XQG VWXIHQ
'HU =XJULII DXI GLH 7DEHOOH 7DULIYHUWUDJVJUXSSHQ XQG VWXIHQ HUIROJW DEKlQJLJ YRQ
GHU 8QWHUQHKPHQV XQG 3HUVRQDOVWUXNWXU
7DULIJUXSSHQ XQG VWXIHQ ZHUGHQ SUR /lQGHUJUXSSLHUXQJ 7DULIDUW 7DULIJHELHW XQG
*UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU GLH 7DULIUHJHOXQJ GHILQLHUW
6LH VLQG GDV (LQWHLOXQJVNULWHULXP EHL GHU $UEHLWVEHZHUWXQJ XQG GHU LQGLUHNWHQ
%HZHUWXQJ
'LH 7DULIVWXIH LVW HLQH 8QWHUJOLHGHUXQJ HLQHU 7DULIJUXSSH


hEXQJ (QWJHOWVWUXNWXU

/HUQ]LHOH GHU hEXQJ

7DULIVWUXNWXUHQ DEELOGHQ GLH IU GLH )HUWLJXQJVPLWDUEHLWHU JHOWHQ VROOHQ
'LH )HUWLJXQJVPLWDUEHLWHU HUKDOWHQ LQ GHU 7DULIVWXIH HLQHQ 6WXQGHQORKQ YRQ
(XUR VRZLH (UK|KXQJHQ YRQ (XUR (XUR XQG (XUR LQ MHGHU
GDUDXIIROJHQGHQ 7DULIVWXIH
$XIJDEH
/|VHQ 6LH IROJHQGH $XIJDEH
hEHUSUIHQ 6LH LP ,0* XQWHU %DVLVEH]JH GLH *UXSSLHUXQJ IU GLH
7DULIUHJHOXQJ IU ,KUHQ 0LWDUEHLWHUNUHLV ,KUH *UXSSLHUXQJ IU GLH
7DULIUHJHOXQJ ODXWHW
$XIJDEH
6LH P|FKWHQ ,KUHP )HUWLJXQJVPLWDUEHLWHU DXV ,KUHP 3HUVRQDOEHUHLFK 3$
XQG GHP 3HUVRQDOWHLOEHUHLFK 3URGXNWLRQ HLQH 7DULIDUW XQG HLQ 7DULIJHELHW
]XRUGQHQ
hEHUSUIHQ 6LH GLH /LVWH GHU 7DULIDUWHQ GLH 7DULIDUW %LF\FOH &RPSDQ\
VROO IU ,KUHQ 0LWDUEHLWHU JHOWHQ 6LH EUDXFKHQ NHLQH QHXH 7DULIDUW DQOHJHQ
/HJHQ 6LH HLQ 7DULIJHELHW DQ GDV VSH]LHOO IU ,KUHQ 3HUVRQDOWHLOEHUHLFK JHOWHQ
VROO 'D]X OHJHQ 6LH GDV 7DULIJHELHW ]% IU *UXSSH PLW GHU
%H]HLFKQXQJ *HELHW 3URG DQ ,KU 7DULIYHUWUDJVJHELHW ODXWHW
2UGQHQ 6LH LQ GHU HQWVSUHFKHQGHQ &XVWRPL]LQJWDEHOOH GLH 7DULIDUW XQG GDV
7DULIJHELHW ,KUHP 3HUVRQDOWHLOEHUHLFK LP 3HUVRQDOEHUHLFK 3$ ]X
/HJHQ 6LH HLQH 7DULIWDEHOOH DQ 9HUZHQGHQ 6LH GD]X GLH 'DWHQ GHV
8QWHUQHKPHQVV]HQDULRV VR XQG GLH *UXSSLHUXQJ IU 7DULIUHJHOXQJ GLH
,KUHP 0LWDUEHLWHUNUHLV ]XJHRUGQHW LVW VLHKH $XIJDEH

*USJ 7UI*UXSSH 6W %HJLQQ (QGH %HWUDJ

*5
*5
*5
*5
$XIJDEH
:HQQ 6LH MHW]W IU ,KUHQ 0LWDUEHLWHU GHQ ,QIRW\S %DVLVEH]JH
DQOHJHQ ZHUGHQ 6LH IHVWVWHOOHQ GDVV GLH :HUWH IU 7DULIDUW XQG 7DULIJHELHW
DXV GHU 7DEHOOH =XRUGQXQJ 7DULIVWUXNWXU ]XU 8QWHUQHKPXQJVVWUXNWXU SUIHQ
YRUJHVFKODJHQ ZHUGHQ
'LHV OLHJW GDUDQ GDVV GDV 0HUNPDO 7DULI GHDNWLYLHUW LVW 5XIHQ 6LH GDV
0HUNPDO 7DULI DXI :RUDQ HUNHQQHQ 6LH GDVV GDV 0HUNPDO GHDNWLYLHUW LVW"
:HOFKH (LQWUlJH PVVWH PDQ PDFKHQ GDPLW EHL ,KUHP 0LWDUEHLWHU LQ
$EKlQJLJNHLW GHV 0LWDUEHLWHUNUHLVHV GLH 7DULIDUW XQG ,KU 7DULIJHELHW
YRUJHVFKODJHQ ZLUG
%LWWH DNWLYLHUHQ XQG VLFKHUQ 6LH GDV 0HUNPDO QLFKW
$XIJDEH
*HKHQ 6LH LQ GLH 3HUVRQDOVWDPPGDWHQSIOHJH XP GHQ ,QIRW\S %DVLVEH]JH
QHX DQ]XOHJHQ hEHUSUIHQ 6LH GLH 9RUVFKODJVZHUWH IU 7DULIDUW XQG
7DULIJHELHW :lKOHQ 6LH *5 6WXIH DOV 7DULIJUXSSH XQG VWXIH DXV
$QVFKOLHHQG YHUODVVHQ 6LH GHQ ,QIRW\S %DVLVEH]JH 2+1( ]X
VLFKHUQ LQGHP 6LH GLH GHQ %XWWRQ %HHQGHQ ZlKOHQ

/|VXQJ (QWJHOWVWUXNWXU

$XIJDEH
hEHUSUIHQ 6LH LP ,0* XQWHU %DVLVEH]JH GLH *UXSSLHUXQJ IU GLH
7DULIUHJHOXQJ IU ,KUHQ 0LWDUEHLWHUNUHLV ,KUH *UXSSLHUXQJ IU GLH
7DULIUHJHOXQJ ODXWHW
D ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
3HUVRQDOUHFKHQUHJHO 7DULIUHJHOXQJ
E 3UIHQ 6LH RE DXI GHP 'LDORJIHQVWHU $UEHLWVEHUHLFK IHVWOHJHQ (LQJDEH
GLH /lQGHUJUXSSLHUXQJ HLQJHJHEHQ LVW
F hEHUSUIHQ 6LH RE GHU IROJHQGH (LQWUDJ H[LVWLHUW 0LWDUEHLWHUJUXSSH
0LWDUEHLWHUNUHLV *USJ 7DULIUHJHO
$XIJDEH
6LH P|FKWHQ ,KUHP )HUWLJXQJVPLWDUEHLWHU DXV ,KUHP 3HUVRQDOEHUHLFK 3$
XQG GHP 3HUVRQDOWHLOEHUHLFK 3URGXNWLRQ HLQH 7DULIDUW XQG HLQ 7DULIJHELHW
]XRUGQHQ
hEHUSUIHQ 6LH GLH /LVWH GHU 7DULIDUWHQ GLH 7DULIDUW %LF\FOH &RPSDQ\
VROO IU ,KUHQ 0LWDUEHLWHU JHOWHQ 6LH EUDXFKHQ NHLQH QHXH 7DULIDUW DQOHJHQ
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 7DULIYHUWUDJVDUW SUIHQ
E 7DULIDUW 7DULIDUWWH[W %LF\FOH &RPSDQ\
/HJHQ 6LH HLQ 7DULIJHELHW DQ GDV VSH]LHOO IU ,KUHQ 3HUVRQDOWHLOEHUHLFK JHOWHQ
VROO 'D]X OHJHQ 6LH GDV 7DULIJHELHW ]% IU *UXSSH PLW GHU
%H]HLFKQXQJ *HELHW 3URG DQ ,KU 7DULIYHUWUDJVJHELHW ODXWHW
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 7DULIYHUWUDJVJHELHW SUIHQ
E :lKOHQ 6LH 1HXH (LQWUlJH
F *HEHQ 6LH 7DULIJHELHW XQG 7DULIJHELHWWH[W *HELHW 3URG HLQ

2UGQHQ 6LH LQ GHU HQWVSUHFKHQGHQ &XVWRPL]LQJWDEHOOH GLH 7DULIDUW XQG GDV

7DULIJHELHW ,KUHP 3HUVRQDOWHLOEHUHLFK LP 3HUVRQDOEHUHLFK 3$ ]X
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ =XRUGQXQJ 7DULIVWUXNWXU ]XU
8QWHUQHKPXQJVVWUXNWXU SUIHQ
E bQGHUQ 6LH ,KUHQ (LQWUDJ IROJHQGHUPDHQ DE
F 3HUV%HU 3$ 3HUVRQDOWHLOEHUHLFK 7DULIJHELHW
7DULIDUW
G 6LFKHUQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH LQ GHQ ,0* ]XUFN
/HJHQ 6LH HLQH 7DULIWDEHOOH DQ 9HUZHQGHQ 6LH GD]X GLH 'DWHQ GHV
8QWHUQHKPHQVV]HQDULRV VR XQG GLH *UXSSLHUXQJ IU 7DULIUHJHOXQJ GLH
,KUHP 0LWDUEHLWHUNUHLV ]XJHRUGQHW LVW VLHKH $XIJDEH

*5
*5
*5
*5

$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 7DULIORKQJUXSSHQ XQG 6WXIHQ
EHUDUEHLWHQ
E *HEHQ 6LH DXI GHP 'LDORJIHQVWHU $UEHLWVEHUHLFK IHVWOHJHQ (LQJDEH
/lQGHUJUXSSLHUXQJ 7DULIDUW XQG 7DULIJHELHW HLQ
F :lKOHQ 6LH 1HXH (LQWUlJH
G /HJHQ 6LH IROJHQGH (LQWUlJH DQ

*5
*5
*5
*5
H 6LFKHUQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH LQ GHQ ,0* ]XUFN

$XIJDEH
:HQQ 6LH MHW]W IU ,KUHQ 0LWDUEHLWHU GHQ ,QIRW\S %DVLVEH]JH
DQOHJHQ ZHUGHQ 6LH IHVWVWHOOHQ GDVV GLH :HUWH IU 7DULIDUW XQG 7DULIJHELHW
DXV GHU 7DEHOOH =XRUGQXQJ 7DULIVWUXNWXU ]XU 8QWHUQHKPXQJVVWUXNWXU SUIHQ
YRUJHVFKODJHQ ZHUGHQ
'LHV OLHJW GDUDQ GDVV GDV 0HUNPDO 7DULI GHDNWLYLHUW LVW 5XIHQ 6LH GDV
0HUNPDO 7DULI DXI :RUDQ HUNHQQHQ 6LH GDVV GDV 0HUNPDO GHDNWLYLHUW LVW"
:HOFKH (LQWUlJH PVVWH PDQ PDFKHQ GDPLW EHL ,KUHP 0LWDUEHLWHU LQ
$EKlQJLJNHLW GHV 0LWDUEHLWHUNUHLVHV GLH 7DULIDUW XQG ,KU 7DULIJHELHW
YRUJHVFKODJHQ ZLUG


$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 9RUVFKODJ IU 7DULIDQJDEHQ
IHVWOHJHQ
E 6LH JHODQJHQ LQ GLH 6LFKW 0HUNPDO 7$5,) EHDUEHLWHQ
(QWVFKHLGXQJVEDXP
F 8P LQ GHU %DXPSIOHJH GDV 0HUNPDO 7$5,) ]X YHUlQGHUQ PVVWHQ
IROJHQGH %HDUEHLWXQJVVFKULWWH GXUFKJHIKUW ZHUGHQ
G 3RVLWLRQLHUHQ 6LH GHQ &XUVRU DXI GHP .QRWHQ 3(56. LQ GHU
0LWDUEHLWHUJUXSSH $NWLYH XQG ZlKOHQ 6LH GLH )XQNWLRQ $QOHJHQ
$XI GHP %LOG :HUWH IU 3(56. WUDJHQ 6LH ,KU QHXHU
0LWDUEHLWHUNUHLV HLQ 'DQDFK ZlKOHQ 6LH hEHUQHKPHQ
H 3RVLWLRQLHUHQ 6LH GHQ &XUVRU DXI GHP QHXHQ .QRWHQ XQG ZlKOHQ 6LH
$QOHJHQ
I hEHUQHKPHQ 6LH DXI GHP )ROJHELOG GLH 'HIDXOWHLQVWHOOXQJ
5FNJDEHZHUW XQG EHVWlWLJHQ 6LH PLW (QWHU $XI GHP QXQ
HUVFKHLQHQGHQ %LOG 5FNJDEHZHUW IU )HOGZHUW WUDJHQ 6LH
DOVR ]% IU *UXSSH HLQ XQG ZlKOHQ hEHUQHKPHQ
+LQZHLV IU 86$ .DQDGD :HQQ ,KUH $EUHFKQXQJVSHULRGH

QLFKW PRQDWOLFK LVW PVVHQ 6LH GLH =XRUGQXQJ 7DULI ĺ
3HULRGL]LWlW IU GLH $EUHFKQXQJVSHULRGH GHU 7DULIUHJHOXQJ
HLQULFKWHQ
,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 3HULRGH IU 7DULIYHUWUDJ
HLQULFKWHQ
+LQZHLV IU 86$ .DQDGD :HQQ 6LH NHLQH MlKUOLFKHQ

*HKDOWVEHUHFKQXQJHQ YHUZHQGHQ PVVHQ 6LH IU MHGH
7DULIJUXSSH XQG VWXIH 7DULIOLFKH *HKDOWVEHUHLFKH IHVWOHJHQ
,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ
ĺ $EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 7DULIOLFKH
*HKDOWVEHUHLFKH IHVWOHJHQ

$XIJDEH
*HKHQ 6LH LQ GLH 3HUVRQDOVWDPPGDWHQSIOHJH XP GHQ ,QIRW\S %DVLVEH]JH
QHX DQ]XOHJHQ hEHUSUIHQ 6LH GLH 9RUVFKODJVZHUWH IU 7DULIDUW XQG
7DULIJHELHW :lKOHQ 6LH *5 6WXIH DOV 7DULIJUXSSH XQG VWXIH DXV
$QVFKOLHHQG YHUODVVHQ 6LH GHQ ,QIRW\S %DVLVEH]JH 2+1( ]X
VLFKHUQ LQGHP 6LH GLH GHQ %XWWRQ %HHQGHQ ZlKOHQ
3HUVRQDOVWDPP
E :lKOHQ 6LH 3IOHJHQ
G :lKOHQ 6LH GHQ ,QIRW\S %DVLVEH]JH XQG $QOHJHQ
H 9RUVFKODJ IU 7DULIDUW 7DULIJHELHW VROOWH VHLQ
I *HEHQ 6LH GLH 7DULIJUXSSH *5 XQG GLH 7DULIVWXIH HLQ
J 9HUODVVHQ 6LH GHQ ,QIRW\S %DVLVEH]JH 2+1( ]X VLFKHUQ GK
6LH ZlKOHQ %HHQGHQ XQG NHKUHQ 6LH LQ GDV 6$3 (DV\ $FFHVV0HQ
]XUFN


1XQ N|QQHQ 6LH


1XQ N|QQHQ 6LH


.DSLWHO
/RKQDUWHQVWUXNWXU

0LW GHP /RKQDUWHQNRSLHUHU ZHUGHQ DXVJHZlKOWH /RKQDUWHQ NRSLHUW 'XUFK
EHVWLPPWH &XVWRPL]LQJHLQVWHOOXQJHQ ZHUGHQ GLHVH /RKQDUWHQ GDQQ IU EHVWLPPWH
,QIRW\SHQ XQG 0LWDUEHLWHU ]XOlVVLJ JHPDFKW:HLWHUKLQ ZHUGHQ LQ GLHVHP .DSLWHO
GLH 'LDORJHLJHQVFKDIWHQ YRQ /RKQDUWHQ XQG GLH LQGLUHNWH %HZHUWXQJ YRQ
/RKQDUWHQ EHKDQGHOW $OV OHW]WHV ZLUG HUOlXWHUW ZHOFKH 6FKULWWH QRWZHQGLJ VLQG
XP /RKQDUWHQ DXWRPDWLVFK YRP 6\VWHP YRUVFKODJHQ ]X ODVVHQ

GLH %HGHXWXQJ GHU /RKQDUWHQ LQ 6$3 HUOlXWHUQ

/RKQDUWHQ NRSLHUHQ XQG ZLVVHQ DXI ZDV PDQ EHLP .RSLHUHQ YRQ /RKQDUWHQ
DFKWHQ PXVV
GLH 6WHXHUXQJVNHQQ]HLFKHQ GHILQLHUHQ EHU GLH 6LH HLQULFKWHQ ZHP HLQH
/RKQDUW ZDQQ ZLH RIW XVZ YHUJHEHQ ZHUGHQ NDQQ
GLH 'LDORJHLJHQVFKDIWHQ YRQ /RKQDUWHQ EHVFKUHLEHQ
ZLVVHQ 6LH ZLH PDQ /RKQDUWHQ LQGLUHNW GXUFK GDV 6\VWHP EHZHUWHQ NDQQ
PLW +LOIH GHV 0HUNPDOV /*067 XQG HLQHP /RKQDUWHQPXVWHU LQ
$EKlQJLJNHLW YRQ 8QWHUQHKPHQV XQG 3HUVRQDOVWUXNWXU /RKQDUWHQ EHL HLQHP
0LWDUEHLWHU DXWRPDWLVFK YRUVFKODJHQ
,QKDOW GHV .DSLWHOV

/HNWLRQ /RKQDUWHQ HLQULFKWHQ
hEXQJ /RKQDUWHQ HLQULFKWHQ
/HNWLRQ /RKQDUWHQHLJHQVFKDIWHQ

.DSLWHO /RKQDUWHQVWUXNWXU +5
hEXQJ /RKQDUWHQHLJHQVFKDIWHQ

/HNWLRQ 9RUVFKODJVORKQDUWHQ
hEXQJ 9RUVFKODJVORKQDUWHQ

+5 /HNWLRQ /RKQDUWHQ HLQULFKWHQ
/HNWLRQ /RKQDUWHQ HLQULFKWHQ


/RKQDUWHQ NRSLHUHQ
=XOlVVLJNHLW YRQ /RKQDUWHQ IU
EHVWLPPWH ,QIRW\SHQ
EHVWLPPWH 0LWDUEHLWHUNUHLVH XQGRGHU 3HUVRQDOWHLOEHUHLFKH

DFKWHQ PXVV
,Q ,KUHP 8QWHUQHKPHQ PVVHQ QHXH /RKQDUWHQ DQJHOHJW ZHUGHQ
6LH VROOHQ VLFK LQ GLH 7KHPDWLN GHU /RKQDUWHQ HLQDUEHLWHQ XQG GLH NRSLHUWHQ
/RKQDUWHQ VR FXVWRPL]HQ GDVV 6LH LP ,QIRW\S %DVLVEH]JH QXU IU EHVWLPPWH
0LWDUEHLWHUNUHLVH ]XOlVVLJ VLQG

$OOJHPHLQHV ]X /RKQDUWHQ
$EELOGXQJ %H XQG $E]JH EHL 0LWDUEHLWHUQ
'DV ZHVHQWOLFKH (OHPHQW GHU /RKQDUWHQVWUXNWXU LVW GLH /RKQDUW 6LH LVW GHU
ZLFKWLJVWH %HJULII LQ GHU 3HUVRQDOZLUWVFKDIW hEHU GLHVHQ %HJULII HUIROJW GLH
=XRUGQXQJ YRQ %H XQG $E]JHQ XQG GLH 6WHXHUXQJ GHU $EUHFKQXQJVSURJUDPPH
/RKQDUWHQ VLQG GXUFK HLQH 5HLKH YRQ (LJHQVFKDIWHQ JHNHQQ]HLFKQHW
$EELOGXQJ (LQULFKWHQ YRQ /RKQDUWHQ

/RKQDUWHQ ZHUGHQ LP P\6$3 (53 6\VWHP LPPHU GDQQ EHQ|WLJW ZHQQ HV

XP GLH %H]DKOXQJ YRQ 0LWDUEHLWHUQ JHKW
6$3 XQWHUVFKHLGHW GDEHL ]ZHL +DXSWNDWHJRULHQ
3ULPlU RGHU 'LDORJORKQDUWHQ
6HNXQGlU RGHU 7HFKQLVFKH /RKQDUWHQ
3ULPlU RGHU 'LDORJORKQDUWHQ ZHUGHQ YRQ MHGHP 8QWHUQHKPHQ LQGLYLGXHOO
GHILQLHUW GDPLW GLH EHVRQGHUHQ $QIRUGHUXQJHQ GHU $EUHFKQXQJ DEJHELOGHW ZHUGHQ
N|QQHQ
%HLVSLHOH ZHUGHQ LQ HLQHQ 0XVWHU/RKQDUWHQNDWDORJ YRQ GHU 6$3
DXVJHOLHIHUW ]XP %HLVSLHO 0$ ± 7DULIJHKDOW
/RKQDUWHQHLJHQVFKDIWHQ VLQG JHQHUHOO IU GLH 0XVWHUORKQDUWHQ FKDUDNWHULVLHUW
6HNXQGlU RGHU 7HFKQLVFKH /RKQDUWHQ ZHUGHQ HEHQIDOOV PLW GHP
6WDQGDUGV\VWHP DXVJHOLHIHUW XQG 6LH HUNHQQHQ GLHVH DQ HLQHP Ä³ DQ GHU HUVWHQ
6WHOOH
/RKQDUWHQHLJHQVFKDIWHQ VLQG IU GLH WHFKQLVFKHQ /RKQDUWHQ QLFKW GHILQLHUW
GD GLHVH YRP 6\VWHP ZlKUHQG GHV $EUHFKQXQJVODXIV JHELOGHW ZHUGHQ
7HFKQLVFKH /RKQDUWHQ VLQG QLFKW %HVWDQGWHLO GHU 6WDPPGDWHQ HLQHV
0LWDUEHLWHUV
$EELOGXQJ 9HUZHQGXQJ YRQ /RKQDUWHQJUXSSHQ %HLVSLHO
6$3 YHUZHQGHW GDV .RQ]HSW GHU /RKQDUWHQJUXSSHQ EHL GHP /RKQDUWHQ PLW
lKQOLFKHQ (LJHQVFKDIWHQ ZHLWHU ]XVDPPHQJHIDVVW ZHUGHQ ]X *UXSSHQ PLW
lKQOLFKHQ &KDUDNWHULVWLND LP +LQEOLFN DXI GLH $EUHFKQXQJ

%HLVSLHOORKQDUWHQJUXSSHQ
± %DVLVEH]JH
± (UJlQ]HQGH =DKOXQJHQ
± (QWJHOWEHOHJH
$OOH /RKQDUWHQ PVVHQ GHVKDOE /RKQDUWHQJUXSSHQ ]XJHRUGQHW VHLQ 'LHV EHWULIIW
DXFK EHQXW]HUGHILQLHUWH /RKQDUWHQ 'LH =XRUGQXQJ LVW QRWZHQGLJ XP PLW GHP
(LQIKUXQJVOHLWIDGHQ DUEHLWHQ ]X N|QQHQ ,P (LQIKUXQJVOHLWIDGHQ HUIROJW GLH
/RKQDUWHQSIOHJH LPPHU QXU IU GLH LQ GHP MHZHLOLJHQ .DSLWHO QRWZHQGLJHQ
/RKQDUWHQ 'LHV JHVFKLHKW XQWHU =XKLOIHQDKPH YRQ /RKQDUWHQJUXSSHQ EHU GLH GLH
$XVZDKO GHU QRWZHQGLJHQ /RKQDUWHQ HUIROJW 'LHV EHGHXWHW GDVV QXU /RKQDUWHQ
EHU GHQ (LQIKUXQJVOHLWIDGHQ ]X SIOHJHQ VLQG GLH GHQ /RKQDUWHQJUXSSHQ
]XJHRUGQHW VLQG
:HUGHQ /RKQDUWHQ NHLQHU /RKQDUWHQJUXSSH ]XJHRUGQHW HUVFKHLQHQ GLHVH QLFKW EHL
GHU /RKQDUWHQSIOHJH LP (LQIKUXQJVOHLWIDGHQ
'LDORJHLJHQVFKDIWHQ
$EELOGXQJ 'LDORJHLJHQVFKDIWHQ GHU 9HUJWXQJVVWUXNWXU LP 6$36\VWHP
,Q ,KUHP 8QWHUQHKPHQ PVVHQ IU GLH NRUUHNWH %H]DKOXQJ GHU 0LWDUEHLWHU

XQWHUVFKLHGOLFKH /RKQDUWHQ GHILQLHUW ZHUGHQ
$XI GHU *UDILN UHFKWV VHKHQ 6LH GLH ,0* $UEHLWVVFKULWWH ]XU 'HILQLWLRQ YRQ
'LDORJORKQDUWHQ DP %HLVSLHO GHU %DVLVEH]JH

$EELOGXQJ hEHUEOLFN 'LDORJHLJHQVFKDIWHQ
)U GLH 9HUJWXQJVILQGXQJ LVW LQ GHU 5HJHO GLH (UIDVVXQJ YRQ /RKQDUWHQ
HUIRUGHUOLFK
/RKQDUWHQ IKUHQ IROJHQGH )XQNWLRQHQ GXUFK
=XOlVVLJNHLWVSUIXQJ GHU /RKQ XQG *HKDOWVDUWHQ
± SUR 3HUVRQDOEHUHLFK XQGWHLOEHUHLFK
± SUR 0LWDUEHLWHUJUXSSH XQG NUHLV
± SUR ,QIRUPDWLRQVW\S %HL ,QIRUPDWLRQVW\SHQ GHUHQ 6XEW\S HLQH
/RKQDUW LVW ZLUG GXUFK GLH =HLWELQGXQJ GHU /RKQDUW JHVWHXHUW ZLH RIW
HLQH /RKQDUW ]X HLQHP =HLWSXQNW YRUKDQGHQ VHLQ GDUI
hEHU GDV 2SHUDWLRQVNHQQ]HLFKHQ ZLUG GHILQLHUW RE HLQH /RKQDUW HLQ %H RGHU
$E]XJ VHLQ VROO
'LH (LQJDEHNRPELQDWLRQ VWHXHUW RE /RKQDUWHQ PLW RGHU RKQH %HWUDJ PLW
0HQJHQDQJDEHQ RGHU HLQHU =HLW0DHLQKHLW HLQJHJHEHQ ZHUGHQ
'XUFK GLH $QJDEH HLQHV 0RGXOQDPHQV XQG HYHQWXHOO HLQHU 0RGXOYDULDQWH
VRZLH HLQHU HQWVSUHFKHQGHQ 5XQGXQJ NDQQ HLQH /RKQDUW LQGLUHNW EHZHUWHW
ZHUGHQ 'DQQ ZLUG GHU %HWUDJ DXV 7DEHOOHQ DXWRPDWLVFK HUPLWWHOW XQG QLFKW LP
,QIRUPDWLRQVW\S %DVLVEH]JH GHV 0LWDUEHLWHUV HLQJHJHEHQ XQG GRUW DXFK
QLFKW DEJHVSHLFKHUW

/RKQDUWHQ NRSLHUHQ
$EELOGXQJ 6$3 0XVWHUORKQDUWHQNDWDORJ
,Q GHU 6$36WDQGDUGDXVOLHIHUXQJ VLQG 0XVWHUORKQDUWHQ HQWKDOWHQ 'LHVH

0XVWHUORKQDUWHQ GHFNHQ YLHOH ,KUHU EHWULHEOLFKHQ (UIRUGHUQLVVH DE 0LW +LOIH
GHV /RKQDUWHQNRSLHUHUV KDEHQ 6LH GLH 0|JOLFKNHLW GLH 6$30XVWHUORKQDUWHQ
]X NRSLHUHQ 'LHVH .RSLHQ VLQG GLH /RKQDUWHQ GLH 6LH LP ZHLWHUHQ 9HUODXI
YHUZHQGHQ XQG DQ ,KUH VSH]LILVFKHQ $QIRUGHUXQJHQ DQSDVVHQ N|QQHQ
$EELOGXQJ /RKQDUWHQNDWDORJ HUVWHOOHQ

$OOH 0XVWHUORKQDUWHQ EHJLQQHQ PLW HLQHP %XFKVWDEHQ ,KUH HLJHQHQ /RKQDUWHQ

DOVR GLH .RSLHQ PVVHQ PLW HLQHU =LIIHU EHJLQQHQ
%HDFKWHQ 6LH GDVV GLH .RSLHQ GHU 0XVWHUORKQDUWHQ DOVR ,KUH /RKQDUWHQ VRZRKO
GLH (LJHQVFKDIWHQ KLQVLFKWOLFK GHV 9HUKDOWHQV LP 'LDORJ DOV DXFK GLH (LJHQVFKDIWHQ
KLQVLFKWOLFK GHV 9HUKDOWHQV LQ GHU $EUHFKQXQJ YRQ GHQ 6$30XVWHUORKQDUWHQ
EHUQHKPHQ
'LH hEHUSUIXQJ XQG $QSDVVXQJ GHU IU GLH $EUHFKQXQJ UHOHYDQWHQ (LJHQVFKDIWHQ
N|QQHQ 6LH LP 5DKPHQ GHV &XVWRPL]LQJV GHU $EUHFKQXQJ YRUQHKPHQ
/RKQDUWHQ GLH 6LH NRSLHUHQ ZHUGHQ LQ DOOH /RKQDUWHQJUXSSHQ XQG LQ EHVWLPPWH
7DEHOOHQ DXIJHQRPPHQ LQ GHQHQ DXFK GLH .RSLHUYRUODJH HQWKDOWHQ LVW 6LH N|QQHQ
GLHV DQKDQG GHV 3URWRNROOV GHV .RSLHUYRUJDQJV EHUSUIHQ
$EELOGXQJ (LQ]HOVFKULWWH GHV .RSLHUYRUJDQJV EHUSUIHQ
'HU .RSLHUYRUJDQJ LVW QXQ DEJHVFKORVVHQ 1XQ EHUSUIHQ 6LH GLH HLQ]HOQHQ
7DEHOOHQ LQ GLH ,KUH .XQGHQORKQDUW NRSLHUW ZXUGH
,Q GHQ QDFKIROJHQGHQ &XVWRPL]LQJVFKULWWHQ KDEHQ 6LH GLH 0|JOLFKNHLW GLH
'LDORJHLJHQVFKDIWHQ ,KUHU /RKQDUWHQ ]X EHUSUIHQ XQG DQ]XSDVVHQ

=XOlVVLJNHLW YRQ /RKQDUWHQ LQ ,QIRW\SHQ
$EELOGXQJ =XOlVVLJNHLW GHU /RKQDUWHQ IU ,QIRW\SHQ IHVWOHJHQ
,P ,0* N|QQHQ /RKQDUWHQ LQ GHQ YHUVFKLHGHQHQ ,QIRW\SHQ ]XU 6HOHNWLRQ

]XJHODVVHQ ZHUGHQ 1XU EHVWLPPWH /RKQDUWHQ VLQG IU ,QIRW\SHQ ]XOlVVLJ
GLHV NDQQ PDQ LP &XVWRPL]LQJ HLQVWHOOHQ :HQQ VlPWOLFKH /RKQDUWHQ LQ
VlPWOLFKHQ ,QIRW\SHQ VHOHNWLHUW ZHUGHQ N|QQWHQ ZUGH GLHV HYWO ]X IHKOHUKDIWHQ
(LQJDEHGDWHQ XQG ]XU OlVWLJHQ 6XFKH QDFK GHU ULFKWLJHQ /RKQDUW IKUHQ
:HQQ HLQH /RKQDUW EHU Ä/RKQDUWHQNDWDORJ HUVWHOOHQ³ IU GHQ ,QIRW\SHQ NRSLHUW
ZLUG ZHUGHQ DOOH (LJHQVFKDIWHQ GHU XUVSUQJOLFKHQ /RKQDUW NRSLHUW 'LHV JLOW
DXFK IU GLH =XOlVVLJNHLW HLQHU /RKQDUW IU HLQHQ ,QIRW\SHQ
$EELOGXQJ =XOlVVLJNHLW HLQHU /RKQDUW IU PHKUHUH ,QIRW\SHQ IHVWOHJHQ
:ROOHQ 6LH HLQH /RKQDUW LQ PHKUHUHQ ,QIRW\SHQ YHUZHQGHQ VR PVVHQ 6LH VLH LQ
GLH =XOlVVLJNHLWVWDEHOOH GHV MHZHLOLJHQ ,QIRW\SV HLQWUDJHQ

$EELOGXQJ (LQJDEHKlXILJNHLW IU /RKQDUWHQ LQ HLQHP ,QIRW\S
%HLP .RQILJXULHUHQ HLQHU /RKQDUW N|QQHQ 6LH DQJHEHQ RE HLQH /RKQDUW HLQIDFK
RGHU PHKU DOV HLQPDO SUR =HLWSXQNW YHUJHEHQ ZHUGHQ NDQQ
=XOlVVLJNHLW YRQ /RKQDUWHQ IU EHVWLPPWH

0LWDUEHLWHUNUHLVH 3HUVRQDOEHUHLFKH
$EELOGXQJ 0LWDUEHLWHUNUHLVJUXSSLHUXQJ IU 3ULPlUORKQDUWHQ

'LH =XOlVVLJNHLW YRQ /RKQDUWHQ IU HLQH EHVWLPPWH 8QWHUQHKPHQVVWUXNWXU

E]Z 3HUVRQDOVWUXNWXU ZLUG PLW +LOIH GHU *UXSSLHUXQJHQ 3HUVRQDOWHLO
EHUHLFKVJUXSSLHUXQJ IU 3ULPlUORKQDUWHQ 8QWHUQHKPHQVVWUXNWXU E]Z
0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ IU 3ULPlUORKQDUWHQ 3HUVRQDOVWUXNWXU IHVWJHOHJW
6LH JUXSSLHUHQ GLH 0LWDUEHLWHUNUHLVH IU 3ULPlUORKQDUWHQ GK 6LH IDVVHQ ,KUH
EHUHLWV EHQDQQWHQ 0LWDUEHLWHUNUHLVH ]X HLQ]HOQHQ *UXSSHQ ]XVDPPHQ
0LW +LOIH GLHVHU *UXSSHQ N|QQHQ 6LH IHVWOHJHQ ZHOFKH /RKQDUWHQ IU ZHOFKH
0LWDUEHLWHUNUHLVH HLQJHEEDU VHLQ VROOHQ
$EELOGXQJ 3HUVRQDOWHLOEHUHLFKVJUXSSLHUXQJ IU 3ULPlUORKQDUWHQ
1XQ N|QQHQ 6LH ]XVlW]OLFK ,KUH 3HUVRQDOWHLOEHUHLFKH ]X *UXSSHQ ]XVDPPHQIDVVHQ

+LHUEHU N|QQHQ 6LH VWHXHUQ ZHOFKH /RKQDUWHQ IU ZHOFKH 3HUVRQDOWHLOEHUHLFKH
]XOlVVLJ VLQG
6LH N|QQHQ EHL GHU *UXSSLHUXQJ VRZRKO 0LWDUEHLWHUNUHLVH DOV DXFK
3HUVRQDOWHLOEHUHLFKH DOV *UXSSLHUXQJVJUXQGODJH YHUZHQGHQ RGHU VLFK DXI HLQH
GHU EHLGHQ 0|JOLFKNHLWHQ EHVFKUlQNHQ

$EELOGXQJ =XOlVVLJNHLW GHU /RKQDUWHQ SUR 3HUVRQDOWHLOEHUHLFK XQG

0LWDUEHLWHUNUHLV
,P OHW]WHQ 6FKULWW JHEHQ 6LH QXQ QRFK DQ RE HLQH /RKQDUW IU ,KUH
3HUVRQDOWHLOEHUHLFKVJUXSSLHUXQJ XQG ,KUH 0LWDUEHLWHUNUHLVJUXSSLHUXQJ ]XOlVVLJ
LVW 6LH N|QQHQ GDEHL GDV .ULWHULXP 3HUVRQDOVWUXNWXU XQGRGHU GDV .ULWHULXP
8QWHUQHKPHQVVWUXNWXU YHUZHQGHQ


hEXQJ /RKQDUWHQ HLQULFKWHQ

/HUQ]LHOH GHU hEXQJ

.XQGHQORKQDUWHQ HLQULFKWHQ
0LW GHP 6$36\VWHP ZHUGHQ 0XVWHUORKQDUWHQ DXVJHOLHIHUW 'LHVH /RKQDUWHQ
PVVHQ MHGRFK NRSLHUW ZHUGHQ GHQQ QXU GLHVH NXQGHQHLJHQHQ /RKQDUWHQ N|QQHQ
IU GHQ 3URGXNWLYEHWULHE YHUZHQGHW ZHUGHQ ,P IROJHQGHQ ULFKWHQ 6LH VLFK GUHL
/RKQDUWHQ HLQ GLH 6LH LP ,QIRW\S %DVLVEH]JH IU ,KUHQ 0LWDUEHLWHU YHUJHEHQ
ZROOHQ
$XIJDEH
%HDUEHLWHQ 6LH GHQ /RKQDUWHQNDWDORJ LP ,0* .RSLHUHQ 6LH GHQ

7DULIVWXQGHQORKQ 00 GLH 7DULIOLFKH =XODJH 00 VRZLH GLH =XODJH
/HLVWXQJ 00 XP .XQGHQORKQDUWHQ DQ]XOHJHQ GLH PLW ,KUHU
*UXSSHQQXPPHU XQG EHJLQQHQ *HEHQ 6LH IU GLH QHXHQ
/RKQDUWHQ 7H[WH HLQ GLH HEHQIDOOV ,KUH *UXSSHQQXPPHU HQWKDOWHQ
:HQQ 6LH HLQH .RSLH DQOHJHQ ]HLJW GDV 6\VWHP DOOH EHWURIIHQHQ 7DEHOOHQ
DQ 1RWLHUHQ 6LH GLHVH
BBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBB
hEHUSUIHQ 6LH GLH /RKQDUWHQJUXSSH %DVLVEH]JH XP VLFKHU]XVWHOOHQ
GDVV GLHVH ,KUH QHXHQ /RKQDUWHQ HQWKlOW hEHUSUIHQ 6LH DXHUGHP GHQ
/RKQDUWHQWH[W HWZD XP GLHVHQ QDFK GHP .RSLHUHQ QRFK DE]XlQGHUQ
hEHUSUIHQ 6LH GLH (LQJDEH]XOlVVLJNHLW ,KUHU /RKQDUWHQ IU GHQ ,QIRW\S
%DVLVEH]JH :HVKDOE VLQG ,KUH /RKQDUWHQ EHUHLWV ]XOlVVLJ IU GLHVHQ
,QIRW\S"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

hEHUSUIHQ 6LH ZHOFKH 0LWDUEHLWHUNUHLVJUXSSLHUXQJ IU 3ULPlUORKQDUWHQ
,KUHP 0LWDUEHLWHUNUHLV ]XJHRUGQHW LVW 1RWLHUHQ 6LH GLHVH BBBBBBBBB
6WHOOHQ 6LH VLFKHU GDVV ,KUHP 3HUVRQDOWHLOEHUHLFK LP 3HUVRQDOEHUHLFK
3$ NHLQH *UXSSLHUXQJ IU 3ULPlUORKQDUW ]XJHRUGQHW LVW
hEHUSUIHQ 6LH RE GLH =XOlVVLJNHLW GHU /RKQDUW SUR 37%HUHLFK XQG
0$.UHLV IU ,KUH VRHEHQ NRSLHUWHQ /RKQDUWHQ ULFKWLJ HLQJHULFKWHW LVW GLH
/RKQDUWHQ VROOHQ IU ,KUHQ 0LWDUEHLWHU GHU GHP 3HUVRQDOWHLOEHUHLFK LP
3HUVRQDOEHUHLFK 3$ XQG GHP 0LWDUEHLWHUNUHLV ]XJHRUGQHW LVW ]XOlVVLJ
VHLQ
$XIJDEH
'LH IROJHQGH hEXQJVDXIJDEHQ VLQG RSWLRQDO
(UVWHOOHQ 6LH .RSLHQ GHU /RKQDUW 00 9HUZHQGHQ 6LH GD]X GLH
0|JOLFKNHLW /RKQDUWHQ ]X YHUYLHOIlOWLJHQ
,KUH /RKQDUWHQ VROOHQ IROJHQGH 1XPPHUQ KDEHQ
XQG :lKOHQ 6LH HLQH %H]HLFKQXQJ ,KUHU HLJHQ :DKO GLH ,KUH
*UXSSHQQXPPHU EHLQKDOWHW 9HUODVVHQ 6LH GDQDFK GHQ /RKQDUWHQNRSLHUHU
1DFKWUlJOLFK IlOOW ,KQHQ DXI GDVV 6LH EHL GHU %H]HLFKQXQJ GHU /RKQDUW
HLQHQ 7LSSIHKOHU LQ GHU %H]HLFKQXQJ KDEHQ 'LHVHQ PVVHQ 6LH NRUULJLHUHQ

/|VXQJ /RKQDUWHQ HLQULFKWHQ

$XIJDEH
%HDUEHLWHQ 6LH GHQ /RKQDUWHQNDWDORJ LP ,0* .RSLHUHQ 6LH GHQ

7DULIVWXQGHQORKQ 00 GLH 7DULIOLFKH =XODJH 00 VRZLH GLH =XODJH
/HLVWXQJ 00 XP .XQGHQORKQDUWHQ DQ]XOHJHQ GLH PLW ,KUHU
*UXSSHQQXPPHU XQG EHJLQQHQ *HEHQ 6LH IU GLH QHXHQ
/RKQDUWHQ 7H[WH HLQ GLH HEHQIDOOV ,KUH *UXSSHQQXPPHU HQWKDOWHQ
:HQQ 6LH HLQH .RSLH DQOHJHQ ]HLJW GDV 6\VWHP DOOH EHWURIIHQHQ 7DEHOOHQ
DQ 1RWLHUHQ 6LH GLHVH

$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ /RKQDUWHQNDWDORJ
HUVWHOOHQ
E 0DUNLHUHQ 6LH DXI GHP 'LDORJIHQVWHU /RKQDUWHQSIOHJH GLH 2SWLRQ
.RSLHUHQ
F /HJHQ 6LH IROJHQGH (LQWUlJH DQ 7LSS ZlKOHQ 6LH QDFK GHU (LQJDEH
MHGHU /RKQDUW (QWHU GDQQ ZLUG GHU 7H[W QDFKJH]RJHQ
2/$UW &/$UW /RKQDUW/DQJWH[W .XU]WH[W

00 7DULIVWXQGHQORKQ 6WG/RKQ
00 7DULIOLFKH =XODJH =XO 7UI
00 =XODJH /HLVWXQJ =XO /VW
G (QWIHUQHQ 6LH GDV .HQQ]HLFKHQ 7HVWODXI

H 0DUNLHUHQ 6LH GLH GUHL ]X NRSLHUHQGHQ /RKQDUWHQ XQG ZlKOHQ 6LH GHQ
%XWWRQ .RSLHUHQ
I :HQQ 6LH HLQH .RSLH DQOHJHQ ]HLJW GDV 6\VWHP DOOH EHWURIIHQHQ
7DEHOOHQ DQ 1RWLHUHQ 6LH GLHVH
J ,P 3URWRNROO VLQG GLH EHWURIIHQHQ 7DEHOOHQ DQJH]HLJW
7 /RKQDUWHQ
77 /RKQ *HKDOWVDUWHQ7H[W
7: /RKQDUWHQEHZHUWXQJ
7= =XOlVVLJNHLW YRQ /RKQDUWHQ SHU ,QIRW\S
7' =XRUGQXQJ /RKQDUWHQ ]X /RKQDUWHQJUXSSHQ
7'= =XRUGQXQJ &XVWRPL]LQJ ± 0RGHOO/RKQDUW
7(= =HLWDEKlQJLJNHLW GHU %XFKXQJ YRQ /RKQDUWHQ GHU $EUHFKQXQJ
7- %DVLV/RKQDUWHQ%HZHUWXQJ
K .HKUHQ 6LH LQ GHQ ,0* ]XUFN

hEHUSUIHQ 6LH GLH /RKQDUWHQJUXSSH %DVLVEH]JH XP VLFKHU]XVWHOOHQ

GDVV GLHVH ,KUH QHXHQ /RKQDUWHQ HQWKlOW hEHUSUIHQ 6LH DXHUGHP GHQ
/RKQDUWHQWH[W HWZD XP GLHVHQ QDFK GHP .RSLHUHQ QRFK DE]XlQGHUQ
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ /RKQDUWHQJUXSSH
Ã%DVLVEH]JHµ SUIHQ
E hEHUSUIHQ 6LH GLH (LQWUlJH IU ,KUH /RKQDUWHQ XQG
F ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ hEHUSUIXQJ GHV
/RKQDUWHQNDWDORJV ĺ /RKQDUWHQWH[W SUIHQ
G +LHU N|QQHQ 6LH GHQ /RKQDUWHQWH[W QRFK DElQGHUQ
H .HKUHQ 6LH LQ GHQ ,0* ]XUFN
hEHUSUIHQ 6LH GLH (LQJDEH]XOlVVLJNHLW ,KUHU /RKQDUWHQ IU GHQ ,QIRW\S
%DVLVEH]JH :HVKDOE VLQG ,KUH /RKQDUWHQ EHUHLWV ]XOlVVLJ IU GLHVHQ
,QIRW\S"
/RKQDUWHQNDWDORJV ĺ (LQJDEH]XOlVVLJNHLW SUR ,QIRW\S SUIHQ
E :HVKDOE VLQG ,KUH /RKQDUWHQ EHUHLWV ]XOlVVLJ IU GLHVHQ ,QIRW\S"
F 'D GLH 9RUODJHORKQDUWHQ LQ GLHVHU 7DEHOOH DXIJHIKUW VLQG VLQG DXFK
,KUH QHXHQ /RKQDUWHQ KLHU DXIJHIKUW GK VLH VLQG HLQJDEH]XOlVVLJ
7DEHOOH 7=

hEHUSUIHQ 6LH ZHOFKH 0LWDUEHLWHUNUHLVJUXSSLHUXQJ IU 3ULPlUORKQDUWHQ

,KUHP 0LWDUEHLWHUNUHLV ]XJHRUGQHW LVW 1RWLHUHQ 6LH GLHVH BBBBBBBBB
D $QWZRUW
E ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ 0LWDUEHLWHUNUHLVH
IU 3ULPlUORKQDUW
F *HEHQ 6LH DXI GHP 'LDORJIHQVWHU $UEHLWVEHUHLFK IHVWOHJHQ (LQJDEH
,KUH /lQGHUJUXSSLHUXQJ HLQ
G :lKOHQ 6LH :HLWHU
H 6WHOOHQ 6LH VLFKHU GDVV GLH 0$.UHLVJUXSSLHUXQJ 6WXQGHQO|KQHU
,KUHP 0LWDUEHLWHUNUHLV DXV GHU DNWLYHQ 0LWDUEHLWHUJUXSSH
]XJHRUGQHW LVW
I 6LFKHUQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH LQ GHQ ,0* ]XUFN
6WHOOHQ 6LH VLFKHU GDVV ,KUHP 3HUVRQDOWHLOEHUHLFK LP 3HUVRQDOEHUHLFK
3$ NHLQH *UXSSLHUXQJ IU 3ULPlUORKQDUW ]XJHRUGQHW LVW
D ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ
ĺ $EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ
3HUVRQDOWHLOEHUHLFKH IU 3ULPlUORKQDUW
E hEHUSUIHQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH LQ GHQ ,0* ]XUFN
hEHUSUIHQ 6LH RE GLH =XOlVVLJNHLW GHU /RKQDUW SUR 37%HUHLFK XQG
0$.UHLV IU ,KUH VRHEHQ NRSLHUWHQ /RKQDUWHQ ULFKWLJ HLQJHULFKWHW LVW GLH
/RKQDUWHQ VROOHQ IU ,KUHQ 0LWDUEHLWHU GHU GHP 3HUVRQDOWHLOEHUHLFK LP
3HUVRQDOEHUHLFK 3$ XQG GHP 0LWDUEHLWHUNUHLV ]XJHRUGQHW LVW ]XOlVVLJ
VHLQ
/RKQDUWHQNDWDORJV ĺ =XOlVVLJNHLW GHU /RKQDUW SUR 37%HUHLFK XQG
0$.UHLV IHVWOHJHQ
E 0DUNLHUHQ 6LH GLH /RKQDUWHQ XQG XQG ZlKOHQ 6LH
'HWDLO 3UIHQ 6LH IU MHGH ,KUHU /RKQDUWHQ EHU GHQ %XWWRQ 1lFKVWHU
(LQWUDJ RE VLH IU GLH 0LWDUEHLWHUNUHLVJUXSSLHUXQJ JOWLJ VLQG GK
GLH $XVSUlJXQJ KDEHQ
F .HKUHQ 6LH LQ GHQ ,0* ]XUFN

$XIJDEH
'LH IROJHQGH hEXQJVDXIJDEHQ VLQG RSWLRQDO
(UVWHOOHQ 6LH .RSLHQ GHU /RKQDUW 00 9HUZHQGHQ 6LH GD]X GLH
0|JOLFKNHLW /RKQDUWHQ ]X YHUYLHOIlOWLJHQ
,KUH /RKQDUWHQ VROOHQ IROJHQGH 1XPPHUQ KDEHQ
XQG :lKOHQ 6LH HLQH %H]HLFKQXQJ ,KUHU HLJHQ :DKO GLH ,KUH
*UXSSHQQXPPHU EHLQKDOWHW 9HUODVVHQ 6LH GDQDFK GHQ /RKQDUWHQNRSLHUHU
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ /RKQDUWHQNDWDORJ
HUVWHOOHQ
E 0DUNLHUHQ 6LH DXI GHP 'LDORJIHQVWHU /RKQDUWHQSIOHJH GLH 2SWLRQ
.RSLHUHQ
F :lKOHQ 6LH :HLWHU
G 0DUNLHUHQ 6LH GLH /RKQDUW 00 XQG NOLFNHQ 6LH DXI /RKQDUW
YHUYLHOIlOWLJHQ
H ,KUH /RKQDUWHQ VROOHQ IROJHQGH 1XPPHUQ KDEHQ
XQG
I ,P DQJH]HLJWHQ )HQVWHU IOOHQ 6LH GLH )HOGHU /RKQDUW EHJLQQW EHL PLW
GHP :HUW $Q]DKO GHU /RKQDUWHQ PLW GHP :HUW XQG (UK|KXQJ
SHU 6FKULWW PLW GHP :HUW
J :lKOHQ 6LH HLQH %H]HLFKQXQJ ,KUHU HLJHQHQ :DKO GLH ,KUH
*UXSSHQQXPPHU EHLQKDOWHW .RUULJLHUHQ 6LH GLH %H]HLFKQXQJHQ LQ
GHU DQJH]HLJWHQ 7DEHOOH
K 'HDNWLYLHUHQ 6LH GDV 2SWLRQVIHOG 7HVWODXI XQG .OLFNHQ 6LH DXI
.RSLHUHQ
L 9HUODVVHQ 6LH GDQDFK GHQ /RKQDUWHQNRSLHUHU
1DFKWUlJOLFK IlOOW ,KQHQ DXI GDVV 6LH EHL GHU %H]HLFKQXQJ GHU /RKQDUW
HLQHQ 7LSSIHKOHU LQ GHU %H]HLFKQXQJ KDEHQ 'LHVHQ PVVHQ 6LH NRUULJLHUHQ
/RKQDUWHQNDWDORJV ĺ /RKQDUWHQWH[W SUIHQ
E .RUULJLHUHQ 6LH GHQ 7H[W XQG VSHLFKHUQ 6LH GDV (UJHEQLV DE


1XQ N|QQHQ 6LH
DFKWHQ PXVV

+5 /HNWLRQ /RKQDUWHQHLJHQVFKDIWHQ
/HNWLRQ /RKQDUWHQHLJHQVFKDIWHQ

'LDORJHLJHQVFKDIWHQ YRQ /RKQDUWHQ
,QGLUHNWH %HUZHUWXQJ

6LH VROOHQ LQ ,KUHP 8QWHUQHKPHQ GLH 'LDORJHLJHQVFKDIWHQ YRQ GHQ NRSLHUWHQ
/RKQDUWHQ E]JO GHQ $QIRUGHUXQJHQ ,KUHV 8QWHUQHKPHQV DQSDVVHQ
'D]X LVW DXFK HLQH LQGLUHNWH %HZHUWXQJ YRQ /RKQDUWHQ HUIRUGHUOLFK

/RKQDUWHQHLJHQVFKDIWHQ
$EELOGXQJ /RKQDUWHQHLJHQVFKDIWHQ SUIHQ
$OV /RKQDUWHQHLJHQVFKDIWHQ EHVWLPPHQ 6LH

GHQ *OWLJNHLWV]HLWUDXP IU GLH /RKQDUWHQHLJHQVFKDIWHQ
GDV 2SHUDWLRQVNHQQ]HLFKHQ
JJI 0LQLPDO XQG 0D[LPDOEHWUDJ GHU /RKQDUW
RE GHU %HWUDJ GLHVHU /RKQDUW LQ GLH 6XPPH GHU %DVLVEH]JH HLQIOLHHQ VROO
JJI GLH YRU]XVFKODJHQGH =HLW0DHLQKHLW 0LQLPDO XQG 0D[LPDODQ]DKO
GLH (LQJDEHNRPELQDWLRQ IU $Q]DKO XQG %HWUDJ
JJI GLH LQGLUHNWH %HZHUWXQJ PLW LKUHQ (LJHQVFKDIWHQ
)DOOV 6LH EHDEVLFKWLJHQ DXFK +&0=HLWZLUWVFKDIW HLQ]XIKUHQ EHVWLPPHQ 6LH RE
GLH /RKQDUW HLQ =XVFKODJ RGHU HLQH *UXQGVWXQGHQORKQDUW LVW

,QGLUHNWH %HZHUWXQJ YRQ /RKQDUWHQ
$EELOGXQJ %HZHUWXQJ YRQ /RKQDUWHQ
'LUHNWH %HZHUWXQJ
'HU %HWUDJ PLW GHP GLH /RKQDUW EHZHUWHW ZHUGHQ VROO ZLUG PDQXHOO LP
,QIRW\S HUIDVVW
,QGLUHNWH %HZHUWXQJ
'DV 6\VWHP HUUHFKQHW GHQ %HWUDJ GHU /RKQDUW DXWRPDWLVFK XQG VHW]W GLHVHQ LQ
GHQ ,QIRW\S HLQ ,Q GLHVHP )DOO ZLUG GHU %HWUDJ GHU /RKQDUW DXV HLQHU 7DEHOOH
KHUDXV LPSRUWLHUW E]Z HUUHFKQHW XQG PXVV QLFKW PDQXHOO HUIDVVW ZHUGHQ
:HQQ VLFK %HZHUWXQJVWDEHOOHQ lQGHUQ ZHUGHQ GLH 3HUVRQDOVWDPPVlW]H
HQWVSUHFKHQG GHP %HJLQQ E]Z (QGHGDWXP DXWRPDWLVFK DQJHSDVVW 'DGXUFK
LVW NHLQH 0DVVHQlQGHUXQJ YRQ 3HUVRQDOVWDPPVlW]HQ QRWZHQGLJ
,QGLUHNWH %HZHUWXQJ LVW PLW IROJHQGHQ ,QIRW\SHQ P|JOLFK
± %DVLVEH]JH
± :LHGHUNHKUHQGH %H$E]JH
± (UJlQ]HQGH =DKOXQJ

$EELOGXQJ ,QGLUHNWH %HZHUWXQJ GXUFK 5HJHO EHL GHQ

/RKQDUWHQHLJHQVFKDIWHQ
'XUFK GLH $QJDEH HLQHV 0RGXOQDPHQV XQG HYHQWXHOO HLQHU 0RGXOYDULDQWH NDQQ
HLQH /RKQDUW LQGLUHNW EHZHUWHW ZHUGHQ
,QGLUHNWH %HZHUWXQJ EHGHXWHW GDVV GHU %HWUDJ DXV HLQHU 7DEHOOH HUPLWWHOW ZLUG XQG
QLFKW LP ,QIRUPDWLRQVW\S GHV 0LWDUEHLWHUV YRQ +DQG HLQJHJHEHQ ZHUGHQ PXVV
'LH %HZHUWXQJVUHJHO ZLUG DQ ]HQWUDOHU 6WHOOH GHILQLHUW GDGXUFK HUIRUGHUW HLQH
bQGHUXQJ GHU %HZHUWXQJ NHLQH bQGHUXQJ GHU 6WDPPVlW]H
$EELOGXQJ 0RGXOH EHL GHQ /RKQDUWHQHLJHQVFKDIWHQ ,QGLUHNWH

%HZHUWXQJ

8QWHUVFKLHGOLFKH 0RGXOH JUHLIHQ DXI XQWHUVFKLHGOLFKH %HZHUWXQJVWDEHOOHQ ]X 'LH

HLQ]HOQHQ 0RGXOH ZHUGHQ LP IROJHQGHQ QlKHU HUOlXWHUW
$E GHP 5HOHDVH & N|QQHQ 6LH
6$36WDQGDUGPRGXOH DQ ,KUH XQWHUQHKPHQVLQGLYLGXHOOHQ $QIRUGHUXQJHQ
DQSDVVHQ
HLJHQH 0RGXOH PLW VHOEVWGHILQLHUWHQ %HUHFKQXQJVYRUVFKULIWHQ DQOHJHQ
+LHU]X VWHKHQ ,KQHQ GLH IROJHQGHQ :HUN]HXJH ]XU 9HUIJXQJ
7DEHOOH 0RGXOH GHU ,QGLUHNWHQ %HZHUWXQJ 7,9B0
+LHU GHILQLHUHQ 6LH ,KU NXQGHQLQGLYLGXHOOHV 0RGXO
%XVLQHVV $GG,Q NXU] %$G, +5 ,QGLUHNWH %HZHUWXQJ YRQ /RKQDUWHQ
+5B,1'9$/
0LW GLHVHP %$G, ZLUG GLH %HUHFKQXQJVYRUVFKULIW ]X HLQHP 0RGXO GHU
,QGLUHNWHQ %HZHUWXQJ DQJHOHJW E]Z JHlQGHUW
:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP (LQIKUXQJVOHLWIDGHQ ,0* GHU
3HUVRQDODGPLQLVWUDWLRQ XQWHU
$EUHFKQXQJVGDWHQ ĺ ,QGLUHNWH %HZHUWXQJ
0RGXO 7DULI
$EELOGXQJ =X D 0RGXO 7$5,)
1DFK (LQJDEH GHU /RKQDUW LQ HLQHP ,QIRUPDWLRQVW\S ZLUG LQ GHU 7DEHOOH

/RKQDUWHQHLJHQVFKDIWHQ GDV ]XJHRUGQHWH %HZHUWXQJVPRGXO XQG GLH MHZHLOLJH
0RGXOYDULDQWH HUPLWWHOW
'DV 0RGXO Ä7$5,)³ VHOHNWLHUW 'DWHQ DXV GHU 7DULIVWUXNWXU GLH EHU GLH
7DULIJUXSSHQ XQG VWXIHQ LQ GLH %DVLVEH]JH JHVWHOOW ZHUGHQ
'HU VR HUPLWWHOWH *HOGZHUW NDQQ EHL %HGDUI GXUFK HLQ 8PUHFKQXQJVYHUIDKUHQ
QRFK YHUlQGHUW ZHUGHQ

$EELOGXQJ ,QGLUHNWH %HZHUWXQJ PLW 0RGXO 7$5,)
'LH 0RGXOYDULDQWHQ VWHXHUQ GLH $UW GHV 7DEHOOHQ]XJULIIV GK PLW ZHOFKHQ )HOGHUQ
LQ GHU 7DEHOOH JHOHVHQ ZHUGHQ VROO
)U GDV 0RGXO 7$5,) JLEW HV 9DULDQWHQ $ ' GLH MHZHLOV IROJHQGHV EHZLUNHQ
$ %HZHUWXQJ EDVLHUW DXI 7DULIJUXSSH XQG VWXIH
% %HZHUWXQJ EDVLHUW DXI 7DULIJUXSSHVWXIH XQG HLQHU EHVWLPPWHQ /RKQDUW
& %HZHUWXQJ XQDEKlQJLJ YRQ 7DULIVWXIH
' %HZHUWXQJ XQDEKlQJLJ YRQ 7DULIJUXSSH XQG VWXIH
$EELOGXQJ 0RGXO 7$5,) LP ,QIRW\S Ä:LHGHUNHKUHQGH %H XQG $E]JH³

0RGXOH N|QQHQ DXFK LQ DQGHUHQ ,QIRW\SHQ ]XU LQGLUHNWHQ %HZHUWXQJ YHUZHQGHW

ZHUGHQ
'DV %HLVSLHO REHQ ]HLJW HLQ 8UODXEVJHOG GHVVHQ +|KH PLW +LOIH HLQHU LQGLUHNWHQ
%HZHUWXQJ LP ,QIRW\S Ä:LHGHUNHKUHQGH %H XQG $E]JH³ HUPLWWHOW ZLUG
0RGXO 35=17 XQG 6XPPH
$EELOGXQJ =X E 0RGXO 35=17 6800(
%HVWLPPWH /RKQDUWHQ ZHUGHQ DOV 3UR]HQWVDW] DXV DQGHUHQ /RKQDUWHQ EHUHFKQHW

+LHUIU JLEW HV ]ZHL 0RGXOH ]XU LQGLUHNWHQ %HZHUWXQJ %HLGH EH]LHKHQ VLFK DXI
GDV (LQULFKWHQ GHU 7DEHOOH %DVLV/RKQDUWHQ%HZHUWXQJ
:lKOHQ 6LH LQ GHU ,0*6WUXNWXU
ĺ 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ %DVLV/RKQDUWHQ%HZHUWXQJ
IHVWOHJHQ
,P RELJHQ %HLVSLHO JLOW HQWZHGHU
6800(
'HU %HWUDJ GHU /RKQDUW VROO VLFK ]XVDPPHQVHW]HQ DXV GHU /RKQDUW
GHU /RKQDUW XQG GHU /RKQDUW RGHU
35=17
'HU %HWUDJ GHU /RKQDUW VROO VLFK QXQ ]XVDPPHQVHW]HQ DXV GHU
/RKQDUW GHU /RKQDUW XQG GHU /RKQDUW =XVlW]OLFK MHGRFK VROO
GLHVHU HUPLWWHOWH %HWUDJ QRFK PLW HLQHU LP ,QIRW\S %DVLVEH]JH
HLQ]XJHEHQGHQ 3UR]HQWDQJDEH KLHU PXOWLSOL]LHUW ZHUGHQ

$EELOGXQJ %DVLV/RKQDUWHQ%HZHUWXQJ
0DQFKH /RKQDUWHQ ZHUGHQ SUR]HQWXDO DXV DQGHUHQ /RKQDUWHQ EHUHFKQHW

,Q GHU %DVLV/RKQDUWHQ%HZHUWXQJ NDQQ GLH ]X EHZHUWHQGH /RKQDUW PLW PHKUHUHQ
%DVLVORKQDUWHQ YHUNQSIW ZHUGHQ
$EELOGXQJ ,QGLUHNWH %HZHUWXQJ EHU 0RGXO 35=17

6LH PVVHQ LQ GHU %DVLV/RKQDUWHQ%HZHUWXQJ IHVWOHJHQ ZHOFKH /RKQDUWHQ GLH

*UXQGODJH IU GLH %HUHFKQXQJ GHU SUR]HQWXDOHQ =XODJH 35=17 VLQG +LHUEHL
ZLUG ]ZLVFKHQ HLQHU GLUHNWHQ E]Z LQGLUHNWHQ 9DULDQWH XQWHUVFKLHGHQ
%HL GHU GLUHNWHQ 9DULDQWH PVVHQ GLH /RKQDUWHQ GLH *UXQGODJH GHU
%HZHUWXQJ VHLQ VROOHQ LP ,QIRUPDWLRQVW\S WDWVlFKOLFK YRUKDQGHQ VHLQ
GD VLH VRQVW QLFKW EHUFNVLFKWLJW ZHUGHQ $XHUGHP LVW GHU %HWUDJ GHU
]X EHZHUWHQGHQ /RKQDUW DEKlQJLJ GDYRQ ZLH KRFK GLH %HWUlJH GHU
%DVLVORKQDUWHQ LP ,QIRW\S %DVLVEH]JH WDWVlFKOLFK VLQG GHQQ DXFK EHL
LQGLUHNW EHZHUWHWHQ %DVLVORKQDUWHQ N|QQHQ GLH YRUJHVFKODJHQHQ %HWUlJH
PDQXHOO ZLHGHU EHUVFKULHEHQ ZRUGHQ VHLQ
%HL GHU LQGLUHNWHQ 9DULDQWH PVVHQ GLH HQWVSUHFKHQGHQ /RKQDUWHQ QLFKW
LP ,QIRUPDWLRQVW\S VWHKHQ ,KU *HOGZHUW ZLUG LQWHUQ HUPLWWHOW XQG EHL
GHU ZHLWHUHQ %HUHFKQXQJ ]XJUXQGHJHOHJW 'DV EHGHXWHW GDVV KLHU GLH
%DVLVORKQDUWHQ VHOEVW LQGLUHNW EHZHUWHW VHLQ PVVHQ GDPLW GDV 6\VWHP
EHUKDXSW %HWUlJH ]% DXV HLQHU 7DULIWDEHOOH OHVHQ NDQQ
$EELOGXQJ ,QGLUHNWH %HZHUWXQJ EHU 0RGXO 6800(
%HL GHU LQGLUHNWHQ %HZHUWXQJ EHU GDV 0RGXO 6XPPH PVVHQ 6LH HEHQIDOOV LQ
GHU %DVLV/RKQDUWHQ%HZHUWXQJ IHVWOHJHQ ZHOFKH /RKQDUWHQ GLH %DVLV IU GLH
%HUHFKQXQJ GHU SUR]HQWXDOHQ =XODJH 6800( VLQG +LHUEHL ZLUG DXFK ]ZLVFKHQ
HLQHU GLUHNWHQ E]Z LQGLUHNWHQ 9DULDQWH XQWHUVFKLHGHQ
%HL GHU GLUHNWHQ 9DULDQWH PVVHQ GLH /RKQDUWHQ GLH *UXQGODJH GHU %HZHUWXQJ
VHLQ VROOHQ LP ,QIRUPDWLRQVW\S WDWVlFKOLFK YRUKDQGHQ VHLQ GD VLH VRQVW QLFKW
EHUFNVLFKWLJW ZHUGHQ
%HL GHU LQGLUHNWHQ 9DULDQWH PVVHQ GLH HQWVSUHFKHQGHQ /RKQDUWHQ QLFKW LP
,QIRUPDWLRQVW\S VWHKHQ
,P *HJHQVDW] ]XP 0RGXO 35=17 ZLUG GHU 3UR]HQWZHUW LQ GLHVHP )DOO IHVW LQ GHU
7DEHOOH HLQJHWUDJHQ XQG KlQJW VRPLW GLUHNW DQ GHU /RKQDUW

$EELOGXQJ 0RGXO 6800( LP ,QIRW\S Ä:LHGHUNHKUHQGH %H XQG $E]JH³
'DV 0RGXO Ä6800(³ NDQQ DXFK LQ DQGHUHQ ,QIRW\SHQ ]XU LQGLUHNWHQ %HZHUWXQJ
YHUZHQGHW ZHUGHQ
'DV %HLVSLHO REHQ ]HLJW HLQ 8UODXEVJHOG GHVVHQ +|KH PLW +LOIH HLQHU LQGLUHNWHQ
%HZHUWXQJ LP ,QIRW\S Ä:LHGHUNHKUHQGH %H XQG $E]JH³ HUPLWWHOW ZLUG 'DEHL
ZLUG GDV 0RGXO 6800( XQG GLH 0RGXOYDULDQWH % YHUZHQGHW
=XVlW]OLFK PXVV GLH $UW GHU %HUHFKQXQJ LQ GHU 7DEHOOH Ä%DVLV/RKQDUWHQ
%HZHUWXQJ³ KLQWHUOHJW VHLQ

hEHUVLFKW ,QGLUHNWH %HZHUWXQJ
$EELOGXQJ 'LH 6FKXOXQJVEHLVSLHOH ]XU ,QGLUHNWHQ %HZHUWXQJ
+LHU VHKHQ 6LH GLH HLQ]HOQHQ 0RGXOH ZLH VLH IU XQVHU hEXQJVV]HQDULR HLQJHVHW]W
ZHUGHQ
'LH /RKQDUWHQ XQG ZHUGHQ EHLGH LQ GHQ /RKQDUWHQHLJHQVFKDIWHQ
PLW GHP 0RGXO 7$5,) JHVFKOVVHOW 'DPLW JUHLIW GDV 6\VWHP DXI GLH
7DULIWDEHOOH ]X XQG OLHVW GLHVH PLW GHQ 'DWHQ GLH GHP 0LWDUEHLWHU ]XJHZLHVHQ
ZRUGHQ VLQG
'LHVH ZLHGHUXP VWDPPHQ DXV IROJHQGHQ &XVWRPL]LQJVFKULWWHQ
± 8QWHUQHKPHQVVWUXNWXU ĺ =XRUGQXQJ ĺ 3HUVRQDOZLUWVFKDIW ĺ
=XRUGQXQJ 3HUVRQDOEHUHLFK%XFKXQJVNUHLV
± 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ $EUHFKQXQJVGDWHQ
ĺ %DVLVEH]JH ĺ 9RUVFKODJ IU 7DULIDQJDEHQ IHVWOHJHQ
E]Z=XRUGQXQJ 7DULIVWUXNWXU ]XU 8QWHUQHKPHQVVWUXNWXU SUIHQ
± 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
3HUVRQDOUHFKHQUHJHO7DULIUHJHOXQJ
'LH $UW GHV /HVH]XJULIIV XQWHUVFKHLGHW VLFK MHGRFK EHL GLHVHQ /RKQDUWHQ GHQQ
/RKQDUW ZXUGH PLW 9DULDQWH $ XQG /RKQDUW PLW 9DULDQWH % JHVFKOVVHOW
'DPLW ILQGHW GDV 6\VWHP IU GLH /RKQDUW GHQ (LQWUDJ LQ GHU 7DULIWDEHOOH EHL
GHP NHLQH /RKQDUW JHSIOHJW LVW ZRKLQJHJHQ IU /RKQDUW GHU (LQWUDJ JHIXQGHQ
ZLUG EHL GHP JHQDX GLHVH /RKQDUW LQ GHU 6SDOWH /RKQDUW KLQWHUOHJW ZXUGH

'LH /RKQDUW VFKOLHOLFK VROO VLFK DXV GHQ %DVLVORKQDUWHQ XQG
]XVDPPHQVHW]HQ ]X GHQ LQ GHU %DVLV/RKQDUWHQ%HZHUWXQJVWDEHOOH IHVWJHOHJWHQ
3UR]HQWVlW]HQ -H QDFK 9DULDQWH ZHUGHQ GLH %HWUlJH HUUHFKQHW )U 9DULDQWH ,
DOVR LQGLUHNW PVVHQ GLH %DVLVORKQDUWHQ LQGLUHNW EHZHUWHW ZRUGHQ VHLQ GK GLH
%HWUlJH ZHUGHQ ]% DXV GHU 7DULIWDEHOOH JHOHVHQ )U 9DULDQWH ' DOVR GLUHNW
ZHUGHQ GLH %HWUlJH GHU %DVLVORKQDUWHQ DXV GHP ,QIRW\S %DVLVEH]JH DEJHOHVHQ
GK GHU %HWUDJ GHU /RKQDUW KlQJW GLUHNW GDYRQ DE RE XQG PLW ZHOFKHQ
%HWUlJHQ GLH %DVLVORKQDUWHQ LP ,QIRW\S %DVLVEH]JH YHUJHEHQ ZXUGHQ
0RGXO $5%3/
$EELOGXQJ =X F 0RGXO $5%3/
'DV 0RGXO ]XU LQGLUHNWHQ %HZHUWXQJ $5%3/ EHUHFKQHW GHQ %HWUDJ GHU /RKQDUW
IU GHQ 0LWDUEHLWHU HQWVSUHFKHQG GHP 2EMHNWW\S XQG GHU 3ODQVWHOOHQQXPPHU
GLH LQ ,QIRW\S DQJHJHEHQ ZXUGHQ
:HQQ GDV 0RGXO $5%3/ 9DULDQWH 6 3ODQVWHOOH IU GLH %HZHUWXQJ YHUZHQGHW
ZLUG EHVWLPPW GDV 6\VWHP GHQ %HWUDJ GHU /RKQDUW DXIJUXQG GHU 3ODQVWHOOH
GLH LP ,QIRW\S 2UJDQLVDWRULVFKH =XRUGQXQJ HLQJHJHEHQ ZXUGH XQG GHU
/lQGHUJUXSSLHUXQJ LQ GHU 7DEHOOH Ä3ODQVWHOOHQ³ ,Q GLHVHU 7DEHOOH N|QQHQ 6LH IU
HLQH 3ODQVWHOOH HLQH 9HUJWXQJ HUIDVVHQ
8P DXI GHQ 3ODQVWHOOHQNDWDORJ ]X]XJUHLIHQ ZlKOHQ 6LH LQ GHU ,0*6WUXNWXU
3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ $EUHFKQXQJVGDWHQ ĺ
%DVLVEH]JH ĺ /RKQDUWHQ ĺ ,QGLUHNWH %HZHUWXQJ IU 3ODQVWHOOHQ EHVWLPPHQ

:HLWHUH $WWULEXWH GHU LQGLUHNWHQ %HZHUWXQJ
$EELOGXQJ :HLWHUH $WWULEXWH GHU LQGLUHNWHQ %HZHUWXQJ
1HEHQ GHP 0RGXOQDPHQ XQG GHU 'HILQLWLRQ GHU 0RGXOYDULDQWH IU LQGLUHNWH
%HZHUWXQJ JLEW HV QRFK ZHLWHUH $WWULEXWH GLH JJI HUIDVVW ZHUGHQ PVVHQ
.U]XQJVPHWKRGH 'LH :HUWH VLQG IROJHQGHUPDHQ GHILQLHUW
/HHU]HLFKHQ RGHU NHLQH .U]XQJ
.U]XQJ XQWHU 9HUZHQGXQJ GHV %HVFKlIWLJXQJVJUDGV DXV ,7
.U]XQJ HQWVSUHFKHQG GHP 9HUKlOWQLV ]Z GHU LQGLYLGXHOOHQ UHJXOlUHQ
:RFKHQDUEHLWV]HLW :$= XQG GHU WDULIOLFKHQ :$=
.U]XQJ HQWVSUHFKHQG GHP 9HUKlOWQLV ]Z GHQ LQGLYLGXHOOHQ :RFKHQVWXQGHQ
DXV ,QIRW\S XQG GHU WDULIOLFKHQ :$=
.U]XQJ HQWVSUHFKHQG GHP 9HUKlOWQLV ]Z GHU LQGLY UHJ :$= PLQXV GHU
WDULIOLFKHQ :$= XQG GHU WDULIOLFKHQ :$=
.U]XQJ HQWVSUHFKHQG GHP 9HUKlOWQLV ]Z GHQ :RFKHQVWXQGHQ DXV ,QIRW\S
PLQXV WDULIOLFKHU :$= XQG GHU WDULIOLFKHQ :$=
5XQGXQJVW\S $ %HWUDJ ZLUG DEJHUXQGHW % %HWUDJ ZLUG DXIDEJHUXQGHW
& %HWUDJ ZLUG DXIJHUXQGHW
5XQGXQJVGLYLVRU :HUWH ± ]% EHGHXWHW DXI YROOH (XUR 'ROODU
]X UXQGHQ
hEHUVFKUHLEEDUNHLW/HJW IHVW RE GHU HUPLWWHOWH %HWUDJ GHU /RKQDUW LP ,QIRW\S
EHUVFKULHEHQ ZHUGHQ NDQQ


hEXQJ /RKQDUWHQHLJHQVFKDIWHQ

/HUQ]LHOH GHU hEXQJ

/RKQDUWHQHLJHQVFKDIWHQ GHILQLHUHQ
'LH (LJHQVFKDIWHQ ,KUHU /RKQDUWHQ PVVHQ GHILQLHUW ZHUGHQ %HVWLPPHQ 6LH IU
MHGH ,KUHU /RKQDUWHQ GHQ NRUUHNWHQ 0RGXOQDPHQ GLH NRUUHNWH 0RGXOYDULDQWH XQG
GLH .U]XQJVPHWKRGH IU GLH LQGLUHNWH %HZHUWXQJ
$XIJDEH
:DV LVW GHU 8QWHUVFKLHG ]ZLVFKHQ GHP 0RGXO 7$5,) XQG GHP 0RGXO
35=17"
:R]X GLHQHQ GLH 0RGXOYDULDQWHQ"
'LH /RKQDUW VROO VR EHZHUWHW ZHUGHQ GDVV GHU %HWUDJ GLHVHU /RKQDUW
DXV GHU 7DULIWDEHOOH GK 0RGXO JHOHVHQ ZLUG (V VROO GHU
(LQWUDJ JHOHVHQ ZHUGHQ EHL GHP GLH 6SDOWH /RKQDUW QLFKW JHSIOHJW LVW
GK 9DULDQWH )KUHQ 6LH GLH HQWVSUHFKHQGHQ (LQWUDJXQJHQ LQ GHQ
/RKQDUWHQHLJHQVFKDIWHQ LP 6\VWHP GXUFK
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ

DXV GHU 7DULIWDEHOOH GK 0RGXO JHOHVHQ ZLUG (V VROO GHU
(LQWUDJ JHOHVHQ ZHUGHQ GHU IU GLHVH /RKQDUW LQ GHU 7DULIWDEHOOH DQJHOHJW
ZLUG GK 9DULDQWH )KUHQ 6LH GLH HQWVSUHFKHQGHQ (LQWUDJXQJHQ LQ GHQ
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ
/HJHQ 6LH LQ GHU 7DULIWDEHOOH (LQWUlJH IU ,KUH QHXH =XODJH/RKQDUW
IU MHGH ,KUHU 7DULIVWXIHQ LQ ,KUHU 7DULIJUXSSH *5 DE DQ
VLFK SUR]HQWXDO DXV GHQ %DVLVORKQDUWHQ XQG HUUHFKQHW $XHUGHP
VROO GHU %HWUDJ GLHVHU /RKQDUW EHL GHU $XIJDEH LP ,QIRW\S %DVLVEH]JH
QRFKPDOV PLW HLQHU 3UR]HQWDQJDEH PXOWLSOL]LHUW ZHUGHQ GK 0RGXO
BBBBBBB
'HU %HWUDJ GHU /RKQDUW VROO DXHUGHP XQDEKlQJLJ YRQ GHQ WDWVlFKOLFKHQ
%HWUlJHQ GHU %DVLVORKQDUWHQ LP ,QIRW\S %DVLVEH]JH JHZlKUW ZHUGHQ
GK GLH %HWUlJH VROOHQ DXV GHU 7DULIWDEHOOH JHOHVHQ ZHUGHQ GK 9DULDQWH
BBBBBBB
'DUEHU KLQDXV VROO GHU %HWUDJ GHU /RKQDUW DXI YROOH (XUR DXI E]Z
DEJHUXQGHW ZHUGHQ
)KUHQ 6LH GLH HQWVSUHFKHQGHQ (LQWUDJXQJHQ LQ GHQ /RKQDUWHQHLJHQVFKDIWHQ
LP 6\VWHP GXUFK
'HILQLHUHQ 6LH GLH %DVLV/RKQDUWHQ%HZHUWXQJ IU GLH /RKQDUW =XODJH
/HLVWXQJ GLH VLFK DXV GHQ %DVLV/RKQDUWHQ ]X XQG
]X HUUHFKQHQ VROO
$XIJDEH
2SWLRQDOH $XIJDEHQ
'HU %HWUDJ GHU /RKQDUW VROO VLFK EHL (LQJDEH LP ,QIRW\S %DVLVEH]JH
ZLH IROJW HUUHFKQHQ
GHV %HWUDJV GHU /RKQDUW XQG

GHV %HWUDJV GHU /RKQDUW
6LH ZROOHQ ZHLWHUKLQ GDVV GHU %HWUDJ LP ,QIRW\S %DVLVEH]JH QLFKW GXUFK GLH
(LQJDEH HLQHV 3UR]HQWVDW]HV EHHLQIOXVVW ZHUGHQ NDQQ
'LHVHU %HWUDJ GHU /RKQDUW VROO DEKlQJLJ GDYRQ HUUHFKQHW ZHUGHQ RE XQG LQ
ZHOFKHU +|KH GLH %DVLVORKQDUWHQ JHZlKUW ZXUGHQ

/HJHQ 6LH ]XU .RQWUROOH GHQ ,QIRW\S %DVLVEH]JH QRFKPDOV DQ JHEHQ ,KUH
/RKQDUWHQ HLQ XQG YHUODVVHQ GHQ ,QIRW\S MHGRFK 2+1( ]X VLFKHUQ
%HL ,KUHP 0LWDUEHLWHU VROO VLFK GHU %HWUDJ GHU /RKQDUW EHL
(LQJDEH LP ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH DXV GHU 7DULIWDEHOOH
]LHKHQ 'DEHL VROO GHU (LQWUDJ EHUFNVLFKWLJW ZHUGHQ EHL GHP GLH /RKQDUW
QLFKW JHIOOW LVW
/HJHQ 6LH HLQHQ ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH DQ XQG YHUJHEHQ
6LH GLH /RKQDUW :DV SDVVLHUW ZHQQ 6LH GLH 7DVWH (QWHU GUFNHQ"

/|VXQJ /RKQDUWHQHLJHQVFKDIWHQ

$XIJDEH
:DV LVW GHU 8QWHUVFKLHG ]ZLVFKHQ GHP 0RGXO 7$5,) XQG GHP 0RGXO
35=17"
$QWZRUW %HL PLW GHP 0RGXO 7$5,) EHZHUWHWHQ /RKQDUWHQ ZLUG GHU %HWUDJ
DXV GHU 7DULIWDEHOOH JHOHVHQ DEKlQJLJ YRQ 7DULIYHUWUDJVJUXSSHQ XQG VWXIHQ
%HL PLW GHP 0RGXO 35=17 EHZHUWHWHQ /RKQDUWHQ ZLUG GHU %HWUDJ DXV GHQ
%HWUlJHQ VRJHQDQQWHU %DVLVORKQDUWHQ HUUHFKQHW ZREHL GLHVHU HUUHFKQHWH
%HWUDJ QRFKPDOV PLW HLQHP 3UR]HQWVDW] GHU LP 'LDORJ EHL 3IOHJH GHV
,QIRW\SV %DVLVEH]JH HLQJHJHEHQ ZLUG PXOWLSOL]LHUW ZLUG
:R]X GLHQHQ GLH 0RGXOYDULDQWHQ"
$QWZRUW 'LH 0RGXOYDULDQWH VSH]LIL]LHUW GDV HQWVSUHFKHQGH 0RGXO IU
GLH LQGLUHNWH %HZHUWXQJ XQG VWHXHUW ZLH GHU /HVH]XJULII DXI HLQH 7DEHOOH
YROO]RJHQ ZHUGHQ VROO
DXV GHU 7DULIWDEHOOH GK 0RGXO 7$5,) JHOHVHQ ZLUG (V VROO GHU
(LQWUDJ JHOHVHQ ZHUGHQ EHL GHP GLH 6SDOWH /RKQDUW QLFKW JHSIOHJW LVW
GK 9DULDQWH $ )KUHQ 6LH GLH HQWVSUHFKHQGHQ (LQWUDJXQJHQ LQ GHQ
$QWZRUW 7$5,) $
,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ $EUHFKQXQJVGDWHQ
ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ hEHUSUIXQJ GHV /RKQDUWHQNDWDORJV ĺ
/RKQDUWHQHLJHQVFKDIWHQ SUIHQ
0DUNLHUHQ 6LH GLH /RKQDUW
:lKOHQ 6LH GHQ %XWWRQ 'HWDLO
0DFKHQ 6LH IROJHQGH (LQJDEHQ
%HWUDJ
$Q]DKO(LQKHLW
0RGXO ,QG %HZHUWXQJ 7$5,)
0RGXOYDULDQWH $
6LFKHUQ 6LH ,KUH (LQJDEHQ

DXV GHU 7DULIWDEHOOH GK 0RGXO 7$5,) JHOHVHQ ZLUG (V VROO GHU (LQWUDJ
JHOHVHQ ZHUGHQ GHU IU GLHVH /RKQDUW LQ GHU 7DULIWDEHOOH DQJHOHJW ZLUG
GK 9DULDQWH % )KUHQ 6LH GLH HQWVSUHFKHQGHQ (LQWUDJXQJHQ LQ GHQ
$QWZRUW 7$5,) %
,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ $EUHFKQXQJVGDWHQ
ĺ %DVLVEH]JH ĺ /RKQDUWHQ ĺ hEHUSUIXQJ GHV /RKQDUWHQNDWDORJV ĺ
/RKQDUWHQHLJHQVFKDIWHQ SUIHQ
0DUNLHUHQ 6LH GLH /RKQDUW
:lKOHQ 6LH GHQ %XWWRQ 'HWDLO
0DFKHQ 6LH IROJHQGH (LQJDEHQ
%HWUDJ
$Q]DKO(LQKHLW
0RGXOYDULDQWH %
6LFKHUQ 6LH ,KUH (LQJDEHQ

/HJHQ 6LH LQ GHU 7DULIWDEHOOH (LQWUlJH IU ,KUH QHXH =XODJH/RKQDUW
IU MHGH ,KUHU 7DULIVWXIHQ LQ ,KUHU 7DULIJUXSSH *5 DE DQ
D 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ $EUHFKQXQJVGDWHQ
ĺ %DVLVEH]JH ĺ 7DULIORKQJUXSSHQ XQG ±VWXIHQ EHUDUEHLWHQ
E *HEHQ 6LH DXI GHP 'LDORJIHQVWHU $UEHLWVEHUHLFK IHVWOHJHQ (LQJDEH
,KUH /lQGHUJUXSSLHUXQJ 7DULIDUW XQG 7DULIJHELHW HLQ
F 0DUNLHUHQ 6LH GLH (LQWUlJH *5
G :lKOHQ 6LH .RSLHUHQ DOV
H )JHQ 6LH IROJHQGH 7DEHOOHQHLQWUlJH PLW GHU /RKQDUW KLQ]X
*USJ 7UI 6W /RKQ %HJLQQ (QGH %HWUDJ

*UXSSH DUW
*5 ,KUH :DKO
*5 ,KUH :DKO
*5 ,KUH :DKO
*5 ,KUH :DKO
I 6LFKHUQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH LQ GHQ ,0* ]XUFN
+LQZHLV 3IOHJHQ 6LH GLH (LQWUlJH ]XP -DKUHVJHKDOW IDOOV GLHV

IU ,KU /DQG HUIRUGHUOLFK LVW QLFKW IU 'HXWVFKODQG
$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ -DKUHVJHKDOW GHILQLHUHQ
:lKOHQ 6LH DXI GHP 'LDORJIHQVWHU $NWLRQ DXVZlKOHQ GLH
$NWLRQ 5HOHYDQWH /RKQDUWHQ IU -DKUHVJHKDOWVEHUHFKQXQJ
%HZ/$ 1U %HJLQQ (QGH %D 3UR

VLV/$ ]HQW
$1
6$/
VLFK SUR]HQWXDO DXV GHQ %DVLVORKQDUWHQ XQG HUUHFKQHW $XHUGHP
VROO GHU %HWUDJ GLHVHU /RKQDUW EHL GHU $XIJDEH LP ,QIRW\S %DVLVEH]JH
QRFKPDOV PLW HLQHU 3UR]HQWDQJDEH PXOWLSOL]LHUW ZHUGHQ GK 0RGXO
BBBBBBB

'HU %HWUDJ GHU /RKQDUW VROO DXHUGHP XQDEKlQJLJ YRQ GHQ WDWVlFKOLFKHQ
%HWUlJHQ GHU %DVLVORKQDUWHQ LP ,QIRW\S %DVLVEH]JH JHZlKUW ZHUGHQ
GK GLH %HWUlJH VROOHQ DXV GHU 7DULIWDEHOOH JHOHVHQ ZHUGHQ GK 9DULDQWH
BBBBBBB
'DUEHU KLQDXV VROO GHU %HWUDJ GHU /RKQDUW DXI YROOH (XUR DXI E]Z
DEJHUXQGHW ZHUGHQ
)KUHQ 6LH GLH HQWVSUHFKHQGHQ (LQWUDJXQJHQ LQ GHQ /RKQDUWHQHLJHQVFKDIWHQ
LP 6\VWHP GXUFK
D 0RGXO 35=17
E 9DULDQWH , ,QGLUHNW
F ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
/RKQDUWHQNDWDORJV ĺ /RKQDUWHQHLJHQVFKDIWHQ SUIHQ
G 0DUNLHUHQ 6LH GLH /RKQDUW
H :lKOHQ 6LH GHQ %XWWRQ 'HWDLO
I 0DFKHQ 6LH IROJHQGH (LQJDEHQ
%HWUDJ
$Q]DKO(LQKHLW
=HLW0D(LQKHLW 3UR]HQW
0RGXO ,QG %HZHUWXQJ 35=17
0RGXOYDULDQWH ,
5XQGXQJVW\S %
5XQGXQJVGLYLVRU
J 6LFKHUQ 6LH ,KUH (LQJDEHQ

'HILQLHUHQ 6LH GLH %DVLV/RKQDUWHQ%HZHUWXQJ IU GLH /RKQDUW =XODJH

/HLVWXQJ GLH VLFK DXV GHQ %DVLV/RKQDUWHQ ]X XQG
]X HUUHFKQHQ VROO
%DVLV/RKQDUWHQ%HZHUWXQJ IHVWOHJHQ
E /HJHQ 6LH IROJHQGH (LQWUlJH DQ
0RG %HZ 1U %HJLQQ (QGH %DVLV 3UR]HQW

/$ ORKQDUW
35=17
35=17
6LFKHUQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH LQ GHQ ,0* ]XUFN
$XIJDEH
2SWLRQDOH $XIJDEHQ
'HU %HWUDJ GHU /RKQDUW VROO VLFK EHL (LQJDEH LP ,QIRW\S %DVLVEH]JH
ZLH IROJW HUUHFKQHQ
GHV %HWUDJV GHU /RKQDUW XQG

GHV %HWUDJV GHU /RKQDUW
6LH ZROOHQ ZHLWHUKLQ GDVV GHU %HWUDJ LP ,QIRW\S %DVLVEH]JH QLFKW GXUFK GLH
(LQJDEH HLQHV 3UR]HQWVDW]HV EHHLQIOXVVW ZHUGHQ NDQQ
'LHVHU %HWUDJ GHU /RKQDUW VROO DEKlQJLJ GDYRQ HUUHFKQHW ZHUGHQ RE XQG LQ
ZHOFKHU +|KH GLH %DVLVORKQDUWHQ JHZlKUW ZXUGHQ

/HJHQ 6LH ]XU .RQWUROOH GHQ ,QIRW\S %DVLVEH]JH QRFKPDOV DQ JHEHQ ,KUH
/RKQDUWHQ HLQ XQG YHUODVVHQ GHQ ,QIRW\S MHGRFK 2+1( ]X VLFKHUQ
D /RKQDUWHQHLJHQVFKDIWHQ
E 0DUNLHUHQ 6LH GLH /RKQDUW

F :lKOHQ 6LH GHQ %XWWRQ 'HWDLO
G 0DFKHQ 6LH IROJHQGH (LQJDEHQ
%HWUDJ
$Q]DKO(LQKHLW
=HLW0D(LQKHLW OHHU
0RGXO ,QG %HZHUWXQJ 6800(
0RGXOYDULDQWH '
H 6LFKHUQ 6LH GLH 'DWHQ
I %DVLV/RKQDUWHQ%HZHUWXQJVWDEHOOH
,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ
%DVLV/RKQDUWHQ%HZHUWXQJ IHVWOHJHQ
J /HJHQ 6LH IROJHQGH (LQWUlJH DQ
0RG %HZ 1U %HJLQQ (QGH %DVLV 3UR]HQW

/$ ORKQDUW
6800(
6800(
K 6LFKHUQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH LQ GHQ ,0* ]XUFN
L /HJHQ 6LH HLQHQ ,QIRW\S %DVLVEH]JH DQ XQG YHUJHEHQ 6LH ,KUH GUHL
/RKQDUWHQ %LWWH VLFKHUQ 6LH GLHVHQ ,QIRW\S MHGRFK QRFK QLFKW
%HL ,KUHP 0LWDUEHLWHU VROO VLFK GHU %HWUDJ GHU /RKQDUW EHL
(LQJDEH LP ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH DXV GHU 7DULIWDEHOOH
]LHKHQ 'DEHL VROO GHU (LQWUDJ EHUFNVLFKWLJW ZHUGHQ EHL GHP GLH /RKQDUW
QLFKW JHIOOW LVW

/HJHQ 6LH HLQHQ ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH DQ XQG YHUJHEHQ
6LH GLH /RKQDUW :DV SDVVLHUW ZHQQ 6LH GLH 7DVWH (QWHU GUFNHQ"
D 'HU %HWUDJ GHU /RKQDUW VROO VLFK EHL (LQJDEH LP ,QIRW\S
:LHGHUNHKUHQGH %H XQG $E]JH DXV GHU 7DULIWDEHOOH ]LHKHQ 'DEHL VROO
GHU (LQWUDJ EHUFNVLFKWLJW ZHUGHQ EHL GHP GLH /RKQDUW QLFKW JHIOOW LVW
E /RKQDUWHQHLJHQVFKDIWHQ
$EUHFKQXQJVGDWHQ ĺ :LHGHUNHKUHQGH %H XQG $E]JH ĺ /RKQDUWHQ ĺ
hEHUSUIXQJ GHV /RKQDUWHQNDWDORJV ĺ /RKQDUWHQHLJHQVFKDIWHQ SUIHQ
F 0DUNLHUHQ 6LH GLH /RKQDUW
G :lKOHQ 6LH GHQ %XWWRQ 'HWDLO
H 0DFKHQ 6LH IROJHQGH (LQJDEHQ
%HWUDJ
$Q]DKO(LQKHLW
=HLW0D(LQKHLW OHHU
0RGXOYDULDQWH $
I 6LFKHUQ 6LH GLH 'DWHQ
J /HJHQ 6LH HLQHQ ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH DQ XQG
YHUJHEHQ 6LH GLH /RKQDUW :DV SDVVLHUW ZHQQ 6LH GLH 7DVWH
(QWHU GUFNHQ"
K (DV\$FFHVV0HQ
3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP
L :lKOHQ 6LH 3IOHJHQ
M *HEHQ 6LH GLH 3HUVRQDOQXPPHU HLQ
N 0DUNLHUHQ 6LH GHQ ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH XQG
NOLFNHQ 6LH DXI GLH 6FKDOWIOlFKH $QOHJHQ
O :lKOHQ 6LH LQ GDV )HOG *OWLJ GHQ GLHVHQ 0RQDWV HLQ
P *HEHQ 6LH LQ GDV )HOG /RKQDUW HLQ
Q 'UFNHQ 6LH (QWHU
R 'HU HQWVSUHFKHQGH :HUW ]LHKW VLFK DXV GHU 7DULIWDEHOOH


1XQ N|QQHQ 6LH

/HNWLRQ 9RUVFKODJVORKQDUWHQ

/RKQDUWHQ VROOHQ DXWRPDWLVFK LP ,QIRW\S %DVLVEH]JH YRUJHVFKODJHQ ZHUGHQ

6LH VROOHQ GXUFK &XVWRPL]LQJHLQVWHOOXQJHQ GDV 6\VWHP VR HLQVWHOOHQ GDVV
/RKQDUWHQ EHL GHU (LQVWHOOXQJ HLQHV 0LWDUEHLWHUV LP ,QIRW\S %DVLVEH]JH
DXWRPDWLVFK YRUJHVFKODJHQ ZHUGHQ
9RUVFKODJVORKQDUWHQ IU GHQ ,QIRW\S %DVLVEH]JH
$EELOGXQJ 9RUVFKODJVORKQDUWHQ IU GLH %DVLVEH]JH

+5 /HNWLRQ 9RUVFKODJVORKQDUWHQ
:HQQ GLH /RKQDUW EHL GHQ %DVLVEH]JHQ YRUJHVFKODJHQ ZHUGHQ VROO PXVV VLH LQV
/RKQDUWHQPXVWHU DXIJHQRPPHQ ZHUGHQ $EKlQJLJ YRQ GHU RUJDQLVDWRULVFKHQ
=XRUGQXQJ GHV 0LWDUEHLWHUV ]%
%XFKXQJVNUHLV
3HUVRQDOEHUHLFK
0LWDUEHLWHUJUXSSH
0LWDUEHLWHUNUHLV
ZLUG HLQ /RKQDUWHQPXVWHU DOV 9RUVFKODJ KHUDQJH]RJHQ
0HUNPDO /*067
8P ZLHGHUNHKUHQGH 5RXWLQHDUEHLWHQ ]X HUOHLFKWHUQ ZHUGHQ EHLP $QOHJHQ GHV
,QIRUPDWLRQVW\SV %DVLVEH]JH GLH YHUHLQEDUWHQ 9RUVFKODJVORKQDUWHQ
HQWZHGHU IU GHQ 6DFKEHDUEHLWHU REOLJDWRULVFK RGHU RSWLRQDO YRUJHVFKODJHQ
$EELOGXQJ 0HUNPDO /*067
'LH 9RUVFKODJVORKQDUWHQ IU GHQ ,QIRUPDWLRQVW\S %DVLVEH]JH ZHUGHQ EHU

GLH 7DEHOOH 9RUVFKODJVORKQDUWHQ IU %DVLVEH]JH GHILQLHUW
'HU =XJULII DXI HLQHQ (LQWUDJ HUIROJW QDFK $EDUEHLWXQJ HLQHV
(QWVFKHLGXQJVEDXPHV (V KDQGHOW VLFK XP GDV 0HUNPDO /*067
'DV 0HUNPDO /*067 KDW DOV 5FNJDEHZHUW ]XP HLQHQ GLH PD[LPDO
HLQJHEEDUH $Q]DKO DQ /RKQDUWHQ LP ,QIRW\S %DVLVEH]JH XQG ]XP DQGHUHQ GDV
/RKQDUWHQPXVWHU GDV YHUZHQGHW ZHUGHQ VROO

/RKQDUWHQPXVWHU
$EELOGXQJ /RKQDUWHQPXVWHU GHILQLHUHQ
,Q GHP /RKQDUWHQPXVWHU GHILQLHUHQ 6LH ]XP HLQHQ GLH 5HLKHQIROJH GHU

YRUJHVFKODJHQHQ /RKQDUWHQ XQG LQ GHP )HOG 0RGXV RE GLH YRUJHVFKODJHQH
/RKQDUW EHUVFKUHLEEDU VHLQ VROO
'HU $XIUXI DXV GHP &XVWRPL]LQJ KHUDXV KHLW Ä9RUVFKODJVORKQDUWHQ EHUDUEHLWHQ³

hEXQJ 9RUVFKODJVORKQDUWHQ

/HUQ]LHOH GHU hEXQJ

/RKQDUWHQ DXWRPDWLVFK YRUVFKODJHQ ODVVHQ
=X JXWHU /HW]W ZROOHQ 6LH GDVV ,KUH GUHL /RKQDUWHQ DEKlQJLJ YRQ GHU
RUJDQLVDWRULVFKHQ =XRUGQXQJ ,KUHU 0LWDUEHLWHU YRUJHVFKODJHQ ZHUGHQ XQG GDPLW
LP ,QIRW\S %DVLVEH]JH QLFKW PHKU PDQXHOO HLQJHJHEHQ ZHUGHQ PVVHQ
$XIJDEH
'HILQLHUHQ 6LH HLQ /RKQDUWHQPXVWHU PLW GHU 1DPHQVNRQYHQWLRQ +5/<

GDV ,KUH GUHL QHXHQ .XQGHQORKQDUWHQ HQWKDOWHQ VROO 'DEHL VROOHQ GLH
/RKQDUWHQ VR YRUJHVFKODJHQ ZHUGHQ GDVV VLH LP ,QIRW\S %DVLVEH]JH ZLHGHU
KHUDXVQHKPEDU VLQG
$XIJDEH
hEHUSUIHQ 6LH GDV 0HUNPDO /*067 LP ,0*6FKULWW 8QWHUQHKPHQVVWUXNWXU

IU /RKQDUWHQPXVWHU :HOFKHQ (LQWUDJ PXVV GHU 5HIHUHQW PDFKHQ GDPLW ,KU
/RKQDUWHQPXVWHU +5/< IU ,KUHQ 0LWDUEHLWHUNUHLV YRUJHVFKODJHQ ZLUG"
'DEHL VROOHQ LP ,QIRW\S %DVLVEH]JH LQVJHVDPW /RKQDUWHQ YHUJHEEDU
VHLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+LQZHLV 6LH EUDXFKHQ NHLQH 9HUlQGHUXQJHQ LQ GHP 0HUNPDO

/*067 YRUQHKPHQ
/HJHQ 6LH HLQHQ QHXHQ ,QIRW\SVDW] %DVLVEH]JH IU GLH

3HUVRQDOQXPPHU DQ ,KUH /RKQDUWHQ ZHUGHQ MHW]W YRUJHVFKODJHQ
1DFK (LQJDEH ,KUHU 7DULIJUXSSH XQG VWXIH ZlKOHQ 6LH (QWHU XQG GDPLW
ZHUGHQ DXFK GLH %HWUlJH IU ,KUH /RKQDUWHQ HUPLWWHOW -HW]W KDEHQ 6LH GHQ
,QIRW\S ,KUHQ $QIRUGHUXQJHQ HQWVSUHFKHQG HLQJHULFKWHW XQG N|QQHQ ,KQ
DXFK 6LFKHUQ

$XIJDEH
RSWLRQDO
hEHUSUIHQ 6LH LQ GHU 3HUVRQDODNWH ZHOFKH ,QIRW\SHQ IU ,KUHQ 0LWDUEHLWHU
EHU GLH 3HUVRQDOPDQDKPH DQJHOHJW ZXUGHQ
$XIJDEH
RSWLRQDO
6LH KDEHQ ,KUHQ ,QIRW\S %DVLVEH]JH VRZHLW HLQJHULFKWHW =XVlW]OLFK ZROOHQ 6LH
MHGRFK GLH PD[LPDOH .RQWUROOH EHU GLH /RKQDUWHQ LP ,QIRW\S %DVLVEH]JH IU
,KUHQ 0LWDUEHLWHU PLW GHU 3HUVRQDOQXPPHU
'LH %HWUlJH GHU /RKQDUWHQ VROOHQ LQGLUHNW EHZHUWHW ZHUGHQ XQG QLFKW
EHUVFKUHLEEDU VHLQ
'LH /RKQDUWHQ VROOHQ IHVW YRUJHVFKODJHQ ZHUGHQ GK GUIHQ QLFKW
YHUlQGHUEDUO|VFKEDU VHLQ
(V VROOHQ JHQDX ,KUH GUHL /RKQDUWHQ YRUJHVFKODJHQ ZHUGHQ
XQG NHLQH ZHLWHUHQ /RKQDUWHQ PDQXHOO HLQJHEEDU VHLQ
8P ]X EHUSUIHQ ZLH VLFK ,KU ,QIRW\S %DVLVEH]JH MHW]W GDUVWHOOW OHJHQ 6LH
GLHVHQ QRFKPDOV DQ DE (LQVWHOOGDWXP ,KUHV 0LWDUEHLWHUV GK 6LH
EHUVFKUHLEHQ ,KUHQ EHUHLWV DQJHOHJWHQ ,QIRW\SHQ

/|VXQJ 9RUVFKODJVORKQDUWHQ

$XIJDEH
'HILQLHUHQ 6LH HLQ /RKQDUWHQPXVWHU PLW GHU 1DPHQVNRQYHQWLRQ +5/<

GDV ,KUH GUHL QHXHQ .XQGHQORKQDUWHQ HQWKDOWHQ VROO 'DEHL VROOHQ GLH
/RKQDUWHQ VR YRUJHVFKODJHQ ZHUGHQ GDVV VLH LP ,QIRW\S %DVLVEH]JH ZLHGHU
KHUDXVQHKPEDU VLQG
9RUVFKODJVORKQDUWHQ EHUDUEHLWHQ
F /HJHQ 6LH IROJHQGH (LQWUlJH DQ
/RKQDUWHQ %HJLQQ (QGH )ROJH 0RGXV /RKQ

PXVWHU 1U DUW
+5/< 2
+5/< 2
+5/< 2

$XIJDEH
hEHUSUIHQ 6LH GDV 0HUNPDO /*067 LP ,0*6FKULWW 8QWHUQHKPHQVVWUXNWXU

IU /RKQDUWHQPXVWHU :HOFKHQ (LQWUDJ PXVV GHU 5HIHUHQW PDFKHQ GDPLW ,KU
/RKQDUWHQPXVWHU +5/< IU ,KUHQ 0LWDUEHLWHUNUHLV YRUJHVFKODJHQ ZLUG"
'DEHL VROOHQ LP ,QIRW\S %DVLVEH]JH LQVJHVDPW /RKQDUWHQ YHUJHEEDU
VHLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+LQZHLV 6LH EUDXFKHQ NHLQH 9HUlQGHUXQJHQ LQ GHP 0HUNPDO

/*067 YRUQHKPHQ

8QWHUQHKPXQJVVWUXNWXU IU /RKQDUWHQPXVWHU 6LH JHODQJHQ LQ GLH 6LFKW
0HUNPDO /*067 EHDUEHLWHQ (QWVFKHLGXQJVEDXP
E 6LH JHODQJHQ LQ GLH 6LFKW 0HUNPDO /*067 EHDUEHLWHQ
(QWVFKHLGXQJVEDXP
F 8P LQ GHU %DXPSIOHJH GDV 0HUNPDO /*067 ]X YHUlQGHUQ PVVHQ
IROJHQGH %HDUEHLWXQJVVFKULWWH GXUFKJHIKUW ZHUGHQ
G 6XFKHQ 6LH GHQ .QRWHQ 3(56. XQWHU GHU /lQGHUJUXSSLHUXQJ XQG
GHU 0LWDUEHLWHUJUXSSH $.7,9( 3RVLWLRQLHUHQ 6LH GHQ &XUVRU DXI GHP
.QRWHQ 3(56. XQG ZlKOHQ 6LH GLH )XQNWLRQ $QOHJHQ $XI GHP %LOG
:HUWH IU 3(56. WUDJHQ 6LH ,KU QHXHU 0LWDUEHLWHUNUHLV HLQ
'DQDFK ZlKOHQ 6LH hEHUQHKPHQ
H 3RVLWLRQLHUHQ 6LH GHQ &XUVRU DXI GHP QHXHQ .QRWHQ XQG
ZlKOHQ 6LH $QOHJHQ hEHUQHKPHQ 6LH DXI GHP )ROJHELOG GLH
'HIDXOWHLQVWHOOXQJ 5FNJDEHZHUW XQG EHVWlWLJHQ 6LH PLW (QWHU $XI
GHP QXQ HUVFKHLQHQGHQ %LOG 5FNJDEHZHUW IU )HOGZHUW WUDJHQ 6LH
+5/< HLQ XQG ZlKOHQ hEHUQHKPHQ
I 1DFKGHP 6LH GDV 0HUNPDO /*067 YHUlQGHUW KDEHQ 3UIHQ 6LH GDV
0HUNPDO DXI )HKOHUIUHLKHLW
J 6LFKHUQ VRZLH $NWLYLHUHQ IKUW GHU 5HIHUHQW GXUFK
/HJHQ 6LH HLQHQ QHXHQ ,QIRW\SVDW] %DVLVEH]JH IU GLH
3HUVRQDOQXPPHU DQ ,KUH /RKQDUWHQ ZHUGHQ MHW]W YRUJHVFKODJHQ

1DFK (LQJDEH ,KUHU 7DULIJUXSSH XQG VWXIH ZlKOHQ 6LH (QWHU XQG GDPLW
ZHUGHQ DXFK GLH %HWUlJH IU ,KUH /RKQDUWHQ HUPLWWHOW -HW]W KDEHQ 6LH GHQ
,QIRW\S ,KUHQ $QIRUGHUXQJHQ HQWVSUHFKHQG HLQJHULFKWHW XQG N|QQHQ ,KQ
DXFK 6LFKHUQ
3HUVRQDOVWDPP
G *HEHQ 6LH ,QIRW\S XQG DOV =HLWUDXPEHJLQQ GHQ (UVWHQ GLHVHQ
0RQDWV HLQ
H :lKOHQ 6LH $QOHJHQ
I 3IOHJHQ 6LH GLH 7DULIJUXSSH XQG VWXIH
J :lKOHQ 6LH (QWHU 'LH %HWUlJH ZHUGHQ LQ GLH )HOGHU HLQJHWUDJHQ
K 6LFKHUQ 6LH ,KUH (LQJDEHQ XQG NHKUHQ 6LH LQ GDV 6$3(DV\
$FFHVV0HQ ]XUFN
$XIJDEH
RSWLRQDO
hEHUSUIHQ 6LH LQ GHU 3HUVRQDODNWH ZHOFKH ,QIRW\SHQ IU ,KUHQ 0LWDUEHLWHU
EHU GLH 3HUVRQDOPDQDKPH DQJHOHJW ZXUGHQ
3HUVRQDOVWDPP ĺ 3HUVRQDODNWH
E *HEHQ 6LH GLH 3HUVRQDOQXPPHU HLQ
F :lKOHQ 6LH $Q]HLJHQ
G hEHUSUIHQ 6LH GLH ,QIRW\SHQ PLW +LOIH GHU )XQNWLRQ 1lFKVWHU 6DW]
H .HKUHQ 6LH LQ GDV 6$3(DV\ $FFHVV0HQ ]XUFN

$XIJDEH
RSWLRQDO
6LH KDEHQ ,KUHQ ,QIRW\S %DVLVEH]JH VRZHLW HLQJHULFKWHW =XVlW]OLFK ZROOHQ 6LH
MHGRFK GLH PD[LPDOH .RQWUROOH EHU GLH /RKQDUWHQ LP ,QIRW\S %DVLVEH]JH IU
,KUHQ 0LWDUEHLWHU PLW GHU 3HUVRQDOQXPPHU
'LH %HWUlJH GHU /RKQDUWHQ VROOHQ LQGLUHNW EHZHUWHW ZHUGHQ XQG QLFKW
EHUVFKUHLEEDU VHLQ
E 0DUNLHUHQ 6LH GLH /RKQDUW
F :lKOHQ 6LH GHQ %XWWRQ 'HWDLO
G 0DFKHQ 6LH IROJHQGH (LQJDEHQ
hEHUVFKUHLEEDUNHLW (QWIHUQHQ GHV +lNFKHQV
H )KUHQ 6LH GLHV DXFK IU ,KUH /RKQDUWHQ XQG GXUFK
I 6LFKHUQ 6LH GLH 'DWHQ XQG NHKUHQ 6LH ]XP ,0* ]XUFN
'LH /RKQDUWHQ VROOHQ IHVW YRUJHVFKODJHQ ZHUGHQ GK GUIHQ QLFKW
YHUlQGHUEDUO|VFKEDU VHLQ
9RUVFKODJVORKQDUWHQ EHUDUEHLWHQ
F bQGHUQ 6LH ,KUH (LQWUlJH DE VR GDVV GHU 0RGXV ) GK )L[ LVW
/RKQDU %HJLQQ (QGH )ROJH 0RGXV /RKQDUW

WHQPXV 1U
WHU
+5/< )
+5/< )
+5/< )

(V VROOHQ JHQDX ,KUH GUHL /RKQDUWHQ YRUJHVFKODJHQ ZHUGHQ

XQG NHLQH ZHLWHUHQ /RKQDUWHQ PDQXHOO HLQJHEEDU VHLQ
8QWHUQHKPXQJVVWUXNWXU IU /RKQDUWHQPXVWHU
E 6LH JHODQJHQ LQ GLH 6LFKW 0HUNPDO /*067 EHDUEHLWHQ
(QWVFKHLGXQJVEDXP
F bQGHUQ 6LH GHQ 5FNJDEHZHUW GHV 0HUNPDOV IU ,KUHQ 0LWDUEHLWHU VR
DE GDVV GLHVHU QXQ +5/< LVW
G $NWLYLHUHQ 6LH GDV 0HUNPDO YHUODVVHQ GLHVHV XQG UXIHQ 6LH HV
HUQHXW DXI XP ]X NRQWUROOLHUHQ GD GLH 'DWHQ LP 0HUNPDO ZLUNOLFK
JHVSHLFKHUW ZRUGHQ VLQG
8P ]X EHUSUIHQ ZLH VLFK ,KU ,QIRW\S %DVLVEH]JH MHW]W GDUVWHOOW OHJHQ 6LH
GLHVHQ QRFKPDOV DQ DE (LQVWHOOGDWXP ,KUHV 0LWDUEHLWHUV GK 6LH
EHUVFKUHLEHQ ,KUHQ EHUHLWV DQJHOHJWHQ ,QIRW\SHQ
3HUVRQDOVWDPP
G *HEHQ 6LH ,QIRW\S XQG DOV =HLWUDXPEHJLQQ GHQ (UVWHQ GLHVHQ
0RQDWV HLQ
H :lKOHQ 6LH $QOHJHQ 'LH /RKQDUWHQ VLQG IHVW YRUJHVFKODJHQ XQG 6LH
N|QQWHQ NHLQH ZHLWHUH =HLOH KLQ]XIJHQ
I 3IOHJHQ 6LH GLH 7DULIJUXSSH XQG VWXIH
J :lKOHQ 6LH (QWHU 'LH %HWUlJH ZHUGHQ LQ GLH )HOGHU HLQJHWUDJHQ XQG
VLQG QLFKW lQGHUEDU
K 6LFKHUQ 6LH ,KUH (LQJDEHQ GK EHUVFKUHLEHQ 6LH ,KUHQ EHUHLWV
DQJHOHJWHQ ,QIRW\SVDW] XQG NHKUHQ 6LH LQ GDV 6$3(DV\ $FFHVV0HQ
]XUFN


1XQ N|QQHQ 6LH


1XQ N|QQHQ 6LH
DFKWHQ PXVV


.DSLWHO
5HSRUWV (QWJHOWlQGHUXQJHQ

,Q GLHVHP .DSLWHO ZHUGHQ GLH 0|JOLFKNHLWHQ DXIJH]HLJW PLW +LOIH YRQ 5HSRUWV
XQG &XVWRPL]LQJHLQVWHOOXQJHQ 7DULIHUK|KXQJHQ XQG 7DULIOLFKH 8PVWXIXQJHQ
GXUFK]XIKUHQ

HLQH 7DULIHUK|KXQJHQ HLQ]XULFKWHQ XQG GXUFK]XIKUHQ

GLH 5HJHOQ IU GLH DXWRPDWLVFKH 7DULIXPVWXIXQJ HLQ]XULFKWHQ XQG GLHVH
GXUFK]XIKUHQ
,QKDOW GHV .DSLWHOV

/HNWLRQ 5HSRUWV (QWJHOWlQGHUXQJHQ
hEXQJ 5HSRUWV (QWJHOWlQGHUXQJHQ

.DSLWHO 5HSRUWV (QWJHOWlQGHUXQJHQ +5
/HNWLRQ 5HSRUWV (QWJHOWlQGHUXQJHQ


$EELOGXQJ YRQ (QWJHOWlQGHUXQJHQ EHU 5HSRUWV
7DULIHUK|KXQJ
7DULIOLFKH 8PVWXIXQJ

GXUFK]XIKUHQ
1DFKGHP QXQ GLH QRWZHQGLJHQ 6\VWHPHLQVWHOOXQJHQ LQ ,KUHP 8QWHUQHKPHQ
HLQJHULFKWHW VLQG JHKW HV LP IROJHQGHQ XP DOOWlJOLFKH $UEHLWHQ GLH PLW +LOIH GHV
6\VWHPV GXUFKJHIKUW ZHUGHQ VROOHQ
+LHU]X JHK|UHQ ]XP %HLVSLHO GLH DXWRPDWLVFKH 9HUVHW]XQJ HLQHV 0LWDUEHLWHUV LQ
HLQH DQGHUH 7DULIJUXSSH RGHU GLH 'XUFKIKUXQJ YRQ 7DULIHUK|KXQJHQ

+5 /HNWLRQ 5HSRUWV (QWJHOWlQGHUXQJHQ
7DULIHUK|KXQJ
$EELOGXQJ =X 7DULIHUK|KXQJ
'DV 6\VWHP ELHWHW ,KQHQ GLH 0|JOLFKNHLW HLQH DXWRPDWLVFKH 7DULIHUK|KXQJ

GXUFK]XIKUHQ
'LHV NRPPW LG5 IU 0LWDUEHLWHU LQ %HWUDFKW GHUHQ %DVLVEH]JH
DXIJUXQG LKUHU =XRUGQXQJ ]X HLQHU EHVWLPPWHQ 7DULIVWUXNWXU LQGLUHNW EHU
&XVWRPL]LQJHLQVWHOOXQJHQ HUPLWWHOW ZHUGHQ
'DV 6\VWHP XQWHUVFKHLGHW GDEHL ]ZHL 9RUJHKHQVZHLVHQ MH QDFKGHP RE OHGLJOLFK
GLH %HWUlJH LQ GHU &XVWRPL]LQJHLQVWHOOXQJ XP HLQHQ EHVWLPPWHQ %HWUDJ E]Z
3UR]HQWVDW] DQJHJOLFKHQ ZHUGHQ VROOHQ QDFKIROJHQG (LQIDFKH 7DULIHUK|KXQJ RGHU
DEHU HLQ )RUWVFKUHLEHQ GHU +LVWRULH LP ,QIRUPDWLRQVW\S %DVLVEH]JH HUIROJHQ VROO
%HDFKWHQ 6LH ELWWH IROJHQGHV
(LQIDFKH 7DULIHUK|KXQJ 'LHV LVW HLQH UHLQH 7DEHOOHQlQGHUXQJ
LP &XVWRPL]LQJ 7 GK GLHV ZUGH NHLQH DXWRPDWLVFKH
5FNUHFKQXQJVHUNHQQXQJ DXVO|VHQ 'DV LVW ]% GDQQ UHOHYDQW ZHQQ 6LH
UFNZLUNHQGH 7DULIHUK|KXQJHQ KDEHQ GLH LQ GLH $EUHFKQXQJVYHUJDQJHQKHLW
UHLFKHQ 'DUEHU KLQDXV HU]HXJW GLH HLQIDFKH 7DULIHUK|KXQJ NHLQHQ QHXHQ
,QIRW\SVDW]
(UZHLWHUWH 7DULIHUK|KXQJ :HQQ 6LH GLHVH GXUFKIKUHQ LVW GLH
5FNUHFKQXQJVHUNHQQXQJ JHZlKUOHLVWHW XQG HV ZLUG DXFK HLQ QHXHU
,QIRW\SVDW] HU]HXJW

$EELOGXQJ +DQGKDEXQJ GHU HLQIDFKHQ 7DULIHUK|KXQJ
%HL HLQHU 7DULIHUK|KXQJ IKUHQ 6LH PLW GHP 5HSRUW 538 ]XQlFKVW GLH
JHZQVFKWH $QSDVVXQJ GHU 7DULIJUXSSHQ XQG VWXIHQ ]XP 6WLFKWDJ GXUFK
'LH LQGLUHNWH %HZHUWXQJ KROW GDQDFK ]HLWJHQDX GHQ *HOGZHUW DXV GHU
GD]XJHK|UHQGHQ 7DEHOOH
'XUFK HLQH 'DWXPVHLQJDEH LQ GHU =HLOH ÄLQGLUHNWH %HZHUWXQJ³ LP ,QIRUPDWLRQVW\S
%DVLVEH]JH ZHUGHQ GLH ]XP MHZHLOLJHQ =HLWSXQNW JHOWHQGHQ %HWUDJVZHUWH
DQJH]HLJW
=XU EHVVHUHQ .RQWUROOH ZXUGHQ GLH 9RUJlQJH ]XU bQGHUXQJ GHU
&XVWRPL]LQJHLQVWHOOXQJHQ XQG GHU 6WDPPGDWHQ JHWUHQQW
:HQQ 6LH DXFK LQ GHQ 6WDPPGDWHQ HLQH +LVWRULH HU]HXJHQ P|FKWHQ VWDUWHQ
6LH DQVFKOLHHQG GHQ 5HSRUW 53,75) GHU GLH HQWVSUHFKHQGHQ %DVLVEH]XJVVlW]H
]XP DQJHJHEHQHQ 6WLFKWDJ DEJUHQ]W

$EELOGXQJ +DQGKDEXQJ GHU HUZHLWHUWHQ 7DULIHUK|KXQJ
'LH $EUHFKQXQJ YHUDUEHLWHW GHQ ,QIRUPDWLRQVW\S %DVLVEH]JH XQG GLH

7DULIJUXSSHQ XQG VWXIHQ ]HLWUDXPJHQDX
1DFKGHP HLQH (UK|KXQJ GHU %HWUlJH GXUFK &XVWRPL]LQJ(LQVWHOOXQJHQ HUIROJW
LVW ILQGHW KLHUEHL HLQ )RUWVFKUHLEHQ GHU +LVWRULH LP ,QIRUPDWLRQVW\S %DVLVEH]JH
IU LQGLUHNW EHZHUWHWH /RKQDUWHQ VWDWW
)DOOV 6LH DOVR HLQH +LVWRULH GHU %DVLVEH]JH DQKDQG ]HLWUDXPDEJHJUHQ]WHU
%DVLVEH]JH DEELOGHQ P|FKWHQ ELHWHW ,KQHQ GHU 5HSRUW 53,75) GDV
QRWZHQGLJH +LOIVPLWWHO

$EELOGXQJ %DWFK,QSXW 9HUDUEHLWXQJ
%HL 5HSRUWV GLH JURH 0DVVHQGDWHQlQGHUXQJHQ DQVWRHQ ZLUG GLH 'DWHQlQGHUXQJ

RIWPDOV QLFKW JOHLFK DXVJHIKUW VRQGHUQ EHU GHQ =ZLVFKHQVFKULWW HLQHU
%DWFK,QSXW 0DSSH (UVW ZHQQ GLH %DWFK,QSXW 0DSSH DEJHVSLHOW ZXUGH VLQG GLH
'DWHQlQGHUXQJHQ DQ GHQ 6WDPPGDWHQ YROO]RJHQ
6LH HUUHLFKHQ GDV (LQVWLHJVELOG GHV %DWFK,QSXW6\VWHPV EHU 6\VWHP ĺ 'LHQVWH
ĺ %DWFK,QSXW ĺ 0DSSHQ 9RQ GRUW N|QQHQ 6LH 0DSSHQ PLW HLQHU EHOLHELJHQ
.RPELQDWLRQ GHU IROJHQGHQ .ULWHULHQ DXVZlKOHQ
0DSSHQQDPH
(UVWHOOXQJVGDWXP ODXW 0DSSHQEHUVLFKW
0DSSHQVWDWXV
=XU $Q]HLJH GHU 0DSSHQEHUVLFKW ZlKOHQ 6LH hEHUVLFKW 6LH N|QQHQ
0DSSHQ LQ GHU hEHUVLFKW VWDUWHQ DQDO\VLHUHQ RGHU O|VFKHQ =XU $Q]HLJH GHU
0DSSHQSURWRNROOH ZlKOHQ 6LH 3URWRNROO
=X MHGHU 0DSSH ZLUG EHLP $EVSLHOHQ HLQ 3URWRNROO HUVWHOOW hEHU GLH /LVWH GHU
0DSSHQSURWRNROOH N|QQHQ 6LH ZHLWHUH $NWLRQHQ DXVIKUHQ ZLH HWZD 0DSSHQ
DQDO\VLHUHQ

6LH N|QQHQ ]ZLVFKHQ GUHL %HDUEHLWXQJVDUWHQ IU 0DSSHQ ZlKOHQ

6LFKWEDU DEVSLHOHQ 6LH N|QQHQ IHKOHUKDIWH 7UDQVDNWLRQHQ LQWHUDNWLY
NRUULJLHUHQ XQG QRFK QLFKW DXVJHIKUWH 7UDQVDNWLRQHQ VWXIHQZHLVH
GXUFKDUEHLWHQ
1XU )HKOHU DQ]HLJHQ 'LHVH %HDUEHLWXQJVDUW JOHLFKW GHU %HDUEHLWXQJVDUW
6LFKWEDU DEVSLHOHQ DXHU GDVV 7UDQVDNWLRQHQ GLH QRFK QLFKW DXVJHIKUW
ZXUGHQ XQG NHLQH )HKOHU HQWKDOWHQ QLFKW LQWHUDNWLY DEODXIHQ 'DV
%LOGVFKLUPELOG DXI GHP GHU )HKOHU YRUNRPPW ZLUG DQJH]HLJW
+LQWHUJUXQG %HL GLHVHU %HDUEHLWXQJVDUW ZLUG HLQH 0DSSH IU GLH VRIRUWLJH
9HUDUEHLWXQJ LP +LQWHUJUXQGV\VWHP HLQJHSODQW
7DULIOLFKH 8PVWXIXQJ
$EELOGXQJ =X 7DULIOLFKH 8PVWXIXQJ
'LH WDULIOLFKH 8PVWXIXQJ HUP|JOLFK ,KQHQ DXWRPDWLVFK XQG PLWDUEHLWHULQGLYLGXHOO

GLH $QJDEHQ ]XU 7DULIJUXSSH XQG VWXIH LP ,QIRW\S %DVLVEH]JH ]X
DNWXDOLVLHUHQ ZHQQ EHVWLPPWH YRUGHILQLHUWH 8PVWXIXQJVVLWXDWLRQHQ EHL GHP
0LWDUEHLWHU HLQJHWUHWHQ VLQG

,P 6WDQGDUG N|QQHQ 6LH QHEHQ GHU WDULIOLFKHQ 8PVWXIXQJ DXIJUXQG GHV

'DWXPV GHU QlFKVWHQ 9RUUFNXQJ LP ,QIRW\S %DVLVEH]JH XQG GHP
DXI GHP 5HSRUWVHOHNWLRQVELOG HLQJHJHEHQHQ 6WLFKWDJ ZHLWHUH *UHQ]ZHUWH IU
8PVWXIXQJVNULWHULHQ GHILQLHUHQ
'DV /HEHQVDOWHU GHV 0LWDUEHLWHUV QDFK GHP HLQH WDULIOLFKH 8PVWXIXQJ
VWDWWILQGHQ VROO
'LH =XJHK|ULJNHLW ]X HLQHU 7DULIJUXSSHVWXIH QDFK GHUHQ (UUHLFKHQ GLH
8PVWXIXQJ HUIROJHQ VROO
'HU *UHQ]ZHUW IU GLH JHOHLVWHWH $UEHLWV]HLW GHV 0LWDUEHLWHUV LQ 6WXQGHQ
'LH WDULIOLFKH 8PVWXIXQJ IKUHQ 6LH PLW IROJHQGHQ 5HSRUWV GXUFK
7DULIOLFKH 8PVWXIXQJ DXIJUXQG YRQ 6WDPPGDWHQ 5HSRUW 7DULIOLFKH
8PVWXIXQJ QDFK /HEHQVDOWHU E]Z WDULIOLFKH =XJHK|ULJNHLWVGDXHU
53,780
7DULIOLFKH 8PVWXIXQJ DXIJUXQG YRQ JHOHLVWHWHU $UEHLWV]HLW 5HSRUW 7DULIOLFKH
8PVWXIXQJ 53,7,*
$EELOGXQJ =X D 7DULIOLFKH 8PVWXIXQJ DXIJUXQG YRQ 6WDPPGDWHQ
8QWHU WDULIOLFKHU 8PVWXIXQJ YHUVWHKW PDQ GLH 9HUVHW]XQJ HLQHV 0LWDUEHLWHUV LQ

HLQH DQGHUH 7DULIJUXSSH XQGRGHU HYHQWXHOO LQ HLQH DQGHUH 7DULIVWXIH 'XUFK GLHVH
9HUVHW]XQJ HUKlOW GHU 0LWDUEHLWHU GDV (QWJHOW GHU HQWVSUHFKHQGHQ (LQVWXIXQJ
$XWRPDWLVFKH 7DULIXPVWXIXQJHQ ZHUGHQ DEKlQJLJ YRP /HEHQVDOWHU E]Z
9HUZHLOGDXHU LQ GHU GHU]HLWLJHQ 7DULIJUXSSHVWXIH HLQHV 0LWDUEHLWHUV KLQWHUOHJW

$EELOGXQJ +DQGKDEXQJ GHU WDULIOLFKHQ 8PVWXIXQJ DXIJUXQG YRQ

6WDPPGDWHQ
)DOOV DXV EHWULHEOLFKHQ *UQGHQ LQGLYLGXHOO HLQ DEZHLFKHQGHU 8PVWXIXQJVWHUPLQ

JHZQVFKW ZLUG NDQQ GDV HQWVSUHFKHQGH 'DWXP LP ,QIRUPDWLRQVW\S %DVLVEH]JH
LP )HOG Ä1lFKVWH 9RUUFNXQJ³ HLQJHJHEHQ ZHUGHQ
)U HLQH DOWHUVDEKlQJLJH 8PVWXIXQJ NDQQ HQWZHGHU GDV QDWUOLFKH RGHU HLQ
WHFKQLVFKHV *HEXUWVGDWXP ]XJUXQGH JHOHJW ZHUGHQ XP GHQ =HLWSXQNW GHU
8PVWXIXQJ EHL %HGDUI ]X YDULLHUHQ
hEHU GHQ 5HSRUW 53/75) 'DXHU GHU WDULIOLFKHQ =XJHK|ULJNHLW N|QQHQ 6LH
HLQH /LVWH HU]HXJHQ ZHOFKH GLH 0LWDUEHLWHU PLW ,KUHU 7DULIVWUXNWXU XQG ZHLWHUHQ
,QIRUPDWLRQHQ ]XU (LQVWXIXQJ DXI]HLJW
'LH WDULIOLFKH 8PVWXIXQJ ZLUG LQ GHU 5HJHO LQ MHGHU $EUHFKQXQJVSHULRGH MHZHLOV
YRU GHU /RKQ XQG *HKDOWVDEUHFKQXQJ GXUFKJHIKUW %HDFKWHQ 6LH ELWWH GDVV GLH
WDULIOLFKH 8PVWXIXQJ LPPHU YRU GHU 7DULIHUK|KXQJ VWDWWILQGHQ PXVV

$EELOGXQJ =X E 7DULIOLFKH 8PVWXIXQJ DXIJUXQG JHOHLVWHWHU $UEHLWV]HLW
'LHVH LVW QXU P|JOLFK ZHQQ 6LH DXFK =HLWDXVZHUWXQJHQ PDFKHQ

8P GLHVH )XQNWLRQDOLWlW ]X QXW]HQ OHJHQ 6LH GHQ *UHQ]ZHUW IU GLH JHOHLVWHWH
$UEHLWV]HLW ,KUHV 0LWDUEHLWHUV XQG GLH ]X HUUHLFKHQGH 7DULIIROJHJUXSSHVWXIH LQ
GHU 7DEHOOH 7DULIOLFKH 8PVWXIXQJ IHVW
'HU 5HSRUW 7DULIOLFKH 8PVWXIXQJ 53,365 YHUJOHLFKW GLHVHQ *UHQ]ZHUW IU GLH
JHOHLVWHWH $UEHLWV]HLW PLW GHU EHUHLWV NXPXOLHUWHQ $UEHLWV]HLW 537,0( XQG
HUVWHOOW EHL hEHUVFKUHLWXQJ GHV *UHQ]ZHUWHV HLQHQ QHXHQ 6DW] IU GHQ ,QIRW\S
%DVLVEH]JH
0LWWHOV GHV 0HUNPDOV 359$5 N|QQHQ 6LH LQ $EKlQJLJNHLW YRQ ZHLWHUHQ
RUJDQLVDWRULVFKHQ XQG PLWDUEHLWHUEH]RJHQHQ .ULWHULHQ HLQHQ GUHLVWHOOLJHQ
DOSKDQXPHULVFKHQ 5FNJDEHZHUW DOV YDULDEOHV $UJXPHQW GHILQLHUHQ 0LW GLHVHP
:HUW ZLUG GLH 7DEHOOH 7DULIOLFKH 8PVWXIXQJ JHOHVHQ

hEXQJ 5HSRUWV (QWJHOWlQGHUXQJHQ

/HUQ]LHOH GHU hEXQJ

'XUFKIKUHQ YRQ HLQHU 7DULIHUK|KXQJ XQG HLQHU 7DULIXPVWXIXQJ
$E KHXWH HUKDOWHQ DOOH )HUWLJXQJVPLWDUEHLWHU HLQH 7DULIHUK|KXQJ YRQ
$XHUGHP VROOHQ VLH QDFK HLQHP -DKU =XJHK|ULJNHLW ]X HLQHU 7DULIVWXIH LQ GLH
QlFKVWH XPJHVWXIW ZHUGHQ
$XIJDEH
'XUFKIKUHQ HLQHU 7DULIHUK|KXQJ
1DFKGHP 6LH NRQWUROOLHUW KDEHQ GDVV 6LH IU ,KUHQ )HUWLJXQJVPLWDUEHLWHU
HLQHQ ,QIRW\S %DVLVEH]JH PLW LQGLUHNW EHZHUWHWHQ /RKQDUWHQ
JHVSHLFKHUW KDEHQ YHUZHQGHQ 6LH GHQ 5HSRUW 538 XP GLH %HWUlJH
GHU 7DULIWDEHOOH IU ,KUH 7DULIDUW XQG ,KU 7DULIJHELHW GDV 7DULIJHKDOW
IU ,KUH 7DULIJUXSSHQ ]XP KHXWLJHQ 6WLFKWDJ XP ]X HUK|KHQ
9HUZHQGHQ 6LH GHQ 5HSRUW 53,75) GHQ 6LH IU ,KUHQ 0LWDUEHLWHUNUHLV
XQG ]XP KHXWLJHQ 7DJ GXUFKIKUHQ $FKWHQ 6LH GDUDXI GDVV GLH
/lQGHUJUXSSLHUXQJ $QGHUH /lQGHU JHVHW]W LVW 6HW]HQ 6LH GDV +lNFKHQ
IU %DWFK,QSXW XQG VSLHOHQ 6LH DQVFKOLHHQG GLH %DWFK,QSXW 0DSSH DE
'DGXUFK ZLUG HLQ QHXHU ,QIRW\SVDW] DE GHP KHXWLJHQ 7DJ 'DWXP GHU
7DULIHUK|KXQJ IU ,KUHQ 0LWDUEHLWHU HU]HXJW 6FKDXHQ 6LH VLFK
GHQ ,QIRW\SVDW] %DVLVEH]JH ,KUHV 0LWDUEHLWHUV DQ
$XIJDEH
'XUFKIKUHQ HLQHU 7DULIXPVWXIXQJ RSWLRQDO
'HILQLHUHQ 6LH GLH DOOJHPHLQHQ 5HJHOQ IU GLH 7DULIXPVWXIXQJ LQ ,KUHP
8QWHUQHKPHQ LQ GHP ,0*6FKULWW 7DULIOLFKH 8PVWXIXQJ DXIJUXQG GHU
6WDPPGDWHQ IHVWOHJHQ 1DFK HLQHP -DKU =XJHK|ULJNHLW VROOHQ GLH 0LWDUEHLWHU
,KUHU 7DULIJUXSSH *5 LQ GLH QlFKVWH 6WXIH ZHFKVHOQ
+LQZHLV XQWHU 8PVWlQGHQ ILQGHQ 6LH GLHVHQ 6FKULWW QXU LP 5HIHUHQ],0*

(LQ -DKU LVW YHUJDQJHQ XQG ,KU )HUWLJXQJVPLWDUEHLWHU 3QU VROO
GHU QlFKVWHQ 7DULIVWXIH ]XJHRUGQHW ZHUGHQ 9HUZHQGHQ 6LH GHQ 5HSRUW
53,365 XP GLHVH 9HUlQGHUXQJ DXWRPDWLVFK ]X JHQHULHUHQ 6HW]HQ
6LH GDV +lNFKHQ IU %DWFK,QSXW XQG VSLHOHQ 6LH GLH %DWFK,QSXW0DSSH
DQVFKOLHHQG DE
hEHUSUIHQ 6LH LP ,QIRW\S %DVLVEH]JH RE GLH WDULIOLFKH 8PVWXIXQJ
GXUFKJHIKUW ZXUGH

/|VXQJ 5HSRUWV (QWJHOWlQGHUXQJHQ

$XIJDEH
'XUFKIKUHQ HLQHU 7DULIHUK|KXQJ
1DFKGHP 6LH NRQWUROOLHUW KDEHQ GDVV 6LH IU ,KUHQ )HUWLJXQJVPLWDUEHLWHU
HLQHQ ,QIRW\S %DVLVEH]JH PLW LQGLUHNW EHZHUWHWHQ /RKQDUWHQ
JHVSHLFKHUW KDEHQ YHUZHQGHQ 6LH GHQ 5HSRUW 538 XP GLH %HWUlJH
GHU 7DULIWDEHOOH IU ,KUH 7DULIDUW XQG ,KU 7DULIJHELHW GDV 7DULIJHKDOW
IU ,KUH 7DULIJUXSSHQ ]XP KHXWLJHQ 6WLFKWDJ XP ]X HUK|KHQ
D (LQIDFKH 7DULIHUK|KXQJ 9HUZHQGHQ 6LH GHQ 5HSRUW 538 XP GLH
%HWUlJH GHU 7DULIWDEHOOH IU ,KUH 7DULIDUW XQG ,KU 7DULIJHELHW
XQG IU ,KUH 7DULIJUXSSH ]XP KHXWLJHQ 6WLFKWDJ XP ]X HUK|KHQ
E :lKOHQ 6LH LP 0HQ 6\VWHP ĺ 'LHQVWH ĺ 5HSRUWLQJ
F *HEHQ 6LH GHQ 5HSRUW 538 HLQ :lKOHQ 6LH $XVIKUHQ
G *HEHQ 6LH /lQGHUJUXSSLHUXQJ 7DULIDUW 7DULIJHELHW *USJ
0$.U IU 7DULIUHJHOXQJ GHQ 3UR]HQWVDW] XQG GDV KHXWLJH 'DWXP
DOV (UK|KXQJVGDWXP *OWLJNHLWVEHJLQQ HLQ
H :lKOHQ 6LH $XVIKUHQ
I :lKOHQ 6LH GHQ %XWWRQ 6LFKW DOWH 7DULIH XQG 6LFKW QHXH 7DULIH XP GLH
(LQWUlJH ]X SUIHQ EHYRU 6LH 6LFKHUQ QHXH 7DULIH ZlKOHQ
J .HKUHQ 6LH LQ GDV 6$3(DV\ $FFHVV0HQ ]XUFN
9HUZHQGHQ 6LH GHQ 5HSRUW 53,75) GHQ 6LH IU ,KUHQ 0LWDUEHLWHUNUHLV
XQG ]XP KHXWLJHQ 7DJ GXUFKIKUHQ $FKWHQ 6LH GDUDXI GDVV GLH
/lQGHUJUXSSLHUXQJ $QGHUH /lQGHU JHVHW]W LVW 6HW]HQ 6LH GDV +lNFKHQ
IU %DWFK,QSXW XQG VSLHOHQ 6LH DQVFKOLHHQG GLH %DWFK,QSXW 0DSSH DE

'DGXUFK ZLUG HLQ QHXHU ,QIRW\SVDW] DE GHP KHXWLJHQ 7DJ 'DWXP GHU
7DULIHUK|KXQJ IU ,KUHQ 0LWDUEHLWHU HU]HXJW 6FKDXHQ 6LH VLFK
GHQ ,QIRW\SVDW] %DVLVEH]JH ,KUHV 0LWDUEHLWHUV DQ
D (UZHLWHUWH 7DULIHUK|KXQJ 9HUZHQGHQ 6LH GHQ 5HSRUW 53,75) GHQ
6LH IU ,KUHQ 0LWDUEHLWHUNUHLV XQG ]XP KHXWLJHQ 7DJ GXUFKIKUHQ
$FKWHQ 6LH GDUDXI GDVV GLH /lQGHUJUXSSLHUXQJ $QGHUH /lQGHU
JHVHW]W LVW 6HW]HQ 6LH GDV +lNFKHQ IU %DWFK,QSXW XQG VSLHOHQ 6LH
DQVFKOLHHQG GLH %DWFK,QSXW 0DSSH DE
E :lKOHQ 6LH LP 0HQ 6\VWHP ĺ 'LHQVWH ĺ 5HSRUWLQJ
F *HEHQ 6LH GHQ 5HSRUW 53,75) HLQ
G :lKOHQ 6LH $XVIKUHQ
H *HEHQ 6LH ,KUHQ 0LWDUEHLWHUNUHLV XQG GHQ KHXWLJHQ 7DJ DOV 'DWXP
GHU (UK|KXQJ HLQ *HEHQ 6LH DOV /lQGHUJUXSSLHUXQJ $QGHUH /lQGHU
HLQ 6HW]HQ 6LH GDV .HQQ]HLFKHQ IU %DWFK,QSXW
I :lKOHQ 6LH $XVIKUHQ
J =XP $EVSLHOHQ GHU 0DSSH ZlKOHQ 6LH 6\VWHP ĺ 'LHQVWH ĺ
%DWFK,QSXW ĺ 0DSSHQ
K ,Q GHU .DUWHLNDUWH *HVDPWEHUVLFKW PDUNLHUHQ 6LH GLH
%DWFK,QSXW0DSSH GLH VLFK QHEHQ ,KUHU /RJRQ,' +5
EHILQGHW XQG ZlKOHQ 6LH $EVSLHOHQ $XI GHP )ROJHELOG ZlKOHQ 6LH
6LFKWEDU DEVSLHOHQ %HVWlWLJHQ 6LH GLH HLQ]HOQHQ 6FKULWWH PLW (QWHU
L hEHUSUIHQ 6LH GLH bQGHUXQJ LQ GHQ 6WDPPGDWHQ ,KUHV 0LWDUEHLWHUV HV
ZXUGH DE GHP KHXWLJHQ 7DJ HLQ ZHLWHUHU ,QIRW\SVDW] DQJHOHJW
M .HKUHQ 6LH LQ GDV 6$3(DV\ $FFHVV0HQ ]XUFN
$XIJDEH
'XUFKIKUHQ HLQHU 7DULIXPVWXIXQJ RSWLRQDO
'HILQLHUHQ 6LH GLH DOOJHPHLQHQ 5HJHOQ IU GLH 7DULIXPVWXIXQJ LQ ,KUHP
8QWHUQHKPHQ LQ GHP ,0*6FKULWW 7DULIOLFKH 8PVWXIXQJ DXIJUXQG GHU
6WDPPGDWHQ IHVWOHJHQ 1DFK HLQHP -DKU =XJHK|ULJNHLW VROOHQ GLH 0LWDUEHLWHU
,KUHU 7DULIJUXSSH *5 LQ GLH QlFKVWH 6WXIH ZHFKVHOQ

+LQZHLV XQWHU 8PVWlQGHQ ILQGHQ 6LH GLHVHQ 6FKULWW QXU LP 5HIHUHQ],0*

$EUHFKQXQJVGDWHQ ĺ %DVLVEH]JH ĺ 7DULIOLFKH bQGHUXQJHQ ĺ
7DULIOLFKH 8PVWXIXQJ ĺ 7DULIOLFKH 8PVWXIXQJ IHVWOHJHQ
E :lKOHQ 6LH 1HXH (LQWUlJH XQG OHJHQ 6LH IROJHQGH (LQWUlJH DQ
F 7DULIDUW 7DULIJHELHW *USJ7DULI 7UI*U *5 6WXIH
%HJLQQ $QIDQJ GHV ODXIHQGHQ 0RQDWV (QGH +LJKGDWH
*UXSSHQ]XJHK|ULJNHLWVGDXHU *U=' )ROJHWDULIJUXSSH )OJ7*U
*5 )ROJHWDULIVWXIH )OJ76W
G 7DULIDUW 7DULIJHELHW *USJ7DULI 7UI*U *5 6WXIH
H 7DULIDUW 7DULIJHELHW *USJ7DULI 7UI*U *5 6WXIH
(LQ -DKU LVW YHUJDQJHQ XQG ,KU )HUWLJXQJVPLWDUEHLWHU 3QU VROO
GHU QlFKVWHQ 7DULIVWXIH ]XJHRUGQHW ZHUGHQ 9HUZHQGHQ 6LH GHQ 5HSRUW
53,365 XP GLHVH 9HUlQGHUXQJ DXWRPDWLVFK ]X JHQHULHUHQ 6HW]HQ
6LH GDV +lNFKHQ IU %DWFK,QSXW XQG VSLHOHQ 6LH GLH %DWFK,QSXW0DSSH
DQVFKOLHHQG DE
D :lKOHQ 6LH LP 0HQ 6\VWHP ĺ 'LHQVWH ĺ 5HSRUWLQJ
E *HEHQ 6LH GHQ 5HSRUW 53,365 HLQ XQG ZlKOHQ 6LH $XVIKUHQ
0DUNLHUHQ 6LH GLH 2SWLRQ $QGHUHU =HLWUDXP XQG JHEHQ 6LH GDV %HJLQQ
XQG (QGHGDWXP GHV ODXIHQGHQ 0RQDWV QlFKVWHQ -DKUHV XQG ,KUH
3HUVRQDOQXPPHU HLQ 0DUNLHUHQ 6LH DXI GHU 5HJLVWHUNDUWH
*HQHULHUXQJVDUW GDV .HQQ]HLFKHQ %DWFK,QSXW0DSSH
F :lKOHQ 6LH $XVIKUHQ
G 8P GLH 0DSSH DE]XVSLHOHQ ZlKOHQ 6LH 6\VWHP ĺ 'LHQVWH ĺ
%DWFK,QSXW ĺ 0DSSHQ
H $XI GHU .DUWHLNDUWH *HVDPWEHUVLFKW PDUNLHUHQ 6LH GLH
%DWFK,QSXW0DSSH GLH VLFK QHEHQ ,KUHU /RJRQ,' +5
EHILQGHW XQG ZlKOHQ 6LH $EVSLHOHQ $XI GHP )ROJHELOG ZlKOHQ
6LH 6LFKWEDU DEVSLHOHQ XQG HQWIHUQHQ GDV +lNFKHQ EHL '\QSUR
6WDQGDUGJU|H %HVWlWLJHQ 6LH GLH HLQ]HOQHQ 6FKULWWH PLW (QWHU
I .HKUHQ 6LH LQ GDV 6$3(DV\ $FFHVV0HQ ]XUFN

hEHUSUIHQ 6LH LP ,QIRW\S %DVLVEH]JH RE GLH WDULIOLFKH 8PVWXIXQJ

GXUFKJHIKUW ZXUGH
3HUVRQDOVWDPP
E :lKOHQ 6LH $Q]HLJHQ
G *HEHQ 6LH ,QIRW\S HLQ
H :lKOHQ 6LH hEHUEOLFN
I hEHUSUIHQ 6LH GLH 7DULIJUXSSH XQG VWXIH


1XQ N|QQHQ 6LH
GXUFK]XIKUHQ


1XQ N|QQHQ 6LH
GXUFK]XIKUHQ

.DSLWHO
,QIRW\SHQ

=XQlFKVW ZHUGHQ LQ GLHVHP .DSLWHO GLH DOOJHPHLQHQ 6WHXHUXQJVP|JOLFKNHLWHQ
IU ,QIRW\SHQ DXIJH]HLJW 'DQDFK JHKW GDV .DSLWHO DXI GLH 0|JOLFKNHLWHQ GHU
0RGLILNDWLRQ YRQ '\QSUR+HDGHU XQG %LOGPRGLILNDWLRQHQ HLQ =XOHW]W ZLUG GLH
0|JOLFKNHLW GHV ,QIRW\SDXIUXIV EHU ,QIRW\SPHQV JHQDXHU EHKDQGHOW

EHVFKUHLEHQ ZHOFKH 6WHXHUXQJHQ EHU GLH ,QIRW\SNRQILJXUDWLRQ P|JOLFK VLQG

UFNUHFKQXQJVUHOHYDQWH )HOGHU GHILQLHUHQ
HUNOlUHQ ZHOFKH 6WHXHUXQJHQ IU GLH QDWLRQDOHQ ,QIRW\SVLFKWHQ ]XU
9HUIJXQJ VWHKHQ
GLH 2EHUIOlFKH GHV ,QIRW\SV LP %HUHLFK '\QSUR+HDGHU DQSDVVHQ
GLH 2EHUIOlFKH GHV ,QIRW\SV LP %HUHLFK %LOGPRGLILNDWLRQ DQSDVVHQ
QHXH ,QIRW\SPHQV HU]HXJHQ XQG EHVWHKHQGH ,QIRW\SPHQV EHDUEHLWHQ
,QIRW\SPHQV DOV HLJHQH 5HJLVWHUNDUWH LQ GHU 3HUVRQDOVWDPPGDWHQSIOHJH
DXVJHZlKOWHQ 8VHUQ ]XU 9HUIJXQJ VWHOOHQ
,QKDOW GHV .DSLWHOV

/HNWLRQ (LJHQVFKDIWHQ YRQ ,QIRW\SHQ
hEXQJ (LJHQVFKDIWHQ YRQ ,QIRW\SHQ
/HNWLRQ $QSDVVXQJ GHU 2EHUIOlFKHQ
hEXQJ $QSDVVXQJ GHU 2EHUIOlFKHQ '\QSUR+HDGHU
/HNWLRQ ,QIRW\SPHQV

.DSLWHO ,QIRW\SHQ +5
hEXQJ ,QIRW\SPHQV

+5 /HNWLRQ (LJHQVFKDIWHQ YRQ ,QIRW\SHQ
/HNWLRQ (LJHQVFKDIWHQ YRQ ,QIRW\SHQ


(LJHQVFKDIWHQ GHU ,QIRW\SHQ
=HLWELQGXQJ
UFNUHFKQXQJVUHOHYDQWH )HOGHU
QDWLRQDOH ,QIRW\SHQ

9HUIJXQJ VWHKHQ
6LH VROOHQ VLFK LQ ,KUHP 8QWHUQHKPHQ EHU GLH 0|JOLFKNHLWHQ GHU .RQILJXUDWLRQ
GHU ,QIRW\SHLJHQVFKDIWHQ LQIRUPLHUHQ

(LQIKUXQJ ,QIRW\SHQ
$EELOGXQJ 6\VWHPVWHXHUXQJHQ
(V JLEW YHUVFKLHGHQH (EHQHQ GHU %HQXW]HUVWHXHUXQJ

'LH HUVWH 6WHXHUXQJVHEHQH GHU 6LFKWVWHXHUXQJ EHWULIIW GLH $XVZDKO GHVVHQ
ZDV GHU %HQXW]HU DXI GHP %LOGVFKLUP XQG LQ GHQ 0HQV VLHKW XQG GHU
,QIRUPDWLRQHQ GLH GHP %HQXW]HU ]XU $QVLFKW EHUHLW VWHKHQ =XVlW]OLFK JLEW
HV 6WHXHUXQJHQ XP ]X EHVWLPPHQ ZHOFKHV IU EHVWLPPWH 0LWDUEHLWHU ]XU
'DWHQHUIDVVXQJ GLH JHHLJQHWHQ ,QIRUPDWLRQHQ VLQG VR ]XP %HLVSLHO GLH
QDWLRQDOHQ ,QIRW\SHQ
(LQH ]ZHLWH 6WHXHUXQJVHEHQH EHWULIIW GLH %HUHFKWLJXQJHQ
=XJULIIVVWHXHUXQJ DOVR GDV ZRUDXI GLH %HQXW]HU =XJULII KDEHQ VLHKH
.XUV +5
'LH GULWWH 6WHXHUXQJVHEHQH GHU bQGHUXQJVYHUIROJXQJ KDW VFKOLHOLFK GLH
)XQNWLRQ ]X YHUIROJHQ ZHOFKH bQGHUXQJHQ JHPDFKW ZHUGHQ RGHU ZHOFKH
5HSRUWV DXVJHIKUW ZHUGHQ VLHKH $QKDQJ

$EELOGXQJ (LJHQVFKDIWHQ GHU ,QIRW\SHQ
,QIRW\S XQWHU LQKDOWOLFKHQ $VSHNWHQ ]XVDPPHQJHIDVVWH 0HQJH YRQ 'DWHQ ]%

'DWHQ ]XU 3HUVRQ 6ROODUEHLWV]HLW 2UJDQLVDWRULVFKH =XRUGQXQJ %DVLVEH]JH
,Q WHFKQLVFKHU +LQVLFKW VSLHJHOQ ,QIRW\SHQ EHU LKUH 'DWHQVWUXNWXU HLQH
]XVDPPHQKlQJHQGH 0HQJH YRQ 'DWHQVlW]HQ ZLGHU XQG VLQG GXUFK HLQHQ
YLHUVWHOOLJHQ QXPHULVFKHQ 6FKOVVHO LGHQWLIL]LHUEDU $XHUGHP VLQG
,QIRW\SHQ 7UlJHU YRQ V\VWHPVWHXHUQGHQ 0HUNPDOHQ ZLH HWZD =HLWELQGXQJ
5FNUHFKQXQJVUHOHYDQ] XVZ
%LOGVFKLUPDQVLFKW )U GHQ $QZHQGHU HUVFKHLQHQ ,QIRW\SHQ DOV
(UIDVVXQJVPDVNHQ EHU GLH 6LH ,QIRW\SVlW]H SIOHJHQ N|QQHQ (LQ %LOGVFKLUPELOG
RGHU '<1DPLF 352JUDP EHVWHKW DXV HLQHP %LOG XQG GHU LKP ]XJUXQGHOLHJHQGHQ
$EODXIORJLN 'LH +DXSWEHVWDQGWHLOH HLQHV '\QSURV VLQG
$WWULEXWH ]% '\QSURQXPPHU )ROJHG\QSUR
%LOGDXIEDX $QRUGQXQJ YRQ 7H[WHQ )HOGHUQ XQG DQGHUHQ (OHPHQWHQ
)HOGDWWULEXWH 'HILQLWLRQ GHU (LJHQVFKDIWHQ HLQ]HOQHU )HOGHU
$EODXIORJLN UXIW GLH UHOHYDQWHQ $%$30RGXOH DXI
,P P\6$3 (53 NDQQ VLFK HLQ EHVWLPPWHV %LOG DXV GHQ 'DWHQ YRQ HLQHP
]ZHL RGHU PHKUHUHQ ,QIRW\SHQ ]XVDPPHQVHW]HQ

$EELOGXQJ $QSDVVHQ YRQ ,QIRW\SHQ
'DWHQIHOGHU GLH 3HUVRQDOVWDPPGDWHQ =HLWZLUWVFKDIWVGDWHQ VRZLH %HZHUEHUGDWHQ

HQWKDOWHQ ZHUGHQ ]XU %LOGXQJ YRQ ,QIRW\SHQ ]XVDPPHQJHIDVVW
,QIRW\SHQ XQWHUOLHJHQ GHQ IROJHQGHQ 1DPHQVNRQYHQWLRQHQ
,QIRW\SHQ ELV IU 3HUVRQDOVWDPPGDWHQ XQG EHVWLPPWH
%HZHUEHUGDWHQ
,QIRW\SHQ ELV IU +&03ODQGDWHQ
,QIRW\SHQ ELV IU =HLWPDQDJHPHQWGDWHQ
,QIRW\SHQ ELV DXVVFKOLHOLFK IU %HZHUEHUGDWHQ
,QIRW\SHQ ELV VLQG IU .XQGHQ UHVHUYLHUW
6LH N|QQHQ IU MHGHQ HLQ]HOQHQ ,QIRW\S GLH 6\VWHPUHDNWLRQ IHVWOHJHQ
,QIRUPDWLRQHQ ]XU 'LDORJVWHXHUXQJ 6RUWLHUUHLKHQIROJH +HDGHUJHVWDOWXQJ XVZ
N|QQHQ IU MHGHQ ,QIRW\S DQJHJHEHQ ZHUGHQ

,QIRW\SVWHXHUXQJHQ
$EELOGXQJ ,QIRW\SVWHXHUXQJHQ
,P 6$36WDQGDUGV\VWHP VLQG DOOH ,QIRW\SHQ PLW LKUHQ 6WDQGDUGHLQVWHOOXQJHQ

HQWKDOWHQ 'DV 6\VWHP LVW YROOVWlQGLJ DEODXIEHUHLW :HQQ 6LH GDV 6\VWHP DQ
,KUH HLJHQHQ VSH]LILVFKHQ $QIRUGHUXQJHQ DQSDVVHQ PVVHQ 6LH XQWHUVFKHLGHQ
]ZLVFKHQ GHQ .XQGHQNRPSRQHQWHQ GLH 6LH LP &XVWRPL]LQJ DQSDVVHQ N|QQHQ XQG
GHQ 6$3.RPSRQHQWHQ GLH 6LH XQWHU NHLQHQ 8PVWlQGHQ lQGHUQ VROOWHQ

5FNUHFKQXQJVUHOHYDQ]
$EELOGXQJ 'HILQLWLRQ UFNUHFKQXQJVUHOHYDQWHU )HOGHU
6LH N|QQHQ GLH 5FNUHFKQXQJVUHOHYDQ] GHU ,QIRW\SHQ IU GLH 3HUVRQDODEUHFKQXQJ

XQG GLH =HLWZLUWVFKDIW GHILQLHUHQ 5FNUHFKQXQJVUHOHYDQWH ,QIRW\SHQ N|QQHQ EHU
GHQ &XVWRPL]LQJVFKULWW 5FNUHFKQXQJVUHOHYDQ] GHILQLHUHQ DXI XQWHUVFKLHGOLFKH
:HLVH YDULLHUW ZHUGHQ
6LH N|QQHQ GLH (LQVWHOOXQJHQ IU GLH 3HUVRQDODEUHFKQXQJ XQG GLH
=HLWZLUWVFKDIW YROONRPPHQ XQDEKlQJLJ YRQHLQDQGHU GXUFKIKUHQ :HQQ 6LH
HLQHQ ,QIRW\S DOV UHOHYDQW IU GLH IHOGDEKlQJLJH 5FNUHFKQXQJ HLQVWHOOHQ
PVVHQ 6LH GDUDXI LQ GHU $QVLFKW )HOGDEKlQJLJH 5FNUHFKQXQJVHUNHQQXQJ
GLH UFNUHFKQXQJVUHOHYDQWHQ )HOGHU GHV ,QIRW\SV DXIOLVWHQ =XVDPPHQ PLW
GHU $QVLFKW )HOGVSH]LILVFKHV 5FNUHFKQXQJVNHQQ]HLFKHQ NDQQ HLQ ,QIRW\S
IHOGVSH]LILVFK DOV UFNUHFKQXQJVUHOHYDQW GHILQLHUW ZHUGHQ

$EELOGXQJ 5FNUHFKQXQJVDQVWR IU ,QIRW\S XQG )HOG
6LH N|QQHQ ,QIRW\SHQ RGHU ,QIRW\SIHOGHU DOV UFNUHFKQXQJVUHOHYDQW NHQQ]HLFKQHQ

)HOGHU 7 N|QQHQ DOV UFNUHFKQXQJVUHOHYDQW JHNHQQ]HLFKQHW ZHUGHQ
)HOGDEKlQJLJH 5FNUHFKQXQJVUHOHYDQ] ± ZHQQ GLH 5FNUHFKQXQJVUHOHYDQ] IU
GDV $EUHFKQXQJVIHOG DXI 7 IHOGDEKlQJLJ HLQJHVWHOOW ZXUGH PVVHQ 6LH LQ GHU
$QVLFKW )HOGDEKlQJLJH 5FNUHFKQXQJVHUNHQQXQJ GLH )HOGHU DXIOLVWHQ GLH IU GLH
$EUHFKQXQJ GLH 5FNUHFKQXQJ DXVO|VHQ
*HEHQ 6LH LP )HOG 7\S GHQ :HUW IU GLHVH )HOGHU HLQ :HQQ GLH
5FNUHFKQXQJVUHOHYDQ] IU GDV %'(=HLWDXVZHUWXQJVIHOG PLW 7 IHOGDEKlQJLJ
JHNHQQ]HLFKQHW LVW PVVHQ 6LH LQ GHU $QVLFKW 9B7* DOOH )HOGHU DXIOLVWHQ
GLH HLQH 5FNUHFKQXQJ YRQ =HLWGDWHQ DXVO|VHQ *HEHQ 6LH LP )HOG 7\S GHQ
:HUW IU GLHVH )HOGHU HLQ )U EHVWLPPWH )HOGHU N|QQHQ 6LH LPPHU QRFK GLH
(LQVWHOOXQJ QLFKW lQGHUEDU LQ GHU $EUHFKQXQJVYHUJDQJHQKHLW ZlKOHQ (LQH
VROFKH (LQVWHOOXQJ N|QQWH HWZD IU hEHUWUDJXQJVGDWHQ YHUZHQGHW ZHUGHQ GD
UFNZLUNHQGH bQGHUXQJHQ IU VROFKH 'DWHQ NHLQHQ 6LQQ HUJHEHQ ZUGHQ

1DWLRQDOH ,QIRW\SHQ
$EELOGXQJ 1DWLRQDOH ,QIRW\SHQ XQG 6XEW\SHQ
6LH N|QQHQ GLH =XOlVVLJNHLW GHU ,QIRW\SHQ QDFK /lQGHUQ VSH]LIL]LHUHQ :HQQ GDV
OlQGHUDEKlQJLJH 6XEW\SHQNHQQ]HLFKHQ IU GHQ ,QIRW\S JHVHW]W LVW N|QQHQ 6LH
DXFK GLH =XOlVVLJNHLW YRQ 6XEW\SHQ IU /lQGHU VSH]LIL]LHUHQ
=XU =HLW NDQQ GLHVHV .HQQ]HLFKHQ QXU IU ,QIRW\SHQ YHUZHQGHW ZHUGHQ GHUHQ
6XEW\SHQ LQ GHU $QVLFKW GHU ,QIR6XEW\SDWWULEXWH GHILQLHUW VLQG
,Q GHQ 7UDQVDNWLRQHQ 3HUVRQDOVWDPPGDWHQ DQ]HLJHQ 3$ XQG
3HUVRQDOVWDPPGDWHQ SIOHJHQ 3$ ZLUG HLQH 3UIXQJ GHU ,QIRW\SHQ PLW
/lQGHUJUXSSLHUXQJ YRQ HLQJHJHEHQHQ 3HUVRQDOQXPPHUQ DXVJHIKUW 'DV
KHLW GDVV QXU GLH ,QIRW\SHQ XQG 6XEW\SHQ DQJH]HLJW ZHUGHQ GLH IU GLH
/lQGHUJUXSSLHUXQJHQ LQ GHU $QVLFKW ,QIRW\SHQ ± OlQGHUVSH]LILVFKH (LQVWHOOXQJHQ
]XJHODVVHQ VLQG
%HLVSLHO
'HU ,QIRW\S VWHKW IU GHQ ,QIRW\S .DQDGLVFKH %HVWHXHUXQJ XQG LVW LQ GHU
.RQILJXUDWLRQ DOV DXVVFKOLHOLFK IU .DQDGD JOWLJ JHNHQQ]HLFKQHW :HQQ LQ GHU
$QVLFKW 6WDPPGDWHQ SIOHJHQ HLQH H[LVWLHUHQGH 3HUVRQDOQXPPHU LQ GDV )HOG
3HUVRQDOQXPPHU HLQJHJHEHQ ZLUG GDQQ HUPLWWHOW GDV 6\VWHP DXI GHU *UXQGODJH
GHV 6DW]HV ,7 RE GHU 0LWDUEHLWHU HLQHP NDQDGLVFKHQ %XFKXQJVNUHLV
DQJHK|UW *HK|UW GHU 0LWDUEHLWHU NHLQHP NDQDGLVFKHQ %XFKXQJVNUHLV DQ
NDQQ GHU ,QIRW\S QLFKW JHSIOHJW ZHUGHQ XQG HUVFKHLQW DXFK QLFKW LP
$XVZDKOPHQ GHU P|JOLFKHQ ,QIRW\SHQ

hEXQJ (LJHQVFKDIWHQ YRQ ,QIRW\SHQ

/HUQ]LHOH GHU hEXQJ

EHVFKUHLEHQ ZHOFKH 6WHXHUXQJHQ EHU GLH ,QIRW\SNRQILJXUDWLRQ P|JOLFK
VLQG
6LH P|FKWHQ VLFK PLW GHQ ,QIRW\SHLJHQVFKDIWHQ YHUWUDXW PDFKHQ
$XIJDEH
9HUZHQGHQ 6LH GHQ ,QIRW\S GHU ,KUHU *UXSSH ]XJHWHLOW LVW
*UXSSH ,QIRW\S]XRUGQXQJ *UXSSH ,QIRW\S]XRUGQXQJ


9HUZHQGHQ 6LH GHQ ,QIRW\S GHV 'DWHQEODWWV GHU ,KUHU *UXSSH ]XJHRUGQHW
ZXUGH XP ,QIRUPDWLRQHQ ]X GHQ )HOGHUQ ]X ILQGHQ GLH ]XU .RQILJXULHUXQJ GHU
,QIRW\SPHUNPDOH EHQXW]W ZHUGHQ %LWWH EHDFKWHQ 6LH GLH $QWZRUWHQ KlQJHQ YRQ
,KUHP ,QIRW\S DE ± VSH]LHOOH $QWZRUWHQ HUKDOWHQ 6LH PLW GHU )+LOIH
%HDQWZRUWHQ 6LH GLH IROJHQGHQ )UDJHQ ]X GHQ (LJHQVFKDIWHQ ,KUHV ,QIRW\SV
:HOFKH =HLWELQGXQJ KDW ,KU ,QIRW\S"
:HOFKH 9RUVFKODJVZHUWH JLEW HV IU GDV $QOHJHQ HLQHV 6DW]HV GLHVHV

,QIRW\SVDW]HV IU GDV %HJLQQ XQG GDV (QGGDWXP"
:LUG GLHVHU ,QIRW\S DXFK IU %HZHUEHU YHUZHQGHW" -D 1HLQ"
$XIJDEH
%HDQWZRUWHQ 6LH GLH IROJHQGHQ )UDJHQ ]XU 5FNUHFKQXQJ IU ,KUHQ ,QIRW\S
/|VHQ bQGHUXQJHQ DQ GLHVHP ,QIRW\S GLH 5FNUHFKQXQJ IU GLH

3HUVRQDODEUHFKQXQJ DXV" -D 1HLQ"


=HLWDEUHFKQXQJ DXV" -D 1HLQ"

/|VXQJ (LJHQVFKDIWHQ YRQ ,QIRW\SHQ

$XIJDEH
9HUZHQGHQ 6LH GHQ ,QIRW\S GHU ,KUHU *UXSSH ]XJHWHLOW LVW
*UXSSH ,QIRW\S]XRUGQXQJ *UXSSH ,QIRW\S]XRUGQXQJ

9HUZHQGHQ 6LH GHQ ,QIRW\S GHV 'DWHQEODWWV GHU ,KUHU *UXSSH ]XJHRUGQHW
ZXUGH XP ,QIRUPDWLRQHQ ]X GHQ )HOGHUQ ]X ILQGHQ GLH ]XU .RQILJXULHUXQJ GHU
,QIRW\SPHUNPDOH EHQXW]W ZHUGHQ %LWWH EHDFKWHQ 6LH GLH $QWZRUWHQ KlQJHQ YRQ
,KUHP ,QIRW\S DE ± VSH]LHOOH $QWZRUWHQ HUKDOWHQ 6LH PLW GHU )+LOIH
%HDQWZRUWHQ 6LH GLH IROJHQGHQ )UDJHQ ]X GHQ (LJHQVFKDIWHQ ,KUHV ,QIRW\SV
:HOFKH =HLWELQGXQJ KDW ,KU ,QIRW\S"
$QWZRUW ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
$QSDVVXQJ GHU $UEHLWVDEOlXIH ĺ ,QIRUPDWLRQVW\SHQ ĺ ,QIRW\SHQ
:lKOHQ 6LH LP %LOG $NWLRQ DXVZlKOHQ GLH 2SWLRQ ,QIRW\S :lKOHQ 6LH
GHQ ,KUHU *UXSSH ]XJHRUGQHWHQ ,QIRW\S PLW HLQHP 'RSSHONOLFN DXV RGHU
PDUNLHUHQ 6LH GHQ ,QIRW\S XQG ZlKOHQ 6LH GDQQ GDV 'HWDLO6\PERO
)HOG =HLWELQGXQJ

%HGHXWXQJ GHU :HUWH

(LQ ,QIRW\SVDW] PXVV LPPHU YHUIJEDU VHLQ 'HU 6DW] GDUI NHLQH
]HLWOLFKHQ /FNHQ DXIZHLVHQ 6LH GUIHQ QLFKW GHQ ]XOHW]W LQ GHU
'DWHQEDQN JHVSHLFKHUWHQ 6DW] O|VFKHQ GD VRQVW DOOH 6lW]H GLHVHV
,QIRW\SV JHO|VFKW ZHUGHQ

1XU HLQ HLQ]LJHU 6DW] GDUI ]X HLQHP =HLWSXQNW YHUIJEDU VHLQ ]HLWOLFKH
/FNHQ VLQG MHGRFK ]XOlVVLJ

%HOLHELJ YLHOH 6lW]H N|QQHQ ]XU JOHLFKHQ =HLW JOWLJ VHLQ ]HLWOLFKH
/FNHQ VLQG ]XOlVVLJ
$
)U GLHVHQ ,QIRW\S GDUI QLHPDOV PHKU DOV HLQ HLQ]LJHU 6DW] YRUKDQGHQ
VHLQ (U LVW YRP ELV ]XP JOWLJ (LQ $XIVSOLWWHQ
LVW QLFKW JHVWDWWHW ,QIRW\SHQ PLW =HLWELQGXQJ $ GUIHQ QLFKW JHO|VFKW
ZHUGHQ
%
)U GLHVHQ ,QIRW\S GDUI QLHPDOV PHKU DOV HLQ HLQ]LJHU 6DW] YRUKDQGHQ
VHLQ (U LVW YRP ELV ]XP JOWLJ (LQ $XIVSOLWWHQ
LVW QLFKW JHVWDWWHW ,QIRW\SHQ PLW =HLWELQGXQJ % GUIHQ JHO|VFKW ZHUGHQ
7
'LH =HLWELQGXQJ LVW MH QDFK 6XEW\S XQWHUVFKLHGOLFK VLHKH 7DEHOOH
$
*HKHQ 6LH LQ GLH 7DEHOOHQSIOHJH 7UDQVDNWLRQ VP XQG JHEHQ 6LH
GLH 7DEHOOH 9B7$ HLQ $OWHUQDWLY GD]X N|QQHQ 6LH DXFK GLH
7UDQVDNWLRQ 30 IU GHQ ,QIRW\SNRSLHUHU ZlKOHQ XP GLH 7DEHOOH
$ DXI]XUXIHQ *HEHQ 6LH LQ GLHVHP )DOO GLH ,QIRW\SQXPPHU HLQ XQG
IROJHQ 6LH GDQQ GHP 3IDG 6SULQJHQ ĺ ,QIRVXEW\SHLJHQVFKDIWHQ
=
%H]LHKW VLFK DXI ,QIRW\SHQ GHU =HLWZLUWVFKDIW 'LH =HLWELQGXQJ IU
GLHVH ,QIRW\SHQ ULFKWHW VLFK QDFK GHU =HLWELQGXQJVNODVVH GLH LQ GHU
6LFKW 9B76B GHILQLHUW LVW
:HOFKH 9RUVFKODJVZHUWH JLEW HV IU GDV $QOHJHQ HLQHV 6DW]HV GLHVHV
,QIRW\SVDW]HV IU GDV %HJLQQ XQG GDV (QGGDWXP"
$QWZRUW
6LHKH )HOG +LQ]XI R %HJLQQ
6LHKH )HOG +LQ]XI R (QGH

:LUG GLHVHU ,QIRW\S DXFK IU %HZHUEHU YHUZHQGHW" -D 1HLQ"

$QWZRUW 6LHKH )HOG '%7DE %HZHUE
,Q GLHVHP )HOG EHILQGHW VLFK HLQ :HUW ZHQQ GHU ,QIRW\S LQ GHU %HVFKDIIXQJ
YHUZHQGHW ZLUG
$XIJDEH
%HDQWZRUWHQ 6LH GLH IROJHQGHQ )UDJHQ ]XU 5FNUHFKQXQJ IU ,KUHQ ,QIRW\S
3HUVRQDODEUHFKQXQJ DXV" -D 1HLQ"
$QWZRUW ,0* 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDODGPLQLVWUDWLRQ ĺ
$QSDVVXQJ GHU $UEHLWVDEOlXIH ĺ ,QIRUPDWLRQVW\SHQ ĺ ,QIRW\SHQ
:lKOHQ 6LH LP %LOG $NWLRQ DXVZlKOHQ GLH 2SWLRQ ,QIRW\S :lKOHQ 6LH
GHQ ,KUHU *UXSSH ]XJHRUGQHWHQ ,QIRW\S PLW HLQHP 'RSSHONOLFN DXV RGHU
PDUNLHUHQ 6LH GHQ ,QIRW\S XQG ZlKOHQ 6LH GDQQ GDV 'HWDLO6\PERO
6LHKH )HOG 5FNUHFKQ $EU KDW GHQ :HUW EODQN 5 RGHU 7
=HLWDEUHFKQXQJ DXV" -D 1HLQ"
$QWZRUW 6LHKH )HOG 5FNUHFKQ %'( KDW GHQ :HUW EODQN 5 RGHU 7


1XQ N|QQHQ 6LH
9HUIJXQJ VWHKHQ

HR305_REF_Teil 2_3

Uploaded by

Copyright:

Available Formats

You might also like

HR305_REF_Teil 2_3

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

HR305_REF_Teil 2_3

Uploaded by

Copyright:

Available Formats

.

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

hEHUEOLFN EHU GDV .DSLWHO

/HUQ]LHOH GHV .DSLWHOV

 GLH SHUV|QOLFKHQ 'DWHQ HLQHV 0LWDUEHLWHUV EHUEOLFNHQ

,QKDOW GHV .DSLWHOV

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

/HNWLRQ 3HUV|QOLFKH 'DWHQ

hEHUEOLFN EHU GLH /HNWLRQ

/HUQ]LHOH GHU /HNWLRQ

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

'DWHQ ]XU 3HUVRQ

$EELOGXQJ  =X  'DWHQ ]XU 3HUVRQ

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  =X  $QVFKULIWHQ

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ  =X  %DQNYHUELQGXQJ

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

 hEXQJ  3HUV|QOLFKH 'DWHQ

/HUQ]LHOH GHU hEXQJ

 .HKUHQ 6LH ]XU 0DQDKPH (LQVWHOOXQJ +5 ]XUFN XQG NRPSOHWWLHUHQ

+LQZHLV :HQQ 6LH HLQHQ (KHSDUWQHU RGHU .LQGHU DQJHEHQ NDQQ

1DFKGHP 6LH GLH (LQJDEHQ LQ GLHVHQ ,QIRW\SHQ JHSIOHJW XQG JHVLFKHUW

 9HUZHQGHQ 6LH ]XU %HDQWZRUWXQJ GHU IROJHQGHQ )UDJH ,KUHQ 3URMHNW,0*

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

/|VXQJ  3HUV|QOLFKH 'DWHQ

 .HKUHQ 6LH ]XU 0DQDKPH (LQVWHOOXQJ +5 ]XUFN XQG NRPSOHWWLHUHQ

+LQZHLV :HQQ 6LH HLQHQ (KHSDUWQHU RGHU .LQGHU DQJHEHQ NDQQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

1DFKGHP 6LH GLH (LQJDEHQ LQ GLHVHQ ,QIRW\SHQ JHSIOHJW XQG JHVLFKHUW

 9HUZHQGHQ 6LH ]XU %HDQWZRUWXQJ GHU IROJHQGHQ )UDJH ,KUHQ 3URMHNW,0*

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

=XVDPPHQIDVVXQJ GHU /HNWLRQ

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

=XVDPPHQIDVVXQJ GHV .DSLWHOV

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

hEHUEOLFN EHU GDV .DSLWHO

/HUQ]LHOH GHV .DSLWHOV

 GHQ =XVDPPHQKDQJ ]ZLVFKHQ GHQ $UEHLWV]HLWHQ LP ,QIRW\S 6ROODUEHLWV]HLW

,QKDOW GHV .DSLWHOV

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

/HNWLRQ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG

hEHUEOLFN EHU GLH /HNWLRQ

/HUQ]LHOH GHU /HNWLRQ

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

hEHUEOLFN EHU GDV .DSLWHO

GLH SHUV|QOLFKHQ 'DWHQ HLQHV 0LWDUEHLWHUV EHUEOLFNHQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

/HNWLRQ 3HUV|QOLFKH 'DWHQ

hEHUEOLFN EHU GLH /HNWLRQ

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ =X 'DWHQ ]XU 3HUVRQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ =X $QVFKULIWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ =X %DQNYHUELQGXQJ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

hEXQJ 3HUV|QOLFKH 'DWHQ

.HKUHQ 6LH ]XU 0DQDKPH (LQVWHOOXQJ +5 ]XUFN XQG NRPSOHWWLHUHQ

+LQZHLV :HQQ 6LH HLQHQ (KHSDUWQHU RGHU .LQGHU DQJHEHQ NDQQ

9HUZHQGHQ 6LH ]XU %HDQWZRUWXQJ GHU IROJHQGHQ )UDJH ,KUHQ 3URMHNW,0*

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

/|VXQJ 3HUV|QOLFKH 'DWHQ

.HKUHQ 6LH ]XU 0DQDKPH (LQVWHOOXQJ +5 ]XUFN XQG NRPSOHWWLHUHQ

+LQZHLV :HQQ 6LH HLQHQ (KHSDUWQHU RGHU .LQGHU DQJHEHQ NDQQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

9HUZHQGHQ 6LH ]XU %HDQWZRUWXQJ GHU IROJHQGHQ )UDJH ,KUHQ 3URMHNW,0*

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

'LH IROJHQGH $XIJDEH LVW RSWLRQDO

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

hEHUEOLFN EHU GDV .DSLWHO

GHQ =XVDPPHQKDQJ ]ZLVFKHQ GHQ $UEHLWV]HLWHQ LP ,QIRW\S 6ROODUEHLWV]HLW

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

/HNWLRQ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG

hEHUEOLFN EHU GLH /HNWLRQ

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ $UEHLWV]HLW YRQ 0LWDUEHLWHUQ

-HGHU 0LWDUEHLWHU LVW HLQHP $UEHLWV]HLWSODQ ]XJHRUGQHW 'LH KLHU KLQWHUOHJWHQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ 6ROODUEHLWV]HLW

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ =XVDPPHQKDQJ ]ZLVFKHQ 6ROODUEHLWV]HLW XQG %DVLVEH]JHQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

*UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQ

$EELOGXQJ *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHO

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ 5HFKHQEHLVSLHO %HUHFKQXQJ 0HKUDUEHLWVVWXQGHQORKQ IU

$EELOGXQJ 5HFKHQEHLVSLHO %HUHFKQXQJ 0HKUDUEHLWVVWXQGHQORKQ IU

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

'LH %HUHFKQXQJ HLQHV 0HKUDUEHLWVVWXQGHQVDW]HV IU HLQHQ 6WXQGHQO|KQHU

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

hEXQJ =XVDPPHQKDQJ ]ZLVFKHQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

:RKHU NRPPHQ GLH :HUWH IU %HVFKlIWLJXQJVJUDG XQG $UEHLWVVWXQGH SUR

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

/|VXQJ =XVDPPHQKDQJ ]ZLVFKHQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

:RKHU NRPPHQ GLH :HUWH IU %HVFKlIWLJXQJVJUDG XQG $UEHLWVVWXQGH SUR

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

'LH :HUWH IU %HVFKlIWLJXQJVJUDG XQG $UEHLWVVWXQGH SUR 3HULRGH

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

hEHUEOLFN EHU GDV .DSLWHO

UHJLRQDOH EUDQFKHQVSH]LILVFKH ILQDQ]LHOOH XQG ]HLWOLFKH $VSHNWH GHU

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

hEHUEOLFN EHU GLH /HNWLRQ

:HLWHUH ,QIRUPDWLRQHQ ILQGHQ 6LH LP ,QVWUXFWRU *XLGH LP 6$31HW

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ (QWJHOWW\SHQ

,P ,QIRW\S %DVLVEH]JH ODVVHQ VLFK LP 0HQ EHU %HDUEHLWHQ(QWJHOWW\S lQGHUQ