Download as pdf or txt
Download as pdf or txt
You are on page 1of 208

+5

.RQILJXUDWLRQ $EUHFKQXQJ
P\6$3 (53 +XPDQ &DSLWDO 0DQDJHPHQW

6WDQG
6FKXOXQJV]HQWUXP
5HIHUHQWHQ

6FKXOXQJV
+RPHSDJH

5HIHUHQWHQKDQGEXFK
9HUVLRQ GHU 6FKXOXQJ 4
'DXHU GHU 6FKXOXQJ  7DJ H
0DWHULDOQXPPHU 
9HUDQWZRUWOLFKHU $OIUHG :ROWHU '

$Q 6$3 &RPSDVV FRXUVH  XVH LW WR OHDUQ UHIHUHQFH LW IRU ZRUN


&RS\ULJKW

&RS\ULJKW ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

:HLWHUJDEH XQG 9HUYLHOIlOWLJXQJ GLHVHU 3XEOLNDWLRQ RGHU YRQ 7HLOHQ GDUDXV VLQG ]X ZHOFKHP =ZHFN
XQG LQ ZHOFKHU )RUP DXFK LPPHU RKQH GLH DXVGUFNOLFKH VFKULIWOLFKH *HQHKPLJXQJ GXUFK 6$3 $*
QLFKW JHVWDWWHW ,Q GLHVHU 3XEOLNDWLRQ HQWKDOWHQH ,QIRUPDWLRQHQ N|QQHQ RKQH YRUKHULJH $QNQGLJXQJ
JHlQGHUW ZHUGHQ

'LH YRQ 6$3 $* RGHU GHUHQ 9HUWULHEVILUPHQ DQJHERWHQHQ 6RIWZDUH3URGXNWH N|QQHQ


6RIWZDUH.RPSRQHQWHQ DXFK DQGHUHU 6RIWZDUH+lXVHU HQWKDOWHQ

0DUNHQ]HLFKHQ

‡ 0LFURVRIWŠ :,1'2:6Š 17Š (;&(/Š :RUGŠ 3RZHU3RLQWŠ XQG 64/ 6HUYHUŠ VLQG
HLQJHWUDJHQH 0DUNHQ GHU 0LFURVRIW &RUSRUDWLRQ
‡ ,%0Š '%Š 26Š '%Š 3DUDOOHO 6\VSOH[Š 096(6$Š 56Š $,;Š
6Š $6Š 26Š XQG 26Š VLQG HLQJHWUDJHQH 0DUNHQ GHU ,%0 &RUSRUDWLRQ
‡ 25$&/(Š LVW HLQH HLQJHWUDJHQH 0DUNH GHU 25$&/( &RUSRUDWLRQ
‡ ,1)250,;Š2Q/LQH IRU 6$3 XQG ,QIRUPL[Š '\QDPLF 6HUYHU70 VLQG HLQJHWUDJHQH 0DUNHQ
GHU ,QIRUPL[ 6RIWZDUH ,QFRUSRUDWHG
‡ 81,;Š ;2SHQŠ 26)Š XQG 0RWLIŠ VLQG HLQJHWUDJHQH 0DUNHQ GHU 2SHQ *URXS
‡ &LWUL[Š GDV &LWUL[/RJR ,&$Š 3URJUDP 1HLJKERUKRRGŠ 0HWD)UDPHŠ :LQ)UDPHŠ
9LGHR)UDPHŠ 0XOWL:LQŠ XQG DQGHUH KLHU HUZlKQWH 1DPHQ YRQ &LWUL[3URGXNWHQ VLQG
0DUNHQ YRQ &LWUL[ 6\VWHPV ,QF
‡ +70/ '+70/ ;0/ ;+70/ VLQG 0DUNHQ RGHU HLQJHWUDJHQH 0DUNHQ GHV :&Š :RUOG
:LGH :HE &RQVRUWLXP 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\
‡ -$9$Š LVW HLQH HLQJHWUDJHQH 0DUNH GHU 6XQ 0LFURV\VWHPV ,QF
‡ -$9$6&5,37Š LVW HLQH HLQJHWUDJHQH 0DUNH GHU 6XQ 0LFURV\VWHPV ,QF YHUZHQGHW XQWHU GHU
/L]HQ] GHU YRQ 1HWVFDSH HQWZLFNHOWHQ XQG LPSOHPHQWLHUWHQ 7HFKQRORJLH
‡ 6$3 6$3 /RJR 5 5,9$ 5 $%$3 6$3 $UFKLYH/LQN 6$3 %XVLQHVV :RUNIORZ
:HE)ORZ 6$3 (DUO\:DWFK %$3, 6$33+,5( 0DQDJHPHQW &RFNSLW P\6$3FRP /RJR
XQG P\6$3FRP VLQG 0DUNHQ RGHU HLQJHWUDJHQH 0DUNHQ GHU 6$3 $* LQ 'HXWVFKODQG XQG
YLHOHQ DQGHUHQ /lQGHUQ ZHOWZHLW $OOH DQGHUHQ 3URGXNWH VLQG 0DUNHQ RGHU HLQJHWUDJHQH
0DUNHQ GHU MHZHLOLJHQ )LUPHQ

9HU]LFKWVHUNOlUXQJ

%HL GHU =XVDPPHQVWHOOXQJ GHU 7H[WH 9HUZHLVH XQG $EELOGXQJHQ ZXUGH PLW JU|‰WHU 6RUJIDOW
YRUJHJDQJHQ WURW]GHP LVW HLQ YROOVWlQGLJHU )HKOHUDXVVFKOXVV QLFKW P|JOLFK 'LH QDFKIROJHQGH
'RNXPHQWDWLRQ HUIROJW GDKHU RKQH *HZlKU IU 5LFKWLJNHLW XQG 9ROOVWlQGLJNHLW GHU JHPDFKWHQ
$QJDEHQ IU GHUHQ 9HULIL]LHUXQJ DOOHLQ GHU $QZHQGHU GLH 9HUDQWZRUWXQJ WUlJW

6$3 EHUQLPPW IU DXV GHU 9HUZHQGXQJ GLHVHU 'RNXPHQWDWLRQ HQWVWHKHQGH 6FKlGHQ JOHLFK DXV
ZHOFKHP 5HFKWVJUXQG HLQH +DIWXQJ QXU LP )DOOH YRUVlW]OLFKHQ RGHU JURE IDKUOlVVLJHQ +DQGHOQV
LP EULJHQ LVW GLH +DIWXQJ YRQ 6$3 DXVJHVFKORVVHQ 6$3 EHUQLPPW NHLQH 9HUDQWZRUWXQJ IU GLH
,QKDOWH YRQ 6HLWHQ 'ULWWHU DXI ZHOFKH ZLU GXUFK /LQNV YHUZHLVHQ
hEHU GLHVHV +DQGEXFK
'LHVHV +DQGEXFK HUJlQ]W GLH 3UlVHQWDWLRQ GHV 6FKXOXQJVUHIHUHQWHQ XQG GLHQW DOV
1DFKVFKODJHZHUN (V LVW QLFKW ]XP 6HOEVWVWXGLXP JHHLJQHW

7\SRJUDILVFKH .RQYHQWLRQHQ
'LH IROJHQGHQ W\SRJUDILVFKHQ .RQYHQWLRQHQ ZHUGHQ LQ GLHVHP +DQGEXFK
YHUZHQGHW

)RUPDW %HVFKUHLEXQJ

%HLVSLHOWH[W :|UWHU RGHU =HLFKHQ GLH YRP %LOGVFKLUPELOG ]LWLHUW


ZHUGHQ 'D]X JHK|UHQ )HOGEH]HLFKQHU %LOGWLWHO
'UXFNWDVWHQEH]HLFKQHU VRZLH 0HQQDPHQ 0HQSIDGH
XQG 0HQHLQWUlJH 4XHUYHUZHLVH DXI DQGHUH
'RNXPHQWDWLRQHQ

%HLVSLHOWH[W +HUYRUJHKREHQH :|UWHU RGHU $XVGUFNH LP )OLH‰WH[W


7LWHO YRQ *UDILNHQ XQG 7DEHOOHQ

%(,63,(/7(;7 1DPHQ YRQ 6\VWHPREMHNWHQ 'D]X JHK|UHQ


5HSRUWQDPHQ 3URJUDPPQDPHQ 7UDQVDNWLRQVFRGHV
7DEHOOHQQDPHQ XQG HLQ]HOQH 6FKOVVHOEHJULIIH HLQHU
3URJUDPPLHUVSUDFKH GLH YRQ )OLH‰WH[W XPUDKPW VLQG
]% 6(/(&7 XQG ,1&/8'(

Beispieltext $XVJDEH DXI GHP %LOGVFKLUPELOG 'D]X JHK|UHQ


'DWHL XQG 9HU]HLFKQLVQDPHQ XQG LKUH 3IDGH
0HOGXQJHQ 1DPHQ YRQ 9DULDEOHQ XQG 3DUDPHWHUQ
4XHOOWH[W XQG 1DPHQ YRQ ,QVWDOODWLRQV 8SJUDGH XQG
1LFKW6$36RIWZDUH

Beispieltext ([DNWH %HQXW]HUHLQJDEH 'D]X JHK|UHQ :|UWHU RGHU


=HLFKHQ GLH 6LH JHQDX VR LQ GDV 6\VWHP HLQJHEHQ ZLH HV
LQ GHU 'RNXPHQWDWLRQ DQJHJHEHQ LVW

<Beispiel- 9DULDEOH %HQXW]HUHLQJDEH 'LH :|UWHU XQG =HLFKHQ LQ


text> VSLW]HQ .ODPPHUQ PVVHQ 6LH GXUFK HQWVSUHFKHQGH
(LQJDEHQ HUVHW]HQ EHYRU 6LH VLH LQ GDV 6\VWHP HLQJHEHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ LLL


hEHU GLHVHV +DQGEXFK +5

6\PEROH LP 7H[W
'LH IROJHQGHQ ,NRQHQ ZHUGHQ LQ GLHVHP +DQGEXFK YHUZHQGHW

6\PERO %HGHXWXQJ

)U PHKU ,QIRUPDWLRQ +LQZHLVH RGHU +LQWHUJUQGH

%HPHUNXQJ RGHU ZHLWHUH (UNOlUXQJ ]XP


YRUDQJHJDQJHQHQ 3XQNW

$XVQDKPH RGHU *HIDKU

9RUJHKHQVZHLVH

*LEW DQ GDVV GHU $EVFKQLWW LQ GHU 3UlVHQWDWLRQ GHV


5HIHUHQWHQ DQJH]HLJW ZLUG

LY ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


,QKDOWVYHU]HLFKQLV
hEHUEOLFN EHU GLH 6FKXOXQJ  YLL
=LHOH GHU 6FKXOXQJ YLL
/HUQ]LHOH GHU 6FKXOXQJ  YLLL

.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ  


(LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ 
.RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ  

.DSLWHO  3HUVRQDOUHFKHQUHJHOQ  


(LQIKUXQJ LQ GLH 3HUVRQDOUHFKHQUHJHOQ  
,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7  
3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ  

.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ  


,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ 
(LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ  

.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ 


%HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ 
3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ 

.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ  


%HZHUWXQJ YRQ $EZHVHQKHLWHQ 

.DSLWHO  =HLWORKQDUWHQDXVZDKO 


(LQIKUXQJ LQ GLH =HLWORKQDUWHQDXVZDKO
=HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

.DSLWHO  9HUDUEHLWXQJ YRQ 'XUFKVFKQLWWHQ  


'XUFKVFKQLWWVYHUJWXQJHQ 
'XUFKVFKQLWWVEHUHFKQXQJVUHJHOQ 

.DSLWHO  $OLTXRWLHUXQJ  


(LQIKUXQJ LQ GLH $OLTXRWLHUXQJ 
3HUVRQDOUHFKHQUHJHOQ IU GLH $OLTXRWLHUXQJ 
.RVWHQUHFKQXQJ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ Y


,QKDOWVYHU]HLFKQLV +5

.DSLWHO  6XPPHQORKQDUWHQ 


.XPXOLHUHQ XQG $EVWHOOHQ YRQ /RKQDUWHQ 

.DSLWHO  5FNUHFKQXQJ  


(UPLWWOXQJ YRQ 5FNUHFKQXQJVGLIIHUHQ]HQ 

$QKDQJ  $EUHFKQXQJVYRUDXVVHW]XQJHQ  

,QGH[  

YL ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


hEHUEOLFN EHU GLH
6FKXOXQJ
'HU .XUV ]XU .RQILJXUDWLRQ GHU 3HUVRQDODEUHFKQXQJ EHIlKLJW 6LH GDV
+53HUVRQDODEUHFKQXQJVV\VWHP DQ GLH VSH]LHOOHQ (UIRUGHUQLVVH ,KUHV
8QWHUQHKPHQV DQ]XSDVVHQ ,Q GLHVHP .XUV ZHUGHQ GLH *UXQGODJHQ GHU
3HUVRQDODEUHFKQXQJ EHVSURFKHQ )HUQHU ZHUGHQ YHUVFKLHGHQH .RQ]HSWH ZLH
3HUVRQDOUHFKHQUHJHOQ XQG /RKQDUWHQEHZHUWXQJ EHKDQGHOW

=LHOJUXSSH
'LHVH 6FKXOXQJ ULFKWHW VLFK DQ GLH IROJHQGHQ =LHOJUXSSHQ

‡ 3URMHNWWHDPV
‡ %HUDWHU

9RUDXVVHW]XQJHQ IU GLH 7HLOQDKPH


(UIRUGHUOLFKH 9RUNHQQWQLVVH
‡ +5  *UXQGODJHQ 3HUVRQDODGPLQLVWUDWLRQ
‡ +5  *UXQGODJHQ 3HUVRQDODEUHFKQXQJ
‡ +5  .RQILJXUDWLRQ 6WDPPGDWHQ

'HWDLOV ]XU 'DXHU GHU 6FKXOXQJ


.DSLWHO 
*UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ
(LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ  0LQXWHQ
hEXQJ  (LQVWHOOXQJ HLQHV 0LWDUEHLWHUV  0LQXWHQ
.RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ  0LQXWHQ
hEXQJ  6FKHPHQHGLWRU +DXSWVFKHPD XQG
7HLOVFKHPHQ  0LQXWHQ
.DSLWHO  3HUVRQDOUHFKHQUHJHOQ
(LQIKUXQJ LQ GLH 3HUVRQDOUHFKHQUHJHOQ  0LQXWHQ
,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7  0LQXWHQ
hEXQJ  )XQNWLRQHQ IU GLH 9HUDUEHLWXQJ YRQ
LQWHUQHQ $EUHFKQXQJVWDEHOOHQ  0LQXWHQ
3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ  0LQXWHQ
hEXQJ  (UVWHOOHQ YRQ 3HUVRQDOUHFKHQUHJHOQ  0LQXWHQ
.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ YLL


hEHUEOLFN EHU GLH 6FKXOXQJ +5

,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ  0LQXWHQ


(LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ  0LQXWHQ
hEXQJ  :3%36SOLWV  0LQXWHQ
.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ
%HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ  0LQXWHQ
hEXQJ  %LOGHQ NRQVWDQWHU %HZHUWXQJVJUXQGODJHQ  0LQXWHQ
3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ  0LQXWHQ
hEXQJ  %LOGHQ SHUVRQHQEH]RJHQHU
%HZHUWXQJVJUXQGODJHQ  0LQXWHQ
hEXQJ  =XRUGQHQ YRQ %HZHUWXQJVJUXQGODJHQ$E
JHOHLWHWH /RKQDUWHQ  0LQXWHQ
.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ
%HZHUWXQJ YRQ $EZHVHQKHLWHQ  0LQXWHQ
hEXQJ  %HZHUWXQJ YRQ $EZHVHQKHLWHQ  0LQXWHQ
.DSLWHO  =HLWORKQDUWHQDXVZDKO
(LQIKUXQJ LQ GLH =HLWORKQDUWHQDXVZDKO  0LQXWHQ
=HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ  0LQXWHQ
hEXQJ  %LOGHQ YRQ =HLWORKQDUWHQ  0LQXWHQ
.DSLWHO  9HUDUEHLWXQJ YRQ 'XUFKVFKQLWWHQ
'XUFKVFKQLWWVYHUJWXQJHQ  0LQXWHQ
hEXQJ  %LOGXQJ YRQ 'XUFKVFKQLWWVJUXQGODJHQ  0LQXWHQ
'XUFKVFKQLWWVEHUHFKQXQJVUHJHOQ  0LQXWHQ
hEXQJ  'XUFKVFKQLWWVEHUHFKQXQJVUHJHOQ  0LQXWHQ
hEXQJ  $QSDVVXQJ YRQ 'XUFKVFKQLWWVJUXQGODJHQ  0LQXWHQ
hEXQJ  (LQJHIURUHQH 'XUFKVFKQLWWH  0LQXWHQ
.DSLWHO  $OLTXRWLHUXQJ
(LQIKUXQJ LQ GLH $OLTXRWLHUXQJ  0LQXWHQ
3HUVRQDOUHFKHQUHJHOQ IU GLH $OLTXRWLHUXQJ  0LQXWHQ
hEXQJ  (UPLWWHOQ XQG =XRUGQHQ YRQ
.U]XQJVIDNWRUHQ  0LQXWHQ
.RVWHQUHFKQXQJ  0LQXWHQ
.DSLWHO  6XPPHQORKQDUWHQ
.XPXOLHUHQ XQG $EVWHOOHQ YRQ /RKQDUWHQ  0LQXWHQ
.DSLWHO  5FNUHFKQXQJ
(UPLWWOXQJ YRQ 5FNUHFKQXQJVGLIIHUHQ]HQ  0LQXWHQ

=LHOH GHU 6FKXOXQJ


'LHVH 6FKXOXQJ HUP|JOLFKW HV ,KQHQ

‡ 'LH +53HUVRQDODEUHFKQXQJ DQ ,KUH XQWHUQHKPHQVVSH]LILVFKHQ


*HJHEHQKHLWHQ DQ]XSDVVHQ

YLLL ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 hEHUEOLFN EHU GLH 6FKXOXQJ

/HUQ]LHOH GHU 6FKXOXQJ


$P (QGH GLHVHU 6FKXOXQJ N|QQHQ 6LH
‡ PLW +LOIH GHV ,0* bQGHUXQJHQ LP 6FKHPD XQG 3HUVRQDOUHFKHQUHJHOQ
YRUQHKPHQ
‡ /RKQDUWHQ EHZHUWHQ
‡ $EZHVHQKHLWHQ YHUDUEHLWHQ
‡ =HLWORKQDUWHQ JHQHULHUHQ
‡ 'XUFKVFKQLWWH YHUDUEHLWHQ
‡ GLH $OLTXRWLHUXQJ YHUZHQGHQ
‡ 6XPPHQORKQDUWHQELOGXQJ DQ XQWHUQHKPHQVVSH]LILVFKH 5HJHOXQJHQ DQSDVVHQ

,QIRUPDWLRQHQ EHU GLH 6$36RIWZDUHNRPSRQHQWHQ


'LH ,QIRUPDWLRQHQ LQ GLHVHU 6FKXOXQJ EH]LHKHQ VLFK DXI IROJHQGH 6$3
6RIWZDUHNRPSRQHQWHQ XQG 5HOHDVHVWlQGH

6LH VROOWHQ DOOH LQ GLHVHP .XUV HUZlKQWHQ 6FKULWWH GXUFKODXIHQ DOOH EHVFKULHEHQHQ
)XQNWLRQHQ XQG $NWLYLWlWHQ WHVWHQ XQG MHGH hEXQJ PLQGHVWHQV HLQPDO DEVROYLHUHQ
+5 YHUDQVFKDXOLFKW GLH 3UR]HGXUHQ EHL GHU %UXWWRSHUVRQDODEUHFKQXQJ
XQG GLH %H]LHKXQJHQ ]ZLVFKHQ 6FKHPHQ XQG 3HUVRQDOUHFKHQUHJHOQ 'LH
7HLOQHKPHU HUOHUQHQ GLH 9HUZHQGXQJ YRQ 9HUDUEHLWXQJVNODVVHQ XQG GHUHQ
$XVSUlJXQJHQ VRZLH GLH (LQJDEH LQ GLYHUVH 7DEHOOHQVLFKWHQ ]XU $QSDVVXQJ
GHV $EUHFKQXQJVSURJUDPPV LQ ZLFKWLJHQ %HUHLFKHQ ]XU 5HDOLVLHUXQJ GHU
JHZQVFKWHQ (UJHEQLVVH
'HU .XUV LVW SUREOHPRULHQWLHUW GDV KHL‰W HU IROJW QLFKW LPPHU GHU 6WUXNWXU GHV
LQWHUQDWLRQDOHQ 3HUVRQDOUHFKHQVFKHPDV ; E]Z GHQ &XVWRPL]LQJ$NWLYLWlWHQ
LP ,0* 1LFKWVGHVWRZHQLJHU PVVHQ GLH 7HLOQHKPHU GDV 3HUVRQDOUHFKHQVFKHPD
; YHUVWHKHQ XP GLH 3HUVRQDODEUHFKQXQJ ]X YHUVWHKHQ
,P 9HUODXI GHV .XUVHV PVVHQ 6LH GLYHUVH ,0*$NWLYLWlWHQ YRUVWHOOHQ XQG
HUOlXWHUQ 'LH .XUVVHLWHQ GLH VLFK DXI &XVWRPL]LQJ$NWLYLWlWHQ EH]LHKHQ VLQG PLW
HLQHP ,0*6\PERO JHNHQQ]HLFKQHW =X JHJHEHQHU =HLW N|QQHQ 6LH LP 9HUODXI
GHV .XUVHV GLH (UOlXWHUXQJHQ LP $QKDQJ YRUVWHOOHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ L[


hEHUEOLFN EHU GLH 6FKXOXQJ +5

[ ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


.DSLWHO 
 *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ

'LHVHV .DSLWHO GLHQW GHU 9HUPLWWOXQJ GHU JUXQGOHJHQGHQ )HUWLJNHLWHQ GLH IU GLH
$QSDVVXQJ GHV $EUHFKQXQJVSURJUDPPV DQ GLH (UIRUGHUQLVVH GHV .XQGHQ EHQ|WLJW
ZHUGHQ =XQlFKVW OHUQHQ GLH 7HLOQHKPHU GDEHL GLH HLQ]HOQHQ $EUHFKQXQJVVFKULWWH
GLH (OHPHQWH SHULRGLVFKHU (QWJHOWH XQG GLH IU GLH $EUHFKQXQJ UHOHYDQWHQ
/RKQDUWHQDVSHNWH NHQQHQ (V IROJW HLQH (UOlXWHUXQJ GHV WHFKQLVFKHQ .RQ]HSWV GHU
$EUHFKQXQJ XQG GHU .RUUHODWLRQ ]ZLVFKHQ 6FKHPHQ7HLOVFKHPHQ )XQNWLRQHQ
3HUVRQDOUHFKHQUHJHOQ 2SHUDWLRQHQ XQG &XVWRPL]LQJ7DEHOOHQ $EVFKOXVV GHV
.DSLWHOV ELOGHW HLQH (UOlXWHUXQJ XQG hEXQJ ]XP :HUN]HXJ IU GLH 9HUDUEHLWXQJ
YRQ 6FKHPHQ

hEHUEOLFN EHU GDV .DSLWHO


'LHVHV .DSLWHO HQWKlOW HLQH hEHUVLFKW EHU GLH *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ
,Q LKP ZHUGHQ GLH JUXQGOHJHQGHQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ ZLH GLH
9HUJWXQJVVWUXNWXU /RKQDUWNRQ]HSWH XQG $EUHFKQXQJVSUR]HVVH EHVSURFKHQ
)HUQHU ZHUGHQ LQ GLHVHP .DSLWHO GLH 6$3$EUHFKQXQJVNRQ]HSWH ZLH
6$36FKHPHQ XQG )XQNWLRQHQ VRZLH 3HUVRQDOUHFKHQUHJHOQ GHWDLOOLHUW HUOlXWHUW

/HUQ]LHOH GHV .DSLWHOV


$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH

‡ GLH %HVWDQGWHLOH GHV SHULRGLVFKHQ (QWJHOWV HLQHV 0LWDUEHLWHUV EHQHQQHQ


‡ HUOlXWHUQ ZRIU /RKQDUWHQ EHQ|WLJW ZHUGHQ
‡ GHQ $EUHFKQXQJVSUR]HVV EHVFKUHLEHQ
‡ GLH .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ EHQHQQHQ
‡ 6$36FKHPHQ GHILQLHUHQ

,QKDOW GHV .DSLWHOV


/HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ 
hEXQJ  (LQVWHOOXQJ HLQHV 0LWDUEHLWHUV
/HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ  

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

'HPRQVWUDWLRQ $Q]HLJHQ YRQ 6FKHPD ;  


'HPRQVWUDWLRQ 9HUZHQGHQ YRQ $WWULEXWHQ HLQHV 6FKHPDV GHV
6FKHPDHGLWRUV VRZLH 6WDQGDUG XQG .XQGHQVFKHPHQ  
hEXQJ  6FKHPHQHGLWRU +DXSWVFKHPD XQG 7HLOVFKHPHQ 

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ

/HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


6FKZHUSXQNW GLHVHU /HNWLRQ VLQG GLH .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ 'LH
/HNWLRQ EHKDQGHOW GLH %HVWDQGWHLOH GHV SHULRGLVFKHQ (QWJHOWV HLQHV 0LWDUEHLWHUV
'DUEHU KLQDXV EHIDVVW VLFK GLHVH /HNWLRQ PLW GHU 5ROOH YRQ /RKQDUWHQ DOV
ZLFKWLJHV (OHPHQW HLQHU 3HUVRQDODEUHFKQXQJ $EVFKOLH‰HQG ZHUGHQ LQ GLHVHU
/HNWLRQ DXVIKUOLFK GLH $EUHFKQXQJVSUR]HVVH EHVFKULHEHQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH %HVWDQGWHLOH GHV SHULRGLVFKHQ (QWJHOWV HLQHV 0LWDUEHLWHUV EHQHQQHQ
‡ HUOlXWHUQ ZRIU /RKQDUWHQ EHQ|WLJW ZHUGHQ
‡ GHQ $EUHFKQXQJVSUR]HVV EHVFKUHLEHQ

6FKULWWH LP $EUHFKQXQJVODXI
(UOlXWHUQ 6LH GHQ JUXQGOHJHQGHQ $EODXI EHL GHU 3HUVRQDODEUHFKQXQJ
9HUJWXQJVVWUXNWXU
(UOlXWHUQ 6LH GLH YHUVFKLHGHQHQ .UHLVH YRQ GHQHQ GLH EHL GHU
%UXWWRORKQEHUHFKQXQJ YHUZHQGHWHQ /RKQDUWHQ HU]HXJW ZHUGHQ *HKHQ 6LH DXI GLH
.UDQNKHLWV XQG 8UODXEVGXUFKVFKQLWWH HLQ GLH VSlWHU LP .XUV EHKDQGHOW ZHUGHQ
(UOlXWHUQ 6LH GDVV 0HKUDUEHLW GXUFK (LQJDEH GHU H[DNWHQ =HLWHQ HQWZHGHU LQ GDV
*HKDOWVIRUPXODU RGHU LQ GHQ ,QIRW\S 0HKUDUEHLWHQ DXIJHQRPPHQ ZLUG :HLVHQ
6LH DEHU DXFK GDUDXI KLQ GDVV GLH HQWVWDQGHQHQ =HLWSDDUH QXU GDQQ /RKQDUWHQ
HU]HXJHQ ZHQQ GLH /RKQDUWDXVZDKOUHJHO JHSIOHJW ZXUGH
,QIRUPDWLRQVJHKDOW HLQHU /RKQDUW
(UOlXWHUQ 6LH GLH /RKQDUWIHOGHU (UNOlUHQ 6LH ] % GDVV GLH 0HUNPDOH GLH
GHQ $EODXI GHU 3HUVRQDODEUHFKQXQJ EHVWLPPHQ PLW 9HUDUEHLWXQJVNODVVHQ XQG
.XPXODWLRQHQ YHUNQSIW VLQG
=HLWOLFKH *OWLJNHLW GHU (LJHQVFKDIWHQ HLQHU /RKQDUW
%HVWDQGWHLOH YRQ /RKQDUWHQ
/RKQDUWHQVFKOVVHOXQJ
(UNOlUHQ 6LH GDVV GLH 6HNXQGlUORKQDUWHQ HLQH IHVWH %HGHXWXQJ KDEHQ XQG LKUH
1DPHQ QLFKW JHlQGHUW ZHUGHQ GUIHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW 6LH
DOV 0LWJOLHG GHV +57HDPV PVVHQ GDV +56\VWHP LP +LQEOLFN DXI GLH
XQWHUQHKPHQVVSH]LILVFKHQ %HVRQGHUKHLWHQ GHU $EUHFKQXQJ NHQQHQ

9HUJWXQJVVWUXNWXU

$EELOGXQJ  9HUJWXQJVVWUXNWXU

'LH %HVWDQGWHLOH GHV SHULRGLVFKHQ (QWJHOWV HLQHV 0LWDUEHLWHUV ZHUGHQ HQWZHGHU


GXUFK GLH )DFKDEWHLOXQJ HUIDVVW RGHU DXI %DVLV EHVWLPPWHU 9RUDXVVHW]XQJHQ YRP
$EUHFKQXQJVSURJUDPP HU]HXJW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ

/RKQDUWNRQ]HSWH

$EELOGXQJ  ,QIRUPDWLRQVJHKDOW HLQHU /RKQDUW

'DV ZHVHQWOLFKH (OHPHQW GHU /RKQ XQG *HKDOWVDEUHFKQXQJ LVW GLH /RKQDUW
(LQH /RKQDUW EHVWHKW DXV PHKUHUHQ )HOGHUQ GLH XQWHUVFKLHGOLFKH ,QIRUPDWLRQHQ
EHLQKDOWHQ

$EELOGXQJ  %HVWDQGWHLOH YRQ /RKQDUWHQ

-HGH /RKQDUW LVW HLQHP $UEHLWVSODW]%DVLVEH]XJV=HLWUDXP ]XJHRUGQHW bQGHUQ


VLFK EHL HLQHP 0LWDUEHLWHU LQQHUKDOE GHU $EUHFKQXQJVSHULRGH GLH %H]JH ZLUG
GLH $EUHFKQXQJVSHULRGH LQ 7HLOSHULRGHQ JHVSOLWWHW XQG GLH /RKQDUWHQ ZHUGHQ
GLHVHQ 7HLOSHULRGHQ ]XJHRUGQHW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

-HGH /RKQDUW YHUIJW EHU GUHL :HUWHIHOGHU 57( 180 XQG $07
'DV )HOG 57( HQWKlOW ] % EHL 6WXQGHQORKQDUWHQ GHQ 6WXQGHQVDW]
'DV )HOG 180 HQWKlOW GLH $Q]DKO GHU hEHUVWXQGHQ ] %   =XP (UPLWWHOQ GHV
%HWUDJV GHU =HLWORKQDUW ZLUG GLH $Q]DKO PLW HLQHP %HWUDJ SUR (LQKHLW PXOWLSOL]LHUW
XQG GDV (UJHEQLV LQ GDV )HOG $07 JHVWHOOW )U =HLWORKQDUWHQ ZLUG GLHVHU %HWUDJ
SUR (LQKHLW DQKDQG YRQ %HGLQJXQJHQ HUPLWWHOW GLH 6LH LP &XVWRPL]LQJ IHVWOHJHQ
%HL /RKQDUWHQ DXV GHQ %DVLVEH]JHQ ] % GHP *HKDOW ZLUG GHU %HWUDJ LP )HOG
$07 DEJHOHJW

$EELOGXQJ  =HLWOLFKH *OWLJNHLW GHU (LJHQVFKDIWHQ HLQHU /RKQDUW

-HGH /RKQDUW WUlJW HLQH 5HLKH YRQ ]HLWDEKlQJLJHQ (LJHQVFKDIWHQ GLH GLH VSlWHUH
%HKDQGOXQJ GHU /RKQDUW LP 5DKPHQ GHV $EUHFKQXQJVYHUODXIHV EHVWLPPHQ
0LW +LOIH GHU (LJHQVFKDIWHQ NDQQ GLH 9HUDUEHLWXQJ HLQHU /RKQDUW ZlKUHQG GHU
$EUHFKQXQJ JHVWHXHUW ZHUGHQ
:HQQ VLFK /RKQDUWHQ lQGHUQ UHLFKW HV QLFKW QXU GLH HQWVSUHFKHQGHQ
7DEHOOHQHLQWUlJH ]X lQGHUQ 6WDWWGHVVHQ PVVHQ GLH *OWLJNHLWVSHULRGHQ
YRUKDQGHQHU (LQWUlJH DEJHJUHQ]W ZHUGHQ XQG HV PVVHQ QHXH (LQWUlJH PLW GHQ
VSlWHU EHQ|WLJWHQ (LJHQVFKDIWHQ DQJHOHJW ZHUGHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ

:HQQ 6LH (LJHQVFKDIWHQ YRQ /RKQDUWHQ IU HLQHQ EHUHLWV DEJHUHFKQHWHQ =HLWUDXP
JHlQGHUW KDEHQ VLQG GLH (UJHEQLVVH XQWHU 8PVWlQGHQ IHKOHUKDIW 'D GLHVH
bQGHUXQJHQ QLFKW DXWRPDWLVFK YRP 6\VWHP HUNDQQW ZHUGHQ PVVHQ 6LH GLHVH
.RUUHNWXU VHOEVW PLW HLQHU =ZDQJVUFNUHFKQXQJ GXUFKIKUHQ

‡ )ROJHQGH ]ZHL /RKQDUWHQ N|QQHQ XQWHUVFKLHGHQ ZHUGHQ


± 3ULPlUORKQDUWHQ
± 6HNXQGlUORKQDUWHQ
‡ =X GHQ 3ULPlUORKQDUWHQ ]lKOHQ
± 'LDORJORKQDUWHQ
± =HLWORKQDUWHQ
± 6RQVWLJH $EZHVHQKHLWHQ
‡ =X GHQ 6HNXQGlUORKQDUWHQ ]lKOHQ
± %HZHUWXQJVJUXQGODJHQ 
± %UXWWR]XVDPPHQIDVVXQJ 
± 'XUFKVFKQLWWVJUXQGODJHQ 
± $OLTXRWLHUXQJ  &2 
± $EIOXVVORKQDUWHQ LQ 5FNUHFKQXQJVSHULRGH $
± =XIOXVVORKQDUWHQ DXV 9RUSHULRGH =
± 6RQVWLJH 69  6WHXHU 
$OV 3ULPlUORKQDUWHQ EH]HLFKQHQ ZLU VROFKH /RKQ XQG *HKDOWVDUWHQ GLH GHU
$QZHQGHU GLUHNW DXIJHEHQ NDQQ ] % 'LDORJORKQDUWHQ LQ GHQ %DVLVEH]JHQ
E]Z GLH GDV 6\VWHP DQKDQG YRQ =HLWLQIRUPDWLRQHQ JHQHULHUW ] % =HLWORKQDUWHQ
IU 0HKUDUEHLWHQ 
$OV 6HNXQGlUORKQDUWHQ EH]HLFKQHQ ZLU VROFKH /RKQ XQG *HKDOWVDUWHQ GLH YRP
$EUHFKQXQJVSURJUDPP ZlKUHQG GHU $EUHFKQXQJ JHELOGHW ZHUGHQ =XP %HLVSLHO
HQWVWHKW ZlKUHQG GHU $EUHFKQXQJ GLH 6HNXQGlUORKQDUW *HVDPWEUXWWR  
LQ GHU DOOH %HWUlJH DXV GHQ %UXWWRORKQDUWHQ NXPXOLHUW ZHUGHQ 'LH YRQ 6$3
DXVJHOLHIHUWHQ 6HNXQGlUORKQDUWHQ HUNHQQHQ 6LH GDUDQ GDVV GLH %H]HLFKQXQJ PLW
HLQHP  EHJLQQW
,P REHQ JHQDQQWHQ 1DPHQVUDXP N|QQHQ 6LH HLJHQH /RKQDUWHQ DQOHJHQ %HDFKWHQ
6LH GDEHL GDVV YLHOH 6HNXQGlUORKQDUWHQ HLQH IHVWH %HGHXWXQJ KDEHQ XQG LKUH
1DPHQ GHVKDOE QLFKW JHlQGHUW ZHUGHQ GUIHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

$EUHFKQXQJVSUR]HVVH

‡ /HVHQ GHU *UXQGGDWHQ


‡ /HVHQ GHU /RKQNRQWHQ DXV GHU ]XOHW]W DEJHUHFKQHWHQ 3HULRGH
‡ =HLWGDWHQYHUDUEHLWXQJ
± /HVHQ GHU =HLWGDWHQ
± *HQHULHUHQ GHU =HLWORKQDUWHQ
± %HZHUWXQJ GHU =HLWORKQDUWHQ
‡ (LQOHVHQ YRQ ZHLWHUHQ %H$E]JHQ
‡ $OLTXRWLHUXQJ
± .U]XQJ GHU %DVLVEH]JH
± (UPLWWHOQ GHU /RKQDUWHQ IU ),&2
‡ *HVHW]OLFKH %H$E]JH
‡ 1HWWR%H]JH$E]JH
‡ (UPLWWHOQ GHV $XV]DKOXQJVEHWUDJV
'HU .XQGH GHILQLHUW LQ JUR‰HQ 7HLOHQ GLH HUVWH 3KDVH GHU $EUHFKQXQJ
'LH ]ZHLWH 3KDVH VFKOLH‰W JHVHW]OLFKH %H XQG $E]JH HLQ ,Q GLHVHU 3KDVH PXVV
GHU .XQGH QXU VHOWHQ $QSDVVXQJHQ YRUQHKPHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ

 hEXQJ  (LQVWHOOXQJ HLQHV 0LWDUEHLWHUV


'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ EHL GHU (LQVWHOOXQJ HLQHV 0LWDUEHLWHUV GDV 6$36\VWHP YHUZHQGHQ

8QWHUQHKPHQVV]HQDULR
$OV +50LWDUEHLWHU PVVHQ 6LH EHLP (LQVWHOOHQ HLQHV 0LWDUEHLWHUV PLW GHP
6$36\VWHP DUEHLWHQ 'DEHL PVVHQ 6LH ] % XQWHUQHKPHQVEH]RJHQH $QJDEHQ
]XP 0LWDUEHLWHU HLQJHEHQ

$XIJDEH 
 ,KU 0LWDUEHLWHU WULWW ]XP  -DQXDU GHV ODXIHQGHQ -DKUHV LQ GDV 8QWHUQHKPHQ
HLQ
)KUHQ 6LH GLH 3HUVRQDOPD‰QDKPH (LQVWHOOXQJ $EUHFKQXQJ PLW IROJHQGHQ
'DWHQ ]X GHQ HLQ]HOQHQ ,QIRW\SHQ GXUFK
3HUVRQDOQXPPHU   *UXSSHQQXPPHU
%HJLQQ OIG -DKU
3HUVRQDOEHUHLFK &$%%
0LWDUEHLWHUJUXSSH 
0LWDUEHLWHUNUHLV ;
,QIRW\S 2UJDQLVDWRULVFKH =XRUGQXQJ
3HUVRQDOWHLOEHUHLFK 
$EUHFKQXQJVNUHLV ; ELV ; IU GLH *UXSSHQ  ELV  < ELV < IU
GLH *UXSSHQ  ELV  = ELV = IU GLH *UXSSHQ  ELV  XQG =$ IU
*UXSSH 
3ODQVWHOOH 'HIDXOWSODQVWHOOH

1RWL] %UHFKHQ 6LH GLH 3ODQVWHOOHQ]XRUGQXQJ DE

,QIRW\S 'DWHQ ]XU 3HUVRQ )OOHQ 6LH HUIRUGHUOLFKH )HOGHU PLW 'DWHQ ,KUHU
:DKO
,QIRW\S $QVFKULIWHQ )OOHQ 6LH HUIRUGHUOLFKH )HOGHU PLW 'DWHQ ,KUHU :DKO
,QIRW\S 6ROODUEHLWV]HLW

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

$UEHLWV]HLWSODQUHJHO )/(;
6WDWXV =HLWZLUWVFKDIW 
,QIRW\S %DVLVEH]JH
7DULIDUW 
7DULIJHELHW 
7DULIJUXSSH (
/RKQDUW 0
%HWUDJ :LUG GXUFK LQGLUHNWH %HZHUWXQJ HUPLWWHOW
,QIRW\S %DQNYHUELQGXQJ
=DKOZHJ 8
,QIRW\S $EZHVHQKHLWVNRQWLQJHQWH
7\S 
$Q]DKO 
*OWLJ DE OIG -DKU
*OWLJ ELV OIG -DKU
$E]XJVEHJLQQ OIG -DKU
$E]XJVHQGH )ROJHMDKU

$XIJDEH 
 *HEHQ 6LH GLH $EUHFKQXQJ ,KUHV $EUHFKQXQJVNUHLVHV IU GLH 3HULRGH  IUHL
VWDUWHQ 6LH GLH $EUHFKQXQJ IU ,KUHQ QHXHQ 0LWDUEHLWHU XQG VFKDXHQ 6LH
VLFK GDV (UJHEQLV LP 3URWRNROO DQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ

/|VXQJ  (LQVWHOOXQJ HLQHV 0LWDUEHLWHUV


$XIJDEH 
 ,KU 0LWDUEHLWHU WULWW ]XP  -DQXDU GHV ODXIHQGHQ -DKUHV LQ GDV 8QWHUQHKPHQ
HLQ
)KUHQ 6LH GLH 3HUVRQDOPD‰QDKPH (LQVWHOOXQJ $EUHFKQXQJ PLW IROJHQGHQ
'DWHQ ]X GHQ HLQ]HOQHQ ,QIRW\SHQ GXUFK
3HUVRQDOQXPPHU   *UXSSHQQXPPHU
%HJLQQ OIG -DKU
3HUVRQDOEHUHLFK &$%%
0LWDUEHLWHUJUXSSH 
0LWDUEHLWHUNUHLV ;
,QIRW\S 2UJDQLVDWRULVFKH =XRUGQXQJ
3HUVRQDOWHLOEHUHLFK 
$EUHFKQXQJVNUHLV ; ELV ; IU GLH *UXSSHQ  ELV  < ELV < IU
GLH *UXSSHQ  ELV  = ELV = IU GLH *UXSSHQ  ELV  XQG =$ IU
*UXSSH 
3ODQVWHOOH 'HIDXOWSODQVWHOOH

1RWL] %UHFKHQ 6LH GLH 3ODQVWHOOHQ]XRUGQXQJ DE

,QIRW\S 'DWHQ ]XU 3HUVRQ )OOHQ 6LH HUIRUGHUOLFKH )HOGHU PLW 'DWHQ ,KUHU
:DKO
,QIRW\S $QVFKULIWHQ )OOHQ 6LH HUIRUGHUOLFKH )HOGHU PLW 'DWHQ ,KUHU :DKO
,QIRW\S 6ROODUEHLWV]HLW
$UEHLWV]HLWSODQUHJHO )/(;
6WDWXV =HLWZLUWVFKDIW 
,QIRW\S %DVLVEH]JH
7DULIDUW 
7DULIJHELHW 
7DULIJUXSSH (
/RKQDUW 0
%HWUDJ :LUG GXUFK LQGLUHNWH %HZHUWXQJ HUPLWWHOW
,QIRW\S %DQNYHUELQGXQJ
)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

=DKOZHJ 8
,QIRW\S $EZHVHQKHLWVNRQWLQJHQWH
7\S 
$Q]DKO 
*OWLJ DE OIG -DKU
*OWLJ ELV OIG -DKU
$E]XJVEHJLQQ OIG -DKU
$E]XJVHQGH )ROJHMDKU
D )KUHQ 6LH GLH 3HUVRQDOPD‰QDKPH (LQVWHOOXQJ $EUHFKQXQJ DXV
6$30HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP ĺ 3HUVRQDOPD‰QDKPHQ
*HEHQ 6LH GLH 'DWHQ ]XP 3HUVRQDOEHUHLFK ]XU 0LWDUEHLWHUJUXSSH XQG
]XP 0LWDUEHLWHUNUHLV LQ GHU (LQVWHOOXQJVPD‰QDKPH HLQ XQG ZlKOHQ
6LH $XVIKUHQ %HVWlWLJHQ 6LH GLH 'DWHQ DXI GHP %LOG GHV ,QIRW\SV
3HUVRQDOPD‰QDKPHQ   XQG VSHLFKHUQ 6LH VLH
*HEHQ 6LH GLH 'DWHQ IU GHQ ,QIRW\S 2UJDQLVDWRULVFKH =XRUGQXQJ
 HLQ :HQQ 6LH GHQ ,QIRW\S VLFKHUQ HUVFKHLQW GDV )HQVWHU
3ODQVWHOOHQ]XRUGQXQJHQ :lKOHQ 6LH =XRUGQXQJ DEEUHFKHQ XP GDV
)HQVWHU ]X YHUODVVHQ *HEHQ 6LH EHL GHQ HLQ]HOQHQ ,QIRW\SHQ GLH 'DWHQ
HLQ GLH LQ GHU hEXQJ DQJHJHEHQ VLQG $FKWHQ 6LH GDUDXI GLH 'DWHQ
QDFK GHU (LQJDEH ]X VLFKHUQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ .RQ]HSWH GHU 3HUVRQDODEUHFKQXQJ

$XIJDEH 
 *HEHQ 6LH GLH $EUHFKQXQJ ,KUHV $EUHFKQXQJVNUHLVHV IU GLH 3HULRGH  IUHL
VWDUWHQ 6LH GLH $EUHFKQXQJ IU ,KUHQ QHXHQ 0LWDUEHLWHU XQG VFKDXHQ 6LH
VLFK GDV (UJHEQLV LP 3URWRNROO DQ
D )KUHQ 6LH GLH $EUHFKQXQJ IU ,KUHQ QHXHQ 0LWDUEHLWHU DXV
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
3HUVRQDODEUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ
*HEHQ 6LH GDQQ ,KUHQ $EUHFKQXQJVNUHLV ;; << == RGHU
=$ LVW ,KUHU *UXSSHQQXPPHU ]XJHRUGQHW HLQ %HVWlWLJHQ 6LH GLH
0HOGXQJ GDVV 6LH ,KUHQ $EUHFKQXQJVNUHLV IU GLH 3HULRGH  IUHLJHEHQ
6$30HQ 3HUVRQDO ĺ $EUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ $EUHFKQXQJ
ĺ $EUHFKQXQJ VWDUWHQ
6WHOOHQ 6LH VLFKHU GDVV GDV )HOG 3URWRNROO DQ]HLJHQ DNWLYLHUW LVW XQG
IKUHQ 6LH GLH $EUHFKQXQJ GXUFK
6FKDXHQ 6LH VLFK GDV (UJHEQLV LP 3URWRNROO DQ
%HHQGHQ 6LH GLH $EUHFKQXQJ QRFK QLFKW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH %HVWDQGWHLOH GHV SHULRGLVFKHQ (QWJHOWV HLQHV 0LWDUEHLWHUV EHQHQQHQ
‡ HUOlXWHUQ ZRIU /RKQDUWHQ EHQ|WLJW ZHUGHQ
‡ GHQ $EUHFKQXQJVSUR]HVV EHVFKUHLEHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ

/HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


'HQ 6FKZHUSXQNW GLHVHU /HNWLRQ ELOGHQ GLH .RQ]HSWH GHU 6$3
3HUVRQDODEUHFKQXQJ ,Q LKU ZHUGHQ GLH 6WHXHUXQJ GHU 3HUVRQDODEUHFKQXQJ GLH
YHUVFKLHGHQHQ $EUHFKQXQJVVFKHPHQ VRZLH GLH YHUVFKLHGHQHQ )XQNWLRQHQ XQG
3HUVRQDOUHFKHQUHJHOQ EHVFKULHEHQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ EHQHQQHQ
‡ 6$36FKHPHQ GHILQLHUHQ

.RQ]HSWLRQ GHU 6$33HUVRQDODEUHFKQXQJ


(UOlXWHUQ 6LH GDVV GLH 9HUDUEHLWXQJVORJLN GHV $EUHFKQXQJVWUHLEHUV QLFKW ZLH EHL
KHUN|PPOLFKHQ &RGHV HLQH YRUGHILQLHUWH 9HUDUEHLWXQJVDEIROJH YHUZHQGHW 0LW
DQGHUHQ :RUWHQ 'LH 9HUDUEHLWXQJVORJLN LVW NHLQ LQKlUHQWHU 7HLO GHV 3URJUDPPV
VRQGHUQ ZLUG EHL $XVIKUXQJ GHV 3URJUDPPV HLQJHJHEHQ 'LH /RJLN LVW LQ HLQHP
6FKHPD GHILQLHUW GDV 8QWHUSURJUDPPH RGHU )XQNWLRQVPRGXOH GLUHNW RGHU PLW
HLQHU )HLQVWHXHUXQJ XQWHU 9HUZHQGXQJ GHU LQ 3HUVRQDOUHFKHQUHJHOQ YHUIJEDUHQ
2SHUDWLRQHQ RGHU 2SHUDWLRQVPRGXOH DXIUXIW )HUQHU PRGLIL]LHUW GHU .XQGH
GDV $EUHFKQXQJVSURJUDPP GXUFK 3IOHJH GHU 7DEHOOHQ LQ GHQ 6LFKWHQ GHV ,0*
,PSOHPHQWDWLRQ *XLGH 

8QWHUQHKPHQVV]HQDULR
6LH VLQG 0LWJOLHG GHV +57HDPV 8P GLH 3HUVRQDODEUHFKQXQJ LQ ,KUHP
8QWHUQHKPHQ DQSDVVHQ ]X N|QQHQ PVVHQ 6LH VLFK PLW GHU WHFKQLVFKHQ
.RQ]HSWLRQ GHU 6$33HUVRQDODEUHFKQXQJ YHUWUDXW PDFKHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

(LQIKUXQJ LQ GLH 6$33HUVRQDODEUHFKQXQJ

$EELOGXQJ  .RQ]HSWLRQ GHU 6$33HUVRQDODEUHFKQXQJ

'LH $EODXIVWHXHUXQJ GHV $EUHFKQXQJVWUHLEHUV ZLUG GXUFK HLQ YRP .XQGHQ


DQ]XSDVVHQGHV 6FKHPD XQG GLH GDULQ HQWKDOWHQHQ )XQNWLRQHQ UHDOLVLHUW (LQH
)XQNWLRQ UXIW GDV LKU ]XJHRUGQHWH )XQNWLRQVPRGXO LP $EUHFKQXQJVWUHLEHU
DXI %HVWLPPWH )XQNWLRQHQ UXIHQ ]XVlW]OLFK HLQH 3HUVRQDOUHFKHQUHJHO DXI
GLH GDULQ HQWKDOWHQHQ 2SHUDWLRQHQ VLQG ZLHGHUXP PLW 2SHUDWLRQVPRGXOHQ LP
$EUHFKQXQJVWUHLEHU YHUNQSIW
)XQNWLRQV XQG 2SHUDWLRQVPRGXOH JUHLIHQ ZlKUHQG GHU $EUHFKQXQJ DXI (LQWUlJH
LQ &XVWRPL]LQJ7DEHOOHQ ]X

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ

6$36FKHPHQ

‡ $EUHFKQXQJVVFKHPD ,17(51$7,21$/( %UXWWRORKQILQGXQJ XQG


hEHUZHLVXQJ
‡ ;,1  ,QLWLDOLVLHUXQJ $EUHFKQXQJ
‡ ;%'  %HDUEHLWXQJ *UXQGGDWHQ
‡ ;/5  (LQOHVHQ OHW]WHV $EUHFKQXQJVHUJHEQLV
‡ ;7  %UXWWRYHUJWXQJ =HLWZLUWVFKDIW
‡ ;$3  (LQOHVHQ YRQ ZHLWHUHQ %H$E]JHQ
‡ ;$/  $OLTXRWLHUXQJ XQG $EVWHOOXQJ
‡ ;1$  1HWWR=XVDPPHQIDVVXQJ$XV]DKOXQJVEHWUDJ
‡ ;55  5FNUHFKQXQJ
‡ ;11  1HWWR%H$E]JH XQG hEHUZHLVXQJ
‡ ;(1'  (QGYHUDUEHLWXQJ
8P HLQH $EUHFKQXQJ GXUFK]XIKUHQ EHQ|WLJHQ 6LH QHEHQ GHP $EUHFKQXQJVWUHLEHU
HLQ 6FKHPD (V EHLQKDOWHW JHQDX GLH $UEHLWVVFKULWWH GLH GHU $EUHFKQXQJVWUHLEHU
GXUFKIKUHQ VROO XQG VRUJW GDIU GDVV DOOH IU GLH $EUHFKQXQJ EHQ|WLJWHQ
,QIRUPDWLRQHQ HLQJHKROW ZHUGHQ XP GLH (QWJHOWDEUHFKQXQJ IU HLQHQ 0LWDUEHLWHU
LQ HLQHU EHVWLPPWHQ $EUHFKQXQJVSHULRGH GXUFK]XIKUHQ

$EELOGXQJ  +DXSWVFKHPD XQG 7HLOVFKHPHQ

(LQ +DXSWVFKHPD EHVWHKW DXV HLQHU 5HLKH YRQ 7HLOVFKHPHQ GLH GXUFK GLH )XQNWLRQ
&23< HLQJHEXQGHQ ZHUGHQ (V ZLUG JHQHULHUW XQG YRP $EUHFKQXQJVWUHLEHU
DXVJHIKUW
7HLOVFKHPHQ N|QQHQ EHL GHU $EUHFKQXQJVDQSDVVXQJ VHSDUDW EHDUEHLWHW ZHUGHQ
VLQG MHGRFK QLFKW VHOEVWVWlQGLJ DEODXIIlKLJ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

(LQ 6FKHPD EHVWHKW DXV HLQHU )ROJH YRQ )XQNWLRQHQ 'LH )XQNWLRQHQ VLQG IU GDV
%HUHLWVWHOOHQ XQG 9HUDUEHLWHQ GHU ,QIRUPDWLRQHQ ]XVWlQGLJ GLH IU GHQ MHZHLOLJHQ
$UEHLWVVFKULWW HUIRUGHUOLFK VLQG

$EELOGXQJ  3IOHJH YRQ 6FKHPHQ

)U GLH $Q]HLJH XQG 3IOHJH YRQ 6FKHPHQ VWHKW HLQ 6FKHPDHGLWRU 7UDQVDNWLRQ
3( ]XU 9HUIJXQJ
,Q GHU $Q]HLJHIXQNWLRQ IU 4XHOOWH[W KDEHQ 6LH GLH 0|JOLFKNHLW ]ZLVFKHQ
7DEHOOHQ XQG *UDILNGDUVWHOOXQJ ]X ZlKOHQ
0LW GHP (GLWRU IU 3HUVRQDOUHFKHQVFKHPHQ N|QQHQ 6LH IROJHQGH $NWLYLWlWHQ
DXVIKUHQ
‡ 6FKHPHQEHVWDQGWHLOH DQ]HLJHQ XQG GUXFNHQ
‡ 4XHOOWH[W YRQ 6FKHPHQ YHUJOHLFKHQ
‡ 6FKHPHQ NRSLHUHQ
‡ 6FKHPHQEHVWDQGWHLOH lQGHUQ
‡ 6FKHPHQ DQOHJHQ
‡ GLH 6\QWD[ GHV 4XHOOWH[WHV YRQ 6FKHPHQ SUIHQ
‡ JHlQGHUWHQ RGHU QHXHQ 4XHOOWH[W JHQHULHUHQ
‡ 6FKHPHQ LQ HLQHQ DQGHUHQ 0DQGDQWHQ WUDQVSRUWLHUHQ
‡ LQ XQG ]ZLVFKHQ 6FKHPHQEHVWDQGWHLOHQ QDYLJLHUHQ
‡ ]ZLVFKHQ 6FKHPHQ QDYLJLHUHQ
‡ LQ 3HUVRQDOUHFKHQUHJHOQ VSULQJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ

$EELOGXQJ  $WWULEXWH HLQHV 6FKHPDV

,Q GHQ $WWULEXWHQ ZHUGHQ GLH 9HUZDOWXQJVLQIRUPDWLRQHQ ]X HLQHP 6FKHPD


JHVSHLFKHUW
'LH 3URJUDPPNODVVH EHVWLPPW GHQ 9HUZHQGXQJV]ZHFN HLQHV 6FKHPDV &
$EUHFKQXQJ 7 =HLWZLUWVFKDIW 
'LH +5/lQGHU*UXSSLHUXQJ EHVWLPPW GLH *OWLJNHLW HLQHV 6FKHPDV IU GLH
XQWHUVFKLHGOLFKHQ /lQGHUYHUVLRQHQ
:HQQ 6LH bQGHUXQJ QXU GXUFK 9HUDQWZRUWOLFKHQ DNWLYLHUHQ N|QQHQ DOOH
%HVWDQGWHLOH GHV 6FKHPDV 4XHOOWH[W $WWULEXWH 'RNXPHQWDWLRQ QXU GXUFK GLH
YHUDQWZRUWOLFKH 3HUVRQ JHlQGHUW ZHUGHQ
'LH $WWULEXWH HLQHV 6FKHPDV N|QQHQ DXFK PLW GHP 3URJUDPP 538&7)
JHlQGHUW ZHUGHQ
)U GLH *HQHULHUXQJ HLQHV 6FKHPDV EHGDUI HV NHLQHU EHVRQGHUHQ %HUHFKWLJXQJ
(LQ 6FKHPD GDUI DXFK XQDEKlQJLJ YRQ GHU 9HUDQWZRUWOLFKNHLW DXVJHIKUW ZHUGHQ
-HGH )XQNWLRQ EHUFNVLFKWLJW GLH %HUHFKWLJXQJHQ LP +5
6FKHPHQ 7HLOVFKHPHQ XQG LKUH 5HJHOQ N|QQHQ ]XU EHVVHUHQ hEHUVLFKW PLW GHP
3URJUDPP 53'$6& LQ H[SDQGLHUWHU )RUP DQJH]HLJW ZHUGHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

$EELOGXQJ  'HU 6FKHPDHGLWRU

,Q GHQ (GLWRUEHUHLFKHQ  XQG  N|QQHQ GLH 6WDQGDUGEHIHKOH GHV 6$36\VWHPV


YHUZHQGHW ZHUGHQ
,Q %HUHLFK  GHV (GLWRUV VLQG GLH )XQNWLRQHQ GHV 6FKHPDV IHVWJHOHJW 'LH YLHU
3DUDPHWHU LQ %HUHLFK  HUP|JOLFKHQ HLQH H[DNWHUH 'HILQLWLRQ GHU )XQNWLRQHQ
(LQ 6WHUQFKHQ LQ %HUHLFK  GHDNWLYLHUW GLH EHWUHIIHQGH )XQNWLRQ
,P (GLWRUEHUHLFK  NDQQ HLQ HUOlXWHUQGHU 7H[W ]X MHGHU )XQNWLRQ KLQWHUOHJW ZHUGHQ

$EELOGXQJ  6WDQGDUGVFKHPHQ XQG .XQGHQVFKHPHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ

%HL 6FKHPHQ ILQGHW HLQH 8QWHUWHLOXQJ LQ 6$36WDQGDUGVFKHPHQ XQG


.XQGHQVFKHPHQ VWDWW 6WDQGDUG XQG .XQGHQVFKHPHQ ZHUGHQ QLFKW GXUFK
HQWVSUHFKHQGH 1DPHQVUlXPH XQWHUVFKLHGHQ VRQGHUQ GDGXUFK RE VLH VLFK LP
6WDQGDUG0DQGDQWHQ EHILQGHQ RGHU QLFKW ,P 6WDQGDUG0DQGDQWHQ JLEW HV
DXVVFKOLH‰OLFK 6WDQGDUGVFKHPHQ -HGHV LP 6WDQGDUG0DQGDQWHQ YHUIJEDUH
6FKHPD LVW GDKHU ± XQDEKlQJLJ YRP 1DPHQ ± HLQ 6WDQGDUGVFKHPD
6WDQGDUG XQG .XQGHQVFKHPHQ VLQG LQ YHUVFKLHGHQHQ 7DEHOOHQ KLQWHUOHJW
6WDQGDUGVFKHPHQ VLQG PDQGDQWHQXQDEKlQJLJ ZlKUHQG .XQGHQVFKHPHQ
PDQGDQWHQDEKlQJLJ VLQG
(LQ 6WDQGDUGVFKHPD LVW LQ HLQHP .XQGHQPDQGDQWHQ VR ODQJH V\VWHPZHLW VLFKWEDU
ELV 6LH GLHVHV 6FKHPD lQGHUQ RGHU GXUFK HLQ QHXHV 6FKHPD HUVHW]HQ 6REDOG
6LH HLQ 6WDQGDUGVFKHPD LQ HLQHP .XQGHQPDQGDQWHQ lQGHUQ ZLUG GDV JHlQGHUWH
6FKHPD DOV .XQGHQVFKHPD JHVSHLFKHUW 'DV JLOW DXFK GDQQ ZHQQ GHU 1DPH GHV
6FKHPDV QLFKW JHlQGHUW ZLUG
'DKHU EOHLEHQ 6WDQGDUGVFKHPHQ YRQ MHJOLFKHQ bQGHUXQJHQ GLH 6LH DQ
6FKHPHQ GXUFKIKUHQ XQEHUKUW bQGHUXQJHQ N|QQHQ QXU DQ .XQGHQVFKHPHQ
YRUJHQRPPHQ ZHUGHQ
'LH 6WDQGDUGVFKHPHQ N|QQHQ VLFK EHL MHGHP QHXHQ 5HOHDVH GHV 6WDQGDUGV\VWHPV
lQGHUQ 'DV KDW NHLQH $XVZLUNXQJHQ DXI ,KUH .XQGHQVFKHPHQ 'HQQRFK LVW HV
ZLFKWLJ GLH bQGHUXQJHQ ]X SUIHQ XQG IHVW]XKDOWHQ GDPLW 6LH GLHVH JJI LQ ,KUHQ
JHlQGHUWHQ 6FKHPHQ QDFKWUDJHQ N|QQHQ
(LQ 9HUJOHLFK XQG $EJOHLFK GHU 6FKHPHQ LVW LP (GLWRU P|JOLFK 6FKHPD ĺ
9HUJOHLFKHQ

'HPRQVWUDWLRQ $Q]HLJHQ YRQ 6FKHPD ;


=ZHFN
6R ]HLJHQ 6LH 6FKHPD ; DQ

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 5XIHQ 6LH 6FKHPD ; DXI QLFKW JUDILVFK GLHVH )RUP GHU $Q]HLJH ZLUG
VSlWHU EHKDQGHOW  JUHLIHQ 6LH DXI 7HLOVFKHPD ;%' ]X XQG ]HLJHQ 6LH GLH
'RNXPHQWDWLRQ ]X )XQNWLRQ :3%3 DQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

)XQNWLRQHQ XQG 3HUVRQDOUHFKHQUHJHOQ

$EELOGXQJ  )XQNWLRQHQ XQG 3HUVRQDOUHFKHQUHJHOQ

(LQ $EUHFKQXQJVVFKHPD EHVWHKW DXV HLQHU )ROJH YRQ )XQNWLRQHQ 'LH )XQNWLRQHQ
VLQG IU GDV %HUHLWVWHOOHQ XQG 9HUDUEHLWHQ GHU ,QIRUPDWLRQHQ ]XVWlQGLJ GLH IU GLH
EHWUHIIHQGHQ $UEHLWVVFKULWWH HUIRUGHUOLFK VLQG
(LQLJH GLHVHU )XQNWLRQHQ UXIHQ HLQH 3HUVRQDOUHFKHQUHJHO DXI 'LH MHZHLOLJH
5HFKHQUHJHO YHUDUEHLWHW GLH YRUKHU EHU )XQNWLRQHQ EHVFKDIIWHQ ,QIRUPDWLRQHQ
(LQH 3HUVRQDOUHFKHQUHJHO EHVWHKW DXV HLQ]HOQHQ 2SHUDWLRQHQ XQG EHDUEHLWHW LPPHU
HLQH ORJLVFK ]XVDPPHQKlQJHQGH (LQKHLW
3HUVRQDOUHFKHQUHJHOQ VWHOOHQ VRPLW HLQH )HLQVWHXHUXQJ GHU 9HUDUEHLWXQJ GDU GLH
GXUFK HLQH )XQNWLRQ GXUFKJHIKUW ZLUG
‡ )XQNWLRQHQ GLH 'DWHQ DXV GHQ ,QIRW\SHQ HLQOHVHQ
± :3%3 $UEHLWVSODW] XQG %DVLVEH]XJVGDWHQ
± 5$% $EZHVHQKHLWHQ
± 3 (UJlQ]HQGH =DKOXQJHQ
± 3 (QWJHOWEHOHJH
‡ )XQNWLRQHQ GLH 'DWHQ JHPl‰ GHQ (LQWUlJHQ LQ &XVWRPL]LQJ7DEHOOHQ
YHUDUEHLWHQ
± 3$% $EZHVHQKHLWVEHZHUWXQJ
‡ )XQNWLRQHQ GLH PLW 3HUVRQDOUHFKHQUHJHOQ /RKQDUWHQ EHDUEHLWHQ
± 3,7 3URFHVV ,QSXW 7DEOH
'LH 'RNXPHQWDWLRQ HLQHU )XQNWLRQ NDQQ EHU ) DXIJHUXIHQ ZHUGHQ
'LH )XQNWLRQHQ LQQHUKDOE HLQHV 6FKHPDV ZHUGHQ VHTXHQWLHOO DEJHDUEHLWHW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ

'LH 9HUDUEHLWXQJ GHU /RKQDUWHQ HLQHV 0LWDUEHLWHUV HUIROJW LQ SURJUDPPLQWHUQHQ


7DEHOOHQ )U GLH 9HUDUEHLWXQJ UXIHQ YLHOH )XQNWLRQHQ HLQH 3HUVRQDOUHFKHQUHJHO
DXI GLH EHL %HGDUI DQJHSDVVW ZHUGHQ NDQQ

'HPRQVWUDWLRQ 9HUZHQGHQ YRQ $WWULEXWHQ HLQHV


6FKHPDV GHV 6FKHPDHGLWRUV VRZLH 6WDQGDUG XQG
.XQGHQVFKHPHQ
=ZHFN
6R GHPRQVWULHUHQ 6LH GLH 9HUZHQGXQJ YRQ $WWULEXWHQ HLQHV 6FKHPDV GHV
6FKHPDHGLWRUV VRZLH 6WDQGDUG XQG .XQGHQVFKHPHQ

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 5XIHQ 6LH GHQ 6FKHPDHGLWRU EHU IROJHQGHQ 0HQSIDG DXI
3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ :HUN]HXJH ĺ
&XVWRPL]LQJ:HUN]HXJH ĺ 6FKHPD .RSLHUHQ 6LH 6FKHPD ; XQG
QHQQHQ 6LH GLH .RSLH = 5XIHQ 6LH GLH 'RNXPHQWDWLRQ ]XP 6FKHPD DXI
5XIHQ 6LH GD]X +LOIH ĺ +LOIH ]XU $QZHQGXQJ XQG GDQQ GLH 'RNXPHQWDWLRQ
]X GHQ (GLWRUIXQNWLRQHQ DXI )RUGHUQ 6LH GLH 7HLOQHKPHU DXI ZlKUHQG GHV
.XUVHV PLW GHU 2QOLQH'RNXPHQWDWLRQ ]X DUEHLWHQ
 (UOlXWHUQ 6LH GLH $WWULEXWH YRQ 6FKHPD = XQG VSHUUHQ 6LH VLH JHJHQ
bQGHUXQJHQ :HLVHQ 6LH GLH 7HLOQHKPHU DQ GLHV IU LKU 6FKHPD DXFK ]X WXQ
 (UOlXWHUQ 6LH GLH HLQ]HOQHQ %HUHLFKH GHV (GLWRUV (UOlXWHUQ XQG
GHPRQVWULHUHQ 6LH GLH 9HUZHQGXQJ YRQ ) LQ GHU .RPPDQGR]HLOH XQG
GLH P|JOLFKHQ (LQJDEHQ (U]HXJHQ 6LH ]XU 'HPRQVWUDWLRQ GHU )XQNWLRQ
YRQ &+(&. HLQHQ 6\QWD[IHKOHU (UOlXWHUQ XQG GHPRQVWULHUHQ 6LH GLH
9HUZHQGXQJ YRQ ) LQ GHQ )HOG]HLOHQ ]XP $EUXIHQ YRQ ,QIRUPDWLRQHQ
]XU )XQNWLRQ
 .RSLHUHQ 6LH HLQ 6WDQGDUGVFKHPD XQG EHDUEHLWHQ 6LH HV :lKOHQ 6LH
GDQQ 6FKHPD ĺ 9HUJOHLFKHQ XP HV PLW GHP XUVSUQJOLFKHQ 6FKHPD ]X
YHUJOHLFKHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

 5XIHQ 6LH GLH 7DEHOOHQDQ]HLJH DXI XQG GRSSHONOLFNHQ 6LH DXI


3HUVRQDOUHFKHQUHJHO ; GHV 7HLOVFKHPDV =HLJHQ 6LH QXU GLH 5HJHO
*HKHQ 6LH DQ GLHVHU 6WHOOH QLFKW DXI GLH 2SHUDWLRQ HLQ 9HUZHQGHQ 6LH GDV
%HLVSLHO YRQ 6FKHPD ;7 XP ]X ]HLJHQ GDVV 7HLOVFKHPHQ DXFK LP (GLWRU
EHDUEHLWHW ZHUGHQ N|QQHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ

 hEXQJ  6FKHPHQHGLWRU +DXSWVFKHPD


XQG 7HLOVFKHPHQ
'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ HLQ NXQGHQHLJHQHV +DXSWVFKHPD XQG 7HLOVFKHPHQ HUVWHOOHQ

8QWHUQHKPHQVV]HQDULR
8P GLH 3HUVRQDODEUHFKQXQJ DQ ,KUH XQWHUQHKPHQVVSH]LILVFKHQ %HGUIQLVVH
DQ]XSDVVHQ VLQG bQGHUXQJHQ LP 6FKHPD HUIRUGHUOLFK =X GLHVHP =ZHFN NRSLHUHQ
6LH GLH 2ULJLQDOVFKHPHQ XQWHU HLQHQ DQGHUHQ 1DPHQ XQG QHKPHQ GDQQ GLH
HUIRUGHUOLFKHQ $QSDVVXQJHQ YRU

$XIJDEH
 .RSLHUHQ 6LH ]XQlFKVW GDV 7HLOVFKHPD ;7 XQWHU GHP 1DPHQ =7
$QVFKOLH‰HQG NRSLHUHQ 6LH GDV LQWHUQDWLRQDOH $EUHFKQXQJVVFKHPD ;
XQWHU GHP 1DPHQ =
 *UXSSHQQXPPHU 

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  *UXQGODJHQ GHU 3HUVRQDODEUHFKQXQJ +5

/|VXQJ  6FKHPHQHGLWRU +DXSWVFKHPD


XQG 7HLOVFKHPHQ
$XIJDEH
 .RSLHUHQ 6LH ]XQlFKVW GDV 7HLOVFKHPD ;7 XQWHU GHP 1DPHQ =7
$QVFKOLH‰HQG NRSLHUHQ 6LH GDV LQWHUQDWLRQDOH $EUHFKQXQJVVFKHPD ;
XQWHU GHP 1DPHQ =
 *UXSSHQQXPPHU 
D =XP .RSLHUHQ YRQ 7HLOVFKHPD ;7 XQG 6FKHPD ; ZlKOHQ 6LH
IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
:HUN]HXJH ĺ &XVWRPL]LQJ:HUN]HXJH ĺ 6FKHPD
:lKOHQ 6LH .RSLHUHQ JHEHQ 6LH GLH IROJHQGHQ 'DWHQ HLQ XQG ZlKOHQ
6LH (QWHU

YRQ 6FKHPD ;7


QDFK 6FKHPD =7

:lKOHQ 6LH HUQHXW .RSLHUHQ JHEHQ 6LH GLH IROJHQGHQ 'DWHQ HLQ XQG
ZlKOHQ 6LH (QWHU

YRQ 6FKHPD ;


QDFK 6FKHPD =

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ EHQHQQHQ
‡ 6$36FKHPHQ GHILQLHUHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

=XVDPPHQIDVVXQJ GHV .DSLWHOV


1XQ N|QQHQ 6LH
‡ GLH %HVWDQGWHLOH GHV SHULRGLVFKHQ (QWJHOWV HLQHV 0LWDUEHLWHUV EHQHQQHQ
‡ HUOlXWHUQ ZRIU /RKQDUWHQ EHQ|WLJW ZHUGHQ
‡ GHQ $EUHFKQXQJVSUR]HVV EHVFKUHLEHQ
‡ GLH .RQ]HSWH GHU 6$33HUVRQDODEUHFKQXQJ EHQHQQHQ
‡ 6$36FKHPHQ GHILQLHUHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 hEHUSUIHQ 6LH ,KU :LVVHQ


hEHUSUIHQ 6LH ,KU :LVVHQ
 0LW ZHOFKHU GHU IROJHQGHQ =HLFKHQIROJHQ EHJLQQW GLH %H]HLFKQXQJ IU GLH
6HNXQGlUORKQDUW =XIOXVVORKQDUWHQ DXV 9RUSHULRGH"
:lKOHQ 6LH GLH ULFKWLJH Q $QWZRUW HQ 
Ƒ $ 
Ƒ % 
Ƒ & =
Ƒ ' 

 6FKHPHQ ZHUGHQ LQ 6$36WDQGDUGVFKHPHQ XQG


XQWHUWHLOW
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ

 %HVWLPPWH )XQNWLRQHQ UXIHQ HLQH 3HUVRQDOUHFKHQUHJHO IU GLH )HLQVWHXHUXQJ


GHU 9HUDUEHLWXQJ DXI GLH GXUFK GLHVH )XQNWLRQHQ DXVJHIKUW ZLUG
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


hEHUSUIHQ 6LH ,KU :LVVHQ +5

$QWZRUWHQ


 0LW ZHOFKHU GHU IROJHQGHQ =HLFKHQIROJHQ EHJLQQW GLH %H]HLFKQXQJ IU GLH
6HNXQGlUORKQDUW =XIOXVVORKQDUWHQ DXV 9RUSHULRGH"

$QWZRUW &
=XIOXVVORKQDUWHQ DXV 9RUSHULRGH EHJLQQW PLW GHU =HLFKHQIROJH =

 6FKHPHQ ZHUGHQ LQ 6$36WDQGDUGVFKHPHQ XQG .XQGHQVFKHPHQ XQWHUWHLOW

$QWZRUW .XQGHQVFKHPHQ

 %HVWLPPWH )XQNWLRQHQ UXIHQ HLQH 3HUVRQDOUHFKHQUHJHO IU GLH )HLQVWHXHUXQJ


GHU 9HUDUEHLWXQJ DXI GLH GXUFK GLHVH )XQNWLRQHQ DXVJHIKUW ZLUG

$QWZRUW 5LFKWLJ
%HVWLPPWH )XQNWLRQHQ UXIHQ HLQH 3HUVRQDOUHFKHQUHJHO IU GLH )HLQVWHXHUXQJ
GHU 9HUDUEHLWXQJ DXI GLH GXUFK GLHVH )XQNWLRQHQ DXVJHIKUW ZLUG 'LH
MHZHLOLJH 5HFKHQUHJHO YHUDUEHLWHW GLH YRUKHU EHU )XQNWLRQHQ EHVFKDIIWHQ
,QIRUPDWLRQHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


.DSLWHO 
 3HUVRQDOUHFKHQUHJHOQ

'LHV LVW LP *HVDPW]XVDPPHQKDQJ GHV .XUVHV HLQ 6FKOVVHONDSLWHO ZHLO HV GHQ


7HLOQHKPHUQ GLH .RQILJXUDWLRQ YRQ 3HUVRQDOUHFKHQUHJHOQ YHUPLWWHOW :HQQ
.XQGHQ GLH 3HUVRQDODEUHFKQXQJ PRGLIL]LHUHQ PVVHQ VLH KlXILJ bQGHUXQJHQ
DQ 5HFKHQUHJHOQ YRUQHKPHQ XQG JJI HLJHQH 5HJHOQ VFKUHLEHQ XQG GLHVH EHU
GDV HLJHQH 6FKHPD DXIUXIHQ ,Q GHU 9HUJDQJHQKHLW EHUHLWHWH GDV $QOHJHQ XQG
$QZHQGHQ YRQ 5HJHOQ GHQ 7HLOQHKPHUQ 3UREOHPH ZHLO VLH GHQ .RQWH[W QLFKW
YHUVWDQGHQ KDWWHQ $XV GLHVHP *UXQG PVVHQ 6LH GLHVHV .DSLWHO DXVIKUOLFK
EHKDQGHOQ XQG VLFKHUVWHOOHQ GDVV GLH 0HKUKHLW GHU 7HLOQHKPHU GLH 0DWHULH YHUVWHKW
XQG GLH )ROJHEXQJHQ ]XU 9HUDUEHLWXQJ YRQ 5HJHOQ HUIROJUHLFK DEVROYLHUHQ NDQQ

hEHUEOLFN EHU GDV .DSLWHO


'LHVHV .DSLWHO HQWKlOW HLQHQ hEHUEOLFN EHU GLH 3HUVRQDOUHFKHQUHJHOQ XQG
PHKUHUH %HLVSLHOH ]X LKUHU (UVWHOOXQJ XQG 9HUZHQGXQJ (V ZHUGHQ GLH LQWHUQHQ
$EUHFKQXQJVWDEHOOHQ XQG GLH )XQNWLRQ 3,7 VRZLH GLH 9HUIDKUHQ GHV =XJULIIV
DXI GLH 5HJHOQ EHKDQGHOW $EVFKOLH‰HQG ZLUG LQ GLHVHP .DSLWHO GLH 3IOHJH YRQ
3HUVRQDOUHFKHQUHJHOQ GXUFK 'HILQLHUHQ GHU IU VLH YHUZHQGHWHQ $WWULEXWH XQG
$Q]HLJH GHU 5HJHOQ DOV 6WUXNWXUJUDILNHQ YHUDQVFKDXOLFKW

/HUQ]LHOH GHV .DSLWHOV


$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH
‡ GLH YHUVFKLHGHQHQ 0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ EHVFKUHLEHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ
‡ LQWHUQH $EUHFKQXQJVWDEHOOHQ GHILQLHUHQ
‡ 9HUIDKUHQ IU GDV $QVSULQJHQ YRQ 5HJHOQ GHILQLHUHQ
‡ GLH $WWULEXWH YRQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ
‡ 5HFKHQUHJHOQ DOV 6WUXNWXUJUDILNHQ DQ]HLJHQ

,QKDOW GHV .DSLWHOV


/HNWLRQ (LQIKUXQJ LQ GLH 3HUVRQDOUHFKHQUHJHOQ  

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

'HPRQVWUDWLRQ *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU


3HUVRQDOUHFKHQUHJHOQ 
/HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7  
'HPRQVWUDWLRQ $QVSUXQJ YRQ 6FKHPHQ XQG 5HJHOQ  
hEXQJ  )XQNWLRQHQ IU GLH 9HUDUEHLWXQJ YRQ LQWHUQHQ
$EUHFKQXQJVWDEHOOHQ 
/HNWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ  
'HPRQVWUDWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ XQG $Q]HLJH YRQ
5HJHOQ DOV 6WUXNWXUJUDILNHQ  
hEXQJ  (UVWHOOHQ YRQ 3HUVRQDOUHFKHQUHJHOQ  

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ GLH 3HUVRQDOUHFKHQUHJHOQ

/HNWLRQ (LQIKUXQJ LQ GLH 3HUVRQDOUHFKHQUHJHOQ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ ZHUGHQ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHVFKULHEHQ XQG
DQKDQG YRQ %HLVSLHOHQ YHUDQVFKDXOLFKW 'DUEHU KLQDXV ZHUGHQ GLH YHUVFKLHGHQHQ
0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ QlKHU HUOlXWHUW

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH YHUVFKLHGHQHQ 0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ EHVFKUHLEHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ

:HLVHQ 6LH ]X %HJLQQ GHV .XUVHV DXI GLH 1RWZHQGLJNHLW GHU XQWHUVFKLHGOLFKHQ
9HUDUEHLWXQJ GHU YHUVFKLHGHQHQ 0LWDUEHLWHUDUWHQ KLQ (UOlXWHUQ 6LH GDQQ GLH
9HUZHQGXQJ YRQ 3HUVRQDOUHFKHQUHJHOQ EHL GHU 9HUDUEHLWXQJ GHU YHUVFKLHGHQHQ
2SHUDWLRQHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH PLW +LOIH YRQ 3HUVRQDOUHFKHQUHJHOQ /|KQH IU
XQWHUVFKLHGOLFKH 0LWDUEHLWHUDUWHQ EHUHFKQHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

0LWDUEHLWHUNUHLVJUXSSLHUXQJ

$EELOGXQJ  0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ

3HUVRQDOUHFKHQUHJHOQ IU /RKQDUWHQ ZHUGHQ LQ GHU 5HJHO IU GLH $XVIKUXQJ


YHUVFKLHGHQHU 3UR]HVVH NRQILJXULHUW 'LH /RKQDUWHQ IU 6WXQGHQO|KQHU
ZHUGHQ EHLVSLHOVZHLVH DQGHUV DOV GLH /RKQDUWHQ YRQ 0RQDWVO|KQHUQ XQG
*HKDOWVHPSIlQJHUQ YHUDUEHLWHW
8P GLHVH 'LIIHUHQ]LHUXQJ ]X HUP|JOLFKHQ PXVV MHGHU 0LWDUEHLWHUNUHLV HLQHU
*UXSSLHUXQJ IU GLH 3HUVRQDOUHFKHQUHJHO ]XJHZLHVHQ ZHUGHQ 'LH %HGHXWXQJ
GLHVHU *UXSSLHUXQJ ZLUG YRQ 6$3 IHVWJHOHJW XQG MHGHU *UXSSLHUXQJ LVW LQ VROFKHQ
)lOOHQ HLQ HLJHQHU %HUHLFK GHU 3HUVRQDOUHFKHQUHJHO ]XJHRUGQHW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ GLH 3HUVRQDOUHFKHQUHJHOQ

%HLVSLHOH IU 3HUVRQDOUHFKHQUHJHOQ

$EELOGXQJ  3HUVRQDOUHFKHQUHJHOQ %HLVSLHO 

%HL GHU (UPLWWOXQJ GHV 6WXQGHQVDW]HV GHU GHU 9HUJWXQJ YRQ 0HKUDUEHLWHQ
]XJUXQGH JHOHJW ZHUGHQ VROO %HZHUWXQJVJUXQGODJH  PXVV EHL 0RQDWVO|KQHUQ XQG
$QJHVWHOOWHQ DQGHUV YHUIDKUHQ ZHUGHQ DOV EHL 6WXQGHQO|KQHUQ
%HL 0LWDUEHLWHUQ GLH HLQH SHULRGHQEH]RJHQH 9HUJWXQJ HUKDOWHQ LVW EHL GHU
%HUHFKQXQJ GHV 6WXQGHQVDW]HV HLQH 'LYLVLRQ GHU 9HUJWXQJVEHVWDQGWHLOH GXUFK GLH
$Q]DKO GHU $UEHLWVVWXQGHQ SUR 3HULRGH DXV GHP ,QIRW\S %DVLVEH]JH HUIRUGHUOLFK

$EELOGXQJ  3HUVRQDOUHFKHQUHJHOQ %HLVSLHO 

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

)U GLH .U]XQJ YRQ %H]JHQ EHL )HKO]HLWHQ ZHUGHQ LQ GHU $EUHFKQXQJ
.U]XQJVIDNWRUHQ HUUHFKQHW GLH LQ YHUVFKLHGHQHQ /RKQDUWHQ KLQWHUOHJW ZHUGHQ
(LQH 3HUVRQDOUHFKHQUHJHO NDQQ MH QDFK 'HILQLWLRQ XQG 9HUZHQGXQJV]ZHFN
PHKUHUH %HUHFKQXQJVIRUPHOQ HQWKDOWHQ -HGH )RUPHO ZLUG IU GLH UHOHYDQWH
/RKQDUW DXIJHUXIHQ
'LH LQ GHQ /RKQDUWHQ KLQWHUOHJWHQ )DNWRUHQ ZHUGHQ ]XU .U]XQJ SHULRGLVFKHU
%H]JH ] % EHL XQEH]DKOWHQ )HKO]HLWHQ YHUZHQGHW

'HPRQVWUDWLRQ *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU


3HUVRQDOUHFKHQUHJHOQ
=ZHFN
6R IDVVHQ 6LH 0LWDUEHLWHUNUHLVH LQ HLQHU 5HJHO ]XVDPPHQ

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 8P GHQ 7HLOQHKPHUQ ]X ]HLJHQ GDVV HV LQQHUKDOE HLQHU 5HJHO YHUVFKLHGHQH
%HUHLFKH IU GLH *UXSSLHUXQJHQ YRQ 0LWDUEHLWHUNUHLVHQ JHEHQ NDQQ UXIHQ
6LH 5HJHO ; LQ GHU 7DEHOOHQDQ]HLJH DXI 'DQQ ZlKOHQ 6LH LP 0HQ
'UXFNHQ GLH 2SWLRQHQ 5HJHO ĺ 'UXFNHQ 'DPLW ]HLJHQ 6LH GHXWOLFK GDVV HV
LQ GHU 5HJHO PHKUHUH %HUHLFKH JLEW *HKHQ 6LH DQ GLHVHP 3XQNW QLFKW DXI
GLH 2SHUDWLRQHQ HLQ
 (UZlKQHQ 6LH GDVV LQ GLHVHU 5HJHO GDV +LQ]XIJHQ YRQ $E]JHQ XQG LQ
5HJHO ; GLH 'LYLVLRQ VWDWWILQGHW
 =HLJHQ 6LH 7DEHOOH ;33) DOV %HLVSLHO IU HLQH 5HJHO PLW %HUHLFKHQ IU
YHUVFKLHGHQH /RKQDUWHQ DQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ GLH 3HUVRQDOUHFKHQUHJHOQ

0RGHULHUWH 'LVNXVVLRQ

)UDJHQ ]XU 'LVNXVVLRQ


9HUZHQGHQ 6LH GLH IROJHQGHQ )UDJHQ XP GLH 7HLOQHKPHU DQ GHU 'LVNXVVLRQ ]X
EHWHLOLJHQ 6LH GUIHQ JHUQH HLJHQH ]XVlW]OLFKH )UDJHQ YHUZHQGHQ
(UOlXWHUQ 6LH GLH 1RWZHQGLJNHLW YRQ 3HUVRQDOUHFKHQUHJHOQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH YHUVFKLHGHQHQ 0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ EHVFKUHLEHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7

/HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ PDFKHQ 6LH VLFK PLW GHU %H]LHKXQJ ]ZLVFKHQ GHQ LQWHUQHQ
$EUHFKQXQJVWDEHOOHQ XQG GHU )XQNWLRQ 3,7 YHUWUDXW )HUQHU HUOHUQHQ 6LH GDV
'HILQLHUHQ LQWHUQHU $EUHFKQXQJVWDEHOOHQ XQG GLH YHUVFKLHGHQHQ 9HUIDKUHQ GHV
$QVSULQJHQV YRQ 5HJHOQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ LQWHUQH $EUHFKQXQJVWDEHOOHQ GHILQLHUHQ
‡ 9HUIDKUHQ IU GDV $QVSULQJHQ YRQ 5HJHOQ GHILQLHUHQ

%HJLQQHQ 6LH GLH /HNWLRQ PLW HLQHU (LQIKUXQJ LQ GLH YHUVFKLHGHQHQ 0|JOLFKNHLWHQ
GHV $QVSULQJHQV YRQ 5HJHOQ 'DQQ HUOlXWHUQ 6LH GDVV GLH 3HUVRQDOUHFKHQUHJHOQ
IU GLH 9HUDUEHLWXQJ YRQ /RKQDUWHQ LQ GHQ LQWHUQHQ 7DEHOOHQ EHQ|WLJW ZHUGHQ
'DEHL VROOWHQ 6LH EHVRQGHUV KHUYRUKHEHQ GDVV GLH LQWHUQH 7DEHOOH VHTXHQ]LHOO LVW
'DV KHL‰W GDVV VLH ] % YRQ GHU )XQNWLRQ 3,7 YRQ REHQ QDFK XQWHQ JHOHVHQ ZHUGHQ
PXVV 'LH ]X YHUDUEHLWHQGH /RKQDUW ZLUG LQ GHU .RSI]HLOH GHU 27 DQJH]HLJW
'RUW ZLUG GLH 2SHUDWLRQ HLQHU 3HUVRQDOUHFKHQUHJHO YHUDUEHLWHW (LQH YROOVWlQGLJ
YHUDUEHLWHWH /RKQDUW NDQQ LQ GHU (UJHEQLVVWDEHOOH 57 DEJHOHJW ZHUGHQ
5HJHODQVSUXQJ DEKlQJLJ YRQ *UXSSLHUXQJ
5XIHQ 6LH ; LP 7HLOVFKHPD ;7 DXI VSULQJHQ 6LH DEHU GLH 5HJHO QLFKW DQ
5HJHODQVSUXQJ JHQHULVFK
5XIHQ 6LH ; LP 7HLOVFKHPD ;(1' DXI
5HJHODQVSUXQJ JHPl‰ 9HUDUEHLWXQJVNODVVH
=HLJHQ 6LH QLFKW GLH 9HUDUEHLWXQJVNODVVHQ HUZlKQHQ 6LH DEHU JHJHQEHU
GHQ 7HLOQHKPHUQ GDVV GLHVH EHU GHQ ,0* JHSIOHJW ZHUGHQ N|QQHQ XQG EHL
$XVIKUXQJ GHV $EUHFKQXQJVWUHLEHUV YHUIJEDU EOHLEHQ
5HJHODQVSUXQJ ORKQDUWHQJHQDX
%HDFKWHQ 6LH GDVV 6LH EHL GLHVHU $QVSUXQJVDUW GLH 9HUDUEHLWXQJ QLFKW EHHQGHQ
N|QQHQ ZHQQ 6LH HLQHQ 9HUDUEHLWXQJVVFKULWW IU HLQH /RKQDUW DXVODVVHQ %HL
DQGHUHQ $QVSUXQJVDUWHQ EHHQGHW GHU $EUHFKQXQJVWUHLEHU GLH 9HUDUEHLWXQJ ZHQQ
NHLQH 5HJHO JHIXQGHQ ZLUG
9DULDQWHQ GHV 5HJHODQVSUXQJV

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

(UOlXWHUQ 6LH GLH VHFKV 9DULDQWHQ GHV 5HJHODQVSUXQJV XQG ZHLVHQ 6LH GDUDXI KLQ
GDVV GLH YLHU DP KlXILJVWHQ YHUZHQGHWHQ 9DULDQWHQ LP .XUV EHVSURFKHQ ZHUGHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH PLW +LOIH GHU LQWHUQHQ $EUHFKQXQJVWDEHOOHQ
XQWHUVFKLHGOLFKH /RKQYHUDUEHLWXQJHQ LPSOHPHQWLHUHQ

(LQIKUXQJ LQ GLH $EUHFKQXQJVWDEHOOHQ

$EELOGXQJ  =XVDPPHQVSLHO GHU ZLFKWLJVWHQ LQWHUQHQ $EUHFKQXQJVWD


EHOOHQ PLW GHU )XQNWLRQ 3,7

,Q GHU LQWHUQHQ 7DEHOOH ,7 VWHKHQ GLH /RKQDUWHQ IU GHQ MHZHLOLJHQ


9HUDUEHLWXQJVVFKULWW ]XU 9HUIJXQJ
'LH (UJHEQLVVH HLQHV 9HUDUEHLWXQJVVFKULWWHV ZHUGHQ LQ GHQ LQWHUQHQ 7DEHOOHQ 27
RGHU 57 DEJHOHJW
1DFK $EVFKOXVV HLQHV 9HUDUEHLWXQJVVFKULWWHV ZHUGHQ GLH /RKQDUWHQ DXV GHU
LQWHUQHQ 7DEHOOH 27 ZLHGHU LQ GLH LQWHUQH 7DEHOOH ,7 JHVWHOOW
'LH LQWHUQHQ 7DEHOOHQ ,7 XQG GLH 27 VLQG QXU WHPSRUlU JHIOOW XQG H[LVWLHUHQ QXU
ZlKUHQG GHU $EUHFKQXQJ 'LH LQWHUQH 7DEHOOH 57 LVW KLQJHJHQ LQ GHU 'DWHQEDQN
JHVSHLFKHUW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7

9HUIDKUHQ IU GHQ 5HJHODQVSUXQJ

$EELOGXQJ  5HJHODQVSUXQJ DEKlQJLJ YRQ *UXSSLHUXQJ

'LH )XQNWLRQ 3,7 3URFHVV ,QSXW 7DEOH VSULQJW IU MHGH /RKQDUW LQ GHU
,7 JHQHULVFK GLH LP HUVWHQ 3DUDPHWHU JHQDQQWH 3HUVRQDOUHFKHQUHJHO XQWHU
%HUFNVLFKWLJXQJ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ
DQ
%HLVSLHO
,P 7HLOVFKHPD ;7 ZLUG GLH 3HUVRQDOUHFKHQUHJHO ; DXI GLHVH $UW
DQJHVSUXQJHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

$EELOGXQJ  5HJHODQVSUXQJ JHQHULVFK

'LH )XQNWLRQ 3,7 3URFHVV ,QSXW 7DEOH VSULQJW IU MHGH /RKQDUW LQ GHU ,7
JHQHULVFK GLH LP HUVWHQ 3DUDPHWHU GHILQLHUWH 3HUVRQDOUHFKHQUHJHO DQ 'LH
*UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ LQ GHU /RKQDUW EOHLEW
KLHUEHL XQEHUFNVLFKWLJW
%HLVSLHO
,P 7HLOVFKHPD ;(1' ZLUG GLH 3HUVRQDOUHFKHQUHJHO ; DXI GLHVH $UW
DQJHVSUXQJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7

$EELOGXQJ  5HJHODQVSUXQJ JHPl‰ 9HUDUEHLWXQJVNODVVH

'LH )XQNWLRQ 3,7 3URFHVV ,QSXW 7DEOH OLHVW IU MHGH /RKQDUW LQ GHU ,7 GLH LP
]ZHLWHQ 3DUDPHWHU JHQDQQWH 9HUDUEHLWXQJVNODVVH XQG HUPLWWHOW GLH GRUW KLQWHUOHJWH
$XVSUlJXQJ
%HLVSLHO
,P 7HLOVFKHPD ;7 ZLUG GLH 3HUVRQDOUHFKHQUHJHO ; DXI GLHVH $UW
DQJHVSUXQJHQ

$EELOGXQJ  5HJHODQVSUXQJ ORKQDUWHQJHQDX

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

'LH )XQNWLRQ 3,7 3URFHVV ,QSXW 7DEOH VSULQJW IU MHGH /RKQDUW LQ GHU ,7
GLH LP HUVWHQ 3DUDPHWHU GHILQLHUWH 3HUVRQDOUHFKHQUHJHO DQ 'LH *UXSSLHUXQJ
GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ LQ GHU /RKQDUW EOHLEW KLHUEHL
XQEHUFNVLFKWLJW *LEW HV LQ GHU 3HUVRQDOUHFKHQUHJHO NHLQH 9HUDUEHLWXQJ IU GLH
/RKQDUW ZLUG VLH XQYHUlQGHUW LQ GLH 7DEHOOH 27 EHUQRPPHQ
%HLVSLHO
,P 7HLOVFKHPD ;$/ ZLUG GLH 3HUVRQDOUHFKHQUHJHO ;33) DXI GLHVH $UW
DQJHVSUXQJHQ

$EELOGXQJ  9DULDQWHQ GHV 5HJHODQVSUXQJV

+LHU VLQG GLH VHFKV 9DULDQWHQ GHV 5HJHODQVSUXQJV DXIJHIKUW 'LH YLHU DP
KlXILJVWHQ YHUZHQGHWHQ 9DULDQWHQ VLQG KHUYRUJHKREHQ
:HLWHUH )XQNWLRQHQ PLW GHQHQ 6LH /RKQDUWHQ LQ LQWHUQHQ 7DEHOOHQ EHDUEHLWHQ
N|QQHQ VLQG 3/57 3257 3'7 357 XQG 3=/ 'HU $QVSUXQJ GHU
3HUVRQDOUHFKHQUHJHOQ HUIROJW KLHU ZLH EHL 3,7
,P 3DUDPHWHU  JHEHQ 6LH GLH $UW GHV 5HJHODQVSUXQJV DQ 'LH ]X YHUDUEHLWHQGHQ
/RKQDUWHQ N|QQHQ PLW +LOIH GHU 9HUDUEHLWXQJVNODVVHQ 3QQ VSH]LIL]LHUW ZHUGHQ
'HU $QVSUXQJ GHU 5HJHO NDQQ JHQHULVFK *(1 HUIROJHQ 'DV KHL‰W GDVV DOOH
/RKQDUWHQ LQ GHU 7DEHOOH LQ GHU $EUHFKQXQJVUHJHO EHDUEHLWHW ZHUGHQ ,VW GHU
3DUDPHWHU  OHHU ZLUG GLH 5HJHO ORKQDUWHQJHQDX DQJHVSUXQJHQ
:HQQ 6LH LQ HLQHU NXQGHQHLJHQHQ 3HUVRQDOUHFKHQUHJHO NHLQH 'LIIHUHQ]LHUXQJ
IU 0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ YRUJHQRPPHQ KDEHQ PVVHQ 6LH GLH 5HJHO
PLW 12$% LP 3DUDPHWHU  DXIUXIHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7

'HPRQVWUDWLRQ $QVSUXQJ YRQ 6FKHPHQ XQG 5HJHOQ


=ZHFN
6R VSULQJHQ 6LH 6FKHPHQ XQG 5HJHOQ DQ

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 =XU 9HUDQVFKDXOLFKXQJ GHV 0DWHULDOV VROOWHQ 6LH GHQ $QVSUXQJ DXV GHP
6FKHPD XQG GHQ LP .XUV JHQDQQWHQ 5HJHOQ GHPRQVWULHUHQ 'D]X |IIQHQ 6LH
DP EHVWHQ HLQH ]ZHLWH 6LW]XQJ GDPLW GDV 6FKHPD XQG GLH DQJHVSUXQJHQH
5HJHO LQ YHUVFKLHGHQHQ )HQVWHUQ DQJH]HLJW ZHUGHQ =HLJHQ 6LH GLH 5HJHO
LQ GHU 'UXFNVLFKW DQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7

 hEXQJ  )XQNWLRQHQ IU GLH 9HUDUEHLWXQJ


YRQ LQWHUQHQ $EUHFKQXQJVWDEHOOHQ
'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ GLH YHUVFKLHGHQHQ 0|JOLFKNHLWHQ GHV $QVSULQJHQV NXQGHQHLJHQHU
3HUVRQDOUHFKHQUHJHOQ QXW]HQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH PLW +LOIH NXQGHQHLJHQHU 3HUVRQDOUHFKHQUHJHOQ
/RKQDUWHQ LQ YHUVFKLHGHQHQ $EUHFKQXQJVWDEHOOHQ EHDUEHLWHQ XQG VR GLH
3HUVRQDODEUHFKQXQJ DQ GLH (UIRUGHUQLVVH ,KUHV 8QWHUQHKPHQV DQSDVVHQ 'LHVH
3HUVRQDOUHFKHQUHJHOQ PVVHQ DXV GHP 6FKHPD KHUDXV DQJHVSUXQJHQ ZHUGHQ

$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH ,7 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO =
YHUDUEHLWHQ 'LH 5HJHO VROO XQDEKlQJLJ YRQ GHU /RKQDUW XQG DEKlQJLJ
YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ
DQJHVSUXQJHQ ZHUGHQ

)XQNW 3DU  3DU  3DU 

$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH 257 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO =257
YHUDUEHLWHQ 'LH 5HJHO VROO DEKlQJLJ YRQ GHU /RKQDUW XQG XQDEKlQJLJ
YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ
DQJHVSUXQJHQ ZHUGHQ

)XQNW 3DU  3DU  3DU 

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH ,7 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO = YHUDUEHLWHQ
'LH 5HJHO VROO DEKlQJLJ YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU
3HUVRQDOUHFKHQUHJHOQ XQG PLW GHU $XVSUlJXQJ GHU 9HUDUEHLWXQJVNODVVH 
DQJHVSUXQJHQ ZHUGHQ

)XQNW 3DU  3DU  3DU 

$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH 57 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO =(1'
YHUDUEHLWHQ 'LH 5HJHO VROO XQDEKlQJLJ YRQ GHU /RKQDUW XQG XQDEKlQJLJ
YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ
DQJHVSUXQJHQ ZHUGHQ

)XQNW 3DU  3DU  3DU 

$XIJDEH 
 6LH ZROOHQ GLH /RKQDUW  LQ 7DEHOOH ,7 PLW GHU 5HJHO = YHUDUEHLWHQ
'LH 9HUDUEHLWXQJ GHU /RKQDUW VROO IU DOOH 0LWDUEHLWHU JOHLFK HUIROJHQ

)XQNW 3DU  3DU  3DU 

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7

/|VXQJ  )XQNWLRQHQ IU GLH 9HUDUEHLWXQJ


YRQ LQWHUQHQ $EUHFKQXQJVWDEHOOHQ
$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH ,7 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO =
YHUDUEHLWHQ 'LH 5HJHO VROO XQDEKlQJLJ YRQ GHU /RKQDUW XQG DEKlQJLJ
YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ
DQJHVSUXQJHQ ZHUGHQ

)XQNW 3DU  3DU  3DU 

D $QVSUXQJ

)XQNW 3DU  3DU  3DU 


3,7 = *(1

$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH 257 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO =257
YHUDUEHLWHQ 'LH 5HJHO VROO DEKlQJLJ YRQ GHU /RKQDUW XQG XQDEKlQJLJ
YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ
DQJHVSUXQJHQ ZHUGHQ

)XQNW 3DU  3DU  3DU 

D $QVSUXQJ

)XQNW 3DU  3DU  3DU 


3257 =257 12$%

$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH ,7 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO = YHUDUEHLWHQ
'LH 5HJHO VROO DEKlQJLJ YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU
3HUVRQDOUHFKHQUHJHOQ XQG PLW GHU $XVSUlJXQJ GHU 9HUDUEHLWXQJVNODVVH 
DQJHVSUXQJHQ ZHUGHQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

)XQNW 3DU  3DU  3DU 

D $QVSUXQJ

)XQNW 3DU  3DU  3DU 


3,7 = 3

$XIJDEH 
 6LH ZROOHQ GLH 7DEHOOH 57 PLW +LOIH GHU 3HUVRQDOUHFKHQUHJHO =(1'
YHUDUEHLWHQ 'LH 5HJHO VROO XQDEKlQJLJ YRQ GHU /RKQDUW XQG XQDEKlQJLJ
YRQ GHU *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ
DQJHVSUXQJHQ ZHUGHQ

)XQNW 3DU  3DU  3DU 

D $QVSUXQJ

)XQNW 3DU  3DU  3DU 


357 =(1' *(1 12$%

$XIJDEH 
 6LH ZROOHQ GLH /RKQDUW  LQ 7DEHOOH ,7 PLW GHU 5HJHO = YHUDUEHLWHQ
'LH 9HUDUEHLWXQJ GHU /RKQDUW VROO IU DOOH 0LWDUEHLWHU JOHLFK HUIROJHQ

)XQNW 3DU  3DU  3DU 

D $QVSUXQJ

)XQNW 3DU  3DU  3DU 


3,7 = 12$%

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QWHUQH $EUHFKQXQJVWDEHOOHQ XQG )XQNWLRQ 3,7

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ LQWHUQH $EUHFKQXQJVWDEHOOHQ GHILQLHUHQ
‡ 9HUIDKUHQ IU GDV $QVSULQJHQ YRQ 5HJHOQ GHILQLHUHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

/HNWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ PDFKHQ 6LH VLFK PLW GHU 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ
YHUWUDXW 6LH OHUQHQ GLH $WWULEXWH YRQ 3HUVRQDOUHFKHQUHJHOQ XQG GLH
9RUJHKHQVZHLVH EHLP $Q]HLJHQ YRQ 5HJHOQ DOV 6WUXNWXUJUDILNHQ NHQQHQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH $WWULEXWH YRQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ
‡ 5HFKHQUHJHOQ DOV 6WUXNWXUJUDILNHQ DQ]HLJHQ

(UOlXWHUQ 6LH DOOH )XQNWLRQHQ GHV (GLWRUV IU 3HUVRQDOUHFKHQUHJHOQ XQG VHLQH
9HUZHQGXQJ IU GLH 3IOHJH YRQ 5HFKHQUHJHOQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH LP 5HJHO(GLWRU GLH 3HUVRQDOUHFKHQUHJHOQ IU GLH
GLIIHUHQ]LHUWH 9HUDUEHLWXQJ SIOHJHQ

'HILQLHUHQ YRQ $WWULEXWHQ IU 3HUVRQDOUHFKHQUHJHOQ

$EELOGXQJ  3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ

,P (GLWRU IU 3HUVRQDOUHFKHQUHJHOQ N|QQHQ 6LH 3HUVRQDOUHFKHQUHJHOQ DQ]HLJHQ


XQG SIOHJHQ 'HQ (GLWRU UXIHQ 6LH EHU :HUN]HXJH LP 0HQ 3HUVRQDODEUHFKQXQJ
7UDQVDNWLRQ 3( DXI
'LH 9HUDUEHLWXQJ HUIROJW LQ $EKlQJLJNHLW YRQ GHU *UXSSLHUXQJ GHV
0LWDUEHLWHUNUHLVHV XQG GHU /RKQDUW

$EELOGXQJ  $WWULEXWH HLQHU 3HUVRQDOUHFKHQUHJHO

,Q GHQ $WWULEXWHQ HLQHU 5HJHO HUIROJW HLQH =XRUGQXQJ ]X HLQHU 3URJUDPPNODVVH


G K GLH 5HJHO ZLUG HQWZHGHU LQ GHU 3HUVRQDODEUHFKQXQJ RGHU LQ GHU
=HLWDXVZHUWXQJ YHUZHQGHW
'LH 3IOHJHYHUDQWZRUWXQJ NDQQ HLQHP 0LWDUEHLWHU IHVW ]XJHRUGQHW ZHUGHQ )U DOOH
DQGHUHQ 0LWDUEHLWHU VWHKW GLH 5HJHO GDQQ QXU LP $Q]HLJHPRGXV ]XU 9HUIJXQJ
'LH 9HUZDOWXQJVLQIRUPDWLRQHQ JHEHQ $XVNXQIW EHU (UVWHOOXQJVGDWHQ VRZLH
'DWXP 8KU]HLW XQG 1DPH GHV OHW]WHQ bQGHUHUV

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

$Q]HLJHQ YRQ 5HJHOQ DOV 6WUXNWXUJUDILNHQ

$EELOGXQJ  $Q]HLJHQ YRQ 5HJHOQ DOV 6WUXNWXUJUDILNHQ

'LH 6WUXNWXUJUDILN VWHOOW GHQ 4XHOOWH[W LQ =HLOHQ XQG .QRWHQ GDU GLH KLHUDUFKLVFK
PLWHLQDQGHU YHUEXQGHQ VLQG 'LH *UDILNGDUVWHOOXQJ LVW VRZRKO LQ GHU
$Q]HLJHIXQNWLRQ DOV DXFK LQ GHU bQGHUXQJVIXQNWLRQ IU 4XHOOWH[W P|JOLFK
'LH %HVWDQGWHLOH GHV 4XHOOWH[WHV VLQG IDUEOLFK HLQGHXWLJ PDUNLHUW
(QWVFKHLGXQJVRSHUDWLRQHQ VLQG IDUEOLFK YRQ GHQ DQGHUHQ 2SHUDWLRQHQ DEJHVHW]W

'HPRQVWUDWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ XQG


$Q]HLJH YRQ 5HJHOQ DOV 6WUXNWXUJUDILNHQ
=ZHFN
6R UXIHQ 6LH GHQ (GLWRU IU 3HUVRQDOUHFKHQUHJHOQ DXI

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ

 gIIQHQ 6LH 6LH GHQ 5HJHOHGLWRU EHU GDV 0HQ 3HUVRQDO


ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ :HUN]HXJH ĺ
&XVWRPL]LQJ:HUN]HXJH ĺ 5HFKHQUHJHO VRZLH GDV 0HQ +LOIH ĺ +LOIH ]XU
$QZHQGXQJ 'RUW ILQGHQ 6LH GLH 'RNXPHQWDWLRQ IU GLH )XQNWLRQHQ GHV
(GLWRUV /HJHQ 6LH GDQQ HLQH QHXH 5HJHO == DQ
 'DPLW JHODQJHQ 6LH LQ GDV (LQJDQJVELOG IU GLH 3IOHJH YRQ $WWULEXWHQ
(UOlXWHUQ 6LH GDV %LOG *HEHQ 6LH 5HJHOEHVFKUHLEXQJ XQG 3URJUDPPNODVVH
& HLQ 6SHUUHQ 6LH GLH 5HJHO XP XQDXWRULVLHUWH bQGHUXQJHQ ]X XQWHUELQGHQ
XQG VSHLFKHUQ 6LH VLH 5XIHQ 6LH 4XHOOWH[WUHJHO == DXI XQG OHJHQ
6LH %HUHLFKH IU GLH *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH   XQG  IU GLH
/RKQDUWHQ DQ )KUHQ 6LH NHLQH 2SHUDWLRQ DXV ZlKOHQ 6LH DEHU
hEHUEOLFN XQG ]HLJHQ 6LH GDVV YHUVFKLHGHQH %HUHLFKH YHUIJEDU VLQG
:HQQ HV GLH =HLW HUODXEW HUOlXWHUQ 6LH NXU] GLH )HOGHU XQG %HIHKOH GHV
5HJHO(GLWRUV DXV GHP $QKDQJ 'HPRQVWULHUHQ 6LH DXVJLHELJ GLH 2SWLRQHQ
GLHVHU )XQNWLRQ IU 5HJHO ; GLH 6LH YRUKHU DOV = NRSLHUW KDEHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ

 hEXQJ  (UVWHOOHQ YRQ 3HUVRQDOUHFKHQ


UHJHOQ
'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ NXQGHQHLJHQH 3HUVRQDOUHFKHQUHJHOQ HUVWHOOHQ XQG DXV GHP 6FKHPD KHUDXV
DXIUXIHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW 6LH DOV
0LWJOLHG GHV 3URMHNWWHDPV PVVHQ GLH 3HUVRQDODEUHFKQXQJ DQ GLH (UIRUGHUQLVVH
,KUHV 8QWHUQHKPHQV DQSDVVHQ ,P 5DKPHQ GHVVHQ PVVHQ 6LH PLW +LOIH
YRQ 3HUVRQDOUHFKHQUHJHOQ LQ YHUVFKLHGHQHQ $EUHFKQXQJVWDEHOOHQ /RKQDUWHQ
EHDUEHLWHQ 'HU $QVSUXQJ GLHVHU 5HJHOQ HUIRUGHUW HLQH $QSDVVXQJ GHV 6FKHPDV

$XIJDEH 
 .RSLHUHQ 6LH ]XQlFKVW GLH 3HUVRQDOUHFKHQUHJHO ;02' XQWHU GHP QHXHQ
1DPHQ =0  *UXSSHQQXPPHU  6XFKHQ 6LH DQVFKOLH‰HQG LQ ,KUHP
7HLOVFKHPD =7 GLH )XQNWLRQ 02' XQG lQGHUQ 6LH GHQ 3DUDPHWHU  VR
GDVV QXQ ,KUH 5HJHO =0 DXIJHUXIHQ ZLUG

$XIJDEH 
 bQGHUQ 6LH GDQQ ,KU LQWHUQDWLRQDOHV $EUHFKQXQJVVFKHPD = GDKLQJHKHQG
GDVV QXQ GDV PRGLIL]LHUWH 7HLOVFKHPD =7 DQVWHOOH GHV 6WDQGDUGVFKHPDV
;7 NRSLHUW ZLUG
3UIHQ 6LH GDV 6FKHPD DXI 6\QWD[IHKOHU :HQQ HV IHKOHUIUHL LVW VLFKHUQ
6LH HV

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

/|VXQJ  (UVWHOOHQ YRQ 3HUVRQDOUHFKHQ


UHJHOQ
$XIJDEH 
 .RSLHUHQ 6LH ]XQlFKVW GLH 3HUVRQDOUHFKHQUHJHO ;02' XQWHU GHP QHXHQ
1DPHQ =0  *UXSSHQQXPPHU  6XFKHQ 6LH DQVFKOLH‰HQG LQ ,KUHP
7HLOVFKHPD =7 GLH )XQNWLRQ 02' XQG lQGHUQ 6LH GHQ 3DUDPHWHU  VR
GDVV QXQ ,KUH 5HJHO =0 DXIJHUXIHQ ZLUG
D 8P GLH 3HUVRQDOUHFKHQUHJHO ;02' ]X NRSLHUHQ XQG GDV 7HLOVFKHPD
=7 ]X lQGHUQ ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
6$30HQ ĺ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
:HUN]HXJH ĺ &XVWRPL]LQJ:HUN]HXJH ĺ 5HFKHQUHJHO
:lKOHQ 6LH .RSLHUHQ XQG JHEHQ 6LH GLH IROJHQGHQ 'DWHQ HLQ
YRQ 5HJHO ;02' QDFK 5HJHO =0

1RWL] ,Q HLQHU IROJHQGHQ hEXQJ ZHUGHQ 6LH ,KUH 5HJHO =0


PRGLIL]LHUHQ

=XP bQGHUQ GHV 7HLOVFKHPDV =7 ZlKOHQ 6LH IROJHQGHQ 0HQSIDG


6$30HQ ĺ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
:HUN]HXJH ĺ &XVWRPL]LQJ:HUN]HXJH ĺ 6FKHPD
*HEHQ 6LH ,KU 6FKHPD =7 HLQ
:lKOHQ 6LH bQGHUQ
6XFKHQ 6LH PLW GHP 6\PERO 6XFKHQ LQ GHU =HLOH 02' ;02' *(1
QDFK GHU )XQNWLRQ 02'
*HEHQ 6LH LQ GHU =HLOHQQXPPHU GHU =HLOH 02' ;02' *(1 HLQ U
IU UHSHDW :LHGHUKROHQ HLQ XQG EHWlWLJHQ 6LH (QWHU 'LHV HU]HXJW
HLQH .RSLH GHU =HLOH
'HDNWLYLHUHQ 6LH GLH HUVWH GHU EHLGHQ =HLOHQ 02' ;02' *(1
LQGHP 6LH LQ GHU 6SDOWH ' HLQ   HLQJHEHQ
bQGHUQ 6LH LQ GHU ]ZHLWHQ GHU EHLGHQ =HLOHQ GHQ 3DUDPHWHU  YRQ 5HJHO
;02' LQ =0 GDPLW ,KUH 9HUVLRQ GHU 5HFKHQUHJHO DNWLY LVW
3UIHQ 6LH GLH 6\QWD[ XQG VLFKHUQ 6LH ,KUH bQGHUXQJHQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3IOHJH YRQ 3HUVRQDOUHFKHQUHJHOQ

$XIJDEH 
 bQGHUQ 6LH GDQQ ,KU LQWHUQDWLRQDOHV $EUHFKQXQJVVFKHPD = GDKLQJHKHQG
GDVV QXQ GDV PRGLIL]LHUWH 7HLOVFKHPD =7 DQVWHOOH GHV 6WDQGDUGVFKHPDV
;7 NRSLHUW ZLUG
3UIHQ 6LH GDV 6FKHPD DXI 6\QWD[IHKOHU :HQQ HV IHKOHUIUHL LVW VLFKHUQ
6LH HV
D =XP %HDUEHLWHQ GHV $EUHFKQXQJVVFKHPDV = ZlKOHQ 6LH IROJHQGHQ
0HQSIDG
6$30HQ ĺ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
:HUN]HXJH ĺ &XVWRPL]LQJ:HUN]HXJH ĺ 6FKHPD
*HEHQ 6LH ,KU 6FKHPD = HLQ
:lKOHQ 6LH bQGHUQ
6XFKHQ 6LH PLW GHP 6\PERO 6XFKHQ LQ GHU =HLOH &23< ;7 QDFK
GHP 7HLOVFKHPD ;7
*HEHQ 6LH LQ GHU =HLOHQQXPPHU GHU =HLOH &23< ;7 HLQ U IU
UHSHDW :LHGHUKROHQ HLQ XQG EHWlWLJHQ 6LH (QWHU 'LHV HU]HXJW
HLQH .RSLH GHU =HLOH
'HDNWLYLHUHQ 6LH GLH HUVWH GHU EHLGHQ =HLOHQ &23< ;7 LQGHP 6LH
LQ GHU 6SDOWH ' HLQ   HLQJHEHQ
bQGHUQ 6LH LQ GHU ]ZHLWHQ GHU EHLGHQ =HLOHQ GHQ 3DUDPHWHU  YRQ ;7
LQ =7 GDPLW ,KU 7HLOVFKHPD DNWLY LVW
3UIHQ 6LH GLH 6\QWD[ XQG VLFKHUQ 6LH ,KUH bQGHUXQJHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  3HUVRQDOUHFKHQUHJHOQ +5

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH $WWULEXWH YRQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ
‡ 5HFKHQUHJHOQ DOV 6WUXNWXUJUDILNHQ DQ]HLJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 =XVDPPHQIDVVXQJ GHV .DSLWHOV

=XVDPPHQIDVVXQJ GHV .DSLWHOV


1XQ N|QQHQ 6LH
‡ GLH YHUVFKLHGHQHQ 0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ EHVFKUHLEHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ
‡ LQWHUQH $EUHFKQXQJVWDEHOOHQ GHILQLHUHQ
‡ 9HUIDKUHQ IU GDV $QVSULQJHQ YRQ 5HJHOQ GHILQLHUHQ
‡ GLH $WWULEXWH YRQ 3HUVRQDOUHFKHQUHJHOQ EHQHQQHQ
‡ 5HFKHQUHJHOQ DOV 6WUXNWXUJUDILNHQ DQ]HLJHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 hEHUSUIHQ 6LH ,KU :LVVHQ


hEHUSUIHQ 6LH ,KU :LVVHQ
 3HUVRQDOUHFKHQUHJHOQ IU /RKQDUWHQ N|QQHQ QLFKW IU GLH $XVIKUXQJ
YHUVFKLHGHQHU 3UR]HVVH NRQILJXULHUW ZHUGHQ
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

 (LQH 3HUVRQDOUHFKHQUHJHO NDQQ QXU HLQH %HUHFKQXQJVIRUPHO HQWKDOWHQ


*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

 %HL GHU $Q]HLJH YRQ 5HJHOQ DOV 6WUXNWXUJUDILNHQ ZHUGHQ DOOH 2SHUDWLRQHQ LQ
GHUVHOEHQ )DUEH GDUJHVWHOOW
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


hEHUSUIHQ 6LH ,KU :LVVHQ +5

$QWZRUWHQ


 3HUVRQDOUHFKHQUHJHOQ IU /RKQDUWHQ N|QQHQ QLFKW IU GLH $XVIKUXQJ


YHUVFKLHGHQHU 3UR]HVVH NRQILJXULHUW ZHUGHQ

$QWZRUW )DOVFK
3HUVRQDOUHFKHQUHJHOQ IU /RKQDUWHQ N|QQHQ IU GLH $XVIKUXQJ
YHUVFKLHGHQHU 3UR]HVVH NRQILJXULHUW ZHUGHQ 'LH /RKQDUWHQ IU
6WXQGHQO|KQHU ZHUGHQ EHLVSLHOVZHLVH DQGHUV DOV GLH /RKQDUWHQ YRQ
0RQDWVO|KQHUQ YHUDUEHLWHW

 (LQH 3HUVRQDOUHFKHQUHJHO NDQQ QXU HLQH %HUHFKQXQJVIRUPHO HQWKDOWHQ

$QWZRUW )DOVFK
(LQH 3HUVRQDOUHFKHQUHJHO NDQQ MH QDFK 'HILQLWLRQ XQG 9HUZHQGXQJV]ZHFN
PHKUHUH %HUHFKQXQJVIRUPHOQ HQWKDOWHQ

 %HL GHU $Q]HLJH YRQ 5HJHOQ DOV 6WUXNWXUJUDILNHQ ZHUGHQ DOOH 2SHUDWLRQHQ LQ
GHUVHOEHQ )DUEH GDUJHVWHOOW

$QWZRUW )DOVFK
(QWVFKHLGXQJVRSHUDWLRQHQ VLQG IDUEOLFK YRQ GHQ DQGHUHQ 2SHUDWLRQHQ
DEJHVHW]W

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


.DSLWHO 
 6WDUWHQ GHU $EUHFKQXQJ

,Q GLHVHP .DSLWHO ZHUGHQ GHQ 7HLOQHKPHUQ GLH ZLFKWLJHQ )XQNWLRQHQ YRUJHVWHOOW


GLH IU GLH ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ EHL 6WDUW GHV 6FKHPDV EHQ|WLJW ZHUGHQ
)HUQHU HQWKlOW HV HLQHQ hEHUEOLFN EHU GDV $EUHFKQXQJVVFKHPD $X‰HUGHP
ZLUG QRFK HLQPDO GDV $EUHFKQXQJVSURWRNROO JH]HLJW ZHLO GLH 7HLOQHKPHU LQ GHQ
IROJHQGHQ hEXQJHQ HUQHXW GLH $EUHFKQXQJ DXVIKUHQ XQG GDQQ GLH (UJHEQLVVH
LKUHU &XVWRPL]LQJ$NWLYLWlWHQ LP $EUHFKQXQJVSURWRNROO SUIHQ PVVHQ
$EVFKOLH‰HQG HUOlXWHUQ 6LH GHQ 7HLOQHKPHUQ GLH %HGHXWXQJ YRQ :3%36SOLWV
XQG GHUHQ (UVWHOOXQJ

hEHUEOLFN EHU GDV .DSLWHO


,Q GLHVHP .DSLWHO ZHUGHQ GLH *UXQGODJHQ GHV 6WDUWV GHU 3HUVRQDODEUHFKQXQJ
EHVSURFKHQ (V EHKDQGHOW GLH .RQ]HSWH GHU (LQULFKWXQJ GHU 3HUVRQDODEUHFKQXQJ
ZLH GLH ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ XQG GDV /HVHQ YRQ %DVLVGDWHQ 'DUEHU
KLQDXV ZLUG GDV (LQOHVHQ YRQ 6WDPPGDWHQ LQ GLH LQWHUQHQ 7DEHOOHQ GXUFK )OOHQ
GHU LQWHUQHQ 7DEHOOHQ XQG DQVFKOLH‰HQGHV 3UIHQ DXI 9ROOVWlQGLJNHLW HUOlXWHUW

/HUQ]LHOH GHV .DSLWHOV


$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH

‡ GLH $EUHFKQXQJ LQLWLDOLVLHUHQ


‡ *UXQGGDWHQ XQWHU 9HUZHQGXQJ YRQ 6FKHPD ;%' HLQOHVHQ
‡ $UEHLWVSODW]GDWHQ GHILQLHUHQ XQG 6WDPPGDWHQ HLQOHVHQ
‡ 'DWHQ6SOLWV XQG GLH 9ROOVWlQGLJNHLW YRQ 'DWHQ EHVFKUHLEHQ

,QKDOW GHV .DSLWHOV


/HNWLRQ ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ  
/HNWLRQ (LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ 
'HPRQVWUDWLRQ ,QLWLDOLVLHUHQ GHU $EUHFKQXQJ XQG (LQOHVHQ GHU
*UXQGGDWHQ 
'HPRQVWUDWLRQ (LQOHVHQ YRQ 'DWHQ LQ LQWHUQH 7DEHOOHQ XQG 3UIHQ GHU
'DWHQ DXI 9ROOVWlQGLJNHLW  

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

hEXQJ  :3%36SOLWV 

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ

/HNWLRQ ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ ZLUG GDV )HVWOHJHQ GHU 3DUDPHWHU LQ 6FKHPD ;,1 IU GLH
,QLWLDOLVLHUXQJ GHV $EUHFKQXQJVSURJUDPPV EHVFKULHEHQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH $EUHFKQXQJ LQLWLDOLVLHUHQ

,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ


(UOlXWHUQ 6LH GLH )XQNWLRQHQ
3UIXQJ GHV 3HUVRQDOYHUZDOWXQJVDW]HV
:HLVHQ 6LH GLH 7HLOQHKPHU GDUDXI KLQ GDVV GLH 3UIXQJ GHV
3HUVRQDOYHUZDOWXQJVVDW]HV LP SURGXNWLYHQ 6FKHPD DNWLYLHUW VHLQ PXVV (UOlXWHUQ
6LH NXU] GLH YHUVFKLHGHQHQ (LQVWHOOXQJHQ GHV 3HUVRQDOYHUZDOWXQJVVDW]HV

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH IU GLH )LUPHQPLWDUEHLWHU GDV $EUHFKQXQJVSURJUDPP
DXVIKUHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ

$EELOGXQJ  ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ

,Q GLHVHP 7HLOVFKHPD ZHUGHQ GHP $EUHFKQXQJVWUHLEHU ]X %HJLQQ GHU $EUHFKQXQJ


ZHVHQWOLFKH ,QIRUPDWLRQHQ PLWJHJHEHQ GLH IU GHQ ZHLWHUHQ 9HUODXI GHU
$EUHFKQXQJ YRQ %HGHXWXQJ VLQG
'LH )XQNWLRQ 3*0 WHLOW GHP $EUHFKQXQJVWUHLEHU PLW XP ZHOFKHQ 3URJUDPPW\S
HV VLFK EHL GHP YRUOLHJHQGHQ 6FKHPD KDQGHOW 'HU $EUHFKQXQJVWUHLEHU QLPPW
PLW GHQ YHUVFKLHGHQHQ 6FKHPHQ GLH )XQNWLRQHQ YHUVFKLHGHQHU 3URJUDPPH ZDKU
GLH LP RUJDQLVDWRULVFKHQ $EODXI ]X XQWHUVFKLHGOLFKHQ =HLWSXQNWHQ ODXIHQ )U GLH
3HUVRQDODEUHFKQXQJ PXVV IU GLH )XQNWLRQ GHU 3DUDPHWHU $%5 IHVWJHOHJW ZHUGHQ
'LH )XQNWLRQ 83' VWHXHUW RE GLH (UJHEQLVVH HLQHU $EUHFKQXQJ LQ GLH 'DWHQEDQN
JHVFKULHEHQ ZHUGHQ RGHU QXU ZlKUHQG GHU $EUHFKQXQJ YHUIJEDU VLQG ,VW GHU
3DUDPHWHU 7HVWODXI GHV $EUHFKQXQJVWUHLEHUV DNWLYLHUW DNWXDOLVLHUW 83' DXFK PLW
3DUDPHWULVLHUXQJ <(6 QLFKW GLH 'DWHQEDQN
'LH )XQNWLRQ 237 PLW GHU 3DUDPHWULVLHUXQJ ,1)7 EHZLUNW GDVV QXU GLH
,QIRUPDWLRQVW\SHQ HLQJHOHVHQ ZHUGHQ GLH YRQ GHQ LP 6FKHPD VWHKHQGHQ
)XQNWLRQHQ EHQ|WLJW ZHUGHQ 'LH 3DUDPHWULVLHUXQJ 7,0( YHUDQODVVW GDV (LQOHVHQ
DOOHU =HLWLQIRW\SHQ 'LHVH )XQNWLRQ GLHQW GHU 3HUIRUPDQFHYHUEHVVHUXQJ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ

$EELOGXQJ  3UIXQJ GHV 3HUVRQDOYHUZDOWXQJVDW]HV

'LH )XQNWLRQ &+(&. PLW GHP 3DUDPHWHU $%5 VWHOOW VLFKHU


‡ GDVV QXU 0LWDUEHLWHU GLH ]X HLQHP ]XU $EUHFKQXQJ IUHLJHJHEHQHQ
$EUHFKQXQJVNUHLV JHK|UHQ ]XU $EUHFKQXQJ VHOHNWLHUW ZHUGHQ
‡ GDVV NHLQ 0LWDUEHLWHU PLW $EUHFKQXQJVHUJHEQLVVHQ GLH LQ GHU =XNXQIW
OLHJHQ DEJHUHFKQHW ZLUG
,Q HLQHP SURGXNWLYHQ $EUHFKQXQJVVFKHPD PXVV GLH )XQNWLRQ &+(&. $%5
DNWLYLHUW VHLQ 6LH NDQQ MHGRFK GXUFK GLH 3URJUDPPRSWLRQ 7HVWODXI GHDNWLYLHUW
ZHUGHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

0RGHULHUWH 'LVNXVVLRQ

)UDJHQ ]XU 'LVNXVVLRQ


9HUZHQGHQ 6LH GLH IROJHQGHQ )UDJHQ XP GLH 7HLOQHKPHU DQ GHU 'LVNXVVLRQ ]X
EHWHLOLJHQ 6LH GUIHQ JHUQH HLJHQH ]XVlW]OLFKH )UDJHQ YHUZHQGHQ
(UOlXWHUQ 6LH GLH YHUVFKLHGHQHQ )XQNWLRQHQ LP $EUHFKQXQJVVFKHPD

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ ,QLWLDOLVLHUXQJ GHU $EUHFKQXQJ

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH $EUHFKQXQJ LQLWLDOLVLHUHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

/HNWLRQ (LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ ZLUG HUOlXWHUW ZLH 6LH *UXQGGDWHQ XQG 9HUZHQGXQJ YRQ 6FKHPD
;%' HLQOHVHQ )HUQHU HUIDKUHQ 6LH ZLH 6LH GLH 6WDPPGDWHQ LQ GLH LQWHUQHQ
7DEHOOHQ HLQOHVHQ XQG YHUVFKLHGHQH 7HLO]HLWUDXPGDWHQ LQ LQWHUQHQ 7DEHOOHQ
DEOHJHQ VRZLH GLH 9ROOVWlQGLJNHLW GHU HLQJHOHVHQHQ 'DWHQ SUIHQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ *UXQGGDWHQ XQWHU 9HUZHQGXQJ YRQ 6FKHPD ;%' HLQOHVHQ
‡ $UEHLWVSODW]GDWHQ GHILQLHUHQ XQG 6WDPPGDWHQ HLQOHVHQ
‡ 'DWHQ6SOLWV XQG GLH 9ROOVWlQGLJNHLW YRQ 'DWHQ EHVFKUHLEHQ

(LQOHVHQ GHU *UXQGGDWHQ


(UOlXWHUQ 6LH GHQ 7HLOQHKPHUQ GDVV 6LH PLW GHU )XQNWLRQ %/2&. YDULDEOH
+LHUDUFKLHHEHQHQ DQOHJHQ N|QQHQ %HKDQGHOQ 6LH GDV 7KHPD 9DULDEOH
+LHUDUFKLHHEHQHQ LP $QKDQJ
(UOlXWHUQ 6LH GLH 9HUZHQGXQJ GHU :%7)XQNWLRQ LP =XVDPPHQVSLHO PLW GHU
:3%37DEHOOH (UNOlUHQ 6LH GDQQ ZRIU :%76SOLWV EHQ|WLJW ZHUGHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH GLH 'DWHQ IU GLH RUJDQLVDWRULVFKH =XRUGQXQJ GLH
6ROODUEHLWV]HLW XQG GLH *UXQGEH]JH IU HLQH EHVWLPPWH $EUHFKQXQJVSHULRGH
HLQJHEHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ

(LQOHVHQ YRQ *UXQGGDWHQ

$EELOGXQJ  (LQOHVHQ GHU *UXQGGDWHQ

'DV 6FKHPD ;%' LVW HLQ 7HLOVFKHPD ]XP /HVHQ GHU *UXQGGDWHQ GLH IU GLH
3HUVRQDODEUHFKQXQJ XQEHGLQJW QRWZHQGLJ VLQG
'LH )XQNWLRQ %/2&. HUP|JOLFKW GLH 6WUXNWXULHUXQJ GHV $EODXISURWRNROOV
GHU $EUHFKQXQJ 'XUFK %HJLQQ XQG (QGHPDUNLHUXQJ ZLUG HLQH )ROJH YRQ
$EUHFKQXQJVIXQNWLRQHQ VHPDQWLVFK ]XVDPPHQJHIDVVW XQG HUVFKHLQW LP
$EODXISURWRNROO XQWHU HLQHP JHPHLQVDPHQ .QRWHQ

'HPRQVWUDWLRQ ,QLWLDOLVLHUHQ GHU $EUHFKQXQJ XQG


(LQOHVHQ GHU *UXQGGDWHQ
=ZHFN
6R VWDUWHQ 6LH GDV $EUHFKQXQJVSURJUDPP

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 5XIHQ 6LH 7HLOVFKHPD ;,1 DXI $NWLYLHUHQ 6LH LQ 6FKHPD ;,1 GLH
)XQNWLRQ &+(&. $%5 :lKOHQ 6LH GDQQ 6SHLFKHUQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

 5XIHQ 6LH GHQ 3HUVRQDOYHUZDOWXQJVVDW] IU $EUHFKQXQJVNUHLV ; DXI *HKHQ


6LH DQ GLHVHU 6WHOOH DXFK DXI GHQ $EUHFKQXQJVVWHXHUVDW] LP $QKDQJ HLQ
'LHVH ,QIRUPDWLRQHQ VWDPPHQ DXV .XUV +5   7HLOQHKPHU GLH GLHVHQ
.XUV QLFKW DEVROYLHUW KDEHQ VROOWHQ VLH VLFK DQVFKDXHQ
 6LPXOLHUHQ 6LH GLH $EUHFKQXQJ IU 0LWDUEHLWHU  UXIHQ 6LH GDV
$EUHFKQXQJVSURWRNROO DXI XQG GHPRQVWULHUHQ 6LH NXU] GLH 0|JOLFKNHLWHQ

(LQOHVHQ YRQ 'DWHQ LQ LQWHUQH 7DEHOOHQ

$EELOGXQJ  /HVHQ GHU $UEHLWVSODW] XQG %DVLVEH]XJVGDWHQ

'LH )XQNWLRQ :3%3 IOOW GLH LQWHUQH 7DEHOOH :3%3 PLW GHQ IU GHQ
$EUHFKQXQJV]HLWUDXP JOWLJHQ 6WDPP $UEHLWVSODW] XQG %DVLVEH]XJVGDWHQ
)HUQHU VWHOOW GLHVH )XQNWLRQ GLH /RKQDUWHQ DXV GHQ %DVLVEH]JHQ LQ GLH LQWHUQH
7DEHOOH ,7
,Q GHU 5HJHO VLQG GLHVH 'DWHQ IU GHQ JHVDPWHQ =HLWUDXP JOHLFKEOHLEHQG

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ

$EELOGXQJ  :3%36SOLWV

(V LVW MHGRFK DXFK P|JOLFK GDVV IU PHKUHUH 7HLO]HLWUlXPH MHZHLOV XQWHUVFKLHGOLFKH
'DWHQ YRUOLHJHQ ,Q GLHVHP )DOO ZHUGHQ GLH (LQWUlJH LQ GHQ LQWHUQHQ 7DEHOOHQ
:3%3 XQG ,7 GXUFK VR JHQDQQWH 6SOLWNHQQ]HLFKHQ XQWHUVFKLHGHQ
,Q GLHVHP %HLVSLHO ZXUGHQ EHL HLQHP QHX HLQJHVWHOOWHQ 0LWDUEHLWHU LQQHUKDOE
GHU $EUHFKQXQJVSHULRGH GLH %DVLVEH]JH XQG GLH 6ROODUEHLWV]HLW JHlQGHUW 'LH
7DEHOOH :3%3 HQWKlOW GDKHU IU MHGHQ GHU GDUDXV UHVXOWLHUHQGHQ 7HLO]HLWUlXPH
GHU $EUHFKQXQJVSHULRGH HLQHQ (LQWUDJ
'LH 7DEHOOH ,7 HQWKlOW HEHQIDOOV GUHL (LQWUlJH GHU JOHLFKHQ /RKQDUW GLH DEHU LP
]ZHLWHQ XQG GULWWHQ 7HLO]HLWUDXP GHQ JOHLFKHQ %HWUDJ DXIZHLVHQ

9ROOVWlQGLJNHLW GHU 'DWHQ


'LH )XQNWLRQ *21 SUIW GLH 6WDPPGDWHQ QDFK GHP (LQOHVHQ DXI 9ROOVWlQGLJNHLW
'DV 3HUVRQDOUHFKHQVFKHPD ZLUG QXU ZHLWHU DEJHDUEHLWHW ZHQQ EHVWLPPWH 'DWHQ
YRUOLHJHQ 'DEHL VLQG GLH 3UIXQJHQ YRQ /DQG ]X /DQG YHUVFKLHGHQ (LQKHLWOLFK
LVW MHGRFK GDVV LPPHU HLQ $UEHLWVSODW] ,7 YRUKDQGHQ VHLQ PXVV

'HPRQVWUDWLRQ (LQOHVHQ YRQ 'DWHQ LQ LQWHUQH 7DEHOOHQ


XQG 3UIHQ GHU 'DWHQ DXI 9ROOVWlQGLJNHLW
=ZHFN
6R YHUZHQGHQ 6LH GLH 7DEHOOH :3%3 LP $EUHFKQXQJVSURWRNROO

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 5XIHQ 6LH LP $EUHFKQXQJVSURWRNROO GLH 7DEHOOHQ :3%3 XQG ,7 DXI
 (UK|KHQ 6LH GLH %DVLVEH]JH GHV 0LWDUEHLWV LQ GHU 0LWWH GHU
$EUHFKQXQJVSHULRGH XQG lQGHUQ 6LH NXU] QDFK LKUHP $EVFKOXVV QLFKW
JOHLFK]HLWLJ GLH $UEHLWVVWXQGHQ )KUHQ 6LH GDQQ GLH $EUHFKQXQJ HUQHXW
DXV XQG UXIHQ 6LH LP $EUHFKQXQJVSURWRNROO GLH 7DEHOOHQ :3%3 XQG ,7 DXI
$Q GLHVHU 6WHOOH HUOlXWHUQ 6LH GLH /HJHQGH GHU (UJHEQLVWDEHOOH LP $QKDQJ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ

 hEXQJ  :3%36SOLWV
'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ :3%36SOLWV LP $EUHFKQXQJVHUJHEQLV HUNHQQHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH GLH 'DWHQ IU GLH RUJDQLVDWRULVFKH =XRUGQXQJ GLH
6ROODUEHLWV]HLW XQG GLH *UXQGEH]JH IU HLQH EHVWLPPWH $EUHFKQXQJVSHULRGH
HLQJHEHQ

$XIJDEH 
 *HEHQ 6LH ,KUHQ $EUHFKQXQJVNUHLV IUHL ]XU .RUUHNWXU

$XIJDEH 
 =XU 0LWWH GHU $EUHFKQXQJVSHULRGH HUKlOW ,KUH 0LWDUEHLWHULQ HLQH =XODJH
EHL GHQ %DVLVEH]JHQ .RSLHUHQ 6LH GHQ H[LVWLHUHQGHQ 6DW] GHV ,QIRW\SV
%DVLVEH]JH *HEHQ 6LH EHL GHP QHXHQ 6DW] GHQ  -DQXDU DOV %HJLQQGDWXP
HLQ XQG IJHQ 6LH GLH /RKQDUW  PLW HLQHP %HWUDJ YRQ  KLQ]X

$XIJDEH 
 *HEHQ 6LH GLH $EUHFKQXQJ IU ,KUHQ $EUHFKQXQJVNUHLV HUQHXW IU GLH
3HULRGH  IUHL %HYRU 6LH GLH $EUHFKQXQJ VWDUWHQ VROOWHQ 6LH HLQH
6HOHNWLRQVYDULDQWH IU GDV $EUHFKQXQJVSURJUDPP DQOHJHQ VLHKH +LQZHLV
XQWHQ  5HFKQHQ 6LH ,KUHQ 0LWDUEHLWHU PLW ,KUHP $EUHFKQXQJVVFKHPD =
 *UXSSHQQXPPHU DE XQG VFKDXHQ 6LH VLFK GLH (UJHEQLVWDEHOOH LP
$EUHFKQXQJVSURWRNROO DQ
%HHQGHQ 6LH DEVFKOLH‰HQG GLH $EUHFKQXQJ IU 3HULRGH 

$XIJDEH 
 6FKDXHQ 6LH VLFK QDFKGHP 6LH GLH $EUHFKQXQJ IU ,KUHQ $EUHFKQXQJVNUHLV
EHHQGHW KDEHQ GDV JHVDPWH $EUHFKQXQJVHUJHEQLV QRFK HLQPDO DQ

+LQZHLV 8P IU GLH IROJHQGHQ hEXQJHQ VLFKHU]XVWHOOHQ GDVV GLH


$EUHFKQXQJ LPPHU PLW ,KUHP 6FKHPD = HUIROJW OHJHQ 6LH ELWWH
HLQH 6HOHNWLRQVYDULDQWH IU GHQ $EUHFKQXQJVWUHLEHU DQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

/|VXQJ  :3%36SOLWV
$XIJDEH 
 *HEHQ 6LH ,KUHQ $EUHFKQXQJVNUHLV IUHL ]XU .RUUHNWXU
D =XU )UHLJDEH GHV $EUHFKQXQJVNUHLVHV ]XU .RUUHNWXU ZlKOHQ 6LH
IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
3HUVRQDODEUHFKQXQJ ĺ .RUUHNWXUHQ

$XIJDEH 
 =XU 0LWWH GHU $EUHFKQXQJVSHULRGH HUKlOW ,KUH 0LWDUEHLWHULQ HLQH =XODJH
EHL GHQ %DVLVEH]JHQ .RSLHUHQ 6LH GHQ H[LVWLHUHQGHQ 6DW] GHV ,QIRW\SV
%DVLVEH]JH *HEHQ 6LH EHL GHP QHXHQ 6DW] GHQ  -DQXDU DOV %HJLQQGDWXP
HLQ XQG IJHQ 6LH GLH /RKQDUW  PLW HLQHP %HWUDJ YRQ  KLQ]X
D =XP $XVZlKOHQ HLQHV =XVFKODJV IU ,KUHQ 0LWDUEHLWHU ZlKOHQ 6LH
IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP ĺ 3IOHJHQ
*HEHQ 6LH GLH 3HUVRQDOQXPPHU ,KUHV 0LWDUEHLWHUV HLQ  
ZlKOHQ 6LH GHQ ,QIRW\S %DVLVEH]JH XQG EHWlWLJHQ 6LH .RSLHUHQ
6HW]HQ 6LH GDV %HJLQQGDWXP GHV QHXHQ ,QIRW\SVDW]HV DXI GHQ 
GHV ODXIHQGHQ -DKUHV *HEHQ 6LH LQ GHU ]ZHLWHQ /RKQDUWHQ]HLOH /RKQDUW
 PLW HLQHP %HWUDJ YRQ  HLQ 6LFKHUQ 6LH GHQ ,QIRW\SVDW]

$XIJDEH 
 *HEHQ 6LH GLH $EUHFKQXQJ IU ,KUHQ $EUHFKQXQJVNUHLV HUQHXW IU GLH
3HULRGH  IUHL %HYRU 6LH GLH $EUHFKQXQJ VWDUWHQ VROOWHQ 6LH HLQH
6HOHNWLRQVYDULDQWH IU GDV $EUHFKQXQJVSURJUDPP DQOHJHQ VLHKH +LQZHLV
XQWHQ  5HFKQHQ 6LH ,KUHQ 0LWDUEHLWHU PLW ,KUHP $EUHFKQXQJVVFKHPD =
 *UXSSHQQXPPHU DE XQG VFKDXHQ 6LH VLFK GLH (UJHEQLVWDEHOOH LP
$EUHFKQXQJVSURWRNROO DQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ

%HHQGHQ 6LH DEVFKOLH‰HQG GLH $EUHFKQXQJ IU 3HULRGH 


D 8P GLH $EUHFKQXQJ IU ,KUHQ QHXHQ 0LWDUEHLWHU GXUFK]XIKUHQ ZlKOHQ
6LH IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ
%HVWlWLJHQ 6LH GLH 0HOGXQJ GDVV 6LH ,KUHQ $EUHFKQXQJVNUHLV IU GLH
3HULRGH  IUHLJHEHQ
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ
1HKPHQ 6LH LP GHP 6HOHNWLRQVELOG GHV $EUHFKQXQJVWUHLEHUV IROJHQGH
(LQJDEHQ YRU

$EUHFKQXQJVSHULRGH DNWXHOOH 3HULRGH


$EU.UHLV ,KU $EUHFKQXQJVNUHLV
6FKHPD =
3URWRNROO 3URWRNROO DXVJHEHQ

=XP $QOHJHQ HLQHU 6HOHNWLRQVYDULDQWH GHV $EUHFKQXQJVSURJUDPPV


53&$/&; EHU GDV 6HOHNWLRQVELOG GHV $EUHFKQXQJVWUHLEHUV ZlKOHQ
6LH 6SULQJHQ ĺ 9DULDQWHQ ĺ $OV 9DULDQWH VLFKHUQ
*HEHQ 6LH HLQHQ 9DULDQWHQQDPHQ VRZLH HLQH %HVFKUHLEXQJ HLQ XQG
ZlKOHQ 6LH 6LFKHUQ
)KUHQ 6LH GLH $EUHFKQXQJ GXUFK XQG NRQWUROOLHUHQ 6LH GDV
$EUHFKQXQJVSURWRNROO
gIIQHQ 6LH GHQ 3URWRNROOEDXP %HDUEHLWXQJ *UXQGGDWHQ ĺ :3%3
6FKDXHQ 6LH VLFK GLH (LQJDEH XQG GLH $XVJDEHGDWHQ IU GLHVH )XQNWLRQ
DQ XP GLH LPSRUWLHUWHQ 'DWHQ XQG GLH 7DEHOOHQ :3%3 XQG ,7 ]X
XQWHUVXFKHQ 6FKDXHQ 6LH VLFK HEHQIDOOV GLH (UJHEQLVWDEHOOH 57 PLW
GHQ (UJHEQLVORKQDUWHQ DQ
1DFK GHP 3UIHQ GHV (UJHEQLVVHV EHHQGHQ 6LH GLH $EUHFKQXQJ
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ EHHQGHQ IU 3HULRGH  

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  6WDUWHQ GHU $EUHFKQXQJ +5

$XIJDEH 
 6FKDXHQ 6LH VLFK QDFKGHP 6LH GLH $EUHFKQXQJ IU ,KUHQ $EUHFKQXQJVNUHLV
EHHQGHW KDEHQ GDV JHVDPWH $EUHFKQXQJVHUJHEQLV QRFK HLQPDO DQ

+LQZHLV 8P IU GLH IROJHQGHQ hEXQJHQ VLFKHU]XVWHOOHQ GDVV GLH


$EUHFKQXQJ LPPHU PLW ,KUHP 6FKHPD = HUIROJW OHJHQ 6LH ELWWH
HLQH 6HOHNWLRQVYDULDQWH IU GHQ $EUHFKQXQJVWUHLEHU DQ

D 8P GLH $EUHFKQXQJVHUJHEQLVVH IU ,KUHQ 0LWDUEHLWHU DQ]X]HLJHQ


ZlKOHQ 6LH
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
:HUN]HXJH ĺ $EUHFKQXQJVHUJHEQLVVH DQ]HLJHQ
*HEHQ 6LH ,KUH 3HUVRQDOQXPPHU  HLQ )KUHQ 6LH HLQHQ
'RSSHONOLFN DXI GHU =HLOH PLW GHP $EUHFKQXQJVHUJHEQLV IU 3HULRGH
 LQ 3HULRGH  GHV ODXIHQGHQ -DKUHV DXV

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQOHVHQ YRQ 6WDPPGDWHQ LQ LQWHUQH 7DEHOOHQ

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ *UXQGGDWHQ XQWHU 9HUZHQGXQJ YRQ 6FKHPD ;%' HLQOHVHQ
‡ $UEHLWVSODW]GDWHQ GHILQLHUHQ XQG 6WDPPGDWHQ HLQOHVHQ
‡ 'DWHQ6SOLWV XQG GLH 9ROOVWlQGLJNHLW YRQ 'DWHQ EHVFKUHLEHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

=XVDPPHQIDVVXQJ GHV .DSLWHOV


1XQ N|QQHQ 6LH
‡ GLH $EUHFKQXQJ LQLWLDOLVLHUHQ
‡ *UXQGGDWHQ XQWHU 9HUZHQGXQJ YRQ 6FKHPD ;%' HLQOHVHQ
‡ $UEHLWVSODW]GDWHQ GHILQLHUHQ XQG 6WDPPGDWHQ HLQOHVHQ
‡ 'DWHQ6SOLWV XQG GLH 9ROOVWlQGLJNHLW YRQ 'DWHQ EHVFKUHLEHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 hEHUSUIHQ 6LH ,KU :LVVHQ


hEHUSUIHQ 6LH ,KU :LVVHQ
 :HOFKH )XQNWLRQ WHLOW GHP $EUHFKQXQJVWUHLEHU PLW XP ZHOFKHQ
3URJUDPPW\S HV VLFK EHL GHP YRUOLHJHQGHQ 6FKHPD KDQGHOW"
:lKOHQ 6LH GLH ULFKWLJH Q $QWZRUW HQ 
Ƒ $ 3*0
Ƒ % 83'
Ƒ & 237
Ƒ ' &+(&.

 ,Q HLQHP SURGXNWLYHQ $EUHFKQXQJVVFKHPD NDQQ GLH )XQNWLRQ &+(&.


$%5 DNWLYLHUW VHLQ
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

 'LH )XQNWLRQ HUP|JOLFKW GLH 6WUXNWXULHUXQJ GHV


$EUHFKQXQJVSURWRNROOV
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ

 (LQ 6SOLWNHQQ]HLFKHQ LQ HLQHU LQWHUQHQ 7DEHOOH JLEW GDV (QGH GHU 7DEHOOHQ DQ
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


hEHUSUIHQ 6LH ,KU :LVVHQ +5

$QWZRUWHQ


 :HOFKH )XQNWLRQ WHLOW GHP $EUHFKQXQJVWUHLEHU PLW XP ZHOFKHQ


3URJUDPPW\S HV VLFK EHL GHP YRUOLHJHQGHQ 6FKHPD KDQGHOW"

$QWZRUW $
'LH )XQNWLRQ 3*0 WHLOW GHP $EUHFKQXQJVWUHLEHU PLW XP ZHOFKHQ
3URJUDPPW\S HV VLFK EHL GHP YRUOLHJHQGHQ 6FKHPD KDQGHOW

 ,Q HLQHP SURGXNWLYHQ $EUHFKQXQJVVFKHPD NDQQ GLH )XQNWLRQ &+(&.


$%5 DNWLYLHUW VHLQ

$QWZRUW )DOVFK
,Q HLQHP SURGXNWLYHQ $EUHFKQXQJVVFKHPD PXVV GLH )XQNWLRQ &+(&.
$%5 DNWLYLHUW VHLQ

 'LH )XQNWLRQ %/2&. HUP|JOLFKW GLH 6WUXNWXULHUXQJ GHV


$EUHFKQXQJVSURWRNROOV

$QWZRUW %/2&.

 (LQ 6SOLWNHQQ]HLFKHQ LQ HLQHU LQWHUQHQ 7DEHOOH JLEW GDV (QGH GHU 7DEHOOHQ DQ

$QWZRUW )DOVFK
6SOLWNHQQ]HLFKHQ JHEHQ GLH 7HLOXQJ YRQ 'DWHQ LQ GHQ LQWHUQHQ 7DEHOOHQ DQ
GLH XQWHUVFKLHGOLFKH 7HLO]HLWUDXPGDWHQ DXIZHLVHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


.DSLWHO 
 %HZHUWXQJ YRQ /RKQDUWHQ

'LHV LVW GDV HUVWH .DSLWHO GHV .XUVHV LQ GHP SUREOHPDWLVFKH 7KHPHQ EHKDQGHOW
ZHUGHQ 6LH PVVHQ GLH 7HLOQHKPHU PLW GHQ YHUVFKLHGHQHQ 0|JOLFKNHLWHQ GHU
=XZHLVXQJ YRQ =HLWORKQDUWHQ PLW 9HUJWXQJ YHUWUDXW PDFKHQ )HUQHU VWHOOHQ
6LH GHQ 7HLOQHKPHUQ GDV &XVWRPL]LQJ IU GLH 3HUVRQDODEUHFKQXQJ XQG GLH
9HUDUEHLWXQJ YRQ 3HUVRQDOUHFKHQUHJHOQ YRU

hEHUEOLFN EHU GDV .DSLWHO


6FKZHUSXQNW GLHVHV .DSLWHOV ELOGHW GLH /RKQDUWHQEHZHUWXQJ XQWHU 9HUZHQGXQJ
GHU NRQVWDQWHQ 9HUJWXQJ XQG GHU SHUVRQHQEH]RJHQHQ 9HUJWXQJ ,Q GLHVHP
.DSLWHO ZHUGHQ GLH .RQ]HSWH GHU /RKQDUWHQEHZHUWXQJ XQWHU 9HUZHQGXQJ GHU
NRQVWDQWHQ 9HUJWXQJ ZLH ] % GLH %HZHUWXQJ PLW ORKQDUWDEKlQJLJHQ .RQVWDQWHQ
XQG GLH %HZHUWXQJ PLW WDULIDEKlQJLJHQ .RQVWDQWHQ EHKDQGHOW 'DUEHU KLQDXV
ZHUGHQ LQ GLHVHP .DSLWHO GLH 6FKOVVHONRQ]HSWH GHU SHUVRQHQEH]RJHQHQ
%HZHUWXQJVJUXQGODJHQ ZLH 5HJHO ; 5HJHO ; XQG DEJHOHLWHWH /RKQDUWHQ
HUOlXWHUW $EVFKOLH‰HQG YHUDQVFKDXOLFKW GDV .DSLWHO GLH %HZHUWXQJ YRQ /RKQDUWHQ
LQ 6FKHPHQ

/HUQ]LHOH GHV .DSLWHOV


$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH

‡ GLH $UWHQ GHU NRQVWDQWHQ 9HUJWXQJ EHQHQQHQ


‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW GHU 5HJHO ;02' LP 6FKHPD YRUQHKPHQ
‡ GLH SHUVRQHQEH]RJHQHQ %HZHUWXQJVJUXQGODJHQ EHQHQQHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHVFKUHLEHQ
‡ ]ZLVFKHQ DNWXHOOHQ XQG DEJHOHLWHWHQ /RKQDUWEHZHUWXQJVJUXQGODJHQ
XQWHUVFKHLGHQ
‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW ; XQG ; LP 6FKHPD YRUQHKPHQ
‡ GLH %HZHUWXQJVJUXQGODJHQ EHQHQQHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

,QKDOW GHV .DSLWHOV


/HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ  
'HPRQVWUDWLRQ (LQIKUXQJ LQ GLH %HZHUWXQJ PLW NRQVWDQWHU
9HUJWXQJ 
'HPRQVWUDWLRQ 7DULIEHZHUWXQJ IU HLQH /RKQDUW  
'HPRQVWUDWLRQ .RQVWDQWH %HZHUWXQJ IU HLQH /RKQDUW  
'HPRQVWUDWLRQ 5HJHO ;02' 
'HPRQVWUDWLRQ 6FKHPD ;7 
hEXQJ  %LOGHQ NRQVWDQWHU %HZHUWXQJVJUXQGODJHQ  
/HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ 
'HPRQVWUDWLRQ .RSLHUHQ HLQHU 0XVWHUORKQDUW
'HPRQVWUDWLRQ 'XSOL]LHUHQ HLQHU 0XVWHUORKQDUW  
hEXQJ  %LOGHQ SHUVRQHQEH]RJHQHU %HZHUWXQJVJUXQGODJHQ  
hEXQJ  =XRUGQHQ YRQ %HZHUWXQJVJUXQGODJHQ$EJHOHLWHWH
/RKQDUWHQ  

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

/HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ ZHUGHQ GLH $UWHQ GHU NRQVWDQWHQ 9HUJWXQJ XQG GLH %HZHUWXQJ
YRQ =HLWORKQDUWHQ XQWHU 9HUZHQGXQJ GHU NRQVWDQWHQ 9HUJWXQJ EHKDQGHOW )HUQHU
EHIDVVHQ 6LH VLFK LQ GLHVHU /HNWLRQ PLW GHU %HZHUWXQJ YRQ /RKQDUWHQ XQWHU
9HUZHQGXQJ GHU 5HJHO ;02' LP 6FKHPD

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH $UWHQ GHU NRQVWDQWHQ 9HUJWXQJ EHQHQQHQ
‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW GHU 5HJHO ;02' LP 6FKHPD YRUQHKPHQ

%HZHUWXQJ YRQ =HLWORKQDUWHQ


(UOlXWHUQ 6LH HLQJHKHQG GLH EHLGHQ DP KlXILJVWHQ YHUZHQGHWHQ 9HUIDKUHQ ]XU
(LQELQGXQJ YRQ =HLWORKQDUWHQ LQ GLH $EUHFKQXQJ 'HPRQVWULHUHQ 6LH ZLH XQG ZR
GLH 'DWHQ ]XU 9HUJWXQJ YRQ 0LWDUEHLWHUQ LP 6\VWHP HUIDVVW ZHUGHQ 1HKPHQ 6LH
GDVVHOEH IU GLH ,QIRW\SHQ 0HKUDUEHLW YRU VSHLFKHUQ 6LH GLH 'DWHQ DEHU QLFKW
%HZHUWXQJ .RQVWDQWH 9HUJWXQJHQ 
'LHVHV 7KHPD VFKOLH‰W HLQ 3UREOHP HLQ GDV HV ]X O|VHQ JLOW
/RKQDUWHQDEKlQJLJH .RQVWDQWHQ 
9HUZHLVHQ 6LH GDUDXI GDVV GHU 0RGLILNDWRU LQ GHQ 6LFKWHQ LQ GLHVHU 3KDVH QLFKW
YRQ ,QWHUHVVH LVW XQG GDVV GHU 6WDQGDUGZHUW KLHU  ODXWHW
%HZHUWXQJ .RQVWDQWH 9HUJWXQJHQ 
0RGLILNDWRUHQ IU 7DEHOOHQ]XJULIIH
(UOlXWHUQ 6LH HLQJHKHQG GLH 9RUJHKHQVZHLVH ,Q GLHVHP 7KHPD ZLUG GLH )XQNWLRQ
GHU 0RGLILNDWRUHQ HUOlXWHUW GLH DQ YHUVFKLHGHQHQ 6WHOOHQ LQ GHU $EUHFKQXQJ ]XP
(LQVDW] NRPPHQ 'LHV PVVHQ GLH 7HLOQHKPHU XQEHGLQJW YHUVWHKHQ
3HUVRQDOUHFKHQUHJHO ;02'
(UOlXWHUQ 6LH ZLH GLH 5HJHO DQJHOHJW ZLUG XQG ZLH XQWHU 9HUZHQGXQJ GHU
2QOLQH'RNXPHQWDWLRQ ,QIRUPDWLRQHQ DXIJHUXIHQ ZHUGHQ
/RKQDUWHQDEKlQJLJH .RQVWDQWHQ 
%HWRQHQ 6LH GDVV HLQH /RKQDUW PLW PHKUHUHQ 9HUJWXQJVEHWUlJHQ IU YHUVFKLHGHQH
0LWDUEHLWHUJUXSSHQ JHVSHLFKHUW ZHUGHQ NDQQ
%HZHUWXQJ YRQ /RKQDUWHQ LP 6FKHPD 

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

2UGQHQ 6LH GLH HLQ]HOQHQ -REV LQ GLH *HVDPWVWUXNWXU GHV 6FKHPDV HLQ 'LHV LVW
HLQ ZLFKWLJHU 6FKULWW ZHLO HU GHQ 7HLOQHKPHUQ ]X HLQHP EHVVHUHQ 9HUVWlQGQLV GHU
*HVDPWVWUXNWXU GHU $EUHFKQXQJ YHUKHOIHQ VROO

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH IU GLH $EUHFKQXQJ 0HKUDUEHLW IU YHUVFKLHGHQH
$UEHLWVVWXQGHQ YHUDUEHLWHQ

(LQIKUXQJ LQ GLH %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

‡ :HQQ GLH 0HKUDUEHLWHQ ,KUHU 0LWDUEHLWHU QLFKW DXWRPDWLVFK VRQGHUQ DXI


6WXQGHQ]HWWHOQ HUIDVVW ZHUGHQ N|QQHQ VLH IU GLH $EUHFKQXQJ DXI IROJHQGH
]ZHL $UWHQ ZHLWHUYHUDUEHLWHW ZHUGHQ
± 'LH $UEHLWV]HLWHQ ZHUGHQ DGGLHUW XQG EHL EHVWLPPWHQ /RKQDUWHQ LQ GHQ
,QIRW\S (QWJHOWEHOHJH  HLQJHJHEHQ
± (V ZLUG GLH JHQDXH $Q]DKO DQ 7DJHQ XQG 6WXQGHQ GHU $UEHLWV]HLWHQ GHV
0LWDUEHLWHUV HUIDVVW 'DV NDQQ PDQXHOO EHU GHQ ,QIRW\S 0HKUDUEHLW
 HUIROJHQ hEHU HLQH 7DEHOOH IOLH‰HQ GDQQ YRP 6\VWHP
DXVJHZlKOWH =HLWORKQDUWHQ LQ GLH $EUHFKQXQJ HLQ
‡ ,P )DOOH HLQHU %'( HUIROJW GLH 9HUDUEHLWXQJ DXWRPDWLVFK
‡ ,Q EHLGHQ )lOOHQ HQWKDOWHQ GLH /RKQDUWHQ DQIlQJOLFK GLH $Q]DKO GHU 6WXQGHQ
0HKUDUEHLW GLH HLQ 0LWDUEHLWHU JHDUEHLWHW KDW 'LHVH =DKO ZLUG LP )HOG 180
HLQJHJHEHQ XQG PLW HLQHP ]X ]DKOHQGHQ %HWUDJ PXOWLSOL]LHUW

'HPRQVWUDWLRQ (LQIKUXQJ LQ GLH %HZHUWXQJ PLW


NRQVWDQWHU 9HUJWXQJ
=ZHFN
6R KLQWHUOHJHQ 6LH HLQH NRQVWDQWH %HZHUWXQJ IU HLQH /RKQDUW

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

 +LQWHUOHJHQ 6LH LP ,0* PLW GHP 0RGLILNDWRU  HLQH NRQVWDQWH %HZHUWXQJ


GHU /RKQDUW  :HWWHU]XODJH XQG JHEHQ 6LH GHQ =HLWUDXP IU GHQ (LQWUDJ
DQ

%HZHUWXQJ PLW ORKQDUWHQDEKlQJLJHQ .RQVWDQWHQ

$EELOGXQJ  /RKQDUWHQDEKlQJLJH .RQVWDQWHQ 

'LH /RKQDUW ZLUG LQ GHU $EUHFKQXQJ PLW GHP NRQVWDQWHQ %HWUDJ EHZHUWHW 'LHVHU
%HWUDJ LVW XQDEKlQJLJ YRQ GHU RUJDQLVDWRULVFKHQ =XRUGQXQJ RGHU VRQVWLJHQ
(LJHQVFKDIWHQ GHV 0LWDUEHLWHUV
=X MHGHU /RKQDUW NDQQ HV PHKUHUH (LQWUlJH PLW XQWHUVFKLHGOLFKHQ
*OWLJNHLWV]HLWUlXPHQ JHEHQ

'HPRQVWUDWLRQ 7DULIEHZHUWXQJ IU HLQH /RKQDUW


=ZHFN
6R KLQWHUOHJHQ 6LH HLQH 7DULIEHZHUWXQJ IU HLQH /RKQDUW

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

 +LQWHUOHJHQ 6LH LP ,0* IU 7DULIDUW  XQG .UHLV  VRZLH *UXSSH ( HLQH
7DULIEHZHUWXQJ YRQ /RKQDUW  :HWWHU]XODJH

%HZHUWXQJ PLW WDULIDEKlQJLJHQ .RQVWDQWHQ

$EELOGXQJ  7DULIDEKlQJLJH .RQVWDQWHQ

:HQQ /RKQDUWHQ LQ $EKlQJLJNHLW YRQ WDULIOLFKHQ (LQVWXIXQJHQ NRQVWDQW EHZHUWHW


ZHUGHQ VROOHQ OHJHQ 6LH GLH :HUWH SUR 7DULIHLQVWXIXQJ XQG /RKQDUW IHVW
%HDFKWHQ 6LH GLH XQWHUVFKLHGOLFKHQ *UXSSLHUXQJHQ GHU 0LWDUEHLWHUNUHLVH IU
7DULIUHJHOXQJ GLH EHL GHU 'HILQLWLRQ GHU 3HUVRQHQNUHLVH IHVWJHOHJW ZXUGHQ

'HPRQVWUDWLRQ .RQVWDQWH %HZHUWXQJ IU HLQH /RKQDUW


=ZHFN
6R KLQWHUOHJHQ 6LH HLQH NRQVWDQWH %HZHUWXQJ IU HLQH /RKQDUW

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

 +LQWHUOHJHQ 6LH LP ,0* XQWHU 9HUZHQGXQJ GHV 0RGLILNDWRUV  HLQH


NRQVWDQWH %HZHUWXQJ GHU /RKQDUW  6FKPXW]]XODJH /HJHQ 6LH IU GHQ
QHXHQ 0LWDUEHLWHU (QWJHOWEHOHJH IU  6WXQGHQ PLW GLHVHU /RKQDUW DQ IKUHQ
6LH GLH $EUHFKQXQJ DXV XQG ]HLJHQ 6LH GDV (UJHEQLV DQ

%HZHUWXQJ PLW 0RGLILNDWRUHQ IU 7DEHOOHQ]XJULIIH

$EELOGXQJ  0RGLILNDWRUHQ IU 7DEHOOHQ]XJULIIH

,Q YLHOHQ )lOOHQ ZLUG EHL 9HUJWXQJVEHVWDQGWHLOHQ ZLH ] % =XODJHQ ]ZLVFKHQ


YHUVFKLHGHQHQ 2UJDQLVDWLRQVHLQKHLWHQ GLIIHUHQ]LHUW
%HLVSLHO
6LH P|FKWHQ GDVV GLH =XVFKODJVORKQDUW  LQ 3HUVRQDOEHUHLFK  DQGHUV DOV
LQ 3HUVRQDOEHUHLFK  YHUJWHW ZLUG 'D]X ZLUG DQ GHU HUVWHQ 6WHOOH GHV LQ GHU
7DEHOOH IHVWJHOHJWHQ 6FKOVVHOV HLQ 0RGLILNDWRU YHUZHQGHW 'HU 6$36WDQGDUGZHUW
IU 0RGLILNDWRUHQ ODXWHW  'HU 0RGLILNDWRU IU 3HUVRQDOEHUHLFK  ZLUG LP
&XVWRPL]LQJ GXUFK .RSLHUHQ YRQ 0RGLILNDWRU  8PEHQHQQHQ LQ  XQG (LQJDEH
GHV UHOHYDQWHQ %HWUDJHV DQJHOHJW ,P 9HUODXI GHU $EUHFKQXQJ ZLUG GDQQ IU MHGH
3HUVRQDOQXPPHU LQ $EKlQJLJNHLW YRP 3HUVRQDOEHUHLFK GHU 0RGLILNDWRU DXI GHQ
EHQ|WLJWHQ :HUW JHVHW]W

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

$EELOGXQJ  'LH 3HUVRQDOUHFKHQUHJHO ;02'

'LH DXI GHU YRUDQJHJDQJHQHQ 6HLWH EHVFKULHEHQHQ 0RGLILNDWRUHQ ZHUGHQ LQ GHU


$EUHFKQXQJ ]HQWUDO PLW GHU )XQNWLRQ 02' LQ GHU 3HUVRQDOUHFKHQUHJHO ;02'
JHVHW]W
8P XQWHUVFKLHGOLFKH RUJDQLVDWRULVFKH (LJHQVFKDIWHQ GHV 0LWDUEHLWHUV
]X EHVWLPPHQ YHUZHQGHQ 6LH GLH (QWVFKHLGXQJVRSHUDWLRQ 287:3
PLW YHUVFKLHGHQHQ 3DUDPHWHUQ $EJHIUDJW ZHUGHQ NDQQ ]XP %HLVSLHO
GHU %XFKXQJVNUHLV GHU 3HUVRQDOEHUHLFK HWF 'LH 0RGLILNDWRUHQ IU GLH
7DEHOOHQ]XJULIIH ZHUGHQ GDQQ PLW GHU 2SHUDWLRQ 02',) JHVHW]W 'LH 3DUDPHWHU
GHU 2SHUDWLRQ 02',) VWHKHQ KLHUEHL IU YHUVFKLHGHQH 7DEHOOHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

$EELOGXQJ  /RKQDUWHQDEKlQJLJH .RQVWDQWHQ 

'LHV LVW GLH YROOVWlQGLJH 6LFKW DXI GLH 7DEHOOH /RKQDUWHQDEKlQJLJH .RQVWDQWHQ
:HQQ 6LH ZLH LP 6]HQDULR  EHVFKULHEHQ NHLQH 'LIIHUHQ]LHUXQJ EHQ|WLJHQ
EHQXW]HQ 6LH GHQ 6WDQGDUG 'RUW ZLUG GHU 0RGLILNDWRU $EUHFKQXQJ 02',) 
DXI GHQ :HUW  JHVHW]W

‡ ;7 =HLWGDWHQYHUDUEHLWXQJ ,17(51$7,21$/


‡ 
‡ 
‡ 
‡ 
‡ 02' ;02' *(1  $EUHFKQXQJVPRGLILNDWRUHQ IHVWOHJHQ
‡ 
‡ 3 ; *(1 12$%  (QWJHOWEHOHJH EHDUEHLWHQ
‡ 
‡ 3,7 ; *(1  =HLWORKQDUWHQ EHZHUWHQ
‡ 
‡ 
,QQHUKDOE GHV 7HLOVFKHPDV ;7 ZHUGHQ LQ GHU 3HUVRQDOUHFKHQUHJHO ;02'
,QIRUPDWLRQHQ EHU GHQ $UEHLWVSODW] GHV 0LWDUEHLWHUV DEJHIUDJW XQG LQ
$EKlQJLJNHLW GDYRQ 0RGLILNDWRUHQ IU GHQ =XJULII DXI GLH 7DEHOOH GHU
ORKQDUWHQDEKlQJLJHQ .RQVWDQWHQ JHVHW]W
0LW GHU )XQNWLRQ 3 ZHUGHQ GLH DOV (QWJHOWEHOHJH HUIDVVWHQ 6FKPXW]]XODJHQ
HLQJHOHVHQ 'DQDFK VWHKHQ GLH /RKQDUWHQ LQ GHU 7DEHOOH ,7 PLW GHU $Q]DKO 6WXQGHQ
LP 180)HOG

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

'DV 57()HOG LVW ]XQlFKVW QRFK OHHU 'LH %HZHUWXQJ HUIROJW LQ GHU
3HUVRQDOUHFKHQUHJHO ; 'RUW ZLUG XQWHUVXFKW RE LQ GHU LQWHUQHQ 7DEHOOH
,7 =HLWORKQDUWHQ HQWKDOWHQ VLQG ,VW GLHV GHU )DOO HUIROJW GLH LP &XVWRPL]LQJ
IHVWJHOHJWH %HZHUWXQJ ,Q XQVHUHP 6]HQDULR  E]Z  HUIROJW GLH %HZHUWXQJ PLW
HLQHU ORKQDUWHQDEKlQJLJHQ .RQVWDQWHQ

'HPRQVWUDWLRQ 5HJHO ;02'


=ZHFN
6R UXIHQ 6LH 'DWHQ DXI

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 (UOlXWHUQ 6LH GLH 5HJHO XQG GDV $XIUXIHQ YRQ 'DWHQ QlKHU

'HPRQVWUDWLRQ 6FKHPD ;7


=ZHFN
6R ]HLJHQ 6LH GLH UHOHYDQWHQ 7HLOH LQ 6FKHPD ;7 DQ

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 =HLJHQ 6LH GLH UHOHYDQWHQ 7HLOH LQ 6FKHPD ;7 XQG DQ GHU 7DIHO

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

 hEXQJ  %LOGHQ NRQVWDQWHU


%HZHUWXQJVJUXQGODJHQ
'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ 3HUVRQDOUHFKHQUHJHO ;02' DQ .XQGHQEHGUIQLVVH DQSDVVHQ
‡ HLQH NRQVWDQWH %HZHUWXQJVJUXQGODJH IU HLQH /RKQDUW KLQWHUOHJHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZHUGHQ =HLWORKQDUWHQ JH]DKOW GHUHQ %HWUlJH IU
0LWDUEHLWHU LQ YHUVFKLHGHQHQ RUJDQLVDWRULVFKHQ (LQKHLWHQ XQWHUVFKLHGOLFK KRFK
VLQG 'D]X JHK|UW HLQH Ä:HWWHU]XODJH³ YRQ  SUR 6WXQGH 'LHVH /RKQDUW ZLUG
EHL VFKOHFKWHP :HWWHU DOV (QWJHOWEHOHJ HLQJHJHEHQ

$XIJDEH 
 6HW]HQ 6LH LQ ,KUHU 3HUVRQDOUHFKHQUHJHO =0  *UXSSHQQU LQQHUKDOE
GHU *UXSSLHUXQJ  GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHO 02',)
 IU GLH 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ DXI GHQ :HUW [[ [[
   
)JHQ 6LH GDQQ HLQHQ (LQWUDJ LQ GHU 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ
XQWHU GHP 0RGLILNDWRU IU $EUHFKQXQJ [[ IU GLH /RKQDUW  :HWWHU]XODJH
PLW GHP %HWUDJ  KLQ]X *OWLJNHLWVEHJLQQ  GHV ODXIHQGHQ -DKUHV 

1RWL] 'LH /RKQDUW  LVW EHUHLWV IU 6LH DQJHOHJW ZRUGHQ

$XIJDEH 
 :HLVHQ 6LH ,KUHP 0LWDUEHLWHU LQ $EUHFKQXQJVSHULRGH  XQWHU 9HUZHQGXQJ
YRQ /RKQDUW  HLQHQ (QWJHOWEHOHJ EHU  6WXQGHQ ]X +LQZHLV *HEHQ
6LH LQ GDV )HOG $Q]DKO(LQKHLW GHQ :HUW  HLQ  XQG VWHOOHQ 6LH VLFKHU
GDVV GDV 'DWXP GHV (QWJHOWEHOHJV LQQHUKDOE GHU $EUHFKQXQJVSHULRGH
OLHJW 5HFKQHQ 6LH GDQQ GLH $EUHFKQXQJVSHULRGH XQWHU 9HUZHQGXQJ ,KUHU
6HOHNWLRQVYDULDQWH DE hEHUSUIHQ 6LH LP $EUHFKQXQJVSURWRNROO GLH NRUUHNWH
$EUHFKQXQJ GHU /RKQDUW 

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

%HHQGHQ 6LH GLH $EUHFKQXQJ IU GLHVH 3HULRGH QRFK QLFKW

+LQZHLV )U GLHVH XQG GLH IROJHQGHQ hEXQJHQ VROOWHQ 6LH PLW
GUHL 0RGL DUEHLWHQ
‡ HLQ 0RGXV IU GDV &XVWRPL]LQJ LP ,0*
‡ HLQ 0RGXV IU GLH 3IOHJH GHU 6WDPPGDWHQ
‡ HLQ 0RGXV IU GDV $EUHFKQXQJVPHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

/|VXQJ  %LOGHQ NRQVWDQWHU


%HZHUWXQJVJUXQGODJHQ
$XIJDEH 
 6HW]HQ 6LH LQ ,KUHU 3HUVRQDOUHFKHQUHJHO =0  *UXSSHQQU LQQHUKDOE
GHU *UXSSLHUXQJ  GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHO 02',)
 IU GLH 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ DXI GHQ :HUW [[ [[
   
)JHQ 6LH GDQQ HLQHQ (LQWUDJ LQ GHU 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ
XQWHU GHP 0RGLILNDWRU IU $EUHFKQXQJ [[ IU GLH /RKQDUW  :HWWHU]XODJH
PLW GHP %HWUDJ  KLQ]X *OWLJNHLWVEHJLQQ  GHV ODXIHQGHQ -DKUHV 

1RWL] 'LH /RKQDUW  LVW EHUHLWV IU 6LH DQJHOHJW ZRUGHQ

D :lKOHQ 6LH IROJHQGHQ 0HQSIDG


6$30HQ :HUN]HXJH ĺ &XVWRPL]LQJ ĺ ,0* ĺ 3URMHNWEHDUEHLWXQJ
,Q GLHVHP .XUV N|QQHQ 6LH HQWZHGHU PLW GHP 3URMHNW +5 3D\UROO
&RQILJXUDWLRQ RGHU GHP 5HIHUHQ],0* DUEHLWHQ .OLFNHQ 6LH DXI
GLH 'UXFNWDVWH 6$3 5HIHUHQ] ,0* ZHQQ 6LH PLW GHP 5HIHUHQ],0*
DUEHLWHQ P|FKWHQ
:HQQ 6LH PLW GHP 3URMHNW +5 DUEHLWHQ P|FKWHQ PVVHQ 6LH
HV ]XQlFKVW LQ ,KUHQ $UEHLWVYRUUDW DXIQHKPHQ :lKOHQ 6LH GD]X
$XIQHKPHQ LQ $UEHLWVYRUUDW XQG PDUNLHUHQ 6LH GDV 3URMHNW DXI GHP
)ROJHELOG :lKOHQ 6LH GDQQ hEHUQHKPHQ (QWHU  XP HV ,KUHP
$UEHLWVYRUUDW KLQ]X]XIJHQ
8P GHQ 0RGLILNDWRU IU GLH 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ
GHU 5HFKHQUHJHO IHVW]XOHJHQ UXIHQ 6LH IROJHQGHQ 0HQSIDG DXI
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ =HLWORKQDUWHQEHZHUWXQJ ĺ
%HZHUWXQJVJUXQGODJHQ ĺ .RQVWDQWH %HZHUWXQJVJUXQGODJHQ ĺ
/RKQDUWDEKlQJLJH .RQVWDQWHQ SIOHJHQ
:lKOHQ 6LH GDQQ LP 'LDORJIHOG GLH $NWLRQ 0RGLILNDWRU IU NRQVWDQWH
%HZHUWXQJ VHW]HQ

1RWL] 'HU ,0* UXIW DXWRPDWLVFK 3HUVRQDOUHFKHQUHJHO


;02' DXI %HDFKWHQ 6LH ELWWH GDVV 6LH GLHVH EHUHLWV DOV
3HUVRQDOUHFKHQUHJHO =0 NRSLHUW XQG LQ ,KU 6FKHPD =
HLQJHEXQGHQ KDEHQ  *UXSSHQQXPPHU 

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

,P (GLWRU |IIQHQ 6LH ]XQlFKVW GLH *UXSSLHUXQJ  GHU 0LWDUEHLWHUNUHLVH


IU GLH 3HUVRQDODEUHFKQXQJ gIIQHQ 6LH GHQ 7HLOEDXP ZHLWHU ELV 6LH
GLH 2SHUDWLRQ 02',)   VHKHQ 6HW]HQ 6LH GHQ &XUVRU DXI GLH
2SHUDWLRQ XQG ZlKOHQ 6LH (LQWUDJ lQGHUQ hEHUVFKUHLEHQ 6LH GHQ
:HUW  PLW ,KUHP 0RGLILNDWRU [[ [[    ]% *UXSSH 
  %HWlWLJHQ 6LH GDQQ hEHUQHKPHQ (QWHU  XP GLH bQGHUXQJ
]X EHVWlWLJHQ 6LFKHUQ 6LH ,KUH bQGHUXQJ XQG NHKUHQ 6LH LQ GDV
'LDORJIHOG ]XUFN
8P HLQHQ (LQWUDJ LQ GHU 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ
KLQ]XIJHQ ZlKOHQ 6LH LP 'LDORJIHOG GLH $NWLRQ .RQVWDQWH %HZHUWXQJ
SUR /RKQDUW IHVWOHJHQ
:lKOHQ 6LH GLH 'UXFNWDVWH 1HXH (LQWUlJH XQG QHKPHQ 6LH IROJHQGH
(LQJDEHQ LQ GHU 7DEHOOH YRU

0R$EU [[   
/RKQDUW 
%HJLQQ  ODXIHQGHV -DKU
(QGH 
:HUW 

$XIJDEH 
 :HLVHQ 6LH ,KUHP 0LWDUEHLWHU LQ $EUHFKQXQJVSHULRGH  XQWHU 9HUZHQGXQJ
YRQ /RKQDUW  HLQHQ (QWJHOWEHOHJ EHU  6WXQGHQ ]X +LQZHLV *HEHQ
6LH LQ GDV )HOG $Q]DKO(LQKHLW GHQ :HUW  HLQ  XQG VWHOOHQ 6LH VLFKHU
GDVV GDV 'DWXP GHV (QWJHOWEHOHJV LQQHUKDOE GHU $EUHFKQXQJVSHULRGH
OLHJW 5HFKQHQ 6LH GDQQ GLH $EUHFKQXQJVSHULRGH XQWHU 9HUZHQGXQJ ,KUHU
6HOHNWLRQVYDULDQWH DE hEHUSUIHQ 6LH LP $EUHFKQXQJVSURWRNROO GLH NRUUHNWH
$EUHFKQXQJ GHU /RKQDUW 

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ PLW NRQVWDQWHU 9HUJWXQJ

%HHQGHQ 6LH GLH $EUHFKQXQJ IU GLHVH 3HULRGH QRFK QLFKW

+LQZHLV )U GLHVH XQG GLH IROJHQGHQ hEXQJHQ VROOWHQ 6LH PLW
GUHL 0RGL DUEHLWHQ
‡ HLQ 0RGXV IU GDV &XVWRPL]LQJ LP ,0*
‡ HLQ 0RGXV IU GLH 3IOHJH GHU 6WDPPGDWHQ
‡ HLQ 0RGXV IU GDV $EUHFKQXQJVPHQ

D =XP (UIDVVHQ YRQ /RKQDUW  IU ,KUHQ 0LWDUEHLWHU XQG


DQVFKOLH‰HQGHP $XVIKUHQ GHU $EUHFKQXQJ ZlKOHQ 6LH IROJHQGHQ
0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP ĺ 3IOHJHQ
:lKOHQ 6LH GDV ,QIRW\SPHQ $UEHLWV]HLWHQ 'RUW PDUNLHUHQ 6LH GHQ
,QIRW\S (QWJHOWEHOHJH 'DQQ ZlKOHQ 6LH $QOHJHQ *HEHQ 6LH LP
)HOG /RKQDUW ,KUH /RKQDUW  XQG LP )HOG $Q]DKO(LQKHLW GHQ
:HUW  6WXQGHQ HLQ $FKWHQ 6LH GDUDXI GDVV GDV 'DWXP LQ GHU
$EUHFKQXQJVSHULRGH )HEUXDU OLHJW 6LFKHUQ 6LH ,KUHQ 6DW]
:lKOHQ 6LH GDQQ IROJHQGH 0HQSIDGH
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ IU 3HULRGH 
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ
9HUZHQGHQ 6LH ,KUH 6HOHNWLRQVYDULDQWH
0HQ 6SULQJHQ ĺ 9DULDQWHQ ĺ +ROHQ
)KUHQ 6LH GLH $EUHFKQXQJ GXUFK XQG SUIHQ 6LH LP
$EUHFKQXQJVSURWRNROO GLH NRUUHNWH 9HUDUEHLWXQJ GHU /RKQDUWHQ
gIIQHQ 6LH GDV 3URWRNROO (UIROJUHLFKH 3HUVRQDOQXPPHUQ ĺ 
ĺ ODXIHQGHV -DKU ĺ =HLWGDWHQYHUDUEHLWXQJ ĺ 02' =0 *(1
3UIHQ 6LH GLH (LQJDEH GLH 9HUDUEHLWXQJ XQG GLH $XVJDEH
gIIQHQ 6LH GDQQ 3 ; *(1 12$% SUIHQ 6LH GLH (LQJDEH
XQG GLH $XVJDEH GLHVHU ,PSRUWIXQNWLRQ 3UIHQ 6LH DEVFKOLH‰HQG GLH
(LQJDEH XQG $XVJDEH GHV 6FKULWWHV 3,7 ; *(1 LP 3URWRNROO $Q
GLHVHU 6WHOOH LP $EUHFKQXQJVYHUODXI PVVWHQ GLH /RKQDUWHQ EHZHUWHW
ZRUGHQ VHLQ
%HHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  QRFK QLFKW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH $UWHQ GHU NRQVWDQWHQ 9HUJWXQJ EHQHQQHQ
‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW GHU 5HJHO ;02' LP 6FKHPD YRUQHKPHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

/HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ ZHUGHQ GLH SHUVRQHQEH]RJHQHQ %HZHUWXQJVJUXQGODJHQ
EHKDQGHOW )HUQHU OHUQHQ 6LH GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ NHQQHQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH SHUVRQHQEH]RJHQHQ %HZHUWXQJVJUXQGODJHQ EHQHQQHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHVFKUHLEHQ
‡ ]ZLVFKHQ DNWXHOOHQ XQG DEJHOHLWHWHQ /RKQDUWEHZHUWXQJVJUXQGODJHQ
XQWHUVFKHLGHQ
‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW ; XQG ; LP 6FKHPD YRUQHKPHQ
‡ GLH %HZHUWXQJVJUXQGODJHQ EHQHQQHQ

%HZHUWXQJ 3HUVRQHQEH]RJHQH 9HUJWXQJ 


'LHVHV 7KHPD VFKOLH‰W HLQ 3UREOHP HLQ GDV HV ]X O|VHQ JLOW
3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ
,Q GLHVHP 7KHPD ZLUG DXVIKUOLFK GDV $QOHJHQ YRQ SHUVRQHQEH]RJHQHQ
%HZHUWXQJVJUXQGODJHQ HUOlXWHUW 'HU SHUV|QOLFKH 6WXQGHQVDW] ZLUG IU
0LWDUEHLWHU EHUHFKQHW GLH HLQH SHULRGHQEH]RJHQH 9HUJWXQJ HUKDOWHQ 'D]X SUIW
9HUDUEHLWXQJVNODVVH  ZHOFKH /RKQDUWHQ LQ GLH =DKOVXPPH DXI]XQHKPHQ VLQG
9HUDUEHLWXQJ LQ 5HJHO ;
9HUDUEHLWXQJ LQ 5HJHO ;
(UOlXWHUQ 6LH GHQ WHFKQLVFKHQ +LQWHUJUXQG 'DV 7KHPD YHUDQVFKDXOLFKW GLH
2SHUDWLRQHQ LQ GHQ 3HUVRQDOUHFKHQUHJHOQ ; XQG ; LQ YHUHLQIDFKWHU )RUP
$X‰HUGHP VROOWHQ 6LH GHQ 7HLOQHKPHUQ GLH 5HJHOQ LP 6\VWHP ]HLJHQ XQG HUQHXW
DXI GLH *UXSSLHUXQJ GHU 0LWDUEHLWHUNUHLVH IU 3HUVRQDOUHFKHQUHJHOQ YHUZHLVHQ
%HL GHU (UNOlUXQJ GHU )XQNWLRQVZHLVH GHU 5HJHOQ DP 2YHUKHDG3URMHNWRU VROOWHQ
6LH ZLH IROJW YRUJHKHQ
:DV SDVVLHUW LQ ;"

,7 5 1 $
 0 
27 5 1 $

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

+HDGHU
.RSIGDWHQ
 0 
 0  
=(52 1
7DEHOOHQ]HLOH
 0 
$'':7
  
$'':7

:DV SDVVLHUW LQ ;"

,7 5 1 $
 0 
   

27 5 1 $
+HDGHU
.RSIGDWHQ
 0 
    
57( 76
',93
    
',9,' $55
    
=(52 $
7DEHOOHQ]HLOH
 0 
$'':7
    
$'':7

%LOGHQ SHUVRQHQEH]RJHQHU %HZHUWXQJVJUXQGODJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

5XIHQ 6LH GLH 3IOHJH YRQ 9HUDUEHLWXQJVNODVVH  DXI


=XRUGQHQ YRQ %HZHUWXQJVJUXQGODJHQ 
(UOlXWHUQ 6LH ZDUXP GLH NRQVWDQWH %HZHUWXQJ IU /RKQDUW QQ ZLUNVDP
ZXUGH 'LH )HOGHU IU DEJHOHLWHWH /RKQDUWHQ ZXUGHQ EHZXVVW LJQRULHUW ZHLO VLH
LQ HLQHP DQGHUHQ 7KHPD EHKDQGHOW ZHUGHQ 'HVKDOE ]HLJHQ 6LH GLH 6LFKW ]X
GLHVHP =HLWSXQNW QLFKW LP 6\VWHP DQ )U %HZHUWXQJ . ]HLJHQ 6LH MHGRFK GLH
JHVSHLFKHUWH NRQVWDQWH %HZHUWXQJ IU /RKQDUW  XQG IU 7* GLH JHVSHLFKHUWH
WDULIDEKlQJLJH %HZHUWXQJ LP 6\VWHP DQ
%HZHUWXQJ 3HUVRQHQEH]RJHQH 9HUJWXQJ 
'LHVHV 7KHPD VFKOLH‰W HLQ 3UREOHP HLQ GDV HV ]X O|VHQ JLOW
=XRUGQHQ YRQ %HZHUWXQJVJUXQGODJHQ 
(UOlXWHUQ 6LH ZLH XQG ZDUXP VLFK /RKQDUWHQ DXV HLQHU /RKQDUW DEOHLWHQ ODVVHQ
$QJDEH GHU =XODJHQ IU &2 ] % 
%HZHUWXQJ YRQ /RKQDUWHQ LP 6FKHPD 
2UGQHQ 6LH GLH UHOHYDQWHQ 3XQNWH LQ GHU *HVDPWVWUXNWXU GHV 6FKHPDV
$UWHQ YRQ %HZHUWXQJVJUXQGODJHQ
3UIXQJ XQG =XVDPPHQIDVVXQJ %HZHUWXQJVJUXQGODJHQ DXI GHU %DVLV YRQ
'XUFKVFKQLWWVZHUWHQ ZXUGHQ KLHU EHZXVVW DXVJHVSDUW ZHLO VLH LQ HLQHP
JHVRQGHUWHQ .DSLWHO EHKDQGHOW ZHUGHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH GLH 6WXQGHQ]XODJHQ XQG GLH 0HKUDUEHLW IU
0LWDUEHLWHU JHPl‰ GHP 3HUVRQDOEHUHLFK EHUHFKQHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

(LQIKUXQJ LQ SHUVRQHQEH]RJHQH %HZHUWXQJVJUXQG


ODJHQ

$EELOGXQJ  3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

%HL SHUVRQHQEH]RJHQHQ %HZHUWXQJVJUXQGODJHQ LVW GLH %HZHUWXQJVJUXQGODJH


NHLQH IHVW YRUJHJHEHQH .RQVWDQWH VRQGHUQ HLQ PLWDUEHLWHUVSH]LILVFKHU :HUW GHU
DXI %DVLV GHU %H]JH GHV MHZHLOLJHQ 0LWDUEHLWHUV HUUHFKQHW ZLUG
%HL GHU (UPLWWOXQJ SHUVRQHQEH]RJHQHU %HZHUWXQJVJUXQGODJHQ ZHUGHQ GLH
/RKQDUWHQ GLH LQ %HZHUWXQJVJUXQGODJHQ HLQIOLH‰HQ VROOHQ JHNHQQ]HLFKQHW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

5HJHO ;

$EELOGXQJ  9HUDUEHLWXQJ LQ 5HJHO ;

3HUVRQDOUHFKHQUHJHO ; IUDJW IU GLH %DVLVEH]XJVORKQDUWHQ LQ GHU LQWHUQHQ


7DEHOOH ,7 GLH 9HUDUEHLWXQJVNODVVH  DE -H QDFK $XVSUlJXQJ LQ GHU
9HUDUEHLWXQJVNODVVH  ZLUG GLH /RKQDUW LQ HLQH GHU %HZHUWXQJVJUXQGODJHQ
DGGLHUW

$EELOGXQJ  3HUVRQDOUHFKHQUHJHO ;

$'':7

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

$GGLHUW /RKQDUW LQ )ROJHORKQDUW


$XIJDEH 'LH EHWURIIHQH /RKQDUW ZLUG DQ GLH LQWHUQH 7DEHOOH 27 ZHLWHUJHUHLFKW
(LQJDEH /RKQDUWHQ GLH ]XP =HLWSXQNW GHU 9HUDUEHLWXQJ LQ GHU .RSI]HLOH GHU
JOWLJHQ (LQJDEHWDEHOOH $UEHLWVIHOG VWHKHQ
9HUDUEHLWXQJ 'LH :HUWH GHU /RKQDUW LP DNWXHOOHQ $UEHLWVEHUHLFK ZHUGHQ ]XU
)ROJHORKQDUW DGGLHUW 6LH N|QQHQ GLH /RKQDUW DXFK XPEHQHQQHQ
(/,0,
(OLPLQLHUW =HLWUDXP.HQQ]HLFKHQ
'LH 2SHUDWLRQ HQWIHUQW IU GLH /RKQDUW LP DNWXHOOHQ $UEHLWVHLQWUDJ
=HLWUDXPNHQQ]HLFKHQ 6SOLW.HQQ]HLFKHQ  'DGXUFK ZLUG GLH =XVDPPHQIDVVXQJ
YRQ :HUWHQ ELVKHU JHWUHQQW JHIKUWHU /RKQDUWHQ YRUEHUHLWHW
=(52
,QLWLDOLVLHUW GLH DNWXHOOHQ $UEHLWVIHOGHU

5HJHO ;

$EELOGXQJ  9HUDUEHLWXQJ LQ 5HJHO ;

)U DOOH 0LWDUEHLWHU GLH NHLQHQ 6WXQGHQORKQ HUKDOWHQ ZHUGHQ GLH


%HZHUWXQJVJUXQGODJHQ GXUFK GLH MHZHLOLJH SDXVFKDOH SHULRGHQEH]RJHQH
6WXQGHQ]DKO JHWHLOW 'DV (UJHEQLV LVW HLQ 6WXQGHQVDW] GHU LQ GDV )HOG %HWUDJ SUR
(LQKHLW 57( GHU /RKQDUWHQ  E]Z  JHVWHOOW ZLUG

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

$EELOGXQJ  3HUVRQDOUHFKHQUHJHO ;

57(
%HUHFKQXQJHQ LP DNWXHOOHQ %HWUDJSUR(LQKHLWHQ)HOG 57( 
‡ $XIJDEH :HUWlQGHUXQJ RGHU $EIUDJH GHV 57()HOGHV
‡ (LQJDEH /RKQDUWHQ GLH ]XP =HLWSXQNW GHU 9HUDUEHLWXQJ LQ GHU .RSI]HLOH
GHU JOWLJHQ (LQJDEHWDEHOOH $UEHLWVIHOG VWHKHQ
‡ 9HUDUEHLWXQJ -H QDFK DQJHJHEHQHP 2SHUDWRU LVW GLHVH 2SHUDWLRQ HLQH
$NWLRQV RGHU (QWVFKHLGXQJVRSHUDWLRQ
',9,'
'LYLVLRQ
‡ $XIJDEH 'LHVH 2SHUDWLRQ GLYLGLHUW ]ZHL )HOGHU GHV DNWXHOOHQ (LQWUDJV XQG
VWHOOW GDV (UJHEQLV LQ HLQ )HOG
‡ 9HUDUEHLWXQJ 'LHVH 2SHUDWLRQ YHUDUEHLWHW GLH IROJHQGHQ )HOGHU GHV DNWXHOOHQ
(LQWUDJV LQ 7DEHOOH 27 180 $Q]DKO  57( 6DW] XQG $07 %HWUDJ 
-HGHV GLHVHU )HOGHU NDQQ GXUFK MHGHV GLYLGLHUW ZHUGHQ XQG GDV (UJHEQLV
NDQQ DXFK LQ MHGHV JHVWHOOW ZHUGHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

=XRUGQXQJ YRQ %HZHUWXQJVJUXQGODJHQ

$EELOGXQJ  %LOGHQ SHUVRQHQEH]RJHQHU %HZHUWXQJVJUXQGODJHQ

$OOH /RKQDUWHQ GLH 6LH EHU GHQ ,QIRW\S %DVLVEH]JH  HUIDVVHQ PVVHQ
GHU 9HUDUEHLWXQJVNODVVH  ]XJHRUGQHW VHLQ -H QDFK :DKO GHU $XVSUlJXQJ GLHVHU
9HUDUEHLWXQJVNODVVH IOLH‰W GLH /RKQDUW LQ XQWHUVFKLHGOLFKH %HZHUWXQJVJUXQGODJHQ
6HNXQGlUORKQDUWHQ  HLQ

$EELOGXQJ  =XRUGQHQ YRQ %HZHUWXQJVJUXQGODJHQ 

%HLVSLHO
'LH /RKQDUW 0 ZXUGH DOV (QWJHOWEHOHJ PLW  6WXQGHQ DXIJHJHEHQ =HLOH D
]HLJW GLH /RKQDUW LQ GHU 7DEHOOH ,7 QDFK GHP (LQOHVHQ GHU (QWJHOWEHOHJH =HLOH E
QDFK GHU %HZHUWXQJ PLW GHU LP &XVWRPL]LQJ DQJHJHEHQHQ %HZHUWXQJVJUXQGODJH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

57( 180 $07


D 9RU GHU 0 
$XVZHUWXQJ
E 1DFK GHU 0   
$XVZHUWXQJ

'HPRQVWUDWLRQ .RSLHUHQ HLQHU 0XVWHUORKQDUW


=ZHFN
6R NRSLHUHQ 6LH HLQH 0XVWHUORKQDUW

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 .RSLHUHQ 6LH GLH 0XVWHUORKQDUW 0 PLW GHP /RKQDUWHQNRSLHUHU LP ,0*
LQ 
,0* ! *UXQGHLQVWHOOXQJHQ ! 8PIHOG GHU /RKQDUWHQSIOHJH !
/RKQDUWHQNDWDORJ HUVWHOOHQ
'LH 7HLOQHKPHU VROOWHQ PLW GHU 9HUZHQGXQJ GHV /RKQDUWHQNRSLHUHUV DXV .XUV
+5 YHUWUDXW VHLQ (UIDKUXQJHQ KDEHQ MHGRFK JH]HLJW GDVV KlXILJ HLQLJH
7HLOQHKPHU QLFKW EHU GLH HUIRUGHUOLFKHQ 9RUNHQQWQLVVH YHUIJHQ 'HVKDOE
VROOWHQ 6LH GLH 9HUZHQGXQJ GHV :7& NXU] HUOlXWHUQ $Q GLHVHU 6WHOOH VROOWHQ
6LH DXFK GHQ .XQGHQQDPHQVUDXP IU /RKQDUWHQ HUZlKQHQ $QVFKOLH‰HQG
GHPRQVWULHUHQ 6LH 9HUDUEHLWXQJVNDWHJRULH  bQGHUQ 6LH GLH *UXQGEH]JH
GHV QHXHQ 0LWDUEHLWHUV XQG IKUHQ 6LH GDV $EUHFKQXQJVSURJUDPP DXV
=HLJHQ 6LH GLH /RKQDUW  LP $EUHFKQXQJVSURWRNROO DQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

$EJHOHLWHWH /RKQDUWHQ

$EELOGXQJ  =XRUGQHQ YRQ %HZHUWXQJVJUXQGODJHQ 

0LW GHU  XQG  DEJHOHLWHWHQ /RKQDUW N|QQHQ 6LH =XVFKODJVORKQDUWHQ GHILQLHUHQ


GLH MHZHLOV GDQQ YHUJWHW ZHUGHQ ZHQQ GLH DNWXHOOH /RKQDUW LQ GHU $EUHFKQXQJ
HLQHV 0LWDUEHLWHUV DXIWULWW
2E GLH DNWXHOOH /RKQDUW VHOEVW DXFK YHUJWHW ZLUG VWHXHUQ 6LH GXUFK GLH $QJDEH
HLQHU %HZHUWXQJVJUXQGODJH LQ GHU HQWVSUHFKHQGHQ =HLOH
%HLVSLHO

57( 180 $07


D 9RU GHU $XVZHUWXQJ 0 
E 1DFK GHU 0   
$XVZHUWXQJ
04   

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

%HZHUWXQJ YRQ /RKQDUWHQ LQ 6FKHPHQ

‡ ;7 =HLWGDWHQYHUDUEHLWXQJ ,17(51$7,21$/


‡ 3,7 ; 3  %HZHUWXQJVJUXQGODJHQ ELOGHQ $GGLWLRQ
‡ 3,7 ; 3  %HZHUWXQJVJUXQGODJHQ ELOGHQ 'LYLVLRQ
‡ 02' ;02' *(1  $EUHFKQXQJVPRGLILNDWRUHQ IHVWOHJHQ
‡ 
‡ 3 ; *(1 12$%  (QWJHOWEHOHJH EHDUEHLWHQ
‡ 
‡ 
‡ 3,7 ; *(1  =HLWORKQDUWHQ EHZHUWHQ
‡ 
,QQHUKDOE GHV 7HLOVFKHPDV ;7 %HDUEHLWXQJ =HLWGDWHQ LQ GHU
3HUVRQDODEUHFKQXQJ ZLUG GLH 5HJHO ; DXIJHUXIHQ 3HUVRQDOUHFKHQUHJHO
; IUDJW IU GLH %DVLVEH]XJVORKQDUWHQ LQ GHU LQWHUQHQ 7DEHOOH ,7 GLH
9HUDUEHLWXQJVNODVVH  DE -H QDFK $XVSUlJXQJ LQ GHU 9HUDUEHLWXQJVNODVVH 
ZLUG GLH /RKQDUW LQ HLQH GHU 6HNXQGlUORKQDUWHQ GLH GLH %HZHUWXQJVJUXQGODJHQ
ELOGHQ ZHLWHUJHUHLFKW
'LUHNW LP $QVFKOXVV ZLUG GLH 3HUVRQDOUHFKHQUHJHO ; DXIJHUXIHQ )U DOOH
0LWDUEHLWHU GLH NHLQHQ 6WXQGHQORKQ HUKDOWHQ ZHUGHQ GLH %HZHUWXQJVJUXQGODJHQ
GXUFK GLH MHZHLOLJH SDXVFKDOH SHULRGHQEH]RJHQH 6WXQGHQ]DKO JHWHLOW 'DV
(UJHEQLV LVW HLQ %HWUDJ SUR $UEHLWVVWXQGH GHU DOV %HZHUWXQJVJUXQGODJH LQ GDV
)HOG %HWUDJ SUR (LQKHLW 57( GHU /RKQDUWHQ  E]Z  JHVWHOOW ZLUG
$UWHQ YRQ %HZHUWXQJVJUXQGODJHQ

 %HZHUWXQJVJUXQGODJHQ GLH LQ )RUP IROJHQGHU .RQVWDQWHQ LQ HLQH 7DEHOOH


HLQJHWUDJHQ ZHUGHQ
‡ YRQ GHU /RKQDUW DEKlQJLJH
‡ YRQ HLQHP 7DULIYHUWUDJ DEKlQJLJH
 %HZHUWXQJVJUXQGODJHQ GLH EDVLVEH]XJVDEKlQJLJ DOVR SHUVRQHQEH]RJHQ
HUUHFKQHW ZHUGHQ
%HZHUWXQJVJUXQGODJHQ N|QQHQ DXFK DXV GHQ 'XUFKVFKQLWWVZHUWHQ YRQ
9HUJWXQJVEHVWDQGWHLOHQ GHU EHUHLWV DEJHUHFKQHWHQ 3HULRGHQ HUPLWWHOW ZHUGHQ
'LHVH %HZHUWXQJVJUXQGODJHQ ZHUGHQ DQ VSlWHUHU 6WHOOH EHKDQGHOW

'HPRQVWUDWLRQ 'XSOL]LHUHQ HLQHU 0XVWHUORKQDUW


=ZHFN
6R GXSOL]LHUHQ 6LH HLQH 0XVWHUORKQDUW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 'XSOL]LHUHQ 6LH LP ,0* GLH 0XVWHUORKQDUW 0 LQ    XQG
GLH 7H[WH JHPl‰ GHU QlFKVWHQ hEXQJ *HEHQ 6LH GDQQ LQ GLH /RKQDUWHQ
%HZHUWXQJVJUXQGODJH  XQG LQ GLH *UXQGPHKUDUEHLWVORKQDUWHQ GLH
DE]XOHLWHQGHQ =XVFKODJVORKQDUWHQ HLQ
$Q GLHVHU 6WHOOH N|QQHQ 6LH LQ GHQ $QKDQJ YHU]ZHLJHQ GHQ 5HSRUW
53'/*$ YRUVWHOOHQ XQG GHPRQVWULHUHQ ZLH VLFK SUIHQ OlVVW
ZHOFKH /RKQDUWHQ 7HLO GHU %HZHUWXQJVJUXQGODJHQ VLQG XQG ZR GLH
%HZHUWXQJVJUXQGODJHQ YHUZHQGHW ZHUGHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

 hEXQJ  %LOGHQ SHUVRQHQEH]RJHQHU


%HZHUWXQJVJUXQGODJHQ
'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ 0XVWHUORKQDUWHQ LQ %HQXW]HUORKQDUWHQ NRSLHUHQ
‡ 9HUDUEHLWXQJVNODVVH  DXI EHQXW]HUHLJHQH /RKQDUWHQ EHUSUIHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZHUGHQ =HLWORKQDUWHQ JH]DKOW GLH PLW GHP SHUV|QOLFKHQ
6WXQGHQVDW] GHV 0LWDUEHLWHUV EHZHUWHW ZHUGHQ 8P GHQ 6WXQGHQVDW] EHUHFKQHQ ]X
N|QQHQ PVVHQ 6LH DOOH /RKQDUWHQ GLH LQ GLH %HUHFKQXQJ HLQIOLH‰HQ VROOHQ LQ
GHU 9HUDUEHLWXQJVNODVVH  VFKOVVHOQ

$XIJDEH 
 .RSLHUHQ 6LH PLW +LOIH GHV /RKQDUWHQNRSLHUHUV LP ,0* GLH /RKQDUW 0 LQ
,KUH HLJHQH /RKQDUW  *HKDOW  *UXSSHQQXPPHU 

$XIJDEH 
 bQGHUQ 6LH GLH $XVSUlJXQJ GHU 9HUDUEHLWXQJVNODVVH  IU ,KUH /RKQDUW 
DE GHP %HJLQQ GHV ODXIHQGHQ .DOHQGHUMDKUHV 6FKOVVHOQ 6LH GLH /RKQDUW LP
,0* VR GDVV VLH QXQ LQ GLH %HZHUWXQJVJUXQGODJHQ  XQG  IOLH‰W

$XIJDEH 
 (UP|JOLFKHQ 6LH GLH (LQJDEH YRQ .RUUHNWXUHQ LQ ,KUHP $EUHFKQXQJVNUHLV
XQG lQGHUQ 6LH GLH %DVLVEH]JH ,KUHU 0LWDUEHLWHULQ YRQ /RKQDUW 0
LQ  bQGHUXQJ RKQH ]HLWOLFKH $EJUHQ]XQJ  5HFKQHQ 6LH GLH
$EUHFKQXQJVSHULRGH  DE XQG SUIHQ 6LH DQKDQG GHV 3URWRNROOV RE EHLGH
%HZHUWXQJVJUXQGODJHQ JHELOGHW ZRUGHQ VLQG

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

/|VXQJ  %LOGHQ SHUVRQHQEH]RJHQHU


%HZHUWXQJVJUXQGODJHQ
$XIJDEH 
 .RSLHUHQ 6LH PLW +LOIH GHV /RKQDUWHQNRSLHUHUV LP ,0* GLH /RKQDUW 0 LQ
,KUH HLJHQH /RKQDUW  *HKDOW  *UXSSHQQXPPHU 
D =XP .RSLHUHQ YRQ /RKQDUW 0 LQ ,KUH /RKQDUW  PLW GHP
/RKQDUWHQNRSLHUHU ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ *UXQGHLQVWHOOXQJHQ ĺ 8PIHOG GHU /RKQDUWHQSIOHJH ĺ
/RKQDUWHQNDWDORJ HUVWHOOHQ
:lKOHQ 6LH .RSLHUHQ LP )ROJHELOG *HEHQ 6LH LP )HOG 2ULJLQDOORKQDUW
0 XQG LP )HOG &XVWRPL]LQJ/RKQDUW  HLQ bQGHUQ 6LH
DQVFKOLH‰HQG GHQ /RKQDUWHQWH[W 'HDNWLYLHUHQ 6LH GDQQ GDV )HOG
7HVWODXI XQG PDUNLHUHQ 6LH GLH =HLOH PLW ,KUHQ (LQJDEHQ :lKOHQ
6LH QXQ .RSLHUHQ XP ,KUH /RKQDUW  ]X HUVWHOOHQ 6FKDXHQ VLH
VLFK GDV (UJHEQLV DQ

$XIJDEH 
 bQGHUQ 6LH GLH $XVSUlJXQJ GHU 9HUDUEHLWXQJVNODVVH  IU ,KUH /RKQDUW 
DE GHP %HJLQQ GHV ODXIHQGHQ .DOHQGHUMDKUHV 6FKOVVHOQ 6LH GLH /RKQDUW LP
,0* VR GDVV VLH QXQ LQ GLH %HZHUWXQJVJUXQGODJHQ  XQG  IOLH‰W
D =XP 6FKOVVHOQ YRQ /RKQDUW QQ LQ 9HUDUEHLWXQJVNODVVH  ZlKOHQ
6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ =HLWORKQDUWHQEHZHUWXQJ ĺ
%HZHUWXQJVJUXQGODJHQ ĺ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ
ELOGHQ
:lKOHQ 6LH GLH $NWLRQ %DVLVEH]JH IU %HZHUWXQJVJUXQGODJHQ SIOHJHQ
:lKOHQ 6LH ,KUH /RKQDUW XQG GDQQ GLH 'HWDLOVLFKW %HWlWLJHQ 6LH
GDQQ GLH 'UXFNWDVWH $EJUHQ]HQ XQG JHEHQ 6LH LP )HOG *OWLJ DE
ODXIHQGHV -DKU HLQ /DVVHQ 6LH VLFK GRUW GLH $XVSUlJXQJHQ GHU
9HUDUEHLWXQJVNODVVH  DQ]HLJHQ XQG ZlKOHQ 6LH GLH $XVSUlJXQJ 
9HUJHVVHQ 6LH QLFKW ,KUH (LQJDEH ]X VLFKHUQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

$XIJDEH 
 (UP|JOLFKHQ 6LH GLH (LQJDEH YRQ .RUUHNWXUHQ LQ ,KUHP $EUHFKQXQJVNUHLV
XQG lQGHUQ 6LH GLH %DVLVEH]JH ,KUHU 0LWDUEHLWHULQ YRQ /RKQDUW 0
LQ  bQGHUXQJ RKQH ]HLWOLFKH $EJUHQ]XQJ  5HFKQHQ 6LH GLH
$EUHFKQXQJVSHULRGH  DE XQG SUIHQ 6LH DQKDQG GHV 3URWRNROOV RE EHLGH
%HZHUWXQJVJUXQGODJHQ JHELOGHW ZRUGHQ VLQG
D =XU )UHLJDEH GHV $EUHFKQXQJVNUHLVHV ]XU .RUUHNWXU ZlKOHQ 6LH
IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ .RUUHNWXUHQ
8P GLH %DVLVEH]JH ,KUHV 0LWDUEHLWHUV YRQ 0 DXI  ]X VHW]HQ
ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP ĺ 3IOHJHQ
:lKOHQ 6LH GHQ ,QIRW\S %DVLVEH]JH DXV XQG EHWlWLJHQ 6LH hEHUEOLFN
0DUNLHUHQ 6LH HLQHQ 6DW] XQG ZlKOHQ 6LH bQGHUQ hEHUVFKUHLEHQ 6LH
GLH /RKQDUW 0 PLW  XQG VLFKHUQ 6LH GHQ JHlQGHUWHQ 6DW]
:LHGHUKROHQ 6LH GLHVHQ 9RUJDQJ IU GHQ DQGHUHQ 6DW] GHV ,QIRW\SHQ
8P GLH $EUHFKQXQJ IU ,KUHQ 0LWDUEHLWHU GXUFK]XIKUHQ ZlKOHQ 6LH
IROJHQGHQ 0HQSIDG
0HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ
0HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ
9HUZHQGHQ 6LH IU GLH 'XUFKIKUXQJ GHU $EUHFKQXQJ ,KUH
6HOHNWLRQVYDULDQWH .RQWUROOLHUHQ 6LH LP $EUHFKQXQJVSURWRNROO
QDFK GHU 9HUDUEHLWXQJ GHU 5HJHO ; LQ GHU 7DEHOOH ,7 RE GLH
/RKQDUWHQ  XQG  GDULQ HQWKDOWHQ VLQG 1DYLJLHUHQ 6LH LP
$EUHFKQXQJVSURWRNROO ]X GHQ 6FKULWWHQ 3,7 ; 3 XQG 3,7 ;
3 :LHGHUKROHQ 6LH GLH (LQJDEH GLH 9HUDUEHLWXQJ XQG GLH $XVJDEH
GLHVHU 6FKULWWH
%HHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  QRFK QLFKW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

 hEXQJ  =XRUGQHQ YRQ %HZHUWXQJV


JUXQGODJHQ$EJHOHLWHWH /RKQDUWHQ
'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ =HLWORKQDUWHQ PLW GHP SHUV|QOLFKHQ 6WXQGHQVDW] EHZHUWHQ
‡ DEJHOHLWHWH /RKQDUWHQ IU =XVFKOlJH ELOGHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZHUGHQ IU 0HKUDUEHLW XQWHUVFKLHGOLFKH =XVFKOlJH JH]DKOW
)U GLH HUVWHQ EHLGHQ 6WXQGHQ 0HKUDUEHLW DQ HLQHP 7DJ HUKlOW GHU 0LWDUEHLWHU
HLQHQ =XVFKODJ YRQ   )U MHGH ZHLWHUH 6WXQGH EHWUlJW GHU =XVFKODJ  
'LH 0HKUDUEHLW DQ 6RQQWDJHQ ZLUG PLW   XQG GLH 0HKUDUEHLW DQ )HLHUWDJHQ PLW
  =XVFKODJ YHUJWHW 'LH *UXQGPHKUDUEHLW ZLUG HEHQIDOOV YHUJWHW

$XIJDEH 
 6LH EHQ|WLJHQ =HLWORKQDUWHQ IU GLH hEHUVWXQGHQYHUJWXQJ 'LHVH
/RKQDUWHQ VROOHQ DOV (QWJHOWEHOHJH HUIDVVW ZHUGHQ 'DEHL ZLUG QXU GDV )HOG
$Q]DKO(LQKHLW KLHU PLW $Q]DKO 6WXQGHQ JHIOOW
'LH /RKQDUWHQ VROOHQ PLW GHP 6WXQGHQVDW] GHV 0LWDUEHLWHUV EHZHUWHW ZHUGHQ
GHU LQ GHU %HZHUWXQJVJUXQGODJH  HQWKDOWHQ LVW )ROJHQGH /RKQDUWHQ
ZHUGHQ EHQ|WLJW ZREHL LQ GHQ $XVZHLVORKQDUWHQ GHU =XVFKODJ DXVJHZLHVHQ
ZHUGHQ VROO

 0HKUDUEHLW ELV  6WG DEJHOHLWHW  


=XVFKODJ
 0HKUDUEHLW DE  6WG DEJHOHLWHW  
=XVFKODJ
 0HKUDUEHLW 6RQQWDJ DEJHOHLWHW  
=XVFKODJ
 0HKUDUEHLW )HLHUWDJ DEJHOHLWHW  
=XVFKODJ

9HUYLHOIlOWLJHQ 6LH PLW +LOIH GHV /RKQDUWHQNRSLHUHUV GLH /RKQDUW 0


DFKWPDO XP GLH /RKQDUWHQ ZLH REHQ DXIJHIKUW DQ]XOHJHQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

$XIJDEH 
 6FKOVVHOQ 6LH GLH %HZHUWXQJVJUXQGODJHQ ,KUHU /RKQDUWHQ    VR
GDVV GHU 6WXQGHQVDW] DXV  HUPLWWHOW ZLUG
*HEHQ 6LH GLH /RKQDUWHQ    DOV DEJHOHLWHWH /RKQDUWHQ EHL  
 DQ

$XIJDEH 
 7HVWHQ 6LH GLH 5LFKWLJNHLW ,KUHU /RKQDUWHQ LQGHP 6LH ,KUHP 0LWDUEHLWHU IU
GLH $EUHFKQXQJVSHULRGH  MHZHLOV HLQHQ (QWJHOWEHOHJ 'DWXP EHDFKWHQ
IU GLH /RKQDUWHQ    XQG  ]XRUGQHQ XQG GLH 3HULRGH
DEUHFKQHQ :HQQ ,KUH /RKQDUWHQ IU 3HULRGH  ULFKWLJ EHZHUWHW ZXUGHQ
EHHQGHQ 6LH GLH $EUHFKQXQJ

/RKQDUW :RFKHQWDJ $Q]DKO(LQKHLW


QQ EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ
QQ EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ
QQ EHOLHELJHU 6RQQWDJ LP  6WXQGHQ
)HEUXDU
QQ EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

/|VXQJ  =XRUGQHQ YRQ %HZHUWXQJV


JUXQGODJHQ$EJHOHLWHWH /RKQDUWHQ
$XIJDEH 
 6LH EHQ|WLJHQ =HLWORKQDUWHQ IU GLH hEHUVWXQGHQYHUJWXQJ 'LHVH
/RKQDUWHQ VROOHQ DOV (QWJHOWEHOHJH HUIDVVW ZHUGHQ 'DEHL ZLUG QXU GDV )HOG
$Q]DKO(LQKHLW KLHU PLW $Q]DKO 6WXQGHQ JHIOOW
'LH /RKQDUWHQ VROOHQ PLW GHP 6WXQGHQVDW] GHV 0LWDUEHLWHUV EHZHUWHW ZHUGHQ
GHU LQ GHU %HZHUWXQJVJUXQGODJH  HQWKDOWHQ LVW )ROJHQGH /RKQDUWHQ
ZHUGHQ EHQ|WLJW ZREHL LQ GHQ $XVZHLVORKQDUWHQ GHU =XVFKODJ DXVJHZLHVHQ
ZHUGHQ VROO

 0HKUDUEHLW ELV  6WG DEJHOHLWHW  


=XVFKODJ
 0HKUDUEHLW DE  6WG DEJHOHLWHW  
=XVFKODJ
 0HKUDUEHLW 6RQQWDJ DEJHOHLWHW  
=XVFKODJ
 0HKUDUEHLW )HLHUWDJ DEJHOHLWHW  
=XVFKODJ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

9HUYLHOIlOWLJHQ 6LH PLW +LOIH GHV /RKQDUWHQNRSLHUHUV GLH /RKQDUW 0


DFKWPDO XP GLH /RKQDUWHQ ZLH REHQ DXIJHIKUW DQ]XOHJHQ
D =XP .RSLHUHQ GHU /RKQDUWHQ IU GLH hEHUVWXQGHQYHUJWXQJ ZlKOHQ
6LH IROJHQGHQ 0HQSIDG
,0* ĺ *UXQGHLQVWHOOXQJHQ ĺ 8PIHOG GHU /RKQDUWHQSIOHJH ĺ
/RKQDUWHQNDWDORJ HUVWHOOHQ
:lKOHQ 6LH .RSLHUHQ
*HEHQ 6LH 0XVWHUORKQDUW 0 LQ GDV )HOG 2ULJLQDOORKQDUW XQG 
LQ GDV )HOG &XVWRPL]LQJ/RKQDUW HLQ 0DUNLHUHQ 6LH GLHVH =HLOHQ
:lKOHQ 6LH  /$UW YHUYLHOIlOWLJHQ XQG JHEHQ 6LH IROJHQGH $QJDEHQ HLQ

/RKQDUW EHJLQQW EHL 


$Q]DKO YRQ /RKQDUWHQ 
(UK|KXQJ SUR 6FKULWW 

3DVVHQ 6LH GDQQ GLH /RKQDUWHQWH[WH DQ :HQQ 6LH GLHV JHPDFKW
KDEHQ GHDNWLYLHUHQ 6LH GDV )HOG 7HVWODXI 'DQQ ZlKOHQ 6LH .RSLHUHQ
hEHUSUIHQ 6LH GDV (UJHEQLV GHV .RSLHUYRUJDQJV

$XIJDEH 
 6FKOVVHOQ 6LH GLH %HZHUWXQJVJUXQGODJHQ ,KUHU /RKQDUWHQ    VR
GDVV GHU 6WXQGHQVDW] DXV  HUPLWWHOW ZLUG

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

*HEHQ 6LH GLH /RKQDUWHQ    DOV DEJHOHLWHWH /RKQDUWHQ EHL  
 DQ
D =XP 6FKOVVHOQ GHU %HZHUWXQJVJUXQGODJHQ ,KUHU /RKQDUWHQ  ±
 ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ =HLWORKQDUWHQEHZHUWXQJ ĺ
%HZHUWXQJVJUXQGODJHQ ĺ %HZHUWXQJVJUXQGODJHQ ]XRUGQHQ
%HZHUWHQ 6LH ,KUH /RKQDUWHQ PLW GHU %HZHUWXQJVJUXQGODJH  ]X 
XQG QHKPHQ 6LH IU GLH HUVWH DEJHOHLWHWH /RKQDUW IROJHQGH (LQWUlJH YRU

$NWXHOOH %HZHU 3UR]HQW  DEJHO $XV 3UR]HQW


/RKQDUW WXQJV VDW] /RKQDUW ZHLV VDW]
JUXQG /RKQ
ODJH DUW
     
     
     
     

$XIJDEH 
 7HVWHQ 6LH GLH 5LFKWLJNHLW ,KUHU /RKQDUWHQ LQGHP 6LH ,KUHP 0LWDUEHLWHU IU
GLH $EUHFKQXQJVSHULRGH  MHZHLOV HLQHQ (QWJHOWEHOHJ 'DWXP EHDFKWHQ
IU GLH /RKQDUWHQ    XQG  ]XRUGQHQ XQG GLH 3HULRGH
DEUHFKQHQ :HQQ ,KUH /RKQDUWHQ IU 3HULRGH  ULFKWLJ EHZHUWHW ZXUGHQ
EHHQGHQ 6LH GLH $EUHFKQXQJ

/RKQDUW :RFKHQWDJ $Q]DKO(LQKHLW


QQ EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ
QQ EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ
QQ EHOLHELJHU 6RQQWDJ LP  6WXQGHQ
)HEUXDU
QQ EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ

D =XP (LQJHEHQ GHU (QWJHOWEHOHJH XQG $XVIKUHQ GHU $EUHFKQXQJ


ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ .RUUHNWXUHQ
6$30HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPPGDWHQ SIOHJHQ
)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  %HZHUWXQJ YRQ /RKQDUWHQ +5

:lKOHQ 6LH GDV ,QIRW\SPHQ $UEHLWV]HLWHQ 'RUW PDUNLHUHQ 6LH GHQ


,QIRW\S (QWJHOWEHOHJH 'DQQ ZlKOHQ 6LH $QOHJHQ /HJHQ 6LH IU MHGH
GHU /RKQDUWHQ  ELV  HLQHQ (QWJHOWEHOHJ EHU  6WXQGHQ
DQ $FKWHQ 6LH GDUDXI GDVV GDV 'DWXP LQ GHU $EUHFKQXQJVSHULRGH
)HEUXDU OLHJW

/RKQDUW :RFKHQWDJ $Q]DKO(LQKHLW


 EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ
 EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ
 EHOLHELJHU 6RQQWDJ LP )HEUXDU  6WXQGHQ
 EHOLHELJHU 7DJ LP )HEUXDU  6WXQGHQ

=XU 'XUFKIKUXQJ GHU $EUHFKQXQJ IU )HEUXDU ZlKOHQ 6LH IROJHQGHQ


0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ
)KUHQ 6LH GLH $EUHFKQXQJ GXUFK XQG SUIHQ 6LH LP
$EUHFKQXQJVSURWRNROO GLH NRUUHNWH 9HUDUEHLWXQJ GHU /RKQDUWHQ 
ELV  gIIQHQ 6LH GDV 3URWRNROO EHL (UIROJUHLFKH 3HUVRQDOQXPPHUQ
ĺ  ĺ  ODXIHQGHV -DKU ĺ =HLWGDWHQYHUDUEHLWXQJ ĺ 3,7
; 3 XQG 3,7 ; 3 3UIHQ 6LH GLH (LQJDEH GLH 9HUDUEHLWXQJ
XQG GLH $XVJDEH GLHVHU 6FKULWWH  XQG  
gIIQHQ 6LH GDQQ 3 ; *(1 12$% SUIHQ 6LH GLH (LQJDEH
XQG GLH $XVJDEH GLHVHU ,PSRUWIXQNWLRQ 3UIHQ 6LH DEVFKOLH‰HQG GLH
(LQJDEH XQG $XVJDEH GHV 6FKULWWHV 3,7 ; *(1 LP 3URWRNROO $Q
GLHVHU 6WHOOH LP $EUHFKQXQJVYHUODXI PVVWHQ GLH /RKQDUWHQ EHZHUWHW
XQG GLH DEJHOHLWHWHQ /RKQDUWHQ  ELV  JHELOGHW ZRUGHQ VHLQ
:HQQ GDV (UJHEQLV VWLPPW EHHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH 
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ EHHQGHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ 3HUVRQHQEH]RJHQH %HZHUWXQJVJUXQGODJHQ

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH SHUVRQHQEH]RJHQHQ %HZHUWXQJVJUXQGODJHQ EHQHQQHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHVFKUHLEHQ
‡ ]ZLVFKHQ DNWXHOOHQ XQG DEJHOHLWHWHQ /RKQDUWEHZHUWXQJVJUXQGODJHQ
XQWHUVFKHLGHQ
‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW ; XQG ; LP 6FKHPD YRUQHKPHQ
‡ GLH %HZHUWXQJVJUXQGODJHQ EHQHQQHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

=XVDPPHQIDVVXQJ GHV .DSLWHOV


1XQ N|QQHQ 6LH
‡ GLH $UWHQ GHU NRQVWDQWHQ 9HUJWXQJ EHQHQQHQ
‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW GHU 5HJHO ;02' LP 6FKHPD YRUQHKPHQ
‡ GLH SHUVRQHQEH]RJHQHQ %HZHUWXQJVJUXQGODJHQ EHQHQQHQ
‡ GLH YHUVFKLHGHQHQ 3HUVRQDOUHFKHQUHJHOQ EHVFKUHLEHQ
‡ ]ZLVFKHQ DNWXHOOHQ XQG DEJHOHLWHWHQ /RKQDUWEHZHUWXQJVJUXQGODJHQ
XQWHUVFKHLGHQ
‡ GLH %HZHUWXQJ YRQ /RKQDUWHQ PLW ; XQG ; LP 6FKHPD YRUQHKPHQ
‡ GLH %HZHUWXQJVJUXQGODJHQ EHQHQQHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 hEHUSUIHQ 6LH ,KU :LVVHQ


hEHUSUIHQ 6LH ,KU :LVVHQ
 0LW ZHOFKHU )XQNWLRQ ZHUGHQ GLH DOV (QWJHOWEHOHJH HUIDVVWHQ 6FKPXW]]XODJHQ
HLQJHOHVHQ"
:lKOHQ 6LH GLH ULFKWLJH Q $QWZRUW HQ 
Ƒ $ 3
Ƒ % 3
Ƒ & 3
Ƒ ' 3

 :HOFKHU GHU IROJHQGHQ $XVGUFNH EHUWUlJW GLH /RKQDUW JHPl‰


3HUVRQDOUHFKHQUHJHO ; LQ GLH 2XWSXW7DEHOOH 27"
:lKOHQ 6LH GLH ULFKWLJH Q $QWZRUW HQ 
Ƒ $ 57( 76',93
Ƒ % ',9,' $55
Ƒ & =(52 $
Ƒ ' $'':7

 %HL GHU %HZHUWXQJ YRQ /RKQDUWHQ LP 6FKHPD UXIW GDV 7HLOVFKHPD ;7
]XQlFKVW GLH 3HUVRQDOUHFKHQUHJHO ; DXI
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


hEHUSUIHQ 6LH ,KU :LVVHQ +5

$QWZRUWHQ


 0LW ZHOFKHU )XQNWLRQ ZHUGHQ GLH DOV (QWJHOWEHOHJH HUIDVVWHQ 6FKPXW]]XODJHQ


HLQJHOHVHQ"

$QWZRUW &
0LW GHU )XQNWLRQ 3 ZHUGHQ GLH DOV (QWJHOWEHOHJH HUIDVVWHQ
6FKPXW]]XODJHQ HLQJHOHVHQ 1DFK GHP (LQOHVHQ GHU =XODJHQ PLW 3
ZHUGHQ GLH /RKQDUWHQ LQ GHU LQWHUQHQ 7DEHOOH ,7 JHVSHLFKHUW

 :HOFKHU GHU IROJHQGHQ $XVGUFNH EHUWUlJW GLH /RKQDUW JHPl‰


3HUVRQDOUHFKHQUHJHO ; LQ GLH 2XWSXW7DEHOOH 27"

$QWZRUW '
'HU $XVGUXFN $'':7 EHUWUlJW GLH /RKQDUW LQ GLH 2XWSXW7DEHOOH 27

 %HL GHU %HZHUWXQJ YRQ /RKQDUWHQ LP 6FKHPD UXIW GDV 7HLOVFKHPD ;7
]XQlFKVW GLH 3HUVRQDOUHFKHQUHJHO ; DXI

$QWZRUW )DOVFK
%HL GHU %HZHUWXQJ YRQ /RKQDUWHQ LP 6FKHPD ZLUG ]XHUVW GLH 5HJHO ;
DXV GHP 7HLOVFKHPD ;7 DXIJHUXIHQ 'DQQ UXIW GDV 7HLOVFKHPD ;7
GLH 3HUVRQDOUHFKHQUHJHO ; DXI

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


.DSLWHO 
 $EZHVHQKHLWVEHZHUWXQJ

,Q GLHVHP .DSLWHO ZLUG GLH 9HUDUEHLWXQJ YRQ $EZHVHQKHLWHQ KLQVLFKWOLFK GHU


QDFKIROJHQGHQ 9HUDUEHLWXQJ LQ GHU .RVWHQUHFKQXQJ XQG GHU $OLTXRWLHUXQJ
EHKDQGHOW )HUQHU ZLUG GLH NRQVWDQWH %HZHUWXQJ HLQHU EHUHLWV EHKDQGHOWHQ
/RKQDUW LP .RQWH[W HLQHV SUDNWLVFKHQ %HLVSLHOV XQG LP =XVDPPHQKDQJ PLW GHU
$EZHVHQKHLWVEHZHUWXQJ YHUWLHIW

hEHUEOLFN EHU GDV .DSLWHO


,Q GLHVHP .DSLWHO ZHUGHQ GLH .RQ]HSWH GHU %HZHUWXQJ YRQ $EZHVHQKHLWHQ ZLH
=lKONODVVHQ XQG 7DJHVUHJHOQ HUOlXWHUW )HUQHU YHUDQVFKDXOLFKW GDV .DSLWHO GLH
9HUDUEHLWXQJ YRQ $EZHVHQKHLWHQ LP 6FKHPD

/HUQ]LHOH GHV .DSLWHOV


$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH

‡ GLH 0HWKRGHQ GHU $EZHVHQKHLWVEHZHUWXQJ EHQHQQHQ


‡ $EZHVHQKHLWHQ EHU .RQVWDQWHQ E]Z 'XUFKVFKQLWWH EHZHUWHQ
‡ =lKONODVVHQ GHILQLHUHQ
‡ 7DJHVUHJHOQ GHILQLHUHQ
‡ 7DJHVUHJHOQ YHUZHQGHQ
‡ $EZHVHQKHLWHQ QDFK GHP +lWWH3ULQ]LS EHZHUWHQ

,QKDOW GHV .DSLWHOV


/HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ
'HPRQVWUDWLRQ (LQWUlJH IU $EZHVHQKHLWVJUXSSLHUXQJHQ
'HPRQVWUDWLRQ 'HILQLHUHQ YRQ =lKONODVVHQ 
'HPRQVWUDWLRQ %LOGHQ YRQ 7DJHVUHJHOQ
hEXQJ  %HZHUWXQJ YRQ $EZHVHQKHLWHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

/HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


,Q GLHVHU /HNWLRQ ZHUGHQ GLH YHUVFKLHGHQHQ 0|JOLFKNHLWHQ GHU %HZHUWXQJ YRQ
$EZHVHQKHLWHQ EHVFKULHEHQ 'DUEHU KLQDXV PDFKHQ 6LH VLFK PLW GHU 9HUZHQGXQJ
YRQ =lKONODVVHQ XQG 7DJHVUHJHOQ VRZLH GHU %HZHUWXQJ YRQ $EZHVHQKHLWHQ XQWHU
9HUZHQGXQJ GHV +lWWH3ULQ]LSV YHUWUDXW

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH 0HWKRGHQ GHU $EZHVHQKHLWVEHZHUWXQJ EHQHQQHQ
‡ $EZHVHQKHLWHQ EHU .RQVWDQWHQ E]Z 'XUFKVFKQLWWH EHZHUWHQ
‡ =lKONODVVHQ GHILQLHUHQ
‡ 7DJHVUHJHOQ GHILQLHUHQ
‡ 7DJHVUHJHOQ YHUZHQGHQ
‡ $EZHVHQKHLWHQ QDFK GHP +lWWH3ULQ]LS EHZHUWHQ

0HWKRGHQ GHU %HZHUWXQJ YRQ $EZHVHQKHLWHQ


'LHVHV 7KHPD HQWKlOW HLQH (LQIKUXQJ LQ GDV .DSLWHO 6LH VROOWHQ HUZlKQHQ GDVV
GLH YRUOlXILJHQ $QJDEHQ ]XU $OLTXRWLHUXQJ ]X HLQHP VSlWHUHQ =HLWSXQNW LP
$EUHFKQXQJVODXI EHKDQGHOW ZHUGHQ
$EZHVHQKHLWVEHZHUWXQJ 8UODXEVJHOG 
(UZlKQHQ 6LH GDVV LQ GHU /HNWLRQ GLH 'XUFKVFKQLWWVEHZHUWXQJ YRQ 8UODXEVJHOGHUQ
EHKDQGHOW ZLUG
%HZHUWHQ YRQ 'XUFKVFKQLWWHQ QDFK .RQVWDQWHQ
(UOlXWHUQ 6LH GLH )HOGHU LQ GHU 6LFKW ODVVHQ 6LH GDV )HOG 7DJHVUHJHO DEHU QRFK
XQHUZlKQW ZHLO ZLU XQV LQ HLQHP VSlWHUHQ 7KHPD PLW GLHVHP )HOG EHIDVVHQ
=HLWSXQNW GHU %HZHUWXQJ YRQ $EZHVHQKHLWHQ
(UOlXWHUQ 6LH GHQ ,QKDOW
'HILQLHUHQ XQG %LOGHQ YRQ =lKONODVVHQ
6LH PVVHQ XQEHGLQJW HUNOlUHQ GDVV IU MHGH =lKONODVVH HLQ Ä7RSI³ IU EH]DKOWH
XQG HLQ DQGHUHU IU XQEH]DKOWH $EZHVHQKHLWHQ DQJHOHJW ZLUG 'HU Ä7RSI³ GHU
HLQH YRUJHJHEHQH $EZHVHQKHLW YHUDUEHLWHW ZLUG GXUFK GDV )HOG %H]DKOW JHVWHXHUW
:HQQ HLQH =lKONODVVH KLHU DOV XQEH]DKOW PDUNLHUW LVW KDW GDV .RQVHTXHQ]HQ
IU GLH $OLTXRWLHUXQJ $Q GLHVHU 6WHOOH N|QQHQ 6LH NXU] DXI GDV 7KHPD
Ä%HZHUWXQJVUHJHOQ XQG =lKONODVVHQ³ HLQJHKHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

$EZHVHQKHLWHQ ]X %HZHUWXQJ ]XRUGQHQ 


$EZHVHQKHLWHQ ]X %HZHUWXQJ ]XRUGQHQ 
(UOlXWHUQ 6LH GLH 9RUJHKHQVZHLVH XQG UXIHQ 6LH EHLGH ,0*$NWLYLWlWHQ DXI
%HZHUWXQJVUHJHOQ XQG =lKONODVVHQ
'LHVHV 7KHPD YHUDQVFKDXOLFKW GLH 9RUJHKHQVZHLVH EHLP &XVWRPL]LQJ =XQlFKVW
OHJHQ 6LH GLH EHQ|WLJWHQ $EZHVHQKHLWVEHZHUWXQJVUHJHOQ DQ 'DQQ IDVVHQ 6LH
GLH $EZHVHQKHLWVUHJHOQ GLH QDFK GHUVHOEHQ $EZHVHQKHLWVEHZHUWXQJVUHJHO
YHUDUEHLWHW ZHUGHQ VROOHQ ]X HLQHU *UXSSH ]XVDPPHQ ,P %HLVSLHO ZHUGHQ GLH
$EZHVHQKHLWVDUWHQ   XQG  JHPl‰ %HZHUWXQJVUHJHO  8UODXE
EHZHUWHW 'LH %HZHUWXQJ YRQ $EZHVHQKHLWVDUW  HUIROJW QDFK 5HJHO  ,P
GULWWHQ 6FKULWW GHILQLHUHQ 6LH ]XQlFKVW GLH $EZHVHQKHLWV]lKONODVVHQ 'DQQ WUDJHQ
6LH EH]DKOWH XQG XQEH]DKOWH $EZHVHQKHLWHQ LQ GLH =lKONODVVH HLQ
*UXSSLHUXQJ IU $EZHVHQKHLWVEHZHUWXQJ
1HKPHQ 6LH GLH 'HPRQVWUDWLRQ XQG (UOlXWHUXQJ LP ,0* YRU
$EZHVHQKHLWVEHZHUWXQJ 8UODXEVJHOG 
7DJHVUHJHOQ GHILQLHUHQ
(UOlXWHUQ 6LH GLH )HOGHU LQ GHU ,0*6LFKW XQG ZHLVHQ 6LH DXI GHQ 5DXP IU GLH
.XQGHQQXPPHU KLQ
%HZHUWXQJ YRQ $EZHVHQKHLWHQ QDFK GHP Ä+lWWH³3ULQ]LS
(UOlXWHUQ 6LH GDV Ä+lWWH³3ULQ]LS /DVVHQ 6LH GDEHL MHGRFK GLH $XVZDKO YRQ
=HLWORKQDUWHQ DX‰HQ YRU 'HPRQVWULHUHQ 6LH GLH ,0*$NWLYLWlW
9HUDUEHLWXQJ YRQ $EZHVHQKHLWHQ LP 6FKHPD
=HLJHQ 6LH GLH UHOHYDQWHQ %HUHLFKH LP 6FKHPD XQG VWHOOHQ 6LH VLH LQ GHQ
*HVDPWNRQWH[W GHU $EUHFKQXQJ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG GLH +53HUVRQDODEUHFKQXQJ HLQJHIKUW $OV 0LWJOLHG
GHV 3URMHNWWHDPV PVVHQ 6LH GLH /|KQH XQG *HKlOWHU GHU 0LWDUEHLWHU XQWHU
%HUFNVLFKWLJXQJ IROJHQGHU 5LFKWOLQLHQ EHUHFKQHQ %H]DKOWH 8UODXEH IOLH‰HQ LQ
HUJlQ]HQGH /RKQDUWHQ LQ GLH $EUHFKQXQJ HLQ XQG XQEH]DKOWH 8UODXEH YHUULQJHUQ
GLH %H]JH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

(LQIKUXQJ LQ GLH $EZHVHQKHLWVEHZHUWXQJ

‡ $EZHVHQKHLWHQ GLH IU HLQHQ 0LWDUEHLWHU HLQJHJHEHQ ZXUGHQ N|QQHQ LQ GHU


$EUHFKQXQJ XQWHUVFKLHGOLFK EHKDQGHOW ZHUGHQ
‡ %HLVSLHOH
‡ (LQ 0LWDUEHLWHU LVW EHU HLQHQ OlQJHUHQ =HLWUDXP NUDQN
‡ (LQ 0LWDUEHLWHU KDW 8UODXE
‡ (LQH 0LWDUEHLWHULQ LVW LP 0XWWHUVFKXW]
‡ (LQ 0LWDUEHLWHU QLPPW XQEH]DKOWHQ 8UODXE

$EELOGXQJ  $UWHQ GHU $EZHVHQKHLWVEHZHUWXQJ

(V JLEW XQWHUVFKLHGOLFKH 0HWKRGHQ GHU $EZHVHQKHLWVEHZHUWXQJ 'LHVH 0HWKRGHQ


N|QQHQ HLQ]HOQ DEHU DXFK LQ .RPELQDWLRQ PLWHLQDQGHU HLQJHVHW]W ZHUGHQ
‡ %HZHUWXQJ YRQ $EZHVHQKHLWHQ EHU 'XUFKVFKQLWWH RGHU .RQVWDQWHQ
%HLVSLHO 'LH GXUFKVFKQLWWOLFK JHOHLVWHWHQ 0HKUDUEHLWHQ GHU 0LWDUEHLWHU
VROOHQ ]X HLQHP 8UODXEVJHOG]XVFKXVV IKUHQ
‡ 'LH $EZHVHQKHLW ZLUG EHZHUWHW DOV RE GHU 0LWDUEHLWHU JHDUEHLWHW
KlWWH +lWWH3ULQ]LS  %HLVSLHO 'LH 0LWDUEHLWHU VROOHQ EHL EH]DKOWHU
$UEHLWVXQIlKLJNHLW QHEHQ LKUHP *UXQGORKQ GLHVHOEHQ =XVFKOlJH HUKDOWHQ
GLH VLH EHL HLQHU $QZHVHQKHLW EHNRPPHQ KlWWHQ
+DW HLQ 0LWDUEHLWHU HLQHQ XQEH]DKOWHQ 8UODXE JHQRPPHQ IKUW GLHV ]X HLQHU
.U]XQJ VHLQHU %H]JH 'LH .U]XQJ GHV (QWJHOWV DXIJUXQG XQEH]DKOWHU RGHU QXU
WHLOZHLVH EH]DKOWHU $EZHVHQKHLWHQ $OLTXRWLHUXQJ ZLUG LQ HLQHP JHVRQGHUWHQ
.DSLWHO EHKDQGHOW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

$EELOGXQJ  %HZHUWXQJ QDFK .RQVWDQWHQ'XUFKVFKQLWWHQ

$XVJDQJVVLWXDWLRQ
 ,KUH 0LWDUEHLWHU VROOHQ IU MHGHQ 8UODXEVWDJ HLQ IHVWJHOHJWHV 8UODXEVJHOG
HUKDOWHQ ,Q GLHVHP )DOO ZLUG GLH UHOHYDQWH /RKQDUW XQWHU 9HUZHQGXQJ HLQHV
NRQVWDQWHQ %HWUDJV EHZHUWHW
 'LH 0LWDUEHLWHU VROOHQ IU MHGHQ 8UODXEVWDJ HLQ 8UODXEVJHOG LQ +|KH GHU
GXUFKVFKQLWWOLFKHQ 0HKUDUEHLWVYHUJWXQJ GHU OHW]WHQ GUHL 0RQDWH HUKDOWHQ
,Q GLHVHP )DOO PXVV GLH DQJHJHEHQH /RKQDUW EHU 'XUFKVFKQLWWVJUXQGODJHQ
EHZHUWHW ZHUGHQ
6LH P|FKWHQ GDV 8UODXEVJHOG SUR 8UODXEVWDJ EH]DKOHQ )U GLH $XV]lKOXQJ GHV
8UODXEV JLEW HV YHUVFKLHGHQHQ 0|JOLFKNHLWHQ
 .DOHQGHUWDJH
 $EZHVHQKHLWVWDJ G K IU MHGHQ 7DJ GHU ODXW $UEHLWV]HLWSODQ HLQ $UEHLWVWDJ
LVW
 $EUHFKQXQJVWDJ G K GLH 8UODXEVWDJH VROOHQ JHPl‰ GHQ $QJDEHQ LQ GHU
7DEHOOH $Q$EZHVHQKHLWVDXV]lKOXQJ JHZLFKWHW ZHUGHQ
,VW GDV )HOG %DVLVEH]XJVVSOLW DQJHNUHX]W ZHUGHQ bQGHUXQJHQ DQ GHQ %DVLVEH]JHQ
HLQHV 0LWDUEHLWHUV LQQHUKDOE HLQHU $EUHFKQXQJVSHULRGH EHUFNVLFKWLJW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

$EELOGXQJ  =HLWSXQNW GHU %HZHUWXQJ YRQ $EZHVHQKHLWHQ

)DOOV VLFK GLH $EZHVHQKHLW HLQHV 0LWDUEHLWHUV EHU PHKUHUH $EUHFKQXQJVSHULRGHQ


HUVWUHFNW NDQQ GLH %HZHUWXQJ HQWZHGHU ]X %HJLQQ DP (QGH RGHU DQWHLOLJ LQ GHU
MHZHLOLJHQ 3HULRGH GXUFKJHIKUW ZHUGHQ
=HLWSXQNW = VRUJW IU HLQH $EVWHOOXQJ GHU /RKQDUW LQ GLH LQWHUQH
=HLWORKQDUWHQWDEHOOH =/

'HPRQVWUDWLRQ (LQWUlJH IU $EZHVHQKHLWVJUXSSLH


UXQJHQ
=ZHFN
6R ]HLJHQ 6LH GLH (LQWUlJH IU HLQH $EZHVHQKHLWVJUXSSLHUXQJ DQ

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 =HLJHQ 6LH LP ,0* GHQ (LQWUDJ IU $EZHVHQKHLWVJUXSSLHUXQJ  XQG
%HZHUWXQJVUHJHO  DQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

'HILQLHUHQ YRQ =lKONODVVHQ XQG 7DJHVUHJHOQ

$EELOGXQJ  'HILQLHUHQ XQG %LOGHQ YRQ =lKONODVVHQ

=lKONODVVHQ GLHQHQ GD]X ,QIRUPDWLRQHQ EHU YHUVFKLHGHQH $UWHQ YRQ


$EZHVHQKHLWHQ ]X VDPPHOQ 8UODXE .UDQNKHLW .XU HWF  6LH KDEHQ GLH
0|JOLFKNHLW SUR =lKONODVVH HLQH 8QWHUWHLOXQJ LQ EH]DKOWH $3 $EVHQFHV 3DLG
XQG XQEH]DKOWH $EZHVHQKHLWHQ $8 $EVHQFHV 8QSDLG YRU]XQHKPHQ
'LHVH ,QIRUPDWLRQHQ EHU EH]DKOWH XQG XQEH]DKOWH $EZHVHQKHLWHQ ZHUGHQ EHLP
.U]HQ YRQ %H]JHQ RGHU IU VWDWLVWLVFKH =ZHFNH YHUZHQGHW
 )U GLH .U]XQJ YRQ %H]JHQ EHL XQEH]DKOWHQ $EZHVHQKHLWHQ ZHUGHQ
LP 6WDQGDUGV\VWHP DOOH =lKONODVVHQ LQ GHQHQ XQEH]DKOWH $EZHVHQKHLWHQ
]XVDPPHQJHIDVVW VLQG JHPHLQVDP YHUDUEHLWHW 9RUDXVVHW]XQJ IU GLH
.U]XQJ LVW GDKHU GDVV LQ PLQGHVWHQV HLQHU =lKONODVVH GLH XQEH]DKOWHQ
$EZHVHQKHLWHQ ]XVDPPHQJHIDVVW ZHUGHQ 6ROOHQ PHKUHUH =lKONODVVHQ IU
XQEH]DKOWH $EZHVHQKHLWHQ JHELOGHW ZHUGHQ PVVHQ H[SOL]LW GLH LQ GHU
$OLTXRWLHUXQJ ]X EHUFNVLFKWLJHQGHQ =lKONODVVHQ DQJHJHEHQ ZHUGHQ
 )U 6WDWLVWLNHQ XQG IU GLH .RVWHQUHFKQXQJ N|QQHQ LQ GHQ =lKONODVVHQ
$EZHVHQKHLWV]HLWHQ JHVDPPHOW ZHUGHQ XP VSlWHU /RKQDUWHQ ]X IOOHQ XQG
GLH NXPXOLHUWHQ :HUWH IU NRVWHQUHFKQHULVFKH RGHU VWDWLVWLVFKH =ZHFNH
DXV]XZHUWHQ 'HU $XIUXI YRQ =lKONODVVHQ NDQQ EHU GLH 2SHUDWLRQ 180
HUIROJHQ %H]DKOWH =lKONODVVHQ ZHUGHQ LQ 2SHUDWLRQHQ PLW GHU ,' [$3QQ
XQG XQEH]DKOWH =lKONODVVHQ PLW GHU ,' [$8QQ DEJHIUDJW ZREHL [ . IU
GHQ :HUW LQ .DOHQGHUWDJHQ $ LQ $UEHLWVWDJHQ XQG 6 LQ 6WXQGHQ VWHKW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

$EELOGXQJ  $EZHVHQKHLWHQ ]X %HZHUWXQJ ]XRUGQHQ 

%HL GHU %HZHUWXQJ YRQ $EZHVHQKHLWHQ VROO 8UODXE DQGHUV DOV NUDQNKHLWVEHGLQJWH
$EZHVHQKHLWHQ DOOH $UWHQ YRQ 8UODXE KLQJHJHQ JOHLFK EHKDQGHOW ZHUGHQ 8P GLHV
]X HUP|JOLFKHQ IDVVHQ 6LH DOOH $EZHVHQKHLWVDUWHQ GLH JOHLFK EHZHUWHW ZHUGHQ
VROOHQ GXUFK GLH =XRUGQXQJ ]X $EZHVHQKHLWVEHZHUWXQJVUHJHOQ ]XVDPPHQ
$EZHVHQKHLWVEHZHUWXQJVUHJHOQ OHJHQ IHVW ZLH EHVWLPPWH $EZHVHQKHLWHQ YRQ
0LWDUEHLWHUQ LQ GHU 3HUVRQDODEUHFKQXQJ YHUDUEHLWHW ZHUGHQ VROOHQ
'DV )HOG 7\S ILQGHW IU VSH]LHOOH $XVZHUWXQJHQ LQ gVWHUUHLFK XQG IU GHQ
gIIHQWOLFKHQ 'LHQVW 'HXWVFKODQG ]XU %HUHFKQXQJ GHU 'DXHU GHU /RKQIRUW]DKOXQJ
XQG GHV .UDQNHQJHOG]XVFKXVVHV 9HUZHQGXQJ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

$EELOGXQJ  $EZHVHQKHLWHQ ]X %HZHUWXQJ ]XRUGQHQ 

=XU %HZHUWXQJ YRQ $EZHVHQKHLWHQ ZHUGHQ GLH 0LWDUEHLWHU LQ *UXSSHQ XQWHUWHLOW


)U MHGH *UXSSLHUXQJ N|QQHQ GDQQ DQGHUH 5HJHOQ IU GLH %HZHUWXQJ GHU
$EZHVHQKHLWHQ GHILQLHUW ZHUGHQ

$EELOGXQJ  %HZHUWXQJVUHJHOQ XQG =lKONODVVHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

,Q GLHVHP %HLVSLHO ZLUG GHU EH]DKOWH 8UODXE EHU GLH $EZHVHQKHLWVEHZHUWXQJVUHJHO


 LQ GHU =lKONODVVH  8UODXE LP Ä7RSI³ GHU EH]DKOWHQ $EZHVHQKHLWHQ $3
JHVDPPHOW
'HU XQEH]DKOWH 8UODXE ZLUG EHU GLH $EZHVHQKHLWVEHZHUWXQJVUHJHO  LQ GHU
=lKONODVVH  8UODXE LP Ä7RSI³ GHU XQEH]DKOWHQ $EZHVHQKHLWHQ $8 JHVDPPHOW

$EELOGXQJ  *UXSSLHUXQJ IU $EZHVHQKHLWVEHZHUWXQJ

,Q GLHVHP $UEHLWVVFKULWW ZHUGHQ 0LWDUEHLWHU GLH EHL GHU $EZHVHQKHLWVEHZHUWXQJ


JOHLFK EHKDQGHOW ZHUGHQ VROOHQ ]XVDPPHQJHIDVVW $XI GLHVH $UW OHJHQ 6LH IHVW
EHL ZHOFKHQ 0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ GDV 6\VWHP ZHOFKH 7DEHOOHQHLQWUlJH
]XU %HZHUWXQJ HLQHU $EZHVHQKHLW EHUFNVLFKWLJHQ VROO
0LW GHU (QWVFKHLGXQJVRSHUDWLRQ 287:3 ZHUGHQ $UEHLWVSODW]EHVWDQGWHLOH ]XU
%HVWLPPXQJ GHU 0RGLILNDWRUHQ KHUDQJH]RJHQ
'LH 2SHUDWLRQ 02',) PLW 3DUDPHWHU $ VHW]W GLH 0LWDUEHLWHUJUXSSLHUXQJ IU GHQ
=XJULII DXI GLH 7DEHOOH %HZHUWXQJ YRQ $EZHVHQKHLWHQ ZlKUHQG GHU $EUHFKQXQJ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

$EELOGXQJ  'HILQLHUHQ YRQ 7DJHVUHJHOQ

0LW +LOIH YRQ 7DJHVUHJHOQ N|QQHQ 6LH EHVWLPPWH =lKONODVVHQ RGHU /RKQDUWHQ
DEKlQJLJ YRQ GHQ IROJHQGHQ %HGLQJXQJHQ IU GHQ 7DJ HLQHU $EZHVHQKHLW ELOGHQ
‡ )HLHUWDJVNODVVH RGHU 7DJHVW\S GHV DXV]XZHUWHQGHQ 7DJHV E]Z GHV 9RUWDJHV"
‡ :HOFKHU :RFKHQWDJ"
‡ 6LQG LP SHUV|QOLFKHQ $UEHLWV]HLWSODQ GHV 0LWDUEHLWHUV IU GHQ DNWXHOOHQ 7DJ
RGHU GHQ 9RUWDJ 6ROOVWXQGHQ YHU]HLFKQHW"
=X HLQHU 7DJHVUHJHO N|QQHQ PHKUHUH XQWHUVFKLHGOLFKH %HGLQJXQJHQ KLQWHUOHJW
ZHUGHQ 'LHVH ZHUGHQ GXUFK )ROJHQXPPHUQ XQWHUVFKLHGHQ %HL GHU 9HUDUEHLWXQJ
JHKW GDV 6\VWHP IRUWODXIHQG GLH )ROJHQXPPHUQ GXUFK ELV HLQH %HGLQJXQJ ]XWULIIW
'HU UHVHUYLHUWH .XQGHQQDPHQVUDXP LVW $  =

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

$EELOGXQJ  'HILQLHUHQ YRQ 7DJHVUHJHOQ

:'  :RUNGD\ $UEHLWVWDJ  'DPLW GLH =lKONODVVH QXU DQ $UEHLWVWDJHQ JHELOGHW


ZLUG PVVHQ ]ZHL %HGLQJXQJHQ HUIOOW VHLQ GLH 6LH LQ HLQHU 5HJHO RKQH
)ROJHQXPPHU KLQWHUOHJHQ
 'HU 7DJ KDW GHQ 7DJHVW\S %/$1.
 'HU 0LWDUEHLWHU KDW DQ GLHVHP 7DJ 6ROOVWXQGHQ G K
‡ HLQHQ JOWLJHQ 7DJHVDUEHLWV]HLWSODQ PLW 6ROOVWXQGHQ JU|‰HU  RGHU
‡ IU GHQ 0LWDUEHLWHU LVW DQ GLHVHP 7DJ HLQH 9HUWUHWXQJ HUIDVVW
'LH $QJDEH QXU HLQHU GLHVHU %HGLQJXQJHQ UHLFKW QLFKW DXV XP HLQHQ $UEHLWVWDJ
]X HUPLWWHOQ 7DJH PLW GHP 7DJHVW\S %/$1. EHGHXWHQ GDVV GLH (QWVFKHLGXQJ
RE GHU 0LWDUEHLWHU DUEHLWHQ PXVV DQKDQG GHU 6ROOVWXQGHQ GHV $UEHLWV]HLWSODQV
JHIlOOW ZLUG KDW GHU 0LWDUEHLWHU DQ GHP 7DJ 6ROODUEHLWVVWXQGHQ RGHU LVW GHU
7DJHVDUEHLWV]HLWSODQ )5(,  'DUXP PVVHQ QHEHQ GHP 7DJHVW\S DXFK GLH
6ROOVWXQGHQ GHV 7DJHVDUEHLWV]HLWSODQHV DEJHIUDJW ZHUGHQ
'2  'D\ 2)) DUEHLWVIUHLH 7DJH  $UEHLWVIUHLH 7DJH N|QQHQ GXUFK ]ZHL
XQWHUVFKLHGOLFKH %HGLQJXQJHQ FKDUDNWHULVLHUW VHLQ GLH 6LH GXUFK GLH
)ROJHQXPPHUQ  XQG  GHU 7DJHVUHJHO '2 DEELOGHQ
 )ROJHQXPPHU  'HU 7DJ KDW GHQ 7DJHVW\S 
 )ROJHQXPPHU  'HU 0LWDUEHLWHU KDW IU GHQ EHWUHIIHQGHQ 7DJ NHLQH
6ROOVWXQGHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

$EELOGXQJ  %HZHUWXQJ YRQ $EZHVHQKHLWHQ QDFK GHP +lWWH3ULQ]LS

%HL GHU $EZHVHQKHLWVEHZHUWXQJ QDFK GHP +lWWH3ULQ]LS ZHUGHQ GLH 0LWDUEHLWHU


JHQDXVR EH]DKOW DOV RE VLH JHDUEHLWHW KlWWHQ +LHU]X ]lKOHQ DXFK =XVFKOlJH
GLH ]XU 6ROODUEHLWV]HLW GHV 0LWDUEHLWHUV JHK|UHQ 0HKUDUEHLWHQ ZHUGHQ EHL GHU
%HZHUWXQJ YRQ $EZHVHQKHLWHQ QDFK GHP +lWWH3ULQ]LS QLFKW EHUFNVLFKWLJW
%HLVSLHO (LQH 0LWDUEHLWHUJUXSSLHUXQJ ZLUG DEKlQJLJ YRQ LKUHU $UEHLWV]HLW
EH]DKOW (LQ 0LWDUEHLWHU KlWWH  6WXQGHQ LP 0RQDW DUEHLWHQ PVVHQ 
6WXQGHQ KDW HU JHDUEHLWHW  6WXQGHQ KDW HU QLFKW JHDUEHLWHW
‡ )U GLHVH  6WXQGHQ PVVHQ /RKQDUWHQ JHELOGHW ZHUGHQ GDPLW GHU
0LWDUEHLWHU IU GLHVH $EZHVHQKHLW EH]DKOW ZHUGHQ NDQQ
‡ $EKlQJLJ YRQ GHQ WDULIOLFKHQ JHVHW]OLFKHQ RGHU XQWHUQHKPHQVVSH]LILVFKHQ
9RUJDEHQ VROO GHU 0LWDUEHLWHU DXFK GLH =XVFKOlJH GLH HU QRUPDOHUZHLVH LP
)DOO HLQHU 6RQQWDJV 1DFKWDUEHLW HWF HUKDOWHQ KlWWH EHNRPPHQ

'HPRQVWUDWLRQ 'HILQLHUHQ YRQ =lKONODVVHQ


=ZHFN
6R GHPRQVWULHUHQ 6LH ZLH ]ZHL =lKONODVVHQ GHILQLHUW ZHUGHQ

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

 =HLJHQ 6LH LP ,0* ZLH =lKONODVVHQ GHILQLHUW XQG JHELOGHW ZHUGHQ XQG
ZLH GDV JHVDPWH )HQVWHU IU GLH 7DEHOOH ([SHUWHQVLFKW DXVVLHKW (V NDQQ
QXU GLH YRUKHU GHILQLHUWH /RKQDUW 0 DQJH]HLJW ZHUGHQ .RSLHUHQ 6LH
GDQQ HLQHQ YRUKDQGHQHQ (LQWUDJ XQG JUHQ]HQ 6LH LKQ DXI GHQ  -DQXDU GHV
ODXIHQGHQ -DKUHV DE *HEHQ 6LH LP DEJHJUHQ]WHQ (LQWUDJ /RKQDUW  =HLW
%   =HLWHLQKHLW 57 XQG %DVLVEH]XJVVSOLW [ HLQ *HEHQ 6LH IU GHQ
HLQJHVWHOOWHQ 0LWDUEHLWHU HLQH XUODXEVEHGLQJWH $EZHVHQKHLW HLQ XQG IKUHQ
6LH GLH $EUHFKQXQJ IU GLH 3HULRGH DXV

'HPRQVWUDWLRQ %LOGHQ YRQ 7DJHVUHJHOQ


=ZHFN
6R ELOGHQ 6LH HLQH 7DJHVUHJHO

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 %LOGHQ 6LH 7DJHVUHJHO :' :RUNLQJ 'D\ $UEHLWVWDJ PLW GHQ LQ GHQ
+LQZHLVHQ JHQDQQWHQ %HGLQJXQJHQ XP VLFKHU]XVWHOOHQ GDVV GLH =lKONODVVH
QXU IU $UEHLWVWDJH NRQILJXULHUW LVW *HEHQ 6LH GDQQ GLH LQ GHU 6LFKW
$EZHVHQKHLWVEHZHUWXQJ 'XUFKVFKQLWWH.RQVWDQWHQ HUVWHOOWH 7DJHVUHJHO HLQ
GDPLW /RKQDUW  QXU IU $UEHLWVWDJH NRQILJXULHUW LVW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

9HUDUEHLWXQJ YRQ $EZHVHQKHLWHQ LP 6FKHPD

‡ ;7 =HLWGDWHQYHUDUEHLWXQJ ,17(51$7,21$/


‡ 
‡ 
‡ 02' ;02' *(1  $EUHFKQXQJVPRGLILNDWRUHQ IHVWOHJHQ
‡ 5$% (LQOHVHQ GHU $EZHVHQKHLWHQ
‡ 
‡ ;1$%  /lQGHUVSH]LILVFKH $EZHVHQKHLWVURXWLQHQ
‡ 
‡ '$<35 7&  7DJHVYHUDUEHLWXQJ GHU =HLWGDWHQ
‡ 
‡ 3$%  %HDUEHLWXQJ GHU $EZHVHQKHLWVGDWHQ
‡ 
‡ ;$%  /lQGHUVSH]LILVFKH $EZHVHQKHLWVURXWLQHQ
‡ 
'LH )XQNWLRQ 02' UXIW GLH 3HUVRQDOUHFKHQUHJHO ;02' DXI LQ GHU
$UEHLWVSODW]EHVWDQGWHLOH GHV DE]XUHFKQHQGHQ 0LWDUEHLWHUV DEJHIUDJW XQG
0RGLILNDWRUHQ IU 7DEHOOHQ]XJULIIH ZlKUHQG GHU $EUHFKQXQJ JHVHW]W ZHUGHQ
$EKlQJLJ YRQ QDWLRQDOHQ %HVWLPPXQJHQ N|QQHQ OlQGHUVSH]LILVFKH 9HUDUEHLWXQJHQ
HUIRUGHUOLFK VHLQ
(LQ W\SLVFKHV %HLVSLHO GDV IU YLHOH /lQGHU LQ %HWUDFKW NRPPW LVW GLH
$EZHVHQKHLW ZHJHQ .UDQNKHLW 'LH %H]DKOXQJ NDQQ VLFK GRUW LP 9HUODXI GHU
.UDQNKHLW lQGHUQ /RKQIRUW]DKOXQJ  ,Q GHU $EZHVHQKHLWVEHZHUWXQJ ZLUG
GLHVHP 6DFKYHUKDOW GDKLQJHKHQG 5HFKQXQJ JHWUDJHQ GDVV GLH LQWHUQH 7DEHOOH
$EZHVHQKHLWHQ $% GXUFK GLH )XQNWLRQ ;1$% ZHLWHU YHUIHLQHUW ZLUG 'HU JDQ]H
$EZHVHQKHLWVVDW] ZLUG IDOOV HU YRQ GHQ QDWLRQDOHQ %HVWLPPXQJHQ EHWURIIHQ LVW LQ
NOHLQHUH 7HLOH DXIJHWHLOW XQG ZLHGHU LQ GLH 7DEHOOH $% JHVWHOOW
8QWHU 8PVWlQGHQ PXVV GLH GXUFK GLH )XQNWLRQ ;1$% HLQJHOHLWHWH 9HUDUEHLWXQJ
GHU QDWLRQDOHQ %HVWLPPXQJHQ IRUWJHVHW]W ZHUGHQ 'LHVH )RUWVHW]XQJ NDQQ HUVW
HUIROJHQ QDFKGHP GLH $EZHVHQKHLWHQ GXUFK GLH )XQNWLRQ 3$% EHZHUWHW ZRUGHQ
VLQG 'LH 9HUDUEHLWXQJ ZLUG JJI GXUFK GLH )XQNWLRQ ;$% DXVJHO|VW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

 hEXQJ  %HZHUWXQJ YRQ $EZHVHQKHLWHQ


'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ 3HUVRQDOUHFKHQUHJHO ;02' DQ .XQGHQEHGUIQLVVH DQSDVVHQ
‡ NRQVWDQWHV 8UODXEVJHOG SUR 7DJ LQ GLH 3HUVRQDODEUHFKQXQJ HLQIOLH‰HQ ODVVHQ
‡ HLQH =lKONODVVH IU XQEH]DKOWH $EZHVHQKHLWHQ PLW ,QIRUPDWLRQHQ SIOHJHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZLUG HLQ 8UODXEVJHOG SUR 7DJ JH]DKOW 'LH +|KH GHV
8UODXEVJHOGHV YDULLHUW LQ $EKlQJLJNHLW YRQ GHU RUJDQLVDWRULVFKHQ =XRUGQXQJ
GHV 0LWDUEHLWHUV

$XIJDEH
,Q ,KUHP 8QWHUQHKPHQ ZLUG HLQ NRQVWDQWHV 8UODXEVJHOG YRQ  SUR
$EUHFKQXQJVWDJ JH]DKOW 'DV 8UODXEVJHOG VROO EHL GHU $EZHVHQKHLW 8UODXE
LQ GLH 3HUVRQDODEUHFKQXQJ HLQIOLH‰HQ 8UODXE ZLUG LP ,QIRW\S $EZHVHQKHLWHQ
 PLW GHU $Q$EZHVHQKHLWVDUW  HUIDVVW ,KU 8QWHUQHKPHQ HUODXEW VHLQHQ
0LWDUEHLWHUQ DXFK XQEH]DKOWHQ 8UODXE ]X QHKPHQ 'LHVH 8UODXEVDUW N|QQHQ
6LH PLW $Q$EZHVHQKHLWVDUW  HUIDVVHQ 8QEH]DKOWHU 8UODXE VROO LQ HLQHU
=lKONODVVH IU XQEH]DKOWH $EZHVHQKHLWHQ EHUFNVLFKWLJW ZHUGHQ DEHU QLFKW ]XU
*HQHULHUXQJ HLQHU /RKQDUW IKUHQ

1RWL] 'LH 9HUDUEHLWXQJ HLQHU XQEH]DKOWHQ $EZHVHQKHLW ZLUG KLHU DOV


*UXQGODJH IU HLQH VSlWHUH hEXQJ HLQJHULFKWHW

 /HJHQ 6LH GLH *UXSSLHUXQJ IU GLH $EZHVHQKHLWVEHZHUWXQJ ,KUHU


0LWDUEHLWHULQ IHVW LQGHP 6LH LQ ,KUHU $EUHFKQXQJVUHJHO =0 
*UXSSHQQXPPHU EHL GHU *UXSSLHUXQJ  GHU 0LWDUEHLWHUNUHLVH IU
3HUVRQDOUHFKHQUHJHO GHQ 02',) $ IU GLH 7DEHOOH %HZHUWXQJ YRQ
$EZHVHQKHLWHQ DXI GHQ :HUW \\ VHW]HQ \\    
 8P GDV 8UODXEVJHOG NRQVWDQW ]X EHZHUWHQ PVVHQ 6LH ]XQlFKVW GHU /RKQDUW
 Ä8UODXEVJHOG³ HLQH NRQVWDQWH %HZHUWXQJVJUXQGODJH ]XRUGQHQ 7UDJHQ
6LH GHVKDOE EHL ,KUHU /RKQDUW GDV %HZHUWXQJVNHQQ]HLFKHQ . HLQ
'DQQ OHJHQ 6LH HLQHQ (LQWUDJ IU GLH /RKQDUW  8UODXEVJHOG LQ
GHU 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ XQWHU GHP 0RGLILNDWRU IU
$EUHFKQXQJ [[ [[    PLW GHP %HWUDJ  DQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

 'DPLW QXQ GLH /RKQDUW  EHUKDXSW LQ GLH $EUHFKQXQJ HLQJHKW


PVVHQ 6LH HLQHQ (LQWUDJ IU ,KUH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ
LQ GHU 7DEHOOH %HZHUWXQJ YRQ $EZHVHQKHLWHQ DQOHJHQ 9HUZHQGHQ 6LH
GHQ (LQWUDJ IU GLH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ  XQG GLH
%HZHUWXQJVUHJHO  DOV .RSLHUYRUODJH XQG OHJHQ 6LH HLQHQ (LQWUDJ IU
,KUH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ \\ XQG GLH %HZHUWXQJVUHJHO 
8UODXE DQ \\     9HUZHQGHQ 6LH GLH =lKONODVVH  XQG ODVVHQ 6LH
GLH $EZHVHQKHLW ]X   EH]DKOW HLQIOLH‰HQ 'DV 8UODXEVJHOG VROO LQ GHU
$EUHFKQXQJVSHULRGH LQ GHU GHU 8UODXE EHJLQQW IU MHGHQ $EUHFKQXQJVWDJ
DXVJH]DKOW ZHUGHQ % 
 8P LP )DOOH XQEH]DKOWHU $EZHVHQKHLWHQ ,KUHU 0LWDUEHLWHU HLQH =lKONODVVH
PLW ,QIRUPDWLRQHQ ]X IOOHQ EHQ|WLJHQ 6LH HLQHQ ZHLWHUHQ (LQWUDJ LQ GHU
7DEHOOH %HZHUWXQJ YRQ $EZHVHQKHLWHQ /HJHQ 6LH GHVKDOE HLQHQ (LQWUDJ IU
,KUH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ \\ XQG GLH %HZHUWXQJVUHJHO 
8UODXE XQEH]DKOW DQ )OOHQ 6LH GLH =lKONODVVH  6RQVWLJH $EZHVHQKHLWHQ
]X   PLW GHU $EZHVHQKHLW $FKWHQ 6LH GDUDXI GDVV GDV )HOG EH]DKOW
GHDNWLYLHUW LVW
 (UIDVVHQ 6LH IU ,KUH 0LWDUEHLWHULQ HLQHQ SHULRGHQEHUJUHLIHQGHQ 8UODXE
YRQ $EUHFKQXQJVSHULRGH  LQ  EHUJHKHQG PLW GHU $Q$EZHVHQKHLWVDUW

 *HEHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  IUHL XQG VWDUWHQ 6LH VLH
hEHUSUIHQ 6LH LP $EUHFKQXQJVSURWRNROO RE GHU 8UODXE NRPSOHWW PLW 
SUR 8UODXEVWDJ YHUJWHW ZXUGH :HQQ GDV $EUHFKQXQJVHUJHEQLV NRUUHNW LVW
EHHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH 
 bQGHUQ 6LH GHQ =DKOXQJV]HLWSXQNW IU GDV 8UODXEVJHOG VR GDVV HV LQ GHU
$EUHFKQXQJVSHULRGH LQ GHU GHU 8UODXE HQGHW DXVJH]DKOW ZLUG (  bQGHUQ
6LH ,KUHQ (LQWUDJ IU GLH $EZHVHQKHLWVJUXSSLHUXQJ \\ XQG UHFKQHQ 6LH QXQ
GLH 3HULRGH  DE :DV PVVHQ 6LH GDEHL EHDFKWHQ"
3UIHQ 6LH LQ ,KUHP $EUHFKQXQJVSURWRNROO RE GHU 8UODXE QXQ NRPSOHWW
LQ GHU $EUHFKQXQJVSHULRGH  YHUJWHW ZRUGHQ LVW %HHQGHQ 6LH GLH
$EUHFKQXQJ QRFK QLFKW
 bQGHUQ 6LH QXQ GHQ =DKOXQJV]HLWSXQNW GDKLQJHKHQG GDVV GDV 8UODXEVJHOG
LQ GHU MHZHLOLJHQ $EUHFKQXQJVSHULRGH JH]DKOW ZLUG ,  /|VHQ 6LH EHU GDV
)HOG =ZDQJVUFNUHFKQXQJ DE GLH =ZDQJVUFNUHFKQXQJ IU 3HULRGH  DXV
:HQQ NHLQH )HKOHU YRUOLHJHQ EHHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH 

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

/|VXQJ  %HZHUWXQJ YRQ $EZHVHQKHLWHQ


$XIJDEH
,Q ,KUHP 8QWHUQHKPHQ ZLUG HLQ NRQVWDQWHV 8UODXEVJHOG YRQ  SUR
$EUHFKQXQJVWDJ JH]DKOW 'DV 8UODXEVJHOG VROO EHL GHU $EZHVHQKHLW 8UODXE
LQ GLH 3HUVRQDODEUHFKQXQJ HLQIOLH‰HQ 8UODXE ZLUG LP ,QIRW\S $EZHVHQKHLWHQ
 PLW GHU $Q$EZHVHQKHLWVDUW  HUIDVVW ,KU 8QWHUQHKPHQ HUODXEW VHLQHQ
0LWDUEHLWHUQ DXFK XQEH]DKOWHQ 8UODXE ]X QHKPHQ 'LHVH 8UODXEVDUW N|QQHQ
6LH PLW $Q$EZHVHQKHLWVDUW  HUIDVVHQ 8QEH]DKOWHU 8UODXE VROO LQ HLQHU
=lKONODVVH IU XQEH]DKOWH $EZHVHQKHLWHQ EHUFNVLFKWLJW ZHUGHQ DEHU QLFKW ]XU
*HQHULHUXQJ HLQHU /RKQDUW IKUHQ

1RWL] 'LH 9HUDUEHLWXQJ HLQHU XQEH]DKOWHQ $EZHVHQKHLW ZLUG KLHU DOV


*UXQGODJH IU HLQH VSlWHUH hEXQJ HLQJHULFKWHW

 /HJHQ 6LH GLH *UXSSLHUXQJ IU GLH $EZHVHQKHLWVEHZHUWXQJ ,KUHU


0LWDUEHLWHULQ IHVW LQGHP 6LH LQ ,KUHU $EUHFKQXQJVUHJHO =0 
*UXSSHQQXPPHU EHL GHU *UXSSLHUXQJ  GHU 0LWDUEHLWHUNUHLVH IU
3HUVRQDOUHFKHQUHJHO GHQ 02',) $ IU GLH 7DEHOOH %HZHUWXQJ YRQ
$EZHVHQKHLWHQ DXI GHQ :HUW \\ VHW]HQ \\    
D =XP (LQULFKWHQ GHU *UXSSLHUXQJ IU GLH $EZHVHQKHLWVEHZHUWXQJ LQ
$EUHFKQXQJVUHJHO =0QQ ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ $EZHVHQKHLWHQ ĺ *UXSSLHUXQJ
IU $EZHVHQKHLWVEHZHUWXQJ IHVWOHJHQ
:lKOHQ 6LH GLH $NWLRQ *UXSSLHUXQJ IU $EZHVHQKHLWVEHZHUWXQJ
IHVWOHJHQ

1RWL] 'HU ,0* UXIW DXWRPDWLVFK 3HUVRQDOUHFKHQUHJHO ;02'


DXI 'D 6LH GLHVH 5HJHO EHUHLWV DOV HLJHQH 5HFKHQUHJHO PLW GHP
1DPHQ =0 NRSLHUW KDEHQ XQG LQ ,KUHP 6FKHPD = 
*UXSSHQQXPPHU DXIUXIHQ EHDUEHLWHQ 6LH QXQ ,KUH 5HJHO
=0

,P (GLWRU |IIQHQ 6LH ]XQlFKVW GLH *UXSSLHUXQJ  GHU 0LWDUEHLWHUNUHLVH


IU GLH 3HUVRQDODEUHFKQXQJ gIIQHQ 6LH GHQ 7HLOEDXP ZHLWHU ELV 6LH
GLH 2SHUDWLRQ 02',) $  VHKHQ 6HW]HQ 6LH GHQ &XUVRU DXI GLH
2SHUDWLRQ XQG ZlKOHQ 6LH (LQWUDJ lQGHUQ hEHUVFKUHLEHQ 6LH GHQ
:HUW  PLW ,KUHP 0RGLILNDWRU \\ \\    ] % *UXSSH 
  %HWlWLJHQ 6LH GDQQ hEHUQHKPHQ (QWHU  XP GLH bQGHUXQJ ]X
EHVWlWLJHQ 6SHLFKHUQ 6LH ,KUH bQGHUXQJHQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

 8P GDV 8UODXEVJHOG NRQVWDQW ]X EHZHUWHQ PVVHQ 6LH ]XQlFKVW GHU /RKQDUW


 Ä8UODXEVJHOG³ HLQH NRQVWDQWH %HZHUWXQJVJUXQGODJH ]XRUGQHQ 7UDJHQ
6LH GHVKDOE EHL ,KUHU /RKQDUW GDV %HZHUWXQJVNHQQ]HLFKHQ . HLQ
'DQQ OHJHQ 6LH HLQHQ (LQWUDJ IU GLH /RKQDUW  8UODXEVJHOG LQ
GHU 7DEHOOH .RQVWDQWH /RKQDUWHQEHZHUWXQJ XQWHU GHP 0RGLILNDWRU IU
$EUHFKQXQJ [[ [[    PLW GHP %HWUDJ  DQ
D =XP +LQWHUOHJHQ HLQHU NRQVWDQWHQ %HZHUWXQJ IU HLQH /RKQDUW 
ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ =HLWORKQDUWHQEHZHUWXQJ ĺ
%HZHUWXQJVJUXQGODJHQ ĺ .RQVWDQWH %HZHUWXQJVJUXQGODJHQ ĺ
%HZHUWXQJVJUXQGODJHQ ]XRUGQHQ
bQGHUQ 6LH IROJHQGHQ (LQWUDJ LQGHP 6LH ,KUH /RKQDUW ZlKOHQ
%HWlWLJHQ 6LH GDQQ GLH 'UXFNWDVWH $EJUHQ]HQ XQG JHEHQ 6LH LP
)HOG *OWLJ DE ODXIHQGHV -DKU HLQ *HEHQ 6LH GDQQ GLH
%HZHUWXQJVJUXQGODJH IU GLH DNWXHOOH /RKQDUW HLQ

/RKQDUW 
%HZHUWXQJVJUXQGODJH .

,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ =HLWORKQDUWHQEHZHUWXQJ ĺ


%HZHUWXQJVJUXQGODJHQ ĺ .RQVWDQWH %HZHUWXQJVJUXQGODJHQ ĺ
/RKQDUWDEKlQJLJH .RQVWDQWHQ SIOHJHQ
:lKOHQ 6LH GLH $NWLRQ .RQVWDQWH %HZHUWXQJ SUR /RKQDUW IHVWOHJHQ
/HJHQ 6LH GHQ IROJHQGHQ (LQWUDJ DQ

0R$EU [[   
/RKQDUW 
%HJLQQ  ODXIHQGHV -DKU
(QGH 
:HUW 

 'DPLW QXQ GLH /RKQDUW  EHUKDXSW LQ GLH $EUHFKQXQJ HLQJHKW


PVVHQ 6LH HLQHQ (LQWUDJ IU ,KUH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ
LQ GHU 7DEHOOH %HZHUWXQJ YRQ $EZHVHQKHLWHQ DQOHJHQ 9HUZHQGHQ 6LH
GHQ (LQWUDJ IU GLH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ  XQG GLH
%HZHUWXQJVUHJHO  DOV .RSLHUYRUODJH XQG OHJHQ 6LH HLQHQ (LQWUDJ IU
,KUH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ \\ XQG GLH %HZHUWXQJVUHJHO 
8UODXE DQ \\     9HUZHQGHQ 6LH GLH =lKONODVVH  XQG ODVVHQ 6LH

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

GLH $EZHVHQKHLW ]X   EH]DKOW HLQIOLH‰HQ 'DV 8UODXEVJHOG VROO LQ GHU


$EUHFKQXQJVSHULRGH LQ GHU GHU 8UODXE EHJLQQW IU MHGHQ $EUHFKQXQJVWDJ
DXVJH]DKOW ZHUGHQ % 
D =XP $QOHJHQ GHV (LQWUDJV IU GLH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ
\\ XQG GLH %HZHUWXQJVUHJHO  ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ $EZHVHQKHLWHQ ĺ %HZHUWXQJ YRQ
$EZHVHQKHLWHQ ĺ =lKONODVVHQ IU GLH $EZHVHQKHLWVEHZHUWXQJ ELOGHQ
:lKOHQ 6LH GLH $NWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ ([SHUWHQYLHZ
/HJHQ 6LH GHQ IROJHQGHQ (LQWUDJ DQ

$EZ%HZ*US \\   
%HZHUWXQJVUHJHO 
%HJLQQ  ODXIHQGHV -DKU
(QGH 

,P %HUHLFK =lKONODVVHQ GHILQLHUHQ OHJHQ 6LH GDQQ IROJHQGHQ (LQWUDJ DQ


DUEHLWHQ 6LH PLW =HLOH HLQIJHQ XQWHU GHU 7DEHOOH XP VLH IU (LQJDEHQ
]X |IIQHQ 

=lKONODVVH 
EH]DKOW DNWLYLHUW
3UR]HQWVDW] 

,P %HUHLFK %HZHUWXQJ PLW .RQVWDQWHQ'XUFKVFKQLWWHQ OHJHQ 6LH GDQQ


IROJHQGHQ (LQWUDJ DQ DUEHLWHQ 6LH PLW =HLOH HLQIJHQ XQWHU GHU 7DEHOOH
XP VLH IU (LQJDEHQ ]X |IIQHQ 

/RKQDUW 
8KU]HLW %
3UR]HQW 
=HLWHLQKHLW 57
:3%36SOLW DNWLYLHUW

.HKUHQ 6LH ]XP hEHUVLFKWVELOG GHU 7DEHOOH ]XUFN QDFKGHP 6LH ,KUH
(LQJDEHQ JHVLFKHUW KDEHQ
 8P LP )DOOH XQEH]DKOWHU $EZHVHQKHLWHQ ,KUHU 0LWDUEHLWHU HLQH =lKONODVVH
PLW ,QIRUPDWLRQHQ ]X IOOHQ EHQ|WLJHQ 6LH HLQHQ ZHLWHUHQ (LQWUDJ LQ GHU
7DEHOOH %HZHUWXQJ YRQ $EZHVHQKHLWHQ /HJHQ 6LH GHVKDOE HLQHQ (LQWUDJ IU
)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

,KUH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ \\ XQG GLH %HZHUWXQJVUHJHO 


8UODXE XQEH]DKOW DQ )OOHQ 6LH GLH =lKONODVVH  6RQVWLJH $EZHVHQKHLWHQ
]X   PLW GHU $EZHVHQKHLW $FKWHQ 6LH GDUDXI GDVV GDV )HOG EH]DKOW
GHDNWLYLHUW LVW
D 8P LP )DOOH XQEH]DKOWHU $EZHVHQKHLWHQ ,KUHU 0LWDUEHLWHU HLQH
=lKONODVVH PLW ,QIRUPDWLRQHQ ]X IOOHQ EHQ|WLJHQ 6LH HLQHQ ZHLWHUHQ
(LQWUDJ LQ GHU 7DEHOOH %HZHUWXQJ YRQ $EZHVHQKHLWHQ RKQH $QJDEHQ
LP %HUHLFK %HZHUWXQJ PLW .RQVWDQWHQ'XUFKVFKQLWWHQ 
/HJHQ 6LH GHQ IROJHQGHQ (LQWUDJ DQ

$EZ%HZ*US \\   
%HZHUWXQJVUHJHO 
%HJLQQ  ODXIHQGHV -DKU
(QGH 

*HEHQ 6LH LP %HUHLFK =lKONODVVHQ )ROJHQGHV HLQ

=lKONODVVH 
EH]DKOW GHDNWLYLHUW
3UR]HQWVDW] 

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

 (UIDVVHQ 6LH IU ,KUH 0LWDUEHLWHULQ HLQHQ SHULRGHQEHUJUHLIHQGHQ 8UODXE


YRQ $EUHFKQXQJVSHULRGH  LQ  EHUJHKHQG PLW GHU $Q$EZHVHQKHLWVDUW

D =XP (UIDVVHQ YRQ SHULRGHQEHUJUHLIHQGHP 8UODXE IU HLQHQ
0LWDUEHLWHU XQG DQVFKOLH‰HQGHP $XVIKUHQ GHU $EUHFKQXQJ ZlKOHQ
6LH IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP ĺ 3IOHJHQ
:lKOHQ 6LH GLH ,QIRW\SUHJLVWHUNDUWH $UEHLWV]HLWHQ 'RUW PDUNLHUHQ 6LH
GHQ ,QIRW\S $EZHVHQKHLWHQ 'DQQ ZlKOHQ 6LH $QOHJHQ
*HEHQ 6LH IROJHQGH 'DWHQ HLQ

=HLWUDXP YRQ HLQ $UEHLWVWDJ LQ GHU HUVWHQ


:RFKH GHU 3HULRGH 
=HLWUDXP ELV HLQ $UEHLWVWDJ LQ GHU HUVWHQ
:RFKH GHU 3HULRGH 
$UW  8UODXE

6LFKHUQ 6LH GHQ ,QIRW\S

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

 *HEHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  IUHL XQG VWDUWHQ 6LH VLH
hEHUSUIHQ 6LH LP $EUHFKQXQJVSURWRNROO RE GHU 8UODXE NRPSOHWW PLW 
SUR 8UODXEVWDJ YHUJWHW ZXUGH :HQQ GDV $EUHFKQXQJVHUJHEQLV NRUUHNW LVW
EHHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH 
D 8P GLH $EUHFKQXQJ IU ,KUHQ 0LWDUEHLWHU GXUFK]XIKUHQ ZlKOHQ 6LH
IROJHQGHQ 0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ IU 3HULRGH 
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ
:lKOHQ 6LH ,KUH 6HOHNWLRQVYDULDQWH DXV XQG IKUHQ 6LH GLH $EUHFKQXQJ
GXUFK 3UIHQ 6LH ,KU $EUHFKQXQJVHUJHEQLV XP VLFKHU]XVWHOOHQ GDVV
GHU 8UODXE NRPSOHWW LQ GHU 3HULRGH  PLW  SUR 7DJ YHUJWHW
ZXUGH :HQQ GDV $EUHFKQXQJVHUJHEQLV NRUUHNW LVW EHHQGHQ 6LH GLH
$EUHFKQXQJ IU 3HULRGH 

1RWL] 'LH (UJHEQLVVH N|QQHQ 6LH LP $EUHFKQXQJVSURWRNROO


$EVFKQLWW =HLWGDWHQYHUDUEHLWXQJ )XQNWLRQ 3$% VRZLH LP
$XVJDEHEHUHLFK YRQ 5HFKHQUHJHO ; EHUSUIHQ

6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ


$EUHFKQXQJ ĺ $EUHFKQXQJ EHHQGHQ IU 3HULRGH 
 bQGHUQ 6LH GHQ =DKOXQJV]HLWSXQNW IU GDV 8UODXEVJHOG VR GDVV HV LQ GHU
$EUHFKQXQJVSHULRGH LQ GHU GHU 8UODXE HQGHW DXVJH]DKOW ZLUG (  bQGHUQ
6LH ,KUHQ (LQWUDJ IU GLH $EZHVHQKHLWVJUXSSLHUXQJ \\ XQG UHFKQHQ 6LH QXQ
GLH 3HULRGH  DE :DV PVVHQ 6LH GDEHL EHDFKWHQ"

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

3UIHQ 6LH LQ ,KUHP $EUHFKQXQJVSURWRNROO RE GHU 8UODXE QXQ NRPSOHWW


LQ GHU $EUHFKQXQJVSHULRGH  YHUJWHW ZRUGHQ LVW %HHQGHQ 6LH GLH
$EUHFKQXQJ QRFK QLFKW
D =XP $QOHJHQ GHV (LQWUDJV IU GLH $EZHVHQKHLWVEHZHUWXQJVJUXSSLHUXQJ
\\ \\    XQG $XVIKUHQ GHU $EUHFKQXQJ ZlKOHQ 6LH IROJHQGHQ
0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ $EZHVHQKHLWHQ ĺ %HZHUWXQJ YRQ
$EZHVHQKHLWHQ ĺ =lKONODVVHQ IU GLH $EZHVHQKHLWVEHZHUWXQJ ELOGHQ
:lKOHQ 6LH GLH $NWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ ([SHUWHQYLHZ
:lKOHQ 6LH GHQ (LQWUDJ IU ,KUH $EZHVHQKHLWVJUXSSLHUXQJ \\ XQG GLH
%HZHUWXQJVUHJHO  DXV XQG lQGHUQ 6LH LQ GHU 'HWDLOVLFKW GHQ :HUW
LP )HOG =HLWSXQNW LQ (
5XIHQ 6LH ,KUH 6HOHNWLRQVYDULDQWH DXI XQG JHEHQ 6LH LP )HOG
=ZDQJVUFNUHFKQXQJ DE 'DWXP GHQ  GHV ODXIHQGHQ -DKUHV HLQ
3UIHQ 6LH GLH (UJHEQLVVH IU GLH 3HULRGHQ  XQG  'HU 8UODXE
PVVWH NRPSOHWW LQ 3HULRGH  YHUJWHW ZHUGHQ
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ IU 3HULRGH 
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  $EZHVHQKHLWVEHZHUWXQJ +5

 bQGHUQ 6LH QXQ GHQ =DKOXQJV]HLWSXQNW GDKLQJHKHQG GDVV GDV 8UODXEVJHOG


LQ GHU MHZHLOLJHQ $EUHFKQXQJVSHULRGH JH]DKOW ZLUG ,  /|VHQ 6LH EHU GDV
)HOG =ZDQJVUFNUHFKQXQJ DE GLH =ZDQJVUFNUHFKQXQJ IU 3HULRGH  DXV
:HQQ NHLQH )HKOHU YRUOLHJHQ EHHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH 
D =XP bQGHUQ GHV (LQWUDJV IU GLH $EZHVHQKHLWVJUXSSLHUXQJ \\ XQG
HUQHXWHP $XVIKUHQ GHU $EUHFKQXQJ ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ $EZHVHQKHLWHQ ĺ %HZHUWXQJ YRQ
$EZHVHQKHLWHQ ĺ =lKONODVVHQ IU GLH $EZHVHQKHLWVEHZHUWXQJ ELOGHQ
:lKOHQ 6LH GLH $NWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ ([SHUWHQYLHZ
:lKOHQ 6LH GHQ (LQWUDJ IU ,KUH $EZHVHQKHLWVJUXSSLHUXQJ \\ XQG GLH
%HZHUWXQJVUHJHO  DXV XQG lQGHUQ 6LH LQ GHU 'HWDLOVLFKW GHQ :HUW LP
)HOG =HLWSXQNW LQ ,
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ
:lKOHQ 6LH ,KUH 6HOHNWLRQVYDULDQWH DXV XQG IKUHQ 6LH GLH $EUHFKQXQJ
GXUFK *HEHQ 6LH LP )HOG =ZDQJVDEUHFKQXQJ DE 'DWXP GHQ 
GHV ODXIHQGHQ -DKUHV HLQ 3UIHQ 6LH GLH (UJHEQLVVH IU GLH 3HULRGHQ 
XQG  'HU 8UODXE PVVWH QXQ DQWHLOLJ LP 0lU] XQG $SULO YHUJWHW
ZRUGHQ VHLQ :HQQ GDV (UJHEQLV VWLPPW EHHQGHQ 6LH GLH $EUHFKQXQJ
IU 3HULRGH 
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ EHHQGHQ IU 3HULRGH 

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ %HZHUWXQJ YRQ $EZHVHQKHLWHQ

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH 0HWKRGHQ GHU $EZHVHQKHLWVEHZHUWXQJ EHQHQQHQ
‡ $EZHVHQKHLWHQ EHU .RQVWDQWHQ E]Z 'XUFKVFKQLWWH EHZHUWHQ
‡ =lKONODVVHQ GHILQLHUHQ
‡ 7DJHVUHJHOQ GHILQLHUHQ
‡ 7DJHVUHJHOQ YHUZHQGHQ
‡ $EZHVHQKHLWHQ QDFK GHP +lWWH3ULQ]LS EHZHUWHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

=XVDPPHQIDVVXQJ GHV .DSLWHOV


1XQ N|QQHQ 6LH
‡ GLH 0HWKRGHQ GHU $EZHVHQKHLWVEHZHUWXQJ EHQHQQHQ
‡ $EZHVHQKHLWHQ EHU .RQVWDQWHQ E]Z 'XUFKVFKQLWWH EHZHUWHQ
‡ =lKONODVVHQ GHILQLHUHQ
‡ 7DJHVUHJHOQ GHILQLHUHQ
‡ 7DJHVUHJHOQ YHUZHQGHQ
‡ $EZHVHQKHLWHQ QDFK GHP +lWWH3ULQ]LS EHZHUWHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 hEHUSUIHQ 6LH ,KU :LVVHQ


hEHUSUIHQ 6LH ,KU :LVVHQ
 6LH N|QQHQ $EZHVHQKHLWHQ VR EHZHUWHQ DOV RE GHU 0LWDUEHLWHU EHUHLWV
JHDUEHLWHW KlWWH
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

 6WHOOHQ 6LH VLFK HLQH 6LWXDWLRQ YRU LQ GHU ,KUH 0LWDUEHLWHU IU MHGHQ
8UODXEVWDJ HLQ IHVWJHOHJWHV 8UODXEVJHOG HUKDOWHQ VROOHQ :LH ZHUGHQ LQ
GLHVHP )DOO GLH UHOHYDQWHQ /RKQDUWHQ EHZHUWHW"

 )U HLQH 7DJHVUHJHO N|QQHQ 6LH QXU HLQH %HGLQJXQJ IHVWOHJHQ


*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

 $XI ZHOFKH (QWJHOWEHVWDQGWHLOH KDW HLQ 0LWDUEHLWHU EHL 9HUZHQGXQJ GHV


+lWWH3ULQ]LSV QHEHQ GHQ UHJXOlUHQ %H]JHQ $QUHFKW"

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


hEHUSUIHQ 6LH ,KU :LVVHQ +5

$QWZRUWHQ


 6LH N|QQHQ $EZHVHQKHLWHQ VR EHZHUWHQ DOV RE GHU 0LWDUEHLWHU EHUHLWV


JHDUEHLWHW KlWWH

$QWZRUW 5LFKWLJ
0LW GHP +lWWH3ULQ]LS N|QQHQ 6LH $EZHVHQKHLWHQ VR EHZHUWHQ DOV RE GHU
0LWDUEHLWHU EHUHLWV JHDUEHLWHW KlWWH

 6WHOOHQ 6LH VLFK HLQH 6LWXDWLRQ YRU LQ GHU ,KUH 0LWDUEHLWHU IU MHGHQ
8UODXEVWDJ HLQ IHVWJHOHJWHV 8UODXEVJHOG HUKDOWHQ VROOHQ :LH ZHUGHQ LQ
GLHVHP )DOO GLH UHOHYDQWHQ /RKQDUWHQ EHZHUWHW"

$QWZRUW ,Q GLHVHP )DOO ZLUG GLH UHOHYDQWH /RKQDUW XQWHU 9HUZHQGXQJ


HLQHV NRQVWDQWHQ %HWUDJV EHZHUWHW

 )U HLQH 7DJHVUHJHO N|QQHQ 6LH QXU HLQH %HGLQJXQJ IHVWOHJHQ

$QWZRUW )DOVFK
)U HLQH 7DJHVUHJHO N|QQHQ PHKUHUH XQWHUVFKLHGOLFKH %HGLQJXQJHQ
KLQWHUOHJW ZHUGHQ 'LHVH ZHUGHQ GXUFK )ROJHQXPPHUQ XQWHUVFKLHGHQ

 $XI ZHOFKH (QWJHOWEHVWDQGWHLOH KDW HLQ 0LWDUEHLWHU EHL 9HUZHQGXQJ GHV


+lWWH3ULQ]LSV QHEHQ GHQ UHJXOlUHQ %H]JHQ $QUHFKW"

$QWZRUW %HL 9HUZHQGXQJ GHV +lWWH3ULQ]LSV ZHUGHQ QHEHQ GHQ UHJXOlUHQ


%H]JHQ DXFK =XVFKOlJH GLH 7HLO GHU 6ROODUEHLWV]HLW GHV 0LWDUEHLWHUV VLQG
EHUFNVLFKWLJW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


.DSLWHO 
 =HLWORKQDUWHQDXVZDKO

'DV LQ GLHVHP .DSLWHO EHKDQGHOWH 7KHPD LVW YRQ JUR‰HU %HGHXWXQJ ZHLO
GLH 9HUJWXQJ YRQ 0HKUDUEHLW VHOWHQ EHU GLH PDQXHOOH =XZHLVXQJ YRQ
0LWDUEHLWHUYHUJWXQJVGDWHQ HUIROJW 'LH =HLWORKQDUWHQ QQ ELV QQ GHUHQ
%HZHUWXQJVPHUNPDOH EHUHLWV JHVFKOVVHOW VLQG ZHUGHQ MHW]W GXUFK (LQJDEHQ LQ
GLH 7DEHOOH IU GLH =HLWORKQDUWHQDXVZDKO HUJlQ]W ,Q EHVWLPPWHP 0D‰H N|QQHQ
GLH (LQJDEHQ GDGXUFK ÄDXWRPDWLVFK³ LQ GLH $EUHFKQXQJ HLQIOLH‰HQ 'LHVHV .DSLWHO
GLHQW DOV (LQIKUXQJ LQ GLH $XVIKUXQJ NRPSOH[HUHU 0RGLILNDWLRQHQ DQ HLQHU
3HUVRQDOUHFKHQUHJHO

hEHUEOLFN EHU GDV .DSLWHO


'LHVHV .DSLWHO HQWKlOW HLQH (LQIKUXQJ LQ GLH .RQ]HSWH GHU =HLWORKQDUWHQDXVZDKO
)HUQHU ZLUG LQ LKP GLH $XVZDKO YRQ =HLWORKQDUWHQ XQWHU 9HUZHQGXQJ YRQ 5HJHOQ
EHKDQGHOW 'DUEHU KLQDXV EHKDQGHOW GDV .DSLWHO GLH .RQ]HSWH GHU 5HJHOVWUXNWXU
GHU 5HJHOJUXSSHQ XQG GHU =HLWORKQDUWHQDXVZDKO LQ GHU $EUHFKQXQJ

/HUQ]LHOH GHV .DSLWHOV


$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH

‡ GLH =HLWORKQDUWHQDXVZDKO EHVFKUHLEHQ


‡ =HLWSDDUH GHILQLHUHQ
‡ =HLWORKQDUWHQDXVZDKOUHJHOQ GHILQLHUHQ
‡ GLH )XQNWLRQ '$<02 YHUZHQGHQ
‡ GLH )XQNWLRQ *:7 YHUZHQGHQ
‡ GLH 6FKQLWWVWHOOH ]ZLVFKHQ =HLWEHZHUWXQJ XQG $EUHFKQXQJ EHQHQQHQ

,QKDOW GHV .DSLWHOV


/HNWLRQ (LQIKUXQJ LQ GLH =HLWORKQDUWHQDXVZDKO 
/HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ 
'HPRQVWUDWLRQ 5HJHOVWUXNWXU

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

'HPRQVWUDWLRQ 'LH 5HJHOJUXSSHQVWUXNWXU XQG GLH )XQNWLRQ


'$<02 
hEXQJ  %LOGHQ YRQ =HLWORKQDUWHQ 

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ GLH =HLWORKQDUWHQDXVZDKO

/HNWLRQ (LQIKUXQJ LQ GLH =HLWORKQDUWHQDXVZDKO


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


6FKZHUSXQNW GLHVHU /HNWLRQ LVW GLH =HLWORKQDUWHQDXVZDKO 1HEHQ GHU
=HLWORKQDUWHQDXVZDKO ZLUG LQ GLHVHU /HNWLRQ GLH 0HKUDUEHLWVYHUUHFKQXQJ
EHKDQGHOW )HUQHU HQWKlOW VLH HLQH (LQIKUXQJ LQ GDV .RQ]HSW GHU =HLWSDDUH

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ GLH =HLWORKQDUWHQDXVZDKO EHVFKUHLEHQ
‡ =HLWSDDUH GHILQLHUHQ

=HLWORKQDUWHQDXVZDKO
(UOlXWHUQ 6LH GLH 9RUWHLOH GHU (U]HXJXQJ YRQ /RKQDUWHQ
=HLWORKQDUWHQDXVZDKO XQG 0HKUDUEHLWVYHUUHFKQXQJ
=HLJHQ 6LH GDV 6FKHPD 7& XQG YHUZHLVHQ 6LH GDUDXI GDVV ZlKUHQG GHU
$EUHFKQXQJ QXU GLH IDUELJ KHUYRUJHKREHQH 9HUDUEHLWXQJ DXVJHIKUW ZLUG 'DV
3HUVRQDO]HLWZLUWVFKDIWVVFKHPD LQ 6FKHPD 7& ZXUGH RSWLPLHUW 'LHVHV 7KHPD
VWDPPW DXV .XUV +5
=HLWSDDUH
(UOlXWHUQ 6LH GLH =HLWORKQDUWHQDXVZDKO
(UOlXWHUQ 6LH GLH 9HUDUEHLWXQJ YRQ =HLWSDDUHQ LQ GHU 7,3 XQWHU 9HUZHQGXQJ GHU
)XQNWLRQ *:7 XQG GHPRQVWULHUHQ 6LH GLH )XQNWLRQHQ LQ 6FKHPD 7&

8QWHUQHKPHQVV]HQDULR
6LH PVVHQ ,KUHQ 0LWDUEHLWHUQ 0HKUDUEHLW YHUJWHQ )U GLH 9HUJWXQJ GHU
0HKUDUEHLW ,KUHU 0LWDUEHLWHU VROOHQ GLH HQWVSUHFKHQGHQ =HLWORKQDUWHQ YRP
$EUHFKQXQJVWUHLEHU DXVJHZlKOW ZHUGHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

.RQ]HSWH GHU =HLWORKQDUWHQDXVZDKO

$EELOGXQJ  =HLWORKQDUWHQDXVZDKO 

:HQQ YRP 0LWDUEHLWHU PDQXHOO QRWLHUWH $UEHLWV]HLWHQ $UEHLWV]HLWEODWW IU GLH


$EUHFKQXQJ DOV /RKQDUWHQ IU ,QIRW\S (QWJHOWEHOHJH  HUIDVVW ZHUGHQ VROOHQ
PXVV GHU ]XVWlQGLJH 6DFKEHDUEHLWHU YLHOH )DNWHQ NHQQHQ XQG EHDFKWHQ =XP
%HLVSLHO
:DQQ HQGHW GLH 6ROODUEHLWV]HLW G K DE ZDQQ OHLVWHW GHU 0LWDUEHLWHU 0HKUDUEHLW"
:HOFKHU =XVFKODJ NRPPW IU GLH 0HKUDUEHLWV]HLWHQ LQ %HWUDFKW"
$UEHLWHW GHU 0LWDUEHLWHU ODXW $UEHLWV]HLWSODQ JUXQGVlW]OLFK RGHU QXU DXVQDKPVZHLVH
DQ GHQ :RFKHQHQGHQ YHUVFKLHGHQ KRKH =XVFKOlJH "
,VW HLQ EHVWLPPWHU 7DJ E]Z GHU 9RUWDJ RGHU )ROJHWDJ HLQ )HLHUWDJ"
0LW GHU +5.RPSRQHQWH N|QQHQ 6LH GLH $UEHLWV]HLWHQ HLQHV 0LWDUEHLWHUV
XQWHU 9HUZHQGXQJ EHVWLPPWHU %HGLQJXQJHQ SUIHQ 'LHVH PVVHQ ]XQlFKVW
GHILQLHUW ZHUGHQ :HQQ GLH %HGLQJXQJHQ HUIOOW ZXUGHQ NDQQ GDV 6\VWHP GLH
HUIRUGHUOLFKHQ /RKQDUWHQ HU]HXJHQ XQG LQ GLH $EUHFKQXQJ HLQIOLH‰HQ ODVVHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ GLH =HLWORKQDUWHQDXVZDKO

$EELOGXQJ  =HLWORKQDUWHQDXVZDKO XQG 0HKUDUEHLWVYHUUHFKQXQJ

'LH =HLWORKQDUWHQDXVZDKO HUIROJW LP 7HLOVFKHPD 7& 'LHVHV 6FKHPD ZLUG


GXUFK GLH )XQNWLRQ '$<35 DXV GHP 6FKHPD ;7 DXIJHUXIHQ
'LH +DXSWDXIJDEH GHV 7& LVW GLH =HLWORKQDUWHQDXVZDKO 'LH (UPLWWOXQJ GHU
=HLWORKQDUWHQ IU 6ROO XQG 0HKUDUEHLW EHU GLH 6LFKW =HLWORKQDUWHQDXVZDKOUHJHO
9B76 XQG GLH )XQNWLRQ *:7 OlXIW SDUDOOHO ]XU 7DJHVYHUDUEHLWXQJ LP
3URJUDPP 537,0( =HLWDXVZHUWXQJ DE
'LH 0|JOLFKNHLW =HLWVDOGHQ ]X YHUZDOWHQ XQG .RQWLQJHQWH ]X YHUlQGHUQ
9HUUHFKQXQJ YRQ 0HKUDUEHLWVORKQDUWHQ  LVW HLQH %HVRQGHUKHLW GHU
=HLWDXVZHUWXQJ 'LH )XQNWLRQ 3297 LQ 6FKHPD 7& HU]HXJW QXU GLH
=HLWORKQDUWHQ 'DV (UVWHOOHQ YRQ 6DOGHQ XQG GDV $NWXDOLVLHUHQ YRQ 4XRWHQ LVW
QLFKW P|JOLFK
)U GLH DE]XUHFKQHQGHQ 7DJH IU GLH NHLQH =HLWDXVZHUWXQJ GXUFKJHIKUW ZXUGH
ZHUGHQ LP 6FKHPD 7& DOOH =HLWHQ LQQHUKDOE GHV 6ROODUEHLWV]HLWUDKPHQV ]X
6ROODUEHLW XQG DOOH =HLWHQ DX‰HUKDOE ]X 0HKUDUEHLW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

$EELOGXQJ  =HLWSDDUH

'LH $UEHLWV]HLW HLQHV 0LWDUEHLWHUV ZLUG LP 6$3 5 (QWHUSULVH 6\VWHP LQ


=HLWSDDUHQ %HJLQQ  (QGH DEJHELOGHW ,Q GLHVHP %HLVSLHO DUEHLWHWH GHU
0LWDUEHLWHU YRQ  ELV  8KU 'DV =HLWSDDU  ELV  VWDPPW DXV GHP
$UEHLWV]HLWSODQ GHV 0LWDUEHLWHUV (V VWHOOW VHLQH 6ROODUEHLWV]HLW GDU XQG HUKlOW
GHVKDOE GDV 9HUDUEHLWXQJVNHQQ]HLFKHQ 6 6ROODUEHLW  'DV =HLWSDDU YRQ  ELV
 UHSUlVHQWLHUW GLH =HLWVSDQQH DX‰HUKDOE GHU 6ROODUEHLWV]HLW XQG HUKlOW GHVKDOE
GDV 9HUDUEHLWXQJVNHQQ]HLFKHQ 0 0HKUDUEHLW 
%HL 0LWDUEHLWHUQ GLH QLFKW DQ GHU =HLWHUIDVVXQJ WHLOQHKPHQ N|QQHQ ,VW=HLWHQ
IU GHQ 9HUDUEHLWXQJVW\S 0 DXFK EHU GHQ ,QIRW\S 0HKUDUEHLWHQ  HUIDVVW
ZHUGHQ
'LH =HLWSDDUH VLQG LQ GHU LQWHUQHQ 7DEHOOH 7,3 7LPH 3DLUV DEJHOHJW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ (LQIKUXQJ LQ GLH =HLWORKQDUWHQDXVZDKO

0RGHULHUWH 'LVNXVVLRQ

)UDJHQ ]XU 'LVNXVVLRQ


9HUZHQGHQ 6LH GLH IROJHQGHQ )UDJHQ XP GLH 7HLOQHKPHU DQ GHU 'LVNXVVLRQ ]X
EHWHLOLJHQ 6LH GUIHQ JHUQH HLJHQH ]XVlW]OLFKH )UDJHQ YHUZHQGHQ
(UOlXWHUQ 6LH GLH 5ROOH GHV 7HLOVFKHPDV 7& LQ GHU =HLWORKQDUWHQDXVZDKO

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ GLH =HLWORKQDUWHQDXVZDKO EHVFKUHLEHQ
‡ =HLWSDDUH GHILQLHUHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

/HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ


 'DXHU GHU /HNWLRQ  0LQXWHQ

hEHUEOLFN EHU GLH /HNWLRQ


6FKZHUSXQNW GLHVHU /HNWLRQ ELOGHQ GLH 5HJHOVWUXNWXUHQ IU GLH
=HLWORKQDUWHQDXVZDKO 'DUEHU KLQDXV ZLUG GLH 9HUZHQGXQJ GHU )XQNWLRQHQ
'$<02 XQG *:7 IU GLH =HLWORKQDUWHQDXVZDKO EHVFKULHEHQ

/HUQ]LHOH GHU /HNWLRQ


$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
‡ =HLWORKQDUWHQDXVZDKOUHJHOQ GHILQLHUHQ
‡ GLH )XQNWLRQ '$<02 YHUZHQGHQ
‡ GLH )XQNWLRQ *:7 YHUZHQGHQ
‡ GLH 6FKQLWWVWHOOH ]ZLVFKHQ =HLWEHZHUWXQJ XQG $EUHFKQXQJ EHQHQQHQ

=HLWORKQDUWHQDXVZDKO 5HJHOVWUXNWXU 
=HLWORKQDUWHQDXVZDKO 5HJHOVWUXNWXU 
5XIHQ 6LH LP ,0* GLH $QZHLVXQJHQ ]XP (UVWHOOHQ DXI XQG |IIQHQ 6LH GLH
6LFKW 5XIHQ 6LH DQ GLHVHU 6WHOOH QLFKW GLH =HLWORKQDUWHQDXVZDKOJUXSSLHUXQJ GLH
7DJHVJUXSSLHUXQJ RGHU GLH )ROJHQXPPHUQ DXI gIIQHQ 6LH GLH 6LFKW XQG HUOlXWHUQ
6LH VLH PLW +LOIH GHU )ROLHQ
=HLWORKQDUWHQDXVZDKOUHJHOJUXSSH
*UXSSLHUXQJ IU =HLWORKQDUWHQDXVZDKOUHJHO
(UOlXWHUQ 6LH GLH P|JOLFKH 8QWHUVFKHLGXQJ XQG UXIHQ 6LH LP ,0* GLH 5HJHO
702' DXI
=HLWORKQDUWHQDXVZDKO )XQNWLRQ '$<02
(UOlXWHUQ 6LH GDV 3ULQ]LS GHU 7DJHVJUXSSLHUXQJ 'LH 7DJHVJUXSSLHUXQJ LVW
HLQ .ULWHULXP IU GLH ZHLWHUH 8QWHUWHLOXQJ LQQHUKDOE GHU 5HJHOJUXSSH IU GLH
=HLWORKQDUWHQDXVZDKO :HQQ .XQGHQ YRP 6$36WDQGDUG DEJHKHQ N|QQHQ 6LH
GLH 9HUDUEHLWXQJVJHVFKZLQGLJNHLW HUK|KHQ 'DEHL PVVHQ GLH .XQGHQ MHGRFK
EHGHQNHQ GDVV EHLP .RQILJXULHUHQ GHU 7DEHOOH HLQ K|KHUHV )HKOHUULVLNR JHJHEHQ
LVW
%HLVSLHO 'DV 3ULQ]LS GHU 5HJHOJUXSSH DP %HLVSLHO GHU =HLWORKQDUWHQDXVZDKO
'LH =HLWORKQDUWHQDXVZDKOUHJHOJUXSSH XQG GLH 7DJHVJUXSSLHUXQJ VLQG
6FKOVVHOIHOGHU LQ GHU 7DEHOOH IU GLH =HLWORKQDUWHQDXVZDKO 0LW GHU 2SHUDWLRQ
02',) : N|QQHQ 6LH LQ HLQHU ]X OHVHQGHQ 7DEHOOH HLQHQ 6FKOVVHO IHVWOHJHQ 'DV
JHZlKUOHLVWHW LQ )lOOHQ PLW ]DKOUHLFKHQ (LQWUlJHQ GXUFK (UK|KXQJ GHU :HUWH IU
GLH 7DJHVJUXSSLHUXQJ XP  XQG  HLQH EHVVHUH 3HUIRUPDQFH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

%HZHUWXQJVNODVVHQ GHV 3HULRGHQDUEHLWV]HLWSODQHV


(UOlXWHUQ 6LH GLH 0|JOLFKNHLWHQ GHU 'LIIHUHQ]LHUXQJ
%HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 
(UOlXWHUQ 6LH GDV %HLVSLHO XQG JHKHQ 6LH EHVRQGHUV DXI GLH %HZHUWXQJVNODVVH HLQ
%HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 
(UOlXWHUQ 6LH GDV %HLVSLHO XQG JHKHQ 6LH EHVRQGHUV DXI GLH %HZHUWXQJVNODVVH HLQ
%HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 
(UOlXWHUQ 6LH GDV %HLVSLHO
%HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 
(UOlXWHUQ 6LH GDV %HLVSLHO
)XQNWLRQ *:7 =HLWORKQDUWHQ DXVZlKOHQ
(UOlXWHUQ 6LH GLH )XQNWLRQHQ XQG UXIHQ 6LH GLH ,0*$NWLYLWlW
=HLWORKQDUWHQDXVZDKOUHJHO DXVIKUHQ DXI %HDFKWHQ 6LH GDVV GDV 2ULJLQDOVFKHPD
7& DQJH]HLJW ZLUG 9B&B( EHZLUNW GLH $EZHVHQKHLWVEHZHUWXQJ QDFK GHP
+lWWH3ULQ]LS
=HLWORKQDUWHQDXVZDKO LP 6FKHPD
(UOlXWHUQ 6LH GLH ,)$QIRUGHUXQJ LP 6FKHPD ;7 XQG KlQJHQ 6LH GDQQ GDV
NRSLHUWH 6FKHPD =7 LQ GHU )XQNWLRQ '$<35 DQ GDV NRSLHUWH 7HLOVFKHPD
=& DQ

8QWHUQHKPHQVV]HQDULR
6LH PVVHQ ,KUHQ 0LWDUEHLWHUQ 0HKUDUEHLW YHUJWHQ )U GLH 9HUJWXQJ GHU
0HKUDUEHLW ,KUHU 0LWDUEHLWHU VROOHQ GLH HQWVSUHFKHQGHQ =HLWORKQDUWHQ YRP
$EUHFKQXQJVWUHLEHU DXVJHZlKOW ZHUGHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

5HJHOVWUXNWXU

$EELOGXQJ  =HLWORKQDUWHQDXVZDKO 

,Q GHU 7DJHVYHUDUEHLWXQJ ZHUGHQ DXV 7,3(LQWUlJHQ =HLWORKQDUWHQ JHQHULHUW


'D]X PVVHQ ]XQlFKVW 5HJHOQ GHILQLHUW ZHUGHQ DQKDQG GHUHU GHQ 7,3(LQWUlJHQ
LQ $EKlQJLJNHLW YRQ LKUHP 9HUDUEHLWXQJVW\S ] % 6 0 HLQH =HLWORKQDUW
]XJHRUGQHW ZLUG

$EELOGXQJ  =HLWORKQDUWHQDXVZDKO 5HJHOVWUXNWXU 

*OWLJH 9HUDUEHLWXQJVW\SHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

'LHVH )HOGHU EHVWLPPHQ ZHOFKHQ 9HUDUEHLWXQJVW\S (LQWUlJH LQ GHU LQWHUQHQ


7DEHOOH 7,3 KDEHQ PVVHQ GDPLW GLH EHWUHIIHQGH /RKQDUW JHQHULHUW ZLUG
%HGLQJXQJ DQ GHQ 7DJ
hEHU GLHVH )HOGHU HUIROJW HLQH 3UIXQJ DXI :RFKHQWDJ )HLHUWDJ 7DJHVW\S XQG
7DJHVDUEHLWV]HLWSODQNODVVH
%HGLQJXQJ DQ GLH =HLW
hEHU GLHVH )HOGHU HUIROJW HLQH 3UIXQJ DXI =HLWLQWHUYDOOH VRZLH
2EHU8QWHUJUHQ]HQ
6WHXHUXQJ
+LHU N|QQHQ 6LH HLQHQ )HVWZHUW IHVWOHJHQ
$OOH %HGLQJXQJHQ PVVHQ JOHLFK]HLWLJ HUIOOW VHLQ GDPLW GHU MHZHLOLJH (LQWUDJ
VHOHNWLHUW ZLUG
'DPLW =HLWORKQDUWHQDXVZDKOUHJHOQ EHL GHQHQ DOV %HGLQJXQJ %HJLQQ XQG
(QGHXKU]HLWHQ DQJHJHEHQ VLQG HUIOOW ZHUGHQ N|QQHQ PVVHQ DOOH 7,3(LQWUlJH
GHV DXV]XZHUWHQGHQ 7DJHV 8KU]HLWHQ WUDJHQ )DOOV DQ HLQHP 7DJ XKU]HLWORVH
7,3(LQWUlJH YRUOLHJHQ ZHUGHQ GLHMHQLJHQ =HLWORKQDUWHQ EHL GHQHQ GDV
8KU]HLWLQWHUYDOO JHIOOW LVW DQ GLHVHP 7DJ QLFKW DXVJHZlKOW

$EELOGXQJ  =HLWORKQDUWHQDXVZDKO 5HJHOVWUXNWXU 

8KU]HLW]HLWLQWHUYDOO
(V ZHUGHQ QXU =HLWSDDUH YHUDUEHLWHW GLH LQ GDVVHOEH IHVWJHOHJWH =HLWLQWHUYDOO IDOOHQ
2EHU8QWHUJUHQ]HQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

'HU EHWUHIIHQGH 0LWDUEHLWHU PXVV HLQH EHVWLPPWH PLQLPDOHPD[LPDOH $Q]DKO DQ


6WXQGHQ DUEHLWHQ 'LH $QJDEH NDQQ H[SOL]LW RGHU DOV 6ROOVWXQGHQ ODXW 6FKLFKWSODQ
HUIROJHQ
)U GLH (UPLWWOXQJ GHU *UHQ]HQ ZHUGHQ QXU GLH ]X ]lKOHQGHQ 9HUDUEHLWXQJVW\SHQ
EHUFNVLFKWLJW :HQQ ,QWHUYDOO PDUNLHUW LVW ZHUGHQ QXU GLH 6WXQGHQ GHV
=HLWSDDUHV YHUDUEHLWHW GLH LQ GDV EHWUHIIHQGH =HLWLQWHUYDOO IDOOHQ
'XUFK HLQHQ )HVWZHUW NDQQ GLHVH )HVWOHJXQJ LPPHU EHUVWHXHUW ZHUGHQ

5HJHOJUXSSHQ

$EELOGXQJ  =HLWORKQDUWHQDXVZDKOUHJHOJUXSSH

0LW GHU =HLWORKQDUWHQDXVZDKOUHJHOJUXSSH N|QQHQ 6LH LQ $EKlQJLJNHLW YRQ GHQ


RUJDQLVDWRULVFKHQ =XRUGQXQJHQ GHU 0LWDUEHLWHU VSH]LILVFKH 5HJHOXQJHQ ]XU
=HLWORKQDUWHQDXVZDKO KLQWHUOHJHQ
hEHU GLH )XQNWLRQ 02' OHJHQ 6LH LQ GHU 3HUVRQDOUHFKHQUHJHO 702' IHVW PLW
ZHOFKHU =HLWORKQDUWHQDXVZDKOUHJHOJUXSSH GHU =HLWDXVZHUWXQJVWUHLEHU ZlKUHQG GHU
9HUDUEHLWXQJ HLQHV 0LWDUEHLWHUV DXI GLH (LQWUlJH GHU 7DEHOOH =HLWORKQDUWHQDXVZDKO
]XJUHLIW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

$EELOGXQJ  *UXSSLHUXQJ IU =HLWORKQDUWHQDXVZDKOUHJHO

,Q GLHVHP $UEHLWVVFKULWW ZHUGHQ 0LWDUEHLWHU GLH EHL GHU =HLWORKQDUWHQDXVZDKO


JOHLFK EHKDQGHOW ZHUGHQ PVVHQ ]XVDPPHQJHIDVVW 'DPLW OHJHQ 6LH IHVW EHL
ZHOFKHQ 0LWDUEHLWHUNUHLVJUXSSLHUXQJHQ GDV 6\VWHP ZHOFKH 7DEHOOHQHLQWUlJH
]XU *HQHULHUXQJ YRQ /RKQDUWHQ EHUFNVLFKWLJHQ VROO 'LH 2SHUDWLRQ
02',) : OHJW GLH 0LWDUEHLWHUJUXSSLHUXQJ IU GHQ =XJULII DXI GLH 7DEHOOH
=HLWORKQDUWHQDXVZDKOUHJHO ZlKUHQG GHU $EUHFKQXQJ IHVW
0LW GHU (QWVFKHLGXQJVRSHUDWLRQ 287:3 ZHUGHQ $UEHLWVSODW]EHVWDQGWHLOH ]XU
%HVWLPPXQJ GHU 0RGLILNDWRUHQ KHUDQJH]RJHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

$EELOGXQJ  =HLWORKQDUWHQDXVZDKO )XQNWLRQ '$<02

'LH )XQNWLRQ '$<02 OHJW IHVW ZHOFKH 5HJHOQ IU GHQ 7DJ ]XU
=HLWORKQDUWHQDXVZDKO KHUDQJH]RJHQ ZHUGHQ 'LH )XQNWLRQ PXVV LP 6FKHPD
HQWKDOWHQ VHLQ GD DQGHUQIDOOV NHLQH 5HJHOQ IU GLH =HLWORKQDUWHQDXVZDKO VHOHNWLHUW
ZHUGHQ
:HQQ ,KQHQ GLH (LQWHLOXQJ LQ GLH YLHU 7DJHVNDWHJRULHQ QLFKW DXVUHLFKW N|QQHQ
6LH GLH 7DJHVJUXSSLHUXQJ DXFK LQ HLQHU 3HUVRQDOUHFKHQUHJHO PLW GHU 2SHUDWLRQ
02',) ' [[ VHW]HQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

$EELOGXQJ  'DV 3ULQ]LS GHU 5HJHOJUXSSH DP %HLVSLHO GHU


=HLWORKQDUWHQDXVZDKO

'XUFK GLH =XRUGQXQJ HLQHU /RKQDUW ]X *UXSSLHUXQJHQ =HLWORKQDUWHQDXVZDKOUH


JHOJUXSSH XQG 7DJHVJUXSSLHUXQJ ZLUG HLQH 9RUVHOHNWLRQ GHU ]X EHWUDFKWHQGHQ
/RKQ XQG *HKDOWVDUWHQ HUP|JOLFKW
'LH )ROJHQXPPHU VROOWH LQ HU6FKULWWHQ JHZlKOW ZHUGHQ GDPLW VSlWHUH
(UJlQ]XQJHQ SUREOHPORV P|JOLFK VLQG

$EELOGXQJ  %HZHUWXQJVNODVVHQ GHV 3HULRGHQDUEHLWV]HLWSODQHV

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

'XUFK %HZHUWXQJVNODVVHQ NDQQ GLH =HLWORKQDUWHQDXVZDKO DEKlQJLJ YRP


3HULRGHQDUEHLWV]HLWSODQ JHVWDOWHW ZHUGHQ 6R N|QQHQ ] % 0LWDUEHLWHU GLH LQ
:HFKVHOVFKLFKW DUEHLWHQ LQ JOHLFKHQ 6LWXDWLRQHQ K|KHUH =XVFKOlJH HUKDOWHQ DOV
0LWDUEHLWHU GLH LQ 1RUPDOVFKLFKW DUEHLWHQ

$EELOGXQJ  %HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 

6LH P|FKWHQ GDVV 0HKUDUEHLW IU 6FKLFKWDUEHLW PLW HLQHP K|KHUHQ 6DW] DOV
0HKUDUEHLW IU QRUPDOH $UEHLW YHUJWHW ZLUG 'D]X IUDJW GDV 6\VWHP GLH
%HZHUWXQJVNODVVH GHV 3HULRGHQDUEHLWV]HLWSODQV DE

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

$EELOGXQJ  %HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 

,P )HOG )HVWZHUW N|QQHQ 6LH DQJHEHQ ZLH YLHO 6WXQGHQ $Q]DKO PLW HLQHU
/RKQDUW EHZHUWHW ZHUGHQ VROOHQ ZHQQ GDV =HLWSDDU HLQHV 0LWDUEHLWHUV EHL
(UIOOXQJ GHU ZHLWHUHQ %HGLQJXQJHQ VLFK LQQHUKDOE GHV 8KU]HLWLQWHUYDOOV EHILQGHW
)U GHQ )DOO GDVV GLH 0HKUDUEHLW GHV 0LWDUEHLWHUV GHQ )HVWZHUW EHUVFKUHLWHW
PXVV GDQQ HLQH )ROJHUHJHO GHILQLHUW ZHUGHQ LQ GHU GHU )HVWZHUW DOV 8QWHUJUHQ]H
JHVHW]W LVW

$EELOGXQJ  %HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

(V ZHUGHQ QXU GLH 6WXQGHQ EHUFNVLFKWLJW GLH LQ GDV =HLWLQWHUYDOO  ELV 
8KU DP )ROJHWDJ IDOOHQ 'LH 6WXQGHQ YRQ  ELV  8KU ZHUGHQ QLFKW
EHUFNVLFKWLJW 'LH 0LQGHVW]DKO YRQ ]ZHL JHDUEHLWHWHQ 6WXQGHQ 8QWHUJUHQ]H 
6WXQGHQ ZLUG DE  8KU JHUHFKQHW GD GDV )HOG =lKOHQ QXU LP DQJHJHEHQHQ
,QWHUYDOO DNWLYLHUW LVW )U GLH =HLW YRQ  ELV  8KU ZLUG HLQH /RKQDUW
JHQHULHUW

$EELOGXQJ  %HLVSLHO =HLWORKQDUWHQDXVZDKOUHJHO 

'LH 0LQGHVW]DKO YRQ ]ZHL JHDUEHLWHWHQ 6WXQGHQ 8QWHUJUHQ]H  6WXQGHQ LVW


EHUHLWV XP  8KU LQQHUKDOE GHU 6ROODUEHLWV]HLW HUUHLFKW GD QLFKW QXU GLH
6WXQGHQ LP DQJHJHEHQHQ ,QWHUYDOO JH]lKOW ZHUGHQ )U GLH =HLW YRQ  ELV
 8KU ZLUG HLQH /RKQDUW JHQHULHUW
9HUODVVHQ GHU =HLWORKQDUEHLWVUHJHO %HL GHU =HLWORKQDUWHQDXVZDKO ZHUGHQ
IU DOOH 7,3(LQWUlJH DOOH KLQWHUOHJWHQ 5HJHOQ EHUSUIW XQG GLH HQWVSUHFKHQGH
/RKQDUW DXVJHZlKOW IDOOV GLH %HGLQJXQJHQ HUIOOW VLQG 'XUFK $NWLYLHUHQ GLHVHV
)HOGHV EHZLUNHQ 6LH GDVV GDV 6\VWHP GLH 9HUDUEHLWXQJ GHU DNWXHOOHQ 5HJHO
EHHQGHW VREDOG GLH /RKQDUW IU HLQHQ 7,3(LQWUDJ DXVJHZlKOW ZXUGH 'LH
=HLWORKQDUWHQDXVZDKO ZLUG GDQQ PLW GHU QlFKVWHQ 5HJHO IRUWJHVHW]W
%HHQGHQ GHU =HLWORKQDUWHQDXVZDKO 'XUFK $NWLYLHUHQ GLHVHV )HOGHV EHZLUNHQ
6LH GDVV GDV 6\VWHP GLH =HLWORKQDUWHQDXVZDKO EHHQGHW VREDOG GLH /RKQDUW IU
HLQHQ 7,3(LQWUDJ DXVJHZlKOW ZXUGH 'LH QDFKIROJHQGHQ 5HJHOQ ZHUGHQ EHL GHU
=HLWORKQDUWHQDXVZDKO QLFKW PHKU EHUFNVLFKWLJW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

'HPRQVWUDWLRQ 5HJHOVWUXNWXU
=ZHFN
6R GHPRQVWULHUHQ 6LH GLH 5ROOH GHU 5HJHOVWUXNWXU

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 )KUHQ 6LH GLH ,0*$NWLYLWlW *UXSSLHUXQJHQ IHVWOHJHQ DXV LQ GHQ
7DJHVYHUDUEHLWXQJVIXQNWLRQHQ  NRSLHUHQ 6LH 5HJHO 702' LQ =7 XQG
HUOlXWHUQ 6LH GLH 2SHUDWLRQ 287:3 'D GLH NRSLHUWH 3HUVRQDOUHFKHQUHJHO
QLFKW LQ GDV 2ULJLQDOVFKHPD HLQJHJHEHQ ZHUGHQ NDQQ PXVV 6FKHPD 7& LQ
GHU DQGHUHQ 6LW]XQJ PLW GHU 7UDQVDNWLRQ 3( LQ =& NRSLHUW ZHUGHQ 'LHV
VROOWHQ 6LH GHQ 7HLOQHKPHUQ LPPHU GHPRQVWULHUHQ ZHLO GDV ,0* GLUHNW LQ
GHQ 6FKHPDHGLWRU YHU]ZHLJW LQ GHP GDV .RSLHUHQ QLFKW P|JOLFK LVW

=HLWORKQDUWHQDXVZDKO LQ GHU $EUHFKQXQJ

$EELOGXQJ  )XQNWLRQ *:7 =HLWORKQDUWHQ DXVZlKOHQ

0LW GHU )XQNWLRQ *:7 ZHUGHQ IU 7,3(LQWUlJH =HLWORKQDUWHQ JHPl‰ GHQ 5HJHOQ
GHU 6LFKW =HLWORKQDUWHQDXVZDKOUHJHO 9B76 JHQHULHUW

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

=HLWORKQDUWHQDXVZDKO 6ROODUEHLW
7,3(LQWUlJH PLW 9HUDUEHLWXQJVW\S 6 ZHUGHQ LQ =HLWORKQDUWHQDXVZDKO 6ROODUEHLW
YHUDUEHLWHW (V ZLUG IU MHGH =HLWORKQDUWHQDXVZDKOUHJHO IU 6ROODUEHLWV]HLWORKQDUWHQ
JHSUIW ZHOFKH 7,3(LQWUlJH GLH 5HJHO HUIOOHQ ,VW GLH 5HJHO HUIOOW VR ZLUG GLH
HQWVSUHFKHQGH /RKQDUW LQ GLH LQWHUQH 7DEHOOH '=/ JHVWHOOW
=HLWORKQDUWHQDXVZDKO 0HKUDUEHLW
7,3(LQWUlJH PLW 9HUDUEHLWXQJVW\S 0 ZHUGHQ LQ =HLWORKQDUWHQDXVZDKO
0HKUDUEHLW YHUDUEHLWHW (V ZLUG IU MHGH =HLWORKQDUWHQDXVZDKOUHJHO IU
0HKUDUEHLWV]HLWORKQDUWHQ JHSUIW ZHOFKH 7,3(LQWUlJH GLH 5HJHO HUIOOHQ ,VW
GLH 5HJHO HUIOOW VR ZLUG GLH HQWVSUHFKHQGH /RKQDUW LQ GLH LQWHUQH 7DEHOOH =0/
JHVWHOOW
'XUFK GLH )XQNWLRQ *:7 ZHUGHQ IU DOOH $EZHVHQKHLWHQ GLH QDFK GHP
+lWWH3ULQ]LS EHZHUWHW ZHUGHQ )HOG /RKQDUWHQJHQHULHUXQJ LQ GHU 6LFKW
$EZHVHQKHLWVEHZHUWXQJVUHJHO 9B&B( LVW DNWLYLHUW  EHUHLWV LQ GHU
=HLWDXVZHUWXQJ =HLWORKQDUWHQ DXVJHZlKOW 'LHV HUIROJW IU $EZHVHQKHLWHQ
GHUHQ 9HUDUEHLWXQJVW\S YRQ 6 DXI HLQHQ DQGHUHQ :HUW JHVHW]W ZXUGH E]Z
$EZHVHQKHLWHQ GLH PLW GHU )XQNWLRQ *:7 $ EHZHUWHW ZHUGHQ $OOH DQGHUHQ
$EZHVHQKHLWHQ ZHUGHQ LP %UXWWR7HLO GHU $EUHFKQXQJ EHZHUWHW
'HWDLOOLHUWH ,QIRUPDWLRQHQ ]XU $EZHVHQKHLWVEHZHUWXQJ HUKDOWHQ 6LH LP .DSLWHO
$EZHVHQKHLWHQ LP (LQIKUXQJVOHLWIDGHQ GHU $EUHFKQXQJ ,0* 

$EELOGXQJ  =HLWORKQDUWHQDXVZDKO LP 6FKHPD

:HQQ GLH =HLWHUIDVVXQJ IU GLH DE]XUHFKQHQGH 3HUVRQDOQXPPHU DNWLY LVW


H[LVWLHUHQ EHUHLWV =HLWORKQDUWHQ LQ GHU 7DEHOOH =/ LP &OXVWHU % 'LHVHV &OXVWHU
ZLUG QXQ LPSRUWLHUW XQG DQVFKOLH‰HQG ZHUGHQ GLH QRFK QLFKW EHDUEHLWHWHQ 7DJH GHU

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

$EUHFKQXQJVSHULRGH YHUDUEHLWHW 'LH QRFK ]X JHQHULHUHQGHQ /RKQDUWHQ ZHUGHQ


ODXW $UEHLWV]HLWSODQ JHELOGHW GLHV IKUW LQ GHU IROJHQGHQ $EUHFKQXQJVSHULRGH
]X HLQHU 5FNUHFKQXQJ
'LH )XQNWLRQ '$<35 UXIW GDV 7HLOVFKHPD 7& DXI LQ GHP GLH
=HLWORKQDUWHQDXVZDKO IU GLH 6ROO XQGRGHU GLH 0HKUDUEHLW WDJHZHLVH
GXUFKJHIKUW ZLUG

$EELOGXQJ  =HLWDXVZHUWXQJ XQG 3HUVRQDODEUHFKQXQJ

'LH LQWHUQHQ 7DEHOOHQ =/ & XQG $/3 VWHOOHQ GLH 6FKQLWWVWHOOH ]ZLVFKHQ GHU
=HLWDXVZHUWXQJ XQG GHU 3HUVRQDODEUHFKQXQJ GDU
=/ HQWKlOW GLH =HLWORKQDUWHQ
& HQWKlOW GLH IU GLH .RVWHQ]XRUGQXQJ UHOHYDQWHQ 'DWHQ
$/3 HQWKlOW GLH 'DWHQ IU DEZHLFKHQGH %H]DKOXQJHQ
7DEHOOH =/ (QWKlOW OHGLJOLFK GLH $Q]DKO 6WXQGHQ SUR =HLWORKQDUW GLH %HWUlJH
ZHUGHQ HUVW LQ GHU 3HUVRQDODEUHFKQXQJ HUPLWWHOW
/lXIW GLH 3HUVRQDODEUHFKQXQJ YRU (QGH GHU =HLWDXVZHUWXQJVSHULRGH VR
NDQQ GLH =HLWDXVZHUWXQJ QXU GLH ELV ]X GLHVHP =HLWSXQNW JHELOGHWHQ
=HLWORKQDUWHQ EHUJHEHQ )U GHQ 5HVW GHU $EUHFKQXQJVSHULRGH JHQHULHUW GLH
3HUVRQDODEUHFKQXQJ DXIJUXQG GHV $UEHLWV]HLWSODQHV XQG XQWHU %HUFNVLFKWLJXQJ
GHU EHUHLWV YRUKDQGHQHQ =HLWZLUWVFKDIWVLQIRW\SHQ =HLWORKQDUWHQ IU GHQ QLFKW
DXVJHZHUWHWHQ =HLWUDXP
:HQQ GLH 3HUVRQDODEUHFKQXQJ =HLWORKQDUWHQ JHQHULHUW VHW]W VLH HLQH 5FNUHFKQXQJ
LP )HOG )UKHVWH bQGHUXQJ 6WDPPGDWHQ LP ,QIRW\S $EUHFKQXQJVVWDWXV  
9RUDXVVHW]XQJ GDIU LVW GDVV GHU 0LWDUEHLWHU DQ GHU =HLWDXVZHUWXQJ WHLOQLPPW
6WDWXV =HLWZLUWVFKDIW XQJOHLFK  

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

'HPRQVWUDWLRQ 'LH 5HJHOJUXSSHQVWUXNWXU XQG GLH


)XQNWLRQ '$<02
=ZHFN
6R GHPRQVWULHUHQ 6LH GLH )XQNWLRQ GHU 5HJHOJUXSSHQVWUXNWXU XQG GLH 9HUZHQGXQJ
GHU )XQNWLRQ '$<02

6\VWHPGDWHQ
6\VWHP
0DQGDQW
%HQXW]HU,'
.HQQZRUW
6\VWHPHLQVWHOOXQJHQ
 5XIHQ 6LH LP %HUHLFK =HLWORKQDUWHQDXVZDKOUHJHO GHU ,0*$NWLYLWlW GLH
2SWLRQ *UXSSLHUXQJHQ IHVWOHJHQ XQG GDQQ GLH )XQNWLRQ '$<02 DXI
bQGHUQ 6LH GLH 6WDQGDUGZHUWH QLFKW 5XIHQ 6LH DQVFKOLH‰HQG GLH $NWLYLWlW
*HQHULHUXQJVYRUVFKULIWHQ IHVWOHJHQ DXI

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

 hEXQJ  %LOGHQ YRQ =HLWORKQDUWHQ


'DXHU GHU hEXQJ  0LQXWHQ

/HUQ]LHOH GHU hEXQJ


$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
‡ 3HUVRQDOUHFKHQUHJHO 702' DQ .XQGHQEHGUIQLVVH DQSDVVHQ
‡ 7HLOVFKHPD 7& DQ .XQGHQEHGUIQLVVH DQSDVVHQ
‡ =HLWORKQDUWHQ*HQHULHUXQJVYRUVFKULIWHQ GHILQLHUHQ

8QWHUQHKPHQVV]HQDULR
,Q ,KUHP 8QWHUQHKPHQ ZXUGHQ 0HKUDUEHLWHQ ELVODQJ LQ GHU )RUP YRQ
(QWJHOWEHOHJHQ YHUJWHW 'LH 0LWDUEHLWHU HUIDVVHQ LKUH 0HKUDUEHLW QXQ VHOEVW
LP 6\VWHP 'LH HUIDVVWHQ 0HKUDUEHLWV]HLWSDDUH VROOHQ GDQQ DOV =HLWORKQDUWHQ
LQ GLH $EUHFKQXQJ HLQIOLH‰HQ )U GLH YHUVFKLHGHQHQ $EUHFKQXQJVNUHLVH
,KUHV 8QWHUQHKPHQV VROOHQ XQWHUVFKLHGOLFKH 5HJHOQ LQ GHU 7DEHOOH
=HLWORKQDUWHQDXVZDKOUHJHO KLQWHUOHJW ZHUGHQ

+LQZHLV 'LH =HLWORKQDUWHQ  ±  GLH 6LH ELVODQJ DOV


(QWJHOWEHOHJH HUIDVVW KDEHQ VROOHQ QXQ YRP 6\VWHP DQKDQG YRQ
0HKUDUEHLWV]HLWSDDUHQ JHQHULHUW ZHUGHQ 'D]X EHQ|WLJHQ 6LH 5HJHOQ LQ
GHU 7DEHOOH =HLWORKQDUWHQDXVZDKOUHJHO GLH 6LH SUR $EUHFKQXQJVNUHLV LQ
HLQHU =HLWORKQDUWHQDXVZDKOUHJHOJUXSSH ]XVDPPHQIDVVHQ 6LH HUVWHOOHQ
DOVR GLH =HLWORKQDUWHQDXVZDKOUHJHOQ IU GHQ $EUHFKQXQJVNUHLV GHQ 6LH
,KUHP 0LWDUEHLWHU EHL GHU (LQVWHOOXQJ ]XJHZLHVHQ KDEHQ

$XIJDEH 
 =XQlFKVW PVVHQ 6LH GLH *UXSSLHUXQJHQ IHVWOHJHQ .RSLHUHQ 6LH LP
,0* GLH 3HUVRQDOUHFKHQUHJHO 702' XQWHU GHP 1DPHQ =7 
*UXSSHQQXPPHU  bQGHUQ 6LH GDQQ ,KUH 3HUVRQDOUHFKHQUHJHO =7 LQGHP
6LH LQ GHU (QWVFKHLGXQJVRSHUDWLRQ GHQ $EUHFKQXQJVNUHLV DEIUDJHQ 6HW]HQ
6LH 02',) : IU ,KUHQ $EUHFKQXQJVNUHLV DXI GHQ :HUW ZZ ZZ 
   IU GLH EULJHQ $EUHFKQXQJVNUHLVH VHW]HQ 6LH GHQ :HUW DXI 
1HKPHQ 6LH GLHVH bQGHUXQJHQ QXU IU 0LWDUEHLWHU LQ GHU *UXSSLHUXQJ  GHU
0LWDUEHLWHUNUHLVH IU GLH 3HUVRQDOUHFKHQUHJHO YRU

$XIJDEH 
 'D GLH 3HUVRQDOUHFKHQUHJHO 702' DXV GHP 6FKHPD 7& KHUDXV
DQJHVSUXQJHQ ZLUG LVW DXFK KLHU HLQH $QSDVVXQJ HUIRUGHUOLFK

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

.RSLHUHQ 6LH ]XQlFKVW GDV 7HLOVFKHPD XQWHU GHP 1DPHQ =& bQGHUQ 6LH
LQ 7HLOVFKHPD =& GLH =HLOH GLH GLH )XQNWLRQ 02' HQWKlOW XP DXI ,KUH
9HUVLRQ YRQ 5HJHO 702' =7 ]X]XJUHLIHQ

$XIJDEH 
 'D GDV 6FKHPD 7& DXV GHP 7HLOVFKHPD ;7 KHUDXV DXIJHUXIHQ ZLUG LVW
DXFK KLHU HLQH $QSDVVXQJ HUIRUGHUOLFK bQGHUQ 6LH GDKHU GLH HQWVSUHFKHQGH
=HLOH ,KUHV 6FKHPDV =7 LQ GHU GDV 6FKHPD 7& DXIJHUXIHQ ZLUG

1RWL] 'DV 6FKHPD 7& ZLUG DQ ]ZHL 6WHOOHQ PLW GHU )XQNWLRQ
'$<35 DXIJHUXIHQ HLQH 9HUDUEHLWXQJ GHU =HLWGDWHQ PLW GHP
=HLWDXVZHUWXQJVSURJUDPP ZLUG QLFKW GXUFKJHIKUW GD ,KU
8QWHUQHKPHQ GLH =HLWHUIDVVXQJ QLFKW HLQVHW]W

$XIJDEH 
 /HJHQ 6LH GLH *HQHULHUXQJVYRUVFKULIWHQ IU ,KUH /RKQDUWHQ DQ

 0HKUDUE ELV  6WG


 0HKUDUE DE  6WG
 0HKUDUEHLW 6RQQWDJ
 0HKUDUEHLW )HLHUWDJ

:lKOHQ 6LH DOV *OWLJNHLWV]HLWUDXP IU GLHVH 5HJHOQ  OIG -DKU ELV
 /DXW 7DULIYHUWUDJ IU ,KU 8QWHUQHKPHQ KDEHQ )HLHUWDJH XQG
6RQQWDJH HLQH 'DXHU YRQ  ELV  8KU DP )ROJHWDJ %HUFNVLFKWLJHQ
6LH GLHV HQWVSUHFKHQG LQ ,KUHQ 5HJHOQ

$XIJDEH 
 7HVWHQ 6LH ,KUH *HQHULHUXQJVYRUVFKULIWHQ LQGHP 6LH IU ,KUHQ 0LWDUEHLWHU
0HKUDUEHLWHQ DQ IROJHQGHQ 7DJHQ LQ GHU $EUHFKQXQJVSHULRGH  LP 6\VWHP
KLQWHUOHJHQ
DQ HLQHP :HUNWDJ   
DQ HLQHP 6RQQWDJ   
DQ HLQHP )HLHUWDJ   

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

*HEHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  IUHL XQG VWDUWHQ 6LH GLH
$EUHFKQXQJ $FKWHQ 6LH GDUDXI GLH ]XVlW]OLFKH 3URWRNROOLHUXQJ GHU
=HLWGDWHQYHUDUEHLWXQJ ]X DNWLYLHUHQ 3UIHQ 6LH ,KU $EUHFKQXQJVHUJHEQLV
XQG VWHOOHQ 6LH VLFKHU GDVV ,KUH /RKQDUWHQ  ±  NRUUHNW JHQHULHUW
ZXUGHQ %HHQGHQ 6LH GLH $EUHFKQXQJ QRFK QLFKW

1RWL] 'LH DEJHOHLWHWHQ /RKQDUWHQ XQG GLH %HZHUWXQJVJUXQGODJH


GLH 6LH LQ GHU YRUKHUJHKHQGHQ hEXQJ HLQJHULFKWHW KDEHQ ZHUGHQ
DXFK LQ GLHVHU hEXQJ YHUZHQGHW

%HHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  QRFK QLFKW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

/|VXQJ  %LOGHQ YRQ =HLWORKQDUWHQ


$XIJDEH 
 =XQlFKVW PVVHQ 6LH GLH *UXSSLHUXQJHQ IHVWOHJHQ .RSLHUHQ 6LH LP
,0* GLH 3HUVRQDOUHFKHQUHJHO 702' XQWHU GHP 1DPHQ =7 
*UXSSHQQXPPHU  bQGHUQ 6LH GDQQ ,KUH 3HUVRQDOUHFKHQUHJHO =7 LQGHP
6LH LQ GHU (QWVFKHLGXQJVRSHUDWLRQ GHQ $EUHFKQXQJVNUHLV DEIUDJHQ 6HW]HQ
6LH 02',) : IU ,KUHQ $EUHFKQXQJVNUHLV DXI GHQ :HUW ZZ ZZ 
   IU GLH EULJHQ $EUHFKQXQJVNUHLVH VHW]HQ 6LH GHQ :HUW DXI 
1HKPHQ 6LH GLHVH bQGHUXQJHQ QXU IU 0LWDUEHLWHU LQ GHU *UXSSLHUXQJ  GHU
0LWDUEHLWHUNUHLVH IU GLH 3HUVRQDOUHFKHQUHJHO YRU
D =XP (UPLWWHOQ GHU *UXSSLHUXQJHQ IU GLH 7DEHOOH PLW GHQ
=HLWORKQDUWHQDXVZDKOUHJHOQ ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ 7DJHVYHUDUEHLWXQJ GHU =HLWGDWHQ
ĺ )XQNWLRQHQ GHU 7DJHVYHUDUEHLWXQJ ĺ *UXSSLHUXQJHQ IHVWOHJHQ
:lKOHQ 6LH GLH $NWLRQ *UXSSLHUXQJHQ IHVWOHJHQ

1RWL] 'HU ,0* UXIW DXWRPDWLVFK 3HUVRQDOUHFKHQUHJHO 702'


]XU 9HUDUEHLWXQJ DXI %HDFKWHQ 6LH ELWWH GDVV 6LH GLHVH DOV
3HUVRQDOUHFKHQUHJHO =7 NRSLHUHQ GDPLW 6LH VLH PRGLIL]LHUHQ
N|QQHQ

:lKOHQ 6LH .RSLHUHQ XQG PDFKHQ 6LH IROJHQGH $QJDEHQ

YRQ 5HJHO 702'


QDFK 5HJHO =7

:lKOHQ 6LH GDQQ bQGHUQ XP ,KUH 5HJHO =7 ]X EHDUEHLWHQ ,P


(GLWRU |IIQHQ 6LH ]XQlFKVW GLH *UXSSLHUXQJ  GHU 0LWDUEHLWHUNUHLVH
IU GLH 3HUVRQDODEUHFKQXQJ gIIQHQ 6LH GHQ 7HLOEDXP ELV 6LH GLH
2SHUDWLRQHQ 02',) 7  XQG 02',) :  VHKHQ 3RVLWLRQLHUHQ
6LH GHQ &XUVRU DXI GLH HUVWH GHU EHLGHQ 2SHUDWLRQHQ XQG ZlKOHQ 6LH
0DUNLHUHQ(QWPDUN XP GLH 2SHUDWLRQ ]X PDUNLHUHQ :LHGHUKROHQ
6LH GHQ 9RUJDQJ IU GLH ]ZHLWH 2SHUDWLRQ %HWlWLJHQ 6LH GDQQ
$XVVFKQHLGHQ XP EHLGH 2SHUDWLRQHQ LP 3XIIHU DE]XOHJHQ
3RVLWLRQLHUHQ 6LH GDQQ GHQ &XUVRU DXI GLH =HLOH .OLFNHQ 6LH
DXI $QOHJHQ XQG ZlKOHQ 6LH XQWHUJHRUGQHWH (EHQH DXV *HEHQ 6LH
GLH 2SHUDWLRQ 287:33$<6% LQ GDV (LQJDEHIHOG HLQ XQG EHWlWLJHQ
6LH (QWHU 'DV 6\VWHP HUNHQQW DXWRPDWLVFK GDVV HV VLFK XP HLQH
(QWVFKHLGXQJVRSHUDWLRQ KDQGHOW XQG |IIQHW HLQ )HOG IU GLH :HUWH
GHV YDULDEOHQ 6FKOVVHOV *HEHQ 6LH KLHU ,KUHQ $EUHFKQXQJVNUHLV

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

;; << == RGHU =$ HLQ :lKOHQ 6LH (QWHU 'DQQ |IIQHW
,KQHQ GDV 6\VWHP DXWRPDWLVFK HLQ ZHLWHUHV (LQJDEHIHOG *HEHQ 6LH
QXQ GHQ 9RUJDEHZHUW HLQ XQG EHWlWLJHQ (QWHU (V ZLUG HUQHXW HLQ
(LQJDEHIHOG DQJH]HLJW :lKOHQ 6LH HUQHXW (QWHU XP GHQ ,QKDOW GLHVHV
)HOGHV ]X O|VFKHQ
3RVLWLRQLHUHQ 6LH GDQQ GHQ &XUVRU DXI GDV )HOG PLW ,KUHP
$EUHFKQXQJVNUHLV XQG ZlKOHQ 6LH (LQVHW]HQ XP GLH DXVJHVFKQLWWHQHQ
2SHUDWLRQHQ 02',) 7  XQG 02',) :  ZLHGHU HLQ]XIJHQ
:LHGHUKROHQ 6LH GLHVHQ 9RUJDQJ DQVFKOLH‰HQG IU GDV )HOG PLW GHQ 
6HW]HQ 6LH LP 9HUDUEHLWXQJV]ZHLJ IU ,KUHQ $EUHFKQXQJVNUHLV GHQ
:HUW IU 02',) : DXI ZZ ZZ     3RVLWLRQLHUHQ 6LH GHQ
&XUVRU DXI GLH 2SHUDWLRQ XQG ZlKOHQ 6LH (LQWUDJ lQGHUQ %HVWlWLJHQ
6LH ,KUH (LQJDEH PLW (QWHU

1RWL] /|VFKHQ 6LH GLH 2SHUDWLRQ 02',) 7  QLFKW


'LHVHU 9RUJDEHZHUW VWHOOW GLH =HLWDUWHQ QDFK 7DEHOOH 7=
=HLWDUWHQILQGXQJ EHUHLW 6LFKHUQ 6LH QXQ ,KUH YROOVWlQGLJ
DQJHSDVVWH 5HJHO

$XIJDEH 
 'D GLH 3HUVRQDOUHFKHQUHJHO 702' DXV GHP 6FKHPD 7& KHUDXV
DQJHVSUXQJHQ ZLUG LVW DXFK KLHU HLQH $QSDVVXQJ HUIRUGHUOLFK

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

.RSLHUHQ 6LH ]XQlFKVW GDV 7HLOVFKHPD XQWHU GHP 1DPHQ =& bQGHUQ 6LH
LQ 7HLOVFKHPD =& GLH =HLOH GLH GLH )XQNWLRQ 02' HQWKlOW XP DXI ,KUH
9HUVLRQ YRQ 5HJHO 702' =7 ]X]XJUHLIHQ
D =XP $QOHJHQ HLQHU .RSLH YRQ 6FKHPD 7& IU GLH HUIRUGHUOLFKHQ
0RGLILNDWLRQHQ ZlKOHQ 6LH IROJHQGHQ 0HQSIDG
,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ 7DJHVYHUDUEHLWXQJ GHU =HLWGDWHQ
ĺ )XQNWLRQHQ GHU 7DJHVYHUDUEHLWXQJ ĺ =HLWORKQDUWHQDXVZDKO ĺ
=HLWORKQDUWHQDXVZDKO GXUFKIKUHQ
+LQZHLV ,Q 5HOHDVH  ZlKOHQ 6LH ]XP $QOHJHQ HLQHU .RSLH YRQ
6FKHPD 7& IU GLH HUIRUGHUOLFKHQ 0RGLILNDWLRQHQ IROJHQGHQ
0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
:HUN]HXJH ĺ &XVWRPL]LQJ:HUN]HXJH ĺ 6FKHPD
:lKOHQ 6LH .RSLHUHQ QHKPHQ 6LH IROJHQGH (LQJDEHQ YRU XQG
EHWlWLJHQ 6LH (QWHU

YRQ 6FKHPD 7&


QDFK 6FKHPD =&

:lKOHQ 6LH DQVFKOLH‰HQG bQGHUQ XP ,KU 7HLOVFKHPD =& ]X


EHDUEHLWHQ /HJHQ 6LH ZLH EHUHLWV DQ IUKHUHU 6WHOOH EHVFKULHEHQ HLQH
GLUHNWH .RSLH GHU =HLOH PLW GHP $XIUXI GHU 5HFKHQUHJHO 702' DQ
'HDNWLYLHUHQ 6LH GLH 2ULJLQDO]HLOH XQG JHEHQ 6LH LQ GHU DNWLYHQ =HLOH
,KUH 5HJHO =7 HLQ 6LFKHUQ 6LH ,KU 7HLOVFKHPD QDFK GLHVHU bQGHUXQJ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

$XIJDEH 
 'D GDV 6FKHPD 7& DXV GHP 7HLOVFKHPD ;7 KHUDXV DXIJHUXIHQ ZLUG LVW
DXFK KLHU HLQH $QSDVVXQJ HUIRUGHUOLFK bQGHUQ 6LH GDKHU GLH HQWVSUHFKHQGH
=HLOH ,KUHV 6FKHPDV =7 LQ GHU GDV 6FKHPD 7& DXIJHUXIHQ ZLUG

1RWL] 'DV 6FKHPD 7& ZLUG DQ ]ZHL 6WHOOHQ PLW GHU )XQNWLRQ
'$<35 DXIJHUXIHQ HLQH 9HUDUEHLWXQJ GHU =HLWGDWHQ PLW GHP
=HLWDXVZHUWXQJVSURJUDPP ZLUG QLFKW GXUFKJHIKUW GD ,KU
8QWHUQHKPHQ GLH =HLWHUIDVVXQJ QLFKW HLQVHW]W

D 6R SDVVHQ 6LH ,KUH .RSLH GHV 7HLOVFKHPDV ;7 =7 DQ GDPLW GDV
QHXH 6FKHPD IU GLH 7DJHVYHUDUEHLWXQJ GHU =HLWGDWHQ =& DXIJHUXIHQ
ZLUG
.HKUHQ 6LH DXI GDV (LQJDQJVELOG GHV 6FKHPHQHGLWRUV ]XUFN XQG
JHEHQ 6LH =7 DOV ]X EHDUEHLWHQGHV 6FKHPD DQ :lKOHQ 6LH bQGHUQ
XQG HU]HXJHQ 6LH PLW GHU EHUHLWV EHVFKULHEHQHQ 0HWKRGH HLQH .RSLH
GHU =HLOH '$<35 7& 'HDNWLYLHUHQ 6LH GLH 2ULJLQDO]HLOH XQG JHEHQ
6LH LQ GHU DNWLYHQ =HLOH ,KU 6FKHPD =& HLQ

1RWL] 6HW]HQ 6LH =& DQ 6WHOOH YRQ 7& LQ GHU =HLOH


'$<35 7& QLFKW LQ GHU =HLOH '$<35 7& 3'&

'DV 7HLOVFKHPD 7& ZLUG QXU GDQQ GXUFK GLH =HLOH '$<35 7&
3'& DXIJHUXIHQ ZHQQ GHU =HLWZLUWVFKDIWVVWDWXV GHV 0LWDUEHLWHUV
GHQ :HUW   RGHU  KDW LQ GLHVHP )DOO ZHUGHQ GLH =HLWGDWHQ GHV
0LWDUEHLWHUV GXUFK GDV 3URJUDPP 537,0( YHUDUEHLWHW 

$XIJDEH 
 /HJHQ 6LH GLH *HQHULHUXQJVYRUVFKULIWHQ IU ,KUH /RKQDUWHQ DQ

 0HKUDUE ELV  6WG


 0HKUDUE DE  6WG
 0HKUDUEHLW 6RQQWDJ
 0HKUDUEHLW )HLHUWDJ

:lKOHQ 6LH DOV *OWLJNHLWV]HLWUDXP IU GLHVH 5HJHOQ  OIG -DKU ELV
 /DXW 7DULIYHUWUDJ IU ,KU 8QWHUQHKPHQ KDEHQ )HLHUWDJH XQG
6RQQWDJH HLQH 'DXHU YRQ  ELV  8KU DP )ROJHWDJ %HUFNVLFKWLJHQ
6LH GLHV HQWVSUHFKHQG LQ ,KUHQ 5HJHOQ
D 6R OHJHQ 6LH *HQHULHUXQJVYRUVFKULIWHQ IU ,KUH /RKQDUWHQ DQ

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

,0* ĺ $EUHFKQXQJ ,QWHUQDWLRQDO ĺ 7DJHVYHUDUEHLWXQJ GHU =HLWGDWHQ


ĺ )XQNWLRQHQ GHU 7DJHVYHUDUEHLWXQJ ĺ =HLWORKQDUWHQDXVZDKO ĺ
*HQHULHUXQJVYRUVFKULIWHQ IHVWOHJHQ
:lKOHQ 6LH GLH $NWLRQ *HQHULHUXQJVYRUVFKULIWHQ IHVWOHJHQ
/HJHQ 6LH GLH IROJHQGHQ  =HLWORKQDUWHQDXVZDKOUHJHOQ DQ GLH 5HJHOQ
VLQG LQ GLHVHU /|VXQJ ]ZHFNV EHVVHUHU 8QWHUVFKHLGXQJ QXPPHULHUW 
:lKOHQ 6LH 1HXH (LQWUlJH XP LQ GDV 'HWDLOELOG IU GLH (LQJDEH GHU
5HJHOQ ]X JHODQJHQ

5HJHO  /RKQDUW IU GLH EHLGHQ HUVWHQ 0HKUDUEHLWVVWXQGHQ


DQ HLQHP :HUNWDJ
=HLWORKQDUWHQDXVZDKOUHJHOJUXSSH ZZ   
7DJHVJUXSSLHUXQJ 
)ROJHQXPPHU 
/RKQDUW QQ
$QIDQJ  OIG -DKU
(QGH 
*OWLJH 9HUDUEHLWXQJVW\SHQ 0
:RFKHQWDJH      
[[ [ [ [ [
)HLHUWDJVNODVVH 9RUWDJ E       
[[ [ [ [ [ [[ [ [
)HLHUWDJVNODVVH $NWXHOOHU 7DJ E       
[
)HLHUWDJVNODVVH )ROJHWDJ E       
[[ [ [ [ [ [[ [ [
%HZHUWXQJVNODVVH        
[[ [ [ [ [ [[ [ [
7DJHVDUEHLWV]HLWSODQNODVVH        
[[ [ [ [ [ [[ [ [
7DJHVW\S E       
[[
2EHUJUHQ]H 
=X ]lKOHQGH 9HUDUEHLWXQJVW\SHQ 0

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

5HJHO  /RKQDUW IU GLH 0HKUDUEHLW DE GHU GULWWHQ 6WXQGH


DQ :HUNWDJHQ
=HLWORKQDUWHQDXVZDKOUHJHOJUXSSH ZZ
7DJHVJUXSSLHUXQJ 
)ROJHQXPPHU 
/RKQDUW QQ
$QIDQJ  OIG -DKU
(QGH 
*OWLJH 9HUDUEHLWXQJVW\SHQ 0
:RFKHQWDJH   
[[[[ [[
)HLHUWDJVNODVVH 9RUWDJ E    
[[[[ [[ [[ [ [
)HLHUWDJVNODVVH $NWXHOOHU 7DJ E    
[
)HLHUWDJVNODVVH )ROJHWDJ E    
[[[[ [[ [[ [ [
%HZHUWXQJVNODVVH     
[[[[ [[ [[ [ [
7DJHVDUEHLWV]HLWSODQNODVVH     
[[[[ [[ [[ [ [
7DJHVW\S E    
[[
8QWHUJUHQ]H 
=X ]lKOHQGH 9HUDUEHLWXQJVW\SHQ 0

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

5HJHO  /RKQDUW IU 0HKUDUEHLW DQ 6RQQWDJHQ


=HLWORKQDUWHQDXVZDKOUHJHOJUXSSH ZZ
7DJHVJUXSSLHUXQJ 
)ROJHQXPPHU 
/RKQDUW QQ
$QIDQJ  OIG -DKU
(QGH 
*OWLJH 9HUDUEHLWXQJVW\SHQ 0
:RFKHQWDJH     
[
)HLHUWDJVNODVVH 9RUWDJ E      
[[ [ [ [[ [[ [ [
)HLHUWDJVNODVVH $NWXHOOHU 7DJ E      
[
)HLHUWDJVNODVVH )ROJHWDJ E      
[[ [ [ [[ [[ [ [
%HZHUWXQJVNODVVH       
[[ [ [ [[ [[ [ [
7DJHVDUEHLWV]HLWSODQNODVVH       
[[ [ [ [[ [[ [ [
7DJHVW\S E      
[[
%HJLQQ 
(QGH 

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

5HJHO  /RKQDUW IU 0HKUDUEHLW DQ )HLHUWDJHQ


=HLWORKQDUWHQDXVZDKOUHJHOJUXSSH ZZ
7DJHVJUXSSLHUXQJ 
)ROJHQXPPHU 
/RKQDUW QQ
$QIDQJ  OIG -DKU
(QGH 
*OWLJH 9HUDUEHLWXQJVW\SHQ 0
:RFKHQWDJH     
[[ [ [ [[ [
)HLHUWDJVNODVVH 9RUWDJ E      
[[ [ [ [[ [[ [ [
)HLHUWDJVNODVVH $NWXHOOHU 7DJ E      
[ [[ [[ [[ [ [
)HLHUWDJVNODVVH )ROJHWDJ E      
[[ [ [ [[ [[ [ [
%HZHUWXQJVNODVVH       
[[ [ [ [[ [[ [ [
7DJHVDUEHLWV]HLWSODQNODVVH       
[[ [ [ [[ [[ [ [
7DJHVW\S E      
[[
%HJLQQ 

(QGH 

$XIJDEH 
 7HVWHQ 6LH ,KUH *HQHULHUXQJVYRUVFKULIWHQ LQGHP 6LH IU ,KUHQ 0LWDUEHLWHU
0HKUDUEHLWHQ DQ IROJHQGHQ 7DJHQ LQ GHU $EUHFKQXQJVSHULRGH  LP 6\VWHP
KLQWHUOHJHQ
DQ HLQHP :HUNWDJ   
DQ HLQHP 6RQQWDJ   
DQ HLQHP )HLHUWDJ   

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

*HEHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  IUHL XQG VWDUWHQ 6LH GLH
$EUHFKQXQJ $FKWHQ 6LH GDUDXI GLH ]XVlW]OLFKH 3URWRNROOLHUXQJ GHU
=HLWGDWHQYHUDUEHLWXQJ ]X DNWLYLHUHQ 3UIHQ 6LH ,KU $EUHFKQXQJVHUJHEQLV
XQG VWHOOHQ 6LH VLFKHU GDVV ,KUH /RKQDUWHQ  ±  NRUUHNW JHQHULHUW
ZXUGHQ %HHQGHQ 6LH GLH $EUHFKQXQJ QRFK QLFKW

1RWL] 'LH DEJHOHLWHWHQ /RKQDUWHQ XQG GLH %HZHUWXQJVJUXQGODJH


GLH 6LH LQ GHU YRUKHUJHKHQGHQ hEXQJ HLQJHULFKWHW KDEHQ ZHUGHQ
DXFK LQ GLHVHU hEXQJ YHUZHQGHW

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 /HNWLRQ =HLWORKQDUWHQDXVZDKO PLW +LOIH YRQ 5HJHOQ

%HHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  QRFK QLFKW


D =XP 7HVWHQ ,KUH =HLWORKQDUWHQDXVZDKOUHJHOQ ZlKOHQ 6LH IROJHQGHQ
0HQSIDG
6$30HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ
3HUVRQDOVWDPP 3IOHJHQ
:lKOHQ 6LH LP ,QIRW\SPHQ GLH 5HJLVWHUNDUWH $UEHLWV]HLWHQ
'RUW PDUNLHUHQ 6LH GHQ ,QIRW\S 0HKUDUEHLWHQ JHEHQ LQ 3HULRGH 
'DWXPVDQJDEHQ HLQ VLHKH 7DEHOOH XQWHQ XQG ZlKOHQ GDQQ $QOHJHQ
*HEHQ 6LH IU GHQ MHZHLOLJHQ 7DJ GLH LQ GHQ hEXQJHQ JHQDQQWH $Q]DKO
YRQ 0HKUDUEHLWVVWXQGHQ HLQ +LQZHLV 6LH PVVHQ IU MHGHQ 7DJ PLW
0HKUDUEHLW HLQHQ 6DW] GHV ,QIRW\SV  DQOHJHQ VLHKH $XIJDEH 
REHQ 
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ IUHLJHEHQ IU 3HULRGH 
6$30HQ 3HUVRQDO ĺ 3HUVRQDODEUHFKQXQJ ĺ ,QWHUQDWLRQDO ĺ
$EUHFKQXQJ ĺ $EUHFKQXQJ VWDUWHQ
6WDUWHQ 6LH GLH $EUHFKQXQJ XQG YHUZHQGHQ 6LH ,KUH 6HOHNWLRQVYDULDQWH
%HYRU 6LH GLH $EUHFKQXQJ GXUFKIKUHQ DNWLYLHUHQ 6LH IU HLQH
GHWDLOOLHUWH 3URWRNROOLHUXQJ GDV )HOG =XVlW]OLFK 3URWRNROO GHU
=HLWGDWHQYHUDUEHLWXQJ DQ]HLJHQ )KUHQ 6LH GLH $EUHFKQXQJ IU
3HULRGH  GXUFK XQG NRQWUROOLHUHQ 6LH RE GLH /RKQDUWHQ 
ELV  JHELOGHW ZXUGHQ gIIQHQ 6LH LP 3URWRNROODEVFKQLWW
=HLWGDWHQYHUDUEHLWXQJ GLH 'HWDLODQ]HLJH EHL GHU )XQNWLRQ (/6( GLH
DXI GLH )XQNWLRQ ,) 3'& IROJW 'RUW ILQGHQ 6LH GLH )XQNWLRQ '$<35
PLW GHU GHWDLOOLHUWHQ 3URWRNROOLHUXQJ GHU 7DJHVYHUDUEHLWXQJ gIIQHQ 6LH
KLHU GHQ %ORFN 9HUDUEHLWXQJ XQG IKUHQ 6LH HLQHQ 'RSSHONOLFN DXI
$EVSUXQJ ]XP GHWDLOOLHUWHQ 3URWRNROO YRQ '$<35 DXV 6LH N|QQHQ VLFK
GLH $XVZDKO GHU /RKQDUWHQ IU MHGHQ 7DJ PLW 0HKUDUEHLWHQ LQ GHU
3URWRNROOLHUXQJ GHV 6FKULWWHV *:7 0 =0/ DQVFKDXHQ :DKOZHLVH
N|QQHQ 6LH GDV (UJHEQLV GHU =HLWORKQDUWHQDXVZDKO DXFK LQ GHU
3URWRNROOLHUXQJ GHU 5HJHO ; GLUHNW LP %ORFN =HLWGDWHQYHUDUEHLWXQJ
EHUSUIHQ
%HHQGHQ 6LH GLH $EUHFKQXQJ IU 3HULRGH  QRFK QLFKW

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


.DSLWHO  =HLWORKQDUWHQDXVZDKO +5

=XVDPPHQIDVVXQJ GHU /HNWLRQ


1XQ N|QQHQ 6LH
‡ =HLWORKQDUWHQDXVZDKOUHJHOQ GHILQLHUHQ
‡ GLH )XQNWLRQ '$<02 YHUZHQGHQ
‡ GLH )XQNWLRQ *:7 YHUZHQGHQ
‡ GLH 6FKQLWWVWHOOH ]ZLVFKHQ =HLWEHZHUWXQJ XQG $EUHFKQXQJ EHQHQQHQ

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 =XVDPPHQIDVVXQJ GHV .DSLWHOV

=XVDPPHQIDVVXQJ GHV .DSLWHOV


1XQ N|QQHQ 6LH
‡ GLH =HLWORKQDUWHQDXVZDKO EHVFKUHLEHQ
‡ =HLWSDDUH GHILQLHUHQ
‡ =HLWORKQDUWHQDXVZDKOUHJHOQ GHILQLHUHQ
‡ GLH )XQNWLRQ '$<02 YHUZHQGHQ
‡ GLH )XQNWLRQ *:7 YHUZHQGHQ
‡ GLH 6FKQLWWVWHOOH ]ZLVFKHQ =HLWEHZHUWXQJ XQG $EUHFKQXQJ EHQHQQHQ

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4


+5 hEHUSUIHQ 6LH ,KU :LVVHQ


hEHUSUIHQ 6LH ,KU :LVVHQ
 'LH =HLWORKQDUWHQDXVZDKO HUIROJW LP 7HLOVFKHPD 
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ

 %HL 0LWDUEHLWHUQ GLH QLFKW DQ GHU =HLWHUIDVVXQJ WHLOQHKPHQ N|QQHQ


,VW=HLWHQ IU GHQ 9HUDUEHLWXQJVW\S 0 DXFK EHU GHQ ,QIRW\S
HUIDVVW ZHUGHQ
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ

 :HQQ 6LH GLH 5HJHOVWUXNWXU PLW =HLWEHGLQJXQJ YHUZHQGHQ XQG


PDUNLHUHQ ZHUGHQ QXU GLH 6WXQGHQ GHV =HLWSDDUHV
YHUDUEHLWHW GLH LQ GHQ EHWUHIIHQGHQ =HLWUDXP IDOOHQ
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ

 :DV SDVVLHUW ZHQQ GLH )XQNWLRQ '$<02 QLFKW LP 6FKHPD HQWKDOWHQ LVW"

 'LH )XQNWLRQ *:7 ZlKOW IU DOOH $EZHVHQKHLWHQ GLH QDFK GHP
+lWWH3ULQ]LS EHZHUWHW ZHUGHQ LQ GHU =HLWDXVZHUWXQJ =HLWORKQDUWHQ DXV
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK

4 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 


hEHUSUIHQ 6LH ,KU :LVVHQ +5

$QWZRUWHQ


 'LH =HLWORKQDUWHQDXVZDKO HUIROJW LP 7HLOVFKHPD 7&

$QWZRUW 7&

 %HL 0LWDUEHLWHUQ GLH QLFKW DQ GHU =HLWHUIDVVXQJ WHLOQHKPHQ N|QQHQ


,VW=HLWHQ IU GHQ 9HUDUEHLWXQJVW\S 0 DXFK EHU GHQ ,QIRW\S 0HKUDUEHLWHQ
HUIDVVW ZHUGHQ

$QWZRUW 0HKUDUEHLWHQ

 :HQQ 6LH GLH 5HJHOVWUXNWXU PLW =HLWEHGLQJXQJ YHUZHQGHQ XQG ,QWHUYDOO


PDUNLHUHQ ZHUGHQ QXU GLH 6WXQGHQ GHV =HLWSDDUHV YHUDUEHLWHW GLH LQ GHQ
EHWUHIIHQGHQ =HLWUDXP IDOOHQ

$QWZRUW ,QWHUYDOO

 :DV SDVVLHUW ZHQQ GLH )XQNWLRQ '$<02 QLFKW LP 6FKHPD HQWKDOWHQ LVW"

$QWZRUW :HQQ GLH )XQNWLRQ '$<02 QLFKW LP 6FKHPD HQWKDOWHQ LVW


ZHUGHQ NHLQH 5HJHOQ IU GLH =HLWORKQDUWHQDXVZDKO VHOHNWLHUW

 'LH )XQNWLRQ *:7 ZlKOW IU DOOH $EZHVHQKHLWHQ GLH QDFK GHP
+lWWH3ULQ]LS EHZHUWHW ZHUGHQ LQ GHU =HLWDXVZHUWXQJ =HLWORKQDUWHQ DXV

$QWZRUW 5LFKWLJ
'LH )XQNWLRQ *:7 ZlKOW IU DOOH $EZHVHQKHLWHQ GLH QDFK GHP
+lWWH3ULQ]LS EHZHUWHW ZHUGHQ LQ GHU =HLWDXVZHUWXQJ =HLWORKQDUWHQ DXV

 ‹  6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

You might also like