1
,167$//$7,2181'(5'81*6$1:(,681*(1
:,&+7,*(6,&+(5+(,76$1:(,681*(1
:(/&+(87(16,/,(1.g11(1,1'(5
0,.52:(//(%(187=7:(5'(1"
.2&+7,336
%(',(1)(/'
$%%,/'81*'(5%(',(1(/(0(17(
%(',(181*
+,1:(,6(=80'$03)*$5(1
%(',(1(/(0(17(
67($0%2:/
$8720$7,6&+(6$8)7$8(1
7,().h+/.267
*5,//&20%,
0,.52:(//(1/(,6781*
6&+1(//67$57
$8720$7,6&+(6.2&+352*5$00
1$&+7%(/(8&+781*
.,1'(56,&+(5+(,769(55,(*(/81*
67233(1'(50,.52:(//(:b+5(1''(6
.2&+925*$1*6
(,167(//(1'(6(1(5*,(63$502'86
/,&+7%2*(1
$//*(0(,1(5,&+7/,1,(1
5(,1,*81*81'3)/(*(
%(9256,('(1.81'(1',(167$158)(1
)5$*(181'$17:257(1
7(&+1,6&+('$7(1
)81.7,21635,1=,3(,1(50,.52:(//(
(17625*(1921(/(.75,6&+(181'
(/(.7521,6&+(1$/7*(5b7(1
.2&+0(7+2'(1
7,336=80$8)7$8(1
.2&+81'$8):b507$%(//(
*(0h6(7$%(//(
5(=(37(««««««««««««««««
,1+$/ 769(5=(,&+1,6
9 25.(+5 81*(1=809(50(,'(19 210g*/,&+(5
(;326,7,21=80,.5 2 :(//(1(1(5*,(
D %LWWHEHGLHQHQ6LHGLHVH0LNURZHOOHQLFKWPLWRIIHQHU7U XP ]XYHUPHLGHQGDVV6LH
JHIlKUOLFKHU 0LNURZHOOHQHQHUJLHDXVJHVHW]WZHUGHQ(VLVWVHKUZLFKWLJGDVVGLH
6LFKHUKHLWVYHUULHJHOXQJHQQLFKW]HUVW|UWRGHUYHUlQGHUWZHUGHQ
E /HJHQRGHUVWHOOHQ6LHQLHPDOVHLQHQ*HJHQVWDQG]ZLVFKHQ)URQWSODWWHXQG7UGHU0LNURZHOOHXQG
YHUPHLGHQ6LHGDVVVLFK6FKPXW]RGHU5HVWHYRQ5HLQLJXQJVPLWWHOQDXIGHU'LFKWXQJDEVHW]HQ
F :$5181* %HL HLQHUEHVFKlGLJWHQ7URGHU'LFKWXQJGDUIGDV*HUlWQLFKWPHKUEHQXW]WXQG
PXVVHUVWYRQHLQHP)DFKPDQQEHUSUIWE]ZUHSDULHUWZHUGHQ7UYHUERJHQ6FKDUQLHUH
XQG5LHJHO]HUEURFKHQRGHUORVH7UGLFKWXQJHQXQG'LFKWXQJVIOlFKHQ
G :$5181* 5HSDUDWXUHQ GUIHQQXUYRQTXDOLIL]LHUWHQXQGGD]XEHIXJWHQ)DFKOHXWHQGXUFKJHIKUW
ZHUGHQ )UMHGHDQGHUH3HUVRQLVWHVJHIlKUOLFKVROFKH$UEHLWHQVHOEVWGXUFK]XIKUHQGDGXUFK
GDV(QWIHUQHQYRQ*HKlXVHXQG'HFNHO0LNURZHOOHQDXVJHVWUDKOWZHUGHQ
H :$5181* )OVVLJNHLWHQ XQGDQGHUH6SHLVHQGUIHQQLFKWLQYHUVFKORVVHQHQ%HKlOWHUQJHNRFKW
ZHUGHQGDVLHVRQVWH[SORGLHUHQN|QQHQ
I :$5181* .LQGHU GUIHQGLHVHV*HUlWQXUGDQQRKQH$XIVLFKWEHQXW]HQZHQQVLHYRUKHU
DXVIKUOLFKH XQGDQJHPHVVHQH$QOHLWXQJHQ]XP*HEUDXFKHUKDOWHQKDEHQGDPLWGDV.LQGLQGHU
/DJH LVWGHQ2IHQVLFKHU]XYHUZHQGHQXQGGLHPLWVHLQHU%HQXW]XQJYHUEXQGHQHQ*HIDKUHQ
YHUVWHKW
J :$5181* :HQQ GDV*HUlWLP.RPELQDWLRQVPRGXVEHWULHEHQZLUGGUIHQ.LQGHUGLH0LNURZHOOH
DXIJUXQGGHUHU]HXJWHQ7HPSHUDWXUHQQXUXQWHU$XIVLFKWYRQ(UZDFKVHQHQEHQXW]HQ
2
,167 $//$ 7,2181'(5'81*6$1:(,681*(1
3UIHQGHU0LNURZHOOHQDFKGHP$XVSDFNHQ
3DFNHQ6LHGLH0LNURZHOOHDXVHQWIHUQHQ6LHGDV
9HUSDFNXQJVPDWHULDOXQGSUIHQ6LHGDV*HUlWDXI6FKlGHQZLH]%
'HOOHQHLQH]HUEURFKHQH7URGHU9HUULHJHOXQJ6SUQJHLQGHU7U
%LWWHHQWIHUQHQ6LHQLFKWGLH)ROLHYRQGHU7ULQQHQVHLWH:HQGHQ6LH
VLFKVRIRUWDQ,KUHQ+lQGOHUZHQQGLH0LNURZHOOHLQLUJHQGHLQHU:HLVH
EHVFKlGLJWLVW'DV*HUlWQLFKWLQVWDOOLHUHQZHQQHVEHVFKlGLJWLVW
$XIVWHOORUWGHU0LNURZHOOH
6WHOOHQ6LHGLH0LNURZHOOHDXIHLQHHEHQHXQGVWDELOH)OlFKH
'LH0LNURZHOOHGDUIQLFKWLQHLQHQ6FKUDQNJHVWHOOWZHUGHQHVVHL
GHQQHVKDQGHOWVLFKXPHLQVSH]LHOOHV(LQEDXPRGHOO
'LH0LNURZHOOHLVWGXUFKHLQH.XQVWVWRIIIROLHJHVFKW]WGLH6LHYRU
*HEUDXFKHQWIHUQHQPVVHQ
%LWWHDFKWHQ6LHGDUDXIGDVVVLFKJHQJHQG/IWXQJVDEVWDQGDXI
GHU5FNVHLWHXQGDQGHQ6HLWHQGHV*HUlWHVEHILQGHW$OOH
/IWXQJVVFKOLW]HPVVHQIUHLJHKDOWHQZHUGHQ:HQQDOOH
/IWXQJVVFKOLW]HZlKUHQGGHU%HGLHQXQJYHUGHFNWZHUGHQNDQQHV
]XUhEHUKLW]XQJGHU0LNURZHOOHXQGHYHQWXHOO]XP$XVIDOOGHV
*HUlWHVNRPPHQ
+DOWHQ6LH5DGLRVXQG79*HUlWHYRP*HUlWIHUQ:HQQGLH
0LNURZHOOH]XQDKHDQHLQHP79*HUlWVWHKWN|QQHQ
)XQNVW|UXQJHQHU]HXJWZHUGHQ
+DOWHQ6LHGDV*HUlWYRQVWDUNHQ:lUPHTXHOOHQ+HL]XQJHQXQG
:DVVHUKlKQHQIHUQ+DOWHQ6LHGDV*HUlWYRQKHLHU/XIW'DPSI
RGHU:DVVHUVSULW]HUQIHUQVRQVWN|QQWHGLH,VROLHUXQJEHVFKlGLJW
ZHUGHQXQGGDV*HUlW)XQNWLRQVVW|UXQJHQDXIZHLVHQ
'HU0LQGHVWDEVWDQGEHUGHU0LNURZHOOHPXVVPPEHWUDJHQ
9RUGHU9HUZHQGXQJZHQQ,KU0LNURZHOOHPLWHLQHP*ULOOHOHPHQW
DXVJHVWDWWHWLVW
=XP6FKXW],KUHU0LNURZHOOHZlKUHQGGHV7UDQVSRUWVRGHUGHU
/DJHUXQJLVWHVPLWHLQHU6FKXW]VFKLFKWYHUVHKHQ=XP(QWIHUQHQ
GLHVHU6FKXW]VFKLFKWPXVVGDV*ULOOHOHPHQW0LQXWHQODQJ
DXIJHKHL]WZHUGHQ'LHVHU9RUJDQJHU]HXJW*HUFKHGDGLH
6FKXW]VFKLFKWDXIGHP(OHPHQWHQWIHUQWZLUG
=XP(QWIHUQHQGHU6FKXW]VFKLFKWELWWHZLHIROJWYRUJHKHQ
6WHOOHQ6LHHLQHKLW]HEHVWlQGLJHRGHUPLNURZHOOHQVLFKHUH6FKVVHO
PLWm O:DVVHURGHUPHKULQGLH0LNURZHOOH
'UFNHQ6LHGLH*ULOOWDVWH
6WHOOHQ6LHGLH8KU]HLWDXI0LQXWHQHLQ
'UFNHQ6LHQXQGLH6WDUWWDVWH
1DFK$EODXIYRQ0LQXWHQHUW|QWHLQDNXVWLVFKHV6LJQDO
+LQZHLV
'LH6FKXW]VFKLFKWLVWQXQHQWIHUQWXQGGLH0LNURZHOOHLVWEHWULHEVEHUHLW
%LWWHDFKWHQ6LHGDUDXIGDVV,KUH0LNURZHOOHQXQVHKUKHLLVW
gIIQHQ6LHGLH0LNURZHOOHQWUXQGQHKPHQ6LHGLH6FKVVHOPLW
:DVVHUKHUDXVYHUZHQGHQ6LHKLHU]X7RSIODSSHQ
.,1'(56,&+(581*
8P]XYHUKLQGHUQGDVVHLQ.LQGGLH0LNURZHOOHEHGLHQWVROOWHQ6LHGLH
.LQGHUVLFKHUXQJHLQVWHOOHQ
'UFNHQ6LHGLH7DVWH6WRS&OHDU6HNXQGHQODQJ'LH
9HUULHJHOXQJZLUGDQJH]HLJWXQGHVOlVVWVLFKNHLQH7DVWHPHKU
DNWLYLHUHQ
+DOWHQ6LHHUQHXWGLH7DVWH6WRS&OHDU6HNXQGHQODQJJHGUFNW
XQGGLH.LQGHUVLFKHUXQJLVWDXIJHKREHQ
:$5181* .LQGHUGUIHQGLHVHV*HUlWQXUGDQQRKQH$XIVLFKW
EHQXW]HQZHQQVLHYRUKHUDXVIKUOLFKHXQGDQJHPHVVHQH
$QOHLWXQJHQ]XP*HEUDXFKHUKDOWHQKDEHQGDPLWGDV.LQGLQGHU
/DJHLVWGHQ2IHQVLFKHU]XYHUZHQGHQXQGGLHPLWVHLQHU%HQXW]XQJ
YHUEXQGHQHQ*HIDKUHQYHUVWHKW
(OHNWULVFKHU$QVFKOXVV
:$5181*',(6(6*(5b70866*((5'(7:(5'(1%,77(
/(6(16,('$6*(5b7(6&+,/'81'9(5*/(,&+(16,(',(
63$1181*,+5(51(7=675209(5625*81*0,7'(5'(6
*(5b7(6
%LWWHYHUZHQGHQ6LHHLQHQ6WLIW6WHFNHUGHUPLW%6
JHNHQQ]HLFKQHWLVWXQGHLQH$PSHUH6LFKHUXQJGLHPLWGHU
1XPPEHU%6JHNHQQ]HLFKQHWLVW:LUHPISHKOHQ,KQHQGLH
9HUZHQGXQJYRQKRFKZHUWLJHQ6WHFNHUQXQG:DQGVWHFNGRVHQGLH
PDQDXVVFKDOWHQNDQQZHQQGDV*HUlWQLFKWEHQXW]WZLUG
:,&+7,* 'LH.DEHOLP+DXSWOHLWHUVLQGIROJHQGHUPDHQIDUELJ
DXIJHWHLOW
*5h181'*(/% (5'(
%/$8 1(875$/
%5$8167520)h+5(1'
'DGLH)DUEHQGHU.DEHOLP+DXSWNDEHOGLHVHV*HUlWHVQLFKW
XQEHGLQJWPLWGHQIDUELJHQ0DUNLHUXQJHQGHU/HLWHULQ,KUHP6WHFNHU
EHUHLQVWLPPHQJHKHQ6LHELWWHZLHIROJWYRU
6WURPYHUVRUJXQJ
3UIHQ6LHELWWH,KUHORNDOH1HW]VWURPYHUVRUJXQJ'LHVH0LNURZHOOH
EHQ|WLJWHLQH6WURPYHUVRUJXQJYRQFD$PSHUH9+]
'DV1HW]NDEHOLVWFD0HWHUODQJ
'LHYHUZHQGHWH6SDQQXQJPXVVPLWGHUDXIGHP*HUlWHVFKLOG
DQJHJHJHEHQHQEHUHLQVWLPPHQ'LH9HUZHQGXQJHLQHUK|KHUHQ
6SDQQXQJLVWJHIlKUOLFKXQGNDQQ]X%UDQGRGHUDQGHUHQ8QIlOOHQ
XQGGDPLW]XU%HVFKlGLJXQJGHU0LNURZHOOHIKUHQ'LH9HUZHQGXQJ
HLQHU]XQLHGULJHQ6SDQQXQJIKUW]XODQJVDPHQ*DUYRUJlQJHQ
(LQEHVFKlGLJWHV1HW]NDEHOPXVVYRP+HUVWHOOHURGHUGHP
]XJHODVVHQHQ.XQGHQGLHQVWRGHUHLQHUlKQOLFKTXDOLIL]LHUWHQ3HUVRQ
DXVJHZHFKVHOWZHUGHQXP*HIDKUHQYRU]XEHXJHQ
'DV*5h1*(/%JHNHQQ]HLFKQHWH.DEHOPXVVPLWGHU.OHPPHLP
6WHFNHUYHUEXQGHQZHUGHQGLHPLWGHP%XFKVWDEHQ(RGHUGHP
(UGXQJVV\PERORGHU*5h1*(/%(1%=:*5h1(1
.HQQ]HLFKQXQJYHUEXQGHQZHUGHQ
'DV%/$8(.DEHOPXVVDQGLHPLW1PDUNLHUWHRGHU6&+:$5=(
%=:%/$8(.OHPPHDQJHVFKORVVHQZHUGHQ'DV%5$81(.DEHO
PXVVDQGLHPLW/PDUNLHUWHRGHU527(%=:%5$81(.OHPPH
DQJHVFKORVVHQZHUGHQ
:HQQGLH.OHPPHQLP6WHFNHUQLFKWPDUNLHUWVLQGRGHU6LH=ZHLIHODP
ULFKWLJHQ$QVFKOXVVKDEHQZHQGHQ6LHVLFKELWWHDQHLQHQ
TXDOLIL]LHUWHQ(OHNWULNHU:HQQ6LHGLH$QVFKOVVHQLFKWHLQZDQGIUHL
GXUFKIKUHQN|QQHQ6LHGLH0LNURZHOOHEHVFKlGLJHQXQGVLFK
HYHQWXHOOYHUOHW]HQ+HUVWHOOHUXQG/LHIHUDQWOHKQHQMHJOLFKH+DIWXQJIU
VROFKH8QIlOOHDE
*(*266(1(67(&.(5
:HQQHVXQEHGLQJWHUIRUGHUOLFKLVWHLQHQJHJRVVHQHQ6WHFNHUYRP
1HW]NDEHO]XHQWIHUQHQVROOWHHUDEJHFKQLWWHQXQGGXUFKHLQHQ
JHHLJQHWHQ6WHFNHUDXVJHWDXVFKWZHUGHQ
'HUJHJRVVHQH6WHFNHUNDQQQLFKWIUHLQDQGHUHV*HUlWEHQXW]W
ZHUGHQGDKHUPXVVGLH6LFKHUXQJKHUDXVJHQRPPHQXQGVRIRUW
RUGQXQJVJHPlHQWVRUJWZHUGHQLQVEHVRQGHUHGDPLW.LQGHUGHQ
6WHFNHUQLFKWLQGLH6WHFNGRVHVWHFNHQXQGVLFKYHUOHW]HQN|QQHQ
'HU$XVWDXVFKHLQHV1HW]NDEHOVGDUIQXUYRQHLQHPTXDOLIL]LHUWHQ
(OHNWULNHUHUIROJHQXQGHVGDUIQXUHLQ2ULJLQDOQHW]NDEHOYRP+HUVWHOOHU
YHUZHQGHWZHUGHQ
1XUIUJHJRVVHQH6WHFNHU
1DFKGHP$XVZHFKVHOQHLQHU6LFKHUXQJLP6WHFNHUPXVVGLH
6LFKHUXQJVDEGHFNXQJZLHGHUDXIJHVHW]WZHUGHQ:HQQGLH
6LFKHUXQJVDEGHFNXQJYHUORUHQJHKWPXVVHLQH(UVDW]DEGHFNXQJ
EHVRUJWZHUGHQ'LH)DUEHGHUULFKWLJHQ6LFKHUXQJVDEGHFNXQJLVWGLH
GHV)DUEHLQVDW]HVLP6WHFNHUVRFNHORGHUGLH)DUEHLQ:RUWHQGLHLP
6RFNHOVWHFNHURGHUDQHLQHUDQGHUHQ6WHOOHLP6WHFNHUHLQJHVWDQ]W
VLQG%LWWHJHEHQ6LHGLHVH)DUEHEHLGHU%HVWHOOXQJHLQHU
(UVDW]VLFKHUXQJVDEGHFNXQJDQ
(VGUIHQQXU$PS6LFKHUXQJHQPLW$67$=XODVVXQJIU%6
HLQJHVHW]WZHUGHQ