$EVWUDFW
$EVWUDFWW
'DVV =LHOO GHU IROJHQGHQQ %DFKHORUDUEHLWW LVWW HV GHQQ 1XW]HQQ YRQQ :HEE $QDO\WLFVV IUU GLH :HEVLWHRSWLPLHUXQJ KHUDXV]XDUEHLWHQQQ 'HUU +LQWHUJUXQGG GLHVHV 7KHPDVV LVWW GLHH VWHWLJH :HLWHUHQWZLFNOXQJ LQWHUQHWEDVLHUWHUU *HVFKlIWVPRGHOOHH XQG GHUU %HGDUI ,QIRUPDWLRQHQQ EHU ,QWHUQHWPDQDKPHQQ ]XX JHZLQQHQ XQGG ]X QXW]HQQ 'LHVH $UEHLW XQWHUWHLOW GLH ZLUWVFKDIWOLFKH 7lWLJNHLWW QDFKK GHP /HLVWXQJVHUVWHOOXQJVSUR]HVVV XQGG GLVNXWLHUW GDUDXII DXIEDXHQGGG ZHOFKH )DNWRUHQQ PDJHEOLFKHQQ (LQIOXVVV DXII GHQQ (UIROJ HLQHUU ,QWHUQHWSUlVHQ] QHKPHQQQ 1DFKK HLQHU 'LVNXVVLRQQGHUU(LQIOXVVJU|HQQQGLHHIUUGLHHSRVLWLYH(QWZLFNOXQJHLQHVVZHEEDVLHUWHQQ*HZHUEHV YHUDQWZRUWOLFKK VLQGGG ZHUGHQQ GUHLL .HUQGLPHQVLRQHQQ LGHQWLIL]LHUWWW 0LWKLOIH GLHVHUU GUHL (UIROJVIDNWRUHQQ LVWW HVV P|JOLFKK 6WUDWHJLHQQ IUU GLHH 3ODQXQJ 6WHXHUXQJ XQGG .RQWUROOH YRQQ ,QWHUQHWVHLWHQQ IHVW]XOHJHQQ $XII %DVLVV GLHVHU 9RUJDEHQQ ZLUGG HLQHH 6WUXNWXU HUDUEHLWHWWW GLHH HV HUP|JOLFKWW NRQNUHWHH =LHOH XQGG GHUHQQ QRWZHQGLJHQ 0DQDKPHQQ PHVVEDUU ]XX PDFKHQQQ 'LH *UXQGODJHHIUUGLHH'DWHQHUKHEXQJELOGHQQ:HEE$QDO\WLFVV$SSOLNDWLRQHQQQ+LHU]XJHKWWGLHH$UEHLW DXII GLHH )XQNWLRQVZHLVH GLHVHUU 3URJUDPPH HLQQ XQGG JLEW HLQHQQ hEHUEOLFN EHUU GLH $QZHQGXQJVIHOGHU GLHH PLWW HLQHU ,QWHUQHWGDWHQDQDO\VHH P|JOLFKK VLQGGG 6LH EHVFKUHLEW GLH XQWHUVWW]WHQQ $QDO\VHP|JOLFKNHLWHQQ XQGG ]HLJWW *UHQ]HQQ GLHVHUU )RUVFKXQJVULFKWXQJ DXI 6FKOLHOLFKK EHLQKDOWHWW VLH HLQHH XPIDVVHQGH $QDO\VHH GHVV ZLUWVFKDIWOLFKHQ 1XW]HQVV YRQQ :HE $QDO\WLFVVXQWHUU9HUZHQGXQJGHVV(UIROJVEHLWUDJHVVVVV
,QKDOWVYHU]HLFKQLV ,
,QKDOWVYHU]HLFKQLV
,QKDOWVYHU]HLFKQLV , $EELOGXQJVYHU]HLFKQLV ,,, 7DEHOOHQYHU]HLFKQLV ,9 )RUPHOYHU]HLFKQLV 9 $ENU]XQJHQQ9, .RQ]HSWWXQGG+LQWHUJUXQGGHUU$UEHLW
(UOlXWHUXQJJGHUU*HVFKlIWVPRGHOOHHLPP,QWHUQHW
%HJULIIVGHILQLWLRQ*HVFKlIWVPRGHOO
*HVFKlIWVPRGHOOHHLP,QWHUQHW
&RQWHQW
&RPPHUFHH
&RQWH[W
&RQQHFWLRQ
(UIROJVIDNWRUHQQIUU:HEVLWHV
(LQWHLOXQJGHVVZLUWVFKDIWOLFKHQQ(UIROJVLP,QWHUQHW
4XDOLWDWLYHH(UIROJVIDNWRUHQHLQHU:HESUlVHQ]
:HEE'HVLJQQ
:HEE8VDELOLW\
$EJUHQ]XQJYRQQ:HEE'HVLJQQXQGG8VDEOLWL\
:HEE0DUNHWLQJ
:HEE$QDO\WLFVVDOVV:HUN]HXJJ]XUU(UIDVVXQJJGHVZLUWVFKDIWOLFKHQQ(UIROJHV
%HJULIIVGHILQWLRQQGHU:HEE$QDO\WLFV
7HFKQLVFKHH(QWZLFNOXQJYRQQ:HEE$QDO\WLFV
/RJILOHVXQGG3DJH7DJJLQJ
0HWULNHQQYRQQ:HE$QDO\WLFV
4XHOOHQDQDO\VH
9HUKDOWHQVDQDO\VH
$QDO\VH GHVV ZLUWVFKDIWOLFKHQQ 1XW]HQVV YRQ :HEE $QDO\WLFV PLWKLOIHH GHV (UIROJVEHLWUDJV
,QKDOWVYHU]HLFKQLV ,,,
1XW]HQQYRQQ:HEE$QDO\WLFVVIUUGDVV'HVLJQQ
$EOHLWXQJYRQQ'HVLJQ]LHOHQQIUUGLH%DODQFHG6FRUHFDUG
'HVLJQQ.HQQ]DKOHQEHUZDFKXQJPLWKLOIHHYRQQ:HEE$QDO\WLFV
1XW]HQQYRQQ:HEE$QDO\WLFVVIUUGLHH8VDELOLW\
$EOHLWXQJYRQQ8VDELOLW\\=LHOHQQIUGLH%DODQFHGG6FRUHFDUG
8VDELOLW\\.HQQ]DKOHQEHUZDFKXQJPLWKLOIHHYRQQ:HE$QDO\WLFV
1XW]HQQYRQQ:HEE$QDO\WLFVVIUUGDVV0DUNHWLQJ
$EOHLWXQJYRQQ0DUNHWLQJ]LHOHQQIUGLH%DODQFHGG6FRUFDUG
0DUNHWLQJ.HQQ]DKOHQEHUZDFKXQJPLWWHOVV:HEE$QDO\WLFV
*UHQ]HQQYRQQ:HEE$QDO\WLFVV]XUUhEHUZDFKXQJYRQQ8QWHUQHKPHQVNHQQ]DKOHQ
)D]LWXQGGZHLWHUHH)RUVFKXQJVP|JOLFKNHLWHQQ]XXGLHVHUU$UEHLW
/LWHUDWXUYHU]HLFKQLV $QKDQJJ
$$$ 9HUJOHLFKKKLQWHUQHUU%HWULHEEYRQQ:HEE$QDO\WLFVV/|VXQJHQQPLWW6RIWZDUHDVVDD6HUYLFHHH
%%% *ORVVDU
$EELOGXQJVYHU]HLFKQLV ,,,,
$EELOGXQJVYHU]HLFKQLV
$EELOGXQJ *HZLQQZDFKVWXP %DVLVV 9HUJOHLFKK *RRJOHH XQGG ([[RQQ 0RELOHH ([[RQ0RELOOOOO*RRJOHH,QFFFFFFFFF
$EELOGXQJ*RRJOHH$QDO\WLFVV3DJH7DJ
$EELOGXQJ0HWULNHQQIUGLHHYLHUU'LPHQVLRQHQQHLQHU:HEVLWH+DVVOHUUU666 $EELOGXQJ(LQWHLOXQJGHUU,QWHUQHWTXHOOHQQHLQHU:HEVLWHLQQ$QOHKQXQJDQQ3HWHUVRQQ3HWHUVRQ 666666
$EELOGXQJ'LHH3\UDPLGHGHUU7UDIILFF'DWHQQQ3HWHUVRQQQQQQQQQ6666 $EELOGXQJ 6WUXNWXU GHU %HVXFKHUGDWHQQ (LJHQH 'DUVWHOOXQJ LQQ $QOHKQXQJ DQQ GLH 7UDIILF
$EELOGXQJ0HWULNHQQGHU,QKDOWDQDO\VHHH(LJHQHH'DUVWHOOXQJ
$EELOGXQJ$QZHQGXQJGHU(UIROJVIDNWRUHQQLQQGHU%DODQFHGG6FRUHFDUG(LJHQHH'DUVWHOOXQJ
$EELOGXQJ&RQWHQWW/HLVWXQJ%HULFKWW*RRJOH$QDO\WLFVVV*RRJOHH,QFFFFFFFFEE $EELOGXQJ %HVXFKHUHLJHQVFKDIWHQQ QDFKK +HUNXQIWVODQGG LQQ *RRJOHH $QDO\WLFV *RRJOHH ,QFFFF FF
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
$EELOGXQJ =LHOH HLQHU 0DUNHWLQJPDQDKPH DXII GHUU (EHQHH GHUU .RPPXQLNDWLRQVSROLWLN
$EELOGXQJ %HLVSLHO IUU GLH 'DUVWHOOXQJ YRQQ ,PSUHVVLRQHQQ XQGG %HVXFKH LQ HLQHU :$$
7DEHOOHQYHU]HLFKQLV ,9
7DEHOOHQYHU]HLFKQLVV
7DEHOOHH =XVDPPHQIDVVXQJ GHUU 'HVLJQIDNWRUHQQ DQKDQGG GHVV %HLVSLHOVV DPD]RQQFRP (LJHQH 'DUVWHOOXQJ
)RUPHOYHU]HLFKQLV 9
)RUPHOYHU]HLFKQLVV
$ENU]XQJHQ 9,,
$ENU]XQJHQQ
$,'$
%'6*
%6&&
%9':
)$44
*$$
,'
,3
,633
,X.
+70/
+773
.8,
29..
52,,
6DD6
6($
7&3
85//
86'
:$
:$$
:,
:8,
.RQ]HSWXQGG+LQWHUJUXQGGGHUU$UEHLW
.RQ]HSWWXQGG+LQWHUJUXQGGGHUU$UEHLW
³:HEE DQDO\WLFVV LVV WKHH DVVHVVPHQWW RI YDULHW\\ RI GDWDDD LQFOXGLQJJ :HEE WUDIILF :HEEEDVHG WUDQVDFWLRQV:HEEVHUYHUSHUIRUPDQFHHXVDELOLW\\VWXGLHVVVXVHUVXEPLWWHGGLQIRUPDWLRQQDQGGUHODWHG VRXUFHVV WRR KHOSS FUHDWHH D JHQHUDOL]HGG XQGHUVWDQGLQJ RI YLVLWRUU H[SHULHQFHH RQOLQHH´ 3HWHUVRQQ 6666
:lKUHQG GLHH 9RUOlXIHUU GHV ,QWHUQHWVV 0LWWH GHUU VHFK]LJHU -DKUHH LKUH HUVWHQ *HKYHUVXFKHH XQWHUQHKPHQQXQGGGLHHHUVWHQQ:LGHH$UHD1HWZRUNVVGDPDOVVQRFKKPLOLWlULVFKHQQ=ZHFNHQQGLHQWHQ ZDUUZRKOOQLHPDQGHQQEHZXVVWWZHOFKHHZHLWUHLFKHQGHQQ$XVZLUNXQJHQQGLHVHH7HFKQRORJLHHDXIGLH :HOWZLUWVFKDIWKDEHQZUGH$EEDWH6%LVLQQGLHDFKW]LJHU-DKUHKLQHLQZDUGLHVHV
1HW] ]XX JURHQQ 7HLOHQ DPHULNDQLVFKHQQ :LVVHQVFKDIWVHLQULFKWXQJHQQ YRUEHKDOWHQ (UVW PLWW GHU 6WDQGDUGLVLHUXQJ GHV 7&33,3 3URWRNROOVV DP -DQXDUU EHJDQQQ GDV ,QWHUQHW DQ ZLUWVFKDIWOLFKHU5HOHYDQ]]XJHZLQQHQQ7DQQHQEDXP6I+HXWHH[LVWLHUHQEHUU 0LOOLRQHQQ :HEKRVWVV 1HWFUDIWW /WG XQGG 0LOOLDUGHQQ 0HQVFKHQQ VLQGG ZHOWZHLW DQQ GDV
1HW] DQJHVFKORVVHQQ 0LQLZDWWVV 0DUNHWLQJ *URXSS 'DPLWW ELOGHWW GDV ,QWHUQHWW GLH *UXQGODJHH IUU HLQHH JOREDOHH .RPPXQLNDWLRQVSODWWIRUP GLHH 0LOLWlU :LVVHQVFKDIWWW :LUWVFKDIW 3ROLWLNXQGGSULYDWHH$QZHQGHUUJOHLFKHUPDHQQQXW]HQQQQQQ
$OVV HLQQ ZLFKWLJHUU *UXQGG IUU GLHH UDVDQWH (UZHLWHUXQJ GHVV ,QWHUQHWVV ZLUGG GLHH (QWZLFNOXQJ GHU +\SHUWH[W0DUNXSS/DQJXDJHH+70/DQJHJHEHQQQ.U\PDORZVNLLL0LWKLOIHYRQQ+70//LVW HVVP|JOLFKK:HEVHLWHQQlKQOLFKKZLH7H[WGRNXPHQWHH]XVWUXNWXULHUHQQXQGGGLHVHHXQWHUHLQDQGHUU]X YHUOLQNHQQQ 'LHH YHUEHVVHUWHQQ 0|JOLFKNHLWHQQ LP 8PJDQJ PLWW :HELQKDOWHQQ HUODXEWHQQ DXFK IDFKIHUQHQQ1XW]HUQQGHQQ=XJDQJ ]XPJOREDOHQQ1HW]'HUU7UHQGGGGDVV,QWHUQHWWLPPHUUVWlUNHUDQ PHQVFKOLFKH%HGUIQLVVHHDQ]XSDVVHQQQVHW]WWVLFKKELVVKHXWHHIRUWW
9RU ZHQLJHQQ -DKUHQQ ZDU GHUU :HEFRQWHQWW QRFKK WH[WEDVLHUWWW GLHH :HEVLWHEHWUHLEHUU ERWHQ KDXSWVlFKOLFKK ,QIRUPDWLRQVYHUPLWWOXQJ DQ XQG GHU =XJULIII EOLHEE QXU ZHQLJHQQ YHUVLHUWHQ 0HQVFKHQQ YRUEHKDOWHQQQ +HXWHH LVWW GHUU =XJDQJ LQQ GHUU ZHVWOLFKHQQ :HOWW QDKH]XX EHUDOOO JHJHEHQQ
%HQVPDQQQQ 6 IIII 0LW GHU (QWZLFNOXQJ XQG GHP 'HVLJQQ QHXHUU :HEVLWHVV HQWVWDQGHQ YHUVFKLHGHQHH*HVFKlIWVPRGHOOHHHGLHLQQGLHVHUU$UEHLWXQWHUU$EVFKQLWWWYRUJHVWHOOWWZHUGHQQQ'LH (LQWHLOXQJ LQQ YHUVFKLHGHQHH *HVFKlIWVPRGHOOW\SHQ LVWW QRWZHQGLJ GDD DQ MHGHQQ 7\SXV XQWHUVFKLHGOLFKHH=LHOHH]XUU/HLVWXQJVHUVWHOOXQJJHNQSIWWVLQGGG
+LVWRULVFKK EHGLQJW YHUlQGHUWHQQ VLFKK GLHH =LHOHH XQGG GHUU 8PJDQJ PLWW GHP ,QWHUQHW GXUFKK GDV 3ODW]HQQ GHUU 'RW&RP%ODVHHH :lKUHQGG YRUU GHP 0lU] VRJHQDQQWHH .LOOHUU :HEVLWHV YHUVXFKWHQQ DOOHH GHU]HLWLJ YHUIJEDUHQQ WHFKQRORJLVFKHQQ 0|JOLFKNHLWHQQ DXV]XQXW]HQQ XQGG VWlUNHU DXIIHLQHHKRKHH%HVXFKHUDQ]DKOOODOVVDXIIGLHH+DQGKDEEDUNHLWWXQGGVRPLWWGHQQ1XW]HQQGHUU:HEVLWH
/RUDQJHUUU 6 [L[ (LQQ ZHLWHUHUU XQGG HQWVFKHLGHQGHUU *UXQG IUU GLHH QHXHH XQGG JH]LHOWH $XVULFKWXQJYRQQ:HELQKDOWHQQLVWGHUVWHWLJZDFKVHQGH8PVDW]LPXQGXPGDV,QWHUQHW/DXWGHU *HVHOOVFKDIW IU .RQVXPIRUVFKXQJ ZXUGHQ LP -DKUU 0UG (XURR DOOHLQQ LP GHXWVFKHQQ ,QWHUQHWKDQGHOO XPJHVHW]WWW 'LHVV LVWW PHKUU DOVV GDV GRSSHOWHH LP 9HUJOHLFK ]XP -DKUU *I.
.RQ]HSWXQGG+LQWHUJUXQGGGHUU$UEHLW
$XIJUXQGG GHUU KRKHQQ 5HLFKZHLWHH GHVV ,QWHUQHWVVV GHUU VWHWLJ DQZDFKVHQGHQQ 1XW]XQJHQQ XQGG GHU KRKHQQ .RQNXUUHQ]VLWXDWLRQ HQWVWHKWW GLH 1RWZHQGLJNHLWW GLH (QWZLFNOXQJ XQGG GHQQ (UIROJ GHV HLJHQHQQ ,QWHUQHWDXIWULWWVV PHVVEDU ]XX PDFKHQQQ 'DQN PRGHUQHUU /|VXQJHQQ LP %HUHLFKK GHUU :HE $QDO\WLFVV :$ XQGG GXUFKK GLHH 1XW]XQJ GLHVHU SDVVLYHQQ 'DWHQHUIDVVXQJ PLWKLOIH YRQQ XQWHUVFKLHGOLFKHQQ:$$7RROVVLVWWHVVP|JOLFKKKHLQQ9HUVWlQGQLVIUUGLHH(UIDKUXQJHQGHUU%HVXFKHU DXIIGHUUHLJHQHQQ:HEVLWHH]XEHNRPPHQQQ(VVLVWWVRPLWW=LHOOGLHVHUU$UEHLWGLHVHH7HFKQRORJLHHQlKHU ]X EHWUDFKWHQQ XQGG GDVV 3RWHQ]LDO IU HLQHQQ ZLUWVFKDIWOLFKHQ 1XW]HQQ ZLHGHU]XJHEHQQQ 'DEHL ZHUGHQQGLHH)DNWRUHQQIUGHQQ(UIROJDQKDQGGYHUVFKLHGHQHUU*HVFKlIWVPRGHOOW\SHQQDXIJH]HLJWWXQG HU|UWHUWWW=XVDPPHQJHIDVVWWHUJHEHQQVLFKKIUGLHVHH$UEHLWWIROJHQGHH)RUVFKXQJVIUDJHQQ :RUDQQLVWWGHUUZLUWVFKDIWOLFKHH(UIROJHLQHUU:HEVLWHHJHNQSIW" :HOFKHH 0|JOLFKNHLWHQQ ELHWHQQ GLH .RQ]HSWH GHU :HEE $QDO\WLFVV ]XU (UIDVVXQJ GHVV ZLUWVFKDIWOLFKHQQ(UIROJV"
:HOFKHH (UNHQQWQLVVHH ODVVHQQ VLFKK DXVV GHQQ JHVDPPHOWHQQ 'DWHQQ ]XU $XVULFKWXQJ XQG *HVWDOWXQJJGHU:HEVLWH]LHKHQ""
:LHH WUDJHQQ GLHVH 'DWHQ GD]XX EHLLL HLQHH :HEVLWH XQWHUU GHP *HVLFKWVSXQNW GHV ZLUWVFKDIWOLFKHQ1XW]HQVV]XRSWLPLHUHQQQ
'LHVH $UEHLW VROOO NOlUHQQQ ZLHH :HEE $QDO\WLFV .RQ]HSWH XQWHU %HUFNVLFKWLJXQJ VSH]LILVFKHU (UIROJVIDNWRUHQQ IUU GDV ,QWHUQHWJHVFKlIW GD]XX EHLWUDJHQQ EHVWHKHQGH XQG JHSODQWH :HEVLWHVV ]X RSWLPLHUHQQ
(UOlXWHUXQJGHUU*HVFKlIWVPRGHOOHHLP,QWHUQHW
(UOlXWHUXQJJGHU*HVFKlIWVPRGHOOHHLP,QWHUQHW
'LHH YHUJDQJHQHQQ -DKUHH KDEHQQ JH]HLJW GDVVV GDVV ,QWHUQHWW VLFKK DOVV EHWULHEVZLUWVFKDIWOLFKH 3ODWWIRUP HWDEOLHUW KDW 8QWHUQHKPHQQ ZLH H%D\ $PD]RQQ XQG *RRJOH VWHOOHQQ QHEHQQ GHQ KHUN|PPOLFKHQQ SRVWPRGHUQHQ ,QGXVWULHEHUHLFKHQQ DOV LQWHUQHWEDVLHUWH ,QIRUPDWLRQVV XQGG .RPPXQLNDWLRQVSODWWIRUPHQQ ,X. HLQHQQ EHGHXWHQGHQQ :LUWVFKDIWV]ZHLJ GDUU :LUW] 6 :LHH VHKU ,X. 8QWHUQHKPHQQ DP ZHOWZHLWHQQ 8PVDW]ZDFKVWXP EHWHLOLJWW VLQGGG ]HLJW GHU 9HUJOHLFKKYRQQ([[RQQ0RELOHHXQGG*RRJOHHH%HLGHVVVLQG86DPHULNDQLVFKHH.RQ]HUQHHHGLHHJOREDO DJLHUHQ XQGG VHLWW PHKUHUHQQ -DKUHQ H[LVWLHUHQQ 'LH 8PVDW]KHUNXQIW N|QQWH DOOHUGLQJV NDXP XQWHUVFKLHGOLFKHUU VHLQ :lKUHQG ([[RQ DOVV JU|WHU DPHULNDQLVFKHUU 0LQHUDO|ONRQ]HUQQ VHLQHQ
8PVDW] GXUFKK GLH )|UGHUXQJ XQGG 9HUNDXI YRQQ .UDIWVWRIIHQ JHQHULHUW XQG DXFK RKQH ,QWHUQHW H[LVWLHUHQQ N|QQWHHH HUZLUWVFKDIWHWW *RRJOHH VHLQHH PRQHWlUHQQ *WHU GXUFKK GLHH 3ODW]LHUXQJ YRQQ :HUEXQJDXVVFKOLHOLFKKLP1HW]*HQDXXDXVVGLHVHP*UXQGGZXUGHQQGLHVHH.RQ]HUQHHDOVV%HLVSLHO IUGLH(QWZLFNOXQJJGHV,QWHUQHWJHVFKlIWVDXVJHZlKOW
0LWWHOV LKUHU 8PVlW]H VLQG GLHVH 8QWHUQHKPHQQ QXU VFKZHU ]X YHUJOHLFKHQQ 6R HUZLUWVFKDIWHWH *RRJOHHLP-DKUU0UGGG86''*RRJOHH,QFFFFZlKUHQGG([[RQQ0RELOHHHHHH0UGGG86' LQQ VHLQHQQ %LODQ]HQQ YHU]HLFKQHWHH ([[RQ0RELOOO 666 %HL GHP *HZLQQQ GHU EHLGHQ )LUPHQQYHUKlOWHVVVLFKKJHQDXXXPJHNHKUWWW6RRHUZLUWVFKDIWHWH*RRJOHHPLWWHLQHHZHLWWK|KHUH 8PVDW]UHQGLWHDOVV([[RQQPLWWJHUDGHHHLQPDOO1RFKKGHXWOLFKHU]HLJWWVLFKGHU$XIVFKZXQJLQ GHUU,X.7HFKQRORJLHHXQGGGLHH]XQHKPHQGHH%HGHXWXQJIUUGHQQ:HOWPDUNWLP*HZLQQZDFKVWXP LQQ$EELOGXQJ
$EELOGXQJ*HZLQQZDFKVWXP%DVLV9HUJOHLFK*RRJOHXQGG([[RQ0RELOHHHH([[RQ0RELO
*RRJOH,QFFFFFFFFF
.ULWLVFK DQPHUNHQQ OlVVW VLFKKK GDVV ([[RQ ZHLWW OlQJHUU DXI HLQHP HWDEOLHUWHQ 0DUNW H[LVWLHUW ZlKUHQG *RRJOHH DXII HLQHP QHXHQQ 0DUNW DJLHUWWW 'HQQRFKK ]HLJW GLHVHV %HLVSLHO ZHOFKHV 3RWHQ]LDO LQQ GHQQ ,QWHUQHWJHVFKlIWVPRGHOOHQQ VWHFNWW XQGG ZLH VLHH VLFKK GXUFK ,QQRYDWLRQHQ XQG .UHDWLYLWlWWDOVVGHU]HLWLJHU:DFKVWXPVPDUNWHWDEOLHUWWKDEHQQQ
,P IROJHQGHQQ $EVFKQLWWW VROOO QXQQ GHUU %HJULIII HLQHV *HVFKlIWVPRGHOOVV HUOlXWHUWW XQGG DXII GLH *HJHEHQKHLWHQ GHV ,QWHUQHWV DQJHZHQGHW ZHUGHQQ 'DPLWW ZLUGG HLQHH *UXQGODJHH IU GLH QDFKIROJHQGHH'LVNXVVLRQQGHUU(UIROJVIDNWRUHQQJHVFKDIIHQQQ
(UOlXWHUXQJGHUU*HVFKlIWVPRGHOOHHLP,QWHUQHW
%HJULIIVGHILQLWLRQ*HVFKlIWVPRGHOO
1DFKK 7LPPHUVV GHILQLHUWW VLFKK HLQQ *HVFKlIWVPRGHOO %XVLQHVVV PRGHOOO IROJHQGHUPDHQQQ Ä$ EXVLQHVV PRGHOO LV GHILQHG DVV WKH RUJDQL]DWLRQQ RU DUFKLWHFWXUH RII SURGXFW VHUYLFHH DQG LQIRUPDWLRQ IORZV DQG WKHH VRXUFHVV RI UHYHQXHVV DQGG EHQHILWVV IRU VXSSOLHUVV DQGG FXVWRPHUV´ 7LPPHUVVV 6 'HPQDFKK VLQGG *HVFKlIWVPRGHOOH HLQHH $EELOGXQJ ]ZLVFKHQ GHQ 3URGXNWLRQVV'LHQVWOHLVWXQJV0DWHULDOO$UEHLWVVXQGG,QIRUPDWLRQVIOVVHQQQ(LQHH7KHRULHHHGLH GHP 0RGHOOYHUVWlQGQLV YRQQ .RVLROO HQWVSULFKWWW QDFK ZHOFKHP HLQQ 0RGHOOO HLQHH YHUHLQIDFKWH $EELOGXQJ HLQHV UHDOHQQ 6\VWHPV GDUVWHOOWW .RVLROOO 6 (LQHH lKQOLFKHHH NU]HUH 'HILQLWLRQQZXUGHYRQQ$PLWW=RWWWDXIJHVWHOOWW,QQGLHVHUUKHLWWHVVÄ*HVFKlIWVPRGHOOHHVLQGHLQH .RQILJXUDWLRQQ YRQQ 7UDQVDNWLRQVNRPSRQHQWHQQQ GLH GD]X EHVWLPPWW VLQGG *HVFKlIWVWlWLJNHLWHQ DXV]XVFK|SIHQ³³ $PLWW =RWWWW 'HQ $QVDW] GHVV 7UDQVDNWLRQVIOXVVHV JUHLIW DXFK 0DKDGHYDQQ DXI 'HPQDFKK LVW HLQQ *HVFKlIWVPRGHOO HLQHH ÄVSH]LILVFKHH .RPELQDWLRQQ GUHLHU NULWLVFKHUU*HVFKlIWVSUR]HVVHHH6LHHHQWKlOWWGHQQ3UR]HVVGHUU:HUWJHQHULHUXQJYDOXHHVWUHDPIUUGLH *HVFKlIWVSDUWQHU XQGG .XQGHQQQ GHQ 3UR]HVV GHU 8PVDW]JHQHULHUXQJ UHYHQXHH VWUHDP XQGG GHQ ORJLVFKHQQ 3UR]HVV ORJLVWLFDOO VWUHDP³³ 0DKDGHYDQQ 6 ,QWHUHVVDQW LVWW DXFKK GHU $VSHNWGDVVVGHUU%HJULIIIHQJ PLWWGHQQÄNRPPHU]LHOOHQQ$NWLYLWlWHQQDXIGHP ,QWHUQHWWYHUEXQGHQ LVWXQGVHLQQ8UVSUXQJLQGHUU3UR]HVVVXQGG'DWHQPRGHOOLHUXQJYRQQ8QWHUQHKPHQQKDW³³6WlKOHU 6 'LHH +DXSWDXIJDEHH GHVV *HVFKlIWVPRGHOOVV LVWWW VRZRKOO LQQ ,X. DOVV DXFK WUDGLWLRQHOOHQ8QWHUQHKPHQQQGLHH'HILQLWLRQYRQQ:HWWEHZHUEVYRUWHLOHQQXQGGLHH$EJUHQ]XQJYRQ :HWWEHZHUEHUQQ+DPPHOOOOOOOOO66666
*HVFKlIWVPRGHOOHHLP,QWHUQHW
:LHLPYRUKHULJHQQ$EVFKQLWWWEHVFKULHEHQQQKDWGDVV*HVFKlIWVPRGHOOGDVV=LHOOOGDV8QWHUQHKPHQ YRQQ DQGHUHQQ DE]XJUHQ]HQQQ 'HU DP EHVWHQQ YRQQ DXHQQ HUVLFKWOLFKHH )DNWRUU LVW GDV /HLVWXQJVDQJHERWVPRGHOOOO0LWKLOIHHGLHVHUU(LQWHLOXQJN|QQHQQ0RGHOOW\SHQQDQKDQGGYRQQSURGXNW
(UOlXWHUXQJGHUU*HVFKlIWVPRGHOOHHLP,QWHUQHW
XQGG GLHQVWOHLVWXQJVVSH]LILVFKHQQ .ULWHULHQQ JHELOGHWW ZHUGHQ (LQHH 7\SRORJLVLHUXQJ QDFKK GHP /HLVWXQJVDQJHERWW QDKP :LUW] EHUHLWVV YRUUU 1DFKK LKP ODVVHQQ VLFKK GLHH ,X..8QWHUQHKPHQQ LQQ GLH %HUHLFKH &RQWHQW &RPPHUFHH &RQWH[W XQGG &RQQHFWLRQQ HLQWHLOHQQ :LUW] 6 III =XVlW]OLFKK ]X GLHVHUU 9HUWHLOXQJ ZLUGG LQQ GLHVHUU $UEHLW QDFKK GHP 'LJLWDOLVLHUXQJVJUDGG GHU /HLVWXQJVHUVWHOOXQJ XQWHUVFKLHGHQQQ GDD GLHVV IUU GLHH VSlWHUHH $QZHQGXQJ YRQQ :HEE $QDO\WLFV QRWZHQGLJJ LVW $OV 'LJLWDOLVLHUXQJVJUDG ZLUG GLHH $EKlQJLJNHLW GHVV /HLVWXQJVDQJHERWHVV YRQQ GLJLWDOHQQXQGGLP,QWHUQHWWYHUIJEDUHQQ*WHUQQYHUVWDQGHQQQQ
&RQWHQWW
*HVFKlIWVPRGHOOHHH GLHH XQWHUU GLHH (LQRUGQXQJ GHVV &RQWHQWVV IDOOHQ XPIDVVHQQ GLHH 6DPPOXQJ 6HOHNWLRQQQ 6\VWHPDWLVLHUXQJ .RPSLOLHUXQJ XQGG %HUHLWVWHOOXQJ YRQQ ,QKDOWHQQQ 'LHVH KDEHQ VRZRKOOGLJLWDOHQQDOVVDXFKKQDWUOLFKHQQ%H]XJ:lKUHQGPDQFKHHDXVVFKOLHOLFKKIUUGHQQ*HEUDXFK LP 1HW] JHQHULHUW ZHUGHQQ ]%%% %ORJJ(LQWUlJHH RGHUU ,QWHUQHWW9LGHRVV HQWVWDPPHQQ 0XVLN RGHU )LOPHH PHLVWW GHUU 2IIOLQHH8PJHEXQJ ,P 1DFKULFKWHQEHUHLFKK ZHUGHQQ QDWUOLFKHH,QKDOWHH ]%LQ =HLWXQJHQQ YHU|IIHQWOLFKWHH PLWW DXVVFKOLHOLFKK GLJLWDOHQQ YHUPLVFKWWW 'DEHLL PDFKHQQ VLFKK GLHVH 3RUWDOHH GLH JU|HUH 6HLWHQDQ]DKOO XQG GLHH VFKQHOOHUHH 5HDNWLRQV]HLWW GHVV 1HW]HVV ]XX 1XW]HHH 'HU (UIROJYRQQ&RQWHQWW6HLWHQQHQWVWHKWGXUFKKGLHH$Q]DKOOGHUU%HVXFKHUUXQGGGHUU8PVDW]ZLUGGGXUFK :HUEHHLQQDKPHQQRGHUU$ERQQHPHQWVVJHQHULHUW:LUW]666666III
&RPPHUFHH
,P *HJHQVDW] :HEVHLWHQQ GLHH VLFKK GXUFKK GHQQ &RQWHQWW DXV]HLFKQHQQQ GHILQLHUW VLFKK GHUU (( &RPPHUFHHGXUFKKGHQQ9HUNDXIIYRQQQDWUOLFKKH[LVWLHUHQGHQQ*WHUQXQGG'LHQVWOHLVWXQJHQQQ'DEHL EHUQHKPHQQGLHVHGLH$QEDKQXQJ$XVKDQGOXQJXQGG$EZLFNOXQJYRQQ*HVFKlIWVWUDQVDNWLRQHQ 8QWHUVFKHLGHQQODVVHQQVLFKKGDEHLL8QWHUQHKPHQQQGLHHGLHVHQQ9HUWULHEVNDQDOODOVV$GG2QQ]XLKUHP 2IIOLQHH*HVFKlIWQXW]HQQQ]%%%1LNHHHXQGGMHQHHHZHOFKHHDXVVFKOLHOLFKKEHUUGDVV,QWHUQHWWYHUWUHLEHQ ]% VSUHDGG VKLUW =XVlW]OLFKK JLEWW HVV QRFKK HLQHH GULWWH *UXSSHHH QlPOLFKK ,QWHUPHGLlUHHH GLHH DOV 3ODWWIRUP ]ZLVFKHQQ .XQGH XQGG +lQGOHUU DXIWUHWHQQ ]% H%D\ 5HLFKZDOGG 3LOOHUUU 6 II =LHOGLHVHU 6HLWHQQLVWWHVV P|JOLFKVWW YLHO *HZLQQQ GXUFK 9HUNlXIHH XQGG7UDQVDNWLRQHQ ]XX JHQHULHUHQQ:LUW]666III
&RQWH[W
'LH /HLVWXQJVHUVWHOOXQJJ YRQQ &RQWH[W6HLWHQ HUIROJW GXUFKK GLH .ODVVLILNDWLRQQ XQGG 6\VWHPDWLVLHUXQJ YRQQ LP ,QWHUQHW YHUIJEDUHQQ ,QIRUPDWLRQHQQQ 6RPLWW N|QQHQQ VLHHDOVV9HUPLWWOHU ]ZLVFKHQQ DQGHUHQQ :HEVHLWHQQ HLQJHVHW]WW ZHUGHQQ 'XUFK GLH PHLVWW IUHLHH =XJlQJOLFKNHLWW GHU ,QIRUPDWLRQHQQLP1HW]LVWWHVVVFKZLHULJLKUHH$JJUHJDWLRQQGLUHNWW]XYHUJWHQQQ'DKHUUILQDQ]LHUHQ VLFK &RQWH[W :HEVHLWHQ ]% *RRJOHH GXUFKK :HUEHHLQQDKPHQQQ )UU GLHVHH 6HLWHQQ LVW HV VRPLW QLFKW QXU ZLFKWLJ ,QKDOWHH EHUHLW]XVWHOOHQQ VRQGHUQQ DXFKK LQQRYDWLYHH :HUEHNRQ]HSWHH ]X HQWZLFNHOQQQ:LUW]66II
&RQQHFWLRQ
'DVV *HVFKlIWVPRGHOO ]XUU +HUVWHOOXQJ YRQQ ,QIRUPDWLRQVDXVWDXVFKK XPIDVVWW VHLWW QLFKW QXU
(UOlXWHUXQJGHUU*HVFKlIWVPRGHOOHHLP,QWHUQHW
ZLHH YRQQ :LUW] EHVFKULHEHQQQ GLHH ,QWHUQHWW 6HUYLFHH 3URYLGHUU ,6333 ]% 7HOHNRP XQGG ((0DLOO 'LHQVWH]%*0;VRQGHUQQHUZHLWHUWVLFKXPGLHVR]LDOHQQ1HW]ZHUNH]%IDFHERRNGLHLQ GHQQ OHW]WHQQ -DKUHQQ DQQ %HGHXWXQJ JHZDQQHQQQ 6FKZLHULJ LVWW VLFKK DQQ GLHVHUU 6WHOOHH GLH ]XVDPPHQJHIDVVWHH 7\SLVLHUXQJ YRQQ ,633 PLWW GHQQ DQGHUHQQ EHLGHQQ )RUPHQQQ :lKUHQG ,63$QJHERWH GLH %HUHLWVWHOOXQJJ GHV ,QWHUQHW]XJDQJV XPIDVVHQQ QXW]HQQ (0DLO'LHQVWH XQGG VR]LDOHH1HW]HHGLHVHQQ=XJDQJXPHLQHH9HUELQGXQJ]ZLVFKHQQ1XW]HUQQRGHUU*UXSSHQQ]XXVFKDIIHQQ 'DKHUUZLUGLQQHUKDOEEGLHVHUU$XVIKUXQJHQQGHUU9HUNDXIHLQHV,QWHUQHWDQVFKOXVVHVVXQGGVRPLWWGLH ,633HKHUUGHP%HUHLFKK&RPPHUFHH]XJHRUGQHWZlKUHQGG(0DLOO'LHQVWHHXQGGVR]LDOHH1HW]HHGHQ GLUHNWHQQ ,QIRUPDWLRQVDXVWDXVFKK HUP|JOLFKHQQ 'LHVHU 8QWHUVFKLHG ZLUG QRFKK GHXWOLFKHUU ZHQQ GHUU'LJLWDOLVLHUXQJVJUDGGGHU*WHUEHWUDFKWHWWZLUGGG:lKUHQGGGHU,633HLQHHSK\VLVFKHH9HUELQGXQJ YHUNDXIWWWH[LVWLHUWWGLHVHHEHLGHQQDQGHUHQQ'LHQVWHQQDXVVFKOLHOLFKKGLJLWDOOO'DVV]HLJWVLFKKDXFKKLQ GHUU=DKOXQJVEHUHLWVFKDIW'LHHSK\VLVFKHH9HUELQGXQJZLUGGGLUHNWWYHUJWHWZlKUHQGGGLHHGLJLWDOH ]XP %HLVSLHO IDFHERRN XQGG VWXGL9] KlXILJ DXFKK ((0DLO 3URYLGHUQQQ ZLHH *0;; XQGG :HEEGH GXUFKK:HUEXQJILQDQ]LHUWWZLUGG:LUW]666666III
(UIROJVIDNWRUHQQIU:H HEVLWHV
(UIROJVI IDNWRUHQQIUU:HEVLWHV
Ä$Q\WKLQJJWKDW¶VV JURZ
FDOO-HIIUH\%H]RV
$EE ELOGXQJJ$XVZHUWXQJJYRQQ.DXIYHUKDOWHQDXI$PD]RQ QFRP
'DV%HLVSLHOYRQQ$PD] ]RQQ]HLJWHLQHHHUIROJUHLFKHH:HEVLWHHYRP7\SXVV& &RPPHUFHHH'DEHLLZXUGH
(UIROJVIDNWRUHQQIU:HEVLWHV
HUOlXWHUWWW ZHOFKHH 7HLOEHUHLFKHH ]XX GLHVHU /HLVWXQJ IKUHQQ N|QQHQQ ,QQ GHQQ ZHLWHUHQQ $EVFKQLWWHQ GLHVHVV .DSLWHOVV VROOO QXQQ JHNOlUWW ZHUGHQQQ ZDVV XQWHUU GHP ZLUWVFKDIWOLFKHQQ (UIROJ HLQHU :HEVLWH YHUVWDQGHQQZLUGGXQGGZRUDQQGLHVHUU(UIROJJHNQSIWWLVW
(LQWHLOXQJGHVVZLUWVFKDIWOLFKHQQ(UIROJVVLP,QWHUQHW
8P ]XX EHJUHLIHQQ ZHOFKHQ 1XW]HQQ ,QYHVWLWLRQHQQ LQQ GHQQ HOHNWURQLVFKHQQ :LUWVFKDIWVUDXP IU 8QWHUQHKPHQQ PLWW GLJLWDOHQQ XQGG QLFKW GLJLWDOHQQ *WHUQQ ELHWHQQQ ZHUGHQQ DQ GLHVHUU 6WHOOH (UIROJVIDNWRUHQQ LGHQWLIL]LHUWWW 'HU $EVFKQLWW JLEW GDUDXIKLQQ HLQH YHUWLHIWH (UOlXWHUXQJ XQG ELOGHWWGLHH*UXQGODJHHIUUGLHVSlWHUHH$QDO\VHHPLWKLOIHHYRQQ:HEE$QDO\WLFVVV'LHVHH)DNWRUHQQGLHQHQ GHP :HEDXIWULWWW VRZRKO DOVV 'HILQLWLRQQ GHUU LP ,QWHUQHWW ]XX HUUHLFKHQGHQQ =LHOHH DOVV DXFKK GHU 3HUIRUPDQFHEHUZDFKXQJ /HW]WHUHV ELHWHWWHLQHQQ9HUJOHLFKVZHUW XP GLHH (QWZLFNOXQJ XQGGGHQ )RUWVFKULWWWJHJHQEHUU:HWWEHZHUEHUQQGDU]XVWHOOHQQ
=XQlFKVWW XQWHUVFKHLGHWW GLHVHH $UEHLW ]ZLVFKHQQ KDUWHQQ XQGG ZHLFKHQQ (UIROJVIDNWRUHQQQ ,QQ GHUU (UIROJVIDNWRUHQIRUVFKXQJ ZHUGHQQ GLHVHH DXFKK DOVV TXDQWLWDWLYHH KDUWWWW GDVV KHLWW GLUHNW PHVVEDUH
:HLQGOPDLHU 6 I 'LHVHH (LQWHLOXQJ ELHWHW VLFKK DQ GDD 8QWHUQHKPHQVVWDWLVWLNHQ ZLH DXFKK ,QWHUQHWGDWHQQ HLQHH QXPHULVFKHH TXDQWLWDWLYHH )RUP DXIZHLVHQQQ ZlKUHQGG *HVFKlIWVV XQGG :HEVLWH]LHOH HLQH JHZQVFKWH (QWZLFNOXQJJ GDUVWHOOHQQ GLH QXU PLW LQGLUHNWHQQ +DQGOXQJHQ HUUHLFKWWZHUGHQQNDQQQ
'HUU*UXQGGIUUGLHH6FKZLHULJNHLWWGLUHNWDXIIKDUWHH6FKOVVHOLQGLNDWRUHQQHLQ]XZLUNHQQLVWGHUYRQQ GHQQ HLJHQWOLFKHQ 7lWLJNHLWHQQ ORVJHO|VWHH &KDUDNWHU TXDQWLWDWLYHUU 0HVVJU|HQQ 'HUU 5HWXUQQ RQ ,QYHVWPHQWW 52, JLOWW DOVV ZLFKWLJVWHUU )DNWRU EHL GHU 7lWLJXQJ YRQQ ,QYHVWLWLRQHQQ LP ,QWHUQHW %HUHFKQHWZLUGHUUGXUFKKGLH7HLOXQJYRQQ*HZLQQQXQGGHLQJHVHW]WHP*HVDPWNDSLWDOO5HHVHHHHHHH 6:lKUHQGUHLQGLJLWDODXVJHULFKWHWH8QWHUQHKPHQQZLH$PD]RQQRGHU*RRJOHGHP*HZLQQ HLQGHXWLJLKUHQQ+DQGOXQJHQQLP,QWHUQHWW]XRUGQHQQN|QQHQQQLVWWGLHVHH=XUHFKQXQJYRQQPRQHWlUHQ (UIROJHQQQLFKWDXIIDOOHH*HVFKlIWVW\SRORJLHQQGLUHNWWDQZHQGEDUUU*HUDGHHEHLL:HEVLWHVVVZHOFKHHDOV $GGG2QQ ]XUU HLJHQWOLFKHQ *HVFKlIWVWlWLJNHLWW IXQJLHUHQQ XQGG KlXILJ QXU ]XU ,PDJHELOGXQJ YHUZHQGHW ZHUGHQQQ LVWW HLQHH (UIDVVXQJ |NRQRPLVFKHU (IIL]LHQ] PLWKLOIH YRQQ KDUWHQ )DNWRUHQ PHLVW QXU VFKZHU P|JOLFK bKQOLFK YHUKlOW HVVLFK EHL 8QWHUQHKPHQQ GLH LKUHQQ,QWHUQHWDXIWULWWW DXVVFKOLHOLFKK]XUU.RQWDNWJHQHULHUXQJQXW]HQQ0HLVWWIHKOHQQDQQGLHVHUU6WHOOHGLHH6WUXNWXUHQQQXP GHQQVSlWHUHQQ8PVDW]GHVV.RQWDNWHVVGHQQ.RPPXQLNDWLRQVNDQDOO]X]XRUGQHQ'DGHUU*HZLQQQDOV (UIROJVIDNWRUU QLFKW DOOJHPHLQQ DQJHZHQGHWW ZHUGHQ NDQQQQ VFKHLGHQQ DXFKK GLHH .RVWHQQ DOV 0LVVHUIROJVIDNWRUUDXVV'LHVVOLHJWWGDULQEHJUQGHWWWGDVVVGLHH.RVWHQQXULP=XVDPPHQKDQJ PLWW GHQQ *HZLQQHQ RSHUDWLRQDOLVLHUEDU VLQGG =ZDUU KDWW GLH +|KHH GHU ,QYHVWLWLRQHQQ HLQHQQ VLJQLILNDQW SRVLWLYHQQ=XVDPPHQKDQJPLWWGHP(UIROJ&DSRQQ)DUOH\+RHQLJ6VWHKWDEHU
DOOHLQQ LQQ NHLQHP 9HUKlOWQLVVV VRR GDVVV VLHH LKUHH $XVVDJHNUDIWW IUU GLHH $QZHQGXQJ YRQ 9HUlQGHUXQJHQQLQQGHU:HESUlVHQWVYHUOLHUWW
=XVlW]OLFKK ]XU IHKOHQGHQQ $OOJHPHLQJOWLJNHLW KDUWHU 0HVVJU|HQ HUODXEHQ GLHVH KlXILJJ NHLQHH GLUHNWH $EOHLWXQJ YRQQ +DQGOXQJVDQZHLVXQJ ,QQ GHQ HUKREHQHQQ =DKOHQQ NDQQQ QXUU DEJHOHVHQ ZHUGHQQQGDVVVHVVHLQHH9HUEHVVHUXQJRGHUU9HUVFKOHFKWHUXQJLQQGHUU:HESHUIRUPDQFHJHJHEHQQKDWW
(UIROJVIDNWRUHQQIU:HEVLWHV
:RGLHVHHQWVWDQGHQQLVWOlVVWVLFKLQQGHQQPHLVWHQQ)lOOHQQQLFKWJHQDX]XUHFKQHQQ'HU*UXQG'LH 'HWHUPLQDQWHQ GHV (UIROJHVV VLQG PDQQLJIDOWLJ 'DKHU KDEHQQ TXDQWLWDWLY HUKREHQHH =DKOHQ GHV 8QWHUQHKPHQVHUIROJHVVQXUUHLQHQEHVFKUHLEHQGHQQ&KDUDNWHUUU
'HVKDOEEZLUGGLQQGLHVHUU$UEHLWGLH.DXVDOLWlWWIUUGHQ(UIROJHLQHU:HEVLWHQLFKWGHQQTXDQWLWDWLY HUKREHQHQQ )DNWHQQ ]XJHRUGQHWWW VRQGHUQQ GLHH 8UVDFKH LQQ GHQQ ZHLFKHQQ )DNWRUHQQ TXDOLWDWLY XQWHUVXFKWWW,QQGHQQQlFKVWHQ$EVFKQLWWHQQZHUGHQQGUHLLEHUJHRUGQHWHH*UXSSHQQDOV(UIROJVIDNWRUHQ LGHQWLIL]LHUWW XQGG LKUU (UIROJVEHLWUDJ HUOlXWHUWW 'DUDXII DXIEDXHQGG ZHUGHQQ 0HWKRGHQQ ]XU TXDQWLWDWLYHQQ0HVVXQJPLWWHOVV:HEE$QDO\WLFVVYRUJHVWHOOWWXPGLHHTXDOLWDWLYHUNOlUHQGHQQ)DNWRUHQ PLWWEHVFKUHLEHQGHQQ7DWVDFKHQQ]XXKLQWHUOHJHQQQ
4XDOLWDWLYHH(UIROJVIDNWRUHQQHLQHUU:HESUlVHQ]
:DVVPDFKWWHLQHHJXWHH:HEVLWHHDXV""'DVVLVWWGLHH]HQWUDOH)UDJHHEHLLGHUU%HVWLPPXQJJYRQQ8UVDFKHQ HUIROJUHLFKHUU:HEVLWHVVV,QQGHUU/LWHUDWXUH[LVWLHUHQGHU]HLWWHLQHHJURHH$Q]DKOODQQ5DWJHEHUQQDEHU DXFKK DQQ ZLVVHQVFKDIWOLFKHQQ 7H[WHQQ XQGG )DFKEFKHUQQQ GLHH VLFKK PLWW GHP 7KHPDD VHLWW GHQ $QIlQJHQQGHV,QWHUQHWVVEHVFKlIWLJHQQQ$OOHLQQEHLL$PD]RQQZHUGHQQGHXWVFKVSUDFKLJHH%FKHU PLWWGHP%HJULIII:HEGHVLJQLQ9HUELQGXQJJHEUDFKW 'DEHLLLVWWGDVV'HVLJQQHLQHU:HEVHLWHHQXU HLQQ )DNWRU IUU GHQQ (UIROJ 'LH 8VDELOLW\ GDVV KHLWW GLHH %HGLHQEDUNHLW RGHUU (UJRQRPLHH HLQHV :HEDXIWULWWHVVVJLOWWDOVVJHQDXVRRQRWZHQGLJXQGGZLUGGVHLWWGXUFKGLHH1LHOVRQQ1RUPDQQ*URXS HPSLULVFK EHWUDFKWHWW 1LHOVHQQ /RUDQJHU 6 [YLLLL ,QQ GHU 5HJHOO ZHUGHQQ VRZRKOO :HE 'HVLJQQQ DOVV DXFKK :HEE 8VDELOLW\ KlXILJ PLWHLQDQGHUU YHUPLVFKWWW GDD VLHH LQQ JURHUU $EKlQJLJNHLW ]XHLQDQGHUU VWHKHQQ ,QQ GLHVHUU $UEHLW ZHUGHQQ EHLGH %HJULIIHH P|JOLFKVWW JHWUHQQW YRQHLQDQGHU EHWUDFKWHWWXQGGHLQGHXWLJ]XHLQDQGHUDEJHJUHQ]W
0LWW GHP :DFKVWXP GHVV ,QWHUQHWVV HQWVWDQG HLQHH ZHLWHUHH +HUDXVIRUGHUXQJ IU :HEVHLWHQEHWUHLEHUUU:DUHQDQIDQJVQXUZHQLJHHNRQNXUULHUHQGHH,QKDOWHHYRUKDQGHQLVWGHUU0DUNW KHXWHVWDUNXPNlPSIWWW'HU*UXQGGLVWGLHHJURHH9HUEUHLWXQJGHVV1HW]HVVEHLP(QGYHUEUDXFKHU 'HU]HLWLJ OLHJWW GDVV :DFKVWXP YRP VFKQHOOHQQ XQGG NRPIRUWDEOHQQ %UHLWEDQGLQWHUQHWW EHL LP OHW]WHQQ-DKUUU 6FKRQQMHW]W QXW]HQQ ]ZHLL 'ULWWHOO DOOHUU GHXWVFKHQQ +DXVKDOWHH GLHVH $UWW GHV ,QWHUQHWV %,7.200HH9'LHHLQWHQVLYH,QWHUQHWQXW]XQJHUK|KWWGLHH$WWUDNWLYLWlWWGHVV0DUNWHVVXQG VRPLWWGHQQ:HWWEHZHUEEE(LQ8PVWDQGGGGHUUZLHGHUXPHLQQYHUVWlUNWHVV0DUNWLQJLPSOL]LHUW 'DGXUFK HUJHEHQQ VLFK GLHH GUHL TXDOLWDWLYHQQ (UIROJVIDNWRUHQQ 'HVLJQQQ 8VDELOLW\ XQGG 0DUNHWLQJ 6LHHVLQGGDOVTXDOLWDWLYHLQ]XRUGQHQZHLOVLHHGLH9HUlQGHUXQJHQQLQQGHU3HUIRUPDQFHHHUNOlUHQQXQG JOHLFK]HLWLJ QXU LQQ EHVFKUlQNWHP 0DHH LQGLUHNW PHVVEDUU VLQGGG (QWVWDQGHQQ LVW GLHVHH (LQWHLOXQJ GXUFKGLH%HWUDFKWXQJGHV/HEHQV]\NOXVHLQHU:HEVLWHYRQQGHU3ODQXQJEHUGLH(UVWHOOXQJELV ]XLKUHU1XW]XQJ'DEHLZLUNHQQDOOHGUHL)DNWRUHQQDXIMHGHGLHVHU3KDVHQQXQGEHHLQIOXVVHQQGHQ ,QWHUQHWDXIWULWWW E]ZZZ GDVV 3URGXNWW Ä:HEVHLWH³³ GLUHNW 'DVV 0DUNHWLQJ ZLUNWW DQ GLHVHUU 6WHOOH P|JOLFKHUZHLVH XQSDVVHQGG 'HU *UXQG IU GHQQ HQWVFKHLGHQGHQQ (LQIOXVV GLHVHV )DNWRUVV LVW GHU KRKHH :HWWEHZHUEVGUXFN XQGG VRPLW GLHH 1RWZHQGLJNHLW HLQH 0DUNWDEJUHQ]XQJ YRU]XQHKPHQQ
'LHVH =DKOO ZUGHH GXUFK GLHH $Q]DKOO GHUU %FKHUU HUPLWWHOWWW GLHH EHLL HLQHUU 6XFKH DXII $PD]RQQ DP
PLWGHUU.HQQ]HLFKQXQJÄ:HEGHVLJQ³YHUVHKHQQZDUHQQQ
(UIROJVIDNWRUHQQIU:HEVLWHV
%UXKQQ6:DVVLFKQRFKKXQWHUUGHQQ%HJULIIHQQ]XXYHUVWHKHQQLVWXQGZHOFKHQQ1XW]HQ VLHHIUUGHQQ$XIWULWWWLP,QWHUQHWWGDUVWHOOHQQQZLUGGLQQGHQQQlFKVWHQQ$EVFKQLWWHQQHU|UWHUWW
:HEE'HVLJQQQQ
'HUU %HJULIII Ä'HVLJQ³³ EHVLW]WW LP $QJORDPHULNDQLVFKHQQ YHUVFKLHGHQHH %HGHXWXQJHQQQ ,P 2[IRUG 'LFWLRQDU\\ JLEW HVIQI 2[IRUGG 8QLYHUVLW\ 3UHVV DXI GLFWFFVRJDU XQWHUVFKLHGOLFKH hEHUVHW]XQJHQQQ78&KHPQLW]%HLGHHEHVFKUHLEHQQHVVDOVHLQHH%DXZHLVHHLQ(QWZXUIIE]ZZZ HLQH .RQVWUXNWLRQQ RGHU HLQHH $UWW GHUU *HVWDOWXQJ ,QQ GLHVHU $UEHLW E]Z LQQ GHUU )DFKOLWHUDWXU ]X GLHVHP7KHPDZLUGGOHW]WHUHVVDOVV%HGHXWXQJYRQQ'HVLJQQDQJHVHKHQQQ6RRGHILQLHUHQQ+DPPHUU %HQVPDQQQ 'HVLJQQ DOV ÄGLHH *HVWDOWXQJ YRQQ ]ZHLL XQGG GUHLGLPHQVLRQDOHQQ 3URGXNWHQQ XQWHU EHVRQGHUHUU %HUFNVLFKWLJXQJ GHUU QXW]HQRULHQWLHUWHQQQGGKKK GHU HUJRQRPLVFKHQQQ NRPPXQLNDWLYHQ XQGG lVWKHWLVFKHQ %HODQJH HLQHUVHLWVV XQGG GHU WHFKQLVFKKNRQVWUXNWLYHQQQ KHUVWHOOXQJVEH]RJHQHQQ XQGG EHWULHEVZLUWVFKDIWOLFKHQQ %HODQJH DQGHUHUVHLWV³³ +DPPHUU %HQVPDQQQQ 6 %HL GLHVHUU'HILQLWLRQQZLUGGGHXWOLFKKKZLHHQDKK8VDELOLW\XQG'HVLJQQEHLHLQDQGHUUOLHJHQQXQGGYHUPLVFKW ZHUGHQQ (LQHH EHVVHUHH $EJUHQ]XQJ QLPPW %DO]HUW YRUUU 1DFK LKP LVW 'HVLJQQQ VSH]LHOOHU :HEGHVLJQQ GLHH ÄSODQPlLJH *HVWDOWXQJ GHUU %HQXW]HUREHUIOlFKHQQ YRQQ :HEVLWHVV E]Z :HE $QZHQGXQJHQ³³³%DO]HUW66666
'DVV 'HVLJQQ EHUQLPPW GLHH $XIJDEHH lVWKHWLVFKHUU 'DUVWHOOXQJ XQGG GHUU $QPXWXQJVJHVWDOWXQJ =LHOO LVWW HVV GLH 6LWHH VRR ]X JHVWDOWHQQ GDVV GLHVH VRZRKOO GHQQ 9RUVWHOOXQJHQQ GHV 8QWHUQHKPHQV HQWVSULFKWDOVVDXFKGHQQ.XQGHQQJHIlOOW'LHH$QVSUFKHHGHVV8QWHUQHKPHQVVVLQGGGDEHLLVWDUNYRP *HVFKlIWVPRGHOOODEKlQJLJ:lKUHQGG&RPPHUFHH6HLWHQQHLQHHRSWLPDOHH3URGXNWSUlVHQWDWLRQXQG HLQHQQNXU]HQQ$EZLFNOXQJVSUR]HVVV]XP=LHOOKDEHQQQZLUGGIUU&RQWHQWW6HLWHQQHLQHHP|JOLFKVWWODQJH 9HUZHLOGDXHUUDQJHVWUHEW8PGLHHUHLQHH*HVWDOWXQJYRQQHUJRQRPLVFKHQQ$VSHNWHQQDE]XJUHQ]HQ ZHUGHQQGHP:HEGHVLJQQGLH%HUHLFKHH6WUXNWXUXQGG6FUHHQGHVLJQQ]XJHRUGQHW%HLGHH'LV]LSOLQHQ EHIDVVHQQ VLFKK LP .HUQQ PLWW GHUU 'DUVWHOOXQJ GHVV 8QWHUQHKPHQVV JHJHQEHUU GHP .XQGHQQQ 'LH 9HUNQSIXQJ]XUU(UJRQRPLHHHUIROJWWGDQQQVSlWHUULP,QWHUDNWLRQVVXQGG,QWHUIDFHGHVLJQQQGLHHXQWHU LQQGHU:HE8VDELOLW\EHWUDFKWHWWZHUGHQ 6WUXNWXUGHVLJQQ'LHH*HVWDOWXQJJYRQQ,QIRUPDWLRQHQ
'LHH+HUDXVIRUGHUXQJLP6WUXNWXUGHVLJQQLVWWGLHH(UVWHOOXQJHLQHU,QIRUPDWLRQVDUFKLWHNWXUZHOFKH GLHHORJLVFKHQQ%H]LHKXQJHQ]ZLVFKHQQGHQQ,QKDOWHQQGHV:HEDXIWULWWHVVZLGHUVSLHJHOWW+DPPHUU %HQVPDQQQQ6III'DEHLLJHKWWHVVHLQ]LJXPGHQQLQKDOWOLFKHQQ$XIEDXXGHUU6LWHZHOFKHU VLFK DP 8QWHUQHKPHQQ XQGG GHUHQQ 3URGXNWHQ RULHQWLHUWW 8QWHUVFKLHGHQ ZLUGG GLHH 7LHIHH XQG 9HUQHW]XQJGHUU,QIRUPDWLRQHQQQ)ODFKHH,QIRUPDWLRQHQQHLJQHQQVLFKIUUGHQQVFKQHOOHQQ=XJULIIXQG ZHUGHQLP%HUHLFKGHV&RQWH[WXQGG&RPPHUFHHDQJHZHQGHWW'HU.XQGHVROOP|JOLFKVWWVFKQHOO ]XGHP3URGXNWWRGHUU6XFKHUJHEQLVJHODQJHQQZlKUHQGG&RQWHQWXQG&RQQHFWLRQKlXILJDXIWLHIH 6WUXNWXUHQQ VHW]WHQQQ XP GHP .XQGHQQ P|JOLFKVWW YLHOH ,QIRUPDWLRQHQQ ]XUU 9HUIJXQJ ]X VWHOOHQ XQGG VHLQHH $XIHQWKDOWVGDXHUU DXII GHUU 6LWHH ]XX HUK|KHQQQ $XFKK EHL GHUU 9HUQHW]XQJ JLEWW HVV XQWHUVFKLHGOLFKHH 6WUDWHJLHQ (LQHH KlXILJHH 9HUOLQNXQJ LQQHUKDOEE GHUU 6HLWHQQ HUP|JOLFKWW GHP .XQGHQQ HLQHQQ =XJULII DXI P|JOLFKHUZHLVHH QRFKK XQEHNDQQWHH ,QIRUPDWLRQQQ $OOHUGLQJV ZLUG GDGXUFKKGLHH1DYLJDWLRQVORJLNNDXIJHEURFKHQQXQGGGHUU%HVXFKHUN|QQWHHVLFKKLQQGHQQYLHOHQQ/LQNV YHUOLHUHQQQ 'LHVV KlWWHH ]% EHLL &RPPHUFHH 6HLWHQQ QHJDWLYHH $XVZLUNXQJHQQQ 6RR YHUEULQJHQ
(UIROJVIDNWRUHQQIU:HEVLWHV
,QWHUQHWQXW]HUU PHLVWW ZHQLJHUU DOV ]ZHLL 0LQXWHQQ DXI HLQHU :HEVLWH VROOHQ DEHUU LQQ GLHVHP =HLWUDXPP|JOLFKVWWYLHOHH3URGXNWHHNDXIHQQ1LHOVHQQ/RUDQJHUUU6%HLLHLQHPVROFK NOHLQHQQ=HLWIHQVWHUUN|QQWHQ]XXVWDUNH9HUNQSIXQJHQQYRP.DXISUR]HVVDEOHQNHQQ 6FUHHQGHVLJQQQ'DVÄ/RRNNDQGGIHHO´´EHLP:HEVLWHH%HVXFK
'DVV6FUHHQGHVLJQQSUlJWGLH(UVFKHLQXQJVIRUPHLQHVV,QWHUQHWDXIWULWWVVV(VVLVWWHQWVFKHLGHQGGIUUGHQ HUVWHQQ(LQGUXFNGHVV.XQGHQQYRP8QWHUQHKPHQQXQGGSUlJWWGLHHJHVDPWHH:HEVLWHH*HVWDOWXQJ(VV ]HLFKQHW VLFK ÄGXUFK GDVV IXQNWLRQDOHH XQGG lVWKHWLVFKHHKDUPRQLVFKHH =XVDPPHQVSLHO XQWHUVFKLHGOLFKHUU(OHPHQWHDXV³³7KLVVHQQQ6:LFKWLJLVWGDEHL]XXEHDFKWHQQGDVVVGDV 6FUHHQGHVLJQQ QXUU YHUPLWWHOQGHH 3RVLWLRQQ HLQQLPPW 'LHH .RQ]HSWHH GHV /RRNN DQGG )HHO GLHQHQ OHGLJOLFKK GD]X GLH :HEVLWHH PLWW JHVWDOWHULVFKHQQ 6WUXNWXUHQQ XQGG PHQWDOHQQ 0RGHOOHQQ ]XX KLQWHUOHJHQQQ =ZDUU ZHUGHQQ LP 6FUHHQGHVLJQQ 'DUVWHOOXQJVNRQ]HSWHHH ZLH ]%%% GLH 0HQIKUXQJ DXVJHDUEHLWHW'LHHHLJHQWOLFKHH8PVHW]XQJHUIROJWWDEHUULP,QWHUIDFHGHVLJQQXQGG,QWHUDNWLRQVGHVLJQQ VLHKHH:HE8VDELOLW\(LQHGHUUZLFKWLJVWHQ+HUDXVIRUGHUXQJHQQLVWGLH$XIWHLOXQJGHUU6LWH QDFKK YHUVFKLHGHQHQQ %HUHLFKHQQQ ZLHH ]% &RQWHQWW%HUHLFKK +HDGHU XQGG 1DYLJDWLRQVEHUHLFK VRZLHH GLHH %HVWLPPXQJ GHVV 9HUKlOWQLVVHV ]ZLVFKHQQ )UHLUDXP XQGG ,QKDOWHOHPHQWHQQQ 'LH *HVWDOWXQJJ LVW VWDUNN DEKlQJLJJ YRP ,QKDOW GHU 6HLWH -H QDFKGHP LQQ ZHOFKHUU $UW XQG $Q]DKOO &RQWHQWWGDUJHVWHOOWWZHUGHQQPXVVVVHUJHEHQQVLFKDQGHUH$XIWHLOXQJHQQLQGHU6HLWHQVWUXNWXU(VLVW HLQQ JUDYLHUHQGHU 8QWHUVFKLHG RE DXI GHU 6HLWH KDXSWVlFKOLFKK 7H[W %LOGHU 9LGHRV RGHUU $QLPDWLRQHQSUlVHQWLHUWWZHUGHQQ:lKUHQGG7H[WHUHODWLYIOH[LEHOLQQLKUHU'DUVWHOOXQJVLQGGGKDEHQ DQGHUH PXOWLPHGLDOHH ,QKDOWHH PHLVW IHVWHH *U|HQYRUJDEHQQ XQGG PVVHQ LQ GLHH 6HLWH HLQJHSDVVW ZHUGHQQQ :HLWHUKLQQ VLQGG 7H[WHH UHODWLY OHLFKW PLWW GHQQ &RUSRUDWHH 'HVLJQQ 9RUVFKULIWHQQQ E]ZZZ 0HWDSKHUQQGHV8QWHUQHKPHQVVYHUHLQEDUZlKUHQGGGLHVVPLWWDQGHUHQQ,QKDOWHQVFKZLHULJHUULVW 'HUU %HLWUDJ YRQQ :HEGHVLJQQ ]XP ,QWHUQHWHUIROJ LVW YLHOIlOWLJ ,QQ YHUVFKLHGHQHU )DFKOLWHUDWXU ZHUGHQ XQWHUVFKLHGOLFKHH .RQ]HSWHH IU GLHH 8PVHW]XQJ YRQQ 6FUHHQQ XQGG 6WUXNWXUGHVLJQ GLVNXWLHUW/HW]WOLFKKLVWWHVGLHH(LQPDOLJNHLWWXQGG.UHDWLYLWlWWHLQHUU:HEVLWHHHGLHHLP'HVLJQQ(UIROJ YHUVSULFKW 6RR VFKDIIWHH HVV *RRJOHH PLWW HLQHUU Y|OOLJ IODFKHQQ 6WUXNWXUU XQGG ZHQLJHQ %HGLHQHOHPHQWHQQ LQQ 'HXWVFKODQGG DXII 5DQJ HLQVV GHUU 6XFKPDVFKLQHQQQ (LQ ZHLWHUHVV %HLVSLHO LVW :LNLSHGLDDD DOV &RQWHQWW6LWH PLWW HLQHUU VWDUNHQQ 9HUQHW]XQJ XQGG HLQHU VHKUU DXIJHUlXPWHQQ XQG NODUHQQ 6WUXNWXUUU HUUHLFKWH HVV 3ODW] LP $OH[DD 5DQNLQJ GHUU DP PHLVWHQQ EHVXFKWHQQ :HEVLWHV $OH[D$PD]RQQQQQQQQQQ
:HE8VDELOLW\\
,P -DKUU HUVFKLHQQ GDV %XFKK &UHDWLQJ .LOOHUU :HEE 6LWHV LQQ GHP GLHH GULWWHH *HQHUDWLRQQ YRQ ,QWHUQHWDXIWULWWHQQEHVFKULHEHQQZLUGGG'LHVHHVROOWHHVLFKKYRQQGHQQYRUKHULJHQQGDGXUFKKDEKHEHQQQGDVV GLHH6LWHVVHLQHHÄXPIDVVHQGHH(UIDKUXQJ³IUGHQQ%HVXFKHUUGDUVWHOOHQQQ6LHJHOOOOO6 *HPHLQWZDUHLQHDXIZHQGLJHJUDILVFKH*HVWDOWXQJGLHGHP1XW]HUGDV*HIKOJLEWQLFKWPHKU LQQ,QWHUQHW]XXVXUIHQQQVRQGHUQQLQGDVMHZHLOLJHH8QWHUQHKPHQQHLQ]XWDXFKHQQQ6RZXUGHHSURSDJLHUW GHQQ%HVXFKHUPLWW)ODVKK,QWURGXFWLRQVDXVVHLQHUHLQW|QLJHQQ,QWHUQHWZHOWKHUDXV]XKROHQXQGGLKQ PLWW %LOGHUQQ VWDWWW PLWW %XWWRQVV GXUFKK GLHH 6HLWHH ]X IKUHQQQ 'LHH GLJLWDOHQQ ,QKDOWH ZXUGHQ PLW 0HWDSKHUQQ DXVV GHU UHDOHQQ :HOWW KLQWHUOHJWW XQGG GDGXUFKK YHUIUHPGHWW LQQ GHUU +RIIQXQJ GDVV GHU
(UIROJVIDNWRUHQQIU:H HEVLWHV
EHUKROWJHOWHQQ
(UIROJVIDNWRUHQQIU:HEVLWHV
(UVWHUHVVZLUGGGXUFKKGHPRJUDSKLVFKHH'DWHQQZLH$OWHUUU*HVFKOHFKWWW0LOLHXXXQGGlKQOLFKHP EHVWLPPW NDQQQ GXUFKK HLQHH 'HILQLWLRQQ GHU =LHOJUXSSHH IUU GLHH 6LWHH HUIDVVW ZHUGHQQ XQGG LVW EHJUQGHWW LQQ GHP *HVFKlIWVPRGHOOO GHVV 8QWHUQHKPHQVVV -HH QDFKK .RQVXPHQWHQQ N|QQHQ YHUVFKLHGHQHH 'HVLJQWHFKQLNHQQ DQJHZHQGHWW ZHUGHQQ XP GHQQ $XIWULWW DQQ GHUHQQ :QVFKH 9RUVWHOOXQJHQQXQG9RUNHQQWQLVVHDQ]XSDVVHQQ6FKZLHULJHU]XHUNOlUHQQLVWGHUHLJHQWOLFKH*UXQG IUGHQQ%HVXFKGHU:HEVLWH=ZDULVWEHNDQQWZHOFKHU,QKDOWZLHDXIGHU6LWHDQJHERWHQQZLUG $OOHUGLQJV NDQQQ ZlKUHQG GHVV 'HVLJQSUR]HVVHVV QXU VFKZHUU HUNOlUWW ZHUGHQQ ]X ZHOFKHQ )UDJVWHOOXQJHQQ GLH 1XW]HU GLHVHQQ OHW]WHQGOLFKK YHUZHQGHQQQ (LQQ DNWXHOOHV %HLVSLHOO IUU GLH XQWHUVFKLHGOLFKH1XW]XQJHLQHU6LWHHLVWWGLHH$UWWXQGG:HLVHZLH%HVXFKHUUDXIIGLHVHUUHLQVWHLJHQ ,QQ GHQQ 1HXQ]LJHUQQ ZXUGHH GDYRQQ DXVJHJDQJHQQQ GDVVV 1XW]HUU HLQHP JHUHJHOWHQ $EODXII EHLP %HVXFKKHLQHVV,QWHUQHWDXIWULWWVVIROJHQQ6LHJHOOO66II'HUU(LQVWLHJEHUGLH6WDUWVHLWHHHGLH 1DYLJDWLRQQ ]XP &RQWHQW XQGG GHUU $XVVWLHJ YHUlQGHUWHQQ VLFK VHLWGHP 6XFKPDVFKLQHQQ GDV YRUKHUUVFKHQGHH:HUN]HXJLP ,QWHUQHWGDUVWHOOHQQQ/DXW8VDELOLW\6WXGLHQQÄVWHXHUQQ>@LQQ GHUU)lOOHH>GLHH%HVXFKHU@@HLQHH6XFKPDVFKLQHHDQQQ1XUULQQGHU)lOOHJLQJHQQVLHHGLUHNWW]XHLQHU :HEVLWH³³1LHOVHQQ/RUDQJHUUU6'DGXUFKVWHLJHQQGLHH%HVXFKHUUQLFKWWPHKUUDXIIGHU 6WDUWVHLWHHHLQQQVRQGHUQQJHODQJHQQVRIRUWW]XUU*HVXFKWHQQ'DUDXVVUHVXOWLHUWWWGDVVVGLHH6WUXNWXUHQQDXI GHUU 6LWHH VRR JHZlKOWW ZHUGHQQ PVVHQQQ GDVVV GLHH %HVXFKHUU DXFKK RKQHH )KUXQJ VRIRUWW GDV *HIKO YHUPLWWHOW EHNRPPHQQ VLFKK LQQ HLQHUU EHNDQQWHQQ 8PJHEXQJ ]X EHZHJHQQQ +LHU]X JLEWW HVV ]ZHL 7HLOEHUHLFKHHLQQGHU:HEE8VDELOLW\GLHHVLFKPLWW)UDJHQQGHU2ULHQWLHUXQJXQG1DYLJDWLRQQQVRZLH GHUU1XW]HUU:HUN]HXJLQWHUDNWLRQQEHVFKlIWLJHQQQ*HPHLQWWVLQGG,QWHUDNWLRQVVXQGG,QWHUIDFHGHVLJQQ ,QWHUDNWLRQVGHVLJQ
'LHH $XIJDEHH GHVV ,QWHUDNWLRQVGHVLJQQ EHVWHKW GDULQQQ GHP 1XW]HUU HLQHH OHLFKWW HUIDVVEDUH %HGLHQORJLN]XUU9HUIJXQJ ]XVWHOOHQQ+DPPHUU%HQVPDQQQQ6'DPLWWLVWWHVVGLH 9RUVWXIHHGHVV,QWHUIDFHGHVLJQVVXQGGNQSIWWDQQGDV6WUXNWXUUXQGG6FUHHQGHVLJQQDQQQ'LHH,QWHUDNWLRQ GHVV 1XW]HUVV HUIROJWW EHU GLHH 1DYLJDWLRQQQ GDVV KHLW VHLQHQQ %HZHJXQJHQQ DXI GHUU 6LWHH 'LH 9HUPLWWOXQJ YRQQ OHLFKWW YHUVWlQGOLFKHQQ =XJDQJVZHJHQQ LVW HQWVFKHLGHQGG IUU GHQQ (UIROJ 'LHV UHVXOWLHUWWGDUDXVVVGDVVV1XW]HUUGLH.RVWHQQXQGGGHQQ1XW]HQQEHLLLKUHUU,QIRUPDWLRQVVXFKHHDEZlJHQ ,VWWHVV]XXDXIZHQGLJDQQ,QIRUPDWLRQHQ]XXJHODQJHQQQZHUGHQVLHOHLFKWHUH:HJHHVXFKHQQXQGGGLH 6LWHHYHUODVVHQQ1LHOVHQQQ/RUDQJHUUUU6666
-H QDFK *U|H $UW XQG =LHOJUXSSH GHU 6LWH ZHUGHQQ YRQQ GHU )DFKOLWHUDWXU YHUVFKLHGHQH 1DYLJDWLRQVNRQ]HSWHH YRUJHVFKODJHQQQ 'DEHLL NRQQWHQQ ZHVHQWOLFKH 6WUXNWXULHUXQJVPHUNPDOH KHUDXVJHDUEHLWHWW ZHUGHQQQ $XVV GHP YRUDQJHJDQJHQQ 6WUXNWXUGHVLJQQ ZLUGG LQQ GHU 5HJHOO HLQH LQKDOWOLFKHH(LQWHLOXQJHQWQRPPHQQQ(LQHHVROFKHH$QRUGQXQJLVWWVWDUNXQWHUQHKPHQVRULHQWLHUWWXQG NDQQQ GD]XX IKUHQQQ GDVV VLH QLFKWW GHQQ 9RUVWHOOXQJHQQ GHUU 1XW]HUU HQWVSULFKWWW 'DKHUU HPSILHKOWW HV VLFKKK DXIEDXHQGG DXII GHUU &RQWHQWW*UXSSLHUXQJ ]XVlW]OLFKK RGHUU DXVVFKOLHOLFKK HLQH ]LHOJUXSSHQVSH]LILVFKHH $QRUGQXQJ ]X ZlKOHQQQ 'LHV LVW YRUU DOOHP GDQQQ VLQQYROOOO ZHQQ GLH =LHOJUXSSHQQVLFKKVWDUNXQWHUVFKHLGHQQQ(LQQ%HLVSLHOOKLHUIUUZlUHHHLQHH8QLYHUVLWlWVVHLWHHHGLHQHEHQ 6WXGHQWHQ DXFKK 6WXGLHQLQWHUHVVLHUWHHH 3HUVRQDO XQGG ([WHUQHH EHWUHXWWW )U XPIDQJUHLFKH :HEDXIWULWWH HPSILHKOWW HVV VLFKK G\QDPLVFKHH LQKDOWVEH]RJHQHH 1DYLJDWLRQVHOHPHQWHH DQ]XELHWHQ XPGLH%HVFKDIIHQKHLWGHPVLFKVWHWLJlQGHUQGHQQ3URGXNWSRUWIROLRDQ]XSDVVHQQ,P((&RPPHUFH ZHUGHQQ KlXILJ DXWRPDWLVFKK ZHFKVHOQGHH $QRUGQXQJ JHQXW]W XP GLH 6WUXNWXU GHP DNWXHOOHQQ
(UIROJVIDNWRUHQQIU:HEVLWHV
$QJHERWW DQ]XJOHLFKHQQQ /HW]WOLFKK ELHWHW GLHH LQGLYLGXDOLVLHUWHH QXW]HUEH]RJHQHH 1DYLJDWLRQQ HLQHQ ]XVlW]OLFKHQQ .RPIRUW XQG JHKWW DXI JHQDXHH %HGUIQLVVH GHV $QZHQGHUVV HLQ 'LHVV XPIDVVW EHLVSLHOVZHLVH PHKUVSUDFKLJH 0HQV RGHUU VSH]LHOO DXII GHQQ 1XW]HUU DQJHSDVVWH 9HUOLQNXQJHQQ 'DEHLLNDQQGHU$XIEDXXDNWLYGXUFKGHQ1XW]HUUYHUlQGHUWZHUGHQQQ]%%%GXUFKKHLQH5HJLVWULHUXQJ DXII HLQHU &RQWHQWW6LWHH RGHUU SDVVLY GXUFK GDVV 6DPPHOQQ YRQQ 1XW]HULQIRUPDWLRQHQQQ ZLHH HV DXI &RQWH[W6HLWHQQXQGGEHLLGHUU2QOLQHZHUEXQJDQJHZHQGHWWZLUG
0LWWGHUU9RUVWXIHGHV,QWHUDNWLRQVGHVLJQVVVROOQXQQGLH6LWHHDOVVXPIDVVHQGH6FKQLWWVWHOOHHIUUGHQ 1XW]HUUEHWUDFKWHWWZHUGHQQQQQ ,QWHUIDFHGHVLJQ
'HUU %HJULIII Ä,QWHUIDFH³³ ZLUGG DOOJHPHLQQ DOVV %HQXW]HUVFKQLWWVWHOOHH EHUVHW]WW ZHOFKHH HLQH 9HUELQGXQJ ]ZLVFKHQQ 0HQVFKK XQG 6\VWHP KHUVWHOOW 0LWKLOIH YRQQ ,Q XQGG 2XWSXWEH]LHKXQJHQ HUODXEHQGLHH(OHPHQWHHLQHV,QWHUIDFHGLH,QWHUDNWLRQPLWW:HELQKDOWHQQ(O%DNU\\\5LDG$EXX (OVRXGGG6=LHOOGLHVHUU)DFKULFKWXQJLVWWHVGLHVHH.RPPXQLNDWLRQVEH]LHKXQJ]ZLVFKHQ (LQQ XQGG $XVJDEHQQ HLQ]XULFKWHQQ E]Z ]X GHVLJQHQQQ Ä'XUFKK GDVV 'HVLJQQ GHVV ,QWHUIDFHH ZLUG GHU +DQGOXQJVUDXP GHVV 1XW]HUVV JHJOLHGHUW 'DVV ,QWHUIDFHH HUVFKOLHWW GHQQ :HUN]HXJFKDUDNWHUU YRQ 2EMHNWHQQXQGGGHQQ,QIRUPDWLRQVJHKDOWWYRQQ'DWHQ³³³%RQVLHSHHH6.HUQQGLHVHU'LV]LSOLQ LVWW GLHH IXQNWLRQDOHH *HVWDOWXQJ YRQQ %HGLHQHOHPHQWHQ HLQHU :HEVLWHH +DPPHUU %HQVPDQQQQ 6(LQDQGHUHUU$XVGUXFNIUGDV,QWHUIDFHGHVLJQQLVWGLH'LDORJJHVWDOWXQJÄ,QQHLQHP 'LDORJILQGHWWHLQHH,QWHUDNWLRQQ]ZLVFKHQQHLQHP%HQXW]HUUXQGGHLQHP'LDORJV\VWHPVWDWWWWXPHLQ EHVWLPPWHVV =LHOO ]X HUUHLFKHQ³³ %DO]HUW 6 'DEHL XQWHUVFKHLGHWW %DO]HUWW ]ZLVFKHQ 3ULPlUUXQGG6HNXQGlUGLDORJ:lKUHQGGSULPlUUGLH$XIJDEHQHUOHGLJXQJZLH]%%%(LQNDXIHQYRQ 3URGXNWHQQ LP 9RUGHUJUXQGG VWHKWWW LVW GLH VHNXQGlUH .RPPXQLNDWLRQQ VLWXDWLRQVDEKlQJLJ XQG HQWKlOWWPHLVWW]XVlW]OLFKHH$XIJDEHQQZLHGDVV$XVGUXFNHQQGHUU/LHIHUEHGLHQXQJHQQQ (LQQ 'LDORJ DXI HLQHU :HEVLWHH EHJLQQW PLWW GHUU 2ULHQWLHUXQJVSKDVHHH :LH DP $QIDQJ GHV $EVFKQLWWVV HU|UWHUWWW N|QQHQQ %HVXFKHUU EHUDOOO DXII HLQHUU 6LWH HLQVWHLJHQQQ ZDVV HV HUIRUGHUOLFK PDFKWWWDXIIMHGHUU6HLWH2ULHQWLHUXQJVSXQNWHH]XVHW]HQQ8QWHUVWW]HQGGZLUNWWDQQGLHVHUU6WHOOHHGLH (LQKDOWXQJYRQQ'HVLJQNRQYHQWLRQHQGLHHVLFKGXUFKKGLH*HVDPWKHLWWGHUU:HEVLWHVXQGGVRPLWWGHQ ELVKHULJHQQ (UIDKUXQJHQQ GHU 1XW]HUU HUJHEHQ 1LHOVHQ /RUDQJHUUU 6 ,VWW GLH HUVWH 6RQGLHUXQJ DEJHVFKORVVHQQ EHJLQQWW GDUDXIKLQQ GHU 3ULPlUGLDORJ LQQ GHP GHUU %HVXFKHUU VHLQH EHDEVLFKWLJWHQQ $XIJDEHQQ HUOHGLJWWW 0LWKLOIHH YRQQ ,QWHUDNWLRQVHOHPHQWHQQ ZLUGG GHUU ,QSXWW GHV $QZHQGHUVV DXIJHQRPPHQ XQGG LQQ XQWHUVFKLHGOLFKHP 2XWSXWW YHUDUEHLWHWWW )ODQNLHUHQGG GD]X HUIROJHQQ YHUVFKLHGHQHH 6HNXQGlUGLDORJH GLHH QLFKW GLUHNWW GHUU $XIJDEHQHUIOOXQJ GLHQHQQQ DEHU QRWZHQGLJ VLQGGG XP GHQQ 1XW]HUU GXUFKK GLHH :HEVLWH ]XX JHOHLWHQQQ -H HIIL]LHQWHU GLHVHH 3UR]HVVH JHVWDOWHWW ZHUGHQQ GHVWRR K|KHUU LVWW GHUU (UIROJ IU GHQQ :HEDXIWULWW 'DEHLL VLQG QHEHQ HLQHP DQVSUHFKHQGHQQ 'HVLJQQQ HLQHUU ORJLVFKHQ 6WUXNWXUU XQGG HLQHU XPIDVVHQGHQQ 1DYLJDWLRQQ DXFKK GLH XQWHUVFKLHGOLFKHQQ%HGUIQLVVHHYHUVFKLHGHQHU=LHOJUXSSHQQ]XXEHDFKWHQQQ'DVV)RUVFKXQJVIHOGGGHU $FFHVVLELOLW\GDVVKHLWWGHU=XJlQJOLFKNHLWWRGHUUDXFKK%DUULHUHIUHLKHLWWWEHIDVVWWVLFKK PLWWGLHVHP 7KHPDDD 'LH +DXSWDXIJDEH EHVWHKWW GDULQQQ HLQH *OHLFKVWHOOXQJ WHFKQLVFKHU ,QIRUPDWLRQVV XQG .RPPXQLNDWLRQVDQJHERWH]XXVFKDIIHQ+DPPHUU%HQVPDQQQQ65HFKWOLFKKLVWWGLH
%DUULHUHIUHLKHLWW LP %HKLQGHUWHQJOHLFKVWHOOXQJVJHVHW] IHVWJHKDOWHQQQ )UU GDVV ,QWHUQHWW UHOHYDQWW LVW
(UIROJVIDNWRUHQQIU:HEVLWHV
GLHH %,79HURUGQXQJ ZHOFKHH $QIRUGHUXQJHQQ GHILQLHUW GLHH HVV HUP|JOLFKHQQ VROOHQQQ DXFK PRWRULVFKKRGHUUNRJQLWLYEHHLQWUlFKWLJWHQQ0HQVFKHQQ=XJDQJ ]XP ,QWHUQHW]XXVFKDIIHQQ%,799
1LFKWQXUHLQH%HKLQGHUXQJHUVFKZHUWHV0HQVFKHQQVLFKKDXIHLQHU:HEVLWH]XXRULHQWLHUHQQ(LQH XQJHQDXHH RGHUU YHUZLUUHQGH 3ODW]LHUXQJ YRQQ ,QWHUDNWLRQVHOHPHQWW XQGG ,QKDOWHQQ VRZLHH GHUHQ IDUEOLFKHH*HVWDOWXQJXQGG)RUPN|QQHQQ]XXHLQHP]XXKRKHP$XIZDQGGDXIIGHUU1XW]HUVHLWHHIKUHQ hEHUVWHLJW GLHVHUU GHQHUZDUWHWHQQ *HZLQQ DXVVGHQQ EHUHLWJHVWHOOWHQQ ,QKDOWHQQ YHUOlVVW HU GLH 6LWHH 'DPLWW ZlUHH GHUU :HEDXIWULWWW HLQQ 0LVVHUIROJ XQGG EHZHLVWW GLHH :LFKWLJNHLWW HLQHV GXUFKGDFKWHQ ,QWHUIDFHGHVLJQVVV
$EJUHQ]XQJJYRQQ:HE'HVLJQQXQG8VDEOLWL\\
:lKUHQGGGLHH)DFKOLWHUDWXUEHLGH%HJULIIHHKlXILJNRKlUHQWQXW]WE]ZNHLQHHNODUHH$EJUHQ]XQJJ ]ZLVFKHQQGHQQ%H]HLFKQXQJHQQYRUQLPPWVFKHLQWHV]XQlFKVWGDVVHLQHV\QRQ\PHH%HWUDFKWXQJ EHLGHU )DFKZ|UWHUU VLQQYROO LVW 'LHH 7UHQQXQJ GLHVHUU %HUHLFKHHH VLHKWW PDQQ GLH (UVWHOOXQJ XQG 1XW]XQJHLQHUU:HEVLWHHDOV*DQ]HVVVLVWLQVRIHUQQXQQ|WLJGDDVLHHVWDUNLQHLQDQGHUUJUHLIHQQXQGGVLFK JHJHQVHLWLJ EHGLQJHQQQ :LUG DOOHUGLQJV GHUU (UIROJ HLQHVV ,QWHUQHWDXIWULWWHV XQWHUVXFKW HUJHEHQ VLFKK LQQ GLHVHUU $UEHLWW ]ZHLLL VLFKK ]ZDUU EHGLQJHQGHH DEHUU NRQWUlUHH =LHOHHH :lKUHQGG EHLL GHU %HWUDFKWXQJ GHVV 'HVLJQVV GHUU 0DVWDE GHV (UIROJHV GDUDQQ JHPHVVHQQ ZLUGGG ZLH HIIL]LHQWW GDV 8QWHUQHKPHQV]LHOO XPJHVHW]WW ZLUGGG ZLUGG LQQ GHU 8VDELOLW\ GLH 1W]OLFKNHLWW IU GHQQ .XQGHQ XQWHUVXFKWWW 'DVV KHLWWW DXI GHUU HLQHQQ 6HLWHH VWHKW GHU :XQVFKK LQQRYDWLYHH *HVFKlIWVPRGHOOH XP]XVHW]HQQ XQGG GLHVHH PLWKLOIHH YRQQ 0HWDSKHUQQ LP 'HVLJQQ ]XX KLQWHUOHJHQQ XQGG DXII GHUU DQGHUHQ 6HLWHHPXVVVGLHH:HEVLWHVRRNRQ]LSLHUWVHLQQQGDVVVVLHHGHUUNRJQLWLYHQQ.RQGLWLRQLHUXQJGHVV.XQGHQ HQWVSULFKW'DKHUUGLHHJHWUHQQWHH8QWHUVXFKXQJGHUU%HJULIIOLFKNHLWHQLQQGLHVHU$UEHLW
:HEE0DUNHWLQJ
'DVV :HEE RGHUU ,QWHUQHW0DUNHWLQJ IUKHUU DXFK DOVV 2QOLQHH0DUNHWLQJ EH]HLFKQHW EHIDVVWW VLFK PLWW GHUU ÄV\VWHPDWLVFKHQQ 1XW]XQJ GHUU ,QWHUQHWGLHQVWH IU GLHH =ZHFNHH GHVV 0DUNHWLQJV³³ )ULW] 6/DXWW'HILQLWLRQQGHUU$PHULFDQQ0DUNHWLQJ$VVRFLDWLRQQXPIDVVWHVVDOOHH$NWLYLWlWHQ XP $QJHERWHH ]XX HUVWHOOHQQQ ]X YHUPLWWHOQQQ EHUHLW]XVWHOOHQQ XQGG DXV]XWDXVFKHQQ $PHULFDQ 0DUNHWLQJ $VVRFLDWLRQQQ 0DUNHWLQJ LVWW GDEHLL DOV HLQQ VHKUU XPIDVVHQGHUU %HJULIII ]X YHUVWHKHQQQZHOFKHUUDXIIGHP0DUNHWLQJ0L[[0RGHOOEDVLHUWW*U|QURRV6IIII'DVVKHLW
HVV XPIDVVWW DOOHH 6FKULWWHH GLHH QRWZHQGLJ VLQGGG XP HLQQ 3URGXNWW DQQ HLQHQQ .XQGHQQ ]XX YHUPLWWHOQ 'DVVV GLHVHH 6FKULWWH YDULLHUHQQ N|QQHQQ ]HLJWW GLH %HWUDFKWXQJ YHUVFKLHGHQHU *HVFKlIWVPRGHOOHH :lKUHQGG GDVV ((&RPPHUFH $QEDKQXQJ $XVKDQGOXQJ XQGRGHUU $EZLFNOXQJ YRQQ *WHUDXVWDXVFKSUR]HVVHQ LP 0DUNHWLQJ XPVHW]WW )ULW] 6 JHVWDOWHWWVLFKK HLQHH VROFKH (LQWHLOXQJ EHLL &RQWHQWWW &RQWH[W XQGG &RQQHFWLRQQ VFKZLHULJHUUU 9RUU DOOHP GDVV (UO|VV XQG 'LVWULEXWLRQVPRGHOO XQWHUVFKHLGHWW VLFKK LQQ GHU +LQVLFKW GDVVV QLFKW DXVVFKOLHOLFK 7UDQVDNWLRQVHUO|VHHDOVV8PVDW]TXHOOHHGLHQHQQ:LUW]6IIIII6RRHU]LHOHQQ6XFKPDVFKLQHQ ]XVlW]OLFKK 3URYLVLRQVHUO|VH XQGG &RQQHFWLRQQ :HEVLWHV HUZHLWHUQQ LKUHH (LQQDKPHTXHOOHQQ GXUFK *UXQGJHEKUHQQQ/HW]WOLFKKVLQGG:HUEHHUO|VHHIUUDOOHHGUHLL%HUHLFKHQRWZHQGLJXPGLHH,QKDOWHH]XX ILQDQ]LHUHQQQ (VV HQWVWHKWW HLQHH 3RO\PRUSKLH YHUVFKLHGHQHU $XVKDQGOXQJV XQGG
(UIROJVIDNWRUHQQIU:HEVLWHV
$EZLFNOXQJVPRGHOOHHHGLHHLQQGHUU$QEDKQXQJZHQLJHUUYLHOJHVWDOWLJLVWWW,QQGLHVHP$EVFKQLWWGHV HUVWHQQ .XQGHQNRQWDNWHVV $QEDKQXQJJ NRPPW GHP 0DUNHWLQJJ GLHH 5ROOH GHU .RPPXQLNDWLRQVSROLWLN3URPRWLRQQQ]X.HUQQGHU3URPRWLRQQLVWGLH:HUEXQJGHUHQQ:LUNXQJLQ GLH $,'$ 3KDVHQ XQWHUWHLOW ZHUGHQQ N|QQWH 'DVV $NURQ\P $,'$$ VWHKW IUU $WWHQWLRQ $XIPHUNVDPNHLWWWW ,QWHUHVW ,QWHUHVVH 'HVLUHH 9HUODQJHQQQ XQGG $FWLRQQ +DQGOXQJ +DVVOHUU 6666666IIII'LHH$UWGHV+DQGHOQVVLVWWOHW]WOLFKKZLHGHUUDEKlQJLJYRP$QJHERWWXQGGVRPLWWYRP *HVFKlIWVPRGHOOOO ZlKUHQGGLQQ GHQQ HUVWHQ GUHLL 3KDVHQQIUUMHGHV 0RGHOO lKQOLFKHH0|JOLFKNHLWHQ ]XUU9HUIJXQJVWHKHQQQ
(LQHH8QWHUWHLOXQJYRQQ:HUEHDNWLYLWlWHQQLP,QWHUQHWJHVWDOWHWWVLFKKDOOHUGLQJVLQVRIHUQQVFKZLHULJ DOVV GHUU 0DUNWW HLQHP VWlQGLJHQQ :DQGHOO XQWHU]RJHQQ LVW 'HUU 2QOLQHH9HUPDUNWXQJVNUHLVV 29. LP%XQGHVYHUEDQGIUGLJLWDOH:LUWVFKDIW%9':VHJPHQWLHUWGLH0DQDKPHQQLQQNODVVLVFKH $IILOLDWHH XQGG 6XFKPDVFKLQHQZHUEXQJ 6HDUFKK (QJLQHH $GYHUWLVLQJ 6($$$ 29. %9': (LQHH (LQWHLOXQJ GLHH VRZRKOO XQYROOVWlQGLJ HUVFKHLQWWW GDD QHXHH 0DUNHWLQJIRUPHQQQ ZLH ,QYHVWLWLRQHQQ LQQ 6RFLDOO 0HGLDD QLFKW EHDFKWHWW ZHUGHQQ DOVV DXFKK hEHUVFKQHLGXQJHQQ ]XOlVVW 6R ZHUGHQQ GHQQ NODVVLVFKHQQ $NWLYLWlWHQQ XQGG GHUU :HUEXQJ LP $IILOLDWHH 1HW]ZHUN 'LVSOD\ $GVV %DQQHU 7H[WZHUEXQJ ]XJHRUGQHW 'DKHUU ZLUGG LQ GLHVHUU $UEHLWW HLQQ DQGHUHUU $QVDW] GHU (LQWHLOXQJJHQXW]W%DVLHUHQGGDXIIGHQQ0DUNHWLQJIRUPHQQQGLHHYRQQ)LVFKHU]XVDPPHQJHIDVVWWLP HUVWHQQ XQGG ]ZHLWHQQ7HLOO VHLQHVV %XFKHVV YRUJHVWHOOWW ZHUGHQQ )LVFKHUUU 6 HUJHEHQ VLFKKGUHLL+DXSWJUXSSHQQ
$OVV HUVWHVV LVWW GLHH WUDGLWLRQHOOHH :HUEXQJ ]X QHQQHQQQ 'LHVHH XPIDVVWW %DQQHU (0DLOO XQG 1HZVOHWWHUU0DUNHWLQJ$OOHGUHLL$NWLYLWlWHQQVLQGGVFKRQVHLWWHLQLJHUU=HLWWLP,QWHUQHWHWDEOLHUWWXQG HUVFKHLQHQ LQ LPPHUU ZLHGHUU QHXHQQ )RUPHQQQ 8QWHUU %DQQHU ZHUGHQQ NOHLQH RGHUU JU|HUH :HUEHIOlFKHQQ YHUVWDQGHQQ GLHH PHLVWW DXII KRFKIUHTXHQWLHUWHQQ :HUEHSRUWDOHQQ JHQHULHUW ZHUGHQ )LVFKHU 6 'LH 9HUWULHEVDUW XQG $EUHFKQXQJ LVW GDEHLL VHKU YLHOJHVWDOWLJ 6RR NDQQQ ]%GDVV$IILOLDWHH1HW]ZHUNDOVVEHVRQGHUHUU9HUWULHEVZHJGHUU%DQQHUZHUEXQJEHWUDFKWHWWZHUGHQQ 'HUU 8QWHUVFKLHGG ]ZLVFKHQ (0DLOO XQGG 1HZVOHWWHU 0DUNHWLQJ LVWW GLHH $UWW XQG :HLVHHH ZLHH GHU .XQGHLQWHJULHUWWZLUG:lKUHQGHUVWHUHVGHU3XVKK6WUDWHJLHIROJWWXQGDQMHGHQYHUVHQGHWWZLUGG ZHOFKHUU LQQ GLH =LHOJUXSSHH GHVV 8QWHUQHKPHQVV IlOOW ZLUGG EHLP ]ZHLWHQQ GLH 3XOOO6WUDWHJLH DQJHZHQGHWWW 'DVV KHLW HLQQ %HVXFKHUU PXVVV VLFKK HUVWW DQPHOGHQQ EHYRUU HUU HLQHQQ 1HZVOHWWHU ]XJHVHQGHWEHNRPPW
'LHH]ZHLWHH*UXSSHHXPIDVVWDOOH0DQDKPHQQLP6RFLDO0HGLDD%HUHLFKKK'LHVVXQWHUVFKHLGHWWVLFK YRPHUVWHQQ%ORFNKDXSWVlFKOLFKKGDGXUFKKKGDVVVGHUU.XQGHHGLUHNWWLQQGLHH0DQDKPHQQHLQEH]RJHQ ZLUGG XQGG GLHH $XVJHVWDOWXQJ XQGG GHQQ (UIROJ PDJHEOLFKK EHHLQIOXVVW +LHUXQWHUU IlOOWW GDVV YLUDOH 0DUNHWLQJ LQ GHP GLH 9HUWHLOXQJ YRQQ :HUEHQDFKULFKWHQ LP 9RUGHUJUXQGG VWHKWWW (V ZHUGHQ ,QKDOWHHSURGX]LHUWGHUHQQ=LHOOGLHHPD[LPDOHH$XIPHUNVDPNHLWWLVWWW*HQXW]WZHUGHQGDIUUVR]LDOH 6WUXNWXUHQQQLQQGHQHQGHU&RQWHQWWP|JOLFKVWWVFKQHOOOlKQOLFKKHLQHP9LUXVYHUEUHLWHWZLUGGG0HLVW ZLUGG HVV PLWW GHP *XHULOOD 0DUNHWLQJ NRPELQLHUWWW GDVV PLWW P|JOLFKVWW ZHQLJ $XIZDQGG GXUFK XQJHZ|KQOLFKHH $NWLRQHQQ DXII HLQQ KRKHV ,QWHUHVVHH DE]LHOW )LVFKHUU 666 %HLP YLUDOHQ 0DUNHWLQJ ZHUGHQQ KlXILJ DXFKK (0DLOV DOVV 9HUWHLOXQJVPHGLXP JHQXW]W (VV XQWHUVFKHLGHW VLFK LQVRIHUQQQGDVVVEHLP(0DLO0DUNHWLQJGLHH,QIRUPDWLRQQGLUHNWWIUUGHQQ(PSIlQJHUUEHVWLPPWLVWW ]% GXUFKK HLQHH QDPHQWOLFKHH $QUHGH ZlKUHQGG EHLP YLUDOHQQ 0DUNHWLQJ GLHH :HLWHUOHLWXQJ GHV
(UIROJVIDNWRUHQQIU:HEVLWHV
,QKDOWHVVLP9RUGHUJUXQGVWHKWWW:HLWHUKLQQHUODXEHQQ:HEE%ORJV)RUHQQXQG$XIWULWWHLQVR]LDOHQ 1HW]HQQ HLQHH GLUHNWHH .RPPXQLNDWLRQQ PLWW GHQQ .XQGHQQQ GLHH OHW]WOLFKK GLHH %HDFKWXQJ IUU GDV 3URGXNWWRGHUUGLHH:HEVLWHHVWHLJHUWWXQGGVRPLWW]XGHUHQQ(UIROJEHLWUlJWW 'DVVOHW]WHH6HJPHQWWXPIDVVWWGLH6XFKPDVFKLQHQZHUEXQJ6($(VVVWHOOWHLQH(UZHLWHUXQJGHU RUJDQLVFKHQ 6XFKHUJHEQLVVHH GXUFK EH]DKOWHH $Q]HLJHQQ GDUU =XUU HUVWHQ *UXSSHH NDQQ HV DEJHJUHQ]W ZHUGHQQQ LQGHP GLHH 3UlVHQWDWLRQQ GHU :HUEXQJ EHWUDFKWHWW ZLUG $QGHUVV DOV DXI WUDGLWLRQHOOHP :HJ ZLUG GLHH 6($ HUVWW GDQQQ DQJH]HLJWWW ZHQQ GHU .XQGH GDQDFK VXFKW %HFN 6 (VV NRPELQLHUW GLH 3XOOO PLWW GHUU 3XVKK6WUDWHJLHH LQGHP GLH 6FKDOWXQJ YRQQ GHU 6XFKDQIUDJHDEKlQJLJLVWWW6WLPPWGLHVHPLWWHLQHPJHPLHWHWHQQ6FKOVVHOZRUWEHUHLQQQZLUGGGLH :HUEXQJ ]XVlW]OLFKK ]X GHQQ RUJDQLVFKHQ 5HVXOWDWHQQ DQJH]HLJWWW 'DD GHU 6XFKHQGHH DOOHUGLQJV NHLQHH0|JOLFKNHLWWKDWWWGLH:HUEXQJVHOEVW]XXJHVWDOWHQQRGHUU]XEHZHUWHQQQ]lKOWWGDVV1XW]HQHLQHU 6XFKPDVFKLQHHQLFKWWDOVV$NWLYLWlWWLP6RFLDOO0HGLDD%HUHLFKKXQGGZLUGGGDKHUUDOVVHLJHQHVV6HJPHQW EHWUDFKWHWW
$OOHHGUHLL*UXSSHQQKDEHQQGDVV=LHOOGHQQ(UIROJHLQHUU:HEVLWHH]XXVWHLJHUQQQLQGHPVLHH%HVXFKHUUXQG P|JOLFKHUZHLVHSRWHQ]LHOOH.XQGHQQIUUGLHVHHJHQHULHUHQQQ'LHVVNDQQQDXIIDOOHH*HVFKlIWVPRGHOOH JOHLFKHUPDHQQ DQJHZHQGHW ZHUGHQQ XQGG XQWHUVFKHLGHW VLFKK OHGLJOLFKK LQQ GHUU $XVJHVWDOWXQJ GHU :HUEHERWVFKDIW
:HEE$QDO\WLFVVDOVV:HUN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJHV
Ä0DUNHWHUV KDG VSHQWW WHQQ \HDUVV OHDUQLQJ WRR FRPPXQLFDWH ZLWK WHFKQRORJLVWVV LQQ RUGHU WR PDNH WKHLUU PHVVDJH VLQJ GDQFH DQG LQWHUDFW 7KH\\G VSHQWW WKUHHH \HDUVV OHDUQLQJ KRZ WR DFWXDOO\ FRQYHUVHHZLWKKDFWXDOOFXVWRPHUVVVZDVVWKHH\HDUUWKH\KDGGWRRVSHDNIOXHQWW0DUNHWLQJ52,LQQ RUGHUUWRRNHHSSWKHLUMREV´´6WHUQQQ7KHH+LVWRU\RIIWKHHH0HWULFV0DUNHWLQJ ,Q GLHVHP =LWDWW YRQQ -LP 6WHUQ 0LWJUQGHUU GHUU :HEE $QDO\WLFVV $VVRFLDWLRQQ :$$ ZLUGG GLH (QWZLFNOXQJGHVV,QWHUQHWVVDOV.RPPXQLNDWLRQVVXQGG0DUNHWLQJSODWWIRUPWUHIIHQGGEHVFKULHEHQ :DUU HVV ]XX %HJLQQQ GHU NRPPHU]LHOOHQQ :HEDXIWULWWH QRFKK ZLFKWLJ DNWXHOOHH XQGG LQQRYDWLYH 7HFKQRORJLHQQ]XXYHUZHQGHQQQUFNWHQQGLH.XQGHQEHGUIQLVVHLP/DXIHGHU=HLWLPPHUUPHKUULQ GHQQ0LWWOHSXQNW'HU(UIROJKLQJGDYRQQDEZHUGHP.XQGHQQGHQQJU|WHQQ0HKUZHUWDXIVHLQHU 6LWH ERWW 0LWW GHUU $XVEUHLWXQJ GHVV 1HW]HVV XQGG GHUU =XQDKPH GHVV $QJHERWHVV XQGG GHU 0|JOLFKNHLWHQQQ HUUHLFKWW GDV 0DUNHWLQJ HLQHH QHXHH 6WXIHH GHUU (IIL]LHQ] 6HLWW GHP 3ODW]HQQ GHU 'RW&RP%ODVHZDUNODUGDVVHVQLFKWQXUZLFKWLJLVWLQQRYDWLYHQQXQGNXQGHQRULHQWLHUWHQQ,QKDOW ]X ELHWHQQQ VRQGHUQQ GLHVHQ DXFKK NRVWHQGHFNHQGG ]X YHUPDUNWHQQQ +LHU]X ZLUGG HLQQ HLQIDFKHV |NRQRPLVFKHVV 3ULQ]LSS ]XJUXQGHH JHOHJWWW Ä
%HJULIIVGHILQWLRQQGHUU:HEE$QDO\WLFV
'LH %HGHXWXQJJ GHV %HJULIIHV JHKW DXI GLH 6FKOVVHOLQGLNDWRUHQ (0HWULFV RGHUU :HEE0HWULFV
6WHUQQQ 'HUU %HJULIII VHOEVW LVW EHUJHRUGQHW ]XX VHKHQQ XQGG IDVVWW GLHH ELVKHU HLQ]HOQ EHWUDFKWHWHQQ 0HWULNHQQ ]XX HLQHP )RUVFKXQJVIHOGG ]XVDPPHQQQ *HSUlJWW ZXUGHH GHU %HJULIII GXUFK 3HWHUVRQQGHUUGLHHGDPDOVVJHOlXILJHQQ'HILQLWLRQHQQLQQVHLQHP%XFKKHU|UWHUWH3HWHUVRQQQ6 1DFK LKP LVW :HE $QDO\WLFVV GLHH %HZHUWXQJ YRQQ :HEE 9HUNHKUUU 7UDQVDNWLRQHQQQ 6HUYHU 3HUIRUPDQFHHH 8VDELOLW\6WXGLHQQQ QXW]HUVSH]LILVFKHQQ 'DWHQQ XQGG 8QWHUQHKPHQVGDWHQQ XP GDVV %HVXFKHUYHUKDOWHQQ ]XX EHZHUWHQQ 3HWHUVRQQQ 6 :lKUHQGG LP DQJHOVlFKVLVFKHQ 6SUDFKUDXPGHUU%HJULIIIVFKRQQOlQJHUUJHEUlXFKOLFKKLVWIDQGGHUHUVWW(LQ]XJLQQGLHHGHXWVFKH /LWHUDWXUU6RGHILQLHUW5HHVHH:HEE$QDO\WLFVVDOVVÄGLH*HVDPWKHLWWGHVV3UR]HVVHVVYRQQ(UKHEXQJHQ GHUU'DWHQQ]XUU(UDUEHLWXQJYRQQ2SWLPLHUXQJVHPSIHKOXQJHQQRGHUU=LHOJUXSSHQDQDO\VHQ³³5HHVH 6 5HHVH VHW]W GDEHL GHQQ %HJULII PLWW :HEE &RQWUROOLQJ JOHLFKK HLQHP 3UR]HVVVV GHQ 0HLHU 6WRUPHUU LQQ LKUHP H%XVLQHVVV )UDPHZRUN HLQHP XQWHUVWW]HQGHQ 3UR]HVV HQWODQJ GHU JHVDPWHQQ:HUWVFK|SIXQJVNHWWHH]XRUGQHW6LHHXQWHUVWUHLFKHQQVRPLWWQRFKKHLQPDOOOZLHHQRWZHQGLJ GLHHGLJLWDOHH'DWHQPHVVXQJLVWWWW0HLHUUU6WURPHUUUUU6
'LHH OHW]WOLFKK XPIDVVHQVWH 'HILQLWLRQQ VWDPPWW YRQ GHUU :$$ Ä:HEE $QDO\WLFVV LVV WKH PHDVXUHPHQWWWFROOHFWLRQQQDQDO\VLVVDQGGUHSRUWLQJRII,QWHUQHWWGDWDDIRUUSXUSRVHVRIXQGHUVWDQGLQJ DQGG RSWLPL]LQJ :HEE XVDJH´´ :HE $QDO\WLFV $VVRFLDWLRQQQ 'DPLWW EHVFKUlQNW VLFK GLH
:HEE$QDO\WLFVVDOVV:HUN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJHV
:$$QLFKWZLH3HWHUVRQQDXIEHVWLPPWH0HWULNHQQVRQGHUQQVHW]WGHQQ)RNXVDXIGDV9HUVWlQGQLV GHUU ,QWHUQHW'DWHQQ ]XUU 2SWLPLHUXQJ GHUU :HEE1XW]XQJ (LQHH (LQVWHOOXQJ ZHOFKHH DXFKK LQQ GHU /LWHUDWXUU YHUWUHWHQQ ZLUG :lKUHQG GLH ELVKHU DXI GHP 0DUNW HUKlOWOLFKHQQ $QZHQGXQJHQ KDXSWVlFKOLFKK GDUDXII DXVJHOHJWW VLQGG &OLFNVWUHDPV GDV KHLWW TXDQWLWDWLYH 'DWHQQ DXI]X]HLFKQHQ XQGG VRPLWW GDVV 9HUKDOWHQQ GHUU %HVXFKHUU YHUGHXWOLFKHQQ JHKWW GLHH 7KHRULHH GHU]HLWLJ VFKRQQ ZHLWHU XQGG VSULFKWW YRP :HEE $QDO\WLFVV 'LHVHVV VROOO QHEHQQ GHP Ä:DV³ DXFKK GDV Ä:DUXP³³ GHV 1XW]HUYHUKDOWHQVVEHDQWZRUWHQQXQGGGDPLWWQRFKKQlKHUUDP YRP6WHUQQEHVFKULHEHQHQQQ5HWXUQQRQ ,QYHVWPHQWWDJLHUHQQQ.DXVKLN66666II
7HFKQLVFKHH(QWZLFNOXQJJYRQQ:HEE$QDO\WLFV
:$ LVW NHLQH 'LV]LSOLQ ZHOFKH DOV WKHRUHWLVFKHV )RUVFKXQJVJHELHW HQWVWDQG 6LH HQWZLFNHOWH VLFKPLWWGHP%HGUIQLVYRQQ:HE+RVWHUQQ]XXHUIDKUHQQQZLHYLHOO9HUNHKUUEHUULKUH:HEVHUYHU JHOHLWHWZLUGGG6SlWHUUNDPGLHH1DFKIUDJHGHU:HE'HVLJQHUUXQGG9HUPDUNWHUUUQDFK,QIRUPDWLRQHQ EHUULKUHH0DQDKPHQQLP1HW]KLQ]X'LHHOHW]WOLFKKHQWVFKHLGHQGHQ,PSXOVHHGLHVHUU)DFKULFKWXQJ HUEUDFKWHQQ NHLQHH ZLVVHQVFKDIWOLFKHQQ (LQULFKWXQJHQQQ VRQGHUQQ HQWVWDQGHQQ LQ GHU $QZHQGXQJVHQWZLFNOXQJGLHHGDVZDFKVHQGH,QIRUPDWLRQVEHGUIQLVLP:HEPDQDJHPHQWWVWLOOHQ VROO 'DKHUU ZLUGG LP )ROJHQGHQQ DXFKK DXII GLHH (QWVWHKXQJ XQGG (QWZLFNOXQJ YHUVFKLHGHQHU :$$ 7RROVHLQJHJDQJHQQ
/RJILOHVVXQG3DJH7DJJLQJJ
'LHH HUVWHH XQGG HLQIDFKVWHH 0HWKRGHH ,QWHUQHWQXW]XQJVGDWHQQ ]XX HUKHEHQQQ LVWW GLHH /RJILOHDQDO\VH :HUGHQQ GLH /RJILOHV HLQHU :HEVLWH PLWJHVFKULHEHQQ N|QQHQQ $XVVDJHQQ EHU GHQQ DEIUDJHQGHQ &OLHQWWW GHQQ =HLWSXQNW GHUU $EIUDJH GHQ DQJHIRUGHUWHQQ ,QKDOWW XQGG GLHH +HUNXQIW 5HIHUUHU GHV &OLHQWVJHWURIIHQZHUGHQQ5HHVHH6'LHVHH'DWHQOLHJHQGDQQQDOVVODQJH7H[WGDWHLHQQ YRUUXQGGVLQGLQGLHVHUU)RUPNDXP]XJHEUDXFKHQQ(UVWWPLWWGHU1XW]XQJYRQQ7RROVVZLHH$:6WDWV N|QQHQQGLHH,QIRUPDWLRQHQQDXIEHUHLWHWWYHUZHQGHWWZHUGHQQ1//7HFKQRRR$XFKKKHXWHHQRFK VLQGG GLH /RJILOHGDWHQ *UXQGODJHH DOOHUU $QZHQGXQJHQ LP :$$ %HUHLFKK /HGLJOLFKK GLH 7HFKQLN GLHVHH]XHUIDVVHQQXQGG]XYHUDUEHLWHQQQKDWVLFKKYHUlQGHUW
,P *HJHQVDW] ]X GHQQ VHUYHUEDVLHUWHQQ /RJILOHV KDW VLFK LQQ GHQQ YHUJDQJHQHQQ -DKUHQQ GDV FOLHQWEDVLHUWH 9HUIDKUHQQ GHVV 3DJHH 7DJJLQJµVV GXUFKJHVHW]WW 'DEHL ZLUGG GHU 6LWH LQ GHU 5HJHO -DYD6FULSWW&RGHH 7DJ HLQSURJUDPPLHUWWW (LQQ %HLVSLHOO HLQHVV VROFKHQQ 7DJVV ]HLJWW $EELOGXQJ 'DV -DYD6FULSW HUIDVVW DOOHH QRWZHQGLJHQQ 'DWHQQ EHLPP &OLHQW XQGG VHQGHW GLHVH ]XUFN DQQ GHQ 6HUYHUUUGHUUGLHH,QIRUPDWLRQHQQPHLVWWLQQHLQHUJUDILVFKHQQ$SSOLNDWLRQ]XUUZHLWHUHQ9HUDUEHLWXQJ SUlVHQWLHUWW (LQHH HLQKHLWOLFKHH .RQYHQWLRQQ RGHUU 6WDQGDUGGDUVWHOOXQJ JLEW HV ELVKHUU QLFKW 'DKHU XQWHUVFKHLGHQQVLFKKGLHH,QKDOWHHHGLHYRQQGHQQ:$$QZHQGXQJHQQEHUHLWJHVWHOOWWZHUGHQQYRQQ7RRO ]X 7RROO $XFK GLHH 9DOLGLWlWW GHU 'DWHQ LVW GXUFKK XQWHUVFKLHGOLFKH (UIDVVXQJVPHWKRGHQQ VWDUN GDYRQQ DEKlQJLJ ZLH GHU &RGH SURJUDPPLHUW ZXUGH (LQQ %HLVSLHO LQQ GHP QRFK 'HIL]LWH KHUUVFKHQQQ LVWW GLHH +HUDXVUHFKQXQJ DXWRPDWLVFKHU %RWV ]% 6XFKPDVFKLQHQQ &UDZOHU ZHOFKH GLHH ,QWHUQHWVHLWHQQ YRQQ =HLW ]X =HLWW EHVXFKHQQQ 'D QLHPDQGG JHQDXX ZHL ZLHH YLHOHH GLHVHUU %RWV H[LVWLHUHQQQZHUGHQQPDQFKHHYRQQLKQHQQHUNDQQWWXQGGDOVVVROFKHLGHQWLIL]LHUWWXQGGDQGHUHHQLFKW'LHV
:HEE$QDO\WLFVVDOVV:HU UN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJH HV
LVW QXUHLQHH $XVSUlJXQ
HLQHQ (LQEOLFN ]X HUKD YRUJHVWHOOWW
(LQVDW]YR RQQPRGHUQHQQ$QZHQGXQJHQQDOVV.RPSOHWWSDNHW
:HEE$QDO\WLFVVDOVV:HUN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJHV
GRNXPHQWLHUHQQ 'LHV LVW GHU]HLWLJ HLQQ +LQGHUQLV IU DPHULNDQLVFKHHH DEHU HEHQVR IU GHXWVFKH
'HQQRFK H[LVWLHUHQ DXI GHP 0DUNW $QZHQGXQJHQQ GLHH DXFK LQ 'HXWVFKODQGG JHQXW]W ZHUGHQ GUIHQQQ/DXWGHUU;DPLWW6WXGLHH]%%%GLH/|VXQJHQYRQH7UDFNHU$OOHDQGHUHQ3URGXNWHZHUGHQQ VLFKK GHQQ JHVHW]OLFKHQQ %HVWLPPXQJ DQSDVVHQQ PVVHQQQ VLQGG DEHUU DXIJUXQGG YRQQ IHKOHQGHQ JHULFKWOLFKHQQ9HUERWHQQQRFKKLPPHUUDXIIGHP0DUNWWYHUWUHWHQ
0HWULNHQYRQQ:HEE$QDO\WLFV
:LHH LQQ $EVFKQLWWW EHVFKULHEHQ LVWW :$ HLQHH =XVDPPHQVHW]XQJ YHUVFKLHGHQHUU ,QWHUQHW 0HWULNHQQ E]Z HHPHWULFVV 0HWULN LVWW JULHFKLVFKK XQGG EHGHXWHW =lKOXQJ RGHU 0HVVXQJ 'LHH HUZHLWHUWH)RUPLPHOHNWURQLVFKHQQ%HUHLFKEH]HLFKQHWGLHH0HVVXQJGHVV(UIROJVVHLQHUU:HEVLWH &XWOHUU 6WHUQQQ 6 'LHH HUKREHQHQQ :HUWH ELOGHQQ GLHH *UXQGODJHH IU GLHH NRPSOHWWH $XVZHUWXQJ GHUU 6LWHSHUIRUPDQFHHH 0LWW LKQHQQ N|QQHQ GLHH VXEMHNWLYHQQ (LQVFKlW]XQJHQQ EHLL GHU %HWUDFKWXQJ TXDOLWDWLYHUU (UIROJVIDNWRUHQQ PLWW TXDQWLWDWLYHQQ 'DWHQQ KLQWHUOHJWW ZHUGHQQ +DVVOHU 66666
%HLLGHUU%HWUDFKWXQJGHUUDP0DUNWYHUIJEDUHQQ$QZHQGXQJHQQZLUGGHLQHPVFKQHOOOEHZXVVWWWGDVV HVVHLQH9LHO]DKOOYRQQ0HWULNHQQJLEWWW8PGLHVHGHQQRFKKVWUXNWXULHUWWDQDO\VLHUHQQ]XXN|QQHQQQELHWHW +DVVOHU HLQQ YRQQ LKP HQWZLFNHOWHV )UDPHZRUN DQQ (U XQWHUWHLOW GLH 0HVVZHUWH LQQ 4XHOOHQ %HVXFKHU,QKDOWHHXQGG9HUKDOWHQQQYJO$EELOGXQJ
$EELOGXQJ0HWULNHQQIUGLHYLHUU'LPHQVLRQHQQHLQHU:HEVLWH+DVVOHUUUUUUUUU6 %HLL GHU 4XHOOHQDQDO\VHH JHKWW HV GDUXP ZRKHUU GLH %HVXFKHU NRPPHQQQ 'LHVHH 'DWHQQ JHEHQ $XIVFKOXVVGDUEHUUUREEGLHH%HVXFKHUU]%GLUHNWWDXIIGLHH6LWHH]XJHJULIIHQQKDEHQQRGHUUREEVLHEHU GHQQ/LQNHLQHUDQGHUHQ,QWHUQHWSUlVHQ]JHNRPPHQQVLQGGGG
'LHH%HVXFKHU$QDO\VHH]HLJWWZHUGLHH%HVXFKHUVLQGGGZHOFKHH7HFKQLNVLHHEHQXW]WKDEHQQQZLHHVLH VLFKKJHRJUDILVFKKHLQRUGQHQQODVVHQQXQGGREEVLHHVFKRQQHLQPDOODXIIGHUU:HEVLWHHZDUHQ ,QQGLHH,QKDOWVDQDO\VHHZLUGGGHUUYHUZHQGHWHH&RQWHQWWPLWWHLQEH]RJHQQQ(VVJHKWWGDUXP]XYHUVWHKHQ ZDVVGHQQ%HVXFKHUULQWHUHVVLHUWWXQGGZHOFKHH6HLWHQQDXIIZHQLJHUU%HDFKWXQJVWRHQQ /HW]WOLFKKJLEWWGLHH9HUKDOWHQVDQDO\VHH$XIVFKOXVVVGDUEHUUUZLHHVLFKKGLHH%HVXFKHUUDXIGHUU:HEVLWH
:HEE$QDO\WLFVVDOVV:HUN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJHV
EHZHJWKDEHQ$QQGLHVHUU6WHOOHZHUGHQQ]%1DYLJDWLRQVNRQ]HSWHHQlKHUUHUNOlUW 8P HLQHQQ WLHIHUHQQ (LQEOLFN LQQ GLHVHH 0HWULNHQQ ]XX HUKDOWHQQQ ZHUGHQQ GLHVHH QXQQ LP 'HWDLO YRUJHVWHOOWW
4XHOOHQDQDO\VH
*UREE ZHUGHQQ ]ZHLL $UWHQQ YRQQ ,QWHUQHWTXHOOHQQ XQWHUVFKLHGHQQQ =XP (LQHP JLEWW HVV GLH Ä'LUHNWHLQJDEH³³³GDVV KHLW GLHH XQPLWWHOEDUHH (LQJDEHHGHUU 85/ 8QLIRUP 5HVRXUFHH /RFDWRU LQ GDVV %URZVHUU$GUHVVHQQ )HQVWHU 'LHH ]ZHLWHH 0|JOLFKNHLWW EDVLHUWW DXII GHU 1DWXU GHVV ,QWHUQHWV ,QKDOWHPLWHLQDQGHUU]XYHUNQSIHQQ6RHQWVWHKWHLQ%HVXFKHUVWURPGHUGXUFKKGLH1XW]XQJJYRQ +\SHUOLQNVDQGHUHU:HEVLWHVVDXIGHQHLJHQHQQ,QWHUQHWDXIWULWWJHODQJW3HWHUVRQQQ6 %HLGHH)RUPHQQQODVVHQQVLFKKZLHGHUXPLQQYHUVFKLHGHQHH8QWHUJUXSSHQQXQWHUWHLOHQQQ 3HWHUVRQQ JOLHGHUWW ]XVlW]OLFKK GHQQ ÄGLUHFWO\ UHIHUUHG WUDIILF³³ LQQ GLHH 'LUHNWHLQJDEHH XQGG LQ ÄERRNPDUNHGG >WUDIILF@³³³ 'DPLWW LVWW GHU 9HUNHKU JHPHLQWW GHU GXUFKK GDV 6HW]HQQ XQGG 1XW]HQQ YRQ /HVH]HLFKHQQ %RRNPDUNVVV HQWVWHKW 3HWHUVRQ 6 'HU *UXQGG IU GLHVH 8QWHUVFKHLGXQJLVWWWHFKQLVFKKEHGLQJW'DVRZRKOO%HVXFKHUUEHUU'LUHNWHLQJDEHQDOVVDXFKKEHU /HVH]HLFKHQQ NHLQHQQ 5HIHUUHUUU GDVV KHLW NHLQHQQ 9HUZHLV DXI LKUHH +HUNXQIW PLWJHOLHIHUW EHNRPPHQQQ 0LW %HWUDFKWXQJ GHUU PRPHQWDQQ DXI GHP 0DUNW HUKlOWOLFKHQQ /|VXQJHQQQ RUGQHW +DVVOHUUGLHVHUU*UXSSHHDXFKDOOHÄXQGHILQLHUWHQ³³=XJULIIHH]XXXZHQQQEHLVSLHOVZHLVHHGHUU%HVXFKHU HLQHQ%URZVHUQXW]WGHUGLHhEHUJDEHHGHVV5HIHUUHUVVVSHUUW+DVVOHUUUUUUUU666666 9HUZHLVHQGHH :HEVHLWHQQ ZHUGHQQ LQQ Ä%HVXFKHUU YRQQ 6XFKPDVFKLQHQ³³ XQGG DOOHH EULJHQQ DOV ÄQRUPDOH³³ 4XHOOHQQ XQWHUJOLHGHUWW +DVVOHUUU 6 'LHVHH (LQWHLOXQJ HQWVWHKWW GXUFKK GLH KRKHH %HGHXWXQJ YRQQ 6XFKPDVFKLQHQQQ ZLHH VLHH VFKRQQ LQQ $EVFKQLWW EHVFKULHEHQQ ZXUGH $QGHUVDOVEHLGHQQ'LUHNWHLQJDEHQQLVWHVGHQQ:$$QZHQGXQJHQQP|JOLFKGXUFKGHQQLP+773 PLWJHOLHIHUWHQQ5HIHUUHUUJHQDXX]XXEHVWLPPHQQQREEGHUU%HVXFKHUUEHUUGLHHHLQHHRGHUUDQGHUH4XHOOH JHNRPPHQQLVWWW'DEHLLN|QQHQQEHLGH0|JOLFKNHLWHQQHQWZHGHUUJHNDXIWWW]%GXUFKKEH]DKOWHH/LQNV RGHUU 6XFKPDVFKLQHQPDUNHWLQJ RGHUU QDWUOLFKK HQWVWDQGHQQ VHLQQQ ,QQ GHQQ $QZHQGXQJHQQ ZLHH ]%% *RRJOHH $QDO\WLFVV ZLUGG GDIUU HLQHH $XIWHLOXQJ QDFKK .DPSDJQHQQ EH]DKOW XQGG DOOJHPHLQH 4XHOOHQQ XQEH]DKOW GXUFKJHIKUWW 'LHVV OLHJWW GDULQQ EHJUQGHW GDVV 8QWHUQHKPHQQ IUU LKUH :HUEHPDQDKPHQQHLQHGHWDLOOLHUWHUHH$XVZHUWXQJZQVFKHQQDOVVHVVEHLQRUPDOHQ/LQNVGHU)DOO LVWW
$EELOGXQJ(LQWHLOXQJGHUU,QWHUQHWTXHOOHQQHLQHUU:HEVLWHLQQ$QOHKQXQJDQQ3HWHUVRQQQ3HWHUVRQQQQQQQQQ6
'DDDXFKKDQQGLHVHUU6WHOOHHQRFKKZHLWHUHH8QWHUJOLHGHUXQJHQQP|JOLFKKHUVFKHLQHQQQZHOFKHHDOOHUGLQJV
:HEE$QDO\WLFVVDOVV:HUN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJHV
IUU GDVV 9HUVWlQGQLV GHU 4XHOOHQDQDO\VHH QXUU KLQGHUOLFKK ZlUHQQQ ZLUGG LQQ GLHVHUU $UEHLW HLQH YHUHLQIDFKWHH(LQWHLOXQJZLHLQQ$EELOGXQJYRUJHQRPPHQQ
%HVXFKHUDQDO\VH
,QQGHUU%HVXFKHUDQDO\VHHZHUGHQQGLHH(LJHQVFKDIWHQQGHV%HVXFKHUVVXQWHUVXFKW(VVJHKWWGDUXP]X HUIDKUHQQQZHUVLFKKKLQWHUUGHQQ.OLFNVDXIGHUU,QWHUQHWVLWHYHUELUJWWXQGGPLWWZHOFKHQQ(LJHQVFKDIWHQ HU DXI GLH :HEVLWH JHODQJW 'DEHL VWHOOW VLFK GLH )UDJH ZDV XQWHU HLQHP %HVXFKHU LP WHFKQLVFKHQ 6LQQQ YHUVWDQGHQQ ZHUGHQ NDQQQ XQGG ZLHH HLQHH :$$QZHQGXQJ HLQHQ VROFKHQ LGHQWLIL]LHUWW
%HJRQQHQQZLUGPLWWGHQQ+LWVVVZHOFKHHGLHH%DVLVVGHUU:$'DWHQQGDUVWHOOHQ3HWHUVRQQ6 'LHH+LWVVVHOEVWVLQGGIUUGLHHLJHQWOLFKHH$QDO\VHHEHGHXWXQJVORVVGDDVLHYLHOO]XXDEVWUDNWVLQGGXP $XVVDJHQQ]XUU3HUIRUPDQFHHGHUU:HEVLWHHWUHIIHQQ]XXN|QQHQQ+DVVOHUUU6+LWVVZHUGHQQLQ GHQQ&RGH]HLOHQQGHU/RJILOHVVHLQHU:HEVLWHHDXIJH]HLFKQHWWW6LHHXPIDVVHQQVRPLWWMHGH$NWLYLWlWWWGLH ]ZLVFKHQQ:HEVHUYHUUXQGG&OLHQWWDEOlXIWWW'XUFKKGLHH.RPSOH[LWlWPRGHUQHU:HEVHLWHQNDQQQHLQ 6HLWHQDXIUXII KXQGHUWHH +LWV GXUFKK GDV 1DFKODGHQQ YHUVFKLHGHQHU (OHPHQWH ZLH /RJRVVV 9LGHRV RGHU lKQOLFKHV HU]HXJHQQQ 1W]OLFKK ZHUGHQQ +LWV HUVW ZHQQQ PDQQ VLH LQ 3DJHH 9LHZV 6HLWHQDQVLFKWHQ ]XVDPPHQIDVVWW +DVVOHUUU 6 'LHVV ZLUGG LQQ GHUU ,QKDOWVDQDO\VHH QRFK HLQJHKHQGHUU EHWUDFKWHWWW :HUGHQQ QXQQ GLHH 6HLWHQDQVLFKWHQQ HLQHUU HLQGHXWLJHQQ ,3$GUHVVH ]XJHRUGQHWWW ZLUGG GLHVV DOVV %HVXFKHU EH]HLFKQHWWW (LQH ZHLWHUHH 0|JOLFKNHLWW HLQHQQ %HVXFKHUU ]X LGHQWLIL]LHUHQQLVW GLHVHQQ PLWW HLQHP &RRNLHH ]XX YHUVHKHQQQ (LQQ &RRNLHHLVW HLQQ &RGHVHJPHQWWW GDV GHUU %URZVHUU E]Z GDVV:$7RROO EHLP &OLHQWW DEOHJW XQG EHLP HUQHXWHQQ $XIUXIII]% DQQ HLQHP DQGHUHQQ7DJZLHGHUHUNHQQWW5HHVHH6'LH:HE$QDO\WLFVXQWHUVFKHLGHWWDQQGLHVHU 6WHOOHGHQ%HVXFKHUYRP%HVXFKK'HU8QWHUVFKLHGG]ZLVFKHQQGLHVHQQEHLGHQQ%HJULIIHQOlVVWVLFK DPHLQIDFKVWHQQDQQHLQHP%HLVSLHOOEHVFKUHLEHQQQ$QZHQGHUU%REEEHVXFKWWHLQHH:HEVLWHHVRZRKODQ 7DJ DOV DXFKK DQ 7DJ :lKUHQG GXUFKK GLH JOHLFKHH ,33 GHQQ JOHLFKHQQ &RRNLHH HLQQ %HVXFKHU JHPHVVHQQZLUGGGVLQGGHVVVDXIJUXQGGGHVV]HLWOLFKHQQ$EVWDQGHVVV]ZHLL%HVXFKHH5HHVH6
IIII
:HEE$QDO\WLFVVDOVV:HU UN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJH HV
5HHVHHHHHHHH6666666II
'DWHQQDEJHOHLWHWW
,QKDOWVDQD DO\VHH
XQGG LVWW PLWW GHP HQJOL
:HLWHUKLQQJLEWHVGLH$ NDQQQ GHUU $XVVWLHJ QL
:HEE$QDO\WLFVVDOVV:HUN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJHV
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lW]OLFKK ]X GLHVHQQ ,QIRUPDWLRQHQ N|QQHQQZHLWHUHGXUFKGLH%HWUDFKWXQJGHU+lXILJNHLWGHVV%HVXFKVVXQGGGHUUYHUEUDFKWHQQ=HLWWDXI HLQHU6HLWHJHZRQQHQQZHUGHQQQ+DVVOHUUUU6666
9HUKDOWHQVDQDO\VH
'LHH $UWW XQGG :HLVHH ZLHH GHUU 1XW]HUU ,QKDOWHH YHUZHQGHWWW EHWUDFKWHWW GLHH 9HUKDOWHQVDQDO\VHHH 'HU 8PJDQJ HLQHV %HVXFKHUV PLWW HLQHU :HEVLWHH LVW VRZRKOO YRP %HVXFKHU VHOEVW DOVV DXFK YRP +LQWHUJUXQGG GHVV %HVXFKVV DEKlQJLJ +DVVOHU 6 $QGHUVV DOV EHL 8VDELOLW\ 7HVWV ZHOFKH XQWHU /DERUEHGLQJXQJHQQ DEODXIHQ 1LHOVHQQ /RUDQJHU 6 ELHWHW GLH :HE $QDO\WLFVVDXIIGHUUHQGJOWLJHLQJHVHW]WHQQ:HEVLWHHUHDOHDEHUUPHLVWWZHQLJHUUYDOLGHH'DWHQQ5HHVH 6 'LHH JHULQJHUH 9DOLGLWlW KDW YHUVFKLHGHQHH *UQGH GLHH .DSLWHO EHWUDFKWHWW $Q]XPHUNHQQLVWMHGRFKGDVVVLFKGLH,QIRUPDWLRQHQQGDEHLDXIGLHYRP&RPSXWHUHUIDVVEDUHQ EHVFKUlQNHQQQ 6RR LVWW HVV ]% QLFKW P|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lFKVWHUIROJWHLQHH6HJPHQWLHUXQJLQQ$XIHQWKDOWVGDXHU MH6HLWHXQG%HVXFKVWLHIH/HW]WHUHJLEWGLHH$Q]DKOGHU6HLWHQQMHH%HVXFKDQQ:HLWHUKLQJLEWGHUU LQQ 1DYLJDWLRQVSIDG YJO $EVFKQLWW $XVNXQIW EHUU GHQQ %HZHJJUXQGG HLQHUU 3HUVRQQ HLQH EHVWLPPWHH6HLWHHDQ]XVWHXHUQQQ%HVXFKWHLQQ$QZHQGHUU]%GLH.RQWDNWVHLWHQDFKGHPHUUVLFKKGLH 3URGXNWHH DQJHVHKHQ KDW EHVLW]WW HU K|FKVWZDKUVFKHLQOLFKK HLQHH DQGHUHH ,QWHQWLRQ DOVV HLQHUU GHU ]XYRUU DXII GHUU 6WHOOHQDQJHERWVVHLWHH ZDUUU 6HLWHQQ PLWW lKQOLFKHP &RQWHQWW ODVVHQQ VLFKK ZLHGHUXP
:HEE$QDO\WLFVVDOVV:HUN]HXJ]XUU(UIDVVXQJGHVVZLUWVFKDIWOLFKHQ(UIROJHV
YHUHLQIDFKWW DOVV ,QKDOWVJUXSSHQQ EHWUDFKWHQQQ 'XUFKK GDV &OXVWHUQQ YHUVFKLHGHQHUU (LQ]HOVHLWHQQ ]X EHUJHRUGQHWHQQ6HJPHQWHQN|QQHQQ,QKDOWHHVFKlUIHUYRQHLQDQGHUUDEJHWUHQQWWXQGGDVV%HGUIQLV GHVV %HVXFKHUVV EHVVHUU KHUDXVJHDUEHLWHWW ZHUGHQQ /HW]WOLFKK ELHWHQ :$$QZHQGXQJHQQ GLH 0|JOLFKNHLWWW GDVV9HUKDOWHQ GHVV 1XW]HUV DXI HLQHU EHVWLPPWHQQ 6HLWHH JHQDXHUU ]XX EHWUDFKWHQQQ6R HUP|JOLFKHQQDNWXHOOHH$QZHQGXQJHQQHLQHHIHLQJUDQXODUHHhEHUZDFKXQJYRQQ,QKDOWHQQQ8QWHUUGHP %HJULIII (UHLJQLV7UDFNLQJJ YHUVWHKW *RRJOH $QDO\WLFV GLH $XI]HLFKQXQJJ GHUU ,QWHUDNWLRQ GHVV 1XW]HUVV PLWW XQWHUVFKLHGOLFKHP &RQWHQW $GHQQQ 6 'LHVH (UIDVVXQJ ELHWHW YRQQ GHU hEHUZDFKXQJ HLQHVV Ä3OD\%XWWRQV³ LQQ HLQHP ,QWHUQHWYLGHRR ELVV ]X $XVVDJHQQ EHUU GDV 6FUROOYHUKDOWHQQ YLHOHH $QZHQGXQJVIHOGHU 1HEHQQ *RRJOHH KDEHQQ DXFK DQGHUHH $SSOLNDWLRQHQ VROFKH)XQNWLRQDOLWlWHQQGLHXQWHUGHU%H]HLFKQXQJJ(YHQWVJHOlXILJVLQGG+DVVOHU6 IIII ,QQ $EELOGXQJ ZXUGHQQ QRFKK HLQPDOO GLHH 9HUKDOWHQVPHUNPDOHH ]XVDPPHQJHIDVVWW GLH LQ GLHVHP$EVFKQLWWWHUOlXWHUWWZXUGHQQ
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
'LHH $XIJDEHH YRQQ :HEE $QDO\WLFVV LVWW ODXWW :$$$ 'HILQLWLRQQQ GDVV 9HUVWlQGQLV YRQQ ,QWHUQHWGDWHQ XQGG GLHH 9HUEHVVHUXQJ GHUU ,QWHUQHWQXW]XQJ VLHKHH $EVFKQLWW 'HU 1DFKWHLO DQQ GLHVHU 'HILQLWLRQQLVWWGLHHIHKOHQGHH%H]LHKXQJ]XGHP5HWXUQQRQQ,QYHVWPHQWZLHHXXDDD5HHVHHIHVWVWHOOWH VLHKHH $EVFKQLWWW 'DD GHU )RUVFKXQJVEHUHLFK :HEE $QDO\WLFV LQ VHLQHU SUDNWLVFKHQQ $QZHQGXQJ KlXILJ HLQHQ ZLUWVFKDIWOLFKHQQ %H]XJ DXIZHLVW LVW GHUU LP 'HXWVFKHQQ KlXILJ YHUZHQGHWH %HJULIII :HEE &RQWUROOLQJ IU GLHH QDFKIROJHQGHQQ $EVFKQLWWHH GXUFKDXVV SDVVHQGHU 5HHVHHH6'DV9HUVWlQGQLVVGHVVKHXWLJHQQ&RQWUROOLQJ%HJULIIVXPIDVVWGLHHÄ.RQWUROOH 3ODQXQJ XQGG 6WHXHUXQJ GHVV JHVDPWHQQ 8QWHUQHKPHQVV VRZLHH ]ZLVFKHQEHWULHEOLFKHUU 3UR]HVVH³ -XQJ 6 $QJHZHQGHWW DXII GDVV ,QWHUQHW VWHKHQQ QXQQ GLHH (QWZLFNOXQJHQQ DXII HLQHU :HEVLWHHLP0LWWHOSXQNW$XFKKZHQQQGLHVVQLFKWGHPHLJHQWOLFKHQQ)RUVFKXQJVEHUHLFKKYRQQ:HE $QDO\WLFVVHQWVSULFKWZLUGGXUFKKGLHH9HUNQSIXQJPLWWGHP&RQWUROOLQJGLHH%HGHXWXQJYRQQ:$$ IUUGLHH8QWHUQHKPHQQGHXWOLFKHUU)UUHLQ*HZHUEHLP,QWHUQHWJHKWWHVGDUXPGLHH'DWHQQEHUGLH :HEVLWHHQWZLFNOXQJZLUWVFKDIWOLFKKQXW]HQQ]XXN|QQHQQQ'DEHLLVROOGLHVHUU1XW]HQQGHUJHVWDOWWVHLQ GDVV HU ]XP (UIROJ LQ )RUP GHUU (UUHLFKXQJ YRQQ 8QWHUQHKPHQV]LHOHQQQ EHLWUlJW 8P GLHV ]X EHZHUNVWHOOLJHQQQPVVHQQGLHVHH=LHOHLGHQWLIL]LHUWWXQGG(UIOOXQJVNULWHULHQIHVWJHOHJWWZHUGHQQQ:LH LQQ$EVFKQLWWWEHVFKULHEHQQQZHUGHQQVLHHPHLVWZHLFKDOVVJHZQVFKWHH(QWZLFNOXQJGDUJHVWHOOW %HJUQGHWW ZHUGHQ VLH GXUFKK KDUWHH 9HUJDQJHQKHLWVGDWHQQ GLHHH WUDQVSRQLHUW LQQ GLH =XNXQIWWW QXU YDJH $XVVDJHQQ EHU GLH P|JOLFKHQQ 9HUlQGHUXQJHQQ ]XODVVHQQ (LQQ 9RUJHKHQQQ ZHOFKHV KHXWHH KlXILJLQQGHU%DODQFHGG6FRUHFDUGGG%6&$QZHQGXQJILQGHWW.DSODQQQ1RUWRQQQQ6666666 'LHH %6&& ZXUGHH HQWZLFNHOW XP GLHH 9LVLRQHQQ XQGG 6WUDWHJLHQQ HLQHV 8QWHUQHKPHQVV DQKDQGG YRQ YLHUU 3HUVSHNWLYHQQQ QlPOLFK )LQDQ]HQQQ.XQGHQQQ 3UR]HVVHH XQGG 3RWHQ]LDOOO ]X EHUZDFKHQQ XQGG ]X VWHXHUQQQ8PGLHHYDJHQQQTXDOLWDWLYHQQ=LHOHHLQQMHGHUUGLHVHUU'LPHQVLRQHQQ]XXNRQNUHWLVLHUHQQQZHUGHQ HLQGHXWLJHH .HQQ]DKOHQQQ GKKK TXDQWLWDWLYPHVVEDUHH =LHOYRUJDEHQQQ VRZLHH GDIUU QRWZHQGLJH 0DQDKPHQQ KHUJHOHLWHW .DSODQQ 1RUWRQQQ 6 IIIII 0LW GLHVHP 9RUJHKHQQ LVW HVV GHP 8QWHUQHKPHQQ P|JOLFKKK LQQ GHUU =XNXQIWW GLH =LHOHUUHLFKXQJ ]X NRQWUROOLHUHQQQ (LQHH 0HWKRGHHH GLH DXFKKLQQDEJHZDQGHOWHU)RUPXQWHUUGHUU9HUZHQGXQJGHUU(UIROJVIDNWRUHQQDXV.DSLWHOOIUHLQH :HEVLWH$QZHQGXQJVP|JOLFKNHLWHQELHWHW$EELOGXQJJ]HLJWHLQHHP|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lVVWW VLFK GHUU ZLUNOLFKH 1XW]HQQIUGLH:HEVLWHHGHV8QWHUQHKPHQVVKHUDXVDUEHLWHQQQ'DPLWWGLHVHVV3ULQ]LSSIXQNWLRQLHUWLVW HVVQ|WLJGDVVVGLHH:$$SSOLNDWLRQQGLHEHQ|WLJWHQQ'DWHQQEHUHLWVWHOOWW
,Q $EVFKQLWWW ZXUGHQQ GLHH 0HWULNHQQ DNWXHOOHU :HE $QDO\WLFVV 7RROVV HU|UWHUW XQGG VRPLWW GLH 0|JOLFKNHLWHQQ HLQHU VROFKHQQ $QZHQGXQJ VWUXNWXULHUW 1XQQ VROOHQQ GLHVHH DQKDQGG LKUHV (UNHQQWQLVEHLWUDJHVIUGLHHGUHL(UIROJVIDNWRUGLPHQVLRQHQQXQWHUVXFKWZHUGHQQ'DEHLEHWUDFKWHWW
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
GLHVHUU7HLOOGHUU$UEHLWDQQZHOFKHUU6WHOOHHVLHXQWHUVWW]HQGGZLUNHQQXQGGZRVLHDQQ*UHQ]HQQVWRHQQQ
1XW]HQQYRQQ:HEE$QDO\WLFVIUUGDV'HVLJQQ
$EOHLWXQJYRQQ'HVLJQ]LHOHQQIUUGLH%DODQFHG6FRUHFDUG
$QGHUVDOVEHLGHU8VDELOLW\ZLUGGDV'HVLJQQYRP8QWHUQHKPHQQEHHLQIOXVVW(VJHKWGDUXPGLH :HEVLWHH VRR GDU]XVWHOOHQQ GDVVV VLHH LQQ LKUHU )XQNWLRQQ GHP ]XJUXQGHOLHJHQGHQQ *HVFKlIWVPRGHOO HQWVSULFKW 'DKHUU LVWW GLHH *HVWDOWXQJ GHVV ,QWHUQHWDXIWULWWHV YRP /HLVWXQJVDQJHERWW DEKlQJLJ 'DEHLLVLQGGGUHL)DNWRUHQQIUGDVV(UVFKHLQXQJVELOGGHLQHU:HEVLWHHHQWVFKHLGHQGGG 'D]X]lKOWW]XP(LQHQQGDV7KHPDGHU6LWHHH1HEHQQGHPHLJHQWOLFKHQ*HVFKlIWV]ZHFNZLHH]% &RPPHUFHHHJLEWWHVVQRFKKZHLWHUH8QWHUJOLHGHUXQJHQQQGLHHIUUMHGHQQ:HEDXIWULWWWLQGLYLGXHOOOVLQG 6R YHUPLWWHOWW HLQHH 6LWHH IU GHQQ 9HUNDXI YRQQ %DXPDVFKLQHQQ HLQHH DQGHUHH (PRWLRQQQ DOVV HLQHH IU %DFNZDUHQQQREZRKOOEHLGHHGDVV=LHOGHVV9HUNDXIHQVYHUIROJHQQ+DPPHUU%HQVPDQQQQ6 'DHLQHVROFKKIHLQJUDQXODUHH%HWUDFKWXQJLQGLHVHUU$UEHLWQLFKWP|JOLFKKHUVFKHLQWWWZLUGGDQ GLHVHUU6WHOOHQXUUDXIIGLHHHLQ]HOQHQQ*HVFKlIWVPRGHOOHHHLQJHJDQJHQQQVLHKHH$EVFKQLWW 1HEHQQGHP7KHPDQHQQHQQ+DPPHUUXQGG%HQVPDQQQGLHH=LHOJUXSSHHDOVV]ZHLWHQQ)DNWRUU+DPPHUU %HQVPDQQQQ6(LQHHVLQQYROOHH8QWHUVFKHLGXQJQDFKKGHQQ$NWHXUHQQLP(OHFWURQLF %XVLQHVVVQLPPW:LUW]YRUU:LUW]6I6WUXNWXULHUWWZXUGHQQGLHVH*UXSSHQQDQKDQGGGHV /HLVWXQJVDXVWDXVFKSUR]HVVHVVV ZRGXUFKK VLFK DOV $NWHXUHH GLH 8QWHUQHKPHQQ %XVLQHVV |IIHQWOLFKHH,QVWLWXWLRQHQQ$GPLQLVWUDWLRQXQGSULYDWHH.RQVXPHQWHQQ&RQVXPHUUUHUJHEHQQQ8QWHU %HUFNVLFKWLJXQJ GHUU $NWLYLWlWHQQ GHU MHZHLOLJHQQ $NWHXUH ODVVHQ VLFKK GLH ,QVWLWXWLRQHQ XQG 8QWHUQHKPHQQ]XXHLQHU*UXSSHH]XVDPPHQIDVVHQ:LUW]6bKQOLFKZLHEHLP)DNWRU 7KHPDODVVHQVLFKKQRFKKWLHIHUHH(LQWHLOXQJHQQYRUQHKPHQQQ6RRJOLHGHUW+DVVOHUUSULYDWHH$QZHQGHU QDFKK GHPRJUDSKLVFKHQQ ]% $OWHUUU *HVFKOHFKWW VR]LR|NRQRPLVFKHQQ ]% %LOGXQJ *HKDOWVNODVVHHH XQGG SV\FKRJUDSKLVFKHQQ 0HUNPDOHQ (LQVWHOOXQJ 0RWLYDWLRQ VRZLHH GHP
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
.DXIYHUKDOWHQQ3UHLVVHQVLELOLWlW4XDOLWlWVYHUVWlQGQLV(LQHlKQOLFKH6WUXNWXULHUXQJLVWDXFKIU GLHH 8QWHUQHKPHQQ P|JOLFKK 'RUWW VLQG RUJDQLVDWRULVFKHH XQGG |NRQRPLVFKHH 0HUNPDOHH VRZLHH GLH $UWW GHVV .DXIYHUKDOWHQV =HQWUDOHUU (LQNDXIII /LHIHUDQWHQWUHXHHH XQGG &KDUDNWHULVWLNDD GHU (QWVFKHLGXQJVWUlJHUU =HLWGUXFN 5LVLNRIUHXGHHH YRQQ %HGHXWXQJ +DVVOHU 6 -H QDFKGHPZHOFKHH=LHOJUXSSHHIUUGLHH:HEVLWHHUHOHYDQWWLVWWWVLQGGDQGHUH*HVWDOWXQJVHOHPHQWHHQ|WLJ E]ZWUlJWGLH*HVWDOWXQJDXIIDQGHUH$UWW]XP(UIROJEHLL
'HUU OHW]WH )DNWRUU LVWW GLHH :HUWLJNHLWW GHU 6LWH +DPPHUU %HQVPDQQQQ 6 'DEHL XQWHUVFKHLGHQQ +DPPHUU XQGG %HQVPDQQQ QLFKW JHQDXX ZLH GLHVHU %HJULII ]XX YHUVWHKHQ LVWW (V HUJHEHQQVLFKK]ZHLL0|JOLFKNHLWHQ=XP(LQHQQLVWWGDVVGLHH:HUWLJNHLWWQDFKKLQQHQQGDVVKHLWWGHU 6WHOOHQZHUWWGHQQGLHH6LWHHIUGDVV8QWHUQHKPHQQHLQQLPPW:LHHLQQ$EVFKQLWWWNDQQQHUUHLQQ$GGG 2QQ]XPHLJHQWOLFKHQQ2IIOLQHH*HVFKlIWWVHLQQRGHUUGLHJHVDPWHH*HVFKlIWVWlWLJNHLWWXPIDVVHQQQ=XP $QGHUHQQLVWGDVGLH:HUWLJNHLWWQDFKKDXHQQQZHOFKHHGLH5HSXWDWLRQQ]XP.XQGHQQGDUVWHOOW -H QDFKGHP ZLH GLH )DNWRUHQ DXI HLQ 8QWHUQHKPHQQ ]XWUHIIHQQ HUJHEHQ VLFK XQWHUVFKLHGOLFKH (UIROJV]LHOHH IUU GDVV 'HVLJQQQ 8P GLHH :LUNXQJVZHLVHH ]X LOOXVWULHUHQQ ZLUGG QXQQ DQKDQGG YRP .DSLWHOOOOHUZlKQWHQQ2QOLQHEXFKKlQGOHU$PD]RQQQHLQHHEHLVSLHOKDIWHH$QDO\VHHGXUFKJHIKUWWW $OV HUVWHV ZLUG GDV 7KHPD YRQQ GHU DPD]RQQFRP LGHQWLIL]LHUW %HL HLQHU (LQRUGQXQJ LQQ GDV /HLVWXQJVHUVWHOOXQJVPRGHOO HUJHEHQ VLFKK IROJHQGH $XIJDEHQQ IU GHQ 2QOLQHEXFKKlQGOHU 'D GLHVHUU DOVV ,QWHUPHGLlUU ]ZLVFKHQQ 3URGXNWKHUVWHOOHUU XQGG $EQHKPHUU DJLHUW ZHUGHQQ ]XQlFKVW 3URGXNWW XQGG 'LHQVWOHLVWXQJVDQJHERWHH JHVDPPHOWW XQGG V\VWHPDWLVLHUWWW ,VWW GDVV JHVFKHKHQ VR HUIROJWW GLH 3UlVHQWDWLRQ GHVV $QJHERWV DXI GHU ,QWHUQHWVHLWH DPD]RQQFRP 'D QXQQ DXI GHU ,QWHUQHWSODWWIRUP DXFKK GLH 7UDQVDNWLRQVSKDVHQQ Ä$QEDKQXQJ³ XQGG Ä$XVKDQGOXQJ³ HLQHU *HVFKlIWVEH]LHKXQJ]ZLVFKHQQ(QGNXQGHQQXQGGGHP ,QWHUPHGLlUUHUIROJHQQQZLUGGDPD]RQQFRPLQQ GHQQ%HUHLFKKGHV(OHFWURQLF&RPPHUFHHHLQJHRUGQHW:LUW]6IIII(LQHQQDQGHUHQQ$QVDW] ]XUU%HVWLPPXQJGHVV7KHPDVVGHUU6LWHHELHWHWWGLHH:HEE,QWHOOLJHQFHH:,8QWHUUGHUU:,ZLUGGGLH 9HUDUEHLWXQJYRQQ,QWHUQHWGDWHQQYHUVWDQGHQQQZHOFKHH]XXHLQHPVHPDQWLVFKHQQ9HUVWlQGQLVVVHOELJHU
0LWKLOIH HLQHUU $QDO\VHH GHU :HEVLWHH GXUFK YHUVFKLHGHQHH :,0HWKRGHQQ NDQQQ GDV 7KHPD HLQHU 6LWHHEHVWLPPWZHUGHQQQ*RRJOHHIKUWWGDEHLLLQQVHLQHP$GG3ODQQHUHLQHHVROFKH&RQWHQWW$QDO\VH GXUFKDGGSODQQHUE\*RRJOH'DEHLLZLUGDPD]RQQFRPLQQGLH%HUHLFKH6KRSSLQJ$UWV (QWHUWDLQPHQWWWVRZLH%RRNVV/LWHUDWXUHHLQJHRUGQHWW'DHLQHVROFKH6WUXNWXULHUXQJGHU]HLWLJ QRFKK UHODWLY VXEMHNWLY LVW VROOO IUU GLHH VSlWHUHH =LHOEHVWLPPXQJ Ä&RPPHUFH³³ DOVV 7KHPDD GHU :HEVLWHHJHQJHQQQ
$XV GHP $QQXDOO 5HSRUW YRQQ $PD]RQQ ZLUGG HQWQRPPHQQQ GDVVV GHUU SULPlUHH 8PVDW] GXUFK GHQ 9HUNDXIIYRQQ3URGXNWHQQXQGG'LHQVWOHLVWXQJHQQDQQ9HUEUDXFKHUUHU]HXJWZLUGG$PD]RQQFRP 66666666'DGXUFKKOlVVWWVLFKKGLHH+DXSW]LHOJUXSSHHGHUU6LWHDXII(QGNXQGHQQHLQJUHQ]HQ /HW]WOLFKKZLUGGGHUU6WHOOHQZHUWWQDFKKLQQHQQXQGGDXHQXQWHUVXFKWWW+LHUEHLLEHLQKDOWHWWGHUU$QQXDOO 5HSRUW GDVV $PD]RQQ GLHVHQQ 8PVDW] KDXSWVlFKOLFKK DXII GHUU :HEVLWHH JHQHULHUW $PD]RQQFRP 6 'DPLWW ]lKOWW GHUU 9HUNDXII YRQQ 3URGXNWHQQ LP ,QWHUQHW ]XP .HUQJHVFKlIWWW 'DD GLH 3URGXNWHH PHLVWW SK\VLVFKHUU XQGG VRPLWW QLFKWW GLJLWDOHUU 6WUXNWXU VLQGG EHQ|WLJWW GDV ,QWHUQHWZDUHQKDXV ]XVlW]OLFKK 2IIOLQHH9HUWULHEVNDQlOH GLH DEHU IU GDV =LHO GHU :HEVLWH QLFKW
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
ZHLWHUU ]X EHWUDFKWHQQ VLQG ,QQ GHUU :LUNXQJ QDFKK DXHQQQ ZLUG GDV 7KHPD LQ +LQVLFKWW GHU 'DUVWHOOXQJ JHJHQEHUU GHUU =LHOJUXSSHH XQWHUVXFKW 'DEHLL VLQGG GLHH $QIRUGHUXQJHQQ YRQ (QGNXQGHQQDQQHLQHH&RPPHUFHH:HEVLWHHYRQQ%HGHXWXQJ9RQQ:HEVLWHVVGLHVHVV7\SXVVZLUGG]%%% HLQQKRKHVV0DDQQ6LFKHUKHLWWHUZDUWHW%HJUQGHWWLVWWGLHVVLQQGHU1HXKHLWWGHVV,QWHUQHWKDQGHOVXQG GHQQ]XVlW]OLFKHQQ5LVLNHQQQGLHHGXUFKKGHQQ)HUQDEVDW]HQWVWHKHQQ)DVVRWWWW666:LFKWLJ LVWWDXFKKGLHP|JOLFKHHRGHUUDNWXHOOHH6WHOOXQJGHUU6LWHLQQGHUU*HVHOOVFKDIW6RRHQWVWDQGGHLQQVWDUNHV |IIHQWOLFKHV ,QWHUHVVHH DQ $PD]RQQ DXIJUXQGG VHLQHVV 8PVDW]YROXPHQVV YRQ 0UGG 86' $PD]RQQFRP 6 XQGG GHUU %|UVHQQRWLHUXQJ LQQ GHUU 1DVGDTTT 'XUFKK GLHH JHVWLHJHQH %HDFKWXQJ LQQ GHU *HVHOOVFKDIW N|QQHQQ 9HUlQGHUXQJHQQ DXI GHU ,QWHUQHWVLWHH $XVZLUNXQJHQQ DXI GLHH5HSXWDWLRQXQGGVRPLWWDXIIGHQQ(UIROJKDEHQ,QQ7DEHOOHHZXUGHQQGLH$XVSUlJXQJHQQIUUGLH 'HVLJQIDNWRUHQQYRQQ$PD]RQQQRFKKHLQPDOO]XVDPPHQJHIDVVWW 'HVLJQIDNWRU $XVSUlJXQJ
1XQQ ODVVHQQ VLFK 'HVLJQ]LHOH KHUOHLWHQQ GLH GXUFK GLH $XVSUlJXQJJ GHU )DNWRUHQQ HQWVWHKHQQ $P %HLVSLHO YRQQ $PD]RQQ ZLUG HLQH 6WUXNWXU JHZlKOW GLH ]XU $QEDKQXQJJ XQG $XVKDQGOXQJJ YRQ 7UDQVDNWLRQVEH]LHKXQJHQQ JHHLJQHWW LVW 'D HV VLFK XP SULYDWHH .XQGHQ KDQGHOW JHOWHQQ GLHVH JOHLFK]HLWLJ DOVV 9HUEUDXFKHUU GHUU 3URGXNWHHH 'DGXUFKK LVWW ]%%% HLQQ 'HVLJQQ IUU GHQQ 9HUNDXII YRQ NOHLQHQ 3URGXNWPHQJHQQ Q|WLJ 'DD GLHV GDVV.HUQJHVFKlIW YRQQ $PD]RQQ GDUVWHOOWLVWWHLQHH VWDUNH .XQGHQELQGXQJ DQ]XVWUHEHQQQ 'DVV ZLUG DXFKK IUU GLHH $N]HSWDQ] HLQHUU &RPPHUFHH :HEVLWH YRUDXVJHVHW]WW 6RR ZLUG GLH 7HFKQRORJLH GHV 2QOLQHKDQGHOV HUVWW DN]HSWLHUWW VREDOG GHU 1XW]HU HLQHH%HVWlWLJXQJEHUUGLH:LUNXQJGLHVHUU7UDQVDNWLRQVIRUPHUKDOWHQQKDWW)DVVRWWWW6 (LQQ VROFKHU %HOHJ IU GLHH 9RUWHLOHH YRQQ DPD]RQQFRP N|QQWHH ]%%% HLQH DEJHVFKORVVHQH 7UDQVDNWLRQQVHLQQ=XVlW]OLFKLVWGDV6LFKHUKHLWVEHGUIQLVGHU%HVXFKHUYRQQ2QOLQHZDUHQKlXVHUQ ]X HUIOOHQQQ 'XUFKK GLHH JHVWHLJHUWHH :DKUQHKPXQJJ GHUU gIIHQWOLFKNHLWW EHLL $NWLYLWlWHQQ YRQ $PD]RQQ N|QQHQQ 9HUlQGHUXQJHQQ LP 'HVLJQQ VFKZHUZLHJHQGH )ROJHQQ LQQ GHUU 1XW]XQJJ GHU 3ODWWIRUPKDEHQQQ(LQQ%HLVSLHOOZlUHHHLQHHVFKOHFKWHH5HSXWDWLRQQLQQGHUU3UHVVHH :XUGHQQ GLHH =LHOHH GHILQLHUWW ODVVHQQ VLFK GLHVHH QXQQ LQQ GHU %DODQFHGG 6FRUHFDUGG IUU GLH 'HVLJQGLPHQVLRQQ QLHGHUVFKUHLEHQQQ 'DUDXIKLQ ZHUGHQQ JHHLJQHWHH 0DQDKPHQQ ]XUU (UUHLFKXQJ GLHVHU(QWZLFNOXQJHQQDEJHOHLWHWWW,VWWGDVJHVFKHKHQQQVLQGG.HQQ]DKOHQXQG=LHOZHUWHQ|WLJ(LQH +HUDXVIRUGHUXQJ GLH QXU EHUU GLH :HEVLWHH1XW]XQJ EHZHUNVWHOOLJW ZLUGGG ,P )ROJHQGHQQ EHVFKUHLEWWGLHVHH$UEHLWW0|JOLFKNHLWHQQYRQQ:HE$QDO\WLFVV]XP0HVVHQQYRQQ'HVLJQ]LHOHQQQ
'HVLJQQ.HQQ]DKOHQEHUZDFKXQJPLWKLOIHHYRQQ:HEE$QDO\WLFV
,P YRUDQJHJDQJHQHQQ $EVFKQLWW ZXUGHQQ GLH YHUVFKLHGHQHQ )DNWRUHQQ HUPLWWHOW GLH IU GLH (UIROJVEHUZDFKXQJXQGG=LHOVHW]XQJLP'HVLJQQQRWZHQGLJVLQGGG1XQQZLUGGGLHVHLP6LQQHHGHU
$QDO\VHHGHVZLUWVFKDIWO OLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV( (UIROJVEHLWUDJV
0HVVEDUNHLWWGHVV7KHP PDV
=XUU9HUHLQIDFKXQJHQW
VLHKH $EVFKQLWW :HEVLWHHH]%EHQ|WLJHQ
'DKHUULVWWHVVQDKHOLHJHQ
]XUU ,QKDOWDQDO\VHH DXV $QZHQGXQJHQQ IU HLQH &RQWHQWW(OHPHQWHHH $EE *RRJOHH$QDO\WLFVVVV
$EELOGXQJ &RQWHQWW/HLVWXQJ%HULFKWW*RRJOHH$QDO\WLFVVV*RRJO OHH,QFFFFFFFFEE
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
$XVVWLHJVVHLWH HLQH P|JOLFKHH ,QIRUPDWLRQ EHUU GHQQ =ZHFN GHVV :HEVLWHDXIUXIHVVV $OOHUGLQJV N|QQHQQ DXFKK ]ZLVFKHQ]HLWOLFKK JHOHVHQHH ,QKDOWHH HLQHQQ (UIROJ IUU GHQQ %HVXFKHUU XQGG IUU GDV *HVFKlIWVPRGHOOO GDUVWHOOHQ 6RR ELHWHQ GLH :$$QZHQGXQJHQQ QHEHQQ GHQ 6HLWHQDXVZHUWXQJHQ IUUMHGHEHVXFKWHH6HLWHHHDXFKK,QIRUPDWLRQHQQ]XUU%HVXFKV]HLWWDQQQ'LHVV]HLJW$EELOGXQJLQQGHU 6SDOWH Ä'XUFKVFKQLWWOLFKH %HVXFKV]HLW DXI GHU 6HLWH³ :XUGH GLH 6HLWH OlQJHU DOV EOLFK DQJHVHKHQQN|QQWHGLHVHLQ+LQZHLVGDUDXIVHLQQGDVVGHUU1XW]HUDQGLHVHUU6WHOOHHLQHHZLFKWLJH ,QIRUPDWLRQQ JHIXQGHQQ KDW ,QQ GHU :HE $QDO\WLFV VSULFKW PDQQ DXFK YRQQ 6WLFNLQHVV +DVVOHU 6$OOHUGLQJVLVWWKLHUGHUU*HVFKlIWVW\SXVVDXVVFKODJJHEHQGGG6RRVLQGG6HLWHQQPLWWGHP 0RGHOOO &RQWH[W HKHUU GDUDXII DQJHZLHVHQQQ GDVV GHU %HVXFKHU P|JOLFKVWW VFKQHOOO ]X VHLQHU
'DVVHOEHHJLOWWIUGLHH$EVSUXQJUDWHHVLHKH$EELOGXQJ,QQLKUUZHUGHQQDOOH$XVVWLHJHDXIHLQHU 6HLWHHNXPXOLHUWSUR]HQWXDODXVJHJHEHQQQ6RRZLUGHUVLFKWOLFKKKZLHHYLHOH3HUVRQHQHLQHHEHVWLPPWHH 6HLWHHEHVXFKWWKDEHQQXQGGVLHHGDUDXIKLQQYHUOLHHQQ2EVLHHGLHHJHZQVFKWHQQ,QIRUPDWLRQHQQMHGRFK IDQGHQQQZLUGGYRQQGHUU:$$$QZHQGXQJQLFKWYHUDQVFKDXOLFKW 0HVVEDUNHLWGHUU=LHOJUXSSHH
'LHH =LHOJUXSSH HLQHUU 6LWHH RULHQWLHUWW VLFKK DP *HVFKlIWVPRGHOOO XQGG GHP GDUDXV UHVXOWLHUHQGHQ *HVFKl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|QQHQQQEHGLHQWWVLFKKGLH:HE$QDO\WLFVVGHUU%HVXFKHUDQDO\VHH ,Q$EVFKQLWWWWWWWWWZXUGHQQGUHLL$XVSUlJXQJHQQHU|UWHUWGLHH$XIVFKOXVVVGDUEHUUJHEHQQN|QQHQQQREE GLHH 6HLWHH GHUU =LHOJUXSSHH HQWVSULFKWWW =XP (LQHP JLEWW HVV GRUWW GLHH %HVXFKVHLJHQVFKDIWHQQQ (LQ 1XW]HUUNDQQQHLQHH6LWH]XPHUVWHQQ0DODXIVXFKHQQRGHUGLHV]XPZLHGHUKROWWWXQQQ-HQDFKGHPREE GLHH =LHOJUXSSHH VLFKK DXVV %HVWDQGVNXQGHQQ ]XVDPPHQVHW]WW RGHUU 1HXNXQGHQQ JHQHULHUWW ZHUGHQ VROOHQQQ LVWW GLHH $XVSUlJXQJJ GHU HLQHQQ RGHUU DQGHUHQQ .HQQ]DKOO YRQQ JU|HUHUU %HGHXWXQJ IUU GHQ (UIROJ GHUU 6LWH +DVVOHUU 6 =XVlW]OLFKK ELHWHQQ GLH $QZHQGXQJHQQ PHLVWW HLQH $XVZHUWXQJ EHUU GLHH 7UHXH GDVV KHLWW GLHH )UHTXHQ] XQGG +lXILJNHLWW GHVV :LHGHUNHKUHQVVV :LUG DXIIGHUU6LWHHVLFKKVWlQGLJlQGHUQGHUU,QKDOWWDQJHERWHQZLHHHVV]%EHLL&RQWHQWW$XIWULWWHQQGHUU)DOO LVWWLVWWHLQHHKRKHH%HVXFKHUWUHXHSRVLWLY]XEHWUDFKWHQ'LHVHHLVWWHLQQ0DIUUGLH)lKLJNHLWWWGLH =LHOJUXSSHQQ YRQQ GHU 6LWH ]XX EHU]HXJHQQ +DVVOHUU 6 1HEHQQ GHQ
%HVXFKVHLJHQVFKDIWHQQJLEWWHVVQRFKKGLHH%HVXFKHUHLJHQVFKDIWHQQQGLHHRKQHHDNWLYHH%HNDQQWJDEHHGHV 1XW]HUVV HUKREHQQ ZHUGHQ N|QQHQQQ +LHU]X JHK|UHQQ GLHH +HUNXQIWW XQGG GLHH WHFKQLVFKHQ (LJHQVFKDIWHQQGHV&OLHQWVVV
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
$EELOGXQJ%HVXFKHUHLJHQVFKDIWHQQQDFK+HUNXQIWVODQGGLQQ*RRJOH$QDO\WLFV*RRJOH,QFFFFFFFFFF $EELOGXQJ ]HLJWW HLQQ %HLVSLHOO IUU GLHH JUDILVFKH 'DUVWHOOXQJ GLHH LQQ GHQQ $QZHQGXQJHQ HLQJHVHW]WW ZLUGGG 'DGXUFKK IlOOWW HV GHP :$$QZHQGHUU OHLFKWHU =LHOUHJLRQHQQ GHUU :HEVLWHH ]X HUNHQQHQQQ (QWVSUHFKHQQ GLHVHH 'DWHQQ GHU DQJHVWUHEWHQ =LHOJUXSSHHH NDQQQ GDVV DOV HUIROJUHLFKH *HVWDOWXQJ GHUU :HEVLWHH EHWUDFKWHWW ZHUGHQQQ $QGHUV DOV GLH ELVKHULJHQQ ,QIRUPDWLRQHQQQ GLH EHU HLQHH :$$SSOLNDWLRQQ JHZRQQHQQ ZHUGHQQ N|QQHQQQ VLQGG GLHH WHFKQLVFKHQQ 'DWHQQ GHVV &OLHQWV EHGLQJW GXUFKK GLHH 1XW]XQJ GHVV ,QWHUQHWVV DOVV 3ODWWIRUP YRQQ EHVRQGHUHUU %HGHXWXQJ 0LWW LKQHQ OlVVWW VLFKK ]%%% EHVWLPPHQQQ ZHOFKHH %URZVHU GLH %HVXFKHUU QXW]HQQQ ZHOFKHH %LOGVFKLUPDXIO|VXQJ VLHH KDEHQQ RGHUU ZHOFKHVV %HWULHEVV\VWHP YHUZHQGHWW ZLUGGG $OOO GLHVHH ,QIRUPDWLRQHQQ VLQGG ZLFKWLJ IUU GLHH :HEHQWZLFNOXQJ XP ]%%% EHUU GHQ (LQVDW] YRQQ QHXHQQ 7HFKQRORJLHQQ ]XX HQWVFKHLGHQ 1LHOVHQQ /RUDQJHUUU 6 :LHH DQIDQJV HUZlKQW ELHWHWW GLHH :HEE $QDO\WLFVV NHLQH 0|JOLFKNHLWW GLH 9HUEUHLWXQJ GHUU 6LWH LQQ GHU =LHOJUXSSHH ]X HUIDVVHQQ DXHU ZHQQQ GLHVH GLH ,QIRUPDWLRQQ YRQQ VLFKK DXV DQJLEWWW (LQHH 0|JOLFKNHLW ZlUHH HVVV GLHVH GXUFKK )RUPXODUHH RGHU 8PIUDJHE|JHQQ ]XX HUIDVVHQ E]Z HLQHQQ DEJHWUHQQWHQQ %HUHLFKK PLWWHOV /RJLQQ DXVVFKOLHOLFKK IU GLHH=LHOJUXSSHHHLQ]XULFKWHQ 0HVVEDUNHLWWGHUU:HUWLJNHLWW
,Q GHUU :HUWLJNHLWW JHKWW HVV GDUXP ZHOFKHQQ 6WHOOHQZHUW GLHH 6HLWH QDFKK LQQHQQQ GDV KHLWW IUU GDV 8QWHUQHKPHQQXQGGZHOFKHVLHHQDFKKDXHQQIUUGHQQ.XQGHQQHLQQLPPW8P]XXYHUVWHKHQQZHOFKHV 3RWHQ]LDO GLH 6LWHH IUU GHQ *HVFKlIWV]ZHFN ELHWHWWW EHWUDFKWHWW PDQQ GLHH JOREDOHQQ NXPXOLHUWHQ :HUWHHH 'DEHLL VLQGG KDXSWVlFKOLFKK GLHH =XJULIIV]DKOHQQ LQWHUHVVDQWWW 0LW GHQQ ,QIRUPDWLRQHQQQ ZLH YLHOHH1XW]HUUGLHH6HLWHHLQQHLQHPEHVWLPPWHQQ=HLWUDXPEHVXFKWWKDEHQQXQGGZLHHVLHHVLFKKGDUDXIKLQ YHUKDOWHQQQ ODVVHQ VLFKK $XVVDJHQQ EHUU 5HOHYDQ] GHU :HEVLWHH IU GDVV 8QWHUQHKPHQQ WUHIIHQ ,QWHUHVVDQWW VLQGG KLHUEHLL ]ZHLL .HQQ]DKOHQQQ =XP (LQHQQ GHU 5HWXUQQ RQQ ,QYHVWPHQWWW GHUU GLH 5HQWDELOLWlWWGHUU:HEVLWHHZLHGHUJLEWWXQGGGLHH5HLFKZHLWHHLP9HUJOHLFKK]XP*HVDPWLQWHUHVVHH]X GLHVHP7KHPD'LHH)RUPHOXQGG)RUPHOOOO]HLJHQQGLHH%HUHFKQXQJEHLGHUU.HQQ]DKOHQQ
$QDO\VHHGHVZLUWVFKDIWO OLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV( (UIROJVEHLWUDJV
HWXUQQRQQ,QYHVWPHQWHLQHUU:HEVLWH5HHVHHHHHHHHH6 )RUPHOOOOO%HUHFKQXQJ5H
$EELOGXQJ 6XFKSKUDVHQDXVZHUWXQJLQQGHUU:HEE$QDO\WLFVHWUD DFNHUUUUUUUD
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
:HLWHUKLQQ OLHIHUQQ GLH 4XHOOHQ ,QIRUPDWLRQHQ GDUEHU ZDV VLFK GLH %HVXFKHU DXI GHU :HEVLWH HUKRIIHQQQ9HUZHLVHQGH4XHOOHQQZHUGHQQGDKLQJHKHQGGXQWHUVXFKWZLHHVLHHJHVWDOWHWWZXUGHQQQGDDGHU 1XW]HUUHLQHHlKQOLFKHH*HVWDOWXQJDXIIGHPHLJHQHQQ,QWHUQHWDXIWULWWHUZDUWHWW1LHOVHQQ/RUDQJHUU 6 6XFKPDVFKLQHQQ JHEHQQ ]XVlW]OLFKK $XIVFKOXVVV EHU EHQXW]WHH 6XFKSKUDVHQQQ GLH JOHLFK]HLWLJ :QVFKH GHU %HVXFKHUU DXVGUFNHQQQ 'LHH $EELOGXQJ ]HLJW HLQHH VROFKH $XVZHUWXQJ'DEHLLZLUGGGHXWOLFKKKGDVVVGLHH%HVXFKHUUGLHVHUUEHLVSLHOKDIWHQQ6LWHHGHQQ6WHOOHQZHUW HLQHUHQJOLVFKHQQ/HUQSODWWIRUP]XRUGQHQQXQGGDXFKGHPHQWVSUHFKHQGHQQ&RQWHQWHUZDUWHQQQ(LQ lKQOLFKHV(UJHEQLVVOlVVWWVLFKKEHLLGHUUhEHUZDFKXQJHLQHUULQWHUQHQQ:HEVLWHH6XFKHHU]LHOHQQ'HU (UIROJGHVV'HVLJQVVHLQHV,QWHUQHWDXIWULWWHVLVWVRPLWWGDYRQQDEKlQJLJZHOFKHQQ:HUWWGLHH6LWHHIU GDVV8QWHUQHKPHQQKDWWXQGGZLHHHVVYRQQGHQQ1XW]HUQEHZHUWHWWZLUGG =XVDPPHQIDVVHQGGELHWHWGLH:$YHUVFKLHGHQH0|JOLFKNHLWHQQHLQHHUIROJUHLFKHH*HVWDOWXQJGHU :HEVLWHH]XPHVVHQXQGGGHQ1XW]HQQIUGDV8QWHUQHKPHQQ]XXRSWLPLHUHQQQ1DFKIROJHQGGEHWUDFKWHW GLHVHH$UEHLWGHQQ(LQVDW]YRQQ:$IUUGLHH8VDELOLW\HLQHV,QWHUQHWDXIWULWWHV
1XW]HQQYRQQ:HEE$QDO\WLFVIUUGLH8VDELOLW\
$EOHLWXQJYRQQ8VDELOLW\\=LHOHQQIUGLH%DODQFHGG6FRUHFDUG
,QQGHUU8VDELOLW\JHKWWHVGDUXPKHUDXV]XILQGHQQZLHVFKQHOOOGLHH+DQGKDEXQJGHU:HEVLWHHHUOHUQW ZHUGHQNDQQQXQGGZLHHHIIL]LHQWGLHVHJHQXW]WZLUGXPEHVWLPPWHH=LHOHXQWHUUHLQHPEHVWLPPWHQ .RQWH[W]XXHUUHLFKHQVLHKHH$EVFKQLWWW6RPLWWVWHKWWGHUU%HQXW]HUUGHUU6LWHHLP0LWWHOSXQNW GHUU 8QWHUVXFKXQJHQQQ :lKUHQGG LP 'HVLJQQ YHUVXFKWW ZXUGHH GHQQ ,QWHUQHWDXIWULWW VR ]X JHVWDOWHQ GDVVVGLHVHUUGHP8QWHUQHKPHQV]LHOHQWVSULFKWWWILQGHWWQXQQGDVVÄXVHUFHQWHUHGGGHVLJQ³³$QZHQGXQJ %DO]HUW 6 'DEHLL NDQQQ GLHH 8VDELOLW\ )RUVFKXQJ QXUU LQQ GHQQ JHVWDOWHULVFKHQQ *UHQ]HQ DJLHUHQQQ $OVV %HLVSLHOO OLHHH VLFKK HLQHH &RQWHQWW:HEVLWHH DQEULQJHQQQ GHUHQQ $XIJDEHH HVV LVW 9LGHRLQKDOWHH ]X SUlVHQWLHUHQQQ 6R JLEWW HVV 0|JOLFKNHLWHQQ GLH DXGLRYLVXHOOHQ 0HGLHQQ PLW ]XVlW]OLFKHQQ7H[WHOHPHQWHQ]XXKLQWHUOHJHQQQ6LHEHUQHKPHQQGDQQQGLHH$XIJDEHHHGHQQ8PJDQJPLW GHP9LGHRSOD\HUUEHVFKUHLEHQQXPGLHH+DQGKDEXQJHUOHLFKWHUQQQ'LHVVZlUHHMHGRFKKQLFKWLP6LQQH GHVV'HVLJQVVXQGGEHHLQIOXVVWGLH:HUWLJNHLWWGHUU6LWH,QQHLQHU0HGLDWKHNGLH)LOPHSUlVHQWLHUWWLVW GLHH=LHOJUXSSHP|JOLFKHUZHLVHHQLFKWEHUHLWWOlQJHUHH7H[WHH]XXOHVHQQQ'DKHUUPXVVVGHUU,QKDOWWGHP 7KHPDD GHVV ,QWHUQHWDXIWULWWHV DQJHSDVVW XQG GLHH (UJRQRPLHH ]%%% GXUFKK LQWXLWLYHUH 0HGLDSOD\HU YHUEHVVHUWZHUGHQQ
8P HLQHH :HEVLWHH DXII LKUHH 1XW]EDUNHLW XQGG +DQGKDEXQJ ]X XQWHUVXFKHQQQ ZHUGHQQ KlXILJ /DERUWHVWV HLQJHVHW]WW :LFKWLJHH 6WXGLHQQ LQ GLHVHP %HUHLFK IKUW GLHH 1LHOVHQ 1RUPDQQ *URXS GXUFKK 0LWKLOIH HLQHU DXVJHZl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lKOWHQQ 6WLFKSUREHQQ HKHUU ZHQLJHUU DXVVDJHNUlIWLJ =XVlW]OLFKK HUJHEHQQ VLFK YLHOIlOWLJHH *HVWDOWXQJVP|JOLFKNHLWHQQQ GLHH PLWW GHUU 'XUFKIKUXQJ YRQQ /DERUWHVWW QXUU WHLOZHLVH
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
HUIDVVEDUVLQG'LH6WXGLHYRQQ1LHOVHQQXQGG/RUDQJHUELHWHQQ$XVVDJHQQEHUGLHH/HVEDUNHLWYRQ 7H[WHQQLQQZHLVFKZDU]JUDXXXEODXXQGURWWW'LHVH$QDO\VHHHOlVVWVLFKKQXUUVFKZLHULJEHLHLQHP &RUSRUDWHH 'HVLJQQ LQQ GHQQ )DUEHQQ RUDQJH RGHUU JUQQ DQZHQGHQQ 1LHOVHQQ /RUDQJHUUU 6 'DIUU ZlUHH HLQHH LQGLYLGXHOOHH 8VDELOLW\6WXGLHH IUU GLHH MHZHLOLJHH :HEVLWH Q|WLJ 'DEHL JHOWHQQVROFKHH8QWHUVXFKXQJHQQÄDOVV]XNRPSOH[[XQGGDXIZlQGLJ³1LHOVHQQQ6IIIIZDV HLQH YHUHLQIDFKWH 8PVHW]XQJ Q|WLJ PDFKWHHH 'LHHHUVWHQQ $QVlW]HH KLHUIUUHQWZLFNHOWH.HHYLO PLW GHP .HHYLOO 8VDELOLW\ ,QGH[[ .8, .HHYLOOO (UU HQWZDUII YHUVFKLHGHQQ .DWHJRULHQQQ GHQHQ MHZHLOV EHVWLPPWHH )UDJHQQ ]XUU 8VDELOLW\ ]XJHRUGQHW ZXUGHQQ 'DPLWW VROOWHH HV P|JOLFKK VHLQ VFKQHOO HLQHH 6LWHHYDOXDWLRQQ PLWWHOVV HLQHU ([SHUWHQEHIUDJXQJ GXUFK]XIKUHQQQ $XIJUXQG YHUVFKLHGHQHUU 0lQJHOO LP .8, ZXUGHH DXII GHUU '*,2QOLQHH7DJXQJ HLQHH HUZHLWHUWHH )RUP XQWHUUGHP1DPHQQ:HEE8VDELOLW\,QGH[[:8,YRUJHVWHOOW'DVV3ULQ]LSZDUUlKQOLFKKKZXUGHDEHU DQQ GHQQ 6WDQGG GHUU )RUVFKXQJ DQJHSDVVWW XQGG 7HLOHH GHUU %HZHUWXQJ XQGG %HUHFKQXQJ YHUlQGHUW +DUPV6FKZHLEHQ]6,QQ$EELOGXQJVLQGGGLHHQHXHQQ.DWHJRULHQQGDUJHVWHOOWW 8PHLQQ9HUVWlQGQLVIUGLHHHLQ]HOQHQQ%HUHLFKHH]XEHNRPPHQQQZHUGHQQVLHQXQQNXU]YRUJHVWHOOWWW ,QQ GHQQ %HUHLFKHQQ 1DYLJDWLRQQ XQG 2ULHQWLHUXQJ JHKWW HVV GDUXP ]XX EHUSUIHQ LQZLHZHLWW GDV ,QWHUIDFHGHQJlQJLJHQQ6WDQGDUGVVHQWVSULFKW(VZLUGGXQWHUVXFKWWZLHGLHH1DYLJDWLRQDXIJHEDXW LVWW XQGG ZHOFKHH 0|JOLFKNHLWHQQ VLHH ELHWHWWW ,P ]ZHLWHQQ %HUHLFKK GHU ,QWHUDNWLRQQ XQGG GHP ,QIRUPDWLRQVDXVWDXVFKK JHKWW HVV GDUXP RE ZLFKWLJHU &RQWHQWWW GHQQ GLH %HQXW]HUU QDFKIUDJHQ N|QQWHQQQDXFKYRUKDQGHQQLVWWW'HUU$EVFKQLWWW$NWXDOLWlWXQGG4XDOLWlWWIRNXVVLHUWWWZLHHSUl]LVHHGLH %HLWUlJH EHVFKULHEHQQ ZHUGHQQ XQGG REE HVV IUDJZUGLJHQQ RGHU YHUDOWHWHQQ ,QKDOW JLEWWW 'DV ,QIRUPDWLRQVVXQGG7H[WGHVLJQQXPIDVVW)UDJHQQ]XXEHVWLPPWHQQ*HVWDOWXQJVULFKWOLQLHQQLP,QWHUQHW XQGG JLEWW HLQHQQ hEHUEOLFN EHUU ZLFKWLJH 6WUXNWXULHUXQJVYRUVFKULIWHQQQ /HW]WOLFKK EHIDVVWW VLFKK GLH .DWHJRULHH $XIILQGEDUNHLW XQGG =XJlQJOLFKNHLWW PLWW GHQQ WHFKQLVFKHQQ XQG VSUDFKOLFKHQ 9RUDXVVHW]XQJHQQQ XP GLHH ,QKDOWHH DXII GHUU 6LWHH QXW]HQQ ]XX N|QQHQQQ 0LWW GHUU (LQWHLOXQJ LQQ GLH YHUVFKLHGHQHQQ 6HJPHQWHH JLEWW GHU :8, GLIIHUHQ]LHUWH8QWHUVXFKXQJVGLPHQVLRQHQ YRUUU GLHHHLQHH HUIROJUHLFKHH:HEVLWHHDXVPDFKHQQVROOHQQ
$EELOGXQJ.DWHJRULHQQGHVV:HEE8VDELOLW\,QGH[+DUPV6FKZHLEHQ]]]]]]]]]6I .ULWLVLHUHQQ OlVVW VLFK GDVV DXFK EHL GLHVHP 7HVW QXU HLQQ NOHLQHU .UHLV YRQQ ([SHUWHQQ GLH %HZHUWXQJJGHUU:HEVLWHHYRUQLPPW:HLWHUKLQQYHUDOWHQQGLH)UDJHQQVHKUVFKQHOO6RRIUDJWGHU:8, QDFKK)ODVKLQWURVVVHLQHUWHFKQLVFKHQQ)XQNWLRQQGLHHDNWXHOODOVVQDKH]XXÄDXVJHVWRUEHQ³JLOWW1LHOVHQ /RUDQJHUUU 6 =XVlW]OLFKK HUKHEHQQ GLHH *HVWDOWHUU GHVV :8, NHLQHQ $QVSUXFKK DXI 9ROOVWlQGLJNHLWZDVGLHVHQDOVDOOJHPHLQHV0DIUGHQQ(UIROJHLQHU:HEVLWHHUVFKZHUW+DUPV 6FKZHLEHQ] 6 9HUJOHLFKW PDQQ DEHU GLHH DNWXHOOHQQ 6WXGLHQQ YRQQ 1LHOVHQQ XQG
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
/RUDQJHUUPLWWGHQQ.DWHJRULHQQGHVV:8,HUJHEHQQVLFKKlKQOLFKHH.HUQWKHPHQQQ6RRJHEHQQGLHVHHDXFK GLHH1DYLJDWLRQVVXQGG,QIRUPDWLRQVDUFKLWHNWXUDOVVHLQZLFKWLJHVV.ULWHULXPDQQQ6LHVSUHFKHQGDEHL YRQQGHUU)LQGDELOLW\EHLLGHUUGLHH%HZHJXQJHQQGHU%HVXFKHUDXIIGHUU:HEVLWHHXQWHUVXFKWZHUGHQ 1LHOVHQQ /RUDQJHUUU 6 =XVlW]OLFKK ZLUG LQQ GLHVHUU $UEHLW GLH 6XFKIXQNWLRQQ HLQHU :HEVLWHH DOVV 1DYLJDWLRQVHOHPHQWW YHUVWDQGHQQQ GDD GLH :HEVLWHVXFKHH DXFK HLQHH 0|JOLFKNHLW GDUVWHOOWWVLFKKGXUFKKGLHH6LWH]XEHZHJHQQQ-HGRFKKLVW]XXEHDFKWHQQQGDVVV1LHOVHQQXQG/RUDQJHUUGDV DOVHLJHQVWlQGLJH8QWHUVXFKXQJDQEULQJHQQQ8P8QVWLPPLJNHLWHQ]XXYHUPHLGHQQZLUGVLHXQWHU GHP DOOJHPHLQHQQ %HJULII ,QIRUPDWLRQVDUFKLWHNWXU JHPHLQVDP PLWW GHU /LQNQDYLJDWLRQ HLQJHRUGQHWWW 'LHH ,QWHUDNWLRQQ XQGG GHUU ,QIRUPDWLRQVDXVWDXVFKK ZXUGHH LP :8, HKHUU XQJQVWLJ JHZlKOWWW GDD GLHH )UDJHQQ DXI EHVWLPPWHQQ &RQWHQWWW ZLH ]% DXII GDVV 9RUKDQGHQVHLQQ HLQHU )$4 )UHTXHQWO\$VNHGG4XHVWLRQQQ6HLWHHDXVJHULFKWHWZXUGHQQQZDVVQLFKWDXIMHGHV*HVFKlIWVPRGHOO ]XWULIIW'HQQRFKKOLHHHVLFKHLQHHDOOJHPHLQHH$QZHQGXQJILQGHQQQLQGHPGLHH,QIRUPDWLRQVQXW]XQJ EHWUDFKWHWWZLUGGG-HHQDFKKGHPZLHHRIWWXQGGLQWHQVLYEHVWLPPWHH,QKDOWHHJHQXW]WZHUGHQQQOlVVWWVLFK GDUDXVDXIIGLH(UJRQRPLHHGLHVHUU,QKDOWHHVFKOLHHQQ6HKUUXQJQVWLJJHZlKOWHUVFKHLQWWGHUU3XQNW $NWXDOLWlW XQG 4XDOLWlW 'HVVHQQ )UDJHQQ EH]LHKHQQ VLFK PHKU DXI GHQQ ,QKDOW LQ VHLQHU VHPDQWLVFKHQQ%HGHXWXQJDOVVDXIGLHH1XW]XQJXQGG+DQGKDEXQJGHUU6LWHHH'DVV,QIRUPDWLRQVVXQG 7H[WGHVLJQQ LVW DXFK LQQ GHQQ PRGHUQHQQ 6WXGLHQQ ZHLWHUKLQQ %HWUDFKWXQJVJHJHQVWDQG 1LHOVHQQ Q /RUDQJHUUU 6 II 'DUXQWHUU IDOOHQQ QHEHQQ GHU HLJHQWOLFKHQQ *HVWDOWXQJ YRQQ 7H[WW DXFK %HGLHQHOHPHQWHVRZLHGLH*HVWDOWXQJGHVV/D\RXWVVGHUHLQ]HOQHQQ6HLWHQQQ'LHH$XIILQGEDUNHLWLP :8,EHVFKlIWLJWWVLFKPLWW.ULWHULHQQH[WHUQHUU6LFKWEDUNHLWWGHUU6LWHHH(LQ%HUHLFKKKZHOFKHUUGHU]HLWLJ HKHUU7HLOJHELHWWGHUU6XFKPDVFKLQHQRSWLPLHUXQJLVW'DIUULVWGLH=XJlQJOLFKNHLWWQRFKKKHXWHHLQ 8VDELOLW\\6WXGLHQQ YRQQ %HGHXWXQJ 1LHOVHQQ /RUDQJHUUU 6 =XVDPPHQJHIDVVW
HUJHEHQQ VLFKK IROJHQGHH )DNWRUHQQQ QDFKK GHQHQ VLFKK GLHH =LHOHH IUU GLHH 8VDELOLW\ DXVULFKWHQ ODVVHQ VLHKHH$EELOGXQJ
$EELOGXQJ)DNWRUHQQ]XU8VDELOLW\8QWHUVXFKXQJHLQHU:HEVLWHHH(LJHQHH'DUVWHOOXQJEDVLHUHQGDXI
1LHOVHQQXQGG/RUDQJHUUXQGGGHP:HEE8VDELOLW\,QGH[
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
8VDELOLW\\.HQQ]DKOHQEHUZDFKXQJPLWKLOIHHYRQQ:HE$QDO\WLFV
bKQOLFKK ZLHH EHLP 'HVLJQQ ZHUGHQQ GHQQ 8VDELOLW\)DNWRUHQQ .HQQ]DKOHQQ DXV GHUU :HEE $QDO\WLFV ]XJHRUGQHWWW XP GHQQ 1XW]HQQ GLHVHUU )RUVFKXQJVULFKWXQJ LQQ .RPELQDWLRQQ PLW GHQQ GHU]HLWLJ YHUIJEDUHQQ7HFKQRORJLHQQKHUDXV]XDUEHLWHQQQ 0HVVEDUNHLWW,QIRUPDWLRQVGHVLJQ
$QGHUVDOVEHLGHUHLJHQWOLFKHQQ*HVWDOWXQJJGHUU:HEVLWHJHKWHVLQQGHU8VDELOLW\GDUXPREGHUU %HVXFKHULQQGHUU/DJHHLVWW]XYHUVWHKHQQQZHOFKHH,QIRUPDWLRQHQQDXIGHU6LWHHEHUHLWJHVWHOOWWZHUGHQ XQGG ZLHH GLHVHH ]X EHQXW]HQ VLQGGG =XQlFKVW ZLUG EHUSUIW LQZLHIHUQQ GDV JHZlKOWHH /D\RXWW GHQ NRJQLWLYHQQ (UIDKUXQJHQQ GHVV 1XW]HUVV HQWVSULFKW +LHU]X ELHWHWW GLHH :HE $QDO\WLFVV LQQ GHU 9HUKDOWHQVDQDO\VHHGLHH0|JOLFKNHLWW,QKDOWHHDXIIGHUU6LWH]XXEHUZDFKHQQQ'DEHLLLVWWHVVGDVVV=LHO QHEHQQGHP9HUVWlQGQLVDXFKKGLHH%HZHJJUQGHHIUUGLHVHVV9HUKDOWHQQ]XXHUPLWWHOQ'DVVLVWWQ|WLJ ZHLO GLH 8VDELOLW\ ODXW 'HILQLWLRQQ HLQ EHVWLPPWHV =LHOO XQWHUU HLQHP EHVWLPPWHQ .RQWH[W YRUDXVVHW]WVLHKH,QIRUPDWLRQHQQGLHEHLHLQHPQLFKWLGHQWLIL]LHUWHQQ%HVXFKHUXQEHNDQQWW VLQGGG 6HOEVWW ZHQQQ GLHH 1XW]HUU SHUV|QOLFKHH 'DWHQQ ZHLWHUJHEHQQQ VLQGG GLHVHH PHLVWW QLFKW DOOXPIDVVHQGG1LPPWGHUU$QZHQGHUNHLQHQDNWLYHQQ.RQWDNW]XP:HEVLWHEHWUHLEHUDXIIILQGHP HUULKPVHLQHH:QVFKHGLUHNWWPLWWHLOWWWPVVHQQVLHSDVVLYGXUFKKGLH1XW]XQJGHVVEHUHLWJHVWHOOWHQQ ,QKDOWHVV HUKREHQQ ZHUGHQQQ (LQHH SDVVLYH ,QWHUDNWLRQQ HUIROJWWW VREDOGG GHUU 1XW]HUU (LQJDEHQQ LP %URZVHUU RGHUU DXII GHUU :HEVLWHH WlWLJW ,P %URZVHUU N|QQHQQ ]%%% 6FUROOEHZHJXQJHQQ RGHU $GUHVVlQGHUXQJHQQ YRUJHQRPPHQQ ZHUGHQQQ 0LWWHLOXQJHQQ JHJHQEHUU GHU :HEVLWH HUIROJHQQ PHLVW PLW 0DXV RGHUU 7DVWDWXU DEHU DXFKK *HVWHQVWHXHUXQJJ RGHU 6SUDFKHLQJDEHQQ VLQGG P|JOLFKKK 'HU]HLWLJH$QZHQGXQJHQQQXW]HQQKLHU]XX-DYDVFULSWWRGHUUlKQOLFKHH7HFKQRORJLHQQQXPGLHHSDVVLYHQ ,QIRUPDWLRQVEHUPLWWOXQJHQQ ]XX HUIDVVHQQ XQGG LQQ *UDILNHQQ XQGG 7DEHOOHQQ ZLHGHU]XJHEHQQ 5HHVH 6 (LQQ %HLVSLHOO LVWW LQQ GHU $EELOGXQJ ]XX VHKHQQ 'LHVHH 'DUVWHOOXQJ QHQQWW VLFK 0RWLRQQ0DSRGHUULQQDQGHUHQQ$QZHQGXQJHQQDXFKK+HDW0DSSXQGGVWHOOWWLQQHLQHP:lUPHELOGGDU DQQ ZHOFKHQQ 3RVLWLRQHQ GLH 1XW]HUU PLWW GHUU 6LWH LQWHUDJLHUWW KDEHQQ E]Z LQQ GLHVHP %HLVSLHO PLWW LKUHUU0DXVKlXILJHQWODQJJHIDKUHQVLQGGG6ROFKHH,OOXVWUDWLRQHQQHLJQHQQVLFKKJXWWIUUGLHH$QDO\VH YRQQ ZHQLJHQQ 6HLWHQQ E]Z GHVV 7HPSODWHVV HLQHU 6LWH VROOWH HLQQ VROFKHVV IUU GHQQ JHVDPWHQ ,QWHUQHWDXIWULWWJHQXW]WZHUGHQQQ%HLLYLHOHQQ:HEVHLWHQLVWGHU1XW]HQQHLQHUUVROFKHQQ'DUVWHOOXQJ PLWWHLQHPHQRUPHQQ$XVZHUWXQJVDXIZDQGGYHUEXQGHQQQ
'LHH6LFKWEDUNHLWYRQQ,QKDOWHQQOlVVWVLFKPLWWVROFKHQQ%LOGHUQQQXUUVFKZLHULJDXVZHUWHQGDQLFKW GDUJHOHJWW ZLUGGG RE GHU %HVXFKHUU GHQ ,QKDOWW QLFKW ZDKUJHQRPPHQQ KDWW RGHUU LKQQ HLQIDFK QXU XQLQWHUHVVDQW IDQGGG :HLWHUKLQQ N|QQHQ ZHL GDUJHVWHOOWHH XQGG VRPLWW KlXILJ JHQXW]WHH %HUHLFKH HQWVWHKHQQQ LQGHP GHUU %HQXW]HUU VLHH LPPHUU ZLHGHUU PLWW GHUU 0DXVV EHUIDKUHQQ PXVVWHHH XP ]X DQGHUHQQ$EVFKQLWWHQQGHU:HEVHLWHH]XJHODQJHQQQ'DEHLLOlVVWWVLFKKQLFKWVDJHQQQREEGHUU%HVXFKHU GDVV (OHPHQWW JHVHKHQQ KDWW RGHUU GLHH )lUEXQJ DQGHUHH +LQWHUJUQGHH DXIZHLVWWW 'DKHUU ELHWHQQ YLHOH $QZHQGXQJHQQ HLQHH .OLFN$QDO\VHH 'DUVWHOOXQJ DQQ $GHQQQ 6 'DPLWW ZLUGG GLH 9HUZHQGXQJGHUU/LQNVGHXWOLFKKK6RPLWWJLEWWGLHH:HEE$QDO\WLFVV$XIVFKOXVVVVLQZLHZHLWWEHVWLPPWHH %HGLHQHOHPHQWH JHIXQGHQQ XQGG DXFKK JHQXW]W ZXUGHQQ 'DD GLHH ,QWHQWLRQ GHV %HVXFKHUVV QLFKW EHNDQQWWLVWWWLVWHVVPLWWGHQQ:$$$QZHQGXQJHQQQLFKWP|JOLFKKHLQHH$XVVDJHHEHUGDVV9HUVWlQGQLV GHUU(OHPHQWHH]XXWUHIIHQQ
$QDO\VHHGHVZLUWVFKDIWO OLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV( (UIROJVEHLWUDJV
$EELOGXQJ0R RWLRQQ0DSDOVV%HLVSLHOO]XU$QDO\VHHGHU/D\RXW8VDELOLW W\HWUDFNHUUUUUUUEE 0HVVEDUNHLWW,QIRUPDW WLRQVDUFKLWHNWXU
JUDILVFKHU)RUP
$QDO\VHHGHVZLUWVFKDIWO OLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV( (UIROJVEHLWUDJV
/DERUWHVWVVVLQQGHQHQQ8P PZHOWEHGLQJHQQEHNDQQWWVLQGGGQLFKWWRGHUUVHOWHQHUUD DXI
$EELOGXQJ% %HLVSLHOOIUUGLHHJUDILVFKHH'DUVWHOOXQJHLQHUU3IDGDQDO\V VHHH$GREHHHHHHH 0HVVEDUNHLWW,QIRUPDW WLRQVQXW]XQJJ
$QDO\VHHGHVZLUWVFKDIWO OLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV( (UIROJVEHLWUDJV
'DUVWHOOXQJHQQHQWVWDQGH HQQQ
0HVVEDUNHLWW,QIRUPDW WLRQV]XJlQJOLFKNHLW
1XW]HQYR RQQ:HEE$QDO\WLFVVIUUGDVV0DUNHWLQJJJ
$EOHLWXQJ YRQQ0DUNHWLQJ]LHOHQQIUGLH%DODQFHG6FRUFDUG :LHH LP $EVFKQLWWW
0DUNHWLQJPDQDKPHQQ
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
JHWURIIHQ ZHUGHQQ:HLWHUKLQQ VWHOOWW GLH $QEDKQXQJJ YRQQ *HVFKlIWVDEZLFNOXQJHQQHLQHH EHVRQGHUHH )RUP GHVV 0DUNHWLQJV GDU GDD ]XX GLHVHP =HLWSXQNW GHUU HUVWHH .XQGHQNRQWDNW JHQHULHUWW ZLUGG 'LHVHU.XQGHQNRQWDNWZXUGHLQQGDV$,'$3ULQ]LSJHJOLHGHUWXQGIKUWWOHW]WOLFKK]XU+DQGOXQJJ GHVV .XQGHQQQ 'DEHLL VROOO GLHVHH $NWLRQQ ]XP (UUHLFKHQQ GHVV *HVFKlIWV]LHOVV IKUHQQQ 'D EHLL GHU %HWUDFKWXQJ YRQQ :HEE $QDO\WLFVV ,QWHUQHWGDWHQ ]XJUXQGHH OLHJHQQ PVVHQQ NDQQQ GLHVHU =LHOHUUHLFKXQJVJUDG QXU DXI GHU :HEVLWH VHOEVW JHPHVVHQQ ZHUGHQQ 'DEHL ZLUG GLHV XP GLH .RPPXQLNDWLRQVSROLWLNHUZHLWHUWGDVVEHGHXWHWXPGLHHJHQXW]WHQ0LWWHOXP%HVXFKHUDXIGHQ ,QWHUQHWDXIWULWWW ]XIKUHQQQ ,QQ $EVFKQLWWW ZXUGHQQ KLHUIUU GDVV NODVVLVFKH VR]LDOHH XQG 6XFKPDVFKLQHQPDUNHWLQJ KHUDXVJHDUEHLWHWWW 'DEHLL OLHJHQQ GHP 0DUNHWLQJ lKQOLFKHH =LHOH ]XJUXQGHHHZLHHVLHHDXFKKIUGHQQHLJHQWOLFKHQQ,QWHUQHWDXIWULWWWGHILQLHUWZXUGHQQQ6RPXVVVDXFKKGDV .RPPXQLNDWLRQVPHGLXP PLWW HLQHP 7KHPD HLQHU =LHOJUXSSHH XQG HLQHUU :HUWLJNHLWW YHUVHKHQ ZHUGHQQQ 'LHVHVV 'HVLJQQ KDW GLHH 6LFKWEDUNHLWW 9LVLELOLW\ LP 1HW] ]XP =LHOOO =XVlW]OLFKK VROO GHU %HVXFKHUGLHH:HUEXQJDXFKYHUVWHKHQQQ(VVROOHQQGLHHÄULFKWLJHQ³³3HUVRQHQQDQJHVSURFKHQQZHUGHQ XQGG GLHVHH VROOHQQ OHW]WOLFKK GLHH ULFKWLJHQ +DQGOXQJHQQ GXUFKIKUHQQQ GLHH ]XUU (UUHLFKXQJ GHVV =LHOV GHUU :HUEHNDPSDJQHH IKUHQQQ 'LHVHU OHW]WH %HUHLFK XPIDVVWW VRPLWW HLQHH 8QWHUVXFKXQJ GHU 8VDELOLW\ DXII GHUU HLJHQWOLFKHQQ :HEVLWHHH GLHH LP )ROJHQGHQQ DXFKK =LHOVHLWHH RGHU /DQGLQJSDJH JHQDQQWWZLUGGG)LVFKHUUUUUU6666666
$EELOGXQJ=LHOHHLQHUU0DUNHWLQJPDQDKPHDXIGHUU(EHQHHGHUU.RPPXQLNDWLRQVSROLWLN(LJHQHH
'DUVWHOOXQJLQQ$QOHKQXQJDQQ)LVFKHUUUUUUUU6
'DGDV'HVLJQQHLQHU3URPRWLRQVLFKYRQQGHUHLJHQWOLFKHQQ$XIJDEHQVWHOOXQJGHU*HVWDOWXQJQLFKW VRQGHUOLFKKDEKHEWVROODQQGLHVHUU6WHOOHHQXUUGDVV]XVlW]OLFKHH=LHOOGHUUHLJHQWOLFKHQ9HUEUHLWXQJGHU 0DQDKPHJHPHVVHQQXQGGGHUU(UIROJDXIIGHU:HEVLWHHUPLWWHOWWZHUGHQ
0DUNHWLQJ.HQQ]DKOHQEHUZDFKXQJPLWWHOV:HE$QDO\WLFV
,QGHU:HE$QDO\WLFVNRPPWGHP0DUNHWLQJHLQHEHVRQGHUH$XIJDEH]X'HU]HLWLJYHUIJEDUH $QZHQGXQJHQQ ELHWHQQ LQQ GHUU 5HJHO ]XVlW]OLFKH 0DUNHWLQJPRGXOHH DQQ GLHH HLQHH JHVRQGHUWH hEHUZDFKXQJYRQQYHUVFKLHGHQHQQ.RPPXQLNDWLRQVSODWWIRUPHQQHUP|JOLFKHQQQ 6LFKWEDUNHLWWGHUU0DUNHWLQJPDQDKPH
1DFKGHPGLHH$Q]HLJHHHGHUU1HZVOHWWHUUUGLH*XHULOODD0DLOORGHUUGHUU$XIWULWWWLPVR]LDOHQQ1HW]ZHUN JHVWDOWHWW XQGG RQOLQHH YHUIJEDUU LVWWW ZLUGG GLHH HLJHQWOLFKHH 3HUIRUPDQFHH GHVV MHZHLOLJHQQ .DQDOV EHUZDFKWW +LHU]XX VLQGG ]ZHLL .HQQ]DKOHQQ YRQQ HQWVFKHLGHQGHUU %HGHXWXQJ =XQlFKVW VLQGG GDV ,PSUHVVLRQHQQQ ZHOFKH GLH 6HLWHQDXIUXIHH EHVFKUHLEHQQ EHLL GHQHQQ GLHH :HUEXQJ DQJH]HLJWW ZXUGHH )LVFKHU666666'DV3UREOHPEHLLGLHVHUU0HWULNLVWWWGDVVVQLFKWJHQDXXHUNDQQWWZLUGREEGHU %HVXFKHU GLH :HUEXQJ EHUKDXSW JHVHKHQQ KDW 'LH 0DQDKPH VWHKW P|JOLFKHUZHLVH LQ .RQNXUUHQ]VLWXDWLRQQ JHJHQEHUU ,QKDOWHQQQ 'DEHLL VLQGGGLHH $,'$6FKULWWHH $WWHQWLRQQ XQGG ,QWHUHVW YRQQ %HGHXWXQJ (LQQ 6LFKWEDUNHLWVHUIROJ NDQQQ HUVWW HU]LHOWW ZHUGHQQQ VREDOGG GHU SRWHQ]LHOOH %HVXFKHUGHU+DQGOXQJVDXIIRUGHUXQJ%HDFKWXQJVFKHQNWXQGGGLHVHHVHLQQ,QWHUHVVHHZHFNWWW'DDGLH
$QDO\VHHGHVZLUWVFKDIWO OLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV( (UIROJVEHLWUDJV
JH]lKOW KDW GHU 1XW]H
:HEVLWHH JHZRUGHQQQ ,P GLHVHQQ(UIROJVIDNWRUUJH
0HVVEDUNHLWWGHUU8VDE ELOLW\\LPP0DUNHWLQJ
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
GHUU :HEVLWHH JHQHULHUWHQQ *HZLQQHQQ JHJHQEHU]XVWHOOHQQQ .ULWLVFKK LVWW GDEHL GDVVV LQQ PDQFKHQ *HVFKlIWVPRGHOOHQQ GHUU HLJHQWOLFKHH 8PVDW] HUVWW LP 2IIOLQHH*HVFKlIWW HU]HXJW ZLUGG XQGG GHU
'LHVHVHUZLUWVFKDIWHWHH.DSLWDOOOlVVWWVLFKKQXUUVFKZHUU]XRUGQHQQQ'LHHHLQ]LJH0|JOLFKNHLWWLVWWWGLHV EHUU 6XE&RQYHUVLRQVV ]X O|VHQQQ ZHOFKH 7HLO]LHOH GDUVWHOOHQQQ GLH P|JOLFKHUZHLVHH ]XP *HVDPW]LHOO IKUHQQQ 6LH ZHUGHQ LQQ GHUU 5HJHOO EHU GDVV 9HUKDOWHQQ GHV %HVXFKHUV EHVWLPPW %HLVSLHOVZHLVHH ZLUGG JHVDJW VREDOGG HLQQ 1XW]HUU VLFKK GLHVHVV RGHUU MHQHV 3URGXNWW DQJHVHKHQQ KDW lXHUWHUUVRPLWW,QWHUHVVHHIUUGDVV$QJHERWWWZDVVLQQHLQLJHQQ)lOOHQQ]XP(UIROJIKUWW,VWWGLHH$Q]DKO GLHVHUU)lOOHHEHNDQQWWWNDQQQGDVV%HWUDFKWHQQGHU3URGXNWSUlVHQWDWLRQVVHLWHHPLWWHLQHP:HUWWEHOHJW ZHUGHQQQGHUUGHPSUR]HQWXDOHQQ$QWHLOGHVWDWVlFKOLFKHQ(UIROJVVHQWVSULFKW'LHH%HUHFKQXQJZLUG LQQ)RUPHOODXIJHIKUW'DEHLLZlUHLQGLHVHP%HLVSLHOGLHH6XE&RQYHUVLRQQGHU%HVXFKDXIIGHU 3UlVHQWDWLRQVVHLWHHH
)RUPHOOO%HUHFKQXQJGHVV$QWHLOHVVDQGHUU.RQYHUVLRQ+DVVOHUUUUUU6666
5FNIKUHQGG DXII GDVV 0DUNHWLQJ N|QQHQQ QXQQ GHQQ HLJHQWOLFKHQQ .RVWHQQ GLUHNWHH RGHUU LQGLUHNWH *HZLQQHH JHJHQEHUJHVWHOOW ZHUGHQQQ $OOHUGLQJV OLHIHUWW QXU HLQHH SUl]LVHH =XRUGQXQJ DXFK VLQQYROOHH(UJHEQLVVHZDVVQLFKWLPPHUUJDUDQWLHUWWWLVWWW
*UHQ]HQQYRQQ:HEE$QDO\WLFVV]XUUhEHUZDFKXQJJYRQQ8QWHUQHKPHQVNHQQ]DKOHQQ
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lW]XQJ EHLP $XVVWLHJ GHV %HVXFKHUVVV'XUFKKGLHHVWULNWH'HILQLWLRQQIUGLH=HLWVSDQQHHHLQHVV%HVXFKVQDFKGHPGLHVHUUQDFK HLQHP IHVWHQQ =HLWUDXP GHUU ,QQDNWLYLWlW DOVV EHHQGHWW HUNOlUWW ZLUGGG NDQQQ HVV ]XUU )HKOHLQVFKlW]XQJ GHUU +lXILJNHLWW YRQQ %HVXFKHQQ NRPPHQQQ :HLWHUKLQQ WULWW GHU )HKOHUU DXII GDVVV HLQH 6HLWHQDQVLFKW HUVWJH]lKOWWZLUGGGVREDOGGGLHVHHDXFKKYROOVWlQGLJJHODGHQQLVWWW'LHVVKlQJWPHLVWWPLWWGHUU3ODW]LHUXQJ GHVV.RGHH6HJPHQWVV]XVDPPHQQQ:LUGGGDVVDP$QIDQJSODW]LHUWWWVRZHUGHQQP|JOLFKHUZHLVHHDXFK %HVXFKHUJH]lKOWZHOFKHGLHH6HLWHYLHOOHLFKWJDUUQLFKWJHVHKHQQKDEHQ)HKOHU$UWWW%HLLHLQHU (LQELQGXQJ DP (QGHH WULWW GHU XPJHNHKUWH )DOOO HLQ )HKOHU $UWWW =XVlW]OLFKK EDVLHUW GLH )RUVFKXQJDXIIGHUU$QDO\VHGHVV+773$OOHUGLQJVZXUGHHGDVV+\SHUWH[WW7UDQVIHU3URWRFROOQLFKW HQWZRUIHQQQXP%HVXFKV]HLWHQQXQGG+lXILJNHLWHQ]XPHVVHQQQ(VEHUQLPPWOHGLJOLFKGLH$XIJDEH HLQHH.RPPXQLNDWLRQQ]ZLVFKHQQ:HEVHUYHUUXQGG&OLHQWW]XHUP|JOLFKHQQ+DVVOHUUU6I 1HEHQQ GHQQ /RJGDWHQQ ZHUGHQQ KlXILJ &RRNLHVV ]%%% IUU GLH (UNHQQXQJ YRQQ ZLHGHUNHKUHQGHQ %HVXFKHUQQ HLQJHVHW]WWW 'LHV VHW]WW YRUDXVVV GDVV GHUU %HVXFKHUU DXFKK GDVV 6SHLFKHUQQ XQGG $XVOHVHQ
$QDO\VHHGHVZLUWVFKDIWOLFKHQQ1XW]HQVVYRQQ:HE$QDO\WLFVVPLWKLOIHGHVV(UIROJVEHLWUDJV
YRQQ&RRNLHVV]XOlVVWW5HHVH6bKQOLFKHVJLOWIUUGHQQ(LQVDW]YRQQ-DYD6FULSWWW1HEHQ GHQQ IHKOHQGHQQ ,QIRUPDWLRQHQQ N|QQHQQ :$$$QZHQGXQJHQQ DXFK ]X YLHOH DXI]HLFKQHQQ 'LHV WULWWW GDQQQ HLQQQ ZHQQQ PDVFKLQHQJHVWHXHUWH $OJRULWKPHQQ GLHH 6LWHH DXIUXIHQQQ 'LHVHH 5RERWVVV ZLHH ]% 6XFKPDVFKLQHQQ&UDZOHUVROOHQQQLFKWDOV3HUVRQHQQJH]lKOWZHUGHQQ(LQQ8PVWDQGGHUQXUGXUFK GLH ,GHQWLIL]LHUXQJ HLQHV VROFKHQQ P|JOLFKK LVWWW :XUGH GHU 5RERW QLFKW LQQ GHU :$$$SSOLNDWLRQ KLQWHUOHJWWWEHKDQGHOWVLHGLHVHQQJHQDXZLHHLQHQQPHQVFKOLFKHQ%HVXFKHUUU=XVlW]OLFKKLVWGLHH:HE $QDO\WLFV HLQ UHDNWLYHV )RUVFKXQJVJHELHW (UVW ZHQQ GLH ,QKDOWH HLQHU 6LWH JHQXW]W ZHUGHQ HQWVWHKHQQ 'DWHQ GLH QW]OLFK IUU GLH 2SWLPLHUXQJ GHVV ,QWHUQHWDXIWULWWHV VLQGG 'DGXUFK HUJLEW VLFKK DXFKK GDVV ZLFKWLJVWHH 3UREOHP EHLL GHUU ,QWHUSUHWDWLRQQ GHUU 'DWHQQQ :lKUHQGG ]% /DERUU7HVWV HLQH $XVVDJH EHUGLH 3HUVRQQ GHV 3UREDQGHQ XQG VHLQQ %HGUIQLV GLH 6LWH ]X EHVXFKHQWUHIIHQ N|QQHQQQNDQQQGLHVVLQQGHU:$QXUUGXUFKKGDV%HREDFKWHQQGHVV9HUKDOWHQVVHUPLWWHOWWZHUGHQQQ+LHU]X JHQJWW PHLVWW DXFKK NHLQHH HLQ]HOQHH 0HWULN (UVWW ZHQQQ GLHH $XVVDJH VLFKK GXUFK YHUVFKLHGHQH P|JOLFKVWW JHQDXHH 'DWHQQ EHOHJHQQ OlVVW N|QQHQQ +DQGOXQJHQQ GDUDXIKLQQ DXVJHIKUWW ZHUGHQQQ 'LH VWDWLVWLVFKH *HQDXLJNHLW EDVLHUWW OHGLJOLFKK DXI GHUU PHLVW YLHOIDFK K|KHUHQ )DOO]DKO XQG GHUU QDWUOLFKHQQ8PJHEXQJLQQGHQHQQVLFKKGLHH1XW]HUUEHZHJHQQ$GHQQQ6/HW]WOLFKKLVWGLH :HEE $QDO\WLFVV NHLQHH JHQDXH :LVVHQVFKDIW 'HU *UXQG OLHJWW YRU DOOHP GDULQ GDVV GLH )HKOHUU ]ZDUUEHNDQQWWVLQGGGGLHHHLJHQWOLFKH)HKOHUTXRWHHDEHUIUMHGHH6LWHHXQGGMHGHVV:$6\VWHPMHGRFK LQGLYLGXHOOOHQWVWHKWW5HHVHH6'DKHUN|QQHQQGLHHLJHQWOLFKHQQ=DKOHQQQLFKWDOVH[DNW EHWUDFKWHWWZHUGHQQQ'DIUUEOHLEWWGLHH)HKOHUTXRWHHLQQGHU5HJHOONRQVWDQWWWZDVVHLQHHUHODWLYJHQDXH 9RUKHUVDJHLQQGHU7UHQGHQWZLFNOXQJJHUP|JOLFKW
)D]LWWXQGGZHLWHUHH)RUVFKXQJVP|JOLFKNHLWHQQ]XXGLHVHU$UEHLW
)D]LWWXQGGZHLWHUHH)RUVFKXQJVP|JOLFKNHLWHQQ]XXGLHVHUU$UEHLW
'LHVH$UEHLWKDWWHGDV=LHOGHQZLUWVFKDIWOLFKHQQ1XW]HQQYRQQ:HE$QDO\WLFVKHUDXV]XDUEHLWHQ 'DEHLL ZXUGH JHNOlUWW ZHOFKHH |NRQRPLVFKHQQ7lWLJNHLWHQQ LP ,QWHUQHW DXVJHEWW ZHUGHQ XQG ZLH GLHVHHVLFKKLQQ*HVFKlIWVPRGHOOHHJOLHGHUQQODVVHQQQ=LHOOGLHVHUU0RGHOOHHLVWWGHUUJHZHUEOLFKHH(UIROJ GHUU OHW]WOLFK DQQ GHQQ (UIROJ GHU :HEVLWHH JHEXQGHQ LVW 'DKHUU ZXUGHQQ LQQ GLHVHU $UEHLW GLH GUHL ZLFKWLJHQQ (UIROJVIDNWRUHQ IU HLQH :HESUl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|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lVHQ]P|JOLFKKKK (VV ZXUGHH DEHUU DXFKK HUNDQQWWW GDVV GLHH JHZRQQHQ ,QIRUPDWLRQHQQ HLQHH JHZLVVHH 8QVFKlUIH DXIZHLVHQQ GLHH VLH DOVV DOOHLQLJHVV 0D IU (QWVFKHLGXQJHQQ QXUU VFKZHUU HLQVHW]EDUU PDFKWWW =ZDU ZDUUHVNHLQQ%HVWDQGWHLOOGHUU$UEHLWDOOHUGLQJVOlVVWVLFKKQDFKKHLQJHKHQGHQQ5HFKHUFKHQQEHLGHQ MHZHLOLJHQQ $QZHQGXQJHQ HLQ ZHLWHUHVV 'HIL]LWW KHUDXVDUEHLWHQQQ 'LHH PHLVWHQ 3URGXNWH GLH GHU]HLWLJDXIIGHP0DUNWH[LVWLHUHQQQXQWHUVWW]HQQQXUHLQHQQ.DQDO'DVV,QWHUQHW(LQHHHIIHNWLYH 0XOWLNDQDOIlKLJNHLWW NRQQWH ELVKHUU EHLL NHLQHU $QZHQGXQJ QDFKJHZLHVHQQ ZHUGHQQ 6R IHKOWW GHU :HEE $QDO\WLFVVDOVV 'LV]LSOLQQ ELVKHUU GHUUHLJHQWOLFKH %H]XJ ]X GHQQ 2IIOLQHH:LUWVFKDIWVV\VWHPHQ GHUU:HEVLWHEHWUHLEHU(VVSURILWLHUHQQELVKHUUKDXSWVlFKOLFKK8QWHUQHKPHQQYRQQGLHVHU7HFKQRORJLHH ZHOFKH LKUH *HVFKlIWVWUDQVDNWLRQHQQ DXI GDV ,QWHUQHW DXVJHULFKWHW KDEHQQQ 'XUFK GLH VWDUNHH :HLWHUHQWZLFNOXQJ LQQ GLHVHP %HUHLFKKK ODVVHQQ VLFKK KLHU]X DOOHUGLQJV QXUU VFKZHUU $XVVDJHQ WUHIIHQQQGDDVLFKKGLHVH8PZHOWEHGLQJHQQMHGHU]HLWlQGHUQQN|QQHQQQ
/HW]WOLFKK OHLVWHWW GLHH :HE $QDO\WLFVV HLQHQQ HQWVFKHLGHQQ %HLWUDJ IUU 3ODQXQJ (QWZLFNOXQJ 6WHXHUXQJXQGG2SWLPLHUXQJYRQQ:HEVLWHVVV*HOLQJWHVVGLHVHH3UR]HVVHDXFKKDXIIGDVV.HUQJHVFKlIW YRQQ 3URGXNWLRQQ XQGG 'LHQVWOHLVWXQJHQQ DXHUKDOEE GHUU ,QWHUQHWWUDQVDNWLRQHQQ ]XX EHUWUDJHQQQ ZLUG GLHH:HEE$QDO\WLFVVGLHVHQQ%HLWUDJDXIIGLHJHVDPWHH8QWHUQHKPHQVVWUDWHJLHHDXVZHLWHQQQQQQ
/LWHUDWXUYHU]HLFKQLV
/LWHUDWXUYHU]HLFKQLV
$EEDWHHH----,QYHQWLQJJWKHH,QWHUQHWW0,73UHVV
DGGSODQQHUE\*RRJOHHHHHHH6LWHH3URILOH$EJHUXIHQQDPYRQQ'RXEOH&OLFN$GG 3ODQQHUE\*RRJOHHH
KWWSVVZZZJRRJOHHFRPDGSODQQHUSODQQLQJVLWHBSURILOHVLWH'HWDLOV"LGHQWLILHU DPD]RQG HHJHR WUDLWBW\SH OS WUXH
$GG6XJDUU*PEKKKKKKKKKKK:HUUQXW]WWZDV"$EJHUXIHQQDPYRQQZHEEDQDO\WLFVVWRROVVV KWWSZZZZHEEDQDO\WLFVVWRROVVFRPGHHZHUBQXW]WBZDVSKS $GHQQQ7*RRJOH$QDO\WLFV0QFKHQQQ&DUO+DQVHUU9HUODJ0QFKHQQ $GREHHHHH3IDGDQDO\VH$EJHUXIHQQDPYRQ$GREHH2QOLQHH0DUNHWLQJ6XLWH KWWSZZZRPQLWXUHFRPHQQ
$OH[DD$PD]RQQQQQQQQQQ7RSSSSSS*OREDOO6LWHV$EJHUXIHQQDPYRQQ$OH[DDD KWWSZZZDOH[DDFRPWRSVLWHV
$PD]RQQFRP$QQXDOO5HSRUWW$EJHUXIHQQDPYRQQDPD]RQQFRP KWWSSK[FRUSRUDWHH
LUUQHW([WHUQDOO)LOH"LWHP 8*)\=:6840]FF1M4\I(1RD:[N6840]FF0MFFI)5
$PHULNDQQ0DUNHWLQJ$VVRFLDWLRQQQ'HILQLWLRQQRI0DUNHWLQJ$EJHUXIHQQDP YRQQPDUNHWLQJSRZHUUU
KWWSZZZPDUNHWLQJSRZHUUFRPDERXWDPDDSDJHVVGHILQLWLRQRIPDUNHWLQJDVS[ $PLWWW55555=RWWWW&&&&9DOXHH'ULYHUVRIIHHFRPPHUFHH%XVLQHVV0RGHOV3DSHUUSUHVHQWHGGDWW WKHHHHWKK$QQXDOO,QWHUQDWLRQDOO&RQIHUHQFHHRIWKHH6WUDWHJLFF0DQDJHPHQW6RFLHW\6 9DQFRXYHUU&DQDGDD
$QGHUVRQQQ&&&&&7KHH/RQJJ7DLO1HZ
%HYDQQQ111111118VDELOLW\LVV4XDOLW\RII8VHHH3URFHHGLQJVVRIWKHH+&,,,,,,,QWHUQDWLRQDOO &RQIHUQFHHRQ+XPDQQ&RPSXWHU,QWHUDFWLRQ6 %,7.20H9%UHLWEDQGG$QVFKOXHVVHH$EJHUXIHQQDPYRQQ%LWNRP KWWSZZZELWNRPRUJILOHVVGRFXPHQWVV%,7.20B3,B%UHLWEDQGG $QVFKOXHVVHBBBBBBBBSGI %,79%DUULHUHIUHL,QIRUPDWLRQVWHFKQLNN9HURUGQXQJJ %RQVLHSHHH****,QWHUIDFHHH'HVLJQQQHXXEHJUHLIHQQ0DQQKHLP%ROOPDQQQ9HUODJ %UXKQQQ00DUNHWLQJJJ*UXQGODJHQQIUU6WXGLXPPXQGG3UD[LVV:LHVEDGHQQ*DEOHU
/LWHUDWXUYHU]HLFKQLV
&DSRQQQ1111)DUOH\-+RHQLJ6666666'HWHUPLQDQWVVRII)LQDQFLDO3HUIRUPDQFHHH$0HWDD $QDO\VLV0DQDJHPHQW6FLHQFHHH6SHFLDO,VVXHHRQQ6WUDWHJ\\\\ &XWOHUUU06WHUQQQ------(0HWULFVV&DPEULGJH1HW*HQHVLVV
'VVHOGRUIHUU.UHLVVV'DWHQVFKXW]NRQIRUPHH$XVJHVWDOWXQJYRQQ$QDO\VHYHUIDKUHQ]XUU 5HLFKZHLWHQPHVVXQJEHLL,QWHUQHWW$QJHERWHQQQ6LW]XQJJGHVV'VVHOGRUIHUU.UHLVHVVDPP 1RYHPEHUUUUUUU6WUDOVXQGG
(OO%DNU\+++00005LDGGG$$$00000$EXX(OVRXGGG000$GDSWLYHH8VHUU,QWHUIDFHIRUU:HEE $SSOLFDWLRQV$EJHUXIHQQDPYRQQZVHDVKWWSZZZZZVHDVVXVH OLEUDU\FRQIHUHQFHV&DPEULGJHH,&%$,&%$SGI HWUDFNHUUUEHWUDFNHUUYLVLWRUUPRWLRQ$EJHUXIHQQDPYRQQHWUDFNHUGHHH KWWSZZZZHWUDFNHUUFRPGHHHWUDFNHUUSURGXNWHHHFKW]HLWWZHEFRQWUROOLQJYLVLWRUU YRLFHHHWUDFNHUUYLVLWRUUPRWLRQQKWPOO HWUDFNHUUUD6XFKSKUDVHQDXVZHUWXQJ$EJHUXIHQQDPYRQQHWUDFNHU KWWSDSSOLFDWLRQQHWUDFNHUUFRP ([[RQ0RELOOOOOO6XPPDU\\$QQXDOO5HSRUW$EJHUXIHQQDPYRQQ WKRPVRQQPREXODUUU
KWWSWKRPVRQQPREXODUUQHWWKRPVRQQQGRFXPHQWBBB;20B6$5555SGI )DVVRWWWW***,QWHUQDWLRQDOHUU(&RPPHUFH&KDQFHQQXQGG%DUULHUHQQDXVV .RQVXPHQWHQVLFKW.DLVHUVODXWHUQQQ*DEOHU )LVFKHUUU0:HEVLWH%RRVWLQJJJJ+HLGHOEHUJ5HGOLQHH*PEKKK )ULW]::::::,QWHUQHW0DUNHWLQJJXQGG(OHFWURQLFF&RPPHUFHHH*UXQGODJHQ 5DKPHQEHGLQJXQJHQ,QVWUXPHQWHPLW3UD[LVEHLVSLHOHQ)UDQNIXUWW*DEOHUU *I.,QWHUVKRSSLQJJZHLWHUDXIIGHP9RUPDUVFKK$EJHUXIHQQDPYRQQ *HVHOOVFKDIWIUU.RQVXPIRUVFKXQJ
KWWSZZZZJINFRPLPSHULDDPGFRQWHQWSUHVVHHSUHVVHPHOGXQJHQQQQQQQQQQBZHEVFRSH BGILQQSGI
*RRJOHH,QFFFFFFFFFFHHH$G:RUGVV.DPDSJQHQ$EJHUXIHQQDPYRQQ*RRJOHH$QDO\WLFVV ZZZZJRRJOHGHDQDO\WLFVV
*RRJOHH,QFFFFFFFFFFFBJRRJOHBDQQXDOBUHSRUW$EJHUXIHQQDPYRQQ LQYHVWHUJRRJOHHFRP
KWWSLQYHVWRUJRRJOHHFRPGRFXPHQWVVBJRRJOHBDQQXDOBUHSRUWKWPO *RRJOHH,QFFFFFFFFEEEE&RQWHQWW/HLVWXQJ$EJHUXIHQQDPYRQQ*RRJOHH$QDO\WLFVVV KWWSZZZJRRJOHHGHHDQDO\WLFV
*RRJOHH,QFFFFFFFFDDDD+lXILJJHVWHOWHH)UDJHQ]XX*RRJOH$QDO\WLFV$EJHUXIHQQDP YRQQ*RRJOHHFRP
KWWSZZZZJRRJOHHFRPVXSSRUWDQDO\WLFVELQQDQVZHUS\"KO GHHDQVZHU BB
/LWHUDWXUYHU]HLFKQLV
*RRJOHH,QFFFFFFFFFFFF.DUWHQ2YHUOD\$EJHUXIHQQDPYRQQ*RRJOHH$QDO\WLFVVV ZZZZJRRJOHGHDQDO\WLFVV
*RRJOHH,QFFFFFFFFGGGG:HEVLWHH2SWLPLHUXQJVWRRO$EJHUXIHQQDPYRQQJRRJOHHGHHH KWWSZZZJRRJOHHGHHZHEVLWHRSWLPL]HUUEHJLQQHUVJXLGHFRQWHQWWKWPO *U|QURRV&&&&'HILQLQJ0DUNHWLQJ$$0DUNHWLQJJ2ULHQWHGG$SSURDFK(XURSHDQQ-RXUQDOO RI0DUNHWLQJJJJJ666666
+DPPHOOO***********/HDGLQJWKHH5HYROXWLRQQ%RVWRQQQ+DUYDUGG%XVLQHVVV6FKRROO3UHVVV +DPPHUUU11111%HQVPDQQQ.:HEGHVLJQIU6WXGLXPPXQGG%HUXI*HOVHQNLUFKHQQ 6SULQJHUU9HUODJ
+DUPVVV,6FKZHLEHQ]::::::8VDELOLW\(YDOXDWLRQQYRQQ:HEE$QJHERWHQQQ'*, 2QOLQH7DJXQJ6666
+DVVOHUUU0000:HEE$QDO\WLFVV+HLGHOEHUJJPLWS ,6222222',11(11,6222222'
-XQJ++++++++&RQWUROOLQJ0QFKHQ2OGHQERXUJ:LVVHQVFKDIWVYHUODJ
.DSODQQQ555V1RUWRQQQ''33333333WKHHEDODQFHGGVFRUHFDUGGGWUDQVODWLQJJVWUDWHJ\\LQWRRDFWLRQQ +DUYDUGG86$$+DUYDUG&ROOHJH
.DXVKLN$$$$$$:HEE$QDO\WLFVVVVVV,QGLDQDSROLV:LOH\3XEOLVKLQJ,QFFF .HHYLO%%%%%0HDVXULQJWKH8VDELOLW\,QGH[RI
.RWKDDD666&RPSHWLQJRQQWKHH,QWHQHW7KHH&DVHHRII$PD]RQQFRP(XURSHDQQ0DQDJHPHQWW -RXUQDOO9ROOO
.U\PDORZVNLLL000'''''GHQLFF$EJHUXIHQQDPYRQQ'LHHUHJLRQDOHH9HUWHLOXQJ YRQQ'RPDLQQDPHQQLQQ'HXWVFKODQGG
KWWSZZZGHQLFFGHILOHDGPLQQ+LQWHUJUXQGG6WDWLVWLNHQQGDBNU\PDORZVNLLSGI /DQJYLOOHHH$10H\HUU&'*RRJOHHSDJHHUDQNNDQGEH\RQGG3ULQFHWRQQ8QLYHUVLW\ 3ULQFHWRQQ8QLYHUVLW\3UHVVV
0DKDGHYDQQQ%%%%%%%XVLQHVVV0RGHOVIRU,QWHUQHW%DVHGG((&RPPHUFHHH&DOLIRUQLD 0DQDJHPHQWW5HYLHZ
0HLHUUU$$$$$6WURPHUUU++++HEXVLQHVVVVH&RPPHUFHH%HUOLQQQ6SULQJHU 0LQLZDWWVV0DUNHWLQJ*URXSSSSSSSSS:RUOGG3RSXODWLRQQ6WDWV$EJHUXIHQQDP YRQQ,QWHUQHW:RUOG6WDWVKWWSZZZZLQWHUQHWZRUOGVWDWVFRPVWDWVKWP 1HWFUDIW/WG0DL'HFHPEHUUUUUUU:HEE6HUYHUU6XUYH\$EJHUXIHQQDPYRQQ
/LWHUDWXUYHU]HLFKQLV
ZZZZQHWFUDIWFRP
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
2[IRUGG8QLYHUVLW\3UHVV2[IRUGG$GYDQFHGG/HDUQLQJJ'LFWLRQDU\\1HZZ
6FKPDOHQQQ&&&&.XQHUWWW0:HLQGOPDLHUUU+++(UIROJVIDNWRUHQIRUVFKXQJ7KHRUHWLVFKH *UXQGODJHQQQPHWKRGLVFKHH9RUJHKHQVZHLVHHXQGG$QZHQGXQJVHUIDKUXQJHQQLQQ3URMHNWHQIU GLHH(UQlKUXQJVLQGXVWULHH)UHLVLQJ:HLKHQVWHSKDQQ
6LHJHOOO''''&UHDWLQJ.LOOHUU:HEE6LWHV7KHH$UWWRI7KLUGG*HQHUDWLRQQ6LWHH'HVLJQQ &KHVKLUH+D\GHQQ%RRNVVV
6WlKOHUUU3*HVFKlIWVPRGHOOHHLQQGHUGLJLWDOHQQgNRQRPLH=ULFKK(8/9HUODJJ 6WHUQQQ-7KHH+LVWRU\\RIWKHHH0HWULFVV0DUNHWLQJ$EJHUXIHQQDPYRQQ HPHWULFVKWWSZZZZHPHWULFVRUJKLVWRU\SKS
6WHUQQQ-:HEEPHWULFVVVSURYHQQPHWKRGVVIRUUPHDVXULQJJ:HEEVLWHVXFFHVV1HZ
7DQQHQEDXP$$$6666666666&RPSXWHUQHW]ZHUNH0QFKHQQQ3UHQWLFHH+DOOO 7KLVVHQQQ)))6FUHHQGHVLJQ+HLGHOEHUJJ6SULQJHUU9HUODJ 7LPPHUVVV33333333(OHFWURQLFF&RPPHUFHH1RUWKK&DUROLQDDD:LOH\ 78&KHPQLW]6XFKHUJHEQLVV'HVLJQ$EJHUXIHQQDPYRQQGLFWWFF
/LWHUDWXUYHU]HLFKQLV
KWWSZZZGLFWWFF"V 'HVLJQQ
:HEE$QDO\WLFVV$VVRFLDWLRQ$ERXWW8V$EJHUXIHQQDPYRQQ :HEDQDO\WLFVDVVRFLDWLRQQQKWWSZZZZHEDQDO\WLFVDVVRFLDWLRQQRUJ"SDJH DERXWXV :LUW]%%%:::(OHFWURQLFF%XVLQHVVV:LHVEDGHQQQ*DEOHU*PE+ ;DPLWWWW;DPLWW6WXGLH:HEVWDWLVWLNHQQLPP7HVWW'VVHOGRUII;DPLWWW =LQFF%LVWURRR6WDUWVHLWH$EJHUXIHQQDPYRQQ=LQFF%LVWUR KWWSZZZ]LQFELVWURD]FRP
=RQJ1111/LXXX-
$QKDQJ
%%% *ORVVDU
*HVFKlIWVPRGHOO
(LQQ*HVFKlIWVPRGHOOELOGHWWGLHH3URGXNWLRQVV'LHQVWOHLVWXQJV0DWHULDOO$UEHLWVVXQGG ,QIRUPDWLRQVIOVVHHDEEXQGGKDWWGLHH$XIJDEHH:HWWEHZHUEVYRUWHLOH]XXGHILQLHUHQQXQGGGDVV 8QWHUQHKPHQQYRQQ:HWWEHZHUEHUQQDE]XJUHQ]HQQ 0HWULN
$QJHZHQGHWWDXIIGDVV,QWHUQHWWEHVFKUHLEHQQ0HWULNHQQGLH0HVVZHUWHHGHVV(UIROJHVVHLQHUU:HEVLWH :HEE$QDO\WLFV
'DVV0HVVHQ6DPPHOQQQ$QDO\VLHUHQQXQGGGLHH%HULFKWHUVWHOOXQJYRQQ,QWHUQHWGDWHQQQ]XP=ZHFNHH GHVV9HUVWHKHQVVXQGG2SWLPLHUHQVVGHUU,QWHUQHWQXW]XQJ :HEE'HVLJQ
$UWWXQGG:HLVHHGHUSODQPlLJHQQ*HVWDOWXQJHLQHV,QWHUQHWDXIWULWWHVV :HE8VDELOLW\
$XVPDLQQGHPHVVYRQEHVWLPPWHQQ%HQXW]HUQQYHUZHQGHWWZHUGHQQNDQQQQXPEHVWLPPWHH=LHOHHLQ HLQHPEHVWLPPWHQQ.RQWH[WWHIIHNWLYHIIL]LHQWWXQGG]XIULHGHQVWHOOHQGG]XHUUHLFKHQ :HEE0DUNHWLQJ
%HIDVVWW VLFKK PLWW GHUU V\VWHPDWLVFKHQQ 1XW]XQJ YRQQ ,QWHUQHWGLHQVWHQQ IUU GLH =ZHFNHH GHV 0DUNHWLQJV :HEVHLWHNXU]6HLWHH
'DHVVLP'HXWVFKHQQNHLQH8QWHUWHLOXQJ]ZLVFKHQQ:HESDJHHLQHH:HEVHLWHXQGG:HEVLWHHGHU JHVDPWHH,QWHUQHWDXIWULWWJLEWWWZLUGGLQQGLHVHUU$UEHLWGHU%HJULIIIÄ:HEVHLWH³³V\QRQ\PIUUQXUUHLQH HLQ]LJH6HLWHHJHQXW]W :HEVLWHHNXU]6LWH
8QWHUU:HEVLWHHZLUGGGHUJHVDPWHH:HEDXIWULWWHLQHVV8QWHUQHKPHQVVYHUVWDQGHQQ,QQGHUU5HJHOOVLQG GLHVVDOOHH:HEVHLWHQQQGLHXQWHUUHLQHU6HFRQGG/HYHOO'RPDLQQ]XVDPPHQQJHIDVVWVLQGG
Arbeit zitieren:
Karsten Eils, 2010, Nutzen von Web Analytics zur Websiteoptimierung, München, GRIN Verlag GmbH
Dieser Text kann über folgende URL aufgerufen und zitiert werden:
Einbetten
DOI
Formatvorlage (Microsoft Word) für eine Diplomarbeit, Masterarbeit, Ha...
Für MS Word 2003 - Update 2010
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Formatvorlage (OpenOffice) für eine Diplomarbeit, Masterarbeit, Hausar...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 35 Seiten
Formatvorlage / Vorlage zur Erstellung einer Diplomarbeit, Bachelorarb...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 15 Seiten
Formatvorlage / Vorlage für eine Diplomarbeit / Hausarbeit
Für MS Word 2007 - dotx
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Anleitung zum Erstellen schriftlicher Arbeiten: Der Aufbau einer wisse...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 20 Seiten
Erstellen einer schriftlichen Hausarbeit
Vorlagen, Muster, Formulare, Infobroschüren
Hausarbeit, 14 Seiten
Grundtechniken wissenschaftlichen Arbeitens
Bibliografieren - Reden - Schr...
Vorlagen, Muster, Formulare, Infobroschüren
Skript, 46 Seiten
Ratgeber zur Erstellung wissenschaftlicher Arbeiten. Diplomarbeiten - ...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 39 Seiten
Informatik - Wirtschaftsinformatik: Nutzen von Web Analytics zur Websiteoptimierung ist nun auf dem Buchmarkt erhältlich
Karsten Eils hat den Text Nutzen von Web Analytics zur Websiteoptimierung kommentiert
Informatik - Wirtschaftsinformatik: neuer Titel erschienen: Nutzen von Web Analytics zur Websiteoptimierung
Chris Auld, Allan Kent, Rudy Limeback, Nigel Stanger, Thearon Willis
Microsoft FrontPage Interview Questions, Answers, Explanations: Front ...
Terry Sanchez-Clark
Twitter Revolution: How Social Media and Mobile Marketing Is Changing ...
Deborah Micek, Warren Whitlock
Web Application Design and Implementation: Apache 2, PHP5, MySQL, Java...
Apache 2, PHP5, MySQL, JavaScr...
Steven A. Gabarro
Karsten Eils
Ich habe mich entschiedenen diesen Text kostenlos zu veröffentlichen, da ich will das ihn jeder lesen kann der das möchte. Allerdings würde ich mich sehr über Kommentare oder Anregungen freuen.
am Wednesday, March 16, 2011-