DigitaIer LeitungsdifferentiaIschutz fÚr Betrieb 7SD502 ... - SIPROTEC

'LJLWDOHU /HLWXQJVGLIIHUHQWLDOVFKXW] IÚU %HWULHE
PLW +LOIVDGHUQ
6' 9
*HU WHKDQGEXFK
%LOG $EELOGXQJ GHV GLJLWDOHQ /HLWXQJVGLIIHUHQWLDOVFKXW]HV 6' LP (LQEDXJHK XVH
. 6LHPHQV $*
%HVWHOO 1U & * &

6' 9
$QJDEHQ ]XU .RQIRUPLW W
.RQIRUPLW W
'DV 3URGXNW HQWVSULFKW GHQ %HVWLPPXQJHQ GHU 5LFKWOLQLHQ GHV 5DWHV GHU (XURS LVFKHQ *HPHLQVFKDIWHQ ]XU
$QJOHLFKXQJ GHU 5HFKWVYRUVFKULIWHQ GHU 0LWJOLHGVWDDWHQ ÚEHU GLH HOHNWURPDJQHWLVFKH 9HUWU JOLFKNHLW (09
5LFKWOLQLH (:* XQG EHWUHIIHQG HOHNWULVFKH %HWULHEVPLWWHO ]XU 9HUZHQGXQJ LQQHUKDOE EHVWLPPWHU
6SDQQXQJVJUHQ]HQ 1LHGHUVSDQQXQJVULFKWOLQLH (:*
'LHVH .RQIRUPLW W LVW GDV (UJHEQLV HLQHU 3UÚIXQJ GLH GXUFKGLH 6LHPHQV $* JHP | $UWLNHO GHU 5LFKWOLQLHQ LQ
ÛEHUHLQVWLPPXQJ PLW GHQ )DFKJUXQGQRUPHQ (1 XQG (1 IÚU GLH (09 5LFKWOLQLH XQG GHU 1RUP
(1 IÚU GLH 1LHGHUVSDQQXQJVULFKWOLQLH GXUFKJHIÚKUW ZRUGHQ LVW
'DV *HU W LVW IÚU GHQ (LQVDW] LP ,QGXVWULHEHUHLFKJHP | (09 1RUP HQWZLFNHOW XQG KHUJHVWHOOW ZRUGHQ
'DV (U]HXJQLV VWHKW LP (LQNODQJ PLW GHQ LQWHUQDWLRQDOHQ 1RUPHQ GHU 5HLKH ,(& XQG GHQ QDWLRQDOHQ
1RUPHQ GHU 5HLKH ',1 HQWVSU 9'(
& * &

6' ,QKDOWVYHU]HLFKQLV
9
,QKDOWVYHU]HLFKQLV
(LQIÚKUXQJ
$QZHQGXQJ
0HUNPDOH
)XQNWLRQVXPIDQJ
=XVDPPHQDUEHLW PLW DQGHUHQ *HU WHQ
.RQVWUXNWLRQ
%DXIRUPHQ
$EPHVVXQJHQ
%HVWHOOGDWHQ
7HFKQLVFKH 'DWHQ
$OOJHPHLQH *HU WHGDWHQ
(LQ $XVJ QJH
(OHNWULVFKH 3UÚIXQJHQ
0HFKDQLVFKH 3UÚIXQJHQ
.OLPDEHDQVSUXFKXQJ
(LQVDW]EHGLQJXQJHQ
.RQVWUXNWLYH $XVIÚKUXQJ
/HLWXQJVGLIIHUHQWLDOVFKXW]
'LUHNW XQG )HUQDXVOÐVXQJ
ÛEHUVWURP]HLWVFKXW]
ÛEHUODVWVFKXW]
=XVDW]IXQNWLRQHQ
:LUNXQJVZHLVH
*HVDPWIXQNWLRQ
6WURPZDQGOHUDQVFKOÚVVH XQG .XU]VFKOX|VWURPHPSILQGOLFKNHLW
1RUPDODQVFKOX| / / (
$QVFKOX| IÚU YHUPLQGHUWH (UGVWURPHPSILQGOLFKNHLW /
$QVFKOX| IÚU HUKÐKWH (UGVWURPHPSILQGOLFKNHLW
8QJOHLFKH :DQGOHUQHQQVWUÐPH
=ZHLSKDVLJHU $QVFKOX|
0HKUV\VWHPLJHU 6FKXW]
/ /
/HLWXQJVGLIIHUHQWLDOVFKXW]
3ULQ]LS GHV 'LIIHUHQWLDOVFKXW]HV
6WDELOLVLHUWHU 'LIIHUHQWLDOVFKXW]
0H|ZHUWELOGXQJ EHLP /HLWXQJVGLIIHUHQWLDOVFKXW] PLW ]ZHL +LOIVDGHUQ
0H|ZHUWYHUDUEHLWXQJ
=XVDW]VWDELOLVLHUXQJ EHL 6WURPZDQGOHUV WWLJXQJ
& * &

6' 9
ÑUWOLFKH 6WURPVFKZHOOH
$QUHJXQJ XQG $XVOÐVHYHU]ÐJHUXQJ
0LWQDKPH ZDKOZHLVH
+LOIVDGHUQÚEHUZDFKXQJ ZDKOZHLVH
%HVRQGHUKHLWHQ EHL 'UHLEHLQ /HLWXQJHQ
+LOIVDGHUQZLGHUVWDQG XQG NDSD]LW W
'LUHNW XQG )HUQDXVOÐVXQJ
'LUHNWDXVOÐVXQJ
)HUQDXVOÐVXQJ ZDKOZHLVH
5HVHUYH ÛEHUVWURP]HLWVFKXW]
ÛEHUODVWVFKXW]
$XVOÐVHSUÚIXQJ
=XVDW]IXQNWLRQHQ
0HOGHYHUDUEHLWXQJ
$Q]HLJHQ XQG %LQ UDXVJDEHQ 0HOGHUHODLV
,QIRUPDWLRQHQ ÚEHU $Q]HLJHQIHOG RGHU 3HUVRQDOFRPSXWHU
,QIRUPDWLRQHQ ]X HLQHU =HQWUDOH ZDKOZHLVH
6WÐUZHUWVSHLFKHUXQJ
%HWULHEVPHVVXQJHQ XQG 0H|XPIRUPXQJ
ÛEHUZDFKXQJVIXQNWLRQHQ
+DUGZDUH ÛEHUZDFKXQJHQ
6RIWZDUH ÛEHUZDFKXQJHQ
9RUEHUHLWXQJVDQZHLVXQJHQ
$XV XQG (LQSDFNHQ GHV *HU WHV
%HWULHEVYRUEHUHLWXQJHQ
0RQWDJH XQG $QVFKOX|
$XVIÚKUXQJ 6' 4 4%444 IÚU 6FKDOWWDIHODXIEDX
$XVIÚKUXQJ 6' 4 4&444 IÚU 6FKDOWWDIHOHLQEDX RGHU 4(444 IÚU 6FKUDQNHLQEDX
.RQWUROOH GHU 1HQQGDWHQ
6WHXHUVSDQQXQJ IÚU GLH %LQ UHLQJDEHQ
.RQWUROOH GHU 'DWHQYHUELQGXQJ ]XU /6$
$QVFKOX|VFKDOWXQJHQ
1RUPDODQVFKOX| / / (
$QVFKOX| IÚU YHUPLQGHUWH (UGVWURPHPSILQGOLFKNHLW / / /
$QVFKOX| IÚU HUKÐKWH (UGVWURPHPSILQGOLFKNHLW /
8QWHUVFKLHGOLFKH 3ULP UQHQQVWUÐPH
=ZHLSKDVLJHU $QVFKOX|
0HKUV\VWHPLJHU 6FKXW]
3ULP UNDSD]LW WHQ
$QIRUGHUXQJHQ DQ GLH 6WURPZDQGOHU
$QIRUGHUXQJHQ DQ GLH +LOIVDGHUQ
.RQWUROOH GHU $QVFKOÚVVH
/ (
3URMHNWLHUXQJ GHU %HGLHQ XQG 6SHLFKHUIXQNWLRQHQ
%HGLHQYRUDXVVHW]XQJHQ XQG $OOJHPHLQHV
(LQVWHOOXQJHQ IÚU GLH LQWHJULHUWH %HGLHQXQJ %ORFN
(LQVWHOOXQJHQ IÚU GLH VHULHOOHQ 6FKQLWWVWHOOHQ %ORFN
(LQVWHOOXQJHQ IÚU GLH 6WÐUZHUWVSHLFKHUXQJ
3URMHNWLHUXQJ GHU 6FKXW]IXQNWLRQHQ
(LQIÚKUXQJ
%ORFN
3URMHNWLHUXQJ GHV *HU WHXPIDQJV %ORFN
3URMHNWLHUXQJ GHU *HU WHNRQILJXUDWLRQ %ORFN
,QKDOWVYHU]HLFKQLV
& * &

6' ,QKDOWVYHU]HLFKQLV
9
5DQJLHUXQJ YRQ %LQ UHLQJDEHQ %LQ UDXVJDEHQ XQG $Q]HLJHQ
(LQIÚKUXQJ
5DQJLHUXQJ GHU %LQ UHLQJDEHQ %ORFN
5DQJLHUHQ GHU 0HOGHUHODLV %ORFN
5DQJLHUHQ GHU /HXFKWDQ]HLJHQ %ORFN
5DQJLHUHQ GHU .RPPDQGRUHODLV %ORFN
%HWULHEVDQOHLWXQJ
6LFKHUKHLWVPD|QDKPHQ
%HGLHQXQJ GHV *HU WHV
)ROLHQWDVWDWXU $Q]HLJHQIHOG
%HGLHQXQJ PLW HLQHP 3HUVRQDOFRPSXWHU
%HGLHQYRUDXVVHW]XQJHQ
'DUVWHOOXQJ GHV *HU WHV )URQWDQVLFKW
(LQVWHOOXQJ GHU )XQNWLRQVSDUDPHWHU
(LQIÚKUXQJ
9RUJHKHQ EHL GHU 3DUDPHWULHUXQJ
8PVFKDOWEDUH 3DUDPHWHUV W]H
(LQVWHOOHQ YRQ 'DWXP XQG 8KU]HLW
$QIDQJVDQ]HLJHQ %OÐFNH XQG
1HW] XQG $QODJHQGDWHQ %ORFN
(LQVWHOOXQJHQ IÚU GHQ /HLWXQJVGLIIHUHQWLDOVFKXW] %ORFN
(LQVWHOOXQJHQ IÚU GLH +LOIVDGHUQÚEHUZDFKXQJ %ORFN
(LQVWHOOXQJHQ IÚU GLH 'LUHNWDXVOÐVXQJ %ORFN
(LQVWHOOXQJHQ IÚU GLH )HUQDXVOÐVXQJ %ORFN
(LQVWHOOXQJHQ IÚU GLH $XVOÐVXQJ EHL )HUQNRPPDQGRHPSIDQJ %ORFN
(LQVWHOOXQJHQ IÚU GHQ 5HVHUYH ÛEHUVWURP]HLWVFKXW] %ORFN
(LQVWHOOXQJHQ IÚU GHQ ÛEHUODVWVFKXW] %ORFN
(LQVWHOOXQJHQ IÚU GLH 0H|ZHUWÚEHUZDFKXQJ %ORFN
0HOGXQJHQ
(LQIÚKUXQJ
%HWULHEVPHOGXQJHQ %ORFN
6WÐUIDOOPHOGXQJHQ %OÐFNH ELV
0HOGXQJHQ ]XU 6FKDOWVWDWLVWLN %ORFN
$XVOHVHQ YRQ %HWULHEVPH|ZHUWHQ %OÐFNH XQG
%HWULHEOLFKH 6WHXHUXQJVPÐJOLFKNHLWHQ
6WHOOHQ XQG 6\QFKURQLVLHUHQ YRQ 'DWXP XQG 8KU]HLW %ORFN
5ÚFNVHW]HQ JHVLFKHUWHU 0HOGXQJHQ XQG = KOHUVW QGH %ORFN
%HHLQIOXVVXQJ YRQ /6$ ,QIRUPDWLRQHQ Z KUHQG HLQHV 3UÚIEHWULHEHV %ORFN
8PVFKDOWHQ YRQ 3DUDPHWHUV W]HQ %ORFN
$XVOHVHQ YRQ (LQVWHOOXQJHQ HLQHV EHOLHELJHQ 3DUDPHWHUVDW]HV
8PVFKDOWHQ HLQHV 3DUDPHWHUVDW]HV PLWWHOV %HGLHQIHOG
8PVFKDOWHQ HLQHV 3DUDPHWHUVDW]HV ÚEHU %LQ UHLQJDEHQ
3UÚIXQJ XQG ,QEHWULHEQDKPH
$OOJHPHLQHV
ÛEHUSUÚIXQJ GHV 'LIIHUHQWLDOVFKXW]HV
ÛEHUSUÚIXQJ GHV 5HVHUYH ÛEHUVWURP]HLWVFKXW]HV
ÛEHUSUÚIXQJ GHU +RFKVWURPVWXIH ,!!
ÛEHUSUÚIXQJ GHU ÛEHUVWURPVWXIH ,! EHLP 80= 6FKXW]
ÛEHUSUÚIXQJ GHU ÛEHUVWURPVWXIH , EHLP $0= 6FKXW]
ÛEHUSUÚIXQJ GHV ÛEHUODVWVFKXW]HV
& * &

6' 9
$QKDQJ
,QKDOWVYHU]HLFKQLV
,QEHWULHEQDKPH PLW 3ULP UJUÐ|HQ %OÐFNH II
0HVVXQJ XQG (LQVWHOOXQJ GHU +LOIVDGHUQNDSD]LW W
0HVVXQJ XQG (LQVWHOOXQJ GHV +LOIVDGHUQZLGHUVWDQGHV
ÛEHUSUÚIXQJ GHU 6WURPZDQGOHUDQVFKOÚVVH HLQHV /HLWXQJVHQGHV
ÛEHUSUÚIXQJ GHU 6WURPZDQGOHU XQG +LOIVDGHUQDQVFKOÚVVH PLW EHLGHQ /HLWXQJVHQGHQ
ÛEHUSUÚIXQJ GHU 6WURPZDQGOHU XQG +LOIVDGHUQDQVFKOÚVVH EHL /HLWXQJHQ PLW GUHL (QGHQ
+LOIVDGHUQÚEHUZDFKXQJ ZHQQ YRUKDQGHQ
ÛEHUSUÚIXQJ GHU GLUHNWHQ XQG GHU )HUQDXVOÐVXQJ ZHQQ YRUKDQGHQ
$XVOÐVHSUÚIXQJ PLW GHP /HLVWXQJVVFKDOWHU %ORFN
(LQVFKDOWSUÚIXQJHQ XQG $QOHJHQ HLQHV 7HVW 0H|VFKULHEHV %ORFN
%HUHLWVFKDOWHQ GHV 6FKXW]HV
:DUWXQJ XQG )HKOHUVXFKH
5RXWLQHNRQWUROOHQ
$XVZHFKVHOQ GHV 8KUHQEDXVWHLQV
)HKOHUVXFKH
$XVZHFKVHOQ GHU )HLQVLFKHUXQJ
,QVWDQGVHW]XQJ
/DJHUXQJ
$ ÛEHUVLFKWVSO QH
% $QVFKOX|SO QH
& 7DEHOOHQ
+,1:(,6
'LHVHV *HU WHKDQGEXFK NDQQ QLFKW MHGHQ GHQNED
UHQ )DOO GHU $XIVWHOOXQJ GHV %HWULHEHV RGHU GHU ,Q
VWDQGKDOWXQJ EHUÚFNVLFKWLJHQ
6ROOWHQ 6LH ZHLWHUH ,QIRUPDWLRQHQ ZÚQVFKHQ RGHU
VROOWHQ EHVRQGHUH 3UREOHPH DXIWUHWHQ GLH LQ GHP
*HU WHKDQGEXFK QLFKW DXVIÚKUOLFK EHKDQGHOW ZHU
GHQ NÐQQHQ 6LH GLH HUIRUGHUOLFKH $XVNXQIW ÚEHU GLH
ÐUWOLFKH 6LHPHQV 1LHGHUODVVXQJ DQIRUGHUQ
$X|HUGHP ZHLVHQ ZLU GDUDXI KLQ GD| GHU ,QKDOW GLH
VHV *HU WHKDQGEXFKHV QLFKW 7HLO HLQHU IUÚKHUHQ
RGHU EHVWHKHQGHQ 9HUHLQEDUXQJ =XVDJH RGHU HL
QHV 5HFKWVYHUK OWQLVVHV LVW RGHU GLHVH DE QGHUQ
VROO 6 PWOLFKH 9HUSIOLFKWXQJHQ YRQ 6LHPHQV HUJH
EHQ VLFK DXV GHP MHZHLOLJHQ .DXIYHUWUDJ GHU DXFK
GLH YROOVW QGLJH XQG DOOHLQ JÚOWLJH *HZ KUOHLVWXQJV
UHJHOXQJ HQWK OW 'LHVH YHUWUDJOLFKHQ *HZ KUOHL
VWXQJVEHVWLPPXQJHQ ZHUGHQ GXUFK GLH $XVIÚKUXQ
JHQ GLHVHV *HU WHKDQGEXFKHV ZHGHU HUZHLWHUW
QRFK EHVFKU QNW
& * &

6' 9
& * &
(LQIÚKUXQJ
$QZHQGXQJ
'HU GLJLWDOH /HLWXQJVGLIIHUHQWLDOVFKXW] 6' LVW
HLQ VFKQHOOHU XQG VHOHNWLYHU .XU]VFKOX|VFKXW] IÚU
.DEHO XQG )UHLOHLWXQJHQ DOOHU 5HLKHQVSDQQXQJHQ
XQDEK QJLJ YRQ GHU %HKDQGOXQJ GHV 6\VWHPVWHUQ
SXQNWHV
(U HLJQHW VLFK EHVRQGHUV IÚU NXU]H /HLWXQJHQ EHL
GHQHQ ] % GLH .LSSVWXIH HLQHV 'LVWDQ]VFKXW]HV
QLFKW NOHLQ JHQXJ HLQJHVWHOOW ZHUGHQ NDQQ )ÚU VHL
QHQ (LQVDW]GÚUIHQ GLH /HLWXQJHQ EHOLHELJ NXU]VHLQ
)ÚU GHQ $QVFKOX| EHQÐWLJW HU DQ EHLGHQ /HLWXQJVHQ
GHQ MH HLQHQ 6DW]6WURPZDQGOHU MHGRFK NHLQH 6SDQ
QXQJVZDQGOHU
(LQ ZHVHQWOLFKHU 9RU]XJ GHV 'LIIHUHQWLDOVFKXW]HV
EHVWHKW GDULQ GD| HU IÚU DOOH .XU]VFKOÚVVH DQ MHGHU
EHOLHELJHQ 6WHOOH GHV JDQ]HQ 6FKXW]EHUHLFKHV RKQH
9HU]ÐJHUXQJ HLQH $EVFKDOWXQJ YHUDQOD|W 'LH
6WURPZDQGOHU JUHQ]HQ GHQ 6FKXW]EHUHLFK DQ EHL
GHQ (QGHQ JHJHQ GDV ÚEULJH 1HW]DE 'LHVH VFKDUIH
$EJUHQ]XQJ LVW GHU *UXQG IÚU GLH GHP 'LIIHUHQWLDO
VFKXW]SULQ]LS HLJHQH LGHDOH 6HOHNWLYLW W 'DGXUFK
HUÚEULJW VLFK HLQH 9HU]ÐJHUXQJ GHV $EVFKDOWNRP
PDQGRV ZLH VLH EHLP =HLWVWDIIHOVFKXW]ÚEOLFK LVW
'HU /HLWXQJVGLIIHUHQWLDOVFKXW]EHQÐWLJW DQ MHGHP
(QGH GHU ]X VFKÚW]HQGHQ 6WUHFNH HLQ *HU W
6' )ÚU GLH =XVDPPHQDUEHLW GHU EHLGHQ *HU
WH LVW HLQ V\PPHWULVFKHV +LOIVDGHUQSDDU ]ZLVFKHQ
GHQ 6WDWLRQHQ HUIRUGHUOLFK 'LHVH GÚUIHQ HLQHQ PD[L
PDOHQ 6FKOHLIHQZLGHUVWDQG YRQ FD 8 KDEHQ
XQG PÚVVHQ JHJHQHLQDQGHU XQG JHJHQ (UGH DXV
UHLFKHQG LVROLHUW VHLQ VLHKH DXFK $EVFKQLWW
6' LVW EHVRQGHUV IÚU GHQ %HWULHE PLW EHUHLWV
YRUKDQGHQHQ $GHUQSDDUHQ NRQ]LSLHUW :HQQ HLQH
YÐOOLJ QHXH 9HUELQGXQJ ]ZLVFKHQ GHQ 6WDWLRQHQ DXI
JHEDXW ZHUGHQ VROO LVW EHL /HLWXQJHQ PLW ]ZHL (QGHQ
GHU (LQVDW]GHV 6WURPYHUJOHLFKVVFKXW]HV 6'
RGHU 6' YRUWHLOKDIW ZREHL GHU 6WURPYHUJOHLFK
ÚEHU /LFKWZHOOHQOHLWHU HUIROJW
'HU HLQZDQGIUHLH =XVWDQG GHU +LOIVDGHUQ LVW 9RUDXV
VHW]XQJ IÚU GDV RUGQXQJVJHP |H $UEHLWHQ GHV
6FKXW]HV 'HVZHJHQ ZLUG JUXQGV W]OLFK GLH +LOIVD
GHUQÚEHUZDFKXQJ HPSIRKOHQ 'LHVH NDQQ GHQ 'LI
IHUHQWLDOVFKXW]EHL HUNDQQWHQ 6WÐUXQJHQ DXI GHU
ÛEHUWUDJXQJVVWUHFNH DX|HU %HWULHE VHW]HQ Z KO
EDU XQG JLEW HLQH HQWVSUHFKHQGH 0HOGXQJ DE
(LQIÚKUXQJ
'D GHU 'LIIHUHQWLDOVFKXW])HKOHU DX|HUKDOE GHV
6FKXW]EHUHLFKHV QLFKW DEVFKDOWHW ZLUG DQ PLQGH
VWHQV HLQHP /HLWXQJVHQGH ]XV W]OLFK HLQ =HLWVWDIIHO
VFKXW]DOV ÚEHUODJHUWHU 5HVHUYHVFKXW]HLQJHVHW]W
+LHU]X NDQQ DXFK GHU LQWHJULHUWH ÛEHUVWURP]HLW
VFKXW]YHUZHQGHW ZHUGHQ GHU ZDKOZHLVH DOV XQDE
K QJLJHU ÛEHUVWURP]HLWVFKXW] 80=6FKXW] RGHU
DOV VWURPDEK QJLJHU ÛEHUVWURP]HLWVFKXW] $0=
6FKXW] HLQJHVWHOOW ZHUGHQ NDQQ
,Q ) OOHQ LQ GHQHQ HLQ 7UDQVIRUPDWRU XQPLWWHOEDU
G K RKQH /HLVWXQJVVFKDOWHU PLW HLQHP .DEHO RGHU
PLW HLQHU )UHLOHLWXQJ YHUEXQGHQ LVW VROOWHQ DQ GHU $Q
VFKOX|VWHOOH 6WURPZDQGOHU HLQJHEDXW XQG 6'
QXU DOV /HLWXQJVVFKXW]DQJHVFKORVVHQ ZHUGHQ 'HU
/HLWXQJVGLIIHUHQWLDOVFKXW] 6' LVW GXUFK GLH
LQWHJULHUWH 6WDELOLVLHUXQJ PLW GHU ]ZHLWHQ +DUPRQL
VFKHQ LP 'LIIHUHQWLDOVWURP DE )LUPZDUH 9HUVLRQ
]ZDU SULQ]LSLHOO IÚU GLH (LQEH]LHKXQJ HLQHV
7UDQVIRUPDWRUV LQ GHQ 6FKXW]EHUHLFK JHHLJQHW HU
ODXEW MHGRFK ZHJHQ GHU EHVRQGHUV EHL .DEHOQ DXI
WUHWHQGHQ 6WÐUJUÐ|HQ QLFKW GLH $XVQXW]XQJ GHU KR
KHQ (PSILQGOLFKNHLW GLH EHL HLQHP 7UDQVIRUPDWRU
'LIIHUHQWLDOVFKXW] ] % 87 PLW LQWHJULHWHU 6FKDOW
JUXSSHQDQSDVVXQJ PÐJOLFK LVW
)ÚU GHQ (LQVDW] ] % LQ .DEHOQHW]HQ LVW HLQ WKHUPL
VFKHU ÛEHUODVWVFKXW]LQWHJULHUW
: KUHQG HLQHV 6WÐUIDOOV )HKOHU LP 1HW] ZHUGHQ GLH
0RPHQWDQZHUWH GHU 0H|JUÐ|HQ ÚEHU PD[LPDO V
LP *HU W JHVSHLFKHUW XQG VWHKHQ IÚU HLQH DQVFKOLH
|HQGH )HKOHUDQDO\VH ]XU 9HUIÚJXQJ 'HU %HJLQQ GHU
6WÐUXQJ ZLUG PLW (FKW]HLW]XRUGQXQJ DXVJHJHEHQ
'LH VW QGLJH ÛEHUZDFKXQJ GHU LQWHUQHQ 0H|ZHUW
YHUDUEHLWXQJ DXI 3ODXVLELOLW W XQG GHU LQWHUQHQ 9HU
VRUJXQJVVSDQQXQJHQ DXI (LQKDOWXQJ LKUHU 7ROHUDQ
]HQ LVW VHOEVWYHUVW QGOLFK
'XUFK VHULHOOH 6FKQLWWVWHOOHQ NDQQ HLQH XPIDVVHQGH
.RPPXQLNDWLRQ PLW DQGHUHQ GLJLWDOHQ 6WHXHU XQG
6SHLFKHUHLQULFKWXQJHQ DXIJHEDXW ZHUGHQ ZDKOZHL
VH )ÚU GLH 'DWHQÚEHUWUDJXQJ ZLUG HLQ VWDQGDUGL
VLHUWHV 3URWRNROO JHP | 9'(: =9(, XQG ,(&
YHUZHQGHW DOWHUQDWLY NDQQ DXI GDV
3URWRNROO QDFK ',1 XPJHVFKDOWHW ZHUGHQ

6' 9
%LOG /HLWXQJVGLIIHUHQWLDOVFKXW] 6' IÚU %HWULHE PLW ]ZHL +LOIVDGHUQ 3ULQ]LSVFKDOWELOG
0HUNPDOH
/HLVWXQJVI KLJHV ELW 0LNURSUR]HVVRUV\
VWHP
.RPSOHWW GLJLWDOH 0H|ZHUWYHUDUEHLWXQJ XQG
6WHXHUXQJ YRQ GHU $EWDVWXQJ XQG 'LJLWDOLVLHUXQJ
GHU 0H|JUÐ|HQ ELV ]X GHQ $XVVFKDOWHQWVFKHL
GXQJHQ IÚU GLH /HLVWXQJVVFKDOWHU
9ROOVW QGLJH JDOYDQLVFKH XQG VWÐUVLFKHUH 7UHQ
QXQJ GHU LQWHUQHQ 9HUDUEHLWXQJVVFKDOWXQJHQ YRQ
GHQ 0H| 6WHXHU XQG 9HUVRUJXQJVNUHLVHQ GHU
$QODJH XQG GHU +LOIVDGHUQ GXUFK JHVFKLUPWH
0H|ZHUWÚEHUWUDJHU ELQ UH (LQ XQG $XVJDEHPR
GXOH XQG *OHLFKVSDQQXQJV 8PULFKWHU
6HOEVW QGLJH 0H|HLQKHLW IÚU MHGHV /HLWXQJVHQGH
*HULQJH $QIRUGHUXQJHQ DQ GLH 6WURPZDQGOHU
8PIDQJUHLFKH =XVDW]IXQNWLRQHQ YHUJOHLFKH
DXFK $EVFKQLWW
6W QGLJH %HUHFKQXQJ XQG $Q]HLJH YRQ %HWULHEV
PH|ZHUWHQ DXI GHU )URQWVHLWH
(LQIÚKUXQJ
(LQIDFKH %HGLHQXQJ ÚEHU LQWHJULHUWHV %HGLHQ
XQG $Q]HLJHQIHOG RGHU PLWWHOV DQJHVFKORVVHQHP
3HUVRQDOFRPSXWHU PLW %HGLHQHUIÚKUXQJ
6SHLFKHUXQJ YRQ 6WÐUIDOOPHOGXQJHQ VRZLH 0R
PHQWDQZHUWHQ IÚU 6WÐUVFKUHLEXQJ
'DWHQDXVWDXVFK PLW GHU *HJHQVWDWLRQ ÚEHU HLQ
V\PPHWULHUWHV +LOIVDGHUQSDDU GDKHU NÐQQHQ YRU
KDQGHQH +LOIVDGHUQ JHQXW]W ZHUGHQ
.RPPXQLNDWLRQ PLW ]HQWUDOHU 6WHXHU XQG 6SHL
FKHUHLQULFKWXQJ ÚEHU VHULHOOH 6FKQLWWVWHOOH PÐJ
OLFK PLW $QVFKOX| IÚU /LFKWZHOOHQOHLWHU ZDKOZHL
VH
6W QGLJH ÛEHUZDFKXQJ GHU 0H|JUÐ|HQ GHV 6L
JQDOZHJHV VRZLH GHU +DUG XQG 6RIWZDUH GHV
*HU WHV
(LQIDFKH 0RQWDJH XQG ,QEHWULHEQDKPH LQWHJULHU
WH ,QEHWULHEQDKPHKLOIHQ
*HULQJHU :DUWXQJVDXIZDQG
& * &

6' 9
& * &
)XQNWLRQVXPIDQJ
'HU GLJLWDOH /HLWXQJVGLIIHUHQWLDOVFKXW] 6' HQW
K OW IROJHQGH )XQNWLRQHQ
'LIIHUHQWLDOVFKXW]
6FKXW]IÚU DOOH .XU]VFKX|DUWHQ LQ JHHUGHWHQ LVR
OLHUWHQ RGHU JHOÐVFKWHQ 1HW]HQ
6WDELOLVLHUXQJ JHJHQ 6WURPZDQGOHU ÛEHUVHW
]XQJVIHKOHU EHL X|HUHQ .XU]VFKOÚVVHQ
G\QDPLVFKH =XVDW]VWDELOLVLHUXQJ EHL XQWHU
VFKLHGOLFKHU 6WURPZDQGOHUV WWLJXQJ
6WDELOLVLHUXQJ PLW ]ZHLWHU +DUPRQLVFKHU IÚU GLH
(LQEH]LHKXQJ HLQHV 7UDQVIRUPDWRUV PÐJOLFK
$EVFKDOWXQJ EHL HLQVHLWLJHU 6SHLVXQJ QXU DP
VSHLVHQGHQ /HLWXQJVHQGH RGHU ZDKOZHLVH DXFK
DP QLFKW VSHLVHQGHQ (QGH PÐJOLFK
0H|ZHUWÚEHUWUDJXQJ ÚEHU HLQ V\PPHWULHUWHV
+LOIVDGHUQSDDU
$EJOHLFK GHU +LOIVDGHUQZLGHUVW QGH UHFKQHULVFK
.RPSHQVDWLRQ GHU $GHUQNDSD]LW W UHFKQHULVFK
RKQH ]XV W]OLFKH %HVFKDOWXQJ
VW QGLJH ÛEHUZDFKXQJ GHU +LOIVDGHUQ PÐJOLFK
ZDKOZHLVH PLW JHSXOVWHP 7RQIUHTXHQ]VLJQDO
ÛEHUVWURP]HLWVFKXW]
DOV XQDEK QJLJHU ÛEHUVWURP]HLWVFKXW] 80=
6FKXW] RGHU VWURPDEK QJLJHU ÛEHUVWURP]HLW
VFKXW] $0= 6FKXW] PLW YHUVFKLHGHQHQ VWDQ
GDUGLVLHUWHQ .HQQOLQLHQ HLQVWHOOEDU
PLW XQDEK QJLJHU ÚEHUODJHUWHU +RFKVWURPVWXIH
=XVDPPHQDUEHLW PLW DQGHUHQ *HU WHQ
'HU GLJLWDOH /HLWXQJVGLIIHUHQWLDOVFKXW] 6' LVW
QLFKW JHHLJQHW IÚU GLH =XVDPPHQDUEHLW PLW DQGHUHQ
'LIIHUHQWLDOVFKXW]JHU WHQ 'HU LQWHUQ UHFKQHULVFK
GXUFKJHIÚKUWH +LOIVDGHUQDEJOHLFK XQG GLH ZDKOZHL
VH LQWHJULHUWH +LOIVDGHUQÚEHUZDFKXQJ PLW JHSXO
VWHP 7RQIUHTXHQ]VLJQDO NDQQ QLFKW PLW HLQHP DQGH
UHQ 7\S HLQHV =ZHLDGHUQ 'LIIHUHQWLDOVFKXW]HV ]X
VDPPHQDUEHLWHQ 6ROOWH HLQH PLW HOHNWURPHFKDQL
'LUHNW XQG )HUQDXVOÐVXQJ
(LQIÚKUXQJ
$XVOÐVXQJ GHV ÐUWOLFKHQ 6FKDOWHUV GXUFK H[WHU
QHV 6LJQDO PLW HLQVWHOOEDUHU 9HU]ÐJHUXQJV XQG
5ÚFNIDOO]HLW
$EVFKDOWXQJ DP HQWIHUQWHQ /HLWXQJVHQGH GXUFK
H[WHUQ JHELOGHWHV 6LJQDO ZLH ] % YRQ HLQHP
6FKDOWHUYHUVDJHUVFKXW] $XVIÚKUXQJ PLW $GHUQ
ÚEHUZDFKXQJ
7KHUPLVFKHU ÛEHUODVWVFKXW]
WKHUPLVFKHV $EELOG GHU 6WURPZ UPHYHUOXVWH
(IIHNWLYZHUWPHVVXQJ IÚU V\PPHWULVFKH /HLWHU
VWUÐPH
HLQVWHOOEDUH :DUQVWXIHQ
=XP )XQNWLRQVXPIDQJ JHKÐUHQ DX|HUGHP
6W QGLJH ÛEHUZDFKXQJ GHU LQWHUQHQ 0H|NUHLVH
GHU +LOIVVSDQQXQJVYHUVRUJXQJ VRZLH GHU
6FKXW] +DUGZDUH XQG 6RIWZDUH GDGXUFK HU
KÐKWH =XYHUO VVLJNHLW
0H| XQG 3UÚIURXWLQHQ LP QRUPDOHQ /DVWEHWULHE
0HVVXQJ GHV /DVWVWURPHV
0HOGHVSHLFKHU IÚU GLH OHW]WHQ GUHL 1HW]VWÐUXQJHQ
)HKOHU LP 1HW] PLW (FKW]HLW]XRUGQXQJ
'DWHQVSHLFKHUXQJ IÚU 6WÐUVFKUHLEXQJ
GDGXUFK VFKQHOOH )HKOHUDQDO\VH
GHWDLOOLHUWH )HKOHUSURWRNROOLHUXQJ
= KOXQJ GHU $XVOÐVHNRPPDQGRV VRZLH 3URWR
NROOLHUXQJ GHU .XU]VFKOX|GDWHQ XQG $NNXPXOLH
UXQJ GHU DEJHVFKDOWHWHQ .XU]VFKOX|VWUÐPH
,QEHWULHEQDKPHKLOIHQ ZLH $QVFKOX|NRQWUROOH +LOI
VDGHUQZLGHUVWDQGV XQG NDSD]LW WVPHVVXQJ
XQG /HLVWXQJVVFKDOWHU 3UÚIXQJ
VFKHP RGHU DQDORJ VWDWLVFKHP =ZHLDGHUQ 'LIIH
UHQWLDOVFKXW]JHVFKÚW]WH /HLWXQJ GXUFK $XIVFKQHL
GHQ LQ ]ZHL /HLWXQJVDEVFKQLWWH XQWHUWHLOW ZHUGHQ
HPSILHKOW HV VLFK IÚU HLQHQ /HLWXQJVDEVFKQLWW
6' HLQ]XVHW]HQ XQG IÚU GHQ DQGHUHQ GLH YRU
KDQGHQHQ *HU WH ]X QXW]HQ VRIHUQ QLFKW DXI EHLGH
$EVFKQLWWH 6' HLQJHVHW]W ZLUG

6' 9
.RQVWUXNWLRQ
%DXIRUPHQ
'LH NRPSOHWWHQ 6FKXW]IXQNWLRQHQ HLQVFKOLH|OLFK
8PULFKWHU VLQG DXI ]ZHL VWHFNEDUHQ %DXJUXSSHQ LP
'RSSHOHXURSDIRUPDW XQWHUJHEUDFKW 'LHVH %DX
JUXSSHQ VLQG LQ HLQHP *HK XVH ;3 DQJHRUGQHW
'DEHL VLQG ]ZHL YHUVFKLHGHQH *HK XVHEDXIRUPHQ
OLHIHUEDU
6' 4 4%444 LP *HK XVH ;3 IÚU
6FKDOWWDIHODXIEDX
'DV *HK XVH LVW YROO EOHFKXPPDQWHOW XQG KDW HL
QH DEVFKUDXEEDUH )URQWNDSSH PLW GXUFKVLFKWL
JHP .XQVWVWRIIHQVWHU
'LH )ÚKUXQJ GHU VWHFNEDUHQ %DXJUXSSHQ ZLUG
GXUFK )DQJVFKU JHQ LQ GHU 1 KH GHU 6WHFNYHU
ELQGHU HUUHLFKW 2EHQ XQG XQWHQ VLQG LP *H
K XVHPDQWHO HOHNWULVFK JXW OHLWHQGH XQODFNLHUWH
.RQWDNWIO FKHQ IÚU GLH (UGXQJVIHGHUQ GHU %DX
JUXSSH YRUJHVHKHQ 'LH (UGYHUELQGXQJ ZLUG YRU
%HUÚKUXQJ GHU 6WHFNHU KHUJHVWHOOW $Q GHU OLQNHQ
:DQG GHV *HK XVHV VLQG (UGXQJVVFKUDXEHQ
YRUJHVHKHQ $X|HUGHP LVW GLH .OHPPH PLW
GHP *HK XVH YHUEXQGHQ
$OOH H[WHUQHQ 6LJQDOH VLQG DQ 'RSSHOVWRFN
6FKUDXENOHPPHQ JHIÚKUW GLH XQWHQ XQG REHQ DQ
GHQ $EGHFNXQJHQ PLW /RFKGXUFKEUÚFKHQ DQ
JHRUGQHW VLQG 'LH .OHPPHQ VLQG LQ MHGHU (WDJH
IRUWODXIHQG YRQ OLQNV QDFK UHFKWV QXPHULHUW
'LH +RFKVWURP 6WHFNYHUELQGHU VFKOLH|HQ DXWR
PDWLVFK GLH 6WURPZDQGOHUNUHLVH NXU] ZHQQ GLH
%DXJUXSSH JH]RJHQ ZLUG 'LHV HQWELQGHW QLFKW
YRQ GHU JHERWHQHQ 6RUJIDOW EHLP 8PJDQJ PLW
6WURPZDQGOHUVHNXQG UNUHLVHQ $X|HUGHP NDQQ
HV EHVRQGHUV EHL 'LIIHUHQWLDOVFKXW]HLQULFKWXQJHQ
EHLP (LQVFKLHEHQ XQG $XV]LHKHQ GHU %DXJUXS
SHQ LP %HWULHE GXUFK XQJOHLFKP |LJH .RQWDNWJD
EH ]XU $XVOÐVXQJ NRPPHQ
)ÚU GLH ZDKOZHLVH 6FKQLWWVWHOOH ]X HLQHU ]HQWUDOHQ
6WHXHU XQG 6SHLFKHUHLQULFKWXQJ LVW HLQH ]XV W]OL
FKH .RSSHOVWHOOH YRUKDQGHQ %HL GHU 6FKQLWWVWHOOH
IÚU /LFKWZHOOHQOHLWHUDQVFKOX| 6' 4
44444 4& VLQG ) 60$ $QVFKOÚVVH DQ GHU
8QWHUVHLWH GHV *HK XVHV YRUJHVHKHQ
'DV *HK XVH VWHOOW GLH 6FKXW]DUW ,3 VLFKHU IÚU
.OHPPHQ JLOW ,3 $EPHVVXQJHQ VLHKH %LOG
.RQVWUXNWLRQ
6' 4 4&444 LP *HK XVH ;3 IÚU
6FKDOWWDIHOHLQEDX RGHU 6' 4 4(444 IÚU
6FKUDQNHLQEDX
'DV *HK XVH LVW YROO EOHFKXPPDQWHOW KDW HLQH
DEVFKUDXEEDUH )URQWNDSSH XQG IÚU 7DIHOHLQEDX
HLQ GXUFKVLFKWLJHV .XQVWVWRIIHQVWHU
'LH )ÚKUXQJ GHU VWHFNEDUHQ %DXJUXSSHQ ZLUG
GXUFK )DQJVFKU JHQ LQ GHU 1 KH GHU 6WHFNYHU
ELQGHU HUUHLFKW 2EHQ XQG XQWHQ VLQG LP *H
K XVHPDQWHO HOHNWULVFK JXW OHLWHQGH XQODFNLHUWH
.RQWDNWIO FKHQ IÚU GLH (UGXQJVIHGHUQ GHU %DX
JUXSSH YRUJHVHKHQ 'LH (UGYHUELQGXQJ ZLUG YRU
%HUÚKUXQJ GHU 6WHFNHU KHUJHVWHOOW $Q GHU *H
K XVHUÚFNZDQG VLQG (UGXQJVVFKUDXEHQ YRUJH
VHKHQ
$OOH H[WHUQHQ 6LJQDOH VLQG DQ $QVFKOX|PRGXOH
JHIÚKUW GLH DXI GHU 5ÚFNZDQG DQJHRUGQHW VLQG
-H HOHNWULVFKHP $QVFKOX|VWHKW GDEHL HLQ
6FKUDXE XQG GD]X SDUDOOHO HLQ 6WHFNDQVFKOX|]XU
9HUIÚJXQJ )ÚU GLH $QODJHQYHUGUDKWXQJ VROOWHQ
EHYRU]XJW GLH 6FKUDXEDQVFKOÚVVH YHUZHQGHW
ZHUGHQ 'LH 6WHFNDQVFKOÚVVH HUIRUGHUQ 6RQGHU
ZHUN]HXJ
'LH +RFKVWURP 6WHFNYHUELQGHU VFKOLH|HQ DXWR
PDWLVFK GLH 6WURPZDQGOHUNUHLVH NXU] ZHQQ GLH
%DXJUXSSH JH]RJHQ ZLUG 'LHV HQWELQGHW QLFKW
YRQ GHU JHERWHQHQ 6RUJIDOW EHLP 8PJDQJ PLW
6WURPZDQGOHUVHNXQG UNUHLVHQ $X|HUGHP NDQQ
HV EHVRQGHUV EHL 'LIIHUHQWLDOVFKXW]HLQULFKWXQJHQ
EHLP (LQVFKLHEHQ XQG $XV]LHKHQ GHU %DXJUXS
SHQ LP %HWULHE GXUFK XQJOHLFKP |LJH .RQWDNWJD
EH ]XU $XVOÐVXQJ NRPPHQ
'LH ZDKOZHLVH 6FKQLWWVWHOOH ]X HLQHU ]HQWUDOHQ
6WHXHU XQG 6SHLFKHUHLQULFKWXQJ 6' 4
44444 4& LVW DQ HLQ 0RGXO PLW ) 60$ $Q
VFKOÚVVHQ IÚU /LFKWZHOOHQOHLWHUDQVFKOX|JHIÚKUW
'LH 6WHFNHUPRGXOH VLQG HQWVSUHFKHQG LKUHP (LQ
EDXRUW QDFK HLQHP .RRUGLQDWHQV\VWHP JHNHQQ
]HLFKQHW ] % $ 'LH HLQ]HOQHQ 9HUELQGXQJHQ
LQQHUKDOE HLQHV 0RGXOV ZHUGHQ EHL 5ÚFNDQVLFKW
YRQ OLQNV QDFK UHFKWV GXUFKQXPHULHUW ] % $
VLHKH %LOG
'DV *HK XVH VWHOOW GLH 6FKXW]DUW ,3 VLFKHU
6FKUDQNHLQEDX ,3 IÚU .OHPPHQ JLOW ,3 *H
K XVHDEPHVVXQJHQ VLHKH %LOG
& * &

6' 9
& * &
' &
KRUL]RQWDOH 3RVLWLRQ
YHUWLNDOH 3RVLWLRQ
OIG $QVFKOX|QXPPHU
$
% $
%LOG $QVFKOX|VWHFNHU 5ÚFNDQVLFKW IÚU (LQEDXJHK XVH %HLVSLHO
] % %
% $
.RQVWUXNWLRQ
] % $

6' 9
$EPHVVXQJHQ
'LH %LOGHU XQG ]HLJHQ GLH $EPHVVXQJHQ GHU YHUVFKLHGHQHQ %DXIRUPHQ
6' *HK XVH IÚU 6FKDOWWDIHODXIEDX ;3
0D[ .OHPPHQ PLW $QVFKOX| 4XHUVFKQLWW PD[ PP
0D|H LQ PP
%LOG 0D|ELOG ;3 IÚU 6FKDOWWDIHODXIEDX
.RQVWUXNWLRQ
/:/ $QVFKOÚVVH
& * &

6' 9
6' *HK XVH IÚU 6FKDOWWDIHOHLQEDX RGHU 6FKUDQNHLQEDX ;3
& * &
0RQWDJHSODWWH
RGHU0
6FKDOWWDIHODXVVFKQLWW
%LOG 0D|ELOG ;3 IÚU 6FKDOWWDIHOHLQEDX RGHU 6FKUDQNHLQEDX
0RGXODUHU .OHPPHQEORFN
.RQVWUXNWLRQ
6WURPDQVFKOÚVVH
6SDQQXQJVDQVFKOÚVVH
/:/ $QVFKOÚVVH
0D|H LQ PP

6' 9
%HVWHOOGDWHQ
'LJLWDOHU /HLWXQJVGLIIHUHQWLDOVFKXW]
IÚU%HWULHEPLW +LOIVDGHUQ6' 1HQQVWURP 1HQQIUHTXHQ]
$ +]
$ +]
+LOIVJOHLFKVSDQQXQJ
9
9
9
.RQVWUXNWLYHU $XIEDX
LP *HK XVH ;3 IÚU 6FKDOWWDIHODXIEDX %
LP *HK XVH ;3 IÚU 6FKDOWWDIHOHLQEDX &
LP *HK XVH ;3 IÚU 6FKUDQNHLQEDX .DSSH RKQH 6FKHLEH (
$GHUQÚEHUZDFKXQJ ÛEHUWUDJXQJ $XVIÚKUXQJ
PLW $GHUQÚEHUZDFKXQJ 6FKDOWHUPLWQDKPH XQG )HUQDXVOÐVXQJ
%LQ UHLQJDEHQ 0HOGHUHODLV .RPPDQGRUHODLV
6FKQLWWVWHOOH IÚU 'DWHQWUDQVIHU ]XU /HLWVWHOOH
RKQH VHULHOOH 6FKQLWWVWHOOH $
PLW VHULHOOHU 6FKQLWWVWHOOH IÚU /LFKWZHOOHQOHLWHU &
$
1
.RQVWUXNWLRQ
$
& * &

6' 9
0H|NUHLVH
& * &
7HFKQLVFKH 'DWHQ
$OOJHPHLQH *HU WHGDWHQ
(LQ $XVJ QJH
1HQQVWURP , $RGHU $
1HQQIUHTXHQ] I +] +] SDUDPHWULHUEDU
/HLVWXQJVDXIQDKPH LP 6WURPSIDG EHL 1RUPDO
DQVFKOX| / / ( %LOG EH]RJHQ DXI
GXUFKIOLH|HQGHQ 1HQQVWURP
LQ 3KDVH
/ / /
7HFKQLVFKH 'DWHQ
HLQSKDVLJ FD
GUHLSKDVLJ V\PPHWULVFK FD
, $
9$
9$
HLQSKDVLJ FD
GUHLSKDVLJ V\PPHWULVFK FD
, $
9$
9$
%HODVWEDUNHLW 6WURPSIDG MHGH (LQJDQJVZLFNOXQJ XQG $XVJDQJVZLFNOXQJ GHV 0LVFKZDQGOHUV
WKHUPLVFK HIIHNWLY l, IÚU V
l, IÚU V
l, GDXHUQG
G\QDPLVFK 6WR|VWURP l, +DOEVFKZLQJXQJ
+LOIVVSDQQXQJ
+LOIVJOHLFKVSDQQXQJVYHUVRUJXQJ ÚEHU LQWHJULHUWHQ 8PULFKWHU
1HQQKLOIVVSDQQXQJ 8 9 9 9
]XO VVLJH 6SDQQXQJVEHUHLFKH
ELV 9 ELV 9 ELV 9
ÚEHUODJHUWH :HFKVHOVSDQQXQJ 6SLW]H 6SLW]H { EHL 1HQQVSDQQXQJ
{ DQ GHQ 6SDQQXQJVEHUHLFKVJUHQ]HQ
/HLVWXQJVDXIQDKPH QLFKW DQJHUHJW FD :
DQJHUHJW FD :
ÛEHUEUÚFNXQJV]HLW EHL $XVIDOO .XU]VFKOX|
GHU +LOIVJOHLFKVSDQQXQJ | PV EHL 8 | 9

6' 9
.RPPDQGRNRQWDNWH
$XVOÐVHUHODLV $Q]DKO RGHU MH QDFK 9DULDQWH
.RQWDNWH MH 5HODLV 6FKOLH|HU
6FKDOWOHLVWXQJ (,1 : 9$
$86 : 9$
6FKDOWVSDQQXQJ 9
]XO VVLJHU 6WURP $ GDXHUQG
$ IÚU V
0HOGHNRQWDNWH
0HOGHUHODLV $Q]DKO
.RQWDNWH MH 5HODLV :HFKVOHU
6FKDOWOHLVWXQJ (,1 $86 : 9$
6FKDOWVSDQQXQJ 9
]XO VVLJHU 6WURP $
%LQ UHLQJDEHQ
7HFKQLVFKH 'DWHQ
$Q]DKO RGHU MH QDFK 9DULDQWH
6SDQQXQJVEHUHLFK ELV 9
6WURPDXIQDKPH DQJHUHJW FD P$
XQDEK QJLJ YRQ GHU %HW WLJXQJVVSDQQXQJ
6HULHOOH 6FKQLWWVWHOOHQ
%HGLHQVFKQLWWVWHOOOH QLFKW DEJHULHJHOW
$QVFKOX| IURQWVHLWLJ
SRO 6XEPLQLDWXU 6WHFNHU ,62
]XP $QVFKOX| HLQHV 3HUVRQDOFRPSXWHUV R
ÛEHUWUDJXQJVJHVFKZLQGLJNHLW /LHIHUVWHOOXQJ %DXG
PLQ %DXG PD[ %DXG
3RWHQWLDOIUHLH 6FKQLWWVWHOOH IÚU 'DWHQWUDQVIHU
]X HLQHU /HLWVWHOOH ZDKOZHLVH /LFKWZHOOHQOHLWHU
1RUP 3URWRNROO JHP | 9'(: =9(, XQG ,(&
E]Z QDFK ',1
ÛEHUWUDJXQJVJHVFKZLQGLJNHLW /LHIHUVWHOOXQJ %DXG
PLQ %DXG PD[ %DXG
ÛEHUWUDJXQJVVLFKHUKHLW +DPPLQJ 'LVWDQ] G
$QVFKOX| /LFKWZHOOHQOHLWHU LQWHJULHUWHU ) 60$ 6WHFNYHUELQGHU IÚU /:/
'LUHNWDQVFKOX| PLW .HUDPLNVWLIW
] % *ODVIDVHU NP
EHL (LQEDXJHK XVH UÚFNVHLWLJ
EHL $XIEDXJHK XVH DQ GHU 8QWHUVHLWH
RSWLVFKH :HOOHQO QJH QP
]XO VVLJH 6WUHFNHQG PSIXQJ PD[ G%
ÚEHUEUÚFNEDUH (QWIHUQXQJ 5LFKWZHUW PD[ NP
=HLFKHQUXKHODJH XPVFKDOWEDU /LHIHUVWHOOXQJ n/LFKW DXVk
& * &

6' 9
& * &
(OHNWULVFKH 3UÚIXQJHQ
,VRODWLRQVSUÚIXQJHQ
1RUPHQ ,(&
6SDQQXQJVSUÚIXQJ 6WÚFNSUÚIXQJ N9 HII +]
DOOH .UHLVH DX|HU +LOIVVSDQQXQJ
6SDQQXQJVSUÚIXQJ 6WÚFNSUÚIXQJ N9
QXU +LOIVVSDQQXQJ
7HFKQLVFKH 'DWHQ
6WR|VSDQQXQJVSUÚIXQJ 7\SSUÚIXQJ N9 6FKHLWHO NV - SRVLWLYH
DOOH .UHLVH .ODVVH ,,, XQG QHJDWLYH 6WÐ|H LQ $EVW QGHQ YRQ V
(09 3UÚIXQJHQ ]XU 6WÐUIHVWLJNHLW 7\SSUÚIXQJHQ
1RUPHQ ,(& ,(& 3URGXNWQRUPHQ
(1 )DFKJUXQGQRUP
9'( 7HLO
+RFKIUHTXHQ]SUÚIXQJ N9 6FKHLWHO 0+] U NV 6WÐ|H MH V
,(& .ODVVH ,,, 3UÚIGDXHU V
XQG 9'( 7HLO .ODVVH ,,,
(QWODGXQJ VWDWLVFKHU (OHNWUL]LW W N9 N9 .RQWDNWHQWODGXQJ N9 /XIWHQWODGXQJ
,(& .ODVVH ,,, EHLGH 3RODULW WHQ S) 5 8
XQG ,(& .ODVVH ,,,
%HVWUDKOXQJ PLW +) )HOG XQPRGXOLHUW 9 P 0+] ELV 0+]
,(& 5HSRUW .ODVVH ,,,
%HVWUDKOXQJ PLW +) )HOG DPSOLWXGHQPRGXOLHUW 9 P 0+] ELV 0+] $0 N+]
,(& .ODVVH ,,,
%HVWUDKOXQJ PLW +) )HOG SXOVPRGXOLHUW 9 P 0+] :LHGHUKROIUHTXHQ] +]
,(& (19 .ODVVH ,,, ('
VFKQHOOH WUDQVLHQWH 6WÐUJUÐ|HQ %XUVW N9 QV N+] %XUVWO QJH PV
,(& XQG ,(& .ODVVH ,,, :LHGHUKROUDWH PV EHLGH 3RODULW WHQ 5 8
3UÚIGDXHU PLQ
OHLWXQJVJHIÚKUWH +) DPSOLWXGHQPRGXOLHUW 9 N+] ELV 0+] $0 N+]
,(& .ODVVH ,,,
0DJQHWIHOG PLW HQHUJLHWHFKQLVFKHU )UHTXHQ]
,(& .ODVVH ,9 $ P GDXHUQG $ P IÚU V +]
,(& P7 +]
(09 3UÚIXQJHQ ]XU 6WÐUDXVVHQGXQJ 7\SSUÚIXQJHQ
1RUP (1 4 )DFKJUXQGQRUP
)XQNVWÐUVSDQQXQJ DXI /HLWXQJHQ QXU +LOIVVSJ N+] ELV 0+]
&,635 (1 *UHQ]ZHUWNODVVH %
',1 9'( 7HLO *UHQ]ZHUWNODVVH %
)XQNVWÐUIHOGVW UNH 0+] ELV 0+]
&,635 (1 *UHQ]ZHUWNODVVH $
',1 9'( 7HLO *UHQ]ZHUWNODVVH $

6' 9
0HFKDQLVFKH 3UÚIXQJHQ
6FKZLQJ XQG 6FKRFNEHDQVSUXFKXQJ EHL VWDWLRQ UHP (LQVDW]
1RUPHQ ,(&
XQG ,(&
7HFKQLVFKH 'DWHQ
6FKZLQJXQJ VLQXVIÐUPLJ
,(& .ODVVH +] ELV +] PP $PSOLWXGH
,(& +] ELV +] J %HVFKOHXQLJXQJ
)UHTXHQ]GXUFKODXI 2NWDYH PLQ
=\NOHQ LQ $FKVHQ VHQNUHFKW ]XHLQDQGHU
6FKRFN KDOEVLQXVIÐUPLJ
,(& .ODVVH %HVFKOHXQLJXQJ J 'DXHU PV MH 6FKRFNV LQ
EHLGHQ 5LFKWXQJHQ GHU $FKVHQ
6FKZLQJXQJ EHL (UGEHEHQ VLQXVIÐUPLJ
,(& .ODVVH +] ELV +] PP $PSOLWXGH KRU $FKVH
,(& +] ELV +] PP $PSOLWXGH YHUW $FKVH
+] ELV +] J %HVFKOHXQLJXQJ KRU $FKVH
+] ELV +] J %HVFKOHXQLJXQJ YHUW $FKVH
)UHTXHQ]GXUFKODXI 2NWDYH PLQ
=\NOXV LQ $FKVHQ VHQNUHFKW ]XHLQDQGHU
6FKZLQJ XQG 6FKRFNEHDQVSUXFKXQJ EHLP 7UDQVSRUW
1RUPHQ ,(&
XQG ,(&
6FKZLQJXQJ VLQXVIÐUPLJ
,(& .ODVVH +] ELV +] PP $PSOLWXGH
,(& +] ELV +] J %HVFKOHXQLJXQJ
)UHTXHQ]GXUFKODXI 2NWDYH PLQ
=\NOHQ LQ $FKVHQ VHQNUHFKW ]XHLQDQGHU
6FKRFN KDOEVLQXVIÐUPLJ
,(& .ODVVH %HVFKOHXQLJXQJ J 'DXHU PV MH 6FKRFNV LQ
,(& EHLGHQ 5LFKWXQJHQ GHU $FKVHQ
'DXHUVFKRFN KDOEVLQXVIÐUPLJ
,(& .ODVVH %HVFKOHXQLJXQJ J 'DXHU PV MH 6FKRFNV
,(& LQ EHLGHQ 5LFKWXQJHQ GHU $FKVHQ
.OLPDEHDQVSUXFKXQJ
HPSIRKOHQH 7HPSHUDWXU EHL %HWULHE •& ELV •&
$EOHVEDUNHLW GHV 'LVSOD\V
*UHQ]WHPSHUDWXU EHL %HWULHE •& ELV •& DE •& HYWO EHHLQWU FKWLJW
*UHQ]WHPSHUDWXU EHL /DJHUXQJ •& ELV •&
*UHQ]WHPSHUDWXU EHL 7UDQVSRUW •& ELV •&
/DJHUXQJ XQG 7UDQVSRUW PLW ZHUNVP |LJHU 9HUSDFNXQJ
& * &

6' 9
& * &
7HFKQLVFKH 'DWHQ
]XO VVLJH )HXFKWHEHDQVSUXFKXQJ LP -DKUHVPLWWHO { UHODWLYH )HXFKWH
DQ 7DJHQ LP -DKU ELV ]X UHO )HXFKWH
%HWDXXQJ XQ]XO VVLJ
(V ZLUG HPSIRKOHQ GLH *HU WH VR DQ]XRUGQHQ GD| VLH NHLQHU GLUHNWHQ 6RQQHQHLQVWUDKOXQJ XQG NHLQHP VWDU
NHQ 7HPSHUDWXUZHFKVHO EHL GHP %HWDXXQJ DXIWUHWHQ NDQQ DXVJHVHW]W VLQG
(LQVDW]EHGLQJXQJHQ
'DV 6FKXW]JHU W LVW IÚU GHQ (LQVDW] LP ,QGXVWULHEH
UHLFK DOVR IÚU GHQ (LQEDX LQ ÚEOLFKHQ 5HODLVU XPHQ
XQG $QODJHQ DXVJHOHJW VR GD| GLH HOHNWURPDJQHWL
VFKH 9HUWU JOLFKNHLW (09 EHL VDFKJHP |HP (LQ
EDX VLFKHUJHVWHOOW LVW =XV W]OLFK LVW ]X HPSIHKOHQ
6FKÚW]H XQG 5HODLV GLH LQQHUKDOE GHVVHOEHQ
6FKUDQNHV RGHU DXI GHU JOHLFKHQ 5HODLVWDIHO PLW
GHQ GLJLWDOHQ 6FKXW]HLQULFKWXQJHQ DUEHLWHQ VRO
OHQ JUXQGV W]OLFK PLW JHHLJQHWHQ /ÐVFKJOLHGHUQ
YHUVHKHQ ZHUGHQ
%HL 6FKDOWDQODJHQ DE N9 VROOHQ H[WHUQH
$QVFKOX|OHLWXQJHQ PLW HLQHU VWURPWUDJI KLJHQ
EHLGVHLWLJ JHHUGHWHQ $EVFKLUPXQJ YHUZHQGHW
.RQVWUXNWLYH $XVIÚKUXQJ
*HK XVH ;3 VLHKH $EVFKQLWW
$EPHVVXQJHQ VLHKH $EVFKQLWW
*HZLFKW 0DVVH
LP *HK XVH IÚU 6FKDOWWDIHODXIEDX FD NJ
LP *HK XVH IÚU 6FKDOWWDIHOHLQEDX FD NJ
6FKXW]DUW JHP | (1
*HK XVH ,3
.OHPPHQ ,3
ZHUGHQ ,Q 0LWWHOVSDQQXQJVDQODJHQ VLQG ÚEOL
FKHUZHLVH NHLQH EHVRQGHUHQ 0D|QDKPHQ HUIRU
GHUOLFK
(V LVW XQ]XO VVLJ HLQ]HOQH %DXJUXSSHQ XQWHU
6SDQQXQJ ]X ]LHKHQ RGHU ]X VWHFNHQ ,P DXVJH
EDXWHQ =XVWDQG VLQG PDQFKH %DXHOHPHQWH HOHN
WURVWDWLVFK JHI KUGHW EHL GHU +DQGKDEXQJ VLQG
GLH (*% 9RUVFKULIWHQ IÚU (OHNWURVWDWLVFK *H
I KUGHWH %DXHOHPHQWH ]X EHDFKWHQ ,P HLQJH
EDXWHQ =XVWDQG EHVWHKW NHLQH *HI KUGXQJ
:$5181* 'DV *HU W LVW QLFKW IÚU GHQ (LQVDW] LP
:RKQEHUHLFK LP 6LQQH GHU 'HILQLWLRQ GHU 1RUP (1
NRQ]LSLHUW

6' 9
/HLWXQJVGLIIHUHQWLDOVFKXW]
(LQVWHOOEHUHLFKH 6WXIXQJ
6WURPVFKZHOOH , )UHLJDEH GXUFK ÐUWOLFKHQ 6WURP
, , ELV 6WXIXQJ
'LIIHUHQWLDOVWURP , , ELV 6WXIXQJ
9HU]ÐJHUXQJV]HLW 7 V ELV V 6WXIXQJ V
$QVSUHFKNHQQOLQLHQ VLHKH %LOG
6WDELOLVLHUXQJ PLW +DUPRQLVFKHU, , ELV
5ÚFNIDOOYHUK OWQLV FD k $QVSUHFKZHUW ,
$OOH 6WURPZHUWH EH]LHKHQ VLFK DXI V\PPHWULVFKHQ 6WURP EHL 1RUPDODQVFKOX| JHP |%LOG
(LJHQ]HLWHQ
$QVSUHFK]HLW EHL ]ZHLVHLWLJHU 6SHLVXQJ
EHL [ (LQVWHOOZHUW FD PV ELV PV
5ÚFNIDOOHLJHQ]HLW FD PV
]XV 5ÚFNIDOOYHU]ÐJHUXQJ V ELV V 6WXIXQJ V
7ROHUDQ]HQ EHL 9RUHLQVWHOOXQJ XQWHU 5HIHUHQ]EHGLQJXQJHQ
ÐUWOLFKH 6WURPVFKZHOOH YRP 6ROOZHUW PLQ k ,
'LIIHUHQWLDOVWURP YRP 6ROOZHUW PLQ k ,
(LQIOX|JUÐ|HQ
+LOIVDGHUQZLGHUVWDQG FD MH 8 6FKOHLIHQZLGHUVWDQG
+LOIVVSDQQXQJ LP %HUHLFK
{ 8 8 { {
7HPSHUDWXU
LP %HUHLFK E& { ‚ { E& { .
)UHTXHQ] LP %HUHLFK
{ I I { {
6FKXW]DGHUQ
$Q]DKO
8QV\PPHWULH $GHU $GHU EHL +] PD[
PD[LPDOHU 6FKOHLIHQZLGHUVWDQG 8
7HFKQLVFKH 'DWHQ
YRU]XJVZHLVH V\PPHWULVFKH )HUQVSUHFKDGHUQSDDUH
PLW 8 NP 6FKOHLIHQZLGHUVWDQG XQG
Q) NP .DSD]LW W
]XO VVLJH LQGX]LHUWH / QJVVSDQQXQJHQ
EHL GLUHNWHP $QVFKOX| GHU +LOIVDGHUQ { N9 DEHU PD[ GHU 3UÚIVSDQQXQJ GHU
+LOIVDGHUQ
EHL $QVFKOX| ÚEHU 7UHQQZDQGOHU | N9 DEHU PD[ GHU 3UÚIVSDQQXQJ GHU
+LOIVDGHUQ
XQG PD[ GHU 3UÚIVSDQQXQJ GHU
7UHQQZDQGOHU
& * &

6' 9
+LOIVDGHUQÚEHUZDFKXQJ XQG 0LWQDKPH %HVWHOORSWLRQ
ÛEHUZDFKXQJVVLJQDO +] 3&0
ÛEHUZDFKXQJVVWURP FD P$
6 WWLJXQJVVSDQQXQJ | 9
9HU]ÐJHUXQJ GHU 6WÐUXQJVPHOGXQJ V ELV V 6WXIXQJ V
(LJHQ]HLW GHU 0LWQDKPH FD PV
9HUO QJHUXQJ GHV 0LWQDKPHVLJQDOV V ELV V 6WXIXQJ V
,
,
& * &
$XVOÐVHQ
6SHUUHQ
=XVDW]VWDELOLVLHUXQJ
_
%LOG 6WDELOLVLHUXQJV .HQQOLQLH GHV 'LIIHUHQWLDOVFKXW]HV JH]HLFKQHW EHL 9RUHLQVWHOOXQJ
7HFKQLVFKH 'DWHQ
,
,

6' 9
$XVOÐVHQ
,
,
$XVOÐVHQ
7HFKQLVFKH 'DWHQ
.HQQOLQLH GHV
XQJHVWÐUWHQ
%HWULHEHV
%LOG $XVOÐVHNHQQOLQLHQ LQ $EK QJLJNHLW YRQ /HLWXQJVVWUÐPHQ 6' JH]HLFKQHW EHL 9RUHLQVWHO
OXQJ 6NDOLHUXQJ IÚU V\PPHWULVFKH 6WUÐPH EHL $QVFKOX| JHP |%LOG
& * &
,
,

6' 9
& * &
'LUHNW XQG )HUQDXVOÐVXQJ
'LUHNWDXVOÐVXQJ ÚEHU %LQ UHLQJDEH
(LQVWHOOEHUHLFKH 6WXIXQJ
9HU]ÐJHUXQJV]HLW 7 9(5= V ELV V 6WXIXQJ V
5ÚFNIDOOYHU]ÐJHUXQJ 7 58(&.) V ELV V 6WXIXQJ V
(LJHQ]HLWHQ
$QVSUHFK]HLW FD PV
5ÚFNIDOO]HLW FD PV
7ROHUDQ]HQ
9HU]ÐJHUXQJV]HLW 5ÚFNIDOOYHU]ÐJHUXQJ E]Z PV
)HUQDXVOÐVXQJ
$XVOÐVXQJ GHV IHUQHQ /HLWXQJVHQGHV QXU EHL *HU WHQ PLW $GHUQÚEHUZDFKXQJ
(LQVWHOOEHUHLFKH 6WXIXQJ
9HU]ÐJHUXQJV]HLW 76(1 9(5= V ELV V 6WXIXQJ V
IÚU GDV 6HQGHQ ]XU *HJHQVWDWLRQ
9HUO QJHUXQJV]HLW 76(1 9(5/ V ELV V 6WXIXQJ V
IÚU GDV 6HQGHQ ]XU *HJHQVWDWLRQ
9HU]ÐJHUXQJV]HLW 7(03 9(5= V ELV V 6WXIXQJ V
IÚU GHQ (PSIDQJ YRQ GHU *HJHQVWDWLRQ
9HUO QJHUXQJV]HLW 7(03 9(5/ V ELV V 6WXIXQJ V
IÚU GHQ (PSIDQJ YRQ GHU *HJHQVWDWLRQ
(LJHQ]HLWHQ
$QVSUHFK]HLW FD PV
5ÚFNIDOO]HLW FD PV
7ROHUDQ]HQ
9HU]ÐJHUXQJV]HLW 5ÚFNIDOOYHU]ÐJHUXQJ E]Z PV
7HFKQLVFKH 'DWHQ

6' 9
ÛEHUVWURP]HLWVFKXW]
.HQQOLQLHQ XPVFKDOWEDU 80= 6FKXW]
$0= QRUPDO VWDUN H[WUHP LQYHUV
7\S $ % & JHP | ,(&
VLHKH %LOG
(LQVWHOOEHUHLFKH 6WXIXQJ
7HFKQLVFKH 'DWHQ
6WURPDQUHJXQJ ,!! , , ELV 6WXIXQJ
9HU]ÐJHUXQJV]HLW 7 V ELV V 6WXIXQJ V RGHU XQZLUNVDP
80= 6FKXW]
6WURPDQUHJXQJ ,! , , ELV 6WXIXQJ
9HU]ÐJHUXQJV]HLW 7 V ELV V 6WXIXQJ V RGHU XQZLUNVDP
$0= 6FKXW]
6WURPDQUHJXQJ , , , ELV 6WXIXQJ
=HLWPXOWLSOLNDWRU IÚU , 7 ELV 6WXIXQJ RGHU XQZLUNVDP
$QUHJHVFKZHOOH FD [ ,
$OOH 6WURPZHUWH EH]LHKHQ VLFK DXI V\PPHWULVFKHQ 6WURP EHL 1RUPDODQVFKOX| JHP |%LOG
(LJHQ]HLWHQ
,!! ,!
EHL PDO (LQVWHOOZHUW FD PV
$XVOÐVH]HLWNHQQOLQLHQ IÚU $0= 6FKXW] VLHKH %LOG
5ÚFNIDOO]HLWHQ
,!! ,! FD PV
5ÚFNIDOOYHUK OWQLVVH FD
1DFKODXI]HLWHQ FD PV
7ROHUDQ]HQ
6WURPDQUHJXQJHQ ,!! ,! 80= YRP (LQVWHOOZHUW k ,
9HU]ÐJHUXQJV]HLWHQ 7 80= E]Z PV
$QUHJHVFKZHOOH , EHL $0= , ,
=HLWDEODXI IÚU , , EHL $0= YRP 6ROOZHUW PLQG PV
(LQIOX|JUÐ|HQ
+LOIVJOHLFKVSDQQXQJ LP %HUHLFK
{ 8 8 {
7HPSHUDWXU
LP %HUHLFK E& { ‚ { E& .
)UHTXHQ] EHL 80=
LP %HUHLFK { I I ELV {
)UHTXHQ] EHL $0=
LP %HUHLFK { I I { EH]RJHQ DXI GLH 6ROO]HLW
& * &

6' 9
& * &
k
k
%LOG $XVOÐVH]HLWNHQQOLQLHQ GHV VWURPDEK QJLJHQ ÛEHUVWURP]HLWVFKXW]HV
7HFKQLVFKH 'DWHQ
k

6' 9
ÛEHUODVWVFKXW]
(LQVWHOOEHUHLFKH 6WXIXQJ
)DNWRU N QDFK ,(& ELV 6WXIXQJ
=HLWNRQVWDQWH U ELV 0LQXWHQ 6WXIXQJ PLQ
WKHUPLVFKH :DUQVWXIH 3 3 ELV EH]RJHQ DXI GLH $XVOÐVH
ÚEHUWHPSHUDWXU 6WXIXQJ
6WURPP |LJH :DUQVWXIH , , ELV 6WXIXQJ
$XVOÐVH]HLWNHQQOLQLH
5ÚFNIDOOYHUK OWQLVVH
3 3 3 3 , ,
W U OQ
, Nk, , Nk,
, Nk,
7HFKQLVFKH 'DWHQ
W $XVOÐVH]HLW
U =HLWNRQVWDQWH
, /DVWVWURP
, 9RUODVWVWURP
N )DNWRU QDFK 9'(
,(&
7HLO E]Z
VLHKH DXFK %LOGHU XQG
HWZD
HWZD
HWZD
$OOH 6WURPZHUWH EH]LHKHQ VLFK DXI V\PPHWULVFKHQ 6WURP EHL 1RUPDODQVFKOX| JHP |%LOG
7ROHUDQ]HQ
EH]ÚJOLFK Ni ,
EH]ÚJOLFK $XVOÐVH]HLW V
(LQIOX|JUÐ|HQ EH]ÚJOLFK Ni,
+LOIVJOHLFKVSDQQXQJ LP %HUHLFK
{ 8 8 { {
7HPSHUDWXU LP %HUHLFK
•& { ‚ { •& { .
)UHTXHQ] LP %HUHLFK
{ I I { {
& * &

6' 9
W
W U OQ
& * &
, N ,
,
, N
U
, N k ,
%LOG $XVOÐVH]HLWNHQQOLQLH GHU ÛEHUODVW
VFKXW]IXQNWLRQ RKQH 9RUODVW
W
W U OQ
PLW 9RUODVW
7HFKQLVFKH 'DWHQ
U
, N ,
, YRU N ,
, N ,
%LOG $XVOÐVH]HLWNHQQOLQLH GHU ÛEHUODVW
VFKXW]IXQNWLRQ PLW 9RUODVW
, N k ,

6' 9
%HWULHEVPHVVXQJ
=XVDW]IXQNWLRQHQ
7HFKQLVFKH 'DWHQ
%HWULHEVZHUWH GHU 6WUÐPH , 0LVFKZDQGOHUVWURP DP ÐUWOLFKHQ /HLWXQJVHQGH
, 0LVFKZDQGOHUVWURP DP *HJHQHQGH
, 0LVFKZDQGOHUVWURP DP GULWWHQ (QGH EHL
'UHLEHLQOHLWXQJHQ
MHZHLOV XPJHUHFKQHW LQ $ SULP UXQG , GHV *HU WV
0H|EHUHLFK ELV ,
7ROHUDQ]HQ , YRP 1HQQZHUW k ,
, YRP 1HQQZHUW k , MH 8
, YRP 1HQQZHUW k , MH 8
'LIIHUHQWLDOVFKXW] 0H|ZHUWH , ,
MHZHLOV XPJHUHFKQHW LQ $ SULP UXQG , GHV *HU WV
0H|EHUHLFK ELV ,
7ROHUDQ] YRP 1HQQZHUW
ÛEHUODVWVFKXW]PH|ZHUWH
HUUHFKQHWH ÛEHUWHPSHUDWXU 3 3
0H|EHUHLFK ELV
7ROHUDQ] EH]RJHQ DXI 3
0RPHQWDQZHUWÚEHUZDFKXQJ
6XPPH 6WUÐPH LP .QRWHQSXQNW GHU 0H|ÚEHUWUDJHU
0HOGXQJHQ ÚEHU %LQ UHLQJDEHQ
DQZHQGHUGHILQLHUEDUH 0HOGXQJHQ
6WÐUIDOOSURWRNROOLHUXQJ
6SHLFKHUXQJ GHU 0HOGXQJHQ GHU OHW]WHQ YLHU 1HW]VWÐUXQJHQ GDYRQ GUHL LP 'LVSOD\ DXVOHVEDU
(FKW]HLW]XRUGQXQJ XQG 3XIIHUEDWWHULH
$XIOÐVXQJ IÚU %HWULHEVPHOGXQJHQ PLQ
$XIOÐVXQJ IÚU 6WÐUIDOOPHOGXQJHQ PV
8KUHQEDXVWHLQ '$//$6 7\S '6 N
PLW (FKW]HLW]XRUGQXQJ 5$0LILHOG 7,0(.((3(5
6HOEVWHQWODGH]HLW ! -DKUH
0D[ =HLWDEZHLFKXQJ
6WÐUZHUWVSHLFKHUXQJ PD[ 6WÐUI OOH
6SHLFKHU]HLW PD[ V MH 6WÐUIDOO PD[ V JHVDPW
9RU XQG 1DFKODXI]HLW HLQVWHOOEDU
5DVWHU 0RPHQWDQZHUW MH PV EHL I +]
0RPHQWDQZHUW MH PV EHL I +]
$XVVFKDOWVWURPSURWRNROOLHUXQJ
VSHLFKHUEDUH $Q]DKO GHU $XVVFKDOWXQJHQ 'H]LPDOVWHOOHQ
6WURPVXPPH GHU $XVVFKDOWXQJHQ , , 'H]LPDOVWHOOHQ SOXV 1DFKNRPPDVWHOOH
& * &

6' 9
& * &
:LUNXQJVZHLVH
*HVDPWIXQNWLRQ
'HU GLJLWDOH /HLWXQJVGLIIHUHQWLDOVFKXW] 6' LVW
PLW HLQHP OHLVWXQJVI KLJHQ ELW 0LNURSUR]HVVRU
DXVJHVWDWWHW 'DPLW ZHUGHQ DOOH $XIJDEHQ YRQ GHU
(UIDVVXQJ GHU 0H|JUÐ|HQ ELV KLQ ]XU .RPPDQGR
JDEH DQ GLH /HLVWXQJVVFKDOWHU YROO GLJLWDO YHUDUEHL
WHW
%LOG ]HLJW GLH *UXQGVWUXNWXU GHV *HU WHV
/ / /
0:
0(
k *
$(
^
N&
:LUNXQJVZHLVH
'HU 0LVFKZDQGOHU 0: ELOGHW DXV GHQ YRQ GHQ 0H|
ZDQGOHUQ NRPPHQGHQ 6WUÐPHQ HLQHQ HLQSKDVLJHQ
(UVDW]VWURP YRQ P$ EHL V\PPHWULVFKHQ 1HQQ
VWUÐPHQ 'XUFKGLH XQV\PPHWULVFKH $XVOHJXQJ GHU
(LQJDQJVZLFNOXQJHQ LP 9HUK OWQLV ZLUGHU
UHLFKW GD| IÚU MHGH )HKOHUDUW HLQ GHILQLHUWHU HLQSKDVL
JHU :HFKVHOVWURP HU]HXJW ZLUG GHU IÚU DOOH 6FKXW]
IXQNWLRQHQ GHV *HU WHV PD|JHEHQG LVW
%LOG +DUGZDUH 6WUXNWXU GHV /HLWXQJVGLIIHUHQWLDOVFKXW]HV 6'

6' 9
'LH ÛEHUWUDJHU GHU 0H|HLQJDQJVJUXSSH 0( WUDQV
IRUPLHUHQ GLH 6WUÐPH , 0LVFKVWURP GHV ÐUWOLFKHQ
/HLWXQJVHQGHV , 4XHUVWURP GXUFKGHQ 1HEHQZL
GHUVWDQG 5 XQG , +LOIVDGHUQVWURP XQG SDVVHQ
VLH DQ GHQ LQWHUQHQ 9HUDUEHLWXQJVSHJHO GHV *HU WHV
DQ $X|HU GHU YROOVW QGLJHQ JDOYDQLVFKHQ XQG NDSD
]LW WVDUPHQ 7UHQQXQJ GXUFKGLH ÛEHUWUDJHU VLQG ]XU
8QWHUGUÚFNXQJ YRQ 6WÐUXQJHQ )LOWHU YRUJHVHKHQ
GLH KLQVLFKWOLFK %DQGEUHLWH XQG 9HUDUEHLWXQJVJH
VFKZLQGLJNHLW DXI GLH 0H|ZHUWYHUDUEHLWXQJ RSWL
PLHUW VLQG 'LH DQJHSD|WHQ $QDORJJUÐ|HQ ZHUGHQ
DQ GLH $QDORJHLQJDEH $( ZHLWHUJHOHLWHW
'LH $QDORJHLQJDEH $( HQWK OW (LQJDQJVYHUVW UNHU
$EWDVW XQG +DOWHJOLHGHU IÚU MHGHQ (LQJDQJ 0XOWL
SOH[HU $QDORJ 'LJLWDOZDQGOHU XQG 6SHLFKHUEDXVWHL
QH IÚU GLH 'DWHQÚEHUJDEH DQ GHQ 0LNURSUR]HVVRU
,P 0LNURSUR]HVVRUV\VWHP ZHUGHQ QHEHQ 6WHXH
UXQJ XQG ÛEHUZDFKXQJ GHU 0H|JUÐ|HQ GLH HLJHQWOL
FKHQ 6FKXW]IXQNWLRQHQ EHDUEHLWHW +LHU]X JHKÐUHQ
LQVEHVRQGHUH
)LOWHUXQJ XQG $XIEHUHLWXQJ GHU 0H|JUÐ|HQ
VW QGLJH %HUHFKQXQJ GHU IÚU 6FKXW]DQUHJXQJ UH
OHYDQWHQ :HUWH
%HUHFKQXQJ GHU $XVOÐVH XQG 6WDELOLVLHUXQJV
VWUÐPH
)UHTXHQ]DQDO\VH GHU 'LIIHUHQWLDOPH|JUÐ|H (U
NHQQXQJ YRQ 6WURPZDQGOHUV WWLJXQJ XQG )ROJH
IHKOHUQ
ÛEHUSUÚIXQJ GHU +LOIVDGHUQ *HU WH PLW +LOIV
DGHUQÚEHUZDFKXQJ
%HUHFKQXQJ GHU (IIHNWLYZHUWH IÚU ÛEHUODVWHUIDV
VXQJ
$EIUDJH YRQ *UHQ]ZHUWHQ XQG =HLWDEO XIHQ
(QWVFKHLGXQJ ÚEHU GLH $XVOÐVHNRPPDQGRV
6SHLFKHUXQJ XQG $XVJDEH YRQ 0HOGXQJHQ XQG
6WÐUIDOOGDWHQ IÚU GLH )HKOHUDQDO\VH
:LUNXQJVZHLVH
%LQ UH (LQ XQG $XVJDEHQ YRP XQG ]XP 3UR]HVVRU
ZHUGHQ ÚEHU GLH (LQ $XVJDEH %DXVWHLQH JHOHLWHW
9RQ KLHU HUK OW GHU 3UR]HVVRU ,QIRUPDWLRQHQ DXV GHU
$QODJH ] % )HUQUÚFNVWHOOXQJ RGHU YRQ DQGHUHQ
*HU WHQ $XVJDEHQ VLQG YRU DOOHP GLH .RPPDQGRV
]X GHQ /HLVWXQJVVFKDOWHUQ GLH 0HOGXQJHQ IÚU GLH
)HUQVLJQDOLVLHUXQJ ZLFKWLJHU (UHLJQLVVH XQG =XVW Q
GH VRZLH RSWLVFKH $Q]HLJHQ /(' XQG HLQ DOSKDQX
PHULVFKHV $Q]HLJHQIHOG DXI GHU )URQW
(LQH LQWHJULHUWH )ROLHQWDVWDWXU LQ 9HUELQGXQJ PLW HL
QHP HEHQIDOOV HLQJHEDXWHQ DOSKDQXPHULVFKHQ
/&' $Q]HLJHQIHOG HUPÐJOLFKW GLH .RPPXQLNDWLRQ
PLW GHP *HU W +LHUÚEHU ZHUGHQ DOOH IÚU GLH 9HUDUEHL
WXQJ QRWZHQGLJHQ 'DWHQ ZLH (LQVWHOOZHUWH $QOD
JHQGDWHQ XVZ HLQJHJHEHQ VLHKH $EVFKQLWW
KLHU NÐQQHQ DXFK GLHVH 3DUDPHWHU DEJHUXIHQ XQG
QDFKHLQHP 6WÐUIDOO GLH UHOHYDQWHQ 'DWHQ ]XU $XV
ZHUWXQJ GHU 6WÐUXQJ DXVJHOHVHQ ZHUGHQ VLHKH $E
VFKQLWW ÛEHU GLH YRUGHUH VHULHOOH %HGLHQVFKQLWW
VWHOOH NDQQ GLH .RPPXQLNDWLRQ DXFKPLWWHOV 3HUVR
QDOFRPSXWHU HUIROJHQ
ÛEHU HLQH ]ZHLWH VHULHOOH 6FKQLWWVWHOOH 2SWLRQ VLHKH
$EVFKQLWW %HVWHOOGDWHQ NÐQQHQ 6WÐUIDOOGDWHQ ]X
HLQHP ]HQWUDOHQ $XVZHUWHJHU W R ÚEHUWUDJHQ
ZHUGHQ ,P JHVXQGHQ %HWULHE NÐQQHQ KLHU DXFK
0H|ZHUWH ÚEHUWUDJHQ ZHUGHQ ] % 6WURP DQ GHU
(LQEDXVWHOOH GHV 6FKXW]JHU WHV 'LH ÛEHUWUDJXQJ
GHU 'DWHQ HUIROJW ÚEHU /LFKWZHOOHQOHLWHU
'LH EHVFKULHEHQHQ )XQNWLRQVHLQKHLWHQ ZHUGHQ YRQ
HLQHU 6WURPYHUVRUJXQJ PLW GHU QRWZHQGLJHQ /HL
VWXQJ LQ GHQ YHUVFKLHGHQHQ 6SDQQXQJVHEHQHQ YHU
VRUJW )ÚU GLH 5HODLVDXVJDEHQ LVW 9 YRUJHVH
KHQ 'LH $QDORJHLQJDEH EHQÐWLJW 9 Z KUHQG
GHU 3UR]HVVRU XQG VHLQH XQPLWWHOEDUH 3HULSKHULH PLW
9 JHVSHLVW ZHUGHQ .XU]]HLWLJH (LQEUÚFKH GHU
9HUVRUJXQJVVSDQQXQJ ELV PV GLH EHL .XU]
VFKOÚVVHQ LP *OHLFKVSDQQXQJV 9HUVRUJXQJVV\
VWHP GHU $QODJH DXIWUHWHQ NÐQQHQ ZHUGHQ YRQ HL
QHP *OHLFKVSDQQXQJVVSHLFKHU ÚEHUEUÚFNW IÚU
1HQQKLOIVVSDQQXQJ | 9
& * &

6' 9
& * &
:LUNXQJVZHLVH
6WURPZDQGOHUDQVFKOÚVVH XQG .XU]VFKOX|VWURPHPSILQGOLFKNHLW
'LH 6WUÐPH GHU ]X VFKÚW]HQGHQ /HLWXQJ ZHUGHQ LQ
HLQHP 0LVFKZDQGOHU GHV 6' LQ HLQHQ HLQSKDVL
JHQ (UVDW] :HFKVHOVWURP YRQ P$ EHL V\PPH
WULVFKHQ 1HQQVWUÐPHQ XPJHIRUPW 'XUFK GLH XQ
V\PPHWULVFKH $XVOHJXQJ GHU (LQJDQJVZLFNOXQJHQ
LP 9HUK OWQLV ZLUG HUUHLFKW GD| IÚU MHGH )HK
OHUDUW HLQ GHILQLHUWHU HLQSKDVLJHU :HFKVHOVWURP HU
]HXJW ZLUG GHU IÚU DOOH 6FKXW]IXQNWLRQHQ GHV *HU
WHV PD|JHEHQG LVW 'LH 8QV\PPHWULH EHGLQJW DEHU
DXFK GD| GLH 6FKXW]IXQNWLRQHQ IÚU XQWHUVFKLHGOLFKH
)HKOHUI OOH XQWHUVFKLHGOLFK HPSILQGOLFK VLQG 'LHV
VSLHOW MHGRFKLP (LQVDW]JHELHW GLHVHV *HU WHV QXU HL
QH JHULQJH 5ROOH GD /HLWHU .XU]VFKOX|VWUÐPH GHXW
OLFKÚEHU 1HQQVWURP YRUDXVJHVHW]W ZHUGHQ
)ÚU GHQ $QVFKOX| DQ GLH 6WURPZDQGOHU EHVWHKHQ
YHUVFKLHGHQH 0ÐJOLFKNHLWHQ ,QQHUKDOE HLQHV 1HW
]HV VROOWH DQ GHQ (QGHQ HLQHU /HLWXQJ PX| HLQKHLW
OLFKGLHVHOEH $QVFKDOWXQJ DQJHZHQGHW ZHUGHQ
1RUPDODQVFKOX| / / (
'LH LQ %LOG JH]HLJWH $QVFKOX|VFKDOWXQJ LVW GLH
JHEU XFKOLFKVWH 'LH GUHL 3ULP UZLFNOXQJHQ GHV
0LVFKZDQGOHUV VLQG DQ , , XQG , DQJHVFKORV
VHQ 6LH NDQQ SULQ]LSLHOO LQ DOOHQ 1HW]HQ YHUZHQGHW
ZHUGHQ XQDEK QJLJ YRQ GHU %HKDQGOXQJ GHV 6\
VWHPVWHUQSXQNWHV 6LH ]HLFKQHW VLFK GXUFK KRKH
(UGVWURPHPSILQGOLFKNHLW DXV
L
L
L
/ / /
,
,
,
%LOG 1RUPDODQVFKOX| / / (
0:
6'
)ÚU GHQ GUHLSKDVLJHQ V\PPHWULVFKHQ )HKOHU ,
HUJLEW VLFKQDFK%LOG GLH :HUWLJNHLW : c
G K GLH 'XUFKIOXWXQJ $: =DKO GHV 0LVFKZDQG
OHUV LVW HEHQVR JUR| ZLH EHL HLQSKDVLJHP :HFKVHO
VWURP c IDFKHU *UÐ|H GHU ÚEHU GLH :LFNOXQJ PLW
GHQ ZHQLJVWHQ :LQGXQJHQ 9HUK OWQLV]DKO IOLH|W
0LW [ , DOV GUHLSKDVLJHP V\PPHWULVFKHP .XU]
VFKOX|VWURP EHWU JW GDQQ GHU VHNXQG UH (LQSKD
VHQVWURP L P$ $XI GLHVH )HKOHUPÐJOLFKNHLW
XQG GLHVH 6WUÐPH VLQG DOOH (LQVWHOOZHUWH EH]RJHQ
L L L
c k_L_
%LOG $GGLWLRQ GHU 6WUÐPH LP 0LVFKZDQGOHU EHL 1RUPDODQVFKOX| / / (
L
L
k L
L

6' 9
%HLP $QVFKOX| JHP | %LOG HUJHEHQ VLFKIÚU GLH
YHUVFKLHGHQHQ )HKOHUPÐJOLFKNHLWHQ GLH :LFNOXQJV
ZHUWLJNHLWHQ : XQG GHUHQ 9HUK OWQLV ]XP GUHLSKDVL
JHQ V\PPHWULVFKHQ )HKOHU JHP | 7DEHOOH $X
|HUGHP VLQG GLH PLW GHP .HKUZHUW GHV 9HUK OWQLV
VHV HUUHFKQHWHQ IÚU GHQ 6HNXQG UVWURP L
P$
QÐWLJHQ 3ULP UVWUÐPH , DQJHJHEHQ 0LW GLHVHQ )DN
WRUHQ VLQG GLH (LQVWHOOZHUWH ]X PXOWLSOL]LHUHQ XP GHQ
WDWV FKOLFKHQ $QVSUHFKZHUW ]X HUKDOWHQ
)HKOHU : : c
/ / / V\P
/ /
/ /
/ /
/ (
/ (
/ (
c
:LUNXQJVZHLVH
$XV GHU 7DEHOOH JHKW KHUYRU GD| GHU /HLWXQJVGLIIH
UHQWLDOVFKXW] 6' IÚU (UGNXU]VFKOÚVVH E]Z
'RSSHOHUGVFKOÚVVH HPSILQGOLFKHU LVW DOV IÚU .XU]
VFKOÚVVH RKQH (UGEHWHLOLJXQJ 'LHVH JHVWHLJHUWH
(PSILQGOLFKNHLW EHUXKW GDUDXI GD| GLH LP 6WHUQ
SXQNWOHLWHU OLHJHQGH :LFNOXQJ , VLHKH %LOG GHV
0LVFKZDQGOHUV GLH JUÐ|WH :LQGXQJV]DKO KDW XQG
GDPLW GHU (UGVWURP PLW GHU :LFNOXQJVZHUWLJNHLW
HLQJHKW
, IÚU L
7DEHOOH )HKOHUDUWHQ XQG :LFNOXQJVZHUWLJNHLWHQ EHL 1RUPDODQVFKOX| / / (
,Q 1HW]HQ GLH PLW (UGVFKOX|OÐVFKXQJ RGHU PLW LVR
OLHUWHP 6WHUQSXQNW EHWULHEHQ ZHUGHQ ZLUG EHL HLQ
SKDVLJHP (UGVFKOX| NHLQ $QVSUHFKHQ GHV .XU]
VFKOX|VFKXW]HV JHZÚQVFKW %HL 'RSSHOHUGVFKOX|
ZLUG K XILJ GLH VHOHNWLYH $EVFKDOWXQJ HLQHU GHU ]ZHL
)HKOHUVWHOOHQ DQJHVWUHEW
'LH XQWHUVFKLHGOLFKH %HWHLOLJXQJ GHU GUHL /HLWHUVWUÐ
PH LP 0LVFKZDQGOHU EHZLUNW HLQH 'RSSHOHUGVFKOX|
EHYRU]XJXQJ GLH GXUFK GLH $QVFKOX|VFKDOWXQJ EH
HLQIOX|W ZHUGHQ NDQQ $EJHVFKDOWHW ZLUG GHUMHQLJH
6WUHFNHQDEVFKQLWW LQ ZHOFKHP GHU (UGVFKOX| LQ GHU
GXUFK GLH $XVZDKO EHYRU]XJWHQ 3KDVH DXIWULWW 'DV
9HUKDOWHQGHV'LIIHUHQWLDOVFKXW]HV GHUHLQHQ6WUHN
NHQDEVFKQLWW PLW HLQHU GHU ]ZHL (UGVFKOX|VWHOOHQ
/ YRU / YRU / / YRU / YRU /
, 0:
L / / /
,
,
%LOG 'RSSHOHUGVFKOX|EHYRU]XJXQJ GXUFK 3KDVHQWDXVFK
6'
[ ,
[ ,
[ ,
[ ,
[ ,
[ ,
[ ,
P$
VFKÚW]W LVW YRQ GHP 9HUK OWQLV GHU 7HLOVWUÐPH DQ GHQ
(QGHQ DEK QJLJ )ÚU GDV VHOHNWLYH 9HUKDOWHQ GHV
JHVDPWHQ 6FKXW]HV EHL 'RSSHOHUGVFKOX| LQ HLQHP
1HW] VROOWHQ 'LVWDQ] XQG 'LIIHUHQWLDOVFKXW]JHU WH
HLQKHLWOLFK PLW GHUVHOEHQ 'RSSHOHUGVFKOX|EHYRU]X
JXQJ EHWULHEHQ ZHUGHQ
%HLP 'LIIHUHQWLDOVFKXW] PLW 0LVFKZDQGOHUDQVFKOX|
LVW HLQH D]\NOLVFKH %HYRU]XJXQJ PÐJOLFK %LOG
]HLJW GLH $QVFKOX|VFKDOWXQJHQ IÚU GLH ]ZHL K XILJ
VWHQ D]\NOLVFKHQ %HYRU]XJXQJVI OOH 'XUFKHQW
VSUHFKHQGH $QVFKOX|VFKDOWXQJHQ ODVVHQ VLFK DXFK
GLH DQGHUHQ D]\NOLVFKHQ %HYRU]XJXQJVPÐJOLFKNHL
WHQ YHUZLUNOLFKHQ
/ / /
,
,
,
0:
6'
& * &
L

6' 9
$QVFKOX| IÚU YHUPLQGHUWH (UG
VWURPHPSILQGOLFKNHLW / / /
,Q JHHUGHWHQ 1HW]HQ PLW EHVRQGHUV QLHGULJHU 1XOO
LPSHGDQ] LQ GHQHQ EHL HLQSKDVLJHP (UGNXU]VFKOX|
GHU )HKOHUVWURP JUÐ|HU ZHUGHQ NDQQ DOV EHL ]ZHL
SKDVLJHP .XU]VFKOX| NDQQ PDQ PLW 5ÚFNVLFKW DXI
GLH WKHUPLVFKH %HODVWXQJ GHV 0H|NUHLVHV GLH (UG
VWURPHPSILQGOLFKNHLW YHUPLQGHUQ LQ GHP PDQ QDFK
%LOG DQVFKOLH|W %HL GLHVHU $QVFKOX|VFKDOWXQJ
HUJHEHQ VLFKIÚU GLH VLHEHQ LP ZLUNVDP JHHUGHWHQ
1HW] PÐJOLFKHQ .XU]VFKOÚVVH GLH :HUWH JHP |7D
EHOOH
(LQ 9HUJOHLFKPLW GHU 7DEHOOH ]HLJW GD| EHL (UG
NXU]VFKOX| GLH :HUWLJNHLW : EHL (UGNXU]VFKOÚVVHQ
JHULQJHU LVW XQG GDPLW DXFKGLH (PSILQGOLFKNHLW
*OHLFK]HLWLJ ZLUG GLH PD[LPDOH WKHUPLVFKH %HDQ
VSUXFKXQJ DXI KHUDEJHVHW]W Q POLFK
L
& * &
L
L
/ / /
,
,
,
:LUNXQJVZHLVH
0:
6'
%LOG $QVFKOX| / / / PLW YHUPLQGHUWHU
(UGVWURPHPSILQGOLFKNHLW
L L L L
c k_L_
%LOG $GGLWLRQ GHU 6WUÐPH LP 0LVFKZDQGOHU EHL $QVFKOX| / / /
/ / / V\P
/ /
/ /
/ /
/ (
/ (
/ (
)HKOHU : : c
c
kL
L
kL
, IÚU L
7DEHOOH )HKOHUDUWHQ XQG :LFNOXQJVZHUWLJNHLWHQ EHL $QVFKOX| / / /
[ ,
[ ,
[ ,
[ ,
[ ,
[ ,
[ ,
L
P$
L

6' 9
$QVFKOX| IÚU HUKÐKWH (UGVWURP
HPSILQGOLFKNHLW
:HQQ LQ 1HW]HQ EHL HLQSKDVLJHP (UGNXU]VFKOX| HLQ
QRFKQLHGULJHU 6WURP ]XU $XVOÐVXQJ IÚKUHQ VROO DOV
EHL GHU 1RUPDOVFKDOWXQJ ] % LQ QLHGHURKPLJ
nKDOEVWDUUk JHHUGHWHQ 1HW]HQ O |W VLFKGLHV GXUFK
=ZLVFKHQVFKDOWHQ HLQHV =ZLVFKHQZDQGOHUV =: LQ
6SDUVFKDOWXQJ QDFK %LOG LQ JHZLVVHP *UDG HU
UHLFKHQ 0LW 5ÚFNVLFKW DXI GLH %HODVWXQJ GHU 6WURP
ZDQGOHU NDQQ LQ GLHVHU 6FKDOWXQJ GHU 6WURP LP
6WHUQSXQNWOHLWHU ELV HWZD ]XP GRSSHOWHQ :HUW YHU
JUÐ|HUW ZHUGHQ )ÚU 3KDVHQNXU]VFKOÚVVH JLOW GLH
JOHLFKH (PSILQGOLFKNHLW ZLH EHL GHU 1RUPDOVFKDO
WXQJ
'LH (PSILQGOLFKNHLW IÚU (UGNXU]VFKOÚVVH VWHLJW HQW
VSUHFKHQG GHP ÛEHUVHW]XQJVYHUK OWQLV GHV =ZL
VFKHQZDQGOHUV =: 'HU =ZLVFKHQZDQGOHU NDQQ DOV
6SDUZDQGOHU JHVFKDOWHW ZHUGHQ GD NHLQH JDOYDQL
VFKH 7UHQQXQJ QÐWLJ LVW
/ / /
=:
,
,
0:
6'
%LOG $QVFKOX| / / ( PLW HUKÐKWHU (UG
VWURPHPSILQGOLFKNHLW
,
L
:LUNXQJVZHLVH
8QJOHLFKH :DQGOHUQHQQVWUÐPH
'LH 0H|VFKDOWXQJ GHV 'LIIHUHQWLDOVFKXW]HV 6'
LVW GDUDXI DEJHVWLPPW GD| GLH 6HNXQG UVWUÐPH GHU
0LVFKZDQGOHU DQ GHQ (QGHQ GHU JHVFKÚW]WHQ /HL
WXQJ LP XQJHVWÐUWHQ %HWULHE ÚEHUHLQVWLPPHQ :HQQ
GLH 6WURPZDQGOHU DQ GHQ /HLWXQJVHQGHQ SULP U XQG
VHNXQG U JOHLFKH 1HQQVWUÐPH KDEHQ LVW GLH ÛEHU
HLQVWLPPXQJ YRQ YRUQKHUHLQ JHJHEHQ $XFK GDQQ
ZHQQ GLH 6WURPZDQGOHU DQ GHQ (QGHQ GHU /HLWXQJ
QXU SULP U JOHLFKHQ 1HQQVWURP KDEHQ DEHU DQ HL
QHP (QGH DXI $ XQG DP DQGHUHQ (QGH DXI $
1HQQVWURP ÚEHUVHW]HQ ZHUGHQ NHLQH ]XV W]OLFKHQ
0D|QDKPHQ HUIRUGHUOLFK GDQQ LVW OHGLJOLFK HLQPDO
GLH $XVIÚKUXQJ 6' IÚU $ XQG HLQPDO GLH $XV
IÚKUXQJ 6' IÚU $ 1HQQVWURP HLQ]XVHW]HQ
+DEHQ GLH :DQGOHU SULP U YHUVFKLHGHQH 1HQQVWUÐ
PH VR LVW GLH ÛEHUHLQVWLPPXQJ GXUFK=ZLVFKHQ
ZDQGOHU KHU]XVWHOOHQ 'LH $QSDVVXQJ HUIROJW LP DOO
JHPHLQHQ EHL GHQ :DQGOHUQ PLW GHP QLHGULJHUHQ
SULP UHQ 1HQQVWURP $OV =ZLVFKHQZDQGOHU HLJQHQ
VLFKGLH $QSDVVXQJVZDQGOHU $0 $$ GLH
JHP | %LOG DQJHVFKORVVHQ ZHUGHQ
:HQQ JOHLFK]HLWLJ GLH :DQGOHUÚEHUVHW]XQJ DQJH
SD|W XQG GLH (UGVWURPHPSILQGOLFKNHLW JHP |$E
VFKQLWW DQJHKREHQ ZHUGHQ VROO ZLUG LQ 6FKDO
WXQJ QDFK%LOG GHU LP (UGVWURPSIDG OLHJHQGH $Q
SDVVXQJVZDQGOHU IÚU GLH GDQQ HUIRUGHUOLFKH ÛEHU
VHW]XQJ JHVFKDOWHW DOVR NHLQ ZHLWHUHU =ZLVFKHQ
ZDQGOHU HLQJHIÚJW
+LQZHLVH ]XU %HUHFKQXQJ GHU =ZLVFKHQZDQGOHU
VLQG LQ $EVFKQLWW JHJHEHQ
/ / /
=:
0:
6'
%LOG $QSDVVXQJ XQJOHLFKHU 3ULP UVWUÐPH
& * &
L

6' 9
& * &
=ZHLSKDVLJHU $QVFKOX|
:HQQ HLQ 1HW] PLW LVROLHUWHP 6WHUQSXQNW RGHU PLW
(UGVFKOX|OÐVFKXQJ EHWULHEHQ ZLUG VR GD| GHU 'LIIH
UHQWLDOVFKXW] EHL HLQSKDVLJHP (UGVFKOX| QLFKW HLQ
JUHLIHQ VROO JHQÚJHQ IÚU GHQ $QVFKOX| ]ZHL 6WURP
ZDQGOHU VLHKH ] % %LOG 'DEHL LVW PLW 5ÚFNVLFKW
DXI PÐJOLFKH 'RSSHOHUGVFKOÚVVH GDUDXI ]X DFKWHQ
GD| GLH :DQGOHU IÚU GHQ 6FKXW] ÚEHUDOO LP 1HW] LQ
GHQVHOEHQ ]ZHL 3KDVHQ OLHJHQ %HL HLQHP 'RSSHO
HUGVFKOX| ZLUG YRP 'LIIHUHQWLDOVFKXW] JJI GLH /HL
WXQJ PLW GHP (UGVFKOX| GHV ZDQGOHUORVHQ /HLWHUV
QLFKW DEJHVFKDOWHW :HQQ EHLP 'RSSHOHUGVFKOX|
GLH ]ZHL PLW 6WURPZDQGOHUQ DXVJHUÚVWHWHQ 3KDVHQ
EHWHLOLJW VLQG EHVWHKW HLQH 3KDVHQEHYRU]XJXQJ
'LH *HZLFKWXQJ GHU 3KDVHQVWUÐPH LVW GLH JOHLFKH
ZLH EHLP 1RUPDODQVFKOX| JHP | $EVFKQLWW
)ÚU 3KDVHQNXU]VFKOÚVVH HUJHEHQ VLFK GDKHU DXFK
GLH JOHLFKHQ (PSILQGOLFKNHLWHQ XQG (PSILQGOLFK
NHLWVDEZHLFKXQJHQ ZLH LQ 7DEHOOH
/ / /
,
,
0:
%LOG =ZHLSKDVLJHU $QVFKOX| / /
6'
L
0HKUV\VWHPLJHU 6FKXW]
:LUNXQJVZHLVH
)ÚU EHVRQGHUV ZLFKWLJH /HLWXQJHQ NDQQ ZHQQ JH
QXJ +LOIVDGHUQ YHUIÚJEDU VLQG IÚU MHGHQ /HLWHU HLQ
VHOEVW QGLJHU 'LIIHUHQWLDOVFKXW] HLQJHVHW]W ZHUGHQ
'DPLWHUJLEWVLFKGUHLIDFKHU*HUWHDXIZDQG 1RU
PDOHUZHLVH ZHUGHQ DXFKGUHL +LOIVDGHUQSDDUH YHU
ZHQGHW 'XUFKGHQ (LQVDW] YRQ 6SH]LDO 7UHQQ
ZDQGOHUQ $XVIÚKUXQJ ;5 GLH HLQH V\PPH
WULVFKH 6HNXQG UZLFNOXQJ PLW 0LWWHODEJULII EHVLW]HQ
NRPPW PDQ EHL $QZHQGXQJ HLQHU 3KDQWRPVFKDO
WXQJ PLW ]ZHL $GHUQSDDUHQ DXV YJO DXFK$EVFKQLWW
(LQ 9RUWHLO GHV JHWUHQQWHQ 6FKXW]HV IÚU MHGHQ /HLWHU
EHVWHKW ]XQ FKVW LQ GHU IÚU HLQSROLJH .XU]XQWHUEUH
FKXQJ LQ JHHUGHWHQ 1HW]HQ HUIRUGHUOLFKHQ (UIDV
VXQJ GHV IHKOHUKDIWHQ /HLWHUV EHLP HLQSROLJHQ (UG
NXU]VFKOX| LQGHP IÚU MHGHQ EHWHLOLJWHQ /HLWHU HLQ
$XVOÐVHNRPPDQGR JHJHEHQ ZLUG $X|HUGHP HU
JLEW GLH GUHLV\VWHPLJH $XVUÚVWXQJ JOHLFKH (PSILQG
OLFKNHLW IÚU DOOH )HKOHUDUWHQ
'LH $XVUÚVWXQJ MHGHV /HLWHUV HLQHU 'UHKVWURPOHL
WXQJ PLW HLQHP HLJHQHQ 'LIIHUHQWLDOVFKXW] XQWHU
VFKHLGHW VLFK QXU KLQVLFKWOLFK GHU $QVFKOX|VFKDO
WXQJ DQ GLH 6WURPZDQGOHU YRQ GHQ ELVKHULJHQ $QJD
EHQ
'LH (LQVWHOOZHUWH IÚU DOOH 6FKXW]IXQNWLRQHQ JHOWHQ IÚU
V\PPHWULVFKHQ 'UHLSKDVHQVWURP EHL 0LVFKZDQG
OHUVFKDOWXQJ :LFNOXQJV :HUWLJNHLW c %HL HLQ
SKDVLJHP $QVFKOX| LVW GHU :HUWLJNHLWVIDNWRU GHV WDW
V FKOLFKHQ $QVFKOXVVHV GXUFK c ]X GLYLGLHUHQ
XP GLH (PSILQGOLFKNHLW GHU 6FKXW]IXQNWLRQHQ ]X EH
VWLPPHQ 6FKOLH|W PDQ DOVR ZLH LQ %LOG DQ GLH
:LFNOXQJ PLW GHU :HUWLJNHLW DQ VLQG GLH 6WURPHLQ
VWHOOZHUWH PLW c ]X PXOWLSOL]LHUHQ
'XUFK$QVFKOX| DQ GLH :LFNOXQJ PLW GHU :HUWLJNHLW
HUUHLFKW PDQ HLQH JHULQJHUH (PSILQGOLFKNHLW )DNWRU
c
'XUFK 5HLKHQVFKDOWXQJHQ YRQ (LQJDQJVZLFNOXQ
JHQ GHU 0LVFKZDQGOHU NÐQQHQ DXFK KÐKHUH (PS
ILQGOLFKNHLWHQ HU]LHOW ZHUGHQ +LHUEHL LVW MHGRFK GLH
WKHUPLVFKH %HODVWEDUNHLW GHU 6WURPSIDGH ]X EHDFK
WHQ 'LH WKHUPLVFKH %HODVWEDUNHLWVJUHQ]H JLOW VR
ZRKO IÚU GLH HLQ]HOQHQ (LQJDQJVZLFNOXQJHQ GHV
0LVFKZDQGOHUV DOV DXFK IÚU GHQ $XVJDQJVVWURP
GHV 0LVFKZDQGOHUV %HL HLQSKDVLJHP $QVFKOX| MH
GHV *HU WHV PLW PHKU DOV HLQHU :LFNOXQJVZHUWLJNHLW
UHGX]LHUW VLFKGHU WKHUPLVFK]XO VVLJH 6WURP HQW
VSUHFKHQG GHP )DNWRU : c EHL QXU HLQHU :LFN
OXQJVHLQKHLW HUKÐKW HU VLFK DEHU QLFKW

6' 9
/ / /
,
,
,
%LOG 'UHLV\VWHPLJHU 6FKXW] MH HLQ *HU WSUR
3KDVH
(LQH ZHLWHUH $QVFKOX|PÐJOLFKNHLW HUJLEW GLH 9HU
NQÚSIXQJ GHU 6FKDOWXQJ QDFK %LOG PLW HLQHP
]ZHLWHQ 'LIIHUHQWLDOVFKXW] GHU QXU LQ GHQ 6WHUQ
SXQNWOHLWHU GHU GUHL 6WURPZDQGOHU JHVFKDOWHW LVW
%LOG 'LHVH $QRUGQXQJ HUIRUGHUW ]ZHL 'LIIHUHQ
WLDOVFKXW]HLQULFKWXQJHQ YRQ GHQHQ GLH ]ZHLWH VLFK
:LUNXQJVZHLVH
DXI GLH (UIDVVXQJ YRQ (UGNXU]VFKOÚVVHQ EH
VFKU QNW XQG ZHQQ GLH 8PVW QGH HV YHUODQJHQ
HPSILQGOLFKHU JHPDFKW ZHUGHQ NDQQ LP %LOG
c 6LH ZLUG QXU LQ JHHUGHWHQ 1HW]HQ DQJH
ZDQGW
1DWÚUOLFK LVW HV DXFK PÐJOLFK YLHU 'LIIHUHQWLDOVFKXW]
DQRUGQXQJHQ ]X YHUZHQGHQ MH HLQH SUR 3KDVH XQG
HLQH ZHLWHUH IÚU GHQ (UGVWURPSIDG G K %LOG
XQG ]X NRPELQLHUHQ
/ / /
,
,
,
0:
0:
%LOG *HWUHQQWH (UGVWURPHUIDVVXQJ
,
,
,
6'
6'
L
L
& * &

6' 9
& * &
/HLWXQJVGLIIHUHQWLDOVFKXW]
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' DUEHLWHW DXI
GHU *UXQGODJH GHV 6WURPYHUJOHLFKHV +LHU]X PX|
DQ MHGHP (QGH GHU ]X VFKÚW]HQGHQ /HLWXQJVVWUHFNH
HLQ *HU W LQVWDOOLHUW ZHUGHQ %HLGH 6' VLQG ÚEHU
]ZHL +LOIVDGHUQ PLWHLQDQGHU ]X YHUELQGHQ =XP 9HU
JOHLFKVVFKXW]V\VWHP JHKÐUHQ DOVR GLH SUR /HLWXQJV
HQGH ]X LQVWDOOLHUHQGHQ *HU WH 6' XQG GLH
+LOIVDGHUQ ]ZLVFKHQ GHQ *HU WHQ
3ULQ]LS GHV 'LIIHUHQWLDOVFKXW]HV
'HU 'LIIHUHQWLDOVFKXW] EHUXKW DXI HLQHP 6WURPYHU
JOHLFK XQG ZLUG GDKHU DXFK 6WURPYHUJOHLFKVVFKXW]
JHQDQQW %HL LKP ZLUG DXVJHQXW]W GD| HLQ /HLWHU
VWÚFN / %LOG LP XQJHVWÐUWHQ %HWULHEV]XVWDQG
VWHWV DQ EHLGHQ (QGHQ GHQVHOEHQ 6WURP , JHVWUL
FKHOW IÚKUW 'LHVHU IOLH|W DXI GHU HLQHQ 6HLWH LQ GHQ
EHWUDFKWHWHQ %HUHLFK KLQHLQ XQG YHUO |W LKQ DXI GHU
DQGHUHQ 6HLWH ZLHGHU (LQH 6WURPGLIIHUHQ] LVW GDV VL
FKHUH .HQQ]HLFKHQ IÚU HLQHQ )HKOHU LQQHUKDOE GHV
/HLWHUVWÚFNHV 'LH 6HNXQG UZLFNOXQJHQ GHU 6WURP
ZDQGOHU : XQG : DQ GHQ /HLWXQJVHQGHQ NÐQQHQ
EHL JOHLFKHU ÛEHUVHW]XQJ VR ]XVDPPHQJHVFKDOWHW
ZHUGHQ GD| VLFKHLQ JHVFKORVVHQHU 6WURPNUHLV PLW
GHP 6HNXQG UVWURP L HUJLEW XQG HLQ LQ GLH 4XHUYHU
ELQGXQJ JHVFKDOWHWHV 0H|JOLHG 0 EHLP XQJHVWÐU
WHQ %HWULHEV]XVWDQG VWURPORV EOHLEW %HL HLQHP )HK
OHU LP GXUFKGLH :DQGOHU DEJHJUHQ]WHQ %HUHLFKEH
NRPPW GDV 0H|JOLHG HLQHQ ]XU 6XPPH , , GHU
YRQEHLGHQ6HLWHQHLQIOLH|HQGHQ)HKOHUVWUÐPHSUR
SRUWLRQDOHQ 6WURP L
L ]XJHIÚKUW 'LH HLQIDFKH $Q
RUGQXQJ QDFK%LOG IÚKUW DOVR EHL HLQHP .XU]
VFKOX| LP 6FKXW]EHUHLFK LQ GHP HLQ IÚU GDV $QVSUH
FKHQ GHV 0H|JOLHGHV 0 DXVUHLFKHQGHU )HKOHUVWURP
IOLH|W ]XYHUO VVLJ ]XP $UEHLWHQ GHV 6FKXW]HV
:LUNXQJVZHLVH
6WDELOLVLHUWHU 'LIIHUHQWLDOVFKXW]
:HQQ EHL X|HUHQ )HKOHUQ VHKU JUR|H 6WUÐPH GHQ
6FKXW]EHUHLFK GXUFKIOLH|HQ WULWW EHL XQWHUVFKLHGOL
FKHP ÛEHUWUDJXQJVYHUKDOWHQ LP 6 WWLJXQJVEHUHLFK
GHU :DQGOHU : XQG : LP 0H|JOLHG 0 HLQ HQWVSUH
FKHQGHU 'LIIHUHQ]VWURP DXI GHU HLQH $XVOÐVXQJ YHU
XUVDFKHQ NÐQQWH (LQ VROFKHV )HKOYHUKDOWHQ GHV
6FKXW]HV ZLUG GXUFK 6WDELOLVLHUXQJ YHUKLQGHUW
=XU 6WDELOLVLHUXQJ ZLUG EHL 'LIIHUHQWLDOVFKXW]JHU WHQ
IÚU 6FKXW]REMHNWH PLW ]ZHL (QGHQ HQWZHGHU GLH 'LI
IHUHQ] GHU 6WUÐPH , , EHQXW]W RGHU DXFKGLH
6XPPH GHU %HWU JH _, _ _, _ ,P LQWHUHVVLHUHQ
GHQ %HUHLFKGHU 6WDELOLVLHUXQJVNHQQOLQLHQ VLQG EHL
GH 0HWKRGHQ JOHLFK %HL 6FKXW]REMHNWHQ PLW PHKU
DOV ]ZHL (QGHQ DOVR ] % 'UHLEHLQOHLWXQJHQ LVW QXU
GLH 0HWKRGH PLW GHU %HWUDJVVXPPH PÐJOLFK 'LHVH
ZLUG DXFKEHL 6' GXUFKJ QJLJ G K VRZRKO IÚU
/HLWXQJHQ PLW ]ZHL DOV DXFKPLW GUHL (QGHQ DQJH
ZHQGHW 'LHV YHUODQJW DQ MHGHP (QGH GHU /HLWXQJ
GLH %LOGXQJ GHU JHRPHWULVFKHQ 6XPPH XQG GLH %LO
GXQJ GHU 6XPPH GHU %HWU JH GHU DQ GHQ (QGHQ IOLH
|HQGHQ 6WUÐPH (V ZLUG DOVR GHILQLHUW
HLQ $XVOÐVH RGHU 'LIIHUHQWLDOVWURP
, _, , _
VRZLH HLQ 6WDELOLVLHUXQJVVWURP
, _, _ _, _
, ZLUNW LP DXVOÐVHQGHQ 6LQQH , ZLUNW GLHVHP
HQWJHJHQ 'LH 9HUDUEHLWXQJ GLHVHU 6WUÐPH LVW LQ $E
VFKQLWW EHVFKULHEHQ
6WDWLRQ
, ,
/
, ,
6WDWLRQ
: , ,
:
L L
L
%LOG *UXQGSULQ]LS GHV 'LIIHUHQWLDOVFKXW]HV
0
L
L
L

6' 9
0H|ZHUWELOGXQJ EHLP /HLWXQJV
GLIIHUHQWLDOVFKXW] PLW ]ZHL +LOIV
DGHUQ
%LOG ]HLJW GLH 9HUJOHLFKVVFKDOWXQJ PLW ]ZHL
+LOIVDGHUQ EHL GHU DQ MHGHP (QGH GUHL 6WUÐPH JH
PHVVHQ ZHUGHQ
, LVW GHU ÐUWOLFKIOLH|HQGH /HLWXQJVVWURP
, LVW GHU ÐUWOLFKLP 1HEHQZLGHUVWDQG 5 IOLH|HQGH
6WURP
, LVW GHU GXUFKGLH +LOIVDGHUQVFKOHLIH IOLH|HQGH
6WURP
$XV ]ZHLHQ GLHVHU GUHL 6WUÐPH NDQQ GHU GULWWH VWHWV
EHUHFKQHW ZHUGHQ ,Q 6' ZHUGHQ DEHU DOOH GUHL
6UÐPH YHUDUEHLWHW ZDV HLQH 3ODXVLELOLW WVSUÚIXQJ
GLHVHU 0H|JUÐ|HQ HUODXEW
$XV GHQ JHU WHLQWHUQHQ :LGHUVW QGHQ 5 XQG 5 VR
ZLH GHP DP *HU W HLQ]XVWHOOHQGHQ 6FKOHLIHQZLGHU
VWDQG GHU +LOIVDGHUQ 5 NÐQQHQ PLW +LOIH GHU JHPHV
VHQHQ 6WUÐPH GLH $XVOÐVH XQG 6WDELOLVLHUXQJVJUÐ
|H ZLH IROJW HUPLWWHOW ZHUGHQ
'HU 8PODXI GHU JHVWULFKHOW JH]HLFKQHWHQ 0DVFKH HU
JLEW
, , k 5 , k 5 5
, , k 5 , k 5 5
=XU 9HUHLQIDFKXQJ ZHUGHQ IROJHQGH 9HUHLQEDUXQ
JHQ JHWURIIHQ
5 5 %H]XJVZLGHUVWDQG
5 5 [k 5 / QJVZLGHUVWDQG
,
L
:
'DQQ HUJLEW GLH 0DVFKHQJOHLFKXQJ
:LUNXQJVZHLVH
, , k 5 k , k [ k 5 , , k 5
'DEHL NÚU]W VLFK5 ZHJ 'XUFKJHULQJIÚJLJH 8PVWHO
OXQJ IROJW
RGHU
, , k , k [
, , k [ k ,
'LHV LVW XQPLWWHOEDU GHU 'LIIHUHQWLDOVWURP =XU (UPLWW
OXQJ GHV 6WDELOLVLHUXQJVVWURPHV ZLUG GHU 6WURP DP
IHUQHQ /HLWXQJVHQGH EHQÐWLJW (V JLOW
, , , , k [ k , ,
6RPLW VWHKHQ DOOH IÚU GHQ 'LIIHUHQWLDOVFKXW] EHQÐWLJ
WHQ *UÐ|HQ ]XU 9HUIÚJXQJ
, _, , _ _ k [ k , _
, _, _ _, _ _, _ _ k [ k , , _
%HL /HLWXQJHQ PLW GUHL (QGHQ 'UHLEHLQ /HLWXQJHQ
KDW MHGH 6WDWLRQ MH HLQ *HU W PLW HLQHU $GHUQYHUELQ
GXQJ ]X MHGHP DQGHUHQ (QGH 8P 'LIIHUHQWLDO XQG
6WDELOLVLHUXQJVVWURP ÚEHU DOOH GUHL /HLWXQJVHQGHQ
]X EHVWLPPHQ ZLUG LQ MHGHV *HU W GHU $GHUQVWURP
]XP MHZHLOV DQGHUHQ (QGH HLQJHNRSSHOW $XV GLH
VHP $GHUQVWURP , XQG GHP ÐUWOLFKHQ 6WURP , ZLUG
GHU 6WURP GHV GULWWHQ /HLWXQJVHQGHV QDFKGHQ JOHL
FKHQ 0HWKRGHQ ZLH REHQ IÚU GDV ]ZHLWH /HLWXQJVHQ
GH HUUHFKQHW XQG LQ GHU 'LIIHUHQWLDOVWURP XQG 6WDEL
OLVLHUXQJVVWURPEHUHFKQXQJ EHUÚFNVLFKWLJW YJO
DXFK$EVFKQLWW
6WDWLRQ 6WDWLRQ
,
,
,
5 , ,
5
%LOG 'LIIHUHQWLDOVFKXW] PLW ]ZHL +LOIVDGHUQ )XQNWLRQVVFKHPD
5
5
5
5
,
:
L
,
& * &

6' 9
& * &
0H|ZHUWYHUDUEHLWXQJ
'LH GLJLWDOLVLHUWHQ 6WUÐPH ZHUGHQ ]XQ FKVW JHILOWHUW
XP *OHLFKVWURPDQWHLOH XQG KÐKHUH +DUPRQLVFKH ]X
XQWHUGUÚFNHQ )ÚU GLH $XVZHUWXQJ ZHUGHQ GLH (IIHN
WLYZHUWH YRQ 'LIIHUHQWLDO XQG 6WDELOLVLHUXQJVVWURP
EHUHFKQHW
=XU 9HUGHXWOLFKXQJ GHU :LUNXQJ VHLHQ GUHL ZLFKWLJH
%HWULHEV]XVW QGH PLW LGHDOHQ 0H|JUÐ|HQ EHWUDFK
WHW
D 'XUFKJDQJVVWURP EHL JHVXQGHU /HLWXQJ RGHU DX
|HQOLHJHQGHP )HKOHU
, IOLH|W DXV GHU /HLWXQJ KHUDXV G K ,
DX|HUGHP _, _ _, _
, _, , _ _, , _
, _, _ _, _ _, _ _, _ k_, _
.HLQH$XVOÐVHJUÐ|H , GLH 6WDELOLVLHUXQJ
, HQWVSULFKW GHP 'RSSHOWHQ GHV GXUFKIOLH
|HQGHQ 6WURPHV
E ,QQHUHU .XU]VFKOX| 6SHLVXQJ YRQ EHLGHQ 6HLWHQ
PLW ] % JOHLFKJUR|HQ 6WUÐPHQ
(V JLOW GDQQ , , DX|HUGHP_, _ _, _
, _, , _ _, , _ k_, _
, _, _ _, _ _, _ _, _ k_, _
$XVOÐVHJUÐ|H , XQG 6WDELOLVLHUXQJVJUÐ|H
, VLQG JOHLFKJUR| XQG HQWVSUHFKHQ GHP JH
VDPWHQ .XU]VFKOX|VWURP
,
,
D
E
,
$XVOÐVHQ
F
:LUNXQJVZHLVH
F ,QQHUHU .XU]VFKOX| 6SHLVXQJ QXU YRQ HLQHU 6HLWH
(V JLOW GDQQ ,
, _, , _ _, _ _, _
, _, _ _, _ _, _ _, _
$XVOÐVHJUÐ|H , XQG 6WDELOLVLHUXQJVJUÐ|H
, VLQG JOHLFKJUR| XQG HQWVSUHFKHQ GHP HLQ
VHLWLJHQ .XU]VFKOX|VWURP
%HLP LQQHUHQ )HKOHU LVW DOVR , , 'DPLW LVW GLH
2UWVNXUYH IÚU LQQHUH )HKOHU LP $XVOÐVHGLDJUDPP
VLHKH %LOG GXUFK HLQH *HUDGH PLW • 6WHL
JXQJ JHNHQQ]HLFKQHW %LOG ]HLJW GLH JHVDPWH
6WDELOLVLHUXQJVNHQQOLQLH GHV 6' 'HU .HQQOL
QLHQDVW D VWHOOW GLH (PSILQGOLFKNHLWVVFKZHOOH GHV 'LI
IHUHQWLDOVFKXW]HV GDU $VW E EHUÚFNVLFKWLJW VWURPSUR
SRUWLRQDO )HKOHU GLH GXUFK ÛEHUVHW]XQJVIHKOHU GHU
6WURPZDQGOHU GHV 0LVFKZDQGOHUV XQG GHU (LQ
JDQJVZDQGOHU GHV *HU WHV DXIWUHWHQ ,P %HUHLFK
KRKHU 6WUÐPH GLH :DQGOHUV WWLJXQJ KHUYRUUXIHQ
NÐQQHQ VRUJW .HQQOLQLHQDVW F IÚU HLQH VW UNHUH 6WD
ELOLVLHUXQJ (LQH ZHLWHUH EHVRQGHUH %HKDQGOXQJ
YRQ 6WURPZDQGOHUV WWLJXQJ =XVDW]VWDELOLVLHUXQJ
LVW LQ $EVFKQLWW EHVFKULHEHQ
'LH ZLH LQ $EVFKQLWW EHVFKULHEHQ HUPLWWHOWHQ
6WUÐPH , XQG , ZHUGHQ YRP 'LIIHUHQWLDOVFKXW]
LQ GLH 6WDELOLVLHUXQJVNHQQOLQLH QDFK%LOG HLQ
JHRUGQHW (UJHEHQ GLHVH *UÐ|HQ HLQHQ 3XQNW LQQHU
KDOE GHV $XVOÐVHJHELHWHV HUIROJW $XVOÐVXQJ VR
IHUQ DXFKGHU ÐUWOLFKH 6WURP HLQHQ 0LQGHVWZHUW
ÚEHUVFKULWWHQ KDW ÐUWOLFKH 6WURPVFKZHOOH VLHKH $E
VFKQLWW
6SHUUHQ
=XVDW]VWDELOLVLHUXQJ
%LOG 6WDELOLVLHUXQJVNHQQOLQLH GHV 'LIIHUHQWLDOVFKXW]HV
,
,

6' 9
=XVDW]VWDELOLVLHUXQJ EHL 6WURP
ZDQGOHUV WWLJXQJ
6 WWLJXQJ GHU 6WURPZDQGOHU EHL KRKHQ .XU]VFKOX|
VWUÐPHQ XQG RGHU ODQJHQ 1HW]]HLWNRQVWDQWHQ VSLH
OHQ EHLP LQQHUHQ .XU]VFKOX| DXI GHU ]X VFKÚW]HQ
GHQ /HLWXQJ SUDNWLVFKNHLQH 5ROOH GD GLH 0H|ZHUW
YHUI OVFKXQJ LP JOHLFKHQ 0D|H LQ GHQ 'LIIHUHQWLDO
VWURP ZLH LQ GHQ 6WDELOLVLHUXQJVVWURP HLQJHKW 'LH
)HKOHUNHQQOLQLH LQ %LOG JLOW SULQ]LSLHOO DXFK KLHU
1DWÚUOLFKPX| GHU 6HNXQG UVWURP GHV JHV WWLJWHQ
6WURPZDQGOHUV ]XPLQGHVW GLH $QVSUHFKVFKZHOOH
$VW D LQ %LOG XQG GLH 6WURPVFKZHOOH JHP |
$EVFKQLWW VLFKHU ÚEHUVFKUHLWHQ
%HL HLQHP X|HUHQ .XU]VFKOX| GHU HLQHQ KRKHQ
GXUFKIOLH|HQGHQ .XU]VFKOX|VWURP KHUYRUUXIW NDQQ
GXUFK6WURPZDQGOHUV WWLJXQJ LQVEHVRQGHUH ZHQQ
VLH DQ GHQ EHLGHQ /HLWXQJVHQGHQ XQWHUVFKOLHGOLFK
VWDUN DXVJHSU JW LVW HLQ HUKHEOLFKHU 'LIIHUHQWLDO
VWURP YRUJHW XVFKW ZHUGHQ GHU ZHQQ GHU $UEHLWV
SXQNW , , LP $XVOÐVHEHUHLFKGHU 6WDELOLVLH
UXQJVNHQQOLQLH %LOG OLHJW RKQH EHVRQGHUH
0D|QDKPHQ ]XU )HKODXVOÐVXQJ IÚKUHQ ZÚUGH
6' YHUIÚJW ÚEHU HLQHQ 6 WWLJXQJVLQGLNDWRU GHU
VROFKH =XVW QGH HUNHQQW XQG HQWVSUHFKHQGH 6WDEL
OLVLHUXQJVPD|QDKPHQ HLQOHLWHW 'HU 6 WWLJXQJVLQGL
NDWRU DUEHLWHW G\QDPLVFKLQ GHP *HELHW GD| LQ %LOG
PLW n=XVDW]VWDELOLVLHUXQJk JHNHQQ]HLFKQHW LVW
6WURPZDQGOHUV WWLJXQJ EHLP X|HUHQ )HKOHU ZLUG
GDGXUFKHUNDQQW GD| ]XQ FKVW HLQ KRKHU 6WDELOLVLH
UXQJVVWURP IOLH|W GHU $UEHLWVSXQNW LP 'LDJUDPP
%LOG DOVR LQ GHP %HUHLFKn=XVDW]VWDELOLVLHUXQJk
OLHJW %HL LQQHUHP .XU]VFKOX| KLQJHJHQ ZDQGHUW GHU
$UEHLWVSXQNW VRIRUW DQ GHU )HKOHUNHQQOLQLH HQWODQJ
GD GHU 6WDELOLVLHUXQJVVWURP NDXP JUÐ|HU ZLUG DOV
GHU 'LIIHUHQWLDOVWURP 'HU 6 WWLJXQJVLQGLNDWRU WULIIW
VHLQH (QWVFKHLGXQJ LQ GHU HUVWHQ 9LHUWHOSHULRGH
,VW HLQ X|HUHU )HKOHU HUNDQQW ZLUG GHU 'LIIHUHQWLDO
VFKXW] IÚU O QJVWHQV 3HULRGHQ PV EHL
+] EORFNLHUW 'LHVH %ORFNLHUXQJ ZLUG MHGRFKDXI
JHKREHQ VREDOG GHU $UEHLWVSXQNW GHU 6WUÐPH VLFK
VWDWLRQ U G K ÚEHU ]ZHL 3HULRGHQ DXI GHU )HKOHU
NHQQOLQLH DXIK OW +LHUGXUFKZHUGHQ )ROJHIHKOHU DXI
GHU ]X VFKÚW]HQGHQ /HLWXQJ VFKQHOO HUNDQQW
ÑUWOLFKH 6WURPVFKZHOOH
:LUNXQJVZHLVH
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' YHUIÚJW ÚEHU
HLQH ÐUWOLFKH 6WURPVFKZHOOH , 'LHVH VWHOOW HLQ
]XV W]OLFKHV .ULWHULXP IÚU GLH $XVOÐVXQJ GDU
'LH 6WURPVFKZHOOH LVW XQDEK QJLJ YRQ GHU 6FKZHOOH
IÚU GHQ 'LIIHUHQWLDOVWURP $VW D LQ %LOG XQG DXFK
XQDEK QJLJ HLQVWHOOEDU
'LHVH ÐUWOLFKH 6WURPVFKZHOOH EHZLUNW GD| EHL HLQ
VHLWLJHU 6SHLVXQJ HLQ .XU]VFKOX| DXI GHU /HLWXQJ QXU
DP VSHLVHQGHQ (QGH DEJHVFKDOWHW ZLUG 'HQQRFK
LVW HLQH DOOVHLWLJH $EVFKDOWXQJ PLW 6' ÚEHU GLH
0LWQDKPHIXQNWLRQ VLHKH $EVFKQLWW PÐJOLFK
YRUDXVJHVHW]W GDV *HU W YHUIÚJW ÚEHU GLHVH )XQN
WLRQ VLHKH $EVFKQLWW %HVWHOOGDWHQ
(V LVW MHGRFKDXFKPÐJOLFK GLH $XVOÐVXQJ RKQH $E
IUDJH GHU ÐUWOLFKHQ 6WURPVFKZHOOH ]X EHZLUNHQ
:HQQ GLHV HUZÚQVFKW LVW ZLUG GDV .RPPDQGR
nGLU 'LI!$86k VLHKH /RJLNGLDJUDPP %LOG
DXI HLQ $XVOÐVHUHODLV UDQJLHUW
$QUHJXQJ XQG $XVOÐVHYHU]ÐJH
UXQJ
6REDOG GLH *UXQGVFKZLQJXQJ GHV 'LIIHUHQWLDOVWUR
PHV GHV(LQVWHOOZHUWHVHUUHLFKWRGHUGHU6WDEL
OLVLHUXQJVVWURP ÚEHU k /HLWXQJVQHQQVWURP VWHLJW
ZLUG DXI 6FKXW]DQUHJXQJ HUNDQQW 'LH $QUHJXQJ
VSULFKW DOVR DXFK EHL X|HUHQ )HKOHUQ DQ 'LHV LVW
QRWZHQGLJ GDPLW 6WÐUZHUWHUIDVVXQJ XQG 6 WWL
JXQJVLQGLNDWRU DUEHLWHQ NÐQQHQ
,Q EHVRQGHUHQ $QZHQGXQJVI OOHQ NDQQ HV ZÚQ
VFKHQVZHUW VHLQ GDV $XVOÐVHNRPPDQGR GHV
6FKXW]HV HWZDV ]X YHU]ÐJHUQ +LHU]X NDQQ HLQH =X
VDW]]HLWYHU]ÐJHUXQJ 7 9(5= HLQJHVWHOOW ZHUGHQ
$XFKHLQH 5ÚFNIDOOYHU]ÐJHUXQJ 758(&.) NDQQ HLQ
JHVWHOOW ZHUGHQ 'LHVH VROO JHZ KUOHLVWHQ GD| GDV
$XVOÐVHNRPPDQGR DXFK EHL XQWHUVFKLHGOLFKHQ
$XVVFKDOW]HLWHQ GHU /HLVWXQJVVFKDOWHU DQ GHQ /HL
WXQJVHQGHQ ODQJH JHQXJ DXIUHFKW HUKDOWHQ ZLUG XP
VLFKHU DOOH /HLVWXQJVVFKDOWHU ]X ÐIIQHQ
%LOG ]HLJW HLQ YHUHLQIDFKWHV /RJLNGLDJUDPP GHU
$XVOÐVHORJLN GHV 'LIIHUHQWLDOVFKXW]HV
& * &

6' 9
, !
, !
,
%ORFN
.RPPDQGR
& * &
!
'LII $QU
'LII! 9] 6WUW 'LII! $86
GLU 'LI!$86
%ORFN 6DWW
%ORFN +DUP
0HOGXQJ
$XVOÐVXQJ
!'LII EOR .GR
%LOG 9HUHLQIDFKWHV /RJLNGLDJUDPP GHU $XVOÐVHORJLN GHV 'LIIHUHQWLDOVFKXW]HV
0LWQDKPH ZDKOZHLVH
%HL HLQVHLWLJHU 6SHLVXQJ HLQHU /HLWXQJ ZLUG HLQ .XU]
VFKOX| DXI GHU /HLWXQJ QXU DP HLQVSHLVHQGHQ (QGH
DEJHVFKDOWHW ZHLO GHU ÐUWOLFKH /HLWXQJVVWURP HLQ
ZHLWHUHV 6LFKHUKHLWVNULWHULXP IÚU GLH $XVOÐVXQJ LVW
VRIHUQ QLFKW GDV GLUHNWH .RPPDQGR GHV 'LIIHUHQWLDO
VFKXW]HV EHQXW]W ZLUG YJO $EVFKQLWW
,VW HV HUZÚQVFKW GD| DXFK GDV QLFKW HLQVSHLVHQGH
:LUNXQJVZHLVH
(QGH DEJHVFKDOWHW ZLUG NDQQ GLH 0LWQDKPHIXQN
WLRQ HLQJHVFKDOWHW ZHUGHQ 6LH DUEHLWHW PLW HLQHU JH
SXOVWHQ 7RQIUHTXHQ] ÚEHU GLH +LOIVDGHUQ XQG LVW GD
KHU QXU EHL *HU WHQ PLW 7RQIUHTXHQ]JHQHUDWRU YHU
IÚJEDU GHU DXFKIÚU GLH +LOIVDGHUQÚEHUZDFKXQJ EH
QXW]W ZLUG YJO $EVFKQLWW 'LH 3XOVIROJH LVW GLH
JOHLFKH ZLH IÚU GLH )HUQDXVOÐVXQJ VLHKH $EVFKQLWW

6' 9
+LOIVDGHUQÚEHUZDFKXQJ ZDKOZHLVH
'LH +LOIVDGHUQYHUELQGXQJ LVW HLQ ZHVHQWOLFKHU 7HLO
GHV 'LIIHUHQWLDOVFKXW]V\VWHPV LKU HLQZDQGIUHLHU =X
VWDQG LVW 9RUDXVVHW]XQJ IÚU VHLQ ULFKWLJHV $UEHLWHQ
(LQH 6WÐUXQJ LQ GHQ 6FKXW]DGHUQ KHEW GLH )XQNWL
RQVVLFKHUKHLW GHV 6FKXW]HV DXI 'LH LQ GHU (UGH ÚEHU
JUÐ|HUH (QWIHUQXQJHQ YHUOHJWHQ +LOIVDGHUQNDEHO
VLQG PHFKDQLVFK LQ KQOLFKHP 0D|H JHI KUGHW ZLH
GLH (QHUJLHNDEHO VHOEHU $XV GLHVHP *UXQG VROOWHQ
GLH $GHUQ DXI LKUHQ RUGQXQJVJHP |HQ =XVWDQG
ÚEHUZDFKW ZHUGHQ
'LH +LOIVDGHUQÚEHUZDFKXQJ LVW DXI HLQHU JHVRQGHU
WHQ /HLWHUSODWWH 3*$ SUR]HVVRUJHVWÚW]WH $GHUQ
ÚEHUZDFKXQJ XQWHUJHEUDFKW GLH DXFK GLH 0LWQDK
PH XQG GLH )HUQDXVOÐVXQJ EHLQKDOWHW $XVIÚKUXQJ
6' 4 444 4
'LH +LOIVDGHUQÚEHUZDFKXQJ EHVWHKW DXV MH HLQHP
6HQGHU XQG HLQHP (PSI QJHU LQ GHQ EHLGHQ PLWHLQ
DQGHU YHUEXQGHQHQ *HU WHQ %LOG XQG DUEHLWHW
PLW HLQHP ,PSXOVFRGH GHU DXI HLQHQ HLQJHSU JWHQ
6WURP YRQ +] DXIPRGXOLHUW LVW 'HU ÛEHUZD
FKXQJVFRGH ZLUG DEZHFKVHOQG YRQ HLQHP *HU WJH
VHQGHW XQG YRP DQGHUHQ HPSIDQJHQ XQG XPJH
NHKUW 8P HLQ GHILQLHUWHV $QODXIHQ GLHVHV n+DQG
6KDNHk %HWULHEHV ]X JHZ KUOHLVWHQ ZLUG HLQ *HU W
DOV n0DVWHUk ÚEHUJHRUGQHW GDV DQGHUH DOV n6ODYHk
XQWHUJHRUGQHW EHVWLPPW 'DV n0DVWHUk *HU WEH
JLQQW VWHWV PLW GHU $XIQDKPH GHV 6LJQDOYHUNHKUV
GDV n6ODYHk *HU WDQWZRUWHW
(LQH $GHUQVWÐUXQJ ZLUG DQ EHLGHQ /HLWXQJVHQGHQ
HUNDQQW %HL HLQHU $GHUQXQWHUEUHFKXQJ OÐVW GHU 'LI
IHUHQWLDOVFKXW] QLFKW PHKU DXV GD NHLQ 'LIIHUHQWLDO
:LUNXQJVZHLVH
VWURP PHKU IOLH|HQ NDQQ %HL HLQHP $GHUQNXU]
VFKOX| NDQQ HV EHL GXUFKIOLH|HQGHP .XU]VFKOX|
VWURP X|HUHP )HKOHU ]XU $XVOÐVXQJ NRPPHQ
'LHV NDQQ GDGXUFKYHUKLQGHUW ZHUGHQ GD| PDQ GHQ
'LIIHUHQWLDOVFKXW] QDFK HUNDQQWHU $GHUQVWÐUXQJ
EORFNLHUW HLQVWHOOEDU $XFKEHL EORFNLHUWHP 'LIIH
UHQWLDOVFKXW] VLQG GLH ÚEULJHQ 6FKXW]IXQNWLRQHQ
LQVEHVRQGHUH DXFKGHU ÛEHUVWURP]HLWVFKXW]
ZHQQ ZLUNVDP JHVFKDOWHW ZHLWHU LQ %HWULHE
'D GLH $GHUQÚEHUZDFKXQJ HLQH ODQJVDPH )XQNWLRQ
LVW NDQQ VLH QLFKW YHUKLQGHUQ GD| GHU 'LIIHUHQWLDO
VFKXW] DXI HLQHQ GXUFKIOLH|HQGHQ .XU]VFKOX|VWURP
DQVSULFKW GHU ]XP JOHLFKHQ =HLWSXQNW ZLH HLQ
$GHUQNXU]VFKOX| DXIWULWW GLHV LVW MHGRFK X|HUVW XQ
ZDKUVFKHLQOLFK GD HV NHLQHQ =XVDPPHQKDQJ ]ZL
VFKHQ $GHUQNXU]VFKOX| XQG X|HUHP /HLWXQJVNXU]
VFKOX| JLEW
: KUHQG HLQHV 6WÐUIDOOHV UXKW GLH $GHUQÚEHUZD
FKXQJ GD GHU QHW]IUHTXHQWH 9HUJOHLFKVVWURP QXQ
9RUUDQJ KDW $XFK Z KUHQG GHU ÛEHUWUDJXQJ HLQHV
)HUQDXVOÐVHVLJQDOV VLHKH $EVFKQLWW NÐQQHQ
QLFKW JOHLFK]HLWLJ GLH $GHUQ ÚEHUZDFKW ZHUGHQ GD MD
QXU HLQ $GHUQSDDU XQG QXU HLQH 7U JHUIUHTXHQ] YHU
IÚJEDU VLQG
%HL /HLWXQJHQ PLW GUHL (QGHQ 'UHLEHLQ /HLWXQJHQ
ZLUG HLQH $GHUQVWÐUXQJ DXFKQXU HLQHU +LOIVDGHUQ
YHUELQGXQJ DQ DOOH GUHL /HLWXQJVHQGHQ JHPHOGHW
YRUDXVJHVHW]W GLH LQ HLQHP YRQ ]ZHL LQ HLQHU 6WDWLRQ
EHQDFKEDUWHQ *HU WH HUNDQQWH $GHUQVWÐUXQJ ZLUG
ÚEHU %LQ UHLQ XQG DXVJDEHQ DQ GDV 1DFKEDUJHU W
ZHLWHUJHJHEHQ VLHKH DXFK $EVFKQLWW
6WDWLRQ 6WDWLRQ
,
,
,
5 ( , ,
5
(
&
6
%LOG $QNRSSOXQJ GHU +LOIVDGHUQÚEHUZDFKXQJ EHLP =ZHL $GHUQ 'LIIHUHQWLDOVFKXW]
6
&
5
5
,
& * &

6' 9
& * &
%HVRQGHUKHLWHQ EHL 'UHLEHLQ /HLWXQJHQ
%HL /HLWXQJHQ PLW GUHL (QGHQ 'UHLEHLQ /HLWXQJHQ
ZLUG MHGHV /HLWXQJVHQGH PLW MHGHP /HLWXQJVHQGH
GXUFKHLQ +LOIVDGHUQSDDU YHUEXQGHQ VLHKH %LOG
-HGHV +LOIVDGHUQSDDU YHUELQGHW ]ZHL *HU WH
VR GD| LQ MHGHU 6WDWLRQ ]ZHL *HU WH EHQDFKEDUW VLQG
GLH MHGHV PLW HLQHP JHJHQÚEHUOLHJHQGHQ *HU W
NRPPXQL]LHUHQ
'LH EHQDFKEDUWHQ *HU WH HLQHU 6WDWLRQ HUKDOWHQ GLH
JOHLFKHQ 6WUÐPH YRP ]X VFKÚW]HQGHQ /HLWXQJVHQ
GH VLQG LP 6WURPZDQGOHUNUHLV DOVR LQ 5HLKH ]X
VFKDOWHQ 'HU 0LVFKVWURP , JHKÐUW ]XP *HU W LQ
6WDWLRQ Z KUHQG GHU 0LVFKVWURP , ]XP*HU W
LQ 6WDWLRQ JHKÐUW %HLGH 6WUÐPH VLQG DOVR WKHRUH
WLVFKJOHLFK *HU W LVW ÚEHU HLQ +LOIVDGHUQSDDU PLW
*HU W GHU 6WDWLRQ YHUEXQGHQ XVZ VR GD| VLFK
HLQH ]\NOLVFKH $QRUGQXQJ HUJLEW
:HVHQWOLFKLVW GDEHL GD| GLH EHQDFKEDUWHQ *HU WH
:LUNXQJVZHLVH
HLQHU 6WDWLRQ MHZHLOV GLH $GHUQVWUÐPH EHLGHU +LOIV
DGHUQSDDUH HUKDOWHQ *HU W LQ 6WDWLRQ HUK OW DX
|HU GHP $GHUQVWURP GHU YHUEXQGHQHQ +LOIVDGHU ,
DXFKGHQ $GHUQVWURP ]XU GULWWHQ 6WDWLRQ , *HU W
DX|HU , DXFK, 0DQ EHDFKWH GD| GDV %LOG
GHQ 6WURPODXI QLFKW GLH U XPOLFKH $QRUGQXQJ ]HLJW
'LH JHVWULFKHQHQ *UÐ|HQ JHKÐUHQ DOVR ]X *HU W
GLH XQJHVWULFKHQHQ ]X *HU W (LQ $QVFKOX|EHLVSLHO
LVW LP $QKDQJ % %LOG % GDUJHVWHOOW
-HGHV *HU W NDQQ VR DXV GHP 6WURP GHU HLJHQHQ
$GHUQ ] % , GHQ 6WURP GHV JHJHQÚEHU YHUEXQ
GHQHQ *HU WHV ] % XQG DXV GHP $GHUQVWURP
GHV 1DFKEDUJHU WHV ] % , GHQ GULWWHQ 6WURP
EHUHFKQHQ
'LH $XVOÐVHNRPPDQGRV GHU EHLGHQ 1DFKEDUJHU WH
HLQHU 6WDWLRQ ZHUGHQ SDUDOOHO JHVFKDOWHW
6WDWLRQ 6WDWLRQ
,
,
,
, , ,
,
,
%LOG $GHUQVWUÐPH EHL 'UHLEHLQ /HLWXQJHQ
,
6WDWLRQ
,
,
,
,
,
,
,
,
,

6' 9
)ÚU GLH $GHUQÚEHUZDFKXQJ ZHQQ YRUKDQGHQ LVW MH
GHV $GHUQSDDU DQ EHLGHQ (QGHQ PLW MH HLQHP 6HQ
GHU XQG HLQHP (PSI QJHU DXVJHUÚVWHW 'DPLW HLQH
$GHUQVWÐUXQJ ] % DXI GHU 9HUELQGXQJ DQ DO
OHQ GUHL (QGHQ EHPHUNW ZLUG XQG JJI DOOH VHFKV 'LI
IHUHQWLDOVFKXW]IXQNWLRQHQ EORFNLHUW ZHUGHQ PÚVVHQ
EHQDFKEDUWH *HU WH GLH YRQ HLQHP *HU W HUNDQQWH
$GHUQVWÐUXQJ PLWJHWHLOW EHNRPPHQ +LHU]X ZLUG GLH
HUNDQQWH $GHUQVWÐUXQJ GHV HLQHQ *HU WHV ÚEHU %L
Q UDXV XQG HLQJDEHQ DQ GDV DQGHUH *HU WJHJH
EHQ XQG XPJHNHKUW %LOG
:LUNXQJVZHLVH
'LH %ORFNLHUXQJ JHKW YRQ GHP *HU W DXV GDV DOV HU
VWHV HLQH $GHUQVWÐUXQJ HUNHQQW ] % %HLP
1DFKEDUJHU W ] % ZLUG GLH $GHUQÚEHUZDFKXQJ
EORFNLHUW VR GD| GDV JHJHQÚEHUOLHJHQGH *HU W
] % NHLQH 6LJQDOH PHKU HPSI QJW XQG VHLQHU
VHLWV $GHUQVWÐUXQJ IHVWVWHOOW $QDORJ DUEHLWHQ DXFK
GLH ÚEULJHQ *HU WH XQG 8P HLQH 5LQJEORN
NLHUXQJ GLH HLQHQ :LHGHUDQODXI GHU $GHUQÚEHUZD
FKXQJ YHUKLQGHUQ ZÚUGH DXV]XVFKOLH|HQ PX| LQ HL
QHU 6WDWLRQ ] % 6WDWLRQ GLH JHJHQVHLWLJH %ORFNLH
UXQJ XQWHUEOHLEHQ
6WDWLRQ 6WDWLRQ
n k
n k
6WDWLRQ
%LOG $GHUQÚEHUZDFKXQJ EHL 'UHLEHLQ /HLWXQJHQ
+LOIVDGHUQZLGHUVWDQG XQG NDSD]LW W
'LH 6WURPDXIWHLOXQJ ]ZLVFKHQ +LOIVDGHUQVWURP ,
XQG 4XHUVWURP , ZDU EHL KHUNÐPPOLFKHQ =ZHL
DGHUQGLIIHUHQWLDOVFKXW]DQRUGQXQJHQ ZHVHQWOLFKHU
%HVWDQGWHLO GHV $UEHLWVSULQ]LSV 'DV 9HUK OWQLV GHV
$GHUQZLGHUVWDQGHV ]XP 4XHUZLGHUVWDQG 5 PX|WH
GDKHU EHL GHU ,QEHWULHEVHW]XQJ GXUFK =XVDW]ZLGHU
VW QGH DXI DEJHJOLFKHQ ZHUGHQ 'XUFK GLH
UHFKQHULVFKH (UPLWWOXQJ GHU 6WURPYHUWHLOXQJ EHL
6' JHP | $EVFKQLWW LVW LP 5DKPHQ GHV
]XO VVLJHQ $UEHLWVEHUHLFKHV NHLQ H[WHUQHU $EJOHLFK
QRWZHQGLJ
$XFKGLH .DSD]LW WHQ GHU +LOIVDGHUQ GLH EHVRQGHUV
EHL JUÐ|HUHQ $GHUQO QJHQ HUKHEOLFKH )DOVFKVWUÐPH
VFKHLQEDUH 'LIIHUHQWLDOVWÐPH SURGX]LHUHQ NÐQQHQ
EUDXFKHQ EHL 6' QLFKW GXUFK =XVDW]EHVFKDO
WXQJHQ NRPSHQVLHUW ]X ZHUGHQ 'LH .RPSHQVDWLRQ
ZLUG KLHU HEHQIDOOV UHFKQHULVFK YRUJHQRPPHQ +LHU
]X EHQXW]W GHU 'LIIHUHQWLDOVFKXW] HLQ YHUHLQIDFKWHV
7 (UVDW]VFKDOWELOG GHU +LOIVDGHUQ ZRGXUFK GHU (LQ
IOX| GHU .DSD]LW WHQ VHOEVW EHL JUR|HQ /HLWXQJVO Q
JHQ PLW KLQUHLFKHQGHU *HQDXLJNHLW HOLPLQLHUW ZLUG
& * &

6' 9
& * &
'LUHNW XQG )HUQDXVOÐVXQJ
'LUHNWDXVOÐVXQJ
ÛEHU HLQH %LQ UHLQJDEH NDQQ HLQ EHOLHELJHV 6LJQDO
YRQ HLQHU H[WHUQHQ 6FKXW] RGHU ÛEHUZDFKXQJVHLQ
ULFKWXQJ LQ GLH 9HUDUEHLWXQJ GHV 6' HLQEH]R
JHQ ZHUGHQ :LH GLH LQWHUQHQ 6LJQDOH NDQQ HV JH
PHOGHW YHU]ÐJHUW XQG DXI GLH $XVOÐVHNRPPDQGRV
JHJHEHQ ZHUGHQ $XFKHLQH 5ÚFNIDOOYHU]ÐJHUXQJ
LVW HLQVWHOOEDU GDPLW DXFKEHL HLQHP VHKU NXU]HQ
6WHXHULPSXOV HLQ ]XYHUO VVLJHV 6FKDOWHQ GHV /HL
VWXQJVVFKDOWHUV PÐJOLFK LVW
:LUNXQJVZHLVH
)HUQDXVOÐVXQJ ZDKOZHLVH
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' YHUIÚJW LQ GHU
$XVIÚKUXQJ PLW +LOIVDGHUQÚEHUZDFKXQJ
6' 4 444 4 ÚEHU HLQH LQWHJULHUWH )HUQDXVOÐ
VHIXQNWLRQ 'LHVH NDQQ ]XU )HUQDXVOÐVXQJ GHV DQ
GHUHQ /HLWXQJVHQGHV GXUFKHLQ DX|HUKDOE GHV
6' JHELOGHWHV 6LJQDO YHUZHQGHW ZHUGHQ ] %
YRQ HLQHP 6FKDOWHUYHUVDJHUVFKXW]
'DV .RPPDQGR ZLUG GHP *HU W GDQQ ÚEHU HLQH %L
Q UHLQJDEH ]XJHIÚKUW %HYRU HV ÚEHU GLH +LOIVDGHUQ
DQ GDV DQGHUH /HLWXQJVHQGH JHVHQGHW ZLUG NDQQ
HV YHU]ÐJHUW ZHUGHQ $XFKHLQH 9HUO QJHUXQJ LVW
PÐJOLFK GDPLW DXFK EHL HLQHP VHKU NXU]HQ 6WHXHU
LPSXOV HLQ ]XYHUO VVLJHV (UUHLFKHQ GHV DQGHUHQ /HL
WXQJVHQGHV JHZ KUOHLVWHW LVW
$P HPSIDQJHQGHQ /HLWXQJVHQGH NDQQ GDV HLQWUHI
IHQGH 6LJQDO HEHQIDOOV YHU]ÐJHUW XQG RGHU YHUO Q
JHUW ZHUGHQ GDPLW DXFKEHL HLQHP VHKU NXU]HQ 6L
JQDO HLQ ]XYHUO VVLJHV 6FKDOWHQ GHV /HLVWXQJVVFKDO
WHUV PÐJOLFKLVW
'LH )HUQDXVOÐVXQJ LVW QLFKW ]X YHUZHFKVHOQ PLW GHU
6FKDOWHUPLWQDKPH GLH LQWHJUDOHU %HVWDQGWHLO GHU
'LIIHUHQWLDOVFKXW]IXQNWLRQ LVW VLHKH $EVFKQLWW
)ÚU $GHUQÚEHUZDFKXQJ 0LWQDKPH XQG )HUQDXVOÐ
VXQJ VWHKW QXU GDV HLQH +LOIVDGHUQSDDU XQG HLQH 7U
JHUIUHTXHQ] +] ]XU 9HUIÚJXQJ 'DKHU PX|
ÚEHU GHQ 3XOVFRGH VWUHQJ XQWHUVFKLHGHQ ZHUGHQ
RE HLQ +LOIVDGHUQÚEHUZDFKXQJVVLJQDO RGHU HLQ $XV
OÐVHVLJQDO ÚEHUWUDJHQ ZLUG )ÚU GLH =HLW GHU ÛEHUWUD
JXQJ HLQHV $XVOÐVHVLJQDOV 0LWQDKPH RGHU )HUQ
DXV ZLUG GLH $GHUQÚEHUZDFKXQJ JHVWRSSW
(PSIDQJVVHLWLJ ZLUG QLFKW QDFK 0LWQDKPHHPSIDQJ
RGHU )HUQDXVOÐVHHPSIDQJ XQWHUVFKLHGHQ GD GHU
3XOVFRGH GHU JOHLFKH LVW $XFK GLH 5HDNWLRQ GHV *H
U WHV LVW GLH JOHLFKH $XVOÐVXQJ GXUFK (PSIDQJVVL
JQDO
'LH ÛEHUWUDJXQJ HLQHV )HUQDXVOÐVHVLJQDOV LVW LQ MH
GH 5LFKWXQJ PÐJOLFK -HGRFK VROOWH GLH )HUQDXVOÐ
VXQJ QXU LQ HLQH 5LFKWXQJ JHQXW]W ZHUGHQ GD HV EHL
HLQHP ]XI OOLJHQ 6HQGHQ LQ EHLGH 5LFKWXQJHQ ]XU
JOHLFKHQ =HLW ]X HLQHU ÛEHUODJHUXQJ GHU EHLGHQ 6L
JQDOH NRPPHQ NDQQ ,Q GLHVHP )DOO Z UHQ GLH %H
GLQJXQJHQ IÚU GHQ 3XOVFRGH QLFKW PHKU HUIÚOOW 'LH
HPSIDQJHQHQ 6LJQDOH ZÚUGHQ QLFKW ]XU $XVOÐVXQJ
IÚKUHQ

6' 9
5HVHUYH ÛEHUVWURP]HLW
VFKXW]
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' YHUIÚJW ÚEHU
HLQHQ LQWHJULHUWHQ ÛEHUVWURP]HLWVFKXW] : KUHQG
GHU 'LIIHUHQWLDOVFKXW] QXU NRUUHNW DUEHLWHQ NDQQ
ZHQQ GLH +LOIVDGHUQ ]ZLVFKHQ GHQ 6FKXW]JHU WHQ
DQ EHLGHQ /HLWXQJVHQGHQ XQJHVWÐUW VLQG EHQÐWLJW
GHU ÛEHUVWURP]HLWVFKXW] QXU GLH 6WUÐPH DP HLJH
QHQ /HLWXQJVHQGH (U DUEHLWHW DOVR DXFKEHL 6WÐUXQJ
GHU +LOIVDGHUQ 'HU ÛEHUVWURP]HLWVFKXW] NDQQ DOVR
VRZRKO GLH n1RWIXQNWLRQk EHL +LOIVDGHUQVWÐUXQJ DOV
DXFKGLH 5HVHUYHVFKXW]IXQNWLRQ EHL X|HUHP )HKOHU
ÚEHUQHKPHQ
'HU ÛEHUVWURP]HLWVFKXW] NDQQ ZDKOZHLVH DOV XQDE
K QJLJHU ÛEHUVWURP]HLWVFKXW] 80= RGHU DOV
VWURPDEK QJLJHU ÛEHUVWURP]HLWVFKXW] $0= HLQ
JHVHW]W ZHUGHQ )ÚU $0= 6FKXW] VWHKHQ GUHL LQ ,(&
GHILQLHUWH .HQQOLQLHQ ]XU 9HUIÚJXQJ GLH
.HQQOLQLHQ XQG ]XJHKÐULJHQ )RUPHOQ VLQG LQ GHQ
7HFKQLVFKHQ 'DWHQ $EVFKQLWW %LOG GDUJH
VWHOOW
'HQ JHZ KOWHQ ÛEHUVWURPNHQQOLQLHQ NDQQ HLQH
+RFKVWURPVWXIH ,!! GLH LPPHU PLW VWURPXQDEK Q
JLJHU .RPPDQGR]HLW DUEHLWHW ÚEHUODJHUW ZHUGHQ
'LH 6WXIHQ NÐQQHQ LQGLYLGXHOO XQG XQDEK QJLJ HLQ
JHVWHOOW ZHUGHQ
'HU ÛEHUVWURP]HLWVFKXW] HUID|W GHQ 0LVFKVWURP ,
GHV 0LVFKZDQGOHUV (V JLOW DOVR DXFK KLHU GDV LQ $E
VFKQLWW ÚEHU GLH $QVFKOX|VFKDOWXQJHQ *HVDJWH
$OOH 6WURPZHUWH EH]LHKHQ VLFK DXI GHQ GUHLSKDVLJHQ
V\PPHWULVFKHQ 6WURP EHL 1RUPDODQVFKOX| 'LH XQ
WHUVFKLHGOLFKHQ (PSILQGOLFKNHLWVIDNWRUHQ EHL GHQ
XQWHUVFKLHGOLFKHQ )HKOHUDUWHQ XQG $QVFKOÚVVHQ
JHOWHQ DXFKKLHU
%HL +DQG (LQVFKDOWXQJ DXI HLQHQ )HKOHU LVW HLQH VR
IRUWLJH :LHGHUDEVFKDOWXQJ PÐJOLFK +LHU]X NDQQ GLH
9HU]ÐJHUXQJ ZDKOZHLVH IÚU GLH ,! 6WXIH RGHU GHU
,!! 6WXIH PLWWHOV GHV +DQG (LQ ,PSXOVHV XP
JDQJHQ ZHUGHQ G K GLH HQWVSUHFKHQGH 6WXIH IÚKUW
EHL $QUHJXQJ ]XU XQYHU]ÐJHUWHQ $XVOÐVXQJ 9RU
DXVVHW]XQJ LVW GD| GDV +DQG (LQVFKDOWNRPPDQ
GR ÚEHU HLQH %LQ UHLQJDEH DQ GDV *HU WYHUGUDKWHW
XQG GLHVH DXFKGHU ORJLVFKHQ )XQNWLRQ n!+DQG
(LQk ]XJHRUGQHW LVW
ÛEHUODVWVFKXW]
:LUNXQJVZHLVH
'HU ÛEHUODVWVFKXW] YHUKLQGHUW HLQH WKHUPLVFKH
ÛEHUEHDQVSUXFKXQJ GHU ]X VFKÚW]HQGHQ /HLWXQJ
EHVRQGHUV EHL .DEHOQ
'HU ÛEHUODVWVFKXW] HUID|W GHQ 0LVFKVWURP , GHV 0L
VFKZDQGOHUV (V JLOW DOVR DXFK KLHU GDV LQ $EVFKQLWW
ÚEHU GLH $QVFKOX|VFKDOWXQJHQ JHVDJWH $OOH
6WURPZHUWH EH]LHKHQ VLFK DXI GHQ GUHLSKDVLJHQ
V\PPHWULVFKHQ 6WURP EHL 1RUPDODQVFKOX| 'D
ÛEHUODVW LP DOOJHPHLQHQ HLQ V\PPHWULVFKHU 9RU
JDQJ LVW ZLUNHQ VLFKGLH 8QV\PPHWULHIDNWRUHQ KLHU
QLFKW DXV
'DV *HU W HUUHFKQHW GLH ÛEHUWHPSHUDWXU JHP |HL
QHP WKHUPLVFKHQ (LQNÐUSHUPRGHOO QDFK GHU WKHUPL
VFKHQ 'LIIHUHQWLDOJOHLFKXQJ
G3
GW U
3
U
,
PLW 3 DNWXHOOH ÛEHUWHPSHUDWXU EH]RJHQ DXI GLH
(QGWHPSHUDWXU EHL PD[LPDO ]XO VVLJHP
/HLWXQJVVWURP Ni,
U WKHUPLVFKH =HLWNRQVWDQWH GHU (UZ UPXQJ
GHU /HLWXQJ
, DNWXHOOHU HIIHNWLYHU /HLWXQJVVWURP EH]R
JHQ DXI GHQ PD[LPDO ]XO VVLJHQ /HL
WXQJVVWURP , Ni,
1DFK (UUHLFKHQ HLQHU HUVWHQ HLQVWHOOEDUHQ 6FKZHOOH
GHU ÛEHUWHPSHUDWXU ZLUG HLQH :DUQPHOGXQJ DEJH
JHEHQ XP ] % HLQH UHFKW]HLWLJH /DVWUHGX]LHUXQJ ]X
YHUDQODVVHQ ,VW GLH ]ZHLWH 7HPSHUDWXUJUHQ]H HU
UHLFKW NDQQ GLH /HLWXQJ YRP 1HW] JHWUHQQW ZHUGHQ
Z KOEDU
'HU WKHUPLVFK PD[LPDO ]XO VVLJH 'DXHUVWURP ,
ZLUG DOV 9LHOIDFKHV GHV 1HQQVWURPHV , EH
VFKULHEHQ
,
N ,
$X|HU GHU $QJDEH GLHVHV N )DNWRUV LVW GLH =HLWNRQ
VWDQWH U VRZLH GLH :DUQÚEHUWHPSHUDWXU 3 HLQ]X
JHEHQ
'HU ÛEHUODVWVFKXW] EHVLW]W DX|HU GHU WKHUPLVFKHQ
DXFKHLQH VWURPP |LJH :DUQVWXIH , 'LHVHNDQQ
EHUHLWV IUÚK]HLWLJ HLQHQ ÛEHUODVWVWURP PHOGHQ DXFK
ZHQQ GLH ÛEHUWHPSHUDWXU QRFKQLFKW GLH :DUQ RGHU
$XVOÐVHÚEHUWHPSHUDWXU HUUHLFKW KDW
& * &

6' 9
& * &
$XVOÐVHSUÚIXQJ
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' HUODXEW DXI
HLQIDFKH :HLVH HLQH 3UÚIXQJ GHU $XVOÐVHNUHLVH XQG
GHV /HLVWXQJVVFKDOWHUV 0LW HLQHP H[WHUQHQ :LHGHU
HLQVFKDOWJHU W NDQQ DXFKHLQ $86 (,1 =\NOXV JH
VWDUWHW ZHUGHQ
9RUDXVVHW]XQJ IÚU MHGHQ 3UÚIDQVWR| LVW GD| NHLQH
$QUHJXQJ YRQ HLQHU 6FKXW]IXQNWLRQ GHV *HU WHV
YRUOLHJW 6RIHUQ GHU /HLVWXQJVVFKDOWHU +LOIVNRQWDNW
GLH 3RVLWLRQ GHV 6FKDOWHUV ÚEHU HLQH %LQ UHLQJDEH
DQ GDV *HU W JLEW NDQQ GLH 3UÚIXQJ QXU DQJHVWR|HQ
ZHUGHQ ZHQQ GHU /HLVWXQJVVFKDOWHU JHVFKORVVHQ
LVW $XI GLHVH ]XV W]OLFKH 6LFKHUKHLW VROOWH QLFKW YHU
]LFKWHW ZHUGHQ LQVEHVRQGHUH ZHQQ HLQH H[WHUQH
:LHGHUHLQVFKDOWDXWRPDWLN YRUKDQGHQ LVW
=XVDW]IXQNWLRQHQ
=X GHQ =XVDW]IXQNWLRQHQ GHV /HLWXQJVGLIIHUHQWLDO
VFKXW]HV 6' JHKÐUHQ
0HOGHYHUDUEHLWXQJ
6SHLFKHUXQJ GHU .XU]VFKOX|GDWHQ ]XU 6WÐU
VFKUHLEXQJ
%HWULHEVPHVVXQJHQ XQG 0H|XPIRUPXQJ
ÛEHUZDFKXQJVIXQNWLRQHQ
0HOGHYHUDUEHLWXQJ
1DFKHLQHU 6WÐUXQJ LP 1HW] VLQG IÚU HLQH JHQDXH
$QDO\VH GHV 6WÐUXQJVYHUODXIV ,QIRUPDWLRQHQ ÚEHU
GLH 5HDNWLRQ GHV 6FKXW]JHU WHV XQG ÚEHU GLH 0H|
JUÐ|HQ YRQ %HGHXWXQJ =X GLHVHP =ZHFN YHUIÚJW
GDV *HU W ÚEHU HLQH 0HOGHYHUDUEHLWXQJ GLH LQ GUHL
IDFKHU +LQVLFKW DUEHLWHW
:LUNXQJVZHLVH
'HU 3UÚIDQVWR| HUIROJW YRQ GHU %HGLHQWDVWDWXU RGHU
ÚEHU 3& %HGLHQXQJ 'DV *HU W JLEW GDQQ HLQ $XV
OÐVHNRPPDQGR DE
'HU $EODXI GHU 3UÚIXQJHQ ZLUG LP *HU WPLWWHOVGHU
6WHOOXQJ GHV /HLVWXQJVVFKDOWHUV YRP /HLVWXQJV
VFKDOWHU +LOIVNRQWDNW ZHQQ DQJHVFKORVVHQ ÚEHU
ZDFKW )ÚKUW GHU /HLVWXQJVVFKDOWHU HLQ .RPPDQGR
QLFKW DXV ZLUG GLH 3UÚIXQJ DEJHEURFKHQ XQG HV HU
VFKHLQW HLQH HQWVSUHFKHQGH 0HOGXQJ 'HU 3UÚIDE
ODXI NDQQ LP $Q]HLJHQIHOG RGHU DP 3& YHUIROJW ZHU
GHQ
'LH 3UÚIXQJ NDQQ DXFKÚEHU HLQH %LQ UHLQJDEH DQ
JHVWR|HQ ZHUGHQ
$Q]HLJHQ XQG %LQ UDXVJDEHQ
0HOGHUHODLV
:LFKWLJH (UHLJQLVVH XQG =XVW QGH ZHUGHQ ÚEHU RS
WLVFKH $Q]HLJHQ /(' DXI GHU )URQWSODWWH DQJH]HLJW
'LH %DXJUXSSHQ HQWKDOWHQ IHUQHU 0HOGHUHODLV ]XU
)HUQVLJQDOLVLHUXQJ 'LH PHLVWHQ 0HOGXQJHQ XQG $Q
]HLJHQ NÐQQHQ UDQJLHUW G K DQGHUV ]XJHRUGQHW
ZHUGHQ DOV EHL /LHIHUXQJ YRUHLQJHVWHOOW ,Q $EVFKQLWW
VLQG /LHIHU]XVWDQG XQG 5DQJLHUPÐJOLFKNHLWHQ
DXVIÚKUOLFK EHKDQGHOW
'LH 0HOGHUHODLV VLQG XQJHVSHLFKHUW XQG IDOOHQ QDFK
:HJIDOO GHV ]X PHOGHQGHQ .ULWHULXPV ]XUÚFN 'LH
/(' NÐQQHQ JHVSHLFKHUW RGHU XQJHVSHLFKHUW EHWULH
EHQ ZHUGHQ SDUDPHWULHUEDU
'LH 6SHLFKHU GHU $Q]HLJHQ VLQG JHJHQ +LOIVVSDQ
QXQJVDXVIDOO JHVLFKHUW VLH ZHUGHQ ]XUÚFNJHVHW]W
YRU 2UW GXUFK%HW WLJHQ GHV 5ÚFNVWHOOWDVWHUV DP
*HU W
YRQ )HUQ GXUFK(UUHJHQ GHV )HUQUÚFNVWHOOUHODLV
ÚEHU %HGLHQ XQG 6\VWHPVFKQLWWVWHOOH
DXWRPDWLVFKEHL %HJLQQ HLQHU MHGHQ *HQHUDODQUH
JXQJ

6' 9
(LQLJH $Q]HLJHQ XQG 5HODLV PHOGHQ =XVW QGH GLHVH
VROOWHQ QLFKW JHVSHLFKHUW VHLQ 6LH NÐQQHQ DXFK
QLFKW ]XUÚFNJHVHW]W ZHUGHQ ELV GDV ]X PHOGHQGH
.ULWHULXP DXIJHKREHQ LVW 'LHV EHWULIIW YRU DOOHP 6WÐU
PHOGXQJHQ ZLH ] % n+LOIVVSDQQXQJ IHKOWk HWF
(LQH JUÚQH /(' ]HLJW %HWULHEVEHUHLWVFKDIW DQ n%H
WULHEk 6LH LVW QLFKW UÚFNVWHOOEDU XQG OHXFKWHW ZHQQ
GHU 0LNURSUR]HVVRU RUGQXQJVJHP | DUEHLWHW XQG
NHLQ *HU WHIHKOHU YRUOLHJW 6LH HUOLVFKW ZHQQ GLH
6HOEVWNRQWUROOH GHV 0LNURSUR]HVVRUV HLQH 6WÐUXQJ
HUNHQQW RGHU GLH +LOIVVSDQQXQJ IHKOW
%HL YRUKDQGHQHU +LOIVVSDQQXQJ DEHU HUNDQQWHP LQ
WHUQHQ *HU WHIHKOHU OHXFKWHW GLH URWH /(' n6WÐ
UXQJk XQG EORFNLHUW GDV *HU W
,QIRUPDWLRQHQ ÚEHU $Q]HLJHQIHOG RGHU
3HUVRQDOFRPSXWHU
(UHLJQLVVH XQG =XVW QGH NÐQQHQ LP $Q]HLJHQIHOG
DXI GHU )URQWSODWWH GHV *HU WHV DEJHOHVHQ ZHUGHQ
ÛEHU GLH YRUGHUH %HGLHQVFKQLWWVWHOOH NDQQ DXFK ] %
HLQ 3HUVRQDOFRPSXWHU DQJHVFKORVVHQ ZHUGHQ DQ
GHQ GDQQ GLH ,QIRUPDWLRQHQ JHVHQGHW ZHUGHQ
,P 5XKH]XVWDQG G K VRODQJH NHLQH 1HW]VWÐUXQJ
YRUOLHJW ]HLJW GDV $Q]HLJHQIHOG LQ MHGHU GHU EHLGHQ
=HLOHQ MH HLQH Z KOEDUH %HWULHEVLQIRUPDWLRQ L D HL
QHQ %HWULHEVPH|ZHUW DQ ,P )DOOH HLQHU 1HW]VWÐ
UXQJ HUVFKHLQHQ VWDWWGHVVHQ HEHQIDOOV Z KOEDUH ,Q
IRUPDWLRQHQ ÚEHU GLH 6WÐUXQJ ] % DQJHUHJWH
6FKXW]IXQNWLRQ XQG /DXI]HLW YRQ $QUHJXQJ ELV $XV
OÐVXQJ 1DFK4XLWWLHUHQ GLHVHU 6WÐUIDOOPHOGXQJHQ
ZHUGHQ ZLHGHU GLH 5XKHLQIRUPDWLRQHQ DQJH]HLJW
'DV 4XLWWLHUHQ LVW LGHQWLVFKPLW GHP 5ÚFNVHW]HQ
JHVSHLFKHUWHU /(' $Q]HLJHQ ZLH LQ $EVFKQLWW
'DV *HU W YHUIÚJW DX|HUGHP ÚEHU PHKUHUH (UHLJQLV
SXIIHU VR IÚU %HWULHEVPHOGXQJHQ 6FKDOWVWDWLVWLN
X V Z VLHKH $EVFKQLWW GLH PLWWHOV 3XIIHUEDWWH
ULH JHJHQ +LOIVVSDQQXQJVDXVIDOO JHVLFKHUW ZHUGHQ
NÐQQHQ 'LHVH 0HOGXQJHQ VRZLH DOOH YHUIÚJEDUHQ
%HWULHEVPH|ZHUWH NÐQQHQ MHGHU]HLW ÚEHU GLH %H
GLHQWDVWDWXU LQ GDV $Q]HLJHQIHOG JHKROW ZHUGHQ RGHU
:LUNXQJVZHLVH
ÚEHU GLH VHULHOOH %HGLHQVFKQLWWVWHOOH ]XP 3HUVRQDO
FRPSXWHU ÚEHUWUDJHQ ZHUGHQ
1DFKHLQHU 1HW]VWÐUXQJ NÐQQHQ ] % ZLFKWLJH ,QIRU
PDWLRQHQ ÚEHU GHUHQ 9HUODXI DXVJHOHVHQ ZHUGHQ
ZLH $QUHJXQJ XQG $XVOÐVXQJ 'HU 6WÐUXQJVEHJLQQ
LVW PLW GHU $EVROXW]HLW GHU LQWHUQHQ 6\VWHPXKU YHUVH
KHQ VRIHUQ GLHVH EHUHLW LVW 'HU 9HUODXI GHU 6WÐUXQJ
ZLUG PLW HLQHU 5HODWLY]HLW DXVJHJHEHQ EH]RJHQ DXI
GHQ 0RPHQW GHU $QUHJXQJ VR GD| DXFKGLH 'DXHU
ELV ]XU $XVOÐVXQJ XQG ELV ]XP 5ÚFNIDOO GHV $XVOÐ
VHEHIHKOV HUNHQQEDU LVW 'LH $XIOÐVXQJ GHU =HLWDQ
JDEHQ EHWU JW PV
0LW GHP 3HUVRQDOFRPSXWHU XQG GHP 6FKXW]GDWHQ
9HUDUEHLWXQJVSURJUDPP ',*6, NÐQQHQ GLH (UHLJ
QLVVH HEHQIDOOV DEJHOHVHQ ZHUGHQ PLW GHP .RPIRUW
GHU 9LVXDOLVLHUXQJ DXI GHP %LOGVFKLUP XQG PHQÚJH
IÚKUWHP $EODXI 'DEHL NÐQQHQ GLH 'DWHQ ZDKOZHLVH
DXI HLQHP DQJHVFKORVVHQHQ 'UXFNHU GRNXPHQWLHUW
RGHU DXI )ORSS\ 'LVN JHVSHLFKHUW XQG DQ DQGHUHU
6WHOOH DXVJHZHUWHW ZHUGHQ
'DV 6FKXW]JHU W VSHLFKHUW GLH 0HOGXQJHQ GHU OHW]
WHQ YLHU 1HW]VWÐUXQJHQ EHL HLQHU IÚQIWHQ 6WÐUXQJ
ZLUG GDV OWHVWH (UHLJQLV LP 6WÐUIDOOVSHLFKHU JH
OÐVFKW ,P 'LVSOD\ NÐQQHQ GLH 'DWHQ GHU OHW]WHQ GUHL
1HW]VWÐUXQJHQ DXVJHOHVHQ ZHUGHQ
(LQH 1HW]VWÐUXQJ EHJLQQW PLW GHP (UNHQQHQ GHV HU
VWHQ )HKOHUV GXUFK GLH $QUHJXQJ HLQHU 6FKXW]IXQN
WLRQ XQG HQGHW PLW GHP 5ÚFNIDOO GHU $QUHJXQJ GHU
OHW]WHQ 6FKXW]IXQNWLRQ
,QIRUPDWLRQHQ ]X HLQHU =HQWUDOH ZDKO
ZHLVH
*HVSHLFKHUWH ,QIRUPDWLRQHQ NÐQQHQ ]XV W]OLFKÚEHU
GLH 6\VWHPVFKQLWWVWHOOH ]X HLQHU ]HQWUDOHQ 6WHXHU
XQG 6SHLFKHUHLQKHLW ] % GHU 6,(0(16 /HLWWHFKQLN
IÚU 6FKDOWDQODJHQ /6$ ÚEHUWUDJHQ ZHUGHQ 'LH
ÛEHUWUDJXQJ HUIROJW PLW HLQHP VWDQGDUGLVLHUWHQ
ÛEHUWUDJXQJVSURWRNROO JHP | 9'(: =9(, XQG ,(&
RGHU SURMHNWLHUEDU PLW GHP ÛEHU
WUDJXQJVSURWRNROO QDFK',1
& * &

6' 9
& * &
6WÐUZHUWVSHLFKHUXQJ
'LH 0RPHQWDQZHUWH GHU 0H|JUÐ|HQ
L L L L L
L QXU EHL 'UHLEHLQOHLWXQJHQ ZHUGHQ LP 5DVWHU YRQ
PV EHL +] DEJHWDVWHW XQG LQ HLQHP 8PODXI
SXIIHU DEJHOHJW ,P 6WÐUIDOO ZHUGHQ GLH 'DWHQ ÚEHU
HLQH HLQVWHOOEDUH =HLWVSDQQH JHVSHLFKHUW O QJVWHQV
MHGRFKÚEHU 6HNXQGHQ %LV ]X 6WÐUI OOH NÐQQHQ
LQ GLHVHP %HUHLFKJHVSHLFKHUW ZHUGHQ 'HU 6WÐU
ZHUWVSHLFKHU ZLUG EHL HLQHP HUQHXWHQ 6WÐUIDOO DXWR
PDWLVFKDNWXDOLVLHUW VR GD| HLQ 4XLWWLHUHQ QLFKW QÐWLJ
LVW
ÛEHU GLH %HGLHQVFKQLWWVWHOOH NÐQQHQ GLH 'DWHQ YRQ
HLQHP 3HUVRQDOFRPSXWHU DXVJHOHVHQ XQG PLWWHOV
GHV 6FKXW]GDWHQ 9HUDUEHLWXQJVSURJUDPPV
',*6, YHUDUEHLWHW ZHUGHQ 'LH 6WUÐPH ZHUGHQ DXI
LKUHQ PD[LPDOHQ :HUW EH]RJHQ DXI GHQ 1HQQZHUW
QRUPLHUW XQG IÚU HLQH JUDILVFKH 'DUVWHOOXQJ DXIEHUHL
WHW =XV W]OLFKNÐQQHQ 6LJQDOH DOV %LQ UVSXUHQ 0DU
NHQ PLWJHVFKULHEHQ ZHUGHQ ] % n$QUHJXQJk XQG
n$XVOÐVXQJk
$X|HUGHP NÐQQHQ 6WÐUVFKUHLEGDWHQ ÚEHU GLH ZDKO
ZHLVH YRUKDQGHQH VHULHOOH 6\VWHPVFKQLWWVWHOOH YRQ
HLQHP =HQWUDOJHU W ÚEHUQRPPHQ ZHUGHQ 'LH $XV
ZHUWXQJ GHU 'DWHQ ZLUG LP =HQWUDOJHU WYRQHQWVSUH
FKHQGHQ 3URJUDPPHQ YRUJHQRPPHQ 'DEHL ZHU
GHQ GLH 6WUÐPH DXI LKUHQ PD[LPDOHQ :HUW EH]RJHQ
DXI GHQ 1HQQZHUW QRUPLHUW XQG IÚU HLQH JUDILVFKH
'DUVWHOOXQJ DXIEHUHLWHW =XV W]OLFKNÐQQHQ 6LJQDOH
DOV %LQ UVSXUHQ 0DUNHQ PLWJHVFKULHEHQ ZHUGHQ
] % n$QUHJXQJk XQG n$XVOÐVXQJk
%HL ÛEHUWUDJXQJ ]X HLQHP =HQWUDOJHU WNDQQGHU
$EUXIEHWULHE DXWRPDWLVFKHUIROJHQ XQG ]ZDU ZDKO
ZHLVH QDFKMHGHU $QUHJXQJ GHV 6FKXW]HV RGHU QXU
QDFKHLQHU $XVOÐVXQJ 'DEHL JLOW IROJHQGHV
'HU 6FKXW] VLJQDOLVLHUW GLH $EUXIEHUHLWVFKDIW YRQ
6WÐUVFKUHLEGDWHQ
'LH 6WÐUVFKUHLEGDWHQ ZHUGHQ IÚU GHQ $EUXI EH
UHLWJHKDOWHQ ELV GHU 6SHLFKHU GXUFK QHXH 6WÐU
VFKULHEH ÚEHUVFKULHEHQ ZLUG
(LQH ODXIHQGH (QWVRUJXQJ $EUXIYRUJDQJ NDQQ
YRP =HQWUDOJHU W YRU]HLWLJ DEJHEURFKHQ ZHUGHQ
:LUNXQJVZHLVH
%HWULHEVPHVVXQJHQ XQG 0H
|XPIRUPXQJ
)ÚU HLQHQ $EUXI YRU 2UW RGHU ]XU 'DWHQIHUQÚEHUWUD
JXQJ VWHKHQ VW QGLJ GLH (IIHNWLYZHUWH GHU 0L
VFKZDQGOHU 'LIIHUHQWLDO XQG 6WDELOLVLHUXQJVVWUÐPH
]XU 9HUIÚJXQJ $X|HUGHP ZHUGHQ GLH DXV GHQ 6WUÐ
PHQ EHUHFKQHWHQ ÛEHUWHPSHUDWXUHQ IÚU V\PPHWUL
VFKHQ %HWULHE DQJHERWHQ
'DEHL JLOW
, , ,
0LVFKZDQGOHUVWUÐPH GHU /HLWXQJVHQ
GHQ L QXU EHL 'UHLEHLQOHLWXQJHQ XP
JHUHFKQHW LQ $PSHUH SULP U XQG LQ
GHV *HU WHQHQQVWURPHV DXI %DVLV GHV
V\PPHWULVFKHQ 6WURPHV EHL 1RUPDO
DQVFKOX|
, , 'LIIHUHQWLDO XQG 6WDELOLVLHUXQJVVWURP
XPJHUHFKQHW LQ $PSHUH SULP U XQG LQ
GHV*HU WHQHQQVWURPHV
3 3 ÛEHUWHPSHUDWXU LQ GHU $XVOÐVHÚEHU
WHPSHUDWXU
ÛEHUZDFKXQJVIXQNWLRQHQ
'DV *HU W YHUIÚJW ÚEHU XPIDQJUHLFKH ÛEHUZD
FKXQJVIXQNWLRQHQ VRZRKO GHU *HU WH +DUGZDUH
DOV DXFKGHU 6RIWZDUH GDUÚEHU KLQDXV ZHUGHQ DXFK
GLH 0H|JUÐ|HQ VRZHLW PÐJOLFKNRQWLQXLHUOLFKDXI
3ODXVLELOLW W NRQWUROOLHUW
+DUGZDUH ÛEHUZDFKXQJHQ
'DV *HU W ZLUG YRQ GHQ 0H|HLQJ QJHQ ELV ]X GHQ
.RPPDQGRUHODLV ÚEHUZDFKW ÛEHUZDFKXQJVVFKDO
WXQJHQ XQG 3UR]HVVRU SUÚIHQ GLH +DUGZDUH DXI )HK
OHU XQG 8Q]XO VVLJNHLWHQ ,P HLQ]HOQHQ XPID|W GLHV
+LOIV XQG 5HIHUHQ]VSDQQXQJHQ
'HU 3UR]HVVRU ÚEHUZDFKW GLH 2IIVHW XQG 5HIH
UHQ]VSDQQXQJ GHV $'8 $QDORJ 'LJLWDO 8PVHW
]HU %HL XQ]XO VVLJHQ $EZHLFKXQJHQ ZLUG GHU
6FKXW] JHVSHUUW GDXHUKDIWH )HKOHU ZHUGHQ JH
PHOGHW

6' 9
$XVIDOO RGHU $EVFKDOWHQ GHU 9HUVRUJXQJVVSDQ
QXQJ VHW]W GDV *HU W DX|HU %HWULHE 0HOGXQJ HU
IROJW ÚEHU HLQHQ 5XKHNRQWDNW .XU]]HLWLJH +LOIV
VSDQQXQJVHLQEUÚFKH PV VWÐUHQ GLH %HUHLW
VFKDIW GHV *HU WHV QLFKW
0H|ZHUWHUIDVVXQJ
'LH .HWWH GHU DQDORJHQ (LQJDQJVNUHLVH YRQ GHQ
(LQJDQJVZDQGOHUQ ELV ]XU 'LJLWDOLVLHUXQJ ZLUG
GXUFK3ODXVLELOLW WVNRQWUROOH GHU 0H|ZHUWH GDX
HUQG ÚEHUZDFKW
'LH GUHL 0H|VWUÐPH , , XQG , PÚQGHQ LP DX|HU
KDOE GHV *HU WHV JHELOGHWHQ .QRWHQSXQNW GLH
6XPPH GHU YRQ GLHVHQ ÛEHUWUDJHUQ NRPPHQGHQ
XQG GLJLWDOLVLHUWHQ 6WUÐPH PX| VHLQ $XI )HKOHU
LQ GHQ 6WURPNUHLVHQ ZLUG HUNDQQW ZHQQ
_L L L_ |
680 ,*5(1= [ ,
680 )$. , [ ,
680 ,*5(1= XQG 680 )$. , VLQG (LQVWHOOSDUD
PHWHU VLHKH $EVFKQLWW 'HU $QWHLO
680 )$. , [ , EHUÚFNVLFKWLJW ]XO VVLJH VWURP
SURSRUWLRQDOH ÛEHUVHW]XQJVIHKOHU GHU (LQJDQJV
ÚEHUWUDJHU GLH LQVEHVRQGHUH EHL KRKHQ .XU]
VFKOX|VWUÐPHQ DXIWUHWHQ NÐQQHQ %LOG
,
,
%LOG 6WURPVXPPHQÚEHUZDFKXQJ
,
,
.RPPDQGRNUHLVH
:LUNXQJVZHLVH
'LH .RPPDQGRUHODLV GLH ]XP $XVOÐVHQ GHU $XV
XQG (LQVFKDOWVSXOHQ GHV /HLVWXQJVVFKDOWHUV GLH
QHQ ZHUGHQ ÚEHU ]ZHL .RPPDQGRNDQ OH XQG HL
QHQ ]XV W]OLFKHQ )UHLJDEHNDQDO DQJHVWHXHUW 6R
ODQJH NHLQH $QUHJXQJ YRUOLHJW SUÚIW GHU 3UR]HV
VRU ]\NOLVFKMHGHQ .DQDO DXI NRUUHNWH )XQNWLRQ LQ
GHP HU MHGHQ HLQ]HOQ VWHXHUW XQG VHLQH 5HDNWLRQ
NRQWUROOLHUW %HL HLQHP )HKOHU LP JHUDGH JHSUÚIWHQ
.DQDO RGHU EHL )HKOHU LQ GHU .RPPDQGRUHODLVVSX
OH ZLUG GLH .RPPDQGRJDEH VRIRUW JHVSHUUW HLQ
$ODUP ZLUG DEJHJHEHQ
6SHLFKHUEDXVWHLQH
'LH 6SHLFKHUEDXVWHLQH ZHUGHQ SHULRGLVFK DXI
)HKOHU JHSUÚIW LQGHP
- IÚU GHQ 3URJUDPPVSHLFKHU (3520 GLH 4XHU
VXPPH JHELOGHW ZLUG XQG PLW GHU KLQWHUOHJWHQ
3URJUDPPTXHUVXPPH YHUJOLFKHQ ZLUG
- IÚU GHQ 3DUDPHWHUVSHLFKHU ((3520 GLH
4XHUVXPPH JHELOGHW ZLUG XQG PLW GHU EHL MH
GHP 3DUDPHWULHUYRUJDQJ QHX HUPLWWHOWHQ 4XHU
VXPPH YHUJOLFKHQ ZLUG
6RIWZDUH ÛEHUZDFKXQJHQ
=XU NRQWLQXLHUOLFKHQ ÛEHUZDFKXQJ GHU 3URJUDPP
DEO XIH LVW HLQH =HLWÚEHUZDFKXQJ :DWFKGRJ YRU
JHVHKHQ GLH EHL $XVIDOO GHV 3UR]HVVRUV RGHU HLQHP
DX|HU 7ULWW JHUDWHQHQ 3URJUDPP DEO XIW XQG GDV =X
UÚFNVHW]HQ GHV 3UR]HVVRUV DXVOÐVW :HLWHUH LQWHUQH
3ODXVLELOLW WVNRQWUROOHQ LP 3URJUDPPDEODXI VRUJHQ
GDIÚU GD| )HKOHU EHL GHU 9HUDUEHLWXQJ GHU 3URJUDP
PH HQWGHFNW ZHUGHQ DXFKGLHVH OÐVHQ HLQ 5ÚFNVHW
]HQ GHV 3UR]HVVRUV PLW :LHGHUDQODXI DXV
6RIHUQ HLQ VROFKHU )HKOHU GXUFK GHQ :LHGHUDQODXI
QLFKW EHKREHQ LVW ZLUG HLQ ZHLWHUHU :LHGHUDQODXI
YHUVXFKJHVWDUWHW 1DFKGUHLPDOLJHP HUIROJORVHQ
:LHGHUDQODXI QLPPW VLFKGHU 6FKXW] VHOEVWW WLJ DX
|HU %HWULHE XQG GLH URWH /(' n6WÐUXQJk OHXFKWHW DXI
'DV %HUHLWVFKDIWVUHODLV I OOW DE XQG PHOGHW PLW VHL
QHP 5XKHNRQWDNW n*HU WHVWÐUXQJk
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
9RUEHUHLWXQJVDQZHLVXQJHQ
:DUQXQJ
'HU HLQZDQGIUHLH XQG VLFKHUH %HWULHE GHV *HU WHV VHW]W VDFKJHP |HQ 7UDQVSRUW IDFKJHUHFKWH
/DJHUXQJ $XIVWHOOXQJ XQG 0RQWDJH XQWHU %HDFKWXQJ GHU :DUQXQJHQ XQG +LQZHLVH GHV *HU WH
KDQGEXFKHV YRUDXV
,QVEHVRQGHUH VLQG GLH $OOJHPHLQHQ (UULFKWXQJV XQG 6LFKHUKHLWVYRUVFKULIWHQ IÚU GDV $UEHLWHQ DQ
6WDUNVWURPDQODJHQ ] % ',1 9'( ]X EHDFKWHQ 1LFKWEHDFKWXQJ NÐQQHQ 7RG .ÐUSHUYHUOHW]XQJ
RGHU HUKHEOLFKHQ 6DFKVFKDGHQ ]XU )ROJH KDEHQ
$XV XQG (LQSDFNHQ GHV
*HU WHV
'LH *HU WH ZHUGHQ LP :HUN VR YHUSDFNW GD| VLH GLH
$QIRUGHUXQJHQ QDFK ,(& HUIÚOOHQ
'DV $XV XQG (LQSDFNHQ LVW PLW GHU ÚEOLFKHQ 6RUJIDOW
RKQH *HZDOWDQZHQGXQJ XQG QXU XQWHU 9HUZHQGXQJ
YRQ JHHLJQHWHP :HUN]HXJ YRU]XQHKPHQ 'LH *HU
WH VLQG GXUFK 6LFKWNRQWUROOH DXI HLQZDQGIUHLHQ PH
FKDQLVFKHQ =XVWDQG ]X ÚEHUSUÚIHQ
'LH 7UDQVSRUWYHUSDFNXQJ NDQQ EHL :HLWHUYHUVDQG LQ
JOHLFKHU :HLVH ZLHGHUYHUZHQGHW ZHUGHQ 'LH /DJHU
YHUSDFNXQJ GHU (LQ]HOJHU WH LVW QLFKW IÚU 7UDQVSRUW
DXVUHLFKHQG %HL 9HUZHQGXQJ DQGHUHU 9HUSDFNXQJ
PX| GDV (LQKDOWHQ GHU 6FKRFNEHDQVSUXFKXQJHQ
HQWVSUHFKHQG ,(& .ODVVH XQG ,(&
.ODVVH VLFKHUJHVWHOOW ZHUGHQ
%HYRU GDV *HU W HUVWPDOLJ DQ 6SDQQXQJ JHOHJW
ZLUG VROO HV PLQGHVWHQV ]ZHL 6WXQGHQ LP %HWULHEV
UDXP JHOHJHQ KDEHQ XP HLQHQ 7HPSHUDWXUDXV
JOHLFK ]X VFKDIIHQ XQG )HXFKWLJNHLW XQG %HWDXXQJ
]X YHUPHLGHQ
%HWULHEVYRUEHUHLWXQJHQ
'LH %HWULHEVEHGLQJXQJHQ HQWVSUHFKHQG 9'(
XQG 9'( 7HLO VLQG ]X EHDFKWHQ
9RUVLFKW
'LH %DXJUXSSHQ GLJLWDOHU 6FKXW]HLQULFK
WXQJHQ HQWKDOWHQ &026 6FKDOWNUHLVH (V
LVW XQ]XO VVLJ %DXJUXSSHQ XQWHU 6SDQ
QXQJ ]X ]LHKHQ RGHU ]X VWHFNHQ 'LH %DX
JUXSSHQ VLQG VR ]X EHKDQGHOQ GD| =HUVWÐ
UXQJ LQIROJH VWDWLVFKHU (QWODGXQJHQ DXVJH
VFKORVVHQ LVW %HL GHU +DQGKDEXQJ HLQ]HO
QHU %DXJUXSSHQ VLQG GLH (*% 9RUVFKULI
WHQ IÚU (OHNWURVWDWLVFK *HI KUGHWH %DXHOH
PHQWH ]X EHDFKWHQ ,P HLQJHEDXWHQ =X
VWDQG EHVWHKW NHLQH *HI KUGXQJ

6' 9
0RQWDJH XQG $QVFKOX|
$XVIÚKUXQJ 6' 4 4%444 IÚU
6FKDOWWDIHODXIEDX
*HU W PLW 6FKUDXEHQ DXI 6FKDOWWDIHO IHVWVFKUDX
EHQ 0D|ELOGHU VLHKH %LOG
(UGXQJVNOHPPH GHV *HU WHV .OHPPH PLW
6FKXW]HUGH GHU 6FKDOWWDIHO YHUELQGHQ
6ROLGH QLHGHURKPLJH XQG LQGXNWLYLW WVDUPH %H
WULHEVHUGXQJ DQ GHU VHLWOLFKHQ (UGXQJVIO FKH PLW
PLQGHVWHQV HLQHU 6FKUDXEH 0 DQEULQJHQ +LHU
]X HLJQHQ VLFK 0DVVH XQG (UGXQJVE QGHU ',1
)RUP $ ] % %HVW 1U GHU )D 'UX
VHLGW 5HPVFKHLG
$QVFKOÚVVH ÚEHU GLH 6FKUDXENOHPPHQ KHUVWHO
OHQ
$XVIÚKUXQJ 6' 4 4&444 IÚU
6FKDOWWDIHOHLQEDX RGHU 4(444 IÚU
6FKUDQNHLQEDX
%HLGH %HVFKULIWXQJVVWUHLIHQ DP *HK XVHGHFNHO
DXINODSSHQ GDGXUFK ZHUGHQ YLHU /DQJOÐFKHU LP
%HIHVWLJXQJVZLQNHO ]XJ QJOLFK
*HU W LQ GHQ 6FKDOWWDIHODXVVFKQLWW RGHU 6FKUDQN
UDKPHQ HLQVFKLHEHQ XQG PLW YLHU %HIHVWLJXQJV
VFKUDXEHQ VLFKHUQ 0D|ELOGHU VLHKH %LOG
(UGXQJVVFKUDXEH DQ GHU 5ÚFNVHLWH GHV *HU WHV
PLW 6FKXW]HUGH GHU 6FKDOWWDIHO RGHU GHV 6FKUDQ
NHV YHUELQGHQ
6ROLGH QLHGHURKPLJH XQG LQGXNWLYLW WVDUPH %H
WULHEVHUGXQJ DQ GHU KLQWHUHQ (UGXQJVIO FKH PLW
PLQGHVWHQV HLQHU 6FKUDXEH 0 DQEULQJHQ +LHU
]X HLJQHQ VLFK 0DVVH XQG (UGXQJVE QGHU ',1
)RUP $ ] % %HVW 1U GHU )D 'UX
VHLGW 5HPVFKHLG
$QVFKOÚVVH ÚEHU GLH 6WHFN RGHU 6FKUDXEDQ
VFKOÚVVH GHU *HK XVH 6WHFNIDVVXQJ KHUVWHOOHQ
GDEHL DXI GLH .HQQ]HLFKQXQJ GHU HLQ]HOQHQ
6WHFNPRGXOH XQG ]XO VVLJH 4XHUVFKQLWWH DFKWHQ
(V VROOWHQ EHYRU]XJW GLH 6FKUDXEDQVFKOÚVVH YHU
ZHQGHW ZHUGHQ GLH 6WHFNDQVFKOÚVVH HUIRUGHUQ
6RQGHUZHUN]HXJ XQG GÚUIHQ IÚU GLH $QODJHQYHU
GUDKWXQJ QXU YHUZHQGHW ZHUGHQ ZHQQ HLQH ]X
YHUO VVLJH =XJHQWODVWXQJ YRUJHVHKHQ ZLUG
9RUEHUHLWXQJVDQZHLVXQJHQ
.RQWUROOH GHU 1HQQGDWHQ
'LH =XRUGQXQJ GHU 1HQQGDWHQ GHV *HU WHV ]X GHQ
$QODJHQGDWHQ LVW ]X NRQWUROOLHUHQ 'LHV EHWULIIW LQVEH
VRQGHUH 1HQQKLOIVVSDQQXQJ XQG 1HQQVWUÐPH GHU
6WURPZDQGOHU
6ROOWHQ GLH 6WURPZDQGOHUV W]H DQ GHQ /HLWXQJVHQ
GHQ XQWHUVFKLHGOLFKH VHNXQG UH 1HQQVWUÐPH KD
EHQ VR LVW OHGLJOLFK GDUDXI ]X DFKWHQ GD| GHU MHZHLOL
JH VHNXQG UH 1HQQVWURP GHU 6WURPZDQGOHU PLW
GHP 1HQQVWURP GHV DQJHVFKORVVHQHQ *HU WHV
ÚEHUHLQVWLPPW %HL XQWHUVFKLHGOLFKHQ 3ULP UVWUÐ
PHQ GHU 6WURPZDQGOHU PÚVVHQ $QSDVVXQJVZDQG
OHU YHUZHQGHW ZHUGHQ 1 KHUHV VLHKH $EVFKQLWW
6WHXHUVSDQQXQJ IÚU GLH %LQ UHLQJDEHQ
,P /LHIHU]XVWDQG VLQG GLH %LQ UHLQJDEHQ VR HLQJH
VWHOOW GD| DOV 6WHXHUJUÐ|H *OHLFKVSDQQXQJHQ LP
JHVDPWHQ $UEHLWVEHUHLFK YRQ 9 ELV 9 EHQXW]W
ZHUGHQ NÐQQHQ %HL 1HQQZHUWHQ GHU DQODJHQVHLWL
JHQ 6WHXHUVSDQQXQJ DE 9 NDQQ HV ]ZHFNP
|LJ VHLQ GHQ %LQ UHLQJDEHQ HLQH HUKÐKWH $QVSUHFK
VFKZHOOH ]X JHEHQ VR GD| GHU VWDWLVFKH 6WÐUDE
VWDQG HUKÐKW ZLUG (LQ HYHQWXHOOHV )HKODQVSUHFKHQ
GXUFK HWZD YRUKDQGHQH 6WÐUVSDQQXQJHQ ZLH VLH
] % GXUFK SDUDOOHO DUEHLWHQGH (UGVFKOX|ÚEHUZD
FKXQJVHLQULFKWXQJHQ DXIWUHWHQ NÐQQHQ ZLUG VRPLW
YHUPLHGHQ
)ÚU 6WHXHUVSDQQXQJHQ DE 9 NDQQ GLH 6FKDOW
VFKZHOOH HUKÐKW ZHUGHQ 'LH =XRUGQXQJ GLHVHU
%UÚFNHQ]XGHQ%LQ UHLQJDEHQ XQG LKUH U XPOLFKH
$QRUGQXQJ ]HLJW %LOG IÚU GLH *UXQGOHLWHUSODWWH
(36 GHV *UXQGEDXVWHLQV IÚU GLH =XVDW]OHLWHUSODWWH
3*$ VRIHUQ EHVWÚFNW JLOW %LOG
$UEHLWVSODW]YRUEHUHLWHQ /HLWHQGH 8QWHUODJH IÚU
GDV *HU W XQG GLH %DXJUXSSHQ VFKDIIHQ
*HK XVHGHFNHO ÐIIQHQ
'HQ *UXQGEDXVWHLQ PLWWHOV GHU REHQ XQG XQWHQ
DQJHEUDFKWHQ $XV]LHKKLOIHQ ORFNHUQ
9RUVLFKW
(OHNWURVWDWLVFKH (QWODGXQJHQ ÚEHU GLH
$QVFKOÚVVH GHU %DXHOHPHQWH /HLWHU
EDKQHQ XQG 6WHFNVWLIWH VLQG GXUFK
YRUKHULJHV %HUÚKUHQ YRQ JHHUGHWHQ 0H
WDOOWHLOHQ XQEHGLQJW ]X YHUPHLGHQ
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
%DXVWHLQ KHUDXV]LHKHQ XQG DXI HLQH OHLWHQGH 8Q
WHUODJH OHJHQ
%UÚFNHQ JHP | %LOG NRQWUROOLHUHQ
PLW =XVDW]OHLWHUSODWWH IDOOV EHVWÚFNW HQWVSUH
FKHQGQDFK%LOG YHUIDKUHQ
& * &
*UXQGEDXVWHLQ LQ GDV *HK XVH HLQVHW]HQ GDUDXI
DFKWHQ GD| YRU GHP (LQGUÚFNHQ GHU $XVUÚFNKH
EHO DXI 5HFKWVDQVFKODJ VWHKW
(LQVFKXE PLWWHOV $XVUÚFNKHEHO IHVW HLQGUÚFNHQ
*HK XVHGHFNHO VFKOLH|HQ
%LOG .RQWUROOH GHU JHZ KOWHQ 6WHXHUVSDQQXQJHQ GHU %LQ UHLQJDEHQ XQG DXI GHU *UXQGOHLWHUSODWWH
(36
%LOG .RQWUROOH GHU JHZ KOWHQ 6WHXHUVSDQQXQJHQ GHU %LQ UHLQJDEHQ XQG DXI GHU =XVDW]OHLWHU
SODWWH 3*$ ZHQQ EHVWÚFNW

6' 9
.RQWUROOHGHU'DWHQYHUELQGXQJ]XU/6$
%HL GHU $XVIÚKUXQJ PLW VHULHOOHU 6FKQLWWVWHOOH ]X HL
QHU /HLW]HQWUDOH LVW GLH 'DWHQYHUELQGXQJ ]X NRQWURO
OLHUHQ :LFKWLJ LVW GLH YLVXHOOH ÛEHUSUÚIXQJ GHU =X
RUGQXQJ GHU 6HQGH XQG (PSIDQJVNDQ OH 'D MHGH
9HUELQGXQJ IÚU HLQH ÛEHUWUDJXQJVULFKWXQJ EH
VWLPPW LVW PX| GHU 6HQGHDQVFKOX| GHV HLQHQ *HU
WHV PLW GHP (PSIDQJVDQVFKOX| GHV DQGHUHQ *HU
WHV YHUEXQGHQ VHLQ XQG XPJHNHKUW
'LH ÛEHUWUDJXQJ ÚEHU /LFKWZHOOHQOHLWHU LVW EHVRQ
GHUV XQHPSILQGOLFK JHJHQ 6WÐUHU XQG JDUDQWLHUW YRQ
VLFK DXV HLQH JDOYDQLVFKH 7UHQQXQJ GHU 9HUELQ
GXQJ 6HQGH XQG (PSIDQJVDQVFKOX| VLQG GXUFK
GLH 6\PEROH IÚU 6HQGHDXVJDQJ XQG
IÚU (PSIDQJVHLQJDQJ JHNHQQ]HLFKQHW
%LOG /DJH GHU 6WHFNEUÚFNH ; DXI GHU 3UR]HVVRUSODWLQH
9RUEHUHLWXQJVDQZHLVXQJHQ
'LH =HLFKHQ 5XKHODJH IÚU GLH /LFKZHOOHQOHLWHUYHU
ELQGXQJ LVW PLW n/LFKW DXVk YRUHLQJHVWHOOW 6ROO GLH
=HLFKHQ 5XKHODJH JH QGHUW ZHUGHQ HUIROJW GLHV
PLWWHOV HLQHU 6WHFNEUÚFNH ; 6LH LVW QDFK +HUDXV
]LHKHQ GHV %DXVWHLQV ]XJ QJOLFK XQG EHILQGHW VLFK
LP KLQWHUHQ PLWWOHUHQ 7HLO GHU 3UR]HVVRUSODWLQH ]ZL
VFKHQ GHQ $QVFKOX|PRGXOHQ %LOG
%UÚFNH 6WHOOXQJ =HLFKHQ 5XKHODJH
; n/LFKW DXVk
; n/LFKW DQk
/LHIHUVWHOOXQJ ; ;
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
$QVFKOX|VFKDOWXQJHQ
'LH $QVFKOX|VFKDOWXQJHQ VLQG LP $QKDQJ $ XQG %
GDUJHVWHOOW 'LH GUHL (LQJDQJVZLFNOXQJHQ GHU
0LVFKZDQGOHU HUODXEHQ YHUVFKLHGHQH $QVFKOX|
PÐJOLFKNHLWHQ DQ GLH 6WURPZDQGOHU GLH K XILJVWHQ
VLQG LP IROJHQGHQ EHVFKULHEHQ 'LH $QVFKOX|DUW
PX| XQWHU DOOHQ 8PVW QGHQ DQ EHLGHQ /HLWXQJVHQ
GHQ EHL 'UHLEHLQOHLWXQJHQ DOOHQ DOOHQ GUHL (QGHQ
JOHLFK VHLQ 'LH 5DQJLHUPÐJOLFKNHLWHQ GHU ELQ UHQ
(LQ XQG $XVJDEHQ VLQG LP $EVFKQLWW EHVFKULH
EHQ
1RUPDODQVFKOX| / / (
'HU 1RUPDODQVFKOX| LVW IÚU DOOH 1HW]H JHHLJQHW XQ
DEK QJLJ YRQ GHU (UGXQJ GHV 6\VWHPVWHUQSXQNWHV
%LOG ]HLJW GLH 6WURPDQVFKOÚVVH 'LH (PSILQGOLFK
NHLW IÚU 3KDVHQNXU]VFKOÚVVH VFKZDQNW ]ZLVFKHQ
XQG JHJHQÚEHU GHP V\PPHWULVFKHQ GUHL
SROLJHQ 6WURP IÚU (UGNXU]VFKOÚVVH E]Z 'RSSHO
HUGVFKOÚVVH LVW GLH (PSILQGOLFKNHLW XP GHQ )DNWRU
ELV KÐKHU ,Q LVROLHUWHQ RGHU JHOÐVFKWHQ
1HW]HQ NÐQQHQ GLH 3KDVHQ DXFK ]\NOLVFK RGHU D]\
NOLVFK JHWDXVFKW ZHUGHQ XP GDV *HU W DQ GLH LP
1HW]YRUKHUUVFKHQGH 'RSSHOHUGVFKOX|EHYRU]X
JXQJ DQ]XSDVVHQ 'DEHL ZLUG GLH EHYRU]XJWH 3KDVH
DQ GLH HUVWH :LFNOXQJ PLW GHU :HUWLJNHLW GLH EH
QDFKWHLOLJWH 3KDVH QLFKW GLUHNW DQ GDV *HU WDQJH
VFKORVVHQ 'LH $QVFKOX|VFKDOWXQJ QDFK %LOG
HQWVSULFKW DOVR GHU 'RSSHOHUGVFKOX|EHYRU]XJXQJ
/ YRU / YRU / ,P JDOYDQLVFK ]XVDPPHQK QJHQ
GHQ 1HW]VROOWH DQ GHQ (QGHQ HLQHU /HLWXQJ PX| GLH
$QVFKOX|DUW HLQKHLWOLFK VHLQ
/ / /
%LOG 1RUPDODQVFKOX| / / (
0:
6'
$QVFKOX| IÚU YHUPLQGHUWH (UGVWURP
HPSILQGOLFKNHLW / / /
,Q JHHUGHWHQ 1HW]HQ PLW EHVRQGHUV QLHGULJHU 1XOO
LPSHGDQ] LQ GHQHQ EHL HLQSKDVLJHP (UGNXU]VFKOX|
GHU )HKOHUVWURP JUÐ|HU ZHUGHQ NDQQ DOV EHL ]ZHL
SKDVLJHP .XU]VFKOX| VFKOLH|W PDQ GLH 6WURPZDQG
OHU PLW 5ÚFNVLFKW DXI GLH WKHUPLVFKH %HODVWXQJ GHV
0H|NUHLVHV QDFK %LOG DQ 'LH (PSILQGOLFKNHLW IÚU
DOOH .XU]VFKOX|DUWHQ OLHJW ]ZLVFKHQ XQG
JHJHQÚEHU GHP V\PPHWULVFKHQ GUHLSROLJHQ 6WURP
/ / /
0:
6'
%LOG $QVFKOX| / / / PLW YHUPLQGHUWHU
(UGVWURPHPSILQGOLFKNHLW
$QVFKOX| IÚU HUKÐKWH (UGVWURPHPS
ILQGOLFKNHLW / / (
:HQQ LQ 1HW]HQ EHL HLQSKDVLJHP (UGNXU]VFKOX| HLQ
QRFK QLHGULJHU 6WURP ]XU $XVOÐVXQJ IÚKUHQ VROO DOV
EHL GHU 1RUPDOVFKDOWXQJ ] % LQ QLHGHURKPLJ
nKDOEVWDUUk JHHUGHWHQ 1HW]HQ O |W VLFK GLHV GXUFK
=ZLVFKHQVFKDOWHQ HLQHV =ZLVFKHQZDQGOHUV =: LQ
6SDUVFKDOWXQJ QDFK %LOG LQ JHZLVVHP *UDG HU
UHLFKHQ 0LW 5ÚFNVLFKW DXI GLH %HODVWXQJ GHU 6WURP
ZDQGOHU NDQQ LQ GLHVHU 6FKDOWXQJ GHU 6WURP LP
6WHUQSXQNWOHLWHU ELV HWZD ]XP GRSSHOWHQ :HUW YHU
JUÐ|HUW ZHUGHQ 'LH (PSILQGOLFKNHLW IÚU (UGNXU]
VFKOÚVVH VWHLJW GDQQ XP GHQ )DNWRU ELV
JHJHQÚEHU GHP V\PPHWULVFKHQ GUHLSKDVLJHQ
6WURP )ÚU 3KDVHQNXU]VFKOÚVVH JLOW GLH JOHLFKH
(PSILQGOLFKNHLW ZLH EHL GHU 1RUPDOVFKDOWXQJ

6' 9
/ / /
=:
0:
6'
%LOG $QVFKOX| / / ( PLW HUKÐKWHU (UG
VWURPHPSILQGOLFKNHLW
8QWHUVFKLHGOLFKH 3ULP UQHQQVWUÐPH
:HQQ GLH 6WURPZDQGOHU GHU EHLGHQ /HLWXQJVHQGHQ
XQWHUVFKLHGOLFKH 3ULP UQHQQVWUÐPH KDEHQ LVW HLQH
$QSDVVXQJ GHU 6WUÐPH PLWWHOV =ZLVFKHQZDQGOHU
QRWZHQGLJ 'LH $QSDVVXQJ HUIROJW GDQQ DQ GHP /HL
WXQJVHQGH PLW GHP QLHGULJHUHQ 3ULP UQHQQVWURP
'D LP 6' GLH 6WURPHLQJ QJH JDOYDQLVFK JH
WUHQQW VLQG NÐQQHQ GLH =ZLVFKHQZDQGOHU LQ 6SDU
VFKDOWXQJ HLQJHVHW]W ZHUGHQ 'LHV QXW]W GLH /HL
VWXQJ GHU =ZLVFKHQZDQGOHU EHVVHU DXV XQG HV JH
QÚJW ] % GHU OHLVWXQJVVFKZ FKHUH 7\S $0
$$ %LOG ]HLJW HLQ $QVFKOX|EHLVSLHO
'LH ÛEHUVHW]XQJ GHU =ZLVFKHQZDQGOHU ZLUG IROJHQ
GHUPD|HQ EHVWLPPW
Ú
, IÚU GHQ KÐKHUHQ 1HQQVWURP
, IÚU GHQ QLHGULJHUHQ 1HQQVWURP
'DV :LQGXQJV]DKOYHUK OWQLV LVW GHPQDFK
PLW
1
1
1
, IÚU GHQ QLHGULJHUHQ 1HQQVWURP
, IÚU GHQ KÐKHUHQ 1HQQVWURP
:LQGXQJV]DKO GHU GHQ +DXSWVWURPZDQG
OHUQ ]XJHZDQGWHQ 6HLWH
1 :LQGXQJV]DKO GHU GHP 6' ]XJH
ZDQGWHQ 6HLWH
%HLVSLHO
9RUEHUHLWXQJVDQZHLVXQJHQ
6WURPZDQGOHU DP /HLWXQJVHQGH , $ $
6WURPZDQGOHU DP /HLWXQJVHQGH ,, $ $
$P /HLWXQJVHQGH ,, HUIROJW GLH $QSDVVXQJ
1
1
, IÚU GHQ QLHGULJHUHQ 1HQQVWURP
, IÚU GHQ KÐKHUHQ 1HQQVWURP
$
$
HQWVSU ] % :LQGXQJHQ
6ROO JHP | $EVFKQLWW GLH (UGVWURPHPSILQG
OLFKNHLW HUKÐKW ZHUGHQ VR NDQQ GHU LP (UGVWURP
SIDG QDFK %LOG HLQJHVHW]WH =ZLVFKHQZDQGOHU IÚU
GLHVHQ =ZHFN PLWEHQXW]W ZHUGHQ
/ / /
=:
0:
6'
%LOG $QSDVVXQJ XQJOHLFKHU 3ULP UVWUÐPH
=ZHLSKDVLJHU $QVFKOX|
6LQG LQ HLQHP 1HW]RKQH JHHUGHWHQ 6WHUQSXQNW QXU
]ZHL 6WURPZDQGOHU YRUKDQGHQ EOHLEW GLH 3KDVH RK
QH 6WURPZDQGOHU DP *HU W IUHL %LOG %HL HLQHP
'RSSHOHUGVFKOX| ZLUG GHU )X|SXQNW LQ GLHVHU 3KDVH
YRP 6FKXW]QLFKW HUID|W 'LHV PX| LQ ÛEHUHLQVWLP
PXQJ PLW GHU 'RSSHOHUGVFKOX| %HYRU]XJXQJ GHV
JHVDPWHQ JDOYDQLVFK ]XVDPPHQK QJHQGHQ 1HW
]HV VHLQ $X|HUGHP LVW ]X EHDFKWHQ GD| DP DQGH
UHQ /HLWXQJVHQGH GLHVHOEH 3KDVH IUHL EOHLEHQ PX|
VHOEVW ZHQQ GRUW GUHL 6WURPZDQGOHU LQVWDOOLHUW VLQG
%HL 'UHLEHLQOHLWXQJHQ JLOW GLHV IÚU DOOH GUHL /HLWXQJV
HQGHQ
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
/ / /
& * &
0:
%LOG =ZHLSKDVLJHU $QVFKOX| / /
0HKUV\VWHPLJHU 6FKXW]
6'
)ÚU EHVRQGHUV ZLFKWLJH /HLWXQJHQ NDQQ ZHQQ JH
QÚJHQG +LOIVDGHUQ YHUIÚJEDU VLQG IÚU MHGHQ /HLWHU
HLQ VHOEVW QGLJHU 'LIIHUHQWLDOVFKXW]HLQJHVHW]W ZHU
GHQ 'DPLW HUJLEW VLFK GUHLIDFKHU *HU WHDXIZDQG
1RUPDOHUZHLVH ZHUGHQ DXFK GUHL +LOIVDGHUQSDDUH
YHUZHQGHW 'XUFK GHQ (LQVDW]YRQ 7UHQQZDQGOHUQ
;5 GLH HLQH V\PPHWULVFKH 6HNXQG UZLFN
OXQJ PLW 0LWWHODEJULII EHVLW]HQ NRPPW PDQ EHL $Q
ZHQGXQJ HLQHU 3KDQWRPVFKDOWXQJ PLW ]ZHL $GHUQ
SDDUHQ DXV %LOG
(LQ 9RUWHLO GHV JHWUHQQWHQ 6FKXW]HV IÚU MHGHQ /HLWHU
EHVWHKW LQ GHU IÚU HLQSROLJH .XU]XQWHUEUHFKXQJ LQ
JHHUGHWHQ 1HW]HQ HUIRUGHUOLFKHQ (UIDVVXQJ GHV IHK
OHUKDIWHQ /HLWHUV $X|HUGHP HUJLEW GLH GUHLV\VWHPL
JH $XVUÚVWXQJ JOHLFKH (PSILQGOLFKNHLW IÚU DOOH )HK
OHUDUWHQ
'LH (LQVWHOOZHUWH IÚU DOOH 6FKXW]IXQNWLRQHQ JHOWHQ IÚU
V\PPHWULVFKHQ 'UHLSKDVHQVWURP EHL 0LVFKZDQG
OHUVFKDOWXQJ :LFNOXQJV :HUWLJNHLW c %HL HLQ
SKDVLJHP $QVFKOX| LVW GHU :HUWLJNHLWVIDNWRU GHV WDW
V FKOLFKHQ $QVFKOXVVHV GXUFK c ]X GLYLGLHUHQ
XP GLH (PSILQGOLFKNHLW GHU 6FKXW]IXQNWLRQHQ ]X EH
VWLPPHQ 6FKOLH|W PDQ DOVR DQ GLH :LFNOXQJ PLW GHU
:HUWLJNHLW DQ VLQG GLH 6WURPHLQVWHOOZHUWH PLW
c ]X PXOWLSOL]LHUHQ
'XUFK (LQVDW]GHU VRJHQDQQWHQ 3KDQWRPVFKDOWXQJ
UHLFKHQ ]ZHL $GHUQSDDUH DQVWHOOH YRQ VHFKV $GHUQ
DXV 6LH YHUODQJW DQ MHGHP /HLWXQJVHQGH GUHL 7UHQQ
ZDQGOHU 'D EHLP /HLWXQJVGLIIHUHQWLDOVFKXW]IÚU
+ÐFKVWVSDQQXQJ GHU (LQVDW]YRQ 7UHQQZDQGOHUQ
RKQHKLQ GLH 5HJHO LVW ZLUG GLH (LQVSDUXQJ YRQ
$GHUQ LQ GHU 3KDQWRPVFKDOWXQJ SUDNWLVFK RKQH
0HKUDXIZDQG HUUHLFKW
(LQH ZHLWHUH $QVFKOX|PÐJOLFKNHLW HUJLEW GLH 9HU
NQÚSIXQJ GHU 6FKDOWXQJ QDFK %LOG / / /
PLW HLQHP ]ZHLWHQ 'LIIHUHQWLDOVFKXW] GHU QXU LQ GHQ
6WHUQSXQNWOHLWHU GHU GUHL 6WURPZDQGOHU JHVFKDOWHW
LVW 'LHVH $QRUGQXQJ HUIRUGHUW ]ZHL 'LIIHUHQWLDO
VFKXW]HLQULFKWXQJHQ YRQ GHQHQ GLH ]ZHLWH VLFK DXI
GLH (UIDVVXQJ YRQ (UGNXU]VFKOÚVVHQ EHVFKU QNW
XQG ZHQQ GLH 8PVW QGH HV YHUODQJHQ HPSILQGOL
FKHU JHPDFKW ZHUGHQ NDQQ 6LH ZLUG QXU LQ JHHUGH
WHQ 1HW]HQ DQJHZDQGW
6'
6'
6'
6'
6'
6'
Ä
Ä
Ä
Ä
Ä
Ä
%LOG 3KDQWRP 6FKDOWXQJ YRQ +LOIVDGHUQSDDUHQ EHL GUHLV\VWHPLJHP /HLWXQJVGLIIHUHQWLDOVFKXW]

/
/
:8
6' 9
3ULP UNDSD]LW WHQ
,QIROJH GHU .DSD]LW WHQ GHU GUHL /HLWHU JHJHQ (UGH
XQG JHJHQHLQDQGHU LVW GLH DQJHQRPPHQH 9RUDXV
VHW]XQJ GD| LP VWÐUXQJVIUHLHQ %HWULHE GLH 6WUÐPH
DQ EHLGHQ (QGHQ GHV 6FKXW]EHUHLFKHV ÚEHUHLQVWLP
PHQ QLFKW VWUHQJ HUIÚOOW ,QVEHVRQGHUH EHL .DEHOQ
NÐQQHQ GLH NDSD]LWLYHQ /DGHVWUÐPH EHDFKWOLFKH
:HUWH HUUHLFKHQ ,PPHUKLQ EOHLEHQ GLHVH NDSD]LWL
YHQ 6WUÐPH PHLVWHQV LQ IÚU GHQ /HLWXQJVGLIIHUHQWLDO
VFKXW]XQJHI KUOLFKHQ *UHQ]HQ )ÚU 6RQGHUI OOH LQ
GHQHQ GLHVH 9RUJ QJH ]X HLQHP $QVSUHFKHQ GHV
'LIIHUHQWLDOVFKXW]HV IÚKUHQ NÐQQWHQ ZXUGHQ .RP
SHQVDWLRQVVFKDOWXQJHQ HQWZLFNHOW PLW GHQHQ GLH
/DGHVWUÐPH IÚU GHQ 'LIIHUHQWLDOVFKXW]XQZLUNVDP
JHPDFKW ZHUGHQ )ÚU GHQ $QVFKOX| GHU .RPSHQVD
WLRQVVFKDOWXQJ PLQGHVWHQV DQ HLQHP (QGH GHU
6WUHFNH ZLUG HLQ 6DW]6SDQQXQJVZDQGOHU EHQÐWLJW
(LQH 6FKDOWXQJ ]XU .RPSHQVDWLRQ GHU /HLWHUNDSD]L
W WHQ ]HLJW %LOG 'LH /HLWHUNDSD]LW WHQ GHU LP
6FKXW]EHUHLFK OLHJHQGHQ 6WUHFNH VLQG GXUFK GLH
.RQGHQVDWRUHQ & NRQ]HQWULHUW GDUJHVWHOOW $XI GHU
6HNXQG UVHLWH GHV 6SDQQXQJVZDQGOHUVDW]HV :8
VLQG GLH $EELOGXQJVNRQGHQVDWRUHQ & DQJHVFKORV
VHQ
:
,
%LOG .RPSHQVDWLRQ GHU 3ULP UNDSD]LW WHQ
,
,
9RUEHUHLWXQJVDQZHLVXQJHQ
'LH 6SDQQXQJVZDQGOHU ELOGHQ GLH SULP UVHLWLJHQ
6SDQQXQJVYRUJ QJH VHNXQG UVHLWLJ DE 'DKHU EH
VWHKHQ IÚU GLH .DSD]LW WHQ & GLHVHOEHQ 9HUK OWQLVVH
ZLH IÚU GLH /HLWHUNDSD]LW WHQ & 6RPLW KDEHQ GLH
ÚEHU & IOLH|HQGHQ $EELOGXQJVVWUÐPH JOHLFKH 3KD
VHQODJH XQG VWHKHQ LQ HLQHP IHVWHQ 9HUK OWQLV ]X
GHQ SULP UHQ /DGHVWUÐPHQ ,Q %LOG LVW IÚU GHQ
/DGHVWURP GHV /HLWHUV / GHU VLFK DXV GHP ÚEHU
GHQ :DQGOHUVDW]: HLQIOLH|HQGHQ $QWHLO , XQG
GHP $QWHLO , ÚEHU :DQGOHU : ]XVDPPHQVHW]W
GLH :LUNXQJ GHU .RPSHQVDWLRQ GXUFK 6WURPSIHLOH
IÚU GLH YROOVW QGLJH 6FKDOWXQJ GDUJHVWHOOW (V LVW GDU
DXV ]X HUNHQQHQ GD| GHU $QWHLO , IÚU GHQ 'LIIHUHQ
WLDOVFKXW]QLFKW LQ (UVFKHLQXQJ WULWW ZHLO GLH .RP
SHQVDWLRQ LQ GHUMHQLJHQ 6WDWLRQ HUIROJW YRQ GHU GLH
VHU $QWHLO LQ GLH /HLWXQJ IOLH|W 'HU YRP *HJHQHQGH
NRPPHQGH $QWHLO , IOLH|W ]ZDU ÚEHU GLH $GHUQ ZLUG
DEHU GXUFK HLQHQ JOHLFK JUR|HQ HQWJHJHQJHVHW]W
ZLUNHQGHQ 6WURP GHU YRQ GHU .RPSHQVDWLRQVVFKDO
WXQJ HLQJHVSHLVW ZLUG LQ GHQ $XVOÐVHÚEHUWUDJHUQ
NRPSHQVLHUW 'LH $XIWHLOXQJ GHV LQQHUKDOE GHU
6WUHFNH DEIOLH|HQGHQ /DGHVWURPV DXI GLH EHLGHQ
HLQVSHLVHQGHQ (QGHQ VSLHOW NHLQH 5ROOH 'LH .RP
SHQVDWLRQ EUDXFKW QXU DQ HLQHP (QGH ]X HUIROJHQ
& & &
:
,
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
$QIRUGHUXQJHQ DQ GLH 6WURPZDQGOHU
,QVEHVRQGHUH EHL VHKU JUR|HQ .XU]VFKOX|VWUÐPHQ
GLH GHQ 6FKXW]EHUHLFK GXUFKIOLH|HQ NÐQQHQ GLH
6WURPZDQGOHU DQ GLH GLH 6FKXW]JHU WH DQJHVFKORV
VHQ VLQG LQIROJH 6 WWLJXQJ JUÐ|HUH ÛEHUVHW]XQJV
IHKOHU DXIZHLVHQ 'XUFK GLH 6WDELOLVLHUXQJ GHV 'LIIH
UHQWLDOVFKXW]HV ZHUGHQ 8QWHUVFKLHGH LP ÛEHUWUD
JXQJVYHUKDOWHQ GHU 6WURPZDQGOHU ZHLWJHKHQG IÚU
GLH 9HUJOHLFKVVFKDOWXQJ XQVFK GOLFK JHPDFKW
7URW]GHP PÚVVHQ GLH :DQGOHU DXFK EHL GHQ KÐFK
VWHQ LP JHJHEHQHQ $QZHQGXQJVIDOO PÐJOLFKHQ
.XU]VFKOX|VWUÐPHQ KLQVLFKWOLFK LKUHU ÛEHUHLQVWLP
PXQJ EHVWLPPWH 0LQGHVWDQIRUGHUXQJHQ HUIÚOOHQ
:HQQ GHU 'LIIHUHQWLDOVFKXW]DQ EHLGHQ /HLWXQJVHQ
GHQ DQ OLQHDULVLHUWH 6WURPZDQGOHU DQJHVFKORVVHQ
LVW KDW PDQ VLFK ]X ÚEHU]HXJHQ GD| GLH JHVDPWH
DQJHVFKORVVHQH %ÚUGH QLFKW JUÐ|HU LVW DOV GLH 1HQQ
EÚUGH GHU :DQGOHU %HL $QVFKOX| DQ HLVHQJHVFKORV
VHQH :DQGOHU VLQG ]XU .RQWUROOH KLQUHLFKHQGHU ÛEHU
HLQVWLPPXQJ LP %HUHLFK GHU JUÐ|WHQ .XU]VFKOX|
VWUÐPH GLH %HWULHEV ÛEHUVWURPIDNWRUHQ ]X HUPLW
WHOQ 'LH DXI GHP /HLVWXQJVVFKLOG DQJHJHEHQHQ
:HUWH IÚU GHQ ÛEHUVWURPIDNWRU S VLQG 0LQGHVWZHUWH
'HU %HWULHEV ÛEHUVWURPIDNWRU S HUUHFKQHW VLFK
DXV GHQ 'DWHQ GHV 6WURPZDQGOHUV XQG GHU DQJH
VFKORVVHQHQ %ÚUGH PLWWHOV GHU )RUPHO
S
S k
3 3 3
3
GDEHL LVW S %HWULHEV ÛEHUVWURPIDNWRU
S 1HQQ ÛEHUVWURPIDNWRU
3 1HQQOHLVWXQJ GHV :DQGOHUV
3 (LJHQYHUEUDXFK GHV :DQGOHUV
3 DQJHVFKORVVHQH %ÚUGH
'HU (LJHQYHUEUDXFK 3 LVW DXI GHP /HLVWXQJVVFKLOG
GHU :DQGOHU QLFKW DQJHJHEHQ (U NDQQ GXUFK 0HV
VXQJ GHV :LGHUVWDQGHV GHU 6HNXQG UZLFNOXQJ EH
VWLPPW ZHUGHQ (LQH EHUHFKHQEDUH $EK QJLJNHLW
YRQ GHU 1HQQOHLVWXQJ EHVWHKW QLFKW )ÚU 6'
VROOWHQ PÐJOLFKVW :DQGOHU HLQJHVHW]W ZHUGHQ GHUHQ
1HQQEÚUGH GHU %HWULHEVEÚUGH HQWVSULFKW E]Z JUÐ
|HU LVW XQG HLQHQ DXVUHLFKHQG JUR|HQ ÛEHUVWURPIDN
WRU S KDEHQ 'HU (LQVDW]YRQ :DQGOHUV W]HQ PLW
VWDUN XQWHUVFKLHGOLFKHP ÛEHUWUDJXQJVYHUKDOWHQ LVW
QLFKW ]XO VVLJ ] % OLQHDULVLHUWH :DQGOHU DQ HLQHP
/HLWXQJVHQGH XQG HLVHQJHVFKORVVHQH :DQGOHU DXI
GHU DQGHUHQ 6HLWH
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' VWHOOW IROJHQ
GH $QIRUGHUXQJHQ DQ GLH 6WURPZDQGOHU
D 'LH 6WURPZDQGOHU GÚUIHQ EHLP PD[LPDOHQ GXUFK
IOLH|HQGHQ .XU]VFKOX|VWURP VWDWLRQ U QLFKW JH
V WWLJW ZHUGHQ
,
S |
,
, PD[LPDOHU VWDWLRQ UHU .XU]VFKOX|
VWURP
, SULPUHU 6WURPZDQGOHU 1HQQVWURP
E 'LH $EZHLFKXQJ GHU 6WURPZDQGOHUGDWHQ %H
WULHEVÚEHUVWURPIDNWRUHQ DQ EHLGHQ (QGHQ PÚV
VHQ LQ IROJHQGHP %HUHLFK OLHJHQ GDEHL VLQG JOHL
FKH 3ULP UVWUÐPH DQJHQRPPHQ
{ S S
%HLGH %HGLQJXQJHQ D XQG E PÚVVHQ HUIÚOOW VHLQ
6WURPZDQGOHUPLQGHVWGDWHQ 3 9$

6' 9
$QIRUGHUXQJHQ DQ GLH +LOIVDGHUQ
'DV 0H|SULQ]LS GHV 6' YHUODQJW ]ZLVFKHQ GHQ
EHLGHQ 6WDWLRQHQ HLQ V\PPHWULVFKHV $GHUQSDDU DOV
+LOIVDGHUQ 'LH 3UÚIVSDQQXQJ PX| IÚU PÐJOLFKHU
ZHLVH EHL 6WÐUXQJHQ LQGX]LHUWH 6SDQQXQJHQ DXVUHL
FKHQ 6LH VROOWH PLQGHVWHQV 9 EHWUDJHQ %H]ÚJ
OLFK GHU 6\PPHWULH PÚVVHQ GLH $GHUQ GHQ 3RVWEH
GLQJXQJHQ IÚU 7HOHIRQEHWULHE JHQÚJHQ 6\PPHWULH
$GHU $GHU EHL +]
6FKXW]DGHUQ DOV .DEHOYHUELQGXQJHQ VLQG LQ MHGHP
)DOOH DXI LKUH +RFKVSDQQXQJVEHHLQIOXVVXQJ KLQ ]X
SUÚIHQ 'LH $GHUQ GHU 6FKXW]NDEHO ZHUGHQ QLFKW QXU
GXUFK GLH ]X ÚEHUWUDJHQGHQ 6WUÐPH PLW LKUHQ LP
.XU]VFKOX|IDOOH KRKHQ 6SDQQXQJVVSLW]HQ EHODVWHW
VLH PÚVVHQ DXFK GHQ YRQ DX|HQ DXIWUHWHQGHQ %HDQ
VSUXFKXQJHQ JHZDFKVHQ VHLQ
'LHJUÐ|WHHOHNWULVFKH*HIKUGXQJ IÚU YHUNDEHOWH
6FKXW]DGHUQ HQWVWHKW LP +RFKVSDQQXQJVQHW] EHL
HLQHP .XU]VFKOX| PLW (UGEHWHLOLJXQJ 'HU .XU]
VFKOX|VWURP LQGX]LHUW LQ GHQ ]XU +RFKVSDQQXQJV
OHLWXQJ SDUDOOHOHQ 6FKXW]DGHUQ HLQH / QJVVSDQ
QXQJ
'LH LQGX]LHUWH 6SDQQXQJ LQ GHQ +LOIVDGHUQ O |W VLFK
GXUFK JXW OHLWHQGH .DEHOP QWHO XQG 6SH]LDOEHZHK
UXQJ YHUPLQGHUQ PÐJOLFKVW NOHLQHU 5HGXNWLRQVIDN
WRU VRZRKO IÚU +RFKVSDQQXQJVNDEHO DOV DXFK IÚU
GDV 6FKXW]NDEHO )HUQHU NÐQQHQ GLH /HLWXQJHQ
GXUFK ÛEHUWUDJHU DEJHULHJHOW ZHUGHQ 'DPLW ZLUG HL
QH 8QWHUWHLOXQJ GHU / QJVVSDQQXQJ HUUHLFKW
'LH LQGX]LHUWH 6SDQQXQJ NDQQ QDFK IROJHQGHU )RU
PHO EHUHFKQHW ZHUGHQ
8
Q I k 0 k , k O k U k U
PLW
8 LQGX]LHUWH/ QJVVSDQQXQJ LQ 9
I 1HQQIUHTXHQ]LQ +]
0 *HJHQLQGXNWLYLW W ]ZLVFKHQ (QHUJLHOHLWXQJ
XQG +LOIVDGHUQ LQ P+ NP
, PD[LPDOHU HLQSKDVLJHU .XU]VFKOX|VWURP LQ
N$
9RUEHUHLWXQJVDQZHLVXQJHQ
O / QJH GHU 3DUDOOHOVWUHFNH ]ZLVFKHQ (QHU
JLHOHLWXQJ XQG +LOIVDGHUQ LQ NP
U 5HGXNWLRQVIDNWRU GHV (QHUJLHNDEHOV EHL
)UHLOHLWXQJHQ
U 5HGXNWLRQVIDNWRU GHV +LOIVDGHUQNDEHOV
'LH EHUHFKQHWH LQGX]LHUWH 6SDQQXQJ EUDXFKW QXU
]XU + OIWH EHUÚFNVLFKWLJW ]X ZHUGHQ GD VLH VLFK DXI
GHQLVROLHUWHQ+LOIVDGHUQ]XEHLGHQ(QGHQDXIEDXW
'LH H[WHUQHQ 6WURPNUHLVH GHV 6' VLQG IÚU N9
3UÚIVSDQQXQJ DXVJHIÚKUW +LOIVDGHUQ PLW PD[ N9
3UÚIVSDQQXQJ NÐQQHQ GDKHU GLUHNW DQJHVFKORVVHQ
ZHUGHQ
:DUQXQJ
'LH / QJVVSDQQXQJ LQ GHQ 6FKXW]DGHUQ
YRP (UGNXU]VFKOX|VWURP LQGX]LHUW GDUI
QXU PD[ GHU 3UÚIVSDQQXQJ HUUHL
FKHQ
:HQQ DOVR N9 ÚEHUVFKULWWHQ ZHUGHQ PÚVVHQ GLH
*HU WH JHJHQ GLH $GHUQ GXUFK 7UHQQZDQGOHU JDOYD
QLVFK DEJHULHJHOW ZHUGHQ 'LH 3UÚIVSDQQXQJ GHU
+LOIVDGHUQ NDQQ HLQH ZHLWHUH 8QWHUWHLOXQJ HUIRUGHU
OLFK PDFKHQ $XFK EHL (LQVDW]YRQ 7UHQQZDQGOHUQ
GÚUIHQ ZHGHU GHU 3UÚIVSDQQXQJ GHU 7UHQQ
ZDQGOHU QRFK GHU 3UÚIVSDQQXQJ GHU +LOIVDGHUQ
ÚEHUVFKULWWHQ ZHUGHQ
)ÚU GLH $EULHJHOXQJ VWHKW GHU 7UHQQZDQGOHU
;5 %LOG ]XU 9HUIÚJXQJ 'HU 0LWWHODEJULII
0 DQ GHU GHP 5HODLV ]XJHZDQGWHQ 6HLWH PX| DXV
*UÚQGHQ GHV %HUÚKUXQJVVFKXW]HV JHHUGHW ZHUGHQ
$XI GHU +LOIVDGHUQVHLWH GDUI GHU 0LWWHODEJULII 0 QLFKW
JHHUGHW ZHUGHQ
9RUVLFKW
'LH +LOIVDGHUQ GÚUIHQ ZHGHU JHHUGHW QRFK
PLW ÛEHUVSDQQXQJVDEOHLWHUQ YHUVHKHQ
ZHUGHQ
6'
6'
Ä
Ä
%LOG $QVFKOX| GHU 7UHQQZDQGOHU ;5
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
.RQWUROOH GHU $QVFKOÚVVH
:DUQXQJ
'LH IROJHQGHQ .RQWUROOVFKULWWH ZHUGHQ WHLO
ZHLVH EHL 9RUKDQGHQVHLQ JHI KUGHQGHU
6SDQQXQJHQ GXUFKJHIÚKUW 6LH GÚUIHQ GD
KHU QXU GXUFK HQWVSUHFKHQG TXDOLIL]LHUWH
3HUVRQHQ YRUJHQRPPHQ ZHUGHQ GLH PLW
GHQ 6LFKHUKHLWVEHVWLPPXQJHQ XQG 9RU
VLFKWVPD|QDKPHQ YHUWUDXW VLQG XQG GLHVH
EHIROJHQ
%HYRU GDV *HU W HUVWPDOLJ DQ 6SDQQXQJ JHOHJW
ZLUG VROO HV PLQGHVWHQV ]ZHL 6WXQGHQ LP %HWULHEV
UDXP JHOHJHQ KDEHQ XP HLQHQ 7HPSHUDWXUDXV
JOHLFK ]X VFKDIIHQ XQG )HXFKWLJNHLW XQG %HWDXXQJ
]X YHUPHLGHQ
6FKXW]VFKDOWHU GHU *OHLFKVSDQQXQJVYHUVRUJXQJ
PÚVVHQ DXVJHVFKDOWHW VHLQ
'XUFKPHVVHQ DOOHU 6WURPZDQGOHU]XOHLWXQJHQ
QDFK $QODJHQ XQG $QVFKOX|SODQ
- (UGXQJ GHU 6WURPZDQGOHU ULFKWLJ"
- 3RODULW W GHU 6WURPZDQGOHUDQVFKOÚVVH HLQKHLW
OLFK"
- 3KDVHQ]XRUGQXQJ GHU 6WURPZDQGOHU ULFKWLJ"
- =XRUGQXQJ GHU 6WURPZDQGOHU ]X GHQ (LQ
JDQJVZLFNOXQJHQ GHU 0LVFKZDQGOHU ULFKWLJ
XQG HLQKHLWOLFK DQ DOOHQ /HLWXQJVHQGHQ"
6RIHUQ 3UÚIXPVFKDOWHU IÚU GLH 6HNXQG USUÚIXQJ
GHV *HU WHV HLQJHVHW]W VLQG VLQG DXFK GHUHQ
)XQNWLRQHQ ]X ÚEHUSUÚIHQ LQVEHVRQGHUH GD| LQ
6WHOOXQJ n3UÚIHQk GLH 6WURPZDQGOHUVHNXQG UOHL
WXQJHQ VHOEVWW WLJ NXU]JHVFKORVVHQ ZHUGHQ
.OHLQVFKLHEHVFKDOWHU IÚU GDV 3UR]HVVRUV\VWHP LQ
GHU )URQWSODWWH LQ n$XVk 6WHOOXQJ Li EULQJHQ
VLHKH %LOG
*OHLFKVWURPPHVVHU LQ DV 3UR]HVVRUV\VWHP HLQ
VFKOHLIHQ %HUHLFK FD $ ELV $
$XWRPDW IÚU %DWWHULHVSDQQXQJ 9HUVRUJXQJ
6FKXW] HLQVFKDOWHQ 3RODULW W GHU 6SDQQXQJ XQG
6SDQQXQJVKÐKH DQ GHQ *HU WHNOHPPHQ E]Z DQ
GHQ $QVFKOX|PRGXOHQ NRQWUROOLHUHQ
'LH 6WURPDXIQDKPH VROOWH HWZD : HQWVSUHFKHQ
(LQ NXU]HV ZHLWHUHV $XVVFKODJHQ GHV =HLJHUV LVW
XQEHGHQNOLFK XQG ]HLJW GHQ /DGHVWURPVWR| GHU
6SHLFKHUNDSD]LW WHQ DQ
'LH JUÚQH /HXFKWGLRGH LQ GHU )URQWSODWWH PX|
QDFK VS WHVWHQV 6HNXQGHQ OHXFKWHQ XQG GLH
URWH n6WÐUXQJk $Q]HLJH QDFK VS WHVWHQV 6H
NXQGHQ YHUOÐVFKHQ
$XWRPDW IÚU 9HUVRUJXQJV *OHLFKVSDQQXQJ DXV
VFKDOWHQ
*OHLFKVWURPPHVVHU HQWIHUQHQ QRUPDOHQ +LOIV
VSDQQXQJVDQVFKOX| ZLHGHU KHUVWHOOHQ
$XVOÐVHOHLWXQJHQ ]X GHQ /HLVWXQJVVFKDOWHUQ NRQ
WUROOLHUHQ
6WHXHUOHLWXQJHQ YRQ XQG ]X DQGHUHQ *HU WHQ
NRQWUROOLHUHQ
+LOIVDGHUQDQVFKOÚVVH NRQWUROOLHUHQ $XV 6\PPH
WULHJUÚQGHQ VLQG LQ GHQ $QVFKOX|ELOGHUQ GLH +LOIV
DGHUQ JHNUHX]W GDUJHVWHOOW 'LH 8PSROVFKDOWHU
VLHKH DXFK %LOG VLQG GDQQ DQ DOOHQ /HLWXQJV
HQGHQ LQ JOHLFKHU 6WHOOXQJ YRUDXVJHVHW]W GLH
6WURPZDQGOHUV W]H VLQG DQ DOOHQ /HLWXQJVHQGHQ
JOHLFKVLQQLJ DQJHVFKORVVHQ (V LVW DXFK ]XO VVLJ
GLH +LOIVDGHUQ ZLH EHL GHQ NRQYHQWLRQHOOHQ *H
U WHQ ÚEOLFK XQJHNUHX]W DQ]XVFKOLH|HQ G K
JOHLFKQDPLJH .OHPPHQ PLWHLQDQGHU ]X YHUELQ
GHQ ,Q GLHVHP )DOO PX| GLH 6WHOOXQJ GHU 8PSRO
VFKDOWHU GHU EHLGHQ ÚEHU GLH +LOIVDGHUQ YHUEXQGH
QHQ *HU WH XQWHUVFKLHGOLFK VHLQ 'LH ULFKWLJH =X
RUGQXQJ GHU +LOIVDGHUQ XQG GLH 6WHOOXQJ GHU 8P
SROVFKDOWHU ZLUG EHL GHU ,QEHWULHEQDKPH PLW 3UL
P UJUÐ|HQ QRFKPDOV ÚEHUSUÚIW VLHKH $EVFKQLWW
%HL /HLWXQJHQ PLW GUHL (QGHQ PÚVVHQ GLH 8PSRO
VFKDOWHU GHU EHLGHQ LQ GHU JOHLFKHQ 6WDWLRQ EH
QDFKEDUWHQ *HU WH HEHQIDOOV LQ JOHLFKHU 6WHOOXQJ
VHLQ )HUQHU LVW DXFK GLH ULFKWLJH 3RODULW WGHUJH
JHQVHLWLJHQ (LQNRSSOXQJ GHU +LOIVDGHUQVWUÐPH LQ
GLH EHQDFKEDUWHQ *HU WH ]X ÚEHUSUÚIHQ $Q
VFKOX|EHLVSLHO LP $QKDQJ %
%HL /HLWXQJHQ PLW GUHL (QGHQ ZHQQ +LOIVDGHUQ
ÚEHUZDFKXQJ YHUZHQGHW ZLUG LVW GDUDXI ]X DFK
WHQ GD| LQ ]ZHL GHU GUHL 6WDWLRQHQ GHU 0HOGHDXV
JDQJ n%ORFN ] %HLQk )1U HLQHVMH
GHQ GHU EHQDFKEDUWHQ *HU WH PLW GHP %LQ UHLQ
JDQJ n!$'8( %HLQk )1U GHVMHZHLOV
DQGHUHQ YHUEXQGHQ LVW ,Q GHU GULWWHQ 6WDWLRQ GÚU
IHQ GLHVH 9HUELQGXQJHQ QLFKW EHVWHKHQ (UO XWH
UXQJHQ EHILQGHQ VLFK LQ $EVFKQLWW
0HOGHOHLWXQJHQ NRQWUROOLHUHQ
$XWRPDWHQ ZLHGHU HLQVFKDOWHQ

6' 9
3URMHNWLHUXQJ GHU %HGLHQ XQG 6SHLFKHUIXQNWLRQHQ
%HGLHQYRUDXVVHW]XQJHQ XQG $OOJHPHLQHV
)ÚU GLH PHLVWHQ %HGLHQIXQNWLRQHQ LVW GLH (LQJDEH HL
QHV &RGHZRUWHV HUIRUGHUOLFK 'LHV JLOW IÚU DOOH (LQJD
EHQ ÚEHU %HGLHQWDVWDWXU RGHU %HGLHQVFKQLWWVWHOOH
GLH GLH )XQNWLRQ GHV 6FKXW]JHU WHV EHWUHIIHQ ZLH
3URMHNWLHUXQJVSDUDPHWHU IÚU %HGLHQVSUDFKH
6FKQLWWVWHOOHQ XQG *HU WHNRQILJXUDWLRQ
5DQJLHUXQJ YRQ .RPPDQGRUHODLV 0HOGXQJHQ
%LQ UHLQJDEHQ /HXFKWDQ]HLJHQ
(LQVWHOOXQJ YRQ )XQNWLRQVSDUDPHWHUQ *UHQ]ZHU
WH )XQNWLRQHQ
& 2 ' ( : 2 5 7 ( , 1 * $ % (
# # # # # #
& : $ . = ( 3 7 , ( 5 7
& 2 ' ( : 2 5 7 ) $ / 6 & +
)ÚUGLH6RIWZDUH 3URMHNWLHUXQJVLQGGLH$GUH|EOÐN
NH ELV YRUJHVHKHQ +LHU ZHUGHQ DOOH (LQVWHO
OXQJHQ YRUJHQRPPHQ GLH GLH %HGLHQXQJ GHV *HU
WHV GLH .RPPXQLNDWLRQ PLW H[WHUQHQ %HGLHQ XQG
$XVZHUWHPLWWHOQ ÚEHU GLH VHULHOOHQ 6FKQLWWVWHOOHQ
XQG GDV =XVDPPHQZLUNHQ GHU *HU WHIXQNWLRQHQ
EHWUHIIHQ
3 5 2 - ( . 7 , ( 5 8 1 *
0LW GHU 'RSSHOSIHLOWDVWH Â NRPPW PDQ ]XP HUVWHQ
%ORFN GHU 3URMHNWLHUXQJ VLHKH XQWHQ 0LW GHU 7DVWH
NDQQ PDQ ]XU Q FKVWHQ $GUHVVH NRPPHQ
'DV 'LVSOD\ ]HLJW GLH YLHUVWHOOLJH $GUH|QXPPHU G K
%ORFN XQG ,IG 1U +LQWHU GHP %DONHQ IROJW GLH %HGHX
WXQJ GHV DQJHIRUGHUWHQ 3DUDPHWHUV VLHKH 'DUVWHO
OXQJ XQWHQ ,Q GHU ]ZHLWHQ 'LVSOD\]HLOH IROJW GHU 7H[W
GHV 3DUDPHWHUV 'HU YRUHLQJHVWHOOWH 7H[W NDQQ JH Q
GHUW ZHUGHQ GXUFK 'UÚFNHQ GHU n1HLQk 7DVWH 1 (V
$QVWR| YRQ 3UÚIDEO XIHQ
9RUEHUHLWXQJVDQZHLVXQJHQ
.HLQ &RGHZRUW LVW HUIRUGHUOLFK IÚU GDV $XVOHVHQ YRQ
0HOGXQJHQ %HWULHEVGDWHQ 6WÐUIDOOGDWHQ RGHU IÚU
GDV $XVOHVHQ YRQ (LQVWHOOZHUWHQ 'LH %HGLHQXQJ LVW
DXVIÚKUOLFK LQ $EVFKQLWW EHVFKULHEHQ
=XP 1DFKZHLV GHU %HGLHQEHUHFKWLJXQJ LVW ]X
Q FKVW GLH 7DVWH &: ]X GUÚFNHQ GHU VHFKVVWHOOLJH
&RGH HLQ]XJHEHQ XQG PLW ( ]XEHVW WL
JHQ 'LH &RGHZRUWHLQJDEH NDQQ DXFK QDFKJHKROW
ZHUGHQ ZHQQ PDQ EHUHLWV ]X HLQHU (LQVWHOODGUHVVH
JHEO WWHUW RGHU HLQH (LQVWHOODGUHVVH DQJHZ KOW KDW
'LH HLQJHJHEHQHQ =HLFKHQ HUVFKHLQHQ QLFKW LP
'LVSOD\ 6WDWWGHVVHQ ZLUG QXU MH HLQ # JH]HLJW 1DFK
%HVW WLJXQJ GHU (LQJDEH PLW ( HUVFKHLQW EHL ULFKWLJHP
&RGHZRUW LP 'LVSOD\ &: $.=(37,(57 :HLWHUPLW(
6WLPPW GHU &RGH QLFKW VR HUVFKHLQW &2'(:257
)$/6&+ 1DFK 'UÚFNHQ GHU 7DVWH &: NDQQ HLQH QHXH
&RGHZRUWHLQJDEH HUIROJHQ
0DQ NRPPW ]XP $QIDQJ GLHVHV 3URMHNWLHUEHUHLFKHV
DP HLQIDFKVWHQ GXUFK 'UÚFNHQ GHU 7DVWH '$ JH
IROJW YRQ GHU $GUHVVQXPPHU XQG DQVFKOLH
|HQGHP %HW WLJHQ GHU (LQJDEHWDVWH ( (V HUVFKHLQW
$GUHVVH GLH GLH ÛEHUVFKULIW IÚU GLHVH 3URMHN
WLHUEOÐFNH DQ]HLJW
%HJLQQ GHU 3URMHNWLHUXQJVEOÐFNH
HUVFKHLQW GDQQ GHU Q FKVWH 7H[W GHU LQ GHQ . VW
FKHQ XQWHQ DQ GLH 'LVSOD\ . VWFKHQ DQJHK QJW LVW
XVZ 'LH $OWHUQDWLYH GLH JHZ KOW ZHUGHQ VROO ZLUG
PLW GHU (LQJDEHWDVWH ( EHVW WLJW
(LQ %HHQGHQ GHV 3URMHNWLHUYRUJDQJV LVW MHGHU]HLW PLW
GHU 7DVWHQNRPELQDWLRQ )( G K )XQNWLRQVWDVWH )
GUÚFNHQ XQG DQVFKOLH|HQG GLH (LQJDEHWDVWH (
PÐJOLFK ,P 'LVSOD\ HUVFKHLQW GLH )UDJH n(,167(/
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
/81*(1 8(%(51(+0(1 "k 0LW GHU n-Dk 7DVWH
- < EHVW WLJW PDQ GD| QXQ GLH QHXHQ (LQVWHOOXQJHQ
JÚOWLJ ZHUGHQ VROOHQ 'UÚFNW PDQ KLQJHJHQ GLH
n1HLQk 7DVWH 1 VR ZHUGHQ DOOH QGHUXQJHQ GLH
VHLW GHU OHW]WHQ (LQJDEH GHV &RGHZRUWV JHW WLJW ZXU
GHQ YHUZRUIHQ +LHUGXUFK NÐQQHQ DOVR LUUWÚPOLFKH
QGHUXQJHQ QRFK UÚFNJ QJLJ JHPDFKW ZHUGHQ
:HQQ PDQ GLH *UHQ]HQ GHU 5DQJLHU XQG 3URMHNWLHU
EOÐFNH DOVR %OÐFNH ELV PLW HLQHU GHU 7DVWHQ Â
Ä ÚEHUVFKUHLWHQ ZLOO HUVFKHLQW LP 'LVSOD\ GLH )UDJH
n&2'(:257%(5(,&+ 9(5/$66(1 "k 0LW GHU
n1HLQk 7DVWH 1 NDQQ PDQ GLH 3URMHNWLHUXQJ IRUWVHW
& * &
(LQVWHOOXQJHQ IÚU GLH LQWHJULHUWH %HGLHQXQJ %ORFN
,Q %ORFN NÐQQHQ %HGLHQSDUDPHWHU HLQJHVWHOOW
ZHUGHQ 'LHVHU %ORFN HUODXEW ] % GLH %HGLHQVSUD
FKH ]X ZHFKVHOQ GDV 'DWXPIRUPDW XQG GDV 6SHL
FKHUYHUKDOWHQ JHVSHLFKHUWHU 0HOGXQJHQ IHVW]XOH
JHQ $X|HUGHP NÐQQHQ GLH 5XKH XQG 6SRQWDQDQ
]HLJHQ LP 'LVSOD\ DXI GHU )URQWSODWWH EHVWLPPW ZHU
GHQ &RGHZRUWHLQJDEH LVW HUIRUGHUOLFK
, 1 7 ( * 5 , ( 5 7 (
% ( ' , ( 1 8 1 *
6 3 5 $ & + (
' ( 8 7 6 & +
( 1 * / , 6 +
7 7 0 0
' $ 7 8 0 ) 2 5 0 $ 7
- - - -
0 0 7 7 - - - -
]HQ 'UÚFNW PDQ KLQJHJHQ GLH n-Dk 7DVWH - < HU
VFKHLQW DOV Q FKVWHV GLH )UDJH n(,167(//81*(1
8(%(51(+0(1 "k :LH REHQ LVW %HVW WLJHQ PLW - <
RGHU $EEUHFKHQ PLW 1 PÐJOLFK
:XUGH GLH 3URMHNWLHUXQJ GHU %HGLHQSDUDPHWHU EH
HQGHW GDQQ ZHUGHQ GLH ]XJHKÐULJHQ 'DWHQ GLH ELV
GDKLQ LQ IOÚFKWLJHQ 6SHLFKHUQ DEJHOHJW ZDUHQ GDX
HUKDIW XQG JHJHQ 6SDQQXQJVDXVIDOO JHVLFKHUW LQ ((
3520V KLQWHUOHJW 1DFK QGHUXQJ GHU 3URMHNWLH
UXQJVSDUDPHWHU HUIROJW HLQ 1HXDQODXI GHV 3UR]HV
VRUV\VWHPV Z KUHQG GHVVHQ GDV *HU WQLFKWEH
WULHEVEHUHLW LVW
%HL $XVOLHIHUXQJ GHV *HU WHV HUVFKHLQHQ LP 'LVSOD\
+LQZHLVH XQG %H]HLFKQXQJHQ LQ GHXWVFKHU 6SUD
FKH 'LH %HGLHQVSUDFKH NDQQ XQWHU $GUHVVH
JH QGHUW ZHUGHQ 'LH ] = YHUIÚJEDUHQ %HGLHQVSUD
FKHQ VLQG DXV GHQ HQWVSUHFKHQGHQ . VWFKHQ V X
HUVLFKWOLFK 'DV 'DWXP ZLUG EHL /LHIHUXQJ LP HXUR
S LVFKHQ )RUPDW DQJH]HLJW
%HJLQQ GHV %ORFNV n,QWHJULHUWH %HGLHQXQJk
'LH YHUIÚJEDUHQ 6SUDFKHQ NÐQQHQ GXUFK ZLHGHUKROWHV
'UÚFNHQ GHU n1HLQk 7DVWH 1 LQV 'LVSOD\ JHKROW ZHUGHQ
GLH $QJDEHQ HUIROJHQ LQ GHU MHZHLOLJHQ /DQGHVVSUDFKH
'LH JHZÚQVFKWH 6SUDFKH ZLUG PLW GHU (LQJDEHWDVWH (
JHZ KOW
'DWXPVDQ]HLJHQ LP 'LVSOD\ ZHUGHQ EHL 9RUHLQVWHOOXQJ
LP HXURS LVFKHQ )RUPDW DQJHJHEHQ 'XUFK 'UÚFNHQ
GHU n1HLQk 7DVWH 1 NDQQ DXI DPHULNDQLVFKHV )RUPDW
XPJHVFKDOWHW ZHUGHQ GDQQ PLW ( EHVW WLJHQ
77 7DJHVGDWXP ]ZHLVWHOOLJ
00 0RQDW LQ =LIIHUQ ]ZHLVWHOOLJ
---- -DKU YLHUVWHOOLJ PLW -DKUKXQGHUWDQJDEH

6' 9
, > @
, > @
, > @
% ( 7 5 =
X V Z
% ( 7 5 =
X V Z
,Q GHQ $GUHVVHQ XQG ZHUGHQ 6WÐUIDOOPHO
GXQJHQ JHZ KOW GLH QDFK HLQHP )HKOHU LP 1HW]
VSRQWDQ LP 'LVSOD\ DXI GHU )URQWSODWWH GHV *HU WHV
HUVFKHLQHQ VROOHQ 'LH PÐJOLFKHQ 0HOGXQJHQ NÐQ
QHQ GXUFK ZLHGHUKROWHV 'UÚFNHQ GHU n1HLQk 7DVWH
1 LQV 'LVSOD\ JHKROW ZHUGHQ GLH JHZÚQVFKWH ZLUG
6 7 2 ( 5 =
6 F K X W ] $ Q U H J
6 F K X W ] $ X V O
7 $ Q U
7 $ 8 6
6 7 2 ( 5 =
6 F K X W ] $ X V O
X V Z
) ( + $ 1 = ( , * (
0 , 7 $ 1 5 ( * 8 1 *
0 , 7 $ 8 6 . 2 0 0 $ 1 ' 2
9RUEHUHLWXQJVDQZHLVXQJHQ
5XKHDQ]HLJH LP %HWULHE IÚU GLH 'LVSOD\]HLOH 6 PWOL
FKH %HWULHEV XQG ÛEHUODVWPH|ZHUWH JHP | $EVFKQLWW
NÐQQHQ GXUFK ZLHGHUKROWHV 'UÚFNHQ GHU
n1HLQk 7DVWH 1 JHZ KOW ZHUGHQ GHU JHZÚQVFKWH ZLUG
PLW GHU (LQJDEHWDVWH ( EHVW WLJW 'HU KLHU JHZ KOWH
0H|ZHUW ZLUG LQ GHU HUVWHQ =HLOH GHV 'LVSOD\V LP 5XKH
]XVWDQG GHV *HU WHV ODXIHQG DQJH]HLJW
5XKHDQ]HLJH LP %HWULHE IÚU GLH 'LVSOD\]HLOH 'HU KLHU
JHZ KOWH 0H|ZHUW ZLUG LQ GHU ]ZHLWHQ =HLOH GHV 'LV
SOD\V LP 5XKH]XVWDQG GHV *HU WHV ODXIHQG DQJH]HLJW
PLW GHU (LQJDEHWDVWH ( JHZ KOW
'LHVH 6SRQWDQPHOGXQJHQ NÐQQHQ LP %HWULHE GXUFK
%HW WLJXQJ GHU 5(6(7 7DVWH RGHU ÚEHU GDV )HUQ
UÚFNVWHOOUHODLV TXLWWLHUW ZHUGHQ 1DFK GHU 4XLWWLHUXQJ
HUVFKHLQHQ GDQQ ZLHGHU GLH 5XKHDQ]HLJHQ GLH XQ
WHU GHQ $GUHVVHQ XQG JHZ KOW ZXUGHQ
1DFK HLQHP 6WÐUIDOO ZHUGHQ LQ GHU HUVWHQ 'LVSOD\]HLOH
DQJH]HLJW
GLH 6FKXW]IXQNWLRQ GLH DQJHUHJW KDW
GLH 6FKXW]IXQNWLRQ GLH HLQ $XVOÐVHNRPPDQGR DEJHJH
EHQ KDW
GLH /DXI]HLW YRQ $QUHJHEHJLQQ ELV UÚFNIDOO
GLH /DXI]HLW YRQ $QUHJHEHJLQQ ELV ]XU $EJDEH GHV
$XVOÐVHNRPPDQGRV
1DFK HLQHP 6WÐUIDOO ZHUGHQ LQ GHU ]ZHLWHQ 'LVSOD\]HLOH
DQJH]HLJW
GLH JOHLFKHQ 0ÐJOLFKNHLWHQ ZLH XQWHU $GUHVVH
*HVSHLFKHUWH /(' $Q]HLJHQ XQG GLH 6SRQWDQ
6WÐUIDOOPHOGXQJHQ GHV 'LVSOD\V NÐQQHQ QDFK HUQHXWHU
$QUHJXQJ RGHU QXU QDFK HUQHXWHP $XVOÐVHNRPPDQGR
HUVFKHLQHQ 'LH JHZÚQVFKWH $UW GHU $Q]HLJH ZLUG GXUFK
'UÚFNHQ GHU n1HLQk 7DVWH 1 JHZ KOW XQG PLW GHU (LQ
JDEHWDVWH ( EHVW WLJW
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
(LQVWHOOXQJHQ IÚU GLH VHULHOOHQ 6FKQLWWVWHOOHQ %ORFN
'DV *HU W YHUIÚJW ÚEHU HLQH RGHU ]ZHL VHULHOOH
6FKQLWWVWHOOHQ MH QDFK $XVIÚKUXQJ HLQH LQ GHU
)URQWSODWWH LQWHJULHUWH %HGLHQVFKQLWWVWHOOH DXFK
3& 6FKQLWWVWHOOH JHQDQQW XQG DEK QJLJ YRQ GHU
EHVWHOOWHQ 9DULDQWH HLQH 6\VWHPVFKQLWWVWHOOH IÚU
GHQ $QVFKOX| HLQHU ]HQWUDOHQ 6WHXHU XQG 6SHLFKHU
HLQULFKWXQJ ] % 6LHPHQV /6$ )ÚU GLH .RPPX
QLNDWLRQ ÚEHU GLHVH 6FKQLWWVWHOOHQ VLQG JHZLVVH 9HU
HLQEDUXQJHQ QÐWLJ GLH GLH *HU WHLGHQWLILNDWLRQ GDV
ÛEHUWUDJXQJVIRUPDW XQG GLH ÛEHUWUDJXQJVJH
VFKZLQGLJNHLW EHWUHIIHQ
3 & 6 < 6 7 ( 0
6 & + 1 , 7 7 6 7 ( / / ( 1
* ( 5 $ ( 7 ( $ ' 5
) ( / ' $ ' 5
$ 1 / $ * ( 1 $ ' 5
) 8 1 . 7 < 3
* ( 5 $ ( 7 ( 7 < 3
'D]X VLQG LP %ORFN HLQLJH )UDJHQ ]X EHDQWZRU
WHQ +LHU]X LVW &RGHZRUWHLQJDEH QRWZHQGLJ VLHKH
$EVFKQLWW 'LH HLQJHJHEHQHQ 'DWHQ PÚVVHQ
PLW GHQ DQ]XVFKOLH|HQGHQ *HU WHQ DEJHVWLPPW
VHLQ
'LH 0HOGXQJHQ GLH YRQ GHU /6$ YHUDUEHLWHW ZHUGHQ
NÐQQHQ VLQG LP *HU W LQ HLQHU JHVRQGHUWHQ 7DEHOOH
KLQWHUOHJW 'LHVH LVW LP $QKDQJ & DXIJHIÚKUW
%HJLQQ GHV %ORFNV n3& XQG 6\VWHP 6FKQLWWVWHOOHQk
,GHQWLILNDWLRQVQXPPHU GHV *HU WHV LQQHUKDOE GHU $QOD
JH JLOW IÚU EHLGH 6FKQLWWVWHOOHQ 3& XQG 6\VWHP
6FKQLWWVWHOOH 'LH 1XPPHU LVW IUHL Z KOEDU PX| DEHU LQ
QHUKDOE GHV 6\VWHPV GHU $QODJH HLQPDOLJ VHLQ
NOHLQVWHU ]XO VVLJHU :HUW
JUÐ|WHU ]XO VVLJHU :HUW
1XPPHU GHV $E]ZHLJV LQQHUKDOE GHU $QODJH )HOG
DGUHVVH JLOW IÚU EHLGH 6FKQLWWVWHOOHQ 3& XQG 6\
VWHP 6FKQLWWVWHOOH
NOHLQVWHU ]XO VVLJHU :HUW
JUÐ|WHU ]XO VVLJHU :HUW
,GHQWLILNDWLRQVQXPPHU GHU $QODJH IDOOV PHKUHUH $QOD
JHQ DQJHVSURFKHQ ZHUGHQ NÐQQHQ JLOW IÚU EHLGH
6FKQLWWVWHOOHQ 3& XQG 6\VWHP 6FKQLWWVWHOOH
NOHLQVWHU ]XO VVLJHU :HUW
JUÐ|WHU ]XO VVLJHU :HUW
)XQNWLRQVW\S GHV *HU WHV LQ ÛEHUHLQVWLPPXQJ PLW
9'(: =9( XQG ,(& , IÚU /HLWXQJVGLIIH
UHQWLDOVFKXW]JLOW
'LHVH $GUHVVH GLHQW LQ HUVWHU /LQLH ]XU ,QIRUPDWLRQ VLH
VROOWH QLFKW YHU QGHUW ZHUGHQ
*HU WHW\S IÚU GLH ,GHQWLILNDWLRQ GXUFK GLH 6,(0(16 /6$
XQG ',*6, IÚU 6' JLOW
'LHVH $GUHVVH GLHQW QXU ]XU ,QIRUPDWLRQ XQG LVW QLFKW
YHU QGHUEDU

6' 9
$GUHVVHQ ELV JHOWHQ QXU IÚU GLH YRUGHUH %HGLHQ 3& 6FKQLWWVWHOOH
9RUEHUHLWXQJVDQZHLVXQJHQ
+LQZHLV )ÚU GDV +DQGEHGLHQJHU W ;5 PX|GDV 6FKQLWWVWHOOHQIRUPDW $GUHVVH DXI $6&,, GLH 3&
%DXGUDWH $GUHVVH DXI %$8' GLH 3& 3DULW W $GUHVVH DXI .(,1( 6723 HLQJHVWHOOW ZHU
GHQ
3 & 6 & + 1 , 7 7
' , * 6 , 9
$ 6 & , ,
3 & % $ 8 '
% $ 8 '
% $ 8 '
% $ 8 '
% $ 8 '
% $ 8 '
3 & 3 $ 5 , 7 $ ( 7
' , * 6 , 9
. ( , 1 ( 6 7 2 3
. ( , 1 ( 6 7 2 3
)RUPDW GHU 'DWHQ IÚU GLH YRUGHUH 3& 6FKQLWWVWHOOH
)RUPDW IÚU ',*6,9 9HUVLRQ
$6&,, )RUPDW
'LH ÛEHUWUDJXQJVJHVFKZLQGLJNHLW IÚU GLH YRUGHUH VH
ULHOOH 3& 6FKQLWWVWHOOH NDQQ GXUFK ZLHGHUKROWHV 'UÚN
NHQ GHU n1HLQk 7DVWH 1 JH QGHUW ZHUGHQ GLH JH
ZÚQVFKWH ZLUG PLW GHU (LQJDEHWDVWH ( JHZ KOW
'LH 3DULWL W GHU ÛEHUWUDJXQJVWHOHJUDPPH NDQQ DQJH
SD|W ZHUGHQ
DQ ',*6, 9HUVLRQ 9 PLW JHUDGHU 3DULW W XQG HLQHP
6WRS %LW
DQ ÛEHUWUDJXQJVPLWWHO GLH .(,1( 3DULW W XQG 6723
%LWV EHQÐWLJHQ
DQ ÛEHUWUDJXQJVPLWWHO GLH .(,1( 3DULW W XQG 6723
%LW EHQÐWLJHQ ] % 0RGHP
$GUHVVHQ ELV JHOWHQ QXU IÚU GLH 6\VWHP /6$ 6FKQLWWVWHOOH ZHQQ EHVWÚFNW
6 < 6 6 & + 1 , 7 7
9 ' ( : . 2 0 3 $ 7 , % ( /
9 ' ( : ( 5 : ( , 7 ( 5 7
' , * 6 , 9
/ 6 $
)RUPDW GHU 0HOGXQJHQ XQG 6WÐUZHUWH IÚU GLH 6\VWHP
6FKQLWWVWHOOH
QXU 'DWHQ LQ ÛEHUHLQVWLPPXQJ PLW 9'(: =9(, ,(&
9'(: =9(, NRPSDWLEOH 'DWHQ ,(&
PLW 6,(0(16 VSH]LILVFKHU (UZHLWHUXQJ
)RUPDW IÚU ',*6, 9HUVLRQ
)RUPDW GHU IUÚKHUHQ 6LHPHQV /6$
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
6 < 6 0 ( 6 6 : (
9 ' ( : . 2 0 3 $ 7 , % ( /
9 ' ( : ( 5 : ( , 7 ( 5 7
& * &
6 < 6 % $ 8 '
% $ 8 '
% $ 8 '
% $ 8 '
% $ 8 '
% $ 8 '
6 < 6 3 $ 5 , 7
9 ' ( : ' , * 6 , 9 / 6 $
. ( , 1 ( 6 7 2 3
. ( , 1 ( 6 7 2 3
)RUPDW GHU 0H|ZHUWH IÚU GLH 6\VWHP 6FKQLWWVWHOOH
QXU 'DWHQ LQ ÛEHUHLQVWLPPXQJ PLW 9'(: =9(, ,(&
9'(: =9(, NRPSDWLEOH 'DWHQ ,(&
PLW 6,(0(16 VSH]LILVFKHU (UZHLWHUXQJ
'LH ÛEHUWUDJXQJVJHVFKZLQGLJNHLW IÚU GLH 6\VWHP
6FKQLWWVWHOOH NDQQ GXUFK ZLHGHUKROWHV 'UÚFNHQ GHU
n1HLQk 7DVWH 1 JH QGHUW ZHUGHQ GLH JHZÚQVFKWH ZLUG
PLW GHU (LQJDEHWDVWH ( JHZ KOW
'LH 3DULWL W GHU ÛEHUWUDJXQJVWHOHJUDPPH NDQQ DQJH
SD|W ZHUGHQ
DQ 9'(: 3URWRNROO ,(& E]Z ',*6,
9HUVLRQ 9 PLW JHUDGHU 3DULW W XQG HLQHP 6WRS %LW XQG
IUÚKHUH /6$
DQ ÛEHUWUDJXQJVPLWWHO GLH .(,1( 3DULW W XQG 6723
%LWV EHQÐWLJHQ
DQ ÛEHUWUDJXQJVPLWWHO GLH .(,1( 3DULW W XQG 6723
%LW EHQÐWLJHQ ] % 0RGHP
$GUHVVH LVW QXU YRQ %HODQJ ZHQQ ÚEHU GLH 6\VWHP 6FKQLWWVWHOOH PLW GHP 6FKXW]GDWHQYHUDUEHLWXQJVSUR
JUDPP ',*6, NRPPXQL]LHUW ZLUG $GUHVVH 6

6' 9
(LQVWHOOXQJHQ IÚU GLH 6WÐUZHUWVSHLFKHUXQJ %ORFN
'HU /HLWXQJVGLIIHUHQWLDOVFKXW]YHUIÚJW ÚEHU HLQHQ
6WÐUZHUWVSHLFKHU VLHKH $EVFKQLWW 8QWHU
VFKLHGHQ ZLUG ]ZLVFKHQ %H]XJV]HLWSXQNW XQG 6SHL
FKHUNULWHULXP $GUHVVH 1RUPDOHUZHLVH LVW GHU
%H]XJV]HLWSXQNW GLH *HU WHDQUHJXQJ 'DEHL NDQQ
GDV 6SHLFKHUNULWHULXP HEHQIDOOV GLH *HU WHDQUH
JXQJ VHLQ 63(,&+ 0,7 $15 RGHU GLH*HU WHDXV
OÐVXQJ 63(,&+ 0,7 $86 VHLQ (V NDQQ DXFK GLH
*HU WHDXVOÐVXQJ DOV %H]XJV]HLWSXQNW JHZ KOW ZHU
GHQ 67$57 %(, $86 GDQQ LVW GLHVH DXFK GDV 6SHL
FKHUNULWHULXP 'D EHLP 'LIIHUHQWLDOVFKXW]$QUHJXQJ
XQG $XVOÐVXQJ GHUVHOEH =HLWSXQNW VLQG PDFKW VLFK
GLHVH 8QWHUVFKHLGXQJ QXU EHLP ÛEHUVWURP]HLW
VFKXW]EHPHUNEDU
'LH WDWV FKOLFKH 6SHLFKHU]HLW EHJLQQW XP GLH 9RU
ODXI]HLW 7 925 $GUHVVH YRU GHP %H]XJV]HLW
SXQNW XQG HQGHW XP GLH 1DFKODXI]HLW 7 1$&+
$GUHVVH VS WHU DOV GDV 6SHLFKHUNULWHULXP
6 7 2 ( 5 : ( 5 7
6 3 ( , & + ( 5 8 1 *
) 8 1 . 7 , 2 1
6 3 ( , & + 0 , 7 $ 1 5
6 3 ( , & + 0 , 7 $ 8 6
6 7 $ 5 7 % ( , $ 8 6
7 0 $ ;
V
7 9 2 5
V
9RUEHUHLWXQJVDQZHLVXQJHQ
YHUVFKZLQGHW 'LH PD[LPDO ]XO VVLJH *HVDPWVSHL
FKHU]HLW SUR 6WÐUVFKULHE ZLUG XQWHU $GUHVVH
HLQJHVWHOOW ,QVJHVDPW VWHKHQ PD[LPDO V IÚU 6WÐU
ZHUWVSHLFKHUXQJ ]XU 9HUIÚJXQJ ,Q GLHVHP =HLWUDXP
NÐQQHQ ELV ]X 6WÐUVFKULHEH JHVSHLFKHUW ZHUGHQ
$QPHUNXQJ 'LH =HLWDQJDEHQ EH]LHKHQ VLFK DXI
+]
'LH 6WÐUZHUWVSHLFKHUXQJ NDQQ DXFK ÚEHU HLQH %L
Q UHLQJDEH RGHU GXUFK %HGLHQXQJ ÚEHU GLH )ROLHQ
WDVWDWXU RGHU %HGLHQVFKQLWWVWHOOH DNWLYLHUW ZHUGHQ
'LH 6SHLFKHUXQJ ZLUG GDQQ G\QDPLVFK JHWULJJHUW
$GUHVVHQ XQG EHVWLPPHQ GLH / QJH GHV
6WÐUVFKULHEV 9RU XQG 1DFKODXI]HLWHQ NRPPHQ
QRFK KLQ]X :LUG GLH =HLW IÚU GLH %LQ UHLQJDEH DXI *
JHVWHOOW GDXHUW GLH 6SHLFKHUXQJ VRODQJH ZLH GLH %L
Q UHLQJDEH DQJHVWHXHUW LVW VWDWLVFK O QJVWHQV MH
GRFK 7 0$; $GUHVVH
%HJLQQ GHV %ORFNV n6WÐUZHUWVSHLFKHUXQJk
6WÐUZHUWVSHLFKHU ZLUG DNWLYLHUW
EHL *HQHUDODQUHJXQJ DOV %H]XJV]HLWSXQNW XQG
PLW *HQHUDODQUHJXQJ DOV 6SHLFKHUNULWHULXP
EHL *HQHUDODQUHJXQJ DOV %H]XJV]HLWSXQNW XQG
PLW $XOÐVHNRPPDQGR DOV 6SHLFKHUNULWHULXP
EHL $XVOÐVHNRPPDQGR DOV %H]XJV]HLWSXQNW XQG
PLW $XVOÐVHNRPPDQGR DOV 6SHLFKHUNULWHULXP
=HLW GLH PD[LPDO IÚU HLQH 6WÐUZHUWVSHLFKHUXQJ ]XU 9HU
IÚJXQJ VWHKHQ VROO
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
=HLW YRU GHP 6WDUW]HLWSXQNW %H]XJV]HLW QDFK $GUHVVH
]X GHU GLH 6WÐUZHUWVSHLFKHUXQJ EHJLQQHQ VROO
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
7 1 $ & +
V
% ( = ( , 7
V
) 2 / , ( = ( , 7
V
=HLW QDFK 5ÚFNIDOO GHV 6SHLFKHUNULWHULXPV QDFK GHU GLH
$XI]HLFKQXQJ GHU 6WÐUZHUWH HQGHQ VROO
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
/ QJH HLQHV 6WÐUVFKULHEV EHL 6WDUW GHU 6WÐUZHUWVSHL
FKHUXQJ ÚEHU %LQ UHLQJDEH ]X]ÚJOLFK 9RUODXI]HLW
$GUHVVH XQG 1DFKODXI]HLW $GUHVVH
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
XQG * GK VRODQJH%LQ UHLQJDEH DQJHVWHXHUW DEHU
QLFKW O QJHU DOV 7 0$;
/ QJH HLQHV 6WÐUVFKULHEV EHL 6WDUW GHU 6WÐUZHUWVSHL
FKHUXQJ ÚEHU GLH %HGLHQWDVWDWXU ]X]ÚJOLFK 9RUODXI]HLW
$GUHVVH XQG 1DFKODXI]HLW $GUHVVH
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
$GUHVVH LVW QXU YRQ %HODQJ ZHQQ GDV *HU W DQ HLQH IUÚKHUH /6$ $QODJH DQJHVFKORVVHQ LVW 'DQQ ZLUG
LKP KLHU PLWJHWHLOW ZLH JUR| GLH / QJH HLQHV 6WÐUVFKULHEV IÚU GLH 6\VWHPVFKQLWWVWHOOH VHLQ VROO GDPLW GDV /6$
6\VWHP GLH ULFKWLJH $Q]DKO YRQ 6WÐUZHUWHQ HUK OW
) ( 6 7
9 $ 5 , $ % ( /
6 < 6 / $ ( 1 * (
1XU IÚU .RPPXQLNDWLRQ PLW IUÚKHUHQ /6$ $QODJHQ
/ QJH GHV ÚEHU GLH 6\VWHPVFKQLWWVWHOOH ]XU /6$ ÚEHUJH
EHQHQ 6WÐUVFKULHEV
IHVW 6WÐUZHUWH IÚU ELVKHULJH /6$
O QJHUH 6WÐUVFKULHEH ELV PD[LPDO 6WÐUZHUWH IÚU
HQWVSUHFKHQG HLQJHULFKWHWH /6$ $QODJHQ

6' 9
3URMHNWLHUXQJ GHU 6FKXW]IXQNWLRQHQ
(LQIÚKUXQJ
'DV *HU W 6' YHUIÚJW ÚEHU HLQH 5HLKH YRQ
6FKXW] XQG =XVDW]IXQNWLRQHQ 'XUFK 3URMHNWLHUXQJ
NÐQQHQ HLQ]HOQH )XQNWLRQHQ ]X RGHU DEJHVFKDOWHW
RGHU GDV =XVDPPHQZLUNHQ GHU )XQNWLRQHQ PRGLIL
]LHUW ZHUGHQ =XV W]OLFK NDQQ GLH 1HW]IUHTXHQ] HLQ
JHVWHOOW ZHUGHQ
%HLVSLHO IÚU 3URMHNWLHUXQJ GHV *HU WHXPIDQJV
(LQ 1HW]EHVWHKW DXV )UHLOHLWXQJV XQG .DEHOVWUHN
NHQ 'HU ÛEHUODVWVFKXW]LVW QXU IÚU GLH .DEHOVWUHN
NHQ VLQQYROO )ÚU GLH )UHLOHLWXQJVVWUHFNHQ ZLUG HU GD
KHU nZHJSURMHNWLHUWk
'LH (LQJDEH GHU 3URMHNWLHUXQJVSDUDPHWHU HUIROJW
PLWWHOV GHV LQWHJULHUWHQ %HGLHQIHOGHV DXI GHU )URQW
GHV *HU WHV RGHU PLWWHOV 3HUVRQDOFRPSXWHU ÚEHU GLH
YRUGHUH %HGLHQVFKQLWWVWHOOH 'LH +DQGKDEXQJ GHV
%HGLHQIHOGHV LVW LQ $EVFKQLWW DXVIÚKUOLFK EH
VFKULHEHQ =XP QGHUQ GHU 3URMHNWLHUXQJVSDUDPH
WHU LVW GLH (LQJDEH GHV &RGHZRUWHV HUIRUGHUOLFK VLH
KH $EVFKQLWW 2KQH &RGHZRUW NÐQQHQ GLH (LQ
VWHOOXQJHQ ZRKO JHOHVHQ QLFKW DEHU JH QGHUW ZHU
GHQ
)ÚU GLH 3URMHNWLHUXQJ VLQG GLH %HGLHQDGUHVVHQ 44
XQG 44 YRUJHVHKHQ 0DQ HUUHLFKW GHQ %HJLQQ GHU
3URMHNWLHUXQJVEOÐFNH HQWZHGHU GXUFK 'LUHNWDQZDKO
'LUHNWDGUHVVLHUWDVWH '$ GUÚFNHQ
$GUHVVH HLQWLSSHQ
(LQJDEHWDVWH ( GUÚFNHQ
RGHU GXUFK %O WWHUQ PLW GHQ 7DVWHQ Â YRUZ UWV E]Z
Ä UÚFNZ UWV ELV $GUHVVH HUVFKHLQW
,QQHUKDOE GHV %ORFNHV NDQQ PDQ PLW ZHLWHUEO W
WHUQ RGHU PLW ]XUÚFNEO WWHUQ -HGHV :HLWHUEO WWHUQ
IÚKUW ]X HLQHU ZHLWHUHQ $GUHVVH IÚU GLH (LQVWHOOXQJ HL
QHV 3URMHNWLHUXQJVSDUDPHWHUV ,Q GHQ IROJHQGHQ
$EVFKQLWWHQ LVW MHGH $GUHVVH LQ HLQHP . VWFKHQ JH
]HLJW XQG HUO XWHUW ,Q GHU REHUHQ =HLOH GHV $Q]HL
JHQIHOGHV VWHKW KLQWHU $GUH|QXPPHU XQG %DONHQ GLH
]X SURMHNWLHUHQGH *HU WHIXQNWLRQ ,Q GHU ]ZHLWHQ
=HLOH VWHKW GHU ]XJHKÐULJH 7H[W ] % n925+$1
9RUEHUHLWXQJVDQZHLVXQJHQ
'(1k ,VW GLHVHU 7H[W ]XWUHIIHQG ZLUG PLW GHQ 3IHLOWD
VWHQ E]Z ]XU Q FKVWHQ $GUHVVH JHEO WWHUW 6ROO
GHU 7H[W JH QGHUW ZHUGHQ ZLUG GLH n1HLQk 7DVWH 1
JHGUÚFNW HV HUVFKHLQW GDQQ HLQ DOWHUQDWLYHU 7H[W
] % n1,&+7 925+$1'(1k (V NDQQ DXFK PHKUHUH
$OWHUQDWLYHQ JHEHQ GLH GDQQ GXUFK ZLHGHUKROWHV
'UÚFNHQ GHU n1HLQk 7DVWH 1 LQ GDV $Q]HLJHQIHOG
JHKROW ZHUGHQ NÐQQHQ 'LH $OWHUQDWLYH GLH ]XWULIIW
ZLUG PLW GHU (LQJDEHWDVWH ( EHVW WLJW
0LW GHP 'RSSHOSIHLO Â NRPPW PDQ ]XP Q FKVWHQ
$GUH|EORFN LQ GLHVHP )DOO 'RUW VLQG ZHLWHUH 3UR
MHNWLHUXQJVSDUDPHWHU ]X ILQGHQ GLH HQWVSUHFKHQG
EHLEHKDOWHQ RGHU JH QGHUW ZHUGHQ NÐQQHQ
(LQ %HHQGHQ GHV 3URMHNWLHUYRUJDQJV LVW MHGHU]HLW PLW
GHU 7DVWHQNRPELQDWLRQ )( G K )XQNWLRQVWDVWH )
GUÚFNHQ XQG DQVFKOLH|HQG GLH (LQJDEHWDVWH (
PÐJOLFK ,P 'LVSOD\ HUVFKHLQW GLH )UDJH n(,167(/
/81*(1 8(%(51(+0(1 "k 0LW GHU n-Dk 7DVWH
- < EHVW WLJW PDQ GD| QXQ GLH QHXHQ (LQVWHOOXQJHQ
JÚOWLJ ZHUGHQ VROOHQ 'UÚFNW PDQ KLQJHJHQ GLH
n1HLQk 7DVWH 1 VR ZHUGHQ DOOH QGHUXQJHQ GLH
VHLW GHU OHW]WHQ (LQJDEH GHV &RGHZRUWHV JHW WLJW
ZXUGHQ YHUZRUIHQ +LHUGXUFK NÐQQHQ DOVR LUUWÚPOL
FKH QGHUXQJHQ QRFK UÚFNJ QJLJ JHPDFKW ZHU
GHQ
:HQQ PDQ GLH *UHQ]HQ GHU 5DQJLHU XQG 3URMHNWLHU
EOÐFNH DOVR %OÐFNH ELV PLW HLQHU GHU 7DVWHQ Â
Ä ÚEHUVFKUHLWHQ ZLOO HUVFKHLQW LP 'LVSOD\ GLH )UDJH
n&2'(:257%(5(,&+ 9(5/$66(1 "k 0LW GHU
n1HLQk 7DVWH 1 NDQQ PDQ GLH 3URMHNWLHUXQJ IRUWVHW
]HQ 'UÚFNW PDQ KLQJHJHQ GLH n-Dk 7DVWH - < HU
VFKHLQW DOV Q FKVWHV GLH )UDJH n(,167(//81*(1
8(%(51(+0(1 "k :LH REHQ LVW %HVW WLJHQ PLW - <
RGHU $EEUHFKHQ PLW 1 PÐJOLFK
1DFK %HHQGLJXQJ GHV 3URMHNWLHUYRUJDQJHV ZHUGHQ
GLH =XRUGQXQJHQ GLH ELV GDKLQ LQ IOÚFKWLJHQ 6SHL
FKHUQ DEJHOHJW ZDUHQ GDXHUKDIW XQG JHJHQ 6SDQ
QXQJVDXVIDOO JHVLFKHUW LQ ((3520V KLQWHUOHJW (V
HUIROJW HLQ 1HXDQODXI GHV 3UR]HVVRUV\VWHPV Z K
UHQG GHVVHQ GDV *HU W QLFKW EHWULHEVEHUHLW LVW
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
3URMHNWLHUXQJ GHV *HU WHXPIDQJV %ORFN
'LH YHUIÚJEDUHQ 6FKXW] XQG =XVDW]IXQNWLRQHQ NÐQ
QHQ DOV 925+$1'(1 RGHU 1,&+7 925+$1'(1 SUR
MHNWLHUW ZHUGHQ %HL HLQLJHQ )XQNWLRQHQ NDQQ DXFK
GLH $XVZDKO ]ZLVFKHQ PHKUHUHQ $OWHUQDWLYHQ PÐJ
OLFK VHLQ
)XQNWLRQHQ GLH DOV 1,&+7 925+$1'(1 SURMHNWLHUW
VLQG ZHUGHQ LP 6' QLFKW YHUDUEHLWHW (V JLEW
NHLQH 0HOGXQJHQ XQG GLH ]XJHKÐULJHQ (LQVWHOOSD
UDPHWHU )XQNWLRQHQ *UHQ]ZHUWH ZHUGHQ EHL GHU
(LQVWHOOXQJ $EVFKQLWW QLFKW DEJHIUDJW
* ( 5 $ ( 7 (
8 0 ) $ 1 *
/HLWXQJVGLIIHUHQWLDOVFKXW]
' , ) ) 6 & + 8 7 =
9 2 5 + $ 1 ' ( 1
1 , & + 7 9 2 5 + $ 1 ' ( 1
+LOIVDGHUQÚEHUZDFKXQJ
$ ' ( 5 1 8 ( %
1 , & + 7 9 2 5 + $ 1 ' ( 1
9 2 5 + $ 1 ' ( 1
(LQNRSSOXQJ IÚU GLUHNWH ÐUWOLFKH $XVOÐVXQJ
( , 1 . 2 3 3 /
1 , & + 7 9 2 5 + $ 1 ' ( 1
9 2 5 + $ 1 ' ( 1
,P *HJHQVDW]GD]X EHGHXWHW GDV $XVVFKDOWHQ HL
QHU )XQNWLRQ GD| GLH )XQNWLRQ YHUDUEHLWHW ZLUG GD|
0HOGXQJHQ HU]HXJW ZHUGHQ ] % n DXVJHVFKDO
WHWk GD| VLH VLFK DEHU QLFKW DXI GDV *HVDPWV\VWHP
GHU 6FKXW]HLQULFKWXQJ DXVZLUNHQ ] % NHLQ $XVOÐ
VHNRPPDQGR
'LH IROJHQGHQ . VWFKHQ ]HLJHQ GLH 0ÐJOLFKNHLWHQ
IÚU GHQ 0D[LPDODXVEDX GHV *HU WHV ,P NRQNUHWHQ
)DOO ZHUGHQ QLFKW YHUIÚJEDUH )XQNWLRQHQ QLFKW DQJH
]HLJW
%HJLQQ GHV %ORFNV n*HU WHXPIDQJk
(LQNRSSOXQJ IÚU )HUQDXVOÐVXQJ GHV *HJHQHQGHV
) ( 5 1 $ 8 6
1 , & + 7 9 2 5 + $ 1 ' ( 1
9 2 5 + $ 1 ' ( 1
$XVOÐVXQJ EHL (PSIDQJ YRP *HJHQHQGH
( 0 3 ) $ 1 *
1 , & + 7 9 2 5 + $ 1 ' ( 1
9 2 5 + $ 1 ' ( 1
5HVHUYH ÛEHUVWURP]HLWVFKXW]
5 ( 6 8 $ 0 =
1 , & + 7 9 2 5 + $ 1 ' ( 1
9 2 5 + $ 1 ' ( 1

6' 9
7KHUPLVFKHU ÛEHUODVWVFKXW]
8 ( % ( 5 / $ 6 7
1 , & + 7 9 2 5 + $ 1 ' ( 1
9 2 5 + $ 1 ' ( 1
3DUDPHWHUVDW]XPVFKDOWXQJ
9 2 5 + $ 1 ' ( 1
9RUEHUHLWXQJVDQZHLVXQJHQ
3 $ 5 $ 8 0 6 & +
1 , & + 7 9 2 5 + $ 1 ' ( 1
'LH 1HQQIUHTXHQ]GHV 1HW]HV ZLUG XQWHU $GUHVVH HLQJHVWHOOW 'HU YRUHLQJHVWHOOWH :HUW +]PX| QXU EHL
+]1HW]IUHTXHQ]JH QGHUW ZHUGHQ
) 5 ( 4 8 ( 1 =
I 1 + ]
I 1 + ]
1HQQIUHTXHQ]GHV 1HW]HV
+] RGHU +]
3URMHNWLHUXQJ GHU *HU WHNRQILJXUDWLRQ %ORFN
'LH .RQILJXUDWLRQ EHWULIIW GDV =XVDPPHQZLUNHQ GHU
6FKXW] XQG =XVDW]IXQNWLRQHQ EHL 6' RE ]ZHL
*HU WH LQ MHGHU 6WDWLRQ ]XVDPPHQJHVFKDOWHW VLQG
* ( 5 $ ( 7 (
. 2 1 ) , * 8 5 $ 7 , 2 1
$ 1 6 & + / 8 6 6
= : ( , ( 1 ' ( 1
' 5 ( , ( 1 ' ( 1
XP HLQH /HLWXQJ PLW GUHL (QGHQ 'UHLEHLQ /HLWXQJ
]X VFKÚW]HQ
%HJLQQ GHV %ORFNV n*HU WHNRQILJXUDWLRQk
%HL 'UHLEHLQ /HLWXQJHQ PX| DXI '5(,(1'(1 HLQJH
VWHOOW ZHUGHQ
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
5DQJLHUXQJ YRQ %LQ UHLQJDEHQ %LQ UDXVJDEHQ XQG $Q]HLJHQ
(LQIÚKUXQJ
'LH LQ GHQ ÛEHUVLFKWVSO QHQ $QKDQJ $ GDUJHVWHOO
WH %HGHXWXQJ GHU %LQ UHLQ XQG DXVJDEHQ JHOWHQ
IÚU GLH *HU WH LP /LHIHU]XVWDQG 'LH =XRUGQXQJ GHU
(LQ XQG $XVJDEHQ ]X GHQ %HGHXWXQJHQ NDQQ MH
GRFK IÚU GLH PHLVWHQ )XQNWLRQHQ JH QGHUW XQG VRPLW
DQ ÐUWOLFKH *HJHEHQKHLWHQ DQJHSD|W ZHUGHQ
'LH 5DQJLHUXQJ GHU (LQJDEHQ $XVJDEHQ XQG $Q
]HLJHQ HUIROJW PLWWHOV GHV %HGLHQIHOGHV DXI GHU
)URQWSODWWH RGHU ÚEHU GLH YRUGHUH %HGLHQVFKQLWWVWHO
OH 'LH +DQGKDEXQJ LVW LQ $EVFKQLWW DXVIÚKUOLFK
EHVFKULHEHQ 'LH 5DQJLHUXQJ EHJLQQW EHL GHU $GUHV
VH
)ÚU GLH 5DQJLHUXQJ LVW GLH (LQJDEH GHV &RGHZRUWHV
HUIRUGHUOLFK VLHKH $EVFKQLWW 2KQH &RGHZRUW
NÐQQHQ GLH (LQVWHOOXQJHQ ZRKO JHOHVHQ QLFKW DEHU
JH QGHUW ZHUGHQ : KUHQG GHU &RGHZRUWEHGLH
QXQJ G K YRQ (LQJDEH GHV &RGHZRUWV ELV ]XU %H
HQGLJXQJ GHU 5DQJLHUXQJ EOLQNW GHU %DONHQ LP 'LV
SOD\
%HL GHU 5DQJLHUXQJ ZHUGHQ EHVWLPPWH ORJLVFKH
)XQNWLRQHQ Z KUHQG GHV $EODXIV GHU 3URJUDPPH LP
6' EHVWLPPWHQ SK\VLVFKHQ (LQ XQG $XVJD
EHHLQKHLWHQ ]XJHRUGQHW
%HLVSLHO (V ZLUG HLQH $XVOÐVXQJ YRQ HLQHU 6FKXW]
IXQNWLRQ IHVWJHVWHOOW 'LHVHV (UHLJQLV ZLUG DOV n0HO
GXQJk LP *HU W JHQHULHUW ORJLVFKH )XQNWLRQ 'LH
0HOGXQJ VROO DQ EHVWLPPWHQ *HU WHNOHPPHQ DOV
6FKOLH|NRQWDNW ]XU 9HUIÚJXQJ JHVWHOOW ZHUGHQ 'D ]X
EHVWLPPWHQ *HU WHNOHPPHQ HLQ EHVWLPPWHV SK\VL
VFKHV 0HOGHUHODLV YHUGUDKWHW LVW ] % GDV 0HOGHUH
ODLV PX| GHP *HU W PLWJHWHLOW ZHUGHQ GD| GLH OR
JLVFKH 0HOGXQJ n*HUlW $86k DQ GDV 0HOGHUHODLV
]X JHEHQ LVW %HL GHU 5DQJLHUXQJ VLQG GHPQDFK
]ZHL $XVVDJHQ GHV %HGLHQHUV ZLFKWLJ :HOFKHV LP
6FKXW]JHQHULHUWH ORJLVFKH 0HOGHVLJQDO VROO DQ
ZHOFKHV SK\VLVFKH 0HOGHUHODLV JHJHEHQ ZHU
GHQ" (V NÐQQHQ DXFK PHKUHUH ELV ]X 0HOGHVL
JQDOH DXI HLQ SK\VLVFKHV 0HOGHUHODLV JHJHEHQ
ZHUGHQ
5 $ 1 * , ( 5 8 1 *
)ÚU ELQ UH (LQJDEHQ JLOW KQOLFKHV +LHU ZLUG HLQH ,Q
IRUPDWLRQ YRQ DX|HQ ] % n)HUQUÚFNVWHOOXQJk ÚEHU
HLQH SK\VLVFKH (LQJDEHHLQKHLW DQ GDV *HU WJHJH
EHQ XQG VROO HLQH ORJLVFKH )XQNWLRQ ] % 5ÚFNVWHO
OHQ GHU JHVSHLFKHUWHQ /(' EHZLUNHQ 'LH HQWVSUH
FKHQGH )UDJH DQ GHQ %HGLHQHU ODXWHW GHPQDFK
:HOFKHV 6LJQDO HLQHU SK\VLVFKHQ %LQ UHLQJDEH
VROO ZHOFKH 5HDNWLRQ LP 6FKXW]DXVOÐVHQ" (LQH %L
Q UHLQJDEH NDQQ GDEHL ELV ]X ORJLVFKH )XQNWLR
QHQ DXVOÐVHQ
$XFK GLH .RPPDQGRUHODLV GHV *HU WHV NÐQQHQ DXI
YHUVFKLHGHQH )XQNWLRQHQ UDQJLHUW ZHUGHQ -HGHV
.RPPDQGRUHODLV NDQQ YRQ HLQHU RGHU PHKUHUHQ
.RPPDQGRIXQNWLRQHQ DQJHVWHXHUW ZHUGHQ
0HOGHIXQNWLRQHQ NÐQQHQ DXFK PHKUIDFK YHUZHQGHW
ZHUGHQ 6R NDQQ ] % HLQH 0HOGHIXQNWLRQ PHKUHUH
0HOGHUHODLV EHW WLJHQ PHKUHUH .RPPDQGRUHODLV
HUUHJHQ ]XV W]OLFK DXI /('V DQJH]HLJW ZHUGHQ XQG
YRQ %LQ UHLQJDEHQ JHVWHXHUW ZHUGHQ 'LH 6XPPH
DOOHU SK\VLVFKHQ (LQ RGHU $XVJDEHHLQKHLWHQ %LQ U
HLQJDEHQ SOXV 0HOGHUHODLV SOXV /('V SOXV .RPPDQ
GRUHODLV GLH PLW HLQHU ORJLVFKHQ )XQNWLRQ YHUEXQ
GHQ VLQG GDUI GDEHL QLFKW ÚEHUVFKUHLWHQ :LUG
GLHVH =DKO ÚEHUVFKULWWHQ VR ]HLJW GDV *HU WHLQH
GLHVEH]ÚJOLFKH 0HOGXQJ LP 'LVSOD\
'LH 5DQJLHUXQJ LVW VR DXIJHEDXW GD| IÚU MHGH SK\
VLVFKH (LQ $XVJDEHHLQKHLW %LQ UHLQJDEH 0HOGH
UHODLV $Q]HLJH XQG .RPPDQGRUHODLV DEJHIUDJW
ZLUG ZHOFKH ORJLVFKHQ )XQNWLRQHQ ZLUNHQ VROOHQ
'LH DQJHERWHQHQ ORJLVFKHQ )XQNWLRQHQ VLQG LQ GHQ
IROJHQGHQ $EVFKQLWWHQ DXIJHOLVWHW
'HQ %HJLQQ GHU 5DQJLHUSDUDPHWHUEOÐFNH HUUHLFKW
PDQ HQWZHGHU GXUFK 'LUHNWDQZDKO GHU $GUHVVH
'LUHNWDGUHVVLHUWDVWH '$ GUÚFNHQ
$GUHVVH HLQJHEHQ
(LQJDEHWDVWH ( GUÚFNHQ
RGHU GXUFK %O WWHUQ PLW GHQ 7DVWHQ Â YRUZ UWV E]Z
Ä UÚFNZ UWV ELV $GUHVVH HUUHLFKW LVW (V HU
VFKHLQW GDQQ GHU $QIDQJ GHU 5DQJLHUEOÐFNH
%HJLQQ GHU 5DQJLHU %OÐFNH

6' 9
0LW GHU 7DVWH Â NDQQPDQLQGHQQ FKVWHQ 5DQJLHU
EORFN JHKHQ ] % RGHU PLW Ä ]XUÚFN ]XP YRUL
JHQ ,QQHUKDOE HLQHV %ORFNV ZLUG PLW ZHLWHUJHEO W
WHUW E]Z PLW ]XUÚFNJHEO WWHUW -HGHV :HLWHUEO W
WHUQ IÚKUW ]XU $Q]HLJH XQG $EIUDJH HLQHU ZHLWHUHQ
(LQ RGHU $XVJDEH RGHU $Q]HLJH ,P 'LVSOD\ VWHKW
GHU 1DPH GHU (LQ RGHU $XVJDEHHLQKHLW DOV ÛEHU
VFKULIW
0LW GHU 7DVWHQNRPELQDWLRQ ) G K )XQNWLRQVWDVWH
) GUÚFNHQ XQG DQVFKOLH|HQG GLH 3IHLOWDVWH VFKDO
WHW PDQ DXI GLH $XVZDKOHEHQH IÚU GLH ]XJHRUGQHWHQ
ORJLVFKHQ )XQNWLRQHQ XP : KUHQG GHU 8PVFKDO
WXQJ G K YRP 'UÚFNHQ GHU ) 7DVWH ELV ]XP 'UÚN
NHQ GHU 7DVWH LVW GHU %DONHQ KLQWHU GHU $GUH|
QXPPHU LP 'LVSOD\ GXUFK HLQ ) HUVHW]W ,Q GHU REH
UHQ =HLOH GHV 'LVSOD\V VWHKW GLH SK\VLVFKH (LQ $XV
JDEHHLQKHLW GLHVPDO PLW HLQHP GUHLVWHOOLJHQ = KOLQ
GH[ JHIROJW YRP %DONHQ ,Q GHU ]ZHLWHQ 'LVSOD\]HLOH
IROJW GLH ORJLVFKH )XQNWLRQ GLH ] = ]XJHRUGQHW LVW
,Q GLHVHU (EHQH NÐQQHQ PLWWHOV GHU n1HLQk 7DVWH 1
DOOH UDQJLHUEDUHQ (LQ E]Z $XVJDEHIXQNWLRQHQ LQV
'LVSOD\ JHKROW ZHUGHQ $XFK 5ÚFNZ UWVEO WWHUQ LVW
PLW GHU 7DVWH 5 PÐJOLFK 'LH JHZÚQVFKWH )XQNWLRQ
ZLUG PLW GHU (LQJDEHWDVWH ( EHVW WLJW 'DQDFK NÐQ
QHQ PLW GHU 7DVWH ZHLWHUH )XQNWLRQHQ XQWHU ZHL
WHUHQ = KOLQGH[QXPPHUQ IÚU GLH JOHLFKH SK\VLVFKH
(LQKHLW JHZ KOW ZHUGHQ -HGH :DKO LVW PLW GHU 7D
VWH ( DE]XVFKOLH|HQ 6ROO GHU 3ODW]HLQHU SK\VL
VFKHQ (LQKHLW QLFKW EHOHJW ZHUGHQ ZLUG GLH )XQN
WLRQ nQLFKW UDQJLHUWk JHZ KOW
0DQ YHUO |W GLH $XVZDKOHEHQH ZLHGHU PLW GHU 7D
VWHQNRPELQDWLRQ ) G K )XQNWLRQVWDVWH ) GUÚFNHQ
XQG DQVFKOLH|HQG GLH 3IHLOWDVWH ,P 'LVSOD\ HU
VFKHLQW ZLHGHU GLH YLHUVWHOOLJH %HGLHQDGUHVVH PLW
GHP %DONHQ 1XQ NDQQ PDQ PLW ]XU Q FKVWHQ SK\
VLVFKHQ (LQ $XVJDEHHLQKHLW RGHU PLW ]XU YRULJHQ
VFKDOWHQ XQG HUQHXW ZLH REHQ YHUIDKUHQ
'LH ORJLVFKHQ )XQNWLRQHQ VLQG DXFK PLW )XQNWLRQV
QXPPHUQ YHUVHKHQ GLH HEHQIDOOV LQ GHQ 7DEHOOHQ
DXIJHOLVWHW VLQG :HQQ GLH )XQNWLRQVQXPPHU EH
NDQQW LVW NDQQ GLHVH LQ GHU $XVZDKOHEHQH DXFK GL
UHNW HLQJHJHEHQ ZHUGHQ 'DGXUFK ZLUG GDV %O WWHUQ
GXUFK GLH PÐJOLFKHQ )XQNWLRQVEH]HLFKQXQJHQ
ÚEHUIOÚVVLJ %HL GLUHNWHU (LQJDEH GHU )XQNWLRQV
QXPPHU EUDXFKHQ IÚKUHQGH 1XOOHQ QLFKW HLQJHJH
EHQ ]X ZHUGHQ 1DFK GHU (LQJDEH GHU )XQNWLRQV
9RUEHUHLWXQJVDQZHLVXQJHQ
QXPPHU ZLUG GLH (LQJDEHWDVWH ( EHW WLJW 6RIRUW
HUVFKHLQW GLH ]XJHKÐULJH .XU]EH]HLFKQXQJ GHU
)XQNWLRQ ]XU .RQWUROOH 6ROO GLHV JH QGHUW ZHUGHQ
NDQQ PDQ HLQH DQGHUH )XQNWLRQVQXPPHU HLQJHEHQ
RGHU DXFK PLWWHOV GHU n1HLQk 7DVWH 1 ZHLWHU E]Z
PLW GHU 7DVWH 5 ]XUÚFNEO WWHUQ 6ROOHLQHDQGHUH
)XQNWLRQ JHZ KOW ZHUGHQ ZLUG GLHVH ZLHGHU PLW GHU
(LQJDEHWDVWH ( EHVW WLJW
,Q GHQ IROJHQGHQ $EVFKQLWWHQ LVW GLH 5DQJLHUXQJ GHU
%LQ UHLQJDEHQ %LQ UDXVJDEHQ XQG $Q]HLJHQ DQ
JHJHEHQ 'LH 3IHLOH ÂÄRGHU OLQNV QHEHQ GHP
'LVSOD\ . VWFKHQ JHEHQ +LQZHLVH DXI GLH 9HUIDK
UHQVZHLVH EHLP :HLWHUEO WWHUQ YRQ %ORFN ]X %ORFN
LQQHUKDOE GHV %ORFNHV RGHU GHU $XVZDKOHEHQH 'HU
%XFKVWDEH ) YRU GHP 3IHLO ]HLJW DQ GD| ]XHUVW GLH
)XQNWLRQVWDVWH ) ]X GUÚFNHQ LVW
)XQNWLRQVQXPPHUQ XQG EH]HLFKQXQJHQ VLQG YROO
VW QGLJ LP $QKDQJ & WDEHOOLHUW
(LQ %HHQGHQ GHV 5DQJLHUYRUJDQJV LVW MHGHU]HLW PLW
GHU 7DVWHQNRPELQDWLRQ )( G K )XQNWLRQVWDVWH )
GUÚFNHQ XQG DQVFKOLH|HQG GLH (LQJDEHWDVWH (
PÐJOLFK ,P 'LVSOD\ HUVFKHLQW GLH )UDJH n(,167(/
/81*(1 8(%(51(+0(1 "k 0LW GHU n-Dk 7DVWH
- < EHVW WLJW PDQ GD| QXQ GLH QHXHQ (LQVWHOOXQJHQ
JÚOWLJ ZHUGHQ VROOHQ 'UÚFNW PDQ KLQJHJHQ GLH
n1HLQk 7DVWH 1 VR ZHUGHQ DOOH QGHUXQJHQ GLH
VHLW GHU OHW]WHQ (LQJDEH GHV &RGHZRUWV JHW WLJW ZXU
GHQ YHUZRUIHQ +LHUGXUFK NÐQQHQ DOVR LUUWÚPOLFKH
QGHUXQJHQ QRFK UÚFNJ QJLJ JHPDFKW ZHUGHQ
:HQQ PDQ GLH *UHQ]HQ GHU 5DQJLHU XQG 3URMHNWLHU
EOÐFNH DOVR %OÐFNH ELV PLW HLQHU GHU 7DVWHQ Â
Ä ÚEHUVFKUHLWHQ ZLOO HUVFKHLQW LP 'LVSOD\ GLH )UDJH
n&2'(:257%(5(,&+ 9(5/$66(1 "k 0LW GHU
n1HLQk 7DVWH 1 NDQQ PDQ GLH 5DQJLHUXQJ IRUWVHW
]HQ 'UÚFNW PDQ KLQJHJHQ GLH n-Dk 7DVWH - < HU
VFKHLQW DOV Q FKVWHV GLH )UDJH n(,167(//81*(1
8(%(51(+0(1 "k :LH REHQ LVW %HVW WLJHQ PLW - <
RGHU $EEUHFKHQ PLW 1 PÐJOLFK
1DFK %HHQGLJXQJ GHV 5DQJLHUYRUJDQJHV ZHUGHQ
GLH =XRUGQXQJHQ GLH ELV GDKLQ LQ IOÚFKWLJHQ 6SHL
FKHUQ DEJHOHJW ZDUHQ GDXHUKDIW XQG JHJHQ 6SDQ
QXQJVDXVIDOO JHVLFKHUW LQ ((3520V KLQWHUOHJW (V
HUIROJW HLQ 1HXDQODXI GHV 3UR]HVVRUV\VWHPV Z K
UHQG GHVVHQ GDV *HU W QLFKW EHWULHEVEHUHLW LVW
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
5DQJLHUXQJ GHU %LQ UHLQJDEHQ %ORFN
'DV *HU W EHVLW]W E]Z %LQ UHLQJDEHQ MH QDFK
%HVWHOOYDULDQWH GLH PLW %,1$(5(,1*$%( XQG
%,1$(5(,1*$%( E]Z ELV %,1$(5(,1*$%(
EH]HLFKQHW VLQG 6LH NÐQQHQ LQ %ORFN UDQJLHUW
ZHUGHQ 'HQ %ORFN HUUHLFKW PDQ GXUFK EORFNZHLVHV
%O WWHUQ ÂÄRGHU GXUFK 'LUHNWDQZDKO PLW '$
( 'LH $XVZDKO ZLUG YRUJHQRPPHQ ZLH LQ $EVFKQLWW
EHVFKULHEHQ
)ÚU MHGH %LQ UHLQJDEHIXQNWLRQ NDQQ ZHLWHUKLQ JH
Z KOW ZHUGHQ RE VLH LQ $UEHLWVVWURPVFKDOWXQJ RGHU
LQ 5XKHVWURPVFKDOWXQJ ZLUNHQ VROO 'DEHL EHGHXWHW
$ $UEHLWVVWURPVFKDOWXQJ 'LH (LQJDEH ZLUNW ZLH
HLQ 6FKOLH|HU G K 6WHXHUVSDQQXQJ DQ GHQ (LQ
JDEHNOHPPHQ DNWLYLHUW GLH )XQNWLRQ
5 5XKHVWURPVFKDOWXQJ 'LH (LQJDEH ZLUNW ZLH HLQ
ÑIIQHU G K 6WHXHUVSDQQXQJ DQ GHQ (LQJDEH
NOHPPHQ KHEW GLH )XQNWLRQ DXI RKQH 6WHXHU
VSDQQXQJ LVW VLH ZLUNVDP
-HGH (LQJDEHIXQNWLRQ ZLUG EHLP :HLWHUVFKDOWHQ PLW
1 QDFKHLQDQGHU PLW GHP =XVDW]n$k XQG n5kLP'LV
SOD\ DQJH]HLJW
7DEHOOH ]HLJW HLQH YROOVW QGLJH $XIOLVWXQJ DOOHU
(LQJDEHIXQNWLRQHQ PLW GHU ]XJHKÐULJHQ )XQNWLRQV
QXPPHU )1U (LQJDEHIXQNWLRQHQ ZLUNHQ VLFK QDWÚU
OLFK QLFKW DXV ZHQQ GLH HQWVSUHFKHQGH 6FKXW]IXQN
5 $ 1 * , ( 5 8 1 *
% , 1 $ ( 5 ( , 1 * $ % ( 1
0LW GHU 7DVWH EO WWHUW PDQ ] % ]XU %LQ UHLQJDEH
)
% , 1 $ ( 5
( , 1 * $ % (
0LW ) LQ GLH $XVZDKOHEHQH VFKDOWHQ
! / ( '
( , 1 * $ % (
4 X L W W $
( , 1 * $ % (
Q L F K W U D Q J L H U W
WLRQ LP *HU W ZHJSURMHNWLHUW LVW VLHKH $EVFKQLWW
%HL GLUHNWHU (LQJDEH GHU )XQNWLRQVQXPPHU LQ GHU
$XVZDKOHEHQH NDQQ GLH .RQWDNWDUW JOHLFK PLWHLQJH
JHEHQ ZHUGHQ LQGHP PDQ GLH )XQNWLRQVQXPPHU
GXUFK HLQHQ 3XQNW JHIROJW YRQ RGHU HUJ Q]W
'DEHL EHGHXWHW
$UEHLWVVWURPVFKDOWXQJ HQWVSULFKW ZLH REHQ
n$k
5XKHVWURPVFKDOWXQJ HQWVSULFKW ZLH REHQ n5k
8QWHUO |W PDQ GLH $QJDEH GHU (UJ Q]XQJ PLW
RGHU VR HUVFKHLQW ]XQ FKVW GLH .XU]EH]HLFKQXQJ
PLW n$k 'XUFK %HW WLJHQ GHU n1HLQk 7DVWH 1 ZLUG
DXI n5k XPJHVFKDOWHW 1DFK 'LUHNWHLQJDEH NÐQQHQ
PLWWHOV GHU n1HLQk 7DVWH 1 RGHU GXUFK 5ÚFNZ UWV
EO WWHUQ PLW GHU 5 7DVWH DXFK DQGHUH )XQNWLRQHQ
PLW LKUHU .XU]EH]HLFKQXQJ JHZ KOW ZHUGHQ 'LH JH
Z KOWH )XQNWLRQ PX| GDQQ QRFKPDOV PLW GHU (LQJD
EHWDVWH ( EHVW WLJW ZHUGHQ
,Q GHQ ÛEHUVLFKWVELOGHUQ LP $QKDQJ $ LVW GLH %HOH
JXQJ GHU %LQ UHLQJDEHQ EHL /LHIHUXQJ GDUJHVWHOOW ,Q
GHQ IROJHQGHQ . VWFKHQ LVW HLQ %HLVSLHO IÚU GLH %L
Q UHLQJDEH JHJHEHQ 7DEHOOH ]HLJW DOOH 9RUHLQ
VWHOOXQJHQ
%HJLQQ GHV %ORFNV n5DQJLHUXQJ GHU %LQ UHLQJD
EHQk
=XRUGQXQJ IÚU GLH %LQ UHLQJDEH
5ÚFNVWHOOHQ JHVSHLFKHUWHU /(' )1U
$UEHLWVVWURPVFKDOWXQJ EHL (UUHJHQ GHU (LQJDEH
ZHUGHQ /(' ]XUÚFNJHVWHOOW
9RQ (LQJDEH ZHUGHQ NHLQH ZHLWHUHQ )XQNWLRQHQ
DXVJHOÐVW
0LW ) YHUO |W PDQ GLH $XVZDKOHEHQH ZLHGHU (V HUVFKHLQW ZLHGHU GLH $GUHVVH 0LW NDQQ PDQ GDQQ ]XU
Q FKVWHQ %LQ UHLQJDEH VFKDOWHQ RGHU PLW ]XU YRULJHQ

6' 9
)1U .XU]WH[W /RJLVFKH )XQNWLRQ
QLFKW UDQJLHUW
!=HLW V\QFKUR
!6W|UZ 6WDUW
!/(' 4XLWW
!3DUDP :DKO
!3DUDP :DKO
!0HOGXQJ
!0HOGXQJ
!0HOGXQJ
!0HOGXQJ
!/6 3RV (LQ$
!+DQG (,1
!/6 3U IXQJ
!8/6 EORFN
!8/6 QXU 0HO
!8/6 EOR .GR
!5HV EORFN
!5HV EOR .GR
!,!! EORFN
!,! ,S EORFN
!'LII EORFN
!'LII EOR .GR
!) $86 EORFN
!) $86
!(PSI EORFN
!(PSI EOR .GR
!$'8( EORFN
!$'8( Y %HLQ
!(LQN EORFN
!(LQN EOR .GR
!(LQNRSSOXQJ
7DEHOOH 5DQJLHUEDUH %LQ UHLQJDEHIXQNWLRQHQ
9RUEHUHLWXQJVDQZHLVXQJHQ
NHLQH )XQNWLRQ DXI %LQ UHLQJDEH UDQJLHUW
(FKW]HLWXKU V\QFKURQLVLHUHQ
6WÐUZHUWVSHLFKHUXQJ VWDUWHQ
/(' $Q]HLJHQ ]XUÚFNVWHOOHQ
3DUDPHWHUVDW]ZDKO LQ 9HUELQGXQJ PLW )1U
3DUDPHWHUVDW]ZDKO LQ 9HUELQGXQJ PLW )1U
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
/HLVWXQJVVFKDOWHU +LOIVNRQWDNW DOOH 3ROH HLQJHVFKDOWHW
+DQG (LQVFKDOWXQJ YRQ 6WHXHUTXLWWLHUVFKDOWHU
/HLVWXQJVVFKDOWHU 3UÚIXQJ VWDUWHQ
%ORFNLHUXQJ GHV ÛEHUODVWVFKXW]HV
ÛEHUODVWVFKXW]DXI nQXU 0HOGXQJk VFKDOWHQ NHLQH $XVOÐVXQJ
%ORFNLHUXQJ GHV $XVOÐVHNRPPDQGRV GHV ÛEHUODVWVFKXW]HV
5HVHUYH 80= $0= 6FKXW] %ORFNLHUHQ GHU JDQ]HQ 6FKXW]IXQNWLRQ
5HVHUYH 80= $0= 6FKXW] %ORFNLHUHQ GHU $XVOÐVHNRPPDQGRV
5HVHUYH 80= $0= 6FKXW] ,!! 6WXIH EORFNLHUHQ
5HVHUYH 80= $0= 6FKXW] ,! ,S 6WXIH EORFNLHUHQ
%ORFNLHUXQJ GHV 'LIIHUHQWLDOVFKXW]HV
%ORFNLHUXQJ GHV $XVOÐVHNRPPDQGRV GHV 'LIIHUHQWLDOVFKXW]HV
%ORFNLHUXQJ GHU )HUQDXVOÐVXQJ
%LQ UHLQJDQJ IÚU )HUQDXVOÐVXQJ GHV *HJHQHQGHV
%ORFNLHUXQJ GHV (PSIDQJV YRP *HJHQHQGH
%ORFNLHUXQJ GHV $XVOÐVHNRPPDQGRV EHL (PSIDQJ YRP *HJHQHQGH
%ORFNLHUXQJ GHU $GHUQÚEHUZDFKXQJ
$GHUQVWÐUXQJ YRP 1DFKEDUJHU W EHL 'UHLEHLQVFKXW]
%ORFNLHUXQJ GHV HLQJHNRSSHOWHQ 6LJQDOV
%ORFNLHUXQJ GHU $XVOÐVXQJ GXUFK HLQ HLQJHNRSSHOWHV 6LJQDO
%LQ UHLQJDQJ IÚU (LQNRSSOXQJ HLQHV 6LJQDOV
+LQZHLV 7DEHOOH HQWK OW GLH 9RUHLQVWHOOXQJHQ IÚU GLH 0D[LPDOEHVWÚFNXQJ GHV *HU WHV $EK QJLJ YRQ GHU
EHVWHOOWHQ $XVIÚKUXQJ NÐQQHQ ZHQLJHU %LQ UHLQJDEHQ YHUIÚJEDU VHLQ
$GU 'LVSOD\]HLOH 'LVSOD\]HLOH )1U
5$1*,(581*
%,1$(5
(,1*$%(
%,1$(5
(,1*$%(
%,1$(5
(,1*$%(
%,1$(5
(,1*$%(
%,1$(5(,1*$%(1
(,1*$%(
!(LQNRSSOXQJ $
(,1*$%(
!/(' 4XLWW $
(,1*$%(
!'LII EOR .GR $
(,1*$%(
!) $86 $
QXU EHL 6' 4 444 4 44
7DEHOOH 9RUHLQJHVWHOOWH %LQ UHLQJDEHQ
%ORFNÚEHUVFKULIW
%HPHUNXQJHQ
'LUHNWH ÐUWOLFKH $XVOÐVXQJ HLQJHNRSSHOW ÚEHU
%LQ UHLQJDEH
4XLWWLHUHQ XQG 5ÚFNVHW]HQ JHVSHLFKHUWHU
/(' XQG 'LVSOD\ $Q]HLJHQ 3UÚIHQ GHU /('
'LIIHUHQWLDOVFKXW]$XVOÐVHNRPPDQGR EORFNLH
UHQ ] % EHL 3UÚIXQJ
)HUQDXVOÐVHNRPPDQGR IÚU GLH *HJHQVWDWLRQ
HLQJHNRSSHOW ÚEHU %LQ UHLQJDEH
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
& * &
5DQJLHUHQ GHU 0HOGHUHODLV %ORFN
'DV *HU WEHVLW]W 0HOGHDXVJ QJH GLH PLW 0(/
'(5(/$,6 ELV 0(/'(5(/$,6 EH]HLFKQHW VLQG
6LH NÐQQHQ LQ %ORFN UDQJLHUW ZHUGHQ 'HQ %ORFN
HUUHLFKW PDQ GXUFK EORFNZHLVHV %O WWHUQ ÂÄRGHU
GXUFK 'LUHNWDQZDKO PLW '$ ( 'LH $XVZDKO
ZLUG YRUJHQRPPHQ ZLH LQ $EVFKQLWW EHVFKULH
EHQ 0HKUIDFKPHOGXQJHQ VLQG ]XO VVLJ G K HLQH
ORJLVFKH 0HOGXQJ GDUI DXFK DXI PHKUHUH 0HOGHUH
ODLV JHJHEHQ ZHUGHQ VLHKH $EVFKQLWW
7DEHOOH ]HLJW HLQH YROOVW QGLJH $XIOLVWXQJ DOOHU
0HOGHIXQNWLRQHQ PLW GHU ]XJHKÐULJHQ )XQNWLRQV
QXPPHU )1U 0HOGHIXQNWLRQHQ ZLUNHQ VLFK QDWÚUOLFK
QLFKW DXV ZHQQ GLH HQWVSUHFKHQGH 6FKXW]IXQNWLRQ
LP *HU W QLFKW YRUKDQGHQ RGHU ZHJSURMHNWLHUW LVW
5 $ 1 * , ( 5 8 1 *
0 ( / ' ( 5 ( / $ , 6
0LW GHU 7DVWH JHKW PDQ ]XP HUVWHQ 0HOGHUHODLV
)
0 ( / ' (
5 ( / $ , 6
0LW ) LQ GLH $XVZDKOHEHQH VFKDOWHQ
0 ( / ' ( 5 ( /
* H U $ 8 6
0 ( / ' ( 5 ( /
Q L F K W U D Q J L H U W
,Q GHQ ÛEHUVLFKWVELOGHUQ LP $QKDQJ $ LVW GLH %HOH
JXQJ GHU 0HOGHUHODLV EHL /LHIHUXQJ GDUJHVWHOOW ,Q
GHQ IROJHQGHQ . VWFKHQ LVW DOV %HLVSLHO GLH 5DQJLH
UXQJ GHV 0HOGHUHODLV JH]HLJW 7DEHOOH ]HLJW HL
QH YROOVW QGLJH /LVWH DOOHU 9RUHLQVWHOOXQJHQ
+LQZHLV ]X 7DEHOOH 'LH 0HOGXQJHQ GLH PLW HL
QHP n!k EHJLQQHQ VLQG GLH GLUHNWHQ 5ÚFNPHOGXQ
JHQ GHU %LQ UHLQJDEHQ XQG VLQG LGHQWLVFK PLW GLH
VHQ 6LH HUVFKHLQHQ VRODQJH GLH HQWVSUHFKHQGH
%LQ UHLQJDEH DQJHVWHXHUW LVW
:HLWHUH (UO XWHUXQJHQ ]X GHQ 0HOGXQJHQ VLHKH $E
VFKQLWW
%HJLQQ GHV %ORFNV n5DQJLHUXQJ GHU 0HOGHUHODLVk
5DQJLHUXQJHQ IÚU 0HOGHUHODLV
)ÚU 0HOGHUHODLV LVW YRUHLQJHVWHOOW
*HQHUDO $XVOÐVXQJ GHV *HU WHV G K YRQ LUJHQGHLQHU
6FKXW]IXQNWLRQ )1U
NHLQH ZHLWHUHQ 0HOGHIXQNWLRQHQ IÚU 0HOGHUHOD,V
0LW ) YHUO |W PDQ GLH $XVZDKOHEHQH ZLHGHU XQG NDQQ GDQQ PLW ]XP Q FKVWHQ 0HOGHUHODLV VFKDOWHQ
0 ( / ' (
5 ( / $ , 6
5DQJLHUXQJHQ IÚU 0HOGHUHODLV

6' 9
)1U .XU]WH[W /RJLVFKH )XQNWLRQ
QLFKW UDQJLHUW
!=HLW V\QFKUR
!6W|UZ 6WDUW
!/(' 4XLWW
!3DUDP :DKO
!3DUDP :DKO
!0HOGXQJ
!0HOGXQJ
!0HOGXQJ
!0HOGXQJ
*HUlW EHUHLW
3DUDP OlXIW
3DUDP 6DW] $
3DUDP 6DW] %
3DUDP 6DW] &
3DUDP 6DW] '
6W|UXQJ 9
6W|UXQJ 9
6W|UXQJ 29
6W|UXQJ ( $
6W|UXQJ ( $
0H‰Z hEHUZ ,
6W|UXQJ 5,
!/6 3RV (LQ$
!+DQG (,1
*HU $QUHJXQJ
*HU $86
+DQG (,1
!/6 3U IXQJ
/6 3U IXQJ
/6SUI $86/
!8/6 EORFN
!8/6 QXU 0HO
!8/6 EOR .GR
8/6 DXV
8/6 EORFNLHUW
8/6 ZLUNVDP
8/6 ZDUQ ,
8/6 ZDUQ 3
8/6 $QU 3
8/6 $86
!5HV EORFN
!5HV EOR .GR
!,!! EORFN
!,! ,S EORFN
5HV DXV
5HV EORFN
5HV ZLUNVDP
5HV * $QU
5HV ,!!
5HV ,! ,S
5HV 7,!!
5HV 7,! 7S
5HV * $86
!'LII EORFN
!'LII EOR .GR
'LII DXV
'LII EORFN
9RUEHUHLWXQJVDQZHLVXQJHQ
NHLQH )XQNWLRQ DXI $XVJDEH UDQJLHUW
(FKW]HLWXKU V\QFKURQLVLHUHQ
6WÐUZHUWVSHLFKHUXQJ VWDUWHQ
/(' $Q]HLJHQ ]XUÚFNVWHOOHQ
3DUDPHWHUVDW]ZDKO LQ 9HUELQGXQJ PLW )1U
3DUDPHWHUVDW]ZDKO LQ 9HUELQGXQJ PLW )1U
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
$QZHQGHUGHILQLHUEDUH 0HOGXQJ
6FKXW]EHUHLW n/LIH .RQWDNWk $QODXIPHOGXQJ
3DUDPHWULHUXQJ O XIW
3DUDPHWHUVDW]$ LVW DNWLY
3DUDPHWHUVDW]% LVW DNWLY
3DUDPHWHUVDW]& LVW DNWLY
3DUDPHWHUVDW]' LVW DNWLY
6WÐUXQJ 9HUVRUJXQJVVSDQQXQJ 9
6WÐUXQJ 9HUVRUJXQJVVSDQQXQJ 9
6WÐUXQJ 2IIVHWÚEHUZDFKXQJ 9
6WÐUXQJ .RPPDQGRÚEHUZDFKXQJ (LQ $XVJDEH %DXJUXSSH (36
6WÐUXQJ .RPPDQGRÚEHUZDFKXQJ (LQ $XVJDEH %DXJUXSSH 3*$
6WÐUXQJ 0H|ZHUWÚEHUZDFKXQJ DOOJHPHLQ
6WÐUXQJ 6WURPVXPPHQÚEHUZDFKXQJ
/HLVWXQJVVFKDOWHU +LOIVNRQWDNW DOOH 3ROH HLQJHVFKDOWHW
+DQG (LQVFKDOWXQJ YRQ 6WHXHUTXLWWLHUVFKDOWHU
6FKXW]JHU W DOOJHPHLQ $QUHJXQJ
6FKXW]JHU W DOOJHPHLQ $XVOÐVXQJ
+DQG (LQVFKDOW (UNHQQXQJ ,PSXOV
/HLVWXQJVVFKDOWHU 3UÚIXQJ VWDUWHQ
/HLVWXQJVVFKDOWHUSUÚIXQJ O XIW
/HLVWXQJVVFKDOWHU 3UÚIXQJ $XVOÐVXQJ SROLJ
%ORFNLHUXQJ GHV ÛEHUODVWVFKXW]HV
ÛEHUODVWVFKXW]DXI nQXU 0HOGXQJk VFKDOWHQ NHLQH $XVOÐVXQJ
%ORFNLHUXQJ GHV $XVOÐVHNRPPDQGRV GHV ÛEHUODVWVFKXW]HV
ÛEHUODVWVFKXW]DXVJHVFKDOWHW
ÛEHUODVWVFKXW]EORFNLHUW
ÛEHUODVWVFKXW]ZLUNVDP
ÛEHUODVWVFKXW]VWURPP |LJH :DUQVWXIH
ÛEHUODVWVFKXW]WKHUPLVFKH :DUQVWXIH
ÛEHUODVWVFKXW]$QUHJXQJ WKHUPLVFKH $XVOÐVHVWXIH
ÛEHUODVWVFKXW]$XVOÐVHNRPPDQGR
5HVHUYH 80= $0= 6FKXW] %ORFNLHUHQ GHU JDQ]HQ 6FKXW]IXQNWLRQ
5HVHUYH 80= $0= 6FKXW] %ORFNLHUHQ GHU $XVOÐVHNRPPDQGRV
5HVHUYH 80= $0= 6FKXW] ,!! 6WXIH EORFNLHUHQ
5HVHUYH 80= $0= 6FKXW] ,! ,S 6WXIH EORFNLHUHQ
5HVHUYH 80= $0= 6FKXW]DXVJHVFKDOWHW
5HVHUYH 80= $0= 6FKXW]EORFNLHUW
5HVHUYH 80= $0= 6FKXW]ZLUNVDP
5HVHUYH 80= $0= 6FKXW]*HQHUDODQUHJXQJ
5HVHUYH 80= $0= 6FKXW]$QUHJXQJ GHU ,!! 6WXIH
5HVHUYH 80= $0= 6FKXW]$QUHJXQJ GHU ,! E]Z ,S 6WXIH
5HVHUYH 80= $0= 6FKXW]=HLW 7,!! DEJHODXIHQ
5HVHUYH 80= $0= 6FKXW]=HLW 7,! 7S DEJHODXIHQ
5HVHUYH 80= $0= 6FKXW]*HQHUDODXVOÐVXQJ
%ORFNLHUXQJ GHV 'LIIHUHQWLDOVFKXW]HV
%ORFNLHUXQJ GHV $XVOÐVHNRPPDQGRV GHV 'LIIHUHQWLDOVFKXW]HV
'LIIHUHQWLDOVFKXW]DXVJHVFKDOWHW
'LIIHUHQWLDOVFKXW]EORFNLHUW
7DEHOOH 5DQJLHUEDUH $XVJDEHIXQNWLRQHQ )RUWVHW]XQJ GHU 7DEHOOH Q FKVWH 6HLWH
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
)1U .XU]WH[W /RJLVFKH )XQNWLRQ
'LII ZLUNVDP
'LII! 9] 6WUW
'LII $QU
%ORFN 6DWW
%ORFN +DUP
'LII! $86
'LII 0LWQ 6HQ
GLU 'LI!$86
!) $86 EORFN
!) $86
) $86 6HQ DXV
) $86 EORFN
) $86 VHQGHQ
!(PSI EORFN
!(PSI EOR .GR
(PSIDQJ DXV
(PSIDQJ EORFN
(PSIDQJ ZLUNV
(PSIDQJ $QU
(PSIDQJ $86
(PSIDQJ HPSI
!$'8( EORFN
!$'8( Y %HLQ
$'8( DXV
$'8( EORFN
6W|UXQJ $GHU
%ORFN ] %HLQ
!(LQN EORFN
!(LQN EOR .GR
!(LQNRSSOXQJ
(LQN DXV
(LQN EORFN
(LQN ZLUNVDP
(LQN $QU
(LQN $86
7DEHOOH 5DQJLHUEDUH $XVJDEHIXQNWLRQHQ
& * &
'LIIHUHQWLDOVFKXW]ZLUNVDP
'LIIHUHQWLDOVFKXW]9HU]ÐJHUXQJV]HLW JHVWDUWHW
'LIIHUHQWLDOVFKXW]$QUHJXQJ
'LIIHUHQWLDOVFKXW]EORFNLHUW ZHJHQ 6WURPZDQGOHUV WWLJXQJ
'LIIHUHQWLDOVFKXW]EORFNLHUW GXUFK ]ZHLWH +DUPRQLVFKH
'LIIHUHQWLDOVFKXW]$XVOÐVXQJ
'LIIHUHQWLDOVFKXW]0LWQDKPHVLJQDO JHVHQGHW
'LUHNWHV 'LIIHUHQWLDOVFKXW] .RPPDQGR RKQH ÐUWOLFKH )UHLJDEHVFKZHOOH
%ORFNLHUXQJ GHU )HUQDXVOÐVXQJ ]XP *HJHQHQGH
%LQ UHLQJDQJ IÚU )HUQDXVOÐVXQJ ]XP *HJHQHQGH
)HUQDXVOÐVXQJ 6HQGHVLJQDO DXVJHVFKDOWHW
)HUQDXVOÐVXQJ 6HQGHVLJQDO LVW EORFNLHUW
)HUQDXVOÐVXQJ 6HQGHVLJQDO ]XU *HJHQVWDWLRQ
%ORFNLHUXQJ GHV (PSIDQJV YRP *HJHQHQGH
%ORFNLHUXQJ GHV $XVOÐVHNRPPDQGRV EHL (PSIDQJ YRP *HJHQHQGH
(PSIDQJ IÚU $XVOÐVXQJ YRQ *HJHQVWDWLRQ DXVJHVFKDOWHW
(PSIDQJ IÚU $XVOÐVXQJ YRQ *HJHQVWDWLRQ EORFNLHUW
(PSIDQJ IÚU $XVOÐVXQJ YRQ *HJHQVWDWLRQ ZLUNVDP
$QUHJXQJ YRQ *HJHQVWDWLRQ
$XVOÐVHNRPPDQGR YRQ *HJHQVWDWLRQ
6LJQDO YRQ *HJHQVWDWLRQ HPSIDQJHQ
%ORFNLHUXQJ GHU $GHUQÚEHUZDFKXQJ
$GHUQVWÐUXQJ YRP 1DFKEDUJHU W QXU EHL 'UHLEHLQVFKXW]
+LOIVDGHUQÚEHUZDFKXQJ DXVJHVFKDOWHW
+LOIVDGHUQÚEHUZDFKXQJ EORFNLHUW
+LOIVDGHUQ JHVWÐUW
+LOIVDGHUQ JHVWÐUW IÚU 1DFKEDUJHU W QXU EHL 'UHLEHLQVFKXW]
%ORFNLHUXQJ GHV HLQJHNRSSHOWHQ 6LJQDOV
%ORFNLHUXQJ GHU $XVOÐVXQJ GXUFK HLQ HLQJHNRSSHOWHV 6LJQDO
%LQ UHLQJDQJ IÚU (LQNRSSOXQJ HLQHV 6LJQDOV
(LQNRSSOXQJ IÚU 'LUHNWDXVOÐVXQJ DXVJHVFKDOWHW
(LQNRSSOXQJ IÚU 'LUHNWDXVOÐVXQJ EORFNLHUW
(LQNRSSOXQJ IÚU 'LUHNWDXVOÐVXQJ ZLUNVDP
(LQNRSSOXQJ IÚU 'LUHNWDXVOÐVXQJ DQJHUHJW JHVWDUWHW
(LQNRSSOXQJ IÚU 'LUHNWDXVOÐVXQJ $XVOÐVHNRPPDQGR
$GU 'LVSOD\]HLOH 'LVSOD\]HLOH )1U %HPHUNXQJHQ
5$1*,(581*
0(/'(
0(/'(5(/
0(/'(
0(/'(5(/
0(/'(
0(/'(5(/
0(/'(
0(/'(5(/
0(/'(
0(/'(5(/
0(/'(5(/$,6
5(/$,6
*HU $86
5(/$,6
'LII $QU
5(/$,6
5HV * $QU
5(/$,6
6W|UXQJ $GHU
5(/$,6
*HUlW EHUHLW
7DEHOOH 9RUHLQJHVWHOOWH 0HOGXQJHQ DXI 0HOGHUHODLV
%ORFNÚEHUVFKULIW
*HQHUDODXVOÐVXQJ GHV 6FKXW]JHU WHV YRQ
LUJHQGHLQHU 6FKXW]IXQNWLRQ
$QUHJXQJ GHV 'LIIHUHQWLDOVFKXW]HV
$QUHJXQJ GHV ÛEHUVWURP]HLWVFKXW]HV
$XVIDOO GHU +LOIVDGHUQYHUELQGXQJ
6FKXW]JHU W EHUHLW PLW GHP ÑIIQHU NDQQ
PDQ *HU WHVWÐUXQJ PHOGHQ

6' 9
5DQJLHUHQ GHU /HXFKWDQ]HLJHQ %ORFN
'DV *HU W EHVLW]W /HXFKWGLRGHQ IÚU RSWLVFKH $Q
]HLJHQ YRQ GHQHQ UDQJLHUEDU VLQG 6LH VLQG PLW
/(' ELV /(' EH]HLFKQHW XQG NÐQQHQ LQ %ORFN
UDQJLHUW ZHUGHQ 'HQ %ORFN HUUHLFKW PDQ GXUFK
EORFNZHLVHV %O WWHUQ ÂÄRGHU GXUFK 'LUHNWDQZDKO
PLW '$ ( 'LH $XVZDKO ZLUG YRUJHQRPPHQ
ZLH LQ $EVFKQLWW EHVFKULHEHQ 0HKUIDFKPHO
GXQJHQ VLQG ]XO VVLJ G K HLQH ORJLVFKH 0HOGXQJ
GDUI DXFK DXI PHKUHUH /(' JHJHEHQ ZHUGHQ VLHKH
DXFK $EVFKQLWW
$X|HU GHU ORJLVFKHQ )XQNWLRQ VHOEVW NDQQ IÚU MHGH
/(' JHZ KOW ZHUGHQ RE VLH JHVSHLFKHUW P IÚU nPHU
NHQk RGHU XQJHVSHLFKHUW QP IÚU nQLFKW PHUNHQk
EHWULHEHQ ZHUGHQ VROO -HGH 0HOGHIXQNWLRQ IÚU GLH
/(' ZLUG EHLP :HLWHUVFKDOWHQ PLW 1 QDFKHLQDQGHU
PLW GHP =XVDW]nPkRGHUnQPk LP 'LVSOD\ DQJH]HLJW
'LH UDQJLHUEDUHQ 0HOGHIXQNWLRQHQ VLQG GLH JOHLFKHQ
ZLH LQ 7DEHOOH DXIJHOLVWHW 0HOGHIXQNWLRQHQ ZLU
NHQ VLFK QDWÚUOLFK QLFKW DXV ZHQQ GLH HQWVSUHFKHQ
GH 6FKXW]IXQNWLRQ LP *HU W ZHJSURMHNWLHUW LVW
/ ( ' V
5 $ 1 * , ( 5 8 1 *
0LW GHU 7DVWH JHKW PDQ ]XU HUVWHQ UDQJLHUEDUHQ /('
)
/ ( '
0LW ) LQ GLH $XVZDKOHEHQH VFKDOWHQ
* H U
/ ( '
$ 8 6 P
/ ( '
Q L F K W U D Q J L H U W
9RUEHUHLWXQJVDQZHLVXQJHQ
%HL GLUHNWHU (LQJDEH GHU )XQNWLRQVQXPPHU LQ GHU
$XVZDKOHEHQH NDQQ GLH $UW JOHLFK PLWHLQJHJHEHQ
ZHUGHQ LQGHP PDQ GLH )XQNWLRQVQXPPHU GXUFK HL
QHQ 3XQNW JHIROJW YRQ RGHU HUJ Q]W 'DEHL EH
GHXWHW
XQJHVSHLFKHUWH $Q]HLJH HQWVSULFKW ZLH REHQ
nQPk
JHVSHLFKHUWH $Q]HLJH HQWVSULFKW ZLH REHQ nPk
8QWHUO |W PDQ GLH $QJDEH GHU (UJ Q]XQJ PLW
RGHU VR HUVFKHLQW ]XQ FKVW GLH .XU]EH]HLFKQXQJ
PLW nQPk 'XUFK %HW WLJHQ GHU n1HLQk 7DVWH 1 ZLUG
DXI nPk XPJHVFKDOWHW 1DFK 'LUHNWHLQJDEH NÐQQHQ
PLWWHOV GHU n1HLQk 7DVWH 1 RGHU GXUFK 5ÚFNZ UWV
EO WWHUQ PLW 5 DXFK DQGHUH )XQNWLRQHQ PLW LKUHQ
.XU]EH]HLFKQXQJHQ JHZ KOW ZHUGHQ 'LH JHZ KOWH
)XQNWLRQ PX| GDQQ QRFKPDOV PLW GHU (LQJDEHWDVWH
( EHVW WLJW ZHUGHQ
,Q GHU )URQWDQVLFKW GHV *HU WHV %LOG LVW GLH %H
OHJXQJ GHU /(' EHL /LHIHUXQJ DQJHJHEHQ ,Q GHQ IRO
JHQGHQ . VWFKHQ LVW HLQ %HLVSLHO IÚU GLH /(' JHJH
EHQ 7DEHOOH ]HLJW DOOH 9RUHLQVWHOOXQJHQ
%HJLQQ GHV %ORFNV n5DQJLHUXQJ GHU /HXFKWDQ]HL
JHQ /(' k
5DQJLHUXQJHQ IÚU GLH /('
)ÚU /(' LVW YRUHLQJHVWHOOW
*HQHUDO $XVOÐVXQJ GHV *HU WHV G K YRQ LUJHQG
HLQHU 6FKXW]IXQNWLRQ )1U
JHVSHLFKHUW
NHLQH ZHLWHUHQ 0HOGHIXQNWLRQHQ IÚU /('
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
:HQQ DOOH 0HOGHIXQNWLRQHQ IÚU /(' HLQJHJHEHQ VLQG NRPPW PDQ PLW ) LQ GLH 5DQJLHUHEHQH ]XUÚFN
& * &
/ ( '
5DQJLHUXQJHQ IÚU GLH /('
'LH 9RUHLQVWHOOXQJHQ IÚU GLH /(' $Q]HLJHQ VLQG NRPSOHWW LQ 7DEHOOH ]XVDPPHQJHID|W
$GU 'LVSOD\]HLOH 'LVSOD\]HLOH )1U %HPHUNXQJHQ
5$1*,(581*
/('
/('
/('
/('
/('
/('
/('
/('
/('
/('
/('
/('
/('V
*HU $86 P
'LII $QU P
5HV ,!! P
5HV ,! ,S P
8/6 ZDUQ 3 QP
6W|UXQJ $GHU QP
7DEHOOH 9RUHLQJHVWHOOWH /(' $Q]HLJHQ
%ORFNÚEHUVFKULIW
$XVOÐVXQJ GXUFK LUJHQGHLQH 6FKXW]IXQNWLRQ
$QUHJXQJ GHU JHQDQQWHQ 6FKXW]IXQNWLRQ
ÛEHUODVWVFKXW] WKHUPLVFKH :DUQVWXIH KDW
DQJHVSURFKHQ
6WÐUXQJ GHU +LOIVDGHUQYHUELQGXQJ

6' 9
5DQJLHUHQ GHU .RPPDQGRUHODLV %ORFN
'DV *HU WEHVLW]W E]Z DXVOÐVHI KLJH .RPPDQ
GRUHODLV MH QDFK %HVWHOOYDULDQWH GLH PLW .200$1
'2 5(/$,6 XQG .200$1'2 5(/$,6 E]Z
ELV .200$1'2 5(/$,6 EH]HLFKQHW VLQG 6LH
NÐQQHQ LQ %ORFN UDQJLHUW ZHUGHQ 'HQ %ORFN HU
UHLFKW PDQ GXUFK EORFNZHLVHV %O WWHUQ ÂÄRGHU
GXUFK 'LUHNWDQZDKO PLW '$ ( 'LH $XVZDKO
ZLUG YRUJHQRPPHQ ZLH LQ $EVFKQLWW EHVFKULH
EHQ 0HKUIDFKNRPPDQGRV VLQG ]XO VVLJ G K HLQH
ORJLVFKH .RPPDQGRIXQNWLRQ GDUI DXFK DXI PHKUHUH
$XVOÐVHUHODLV JHJHEHQ ZHUGHQ VLHKH DXFK $E
VFKQLWW
9LHOH GHU 0HOGXQJHQ JHP | 7DEHOOH ODVVHQ VLFK
DXFK DXI .RPPDQGRUHODLV UDQJLHUHQ -HGRFK VLQG
GLH 0HOGXQJHQ ODXW 7DEHOOH EHVRQGHUV IÚU GLH
QLFKW UDQJLHUW
*HU $QUHJXQJ
*HU $86
/6SUI $86/
8/6 $QU 3
8/6 $86
5HV * $QU
5HV 7,!!
5HV 7,! 7S
5HV * $86
'LII $QU
'LII! $86
GLU 'LI!$86
(PSIDQJ $QU
(PSIDQJ $86
(LQN $QU
(LQN $86
9RUEHUHLWXQJVDQZHLVXQJHQ
.RPPDQGRJDEH JHHLJQHW 'LH 7DEHOOH LVW DOVR DOV
HPSIRKOHQH 9RUDXVZDKO DQ]XVHKHQ .RPPDQGR
IXQNWLRQHQ ZLUNHQ VLFK QDWÚUOLFK QLFKW DXV ZHQQ GLH
HQWVSUHFKHQGH 6FKXW]IXQNWLRQ LP *HU WQLFKWYRU
KDQGHQ RGHU ZHJSURMHNWLHUW LVW
,Q GHQ ÛEHUVLFKWVELOGHUQ LP $QKDQJ $ LVW GLH %HOH
JXQJ GHU .RPPDQGRUHODLV EHL /LHIHUXQJ GDUJHVWHOOW
,Q GHQ IROJHQGHQ . VWFKHQ VLQG %HLVSLHOH IÚU GDV
.RPPDQGRUHODLV JH]HLJW 7DEHOOH ]HLJW DOOH
9RUHLQVWHOOXQJHQ
:HQQ ZHLWHUH 6FKXW]IXQNWLRQHQ GHQ JOHLFKHQ
6FKDOWHU DXVOÐVHQ VROOHQ PX| MHGHV .RPPDQGRUH
ODLV YRQ GHU HQWVSUHFKHQGHQ .RPPDQGRIXQNWLRQ
JHVWHXHUW ZHUGHQ
)1U .XU]WH[W /RJLVFKH .RPPDQGRIXQNWLRQ
7DEHOOH .RPPDQGRIXQNWLRQHQ
5 $ 1 * , ( 5 8 1 *
. 2 0 0 $ 1 ' 2 5 ( / $ , 6
0LW GHU 7DVWH JHKW PDQ ]XP HUVWHQ .RPPDQGRUHODLV
. 2 0 0 $ 1 ' 2
5 ( / $ , 6
0LW ) LQ GLH $XVZDKOHEHQH VFKDOWHQ
. 2 0 0 5 ( /
8 / 6 $ Q U 3
NHLQH )XQNWLRQ ]XJHRUGQHW
$QUHJXQJ 6FKXW]JHU W DOOJHPHLQ
$XVOÐVXQJ 6FKXW]JHU W DOOJHPHLQ
$XVOÐVXQJ GXUFK /HLVWXQJVVFKDOWHU 3UÚIXQJ
$QUHJXQJ WKHUPLVFKH 6WXIH GHV ÛEHUODVWVFKXW]HV
$XVOÐVXQJ GXUFK ÛEHUODVWVFKXW]
5HVHUYH ÛEHUVWURP]HLWVFKXW] *HQHUDODQUHJXQJ
5HVHUYH ÛEHUVWURP]HLWVFKXW] $EODXI GHU ,!! 6WXIH
5HVHUYH ÛEHUVWURP]HLWVFKXW] $EODXI GHU ,! 6WXIH RGHU ,S 6WXIH
$XVOÐVXQJ GXUFK 5HVHUYH ÛEHUVWURP]HLWVFKXW]
'LIIHUHQWLDOVFKXW]$QUHJXQJ
$XVOÐVXQJ GXUFK 'LIIHUHQWLDOVFKXW]
'LUHNWHV 'LIIHUHQWLDOVFKXW] .RPPDQGR RKQH ÐUWOLFKH )UHLJDEHVFKZHOOH
$QUHJXQJ )HUQDXVOÐVHEHIHKO YRP *HJHQHQGH
$XVOÐVXQJ GXUFK )HUQDXVOÐVHEHIHKO YRP *HJHQHQGH
$QUHJXQJ ÚEHU (LQNRSSOXQJ HLQHV 'LUHNWDXVOÐVHVLJQDOV
$XVOÐVXQJ GXUFK (LQNRSSOXQJ HLQHV 'LUHNWDXVOÐVHVLJQDOV
%HJLQQ GHV %ORFNV n5DQJLHUXQJ GHU .RPPDQGRUHODLVk
5DQJLHUXQJHQ IÚU .RPPDQGRUHODLV
%HGHXWXQJ $QUHJXQJ LUJHQGHLQHU 6FKXW]IXQNWLRQ
)ÚU .RPPDQGRUHODLV LVW YRUHLQJHVWHOOW
HUVWHQV $QUHJXQJ GHU WKHUPLVFKHQ 6WXIH GHV ÛEHU
ODVWVFKXW]HV )1U
& * &

6' 9RUEHUHLWXQJVDQZHLVXQJHQ
9
. 2 0 0 5 ( /
5 H V * $ Q U
. 2 0 0 5 ( /
' L I I $ Q U
. 2 0 0 5 ( /
( P S I D Q J $ Q U
. 2 0 0 5 ( /
( L Q N $ Q U
& * &
)ÚU .RPPDQGRUHODLV LVW YRUHLQJHVWHOOW
]ZHLWHQV *HQHUDODQUHJXQJ GHV ÛEHUVWURP]HLWVFKXW
]HV )1U
)ÚU .RPPDQGRUHODLV LVW YRUHLQJHVWHOOW
GULWWHQV $QUHJXQJ GHV /HLWXQJVGLIIHUHQWLDOVFKXW]HV
)1U
)ÚU .RPPDQGRUHODLV LVW YRUHLQJHVWHOOW
YLHUWHQV $QUHJXQJ GXUFK (PSIDQJ GHV $XVOÐVH
VLJQDOV YRQ GHU *HJHQVWDWLRQ )1U
)ÚU .RPPDQGRUHODLV LVW YRUHLQJHVWHOOW
IÚQIWHQV $QUHJXQJ GXUFK GLH (LQNRSSOXQJ HLQHV ORND
OHQ 'LUHNW $XVOÐVHVLJQDOV )1U
0LW ) YHUO |W PDQ GLH $XVZDKOHEHQH ZLHGHU XQG NDQQ GDQQ PLW ]XP Q FKVWHQ .RPPDQGRUHODLV VFKDOWHQ
. 2 0 0 $ 1 ' 2
5 ( / $ , 6
5$1*,(581*
.200$1'2
.200 5(/
.200 5(/
.200 5(/
.200 5(/
.200 5(/
.200$1'2
.200 5(/
.200 5(/
.200 5(/
.200 5(/
.200 5(/
.200 5(/
.200$1'2
.20 5(/
.200$1'2
.20 5(/
.200$1'25(/$,6
5(/$,6
8/6 $QU 3
5HV * $QU
'LII $QU
(PSIDQJ $QU
(LQN $QU
5(/$,6
/6SUI $86/
8/6 $86
5HV * $86
'LII! $86
(PSIDQJ $86
(LQN $86
5(/$,6
QLFKW UDQJLHUW
5(/$,6
QLFKW UDQJLHUW
5DQJLHUXQJHQ IÚU .RPPDQGRUHODLV
%HGHXWXQJ $QUHJXQJ LUJHQGHLQHU 6FKXW]IXQNWLRQ
$GU 'LVSOD\]HLOH 'LVSOD\]HLOH )1U %HPHUNXQJHQ
QXU EHL 6' 4 444 4 44
7DEHOOH 9RUHLQJHVWHOOWH .RPPDQGRIXQNWLRQHQ
%ORFNÚEHUVFKULIW
*HQHUDODQUHJXQJ LUJHQGHLQHU 6FKXW]IXQNWLRQ
$XVOÐVXQJ GXUFK LUJHQGHLQH 6FKXW]IXQNWLRQ
NHLQH ZHLWHUHQ .RPPDQGRUHODLV UDQJLHUW
$QPHUNXQJ $EK QJLJ YRQ GHU EHVWHOOWHQ $XVIÚKUXQJ NÐQQHQ LQ GHQ 7DEHOOHQ HUZ KQWH .RPPDQGRUHODLV LP
DNWXHOOHQ *HU WIHKOHQ

6' 9
%HWULHEVDQOHLWXQJ
6LFKHUKHLWVPD|QDKPHQ
:DUQXQJ
)ÚU 3UÚIXQJHQ XQG ,QEHWULHEQDKPH VLQG
GLH IÚU GDV $UEHLWHQ LQ 6WDUNVWURPDQODJHQ
JHOWHQGHQ 6LFKHUKHLWVYRUVFKULIWHQ ]X EH
DFKWHQ
9RUVLFKW
'HU %HWULHE GHV *HU WHV DQ HLQHU %DWWHULH
ODGHHLQULFKWXQJ RKQH DQJHVFKORVVHQH
%DWWHULH NDQQ ]X XQ]XO VVLJ KRKHQ 6SDQ
QXQJHQ XQG GDPLW X 8 ]XU =HUVWÐUXQJ GHV
*HU WHV IÚKUHQ 6LHKH DXFK $EVFKQLWW
XQWHU 7HFKQLVFKH 'DWHQ
%HGLHQXQJ GHV *HU WHV
'LH %HGLHQXQJ GLJLWDOHU 6FKXW] XQG $XWRPDWLNJH
U WH ZLUG PLWWHOV GHU LQ GHU )URQWSODWWH LQWHJULHUWHQ
)ROLHQWDVWDWXU XQG GHV $Q]HLJHQIHOGHV LP 'LDORJ
*HU W %HGLHQHU YRUJHQRPPHQ 6 PWOLFKH IÚU GHQ
%HWULHE HUIRUGHUOLFKHQ 3DUDPHWHU NÐQQHQ KLHU HLQJH
JHEHQ XQG V PWOLFKH ,QIRUPDWLRQHQ YRQ KLHU DXVJH
OHVHQ ZHUGHQ ÛEHU GLH YRUGHUH VHULHOOH 6FKQLWWVWHOOH
LVW DXFK GLH %HGLHQXQJ ] % PLW HLQHP 3HUVRQDOFRP
SXWHU PÐJOLFK
)ROLHQWDVWDWXU $Q]HLJHQIHOG
'LH 7DVWDWXU LVW KQOLFK GHP %HGLHQIHOG HLQHV 7D
VFKHQUHFKQHUV DXIJHEDXW %LOG ]HLJW GLH )URQW
DQVLFKW
)ÚU GLH $Q]HLJH LVW HLQ ]ZHL]HLOLJHV )OÚVVLJNULVWDOOGLV
SOD\ $Q]HLJHQIHOG PLW MH =HLFKHQ YRUKDQGHQ
-HGHV =HLFKHQ ZLUG LQ HLQHU [ 3XQNWPDWUL[ GDUJH
VWHOOW (V NÐQQHQ GLH =LIIHUQ %XFKVWDEHQ VRZLH HLQH
5HLKH YRQ 6RQGHU]HLFKHQ GDUJHVWHOOW ZHUGHQ
,P $Q]HLJHQIHOG HUVFKHLQW Z KUHQG GHV 'LDORJV LQ
GHU REHUHQ =HLOH HLQH YLHUVWHOOLJH =DKO JHIROJW YRQ HL
QHP %DONHQ 'LHVH =DKO JLEW GLH (LQVWHOODGUHVVH
DQ 'LH HUVWHQ EHLGHQ =LIIHUQ EH]HLFKQHQ GHQ %H
GLHQEORFN GDUDXIIROJW HLQH ]ZHLVWHOOLJH ODXIHQGH
1XPPHU %HL*HU WHQ PLW XPVFKDOWEDUHQ 3DUDPH
WHUV W]HQ LVW GHU (LQVWHOODGUHVVH GHU .HQQEXFKVWD
EH GHV 3DUDPHWHUVDW]HV YRUDQJHVWHOOW
%HWULHEVDQOHLWXQJ
'DV %HGLHQIHOG EHVWHKW DXV 7DVWHQ PLW =LIIHUQ
-D 1HLQ XQG 6WHXHUWDVWHQ 'LH %HGHXWXQJ GHU 7D
VWHQ LP HLQ]HOQHQ
1XPHULVFKH 7DVWHQ ]XU (LQJDEH YRQ =DKOHQ
*
ELV =LIIHUQ ELV IÚU QXPHULVFKH
(LQJDEHQ
'H]LPDOSXQNW DOV .RPPD IÚU
'H]LPDO]DKOHQ
8QHQGOLFK =HLFKHQ
9RU]HLFKHQWDXVFK (LQJDEH QH
JDWLYHU =DKOHQ
-D 1HLQ 7DVWHQ IÚU WH[WOLFKH 3DUDPHWHU
- <
1
7DVWHQ ]XP %O WWHUQ LP 'LVSOD\
-D 7DVWH %HGLHQHU EHMDKW GLH
LP 'LVSOD\ JHVWHOOWH )UDJH
1HLQ 7DVWH %HGLHQHU YHUQHLQW
GLH LP 'LVSOD\ JHVWHOOWH )UDJH
E]Z YHUODQJW ]X HLQHP 9RU
VFKODJ HLQHQ $OWHUQDWLYYRU
VFKODJ
:HLWHUEO WWHUQ YRUZ UWV LP 'LV
SOD\ HUVFKHLQW GLH Q FKVWH %H
GLHQSRVLWLRQ
:HLWHUEO WWHUQ UÚFNZ UWV LP 'LV
SOD\ HUVFKHLQW GLH YRULJH %HGLHQ
SRVLWLRQ
%ORFNZHLVH ZHLWHUEO WWHUQ YRU
Z UWV LP 'LVSOD\ HUVFKHLQW GHU
$QIDQJ GHV Q FKVWHQ %HGLHQ
EORFNV
%ORFNZHLVH ZHLWHUEO WWHUQ UÚFN
Z UWV LP 'LVSOD\ HUVFKHLQW GHU
$QIDQJ GHV YRULJHQ %HGLHQ
EORFNV
& * &

6' 9
%HVW WLJXQJVWDVWH
(
6WHXHU XQG 6RQGHUWDVWHQ
&:
5
)
'$
0 6
& * &
(LQJDEHWDVWH MHGH QGHUXQJ LP
'LVSOD\ GXUFK (LQJDEH YRQ =DK
OHQ RGHU QGHUXQJHQ GXUFK GLH
n-D 1HLQk 7DVWHQ PX| GXUFK GLH
(LQJDEHWDVWH EHVW WLJW ZHUGHQ
HUVW GDQQ QLPPW GDV *HU WGLH Q
GHUXQJ ]XU .HQQWQLV 0LW GHU (LQ
JDEHWDVWH NDQQ DXFK HLQH )HKOHU
UHDNWLRQ GHV 'LVSOD\V TXLWWLHUW
ZHUGHQ GDQQ LVW 1HXHLQJDEH XQG
HUQHXWHV %HVW WLJHQ PLW GHU (LQ
JDEHWDVWH QRWZHQGLJ
&RGHZRUW 'DV *HU WSUÚIWGLH%H
UHFKWLJXQJ GHV %HGLHQHUV GXUFK
HLQ &RGHZRUW QLFKW EHL $EUXIYRQ
0HOGXQJHQ HUIRUGHUOLFK
5ÚFNZ UWVOÐVFKHQ HLQJHJHEHQHU
=HLFKHQ EHL (LQJDEHLUUWXP
)XQNWLRQVWDVWH %HQXW]XQJ ZLUG
LP (LQ]HOIDOO HUO XWHUW
'LUHNWDGUHVVLHUXQJ %HL .HQQWQLV
GHU $GUHVVQXPPHU LVW HLQH 'L
UHNW $QZDKO ]X HLQHU %HGLHQ
DGUHVVH PÐJOLFK
0HOGXQJ 6LJQDOLVLHUXQJ $XVOH
VHQ YRQ 0HOGXQJHQ ÚEHU 6WÐU XQG
%HWULHEVGDWHQ VLHKH $EVFKQLWW
'LH GUHL VHLWOLFKHQ YRP ÚEULJHQ (LQVWHOOIHOG HWZDV
DEJHVHW]WHQ 7DVWHQ Â /('5(6(7VLQGDXFKEHL
JHVFKORVVHQHU )URQWNDSSH EHGLHQEDU 'LH 3IHLOH KD
EHQ GLH JOHLFKHQ )XQNWLRQHQ ZLH GLH PLW JOHLFKHQ
6\PEROHQ YHUVHKHQHQ 7DVWHQ XQG HUPÐJOLFKHQ ZLH
GLHVH HLQ %O WWHUQ LQ 9RUZ UWVULFKWXQJ 'DPLW NÐQ
QHQ DXFK EHL JHVFKORVVHQHU )URQWNDSSH DOOH (LQ
VWHOOZHUWH XQG (UHLJQLVGDWHQ QDFKHLQDQGHU DXIGHP
'LVSOD\ VLFKWEDU JHPDFKW ZHUGHQ )HUQHU LVW GDV /Ð
VFKHQ JHVSHLFKHUWHU /HXFKWGLRGHQ RKQH ÑIIQHQ GHU
)URQWNDSSH ÚEHU GHQ 5(6(7 7DVWHU PÐJOLFK 'D
EHL ZHUGHQ DXFK GLH VSRQWDQHQ 6WÐUIDOODQ]HLJHQ LP
'LVSOD\ GHU )URQWSODWWH TXLWWLHUW XQG GLH JHZ KOWHQ
5XKHDQ]HLJHQ ZLHGHU ZLUNVDP 6REDOG HLQH GHU 7D
VWHQ '$ 0 6 &: RGHU Â EHW WLJW ZLUG VFKDOWHW GDV
'LVSOD\ ZLHGHU DXI%HGLHQPRGXV XP : KUHQG GHV
5ÚFNVWHOOHQV OHXFKWHQ DOOH /HXFKWGLRGHQ DXIGHU
)URQW DXI VR GD| KLHUGXUFK DXFK GLH )XQNWLRQVWÚFK
WLJNHLW GLHVHU $Q]HLJHQ NRQWUROOLHUW ZHUGHQ NDQQ
%HWULHEVDQOHLWXQJ
%HGLHQXQJ PLW HLQHP 3HUVRQDO
FRPSXWHU
(LQ 3HUVRQDOFRPSXWHU HUPÐJOLFKW HEHQVR ZLH GDV
LQWHJULHUWH %HGLHQIHOG (LQVWHOOXQJ $QVWR| YRQ 3UÚI
DEO XIHQ XQG $XVOHVHQ YRQ 'DWHQ MHGRFK PLW GHP
.RPIRUW GHU 9LVXDOLVLHUXQJ DXI GHP %LOGVFKLUP XQG
PHQÚJHIÚKUWHP $EODXI
6 PWOLFKH 'DWHQ NÐQQHQ DXFK DXIPDJQHWLVFKHQ
'DWHQWU JHUQ )ORSS\ 'LVN JHVSHLFKHUW ZHUGHQ
RGHU YRQ PDJQHWLVFKHQ 'DWHQWU JHUQ HLQJHOHVHQ
ZHUGHQ ] % IÚU GLH 3DUDPHWULHUXQJ $X|HUGHP
NÐQQHQ DOOH 'DWHQ DXIHLQHP DQJHVFKORVVHQHQ
'UXFNHU GRNXPHQWLHUW ZHUGHQ (V LVW DXFK PÐJOLFK
GXUFK $QVFKOX| HLQHV 3ORWWHUV ] % 6WÐUVFKULHEH DXI
]X]HLFKQHQ
)ÚU GLH %HGLHQXQJ GHV 3HUVRQDOFRPSXWHUV VLQG
DXFK GLH ]XJHKÐULJHQ +DQGEÚFKHU ]X EHDFKWHQ
)ÚU GLH 9HUDUEHLWXQJ DOOHU 6FKXW]GDWHQ HLJQHW VLFK
GDV 3URJUDPP ',*6,X (V LVW ]X EHDFKWHQ GD| GLH
YRUGHUH %HGLHQ 3& 6FKQLWWVWHOOH QLFKW JDOYD
QLVFK DEJHULHJHOW LVW XQG GD| QXU ]XO VVLJH 'DWHQND
EHO ] % ;9 YHUZHQGHW ZHUGHQ 1 KHUHV
ÚEHU 0ÐJOLFKNHLWHQ DXI$QIUDJH
%HGLHQYRUDXVVHW]XQJHQ
)ÚU GLH PHLVWHQ %HGLHQIXQNWLRQHQ LVW GLH (LQJDEH HL
QHV &RGHZRUWHV HUIRUGHUOLFK 'LHV JLOW IÚU DOOH (LQJD
EHQ ÚEHU %HGLHQWDVWDWXU RGHU %HGLHQVFKQLWWVWHOOH
GLH GLH )XQNWLRQ GHV *HU WHV EHWUHIIHQ ZLH
(LQVWHOOXQJ YRQ )XQNWLRQVSDUDPHWHUQ *UHQ]
ZHUWH )XQNWLRQHQ
5DQJLHUXQJ YRQ .RPPDQGRUHODLV 0HOGXQJHQ
%LQ UHLQJDEHQ /HXFKWDQ]HLJHQ
3URMHNWLHUXQJVSDUDPHWHU IÚU %HGLHQVSUDFKH
6FKQLWWVWHOOHQ XQG *HU WHNRQILJXUDWLRQ
$QVWR| YRQ 3UÚIDEO XIHQ
.HLQ &RGHZRUW LVW HUIRUGHUOLFK IÚU GDV $XVOHVHQ YRQ
0HOGXQJHQ %HWULHEVGDWHQ 6WÐUIDOOGDWHQ RGHU IÚU
GDV $XVOHVHQ YRQ (LQVWHOOZHUWHQ
'LH (LQJDEH GHV &RGHZRUWHV VRZLH GLH $QSDVVXQJ
GHU %HGLHQREHUIO FKH DQ GLH ÐUWOLFKHQ *HJHEHQKHL
WHQ %HGLHQVSUDFKH $QSDVVXQJ GHU %HGLHQVFKQLWW
VWHOOH $XVZDKO GHU 5XKH XQG 6SRQWDQDQ]HLJHQ
GHV 'LVSOD\V LVW LQ GHQ 9RUEHUHLWXQJVDQZHLVXQJHQ
XQWHU $EVFKQLWW DXVIÚKUOLFK EHVFKULHEHQ

6' 9
'DUVWHOOXQJ GHV *HU WHV )URQW $QVLFKW
&:
5
)
'$
0 6
/HLWXQJVGLIIHUHQWLDOVFKXW]
- <
>b ,,, @
1
%LOG )URQWDQVLFKW 6' PLW %HGLHQIHOG XQG $Q]HLJHQ
a
(
Ä
%HWULHEVDQOHLWXQJ
& * &

6' 9
(LQVWHOOXQJ GHU )XQNWLRQVSDUDPHWHU
(LQIÚKUXQJ
9RUJHKHQ EHL GHU 3DUDPHWULHUXQJ
)ÚU GLH (LQVWHOOXQJ GHU )XQNWLRQVSDUDPHWHU LVW GLH
(LQJDEH GHV &RGHZRUWHV HUIRUGHUOLFK VLHKH
2KQH &RGHZRUW NÐQQHQ GLH (LQVWHOOXQJHQ ZRKO JH
OHVHQ QLFKW DEHU JH QGHUW ZHUGHQ
,VW GDV &RGHZRUW DQJHQRPPHQ NDQQ GLH 3DUDPH
WULHUXQJ EHJLQQHQ ,Q GHQ IROJHQGHQ $EVFKQLWWHQ LVW
MHGH $GUHVVH LQ HLQHP . VWFKHQ JH]HLJW XQG HUO X
WHUW (V JLEW GUHL $UWHQ YRQ 'LVSOD\DQ]HLJHQ
(LQVWHOODGUHVVHQ RKQH %HGLHQXQJVDQIRUGHUXQJ
'LH (LQVWHOODGUHVVH ]HLJW GLH %ORFNQXPPHU JH
IROJW YRQ DOV ,IG 1U ] % IÚU %ORFN (LQ
DQJH]HLJWHU 7H[W ELOGHW GLH ÛEHUVFKULIW GLHVHV
%ORFNHV (V ZLUG NHLQH (LQJDEH HUZDUWHW 'XUFK
%HW WLJHQ GHU 7DVWHQ Ä RGHU Â NDQQ ]XP YRULJHQ
E]Z Q FKVWHQ %ORFN JHVFKDOWHW ZHUGHQ 'XUFK
%HW WLJHQ GHU 7DVWHQ RGHU NDQQ ]XU HUVWHQ
E]Z OHW]WHQ $GUHVVH GHV %ORFNV JHVFKDOWHW XQG
ZHLWHUJHEO WWHUW ZHUGHQ
(LQVWHOODGUHVVHQ PLW QXPHULVFKHU (LQJDEH
'DV 'LVSOD\ ]HLJW GLH YLHUVWHOOLJH $GUH|QXPPHU
G K %ORFN XQG ,IG 1U ] % IÚU %ORFN
,IG 1U +LQWHU GHP %DONHQ IROJW GLH %HGHXWXQJ
GHV DQJHIRUGHUWHQ 3DUDPHWHUV ,Q GHU ]ZHLWHQ
'LVSOD\]HLOH IROJW GHU :HUW GHV 3DUDPHWHUV %HL
$XVOLHIHUXQJ GHV *HU WHV LVW HLQ :HUW YRUHLQJH
VWHOOW 'LHVHU LVW LQ GHQ IROJHQGHQ $EVFKQLWWHQ DQ
JHJHEHQ 6ROO GHU YRUHLQJHVWHOOWH :HUW EHLEHKDO
WHQ ZHUGHQ VR VLQG NHLQH ZHLWHUHQ (LQJDEHQ HU
IRUGHUOLFK (V NDQQ ]XP Q FKVWHQ RGHU YRULJHQ
3DUDPHWHU LQQHUKDOE GHV %ORFNHV RGHU ]XP Q FK
VWHQ RGHU YRULJHQ %ORFN JHEO WWHUW ZHUGHQ 6ROO
GHU :HUW JH QGHUW ZHUGHQ VR HUIROJW GLHV PLWWHOV
GHU =LIIHUQWDVWH JJI PLW 'H]LPDOSXQNW XQG RGHU
9RU]HLFKHQWDXVFK RGHU ZR VLQQYROO
PLW * 'HU PÐJOLFKH (LQVWHOOEHUHLFK LVW QHEHQ
GHP . VWFKHQ DQJHJHEHQ :HUWH DX|HUKDOE GLH
VHU %HUHLFKH ZHUGHQ ]XUÚFNJHZLHVHQ 'LH (LQ
VWHOOVWXIXQJ HQWVSULFKW GHU OHW]WHQ LP (LQVWHOON VW
FKHQ DQJHJHEHQHQ 'H]LPDOVWHOOH (LQJDEHQ PLW
PHKU 'H]LPDOVWHOOHQ ZHUGHQ DXIGLH ]XO VVLJH
=DKO DEJHVFKQLWWHQ $QVFKOLH|HQG LVW GLH (LQJD
EH PLW GHU (LQJDEHWDVWH ( ]X EHVW WLJHQ (V HU
VFKHLQW GDQQ GHU YRP *HU W DQJHQRPPHQH :HUW
'LHHQGJÚOWLJHÛEHUQDKPHGHUQHXHQ3DUDPHWHU
HUIROJW MHGRFK HUVW QDFK %HHQGHQ GHU 3DUDPHWULH
UXQJ V X
& * &
%HWULHEVDQOHLWXQJ
(LQVWHOODGUHVVHQ PLW WH[WOLFKHQ 3DUDPHWHUQ
'DV 'LVSOD\ ]HLJW GLH YLHUVWHOOLJH $GUH|QXPPHU
G K %ORFN XQG ,IG 1U ] % IÚU %ORFN
,IG 1U +LQWHU GHP %DONHQ IROJW GLH %HGHXWXQJ
GHV DQJHIRUGHUWHQ 3DUDPHWHUV ,Q GHU ]ZHLWHQ
'LVSOD\]HLOH IROJW GHU 7H[W GHV 3DUDPHWHUV %HL
$XVOLHIHUXQJ GHV *HU WHV LVW HLQ 7H[W YRUHLQJH
VWHOOW 'LHVHU LVW LQ GHQ IROJHQGHQ $EVFKQLWWHQ DQ
JHJHEHQ 6ROO GHU YRUHLQJHVWHOOWH 7H[W EHLEHKDO
WHQ ZHUGHQ VR VLQG NHLQH ZHLWHUHQ (LQJDEHQ HU
IRUGHUOLFK (V NDQQ ]XP Q FKVWHQ RGHU YRULJHQ
3DUDPHWHU LQQHUKDOE GHV %ORFNHV RGHU ]XP Q FK
VWHQ RGHU YRULJHQ %ORFN JHEO WWHUW ZHUGHQ 6ROO
GHU 7H[W JH QGHUW ZHUGHQ VR HUIROJW GLHV PLWWHOV
GHU n1HLQk 7DVWH 1 (V HUVFKHLQW GDQQ HLQHU GHU
$OWHUQDWLYYRUVFKO JH GLH LQ GHQ IROJHQGHQ $E
VFKQLWWHQ DQ GLH 'LVSOD\ . VWFKHQ DQJHK QJW
VLQG 6ROO HLQH $OWHUQDWLYH QLFKW JHZ KOW ZHUGHQ
ZLUG ZLHGHUXP 7DVWH 1 JHGUÚFNW XVZ 'LH $OWHU
QDWLYH GLH JHZ KOW ZHUGHQ VROO ZLUG PLW GHU (LQ
JDEHWDVWH ( EHVW WLJW
,Q GHQ IROJHQGHQ $EVFKQLWWHQ LVW GLH 3DUDPHWULHUXQJ
V PWOLFKHU (LQVWHOOZHUWH PLW (UO XWHUXQJHQ DQJHJH
EHQ 'LH 3IHLOH ÂÄRGHU QHEHQ GHQ 'LVSOD\ . VW
FKHQ JHEHQ +LQZHLVH DXIGLH $GUHVVHQ QGHUXQJ
YRQ %ORFN ]X %ORFN RGHU LQQHUKDOE GHV %ORFNHV
1LFKW EHOHJWH $GUHVVHQ ZHUGHQ GDEHL ÚEHUVSUXQ
JHQ %OHLEW GLH %HGHXWXQJ HLQHV 3DUDPHWHUV XQNODU
VR LVW PHLVW GHU YRUHLQJHVWHOOWH 3DUDPHWHU DP VLQQ
YROOVWHQ
%HL .HQQWQLV GHU 3DUDPHWHUDGUHVVH LVW DXFK HLQH 'L
UHNWDQZDKO PÐJOLFK 'LHV JHVFKLHKW GXUFK 'UÚFNHQ
GHU 7DVWH '$ JHIROJW YRQ GHU YLHUVWHOOLJHQ $GUH|
QXPPHU XQG DQVFKOLH|HQGHU %HW WLJXQJ GHU (LQJD
EHWDVWH ( 1DFK HLQHU 'LUHNWDQZDKO LVW HLQ :HLWHU
EO WWHUQ PLWWHOV GHU 7DVWHQ ÂÄRGHU PÐJOLFK
(LQ %HHQGHQ GHV 3DUDPHWULHUYRUJDQJV LVW MHGHU]HLW
PLW GHU 7DVWHQNRPELQDWLRQ )( G K )XQNWLRQVWDVWH
) GUÚFNHQ XQG DQVFKOLH|HQG GLH (LQJDEHWDVWH (
PÐJOLFK ,P 'LVSOD\ HUVFKHLQW GLH )UDJH n(,167(/
/81*(1 8(%(51(+0(1 "k 0LW GHU n-Dk 7DVWH
- < EHVW WLJW PDQ GD| QXQ GLH QHXHQ (LQVWHOOXQJHQ
JÚOWLJ ZHUGHQ VROOHQ 'UÚFNW PDQ KLQJHJHQ GLH
n1HLQk 7DVWH 1 VR ZHUGHQ DOOH QGHUXQJHQ GLH
VHLW GHU OHW]WHQ (LQJDEH GHV &RGHZRUWHV JHW WLJW
ZXUGHQ YHUZRUIHQ +LHUGXUFK NÐQQHQ DOVR LUUWÚPOL
FKH QGHUXQJHQ QRFK UÚFNJ QJLJ JHPDFKW ZHU
GHQ

6' 9
:HQQ PDQ GLH *UHQ]HQ GHU )XQNWLRQVSDUDPHWHU DO
VR %OÐFNH ELV PLW HLQHU GHU 7DVWHQ ÂÄÚEHU
VFKUHLWHQ ZLOO HUVFKHLQW LP 'LVSOD\ GLH )UDJH
n&2'(:257%(',(181* (1'( "k 0LW GHU
n1HLQk 7DVWH 1 NDQQ PDQ GLH 3DUDPHWULHUXQJ IRUW
VHW]HQ 'UÚFNW PDQ KLQJHJHQ GLH n-Dk 7DVWH - < HU
VFKHLQW DOV Q FKVWHV GLH )UDJH n(,167(//81*(1
8(%(51(+0(1 "k :LH REHQ LVW %HVW WLJHQ PLW - <
RGHU $EEUHFKHQ PLW 1 PÐJOLFK
1DFK %HHQGLJXQJ GHV 3DUDPHWULHUYRUJDQJHV ZHU
GHQ GLH JH QGHUWHQ )XQNWLRQVSDUDPHWHU GLH ELV GD
KLQ LQ IOÚFKWLJHQ 6SHLFKHUQ DEJHOHJW ZDUHQ GDXHU
KDIW XQG JHJHQ 6SDQQXQJVDXVIDOO JHVLFKHUW LQ ((
3520V KLQWHUOHJW 'DV *HU W EHVW WLJW PLW n(,1
67(//81*(1 8(%(51200(1 k 'XUFK %HW WL
JHQ GHV 7DVWHUV 0 6 XQG DQVFKOLH|HQG 5(6(7 /('
HUVFKHLQHQ LP 'LVSOD\ GLH 5XKHDQ]HLJHQ
8PVFKDOWEDUH 3DUDPHWHUV W]H
)ÚU GLH )XQNWLRQVSDUDPHWHU G K GLH $GUHVVHQ ÚEHU
ELV XQWHU NÐQQHQ ELV ]X XQWHUVFKLHGOL
FKH 3DUDPHWHUV W]H HLQJHVWHOOW ZHUGHQ 'LHVH NÐQ
QHQ Z KUHQG GHV %HWULHEHV YRU 2UW PLWWHOV GHV %H
GLHQIHOGHV E]Z ÚEHU GLH %HGLHQVFKQLWWVWHOOH YRQ HL
QHP 3HUVRQDOFRPSXWHU DXV RGHU DXFK YRQ IHUQ ÚEHU
%LQ UHLQJDEHQ XPJHVFKDOWHW ZHUGHQ
:HQQ YRQ GHU 8PVFKDOWXQJ NHLQ *HEUDXFK JH
PDFKW ZLUG JHQÚJW HV GHQ YRUJHZ KOWHQ 6DW] HLQ
]XVWHOOHQ 'HU 5HVW GLHVHV $EVFKQLWWHV LVW GDQQ QLFKW
PHKU YRQ %HODQJ $QGHUHQIDOOV PX| GLH 3DUDPHWHU
XPVFKDOWXQJ DOV 925+$1'(1 SURMHNWLHUW VHLQ
$GUHVVH VLHKH $EVFKQLWW 'HU HUVWH 3D
UDPHWHUVDW] WU JW GLH %H]HLFKQXQJ 6DW] $ GLH ZHL
WHUHQKHL|HQ6DW]% 6DW]&XQG6DW]' %HLGHU3DUD
PHWULHUXQJ ZLUG QDFKHLQDQGHU MHGHU GLHVHU 6 W]H
HLQJHVWHOOW
6ROO YRQ GHU 8PVFKDOWPÐJOLFKNHLW *HEUDXFK JH
PDFKW ZHUGHQ JHKW PDQ VR YRU GD| PDQ ]XQ FKVW
DOOH 3DUDPHWHU IÚU GHQ 1RUPDO]XVWDQG GHV 3DUDPH
WHUVDW]HV $ HLQVWHOOW 'DQDFK VFKDOWHW PDQ DXIGHQ
3DUDPHWHUVDW] % XP
=XQ FKVW GLH 3DUDPHWULHUXQJ IÚU GHQ 6DW] $ DE
VFKOLH|HQ ZLH LQ $EVDW] EHVFKULHEHQ
7DVWHQNRPELQDWLRQ ) GUÚFNHQ G K ]XQ FKVW
GLH )XQNWLRQVWDVWH ) XQG DQVFKOLH|HQG =LIIHUQWD
VWH $OOH QXQ IROJHQGHQ (LQJDEHQ EH]LHKHQ VLFK
DXIGHQ 3DUDPHWHUVDW] %
3 $ 5 $ 0 ( 7 ( 5
6 $ 7 = % ( $ 5 % ( , 7 8 1 *
%HWULHEVDQOHLWXQJ
(QWVSUHFKHQG NÐQQHQ DOOH 3DUDPHWHUV W]H HUUHLFKW
ZHUGHQ
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] $
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] %
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] &
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] '
)ÚU GLH (LQVWHOOXQJ HLQHV XPJHVFKDOWHWHQ 3DUDPH
WHUVDW]HV LVW HUQHXW &RGHZRUWHLQJDEH QRWZHQGLJ
2KQH &RGHZRUWHLQJDEH NÐQQHQ GLH (LQVWHOOXQJHQ
JHOHVHQ DEHU QLFKW JH QGHUW ZHUGHQ
'D LQ GHQ PHLVWHQ $QZHQGXQJVI OOHQ QXU HLQLJH 3D
UDPHWHU XQWHUVFKLHGOLFK VHLQ ZHUGHQ KDW PDQ GLH
0ÐJOLFKNHLW EHUHLWV JHVSHLFKHUWH 3DUDPHWHUV W]H LQ
HLQHQ DQGHUHQ 3DUDPHWHUVDW] ]X NRSLHUHQ
:HLWHUKLQ LVW HV PÐJOLFK IÚU HLQHQ JH QGHUWHQ XQG
JHVSHLFKHUWHQ 3DUDPHWHUVDW] GLH *UXQGHLQVWHOOXQJ
G K GLH (LQVWHOOXQJ EHL /LHIHUXQJ ZLHGHUKHU]XVWHO
OHQ 'LHV HUUHLFKW PDQ GXUFK .RSLHUHQ GHU n*UXQG
HLQVWHOOXQJk LQ GHQ HQWVSUHFKHQGHQ 3DUDPHWHUVDW]
6FKOLH|OLFK NDQQ PDQ QRFK GHQ DNWLYHQ 3DUDPHWHU
VDW] EHVWLPPHQ G K GHQ 3DUDPHWHUVDW] GHU IÚU GLH
)XQNWLRQHQ XQG *UHQ]ZHUWH GHV *HU WHV *ÚOWLJNHLW
KDW 1 KHUHV VLHKH $EVFKQLWW
'LH %HDUEHLWXQJ GHU 3DUDPHWHUV W]H ZLUG LQ $GUH|
EORFN YRUJHQRPPHQ 'LHVHQ %ORFN HUUHLFKW PDQ
DP HLQIDFKVWHQ GXUFK 'LUHNWDQZDKO
'LUHNWDQZDKOWDVWH '$ GUÚFNHQ
$GUHVVH HLQJHEHQ ] %
(LQJDEHWDVWH ( GUÚFNHQ
(V HUVFKHLQW GDQQ GLH ÛEHUVFKULIW GHV %ORFNHV IÚU
GLH %HDUEHLWXQJ GHU 3DUDPHWHUV W]H
0LW GHU 7DVWH NDQQ PDQ GXUFK GLH (LQ]HODGUHVVHQ
EO WWHUQ 'LH .RSLHUPÐJOLFKNHLWHQ VLQG LQ 7DEHOOH
]XVDPPHQJHVWHOOW
%HJLQQ GHV %ORFNHV n3DUDPHWHUVDW] %HDUEHLWXQJk
& * &

6' 9
$GU
YRQ
& * &
*UXQGHLQVW
*UXQGHLQVW
*UXQGHLQVW
*UXQGHLQVW
6DW] $
6DW] $
6DW] $
6DW] %
6DW] %
6DW] %
6DW] &
6DW] &
6DW] &
6DW] '
6DW] '
6DW] '
.RSLHUHQ
QDFK
6DW] $
6DW] %
6DW] &
6DW] '
6DW] %
6DW] &
6DW] '
6DW] $
6DW] &
6DW] '
6DW] $
6DW] %
6DW] '
6DW] $
6DW] %
6DW] &
7DEHOOH .RSLHUHQ YRQ 3DUDPHWHUV W]HQ
$ % 6 2 / 8 7 = ( , 7
8 + 5 ( , 1 6 7 ( / / ( 1
' $ 7 8 0
= ( , 7
' , ) ) = ( , 7
%HWULHEVDQOHLWXQJ
1DFK GHP .RSLHUHQ EUDXFKHQ QXU VROFKH 3DUDPHWHU
QHX HLQJHVWHOOW ]X ZHUGHQ GLH XQWHUVFKLHGOLFK VHLQ
VROOHQ
)ÚU MHGHQ 3DUDPHWHUVDW] LVW GLH 3DUDPHWULHUXQJ DE
]XVFKOLH|HQ ZLH LQ $EVFKQLWW EHVFKULHEHQ
(LQVWHOOHQ YRQ 'DWXP XQG 8KU]HLW
'DWXP XQG 8KU]HLW NÐQQHQ HLQJHVWHOOW ZHUGHQ VR
ODQJH GLH (FKW]HLWXKU YHUIÚJEDU LVW 'LHV JHVFKLHKW LQ
%ORFN GHQ PDQ ZLHGHU GXUFK 'LUHNWDQZDKO '$
( RGHU GXUFK %O WWHUQ PLW ÂÄ HUUHLFKW =XP
QGHUQ GHU 'DWHQ LVW &RGHZRUWHLQJDEH QRWZHQGLJ
'XUFK :HLWHUEO WWHUQ PLW NDQQ PDQ ]X GHQ HLQ
]HOQHQ $GUHVVHQ JHODQJHQ ZLH XQWHQ JH]HLJW -HGH
QGHUXQJ PX| PLW GHU (LQJDEHWDVWH ( EHVW WLJW
ZHUGHQ
'LH (LQJDEH YRQ 'DWXP XQG =HLW HUIROJW LPPHU PLW
3XQNW DOV 7UHQQ]HLFKHQ GD GLH 7DVWDWXU QLFKW ÚEHU
'RSSHOSXQNW XQG 6FKU JVWULFK IÚU DPHULNDQLVFKHV
'DWXP YHUIÚJW
'LH 6\QFKURQLVDWLRQ GHU 8KU HUIROJW LQ GHP $XJHQ
EOLFN LQ GHP QDFK (LQJDEH GHU YROOVW QGLJHQ =HLW
GLH (LQJDEHWDVWH ( JHGUÚFNW ZLUG 0LW +LOIH GHU 'LIIH
UHQ]]HLWHLQJDEH $GUHVVH LVW HLQ VHKU JHQDX
HV 6WHOOHQ GHU 8KU PÐJOLFK GD PDQ GLH 'LIIHUHQ] YRU
(LQJDEH EHUHFKQHQ NDQQ XQG GLH 6\QFKURQLVLHUXQJ
GHU 8KU QLFKW YRP $XJHQEOLFN GHU %HW WLJXQJ GHU
( 7DVWH DEK QJW
%HJLQQ GHV %ORFNV n$EVROXW]HLW 8KU HLQVWHOOHQk
:HLWHU PLW
=XQ FKVW ZLUG GDV ELVKHU JHVSHLFKHUWH 'DWXP XQG GLH
JHVSHLFKHUWH 8KU]HLW DQJH]HLJW
:HLWHUEO WWHUQ PLW
(LQJDEH HLQHV QHXH 'DWXPV JHP | GHV XQWHU $GUHVVH
$EVFKQLWW JHZ KOWHQ 'DWXPIRUPDWV ] %
7DJ 0RQDW XQG -DKU PLW 3XQNW JHWUHQQW 7DJ XQG 0R
QDW VWHOOLJ GDV -DKU VWHOOLJ DOVR
77 00 ----
(LQJDEH GHU QHXHQ =HLW 6WXQGHQ 0LQXWHQ XQG 6HNXQ
GHQ LQ GLHVHU 5HLKHQIROJH PLW 3XQNW JHWUHQQW MHZHLOV
VWHOOLJ DOVR
++ 00 66
0LW GHU 'LIIHUHQ]]HLW ZLUG GLH 8KU XP GLH HLQJHJHEHQH
=HLW YRUJHVWHOOW PLW YRU GHU (LQJDEH ]XUÚFNJH
VWHOOW )RUPDW LVW ZLH EHL =HLWHLQVWHOOXQJ

6' 9
$QIDQJVDQ]HLJHQ %OÐFNH XQG
%HWULHEVDQOHLWXQJ
1DFK (LQVFKDOWHQ GHV 6FKXW]JHU WHV HUVFKHLQW ]XQ FKVW GLH $GUHVVH XQG GLH 7\SHQEH]HLFKQXQJ GHV *HU
WHV $OOH *HU WH VLQG PLW HLQHU 0/)% 0DVFKLQHQ/HVEDUHQ )DEULNDWH%H]HLFKQXQJ YHUVHKHQ ,VW GDV *HU WLQ
%HWULHE XQG ]HLJW 5XKHPHOGXQJHQ DQ VR NDQQ GXUFK 'UÚFNHQ ] % GHU 7DVWH '$ DXIHLQH (LQVWHOODGUHVVH
JHVFKDOWHW ZHUGHQ
6 '
6 ' 9
'DV *HU W VWHOOW VLFK PLW VHLQHU 7\SEH]HLFKQXQJ XQG GHU
9HUVLRQ GHU LPSOHPHQWLHUWHQ )LUPZDUH YRU ,Q GHU ]ZHLWHQ
=HLOH LVW GLH YROOVW QGLJH %HVWHOOEH]HLFKQXQJ
DQJHJHEHQ
$E $GUHVVH EHJLQQHQ GLH )XQNWLRQVSDUDPHWHU :HLWHUH $GUHVVHQ ZHUGHQ EHL n0HOGXQJHQk XQG n3UÚIXQ
JHQk EHKDQGHOW
3 $ 5 $ 0 ( 7 ( 5
1HW] XQG $QODJHQGDWHQ %ORFN
'DV *HU W EHQÐWLJW HLQLJH 'DWHQ GHV 1HW]HV XQG GHU
$QODJH
'HU SULP UH 1HQQVWURP GHV 6FKXW]REMHNWHV $GUHV
VH XQG GHU SULP UH 1HQQVWURP GHU 6WURP
ZDQGOHU $GUHVVH NÐQQHQ LQ GHQ PHLVWHQ ) O
OHQ JOHLFK HLQJHVWHOOW ZHUGHQ 'LH ULFKWLJH (LQVWHO
OXQJ GHV 6WURPZDQGOHU 1HQQVWURPHV LVW 9RUDXV
VHW]XQJ IÚU GLH %HUHFKQXQJ XQG $Q]HLJH GHU SULP
UHQ 6WURPPH|ZHUWH VLHKH DXFK $EVFKQLWW
'LH $QJDEH GHV 1HQQVWURPHV GHV 6FKXW]REMHNWHV
HUODXEW GLH RSWLPDOH $QSDVVXQJ GHU .HQQOLQLH GHV
'LIIHUHQWLDOVFKXW]HV DQ GDV 6FKXW]REMHNW ZHLO EHL
ULFKWLJHU (LQVWHOOXQJ $QVSUHFKZHUWH XQG .HQQOLQLHQ
IRUP DXI GLHVHQ 1HQQVWURP EH]RJHQ ZHUGHQ
'LH EHLGHQ 1HQQVWUÐPH VROOWHQ XP QLFKW PHKU DOV
GHQ )DNWRU XQWHUVFKLHGOLFK VHLQ DE HWZD 8
6FKOHLIHQZLGHUVWDQG GHU $GHUQ DE FD NP VROOWH
,1 /7* QLFKW NOHLQHU DOV k ,1 :'/ 35 XQG ÚEHU HW
ZD 8 FD NP QLFKW XQWHU ,1 :'/ 35 HLQJH
VWHOOW ZHUGHQ $X|HUGHP VROOWHQ EHL ,1 /7*
,1 :'/ 35 GLH $QVSUHFKZHUWH GHV 'LIIHUHQWLDO
1 ( 7 = ' $ 7 ( 1
$
, 1 / 7 *
%HJLQQ GHU )XQNWLRQVSDUDPHWHU %OÐFNH
VFKXW]HV $EVFKQLWW $GUHVVHQ ELV
QLFKW XQWHU GHU 9RUHLQVWHOOXQJ OLHJHQ
%HLVSLHO
1HQQVWURP GHV 6FKXW]REMHNWHV $
6WURPZDQGOHUQHQQVWURP $
'DV *HU W EH]LHKW GDQQ $QVSUHFKZHUWH XQG .HQQOL
QLHQIRUP DXI HLQHQ 6WURP GHU SULP U $ HQW
VSULFKW 'DGXUFK ZLUG GLH .HQQOLQLH DXI $ SUL
P U EH]RJHQ
%HLGH 3DUDPHWHU PÚVVHQ DQ EHLGHQ /HLWXQJVHQGHQ
EHL 'UHLEHLQ /HLWXQJHQ DQ DOOHQ GUHL /HLWXQJVHQ
GHQ JOHLFK HLQJHVWHOOW VHLQ 6ROOWHQ GLH SULP UHQ
:DQGOHUQHQQVWUÐPH XQWHUVFKLHGOLFK VHLQ VR PÚV
VHQ VLH GXUFK =ZLVFKHQVFKDOWHQ YRQ $QSDVVXQJV
ZDQGOHUQ DP /HLWXQJVHQGH PLW GHP JHULQJHUHQ
1HQQVWURP JOHLFK JHPDFKW ZHUGHQ 1 KHUHV KLHU]X
VLHKH $EVFKQLWW
%HJLQQ GHV %ORFNHV n1HW]GDWHQk
3ULP UHU 1HQQVWURP GHV 6FKXW]REMHNWHV GHU /HLWXQJ
NOHLQVWHU (LQVWHOOZHUW $
JUÐ|WHU (LQVWHOOZHUW $
& * &

6' 9
$
& * &
, 1 : ' / 3 5
(LQH $QSDVVXQJ GHU +LOIVDGHUQZLGHUVW QGH GXUFK
=XVDW]ZLGHUVW QGH LVW EHL 6' QLFKW QRWZHQGLJ
GD GDV *HU W GLH $QSDVVXQJ VHOEVW QGLJ UHFKQH
ULVFK YRUQLPPW +LHU]X PX| LKP DEHU GHU $GHUQZL
GHUVWDQG EHNDQQW VHLQ $GUHVVH 5[ =XV W]
OLFK ]XP 6FKOHLIHQZLGHUVWDQG GHU +LOIVDGHUQ LVW IÚU
GLH +LOIVDGHUQÚEHUZDFKXQJ IDOOV HLQJHEDXW HLQ :L
GHUVWDQG YRQ 8 ]X]XUHFKQHQ )ÚU MHGHQ 7UHQQ
ZDQGOHU ;5 VLQG ZHLWHUH 8 DQ]XVHW]HQ 'HU
$GHUQZLGHUVWDQG NDQQ EHL GHU ,QEHWULHEQDKPH PLW
GHP *HU W VHOEVW JHPHVVHQ ZHUGHQ VLHKH $E
VFKQLWW
%HL /HLWXQJHQ PLW GUHL (QGHQ n'UHLEHLQ /HLWXQ
JHQk ZHUGHQ GLH +LOIVDGHUQZLGHUVW QGH IÚU EHLGH
YRQ HLQHU 6WDWLRQ DEJHKHQGHQ $GHUQSDDUH EHQÐ
WLJW 'DEHL LVW 5[ $GUHVVH LPPHU GHU 6FKOHL
IHQZLGHUVWDQG GHV $GHUQSDDUHV PLW GHP GDV *HU W
XQPLWWHOEDU YHUEXQGHQ LVW 5\ $GUHVVH LVW GHU
6FKOHLIHQZLGHUVWDQG GHV $GHUQSDDUHV PLW GHP GDV
1DFKEDUJHU W LQ GHU JOHLFKHQ 6WDWLRQ YHUEXQGHQ
LVW
'LH .DSD]LW WHQ GHU +LOIVDGHUQ NÐQQHQ LP *HU W
8
8
Q )
Q )
V
5 [
5 \
& [
& \
7 $ 8 6 . 2 0
3ULP UHU 1HQQVWURP GHU 6WURPZDQGOHU
NOHLQVWHU (LQVWHOOZHUW $
JUÐ|WHU (LQVWHOOZHUW $
%HWULHEVDQOHLWXQJ
HEHQIDOOV UHFKQHULVFK NRPSHQVLHUW ZHUGHQ HV VLQG
DOVR DXFK KLHU NHLQH H[WHUQHQ $QSDVVXQJVPLWWHO HU
IRUGHUOLFK 'LH .RPSHQVDWLRQ ZLUG DE HLQHU +LOIV
DGHUQNDSD]LW W YRQ HWZD N) HPSIRKOHQ GDV HQW
VSULFKW EHL ÚEOLFKHQ 6FKXW]DGHUQ HLQHU / QJH YRQ
FD NP =XVW]OLFK ]XU $GHUQNDSD]LW WGHU+LOIV
DGHUQ LVW IÚU GLH +LOIVDGHUQÚEHUZDFKXQJ IDOOV HLQJH
EDXW HLQH .DSD]LW W YRQ Q) ]X]XUHFKQHQ 'LH
+LOIVDGHUQNDSD]LW W ZLUG LQ $GUHVVH DOV &[ HLQ
JHVWHOOW XQG NDQQ HEHQIDOOV EHL GHU ,QEHWULHEVHW]XQJ
PLW GHP *HU W VHOEHU JHPHVVHQ ZHUGHQ 6LHKH $E
VFKQLWW
%HL 'UHLEHLQ /HLWXQJHQ ZHUGHQ ZLHGHU GLH +LOIV
DGHUQNDSD]LW WHQ EHLGHU YRQ HLQHU 6WDWLRQ DEJHKHQ
GHQ +LOIVDGHUQSDDUH EHQÐWLJW :LH EHL GHQ +LOIV
DGHUQZLGHUVW QGHQ JLOW GLH 'HILQLWLRQ GD| &[
$GUHVVH IÚU GDV GLUHNW DEJHKHQGHQ $GHUQ
SDDU &\ $GUHVVH IÚU GDV $GHUQSDDU GHV
1DFKEDUJHU WHV JLOW
,Q $GUHVVH ZLUG GLH 0LQGHVW $XVOÐVHNRP
PDQGRGDXHU HLQJHVWHOOW 6LH JLOW IÚU DOOH 6FKXW]IXQN
WLRQHQ GLH DXI$XVOÐVXQJ JHKHQ NÐQQHQ
6FKOHLIHQZLGHUVWDQG GHV +LOIVDGHUQSDDUHV EHL 'UHL
EHLQOHLWXQJHQ EH]LHKW VLFK 5[ DXIGDV XQPLWWHOEDU DP
*HU W DQJHVFKORVVHQH +LOIVDGHUQSDDU
NOHLQVWHU (LQVWHOOZHUW 8
JUÐ|WHU (LQVWHOOZHUW 8
1XU EHL $QZHQGXQJ DXI 'UHLEHLQOHLWXQJHQ
6FKOHLIHQZLGHUVWDQG GHV +LOIVDGHUQSDDUHV GDV DP
1DFKEDUJHU W DQJHVFKORVVHQ LVW
NOHLQVWHU (LQVWHOOZHUW 8
JUÐ|WHU (LQVWHOOZHUW 8
*HVDPWNDSD]LW W GHV +LOIVDGHUQSDDUHV EHL 'UHLEHLQ
OHLWXQJHQ EH]LHKW VLFK &[ DXIGDV XQPLWWHOEDU DP *H
U W DQJHVFKORVVHQH +LOIVDGHUQSDDU
NOHLQVWHU (LQVWHOOZHUW Q)
JUÐ|WHU (LQVWHOOZHUW Q)
1XU EHL $QZHQGXQJ DXI 'UHLEHLQOHLWXQJHQ
*HVDPWNDSD]LW W GHV +LOIVDGHUQSDDUHV GDV DP 1DFK
EDUJHU W DQJHVFKORVVHQ LVW
NOHLQVWHU (LQVWHOOZHUW Q)
JUÐ|WHU (LQVWHOOZHUW Q)
0LQLPDOH 'DXHU GHV $XVVFKDOWNRPPDQGRV
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
V
V

6' 9
(LQVWHOOXQJHQ IÚU GHQ /HLWXQJVGLIIHUHQWLDOVFKXW] %ORFN
9RUDXVVHW]XQJ IÚU GLH )XQNWLRQ GHV 'LIIHUHQWLDO
VFKXW]HV LVW GD| EHL GHU 3URMHNWLHUXQJ GHV *HU
WHXPIDQJV $EVFKQLWW XQWHU $GUHVVH
',)) 6&+87= 925+$1'(1 SURMHNWLHUW ZXUGH
'HU 'LIIHUHQWLDOVFKXW] NDQQ ZLUNVDP (,1 RGHU
XQZLUNVDP $86 JHVFKDOWHW ZHUGHQ DX|HUGHP
NDQQ GDV $XVOÐVHNRPPDQGR EHL ZLUNVDPHU 6FKXW]
IXQNWLRQ EORFNLHUW ZHUGHQ $GUHVVH
/ ( , 7 8 1 * 6
' , ) ) 6 & + 8 7 =
%HWULHEVDQOHLWXQJ
$FKWXQJ 'HU 'LIIHUHQWLDOVFKXW] LVW EHL /LHIHUXQJ
$86JHVFKDOWHW 'HU *UXQG OLHJW GDULQ GD| GHU
6FKXW] QLFKW EHWULHEHQ ZHUGHQ GDUI RKQH GD| ]X
PLQGHVW GLH 6FKOHLIHQZLGHUVW QGH VLHKH $GUHVVH
XQG JJI LQ $EVFKQLWW ]XYRU ULFKWLJ
HLQJHVWHOOW ZXUGHQ 2KQH GLHVH (LQVWHOOXQJHQ NDQQ
HV ]X XQYHUPXWHWHQ 5HDNWLRQHQ GHV *HU WHV NRP
PHQ ] % $XVOÐVXQJ
%HJLQQ GHV %ORFNHV n/HLWXQJVGLIIHUHQWLDOVFKXW] 'DWHQ
IÚU GLH 'LIIHUHQWLDOVFKXW]IXQNWLRQk
' , ) ) 6 & + 8 7 =
$ 8 6 $86VFKDOWHQ GHU 'LIIHUHQWLDOVFKXW]IXQNWLRQ
( , 1
% / 2 & . . ' 2
'LH 3DUDPHWHU GHU $XVOÐVHNHQQOLQLH ZHUGHQ LQ GHQ
$GUHVVHQ ELV HLQJHVWHOOW 'LH %HGHXWXQJ
GHU 3DUDPHWHU JHKW DXV %LOG KHUYRU 'DEHL HQW
VSUHFKHQ GLH JH]HLJWHQ =DKOHQZHUWH GHU 9RUHLQVWHO
OXQJ 'LH 1XPPHUQ DQ GHQ .HQQOLQLHQ VWHQ VLQG GLH
3DUDPHWHUDGUHVVHQ
, ',))! $GUHVVH LVW GHU $QVSUHFKZHUW IÚU
GHQ 'LIIHUHQWLDOVWURP 'LHV LVW GHU JHVDPWH EHL HL
QHP .XU]VFKOX| LQ GHQ 6FKXW]EHUHLFK HLQIOLH|HQGH
6WURP XQDEK QJLJ GDYRQ ZLH HU VLFK DXIGLH (QGHQ
GHU JHVFKÚW]WHQ /HLWXQJ DXIWHLOW 'HU $QVSUHFKZHUW
LVW DXIGHQ XQWHU $GUHVVH VLHKH $EVFKQLWW
HLQJHVWHOOWHQ 1HQQVWURP GHU /HLWXQJ EH]R
JHQ 8QWHU %HUÚFNVLFKWLJXQJ GHU QLHGULJVWHQ 6WUÐ
PH GLH EHL GHQ HLQ]HOQHQ .XU]VFKOX|DUWHQ DXIWUHWHQ
NÐQQHQ XQG GHU MHZHLOLJHQ (PSILQGOLFKNHLW GHU JH
Z KOWHQ $QVFKOX|VFKDOWXQJ HUJLEW VLFK HLQ REHUHU
*UHQ]ZHUW IÚU GLH (LQVWHOOXQJ
'LH XQWHUH *UHQ]H GHV IÚU GLH (LQVWHOOXQJ ]XO VVLJHQ
%HUHLFKHV LVW GXUFK GLH LP XQJHVWÐUWHQ %HWULHE DXI
WUHWHQGHQ NRQVWDQWHQ 8QWHUVFKLHGH ]ZLVFKHQ GHQ
6HNXQG UVWUÐPHQ GHU 0LVFKZDQGOHU EHVWLPPW 'LH
VH 8QWHUVFKLHGH EHUXKHQ DXINDSD]LWLYHQ 3ULP U
VWUÐPHQ LP 6FKXW]EHUHLFK *UR|H NDSD]LWLYH 6WUÐ
PH GLH GLH 6WDELOLW W GHV 6FKXW]HV JHI KUGHQ NÐQQ
(,1VFKDOWHQ GHU 'LIIHUHQWLDOVFKXW]IXQNWLRQ
'LIIHUHQWLDOVFKXW] DUEHLWHW JLEW DXFK 0HOGXQJHQ DE QXU
GDV $XVOÐVHNRPPDQGR LVW EORFNLHUW
WHQ WUHWHQ SUDNWLVFK QXU EHL .DEHOQ DXI 'XUFK GLH
/DGHVWUÐPH GHU .DEHO NÐQQHQ DXIGHU 6HNXQG UVHL
WH GHU 0LVFKZDQGOHU 6WURPXQWHUVFKLHGH G K
VFKHLQEDUH )HKOHUVWUÐPH YRQ PHKUHUHQ P$ DXIWUH
WHQ P$ GHV VHNXQG UHQ 1HQQVWURPHV
GHU 0LVFKZDQGOHU
0LW 5ÚFNVLFKW DXIGLH QRFK KÐKHUHQ NDSD]LWLYHQ
6WUÐPH EHL (LQVFKZLQJYRUJ QJHQ PX| HLQ QRFK KÐ
KHUHU 6WURPZHUW HLQJHVWHOOW ZHUGHQ $OV (UIDKUXQJV
ZHUW IÚU GLH XQWHUH (LQVWHOOJUHQ]H KDW VLFK EHL 1RU
PDODQVFKOX| %LOG HWZD GHU IDFKH :HUW GHV LP
VWÐUXQJVIUHLHQ %HWULHE LQ MHGHP /HLWHU IOLH|HQGHQ
6WURPHV HUJHEHQ $QVFKOX|VFKDOWXQJHQ PLW QRFK
KÐKHUHU (UGVWURPHPSILQGOLFKNHLW KHEHQ GLH XQWHUH
(LQVWHOOJUHQ]H HQWVSUHFKHQG DQ $QVFKOX|VFKDOWXQ
JHQ PLW YHUPLQGHUWHU (UGVWURPHPSILQGOLFKNHLW VHW
]HQ GLH *UHQ]H EHVRQGHUV LQ JHHUGHWHQ 1HW]HQ
KHUXQWHU +LHUEHL LVW GLH (LQVWHOOXQJ DE FD GHP 9LHU
IDFKHQ GHV /DGHVWURPHV MHGHV /HLWHUV DXVUHLFKHQG
$XV GHU HUPLWWHOWHQ REHUHQ XQG XQWHUHQ *UHQ]H HU
JLEW VLFK GHU ]XO VVLJH (LQVWHOOEHUHLFK :HQQ GLH XQ
WHUH *UHQ]H ÚEHU GHU REHUHQ *UHQ]H OLHJW LVW HLQH
H[WHUQH 6FKDOWXQJ ]XU .RPSHQVDWLRQ GHU 3ULP UND
SD]LW WHQ HUIRUGHUOLFK Q KHUHV VLHKH $EVFKQLWW
& * &

6' 9
,
,
& * &
$XVOÐVHQ
6SHUUHQ
=XVDW]VWDELOLVLHUXQJ
%LOG )ÚU GLH )RUP GHU $XVOÐVHNHQQOLQLH PD|JHEOLFKH 3DUDPHWHU
'LH $XVOÐVHNHQQOLQLH EHVWHKW DXV ]ZHL ZHLWHUHQ
VWHQ %LOG $GUHVVH 67(,*81* EH
VWLPPW GLH 6WHLJXQJ GHV HUVWHQ $VWHV GHVVHQ $Q
IDQJVSXQNW GHU 1XOOSXQNW LVW 'LHVHU $VW EHUÚFNVLFK
WLJW VWURPSURSRUWLRQDOH )DOVFKVWUÐPH 'LHV VLQG
KDXSWV FKOLFK GLH ÛEHUVHW]XQJVIHKOHU GHU +DXSW
VWURPZDQGOHU XQG GHU 0LVFKZDQGOHU XQWHUKDOE GHU
6 WWLJXQJVJUHQ]H 'LH 9RUHLQVWHOOXQJ GÚUIWH LQ
DOOHQ ) OOHQ DXVUHLFKHQ
'HU ]ZHLWH $VW IÚKUW ]X HLQHU KÐKHUHQ 6WDELOLVLHUXQJ
LP %HUHLFK KRKHU 6WUÐPH EHL GHQHQ 6WURPZDQGOHU
V WWLJXQJ DXIWUHWHQ NDQQ 6HLQ )X|SXQNW OLHJW EHL
PDO 1HQQVWURP GHU /HLWXQJ ZLH XQWHU $GUHVVH
VLHKH $EVFKQLWW HLQJHVWHOOW 'LH 6WHL
JXQJ ZLUG XQWHU $GUHVVH 67(,*81* HLQJH
VWHOOW 'LH YRUHLQJHVWHOOWHQ :HUWH HUJHEHQ HWZDV VWD
ELOHUH 9HUK OWQLVVH DOV EHL GHQ DQDORJHQ *HU WHQ
6' 6' 6' RGHU 6' 0LW +LOIH GLHVHV
.HQQOLQLHQDVWHV NDQQ PDQ GLH 6WDELOLW WEHL6WURP
ZDQGOHUV WWLJXQJ EHHLQIOXVVHQ *UÐ|HUH 6WHLJXQJ
EHGHXWHW KÐKHUH 6WDELOLVLHUXQJ ,Q 1HW]HQ RKQH
ZLUNVDP JHHUGHWHQ 6WHUQSXQNW LVW ]X EHDFKWHQ GD|
EHL 6WHLJXQJ ÚEHU HLQ 'RSSHOHUGVFKOX| PLW )X|
SXQNW LQ GHU 3KDVH / EHL 1RUPDODQVFKOX| JHP |
%LOG DXIGHU ]X VFKÚW]HQGHQ /HLWXQJ PÐJOLFKHU
, ' , ) ) !
, , Q / W
6 7 ( , * 8 1 *
%HWULHEVDQOHLWXQJ
,
,
ZHLVH QLFKW DEJHVFKDOWHW ZLUG ZDV ZHJHQ 'RSSHO
HUGVFKOX|EHYRU]XJXQJ GXUFKDXV ZÚQVFKHQVZHUW
VHLQ NDQQ
,Q ) OOHQ LQ GHQHQ HLQ 7UDQVIRUPDWRU XQPLWWHOEDU
G K RKQH 6WURPZDQGOHU XQG /HLVWXQJVVFKDOWHU PLW
HLQHU /HLWXQJ YHUEXQGHQ LVW NDQQ HLQH (LQVFKDOWVWD
ELOLVLHUXQJ PLW GHU ]ZHLWHQ +DUPRQLVFKHQ ]XJH
VFKDOWHW ZHUGHQ $GUHVVH 'HU ]XP 6WDELOLVLH
UHQ QRWZHQGLJH $QWHLO ]ZHLWHU +DUPRQLVFKHU LVW XQ
WHU $GUHVVH SDUDPHWULHUEDU %HL /LHIHUXQJ LVW
HLQ 9HUK OWQLV , , YRQ HLQJHVWHOOW GDV LQ GHQ
PHLVWHQ ) OOHQ DXVUHLFKW (LQ NOHLQHUHU :HUW IÚKUW ]X
HLQHU VW UNHUHQ 6WDELOLVLHUXQJ HLQ KÐKHUHU :HUW ]X
ZHQLJHU 6WDELOLVLHUXQJ
,P %HUHLFK VHKU KRKHU GXUFKIOLH|HQGHU 6WUÐPH EHL
X|HUHP .XU]VFKOX| ZLUG HLQH =XVDW]VWDELOLVLHUXQJ
ZLUNVDP GLH XQWHU $GUHVVH 6$7 67$% 6 WWL
JXQJVVWDELOLVLHUXQJ HLQJHVWHOOW ZLUG $XFK GLHVHU
(LQVWHOOZHUW EH]LHKW VLFK DXIGHQ 1HQQVWURP GHU /HL
WXQJ ZLH XQWHU $GUHVVH VLHKH $EVFKQLWW
HLQJHVWHOOW 0DQ EHDFKWH DXFK GD| GHU 6WDELOLVLH
UXQJVVWURP GLH DULWKPHWLVFKH 6XPPH GHU 6WUÐPH
DQ GHQ /HLWXQJVHQGHQ LVW DOVR GRSSHOW VR KRFK ZLH
GHU GXUFKIOLH|HQGH 6WURP VHOEVW
$QVSUHFKZHUW IÚU 'LIIHUHQWLDOVWURP EH]RJHQ DXI /HL
WXQJVQHQQVWURP $GUHVVH
NOHLQVWHU (LQVWHOOZHUW ,
JUÐ|WHU (LQVWHOOZHUW ,
6WHLJXQJ GHV HUVWHQ VFKU JHQ .HQQOLQLHQDVWHV
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW

6' 9
$ 8 6
( , 1
6 7 ( , * 8 1 *
+ $ 5 0 2 1
+ $ 5 0 2 1
6 $ 7 6 7 $ %
, , Q / W
'HU 'LIIHUHQWLDOVFKXW] YHUIÚJW ÚEHU HLQH ÐUWOLFKH
6WURPVFKZHOOH , )5(,* $GUHVVH GLH DXI
GHQ ÐUWOLFK IOLH|HQGHQ 6WURP UHDJLHUW XQG HLQ ]XV W]
OLFKHV $XVOÐVHNULWHULXP ELOGHW +LHUIÚU LVW YRU DOOHP
GHU PD[LPDOH EHWULHEOLFK DXIWUHWHQGH /DVWVWURP
PD|JHEHQG (LQ $QVSUHFKHQ GLHVHU 6FKZHOOH
GXUFK V\PPHWULVFKH ÛEHUODVW PX| DXVJHVFKORVVHQ
VHLQ 'HU $QVSUHFKZHUW VROO GHVKDOE REHUKDOE GHV
]X HUZDUWHQGHQ ÛEHU /DVWVWURPHV HLQJHVWHOOW ZHU
GHQ PLQGHVWHQV PDO $XFK GLHVHU (LQVWHOOZHUW
EH]LHKW VLFK DXIGHQ 1HQQVWURP GHU /HLWXQJ ZLH XQ
WHU $GUHVVH VLHKH $EVFKQLWW HLQJHVWHOOW
'LHVH 6WURPIUHLJDEH IÚKUW GD]X GD| QXU DQ GHQ /HL
WXQJVHQGHQ DXVJHOÐVW ZLUG ZR DXFK HLQ .XU]
VFKOX|VWURP IOLH|W :HQQ DXFK /HLVWXQJVVFKDOWHU
DXVJHOÐVW ZHUGHQ VROOHQ ÚEHU GLH NHLQ )HKOHUVWURP
JHVSHLVW ZLUG NDQQ GLHV GXUFK GLH LQWHJULHUWH 6FKDO
WHUPLWQDKPH HUUHLFKW ZHUGHQ VLHKH XQWHQ 9RUDXV
VHW]XQJ KLHUIÚU LVW MHGRFK GD| GDV *HU WPLWGHU
$GHUQÚEHUZDFKXQJ DXVJHUÚVWHW LVW $XVIÚKUXQJ
6' 4 444 4 44 (V EHVWHKW DEHU DXFK GLH
0ÐJOLFKNHLW RKQH GLH ÐUWOLFKH 6WURPIUHLJDEH DXV]X
OÐVHQ ZHQQ PDQ IÚU GLH $XVOÐVXQJ GDV .RPPDQGR
nGLU 'LI!$86k )1U VLHKH DXFK $EVFKQLWW
5DQJLHUHQ GHU .RPPDQGRUHODLV YHUZHQGHW
%HWULHEVDQOHLWXQJ
6WHLJXQJ GHV ]ZHLWHQ VFKU JHQ .HQQOLQLHQDVWHV
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
'LH (LQVFKDOWVWDELOLVLHUXQJ PLW GHU ]ZHLWHQ +DUPRQL
VFKHQ LVW
$86JHVFKDOWHW RGHU
(,1JHVFKDOWHW
$QWHLO +DUPRQLVFKHU LP 'LIIHUHQWLDOWURP GHU JHUDGH
]XP %ORFNLHUHQ IÚKUW LQ GHU *UXQGZHOOH GHV 'LIIHUHQ
WLDOVWURPHV
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
6WDELOLVLHUXQJVVWURP EHL GHP GLH =XVDW]VWDELOLVLH
UXQJ EHL 6WURPZDQGOHUV WWLJXQJ ZLUNVDP ZLUG EH]R
JHQ DXI/HLWXQJVQHQQVWURP $GUHVVH
NOHLQVWHU (LQVWHOOZHUW ,
JUÐ|WHU (LQVWHOOZHUW ,
,Q EHVRQGHUHQ $QZHQGXQJVI OOHQ NDQQ HV YRUWHLO
KDIW VHLQ GDV $XVOÐVHNRPPDQGR GHV 6FKXW]HV HW
ZDV ]X YHU]ÐJHUQ ] % IÚU UÚFNZ UWLJH 9HUULHJH
OXQJ +LHU]X NDQQ HLQH =XVDW]]HLWYHU]ÐJHUXQJ HLQ
JHVWHOOW ZHUGHQ $GUHVVH 1RUPDOHUZHLVH
ZLUG GLHVH ]X JHVHW]W
$XFK HLQH 5ÚFNIDOOYHU]ÐJHUXQJ NDQQ HLQJHVWHOOW
ZHUGHQ $GUHVVH 7 58(&.) 'LHVH VROO JH
Z KUOHLVWHQ GD| GDV $XVOÐVHNRPPDQGR DXFK EHL
XQWHUVFKLHGOLFKHQ $XVVFKDOW]HLWHQ GHU /HLVWXQJV
VFKDOWHU DQ GHQ /HLWXQJVHQGHQ ODQJH JHQXJ DXI
UHFKW HUKDOWHQ ZLUG XP VLFKHU DOOH /HLVWXQJVVFKDOWHU
]X ÐIIQHQ
6RIHUQ IÚU GLH $XVOÐVXQJ GHV 9HUJOHLFKVVFKXW]HV HL
QH 9HU]ÐJHUXQJ HLQJHVWHOOW ZRUGHQ LVW ZÚQVFKW
PDQ PHLVW GHQQRFK HLQH XQYHU]ÐJHUWH $EVFKDO
WXQJ ZHQQ YRQ +DQG DXIHLQHQ .XU]VFKOX| JHVFKDO
WHW ZLUG ] % DXIHLQHQ QRFK HLQJHOHJWHQ (UGXQJV
WUHQQHU 0LW $GUHVVH NDQQ EHL +DQG (LQ
VFKDOWXQJ HLQH HWZD XQWHU HLQJHVWHOOWH 9HU]Ð
JHUXQJ XPJDQJHQ ZHUGHQ 9RUDXVVHW]XQJ LVW GD|
GDV +DQG (LQVFKDOW 6LJQDO YRP 6WHXHUTXLWWLHU
VFKDOWHU DXIHLQH %LQ UHLQJDEH GHV 6' JHJH
EHQ XQG GLHVH HQWVSUHFKHQG UDQJLHUW LVW
& * &

6' 9
& * &
, ) 5 ( , *
, , Q / W
V
V
7 9 ( 5 =
7 5 8 ( & . )
+ $ 1 ' ( , 1
8 1 : , 5 . 6 $ 0
8 1 9 ( 5 = 2 ( * ( 5 7
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] NDQQ ÚEHU HLQH LQWH
JULHUWH 0LWQDKPHIXQNWLRQ YHUIÚJHQ 'D GLHVH ,QIRU
PDWLRQ ÚEHU GLH +LOIVDGHUQYHUELQGXQJ ÚEHUWUDJHQ
ZHUGHQ PX| LVW VLH DQ GLH $XVIÚKUXQJ PLW $GHUQ
ÚEHUZDFKXQJ 6' 4 444 4 44 JHNRSSHOW
%HVWHKW DQ HLQHP /HLWXQJVHQGH NHLQH RGHU QXU HLQH
VFKZDFKH (LQVSHLVXQJ VR GD| HV GRUW QLFKW ]XU
)UHLJDEH GXUFK GLH ÐUWOLFKH 6WURPVFKZHOOH NRPPW
VR NDQQ YRP VW UNHU JHVSHLVWHQ /HLWXQJVHQGH QDFK
$ 8 6
( , 1
V
0 , 7 1 6 ( 1
0 , 7 1 9 ( 5 /
%HWULHEVDQOHLWXQJ
ÑUWOLFKH 6WURPVFKZHOOH IÚU GLH )UHLJDEH GHU $XVOÐVXQJ
GHV 'LIIHUHQWLDOVFKXW]HV EH]RJHQ DXI /HLWXQJVQHQQ
VWURP $GUHVVH
NOHLQVWHU (LQVWHOOZHUW ,
JUÐ|WHU (LQVWHOOZHUW ,
9HU]ÐJHUXQJ GHV $XVOÐVHNRPPDQGRV
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
XQG * G K NHLQH $XVOÐVXQJ PLW , ',))!
5ÚFNIDOOYHU]ÐJHUXQJ QDFK HUWHLOWHP $XVOÐVHNRPPDQGR
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
$XVOÐVHUHDNWLRQ EHL +DQG (LQVFKDOWXQJ GHV /HLVWXQJV
VFKDOWHUV DXIHLQHQ .XU]VFKOX|
81:,5.6$0 NHLQH EHVRQGHUHQ 0D|QDKPHQ
819(5=Ñ*(57H $XVOÐVXQJ DXFK ZHQQ XQWHU $GUHVVH
HLQH 9HU]ÐJHUXQJ HLQJHVWHOOW ZXUGH
(UNHQQHQ GHV .XU]VFKOXVVHV HLQ 0LWQDKPHVLJQDO
DQ GDV VFKZDFK JHVSHLVWH (QGH JHVHQGHW ZHUGHQ
'DGXUFK LVW DXFK LQ GLHVHQ ) OOHQ HLQH VFKQHOOH $E
VFKDOWXQJ GHU /HLWXQJ DQ DOOHQ (QGHQ PÐJOLFK
(LQ HPSIDQJHQHV 0LWQDKPHVLJQDO NDQQ ]XU $XVOÐ
VXQJ RGHU QXU ]XU 0HOGXQJ /(' RGHU 0HOGHUHODLV
RGHU DQ /6$ MH QDFK 5DQJLHUXQJ IÚKUHQ 1 KHUHV
VLHKH $EVFKQLWW
%HGLQJXQJ IÚU GDV 6HQGHQ GHV 0LWQDKPHVLJQDOV
6HQGHIXQNWLRQ $86JHVFKDOWHW
RGHU 0LWQDKPHVLJQDO ZLUG JHVHQGHW
9HUO QJHUXQJ GHV 0LWQDKPHVLJQDOV QDFK 5ÚFNIDOO GHV
'LIIHUHQWLDOVFKXW]HV
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V

6' 9
(LQVWHOOXQJHQ IÚU GLH +LOIVDGHUQÚEHUZDFKXQJ %ORFN
)ÚU GLH ÛEHUZDFKXQJ GHV NRUUHNWHQ =XVWDQGHV GHU
+LOIVDGHUQ NDQQ GDV *HU W PLW HLQHU +LOIVDGHUQÚEHU
ZDFKXQJ DXVJUÚVWHW VHLQ 'LHVH LVW LQ GHU $XVIÚK
UXQJ 6' 4 444 4 44 YRUKDQGHQ :HLWHUH 9RU
DXVVHW]XQJ IÚU GLHVH )XQNWLRQ LVW GD| EHL GHU 3UR
MHNWLHUXQJ GHU *HU WHIXQNWLRQHQ VLHKH $EVFKQLWW
$GUHVVH $'(518(% 925+$1'(1
HLQJHVWHOOW ZXUGH $X|HUGHP NDQQ GLH $GHUQÚEHU
ZDFKXQJ XQWHU $GUHVVH $86 XQG (,1
JHVFKDOWHW ZHUGHQ
'LH $GHUQÚEHUZDFKXQJ DUEHLWHW PLW HLQHP ,PSXOV
FRGH GHU DXIHLQ 7RQIUHTXHQ]VLJQDO +] DXI
PRGXOLHUW LVW 'LH 6LJQDOH NÐQQHQ ]X HLQHP EH
VWLPPWHQ =HLWSXQNW QXU LQ HLQH 5LFKWXQJ ÚEHUWUDJHQ
ZHUGHQ XQG ]ZDU DEZHFKVHOQG 'DPLW EHLP (LQ
VFKDOWHQ GHU *HU WH RGHU QDFK HLQHP +LOIVVSDQ
QXQJVDXVIDOO GHILQLHUWH $QIDQJVEHGLQJXQJHQ JH
VFKDIIHQ ZHUGHQ PX| DQ ]ZHL ]XVDPPHQDUEHLWHQ
GHQ *HU WHQ MHZHLOV HLQHV DOV n0DVWHUk ÚEHUJHRUG
QHW XQG GDV DQGHUH DOV n6ODYHk XQWHUJHRUGQHW EH
VWLPPW ZHUGHQ 'DV n0DVWHUk *HU W EHJLQQW VWHWV
PLW GHU $XIQDKPH GHV 6LJQDOYHUNHKUV GDV
n6ODYHk *HU W DQWZRUWHW QXU 8QWHU $GUHVVH
ZLUG GLH HQWVSUHFKHQGH .HQQXQJ HLQJHVWHOOW
+ , / ) 6 $ ' ( 5 1
8 ( % ( 5 : $ & + 8 1 *
$ 8 6
( , 1
6 / $ 9 (
0 $ 6 7 ( 5
( , 1
$ 8 6
$ ' ( 5 1 8 ( %
6 7 $ 7 , 2 1
' , ) ) % / 2 & .
%HWULHEVDQOHLWXQJ
%HL HLQHU HUNDQQWHQ 6WÐUXQJ GHU +LOIVDGHUQYHUELQ
GXQJ NDQQ GLHVH ZDKOZHLVH QXU JHPHOGHW ZHUGHQ
RGHU GHU 'LIIHUHQWLDOVFKXW] ZLUG ]XV W]OLFK EORFNLHUW
$GUHVVH %HL +LOIVDGHUQEUXFK LVW RKQHKLQ NHL
QH $XVOÐVXQJ GXUFK GHQ 'LIIHUHQWLDOVFKXW] PHKU
PÐJOLFK EHL +LOIVDGHUQNXU]VFKOX| ZÚUGH GDV *HU W
KLQJHJHQ DXFK EHL HLQHP X|HUHQ .XU]VFKOX| DXV
OÐVHQ ,Q MHGHP )DOO LVW GHU 5HVHUYH ÛEHUVWURP]HLW
VFKXW] ZLUNVDP VRIHUQ HU SURMHNWLHUW XQG HLQJH
VFKDOWHW LVW VLHKH $EVFKQLWW 0HOGXQJ GHU
$GHUQVWÐUXQJ XQG JJI %ORFNLHUXQJ ZHUGHQ XP GLH
=HLW 79(5= $'8( $GUHVVH YHU]ÐJHUW
)ÚU HLQH RUGQXQJVJHP |H 'HFRGLHUXQJ GHV HPS
IDQJHQHQ 6LJQDOV LVW HLQ EHVWLPPWHU (PSIDQJVSH
JHO HUIRUGHUOLFK 'LHVHU ZLUG XQWHU $GUHVVH HLQ
JHVWHOOW 'DEHL EHGHXWHW GD| GLH YROOH YHUIÚJ
EDUH /HLVWXQJ HPSIDQJHQ ZLUG +LOIVDGHUQZLGHU
VWDQG 1XOO 'HU (PSIDQJVSHJHO ZLUG EHL GHU ,QEH
WULHEQDKPH GHU *HU WH PLW GLHVHQ VHOEVW JHPHVVHQ
VLHKH $EVFKQLWW (LQJHVWHOOW ZLUG HWZD
GHV HUPLWWHOWHQ 3HJHOV
'LH +LOIVDGHUQÚEHUZDFKXQJ DUEHLWHW QLFKW VRODQJH
HLQ 6WÐUIDOO YRUOLHJW RGHU HLQ 0LWQDKPH RGHU )HUQ
DXVOÐVHNRPPDQGR ÚEHUWUDJHQ ZLUG
%HJLQQ GHV %ORFNHV n+LOIVDGHUQÚEHUZDFKXQJk
+LOIVDGHUQÚEHUZDFKXQJ
$86JHVFKDOWHW
(,1JHVFKDOWHW
6WDWLRQVNHQQXQJ IÚU GHQ 'DWHQYHUNHKU
6/$9( XQWHUJHRUGQHWHU 6HQGHU DQWZRUWHW QXU
0$67(5 ÚEHUJHRUGQHWHU 6HQGHU EHJLQQW PLW GHP
'DWHQYHUNHKU
%ORFNLHUXQJ GHV /HLWXQJVGLIIHUHQWLDOVFKXW]HV QDFK
HUNDQQWHU $GHUQVWÐUXQJ
(,1JHVFKDOWHW
$86JHVFKDOWHW
& * &

6' 9
V
& * &
7 9 ( 5 = $ ' 8 (
%HWULHEVDQOHLWXQJ
9HU]ÐJHUXQJ IÚU GLH 0HOGXQJ QDFK HLQHU YRQ GHU $GHUQ
ÚEHUZDFKXQJ HUNDQQWHQ 6WÐUXQJ
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
3 ( * ( / $ ' 8 ( (PSIDQJVSHJHOVFKZHOOH GHU $GHUQÚEHUZDFKXQJ
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
(LQVWHOOXQJHQ IÚU GLH 'LUHNWDXVOÐVXQJ %ORFN
(LQ EHOLHELJHV 6LJQDO YRQ HLQHU H[WHUQHQ 6FKXW]
RGHU ÛEHUZDFKXQJVHLQULFKWXQJ NDQQ ÚEHU HLQH %L
Q UHLQJDEH LQ GLH 9HUDUEHLWXQJ GHV 6' HLQJH
NRSSHOW ZHUGHQ :LH GLH LQWHUQHQ 6LJQDOH NDQQ HV
YHU]ÐJHUW XQG JHPHOGHW ZHUGHQ RGHU DXFK ]XU $XV
OÐVXQJ IÚKUHQ
' , 5 ( . 7 (
( , 1 . 2 3 3 / 8 1 *
$ 8 6
( , 1
% / 2 & . . ' 2
V
V
( , 1 . 2 3 3 /
7 9 ( 5 =
7 5 8 ( & . )
9RUDXVVHW]XQJ LVW GD| EHL GHU 3URMHNWLHUXQJ GHV
*HU WHXPIDQJV $EVFKQLWW XQWHU $GUHVVH
',5(.7$86 925+$1'(1 SURMHNWLHUW ZXU
GH 8QWHU $GUHVVH NDQQ GLHVH GLUHNWH (LQNRSS
OXQJ DX|HUGHP HLQ RGHU DXVJHVFKDOWHW ZHUGHQ DX
|HUGHP NDQQ GDV $XVOÐVHNRPPDQGR EHL ZLUNVD
PHU )XQNWLRQ EORFNLHUW ZHUGHQ
%HJLQQ GHV %ORFNHV n'LUHNWH (LQNRSSOXQJ HLQHV H[WHUQHQ
6LJQDOV RGHU .RPPDQGRV ÚEHU %LQ UHLQJDEHk
$86VFKDOWHQ GHU 'LUHNWDXVOÐVXQJ
(,1VFKDOWHQ GHU 'LUHNWDXVOÐVXQJ
'LUHNWHLQNRSSOXQJ DUEHLWHW JLEW DXFK 0HOGXQJHQ DE QXU
GDV $XVOÐVHNRPPDQGR LVW EORFNLHUW
$XVOÐVHYHU]ÐJHUXQJ IÚU GDV 'LUHNWDXVOÐVHVLJQDO
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
5ÚFNIDOOYHU]ÐJHUXQJV]HLW QDFK HUWHLOWHP $XVOÐVH
NRPPDQGR
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V

6' 9
(LQVWHOOXQJHQ IÚU GLH )HUQDXVOÐVXQJ %ORFN
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] YHUIÚJW LQ GHU $XVIÚK
UXQJ 6' 4 444 4 44 PLW $GHUQÚEHUZD
FKXQJ 0LWQDKPH XQG )HUQDXVOÐVXQJ ÚEHU HLQH LQ
WHJULHUWH )HUQDXVOÐVHIXQNWLRQ 'LHVH NDQQ ]XU )HUQ
DXVOÐVXQJ GHV DQGHUHQ /HLWXQJVHQGHV GXUFK HLQ
DX|HUKDOE GHV 6' JHELOGHWHV 6LJQDO YHUZHQGHW
ZHUGHQ ] % YRQ HLQHP 6FKDOWHUYHUVDJHUVFKXW]
'DV .RPPDQGR ZLUG GHP *HU WGDQQÚEHUHLQH%L
Q UHLQJDEH ]XJHIÚKUW
9RUDXVVHW]XQJ LVW GD| EHL GHU 3URMHNWLHUXQJ GHV
*HU WHXPIDQJV $EVFKQLWW XQWHU $GUHVVH
)(51$86 925+$1'(1 SURMHNWLHUW ZXUGH
) ( 5 1 $ 8 6 / 2 ( 6 8 1 *
$ 8 6
( , 1
V
V
6 ( 1 ' ( 1
7 6 ( 1 9 ( 5 =
7 6 ( 1 9 ( 5 /
%HWULHEVDQOHLWXQJ
'LH 3DUDPHWHU IÚU GLH 9HUDUEHLWXQJ GHV HPSIDQJH
QHQ 6LJQDOV ZHUGHQ LQ %ORFN HLQJHVWHOOW VLHKH
$EVFKQLWW
'LH )HUQDXVOÐVXQJ LVW QLFKW ]X YHUZHFKVHOQ PLW GHU
6FKDOWHUPLWQDKPH GLH LQWHJUDOHU %HVWDQGWHLO GHU
9HUJOHLFKVVFKXW]IXQNWLRQ LVW
'LH )HUQDXVOÐVXQJ DUEHLWHW PLW GHP JOHLFKHQ 7RQIUH
TXHQ]VLJQDO +] ZLH GLH $GHUQÚEHUZDFKXQJ
MHGRFK PLW HLQHP DQGHUHQ ,PSXOVFRGH 'LH 6LJQDOH
NÐQQHQ ]X HLQHP EHVWLPPWHQ =HLWSXQNW QXU LQ HLQH
5LFKWXQJ ÚEHUWUDJHQ ZHUGHQ
%HJLQQ GHV %ORFNV n)HUQDXVOÐVXQJ ÚEHU %LQ UHLQJDEHk
%HGLQJXQJ IÚU GDV 6HQGHQ GHV )HUQDXVOÐVHVLJQDOV ]XU
*HJHQVWDWLRQ
6HQGHIXQNWLRQ $86JHVFKDOWHW
6HQGHIXQNWLRQ (,1JHVFKDOWHW
9HU]ÐJHUXQJV]HLW IÚU GDV 6HQGHQ GHV )HUQDXVOÐVH
6LJQDOV ]XU *HJHQVWDWLRQ
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
9HUO QJHUXQJV]HLW IÚU GDV 6HQGHQ GHV )HUQDXVOÐVH
6LJQDOV ]XU *HJHQVWDWLRQ
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
& * &

6' 9
(LQVWHOOXQJHQ IÚU GLH $XVOÐVXQJ EHL )HUQNRPPDQGRHPSIDQJ %ORFN
2E HLQHV GHU EHLGHQ ]XVDPPHQDUEHLWHQGHQ *HU WH
HLQ 0LWQDKPHVLJQDO RGHU HLQ )HUQDXVOÐVHVLJQDO JH
VHQGHW KDW O |W VLFK EHLP HPSIDQJHQGHQ *HU W
QLFKW XQWHUVFKHLGHQ 'LH 3DUDPHWHU IÚU GLH 5HDNWLRQ
GHV *HU WHV EHL (PSIDQJ HLQHV )HUQNRPPDQGRV
VLQG GDKHU IÚU EHLGH ) OOH GLH JOHLFKHQ 6LH ZHUGHQ LQ
$GUH|EORFN HLQJHVWHOOW
9RUDXVVHW]XQJ IÚU GLH $XVOÐVXQJ EHL .RPPDQ
GRHPSIDQJ LVW GD| GDV *HU W PLW GHP =XVDW] IÚU
$GHUQÚEHUZDFKXQJ 0LWQDKPH XQG )HUQDXVOÐVXQJ
DXVJHUÚVWHW LVW 6' 4 444 4 44 XQG GD| EHL
GHU 3URMHNWLHUXQJ VLHKH $EVFKQLWW GLH $GUHV
$ 8 6 ' 8 5 & +
* ( * ( 1 6 7 $ 7 , 2 1
$ 8 6
( , 1
% / 2 & . . ' 2
V
V
& * &
( 0 3 ) $ 1 *
7 ( 0 3 9 ( 5 =
7 ( 0 3 9 ( 5 /
%HWULHEVDQOHLWXQJ
VH (03)$1* 925+$1'(1 HLQJHVWHOOW ZXU
GH
)ÚU GLH NRUUHNWH $XVZHUWXQJ GHV (PSIDQJVVLJQDOV
LVW HV XQHUO |OLFK GD| GHU (PSIDQJVSHJHO ULFKWLJ
HLQJHVWHOOW ZLUG $GUHVVH VLHKH $EVFKQLWW
'LHV JLOW DXFK GDQQ ZHQQ GLH $GHUQÚEHUZD
FKXQJ QLFKW JHQXW]W ZLUG
8QWHU $GUHVVH NDQQ GLHVH )XQNWLRQ (,1 RGHU
$86JHVFKDOWHW ZHUGHQ DX|HUGHP NDQQ GDV $XVOÐ
VHNRPPDQGR EHL DQVRQVWHQ ZLUNVDPHU )XQNWLRQ
EORFNLHUW ZHUGHQ
%HJLQQ GHV %ORFNV n$XVOÐVXQJ GXUFK HLQ HPSIDQJHQHV
.RPPDQGRVLJQDO YRQ GHU *HJHQVWDWLRQk
(PSIDQJVIXQNWLRQ IÚU .RPPDQGR YRQ GHU *HJHQ
VWDWLRQ
$86JHVFKDOWHW
(,1JHVFKDOWHW
.RPPDQGRHPSIDQJ DUEHLWHW JLEW DXFK 0HOGXQJHQ DE
QXU GDV $XVOÐVHNRPPDQGR LVW EORFNLHUW
9HU]ÐJHUXQJV]HLW IÚU GDV HPSIDQJHQH $XVOÐVH 6LJQDO
YRQ GHU *HJHQVWDWLRQ
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
9HUO QJHUXQJV]HLW IÚU GDV HPSIDQJHQH $XVOÐVH 6LJQDO
YRQ GHU *HJHQVWDWLRQ
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V

6' 9
(LQVWHOOXQJHQ IÚU GHQ 5HVHUYH ÛEHUVWURP]HLWVFKXW] %ORFN
'HU 5HVHUYH ÛEHUVWURP]HLWVFKXW] DUEHLWHW XQDE
K QJLJ SDUDOOHO ]XP 'LIIHUHQWLDOVFKXW] 9RUDXVVHW
]XQJ LVW GD| EHL GHU 3URMHNWLHUXQJ GHV *HU WHXP
IDQJV $EVFKQLWW XQWHU $GUHVVH 5(6
80= $0= 925+$1'(1 SURMHNWLHUW ZXUGH
$XFK EHL 6WÐUXQJHQ GHU +LOIVDGHUQ ]XU *HJHQVWD
WLRQ DUEHLWHW GHU ÛEHUVWURP]HLWVFKXW] ZHLWHU
'LH 3DUDPHWHU GHV 5HVHUYH ÛEHUVWURP]HLWVFKXW
]HV ZHUGHQ LQ %ORFN HLQJHVWHOOW 'D GDV *HU W
QLFKW ÚEHU GLH HLQ]HOQHQ 3KDVHQVWUÐPH YHUIÚJW LVW
GHU $XVJDQJVVWURP GHV 0LVFKZDQGOHUV PD|JH
EHQG )ÚU GLH YHUVFKLHGHQHQ )HKOHUDUWHQ HUJHEHQ
VLFK KLHUGXUFK XQWHUVFKLHGOLFKH (PSILQGOLFKNHLWHQ
PLW GHQ JOHLFKHQ )DNWRUHQ ZLH IÚU GHQ 'LIIHUHQWLDO
VFKXW] 'LH 6WURP (LQVWHOOZHUWH VLQG DXIGHQ V\P
PHWULVFKHQ %HWULHE EHL 1RUPDODQVFKOX| JHP |%LOG
EH]RJHQ
=XQ FKVW ZLUG GLH +RFKVWURPVWXIH ,!! HLQJHVWHOOW
$GUHVVHQ XQG 6LH KDW XQDEK QJLJ YRQ
GHU IÚU GLH ,! 6WXIH JHZ KOWHQ $XVOÐVHFKDUDNWHUL
VWLN VWHWV HLQH VWURPXQDEK QJLJH =HLWYHU]ÐJHUXQJ
6LH LVW DXIGHQ 1HQQVWURP GHU /HLWXQJ EH]RJHQ ZLH
XQWHU $GUHVVH SDUDPHWULHUW
5 ( 6 ( 5 9 (
8 0 = $ 0 = 6 & + 8 7 =
$ 8 6
( , 1
% / 2 & . . ' 2
8 0 =
8 0 = $ 0 =
, ! !
, , Q / W
V
7 , ! !
. ( 1 1 /
$ 0 = , 1 9 ( 5 6
$ 0 = 6 7 $ 5 . , 1 9 ( 5 6
$ 0 = ( ; 7 5 ( 0 , 1 9
%HWULHEVDQOHLWXQJ
'LH ÛEHUVWURPVWXIH NDQQ ZDKOZHLVH DOV XQDEK QJL
JHU 80= RGHU DEK QJLJHU $0= ÛEHUVWURP]HLW
VFKXW] HLQJHVHW]W ZHUGHQ ,Q $GUHVVH ZLUG GLH
VH )XQNWLRQVDUW IHVWJHOHJW )ÚU GHQ $0= 6FKXW]
NDQQ LQ GLHVHU $GUHVVH HLQH YRQ GUHL LQ GHQ ,(&
5LFKWOLQLHQ GHILQLHUWHQ VWURPDEK QJLJHQ
.HQQOLQLHQ JHZ KOW ZHUGHQ
'HU $QVSUHFKZHUW ,! $GUHVVH IÚU 80=
6FKXW] E]Z ,S $GUHVVH IÚU $0= 6FKXW]
PX| REHUKDOE GHV PD[LPDO ]X HUZDUWHQGHQ
ÛEHU /DVWVWURPHV HLQJHVWHOOW ZHUGHQ FD PDO
(U LVW DXIGHQ 1HQQVWURP GHU /HLWXQJ EH]RJHQ ZLH
XQWHU $GUHVVH SDUDPHWULHUW
=XVDPPHQ PLW GHU +RFKVWURPVWXIH ZLUG HLQH ]ZHL
VWXILJH 6WURP =HLWVWDIIHOXQJ HUUHLFKW 'LH (LQVWHO
OXQJ GHU 9HU]ÐJHUXQJV]HLWHQ HUJLEW VLFK DXV GHP IÚU
GDV 1HW] DXIJHVWHOOWHQ 6WDIIHOSODQ
%HL GHU (LQVWHOOXQJ GHU =HLWHQ IÚU GLH ,!! 6WXIHQ
XQG GHQ 80= 6FKXW] LVW ]X EHDFKWHQ GD| GLH HLQ
JHVWHOOWHQ =HLWHQ UHLQH =XVDW]YHU]ÐJHUXQJHQ VLQG
GLH GLH (LJHQ]HLW 0H| XQG $XVOÐVH]HLW QLFKW HLQ
VFKOLH|HQ
%HJLQQ GHV %ORFNV n5HVHUYH ÛEHUVWURP]HLWVFKXW]k
:LUNVDPVFKDOWHQ GHV 5HVHUYH ÛEHUVWURP]HLWVFKXW]HV
$86 ÛEHUVWURP]HLWVFKXW] DXVJHVFKDOWHW
(,1 ÛEHUVWURP]HLWVFKXW] HLQJHVFKDOWHW
ÛEHUVWURP]HLWVFKXW] DUEHLWHW JLEW DXFK 0HOGXQJHQ DE
QXU GDV $XVOÐVHNRPPDQGR LVW EORFNLHUW
+RFKVWURP $QVSUHFKZHUW ,!! EH]RJHQ DXIGHQ
1HQQVWURP GHU /HLWXQJ $GUHVVH
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
9HU]ÐJHUXQJV]HLW IÚU ,!!
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
XQG * NHLQH $XVOÐVXQJ PLW ,!!
.HQQOLQLH IÚU GHQ ÛEHUVWURP]HLWVFKXW]
80= 6FKXW]
,
,
$0= ,19(56 JHP | ,(& 7\S $
$0= 67$5. ,19(56 JHP | ,(& 7\S %
$0= (;75(0 ,19HUV JHP | ,(& 7\S &
& * &

6' 9
& * &
, !
, , Q / W
V
7 , !
%HLP $0= 6FKXW] LVW JHP | ,(& ]ZLVFKHQ $QUHJH
ZHUW XQG (LQVWHOOZHUW EHUHLWV HLQ 6LFKHUKHLWVIDNWRU
HLQJHDUEHLWHW (LQH $QUHJXQJ HUIROJW HUVW EHL HLQHP
6WURP JUÐ|HU HWZD IDFKHU (LQVWHOOZHUW
'LH =HLWHLQVWHOOXQJ EHLP $0= 6FKXW] HQWVSULFKW
GHP IDFKHQ GHV ÚEOLFKHQ =HLWIDNWRUV 70 ] %
7S V HQWVSULFKW 70
GDQQ LVW EHL QRUPDO LQYHUV
W V DOVR GLH $XVOÐVH]HLW EHL
PDO (LQVWHOOZHUW ,
, S
, , Q / W
V
7 S
( ) ) % / ' *
2 + 1 ( 2 % ( 5 6 & + : , 1 *
0 , 7 2 % ( 5 6 & + : , 1 *
$GUHVVH EHVWLPPW ZHOFKHU $QVSUHFKZHUW
ZLUNVDP LVW ZHQQ GHU /HLVWXQJVVFKDOWHU YRQ +DQG
HLQJHVFKDOWHW ZLUG 9RUDXVVHW]XQJ LVW GD| GDV
+DQG (LQVFKDOW 6LJQDO YRP 6WHXHUTXLWWLHUVFKDO
+ $ 1 ' ( , 1
8 1 : , 5 . 6 $ 0
, ! ! 8 1 9 ( 5 = 2 ( * ( 5 7
, ! , S 8 1 9 ( 5 = 2 ( *
%HWULHEVDQOHLWXQJ
1XU IÚU 80= 6FKXW]
ÛEHUVWURP $QVSUHFKZHUW ,! EH]RJHQ DXIGHQ 1HQQ
VWURP GHU /HLWXQJ $GUHVVH
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
,
9HU]ÐJHUXQJV]HLW IÚU ,!
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
XQG * NHLQH $XVOÐVXQJ PLW ,!
,
: KUHQG IÚU GLH 80= $XVOÐVHNHQQOLQLH VWHWV QXU
GLH *UXQGVFKZLQJXQJ EHZHUWHW ZLUG NDQQ PDQ EHL
GHQ $0= .HQQOLQLHQ PLW GHP 3DUDPHWHU Z K
OHQ RE HEHQIDOOV QXU GLH *UXQGZHOOH RGHU GHU HFKWH
(IIHNWLYZHUW JHELOGHW ZHUGHQ VROO 'D GHU ÛEHUVWURP
]HLWVFKXW] LQ GHU 5HJHO DOV .XU]VFKOX|VFKXW] DUEHL
WHW LVW GLH 9RUHLQVWHOOXQJ PHLVW DP VLQQYROOVWHQ 6R
IHUQ GLH 6WDIIHOXQJ GHV $0= 6FKXW]HV PLW HOHNWUR
PHFKDQLVFKHQ 5HODLV GLH (IIHNWLYZHUWH HUIDVVHQ
NRRUGLQLHUW ZHUGHQ VROO NDQQ 0,7 2%(56&+:,1
*XQJ HLQJHVWHOOW ZHUGHQ
1XU IÚU $0= 6FKXW]
(LQVWHOOZHUW GHU ÛEHUVWURPVWXIH ,S EH]RJHQ DXI GHQ
1HQQVWURP GHU /HLWXQJ $GUHVVH
NOHLQVWHU (LQVWHOOZHUW
,
JUÐ|WHU (LQVWHOOZHUW
=HLWPXOWLSOLNDWRU IÚU ,
NOHLQVWHU (LQVWHOOZHUW V
JUÐ|WHU (LQVWHOOZHUW V
1XU IÚU $0= 6FKXW]
%HZHUWXQJ QXU GHU *UXQGVFKZLQJXQJ
%HZHUWXQJ GHV HFKWHQ (IIHNWLYZHUWHV
EHL $0= .HQQOLQLH
,
WHU DXIHLQH %LQ UHLQJDEH GHV 6' JHJHEHQ XQG
GLHVH HQWVSUHFKHQG UDQJLHUW LVW 81:,5.6$0 KHL|W
GD| DOOH 6WXIHQ VLFK EHL +DQG (LQVFKDOWXQJ ZLH SD
UDPHWULHUW YHUKDOWHQ
ÛEHUVWURPVWXIH GLH EHL +DQG (LQVFKDOWXQJ GHV /HL
VWXQJVVFKDOWHUV JÚOWLJ LVW
81:,5.6$0 G K NHLQH EHVRQGHUHQ 0D|QDKPHQ
,!! G K GLH ,!! 6WXIH MHGRFK XQYHU]ÐJHUW RKQH
%HUÚFNVLFKWLJXQJ YRQ 7,!!
,! ,S G K GLH ,! 6WXIH EHL 80= E]Z , 6WXIH
EHL $0= MHGRFK RKQH 9HU]ÐJHUXQJ 7,!
E]Z 7S

6' 9
(LQVWHOOXQJHQ IÚU GHQ ÛEHUODVWVFKXW] %ORFN
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] YHUIÚJW ÚEHU HLQHQ
ÛEHUODVWVFKXW] 'LHVH )XQNWLRQ NDQQ QXU ZLUNHQ XQG
LVW QXU ]XJ QJOLFK ZHQQ VLH EHL GHU 3URMHNWLHUXQJ
$EVFKQLWW DOV 925+$1'(1 HLQJHVWHOOW LVW
$GUHVVH
,QVEHVRQGHUH .DEHO VLQG GXUFK O QJHU DQGDXHUQGH
ÛEHUODVWXQJHQ JHI KUGHW 'LHVH NÐQQHQ XQG VROOHQ
YRQ HLQHP .XU]VFKOX|VFKXW] QLFKW HUID|W ZHUGHQ
'HU ÛEHUVWURP]HLWVFKXW] DOV 5HVHUYHVFKXW] ] %
PX| VR KRFK HLQJHVWHOOW ZHUGHQ GD| HU QXU .XU]
VFKOÚVVH HUID|W GD IÚU LKQ DOV .XU]VFKOX|VFKXW] QXU
NXU]H 9HU]ÐJHUXQJV]HLWHQ HUODXEW VLQG 'LH NXU]HQ
9HU]ÐJHUXQJV]HLWHQ ZLHGHUXP JHVWDWWHQ ZHGHU
0D|QDKPHQ ]XU (QWODVWXQJ GHV ÚEHUODVWHWHQ .D
EHOV QRFK GLH $XVQXW]XQJ VHLQHU EHJUHQ]WHQ
ÛEHUODVWXQJVI KLJNHLW
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' YHUIÚJW ÚEHU
HLQH ÛEHUODVWVFKXW]IXQNWLRQ PLW WKHUPLVFKHU $XVOÐ
VHNHQQOLQLH GLH DQ GLH ÛEHUODVWEDUNHLW GHV JH
VFKÚW]WHQ .DEHOV DQJHSD|W ZHUGHQ NDQQ )ÚU )UHL
OHLWXQJHQ ZLUG GLHVH )XQNWLRQ ÚEOLFKHUZHLVH QLFKW
EHQÐWLJW GD GLH 6WURPEHODVWEDUNHLW YRQ )UHLOHLWXQ
JHQ LP DOOJHPHLQHQ QLFKW GHILQLHUW LVW
'LH 3DUDPHWHU GHV ÛEHUODVWVFKXW]HV ZHUGHQ LQ
%ORFN HLQJHVWHOOW 'D GDV *HU W QLFKW ÚEHU GLH HLQ
]HOQHQ 3KDVHQVWUÐPH YHUIÚJW LVW GHU $XVJDQJV
VWURP GHV 0LVFKZDQGOHUV PD|JHEHQG ÛEHUODVW LVW
L D HLQ GUHLSKDVLJHU V\PPHWULVFKHU 9RUJDQJ GLH
6WURP (LQVWHOOZHUWH VLQG DXIGHQ V\PPHWULVFKHQ
%HWULHE EHL 1RUPDODQVFKOX| JHP |%LOG EH]R
JHQ
'LH ÛEHUODVWVFKXW]IXQNWLRQ NDQQ ZLUNVDP (,1
RGHU XQZLUNVDP $86 JHVFKDOWHW ZHUGHQ RGHU
QXU DXI0HOGXQJ 185 0(/'81* JHKHQ DX|HU
GHP NDQQ GDV $XVOÐVHNRPPDQGR EHL ZLUNVDPHU
6FKXW]IXQNWLRQ EORFNLHUW ZHUGHQ $GUHVVH
8 ( % ( 5 / $ 6 7 6 & + 8 7 =
%HWULHEVDQOHLWXQJ
$OV %DVLVVWURP IÚU GLH ÛEHUODVWHUIDVVXQJ ZLUG GHU
1HQQVWURP GHU /HLWXQJ ZLH XQWHU $GUHVVH
VLHKH $EVFKQLWW HLQJHVWHOOW KHUDQJH]RJHQ
'HU (LQVWHOOIDNWRU N LVW GXUFK GDV 9HUK OWQLV GHV WKHU
PLVFK GDXHUQG ]XO VVLJHQ 6WURPHV , ]X GLHVHP
/HLWXQJV 1HQQVWURP EHVWLPPW
N
,
,
'HU ]XO VVLJH 'DXHUVWURP K QJW X D YRQ 4XHU
VFKQLWW ,VRODWLRQVPDWHULDO %DXDUW XQG 9HUOHJXQJV
DUW GHV .DEHOV DE (U NDQQ L D DXV HLQVFKO JLJHQ 7D
EHOOHQ HQWQRPPHQ ZHUGHQ RGHU LVW YRP .DEHO +HU
VWHOOHU DQJHJHEHQ
'LH (UZ UPXQJV]HLWNRQVWDQWH U LVW YRQ GHQ .DEHO
GDWHQ XQG YRQ GHU .DEHOXPJHEXQJ DEK QJLJ
:HQQ NHLQH $QJDEHQ ÚEHU GLH =HLWNRQVWDQWH YRUOLH
JHQ NDQQ VLH DXV GHU .XU]]HLWEHODVWEDUNHLW GHV .D
EHOV EHVWLPPW ZHUGHQ + XILJ LVW GHU V 6WURP
GDV KHL|W GHU PD[LPDO IÚU V (LQZLUNGDXHU ]XO VVLJH
6WURP EHNDQQW RGHU DXV 7DEHOOHQ ]X HQWQHKPHQ
'DQQ ZLUG GLH =HLWNRQVWDQWH QDFK IROJHQGHU )RUPHO
HUUHFKQHW
]XO V 6WURP
(LQVWHOOZHUW U >PLQ@ ôÆ ]XO 'DXHUVWURPÉ
,VW GLH .XU]]HLWEHODVWEDUNHLW IÚU HLQH DQGHUH (LQZLUN
GDXHUDOV VJHJHEHQ VRZLUGLQRELJHU)RUPHOGHU
HQWVSUHFKHQGH .XU]]HLWVWURP VWDWW GHV V 6WUR
PHVHLQJHVHW]W GDV(UJHEQLVDEHUQRFKPLWGHUDQ
JHJHEHQHQ (LQZLUNGDXHU PXOWLSOL]LHUW EHL HLQHP
V 6WURP ] %
]XO V 6WURP
(LQVWHOOZHUW U >PLQ@ ôÆ ]XO 'DXHUVWURP É
=X EHDFKWHQ LVW MHGRFK GD| GDV (UJHEQLV XQJHQDX
HU ZLUG MH O QJHU GLH ]XJUXQGH JHOHJWH (LQZLUNGDXHU
LVW
%HJLQQ GHV %ORFNHV nÛEHUODVWVFKXW]k
& * &

6' 9
$ 8 6
( , 1
& * &
8 ( % ( 5 / $ 6 7
1 8 5 0 ( / ' 8 1 *
% / 2 & . . ' 2
. ) $ . 7 2 5
= ( , 7 . 2 1 6 7
P L Q
'XUFK (LQVWHOOXQJ HLQHU WKHUPLVFKHQ :DUQVWXIH
$GUHVVH NDQQ HLQH :DUQPHOGXQJ YRU (UUHL
FKHQ GHU $XVOÐVHÚEHUWHPSHUDWXU DEJHJHEHQ ZHU
GHQ XQG VRPLW ] % GXUFK UHFKW]HLWLJH /DVWUHGX]LH
UXQJ HLQH $EVFKDOWXQJ YHUPLHGHQ ZHUGHQ
$XFK HLQH VWURPP |LJH :DUQVWXIH LVW PÐJOLFK
$GUHVVH 'LHVH LVW DOV )DNWRU GHV 1HQQVWUR
3 Z D U Q
, Z D U Q
, , Q / W
$86VFKDOWHQ GHU ÛEHUODVWIXQNWLRQ
(,1VFKDOWHQ GHU ÛEHUODVWIXQNWLRQ
%HWULHEVDQOHLWXQJ
ÛEHUODVWVFKXW] DUEHLWHW JLEW DEHU 185 0(/'81*HQ
DE
ÛEHUODVWVFKXW] DUEHLWHW JLEW DXFK 0HOGXQJHQ DE QXU
GDV $XVOÐVHNRPPDQGR LVW EORFNLHUW
(LQVWHOOZHUW GHV N )DNWRUV , , EH]RJHQ
DXIGHQ 1HQQVWURP GHU /HLWXQJ $GUHVVH
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
(LQVWHOOZHUW GHU =HLWNRQVWDQWHQ U
NOHLQVWHU (LQVWHOOZHUW PLQ
JUÐ|WHU (LQVWHOOZHUW PLQ
PHV GHU ]X VFKÚW]HQGHQ /HLWXQJ ZLH XQWHU $GUHVVH
SDUDPHWULHUW DQ]XJHEHQ XQG VROOWH JOHLFK
RGHU HWZDV XQWHUKDOE GHV GDXHUQG ]XO VVLJHQ 6WUR
PHV N k , HLQJHVWHOOW ZHUGHQ 6LH NDQQ DXFK
VWDWW GHU WKHUPLVFKHQ :DUQVWXIH YHUZHQGHW ZHUGHQ
GLH WKHUPLVFKH :DUQVWXIH ZLUG GDQQ DXI HLQ
JHVWHOOW XQG LVW GDGXUFK SUDNWLVFK XQZLUNVDP
:DUQÚEHUWHPSHUDWXU LQ 3UR]HQWHQ GHU $XVOÐVHÚEHUWHP
SHUDWXU 3 3
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
6WURPP |LJH :DUQVWXIH HLQ]XVWHOOHQ LQ 9LHOIDFKHP GHV
1HQQVWURPHV GHU /HLWXQJ $GUHVVH
NOHLQVWHU (LQVWHOOZHUW k ,
JUÐ|WHU (LQVWHOOZHUW k ,

6' 9
(LQVWHOOXQJHQ IÚU GLH 0H|ZHUWÚEHUZDFKXQJ %ORFN
'LH YHUVFKLHGHQHQ ÛEHUZDFKXQJHQ LP *HU WVLQG
LP $EVFKQLWW EHVFKULHEHQ 6LH GLHQHQ WHLOZHLVH
GHU ÛEHUZDFKXQJ GHV *HU WHV VHOEVW WHLOZHLVH ZHU
GHQ GLH VWDWLRQ UHQ 0H|JUÐ|HQ GHU :DQGOHUNUHLVH
ÚEHUZDFKW
'LH (PSILQGOLFKNHLW GHU 0H|ZHUWÚEHUZDFKXQJ NDQQ
LP 3DUDPHWHUEORFN YHU QGHUW ZHUGHQ :HUNVVHL
WLJ VLQG EHUHLWV (UIDKUXQJVZHUWH YRUHLQJHVWHOOW GLH
LQ GHQ PHLVWHQ ) OOHQ DXVUHLFKHQG VLQG
'LH 6XPPHQVWURPÚEHUZDFKXQJ DGGLHUW GLH DXIGHQ
0 ( 6 6 : ( 5 7
8 ( % ( 5 : $ & + 8 1 *
( , 1
$ 8 6
,
0 : 8 ( % ( 5 :
6 8 0 , * 5 ( 1 =
, , Q
6 8 0 ) $ .
%HWULHEVDQOHLWXQJ
LQWHUQHQ .QRWHQSXQNW ]ZLVFKHQ , , XQG , ]XIOLH
|HQGHQ 6WUÐPH GHUHQ 6XPPH MD ]X MHGHP =HLW
SXQNW QXOO HUJHEHQ PX| :HUGHQ MHGRFK ]X 3UÚI
]ZHFNHQ HLQ]HOQH 6WUÐPH LQ GLHVH 0H|HLQJ QJH
HLQJHSU JW LVW GLH 6XPPHQEHGLQJXQJ QLFKW PHKU
HUIÚOOW 'DV *HU W ZÚUGH 6WURPVXPPHQIHKOHU PHO
GHQ XQG GHQ 'LIIHUHQWLDOVFKXW] EORFNLHUHQ 'DPLW
VROFKH 3UÚIXQJHQ GHQQRFK GXUFKJHIÚKUW ZHUGHQ
NÐQQHQ EHVWHKW GLH 0ÐJOLFKNHLW GLH 6XPPHQ
VWURPÚEHUZDFKXQJ DXV]XVFKDOWHQ
%HJLQQ GHV %ORFNV n0H|ZHUWÚEHUZDFKXQJk
:LUNVDPVFKDOWHQ GHU 0H|ZHUWÚEHUZDFKXQJ
(,1 0H|ZHUWÚEHUZDFKXQJ HLQJHVFKDOWHW
$86 0H|ZHUWÚEHUZDFKXQJ DXVJHVFKDOWHW
]X 7HVW]ZHFNHQ
*UHQ]VWURP REHUKDOE GHVVHQ GLH 6XPPHQVWURPÚEHU
ZDFKXQJ VLHKH %LOG DQVSULFKW DEVROXWHU $QWHLO
QXU DXI, GHV *HU WHV EH]RJHQ
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
UHODWLYHU $QWHLO EH]RJHQ DXIGHQ PD[LPDOHQ GHU GUHL
6WUÐPH IÚU GDV $QVSUHFKHQ GHU 6XPPHQVWURPÚEHU
ZDFKXQJ %LOG
NOHLQVWHU (LQVWHOOZHUW
JUÐ|WHU (LQVWHOOZHUW
& * &

6' 9
0HOGXQJHQ
(LQIÚKUXQJ
0HOGXQJHQ OLHIHUQ QDFK HLQHU 6WÐUXQJ LP 1HW] HLQHQ
ÛEHUEOLFN ÚEHU ZLFKWLJH 'DWHQ GHV 6WÐUIDOOV XQG
ÚEHU GLH )XQNWLRQ GHV *HU WHV XQG GLHQHQ ]XU .RQ
WUROOH YRQ )XQNWLRQVDEO XIHQ EHL 3UÚIXQJ XQG ,QEH
WULHEQDKPH 'DUÚEHU KLQDXV JHEHQ VLH LP %HWULHE ,Q
IRUPDWLRQHQ ÚEHU =XVW QGH YRQ 0H|GDWHQ XQG GHV
*HU WHV VHOEVW
)ÚU GHQ $EUXI YRQ 0HOGXQJHQ LVW NHLQH &RGHZRUW
HLQJDEH QRWZHQGLJ
'LH LP *HU W JHQHULHUWHQ 0HOGXQJHQ NÐQQHQ DXI XQ
WHUVFKLHGOLFKH :HLVH ]XP $QZHQGHU JHODQJHQ
$Q]HLJH PLWWHOV /HXFKWGLRGHQ /(' LQ GHU )URQW
SODWWH GHV *HU WHV %LOG
%LQ UDXVJDEHQ 0HOGHUHODLV ÚEHU GLH $QVFKOÚV
VH GHV *HU WHV
$Q]HLJHQ LP 'LVSOD\ LQ GHU )URQWSODWWH RGHU DXI
GHP %LOGVFKLUP HLQHV 3& ÚEHU GLH %HGLHQVFKQLWW
VWHOOH
ÛEHUWUDJXQJ ÚEHU GLH VHULHOOH 6\VWHPVFKQLWWVWHOOH
]XU /HLW]HQWUDOH ZHQQ YRUKDQGHQ
'LH PHLVWHQ 0HOGXQJHQ NÐQQHQ DXI GLH /HXFKWGLR
GHQ XQG %LQ UDXVJDEHQ UDQJLHUW ZHUGHQ VLHKH $E
VFKQLWW 'DEHL VLQG DXFK 0HKUIDFK XQG 6DP
PHOPHOGXQJHQ PÐJOLFK
8P 0HOGXQJHQ ÚEHU GDV %HGLHQIHOG DE]XUXIHQ
VLQG IROJHQGH 0ÐJOLFKNHLWHQ JHJHEHQ
EORFNZHLVHV %O WWHUQ PLW GHQ 7DVWHQ Â YRUZ UWV
E]Z Ä UÚFNZ UWV ELV ]XU $GUHVVH
'LUHNWDQZDKO PLW $GUH|DQJDEH PLWWHOV 7DVWH '$
$GUHVVH XQG $EVFKOX| PLW (LQJDEHWDVWH
(
0 ( / ' 8 1 * ( 1
& * &
%HWULHEVDQOHLWXQJ
'UÚFNHQ GHU 7DVWH 0 6 0HOGXQJHQ 6LJQDOLVLH
UXQJ GDQQ HUVFKHLQW DXWRPDWLVFK GLH $GUHVVH
PLW GHP %HJLQQ GHU 0HOGHEOÐFNH
)ÚU GLH 3URMHNWLHUXQJ GHU ÛEHUWUDJXQJ YRQ 0HOGXQ
JHQ ZXUGHQ GLH QRWZHQGLJHQ 3URMHNWLHUXQJVGDWHQ
LQ %ORFN HLQJHJHEHQ VLHKH $EVFKQLWW
'LH 0HOGXQJHQ VLQG IROJHQGHUPD|HQ JHJOLHGHUW
%ORFN %HWULHEVPHOGXQJHQ GLHV VLQG 0HOGXQ
JHQ GLH Z KUHQG GHV %HWULHEV GHV *HU
WHV DXIWUHWHQ NÐQQHQ ,QIRUPDWLRQHQ ÚEHU
=XVWDQG GHU *HU WHIXQNWLRQHQ 0H|GD
WHQ X
%ORFN 0HOGXQJHQ GHU OHW]WHQ 1HW]VWÐUXQJ $Q
UHJXQJ $XVOÐVXQJ =HLWDEO XIH R 'HIL
QLWLRQVJHP | EHJLQQW HLQH 1HW]VWÐUXQJ
PLW GHU HUVWHQ $QUHJXQJ HLQHU 6FKXW]
IXQNWLRQ XQG HQGHW PLW GHP 5ÚFNIDOO GHU
OHW]WHQ $QUHJXQJ
%ORFN 0HOGXQJHQ GHU YRUOHW]WHQ 1HW]VWÐUXQJ
ZLH %ORFN
%ORFN 0HOGXQJHQ GHU GULWWOHW]WHQ 1HW]VWÐUXQJ
ZLH %ORFN
%ORFN 0HOGXQJHQ ]XU 6FKDOWVWDWLVWLN G V = KOHU
IÚU GLH $XVVFKDOWNRPPDQGRV VRZLH GHU
DNNXPXOLHUWH .XU]VFKOX|VWURP
%ORFN $Q]HLJH YRQ %HWULHEVPH|ZHUWHQ 6WUÐ
PH 'LIIVWUÐPH
%ORFN $Q]HLJH YRQ ÛEHUODVWPH|ZHUWHQ
%HJLQQ GHU 0HOGHEOÐFNH
(LQH YROOVW QGLJH /LVWH DOOHU LP *HU W JHQHULHUWHQ 0HOGH XQG $XVJDEHIXQNWLRQHQ PLW ]XJHKÐULJHU )XQNWLRQV
QXPPHU )1U LVW LP $QKDQJ & ]X ILQGHQ 'DEHL LVW DXFK IÚU MHGH 0HOGXQJ DQJHJHEHQ ZRKLQ VLH JHPHOGHW ZHU
GHQ NDQQ

6' 9
%HWULHEVPHOGXQJHQ %ORFN
%HWULHEVPHOGXQJHQ VLQG VROFKH ,QIRUPDWLRQHQ GLH
GDV *HU WZ KUHQG GHV %HWULHEHV XQG ÚEHU GHQ %H
WULHE HU]HXJW 6LH EHJLQQHQ EHL GHU $GUHVVH ,Q
FKURQRORJLVFKHU )ROJH ZHUGHQ GRUW ZLFKWLJH (UHLJ
QLVVH XQG =XVWDQGV QGHUXQJHQ DXIJHOLVWHW 'D]X
VLQG =HLWDQJDEHQ LQ 6WXQGHQ XQG 0LQXWHQ JHPDFKW
%LV ]X %HWULHEVPHOGXQJHQ ZHUGHQ JHVSHLFKHUW
)DOOHQ PHKU %HWULHEVPHOGXQJHQ DQ VR JHKW GLH MH
ZHLOV OWHVWH 0HOGXQJ YHUORUHQ
.XU]VFKOÚVVH LP 1HW] ZHUGHQ QXU PLW n1HW]VW|Uk
XQG ODXIHQGHU 6WÐUXQJVQXPPHU DQJHJHEHQ 'HWDLO
OLHUWH $QJDEHQ ÚEHU GHQ 9HUODXI GHU 6WÐUXQJ HQWKDO
WHQ GLH 0HOGHEOÐFNH n1HW]VWÐUXQJHQk VLHKH $E
VFKQLWW
(LQJDEH GHV &RGHZRUWV LVW QLFKW HUIRUGHUOLFK
% ( 7 5 , ( % 6
0 ( / ' 8 1 * ( 1
$ X V I D O O $ G H U .
%HWULHEVDQOHLWXQJ
1DFK $QZDKO GHU $GUHVVH GXUFK 'LUHNWDQ
ZDKO '$ ( XQG RGHU GXUFK %O WWHUQ PLW Â
RGHU Ä XQG :HLWHUEO WWHUQ PLW HUVFKHLQHQ GLH %H
WULHEVPHOGXQJHQ 1DFKVWHKHQG VLQG DOOH YHUIÚJED
UHQ %HWULHEVPHOGXQJHQ DQJH]HLJW ,P NRQNUHWHQ
)DOO HUVFKHLQHQ QDWÚUOLFK QXU GLH ]XWUHIIHQGHQ 0HO
GXQJHQ LP 'LVSOD\
1HEHQ GHQ . VWFKHQ VLQG GLH .XU]IRUPHQ HUO XWHUW
'DEHL LVW DXFK DQJHJHEHQ RE GLH 0HOGXQJ QXU
NRPPHQG . EHL (UHLJQLVVHQ RGHU NRPPHQG XQG
JHKHQG . * EHL =XVW QGHQ DEJHJHEHQ ZLUG )ÚU
GLH HUVWH 0HOGXQJ LVW DOV %HLVSLHO GLH =HLWDQJDEH LQ
GHU HUVWHQ 'LVSOD\ =HLOH XQG GHU 0HOGHWH[W PLW
.RPPHQG 9HUPHUN LQ GHU ]ZHLWHQ =HLOH DQJHJH
EHQ
%HJLQQ GHV %ORFNV n%HWULHEVPHOGXQJHQk
=HLOH 'DWXP XQG 8KU]HLW GHV (UHLJQLVVHV RGHU
=XVWDQGVZHFKVHOV
=HLOH 0HOGHWH[W LP %HLVSLHO PLW .RPPHQG 9HU
PHUN
%HL QLFKW EHUHLWHU (FKW]HLWXKU HUVFKHLQW GDV 'DWXP DOV 44 44 44 GLH 8KU]HLW DOV 5HODWLY]HLW VHLW GHP OHW]WHQ
$QODXI GHV 3UR]HVVRUV\VWHPV
'LUHNWH 5ÚFNPHOGXQJHQ YRQ %LQ UHLQJDEHQ
! = H L W V \ Q F K U R ,QWHUQH 8KU V\QFKURQLVLHUW .
! 6 W | U Z 6 W D U W 6WÐUZHUWVSHLFKHUXQJ ÚEHU %LQ UHLQJDQJ JHVWDUWHW .
! 0 H O G X Q J $QZHQGHUGHILQLHUEDUH 0HOGXQJ
. *
ÚEHU %LQ UHLQJDEH
! 0 H O G X Q J $QZHQGHUGHILQLHUEDUH 0HOGXQJ
. *
ÚEHU %LQ UHLQJDEH
! 0 H O G X Q J $QZHQGHUGHILQLHUEDUH 0HOGXQJ
. *
ÚEHU %LQ UHLQJDEH
! 0 H O G X Q J $QZHQGHUGHILQLHUEDUH 0HOGXQJ
. *
ÚEHU %LQ UHLQJDEH
! , ! ! E O R F N ,!! 6WXIH GHV 5HVHUYH
H[WHUQ EORFNLHUW . *
ÛEHUVWURP]HLWVFKXW]HV YRQ
! , ! , S E O R F N ,! 80= E]Z , 6WXIH $0= GHV 5HVHUYH
VWURP]HLWVFKXW]HV YRQ H[WHUQ EORFNLHUW . *
ÛEHU
& * &

6' 9
$OOJHPHLQH %HWULHEVPHOGXQJHQ GHV *HU WHV
* H U l W E H U H L W *HU W EHUHLW . *
( U V W D Q O D X I
& * &
%HWULHEVDQOHLWXQJ
(UVWDQODXI GHV 3UR]HVVRUV\VWHPV ] % QDFK (LQVFKDO
WHQ GHU +LOIVVSDQQXQJ .
/ ( ' 4 X L W W /(' $Q]HLJHQ ]XUÚFNJHVWHOOW .
3 D U D P O l X I W 3DUDPHWULHUXQJ GHV *HU WHV O XIW . *
3 D U D P 6 D W ] $ 3DUDPHWHU 6DW] $ LVW DNWLY . *
3 D U D P 6 D W ] % 3DUDPHWHU 6DW] % LVW DNWLY . *
3 D U D P 6 D W ] & 3DUDPHWHU 6DW] & LVW DNWLY . *
3 D U D P 6 D W ] ' 3DUDPHWHU 6DW] ' LVW DNWLY . *
1 H W ] V W | U
1HW]VWÐUXQJ O XIW DOOJHPHLQ PLW OIG 1XPPHU . *
(LQ]HOKHLWHQ VLHKH 6WÐUIDOOPHOGXQJHQ
6 W | U Z % L Q 6WÐUZHUWVSHLFKHUXQJ ÚEHU %LQ UHLQJDEH JHVWDUWHW .
6 W | U Z ) R O L H 6WÐUZHUWVSHLFKHUXQJ ÚEHU %HGLHQWDVWDWXU )ROLHQWD
VWDWXU JHVWDUWHW .
6 W | U Z 3 & 6WÐUZHUWVSHLFKHUXQJ ÚEHU %HGLHQ 3& 6FKQLWWVWHOOH
JHVWDUWHW .
6 W | U Z J H O | 6WÐUZHUWH JHOÐVFKW .
+ D Q G ( , 1 +DQG (LQVFKDOWXQJ GHV /HLVWXQJVVFKDOWHUV
HUNDQQW .
%HWULHEVPHOGXQJHQ GHU ÛEHUZDFKXQJVIXQNWLRQHQ
6 : 9 H U I D O V F K 6RIWZDUH 9HUVLRQ GHV *HU WHV IDOVFK .
* H U , ' I D O V F K *HU WH ,GHQWLILNDWLRQVQXPPHU IDOVFK .
0 H O G Y H U O R U H Q 0HOGXQJHQ YHUORUHQ ÛEHUODXI 0HOGHSXIIHU .
0 H O G 3 & Y H U O 0HOGXQJHQ IÚU %HGLHQ 3& 6FKQLWWVWHOOH YHUORUHQ .
% H W U P O G X Q J %HWULHEVPHOGXQJVDUFKLY XQJÚOWLJ . *
6 W | U P O G X Q J 1HW]VWÐUXQJVSURWRNROOH XQJÚOWLJ . *
6 W D W S X I X Q J 6FKDOWVWDWLVWLNSXIIHU XQJÚOWLJ . *

6' 9
/ ( ' 3 X I I X Q J 3XIIHU IÚU /(' 6SHLFKHUXQJ XQJÚOWLJ . *
9 ' ( : = X X Q J =XVWDQG GHU 9'(: =9(, 0HOGXQJHQ ,(&
XQJÚOWLJ . *
& N V I D O V F K &KHFNVXPPH IDOVFK . *
%HWULHEVDQOHLWXQJ
& N V $ I D O V F K &KHFNVXPPH IÚU 3DUDPHWHU 6DW] $ IHKOHUKDIW PLW
GLHVHP 6DW] NDQQ QLFKW JHDUEHLWHW ZHUGHQ . *
& N V % I D O V F K &KHFNVXPPH IÚU 3DUDPHWHU 6DW] % IHKOHUKDIW PLW
GLHVHP 6DW] NDQQ QLFKW JHDUEHLWHW ZHUGHQ . *
& N V & I D O V F K &KHFNVXPPH IÚU 3DUDPHWHU 6DW] & IHKOHUKDIW PLW
GLHVHP 6DW] NDQQ QLFKW JHDUEHLWHW ZHUGHQ . *
& N V ' I D O V F K &KHFNVXPPH IÚU 3DUDPHWHU 6DW] ' IHKOHUKDIW PLW
GLHVHP 6DW] NDQQ QLFKW JHDUEHLWHW ZHUGHQ . *
6 W | U X Q J 9 6WÐUXQJ 9HUVRUJXQJVVSDQQXQJ 9 . *
6 W | U X Q J 9 6WÐUXQJ 9HUVRUJXQJVVSDQQXQJ 9 . *
6 W | U X Q J 9 6WÐUXQJ 9HUVRUJXQJVVSDQQXQJ 9 . *
6 W | U X Q J 9 6WÐUXQJ 2IIVHWÚEHUZDFKXQJ 9 . *
6 W | U X Q J ( $ 6WÐUXQJ .RPPDQGRÚEHUZDFKXQJ DXI GHU HUVWHQ (LQ
$XVJDEH %DXJUXSSH (36 . *
6 W | U X Q J ( $ 6WÐUXQJ DXI GHU 7RQIUHTXHQ]EDXJUXSSH IÚU $GHUQ
ÚEHUZDFKXQJ 0LWQDKPH XQG )HUQDXVOÐVXQJ 3*$
QXU EHL 6' 4 444 4 .*
6 W | U X Q J 5 . $ 6WÐUXQJ 5HODLVEDXJUXSSH 5.$ . *
/ 6 $ % H W U J H V W /6$ %HWULHE JHVWÐUW . *
6 W | U X Q J 5 , 6WÐUXQJ 0H|ZHUWÚEHUZDFKXQJ 5, .*
%HWULHEVPHOGXQJHQ GHV 'LIIHUHQWLDOVFKXW]HV
' L I I D X V 'LIIHUHQWLDOVFKXW] LVW DXVJHVFKDOWHW . *
' L I I E O R F N 'LIIHUHQWLDOVFKXW] LVW EORFNLHUW . *
' L I I Z L U N V D P 'LIIHUHQWLDOVFKXW] LVW ZLUNVDP . *
G L U ' L I ! $ 8 6 'LUHNWHV 'LIIHUHQWLDOVFKXW] .RPPDQGR ,GLII! RKQH
$EIUDJH GHU ÐUWOLFKHQ )UHLJDEHVFKZHOOH . *
& * &

6' 9
%HWULHEVPHOGXQJHQ GHU +LOIVDGHUQÚEHUZDFKXQJ
$ ' 8 ( D X V $GHUQÚEHUZDFKXQJ LVW DXVJHVFKDOWHW . *
$ ' 8 ( E O R F N $GHUQÚEHUZDFKXQJ LVW EORFNLHUW . *
6 W | U X Q J $ G H U 6WÐUXQJ LP +LOIVDGHUQNUHLV . *
& * &
%HWULHEVDQOHLWXQJ
% O R F N ] % H L Q 'LIIHUHQWLDOVFKXW] EORFNLHUW $GHUQÚEHUZDFKXQJ GHV
1DFKEDUJHU WHV EHL 'UHLEHLQOHLWXQJ . *
%HWULHEVPHOGXQJHQ GHU 'LUHNW XQG )HUQDXVOÐVXQJ
( L Q N D X V 'LUHNWDXVOÐVXQJ GXUFK (LQNRSSOXQJ ÚEHU %LQ UHLQJD
EH DXVJHVFKDOWHW . *
( L Q N E O R F N 'LUHNWDXVOÐVXQJ GXUFK (LQNRSSOXQJ ÚEHU %LQ UHLQJD
EH EORFNLHUW . *
( L Q N Z L U N V D P 'LUHNWDXVOÐVXQJ GXUFK (LQNRSSOXQJ ÚEHU %LQ UHLQJD
EH ZLUNVDP . *
) $ 8 6 6 H Q D X V )HUQDXVOÐVHIXQNWLRQ VHQGHUVHLWLJ DXVJHVFKDOWHW .
*
) $ 8 6 E O R F N )HUQDXVOÐVHIXQNWLRQ EORFNLHUW VHQGHUVHLWLJ . *
) $ 8 6 V H Q G H Q )HUQDXVOÐVHVLJQDO JHVHQGHW . *
( P S I D Q J D X V $XVOÐVXQJ GXUFK HPSIDQJHQHV 6LJQDO YRQ *HJHQVWD
WLRQ DXVJHVFKDOWHW . *
( P S I D Q J E O R F N $XVOÐVXQJ GXUFK HPSIDQJHQHV 6LJQDO YRQ *HJHQVWD
WLRQ EORFNLHUW . *
( P S I D Q J Z L U N V $XVOÐVXQJ GXUFK HPSIDQJHQHV 6LJQDO YRQ *HJHQVWD
WLRQ ZLUNVDP . *
( P S I D Q J H P S I $XVOÐVHVLJQDO YRQ *HJHQVWDWLRQ HPSIDQJHQ . *
%HWULHEVPHOGXQJHQ GHV 5HVHUYH ÛEHUVWURP]HLWVFKXW]HV
! , ! ! E O R F N ,!! 6WXIH GHV 5HVHUYH
H[WHUQ EORFNLHUW . *
ÛEHUVWURP]HLWVFKXW]HV YRQ
! , ! , S E O R F N ,! 80= E]Z , 6WXIH $0= GHV 5HVHUYH
VWURP]HLWVFKXW]HV YRQ H[WHUQ EORFNLHUW . *
ÛEHU
5 H V D X V 5HVHUYH ÛEHUVWURP]HLWVFKXW] LVW DXVJHVFKDOWHW . *
5 H V E O R F N 5HVHUYH ÛEHUVWURP]HLWVFKXW] LVW EORFNLHUW . *
5 H V Z L U N V D P 5HVHUYH ÛEHUVWURP]HLWVFKXW] LVW ZLUNVDP . *

6' 9
%HWULHEVPHOGXQJHQ GHV ÛEHUODVWVFKXW]HV
8 / 6 D X V ÛEHUODVWVFKXW] LVW DXVJHVFKDOWHW . *
8 / 6 E O R F N L H U W ÛEHUODVWVFKXW] LVW EORFNLHUW . *
8 / 6 Z L U N V D P ÛEHUODVWVFKXW] LVW ZLUNVDP . *
%HWULHEVDQOHLWXQJ
8 / 6 Z D U Q , ÛEHUODVWVFKXW] VWURPP |LJH :DUQVWXIH KDW DQJHVSUR
FKHQ . *
8 / 6 Z D U Q 3 ÛEHUODVWVFKXW] WKHUPLVFKH :DUQVWXIH KDW DQJHVSUR
FKHQ . *
8 / 6 $ Q U 3 ÛEHUODVWVFKXW] $XVOÐVHÚEHUWHPSHUDWXU HUUHLFKW . *
0HOGXQJHQ GHU /HLVWXQJVVFKDOWHU 3UÚIXQJ
/ 6 3 U I X Q J 3UÚIXQJ IÚU /HLVWXQJVVFKDOWHU O XIW $XVOÐVHSUÚIXQJ
. *
/ 6 S U I $ 8 6 / $XVOÐVXQJ DXI /HLVWXQJVVFKDOWHU GUHLSROLJ GXUFK
/HLVWXQJVVFKDOWHU 3UÚIXQJ .
6RQVWLJH (LQWUDJXQJHQ
7 D E H O O H Y R O O EHGHXWHW GD| QRFK ZHLWHUH %HWULHEVPHOGXQJHQ DQJH
IDOOHQ VLQG DEHU GHU 6SHLFKHU YROO LVW
7 D E H O O H ( Q G H
:HQQ QLFKW DOOH 0HOGHVSHLFKHU DXVJHQXW]W VLQG ZLUG
DOV OHW]WH (LQWUDJXQJ n7DEHOOH (QGHk DQJHJHEHQ
& * &

6' 9
& * &
6WÐUIDOOPHOGXQJHQ %OÐFNH ELV
(V NÐQQHQ GLH 0HOGXQJHQ GHU GUHL OHW]WHQ 1HW]VWÐ
UXQJHQ DXVJHOHVHQ ZHUGHQ 'LHVH EHILQGHQ VLFK LQ
GHU 5HLKHQIROJH YRQ GHU MÚQJVWHQ ]XU OWHVWHQLQGHQ
$GUHVVHQ XQG %HL (LQWULWW HLQHU
QHXHQ 6WÐUXQJ ZHUGHQ GLH 'DWHQ GHU OWHVWHQ JH
OÐVFKW -HGHU 1HW]VWÐUXQJVSXIIHU NDQQ ELV ]X
0HOGXQJHQ VSHLFKHUQ
(LQJDEH GHV &RGHZRUWHV LVW QLFKW QRWZHQGLJ
=XP $EUXI GHU OHW]WHQ 1HW]VWÐUXQJ JHKW PDQ ÚEHU
'LUHNWDGUHVVLHUXQJ '$ ( RGHU GXUFK %O W
WHUQ PLW GHQ 7DVWHQ Â RGHU Ä ]XU $GUHVVH 0LW
/ ( 7 = 7 (
1 ( 7 = 6 7 2 ( 5 8 1 *
1 H W ] V W | U
6 W | U I D O O .
' L I I
P V
$ Q U .
' L I I !
P V
$ 8 6 .
* H U 5
P V
F N I D O O .
X V Z
%HWULHEVDQOHLWXQJ
GHU 7DVWH NDQQ PDQ GLH 0HOGXQJHQ ZHLWHUEO WWHUQ
RGHU PLW ]XUÚFNEO WWHUQ -HGH 0HOGXQJ KDW HLQH ,Q
GH[ 1XPPHU
1DFKIROJHQG VLQG DOOH YHUIÚJEDUHQ 6WÐUIDOOPHOGXQ
JHQ DQJHJHEHQ ,P NRQNUHWHQ 6WÐUIDOO HUVFKHLQHQ
QDWÚUOLFK QXU GLH ]XWUHIIHQGHQ 0HOGXQJHQ LP 'LV
SOD\
=XYRU VLQG HLQLJH W\SLVFKH %HLVSLHOH IÚU 6WÐUIDOOPHO
GXQJHQ HLQHU 1HW]VWÐUXQJ PLW (UO XWHUXQJ GHU 'LV
SOD\ =HLOHQ JH]HLJW
%HJLQQ GHV %ORFNV nOHW]WH 1HW]VWÐUXQJk
XQWHU ,QGH[ 1U VWHKW GDV 'DWXP XQG GLH ODXIHQGH
1XPPHU GHU 1HW]VWÐUXQJ
XQWHU ,QGH[ 1U VWHKW GLH 8KU]HLW GHV 6WÐUXQJVEH
JLQQV PLW PV $XIOÐVXQJ
(V IROJHQ GLH 6WÐUIDOOPHOGXQJ LQ FKURQRORJLVFKHU )RO
JH LKUHV (UNHQQHQV PLW HLQHU 5HODWLY]HLW EH]RJHQ DXI
GHQ =HLWSXQNW GHV 6WÐUXQJVEHJLQQV

6' 9
$OOJHPHLQH 6WÐUIDOOPHOGXQJHQ GHV *HU WHV
6 W | U P O G Y H U O 6WÐUIDOOPHOGXQJHQ YHUORUHQ
1 H W ] V W | U 1HW]VWÐUXQJ PLW OIG 1XPPHU
6 W | U I D O O 6WÐUIDOO EHJLQQW
%HWULHEVDQOHLWXQJ
, , Q DEJHVFKDOWHWHU 6WURP JHZLFKWHW HQWVSUHFKHQG GHP
0LVFKZDQGOHUVWURP GHU YRQ )HKOHUDUW XQG $QVFKOX|
DEK QJW
* H U 5 F N I D O O 5ÚFNIDOO GHV *HU WHV G K NHLQH GHU 6FKXW]IXQNWLRQHQ
LVW PHKU DQJHUHJW
0HOGXQJHQ GHV 'LIIHUHQWLDOVFKXW]HV
' L I I $ Q U $QUHJXQJ 'LIIHUHQWLDOVFKXW]
' L I I ! 9 ] 6 W U W 6WDUW GHU 9HU]ÐJHUXQJV]HLW IÚU 'LIIHUHQWLDOVFKXW]
% O R F N 6 D W W 'LIIHUHQWLDOVFKXW]GXUFK6 WWLJXQJVVWDELOLVLHUXQJEORN
NLHUW
% O R F N + D U P 'LIIHUHQWLDOVFKXW] GXUFK 6WDELOLVLHUXQJ PLW ]ZHLWHU KDU
PRQLVFKHU 2EHUVFKZLQJXQJ EORFNLHUW
' L I I ! $ 8 6 $XVOÐVXQJ 'LIIHUHQWLDOVFKXW]
' L I I 0 L W Q 6 H Q 0LQDKPHVLJQDO JHVHQGHW
0HOGXQJHQ GHU 'LUHNW XQG )HUQDXVOÐVXQJ
( L Q N $ Q U $QUHJXQJ GHV HLQJHNRSSHOWHV 'LUHNWNRPPDQGRV
ÚEHU %LQ UHLQJDEH
( L Q N $ 8 6 $XVOÐVXQJ GXUFK HLQJHNRSSHOWHV 'LUHNWNRPPDQGR
ÚEHU %LQ UHLQJDEH
( P S I D Q J $ Q U $QUHJXQJ GHV )HUQNRPPDQGRV YRQ GHU *HJHQVWD
WLRQ 0LWQDKPH RGHU )HUQDXVOÐVXQJ
( P S I D Q J $ 8 6 $XVOÐVXQJ GXUFK )HUQNRPPDQGR YRQ GHU *HJHQVWD
WLRQ 0LWQDKPH RGHU )HUQDXVOÐVXQJ
0HOGXQJHQ GHV 5HVHUYH ÛEHUVWURP]HLWVFKXW]HV
5 H V * $ Q U *HQHUDODQUHJXQJ 5HVHUYH ÛEHUVWURP]HLWVFKXW]
5 H V , ! ! $QUHJXQJ ÛEHUVWURP]HLWVFKXW] GHU ,!! 6WXIH
5 H V , ! , S $QUHJXQJ ÛEHUVWURP]HLWVFKXW] GHU ,! 80= E]Z
, 6WXIH $0=
& * &

6' 9
& * &
%HWULHEVDQOHLWXQJ
5 H V 7 , ! ! 9HU]ÐJHUXQJV]HLW IÚU +RFKVWURPVWXIH EHL 5HVHUYH
ÛEHUVWURP]HLWVFKXW] DEJHODXIHQ
5 H V 7 , ! 7 S 9HU]ÐJHUXQJV]HLW IÚU ÛEHUVWURPVWXIH ,! 80= E]Z
, $0= EHL ÛEHUVWURP]HLWVFKXW] DEJHODXIHQ
5 H V * $ 8 6 *HQHUDO $XVOÐVXQJ ÛEHUVWURP]HLWVFKXW]
0HOGXQJHQ GHV ÛEHUODVWVFKXW]HV
8 / 6 $ 8 6 ÛEHUODVWVFKXW] KDW DXVJHOÐVW
6RQVWLJH (LQWUDJXQJHQ
7 D E H O O H O H H U EHGHXWHW GD| QRFK NHLQ 6WÐUIDOO HLQJHWUDJHQ LVW
7 D E H O O H Y R O O EHGHXWHW GD| QRFK ZHLWHUH 6WÐUIDOOGDWHQ DQJHIDOOHQ
VLQG DEHU GHU 6SHLFKHU YROO LVW
7 D E Y H U D O W H W
7 D E H O O H ( Q G H
Z KUHQG GHV $XVOHVHQV LVW HLQ QHXHU 6WÐUIDOO HLQJHWUH
WHQ ZHLWHUEO WWHUQ PLW RGHU HV HUVFKHLQW GLH HUVWH
0HOGXQJ GHU 1HW]VWÐUXQJ XQWHU %HUÚFNVLFKWLJXQJ GHV
QHXHQ 6WÐUIDOOV
:HQQ QLFKW DOOH 0HOGHVSHLFKHU DXVJHQXW]W VLQG ZLUG
DOV OHW]WH (LQWUDJXQJ n7DEHOOH (QGHk DQJHJHEHQ
'LH YRUOHW]WH 1HW]VWÐUXQJ EHILQGHW VLFK XQWHU $GUHVVH 'LH PÐJOLFKHQ 0HOGXQJHQ VLQG GLH JOHLFKHQ ZLH
EHL GHU OHW]WHQ 1HW]VWÐUXQJ
9 2 5 / ( 7 = 7 (
1 ( 7 = 6 7 2 ( 5 8 1 *
X V Z
%HJLQQ GHV %ORFNV nYRUOHW]WH 1HW]VWÐUXQJk
'LH GULWWOHW]WH 1HW]VWÐUXQJ ILQGHW PDQ XQWHU $GUHVVH 'LH PÐJOLFKHQ 0HOGXQJHQ VLQG GLH JOHLFKHQ ZLH
EHL GHU OHW]WHQ 1HW]VWÐUXQJ
' 5 , 7 7 / ( 7 = 7 (
1 ( 7 = 6 7 2 ( 5 8 1 *
X V Z
%HJLQQ GHV %ORFNV nGULWWOHW]WH 1HW]VWÐUXQJk

6' 9
0HOGXQJHQ ]XU 6FKDOWVWDWLVWLN %ORFN
'LH $Q]DKO GHU $XVVFKDOWXQJHQ GLH YRP /HLWXQJV
GLIIHUHQWLDOVFKXW] 6' YHUDQOD|W ZXUGHQ ZLUG
LP *HU WJH] KOW :HLWHUKLQ ZLUG EHL MHGHP $XVOÐVH
NRPPDQGR GHU DEJHVFKDOWHWH 6WURP IHVWJHVWHOOW
XQWHU GHQ 6WÐUIDOOPHOGXQJHQ DXVJHJHEHQ VLHKH
$EVFKQLWW XQG LQ HLQHP 6SHLFKHU DXIVXP
PLHUW 'LH = KOHU XQG 6SHLFKHUVW QGH VLQG JHJHQ
+LOIVVSDQQXQJVDXVIDOO JHVLFKHUW XQG NÐQQHQ XQWHU
$GUH|EORFN DXVJHOHVHQ ZHUGHQ 'HQ %ORFN HU
6 & + $ / 7
6 7 $ 7 , 6 7 , .
%HWULHEVDQOHLWXQJ
UHLFKW PDQ ÚEHU 'LUHNWDGUHVVLHUXQJ '$ (
RGHU GXUFK %O WWHUQ PLW GHQ 7DVWHQ Â RGHU Ä ]XU
$GUHVVH 0LW GHU 7DVWH NDQQ PDQ GLH = KOHU
XQG 6SHLFKHUVW QGH ZHLWHUEO WWHUQ RGHU PLW ]X
UÚFNEO WWHUQ
=XP $XVOHVHQ GHU = KOHU XQG 6SHLFKHUVW QGH LVW
&RGHZRUWHLQJDEH QLFKW QRWZHQGLJ
%HJLQQ GHV %ORFNV n6FKDOWVWDWLVWLNk
$ 8 6 $ 1 = $Q]DKO GHU $XVOÐVHNRPPDQGRV ] %
'XUFK :HLWHUEO WWHUQ PLW NDQQ PDQ GLH ZHLWHUHQ = KOHU DXVOHVHQ
5 , , Q $XIVXPPLHUXQJ GHU DEJHVFKDOWHWHQ 6WUÐPH JHZLFKWHW
HQWVSUHFKHQG GHP 0LVFKZDQGOHUVWURP GHU YRQ )HK
OHUDUW XQG $QVFKOX| DEK QJW
'LH 0D[LPDOVW QGH GHU = KOHU VLQG IÚU
$86$1= 6WHOOHQ
5, ,Q 6WHOOHQ SOXV 1DFKNRPPDVWHOOH
,Q %ORFN NÐQQHQ GLH 6W QGH DXI 1XOO JHVHW]W ZHUGHQ VLHKH $EVFKQLWW
& * &

6' 9
& * &
$XVOHVHQ YRQ %HWULHEVPH|ZHUWHQ %OÐFNH XQG
%HWULHEVPH|ZHUWH NÐQQHQ LQ %ORFN DQJH]HLJW
ZHUGHQ 'HU %ORFN LVW ZLHGHU GXUFK 'LUHNWDQZDKO
'$ ( RGHU GXUFK %O WWHUQ PLW ÂÄ ]X HUUHL
FKHQ 'LH HLQ]HOQHQ 0H|ZHUWH ILQGHW PDQ GDQQ
GXUFK :HLWHUEO WWHUQ PLW GXUFK GLH HLQ]HOQHQ
$GUHVVHQ (LQJDEH GHV &RGHZRUWV LVW QLFKW HUIRU
GHUOLFK 'LH :HUWH ZHUGHQ LQ FD V =\NOHQ DNWXD
OLVLHUW
'LH$Q]HLJHGHU:HUWHHUIROJWLQ3ULP UJUÐ|HQ XQG LQ
3UR]HQW GHU 1HQQJUÐ|HQ 9RUDXVVHW]XQJ IÚU ULFKWLJH
% ( 7 5 , ( % 6
0 ( 6 6 : ( 5 7 (
%HWULHEVDQOHLWXQJ
$Q]HLJHQ LVW GD| GHU 6WURPZDQGOHUQHQQVWURP LQ
$GUHVVHQ XQG VLHKH $EVFKQLWW
ULFKWLJ SDUDPHWULHUW ZXUGHQ
'LH LQ GHQ IROJHQGHQ . VWFKHQ DQJHJHEHQHQ :HUWH
VLQG %HLVSLHOH 7DWV FKOLFK HUVFKHLQHQ KLHU GLH DN
WXHOOHQ :HUWH
,Q %ORFN VLQG ZHLWHUH 0H|ZHUWH DQJHJHEHQ XQG
]ZDU GHV WKHUPLVFKHQ ÛEHODVWVFKXW]HV
%HJLQQ GHV %ORFNV n%HWULHEVPH|ZHUWHk
0LW EO WWHUW PDQ ]XU MHZHLOV Q FKVWHQ $GUHVVH PLW GHP Q FKVWHQ 0H|ZHUW
, > @
, > @
, > @
, ' > @
, 6 > @
0 ( 6 6 : ( 5 7
0 ( 6 6 : ( 5 7
0 ( 6 6 : ( 5 7
0 ( 6 6 : ( 5 7
0 ( 6 6 : ( 5 7
0LW EO WWHUW PDQ ]XU MHZHLOV Q FKVWHQ $GUHVVH PLW
GHP Q FKVWHQ 0H|ZHUW PLW NDQQ GHU MHZHLOV YRULJH
0H|ZHUWLQV'LVSOD\JHKROWZHUGHQ
-HGHU 0H|ZHUW KDW HLQH $GUHVVH GLH DXFK GXUFK 'L
UHNWDGUHVVLHUXQJ PLW GHU 7DVWH '$ JHIROJW YRQ GHU
$GUH|QXPPHU DQJHZ KOW ZHUGHQ NDQQ
'LH 3UR]HQWDQJDEHQ EH]LHKHQ VLFK DXI GHQ 1HQQ
VWURP GHV *HU WHV
$GUHVVH LVW QXU IÚU 'UHLEHLQOHLWXQJHQ UHOHYDQW
'LIIHUHQWLDOVWURP ,
6WDELOLVLHUXQJVVWURP ,

6' 9
0 ( 6 6 : ( 5 7
, $
0 ( 6 6 : ( 5 7
, $
0 ( 6 6 : ( 5 7
, $
0 ( 6 6 : ( 5 7
, ' $
0 ( 6 6 : ( 5 7
, 6 $
3
3 D X
0 ( 6 6 : ( 5 7
V
%HWULHEVDQOHLWXQJ
'LH 3ULP UJUÐ|HQ $GUHVVH ELV EH]LHKHQ
VLFK DXI GHQ 3ULP UVWURP
$GUHVVH LVW QXU IÚU 'UHLEHLQOHLWXQJHQ UHOHYDQW
'LIIHUHQWLDOVWURP ,
6WDELOLVLHUXQJVVWURP ,
'LH 3UR]HQWDQJDEHQ EH]LHKHQ VLFK DXI GLH $XVOÐVH
ÚEHUWHPSHUDWXU
& * &

6' 9
& * &
%HWULHEOLFKH 6WHXHUXQJVPÐJOLFKNHLWHQ
: KUHQG GHV %HWULHEHV GHV *HU WHV VLQG HLQLJH (LQ
JULIIVPÐJOLFKNHLWHQ JHJHEHQ PLW GHQHQ PDQ HLQ]HO
QH )XQNWLRQHQ XQG 0HOGXQJHQ EHHLQIOXVVHQ NDQQ
+LHU]X JHKÐUHQ YRU DOOHP GDV .RUULJLHUHQ YRQ 'DWXP
XQG 8KU]HLW GDV /ÐVFKHQ JHVSHLFKHUWHU ,QIRUPDWLR
QHQ XQG (UHLJQLV] KOHU VRZLH GDV 8PVFKDOWHQ YRQ
)XQNWLRQVSDUDPHWHUQ 'HU 8PIDQJ GHU EHWULHEOL
FKHQ 6WHXHUXQJVPÐJOLFKNHLWHQ LVW YRP )XQNWLRQV
XPIDQJ DEK QJLJ
6WHXHUXQJVPÐJOLFKNHLWHQ EHVWHKHQ YRP %HGLHQ
IHOG DXV ÚEHU GLH %HGLHQVFKQLWWVWHOOH XQG ÚEHU %L
Q UHLQJDEHQ
)ÚU 6WHXHUXQJ ÚEHU %LQ UHLQJDEHQ LVW 9RUDXVVHW
6 7 ( 8 ( 5 8 1 *
%HWULHEVDQOHLWXQJ
]XQJ GD| GLH HQWVSUHFKHQGHQ 6WHXHUIXQNWLRQHQ EHL
GHU ,QVWDOODWLRQ GHV *HU WHV DXI %LQ UHLQJDEHQ UDQ
JLHUW XQG DQJHVFKORVVHQ VLQG YHUJOHLFKH $EVFKQLWW
5DQJLHUXQJ GHU %LQ UHLQJDEHQ
)ÚU 6WHXHUXQJ ÚEHU GDV %HGLHQIHOG RGHU GLH %HGLHQ
VFKQLWWVWHOOH EHJLQQHQ GLH %HGLHQEOÐFNH EHL $GUHV
VH 0DQ HUUHLFKW GLH $GUHVVH
GXUFK EORFNZHLVHV %O WWHUQ PLW GHQ 7DVWHQ Â YRU
Z UWV E]Z Ä UÚFNZ UWV ELV ]XU $GUHVVH
RGHU
GXUFK 'LUHNWDQZDKO PLWWHOV 7DVWH '$ $GUHVVH
XQG $EVFKOX| PLW (LQJDEHWDVWH (
%HJLQQ GHV %ORFNV n6WHXHUXQJk
6WHOOHQ XQG 6\QFKURQLVLHUHQ YRQ 'DWXP XQG 8KU]HLW %ORFN
6RODQJH GLH (FKW]HLWXKU LQ %HWULHE LVW NÐQQHQ 'D
WXP XQG 8KU]HLW MHGHU]HLW LP %HWULHE NRUULJLHUW ZHU
GHQ 'LHV JHVFKLHKW LQ %ORFN GHQ PDQ ZLHGHU
GXUFK 'LUHNWDQZDKO '$ ( RGHU GXUFK
%O WWHUQ PLW ÂÄ HUUHLFKW =XP QGHUQ GHU 'DWHQ LVW
&RGHZRUWHLQJDEH QRWZHQGLJ
$ % 6 2 / 8 7 = ( , 7
8 + 5 ( , 1 6 7 ( / / ( 1
' $ 7 8 0
= ( , 7
' , ) ) = ( , 7
'XUFK :HLWHUEO WWHUQ PLW NDQQ PDQ ]X GHQ HLQ
]HOQHQ $GUHVVHQ JHODQJHQ ZLH XQWHQ JH]HLJW -HGH
QGHUXQJ PX| PLW GHU (LQJDEHWDVWH ( EHVW WLJW
ZHUGHQ
%HJLQQ GHV %ORFNV n$EVROXW]HLW 8KU HLQVWHOOHQk
=XQ FKVW ZLUG GDV DNWXHOOH 'DWXP XQG GLH DNWXHOOH
8KU]HLW DQJH]HLJW 0LW EO WWHUW PDQ ]XU MHZHLOV Q FK
VWHQ $GUHVVH PLW ]XU YRULJHQ
1DFK :HLWHUEO WWHUQ NDQQ XQWHU $GUHVVH HLQ
QHXHV 'DWXP HLQJHJHEHQ ZHUGHQ 7DJ 0RQDW XQG
-DKU LQ GLHVHU 5HLKHQIROJH PLW 3XQNW JHWUHQQW 7DJ XQG
0RQDW VWHOOLJ GDV -DKU VWHOOLJ DOVR
77 00 ----
8QWHU $GUHVVH NDQQ HLQH QHXH =HLW HLQJHJHEHQ
ZHUGHQ 6WXQGHQ 0LQXWHQ XQG 6HNXQGHQ LQ GLHVHU
5HLKHQIROJH PLW 3XQNW JHWUHQQW MHZHLOV VWHOOLJ DOVR
++ 00 66
(V NDQQ DXFK HLQH 'LIIHUHQ]]HLW HLQJHVWHOOW ZHUGHQ
G K GLH 8KU ZLUG XP GLH HLQJHJHEHQH =HLW YRUJHVWHOOW
PLW GHU 7DVWH YRU GHU =DKOHQHLQJDEH ZLUG GLH 8KU
]XUÚFNJHVWHOOW 'DV )RUPDW LVW ZLH REHQ EHL GHU =HLW
HLQVWHOOXQJ

6' 9
5ÚFNVHW]HQ JHVLFKHUWHU 0HOGXQJHQ XQG = KOHUVW QGH %ORFN
'LH 0HOGXQJHQ GHU 6FKDOWVWDWLVWLN $EVFKQLWW
$GUHVVH ZHUGHQ LP 6' JHVLFKHUW LQ ((
3520V KLQWHUOHJW 6LH JHKHQ GDKHU QLFKW EHL +LOIV
VSDQQXQJVDXVIDOO YHUORUHQ $X|HUGHP ZHUGHQ 0HO
GXQJHQ XQG /(' =XVWDQG LQ 19 5$0V JHVSHL
FKHUW GLH GXUFK GLH 3XIIHUEDWWHULH JHVLFKHUW VLQG
= KOHU XQG 6SHLFKHU NÐQQHQ LQ %ORFN ZLHGHU DXI
1XOO JHVWHOOW ZHUGHQ 'HQ %ORFN HUUHLFKW PDQ GXUFK
EORFNZHLVHV %O WWHUQ PLW GHQ 7DVWHQ Â E]Z Ä RGHU
GXUFK 'LUHNWDQZDKO PLW '$ ( )ÚU GDV /Ð
5 8 ( & . 6 ( 7 = ( 1
/ ( ' "
/ 2 ( 6 & + ( 1
/ 2 ( 6 & + ( 1
% ( 7 5 , ( % 6 0 ( / "
/ 2 ( 6 & + ( 1
1 ( 7 = 6 7 2 ( 5 0 ( / "
/ 2 ( 6 & + ( 1
6 & + $ / 7 = $ ( + / ( 5 "
/ 2 ( 6 & + ( 1
6 8 0 0 ( , N "
%HWULHEVDQOHLWXQJ
VFKHQ GHU 6SHLFKHU XQG = KOHU LVW &RGHZRUWHLQJDEH
HUIRUGHUOLFK DXVJHQRPPHQ IÚU GDV 5ÚFNVHW]HQ GHU
/(' $GUHVVH 'DV 5ÚFNVHW]HQ GHU = KOHU JH
VFKLHKW JHWUHQQW IÚU GLH YHUVFKLHGHQHQ 6SHLFKHU
= KOHU XQG 0HOGHJUXSSHQ 'XUFK %O WWHUQ
NRPPW PDQ ]X GHQ HLQ]HOQHQ $EIUDJHQ 'LH /Ð
VFKXQJ PX| PLW GHU n-Dk 7DVWH - < EHVW WLJW ZHU
GHQ 'DQDFK HUVFKHLQW LP 'LVSOD\ GLH 9ROO]XJVPHO
GXQJ 6ROO QLFKW JHOÐVFKW ZHUGHQ n1HLQk 7DVWH 1
GUÚFNHQ RGHU ZHLWHUEO WWHUQ
%HJLQQ GHV %ORFNV n5ÚFNVHW]HQk
$EIUDJH RE GLH 6SHLFKHU GHU /(' JHOÐVFKW ZHUGHQ
VROOHQ
$EIUDJH RE GHU 3XIIHU IÚU GLH JHVSHLFKHUWHQ %HWULHEV
PHOGXQJHQ JHOÐVFKW ZHUGHQ VROO
$EIUDJH RE GHU 3XIIHU IÚU GLH JHVSHLFKHUWHQ 1HW]VWÐ
UXQJVPHOGXQJHQ XQG GLH 6WÐUZHUWVSHLFKHU JHOÐVFKW
ZHUGHQ VROO
$EIUDJH RE GLH 6FKDOW] KOHU $XVVFKDOWNRPPDQGRV
JHOÐVFKW ZHUGHQ VROOHQ
$EIUDJH RE GLH VXPPLHUWHQ $EVFKDOWVWUÐPH DXI
JHVHW]W ZHUGHQ VROOHQ
: KUHQG GLH 6SHLFKHU JHOÐVFKW ZHUGHQ GLHV NDQQ HLQLJH =HLW LQ $QVSUXFK QHKPHQ HUVFKHLQW LP 'LVSOD\
%($5%(,7* /$(8)7 1DFK (QGH GHV /ÐVFKYRUJDQJV TXLWWLHUW GDV *HU W GLH HUIROJWH /ÐVFKXQJ ] % PLW
/ 2 ( 6 & + ( 1
( 5 ) 2 / * 5 ( , & +
& * &

6' 9
& * &
%HHLQIOXVVXQJ YRQ /6$ ,QIRUPDWLRQHQ Z KUHQG HLQHV 3UÚIEHWULHEHV
%ORFN
:HQQ GDV *HU W DQ HLQH ]HQWUDOH /HLW RGHU 6SHL
FKHUHLQULFKWXQJ DQJHVFKORVVHQ LVW XQG GLHVH PLW
GHP 3URWRNROO JHP | 9'(: =9(, ,(&
DUEHLWHW NÐQQHQ GLH ,QIRUPDWLRQHQ GLH ]XU
/HLWVWHOOH ÚEHUWUDJHQ ZHUGHQ EHHLQIOX|W ZHUGHQ
+LHU]X LVW (LQJDEH GHV &RGHZRUWHV HUIRUGHUOLFK VLH
KH $EVFKQLWW
'DV 3URWRNROO HUODXEW GD| Z KUHQG GDV *HU WYRU
2UW ÚEHUSUÚIW ZLUG DOOH 0HOGXQJHQ XQG 0H|ZHUWH
GLH ]XU /HLWVWHOOH ÚEHUWUDJHQ ZHUGHQ PLW GHP 9HU
PHUN n3UÚIEHWULHEk DOV 0HOGHXUVDFKH JHNHQQ]HLFK
QHW ZHUGHQ VR GD| ]X HUNHQQHQ LVW GD| HV VLFK QLFKW
XP 0HOGXQJHQ ZLUNOLFKHU 6WÐUXQJHQ KDQGHOW
'LH 8PVFKDOWXQJ HUIROJW LQ %ORFN GHQ PDQ ZLH
GHU GXUFK 'LUHNWDGUHVVLHUXQJ PLW '$ RGHU
GXUFK EORFNZHLVHV %O WWHUQ PLW GHQ 7DVWHQ Â E]Z Ä
HUUHLFKW 9RUDXVJHVHW]W LVW GD| EHL GHU 3URMHNWLH
UXQJ GHU 6\VWHPVFKQLWWVWHOOH HLQ 9'(: =9(, NRP
SDWLEOHV 3URWRNROO ,(& JHZ KOW ZXU
6 < 6 9 ' ( :
0 ( / ' 8 1 * ( 1 0 ( 6 6 :
$ 8 6
( , 1
6 < 6 7 ( 6 7 % 7 5
%HWULHEVDQOHLWXQJ
GH $EVFKQLWW $GUHVVHQ E]Z 9'(:
.203$7,%(/ RGHU 9'(: (5:(,7(57 0LW JHKW
PDQ ]X $GUHVVH ZR GLH ,QIRUPDWLRQHQ DXI
3UÚIEHWULHE XPJHVFKDOWHW ZHUGHQ NÐQQHQ 'XUFK
'UÚFNHQ GHU n1HLQk 7DVWH 1 ZLUG DXI GLH MHZHLOV DQ
GHUH 3RVLWLRQ XPJHVFKDOWHW 'LHVH LVW PLW GHU (LQJD
EHWDVWH ( ]X EHVW WLJHQ
:LH EHL MHGHU QGHUXQJ IÚU GLH GDV &RGHZRUW QRW
ZHQGLJ LVW PX| GLH &RGHZRUWEHGLHQXQJ DEJH
VFKORVVHQ ZHUGHQ 'LHV JHVFKLHKW PLW GHU 7DVWHQ
NRPELQDWLRQ )( G K )XQNWLRQVWDVWH ) GUÚFNHQ XQG
DQVFKOLH|HQG GLH (LQJDEHWDVWH ( ,P 'LVSOD\ HU
VFKHLQW GLH )UDJH n(,167(//81*(1 8(%(51(+
0(1 "k 0LW GHU n-Dk 7DVWH - < EHVW WLJW PDQ GD|
QXQ GLH QHXHQ (LQVWHOOXQJHQ JÚOWLJ ZHUGHQ VROOHQ
'UÚFNW PDQ KLQJHJHQ GLH n1HLQk 7DVWH 1 VRZHU
GHQ DOOH QGHUXQJHQ GLH VHLW GHU OHW]WHQ (LQJDEH
GHV &RGHZRUWV JHW WLJW ZXUGHQ YHUZRUIHQ +LHU
GXUFK NÐQQHQ DOVR LUUWÚPOLFKH QGHUXQJHQ QRFK
UÚFNJ QJLJ JHPDFKW ZHUGHQ
%HJLQQ GHV %ORFNHV n0HOGXQJHQ XQG 0H|ZHUWH ÚEHU
GLH 6\VWHPVFKQLWWVWHOOH PLW 9'(: =9(, 3URWRNROO
,(& k
1XU IÚU 9'(: NRPSDWLEOH 3URWRNROOH ,(&
,Q 6WHOOXQJ (,1 ZLUG EHL 9'(: =9(, NRPSDWLEOHQ 0HO
GXQJHQ DOV 8UVDFKH n7HVWEHWULHEk ÚEHUWUDJHQ
1DFK %HHQGHQ GHU 3UÚIXQJHQ QLFKW YHUJHVVHQ GLH $GUHVVH ZLHGHU DXI 6

6' 9
8PVFKDOWHQ YRQ 3DUDPHWHUV W]HQ %ORFN
)ÚU GLH )XQNWLRQVSDUDPHWHU G K GLH $GUHVVHQ DE
ELV XQWHU NÐQQHQ ELV ]X XQWHUVFKLHGOL
FKH 3DUDPHWHUV W]H HLQJHVWHOOW VHLQ 'LHVH NÐQQHQ
Z KUHQG GHV %HWULHEHV YRU 2UW PLWWHOV GHV %HGLHQ
IHOGHV E]Z ÚEHU GLH %HGLHQVFKQLWWVWHOOH YRQ HLQHP
3HUVRQDOFRPSXWHU DXV RGHU DXFK YRQ IHUQ ÚEHU %L
Q UHLQJDEHQ RGHU 6\VWHPVFKQLWWVWHOOH XPJHVFKDO
WHW ZHUGHQ
'HU HUVWH 3DUDPHWHUVDW] WU JW GLH %H]HLFKQXQJ 6DW]
$ GLH ZHLWHUHQ KHL|HQ 6DW] % 6DW] & XQG 6DW] ' 6R
IHUQ YRQ GHU 8PVFKDOWPÐJOLFKNHLW *HEUDXFK JH
PDFKW ZLUG ZXUGHQ GLH EHQÐWLJWHQ 6 W]H EHL GHU 3D
UDPHWULHUXQJ VLHKH $EVFKQLWW HLQJHVWHOOW
$XVOHVHQ YRQ (LQVWHOOXQJHQ HLQHV EH
OLHELJHQ 3DUDPHWHUVDW]HV
8P VLFK GLH 'DWHQ HLQHV 3DUDPHWHUVDW]HV LP 'LV
SOD\ DQ]XVHKHQ JHQÚJW HV DQ LUJHQGHLQH $GUHVVH
LP %HUHLFK GHU )XQNWLRQVSDUDPHWHU ELV XQWHU
]X JHKHQ HQWZHGHU GXUFK 'LUHNWDGUHVVLH
UXQJ PLW '$ (LQJDEH GHU YLHUVWHOOLJHQ $GUH|QXP
PHU XQG $EVFKOLH|HQ PLW ( RGHU GXUFK %O WWHUQ PLW Â
RGHU Ä 1XQ NDQQ PDQ GLH $Q]HLJH HLQHV 3DUDPHWHU
VDW]HV XPVFKDOWHQ ] %
7DVWHQNRPELQDWLRQ ) GUÚFNHQ G K ]XQ FKVW
GLH )XQNWLRQVWDVWH ) XQG DQVFKOLH|HQG =LIIHUQWD
VWH $OOH QXQ DQJH]HLJWHQ 3DUDPHWHU VLQG GLH
YRQ 3DUDPHWHUVDW] %
'HU DQJH]HLJWH 3DUDPHWHUVDW] ZLUG LP 'LVSOD\
GXUFK GLH $QJDEH VHLQHV .HQQEXFKVWDEHQV $ ELV
' YRU GHU $GUH|QXPPHU JHNHQQ]HLFKQHW
3 $ 5 $ 0 ( 7 ( 5
6 $ 7 = % ( $ 5 % ( , 7 8 1 *
0LW GHU 7DVWH NDQQ PDQ GXUFK GLH (LQ]HODGUHVVHQ
EO WWHUQ PLW GHU 7DVWH NDQQ PDQ DXFK ]XUÚFNEO W
WHUQ
$GUHVVH ]HLJW GHQ ] = DNWLYHQ 3DUDPHWHUVDW]
DQ GK PLWGHPGDV*HU W JHUDGH DUEHLWHW
8P HLQHQ 3DUDPHWHUVDW] XP]XVFKDOWHQ EO WWHUW
PDQPLWGHQ7DVWHQ ]XU $GUHVVH 'RUW NDQQ
PDQ MHGHQ EHOLHELJHQ 6DW] PLWWHOV GHU n1HLQk 7DVWH
1 LQ GDV 'LVSOD\ KROHQ RGHU EHVWLPPHQ GD| GHU
DNWLYH 3DUDPHWHUVDW] YRQ %LQ UHLQJDEHQ RGHU PLW
WHOV 9'(: =9(, 3URWRNROO ,(&
ÚEHU GLH 6\VWHPVFKQLWWVWHOOH JHVWHXHUW ZLUG 'HU
JHZ KOWH 3DUDPHWHUVDW] LVW PLW GHU (LQJDEHWDVWH (
%HWULHEVDQOHLWXQJ
(QWVSUHFKHQG YHUI KUW PDQ PLW GHQ DQGHUHQ 3DUD
PHWHUV W]HQ
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] $
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] %
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] &
- 7DVWHQNRPELQDWLRQ )
IÚKUW ]XP 3DUDPHWHUVDW] '
: KUHQG GHV $XVOHVHQV HLQHV EHOLHELJHQ 3DUDPH
WHUVDW]HV EOHLEW IÚU GLH )XQNWLRQ GHV *HU WHV VWHWV
GHU DNWLYH 3DUDPHWHUVDW] JÚOWLJ 'DV EHVFKULHEHQH
8PVFKDOWHQ EH]LHKW VLFK DOVR QXU DXI GDV $XVOHVHQ
GHU 3DUDPHWHU LP 'LVSOD\
8PVFKDOWHQ HLQHV 3DUDPHWHUVDW]HV
PLWWHOV %HGLHQIHOG
'DV 8PVFKDOWHQ HLQHV 3DUDPHWHUVDW]HV ZHQQDO
VR HLQ DQGHUHU 6DW] DNWLY VHLQ VROO ZLUG LQ $GUH|
EORFN YRUJHQRPPHQ +LHU]X LVW &RGHZRUWHLQJD
EH QRWZHQGLJ
'HQ %ORFN IÚU GLH %HDUEHLWXQJ GHU 3DUDPHWHUV W]H
HUUHLFKW PDQ ZLHGHU GXUFK 'LUHNWDQZDKO '$
( RGHU GXUFK EORFNZHLVHV %O WWHUQ PLWWHOV GHU 7D
VWHQ Â RGHU Ä
(V HUVFKHLQW GDQQ GLH ÛEHUVFKULIW GHV %ORFNHV IÚU
GLH %HDUEHLWXQJ GHU 3DUDPHWHUV W]H
%HJLQQ GHV %ORFNHV n3DUDPHWHUVDW] %HDUEHLWXQJk
]X EHVW WLJHQ
:LH EHL MHGHU QGHUXQJ IÚU GLH GDV &RGHZRUW QRW
ZHQGLJ LVW PX| GLH &RGHZRUWEHGLHQXQJ DEJH
VFKORVVHQ ZHUGHQ 'LHV JHVFKLHKW PLW GHU 7DVWHQ
NRPELQDWLRQ )( G K )XQNWLRQVWDVWH ) GUÚFNHQ XQG
DQVFKOLH|HQG GLH (LQJDEHWDVWH ( ,P 'LVSOD\ HU
VFKHLQW GLH )UDJH n(,167(//81*(1 8(%(51(+
0(1 "k 0LW GHU n-Dk 7DVWH - < EHVW WLJW PDQ GD|
QXQ GLH QHXHQ (LQVWHOOXQJHQ JÚOWLJ ZHUGHQ VROOHQ
'UÚFNW PDQ KLQJHJHQ GLH n1HLQk 7DVWH 1 VRZHU
GHQ DOOH QGHUXQJHQ GLH VHLW GHU OHW]WHQ (LQJDEH
GHV &RGHZRUWV JHW WLJW ZXUGHQ YHUZRUIHQ +LHU
GXUFK NÐQQHQ DOVR LUUWÚPOLFKH QGHUXQJHQ QRFK
UÚFNJ QJLJ JHPDFKW ZHUGHQ
& * &

6' 9
$ . 7 , 9 , 6 7
6 $ 7 = $
$ . 7 , 9 , ( 5 8 1 *
6 $ 7 = $
6 $ 7 = %
6 $ 7 = &
6 $ 7 = '
E H U % , 1 ( , 1 * $ % (
E H U 9 ' ( : 3 5 2 7 2
& * &
8PVFKDOWHQ HLQHV 3DUDPHWHUVDW]HV
ÚEHU %LQ UHLQJDEHQ
6ROO GLH 3DUDPHWHUVDW]XPVFKDOWXQJ ÚEHU %LQ UHLQ
JDEHQ YRUJHQRPPHQ ZHUGHQ VR LVW IROJHQGHV ]X
EHDFKWHQ
9RU 2UW YRP %HGLHQIHOG DXV RGHU ÚEHU GLH %H
GLHQVFKQLWWVWHOOH PX| XQWHU $GUHVVH $.7,
9,(581* DXI ÚEHU %,1 (,1*$%( JHVFKDOWHW
VHLQ VLHKH $EVFKQLWW
(V VWHKHQ %LQ UHLQJDEHQ ]XU 9HUIÚJXQJ PLW GH
QHQ GLH YLHU 3DUDPHWHUV W]H JHVWHXHUW ZHUGHQ
'LH %LQ UHLQJDEHQ VLQG EH]HLFKQHW PLW n!3DUDP
:DKO k )1U XQG n!3DUDP :DKO k )1U
'LH %LQ UHLQJDEHQ PÚVVHQ DXI SK\VLVFKH (LQJD
EHPRGXOH UDQJLHUW VHLQ YJO $EVFKQLWW XQG
GDGXUFK VWHXHUEDU VHLQ (LQH QLFKW UDQJLHUWH %L
Q UHLQJDEH JLOW DOV QLFKW DQJHVWHXHUW
'LH 6WHXHUVLJQDOH PÚVVHQ GDXHUQG DQVWHKHQ
GDPLW GHU JHZ KOWH 3DUDPHWHUVDW] DNWLY LVW XQG
EOHLEW
'LH =XRUGQXQJ GHU %LQ UHLQJDEHQ]XGHQ3DUDPH
WHUV W]HQ LVW LQ 7DEHOOH DQJHJHEHQ
%LOG ]HLJW HLQ YHUHLQIDFKWHV $QVFKOX|EHLVSLHO
'DEHL LVW QDWÚUOLFK YRUDXVJHVHW]W GD| GLH %LQ UHLQ
JDEHQ LQ $UEHLWVVWURPVFKDOWXQJ UDQJLHUW VLQG
%HWULHEVDQOHLWXQJ
8QWHU $GUHVVH ZLUG GHU ] = DNWLYH 3DUDPHWHU
VDW] DQJH]HLJW ] % 6DW] $
0LW GHU n1HLQk 7DVWH 1 EO WWHUW PDQ GXUFK GLH $OWHU
QDWLYHQ 'LH JHZÚQVFKWH $OWHUQDWLYH ZLUG PLW GHU (LQ
JDEHWDVWH ( EHVW WLJW
: KOW PDQ ÚEHU %,1 U(,1*$%( VRNDQQGLH3DUDPH
WHUVDW] 8PVFKDOWXQJ ÚEHU %LQ UHLQJDEHQ JHVWHXHUW
ZHUGHQ
: KOW PDQ ÚEHU 9'(: VR NDQQ GLH 3DUDPHWHUVDW]
8PVFKDOWXQJ ÚEHU GLH 6\VWHPVFKQLWWVWHOOH PLW 3URWR
NROO JHP | 9'(: =9(, ,(& JHVWHX
HUW ZHUGHQ
%LQ UHLQJDEH
!3DUDP :DKO !3DUDP :DKO
QHLQ
MD
QHLQ
MD
QHLQ
QHLQ
MD
MD
HUJLEW DNWLY
6DW] $
6DW] %
6DW] &
6DW] '
7DEHOOH 3DUDPHWHUDQZDKO ÚEHU %LQ UHLQJDEH
/
/
/
/
%LOG $QVFKOX|VFKHPD %HLVSLHO IÚU 3DUDPH
WHUXPVFKDOWXQJ ÚEHU %LQ UHLQJDEH

6' 9
3UÚIXQJ XQG ,QEHWULHEQDKPH
$OOJHPHLQHV
9RUDXVVHW]XQJ IÚU GLH ,QEHWULHEQDKPH LVW GHU $E
VFKOX| GHU %HWULHEVYRUEHUHLWXQJHQ JHP | .DSLWHO
:DUQXQJ
%HLP %HWULHE HOHNWULVFKHU *HU WH VWHKHQ
]ZDQJVO XILJ EHVWLPPWH 7HLOH GLHVHU *HU
WH XQWHU JHI KUOLFKHU 6SDQQXQJ (V NÐQQHQ
GHVKDOE VFKZHUH .ÐUSHUYHUOHW]XQJ RGHU
6DFKVFK GHQ DXIWUHWHQ ZHQQ QLFKW IDFK
JHUHFKW JHKDQGHOW ZLUG
1XU TXDOLIL]LHUWHV 3HUVRQDO VROO DQ GLHVHP
*HU W DUEHLWHQ 'LHVHV PX| JUÚQGOLFK PLW
GHQ HLQVFKO JLJHQ 6LFKHUKHLWVYRUVFKULIWHQ
XQG 9RUVLFKWVPD|QDKPHQ VRZLH GHQ
:DUQKLQZHLVHQ GLHVHV +DQGEXFKV YHU
WUDXW VHLQ
9RU DOOHP LVW ]X EHDFKWHQ
9RU $QVFKOX| LUJHQGZHOFKHU 9HUELQ
GXQJHQ LVW GDV *HU W DP 6FKXW]OHLWHU
DQVFKOX| ]X HUGHQ
*HI KUOLFKH 6SDQQXQJHQ NÐQQHQ LQ DO
OHQ PLW GHU 6SDQQXQJVYHUVRUJXQJ
XQG PLW GHQ 0H| E]Z 3UÚIJUÐ|HQ YHU
EXQGHQHQ 6FKDOWXQJVWHLOHQ DQVWHKHQ
$XFK QDFK $EWUHQQHQ GHU 9HUVRU
JXQJVVSDQQXQJ NÐQQHQ JHI KUOLFKH
6SDQQXQJHQ LP *HU W YRUKDQGHQ VHLQ
.RQGHQVDWRUVSHLFKHU
'LH XQWHU 7HFKQLVFKH 'DWHQ JHQDQQ
WHQ *UHQ]ZHUWH GÚUIHQ QLFKW ÚEHU
VFKULWWHQ ZHUGHQ DXFK QLFKW EHL 3UÚ
IXQJ XQG ,QEHWULHEQDKPH
%HL GHU ÛEHUSUÚIXQJ GHV *HU WHV PLW HLQHU 6HNXQ
G USUÚIHLQULFKWXQJ LVW GDUDXI ]X DFKWHQ GD| NHLQH
DQGHUHQ 0H|JUÐ|HQ DXIJHVFKDOWHW VLQG XQG GLH
$XVOÐVHNRPPDQGRV ]X GHQ /HLVWXQJVVFKDOWHUQ XQ
WHUEURFKHQ VLQG
*()$+5
%HWULHEVDQOHLWXQJ
'LH 6HNXQG UDQVFKOÚVVH GHU 6WURP
ZDQGOHU PÚVVHQ DQ GLHVHQ NXU]JH
VFKORVVHQ VHLQ EHYRU GLH 6WURP]XOHL
WXQJHQ ]XP *HU W XQWHUEURFKHQ ZHU
GHQ
,VW HLQ 3UÚIVFKDOWHU YRUKDQGHQ ZHOFKHU GLH
6WURPZDQGOHUVHNXQG UOHLWXQJHQ DXWRPD
WLVFK NXU]VFKOLH|W UHLFKW HV DXV GLHVHQ LQ
6WHOOXQJ n3UÚIHQk ]X EULQJHQ VRIHUQ GLH
.XU]VFKOLH|HU YRUKHU ÚEHUSUÚIW ZRUGHQ
VLQG $EVFKQLWW
(V ZLUG HPSIRKOHQ GLH 3UÚIXQJHQ EHL GHQ DNWXHOOHQ
(LQVWHOOZHUWHQ IÚU GDV *HU W YRU]XQHKPHQ /LHJHQ
GLHVH QRFK QLFKW YRU VR VROOWH PLW GHQ YRUHLQJH
VWHOOWHQ :HUWHQ JHSUÚIW ZHUGHQ %HL GHU IROJHQGHQ
%HVFKUHLEXQJ GHU 3UÚIDEO XIH VLQG OHW]WHUH ]XJUXQ
GHJHOHJW VRZHLW QLFKW DQGHUV YHUPHUNW IÚU DQGHUH
(LQVWHOOZHUWH VLQG VRZHLW QRWZHQGLJ )RUPHOQ
DQJHJHEHQ
)ÚU GLH )XQNWLRQVSUÚIXQJ LVW HLQH HLQSKDVLJH 3UÚI
VWURPTXHOOH DXVUHLFKHQG
+,1:(,6 'LH ]X HU]LHOHQGH 0H|JHQDXLJNHLW K QJW
YRQ GHQ HOHNWULVFKHQ 'DWHQ GHU YHUZHQGHWHQ 3UÚI
TXHOOHQ DE 'LH LQ GHQ 7HFKQLVFKHQ 'DWHQ DQJHJH
EHQHQ *HQDXLJNHLWHQ NÐQQHQ QXU EHL (LQKDOWXQJ
GHU 5HIHUHQ]EHGLQJXQJHQ HQWVSUHFKHQG 9'(
7HLO E]Z ,(& XQG 9HUZHQGXQJ YRQ
3U ]LVLRQVPH|LQVWUXPHQWHQ HUZDUWHW ZHUGHQ 3UÚ
IXQJHQ PLW 6HNXQG USUÚIHLQULFKWXQJHQ VLQG GDKHU
L D DOV UHLQH )XQNWLRQVSUÚIXQJHQ ]X EHWUDFKWHQ
:LFKWLJ EHL DOOHQ 3UÚIXQJHQ LVW GD| GLH HQWVSUH
FKHQGHQ 0HOGXQJHQ DQ GHQ /(' XQG ÚEHU GLH 0HO
GHUHODLV IÚU GLH )HUQVLJQDOLVLHUXQJ JHJHEHQ ZHUGHQ
%HL $QVFKOX| HLQHU ]HQWUDOHQ 6SHLFKHUHLQULFKWXQJ
DQ GLH VHULHOOH 6FKQLWWVWHOOH LVW DXFK GLH NRUUHNWH
.RPPXQLNDWLRQ ]ZLVFKHQ 6FKXW] XQG =HQWUDOHLQKHLW
]X ÚEHUSUÚIHQ
1DFK 3UÚIXQJHQ EHL GHQHQ $Q]HLJHQ DQ GHQ /('
HUVFKHLQHQ GLHVH ]XUÚFNVWHOOHQ XQG ]ZDU PLQGH
VWHQV MH HLQPDO ÚEHU GHQ 5ÚFNVWHOOWDVWHU DQ GHU
)URQWSODWWH XQG ÚEHU GLH %LQ UHLQJDEH IÚU )HUQUÚFN
VWHOOXQJ VLHKH ÛEHUVLFKWVSO QH LP $QKDQJ $
1DFKGHP GLH 5ÚFNVWHOOIXQNWLRQHQ ÚEHUSUÚIW ZRUGHQ
VLQG EUDXFKHQ GLH $Q]HLJHQ QLFKW PHKU QDFK MHGHU
3UÚIXQJ ]XUÚFNJHVWHOOW ]X ZHUGHQ GD VLH EHL MHGHU
6FKXW]DQUHJXQJ VHOEVWW WLJ JHOÐVFKW XQG GXUFK GHQ
QHXHQ 0HOGH]XVWDQG HUVHW]W ZHUGHQ
& * &

6' 9
& * &
ÛEHUSUÚIXQJ GHV 'LIIHUHQWLDOVFKXW]HV
)ÚU GLH ÛEHUSUÚIXQJ GHV 'LIIHUHQWLDOVFKXW]HV PX|
GLHVH )XQNWLRQ ZLUNVDP JHVFKDOWHW VHLQ G K ',))
6&+87= $GUHVVH PX| DXI (,1 RGHU %/2&.
.'2 JHVFKDOWHW VHLQ %HL (LQVWHOOXQJ %/2&. .'2
JLEW GHU 6FKXW] NHLQ $XVOÐVHNRPPDQGR DE 'LH
+LOIVDGHUQÚEHUZDFKXQJ PX| DXVJHVFKDOWHW VHLQ
$GUHVVH $'(518(% $86
%HL GHU 3UÚIXQJ HLQHV HLQ]HOQHQ *HU WHV NÐQQHQ GLH
+LOIVDGHUQDQVFKOÚVVH NXU]JHVFKORVVHQ ZHUGHQ
%HL GHU 3UÚIXQJ HLQHV *HU WHSDDUHV ZHUGHQ GLH
+LOIVDGHUQ DQ EHLGHQ *HU WHQ JHNUHX]W PLWHLQDQGHU
YHUEXQGHQ %HLGH *HU WH PÚVVHQ DQ +LOIVVSDQQXQJ
OLHJHQ ,Q GLHVHP )DOO NDQQ GDV ]ZHLWH *HU WRKQH
3UÚIVWURP PLWODXIHQ HQWVSULFKW GHU 6LPXODWLRQ HLQHV
HLQVHLWLJ JHVSHLVWHQ /HLWXQJVNXU]VFKOXVVHV RGHU
GHU 3UÚIVWURP ZLUG JOHLFKSKDVLJ LQQHUHU .XU]
VFKOX| RGHU JHJHQSKDVLJ X|HUHU .XU]VFKOX|
ÚEHU EHLGH *HU WH JHVSHLVW
'LH IROJHQGHQ $QJDEHQ EH]LHKHQ VLFK DXI GLH 3UÚ
IXQJ HLQHV (LQ]HOJHU WHV PLW ÚEHU FD 8 NXU]JH
VFKORVVHQHQ +LOIVDGHUQDQVFKOÚVVHQ 'DEHL LVW YRU
DXVJHVHW]W GD| +LOIVDGHUQZLGHUVWDQG XQG +LOIVD
GHUQNDSD]LW W GHU /LHIHUVWHOOXQJ HQWVSUHFKHQ
$GUHVVH 5[ 8 $GUHVVH &[ Q)
VRZLH EHL 'UHLEHLQOHLWXQJ $GUHVVH 5\ 8
$GUHVVH &\ Q)
%HL GHU %HZHUWXQJ GHU 6WUÐPH LVW ]X EHDFKWHQ GD|
GHU YRP 'LIIHUHQWLDOVFKXW] YHUDUEHLWHWH 6WURP YRP
$QVFKOX| GHV 0LVFKZDQGOHUV XQG YRQ GHQ 3DUDPH
WHUQ XQG DEK QJLJ LVW $X|HUGHP PX| PLW
HLQJHSU JWHQ 3UÚIVWUÐPHQ JHDUEHLWHW ZHUGHQ
(V JLOW
, , k 1 k 1
PLW
,
,
1 1 3UÚIVWURP
0H|VWURP YRP *HU W YHUDUEHLWHW
ÛEHUVHW]XQJVIDNWRU 0LVFKZDQGOHU
ÛEHUVHW]XQJVIDNWRU GHU 3DUDPHWHU
%HL V\PPHWULVFKHP GUHLSKDVLJHP 3UÚIVWURP XQG
1RUPDODQVFKOX| GHV 0LVFKZDQGOHUV JHP |%LOG
LVW 1 EHL 9RUHLQVWHOOXQJ GHV *HU WHV LVW DXFK
1 )ÚU 3UÚIXQJ PLW HLQSKDVLJHP 6WURP JLEW 7DEHOOH
GLH )DNWRUHQ 1 LQ $EK QJLJNHLW YRQ GHU JHVSHL
VWHQ :LFNOXQJ DQ
:LFNOXQJ
$QVFKOX|
.O
.O
.O
.O
%HWULHEVDQOHLWXQJ
$QVFKOX|
) )
) )
( (
) (
1
7DEHOOH 6WURPIDNWRUHQ IÚU 0LVFKZDQGOHU
'HU 3DUDPHWHUIDNWRU HUJLEW VLFK DXV
1
PLW
,
,
,
SULP UHU 1HQQVWURP GHU /HLWXQJ
ZLH XQWHU $GUHVVH SDUDPH
WULHUW
, SULP UHU 1HQQVWURP GHU 6WURP
ZDQGOHU ZLH XQWHU $GUHVVH SD
UDPHWULHUW
9RUVLFKW
3UÚIXQJHQ PLW 6WUÐPHQ ÚEHU PDO *HU WH
QHQQVWURP IÚKUHQ ]XU ÛEHUODVWXQJ GHU
(LQJDQJVNUHLVH XQG GÚUIHQ QXU NXU]]HLWLJ
GXUFKJHIÚKUW ZHUGHQ VLHKH 7HFKQLVFKH
'DWHQ $EVFKQLWW 'DQDFK LVW HLQH
$ENÚKOSDXVH HLQ]XOHJHQ
'LH WKHUPLVFKH %HODVWEDUNHLWVJUHQ]H JLOW VRZRKO IÚU
GLH HLQ]HOQHQ (LQJDQJVZLFNOXQJHQ GHV 0LVFKZDQG
OHUV DOV DXFK IÚU GHQ $XVJDQJVVWURP GHV 0LVFK
ZDQGOHUV %HL GHQ HLQSKDVLJHQ 0HVVXQJHQ PLW
PHKU DOV HLQHU :LFNOXQJVZHUWLJNHLW UHGX]LHUW VLFK
GHU WKHUPLVFK ]XO VVLJH 6WURP HQWVSUHFKHQG GHP
)DNWRU 1 7DEHOOH EHL QXU HLQHU :LFNOXQJV
HLQKHLW HUKÐKW HU VLFK DEHU QLFKW
3UÚIVWURP DXI PDO (LQVWHOOZHUW , ',))! $GUHVVH
XQG PDO (LQVWHOOZHUW , )5(,* $GUHVVH
VFKDOWHQ EHLGH :HUWH PÚVVHQ ÚEHUVFKULWWHQ
VHLQ (V HUIROJW $QUHJHPHOGXQJ EHL /LHIHUHLQVWHO
OXQJ /(' XQG $XVOÐVHVLJQDO 'LHV ZLUG GXUFK /('
/LHIHUVWHOOXQJ VLJQDOLVLHUW 'DV 6FKOLH|HQ GHU
.RPPDQGRNRQWDNWH XQG GHU $XVOÐVH 0HOGHNRQ
WDNWH LVW ]X ÚEHUSUÚIHQ
6RIHUQ IÚU GLH $XVOÐVXQJ HLQH 9HU]ÐJHUXQJV]HLW SD
UDPHWULHUW LVW $GUHVVH HUVFKHLQW GDV $XVOÐVH
NRPPDQGR HQWVSUHFKHQG YHU]ÐJHUW

6' 9
ÛEHUSUÚIXQJ GHV 5HVHUYH ÛEHUVWURP]HLWVFKXW]HV
)ÚU GLH ÛEHUSUÚIXQJ GHV ÛEHUVWURP]HLWVFKXW]HV
PX| GLHVH )XQNWLRQ SURMHNWLHUW XQG ZLUNVDP JH
VFKDOWHW VHLQ G K 80= $0= $GUHVVH PX|
DXI (,1 RGHU %/2&. .'2 JHVFKDOWHW VHLQ %HL (LQ
VWHOOXQJ %/2&. .'2 JLEW GHU 6FKXW] NHLQ $XVOÐVH
NRPPDQGR DE
ÛEHUSUÚIXQJ GHU +RFKVWURPVWXIH ,!!
'LH 3UÚIXQJ NDQQ HLQSKDVLJ ]ZHLSKDVLJ RGHU GUHL
SKDVLJ HUIROJHQ %HL GHU %HZHUWXQJ GHU 6WUÐPH LVW
]X EHDFKWHQ GD| GHU YRP 'LIIHUHQWLDOVFKXW] YHUDU
EHLWHWH 6WURP YRP $QVFKOX| GHV 0LVFKZDQGOHUV
XQG YRQ GHQ 3DUDPHWHUQ XQG DEK QJLJ
LVW (V JHOWHQ GLH JOHLFKHQ )DNWRUHQ ZLH EHL GHU ÛEHU
SUÚIXQJ GHV 'LIIHUHQWLDOVFKXW]HV $EVFKQLWW
7DEHOOH XQG GDQDFK VWHKHQGH )RUPHO
9RUVLFKW
3UÚIXQJHQ PLW 6WUÐPHQ ÚEHU PDO *HU WH
QHQQVWURP IÚKUHQ ]XU ÛEHUODVWXQJ GHU
(LQJDQJVNUHLVH XQG GÚUIHQ QXU NXU]]HLWLJ
GXUFKJHIÚKUW ZHUGHQ VLHKH 7HFKQLVFKH
'DWHQ $EVFKQLWW 'DQDFK LVW HLQH
$ENÚKOSDXVH HLQ]XOHJHQ
'LH WKHUPLVFKH %HODVWEDUNHLWVJUHQ]H JLOW DXFK KLHU
VRZRKO IÚU GLH HLQ]HOQHQ (LQJDQJVZLFNOXQJHQ GHV
0LVFKZDQGOHUV DOV DXFK IÚU GHQ $XVJDQJVVWURP
GHV 0LVFKZDQGOHUV VLHKH $EVFKQLWW
'LH ,!! 6WXIHQ ZHUGHQ GDKHU QXU NXU]]HLWLJ G\QD
PLVFK JHSUÚIW 0DQ ÚEHU]HXJW VLFK GD| GDV *HU W
EHL k (LQVWHOOZHUW $GUHVVH DQVSULFKW XQG
EHL k (LQVWHOOZHUW QLFKW
1DFK =XVFKDOWHQ GHV 3UÚIVWURPHV HUVFKHLQW GLH 0HO
GXQJ n5HV ,!!k /(' EHL /LHIHUXQJ 1DFK $EODXI
GHU SDUDPHWULHUWHQ 9HU]ÐJHUXQJV]HLWHQ $GUHVVH
7,!! HUIROJW $XVOÐVHPHOGXQJ n5HV * $86k
DXI /(' EHL /LHIHUXQJ %HL (,1JHVFKDOWHWHP
ÛEHUVWURP]HLWVFKXW] VFKOLH|HQ DXFK GLH $XVOÐVH
NRQWDNWH
%HLP 0HVVHQ GHU =HLW LVW ]X EHDFKWHQ GD| GLH SDUD
PHWULHUWHQ =HLWHQ UHLQH 9HU]ÐJHUXQJV]HLWHQ VLQG
'LH 0H| XQG $XVOÐVH]HLWHQ GHV 6FKXW]HV NRPPHQ
KLQ]X
ÛEHUSUÚIXQJ GHU ÛEHUVWURPVWXIH ,!
EHLP 80= 6FKXW]
)ÚU GLH ÛEHUSUÚIXQJ GHU ,! 6WXIH PX| GLH 80=
)XQNWLRQ DXVJHZ KOW VHLQ G K XQWHU $GUHVVH
.(11/ 80=
%HWULHEVDQOHLWXQJ
%HL GHU 3UÚIXQJ LVW ZLHGHU GLH 6WURPEHZHUWXQJ ]X
EHUÚFNVLFKWLJHQ
%HL ÛEHUVFKUHLWHQ GHV IÚU ,! $GUHVVH HLQJH
VWHOOWHQ $QVSUHFKZHUWHV HUVFKHLQW GLH 0HOGXQJ
n5HV ,! ,Sk /(' EHL /LHIHUXQJ
1DFK $EODXI GHU SDUDPHWULHUWHQ 9HU]ÐJHUXQJV]HL
WHQ $GUHVVH 7,! HUIROJW $XVOÐVHPHOGXQJ
n5HV * $86k DXI /(' EHL /,HIHUXQJ %HL (,1JH
VFKDOWHWHP ÛEHUVWURP]HLWVFKXW] VFKOLH|HQ DXFK GLH
$XVOÐVHNRQWDNWH
%HLP 0HVVHQ GHU =HLW LVW ]X EHDFKWHQ GD| GLH SDUD
PHWULHUWHQ :HUWH UHLQH 9HU]ÐJHUXQJV]HLWHQ VLQG 'LH
0H| XQG $XVOÐVH]HLWHQ GHV 6FKXW]HV NRPPHQ KLQ
]X
ÛEHUSUÚIXQJ GHU ÛEHUVWURPVWXIH ,
EHLP $0= 6FKXW]
)ÚU GLH ÛEHUSUÚIXQJ GHV $0= 6FKXW]HV PX| HLQH
GHU $0= )XQNWLRQHQ DXVJHZ KOW VHLQ G K XQWHU
$GUHVVH .(11/ $0= PLW HLQHU GHU GUHL 0ÐJ
OLFKNHLWHQ
'LH 6WURPEHZHUWXQJ LVW DXFK IÚU GLH $XVOÐVH]HLW
NHQQOLQLH ]X EHUÚFNVLFKWLJHQ
9RUVLFKW
3UÚIXQJHQ PLW 6WUÐPHQ ÚEHU PDO *HU WH
QHQQVWURP IÚKUHQ ]XU ÛEHUODVWXQJ GHU
(LQJDQJVNUHLVH XQG GÚUIHQ QXU NXU]]HLWLJ
GXUFKJHIÚKUW ZHUGHQ VLHKH 7HFKQLVFKH
'DWHQ $EVFKQLWW 'DQDFK LVW HLQH
$ENÚKOSDXVH HLQ]XOHJHQ
'LH WKHUPLVFKH %HODVWEDUNHLWVJUHQ]H JLOW DXFK KLHU
VRZRKO IÚU GLH HLQ]HOQHQ (LQJDQJVZLFNOXQJHQ GHV
0LVFKZDQGOHUV DOV DXFK IÚU GHQ $XVJDQJVVWURP
GHV 0LVFKZDQGOHUV VLHKH $EVFKQLWW
%HL ÛEHUVFKUHLWHQ GHV FD IDFKHQ GHV (LQVWHOO
ZHUWHV IÚU ,S $GUHVVH HUVFKHLQW GLH $QUHJXQJ
n5HV ,! ,Sk /(' EHL /LHIHUXQJ
-H QDFK GHU XQWHU $GUHVVH JHZ KOWHQ $0=
.HQQOLQLH XQG GHP XQWHU $GUHVVH JHZ KOWHQ
=HLWPXOWLSOLNDWRU HUJHEHQ VLFK IÚU HLQHQ EHVWLPPWHQ
3UÚIVWURP EHZHUWHW PLW GHQ )DNWRUHQ ZLH LQ $E
VFKQLWW EHVWLPPWH $XVOÐVH]HLWHQ $XVOÐVH
PHOGXQJ n5HV * $86k DXI /(' EHL /LHIHUXQJ
'LHVH NÐQQHQ DXV GHQ )RUPHOQ RGHU .HQQOLQLHQ
%LOG HQWQRPPHQ ZHUGHQ
& * &

6' 9
& * &
ÛEHUSUÚIXQJ GHV ÛEHUODVWVFKXW]HV
'LH LQWHJULHUWH ÛEHUODVWVFKXW] )XQNWLRQ NDQQ JH
SUÚIW ZHUGHQ ZHQQ GLHVH )XQNWLRQ ZLUNVDP JH
VFKDOWHW LVW $GUHVVH G K 8(%(5/$67
$GUHVVH PX| DXI (,1 RGHU %/2&. .'2 JH
VFKDOWHW VHLQ %HL (LQVWHOOXQJ %/2&. .'2 JLEW GHU
6FKXW] NHLQ $XVOÐVHNRPPDQGR DE $X|HUGHP PX|
VLH DOV 925+$1'(1 SURMHNWLHUW VHLQ $GUHVVH
VLHKH $EVFKQLWW
$OV %DVLVVWURP IÚU GLH ÛEHUODVWHUIDVVXQJ ZLUG GHU
1HQQVWURP GHV 6FKXW]REMHNWV ZLH XQWHU $GUHVVH
HLQJHVWHOOW KHUDQJH]RJHQ 'D ÛEHUODVWXQJHQ
GUHLSKDVLJH V\PPHWULVFKH 9RUJ QJH VLQG EH]LHKW
VLFK GHU %DVLVVWURP DXI GHQ V\PPHWULVFKHQ %HWULHE
EHL $QVFKOX| GHV 0LVFKZDQGOHUV LQ 1RUPDOVFKDO
WXQJ 6LHKH %LOG
:LUG GLH 3UÚIXQJ EHL 1RUPDODQVFKOX| PLW GUHLSKDVL
JHP V\PPHWULVFKHQ 6WURP GXUFKJHIÚKUW VLQG NHLQH
ZHLWHUHQ %HGLQJXQJHQ ]X EHDFKWHQ %HL HLQSKDVL
JHU 3UÚIXQJ PX| EHUÚFNVLFKWLJW ZHUGHQ GD| GHU
YRP 6FKXW] EHZHUWHWH 6WURP DX|HU YRP HLQJHVWHOO
WHQ 1HQQVWURP GHV 6FKXW]REMHNWHV DXFK YRQ GHU
$QVFKOX|DUW DEK QJW (V JLOW
, , k 1 k 1
PLW
,
,
1 1 3UÚIVWURP
0H|VWURP YRP *HU W YHUDUEHLWHW
ÛEHUVHW]XQJVIDNWRU 0LVFKZDQGOHU
ÛEHUVHW]XQJVIDNWRU GHU 3DUDPHWHU
'LH )DNWRUHQ 1 XQG 1 VLQG GLH JOHLFKHQ ZLH
EHLP 'LIIHUHQWLDOVFKXW] VLHKH $EVFKQLWW 7D
EHOOH XQG QDFKVWHKHQGH )RUPHO
%HL %HDXIVFKODJXQJ PLW GHP 3UÚIVWURP
,
, k 1 k 1 k N
%HWULHEVDQOHLWXQJ
GDUI NHLQH $XVOÐVXQJ HUIROJHQ (V VWHOOW VLFK QDFK
HQWVSUHFKHQGHU =HLW HWZD k U HLQ 7HPSHUDWXUHQG
ZHUW HLQ QDFK IROJHQGHU %H]LHKXQJ
3
3 'LHVHU :HUW NDQQ LQ %ORFN DXVJHOHVHQ ZHUGHQ
(LQH HLQIDFKH ÛEHUSUÚIXQJ GHU =HLWNRQVWDQWHQ LVW
PÐJOLFK LQGHP PDQ GDV *HU W PLW IDFKHP $Q
VSUHFKZHUW G K
N
k , k 1 k 1 k N
EHDXIVFKODJW 'DQQ LVW GLH $XVOÐVHWHPSHUDWXU JHUD
GH QDFK HLQHU =HLW HUUHLFKW GLH GHU KDOEHQ =HLWNRQ
VWDQWHQ HQWVSULFKW
)DOOV GLH $XVOÐVH]HLWNHQQOLQLH %LOG QDFKJHPHV
VHQ ZLUG LVW ]X EHDFKWHQ GD| YRU MHGHU 0HVVXQJ GLH
7HPSHUDWXU DXI 1XOO JHEUDFKW ZHUGHQ PX| 'LHV
NDQQ JHVFKHKHQ LQGHP PDQ HQWZHGHU GLH ÛEHU
ODVWIXQNWLRQ DXV XQG ZLHGHU HLQVFKDOWHW $GUHVVH
RGHU HLQH VWURPORVH 3DXVH YRQ PLQGHVWHQV k
U HLQOHJW
9RUVLFKW
3UÚIXQJHQ PLW 6WUÐPHQ ÚEHU PDO *HU
WHQHQQVWURP IÚKUHQ ]XU ÛEHUODVWXQJ GHU
(LQJDQJVNUHLVH XQG GÚUIHQ QXU NXU]]HLWLJ
GXUFKJHIÚKUW ZHUGHQ VLHKH 7HFKQLVFKH
'DWHQ $EVFKQLWW 'DQDFK LVW HLQH
$ENÚKOSDXVH HLQ]XOHJHQ
:LUG HLQH 3UÚIXQJ PLW 9RUODVW GXUFKJHIÚKUW VR LVW
GDUDXI ]X DFKWHQ GD| VLFK YRU %HJLQQ GHU =HLWPHV
VXQJ HLQ WKHUPLVFKHU *OHLFKJHZLFKWV]XVWDQG HLQJH
VWHOOW KDW 'LHV LVW HUVW GHU )DOO ZHQQ GLH 9RUODVW IÚU
GLH 'DXHU YRQ k U NRQVWDQW DQJHOHJW ZRUGHQ LVW

6' 9
,QEHWULHEQDKPH PLW 3ULP UJUÐ|HQ
$OOH 6HNXQG USUÚIYRUULFKWXQJHQ VLQG ]X HQWIHUQHQ
GLH 0H|JUÐ|HQ DQ]XVFKDOWHQ 'LH %HWULHEVYRUEHUHL
WXQJHQ JHP | $EVFKQLWW PÚVVHQ DEJHVFKORV
VHQ VHLQ )ÚU GLH 3ULP USUÚIXQJHQ PX| GLH /HLWXQJ
HLQJHVFKDOWHW ZHUGHQ
:DUQXQJ
3ULP UYHUVXFKH GÚUIHQ QXU YRQ TXDOLIL]LHU
WHQ 3HUVRQHQ GXUFKJHIÚKUW ZHUGHQ GLH
PLW GHU ,QEHWULHEQDKPH YRQ 6FKXW]V\VWH
PHQ PLW GHP %HWULHE GHV 1HW]HV XQG PLW
GHQ 6LFKHUKHLWVUHJHOQ XQG YRUVFKULIWHQ
6FKDOWHQ (UGHQ XVZ YHUWUDXW VLQG
& 0HVVXQJ
&[ HLQVWHOOHQ
5[ HLQVWHOOHQ
5HVHUYHVFKXW] VFKDUI VWHOOHQ
/HLWXQJ HLQVFKDOWHQ
$QVFKOX| NRQWUROOLHUHQ
%LOG ,QEHWULHEQDKPHVFKHPD
%HWULHEVDQOHLWXQJ
'XUFK GLH LP *HU W LQWHJULHUWHQ 0H|IXQNWLRQHQ XQG
,QEHWULHEVHW]XQJVKLOIHQ LVW HLQH UDVFKH ,QEHWULHE
QDKPH RKQH ,QVWUXPHQWLHUXQJ PÐJOLFK 'HU 3RO
ZHQGHU LQ GHU )URQW PX| VWHWV LQ HLQHU VHLQHU (QG
VWHOOXQJHQ VHLQ
=X %HJLQQ GHU ,QEHWULHEVHW]XQJVPHVVXQJHQ LVW GLH
/HLWXQJ ]XQ FKVW QRFK DXVJHVFKDOWHW XQG EHLGVHL
WLJ JHHUGHW
=XQ FKVW ZLUG GHU 'LIIHUHQWLDOVFKXW] DXI %/2&.
.'2 JHVFKDOWHW $GUHVVH RGHU GDV $XVOÐVH
NRPPDQGR XQWHUEURFKHQ GLH $GHUQÚEHUZDFKXQJ
IDOOV YRUKDQGHQ ZLUG $86JHVFKDOWHW $GUHVVH
HEHQVR GLH )XQNWLRQHQ 'LUHNWDXVOÐVXQJ
$GUHVVH )HUQDXVOÐVXQJ $GUHVVH
$XVOÐVXQJ GXUFK *HJHQVWDWLRQ $GUHVVH XQG
GHU 5HVHUYH ÛEHUVWURP]HLWVFKXW] $GUHVVH
HLQH $GHU ÐIIQHQ
&[ HLQVWHOOHQ
$GHU VFKOLH|HQ
5 0HVVXQJ
5[ HLQVWHOOHQ
5HVHUYHVFKXW] VFKDUI VWHOOHQ
/HLWXQJ HLQVFKDOWHQ
$QVFKOX| NRQWUROOLHUHQ
*HVDPWDQVFKOX| NRQWUROOLHUHQ
& * &

6' 9
'DV :LUNVDPVFKDOWHQ HLQHU 6FKXW]IXQNWLRQ NDQQ
JHQHUHOO DXI ]ZHLHUOHL :HLVH JHVFKHKHQ
6FKXW]IXQNWLRQ %/2&. .'2 'LH 6FKXW]IXQNWLRQ
DUEHLWHW XQG JLEW 0HOGXQJHQ DE 'DV $XVOÐVH
NRPPDQGR LVW MHGRFK EORFNLHUW
6FKXW]IXQNWLRQ (,1 'LH 6FKXW]IXQNWLRQ DUEHLWHW
XQG JLEW 0HOGXQJHQ DE 'DV $XVOÐVHNRPPDQGR
JHKW DXI GDV $XVOÐVHUHODLV ZHOFKHV IÚU GLH
6FKXW]IXQNWLRQ JHP | $EVFKQLWW UDQJLHUW
ZXUGH ,VW GLH 6FKXW]IXQNWLRQ DXI NHLQ $XVOÐVHUH
ODLV UDQJLHUW HUIROJW NHLQH $XVOÐVXQJ
%LOG ]HLJW HLQ 6FKHPD GHU ,QEHWULHEVHW]XQJ IÚU
HLQH /HLWXQJ PLW ]ZHL (QGHQ 'LH HLQ]HOQHQ 6FKULWWH
VLQG LQ GHQ IROJHQGHQ $EVFKQLWWHQ HUO XWHUW )ÚU HLQH
/HLWXQJ PLW GUHL (QGHQ 'UHLEHLQ VLQG GLH 0HVVXQ
JHQ IÚU DOOH GUHL $GHUQYHUELQGXQJHQ GXUFK]XIÚKUHQ
3 5 8 ( ) 8 1 * ( 1
& * &
%HWULHEVDQOHLWXQJ
0HVVXQJ XQG (LQVWHOOXQJ GHU
+LOIVDGHUQNDSD]LW W
%HL +LOIVDGHUQNDSD]LW WHQ DE HWZD N) HQW
VSULFKW EHL ÚEOLFKHQ 6FKXW]DGHUQ HLQHU / QJH YRQ
FD NP PÚVVHQ GLH +LOIVDGHUQNDSD]LW WHQ NRP
SHQVLHUW ZHUGHQ GD VLH HLQHQ ]XV W]OLFKHQ 'LIIHUHQ
WLDOVWURP YRUW XVFKHQ %HL NÚU]HUHQ +LOIVDGHUO QJHQ
ZLUG GLH 0HVVXQJ GHU .DSD]LW W QLFKW HPSIRKOHQ GD
VLH EHL NOHLQHQ :HUWHQ XQJHQDX ZLUG
'LH .DSD]LW WHQ GHU +LOIVDGHUQ NÐQQHQ DXV GHQ
.HQQGDWHQ GHV +LOIVNDEHOV HUUHFKQHW RGHU DXFK
YRP *HU W VHOEHU JHPHVVHQ ZHUGHQ
'LH 0HVVXQJ HUIRUGHUW GD| GLH +LOIVDGHUQ DQ GHP
*HU W PLW GHP JHPHVVHQ ZLUG DQJHVFKORVVHQ DP
*HJHQHQGH MHGRFK RIIHQ VLQG
)ÚU GLH 0HVVXQJ ZLUG HLQ 6WURP HLQJHVSHLVW GHU
PLQGHVWHQV GHV *HU WHQHQQVWURPHV HQW
VSULFKW 'HU 6WURP NDQQ DOV 6HNXQG UVWURP LQ GHQ
0LVFKZDQGOHU HLQJHVSHLVW ZHUGHQ %HL GHU %HXUWHL
OXQJ GHU 6WURPKÐKH LVW GLH $QVFKOX|DUW GHV 0H|
VWURPHV DP 0LVFKZDQGOHU ]X EHUÚFNVLFKWLJHQ 'HU
6WURP PX| Z KUHQG GHU 0HVVXQJ NRQVWDQW VHLQ
3UÚIXQJHQ VLQG DE $GUHVVH YRUJHVHKHQ 'LH
0HVVXQJHQ IÚU ,QEHWULHEVHW]XQJ HUIROJHQ LQ $GUH|
EORFN XQG NÐQQHQ YRQ HLQHP ZDKOIUHLHQ /HL
WXQJVHQGH DXV GXUFKJHIÚKUW ZHUGHQ 'LH $GUHVVH
ZLUG HUUHLFKW
GXUFK 'LUHNWZDKO PLW 7DVWH '$ JHIROJW YRQ GHU
$GUH|QXPPHU XQG DQVFKOLH|HQGHP %HW WL
JHQ GHU (LQJDEHWDVWH ( RGHU
GXUFK EORFNZHLVHV %O WWHUQ PLW Â XQG Ä ELVGLH
$GUHVVH HUUHLFKW LVW
%ORFN n3UÚIXQJHQk
, % 6 0 ( 6 6 8 1 * %ORFN n,QEHWULHEQDKPH +LOIVIXQNWLRQHQk
, % 6 & [
0 ( 6 6 8 1 * "
6ROO 0HVVXQJ GHU +LOIVDGHUQNDSD]LW W GXUFKJHIÚKUW
ZHUGHQ"

6' 9
=XU %HVW WLJXQJ GHU 0HVVXQJ GLH n-Dk 7DVWH - <
GUÚFNHQ GDPLW ZLUG GLH .DSD]LW WVPHVVXQJ HLQJH
OHLWHW 'DV *HU W HUPLWWHOW GLH .DSD]LW WDXVGHUYRP
0H|VWURP DP 4XHUZLGHUVWDQG HU]HXJWHQ 6SDQ
QXQJ XQG GHP LQ GLH $GHUQ HLQIOLH|HQGHQ NDSD]LWL
YHQ 6WURP
, % 6 & [
& [ Q )
6 7 2 ( 5 ) $ / / / $ ( 8 ) 7
6 7 5 2 0 = 8 . / ( , 1
1 , & + 7 0 2 ( * / , & +
$ % * ( % 5 2 & + ( 1
%HWULHEVDQOHLWXQJ
1DFK $QVWR| GHU .DSD]LW WVPHVVXQJ HUIROJW QRUPD
OHUZHLVH XQPLWWHOEDU GLH $QJDEH GHU .DSD]LW W / XIW
MHGRFK EHUHLWV HLQ 6WÐUIDOO NDQQ GLH .DSD]LW WVPHV
VXQJ QLFKW GXUFKJHIÚKUW ZHUGHQ XQG HV HUIROJW HLQH
HQWVSUHFKHQGH 0HOGXQJ DXI GHP 'LVSOD\
$Q]HLJH GHU JHPHVVHQHQ +LOIVDGHUQNDSD]LW W $XIOÐVXQJ
Q) ] % Q)
6WÐUIDOO O XIW
GHU HLQJHSU JWH 0H|VWURP UHLFKW ]XU %HVWLPPXQJ GHU
$GHUQNDSD]LW WQLFKWDXV
0HVVXQJ LVW DXV DQGHUHQ *UÚQGHQ QLFKW PÐJOLFK
0HVVXQJ ZXUGH DEJHEURFKHQ ] % 6WÐUIDOO HLQJHWUHWHQ
&[ &
&[ &
&\ &
&
&\ &
$E %D
$ %
&[ &
&\ &
$F
& &
&[ &
&\ &
&D &E
%LOG %H]HLFKQXQJVVFKHPD EHL 'UHLEHLQ /HLWXQJHQ
&
&[ &
&\ &
%F
&[ &
&\ &
& * &

6' 9
'LH 0HVVXQJ ZLUG QDFK $XVJDEH GHU .DSD]LW WDX
WRPDWLVFK EHHQGHW
'LH HUPLWWHOWH +LOIVDGHUQNDSD]LW W ZLUG LQ $GUHVVH
DOV &[ HLQJHVWHOOW 'LH .DSD]LW W HLQHU HYWO YRU
KDQGHQHQ $GHUQÚEHUZDFKXQJ LVW LP DQJH]HLJWHQ
:HUW HLQJHVFKORVVHQ EUDXFKW DOVR QLFKW EHUÚFN
VLFKWLJW ]X ZHUGHQ 'LH (LQVWHOOXQJ LVW DQ EHLGHQ /HL
WXQJVHQGHQ YRU]XQHKPHQ 'LH 0HVVXQJ JHQÚJW
YRQ HLQHP /HLWXQJVHQGH DXV
'HU 5HVW GLHVHV 8QWHUDEVFKQLWWHV JLOW QXU IÚU /HLWXQ
JHQ PLW GUHL (QGHQ 'UHLEHLQ /HLWXQJHQ %HL 'UHL
EHLQ /HLWXQJHQ ZHUGHQ GLH +LOIVDGHUQNDSD]LW WHQ
EHLGHU YRQ HLQHU 6WDWLRQ DEJHKHQGHQ +LOIVDGHUQ
SDDUH EHQÐWLJW 'DEHL LVW &[ $GUHVVH LPPHU
GLH .DSD]LW W GHV $GHUQSDDUHV PLW GHP GDV *HU W
XQPLWWHOEDU YHUEXQGHQ LVW &\ $GUHVVH LVW GLH
.DSD]LW W GHV $GHUQSDDUHV PLW GHP GDV 1DFKEDU
JHU W LQ GHU JOHLFKHQ 6WDWLRQ YHUEXQGHQ LVW %HLP
1DFKEDUJHU W LVW DOVR &[ XQG &\ YHUWDXVFKW 'LH EHL
GHQ JHJHQÚEHUOLHJHQGHQ *HU WH GLH PLW HLQ XQG
GHPVHOEHQ $GHUQSDDU YHUEXQGHQ VLQG HUKDOWHQ LP
PHU GHQ JOHLFKHQ :HUW IÚU &[ %LOG YHUDQVFKDX
OLFKW GLHV %HL GHQ %H]HLFKQXQJHQ GHU *HU WH EH
GHXWHW LPPHU GHU HUVWH %XFKVWDEH *UR|EXFKVWDEH
GLH 6WDWLRQ ZR GDV *HU W HLQJHEDXW LVW GHU ]ZHLWH
%XFKVWDEH .OHLQEXFKVWDEH PLW ZHOFKHU 6WDWLRQ
GDV *HU W XQPLWWHOEDU YHUEXQGHQ LVW
, % 6 5 [
0 ( 6 6 8 1 * "
=XU %HVW WLJXQJ GHU 0HVVXQJ GLH n-Dk 7DVWH - <
GUÚFNHQ GDPLW ZLUG GLH :LGHUVWDQGVPHVVXQJ HLQ
JHOHLWHW 'DV *HU W HUPLWWHOW GHQ 6FKOHLIHQZLGHU
VWDQG DXV GHU YRP 0H|VWURP DP 4XHUZLGHUVWDQG
HU]HXJWHQ 6SDQQXQJ XQG GHP ÚEHU GLH $GHUQ IOLH
|HQGHQ 6WURP
& * &
%HWULHEVDQOHLWXQJ
0HVVXQJ XQG (LQVWHOOXQJ GHV
+LOIVDGHUQZLGHUVWDQGHV
%HLP =ZHLDGHUQGLIIHUHQWLDOVFKXW] LVW YRP $UEHLWV
SULQ]LS KHU HLQ $EJOHLFK GHV :LGHUVWDQGVYHUK OWQLV
VHV ]ZLVFKHQ +LOIVDGHUQZLGHUVWDQG 5 XQG GHP LP
*HU W HLQJHEDXWHQ 4XHUZLGHUVWDQG 5 HUIRUGHUOLFK
%HL 6' LVW HLQH $QSDVVXQJ GHU +LOIVDGHUQZLGHU
VW QGH GXUFK =XVDW]ZLGHUVW QGH QLFKW QRWZHQGLJ
GD GDV *HU W GLH $QSDVVXQJ VHOEVW QGLJ UHFKQH
ULVFK YRUQLPPW +LHU]X PX| LKP DEHU GHU $GHUQZL
GHUVWDQG EHNDQQW VHLQ $GUHVVH 5[
'HU 6FKOHLIHQZLGHUVWDQG GHU +LOIVDGHUQ NDQQ DXV
GHQ .HQQGDWHQ GHV +LOIVNDEHOV HUUHFKQHW RGHU DXFK
YRP *HU W VHOEHU JHPHVVHQ ZHUGHQ
'LH 0HVVXQJ HUIRUGHUW GD| GLH +LOIVDGHUQ DQ EHLGHQ
ÚEHU GLH +LOIVDGHUQ ]XVDPPHQJHVFKDOWHWHQ *HU
WHQ DQJHVFKORVVHQ VLQG (LQH HYWO QRWZHQGLJH .D
SD]LW WVNRPSHQVDWLRQ DE FD NP $GHUQO QJH
PX| YRUKHU HLQJHVWHOOW ZRUGHQ VHLQ VLHKH $EVFKQLWW
)ÚU GLH 0HVVXQJ ZLUG YRQ HLQHU 6HLWH HLQ 6WURP HLQ
JHVSHLVW GHU PLQGHVWHQV [ *HU WHQHQQVWURP HQW
VSULFKW 'HU 6WURP NDQQ DOV 6HNXQG UVWURP LQ GHQ
0LVFKZDQGOHU HLQJHVSHLVW ZHUGHQ %HL GHU %HXUWHL
OXQJ GHU 6WURPKÐKH LVW GLH $QVFKOX|DUW GHV 0H|
VWURPHV DP 0LVFKZDQGOHU ]X EHUÚFNVLFKWLJHQ 'HU
6WURP PX| Z KUHQG GHU 0HVVXQJ NRQVWDQW VHLQ
'LH :LGHUVWDQGVPHVVXQJ NDQQ XQWHU $GUHVVH
DQJHIRUGHUW ZHUGHQ
6ROO 0HVVXQJ GHV +LOIVDGHUQZLGHUVWDQGHV GXUFK
JHIÚKUW ZHUGHQ"
1DFK $QVWR| GHU :LGHUVWDQGVPHVVXQJ HUIROJW QRU
PDOHUZHLVH XQPLWWHOEDU GLH $QJDEH GHV :LGHUVWDQ
GHV / XIW MHGRFK EHUHLWV HLQ 6WÐUIDOO NDQQ GLH :L
GHUVWDQGVPHVVXQJ QLFKW GXUFKJHIÚKUW ZHUGHQ XQG
HV HUIROJW HLQH HQWVSUHFKHQGH 0HOGXQJ DXI GHP 'LV
SOD\

6' 9
, % 6 5 [
5 [ 8
6 7 2 ( 5 ) $ / / / $ ( 8 ) 7
6 7 5 2 0 = 8 . / ( , 1
'LH 0HVVXQJ ZLUG QDFK $XVJDEH GHV :LGHUVWDQGHV
DXWRPDWLVFK EHHQGHW
'HU HUPLWWHOWH +LOIVDGHUQZLGHUVWDQG ZLUG LQ $GUHVVH
DOV 5[ HLQJHVWHOOW 'HU :LGHUVWDQG HLQHU HYWO
YRUKDQGHQHQ $GHUQÚEHUZDFKXQJ LVW LP DQJH]HLJ
WHQ :HUW HLQJHVFKORVVHQ EUDXFKW DOVR QLFKW EHUÚFN
VLFKWLJW ]X ZHUGHQ 'LH (LQVWHOOXQJ LVW DQ EHLGHQ /HL
WXQJVHQGHQ YRU]XQHKPHQ 'LH 0HVVXQJ JHQÚJW
YRQ HLQHP /HLWXQJVHQGH DXV
'HU 5HVW GLHVHV 8QWHUDEVFKQLWWHV JLOW QXU IÚU /HLWXQ
JHQ PLW GUHL (QGHQ 'UHLEHLQ /HLWXQJHQ %HL 'UHL
%HWULHEVDQOHLWXQJ
$Q]HLJH GHV JHPHVVHQHQ +LOIVDGHUQZLGHUVWDQGHV $XI
OÐVXQJ 8 ]% 8
6WÐUIDOO O XIW
GHU HLQJHSU JWH 0H|VWURP RGHU GHU +LOIVDGHUQVWURP ,
UHLFKW ]XU %HVWLPPXQJ GHV $GHUQZLGHUVWDQGHV QLFKW DXV
9HUJHZLVVHUQ 6LH VLFK GD| GLH $GHUQ DQ EHLGHQ (QGHQ
DQJHVFKORVVHQ VLQG
EHLQ /HLWXQJHQ ZHUGHQ GLH +LOIVDGHUQZLGHUVW QGH
EHLGHU YRQ HLQHU 6WDWLRQ DEJHKHQGHQ +LOIVDGHUQ
SDDUH EHQÐWLJW 'DEHL LVW 5[ $GUHVVH LPPHU
GHU :LGHUVWDQG GHV $GHUQSDDUHV PLW GHP GDV *H
U W XQPLWWHOEDU YHUEXQGHQ LVW 5\ $GUHVVH LVW
GHU :LGHUVWDQG GHV $GHUQSDDUHV PLW GHP GDV
1DFKEDUJHU W LQ GHU JOHLFKHQ 6WDWLRQ YHUEXQGHQ
LVW %HLP 1DFKEDUJHU W LVW DOVR 5[ XQG 5\ YHU
WDXVFKW 'LH EHLGHQ JHJHQÚEHUOLHJHQGHQ *HU WH
GLH PLW HLQ XQG GHPVHOEHQ $GHUQSDDU YHUEXQGHQ
VLQG HUKDOWHQ LPPHU GHQ JOHLFKHQ :HUW IÚU 5[
%LOG YHUDQVFKDXOLFKW GLHV
5[ 5
5[ 5
5\ 5
$E
5
5\ 5
%D
$ %
5[ 5
5\ 5
$F
5 5
5[ 5
5\ 5
&D &E
%LOG %H]HLFKQXQJVVFKHPD EHL 'UHLEHLQ /HLWXQJHQ
&
5[ 5
5\ 5
%F
5[ 5
5\ 5
& * &

6' 9
& * &
ÛEHUSUÚIXQJ GHU 6WURPZDQGOHUDQVFKOÚVVH HLQHV /HLWXQJVHQGHV
'LH $QVFKOÚVVH GHU 6WURPZDQGOHU ZHUGHQ PLW 3UL
P UJUÐ|HQ ÚEHUSUÚIW 'D]X LVW /DVWVWURP YRQ PLQ
GHVWHQV /HLWXQJVQHQQVWURP HUIRUGHUOLFK (V LVW
GDUDXI ]X DFKWHQ GD| GHU 3ROZHQGHU LQ GHU )URQW
VWHWV LQ HLQHU VHLQHU (QGVWHOOXQJHQ LVW
'LHVH ÛEHUSUÚIXQJ NDQQ QLFKW GLH 6LFKWNRQWUROOH
GHV ULFKWLJHQ 6WURPZDQGOHUDQVFKOXVVHV HUVHW
]HQ GD GLH 0H|HUJHEQLVVH DP 0LVFKZDQGOHUVWURP
QLFKW LPPHU HLQGHXWLJ DXI GLH )HKOHUXUVDFKH VFKOLH
|HQ ODVVHQ NÐQQHQ 6R NDQQ ] % HLQ ]\NOLVFK IDO
VFKHU $QVFKOX| RGHU D]\NOLVFKHU 3KDVHQWDXVFK
QLFKW HUNDQQW ZHUGHQ 'LH 'XUFKIÚKUXQJ GHU .RQ
WUROOHQ JHP | $EVFKQLWW LVW GDKHU YRUDXVJH
VHW]W
6HNXQG USUÚIHLQULFKWXQJHQ GLH IÚU GLH YRULJHQ 3UÚ
IXQJHQ XQG 0HVVXQJHQ DQJHEUDFKW ZXUGHQ VLQG
]X HQWIHUQHQ 'HU 6FKXW] PX| DQ GLH 6WURPZDQGOHU
DQJHVFKORVVHQ VHLQ
9RU GHP (LQVFKDOWHQ GHU /HLWXQJ LVW VLFKHU]XVWHOOHQ
GD| DQ EHLGHQ /HLWXQJVHQGHQ HLQ .XU]VFKOX|VFKXW]
ZLUNVDP LVW ,VW HLQ JHWUHQQWHU 5HVHUYHVFKXW] ] %
ÛEHUVWURP]HLWVFKXW] YRUKDQGHQ VR LVW GLHVHU
]XHUVW LQ %HWULHE ]X QHKPHQ XQG VFKDUI ]X VFKDOWHQ
,VW NHLQ JHWUHQQWHU 5HVHUYHVFKXW] YRUKDQGHQ PX|
GHU LP 6' LQWHJULHUWH ÛEHUVWURP]HLWVFKXW]
, % 6 0 : ' / ,
0 ( 6 6 8 1 * "
=XU %HVW WLJXQJ GHU 0HVVXQJ GLH n-Dk 7DVWH - <
GUÚFNHQ GDPLW ZLUG GLH 6WURPPHVVXQJ HLQJHOHLWHW
'DV *HU W HUPLWWHOW GHQ 6HNXQG UVWURP GHV 0LVFK
ZDQGOHUV XQG ]HLJW LKQ DOV )DNWRU GHV *HU WH
, % 6 0 : ' / ,
, , , Q
6 7 2 ( 5 ) $ / / / $ ( 8 ) 7
$ % * ( % 5 2 & + ( 1
%HWULHEVDQOHLWXQJ
ZLUNVDP JHVFKDOWHW ZHUGHQ $GUHVVH 80=
$0= (,1 'DV $XVOÐVHNRPPDQGR GHV 5HVHUYH
VFKXW]HV PX| DXI HLQ $XVOÐVHUHODLV UDQJLHUW VHLQ
GDV GHQ /HLVWXQJVVFKDOWHU LP )DOOH HLQHV )HKOHUV DXI
GHU /HLWXQJ DXVOÐVW (V PX| GDPLW JHUHFKQHW ZHU
GHQ GD| EHL IDOVFKHP 6WURPZDQGOHUDQVFKOX|
GXUFK GHQ LQWHUQHQ ÛEHUVWURP]HLWVFKXW] DXVJH
OÐVW ZLUG ZHQQ GLHVHU IDOVFKH $QVFKOX| HLQHQ ]X
KRKHQ 0LVFKVWURP YHUXUVDFKW 'LHV JLOW DXFK IÚU
GDV JHJHQÚEHUOLHJHQGH /HLWXQJVHQGH
'LH 'LIIHUHQWLDOVFKXW]IXQNWLRQHQ EOHLEHQ DXI %/2&.
.'2 JHVFKDOWHW $GUHVVH
- (UGXQJVWUHQQHU GHU /HLWXQJ ÐIIQHQ /HLWXQJ EHLG
VHLWLJ ]XVFKDOWHQ 1ÐWLJHQIDOOV GXUFK 8PVFKDO
WXQJHQ LP 1HW] VLFKHUVWHOOHQ GD| PLQGHVWHQV
GHV /HLWXQJVQHQQVWURPHV ÚEHU GLH /HLWXQJ
IOLH|HQ 'LH 5LFKWXQJ GHV 6WURPHV LVW RKQH %H
ODQJ
- 'HU 0LVFKZDQGOHUVHNXQG UVWURP NDQQ LQ GHQ
%HWULHEVPH|ZHUWHQ XQWHU $GUHVVH JHPHV
VHQ ZHUGHQ %HL ULFKWLJHP $QVFKOX| HQWVSULFKW
GLHVHU :HUW GHP ÚEHU GLH /HLWXQJ IOLH|HQGHQ
6WURP EH]RJHQ DXI GHQ 1HQQVWURP GHV *HU WHV
8QWHU $GUHVVH VWHKW DXFK GHU SULP UH 1HQQ
VWURP LQ $
6ROO 0HVVXQJ GHV 0LVFKZDQGOHU 6HNXQG UVWUR
PHV GXUFKJHIÚKUW ZHUGHQ"
1HQQVWURPHV DQ / XIW MHGRFK EHUHLWV HLQ 6WÐUIDOO
NDQQ GLH 0HVVXQJ QLFKW GXUFKJHIÚKUW ZHUGHQ XQG
HV HUIROJW HLQH HQWVSUHFKHQGH 0HOGXQJ DXI GHP 'LV
SOD\
$Q]HLJH GHV JHPHVVHQHQ 6WURPHV EH]RJHQ DXI *HU WH
QHQQVWURP ] % k ,
6WÐUIDOO O XIW
'LH 0HVVXQJ ZXUGH DEJHEURFKHQ

6' 9
(UJHEHQ VLFK $EZHLFKXQJHQ GLH QLFKW GXUFK 0H|
WROHUDQ]HQ]XHUNO UHQ VLQG NDQQ PDQ GHQ %HWULHEV
VWURP XQWHU $GUHVVH DXVOHVHQ 'LHVH JLEW GHQ
IOLH|HQGHQ 3ULP UVWURP LQ $PSHUH DQ 6LQG $QSDV
VXQJVZDQGOHU ]ZLVFKHQJHVFKDOWHW VR PX| GHUHQ
ÛEHUVHW]XQJ EHUÚFNVLFKWLJW ZHUGHQ
:HLWHUKLQ NÐQQHQ 6WURPZDQGOHUDQVFKOÚVVH YHU
WDXVFKW VHLQ 7DEHOOH ]HLJW GHQ JHPHVVHQHQ
6WURPEH]RJHQDXIGHQ]XHUZDUWHQGHQIÚU3RODUL
W WVIHKOHUQ EHLP 6WURPZDQGOHUDQVFKOX|
- /HLWXQJ DEVFKDOWHQ XQG HUGHQ
- 6WURPZDQGOHUDQVFKOÚVVH ULFKWLJVWHOOHQ
- 9HUVXFK ZLHGHUKROHQ
JHPHVVHQ
, ,
PÐJOLFKHU )DOVFKDQVFKOX|
:DQGOHU / IDOVFK JHSROW RGHU
:DQGOHU / XQG / IDOVFK JHSROW
:DQGOHU / IDOVFK JHSROW RGHU
:DQGOHU / XQG / IDOVFK JHSROW
:DQGOHU / IDOVFK JHSROW RGHU
:DQGOHU / XQG / IDOVFK JHSROW
$OOH :DQGOHU IDOVFK JHSROW RGHU
]\NOLVFKHU 3KDVHQWDXVFK RGHU
D]\NOLVFKHU 3KDVHQWDXVFK RGHU
ULFKWLJHU $QVFKOX|
7DEHOOH 0H|VWUÐPH EHL $QVFKOX|IHKOHU
'LH 7DEHOOH ]HLJW ]XP HLQHQ GD| VLFK GLH JHPHVVH
QHQ $EZHLFKXQJHQ EHL 9HUSROXQJ HLQ]HOQHU 3KDVHQ
QXU JHULQJIÚJLJ XQWHUVFKHLGHQ ZHVKDOE DXI MHGHQ
)DOO DOOH $QVFKOÚVVH QRFKPDO VRUJI OWLJ ]X NRQWUROOLH
UHQ VLQG =XP DQGHUHQ ZHUGHQ 3KDVHQYHUWDX
VFKXQJHQ ÚEHUKDXSW QLFKW HUNDQQW )ÚU GLH )XQNWLRQ
GHV 'LIIHUHQWLDOVFKXW]HV LVW GLHV SULQ]LSLHOO RKQH %H
ODQJ VRIHUQ QXU GLH $QVFKOÚVVH DQ EHLGHQ /HLWXQJV
HQGHQ JOHLFK VLQG VLHKH $EVFKQLWW )ÚU GLH
(PSILQGOLFKNHLW GHV 6FKXW]HV EHL 'RSSHOHUGVFKOÚV
VHQ LP QLFKW JHHUGHWHQ 1HW] LVW MHGRFK HLQH HLQKHLWOL
FKH 3KDVHQ]XRUGQXQJ ZLFKWLJ
=XP 6FKOX| /HLWXQJ ZLHGHU DEVFKDOWHQ
'LH ULFKWLJH 3RODULW W GHV (UGVWURPSIDGHV EHL 1RU
PDODQVFKOX| JHP | %LOG ZLUG EHL IHKOHQGHP
6WURP , JHSUÚIW %LOG
*()$+5
%HWULHEVDQOHLWXQJ
$UEHLWHQ DQ GHQ 0H|ZDQGOHUQ HUIRUGHUQ
KÐFKVWH 9RUVLFKWVPD|QDKPHQ 6WURP
ZDQGOHU NXU]VFKOLH|HQ EHYRU LUJHQG
ZHOFKH 6WURP]XOHLWXQJHQ ]XP *HU WXQ
WHUEURFKHQ ZHUGHQ
6WURPZDQGOHU , ZLUG DP :DQGOHU NXU]JHVFKORV
VHQ XQG GLH =XOHLWXQJ ]XP 6' DXIJHWUHQQW 'LH
/DVWVWURPSUÚIXQJ ZLH YRU ZLUG ZLHGHUKROW
'HU DXVJHOHVHQH 6WURPZHUW , EHWU JW QXQ HWZD GDV
IDFKH GHV 6WURPZHUWHV EHL GHU V\PPHWULVFKHQ
3UÚIXQJ
QGHUW VLFK GHU JHPHVVHQH 6WURP GDJHJHQ SUDN
WLVFK QLFKW JHJHQÚEHU GHU V\PPHWULVFKHQ 3UÚIXQJ
LVW GHU (UGVWURPDQVFKOX| DP *HU W IDOVFK JHSROW
%HL DQGHUHQ :HUWHQ NDQQ HLQH D]\NOLVFKH 9HUWDX
VFKXQJ YRUOLHJHQ
- /HLWXQJ DEVFKDOWHQ XQG HUGHQ
- 6WURPZDQGOHUDQVFKOÚVVH ULFKWLJVWHOOHQ
- 9HUVXFK ZLHGHUKROHQ
=XP 6FKOX| LVW GLH /HLWXQJ ZLHGHU DE]XVFKDOWHQ
'HU 6WURPZDQGOHUDQVFKOX| LVW ZLHGHU ULFKWLJ]X
VWHOOHQ
9HUVXFKH DP DQGHUHQ /HLWXQJVHQGH ZLHGHUKROHQ
EHL 'UHLEHLQOHLWXQJHQ IÚU DOOH VHFKV EHWHLOLJWHQ *HU
WH
6'
%LOG ÛEHUSUÚIXQJ GHV (UGVWURPSIDGHV
/
/
/
& * &

6' 9
& * &
%HWULHEVDQOHLWXQJ
ÛEHUSUÚIXQJ GHU 6WURPZDQGOHU XQG +LOIVDGHUQDQVFKOÚVVH PLW EHLGHQ /HL
WXQJVHQGHQ
1DFK GHQ 6WURPPHVVXQJHQ JHP | $EVFKQLWW
VLQG QXU QRFK ZHQLJH $QVFKOX|IHKOHU PÐJOLFK ]\NOL
VFKH 9HUWDXVFKXQJ GHU 6WURPNUHLVH NRPSOHWWH 9HU
SROXQJ GHU 6WURPNUHLVH XQG 9HUSROXQJ GHU +LOIVD
GHUQ 'LH IROJHQGH 3UÚIXQJ ZLUG EHL /HLWXQJHQ PLW
]ZHL (QGHQ YRQ HLQHP EHOLHELJHQ (QGH DXV GXUFK
JHIÚKUW
, % 6 , , B
0 ( 6 6 8 1 * "
=XU %HVW WLJXQJ GHU 0HVVXQJ GLH n-Dk 7DVWH - <
GUÚFNHQ GDPLW ZHUGHQ GLH 0HVVXQJHQ HLQJHOHLWHW
'DV *HU W HUPLWWHOW GLH 6WUÐPH , ÐUWOLFKHV /HLWXQJV
HQGH , IHUQHV /HLWXQJVHQGH GHUHQ :LQNHOODJH
XQG GHQ 'LIIHUHQWLDOVWURP XQG ]HLJW GLHVH DQ / XIW
MHGRFK EHUHLWV HLQ 6WÐUIDOO NDQQ GLH 0HVVXQJ QLFKW
, % 6 , , B
, , , Q
, % 6 , , B
, , , Q
B
, % 6 , , B
•
, % 6 , , B
, ' , , Q
, % 6 , , B
6 7 2 ( 5 ) $ / / / $ ( 8 ) 7
$ % * ( % 5 2 & + ( 1
6 7 5 2 0 = 8 . / ( , 1
)ÚU GLH $EVFKOX|PHVVXQJ ZLUG GLH /HLWXQJ ZLHGHU
EHLGVHLWLJ ]XJHVFKDOWHW 'HU GXUFKIOLH|HQGH 6WURP
VROO ZHLWHUKLQ PLQGHVWHQV GHV /HLWXQJV
1HQQVWURPHV EHWUDJHQ 'LH 6WURPULFKWXQJ LVW QLFKW
UHOHYDQW VLH NDQQ EHOLHELJ VHLQ 'HU 0H|DQVWR| HU
IROJW ÚEHU GLH $GUHVVH DQ HLQHP EHOLHELJHQ /HL
WXQJVHQGH
6ROO 0HVVXQJ GHU 6WUÐPH , 0LVFKVWURP DP ÐUWOL
FKHQ (QGH XQG , 0LVFKVWURP DP *HJHQHQGH
XQG GHUHQ :LQNHOGLIIHUHQ] GXUFKJHIÚKUW ZHUGHQ"
GXUFKJHIÚKUW ZHUGHQ XQG HV HUIROJW HLQH HQWVSUH
FKHQGH 0HOGXQJ DXI GHP 'LVSOD\ =XP $Q]HLJHQ
GHU GUHL 0H|ZHUWH ZLUG PLW GHU n1HLQk 7DVWH 1 ZHL
WHUJHEO WWHUW PLW GHU 7DVWH 5 NDQQ PDQ DXFK ]XUÚFN
EO WWHUQ 1DFK $EVFKOX| NDQQ PDQ PLW GHU 7DVWH
]XU Q FKVWHQ $GUHVVH VFKDOWHQ
$Q]HLJH GHV JHPHVVHQHQ ÐUWOLFKHQ 6WURPHV EH]RJHQ DXI
*HU WHQHQQVWURP ] % ZHLWHUEO WWHUQ PLW GHU
n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ 6WURPHV GHV *HJHQHQGHV EH
]RJHQ DXI *HU WHQHQQVWURP ] % ZHLWHUEO WWHUQ PLW
GHU n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ :LQNHOV ]ZLVFKHQ GHQ 6WUÐ
PHQ , XQG , LQ *UDG ZHLWHUEO WWHUQ PLW GHU n1HLQk 7D
VWH 1
6ROOZHUW •
$Q]HLJH GHV JHPHVVHQHQ 'LIIHUHQWLDOVWURPHV EH]RJHQ
DXI *HU WHQHQQVWURP HU VROOWH YHUQDFKO VVLJEDU VHLQ
ZHQQ GLH 0HVVXQJ QLFKW GXUFKJHIÚKUW ZHUGHQ NRQQWH
ZLUG HLQH HQWVSUHFKHQGH 0HOGXQJ DEJHJHEHQ
6WÐUIDOO O XIW
'LH 0HVVXQJ ZXUGH DEJHEURFKHQ ] % 6WÐUIDOO HLQJHWUH
WHQ
6WURP LVW ]X NOHLQ

6' 9
OIG
1U
B PÐJOLFKHU )DOVFKDQVFKOX|
•
•
•
•
•
•
9HUSROXQJ GHU +LOIVDGHUQ RGHU
DOOHU :DQGOHUDQVFKOÚVVH
=\NOLVFKHU 3KDVHQWDXVFK OLQNV
DP ÐUWOLFKHQ /HLWXQJVHQGH RGHU
]\NOLVFKHU 3KDVHQWDXVFK UHFKWV DP
*HJHQHQGH
$]\NOLVFKHU 3KDVHQWDXVFK / !/
DP *HJHQHQGH
$QVFKOX| NRUUHNW
$]\NOLVFKHU 3KDVHQWDXVFK / !/
DP ÐUWOLFKHQ /HLWXQJVHQGH
]\NOLVFKHU 3KDVHQWDXVFK UHFKWV DP
ÐUWOLFKHQ /HLWXQJVHQGH RGHU
]\NOLVFKHU 3KDVHQWDXVFK OLQNV
DP *HJHQHQGH
7DEHOOH 0H|ZLQNHO EHL $QVFKOX|IHKOHU
, % 6 , , B
, , , Q
, % 6 , , B
, , , Q
B
, % 6 , , B
•
, % 6 , , B
, ' , , Q
1DFK GHU 0HVVXQJ QLFKW YHUJHVVHQ GHQ 8PSRO
VFKDOWHU ZLHGHU ULFKWLJ ]X VFKDOWHQ
QGHUQ VLFK GLH :HUWH JHJHQÚEHU GHU YRULJHQ 0HV
VXQJ QLFKW VR VLQG GLH +LOIVDGHUQ XQWHUEURFKHQ
%HWULHEVDQOHLWXQJ
%HL ULFKWLJHQ $QVFKOÚVVHQ VLQG GLH EHLGHQ 6WUÐPH ,
XQG , DQQ KHUQG JOHLFK JUR| GHU :LQNHO B LVW DQQ
KHUQG • GHU 'LIIHUHQWLDOVWURP DQQ KHUQG 1XOO
9RQ • DEZHLFKHQGH :LQNHO RGHU HUKHEOLFKH 'LI
IHUHQWLDOVWUÐPH ODVVHQ DXI 9HUSROXQJ RGHU ]\NOL
VFKHQ 3KDVHQWDXVFK VFKOLH|HQ 7DEHOOH ]HLJW
GLHVH ) OOH
'LH ) OOH OIG 1U XQG GÚUIWHQ HLJHQWOLFK QLFKW DXI
WUHWHQ GD D]\NOLVFKH 9HUSROXQJHQ EHUHLWV EHL GHU
3UÚIXQJ XQWHU $EVFKQLWW HUNDQQW VHLQ PÚ|WHQ
$XFK EHL ULFKWLJHU $Q]HLJH GHU :HUWH , , B XQG ,'
LVW HV PÐJOLFK GD| GLH +LOIVDGHUQ XQWHUEURFKHQ
VLQG GD GHU $GHUQVWURP LP JHVXQGHQ =XVWDQG GHU
/HLWXQJ HEHQIDOOV 1XOO LVW (V LVW GDKHU HLQH *HJHQ
SUREH GXUFK]XIÚKUHQ
'HU6WURPIÚUGDVÐUWOLFKH*HU WZLUGDP8PSRO
VFKDOWHU VLHKH %LOG YHUSROW :LFKWLJ (V LVW GD
UDXI ]X DFKWHQ GD| GHU 3ROZHQGHU LQ GHU )URQW
VWHWV LQ HLQHU VHLQHU (QGVWHOOXQJHQ LVW
1XQ ZLUG GHU 6WURPZLQNHO B • DQJH]HLJW XQG GHU
'LIIHUHQWLDOVWURP ,' HQWVSULFKW GHP 'RSSHOWHQ GHV
3UÚIVWURPHV LQ GLHVHP %HLVSLHO DOVR
$Q]HLJH GHV JHPHVVHQHQ ÐUWOLFKHQ 6WURPHV EH]RJHQ DXI
*HU WHQHQQVWURP ] % ZHLWHUEO WWHUQ PLW GHU
n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ 6WURPHV GHV *HJHQHQGHV EH
]RJHQ DXI *HU WHQHQQVWURP ] % ZHLWHUEO WWHUQ PLW
GHU n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ :LQNHOV ]ZLVFKHQ GHQ 6WUÐ
PHQ , XQG , LQ *UDG ZHLWHUEO WWHUQ PLW GHU n1HLQk 7D
VWH 1
6ROOZHUW • ZHLO *HJHQSUREH
$Q]HLJH GHV JHPHVVHQHQ 'LIIHUHQWLDOVWURPHV EH]RJHQ
DXI *HU WHQHQQVWURP ZHJHQ *HJHQSUREH LVW HWZD GDV
'RSSHOWH GHV GXUFKIOLH|HQGHQ 6WURPHV ]X HUZDUWHQ
- +LOIVDGHUQDQVFKOÚVVH ULFKWLJVWHOOHQ
- 9HUVXFK ZLHGHUKROHQ
=XP 6FKOX| LVW GLH /HLWXQJ ZLHGHU DE]XVFKDOWHQ
& * &

6' 9
& * &
%HWULHEVDQOHLWXQJ
ÛEHUSUÚIXQJ GHU 6WURPZDQGOHU XQG +LOIVDGHUQDQVFKOÚVVH EHL /HLWXQJ PLW
GUHL (QGHQ
%HL /HLWXQJHQ PLW GUHL (QGHQ 'UHLEHLQ /HLWXQJHQ
ZLUG GLH YRUVWHKHQGH 3UÚIXQJ JHP | $EVFKQLWW
]XQ FKVW IÚU ]ZHL EHOLHELJH /HLWXQJVHQGHQ
GXUFKJHIÚKUW ] % IÚU GLH 6WUHFNH $ % JHP |
%LOG 'HU 6WURP IOLH|W QXU ÚEHU GLH EHLGHQ /HL
WXQJVHQGHQ GLH JHSUÚIW ZHUGHQ DOVR $ % GLH
6WURPULFKWXQJ LVW ZLHGHU EHOLHELJ $P QLFKW LQ GLH
3UÚIXQJ HLQEH]RJHQHQ /HLWXQJVHQGH EOHLEW GHU /HL
VWXQJVVFKDOWHU RIIHQ LQ GLHVHP %HLVSLHO DOVR DP /HL
WXQJVHQGH &
'LH 6WUÐPH ZHUGHQ QDFK 3UÚIDQVWR| XQWHU $GUHVVH
DP *HU W $E %LOG DXVJHOHVHQ ZLH LQ $E
VFKQLWW 'LH $Q]HLJHQ GHV 'LIIHUHQWLDOVWURPHV
, % 6 , , B
, , , Q
, % 6 , , B
, , , Q
B
, % 6 , , B
, % 6 , , B
, ' , , Q
,VW GDJHJHQ , € , XQG B € • VR VLQG GLH +LOIV
DGHUQ GHV *HU WHV $F HQWZHGHU XQWHUEURFKHQ RGHU
QLFKW DQ GHQ (LQJDQJ IÚU GHQ =XVDW]VWURP DP *HU W
$E DQJHVFKORVVHQ 'LH /HLWXQJ LVW DE]XVFKDOWHQ
XQG GLH $QVFKOÚVVH GHV +LOIVDGHUQSDDUV ]ZLVFKHQ
*HU W $F XQG *HU W &D VLQG ]X ÚEHUSUÚIHQ XQG JJI
ULFKWLJ]XVWHOOHQ
,VW , € k, XQG B € • VR OLHJW HLQH 9HUWDX
VFKXQJ YRU
HQWZHGHU EHLP 6WURPZDQGOHUDQVFKOX| IÚU GDV
*HU W$F
ZHUGHQ DEHU ]XQ FKVW QLFKW EHDFKWHW GD GLHVHU
DXFK YRQ GHU 5LFKWLJNHLW GHU $QVFKOÚVVH GHV 1DFK
EDUJHU WHV $F DEK QJW
1DFK HUIROJUHLFKHU 3UÚIXQJ XQG *HJHQSUREH VLQG
GLH $QVFKOÚVVH IÚU GLH *HU WH $E XQG %D %LOG
YHULIL]LHUW 'LHV LVW 9RUDXVVHW]XQJ IÚU GLH ZHLWHUHQ
0HVVXQJHQ
1XQ ZHUGHQ ZHLWHU DP *HU W$EEHL6WURPIOX|
$ % DXFK GLH $QJDEHQ ÚEHU GHQ 6WURP , LQ
$GUHVVH DXVJHOHVHQ %HL ULFKWLJHP $QVFKOX|
GHV *HU WHV $F PX| GLHVHU HEHQVR ZLH MHW]W GHU
'LIIHUHQWLDOVWURP YHUQDFKO VVLJEDU VHLQ
$Q]HLJH GHV JHPHVVHQHQ ÐUWOLFKHQ 6WURPHV EH]RJHQ DXI
*HU WHQHQQVWURP ] % ZHLWHUEO WWHUQ PLW GHU
n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ 6WURPHV DP GULWWHQ RIIHQHQ
/HLWXQJVHQGH EH]RJHQ DXI *HU WHQHQQVWURP VROOWH QDKH
VHLQ ZHLWHUEO WWHUQ PLW GHU n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ :LQNHOV ]ZLVFKHQ GHQ 6WUÐ
PHQ , XQG , LQ *UDG XQEHVWLPPW GD , € ZHLWHUEO W
WHUQ PLW GHU n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ 'LIIHUHQWLDOVWURPHV EH]RJHQ
DXI *HU WHQHQQVWURP HU VROOWH YHUQDFKO VVLJEDU VHLQ
RGHU DP +LOIVDGHUQSDDU ]ZLVFKHQ *HU W $F XQG
*HU W&D
RGHU EHLP $QVFKOX| GHV +LOIVDGHUQSDDUV DP (LQ
JDQJ IÚU GHQ =XVDW]VWURP GHV *HU WHV $E
'LH /HLWXQJ LVW DE]XVFKDOWHQ XQG GLH $QVFKOÚVVH
VLQG LQ GLHVHU 5HLKHQIROJH ]X ÚEHUSUÚIHQ XQG JJI
ULFKWLJ]XVWHOOHQ ,P HUVWHUHQ )DOO NDQQ GLH 3RODULW W
DP 8PSROVFKDOWHU LQ GHU )URQW GHV *HU WHV DQJH
SD|W ZHUGHQ VR GD| NHLQH $UEHLWHQ LP 6WURPZDQG
OHUNUHLV QRWZHQGLJ VLQG :LFKWLJ (V LVW GDUDXI ]X
DFKWHQ GD| GHU 3ROZHQGHU LQ GHU )URQW VWHWV LQ HL
QHU VHLQHU (QGVWHOOXQJHQ LVW

6' 9
+LOIVDGHUQ $ % RGHU % $
$E %D
%HWULHEVDQOHLWXQJ
$ %
$F
+LOIVDGHUQ $ &
RGHU & $
&D &E
%LOG %H]HLFKQXQJVVFKHPD EHL 'UHLEHLQ /HLWXQJHQ
'LH Q FKVWHQ 0HVVXQJHQ ZHUGHQ DP 1DFKEDUJHU W
GXUFKJHIÚKUW LP %HLVSLHO DOVR DQ *HU W $F 'HU
6WURP IOLH|W LPPHU QRFK ÚEHU GLH EHLGHQ /HLWXQJVHQ
GHQ $ XQG %
)ÚU GDV *HU W $F JHOWHQ YHUWDXVFKWH ,QGL]HV , LVW
KLHU GHU 6WURP DP /HLWXQJVHQGH & GDV MD KLHU GDV
*HJHQHQGH LVW , LVW GHU 6WURP GHV /HLWXQJVHQGHV
% 'LH 6ROO $Q]HLJHQ ODXWHQ DOVR
, ÐUWOLFKHU 6WURP %HLVSLHO , €
, 6WURP GHV (QGHV & %HLVSLHO , €
B 4444 DOVRXQEHVWLPPW ZHLO, €
, 6WURP GHV (QGHV % %HLVSLHO , € , €
B € •
, % 6 , , B
, , , Q
&
%F
+LOIVDGHUQ % &
RGHU & %
:HQQ GLH YRULJHQ 0HVVXQJHQ DP *HU W$EHUIROJ
UHLFK DEJHVFKORVVHQ ZRUGHQ VLQG VLQG EHL GLHVHU
0HVVXQJ NHLQH $EZHLFKXQJHQ PHKU ]X HUZDUWHQ
'LH /HLWXQJ ZLUG QXQ DEJHVFKDOWHW )ÚU GLH Q FKVWHQ
0HVVXQJHQ PX| GHU /DVWVWURP YRQ /HLWXQJVHQGH $
QDFK /HLWXQJVHQGH & RGHU XPJHNHKUW IOLH|HQ (U
VROO ZLHGHU PLQGHVWHQGV GHV /HLWXQJV 1HQQ
VWURPHV EHWUDJHQ
$P *HU W $F ZLUG XQWHU $GUHVVH GLH 0HVVXQJ
, , B HLQJHOHLWHW 'LH 0HVVXQJ XQWHU $GUHVVH
, , B LVW QDFK GHQ ELVKHU HUIROJUHLFK DEJH
VFKORVVHQHQ 3UÚIXQJHQ QLFKW PHKU HUIRUGHUOLFK (V
GÚUIHQ DXFK NHLQH 9HUWDXVFKXQJHQ GHU :DQGOHU
XQG +LOIVDGHUQVWUÐPH DP *HU W$FPHKUYRUJHQRP
PHQ ZHUGHQ GD GLHVH EHUHLWV DQ GDV *HU W$EDQ
JHSD|W VLQG 0DQ EHDFKWH ZLHGHU GLH ,QGL]LHUXQJ
DP *HU W $F , LVW GHU 6WURP GHV /HLWXQJVHQGHV &
, GHU GHV /HLWXQJVHQGHV %
$Q]HLJH GHV JHPHVVHQHQ ÐUWOLFKHQ 6WURPHV EH]RJHQ DXI
*HU WHQHQQVWURP ] % ZHLWHUEO WWHUQ PLW GHU
n1HLQk 7DVWH 1
& * &

6' 9
, % 6 , , B
, , , Q
B
& * &
, % 6 , , B
, % 6 , , B
, ' , , Q
'HU 'LIIHUHQWLDOVWURP ZLUG QLFKW EHDFKWHW 0LW GLHVHU
3UÚIXQJ ZLUG OHGLJOLFK GLH (LQNRSSOXQJ GHV $GHUQ
VWURPHV $ % DP =XVDW]VWURPHLQJDQJ GHV *HU WHV
$F JHSUÚIW
,VW , € , XQG B € • VR VLQG GLH +LOIVDGHUQ GHV
*HU WHV $E QLFKW DQ GHQ (LQJDQJ IÚU GHQ =XVDW]
VWURP DP *HU W $F DQJHVFKORVVHQ 'LH /HLWXQJ LVW
DE]XVFKDOWHQ XQG GHU $QVFKOX| GHU +LOIVDGHUQ GHV
*HU WHV $E DP =XVDW]VWURPHLQJDQJ GHV *HU WHV $F
LVW ULFKWLJ KHU]XVWHOOHQ
,VW , € k, XQG B € • VR OLHJW HLQH 9HUWDX
VFKXQJ EHLP $QVFKOX| GHV +LOIVDGHUQSDDUV $ %
DP (LQJDQJ IÚU GHQ =XVDW]VWURP GHV *HU WHV $F
YRU
'LH /HLWXQJ LVW DE]XVFKDOWHQ XQG GHU $QVFKOX| GHU
+LOIVDGHUQ GHV *HU WHV $E DP =XVDW]VWURPHLQJDQJ
GHV *HU WHV $F LVW ULFKWLJ ]X SROHQ 6RGDQQ LVW GLH
3UÚIXQJ ]X ZLHGHUKROHQ
'LH 3UÚIXQJHQ DP HUVWHQ /HLWXQJVHQGH $ VLQG GD
PLW DEJHVFKORVVHQ
6 PWOLFKH ELVKHU EHVFKULHEHQHQ $QVFKOX|SUÚIXQ
JHQ VLQG DQVFKOLH|HQG DP /HLWXQJVHQGH & GXUFK]X
IÚKUHQ ZREHL GHU 3UÚIVWURP ]XQ FKVW YRQ $ QDFK &
RGHU XPJHNHKUW IOLH|W (WZD QRWZHQGLJH QGHUXQ
JHQ DQ $QVFKOÚVVHQ ZHUGHQ QXU DQ GLHVHP (QGH
& GXUFKJHIÚKUW $P EHUHLWV JHSUÚIWHQ /HLWXQJVHQ
GH $ GÚUIHQ NHLQH 6FKDOWXQJV RGHU 3RODULW WV Q
GHUXQJHQ PHKU GXUFKJHIÚKUW ZHUGHQ $QGHUHQIDOOV
ZLUG HLQH NRPSOHWWH 1HXSUÚIXQJ HUIRUGHUOLFK
0DQ EHDFKWH GD| VLFK GLH ,QGL]LHUXQJ GHU /HLWXQJV
HQGHQ ]\NOLVFK QHJDWLY QGHUW XQG ]ZDU
%HWULHEVDQOHLWXQJ
$Q]HLJH GHV JHPHVVHQHQ 6WURPHV DP GULWWHQ RIIHQHQ
/HLWXQJVHQGH GLHV LVW MHW]W GDV (QGH % VROOWH QDKH VHLQ
ZHLWHUEO WWHUQ PLW GHU n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ :LQNHOV ]ZLVFKHQ GHQ 6WUÐ
PHQ , XQG , LQ *UDG XQEHVWLPPW GD , € ZHLWHUEO W
WHUQ PLW GHU n1HLQk 7DVWH 1
$Q]HLJH GHV JHPHVVHQHQ 'LIIHUHQWLDOVWURPHV EH]RJHQ
DXI *HU WHQHQQVWURP
0HVVXQJHQ DP *HU W &D VWDWW $E
ÐUWOLFKHV /HLWXQJVHQGH & VWDWW $ 0H|VWURP ,
*HJHQHQGH $ VWDWW % 0H|VWURP ,
RIIHQHV /HLWXQJVHQGH % VWDWW & 0H|VWURP ,
0HVVXQJHQ DP *HU W &E VWDWW $F
ÐUWOLFKHV /HLWXQJVHQGH & VWDWW $ 0H|VWURP ,
*HJHQHQGH % VWDWW & 0H|VWURP ,
GULWWHV /HLWXQJVHQGH $ VWDWW % 0H|VWURP ,
1DFK HUIROJUHLFKHP $EVFKOX| GLHVHU 3UÚIUHLKH VLQG
GLH $QVFKOÚVVH DQ GHQ *HU WHQ &D XQG &E YHULIL
]LHUW 'LH 3UÚIXQJHQ DP /HLWXQJVHQGH & VLQG GDPLW
DEJHVFKORVVHQ
'LHOHW]WH0H|UHLKHZLUGHEHQVRDP/HLWXQJVHQGH%
GXUFKJHIÚKUW ZREHL GHU 3UÚIVWURP ]XQ FKVW YRQ %
QDFK & RGHU XPJHNHKUW IOLH|W $Q GHQ EHUHLWV JHSUÚI
WHQ /HLWXQJVHQGHQ $ XQG & GÚUIHQ NHLQH 6FKDO
WXQJV RGHU 3RODULW WV QGHUXQJHQ PHKU GXUFKJH
IÚKUW ZHUGHQ $QGHUHQIDOOV ZLUG HLQH NRPSOHWWH 1HX
SUÚIXQJ HUIRUGHUOLFK
'LH ,QGL]LHUXQJ GHU /HLWXQJVHQGHQ LVW KLHU
0HVVXQJHQ DP *HU W %F VWDWW $E
ÐUWOLFKHV /HLWXQJVHQGH % VWDWW $ 0H|VWURP ,
*HJHQHQGH & VWDWW % 0H|VWURP ,
RIIHQHV /HLWXQJVHQGH $ VWDWW & 0H|VWURP ,
0HVVXQJHQ DP *HU W %D VWDWW $F
ÐUWOLFKHV /HLWXQJVHQGH % VWDWW $ 0H|VWURP ,
*HJHQHQGH $ VWDWW & 0H|VWURP ,
GULWWHV /HLWXQJVHQGH & VWDWW % 0H|VWURP ,
1DFK $EVFKOX| GLHVHU 3UÚIUHLKH VLQG GLH $QVFKOÚVVH
DOOHU *HU WHQ YHULIL]LHUW 'LH 3UÚIXQJHQ VLQG GDPLW
DEJHVFKORVVHQ $OOH /HLVWXQJVVFKDOWHU NÐQQHQ ZLH
GHU JHÐIIQHW ZHUGHQ

6' 9
+LOIVDGHUQÚEHUZDFKXQJ ZHQQ YRUKDQGHQ
:HQQ GDV *HU W ÚEHU GLH LQWHJULHUWH +LOIVDGHUQÚEHU
ZDFKXQJ YHUIÚJW $XVIÚKUXQJ 6' 4
444 4 44 ZLUG GLHVH DQ EHLGHQ /HLWXQJVHQGHQ
HLQJHVFKDOWHW $GUHVVH $'(518(% (,1
'D GLH ,PSXOVH GHU 6LJQDOH GHU $GHUQÚEHUZDFKXQJ
LQ $EK QJLJNHLW YRQ GHU $GHUQO QJH JHG PSIW ZHU
GHQ ZLUG GLHVH ' PSIXQJ EHL GHU ,QEHWULHEQDKPH
JHPHVVHQ
3 ( * ( / $ ' 8 (
0 ( 6 6 8 1 * "
=XU %HVW WLJXQJ GHU 0HVVXQJ GLH n-Dk 7DVWH - <
GUÚFNHQ GDPLW ZLUG GLH 3HJHOPHVVXQJ HLQJHOHLWHW
1DFK $QVWR| GHU 0HVVXQJ HUIROJW QRUPDOHUZHLVH
QDFK HLQLJHQ 6HNXQGHQ GLH $QJDEH GHV (PSIDQJV
3 ( * ( /
3 ( * ( / $ ' 8 (
6 7 2 ( 5 ) $ / / / $ ( 8 ) 7
3 ( * ( / = 8 . / ( , 1
'LH 0HVVXQJ ZLUG QDFK $XVJDEH GHV 3HJHOV DXWR
PDWLVFK EHHQGHW
(WZD GHV HUPLWWHOWHQ (PSIDQJVSHJHOV ZLUG LQ
$GUHVVH DOV 3(*(/ $'8( HLQJHVWHOOW 'LH (LQ
VWHOOXQJ LVW DQ EHLGHQ /HLWXQJVHQGHQ YRU]XQHKPHQ
%HWULHEVDQOHLWXQJ
'LH 0HVVXQJ GHV (PSIDQJVSHJHOV VROOWH DQ GHP
/HLWXQJVHQGH YRUJHQRPPHQ ZHUGHQ EHL GHP XQ
WHU $GUHVVH 67$7,21 6/$9( HLQJHVWHOOW LVW
GDV *HU W GHU *HJHQVWDWLRQ PX| DOV 0$67(5 HLQJH
VWHOOW VHLQ +LHUGXUFK LVW JHZ KUOHLVWHW GD| GLH 6WD
WLRQ DQ GHU GLH 0HVVXQJ YRUJHQRPPHQ ZLUG DXFK
ZLUNOLFK HLQ 6LJQDO ]XJHVHQGHW EHNRPPW
'HU $QVWR| ]XU 3HJHOPHVVXQJ ZLUG XQWHU $GUHVVH
YRJHQRPPHQ
6ROO 0HVVXQJ GHV (PSIDQJVSHJHOV GHU +LOIVDGHUQ
ÚEHUZDFKXQJ GXUFKJHIÚKUW ZHUGHQ"
SHJHOV LQ 3UR]HQW GHV PD[LPDOHQ (PSIDQJVSHJHOV
/ XIW MHGRFK EHUHLWV HLQ 6WÐUIDOO NDQQ GLH 3HJHOPHV
VXQJ QLFKW GXUFKJHIÚKUW ZHUGHQ XQG HV HUIROJW HLQH
HQWVSUHFKHQGH 0HOGXQJ DXI GHP 'LVSOD\
$Q]HLJH GHV JHPHVVHQHQ (PSIDQJVSHJHOV LQ GHV PD
[LPDOHQ (PSIDQJVSHJHOV EHL +LOIVDGHUQZLGHUVWDQGHV
8 $XIOÐVXQJ ] %
6WÐUIDOO O XIW
GHU HPSIDQJHQH 3HJHO UHLFKW QLFKW DXV ZDKUVFKHLQOLFK
$GHUQNXU]VFKOX| RGHU 8QWHUEUHFKXQJ
'LH 0HVVXQJ JHQÚJW YRQ HLQHP /HLWXQJVHQGH DXV
%HL /HLWXQJHQ PLW GUHL (QGHQ LVW IÚU MHGH GHU GUHL
$GHUQYHUELQGXQJHQ GHU 3HJHO MHZHLOV HLQPDO ]X
PHVVHQ 'LHVHU LVW MHZHLOV IÚU GLH EHLGHQ XQPLWWHOEDU
ÚEHU GLH +LOIVDGHUQ YHUEXQGHQHQ *HU WH JÚOWLJ
& * &

6' 9
& * &
ÛEHUSUÚIXQJ GHU GLUHNWHQ XQG GHU )HUQDXVOÐVXQJ ZHQQ YRUKDQGHQ
)DOOV YRQ GHU GLUHNWHQ $XVOÐVXQJ RGHU GHU )HUQDXV
OÐVXQJ ÚEHU %LQ UHLQJDEH *HEUDXFK JHPDFKW ZLUG
VLQG DXFK GLHVH )XQNWLRQHQ ]X ÚEHUSUÚIHQ
%HL GHU 'LUHNWDXVOÐVXQJ IÚKUW GLH $QVWHXHUXQJ GHU
HQWVSUHFKHQG UDQJLHUWHQ %LQ UHLQJDEH ]XP $XVOÐ
VHNRPPDQGR 'DEHL VLQG GLH 3DUDPHWHU GHV $GUH|
EORFNV VLHKH $EVFKQLWW PD|JHEHQG 'LH
'LUHNWDXVOÐVXQJ PX| XQWHU $GUHVVH (,1JH
VFKDOWHW VHLQ 1DFK $QVWHXHUXQJ GHU HQWVSUHFKHQ
GHQ %LQ UHLQJDEH HUIROJW XP 7 9(5= $GUHVVH
YHU]ÐJHUW GLH $XVOÐVXQJ
%HL GHU )HUQDXVOÐVXQJ IÚKUW GLH $QVWHXHUXQJ GHU
$XVOÐVHSUÚIXQJ PLW GHP /HLVWXQJVVFKDOWHU %ORFN
'HU /HLWXQJVGLIIHUHQWLDOVFKXW] 6' HUODXEW DXI
HLQIDFKH :HLVH HLQH 3UÚIXQJ GHU $XVOÐVHNUHLVH XQG
GHV /HLVWXQJVVFKDOWHUV
'LH 3UÚIXQJ NDQQ DXFK PLW HLQHU H[WHUQHQ :LHGHU
HLQVFKDOWDXWRPDWLN GXUFKJHIÚKUW ZHUGHQ
*()$+5
(LQ HUIROJUHLFK JHVWDUWHWHU 3UÚI]\NOXV
NDQQ ]XP (LQVFKDOWHQ GHV /HLVWXQJV
VFKDOWHUV IÚKUHQ ZHQQ HLQH H[WHUQH
:LHGHUHLQVFKDOWDXWRPDWLN YRUKDQGHQ
L W
6RIHUQ GHU /HLVWXQJVVFKDOWHU +LOIVNRQWDNW GLH 3RVL
WLRQ GHV 6FKDOWHUV ÚEHU HLQH %LQ UHLQJDEH DQ GDV
*HU W JLEW NDQQ GLH $XVOÐVHSUÚIXQJ QXU DQJHVWR
|HQ ZHUGHQ ZHQQ GHU /HLVWXQJVVFKDOWHU JHVFKORV
VHQ LVW $XI GLHVH ]XV W]OLFKH 6LFKHUKHLW VROOWH QLFKW
YHU]LFKWHW ZHUGHQ ZHQQ HLQH H[WHUQH :LHGHUHLQ
VFKDOWDXWRPDWLN YRUKDQGHQ LVW
/ 6 3 5 8 ( ) 8 1 *
$ 8 6 / 2 ( 6 ( 1
/ 6 3 5 8 ( ) 8 1 *
/ $ 8 6 / 2 ( 6 ( 1 "
/ 6 ( , 1 * ( 6 & + "
0LW GHU %HVW WLJXQJ GXUFK GHQ %HGLHQHU GD| GHU
/HLVWXQJVVFKDOWHU HLQJHVFKDOWHW LVW O XIW GHU 3UÚI]\
NOXV DE XQG ZLUG DOV HUIROJUHLFK UÚFNJHPHOGHW RGHU
HV HUVFKHLQW HLQH HQWVSUHFKHQGH 0HOGXQJ :HQQ
] % GHU /HLVWXQJVVFKDOWHU +LOIVNRQWDNW UDQJLHUW
XQG DQJHVFKORVVHQ LVW YHUZHLJHUW GDV *HU WGHQ
%HWULHEVDQOHLWXQJ
HQWVSUHFKHQG UDQJLHUWHQ %LQ UHLQJDEH ]XU ÛEHUWUD
JXQJ HLQHV $XVOÐVHNRPPDQGRV DQ GDV *HJHQHQ
GH GHU /HLWXQJ 'DEHL VLQG GLH 3DUDPHWHU GHV $GUH|
EORFNV VLHKH $EVFKQLWW PD|JHEHQG $P
VHQGHQGHQ (QGH PX| XQWHU $GUHVVH 6(1'(1
(,1JHVFKDOWHW VHLQ DP HPSIDQJHQGHQ (QGH PX|
XQWHU $GUHVVH (03)$1* (,1JHVFKDOWHW
VHLQ 1DFK $QVWHXHUXQJ GHU HQWVSUHFKHQGHQ %LQ U
HLQJDEH HUIROJW XP 76(1 9(5= $GUHVVH
SOXV ÛEHUWUDJXQJV]HLW YHU]ÐJHUW GLH $XVOÐVXQJ DP
DQGHUHQ /HLWXQJVHQGH 9RUDXVVHW]XQJ IÚU GLH ULFKWL
JH )XQNWLRQ GHU )HUQDXVOÐVXQJ LVW DXFK GD| GHU 6L
JQDOSHJHO IÚU GLH +LOIVDGHUQ JHP | $EVFKQLWW
ULFKWLJ HLQJHVWHOOW LVW
%HL GHU 5DQJLHUXQJ GHU %LQ UHLQJDEHQ $EVFKQLWW
NDQQ GHP *HU W GLH /HLVWXQJVVFKDOWHUVWHO
OXQJ ÚEHU GHQ +LOIVNRQWDNW PLWJHWHLOW ZHUGHQ :HQQ
GHU +LOIVNRQWDNW UDQJLHUW LVW PX| HU DXFK DQJH
VFKORVVHQ ZHUGHQ ,VW HU QLFKW UDQJLHUW IÚKUW GDV *H
U W GHQ 3UÚI]\NOXV RKQH $EIUDJH GHU /HLVWXQJVVFKDO
WHUVWHOOXQJ GXUFK
'HU 3UÚIDQVWR| HUIROJW YRQ GHU %HGLHQWDVWDWXU RGHU
ÚEHU GLH YRUGHUH %HGLHQVFKQLWWVWHOOH +LHU]X LVW
&RGHZRUWHLQJDEH QRWZHQGLJ 'HU $QVWR| EHJLQQW
EHL $GUHVVH GLH PDQ ÚEHU 'LUHNWDQZDKO '$
( RGHU GXUFK %O WWHUQ PLW Â RGHU Ä HUUHLFKW
9RUDXVVHW]XQJ IÚU GHQ 3UÚIDQVWR| LVW GD| NHLQH $Q
UHJXQJ YRQ HLQHU 6FKXW]IXQNWLRQ GHV *HU WHV YRU
OLHJW
%HJLQQ GHV %ORFNV n$XVOÐVHQ GHV /HLVWXQJVVFKDOWHUVk
/HLVWXQJVVFKDOWHU GUHLSROLJ DXVOÐVHQ" %HVW WLJHQ PLW
n-

6' 9
(LQVFKDOWSUÚIXQJHQ XQG $QOHJHQ HLQHV 7HVW 0H|VFKULHEHV %ORFN
9RP %HGLHQIHOG RGHU ÚEHU GLH %HGLHQVFKQLWWVWHOOH
NDQQ HLQH 6WÐUZHUWVSHLFKHUXQJ ]X 7HVW]ZHFNHQ JH
VWDUWHW ZHUGHQ 'LHV LVW DXFK ÚEHU %LQ UHLQJDEH
PÐJOLFK ZHQQ GLHVH HQWVSUHFKHQG UDQJLHUW LVW )1U
n!6W|UZ 6WDUWk
)ÚU GLH / QJH GHV 7HVW 0H|VFKULHEHV ZXUGHQ GLH
PD|JHEHQGHQ 3URMHNWLHUXQJVGDWHQ LQ GHQ $GUHV
VHQ IÚU 7ULJJHUXQJ ÚEHU %LQ UHLQJDEH XQG
IÚU 7ULJJHUXQJ ÚEHU %HGLHQIHOG RGHU YRP 3HU
VRQDOFRPSXWHU HLQJHVWHOOW VLHKH $EVFKQLWW
$XFK GLH 9RUODXI]HLW XQWHU $GUHVVH LVW ]X EH
DFKWHQ
'DV $QOHJHQ HLQHV 7HVW 0H|VFKULHEHV LVW EHVRQ
GHUV EHL .DEHOQ XQG ODQJHQ )UHLOHLWXQJHQ LQWHUHV
VDQW ZR EHLP (LQVFKDOWHQ HLQ HUKHEOLFKHU /DGH
VWURPVWR| GXUFK GLH .DSD]LW WHQ YHUXUVDFKW ZLUG
0LW PHKUHUHQ (LQVFKDOWYHUVXFKHQ NDQQ GLHVHU (LQ
IOX| EHZHUWHW ZHUGHQ
3 5 8 ( ) 8 1 * ( 1
6 7 2 ( 5 6 & + 5 , ( %
6 7 2 ( 5 6 3 ( , & +
6 7 $ 5 7 "
( 5 ) 2 / * 5 ( , & +
%HWULHEVDQOHLWXQJ
: KUHQG GHU (LQVFKDOWYHUVXFKH VROOWH GHU 'LIIHUHQ
WLDOVFKXW] DXI %/2&. .'2 JHVFKDOWHW ZHUGHQ
$GUHVVH GDPLW GLH /HLWXQJ LP )DOOH HLQHV
$XVOÐVHNRPPDQGRV QLFKW DEJHVFKDOWHW ZLUG
'LH 7ULJJHUXQJ GHV 6WÐUVFKULHEHV HUIROJW ÚEHU %LQ U
HLQJDEH PLW GHP (LQVFKDOWHQ
$XV GHP DXIJH]HLFKQHWHQ 0LVFKVWURP XQG GHP 'LI
IHUHQWLDOVWURP ODVVHQ VLFK 5ÚFNVFKOÚVVH DXI GHQ 6L
FKHUKHLWVDEVWDQG ]XP (LQVWHOOZHUW ]LHKHQ *HJHEH
QHQIDOOV LVW GHU $QVSUHFKZHUW GHV 'LIIHUHQWLDOVFKXW
]HV $GUHVVH VLHKH DXFK $EVFKQLWW DQ
EHLGHQ /HLWXQJVHQGHQ ]X HUKÐKHQ
'LH 3UÚIIXQNWLRQ IÚU GDV PDQXHOOH 6WDUWHQ HLQHU 6WÐU
ZHUWVSHLFKHUXQJ ]X 3UÚI]ZHFNHQ LVW LQ $GUH|EORFN
YRUKDQGHQ GHQ PDQ ZLHGHU GXUFK %O WWHUQ PLW Â
E]Z Ä HUUHLFKW RGHU GXFK 'LUHNWDQZDKO PLW '$
( 0LW NRPPW PDQ ]XU 6WDUW $GUHVVH
%ORFN n3UÚIXQJHQ PLW 6WÐUVFKULHEk
:HLWHUEO WWHUQ PLW ]X $GUHVVH
6WÐUZHUWVSHLFKHUXQJ VWDUWHQ" %HVW WLJHQ PLW n-

6' 9
& * &
%HUHLWVFKDOWHQ GHV 6FKXW]HV
'LH (LQVWHOOZHUWH VROOWHQ QRFKPDOV ÚEHUSUÚIW ZHU
GHQ IDOOV VLH Z KUHQG GHU 3UÚIXQJHQ JH QGHUW ZXU
GHQ ,QVEHVRQGHUH NRQWUROOLHUHQ RE DOOH 6FKXW]
XQG =XVDW]IXQNWLRQHQ EHL GHQ 3URMHNWLHUXQJVSDUD
PHWHUQ ULFKWLJ HLQJHVWHOOW VLQG $EVFKQLWW $GUH|
EOÐFNH XQG XQG DOOH JHZÚQVFKWHQ )XQNWLRQHQ
(,1JHVFKDOWHW VLQG
'LH = KOHU ]XU 6FKDOWVWDWLVWLN ZHUGHQ DXI 1XOO JHVHW]W
%ORFN VLHKH DXFK $EVFKQLWW
0DQ EHW WLJW GLH 7DVWH 0 6 ,P $Q]HLJHQIHOG HU
VFKHLQW GHU $QIDQJ GHU 0HOGHEOÐFNH 'DGXUFK LVW HV
PÐJOLFK GD| GLH 5XKHPH|ZHUWH GLH XQWHU $GUHV
VHQ XQG VLHKH $EVFKQLWW JHZ KOW
ZXUGHQ GDXHUQG LP $Q]HLJHQIHOG DQJH]HLJW ZHU
GHQ VLHKH XQWHQ
'LH $Q]HLJHQ DXI GHU )URQWSODWWH ZHUGHQ GXUFK %H
W WLJHQ GHV 7DVWHUV n5(6(7 /('k JHOÐVFKW GDPLW
%HWULHEVDQOHLWXQJ
GLHVH NÚQIWLJ ,QIRUPDWLRQHQ QXU ÚEHU ZLUNOLFKH 6WÐU
I OOH OLHIHUQ 'DPLW HUVFKHLQHQ JOHLFK]HLWLJ GLH 5XKH
PH|ZHUWH LP $Q]HLJHQIHOG : KUHQG GHU %HW WL
JXQJ GHV 5(6(7 7DVWHUV OHXFKWHQ GLH UDQJLHUED
UHQ /HXFKWGLRGHQ DXI GHU )URQWSODWWH VR GD| KLHUPLW
DXFK HLQ /(' 7HVW GXUFKJHIÚKUW ZLUG
'LH JUÚQH /HXFKWGLRGH n%HWULHEk PX| OHXFKWHQ GLH
URWH /(' n6WÐUXQJk GDUI QLFKW OHXFKWHQ
'LH *HK XVHNDSSH LVW ]X VFKOLH|HQ
'LH 6FKUDXEHQ VLQG IHVW DQ]X]LHKHQ $OOH .OHPPHQ
VFKUDXEHQ DXFK QLFKW EHQXW]WH PÚVVHQ IHVWJH
]RJHQ ZHUGHQ
)DOOV HLQ 3UÚIVFKDOWHU YRUKDQGHQ LVW PX| GLHVHU LQ
%HWULHEVVWHOOXQJ JHVFKDOWHW VHLQ
'HU 6FKXW] LVW QXQ EHWULHEVEHUHLW

6' 9
:DUWXQJ XQG )HKOHUVXFKH
'LJLWDOH 6FKXW]HLQULFKWXQJHQ VWHOOHQ NHLQH EHVRQ
GHUHQ $QIRUGHUXQJHQ DQ GLH :DUWXQJ $OOH 0H|
XQG VLJQDOYHUDUEHLWHQGHQ .UHLVH VLQG YROOVWDWLVFK
DXVJHIÚKUW $OOH (LQJDEHPRGXOH VLQG HEHQIDOOV VWD
WLVFK GLH $XVJDEHUHODLV VLQG PLW 6FKXW]DEGHFNXQJ
YHUVHKHQ
%HL *HU WHQ GLH ÚEHU HLQH 3XIIHUEDWWHULH ]XU 6SHL
FKHUXQJ YRQ 0HOGXQJHQ XQG ]XU 6SHLVXQJ GHU LQWHU
QHQ 6\VWHPXKU EHL 6SDQQXQJVDXVIDOO YHUIÚJHQ
VROOWH GLHVH QDFK VS WHVWHQV -DKUHQ %HWULHEV
GDXHU SURSK\ODNWLVFK DXVJHZHFKVHOW ZHUGHQ VLHKH
$EVFKQLWW 'LHV JLOW XQDEK QJLJ GDYRQ RE GLH
%DWWHULH GXUFK JHOHJHQWOLFKHQ 6SDQQXQJVDXVIDOO
EHODVWHW ZRUGHQ LVW RGHU QLFKW
'D GDV *HU W VLFK ZHLWHVWJHKHQG VHOEVW ÚEHUZDFKW
ZHUGHQ +DUGZDUH XQG 6RIWZDUHIHKOHU DXWRPDWLVFK
JHPHOGHW 'LHV JHZ KUOHLVWHW GLH KRKH 9HUIÚJEDU
NHLW GHV 6FKXW]HV :DUWXQJVSUÚIXQJHQ LQ NXU]HQ
=HLWDEVW QGHQ HUÚEULJHQ VLFK VRPLW
%HL HUNDQQWHQ +DUGZDUH )HKOHUQ EORFNLHUW VLFK GDV
*HU WVHOEVWW WLJ GDV 5HODLV n6FKXW] EHUHLWk I OOW DE
XQG PHOGHW PLW VHLQHP ÑIIQHU GLH 6WÐUXQJ %HL HU
NDQQWHQ )HKOHUQ LQ GHQ H[WHUQHQ $QVFKOX|NUHLVHQ
HUIROJW L D QXU HLQH 0HOGXQJ
(UNDQQWH 6RIWZDUH )HKOHU OÐVHQ HLQ 5ÚFNVHW]HQ
GHV 3UR]HVVRUV PLW :LHGHUDQODXI DXV 6RIHUQ HLQ
VROFKHU )HKOHU GXUFK GHQ :LHGHUDQODXI QLFKW EHKR
EHQ LVW ZLUG HLQ ZHLWHUHU :LHGHUDQODXIYHUVXFK JH
VWDUWHW 1DFK GUHLPDOLJHP HUIROJORVHP :LHGHUDQ
ODXI ZLUG GHU 6FKXW] VHOEVWW WLJ DX|HU %HWULHE JH
QRPPHQ $Q]HLJH HUIROJW ÚEHU GLH URWH /(' n6WÐ
UXQJk DXI GHU )URQWSODWWH GDV 0HOGHUHODLV n6FKXW]
EHUHLWk I OOW DE XQG PHOGHW ÚEHU VHLQHQ ÑIIQHU GLH
6WÐUXQJ
'LH )HKOHUUHDNWLRQHQ NÐQQHQ ]XU )HKOHUGLDJQRVH LQ
FKURQRORJLVFKHU 5HLKHQIROJH DOV %HWULHEVPHOGXQ
JHQ XQWHU GHU $GUHVVH DEJHUXIHQ ZHUGHQ VLH
KH $EVFKQLWW
%HL $QVFKOX| GHV *HU WHV DQ GLH /HLWWHFKQLNIÚU
6FKDOWDQODJHQ RGHU VRQVWLJH ]HQWUDOH 6SHLFKHUHLQ
ULFKWXQJ ZHUGHQ GLH ÛEHUZDFKXQJVPHOGXQJHQ
DXFK ÚEHU GLH VHULHOOH 6FKQLWWVWHOOH ]XU /HLW]HQWUDOH
JHPHOGHW
:DUQXQJ
%HLP $XV XQG (LQVFKLHEHQ YRQ %DXVWHLQHQ
LVW GDUDXI ]X DFKWHQ GD| GLH $QVFKOX|PR
GXOH QLFKW EHVFK GLJW ZHUGHQ ,QVEHVRQGH
UH EHL %HVFK GLJXQJ GHU .XU]VFKOLH|HU LQ
GHQ 6WURPDQVFKOX|PRGXOHQ NÐQQHQ XQWHU
DQJHOHJWHQ 0H|JUÐ|HQ JHI KUOLFKH 6SDQ
QXQJHQ HQWVWHKHQ
:DUWXQJ XQG )HKOHUVXFKH
5RXWLQHNRQWUROOHQ
(LQH URXWLQHP |LJH 3UÚIXQJ YRQ .HQQOLQLHQ RGHU
$QVSUHFKZHUWHQ LVW QLFKW HUIRUGHUOLFK GD GLHVH 7HLOH
GHU NRQWLQXLHUOLFK ÚEHUZDFKWHQ )LUPZDUH 3UR
JUDPPH VLQG 'LH ]XU ÛEHUSUÚIXQJ E]Z :DUWXQJ
GHU $QODJH YRUJHVHKHQHQ :DUWXQJVLQWHUYDOOH NÐQ
QHQ JHQXW]W ZHUGHQ XP HLQH %HWULHEVSUÚIXQJ GHU
6FKXW]HLQULFKWXQJHQ GXUFK]XIÚKUHQ 'LHV HUJLEW
VLFK DXV GHU 7DWVDFKH GD| GLH :DUWXQJ YRU DOOHP ]XU
.RQWUROOH GHU 6FKQLWWVWHOOHQ GHV *HU WHV G K GHU
.RSSOXQJ ]XU $QODJH GLHQW 'DEHL HPSILHKOW VLFK IRO
JHQGHV 9RUJHKHQ
$XVOHVHQ GHU %HWULHEVPH|JUÐ|HQ $GUHVVH
XQG 9HUJOHLFK PLW GHQ WDWV FKOLFKHQ *UÐ
|HQ ]XU .RQWUROOH GHU DQDORJHQ 6FKQLWWVWHOOHQ
6LPXODWLRQ HLQHV .XU]VFKOXVVHV PLW PDO , ]XU
.RQWUROOH GHU $QDORJHLQJDEH EHL KRKHQ 6WUÐPHQ
:DUQXQJ
,Q DOOHQ PLW GHU 6SDQQXQJVYHUVRUJXQJ
XQG PLW GHQ 0H| XQG 3UÚIJUÐ|HQ YHU
EXQGHQHQ 6FKDOWXQJVWHLOHQ NÐQQHQ JH
I KUOLFKH 6SDQQXQJHQ DQVWHKHQ
9RUVLFKW
3UÚIXQJHQ PLW 6WUÐPHQ ÚEHU PDO *HU
WHQHQQVWURP IÚKUHQ ]XU ÛEHUODVWXQJ GHU
(LQJDQJVNUHLVH XQG GÚUIHQ QXU NXU]]HL
WLJ GXUFKJHIÚKUW ZHUGHQ VLHKH 7HFKQL
VFKH 'DWHQ $EVFKQLWW 'DQDFK LVW
HLQH $ENÚKOSDXVH HLQ]XOHJHQ
'LH $XVOÐVHNUHLVH ]XP /HLVWXQJVVFKDOWHU ZHUGHQ
GXUFK VFKDUIH $XVOÐVXQJ JHSUÚIW +LQZHLVH GD]X
VLHKH $EVFKQLWW
& * &

6' 9
$XVZHFKVHOQ GHV 8KUHQEDXVWHLQV
'LH 0HOGXQJHQ GHV *HU WHV ZHUGHQ LQ 19 5$0V
JHVSHLFKHUW 'DPLW VLH DXFK EHL O QJHUHP $XVIDOO
GHU 9HUVRUJXQJVJOHLFKVSDQQXQJ HUKDOWHQ EOHLEHQ
LVW HLQH 3XIIHUEDWWHULH HLQJHVHW]W (EHQIDOOV IÚU GHQ
:HLWHUJDQJ GHU LQWHUQHQ 6\VWHPXKU PLW .DOHQGHU
EHL +LOIVVSDQQXQJVDXVIDOO LVW GLH 3XIIHUEDWWHULH 9RU
DXVVHW]XQJ $OOH IÚU GLHVH 2SWLRQ QRWZHQGLJHQ 7HLOH
HLQVFKOLH|OLFK GHU %DWWHULH VLQG LP VRJHQDQQWHQ
8KUHQEDXVWHLQ XQWHUJHEUDFKW
'HU 8KUHQEDXVWHLQ VROOWH VS WHVWHQV QDFK -DK
UHQ %HWULHEV]HLW DXVJHZHFKVHOW ZHUGHQ
(PSIRKOHQHU 8KUHQEDXVWHLQ
'$//$6
'6 .
5$0LILHG 7,0(.((3(5
'LHVHU LVW DOV 6WHFNEDXVWHLQ DXI GHU 3UR]HVVRUOHLWHU
SODWWH GHV *HU WHV DQJHRUGQHW
=XP $XVZHFKVHOQ GHV 8KUHQEDXVWHLQV PX| GLH
%DXJUXSSH DXV GHP *HK XVH KHUDXVJH]RJHQ XQG
GHPRQWLHUW ZHUGHQ
1DFKVWHKHQG ZLUG GLH 9RUJHKHQVZHLVH EHLP $XV
WDXVFK GHV 8KUHQEDXVWHLQV EHVFKULHEHQ
$UEHLWVSODW] YRUEHUHLWHQ /HLWHQGH 8QWHUODJH IÚU
GLH %DXJUXSSH VFKDIIHQ
*HK XVHGHFNHO ÐIIQHQ
0HOGXQJHQ GHV *HU WHV DXVOHVHQ G K DOOH ,QIRU
PDWLRQHQ GHU $GUHVVHQ GLH PLW EHJLQQHQ DE
=ZHFNP |LJ JHVFKLHKW GLHV ÚEHU GLH YRU
GHUH %HGLHQVFKQLWWVWHOOH PLWWHOV HLQHV 3HUVRQDO
FRPSXWHUV XQWHU =XKLOIHQDKPH GHV 6FKXW]GDWHQ
EHDUEHLWXQJVSURJUDPPV ',*6,X GDGXUFKZHU
GHQ GLH ,QIRUPDWLRQHQ LP 3& JHVSHLFKHUW
+LQZHLV 6 PWOLFKH 3URMHNWLHUXQJV XQG (LQVWHOO
ZHUWH GHV *HU WHV VLQG JHJHQ 6SDQQXQJVDE
VFKDOWXQJ JHVLFKHUW LQ ((3520V KLQWHUOHJW 6LH
VLQG XQDEK QJLJ YRQ GHU LP 8KUHQEDXVWHLQ LQWH
JULHUWHQ 3XIIHUEDWWHULH JHVSHLFKHUW 6LH JHKHQ GD
KHU ZHGHU EHLP $XVZHFKVHOQ GHV 8KUHQEDX
VWHLQV QRFK EHLP %HWULHE GHV *HU WHV RKQH 8K
UHQEDXVWHLQ YHUORUHQ
:DUQXQJ
& * &
$XFK QDFK $EWUHQQHQ GHU 9HUVRUJXQJV
VSDQQXQJ RGHU +HUDXV]LHKHQ GHU %DX
JUXSSH NÐQQHQ JHI KUOLFKH 6SDQQXQ
JHQ LP *HU W YRUKDQGHQ VHLQ .RQGHQ
VDWRUVSHLFKHU
:DUWXQJ XQG )HKOHUVXFKH
'LH %DXJUXSSH PLWWHOV GHU REHQ XQG XQWHQ DQJH
EUDFKWHQ $XVUÚFNKHEHO ORFNHUQ %LOG
9RUVLFKW
(OHNWURVWDWLVFKH (QWODGXQJHQ ÚEHU GLH
$QVFKOÚVVH GHU %DXHOHPHQWH /HLWHUEDK
QHQ XQG 6WHFNVWLIWH VLQG GXUFK YRUKHULJHV
%HUÚKUHQ YRQ JHHUGHWHQ 0HWDOOWHLOHQ XQ
EHGLQJW ]X YHUPHLGHQ
%DXJUXSSH KHUDXV]LHKHQ XQG DXI GLH OHLWHQGH
8QWHUODJH OHJHQ
%DXJUXSSH GHPRQWLHUHQ VR GD| GLH 3UR]HVVRU
OHLWHUSODWWH ]XJ QJOLFK ZLUG
9HUEUDXFKWHQ 8KUHQEDXVWHLQ QDFK %LOG DXV
VHLQHU 6WHFNIDVVXQJ DXI GHU 3UR]HVVRUOHLWHUSODWWH
KHUDXV]LHKHQ QLFKW DXI GLH OHLWHQGH 8QWHUODJH
OHJHQ
1HXHQ 8KUHQEDXVWHLQ LQ GLH 6WHFNIDVVXQJ HLQ
VWHFNHQ DXI ULFKWLJH (LQEDXODJH DFKWHQ
%DXJUXSSH ZLHGHU PRQWLHUHQ
%DXJUXSSH LQ GDV *HK XVH HLQVHW]HQ GDUDXI
DFKWHQ GD| YRU GHP (LQGUÚFNHQ GLH $XVUÚFNKH
EHO DXI 5HFKWVDQVFKODJ VWHKHQ
(LQVFKXE PLWWHOV $XVUÚFNKHEHO IHVW HLQGUÚFNHQ
%LOG
:DUQXQJ
'LH YHUEUDXFKWH %DWWHULH LP 8KUHQEDX
VWHLQ HQWK OW /LWKLXP 6LH LVW XQEHGLQJW
QDFK GHQ JHOWHQGHQ 9RUVFKULIWHQ ]X HQW
VRUJHQ
1LFKW XPSROHQ 1LFKW DXIODGHQ 1LFKW
LQV )HXHU ZHUIHQ ([SORVLRQVJHIDKU
6RIHUQ GLH LQWHUQH 6\VWHPXKU QLFKW DXWRPDWLVFK
ÚEHU GLH /6$ 6FKQLWWVWHOOH V\QFKURQLVLHUW ZLUG
NDQQ VLH QXQ JHVWHOOW XQG V\QFKURQLVLHUW ZHUGHQ
ZLH LQ $EVFKQLWW EHVFKULHEHQ
*HK XVHGHFNHO VFKOLH|HQ
'DPLW LVW GHU :HFKVHO GHV 8KUHQEDXVWHLQV DEJH
VFKORVVHQ

6' 9
8KUHQEDXVWHLQ
LQ 6WHFNIDVVXQJ
%LOG /DJH GHV 8KUHQEDXVWHLQV DXI GHU 3UR]HVVRUSODWLQH
)HKOHUVXFKH
6ROOWH YRP *HU WHLQ'HIHNWJHPHOGHWZHUGHQ HPS
ILHKOW HV VLFK IROJHQGHUPD|HQ YRU]XJHKHQ
/HXFKWHW NHLQH GHU 'LRGHQ DXI GHU )URQWSODWWH GHV
*HU WHV VR LVW ]X SUÚIHQ
6LQG GLH %DXJUXSSHQ ULFKWLJ HLQJHVFKREHQ XQG
IHVW YHUULHJHOW"
,VW GHU (LQ $XV 6FKDOWHU ]XP 5ÚFNVHW]HQ GHV
3UR]HVVRUV LQ GHU )URQWSODWWH LQ (LQ 6WHOOXQJ v"
/LHJW GLH +LOIVVSDQQXQJ LQ DXVUHLFKHQGHU +ÐKH
XQG ULFKWLJHU 3RODULW W DQ GHQ HQWVSUHFKHQGHQ
$QVFKOÚVVHQ ÛEHUVLFKWVSO QH LP $QKDQJ $ "
:DUWXQJ XQG )HKOHUVXFKH
,VW GHU 6FKPHO]HLQVDW] LP 6WURPYHUVRUJXQJVWHLO
GHU %DXJUXSSH XQYHUVHKUW VLHKH %LOG " *H
JHEHQHQIDOOV )HLQVLFKHUXQJ JHP | $EVFKQLWW
HUVHW]HQ
/HXFKWHW GLH URWH 6WÐUXQJVDQ]HLJH XQG EOHLEW GLH
JUÚQH %HUHLWVFKDIWVDQ]HLJH GXQNHO VR NDQQ GXUFK
$XV XQG :LHGHUHLQVFKDOWHQ GHV 5HVHWVFKDOWHUV LQ
GHU )URQWSODWWH HLQH ,QLWLDOLVLHUXQJ GHV 6FKXW]HV YHU
VXFKW ZHUGHQ 'DEHL JHKHQ DEHU JJI 3DUDPHWHU
ZHUWH GLH Z KUHQG HLQHV 3DUDPHWULHUYRUJDQJHV
QRFK QLFKW DEJHVSHLFKHUW ZXUGHQ YHUORUHQ
& * &

6' 9
$XVZHFKVHOQ GHU )HLQVLFKHUXQJ
(UVDW]VLFKHUXQJ l PP QDFK %LOG EHUHLW
OHJHQ $XI ULFKWLJHQ 1HQQZHUW ULFKWLJH 7U JKHLW
0 XQG ULFKWLJHQ .HQQEXFKVWDEHQ DFKWHQ
$UEHLWVSODW] YRUEHUHLWHQ /HLWHQGH 8QWHUODJH IÚU
GHQ *UXQGEDXVWHLQ VFKDIIHQ
*HK XVHGHFNHO ÐIIQHQ
:DUQXQJ
& * &
$XFK QDFK $EWUHQQHQ GHU 9HUVRUJXQJV
VSDQQXQJ RGHU +HUDXV]LHKHQ GHU %DX
JUXSSH NÐQQHQ JHI KUOLFKH 6SDQQXQ
JHQ LP *HU W YRUKDQGHQ VHLQ .RQGHQ
VDWRUVSHLFKHU
'HQ %DXVWHLQ PLWWHOV GHU REHQ XQG XQWHQ DQJH
EUDFKWHQ $XV]LHKKLOIHQ ORFNHUQ %LOG
9RUVLFKW
(OHNWURVWDWLVFKH (QWODGXQJHQ ÚEHU GLH
$QVFKOÚVVH GHU %DXHOHPHQWH /HLWHUEDK
QHQ XQG 6WHFNVWLIWH VLQG GXUFK YRUKHULJHV
%HUÚKUHQ YRQ JHHUGHWHQ 0HWDOOWHLOHQ XQ
EHGLQJW ]X YHUPHLGHQ
%DXVWHLQ KHUDXV]LHKHQ XQG DXI GLH OHLWHQGH 8Q
%LOG )HLQVLFKHUXQJ GHU 6WURPYHUVRUJXQJ
WHUODJH OHJHQ
:DUWXQJ XQG )HKOHUVXFKH
'HIHNWH 6LFKHUXQJ DXV GHU +DOWHUXQJ HQWIHUQHQ
%LOG
1HXH 6LFKHUXQJ QDFK %LOG LQ GLH +DOWHUXQJ
HLQVHW]HQ
%DXVWHLQ LQ GDV *HK XVH HLQVHW]HQ GDUDXI DFK
WHQ GD| YRU GHP (LQGUÚFNHQ GLH $XVUÚFNKHEHO
DXI 5HFKWVDQVFKODJ VWHKHQ %LOG
(LQVFKXE PLWWHOV $XVUÚFNKHEHO IHVW HLQGUÚFNHQ
*HK XVHGHFNHO VFKOLH|HQ
*HU W ZLHGHU HLQVFKDOWHQ 6ROOWH LPPHU QRFK +LOIV
VSDQQXQJVDXVIDOO VLJQDOLVLHUW ZHUGHQ OLHJW HLQ )HK
OHU RGHU .XU]VFKOX| LQ GHU LQWHUQHQ 6WURPYHUVRU
JXQJ YRU 'DV *HU W VROOWH LQV :HUNHLQJHVHQGHW
ZHUGHQ VLHKH .DSLWHO
)HLQVLFKHUXQJ GHU 6WURPYHU
VRUJXQJ PLWWHOWU JH 0
EHL 8 9
1HQQVWURP
.HQQEXFKVW
$ (
$ (
$ *

6' 9
+HUDXV]LHKHQ GHV %DXVWHLQV
%DXVWHLQ PLWWHOV GHU REHQ XQG XQWHQ
DQJHEUDFKWHQ $XV]LHKKLOIHQ ORFNHUQ
%DXVWHLQ KHUDXV]LHKHQ XQG DXI OHLWHQGH
8QWHUODJH OHJHQ
(LQVFKLHEHQ GHV %DXVWHLQV
%LOG $XV]LHKKLOIH GHV *UXQGEDXVWHLQV
$XVUÚFNKHEHO DXI 5HFKWVDQVFKODJ VWHOOHQ
(LQVFKXE HLQIÚKUHQ
(LQVFKXE PLWWHOV $XVUÚFNKHEHO IHVW
HLQGUÚFNHQ
$QVLFKW YRQ REHQ DXI GLH
%DXJUXSSH PLW $XVUÚFNKHEHO
:DUWXQJ XQG )HKOHUVXFKH
& * &

6' 9
& * &
,QVWDQGVHW]XQJ
9RQ HLQHU ,QVWDQGVHW]XQJ GHIHNWHU *HU WH RGHU %DX
JUXSSHQ ZLUG GULQJHQG DEJHUDWHQ GD VSH]LHOO DXV
JHVXFKWH HOHNWURQLVFKH %DXWHLOH HLQJHVHW]W VLQG GLH
QDFK GHQ 5LFKWOLQLHQ IÚU (*% (OHNWURVWDWLVFK *H
I KUGHWH %DXHOHPHQWH ]X EHKDQGHOQ VLQG 9RU DO
OHP VLQG DXFK IÚU GDV $UEHLWHQ DQ GHQ /HLWHUSODWWHQ
VSH]LHOOH )HUWLJXQJVWHFKQLNHQ HUIRUGHUOLFK XP GLH
VFKZDOOJHOÐWHWHQ 0XOWLOD\HU 3ODWWHQ GLH HPSILQGOL
FKHQ %DXWHLOH XQG GLH 6FKXW]ODFNLHUXQJ QLFKW ]X EH
VFK GLJHQ
6ROOWH DOVR HLQ 'HIHNW QLFKW GXUFK %HGLHQXQJVPD|
QDKPHQ ZLH LQ .DSLWHO EHVFKULHEHQ EHVHLWLJW ZHU
GHQ NÐQQHQ HPSILHKOW HV VLFK GDV NRPSOHWWH *HU W
LQV +HUVWHOOHUZHUNHLQ]XVHQGHQ +LHU]X LVW PÐJ
OLFKVW GLH 2ULJLQDO 7UDQVSRUWYHUSDFNXQJ ]X YHU
ZHQGHQ %HL 9HUZHQGXQJ DQGHUHU 9HUSDFNXQJ PX|
GDV (LQKDOWHQ GHU 6FKRFNEHDQVSUXFKXQJHQ HQW
VSUHFKHQG ,(& .ODVVH XQG ,(&
.ODVVH VLFKHUJHVWHOOW ZHUGHQ
:HQQ HV VLFK QLFKW XPJHKHQ O |W GD| HLQ]HOQH %DX
JUXSSHQ DXVJHWDXVFKW ZHUGHQ VR VLQG XQEHGLQJW
GLH (*% 9RUVFKULIWHQ ]X EHDFKWHQ +DQGKDEXQJ
YRQ (OHNWURVWDWLVFK *HI KUGHWHQ %DXHOHPHQWHQ
:DUQXQJ
$XFK QDFK $EWUHQQHQ GHU 9HUVRUJXQJV
VSDQQXQJ RGHU +HUDXV]LHKHQ GHU %DX
JUXSSH NÐQQHQ JHI KUOLFKH 6SDQQXQJHQ
LP *HU W YRUKDQGHQ VHLQ .RQGHQVDWRU
VSHLFKHU
9RUVLFKW
(OHNWURVWDWLVFKH (QWODGXQJHQ ÚEHU GLH $Q
VFKOÚVVH GHU %DXHOHPHQWH /HLWHUEDKQHQ
XQG 6WHFNVWLIWH VLQG GXUFK YRUKHULJHV %H
UÚKUHQ YRQ JHHUGHWHQ 0HWDOOWHLOHQ XQEH
GLQJW ]X YHUPHLGHQ 'LHV JLOW HEHQIDOOV IÚU
GDV $XVZHFKVHOQ JHVRFNHOWHU %DXWHLOH ZLH
(3520 RGHU ((3520 %DXVWHLQH )ÚU
5ÚFNVHQGXQJ LVW HOHNWURVWDWLVFK VFKÚW]HQ
GH 9HUSDFNXQJ ]X YHUZHQGHQ
,P HLQJHEDXWHQ =XVWDQG LP *HU W VLQG GLH %DX
JUXSSHQ QLFKW JHI KUGHW
1DFK $XVWDXVFK YRQ *HU WHQRGHU%DXJUXSSHQLVW
JJI HLQH NRPSOHWWH 1HXSDUDPHWULHUXQJ YRU]XQHK
PHQ +LQZHLVH GD]X VLQG LQ GHQ .DSLWHOQ XQG JH
JHEHQ
/DJHUXQJ
,QVWDQGVHW]XQJ /DJHUXQJ
'LH *HU WH VROOHQ LQ WURFNHQHQ XQG VDXEHUHQ 5 X
PHQ JHODJHUW ZHUGHQ )ÚU GLH /DJHUXQJ GHV *HU WHV
RGHU ]XJHKÐULJHU (UVDW]EDXJUXSSHQ JLOW GHU 7HPSH
UDWXUJUHQ]EHUHLFK E& ELV E& VLHKH$E
VFKQLWW XQWHU 7HFKQLVFKH 'DWHQ
'LH UHODWLYH )HXFKWH GDUI ZHGHU ]XU .RQGHQVZDVVHU
QRFK ]XU (LVELOGXQJ IÚKUHQ
(V ZLUG HPSIRKOHQ EHL GHU /DJHUXQJ HLQHQ HLQJH
VFKU QNWHQ 7HPSHUDWXUEHUHLFK ]ZLVFKHQ E&
XQG E& HLQ]XKDOWHQ XP HLQHU YRU]HLWLJHQ $OWH
UXQJ GHU LQ GHU 6WURPYHUVRUJXQJ HLQJHVHW]WHQ (OHN
WURO\WNRQGHQVDWRUHQ YRU]XEHXJHQ
$X|HUGHP HPSILHKOW HV VLFK GDV *HU W HWZD DOOH
]ZHL -DKUH IÚU ELV 7DJH DQ +LOIVVSDQQXQJ ]X OH
JHQ XP GLH LQ GHU 6WURPYHUVRUJXQJ HLQJHVHW]WHQ
(OHNWURO\WNRQGHQVDWRUHQ ]X IRUPLHUHQ (EHQVR VROO
WH YRU HLQHP JHSODQWHQ (LQVDW] GHV *HU WHV YHUIDK
UHQ ZHUGHQ %HL H[WUHPHQ NOLPDWLVFKHQ 9HUK OWQLV
VHQ 7URSHQ ZLUG GDPLW JOHLFK]HLWLJ HLQ n9RUKHL]HQk
HUUHLFKW XQG %HWDXXQJ YHUPLHGHQ
%HYRU GDV *HU W HUVWPDOLJ DQ 6SDQQXQJ JHOHJW
ZLUG VROO HV PLQGHVWHQV ]ZHL 6WXQGHQ LP %HWULHEV
UDXP JHOHJHQ KDEHQ XP HLQHQ 7HPSHUDWXUDXV
JOHLFK ]X VFKDIIHQ XQG )HXFKWLJNHLW XQG %HWDXXQJ
]X YHUPHLGHQ

6' 9
$QKDQJ
$ ÛEHUVLFKWVSO QH
% $QVFKOX|SO QH
& 7DEHOOHQ
$QKDQJ
& * &

$QKDQJ
6' 9
& * &
$ ÛEHUVLFKWVSO QH
(LQEDX *HK XVH )/86+02817,1* &$6(
$XIEDX *HK XVH 685)$&( 02817,1* &$6(
.200$1'25(/$,6 &200$1'
0(/'(5(/$,6 5(/$<
(,1*$%( ,1387
%LOG $ ÛEHUVLFKWVSODQ GHV /HLWXQJVGLIIHUHQWLDOVFKXW]HV 6' %ODWW YRQ

$QKDQJ
6' 9
& * &
(LQEDX *HK XVH )/86+02817,1* &$6(
$XIEDX *HK XVH 685)$&( 02817,1* &$6(
%LOG $ ÛEHUVLFKWVSODQ GHV /HLWXQJVGLIIHUHQWLDOVFKXW]HV 6' %ODWW YRQ

6' 9
% $QVFKOX|SO QH
/ / /
& * &
,
,
,
,
0:
%LOG % 1RUPDODQVFKOX| / / ( JHHLJQHW IÚU DOOH 1HW]H
,
,
,
,
0:
6'
9RUVLFKW
$QKDQJ
'LH +LOIVDGHUQ GÚUIHQ ZHGHU JH
HUGHW QRFK PLW ÛEHUVSDQQXQJV
DEOHLWHUQ YHUVHKHQ ZHUGHQ
/ / /
%LOG % $QVFKOX| / / / PLW YHUPLQGHUWHU (UGVWURPHPSILQGOLFKNHLW YRU]XJVZHLVH IÚU ZLUNVDP JHHU
GHWH 1HW]H PLW EHVRQGHUV NOHLQHU 1XOOLPSHGDQ]
6'
9RUVLFKW
+LOIVDGHUQ
'LH +LOIVDGHUQ GÚUIHQ ZHGHU JH
HUGHW QRFK PLW ÛEHUVSDQQXQJV
DEOHLWHUQ YHUVHKHQ ZHUGHQ
+LOIVDGHUQ

6' 9
/ / /
,
,
,
,
=:
0:
6'
9RUVLFKW
$QKDQJ
'LH +LOIVDGHUQ GÚUIHQ ZHGHU JH
HUGHW QRFK PLW ÛEHUVSDQQXQJV
DEOHLWHUQ YHUVHKHQ ZHUGHQ
%LOG % $QVFKOX| / / ( PLW HUKÐKWHU (UGVWURPHPSILQGOLFKNHLW YRU]XJVZHLVH IÚU QLHGHURKPLJ KDOE
VWDUU JHHUGHWH 1HW]H
/ / /
,
,
,
,
0:
6'
9RUVLFKW
%LOG % $QSDVVXQJ XQJOHLFKHU 3ULP UVWUÐPH %HLVSLHO EHL 1RUPDOVFKDOWXQJ / / (
+LOIVDGHUQ
'LH +LOIVDGHUQ GÚUIHQ ZHGHU JH
HUGHW QRFK PLW ÛEHUVSDQQXQJV
DEOHLWHUQ YHUVHKHQ ZHUGHQ
+LOIVDGHUQ
& * &

6' 9
/ / /
& * &
,
,
0:
6'
9RUVLFKW
%LOG % $QVFKOX| DQ ]ZHL 6WURPZDQGOHU / / QXU IÚU LVROLHUWH RGHU JHOÐVFKWH 1HW]H
9RUVLFKW
'LH +LOIVDGHUQ GÚUIHQ ZHGHU JH
HUGHW QRFK PLW ÛEHUVSDQQXQJV
DEOHLWHUQ YHUVHKHQ ZHUGHQ
$QKDQJ
'LH +LOIVDGHUQ GÚUIHQ ZHGHU JH
HUGHW QRFK PLW ÛEHUVSDQQXQJV
DEOHLWHUQ YHUVHKHQ ZHUGHQ
6'
6'
Ä
Ä
%LOG % $QVFKOX|EHLVSLHO IÚU ]ZHL 7UHQQZDQGOHU ;5
+LOIVDGHUQ

6' 9
/ / /
,
,
,
,
6WDWLRQ $
0:
0:
%LOG % $QVFKOX|EHLVSLHO / / ( IÚU HLQH 'UHLEHLQOHLWXQJ
=ZHFNP |LJ ZHUGHQ DOOH /HLWXQJVHQGHQ JOHLFK DQJHVFKORVVHQ
6'
6'
9RUVLFKW
$QKDQJ
'LH +LOIVDGHUQ GÚU
IHQ ZHGHU JHHUGHW
QRFK PLW ÛEHU
VSDQQXQJVDEOHL
WHUQ YHUVHKHQ ZHU
GHQ
+LOIVDGHUQ
]XU 6WDWLRQ %
+LOIVDGHUQ
]XU 6WDWLRQ &
& * &

6' 9
& 7DEHOOHQ
7DEHOOH & 0HOGXQJHQ IÚU GLH /6$
7DEHOOH & 0HOGXQJHQ IÚU 3& /&' XQG %LQ UHLQ $XVJDEHQ
7DEHOOH & 0HUNWDEHOOH IÚU )XQNWLRQVSDUDPHWHU %OÐFNH ELV
7DEHOOH & 3UÚIXQJHQ ,QEHWULHEVHW]XQJVKLOIHQ %OÐFNH ELV
7DEHOOH & $GUHVVHQ IÚU 0HOGXQJHQ 0H|ZHUWH XVZ %OÐFNH ELV
7DEHOOH & 0HUNWDEHOOH IÚU 3URMHNWLHUXQJVSDUDPHWHU %OÐFNH ELV
7DEHOOH & %HWULHEOLFKH *HU WHVWHXHUXQJ %OÐFNH ELV
& * &
$QKDQJ
+,1:(,6 ,Q GHQ IROJHQGHQ 7DEHOOHQ VLQG GLH 7H[WH IÚU GHQ PD[LPDOHQ )XQNWLRQVXPIDQJ GHV *HU WHV DXIJHOL
VWHW ,P NRQNUHWHQ $QZHQGXQJVIDOO HUVFKHLQHQ QXU GLHMHQLJHQ 'DWHQ GLH IÚU GLH YRUOLHJHQGH $XVIÚKUXQJ JÚOWLJ
VLQG
+,1:(,6 'LH DNWXHOOHQ 7DEHOOHQ VLQG MHGHP *HU W EHLJHOHJW

6' 9
Meldungen des 7SD502 f€r die LSA (nach DIN 19244 / gemöÆ VDEW/ZVEI)
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
FNr. - Funktionsnummer der Meldung
Be/St - Betriebs-/Stõrfallmeldung
K/KG: kommende/kommende und gehende Meldung
W : Meldung mit Zahlenwert
MW : MeÆwert
LSA Nr.- Nummer der Meldung f€r LSA (nach DIN 19244)
gemöÆ VDEW/ZVEI:
KM - kompatible Meldung
GA - Meldung f€r Generalabfrage
MM - Markenmeldung f€r Stõrwertpuffer
Typ - Funktionstyp (p: entsprechend demParameter "Funktionstyp")
Inf - Informationsnummer
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
˜ ˜ ˜ Art ˜LSA˜ VDEW/ZVEI ˜
˜FNr.˜ Bedeutung ˜Be˜St˜Nr.˜KM˜GA˜MM˜Typ˜Inf˜
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
˜ 11˜>Anwenderdefinierte Meldung 1 ˜KG˜ ˜ 22˜KM˜GA˜MM˜ p˜ 27˜
˜ 12˜>Anwenderdefinierte Meldung 2 ˜KG˜ ˜ 23˜KM˜GA˜MM˜ p˜ 28˜
˜ 13˜>Anwenderdefinierte Meldung 3 ˜KG˜ ˜ 24˜KM˜GA˜MM˜ p˜ 29˜
˜ 14˜>Anwenderdefinierte Meldung 4 ˜KG˜ ˜ 25˜KM˜GA˜MM˜ p˜ 30˜
˜ 51˜Schutz bereit ("Life-Kontakt") ˜KG˜ ˜ 1˜ ˜GA˜ ˜135˜ 81˜
˜ 52˜Mindestens eine Schutzfkt. ist wirksam˜KG˜ ˜ ˜KM˜GA˜ ˜ p˜ 18˜
˜ 55˜Anlaufmeldung ˜K ˜ ˜ 8˜KM˜ ˜ ˜ p˜ 4˜
˜ 56˜Erstanlauf ˜K ˜ ˜ 9˜KM˜ ˜ ˜ p˜ 5˜
˜ 59˜Relativzeit Antwort ˜K ˜ ˜ 6˜ ˜ ˜ ˜ ˜ ˜
˜ 60˜LED-Anzeigen zur€ckgestellt ˜K ˜ ˜ 30˜KM˜ ˜ ˜ p˜ 19˜
˜ 61˜Melde-/MeÆwertsperre ˜KG˜ ˜ ˜KM˜GA˜ ˜ p˜ 20˜
˜ 62˜Testmodus ˜KG˜ ˜ ˜KM˜GA˜ ˜ p˜ 21˜
˜ 63˜Bedienung mit PC €ber LSA Schnittstelle˜KG˜ ˜ ˜ ˜ ˜ ˜135˜ 83˜
˜ 95˜Parametrierung löuft ˜KG˜ ˜ 97˜KM˜GA˜ ˜ p˜ 22˜
˜ 96˜Parametersatz A ist aktiv ˜KG˜ ˜ 26˜KM˜GA˜ ˜ p˜ 23˜
˜ 97˜Parametersatz B ist aktiv ˜KG˜ ˜ 27˜KM˜GA˜ ˜ p˜ 24˜
˜ 98˜Parametersatz C ist aktiv ˜KG˜ ˜ 28˜KM˜GA˜ ˜ p˜ 25˜
˜ 99˜Parametersatz D ist aktiv ˜KG˜ ˜ 29˜KM˜GA˜ ˜ p˜ 26˜
˜ 110˜Meldungen verloren ˜K ˜ ˜195˜ ˜ ˜ ˜135˜130˜
˜ 112˜Meldungen f€r LSA verloren ˜K ˜ ˜196˜ ˜ ˜ ˜135˜131˜
˜ 113˜Marke verloren ˜ ˜ ˜ ˜ ˜ ˜MM˜135˜136˜
˜ 140˜Stõrung Sammelmeldung ˜KG˜ ˜ ˜KM˜GA˜ ˜ p˜ 47˜
˜ 142˜Stõrung Versorgungsspannung 18 V ˜KG˜ ˜ 83˜ ˜GA˜ ˜135˜162˜
˜ 143˜Stõrung Versorgungsspannung 15 V ˜KG˜ ˜ 90˜ ˜GA˜ ˜135˜163˜
˜ 144˜Stõrung Versorgungsspannung 5 V ˜KG˜ ˜ 89˜ ˜GA˜ ˜135˜164˜
˜ 145˜Stõrung Offset€berwachung 0 V ˜KG˜ ˜ 84˜ ˜GA˜ ˜135˜165˜
˜ 150˜Stõrung Ein-/Ausgabebaugruppe ˜KG˜ ˜ 91˜ ˜GA˜ ˜135˜170˜
˜ 151˜Stõrung Ein-/Ausgabebaugruppe 1 ˜KG˜ ˜ 92˜ ˜GA˜ ˜135˜166˜
˜ 154˜Stõrung RKA ˜KG˜ ˜ 80˜KM˜GA˜ ˜ p˜ 36˜
˜ 160˜Warnungssammelmeldung ˜KG˜ ˜ ˜KM˜GA˜ ˜ p˜ 46˜
˜ 161˜MeÆwert€berwachung I, Sammelmeldung ˜KG˜ ˜ ˜KM˜GA˜ ˜ p˜ 32˜
˜ 162˜Stõrung MeÆwert Summe I ˜KG˜ ˜104˜ ˜GA˜ ˜135˜182˜
˜ 204˜Stõrwertspeicherung €ber Binöreingang ˜ ˜ ˜ 86˜ ˜ ˜MM˜135˜204˜
˜ 205˜Stõrwertspeicherung €ber Bedientastatur˜ ˜ ˜ 87˜ ˜ ˜MM˜135˜205˜
˜ 206˜Stõrwertspeicherung €ber PC ˜ ˜ ˜ 88˜ ˜ ˜MM˜135˜206˜
˜ 301˜Netzstõrung ˜ ˜KG˜ 2˜ ˜ ˜ ˜135˜231˜
˜ 302˜Stõrfall ˜ ˜K ˜ ˜ ˜ ˜ ˜135˜232˜
˜ 354˜>LS-Hilfskontakt Alle (Ein), Reihe ˜KG˜ ˜ 40˜ ˜GA˜ ˜150˜ 4˜
˜ 501˜Schutz(allg.) Anregung ˜ ˜ ˜140˜ ˜ ˜MM˜150˜151˜
˜ 502˜Schutz(allg.) Anreger€ckfall ˜ ˜K ˜240˜ ˜ ˜ ˜150˜152˜
˜ 511˜Schutz(allg.) Generalauslõsung ˜ ˜K ˜141˜ ˜ ˜MM˜150˜161˜
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
$QKDQJ
& * &

6' 9
& * &
$QKDQJ
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
˜ ˜ ˜ Art ˜LSA˜ VDEW/ZVEI ˜
˜FNr.˜ Bedeutung ˜Be˜St˜Nr.˜KM˜GA˜MM˜Typ˜Inf˜
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
˜ 561˜Hand-Einschalt-Erkennung (Impuls) ˜K ˜ ˜ 18˜ ˜ ˜ ˜150˜211˜
˜ 605˜BetriebsmeÆwert Station 1 in % ˜MW˜ ˜ ˜ ˜ ˜ ˜134˜130˜
˜ 606˜BetriebsmeÆwert Station 2 in % ˜MW˜ ˜ ˜ ˜ ˜ ˜134˜130˜
˜ 607˜BetriebsmeÆwert Station 3 in % ˜MW˜ ˜ ˜ ˜ ˜ ˜134˜130˜
˜ 608˜BetriebsmeÆwert Diffstrom in % ˜MW˜ ˜ ˜ ˜ ˜ ˜134˜130˜
˜ 609˜BetriebsmeÆwert Stabstrom in % ˜MW˜ ˜ ˜ ˜ ˜ ˜134˜130˜
˜1174˜Leistungsschalter Pr€fung löuft ˜KG˜ ˜ 21˜ ˜GA˜ ˜151˜ 74˜
˜1185˜LS-Pr€fung Auslõsung 3polig ˜KG˜ ˜142˜ ˜GA˜ ˜151˜ 85˜
˜1513˜èberlastschutz wirksam˜KG˜ ˜145˜ ˜GA˜ ˜167˜ 13˜
˜1515˜èberlastschutz: StrommöÆige Warnstufe ˜KG˜ ˜ 11˜ ˜GA˜ ˜167˜ 15˜
˜1516˜èberlastschutz: Thermische Warnstufe ˜KG˜ ˜ 12˜ ˜GA˜ ˜167˜ 16˜
˜1517˜èberlastschutz: Anregung Auslõsestufe ˜KG˜ ˜146˜ ˜GA˜ ˜167˜ 17˜
˜1521˜èberlastschutz: Auskommando ˜ ˜KG˜ 10˜ ˜ ˜MM˜167˜ 21˜
˜2306˜>Reservefunktion: I>> Stufe blockieren ˜KG˜ ˜147˜ ˜GA˜ ˜ 62˜ 6˜
˜2307˜>Reservefunktion: I>/Ip Stufe block. ˜KG˜ ˜148˜ ˜GA˜ ˜ 62˜ 7˜
˜2403˜Reserve U/AMZ wirksam˜KG˜ ˜ 50˜ ˜GA˜ ˜ 62˜103˜
˜2411˜Reservefunktion: Generalanregung ˜ ˜K ˜210˜ ˜ ˜MM˜ 62˜111˜
˜2421˜Reservefunktion: Anregung I>> ˜ ˜K ˜246˜ ˜ ˜ ˜ 62˜121˜
˜2422˜Reservefunktion: Anregung I>/Ip ˜ ˜K ˜247˜ ˜ ˜ ˜ 62˜122˜
˜2441˜Reserve U/AMZ Zeit TI>> abgelaufen ˜ ˜K ˜217˜ ˜ ˜ ˜ 62˜141˜
˜2442˜Reserve U/AMZ Zeit TI>/Tp abgelaufen ˜ ˜K ˜218˜ ˜ ˜ ˜ 62˜142˜
˜2451˜Reserve: Generalauslõsung ˜ ˜K ˜251˜ ˜ ˜MM˜ 62˜151˜
˜3017˜Differentialschutz wirksam˜KG˜ ˜151˜ ˜GA˜ ˜ 92˜ 17˜
˜3022˜Diff-Schutz Generalanregung ˜ ˜KG˜ 3˜KM˜ ˜MM˜ p˜ 84˜
˜3024˜Block. durch Söttigung imDIFF-Strom ˜ ˜ ˜153˜ ˜ ˜MM˜ 92˜ 24˜
˜3027˜Diff-Schutz Auslõsung Stufe IDIFF> ˜ ˜K ˜231˜KM˜ ˜MM˜ p˜ 68˜
˜3306˜>Fernauslõsung der Gegenstation ˜KG˜ ˜ 39˜ ˜ ˜ ˜ ˜ ˜
˜3311˜Fernauslõsung ist ausgeschaltet ˜KG˜ ˜ 57˜ ˜GA˜ ˜ 93˜ 11˜
˜3316˜Fernauslõsesignal wird gesendet ˜KG˜ ˜157˜ ˜GA˜ ˜ 93˜ 16˜
˜3341˜AUS durch Gegenstation ist ausgeschalt.˜KG˜ ˜ 58˜ ˜GA˜ ˜ 93˜ 41˜
˜3343˜AUS durch Gegenstation: wirksam˜KG˜ ˜159˜ ˜GA˜ ˜ 93˜ 43˜
˜3346˜AUS durch Gegenstation: Anregung ˜ ˜KG˜160˜ ˜ ˜MM˜ 93˜ 46˜
˜3347˜AUS durch Gegenstation: AUS-Kommando ˜ ˜KG˜ 59˜ ˜ ˜MM˜ 93˜ 47˜
˜3371˜Adern€berwachung ist ausgeschaltet ˜KG˜ ˜162˜ ˜GA˜ ˜ 93˜ 71˜
˜3376˜Stõrung in der Hilfsadernverbindung ˜KG˜ ˜ 95˜ ˜GA˜ ˜ 93˜ 76˜
˜4506˜>Einkopplung eines externen Kommandos ˜KG˜ ˜ 51˜ ˜ ˜ ˜ ˜ ˜
˜4511˜Einkopplung ist ausgeschaltet ˜KG˜ ˜ 53˜ ˜GA˜ ˜ 51˜111˜
˜4513˜Einkopplung wirksam˜KG˜ ˜166˜ ˜GA˜ ˜ 51˜113˜
˜4516˜Einkopplung Anregung ˜ ˜ ˜167˜ ˜ ˜MM˜ 51˜116˜
˜4517˜Einkopplung Auslõsung ˜ ˜KG˜ 52˜ ˜ ˜MM˜ 51˜117˜
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾

6' 9
Meldungen des 7SD502 f€r PC, LC-Display und Binör - Ein-/Ausgaben
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
FNr. - Funktionsnummer der Meldung
Be/St - Betriebs-/Stõrfallmeldung
K/KG: kommende/kommende und gehende Meldung
MW : MeÆwert
E - ErdschluÆmeldung
EAK - E: rangierbar auf Binöreingang
A: rangierbar auf Binörausgang (LED, Melderelais)
K: rangierbar auf Kommandorelais
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
˜FNr.˜Text ˜ Bedeutung ˜Be˜St˜E˜EAK˜
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
˜ 3˜>Zeit synchro˜>Zeit synchronisieren ˜K ˜ ˜ ˜EA ˜
˜ 4˜>Stõrw. Start˜>Stõrwertspeicherung starten ˜K ˜ ˜ ˜EA ˜
˜ 5˜>LED-Quitt. ˜>LED-Anzeigen zur€ckstellen ˜ ˜ ˜ ˜EA ˜
˜ 7˜>Param. Wahl1˜>Parametersatzwahl 1 (mit >Param.Wahl2)˜ ˜ ˜ ˜EA ˜
˜ 8˜>Param. Wahl2˜>Parametersatzwahl 2 (mit >Param.Wahl1)˜ ˜ ˜ ˜EA ˜
˜ 11˜>Meldung 1 ˜>Anwenderdefinierte Meldung 1 ˜KG˜ ˜ ˜EAK˜
˜ 12˜>Meldung 2 ˜>Anwenderdefinierte Meldung 2 ˜KG˜ ˜ ˜EAK˜
˜ 13˜>Meldung 3 ˜>Anwenderdefinierte Meldung 3 ˜KG˜ ˜ ˜EAK˜
˜ 14˜>Meldung 4 ˜>Anwenderdefinierte Meldung 4 ˜KG˜ ˜ ˜EAK˜
˜ 51˜Geröt bereit ˜Schutz bereit ("Life-Kontakt") ˜KG˜ ˜ ˜ A ˜
˜ 56˜Erstanlauf ˜Erstanlauf ˜K ˜ ˜ ˜ ˜
˜ 60˜LED-Quitt. ˜LED-Anzeigen zur€ckgestellt ˜K ˜ ˜ ˜ ˜
˜ 95˜Param. löuft ˜Parametrierung löuft ˜KG˜ ˜ ˜ A ˜
˜ 96˜Param. Satz A˜Parametersatz A ist aktiv ˜KG˜ ˜ ˜ A ˜
˜ 97˜Param. Satz B˜Parametersatz B ist aktiv ˜KG˜ ˜ ˜ A ˜
˜ 98˜Param. Satz C˜Parametersatz C ist aktiv ˜KG˜ ˜ ˜ A ˜
˜ 99˜Param. Satz D˜Parametersatz D ist aktiv ˜KG˜ ˜ ˜ A ˜
˜ 100˜SW-Ver.falsch˜Softwareversion falsch ˜K ˜ ˜ ˜ ˜
˜ 101˜Ger.ID falsch˜Geröte ID falsch ˜K ˜ ˜ ˜ ˜
˜ 110˜Meld.verloren˜Meldungen verloren ˜K ˜ ˜ ˜ ˜
˜ 111˜Meld.PC verl.˜Meldungen f€r PC verloren ˜K ˜ ˜ ˜ ˜
˜ 115˜Stõrmld.verl.˜Netzstõrungsmeldungen verloren ˜ ˜K ˜ ˜ ˜
˜ ˜ ˜ ˜ ˜ ˜ ˜ ˜
˜ 120˜Betr.mld.ung€˜Betriebsmeldungsarchiv ung€ltig ˜KG˜ ˜ ˜ ˜
˜ 121˜Stõr.mld.ung€˜Netzstõrungsprotokolle ung€ltig ˜KG˜ ˜ ˜ ˜
˜ ˜ ˜ ˜ ˜ ˜ ˜ ˜
˜ 123˜Stat.puf.ung€˜Statistikpuffer ung€ltig ˜KG˜ ˜ ˜ ˜
˜ 124˜LED-Puff.ung€˜LED-Puffer ung€ltig ˜KG˜ ˜ ˜ ˜
˜ 129˜VDEW-Zu. ung€˜VDEW-Schnittstellendaten ung€ltig ˜KG˜ ˜ ˜ ˜
˜ 135˜Cks falsch ˜Checksumme falsch ˜KG˜ ˜ ˜ ˜
˜ 136˜Cks A falsch ˜Checksumme Satz A falsch ˜KG˜ ˜ ˜ ˜
˜ 137˜Cks B falsch ˜Checksumme Satz B falsch ˜KG˜ ˜ ˜ ˜
˜ 138˜Cks C falsch ˜Checksumme Satz C falsch ˜KG˜ ˜ ˜ ˜
˜ 139˜Cks D falsch ˜Checksumme Satz D falsch ˜KG˜ ˜ ˜ ˜
˜ 142˜Stõrung 18V ˜Stõrung Versorgungsspannung 18 V ˜KG˜ ˜ ˜ ˜
˜ 143˜Stõrung 15V ˜Stõrung Versorgungsspannung 15 V ˜KG˜ ˜ ˜ AK˜
˜ 144˜Stõrung 5V ˜Stõrung Versorgungsspannung 5 V ˜KG˜ ˜ ˜ AK˜
˜ 145˜Stõrung 0V ˜Stõrung Offset€berwachung 0 V ˜KG˜ ˜ ˜ AK˜
˜ 150˜Stõrung E/A ˜Stõrung Ein-/Ausgabebaugruppe ˜KG˜ ˜ ˜ AK˜
˜ 151˜Stõrung E/A 1˜Stõrung Ein-/Ausgabebaugruppe 1 ˜KG˜ ˜ ˜ AK˜
˜ 154˜Stõrung RKA ˜Stõrung RKA ˜KG˜ ˜ ˜ ˜
˜ 159˜LSA-Betr.gest˜LSA-Betrieb gestõrt ˜KG˜ ˜ ˜ ˜
˜ 161˜MeÆw.-èberw.I˜MeÆwert€berwachung I, Sammelmeldung ˜ ˜ ˜ ˜ A ˜
˜ 162˜Stõrung ÉI ˜Stõrung MeÆwert Summe I ˜KG˜ ˜ ˜ AK˜
˜ 203˜Stõrw. gelõ. ˜Stõrwertspeicher gelõscht ˜K ˜ ˜ ˜ ˜
˜ 204˜Stõrw. Bin. ˜Stõrwertspeicherung €ber Binöreingang ˜K ˜ ˜ ˜ ˜
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
$QKDQJ
& * &

6' 9
& * &
$QKDQJ
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
˜FNr.˜Text ˜ Bedeutung ˜Be˜St˜E˜EAK˜
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
˜ 205˜Stõrw. Folie ˜Stõrwertspeicherung €ber Bedientastatur˜K ˜ ˜ ˜ ˜
˜ 206˜Stõrw. PC ˜Stõrwertspeicherung €ber PC ˜K ˜ ˜ ˜ ˜
˜ 244˜DTsyn= ˜Zeitdiff. Zeitsysnchronisierungen ˜MW˜ ˜ ˜ ˜
˜ 301˜Netzstõr ˜Netzstõrung ˜KG˜K ˜ ˜ ˜
˜ 302˜Stõrfall ˜Stõrfall ˜ ˜K ˜ ˜ ˜
˜ 354˜>LS Pos.EinA ˜>LS-Hilfskontakt Alle (Ein), Reihe ˜ ˜ ˜ ˜EAK˜
˜ 356˜>Hand-EIN ˜>Hand-Einschaltung (Steuerquittiersch.)˜ ˜ ˜ ˜EAK˜
˜ 501˜Ger. Anregung˜Schutz(allg.) Anregung ˜ ˜ ˜ ˜ AK˜
˜ 502˜Ger. R€ckfall˜Schutz(allg.) Anreger€ckfall ˜ ˜K ˜ ˜ ˜
˜ 511˜Ger. AUS ˜Schutz(allg.) Generalauslõsung ˜ ˜ ˜ ˜ AK˜
˜ 524˜I/In= ˜abgeschalteter StromI/In= ˜ ˜K ˜ ˜ ˜
˜ 545˜T-Anr ˜Laufzeit von Anregung bis R€ckfall ˜ ˜ ˜ ˜ ˜
˜ 546˜T-AUS ˜Laufzeit von Anregung bis Auslõsung ˜ ˜ ˜ ˜ ˜
˜ 561˜Hand-EIN ˜Hand-Einschalt-Erkennung (Impuls) ˜K ˜ ˜ ˜ AK˜
˜ 605˜I1[%]= ˜BetriebsmeÆwert Station 1 in % ˜MW˜ ˜ ˜ ˜
˜ 606˜I2[%]= ˜BetriebsmeÆwert Station 2 in % ˜MW˜ ˜ ˜ ˜
˜ 607˜I3[%]= ˜BetriebsmeÆwert Station 3 in % ˜MW˜ ˜ ˜ ˜
˜ 608˜ID[%]= ˜BetriebsmeÆwert Diffstrom in % ˜MW˜ ˜ ˜ ˜
˜ 609˜IS[%]= ˜BetriebsmeÆwert Stabstrom in % ˜MW˜ ˜ ˜ ˜
˜ 655˜I1= ˜BetriebsmeÆwert Station 1 in A ˜MW˜ ˜ ˜ ˜
˜ 656˜I2= ˜BetriebsmeÆwert Station 2 in A ˜MW˜ ˜ ˜ ˜
˜ 657˜I3= ˜BetriebsmeÆwert Station 3 in A ˜MW˜ ˜ ˜ ˜
˜ 658˜ID= ˜BetriebsmeÆwert Diffstrom in A ˜MW˜ ˜ ˜ ˜
˜ 659˜IS= ˜BetriebsmeÆwert Stabstrom in A ˜MW˜ ˜ ˜ ˜
˜ 801˜Î/Îaus = ˜èberlastwert bewertet ˜MW˜ ˜ ˜ ˜
˜1000˜AUSANZ.= ˜Anzahl der Auslõsekommandos ˜MW˜ ˜ ˜ ˜
˜1007˜ÉI/In= ˜Summe d. abgeschalteten Strõme I/In ˜MW˜ ˜ ˜ ˜
˜1156˜>LS-Pr€fung ˜>Leistungsschalter Pr€fung starten ˜ ˜ ˜ ˜EAK˜
˜1174˜LS-Pr€fung ˜Leistungsschalter Pr€fung löuft ˜KG˜ ˜ ˜ AK˜
˜1185˜LSprf AUSL123˜LS-Pr€fung Auslõsung 3polig ˜KG˜ ˜ ˜ AK˜
˜1503˜>ULS block ˜>èberlastschutz blockieren ˜ ˜ ˜ ˜EAK˜
˜1504˜>ULS nur Mel ˜>èberlastschutz:nur Melden, kein AUS ˜ ˜ ˜ ˜EAK˜
˜1505˜>ULS blo.Kdo ˜>èberlastschutz:kein AUS auf Kdo.Relais˜ ˜ ˜ ˜EAK˜
˜1511˜ULS aus ˜èberlastschutz ist ausgeschaltet ˜KG˜ ˜ ˜ AK˜
˜1512˜ULS blockiert˜èberlastschutz blockiert ˜KG˜ ˜ ˜ AK˜
˜1513˜ULS wirksam˜èberlastschutz wirksam ˜KG˜ ˜ ˜ AK˜
˜1515˜ULS warn I ˜èberlastschutz: StrommöÆige Warnstufe ˜KG˜ ˜ ˜ AK˜
˜1516˜ULS warn Î ˜èberlastschutz: Thermische Warnstufe ˜KG˜ ˜ ˜ AK˜
˜1517˜ULS Anr Î ˜èberlastschutz: Anregung Auslõsestufe ˜KG˜ ˜ ˜ AK˜
˜1521˜ULS AUS ˜èberlastschutz: Auskommando ˜ ˜KG˜ ˜ AK˜
˜2303˜>Res block ˜>Reservefunktion blockieren ˜ ˜ ˜ ˜EAK˜
˜2304˜>Res blo. Kdo˜>Reservefunktion blockieren Auskommando˜ ˜ ˜ ˜EAK˜
˜2306˜>I>> block ˜>Reservefunktion: I>> Stufe blockieren ˜KG˜ ˜ ˜EAK˜
˜2307˜>I>/Ip block ˜>Reservefunktion: I>/Ip Stufe block. ˜KG˜ ˜ ˜EAK˜
˜2401˜Res aus ˜Reserve U/AMZ ist ausgeschaltet ˜KG˜ ˜ ˜ AK˜
˜2402˜Res block ˜Reserve U/AMZ blockiert ˜KG˜ ˜ ˜ AK˜
˜2403˜Res wirksam˜Reserve U/AMZ wirksam ˜KG˜ ˜ ˜ AK˜
˜2411˜Res G-Anr ˜Reservefunktion: Generalanregung ˜ ˜KG˜ ˜ AK˜
˜2421˜Res I>> ˜Reservefunktion: Anregung I>> ˜ ˜K ˜ ˜ AK˜
˜2422˜Res I>/Ip ˜Reservefunktion: Anregung I>/Ip ˜ ˜K ˜ ˜ AK˜
˜2441˜Res TI>> ˜Reserve U/AMZ Zeit TI>> abgelaufen ˜ ˜K ˜ ˜ AK˜
˜2442˜Res TI>/Tp ˜Reserve U/AMZ Zeit TI>/Tp abgelaufen ˜ ˜K ˜ ˜ AK˜
˜2451˜Res G-AUS ˜Reserve: Generalauslõsung ˜ ˜K ˜ ˜ AK˜
˜3003˜>Diff block ˜>Blockierung DIFF-Schutzfunktion ˜ ˜ ˜ ˜EAK˜
˜3005˜>Diff blo.Kdo˜>Blockierung Auskom. f€r DIFF-Schutz ˜ ˜ ˜ ˜EAK˜
˜3015˜Diff aus ˜Differentialschutz ist ausgeschaltet ˜KG˜ ˜ ˜ AK˜
˜3016˜Diff block ˜Differentialschutz blockiert ˜KG˜ ˜ ˜ AK˜
˜3017˜Diff wirksam˜Differentialschutz wirksam ˜KG˜ ˜ ˜ AK˜
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾

6' 9
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
˜FNr.˜Text ˜ Bedeutung ˜Be˜St˜E˜EAK˜
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
˜3021˜Diff> Vz Strt˜Verzõgerung f€r Auslõs.IDIFF> gestartet˜ ˜KG˜ ˜ AK˜
˜3022˜Diff Anr ˜Diff-Schutz Generalanregung ˜ ˜KG˜ ˜ AK˜
˜3024˜Block Satt ˜Block. durch Söttigung imDIFF-Strom ˜ ˜KG˜ ˜ AK˜
˜3026˜Block Harm˜Blockierung durch Oberschwingungen ˜ ˜KG˜ ˜ AK˜
˜3027˜Diff> AUS ˜Diff-Schutz Auslõsung Stufe IDIFF> ˜ ˜K ˜ ˜ AK˜
˜3028˜Diff Mitn Sen˜Mitnahme wird gesendet ˜ ˜KG˜ ˜ AK˜
˜3029˜dir.Dif>AUS ˜Direkt. AUS IDIFF> ohne èberstr.freig. ˜KG˜ ˜ ˜ AK˜
˜3303˜>F-AUS block ˜>Blockierung der Fernauslõsung ˜ ˜ ˜ ˜EAK˜
˜3306˜>F-AUS ˜>Fernauslõsung der Gegenstation ˜ ˜ ˜ ˜EAK˜
˜3311˜F-AUS Sen aus˜Fernauslõsung ist ausgeschaltet ˜KG˜ ˜ ˜ AK˜
˜3312˜F-AUS block ˜Fernauslõsung ist blockiert ˜KG˜ ˜ ˜ AK˜
˜3316˜F-AUS senden ˜Fernauslõsesignal wird gesendet ˜KG˜ ˜ ˜ AK˜
˜3333˜>Empf. block ˜>Blockierung des AUS durch Gegenstation˜ ˜ ˜ ˜EAK˜
˜3335˜>Empf.blo.Kdo˜>Blockierung Kdo f.AUS durch Gegenstat.˜ ˜ ˜ ˜EAK˜
˜3341˜Empfang aus ˜AUS durch Gegenstation ist ausgeschalt.˜KG˜ ˜ ˜ AK˜
˜3342˜Empfang block˜AUS durch Gegenstation: blockiert ˜KG˜ ˜ ˜ AK˜
˜3343˜Empfang wirks˜AUS durch Gegenstation: wirksam ˜KG˜ ˜ ˜ AK˜
˜3346˜Empfang Anr ˜AUS durch Gegenstation: Anregung ˜ ˜KG˜ ˜ AK˜
˜3347˜Empfang AUS ˜AUS durch Gegenstation: AUS-Kommando ˜ ˜K ˜ ˜ AK˜
˜3348˜Empfang empf ˜AUS durch Gegenstation:Signal empfangen˜KG˜ ˜ ˜ AK˜
˜3363˜>ADUE block ˜>Blockierung der Adern€berwachung ˜ ˜ ˜ ˜EAK˜
˜3367˜>ADUE v.3Bein˜>Hilfsadernstõr.v.Paral.geröt bei 3Bein˜ ˜ ˜ ˜EAK˜
˜3371˜ADUE aus ˜Adern€berwachung ist ausgeschaltet ˜KG˜ ˜ ˜ AK˜
˜3372˜ADUE block ˜Adern€berwachung blockiert ˜KG˜ ˜ ˜ AK˜
˜3376˜Stõrung Ader ˜Stõrung in der Hilfsadernverbindung ˜KG˜ ˜ ˜ AK˜
˜3377˜Block z.3Bein˜Hilfsadernstõr.ans Paral.ger. bei 3Bein˜KG˜ ˜ ˜ AK˜
˜4503˜>Eink. block ˜>Blockierung der Direkten Einkopplung ˜ ˜ ˜ ˜EAK˜
˜4505˜>Eink.blo.Kdo˜>Blockierung Auskom. f€r Dir. Einkoppl.˜ ˜ ˜ ˜EAK˜
˜4506˜>Einkopplung ˜>Einkopplung eines externen Kommandos ˜ ˜ ˜ ˜EAK˜
˜4511˜Eink. aus ˜Einkopplung ist ausgeschaltet ˜KG˜ ˜ ˜ AK˜
˜4512˜Eink. block ˜Einkopplung blockiert ˜KG˜ ˜ ˜ AK˜
˜4513˜Eink. wirksam˜Einkopplung wirksam ˜KG˜ ˜ ˜ AK˜
˜4516˜Eink. Anr ˜Einkopplung Anregung ˜ ˜KG˜ ˜ AK˜
˜4517˜Eink. AUS ˜Einkopplung Auslõsung ˜ ˜K ˜ ˜ AK˜
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
$QKDQJ
& * &

6' 9
Merktabelle f€r Funktionsparameter 7SD502
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
1000 PARAMETER
& * &
$QKDQJ
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1100 NETZDATEN
1101 IN LTG Nennstromder Leitung
min. 1 A
max. 100000 ©©©©
1102 IN WDL PR Primörer Nennstrom der Hauptstromwandler
min. 1 A
max. 100000 ©©©©
1131 Rx Widerstand der Hilfsadernschleife
min. 0 Ï
max. 2000 ©©©©
1132 Ry Widerstand der Hilfsadernschleife f€r 3 Enden
min. 0 Ï
max. 2000 ©©©©
1133 Cx Kapazitöt der Hilfsadernschleife
min. 0 nF
max. 2000 ©©©©
1134 Cy Kapazitöt der Hilfsadernschleife f€r 3 Enden
min. 0 nF
max. 2000 ©©©©
1141 TAUSKOM Mindestdauer des Auskommandos
min. 0.01 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1500 LEITUNGSDIFFSCHUTZ
1501 DIFFSCHUTZ Status des Leitungsdifferentialschutzes
AUS [ ] aus
EIN [ ] ein
BLOCK KDO [ ] Block. Auskommandos
1503 I DIFF> Ansprechwert des Differentialstromes
min. 0.50 I/InLt
max. 2.50 ©©©©
1506 STEIGUNG 1 Steigung 1 der Auslõsekennlinie
min. 0.10
max. 0.50 ©©©©
1508 STEIGUNG 2 Steigung 2 der Auslõsekennlinie
min. 0.25
max. 0.95 ©©©©
1510 2. HARMON. Blockierung mit 2.Harmonischer ein/aus
AUS [ ] aus
EIN [ ] ein

6' 9
1511 2. HARMON. Anteil 2. Harmon. imDiff.-Stromder blockiert
min. 10 %
max. 80 ©©©©
1518 SAT-STAB Stab-Schwelle des Zusatzstab.gebietes
min. 5.00 I/InLt
max. 15.00 ©©©©
1523 I1 FREIG. min. Mischstrom f€r Freigabe des AUS-Signals
min. 0.20 I/InLt
max. 2.50 ©©©©
1525 T VERZ. Verzõgerungszeit f€r das AUS-Kommando
min. 0.00 s
max. 60.00/Ñ ©©©©
1527 T RUECKF. R€ckfallverzõg. nach erteiltem AUS-Kommando
min. 0.00 s
max. 60.00 ©©©©
1535 HAND-EIN Reaktion bei Erkennung eines Hand-Ein
UNWIRKSAM [ ] unwirksam
UNVERZOEGERT [ ] unverzõgert
1541 MITN.SEN Status der Mitnahmefunktion
AUS [ ] aus
EIN [ ] ein
1542 MITN.VERL Mitnahmeverlöngerungszeit
min. 0.00 s
max. 60.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1600 HILFSADERN UEBERWACHUNG
1601 ADERNUEB Status der Adern€berwachung
AUS [ ] aus
EIN [ ] ein
1602 STATION Stationskennung f€r Verbindungsaufnahme
SLAVE [ ] Slave
MASTER [ ] Master
1603 DIFF BLOCK Block. des Diffschutzes bei Adernunterbrechung
EIN [ ] ein
AUS [ ] aus
1604 TVERZ ADUE Verzõgerungszeit f€r die Diffschutzblockierung
min. 2 s
max. 60 ©©©©
1605 PEGEL ADUE Pegelschwelle der Adern€berwachung
min. 1.0 %
max. 100.0 ©©©©
$QKDQJ
& * &

6' 9
2100 DIREKTE EINKOPPLUNG
2101 EINKOPPL. Status der Direkten Einkopplung
AUS [ ] aus
EIN [ ] ein
BLOCK KDO [ ] Block. Auskommandos
2102 T VERZ. Verzõgerungszeit f€r das AUS-Kommando
min. 0.02 s
max. 60.00 ©©©©
& * &
$QKDQJ
2103 T RUECKF. R€ckfallverzõg. nach erteiltem AUS-Kommando
min. 0.00 s
max. 60.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2200 FERNAUSLOESUNG
2201 SENDEN Status des Sendens der Fernauslõsung
AUS [ ] aus
EIN [ ] ein
2202 TSEN VERZ. Verzõgerung f€r das Senden des Fernaus-Signals
min. 0.00 s
max. 60.00 ©©©©
2203 TSEN VERL. Verlöngerung des Fernaus-Signals
min. 0.00 s
max. 60.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2300 AUS DURCH GEGENSTATION
2301 EMPFANG Status von AUS durch Gegenstation
AUS [ ] aus
EIN [ ] ein
BLOCK KDO [ ] Block. Auskommandos
2302 TEMP VERZ. Verzõgerungszeit f€r AUS durch Gegenstation
min. 0.00 s
max. 60.00 ©©©©
2303 TEMP VERL. Verlöngerungszeit f€r AUS durch Gegenstation
min. 0.00 s
max. 60.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2600 RESERVE UMZ/AMZ SCHUTZ
2601 UMZ/AMZ Status des èberstromzeitschutzes
AUS [ ] aus
EIN [ ] ein
BLOCK KDO [ ] Block. Auskommandos
2603 I>> HochstromAnsprechwert I>>
min. 0.10 I/InLt
max. 30.00 ©©©©

6' 9
2604 TI>> Verzõgerungszeit f€r I>> TI>>
min. 0.00 s
max. 32.00/Ñ ©©©©
2611 KENNL Kennlinie f€r den èberstromzeitschutz
UMZ [ ] UMZ
AMZ INVERS [ ] AMZ invers
AMZ STARK INVERS [ ] AMZ stark invers
AMZ EXTREM INV. [ ] AMZ extreminvers
2612 I> èberstromAnsprechwert I>
min. 0.10 I/InLt
max. 30.00 ©©©©
2613 TI> Verzõgerungszeit f€r I> TI>
min. 0.00 s
max. 32.00/Ñ ©©©©
2614 Ip Einstellwert der èberstromstufe Ip
min. 0.10 I/InLt
max. 20.00 ©©©©
2615 Tp Zeitmultiplikator f€r Ip Tp
min. 0.50 s
max. 32.00 ©©©©
2616 EFF-BLDG Effektivwertberechnung
OHNE OBERSCHWING [ ] ohne Oberschwingung
MIT OBERSCHWING [ ] mit Oberschwingung
2621 HANDEIN èberstromstufe, die bei Hand-Ein g€ltig ist
UNWIRKSAM [ ] unwirksam
I>> UNVERZOEGERT [ ] I>> unverzõgert
I>/Ip UNVERZOEG. [ ] I>/Ip unverzõgert
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2700 UEBERLASTSCHUTZ
2701 UEBERLAST èberlastschutz
AUS [ ] aus
EIN [ ] ein
NUR MELDUNG [ ] nur Meldung
BLOCK KDO [ ] Block. Auskommandos
2702 K-FAKTOR K-Faktor
min. 0.10
max. 4.00 ©©©©
2703 ZEITKONST. Zeitkonstante
min. 1.0 min
max. 999.9 ©©©©
2704 Î warn Thermische Warnstufe
min. 50 %
max. 100 ©©©©
2705 I warn StrommöÆige Warnstufe
min. 0.10 I/InLt
max. 4.00 ©©©©
$QKDQJ
& * &

6' 9
2900 MESSWERTUEBERWACHUNG
2901 MW-UEBERW. Status der MeÆwert€berwachungen
EIN [ ] ein
AUS [ ] aus
2905 SUM.IGRENZ Summe I: Ansprechwert
min. 0.05 I/In
max. 2.00 ©©©©
2906 SUM.FAK. I Summe I: Kennliniensteigung
min. 0.00
max. 0.95 ©©©©
& * &
$QKDQJ

6' 9
Pr€fungen/Inbetriebsetzungshilfen 7SD502
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
4000 PRUEFUNGEN
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4100 IBS MESSUNG
4101 IBS-Cx IBS Messung: Hilfsadernkapazitöt
4102 IBS-Rx IBS Messung: Hilfsadernwiderstand
4110 IBS-MWDL I1 IBS Messung: MischwandlerstromI1
4120 IBS-I1,I2,Å IBS Messung: Strõme I1, I2 und Winkel
4121 IBS-I1,I3,Å IBS Messung: Strõme I1, I3 und Winkel
4130 PEGEL ADUE IBS Messung: Adern€berwachungspegel
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4400 LS-PRUEFUNG AUSLOESEN
4404 LS-PRUEFUNG Auslõsen Leistungsschalter 3-polig
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4900 PRUEFUNGEN STOERSCHRIEB
4901 STOERSPEICH Anlegen eines Stõrwertschriebs (MeÆschrieb)
$QKDQJ
& * &

6' 9
Adressen f€r Meldungen, MeÆwerte usw. 7SD502
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
5000 MELDUNGEN
& * &
$QKDQJ
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5100 BETRIEBSMELDUNGEN
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5200 LETZTE NETZSTOERUNG
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5300 VORLETZTE NETZSTOERUNG
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5400 DRITTLETZTE NETZSTOERUNG
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5600 SCHALTSTATISTIK
5601 AUSANZ.= Anzahl der Auslõsekommandos
5602 ÉI/In= Summe d. abgeschalteten Strõme I/In
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5700 BETRIEBSMESSWERTE
5701 I1[%]= BetriebsmeÆwert Station 1 in %
5702 I2[%]= BetriebsmeÆwert Station 2 in %
5703 I3[%]= BetriebsmeÆwert Station 3 in %
5704 ID[%]= BetriebsmeÆwert Diffstrom in %
5705 IS[%]= BetriebsmeÆwert Stabstrom in %
5711 I1= BetriebsmeÆwert Station 1 in A
5712 I2= BetriebsmeÆwert Station 2 in A
5713 I3= BetriebsmeÆwert Station 3 in A
5714 ID= BetriebsmeÆwert Diffstrom in A
5715 IS= BetriebsmeÆwert Stabstrom in A
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5900 UEBERLASTMESSWERTE
5904 Î/Îaus = èberlastwert bewertet

6' 9
Merktabelle f€r Projektierungsparameter 7SD502
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
6000 RANGIERUNG
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6100 RANGIERUNG BINAEREINGABEN
6101 BINAEREINGABE 1 Binöreingabe 1
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6102 BINAEREINGABE 2 Binöreingabe 2
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6103 BINAEREINGABE 3 Binöreingabe 3
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6104 BINAEREINGABE 4 Binöreingabe 4
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6200 RANGIERUNG MELDERELAIS
6201 MELDERELAIS 1 Melderelais 1
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6202 MELDERELAIS 2 Melderelais 2
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
$QKDQJ
& * &

6' 9
6203 MELDERELAIS 3 Melderelais 3
& * &
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6204 MELDERELAIS 4 Melderelais 4
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6205 MELDERELAIS 5 Melderelais 5
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
$QKDQJ
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6300 RANGIERUNG LEDs
6301 LED 1 Leuchtdiode 1
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6302 LED 2 Leuchtdiode 2
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6303 LED 3 Leuchtdiode 3
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6304 LED 4 Leuchtdiode 4
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

6' 9
6305 LED 5 Leuchtdiode 5
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6306 LED 6 Leuchtdiode 6
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6400 RANGIERUNG KOMMANDORELAIS
6401 KOMMANDORELAIS 1 Kommandorelais 1
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6402 KOMMANDORELAIS 2 Kommandorelais 2
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6403 KOMMANDORELAIS 3 Kommandorelais 3
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6404 KOMMANDORELAIS 4 Kommandorelais 4
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7000 PROJEKTIERUNG
$QKDQJ
& * &

6' 9
7100 INTEGRIERTE BEDIENUNG
7101 SPRACHE Bediensprache
DEUTSCH [ ] deutsch
ENGLISH [ ] englisch
7102 DATUMFORMAT Format der Datumsanzeige
TT.MM.JJJJ [ ] TT.MM.JJJJ
MM/TT/JJJJ [ ] MM/TT/JJJJ
7105 BETR. 1. Z. Ruheanzeige imBetrieb f€r 1.Displayzeile
& * &
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7106 BETR. 2. Z. Ruheanzeige imBetrieb f€r 2.Displayzeile
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
$QKDQJ
7107 STOER. 1.Z. Anzeige nach einemStõrfall in 1.Displayzeile
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7108 STOER. 2.Z. Anzeige nach einemStõrfall in 2.Displayzeile
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7110 FEH.ANZEIGE Fehleranzeige an den LED/LCD
MIT ANREGUNG [ ] mit Anregung
MIT AUSKOMMANDO [ ] mit Auskommando
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7200 PC/SYSTEM SCHNITTSTELLEN
7201 GERAETEADR. Geröteadresse
min. 1
max. 254 ©©©©
7202 FELDADR. Feldadresse
min. 1
max. 254 ©©©©
7203 ANLAGENADR. Anlagenadresse
min. 1
max. 254 ©©©©
7208 FUNK.TYP Funktionstyp (f€r VDEW-Schnittstelle)
min. 1
max. 254 ©©©©
7209 GERAETETYP Gerötetyp
min. 1
max. 254 ©©©©
7211 PC-SCHNITT Funktionsumfang der PC-Schnittstelle
DIGSI V3 [ ] DIGSI V3
ASCII [ ] ASCII

6' 9
7215 PC-BAUD Baudrate der PC-Schnittstelle
9600 BAUD [ ] 9600 Baud
19200 BAUD [ ] 19200 Baud
1200 BAUD [ ] 1200 Baud
2400 BAUD [ ] 2400 Baud
4800 BAUD [ ] 4800 Baud
7216 PC-PARITAET Paritöt der PC-Schnittstelle
DIGSI V3 [ ] DIGSI V3
KEINE 2 STOP [ ] keine Paritöt 2 Stop
KEINE 1 STOP [ ] keine Paritöt 1 Stop
7221 SYS-SCHNITT Funktionsumfang der Systemschnittstelle
VDEW KOMPATIBEL [ ] VDEW-kompatibel
VDEW ERWEITERT [ ] VDEW erweitert
DIGSI V3 [ ] DIGSI V3
LSA [ ] LSA
7222 SYS-MESSWE. MeÆwertaufbau an der Systemschnittstelle
VDEW KOMPATIBEL [ ] VDEW-kompatibel
VDEW ERWEITERT [ ] VDEW erweitert
7225 SYS-BAUD Baudrate der Systemschnittstelle
9600 BAUD [ ] 9600 Baud
19200 BAUD [ ] 19200 Baud
1200 BAUD [ ] 1200 Baud
2400 BAUD [ ] 2400 Baud
4800 BAUD [ ] 4800 Baud
7226 SYS-PARIT. Paritöt der Systemschnittstelle
VDEW/DIGSIV3/LSA [ ] VDEW/DIGSI V3/LSA
KEINE 2 STOP [ ] keine Paritöt 2 Stop
KEINE 1 STOP [ ] keine Paritöt 1 Stop
7235 SYS-PARAMET Parametrierung €ber Systemschnittstelle
NEIN [ ] nein
JA [ ] ja
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7400 STOERWERTSPEICHERUNG
7402 FUNKTION Start/Speicherbedingung f. Stõrwertspeicherung
SPEICH. MIT ANR. [ ] Speichern mit Anr.
SPEICH. MIT AUS [ ] Speichern mit AUS
START BEI AUS [ ] Start bei AUS
7410 T MAX Max.Lönge pro Aufzeichnung T-max
min. 0.30 s
max. 5.00 ©©©©
7411 T VOR Vorlaufzeit T-vor
min. 0.05 s
max. 0.50 ©©©©
7412 T NACH Nachlaufzeit T-nach
min. 0.05 s
max. 0.50 ©©©©
7431 BE-ZEIT Aufzeichnungszeit Stõrwertspeicherung Bin.eing
min. 0.10 s
max. 5.00/Ñ ©©©©
$QKDQJ
& * &

6' 9
& * &
$QKDQJ
7432 FOLIE-ZEIT Aufzeichnungszeit Stõrwertspeicherung Folie
min. 0.10 s
max. 5.00 ©©©©
7490 SYS-LAENGE Stõrpufferlönge Systemschnittstelle (alte LSA)
FEST 660 [ ] fest 660
VARIABEL

6' 9
Betriebliche Gerötesteuerung 7SD502
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
8000 GERAETESTEUERUNG
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8100 ABSOLUTZEIT UHR EINSTELLEN
8101 DATUM/ZEIT Datum/Zeit
8102 DATUM Datumeinstellen
8103 ZEIT Zeit einstellen
8104 DIFF.-ZEIT Differenzzeit einstellen
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8200 RUECKSETZEN
8201 LOESCHEN Lõschen der Leuchtdioden
8202 LOESCHEN Betriebsmeldungspuffer lõschen
8203 LOESCHEN Netzstõrungspuffer lõschen
8204 LOESCHEN Lõschen des Ein/Aus-Schaltzöhlers
8205 LOESCHEN Lõschen der Summe der Abschaltstrõme
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8300 SYS-VDEW MELDUNGEN-MESSW.
8301 SYS-TESTBTR Testbetrieb €ber Systemschnittstelle
AUS [ ] aus
EIN [ ] ein
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8500 PARAMETERSATZ-BEARBEITUNG
8501 AKTIV IST Wirksamer (aktiver) Parametersatz
8503 AKTIVIERUNG Aktivieren des Parametersatzes
SATZ A [ ] Satz A
SATZ B [ ] Satz B
SATZ C [ ] Satz C
SATZ D [ ] Satz D
€ber BIN-EINGABE [ ] €ber Binöreingabe
€ber VDEW-PROTO. [ ] €ber VDEW-Protokoll
8510 KOPIEREN ? Grundeinstellung in Parametersatz A
8511 KOPIEREN ? Grundeinstellung in Parametersatz B
8512 KOPIEREN ? Grundeinstellung in Parametersatz C
8513 KOPIEREN ? Grundeinstellung in Parametersatz D
8514 KOPIEREN ? Kopieren Parametersatz A->B
$QKDQJ
& * &

6' 9
8515 KOPIEREN ? Kopieren Parametersatz A->C
8516 KOPIEREN ? Kopieren Parametersatz A->D
8517 KOPIEREN ? Kopieren Parametersatz B->A
8518 KOPIEREN ? Kopieren Parametersatz B->C
8519 KOPIEREN ? Kopieren Parametersatz B->D
8520 KOPIEREN ? Kopieren Parametersatz C->A
8521 KOPIEREN ? Kopieren Parametersatz C->B
8522 KOPIEREN ? Kopieren Parametersatz C->D
8523 KOPIEREN ? Kopieren Parametersatz D->A
8524 KOPIEREN ? Kopieren Parametersatz D->B
8525 KOPIEREN ? Kopieren Parametersatz D->C
& * &
$QKDQJ

6' 9
& * &

6' 9
$Q
6,(0(16 $.7,(1*(6(//6&+$)7
$EW (9 6 683
' %(5/,1
9HUHKUWH /HVHULQ YHUHKUWHU /HVHU
VROOWHQ 6LH EHL GHU /HNWÚUH GLHVHV +DQGEXFKHV
WURW] GHU EHL GHU $EIDVVXQJ DQJHZDQGWHQ 6RUJ
IDOW DXI 'UXFNIHKOHU JHVWR|HQ VHLQ ELWWHQ ZLU 6LH
XQV GLHVH PLW GLHVHP 9RUGUXFN PLW]XWHLOHQ
(EHQVR VLQG ZLU IÚU $QUHJXQJHQ XQG 9HUEHVVH
UXQJVYRUVFKO JH GDQNEDU
.RUUHNWXUHQ 9RUVFKO JH
& * &
.RUUHNWXUHQ 9RUVFKO JH
9RQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1DPH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LUPD 'LHQVWVWHOOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$QVFKULIW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HOHIRQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6LHPHQV $NWLHQJHVHOOVFKDIW