)RWRVO|VFKHQ
6LHN|QQHQEHL%HGDUIHLQ)RWRRGHUDOOH)RWRVEHUGHQ/&'
%LOGVFKLUPO|VFKHQ (LQ]HOQH)RWRVO|VFKHQ
*HKHQ6LHIROJHQGHUPDHQYRUXPHLQ]HOQH)RWRVYRQ GHU6SHLFKHUNDUWH]XO|VFKHQ
'UFNHQ6LHGLH7DVWH XPGLH%LOGHUDQ]X]HLJHQ 1lKHUH,QIRUPDWLRQHQHUKDOWHQ6LHLP$EVFKQLWWÅ)RWRV DQ]HLJHQ´DXI6HLWH'DV]XOHW]WDXIJHQRPPHQH)RWR ZLUGDXIGHP/&'%LOGVFKLUPDQJH]HLJW
:lKOHQ6LHPLWGHU7DVWH GDV]XO|VFKHQGH)RWR DXV0LW7ZlKOHQ6LHGDVQlFKVWHXQGPLW:GDVYRUKHULJH )RWRDXV
'UFNHQ6LHGLH)XQNWLRQVWDVWHXQWHUGHP6\PERO 'LH 6\PEROH XQG ZHUGHQDEZHFKVHOQGDQJH]HLJW 'UFNHQ6LHGLH7DVWH XPGDVDXVJHZlKOWH)RWR]X
O|VFKHQ +LQZHLV
:HQQ6LHGLHVH(LQVWHOOXQJDXIKHEHQP|FKWHQGUFNHQ6LHGLH )XQNWLRQVWDVWHXQWHUGHP6\PERO
$OOH)RWRVO|VFKHQ
*HKHQ6LHIROJHQGHUPDHQYRUXPDOOH)RWRVDXI HLQPDOYRQGHU6SHLFKHUNDUWH]XO|VFKHQ
'UFNHQ6LHGLH7DVWH XPGLH%LOGHUDQ]X]HLJHQ1l KHUH,QIRUPDWLRQHQHUKDOWHQ6LHLP$EVFKQLWWÅ)RWRVDQ ]HLJHQ´DXI6HLWH'DV]XOHW]WDXIJHQRPPHQH)RWRZLUG DXIGHP/&'%LOGVFKLUPDQJH]HLJW6LHN|QQHQDXFK GXUFK)RUPDWLHUHQGHU6SHLFKHUNDUWHDOOH'DWHQO|VFKHQ 1lKHUH,QIRUPDWLRQHQHUKDOWHQ6LHLP$EVFKQLWWÅ6SHL FKHUNDUWHQIRUPDWLHUHQ´DXI6HLWH
'UFNHQ6LHZLHGHUKROW GLH7DVWH ELVGHUURWH 5DKPHQGDV6\PERO HLQVFKOLHW
'UFNHQ6LHGLH7DVWH 'LH6\PEROH XQG ZHUGHQDEZHFKVHOQGDQJH]HLJW
+LQZHLV
❏ :HQQ6LHGLHVHQ9RUJDQJDEEUHFKHQP|FKWHQGUFNHQ6LH GLH7DVWH QHEHQGHP6\PERO
❏ 6LHN|QQHQDXFKGXUFK)RUPDWLHUHQGHU6SHLFKHUNDUWH DOOH'DWHQO|VFKHQ1lKHUH,QIRUPDWLRQHQHUKDOWHQ6LH LP$EVFKQLWWÅ6SHLFKHUNDUWHQIRUPDWLHUHQ´DXI6HLWH
:lKOHQ6LHGLHVHV JUQH6\PEROPLWGHP URWHQ5DKPHQDXV
'UXFNHLQVWHOOXQJHQYRUQHKPHQ
6LHN|QQHQPLWGHU3KRWR3&=(LQVWHOOXQJHQYRUQHKPHQ GLHGHQ$XVGUXFN,KUHU)RWRVEHWUHIIHQ:HQQ6LHGLH]X GUXFNHQGHQ)RWRVDXVJHZlKOWKDEHQN|QQHQ6LHGLHIROJHQ GHQ(LQVWHOOXQJHQYRUQHKPHQ
❏ 'LH$Q]DKOGHU$E]JHSURDXVJHZlKOWHP)RWR 'LH(LQVWHOOXQJHQIUGLH$Q]DKOGHU$E]JHZHUGHQLQ HLQHU'32)'DWHL'LJLWDO3ULQW2UGHU)RUPDWDXIGHU 6SHLFKHUNDUWHJHVSHLFKHUW6LHN|QQHQGLHVH(LQVWHOOXQJHQ YRUQHKPHQZHQQ6LHHLQHQ'UXFNHURGHUHLQH'UXFNHU
$QZHQGXQJPLWXQWHUVWW]WHP'32)6WDQGDUGYHUZHQ GHQ'HV:HLWHUHQILQGHQ6LHLQHLQLJHQ/lQGHUQ'UXFNH UHLHQGLHGLHVHQ6WDQGDUGXQWHUVWW]HQXQGQDFKGHQ (LQVWHOOXQJHQLQ,KUHU'32)'DWHL$XVGUXFNHHUVWHOOHQ N|QQHQ'LH9HUZHQGXQJGHU'32)'DWHL]XP:HLWHUJH EHQGHU(LQVWHOOXQJHQDQGHQ'UXFNHUGLH'UXFNHUDQZHQ GXQJRGHUGLH'UXFNHUHLYHUHLQIDFKWXQGEHVFKOHXQLJWGHQ 'UXFNYRUJDQJ
'UFNHQ6LHGLH)XQNWLRQVWDVWHXPDOOH)RWRV]XO|VFKHQ
$OOH)RWRVZHUGHQJHO|VFKWXQGGLH6\PEROH XQG ZHUGHQDEZHFKVHOQGDQJH]HLJWZRGXUFKDQJH]HLJWZLUG GDVVGLH6SHLFKHUNDUWHNHLQH)RWRVPHKUHQWKlOW
+LQZHLV
$OOH)RWRVDXIGHU6SHLFKHUNDUWHZHUGHQJHO|VFKWGDUXQWHUDXFK DOOH)RWRVGLHPLW(36213KRWRRGHUHLQHUDQGHUHQ(3621 .DPHUDJHVSHUUWZXUGHQ
+HOOLJNHLWVHLQVWHOOXQJ
'LHVH+HOOLJNHLWVHLQVWHOOXQJZLUGLQMHGHU%LOGGDWHLLQ )RUPYRQ35,17,PDJH0DWFKLQJ,QIRUPDWLRQHQJHVSHL FKHUW'LHVH,QIRUPDWLRQHQN|QQHQYRQ'UXFNHUQGLHGDV 35,17,PDJH0DWFKLQJ6\VWHPXQWHUVWW]HQIUYHUEHV VHUWH'UXFNHUJHEQLVVHYHUZHQGHWZHUGHQ
35,17,PDJH0DWFKLQJLVWHLQQHXHU6WDQGDUGPLWGHP GLJLWDOH.DPHUDVVSH]LILVFKH,QIRUPDWLRQHQEHUGLHDXI JHQRPPHQHQ)RWRVVSHLFKHUQXQGGLHVH)RWR,QIRUPDWLR QHQQDKWORVDQHLQHQ'UXFNHUZHLWHUJHEHQGHUGLHVHQ 6WDQGDUGXQWHUVWW]W'LH3KRWR3&=VSHLFKHUWGLHVH VSH]LILVFKHQ,QIRUPDWLRQHQLQMHGHPDXIJHQRPPHQHQ -3(*)RWR'XUFK9HUZHQGXQJHLQHV'UXFNHUVGHUPLW GHP35,17,PDJH0DWFKLQJ6\VWHPNRPSDWLEHOLVWN|Q QHQ6LH'UXFNHUJHEQLVVHHU]LHOHQGLHELVKHUXQHUUHLFKEDU ZDUHQ
+LQZHLV
35,17,PDJH0DWFKLQJ,QIRUPDWLRQHQKDEHQNHLQH
$XVZLUNXQJDXIGLH%LOGGDWHQRGHUGLH$Q]HLJHGHV%LOGHVDXI HLQHP&RPSXWHUELOGVFKLUP
*HKHQ6LHIROJHQGHUPDHQYRUXPGLHVH(LQVWHOOXQJHQ YRU]XQHKPHQ
+LQZHLV
1lKHUH,QIRUPDWLRQHQ]XP'UXFNHQGHU)RWRVDXIGHU6SHLFKHUNDUWH HUKDOWHQ6LHLP2QOLQH%HQXW]HUKDQGEXFKIUGLH(3621 'LJLWDONDPHUD6RIWZDUH
)RWRVDXVZlKOHQXQG$Q]DKOGHU$E]JHIHVWOHJHQ 6LHN|QQHQPLWGHU7DVWH]XP'UXFNHQ KLQWHQDQGHU .DPHUDHLQ)RWR]XP'UXFNHQDXVZlKOHQXQGGLH$Q]DKOGHU
$E]JHIHVWOHJHQ*HKHQ6LHGDEHLIROJHQGHUPDHQYRU 'UFNHQ6LHGLH7DVWH XPGLH%LOGHUDQ]X]HLJHQ
1lKHUH,QIRUPDWLRQHQHUKDOWHQ6LHLP$EVFKQLWWÅ)RWRV DQ]HLJHQ´DXI6HLWH'DV]XOHW]WDXIJHQRPPHQH)RWR ZLUGDXIGHP/&'%LOGVFKLUPDQJH]HLJW
:lKOHQ6LHPLWGHU7DVWH GDV)RWRDXVIUGDV6LH 'UXFNHLQVWHOOXQJHQYRUQHKPHQP|FKWHQ0LW7ZlKOHQ 6LHGDVQlFKVWHXQGPLW:GDVYRUKHULJH)RWRDXV +LQZHLV
'DPLW,KQHQGLH$XVZDKOGHU)RWRVOHLFKWHUIlOOWN|QQHQ6LHQHXQ )RWRVDXIHLQPDODQ]HLJHQ1lKHUH,QIRUPDWLRQHQHUKDOWHQ6LHLP
$EVFKQLWWÅ1HXQ)RWRVJOHLFK]HLWLJDQ]HLJHQ´DXI6HLWH
+HOOLJNHLWVHLQVWHOOXQJGHU$E]JHHLQVWHOOHQ 0LWGLHVHU(LQVWHOOXQJN|QQHQ6LH,KU)RWRIUGHQ$XVGUXFN DXIKHOOHQ'LHVH(LQVWHOOXQJZLUNWVLFKQXUDXIGLH4XDOLWlW GHV$XVGUXFNVDXVZHQQ6LHHLQHQ'UXFNHUYHUZHQGHQGHU GDV35,17,PDJH0DWFKLQJ6\VWHPXQWHUVWW]W
+LQZHLV
❏ 'LHVH(LQVWHOOXQJZLUNWVLFKQXUDXIGLH4XDOLWlWGHV$XVGUXFNV DXVZHQQ6LHHLQHQ'UXFNHUYHUZHQGHQGHUGDV35,17,PDJH 0DWFKLQJ6\VWHPXQWHUVWW]W
'UFNHQ6LHGLH7DVWH]XP'UXFNHQ HLQPDOXPHLQHQ
$E]XJIUGLHVHV)RWRDXV]XGUXFNHQ'UFNHQ6LHGLH 7DVWHHUQHXWXPGLH$Q]DKOGHU$E]JH]XHUK|KHQ6LH N|QQHQELV]XQHXQ$E]JHSUR)RWRDXVZlKOHQ'LH
$Q]DKOGHU$E]JHZLUGPLWHLQHP6\PERO ELV LQGHUOLQNHQREHUHQ(FNHGHV/&'%LOGVFKLUPVDQJH]HLJW +LQZHLV
❏ 'LH*HVDPW]DKOGHU]XHUVWHOOHQGHQ$E]JHZLUGLQGHU REHUHQUHFKWHQREHUHQ(FNHGHV/&'%LOGVFKLUPVDQJH]HLJW ZLHQDFKIROJHQGGDUJHVWHOOW
❏ :HQQGLH*HVDPW]DKOEHUVFKUHLWHWZLUGGDVXQWHQ GDUJHVWHOOWH6\PERODQJH]HLJW
6LHN|QQHQQXOO$E]JHDXVZlKOHQLQGHP6LHGLH7DVWH ]XP'UXFNHQ NXU]]HLWLJJHGUFNWKDOWHQRGHULQGHP 6LHGLH7DVWHHUQHXWGUFNHQZHQQGLH$Q]DKOGHU$E]JH PLWQHXQDQJHJHEHQLVW
'LHVH(LQVWHOOXQJZLUNWVLFKQLFKWDXIGLH%LOGGDWHQRGHUDXIGLH 4XDOLWlWGHV%LOGHVDXVZHQQHVDXIHLQHP&RPSXWHUPRQLWRU DQJH]HLJWZLUG
❏ 'LH+HOOLJNHLWGHV%LOGHVDXIGHP/&'%LOGVFKLUPlQGHUW VLFKZHQQ6LHGLH+HOOLJNHLWVHLQVWHOOXQJHQlQGHUQ'LHVHU (IIHNWJOHLFKWGHP(IIHNWGHQGLHVH(LQVWHOOXQJHQDXIGHQ 'UXFNKDEHQZHQQGHU'UXFNHUGDV35,17,PDJH 0DWFKLQJ6\VWHPXQWHUVWW]W
'UFNHQ6LHGLH7DVWH 'DV]XOHW]WDXIJHQRPPHQH)RWR ZLUGDXIGHP/&'%LOGVFKLUPDQJH]HLJW
:lKOHQ6LHPLWGHU7DVWH GDV)RWRDXVIUGDV6LH +HOOLJNHLWVHLQVWHOOXQJHQYRUQHKPHQP|FKWHQ0LW7 ZlKOHQ6LHGDVQlFKVWHXQGPLW:GDVYRUKHULJH)RWRDXV 'UFNHQ6LHZLHGHUKROW
GLH7DVWH ELVGHUURWH 5DKPHQGDV6\PERO HLQVFKOLHW
'UFNHQ6LHGLH7DVWH XPGLH(LQVWHOOXQJYRU]XQHK PHQ'DV6\PERO ZLUGDPREHUHQ5DQGGHV/&'
%LOGVFKLUPVDQJH]HLJW +LQZHLV
:HQQ6LHGLHVH(LQVWHOOXQJDXIKHEHQP|FKWHQGUFNHQ6LHQRFK HLQPDOGLH7DVWH
:lKOHQ6LHGLHVHV 6\PEROPLWGHPURWHQ
$Q]DKOGHU$E]JHDXIQXOOVHW]HQ
:HQQIUHLQHVRGHUPHKUHUH)RWRVDXIGHU6SHLFKHUNDUWHGLH
$Q]DKOGHU$E]JHDQJHJHEHQLVWN|QQHQ6LHGLHVHIU HLQ]HOQH)RWRVRGHUIUDOOH)RWRVDXIHLQPDODXIQXOOVHW]HQ 1lKHUH,QIRUPDWLRQHQKLHU]XILQGHQ6LHLPHQWVSUHFKHQGHQ QDFKIROJHQGHQ$EVFKQLWW
+LQZHLV
1lKHUH,QIRUPDWLRQHQ]XP)HVWOHJHQGHU$Q]DKOGHU$E]JHIUHLQ DXVJHZlKOWHV)RWRHUKDOWHQ6LHLP$EVFKQLWWÅ)RWRVDXVZlKOHQXQG
$Q]DKOGHU$E]JHIHVWOHJHQ´DXI6HLWH
$Q]DKOGHU$E]JHIUHLQ]HOQH)RWRVDXIQXOOVHW]HQ
*HKHQ6LHIROJHQGHUPDHQYRUZHQQ6LHGLH$Q]DKOGHU
$E]JHIUHLQ]HOQH)RWRVDXIQXOOVHW]HQP|FKWHQ
'UFNHQ6LHGLH7DVWH XPGLH)RWRVDXIGHU6SHLFKHU NDUWHDQ]X]HLJHQ
:lKOHQ6LHPLWGHU7DVWH GDV)RWRDXVGHVVHQ 'UXFNHLQVWHOOXQJHQ6LHlQGHUQP|FKWHQ'UFNHQ6LH:
XPGDVYRUKHULJH)RWRDQ]X]HLJHQE]Z7XPGDVQlFKVWH )RWRDQ]X]HLJHQ
+LQZHLV
❏ 'DPLW,KQHQGLH$XVZDKOGHU)RWRVOHLFKWHUIlOOWN|QQHQ6LH QHXQ)RWRVDXIHLQPDODQ]HLJHQ1lKHUH,QIRUPDWLRQHQHUKDO WHQ6LHLP$EVFKQLWWÅ1HXQ)RWRVJOHLFK]HLWLJDQ]HLJHQ´DXI 6HLWH
❏ :HQQ6LHHLQ)RWRDXVJHZlKOWKDEHQN|QQHQ6LHGLH$Q]DKO GHU$E]JHIUGLHVHVDXIQXOOVHW]HQLQGHP6LHGLH7DVWH]XP 'UXFNHQIUHLQLJH6HNXQGHQJHGUFNWKDOWHQ
$Q]DKOGHU$E]JHIUDOOH)RWRVDXIQXOOVHW]HQ
*HKHQ6LHIROJHQGHUPDHQYRUZHQQ6LHGLH$Q]DKOGHU
$E]JHIUDOOH)RWRVDXIGHU6SHLFKHUNDUWHDXIHLQPDODXI QXOOVHW]HQP|FKWHQ
:HQQ6LHGDV)RWR
DXVJHZlKOWKDEHQGUFNHQ 6LHZLHGHUKROWGLH7DVWH ELVGHUURWH5DKPHQGDV 6\PERO HLQVFKOLHW
'UFNHQ6LHGLH7DVWH XPGLH$Q]DKOGHU$E]JHIU GDVDXVJHZlKOWH)RWRDXIQXOO]XVHW]HQ'DV6\PEROXQG GLH=DKODPREHUHQ5DQGGHV/&'%LOGVFKLUPVZHUGHQ DXVJHEOHQGHW
'UFNHQ6LHGLH7DVWH 'DV]XOHW]WDXIJHQRPPHQH )RWRZLUGDXIGHP/&'%LOGVFKLUPDQJH]HLJW 'UFNHQ6LHZLHGHUKROW
GLH7DVWH ELVGHUURWH 5DKPHQGDVJUQH6\PERO
HLQVFKOLHW
'UFNHQ6LHGLH7DVWH 'LH6\PEROH XQG ZHUGHQDEZHFKVHOQGDQJH]HLJW
+LQZHLV
:HQQ6LHGLHVHQ9RUJDQJDEEUHFKHQP|FKWHQGUFNHQ6LHGLH 7DVWH QHEHQGHP6\PERO
:lKOHQ6LHGLHVHV 6\PEROPLWGHP URWHQ5DKPHQDXV
:lKOHQ6LHGLHVHV 6\PEROPLWGHP URWHQ5DKPHQDXV
'UFNHQ6LHGLH7DVWH XQWHUGHP6\PERO 'LH 6\PEROH XQG ZHUGHQDEZHFKVHOQGDQJH]HLJWXP 6LHGDUDXIKLQ]XZHLVHQGDVVGLH$Q]DKOGHU$E]JHIU DOOH)RWRVDXIQXOOJHVHW]WZLUGZHQQ6LHIRUWIDKUHQ 'UFNHQ6LHGLH)XQNWLRQVWDVWHXQWHUGHP6\PERO XP
GLH$Q]DKOGHU$E]JHIUDOOH)RWRVDXIGHU6SHLFKHUNDUWH DXIQXOO]XVHW]HQ
'UFNHQ6LHGLH7DVWH
.DSLWHO
.DPHUDHLQVWHOOXQJHQYRUQHKPHQ
6LHN|QQHQGLH=HLWXQG'DWXPVHLQVWHOOXQJHQlQGHUQXQGGLH 5HLKHQIROJHDQJHEHQLQGHUGDV'DWXPDQJH]HLJWZHUGHQVROO 1lKHUH,QIRUPDWLRQHQHUKDOWHQ6LHLQIROJHQGHQ$EVFKQLWWHQ