• Keine Ergebnisse gefunden

Verhalten von ausgewählten Tetrazyklinen und Sulfonamiden in Wirtschaftsdünger und in Böden

N/A
N/A
Protected

Academic year: 2022

Aktie "Verhalten von ausgewählten Tetrazyklinen und Sulfonamiden in Wirtschaftsdünger und in Böden"

Copied!
139
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

$XVGHP)RUVFKXQJVXQG6WXGLHQ]HQWUXPIU9HUHGHOXQJVZLUWVFKDIW :HVHU(PVGHU*HRUJ$XJXVW8QLYHUVLWlW*|WWLQJHQ

)DNXOWlWIU$JUDUZLVVHQVFKDIWHQ

9HUKDOWHQYRQDXVJHZlKOWHQ7HWUD]\NOLQHQXQG6XOIRQDPLGHQ LQ:LUWVFKDIWVGQJHUXQGLQ%|GHQ

'LVVHUWDWLRQ

]XU(UODQJXQJGHV'RNWRUJUDGHV GHU)DNXOWlWIU$JUDUZLVVHQVFKDIWHQ GHU*HRUJ$XJXVW8QLYHUVLWlW*|WWLQJHQ

YRUJHOHJWYRQ

+HLNH(QJHOV JHERUHQLQ%UHPHQ

*|WWLQJHQ

(2)

5HIHUHQW3URI'U,U+9DQGHQ:HJKH .RUUHIHUHQW3URI'U&:LQFNOHU

:RFKHGHUPQGOLFKHQ3UIXQJHQ

(3)

,QKDOWVYHU]HLFKQLV

7DEHOOHQYHU]HLFKQLV ,,,

$EELOGXQJVYHU]HLFKQLV9,

$ENU]XQJVYHU]HLFKQLV ,;

(LQOHLWXQJ

3UREOHPVWHOOXQJ

=LHOVHW]XQJ

/LWHUDWXUEHUVLFKW

%HJULIIVEHVWLPPXQJHQ

3K\VLNRFKHPLVFKHXQGSKDUPDNRNLQHWLVFKH(LJHQVFKDIWHQDXVJHZlKOWHU

$QWLELRWLND 3HUVLVWHQ]YRQ7LHUDU]QHLPLWWHOQLQYHUVFKLHGHQHQ0HGLHQ 9RUNRPPHQXQG0RELOLWlWYRQ7LHUDU]QHLPLWWHOQLQ%|GHQ

9RUNRPPHQYRQ$QWLELRWLNDLQ3IODQ]HQ

0DWHULDOXQG0HWKRGHQ

(QWZLFNOXQJYRQ1DFKZHLVPHWKRGHQ

7HWUD]\NOLQ+&OLQ0DVWKlKQFKHQIHVWPLVW $XVJHZlKOWH7HWUD]\NOLQHXQG6XOIRQDPLGHLQ6FKZHLQHJOOH

7HWUD]\NOLQXQG6XOIDGLD]LQLQ6LFNHUZDVVHU

3HUVLVWHQ]YRQ7HWUD]\NOLQLQ0DVWKlKQFKHQIHVWPLVW 9HUVXFKVDXIEDXXQG9RUJHKHQVZHLVHYRQ([SHULPHQW 9HUVXFKVDXIEDXXQG9RUJHKHQVZHLVHYRQ([SHULPHQW 6FUHHQLQJYRQ6FKZHLQHJOOHSUREHQDXIDXVJHZlKOWH$QWLELRWLND 0RELOLWlWYRQ7HWUD]\NOLQXQG6XOIDGLD]LQLQ%|GHQ 9HUVXFKVDXIEDXXQG9RUJHKHQVZHLVH.LFN%UDXFNPDQQ*HIl‰H 9HUVXFKVDXIEDXXQG9RUJHKHQVZHLVH/\VLPHWHU :HLWHUH$QDO\VHPHWKRGHQXQGVWDWLVWLVFKH$XVZHUWXQJ (UJHEQLVVH 0RGHOOYHUVXFKH]XU3HUVLVWHQ]YRQ7HWUD]\NOLQLQ0DVWKlKQFKHQIHVWPLVW

([SHULPHQW

([SHULPHQW

1DFKZHLVDXVJHZlKOWHU7HWUD]\NOLQHXQG6XOIRQDPLGHLQ6FKZHLQHJOOH

6FUHHQLQJDQRQ\PHU6FKZHLQHJOOHSUREHQ

6FUHHQLQJDQRQ\PHU6FKZHLQHJOOHSUREHQ

0RGHOOYHUVXFKH]XU0RELOLWlWYRQ7HWUD]\NOLQXQG6XOIDGLD]LQLQ%|GHQ

(4)

9HUODJHUEDUNHLWLP.LFN%UDXFNPDQQ*HIl‰

6WDUNUHJHQVLPXODWLRQQDFK6WXQGHQ 6WDUNUHJHQVLPXODWLRQQDFK:RFKHQ 9HUODJHUEDUNHLWLPEHZLUWVFKDIWHWHQ*UR‰O\VLPHWHU 7HWUD]\NOLQ 6XOIDGLD]LQ 'LVNXVVLRQ 0RGHOOYHUVXFKH]XU3HUVLVWHQ]YRQ7HWUD]\NOLQLQ0DVWKlKQFKHQIHVWPLVW 1DFKZHLVDXVJHZlKOWHU7HWUD]\NOLQHXQG6XOIRQDPLGHLQ6FKZHLQHJOOH 0RGHOOYHUVXFKH]XU0RELOLWlWYRQ7HWUD]\NOLQXQG6XOIDGLD]LQLQ%RGHQ =XVDPPHQIDVVXQJ 6XPPDU\

/LWHUDWXU $QKDQJ

(5)

7DEHOOHQYHU]HLFKQLV

7DEHOOH 3KDUPDNRNLQHWLVFKH'DWHQYRQ7HWUD]\NOLQHQ.URNHUHWDO 7DEHOOH 8PZHOWUHOHYDQWHSK\VLNRFKHPLVFKH(LJHQVFKDIWHQZLH/|VOLFKNHLW

9RODWLOLWlW6lXUHNRQVWDQWHS.VXQG2NWDQRO:DVVHU

9HUWHLOXQJVNRHIIL]LHQWORJ.RZDXVJHZlKOWHU9HWHULQlUDQWLELRWLND

5|PSS7KLHOH%UXKQD 7DEHOOH $GVRUSWLRQVNRHIIL]LHQWHQDQGLH%RGHQPDWUL[.IDQGLHRUJDQLVFKH

6XEVWDQ]LP%RGHQ.RFVRZLHDQGLH7RQIUDNWLRQLP%RGHQ.7RQ DXVJHZlKOWHUSKDUPD]HXWLVFKHU$QWLELRWLNDLQ%|GHQXQG

:LUWVFKDIWVGQJHUQ.RF:HUWHVLQGQRUPLHUWDXIGHQRUJDQLVFKHQ

.RKOHQVWRIIJHKDOW7ROOV7KLHOH%UXKQE 7DEHOOH *UDGLHQWHQSURJUDPPIUGHQ7HWUD]\NOLQQDFKZHLVLQ

0DVWKlKQFKHQIHVWPLVW 7DEHOOH :LHGHUILQGXQJVUDWHYRQ7HWUD]\NOLQ7&HLQVFKOLH‰OLFK(SL

7HWUD]\NOLQLQ0DVWKlKQFKHQIHVWPLVW)ULVFKPLVW 7DEHOOH *UDGLHQWHQSURJUDPPIUGHQ7HWUD]\NOLQXQG6XOIRQDPLGQDFKZHLV

LQ6FKZHLQHJOOH 7DEHOOH (UJHEQLVVHGHU9DULDQ]DQDO\VHPLWGHQ6LJQLILNDQ]QLYHDXVXQG

)UHLKHLWVJUDGHQGILQQHUKDOEGHU.RQ]HQWUDWLRQVVWXIHQ.RQ],,9 GHUXQWHUVXFKWHQ$QWLELRWLNDLQ6FKZHLQHJOOH0RGHOO 7DEHOOH (UJHEQLVVHGHU9DULDQ]DQDO\VHPLWGHQ6LJQLILNDQ]QLYHDXVXQG

)UHLKHLWVJUDGHQGILQQHUKDOEGHUXQWHUVXFKWHQ$QWLELRWLND7HWUD]\NOLQ 7&2[\WHWUD]\NOLQ27&&KORUWHWUD]\NOLQ&7&6XOIDGLD]LQ6' XQG6XOIDPHWKD]LQ60LQ6FKZHLQHJOOH* *OOHG 7DJ . .RQ]HQWUDWLRQ0RGHOO 7DEHOOH :LHGHUILQGXQJVUDWHQIUDXVJHZlKOWH$QWLELRWLNDVXEVWDQ]HQLQ

6FKZHLQHJOOH 7DEHOOH *UDGLHQWHQSURJUDPPIUGHQ7HWUD]\NOLQQDFKZHLVLQ6LFNHUZDVVHUEHL

HLQHU/DXI]HLWYRQPLQ 7DEHOOH *UDGLHQWHQSURJUDPPIUGHQ6XOIDGLD]LQQDFKZHLVLQ6LFNHUZDVVHUEHL

HLQHU/DXI]HLWYRQPLQ 7DEHOOH :LHGHUILQGXQJVUDWHQIU7HWUD]\NOLQ7&XQG&KORUWHWUD]\NOLQ

&7&LQ6LFNHUZDVVHUEHL.DOLEUDWLRQPLWLQWHUQHP6WDQGDUG 7DEHOOH :LHGHUILQGXQJVUDWHYRQ6XOIDGLD]LQLQ6LFNHUZDVVHUEHL

.DOLEUDWLRQPLWLQWHUQHP6WDQGDUG 7DEHOOH hEHUVLFKW]X9HUVXFKVDQRUGQXQJXQG±EHGLQJXQJHQ([SHULPHQW

9 9DULDQWH7& 7HWUD]\NOLQ 7DEHOOH hEHUVLFKW]X9HUVXFKVDQRUGQXQJXQG±EHGLQJXQJHQ([SHULPHQW

9 9DULDQWH 7DEHOOH .HQQGDWHQGHUYHUZHQGHWHQ%|GHQLP*HIl‰YHUVXFK 7DEHOOH .HQQGDWHQGHULQGHQ/\VLPHWHUQYHUZHQGHWHQ%|GHQDXIJHWHLOWQDFK

2EHUERGHQ.UXPHXQG8QWHUERGHQ

(6)

7DEHOOH hEHUVLFKW]XU9HUVXFKVDQRUGQXQJEHLGHU8QWHUVXFKXQJGHU0RELOLWlW YRQ7HWUD]\NOLQXQG6XOIDGLD]LQLP/\VLPHWHU7& 7HWUD]\NOLQ 6' 6XOIDGLD]LQ1 6WLFNVWRII 7DEHOOH 6WRIINHQQJU|‰HQZLH6WLFNVWRII1.RKOHQVWRII&RUJDQLVFKHU

6XEVWDQ]JHKDOW26GHVLP([SHULPHQWHLQJHVHW]WHQ0DVWKlKQFKHQ IHVWPLVWHV]X%HJLQQGHU/DJHUXQJLQEH]RJHQDXIGHQ76*HKDOW 7DEHOOH 6WRIINHQQJU|‰HQZLH6WLFNVWRII1.RKOHQVWRII&RUJDQLVFKHU

6XEVWDQ]JHKDOW26GHVLP([SHULPHQWHLQJHVHW]WHQ0DVWKlKQFKHQ IHVWPLVWHVDP(QGHGHU/DJHUXQJLQEH]RJHQDXIGHQ76*HKDOW 7DEHOOH 6WRIINHQQJU|‰HQZLH6WLFNVWRII1.RKOHQVWRII&RUJDQLVFKHU

6XEVWDQ]JHKDOW26GHVLP([SHULPHQWHLQJHVHW]WHQ0DVWKlKQFKHQ IHVWPLVWHV]X%HJLQQGHU/DJHUXQJLQEH]RJHQDXIGHQ76*HKDOW 7DEHOOH 6WRIINHQQJU|‰HQZLH6WLFNVWRII1.RKOHQVWRII&RUJDQLVFKHU

6XEVWDQ]JHKDOW26GHVLP([SHULPHQWHLQJHVHW]WHQ0DVWKlKQFKHQ IHVWPLVWHVDP(QGHGHU/DJHUXQJLQEH]RJHQDXIGHQ76*HKDOW 7DEHOOH 7URFNHQVXEVWDQ]76XQG6WLFNVWRIIJHKDOWH1GHU

6FKZHLQHJOOHSUREHQ 7DEHOOH (UJHEQLVVHGHV6FUHHQLQJVYRQ6FKZHLQHJOOHSUREHQ 7DEHOOH 9HUWHLOXQJGHU6FKZHLQHJOOHSUREHQXQGGHUQDFKJHZLHVHQHQ

$QWLELRWLNDLQYLHU7URFNHQVXEVWDQ]NODVVHQ766FUHHQLQJ 0HGLDQGHUSRVLWLYHQ3UREHQ 7DEHOOH 7URFNHQVXEVWDQ]76XQG6WLFNVWRIIJHKDOWH1GHU

6FKZHLQHJOOHSUREHQ 7DEHOOH (UJHEQLVVHGHV6FUHHQLQJVYRQ6FKZHLQHJOOHSUREHQ 7DEHOOH 9HUWHLOXQJGHU6FKZHLQHJOOHSUREHQXQGGHUQDFKJHZLHVHQHQ

$QWLELRWLNDLQYLHU7URFNHQVXEVWDQ]NODVVHQ766FUHHQLQJ 0HGLDQGHUSRVLWLYHQ3UREHQ 7DEHOOH 6LJQLILNDQWH(IIHNWH]ZLVFKHQGHQHLQ]HOQHQ7URFNHQVXEVWDQ]76

.ODVVHQGHU6FKZHLQHJOOHSUREHQEH]JOLFKYHUVFKLHGHQHU

$QWLELRWLND0DQQ:KLWQH\87HVW 7DEHOOH *HKDOWHDQ7HWUD]\NOLQ7&XQG6XOIDGLD]LQ6'—JOLP

6LFNHUZDVVHUMH)UDNWLRQPOEHL%HUHJQXQJ6WXQGHQQDFK

*OOHDXIEULQJXQJ 7DEHOOH 7HWUD]\NOLQ7&*HKDOWH—JOLP6LFNHUZDVVHUXQWHU0DLVLQGHQ

HUVWHQYLHU:RFKHQQDFK*OOHDXVEULQJXQJ'XUFKJDQJ KXPRVHU6DQG, KXPRVHU6DQG,, 7DEHOOH *HJHQEHUVWHOOXQJGHU0HGLDQZHUWHXQWHU%HUFNVLFKWLJXQJGHU

SRVLWLYJHWHVWHWHQ3UREHQE]ZDOOHU3UREHQGHUEHLGHQ6FKZHLQHJOOH 3UREHQVlW]H 7DEHOOH 3(&3UHGLFWHG(QYLURQPHQWDO&RQFHQWUDWLRQIUDXVJHZlKOWH

:LUNVWRIIHLQ%RGHQDXI%DVLVGHU8QWHUVXFKXQJVHUJHEQLVVHDXV 6FUHHQLQJXQG0HGLDQGHUSRVLWLYHQ3UREHQEHLYHUVFKLHGHQHQ

(LQDUEHLWXQJVWLHIHQ(7

(7)

7DEHOOH 7DJHVPLWWHOZHUWHGHV7HPSHUDWXUYHUODXIVLP0DVWKlKQFKHQIHVWPLVW GHUVHFKV.RPSRVWHUXQGGHU5DXPOXIW([SHULPHQW 7DEHOOH 7DJHVPLWWHOZHUWHGHV7HPSHUDWXUYHUODXIVLP0DVWKlKQFKHQIHVWPLVW

GHUDFKW.RPSRVWHUXQGGHU5DXPOXIW([SHULPHQW 7DEHOOH 7HWUD]\NOLQ*HKDOWHLP0DVWKlKQFKHQIHVWPLVWGHUVHFKV.RPSRVWHU

EHUGHQGUHLPRQDWLJHQ/DJHUXQJV]HLWUDXP([SHULPHQW 7DEHOOH 7HWUD]\NOLQ*HKDOWHLP0DVWKlKQFKHQIHVWPLVWGHUDFKW.RPSRVWHU

EHUGHQ]ZHLPRQDWLJHQ/DJHUXQJV]HLWUDXP([SHULPHQW 7DEHOOH (UPLWWHOWH:LUNVWRIINRQ]HQWUDWLRQHQYRQ7HWUD]\NOLQ7&

2[\WHWUD]\NOLQ27&&KORUWHWUD]\NOLQ&7&6XOIDGLD]LQ6'XQG 6XOIDPHWKD]LQ60GHV6FUHHQLQJVGHU6FKZHLQHJOOHSUREHQDXV GHP-DKUQ 76 7URFNHQVXEVWDQ]1 6WLFNVWRII 7DEHOOH (UPLWWHOWH:LUNVWRIINRQ]HQWUDWLRQHQYRQ7HWUD]\NOLQ7&

2[\WHWUD]\NOLQ27&&KORUWHWUD]\NOLQ&7&6XOIDGLD]LQ6'XQG 6XOIDPHWKD]LQ60GHV6FUHHQLQJVGHU6FKZHLQHJOOHSUREHQDXV GHP-DKUQ 76 7URFNHQVXEVWDQ]1 6WLFNVWRII 7DEHOOH 9HUJOHLFKGHUPLWWHOV+3/&JHPHVVHQHQ7HWUD]\NOLQ.RQ]HQWUDWLRQHQ

LP6LFNHUZDVVHUXQWHU1XOOHUGH7RUIGHV*HIl‰YHUVXFKV

6WDUNUHJHQHUHLJQLV6WXQGHQQDFK*OOHDXVEULQJXQJPLWGHQ

(UJHEQLVVHQGHU5HIHUHQ]PHVVXQJVLHKH.DSLWHO 7DEHOOH 7HWUD]\NOLQ*HKDOWHLP%RGHQGHU.LFN%UDXFNPDQQ*HIl‰H

6WDUNUHJHQHUHLJQLV6WXQGHQE]Z]HKQ:RFKHQQDFK

*OOHDXVEULQJXQJ 7DEHOOH 6XOIDGLD]LQ*HKDOWHLP%RGHQGHU.LFN%UDXFNPDQQ*HIl‰H

6WDUNUHJHQHUHLJQLV6WXQGHQE]Z:RFKHQQDFK

*OOHDXVEULQJXQJ 7DEHOOH 9HUJOHLFKGHUPLWWHOV+3/&JHPHVVHQHQ7HWUD]\NOLQ.RQ]HQWUDWLRQHQ

LP6LFNHUZDVVHUGHV/\VLPHWHUYHUVXFKHVPLWGHQ:HUWHQGHU

5HIHUHQ]PHVVXQJVLHKH.DSLWHO 7DEHOOH 9HUODXIGHU7HWUD]\NOLQ*HKDOWH7&LP%RGHQDXVJHZlKOWHU

/\VLPHWHUZlKUHQGGHU9HUVXFKVGDXHU7&*DEHEHU*OOHMHZHLOV LP0DL5RJJHQIUKHU0DLVVSlWHUXQG0DL'RVLHUXQJ MH/\VLPHWHU/\VXQG PJE]ZPJ7&

/\V E]ZPJ7&

7DEHOOH 9HUODXIGHU6XOIDGLD]LQ*HKDOWH6'LP%RGHQDXVJHZlKOWHU /\VLPHWHUZlKUHQGGHU9HUVXFKVGDXHU6'*DEHEHU*OOHLP 0DL'RVLHUXQJMH/\VLPHWHU/\VXQG PJ6' /\V PJ6' 7DEHOOH 9HUODXIGHU&KORUWHWUD]\NOLQ*HKDOWHLP%RGHQDXVJHZlKOWHU

/\VLPHWHUZlKUHQGGHU9HUVXFKVGDXHU1HEHQEHIXQG

(8)

$EELOGXQJVYHU]HLFKQLV

$EELOGXQJ (LQWUDJVSIDGHIU$QWLELRWLNDLQGLH8PZHOW

$EELOGXQJ 6WUXNWXUGHU7HWUD]\NOLQH5 5HVW.URNHUHWDO

$EELOGXQJ 6WUXNWXUDXVJHZlKOWHU6XOIRQDPLGH+DOOHUHWDO

$EELOGXQJ 9HUWHLOXQJDXVJHZlKOWHU$QWLELRWLND7HWUD]\NOLQ7&&KORUWHWUD]\NOLQ

&7&6XOIDGLD]LQ6'6XOIDPHWKD]LQ60LQGHU)HVW0LVFKXQG )OVVLJSKDVHHLQHU6FKZHLQHJOOHPLW6WDQGDUGDEZHLFKXQJN

0LWWHOZHUWDXVYLHU:LHGHUKROXQJHQ

$EELOGXQJ :LHGHUILQGXQJVUDWHIU7HWUD]\NOLQXQG&KORUWHWUD]\NOLQEHL

DXVJHZlKOWHQ([WUDNWLRQVPLWWHOQ2[DOVlXUH PHWKDQROLVFKH2[DOVlXUH 07ULFKORUHVVLJV 7ULFKORUHVVLJVlXUHLQ0HWKDQROEHLS+

H[WHUQH.DOLEUDWLRQ0LWWHOZHUWDXVGUHL0HVVXQJHQ

$EELOGXQJ :LHGHUILQGXQJVUDWHIU7HWUD]\NOLQXQG(SL7HWUD]\NOLQ (SL7&7HWUD]\NOLQ7&PLWYHUVFKLHGHQHQ.RQ]HQWUDWLRQHQGHV ([WUDNWLRQVPLWWHOV7ULFKORUHVVLJVlXUHLQ0HWKDQRO7&60EHLS+

H[WHUQH.DOLEUDWLRQ0LWWHOZHUWDXVGUHL0HVVXQJHQ

$EELOGXQJ .RPSRVWEHKlOWHUXQGGXUFKPLVFKWHU0DVWKlKQFKHQIHVWPLVWEHLP

8PVHW]HQGHUORFNHUJHVFKLFKWHWHQ9DULDQWHQ

$EELOGXQJ 6FKHPDWLVFKH'DUVWHOOXQJGHU9HUVXFKVDQRUGQXQJEHLP

/DJHUXQJVYHUVXFK50 5RWWHPLVW60 6WDSHOPLVW9 9DULDQWH 7& 7HWUD]\NOLQ

$EELOGXQJ +RPRJHQLVLHUXQJ%HIOOHQGHU.RPSRVWHUXQG'RWLHUXQJGHV

0DVWKlKQFKHQIHVWPLVWHVPLW7HWUD]\NOLQ

$EELOGXQJ .LFN%UDXFNPDQQ*HIl‰HXQG%HSUREXQJVYRUULFKWXQJ]XP$XIIDQJHQ GHU6LFNHUZDVVHUIUDNWLRQHQ

$EELOGXQJ 0LW:LQWHUURJJHQEHVWHOOWH/\VLPHWHUXQG/\VLPHWHUJDQJPLW

6LFNHUZDVVHUDXIIDQJEHKlOWHUQ

$EELOGXQJ 0LWWOHUHU7HPSHUDWXUYHUODXIƒ&GHV6XEVWUDWVIUGLH /DJHUXQJVYDULDQWHQ5RWWHPLVWXQG6WDSHOPLVWZlKUHQGGHU

GUHLPRQDWLJHQ/DJHUXQJ([SHULPHQW

$EELOGXQJ 0LWWOHUHU7HPSHUDWXUYHUODXIƒ&GHV6XEVWUDWVLQGHQ9DULDQWHQPLW XQWHUVFKLHGOLFKHU7HWUD]\NOLQ7&.RQ]HQWUDWLRQZlKUHQGGHU

GUHLPRQDWLJHQ/DJHUXQJ([SHULPHQW

$EELOGXQJ 9HUODXIGHU.RQ]HQWUDWLRQDQ7HWUD]\NOLQ7&PJNJLP 0DVWKlKQFKHQIHVWPLVW5RWWH50E]Z6WDSHOPLVW60GHU 9DULDQWHQJ7&NJ)XWWHUXQGJ7&NJ)XWWHUEHUGLH

GUHLPRQDWLJH/DJHUXQJEH]RJHQDXI7URFNHQVXEVWDQ]

$EELOGXQJ 9HUODXIGHU.RQ]HQWUDWLRQDQ7HWUD]\NOLQ7&PJNJLP

JHWURFNQHWHQ0DVWKlKQFKHQIHVWPLVWGHU9DULDQWHQJ7&NJ)XWWHU XQGJ7&NJ)XWWHU5RWWH50E]Z6WDSHOPLVW60EHUGLH GUHLPRQDWLJH/DJHUXQJEH]RJHQDXI.RKOHQVWRII

$EELOGXQJ 9HUODXIGHUUHODWLYHQ7HWUD]\NOLQ7&.RQ]HQWUDWLRQEHL5RWWH 50E]Z6WDSHOPLVW60EHUGLHGUHLPRQDWLJH/DJHUXQJEH]RJHQ DXIGLH7URFNHQVXEVWDQ]

(9)

$EELOGXQJ 0LWWOHUHU7HPSHUDWXUYHUODXIƒ&GHV6XEVWUDWVIUGLH /DJHUXQJVYDULDQWHQ5RWWHPLVWXQG6WDSHOPLVWZlKUHQGGHU

]ZHLPRQDWLJHQ/DJHUXQJ([SHULPHQW

$EELOGXQJ 0LWWOHUHU7HPSHUDWXUYHUODXIƒ&GHV6XEVWUDWHVGHU5RWWHXQG 6WDSHOPLVWYDULDQWHQPLW7HWUD]\NOLQ7&.RQ]HQWUDWLRQZlKUHQGGHU ]ZHLPRQDWLJHQ/DJHUXQJ([SHULPHQW

$EELOGXQJ 9HUODXIGHUUHODWLYHQ.RQ]HQWUDWLRQDQ7HWUD]\NOLQ7&PLW 6WDQGDUGDEZHLFKXQJN0LWWHOZHUWDXVGUHL0HVVZHUWHQLQGHQ 9DULDQWHQ5RWWHXQG6WDSHOPLVWEHUGLH]ZHLPRQDWLJH/DJHUXQJ

EH]RJHQDXI7URFNHQVXEVWDQ]

$EELOGXQJ 9HUODXIGHUUHODWLYHQ.RQ]HQWUDWLRQPLW6WDQGDUGDEZHLFKXQJN 0LWWHOZHUWDXVGUHL0HVVZHUWHQDQ7HWUD]\NOLQ7&LQGHQ 9DULDQWHQ5RWWHXQG6WDSHOPLVWEH]RJHQDXIGHQ7URFNHQVXEVWDQ]

JHKDOWEHUGLH]ZHLPRQDWLJH/DJHUXQJEH]RJHQDXI.RKOHQVWRII

$EELOGXQJ (UJHEQLVVHGHV6FUHHQLQJVIUYLHUDXVJHZlKOWH$QWLELRWLND LQ6FKZHLQHJOOHSUREHQQ %R[:KLVNHU3ORW]HLJW0HGLDQ

4XHUVWULFKXQG3HU]HQWLOPLW)HKOHUEDONHQ 'LH3XQNWHVWHOOHQGLH(LQ]HOZHUWHDX‰HUKDOEGHVXQG 3HU]HQWLOVGDU$XV*UQGHQGHUhEHUVLFKWOLFKNHLWVLQG]ZHL

$XVUHL‰HUZHUWHIU&KORUWHWUD]\NOLQPJNJE]Z6XOIDGLD]LQ

PJNJQLFKWGDUJHVWHOOW

$EELOGXQJ (UJHEQLVVHGHV6FUHHQLQJVIUGLH$QWLELRWLND7HWUD]\NOLQ 7&2[\WHWUD]\NOLQ27&&KORUWHWUD]\NOLQ&7&6XOIDGLD]LQ6' XQG6XOIDPHWKD]LQ60LQ6FKZHLQHJOOHSUREHQQ

%R[:KLVNHU3ORW]HLJW0HGLDQ4XHUVWULFK XQG3HU]HQWLOPLW)HKOHUEDONHQ'LH3XQNWHVWHOOHQGLH

(LQ]HOZHUWHDX‰HUKDOEGHVXQG3HU]HQWLOVGDU$XV

*UQGHQGHUhEHUVLFKWOLFKNHLWVLQG]ZHL$XVUHL‰HUZHUWHIU27&

PJNJE]Z60PJNJQLFKWGDUJHVWHOOW

$EELOGXQJ 7HWUD]\NOLQ7&.RQ]HQWUDWLRQHQLQGHQ6LFNHUZDVVHUIUDNWLRQHQ,,9 MH)UDNWLRQPOGHU9DULDQWH1XOOHUGH7RUI6WDUNUHJHQHUHLJQLV 6WXQGHQQDFK*OOHDXIEULQJXQJ*HIl‰DXIJUXQG1HJDWLYEHIXQG QLFKWGDUJHVWHOOW

$EELOGXQJ 0LWWOHUH7HWUD]\NOLQ7&.RQ]HQWUDWLRQLQGHQREHUHQFPXQG GHQXQWHUHQFPGHU9HUVXFKVE|GHQK6 KXPRVHU6DQGO8 OHKPLJHU6FKOXII1 1XOOHUGHMH*HIl‰6WDUNUHJHQHUHLJQLV 6WXQGHQQDFK*OOHDXIEULQJXQJ*HIl‰O8LVWQLFKWGDUJHVWHOOW

$EELOGXQJ 0LWWOHUH6XOIDGLD]LQ6'.RQ]HQWUDWLRQLQGHQREHUHQFPGHU 9HUVXFKVE|GHQK6 KXPRVHU6DQGO8 OHKPLJHU6FKOXII 1 1XOOHUGHMH*HIl‰6WDUNUHJHQHUHLJQLV6WXQGHQQDFK

*OOHDXIEULQJXQJ

$EELOGXQJ 0LWWOHUH7HWUD]\NOLQ7&.RQ]HQWUDWLRQLQGHQREHUHQFPXQG GHQXQWHUHQFPGHU9HUVXFKVE|GHQK6 KXPRVHU6DQGO8 OHKPLJHU6FKOXII1 1XOOHUGHMH*HIl‰6WDUNUHJHQHUHLJQLV]HKQ

:RFKHQQDFK*OOHDXIEULQJXQJ

(10)

$EELOGXQJ 0LWWOHUH6XOIDGLD]LQ6'.RQ]HQWUDWLRQLQGHQREHUHQFPGHU 9HUVXFKVE|GHQK6 KXPRVHU6DQGO8 OHKPLJHU6FKOXII 1 1XOOHUGHMH*HIl‰6WDUNUHJHQHUHLJQLV]HKQ:RFKHQQDFK

*OOHDXIEULQJXQJ

$EELOGXQJ 6LFNHUZDVVHUDQIDOOXQWHU/\VLPHWHUXQGKXPRVHU6DQG0DLV 'XUFKJDQJ7HWUD]\NOLQ7&%HIXQG.DOHQGHUZRFKH

/\VLPHWHUXQG.DOHQGHUZRFKH/\VLPHWHU

$EELOGXQJ 6LFNHUZDVVHUDQIDOOXQWHU/\VLPHWHUXQGKXPRVHU6DQG0DLV 'XUFKJDQJ7HWUD]\NOLQ7&%HIXQG.DOHQGHUZRFKH

/\VLPHWHUXQG/\VLPHWHU

$EELOGXQJ 9HUODXIGHU7HWUD]\NOLQ7&.RQ]HQWUDWLRQLP%RGHQEHL

DXVJHZlKOWHQ/\VLPHWHUQ)UXFKWDUW5RJJHQ=HLWUDXP)UKMDKU ELV+HUEVW

$EELOGXQJ 9HUODXIGHU7HWUD]\NOLQ7&.RQ]HQWUDWLRQLP%RGHQEHL DXVJHZlKOWHQ/\VLPHWHUQ)UXFKWDUW0DLV=HLWUDXP+HUEVWELV +HUEVW7&$SSOLNDWLRQ0DL/\VXQGPJ /\VXQGPJ

$EELOGXQJ 9HUODXIGHU6XOIDGLD]LQ6'.RQ]HQWUDWLRQLP%RGHQEHL DXVJHZlKOWHQ/\VLPHWHUQ)UXFKWDUW0DLVXQG5RJJHQ=HLWUDXP )UKMDKUELV+HUEVW/\VPJ6' /\VPJ6'

$EELOGXQJ +DOEZHUWV]HLWHQ+:=YRQ7HWUD]\NOLQ7&LQ0DVWKlKQFKHQIHVWPLVW ([SHULPHQWZlKUHQGGHU]ZHLPRQDWLJHQ/DJHUXQJDOV5RWWH50 E]Z6WDSHOPLVW60LQKDOEORJDULWKPLVFKHU'DUVWHOOXQJPLWWOHUH 7&$QIDQJVNRQ]HQWUDWLRQ5RWWHPLVW PJNJ 6WDSHOPLVW PJNJ

(11)

$ENU]XQJVYHU]HLFKQLV

—J 0LNURJUDPP

—O 0LNUROLWHU

$$6 $WRPDEVRUSWLRQVVSHNWURPHWHU

%*99 %XQGHVLQVWLWXWIUJHVXQGKHLWOLFKHQ9HUEUDXFKHUVFKXW]XQG 9HWHULQlUPHGL]LQ

ƒ& *UDG&HOVLXV

& .RKOHQVWRII

&D&O .DO]LXPFKORULG

&7& &KORUWHWUD]\NOLQ

&X2 .XSIHUR[LG

&903 &RPPLWHHIRU9HWHULQDU\0HGLFLQDO3URGXFWV

G 7DJ

GI )UHLKHLWVJUDGH

'QJH92 'QJH9HURUGQXQJ

(0($ (XURSHDQ$JHQF\IRUWKH(YDOXDWLRQRI0HGLFLQDO3URGXFWV HWDO HWDOLLXQGDQGHUH

(8 (XURSlLVFKH8QLRQ

(:* (XURSlLVFKH:LUWVFKDIWVJHPHLQVFKDIW

)('(6$ (XURSHDQ)HGHUDWLRQRI$QLPDO+HDOWK,QGXVWU\

J (UGEHVFKOHXQLJXQJ

K 6WXQGH

KD +HNWDU

+&O +\GURFKORULG

+3/& +LJK3HUIRUPDQFH/LTXLG&KURPDWRJUDSK\

. .DOLXP

.2 .DOLXPR[LG

.I.RF.7RQ %RGHQDGVRUSWLRQVNRHIIL]LHQWHQEH]RJHQDXI%RGHQPDWUL[

RUJDQLVFKH6XEVWDQ]7RQJHKDOW .$. .DWLRQHQDXVWDXVFKNDSD]LWlW .20 (XURSlLVFKH.RPPLVVLRQ

.7 .RQWUROOH

.: .DOHQGHUZRFKH

O /LWHU

/&(6,06 /LTXLG&KURPDWRJUDSK\(OHFWURVSUD\0DVV6SHFWURPHWU\

/&0606 /LTXLG&KURPDWRJUDSK\7DQGHP0DVV6SHFWURPHWU\

ORJ.RZ Q2FWDQRO:DVVHU9HUWHLOXQJVNRHIIL]LHQWORJDULWKPLHUW

0 0RO

0J 0DJQHVLXP

PYDO 0LOOLlTXLYDOHQWPYDONJ FPROFNJ

(12)

0: 0LWWHOZHUW

Q $Q]DKO

1 6WLFNVWRII

QPQJ 1DQRPHWHU1DQRJUDPP

‘ 'XUFKPHVVHU'XUFKVFKQLWW 26 2UJDQLVFKH6XEVWDQ]

27& 2[\WHWUD]\NOLQ

3D 3DVFDO

3(& 3UHGLFWHG(QYLURQPHQWDO&RQFHQWUDWLRQ S.V ORJ6lXUHNRQVWDQWH

S+ ORJ+.RQ]HQWUDWLRQ

SW 3ODWLQ

Uð %HVWLPPWKHLWVPD‰

6' 6XOIDGLD]LQ

60 6XOIDPHWKD]LQ

6366 6WDWLVWLFDO3URGXFWVDQG6HUYLFH6ROXWLRQV 67' 6WDQGDUGDEZHLFKXQJ

6: 6LFNHUZDVVHU

W 7RQQH

7& 7HWUD]\NOLQ

76 7URFNHQVXEVWDQ]

8 8PGUHKXQJ

89 8OWUDYLROHWW

893 8PZHOWYHUWUlJOLFKNHLWVSUIXQJ

9 9DULDQWH

(13)

(LQOHLWXQJ

3UREOHPVWHOOXQJ

$U]QHLPLWWHOZLUNVWRIIH ZHUGHQ LQ GHU 1XW]WLHUKDOWXQJ LQ QHQQHQVZHUWHP 8PIDQJ HLQJHVHW]WGDEHLKDQGHOWHVVLFKLQHUVWHU/LQLHXP$QWLELRWLNDZXUGHQLPJHVDPWHQ (8*HELHW HLQVFKOLH‰OLFK GHU 6FKZHL] LQVJHVDPW W $QWLELRWLND YHUEUDXFKW )('(6$ $XI GLH +XPDQPHGL]LQHQWILHOHQ W DOV 7LHUDU]QHLPLWWHO ZXUGHQ W$QWLELRWLNDYHUDEUHLFKWW$QWLELRWLNDZXUGHQDOV/HLVWXQJVI|UGHUHUHLQJHVHW]W 0LWGHP(8ZHLWHQ9HUERWDOOHUDQWLELRWLVFKZLUNVDPHQ)XWWHU]XVDW]VWRIIHELVZLUG GLHVHU (LQVDW] DOOHUGLQJV LQ =XNXQIW NHLQH 5ROOH PHKU VSLHOHQ .20 (LQH LP 9HUJOHLFK ]X $QJDEHQ GHU )('(6$ GHWDLOOLHUWHUH $XIOLVWXQJ GHV

*HVDPWYHUEUDXFKHV DQ 7LHUDU]QHLPLWWHOQ ]% KLQVLFKWOLFK HLQ]HOQHU :LUNVWRIIH XQG 7LHUDUWHQ E]Z 1XW]XQJVULFKWXQJHQ LVW ZHGHU (8 QRFK GHXWVFKODQGZHLW YHUIJEDU GD NHLQH]HQWUDOH(UIDVVXQJGHU'DWHQHUIROJW

'LH SRWHQ]LHOOHQ (LQWUDJVTXHOOHQ YRQ $QWLELRWLND LQ GLH 8PZHOW VLQG YLHOIlOWLJQDFK 9HUDEUHLFKXQJEHLP7LHUZHUGHQVLHLQ]XP7HLODNWLYHUXQGXQYHUlQGHUWHU)RUPVRZLHDOV DNWLYH 0HWDEROLWH GXUFK GHQ WLHULVFKHQ 2UJDQLVPXV DXVJHVFKLHGHQ 6RPLW NDQQ EHU :LUWVFKDIWVGQJHUZLH*OOHRGHU)HVWPLVWHLQ(LQWUDJGLHVHU6WRIIHLQ%|GHQVWDWWILQGHQ

$EELOGXQJ

$EELOGXQJ (LQWUDJVSIDGHIU$QWLELRWLNDLQGLH8PZHOW

(LQH ZHLWHUH (LQWUDJVTXHOOHLQ GLH 8PZHOWLVW LQ GHU $TXDNXOWXU ]X VHKHQ EHL GHU GLH

$QWLELRWLND LP %HGDUIVIDOO GLUHNW LQ GLH *HZlVVHU DXVJHEUDFKW ZHUGHQ $XFK EHU GHQ

9HWHULQlUPHGL]LQ +XPDQPHGL]LQ

*UXQGZDVVHU 2EHUIOlFKHQZDVVHU

7ULQNZDVVHU ([NUHPHQWH

%RGHQ 7LHU

0HGLNDWLRQ

$XVVFKHLGXQJ

:LUWVFKDIWVGQJHU

2EHUIOlFKHQDEIOXVV 9HUVLFNHUXQJ

P|JOLFKH3IDGH

(14)

3IODQ]HQEDX HUIROJW HLQ (LQWUDJ VHLW GHQ HU -DKUHQ ZHUGHQ $QWLELRWLND DOV 3IODQ]HQVFKXW]PLWWHO YRU DOOHP EHL GHU 3URGXNWLRQ YRQ 2EVW *HPVH XQG =LHUSIODQ]HQ HLQJHVHW]W0F0DQXVHWDOVFKlW]WHQGHQ9HUEUDXFKLQGHQ86$]XGLHVHP=ZHFN DXI GHV JHVDPWHQ $QWLELRWLND9HUEUDXFKV GHU IU GLH 86$ PLW FD W DQJHJHEHQ ZLUG 1HXHVWH 8QWHUVXFKXQJHQ YRQ +DPVFKHU HW DO ZLHVHQ HLQHQ (LQWUDJYRQ$QWLELRWLNDVRJDUEHU6WlXEHDXVGHU6FKZHLQHXQG*HIOJHOKDOWXQJQDFK hEHUGHQZHLWHUHQ9HUEOHLEE]ZGDV9HUKDOWHQGHUEHUGLHVHYHUVFKLHGHQHQ(LQWUDJVZHJH LQGLH8PZHOWHLQJHEUDFKWHQ$QWLELRWLNDJLEWHVGHU]HLWQXUZHQLJ.HQQWQLV

9HUVFKLHGHQH(UKHEXQJHQHUJDEHQGDVVHVVLFKEHLGHQYHWHULQlUPHGL]LQLVFKDQJHZDQGWHQ

$QWLELRWLND KDXSWVlFKOLFK XP 7HWUD]\NOLQH XQG 6XOIRQDPLGH KDQGHOW )('(6$

:LQFNOHUXQG*UDIH*UDIH$EEDVHWDO7KLHOH%UXKQHWDO(V KDQGHOWVLFKEHLEHLGHQ:LUNVWRIIJUXSSHQXPVRJHQDQQWH$OWSUlSDUDWH0LWGHP%HJULII

$OWSUlSDUDWH ZHUGHQ 7LHUDU]QHLPLWWHO XPVFKULHEHQ GLH YRU GHP ]XU

$QZHQGXQJNDPHQRGHU]ZLVFKHQXQG]XJHODVVHQZXUGHQ:LQFNOHUXQG*UDIH *UDIH 9RU XQWHUODJHQ GLHVH :LUNVWRIIH NHLQHU 8PZHOWYHUWUlJOLFKNHLWVSUIXQJ 893 0LW :LUNXQJ ]XP LVW HLQH YRP

$XVVFKXVV IU 7LHUDU]QHLPLWWHO &903 GHU(XURSlLVFKHQ $U]QHLPLWWHODJHQWXU (0($

HUDUEHLWHWH /HLWOLQLH (0($&903 ]XU 'XUFKIKUXQJ HLQHU 893 YRQ QHX ]X]XODVVHQGHQ 7LHUDU]QHLPLWWHOQ LQ .UDIW JHWUHWHQ (LQH hEHUDUEHLWXQJ HUIROJWH LP -DKU (0($&9039,&+ 9,&+ */ ±(FRWR[LFLW\ 3KDVH , (0($

8QWHU %HUFNVLFKWLJXQJ GHU HLQJHVHW]WHQ 0HQJH GHV :LUNVWRIIHV GHU ELRORJLVFKHQ

$EEDXEDUNHLWGHU$GVRUSWLRQLP%RGHQXQGDQGHUHU3DUDPHWHUZLUGLPHUVWHQ6FKULWWHLQ ([SRVLWLRQVV]HQDULR HUVWHOOW XQG GLH ]X HUZDUWHQGH .RQ]HQWUDWLRQ LP %RGHQ 3(&VRLO

HUPLWWHOW 3KDVH , %HL GHU hEHUVFKUHLWXQJ EHVWLPPWHU 6FKZHOOHQ E]Z 7ULJJHUZHUWH 3(&VRLO!—JNJ3(&ZDWHU!—JOVLQGZHLWHUH8QWHUVXFKXQJHQ]XUgNRWR[L]LWlW ]XP$EEDXLP%RGHQE]Z:DVVHUVRZLH]XU$GVRUSWLRQHUIRUGHUOLFK3KDVH,,

'DVLFKGLH/HLWOLQLHMHGRFKQXUDXIGLH=XODVVXQJQHXHU7LHUDU]QHLPLWWHOEH]LHKWZHUGHQ

$OWSUlSDUDWH GLHVEH]JOLFK QLFKW XQWHUVXFKW 6RPLW EHVWHKW HLQ HUKHEOLFKHU 0DQJHO DQ XPZHOWUHOHYDQWHQ ,QIRUPDWLRQHQ EHU GDV 9HUKDOWHQ GHU $OWSUlSDUDWH QDFK GHU

$XVVFKHLGXQJGXUFKGDV7LHU$XIGLH%HZHUWXQJVOFNHKLQVLFKWOLFKGHU8PZHOWUHOHYDQ]

GLHVHU :LUNVWRIIH ZXUGH EHUHLWV DQ YHUVFKLHGHQHU 6WHOOH KLQJHZLHVHQ 0RQWIRUWV HW DO :LQFNOHU XQG *UDIH 7ROOV +DPVFKHU HW DO +|SHU HW DO 7KLHOH%UXKQHWDO

(15)

1XUGXUFKHLQ JHQDXHUHV:LVVHQXPGLH:LUNXQJHQGHU$OWSUlSDUDWHLQ GHU8PZHOWLVW HLQH 5LVLNREHZHUWXQJ P|JOLFK XQG N|QQHQ P|JOLFKH 3UlYHQWLYPD‰QDKPHQ HLQJHOHLWHW ZHUGHQ :LFKWLJH .ULWHULHQ IU HLQH 5LVLNREHZHUWXQJ YRQ $QWLELRWLND KLQVLFKWOLFK GHV

%RGHQVFKXW]HV VLQG YHUOlVVOLFKH $QJDEHQ ]XU ([SRVLWLRQVDEVFKlW]XQJ ]X SRWHQWLHOOHQ

$XVWUlJHQ LQV *UXQGZDVVHU RGHU ]X GHQ $XVZLUNXQJHQ DXI GLH PLNURELHOOH

%RGHQELR]|QRVH (LQHQ ZHLWHUHQ ZLFKWLJHQ $VSHNW VWHOOW GLH P|JOLFKH ,QGXNWLRQ XQG 9HUEUHLWXQJYRQ$QWLELRWLNDUHVLVWHQ]HQLP%RGHQXQGLQDQGHUHQgNRV\VWHPHQGDU

=LHOVHW]XQJ

=LHO GLHVHU $UEHLW LVW GDKHU (UNHQQWQLVVHKLQVLFKWOLFK 8PZHOWYHUKDOWHQ ([SRVLWLRQ XQG SRWHQWLHOOHQ$XVWUlJHQLQV*UXQGZDVVHUDP%HLVSLHOYRQDXVJHZlKOWHQ$OWSUlSDUDWHQDXV GHQ:LUNVWRIIJUXSSHQGHU7HWUD]\NOLQHXQG6XOIRQDPLGH]XJHZLQQHQXPHLQHQ%HLWUDJ ]XU$EVFKlW]XQJGHU8PZHOWJHIlKUGXQJ]XOHLVWHQ

,QHLQHUIUKHUHQ6WXGLHNRQQWHQ:LQFNOHUXQG*UDIHHLQHDXVJHSUlJWH3HUVLVWHQ]

YRQ7HWUD]\NOLQLQ6FKZHLQHJOOHQDFKZHLVHQ$XIGLHVHQHUVWHQ(UJHEQLVVHQDXIEDXHQG ODJ HLQ 6FKZHUSXQNW GHU YRUOLHJHQGHQ $UEHLW DXI GHU 3HUVLVWHQ] YRQ 7HWUD]\NOLQ LQ 0DVWKlKQFKHQIHVWPLVW GD QHEHQ GHU 6FKZHLQHPDVW DXFK LQ GHU *HIOJHOPDVW HLQ HUKHEOLFKHU (LQVDW] YRQ 7HWUD]\NOLQHQ VWDWWILQGHW *UDIH :HLWHUKLQ VROOWH DOV (UJlQ]XQJ ]X HLQHU 8QWHUVXFKXQJ YRQ *UDIH HLQH (UKHEXQJ ]X GHQ *HKDOWHQ DQ DXVJHZlKOWHQ7HWUD]\NOLQHQXQG6XOIRQDPLGHQLQ*OOHSUREHQDXVGHU3UD[LVGXUFKJHIKUW ZHUGHQ(LQ9HUJOHLFK]ZLVFKHQ]ZHL3UREHQQDKPHMDKUHQVROOWHP|JOLFKH9HUlQGHUXQJHQ LQGHU9HUVFKUHLEXQJVSUD[LVDXI]HLJHQ,P+LQEOLFNDXIGHQ(LQWUDJVSIDG%RGHQ:DVVHU ZXUGH GLH 0RELOLWlW YRQ 7HWUD]\NOLQ XQG 6XOIDGLD]LQ LQ YHUVFKLHGHQHQ %|GHQ QDFK

$XVEULQJXQJEHU*OOHLP*HIl‰XQG/\VLPHWHUPD‰VWDEXQWHUVXFKW )ROJHQGH)UDJHVWHOOXQJHQZXUGHQEHDUEHLWHW

:LH YHUKlOW VLFK GHU :LUNVWRII 7HWUD]\NOLQ EHL GHU /DJHUXQJ YRQ 0DVWKlKQFKHQIHVWPLVWZHOFKH(LQIOXVVIDNWRUHQDXIGHQ$EEDXJLEWHV"

:LH VLHKW GLH WDWVlFKOLFKH %HODVWXQJ GHU 6FKZHLQHJOOH PLW 7HWUD]\NOLQ XQG 6XOIRQDPLGUFNVWlQGHQDXV"*LEWHV8QWHUVFKLHGHLQGHU%HODVWXQJGHU6FKZHLQHJOOH PLWDXVJHZlKOWHQ$QWLELRWLNDLQGHQ:LQWHUKDOEMDKUHQXQG"

6LQG GLH :LUNVWRIIH 7HWUD]\NOLQ XQG 6XOIDGLD]LQ LP %RGHQ PRELO XQG JLEW HV 8QWHUVFKLHGHLQGHU9HUODJHUXQJVQHLJXQJEHLYHUVFKLHGHQHQ%|GHQ"

(16)

/LWHUDWXUEHUVLFKW %HJULIIVEHVWLPPXQJHQ

7LHUDU]QHLPLWWHO VLQG 0HGLNDPHQWH GLH LQ GHU 9HWHULQlUPHGL]LQ LQ WKHUDSHXWLVFK ZLUNVDPHU'RVLHUXQJYHUDEUHLFKWZHUGHQXQGYHUVFKUHLEXQJVSIOLFKWLJGXUFKGHQ7LHUDU]W VLQG'HU%HJULII$U]QHLPLWWHOKDWODXW5LFKWOLQLH(:*IROJHQGH'HILQLWLRQ

$U]QHLPLWWHO VLQG DOOH 6WRII]XVDPPHQVHW]XQJHQ GLH DOV 0LWWHO ]XU +HLOXQJ RGHU ]XU 9HUKWXQJPHQVFKOLFKHURGHUWLHULVFKHU.UDQNKHLWHQEH]HLFKQHWZHUGHQDOOH6WRIIHRGHU 6WRII]XVDPPHQVHW]XQJHQGLHGD]XEHVWLPPWVLQGLPRGHUDPPHQVFKOLFKHQRGHUWLHULVFKHQ .|USHU]XU(UVWHOOXQJHLQHUlU]WOLFKHQ'LDJQRVHRGHU]XU:LHGHUKHUVWHOOXQJ%HVVHUXQJ RGHU %HHLQIOXVVXQJ GHU PHQVFKOLFKHQ RGHU WLHULVFKHQ .|USHUIXQNWLRQHQ DQJHZDQGW ]X ZHUGHQ7LHU$U]QHLPLWWHOXQWHUOLHJHQGHP$U]QHLPLWWHOJHVHW]

'LH LQ GLHVHU $UEHLW QlKHU XQWHUVXFKWHQ 7HWUD]\NOLQH VLQG GHQ 7LHUDU]QHLPLWWHOQ ]X]XRUGQHQXQGJHK|UHQ]XU*UXSSHGHU$QWLELRWLND.URNHUHWDO$OV%UHLWEDQG

$QWLELRWLNDZHUGHQVLHVRZRKOLQGHU+XPDQDOVDXFKLQGHU9HWHULQlUPHGL]LQHLQJHVHW]W 6LHZHUGHQYRQ6WUHSWRP\FHVDUWHQJHZRQQHQ'HU%HJULII$QWLELRWLNDOHLWHWVLFKDXVGHU (QWVWHKXQJ GHUVHOEHQ LQ YHUVFKLHGHQHQ 0LNURRUJDQLVPHQ ZLH %DNWHULHQ RGHU 3LO]HQ DE .URNHUHWDO'LH%H]HLFKQXQJ%UHLWEDQG$QWLELRWLNDZLUGIUVROFKH6XEVWDQ]HQ YHUZHQGHWGLHHLQVHKUZHLWHV:LUNXQJVVSHNWUXPKDEHQDOVRVRZRKOJHJHQJUDPSRVLWLYH DOVDXFKJUDPQHJDWLYH%DNWHULHQHLQJHVHW]WZHUGHQN|QQHQ'HP]XIROJHLVWLKU(LQVDW]LQ GHUWKHUDSHXWLVFKHQ3UD[LVVHKUKlXILJ8QWHUGHP2EHUEHJULII&KHPRWKHUDSHXWLNDZHUGHQ VRZRKOGLHQDWUOLFKHQDOVDXFKGLHV\QWKHWLVFKKHUJHVWHOOWHQ$QWLELRWLNDPLWYHUJOHLFKEDUHU :LUNXQJ]XVDPPHQJHIDVVW.URNHUHWDO

,Q GHU YRUOLHJHQGHQ $UEHLW ZXUGHQ QHEHQ GHQ 7HWUD]\NOLQHQ DXFK 6XOIRQDPLGH EHUFNVLFKWLJWXPHLQZHLWHUHVKlXILJHLQJHVHW]WHV7LHUDU]QHLPLWWHOLQGLH8QWHUVXFKXQJHQ ]XU 3HUVLVWHQ] XQG 0RELOLWlW PLW HLQ]XEH]LHKHQ 6XOIRQDPLGH VWHOOHQ 'HULYDWH GHV S

$PLQR%HQ]RH6XOIRQDPLGV 6XOIDQLODPLG GDU 6LH EHVWHKHQ DXV HLQHP %HQ]RONHUQ PLW HLQHU$PLQRXQGHLQHU6XOIRQDPLGJUXSSH.URNHUHWDO6XOIRQDPLGHJHK|UHQZLH GLH7HWUD]\NOLQH]XGHQ%UHLWEDQG$QWLELRWLND

1HEHQ GHQ 7HWUD]\NOLQHQ XQG 6XOIRQDPLGHQ JLEW HV QRFK ZHLWHUH ZLFKWLJH

$QWLELRWLNDJUXSSHQ 8QWHU DQGHUHP VLQG GLH $PLQRJO\NRVLGH/DNWDPH 3RO\P\[LQH

(17)

&KLQRORQH0DNUROLGHXQG/LQFRVDPLGH]XQHQQHQ'LH*UXSSHQXQWHUVFKHLGHQVLFKLQGHU :LUNXQJVDUWXQGGHP:LUNXQJVRUWLQGHU%DNWHULHQ]HOOH

$QWLPLNURELHOO ZLUNVDPH 6XEVWDQ]HQZHUGHQ DXFK DOV )XWWHU]XVDW]VWRIIH YHUZHQGHW ,P

*HJHQVDW] ]X 7LHUDU]QHLPLWWHOQ XQWHUOLHJHQ VLH GHP)XWWHUPLWWHOJHVHW]3KDUPDNRORJLVFK ZLUNVDPH )XWWHU]XVDW]VWRIIH ZHUGHQ LQ VXEWKHUDSHXWLVFKHQ 'RVLHUXQJHQ YHUIWWHUW XP OHLVWXQJVVWHLJHUQGH (IIHNWH ZLH ]% HLQH HUK|KWH 0DVWOHLVWXQJ EHLP 7LHU ]X HU]LHOHQ

$QWLPLNURELHOO ZLUNVDPH 6XEVWDQ]HQ ILQGHQ VLFK VRZRKO EHL 7LHUDU]QHLPLWWHOQ DOV DXFK XQWHUGHQ)XWWHU]XVDW]VWRIIHQ$OOHUGLQJVZHUGHQDOV)XWWHU]XVDW]VWRIIHNHLQH$QWLELRWLND YHUZHQGHWGLHDXFKLQGHU+XPDQPHGL]LQRGHUDOV7LHUDU]QHLPLWWHO]XJHODVVHQVLQG

$OVSKDUPDNRORJLVFKZLUNVDPH)XWWHU]XVDW]VWRIIHVLQGGHU]HLWQRFKLQGHU(8]XJHODVVHQ 6WDQG)UKMDKU$YLODP\FLQ)ODYRSKRVSKROLSRO0RQHQVLQ1DWULXP6DOLQRP\FLQ 1DWULXP 'D GHU (LQVDW] GLHVHU 6XEVWDQ]HQ LQ GHQ YHUJDQJHQHQ -DKUHQ DXIJUXQG SRWHQWLHOOHU.UHX]UHVLVWHQ]HQ]XWKHUDSHXWLVFKHLQJHVHW]WHQ$QWLELRWLND]XQHKPHQGNULWLVFK EHWUDFKWHW ZXUGH KDW GLH (8 LP )UKMDKU HLQ 9HUERW GHU YLHU QRFK ]XJHODVVHQHQ DQWLPLNURELHOO ZLUNHQGHQ )XWWHUPLWWHO]XVDW]VWRIIH DE YRUJHVFKODJHQ .20 (LQ]LJH $XVQDKPH LVW $YLODP\FLQ GDV IU 3XWHQ ZHLWHUKLQ $QZHQGXQJ ILQGHQ GDUI

$QRQ\PRXV ,P (QWZXUI ]XU GLHVEH]JOLFKHQ 9HURUGQXQJ ZXUGH ZHLWHUKLQ IHVWJHOHJW GDVV =XVDW]VWRIIH JUXQGVlW]OLFK QXU QRFK IU ]HKQ -DKUH ]XJHODVVHQ ZHUGHQ QDFK$EODXIGLHVHV=HLWUDXPVPXVVMHZHLOVHLQH1HX]XODVVXQJEHDQWUDJWZHUGHQ)LUPHQ GLH EHUHLWV QDFK JHOWHQGHQ 9RUVFKULIWHQ ]XJHODVVHQH )XWWHUPLWWHO]XVDW]VWRIIH LQ GHQ 9HUNHKU EULQJHQ KDEHQ LQQHUKDOE GHU QlFKVWHQ VLHEHQ -DKUH HLQH 1HXEHZHUWXQJ XQG 1HX]XODVVXQJLKUHU3URGXNWH]XEHDQWUDJHQ'D]XPVVHQGLH8QWHUQHKPHQQDFKZHLVHQ GDVVGHU=XVDW]VWRIISRVLWLYH:LUNXQJHQDXIGDV7LHUKDWXQGGDVVIUGLH*HVXQGKHLWYRQ 0HQVFKXQG7LHUVRZLHIUGLH8PZHOWNHLQH*HIDKUEHVWHKW.20

3K\VLNRFKHPLVFKH XQG SKDUPDNRNLQHWLVFKH (LJHQVFKDIWHQ DXVJHZlKOWHU

$QWLELRWLND

$QWLELRWLNDZHUGHQKLQVLFKWOLFKLKUHU:LUNXQJDXIGDV%DNWHULHQZDFKVWXPDOVEDNWHUL]LG E]Z EDNWHULRVWDWLVFK EH]HLFKQHW 'LH HUIROJUHLFKH :LUNXQJ JHJHQ %DNWHULHQ LVW YRQ GHU .RQ]HQWUDWLRQGHUDQWLEDNWHULHOOZLUNHQGHQ6XEVWDQ]DP,QIHNWLRQVRUWDEKlQJLJ6LHPXVV KRFKJHQXJVHLQXPHLQHEDNWHUL]LGHRGHUEDNWHULRVWDWLVFKH:LUNXQJHU]LHOHQ]XN|QQHQ 'LH $QZHQGXQJ EDNWHULRVWDWLVFK ZLUNHQGHU $QWLELRWLND VHW]W HLQ IXQNWLRQVWFKWLJHV

$EZHKUV\VWHP LP ]X EHKDQGHOQGHQ 2UJDQLVPXV YRUDXV GD GHU %HJLQQ GHU NOLQLVFKHQ :LUNVDPNHLW VLFK HUVW QDFK ]ZHL ELV GUHL 7DJHQ %HKDQGOXQJVGDXHU HUNHQQHQ Ol‰W %HL

(18)

EDNWHUL]LGZLUNHQGHQ$QWLELRWLNDWULWWHLQVRIRUWLJHU=HOOWRGGHV]XEHNlPSIHQGHQ.HLPHV HLQHLQH:LUNVDPNHLWLVWLQGLHVHP)DOOQDFKHLQELV]ZHL7DJHQ]XEHREDFKWHQ.URNHUHW DO

7HWUD]\NOLQH

7HWUD]\NOLQH EHVWHKHQ DXV HLQHP 1DSKWKDFHQ.HUQ $EELOGXQJ XQG VLQG NDXP ZDVVHUO|VOLFK LKUH GD]XJHK|ULJHQ +\GURFKORULGH ZHLVHQ GDJHJHQ HLQH EHVVHUH :DVVHUO|VOLFKNHLWDXI6LHVLQGUHODWLYVWDELOLQ6lXUHDEHUQLFKWLPEDVLVFKHQ0LOLHXXQG IRUPHQ6DO]HLQEHLGHQ0HGLHQ+DOOLQJ6¡UHQVHQHWDO'LHYHUVFKLHGHQHQ'HULYDWH LQQHUKDOE GHU 7HWUD]\NOLQJUXSSH ZLH ]% &KORU RGHU 2[\WHWUD]\NOLQ XQWHUVFKHLGHQ VLFK OHGLJOLFKGXUFKNOHLQH9HUlQGHUXQJHQDQGHU0ROHNOVWUXNWXU$EELOGXQJ7HWUD]\NOLQH ]HLJHQ HLQH KRKH $IILQLWlW ]X SRO\YDOHQWHQ .DWLRQHQ]% 0DJQHVLXP .DO]LXP (LVHQ XQWHUGHU%LOGXQJYRQ&KHODWYHUELQGXQJHQ$XVGLHVHP*UXQGN|QQHQVLFK7HWUD]\NOLQHLQ

=lKQHQ .QRFKHQ XQG .QRUSHO DEODJHUQ YRU DOOHP ZHQQ VLH LQ GHU :DFKVWXPVSKDVH YHUDEUHLFKW ZHUGHQ %UJJHPDQQ HW DO 'LH RUDOH %LRYHUIJEDUNHLW LVW VWDUN DEKlQJLJYRP)OOXQJV]XVWDQGGHV0DJHQVXQGGHU=XVDPPHQVHW]XQJGHUYHUDEUHLFKWHQ 1DKUXQJ6LHEHWUlJWGXUFKVFKQLWWOLFKFD.URNHU

$EELOGXQJ 6WUXNWXUGHU7HWUD]\NOLQH5 5HVW.URNHUHWDO

7HWUD]\NOLQH ZHUGHQ MH QDFK 7LHUDUW ]X YHUlQGHUOLFKHQ $QWHLOHQ LQ DNWLYHU )RUP UHQDO GXUFK JOREXOlUH )LOWUDWLRQ1LHUH RGHU EHU GLH )l]HV DXVJHVFKLHGHQ 'LH $QWHLOH GHU DXVJHVFKLHGHQHQDQGHQYHUDEUHLFKWHQ6XEVWDQ]PHQJHQVLQGMHQDFK$SSOLNDWLRQVDUWXQG YHUDEUHLFKWHU 7HWUD]\NOLQVXEVWDQ] XQWHUVFKLHGOLFK N|QQHQ DEHU ELV ]X GHU HLQJHVHW]WHQ 7HWUD]\NOLQPHQJH EHWUDJHQ .URNHU :LQFNOHU XQG *UDIH 7HWUD]\NOLQHN|QQHQRUDOEHUGDV7ULQNZDVVHULQJHO|VWHU)RUPYRUDOOHPEHL*HIOJHO E]Z DOV 3XOYHU EHU GDV )XWWHU VRZLH SDUHQWHUDO YHUDEUHLFKW ZHUGHQ 'LH HQWHUDOH

(19)

5HVRUSWLRQ VRZLH GLH 3URWHLQELQGXQJ XQG GLH 8ULQDXVVFKHLGXQJ LVW MH QDFK 7LHUDUW XQG YHUDEUHLFKWHP7HWUD]\NOLQXQWHUVFKLHGOLFK7DEHOOH

7DEHOOH 3KDUPDNRNLQHWLVFKH'DWHQYRQ7HWUD]\NOLQHQ.URNHUHWDO 6XEVWDQ] (QWHUDOH

5HVRUSWLRQ

+DOEZHUWV]HLW K

3URWHLQELQGXQJ

8ULQDXV VFKHLGXQJ

7HWUD]\NOLQ ELV+XQG

ELV0HQVFK

.DOE+XQG 0HQVFK

+XQG5LQG 0HQVFK

+XQG0HQVFK

&KORUWHWUD]\NOLQ +XQG 0HQVFK.DOE

+XQG.DOE 0HQVFK

+XQG5LQG FD0HQVFK

0HQVFKFD

2[\WHWUD]\NOLQ 0HQVFK +XKQ ELV3IHUG 0HQVFK

0HQVFK

(VJHOWHQ'RVLHUXQJVPHQJHQIU7HWUD]\NOLQHYRQHWZD±PJNJMH7DJIU.lOEHU 6FKZHLQH+XQGHXQGIU+XKQ7DXEH±PJNJMH7DJ'LH:DUWH]HLWHQEHWUDJHQ QDFK SDUHQWHUDOHU 9HUDEUHLFKXQJ 2[\WHWUD]\NOLQ E]Z 7HWUD]\NOLQ 7DJH QDFK RUDOHU*DEH7DJH.URNHUHWDO

%HLIHXFKWHU/DJHUXQJGHU7HWUD]\NOLQH/LFKWHLQZLUNXQJXQGKRKHQ7HPSHUDWXUHQELOGHQ VLFK EHU 'HK\GUDWDWLRQ (SL (SLDQK\GUR RGHU $QK\GURSURGXNWH GLH ]ZDU QLFKW DQWLELRWLVFK ZLUNVDP VLQG VLFK DEHU XQWHU EHVWLPPWHQ 8PVWlQGHQ ZLHGHU ]XU +DXSWVXEVWDQ]XPZDQGHOQN|QQHQ.URNHUHWDO.URNHU.KQHHWDO 5FNVWlQGH ODVVHQ VLFK LQ 1LHUH /HEHU 0XVNXODWXU 0LOFK XQG (LHUQ ILQGHQ .URNHU %HL ]XP 9HU]HKU EHVWLPPWHQ 7LHUHQ PXVV YRU GHU 6FKODFKWXQJ HLQH :DUWH]HLW HLQJHKDOWHQ ZHUGHQ 7HWUD]\NOLQH ZLUNHQ EDNWHULRVWDWLVFK ,QGLNDWLRQVJHELHWH VLQG ,QIHNWLRQHQGHU$WHPZHJHGHV8URJHQLWDOXQGGHV0DJHQ'DUP7UDNWHVVRZLHGHU+DXW .URNHUHWDO

6XOIRQDPLGH

6XOIRQDPLGH VLQG QDKH]X XQO|VOLFK LQ :DVVHU IRUPHQ DEHU 6DO]H LP VWDUN VDXUHQ RGHU EDVLVFKHQ 0LOLHX ZHOFKH JXW ZDVVHUO|VOLFK VLQG ,QJHUVOHY XQG +DOOLQJ6¡UHQVHQ 7DEHOOH ,P 6WRIIZHFKVHO GHV :DUPEOWHURUJDQLVPXV NRPPHQ 6XOIRQDPLGH LQ GUHL +DXSWIRUPHQYRUDOVIUHLHVVRZLHDOVDQ3ODVPDSURWHLQHJHEXQGHQHV6XOIRQDPLGXQGDOV

(20)

DFHW\OLHUWH9HUELQGXQJ/HW]WHUHELOGHWGDV+DXSWDEEDXSURGXNW.URNHUHWDO'HU DQ 3URWHLQH JHEXQGHQH 7HLO NDQQ QLFKW DQWLEDNWHULHOO ZLUNHQ :LUNVDP LVW QXU GDV IUHLH QLFKWDFHW\OLHUWH6XOIRQDPLG$EELOGXQJ'LH$XVVFKHLGXQJHUIROJWKDXSWVlFKOLFKGXUFK GLH1LHUH$OVDQGHUHMHGRFKPHQJHQPl‰LJXQEHGHXWHQGHUH$XVVFKHLGXQJVZHJHNRPPHQ

*DOOH3DQFUHDVXQG0DJHQVDIW%URQFKLDOVHNUHW6SHLFKHOXQG0LOFKLQ)UDJH.URNHUHW DO

:LH DXFK EHL GHQ 7HWUD]\NOLQHQ ZHUGHQ GLH 6XOIRQDPLGH JU|‰WHQWHLOV LQ XQYHUlQGHUWHU DOVRFKHPRWKHUDSHXWLVFKDNWLYHU)RUPDXVJHVFKLHGHQ(LQ7HLOGHU6XOIRQDPLGHZLUGDOV XQZLUNVDPH 0HWDEROLWHQ YRU DOOHP $FHW\OGHULYDWH *OXFXURQLGH XQG .RQMXJDWH PLW 6FKZHIHOVlXUHEHUGHQ+DUQDEJHJHEHQ.URNHUHWDO6WXGLHQYRQ%HUJHUHWDO XQG /DQJKDPPHU ZLHVHQEHL 6FKZHLQHQ$XVVFKHLGXQJVPHQJHQ YRQ GHUHLQJHVHW]WHQ6XEVWDQ]QDFK$XFKEHLGHQ6XOIRQDPLGHQYDULLHUHQGLH0HQJHQMH QDFK7LHUXQG$SSOLNDWLRQVDUW

,P$OOJHPHLQHQZHUGHQ6XOIRQDPLGHYRUDOOHPDXFKLKUHZDVVHUO|VOLFKHQ1DWULXP6DO]H QDFKRUDOHU$SSOLNDWLRQJXWUHVRUELHUW6XOIDGLD]LQKDWHLQH+DOEZHUWV]HLWLQ3ODVPDXQG

%OXWYRQDFKW6WXQGHQEHLP6FKZHLQVRZLH]HKQELV6WXQGHQEHLP0HQVFKHQ'DJHJHQ ZHLVW6XOIDPHWKD]LQHLQHNU]HUH+DOEZHUWV]HLWEHLP0HQVFKHQDXI6WXQGHQXQG HLQHOlQJHUHEHLP6FKZHLQ6WXQGHQ.URNHUHWDO

,QGHUSUDNWLVFKHQ7KHUDSLHZHUGHQ6XOIRQDPLGHKlXILJLQYHUVFKLHGHQHQ.RPELQDWLRQHQ XQWHUHLQDQGHUDQJHZHQGHW'LH7DJHVGRVLVYDULLHUWMHQDFKYHUZHQGHWHP6XOIRQDPLG%HL 6XOIDPHWKD]LQ EHWUlJW VLH EVSZ ELV PJNJ MH 7DJ XQG LVW GDPLW PLW GHU GHU 7HWUD]\NOLQHYHUJOHLFKEDU'LH:DUWH]HLWHQEHWUDJHQEHLSDUHQWHUDOHU$SSOLNDWLRQMHQDFK 7LHUDUWVHFKV6FKDIELV]Z|OI+XKQ7DJHVRZLHQDFKRUDOHU*DEHDFKW6FKDIELV +XKQ7DJH.URNHUHWDO

$EELOGXQJ 6WUXNWXUDXVJHZlKOWHU6XOIRQDPLGH+DOOHUHWDO

6XOIDGLD]LQ 6XOIDPHWKD]LQ

(21)

,QGLNDWLRQHQ IU GLH $QZHQGXQJ YRQ 6XOIRQDPLGHQ VLQG XD ,QIHNWLRQHQ ZLH 0DJHQ 'DUP(QW]QGXQJ6DOPRQHOOHQ7R[RSODVPRVHXQG(QW]QGXQJHQGHV8URJHQLWDOWUDNWHV +LHU KDW VLFK YRU DOOHP GHU V\QHUJLVWLVFKH (IIHNW YRQ 7ULPHWKRSULP EHZlKUW HLQHP

$QWLPHWDEROLWHQZHOFKHUGLH6XOIRQDPLGHLQGHU:LUNVDPNHLWSRWHQ]LHUW6HTXHQWLDOHIIHNW DXI GLH EDNWHULHOOH XQG SURWR]RDOH )ROVlXUHV\QWKHVH 5FNVWlQGH GHU 6XOIRQDPLGH XQG YRQ 7ULPHWKRSULP ILQGHQ VLFK EHL 1LFKWHLQKDOWXQJ GHU YRUJHVFKULHEHQHQ :DUWH]HLWHQ LQ GHU0XVNXODWXULP)HWWLQ/HEHUXQG1LHUH.URNHU

,Q 7DEHOOH VLQG HLQLJH GHU XPZHOWUHOHYDQWHQ (LJHQVFKDIWHQ GHU LQ GHU YRUOLHJHQGHQ

$UEHLWXQWHUVXFKWHQ$QWLELRWLNDDXIJHIKUW'LH+HQU\.RQVWDQWHEHVFKUHLEWGDV9HUKlOWQLV ]ZLVFKHQ3DUWLDOGUXFNLQGHU/XIWXQGGHU*OHLFKJHZLFKWVNRQ]HQWUDWLRQLP:DVVHU6LHLVW DEKlQJLJ YRQ 'UXFN 7HPSHUDWXU XQG GHQ ,QKDOWVVWRIIHQ GHV :DVVHUV'LH DXIJHIKUWHQ

$QWLELRWLND ZHLVHQ HLQH JHULQJH )OFKWLJNHLWYRQ XQWHU 3DOPRODXI VR GDVV PLW NHLQHU QHQQHQVZHUWHQ9RODWLOLWlW ]X UHFKQHQ LVW 5|PSS 'LH 6lXUHNRQVWDQWH S.V EHVFKUHLEW GHQ S+:HUW EHL GHP GLH 6lXUHJUXSSHQ+,RQHQ GHU :LUNVWRIIH ]X GLVVR]LLHUWVLQG'HUQ2FWDQRO:DVVHU9HUWHLOXQJVNRHIIL]LHQWORJ.RZLVWHLQ0D‰IUGLH )HWWO|VOLFKNHLW DOVR GLH 9HUWHLOXQJ HLQHU 6XEVWDQ] ]ZLVFKHQ SRODUHU :DVVHU XQG XQSRODUHUQ2FWDQRO3KDVH'LHXQWHUVXFKWHQ:LUNVWRIIHZHLVHQHLQHQQLHGULJHQORJ.RZ DXI VR GDVV PLW HLQHU JXWHQ :DVVHUO|VOLFKNHLW XQG VRPLW HLQHP JHULQJHQ

%LRDNNXPXODWLRQVSRWHQWLDO]XUHFKQHQLVW

7DEHOOH 8PZHOWUHOHYDQWHSK\VLNRFKHPLVFKH(LJHQVFKDIWHQZLH/|VOLFKNHLW

9RODWLOLWlW6lXUHNRQVWDQWHS.VXQG2NWDQRO:DVVHU9HUWHLOXQJVNRHIIL]LHQW ORJ.RZDXVJHZlKOWHU9HWHULQlUDQWLELRWLND5|PSS7KLHOH%UXKQ D

6XEVWDQ] 6XPPHQIRUPHO 0ROPDVVH JPRO

/|VOLFK NHLW PJO

+HQU\

.RQVWDQWH 3DOPRO

S.V ORJ .RZ

7HWUD]\NOLQ &+12 [

&KORUWHWUD]\NOLQ &+&,12 [ 2[\WHWUD]\NOLQ &+12 [ 6XOIDPHWKD]LQ &+126 [ 6XOIDGLD]LQ &+126

(22)

3HUVLVWHQ]YRQ7LHUDU]QHLPLWWHOQLQYHUVFKLHGHQHQ0HGLHQ

'LH ]XP =HLWSXQNW GHU $XVEULQJXQJ YRUOLHJHQGHQ *HKDOWH GHU $QWLELRWLND LQ GHQ :LUWVFKDIWVGQJHUQ VLQG YRQ HLQHU 5HLKH YRQ (LQIOXVVIDNWRUHQ DEKlQJLJ (LQH ZLFKWLJH 5ROOH VSLHOW YRU DOOHP EHL *OOH GHU 9HUGQQXQJVHIIHNW GXUFK EHUHLWV YRUKDQGHQH XQEHODVWHWH*OOHVRZLHGLHZHLWHUH9HUPLVFKXQJPLWDQWLELRWLNDIUHLHQ$XVVFKHLGXQJHQLP

$QVFKOXVV DQ GHQ %HKDQGOXQJV]HLWUDXP 'LHVHU (IIHNW LVW DEHU DXFK EHL )HVWPLVW ]X EHDFKWHQGDKLHUQHEHQGHU=XIXKUYRQXQEHODVWHWHP0LVWDXFK6WURK]XJHIKUWZLUG$OV (LQIOXVVIDNWRUHQDXIGDV/DJHUYHUKDOWHQYRQ$QWLELRWLNDLQ:LUWVFKDIWVGQJHUQNRPPHQLQ HUVWHU /LQLH 6XEVWUDWWHPSHUDWXU 6DXHUVWRIIYHUVRUJXQJ E]Z 6DXHUVWRIIHLQWUDJ /DQJKDPPHU XQG SK\VLNDOLVFKFKHPLVFKH (LJHQVFKDIWHQ GHU 0DWUL[ ZLH GHU S+

:HUW .URNHU LQ )UDJH (V H[LVWLHUHQ ]X GLHVHU )UDJHVWHOOXQJ ELVODQJ QXU ZHQLJH 8QWHUVXFKXQJHQGLHLP)ROJHQGHQYRUJHVWHOOWZHUGHQ

,Q GHU 5HJHO ZHUGHQ :LUWVFKDIWVGQJHU QDFK XQWHUVFKLHGOLFKHU /DJHUXQJV]HLW DXI GHQ

%RGHQ DXIJHEUDFKW )HVWPLVW DXV GHU 0DVWKlKQFKHQSURGXNWLRQ ZLUG KlXILJ DXI 0LVWODJHUVWlWWHQRGHUDP)HOGUDQG]ZLVFKHQJHODJHUWE]ZZlKUHQGGHU9HJHWDWLRQVSHULRGH VRIRUW DOV 'QJHU DXVJHEUDFKW *OOH ZLUG XQWHUKDOE GHU 6SDOWHQE|GHQ JHODJHUW E]Z LQ HLQHP)OLH‰PLVWV\VWHPDXVGHP6WDOOEHUHLQH9RUJUXEHLQHLQHQ*OOHEHKlOWHUJHI|UGHUW DXVGHPGDQQLQXQUHJHOPl‰LJHQ$EVWlQGHQGLH*OOH]XP$XVEULQJHQDEJHSXPSWZLUG -HQDFK-DKUHV]HLW:LWWHUXQJVODJHXQG/DJHUXQJVNDSD]LWlWYDULLHUHQGLH/DJHU]HLWHQGDKHU YRQHLQLJHQ:RFKHQELV]XEHUVHFKV0RQDWHQ'LH$XVEULQJXQJYRQ:LUWVFKDIWVGQJHUQ DXI ODQGZLUWVFKDIWOLFK JHQXW]WH )OlFKHQLVW LQ GHU 'QJHYHURUGQXQJ JHUHJHOW 'QJH92 6R GUIHQ :LUWVFKDIWVGQJHU QLFKW DXI JHIURUHQHQ %RGHQ VRZLH ]ZLVFKHQ 0LWWH 1RYHPEHUXQG0LWWH-DQXDUDXVJHEUDFKWZHUGHQ

$XVO|VHUIUGLHLPPHUQRFKDQKDOWHQGH'LVNXVVLRQXP5FNVWlQGHYRQ7LHUDU]QHLPLWWHOQ LQ GHU 8PZHOW ZDU LQ GHQ HU -DKUHQGHV -DKUKXQGHUWVXD GHU 1DFKZHLV GHUGLH 'XQJIDXQD VFKlGLJHQGHQ :LUNXQJ YRQ ,YHUPHFWLQ +DQGHOVQDPH ,YRPHFŠ HLQHP ]XU 6XEVWDQ]JUXSSHGHU$YHUPHFWLQH]lKOHQGHQ%UHLWEDQG$QWLSDUDVLWLNXP:DOOXQG6WURQJ NRQQWHQQDFK9HUDEUHLFKXQJYRQ,YHUPHFWLQDOV%ROXVNRQWLQXLHUOLFKH$EJDEHYRQ

—JNJ /HEHQGPDVVH MH 7DJ HLQHQ (LQIOXVV DXI GLH GXQJDEEDXHQGHQ ,QVHNWHQ

&ROHRSWHUD 'LSWHUD $QQHOLGHQ XQG &HQWLSHGHV QDFKZHLVHQ (V ]HLJWHQ VLFK HLQH 9HUPLQGHUXQJ GHU 'XQJNlIHUDQ]DKO VRZLH HLQ XQYROOVWlQGLJHU $EEDX GHU )ODGHQ $XFK 6FKDSHU XQG /LHELVFK XQWHUVXFKWHQ .XKIODGHQ YRQ PLW ,YHUPHFWLQ EHKDQGHOWHQ .KHQVWHOOWHQDEHUEHLGHQEHREDFKWHWHQ,QVHNWHQ'LSWHUD0XVFLGDH)OLHJHQ6HSVLGDH

(23)

6FKZLQJIOLHJHQEH]JOLFK%HVLHGHOXQJXQG8PVHW]XQJGHU.XKIODGHQNHLQH8QWHUVFKLHGH IHVW$OOHUGLQJVQDKPGLH6FKOXSIUDWHYRQ'LSWHUDXPDE

6FKOLH‰OLFK ZLHVHQ 6WURQJ HW DO QDFK GDVV .XKIODGHQ GLH YRQ PLW ,YHUPHFWLQ EHKDQGHOWHQ 7LHUHQ VWDPPWHQ HLQH YHUPLQGHUWH ,QVHNWHQDQ]DKO YRQ&ROHRSWHUD XQG 'LSWHUD LP *HJHQVDW] ]X PLW )HQEHQGD]ROGXUFKVHW]WHQ )ODGHQ]HLJWHQ $XFK ZDU GLH .XKIODGHQEHVFKDIIHQKHLWQDFKVHFKV:RFKHQEHL,YHUPHFWLQQRFKIHVWXQGNRPSDNWEHL )HQEHQGD]ROGDJHJHQVFKRQNUPHOLJXQGN|UQLJ

-DJQRZIKUWHVFKRQLQGHQHU-DKUHQGHV-DKUKXQGHUWV8QWHUVXFKXQJHQ]XP 9HUKDOWHQ YRQ DQWLELRWLVFK ZLUNHQGHQ 6XEVWDQ]HQ LQ :LUWVFKDIWVGQJHU GXUFK 0LWWHOV PLNURELRORJLVFKHU 7HVWYHUIDKUHQ XQG HLQHP LQYLWUR$QVDW] ZXUGHQ GLH $QWLELRWLND 7HWUD]\NOLQ )ODYRSKRVSKROLSRO =LQN%DFLWUDFLQ XQG 6SLUDP\FLQ DXI LKUH 6WDELOLWlW LQ +KQHUNRWJHWHVWHW%LVDXI=LQN%DFLWUDFLQGDVDXIPJNJLQ+KQHUNRWHLQJHVWHOOW ZXUGHZXUGHQGLHDQGHUHQ:LUNVWRIIHPLWPJNJJHSUIW=LQN%DFLWUDFLQZDUQDFK QHXQ7DJHQYROOVWlQGLJLQDNWLYLHUW)ODYRSKRVSKROLSROHUVWQDFK:RFKHQ6SLUDP\FLQ GDJHJHQ ZXUGH LQ GHQ HUVWHQ ]ZHL :RFKHQ UDVFK ± DEJHEDXW VSlWHU MHGRFK GHXWOLFKODQJVDPHUVRGDVVQDFKYLHU:RFKHQQRFKFDYRUKDQGHQZDUHQ'HU$EEDX YRQ 7HWUD]\NOLQ YHUOLHI HEHQIDOOV UHODWLY ODQJVDP VHOEVW QDFK ]Z|OI :RFKHQ ,QNXEDWLRQV]HLW ZDU QRFK HWZD HLQ 'ULWWHO GHU DQWLEDNWHULHOOHQ $NWLYLWlW YRUKDQGHQ ,Q 9DULDQWHQLQGHQHQHLQ.RW%RGHQ*HPLVFKJHWHVWHWZXUGHLP9HUKlOWQLV.RW]X%RGHQ YRQHUIROJWHGHU$EEDXDOOHUJHWHVWHWHQ$QWLELRWLNDGHXWOLFKVFKQHOOHU

$XFK :DUPDQ XQG 7KRPDV XQWHUVXFKWHQ GLH PLNURELHOOH $NWLYLWlW YRQ

&KORUWHWUD]\NOLQLQ+KQHUNRWJHPLVFKWPLW%RGHQ6LHVWHOOWHQIHVWGDVV&KORUWHWUD]\NOLQ LQ .RQ]HQWUDWLRQHQ YRQ E]Z —JJ EHU 7DJH NHLQHQ (IIHNW DXI GLH

%RGHQDWPXQJ KDWWH 'LH $XWRUHQ YHUPXWHWHQ DXIJUXQG GLHVHU (UJHEQLVVH GDVV

&KORUWHWUD]\NOLQEHLLQGHQ%RGHQHLQJHDUEHLWHWHP+KQHUNRWQLFKWPHKUQDFKZHLVEDUVHL 1HXHUH8QWHUVXFKXQJHQZLHGHUXPYRQ*DYDOFKLQXQG.DW]HUJDEHQHLQH5HGXNWLRQ GHUPLNURELHOOHQ$NWLYLWlWYRQ%DFLOOXVFHUHXVLQPLW+KQHUNRWLP9HUKlOWQLVPLW

%RGHQYHUPLVFKWHP0HGLXPXPQDFK7DJHQEHLƒ&%RGHQWHPSHUDWXU%HL E]Zƒ&ZDUHQQRFKELV5HVWDNWLYLWlWIHVWVWHOOEDUZDVDOVHLQ+LQZHLVDXIGLH DXVJHSUlJWH7HPSHUDWXUDEKlQJLJNHLWEHLP$EEDXYRQ&KORUWHWUD]\NOLQLQWHUSUHWLHUWZXUGH $QPHUNXQJ )HQEHQGD]RO LVW HEHQIDOOV HLQ $QWLSDUDVLWLNXP MHGRFK DXV GHU :LUNVWRIIJUXSSHGHU%HQ]LPLGD]ROH

(24)

1HEHQ +KQHUNRW ZXUGH DXFK LQ 5LQGHUPLVW GLH 6WDELOLWlW YRQ $QWLELRWLND XQWHUVXFKW (OPXQGHWDOJDEHQDQMXQJH5LQGHUPJ7LHU7DJ&KORUWHWUD]\NOLQ,PIULVFKHQ 5LQGHUPLVW NRQQWHQ VLH EHU HLQHQ %LRDVVD\ —JJ &KORUWHWUD]\NOLQ QDFKZHLVHQ LP JHDOWHUWHQ0LVWLPPHUQRFK—JJ6LHHUPLWWHOWHQ+DOEZHUWV]HLWHQYRQVLHEHQ7DJHQ EHLƒ&,QNXEDWLRQVWHPSHUDWXUEHLELVƒ&+DOEZHUWV]HLWHQYRQEHUYLHU:RFKHQ ,QXQEHKDQGHOWHP5LQGHUPLVWZXUGHGHXWOLFKPHKURUJDQLVFKH0DVVHDEJHEDXWDOVLQPLW

&KORUWHWUD]\NOLQYHUVHW]WHP0LVW

'LHVH(UJHEQLVVHZXUGHQGXUFKMQJVWH6WXGLHQYRQ'H/LJXRURHWDOEHVWlWLJWLQ GLHVHU8QWHUVXFKXQJZXUGHPJNJ2[\WHWUD]\NOLQMH7DJE]ZPJNJ7\ORVLQMH 7DJDQ.lOEHUYHUDEUHLFKW:lKUHQG7\ORVLQUDVFKGHJUDGLHUWHXQGVFKRQQDFK7DJHQ LP 0LVW QLFKW PHKU QDFKZHLVEDU ZDU ]HLJWH 2[\WHWUD]\NOLQ HLQH +DOEZHUWV]HLW YRQ 7DJHQ XQG ZDU DXFK QDFK HLQHU IQIPRQDWLJHQ 5HLIXQJ GHV 0LVWHV QRFK LQ .RQ]HQWUDWLRQHQ YRQ —JNJ GHWHNWLHUEDU 3DWWHQ HW DO SUIWHQ GHQ

=XVDPPHQKDQJ YRQ PLW $QWLELRWLND EHODVWHWHP 5LQGHUPLVW —JJ 7HWUD]\NOLQ

—JJ2[\WHWUD]\NOLQXQGGHU6WLFNVWRIIPLQHUDOLVDWLRQLP%RGHQ6LHIDQGHQNHLQHQ 8QWHUVFKLHGLQGHU%DNWHULHQDQ]DKOXQGNHLQH'LIIHUHQ]LQGHU6WLFNVWRIIPLQHUDOLVDWLRQLP

%RGHQ EHL (LQEULQJXQJ YRQ DQWLELRWLNDEHODVWHWHP XQG IUHLHP 5LQGHUPLVW LQ HLQHU

=HLWVSDQQHYRQ7DJHQ

(UVWH 8QWHUVXFKXQJHQ ]XU 3HUVLVWHQ] YRQ DQWLELRWLVFK ZLUNHQGHQ 7LHUDU]QHLPLWWHOQ LQ 6FKZHLQHJOOH IDQGHQ 0LWWH GHU HU -DKUH GHV -DKUKXQGHUWV VWDWW 'HU DQDO\WLVFKH 1DFKZHLV GHU $QWLELRWLND HUIROJWH DE GLHVHP =HLWUDXP PLW +LOIH GHU +3/&7HFKQLN

%HUJHU HW DO ZLHVHQ EHL 6FKZHLQHQ QDFK GDVV HLQPDOLJSDUHQWHUDO YHUDEUHLFKWHV

&KORUDPSKHQLFRO EHUHLWV QDFK 6WXQGHQ YROOVWlQGLJ DXVJHVFKLHGHQ ZDU (EHQIDOOV YHUDEUHLFKW ZXUGH 6XOIDGLPLGLQ GHVVHQ $XVVFKHLGXQJ QDFK 0HGLNDWLRQVHQGH lKQOLFK VFKQHOO HUIROJWH GHV YHUDEUHLFKWHQ 6XOIDGLPLGLQV OLH‰HQ VLFK LQ GHU *OOH ZLHGHUILQGHQ GDYRQ DQWHLOLJ DOV 1$FHW\O6XOIDGLPLGLQ %HL GHU DQVFKOLH‰HQGHQ

*OOHODJHUXQJ ZXUGH GLHVHU 0HWDEROLW GXUFK PLNURELHOOHQ]\PDWLVFKH 3UR]HVVH ]XP ELRORJLVFKDNWLYHQ$U]QHLVWRIIJHVSDOWHQVRGDVVGDGXUFKHLQHVHKUYLHOK|KHUHXQG]HLWOLFK OlQJHU DQKDOWHQGH 6XOIDGLPLGLQEHODVWXQJ LQ GHU *OOH JHPHVVHQ ZXUGH DOV ]XYRU DQJHQRPPHQ ,QQHUKDOE YRQ 7DJHQ QDKP GLH 6XOIDGLPLGLQNRQ]HQWUDWLRQ YRQ PJNJDXIPJNJDE

'LHVHV(UJHEQLVNRQQWHZHQLJVSlWHUGXUFKHLQHDQGHUH8QWHUVXFKXQJEHVWlWLJWZHUGHQGLH DFKWWlJLJH0HGLNDWLRQHLQHV6FKZHLQHEHVWDQGHVPLWHLQHP.RPELQDWLRQVSUlSDUDWDXVGHQ

(25)

6XOIRQDPLGHQ 6XOIDPHWKD]LQ XQG 6XOIDGLD]RO VRZLH GHP 6XOIRQDPLG6\QHUJLVWHQ 7ULPHWKRSULP IKUWH LQ HLQHU 6WXGLH YRQ /DQJKDPPHU ]X *HVDPW6XOIRQDPLG .RQ]HQWUDWLRQHQLQNOXVLYHNRQMXJLHUWHU0HWDEROLWHYRQELV]XPJNJLQGHU*OOH'LH 5FNVWlQGH EDXWHQ VLFK LQ IQI :RFKHQ XP DE 7ULPHWKRSULP ZDU QLFKW PHKU QDFKZHLVEDU

.KQHHWDOHUPLWWHOWHQLQYLWUR+DOEZHUWV]HLWHQIU7HWUD]\NOLQLQ6FKZHLQHJOOH YRQQHXQ7DJHQEHLXQEHOIWHWHUE]Z7DJHQEHLEHOIWHWHU*OOH:LQFNOHUXQG*UDIH VWHOOWHQGDJHJHQXQWHUSUD[LVQlKHUHQ%HGLQJXQJHQO%HKlOWHUIU7HWUD]\NOLQ HLQH KRKH /DJHUVWDELOLWlW LQ 6FKZHLQHJOOH IHVW 1DFK VLHEHQ :RFKHQ KDWWH GLH .RQ]HQWUDWLRQLPJQVWLJVWHQ)DOOXPDEJHQRPPHQ'LH$XWRUHQOHLWHQGDUDXVHLQH JHJHQEHU.KQHHWDOGHXWOLFKOlQJHUH+DOEZHUWV]HLWIU7HWUD]\NOLQ]ZLVFKHQ XQG7DJHQDE'HU(LQIOXVVYRQ$XVJDQJVNRQ]HQWUDWLRQ8PJHEXQJVWHPSHUDWXUXQG /XIWHLQWUDJ GXUFK ]HLWZHLOLJHV $XIUKUHQ ZXUGH KLHU DOV JHULQJ HLQJHVFKlW]W %HLP 0DVWVFKZHLQZXUGHQ.RQ]HQWUDWLRQHQYRQELV]XPJNJLQIULVFKHQ([NUHPHQWHQEHL SUD[LVEOLFKHU 0HGLNDWLRQ HUPLWWHOW *UDIH 2ULHQWLHUHQGH $QJDEHQ ]X GHQ WDWVlFKOLFKLQGHU3UD[LVDQ]XWUHIIHQGHQ7HWUD]\NOLQ.RQ]HQWUDWLRQHQLQ*OOHILQGHQVLFK HEHQIDOOV EHL *UDIH ,P 5DKPHQ HLQHU 6FUHHQLQJ8QWHUVXFKXQJ YRQ 6FKZHLQHJOOHSUREHQ DXI 7HWUD]\NOLQ+&O(SL7HWUD]\NOLQ HQWKLHOWHQ GHU 3UREHQ 5FNVWlQGHREHUKDOEGHU%HVWLPPXQJVJUHQ]HYRQPJNJ'HUPLWWOHUH7HWUD]\NOLQ

*HKDOWEHWUXJPJNJEHLHLQHU6FKZDQNXQJVEUHLWH]ZLVFKHQXQGPJNJ /HLGHUNRQQWHQDXIJUXQGGHUDQRQ\PLVLHUWHQ3UREHQQDKPHNHLQH$QJDEHQ]XP=HLWSXQNW HLQHV 0HGLNDPHQWHQHLQVDW]HV RGHU GHU /DJHUXQJVEHGLQJXQJHQ GHU 6FKZHLQHJOOHQ HUKREHQZHUGHQ

+DOOHU HW DO ZLHVHQ PLWWHOV /&0606 LQ VHFKV 6FKZHLQHJOOHSUREHQ DXV 'XQJJUXEHQ LQ GHU 6FKZHL] 6XOIDPHWKD]LQ.RQ]HQWUDWLRQHQ YRQ PD[LPDO PJNJ HLQVFKOLH‰OLFK GHV 0HWDEROLWHQ 1$FHW\O6XOIDPHWKD]LQ QDFK 'LH .RQ]HQWUDWLRQ GHV QLFKW DQWLPLNURELHOO ZLUNHQGHQ 0HWDEROLWHQ ZDU ELV PDO QLHGULJHU DOV GLH GHU

$XVJDQJVVXEVWDQ]ZLH]XYRUVFKRQYRQ%HUJHUHWDOEHVFKULHEHQ6XOIDWKLD]ROZDU LQYLHU3UREHQPD[LPDOPJNJQDFKZHLVEDU7ULPHWKRSULPODJQXULQHLQHU3UREH LQVHKUQLHGULJHU.RQ]HQWUDWLRQYRUPJNJ+DOOHUHWDO

*OOHQPLWGHQHQQLHGHUVlFKVLVFKH%RGHQGDXHUEHREDFKWXQJVIOlFKHQEHDXIVFKODJWZXUGHQ HQWKLHOWHQFDPJNJ7HWUD]\NOLQVRZLHPJNJ&KORUWHWUD]\NOLQ+DPVFKHUHW DO

&DPSDJQRORHWDONRQQWHQPLWWHOV/&(6,06LQ6FKZHLQHJOOHSUREHQYRQ

(26)

QHXQ)DUPHQLQGHQ86$&KORU2[\XQG7HWUD]\NOLQ%HVWLPPXQJVJUHQ]H—JO QDFKZHLVHQ (EHQVR ODJHQ /LQFRP\FLQ PD[LPDO —JO 6XOIDPHWKD]LQ PD[LPDO

—JO 6XOIDGLPHWKR[LQ 7ULPHWKRSULP XQG (U\WKURP\FLQ DOOH PD[LPDO —JO YRU $XFK KLHU ZXUGHQ ZLH EHL *UDIH NHLQH 'DWHQ ]XU 9HUVFKUHLEXQJVSUD[LV GHU

%HWULHEHDQJHJHEHQ

,QHLQHUZHLWHUHQ6WXGLHZXUGH(VFKHULFKLD&ROLDOV%LRVHQVRUJHQXW]W]XP1DFKZHLVYRQ

&KORUWHWUD]\NOLQ %HVWLPPXQJVJUHQ]H PJNJ LQ GHQ $XVVFKHLGXQJHQ YRQ 6FKZHLQHQ+DQVHQHWDO=ZHL6FKZHLQHHUKLHOWHQPJ&KORUWHWUD]\NOLQMHNJ )XWWHU EHU GUHL 7DJH $Q 7DJ IQI QDFK $EVHW]HQ GHV $QWLELRWLNXPV ZXUGHQ .RQ]HQWUDWLRQHQ ELV ]X PJNJ LQ GHQ )DHFHV JHPHVVHQ XQG QRFKQDFK 7DJHQ NRQQWH&KORUWHWUD]\NOLQLP.RWQDFKJHZLHVHQZHUGHQ:HLWHUKLQVWHOOWHQGLH$XWRUHQDQ 7DJIQIHLQHQUDVFKHQ$QVWLHJGHU$Q]DKOWHWUD]\NOLQUHVLVWHQWHUNROLIRUPHU.HLPHIHVW /RNHHWDOVFKOLH‰OLFK]HLJWHQDXIGDVVEHVWLPPWH7LHUDU]QHLPLWWHOVWDUNDQ3DUWLNHO LQGHU6FKZHLQHJOOHDGVRUELHUHQ)U2[\WHWUD]\NOLQVWHOOWHQGLH$XWRUHQKHUDXVGDVVGLH 6RUSWLRQ VHKU YLHO K|KHU LVW DOV GHU UHODWLY QLHGULJH ORJ .RZ :HUW GHU 6XEVWDQ] VLHKH 7DEHOOH HV YHUPXWHQ OlVVW $OOHUGLQJV ZDU GLH %LQGXQJ YRQ 2[\WHWUD]\NOLQ DQ

%RGHQSDUWLNHOQRFKVWlUNHUDOVDQ*OOHSDUWLNHOZDVGXUFK0LQHUDOXQG0HWDOONRPSOH[H HUNOlUWZXUGHGLHVLFKLP%RGHQQLFKWDEHULQGHU*OOHEHIDQGHQ

1HXHVWH8QWHUVXFKXQJHQYRQ+DPVFKHUHWDOHUJDEHQQXQQHEHQGHU%HODVWXQJYRQ

*OOHE]Z)HVWPLVWDXFKHLQH.RQWDPLQDWLRQGHV6WDOOVWDXEHVPLWGLYHUVHQ$QWLELRWLND 6LHXQWHUVXFKWHQEHUPHKUHUH-DKUHGLH6WlXEHDXVHLQHP6FKZHLQHVWDOOXQGIDQGHQLQ YRQ3UREHQELV]XIQIYHUVFKLHGHQH$QWLELRWLNDGDUXQWHU7\ORVLQ&KORU2[\XQG 7HWUD]\NOLQ6XOIDPHWKD]LQXQG&KORUDPSKHQLFROLQ*HVDPW.RQ]HQWUDWLRQHQYRQELV PJNJ 6WDXE 'LH $XWRUHQ EHIUFKWHQ GDGXUFK JHVXQGKHLWOLFKH 5LVLNHQ IU GLH /DQGZLUWH

'XUFKVHQVLWLYHUH1DFKZHLVYHUIDKUHQGLHDXFKVHKUJHULQJH.RQ]HQWUDWLRQHQ0LNURE]Z 1DQRJUDPPEHUHLFKGHWHNWLHUHQN|QQHQYHUVFKLHGHQH7LHUDU]QHLPLWWHOPLWWOHUZHLOHDXFK LP0HGLXP:DVVHUQDFKJHZLHVHQZHUGHQ'HU(LQWUDJVSIDGLVWKLHUZHLWHVWJHKHQGEHU GLH *OOHDXVEULQJXQJ DXI ODQGZLUWVFKDIWOLFKH )OlFKHQ ]X VHKHQ 'DUEHU KLQDXV N|QQHQ ,QGXVWULHDEZlVVHU GHU $U]QHLPLWWHOSURGX]HQWHQ ]X HLQHP (LQWUDJ YRQ 3KDUPDND LQ )OLH‰JHZlVVHU IKUHQ ZREHL HV VLFK LQ GLHVHP )DOO QLFKW XP $U]QHLPLWWHO DXV GHU YHWHULQlUPHGL]LQLVFKHQ$QZHQGXQJKDQGHOW:RKODEHUN|QQHQ6XEVWDQ]HQQDFKJHZLHVHQ

(27)

ZHUGHQGLHVRZRKOLQGHU+XPDQDOVDXFKLQGHU9HWHULQlUPHGL]LQDQJHZHQGHWZHUGHQ +HEHUHUXQG6WDQ'DXJKWRQXQG7HUQHV

%HLHLQHUODQGHVZHLWHQ8QWHUVXFKXQJYRQ2EHUIOlFKHQJHZlVVHUQLQGHQ86$ZXUGHQ QHEHQ ]DKOUHLFKHQ DQGHUHQ 3KDUPD]HXWLND ZLH ]% $QWLDVWKPDWLND $OEXWHURO XQG

$QWLGHSUHVVLYD )OXR[HWLQ DXV GHU +XPDQPHGL]LQ DXFK GLYHUVH 9HWHULQlU XQG +XPDQDQWLELRWLNDLQGHUEHSUREWHQ)OVVHLQ.RQ]HQWUDWLRQHQYRQELV]X—JO IU &KORUWHWUD]\NOLQ E]Z —JO IU 7HWUD]\NOLQQDFKJHZLHVHQ .ROSLQ HW DO 6XOIRQDPLGHNRQQWHQELV]X—JO6XOIDPHWKR[D]ROE]Z—JO6XOIDPHWKD]LQ JHIXQGHQZHUGHQ

(EHQIDOOV LQ )OXVVZDVVHU DOOHUGLQJV LQ (QJODQG ZXUGHQ 0DNUROLGH 6XOIRQDPLGH XQG 7HWUD]\NOLQHLQ.RQ]HQWUDWLRQHQELV]X—JOGHWHNWLHUW:DWWVHWDO'LHP|JOLFKH

*UXQG XQG 2EHUIOlFKHQZDVVHUEHODVWXQJ GXUFK $QWLELRWLND ZXUGH YRQ 7KLHOH%UXKQ GDJHJHQDXIJUXQGGHU%RGHQSDVVDJHGHU6XEVWDQ]HQHKHUDOVJHULQJHLQJHVFKlW]W 'HU (LQWUDJ GHU 6XEVWDQ]HQ HUIROJW LQ GHU 5HJHO QLFKW GLUHNW VRQGHUQ EHU :LUWVFKDIWVGQJHUXQGGDPLWEHUGHQ%RGHQXQGLVWGDKHUHQJJHNRSSHOWDQGLHPLWGHU

%RGHQSDVVDJHYHUEXQGHQHQ6RUSWLRQVPHFKDQLVPHQ$XVGLHVHP*UXQGZLUGLPIROJHQGHQ .DSLWHOQRFKPDOVHUJlQ]HQGDXIGDV$XIWUHWHQYRQ7LHUDU]QHLPLWWHOQLP0HGLXP:DVVHU HLQJHJDQJHQ

9RUNRPPHQXQG0RELOLWlWYRQ7LHUDU]QHLPLWWHOQLQ%|GHQ

,P %RGHQ PRELOH 7LHUDU]QHLPLWWHO N|QQHQ ]% EHU GDV 6LFNHUZDVVHU LQV *UXQGZDVVHU JHODQJHQ (V PX‰ GDKHU LP +LQEOLFN DXI HLQH |NRWR[LNRORJLVFKH %HZHUWXQJ JHSUIW ZHUGHQLQZHOFKHU0HQJHGLHVH6WRIIHLP%RGHQYRUKDQGHQVLQGVRZLHREXQGZLHPRELO VLH VLQG (QWVFKHLGHQG EHL GHU 0RELOLWlW GHU 7LHUDU]QHLPLWWHO LP %RGHQ VLQG GLH 6RUSWLRQVQHLJXQJ HLQHV :LUNVWRIIHV E]Z GLH 0HFKDQLVPHQ GLH EHL GHU 6RUSWLRQ YRQ

$QWLELRWLNDDQ%RGHQEHVWDQGWHLOHEHWHLOLJWVLQG6WDUNVRUELHUHQGH6XEVWDQ]HQN|QQHQLQ GHU8PZHOWKLHUVSH]LHOOLP%RGHQDNNXPXOLHUHQ7ROOV+|SHUHWDOZREHL LQGLHVHP)DOOGLH9HUIJEDUNHLWGHU6XEVWDQ]HQIUGLHLP%RGHQOHEHQGHQ2UJDQLVPHQ YRQJUR‰HU%HGHXWXQJLVW

,Q9HUVXFKHQYRQ6DPXHOVHQHWDOGLH5FNVWlQGHYRQ2[\WHWUD]\NOLQEHUVHFKV 0RQDWH LQ NQVWOLFK DQJHOHJWHQ )LVFKIDUP6HGLPHQWHQ DXI 6WDELOLWlW GXUFK +3/&

1DFKZHLV XQG PLWWHOV%DFLOOXV FHUHXV DXI DQWLEDNWHULHOOH $NWLYLWlW WHVWHWHQ ZDU GLH

$QIDQJVNRQ]HQWUDWLRQ YRQ —JJ LP 6HGLPHQW DXFK QDFK VHFKV 0RQDWHQ QRFK

(28)

QDFKZHLVEDU (LQH DQWLEDNWHULHOOH :LUNXQJ YRQ 2[\WHWUD]\NOLQ EHVWDQG GDJHJHQ VFKRQ QDFK HLQHP 0RQDW QLFKW PHKU (UNOlUW ZLUG GLHV GXUFK GLH $GVRUSWLRQ DQ 7RQSDUWLNHO 6LWKROH XQG *X\ XQG GXUFK $QODJHUXQJ YRQ .DO]LXP XQG 0DJQHVLXPLRQHQ 2[\WHWUD]\NOLQ ZDU GHPQDFK JHJHQEHU GHQ %DNWHULHQ QLFKW PHKU ELRYHUIJEDU DEHU GHQQRFKQLFKWDEJHEDXW

1HXHUH hEHUVLFKWVDUWLNHO VWHOOHQ GLH YHUVFKLHGHQHQ ELVKHU EHNDQQWHQ

$GVRUSWLRQVNRHIIL]LHQWHQ DXVJHZlKOWHU 7LHUDU]QHLPLWWHO ]XVDPPHQ 7DEHOOH (LQLJH 6XEVWDQ]HQVLQGVHKUJXWZDVVHUO|VOLFKRGHUXQJHODGHQDQGHUH9HUELQGXQJHQVLQGGDJHJHQ K\GURSKRE RGHU LRQLVLHUHQ EHL IU %|GHQ W\SLVFKHQ S+:HUWHQ $XV GLHVHQ *UQGHQ YDULLHUHQGLH.HQQZHUWHGHU$GVRUSWLRQ.GYRQ$QWLELRWLNDLQ%|GHQHUKHEOLFK1HEHQ HLQHP K\GURSKREHQ 9HUWHLOXQJVYHUKDOWHQ XQG S+$EKlQJLJNHLW ZHUGHQ GDKHU ,RQHQELQGXQJHQ :DVVHUVWRIIEUFNHQELQGXQJHQ XQG .RPSOH[LHUXQJHQ DQ 3DUWLNHOREHUIOlFKHQDOV$GVRUSWLRQVPHFKDQLVPHQYHUPXWHW7ROOV

7DEHOOH $GVRUSWLRQVNRHIIL]LHQWHQDQGLH%RGHQPDWUL[.IDQGLHRUJDQLVFKH 6XEVWDQ]LP%RGHQ.RFVRZLHDQGLH7RQIUDNWLRQLP%RGHQ.7RQ

DXVJHZlKOWHUSKDUPD]HXWLVFKHU$QWLELRWLNDLQ%|GHQXQG:LUWVFKDIWVGQJHUQ .RF:HUWHVLQGQRUPLHUWDXIGHQRUJDQLVFKHQ.RKOHQVWRIIJHKDOW7ROOV 7KLHOH%UXKQE

$QWLELRWLNXP

.ODVVH 3UREHVXEVWDQ] .I

ONJ

.RF

ONJ

.7RQD

ONJ

7HWUD]\NOLQH 2EHUE|GHQ

.OlUVFKODPP*OOH

6XOIRQDPLGH 2EHUERGHQ

*OOH

0DNUROLGH 2EHUE|GHQ

7RQPLQHUDOH

*OOH

)OXRUFKLQRORQH 2EHUE|GHQ

.OlUVFKODPP

DEHUHFKQHWQDFK$QJDEHQE]Z6FKlW]ZHUWHQGHV7RQJHKDOWHVGHU%|GHQQDFK.7RQ .I7RQ[

$QWLELRWLND ZHUGHQ QDFK 6LWKROH XQG *X\ LQ %|GHQ YRU DOOHP DQ RUJDQLVFKHQ

%RGHQEHVWDQGWHLOHQ IHVWJHOHJW 5DE¡OOH XQG 6SOLLG XQWHUVXFKWHQ GDV 6RUSWLRQVYHUKDOWHQYRQ2[\WHWUD]\NOLQXQG7\ORVLQLQYHUVFKLHGHQHQ%RGHQW\SHQ6DQG VDQGLJHU /HKP OHKPLJHU 6DQG 2[\WHWUD]\NOLQ ]HLJWH HLQH VWDUNH 6RUSWLRQ DQ

(29)

%RGHQSDUWLNHO ZREHL MHGRFK GLH MHZHLOLJHQ %RGHQW\SHQ NHLQHQ 8QWHUVFKLHG PDFKWHQ 7\ORVLQ VRUELHUWH PLW VWHLJHQGHP 7RQDQWHLO LP %RGHQ VLJQLILNDQW VWlUNHU DQ GLH

%RGHQIUDNWLRQ ELV GHV 7\ORVLQV ZXUGHQ LQ VDQGLJHP /HKP LQ FP 7LHIH YHUODJHUWLQ6DQGERGHQGDJHJHQELVLQFP7LHIH

,QHLQHUZHLWHUHQ6WXGLHZXUGHGDV6RUSWLRQVYHUKDOWHQYRQ6XOIDFKORUS\ULGD]LQLQHLQHP 7RQXQGHLQHP6DQGERGHQXQWHUVXFKW%R[DOOHWDO'LH$XWRUHQ]HLJWHQGDVVGDV 6XOIRQDPLGQDFK$XIEULQJXQJDXI7RQERGHQHLQHJHULQJH6RUSWLRQVQHLJXQJDXIZLHVGDHV GXUFK'UDLQDJHZDVVHUVFKQHOOLQ2EHUIOlFKHQJHZlVVHUWUDQVSRUWLHUWZXUGH.RQ]HQWUDWLRQ

—JO $XI VDQGLJHP %RGHQ NRQQWHQ LP 6LFNHUZDVVHU QXU .RQ]HQWUDWLRQHQ LP

%HUHLFKGHU1DFKZHLVJUHQ]HYRQQJOJHIXQGHQZHUGHQZDVGXUFKGLH$XWRUHQDOV VFKQHOOHU$EEDXYRQ6XOIRQDPLGHQLQWHUSUHWLHUWZXUGH

1HEHQGHQHUZlKQWHQ6RUSWLRQVHLJHQVFKDIWHQGHU$QWLELRWLNDLVWIUGLH5LVLNRDEVFKlW]XQJ YRQJUR‰HU%HGHXWXQJLQZHOFKHQ0HQJHQGLH6XEVWDQ]HQLQ%RGHQXQG:DVVHU6LFNHU 'UDLQDJH 2EHUIOlFKHQ *UXQGZDVVHU YRUOLHJHQ ([SRVLWLRQVDEVFKlW]XQJHQ HUEUDFKWHQ IU7HWUD]\NOLQ%RGHQNRQ]HQWUDWLRQHQYRQELVPJNJ:LQFNOHUXQG*UDIH IU 0DNUROLG$QWLELRWLND YRQ ELV —JNJ XQG IU )OXRUFKLQRORQH YRQ ELV

—JNJ6FKOOHU6WXGLHQLQGHQHQWDWVlFKOLFKJHPHVVHQH:HUWHZLHGHUJHJHEHQ ZHUGHQH[LVWLHUHQ]XU]HLWQXUZHQLJH

hEHU HLQHQ %HREDFKWXQJV]HLWUDXP YRQ ]ZHL -DKUHQ ZXUGHQLQ 2EHUE|GHQ ELV FP 7LHIH LQ NRQYHQWLRQHOO EHZLUWVFKDIWHWHQ XQG PLW 6FKZHLQHJOOH JHGQJWHQ %|GHQ .RQ]HQWUDWLRQHQ YRQ ELV —JNJ &KORUWHWUD]\NOLQ VRZLH ELV —JNJ 7HWUD]\NOLQIHVWJHVWHOOWLQHLQHU(LQ]HOSUREH*OOHNUXVWHVRJDU—JNJ7HWUD]\NOLQ +DPVFKHUHWDOVRZLH—JNJ6XOIDPHWKD]LQ+|SHUHWDO'LHJHQDQQWHQ

$XWRUHQNRQQWHQQDFKZHLVHQGDVVGLHMlKUOLFKH:LUNVWRII]XIXKUDQ7HWUD]\NOLQHQGHUHQ

$EEDXUDWH EHUVWHLJW ZDV HLQH $NNXPXODWLRQ YRQ 7HWUD]\NOLQ LP %RGHQ ]XU )ROJH KDW (LQH 9HUODJHUXQJ LQ GHQ 8QWHUERGHQ NRQQWH QLFKW QDFKJHZLHVHQ ZHUGHQ ,Q %|GHQ PLOFKYLHKKDOWHQGHU %HWULHEH GLH .OlUVFKODPP HUKDOWHQ KDWWHQ NRQQWHQGDJHJHQ NHLQH 7LHUDU]QHLPLWWHOIHVWJHVWHOOWZHUGHQ+|SHUHWDO

,QGHUJOHLFKHQ6WXGLHZXUGHQ:DVVHUSUREHQDQDO\VLHUWDXFKLQPLWWHOV6DXJVRQGHQDXV XQG FP 7LHIH JHZRQQHQHP %RGHQZDVVHU VRZLH LQ REHUIOlFKHQQDKHP *UXQGZDVVHU FPZDUNHLQHUGHUXQWHUVXFKWHQ:LUNVWRIIHQDFK]XZHLVHQ,Q.OlUDQODJHQDEOlXIHQ 'UDLQDJHJUlEHQ XQG 2EHUIOlFKHQJHZlVVHUQ GDJHJHQ ZDUHQ HV +LUVFK HW DO P|JOLFK YRQ XQWHUVXFKWHQ DQWLELRWLVFKHQ :LUNVWRIIHQ KXPDQ XQG

(30)

YHWHULQlUPHGL]LQLVFK HLQJHVHW]WH 6XEVWDQ]HQ IQI LQ .RQ]HQWUDWLRQHQ YRQ ZHQLJHU DOV

—JNJ QDFK]XZHLVHQ GDUXQWHU GDV 6XOIRQDPLG 6XOIDPHWKR[D]RO VRZLH 7ULPHWKRSULP

=XlKQOLFKHQ(UJHEQLVVHQJHODQJWHQ+DUWLJHWDOEHLGHU8QWHUVXFKXQJPLWWHOV/&

0606 YRQ IQI 2EHUIOlFKHQJHZlVVHUSUREHQ DXI 6XOIRQDPLGH XD 6XOIDPHWKL]RO 6XOIDGLD]LQ 6XOIDPHWKR[D]RO 6LH ZLHVHQ LQ YLHU 3UREHQ 6XOIDPHWKR[D]RO LQ .RQ]HQWUDWLRQHQ YRQ ELV QJO QDFK ,Q GUHL 3UREHQ YRQ %HUOLQHU .OlUDQODJHQDEIOVVHQHUJDEGLH$QDO\VH*HKDOWH]ZLVFKHQXQGQJOIUGLHREHQ JHQDQQWHQ6XEVWDQ]HQ

1LFKWQXULQ2EHUIOlFKHQJHZlVVHUQXQG.OlUDQODJHQVRQGHUQDXFKLP*UXQGZDVVHUVLQG 6XOIRQDPLGHQDFKZHLVEDUZDVLP*HJHQVDW]]XGHQ(UJHEQLVVHQYRQ+|SHUHWDO VWHKWEHL/LQGVH\HWDOHQWKLHOWHLQHYRQVHFKV*UXQGZDVVHUSUREHQGDV6XOIRQDPLG 6XOIDPHWKR[D]RO (EHQVR ODJHQ VRJDU 7HWUD]\NOLQH LQ QHXQ YRQ 2EHUIOlFKHQJHZlVVHUSUREHQ YRU GLH .RQ]HQWUDWLRQHQ EHWUXJHQ ELV —JO 2[\WHWUD]\NOLQ —JO 7HWUD]\NOLQ E]Z —JO &KORUWHWUD]\NOLQ 'LH $XWRUHQ YHUPXWHWHQDEHUGDVVWURW]GHVSRVLWLYHQ*UXQGZDVVHUEHIXQGHVIU7HWUD]\NOLQHLQUXQRII GHU 6XEVWDQ]HQ LQ GLH 2EHUIOlFKHQJHZlVVHU ZDKUVFKHLQOLFKHU LVW DOV HLQ (LQWUDJ LQV

*UXQGZDVVHU GXUFK $XVZDVFKXQJ GHU %|GHQ =KX HW DO EHVWlWLJWHQGXUFK LKUH (UJHEQLVVH GLHVH 9HUPXWXQJ LQ *UXQGZDVVHUSUREHQ YRQ HOI 2UWHQ LQ 1HEUDVND LP

$EIOXVVEHUHLFK YRQ *OOH/DJXQHQ NRQQWHQ NHLQH 7HWUD]\NOLQH REHUKDOE GHU 1DFKZHLVJUHQ]HYRQELV—JOQDFKJHZLHVHQZHUGHQ

,P:LGHUVSUXFK]XGHUUXQRII7KHVHYRQ=KXHWDOXQG/LQGVH\HWDOVWHKW GLH $UEHLW YRQ &DPSDJQROR HW DO LQ GHU EHVRQGHUV KRKH$QWLELRWLNDPHQJHQ LQ

%RGHQXQGDXFKLQ*UXQGZDVVHULQGHU1lKHYRQVRJHQDQQWHQ*OOHODJXQHQIHVWJHVWHOOW ZHUGHQ NRQQWHQ +LHU HQWKLHOWHQ GHU :DVVHUSUREHQ GLH LQ GHU 1lKH YRQ 6FKZHLQHVWlOOHQ JH]RJHQ ZXUGHQ XQG GHU DXV GHU QlKHUHQ 8PJHEXQJ YRQ +KQHUVWlOOHQ VWDPPHQGHQ :DVVHUSUREHQ DQWLELRWLVFKH :LUNVWRIIH 'LHVH (UJHEQLVVH GHXWHQ HQWJHJHQ GHU 9HUPXWXQJ YRQ /LQGVH\ HW DO GRFK DXI HLQHQ (LQWUDJ GHU

$QWLELRWLNDGXUFK$XVZDVFKXQJKLQDOOHUGLQJVPX‰EHLGHU%HZHUWXQJGHU(UJHEQLVVHGLH XQPLWWHOEDUH1lKH]XGHQ(LQWUDJVTXHOOHQEHDFKWHWZHUGHQ

.HLQH GHU ELVKHU YRUOLHJHQGHQ 8QWHUVXFKXQJHQ NDQQ DOOHUGLQJV PLW 6LFKHUKHLW DXVVFKOLH‰HQGDVV7LHUDU]QHLPLWWHOXQGKLHULP%HVRQGHUHQGLH$QWLELRWLNDQLFKWLP%RGHQ YHUODJHUWZHUGHQXQGGDKHUQLFKWLQV*UXQGZDVVHUJHODQJHQ

(31)

'HQ(LQIOXVVYRQEHU:LUWVFKDIWVGQJHULQGHQ%RGHQHLQJHEUDFKWHQ$QWLELRWLNDDXIGLH

%RGHQIDXQDXQWHUVXFKWHQ%DJXHUHWDO6LHEHUSUIWHQGHQ(IIHNWYRQ7\ORVLQXQG 2[\WHWUD]\NOLQ DXI 6SULQJVFKZlQ]H 5HJHQZUPHU XQG (QFK\WUDHHQ (UVW DE HLQHU .RQ]HQWUDWLRQYRQPJNJWUDWEHUKDXSWHLQPHVVEDUHU(IIHNWDXI,QYLHOHQ)lOOHQ ZDU ELV ]XU K|FKVWHQ 7HVWNRQ]HQWUDWLRQ YRQ PJNJ NHLQ (IIHNW DXI GLH

%RGHQRUJDQLVPHQ ]X VHKHQ (LQ (IIHNW GXUFK $QWLELRWLND DXI %RGHQRUJDQLVPHQ LQ SUD[LVEOLFKHQ.RQ]HQWUDWLRQHQLVWGDKHUVHKUXQZDKUVFKHLQOLFK

,P =XVDPPHQKDQJ PLW GHQ REHQ JHQDQQWHQ 8QWHUVXFKXQJHQ ]XP 9RUNRPPHQ YRQ

$QWLELRWLND LP %RGHQ EHVFKlIWLJHQ VLFK QHXHUH 6WXGLHQ YHUVWlUNW PLW GHU P|JOLFKHQ 5HVLVWHQ]DXVELOGXQJ EHL %RGHQEDNWHULHQ ZLH ]%3VHXGRPRQDV VSS%DFLOOXV FHUHXV JHJHQEHU GHQ $QWLELRWLND (LQH DXVIKUOLFKH 'DUVWHOOXQJ ZUGH GHQ 5DKPHQ GHU YRUOLHJHQGHQ$UEHLWVSUHQJHQ%HLVSLHOKDIWVROOGLHIROJHQGHHUZlKQWZHUGHQ6HQJHO¡YHW DO XQWHUVXFKWHQ %|GHQ GLH PLW WHWUD]\NOLQEHODVWHWHU 6FKZHLQHJOOH7HWUD]\NOLQ .RQ]HQWUDWLRQHQGHU*OOHYDULLHUWHQYRQELV—JOYHUVHW]WZRUGHQZDUHQDXIGDV 9RUNRPPHQ WHWUD]\NOLQUHVLVWHQWHU %DNWHULHQ 'LH PLW GHU *OOH EHDXIVFKODJWHQ %|GHQ HQWKLHOWHQ VFKOLH‰OLFK 7HWUD]\NOLQ LQ JHVFKlW]WHQ .RQ]HQWUDWLRQHQ YRQ XQG

—JNJ 'HU %RGHQ PLW GHU K|FKVWHQ 7&.RQ]HQWUDWLRQ HUEUDFKWH MHZHLOV HLQ YHUVWlUNWHV $XIWUHWHQ GHU UHVLVWHQWHQ %DNWHULHQ 1DFK FD IQI 0RQDWHQ QDKP GLH 7HWUD]\NOLQUHVLVWHQ] LQ DOOHQ %|GHQ GHXWOLFK DE XQG HQWVSUDFK GDQQ PHQJHQPl‰LJ GHQ .RQWUROOE|GHQ

9RUNRPPHQYRQ$QWLELRWLNDLQ3IODQ]HQ

6FKOLH‰OLFKLVWHLQZHLWHUHUZLFKWLJHU$VSHNW]XEHDFKWHQZHQQ7LHUDU]QHLPLWWHOLP%RGHQ YRUNRPPHQ GRUW GXUFK XQWHUVFKLHGOLFKH 0HFKDQLVPHQ IHVWJHOHJW RGHU DEHU DXFK LQV :DVVHU YHUODJHUW ZHUGHQ N|QQHQ ZLH ZDKUVFKHLQOLFK LVW GLH $XIQDKPH GHUVHOEHQ GXUFK 3IODQ]HQ

0F&R\ IKUWH VFKRQ IUK 8QWHUVXFKXQJHQ GXUFK XP GLHVH )UDJH ]X NOlUHQ (U WHVWHWHGLH$XIQDKPHYRQ2[\WHWUD]\NOLQGXUFK.RNRVSDOPHQXQGNRQQWHQXUEHLGLUHNWHU ,QMHNWLRQYRQLQ:DVVHUJHO|VWHP2[\WHWUD]\NOLQLQGHQ6WDPP6SXUHQGHV$QWLELRWLNXPV LQ:XU]HOQ6WDPPXQG)UFKWHQIHVWVWHOOHQ(LQH*DEHGHV$QWLELRWLNXPVLQ)RUPYRQ 9HUQHEHOXQJ RGHU %HZlVVHUXQJ HUJDE NHLQH $XIQDKPH LQ GLH 3IODQ]H (EHQVR NRQQWH 0F&R\DXFKNHLQHUOHL$XIQDKPHEHL3LQWRERKQHQIHVWVWHOOHQZDVGXUFK%DWFKHOGHU EHVWlWLJWZXUGH,QZHLWHUHQ9HUVXFKHQZLHV%DWFKHOGHUHLQH(UWUDJV]XQDKPHEHL 5DGLHVFKHQ :HL]HQ XQG 0DLV GXUFK =XJDEH YRQ PJNJ 7HWUD]\NOLQ QDFK

(32)

'HPJHJHQEHUZDUGDV:DFKVWXPYRQ3LQWRERKQHQVLJQLILNDQWUHGX]LHUWDOOHUGLQJVQXULQ HLQHPVDQGLJHQQLFKWDEHULQHLQHPWRQLJHQ/HKP'HU$XWRUHUNOlUWHGLHVHQ(IIHNWPLW HLQHU +HPPXQJ GHU 5KL]RELHQ E]Z GHU :XU]HOQRGXODWLRQ XQG YHUPXWHWH GDVV DXFK DQGHUH/HJXPLQRVHQP|JOLFKHUZHLVHVHQVLWLYUHDJLHUHQ

0LJOLRUHHWDOWHVWHWHQGHQ(IIHNWYRQPJO6XOIDGLPHWKR[LQYHUDEUHLFKWEHU HLQH1lKUO|VXQJXDDXI0DLVXQGHUPLWWHOWHQHLQH9HUPLQGHUXQJLP:XU]HO%ODWWXQG 6WHQJHOZDFKVWXPJHJHQEHUGHQ.RQWUROOSIODQ]HQRKQH$QWLELRWLNXP'LH$XWRUHQIKUHQ GLHVDXIGLH%LRDNNXPXODWLRQGHV:LUNVWRIIHVLQGHU3IODQ]H]XUFN

-MHPED NULWLVLHUW GLH WHLOZHLVH EHUK|KWHQ XQG GDPLW QLFKW SUD[LVUHOHYDQWHQ .RQ]HQWUDWLRQHQ PLW GHQHQ LQ GHQ ZHQLJHQ ]X GHP 7KHPD YRUOLHJHQGHQ 9HUVXFKHQ JHWHVWHWZXUGH,QVJHVDPWLVWELVKHXWHQLFKWDEVFKOLH‰HQGJHNOlUWREHLQH*HIDKUYRQEHU 3IODQ]HQDXIJHQRPPHQHU$QWLELRWLNDDXVJHKW

(33)

0DWHULDOXQG0HWKRGHQ

(QWZLFNOXQJYRQ1DFKZHLVPHWKRGHQ

*UXQGODJHIUGLHH[SHULPHQWHOOHQ8QWHUVXFKXQJHQELOGHWHGLH0HWKRGHQHQWZLFNOXQJ]XP 1DFKZHLV YRQ 7HWUD]\NOLQHQ XQG 6XOIRQDPLGHQ LQ GHQ ]X XQWHUVXFKHQGHQ 0DWUL]HV 0DVWKlKQFKHQIHVWPLVW 6LFNHUZDVVHU XQG 6FKZHLQHJOOH 'D GLH $XVVFKHLGXQJHQ QRUPDOHUZHLVHDOV*OOHHLQ.RW+DUQ*HPLVFKRGHUYHUPLVFKWPLW(LQVWUHXDOV)HVWPLVW YRUOLHJHQ ZDU HLQH GLIIHUHQ]LHUWH %HWUDFKWXQJ GHU $XVVFKHLGXQJHQ EHU .RW RGHU EHU +DUQ LP YRUOLHJHQGHQ )DOO QLFKW QRWZHQGLJ$OV JHHLJQHWHV 1DFKZHLVYHUIDKUHQ KDW VLFK KLHUGLH+RFKOHLVWXQJVIOVVLJFKURPDWRJUDSKLH+3/&JHNRSSHOWPLWHLQHU89'HWHNWLRQ HUZLHVHQ 'LH 0HWKRGH KDW LKUHQ 8UVSUXQJ LQ GHU /HEHQVPLWWHODQDO\WLN %*99 6WDDWOLFKHV/HEHQVPLWWHOXQWHUVXFKXQJVDPW2OGHQEXUJ0LWWOHUZHLOHLVWGLH$QDO\WLN XP GLH .RSSOXQJ GHU +3/& PLW GHP 0DVVHQVSHNWURPHWHU06 HUZHLWHUW ZRUGHQ ZLH YHUVFKLHGHQH6WXGLHQ]HLJHQ+DUWLJHWDO+DPVFKHUHWDO/LQGVH\HWDO +DOOHUHWDO

(UVWH$UEHLWHQYRQ*UDIH]XP1DFKZHLVYRQ7HWUD]\NOLQLQ6FKZHLQHJOOHGLHQWHQ DOV*UXQGODJHGHULP)ROJHQGHQEHVFKULHEHQHQ1DFKZHLVPHWKRGHQbQGHUXQJHQEHWUDIHQ YRUQHKPOLFK GLH 3UREHQDXIEHUHLWXQJ GLH YRQ 0DWUL[ ]X 0DWUL[XQWHUVFKLHGOLFK LVW 'LH

=XVDPPHQVHW]XQJ XQG .RQILJXUDWLRQ GHU +3/&$SSDUDWXU NRQQWH VRZHLW QLFKW LQ GHQ IROJHQGHQ.DSLWHOQH[WUDHUZlKQWIUDOOH1DFKZHLVPHWKRGHQDQJHZHQGHWZHUGHQXQGLVW GDKHUH[HPSODULVFKDQGLHVHU6WHOOHDXIJHOLVWHW$OOHHLQJHVHW]WHQ)OLH‰PLWWHOKDWWHQ+3/&

4XDOLWlWJUDGLHQWJUDGH JUJU +3/&.RQILJXUDWLRQ

0HUFN+LWDFKL+3/&6\VWHP 3XPSH/

$XWRVDPSOHU/

6ROYHQW'HJDVVHU/

,QWHUIDFH'

6lXOHQRIHQ/ƒ&

6lXOH/LFKURVSKHU6HOHFW%53—P 9RUVlXOH/LFKURVSKHU53—P

)ORZPOPLQ ,QMHNWLRQVPHQJH—O 899,6'HWHNWRU/

(34)

3&6RIWZDUH'+3/&6\VWHP0DQDJHU 0RELOH3KDVH

6ROYHQW$2[DOVlXUH0$FHWRQLWULO 6ROYHQW%$FHWRQLWULOJUJU

'LH 0HVVZHOOHQOlQJH GHV 'HWHNWRUV EHWUXJ EHL 7HWUD]\NOLQHQ QP XQG EHL 6XOIRQDPLGHQ QP %HLGH (LQVWHOOXQJHQ VWHOOHQ HLQHQ .RPSURPLVV GDU GD MHGH 6XEVWDQ]HLJHQH2SWLPDLQGHU:HOOHQOlQJH]HLJW8PDEHULQMHZHLOVHLQHU0HVVXQJDOOH 7HWUD]\NOLQH E]Z DOOH 6XOIRQDPLGH DQDO\VLHUHQ ]X N|QQHQ ILHO GLH (QWVFKHLGXQJ ]XJXQVWHQGLHVHUEHLGHQ:HOOHQOlQJHQ

7HWUD]\NOLQ+&OLQ0DVWKlKQFKHQIHVWPLVW

)ULVFKHUXQEHDUEHLWHWHU0DVWKlKQFKHQIHVWPLVWEHVWHKW]XYHUlQGHUOLFKHQ*HZLFKWVDQWHLOHQ DXV .RW XQG 6WURK XQG ZHLVW GDPLW QHEHQ HLQHU VWDUN LQKRPRJHQHQ 6WUXNWXU HLQH KRKH 9DULDELOLWlWLQ1lKUVWRIIXQG7URFNHQVXEVWDQ]JHKDOWDXI(LQH9LHO]DKOYRQRUJDQLVFKHQ 6XEVWDQ]HQXQGXQWHUVFKLHGOLFKH*HKDOWHDQ]ZHLXQGGUHLZHUWLJHQ.DWLRQHQ.DO]LXP 0DJQHVLXP(LVHQHWFHUVFKZHUHQGHQ1DFKZHLVGHU7HWUD]\NOLQHGDGLHVHZLHVFKRQLQ .DSLWHO HUZlKQW]XP 7HLO LUUHYHUVLEOH &KHODWNRPSOH[H PLW GLHVHQ 6WRIIHQ HLQJHKHQ 'DUEHU KLQDXV HUIROJW GXUFK GLH =XJDEH YRQ 6WURK DOV (LQVWUHX HLQH 9HUGQQXQJ GHU 6XEVWDQ] REZRKO 7HWUD]\NOLQ DXIJUXQG GHU JHELOGHWHQ &KHODWH PLW GHQ LQ GHQ )DHFHV HQWKDOWHQHQ .DWLRQHQ ZHLWHUKLQ HLQH VWlUNHUH %LQGXQJ ]X GHQ .RWEHVWDQGWHLOHQDOV ]XU .RKOHQVWRIIIUDNWLRQDXIZHLVW

'D 7HWUD]\NOLQH EHL KRKHQ 7HPSHUDWXUHQ LQVWDELOVLQG .KQH HW DO ZDU HLQH JHZ|KQOLFKH7URFNQXQJGHV3UREHQPDWHULDOVEHLƒ&QLFKWP|JOLFK(VZXUGHGDKHU HLQH*HIULHUWURFNQXQJGXUFKJHIKUWXQGGHU0LVWLP$QVFKOXVVIHLQYHUPDKOHQ%UDEHQGHU PP 'XUFK GLHVH 9RUJHKHQVZHLVH NRQQWH HLQ KRPRJHQHV 6XEVWUDW XQWHU JU|‰WP|JOLFKHU6FKRQXQJGHV:LUNVWRIIHV7HWUD]\NOLQHU]LHOWZHUGHQ'LH1DFKZHLVJUHQ]H EHWUlJWPJNJLP$XVJDQJVPDWHULDO

9HUZHQGHWH&KHPLNDOLHQ

=LWURQHQVlXUH=LWUDW3XIIHUS+0 7HWUD]\NOLQ+&O6LJPD$UW1U7

(SL7HWUD]\NOLQ+&O$FURV2UJDQLFV$UW1U

(35)

3UREHQDXIEHUHLWXQJ

'LHIULVFKHQ0DVWKlKQFKHQIHVWPLVWSUREHQZXUGHQEHUHLQHQ=HLWUDXPYRQ6WXQGHQEHL HLQHU PD[LPDOHQ 6WHOOIOlFKHQWHPSHUDWXU YRQ ƒ& LP *HIULHUWURFNQHU 0DUWLQ &KULVW /0& *DPPD JHWURFNQHW XQG DQVFKOLH‰HQG IHLQ JHPDKOHQ J GHV DXI GLHVH :HLVH KRPRJHQLVLHUWHQ 0DWHULDOV ZXUGHQ PLW=LWUDWSXIIHUS+ YHUVHW]W PP 1DFK([WUDNWLRQLP+RUL]RQWDOVFKWWOHU*HUKDUGW3URJUDPPEHUPLQZXUGHGDV 0DWHULDOLQGHU=HQWULIXJH0LQLIXJH7+HUDHXV6HSDWHFKEHLJPLQLQ)HVW XQG )OVVLJSKDVH JHWUHQQW 'LH )OVVLJSKDVH ZXUGH ILOWULHUW )DOWHQILOWHU 6FKOHLFKHU 6FKOO ‘ PP ò 'DV )LOWUDW ZXUGH XQWHU 1XW]XQJ YRQ 0LFURVSLQ

=HQWULIXJHQILOWHUQ 5RWK 9ROXPHQ PO EHL J IU PLQ ]HQWULIXJLHUW 'LH VR HUKDOWHQHNODUH/|VXQJNRQQWHQDFKGHUhEHUIKUXQJLQ$XWRVDPSOHUIOlVFKFKHQGLUHNWGHU +3/&0HVVXQJ]XJHIKUWZHUGHQ

$QDO\VH

'LH*UDGLHQWHQHLQVWHOOXQJGLHEHLHLQHU/DXI]HLWYRQPLQYRUJHQRPPHQZXUGHLVWLQ GHUQDFKIROJHQGHQ7DEHOOHZLHGHUJHJHEHQ

7DEHOOH *UDGLHQWHQSURJUDPPIUGHQ7HWUD]\NOLQQDFKZHLVLQ0DVWKlKQFKHQIHVWPLVW /DXI]HLW

PLQ

6ROYHQW$2[DOVlXUH0

$FHWRQLWULO

6ROYHQW%

$FHWRQLWULO

±

=XU .DOLEULHUXQJ ZXUGHQ MH 0HVVWHUPLQ H[WHUQH 6WDQGDUGV IU 7HWUD]\NOLQ XQG (SL 7HWUD]\NOLQLQ.RQ]HQWUDWLRQHQYRQELVPJNJLQZlVVULJHU/|VXQJKHUJHVWHOOW-H 0HVVWHUPLQZXUGHPLQGHVWHQVHLQH/HHUSUREH0DVWKlKQFKHQIHVWPLVWRKQH7HWUD]\NOLQLQ GLHVHP 9HUVXFK GLHQWHQ GLH .RQWUROOHQ GLHVHP =ZHFN PLWJHPHVVHQ XP P|JOLFKH 9HUXQUHLQLJXQJHQGHU3UREHXQG6W|UXQJHQLP6\VWHPHUNHQQHQ]XN|QQHQ

:LHGHUILQGXQJ

8PGLH:LHGHUILQGXQJVUDWHIUGLH1DFKZHLVPHWKRGH]XHUPLWWHOQZXUGHWHWUD]\NOLQIUHLHU )HVWPLVW LQ IULVFKHP =XVWDQG PLW 7HWUD]\NOLQ LQ .RQ]HQWUDWLRQHQYRQ ELV PJNJ

(36)

GRWLHUW ,P $QVFKOXVV ZXUGHQ GLH GRWLHUWHQ 3UREHQ DQDORJ REHQ EHVFKULHEHQHU0HWKRGH DQDO\VLHUW 'LH PLWWOHUH :LHGHUILQGXQJVUDWH EHWUXJ 7DEHOOH 8P GLHVHQ :HUW ZXUGHQGLHVSlWHUHQ0HVVHUJHEQLVVHNRUULJLHUW

7DEHOOH :LHGHUILQGXQJVUDWHYRQ7HWUD]\NOLQ7&HLQVFKOLH‰OLFK(SL 7HWUD]\NOLQLQ0DVWKlKQFKHQIHVWPLVW)ULVFKPLVW

+lKQFKHQIHVWPLVWSUREH :LHGHUILQGXQJVUDWHEHL]ZHL7&.RQ]HQWUDWLRQ

PJNJ PJNJ

0LWWHOZHUW

6WDQGDUGDEZHLFKXQJ

$XVJHZlKOWH7HWUD]\NOLQHXQG6XOIRQDPLGHLQ6FKZHLQHJOOH

'LH 0HWKRGH YRQ *UDIH ZXUGH XP GHQ 1DFKZHLV YRQ 2[\WHWUD]\NOLQ

&KORUWHWUD]\NOLQ6XOIDGLD]LQXQG6XOIDPHWKD]LQHUZHLWHUW0LW$XVQDKPHYRQ6XOIDGLD]LQ N|QQHQ DOOH +DXSWPHWDEROLWHQ (SLPHU)RUPHQ GHU 7HWUD]\NOLQH 1$FHW\O 6XOIDPHWKD]LQ PLWEHVWLPPW ZHUGHQ 'HU +DXSWPHWDEROLW GHV 6XOIDGLD]LQV 1$FHW\O 6XOIDGLD]LQLVWQLFKWLP+DQGHOHUKlOWOLFKVRGDVVQXUHLQTXDOLWDWLYHU1DFKZHLVHUIROJHQ NRQQWH

:LH 0DVWKlKQFKHQIHVWPLVW ZHLVWDXFK *OOHHLQH KRKH 9DULDELOLWlW LQ 7URFNHQVXEVWDQ]

XQG1lKUVWRIIJHKDOWHQDXIXQGELOGHWDXIJUXQGHLQHU9LHO]DKORUJDQLVFKHU%HVWDQGWHLOHLP

*HJHQVDW] ]X UHLQ ZlVVULJHQ /|VXQJHQ HLQH NRPSOL]LHUWH 0DWUL[ (LQH VRUJIlOWLJH +RPRJHQLVLHUXQJ VFKRQ EHL GHU 3UREHQQDKPH DEHU DXFK LQ DOOHQ ZHLWHUHQ

$XIEHUHLWXQJVVFKULWWHQ LVW YRQ JUR‰HU %HGHXWXQJ 'LHV ZLUG DXV GHQ (UJHEQLVVHQ HLQHU 9RUXQWHUVXFKXQJGHXWOLFKEHLGHUVRZRKOGLH0LVFKSKDVH‘76*HKDOWDOVDXFK )OVVLJ XQG )HVWSKDVH ‘ 76*HKDOW E]Z QDFK =HQWULIXJDWLRQ EHL J DQDO\VLHUW ZXUGHQ $EELOGXQJ 'LH 0LVFKSKDVHHQWKLHOWGLH $QWLELRWLND LQIROJHQGHQ ]XYRU PLW XQWHQ DXIJHIKUWHU 0HWKRGH JHPHVVHQHQ .RQ]HQWUDWLRQHQ 7HWUD]\NOLQ PJNJ &KORUWHWUD]\NOLQ PJNJ 6XOIDGLD]LQ PJNJ 6XOIDPHWKD]LQ

PJNJ

(37)

7& &7& 6' 60 .RQ]HQWUDWLRQPJNJ

0LVFKSKDVH )OVVLJSKDVH )HVWSKDVH

$EELOGXQJ 9HUWHLOXQJDXVJHZlKOWHU$QWLELRWLND7HWUD]\NOLQ7&&KORUWHWUD]\NOLQ

&7&6XOIDGLD]LQ6'6XOIDPHWKD]LQ60LQGHU)HVW0LVFKXQG )OVVLJSKDVHHLQHU6FKZHLQHJOOHPLW6WDQGDUGDEZHLFKXQJN0LWWHOZHUW DXVYLHU:LHGHUKROXQJHQ

%HL7HWUD]\NOLQXQG&KORUWHWUD]\NOLQEHILQGHWVLFKQDFKGHP=HQWULIXJLHUHQGHXWOLFKPHKU :LUNVWRII LQ GHU IHVWHQ 3KDVH EHL GHQ 6XOIRQDPLGHQ LVW GLHVHU (IIHNW QLFKW DXVJHSUlJW 1LFKW QXU GHQ +RPRJHQLVLHUXQJVVFKULWWHQ LQ GHU 3UREHQDXIEHUHLWXQJ VRQGHUQ DXFK GHP

$XIUKUHQ GHU *OOH LP *OOHEHKlOWHU EHL GHU 3UREHQHQWQDKPH LVW DXIJUXQG GLHVHU

%HVRQGHUKHLW JU|‰WH %HDFKWXQJ ]X JHEHQ 'LH %HVWLPPXQJVJUHQ]H GHU XQWHQ EHVFKULHEHQHQ 0HWKRGH EHWUlJW IU 7HWUD]\NOLQ &KORUWHWUD]\NOLQ 6XOIDGLD]LQ XQG 6XOIDPHWKD]LQPJNJIU2[\WHWUD]\NOLQPJNJ

9HUZHQGHWH&KHPLNDOLHQ

=LWURQHQVlXUH=LWUDW3XIIHUS+0 7HWUD]\NOLQ+&O6LJPD$UW1U7

(SL7HWUD]\NOLQ+&O$FURV2UJDQLFV$UW1U

&KORUWHWUD]\NOLQ+&O6LJPD$UW&

(SL&KORUWHWUD]\NOLQ+&O$FURV2UJDQLFV/RW$2 2[\WHWUD]\NOLQ+&O,&1%LRPHGLFDOV,QF/RW1U&

(SL2[\WHWUD]\NOLQ$FURV2UJDQLFV/RW$2 6XOIDGLD]LQ1DWULXP6DO]6LJPD$UW1U6

(38)

6XOIDPHWKD]LQ1DWULXP6DO]6LJPD$UW1U6

1$FHW\O6XOIDPHWKD]LQ,&1%LRPHGLFDOV,QF/RW1U 3UREHQDXIEHUHLWXQJ

'LH EHL ƒ& JHODJHUWH *OOH ZXUGH LP .KOVFKUDQN ƒ& DXIJHWDXW 1DFK +RPRJHQLVLHUXQJGHU*OOHPLWGHP8OWUD7XUUD[7PLW'LVSHUJLHUVWDE61) ,.$/DERUWHFKQLN8PLQIUPLQZXUGHQJGHU*OOHPLWPO=LWUDWSXIIHU S+YHUVHW]W'DV*HPLVFKZXUGH]HQWULIXJLHUW0LQLIXJH7+HUDHXV6HSDWHFK PLQEHLJXQGGHUhEHUVWDQGILOWULHUW6FKOHLFKHU 6FKOO‘PPò 1DFKHLQHUZHLWHUHQ=HQWULIXJDWLRQJPLQPLWWHOV0LFURVSLQ=HQWULIXJHQILOWHUQ 5RWK9ROXPHQPONRQQWHGLHVRJHZRQQHQHNODUH/|VXQJGLUHNWGHU+3/&]XJHIKUW ZHUGHQ

$QDO\VH

'LHLQ7DEHOOHDXIJHIKUWH*UDGLHQWHQHLQVWHOOXQJLVWEHL HLQHU /DXI]HLWYRQPLQ]X EHDFKWHQ =XU.DOLEULHUXQJZXUGHQMH0HVVWHUPLQH[WHUQH6WDQGDUGVLQ.RQ]HQWUDWLRQHQ YRQELVPJNJIUDOOH.RPSRQHQWHQLQZlVVULJHU/|VXQJKHUJHVWHOOW

7DEHOOH *UDGLHQWHQSURJUDPPIUGHQ7HWUD]\NOLQXQG6XOIRQDPLGQDFKZHLVLQ 6FKZHLQHJOOH

/DXI]HLW PLQ

6ROYHQW$2[DOVlXUH0

$FHWRQLWULO

6ROYHQW%

$FHWRQLWULO

±

:LHGHUILQGXQJ

'LH:LHGHUILQGXQJVUDWHQIUGLHHLQ]HOQHQ$QWLELRWLNDZXUGHQPLWGRWLHUWHU6FKZHLQHJOOH LQ YHUVFKLHGHQHQ .RQ]HQWUDWLRQVVWXIHQ HUPLWWHOW =X GLHVHP =ZHFN ZXUGHQ IQI XQWHUVFKLHGOLFKH6FKZHLQHJOOHQPLWGHQIQIDXVJHZlKOWHQ$QWLELRWLND&KORUWHWUD]\NOLQ 2[\WHWUD]\NOLQ XQG 7HWUD]\NOLQ 6XOIDGLD]LQ XQG 6XOIDPHWKD]LQ LQ YLHU YHUVFKLHGHQHQ .RQ]HQWUDWLRQHQXQGPJNJGRWLHUW:LUNVWRIIHJHO|VWLQGHVWLOOLHUWHP :DVVHU 9HUPLVFKXQJ EHU +RUL]RQWDOVFKWWOHU *HUKDUGW 3URJUDPP DQVFKOLH‰HQG KRPRJHQLVLHUW XQGDXIEHUHLWHW 'LH DXIEHUHLWHWH ,QMHNWLRQVO|VXQJ ZXUGH LQIQI $OLTXRWH

Referenzen

ÄHNLICHE DOKUMENTE

=XU )UDJH ZDUXP GLH 0DKÂQXEKÂYDV LKUH 6FKULIWHQ cEHUKDXSW NRGLHUWHQ OfßW VLFK NDXP PHKU DOV VSHNXOLHUHQ 'D GLH VDNDÍDOLSÅ HWZD ]XU 0LWWH GHV -DKUKXQGHUWV DXINDP QDFK 5DHVLGH FD

Votre imprimante est livrée avec un tracteur installé en position tracteur poussant, pour charger le papier à partir de l'arrière de l'imprimante.. Pour charger le papier à partir

Insérez la disquette contenant le pilote d’impression EPSON dans l’unité A (ou B) de votre ordinateur.. Choisissez la commande Exécuter du

Erste Untersuchungen an künstlich dotiertem Eis mit Hilfe eines Excimer Lasers (λ = 248 nm) haben gezeigt, daß mit einer gekühlten Probenkammer und vorgekühltem Argon gearbeitet

FRQWDLQHG LQGXVWULDO UHODWLRQV V\VWHPV ,QHYLWDEO\ VXFK HIIRUWV PXVW LQYROYH PRGLILFDWLRQV RI WKH §IRXU IUHHGRPV¨ RI WKH (XURSHDQ LQWHJUDWHG PDUNHW :LWK JURZLQJ GHPDQGV IRU

Wengenroth Wintersemester 2014/15 07.01.2015. Maß- und Integrationstheorie

Pour du papier continu, cette position peut être réglée à la position courante du papier en mettant l'imprimante hors tension puis à nouveau sous tension. Hexadécimal ( hexa)

Robusta ed affidabile, come attestano l’alto MTBF di 10.000 ore ed il nuovo parametro di valutazione "volume di stampa senza errori" pari a 19 milioni di linee, LQ-2080